sl
Y FHORWQHP GHORYQHP ÏDVRYQHP REGREMX =D WRÏQR RFHQR REUHPHQLWYH ] YLEUDFLMDPL MH WUHED
XSRģWHYDWL WXGL ÏDV NR MH RURGMH L]NOMXÏHQR DOL GHOXMH D QL SD GHMDQVNR Y XSRUDEL 7R ODKNR ]QDWQR
]PDQMģD REUHPHQLWHY Y FHORWQHP GHORYQHP ÏDVRYQHP REGREMX =DJRWRYLWH GRGDWQH YDUQRVWQH
XNUHSH ]D ]DģÏLWR XSRUDEQLND SUHG YLEUDFLMDPL NRW VR QD SULPHU Y]GUŀHYDQMH HOHNWULÏQHJD RURGMD
LQ QDVWDYNRY ]DģÏLWD URN SUHG PUD]RP LQ RUJDQL]DFLMD SRWHND GHOD
3RGDWNL R KUXSX LQ WUHVOMDMLK PHULWYH VR RSUDYOMHQH Y VNODGX ] (1
7LSLÏQD $YUHGQRWHQD UDYHQ ]YRÏQH MDNRVWL ]D
6)& ತ$
G% $
7LSLÏQD $YUHGQRWHQD UDYHQ ]YRÏQH MDNRVWL ]D
6)& ತ$
G% $
7LSLÏQD $YUHGQRWHQD UDYHQ HPLVLMH ]YRÏQHJD
WODND ]D 6)& ತ$
G% $
7LSLÏQD $YUHGQRWHQD UDYHQ HPLVLMH ]YRÏQHJD
WODND ]D 6)& ತ$
G% $
1HJRWRYRVW ]D QDYHGHQH UDYQL ]YRND
G% $
7ULDNVLDOQD YUHGQRVW YLEUDFLM YHNWRUVND YVRWD
YLEUDFLM
PHULWYH VR RSUDYOMHQH Y VNODGX ]
(1 ತತ
=D 6)& ತ$ YLMDÏHQMH EUH] XGDUFHY D
K
PVt
=D 6)& ತ$ YLMDÏHQMH EUH] XGDUFHY D
K
PVt
1HJRWRYRVW .
PVt
7ULDNVLDOQD YUHGQRVW YLEUDFLM YHNWRUVND YVRWD
YLEUDFLM
PHULWYH VR RSUDYOMHQH Y VNODGX ]
(1 ತತ
=D 6)& ತ$ YUWDQMH Y NRYLQR D
K'
PVt
=D 6)& ತ$ YUWDQMH Y NRYLQR D
K '
PVt
1HJRWRYRVW . ]D WULDNVLDOQH YUHGQRVWL YLEUDFLM PVt
$NXPXODWRUVND
EDWHULMD
%
%
%
%
1D]LYQD QDSH
WRVW
9
9
9
9
=PRJOMLYRVW
$K
$K
$K
$K
9VHEQRVW HQHU
JLMH
:K
:K
:K
:K
7HŀD
NJ
NJ
NJ
NJ
1DG]RU WHPSHUD
WXUH
GD
GD
GD
GD
9UVWD FHOLF
OLWLMLRQVNH
OLWLMLRQVNH
OLWLMLRQVNH
OLWLMLRQVNH
ĢWHYLOR FHOLF
NRVL
NRVRY
NRVRY
NRVRY
9DUQRVWQD RSR]RULOD
1$69(7
9DUQRVWQD RSR]RULOD Y SRJODYMX YNOMXÏXMHMR
YVD VSORģQD YDUQRVWQD RSR]RULOD ]D HOHNWULÏQD
RURGMD NL PRUDMR ELWL YNOMXÏHQD Y QDYRGLOLK ]D
XSRUDER VNODGQR ] ]DKWHYDPL ]DGHYQLK VWDQ
GDUGRY =DWR ODKNR YVHEXMHMR WXGL RSR]RULOD NL
VH QH QDQDģDMR QD YDģH RURGMH
6SORģQD YDUQRVWQD RSR]RULOD ]D
HOHNWULÏQD RURGMD
D
232=25,/2
3UHEHULWH YVD YDUQRVWQD RSR]RULOD LQ QD
YRGLOD 3RVOHGLFH QHXSRģWHYDQMD QDYRGLO VR
ODKNR HOHNWULÏQL XGDU SRŀDU LQDOL KXGH WH
OHVQH SRģNRGEH 9
9VH YDUQRVWQH SUHGSLVH
LQ QDYRGLOD VKUDQLWH ]D Y SULKRGQMH 3RMHP
HOHNWULÏQR RURGMH NL VPR JD XSRUDELOL Y YDU
QRVWQLK SUHGSLVLK VH QDQDģD QD HOHNWULÏQR
RURGMH ]D SULNORS QD HOHNWULÏQR RPUHŀMH V
SULNOMXÏQLP NDEORP LQ QD HOHNWULÏQR RURGMH
QD EDWHULMVNL SRJRQ EUH] SULNOMXÏQHJD ND
EOD
9DUQRVW QD GHORYQHP PHVWX
D 3
3RVNUELWH GD ER YDģH GHORYQR PHVWR YH
GQR ÏLVWR LQ GREUR RVYHWOMHQR 1HUHG DOL
QHRVYHWOMHQD GHORYQD SRGURÏMD ODKNR SRY
]URÏLMR QH]JRGH
E 3
3URVLPR GD HOHNWULÏQHJD RURGMD QH XSRUD
EOMDWH Y RNROMX NMHU MH QHYDUQRVW HNVSOR]LMH
LQ Y NDWHUHP VH QDKDMDMR JRUOMLYH WHNRÏLQH
SOLQL LQ SUDK (OHNWULÏQD RURGMD SRY]URÏDMR
LVNUHQMH ]DWR VH JRUOMLYL SUDK DOL SDUH ODKNR
YQDPHMR
F 1
1H GRYROLWH RWURNRP LQ GUXJLP RVHEDP GD
EL VH PHG GHORP SULEOLŀDOH HOHNWULÏQHPX
RURGMX 'UXJH RVHEH ODKNR RGYUQHMR YDģR
SR]RUQRVW LQ L]JXELOL ERVWH QDG]RU QDG RURG
MHP
(OHNWULÏQD YDUQRVW
D 3
3ULNOMXÏQL YWLÏ HOHNWULÏQHJD RURGMD PRUD
XVWUH]DWL YWLÏQLFL 9WLÏD
SRG
QREHQLP
SRJRMHP QH VPHWH VSUHPLQMDWL 8SRUDED
DGDSWHUVNLK YWLÏHY Y NRPELQDFLML ] ]DģÏLWQR
R]HPOMHQLP
HOHNWULÏQLP
RURGMHP
QL
GRYROMHQD 1HVSUHPHQMHQ YWLÏ LQ XVWUH]QD
YWLÏQLFD ]PDQMģXMHWD QHYDUQRVW HOHNWULÏQHJD
XGDUD
E ,,]RJLEDMWH VH WHOHVQHPX VWLNX ] R]HPOMH
QLPL SRYUģLQDPL QD SULPHU V FHYPL JUHOFL
ģWHGLOQLNL LQ KODGLOQLNL ÎH MH R]HPOMHQR WXGL
YDģH WHOR REVWDMD SRYHÏDQR WYHJDQMH HOHN
WULÏQHJD XGDUD
F =
=DYDUXMWH HOHNWULÏQR RURGMH SUHG GHŀMHP
LQ YODJR 9VWRS YRGH Y HOHNWULÏQR RURGMH
SRYHÏXMH QHYDUQRVW HOHNWULÏQHJD XGDUD
G (
(OHNWULÏQHJD NDEOD QH XSRUDEOMDMWH ]D SUH
QDģDQMH DOL REHģDQMH HOHNWULÏQHJD RURGMD LQ
QH YOHFLWH YWLÏD L] YWLÏQLFH WDNR GD YOHÏHWH
]D NDEHO .DEHO ]DYDUXMWH SUHG YURÏLQR
ROMHP RVWULPL URERYL LQ SUHPLNDMRÏLPL VH
GHOL RURGMD 3RģNRGRYDQ DOL ]DYR]ODQ NDEHO
SRYHÏXMH QHYDUQRVW HOHNWULÏQHJD XGDUD
H ÎH HOHNWULÏQR RURGMH XSRUDEOMDWH QD SUR
VWHP XSRUDEOMDMWH VDPR SRGDOMģHN NL MH
SULPHUHQ WXGL ]D GHOR QD SURVWHP 8SRUDED
SRGDOMģHYDOQHJD NDEOD NL MH SULPHUHQ ]D
XSRUDER QD SURVWHP ]PDQMģXMH QHYDUQRVW
HOHNWULÏQHJD XGDUD
I ÎH VH QH PRUHWH L]RJQLWL XSRUDEL HOHNWULÏ
QHJD RURGMD Y YODŀQHP RNROMX XSRUDELWH
]DģÏLWQR VWLNDOR RNYDUQHJD WRND 8SRUDED
]DģÏLWQHJD VWLNDOD RNYDUQHJD WRND ]PDQMģD
WYHJDQMH HOHNWULÏQHJD XGDUD
9DUQRVW RVHE
D %
%RGLWH ]EUDQL LQ SD]LWH NDM GHODWH 'HOD ]
HOHNWULÏQLP RURGMHP VH ORWLWH UD]XPQR 1L
NROL QH XSRUDEOMDMWH HOHNWULÏQHJD RURGMD ÏH
VWH XWUXMHQL DOL ÏH VWH SRG YSOLYRP PDPLO
DONRKROD DOL ]GUDYLO (Q VDP WUHQXWHN QHSD
]OMLYRVWL SUL XSRUDEL HOHNWULÏQHJD RURGMD LPD
ODKNR ]D SRVOHGLFR UHVQH WHOHVQH SRģNRGEH
E 8
8SRUDEOMDMWH RVHEQR ]DģÏLWQR RSUHPR LQ
YHGQR QRVLWH ]DģÏLWQD RÏDOD 8SRUDED
RVHEQH
]DģÏLWQH
RSUHPH
QD
SULPHU
SURWLSUDģQH PDVNH
QHGUVHÏLK ]DģÏLWQLK
ÏHYOMHY
]DģÏLWQH ÏHODGH LQ JOXģQLNRY
RGYLVQR
RG
YUVWH
LQ
QDÏLQD
XSRUDEH
HOHNWULÏQHJD RURGMD ]PDQMģXMH WYHJDQMH
WHOHVQLK SRģNRGE
F ,,]RJLEDMWH VH QHQDPHUQHPX YNORSX RURGMD
3UHGHQ HOHNWULÏQR RURGMH SULNOMXÏLWH QD HOHN
271
272
SFC22_A_SFC14_A_P1A_01_12_2010.qxd 2.12.2010 16:20 Uhr Se