• No results found

6XPPDU\LQ'XWFK

1HGHUODQGVH6DPHQYDWWLQJ

,QGHGHWDLOKDQGHOZRUGWYHHOYXOGLJJHEUXLNJHPDDNWYDQOR\DOLWHLWVSURJUDPPD¶VLQGHYRUPYDQ NODQWHQNDDUWHQ (HQ OR\DOLWHLWVSURJUDPPD JHHIW YRUP DDQ HHQ VWUDWHJLH YDQ NODQWUHODWLHPDQDJHPHQW FXVWRPHU UHODWLRQVKLS PDQDJHPHQW RIZHO &50  &50 VWHOW ]LFK WRW GRHO RP LQ FRQWLQX FRQWDFW WH VWDDQ PHW NODQWHQ HQ PHW HHQ SHUVRRQOLMNH EHKDQGHOLQJ YDQ GH PHHVW ZDDUGHYROOH NODQWHQ GH HIIHFWLYLWHLW YDQ PDUNHWLQJ LQLWLDWLHYHQ HQ NODQWUHWHQWLH WH YHUJURWHQ 'DDUELM VWDDQ GH UHODWLHV PHW NODQWHQ FHQWUDDO HQ QLHW SURGXFWOLMQHQ RI PHUNHQ +HW FUHsUHQ YDQ NODQWOR\DOLWHLW LV HHQ EHODQJULMN HOHPHQW YDQ UHODWLHPDQDJHPHQW /R\DOH NODQWHQ YRHOHQ]LFKYHUERQGHQPHWKHWEHGULMIKHWJHHQ]LFKJHGUDJVPDWLJXLWLQKHUKDOLQJVDDQNRSHQHQ HHQ KRJH VKDUHRIZDOOHW 9RRU GH PHHVWH EHGULMYHQ JHOGW GDW KXQ NODQWHQ VWHUN RQGHUOLQJ YHUVFKLOOHQ LQ OR\DOLWHLW HQ ZLQVWJHYHQGKHLG 'DDURP LV GLIIHUHQWLDWLH WXVVHQ NODQWHQ HHQ EHODQJULMNHOHPHQWYDQNODQWUHODWLHPDQDJHPHQW

,QPDVVDPDUNWHQLVKHWYRUPJHYHQDDQNODQWUHODWLHPDQDJHPHQWQLHWJHPDNNHOLMNRPGDWNODQWHQ PHHVWDO DQRQLHP EOLMYHQ HU VOHFKWV EHSHUNW GLUHFW FRQWDFW EHVWDDW PHW NODQWHQ HQ NODQWUHODWLHV QLHWFRQWUDFWXHHO ]LMQ 2P NODQWVSHFLILHNH LQIRUPDWLH WH YHUZHUYHQ LV KHW RSERXZHQ YDQ GDWDEDVHV RQRQWEHHUOLMN 'DDUQDDVW LV HU EHKRHIWH DDQ UHODWLRQHOH PDUNHWLQJLQVWUXPHQWHQ RP WH NRPHQWRWNODQWGLIIHUHQWLDWLHHQHHQJHULFKWHHQSHUVRRQOLMNHEHQDGHULQJYDQNODQWHQ5HODWLRQHOH PDUNHWLQJLQVWUXPHQWHQ NXQQHQ UHODWLHV YHUVWHUNHQ GRRU KHW YHUVFKDIIHQ YDQ HFRQRPLVFKH RI VRFLDOHZDDUGH'LWSURHIVFKULIWVSLWVW]LFKWRHRSHHQVSHFLILHNUHODWLRQHHOPDUNHWLQJLQVWUXPHQW KHWOR\DOLWHLWVSURJUDPPD

6KDUHRIZDOOHWPHHWGHEHVWHGLQJHQELMHHQVSHFLILHNHGHWDLOOLVWDOVIUDFWLHYDQGHWRWDOHEHVWHGLQJHQLQHHQVHFWRU KHWEHJULSNHQWJHHQGXLGHOLMNHYHUWDOLQJLQKHW1HGHUODQGV



(HQOR\DOLWHLWVSURJUDPPDNDQZRUGHQJHGHILQLHHUGDOVHHQJHwQWHJUHHUGV\VWHHPYDQPDUNHWLQJ DFWLHVGLHWRWGRHOKHEEHQRPGHOR\DOLWHLWYDQGHHOQHPHUVDDQKHWSURJUDPPDWHYHUVWHUNHQ'H]H DFWLHVNXQQHQ EHVWDDQ XLW ELMYRRUEHHOG SULMVNRUWLQJHQ VSDDUSURJUDPPD¶V ORWHULMHQ SHUVRRQOLMNH SRVW HWF 'DDUQDDVW ZRUGW GRRU PLGGHO YDQ KHW VFDQQHQ YDQ NODQWHQNDDUWHQ NODQWVSHFLILHNH LQIRUPDWLHYHUNUHJHQ'HPDQLHUZDDURSNODQWHQGHHOQHPHUNXQQHQZRUGHQYDQKHWSURJUDPPD HQGHDFWLHVGLHRQGHUKHWSURJUDPPDSODDWVYLQGHQEHSDOHQGHH[DFWHYRUPJHYLQJ GHVLJQ YDQ KHWOR\DOLWHLWVSURJUDPPD

'H FHQWUDOH RQGHU]RHNVYUDDJ YDQ GLW SURHIVFKULIW LV ZHONH URO OR\DOLWHLWVSURJUDPPD¶V NXQQHQ VSHOHQ LQ GH PDUNHWLQJPL[ YDQ GHWDLOOLVWHQ 'DDUELM GLHQHQ HHQ DDQWDO GHHOYUDJHQ WH ZRUGHQ EHDQWZRRUG :DW GULMIW GHWDLOOLVWHQ RP HHQ OR\DOLWHLWVSURJUDPPD WH DGRSWHUHQ" :HONH IDFWRUHQ ]HWWHQYHUYROJHQVNODQWHQHUWRHDDQRPKHWSURJUDPPDWHDGRSWHUHQGDWZLO]HJJHQGHHOQHPHU YDQ KHW SURJUDPPD WH ZRUGHQ" 'DDURSYROJHQG NDQ GH YUDDJ ZRUGHQ JHVWHOG KRH OR\DOLWHLWVSURJUDPPD¶V LQYORHG KHEEHQ RS GH OR\DOLWHLW HQ GH ZLQVWJHYHQGKHLG YDQ NODQWHQ %HODQJULMNHGHHOYUDJHQ]LMQKRHGHYRUPJHYLQJYDQKHWOR\DOLWHLWVSURJUDPPDHQKHWEHVWDDQYDQ FRQFXUUHUHQGH OR\DOLWHLWVSURJUDPPD¶V YDQ LQYORHG ]LMQ RS GH HIIHFWLYLWHLW 'H RQGHU]RHNVYUDDJ ZRUGWDDQGHKDQGYDQGULHHPSLULVFKHVWXGLHVJHDQDO\VHHUG

'HHHUVWHVWXGLH KRRIGVWXN EHVWDDWXLWHHQRQGHU]RHNRQGHUGHWDLOOLVWHQPHWEHKXOSYDQ YUDJHQOLMVWHQ (HQ RQGHU]RHN YDQXLW KHW SHUVSHFWLHI YDQ GH DDQELHGHU ELHGW LQ]LFKW LQ GH OR\DOLWHLWVSURJUDPPDDGRSWLHYDQGHWDLOOLVWHQ'DDUQDDVWNDQKHWHHQPHHUFRPSOHHWEHHOGJHYHQ YDQ GH HIIHFWLYLWHLW YDQ OR\DOWHLWVSURJUDPPD¶V GDQ PHW FRQVXPHQWHQGDWD PRJHOLMN LV ELMYRRUEHHOG PHW EHWUHNNLQJ GH RQWZLNNHOLQJ YDQ NODQWNHQQLV 6RRUWJHOLMN DGRSWLHRQGHU]RHN EHVWDDWQDDUGHDGRSWLHYDQELMYRRUEHHOG0'6V\VWHPHQHQGDWDEDVHPDUNHWLQJ6DPHQPHWGH OLWHUDWXXURSKHWJHELHGYDQOR\DOLWHLWVSURJUDPPD¶VHQUHODWLHPDUNHWLQJLVGH]HNHQQLV JHEUXLNW RP WH NRPHQ WRW HHQ FRQFHSWXHHO UDDPZHUN GDW DOV EDVLV OLJW YRRU KHW RSVWHOOHQ YDQ GH YUDJHQOLMVW 'H RQGHUYUDDJGH GHWDLOOLVWHQ ]LMQ DFWLHI LQ HHQ JURRW DDQWDO VHFWRUHQ ZDDU OR\DOLWHLWVSURJUDPPD¶V YRRUNRPHQ ]RDOV VXSHUPDUNWHQ ZDUHQKXL]HQ NOHGLQJZLQNHOV EHQ]LQHVWDWLRQVHWF9DQGHUHVSRQGHQWHQKHHIWHHQOR\DOLWHLWVSURJUDPPDJHDGRSWHHUG

 'H DGRSWLH YDQ OR\DOLWHLWVSURJUDPPD¶V ZRUGW VWHUN JHGUHYHQ GRRU FRQFXUUHQWLsOH IDFWRUHQ =R EOLMNWGHDGRSWLHYDQOR\DOLWHLWVSURJUDPPD¶VGRRUFRQFXUUHQWHQHHQVWHUNVWLPXOHUHQGHLQYORHGWH KHEEHQ HYHQDOV GH DOJHPHQH FRQFXUUHQWLHLQWHQVLWHLW (HQ VHFXQGDLUH URO LV ZHJJHOHJG YRRU NODQWUHODWLRQHOH HQ RUJDQLVDWRULVFKH IDFWRUHQ 2PGDW OR\DOLWHLWVSURJUDPPD¶V HHQ GHWDLOOLVW PRJHOLMNKHGHQ JHHIW YRRU NODQWGLIIHUHQWLDWLH PDJ YHUZDFKW ZRUGHQ GDW HHQ PHHU JHYDULHHUGH NODQWHQNULQJDDQ]HWWRWDGRSWLHYDQHHQOR\DOLWHLWVSURJUDPPD'HWDLOOLVWHQPHWHHQNODQWHQNULQJ GLH VWHUN YDULHHUW LQ ZLQVWJHYHQGKHLG EOLMNHQ LQGHUGDDG YDNHU HHQ OR\DOLWHLWVSURJUDPPD WH KHEEHQGLWJHOGWQLHWYRRUYDULDWLHLQSURGXFWSUHIHUHQWLHV.ODQWRULsQWDWLHHQGHFHQWUDOLVDWLHYDQ GHRQGHUQHPLQJ]LMQRUJDQLVDWRULVFKHIDFWRUHQGLHGHWDLOOLVWHQDDQ]HWWHQWRWDGRSWLH

'H GHWDLOOLVWHQ PHW HHQ OR\DOLWHLWVSURJUDPPD Q    EOLMNHQ GH]H YRRUDO WH JHEUXLNHQ YRRU VSDDUSURJUDPPD¶V GLUHFWH SULMVSURPRWLHV HQ KHW VWXUHQ YDQ SHUVRRQOLMNH SRVW 9DQ DQGHUH HOHPHQWHQ ]RDOV ORWHULMHQ NUHGLHWIDFLOLWHLWHQ RI VSHFLDOH HYHQHPHQWHQ YRRU NODQWHQNDDUWKRXGHUV ZRUGWVOHFKWVVSRUDGLVFKJHEUXLNJHPDDNW'HRYHUJURWHPHHUGHUKHLGYDQGHSURJUDPPD¶VPDDNW JHHQ JHEUXLN YDQ VDPHQZHUNLQJ PHW DQGHUH EHGULMYHQ VLQJOHYHQGRU SURJUDPPD¶V  'H GHWDLOOLVWHQ LV JHYUDDJG LQ KRHYHUUH ]LM KXQ OR\DOLWHLWVSURJUDPPD DOV HIIHFWLHI EHVFKRXZHQ PHW EHWUHNNLQJ WRW GH YHUJURWLQJ YDQ NODQWOR\DOLWHLW ]RZHO JHGUDJV DOV DWWLWXGHOR\DOLWHLW  HQ YDQ NODQWNHQQLV +HW PHUHQGHHO YDQ GH GHWDLOOLVWHQ EHRRUGHHOW ]LMQ SURJUDPPD SRVLWLHI KRHZHO HU GXLGHOLMNHRQGHUOLQJHYHUVFKLOOHQEHVWDDQ

'HPDWHZDDULQHHQOR\DOWLWHLWVSURJUDPPDOHLGWWRWEHWHUHNHQQLVYDQNODQWHQLVVWHUNDIKDQNHOLMN YDQGHLQWHQVLWHLWZDDUPHHGHGDWDZRUGHQJHDQDO\VHHUG2RNHHQVSDDUFRPSRQHQWVWLPXOHHUWGH RSERXZ YDQ NODQWNHQQLV ZDDUVFKLMQOLMN RPGDW KHW RQWYDQJHQ YDQ VSDDUSXQWHQ NODQWHQ HUWRH DDQ]HW KXQ NODQWHQNDDUW FRQVHTXHQW WH JHEUXLNHQ %HWHUH NODQWNHQQLV KHHIW RS ]LMQ EHXUW HHQ SRVLWLHIHIIHFWRSNODQWOR\DOLWHLW'DDUQDDVWZRUGWNODQWOR\DOLWHLWZHGHURPSRVLWLHIEHwQYORHGGRRU HHQHYHQWXHOHVSDDUFRPSRQHQWYDQKHWOR\DOLWHLWVSURJUDPPD



,QGHWZHHGHVWXGLH KRRIGVWXN VWDDWKHWHIIHFWYDQOR\DOLWHLWVSURJUDPPD¶VRSJHGUDJVOR\DOLWHLW FHQWUDDO 9RRU GH HPSLULVFKH DQDO\VH ZRUGW JHEUXLN JHPDDNW YDQ SDQHO GDWD YDQ  1HGHUODQGVHKXLVKRXGHQVDDQJDDQGHKXQNRRSJHGUDJLQVXSHUPDUNWHQHQKXQGHHOQDPHYDQGH ]HYHQOR\DOLWHLWVSURJUDPPD¶VLQGH]HVHFWRU

'H VWXGLH KRXGW H[SOLFLHW UHNHQLQJ PHW GH WZHH]LMGLJH FDXVDOLWHLW WXVVHQ GHHOQDPH DDQ HHQ OR\DOLWHLWVSURJUDPPD HQ JHGUDJVOR\DOLWHLW +HW YHUJHOLMNHQ YDQ GH OR\DOLWHLW YDQ OHGHQ HQ QLHW OHGHQOHYHUWQDPHOLMNJHHQFRUUHFWHPHWLQJYDQHIIHFWLYLWHLWRSRPGDWMXLVWOR\DOHNODQWHQVWHUNHU JHQHLJG ]LMQ GHHOQHPHU WH ZRUGHQ YDQ KHW SURJUDPPD 2P GLW HQGRJHQLWHLWVSUREOHHP RS WH ORVVHQZRUGWJHEUXLNJHPDDNWYDQWZHHLQVWUXPHQWHOHYDULDEHOHQGLHGHEHVOLVVLQJRPGHHOQHPHU WH ZRUGHQ YDQ HHQ OR\DOLWHLWVSURJUDPPD EHwQYORHGHQ PDDU QLHW JHUHODWHHUG ]LMQ DDQ GH SUHIHUHQWLHYRRUHHQVSHFLILHNHVXSHUPDUNW+HW JDDWGDDUELMRP SULYDF\]RUJHQ JHUHODWHHUG DDQGHGHHOQDPHDDQOR\DOLWHLWVSURJUDPPD¶VHQ KHWSOH]LHUGDWGHFRQVXPHQWRQGHUYLQGWYDQ GHHOQDPHDDQOR\DOLWHLWVSURJUDPPD¶V

9HUGHUPDDNWGHVWXGLHJHEUXLNYDQPDUNWEUHGHGDWD'LWVWHOWRQVLQVWDDWRPVKDUHRIZDOOHWWH JHEUXLNHQ DOV PDDW YRRU JHGUDJVOR\DOLWHLW 'DDUQDDVW NXQQHQ ZH PRGHOPDWLJ UHNHQLQJ KRXGHQ PHW GHHOQDPHSHQ YDQ FRQFXUUHUHQGH OR\DOLWHLVWSURJUDPPD¶V RQJHYHHU  YDQ GH SDQHO KXLVKRXGHQVEOLMNWGHHOQHPHUYDQPHHUGHUHOR\DOLWHLWVSURJUDPPD¶V 2RNNXQQHQYHUVFKLOOHQLQ HIIHFWLYLWHLWWXVVHQOR\DOLWHLWVSURJUDPPD¶VZRUGHQJHDQDO\VHHUG

'HHIIHFWLYLWHLWYDQGH]HYHQOR\DOLWHLWVSURJUDPPD¶VZRUGWJHPHWHQPHWHHQ7RELW,,PRGHOPHW LQVWUXPHQWHOHYDULDEHOHQ'DDUELMZRUGWHHUVWGHOR\DOLWHLWVSURJUDPPDDGRSWLHYDQKXLVKRXGHQV YHUNODDUG XLW HHQ DDQWDO YDULDEHOHQ ZDDURQGHU GH WZHH LQVWUXPHQWHOH YDULDEHOHQ 'H YDULDEHOH SULYDF\ ]RUJHQ JHUHODWHHUG DDQ OR\DOLWHLWVSURJUDPPD¶V KHHIW HHQ QHJDWLHYH LQYORHG RS OR\DOLWHLWVSURJUDPPDDGRSWLH .ODQWHQ PRHWHQ SHUVRRQVLQIRUPDWLH JHYHQ RP GHHOQHPHU WH NXQQHQ ZRUGHQ YDQ HHQ OR\DOLWHLWVSURJUDPPD HQ KXQ ]RUJHQ ]LMQ JHUHODWHHUG DDQ HYHQWXHHO PLVEUXLN KLHUYDQ 'H YDULDEHOH SOH]LHU YDQ GHHOQDPH DDQ OR\DOLWHLWVSURJUDPPD¶V LV SRVLWLHI JHUHODWHHUG DDQ DGRSWLH KHWJHHQ DDQJHHIW GDW VRPPLJH KXLVKRXGHQV RRN QLHWHFRQRPLVFK QXW RQGHUYLQGHQ YDQ HHQ OR\DOLWHLWVSURJUDPPDGHHOQDPH ,Q HHQ WZHHGH VWDS ZRUGHQ GH JHVFKDWWH DGRSWLHNDQVHQ DOV YHUNODUHQGH YDULDEHOH RSJHQRPHQ LQ KHW 7RELW,, PRGHO 'LW PRGHO LV

 JHVSHFLILFHHUG DOV HHQ DWWUDFWLHPRGHO ZDDUELM YRRU HHQ VHOHFWLHYHUWHNHQLQJ ZRUGW JHFRUULJHHUG GRRURSQDPHYDQHHQYHUJHOLMNLQJYRRUVXSHUPDUNWNHX]H

8LW KHW 7RELW,, PRGHO EOLMNW GDW OR\DOLWHLWVSURJUDPPDGHHOQDPH HHQ SRVLWLHYH LQYORHG KHHIW RS VKDUHRIZDOOHW9RRUYLHU YDQ GH ]HYHQ LQGLYLGXHOH SURJUDPPD¶V LV KHW HIIHFW VLJQLILFDQW (HQ OR\DOLWHLWVSURJUDPPDYHUJURRWGHVKDUHRIZDOOHWYDQHHQNODQWJHPLGGHOGHPHWPDDUKHW HIIHFW YDULHHUW WXVVHQ  HQ  YRRU GH YHUVFKLOOHQGH OR\DOLWHLWVSURJUDPPD¶V $OV ZH UHNHQLQJKRXGHQPHWGHNRVWHQYDQEHORQLQJHQDDQNODQWHQNDDUWKRXGHUVGDQEOLMNHQGULHYDQGH ]HYHQ OR\DOLWHLWVSURJUDPPD¶V WH OHLGHQ WRW SRVLWLHYH QHWWRRSEUHQJVWHQ +HW SULMVSURPRWLHSHUFHQWDJHYDQKHWOR\DOLWHLWVSURJUDPPD GLUHFWHSULMVNRUWLQJHQDOVSHUFHQWDJHYDQ WRWDOH DDQNRSHQ  EOLMNW HHQ QHJDWLHYH LQYORHG HQ KHW VSDDUEHORQLQJVSHUFHQWDJH ZDDUGH YDQ EHORQLQJHQ RQGHU KHW VSDDUSURJUDPPD DOV SHUFHQWDJH YDQ GH WRWDOH DDQNRSHQ  HHQ SRVLWLHYH LQYORHG WH KHEEHQ RS GH JURRWWH YDQ KHW HIIHFW (HQ DQDO\VH ZDDUELM JHHQ UHNHQLQJ ZRUGW JHKRXGHQ PHW WZHH]LMGLJH FDXVDOLWHLW FRQFOXGHHUW GDW DOOH SURJUDPPD¶V SRVLWLHI ELMGUDJHQ DDQ VKDUHRIZDOOHWHQPHHWHIIHFWJURRWWHVGLHWRW]RKRRJ]LMQDOVYRRUKHWYROOHGLJHPRGHO PHWHQGRJHQLWHLWVFRUUHFWLH

'HGHUGHVWXGLH KRRIGVWXN KRXGW]LFKEH]LJPHWGHG\QDPLVFKHHIIHFWHQYDQHHQVSHFLILHNH EHORQLQJJHJHYHQDOVRQGHUGHHOYDQHHQOR\DOLWHLWVSURJUDPPD+HWJDDWRPHHQZLQNHOFKHTXHGLH OR\DOLWHLWVSURJUDPPDGHHOQHPHUV NULMJHQ DOV EHORQLQJ YRRU KHW VSDUHQ YDQ YROGRHQGH SXQWHQ LQ HHQ VSDDUSURJUDPPD 'H ZDDUGH YDQ GH FKHTXHV JURHLW PHW KHW DDQWDO JHVSDDUGH SXQWHQ GH FKHTXHVZRUGHQHHQVSHUKDOIMDDUXLWJHUHLNWHQ]LMQYHUYROJHQVHHQKDOIMDDUJHOGLJ,QEUHGH]LQ JHHIWGHVWXGLHLQ]LFKWLQGHYUDDJRIKHW]LQKHHIWRPJRHGHNODQWHQWHEHORQHQERYHQPLQGHU OR\DOHNODQWHQ

'H ZLQNHOFKHTXH ZRUGW GRRU ELMQD GH KHOIW YDQ GH RQWYDQJHUV LQJHZLVVHOG 'H NDQV RS YHU]LOYHULQJ VWLMJW PHW GH KRRJWH YDQ KHW FKHTXHEHGUDJ HQ PHW KHW DDQWDO GLUHFW PDLOV GDW GH RQWYDQJHULQGHLQZLVVHOSHULRGHRQWYDQJW9HUGHULVGHNDQVRSLQZLVVHOHQDDQ]LHQOLMNJURWHUDOV GH NODQW RRN LQ GH YRULJH SHULRGH HHQ FKHTXH RQWYLQJ HQ LQZLVVHOGH 'H WLMGVGXXU GDW PHQ DO



GHHOQHPHULVYDQKHWSURJUDPPDKHHIWHHQOLFKWQHJDWLHIHIIHFW9RRUNODQWHQGLHKXQFKHTXHQLHW LQZLVVHOGHQPDDNWHHHQJURRWJHGHHOWHQRFKWDQVHHQDDQNRRSLQGHEHWUHIIHQGHSHULRGH

2IGHFKHTXHRRNOHLGWWRWDGGLWLRQHOHRP]HWKDQJWDIYDQKHWHIIHFWYDQGHFKHTXHRSGHWLPLQJ YDQ HHQ DDQNRRS HQ RS WUDQVDFWLHJURRWWH $DQ GH HQH NDQW YHUJURRW GH FKHTXH GH DDQWUHNNHOLMNKHLGYDQGHZLQNHOGRRUODJHUHSULM]HQHQNDQRRNYDQKHWIHLWGDWGHNODQWGHFKHTXH ]HOIµYHUGLHQG¶KHHIWHHQVWLPXOHUHQGHZHUNLQJXLWJDDQ$DQGHDQGHUHNDQWLVHUYRRUHHQOR\DOH NODQWJHHQQRRG]DDNRP]LMQNRRSJHGUDJWHYHUDQGHUHQRPGHFKHTXHWHYHU]LOYHUHQHQEHVWDDQHU PRJHOLMNDDQNRRSGLSVQDGHLQZLVVHOLQJ2PGLWYUDDJVWXNHPSLULVFKWHDQDO\VHUHQZRUGWYRRUGH WLPLQJ YDQ HHQ DDQNRRS HHQ GLVFUHHW KD]DUG UDWH PRGHO HQ YRRU WUDQVDFWLHJURRWWH HHQ OLQHDLU UHJUHVVLHPRGHOJHEUXLNW

8LW GH HPSLULVFKH DQDO\VH RQGHU  KXLVKRXGHQV EOLMNW GDW GH ZLQNHOFKHTXHV HHQ SRVLWLHYH LQYORHG KHEEHQ RS FRQVXPHQWHQDDQNRSHQ PDDU QLHW RQGHU DOOH RPVWDQGLJKHGHQ &KHTXHV PHW HHQJURWHZDDUGH±ZHONHZRUGHQJHJHYHQDDQGHEHVWHNODQWHQ±JHQHUHUHQKHWJURRWVWHHIIHFW RS]RZHODDQNRRSWLPLQJDOVWUDQVDFWLHJURRWWH9HUGHUEOLMNHQGHFKHTXHVDDQ]LHQOLMNHHIIHFWLHYHU WHZRUGHQDOVGHNODQWRRNGHYRULJHFKHTXHRQWYLQJHQ]HOIVQRJHIIHFWLHYHUDOVGH]HFKHTXHRRN QRJ ZHUG LQJHZLVVHOG 9HUGHU EOLMNW GH HIIHFWLYLWHLW YDQ GH FKHTXHV DI WH QHPHQ JHGXUHQGH GH ORRSWLMGHQQDYHUORRSNDQGH FKHTXH]HOIVLQHIIHFWLHIZRUGHQ1DKHW JHEUXLNYDQHHQ FKHTXH ZRUGWHHQDDQNRRSGLSZDDUJHQRPHQLQGHWLPLQJYDQGHHURSYROJHQGHDDQNRRS:HOEOLMNWKHW WUDQVDFWLHEHGUDJYDQGHYROJHQGHDDQNRRSLHWVKRJHUWHOLJJHQ

0HWEHKXOSYDQGHPRGHOVFKDWWLQJHQNDQYHUYROJHQVGHLQYORHGYDQGHFKHTXHZRUGHQEHUHNHQG RS FXVWRPHU OLIHWLPH YDOXH 8LW GH DQDO\VH EOLMNW GDW YDQZHJH GH DDQ]LHQOLMN ZDDUGH YDQ GH FKHTXHVKHWQHWWRHIIHFWRSFXVWRPHUOLIHWLPHYDOXHQHJDWLHILV.ODQWHQEHORQHQ]RQGHUGDDUDDQ YRRUDIJDDQGH JHGUDJVPDWLJH SULNNHOV WH JHYHQ LV GXV QLHW ZLQVWJHYHQG 'LW KRHIW QLHW

&XVWRPHUOLIHWLPHYDOXHLVGHZDDUGHYDQHHQNODQWJHGXUHQGH]LMQYROOHGLJHHFRQRPLVFKHOHYHQHQZRUGWEHUHNHQG DOVGHQHWWRFRQDQWHZDDUGHYDQDOOHNODQWJHUHODWHHUGHNDVVWRPHQ(HQ1HGHUODQGVHYHUWDOLQJYDQGLWEHJULSLV PRHLOLMNWHJHYHQ

 QRRG]DNHOLMN HHQ SUREOHHP WH ]LMQ RPGDW KHW YHUJDUHQ YDQ VSDDUSXQWHQ YRRUDIJDDQG DDQ GH EHORQLQJZDDUVFKLMQOLMNVWLPXOHUHQGLVYRRUFRQVXPHQWHQ+HWEHORQHQYDQOR\DOHNODQWHQEOLMNW KHWPHHVWOXFUDWLHI,QGHHHUVWHSODDWVEOLMNHQGHFKHTXHVPHWKRJHZDDUGHVPLQGHUYHUOLHVJHYHQG WH]LMQRQGDQNVGHKRJHNRVWHQGLHHUPHH VDPHQKDQJHQ 9HUGHU EOLMNHQ GH FKHTXHV YHUXLW KHW PHHVWZLQVWJHYHQGWH]LMQYRRUNODQWHQGLHRRNGHYRULJHFKHTXHRQWYLQJHQHQLQZLVVHOGHQ :H NXQQHQ FRQFOXGHUHQ GDW OR\DOLWHLWVSURJUDPPD¶V HHQ JRHG LQVWUXPHQW NXQQHQ ]LMQ YRRU NODQWGLIIHUHQWLDWLHHQNODQWUHODWLHPDQDJHPHQW KRRIGVWXN :HOZRUGHQOR\DOLWHLWVSURJUDPPD¶V PLQGHU HIIHFWLHI DOV FRQVXPHQWHQ YHHO YHUVFKLOOHQGH NODQWHQNDDUWHQ QDDVW HONDDU JHEUXLNHQ $GRSWLHEHVOLVVLQJHQ PRHWHQ GHUKDOYH QLHW HQNHO WH ZRUGHQ LQJHJHYHQ GRRU GH DGRSWLHV YDQ FRQFXUUHQWHQ PDDU RRN GRRU GH PRJHOLMNKHGHQ HQ ZHQVHOLMNKHLG YDQ NODQWGLIIHUHQWLDWLH HQ GH NODQWRULsQWDWLH YDQ GH RQGHUQHPLQJ 2PGDW GH GHHOQDPH DDQ HHQ OR\DOLWHLWVSURJUDPPD JHHQ VWHUNHGLIIHUHQWLsUHQGHZHUNLQJKHHIWPRHWKHWSURJUDPPD]HOIYROGRHQGHPRJHOLMNKHGHQELHGHQ RP WXVVHQ OHGHQ WH GLIIHUHQWLsUHQ 'DDUQDDVW ELHGW GH LQIRUPDWLH YHUNUHJHQ XLW NODQWHQNDDUWHQ PRJHOLMNKHGHQ RP LQ]LFKW LQ NODQWHQ WH YHUJURWHQ (HQ GRHOPDWLJ JHEUXLN YDQ HHQ OR\DOLWHLWVSURJUDPPD LV QRRG]DNHOLMN RPGDW KHW SURJUDPPD DQGHUV ZDDUVFKLMQOLMN QLHW ZLQVWJHYHQGLV

'HWDLOOLVWHQGLHRYHUZHJHQHHQOR\DOLWHLWVSURJUDPPDWHDGRSWHUHQGLHQHQ]LFKWHUHDOLVHUHQGDWGH YRUPJHYLQJYDQKHWSURJUDPPDPLQVWHQV]REHODQJULMNLVDOVGHDGRSWLH]HOI2RNYRRUEHVWDDQGH OR\DOLWHLWVSURJUDPPD¶V LV HHQ KHURYHUZHJLQJ DDQJDDQGH GH YRUPJHYLQJ QXWWLJ 9DQ VSDDUSURJUDPPD¶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



GLHJHHQJHEUXLNPDNHQYDQOR\DOLWHLWVSURJUDPPD¶V%RYHQGLHQ]LMQGHGLIIHUHQWLDWLHFULWHULDYHHO WUDQVSDUDQWHUYRRUGHFRQVXPHQWGDQELMYHHODOWHUQDWLHYHGLIIHUHQWLDWLHVWUDWHJLHsQ

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

+HW RQGHU]RHN QDDU OR\DOLWHLWVSURJUDPPD¶V KHHIW LQ GH DIJHORSHQ MDUHQ HHQ VWHUNH JURHL GRRUJHPDDNW7RFKEHVWDDQHUQRJWDOOR]HPRJHOLMNKHGHQYRRUYHUGHURQGHU]RHNRSGLWJHELHG



5HIHUHQFHV

$GIRUPDWLH  6WRSSHQPHWNODQWHQNDDUW"$GIRUPDWLH  

$LODZDGL.XVXP/'RQDOG5/HKPDQQDQG6FRWW$1HVOLQ  0DUNHW5HVSRQVHWRD 0DMRU 3ROLF\ &KDQJH LQ 0DUNHWLQJ 0L[ /HDUQLQJ IURP 3URFWHU  *DPEOHV 9DOXH 3ULFLQJ 6WUDWHJ\-RXUQDORI0DUNHWLQJ  

$ODYL 0DU\DP DQG (ULFK $ -RDFKLPVWKDOHU   5HYLVLWLQJ '66 ,PSOHPHQWDWLRQ 5HVHDUFK $ 0HWD$QDO\VLV RI WKH /LWHUDWXUH DQG 6XJJHVWLRQV IRU 5HVHDUFKHUV 0,6 4XDUWHUO\  

$OODZD\ $UWKXU : 'DYLG %HUNRZLW] DQG *LOHV '6RX]D   6SDWLDO 'LIIXVLRQ RI D 1HZ/R\DOW\3URJUDPWKURXJKD5HWDLO0DUNHW-RXUQDORI5HWDLOLQJ  

$OOLVRQ 3DXO '   'LVFUHWH7LPH 0HWKRGV IRU WKH $QDO\VLV RI (YHQW +LVWRULHV LQ 6RFLRORJLFDO 0HWKRGRORJ\  6DPXHO /HLQKDUGW (G 6DQ )UDQFLVFR -RVVH\%DVV ,QF 3XEOLVKHUV

$QGUXVV3DXOD/\RQ  5XQQLQJIRUWKH%RUGHU/R\DOW\3URJUDPV&DWFKRQLQ6RXWK $PHULFD0DUNHWLQJ1HZV  

$UPVWURQJ - 6FRWW DQG 7HUU\ 6 2YHUWRQ   (VWLPDWLQJ 1RQUHVSRQVH %LDV LQ 0DLO 6XUYH\V-RXUQDORI0DUNHWLQJ5HVHDUFK  

$UW] 0   .ODQW LV .RQLQJ +HW JHEUXLN YDQ NODQWJHJHYHQV YRRU PDUNHWLQJGRHOHLQGHQ5HJLVWUDWLHNDPHU

%DUORZ 5LFKDUG *   )UHTXHQF\ 0DUNHWLQJ .HHSLQJ /R\DOW\ 3URJUDP &RVWV LQ &KHFN7DUJHW0DUNHWLQJ  

%DURQ 5HXEHQ 0 DQG 'DYLG $ .HQQ\   7KH 0RGHUDWRU0HGLDWRU 9DULDEOH 'LVWLQFWLRQ LQ 6RFLDO 3V\FKRORJLFDO 5HVHDUFK &RQFHSWXDO 6WUDWHJLF DQG 6WDWLVWLFDO &RQVLGHUDWLRQV-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\  

%DXPHLVWHU5R\)DQG0DUN5/HDU\  7KH1HHGWR%HORQJ'HVLUHIRU,QWHUSHUVRQDO $WWDFKPHQWVDVD)XQGDPHQWDO+XPDQ0RWLYDWLRQ3V\FKRORJLFDO%XOOHWLQ  

 %DZD .DSLO   ,QIOXHQFHV RQ &RQVXPHU 5HVSRQVH WR 'LUHFW 0DLO &RXSRQV $Q ,QWHJUDWLYH5HYLHZ3V\FKRORJ\ 0DUNHWLQJ  

%DZD .DSLO DQG 5REHUW : 6KRHPDNHU   7KH (IIHFWV RI D 'LUHFW 0DLO &RXSRQ RQ %UDQG&KRLFH%HKDYLRU-RXUQDORI0DUNHWLQJ5HVHDUFK  

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

%KDWWDFKDU\D&%3HWHU6)DGHU/HRQDUG0/RGLVKDQG:D\QH6'H6DUER  7KH 5HODWLRQVKLS%HWZHHQWKH0DUNHWLQJ0L[DQG6KDUHRI&DWHJRU\5HTXLUHPHQWV0DUNHWLQJ /HWWHUV  

 %KDWWDFKDU\D&%+D\DJUHHYD5DRDQG0DU\$QQ*O\QQ  8QGHUVWDQGLQJWKH%RQG RI,GHQWLILFDWLRQ$Q,QYHVWLJDWLRQRI,WV&RUUHODWHV$PRQJ$UW0XVHXP0HPEHUV-RXUQDO RI0DUNHWLQJ  

%KDWWDFKDU\D &% DQG 6DQNDU 6HQ   &RQVXPHU&RPSDQ\ ,GHQWLILFDWLRQ $ )UDPHZRUN IRU 8QGHUVWDQGLQJ &RQVXPHUV 5HODWLRQVKLSV :LWK &RPSDQLHV -RXUQDO RI 0DUNHWLQJ  

%ROWRQ 5XWK 1 3. .DQQDQ DQG 0DWWKHZ ' %UDPOHWW   ,PSOLFDWLRQV RI /R\DOW\ 3URJUDP0HPEHUVKLSDQG6HUYLFH([SHULHQFHVIRU&XVWRPHU5HWHQWLRQDQG9DOXH-RXUQDO RIWKH$FDGHP\RI0DUNHWLQJ6FLHQFH  

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

%\URP -RKQ   7KH 5ROH RI /R\DOW\ &DUG 'DWD ZLWKLQ /RFDO 0DUNHWLQJ ,QLWLDWLYHV ,QWHUQDWLRQDO-RXUQDORI5HWDLO 'LVWULEXWLRQ0DQDJHPHQW  

&DPSEHOO $OH[DQGUD -   &UHDWLQJ &XVWRPHU .QRZOHGJH FRPSHWHQFH 0DQDJLQJ &XVWRPHU 5HODWLRQVKLS 0DQDJHPHQW 3URJUDPV 6WUDWHJLFDOO\ ,QGXVWULDO 0DUNHWLQJ 0DQDJHPHQW  

&KDQGRQ 3LHUUH %ULDQ :DQVLQN DQG *LOOHV /DXUHQW   $ %HQHILW &RQJUXHQF\ )UDPHZRUNRI6DOHV3URPRWLRQ(IIHFWLYHQHVV-RXUQDORI0DUNHWLQJ  

 &KLQWDJXQWD 3UDGHHS   (QGRJHQHLW\ DQG +HWHURJHQHLW\ LQ D 3URELW 'HPDQG 0RGHO (VWLPDWLRQ8VLQJ$JJUHJDWH'DWD0DUNHWLQJ6FLHQFH  

&LJOLDQR -DPHV 0DUJDUHW *HRUJLDGLV 'DUUHQ 3OHDVDQFH DQG 6XVDQ :KDOOH\   7KH 3ULFHRI/R\DOW\7KH0F.LQVH\4XDUWHUO\  

&LROHWWL-HII  6XSHU0DUNHWLQJ3RLQWVRI6DOH6XSHUPDUNHW%XVLQHVV   &RYLHOOR 1LFROH ( 5RGHULFN - %URGLH 3HWHU - 'DQDKHU DQG :HVOH\ - -RKQVWRQ   +RZ)LUPV5HODWHWR7KHLU0DUNHWV$Q(PSLULFDO([DPLQDWLRQRI&RQWHPSRUDU\0DUNHWLQJ