Dosisberekening voor de Omgeving bij Vergunningverlening Ioniserende Straling - DOVIS, A. Lozingen in lucht en water

Hele tekst

(1)5,905DSSRUW. 'RVLVEHUHNHQLQJYRRUGH2PJHYLQJ ELM9HUJXQQLQJYHUOHQLQJ,RQLVHUHQGH 6WUDOLQJ'29,6 $/R]LQJHQLQOXFKWHQZDWHU. 52%ODDXERHU. 'LWRQGHU]RHNLVXLWJHYRHUGLQRSGUDFKWYDQKHW'LUHFWRUDDW*HQHUDDO0LOLHXEHKHHU'LUHFWLH6WRIIHQ $IYDOVWRIIHQ HQ 6WUDOLQJ YDQ KHW 0LQLVWHULH YDQ 9520 HQ LV XLWJHYRHUG RQGHU SURMHFWQXPPHU PLMOSDDOµ+HU]LHQLQJ5,%521¶ 5,903RVWEXV%$%LOWKRYHQWHOHIRRQID[.

(2) SDJYDQ. 5,90UDSSRUW.

(3) 5,90UDSSRUW. SDJYDQ. $EVWUDFW ,Q WKH 1HWKHUODQGV DV LQ PRVW RWKHU FRXQWULHV RQH JHQHUDOO\ QHHGV D SHUPLW WR SURGXFH LQFOXGLQJ WKH PDQXIDFWXUH SURFHVVLQJ FRQWURO DQG VWRUDJH

(4) WR DSSO\ RU WR GLVSRVH RI UDGLRDFWLYH PDWHULDOV RU WR XVH HTXLSPHQW WKDW SURGXFHV LRQLVLQJ UDGLDWLRQ 7KLV SHUPLW PXVW EH LQ DFFRUGDQFHZLWKWKH1XFOHDU(QHUJ\$FW/LPLWVWKDWDUHVHWIRUUDGLRDFWLYH PDWHULDO FDQ EH IRXQG LQ WKH 'HFUHH RQ UDGLDWLRQ SURWHFWLRQ µ%HVOXLW VWUDOLQJVEHVFKHUPLQJ

(5) ZKLFKKDVEHHQLQIRUFHVLQFH0DUFK $ORQJ ZLWK WKH DSSOLFDWLRQ IRU D SHUPLW FDOFXODWLRQ UHVXOWV KDYH WR EH VXEPLWWHG RQ WKH UDGLDWLRQ GRVH WKDW PHPEHUV RI WKH SXEOLF UHFHLYH DV D FRQVHTXHQFH RI SRVVLEOH

(6) HPLVVLRQV RI UDGLRDFWLYH PDWHULDO LQWR WKH DWPRVSKHUHRUVXUIDFHZDWHU

(7) RUDVDFRQVHTXHQFHRIH[WHUQDO LUUDGLDWLRQ )DLUO\ URXJK HVWLPDWHV EDVHG RQ VLPSOH UXOHV ZLOO RIWHQ EH VDWLVIDFWRU\ 7KHVH UXOHV FDQ EH IRXQG LQ DQ DQQH[ RI D 0LQLVWHULDO 2UGHU RQ WKH DVVHVVPHQWRIFRQVHTXHQFHVRILRQLVLQJUDGLDWLRQ PU$*,6

(8) +RZHYHULQ VRPHFDVHVWKLVZLOOQRWEHDGHTXDWHIRULQVWDQFHZKHUHWKHUHDUHVSHFLILF H[SRVXUHSDWKZD\VRUZKHQDFHUWDLQVSHFLILFSUHVHWFULWHULRQLVQRWPHW $PRUHGHWDLOHGDVVHVVPHQWLVQHHGHGLQWKHVHFDVHV 7KLVUHSRUWGHVFULEHVWKLVPRUHGHWDLOHGDVVHVVPHQWSURFHGXUHDVIDUDVLW FRQFHUQV SRVVLEOH

(9) HPLVVLRQVRIUDGLRDFWLYHPDWHULDOLQWRWKHDWPRVSKHUH RU VXUIDFH ZDWHU $QRWKHU UHSRUW '29,6%

(10) SURGXFHG E\ WKH 1XFOHDU 5HVHDUFK DQG FRQVXOWDQF\ *URXS 15*

(11) GLVFXVVHV WKH H[SRVXUH WR H[WHUQDOUDGLDWLRQIURPUDGLRDFWLYHVRXUFHVRULQVWDOODWLRQV.


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


(15) 5,90UDSSRUW. SDJYDQ. 6DPHQYDWWLQJ 'H.HUQHQHUJLHZHWVFKULMIWYRRUGDWYRRUKHWEHUHLGHQYRRUKDQGHQKHEEHQ LQFOXVLHI YHUYDDUGLJHQ EHZHUNHQ KDQWHUHQ HQ RSVODDQ

(16) WRHSDVVHQ HQ ]LFK RQWGRHQ YDQ UDGLRDFWLHYH VWRIIHQ RI KHW JHEUXLN YDQ LRQLVHUHQGH VWUDOLQJ SURGXFHUHQGH

(17) WRHVWHOOHQ LQ YHHO JHYDOOHQ HHQ YHUJXQQLQJ QRGLJ LV 9RRU KDQGHOLQJHQ PHW UDGLRDFWLHYH VWRIIHQ JHOGW LQ YRRUNRPHQGH JHYDOOHQ HHQ YHUJXQQLQJSOLFKW %LM ZHUN]DDPKHGHQ EHVWDDW LQ EHSDDOGH JHYDOOHQ JHHQ YHUJXQQLQJPDDUHHQPHOGLQJVSOLFKW'HYHUJXQQLQJSOLFKWLJHRIPHOGLQJV SOLFKWLJH JUHQ]HQ YRRU UDGLRDFWLHYH VWRIIHQ ]LMQ LQ KHW %HVOXLW VWUDOLQJV EHVFKHUPLQJJHGHILQLHHUG]RDOVGDWVLQGVPDDUWYDQNUDFKWLV %LM GH DDQYUDDJ YDQ HHQ YHUJXQQLQJ RI PHOGLQJ GLHQW HHQ EHUHNHQLQJ WH ZRUGHQJHYRHJGYDQGHWRWDOHHIIHFWLHYHMDDUGRVLVYRRUGHPHQVDOVJHYROJ YDQOR]LQJHQLQOXFKWHQZDWHUHQEORRWVWHOOLQJDDQH[WHUQHVWUDOLQJ6SHFLDDO ELM KDQGHOLQJHQ NDQ PHQ GDDUELM YHHODO YROVWDDQ PHW HHQ VFKDWWLQJ GLH JHEDVHHUGLVRSHHQVHWHHQYRXGLJHUHNHQUHJHOVGLHLQGHHOYDQGHELMODJH ELMGH0LQLVWHULsOH5HJHOLQJ$QDO\VH*HYROJHQ ,RQLVHUHQGH 6WUDOLQJ YRRU KHW PLOLHX PU$*,6

(18) ]LMQ YDVWJHOHJG ,Q VRPPLJH JHYDOOHQ LV HHQ GHUJHOLMNH VFKDWWLQJ QLHW YROGRHQGH ELMYRRUEHHOG DOV HU VSUDNH LV YDQ VSHFLILHNH EHODVWLQJSDGHQ HHQ EUHGH EXQGHO XLW HHQ U|QWJHQWRHVWHO RI ELM OR]LQJHQ WHQ JHYROJH YDQ ZHUN]DDPKHGHQ RI DOV HU GDDUWRH YDVWJHVWHOGH WRHWVLQJVQLYHDXV PU$*,6

(19) ZRUGHQ RYHUVFKUHGHQ ,Q GHUJHOLMNH JHYDOOHQ GLHQW HU HHQ QDGHUH DQDO\VH WH ZRUGHQ XLWJHYRHUG YROJHQV GHHO YDQ GH ELMODJHELMGHPU$*,6 +HWRQGHUKDYLJHUDSSRUWEHVFKULMIWGHPHWKRGHGLHYRRUGH]HQDGHUHDQDO\VH PRHW ZRUGHQ JHKDQWHHUG YRRU ]RYHU KHW OR]LQJHQ LQ OXFKW HQ ZDWHU EHWUHIW 'HHO$

(20) ,Q'HHO%GDWGRRUGH1XFOHDU5HVHDUFKDQGFRQVXOWDQF\*URXS 15*

(21) LVJHVFKUHYHQZRUGWQDGHULQJHJDDQRSGHEORRWVWHOOLQJDDQH[WHUQH VWUDOLQJYDQXLWEURQQHQHQWRHVWHOOHQ.


(23) 5,90UDSSRUW. SDJYDQ. ,QOHLGLQJ 'RHOYDQGLWUDSSRUW. 5HFHQWLVLQ1HGHUODQGKHW%HVOXLWVWUDOLQJVEHVFKHUPLQJ %V

(24) >@YDQNUDFKW JHZRUGHQ'LWEHVOXLWYRUPWRQGHUPHHUHHQLPSOHPHQWDWLHYDQGH(XUDWRP ULFKWOLMQ>@&RQIRUPKHW%V*GLHQWELMGHDDQYUDDJYDQHHQYHUJXQ QLQJRIPHOGLQJRDWHZRUGHQDDQJHJHYHQZDWGHJHYROJHQ GHMDDUGRVLV

(25) YRRUGHEHYRONLQJ]LMQYDQDOOHELMGHLQULFKWLQJORFDWLHEHKRUHQGHOR]LQJHQ QDDUOXFKWHQZDWHUHQEORRWVWHOOLQJDDQH[WHUQHVWUDOLQJ,QGH0LQLVWHULsOH 5HJHOLQJ $QDO\VH *HYROJHQ ,RQLVHUHQGH 6WUDOLQJ YRRU KHW PLOLHX PU $*,6

(26) ]LMQUHJHOVJHVWHOGHQPHWKRGHQDDQJHZH]HQYRRUGHXLWYRHULQJYDQ GHEHUHNHQLQJHQPHWGHGDDULQWHJHEUXLNHQSDUDPHWHUZDDUGHQ>@ $OV RQGHUVWHXQLQJ YDQ GH]H UHJHOLQJ ]LMQ HU WZHH UDSSRUWHQ JHVFKUHYHQ UHVSHFWLHYHOLMN '29,6$ HQ % 'RVLVEHUHNHQLQJ YRRU GH 2PJHYLQJ ELM 9HUJXQQLQJYHUOHQLQJ ,RQLVHUHQGH 6WUDOLQJ

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

(29) SDJYDQ. 5,90UDSSRUW. GHUHIHUHQWLHSHUVRRQGHWHUUHLQJUHQVKHWYRHGVHOSDNNHWHQPXOWLIXQFWLRQDOL WHLW JHGHILQLHHUG 9HUGHU ZRUGW LQ PU$*,6 DDQJHJHYHQ KRH GH UHVXOWDWHQ YDQ GH EHUHNHQLQJHQ DDQ GH JHKDQWHHUGH GRVLVQLYHDXV PRHWHQ ZRUGHQ JHWRHWVW 9RRUVFKULIW %LMKHWXLWYRHUHQYDQGHGRVLVEHUHNHQLQJHQGLHQWWH ZRUGHQXLWJHJDDQYDQGHEHOHLGVVWDQGSXQWHQGLH]LMQDDQJHJHYHQLQ GH 0LQLVWHULsOH 5HJHOLQJ $QDO\VH *HYROJHQ ,RQLVHUHQGH 6WUDOLQJ YRRUKHWPLOLHX PU$*,6

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

(33) RSKHWODQGNDQQDPHOLMNQDDVW OR]LQJHQ LQ OXFKW HQ ZDWHU HQ H[WHUQH VWUDOLQJ RRN DDQOHLGLQJ JHYHQ WRW OR]LQJHQ LQ GH ERGHP YLD XLWORJLQJ 9RRUEHHOGHQ KLHUYDQ ]LMQ KHW JHEUXLN YDQVOLEYRRUYHUEHWHULQJHQEHPHVWLQJYDQJURQGHQRSKRJLQJYDQJURQG.

(34) SDJYDQ. 5,90UDSSRUW. 6WDQGDDUG ,Q GH HYDOXDWLH YDQ OR]LQJHQ YDQ UDGLRDFWLYLWHLW YDQXLW HHQ EURQ RI LQULFKWLQJ LQ OXFKW ZDWHU HQ HYHQWXHHO ERGHP GLHQHQ DOOH WRHJHSDVWH UDGLRQXFOLGHQ WH ZRUGHQ PHHJHQRPHQ WHQ]LM XLWJHVORWHQLQELMODJH%V 9HUILMQLQJ 0LWVYRRU]LHQYDQRQGHUERXZLQJPDJGHHYDOXDWLH EHSHUNWZRUGHQWRWGHUHOHYDQWHUDGLRQXFOLGHQ. 7LMGVYHUORRSYDQOR]LQJHQ /R]LQJHQNXQQHQJHSXOVW]LMQHHQGDJQDFKWYHUORRSKHEEHQRIDQGHUV]LQV YDULsUHQ+HWWLMGVYHUORRSYDQGHOR]LQJHQZRUGWHFKWHUFRQVWDQWHQFRQWLQX YHURQGHUVWHOG RYHU KHW HWPDDO >@ 2QGDQNV KHW IHLW GDW GH EHUHNHQLQJHQ DOOHHQZRUGHQXLWJHYRHUGYRRUUHJXOLHUHRPVWDQGLJKHGHQGLHQHQLQFLGHQWHQ GLHPHHUGDQHHQPDDOSHUMDDUNXQQHQRSWUHGHQRRNWHZRUGHQJHsYDOXHHUG 'HKLHUELMRSWUHGHQGHOR]LQJHQZRUGHQJHDFKWJHOLMNHOLMNRYHUKHWMDDURSWH WUHGHQGZ]HUGLHQWHHQFRQWLQXHOR]LQJWHZRUGHQYHURQGHUVWHOG+LHUYDQ PDJVOHFKWVZRUGHQDIJHZHNHQDOVDDQQHPHOLMNNDQZRUGHQJHPDDNWGDWGH JHYROJHQGDQVLJQLILFDQWDIZLMNHQ>@ %LM GH GRVLV

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

(36) JDDW KHW YHHODO RP UDGLRQXFOLGHQ XLW GH 8 8 HQ 7KUHHNVHQ HQ RP . ,Q GH]H SDUDJUDDI ZRUGW QDGHU LQJHJDDQ RS GH PRJHOLMNHOR]LQJHQGRRUGLYHUVHW\SHQEHGULMYHQ . . . . 1XFOHDLUHLQVWDOODWLHV %HODQJULMNDDQGHGRVLVELMGUDJHQGHUDGLRQXFOLGHQ]LMQ & +HQLVRWRSHQ YDQHQNHOHHGHOJDVVHQ ;H.UHQ$U

(37) >@ELMNHUQUHDFWRUHQHQ 8ELM GHYHUULMNLQJYDQXUDQLXP>@1DDVWGHDWPRVIHULVFKHOR]LQJHQYLQGHQHU WHYHQVOR]LQJHQYDQGLYHUVHUDGLRQXFOLGHQSODDWVQDDUKHWRSSHUYODNWHZDWHU . . .

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

(39) HQKHWZLVVHOHQYDQEUDQGVWRIVWDYHQ %LMXUDQLXPYHUULMNLQJGLHQWUHNHQLQJWHZRUGHQJHKRXGHQPHWOR]LQJHQYDQ YRRUQDPHOLMN 8HQ 8LQ]RZHOOXFKWDOVRSSHUYODNWHZDWHU . . . 5DGLRQXFOLGHQODERUDWRULD 2QGHUGH]HFDWHJRULHYDOOHQQLHWDOOHHQGHDIGHOLQJHQQXFOHDLUHJHQHHVNXQGH HQUDGLRWKHUDSLHYDQ]LHNHQKXL]HQPDDURRNRQGHU]RHNVODERUDWRULD 0HHVWDOZRUGHQELMKHWKLHUEHGRHOGHRQGHU]RHNNRUWOHYHQGHUDGLRQXFOLGHQ WRHJHSDVW /R]LQJHQ LQ ]RZHO OXFKW DOV ZDWHU YLD GH ULROHULQJ

(40) ]LMQ KLHUELM DDQ GH RUGH *H]LHQ KHW W\SH RQGHU]RHN ]DO OR]LQJ LQ OXFKW YHHODO YLD ODJH VFKRRUVWHQHQ ]XXUNDVWHQ HG

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

(42) 'LW]LMQGHUDGLRQXFOLGHQ GLHLQHHQHYDOXDWLHGLHQHQWHZRUGHQPHHJHQRPHQ /R]LQJHQ YDQ HHQ SURFHVLQGXVWULH YLQGHQ PHHVWDO SODDWV LQ OXFKW HQRI LQ RSSHUYODNWHZDWHU >@ 5HVWSURGXFWHQ ]RDOV VODNNHQ HQ YOLHJDV NXQQHQ DOV VHFXQGDLUHJURQGVWRIIHQZRUGHQWRHJHSDVWLQERXZPDWHULDOHQRIJHEUXLNWWHU RSKRJLQJHQRQGHUERXZLQJYDQZHJHQ SURGXFWRIPDWHULDDOKHUJHEUXLN

(43) .

(44) SDJYDQ. 5,90UDSSRUW. 'HH[WHUQHVWUDOLQJDINRPVWLJYDQGHRSVODJHQYDQGHUJHOLMNHUHVWSURGXFWHQ NDQZRUGHQEHUHNHQGYROJHQVHHQPHWKRGHEHVFKUHYHQLQ'29,6%>@'H YHUZDDLLQJYDQGHUJHOLMNHRSVODJHQ RSSHUYODNWHEURQ

(45) NDQEHUHNHQGZRUGHQ PHWUHVXVSHQVLHEHUHNHQLQJHQ ]LHSDUDJUDDI

(46) . %HODVWLQJSDGHQ 1DDVWGHGLUHFWHVWUDOLQJYDQXLWHHQLQULFKWLQJRIEURQNDQEORRWVWHOOLQJYDQ GH PHQV SODDWVYLQGHQ YLD WZHH KRRIGEHODVWLQJSDGHQ QDPHOLMN YLD GH DWPRVIHHUHQYLDKHW RSSHUYODNWH

(47) ZDWHU. $WPRVIHULVFKHEHODVWLQJSDGHQ %HODQJULMNHEHODVWLQJSDGHQGLHLQEHVFKRXZLQJGLHQHQWHZRUGHQJHQRPHQ ELM UHJXOLHUH OR]LQJHQ LQ OXFKW ]LMQ XLWZHQGLJH EHVWUDOLQJ YDQXLW GH ZRON FORXGVKLQH

(48) HQ YDQDI GH ERGHP EHVPHWWLQJ YDQ LQKDODWLHOXFKW HQ EHVPHWWLQJ YDQ YRHGLQJVJHZDVVHQ UXQG

(49) YOHHV HQ ]XLYHOSURGXFWHQ YRRUDO PHON

(50) 9RRU GH EHVPHWWLQJ YDQ ZHLGHJUDV HQ YDQ GH GLYHUVH DNNHU HQ WXLQERXZSURGXFWHQGLHQHQ]RZHOGHLQWHUFHSWLHYDQJHGHSRQHHUGUDGLRDFWLHI PDWHULDDO DOV GH RSQDPH YDQ GDW PDWHULDDO XLW GH ERGHP WH ZRUGHQ EHVFKRXZG2PRSQDPHXLWGHERGHPHQH[WHUQHEHVWUDOLQJYDQDIGHERGHP YROOHGLJWHNXQQHQEHVFKRXZHQPRHWLQSULQFLSHKHWWUDQVSRUWLQGHERGHP PLJUDWLH

(51) LQGHEHUHNHQLQJZRUGHQPHHJHQRPHQ %HWUHIIHQGHGHUHJLRZDDUXLWYRHGLQJVSURGXFWHQZRUGHQYHUNUHJHQNDQQRJ KHWYROJHQGHZRUGHQRSJHPHUNW ]LHRRNGHHOYDQPU$*,6>@

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sQUHNHQLQJJHKRXGHQWHZRUGHQPHWGHEHVPHWWLQJ YDQ FRQVXPSWLHJHZDVVHQ GRRU ]RZHO LQWHUFHSWLH DOV GRRU RSQDPH XLW HHQ PHHUMDULJEHVPHWWHERGHP%LMRSVODJYDQJURQGVWRIIHQHQUHVWVWRIIHQPRHW GDDUELMUHNHQLQJJHKRXGHQZRUGHQPHWH[KDODWLH RQWZLMNHQ

(54) YDQUDGRQXLW GHRSVODJ *H]LHQ KHW EHODQJ YDQ GH WHPSHUDWXXU HQ HYHQWXHOH ILOWHULQJ LV KHW ELM SURFHVLQGXVWULHWHYHQVQRGLJHHQLQWHUQRQGHUVFKHLGWHPDNHQWXVVHQKRRJ HQ ODDJWKHUPLVFKH SURFHVVHQ 9RRUDO ELM GH KRRJWKHUPLVFKH SURFHVVHQ LV KHW PRJHOLMN GDW HU UHODWLHI NOHLQH GHHOWMHV JHsPLWWHHUG ZRUGHQ ZDDUDDQ YHUYROJHQV UHODWLHI KRJH FRQFHQWUDWLHV YDQ ]RZHO 3R DOV 3E JHKHFKW NXQQHQ ]LMQ ,PPHUV GRRU GH KRJH WHPSHUDWXXU NXQQHQ ]RZHO ORRG DOV SRORQLXPJDVYRUPLJZRUGHQHQKRRJLQGHVFKRRUVWHHQQDKHWSDVVHUHQYDQ GLYHUVH ILOWHUV FRQGHQVHUHQ RS GH RRN GRRU GH ILOWHUV GRRUJHODWHQ NOHLQH VWRIGHHOWMHVIUDFWLH YOLHJVWRI

(55) 'H QX XLWJHVWRWHQ IUDFWLH EHVWDDW XLW GHHOWMHV PHWHHQUHODWLHINOHLQHGLDPHWHU $0$'NOHLQHUGDQ mP

(56) HQHHQ KRJH FRQFHQWUDWLHYDQ]RZHO 3RDOV 3E'H]HNOHLQHGHHOWMHVNXQQHQUHODWLHI GLHS LQ GH ORQJHQ GRRUGULQJHQ 'DDURP PDDU RRN YDQZHJH PRJHOLMNH FKHPLVFKHSURFHVVHQNXQQHQGH]HGHHOWMHVYHUYROJHQVHHQODQJHUHWHQWLHWLMG LQ GH ORQJHQ KHEEHQ ,Q WHUPHQ YDQ KHW ORQJPRGHO EHWHNHQW GDW HHQ DEVRUSWLHNODVVH 6 6ORZ

(57) 2P GH]H UHGHQ LV KHW QRGLJ RP GH SURFHV LQGXVWULH ZDW EHWUHIW KXQ KRRJWKHUPLVFKH SURFHVVHQ GXV QLHW KHW QDWWH SURFHVRI GH RYHUVODJHQKHWWUDQVSRUWHG

(58) LQLHGHUJHYDOGRRUWHUHNHQHQ PHWGRVLVFRsIILFLsQWHQYRRUGHLQKDODWLHYDQEHLGHJHQRHPGHUDGLRQXFOLGHQ ELM HHQ $0$' YDQ mP FRQIRUP GH (8ULFKWOLMQ >@

(59) HQ HHQ DEVRUSWLHNODVVH6YURHJHU]XLYHULQJVNODVVH< <HDU

(60) JHQRHPG>@ =LHYRRUGRVLVFRsIILFLsQWHQKRRIGVWXN . . . . 6WDQGDDUG %LMGHRSVODJYDQJURQGDIYDORIUHVWVWRIIHQGLHQW UHNHQLQJJHKRXGHQWHZRUGHQPHWH[WHUQHVWUDOLQJ '29,6%

(61) HQPHW H[KDODWLHYDQUDGRQ 6WDQGDDUG %LM OR]LQJHQ LQ OXFKW YDQ GH WKHUPLVFKHSURFHV LQGXVWULH RD IRVIDDWHUWVLQGXVWULH NROHQFHQWUDOHV

(62) GLHQW ELM GH LQKDODWLH YDQ 3E HQ 3R JHEUXLN JHPDDNW WH ZRUGHQ YDQ GH GRVLVFRsIILFLsQWHQELMHHQDEVRUSWLHNODVVH6 6ORZ

(63) .

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

(65) LQZHQGLJHEHVWUDOLQJQDLQJHVWLHYDQ YRHGLQJVJHZDVVHQ LUULJDWLH

(66) UXQG

(67) YOHHV RYHUVWURRPGH XLWHUZDDUGHQ

(68) ]HHHQ]RHWZDWHU

(69) YLV]XLYHOSURGXFWHQ YRRUDOPHON

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sQWHQGLHHHQGLDJQRVWLVFKHHQRIWKHUDSHXWLVFKHEHKDQGHOLQJ RQGHUJDDQ HQ µSHUVRQHQ GLH QLHW EHURHSVKDOYH WKXLV ZLOOHQV HQ ZHWHQV LQ DDQUDNLQJ NRPHQ PHW GH]H SDWLsQWHQ¶ >@ YDOOHQ QLHW RQGHU GH UHJHOLQJ ZDDUYRRUKLHUHHQEHUHNHQLQJVPHWKRGLHNZRUGWJHJHYHQ.

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sIILFLsQWHQ'LW]LMQGHJHWDOOHQGLHDDQJHYHQZHONHGRVLVDDQZHONH LQQDPHYDQDFWLYLWHLWGLHQWWHZRUGHQWRHJHNHQG=LHRRNKRRIGVWXN.


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µRSGZDUUHOHQ¶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

(74) NDQ GH YHUVSUHLGLQJ YDQ VWRIIHQ GLH YLD OR]LQJHQ LQ OXFKW ]LMQ JHEUDFKW ZRUGHQ JHPRGHOOHHUG +HW 110 ZRUGW WRHJHSDVW ELM KHW YDVWVWHOOHQ YDQ GH NZDOLWHLW YDQ EXLWHQOXFKW ELMYRRUEHHOG LQ KHW NDGHU YDQ PLOLHXYHUJXQQLQJHQ LQ KHW DOJHPHHQ :DW EHWUHIWOR]LQJHQYDQUDGLRDFWLHYHVWRIIHQZRUGWKLHUELMDDQJHVORWHQ 9RRU KHW EHKHHU YDQ GLW PRGHO LV LQ HHQ FRPPLVVLH LQJHVWHOG 'H]H FRPPLVVLH ZRUGW RQGHUVWHXQG GRRU GH KHOSGHVN YDQ ,QIR0LO >@ 'H FRQFHSWXHOH EHVFKULMYLQJ YDQ KHW 110 KHW ]RJHQDDPGH µSDDUVH ERHNMH¶.

(75) SDJYDQ. 5,90UDSSRUW. >@ NDQ RRN YLD GH]H RUJDQLVDWLH ZRUGHQ EHVWHOG 7HYHQV ]LMQ WZHH LPSOHPHQWDWLHVYDQKHW110LQVRIWZDUHEHVFKLNEDDU. .RUWHEHVFKULMYLQJYDQKHW1LHXZ1DWLRQDDO0RGHO 2PGDWGHWRWDOHEHVFKULMYLQJYDQKHW110ZHJHQV]LMQRPYDQJEXLWHQKHW NDGHU YDQ GLW UDSSRUW YDOW ]LH >@

(76) HQ RPGDW HU SURJUDPPDWXXU EHVFKLNEDDULVZDDULQGH]HEHVFKULMYLQJYROOHGLJLVJHwPSOHPHQWHHUG ]LH SDUDJUDDI

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µRXGH¶1DWLRQDDO0RGHORRNHHQJDXVVLVFK SOXLPPRGHO LV GDW YRRU GH EHSDOLQJ YDQ YHUVSUHLGLQJVSDUDPHWHUV HQ GH KRRJWHYDQGHPHQJODDJ KHWRQGHUVWHGHHOYDQGHDWPRVIHHUZDDUYRRUGH FRQFHQWUDWLHEHUHNHQLQJHQ ZRUGHQ XLWJHYRHUG

(78) HHQ VWHUN JHZLM]LJGH PHWKRGHZRUGWWRHJHSDVW=RZRUGWELMYRRUEHHOGQLHWODQJHUJHZHUNWPHW KHWFODVVLILFDWLHVFKHPDYDQ3DVTXLOOZDDUELMKHWZHHUW\SHZRUGWLQJHGHHOG RSEDVLVYDQWLMGYDQGHGDJZLQGVQHOKHLGHQEHZRONLQJVJUDDGPDDUPHW LQYRHU YDQ ZLQGULFKWLQJ HQ VQHOKHLG WHPSHUDWXXU HQ ]RQLQVWUDOLQJ JOREDOHVWUDOLQJ

(79) 6WDQGDDUG 9RRU YHUVSUHLGLQJEHUHNHQLQJHQ YLD GH DWPRVIHHU ZRUGWJHEUXLNJHPDDNWYDQGH8XUYRRUXXUPHWKRGHYDQKHW1LHXZ 1DWLRQDDO0RGHO 110

(80) 9HUILMQLQJ ,Q EHSDDOGH RPVWDQGLJKHGHQ PDJ ZRUGHQ DIJHZHNHQYDQGH8XUYRRUXXUPHWKRGHHQNDQJHNR]HQZRUGHQYRRU KHW .ODVVHQPRGHO RI GH 0RQWH&DUORPHWKRGH =LH KLHUYRRU GH QDGHUHGRFXPHQWDWLHYDQKHW110.

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

(82) HQµVQDFKWV YHHODOVWDELHO

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

(84) +LHUPHH]DOELM KHWEHSDOHQYDQGHGHSRVLWLHUHNHQLQJJHKRXGHQPRHWHQZRUGHQ 'HSRVLWLH 'URJH GHSRVLWLH LV KHW QHHUZDDUWVH YHUWLFDOH WUDQVSRUW YDQ JDVVHQ YRRUDO GLIIXVLHHQDEVRUSWLHDGVRUSWLHRIRSQDPHLQJHZDVVHQDDQGHRSSHUYODNWH

(85) RI GHHOWMHV YRRUDO JUDYLWDWLH

(86) 'H VQHOKHLG YDQ GHSRVLWLH YDQ JDVVHQ LV DIKDQNHOLMN YDQ GH VWDELOLWHLW GH UXZKHLGOHQJWH RSSHUYODNWHZHHUVWDQG GLIIXVLHFRsIILFLsQW LQ OXFKW HQ KHW ODQGJHEUXLN KHW 110 PDDNW JHHQ RQGHUVFKHLG WXVVHQ GH YHUVFKLOOHQGH W\SHQ ODQGJHEUXLN

(87) KHW VRRUW JDV HQ GHSHULRGHYDQKHWMDDU%LMVWRIGHHOWMHV]LMQEHKDOYHGHJHQRHPGHIDFWRUHQ YRRU JDVVHQ RRN GH GHHOWMHVJURRWWH KHW VRRUWHOLMN JHZLFKW HQ GH ]RJHQDDPGH ERWVLQJVHIILFLsQWLH YDQ EHODQJ 'H LQ GH EHVFKLNEDUH LPSOHPHQWDWLHVJHEUXLNWHPHWKRGHQHQSDUDPHWHUVZRUGHQQDGHUWRHJHOLFKW LQ>@ 1DWWHGHSRVLWLHEHVWDDWXLWWZHHSURFHVVHQKHWXLWUHJHQHQHQKHWXLWZDVVHQ +HWXLWUHJHQHQYLQGWSODDWVLQHHQUHJHQZRON RSQDPHLQGHUHJHQ

(88) HQKHW.

(89) SDJYDQ. 5,90UDSSRUW. XLWZDVVHQRQGHUHHQUHJHQZRON GHUHJHQZDVWKHWJDVRIGHGHHOWMHVXLWGH OXFKW

(90) 'HSURFHVVHQKDQJHQDIYDQGHGLIIXVLHFRsIILFLsQWYDQKHWJDVRIGH JURRWWH YHUGHOLQJ

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sIILFLsQW YDQ P V HQ HHQ XLWUHJHQFRsIILFLsQW YDQ %LM RUJDQLVFK JHERQGHQ MRGLXP GLHQHQ GH]HSDUDPHWHUVGHZDDUGHQVPPVHQWH KHEEHQ%LMGHGHSRVLWLHYDQVWRIGLHQWDOWLMGHHQXLWUHJHQFRsIILFLsQW YDQWHZRUGHQJHKDQWHHUG 2YHULJHLQYRHUJHJHYHQV 9RRU RYHULJH LQYRHUJHJHYHQV HQ WH KDQWHUHQ UDQGYRRUZDDUGHQ ZRUGW YHUZH]HQ QDDU GH GRFXPHQWDWLH YDQ KHW 110 >@ HQ QDDU HYHQWXHOH QLHXZH KDQGUHLNLQJHQ YDQ GH EHKHHUVFRPPLVVLH GLH GRRU ,QIR0LO WHU EHVFKLNNLQJ ]XOOHQ

(92) ZRUGHQJHVWHOG. 6RIWZDUHLPSOHPHQWDWLHVYDQKHW110 2PGDWGHWRWDOHRPVFKULMYLQJYDQKHW110 KHW QLHW HHQYRXGLJ PRJHOLMN PDDNW RP GH]H EHUHNHQLQJHQ YDQ GH EDVLV DI XLW WH YRHUHQ ZRUGW KLHU YHUZH]HQ QDDU HQNHOH LPSOHPHQWDWLHV LQ SURJUDPPDWXXU 3OXLP3OXV YHUVLH

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

(94) 5,90UDSSRUW. SDJYDQ. HHQFLUNHOYRUPLJHUHJLRPHWHHQVWUDDOYDQNPURQGGHEURQJHKDQWHHUG ]LHRRNSDUDJUDDI

(95) 9RRUGHGLUHFWHRPJHYLQJYDQHHQEURQ WRWP

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

(97) JHHQ JHOGLJH UHVXOWDWHQ 9RRU GLW JHELHG GLHQW GDQ RRNHHQDQGHUHPHWKRGHWHZRUGHQJHYROJG=LHSDUDJUDDI +HW 110 JHHIW HHQ EHVFKULMYLQJ YDQ GH YHUVSUHLGLQJ LQ OXFKW YDQ LQHUWH JDVVHQ HQ GHHOWMHV (YHQWXHOH FKHPLVFKH RI I\VLVFKH RP]HWWLQJHQ PXY 12 XLW12

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

(99) HQ PHW HHQ JHULQJ RYHUVFKRW DDQ ZDUPWHLQKRXG RI ]HOIV JHHQ RYHUVFKRW GZ] JHHQ YHUVFKLO LQ ZDUPWH WXVVHQ RPJHYLQJV HQ OR]LQJVOXFKW

(100) SODDWVYLQGHQ 7HQ EHKRHYH YDQ EHUHNHQLQJHQ YDQ HHQ PD[LPDOH EORRWVWHOOLQJ DDQ GHUJHOLMNH OR]LQJHQ LV.

(101) SDJYDQ. 5,90UDSSRUW. KHW 110 QLHW JHVFKLNW ,PPHUV GH PD[LPDOH FRQFHQWUDWLHV ZRUGHQ ]HHU QDELM KHW OR]LQJVSXQW JHPHWHQ YHHODO ELQQHQ HQNHOH WLHQWDOOHQ PHWHUV

(102) ZDDU JHERXZLQYORHGHQ HHQ JURWH URO ]XOOHQ VSHOHQ +HW 110 OHYHUW ELQQHQ P JHHQ EHWURXZEDUH UHVXOWDWHQ +HW 6&5((1PRGHO RQWZLNNHOG GRRU HHQ RQGHU]RHNVEXUHDX 2IILFH RI $LU 4XDOLW\ 3ODQQLQJ DQG 6WDQGDUGV (PLVVLRQV 0RQLWRULQJ DQG $QDO\VLV 'LYLVLRQ 5HVHDUFK 7ULDQJOH 3DUN 1RUWK &DUROLQD

(103) YDQ GH 86 (QYLURQPHQWDO 3URWHFWLRQ $JHQF\ (3$

(104) LVHHQPRGHOZDDUPHHGLWZHONDQ>@ +HWPRGHO +HW6&5((1PRGHOLVRQWZLNNHOGGRRUGH(3$DOVHHQYRXGLJHPHWKRGH YRRU KHW YHUNULMJHQ YDQ FRQFHQWUDWLHVFKDWWLQJHQ YRRU GLYHUVH YHUYXLOHQGH VWRIIHQ+HWLVGDDUELMJHEDVHHUGRSHHQUHHNVYDQVFUHHQLQJSURFHGXUHVGLH ]LMQEHVFKUHYHQ LQ HHQ RQGHUOLJJHQG GRFXPHQW>@=RZHOGRFXPHQWDOV PRGHO NXQQHQ ELM GH (3$ ELM KHW 6XSSRUW &HQWHU IRU 5HJXODWRU\ $LU 0RGHOV >6&5$0@

(105) ZRUGHQ YHUNUHJHQ YLD KXQ ZHEVLWH ZZZHSDJRY VFUDP

(106) )XQFWLHYDQ6&5((1 0HW6&5((1]LMQYRRUHQNHOYRXGLJHEURQQHQGHPD[LPDOHFRQFHQWUDWLHV WH EHUHNHQHQ YRRU RSJHJHYHQ ORFDWLHV +HW PRGHO ]RHNW GDQ ELM ZHONH ZHHUFRPELQDWLH GH KRRJVWH FRQFHQWUDWLH WH EHUHLNHQ YDOW 9HUGHU LV KHW PRJHOLMNRP]JQEXLOGLQJGRZQZDVKWRHWHSDVVHQ,QGDWJHYDOGLHQHQGH EXLWHQPDWHQYDQKHWEHWUHIIHQGHJHERXZWHZRUGHQDDQJHJHYHQ+HWHIIHFW YDQ GH EXLOGLQJGRZQZDVK RS GH PD[LPDOH FRQFHQWUDWLH NDQ ]RZHO YRRU KHWQDELMHµ]RJRINLHO]RJ¶ (QJHOVHµZDNH¶

(107) DOVYRRUKHWYHUGHUDIJHOHJHQ µ]RJ¶ ZRUGHQ EHUHNHQG 7HYHQV LV EHUHNHQLQJ YDQ GH PD[LPDOH FRQFHQWUDWLH LQ GH µFDYLW\¶]RQH GLUHFW QDDVW KHW JHERXZ PRJHOLMN +LHU YLQGW HHQ UHFLUFXODWLH SODDWV 2YHULJH RSWLHV ]LMQ KHW YHUGLVFRQWHUHQ YDQ HHQ KRJHUH RPJHYLQJ YDQ KHW OR]LQJVSXQW RD µSOXPH LPSDFWLRQ¶

(108) KHW HIIHFWYDQKHWRSEUHNHQYDQGHLQYHUVLH 0HWXLW]RQGHULQJYDQGHVLWXDWLHZDDULQFRPSOH[HYHUKRRJGHRPJHYLQJHQ ZRUGHQ GRRUJHUHNHQG XXU JHPLGGHOGHQ

(109) LV HU VSUDNH YDQ XXU JHPLGGHOGH PD[LPXPFRQFHQWUDWLHV +HW LV QLHW PRJHOLMN MDDUJHPLGGHOGH FRQFHQWUDWLHVXLWWHUHNHQHQ %LM EHUHNHQLQJHQ RS GH NRUWH DIVWDQG GLHQW GDDURP LQ HHQ QDGHUH EHVFKRXZLQJ YDQ HHQ EORRWJHVWHOG LQGLYLGX GH MDDUGRVLV WH ZRUGHQ YDVWJHVWHOG RS EDVLV YDQ GH XXU JHPLGGHOGH PD[LPDOH FRQFHQWUDWLH +LHUELMNDQELMYRRUEHHOGJHEUXLNJHPDDNWZRUGHQYDQGHFRQFHQWUDWLHDDQ UDGLRQXFOLGHQ LQ KHW JHORRVGH OXFKWPHQJVHOGDQZHOGHEHUHNHQGHPD[L PDOH FRQFHQWUDWLH LQ FRPELQDWLH PHW KHW YRRUNRPHQ YDQ GH VSHFLILHNH PHWHR

(110) VLWXDWLH 6WDQGDDUG %LMEHUHNHQLQJHQRSGHNRUWHDIVWDQGGLHQWLQHHQ QDGHUH EHVFKRXZLQJ YDQ HHQ EORRWJHVWHOG LQGLYLGX WH ZRUGHQ YDVWJHVWHOG RI GH]H JHHQ GRVLV ]DO RQWYDQJHQ GLH ELQQHQ GH YHUJXQQLQJQLHWLVWRHJHVWDDQYRRUOHGHQYDQGHEHYRONLQJ.

(111) 5,90UDSSRUW. SDJYDQ. +LHUELM LV HHQ VFKDWWLQJ QRGLJ YDQ GH IUHTXHQWLH YDQ YRRUNRPHQ YDQ HHQ VSHFLILHNH ZLQGULFKWLQJ $OV ZRUGW DDQJHQRPHQ GDW KHW EHWUHIIHQGH JHERXZ ZDDUXLW JHORRVG ZRUGW HHQ EUHHGWH YDQ E PHWHUV KHHIW GDQ RQWVWDDWHUHHQJHELHGDFKWHUGLWJHERXZ LQGHOXZWH

(112) GDWRRNZHO]RJ RI NLHO]RJ

(113) JHQRHPGZRUGWPHWRQJHYHHUGH]HOIGHEUHHGWH ]LH)LJXXU

(114) $OV PHQ ]LFK LQ GLW JHELHG EHYLQGW GDQ NDQ JHORRVG PDWHULDDO ELQQHQ HHQ ]HNHU EHUHLN DDQ ZLQGULFKWLQJHQ KRHN a LQ )LJXXU

(115) QRJ ELQQHQ GLW]HOIGH]RJNRPHQHQGDDURSHHQDIVWDQG[YDQKHWOR]LQJVSXQWYRRUHHQ EORRWVWHOOLQJ]RUJGUDJHQ$IKDQNHOLMNYDQGHDIVWDQGWRWKHWOR]LQJVSXQWHQ GH EUHHGWH YDQ KHW JHERXZ NDQ GH KRHNJURRWWH YDQ GH]H ZLQGVHFWRU EHUHNHQG ZRUGHQ 'H KRHN a LV HHQ UHODWLHYH KRHN HQ JHHIW GXV QLHW GH ZLQGULFKWLQJDDQ. )LJXXU. 6FKHPDWLVFKH ZHHUJDYH YDQ KHW µEURQ¶JHERXZ PHW VFKRRUVWHHQ

(116) HQ KHW JHERXZµ]RJ¶ 9RRU HHQ SXQW RS DIVWDQG [ YDQGHVFKRRUVWHHQ OR]LQJVSXQW

(117) ]DOYRRUZLQGULFKWLQJHQELQQHQ HHQKRHNa> ¼$UF6LQ E[

(118) @GHOR]LQJLQKHW]RJNRPHQHQWRW HHQEORRWVWHOOLQJDDQOHLGLQJNXQQHQJHYHQ. 'HIUHTXHQWLHYDQYRRUNRPHQYDQGHZLQGULFKWLQJLVQLHWJHOLMNYRRUDOOH ULFKWLQJHQ PDDU ]HOIV DIKDQNHOLMN YDQ GH ORFDWLH ELQQHQ 1HGHUODQG 'H IUHTXHQWLH LV GDQ RRN QLHW WH YHUNULMJHQ GRRU VOHFKWV GH EHUHNHQGH KRHN a

(119) WH GHOHQ GRRU 0HWHRVWDWLRQ %HHN KHHIW YDQ GH YLMIWLHQ KRRIGVWDWLRQVYDQKHW.10,GHPHHVWµDIZLMNHQGH¶ZLQGULFKWLQJYHUGHOLQJ GZ] GDW GLW VWDWLRQ GH PLQVW KRPRJHQH YHUGHOLQJ KHHIW YDQ ZLQGULFKWLQJHQRYHUGHWRWDOHZLQGURRV>@ KRHN a

(120) PD[

(121). IUHTXHQWLH YDQ YRRUNRPHQ

(122) . )UHTXHQWLH YDQ YRRUNRPHQ YDQ ZLQGULFKWLQJ LQFOXVLHI ZLQGVWLOWH

(123) YRRU HHQ YHUVFKLOOHQG DDQWDO ZLQGVHFWRUHQ URQG =:ZLQG YRRU VWDWLRQ %HHN =LH YRRU EHUHNHQLQJ YDQGHEHWUHIIHQGHKRHN)LJXXU'H PD[LPDOHKRHNEHGUDDJW'LWLV KHW JHYDO DOV PHQ ]LFK ]HHU QDELM GH EURQ ]RX EHYLQGHQ 9RRU KRHNHQ GLH WXVVHQ GH KLHU JHJHYHQ KRHNHQ LQ OLJJHQNDQJHwQWHUSROHHUGZRUGHQ.

(124) SDJYDQ. 5,90UDSSRUW. %RYHQVWDDQGH WDEHO LV DIJHOHLG YDQ GH]H YHUGHOLQJ $IKDQNHOLMN YDQ GH EHUHNHQGH ZDDUGH YRRU a NDQ KLHU GH PD[LPDOH IUHTXHQWLH YDQ YRRUNRPHQYDQZLQGULFKWLQJHQELQQHQ]R¶QKRHNZRUGHQDIJHOH]HQ +HW]RJHYRQGHQSHUFHQWDJHPDJJHEUXLNWZRUGHQRPGHHHUGHUEHUHNHQGH PD[LPDOHFRQFHQWUDWLHRPWH]HWWHQQDDUHHQMDDUJHPLGGHOGHFRQFHQWUDWLH ,QGLHQ GH PD[LPXPFRQFHQWUDWLH RS JURQGQLYHDX ELQQHQ P YDQ GH EURQ ZRUGW EHUHNHQG KRHIW JHHQ YHUGHUH YHUVSUHLGLQJV HQ GHSRVLWLHEHUHNHQLQJPHWKHW110WHZRUGHQXLWJHYRHUG2PGDWGHSRVLWLH RSHHQODQGERXZDUHDDOYDQHQLJEHODQJLQ]R¶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

(125) UDGLRDFWLHYHVWRIIHQ]DOGLWQDXZHOLMNVWRW HHQ ZLM]LJLQJ LQ GH FRQFHQWUDWLH OHLGHQ 9RRU NRUWOHYHQGH UDGLRDFWLHYH VWRIIHQNDQHHQVFKDWWLQJYDQKHWUDGLRDFWLHIYHUYDOJHPDDNWZRUGHQGRRU GH DIVWDQG EURQUHFHSWRU WH GHOHQ GRRU GH JHPLGGHOGH ZLQGVQHOKHLG YRRU GH UHFHSWRUORFDWLH 'H]H WLMGVGXXU NDQ GDQ JHEUXLNW ZRUGHQ YRRU KHW YDVWVWHOOHQ YDQ KHW UDGLRDFWLHI YHUYDO HQ GH HYHQWXHOH LQJURHL YDQ UDGLRDFWLHYH YHUYDOSURGXFWHQ $OV HU LQJURHL RSWUHHGW ]DO GLW KRRJVW ZDDUVFKLMQOLMNRRNDOKHWJHYDO]LMQJHZHHVWYyyUGHOR]LQJ:HOOLFKWLVKHW EHWUHIIHQGH UDGLRQXFOLGH GDQ DO LQ UDGLRDFWLHI HYHQZLFKW PHW ]LMQ YHUYDOSURGXFW HQ

(126) ,Q GDW JHYDO NDQ HHQ ]HOIGH FRQFHQWUDWLH YRRU GH YHUYDOSURGXFWHQZRUGHQDDQJHQRPHQ %LM HHQ GHSRVLWLHVQHOKHLG %L UDGLRQXFOLGHQ P V

(127) NDQ KHW DDQWDO UDGLRQXFOLGHQ L SHU RSSHUYODNWH HHQKHLG 1L QD GHSRVLWLH RS GH ERGHP LQ GLHERGHPEHUHNHQGZRUGHQYROJHQV . G1 GW. L. % - l 1 L. L. .

(128). L. %L GHSRVLWLHVQHOKHLGYDQUDGLRQXFOLGHL P V

(129) 1L KHWDDQWDOUDGLRQXFOLGHQSHURSSHUYODNWHHHQKHLGYDQW\SHL P

(130) GHYHUYDOFRQVWDQWHYDQUDGLRQXFOLGHL V

(131) L . . . . +LHUXLW YROJW HHQ DFWLYLWHLW $L W

(132) YRRU UDGLRQXFOLGH L RS HHQ ZLOOHNHXULJ WLMGVWLSWYDQ.

(133) 5,90UDSSRUW. SDJYDQ. $ W

(134) L. l1 L. L. . (. % - H -l l L. L. W. ).

(135). L. $L W

(136) DFWLYLWHLWYDQUDGLRQXFOLGHL %TP

(137) %L GHSRVLWLHVQHOKHLGUDGLRQXFOLGHL lL%L

(138) %TP V

(139) . . . $OVHHQUDGLRQXFOLGHHHQKDOYHULQJVWLMGKHHIWGLHNRUWLVYHUJHOHNHQELMGH LQWHJUDWLHSHULRGHYDQMDDU JDXLWYDQKDOYHULQJVWLMGHQYDQPLQGHUGDQ MDDU

(140) GDQZRUGWGHWLMGJHwQWHJUHHUGHDFWLYLWHLWRSGHERGHPFRQVWDQW+HW UDGLRDFWLHIYHUYDOLVGDQLQ HYHQZLFKW PHWGHDDQYRHUGRRUGHSRVLWLH ,QGLHQ KHW YHUYDOSURGXFW RRN ZHHU UDGLRDFWLHI LV GDQ LV RRN LQJURHL YDQ EHODQJ (YHQDOV ELM GH FRQFHQWUDWLH JHOGW KLHU GDW ELM NRUWOHYHQGH YHUYDO SURGXFWHQGHLQJURHLPRJHOLMNDOYyyUGHOR]LQJKHHIWSODDWVJHYRQGHQ=R ]LWWHQ ELM HHQ HUWVYHUZHUNHQG EHGULMI ZHOOLFKW SURGXFW HQ YHUYDOSURGXFW EHLGH UHHGV LQ HYHQZLFKW

(141) LQ GH JURQGVWRI GH HUWV

(142) ,Q GDW JHYDO NDQ GH FRQFHQWUDWLH YDQ KHW YHUYDOSURGXFW JHOLMNJHVWHOG ZRUGHQ DDQ GLH YDQ GH. RXGHUPRHGHU ,QGLHQ GLW HFKWHU QLHW KHW JHYDO LV RI DOV HU VSUDNH LV YDQ HHQUDGLRQXFOLGHQUHHNVGDQPRHWHHQLQJURHLEHUHNHQLQJSODDWVYLQGHQ GLH LHWV LQJHZLNNHOGHU LV 8LWJDDQGH YDQ HHQ FRQVWDQWH GHSRVLWLHVQHOKHLG % YDQKHWGHSRQHUHQGHUDGLRQXFOLGH KLHU DDQJHJHYHQ PHW LQGH[

(143) PRHWHQ GDQ GH YROJHQGH YHUJHOLMNLQJHQ GLH JHEDVHHUG ]LMQ RS GH ]RJHQDDPGH %DWHPDQYHUJHOLMNLQJHQ>@RSJHORVWZRUGHQ . 1 Q W

(144) = &H - lW + & H - lW + L + & Q H - lQW á Ô %l L lQ - & = Ô l - l

(145) l - l

(146) L lQ - l

(147) Ô Ô %l L lQ - & = Ô l - l

(148) l - l

(149) L lQ - l

(150) â PHW Q

(151) Ô L Ô L Ô %l L lQ - &Q = Ô l - lQ

(152) l - lQ

(153) L lQ - - lQ

(154) Ôã.

(155). 'HUDGLRDFWLYLWHLWYDQGHRSYROJHQGHYHUYDOSURGXFWHQ Q «

(156) NDQGDQ EHUHNHQG ZRUGHQ GRRU KHW DDQWDO UDGLRQXFOLGHQ SHU RSSHUYODNWHHHQKHLG 1Q W

(157) PHWGHYHUYDOFRQVWDQWH QWHYHUPHQLJYXOGLJHQ. 5HVXVSHQVLH *HGHSRQHHUGH UDGLRQXFOLGHQ HQ UDGLRQXFOLGHQ GLH ]LFK LQ RI RS GH ERGHP EHYLQGHQ NXQQHQ GRRU PLGGHO YDQ UHVXVSHQVLH ZHHU LQ GH OXFKW JHEUDFKW ZRUGHQ HQ KLHUGRRU HHQ ELMGUDJH OHYHUHQ DDQ GH GRVLV GRRU LQKDODWLH 'LW EHODVWLQJSDG NDQ YDQ EHODQJ ]LMQ ELM ODQJOHYHQGH UDGLRQXFOLGHQ PHW HHQ KRJH GRVLVFRsIILFLsQW YRRU LQKDODWLH 9RRUDO WUDQVXUDQHQ >@ GZ] DOOH.

(158) SDJYDQ. 5,90UDSSRUW. UDGLRQXFOLGHQ PHW HHQ DWRRPQXPPHU KRJHU GDQ GDW YDQ XUDQLXP !

(159) NXQQHQGDQEHODQJULMN]LMQ 6WDQGDDUG 9RRU OR]LQJHQ GLH JHHQ WUDQVXUDQHQ EHYDWWHQ EHKRHIWKHWSURFHVUHVXVSHQVLHQLHWRSJHQRPHQWHZRUGHQ %HVPHWWLQJRSGHERGHP %LMHHQRSSHUYODNWHEHVPHWWLQJYDQGHERGHPNDQGHFRQFHQWUDWLHLQGHOXFKW GRRUUHVXVSHQVLHYDQUDGLRQXFOLGHLEHUHNHQGZRUGHQYROJHQV &. L UHV.

(160). W

(161) U W

(162) & W

(163) LJ. &L DFWLYLWHLWVFRQFHQWUDWLHLQGHOXFKWGRRUUHVXVSHQVLH &L W

(164) DFWLYLWHLWVFRQFHQWUDWLHRSGHERGHP U W

(165) WLMGVDIKDQNHOLMNHUHVXVSHQVLHFRsIILFLsQW. %TP

(166) %TP

(167) P

(168) . UHV. . J. . 'H UHVXVSHQVLHFRsIILFLsQW LV WLMGVDIKDQNHOLMN RPGDW GRRU ELQGLQJ DDQ ERGHPPDWHULDDOGHKRHYHHOKHLGPDWHULDDOGLHZHHULQGHOXFKWNDQNRPHQ ]DODIQHPHQ'H]HDIQDPHZRUGWPHHVWDODOVYROJWJHPRGHOOHHUG>@ U W

(169). U H - l. UHV W.

(170). + U. ,Q>@ZRUGHQGHYROJHQGHZDDUGHQDOVVWDQGDDUGJHQRPHQ U UHVXVSHQVLHFRsIILFLsQWRSWLMGVWLSW P U UHVXVSHQVLHFRsIILFLsQWRSWLMGVWLSW P lUHV UHVXVSHQVLHYHUYDOFRQVWDQWH OQ

(171) MDDU . . . . . . %HVPHWWLQJLQGHERGHP 9RRU GH UHVXVSHQVLH YDQ ERGHPGHHOWMHV ZDDUELM GH DFWLYLWHLW KRPRJHHQ YHUGHHOGLVLQGHERYHQVWHERGHPODDJNDQJHEUXLNJHPDDNWZRUGHQYDQ. & D &L W

(172) r U. J. L UHV. W

(173) . & W

(174) D L J.

(175). U. r. VWRIFRQFHQWUDWLHLQOXFKW DFWLYLWHLWVFRQFHQWUDWLHLQGHERGHP GLFKWKHLGERGHP. [ NJP %TP

(176) NJP . . . . 'H JHQRHPGH VWRIFRQFHQWUDWLH LV GH SHUFHQWLHOZDDUGH YRRU ODQGHOLMNH JHELHGHQLQ1HGHUODQGLQGHSHULRGH>@'HDFWLYLWHLWVFRQFHQ WUDWLH LQ GH ERGHP ZRUGW EHUHNHQG YROJHQV GH PHWKRGH ]RDOV JHJHYHQ LQ SDUDJUDDI 'H GLFKWKHLG YDQ GH 1HGHUODQGVH ERGHP YDULHHUW YDQ NJP YRRU NOHL WRW NJ P YRRU ]DQG ,Q GH EHUHNHQLQJHQ NDQ ZRUGHQXLWJHJDDQYDQHHQJHPLGGHOGHZDDUGH NJP

(177) >@ . . .

(178) 5,90UDSSRUW. SDJYDQ. 9HUVSUHLGLQJYLDRSSHUYODNWHZDWHU 'LWKRRIGVWXNEHKDQGHOWGHYHUVSUHLGLQJLQZDWHU(HUVWZRUGWLQDOJHPHQH WHUPHQ DDQJHJHYHQ ZHONH EHODVWLQJSDGHQ EHVFKUHYHQ GLHQHQ WH ZRUGHQ 9HUYROJHQV ZRUGW KHW JHNR]HQ FRQFHSWXHOH PRGHO DDQJHJHYHQ PHW GH WH JHEUXLNHQSDUDPHWHUZDDUGHQ+HWXLWJDQJVSXQWLVGHOR]LQJHQKHWUHVXOWDDW LVHHQFRQFHQWUDWLHLQRSSHUYODNWHZDWHUHQVOLE. %HODVWLQJSDGHQGLHEHVFKUHYHQPRHWHQZRUGHQ (U NXQQHQ WZHH FDWHJRULHsQ YDQ OR]LQJHQ YDQXLW HHQ LQULFKWLQJ RI ORFDWLH ZRUGHQRQGHUVFKHLGHQQDPHOLMN OR]LQJHQRSKHWULRROHQYLD]XLYHULQJQDDUKHWRSSHUYODNWHZDWHU OR]LQJHQGLUHFWRSKHWRSSHUYODNWHZDWHU %LM GH XLWHLQGHOLMNH OR]LQJ LQ KHW RSSHUYODNWHZDWHU NDQ HU VSUDNH ]LMQ YDQ YHUVFKLOOHQGHZDWHUV\VWHPHQ]RDOVHHQULYLHUPHHUHVWXDULXPRI]HH(UNDQ QLHW pp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

(179) 6WDQGDDUG 'HEHVPHWWLQJYDQGULQNZDWHUHQSURGXFWHQYDQKHW ODQG ZRUGW DOOHHQ JHPRGHOOHHUG LQGLHQ JHORRVG ZRUGW LQ ]RHW RSSHUYODNWHZDWHU. %HVFKULMYLQJYDQWHKDQWHUHQPHWKRGLHN 2PGDW PRGHOOHULQJ YDQ GH GLYHUVH YDQ EHODQJ ]LMQGH YHUVSUHLGLQJV

(180) SURFHVVHQYHHORPYDWWHQGNDQ]LMQHQRPGDWLQYHHOJHYDOOHQGHKRHYHHOKHLG UDGLRDFWLYLWHLWLQGHOR]LQJHQQDDUZDWHUEHSHUNWLVRI]DO]LMQLVHHQWZHH.

(181) SDJYDQ. 5,90UDSSRUW. WUDSVEHQDGHULQJ JHPDDNW YRRU GH WH KDQWHUHQ PHWKRGH YDQ YHUVSUHLGLQJV EHUHNHQLQJ 'HµVQHOOH¶PHWKRGH2SEDVLVYDQHHUGHUXLWJHYRHUGH EHUHNHQLQJHQLV HHQ VHW YDQ JHJHYHQV EHVFKLNEDDU ZDDUXLW RS HHQYRXGLJH ZLM]H HHQ ERYHQVFKDWWLQJ JHJHYHQ NDQ ZRUGHQ YDQ GH FRQFHQWUDWLH LQ GLYHUVH RSSHUYODNWHZDWHUHQ HQ GH WUDQVSRUWWLMG GLH GDDUELM KRRUW GLW LYP UDGLRDFWLHIYHUYDOHQYHUSODDWVLQJQDDUYLVJHELHGHQ

(182) 'HJHGHWDLOOHHUGH PHWKRGH ,Q SODDWV YDQGHµVQHOOH¶PHWKRGHNDQHHQ PHHUJHGHWDLOOHHUGHPHWKRGHWRHJHSDVWZRUGHQGLHPLQGHUFRQVHUYDWLHI ]DO ]LMQ LQ KHW VFKDWWHQ YDQ GH GRVLV 'H]H PHWKRGH ]DO HFKWHU LQ YHHO JHYDOOHQPHHURPYDWWHQG]LMQ %HLGHPHWKRGHQZRUGHQKLHUQDGHUWRHJHOLFKW. 9HUVSUHLGLQJGHµVQHOOH¶PHWKRGH ,QHHQVLWXDWLHZDDULQOR]LQJHQLQZDWHUUHODWLHIJHULQJ]LMQLVKHWQLHW]LQQLJ RPPHWHHQ]HHUJHGHWDLOOHHUGPRGHOJHUHHGVFKDSGHSRWHQWLsOHGRVLVYLDHHQ VHULHEHODVWLQJSDGHQXLWWHUHNHQHQ9RRUGLHVLWXDWLHVLVGHYROJHQGH VQHOOH. PHWKRGHJHVFKLNW (YHQDOV YRRU GH PHHU JHGHWDLOOHHUGH PHWKRGH ]RDOV GLH KLHUQD ZRUGW EH VFKUHYHQ NDQ YRRU GULH YHUVFKLOOHQGH FDWHJRULHsQ DO GDQ QLHW JH]XLYHUGH OR]LQJ LQ ]RHW RSSHUYODNWHZDWHU HQ OR]LQJ LQ ]HH

(183) HHQ VQHOOHUH VFKDWWLQJ JHPDDNWZRUGHQYDQGHFRQFHQWUDWLHLQZDWHUHQVHGLPHQWRSEDVLVYDQUHHGV HHUGHU XLWJHYRHUGH EHUHNHQLQJHQ (HQ JRHG YRRUEHHOG KLHUYDQ LV GH µ7UDQVSRUW$WODVRIWKH6RXWKHUQ1RUWK6HD¶>@ &RQFHQWUDWLHLQRSSHUYODNWHZDWHU 2I HHQ OR]LQJ QX YLD HHQ ]XLYHULQJVLQVWDOODWLH GZ] YLD KHW ULRRO SODDWV YLQGWRIQLHWLVZDWEHWUHIWGHUDGLRDFWLYLWHLWVRPVLQKHWJHKHHOQLHWEHODQJ ULMN,QGHµVQHOOH¶PHWKRGHZRUGWGDQRRNDDQJHQRPHQGDWHUJHHQDFWLYLWHLW XLWKHWOR]LQJVZDWHUZRUGWJHILOWHUG %LMOR]LQJRSHHQULYLHURIPHHUPDJGHFRQFHQWUDWLHLQKHWJHORRVGHZDWHU DOVPDDWZRUGHQJHQRPHQYRRUGHFRQFHQWUDWLHLQKHWRSSHUYODNWHZDWHU'DW OHYHUWLQKHWDOJHPHHQHHQJURYHRYHUVFKDWWLQJRS+HWLVGDQRRNWRHJHVWDDQ UHNHQLQJWHKRXGHQPHWGHYHUGXQQLQJGLHRSWUHHGW 9RRU OR]LQJ LQ HHQ ULYLHU RI ]HHFRPSDUWLPHQW PDJ GH]H YHUGXQQLQJV IDFWRU EHUHNHQG ZRUGHQ DOV GH YHUKRXGLQJ WXVVHQ OR]LQJVGHELHW LQ P SHU MDDU

(184) HQ GHELHW YDQ GH ULYLHU ]LH WDEHO LQ ELMODJH

(185) RI KHW EHWUHIIHQGH]HHFRPSDUWLPHQW RRNLQP SHUMDDU

(186) +HWLVGDQZHOYHUHLVW GDWGHOR]LQJHQFRQVWDQW]LMQ,QGLHQGLWQLHWKHWJHYDOLVGLHQHQGHEHLGH GHELHWHQRYHUGLHSHULRGHJHNR]HQWHZRUGHQGLHHHQPD[LPXPRSOHYHUW LQGHYHUKRXGLQJLHGHJHULQJVWHYHUGXQQLQJ 9RRU OR]LQJ RS HHQ PHHU SODV RI GHHOV JHVORWHQ ZDWHUJHELHG ELMYRRUEHHOG %LHVERVFK

(187) PDJ DDQJHQRPHQ ZRUGHQ GDW YROOHGLJH PHQJLQJYDQKHWJHORRVGHZDWHULQKHWRSSHUYODNWHZDWHURSWUHHGWELQQHQ. . .

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

(190) &RQFHQWUDWLHLQVHGLPHQWHQVOLE 9RRU GH FRQFHQWUDWLH LQ VOLE PRHW LQ GH µVQHOOH¶ PHWKRGH JHEUXLN JHPDDNW ZRUGHQYDQGH]HOIGHDDQQDPHDOVLQGHJHGHWDLOOHHUGHPHWKRGHQDPHOLMN &. L VOLE. = - )

(191) & ZL. L Z. .. G L. =. . = GL. &L ) L &L . L =. VOLE. Z. Z. G. V. &. V.

(192). L Z. V. FRQFHQWUDWLHUDGLRQXFOLGHLDDQVOLEJHERQGHQ %TP

(193) IUDFWLHYDQUDGLRQXFOLGHLLQRSJHORVWHIDVH

(194) FRQFHQWUDWLHYDQUDGLRQXFOLGHLLQZDWHU %TP

(195) GLVWULEXWLHFRsIILFLsQWYRRUUDGLRQXFOLGHLLQVOLE %TNJ

(196) %TP

(197) ]ZHYHQGVOLEJHKDOWHLQZDWHU NJP

(198) . . . . 'H FRQFHQWUDWLH LQ GH YDVWH VOLEIUDFWLH ZRUGW YHUNUHJHQ GRRU YHUPHQLJ YXOGLJLQJYDQ&L HQ= 9RRUGHRYHUGUDFKWYDQUDGLRDFWLYLWHLWQDDUODQG YLDVHGLPHQWHQLUULJDWLHZRUGWYHUZH]HQQDDUSDUDJUDDI VOLE. V.

(199) SDJYDQ. 5,90UDSSRUW. 9HUVSUHLGLQJGHJHGHWDLOOHHUGHPHWKRGH ,QWHJHQVWHOOLQJWRWGHYHUVSUHLGLQJLQOXFKWZDDUJHNR]HQLVYRRUKHW110 LVHUYRRUGHYHUVSUHLGLQJLQZDWHUJHHQFRQFHSWXHHOPRGHODDQWHZLM]HQGDW DOJHPHHQJHEUXLNWNDQZRUGHQ:HONDQDOJHPHHQJHVWHOGZRUGHQGDWYHHO YDQ GH JHEUXLNWH ZDWHUYHUVSUHLGLQJVPRGHOOHQ ]RJHQDDPGH FRPSDUWLPHQ WHQPRGHOOHQ]LMQZDDUELMKHWV\VWHHPRSJHGHHOGLVLQVHJPHQWHQZDDUELQQHQ YROOHGLJH PHQJLQJ ZRUGW YHURQGHUVWHOG 2RNYRRUGH EHVFKULMYLQJ YDQ HHQ ZDWHU]XLYHULQJVLQVWDOODWLH NDQ XLWJHJDDQ ZRUGHQ YDQ HHQ FRPSDUWLPHQ WHQPRGHO>@ 9RRUULYLHUHQPHUHQHQ]HHsQNDQKHWV\VWHHPGRRUPLGGHOYDQHHQEHSHUNW DDQWDO FRPSDUWLPHQWHQ ZRUGHQ ZHHUJHJHYHQ RPGDW ]LM UHODWLHI KRPRJHHQ ]LMQ ZDDUGRRU GH SODDWVDIKDQNHOLMNKHLG YDQ SURFHVVHQ HHQ PLQGHU EHODQJ ULMNHUROVSHHOW,QHVWXDULDZLM]LJHQDOVJHYROJYDQHEHQYORHGJURRWKHGHQ ]RDOVKHW]XXUVWRIHQ]RXWJHKDOWHRYHUNRUWHUHDIVWDQGHQGDQELMGHRYHULJH V\VWHPHQ+LHUGRRULVRSVSOLWVLQJLQNOHLQHUHFRPSDUWLPHQWHQQRRG]DNHOLMN 6WDQGDDUG 9RRU DOOH ZDWHUV\VWHPHQ GLH LQ 1HGHUODQG YRRUNRPHQ ULYLHU PHHU HVWXDULXP HQ ]HH

(200) NDQ HHQ FRPSDUWLPHQWEHQDGHULQJJHNR]HQZRUGHQ 9RRU ULYLHUHQ JHOGW GDW GH KRRJVWH FRQFHQWUDWLH LQ ZDWHU YRRUNRPW LQ KHW FRPSDUWLPHQWZDDULQJHORRVGZRUGW'HYHUGHUHRSGHOLQJYDQKHWV\VWHHPLQ VXEFRPSDUWLPHQWHQNDQRSYHUVFKLOOHQGHZLM]HQ JHVFKLHGHQHHQRSGHOLQJ LQZDWHUERYHQVWHVHGLPHQWODDJRQGHUVWHVHGLPHQWODDJHQ]ZDDUELMGHRS VSOLWVLQJYHUWLFDDOHQQDDUPDWHULDDOVRRUWSODDWVYLQGWRIHHQRSVSOLWVLQJLQGH OHQJWHULFKWLQJYDQHHQZDWHUV\VWHHP7UDQVSRUWYLQGWELMHHQFRPSDUWLPHQ WHQPRGHOGDQRRN XLWVOXLWHQG RYHU FRPSDUWLPHQWJUHQ]HQ SODDWV ]RZHO YDQ EXLWHQDIDOVWXVVHQFRPSDUWLPHQWHQRQGHUOLQJ 6WDQGDDUG 9RRU HHQ ULYLHU NDQ YROVWDDQ ZRUGHQ PHW GH PRGHOOHULQJ YDQ KHW FRPSDUWLPHQW ZDDULQ ZRUGW JHORRVG HQ GH UHOHYDQWHYLVJHELHGHQ 'HYHUKRXGLQJWXVVHQGHDDQKHWVOLEJHERQGHQHQGHRSJHORVWHKRHYHHOKHLG UDGLRQXFOLGHQ NDQ ZRUGHQ DDQJHJHYHQ PHW GH GLVWULEXWLHFRsIILFLsQW . %TNJ

(201) %T P

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ppQZDDUGHJHJHYHQSHUQXFOLGH G. . . G.

(203) 5,90UDSSRUW. SDJYDQ. RPGDWLQGHOLWHUDWXXURQYROGRHQGHJHVWUXFWXUHHUGHLQIRUPDWLHEHVFKLNEDDULV RPRQGHUVFKHLGQDDUERGHPRIVHGLPHQWW\SHWHPDNHQ(OGHUVZRUGWYRRU JHVWHOG RP YRRU GLW W\SH EHUHNHQLQJHQ VOHFKWV ppQ ZDDUGH SHU JURHS YDQ QXFOLGHQWHJHYHQ>@,QKHWNDGHUYDQ1HGHUODQGVHVWXGLHVQDDUGHPRJH OLMNHFRQVHTXHQWLHVYRRUGHPHQVYDQRSVODJYDQUDGLRDFWLHIDIYDOLQVWHHQ ]RXW LV HHQ YHUJHOLMNLQJ JHPDDNW WXVVHQ ZDDUGHQ XLW YHUVFKLOOHQGH RYHU ]LFKWVUDSSRUWHQ>@ 6WDQGDDUG 9RRUGHGLVWULEXWLHFRsIILFLsQW.GYROVWDDWKHWRPppQ ZDDUGHSHUQXFOLGHWHQHPHQ ]LHWDEHO

(204) 9HUILMQLQJ 9RRU GH GLVWULEXWLHFRsIILFLsQW .G PDJ HHQ ERGHPW\SHDIKDQNHOLMNH ZDDUGH DOV GLH EHVFKLNEDDU LV YRRU GH VSHFLILHNHORFDWLHWRHJHSDVWZRUGHQ %LQQHQ HHQ FRPSDUWLPHQW ZRUGW GH JHDGVRUEHHUGH ) L

(205) HQ RSJHORVWH ) L

(206) IDVHEHVFKUHYHQPHWEHKXOSYDQ Z. Z. ) ZL. . = GL. ) . =.

(207) V. IUDFWLHYDQUDGLRQXFOLGHLLQRSJHORVWHIDVH GLVWULEXWLHFRsIILFLsQWYRRUUDGLRQXFOLGHL ]ZHYHQGVOLEJHKDOWHLQZDWHU. L. Z. L. G. V.

(208) %TNJ

(209) %TP

(210) NJP

(211) . . 6WDQGDDUG 9RRU KHW ]ZHYHQG VOLEJHKDOWH GLHQW JHEUXLN WH ZRUGHQ JHPDDNW YDQ ORFDWLHVSHFLILHNH JHJHYHQV ,QGLHQ YRRU KHW ]ZHYHQG VOLEJHKDOWH JHHQ JHJHYHQV YRRUKDQGHQ ]LMQ NDQ JHEUXLN JHPDDNWZRUGHQYDQGHLQWDEHO>@JHJHYHQZDDUGHQ 'H DOJHPHQH HHUVWHRUGH GLIIHUHQWLDDOYHUJHOLMNLQJ YRRU GH PDVVDEDODQV SHU FRPSDUWLPHQWMLV G1 Ê . 1 W

(212) Ê . 1 W

(213) : W

(214) l 1 W

(215) l 1 W

(216) GW L M. SL. MO. M. 1LM 1SLM .OM .MO :LM l L lS L. O. OM. L O. M. L M. L M. L. L M. SL M.

(217). O. LQKRXGYDQUDGLRQXFOLGHLLQFRPSDUWLPHQWM %T

(218) KRHYHHOKHLGYDQGHPRHGHUQXFOLGHLQFRPSDUWLPHQWM %T

(219) RYHUGUDFKWVFRsIILFLsQWYDQFRPSDUWLPHQWMQDDUFRPSDUWLPHQWO D

(220) RYHUGUDFKWVFRsIILFLsQWYDQFRPSDUWLPHQWOQDDUFRPSDUWLPHQWM D

(221) OR]LQJVWHPSRYDQUDGLRQXFOLGHLLQFRPSDUWLPHQWM %TD

(222) YHUYDOFRQVWDQWHYDQUDGLRQXFOLGHL D

(223) YHUYDOFRQVWDQWHYDQKHWPRHGHUQXFOLGHYDQUDGLRQXFOLGHL D

(224) . . . .

(225) SDJYDQ. 5,90UDSSRUW. 9RRUKHWEHUHNHQHQYDQGHFRQFHQWUDWLH &LM%TP

(226) PRHWGHUDGLRQXFOLGH LQKRXGJHGHHOGZRUGHQGRRUKHWYROXPH 9MP

(227) YDQKHWEHWUHIIHQGHFRP SDUWLPHQW . . & L M. 1 9. L M.

(228). M. %LMGHSRVLWLHYDQXLWGHOXFKW %TP

No results found