5,90UDSSRUW $&&(37$7,(5$332579$16; =:$57(522.021,725(1 %0+LMLQN 'LWRQGHU]RHNZHUGYHUULFKWLQRSGUDFKWHQWHQODVWHYDQKHW'LUHFWRUDDW*HQHUDDO 0LOLHXEHKHHULQKHWNDGHUYDQSURMHFW0RQLWRULQJ/XFKW 5,903RVWEXV%$%LOWKRYHQWHOHIRRQID[
SDJYDQ 5,90UDSSRUW
$EVWUDFW
+HUHWKHUHVXOWVDUHSUHVHQWHGRIDQDFFHSWDQFHLQYHVWLJDWLRQLQWRQHZ(7/6;%ODFN 6PRNHPRQLWRUV7KHQHZPRQLWRUVZHUHFRPSDUHGZLWKWKH1DWLRQDO$LU4XDOLW\0RQLWRULQJ 1HWZRUN/0PHWKRG((/7KHQHZPRQLWRULVDXWRPDWHGDQGZLOOUHSODFHWKHSUHVHQW PDQXDO/0/PRQLWRUV,WLVPRUHDGYDQFHGDQGPRUHVWDEOHWKDQWKH /0/PHWKRGZKLFK UHTXLUHVFRQVLGHUDEOHPDLQWHQDQFH 7KHQHZPRQLWRUVPHDVXUHPRUHRUOHVVWKHVDPHFRQFHQWUDWLRQVDVWKH/0/PRQLWRUV7KH DYHUDJH GLIIHUHQFH LQ FRQFHQWUDWLRQV PHDVXUHG ZKHQ FRPSDUHG WR WKH /0/ PRQLWRU LV mJP 7KH 6; PRQLWRU GHOLYHUV ORZHU FRQFHQWUDWLRQV WKDQ WKH /0/ PHWKRG 7KH VWDQGDUGGHYLDWLRQVHHQEHWZHHQLGHQWLFDODXWRPDWHGPRQLWRUVLVDERXWmJPZHOOEHORZWKH/0/UHTXLUHPHQWRImJP
7KHPDLQUHDVRQIRUWKHGLIIHUHQFHEHWZHHQWKHV\VWHPVLVWKHGLIIHUHQFHLQIORZ7KHIORZLQ WKH/0/PHWKRGZDVXVXDOO\KLJKHUZLWKUHVSHFWWRWKH6;IORZ7KLVKDGWKHHIIHFW RI UDLVLQJ WKH FRQFHQWUDWLRQ E\ 7KH /0/ PHWKRG GLG QRW DOZD\V OHDG WR D SURSHU DVVLJQPHQWRIYDOXHVVRWKDWWKH\ZHUHVRPHWLPHVDVVLJQHGWRRKLJK7KLVLVSDUWO\GXHWRWKH KXPDQIDFWRU7KHSUHFLVLRQRIWKH6;PRQLWRUVLVWHQWLPHVEHWWHUDQGWKHKXPDQHUURULV PLQLPDO
$VDUHVXOWRIWKLVUHVHDUFKWKH6;PRQLWRUVKDYHEHHQDFFHSWHGDQGLQVWDOOHGLQWKH 1DWLRQDO$LU4XDOLW\0RQLWRULQJ1HWZRUN/0/
5,90UDSSRUW SDJYDQ
,QKRXG
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±)HQ*±+ %LMODJH5HVXOWDWHQYDQGHYHOGPHWLQJHQLQ %LMODJH5HVXOWDWHQYDQGHYHOGWHVWYRRUPRQLWRU*WP/ %LMODJH5HVXOWDWHQYDQGHYHOGWHVWYRRUPRQLWRU0WP4 %LMODJH9HUVFKLOLQFRQFHQWUDWLHWXVVHQGH6;PRQLWRUHQHQGH/0/PHWKRGH %LMODJH$IZLMNLQJHQYDQGHPRQLWRUHQRQGHUOLQJ %LMODJH*UDILHNHQYDQGHJHQRWHHUGHIORZYDQGH/0/PHWKRGH %LMODJH&RUUHODWLHJUDILHNHQYDQDOOHPRQLWRUHQ %LMODJH&RUUHODWLHJUDILHNHQ]RQGHUHQPHWDIURQGLQJYDQGHPHHWNRSYHUJHOLMNLQJ %LMODJH5HIOHFWLHZDDUGHQYDQGH6ZDWFKHVSDJYDQ 5,90UDSSRUW
6DPHQYDWWLQJ
'LWUDSSRUWSUHVHQWHHUWGHUHVXOWDWHQYDQHHQDFFHSWDWLHRQGHU]RHNYDQQLHXZH(7/6; %ODFN6PRNHPRQLWRUHQ'HQLHXZHPRQLWRUHQ]LMQYHUJHOHNHQPHWGH/0/PHWKRGH((/ 'HQLHXZHPRQLWRULVHHQJHDXWRPDWLVHHUGHHQVWDELHOHUHXLWYRHULQJYDQGH/0/PHWKRGH 'H/0/PHWKRGHKDGQRJYHHORQGHUKRXGQRGLJ'H QLHXZH PRQLWRUHQ EOLMNHQ GH /0/ PHWKRGH JRHG WH YROJHQ +HW JHPLGGHOGH YHUVFKLO WXVVHQ GH QLHXZH PHWKRGH HQ GH /0/ PHWKRGH LV mJP ZDDUELM GH 6; ODJHUH FRQFHQWUDWLHVJHHIWGDQGH/0/PHWKRGH
'H YHUNODULQJ YRRU KHW YHUVFKLO WXVVHQ EHLGH PHWKRGHQ LV YRRUQDPHOLMN WH YLQGHQ LQ IORZ YHUVFKLOOHQ'H/0/IORZLQKHWRQGHU]RHNLVFLUFDKRJHUGDQGH6;IORZ+LHUGRRU LV GH FRQFHQWUDWLH RRN KRJHU 'H JHPLGGHOGH FRQFHQWUDWLH LV mJP (U LV ]HNHU mJPWHYHUNODUHQGRRUIORZYHUVFKLOOHQ'DDUQDDVWLVXLWGHGLUHFWHYHUJHOLMNLQJYDQGH
PHHWNRSSHQHHQYHUVFKLOYDQmJPJHYRQGHQ9HUGHULVGHSUHFLVLHYDQGH6;WLHQ NHHUEHWHUGDQGLHYDQGHRXGH/0/PHWKRGH+LHUGRRULVRRNHHQYHUVFKLOWHYHUNODUHQYDQ HQNHOHWLHQGHQmJP
'DDUQDDVWOLMNWGH YDVWVWHOOLQJYDQ GH /0/ ZDDUGHQLHW DOWLMG JRHG WH JHEHXUHQ HQ LQ GH]H JHYDOOHQ YDDN WH KRRJ WH ZRUGHQ YDVWJHVWHOG 'LW NRPW RQGHU DQGHUH GRRU GH SHUVRRQVJHERQGHQZLM]HYDQPHWHQ
'H PRQLWRUHQ EOLMNHQ WHQ RS]LFKWH YDQ HONDDU HHQ VWDQGDDUG GHYLDWLH WH YHUWRQHQ YDQ mJP$DQJH]LHQGH/0/PHWKRGHHHQUHVROXWLHKHHIWYDQmJPYROGRHQGHQLHXZH PRQLWRUHQLQGDWRS]LFKWUXLPVFKRRWVDDQGHHLV
'H 6; PRQLWRUHQ EOLMNHQ VWDELHOHU WH PHWHQ HQ PHQVHOLMNH IRXWHQ ZRUGHQ WRW HHQ PLQLPXPEHSHUNW
5,90UDSSRUW SDJYDQ
,QOHLGLQJ
+HW PHWHQ YDQ ]ZDUWH URRN JHEHXUGH WRW YRRU NRUW RS HHQ DUEHLGVLQWHQVLHYH KDQGPDWLJH PDQLHU2PGLWWHYHUEHWHUHQLVJHWUDFKWRPHHQDXWRPDWLVHULQJYDQKHWPHHWSURFHVGRRUWH YRHUHQ'LWKHHIWJHUHVXOWHHUGLQGHRQWZLNNHOLQJYDQHHQQLHXZH]ZDUWHURRNPRQLWRU1D HHQXLWYRHULJYRRURQGHU]RHNLVHHQDFFHSWDWLHWHVWJHGDDQYRRULQKHWWRWDDO(7/6; PRQLWRUHQ
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mJPDIZLMNHQ 'H PRQLWRUHQ PRHWHQ HHQ FRUUHODWLH 5 YDQ PLQLPDDO YHUWRQHQ PHW GH /0/
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
5,90UDSSRUW SDJYDQ
0HHWPHWKRGHQ
,QGLWRQGHU]RHNNRPHQGULHPHHWPHWKRGHQDDQGHRUGH'H]H]LMQ 'HRRUVSURQNHOLMNH2(&'(85HIHUHQWLHPHWKRGH]RDOVEHVFKUHYHQLQ//220' 'HRXGH/0/PHWKRGHZLMNWDIYDQGHHHUVWHPHWKRGHRSKHWJHELHGYDQGHIORZHQ DIURQGLQJ 'HQLHXZH6;PHWKRGHGLHJHWRHWVWZRUGWLQGLWUDSSRUW (HQNRUWHEHVFKULMYLQJYDQGHGULHPHWKRGHQYROJWLQGHNRPHQGHGULHSDUDJUDIHQ2(&'(85HIHUHQWLHPHWKRGH
=ZDUWHURRNLVHHQYHU]DPHOQDDPYRRUGHIUDFWLH]ZDUWHGHHOWMHVµ]ZDUWHURRN¶GLHLQRQ]H OXFKW DDQZH]LJ LV 2P GH]H GHHOWMHV WH PHWHQ ZRUGW HHQ JHFRQWUROHHUGH KRHYHHOKHLG OXFKW DDQJH]RJHQ GRRU HHQ RPJHNHHUGH WUHFKWHU =ZDDUGHUH GHHOWMHV NXQQHQ KLHU QLHW PDNNHOLMN LQJH]RJHQZRUGHQ]RGDWGHJURRWWHYDQGHGHHOWMHVZRUGWEHSHUNWWRWHQNHOHmP9DQGH]H OXFKW ZRUGW PGDJ GRRU HHQ ILOWHU JHOHLG ZDDU GH URRNGHHOWMHV ZRUGHQ RSJHYDQJHQ 1DXXUEH]RJHQWH]LMQZRUGWKHWILOWHUHHQRIWZHHGDJHQJHFRQGLWLRQHHUGRPYHUYROJHQVPHW HHQ ((/ UHIOHFWLHNRS GH ]ZDUWKHLG YDQ KHW ILOWHU WH EHSDOHQ 'LW LV HHQ PDDW YRRU GH FRQFHQWUDWLH]ZDUWHURRNUHIOHFWLHVWDDWJHOLMNDDQHHQVFKRRQILOWHUHQHHQFRQFHQWUDWLH YDQmJP%LMHHQODJHUHUHIOHFWLHZDDUGHKRRUWHHQKRJHUH FRQFHQWUDWLH]ZDUWHURRN'H
FRQFHQWUDWLHGLHELMHHQEHSDDOGHUHIOHFWLHZDDUGHKRRUWZRUGWEHSDDOGDDQGHKDQGYDQHHQ UHIHUHQWLHNURPPH]LHSDUDJUDDI
/0/PHWKRGH
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
%LM KHW EHSDOHQ YDQ GH UHIOHFWLHZDDUGH ZRUGW LQ WHJHQVWHOOLQJ WRW GH UHIHUHQWLH PHWKRGH DIJHURQGQDDUJHKHOHJHWDOOHQ%LMKHWRPUHNHQHQQDDUGHFRQFHQWUDWLHVZRUGWYRRUGHWZHHGH PDDODIJHURQGRSJHKHOHJHWDOOHQ
+HWRPUHNHQHQYDQUHIOHFWLHZDDUGHQDDUFRQFHQWUDWLHZRUGWJHEDVHHUGRSWZHHNXELHNHPHWHU GRRUJH]RJHQ OXFKW SHU GDJ 'H ZHUNHOLMNH IORZ GLH GRRU GH ILOWHU JH]RJHQ LV PDJ KLHU PD[LPDDOYDQDIZLMNHQ
*HDXWRPDWLVHHUGH6;PHWKRGH
'H 6; LV HHQ DXWRPDWLVHULQJ YDQ KHW /0/ SURFHV 'H ILOWHU ZRUGHQ DXWRPDWLVFK GRRUJHGUDDLG QDDU HHQ VFKRRQ VWXN ILOWHUEDQG 'H UHIOHFWLH ZRUGW DXWRPDWLVFK EHSDDOG HQ RPJHUHNHQGQDDUGHFRQFHQWUDWLH'HOXFKWIORZZRUGWFRQWLQXEHZDDNWGRRUHHQUHJHOLQJRS QDXZNHXULJ'HYHUQLHXZGHUHIOHFWLHPHHWNRSLVVWDELHOJHQRHJRPWRWQDXZNHXULJ GH UHIOHFWLH WH EHSDOHQ 'H]H UHIOHFWLH LV HHQ PDDW YRRU GH FRQFHQWUDWLH ]ZDUWH URRN LQ GH OXFKW )LJXXU LV HHQ DIEHHOGLQJ YDQ GH 6; ]RDOV GH]H JHOHYHUG LV GRRU (QYLUR WHFKQLTXHV/7'XLW(QJHODQG
SDJYDQ 5,90UDSSRUW
)LJXXU'H6;%ODFNVPRNHPRQLWRU
'H PRQLWRU EHVWDDW XLW HHQ EDVLVXQLW PHW GDDULQ HHQ SRPS RP GH OXFKW GRRU KHW ILOWHU WH ]XLJHQ HHQ FRPSUHVVRU RP HHQ GUXN YDQ EDU YRRU GH SQHXPDWLHN WH UHJHOHQ HQ HHQ IORZFRQWUROOHUGLHPHWEHKXOSYDQHHQHOHNWURQLVFKQDDOGYHQWLHOGHOXFKWIORZRSOPLQ P
GDJKRXGW+HWYRRUSDQHHOEHYDWGHHOHNWURQLFDHQGHXVHULQWHUIDVH'H]HNDQZRUGHQ
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
.DOLEUDWLHYDQGH6;
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
8LWYRHULQJYDQGHDFFHSWDWLHWHVW
,Q LV JHVWDUW PHW HHQ YRRUWUDMHFW ZDDULQ GH HHUVWH PRQLWRUHQ JHWHVW ]LMQ LQ GH NOLPDDWNDPHUHQLQKHWYHOG*HGXUHQGHGLWMDDU]LMQYHUVFKLOOHQGHYHUEHWHULQJHQEHGDFKWHQ GH]H ]LMQ GRRU GH IDEULNDQW JHwPSOHPHQWHHUG %HJLQ ]LMQ GH YHUEHWHUGH PRQLWRUHQ WHUXJJHNRPHQHQ]LMQHUWHYHQVQLHXZHJHOHYHUG(ULVHHQODEWHVWXLWJHYRHUGHQYHUYROJHQV ]LMQGHPRQLWRUHQLQKHWYHOGJHSODDWVWRP]HWHYHUJHOLMNHQPHWGH/0/PHWKRGH
9RRUWUDMHFW
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
7LMGVFKHPD $IOHYHULQJODDWVWHPRQLWRUHQ 6HOHFWLHYDQ6ZDWFKVHWVYRRUNDOLEUDWLHFRQWUROHGLWLVJHGDDQRPPHWHHQ EHSHUNW DDQWDO 6ZDWFK VHWV GH RSWLVFKH NDOLEUDWLH DDQ DOOH PRQLWRUHQ WH NXQQHQYHUULFKWHQ9RRUKHHQEHKRRUGHELMHONHPRQLWRUHHQHLJHQVSHFLILHNH 6ZDWFKVHWZDWWRWYHUZDUULQJµLQKHWYHOG¶]RXNXQQHQOHLGHQ 0DDUW NOLPDDWNDPHUWHVWVYDQGHODDWVWHPRQLWRUHQ 'RHOYDQGHWHVW 3ULPDLUHFRQWUROHYDQ IORZ UHVSRQVRSGH6ZDWFKVHWV JHYRHOLJKHLGYRRUQHWVSDQQLQJYDULDWLHV 'HWHPSHUDWXXUDIKDQNHOLMNKHLGYDQGHPRQLWRUHQ (HQEDWWHULMWHVWELMVSDQQLQJVXLWYDO 'HOHNGLFKWKHLGGRRUYRRUHQQDGHPHHWNDPHUGHIORZWHPHWHQ+HWYHUVFKLOWXVVHQGH]H IORZVPDJPD[LPDDOYDQGHWRWDOHIORZ]LMQSDJYDQ 5,90UDSSRUW
8LWYRHULQJ
'HNDOLEUDWLHZRUGWJHFRQWUROHHUGPHWHHQYDQGH6ZDWFKVHWV 'HQHWVSDQQLQJZRUGWYHUODDJGQDDU9HQYHUKRRJGQDDU9
'H PRQLWRUHQ ZRUGHQ WLMGHQV GH NOLPDDWNDPHUWHVW EORRWJHVWHOG DDQ & & HQ DDQ &'HIORZHQGHUHIOHFWLHZDDUGHPRJHQELMHQ&QLHWPHHUGDQDIZLMNHQ WHQRS]LFKWHYDQ&
%LM VWURRPXLWYDO ZRUGW JHFRQWUROHHUG RI GH PRQLWRUHQ QRJ XLWOHHVEDDU ]LMQ YLD HHQ FRPSXWHU
9HOGWHVW
7LMVFKHPD 021,725000HQ0LQ9ODDUGLQJHQJHwQVWDOOHHUG*- 021,7250HQ0ELMJHSODDWVWLQ9ODDUGLQJHQ.HQ/ 021,725 0 0 0 0 0 HQ 0 LQ :DJHQLQJHQ JHwQVWDOOHHUG$)$DQKRXGHQGH SUREOHPHQ PHW PRQLWRU 0- XLW 9ODDUGLQJHQ UHWRXU QDDU %LOWKRYHQ 'H]H PRQLWRU LV QLHW PHHU LQ KHW RQGHU]RHN EHWURNNHQ PDDU ZHO EHGULMIVNODDUJHPDDNW
9ODDUGLQJHQ HLQGNDOLEUDWLHV XLWJHYRHUG GDWD XLWJHOH]HQ HQ PRQLWRUHQ UHWRXU QDDU%LOWKRYHQ 021,725000HQ0LQ9ODDUGLQJHQJHwQVWDOOHHUG03 021,7250ELMJHSODDWVWLQ9ODDUGLQJHQ4 0RQLWRUHQXLW:DJHQLQJHQWHUXJJHKDDOG 0RQLWRUHQXLW9ODDUGLQJHQWHUXJJHKDDOG
'H6;LQYHUJHOLMNLQJPHWGH/0/PHWKRGH
,QKHWWRWDDOZRUGHQLQPRQLWRUHQLQHHQYHOGWHVWYHUJHOHNHQPHWGH/0/PHWKRGH ,Q 9ODDUGLQJHQ ZHUGHQ HQNHOH PDDQGHQ WZHH JURHSHQ PRQLWRUHQ QD HONDDU JHWHVW ,Q :DJHQLQJHQ ZHUG HHQ JURHS PRQLWRUHQ JHGXUHQGH GH WRWDOH WHVWGXXU JHWHVW $OOH GDWD LV YHU]DPHOG HQ PHW HONDDU YHUJHOHNHQ LQ VSUHDGVKHHWV +LHUXLW LV KHW JHGUDJ YDQ GH 6; PRQLWRUHQWHQRS]LFKWHYDQGH/0/PHWKRGHYDVWJHVWHOG'H6;PHHWNRSLQYHUJHOLMNLQJPHWGH/0/PHHWNRS
,Q LV HHQ ILOWHUURO XLW 6; PRQLWRU 0 / GLH RS ORFDWLH 8WUHFKW 8QLYHUVLWHLWVELEOLRWKHHNVWRQGRSQLHXZJHPHWHQPHWGH5HIHUHQWLHPHWKRGH+LHUXLWZRUGW GXLGHOLMNKRHNOHLQGHYHUVFKLOOHQWXVVHQQLHXZHHQRXGHPHHWNRSSHQ]LMQ
5,90UDSSRUW SDJYDQ
5HVXOWDWHQ
/DEWHVW
,QGHODEWHVWZHUGHQGHYROJHQGHUHVXOWDWHQJHPHWHQ 'HOHNGLFKWKHLGYDQDOOHPRQLWRUHQLVNOHLQHUGDQYDQGHWRWDOHIORZ 'HIORZLVYRRULHGHUHPRQLWRUJHNDOLEUHHUGPHWEHKXOSYDQGLSVZLWFKHVLQKHWIURQWSDQHO ,HGHUHPRQLWRUZRUGWPHWHHQXQLYHUVHOH6ZDWFKVHWJHFRQWUROHHUG'HJHYRQGHQZDDUGHQ YDOOHQELQQHQGHWRHJHVWDQHPDUJHYDQUHIOHFWLH 'HJHYROJHQYDQVSDQQLQJVYDULDWLHV]LMQDFFHSWDEHO'HUHVSRQVYHUDQGHUWQLHW'H EDWWHULM NDQ ELM VSDQQLQJVXLWYDO GH FRPPXQLFDWLH LQ VWDQG KRXGHQ JHGXUHQGH WHQ PLQVWHHHQKDOIXXU
1D DDQOHLGLQJ YDQ KHW JRHG GRRUORSHQ YDQ GH]H WHVWV ZRUGHQ GH PRQLWRUHQ LQ GH NOLPDDWNDPHU JHWHVW RS WHPSHUDWXXUJHYRHOLJKHLG 'H IORZ HQ GH UHIOHFWLHZDDUGHQ EOLMYHQ ELQQHQYDQGHLQJHVWHOGHZDDUGHHQYROGRHQKLHUPHHDDQGHHLVYDQ
9HOGWHVW
,Q GH]H SDUDJUDDI ZRUGHQ LQ GULH VXESDUDJUDIHQ GH JHJHYHQV YHUGHU JHDQDO\VHHUG ,Q SDUDJUDDI ZRUGHQ GH PRQLWRUHQYHUJHOHNHQ PHW GH /0/ PHWKRGH ,Q SDUDJUDDI ZRUGWGHUHSURGXFHHUEDDUKHLGYDQGHPHWLQJHQ DDQJHWRRQGHQ LQ SDUDJUDDI ZRUGW WRW VORW JHNHNHQ QDDU HHQ PHHWUHHNV ZDDUYDQ PHW GH 6; HQ PHW GH /0/ PHHWNRS GH FRQFHQWUDWLH LV EHSDDOG +LHUPHH NDQ KHW YHUVFKLO WXVVHQ GH /0/ PHHWNRS HQ GH 6; PHHWNRSZRUGHQDDQJHWRRQG
6;YHUJHOHNHQPHWGH/0/PHWKRGH
9DQLHGHUHPRQLWRU]LMQGDJZDDUGHQRSJHVODJHQLQHHQEHVWDQG8LWGHGDWDEDVHYDQKHW/0/ ]LMQPHHWJHJHYHQVYDQGH/0/PHWKRGHJHKDDOGHQGH]HGDWDLVSHUVHVVLHXLWJH]HWLQGHWLMG 'H]H JUDILHNHQ ODWHQ ]LHQ GDW EHLGH PHWKRGHQ HONDDU JRHG YROJHQ HQ GDW GH PRQLWRUHQ QDJHQRHJGH]HOIGHFRQFHQWUDWLHVDDQJHYHQ=LH)LJXXU &RQFHQWUDWLHYDQ]ZDUWHURRNPRQLWRUHQHQGH/0/PHWKRGHLQ9ODDUGLQJHQ 'DWXP & RQ FH QW UD WLH >X J P @ * + , . / /0/PHWLQJ )LJXXU&RQFHQWUDWLHYDQPRQLWRUHQXLWJH]HWWHJHQGH/0/PHWKRGH
SDJYDQ 5,90UDSSRUW
7DEHO*HPLGGHOGHDIZLMNLQJHQVWDQGDDUGGHYLDWLHYDQGH6;LQmJPWHQRS]LFKWH YDQGH/0/PHWKRGH
0RQLWRU *HPLGGHOGYHUVFKLO>mJP@ 6WGHYLDWLHYDQKHWYHUVFKLO
$ % & ' ( ) * + , . / 0 1 2 3 4 *HP ,Q ELMODJH WP ]LMQ GH PHWLQJHQ XLWJH]HW WHJHQ GH /0/ PHWLQJ ,Q ELMODJH VWDDQ GH YHUVFKLOOHQ YDQ GH 6; PHW GH /0/ FRQFHQWUDWLHV XLWJH]HW LQ GH WLMG 'H 6; JHHIW PHHVWDOODJHUHFRQFHQWUDWLHVPHWHHQJHPLGGHOGHDIZLMNLQJYDQURQGGHmJP,Q7DEHO LV GH JHPLGGHOGH DIZLMNLQJ WHQ RS]LFKWH YDQ GH /0/ PHWKRGH JHJHYHQ YRRU LHGHUH PRQLWRU'H]HFLMIHUV]LMQYRRUGDWDGLHYRRUXLWELMWHUVJHFRUULJHHUGLV
'H6;PRQLWRUHQYHUJHOHNHQPHWHONDDU
2PGHUHSURGXFHHUEDDUKHLGYDQGHPHWLQJHQHQGHVWDELOLWHLWYDQGHPRQLWRUHQWHODWHQ]LHQ LVLQ)LJXXUKHWYHUVFKLOZHHUJHJHYHQYDQLHGHUHPRQLWRUWHQRS]LFKWHYDQKHWJHPLGGHOGH YDQGHVHULHPRQLWRUHQ,QELMODJHVWDDWGH]HILJXXUYRRUDOOHPRQLWRUHQ 9HUVFKLOWXVVHQPRQLWRUHQKHWJHPLGGHOGHYDQPRQLWRUHQ 'DWXP 9 HU VF KL O> XJ U P @ * + , . / )LJXXU$IZLMNLQJWHQRS]LFKWHYDQKHWJHPLGGHOGHYDQGHPRQLWRUHQ5,90UDSSRUW SDJYDQ
,Q 7DEHO LV GH JHPLGGHOGH DIZLMNLQJ WHQ RS]LFKWH YDQ KHW JHPLGGHOGH YDQ HHQ VHULH 6;PRQLWRUHQJHJHYHQYROJHQVIRUPXOH
2IIVHW PRQLWRU-JHPLGGHOGH
(
RI PRQLWRUHQ)
'LWJHWDOVWDDWLQGHHHUVWHULMHQNDQJH]LHQZRUGHQDOVGHRIIVHWYDQGHPRQLWRUWHQRS]LFKWH YDQKHWJHPLGGHOGHYDQGHPRQLWRUHQXLWHHQWHVWVHULH$OVGH]HZDDUGHODDJLVZLOGLW ]HJJHQGDWGHPRQLWRUHQHONDDUJRHGEHQDGHUHQ,QGHWZHHGHULMLVGHJHPLGGHOGHDEVROXWH DIZLMNLQJYDQLHGHUHPRQLWRUWHQRS]LFKWHYDQKHWJHPLGGHOGHYDQDOOHPRQLWRUHQXLWJH]HW +HW WZHHGH JHWDO ]HJW LHWV RYHU GH DEVROXWH DIZLMNLQJ YDQ PRQLWRU WHQ RS]LFKWH YDQ KHW JHPLGGHOGHHQEHGUDDJWYRRUDOOHPRQLWRUHQJHPLGGHOGmJP7DEHO2IIVHWHQJHPLGGHOGHDEVROXWHDIZLMNLQJLQmJPWHQRS]LFKWHYDQKHWJHPLGGHOGH
YDQGHPRQLWRUHQ
/RNDWLH 0RQLWRU 2IIVHW *HP$EVDIZLMNLQJ
$ % & ' ( : DJ HQL QJ HQ ) * + , . 9O DDUGL QJ HQ VW HVHUL H / 0 1 2 3 9O DDUGL QJ HQ GHVHUL H 4 $OOHV *HP
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
SDJYDQ 5,90UDSSRUW
'H6;PHHWNRSYHUJHOHNHQPHWGH/0/PHHWNRS
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
3HUFHQWLHOZDDUGHQ
'HHQSHUFHQWLHOZDDUGHQYRRUKHWYHUVFKLOWXVVHQGH6;HQGH/0/PHWKRGH]LMQ UHVSHFWLHYHOLMN HQ mJP 'H]H ZDDUGHQ YDOOHQ ELQQHQ GH HLVHQ JHVWHOG LQ (85,,'HSHUFHQWLHOLVJRHGWHYHUJHOLMNHQPHWKHWJHPLGGHOGHYHUVFKLOYDQ'H SHUFHQWLHONDQJH]LHQZRUGHQDOVHHQPD[LPDOHDIZLMNLQJ
5,90UDSSRUW SDJYDQ
'LVFXVVLH
%LM KHW YHUJHOLMNHQ YDQ WZHH YHUVFKLOOHQGH W\SHQ PRQLWRUHQ ZRUGW DOWLMG HHQ DIZLMNLQJ JHYRQGHQ'H JURRWWH YDQ GH]H DIZLMNLQJ ZRUGWEHwQYORHG GRRU YHUVFKLOOHQGHIDFWRUHQ %LM KHWEHSDOHQYDQGHFRQFHQWUDWLH]ZDUWHURRN]LMQGHYROJHQGHSDUDPHWHUVYDQEHODQJ
9ROXPHOXFKWGDWGRRUKHWILOWHULVJH]RJHQ
'HRP]HWWLQJYDQUHIOHFWLHSHUFHQWDJHQDDUFRQFHQWUDWLH 'H]HSDUDPHWHUVZRUGHQLQSDUDJUDDIEHVSURNHQ
'HUHIOHFWLHZDDUGHZRUGWYDVWJHVWHOGGRRUGHPHHWNRS'H]HLVYHUJHOHNHQGRRUHHQ DDQWDO ILOWHUV PHW YHUYXLOLQJ WH PHWHQ PHW GH 6; HQ GH /0/ PHWKRGH +LHUGRRU ZRUGW KHW YHUVFKLOWXVVHQEHLGHPHWKRGHQ]LFKWEDDU1DKHWYDVWVWHOOHQYDQGHUHIOHFWLHZDDUGHZRUGWGH FRQFHQWUDWLHEHUHNHQG
,Q SDUDJUDDI ZRUGW GH FRUUHODWLH WXVVHQ GH PRQLWRUHQ HQ GH /0/ PHWKRGH EHVSURNHQ 7HYHQV ZRUGW YDVWJHVWHOG RI GH UHJUHVVLHOLMQ ELQQHQ WRHODDWEDUH JUHQ]HQ YDOW GLH EHSDDOG ZRUGHQGRRUGHRQ]HNHUKHGHQLQGH/0/PHWKRGH
%HODQJULMNVWHRRU]DNHQYDQDIZLMNLQJHQ
)ORZDIZLMNLQJHQ
+HWYROXPHGDWSHUPHWLQJYDQXXUGRRUKHWILOWHUPRHWZRUGHQJH]RJHQLVYDVWJHVWHOGRS PELMQRUPDDOFRQGLWLHV&HQHHQOXFKWGUXNYDQPEDU'HFRQFHQWUDWLHZRUGW EHSDDOGGRRU 9 $6 & = ZDDULQJHOGW & FRQFHQWUDWLHLQmJP $ ILOWHURSSHUYODNFP 9 JHPHWHQYROXPHLQP 6 HHQJHWDOGDWEHUHNHQGZRUGWXLWGHUHIOHFWLHZDDUGH'H /0/ PHWKRGH UHNHQW VWDQGDDUG PHW 9 P 'H ZHUNHOLMN JHPHWHQ IORZ LV ZHO RSJHVODJHQ HQ EHVFKLNEDDU YRRU ELMYRRUEHHOG YDOLGDWLH $OV 9 ELMYRRUEHHOG WH KRRJ LV PRHWGHFRQFHQWUDWLHHLJHQOLMNJHFRUULJHHUGZRUGHQGRRU
( )
( )
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
'HKRHYHHOKHLGDDQJH]RJHQOXFKWYDQGH/0/PHWKRGHZRUGWQLHWFRQWLQXEHZDDNW(UZRUGW JHZHUNWPHWHHQNULWLVFKFDSLOODLU'H]HJHHIWQLHWH[DFWGHMXLVWHIORZPDDUYDOWZHOELQQHQ HHQ PDUJH YDQ SURFHQW ,Q ELMODJH LV GH IORZ YDQ EHLGH ORFDWLHV XLWJH]HW /RFDWLH 9ODDUGLQJHQ ODDW HHQ VWUXFWXUHHO WH KRJH IORZ ]LHQ /RFDWLH :DJHQLQJHQ YROJW GH YRRUJHVFKUHYHQZDDUGHEHWHU,Q9ODDUGLQJHQZRUGWKLHUGRRUHHQJURWHUHDIZLMNLQJYHUZDFKW ,QGHYHOGWHVWZRUGWGLWHFKWHUQLHWGLUHFW]LFKWEDDUGRRUHHQJHPLGGHOGKRJHUHDIZLMNLQJ
2P]HWWLQJYDQUHIOHFWLHSHUFHQWDJHQDDUFRQFHQWUDWLH
'H RP]HWWLQJ YDQ UHIOHFWLH SHUFHQWDJH QDDU 6 )RUPXOH JHEHXUW DDQ GH KDQG YDQ HHQ UHIHUHQWLHFXUYH)LJXXU'H]HFXUYHZRUGWEHQDGHUGGRRUGHYROJHQGHYHUJHOLMNLQJ 6 = ¼±¼5¼5±¼5¼5 5HIHUHQWLHFXUYH]ZDUWHURRN FRQFHQWUDWLHWHQRS]LFKWHYDQUHIOHFWLH 5HIOHFWLH> @ &R QF HQ WU DW LH >XJ P @ )LJXXU5HIHUHQWLHFXUYH :DDUQDYROJHQVIRUPXOHGHFRQFHQWUDWLHEHUHNHQGZRUGW 'H/0/PHWKRGHJHEUXLNWDOOHHQJHKHOHUHIOHFWLHJHWDOOHQ'H6;LVVWDELHOHUHQJHEUXLNW GH UHIOHFWLH WRW RS %LM HHQ UHIOHFWLH YDQ ELMYRRUEHHOG ZRUGW GH FRQFHQWUDWLH YROJHQVGH/0/PHWKRGHYRRUGDQmJP9HUYROJHQVZRUGWGH/0/FRQFHQWUDWLH
RRNQRJDIJHURQGQDDUHHQJHKHHOJHWDO2PPHWKHWYRRUEHHOGWHVSUHNHQELMHHQUHIOHFWLH YDQ]DOGH/0/PHWKRGHHHQFRQFHQWUDWLHYDQmJPSURGXFHUHQWHJHQmJPYRRU
GH 6; HHQ YHUVFKLO YDQ mJP +LHUGRRU NDQ KHW YHUVFKLO WXVVHQ EHLGH PHWKRGHQ
RSORSHQWRWmJPELMmJP,QGHSUDNWLMN]DOKHWJHPLGGHOGHYHUVFKLONOHLQHU]LMQ
,Q)LJXXUVWDDQGHFRQFHQWUDWLHYHUVFKLOOHQXLWJH]HWWHJHQGHJHPHWHQFRQFHQWUDWLHYDQGH 6;YROJHQVGHYROJHQGHIRUPXOH
5,90UDSSRUW SDJYDQ 9HUVFKLOOHQYHURRU]DDNWGRRUDIURQGHQYDQ UHIOHFWLHHQFRQFHQWUDWLHZDDUGHQYDQGH/0/PHWKRGH &RQFHQWUDWLH>XJP @ 9 HU VF KL O6 ; / 0 / >X J P @ )LJXXU&RQFHQWUDWLHYHUVFKLOOHQGRRUKHWDIURQGHQYDQGH/0/ZDDUGHQ
'H JHPLGGHOGH FRQFHQWUDWLHYHUVFKLOOHQ RYHU ZDDUGHQ ODWHQ ]LHQ GDW DIURQGHQ WRW JHYROJ KHHIW GDW ELM HHQ KRPRJHQH FRQFHQWUDWLH YHUGHOLQJ RYHU HHQ PHHWSHULRGH KHW YHUVFKLO GRRU DIURQGLQJ RQJHYHHU mJP EHGUDDJW ZDDUELM GH 6; VWUXFWXUHHO KRJHU ]RX PRHWHQ PHWHQGDQGH/0/PHWKRGH,QGHSUDNWLMNLVKHWRPJHNHHUGHHFKWHU]LFKWEDDU'HDIURQGLQJ LV GXV JHHQ RRU]DDN YDQ KHW JHPHWHQ YHUVFKLO 6WHUNHU QRJ KHW YHUVFKLO LV PLVVFKLHQ ]HOIV mJPJURWHUGDQmJP
&RUUHODWLHWXVVHQGH6;HQGH/0/PHWKRGH
&RUUHODWLHJUDILHNHQJHYHQHHQJRHGEHHOGYDQGHRYHUHHQNRPVWWXVVHQGH6;HQGH/0/ PHWKRGH (U]LMQ HFKWHU HHQ SDDU ]DNHQ GLH LQ JHGDFKWHQ JHKRXGHQ PRHWHQ ZRUGHQ ELM KHW LQWHUSUHWHUHQ YDQ GH]H JUDILHNHQ RPGDW GH QDXZNHXULJKHLG YDQ EHLGH PHWKRGHQ QLHW RYHUHHQNRPWLVGH FRUUHODWLHQLHWRSWLPDDO'HJUDILHNEHVWDDWXLW JURHSMHV6;GDWDSHU /0/ZDDUGH'DDUQDDVWJHHIWHHQFRUUHODWLHFRsIILFLsQWDOOHHQLQIRUPDWLHRYHUGHPDWHYDQ OLQHDLULWHLW
'H GDWD LV YRRU LHGHUH PRQLWRU LQ HHQ FRUUHODWLH JUDILHN XLWJH]HW ]RGDW HHQ FRUUHODWLH FRsIILFLsQWNDQZRUGHQEHSDDOG'H]HPRHWYROJHQVYRRUVFKULIW>(85,,(1@PLQLPDDO ]LMQ,Q)LJXXULVGH]HFRUUHODWLHJUDILHNYRRUPRQLWRU/ZHHUJHJHYHQ'H]HJUDILHNLV YHUNUHJHQ QD KHW YHUZLMGHUHQ YDQ XLWELMWHUV ,Q GH VHULH 04 NRPW ELMYRRUEHHOG HHQ /0/ ZDDUGHYDQmJPYRRUWHUZLMODOOH6;PRQLWRUHQGLHSDUDOOHOPHWHQHHQYHHOODJHUH
FRQFHQWUDWLHYDQmJPJHYHQ2SDQGHUHGDJHQPHWHQGHPRQLWRUHQHFKWHU mJPZDDU GH /0/ PHWKRGH RRNURQGGHmJPPHHW+HW YHUZLMGHUHQ YDQ HHQ RI WZHH YDQ GH]H XLWELMWHUVOHYHUWHHQIRUVHYHUEHWHULQJRSYDQGH&RUUHODWLHFRsIILFLsQW,QELMODJHVWDDQGH FRUUHODWLHJUDILHNHQYDQDOOHPRQLWRUHQ 'HUHJUHVVLHOLMQGLHGHFRUUHODWLHIDFWRUEHSDDOGPRHWELQQHQHHQQDXZEHSDDOGHIRXWHQPDUJH OLJJHQRPJHDFFHSWHHUGWHZRUGHQ'H]HIRXWHQPDUJHZRUGWEHSDDOGGRRUGHDIURQGIRXWELM KHWDIOH]HQYDQGH/0/PHWKRGHYDQHQGHIORZIRXWYDQGH/0/PHWKRGHGLH ELQQHQOLJW'HDIURQGIRXWKHHIWELMODJHFRQFHQWUDWLHVHHQJURWHLQYORHGHQGHIORZIRXW ELMKRJHFRQFHQWUDWLHV%LMDOOHPRQLWRUHQYDOWGHUHJUHVVLHOLMQELQQHQGH]HJUHQ]HQ9HUGHU YDOWRSGDWGH/0/FRQFHQWUDWLHVDIJHURQG]LMQQDDUJHKHOHJHWDOOHQ ,Q7DEHO]LMQGHFRsIILFLsQWHQYDQGH6;PHWKRGHYHUJHOHNHQPHWGH/0/PHWKRGH
SDJYDQ 5,90UDSSRUW
&RUUHODWLHWXVVHQPRQLWRU/HQ/0/
\ [ 5 &RQFHQWUDWLH/0/>XJP@ & RQ FH QW UD WLH 6 ; >X J P @ 0HHWJHJHYHQV 0DUJHJUHQ]HQ IORZIRXWJUHQV DIURQGJUHQV 5HJUHVVLHOLMQ )LJXXU&RUUHODWLHYDQPRQLWRU/PHWGH/0/PHWKRGH 7DEHO&RUUHODWLHJHWDOOHQYDQDOOHPRQLWRUHQ0RQLWRU 5& &RQVWDQWH<DV &RUUHODWLHFRsIILFLsQW5
$ % & ' ( ) * + , . / 0 1 2 3 4 *HP *HP$) *HP*/ *HP04
5,90UDSSRUW SDJYDQ
'HODDWVWHJURHS0WRW4OLMNWPHWHHQ5YDQJHPLGGHOGQLHWDDQGHQRUPYDQPLQLPDDO
WHYROGRHQ(FKWHUELMKHWYHUJHOLMNHQYDQGHGDWDZRUGWRYHUKHWKRRIGJH]LHQGDWGH 6; WRW mJP QDXZNHXULJH ZDDUGHQ JHHIW WHUZLMO GH /0/ PHWKRGH DOOHHQ JHKHOH JHWDOZDDUGHQ EHVFKLNEDDU VWHOW +LHUGRRU ZRUGHQ DOOH ZDDUGHQ GLH mJP URQG HHQ
JHKHOH/0/ZDDUGH]LWWHQELMHONDDUJHYHHJG'LWKHHIWHHQQHJDWLHIHIIHFWRS5
2PGDWDOOHPRQLWRUHQUHJHOPDWLJJH]DPHQOLMNDIZLMNHQWHQRS]LFKWHYDQGHKDQGPHWKRGHHQ RPGDWRSDQGHUHGDJHQGH]HOIGHFRQFHQWUDWLHVZRUGHQJHPHWHQ]RQGHUJURWHDIZLMNLQJHQOLMNW KHWORJLVFKHURPHHQIRXWWH]RHNHQELMGH/0/PHWKRGH
:RUGW GH FRUUHODWLH WXVVHQ KHW FRQFHQWUDWLHYHUVFKLO YDQ EHLGH PHWKRGHV HQ GH /0/ FRQFHQWUDWLHVZHHUJHJHYHQ]RDOVLQ)LJXXUGDQLVHHQ]ZDNNHFRUUHODWLH]LFKWEDDUWXVVHQ GHDIZLMNLQJHQGHFRQFHQWUDWLH+RHKRJHU GHFRQFHQWUDWLH KRH JURWHU GH DIZLMNLQJ 'H]H IRXWLVUHODWLHIRQJHYHHUYDQGHFRQFHQWUDWLH &RUUHODWLHWXVVHQDIZLMNLQJHQFRQFHQWUDWLH \ [ 5 &RQFHQWUDWLH/0/>XJP@ & RQ FH QW UD WLH 9 HU VF KL O> XJ P @ )LJXXU $IZLMNLQJLQUHODWLHWRWFRQFHQWUDWLH
'H6;PHHWNRSYHUJHOHNHQPHWGH/0/PHHWNRS
%LM GH YHUJHOLMNHQGH WHVW YDQ HHQ EH]RJHQ ILOWHUURO WXVVHQ GH 6; HQ GH /0/ PHWKRGH ZRUGW HHQ JRHGH RYHUHHQNRPVW ZDDUJHQRPHQ PHW GH YHOGWHVWV ZDW EHWUHIW 5 +HW
JHPLGGHOGH YHUVFKLO WXVVHQ EHLGH PHHWPHWKRGHQ LV mJP $OV GH DIZLMNLQJ DEVROXXW
ZRUGW JHQRPHQ LV GH]H JHPLGGHOG mJP 'H]H VSUHLGLQJ KHHIW ]LMQ LQYORHG RS GH
FRUUHODWLHFRsIILFLsQW5KHHIWGH]HOIGHRPYDQJDOVGH5GLHLQGHYHOGWHVWVQDDUYRUHQNRPW
QDPHOLMNELMQD
'HLQYORHGYDQDIURQGHQZRUGWGXLGHOLMNLQ)LJXXU+LHU]LMQGHFRUUHODWLHJUDILHNHQYRRU WZHHVLWXDWLHVJHSODDWVW,VLQVLWXDWLHGH5QRJPHWDIURQGHQLQ6LWXDWLHLVGH5 ]RQGHUDIURQGHQ$IURQGHQKHHIWGXVHHQQHJDWLHYHLQYORHGRS5'RRUKHW DIURQGHQ
SDJYDQ 5,90UDSSRUW ZRUGWGHFRUUHODWLHFRsIILFLsQWRQJHYHHUODJHU+HWJHPLGGHOGHYDQLVGXVHLJHQOLMN QRJZDWEHWHUHQYROGRHWDDQGHHLVYDQ &RUUHODWLHWXVVHQ5HIHUHQWLHPHWKRGH PHWDIURQGLQJHQ6; \ [ 5 &RQFHQWUDWLH/0/XJP & RQ FH QW UD WLH 6 ; X J P )LJXXU&RUUHODWLHWXVVHQEHLGHPHWKRGHQPHWHQ]RQGHUDIURQGHQ 2PGDWGHJHPLGGHOGHFRQFHQWUDWLHDIZLMNLQJELMGH]HYHUJHOLMNLQJPDDUmJPLVZRUGW KHWJHPLGGHOGHYHOGWHVWYHUVFKLOQLHWYHUNODDUGGRRUGHYHUVFKLOOHQLQGHNRSSHQ+HWYHUVFKLO WXVVHQ GH]HWHVW HQ GHYHOGWHVW PRHW HHQ DQGHUH RRU]DDN KHEEHQ +HW JURWH YHUVFKLO WXVVHQ GH]H WHVWHQ LV KHW IHLW GDW GH IORZ HHQPDOLJ GRRU GH 6; LV EHSDDOG RS PGDJ +HW IORZYHUVFKLOGDWLQGHYHOGWHVWDDQZH]LJNDQ]LMQLVLQGH]HWHVW]HNHUQLHWDDQZH]LJ+LHUXLW NDQJHFRQFOXGHHUGZRUGHQGDWGHIORZLQGHYHOGWHVWHHQGHHOYDQGHYHUVFKLOOHQYHUNODDUG
$QGHUHDIZLMNLQJVEURQQHQ
)RXWHQ LQ GH /0/ PHWKRGH ]LMQ PRHLOLMN YDVW WH VWHOOHQ $OOHHQ GRRU WH YHUJHOLMNHQ PHW RPOLJJHQGHPHHWSXQWHQNDQHHQLQGLFDWLHYHUNUHJHQZRUGHQYDQ]HHUDIZLMNHQGHPHWLQJHQ .OHLQHIRXWHQZRUGHQKLHUGRRU]HNHUQLHWRSJHVSRRUG
,QKHWNDOLEUDWLHUDSSRUWGDWLVYHUVWUHNWGRRUGHIDEULNDQWLVYDQPRQLWRUHQ0WRW0 HHQNDOLEUDWLHJUDILHNJHJHYHQZDDUXLWEOLMNWGDWGHPRQLWRUHQELMHHQUHIOHFWLHYDQURQGGH HHQZDDUGHJHYHQGLHRQJHYHHUODJHUOLJWGDQGHUHIHUHQWLHGLHGRRU5,90JHOHYHUG ZDV +LHUGRRU NDQ HHQ NOHLQH DIZLMNLQJ LQ GH PHWLQJHQ YHUNODDUG ZRUGHQ 'H JHPLGGHOGH JHPHWHQ FRQFHQWUDWLHV ]ZDUWH URRN ZDUHQ LQ :DJHQLQJHQ mJP +LHUELM KRRUW HHQ
UHIOHFWLHYDQ5RQGGH]HZDDUGHLVKHWYHUVFKLOGXVZDWHHQVWUXFWXUHOHIRXWYDQ RQJHYHHU mJP NDQ JHYHQ 'LW YHUNODDUW QLHW DOOH JHYDOOHQ RPGDW HU ELM DQGHUH FRQFHQWUDWLHVHHQYHHONOHLQHUHDIZLMNLQJLV
/HNNHQGHNOHSSHQLQKHW/0/V\VWHHPYHURRU]DDNWHQVRPVHHQYDOVHOXFKWVWURRPODQJVHHQ DOEH]RJHQILOWHUZDDUGRRUGHJHPHWHQFRQFHQWUDWLHYDQHHQEHSDDOGHGDJKRJHUNDQZRUGHQ GDQGH]HHLJHQOLMNLV'LWNDQHHQRRU]DDN]LMQYRRUVRPPLJHDIZLMNLQJHQ0DDUOLMNWWLMGHQV GH]H YHOGWHVW QLHW YDQ LQYORHG WH ]LMQ JHZHHVW ,Q GH 6; NDQ GLW SUREOHHP ]LFK HFKWHU KHOHPDDOQLHWPHHUYRRUGRHQ &RUUHODWLHWXVVHQ5HIHUHQWLHPHWKRGH ]RQGHUDIURQGLQJHQ6; \ [ 5 &RQFHQWUDWLH/0/XJP & RQ FH QW UD WLH 6 ; X J P
5,90UDSSRUW SDJYDQ
6SHFLDOHJHYDOOHQ
'H JHPLGGHOGH ZDDUGH YDQ PRQLWRUHQ DIJHWURNNHQ YDQ GH /0/ ZDDUGH LV XLWJH]HW LQ )LJXXUYRRUPRQLWRUHQ0WP4'HDIZLMNLQJLVJHPLGGHOGRQJHYHHUmJPDO]LMQHU
RRNXLWVFKLHWHUV(HQGXLGHOLMNHYHUNODULQJYRRUGH]HXLWVFKLHWHUVLVHUQLHW'H/0/PHWKRGH JHHIW PHHVWDO HHQ KRJHUH FRQFHQWUDWLH GDQ GH PRQLWRUHQ 7RW MXOL LV KHW JHPLGGHOGH YHUVFKLOmJP'DDUQDZRUGHQGH6;PRQLWRUHQJHPLGGHOGmJPODJHUGDQGH /0/ PHWKRGH 'H RRU]DDN YDQ GH JURWHUH JHPLGGHOGH DIZLMNLQJ QD MXOL LV QLHW JHYRQGHQ 9HUVFKLOWXVVHQKHWJHPLGGHOGHYDQ6;PRQLWRUHQ 0123HQ4HQGH/0/PHWKRGH 'DWXP & RQ FH QW UD WLH >X J P @ )LJXXUDIZLMNLQJYDQGH6;LQWRYGH/0/PHWKRGH
'H JURRWVWH YHUVFKLOOHQ ZRUGHQ EHUHLNW ELM JURWH VSURQJHQ LQ GH FRQFHQWUDWLH 'H /0/ PRQLWRU HQ GH 6; PRQLWRUHQ VWLMJHQ RI GDOHQ QLHW WHJHOLMN QDDU KHW MXLVWH QLYHDX 'H PHWLQJHQYRRUHQQDGH]HXLWVFKLHWHUVYHUVFKLOOHQQLHWYHHOYDQHONDDU
'HPRQLWRUHQ0WRW4]LMQWHQRS]LFKWHYDQHONDDUMXLVWHHQVJH]LQGHULQGHODDWVWHPDDQGHQ 7HUZLMO GH DIZLMNLQJ GXV RSHHQV JHPLGGHOG mJP ZRUGW ,Q )LJXXU EOLMNHQ GH PRQLWRUHQ01HQ2RYHUKHWDOJHPHHQPD[LPDDOmJPDIZLMNLQJWHQRS]LFKWHYDQHONDDU WHKHEEHQ 9HUVFKLOWXVVHQPRQLWRUHQKHWJHPLGGHOGHYDQPRQLWRUHQ 'DWXP $ IZ LMN LQ J >X J P @ 0 1 2 )LJXXU9HUJHOLMNHQYDQPRQLWRUHQXLWJURHS]RQGHU3HQ4
5,90UDSSRUW SDJYDQ
&RQFOXVLH
$OOHPRQLWRUHQ]LMQJHGXUHQGHPHHUGHUHPDDQGHQ JHWHVW7LMGHQVGH]HWHVWV]LMQHUQRJ HHQDDQWDOPRGLILFDWLHVJHSOHHJGGRRUGHIDEULNDQWQDDUDDQOHLGLQJYDQNOHLQHJHEUHNHQGLH RSWUDGHQWLMGHQVGHODEWHVWV+LHUQD]LMQDOOHPRQLWRUHQJRHGEHYRQGHQYRRUGHYHOGWHVW 'HPRQLWRUHQYHUWRQHQHHQDFFHSWDEHOHVSUHLGLQJYDQJHPLGGHOGmJPWHQRS]LFKWHYDQ HONDDU7HQRS]LFKWHYDQGH/0/PHWKRGH]LMQGH6;PHHWZDDUGHQJHPLGGHOGmJP ODJHUGDQGH/0/ZDDUGH'LWKHHIWYHUVFKLOOHQGHRRU]DNHQ'HEHODQJULMNVWHRRU]DDNLVKHW YHUVFKLOLQIORZ'HVWDELOLWHLWYDQ GHPRQLWRUHQEOLMNWXLWGHFRQVWDQWHYHUKRXGLQJHQYDQ GHPHHWJHJHYHQV 2YHUPHHUGHUHPDDQGHQEOLMIWGHJHPLGGHOGHDIZLMNLQJWXVVHQGHPRQLWRUHQQDJHQRHJJHOLMN =RXGHQGHPRQLWRUHQQLHWVWDELHO]LMQGDQ]RXHHQGXLGHOLMNHYHUVOHFKWHULQJWH]LHQPRHWHQ ]LMQ 'HQLHXZHYHUVLHYDQGHPHHWNRSLVVWDELHOHUPDDUJHHIWEOLMNEDDUHHQLHWVODJHUHZDDUGHGDQ GH/0/PHWKRGH'HFRUUHODWLHFRsIILFLsQW5LVJHPLGGHOG9RRUHHQDDQWDOPRQLWRUHQ OLJWGH]HZDDUGHHFKWHUODJHURS'LWYROGRHWLQHHUVWHLQVWDQWLHQLHWDDQGHHLVYDQ PDDUKLHUELMZRUGWJHHQUHNHQLQJJHKRXGHQPHWGHQDXZNHXULJKHLGYDQGH6;'H]HLV QDPHOLMNQDXZNHXULJWRWmJPWHUZLMOGH/0/PHWKRGHHHQUHVROXWLHYDQmJPKHHIW
+LHUGRRULVGHFRUUHOWDWLHFRHIILFLHQWRQJHYHHUODJHUGDQELMJHOLMNHQDXZNHXULJKHLG2RN GHODJHZDDUGHQYROGRHQKLHUGRRUDDQGHHLV %LMKHWYHUJHOLMNHQYDQGHPHHWNRSSHQRSHHQHQGH]HOIGHVHULHEH]RJHQILOWHUVZRUGW HHQ ]HOIGHEHHOGZDDUJHQRPHQDOVELMGHYHOGWHVW]LFKWEDDUZDVGHUHIHUHQWLHPHWKRGHSURGXFHHUW JHPLGGHOGHHQLHWVKRJHUHPHHWZDDUGHGDQGH6;HQGHFRUUHODWLHWXVVHQEHLGHPHWLQJHQ NRPWXLWRSHHQ5YDQ 'H6;PRQLWRUHQJHYHQLQPLQGHUGDQYDQGHPHWLQJHQHHQWH JURWHDIZLMNLQJWHQ RS]LFKWHYDQGH/0/PHWKRGH(YHQWXHOHPHQVHOLMNHIRXWHQ]LMQPLQGHUZDDUVFKLMQOLMN
5,90UDSSRUW SDJYDQ
%LMODJHQ
%LMODJH9HU]HQGOLMVW
'HSRWYDQ1HGHUODQGVHSXEOLNDWLHVHQ1HGHUODQGVHELEOLRJUDILH 'LUHFWLH5LMNVLQVWLWXXWYRRU9RONVJH]RQGKHLGHQ0LOLHX $XWHXU 6%'9RRUOLFKWLQJ 3XEOLF5HODWLRQV %XUHDX5DSSRUWHQUHJLVWUDWLH %LEOLRWKHHN5,90 %LEOLRWKHHN0(9//2 ,U5$:$OEHUV 'U$YDQGHU0HXOHQ 'YDQ6WUDDOHQ -3-%HUNKRXW +3%RV //LHEUHFKW 7$5HJWV -76FKLSSHUV ,U$36WRON ,QJ-9HQHPD 3:GH9RV %XUHDX5DSSRUWHQEHKHHU 0(9//2DUFKLHI 5HVHUYHH[HPSODUHQSDJYDQ 5,90UDSSRUW
%LMODJH5HVXOWDWHQYDQGHYHOGPHWLQJLQYRRUPRQLWRUHQ
$±)HQ*±+
5,90UDSSRUW SDJYDQ
%LMODJH5HVXOWDWHQYDQGHYHOGPHWLQJHQLQ
0RQLWRUHQ$WP),QWZHHJUDILHNHQYDQWRWYRRUKHWRYHU]LFKW&RQFHQWUDWLHVYDQEODFNVPRNHGHWHFWRUV
WH:DJHQLQJHQLQ
'DWXP & RQF HQW UD WLH >X J P @ $ % & ' ( ) /0/PHWKRGH&RQFHQWUDWLHVYDQEODFNVPRNHGHWHFWRUV
WH:DJHQLQJHQLQ
'DWXP & RQF HQW UD WLH >X J P @ $ % & ' ( ) /0/PHWKRGH 9HUVFKLOWXVVHQKHWJHPLGGHOGHYDQPRQLWRU$WRW)HQGH/0/PHWKRGHLQ 'DWXP 9 HU VF KL O> XJ P @SDJYDQ 5,90UDSSRUW
%LMODJH5HVXOWDWHQYDQGHYHOGWHVWYRRUPRQLWRU*WP/
0RQLWRUHQ*WP/YDQWRW &RQFHQWUDWLHYDQ]ZDUWHURRNPRQLWRUHQHQGH/0/PHWKRGHLQ9ODDUGLQJHQ 'DWXP & RQ FH QW UD WLH >X J P @ * + , . / /0/PHWLQJ $IZLMNLQJYDQGHPHWLQJHQPHWGH/0/PHWKRGH 'DWXP $ IZL MN LQJ >XJ P @5,90UDSSRUW SDJYDQ
%LMODJH5HVXOWDWHQYDQGHYHOGWHVWYRRUPRQLWRU0WP4
0RQLWRUHQ0WP4LQWZHHJUDILHNHQYDQWRWYRRUKHWRYHU]LFKW &RQFHQWUDWLHV]ZDUWHVWRIYDQ6;GHWHFWRUHQ HQLQURRGGH/0/PHWKRGH 'DWXP & RQ FH QW UD WLH >X J P @ 0 1 2 3 4 /0/PHWKRGH &RQFHQWUDWLHV]ZDUWHVWRIYDQ6;GHWHFWRUHQ HQLQURRGGH/0/PHWKRGH 'DWXP & RQ FH QW UD WLH >X J P @ 0 1 2 3 4 /0/PHWKRGH 9HUVFKLOWXVVHQKHWJHPLGGHOGHYDQ6;PRQLWRUHQ 0123HQ4HQGH/0/PHWKRGH 'DWXP & RQ FH QW UD WLH >X J P @SDJYDQ 5,90UDSSRUW
%LMODJH9HUVFKLOLQFRQFHQWUDWLHWXVVHQGH6;PRQLWRUHQHQ
GH/0/PHWKRGH
&RQFHQWUDWLHYHUVFKLOPHWGH/0/PHWKRGH
'DWXP &R QF HQ WU DW LH Y HU VF KL O 9HUVFKLO$ 9HUVFKLO% 9HUVFKLO& 9HUVFKLO' 9HUVFKLO( 9HUVFKLO) &RQFHQWUDWLHYHUVFKLOPHWGH/0/PHWKRGH 'DWXP & RQF HQ WU DW LH Y HU VF KL O 9HUVFKLO* 9HUVFKLO+ 9HUVFKLO, 9HUVFKLO. 9HUVFKLO/ &RQFHQWUDWLHYHUVFKLOPHWGH/0/PHWKRGH 'DWXP & RQ FH QW UD WLH Y HU VF KL O 9HUVFKLO0 9HUVFKLO1 9HUVFKLO2 9HUVFKLO3 9HUVFKLO45,90UDSSRUW SDJYDQ
%LMODJH$IZLMNLQJHQYDQGHPRQLWRUHQRQGHUOLQJ
9HUVFKLOWXVVHQPRQLWRUHQKHWJHPLGGHOGHYDQPRQLWRUHQ 'DWXP $ IZL MN LQJ >XJ P @ $ % & ' ( ) 9HUVFKLOWXVVHQPRQLWRUHQKHWJHPLGGHOGHYDQPRQLWRUHQ 'DWXP 9 HU VFK LO >X JU P @ * + , . / 9HUVFKLOWXVVHQPRQLWRUHQKHWJHPLGGHOGHYDQPRQLWRUHQ 'DWXP $ IZ LMN LQ J >X J P @ 0 1 2 3 4SDJYDQ 5,90UDSSRUW
%LMODJH*UDILHNHQYDQGHJHQRWHHUGHIORZYDQGH/0/
PHWKRGH
)ORZ/0/PHWKRGH
'DWXP )O RZ >P GD J@ 9ODDUGLQJHQ :DJHQLQJHQ)ORZ/0/PHWKRGH
'DWXP )OR Z >P GD J@ 9ODDUGLQJHQ :DJHQLQJHQ5,90UDSSRUW SDJYDQ
%LMODJH&RUUHODWLHJUDILHNHQYDQDOOHPRQLWRUHQ
&RUUHODWLHWXVVHQPRQLWRU$HQ/0/ \ [ 5 &RQFHQWUDWLH/0/>XJP@ & RQ FH QW UD WLH 6 ; >X J P @ 0HHWJHJHYHQV 0DUJHJUHQ]HQ 5HJUHVVLHOLMQ &RUUHODWLHWXVVHQPRQLWRU%HQ/0/ \ [ 5 &RQFHQWUDWLH/0/>XJP@ & RQ FH QW UD WLH 6 ; >X J P @ 0HHWJHJHYHQV 0DUJHJUHQ]HQ 5HJUHVVLHOLMQSDJYDQ 5,90UDSSRUW
&RUUHODWLHWXVVHQPRQLWRU&HQ/0/
\ [ 5 &RQFHQWUDWLH/0/>XJP@ &R QF HQ WU DW LH 6 ; >X J P @ 0HHWJHJHYHQV 0DUJHJUHQ]HQ 5HJUHVVLHOLMQ&RUUHODWLHWXVVHQPRQLWRU'HQ/0/
\ [ 5 &RQFHQWUDWLH/0/>XJP@ &R QF HQ WU DW LH 6 ; >X J P @ 0HHWJHJHYHQV 0DUJHJUHQ]HQ 5HJUHVVLHOLMQ5,90UDSSRUW SDJYDQ
&RUUHODWLHWXVVHQPRQLWRU(HQ/0/
\ [ 5 &RQFHQWUDWLH/0/>XJP@ &R QF HQ WU DW LH 6 ; >X J P @ 0HHWJHJHYHQV 0DUJHJUHQ]HQ 5HJUHVVLHOLMQ&RUUHODWLHWXVVHQPRQLWRU)HQ/0/
\ [ 5 &RQFHQWUDWLH/0/>XJP@ &R QF HQ WU DW LH 6 ; >X J P @ 0HHWJHJHYHQV 0DUJHJUHQ]HQ 5HJUHVVLHOLMQSDJYDQ 5,90UDSSRUW
&RUUHODWLHWXVVHQPRQLWRU*HQ/0/
\ [ 5 &RQFHQWUDWLH/0/>XJP@ &R QF HQ WU DW LH 6 ; >X J P @ 0HHWJHJHYHQV 0DUJHJUHQ]HQ 5HJUHVVLHOLMQ&RUUHODWLHWXVVHQPRQLWRU+HQ/0/
\ [ 5 &RQFHQWUDWLH/0/>XJP@ &R QF HQ WU DW LH 6 ; >X J P @ 0HHWJHJHYHQV 0DUJHJUHQ]HQ 5HJUHVVLHOLMQ5,90UDSSRUW SDJYDQ
&RUUHODWLHWXVVHQPRQLWRU,HQ/0/
\ [ 5 &RQFHQWUDWLH/0/>XJP@ & RQ FH QW UD WLH 6 ; > XJ P @ 0HHWJHJHYHQV 0DUJHJUHQ]HQ 5HJUHVVLHOLMQ&RUUHODWLHWXVVHQPRQLWRU.HQ/0/
\ [ 5 &RQFHQWUDWLH/0/>XJP@ &R QF HQ WU DW LH 6; > XJ P @ 0HHWJHJHYHQV 0DUJHJUHQ]HQ 5HJUHVVLHOLMQSDJYDQ 5,90UDSSRUW
&RUUHODWLHWXVVHQPRQLWRU/HQ/0/
\ [ 5 &RQFHQWUDWLH/0/>XJP@ & RQ FH QW UD WLH 6 ; >X J P @ 0HHWJHJHYHQV 0DUJHJUHQ]HQ 5HJUHVVLHOLMQ&RUUHODWLHWXVVHQPRQLWRU0HQ/0/
\ [ 5 &RQFHQWUDWLH/0/>XJP@ & RQ FH QW UDW LH 6 ; >X J P @ 0HHWJHJHYHQV 0DUJHJUHQ]HQ 5HJUHVVLHOLMQ5,90UDSSRUW SDJYDQ
&RUUHODWLHWXVVHQPRQLWRU1HQ/0/
\ [ 5 &RQFHQWUDWLH/0/>XJP@ & RQ FH QW UDW LH 6 ; >X J P @ 0HHWJHJHYHQV 0DUJHJUHQ]HQ 5HJUHVVLHOLMQ&RUUHODWLHWXVVHQPRQLWRU2HQ/0/
\ [ 5 &RQFHQWUDWLH/0/>XJP@ & RQ FH QW UDW LH 6 ; >X J P @ 0HHWJHJHYHQV 0DUJHJUHQ]HQ 5HJUHVVLHOLMQSDJYDQ 5,90UDSSRUW
&RUUHODWLHWXVVHQPRQLWRU3HQ/0/
\ [ 5 &RQFHQWUDWLH/0/>XJP@ & RQ FH QW UDW LH 6 ; >X J P @ 0HHWJHJHYHQV 0DUJHJUHQ]HQ 5HJUHVVLHOLMQ&RUUHODWLHWXVVHQPRQLWRU4HQ/0/
\ [ 5 &RQFHQWUDWLH/0/>XJP@ & RQ FH QW UDW LH 6 ; >X J P @ 0HHWJHJHYHQV 0DUJHJUHQ]HQ 5HJUHVVLHOLMQ5,90UDSSRUW SDJYDQ
%LMODJH&RUUHODWLHJUDILHNHQ]RQGHUHQPHWDIURQGLQJYDQGH
PHHWNRSYHUJHOLMNLQJ
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
5,90UDSSRUW SDJYDQ