Embed Size (px)
Citation preview
!"#$%&'( !)*'+,- ./%00,10"2#, 2008
!"# 65.0$$# 65.290%2$88
!"#$%&'"( ).M60 &'()* +,-.*/01,.)2 345 /6*'241,+5 6*)17.'0+ / "*'8', 9.
:+4);12+<; =1*. - ',84. :'0),.)2' >.?.; =)3 *13.&1+@21-.,)8) A.B. — :.: #)06',+5 CDE+; ":# =*1--, 2008. —729 -.: +4.
ISBN 5*98453*013*9
=*)F1--)* =)*.41,3-7)8) /,+21*-+.1.' (G*18),, AHC) "*'8',:+4);12+<, ,'6+-'2;+D I./ 0),)8*'F+J, )()(K+4 -2)D 0,)8)41.%,+D )6L. /6*'241,+5 7*/6,L0+ 6*)17.'0+ + ).7*L.) 6)314+4-5-2)+0+ ,'*'().7'0+ + 3)-.+M1,+50+ 2 -+-.10'.+@'N++ (+@,1-%6*)N1--)2 6) /6*'241,+J 6*)17.'0+.
"',,'5 7,+8' —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
B@3',+1 (/31. )-)(1,,) 6)41@,) 01,13M1*'0, 7).)*L1 ,'<+,'%J. -2)J 7'*O1*/ 2 )(4'-.+ /6*'241,+5 6*)17.'0+ +4+ ,)2+<7)22 I.)D )(4'-.+. G6L.,L1 -61N+'4+-.L 6)@,'7)05.-5 - )-)(1,,)%-.50+ @'6'3,)8) 6)3P)3' + 18) ).4+<+50+ ). *)--+D-7+P 6*'7.+7.
?-1 6*'2' @'K+K1,L. QJ('5 <'-.O I.)D 7,+8+ ,1 0)M1. (L.O 2)-6*)+@2131,'2 7'7)D (L .) ,+ (L4) F)*01 + 7'7+0+ (L .) ,+ (L4) -*13-.2'0+ (1@ 6+-O01,,)8)*'@*1;1,+5 24'314ON12 '2.)*-7+P 6*'2.
:'.1*+'4, +@4)M1,,LD 2 3',,)D 7,+81, 0,)8)7*'.,) 6*)21*1,. &), 6)-7)4O7/21*)5.,)-.O .1P,+<1-7+P );+()7 2-1 *'2,) -/K1-.2/1., +@3'.14O-.2) ,1 0)M1. 8'%*',.+*)2'.O '(-)4J.,/J .)<,)-.O + 6*'2+4O,)-.O 6*+2)3+0LP -2131,+D. ? -25@+- I.+0 +@3'.14O-.2) ,1 ,1-1. ).21.-.21,,)-.+ @' 2)@0)M,L1 );+(7+, -25@',,L1- +-6)4O@)2',+10 7,+8+.
All Rights Reserved. Authorized translation from the English language editionpublished by by John Wiley & Sons, Inc.
ISBN 0%471%20822%1 © 2003 by John Wiley & Sons, Inc., 2003ISBN 5%98453%013%9 © =1*12)3. #)06',+5 CDE+, 2005
© B@3',+1 ":# =*1--, 2008
./%$'0312'% " /400"1&4 '5$#6'7 ........................ 7*%1/'(, 48#"12#66#( 2 6#91/ '60:/4&%6:1248/#23%6'( 8/1%":#&' ........................................ 9
!"#$% I &'(#$)*+,($- '('.'".'' /)0,1$" ..............19;3#2# 1 <:/#:%='>%0"#( /13? «'60:/4&%6:#3?61=1 (@'"#»
48/#23%6'( 8/1%":#&' ...................................... 21A12#( /13? «'60:/4&%6:#3?61=1 (@'"#»48/#23%6'( 8/1%":#&' ...................................... 22<:/#:%='( 48/#23%6'( 8/1%":#&' 81$$%/B'2#%:"16"4/%6:647 0:/#:%='7 ................................... 24./1C%00 0:#6$#/:'5'/12#661=1 48/#23%6'(8/1%":#&' 81$$%/B'2#%: 0:/#:%='7 48/#23%6'(8/1%":#&' .......................................................... 29«D60:/4&%6:#3?6E) (@'"» 81$$%/B'2#%:8/1C%00 0:#6$#/:'5'/12#661=1 48/#23%6'(8/1%":#&' .......................................................... 32F#"37>':%3?6E% 5#&%>#6'( ............................. 37G':%/#:4/# ........................................................ 39
;3#2# 2 H:91/ 8/1%":12 .................................................. 41,1$%3' /#6B'/12#6'( 8/1%":12 ....................... 44I:1 :#"1% &1$%3' /#6B'/12#6'( 8/1%":12? ...... 44!6#3':'>%0"') '%/#/J'>%0"') 8/1C%00 ............ 57K"161&'>%0"'% &%:1$E ..................................... 69,%:1$E 2E91/# 81/:L%3( .................................. 75,%:1$ /%#3?6EJ 2#/'#6:12 2E91/# (18C'1612) . 82F#"37>':%3?6E% 5#&%>#6'( ............................. 96G':%/#:4/# ........................................................ 98
4
;3#2# 3 <10:#23%6'% 81/:L%3( 8/1%":12 ........................ 99*/#$'C'166E% $'#=/#&&E$3( 48/#23%6'( 81/:L%3(&' 8/1%":12 ............ 100.45E/?"12E% $'#=/#&&E ................................ 107F#"37>':%3?6E% 5#&%>#6'( ........................... 119G':%/#:4/# ...................................................... 121
!"#$% II &(#$)*+,($- /2"(')03"('4 /)0,1$" ......... 123;3#2# 4 */%912#6'( 5#"#5>'"# 8/1%":# ........................ 125
<%:%21) =/#L'" 5#"#5>'"# ............................... 127M%3%21) 83#6 ................................................... 135NE91/"# ........................................................... 142O%"1&%6$#C'' $3( 8%/%=121/12 ........................ 146D0813?512#6'% L46"C'' "#>%0:2# ................... 150F#"37>':%3?6E% 5#&%:"' ................................ 157G':%/#:4/# ...................................................... 159
;3#2# 5 .3#6'/12#6'% 01$%/B#6'( .............................. 161P0:#2 8/1%":# .................................................. 163SWOTQ#6#3'5 8/1%":# ...................................... 172H8'0#6'% 01$%/B#6'( ..................................... 183<:/4":4/6#( $%"1&815'C'( /#91: ................... 197F#"37>':%3?6E% 5#&%>#6'( ........................... 216G':%/#:4/# ...................................................... 217
;3#2# 6 O#5/#91:"# /#08'0#6'( ................................... 219+'#=/#&&# ;#6::# ........................................... 221+'#=/#&&# "16:/13?6EJ 019E:') ................... 228+'#=/#&&# 81 &%:1$4 "/':'>%0"1=1 84:' ........ 236+'#=/#&&# «18%/#C'' 6# 0:/%3"#J»21 2/%&%661& �R:#9% ................................... 248O#08'0#6'% 81 &%:1$4 "/':'>%0"1) C%81>"' ... 258D%/#/J'>%0"1% /#08'0#6'% .............................. 268G'6'( 9#3#60# ................................................. 277F#"37>':%3?6E% 5#&%>#6'( ........................... 283G':%/#:4/# ...................................................... 285
;3#2# 7 .3#6'/12#6'% 0:1'&10:' ................................ 287-#/:# 83#6'/12#6'( 0:1'&10:' ...................... 289HC%6"# 81 #6#31='' ......................................... 299.#/#&%:/'>%0"#( 1C%6"# ................................. 303HC%6"# «06'54 22%/J» ....................................... 311S#512E) 83#6 0:1'&10:' ................................. 318F#"37>':%3?6E% 5#&%>#6'( ........................... 329G':%/#:4/# ...................................................... 331
5
;3#2# 8 .3#6'/12#6'% "#>%0:2# ................................... 333./1=/#&&# 19%08%>%6'( "#>%0:2# 8/1%":# ...... 335<J%&# 8/1C%00# ................................................ 344!LL'66#( $'#=/#&&# ...................................... 355F#"37>':%3?6E% 5#&%>#6'( ........................... 359G':%/#:4/# ...................................................... 361
;3#2# 9 .3#6'/12#6'% /'0"# ....................................... 363.3#6 /%#='/12#6'( 6# /'0"' ........................... 364!6#3'5 ,16:%Q-#/31 ........................................ 379+%/%21 /%R%6') ............................................... 393F#"37>':%3?6E% 5#&%>#6'( ........................... 403G':%/#:4/# ...................................................... 403
;3#2# 10 .10:/1%6'% "1$E ....................................... 405I%:E/%J0:#$')6#( &1$%3?015$#6'( 8/1%":61) "1$E .......................... 407,#:/'C# 5#'6:%/%012#66EJ 0:1/16 ................ 417O%%0:/ 6#2E"12 ................................................ 425-#/:# 9#33?61) 1C%6"' 8/'2%/B%6610:' ........ 437F#"37>':%3?6E% 5#&%>#6'( ........................... 447G':%/#:4/# ...................................................... 450
!"#$% III &(#$)*+,($- 3-/02(,('4 /)0,1$" ............ 453;3#2# 11 P8/#23%6'% 01$%/B#6'%& ................................ 455
,#:/'C# "11/$'6#C'' '5&%6%6') ................... 457F#8/10 6# 26%0%6'% '5&%6%6'( 2 8/1%": .......... 464T4/6#3 '5&%6%6') 8/1%":# ............................ 474F#"37>':%3?6E% 5#&%>#6'( ........................... 480G':%/#:4/# ...................................................... 482
;3#2# 12 P8/#23%6'% /#08'0#6'%& ................................ 483G'6'( '08136%6'( .......................................... 485BCFQ#6#3'5 ...................................................... 495+'#=/#&&# 8/1=615'/12#6'("16:/13?6EJ 019E:') ..................................... 503+'#=/#&&# 0"13?B%6'( ................................... 511+'#=/#&&# 94L%/12 ......................................... 519<B#:'% /#08'0#6'( ......................................... 525F#"37>':%3?6E% 5#&%>#6'( ........................... 533G':%/#:4/# ...................................................... 535
;3#2# 13 P8/#23%6'% 0:1'&10:?7 .................................. 537!6#3'5 "16:/13?6EJ 019E:') ......................... 564F#"37>':%3?6E% 5#&%>#6'( ........................... 571G':%/#:4/# ...................................................... 573
!"#$%&
'()$
6
;3#2# 14 P8/#23%6'% "#>%0:21& ..................................... 575.3#6 812ER%6'( "#>%0:2# .............................. 577+'#=/#&&# .#/%:1 ........................................... 590+'#=/#&&# 8/'>'6 ' 03%$0:2') ...................... 599-16:/13?6E% $'#=/#&&E ................................. 605F#"37>':%3?6E% 5#&%>#6'( ........................... 619G':%/#:4/# ...................................................... 621
;3#2# 15 H:>%:610:? 1 J1$% '08136%6'( ' 5#"/E:'% ...... 623T4/6#3 /'0"12 ................................................ 625<21$6E) 1:>%: 19 '08136%6'' ......................... 633.103%8/1%":6E) #6#3'5 .................................. 642F#"37>':%3?6E% 5#&%>#6'( ........................... 655G':%/#:4/# ...................................................... 657
!"#$% IV 5)0+-62,((-, /)'+,(,('4 ...................... 659;3#2# 16 H:91/ '60:/4&%6:12 2 «'60:/4&%6:#3?6E)
(@'"» $3( 48/#23%6'( 8/1%":#&'' %=1 #$#8:#C'( " 64B$#& 813?512#:%3( .......... 661-#"'% '5 20%J U:'J '60:/4&%6:122#& $%)0:2':%3?61 64B6E? ............................. 662./1C%00 1:91/# ' #$#8:#C'' 6#91/# '60:/4&%6:1248/#23%6'( 8/1%":#&' .................................... 662A%8/%/E261 012%/R%60:24):% 6#91/'60:/4&%6:12 48/#23%6'( 8/1%":#&' ............. 687F#"37>':%3?6E% /#5&ER3%6'( ...................... 689G':%/#:4/# ...................................................... 691
./'31B%6'% ! <2(5? &%B$4 '60:/4&%6:#&'48/#23%6'( 8/1%":#&' ' O,NH- ..................... 693
./'31B%6'% N <2(5? &%B$4 6#91/#&' '60:/4&%6:1248/#23%6'( 8/1%":#&' ' /#5&%/1& 8/1%":# .... 699
./'31B%6'% < <2(5? &%B$4 6#91/#&' '60:/4&%6:1248/#23%6'( 8/1%":#&' ' 0%&%)0:21& 8/1%":# . 705
./'31B%6'% D <2(5? &%B$4 6#91/#&' '60:/4&%6:1248/#23%6'( 8/1%":#&' ' :'81& 8/1%":# .......... 717
N&%0:1 5#"37>%6'( ................................................................... 726
!"#$%&'()%#* "+&&*(,+ %-$./%0
-1=$#Q:1, 2 :(B%3E% 2/%&%6#, +B16 -%66%$' 0"#5#3: «P &%6(%0:? :E0(>' 08%C'#3'0:12, &1=4@'J 810:/1':? 8'/#&'$4.A1 6%: 6' 1$61=1, "1:1/E) 0"#5#3 9E, 0:1': 3' %% 0:/1':?»!
.%/%$ 2#&' "6'=#, (23(7@#(0( 0%/?%56E& R#=1& 6# 84:' 10Q&E03%6'( 6%19J1$'&10:' 0:#6123%6'( ' /#52':'( :#"1) 193#0:'56#6'(, "#" 48/#23%6'% 8/1%":#&'../1L%001/ .1/:3%6$0"1=1 46'2%/0':%:# (H/%=16, <V!) +/#=#6
,'31R%2'>, 6#8'0#2R') U:4 &161=/#L'7, R'/1"1 '52%0:%6 2 5#Q8#$6EJ "/4=#J 2 0L%/% 48/#23%6'( 8/1%":#&'.H919@#( 021) &61=13%:6') 18E: 48/#23%6'( "/486E&' 8/1%"Q
:#&', L1/&'/4( 5131:1) 9#=#B 8/1L%00'16#3#, 16 6% 5#&E"#%:0(6# 0#&1'003%$12#6'', 61 0:#/#%:0( 1:"/E:1 81$%3':?0( 021'&'6#/#91:"#&', $10:'B%6'(&' 2 0'0:%&#:'5#C'' 9'56%0Q8/1C%001281 48/#23%6'7 8/1%":#&', 2 81'0"% 84:%) 812ER%6'( ULL%":'2Q610:' U:'J 8/1C%0012 ' 612EJ :%J6131=') 8/1L%00'16#3?61=1 01Q2%/R%60:212#6'( 37$%), 0:#2R'J 6# 0:%57 &%6%$B&%6:#../' 81$=1:12"% /400"1(5E>61=1 '5$#6'( &E '0J1$'3' '5 :1=1,
>:19E &#"0'?61 01J/#6':? #2:1/0"') 0:'3?, 10:#23(( /%$"120:/%>#%&E% #/=1 2 193#0:' P., 2831:? $1 '519/%:%66EJ #2:1/1&
8
0312101>%:#6'), 56#>%6'% ' 6#56#>%6'% "1:1/EJ 3%="1 816'&#%:Q0( 8/' >:%6''.7"(("4 1('8" — (, /)0#$0 /,),9,(% '(#$)*+,($03, (0 (":0),
)";20<,((-= "11*)"$(0 3 10+/"1$(0+ 1,=#, +,(,><,)", #'#?$,+(0 )";+,@,((-= /0 0$>,2,('4+ ' #(":<,((-= '(#$)*1.'?,= (, $02%10 /0 '#/02%;03"('A, (0 ' /0 30;+0<(0= 10+/0(031,10(1),$(-B (":0)03 $,B('1 /)' /0>B0>, 1 (030+* /)0,1$*.N 40312'(J 2%$%6'( /%#3?6EJ 8/1%":12 6# F#8#$% :#"1) 81$J1$
04@%0:2%661 48/1@#%: /#91:4 &%6%$B%/12, 01"/#@#%: 'J 2/%&( 6#8/%$8/1%":6E% 81'0"' &%:1$'", 18/%$%3%6'% 84:%) 83#6'/12#Q6'(, 1/=#6'5#C'' ' '08136%6'( 8/1%":#.A# 8/10:1& 9E:121& 4/126% #2:1/ 81"#5E2#%:, 0 >%=1 6#$1 6#>'Q
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«5$%0? ' 0%)>#0», :%J, ":1 8/'2E" '0813?512#:? '60:/4&%6:E $3(/#91:E 9%5 3'R6'J /#004B$%6') ' "13%9#6').H019%661 813%56# $#66#( "6'=# $3( &%6%$B%/12, "1:1/E% 6#>'Q
6#7: 0217 "#/?%/4 2 193#0:' 48/#23%6'( 8/1%":#&', '3' 2119@%612'>"12 2 U:1) 193#0:'. K:1 '5$#6'% 81 04:' &1B%: 034B':? 021%Q=1 /1$# '60:/4"C'%) 81 104@%0:23%6'7 9'56%0Q8/1C%0012 P..< $/4=1) 0:1/16E, '0"4R%66E) >':#:%3?, 56#"1&(0? 0 &161Q
=/#L'%), 0&1B%: 42'$%:? 1019%6610:' 5#8#$61=1 81$J1$# ' %=1 1:Q3'>'( 1: /100')0"'J 8/#":'".*%& 6% &%6%% 2 193#0:' 48/#23%6'( 8/1%":#&' &61=1 19@%=1 "#"
6# F#8#$%, :#" ' 2 O100''. D /100')0"'% 08%C'#3'0:E &1=4: 81>%/8Q64:? &61=1 C%661=1 ' 813%561=1 '5 U:1) "6'=' $3( 812ER%6'( ULQL%":'2610:' 2%$%6'( 8/1%":12 ' 021%=1 8/1L%00'16#3?61=1 /10:#.
!"#$"% &"'()"*+,-%,
,./0,-% #"1.2+3# 2,'$',04", Project Management Institute,
04", International Project Management Association,04", 53**'%*23% 6**37'.7'' 89#.)4",': ;#3"2+.<' !=>&?@
1#("%2,+3.*().//.2 ) /.4("
%/&5"+,#/5()+3".)'#/%2 3"(#*5.,%
N15&1B610:' 48/#23%6'( 8/1%":#&' (PM) 6# 0%=1$6(R6')$%6? $10:'=3' 8'"# 021%=1 '0:1/'>%0"1=1 /#52':'(. +%312 :1&, >:1 48/#23%6'% 8/1%":#&' 0:#31 8/%$81>:':%3?61)
0:/#:%='%) 2%$%6'( 9'56%0#, ' :1&4 %0:? &61B%0:21 02'$%:%3?0:2.-/486E% "1/81/#C'', 31"1&1:'2E #&%/'"#60"1) U"161&'"', 8/1Q2%3' R'/1"1�R:#96E% #"C'' 81 "1/81/#:'261&4 48/#23%6'78/1%":#&' ' 10612#3' C%6:/E 48/#23%6'( 8/1%":#&', "1:1/E%8/%$6#56#>%6E $3( 015$#6'( 0/%$E, 0810190:247@%) 408%J4 PM.I:19E 812E0':? 0217 "16"4/%6:1081019610:?, B4/6#3 «Fortune500»1 1/=#6'512#3 612E) L1/4& 81 18/%$%3%6'7 0/#26':%3?61)ULL%":'2610:' (9%6>&#/"'6=) 48/#23%6'( 8/1%":#&', 5#$#>%) "1Q:1/1=1 0:#31 2E(23%6'% 34>R'J 8/#":'" PM. A%913?R'% L'/&E:1B% 0:#/#7:0( 6% 1:0:#:? 2 U:1) =16"% 5# 3'$%/#&'. D6:%/%061 :1,>:1 $#661% (23%6'% 610': 20%1J2#:6E) J#/#":%/. - 193#0:(&, 2 "1Q
1 T4/6#3 «Fortune» (<V!) 2%$%: %B%=1$61 196123(7@')0( 08'01"500 "/486%)R'J "1&8#6') <V!, /#6B'/12#66EJ 81 19W%&4 8/1$#B. —;#'<. #"1.
10
:1/EJ '0813?512#6'% 48/#23%6'( 8/1%":#&' 0:#31 :/#$'C'16Q6E&, 8/'01%$'6(7:0( :#"'% 8/%$0:#2':%3' 6121) U"161&'"', "#"2E01"'% :%J6131='' ' :%3%"1&&46'"#C''.O%543?:#:1& 81$1961) 81843(/610:' 0:#3 U"0816%6C'#3?6E)
/10: "#" "13'>%0:2# >3%612 D60:':4:# 48/#23%6'( 8/1%":#&'(PMI) — "/486%)R%) 2 &'/% #001C'#C'' &%6%$B%/12 8/1%":12, —:#" ' "13'>%0:2# 0%/:'L'C'/12#66EJ 8/1L%00'16#312 48/#23%Q6'( 8/1%":#&' (PMP). S13%% :1=1, #2:1/':%: "1/'L%%2 48/#23%6'(8/1%":#&' 812E0'30( ' 5# 8/%$%3#&' U:1) 0L%/E. *1& .%:%/0 (TomPeters) 6#5E2#%: /#91:4 &%6%$B%/# 8/1%":# /#91:1) 61&%/ 1$'6 2XXI 2%"%. K3'#J'( ;13$/#:: (Eliahy Goldratt), 8'16%/ :%1/'' 1=/#Q6'>%6'), /#00&#:/'2#%: 48/#23%6'% 8/1%":#&' "#" 03%$47@')L/16:'/ 6%8/%/E261=1 012%/R%60:212#6'( 9'56%0#. NE/#B#( $1Q2%/'% " 4:2%/B$%6'(& U:'J =4/4 &%6%$B&%6:#, "1&8#6'' 4B% 0$%Q3#3' &'33'#/$6E% 231B%6'( 2 194>%6'% 8%/016#3# 48/#23%6'78/1%":#&'.H06126#( /13? 2 /#52':'' $#661=1 6#8/#23%6'( 8/'6#$3%B':
48/#23%6'7 8/1%":6E&' 8/1C%00#&', >:1 (23(%:0( %0:%0:2%66E&03%$0:2'%& 20%19@%=1 «$2'B%6'( 5# "#>%0:21» 1980QJ =1$12. ./1QC%00 48/#23%6'( 19%08%>'2#%: 81>:' 9%00:E"121% 2E8136%6'%6#$3%B#@'& 19/#51& 481/($1>%66EJ 18%/#C') ' L#5 8/1%":#,8/'21$(@%% " $10:'B%6'7 810:#23%661) C%3'. <4:? U:1=1 8/10:#:>:19E 021%2/%&%661 2E$#2#:? 812:1/(%&E% 2E01"1"#>%0:2%66E%8/1$4":E, 6%19J1$'&1 48/#23(%&1% ' 8/%$0"#54%&1% '08136%6'%8/1%":12. I:19E U:1 0:#31 215&1B6E&, :/%94%:0( &%J#6'5&, 20:/1Q%66E) 2 8/1C%00E, — 6#8/'&%/, 6#91/ '60:/4&%6:12 48/#23%6'(8/1%":#&'. H6 19%08%>'2#%: 8/'&%6'&E) 6# 8/#":'"% ' 10(5#%Q&E), 61 8/' U:1& 0'0:%&#:'5'/12#66E) 081019 83#6'/12#6'( '"16:/13( 8/1%":12. <12%/R%661 1>%2'$61, >:1 40'3'2#:? 8/1C%0048/#23%6'( 8/1%":#&' 156#>#%: 40'3'2#:? 6#91/ 011:2%:0:247Q@'J '60:/4&%6:12. .1U:1&4 106126#( C%3? "6'=' — 8/%$0:#2':?8%/%>%6? '60:/4&%6:12 (&%:1$12 ' :%J6'") 48/#23%6'( 8/1%":#&'' 8/%$31B':? :2%/$E% "/':%/'' 1:91/#, 81$0:/1)"' 81$ 64B$E813?512#:%3( ' 20:/#'2#6'( 6#'913%% &1@6EJ '5 6'J 2 «'60:/4Q&%6:#3?6E) (@'"», "1:1/E) 5#:%& &1B%: 9E:? 26%$/%6 2 8/1C%00..1 &%/% :1=1 "#" 2%$4@'% "1&8#6'' 8/1$13B#7: 4"/%83(:?
021' 8/1%":6E% 8/1C%00E, $/4='% 1/=#6'5#C'' 015$#7: 8%/2E%8/1C%00E, 8/'52#66E% 481/($1>':? 'J 0:/#:%='>%0"'% ' :#":'Q>%0"'% 8/1%":E. N 6#0:1(@%) "6'=% :#"B% 18'0#6E 106126E% 0:/1Q':%3?6E% 931"' $3( $10:'B%6'( C%3%) 0 81&1@?7 6#91/# '60:/4Q&%6:12. N U:1) "6'=% /#00"#5E2#%:0( 1 6#91/% '60:/4&%6:1248/#23%6'( 8/1%":#&', # 6% 19 48/#23%6'' 8/1%":#&' '3' 8/1%":Q
11
*%$#)+,"-)$
6E&' 8/1C%00#&', >:1 56#>':%3?61 1:3'>#%: %% 1: :/#$'C'1661)3':%/#:4/E 81 PM, =$% 1061261) #"C%6: $%3#%:0( 6# :%1/%:'>%0"1%18'0#6'% 8/1C%00# 48/#23%6'( 1:$%3?61 25(:E& 8/1%":1& ' 3'R?2/%&( 1: 2/%&%6' "/#:"1 /#00&#:/'2#7:0( 1:$%3?6E% "3#00'>%0Q"'% '60:/4&%6:E, '0813?54%&E% $3( U:1=1. +#66#( "6'=#, 6#8/1Q:'2, #$/%012#6# &%6%$B%/#& 8/1%":12, "1:1/E% 813#=#7:, >:1 4B%$10:#:1>61 6#034R#3'0? :%1/'), ' :%8%/? J1:(:, >:19E U:' :%1/''9E3' «48#"12#6E 2 '60:/4&%6:#3?6E) (@'"», "1:1/E) 16' 01 56#Q6'%& $%3# 0&1=4: '0813?512#:? 2 64B61% 2/%&( ' 64B6E& 19/#51&.
6!76789 !7:;<= >;1?@=;A;H061261) C%3?7 $#661) "6'=' (23(%:0( "160:/4'/12#6'% 6%Q
19J1$'&1=1 6#91/# '60:/4&%6:12. ;/#L'>%0"' 8/1C%00 "160:/4'Q/12#6'( '519/#B%6 6# /'0. 1.H:&%:'& 2"/#:C%, >:1 2 =3#2% 1 /#00&#:/'2#%:0( 810:/1%6'% 6#Q
91/# '60:/4&%6:12, 81$$%/B'2#7@%=1 "16"4/%6:647 0:/#:%='7"1&8#6'', # =3#2E 2—15 8/%$0:#23(7: 0191) J/#6'3'@% 913%%>%& 50 '60:/4&%6:12, 8/'>%& 481&'6#6'% "#B$1=1 '5 U:'J '60:/4Q&%6:12 018/121B$#%:0( 19W(06%6'%&, "#" %=1 '0813?512#:?, —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«'60:/4&%6:#3?6E) (@'"» 48/#23%6'( 8/1%":#Q&', # :#"B% 8/'2%$%61 6%0"13?"1 8/#":'>%0"'J 8/'&%/12. A'B%8/%$0:#23%61 913%% $%:#3?61% 18'0#6'% U:'J R#=12.
12
H061261) 8/%$&%: /#00&1:/%6'( >#0:' I — 2#B610:? /13' «'6Q0:/4&%6:#3?61=1 (@'"#» 2 /#5/#91:"% 8/1%":#. N 6%) &E 8/1$%Q&160:/'/4%& 19@') 81$J1$ " '0813?512#6'7 '60:/4&%6:12 $3(015$#6'( «'60:/4&%6:#3?61=1 (@'"#»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
C'#. 1. <:/4":4/# "6'='
13
*%$#)+,"-)$
*%& 08%C'#3'0:#&, /#91:# "1:1/EJ 5#"37>#%:0( 2 83#6'/12#Q6'' 8/1%":#, 03%$4%: 26'&#:%3?61 '54>':? =3#2E 4—10. N 6#R%2/%&( 0 5#"#5>'"#&' 8/'J1$':0( 19/#@#:?0( "#" 0 1019#&' "1/1Q3%20"1) "/12'. D&%661 81U:1&4 >#0:? I 6#>'6#%:0( 0 /#00&1:/%6'('60:/4&%6:12, 6#8/#23%66EJ 6# 810:/1%6'% 25#'&11:61R%6')0 5#"#5>'"1&. F$%0? /#00"#5E2#%:0( 1 :1&, "#" 403ER#:? ' 4021':?&6%6'% 5#"#5>'"# ' 1/'%6:'/12#:?0( 6# 6%=1 8/' /#5/#91:"% 8/1Q%":6EJ 8/1C%0012 '3' 8/1$4":#. H:8/#261) :1>"1) $13B6# 0:#:?"3#00'>%0"#( 8/1%":6#( :/'#$# «01$%/B#6'% — 2/%&( — 0:1'Q&10:?». H0191% 26''% &E 4$%3'& '60:/4&%6:#& 18/%$%3%6'(01$%/B#6'( 8/1%":#, L1/&43'/12#6'( %=1 C%3%), "16:/13?6EJ 01Q9E:'), 8/%$&%:12 810:#2"' ' $184@%6'). ,E 19W(06'&, "#" '$%6Q:'L'C'/12#:? 18%/#C'', 40:#612':? 25#'&102(5' &%B$4 6'&',1C%6':? 'J $3':%3?610:', 49%$':?0( 2 'J /%04/061) 19%08%>%661Q0:', 8/'>%& 20% 0"#5#661% 94$%: 1/'%6:'/12#61 6# /#5/#91:"4 /#0Q8'0#6'( 8/1%":#. A#"16%C, '60:/4&%6:E, 18'0E2#%&E% 2 U:1)>#0:', 815213(: 18/%$%3':? :/%94%&E% /%04/0E, /#00>':#:? 'J0:1'&10:' ' /#5$%3':? 6%19J1$'&E% /%04/0E 81 "16"/%:6E&18%/#C'(& 8/1%":# 2 :%>%6'% 011:2%:0:247@'J 2/%&%66EJ '6:%/Q2#312, :%& 0#&E& 015$#2 /#08/%$%3%66E) 21 2/%&%6' 97$B%: 0:1Q'&10:' 8/1%":#. F#:%& &E 19/#:'&0( " '60:/4&%6:#& 83#6'/12#Q6'( "#>%0:2# ' 2081&1=#:%3?6E& 8/1C%00#& — 83#6'/12#6'7/'0"12 ' 83#6'/12#6'7 "1$E.N =3#2#J 11—15 >#0:' III /#00&#:/'2#7:0( 6%0"13?"1 =/488 '6Q
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
14
O#5/#91:"% "#/"#0# $3( 2E91/# '60:/4&%6:12 ' 'J 81$0:/1)"'81$ 81:/%9610:' 813?512#:%3( 8102(@%6# >#0:? IV. +%)0:2':%3?Q61, :%8%/?, "1=$# '52%0:61, "#"'% '60:/4&%6:E 6#& $10:486E, 81/#8%/%J1$':? " =3#2% 16, =$% 81"#5#61, "#" 1:19/#:? '60:/4&%6:E $3(2"37>%6'( 2 «'60:/4&%6:#3?6E) (@'"». K:1 $10:'=#%:0( 810/%$Q0:21& 46'"#3?61=1 0':4#:'261=1 (/#00>':#661=1 6# /#53'>6E%6%8/%$2'$%66E% 034>#') "#/"#0#, 81>:' 6% 8/%$0:#23%661=1 2 :/#Q$'C'1661) 3':%/#:4/%. H6 8/'52#6 81&1>? 1:19/#:? :% '60:/4Q&%6:E, "1:1/E% 6#'34>R'& 19/#51& 1:2%>#7: "16"/%:61) 0'Q:4#C''. I:19E 0$%3#:? 8/'&%6%6'% '60:/4&%6:12 2 /%#3?6EJ40312'(J 913%% 6#=3($6E&, "6'=# 018/121B$#%:0( 6%0"13?"'&'8/'31B%6'(&', 01$%/B#@'&' 8/'&%/E «'60:/4&%6:#3?6EJ (@'Q"12» $3( /($# 0':4#C'), "1:1/E% 20:/%>#7:0( 8/' 2E8136%6''8/1%":12. K:' 0':4#C'' 5#:/#='2#7: 8/1%":E /#53'>6EJ /#5&%Q/12 ' 031B610:' ' 1:610(:0( " /#56E& 8/%$&%:6E& 193#0:(&. <3%Q$4%: :#"B% $19#2':?, >:1 40:#6#23'2#%:0( >%:"#( 25#'&102(5?&%B$4 '60:/4&%6:#&', /#00&#:/'2#%&E&' 2 $#661) "6'=%, ' 81Q843(/6E& '5$#6'%& D60:':4:# 48/#23%6'( 8/1%":#&' «A Guide toProject Management Body of Knowledge».
61@BC1B@; DA;EN >#0:' /#00&1:/%6'( 1:$%3?6EJ '60:/4&%6:12 48/#23%6'(
8/1%":#&' =3#2E 2—15 '&%7: 1$61:'8647 0:/4":4/4 ' J1$ '531QB%6'( (/'0. 2).D3,>,(',. K:1: /#5$%3, "#" 8/#2'31 5#6'@') 1$64 0:/#6'Q
C4, 8/%$10:#23(%: 8136E) 08'01" '60:/4&%6:12, /#00&#:/'2#%Q&EJ 2 $#661) =3#2%. -/1&% :1=1, 16 18/%$%3(%: 5#$#>' 6#52#66EJ'60:/4&%6:12 ' '3370:/'/4%: 'J /13? 2 8/1C%00% 48/#23%6'( 8/1Q%":#&', # :#"B% '53#=#%: C%3' =3#2E.&(#$)*+,($-. N "#B$1) =3#2% /#00&#:/'2#7:0( =/488E '60:Q
/4&%6:12, "1:1/E% 8/'6#$3%B#: " "16"/%:6E& 8/1C%00#& 48/#2Q3%6'( 8/1%":#&', 6#8/'&%/ " 8/1C%004 83#6'/12#6'( /'0"12.H8'0#6'( '60:/4&%6:12, "#" ' =3#2E, '&%7: 0J1$647 0:/4":4/4 'J1$ '531B%6'(.E"12A9'$,2%(-, ;"+,9"('4. M%3? U:1=1 /#5$%3# — 8/%$10:#Q
2':? 4"#5#6'( 81 2E91/4 '60:/4&%6:12, 1=/#6'>'2#(0? /#&"#&'=3#2E. F$%0? 01$%/B':0( 1919@#7@') #6#3'5 20%J '60:/4&%6:12,2J1$(@'J 2 $#6647 =3#24, 4:1>6(%:0(, $18136(7: U:' '60:/4Q&%6:E $/4= $/4=# '3' 2E8136(7: 1$'6#"12E% L46"C'', # 81:1&4(23(7:0( "16"4/%6:#&' 2 =3#5#J 813?512#:%3(. N "16:%"0:% =3#2E/#00&#:/'2#7:0( 0':4#C'', 2 "1:1/EJ 8/%$81>:':%3?6E& 94$%:'0813?512#6'% :1=1 '3' '61=1 '60:/4&%6:#.
15
*%$#)+,"-)$
61@BC1B@; 7!=6;F=G =F61@B>?F17EH8'0#6'( 20%J '60:/4&%6:12, /#00&#:/'2#%&EJ 2 =3#2#J 2—15,
'&%7: %$'6119/#5647 0:/4":4/4 (/'0. 3).!$0 $"10, '(#$)*+,($? +#66E) /#5$%3 19E>61 8/%$0:#23(%:
0191) 1$'6Q$2# #95#C#, 18'0E2#7@'% C%3? '60:/4&%6:# ' %=1 10Q6126E% >%/:E 01 00E3"1) 6# 8/'&%/ — '3370:/#:'26E) &#:%/'Q#3, "1:1/E) 81&1=#%: 816(:?, 6# >:1 81J1B 6#52#66E) '60:/4Q&%6:.F0(#$)*')03"(', '(#$)*+,($". K:1: /#5$%3 $%:#3'5'/4%:
R#=', 2J1$(@'% 2 "160:/4'/12#6'%, 810:/1%6'% '3' /#5/#91:"4'60:/4&%6:# ' 010:1(@'% '5 0121"48610:' 81$R#=12, "1:1/E%18'0E2#7: "16"/%:6E% 18%/#C''. .1 04@%0:24, U:1 19W(06%6'%8/'6C'8# $%)0:2'( '3' 40:/1)0:2# '60:/4&%6:#.&#/02%;03"(', '(#$)*+,($". +#66E) /#5$%3 2"37>#%: 2 0%9(
&61B%0:21 U3%&%6:12. K3%&%6: «"1=$# '0813?512#:? '60:/4&%6:»/#5W(06(%:, 2 "#"'J 0':4#C'(J '60:/4&%6: &1B%: 9E:? 8/'&%6%6.<"13?"1 2/%&%6' 81:/%94%:0( &%6%$B%/4 '3' "1$% 8/1%":# 6#/#91:4 0 '60:/4&%6:1&, 18'0#61 U3%&%6:1& «2/%&( '0813?512#6'(».K3%&%6: «2E=1$E» 81"#5E2#%:, "#"47 C%6610:? $#66E) '60:/4&%6:'&%%: $3( 813?512#:%3(. K3%&%6: «8/%'&4@%0:2# ' 6%$10:#:"'»8/'23%"#%: 26''% " 8/10:1:%/031B610:' '60:/4&%6:# ' :/4$1Q%&"10:' %=1 8/'&%6%6'(. K3%&%6: «2#/'#C''» 18'0E2#%: /#53'>Q6E% 6#52#6'( ' 2%/0'' 1$61=1 ' :1=1 B% '60:/4&%6:#. S13?R47>#0:? 2/%&%6' '60:/4&%6: /#00&#:/'2#%:0( 2 021%) 19@%) L1/&%,:1 %0:? 2 :1& 2'$%, 2 "#"1& 16 '0813?54%:0( 21 &61='J 1:/#03(J. .1Q&1>? >':#:%37 #$#8:'/12#:? '60:/4&%6: " 64B$#& "16"/%:61=18/1%":# 8/'52#6 U3%&%6: «81$0:/1)"# 81$ 64B$E 813?512#:%3(».
C'#. 2. .3#6 =3#2E
16
G30>(0, 0/'#"(', ' /)03,)1" '(#$)*+,($". N "16C% "#B$1=1/#5$%3#, 8102(@%661=1 U3%&%6:4, 8/'21$':0( /%57&%, 2 "1:1/1&L1/&43'/47:0( C%3', 4"#5E2#7:0( 081019E '0813?512#6'( ' 2EQ=1$E $#661=1 '60:/4&%6:#, # :#"B% 8/%$3#=#%:0( "16:/13?6E)08'01", 815213(7@') $13B6E& 19/#51& 8/'&%6':? '3' 0:/4":4Q/'/12#:? 8/%$0:#23%66E) '60:/4&%6:.H:@', I2,+,($-. -/1&% 0:/4":4/'/12#66EJ =3#2 ' 18'0#6')
'60:/4&%6:12, 2 "6'=% 20:/%>#7:0( ' $/4='% U3%&%6:E 0:/4":4/'Q/12#6'(, 5#$#># "1:1/EJ — 8/%$0:#2':? '6L1/&#C'7, 4=3493%6Q647 '3' /#0R'/%6647 81 0/#26%6'7 0 106126E& :%"0:1&. K:12/%5"', 2 "1:1/EJ &1=4: 01$%/B#:?0( 03%$47@'% 02%$%6'(:
• 012%:E;• "16:/13?6E% 08'0"';• $%:#3?6E% 8/'&%/E;• "%)0E;• 9#512#( '6L1/&#C'(.
C;C <=1;1H I1B CF=DB<%=1$6(R6'% &%6%$B%/E 8/1%":12 — 8/%$%3?61 5#6(:E% $%31Q
2E% 37$'. A%&61='% 0&1=4: 2E"/1':? 2/%&(, >:19E 8/1>':#:? U:4"6'=4 1: "1/"' $1 "1/"'. X03' 0&1=4: — "6'=# 94$%: /#0"/E2#:?0(8%/%$ 6'&', 03%$4( %0:%0:2%661&4 B'56%661&4 C'"34 8/1%":#. X03'6%:, &E 81$0"#B%&, "#" 6#):' 2 6%) 1:2%: 6# "16"/%:6E) 218/10:
• >':#:%37, '6:%/%047@%&40( "#"'&Q3'91 '60:/4&%6:1& 48Q/#23%6'( 8/1%":#&', /%"1&%6$4%:0( 2 $%:#3(J '54>':? $#6Q6E) '60:/4&%6:;
C'#. 3. <:/4":4/# 18'0#6'( '60:/4&%6:12
17
*%$#)+,"-)$
• >':#:%37, '6:%/%047@%&40( 18/%$%3%661) =/4881) '60:/4Q&%6:12, — '54>':? &#:%/'#3, 1:610(@')0( "1 20%) =/488%, 6#Q8/'&%/ '60:/4&%6:E $3( 2E91/# 8/1%":12 '3' /#5/#91:"'/#08'0#6'(, — U:1=1 94$%: 28136% $10:#:1>61;
• >':#:%37, '6:%/%047@%&40( 8/#":'>%0"'&' 8/'&%6%6'(&''60:/4&%6:12 2 :1) '3' '61) 1:/#03', 03%$4%: 81$/1961 '54Q>':? U:' =3#2E.
;3#26#( C%3? "6'=' 010:1': 2 :1&, >:19E 81&1>? 2 /#53'>6EJ8/%$&%:6EJ 193#0:(J 6'B%8%/%>'03%66E& 08%C'#3'0:#& 81 48Q/#23%6'7 8/1%":#&':
• >3%6#& 8/1%":6EJ "1$. K:# =/488# 8/1L%00'16#312 2 19Q3#0:' 2E8136%6'( 8/1%":12 >#0:1 0:#3"'2#%:0( 3'C1& " 3'C40 :1) '3' '61) 8/193%&1), "1:1/#( &1B%: 9E:? 3%="1 /%R%6#84:%& 8/'&%6%6'( "16"/%:61=1 '60:/4&%6:#. ./' 1:04:0:2''011:2%:0:247@%) 81$$%/B"' 2 1/=#6'5#C'', =$% 20% 5#=/4B%Q6E /#91:1), $#66#( "6'=# 81034B': 6#$%B6E& 84:%21$':%Q3%&, 6# "1:1/E) &1B61 8131B':?0(;
• &%6%$B%/#& 8/1%":12. ,61='% &%6%$B%/E /#91:#7: 2 1/=#6'Q5#C'(J, =$% 1:04:0:247: L1/?6E% 8/1C%00E 48/#23%6'(8/1%":#&' ' 011:2%:0:247@'% '60:/4&%6:E, ' 1>%6? 40:#7:1: 6%19J1$'&10:' 48/#23(:? 9%00'0:%&61 ', 6#>'6#( "#B$E)612E) 8/1%":, 0:#/:12#:? 0 643(. ./%$3#=#%&#( "6'=# 81&1QB%: '& 18/%$%3':? 0190:2%66E) R#9316 «'60:/4&%6:#3?61=1(@'"#», 25(:E) '5 93'5"1) 8/%$&%:61) 193#0:', ' #$#8:'/1Q2#:? %=1 81$ 021' 64B$E (0&. 8/'31B%6'(, 2 "1:1/EJ /#00&#:Q/'2#7:0( 8/#":'>%0"'% 8/'&%6%6'( 2 /#53'>6EJ 8/%$&%:6EJ193#0:(J). +/4='& &%6%$B%/#& 8/1%":12 &1=4: 816#$19':?0(1:$%3?6E% =3#2E '5 U:1) "6'=', >:19E 6#):' 612E%, 34>R'%'60:/4&%6:E ' 2"37>':? 'J 2 021' 4B% 04@%0:247@'% «'60:Q/4&%6:#3?6E% (@'"'» ' 8/1C%00E;
• &%6%$B%/#& &43?:'8/1%":12. *%&, ":1 48/#23(%: &61B%0:Q2%66E&' 8/1%":#&' ' >?' 1/=#6'5#C'' 6% /#5/#91:#3' 6#91Q/12 '60:/4&%6:12 $3( 48/#23%6'( 0121"48610:?7 8/1%":122 /%B'&% /#5$%3%6'(, U:# "6'=# 4"#B%: 84:? 015$#6'( 812:1Q/(%&1=1 ' 19%08%>'2#7@%=1 6% 0:13? /#51>#/12E2#7@'% /%Q543?:#:E 6#91/# '60:/4&%6:12, "1:1/E) 94$%: 81$$%/B'2#:?8/1C%00E 48/#23%6'( 8/1%":#&'. -6'=# 81&1B%: 18/%$%3':?0190:2%66E) R#9316 «'60:/4&%6:#3?61=1 (@'"#», 25(2 %=1 '593'5"1) 8/%$&%:61) 193#0:' (0&. 8/'31B%6'() ' 28103%$Q0:2'' #$#8:'/12#2. X03' 4 2#0 4B% %0:? 6#91/, "1:1/E) 64BQ
18
$#%:0( 2 /#0R'/%6'', 8/10&1:/':% =3#2E "6'=' 2 81'0"#J34>R'J '60:/4&%6:12;
• 23#$%3?C#&/"1$#& 8/1C%0012. H:$%3?6E% &%6%$B%/E '3'"1$E, 8%/%$ "1:1/E&' 810:#23%6# 5#$#># /#5/#91:#:?031B6E% 8/1C%00E 48/#23%6'( 8/1%":#&' '3' 434>R':? 04Q@%0:247@'%, 6#)$4: 2 "6'=% 8136E) "1&83%": '60:/4&%6:12$3( 6121=1 «'60:/4&%6:#3?61=1 (@'"#» '3' :% '60:/4&%6:E,"1:1/E% 1:04:0:247: 2 04@%0:247@%& «(@'"%». H6' :#"B% &1Q=4: '0813?512#:? 1$'6 '5 «'60:/4&%6:#3?6EJ (@'"12», "1:1Q/E% 8/%$0:#23%6E 2 >#0:', 18'0E2#7@%) 8/#":'>%0"'% 8/'Q&%6%6'(, 2 "#>%0:2% R#9316# $3( 83#6'/12#6'( 0190:2%661=16#91/# '60:/4&%6:12, 8/'52#661=1 19%08%>':? 81$$%/B"49E0:/1 /#52'2#7@'J0( ' 812:1/(%&EJ 8/1C%0012 48/#23%6'(8/1%":#&';
• 4>%6E&Q:%1/%:'"#& ' "16043?:#6:#&. +3( 4>%6EJQ:%1/%:'Q"12 $#66#( "6'=# &1B%: 0:#:? 81&1@6'"1& 2 8/12%$%6'' '0Q03%$12#6'), 21):' 2 08'01" /%"1&%6$4%&1) '&' 3':%/#:4/E$3( 8/1>:%6'( 81 8/%$&%:61&4 "4/04 3'91 81034B':? 81019'Q%& $3( 194>%6'( 0:4$%6:12 '0813?512#6'7 U:'J '60:/4&%6:12.-16043?:#6:E 81 218/10#& 6#56#>%6'), 0:/%&(@'%0( 81&1>?021'& "1&8#6'(& 2 /#5/#91:"% 8/1C%0012 ' «'60:/4&%6:#3?Q6EJ (@'"12», 81$=1:12"% 8/1L%00'16#312 81 48/#23%6'7 8/1Q%":#&' 3'91 /#52%/:E2#6'' '60:/4&%6:12, &1=4: '0813?51Q2#:? U:4 "6'=4 2 "#>%0:2% 10612E $3( :#"'J 6#56#>%6').
N#R' 1/=#6'5#C'' 2%$4: 810:1(6647 91/?94 0 "16"4/%6:#&'.I:19E 16' 819%$'3', 2#& 6%19J1$'&1 2E8136(:? 8/1%":E 9E0:/1,81"#5E2#:? 2E01"47 /%543?:#:'2610:? ' 8134>#:? "16"4/%6:1081Q0196E) 8/1$4":. +3( U:1=1 2#R' 8/1C%00E 48/#23%6'( 8/1%":#&'64B61 06#9$':? &1@6E& ' 81$0:/1%66E& 81$ "16"/%:6E% 81:/%9Q610:' 6#91/1& '60:/4&%6:12. ./%$3#=#%&#( "6'=# 81"#B%: 2#&,"#" U:1 0$%3#:?.
)(+.%/0$(.1)()2)'2))
3%"$4.'
65".5#J%K#&*.2 "('L«%/&5"+,#/5.'L/(J( 2M%*.»
+3".)'#/%2 3"(#*5.,%
A"43)"2 — B+3 C')3+,3", '*934D(/EFG"" ',*+#/<",+-. H"( ',*+#/<",+3)3, — ,'0+3, * ',*+#/<",+.<' 3, — )*".
*1� -#/3#)3
.120%$6%26#( 8/#":'"# =121/': 1 :1&, >:1 1:$%3?6E% '60:Q/4&%6:E 48/#23%6'( 8/1%":#&' 8/%$0:#23(7: 0191) 0/%$Q0:2#, 193%=>#7@'% $10:'B%6'% C%3' '3', =121/( "16"/%:Q
6%%, 8134>%6'% 8/%$&%:12 810:#2"' 8/1%":#. D J1:( :/#$'C'1661/13? :#"'J '60:/4&%6:12 0>':#%:0( 913%% >%& 04@%0:2%661), &E813#=#%&, >:1 6# 0#&1& $%3% 16' 20% %@% 6%$11C%6%6E. N >#0:61Q0:', '60:/4&%6:E 48/#23%6'( 8/1%":#&' &1=4: 9E:? '0813?512#Q6E "#" 106126E% 0:/1':%3?6E% 931"' $3( 810:/1%6'( «'60:/4&%6Q:#3?61=1 (@'"#». N U:1) 6121) /13' «'60:/4&%6:#3?6E) (@'"»19%08%>'2#%: 81$$%/B"4 8/1C%00# 0:#6$#/:'5'/12#661=1 48/#23%Q6'( 8/1%":#&' (SPM). M%3? 6#0:1(@%) =3#2E 010:1': 2 :1&, >:19E:
• 8/1(06':? 61247 /13?;• 19W(06':? %% 0:/#:%='>%0"47 2#B610:?.
22
5,'-'
1+3( $10:'B%6'( 6#52#66EJ C%3%) &E 06#>#3# /#00&1:/'& U:4
61247 /13? 2 19@%&, # 5#:%& /#5W(06'& 6%"1:1/E% %% "16"/%:6E%#08%":E.
F7E;G @7AH«=F61@B>?F1;AHF7D7 GN=C;»B!@;EA?F=G !@7?C1;>=-#" 81"#5#61 6# /'0. 1.1, :'8'>6E) 0:#6$#/:'512#66E) 8/1Q
C%00 48/#23%6'( 8/1%":#&' 2"37>#%: 2 0%9( L#5E 8/1C%00#, "16:Q/13?6E% 019E:'(, :%J6'>%0"'% /%543?:#:E ' /%543?:#:E 48/#23%Q6'(. .1$$%/B"# $#661=1 8/1C%00# — >#0:? 6121) /13' 6#91/#'60:/4&%6:12 (2 $#66E) &1&%6: &E #"C%6:'/4%& 26''% :13?"16# 48/#23%6>%0"'J /%543?:#:#J ' «'60:/4&%6:#3?61& (@'"%»).N :#"1) 81$$%/B"% 2#B6E $2# 8/'6C'8#. N1Q8%/2EJ, "#B$E) "16Q"/%:6E) 48/#23%6>%0"') /%543?:#: 81$$%/B'2#%:0( "16"/%:6E&'60:/4&%6:1& '3' '60:/4&%6:#&' '5 6#91/#. <3%$12#:%3?61, "#BQ$E) '5 U:'J '60:/4&%6:12 1:9'/#%:0( 81 L#":4 0'0:%&#:'>%0"1=18/'&%6%6'(, 81&1=#7@%=1 8134>':? :/%94%&E) 8/%$&%: 810:#2Q"'. N1Q2:1/EJ, «'60:/4&%6:#3?6E) (@'"» 0"160:/4'/12#6 :#"'&19/#51&, >:19E 2"37>#:? 2 0%9( 20% '60:/4&%6:E, 6%19J1$'&E%$3( 8134>%6'( 81361) 0121"48610:' 48/#23%6>%0"'J /%543?:#:128/1C%00# 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&', >:1 81"#5#Q61 6# /'0. 1.1 0 81&1@?7 :%&61=1 L16#, 1:&%>#7@%=1 /%543?:#:E '6#91/ '60:/4&%6:12. H>%2'$61, >:1 «'60:/4&%6:#3?6E) (@'"»/#5/#9#:E2#%:0( $3( "16"/%:61=1 8/1C%00# 0:#6$#/:'512#661=148/#23%6'( 8/1%":#&'. X03' 9E U:1: 8/'6C'8 6% 01937$#30(, 2&%Q0:1 «'60:/4&%6:#3?61=1 (@'"#» 4 6#0 9E3# 9E 0121"48610:? 1:$%3?Q6EJ '60:/4&%6:12, 2E8136(7@'J :4 B% /13?, >:1 ' :/#$'C'166E%'60:/4&%6:E 48/#23%6'(. *%J6'>%0"'% /%543?:#:E ' 011:2%:0:Q247@'% '& '60:/4&%6:E 18/%$%3(7:0( 08%C'L'"1) 8/1%":#, ' 'J1904B$%6'% 2EJ1$': 5# /#&"' 6#0:1(@%) "6'='.F6#>'&10:? 6121) /13' «'60:/4&%6:#3?61=1 (@'"#» 48/#23%Q
6'( 8/1%":#&' 1>%2'$6#. O#5/#91:#66E) "#" 6#91/ 8/%$2#/':%3?Q61 18/%$%3%66EJ '60:/4&%6:12, «'60:/4&%6:#3?6E) (@'"» 19%0Q8%>'2#%: 81$$%/B"4 8/1C%00# 0:#6$#/:'512#661=1 48/#23%6'(8/1%":#&' 810/%$0:21& 8/%$10:#23%6'( 8/#":'>%0"1=1 ' 10(5#%Q&1=1, 61 8/' U:1& 0'0:%&#:'5'/12#661=1 84:' 8134>%6'( 0121"48Q610:' /%543?:#:12 48/#23%6'( 81 $#661&4 8/1C%004. <:/#:%='>%0Q"1% 56#>%6'% 81$$%/B"' 81"#5#61 6# /'0. 1.2. A#8/#23%66E% 22%/J0:/%3"' $%&160:/'/47:, >:1 «'60:/4&%6:#3?6E) (@'"» 81$$%/QB'2#%: 8/1C%00 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&', "1:1Q/E) 81&1=#%: /%#3'512#:? 0:/#:%='7 48/#23%6'( 8/1%":#&', # 03%Q$12#:%3?61, ' "16"4/%6:647 0:/#:%='7 "1&8#6'', 6#8/#23%6647
23
!.%'.$6)7$+4'8 %",9 «)(+.%/0
$(.',9("6" 8:)4'»
/3%'-,$()8 3%"$4.'0)
6# 19%08%>%6'% %% 2EB'2#6'( ' /10:#. +3( :1=1 >:19E 913%% 2E01"')4/12%6? $%)0:2':%3?61 81$$%/B'2#30( 913%% 6'5"'&, "16"4/%6:6#(0:/#:%='( $13B6# 9E:? $2'B4@%) 0'31) 0:/#:%='' 48/#23%6'(,"1:1/#( 18/%$%3(%: ' 6#8/#23(%: 8/1C%00E 0:#6$#/:'512#661=148/#23%6'( 8/1%":#&', >:1 6#8/(&47 23'(%: 6# 0:/4":4/4 6#91/#'60:/4&%6:12 (U:1 81"#5#61 0 81&1@?7 6#8/#23%66EJ 26'5 0:/%Q31"). <12%/R%661 1>%2'$61, >:1 612#( /13? «'60:/4&%6:#3?61=1(@'"#» '08136(%:0( 2 913%% R'/1"1&, 0:/#:%='>%0"1& "16:%"0:%48/#23%6'( 8/1%":#&'. !6#3'5 $#661=1 "16:%"0:#, %=1 U3%&%6:12 ''J 25#'&11:61R%6') 94$%: 8/%$0:#23%6 6'B%.
C'#. 1.1. ./'&%/ 8/1C%00# 0:#6$#/:'512#661=1 48/#23%6'(8/1%":#&' 0 011:2%:0:247@'& «'60:/4&%6:#3?6E& (@'"1&»
24
5,'-'
1
61@;1?D=G B!@;EA?F=G !@7?C1;>=!7::?@O=E;?1 C7FCB@?F1FBP 61@;1?D=PO#00&1:/%6'% 0:/#:%='>%0"1=1 1"/4B%6'( 48/#23%6'( 8/1%":#Q
&' 81&1B%: 6#& 816(:? 1:$%3?6E% #08%":E 6121) /13' 6#91/# '6Q0:/4&%6:12 — 2 >#0:610:', "#"'& 19/#51& $13B61 19%08%>'2#:?0(011:2%:0:2'% &%B$4 81$$%/B"1) 8/1C%00# 0:#6$#/:'512#661=1 48Q/#23%6'( 8/1%":#&', 1"#5E2#%&1) «'60:/4&%6:#3?6E& (@'"1&»,' "16"4/%6:61) 0:/#:%='%). *#" "#" :1>"1) 1:0>%:# 034B': 2%/R'Q6# 8'/#&'$E (/'0. 1.2), &E 6#>6%& '&%661 1:07$# — 0 "16"4/%6:Q61) 0:/#:%=''.<4:? "16"4/%6:61) 0:/#:%='' 010:1': 2 015$#6'' 8/%'&4@%Q
0:2#, "1:1/1% 815213': "1&8#6'' 191=6#:? 021'J "16"4/%6:12 [1].I:19E 19%08%>':? :#"1% 8/%'&4@%0:21, "1&8#6'' 5#$%)0:247:021' 1/=#6'5#C'166E% /%04/0E [2]. ./%$0:#2'& 0%9%, 6#8/'&%/,48/#23%6'% 8/1%":#&' "#" 1/=#6'5#C'166E) /%04/0. +3( :#"1=18/%$0:#23%6'( 813%56E& &1B%: 1"#5#:?0( 931" 19@'J "16"4/%6:Q6EJ 0:/#:%=') ($#3%% 8/10:1 "16"4/%6:6EJ 0:/#:%=')), 81"#5#6Q6E) 6# /'0. 1.3 [3].<4:? 0:/#:%='), 1/'%6:'/12#66EJ 6# $10:'B%6'% 1:3'>')
("2#$/#6:, 011:2%:0:247@') 2E01"1) $'LL%/%6C'#C''/2E01"1)0:1'&10:' 6# /'0. 1.3), 010:1': 2 'J 081019610:' 8/%$31B':? "3'Q%6:#& 6%>:1 1:3'>61% 1: :1=1, >:1 8/%$3#=#7: "16"4/%6:E. .1$U:'& «1:3'>6E&» &1B%: 81$/#54&%2#:?0( &%6?R%% 2/%&( 2EJ1$#
C'#. 1.2. .'/#&'$#, 18'/#7@#(0(6# «'60:/4&%6:#3?6E) (@'"» 48/#23%6'( 8/1%":#&'
25
!.%'.$6)7$+4'8 %",9 «)(+.%/0
$(.',9("6" 8:)4'»
/3%'-,$()8 3%"$4.'0)
6# /E61" ("1:1/1% '0813?512#61 2 "#>%0:2% 8/'&%/# 6# /'0. 1.3),2E01"1% "#>%0:21, :%J6131='>%0"'% '6612#C'', 1019E% J#/#":%/'Q0:'"', 8/%210J1$61% 19034B'2#6'% ' :. $. <:/%&(0? 19%08%>':?8/%210J1$0:21 021'J 8/1$4":12, "1&8#6'', '0813?547@'% 81$19Q6E% 0:/#:%='', /%#3'547: 2 6'J 20% J#/#":%/'0:'"', 5# "1:1/E%5#"#5>'" =1:12 83#:':?. K:1 $#%: '& 215&1B610:? 6#56#>#:? 5#021' 8/1$4":E 913%% 2E01"47 C%64, "1:1/#( 81"/E2#%: 5#:/#:E 6#8134>%6'% 1:3'>':%3?6EJ J#/#":%/'0:'" [4].
-1&8#6'', 2E9'/#7@'% 0:/#:%='' &'6'?61) 0:1'&10:', 6#QC%3'2#7:0( 6# $10:'B%6'% 40:1)>'21=1 C%6121=1 8/%'&4@%0:2# 811:61R%6'7 " "16"4/%6:#& ("2#$/#6:, 011:2%:0:247@') 6'5"1) $'LQL%/%6C'#C''/6'5"1) 0:1'&10:' 6# /'0. 1.3). D$%( 010:1': 2 :1&, >:1Q9E '0813?512#:? L#":1/ 6'5"1) 0:1'&10:' $3( 015$#6'( C%6121=1 1:Q/E2# 1: "16"4/%6:12 ' :%& 0#&E& 1:19/#:? 4 6'J 18/%$%3%6647 $137/E6"#. X@% 1$'6 081019 — 8134>#:? 913%% 2E01"47 8/'9E3?, 8/1$#Q2#( 8/1$4": 81 :%"4@%) /E61>61) C%6% [5]. K:1: 081019 J1/1R 8/'6#3'>'' :2%/$1=1 9#5121=1 8/1$4":#, 06#9B%661=1 6%913?R'&' $1Q
C'#. 1.3. ./'&%/E 0:/#:%='), 8/1C%0012 48/#23%6'( 8/1%":#&'' 6#91/12 '60:/4&%6:12, 81$$%/B'2#7@'J "16"4/%6:6E%
0:/#:%=''
26
5,'-'
18136%6'(&', ' 8/' 1$612/%&%661& 81'0"% 612EJ 84:%) 06'B%6'(C%6E 9%5 4J4$R%6'( "#>%0:2# ' 1:"#5# 1: 106126EJ J#/#":%/'0:'".-1&8#6'', 1/'%6:'/47@'%0( 6# 6#'34>R47 0:1'&10:?, 01>%:#Q
7: 1:3'>':%3?6E% J#/#":%/'0:'"' 0 6'5"1) 0:1'&10:?7 ("2#$/#6:,011:2%:0:247@') 2E01"1) $'LL%/%6C'#C''/6'5"1) 0:1'&10:' 6#/'0. 1.3). K:1: 81$J1$ $13B%6 8/'2%0:' " :1&4, >:1 C%6610:? 8/1$4"Q:# 2 =3#5#J 5#"#5>'"# 94$%: 1019%661 2E01"# —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— 2#/'#6:, 6% 8/'%&3%&E)2 0%=1$6(R6'J "16"4/%6:6EJ 9':2#J 5# 2EB'2#6'% ' 8/1C2%:#6'%.N10813?54%&0( 18'0#66E& 931"1& "16"4/%6:6EJ 0:/#:%='), >:1Q
9E 816(:?, "#" 48/#23%6'% 8/1%":#&' 81&1=#%: 015$#2#:? "16"4/%6Q:6E% 8/%'&4@%0:2#. O#00&1:/'& :/' "1&8#6'': Intel, ArmstrongWorld Industries (AWI) ' Oregon Anesthesiology Group (OAG). -16"4/%6Q:6#( 0:/#:%='( L'/&E Intel 1/'%6:'/12#6# 6# $10:'B%6'% 1:3'>')(0&. /'0. 1.3). H6# 6#C%3%6# 6# :%J6131='>%0"'% '6612#C'' ' &'Q6'&'5#C'7 2/%&%6' 2EJ1$# 6# /E61", /#00&#:/'2#( U:' 8#/#&%:Q/E "#" "16"4/%6:6E% 8/%'&4@%0:2#. N $#661) 0:/#:%='' 56#>'Q:%3?6#( /13? 8/'6#$3%B': 8/1%":#& /#5/#91:"' 8/1$4":12, 5#$#>#"1:1/EJ— 9E0:/%% ' 9E0:/%% 2E$#2#:? «6#Q=1/#» 612E% "/'0:#33E8/1C%001/12. D&%661 5$%0? 20:48#%: 2 '=/4 48/#23%6'% 8/1%":#&',815213(7@%% 0B#:? C'"3 /#5/#91:"' 6121=1 "/'0:#33# ' 2E2%0:'8/1$4": 6# /E61" /#6?R% "16"4/%6:12. <1"/#@%6'% /#08'0#6') 8/1Q%":12 "1064310? ' $/4='J, 6% 02(5#66EJ 0 /#5/#91:"1) 8/1C%001/12193#0:%) $%(:%3?610:' L'/&E Intel — 1: "/486EJ 8/1%":12 011/4QB%6'( 6121) L#9/'"' $1 6%913?R'J 8/1%":12 434>R%6'( "#>%0:2#.O#54&%%:0(, U:1 6% 034>#)610:?. *#"12 2E91/ /4"121$0:2# — /#52%/Q64:? 48/#23%6'% 8/1%":#&', >:19E 19%08%>':? "16"4/%6:61% 8/%'&4Q@%0:21 5# 0>%: 01"/#@%6'( B'56%66EJ C'"312 8/1%":12 21 20%) "1&Q8#6''.+/4='% "1&8#6'', '0813?547@'% 0:/#:%='' $10:'B%6'( 1:3'Q
>'), :#"B% #":'261 /#91:#7: 6#$ 015$#6'%& "16"4/%6:61=1 8/%Q'&4@%0:2# 84:%& 01"/#@%6'( $3':%3?610:' 8/1%":6EJ C'"312. *#Q"'% L'/&E, "#" General Electric, NEC, Northern Telecom ' AT&T,04&%3' 01"/#:':? $3':%3?610:? 8/1%":61=1 C'"3# 2 0/%$6%& 6#
27
!.%'.$6)7$+4'8 %",9 «)(+.%/0
$(.',9("6" 8:)4'»
/3%'-,$()8 3%"$4.'0)
20—50% [5]. <&E03 01"/#@%6'( C'"3# 8/1%":# 5#"37>#%:0( 2 %=18103%$0:2'(J. A#8/'&%/, 8/'&%6':%3?61 " /#5/#91:"% 8/1$4":12"1&8#6'(, "1:1/#( 2EJ1$': 6# /E61" /#6?R% "16"4/%6:12, >#0:18134>#%: 8/1$#B' 81 2E01"1) C%6%, 913%% 8/1$13B':%3?6E) 0/1"8/1$#B, 913?R47 8/'9E3? ' 913%% "/48647 $137 /E6"# [6—8].-16"4/%6:6#( 0:/#:%='( L'/&E AWI #90137:61 '6#(. N&%0:1 :1=1
>:19E #"C%6:'/12#:? 26''% 6# 1:3'>':%3?6EJ >%/:#J 8/1$4":#' 2/%&%6' 2EJ1$# 6# /E61" (81$J1$, 0:13? /%2610:61 8/121$'&E)L'/&1) Intel), AWI 6#&%/%2#%:0( 5#6(:? 815'C'' C%6121=1 3'$%/#2 011:2%:0:247@%) 1:/#03' ("2#$/#6:, 011:2%:0:247@') 6'5"1)$'LL%/%6C'#C''/6'5"1) 0:1'&10:' 6# /'0. 1.3). H$'6 '5 &%6%$B%Q/12 AWI 0"#5#3: «,E /#91:#%& 2 0L%/% 8/1'521$0:2# 0:/1':%3?6EJ&#:%/'#312 4B% 913%% 70 3%:. *%J6131='>%0"'% '5&%6%6'( 6% (23(Q7:0( =3#26E& L#":1/1& 2 6#R%) 1:/#03' — 2 1:3'>'% 1: 08101961Q0:' 8/%$31B':? 8/1$4"C'7 81 913%% 6'5"1) C%6%. I:19E /#52':? U:4081019610:? ' 0:#:? 3'$%/1& 2 $#661) 1:/#03', 6#& 8/'R310? /#C'Q16#3'5'/12#:? 20% 8/1'521$0:2%66E% 8/1C%00E, 810:1(661 1840"#(C%3%247 83#6"4 0:1'&10:' 8/1'521$0:2#. I#0:? 6#R'J 40'3') 9E3#6#8/#23%6# 6# 19%08%>%6'% 48/#23%6'( 06'B%6'%& 0:1'&10:' '/#5/#91:"4 8/1%":12 /#52':'( 8/1'521$0:2%66EJ 8/1C%0012». .1Q$1961% 0:/%&3%6'% " 06'B%6'7 0:1'&10:' 5#&%:61 ' 2 $/4='J, 6%Q8/1'521$0:2%66EJ 8/1%":#J L'/&E AWI. P8/#23%6'% 8/1%":#&' "#"2 8/1'521$0:2%661), :#" ' 2 6%8/1'521$0:2%661) 0L%/% 0:#2': 021%)C%3?7 06'B%6'% 'J 0:1'&10:', >:1 2 "16%>61& 0>%:% 6#8/#23%61 6#$10:'B%6'% C%6121=1 "16"4/%6:61=1 8/%'&4@%0:2#.K:1 6% (23(%:0( 0%"/%:1& ' $3( $/4='J L'/&, '0813?547@'J 48Q
/#23%6'% 8/1%":#&' $3( 81$$%/B"' :1) B% 0:/#:%='' &'6'?61)0:1'&10:'. ./'>'6# :#"1=1 8131B%6'( — 2 42%3'>'2R%)0( 0:1'&10Q:' 8/1%":12 ' L'6#6012EJ 5#:/4$6%6'(J, 0 "1:1/E&' 0:#3"'2#7:0(&61='% 2%$4@'% "1&8#6''. N 40312'(J, "1=$# 8/1%": 83#6'/12#6'(/%04/012 2 �R:#9% 8/%$8/'(:'( &1B%: 0:1':? 300 &'33'1612 $13Q3#/12 [9], # 612#( L#9/'"# — 4 &'33'#/$# [10], "1&8#6'(&, >:19E015$#:? C%6121% "16"4/%6:61% 8/%'&4@%0:21 [11], 8/'J1$':0(4&%6?R#:? 0:1'&10:? ' L'6#60121% 9/%&(. <3%$12#:%3?61, 81$$%/QB"# 01 0:1/16E 48/#23%6'( 8/1%":#&' 81&1=#%: "1&8#6'(& 5#J2#Q:':? 913?R47 $137 /E6"# ' 8134>':? 913%% 2E01"'% 8/'9E3' [2].-16"4/%6:61% 8/%'&4@%0:21 L'/& Intel ' AWI 19%08%>'2#%:0( 5#
0>%: :#"1=1 48/#23%6'( 8/1%":#&', "1:1/1% 1/'%6:'/12#61 6# &'Q6'&'5#C'7 0/1"12 ' 0:1'&10:' 011:2%:0:2%661. N 8/1:'218131BQ610:? U:'& L'/&#& OAG (Oregon Anesthesiology Group) 0:/%&':0(8134>':? 6#'34>R47 0:1'&10:? ("2#$/#6:, 011:2%:0:247@') 2EQ01"1) $'LL%/%6C'#C''/6'5"1) 0:1'&10:' 6# /'0. 1.3). M%3? U:1)"1/81/#C'', 2 "1:1/1) /#91:#7: 913%% 190 2/#>%), 010:1': 2 8/%$1Q0:#23%6'' 4034= 5$/#211J/#6%6'( 81 6#'34>R%) C%6% 2 0/#26%6''
28
5,'-'
10 "16"4/%6:#&', 8/%$3#=#7@'&' 4034=' #6#31='>61=1 "#>%0:2#[4]. <11:2%:0:2%661 ' 48/#23%6'% 8/1%":#&' 5$%0? 6#C%3%61 6# /%QR%6'% 0:1'&10:6EJ ' "#>%0:2%66EJ 5#$#>. N'C%Q8/%5'$%6: H!H=121/':: «OE61", 81$196E) 6#R%&4, — U:1 9%081@#$6E) /E61".H/=#6'5#C'' 81 48/#23%6'7 5$/#211J/#6%6'%& 810:1(661 $#2(:6# 20%J &%$'"12, 8/'64B$#( 'J " 4&%6?R%6'7 0:1'&10:' 4034=.I:19E 10:#:?0( 6# 83#24, &E 0:#6$#/:'5'/12#3' 20% 8/1:1"13E48/#23%6'(, 8/'&%6(%&E% 6#&' 21 20%J 8/1%":#J '6L1/&#C'16Q6EJ 0'0:%& ' 8/1%":#J 810:1(661=1 812ER%6'( "#>%0:2#. K:1 81Q5213'31 2E8136(:? 8/1%":E 2 011:2%:0:2'' 0 C%3%2E&' 40:#612"#Q&' 81 >#0:' "#>%0:2# ' 0:1'&10:'. N 8/1:'261& 034>#% 6#R'"3'%6:E 8/%$81>:4: '&%:? $%31 0 "%&Q:1 $/4='&». D0813?54( 021%"16"4/%6:61% 8/%'&4@%0:21 81 81"#5#:%37 «C%6#—"#>%0:21», "1/Q81/#C'( OAG 0&1=3# 4$%/B#:? 04@%0:2%6647 $137 /E6"#.+/4='% U"08%/:E 81$:2%/B$#7:, >:1 011:61R%6'% «C%6#—"#>%Q
0:21» /#00&#:/'2#%:0( 2 /($% L'/& "#" C%3? 8/1%":12 [12]. +%312 :1&, >:1 "1&8#6'', "1:1/E% 1/'%6:'/47:0( 6# 0:/#:%='7 $10:'QB%6'( 6#'34>R%=1 81"#5#:%3( «C%6#—"#>%0:21» ' 2E:%"#7@'% '56%% "16"4/%6:6E% 8/%'&4@%0:2#, 64B$#7:0( 2 :#"1& 48/#23%6''8/1%":#&', "1:1/1% $#6647 0:/#:%='7 81$$%/B'2#%:.N 19@%& ' C%31& U:' 8/'&%/E 19/#547: "16:%"0:, 6%19J1$'&E),
>:19E 015$#:? 106124 $3( 816''( 03%$47@%=1:• "1&8#6'' 2E9'/#7: 021' "16"4/%6:6E% 0:/#:%='';• "1&8#6'' 8/'21$(: 2 011:2%:0:2'% 021' 0:/#:%='' 48/#23%Q6'( 8/1%":#&' ' "16"4/%6:6E% 0:/#:%=''.
N1Q8%/2EJ, "1&8#6'' 2E9'/#7: "16"4/%6:6E% 0:/#:%='' "#"0/%$0:2# 91/?9E 01 021'&' 018%/6'"#&' 81 /E6"4. Y1:( "16"4/%6:Q6#( 0:/#:%='( 3791=1 :'8# '&%%: 2 "16%>61& 0>%:% 1$64 ' :4 B%C%3? — 015$#6'% "16"4/%6:61=1 8/%'&4@%0:2#, 081019E %% $10:'QB%6'( /#53'>#7:0(. H$6' 0:/1(: 8/%'&4@%0:21 6# 10612% $'LL%Q/%6C'#C'' (1:3'>'( 1: $/4='J), $/4='% — 6# 10612% 6'5"1) 0:1'&1Q0:', # :/%:?' — 6# 10612% 81"#5#:%3( «C%6#—"#>%0:21». N1Q2:1/EJ,"1&8#6'' '0813?547: 48/#23%6'% 8/1%":#&' 2 011:2%:0:2'' 01021'&' 0:/#:%='(&'. .1U:1&4 2 Intel, AWI ' OAG 81Q/#561&4 8/%$Q0:#23(7: 81"#5#:%3?, 6# "1:1/1& $13B61 9E:? 0L1"40'/12#61 48Q/#23%6'% 8/1%":#&': 6# 0/1"#J (Intel), 6# 0:1'&10:' (AWI), 6# 011:Q61R%6'' «C%6#—"#>%0:21» (H!H). D 6%: 6'>%=1 4$'2':%3?61=1 2:1&, >:1 6%"1:1/E% 2'$6E% '003%$12#:%3' /#00&#:/'2#7: 48/#23%Q6'% 8/1%":#&' "#" 1$64 '5 2%3'>#)R'J 18#0610:%), /#261 "#" '93#=18/'(:647 215&1B610:?, 0 "1:1/1) 0:#3"'2#7:0( &%6%$B%/E2 021%) "16"4/%6:61) 91/?9% [13].Y1:( 0:/#:%='( 48/#23%6'( 8/1%":#&' '=/#%: 56#>':%3?647
/13?, 16# 6'"1'& 19/#51& 6% (23(%:0( %$'60:2%661) $2'B4@%) 0'Q31) 015$#6'( "16"4/%6:61) 0:/#:%=''. A#8/1:'2, $3( :1=1 >:19E
29
!.%'.$6)7$+4'8 %",9 «)(+.%/0
$(.',9("6" 8:)4'»
/3%'-,$()8 3%"$4.'0)
015$#:? /#91:1081019647 "16"4/%6:647 0:/#:%='7, 6%19J1$'&E '$/4='% 9'56%0Q0:/#:%='', 19E>61 6#5E2#%&E% L46"C'16#3?6E&'[2]. N >#0:610:', 18/%$%3%66E) 2"3#$ 19%08%>'2#7: 0:/#:%=''ADH-O, &#/"%:'6=#, 8/1'521$0:2#, /#91:E 0 "#$/#&' ' :. $.+1 6#0:1(@%=1 &1&%6:# /%>? R3# 19 1"/4B%6'', 2 "1:1/1& 04@%Q
0:24%: ' 19%08%>'2#%:0( 81$$%/B"# 8/1C%00# 0:#6$#/:'512#661=148/#23%6'( 8/1%":#&' 01 0:1/16E «'60:/4&%6:#3?61=1 (@'"#»../%B$% >%& 2%/64:?0( " $%:#3(& 6121) /13' «'60:/4&%6:#3?61=1(@'"#», 4$%3'& 913%% 8/'0:#3?61% 26''% 8/1C%004 0:#6$#/:'Q512#661=1 48/#23%6'( 8/1%":#&'.
!@7Q?66 61;F:;@1=R=@7E;FF7D7B!@;EA?F=G !@7?C1;>= !7::?@O=E;?161@;1?D=P B!@;EA?F=G !@7?C1;>=-#" 81"#5#61 6# /'0. 1.2, 8/1C%00 0:#6$#/:'512#661=1 48/#23%Q
6'( 8/1%":#&' 19%08%>'2#%: 81$$%/B"4 0:/#:%='' 48/#23%6'(8/1%":#&'. D6E&' 0312#&', 8/1C%00 0:#6$#/:'512#661=1 48/#23%Q6'( 8/1%":#&' 034B': &%J#6'5&1& 2E/#91:"' 0:/#:%='' 48/#23%Q6'( 8/1%":#&'. I:19E 8/1(06':? U:1, $#3%% &E 8/%$31B'&:
• 6%"1:1/E% U&8'/'>%0"'% 8/'&%/E :1=1, "#" 0:#6$#/:'512#6Q61% 48/#23%6'% 8/1%":#&' 19%08%>'2#%: &%J#6'5&E 81$$%/BQ"' 0:/#:%='' 48/#23%6'( 8/1%":#&';
• U3%&%6:E 8/1C%00# 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#Q&', 810/%$0:21& "1:1/EJ 104@%0:23(%:0( :#"#( 81$$%/B"#;
• 56#>%6'% 0312# «0:#6$#/:'512#66E%»;• 081019 8/'2%$%6'( 2 011:2%:0:2'% 8/1C%00# 0:#6$#/:'51Q2#661=1 48/#23%6'( 8/1%":#&' ' 0:/#:%='' 48/#23%6'( 8/1Q%":#&'.
A#>6%& 0 8/'&%/12, (23(7@'J0( U&8'/'>%0"'&' 02'$%:%3?Q0:2#&'. N 6%$#26%& 1:>%:% L1/4&# 81 9%6>&#/"'6=4 48/#23%6'(8/1%":#&' Fortune 500 4:2%/B$#%:0(, >:1 85% %=1 >3%612 '0813?54Q7: 8/' 48/#23%6'' 8/1%":#&' 0:#6$#/:'512#66E% 81$J1$E ' 8/1QC%$4/E [14]. !6#31='>61 &61='% 1/=#6'5#C'', /#91:#7@'% 2 0L%/%8/1=/#&&61=1 19%08%>%6'(, 8/'&%6(7: &1$%3? 5/%310:' 215&1BQ610:%), :#"B% 0:/%&(0? " 2E8136%6'7 8/1%":12 0 81&1@?7 0:#6Q$#/:'512#661=1 8/1C%00#. N%$1&E% '$%%) 0:#6$#/:'5#C'' 8/1C%0Q012, 6%"1:1/E% 1/=#6'5#C'' 8E:#7:0( 0%/:'L'C'/12#:? 021%48/#23%6'% 8/1%":#&' 81 0:#6$#/:4 ISO 9000. D 6#"16%C, &61='%"1&8#6'' 26%$/(7: &1$%3' 5/%310:' 48/#23%6'( 8/1%":#&', >:1Q9E 810:1(661 434>R#:? 48/#23%6'% 8/1%":#&' 810/%$0:21& 0:#6Q$#/:'512#661=1 8/1C%00# [15]..1$21$( ':1=', 03%$4%: 0"#5#:?, >:1 04@%0:24%: 56#>':%3?6E)
'6:%/%0 " 8/1C%004 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&' "#"" &%J#6'5&4 19%08%>%6'( 0:/#:%='' 48/#23%6'( 8/1%":#&' [16].
30
5,'-'
1H9%08%>%6'% :#"1) 0:/#:%='' 18'/#%:0( 6# 03%$47@'% U3%&%6:E,8/%$10:#23(%&E% 8/1C%001& 0:#6$#/:'512#661=1 48/#23%6'(:
• L#5E B'56%661=1 C'"3# 8/1%":#;• 48/#23%6>%0"'% ' :%J6'>%0"'% 18%/#C'';• /%543?:#:E;• "16:/13?6E% 019E:'(.T'56%66E) C'"3 8/1%":# /#00&#:/'2#%:0( "#" 0121"48610:? 8/1Q
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— 8/1C%00 8#/#33%3?61=1 '6B'6'/'6=#,"1:1/E) $3( 8/10:1:E 816''( '519/#B%6 6# /'0. 1.1 "#" 8103%$1Q2#:%3?6E). X@% 1$'6 8/'&%/ — &1$%3? U2137C'16'/47@'J /%543?Q:#:12 2 8/1%":#J /#5/#91:"' 8/1=/#&&61=1 19%08%>%6'( [17].Z#5E B'56%661=1 C'"3# 8/1%":# 010:1(: '5 31='>%0"' 25#'&102(Q
5#66EJ 18%/#C'), "1:1/E% &1B61 /#5$%3':? 6# $2% =/488E: 48/#2Q3%6>%0"'% ' :%J6'>%0"'%. .10/%$0:21& 48/#23%6>%0"'J 18%/#C')&E 48/#23(%& 8/1%":1&. *'8'>6E% 8/'&%/E — L1/&'/12#6'% 01Q$%/B#6'( 8/1%":# ' /#5/#91:"# %=1 /#08'0#6'(. K:' 18%/#C'' 94$4:#6#31='>6E&' 2 8/1%":#J /#53'>6EJ :'812: 0:/1':%3?6EJ, /#5/#Q91:"' 8/1=/#&&61=1 19%08%>%6'(, &#/"%:'6=12EJ '3' L'6#6012EJ.+%)0:2':%3?6E% B% 1:3'>'( &%B$4 :'8#&' 8/1%":12 6#>'6#7:Q
0( 2 193#0:' :%J6'>%0"'J 18%/#C'). A#8/'&%/, :%J6'>%0"'% 18%/#QC'' 8/' /#5/#91:"% 8/1=/#&&61=1 19%08%>%6'( &1=4: 2"37>#:?2 0%9( 39#"1"4",'" +#"I3).,'% '3' I"+.F+"*+'#3).,'". *#"'%18%/#C'' 1:04:0:247: 2 0:/1':%3?61& 8/1%":%, $3( "1:1/1=1 :'Q8'>6E&' 94$4: *3)"G.,'" 9"#"1 ,.0.43< #.I3+ ' *3*+.)4",'"*9'*2. ,"131"432. ;121/( "/#:"1, :%J6'>%0"'% 18%/#C'' 48/#23(7:8/1$4":1& 8/1%":#, 810"13?"4 16' 18/%$%3(7:0( :'81& 8/1%":# '1:/#B#7: J#/#":%/ U:1=1 8/1$4":#.-#" 48/#23%6>%0"'%, :#" ' :%J6'>%0"'% 18%/#C'' 19E>61 5#Q
2%/R#7:0( 8134>%6'%& /%543?:#:12 — 2%@%0:2%66EJ 8/1$4":128/1C%00# 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&'. P8/#23%6Q>%0"'% 18%/#C'' $#7: :#"'% /%543?:#:E 48/#23%6'( (:#"B% 6#5EQ2#%&E% 8/1&%B4:1>6E&' /%543?:#:#&' 48/#23%6'( 8/1%":#&'),"#" 39#"1"4",,3" *31"#C.,'" '3' 3I(3# #'*23) (0&. /'0. 1.1). *%JQ6'>%0"'% 18%/#C'' 2%$4: " 8134>%6'7 :%J6'>%0"'J /%543?:#:12,6#8/'&%/ *9"7'J'2.7'' 9#31/2+., #"(/4D+.+3) +"*+'#3).,':*'*+"<- '3' $3+3),3*+' 9#3'()31*+)",,3% I.(- 2 ,.0.4/ 9#3'(F
31
!.%'.$6)7$+4'8 %",9 «)(+.%/0
$(.',9("6" 8:)4'»
/3%'-,$()8 3%"$4.'0)
)31*+).. H9/#:'&0( 2612? " /'0. 1.1 ' 1:&%:'&, >:1 U:' /%543?:#:E81"#5#6E :13?"1 012&%0:61 0 "16:/13?6E&' 019E:'(&', 19156#>#Q7@'&' 1"16>#6'% L#5E ($3( 48/1@%6'( 48/#23%6>%0"'% ' :%J6'Q>%0"'% 18%/#C'' 2 0J%&4 6% 2"37>%6E).X03' 03121 «0:#6$#/:'512#66E%» 6% 19W(06':? 8/'&%6':%3?61
" 8/1C%004 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&', 161 &1B%:2E52#:? 84:#6'C4. -#"12 2 $%)0:2':%3?610:' %=1 0&E03? X03' &E18/%$%3(%& 8/1C%00 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&' "#"0:#6$#/:'512#6647 8103%$12#:%3?610:? 18%/#C') 8/1%":# ("1:1/#(8/'21$': " 8134>%6'7 /%543?:#:12), :1 0:#6$#/:'5#C'( 156#>#%:0:%8%6? 1:04:0:2'( 1:"316%6') 8/' 2E8136%6'' :#"'J 18%/#C')[18]. .136#( '5&%6>'210:? 8/1C%00# 48/#23%6'( 8/1%":#&' — U:1"/#)6') 034>#). D6#>% =121/(, 8/1C%00 48/#23%6'( 8/1%":1& "#BQ$E) /#5 2E8136(%:0( 81Q$/4=1&4, 6% :#", "#" /#6?R%. <12%/R%6611>%2'$61, >:1 100%Q6#( '5&%6>'210:? 156#>#%: 643%247 0:#6$#/:'Q5#C'7. K:1: 81$J1$ >#0:1 6#5E2#%:0( 81$J1$1& ad hoc. +/4=1) "/#)Q6') 034>#) — 100%Q6#( 0:#6$#/:'5#C'( "16"/%:61=1 8/1C%00#: $#6Q6E) 8/1C%00 20%=$# 2E8136(%:0( 1$6'& ' :%& B% 0810191&. N U:1&034>#% '5&%6>'210:? 010:#23(%: 0%. ,%B$4 U:'&' $24&( "/#)610:(Q&' 3%B': 193#0:? /%#3?6EJ 8/1C%0012 48/#23%6'( 8/1%":#&' 0 /#5Q3'>6E&' 56#>%6'(&' 0:#6$#/:'5#C'' ' '5&%6>'210:'.D:#", >%& 6'B% '5&%6>'210:?, :%& 2ER% 0:#6$#/:'5#C'(, ' 6#Q
191/1: — >%& 913%% '5&%6>'2# 8/#":'>%0"#( /%#3'5#C'( 8/1C%001248/#23%6'( 8/1%":#&', :%& &%6%% 16' 0:#6$#/:'512#6E.A# 8/#":'"% U:1 156#>#%:, >:1 4 1/=#6'5#C'' %0:? R'/1"') 2E91/
8/' /#5/#91:"% 8/1C%0012 48/#23%6'( 8/1%":#&' — 16' &1=4: 9E:?913%% '3' &%6%% 0:#6$#/:'512#66E&'. <3%$12#:%3?61, &%6%$B%/E$13B6E /%R':?, "#"1=1 4/126( 0:#6$#/:'5#C'' 16' B%3#7: $10:'>?' 021'J 8/1C%00#J. H06126#( 8/'>'6# 0:#6$#/:'5#C'' — 6%19J1$'Q&10:? 015$#6'( 8/%$0"#54%&1=1 8/1C%00#, "1:1/E) 9E 8/%$1:2/#@#3'5&%6>'210:? 48/#23%6>%0"'J 18%/#C'), 4&%6?R#3 'J 5#2'0'&10:?1: "16"/%:61=1 8/1%":#, "16"/%:61=1 &%6%$B%/#. P8/1@#(, 0"#B%&,>:1 8/1C%00 0:#6$#/:'512#661=1 48/#23%6'( '59#23(%: 1: 6%19J1$'Q&10:' 5#6121 '519/%:#:? 8/1C%00 48/#23%6'( 8/' 2E8136%6'' "#BQ$1=1 6121=1 8/1%":# [19]. N /%543?:#:% 8/1C%00 0:#612':0( 812:1Q/(%&E&, 6%0&1:/( 6# '5&%6%6'( 1B'$#6') 5#"#5>'"# '3' 0&%64/4"121$0:2#. I%& 2ER% 0:#6$#/:'5#C'(, :%& 2ER% 812:1/(%&10:?.O%R%6'% 1 :1&, 6#0"13?"1 0'3?61 $13B%6 9E:? 0:#6$#/:'512#6
8/1C%00 48/#23%6'( 8/1%":#&', — U:1 40:#6123%6'% 1:61R%6'(&%B$4 0:#6$#/:'5#C'%) ' '5&%6>'210:?7, 6#5E2#%&1=1 19E>61='9"10:?7. H61 18/%$%3(%:0( 0:/#:%='%) 48/#23%6'( 8/1%":#&',:1>6%% :'8#&' 8/18%:1), 0 "1:1/E&' '&%%: $%31 U:# 0:/#:%='(.N C%31& 0:/#:%='( $3( 8/1%":12 0 2E01"1) 0:%8%6?7 18/%$%3%661Q0:' 94$%: 0:/%&':?0( " 913%% 2E01"1&4 4/1267 0:#6$#/:'5#C'' '
32
5,'-'
1&%6?R%&4 4/1267 ='9"10:'. <1=3#061 &6%6'7 U"08%/:12, 913?R#(>#0:? 8/1%":12 2 1/=#6'5#C'(J 8/'6#$3%B': " $#661) =/488% [20].<:/#:%='( B% $3( 8/1%":12, "1:1/E% J#/#":%/'547:0( 2E01"1) 0:%Q8%6?7 6%18/%$%3%6610:', :/%94%: &%6?R%) 0:#6$#/:'5#C'' '913?R%) ='9"10:' (0&. =3#24 16). -1=$# &E '0813?54%& :%/&'6 «8/1QC%00 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&'» 2 U:1) "6'=%, &E81$/#54&%2#%&, >:1 U:1: 8/1C%00 0:#6$#/:'512#6 913%% >%& 6# 50%.,E 6#>#3' $#66E) /#5$%3 0 4:2%/B$%6'(, >:1 8/1C%00 0:#6$#/:'Q
512#661=1 48/#23%6'( $13B%6 19%08%>'2#:? 81$$%/B"4 48/#23%6'(8/1%":#&'. I:19E U:1 9E31 215&1B61, 8/1C%00 $13B%6 011:2%:0:21Q2#:? 0:/#:%='' 48/#23%6'( 8/1%":#&'. N >#0:610:', "1=$# 0:/#:%='(1/'%6:'/12#6# 6# /#08'0#6'%, 0:1'&10:? '3' 81"#5#:%3? «C%6#—"#Q>%0:21», 8/1C%00 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&' 6%19J1Q$'&1 1/'%6:'/12#:? 6# :1 B% 0#&1%. K:1 56#>':, >:1 0121"48610:?481/($1>%66EJ ' 25#'&102(5#66EJ L#5 8/1C%00#, %=1 8/%$&%:12 81Q0:#2"' ' "16:/13?6EJ 019E:') 94$%: 1/'%6:'/12#6# 6# /#08'0#6'%,0:1'&10:? '3' 81"#5#:%3? «C%6#—"#>%0:21» 011:2%:0:2%661 (0&./'0. 1.3). < $#66E& 8/1C%001& :%061 8%/%83%:%6E $/4='% 010:#23(7Q@'% 48/#23%6'( 8/1%":#&' — 8/1%":6#( 1/=#6'5#C'(, '6L1/&#C'Q166E% :%J6131='', "43?:4/# ' 3'$%/0:21. D6E&' 0312#&', 0:/#:%='(48/#23%6'( 8/1%":#&' 19%08%>'2#%:0( 6% 1$6'& :13?"1 8/1C%001&0:#6$#/:'512#661=1 48/#23%6'(, # 20%) 0'6%/='>%0"1) 0121"4861Q0:?7 "1&816%6:12 48/#23%6'( 8/1%":#&'.
«=F61@B>?F1;AHF9S GN=C»!7::?@O=E;?1!@7Q?66 61;F:;@1=R=@7E;FF7D7B!@;EA?F=G !@7?C1;>=+3( :1=1 >:19E $%:#3?61 /#5W(06':?, "#" L46"C'16'/4%: «'60:Q
/4&%6:#3?6E) (@'"» 2 6121) /13' — 8/' 81$$%/B"% 8/1C%00# 0:#6Q$#/:'512#661=1 48/#23%6'( 8/1%":#&', — &E 2E8136'& 03%$47Q@'% $%)0:2'(:
• 18/%$%3'& '60:/4&%6:E 48/#23%6'( 8/1%":#&' ' «'60:/4&%6Q:#3?6E) (@'"»;
• 18'R%& $2# 081019# '0813?512#6'( «'60:/4&%6:#3?61=1 (@'"#»;• 19W(06'&, "#" 8/1C%00 0:#6$#/:'512#661=1 48/#23%6'( 8/1Q%":#&' 19%08%>'2#%: 011:2%:0:2'% (01=3#012#6'%) 0 «'60:/4Q&%6:#3?6E& (@'"1&»;
• 0/#26'& 2E=1$E, 19%08%>'2#%&E% &%:1$1& «1$'6 '60:/4&%6:5# 1$'6 /#5» ' &%:1$1& «'60:/4&%6:#3?61=1 (@'"#»;
• /#5W(06'& 218/10E 0:#6$#/:'5#C'' «'60:/4&%6:#3?61=1(@'"#» 48/#23%6'( 8/1%":#&'.
33
!.%'.$6)7$+4'8 %",9 «)(+.%/0
$(.',9("6" 8:)4'»
/3%'-,$()8 3%"$4.'0)
H/),>,2,(', '(#$)*+,($03 */)"32,('4 /)0,1$"+' ' «'(#$?)*+,($"2%(080 4@'1"». - '60:/4&%6:#& 48/#23%6'( 8/1%":#&'1:610(:0( 8/1C%$4/E ' :%J6'"', 810/%$0:21& "1:1/EJ $10:'=#7:0(48/#23%6>%0"'% /%543?:#:E. «! Guide to the Project Management Bodyof Knowledge» [21, 22] ' $/4='% '0:1>6'"' '0813?547: :%/&'6 «'60:Q/4&%6:E ' :%J6'"'» 2&%0:1 :1=1, >:1 &E 18/%$%3(%& "#" '60:/4&%6Q:E 48/#23%6'( 8/1%":#&'. +2# 8/'&%/# :#"'J '60:/4&%6:12 — U:140:#2 "1$E ' #6#3'5 ,16:%Q-#/31. H6' 1:3'>#7:0( $/4= 1: $/4=#19/#9#:E2#%&1) '6L1/&#C'%). P0:#2 "1$E — U:1 0'0:%&#:'>%Q0"#( 8/1C%$4/# 19/#91:"' "#>%0:2%661) '6L1/&#C'', "1:1/#( "#0#Q%:0( $#2#%&1) "1$% #2:1/'5#C'' (/#5/%R%6'() 6# 2E8136%6'%8/1%":#. < $/4=1) 0:1/16E, #6#3'5 ,16:%Q-#/31 8/%$0:#23(%: 0191)'60:/4&%6: 83#6'/12#6'( /'0"12, "1:1/E) :#"B% 40:#6#23'2#%:0'0:%&#:'>%0"47 8/1C%$4/4, 61 6# U:1: /#5 2E8136(%&47 810/%$Q0:21& #3=1/':&# >'03%661=1 18/%$%3%6'( /'0"12. D6E&' 0312#&',U:1 "13'>%0:2%66E) '60:/4&%6:. -37>%2E& U3%&%6:1& "#" =/488E"#>%0:2%66EJ, :#" ' =/488E "13'>%0:2%66EJ '60:/4&%6:12 — # 20%'60:/4&%6:E 48/#23%6'( 8/1%":#&' 8/'6#$3%B#: " 1$61) '5 6#Q52#66EJ =/488 — (23(%:0( 0'0:%&#:'>%0"#( 8/1C%$4/#. ,E 6% 94$%&=121/':? 1 8/1=/#&&61& 19%08%>%6'' 48/#23%6'( 8/1%":#&', J1:(012%/R%661 1>%2'$61, >:1 &61='% 1904B$#%&E% 2 "6'=% '60:/4&%6Q:E 04@%0:247: ' 2 L1/&#:% 8/1=/#&&6EJ 8#"%:12. H$6#"1 &E $%3#Q%& #"C%6: 6# 04:' '60:/4&%6:12 48/#23%6'( 8/1%":#&' — 6# 'J 0'0Q:%&#:'>%0"1) 8/1C%$4/%.
73" #/0#0:" '#/02%;03"('4 «'(#$)*+,($"2%(080 4@'1"». ,E18/%$%3(%& «'60:/4&%6:#3?6E) (@'"» "#" 6#91/ 8/%$2#/':%3?612E9/#66EJ '60:/4&%6:12, "1:1/E% &%6%$B%/ 081019%6 5#$%)0:21Q2#:? 2 8/1C%00% 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&'. ./' '0Q813?512#6'' :#"1=1 6#91/# 215&1B6E $2# 2#/'#6:#. N 8%/21& 034>#%"#B$E) '60:/4&%6: 6#91/# 81$$%/B'2#%: "16"/%:6E% /%543?:#:E8/1C%0012 48/#23%6'(. A#8/'&%/, $2# '60:/4&%6:#, 19156#>%66E% 6#/'0. 1.1 "#" S.1, — U:1 !K5 (*+#/2+/#,.: 1"23<93('7': #.I3+) ' 39'F*.,'" *31"#C.,':. H6' 81$$%/B'2#7: 8134>%6'% :#"1=1 /%543?:#:#48/#23%6'(, "#" 39#"1"4",,3" *31"#C.,'", 6#52#661% S.1 (6# U:1&/'046"% 20% '60:/4&%6:E '5 «'60:/4&%6:#3?61=1 (@'"#» ' 81$$%/B'Q2#%&E% '&' /%543?:#:E 48/#23%6'( 8/164&%/12#6E 011:2%:0:2%661).-/1&% :1=1, «(@'"» /#5/#91:#6 :#"'& 19/#51&, >:19E 2"37>':? 2 0%9(20% '60:/4&%6:E, "1:1/E% &1=4: 816#$19':?0( $3( 8/#":'>%0"1) /%#Q3'5#C'' 8/1C%00# 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&' ' 8134Q>%6'( 0121"48610:' %=1 /%543?:#:12.N1 2:1/1& 034>#% '$%( 010:1': 2 :1&, >:19E 5#&%6':? /%543?:#Q
:E 48/#23%6'( «'60:/4&%6:#3?6E& (@'"1&». N 034>#%, '519/#B%6Q61& 6# /'0. 1.1, U:1 156#>#%: '5W(:'% /%543?:#:12 48/#23%6'( ' 5#Q
34
5,'-'
1&%@%6'% 'J «'60:/4&%6:#3?6E& (@'"1&». F$%0? /#00&#:/'2#:?1:$%3?6E% '60:/4&%6:E 6#91/# 03%$4%: 2 "#>%0:2% 5#&%6':%3%) /%Q543?:#:12 48/#23%6'(. N15?&%&, 6#8/'&%/, :#"1) /%543?:#:, "#"#.(#.I3+.,,3" #.*9'*.,'". H61 &1B%: 9E:? 5#&%@%61 "16"/%:Q6E& '60:/4&%6:1& — 1'.$#.<<3% L.,++., '3' 1'.$#.<<3% 23,+F#34D,-M *3I-+'%. D3' /#00&1:/'& $/4=1) /%543?:#: —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— 031( /%543?:#:12 48/#23%6'(. ./' U:1& &%Q6%$B%/ 8/1%":# ' %=1 "1$# 81Q8/%B6%&4 02%/(7:0( 0 «$1/1B61)"#/:1)» (:1 %0:? 0'0:%&#:'>%0"1) 8/1C%$4/1)), 0 81&1@?7 "1:1/1)94$%: 015$#2#:?0( 8136#( 0121"48610:? /%543?:#:12 48/#23%6'(.
G0/)4<,(', /)0.,##" #$"(>")$';03"((080 */)"32,('4 /)0,1?$"+' # «'(#$)*+,($"2%(-+ 4@'10+». N /%#3?61& &'/% "1&8#6'''0813?547: 6#91/ '60:/4&%6:12 191'&' 081019#&', 8/'>%& 8%/Q2E&—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«C%6#—"#>%0:21»,«'60:/4&%6:#3?6E) (@'"» :#"B% $13B%6 #"C%6:'/12#:?0( 6# /#08'Q0#6'', 0:1'&10:' '3' 81"#5#:%3% «C%6#—"#>%0:21» 011:2%:0:2%661.
G)"3(,(', 3-80>, 0:,#/,9'3",+-B +,$0>0+ «0>'( '(#$)*?+,($ ;" 0>'( )";» ' +,$0>0+ «'(#$)*+,($"2%(080 4@'1"». N6%5#2'0'&10:' 1: '59/#661) 0:/#:%='' :% "1&8#6'', "1:1/E% (23(Q7:0( '08136':%3(&' 8/1%":12, 0:#3"'2#7:0( 0 /%#3?610:?7 "16Q"4/%6C'' — 2 $%31 2"37>#7:0( 'J 5#"#5>'"'. F#"#5>'"' =121/(:
35
!.%'.$6)7$+4'8 %",9 «)(+.%/0
$(.',9("6" 8:)4'»
/3%'-,$()8 3%"$4.'0)
"1&8#6'(&, 0+3 16' J1:(:, 23$1. 16' J1:(: U:1 ("#" &1B61 9E0:Q/%%— :/%912#6'% 2E01"1) 0"1/10:'), ) 2.23< 2.0"*+)" 16' J1:(:U:1 ("#" &1B61 34>R% — :/%912#6'% 913%% 2E01"1=1 "#>%0:2# '4$123%:21/%6'( 5#"#5>'"#) ' *234D23 16' =1:12E 5# U:1 5#83#:':?("#" &1B61 &%6?R% — :/%912#6'% 6'5"1) 0:1'&10:') [20]. D &%6%$QB%/E 8/'034R'2#7:0( " U:'& :/%912#6'(&, 810"13?"4 4$123%:21Q/%66E% 5#"#5>'"' >/%52E>#)61 2#B6E $3( U"161&'>%0"1=1 408%J#"1&8#6''. N 1997 =. 0:1'&10:? #"C') "1&8#6'), /#91:1) "1:1/EJ5#"#5>'"' 9E3' 1019%661 $1213?6E, 9E3# 913%% >%& 6# 100% 913?QR%, >%& 0:1'&10:? #"C') 10:#3?6EJ L'/& [24]. ,1B61 0"#5#:?, >:1:#"1=1 816(:'(, "#" «5#"#5>'"», 6% 04@%0:24%:. X0:? 816(:'% «U:1:5#"#5>'"» — :1 %0:? :#"1) 5#"#5>'", "1:1/E) (2 $#66E) "16"/%:Q6E) &1&%6:) '0813?54%: 0217 23#0:? ' 081019610:? :/%912#:?. I:19E2E8136':? 8/%$W(23%66E% :/%912#6'(, 2%$4@'% "1&8#6'' 0:/%Q&(:0( 015$#:? :#"1) 8/1C%00 0:#6$#/:'512#661=1 48/#23%6'(, "1Q:1/E) 081019%6 19%08%>'2#:? $3( 2E8136(%&EJ 8/1%":12:
• 0"1/10:?;• 812:1/(%&10:?;• 8#/#33%3'5&.-/':'>%0"' 2#B6#( /13? 5$%0? 8/'6#$3%B': 6#91/4 '60:/4&%6Q
:12 48/#23%6'( 8/1%":#&'. A'B% &E /#00&1:/'& 2ER%8%/%>'0Q3%66E% 8#/#&%:/E 913%% $%:#3?61.
G10)0#$% — U:1 081019610:? 1/=#6'5#C'' /%#3'512#:? 8/1%": 9E0Q:/1. Y1:( 0&E03, "1:1/E) /#56E% 5#"#5>'"' 2"3#$E2#7: 2 816(:'%«9E0:/1», &1B%: &%6(:?0(, 2 3791& 034>#% 9E0:/1 — U:1 "16"4/%6:10Q8101961. +1840:'&, 2 "#"1&Q:1 034>#% «9E0:/1»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
503$0)4,+0#$%. SE0:/1=1 2E8136%6'( 8/1%":# 6%$10:#:1>61,%03' $10:'=64:E) /%543?:#: 6% 81$$#%:0( 812:1/%6'7. H/=#6'5#QC'( $13B6# 193#$#:? 081019610:?7 2 3791) &1&%6: %$'6119/#5612E8136':? 81:1" 8103%$12#:%3?6EJ 8/1%":12 81 :/%912#6'7 5#"#5Q>'"#. ,E 6#5E2#%& U:1 9#3134D,3% 93)+3#:"<3*+DE. X03' :/%91Q2#6'% 5#"#5>'"# — 0"1/10:?, 8/1%":E $13B6E /%#3'512E2#:?0(
36
5,'-'
11$'6#"121 9E0:/1. X03' 8/1%":E 812:1/(%&E%, U:1 &'6'&'5'/4%:1:"316%6'( 2 8/1C%00% 'J 2E8136%6'(, >:1 42%3'>'2#%: 0"1/10:?/%#3'5#C'' ' 812ER#%: 'J "#>%0:21. .12ER%6'% "#>%0:2# 2%$%:" 06'B%6'7 0:1'&10:', 810"13?"4 :/%94%: &%6?R%=1 >'03# 8%/%$%Q31", J#/#":%/'54%:0( &%6?R'& "13'>%0:21& 1R'91", &%6?R'&'5#$%/B"#&' ' 8/10:1(&', # :#"B% /#C'16#3?6E& '0813?512#6'%&2/%&%6'. +10:'=642 913?R%) 0"1/10:', 913%% 2E01"1=1 "#>%0:2# '&%6?R%) 0:1'&10:' 8/1%":12, 1/=#6'5#C'( 0&1B%: 34>R% /%#='/1Q2#:? 6# :/%912#6'( 5#"#5>'"#, $19'2#(0? %=1 4$123%:21/%6'(.
5")"22,2';+. N $18136%6'% " 0"1/10:' ' 812:1/(%&10:' 8/'2E8136%6'' 8103%$12#:%3?6EJ 8/1%":12 /%#='/12#6'% 6# :/%912#Q6'( 5#"#5>'"# :#"B% 81$/#54&%2#%: 081019610:? 1$612/%&%661 2EQ8136(:? 0121"48610:? 8/1%":12, "#" 8/#2'31, 6% 5#2'0(@'J $/4= 1:$/4=#. ,E 6#5E2#%& U:1 939"#"0,3% 93)+3#:"<3*+DE, ' 16# 1:3'Q>#%:0( 1: 8/1$13?61). +%31 2 :1&, >:1 1$6' 8/1%":E %6?"'%,# $/4='% — 913?R'%. *#" "#" 16' (23(7:0( 6%5#2'0'&E&' ' /#5$%Q3(7: 1$'6 843 /%04/012, 8/193%&# 010:1': 2 :1&, >:19E 2E8136(:?'J 8#/#33%3?61, 01=3#012#661) =/4881). H:"316%6'( 8/' 104@%Q0:23%6'' "#"1=1Q3'91 8/1%":# 6% $1840"#7:0(, "#B$E) 8/1%": $13QB%6 2E8136(:?0( 0 64B61) 0"1/10:?7 ' "#>%0:21& — 2 8/1:'261&034>#% 215&1B6E 8%/%610 0/1"12 5#2%/R%6'( :%J '3' '6EJ 8/1%"Q:12, 42%3'>%6'% 0:1'&10:', /#51>#/12#6'% 5#"#5>'"#. -#" ' 2 034Q>#% 8/1$13?61) 812:1/(%&10:', &'6'&'5#C'( 1:"316%6') 2 J1$%/%#3'5#C'' 8/1%":12 815213': 434>R':? :#"'% J#/#":%/'0:'"',"#" 0"1/10:? ' "#>%0:21, >:1, 2 0217 1>%/%$?, 8/'2%$%: " 06'B%6'70:1'&10:' ' — 0612# — 81034B': $3( 2E8136%6'( :/%912#6') '4$123%:21/%6'( 5#"#5>'"#.I:19E $19':?0( :#"'J 81"#5#:%3%) 0"1/10:', 812:1/(%&10:' ' 8#Q
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«1$'6 '60:/4&%6: 5# 1$'6 /#5» :/%94%: 56#>'Q
:%3?6EJ /%04/012 ' 18E:#. A%: 10612#6') 813#=#:?, >:1 "#B$E)&%6%$B%/ 8/1%":# — 1019%661 6% 1>%6? 18E:6E) (# 913?R'60:21&%6%$B%/12 '&%661 :#"12E) — 193#$#%: /%04/0#&' ' 18E:1& $3(:1=1, >:19E 9E0:/1, 83#61&%/61 ' %$'6119/#561 1:19/#:? $3( 0%9(64B647 0121"48610:? '60:/4&%6:12. S13%% :1=1, :#"'% &%6%$B%/E
37
!.%'.$6)7$+4'8 %",9 «)(+.%/0
$(.',9("6" 8:)4'»
/3%'-,$()8 3%"$4.'0)
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«'60:/4&%6:#3?6E) (@'"», 0810196E) 19%08%>':? 81$$%/B"4 8/1QC%00# 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&' 0 &'6'?61)'5&%6>'210:?7. -#" /%543?:#: — 6#J1$(@'%0( 2 'J 2%$%6'' 8/1%"Q:E 94$4: 2E8136(:?0( 9E0:/%%, 0 913?R%) 0:%8%6?7 812:1/(%&10:'' 8#/#33%3'5&#.
G$"(>")$';".'4 «'(#$)*+,($"2%(080 4@'1"». ,%6%$B%/E8/1%":12 >#0:1 813#=#7:, >:1 %$'61B$E 015$#66E) «'60:/4&%6Q:#3?6E) (@'"» 3%="1 8/'&%6':? " 3791&4 8/1%":4. O#54&%%:0(, U:16%2%/61. «[@'"» &1B%: '&%:? 3791) /#5&%/, L1/&4, 010:#2, "#" &E81"#B%& 2 =3#2% 16. +#66E) 218/10 02(5#6 0 8/1C%001& 0:#6$#/:'Q512#661=1 48/#23%6'( ' :'8#&' 19034B'2#%&EJ '& 8/1%":12. .1Q0"13?"4 «'60:/4&%6:#3?6E) (@'"» 8/'2%$%6 2 011:2%:0:2'% 0 8/1QC%001& 48/#23%6'( 8/1%":#&', 012%/R%661 1>%2'$61, >:1 4/12%6?0:#6$#/:'5#C'' 8/1C%00# 23'(%: 6# 4/12%6? 0:#6$#/:'5#C''«(@'"#». A#8/'&%/, 8/1C%00, "1:1/E) '&%%: 2E01"47 0:%8%6? 0:#6Q$#/:'5#C'', 0 2E01"1) 2%/1(:610:?7 94$%: 8134>#:? 81$$%/B"4 1:2E01"10:#6$#/:'512#661=1 6#91/# '60:/4&%6:12, ' 6#191/1:.
R;CAP<=1?AHF9? R;>?<;F=GD60:/4&%6:E 48/#23%6'( 8/1%":#&' '=/#7: $2% /13' 2 19%08%Q
>%6'' 81$$%/B"' 8/1C%00# 0:#6$#/:'512#661=1 48/#23%6'( 8/1%"Q:#&': 21Q8%/2EJ, :/#$'C'16647, (23((0? 0/%$0:2#&', 193%=>#7Q
1.4'%T. 1.1. !%'-($()$ 0$."#"- «"#)( )(+.%/0$(. ;' "#)( %';») «)(+.%/0$(.',9(1< 8:)4»
1"#4()./%#
E'%2/%# /. 3"(T#&&&5./$."5%-().//(J( +3".)'#/%2 3"(#*5.,%
«7$%/ %/&5"+,#/5-. ($%/ ".-»
«=/&5"+,#/5.'L/UV2M%*»
!4"%"+.9 =)&$ >1?$*"-."%8$0"+.9 @$($$ 3"-."%8$01< A",$$ 3"-."%8$01<*'%',,$,);0 @$($$ #"+.)&)0 A",$$ #"+.)&)0
38
5,'-'
1@'&' 8134>%6'% /%543?:#:12 U:1=1 8/1C%00#; # 21Q2:1/EJ, 61247,2E0:48#( 2 "#>%0:2% 9#512EJ 931"12, '5 "1:1/EJ &1B61 810:/1':?«'60:/4&%6:#3?6E) (@'"», 19%08%>'2#7@') 81$$%/B"4 8/1C%00#48/#23%6'( 8/1%":#&'.,61='% 1/=#6'5#C'' 813#=#7:0( 6# 8/1C%00 48/#23%6'( 8/1%":#Q
&' 8/' L1/&'/12#6'' 0:/#:%='' 48/#23%6'(. +#66E) 8/1C%00 8/%$Q0:#23(%: 0191) 0:#6$#/:'512#66E) 481/($1>%66E) ' 25#'&102(5#6Q6E) 6#91/ L#5, 8/%$&%:12 810:#2"' (8/1&%B4:1>6EJ /%543?:#:12)' "16:/13?6EJ 019E:'), >%/%5 "1:1/E% 8/1J1$': "#B$E) 8/1%":.< 8/1C%001& :%061 8%/%83%:%6E ' $/4='% "1&816%6:E 48/#23%6'(8/1%":#&', 2 >#0:610:' 8/1%":6#( 1/=#6'5#C'(, '6L1/&#C'166E%:%J6131='', "43?:4/# ' 3'$%/0:21. +%)0:24( 012&%0:61, 16' 81&1=#7:L1/&'/12#:? ' 8/121$':? 0:/#:%='7 48/#23%6'( 8/1%":#&'.<:/#:%='( 48/#23%6'( 8/1%":#&' "/':'>%0"' 2#B6# $3( 81$$%/BQ
"' "16"4/%6:61) 0:/#:%='' 1/=#6'5#C''. .1 04:' $%3#, 0:/#:%='(48/#23%6'( :@#:%3?61 /#5/#9#:E2#%:0( ' 8/'21$':0( 2 011:2%:0:2'%0 "16"/%:6E& :'81& "16"4/%6:61) 0:/#:%='' "1&8#6''. M%3? U:1=1010:1': 2 :1&, >:19E 19%08%>':? B%3#%&47 ' ULL%":'2647 0:/#:%='748/#23%6'( 8/1%":#&' — 0L1"40'/12#6647 6# /#08'0#6'', 0:1'&1Q0:' '3' 81"#5#:%3% «C%6#—"#>%0:21». *#"'& 19/#51&, 2 01>%:#6''0 $/4='&' 9'56%0Q0:/#:%='(&' 48/#23%6'% 8/1%":#&' 0:#31 :1) 9'5Q6%0Q0:/#:%='%), "1:1/47 "1/81/#C'' 2E9'/#7: 0%=1$6(.N &'/% B%0:1>#)R%) "16"4/%6C'' $3( 819%$E 6%19J1$'&1
'&%:? 18/%$%3%66E% 8/%'&4@%0:2#. K:' 8/%'&4@%0:2# &1=4: 9E:?/#53'>6E&'. H$6' '5 6'J 6#5E2#7:0( 8/%'&4@%0:2#&' 9E0:/1=12EJ1$# 6# /E61" [27]. +/4='% — 8/%'&4@%0:2#&' 6'5"1) 0:1'&1Q0:'. */%:?' 010:1(: 2 6#'&%6?R%) 0:1'&10:' 5# 18/%$%3%66E) 4/1Q2%6? "#>%0:2#. H$6#"1 6'"#"1% 8/%'&4@%0:21 6% 81(23(%:0( 0816Q:#661. A#8/1:'2, 161 0:#612':0( ':1=1& 8/12%$%6'( 1/=#6'5#C'%)021%) "16"4/%6:61) 0:/#:%=''. N C%31& /13? «'60:/4&%6:#3?61=1(@'"#» 010:1': 2 81$$%/B"% 8/1C%0012 0:#6$#/:'512#661=1 48/#2Q3%6'( 8/1%":#&', "1:1/E% 81&1=#7: L1/&'/12#:? ' 8/121$':?0:/#:%='7 48/#23%6'(. <:/#:%='( 48/#23%6'( 8/1%":#&' 84:%&81$$%/B"' "16"4/%6:61) 0:/#:%='' 81&1=#%: 015$#2#:? "16"4/%6Q:61% 8/%'&4@%0:21 "1&8#6''.<81019610:? /#5/#91:#:? «'60:/4&%6:#3?6E) (@'"» :%061 02(Q
5#6# 0 8156#6'(&' 2 193#0:' 1:$%3?6EJ '60:/4&%6:12 48/#23%6'(8/1%":#&'. I:19E 81&1>? >':#:%37 812E0':? 021) 4/12%6? 56#Q6'), 2 8103%$47@'J =3#2#J &E /#00&1:/'& 20% U:' '60:/4&%6:E81$/1961, # 5#:%& 2 =3#2% 16 8/%$31B'& &%:1$131='7 /#5/#91:"'«'60:/4&%6:#3?61=1 (@'"#».
39
!.%'.$6)7$+4'8 %",9 «)(+.%/0
$(.',9("6" 8:)4'»
/3%'-,$()8 3%"$4.'0)
A=1?@;1B@;1. Hamel, G. and <. -. Prahalad 1989 «Strategic Intent» Harvard
Mush Business Review 67(3): 92—101.2. Harrison, J. S. and C. H. S. John 1998 «Strategic Management of
organizations and Stakeholders» St. Paul, Minn.: SouthQWesternCollege Publishing.
3. Porter, M. E. 1985 «Competitive Advantage» New York: The FreePress.
4. Thompson, A. A. and A. J. I. Strickland 1995 «Crafting andImplementing Strategy» Chicago: Irwin.
5. Adler, P. S., et al 1996 «Getting the Most out of Your ProductDevelopment Process» Harvard Business Review» 74(2): 134—152.
6. Calatone, R. J. and C. A. D. Benedetto 2000 «Perfomanse and Timeto Market: Accelerating Cycle Time with Overlapping Stages» IEEETransactions of Engineering Management 47(2): 232—244.
7. Nevens, T. M., G. L. Summe and B. Uttal 1990 «CommercializingTechnology: What the Best Companies Do» Harvard BusinessReview 68(3): 154—163.
8. Smith, P. and D. Reinertsen 1990 «Developing Priducts in Half theTime» New York: Van Nostrand Rienhold.
9. Mclemore, I. 1999 «High Stake Games» Business Finance (5) 30—33.10. Iansiti, M. and J. West 1997 «Technology Integration Turning
Great Research into Great Products» Harvard Business Review75(3): 69—79.
11. Wheelwringht, S. </ and -. N. Clark 1992 «RevolutionizingProduct Development» New York: The Free Press.
12. Clark, -. N. And T. Fujimoto 1991 «Product DevelopmentPerformance» Boston: Harvard Business School Press.
13. Cusumano, M. and K. Nobeoka 1998 «Thinking Beyond Lean» NewYork: The Free Press.
14. Tony, F. and R. Powers 1997 «Best Practices of ProjectManagement Groups in Large Functional Organizations» DrexelHill, Pa.: Project Management Institute.
15. Kerzner, H. 2001 «Strategic Planning for Project Management»New York: John Wiley & Sons.
16. Kerzner, H. 2000 «Applied Project Management» New York: JohnWiley & Sons.
17. Kemerer, C. F. 1997 «Software Project Management» Boston:McGrowQHill.
18. Stevenson, W. J. 1993 «Production and Operation Management»Boston: Irwin.
40
5,'-'
119. Sobek, D. J. Liker and A. Ward 1998 «Another Look at How Tojota
Integrates Product Development» Harvard Business Review76(4): 39—49.
20. Hammer, M. and J. Champy 1993 «Reengineeringthe Corporation»New York: Harper Business.
21. Project Management Institute 2000 «A Guide to the ProjectManagement Body of Knowledge» Newton Square, Pa: ProjectManagement Institute.
22. Thamhain, H. J. 1999 «Emerging Project ManagementTechniques: A Managerial Assessment» Portland InternationalConference jn Management of Engineering and Technology.Portland, Oregon.
23. Coombs, R., A. McMeekin and R. Pybus 1998 «TowardDevelopment of Benchmarking Tools for R&D Project ManagementR&D Management 28(3): 175—186.
24. University of Michigan Business School and American Society forQuality 1998 «American Customer Satisfaction Index»:1994—1998 Ann Arbor: University of Micigan Press.
25. Pinto, J. K. and J. E. Prescott 1990 «Planning and Tactical Factorsin the Project Implementation Process» Jornal of ManagamentStudies 27(3): 305—327.
26. Might, R. 1989 «How Northern Telecom Competes on Time»Harvard Business Review 67(4): 108—114.
27. Eisenhardt, K. and S. L. Brown 1998 «Time Pacing: Competingin Marketing That Won’t Stand Still» Harvard Business Review76(2): 56—69.
754(" 3"(#*5()
N 6#8'0#6'' $#661) =3#2E 8/'6'">#0:'% $1":1/ +B15%L .. ,#/:'61.
N3$1. ) M31" ,.O"$3 '**4"13).,': <-/M31'< )9"#"1, $3#'(3,+ 3+31)'$."+*:...' '**4"13).,'" )*"$1. 3*+."+*:,"(.)"#O",,-<.
,#/" .#::'016, !)5%" -#04916
N81361& 011:2%:0:2'' 01 0312#&' U8'=/#L# &%6%$B%/#& 20%%@% 8/'J1$':0( $%3#:? 2E91/ &%B$4 /#53'>6E&' 8/1%"Q:#&', 3'91 $121$( 'J $1 1"16>#:%3?61=1 5#2%/R%6'(, 3'91
8/%"/#@#( 2E8136%6'%, "#" :13?"1 8/1%": '5B'2#%: 0%9(. K:# =3#Q2# 8/'52#6# 81&1>? &%6%$B%/#& '0813?512#:? 8%/%>'03%66E% 6'QB% '60:/4&%6:E $3( 1:91/# 8/1%":12, "1:1/E% '&%7: 2E01"'%R#60E 6# 408%J ' L'6#601247 1:$#>4:
• &1$%3? 1C%6"' /#6=# 8/1%":#;• #6#3':'>%0"') '%/#/J'>%0"') 8/1C%00;• U"161&'>%0"'% &%:1$E (0/1" 1"48#%&10:', >'0:#( 8/'2%$%6Q6#( 0:1'&10:?, 264:/%66(( 61/&# 8/'9E3');
• 2E91/ 81/:L%3(;• &%:1$ /%#3?6EJ 2#/'#6:12 2E91/#.
42
5,'-'
2A#52#66E% '60:/4&%6:E /#5/#91:#6E $3( :1=1, >:19E 2E9'/#:?
8/1%":E, &#"0'&'5'/47@'% C%6610:? 81/:L%3( 8/1%":12 $3( "1&Q8#6'' ' 011:2%:0:247@'% %% 9'56%0Q0:/#:%=''. +184@%6'% 010:1':2 :1&, >:1 "13'>%0:21 8/%$3#=#%&EJ " '08136%6'7 8/1%":12Q"#6Q$'$#:12 8/%2ER#%: '&%7@'%0( 215&1B610:'. I:19E 81&1>? >':#Q:%37 2E9/#:? 1:$%3?6E% 8/1%":E '5 U:1=1 «&%67», 2 6#0:1(@%) =3#Q2% 8/%$3#=#%:0( 0121"48610:? '60:/4&%6:12, "1:1/E% 1:2%>#7: 5#4>%: L'6#6012EJ, :%J6'>%0"'J, 812%$%6>%0"'J ' 0:/#:%='>%0"'J"/':%/'%2 '3' L#":1/12 8/' 1C%6"% ' 1:91/% 8/1%":12. N0( 0121Q"48610:? 8/1%":12 8/%9E2#%: 2 6%8/%/E261& '5&%6%6'', 810"13?Q"4 /4"121$0:21 810:1(661 "1//%":'/4%: 0217 :1>"4 5/%6'(, /%#='Q/4( 6# '5&%6%6'% 81:/%9610:%), 2E52#661% "16"4/%6:61) 91/?91)' $/4='&' L#":1/#&'. D60:/4&%6:E 1:91/# 8/1%":12 815213(7:/4"121$0:24 1:9'/#:? 8/1%":E $3( 'J '6'C'#C'' ' 8/%"/#@%6'(81 &%/% '5&%6%6'( 40312').M%3? $#661) =3#2E 010:1': 2 :1&, >:19E 81&1>? 8/#":'"47@'&
' 81:%6C'#3?6E& &%6%$B%/#& 8/1%":12 ' /4"121$':%3(&:• 6#4>':?0( '0813?512#:? /#53'>6E% '60:/4&%6:E 2E91/# 8/1Q%":12;
• 6#J1$':? '60:/4&%6:E 1:91/# 8/1%":12, 011:2%:0:247@'%"16"/%:61) 8/1%":61) 0':4#C'';
• #$#8:'/12#:? '60:/4&%6:E 2 011:2%:0:2'' 01 021'&' 64B$#&'.H::#>'2#6'% U:'J 6#2E"12 '=/#%: =3#2647 /13? 2 '6'C'#C''
8/1%":12 ' 810:/1%6'' 8/1C%00# 0:#6$#/:'512#661=1 48/#23%6'((/'0. 2.1).
C'#. 2.1. O13? '60:/4&%6:12 1:91/# 8/1%":12 2 8/1C%00%0:#6$#/:'512#661=1 48/#23%6'(
43
B.C"% 3%"$4."-
1.4'
%T.
2.1.
!%'-($()$
0$."#"-
".C"%' 3%"$4."-
1%3
,#5
($.
!($
5%3U
,3"
#$&5.)
'#//
U# -$
#&L
7&/
()/.
2T#'
LD'
.)/(
#3"
#%,+M
#&5)
(D'
.)/U
V/#
$(&
5.5(
*D)+,$((1$,
0$."#1
%'(&
)%"-'()8
D)+,$((1$,
E4"("0)7$+4)$
0$."#1
D)+,$((1$,
"%6'();'2)"((1$
0$."#1
@$."#
%$',9(1
F -'%)'(."-
-1C"%'
@"#$,) %'(&
)%"-'()8
3%"$4."-
G(',).)7$+4)<
)$%'%F)7$+4)< 3%"2$++
>%$08
(+%"4,
3$%)"#)
"4/3'$0"+.)
>1C"% 3"%.H$,8 3%"$4."-
*%"$4.1
4'4
"32)"(1
D)+.'8
3%)-$#$(('8
+.")0
"+.9
>(/.%$((88
("%0' 3%)C1,)
I'(&
)%"-'()$
3%"$4."-J
4'(#)#'."-
- 3"%8#4$
&$,'.$,9("+.)
)F -1
3",($J
()8.
@$($#&$%1
(%/4"-"J
#).$,)
) H)('(+)%/K.
3%"$4.1
3" 3"%8#4/ #"
)+7$%3'()8
%$+/%+"-
B2$(4' E4"("0
)7$+4"<
".#'7)
>1C"% 3"%.H$,8 3%"$4."-
,4"."%1
< 0'4+)0);)%/$. .".
),) )("<
3"4';'.$,9 ".#'7)
L0$(9?
$()$
%)+4'
;' +7$.
-1C"%'
('),/7?
$< 4"0
C)J
('2)) ',9.$%('.)-
B2$(4' E4"("0
)7$+4"<
".#'7)
, -4,K7'8 )(H,82)J
"((1
$ .%$(#1
*",("+.9K
3%";%'7(1
<,3%"+."< - )+3",9;"-'())
) ,$64)<
#,8
3"()0
'()8
0$."#
M"3/+4'$.
%';C)$()$
4%).$%)$- ('
($+4",94"
/%"-($<
*%"+.
- )+3",9;"-'())
) ,$6"4 - 3"()0'())
; "7$(9
/+."<7)-
3" ".("?$()K
4 ($"3%$#$,$(("+.80
.M"3/+4'$.
3%80"$
+%'-($J
()$ + CK
#&$.)%"-'()$0
M"3/+4'$.
)+3",9;"-'()$
0("&$+.-$((1
F 4%).$%)$-
#,8 -1
C"%'
-+$6"
3"%.H$,8
3%"$4."-
L0$(9?
'$. 4'4 %)+4
+()&$J
()8 3%)C1,)
, .'4
) %)+4 3"J
-1?$()8
+.")0
"+.)
3%"$4.'
*%"+.".' -1
7)+,$()<
+)+3",9;"-'()$0
E,$4.%"(J
(1F .'C,)2
, 3%80"$
+%'-($J
()$ + CK
#&$.)%"-'()$0
@"&
$. +";#'-'.9
-3$7'.,$()$
,"&("< ."7("+.)
. N%$C/$.
;('7).$,9("6" /7'+.)8 +"
+."%"(1
-1+?
$6" %/4"-"#+.-'
N%$C/$. +/:$+.-$(("6"
/7'+J
.)8 +"
+."%"(1
H/(42)"(',9J
("6"
) -1+?
$6" %/4"-"#+.-'
=$ /7).1-'$.
)(H
,82)"((1
$.%$(#1
. *%)
-13",($())
($4"."%1
F 3%"$4."-
, ('3%)0$%
H/(#'0$(.',9(1
F )++,$#"-'J
()<,
($4"."%1$ #'((1$ 0"6/.
C1.9
($#"+./3(1
M,8
C",9?
)(+.-'
3"%.H$,$<
3%"$4."-
.%$C/$.+8
-13",($J
()$ C",9?)F
"CO$0"-
-17)+,$()<
N%$C/$. C",9?"6" 4",)7$+.-'
#'((1F ) '(',);'
*%)
-13",($())
($4"."%1F
3%"$4."-
, ('3%)0$%
H/(#'0$(J
.',9(1
F )++,$#"-'()<
,($4"."%1
$ #'((1$ 0"6/.
C1.9
($#"+./3(1
44
5,'-'
2>7:?A= @;FO=@7E;F=G !@7?C17E
<17 1;C7? >7:?A= @;FO=@7E;F=G !@7?C17E?,1$%3? /#6B'/12#6'( 8/1%":12 2"37>#%: 2 0%9( 8%/%>%6? 4&%0:Q
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
!@=>?F?F=? >7:?A?S @;FO=@7E;F=G !@7?C17EG:0) '#B0>(0= '(J0)+".''. .1$1961 $/4='& &%:1$#&, &1$%3'
/#6B'/12#6'( 18'/#7:0( 6# 106126E% R#=' 8/1C%00# 2E91/# 8/1Q%":# (0&. 2/%5"4 «Z46$#&%6:#3?6E) 8/1C%00 2E91/# 8/1%":12»).I:19E 9E:? 813610:?7 L46"C'16#3?6E&' ' 10&E03%66E&', &1$%Q3' :/%947: 6#3'>'( 08'0"# 8/1%":12Q"#6$'$#:12, '5 "1:1/1=1 94Q$%: 8/1'521$':?0( 1:91/. N /%#3?610:' :#"1% «&%67» 018/121B$#%:Q0( 03%$47@%) '6L1/&#C'%), '&%7@%) 6#$3%B#@%% "#>%0:21:
• 8/1%":61% 8/%$31B%6'%;• 0:/#:%='>%0"'% ' :#":'>%0"'% 83#6E;• '0:1/'>%0"#( '6L1/&#C'(..10"13?"4 &1$%3' 8/'52#6E 81&1>? 1/=#6'5#C'' &#"0'&'5'/1Q
2#:? C%6610:? 2E9/#661=1 81/:L%3( 8/1%":12, 64B61 816'&#:?,"#"'% C%3' "1&8#6'' 81$$%/B'2#%: "#B$E) "16"/%:6E) 8/1%":.Y1:( U:' C%3' 18'0#6E 2 0:/#:%='>%0"'J ' :#":'>%0"'J 83#6#J1/=#6'5#C'), 8/1%":6E% 8/%$31B%6'( 8/'2610(: 2 8/1%":E 021708%C'L'"4. I:19E 8/'6'&#:? 913%% "#>%0:2%66E% /%R%6'(, 6%19QJ1$'&1 813#=#:?0( :#"B% ' 6# '0:1/'>%0"47 '6L1/&#C'7 — 02%$%Q6'( 1 8/'6(:EJ 2 8/1R31& /%R%6'(J 81 1:91/4 ' '08136%6'7 8/1Q%":12. ./' 6#3'>'' :#"1) '0J1$61) '6L1/&#C'' 0:#612':0(215&1B61) 2E/#91:"# #$%"2#:6EJ "/':%/'%2 1:91/# 8/1%":12.
D-:0) ">,13"$(-B 1)'$,)',3. H$6# '5 106126EJ 8/'>'6 6%4$#>61=1 8/'&%6%6'( &1$%3%) /#6B'/12#6'( 8/1%":12 — "160:/4Q'/12#6'% U:'J &1$%3%) 6# 10612% 6%#$%"2#:6EJ "/':%/'%2. <3%$1Q
45
B.C"% 3%"$4."-
2#:%3?61, "37> " 408%R61&4 8/'&%6%6'7 &1$%3%) /#6B'/12#6'(010:1': 2 010:#23%6'' 6#$3%B#@%=1 08'0"# "/':%/'%2 1C%6"', "1Q:1/E) 94$%: 1:/#B#:? 0:/#:%='>%0"47 L'6#601247, :%J6'>%0"47 '812%$%6>%0"47 0':4#C'' "1&8#6''. ./193%&# >#0:1 5#"37>#%:0(2 8/%1$13%6'' 0193#56# /#5/#91:#:? $%:#3?6E) ', "#" 03%$0:2'%,=/1&15$"') 08'01" "/':%/'%2, "1:1/E) 0:#612':0( 6%48/#23(%Q&E&. <4B%6'% 8/10:/#60:2# "/':%/'%2 $1 6%0"13?"'J B'56%6612#B6EJ, $%)0:2':%3?61 '&%7@'J 56#>%6'% 2%0?&# 5#:/4$6':%3?Q61, 1019%661 %03' 08'01" "/':%/'%2, 81$3%B#@') 8/1/%B'2#6'7,816#>#34 2E=3($': 19>'21 $3'66E&. O#00&1:/'&, 6#8/'&%/,2/%5"4 «-/':%/'', "1:1/E% $13B6E 9E:? 4>:%6E 8/' 1:91/% 8/1%"Q:12»: $3( ULL%":'261=1 '0813?512#6'( 913?R'60:21 "/':%/'%2:/%94%: /#59'%6'( 6# 913%% "16"/%:6E% U3%&%6:E (0&. 8/'&%/ /#5Q9'%6'( 6# 19 "16"/%:6EJ "/':%/'%2 2 :#93. 2.2). N $#3?6%)R%& U:1&1B%: 015$#:? 8/193%&4 8/'2(5"' " 6%&61='& B'56%661 2#B6E&"/':%/'(&. O%#3?610:? $#661) 8/193%&E 81$:2%/B$#%:0( 18E:1&/($# "1&8#6'), 2 "1:1/EJ &1$%3' 2EJ1$(: '5 481:/%93%6'( '5Q5#:1=1, >:1 01$%/B#: 02ER% 50 "/':%/'%2. S13%% &4$/E) 81$J1$,8/#":'"4%&E) 6%"1:1/E&' 2%$4@'&' "1&8#6'(&', 010:1': 2 01Q5$#6'' 8%/216#>#3?61=1 08'0"# ' 8%/'1$'>%0"1& %=1 8/1/%B'2#Q6'' 0 C%3?7 4&%6?R%6'( "13'>%0:2# "/':%/'%2.
50#$)0,(', +0>,2' )"(<')03"('4 /)0,1$03. I:19E 810:/1Q':? &1$%3?, 64B61 18/%$%3':? 03%$47@%%:
• L1/&4 &1$%3' 0 4"#5#6'%& "16"/%:6EJ "#:%=1/') "/':%/'%2'3' L#":1/12;
• 2%3'>'64 ' 2#B610:? "/':%/'%2;• 081019E '5&%/%6'( "/':%/'%2..%/2E& $%31& 40:#612'& L1/&4 &1$%3'. «H919@%66#(» &1$%3?
/#6B'/12#6'( 8/1%":12 &1B%: 2E=3($%:? :#":
N $#661) &1$%3' 0'&213E A, B, C, D, E, F, G 8/%$0:#23(7: 0191) "/'Q:%/'', "1:1/E% $13B6E 9E:? 2"37>%6E 2 18/%$%3%6'% /#6B'/12#Q6'( 8/1%":12. >"4'0',. "#B$1=1 "/':%/'( $3( $#661=1 8/1%":#81$0:#23(%:0( 2 L1/&4. <'&213E a, b, c, d, e, f, g — )"*3)-" 23BJJ'F7'",+-, 8/'021%66E% "#B$1&4 "/':%/'7. <1=3#061 $#661) &1$%Q3' "/':%/'', 6#J1$(@'%0( 2 >'03':%3%, — U:1 9#"'</G"*+)., 2 :12/%&( "#" "/':%/'', 0:1(@'% 2 56#&%6#:%3%, — ,"13*+.+2'. -/'Q:%/'' ' 011:2%:0:247@'% 2%012E% "1ULL'C'%6:E 40:#6#23'2#7:Q0( /4"121$0:21&, (,.0",': "/':%/'%2 18/%$%3(7:0( 08%C'L'"1)8/1%":# ' 19E>61 8/'02#'2#7:0( "1$1) 8/1%":#.
46
5,'-'
2
C'#. 2.2. Z46$#&%6:#3?6E) 8/1C%00 1:91/# 8/1%":12
WBF:;>?F1;AHF9S !@7Q?66 E987@; !@7?C17EP'4)$ .)31 3%"$4."- 8-,8K.+8 3%"$4.'0)J4'(#)#'.'0) (('3%)0$%, 3%"J
$4.1 %';%'C".4) 3%"#/4."-, -1F"#' (' %1("4, 4'3).',9("6" +.%").$,9+.-',($3%$%1-("6" +"-$%?$(+.-"-'()8 ) .. #.)? Q.". -"3%"+ ;'#'$.+8 (' ('7',9J(1F ?'6'F 3%"2$++' ".C"%' 3%"$4."- (%)+. 2.2). R'.$0 +";#'$.+8 «0$(K» 3%"J$4."-J4'(#)#'."-, 3"+,$ 7$6" ('7)('$.+8 3%"2$++ -1%'C".4) '#$4-'.(1F4%).$%)$-. S$,9 #'(("6" 3%"2$++' — -4,K7).9 H'4."%1, 4"."%1$ 3"0"6'K.0'4+)0);)%"-'.9 2$(("+.9 3"%.H$,8 3%"$4."- #,8 4"03'()).
P E."0/ 0"0$(./ /&$ #",&(1 C1.9 );-$+.(1 .'4)$ "6%'()7$()8, 4'4 CK#J&$., "C$+3$7$()$ 3$%+"(',"0 ) .. #. >'&(" /C$#).9+8, 7." 3%)(8.1 -" -()J0'()$ +""C%'&$()8 3",).)4) ) +.%'.$6)7$+4)$ 3,'(1 (- 7'+.("+.), 3"##$%J&4' +/:$+.-/K:)F 3%"#/4."- ),) +""%/&$()$ ("-"< H'C%)4)).*",/7$((1$ 4%).$%)) C/#/. -4,K7$(1 - +"+.'- )(+.%/0$(.' ".C"%' 3%"$4J."-, )+3",9;/$0"6" #,8 3%)(8.)8 %$?$()< " ."0, 4'4)$ 3%"$4.1 ); «0$(K»+,$#/$. -1C%'.9 #,8 )()2)'2)) ),) 3%"#",&$()8.
.134>%6'% &%678/1%":12Q"#6$'$#:12
NE/#91:"#4&%0:6EJ"/':%/'%2
NE91/'60:/4&%6:#1:91/#
H:91/8/1%":12
C@=1?@==, C717@9? :7AOF9 891H B<1?F9!@= 7187@? !@7?C17EP%).$%)) (),) H'4."%1), 4"."%1$ 8-,8K.+8 /0$+.(10) 3%) ".C"%$ 3%"J
$4."-, ;'-)+8. ". .)3' 3%"$4."- ) 4"(4%$.("< 3%"$4.("< +)./'2)). ='3%)J0$%, 3%) ".C"%$ 3%"$4."- - +H$%$ =TBPI "C17(" %'++0'.%)-'K.+8 3%)-"J#)01$ ()&$ 4%).$%)) (#'((1< +3)+"4 ("+). %$4"0$(#'.$,9(1< F'%'4.$% )($ 8-,8$.+8 )+7$%31-'K:)0).
• !.")0"+.9 • B.#'7'• >$%"8.("+.9 .$F()7$+4"6" • >$%"8.("+.9 %1("7("6" /+3$F'/+3$F'
• I';0$% %1(4' • M",8 %1(4'• M"+./3("+.9 ($"CF"#)0"6" • !.$3$(9 3%)-$%&$(("+.)3$%+"(',' "%6'();'2)) 3%"$4./
• !.%'.$6)7$+4"$ • *"4';'.$,9 4"(4/%$(."+3"+"C("+.)3";)2)"()%"-'()$ 3%"$4.'
• !.$3$(9 C,'6"3%)8.+.-"-'()8 • !""C%'&$()8, "3%$#$,8$01$"4%/&$()8 ) +""C%'&$()< 3",).)4'0) 4"03'());'4"("#'.$,9("6" F'%'4.$%'-13",($()K 3%"$4.'
U".8 0("6)$ ); E.)F 4%).$%)$- 0"6/. C1.9 )+3",9;"-'(1 3%) ".C"%$ 3%"J$4."- %';,)7(1F .)3"-, -'&(" -4,K7).9 - '(',); -+$ 4%).$%)), 4"."%1$3%)0$()01 4 -'?$< 3%"$4.("< +)./'2)).
47
B.C"% 3%"$4."-
+#66#( &1$%3? '0813?54%: :/' "#:%=1/'' "/':%/'%2:
• $1&'6'/47@'% "/':%/'' (6#8/'&%/, A) — L#":1/E, "1:1/E%'&%7: 0:13? 2E01"47 2#B610:?, >:1 %03' 16' /#26E 6437, 19Q@') 9#33 :#"B% $13B%6 9E:? /#2%6 6437. ./'&%/: L#":1/E,"1:1/E% $13B6E 9E:? 2"37>%6E 2 &1$%3?, &1=4: 8/%$0:#23(:?0191) &%/E 8/1'521$':%3?610:', :#"'% "#" ULL%":'2610:?'3' 19@') /%543?:#:. X03' &%/# 8/1'521$':%3?610:' 8/1%":#/#26# 6437, :#"1) 8/1%": 03%$4%: 813610:?7 $'0"2#3'L'C'Q/12#:? 26% 5#2'0'&10:' 1: $/4='J %=1 $10:1'60:2;
• 25#'&15#&%6(%&E% "/':%/'' (B, C, D, E) — L#":1/E, "1:1/E%0810196E 5#&%6(:? $/4= $/4=# 8/' 2E8136%6'' 03%$47@%=140312'(: 4&%6?R%6'% 81 1$61&4 "/':%/'7 (23(%:0( 8/'%&3%Q&E&, %03' 161 018/121B$#%:0( $10:#:1>6E& 42%3'>%6'%& 81$/4=1&4 "/':%/'7. A#8/'&%/, 8/1%":'/12@'" &1B%: 2E9'Q/#:? &%B$4 6#$%B610:?7 ' /%&16:18/'=1$610:?7 $1 :%J 81/,81"# «0:1'&10:? 23#$%6'(» 10:#%:0( 810:1(661). N U:1& 034>#%2%012E% "1ULL'C'%6:E $13B6E 1:/#B#:? 1:610':%3?647 0:1Q'&10:? 42%3'>%6'( 6#$%B610:' ' 48/1@%6'( 19034B'2#6'(.O#0J1$E F 81"#5#6E "#" 1:$%3?6E) "/':%/'), "1:1/E) 4&%0Q:%6 81 1:61R%6'7 " 379E& 8/1%":#&. +#66E) "/':%/')&1B%: 9E:? $#3%% 81$/#5$%3%6 6# "#:%=1/'' /#0J1$12: 5#/#Q91:6#( 83#:#, &#:%/'#3E, "1&&46#3?6E% 4034=', 1:=/45"# ':/#6081/:'/12"# — %03' &%B$4 U:'&' "#:%=1/'(&' 04@%0:24Q%: 25#'&15#&%6(%&10:? ($1840:'&, '0813?512#6'% 913%% $1/1Q='J &#:%/'#312 0 C%3?7 U"161&'' /#0J1$12 6# 183#:4 :/4$#).N 8/1:'261& 034>#% "1&816%6:E /#0J1$12 $13B6E 8/10:1 04&Q&'/12#:?0( ' /#00&#:/'2#:?0( "#" %$'6E) L#":1/;
• 6%19(5#:%3?6E% "/':%/'' — L#":1/E, "1:1/E% 8/'&%6'&E 6%"1 20%& 8/1%":#&. X03' 16' 8/'04:0:247:, 16' $13B6E 23'(:?6# ':1=12E) 9#33, %03' 1:04:0:247: — 6% $13B6E. <3%$4%: 1:Q&%:':?, >:1 "#" /#0J1$E, :#" ' 2E=1$E &1=4: 2"37>#:? 6%Q19(5#:%3?6E% L#":1/E. A#8/'&%/, E 2 L1/&43% 8/%$0:#23(%:2E=1$4, "1:1/#( &1B%: ' 6% /#00&#:/'2#:?0( 2 6%"1:1/EJ 8/1Q%":#J. X% 03%$4%: 4>':E2#:? 2 ':1=121) 1C%6"% :13?"1 2 034>#%8/'&%6'&10:' " $#661&4 8/1%":4. K:1 &1B%: 9E:? :#"1) "/'Q:%/'), "#" 8/10:1:# 8120%$6%261=1 '0813?512#6'(, "1:1/E)6% 8/'&%6'& " 8/1%":#&, 6#8/#23%66E& 6# 8/1'521$0:2%6Q6E% 8/1C%00E. -/':%/') G 2 L1/&43% 8/%$0:#23(%: 0191) «6%Q19(5#:%3?6E%» /#0J1$E: "#" 8/#2'31, U:1 :'8 0:1'&10:', "1Q:1/E) 18/%$%3(%:, >:1 $10:48610:? 6%"1:1/1=1 "16"/%:61=1
48
5,'-'
2/%04/0# (23(%:0( 913%% 2#B6E& L#":1/1&, >%& 0184:0:247Q@'% $18136':%3?6E% /#0J1$E. A#8/'&%/, $10:48610:? :#"'J/%04/012, "#" '08E:#:%3?6E% 40:#612"', 048%/"1&8?7:%/ '3'610':%3? $%L'C':61=1 6#2E"#, 0"#B%& "2#3'L'C'/12#66E)8/1=/#&&'0:, &1B%: 9E:? 1=/#6'>%6#. N 81$1961& 034>#%>#0E /#91:E '3' '6#( &%/# '0813?512#6'( $13B6# /#00&#:Q/'2#:?0( 1:$%3?61 1: $%6%B61=1 2E/#B%6'( 0:1'&10:' ' 8/'Q&%6(:?0( :13?"1 81 1:61R%6'7 " 8/1%":#&, :/%947@'& 6#3'Q>'( $#661=1 /%04/0#.
N:1/1) 218/10 — 2%3'>'6# ' 2#B610:? "/':%/'%2. -#" :13?"1L1/&43# &1$%3' 18/%$%3%6#, /#5/#91:>'"#& 03%$4%: /#5=/#6'>':?)"4'0',/ ' )"*3)3% 23BJJ'7'",+ "/':%/'(. N 8/%$E$4@%) L1/&4Q3% B, C, D — 2%3'>'6E 011:2%:0:247@'J L#":1/12 "16"/%:61=1 8/1Q%":#, 2 :1 2/%&( "#" b, c, d — 2%012E% "1ULL'C'%6:E, 6#56#>%66E%U:'& L#":1/#&, "1:1/E% 1:/#B#7: 2#B610:?, 8/'021%6647 '&8/'6'@'& /%R%6'% 3'C1&. N 034>#% 25#'&15#&%6(%&EJ L#"Q:1/12 1:61R%6'% b/c 8/%$0:#23(%: 0191) 81"#5#:%3? 25#'&15#&%Q6(%&10:' &%B$4 L#":1/#&' B ' C. X03' B 4&%6?R#%:0( 6# %$'6'C4,:1 C $13B%6 215/#0:' "#" &'6'&4& 6# 2%3'>'64 b/c, >:19E 04&&#$#66EJ L#":1/12 10:#3#0? 810:1(661) '3' 215/103#. D6E&' 0312#Q&', &%6%$B%/, 8/'6'@') /%R%6'%, 213%6 B%/:212#:? 1$6'&L#":1/1& 2 813?54 $/4=1=1 2 011:2%:0:2'' 0 'J 2%0#&' $1 :%J 81/,81"# 8136#( 04&&# 10:#%:0( 810:1(661) '3' 215/#0:#%:.+3( 18/%$%3%6'( /#6B'/12#6'( 8/1%":12 2 :#93. 2.2 (0:139%C
«K3%&%6:») '0813?512#6# 8/10:#( &1$%3?, 18'0E2#%&#( L1/&431):
=IG'% I.44 = B + C + D.
F$%0? 19@') 9#33 /#2%6 04&&% B, C ' D, :1 %0:? 04&&% 56#>%6'):#"'J 011:2%:0:247@'J '& "/':%/'%2, "#" 46'"#3?6E% L46"C'1Q6#3?6E% J#/#":%/'0:'"' 8/1$4":# '3' :%J6'>%0"#( 031B610:? (0&.:#93. 2.2).A#"16%C, :/%:') 218/10, :/%947@') /%R%6'(, — U:1 218/10 '5Q
&%/%6'( "/':%/'%2. A%"1:1/E% "/':%/'' (:#"'% "#" /#0J1$E ' 8/'Q9E3') 81$$#7:0( 19W%":'261&4 '5&%/%6'7, $/4='% (:#"'% "#" 2%/1Q(:610:? 408%J# ' 0:/#:%='>%0"#( 2#B610:?) 6% 81$$#7:0( ' 81:1&4$13B6E 9E:? 8134>%6E 6# 10612% 04B$%6'(. ,1$%3' /#6B'/12#Q6'( &1=4: 3%="1 2"37>#:? 2 0%9( 19W%":'26E% ' 049W%":'26E% (18Q/%$%3(%&E% 6# 10612% 04B$%6'() "/':%/''. Y1/1R1, %03' 049W%"Q:'26E% "/':%/'' 1C%6'2#7:0( 81 R"#3%, «8/1=/#$4'/12#661)»2 "37>%2EJ L/#5#J, — U:1 19%08%>': %$'6119/#5647 1C%6"4 $#661Q=1 L#":1/# $3( "#B$1=1 '5 8/1%":12. HC%6"' 03%$4%: 2E8136(:?2 8/%$%3#J "#"1)Q3'91 4$1961) R"#3E, 6#8/'&%/ 10Q9#33?61) (0&.
49
B.C"% 3%"$4."-
2/%5"4 «./'&%/ R"#3E $3( '5&%/%6'( 2%3'>'6E "/':%/'( “+10:48Q610:? 610':%3%) 6#2E"12”»). *#"#( R"#3# $13B6# 9E:? /#5/#91:#Q6# $3( "#B$1=1 "/':%/'(, :/%947@%=1 049W%":'261) 1C%6"' (0&.:#93. 2.2). H9W%":'26E% L#":1/E (2 >#0:610:', 0:1'&10:?) &1=4:9E:? '5&%/%6E 6%810/%$0:2%661, >:1 '59#23(%: 1: 6%19J1$'&10:''0813?512#6'( 81$1961) R"#3E.
50
5,'-'
2S13?R'60:21 &1$%3%) /#6B'/12#6'( 8/1%":12 '&%7: 913%%
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— U:1 /#0QJ1$, # 56#>':, 6%$10:#:1". N $#661& 034>#% &1$%3? /#6B'/12#6'(8/1%":12 94$%: 2E=3($%:? 03%$47@'& 19/#51&:
./'2%$%66#( 913%% 031B6#( &1$%3? 94$%: $#3%% '0813?512#:?0($3( 1C%6"' 8/1%":12, 81"#5#66EJ 2 :#93. 2.6. O#5/#91:>'" &1$%3'/#6B'/12#6'( 8/1%":12 213%6 2"37>':? 2 6%% 379E% 56#>'&E%L#":1/E ' 8/'021':? '& 2%0# '3' "1ULL'C'%6:E $3( 1:/#B%6'( 'J1:610':%3?61) 2#B610:'.
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
/#B%66EJ 2 6%"1:1/EJ %$'6'C#J '5&%/%6'( ' 1:3'>#7@'J0( 81
=IG'% I.44 = .()"#3:+,3*+D /*9"M. + 2 3+1.0.)
*+3'<3*+D
51
B.C"% 3%"$4."-
2%3'>'6%: 2%/1(:610:? 2 2'$% $%0(:'>61) $/19' &%6?R% %$'6'CE,$%6%B6#( 0:1'&10:? 2 2'$% 8131B':%3?61=1 >'03#, 1C%6"# 81 :1)'3' '61) R"#3% 2 2'$% C%31=1 >'03# ' :. $. N0% U:' 56#>%6'( 6%19J1Q$'&1 8/'2%0:' " 19@%&4 $'#8#5164. O#00&1:/'& :#93. 2.6, 2 "1:1Q/1) '519/#B%6 81/:L%3?, 0L1/&'/12#66E) '5 8/%$31B%66EJ 8/1Q%":12. N%3'>'6E "/':%/'%2 81 &1$437 2#/?'/47:0( 2 $'#8#516% 1::/%J 56#"12 03%2# 1: 5#8(:1) $1 $24J 56#"12 08/#2# 1: 6%%. ./1%":Q6E% $#66E% 8/'6(:1 0:#6$#/:'5'/12#:? 84:%& 2E>':#6'( '5 56#Q>%6'( "#B$1=1 "/':%/'( $3( "#B$1=1 8/1%":# %=1 56#>%6'(, 40/%$Q6%661=1 81 20%& 8/1%":#&, 0 8103%$47@'& $%3%6'%& 8134>%661)/#5610:' 6# 0:#6$#/:61% 1:"316%6'% 56#>%6'( 81 "#B$1&4 8/1%"Q:4. N :%/&'6#J :#93. 2.6 U:1 156#>#%: 2E>':#6'% '5 "#B$1=1 56#>%Q6'( 0:139C# 6%"1:1/1=1 0/%$6%=1 $3( $#661=1 0:139C# 56#>%6'(,# 5#:%& $%3%6'% 8134>%661) /#5610:' 6# 0:#6$#/:61% 1:"316%6'%$3( U:1=1 B% 0:139C#. .103% :1=1 "#" 8/1%":6E% $#66E% 5#=/4B%6E2 U3%":/16647 :#93'C4, 8/1C%00 0:#6$#/:'5#C'' 0:#612':0( :/'Q2'#3?6E&. H6 2E8136(%:0( 1$'6#"121 3%="1 "#" $3( $%0(:' 8/1%"Q:12, :#" ' $3( :E0(>'../%$8131B'2, >:1 56#>%6'( "/':%/'%2, 1:610(@'%0( " "16"/%:Q
6E& 8/1%":#&, '&%7: 8/'93'5':%3?61 61/?61% /#08/%$%3%6'%,&1B61 1B'$#:?, >:1 /%543?:#:1& :#"1) 18%/#C'' 94$%: 0:#6$#/:'Q512#66#( 2%3'>'6#, /#08/%$%3%66#( 2 $'#8#516% 1: —3 $1 +3. K:1:$'#8#516 03%$4%: 8/%19/#512#:? 2 $'#8#516 8131B':%3?6EJ 2%3'Q>'6. X03' "#"1%Q3'91 '5 56#>%6') 2 :#93'C% '56#>#3?61 /#2616437, 0:#6$#/:'512#661% 56#>%6'% :#"B% $13B61 9E:? /#2616437. +3( 01937$%6'( $#661=1 :/%912#6'( 6%19J1$'&1 "1 20%& 56#Q>%6'(& "/':%/'( 2 0:139C% 8/'9#2':? #90137:647 2%3'>'64 6#'Q
!@=>?@ XC;A9 :AG =R>?@?F=G E?A=<=F9 C@=1?@=G«:761B!F761H F76=1?A?S F;E9C7E»10. >+$ ('-14) )0$K.+8 - #"+.'."7("0 "CO$0$ (+ ;'3'+"0).9. >+$ ('-14) #"+./3(1 - ($"CF"#)0"0 "CO$0$ (C$; ;'3'+').8. >+$ .$F()7$+4)$ ('-14) #"+./3(1.7. A",9?)(+.-" 3%"H$++)"(',9(1F ('-14"- #"+./3(".6. =$"CF"#)0' ($4"."%'8 3$%$3"#6"."-4' ("+).$,$< .$F()7$+4)F ('-14"-.5. =$"CF"#)0' ($4"."%'8 3$%$3"#6"."-4' ("+).$,$< 3%"H$++)"(',9(1F('-14"-.
4. =$"CF"#)0' +/:$+.-$(('8 3$%$3"#6"."-4' ("+).$,$< .$F()7$+4)F ('-14"-.3. =$"CF"#)0' +/:$+.-$(('8 3$%$3"#6"."-4' ("+).$,$< 3%"H$++)"(',9J(1F ('-14"-.
2. >+$ ("+).$,) .$F()7$+4)F ('-14"- #",&(1 C1.9 ('(8.1.1. >+$ ("+).$,) .$F()7$+4)F ('-14"- ) ($4"."%1$ ("+).$,) 3%"H$++)"J(',9(1F ('-14"- #",&(1 C1.9 ('(8.1.
0. >+$ ("+).$,) .$F()7$+4)F ) 3%"H$++)"(',9(1F ('-14"- #",&(1 C1.9('(8.1.
52
5,'-'
2913%% 1:/'C#:%3?61=1 56#>%6'( $#661=1 "/':%/'(, 8134>'2R%=10(8103% 2ER%18'0#661) 8/1C%$4/E 2E>':#6'( ' $%3%6'(. N /%543?Q:#:% 94$4: 8134>%6E 0:#6$#/:'512#66E% 2%3'>'6E, 6#J1$(@'%0(2 $'#8#516% 1: 0 8/'93'5':%3?61 $1 +6. X03' 6' 1$61 '5 8%/216#Q>#3?6EJ 56#>%6') 6% /#26(310? 6437, " "#B$1&4 56#>%6'7 64B6106#>#3# 8/'9#2':? 1, # 5#:%& —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
&1$%3' " 0:#6$#/:'512#66E& 1C%6"#& '5 :#93. 2.6. <:/1"' :#93'QCE 8%/%481/($1>%6E 81 49E2#6'7 19@%) 1C%6"'. X03' 0:#6$#/:'Q512#66E% 56#>%6'( 5#=/4B#7:0( 2 U3%":/16647 :#93'C4, 8/1C%002E>'03%6'( 0:#612':0( :/'2'#3?6E&. .%/%481/($1>'2#6'% 0:/1":#93'CE 2 011:2%:0:2'' 0 49E2#6'%& 19@%=1 9#33# :#"B% 3%="1 2EQ8136(%:0( 2 U3%":/1661) :#93'C%. N 6#R%& 8/'&%/% 8/1%": 4 '&%%:6#'2E0R47 1C%6"4. +/4='% 8/1%":E /#6B'/47:0( 2 011:2%:0:2''01 021'&' 1C%6"#&'. <3%$47@'& R#=1& &1=31 9E 0:#:? 4:2%/B$%Q6'% 8/1%":12 6# 2E8136%6'% — $3( U:1=1 64B61 $2'=#:?0( 1: 6#>#Q3# 08'0"# 26'5 $1 :%J 81/, 81"# 6% 94$%: '0>%/8#6 97$B%:. <3%$4%:1:&%:':?, >:1 /#53'>'% 1C%61" 8/1%":12 8 ' 1 8/1(23(%:0( 3'R?2 :/%:?%) 56#>#@%) C'L/%. .10"13?"4 '0J1$6E% $#66E% '&%3' :1>Q610:? 3'R? 2 1$64Q$2% 56#>#@'% C'L/E, " 81$1961&4 /#53'>'7 6%0:1': 1:610':?0( 0%/?%561.
&G5HKLEHDMN&O PH7OKOQ CMNR&CHDMN&S 5CHOFTHDF08>" '#/02%;03"$% +0>,2%. Y1:( $#66E% &%:1$E &1=4: 8/'&%Q
6(:?0( $3( 8/1%":12 3791=1 :'8#, 1019%661 J1/1R'% /%543?:#:E$10:'=#7:0( 6# /#66'J L#5#J B'56%661=1 C'"3# 8/1%":# — "1=$#8/'6':0( 106126E% /%R%6'( 81 2E91/4 8/1%":12. N15?&%&, 6#Q8/'&%/, 8/1%":E /#5/#91:"' 612EJ 8/1$4":12. -1=$# 8/1%": 6#J1Q$':0( 6# /#66'J L#5#J, %=1 /E61>6#( 1:$#># 3%B': 2 1:$#3%661&94$4@%& ' &1B%: $#B% 6% /#00&#:/'2#:?0( 2 "#>%0:2% "/':%/'( $1Q0:1'60:2. F#:1 "/':%/'%&, >#0:1 4>':E2#%&E& 2 &1$%3(J /#6B'Q/12#6'(, 0:#612(:0( :%J6'>%0"'% $10:1'60:2#, ' U:1: "/':%/') &1QB%: 1"#5#:?0( 913%% 56#>'&E&, >%& U"161&'>%0"#( 1:$#>#. ,1$%3'/#6B'/12#6'( 8/1%":12 /#261 J1/1R1 /#91:#7: ' 0 913?R'&',' 0 E&' 8/1%":#&' $/4='J :'812. H"16>#:%3?6#( 1C%6"# 19E>Q61 '0813?54%:0( 0 $24&( C%3(&':
53
B.C"% 3%"$4."-
1. K4: 9#',:+': #"O",': 9#3134C.+D/9#"2#.+'+D. ,1&%6:E8/'6(:'( /%R%6'( 1 8/1$13B%6'' '3' 8/%"/#@%6'' /#91: /#081Q31B%6E 2 "16"/%:6EJ &%0:#J 8/1C%00# 48/#23%6'(, >#0:1 81 5#2%/QR%6'' L#5 8/1%":#. DJ 8/%$6#56#>%6'% — 81&1>? /%R':?, "#"'%612E% 8/1%":E '6'C''/12#:? ' "#"'% '5 2E8136(%&EJ 8/1$13QB':? '3' 8/%"/#:':?.
2. K4: #.**+.,3)2' 9#'3#'+"+3) 9#3"2+3). A# $#661& U:#8%8/1'521$(:0( 2E$%3%6'% /%04/012 2 612E% 8/1%":E, "1:1/E% /%R%Q61 2E8136(:?, # :#"B% 81$=1:12"# 81361=1 08'0"# 612EJ ' 4B% 04Q@%0:247@'J 8/1%":12, "4$# 4B% 2E$%3%6E /%04/0E, ' /#00:#612"#8/'1/':%:12 264:/' U:1=1 08'0"#.</#26%6'% &1$%3' /#6B'/12#6'( 8/1%":12 ' #6#3':'>%0"1=1
'%/#/J'>%0"1=1 8/1C%00# (AHP) — $24J /#00&#:/'2#%&EJ 6#&' '6Q0:/4&%6:12 /#6B'/12#6'( 8/1%":12 — 8/%$0:#23%61 2 /#5$%3%«!6#3':'>%0"') '%/#/J'>%0"') 8/1C%00».
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
54
5,'-'
2"', 1C%6'2#6'( ' /#6B'/12#6'( 913?R1) =/488E 8/1%":12 28136%&1B%: 5#6(:? 1$'6Q$2# $6( 4 "#B$1=1 '5 :%J, ":1 8/'6'&#%: /%R%Q6'(. D61=$# 8/' 8/'6(:'' /%R%6') '0813?547:0( =1:12E% &1$%3'$3( 1C%6'2#6'( &%6?R'J, :#":'>%0"'J 8/1%":12, >:1, "#" 8/#2'31,:/%94%: 6%0"13?"'J >#012 /#91:E (0&. 2/%5"4 «<12%:E 81 '0813?51Q2#6'7 &1$%3%) /#6B'/12#6'( 8/1%":12»).
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— 18/%$%3%6'7 :1=1, "#"1%'5&%6%6'% 2%012EJ "1ULL'C'%6:12 :/%94%:0( $3( 8134>%6'( 56#Q>':%3?61=1 '5&%6%6'( 8/'1/':%:12.
5),'+*@,#$3" ' (,>0#$"$1'. <4@%0:24%: &61B%0:21 :1>%"5/%6'( 6# 8/%'&4@%0:2# ' 6%$10:#:"' &1$%3' /#6B'/12#6'( 8/1Q%":12. O#00&1:/'&, 2 >#0:610:', 03%$47@'% 8/%'&4@%0:2#:
• <31"4D 23,7"9+/.4D,3 9#3*+.. H6# 021$': 031B647 8/1C%$4Q/4 2E91/# ' 8/'6(:'( /%R%6'( " 4$1961&4 2 8/#":'>%0"1& '0Q813?512#6'' 6#91/4 "16"/%:6EJ 218/1012 ' 2E$#%: 6# 2EJ1$%%$'6119/#56E% 1C%6"', >:1 04@%0:2%661 193%=>#%: 1:91/ 8/1Q%":12. N15&1B61, '&%661 U:1 (23(%:0( =3#261) 8/'>'61) R'Q/1"1=1 /#08/10:/#6%6'( &1$%3%) /#6B'/12#6'( 8/1%":12;
• 3,. 934,3*+DE 9#3(#.0,.. G791) >%312%" &1B%: '54>':? &1Q$%3?, 8/12%/':? /%543?:#: %% 8/'&%6%6'( ' 816(:?, 81>%&4/%):'6= 8134>'30( '&%661 :#"'&;
• 93M3C", 3,. #.I3+."+. A%0"13?"1 8/12%$%66EJ '003%$12#6')81"#5#3', >:1 &1$%3? 0810190:24%: 8/'6(:'7 2%/6EJ /%R%Q6'). ./%$0:#2':%3' Procter & Gamble 4:2%/B$#7:, >:1 'J "1&Q8?7:%/6E% &1$%3' /#6B'/12#6'( 8/1%":12 '&%7: 85%Q6478/%$0"#5#:%3?647 081019610:? [1];
55
B.C"% 3%"$4."-
• "" 4"$23 '*934D(3).+D. ,%6%$B%/E, 2123%>%66E% 2 8/1C%00 1:Q91/# 8/1%":12, 1J#/#":%/'512#3' &1$%3' /#6B'/12#6'( "#"'60:/4&%6:E, 1:3'>#7@'%0( 6#'913?R%) 3%="10:?7 2 '0813?Q512#6'' ' 2 2E0R%) 0:%8%6' 81$J1$(@'% $3( 1:91/# 8/1%":12.
X03' =121/':? 1 6%$10:#:"#J &1$%3%) /#6B'/12#6'( 8/1%":12,&1B61 1:&%:':? 03%$47@%% [2]:
• <,'<.: +30,3*+D. D0813?512#6'% &1$%3%) 6%(261 81$/#54&%Q2#%:, >:1 8134>%66E% 0 'J 81&1@?7 /%543?:#:E '&%7: 2E01Q"47 :1>610:?. A# 0#&1& $%3% U:1 1:67$? 6% :#", ' 8134>%66E%1C%6"' >#0:1 034>#)6E. D&%661 81U:1&4 &1$%3(&' /#6B'/1Q2#6'( 8/1%":12 6%3?5( 531481:/%93(:?, # 'J /%543?:#:E 6%03%$4%: 2108/'6'&#:? "#" $#6610:?;
• 93+",7'.4D,.: ,"BJJ"2+'),3*+D #.*9#"1"4",': ,"13*+.F+30,-M #"*/#*3). +%31 5$%0? 2 :1&, >:1 &1$%3' /#6B'/12#6'(8/1%":12 6% 6#"3#$E2#7: 1=/#6'>%6') 6# :/%94%&E% /%04/0E8/' &#"0'&'5#C'' 1C%6"' 8/1%":# — 2 1:3'>'% 1: /($# U"161Q&'>%0"'J &%:1$12, "1:1/E% U:1 $%3#7:;
• #.*M31 )#"<",'. K:1: 6%$10:#:1" $13B%6 /#00&#:/'2#:?0(2 02%:% 2#B610:' 8/'6'&#%&EJ /%R%6'). N :1& 034>#%, "1=$#/%R%6'( $%)0:2':%3?61 (23(7:0( "37>%2E&', 6# 6'J 03%$4%:81:/#:':? $18136':%3?61% 2/%&(.
D")'".''. H06126E% 2#/'#C'' 2 '0813?512#6'' &1$%3%) :%06102(5#6E 0 :#"1) 'J 1019%6610:?7, "#" 5#:/#:E 2/%&%6'. N 818E:Q"#J 4&%6?R':? 2/%&(, 6%19J1$'&1% 6# 1:91/ 8/1%":12, "1&8#6''
67E?19 !7 =6!7AHR7E;F=P >7:?A?S @;FO=@7E;F=G!@7?C17ET+F"#8 ); 3%'4.)7$+4)F ('C,K#$()<, 0"&(" 3"%$4"0$(#"-'.9 +,$#/KJ
:)< 3"#F"# 4 )+3",9;"-'()K 0"#$,$< %'(&)%"-'()8 3%"$4."-:• "2$()-'()$ #",&(" 3%"-"#).9 -1+?$$ %/4"-"#+.-". V+,) "3%$#$,$J()$ "2$("4 -13",(8$.+8 4"0'(#'0) 3%"$4."-, "(" 0"&$. "4';'.9+83%$#-;8.10, -";0"&(" - 3",9;/ +-")F 3%"$4."-;
• 3%)#'.9 3%"2$++/ -)# #)+4/++)). *%)0$($()$ 0"#$,) - %$&)0$ #)+J4/++)) "C$+3$7)-'$. /7'+.)$ %/4"-"#).$,$< -1+?$6" ;-$(', 3"+4",94/"() +"-0$+.(" %'++0'.%)-'K. 4'< 3%"$4., "C+/&#'K. $6" (' +"".J-$.+.-)$ 4'&#"0/ 4%).$%)K, "2$()-'K. ) #"C)-'K.+8 4"(+$(+/+';
• )+3",9;"-'.9 ('6,8#(/K 4'%./ "2$("4. P"6#' 4'&#"0/ 7$,"-$4/, 3%)J()0'K:$0/ %$?$()$, 3%$#"+.'-,$(' 4,'-)'./%', "( 0"&$. 6","+"J-'.9 '("()0(", (" $6" 6","+ C/#$. ($0$#,$((" --$#$( - 4"039K.$% )%$;/,9.'.1 6","+"-'()8 3"8-8.+8 (' C",9?"0 E4%'($.
56
5,'-'
2'@4: $/4='% 84:'. N&%0:1 :1=1 >:19E 1C%6'2#:? 8/1%":E 0'3#&'2E0R%=1 /4"121$0:2# ' 8/#":'"12#:? 8/12%$%6'% $'0"400'), 2 6%Q"1:1/EJ "1&8#6'(J &%6%$B%/E 06#>#3# 6# 012%@#6'' 2E8136(7:8/%$2#/':%3?647 01/:'/12"4 8/1%":12 ' $%3%6'% 'J 6# 6%0"13?"1=/488 81 2#B610:', # 5#:%& 8%/%J1$(: " '6$'2'$4#3?61&4 =131012#Q6'7 264:/' =/488. +/4='% 18'/#7:0( 6# 1C%6"', 2E0:#23%66E% 1:Q$%3?6E&' 3'C#&' $1 8/12%$%6'( 012%@#6'(. D J1:( U:1: 81$J1$1>%6? ULL%":'2%6 2 0&E03% 4&%6?R%6'( 5#:/#: 2/%&%6', 16 3'R#Q%: 37$%), 8/'6'@'J /%R%6'%, 215&1B610:' "133%='#3?61=1'54>%6'( ' 1904B$%6'( "#B$1=1 L#":1/# ' $10:'B%6'( "160%6040#.N /%$"'J 034>#(J 04@%0:24%: 8/#":'"# 8/%$2#/':%3?61=1 1C%6'2#Q6'( 8/1%":12 0'3#&' 0#&'J 8/1%":6EJ "1$, 8103% >%=1 2E0:#2Q3%66E% 1C%6"' 2E610(:0( 6# 04$ &%6%$B%/12, "1:1/E% 'J 8/'6'&#Q7: '3' 18/12%/=#7:.
M>"/$".'4 +0>,2,= )"(<')03"('4 /)0,1$03 /0> (*<>-/02%;03"$,24. Y1:( &1$%3' /#6B'/12#6'( 8/1%":12 — U:1 1>%6?813%56E% '60:/4&%6:E, 6%19J1$'&1 816'&#:?, >:1 /#00&1:/%66E%6#&' 2#/'#6:E 610(: 19@') J#/#":%/ ', "#" 03%$0:2'%, :/%947:#$#8:#C'' 81$ "16"/%:6E% 1019%6610:' ' 8/1%":E "1&8#6''.A'B% &E 8/'2%$%& /($ :%5'012, "#0#7@'J0( :#"1) #$#8:#C''.
B3%$#$,$()$ 6%'()2 T+3",9;"-'()$ 0"#$,$< %'(&)%"-'()8 4'4 #,8)+3",9;"-'()8 C",9?)F, .'4 ) #,8 0',1F 3%"$4."-. T+3",9;"J
-'()$ 0"#$,$< %'(&)%"-'()8 #,8 ".C"%'("-1F 3%"$4."- ) 3%)(8.)8 %$?$()8 " 3%"#",J&$())/3%$4%':$()) +/:$+.-/K:)F
G#'3.'2)8 "+"C$(("+.) P%'.4"$ 3%$#+.'-,$()$ 4'&#"6" 3%"$4.("6"0"#$,) 3%$#,"&$()8 ,)2'0, 3%)()0'K:)0 %$?$()$,
#" 6%/33"-"6" "C+/&#$()8 ) %'(&)%"-'()83%"$4."- (3"0"6'$. - ."0 +,/7'$, $+,) ".-$.J+.-$((1$ 0$($#&$%1 "7$(9 ;'(8.1)
B.4'; ". "+"C$(("+.) 0"#$,) B.4'; ". )+3",9;"-'()8 -$+"-1F 4"EHH)2)$(J."- #,8 4%).$%)$- 3%) ".C"%$ ($C",9?)F3%"$4."- - 0/,9.)3%"$4.("0 "4%/&$())
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
57
B.C"% 3%"$4."-
COEUPON $#661& /#5$%3% 9E3' 8/%$0:#23%6E &1$%3' /#6B'/12#6'( —
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
;F;A=1=<?6C=S =?@;@Y=<?6C=S !@7Q?66<17 1;C7? ;F;A=1=<?6C=S =?@;@Y=<?6C=S !@7Q?66?!6#3':'>%0"') '%/#/J'>%0"') 8/1C%00 (AHP), "#" ' &1$%3? /#6Q
B'/12#6'(, 034B': $3( /#6B'/12#6'( 8/1%":12. H$6#"1 &1$%3?/#6B'/12#6'( 8/1%":12 — U:1 1$614/126%2E) 8/1C%00. X03' 1$'6'3' 6%0"13?"1 "/':%/'%2 010:1(: '5 81$"/':%/'%2, "1:1/E% "1&9'Q6'/47:0( $3( 8134>%6'( 19@%=1 56#>%6'( U:'J "/':%/'%2, :1 :#"1%"1&9'6'/12#6'% $13B61 2E8136(:?0( 5# 8/%$%3#&' &1$%3'. !6#Q3':'>%0"') '%/#/J'>%0"') 8/1C%00, 6#8/1:'2, 2"37>#%: 2 0%9(081019E "1&9'6'/12#6'( U:'J 81$"/':%/'%2 2 (261& 2'$%. *#"'&19/#51&, 8/1C%$4/# '0813?54%: '%/#/J'7, =$% "#B$E) "/':%/')
C7F1@7AH >7:?A?S @;FO=@7E;F=G !@7?C17EN'4"< 4"(.%",9 3";-",8$. /C$#).9+8 - ."0, 7." 0"#$,9 %'(&)%"-'()8
3%"$4."- 3%'-),9(" +.%/4./%)%"-'(' ) #",&(10 "C%';"0 3%)0$(8$.+8. B(#",&$(:
• "+("-1-'.9+8 (' 3%"$4.(1F 3%$#,"&$()8F, +.%'.$6)7$+4)F ) .'4.)7$J+4)F 3,'('F, ' .'4&$ )+."%)7$+4"< )(H"%0'2));
• -4,K7'.9 - +$C8 /0$+.(1$ - #'(("< +)./'2)) 4%).$%)) + -$+"-10) 4"JEHH)2)$(.'0) ) 6%'#/)%"-'((10) ?4','0) #,8 "2$(4);
• "2$()-'.9 4'< 3%"$4. 3" 4'&#"0/ 4%).$%)K, /0("&'.9 ;('7$()84%).$%)$- (' )F -$+"-1$ 4"EHH)2)$(.1, 3"+,$ 7$6" +/00)%"-'.9 %$J;/,9.'. 3" -+$0 4%).$%)80;
• -1#'-'.9 "#)("7(/K "2$(4/ #,8 4'&#"6" 3%"$4.';• "C$+3$7)-'.9 -";0"&("+.9 %'(&)%"-'()8 3%"$4."-.
58
5,'-'
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
!@=>?F?F=? ;F;A=1=<?6C7D7 =?@;@Y=<?6C7D7!@7Q?66;H8'0#6'% !AO, " 01B#3%6'7, 2 2E0R%) 0:%8%6' #90:/#":61.
I:19E 0$%3#:? %=1 913%% "16"/%:6E&, &E 8/1'3370:/'/4%& %=10 81&1@?7 :1=1 B% «&%67» '0J1$6EJ 8/1%":12 ' :%J B% "/':%/'%21:91/#, "1:1/E% '0813?512#3'0? ' $3( &1$%3' /#6B'/12#6'(.H/),>,2,(', /)0:2,+- (;">"9') ' .,2'. .%/2E) R#= 2 8/1C%0Q
0% AHP — 18/%$%3':? 8/193%&4 (5#$#>4) ' C%3?. N 6#R%& 034>#% C%3?'52%0:6#: 64B61 8/1/#6B'/12#:? 612E% ' 04@%0:247@'% 8/1%":E:#"'& 19/#51&, >:19E '&%:? 215&1B610:? 2E9'/#:? $3( '6'C'#QC'' 34>R'% '5 612EJ 8/1%":12 ' 8/1$13B#:?/8/%"/#@#:? :%, "1:1Q/E% 4B% 2E8136(7:0(.
C'#. 2.3. ./'&%/ '%/#/J'' /%R%6') AHP
59
B.C"% 3%"$4."-
G:0) '#B0>(0= '(J0)+".''. -#" ' 2 &1$%3(J /#6B'/12#6'(8/1%":12, #6#3':'>%0"') '%/#/J'>%0"') 8/1C%00 6#>'6#%:0( 0 01Q0:#23%6'( 08'0"# 8/1%":12Q"#6$'$#:12 ' 81$91/# '0J1$61) '6L1/Q&#C'', 6# 10612% "1:1/1) 94$%: 8/1'521$':?0( /#6B'/12#6'%. .1$'0J1$61) '6L1/&#C'%) 816':0(:
• 8/1%":61% 8/%$31B%6'%;• 0:/#:%='>%0"'% ' :#":'>%0"'% 83#6E;• '0:1/'>%0"#( '6L1/&#C'(.-#" 4B% 9E31 0"#5#61 2 /#5$%3% «,1$%3' /#6B'/12#6'( 8/1%"Q
:12», U:# '0J1$6#( '6L1/&#C'( 19%08%>'2#%: 816''% 0:/#:%=''' C%3%) "1&8#6'', C%3%) ' 01$%/B#6'( 8/1%":#, # :#"B% /%543?:#Q:12 /%R%6'), 8/'6(:EJ 81 J1$4 1:91/# 8/1%":12 2 8/1R31&, ' $10Q:'=64:1) /#6%% 8/1'521$':%3?610:' 8/1%":12.V0)+')03"(', ',)")B'9,#10= #$)*1$*)-. -#" ' 2 034>#%
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«0:1'&10:?» 9E3 /#5$%3%6. H$6#"1,:#" "#" 011:2%:0:247@'% $#66E% 2 :#93. 2.3 1:04:0:247:, 8/' L#"Q:'>%0"'J 2E>'03%6'(J 81$"/':%/'' 4>':E2#:?0( 6% 94$4:. N&%0:1U:1=1 8/1%":E 0:#64: 1C%6'2#:?0( 81 "#B$1&4 '5 "/':%/'%2 6#'Q6'5R%=1 4/126( — 2 6#R%& 034>#% 81 0:1'&10:', 2%/1(:610:' 408%QJ# ' 1:$#>%. *#"'& 19/#51&, 8/' 40312'' $10:48610:' 011:2%:0:24Q7@'J $#66EJ 8/1%":E 9E3' 9E 1C%6%6E 81 20%& :/%& U3%&%6:#&0:1'&10:', /#261 "#" ' 81 2%/1(:610:' 408%J# ' 1:$#>%.V0)+')03"(', +"$)'.- >24 #)"3(,('4. A# "#B$1& 4/126%
'%/#/J'' $13B6# 9E:? /#5/#91:#6# &#:/'C#, U3%&%6:E "1:1/1)8/%$0:#23(7: 0191) 1:610':%3?61% 8/%$81>:%6'% (2%0, 2%0121) "1QULL'C'%6:, 56#>'&10:? ' :. $.) "#B$1=1 "/':%/'( $#661=1 4/126(81 0/#26%6'7 0 10:#3?6E&' "/':%/'(&' :1=1 B% 4/126(. F#8'0'2 &#:/'C% (6# 8%/%0%>%6'' 0:/1"' ' 0:139C# &#:/'CE) 81"#5E2#7:0:%8%6? 8/%$81>:':%3?610:' L#":1/# 2 $#661) 0:/1"% 6#$ "/':%Q/'%& 2 $#661& 0:139C%.N 8/1$13B%6'% 8/'&%/#, '0813?54( $#66E% '5 :#93. 2.3, 0L1/&'Q
/4%& 0/#26':%3?647 &#:/'C4 8%/21=1 4/126(. A# 8%/21& 4/126%U:1) &#:/'CE /#08131B%6E 19@#( 1C%6"# ' :/' L#":1/#: 0:1'Q&10:?, 2%/1(:610:? 408%J# ' 1:$#>#.
60
5,'-'
2
H:610':%3?6E% 2%012E% "1ULL'C'%6:E U:'J :/%J L#":1/128/%$0:#23%6E 2 2%/J6%) 0:/1"% ' 2 "/#)6%& 3%21& 0:139C%. <:%8%6?8/%$81>:%6'( 8/'2%$%6# 2 (>%)"#J, 1=/#6'>%66EJ $21)61) 3'6'Q%). N 0:/1"% «0:1'&10:?» 81"#5#61, >:1 "/':%/') 0:1'&10:' '&%%:2$21% 913%% 6'5"1% 8/%$81>:%6'%, >%& 1:$#># (2 0:139C% «1:$#>#»).+'#=16#3?6E% U3%&%6:E, %0:%0:2%661, /#26E %$'6'C%, # U3%&%6:E,/#08131B%66E% 81$ $'#=16#3?7, (23(7:0( 19/#:6E&' 81 1:61R%Q6'7 " 011:2%:0:247@'& U3%&%6:#&, /#08131B%66E& 6#$ $'#=16#Q3?7. *#"'& 19/#51&, 2 0:/1"% «1:$#>#» U3%&%6:, 6#J1$(@')0( 6# 8%Q/%0%>%6'' U:1) 0:/1"' ' 0:139C# «0:1'&10:?», /#2%6 $24& — :1 %0:?8/%$81>:':%3?610:? U:1=1 "/':%/'( 2$21% 2ER%, >%& 0:1'&10:'.N U:1& 8/'&%/% '&%7:0( 18/%$%3%66E% 56#>%6'( $3( 2E/#B%Q
6'( 1:610':%3?6EJ 8/%$81>:%6'). H$6#"1 21 &61='J 034>#(J U3%Q&%6:E &#:/'CE 40:#6#23'2#7:0( 6# 10612% /#004B$%6') ' 5$/#21Q=1 0&E03#. ./1C%00 /#5/#91:"' "#B$1) &#:/'CE &1B%: 9E:? 1>%6?2/%&(%&"'&. N8/1>%&, 6%19(5#:%3?61, >:19E 20% &#:/'CE 2 '%/#/QJ'' L1/&'/12#3'0? 1$6'&' ' :%&' B% 37$?&'. A#8/'&%/, 2 $#661)&1$%3' &#:/'C# 1:610':%3?61) 2%/1(:610:' 408%J# 8/1%":# &1B%:9E:? 5#8136%6# :%J6'>%0"'&' /4"121$':%3(&', &#:/'C# 1:$#>' —1:$%31& &#/"%:'6=#, # &#:/'C# 0:1'&10:' — /4"121$':%3(&' 1:$%Q312 81 /#91:% 0 8%/016#31&, 5#"48"#& ' :. $.+#3%% 015$#%:0( 612#( &#:/'C#, U3%&%6:E "1:1/1) — U:1 U3%&%6Q
:E 8/%$E$4@%) &#:/'CE, /#5$%3%66E% 6# 04&&4 56#>%6') 011:Q2%:0:247@'J 0:139C12.
W.*5("U 75$.K.E#"(25/(&5L+&3#Z.
65(%,(&5L
1 !.")0"+.9 1 1 0,52 >$%"8.("+.9 /+3$F' 1 1 0,53 B.#'7' 2 2 1
!/00' 3" +.",C2/ 4 4 2
!.")0"+.9 0,25 0,25 0,25 0,25>$%"8.("+.9 /+3$F' 0,25 0,25 0,25 0,25B.#'7' 0,5 0,5 0,5 0,5
W.*5("U 65(%,(&5L E#"(25/(&5L+&3#Z.
75$.K. 6"#$/##3( &5"(*#
</%$6'% 56#>%6'( 0:/1" 8/%$0:#23(7: 0191) 2%012E% "1ULL'QC'%6:E, "1:1/E% 94$4: '0813?512#:?0( 8/' 4&61B%6'' /%543?:#Q
61
B.C"% 3%"$4."-
:12 #6#31='>6EJ 18%/#C') 6# 56#>%6'( 0:1'&10:', 2%/1(:610:'408%J# ' 1:$#>' $3( "#B$1=1 8/1%":#..1$196#( &#:/'C# 8/%$81>:%6') /#5/#9#:E2#%:0( $3( "#B$1Q
=1 L#":1/# 20%J 8/1%":12. A'B% 8/'21$':0( >#0:? &#:/'CE 0:1Q'&10:'. <3%$4%: 1:&%:':?, >:1 2E01"#( 0:1'&10:? &%6%% 8/%$81>Q:':%3?6#, >%& 6'5"#(, 81U:1&4 56#>%6'( 0:1'&10:' $3( 0:139C#$%3(:0( 6# #6#31='>6E% 56#>%6'( $3( 0:/1"', 2 /%543?:#:%2 (>%)"#J 81(2(:0( 56#>%6'(, 2E/#B#7@'% 8/%$81>:':%3?610:?0:/1"' 6#$ 0:139C1& (22) $3( "#B$1=1 8/1%":#. < C%3?7 U"161&''&%0:# 81"#5#6 :13?"1 3%2E) 2%/J6') 4=13 20%=1 �'2# (&#:/'QCE). +#3%% 94$4: 8/'2%$%6E #6#31='>6E% L/#=&%6:E &#:/'C 2%Q/1(:610:' 408%J# ' 0:1'&10:'. *#" "#" 2 034>#% U:'J L#":1/12913?R#( 2%3'>'6# 156#>#%: 913?R47 8/%$81>:':%3?610:?, 56#Q>%6'( $3( 0:/1"' $%3(:0( 6# 56#>%6'( $3( 0:139C#, L1/&'/4( 56#Q>%6'(, 1:/#B#7@'% 8/%$81>:':%3?610:? L#":1/# $3( 0:/1"' 6#$L#":1/1& $3( 0:139C# (23).
*%"$4. 1 2 3 443 1 1,00 1,02 0,37 0,7044 2 0,98 1,00 0,36 0,6816 3 2,69 2,75 1,00 1,8830 4 1,43 1,47 0,53 1,0049 5 0,88 0,90 0,33 0,61
3016444365(%,(&5L
D 0612# &E '&%%& 18/%$%3%66E% 56#>%6'(, 0 "1:1/E&' &1B616#>'6#:? /#91:#:?, ' 0612# /#0>%: &#:/'CE :/'2'#3%6, %03' '0813?Q512#:? U3%":/16647 :#93'C4. H$6#"1 21 &61='J 034>#(J &#:/'C4 8/'QJ1$':0( 5#8136(:? 6# 10612% /#004B$%6') ' 5$/#21=1 0&E03#..10"13?"4 U:# &#:/'C# '&%%: /#5&%/ 16 16, 6%19J1$'&1 2E8136':?n (n — 1) / 2 '3' (16 15) / 2 = 120 04B$%6') (56#>%6'( 81$ $'#=16#3?7$13B6E 9E:? 19/#:6E 5%/"#3?61 0'&&%:/'>6E& 56#>%6'(& 6#$ $'#Q=16#3?7, # 0#&# $'#=16#3? $13B6# 010:1(:? '5 %$'6'C). *#"'% 2E>'0Q3%6'( &1=4: 81:/%912#:? 56#>':%3?6EJ 40'3') 1: 37$%), 1:2%:0:2%6Q6EJ 5# /#6B'/12#6'% 8/1%":12 81 "#"1&4Q3'91 "/':%/'7.I#0:? &#:/'CE, 81"#5E2#7@#( 1:610':%3?6E% 8/%$81>:%6'(
$3( "/':%/'( «2%/1(:610:? 408%J#», 8/'21$':0( 6'B%. .10"13?"4 2EQ01"#( 2%/1(:610:? 8/%$81>:':%3?6%%, >%& 6'5"#(, 56#>%6'( 2%/1(:Q610:' $3( 0:/1"' $%3(:0( 6# #6#31='>6E% 56#>%6'( $3( 0:139C#,2 /%543?:#:% >%=1 8134>#7:0( 56#>%6'(, 1:/#B#7@'% 1:610':%3?Q647 8/%$81>:':%3?610:? 2%/1(:610:' $3( 0:/1"' 6#$ 2%/1(:610:?7$3( 0:139C#.
62
5,'-'
2
,#:/'C# 1:$#>', "1:1/#( 8/'21$':0( 6'B%, /#5/#91:#6# 81 #6#Q31=''. -#" ' 2 034>#% 0 2%/1(:610:?7 408%J#, >%& 2ER% 1:$#>#, :%&2ER% 8/%$81>:':%3?610:?, 81U:1&4 56#>%6'( 1:$#>' $3( 0:/1"'$%3(:0( 6# 56#>%6'( 1:$#>' $3( 0:139C#, L1/&'/4( 56#>%6'(, 1:Q/#B#7@'% 1:610':%3?647 8/%$81>:':%3?610:? 1:$#>' $3( 0:/1"'6#$ 1:$#>%) $3( 0:139C#.
*%"$4. 1 2 3 40,7 1 1,00 1,09 1,37 0,96
0,64 2 0,91 1,00 1,25 0,880,51 3 0,73 0,80 1,00 0,700,73 4 1,04 1,14 1,43 1,000,9 5 1,29 1,41 1,76 1,23
0,730,510,640,7E#"(25/(&5L +&3#Z.
D-9'#2,(', ),=$'(8" (0.,(1'). -#" ' 2 034>#% 1$61=1 �'2#8/%$81>:%6') 81 :/%& "/':%/'(&, :%8%/? "#B$1% 56#>%6'% "#B$1=10:139C# 21 20%J :/%J �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
*%"$4. 1 2 3 4255 1 1,00 2,26 1,05 0,29113 2 0,44 1,00 0,46 0,13244 3 0,96 2,16 1,00 0,28870 4 3,41 7,70 3,57 1,00885 5 3,47 7,83 3,63 1,02
87024411325575$.K.
63
B.C"% 3%"$4."-
&G5HKLEHDMN&O MNMK&T&!OGFHWH&OCMCX&!OGFHWH 5CHYOGGMF08>" '#/02%;03"$% /)0.,##. !6#3':'>%0"') '%/#/J'>%0"')
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— 18/%$%3%6'% 6#'34>R%=1C%6121=1 8/%$31B%6'( '5 8%/%>6(, 8/%$31B%661=1 4>#0:6'"#&':1/=12. D 6#"16%C, %@% 8/'&%/ — 2E91/ 34>R%=1 '5 >%:E/%J 215Q&1B6EJ 08101912 40"1/%6'( 2E8136%6'( 8/1%":#, 0'3?61 1:0:#7Q@%=1 1: /#08'0#6'(. <12%/R%661 1>%2'$61, >:1 08101912 8/'&%6%Q6'( #6#3':'>%0"1=1 '%/#/J'>%0"1=1 8/1C%00# 2 48/#23%6''8/1%":#&' &61B%0:21. N0% U:' 034>#' 19W%$'6%6E 6#3'>'%& 6%Q0"13?"'J 215&1B6EJ #3?:%/6#:'2, ' 5#$#># AHP — 2E8136':? 'J/#6B'/12#6'% ' 2E9/#:? 6#'34>R47 #3?:%/6#:'24. N U:1& 0&E03%C%3? 8/'&%6%6'( AHP 010:1': 2 :1&, >:19E 4&%6?R':? /'0" 81Q0/%$0:21& 2E91/# 18:'?61) #3?:%/6#:'2E. D&%661 81U:1&4#6#3':'>%0"') '%/#/J'>%0"') 8/1C%00 /#00&#:/'2#%:0( "#" '60:Q/4&%6: 8/'6(:'( /%R%6') ' #6#3'5# /'0"12 ' 2"37>%6 2 $#66E)/#5$%3, 810"13?"4 2 6#0:1(@%% 2/%&( '0813?54%:0( =3#26E& 19/#Q51& '&%661 2 8/1C%00% 1:91/# 8/1%":12.<3%$4%: 1:&%:':?, >:1 #6#3':'>%0"') '%/#/J'>%0"') 8/1C%00
19E>61 5#$%)0:24%:0( 8/'&%6':%3?61 " "/486E& ' $10:#:1>61 2#BQ6E& 8/1%":#& $3( 8/'6(:'( /%R%6') 1 2E91/% 612EJ 8/1%":12" 2E8136%6'7 ' 1 8/1$13B%6''/8/%"/#@%6'' 4B% 04@%0:247@'J8/1%":12 [4]. H8/%$%3%6647 81&1@? 5$%0? 08101961 1"#5#:? 08%C'#Q3'5'/12#661% 8/1=/#&&61% 19%08%>%6'%, 6#8/'&%/ Expert Choice,Automan, Excel. D J1:( 81 1:61R%6'7 " E& 8/1%":#& AHP &1B%:'0813?512#:?0( 1$6'& 3'C1&, %=1 '0:'66#( C%6610:? 3%B': 2 0L%/%=/488121=1 8/'6(:'( /%R%6') (0&. 2/%5"4 «<12%:E 81 '0813?512#Q6'7 #6#3':'>%0"1=1 '%/#/J'>%0"1=1 8/1C%00#»). K:1 1019%661 2#B612 :1& 034>#%, "1=$# $#66E% $3( /#53'>6EJ 81$"/':%/'%2 =%6%/'/4Q7:0( /#53'>6E&' =/488#&'. N&%0:1 L1/&'/12#6'( %$'61) =/488E37$%), (23(7@'J0( 08%C'#3'0:#&' 2 012%/R%661 /#56EJ $'0C'8Q3'6#J ' 8E:#7@'J0( 8/'):' " "160%60404, U"08%/:E 5#8136(7: 01Q1:2%:0:247@'% &#:/'CE, 18'/#(0? 6# 021' 8/1L%00'16#3?6E% 56#Q6'(, # 5#:%& /%543?:#:E 'J /#91:E 19W%$'6(7:0( 0 81&1@?7 AHP.
64
5,'-'
2
D),+4 '#/02%;03"('4. */%94%&1% 2/%&( 5#2'0': 1: :1=1, &1=4:9E:? 8134>%6E 19W%":'26E% $#66E% ($%6%B6#( 0:1'&10:?, >#0E /#Q91:E 8%/016#3#, &#R'661% 2/%&( ' :. $.) '3' /#53'>6E% &#:/'CE$13B6E 5#8136(:?0( 6# 10612% 04B$%6'). N :1& 034>#%, "1=$# '&%Q7:0( 19W%":'26E% $#66E%, 2/%&( 64B61 :13?"1 6# 'J 091/. NE>'03%Q6'% &#:/'C 0 81&1@?7 U3%":/166EJ :#93'C :/'2'#3?61. ,#:/'CE,5#8136(%&E% 6# 10612% 04B$%6'), 1:6': &61=1 2/%&%6' 4 /4"1Q21$':%3%), 1:2%:0:2%66EJ 5# 8/'6(:'% /%R%6') 81 "/':%/'(& ' 'J1:610':%3?61) 2#B610:'. A#8/'&%/, /#5/#91:"# ' 8/'&%6%6'% 8/1Q0:1) '%/#/J'' 0 :/%&( 4/126(&' ' 6%0"13?"'&' L#":1/#&' &1B%:81:/%912#:? 1: =/488E &%6%$B%/12 6%0"13?"'J >#012 /#91:E. -1=$#'%/#/J'( 01$%/B': 8(:? 4/126%) ' 6%0"13?"1 $%0(:"12 "/':%/'%2,2/%&(, 6%19J1$'&1% $3( 8/'6(:'( /%R%6'(, &1B%: 215/#0:' $1 $%Q0(:"12 >#012. H$6#"1 2 191'J 034>#(J 8103% :1=1, "#" &#:/'CE 0L1/Q&'/12#6E, %$'60:2%66#( 612#( '6L1/&#C'(, "1:1/#( 0:#612':0(6%19J1$'&1) 2 "#B$1& 034>#% '0813?512#6'( &%:1$#, — U:1 8/1%":Q61Q08%C'L'>%0"#( '6L1/&#C'(. *#"'& 19/#51&, 40'3'( /4"121$Q0:2# 81 /#5/#91:"% &#:/'C (23(7:0( %$'612/%&%66E&' ' :/%947:812:1/%6'( :13?"1 2 :1& 034>#%, "1=$# 81$ 23'(6'%& 26%R6'J 190:1Q(:%3?0:2 &#:/'C4 8/'$%:0( "1//%":'/12#:?. ./'=3#R%6'% 194>%6Q61=1 L#0'3':#:1/# (25) 04@%0:2%661 4&%6?R#%: 5#:/#:E 2/%&%6'.
1.4'%T. 2.4. B4"(7'.$,9(1$ %$;/,9.'.1 %'(&)%"-'()8 3%"$4."-, 3",/7$((1$+ 3"0":9K '(',).)7$+4"6" )$%'%F)7$+4"6" 3%"2$++'
65(%,(&5L E#"(25/(&5L+&3#Z.
75$.K.
*%"$4. 0,25 0,25 0,5 A',,6 0,150 0,072 0,096 0,1044 0,085 0,062 0,104 0,0895 0,052 0,077 0,106 0,08516 0,037 0,068 0,111 0,08112 0,032 0,063 0,103 0,07610 0,027 0,045 0,105 0,07011 0,038 0,055 0,091 0,0697 0,095 0,066 0,052 0,0663 0,160 0,043 0,029 0,06515 0,040 0,065 0,051 0,0528 0,053 0,083 0,024 0,04614 0,038 0,065 0,039 0,0451 0,059 0,060 0,030 0,0459 0,041 0,048 0,028 0,03613 0,035 0,073 0,017 0,0352 0,058 0,055 0,013 0,035
65
B.C"% 3%"$4."-
D-80>-. !6#3':'>%0"') '%/#/J'>%0"') 8/1C%00 8/%$0:#23(%:0191) C%66E) '60:/4&%6: 6# /#53'>6EJ 4/126(J, 810"13?"4 01>%:#Q%: 8/10:1:4 ' 031B610:?. .4:%& /#59'%6'( 031B6EJ 5#$#>, " "#"1Q2E& 1:610':0( /#6B'/12#6'% 8/1%":12, 6# 6%0"13?"1 4/126%) AHP81&1=#%: 0L1"40'/12#:?0( 6# 18/%$%3%66EJ #08%":#J 8/193%&E,/#00&#:/'2#( 1$'6 '3' $2# "/':%/'( 5# /#5. <1=3#061 19@%'52%0:Q61&4 5#"164 ,'33%/#, >%312%" 081019%6 0/#26'2#:? 7 ± 2 U3%&%6:12(04@610:%)) 1$612/%&%661. H/'%6:#C'( AHP 6# 8103%$12#:%3?6E%0/#26%6'( "/':%/'%2 (6#8/'&%/, «1$'6 0 1$6'&») 0 8103%$47@'&0'6:%51& (19@%=1 /%543?:#:#) 812ER#%: "#>%0:21 8/'6'&#%&1=1/%R%6'(. .1$196E) 81$J1$ 6% :13?"1 $#%: &%6%$B%/4 215&1BQ610:? 8134>':? 6#'34>R%% /%R%6'%, 61 ' 815213(%: 1910612#:?0$%3#66E) 2E91/. <81019610:? AHP /#91:#:? 01 031B6E&' 0':4#QC'(&' 9#5'/4%:0( 6# '0813?512#6'' &61B%0:2%66EJ "/':%/'%2,
6@;EF?F=? >7:?A?S @;FO=@7E;F=G !@7?C17E= ;F;A=1=<?6C7D7 =?@;@Y=<?6C7D7 !@7Q?66;P'4 +"6,'+/K.+8 %$;/,9.'.1 3%)0$($()8 0"#$,$< %'(&)%"-'()8 3%"$4J
."- ) AHP? > 3%)-"#)0"< ()&$ .'C,)2$ 3%$#+.'-,$(1 %$;/,9.'.1 %'(&)%"J-'()8 3%"$4."-, 3",/7$((1$ #-/08 %';,)7(10) 0$."#'0) ("() 8-,8K.+83"-."%$()$0 %$;/,9.'."-, "3)+'((1F %'($$).
@#V5%/J 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16G(',).)7$+4)<)$%'%F)7$+4)<3%"2$++(3%"$4. No) 6 4 5 16 12 10 11 7 3 15 8 14 1 9 13 2@"#$,9%'(&)%"-'()83%"$4."-(3%"$4. No) 4 6 3 5 8 1 12 11 2 7 14 16 9 10 13 15
U".8 -" 0("6)F +,/7'8F %$;/,9.'.1 %'C".1 #-/F %'++0".%$((1F 0$."#"-F"%"?" +"6,'+/K.+8 #%/6 + #%/6"0, - ('?$0 3%)0$%$ E."6" ($.. !"6,'+"-'J()$ ('C,K#'$.+8 #,8 3%"$4."- + %$<.)(6'0) 1 ) 2. ='7)('8 + 3%"$4."-, )0$JK:)F %$<.)(6 3, ('+./3'$. ;('7).$,9("$ %'++"6,'+"-'()$. P"EHH)2)$(.4"%%$,82)) 0$&#/ #-/08 ('C"%'0) %$<.)(6"- +"+.'-,8$. -+$6" 0,14. P'4"<0$."# 3%'-),$(? B3%$#$,).9 E." ($-";0"&(". V+,) C1 )0$,'+9 ($4'8"CO$4.)-('8 0$%' #"+.")(+.- 3%"$4.', ($ C1," C1 (/ )+3",9;"-'.9"3)+'((1$ 0$."#1, 4'< ); 4"."%1F )0$$. +-") +),9(1$ ) +,'C1$ +."%"J(1. @"#$,9 %'(&)%"-'()8 3%"$4."- C",$$ 3%"+.' - )+3",9;"-'()), "#('4""(' 8-,8$.+8 "#("/%"-($-"< ) )6("%)%/$. ."(4)$ %';,)7)8 0$&#/ H'4."%'J0) (24). AHP C",$$ +,"&$( - 3%)0$($()) (F".8 3%) 3"0":) E,$4.%"((1F.'C,)2 3%"2$++ -17)+,$()< +/:$+.-$((" /3%":'$.+8), (" "( /7).1-'$.)$%'%F)K H'4."%"-. V+,) -'&(' ,$64"+.9 %'C".1, ." 0"#$,9 %'(&)%"-'()83%"$4."- C/#$. ,/7?)0 -1C"%"0. V+,) &$ %$?$()$ -4,K7'$. - +$C8 H'4."J%1, 4"."%1$ #",&(1 C1.9 3"#%';#$,$(1 (' 4%).$%)) C",$$ ();4"6" )$%'%JF)7$+4"6" /%"-(8, ) $+,) .'4"$ 3"#%';#$,$()$ -'&(", ." ,/7?)0 -1C"%"0C/#$. AHP. !,$#/$., "#('4", )0$.9 - -)#/, 7." ($ +/:$+.-/$. +3"+"C' /;('.9,4'4"< ); 0$."#"- 3%'-),$(.
66
5,'-'
2>#0:? '5 "1:1/EJ 8/%$0:#23(%: 0191) 049W%":'26E%, # >#0:? —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
8/1C%00 J#/#":%/'54%:0( 56#>':%3?6E&' 8/%'&4@%0:2#&':
• 9#3*+.: 9#37"1/#.. ./1C%$4/# 18/%$%3(%: 8/10:47 ' ULL%"Q:'2647 8103%$12#:%3?610:? R#=12, 815213(7@47 /#6B'/1Q2#:? 8/1%":E $#B% 2 :1& 034>#%, "1=$# '0813?54%:0( &%:1$'"#=/488121=1 8/'6(:'( /%R%6'( 0'3#&' &61=1$'0C'83'6#/Q61) "1$E U"08%/:12, '&%7@'J /#56E) 18E: ' 8/%$81>:%Q6'(;
• ,.$4:1,-" '"#.#M''. <31B6E% 8/193%&E 2 193#0:' 8/'6(:'(/%R%6') 81 /#6B'/12#6'7 8/1%":12 3%="1 1:19/#5':? 0 81&1Q@?7 =/#L'>%0"'J '%/#/J'>%0"'J "160:/4"C'). +#B% $10:#Q:1>61 /#52%:23%66E%, $%:#3'5'/12#66E% "160:/4"C'' $%3#Q7: 8/193%&4 2'54#3?61 8/%$0:#2'&1), 48/1@#( /#00&1:/%6'%81:%6C'#3?6EJ /'0"12 ' "16L3'":12 [5]; (26)
• 1#/C"*+)",,3" 3+,3O",'" 2 934D(3).+"4E. N15&1B610:?8/1'521$':? 2E>'03%6'( 6# "1&8?7:%/% 0$%3#3# &#:%&#:'Q>%0"47 8/1C%$4/4 04@%0:2%661 &%6%% :/4$1%&"1).
D5 6%$10:#:"12, 02(5#66EJ 0 #6#3':'>%0"'& '%/#/J'>%0"'&8/1C%001&, &1B61 6#52#:? 03%$47@'%:
• */IP"2+'),-% M.#.2+"#. O#56E% 37$', 8/'6'@'% /%R%Q6'(, &1=4: 8/'021':? "16"/%:61&4 "/':%/'7 /#53'>6E% 4/12Q6' 2#B610:';
• *43C,3*+D. .1 &%/% 42%3'>%6'( >'03# "/':%/'%2 02%$%6'% 'J2 :#93'CE ' 8/12%$%6'% 2E>'03%6') 0:#612(:0( $%31& 031BQ6E& ' 4:1&':%3?6E&';
• (.+#/1,",': 9#' 2).,+'J'2.7''. A%"1:1/E% 813?512#:%3'2/%&( 1: 2/%&%6' '08E:E2#7: 5#:/4$6%6'( 8/' "2#6:'L'"#QC'' (2E/#B%6'' 2 >'03%661& 2'$%) 2#B610:' 18/%$%3%661=1"/':%/'(.
67
B.C"% 3%"$4."-
D")'".''. .1$J1$, '0813?54%&E) 2 AHP, 1>%6? 81J1B 6# :1:, >:18/'&%6(%:0( 2 '60:/4&%6:% MOGSA (Mission, Objectives, Goals, Strategies, Actions — ,'00'(, M%3%2E% 40:#612"', F#$#>', <:/#:%='',+%)0:2'(), 8/'&%/ "1:1/1=1 8/'2%$%6 6# /'0. 2.4 [6]. N MOGSA:#"B% 8/'04:0:24%: '%/#/J'>%0"1% /#59'%6'% 5#$#>' 8/'6(:'( /%QR%6'( $3( 810:/1%6'( 0%:' 1:61R%6') &%B$4 :/%&( 106126E&'4/126(&' '%/#/J'': 4/126%& 215$%)0:2') (,'00'(, M%3%2E% 40:#Q612"'), 4/126%& C%3%) (F#$#>') ' 18%/#C'166E& 4/126%& (<:/#:%Q='', +%)0:2'(). H:3'>'( MOGSA 1: AHP 8/1(23(7:0( 2 6%"1:1/EJ2E>'03':%3?6EJ #08%":#J.
M>"/$".'4 "("2'$'9,#1080 ',)")B'9,#1080 /)0.,##". ./'Q2%$%661% 5$%0? 18'0#6'% 8/1C%00# AHP 03%$4%: /#00&#:/'2#:? "#"1919@%661%. NE &1B%:% 56#>':%3?61 812E0':? %=1 C%6610:? 84:%&#$#8:#C'' " 08%C'L'"% "16"/%:61) 8/1%":61) 0':4#C''. A%0"13?Q"1 '$%), "1:1/E% '53#=#7:0( 6'B%, 6% 913%% >%& 84:%21$6E% 6':',4"#5E2#7@'% 6#8/#23%6'%, 2 "1:1/1& 2E &1B%:% $2'=#:?0(.
COEUPO*%&1) $#661=1 /#5$%3# (23(30( #6#3':'>%0"') '%/#/J'>%0"')
8/1C%00. Y1:( 6#'913%% R'/1"1 16 8/'&%6(%:0( 81 1:61R%6'7" "/486E& ' $10:#:1>61 2#B6E& 8/1%":#& $3( 8/'6(:'( /%R%6')81 1:91/4 612EJ ' 8/1$13B%6'7/8/%"/#@%6'7 :%"4@'J, 16 :#"B%
67E?19 !7 =6!7AHR7E;F=P ;F;A=1=<?6C7D7=?@;@Y=<?6C7D7 !@7Q?66;=)&$+,$#/K:)$ 3"#F"#1 0"6/. "4';'.9+8 3",$;(10) 3%) )+3",9;"-'J
()) AHP:• -1C"% 4%).$%)$- #",&(" 3%"-"#).9 -1+?$$ %/4"-"#+.-". P%).$%))".%'&'K. +.%'.$6)K ) ;'#'7) H)%01;
• 3%"2$++ #",&$( 3%"F"#).9 - H"%0$ #)+4/++)). V+,) #'((1$ "C ".("J+).$,9("< 3%$#3"7.).$,9("+.) - 0'.%)2'F -1+?$6" /%"-(8 3",/7'K.J+8 (' "+("-$ +/&#$()<, ." "%6'();'2)8 #)+4/++)) #,8 "3%$#$,$()8 .'J4)F #'((1F "C$+3$7)-'$. /7'+.)$ %/4"-"#).$,$< -1+?$6" ;-$(',3"+4",94/ "() %'++0'.%)-'K. 4'< 4%).$%)< ) #$,'K. ;'4,K7$()$" $6" ".("+).$,9("< -'&("+.);
• #,8 -1%'C".4) +/&#$()< 3" 4"(4%$.(10 (+3$2)H)7$+4)0) 0'.%)2'0.%$C/K.+8 "#("#)+2)3,)('%(1$ 4"0'(#1 E4+3$%."-. N'4 4'4 AHP #"J3/+4'$. 3"#%';#$,$()$ 4%).$%)$-, 3%)6,'?$()$ E4+3$%."-, "C,'#'KJ:)F +3$2)',);)%"-'((10) ;('()80), /,/7?). %$;/,9.'.1 +%'-($J()<, -13",(8$01F (' "+("-$ +/&#$()<;
• ($"CF"#)0" )+3",9;"-'.9 ('6,8#(/K 4'%./ "2$("4. P"6#' 4'&#"0/ 7$J,"-$4/, 3%)()0'K:$0/ %$?$()$, 3%$#"+.'-,$(' 4,'-)'./%', "( 0"J&$. 6","+"-'.9 '("()0(", (" $6" 6","+ C/#$. ($0$#,$((" /7.$( 4"039JK.$%"0, ) %$;/,9.'.1 6","+"-'()8 3"8-8.+8 (' C",9?"0 E4%'($. R'.$0+,$#/$. "C+/#).9 3%)7)(1 -";()4?)F %';("6,'+)< 3%) "3%$#$,$())".("+).$,9(1F 3%$#3"7.$()<.
68
5,'-'
2'0813?54%:0( 8/' /#6B'/12#6'' #3?:%/6#:'2 ' 8/'6(:'' /%R%Q6') 21 20%J 193#0:(J 48/#23%6'( 8/1%":#&'. N1 20%J U:'J 034>#(J'&%%:0( 6%0"13?"1 215&1B6EJ #3?:%/6#:'2, ' 5#$#># AHP — 81Q&1>? 1C%6':? 'J ' 2E9/#:? 6#'34>R47, 8/'>%& /#91:# 01 031B6EQ&' 0':4#C'(&' 5$%0? $10:#:1>61 8/10:#. ./' U:1& AHP 1$612/%Q&%661 4>':E2#%: 19W%":'26E% ' 049W%":'26E%, "13'>%0:2%66E% '"#>%0:2%66E% #08%":E. A'B% 8%/%>'03%6E 106126E% 8131B%6'(,"#0#7@'%0( 0:/4":4/'/12#6'( ' 8/'&%6%6'( AHP.
B3%$#$,$()$ 6%'()2 T+3",9;"-'()$ AHP 3" ".("?$()K 4 C",9?)0)+3",9;"-'()8 +.%'.$6)7$+4)0 3%"$4.'0 + 2$,9K ".C"%' ("-1F
) 3%"#",&$()8/3%$4%':$()8 +/:$+.-/K:)F(+ 3"0":9K 3%"H$++)"(',9("6" 3%"6%'00("6""C$+3$7$()8 ) H'+),).'."%'). *%)0$($()$ AHP- 4'7$+.-$ )(+.%/0$(.' 3,'()%"-'()8 %)+4"-3%) "2$(4$ ($+4",94)F ',9.$%('.)-(1F 3"#F"J#"- - %'04'F "#("6" 3%"$4.' (',9.$%('.)-1,4'+'K:)$+8 %'+3)+'()8, +.")0"+.), ('<0'3$%+"(',')
G#'3.'2)8 4"(4%$.("< 7$%.1 B6%'()7$()$ 3%"+.10) )$%'%F)80) (/%"-() 1,("+"C$(("+.)) 0"#$,) 2, 3) 3%) )+3",9;"-'()) AHP 4'4 +%$#+.-'
3,'()%"-'()8 %)+4"- - 3%"$4.$ (3",'6'8+9 3%)E."0 (' Microsoft Excel). *%)0$($()$ ?4',,«3%"6%'#/)%"-'((1F» - 4,K7$-1F H%';'F, 3%)"3%$#$,$()) 3%$#3"7.$()< (' "+("-$ +/&#$J()<, .'4 4'4 E." "C,$67'$. 3%"2$++ 3",/7$()8($3%".)-"%$7)-1F +/&#$()<
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
C'#. 2.4. ./'&%/ &1$%3' 8/'6(:'( /%R%6'( 6# 10612% MOGSA
69
B.C"% 3%"$4."-
IC7F7>=<?6C=? >?17:9
<17 1;C7? IC7F7>=<?6C=? >?17:9?K"161&'>%0"'% &%:1$E 815213(7: 4>':E2#:? $%6%B647 0:1Q
'&10:? ' 8/'9E3?610:? 8/1%":#, '=61/'/4( :%J6'>%0"'% $10:1'6Q0:2# ' :1&4 81$196E% 0119/#B%6'(. H6' 4$196E '&%661 :1=$#, "1=Q$# U"161&'>%0"'% 0119/#B%6'( (23(7:0( =3#2%60:247@'&'. +3('0813?512#6'( U:'J &%:1$12 :/%947:0( :13?"1 L'6#6012E% $#6Q6E%, >:1 48/1@#%: /#91:4 0 6'&'.A'B% &E /#00&1:/'& :/' /#53'>6EJ U"161&'>%0"'J &%:1$#:
2/%&( 1"48#%&10:', >'0:#( 8/'2%$%66#( 0:1'&10:? (NPV) ' 264:Q/%66(( 61/&# 8/'9E3' (IRR). N :#93. 2.5 8/%$0:#23%6E :/' ='81:%Q:'>%0"'J 8/1%":#Q"#6$'$#:# 0 011:2%:0:247@'&' 56#>%6'(&' 81Q:1"12 0:1'&10:' ' 8/'9E3' (/#0J1$12 ' $1J1$12). K:' 8/1%":E94$4: 1C%6%6E 0 81&1@?7 "#B$1=1 '5 6#52#66EJ &%:1$12.
E@?>G 7CB!;?>761=N/%&( (0/1", 8%/'1$) 1"48#%&10:' — U:1 8/10:1 8/1&%B4:1" 2/%Q
&%6' &%B$4 &1&%6:1& '6'C'#C'' 8/1%":# ' &1&%6:1&, "1=$# "4&4Q3(:'26E) 81:1" $%6%B61) 6#3'>610:' ($1J1$E &'640 /#0J1$E) 0:#Q612':0( 8131B':%3?6E& ' 8/1'0J1$': 2152/#: 20%J 0/%$0:2,'62%0:'/12#66EJ 2 8/1%":. -#" 81"#5#61 2 :#93. 2.5, ("4&43(:'2Q6E)) 81:1" 6#3'>610:' $3( 8/1%":# 1 0:#612':0( 8131B':%3?6E&>%/%5 R%0:? 3%:, $3( 8/1%":# 2 — >%/%5 8(:?, # $3( 8/1%":# 3 — >%/%5210%&?. X03' 0&1:/%:? 81 $#661&4 "/':%/'7, :1 8/1%": 2 (23(%:0(6#'34>R'& 2E91/1&.
C7F1@7AH AHPP"(.%",9 3%"-"#).+8 + 2$,9K /C$#).9+8 - ."0, 7." '(',).)7$+4)< )$%'%J
F)7$+4)< 3%"2$++ 3%'-),9(" +.%/4./%)%"-'( ) #",&(10 "C%';"0 3%)0$(8J$.+8. Q.". 4"(.%",9 #",&$(:
• "+("-1-'.9+8 (' 3%"$4.(1F 3%$#,"&$()8F, +.%'.$6)7$+4)F ) .'4.)7$J+4)F 3,'('F, ' .'4&$ )+."%)7$+4"< )(H"%0'2));
• +.%/4./%)%"-'.9 )$%'%F)K: -1+?)< /%"-$(9 (-1C"% ('),/7?)F 3%"J$4."-) — 3%"0$&/."7(1< /%"-$(9 (4%).$%)) ) 3"#4%).$%)) -1C"%') —();?)< /%"-$(9 (3%"$4.1J4'(#)#'.1);
• 4"(+.%/)%"-'.9 ('C"% 0'.%)2 3"3'%("6" +%'-($()8 #,8 4'&#"6" );();?)F )$%'%F)7$+4)F /%"-($<;
• -13",(8.9 ".("+).$,9(/K "2$(4/ - 3%$#$,'F 4'&#"6" )$%'%F)7$+4"6"/%"-(8;
• -1#'-'.9 $#)(+.-$((/K "2$(4/ #,8 4'&#"6" 3%"$4.' (' 4'&#"0 /%"-J($, ' .'4&$ "C:/K "2$(4/;
• "C$+3$7)-'.9 -";0"&("+.9 %'(&)%"-'()8 3%"$4."- - +"".-$.+.-))+ "4"(7'.$,9("< "2$(4"<.
70
5,'-'
2</1" 1"48#%&10:' — 1>%6? "160%/2#:'26E) "/':%/'), "1:1/E)
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
<=61;G !@=E?:?FF;G 617=>761H (NPV)I'0:#( 8/'2%$%66#( 0:1'&10:? 4>':E2#%: '5&%6%6'% 0:1'&1Q
0:' $%6%= 01 2/%&%6%& — 2 :1& 0&E03%, >:1 $133#/, "1:1/E) 94$%:8134>%6 '3' '5/#0J1$12#6 >%/%5 =1$, '&%%: &%6?R47 C%6610:?, >%&$133#/, "1:1/E) 8134>%6 '3' '5/#0J1$12#6 0%=1$6(. ,%:1$ NPV 2EQ8136(%: $'0"16:'/12#6'% (19%0C%6'2#6'%) "#" 94$4@'J /#0J1$12,:#" ' 94$4@'J $1J1$12 2 011:2%:0:2'' 0 8/1C%6:61) 0:#2"1) 6# 10Q612#6'' L1/&43E:
N U:1) L1/&43% 1","C,.: */<<. i 8/%$0:#23(%: 0191) 04&&4 /#0QJ1$12 ' $1J1$12 2 iQ& =1$4, # *+.)2. — U:1 2E/#B%66#( 2 2'$% $%0(Q:'>61) $/19' 2%3'>'6# 0:#2"' $'0"16:'/12#6'( '3' 8/1C%6:61)0:#2"', "1:1/47 "1&8#6'( 2E83#>'2#%: 5# 25(:E% 2 $13= $%6?='.
Excel ' $/4='% U3%":/166E% :#93'CE 815213(7: 6%810/%$0:2%6Q61 2E>'03(:? NPV: $10:#:1>61 22%0:' 2 L46"C'7 2E>'03%6'( NPV56#>%6'( 0:#2"' $'0"16:'/12#6'( ' $%6%B6EJ 04&& (3'91 4"#5#:?0121"48610:? (>%%" $3( 19/#91:"'). O%543?:#: 1:19/#B#%:0( 2 :1)(>%)"%, 2 "1:1/1) 6#J1$':0( L46"C'(. D0813?54( L46"C'7 NPV,&1B61 2E8136':? /#0>%: >'0:1) 8/'2%$%661) 0:1'&10:' $3( "#BQ$1=1 '5 :/%J 8/1%":12 8/' 56#>%6'(J 0:#2"' $'0"16:'/12#6'( 5, 10' 15%. O%543?:#:E /#0>%:# 8/'2%$%6E 2 03%$47@%) :#93'C%.
71
B.C"% 3%"$4."-
72
5,'-'
2I%& 0'3?6%% 19%0C%6'2#6'% 2 94$4@%& (:1 %0:? >%& 2ER% 0:#2"#
$'0"16:'/12#6'(), :%& &%6?R% NPV 8/1%":#. ./' 379EJ 0:#2"#J$'0"16:'/12#6'( 8/1%": 3 8/%210J1$': 19# 10:#2R'J0( 8/1%":#.<3%$12#:%3?61, >%& 2ER% NPV, :%& 2ER% /%):'6= 8/1%":#.
NPV 8/'6'&#%: 21 26''% /#5&%/ 8/1%":# ' 0:#2"4 $'0"16:'Q/12#6'(. H$6#"1 U:1: &%:1$ 6% 03'R"1& "160%/2#:'2%6, :#" "#" 164>':E2#%: 1C%6'2#%&E% $1J1$E 94$4@'J 8%/'1$12, "1:1/EJ 2 $%)Q0:2':%3?610:' &1B%: ' 6% 9E:?.
EFB1@?FFGG F7@>; !@=89A= (IRR)N64:/%66(( 61/&# 8/'9E3' — U:1 0:#2"# $'0"16:'/12#6'(, 8/'
"1:1/1) >'0:#( 8/'2%$%66#( 0:1'&10:? $3( 5#$#661=1 81:1"# $%Q6%B61) 6#3'>610:' /#26# 6437. F$%0? 6% 04@%0:24%: L1/&43E $3(/#0>%:#. N64:/%66(( 61/&# 8/'9E3' 2E>'03(%:0( 84:%& ':%/#:'2Q61=1 8/1C%00#, 8/'21$(@%=1 " 8134>%6'7 :1>61=1 56#>%6'( 0:#2"'$'0"16:'/12#6'(, 8/' "1:1/1& NPV /#26# 6437. N8/1>%&, 913?QR'60:21 U3%":/166EJ :#93'C '&%7: 2 021%& 010:#2% L46"C'7 IRR,"1:1/#( 815213(%: 813?512#:%37 8134>#:? 56#>%6'% 264:/%66%)61/&E 8/'9E3'. +10:#:1>61 22%0:' 2 L46"C'7 2E>'03%6'( IRR56#>%6'( $%6%B6EJ 04&& ' 8/%$813#=#%&47 2%3'>'64 264:/%66%)61/&E 8/'9E3' (3'91 4"#5#:? 0121"48610:? (>%%" $3( 19/#91:"'),>:19E 8/1'52%0:' ':%/#:'261% 2E>'03%6'%. +3( 6#R%=1 6#91/#8/1%":12Q"#6$'$#:12 /%543?:#: /#0>%:# 264:/%66%) 61/&E 8/'9EQ3' 2E=3($': 03%$47@'& 19/#51&:
<1=3#061 "/':%/'7 IRR, 8/1%": 1 8/%210J1$': 19# 10:#2R'J0(8/1%":#. Y1:( U:1: &%:1$ 2E8136(%: $'0"16:'/12#6'% 94$4@'J $%Q6%B6EJ 04&&, 16 6% 8/'6'&#%: 21 26''% /#5&%/ 8/1%":#. ./1Q%": 3 19%@#%: 56#>':%3?61 913?R47 19@47 8/'9E3?, >%& 8/1%": 1,1$6#"1 U:# 8/'9E3? 8/'J1$':0( 6# 913%% 1:$#3%661% 94$4@%% ' $10Q:'B'&# 8103% 913%% $3':%3?61=1 8%/'1$# '62%0:'C') (81"# 81:1"6#3'>610:' 8/'&%: 8131B':%3?61% 56#>%6'%). -#" 03%$0:2'% 56#Q>%6'% IRR $3( 8/1%":# 3 6'B%, >%& $3( 8/1%":# 1.
73
B.C"% 3%"$4."-
&G5HKLEHDMN&O ZFHNHP&!OGF&X POTH7HDF08>" '#/02%;03"$%. K"161&'>%0"'% &%:1$E :/%947: 6#3'>'(
$#66EJ 19 1B'$#%&EJ /#0J1$#J ' $1J1$#J 1: 8/1%":#. <3%$12#:%3?Q61, 16' 913%% 20%=1 81$J1$(: $3( "#8':#3?6EJ 8/1%":12 ' 8/1%":12,6#8/#23%66EJ 6# 434>R%6'% 04@%0:247@'J '3' /#5/#91:"4 612EJ8/1$4":12. N U:1& 034>#% 16' $1840"#7: 8/(&1% 0/#26%6'% :#"'J8/1%":12 0 #3?:%/6#:'26E&' 081019#&' '62%0:'/12#6'( "#8':#Q3#. H 0/#26%6'' :/%J &%:1$12 /#00"#5E2#%:0( 21 2/%5"% «NE91/ U"1Q61&'>%0"1=1 &%:1$#».
E987@ IC7F7>=<?6C7D7 >?17:;P'4 3"4';1-'$. 3%)-$#$((1< 3%)0$%, .%) %'++0".%$((1F 0$."#' 0"6/.
#'.9 %';,)7(1$ %$;/,9.'.1 #,8 "#("6" ) ."6" &$ ('C"%' 3%"$4."-. >1C"%0$."#' ;'-)+). ". ."6", 4'4)$ +""C%'&$()8 8-,8K.+8 (')C",$$ -'&(10) #,80$($#&$%'. NPV ,/7?$ %'C".'$. - +,/7'$ 3%"$4."- + C",9?"< ".#'7$<, ("3,"F" ;':):'$. ". ($"3%$#$,$(("+.$< C/#/:)F 3$%)"#"-. IRR .'4&$ 3,"F";':):'$. ". ($"3%$#$,$(("+.$< ) 7'+." ".#'$. 3%$#3"7.$()$ 3%"$4.'0 +"+4%"0("< "C:$< ".#'7$<, (" + -1+"4"< 3%)C1,9K 3%) ($C",9?)F )(-$+.)J2)8F. !%"4 "4/3'$0"+.) 8-,8$.+8 "7$(9 4"(+$%-'.)-(10 0$."#"0. B( ,/7?$;':):'$. ". ($"3%$#$,$(("+.$<, (" ($ 3%)()0'$. -" -()0'()$ () ".#'7/3%"$4.', () #)+4"(.)%"-'((/K -$,)7)(/ $6" C/#/:)F %'+F"#"- ) #"F"#"-.T.'4, -1C"% 0$."#' "3%$#$,8$. (')C",$$ -'&("$ +""C%'&$()$. A",9?$."6", 3"+4",94/ E.) 0$."#1 %'++0'.%)-'K. 3%"$4.1 4'4 +3"+"C1 )(-$+.)2))4'3).',', - %'C".$ 3",$;(" )+3",9;"-'.9 .". &$ 0$."#, 4"."%1< 4"03'()83%)0$(8$. #,8 "2$(4) #%/6)F +-")F 4'3).',"-,"&$()<, — E." #'+. -";0"&J("+.9 ($3"+%$#+.-$(("6" +%'-($()8 3%"$4."- 0$&#/ +"C"< ) + #%/6)0) 4'J3).',"-,"&$()80).
67E?19 !7 =6!7AHR7E;F=P IC7F7>=<?6C=Y >?17:7E• T+3",9;"-'.9 .". &$ 0$."#, M'$. -";0"&("+.9 3%80"6"4"."%1< 3%)0$(8$.+8 H)%0"< +%'-($()8 3%"$4."- #%/6 + #%/6"0#,8 3%)(8.)8 %$?$()< 3" #%/6)0 ) + #%/6)0) 4'3).',"-,"&$()80)4'3).',"-,"&$()80
• T+3",9;"-'.9 +.'(#'%.("$ =$ 8-,8$.+8 +-)#$.$,9+.-"0 «;'»#,8 #'(("< H)%01 3"%"6"-"$ ),) «3%".)-» 3%$#,'6'$0"6";('7$()$ +.'-4) 3%"2$(.' 3%"$4.' 3%) +%'-($())),) +.'-4) #)+4"(.)%"-'()8 + ',9.$%('.)-(10) -'%)'(.'0)
• >13",().9 3%"-$%4/ *%"-$%8$., 7." 3%");"<#$.,7/-+.-).$,9("+.) $+,) -;8.9 #%/6)$ ;('7$()8 +.'-4)
#)+4"(.)%"-'()8 ),) #%/6)$+2$('%)) %'+F"#"- ) #"F"#"-
74
5,'-'
2D),+4 '#/02%;03"('4. N/%&(, 6%19J1$'&1% $3( '0813?512#6'(
U"161&'>%0"'J &%:1$12, — U:1 2 8%/247 1>%/%$? 2/%&(, "1:1/1%:/%94%:0( $3( 091/# $#66EJ 1 /#0J1$#J ' $1J1$#J 94$4@'J 8%/'1Q$12, — 1: 6%0"13?"'J >#012 2 034>#% 8/10:EJ 8/1%":12 ' $1 &61='J$%0(:"12 >#012 2 034>#% 031B6EJ. -#" :13?"1 $#66E% 019/#6E,$#3?6%)R%% 2E>'03%6'% 81 3791&4 &%:1$4 — 0 81&1@?7 U3%":/16Q6EJ :#93'C — 0:#612':0( $10:#:1>61 8/10:E& $%31&.
D-80>-. K"161&'>%0"'% &%:1$E 1:3'>#7:0( 3%="10:?7 810:'QB%6'(. H6' 815213(7: &%6%$B%/4, "1:1/E) 8/'6'&#%: /%R%6'%, '&%6%$B%/4 8/1%":# $10:'>? 25#'&1816''( 1:610':%3?61 L'Q6#60121) >#0:' 8/1%":#. H6' :#"B% 193%=>#7: 0/#26%6'% 8/1%":120 $/4='&' 215&1B610:(&' 231B%6'( 0/%$0:2. <#& 81 0%9% >'03%6Q6E) /#0>%: 0 '0813?512#6'%& U"161&'>%0"'J &%:1$12 — 8/' :1&40312'', >:1 019/#6E 20% 6%19J1$'&E% $#66E%, — $10:#:1>61 8/10:.K:' &%:1$E 3%="1 81$$#7:0( #6#3'54 >420:2':%3?610:'. !3?:%/6#Q:'26E% 0C%6#/'' /#0J1$12 ' $1J1$12 &1=4: 9E:? 8/1/#91:#6E ' 81$Q2%/=64:E 0/#26%6'7 0 C%3?7 2E(06':?, 6#0"13?"1 40:1)>'2 2E91/8/1%":# 81 1:61R%6'7 " 94$4@'& 6%18/%$%3%6610:(& (0&. 2/%5"4«<12%:E 81 '0813?512#6'7 U"161&'>%0"'J &%:1$12»).
5),'+*@,#$3" ' (,>0#$"$1'. ;3#261% 8/%'&4@%0:21 U"161&'Q>%0"'J &%:1$12 010:1': 2 :1&, >:1 16' 1:610':%3?61 1:"/E:E. -#" '2 034>#% 3791=1 "#8':#31231B%6'(, 1061261) 'J 6%$10:#:1" — 6%Q19J1$'&10:? 6#3'>'( '6L1/&#C'' 1 94$4@'J /#0J1$#J ' $1J1$#J.K:' $#66E% 6% :13?"1 031B61 8134>':?, 16' :#"B% 81$2%/B%6E56#>':%3?61) 6%18/%$%3%6610:'.
COEUPON 6#0:1(@%& /#5$%3% 8/%$0:#23%6E :/' U"161&'>%0"'J &%:1$#
1:91/# 8/1%":12: 2/%&( 1"48#%&10:', >'0:#( 8/'2%$%66#( 0:1Q'&10:? ' 264:/%66(( 61/&# 8/'9E3'. H6' 8/'&%6'&E =3#26E& 19Q/#51& " "#8':#3?6E& 8/1%":#& ' 8/1%":#&, 8/%$6#56#>%66E& $3(434>R%6'( 04@%0:247@'J '3' /#5/#91:"' 612EJ 8/1$4":12. K"1Q61&'>%0"'% &%:1$E $1840"#7: 8/(&1% 0/#26%6'% :#"'J 8/1%":120 #3?:%/6#:'26E&' 081019#&' 231B%6'( 0/%$0:2. H6' 3%="' $3(816''(, # 'J /#0>%: 8/10: — 8/' 40312'', >:1 8134>%6E 20% 6%Q19J1$'&E% $#66E%. N1 2/%5"% «-16:/13? U"161&'>%0"'J &%:1$12»&E %@% /#5 1:&%:'& "37>%2E% 8131B%6'(, "#0#7@'%0( 8/'&%6%Q6'( U"161&'>%0"'J &%:1$12.
75
B.C"% 3%"$4."-
>?17:9 E987@; !7@1W?AG
<17 1;C7? >?17:9 E987@; !7@1W?AG?,%:1$E, 8/%$0:#23%66E% 2 8/%$E$4@'J /#5$%3#J, /#00&#:/'2#Q
3' "#B$E) 8/1%": '513'/12#661, 9%5 4>%:# %=1 25#'&1$%)0:2'(0 $/4='&' 8/1%":#&'. H$6#"1 &1=4: 04@%0:212#:? L#":1/E, 1=/#Q6'>'2#7@'% 2E91/ 8/1%":12, 2 >#0:610:' 97$B%:, 1=/#6'>%6'( 818%/016#34, 81 81$$%/B"% 2E8136(%&EJ 18%/#C') (215&1B610:'18E:61=1 8/1'521$0:2#, &#R'661% 2/%&(), ' $/4='% 0119/#B%6'(,:#"'% "#" 813':'"# "1&8#6''. +3( /%R%6'( U:'J 218/1012 03%$4%:'0813?512#:? &%:1$E 2E91/# 81/:L%3( 8/1%":12 [7], "1:1/E% 4>'Q:E2#7: 20% 81$196E% 1=/#6'>%6'(.
!@=>?F?F=? >?17:7E E987@; !7@1W?AG<6#>#3# 6%19J1$'&1 019/#:? '0J1$647 '6L1/&#C'7:• $#66E% 1 8/1%":#JQ"#6$'$#:#J;• 813':'"' "1&8#6''.
C7F1@7AH IC7F7>=<?6C=Y >?17:7EP"(.%",9 3";-",8$. /C$#).9+8 - ."0, 7." E4"("0)7$+4)$ 0$."#1 3%)0$J
(8K.+8 ('#,$&':)0 "C%';"0. R#$+9 ($"CF"#)0":• *",/7).9 "2$(4) +.")0"+.) Q.) "2$(4) #",&(1 3%"+.)%'.9+8) 3%)C1,) #,8 3%"$4.' - C/#/:$$ ('+.",94" #',$4",
('+4",94" #",6" ". 3%"$4.'3%$#3",'6'$.+8 3",/7'.9 3%)C1,9),) ($+.) %'+F"#1
• >1C%'.9 +"".-$.+.-/K:)< !,$#/$. )+3",9;"-'.9 .". 0$."#,E4"("0)7$+4)< 0$."# 4"."%1< 3%)0$(8$.+8 H)%0"< #,8
"2$(4) "+.',9(1F 4'3).',"-,"&$()<• >13",().9 -17)+,$()8 > +,/7'$ $#)(+.-$(("6" 3%"$4.'
E,$4.%"(('8 .'C,)2' -3",($ 3%)6"#('#,8 3%"-$#$()8 -17)+,$()<3" ,KC"0/ ); .%$F 0$."#"-
• *%"-$%).9 7/-+.-).$,9("+.9 T++,$#"-'()$ %$;/,9.'."-,4 #"3/:$()80 ();0$($()80) 3",/7'$01F - +,/7'$ "3.)0)+.)7$+4"6"
) 3$++)0)+.)7$+4"6" -'%)'(."-%'+F"#"- ) #"F"#"-, ' .'4&$ - +,/7'$C",$$ -1+"4)F ) C",$$ ();4)F3%"2$(.(1F +.'-"4 3" -;8.10 - #",6+%$#+.-'0
76
5,'-'
2.%/2E) R#= 2 8/'&%6%6'' &%:1$12 2E91/# 81/:L%3( 5#"37>#Q
%:0( 2 '$%6:'L'"#C'' (18/%$%3%6'') 8/1%":12, "1:1/E% (23(7:0("#6$'$#:#&' 6# 2"37>%6'% 2 81/:L%3?. <3%$47@') U:#8 — 091/$#66EJ 1 "#B$1& '5 8/1%":12Q"#6$'$#:12. +#66E% $13B6E 2"37Q>#:? 2 0%9( :% #08%":E, "1:1/E% 1:/#B#7: 215&1B6E% "16L3'":E'3' 25#'&1$%)0:2'( &%B$4 8/1%":#&'. .%/%"/E:'% :/%912#6')" /%04/0#&, 813':'"' "1&8#6'' 1:610':%3?61 :'812 8/1%":12,2"37>#%&EJ 2 81/:L%3?, ' $/4='% 0119/#B%6'(, "1:1/E% &1=4: 1=Q/#6'>':? 2E91/, 03%$4%: 2"37>':? 2 /#00&1:/%6'%.F0(#$)*')03"(', +0>,2' /0)$J,24. ./1#6#3'5'/4%& &%67
8/1%":12, 8/%$0:#23%661% 2 :#93. 2.6. N $18136%6'% " "/':%/'(& 2EQ91/#, '0813?512#66E& 2 8/'&%/#J &1$%3' /#6B'/12#6'( 8/1%":12'3' #6#3':'>%0"1=1 '%/#/J'>%0"1=1 8/1C%00#, 8/'&%& 21 26''%25#'&1$%)0:2'% 8/1%":12, >:19E 8134>':? 81/:L%3? 9%5 "16L3'"Q:12. ./%$8131B'&, >:1 97$B%: 1=/#6'>%6 2%3'>'61) 600 :E0(> $13Q3#/12, &#"0'?61 $10:4861% 2/%&( 18E:61=1 8/1'521$0:2# 01Q0:#23(%: 4500 >#012, # &#"0'?61 $10:4861% &#R'661% 2/%&( —700 >#012. D0J1$( '5 U:'J 02%$%6'), 64B61 010:#2':? :#"1) 81/:QL%3? 8/1%":12, "1:1/E) 19%08%>': &#"0'?647 1:$#>4.K3%":/166E% :#93'CE, 6#8/'&%/ Excel, &1=4: 2E8136':? 81$19Q
647 «18:'&'5#C'7» 2 034>#% 8/193%&E 6%913?R1=1 �R:#9#.N :#93. 2.7 81"#5#6# :#93'C# Excel, 8/%$6#56#>%66#( $3( 1:91/#8/1%":12 2 81/:L%3? ' 19%08%>'2#7@#( &#"0'?647 1:$#>4 8/'1:04:0:2'' 6#/4R%6'( "#"1=1Q3'91 1=/#6'>%6'(. F6#>%6'% «1»2 0:139C% «NE9/#6» 156#>#%:, >:1 $#66E) 8/1%": 9E3 1:19/#6 $3(2"37>%6'( 2 81/:L%3?, 56#>%6'% «0» — 6#191/1:. F#8'0? 2 (>%)"%«H9@#( 0:1'&10:?» 8/%$0:#23(%: 0191) 20:/1%6647 2 Excel L46"QC'7 SUMPRODUCT, 8/'&%6%6647 " 0:139C#& «NE9/#6» ' «<:1'Q&10:?». !6#31='>6#( 18%/#C'( 8/12%$%6# ' $3( (>%%" «N/%&( 18E:Q61=1 8/1'521$0:2#» ' «,#R'661% 2/%&(».-#" :13?"1 8/193%&# 0L1/&43'/12#6#, 0 81&1@?7 Excel SOLVER
('3' U"2'2#3%6:61=1 &1$43( 2 034>#% $/4=1) :#93'CE) 3%="1 /#0Q0>':#:? 18:'?6E) 81/:L%3?. H>%2'$61, >:1 56#>%6'( «H9@#(0:1'&10:?», «N/%&( 18E:61=1 8/1'521$0:2#» ' «,#R'661% 2/%&(»5$%0? 4$123%:21/(7: 6#31B%66E& 1=/#6'>%6'(&. H0:#2R'%0( 1=Q/#6'>%6'( 64B$#7:0( 2 19W(06%6''. N >#0:610:', &E 6% J1:'&,>:19E 8/1=/#&&# 8E:#3#0? «"48':?» /%04/0E, 2E9'/#( «1:/'C#Q:%3?6E) 8/1%":». <3%$12#:%3?61, 56#>%6'( 2 0:139C% «NE9/#6» 6%$13B6E 8/%2ER#:? 1. D 6#"16%C, &E 6% 28/#2% 2E8136':? :13?"181312'64 8/1%":#, 03%$12#:%3?61, 56#>%6'( 2 0:139C% «NE9/#6»$13B6E 9E:? C%3E&'. */' 6#52#66EJ 1=/#6'>%6'(, $%)0:247@'%012&%0:61, 8/'21$(: " :1&4, >:1 (>%)"' 2 0:139C% «NE9/#6» &1=4:8/'6'&#:? $2# 56#>%6'(: 0 ' 1. +/4='&' 0312#&', 1:9'/#:?0( &1=4::13?"1 C%3E% 8/1%":E ' 6% 913%% >%& 81 1$61&4 5# /#5 (28).
77
B.C"% 3%"$4."-
N15&1B6# 0':4#C'(, "1=$# 2 08'0"% 8/1%":12Q"#6$'$#:12 81Q(2(:0( $2% 2%/0'' 1$61=1 8/1%":#: «#2#/')6#(» ' «61/?6#(».I:19E 2E9/#:? 1$64 '5 U:'J 2%/0'), 64B61 $19#2':? 03%$47@%% 1=Q/#6'>%6'%:
X + Y 1,
=$% X ' Y — (>%)"' 0:139C# «NE9/#6», 011:2%:0:247@'% $24& 2%/0'Q(& 1$61=1 ' :1=1 B% 8/1%":#.
./%$8131B'& $#3%%, >:1 01=3#061 813':'"% "1&8#6'' "#" &'6'Q&4& 1$'6 8/1%": $13B%6 81$$%/B'2#:? 612E) 8/1$4": ' "#" &'6'&4&1$'6 — :%"4@') 8/1$4":. N 6%"1:1/EJ (>%)"#J $24J "/#)6'J 8/#2EJ0:139C12 :#93'CE 8/'04:0:24%: 56#>%6'% 1, 81"#5E2#7@%%, 81$$%/QB'2#%: 8/1%": 612E) '3' 04@%0:247@') 8/1$4": 3'91 6% 02(5#60 8/1$4":1& (6#8/'&%/, 8/1%": 012%/R%60:212#6'( 8/1'521$0:2%6Q6EJ 8/1C%0012). +1840:'&1 $19#2':? 1=/#6'>%6'(, 01=3#061 "1:1/E&L46"C'( SUMPRODUCT 0:139C# «*%"4@') 8/1$4":» ' SUMPRODUCT0:139C# «A12E) 8/1$4":» 01 0:139C1& «NE9/#6» $13B6E /#26(:?0('3' 8/%2ER#:? 1. N 8/%$E$4@%& 8/'&%/% U:1 6% '5&%6'31 9E /%543?Q:#:, 810"13?"4 8/1%":E, "1:1/E% 81$$%/B'2#7: 04@%0:247@') ' 61Q2E) 8/1$4":E, 4B% 1:19/#6E. H$6#"1 2 '61) 0':4#C'', %03' $19#2':?81$196E% 1=/#6'>%6'(, 2 /%543?:'/47@') 6#91/ 9E3' 9E 2"37>%6E
78
5,'-'
2$/4='% 8/1%":E. O%543?:#:1&, 0"1/%% 20%=1, (2'310? 9E 4&%6?R%6'%19@%) 1:$#>' 8/' 01937$%6'' 813':'"' "1&8#6''.N 8/'2%$%661& 8/'&%/% 97$B%: 1"#5#30( 106126E& 1=/#6'>%Q
6'%&. ./1%":E, 1:19/#66E% 2 81/:L%3?, 81:/%93(7: 81>:' 20% 2EQ$%3%66E% 0/%$0:2#, 5#:1 '&%%:0( 56#>':%3?6E) 5#8#0 81 2/%&%6'18E:61=1 8/1'521$0:2# ' &#R'661&4 2/%&%6'. K:1 1:"/E2#%: /($215&1B610:%) 81 8/12%/"% >420:2':%3?610:'. A#0"13?"1 215/103#9E 19@#( 1:$#>#, %03' 42%3'>':? 19@') 97$B%: 8/1%":#? A% 2#BQ61, "#"1% 1=/#6'>%6'% (23(%:0( 106126E&, — '0813?512#6'% 18:'Q&'5'/47@'J 215&1B610:%) U3%":/1661) :#93'CE 815213(%: &%Q6%$B%/4 816(:?, "#"47 $18136':%3?647 8/'9E3? &1B61 8134>':?,%03' 103#9':? 18/%$%3(7@%% 1=/#6'>%6'%, ', 6#191/1:, "#"47 8/'Q9E3? &1B61 81:%/(:?, %03' 0$%3#:? %=1 913%% 0'3?6E&.
&G5HKLEHDMN&OPOTH7M D[\HCM 5HCTVOKSF08>" '#/02%;03"$%. ,%:1$ 2E91/# 81/:L%3( 4$19%6, %03' '&%Q
7: &%0:1 &61=1>'03%66E% 1=/#6'>%6'(, 6#"3#$E2#%&E% 6# 1:91/8/1%":12 2 81/:L%3? (0&. 2/%5"4 «<12%:E 81 '0813?512#6'7 &%:1$#2E91/# 81/:L%3(»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— U:1 &1QB%: 9E:? 3791) 8#/#&%:/, (23(7@')0( &%/'31& «J1/1R%0:'» (29)8/1%":#.D),+4 '#/02%;03"('4. +3( '0813?512#6'( &%:1$# 2E91/# 81/Q
:L%3( 6%19J1$'&1 /1261 0:13?"1 2/%&%6', 0"13?"1 :/%94%:0( 6#091/ $#66EJ 1 8/1%":#JQ"#6$'$#:#J. <L1/&43'/12#:? 5#$#>4 '8/%$0:#2':? %% 2 L1/&#:% U3%":/1661) :#93'CE $10:#:1>61 8/10:1,# 8/12%$%6'% 0190:2%661 18:'&'5#C'' 5#6'&#%: 8/%6%9/%B'&1% 2/%&(. H$6#"1 U3%":/166E% :#93'CE 4$196E :13?"1 $3( 8/1Q0:EJ 5#$#> 18:'&'5#C''. X03' 08'01" 8/1%":12Q"#6$'$#:12 2%3'"'3' %0:? 913?R1% "13'>%0:21 1=/#6'>%6'), 03%$4%: 210813?512#:?Q0( 913%% &1@6E&' 8/1C%$4/#&' 18:'&'5#C''. +3( /%R%6'( $10:#Q
79
B.C"% 3%"$4."-
80
5,'-'
2:1>61 �R:#961) '3' 031B61) 5#$#>' &1B%: 81$1):' %$'60:2%6Q6E) 081019 — 8/'&%6%6'% 08%C'#3'5'/12#661) 18:'&'5#C'1661)8/1=/#&&E 6# 012/%&%661& "1&8?7:%/%, '6#>% 2/%&( '60:#33(QC'' 8/1=/#&&E, %% 2E8136%6'( ' 8/12%/"' 8/#2'3?610:' 2E$#2#%Q&EJ /%543?:#:12 94$%: 2%0?&# 56#>':%3?6E&.
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
5),'+*@,#$3" ' (,>0#$"$1'. N 034>#% 8/10:EJ 5#$#> 18:'&'Q5#C'' 8/'&%6%6'% &%:1$# 2E91/# 81/:L%3( 6%031B61. A#8/1:'2,18:'&'5#C'166E% 5#$#>' $3( 913?R1=1 08'0"# 8/1%":12 ' &61B%Q0:2# 1=/#6'>%6') '&%7: :1: 6%$10:#:1", >:1 $3( 6'J &1B%: 81:/%91Q2#:?0( 913?R%% "13'>%0:21 $#66EJ, >%& $3( $/4='J &%:1$12 1:91/#8/1%":12. K:1 $%3#%: 8/1C%00 091/# '6L1/&#C'' 913%% 2/%&(%&"'&' $1/1=10:1(@'&.M>"/$".'4 +,$0>" 3-:0)" /0)$J,24. .1$1961 $/4='& '60:/4Q
&%6:#&, &%:1$ 2E91/# 81/:L%3( 94$%: C%66%%, %03' %=1 1919@%66472%/0'7, /#00&1:/%6647 2ER%, #$#8:'/12#:? " "16"/%:61) 8/1%":Q61) 0':4#C''. +#3%% '53#=#%:0( /($ 8/10:EJ '$%), 0810196EJ 81Q&1>? 8/' 2E8136%6'' :#"1) #$#8:#C''.
67E?19 !7 =6!7AHR7E;F=P >?17:; E987@; !7@1W?AG• P%).$%)) "3.)0);'2)) #",&(1 "3%$#$,8.9+8 -1+?)0 %/4"-"#+.-"0.N",94" ."3J0$($#&$%1 ;('K., 7." )0$((" #",&(" 3"#-$%6'.9+8 "3.)J0);'2)) (H)('(+"-'8 3%)C1,9, .$F()7$+4)$ #"+.")(+.-' ),) 7."J,)C" #%/6"$).
• B6%'()7$()8 #",&(1 /+.'('-,)-'.9+8 ".-$.+.-$((10) 3"#%';#$,$J()80). *"+4",94/ "6%'()7$()8 0"6/. ("+).9 ($ .",94" H)('(+"-1<F'%'4.$%, 3"#%';#$,$()8, ".-$.+.-$((1$ ;' %$+/%+1, #",&(1 ;'#'.9+"".-$.+.-/K:)$ 3%$#$,1.
• >1+?$$ %/4"-"#+.-" #",&(" /7%$#).9 3",).)4), 4"."%10 ($"CF"#)J0" +"".-$.+.-"-'.9. V+,) )0$K.+8 .$ ),) )(1$ +""C%'&$()8 3",).)J7$+4"6" F'%'4.$%', 4"."%1$ +,$#/$. 3%)(8.9 -" -()0'()$ 3%) "3.)0)J;'2)) 3"%.H$,8, "() #",&(1 /+.'('-,)-'.9+8 /3",("0"7$((10) ('E." 0$($#&$%'0) -1+?$6" ;-$('.
81
B.C"% 3%"$4."-
COEUPON $#661& /#5$%3% 9E3 /#00&1:/%6 &%:1$ 2E91/# 81/:L%3( — '6Q
0:/4&%6: 1:91/# 8/1%":12, '0813?54%&E) 8/' 6#3'>'' &61B%Q0:2%66EJ 1=/#6'>%6'). +#66E) &%:1$ 6#'913%% 4$19%6 $3( &#"0'Q&'5#C'' 8/'9E3', 1$6#"1 &1B%: 8/'&%6(:?0( ' $3( 8/1%":12
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 -1C"% 3%"$4.' - +,/7'$, 4"6#')+3",9;"-'()8 )0$K.+8 0("&$+.-$((1$ "6%'()7$()8
(('3%)0$%, CK#&$. ),) %$+/%+1).>4,K7'.9 ($ .",94" 3%"$4.1, 3%)("+8:)$3%)C1,9, (" ) 3%"$4.1, ($ 3%)("+8:)$ $$(/#"C(" 4'4 #,8 C",9?)F, .'4 ) #,8 0',1F4"03'()<)
G#'3.'2)8 4"(4%$.("< 7$%.1 !"F%'(8.9 0',1< %';0$% "3.)0);'2)"(("<;'#'7) (;#$+9 0"&(" 3",'6'.9+8 ('E,$4.%"((1$ .'C,)21 Excel).!.%$0).9+8 4 0)()0);'2)) 4",)7$+.-'"6%'()7$()< (/#"C(" #,8 ($C",9?)F4"03'()< + "6%'()7$((10) %$+/%+'0))
:#V&5)%2 3( .$.35.T%% !"%,#"U
C7F1@7AH >?17:; E987@; !7@1W?AGP"(.%",9 3";-",8$. /C$#).9+8 - ."0, 7." -1C"% 3"%.H$,8 "+/:$+.-,8$.J
+8 ('#,$&':)0 "C%';"0. >1 #",&(1:• +"C%'.9 +-$#$()8 " +.")0"+.) ) #%/6)$ )0$K:)$ ".("?$()$ 4 #$,/#'((1$ 3" 4'&#"0/ 3%"$4./. M,8 -+$F 3%"$4."-J4'(#)#'."- ($"CF"#)J0" +"C%'.9 )(H"%0'2)K 3" 4'&#"0/ 4%).$%)K, 3" 4"."%"0/ "() 0"J6/. C1.9 "2$($(1;
• -18-).9 3".$(2)',9(1$ 4"(H,)4.1 0$&#/ 3%"$4.'0). ='<.) +,/7'))+3",9;"-'()8 "6%'()7$((1F %$+/%+"- (3"0)0" CK#&$.'), -,)8K:)F(' -";0"&("+.9 +"7$.'()8 3%"$4."-;
• )#$(.)H)2)%"-'.9 3",).)4) 4"03'()), 4"."%1$ 0"6/. "6%'()7).9-";0"&(1$ +"7$.'()8 3%"$4."-. L+.'("-).9, .%$C/K. ,) 3",).)4)4"03'()) -4,K7$()8 - 3"%.H$,9 "3%$#$,$((1F .)3"- 3%"$4."- ) ($;'3%$:'K. ,) "() 4'4)FJ." 4"(4%$.(1F )F 4"0C)('2)<;
• +H"%0/,)%"-'.9 ;'#'7/ "3.)0);'2)). V+,) ;'#'7' #"+.'."7(" 3%"+.',)+3",9;"-'.9 E,$4.%"((/K .'C,)2/. > 3%".)-("0 +,/7'$ ;'#$<+.J-"-'.9 C",$$ 0":(/K 3%"6%'00/, -13",(8$0/K (' +"-%$0$(("04"039K.$%$;
• +"C%'.9 "3.)0',9(1< 3"%.H$,9 3%"$4."-. >13",().9 "3.)0);'2)K )/+.'("-).9, 4'4'8 4"0C)('2)8 3%"$4."- /#"-,$.-"%8$. -+$0 "6%'()7$J()80;
• 3%"-$%).9 7/-+.-).$,9("+.9. B3%$#$,).9, 4'4 +,$#/$. );0$().9 4'&J#"$ "6%'()7$()$, 7."C1 +4"%%$4.)%"-'.9 3"%.H$,9 3%"$4."-.
82
5,'-'
2$/4='J :'812. N >#0:610:', %=1 &1B61 5#$%)0:212#:? 2 1:61R%6''3791=1 8#/#&%:/#, 1:/#B#7@%=1 «J1/1R%0:?» (29) 8/1%":#, 913?R1Q=1 '3' =1. .1 0/#26%6'7 0 $/4='&' &%:1$#&' 1:91/# 8/1%":12&%:1$ 2E91/# 81/:L%3( 193#$#%: 18/%$%3%66E& 8/%'&4@%0:21&:16 8/'6'&#%: 21 26''% 25#'&1$%)0:2'% &%B$4 8/1%":#&' ' 81Q5213(%: &%6%$B%/4 5#$#:? 1=/#6'>%6'(, "1:1/E& $13B%6 4$123%:Q21/(:? 81/:L%3?. N1 2/%5"% «-16:/13? &%:1$# 2E91/# 81/:L%3(» /%Q57&'/12#6E 106126E% 1019%6610:' $#661=1 &%:1$#.
>?17: @?;AHF9Y E;@=;F17E E987@;(7!Q=7F7E)
<17 1;C7? >?17: @?;AHF9Y E;@=;F17E E987@;(7!Q=7F7E)?./1%":E L46$#&%6:#3?6EJ '003%$12#6') — $10:#:1>61 6%$1Q
/1='% 8/1%":E ' 81:1&4 &1=4: /#00&#:/'2#:?0( "#" 6#"3#$6E%/#0J1$E. ./1%":E /#5/#91:"' 8/1$4":12, 6#8/1:'2, (23(7:0( $1Q/1=10:1(@'&' ' 81:1&4 $13B6E '=/#:? /13? 231B%6'( 0/%$0:2,"16"4/'/47@%=1 0 $/4='&' 8/1%":#&' 231B%6'), "1:1/E% 081019Q6# /%#3'512#:? "1&8#6'(. H$6#"1 04@%0:247: ' 8/1%":E 8/1&%B4Q:1>61=1 :'8#, "1:1/E% 03'R"1& 2%3'"' $3( 6#"3#$6EJ /#0J1$12 '2 :1 B% 2/%&( 03'R"1& E $3( "#8':#31231B%6'). +#66E% 8/1Q%":E /#54&61 0>':#:? 18C'16#&'.M("208'4 # J'("(#03-+' 0/.'0("+'. ,%:1$ /%#3?6EJ 2#Q
/'#6:12 2E91/# (18C'1612) — U:1 1:610':%3?61 612E) &%:1$ 1:Q91/# 8/1%":12, "1:1/E) '0813?54%: #6#31='' 0 L'6#6012E&'18C'16#&'. D:#", 2 0L%/% 9'56%0# 397'3, — U:1 L'6#6012E) '6Q0:/4&%6:, "1:1/E) 8/'&%6(%:0( $3( 8%/%610# /'0"# 6# :/%:?70:1/164, =1:1247 6%0:' U:1: /'0" (. 94.+/. <4@%0:247: $2# :'8#18C'1612: 18C'16 0 19/#:61) 8/%&'%) ' 18C'16 0 8/%$2#/':%3?Q61) 8/%&'%)../%$8131B'&, 4 2#0 %0:? 18/%$%3%66E) 8#"%: #"C'). NE 9E J1:%Q
3' 23#$%:? '& 2 :%>%6'% $3':%3?61=1 2/%&%6', 1$6#"1 2 $#661& 034Q>#% '62%0:'/12#6'% '5B'2#%: 0%9(, ' 03%$4%: 1=/#6'>':? /#5&%/215&1B6EJ 81:%/?. H$'6 '5 08101912 $10:'>? U:1=1 —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
83
B.C"% 3%"$4."-
215&1B6E& 8#$%6'%& /E61>61) 0:1'&10:' 8#"%:# 6'B% C%6E, "1Q:1/#( 4"#5#6# 2 18C'16%, $13B%6 9E:? 183#>%6. <:1'&10:? 18C'16#5#2'0': 1: 1C%61" %=1 /'0"#, 2E8136%66EJ 81"48#:%3%& ' 8/1$#2QC1&. < :1>"' 5/%6'( 81"48#:%3(, 18C'16 0 19/#:61) 8/%&'%) — U:1081019 4&%6?R%6'( downsideQ/'0"#.*%8%/? /#00&1:/'& 8/1:'218131B647 0':4#C'7. ./%$8131Q
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— U:1 8/'19/%:%6'% 215Q&1B610:' $#3?6%)R%=1 '62%0:'/12#6'( 0/%$0:2, %03' :#"1%'62%0:'/12#6'% 1"#5E2#%:0( 8/'9E3?6E&.N 0L%/% L'6#6012 "37>%21) 218/10 8/' 2E(06%6'' C%6E 18C'1Q
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
84
5,'-'
2!@=>?F?F=? >?17:; @?;AHF9Y E;@=;F17EE987@; (7!Q=7F7E)./1%": 8/1&%B4:1>61=1 :'8#, "#" 9E31 18'0#61 2ER%, (23(%:0(
03'R"1& 913?R'& $3( :1=1, >:19E 0>':#:?0( 6#"3#$6E&' /#0J1$#Q&', 61 03'R"1& E& $3( :1=1, >:19E /#00&#:/'2#:?0( "#" "#Q8':#31231B%6'%. *#"1) 8/1%": #6#31='>%6 18C'164 0 8/%$2#/'Q:%3?61) 8/%&'%) 6# L'6#60121& /E6"%. D62%0:'/12#6'% 2 8/1%":156#>#%: 81"48"4 215&1B610:' $#3?6%)R%=1 231B%6'( 0/%$0:2,"*4' B+3 1.4D,"%O"" )43C",'" 32.(-)."+*: 9#'I-4D,-<. -#" '2 034>#% '62%0:'/12#6') 6# L'6#60121& /E6"%, 8/'&%6':%3?61" :#"1&4 8/1%":4 04@%0:247: "#" upsideQ, :#" ' downsideQ/'0"'.DownsideQ/'0" 010:1': 2 :1&, >:1 8/1%": &1B%: 6% 4$#:?0( ' 20%0/%$0:2#, "1:1/E% 6# 6%=1 5#:/#>%6E, 94$4: 81:%/(6E. UpsideQ/'0"5#"37>#%:0( 2 :1&, >:1 8/1%": &1B%: 1"#5#:?0( 913%% 8/'9E3?6E&,>%& 2E 8/%$813#=#3', ' 2 /%543?:#:% 2E 81:%/(%:% 6%"1:1/47 >#0:?$1J1$12, "1:1/47 &1=3' 9E 8134>':?, %03' 9E '62%0:'/12#3' 2 8/1Q%": 913?R% 0/%$0:2.
&>,($'J'1".'4 )'#103, #34;"((-B # /)0,1$0+. <4@%0:247::/' :'8# /'0"12, 0 "1:1/E&' "1&8#6'( &1B%: 0:13"64:?0( 8/' /#0Q0&1:/%6'' 8/1%":12 2 "#>%0:2% 18C'1612. -#B$E) '5 U:'J :'81203%$4%: &#"0'?61 0"1&8%60'/12#:? :%& '3' $/4='& 18C'161&'5 18'0#66EJ 2ER%:
• /'0", 021)0:2%66E) L'/&%. O'0" :1=1, >:1 L'/&# 6% 94$%: 19Q3#$#:? 0/%$0:2#&', :%J6'>%0"'&' 215&1B610:(&' '3' '6E&'/%04/0#&', 6%19J1$'&E&' $3( 2E8136%6'( 8/1%":#;
• /'0" "16"4/%6C''. O'0", 2156'"#7@') 203%$0:2'% $%)0:2'),"16:/13? 5# "1:1/E&' 6#J1$':0( 2 /4"#J "16"4/%6:12 (31), 6#Q8/'&%/ 818E:"# 2E:%06%6'( L'/&E 0 /E6"# 84:%& 2E8136%Q6'( #6#31='>61=1 8/1%":#;
• /E61>6E) /'0". O'0", 19403123%66E) :#"'&' 6%18/%$%3%6Q6E&' L#":1/#&', "#" :/%912#6'( (64B$E) 5#"#5>'"#, '5&%6%Q6'( 61/&#:'26EJ ' /%=43'/47@'J #":12 (8131B%6')) 3'91 81Q(23%6'% 913%% $%R%21) '3' 5#&%6(7@%) :%J6131=''.
F0+/,(#".'4 )'#103: "("208'4 # 0/.'0("+' # 0:)"$(0= '/),>3")'$,2%(0= /),+',=. H8C'16 0 19/#:61) 8/%&'%) — U:1081019 1=/#6'>%6'( downsideQ/'0"#. H8C'16 0 8/%$2#/':%3?61)8/%&'%) — 081019 '523%>%6'( 2E=1$E '5 upsideQ/'0"#. X03' /#0Q0&#:/'2#:? 8/1%": "#" 18C'16, 64B61 81'0"#:? #6#31='' 0 L'6#6Q012E&' 18C'16#&' (0 19/#:61) ' 8/%$2#/':%3?61) 8/%&'%)) $3(
85
B.C"% 3%"$4."-
4&%6?R%6'( downsideQ ' upsideQ/'0"12. A'B% 8/'21$(:0( 6%"1:1Q/E% &%/E, #6#31='>6E% 18C'16#& 0 19/#:61) 8/%&'%):
• 3+*#302.. H:"3#$E2#6'% 2E8136%6'( 8/1%":# $1 :%J 81/, 81"#6% 94$%: 019/#6# $18136':%3?6#( '6L1/&#C'( 1 /'0"#J ' 1:$#>%;
• )-934,",'" 9#3"2+. 93 *+.1':<. ./1%":, "1:1/E) &1B%: 2EQ8136(:?0( 81 0:#$'(&, 3%="1 8/'10:#612':?, %03' $%3# '$4:831J1, ' 8/1$13B':? (21519612':?), %03' 612#( '6L1/&#C'($#%: $3( U:1=1 10612#6'(;
• ./+*3#*',$ (9#')4"0",'" +#"+D"% *+3#3,-). F#"37>%6'%"16:/#":# 6# 2E8136%6'% 8/1%":# 0 :/%:?%) 0:1/161). -16Q:/#": $1840:'&1 8/%"/#:':? /#6?R% 0/1"# (215&1B61, 0 2E8Q3#:1) 6%40:1)"'), %03' 0':4#C'( 0 8/1%":1& 6#>'6#%: 4J4$QR#:?0(. (H$6#"1 4>:':%: :#" 2E 015$#$':% 0%9% "16"4/%6:#);
• '**4"13).,'". NE8136%6'% 8'31:61=1 8/1%":# '3' 8/1%":#Q8/1:1:'8# 0 8103%$47@'& %=1 /#0R'/%6'%&, %03' $%3# 81)$4:J1/1R1;
• 4'(',$ (.#",1.). !/%6$# 0/%$0:2 8/1'521$0:2# 4 :/%:?%) 0:1/1Q6E 0 215&1B6E& %% 8/%"/#@%6'%& /#6?R% 0/1"# (6#8/'&%/,0 2E83#:1) 6%40:1)"'), %03' 0':4#C'( 0 8/1%":1& 6#>'6#%:4J4$R#:?0(;
• 4'2)'1.7':. NE91/ :#"'J 0/%$0:2 8/1'521$0:2# '3' '61=1 191Q/4$12#6'(, "1:1/E% '&%7: 2E01"47 3'"2'$#C'16647 0:1'Q&10:?, >:19E 2 034>#% 8/%"/#@%6'( 8/1%":# >#0:? '5/#0J1$1Q2#66EJ 6# 6%=1 0/%$0:2 &1=3# 9E:? 215&%@%6#;
• $'I2.: O2.4.. .3#6'/12#6'% 8/1%":# :#", >:19E &1B61 9E315#"37>':? "16:/#": 6# %=1 2E8136%6'%, %03' 40312'( 1"#B4:Q0( &%6%% 93#=18/'(:6E&', >%& 8/%$813#=#310?, 61 6% 6#0:13?Q"1 831J'&', >:19E 2E52#:? 8/%"/#@%6'% 8/1%":# (32).
-#B$#( '5 8%/%>'03%66EJ &%/ 8/'52#6# 1=/#6'>':? downsideQ/'0" 8/1%":#. O#54&%%:0(, 8/'6(:'% 81$196EJ &%/ 81:/%94%: 18/%Q$%3%66EJ 0/%$0:2, 61 1$612/%&%661 0 :%& 3'91 4&%6?R': /'0",3'91 8%/%31B': %=1 6# :/%:?7 0:1/164.A%0&1:/( 6# :1 >:1 8/1%": 0#& 81 0%9% (23(%:0( #6#31=1& 18C'1Q
6# 0 8/%$2#/':%3?61) 8/%&'%), 04@%0:24%: /($ &%/, :#"B% 0J1$6EJ0 18C'16#&' ' 815213(7@'J 42%3'>':? 1:$#>4 2 034>#%, %03' 8/1Q%": 1"#5#30( 913%% 8/'9E3?6E&, >%& 8/%$813#=#310?:
86
5,'-'
2• M"1C'#3).,'". A%56#>':%3?6E% '62%0:'C'' 2 $18136':%3?Q6E% 0/%$0:2# 8/1'521$0:2#, >:19E 0$%3#:? 'J $10:486E&'2 :1& 034>#%, %03' $%3# 81)$4: 34>R%, >%& 1B'$#310?;
• $'I2.: O2.4.. .3#6'/12#6'% 8/1%":# :#", >:19E '&%:? 215Q&1B610:? /#0R'/':? %=1, %03' 40312'( 1"#B4:0( 913%% 93#=1Q8/'(:6E&', >%& 8/%$813#=#310?.
X0:? ' '61) 2#/'#6:: 8/1%": 0:/#:%='>%0"1=1 /10:#, "1:1/E) (2Q3(%:0( 52%61& 2 C%8' 8/1%":12 '3' 2E8136%6'% "1:1/1=1 034B':40312'%& $3( /%#3'5#C'' $/4='J 8/1%":12. *#"1) 8/1%": &1B%:/#00&#:/'2#:?0( "#" 18C'16 0 8/%$2#/':%3?61) 8/%&'%), 810"13?Q"4 16 015$#%: 93#=18/'(:647 0/%$4 $3( $/4='J /#5/#91:1", $%3#(215&1B61) 913%% 2E01"47 1:$#>4 1: 6'J. H$6#"1 0#& 81 0%9% 8/1%":0:/#:%='>%0"1=1 /10:# 1:$#>' 6% $#%:.G$)*1$*)')03"(', /)0,1$" >24 */)"32,('4 )'#1"+'. ,%/E,
"1:1/E% $13B%6 8/'6(:? &%6%$B%/ 81 >#0:' 48/#23%6'( /'0"#&',8/'2%$%6E 6'B%:
• 18/%$%3':? 8/1%": ' 2E(2':? /'0"', "1:1/E& 16 81$2%/=#%:0(.K:1 $13B6E 9E:? 6% 19@'%, # 08%C'L'>%0"'% /'0"' (6#8/'Q&%/, /'0" :1=1, >:1 "16"/%:6E) "16"4/%6: &1B%: 2E0:#2':? 6#/E61" 0/#26'&E) 8/1$4":);
• 18/%$%3':? :%6%2E% (33) 2#/'#6:E (:1 %0:? 2#/'#6:E, "1:1/EQ&' "1&8#6'( &1=3# 9E 210813?512#:?0() $3( 4&%6?R%6'( "#BQ$1=1 '5 08%C'L'>%0"'J /'0"12, '$%6:'L'C'/12#66EJ 6# 8/%Q$E$4@%& R#=%;
• 8/1$4&#:? #3?:%/6#:'26E% 081019E 0:/4":4/'/12#6'( 8/1%"Q:#, 8/'>%& "#B$E) '5 U:'J 08101912 $13B%6 2"37>#:? 2 0%9(/#53'>6E% 01>%:#6'( :%6%2EJ 2#/'#6:12, 2E(23%66EJ 6#8/%$E$4@%& R#=%;
• 40:#612':? 01>%:#6'( 2#/'#6:12, "1:1/E% 8/'21$(: " 015$#Q6'7 6#'913%% C%661) (34) 0:/4":4/E 8/1%":#;
• 8/%19/#512#:? 1$'6 '5 08%C'L'>%0"'J 6#91/12 :%6%2EJ 2#/'Q#6:12 2 18C'16.
H8/%$%3%6'% 8/1%":# 156#>#%: 810:#612"4 %=1 C%3%) ' 5#$#>,# :#"B% 2E(23%6'% 08%C'L'>%0"'J /'0"12 :1=1, >:1 U:' C%3' ' 5#$#Q>' 6% 94$4: $10:'=64:E 3'91 0:#64: 6%#$%"2#:6E&' 0':4#C'', %03'/%543?:#:E 1"#B4:0( 913%% 93#=18/'(:6E&', >%& 8/%$813#=#310?.-#B$E) 08%C'L'>%0"') /'0" $13B%6 6#J1$':?0( 81$ "16:/13%&
87
B.C"% 3%"$4."-
84:%& 2E91/# 011:2%:0:247@%=1 18C'16# — 0 19/#:61) '3' 8/%$2#Q/':%3?61) 8/%&'%).+3( "#B$1=1 /'0"# &%6%$B%/ 19(5#6 18/%$%3':? "#" &'6'&4& 1$'6
:%6%21) 2#/'#6:, "1:1/E& "1&8#6'( &1=3# 9E 210813?512#:?0( $3(&'6'&'5#C'' U:1=1 /'0"# '3' 104@%0:23%6'( "16:/13( 6#$ 6'&.A%19J1$'&1 :#"B% 40:#612':? 81:%6C'#3?6E% 56#>%6'( 0:1'&10:' '2E=1$E (0:%8%6' 06'B%6'( /'0"#) "#B$1=1 :%6%21=1 2#/'#6:#.F#:%& &%6%$B%/ 8/%$3#=#%: /#53'>6E% 2%/0'' 0:/4":4/E 8/1%":#,
"#B$#( '5 "1:1/EJ $13B6# J#/#":%/'512#:?0( 021%) "1&9'6#C'%) :%Q6%2EJ 2#/'#6:12. <:%8%6? 8/1/#91:"' #3?:%/6#:'26EJ 2%/0') 5#2'Q0': 1: /#5&%/# 8/1%":#: >%& 913?R% 8/1%": ' 2ER% /'0"', :%& 913?R%40'3') 64B61 8/'31B':? $3( 18/%$%3%6'( #3?:%/6#:'26EJ 0:/4":4/.-1=$# #3?:%/6#:'2E 8/1$4E, &%6%$B%/ $13B%6 '003%$12#:?
20% 215&1B6E% 0:/4":4/E 8/1%":#, >:19E 2E(2':? 6#'913%% 93#=1Q8/'(:647, 6#'34>R'& 19/#51& 19%08%>'2#7@47 8/'9E3?61% 231QB%6'% 0/%$0:2 2 94$4@%&..103%$6') R#= 2"37>#%: 2 0%9( 8/%19/#512#6'% :%6%2EJ 2#/'Q
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
0:247@'J 8/1%":4 — 18C'164 0 8/%$2#/':%3?61) 8/%&'%)? N 034Q>#% L'6#6012EJ '60:/4&%6:12 6%40:1)>'210:? C%6E '60:/4&%6:#23'(%: 6# 0:1'&10:? :#"1=1 18C'16#. N 034>#% 8/1%":# U"2'2#3%6Q:1& 6%40:1)>'210:' (23(%:0( &#"0'?6E) 81:%6C'#3 8/1%":#.I%& 2ER% U:1: 81:%6C'#3, :%& $#66E) 8/1%": "#" 18C'16 $1/1B%../' /%#3'5#C'' 8/1%":# "1&8#6'( $13B6# 6%8/%/E261 196123(:?:%"4@47 1C%6"4 %=1 &#"0'?61=1 81:%6C'#3#. .1 &%/% 42%3'>%Q6'( '3' 4&%6?R%6'( U:1) 1C%6"' 6# 10612% 8134>#%&1) '6L1/&#QC'' (6#8/'&%/, 8/'6(:'% 5#"161$#:%3?61=1 #":#, 4&%6?R#7@%=1/#5&%/ 81:%6C'#3?61=1 /E6"# ' :%& 0#&E& 06'B#7@%=1 81:%6C'Q#3, 3'91 8#/:6%/0:21 0 '610:/#661) L'/&1), 1:"/E2#7@%% $1813Q6':%3?6E) /E61" ' :%& 0#&E& 42%3'>'2#7@%% 81:%6C'#3) &1B%:81:/%912#:?0( 8/'6(:'% 6121=1 /%R%6'( 81 8/1%":4 6# 8/%$&%: %=18/%"/#@%6'( '3' 8/1$13B%6'(.
88
5,'-'
2+#66#( "16C%8C'( 8/1'3370:/'/12#6# 6# /'0. 2.5 [9]. A%40Q
:1)>'210:' L'6#60121=1 '60:/4&%6:# 5$%0? 011:2%:0:24%: ,"F39#"1"4",,3*+D 8/1%":#, "1:1/#( 8/%$0:#23(%: 0191) 1'.9.(3,)3(<3C,-M (,.0",'% #"(/4D+.+. 8/1%":#, /#26E) /#5610:'&%B$4 &#"0'?6E& ' &'6'?6E& 215&1B6E& 56#>%6'%&("1:1/1%, /#54&%%:0(, &1B%: 9E:? /#261 6437). I%& 913?R% $'#Q8#516 215&1B6EJ 56#>%6') 1:$#>', :%& 2ER% 6%18/%$%3%6610:?,8/'04@#( 8/1%":4, 61 :%& 2ER% ' 215&1B6#( 1:$#>#. ./1%":, J#Q/#":%/'547@')0( 913?R'& $'#8#5161&, (23(%:0(, :#"'& 19/#Q51&, "#6$'$#:1& 0 J1/1R'&' 215&1B610:(&' $3( 231B%6'( 0/%$0:22 94$4@%&.
1 Timothy A. Luehrman, “Strategy As A Portfolio of Options”, Harvard BusinessReview, SeptemberQOctober 1998. Copyright © Harvard Business School PubliQshing. .%/%8%>#:#61 0 /#5/%R%6'( Harvard Business School Publishing.
X@% 1$6# &%/# C%6610:' 8/1%":# — 1:61R%6'% NPV 8/'9E3',8/'610'&1) 8/1%":1& 2 034>#% $10:'B%6'( &#"0'?61) 1:$#>'," NPV /#0J1$12, 6%19J1$'&EJ $3( 2E8136%6'( 8/1%":#, — 6#512%&%=1 1:61R%6'%& «1:$#>#/0:1'&10:?» (1:$#>#//#0J1$E). I%& U:1 1:Q61R%6'% 913?R%, :%& 8/'23%"#:%3?6%% $#66E) 8/1%":.O'0461" 2.5 '3370:/'/4%: /#53'>6E% 01>%:#6'( 6%18/%$%3%661Q
0:' ' 81"#5#:%3( «1:$#>#/0:1'&10:?», # :#"B% /%R%6'(, "1:1/E%
C'#. 2.5. +%3%6'% 8/10:/#60:2# 2#/'#6:12 2E91/# 6# 193#0:'1
89
B.C"% 3%"$4."-
$13B6E 8/'6'&#:?0( 2 "#B$1& '5 215&1B6EJ 034>#%2. A%18/%$%3%6Q610:? 215/#0:#%: 06'54 22%/J, # 81"#5#:%3? «1:$#>#/0:1'&10:?» —03%2# 6#8/#21. ./10:/#60:21 /'046"# 81$%3%61 6# R%0:? 193#0:%),8/'>%& "#B$#( 193#0:? 8/%$813#=#%: 8/'6(:'% 021%=1 /%R%6'(.H93#0:' 1 ' 6 — U:1 193#0:' «3%="'J» /%R%6'), =$% 6%18/%$%3%6Q
610:? 81>:' /#26# 6437 (&'6'?6#( 1:$#># 93'5"# " &#"0'?Q61) '3' /#26# %)). <3%$12#:%3?61, 56#>%6'% 1:$#>' '52%0:61 0 J1/1QR%) :1>610:?7. N 193#0:' 1 NPV 1:$#>' 8/%2ER#%: NPV /#0J1$12,56#>':, :#"1) 8/1%": 2E0:48#%: (26E& 819%$':%3%&. N 193#0:' 6NPV 1:$#>' 1:0:#%: 1: NPV /#0J1$12, ' :#"1) 8/1%": 034B': (26E:0#)$%/1&.N 193#0:' 2 1:61R%6'% «1:$#>#/0:1'&10:?» 8/%2ER#%: 1, # 6%Q
18/%$%3%6610:? 2 0/#26%6'' 0 6'& #, J1:( ' 04@%0:24%:. NE813Q6%6'% 8/1%":# $1840:'&1 1:31B':? $1 8134>%6'( $#3?6%)R%) '6QL1/&#C'' ("1:1/#(, 215&1B61, 06'5': 6%18/%$%3%6610:?), 61 %03''6'C'#C'( 8/1%":# *"%0.* 913%% 2E=1$6# 2 :1& '3' '61& 0&E03%,>%& '6'C'#C'( %=1 93+3<, 03%$4%: /#00&1:/%:? U:1: 2#/'#6:.N 193#0:' 3 1:61R%6'% «1:$#>#/0:1'&10:?» 8/%2ER#%: 1, 61 6%
18/%$%3%6610:? 2 0/#26%6'' 0 6'& 1>%6? 2E01"#. ./1%": 64B61 1:Q31B':? 2 1B'$#6'' $#3?6%)R%) '6L1/&#C'', "1:1/#(, 9E:? &1QB%:, 4&%6?R': 6%18/%$%3%6610:?.N 193#0:' 4 1:61R%6'% «1:$#>#/0:1'&10:?» &%6?R% 1. K:1 =121Q
/': 8/1:'2 8/1%":#. H$6#"1 6%18/%$%3%6610:? 5$%0? 1>%6? 2E01"#,', %03' 2E(06':0(, >:1 1:$#># U:1=1 8/1%":# $10:#:1>61 2%3'"#,8/1%": /%"1&%6$4%:0( 8%/%&%0:':? 2 193#0:? 3 '3' 2.N 193#0:' 5 1:61R%6'% «1:$#>#/0:1'&10:?» &%6?R% 1. K:1 =121/':
8/1:'2 8/1%":#. -/1&% :1=1, 6%18/%$%3%6610:? 5$%0? 6'5"#, :1 %0:?$#66E) 8/1%": 2/($ 3' "1=$#Q3'91 0:#6%: 8/'23%"#:%3?6E&. X=164B61 /#00&#:/'2#:? "#" 81:%6C'#3?6E) $1 :%J 81/, 81"# 6% 94$%:8134>%6# '6L1/&#C'(, $%3#7@#( 8/1%": 913%% 18/%$%3%66E&.A'B% &E /#00&1:/'& 8/'&%/ :1=1, "#" "16C%8C'( 2#/'#6:12
2E91/# (18C'1612) &1B%: 9E:? 8/'&%6%6# " 8/1%":4.
!@=>?@V#=', 18'0#66E% 2 /#&"#J 8/'&%6%6'( 81$J1$# 6# 10612% /%Q
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
90
5,'-'
2Y,((0#$% /)0,1$". <:%8%6? 210:/%912#6610:' 8/1$4":# 81:/%Q
9':%3(&' 6%'52%0:6#. XB%=1$6E% 8/1$#B' $/4=1=1 8/1$4":#, 1/'Q%6:'/12#661=1 6# :1: B% 0%=&%6: /E6"#, 010:#23(7: 90 &'33'1612$133#/12. K:1 6#'913%% 8/#2$181$196#( 1C%6"# 19@%=1 19W%&#/E6"# $3( 6121=1 8/1$4":#. X03' "1&8#6'( X 2E)$%: 6# /E61" 8%/Q21), 16# 04&%%: 5#J2#:':? "#" &'6'&4& 2/3 /E6"# $1 81(23%6'(8/1$4":#Q"16"4/%6:#.D&%7@')0( 2 6#0:1(@%% 2/%&( 8%/016#3 081019%6 2E8136':?
'6B%6%/6E% /#91:E 2 :%>%6'% :/%J 3%:. X03' 8/%$8131B':?, >:1/#5/#91:"# 8/1$4":# 5#)&%: %@% $2# =1$#, 8136E) 19W%& 8/1$#B010:#2': 90 &'33'1612 $133#/12 2 =1$ (8/' 1:04:0:2'' "16"4/%6Q:12), 2%3'>'6# 8/'9E3' 94$%: /#26# 10%, 0:#2"# $'0"16:'/12#6'(010:#2': 15% ' 8/1$#B' 94$4: 8/1$13B#:?0( %@% R%0:? &%0(C%28103% 2EJ1$# 6# /E61", 81:%6C'#3?647 0:1'&10:? 8/1%":# &1B611C%6':? 2 17 &'33'1612 $133#/12 (:%"4@%% 56#>%6'% NPV).&>,($'J'1".'4 )'#103. N 8/%$3#=#%&1& 8/1%":% 9E3' 2E(2Q
3%6E 6'B%8%/%>'03%66E% /'0"'.
5'*2, *)3%*+)",,-% J'#<":• &1B%: 2156'"64:? 0':4#C'(, 8/' "1:1/1) '6B%6%/E 94$4: 8%Q/%2%$%6E 2 8/193%&6E) 8/1%": 0 2E01"'& 8/'1/':%:1&, >:18/'2%$%: " 5#$%/B"% '6B%6%/6EJ /#91: 6# $2# =1$#. *1=$# 8/'1:04:0:2'' "16"4/%6:12 NPV 8/1%":# 010:#2': 13 &'33'1612$133#/12. ! %03' L'/&# 2E)$%: 6# /E61" 8%/21), NPV 010:#2':10 &'33'1612 $133#/12.
5'*2 23,2/#",7'':• '52%0:61, >:1 "1&8#6'( Y 8/121$'3# '003%$12#6'( 2 :1) B%193#0:' :%J6'"' ' >:1 08%C'#3'0:E 8/%$0:#2'3' 011:2%:0:24Q7@'% 0:#:?' 6# 6#4>6EJ "16L%/%6C'(J. X03' "1&8#6'( Y2E)$%: 6# /E61" 8%/21), 2%3'>'6# NPV 8/1%":# 010:#2':6 &'33'1612 $133#/12;
• '52%0:61, >:1 '610:/#66#( "1&8#6'( Z /#91:#%: 6#$ #3?:%/Q6#:'26E& 81$J1$1&, "1:1/E) :/%94%: /#52':'( 6#4"' ' :%J61Q31='', 61 081019%6 06'5':? 0:1'&10:? 8/1'521$0:2#. +3( :1=1>:19E 2E$%/B#:? "16"4/%6C'7 0 "1&8#6'%) Z, 8/'$%:0( 4&%6?QR':? 8/'9E3? $1 5%. X03' L'/&# X 2E)$%: 6# /E61" 8%/21),56#>%6'% NPV 8/1%":# 010:#2': 8 &'33'1612 $133#/12.
5-,30,-% #'*2:• 0%=&%6: /E6"# &1B%: 6% 1:/%#='/12#:? 6# 612E) 8/1$4":.,#"0'?6E) 19W%& 8/1$#B 2 U:1& 034>#% 010:#2': 40 &'3Q3'1612 $133#/12. ./' 1:04:0:2'' "16"4/%6:12 2%3'>'6# NPV8/1%":# 1C%6'2#%:0( 2 8 &'33'1612 (downsideQ/'0");
91
B.C"% 3%"$4."-
• %03' 94$4: 8/'23%>%6E $18136':%3?6E% 0%=&%6:E /E6"# '/%#3'512#6E 8/1$#B' 5# /49%B1&, 2%3'>'6# NPV 8/1%":# &1QB%: $10:'>? 25 &'33'1612 $133#/12 (upsideQ/'0").
=C'1."<-" #.*M31-:• '6B%6%/6E% /#91:E: :/1% '6B%6%/12 81 100 :E0(> $133#/122 =1$ 6# "#B$1=1 8370 6#"3#$6E% /#0J1$E 5# 8%/2E% :/' =1$#:NPV 010:#23(%: 685 :E0(> $133#/12;.
• /#5/#91:"# 8/1$4":#: >%:2%/1 '6B%6%/12 81 100 :E0(> $133#Q/12 2 =1$ 6# "#B$1=1 8370 6#"3#$6E% /#0J1$E 5# >%:2%/:E) '8(:E) =1$E: NPV 010:#23(%: 428 :E0(> $133#/12;.
• 612E% 8/1'521$0:2%66E% &1@610:': 4 &'33'16# $133#/12 5#8(:E) =1$: NPV 010:#23(%: 2 &'33'16# $133#/12;
• ':1=121% 56#>%6'% NPV /#0J1$12: 3113 :E0(> $133#/12.
<1=3#061 20%& 18'0#66E& 0C%6#/'(&, 8/1%": '&%%: 8131B':%3?Q61% 56#>%6'% NPV ' %=1 03%$4%: 2E8136(:?. H$6#"1 0 81&1@?7 6#$3%QB#@%=1 48/#23%6'( /'0"#&' 8/1%":# 16' &1=4: 9E:? 4&%6?R%6E.-/1&% :1=1, 2EJ1$ 6# /E61" 8%/2E&' (23(%:0( "/':'>%0"' 2#B6E&.
&>,($'J'1".'4 30;+0<(-B 3")'"($03 3-:0)" (0/.'0(03).+#66E) 846": 2"37>#%: 2 0%9( 03%$47@'% $%)0:2'(:
A. A#6(:? %@% :/1'J 08%C'#3'0:12 $3( '6B%6%/6EJ /#91:,4&%6?R'2 'J $3':%3?610:? $1 18 &%0(C%2. NPV $18136':%3?Q6EJ 5#/83#:, 6#"3#$6EJ /#0J1$12 ' /#0J1$12 81 6#)&4 010:#2Q3(%: 575 :E0(> $133#/12. NPV 5#/83#: 4B% 5#6(:EJ 2 8/1%":%'6B%6%/12 4&%6?R#%:0( $1 487 :E0(> , # NPV 19@'J /#0J1$126# '6B%6%/6E% /#91:E 010:#2': 1062 :E0(>. +18136':%3?6E%18 &%0(C%2 8/1$#B 8/'6%04: 8/'9E3?, NPV "1:1/1) 010:#2':24 &'33'16# $133#/12 8/' 1:04:0:2'' "16"4/%6:12 '3'20 &'33'1612 2 034>#% 2EJ1$# L'/&E 6# /E61" 8%/21).
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
C. .#/#33%3?61% 2E8136%6'% '6B%6%/6EJ ' 8/1'521$0:2%66EJ/#91:. P2%3'>'2#%: 0:1'&10:? /#91:, 61 01"/#@#%: 2/%&( 2EQJ1$# 6# /E61". NPV '6B%6%/6EJ /#91: 215/#0:#%: $1 794 :EQ
92
5,'-'
20(> $133#/12. F6#>%6'% NPV 8/'9E3' 010:#2': 21 &'33'1612$133#/12 8/' 1:04:0:2'' "16"4/%6:12 ' 17 &'33'1612 8/' 2EQJ1$% 6# /E61" 8%/2E&'.
D. .1$=1:12"# $1"4&%6:#C'' $3( 3'5'6=# 8/1'521$0:2%66EJ &1@Q610:%) 2&%0:1 0:/1':%3?0:2# 0190:2%66EJ. F6#>%6'% NPV 81$Q=1:12"' $1"4&%6:#C'' 010:#23(%: 25 :E0(> $133#/12. G'5'6=4&%6?R#%: /#5&%/ 8/'9E3' $1 8%, 81U:1&4 NPV 8/'9E3' 010:#Q2': 14 &'33'1612 $133#/12 8/' 1:04:0:2'' "16"4/%6:12 '10 &'33'1612 8/' 2EJ1$% 6# /E61" 8%/2E&'. V:/#L6E% 0#6"QC'' 5# 3'5'6= 8/1'521$0:2%66EJ &1@610:%) 8/' 8/%B$%2/%Q&%661& 8/%"/#@%6'' 8/1%":# '&%7: NPV 1 &'33'16 $133#/12.
E. D6'C''/12#6'% '003%$12#:%3?0"1=1 8/1%":# 2 :1) B% 0L%/%,>:1 ' '610:/#66#( "1&8#6'( Z, 0 C%3?7 2E0:#2':? $10:1)6E)"16"4/'/47@') (2 034>#% 'J 408%J#) '3' 0190:2%66E) 8/1Q$4":. ./%$8131B'&, >:1 6# '003%$12#6'( 81:/%94%:0( >%:E/%=1$#, 6# '6B%6%/6E% /#91:E — :/', 6# /#5/#91:"4 8/1$4":# —$2#, # 8/1$#B' 8/1$4":# 94$4: 8/1$13B#:?0( %@% R%0:? 3%:.O#5&%/ 8/'9E3' 010:#2': 15%, %03' "1&8#6'7 Z 810:'=6%: 6%Q4$#>#, 10%, %03' "1&8#6'( Y 8%/21) 8/%$0:#2': 6# /E6"% 61Q247 :%J6131='7, ' %@% R%0:? 3%: 8/1$#B 8103% 81(23%6'( 61Q21) :%J6131=''. X03' '003%$12#:%3?0"') 8/1%": 8/12#3':0(,%=1 NPV 010:#2': 1,05 &'33'16# $133#/12, 2 8/1:'261& 034Q>#% — 1,2 &'33'16#. NPV 04&&#/61) 8/'9E3' 1: 8/%$31B%6Q61=1 8/1$4":# ' 8/1$4":# 2E01"'J :%J6131=') 94$%: /#26(:?0(27 &'33'16#& 8/' 1:04:0:2'' "16"4/%6:12 ' 19 &'33'16#&,%03' "1&8#6'( Z $10:'=6%: 408%J# 2 :% B% 0/1"'.
D-:0) #09,$"('4 3")'"($03 (0/.'0(03). ./' 2E91/% 6#'34>QR%=1 01>%:#6'( 2#/'#6:12 &E 8/%$813#=#%&, >:1 20% /'0"' /%#Q3'547:0( (:1 %0:? 20%, >:1 &1B%: 81):' 831J1, '$%: 831J1), 5# '0Q"37>%6'%& /'0"# 6%2EJ1$# 6# /E61" 8%/2E&' (&E 0>':#%&, >:1"1&8#6'( 19(5#:%3?61 2E)$%: 6# /E61" 8%/21)). ./12%$%& 0/#26%Q6'% 2#/'#6:12:
• A + C + D + E (6%4$#>%6): NPV /#0J1$12 = 3,07 &'33'16# $133#/12,NPV 8/'9E3' = 4,05 &'33'16#, ':1=12#( NPV = 0,98 &'33'16#;
• B + C + D + E (6%4$#>%6): NPV /#0J1$12 = 3,2 &'33'16# $133#/12,NPV 8/'9E3' = 4,05 &'33'16#, ':1=12#( NPV = 0,85 &'33'16#;
• A + C + D: NPV /#0J1$12 = 2,02 &'33'16# $133#/12, NPV 8/'9EQ3' = 4,05 &'33'16#, ':1=12#( NPV = 2,03 &'33'16#;
• B + C + D: NPV /#0J1$12 = 2,17 &'33'16# $133#/12, NPV 8/'9EQ3' = 4,05 &'33'16#, ':1=12#( NPV = 1,75 &'33'16#;
93
B.C"% 3%"$4."-
• 18C'16E 1:04:0:247:: NPV /#0J1$12 = 927 :E0(> $133#/12,NPV 8/'9E3' = 2,8 &'33'16#, ':1=12#( NPV = 1,873 &'33'16#;
• A + C + D + E (408%R%6): NPV /#0J1$12 = 3,226 &'33'16# $13Q3#/12, NPV 8/'9E3' = 2,5 &'33'16#, ':1=12#( NPV = —0,73&'33'16#.
N 6#'J4$R%& '5 215&1B6EJ 034>#%2 "1&9'6#C'( 2#/'#6:12A + C + D 19%08%>'2#%: 6#'34>R') /%543?:#:. X03' "#"1)Q3'91 '5/'0"12 6% 104@%0:23(%:0(, >'0:#( 8/'9E3? 94$%: 6#&61=1 2ER%.[061, >:1 2#/'#6: E 6% 5#034B'2#%: 2E8136%6'( 2 8/%$8131B%6''6%4$#>' '003%$12#:%3?0"1=1 8/1%":#. D $#B% %03' 2#/'#6: E 1"#QB%:0( 408%R6E&, 61 20% 10:#3?61% 81)$%: 831J1, %=1 20% /#261 6%03%$4%: /%#3'512E2#:?. X03' B% 20% 10:#3?61% 81)$%: J1/1R1, 2#Q/'#6: E — 81:%6C'#3?61 2E'=/ER6E).A% 20% 2#/'#6:E 6%19J1$'&1 104@%0:23(:? 2 6#>#3% 8/1%":#.
I:1 "#0#%:0( 2E91/# &%B$4 6#)&1& $18136':%3?6EJ '6B%6%/12 '#4:01/0'6=1&, :1 6#)& 4$196%%. X03' '6B%6%/12 6% 81:/%94%:0( 8%Q/%21$':? 6# $/4='% /#91:E, :1 $18136':%3?6E) 8%/016#3 40"1/':2E8136%6'% 8/1%":#. X03' >#0:? 08%C'#3'0:12 20% B% 8/'$%:0( 8%Q/%2%0:', :1 $18136':%3?6E) 8%/016#3 815213': 4$%/B#:? 8/1%":2 /#&"#J 8%/216#>#3?61=1 /#08'0#6'(. N#/'#6: 0 8#/#33%3?6E&2E8136%6'%& '6B%6%/6EJ ' 8/1'521$0:2%66EJ /#91: 6% 03%$4%:/%#3'512E2#:? /#6?R% 6#0:483%6'( 2:1/1=1 =1$# 8/1%":#, 2E813Q6(%&1=1 81 40"1/%661&4 /#08'0#6'7. K:1 $#0: $18136':%3?61%2/%&( (=1$), >:19E 18/%$%3':?, 6#0"13?"1 2%3'"# 2%/1(:610:? 81(2Q3%6'( "16"4/%6:12 2 3'C% L'/& Y ' Z. N#/'#6: 0 81$=1:12"1) $1"4Q&%6:#C'' $3( 3'5'6=# 6% :/%94%:0( 2E8136(:? /#6?R% 6#0:483%Q6'( :/%:?%=1 =1$# 81 40"1/%661&4 /#08'0#6'7 ' 8(:1=1 =1$# 8161/?61&4 /#08'0#6'7 — U:1 815213': 8134>':? 913%% :1>6471C%6"4 /#5&%/# /E6"#. X03' /#5&%/ /E6"# 1"#B%:0( 6#&61=1 913?QR'&, >%& '56#>#3?61 8/%$813#=#310?, 2#/'#6: 0 3'5'6=1& &1@61Q0:%) 5#&%6': 8/1'521$0:21 6# 021'J &1@610:(J ' 25(:E% 2 #/%6$4&1@610:' #901/9'/47: 379E% "13%9#6'( 6# /E6"%. X03' B% /#5Q&%/ 1"#B%:0( 6#&61=1 &%6?R'&, 2#/'#6: 3'5'6=# '59#2': L'/&41: "#8':#3?6EJ /#0J1$12 6# 264:/%66%% 8/1'521$0:21.X0:? ' %@% 1$6# 215&1B610:?: 104@%0:2':? 8/' 6#>#3% 8/1%":#
2#/'#6: E, 61 9E:? =1:12E& " %=1 1:&%6% 2 034>#%, %03' %=1 408%J94$%: ĸ%/1(:%6 3'91 L'/&# Z 6% 8/%408%%: 2 021'J 6#>'6#6'Q(J. N#/'#6: E 0#& 81 0%9% &1B%: /#00&#:/'2#:?0( "#" 397'3,* 9#"1).#'+"4D,3% 9#"<'"%, 810"13?"4 815213(%: "48':? 215&1BQ610:? 012%/R%6'( 8/'9E3?6EJ 231B%6') 2 034>#%, "*4' 3, 32.FC"+*: /1.0,-<.
94
5,'-'
2&G5HKLEHDMN&O POTH7M COMKLN[X DMC&MNTHDD[\HCM (H5Y&HNHD)F08>" '#/02%;03"$%. -#" 4B% 9E31 481&(64:1, 8/1%":E 03%$4%:
/#00&#:/'2#:? "#" 18C'16E, "1=$# 16' 03'R"1& 2%3'"' $3( 6#Q"3#$6EJ /#0J1$12, 61 20% B% E $3( "#8':#31231B%6'). *%1/%Q:'>%0"' :#"1) 81$J1$ 215&1B%6 81 1:61R%6'7 "1 &61='& :'8#&8/1%":12. A#'913%% 408%R61% %=1 8/'&%6%6'% 1:&%>%61 2 0L%/%/#5/#91:"' 612EJ 8/1$4":12, '003%$12#6') 2 193#0:' 6%L:%J'&'',/#52':'' 6%$2'B'&10:' ' :. $. ./#2$#, $#66E) 81$J1$ 81"# '0Q813?54%:0( 6% 03'R"1& R'/1"1. N15&1B61, 8/'>'6# U:1=1 "/1%:0(2 6%102%$1&3%6610:' &%6%$B%/12 8/1%":12 3'91 2 'J 49%B$%6610:'2 :1&, >:1 U"161&'>%0"'% &%:1$E, 6#8/'&%/ NPV, 913%% 8/'%&3%&E$3( 2E0R%=1 /4"121$0:2# 2 0'34 'J 8/10:1:E ' 1:"/E:10:'. D J1:(NPV $%)0:2':%3?61 4$19%6 8/' /#91:% 0 /4:'66E&' 8/1%":#&',2 :1& 034>#%, "1=$# $%31 $1J1$': $1 8/1%":12 0 2E01"1) 0:%8%6?76%18/%$%3%6610:' ' 913?R1) $3':%3?610:?7, 81$J1$ 6# 10612% /%Q#3?6EJ 18C'1612 &1B%: '&%:? 8/%'&4@%0:21 — 0&. 2/%5"4 «<12%:E81 '0813?512#6'7 &%:1$# /%#3?6EJ 2#/'#6:12 2E91/# (18C'1612)».D),+4 '#/02%;03"('4. O#56119/#5'% 215&1B6EJ 8/'&%6%6')
&%:1$# /%#3?6EJ 2#/'#6:12 2E91/# (18C'1612) 5#:/4$6(%: 2E91/ 6%Q"1:1/1=1 :'8'>61=1 8/'&%6%6'( ' 1C%6"4 %=1 2/%&%66EJ :/%912#Q6'). <3%$12#:%3?61, 6#R' 1C%6"' 94$4: 610':? 1919@%66E) J#/#"Q:%/. N/%&(, 6%19J1$'&1% 6# 0:/4":4/'/12#6'% 8/1%":# "#" 18C'16#,>#0:1 1"#5E2#%:0( 2%0?&# 56#>':%3?6E&. A%19J1$'&1 8/12%0:'0"/4843%56E) 81'0" :%6%2EJ 2#/'#6:12, 0810196EJ 4&%6?R':?upsideQ '3' downsideQ/'0". I:19E '5E0"#:? &1@6E% ' 8/':1& 6%$1Q/1='% 2#/'#6:E, &1B%: 816#$19':?0( 6%#( 6#J1$>'210:?. <:/4"Q:4/'/12#6'% 8/1%":# $3( &#"0'&'5#C'' %=1 C%6610:' :#"B% :/%94%:56#>':%3?6EJ 5#:/#: 2/%&%6' ' 40'3') /4"121$0:2#.D-80>-. NE=1$E 1: 0:/4":4/'/12#6'( 8/1%":# "#" 0121"48610:'
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
$#661=1 81$J1$# (23(%:0( 8/%19/#512#6'% /%#3?6EJ (23%6'), '&%7Q@'J &%0:1 2 8/1%":#J, 2 2'54#3?61 8/%$0:#2'&E% ULL%":E. A#8/'Q&%/, 2E &1B%:% 42'$%:?, "#" '5&%6':0( 8/10:/#60:21 2E91/#, %03'
95
B.C"% 3%"$4."-
$19#2':? 2 /#5/#91:"4 8/1$4":12 8/1C%00 8#/#33%3?61=1 '6B'6'Q/'6=#. - >'034 6%$10:#:"12 1:610(:0( 5#:/#:E 2/%&%6', #$&'6'0:Q/#:'26E% 40'3'( ' '5$%/B"', 6%19J1$'&E% $3( 015$#6'( 4$123%:21Q/':%3?61) 0:/4":4/E 18C'1612 0 19/#:61) ' 8/%$2#/':%3?61)8/%&'%) $3( $10:'B%6'( &#"0'?61) C%6610:' 8/1%":#.M>"/$".'4 +,$0>" ),"2%(-B 3")'"($03 3-:0)". I:19E '5Q
23%>? &#"0'?647 813?54 '5 $#661=1 81$J1$#, 03%$4%: 6#>#:?0 1919@%661) &1$%3', /#00&1:/%661) 5$%0?, ' "16"/%:'5'/12#:? %%8/'&%6':%3?61 " 8/1%":61) 0':4#C''. +2% 8/10:E% 481&(64:E%'$%' &1=4: 4"#5#:? 6#8/#23%6'%, 2 "1:1/1& $13B6# 2E8136(:?0(:#"#( #$#8:#C'(.
67E?19 !7 =6!7AHR7E;F=P >?17:; @?;AHF9Y E;@=;F17EE987@; (7!Q=7F7E)*%) %';%'C".4$ "32)"("- - 3%"$4.$ (/&(" 3%)(8.9 -" -()0'()$ +,$#/KJ
:)$ -'&(1$ +""C%'&$()8:• -1+?$$ %/4"-"#+.-" #",&(" /7'+.-"-'.9 - -18-,$()) %)+4"- ) "3%$J#$,$()) ."6", 4'4)$ -)#1 "32)"("- /#"C($$ #,8 )F +()&$()8;
• .$($-1$ -'%)'(.1 #",&(1 C1.9 %$',)+.)7(10), ." $+.9 #"3/+4'.9-";0"&("+.9 -13",($()8;
• "2$(4) 3".$(2)',9("< ".#'7) +,$#/$. "C("-,8.9 3" 0$%$ );0$($()8/+,"-)<, 7."C1 "3%$#$,).9, 3%"#",&'.9 ),) 3%$4%':'.9 3%"$4.;
• - ('#,$&':$$ -%$08 (/&(" "+/:$+.-).9 );C%'((1$ .$($-1$ -'%)'(.1#,8 ;':).1 3%"$4.' ". %)+4'.
C7F1@7AH >?17:; @?;AHF9Y E;@=;F17E E987@;(7!Q=7F7E)P"(.%",9 3";-",8$. /C$#).9+8 - ."0, 7." 0$."# %$',9(1F -'%)'(."- -1J
C"%' ("32)"("-) 3%)0$(8$.+8 ('#,$&':)0 "C%';"0. >1 #",&(1:• )#$(.)H)2)%"-'.9 %)+4), +-8;'((1$ + 3%"$4."0. >18-).9 %)+4, +-"<J+.-$((1< H)%0$, %)+4 4"(4/%$(2)) ) %1("7(1< %)+4;
• )#$(.)H)2)%"-'.9 .$($-1$ -'%)'(.1 #,8 4"03$(+'2)) 4'&#"6" -)#'%)+4'. M,8 4'&#"6" %)+4' ('<.) 3" 4%'<($< 0$%$ "#)( .$($-"< -'%)J'(., +3"+"C(1< $6" +4"03$(+)%"-'.9;
• +.%/4./%)%"-'.9 3%"$4.. M,8 4'&#"< -";0"&("< 4"0C)('2)) -'%)'(J."- 3%"$4.' ) .$($-1F -'%)'(."- "2$().9 +.")0"+.9 3%"$4.' ) -1C%'.9.'4/K +.%/4./%/, 4"."%'8 0'4+)0);)%/$. +.")0"+.9;
• - ('#,$&':$$ -%$08 3%$"C%';"-1-'.9 .$($-1$ -'%)'(.1 - %$',9(1$"32)"(1. *%$#3%)()0'.9 ?'6), ($"CF"#)01$ #,8 3%$"C%';"-'()8 .$J($-1F -'%)'(."- - %$',9(1$ 3/.$0 -1#$,$()8 - ()F %$+/%+"-;
• "C("-,8.9 "2$(4) 3" 0$%$ ($"CF"#)0"+.). *$%)"#)7$+4) "C("-,8.9"2$(4) +.")0"+.) 3%"$4.';
• 3%$4%':'.9 3%"$4., $+,) E." (/&(". *%$4%':'.9 3%"$4. - ,KC"< 0"J0$(., $+,) %';("+.9 3".$(2)',9("< ".#'7) ) +.")0"+.) 3%"#",&$()8,-4,K7'8 +.")0"+.9 %$',);'2)) -'%)'(."- /0$(9?$()8 %)+4"-, +.'("J-).+8 ".%)2'.$,9("<. > 3%".)-("0 +,/7'$ 3%"#",&'.9 -13",($()$.
96
5,'-'
2
COEUPON $#661& /#5$%3% 9E3 /#00&1:/%6 &%:1$ /%#3?6EJ 2#/'#6:12
2E91/# (18C'1612) — 1:610':%3?61 612E) '60:/4&%6: 1:91/# 8/1Q%":12, '0813?547@') #6#31='7 0 L'6#6012E&' 18C'16#&'. K:1:&%:1$ :/#":4%: 8/1%":E "#" 18C'16E 2 :1& 034>#%, "1=$# 16' 03'RQ"1& 2%3'"' $3( 6#"3#$6EJ /#0J1$12, 61 20% B% E $3( :1=1, >:19E/#00&#:/'2#:?0( "#" '62%0:'C'' "#8':#3#. +#66E) &%:1$ 2E64BQ$#%: &%6%$B%/12 0&1:/%:? 2 3'C1 /'0"#& ' 8/1$4&E2#:? 8136E)$'#8#516 215&1B6EJ /%R%6'). H93#0:?, =$% &%:1$ 18C'1612 '&%%:8/%'&4@%0:2# 8%/%$ $/4='&' '60:/4&%6:#&' 1:91/#, — U:1 19Q3#0:? 8/1%":12 0 2E01"1) 6%18/%$%3%6610:?7 ' 913?R1) $3':%3?Q610:?7. -37>%2E% 0119/#B%6'( 81 8/'&%6%6'7 $#661=1 '60:/4Q&%6:# 8/'2%$%6E 21 2/%5"% «-16:/13? &%:1$# /%#3?6EJ 2#/'#6:122E91/# (18C'1612)».
R;CAP<=1?AHF9? R;>?<;F=GN 6#0:1(@%) =3#2% 8/%$0:#23%6E 8(:? '60:/4&%6:12, 8/'52#6Q
6EJ 81&1>? 2 1:91/% 8/1%":12: &1$%3' /#6B'/12#6'( 8/1%":12,#6#3':'>%0"') '%/#/J'>%0"') 8/1C%00, U"161&'>%0"'% &%:1$E,2E91/ 81/:L%3( ' &%:1$ /%#3?6EJ 2#/'#6:12 2E91/# (18C'1612).-#B$E) '5 6'J 1:3'>#%:0( 021'& 81$J1$1&, 6#'913%% 4&%0:6E&$3( "16"/%:61) 0':4#C''. A'B% &E 8%/%>'03'& /($ :#"'J 0':4#QC') ' 4"#B%&, "#"1) '60:/4&%6: 2 6'J 94$%: 6#'913%% 8/'%&3%Q&E&. ./10&1:/':% U:1: 08'01" ' 18/%$%3':%, "#"#( '5 18'0#66EJ6#&' 0':4#C') 011:2%:0:24%: 2#R%). X03' 81$196#( 0':4#C'( 1:Q04:0:24%:, $19#2?:% %@% 6%0"13?"1 0':4#C') '5 08'0"# ' 1:&%:?:%,'0813?512#6'% "#"'J '60:/4&%6:12 94$%: :#& 8/%$81>:':%3?6E&.D60:/4&%6:, "1:1/E) 1"#B%:0( 8/%$81>:':%3?6E& 2 913?R'60:2%0':4#C'), 81 20%) 2%/1(:610:', 94$%: 4$19%6 ' 2#&.
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 0$."# %$',9(1F -'%)'(."-)+3",9;"-'()8 -1C"%' ("32)"("-) #,8 3%"$4."- + -1+"4"<
+.$3$(9K ($"3%$#$,$(("+.), 3%)0$($()$4 4"."%10 0$."#' NPV 0"&$. "4';'.9+8%)+4"-'((10 (('3%)0$%, 3%) %';%'C".4$3%"#/4."-)
M"C'-,$()$ B3%$#$,).9 3%"+.%'(+.-" -'%)'(."- -1C"%'4"(4%$.("< 7$%.1 3" #-/0 "+80 4""%#)('.: +"".("?$()K
«".#'7'/+.")0"+.9» ) ($3"+."8(+.-/,3%$#+.'-)- 3%"$4. - -)#$ 3%"+."< 0'.%)21
:#V&5)%2 3( .$.35.T%% !"%,#"U
97
B.C"% 3%"$4."-
98
5,'-'
2A=1?@;1B@;1. Cooper R. G., S. J. Edgett and E.J. Kleinschmidt 1998 “Best
Practices for Managing R&D Portfolios: Lessons from the Leaders—II” Research Technology Management 41(4): 20—33.
2. Henrickson, A. D. and A. J. Traynor 1999 “A Practical Project —Selection Scoring Tool” IEEE Transactions on EngineeringManagement 46(2): 158—170.
3. Saaty, T. L. 1983 “Priority Setting in Complex Problems” IEEETransactions on Engineering Management 30(2):140—155.
4. Liberatore, M. 1987 “An Extantion of the Analitic HierarchyProcedure for Industrial R&D Project Selection and ResourceAllocation” IEEE Transactions on Engineering Management34(1): 12—21.
5. Saaty, T. L. 1980 “The analytic Hierarchy Process” New YorkMcGrow—Hill.
6. Kocaoglu, D. F. 1983 “ A Participative Approach to ProgramEvaluation” IEEE Transactions on Engineering Management30(3): 112—118.
7. Gear, A. E. 1974 “Review of Some Recent Developments inPortfolio Modeling in Applied Research and Development” IEEETransactions on Engineering Management 21(4):119—125.
8. Dickenson, M. W., A. C. Thornton and S. Graves 2001“Technology Portfolio Management Optimizing InterdependentProjects over Multiple Periods” IEEE Transactions on EngineeringManagement 48(4): 518—527.
9. Luehrman, T. 1998 “Strategy as a Portfolio of Real Options”Harvard Business Review 76(5).
6(&5.)'#/%#3("5[#'23"(#*5()
H.4.,* 9#"2#.*",.,')1"1 HJ61
H06126E% :%&E 6#0:1(@%) =3#2E — U:1 '60:/4&%6:E 010:#23%6'( 81/:L%3( 8/1%":12:• :/#$'C'166E% $'#=/#&&E;• 845E/?"12E% $'#=/#&&E.
C'#. 3.1. O13? '60:/4&%6:12 "#/:1=/#L'/12#6'( 81/:L%3(2 8/1C%00% 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&'
100
5,'-'
3M%3? 6#52#66EJ '60:/4&%6:12 8/10:# — 81&1>? "1&8#6'(& 81Q
34>':? 09#3#60'/12#66E) 81/:L%3?, 2 "1:1/E) 94$4: 2"37>%6E"#" 4B% 04@%0:247@'%, :#" ' 612E% 8/1%":E (/'0. 3.1). +%31 2 :1&,>:1 L'/&EQ'62%0:1/E 0:/%&(:0( $10:'>? 9#3#60# &%B$4 021'& /1Q0:1& ' 2J1$(@'& #"C'16%/6E& "#8':#31&, &%B$4 264:/%66'&' '5#/49%B6E&' '62%0:'C'(&', # :#"B% /#08/%$%3':? 8134>%66E%'62%0:'C'' 81 /#53'>6E& 1:/#03(& —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
• 6#4>':?0( '0813?512#:? /#53'>6E% '60:/4&%6:E "#/:1=/#QL'/12#6'( 81/:L%3%) 8/1%":12;
• 2E9'/#:? '60:/4&%6:E, "1:1/E% 011:2%:0:247: /%#3?61) 8/1Q%":61) 0':4#C'';
• #$#8:'/12#:? 2E9/#66E% '60:/4&%6:E " 0190:2%66E& 64B$#&.
A#3'>'% U:'J 6#2E"12 93#=1:21/61 23'(%: 6# '6'C'#C'7 8/1Q%":12 ' /#5/#91:"4 0:#6$#/:'512#661=1 8/1C%00# 48/#23%6'( '&'.
1@;:=Q=7FF9? :=;D@;>>9:AG B!@;EA?F=G !7@1W?AG>= !@7?C17E
<17 1;C7? 1@;:=Q=7FF9? :=;D@;>>9:AG B!@;EA?F=G !7@1W?AG>= !@7?C17E?*/#$'C'166E% $'#=/#&&E $3( 48/#23%6'( 81/:L%3(&' — U:1='0:1=/#&&E, 3%6:1>6E% ' 0%":1/6E% $'#=/#&&E (/'0. 3.2), 0 40Q
8%J1& 8/'&%6(%&E% $3( 1:19/#B%6'( 9#3#60# 81/:L%3(. ./' ='9Q"1& 81$J1$% " /#5/#91:"% 16' 6% 6#3#=#7: 1=/#6'>%6') 6# #08%"Q:E/8#/#&%:/E 8/1%":#, "1:1/E% $13B6E 9E:? 1:19/#B%6E [2].A#8/1:'2, 0 81&1@?7 $'#=/#&& &1B61 81"#5#:? /#53'>6E% 8#/#Q&%:/E 8/1%":#: %=1 /#5&%/, /#08/%$%3%6'% /%04/012, 2E8136%66470:1'&10:?, 0/1"', >:1 815213(%: &%6%$B%/#& 9#3#60'/12#:? 'J64B6E& 19/#51&.
101
!"+.'-,$()$ 3"%.H
$,8 3%"$4.'
!761@7?F=? 1@;:=Q=7FF9Y :=;D@;>>50>80$031" '#B0>(0= '(J0)+".''. +%)0:2'( 81 9#3#60'/12#Q
6'7 81/:L%3( 8/1%":12 2 56#>':%3?61) 0:%8%6' 18'/#7:0( 6# '6QL1/&#C'7 1 0:/#:%='>%0"'J ' :#":'>%0"'J 83#6#J ' 19 #":'26EJ8/1%":#J.+3( :1=1 >:19E 18/%$%3':?, "#"'% 8#/#&%:/E (23(7:0( 56#>'Q
&E&' ' $13B6E 9E:? 8/%$0:#23%6E 6# $'#=/#&&%, 64B61 '54>':?0:/#:%='>%0"'% ' :#":'>%0"'% 83#6E 1/=#6'5#C''. +18136':%3?612 $'#=/#&&4 &1=4: 9E:? 22%$%6E $#66E% 1 8/1%":#J '5 08'0"# #"Q:'26EJ.D-:0) $'/" >'"8)"++-. H:2%: 6# 218/10: «-#"'% 8#/#&%:/E
81/:L%3( 03%$4%: 8/'21$':? 2 /#2612%0'%?» — 815213': 40:#612':?6%19J1$'&E) :'8 $'#=/#&&E. A#8/'&%/, $3( 1:19/#B%6'( /#08/%Q$%3%6'( /#0J1$12 81 :'8#& 8/1%":12 J1/1R'& 2E91/1& 94$%: "/4Q=12#( $'#=/#&&#. X% B% 4$1961 '0813?512#:?, $1840:'&, >:19E 8/1Q2%/':?, 011:2%:0:24%: 3' 04@%0:247@%% /#08/%$%3%6'% /%04/0120:/#:%='>%0"'& C%3(&.A%8/%31B6EJ 8/#2'3 $3( 2E91/# :'8# $'#=/#&&E 6%:. *#", 2&%Q
0:1 "/4=121) $'#=/#&&E (0&. /'0. 3.2) &1B61 9E31 9E 2E9/#:? ='0Q:1=/#&&4. N $#661& 034>#% "/4=12#( $'#=/#&&# 913%% 6#=3($61,>%& ='0:1=/#&&#, 81"#5E2#%:, 6# >:1 :/#:(:0( 8/1%":6E% $%6?='.-#" 8/#2'31, 6# 2E91/ $'#=/#&&E 1"#5E2#7: 23'(6'% 3'>6E%8/%$81>:%6'( ' 8/1R3E) 18E:. -13'>%0:21 81$=1:#23'2#%&EJ $'Q#=/#&& $13B61 9E:? &'6'?61 6%19J1$'&E&, 1:2%>#7@'& '6QL1/&#C'166E& 64B$#& 9#3#60'/12#6'( 81/:L%3(.
C'#. 3.2. -/4=12#( $'#=/#&&# /#08/%$%3%6'( /#0J1$12&%B$4 8/1%":#&' /#53'>6EJ :'812
102
5,'-'
3C'#03"(', >'"8)"++-. A%19J1$'&1 6#/'012#:? "/4=, /#5$%Q
3%66E) 6# 0%":1/E (0&. /'0. 3.2). -/4= 2 C%31& 8/%$0:#23(%: 19@%%"13'>%0:21 2E$%3%66EJ /%04/012, # %=1 0%":1/E 1:19/#B#7: /#0J1Q$E, 011:2%:0:247@'% "#B$1&4 :'84 8/1%":12. <3%$12#:%3?61, 8/'/'012#6'' $'#=/#&&E (2/4>647 '3' 6# "1&8?7:%/%) 2E $13B6E22%0:' '6L1/&#C'7 1 :'8% 8/1%":# ' 011:2%:0:247@%& U:1&4 :'848/1C%6:% /#0J1$12. !6#31='>61 0:/1(:0( $'#=/#&&E $/4='J 2'$12.&($,)/),$".'4 >'"8)"++-. D6:%/8/%:#C'( $'#=/#&&E 0:#Q
612':0( 215&1B61) 8/' 0/#26%6'' :%"4@%=1 9#3#60# 0 B%3#%&E&,"1:1/E) 19E>61 18/%$%3(%:0( '0J1$( '5 0:/#:%='>%0"'J C%3%),40:#6#23'2#%&EJ /4"121$0:21&. N 034>#% 6#R%=1 9#3#60# (0&./'0. 3.2) 28136% 1>%2'$61 03%$47@%%:
• 913?R#( >#0:? /%04/012 (63%) 2E$%3(%:0( 2 8/1%":E 19034B'Q2#6'( ' 81$$%/B"' 8/1'521$0:2#;
• &%6?R#( >#0:? /%04/012 (37%) 81:/%93(%:0( 8/1%":#&' /#5/#Q91:"' 8/'31B%6').
T%3#%&E) (8/#2'3?6E)) 9#3#60 2 $#661& 8/'&%/% '61): 80% /%Q04/012 $13B6E 2E$%3(:?0( 2 8/1%":E /#5/#91:"' 8/'31B%6'), # 10Q:#2R'%0( 20% — 2 8/1%":E 19034B'2#6'( ' 81$$%/B"' 8/1'521$Q0:2#. H>%2'$61, >:1 '&%%: &%0:1 1=/1&6E) /#5/E2 &%B$4 :%"4@'& 'B%3#%&E& 9#3#601&. N :#"1) 0':4#C'' 012%/R%661 6%19J1$'&E$%)0:2'( 81 9#3#60'/12#6'7, 1$6#"1 8/'2%$%66#( $'#=/#&&# 6%8/%$6#56#>%6# $3( 'J 2E8136%6'( — U:1 4B% /#91:# /4"121$0:2#.\"2"(#')03"(',. A# $#661& U:#8% /4"121$0:21 $13B61 8/'6(:?
&%/E $3( :1=1, >:19E 3'"2'$'/12#:? /#5/E2 &%B$4 :%"4@'& ' 8/#Q2'3?6E& 9#3#601&. N 6#R%& 8/'&%/% (0&. /'0. 3.2) $%)0:2'( &1=4:9E:? 03%$47@'&':
• 42%3'>':? "13'>%0:21 8/1%":12 /#5/#91:"' 8/'31B%6'). +3(U:1=1 6%19J1$'&1, >:19E 2 8/1C%00% 1:91/# 8/1%":12 20%=$#4>#0:212#31 $10:#:1>61% >'031 8/1%":6EJ 8/%$31B%6') 6#$Q3%B#@%=1 "#>%0:2#;
• 4&%6?R':? "13'>%0:21 8/1%":12 19034B'2#6'( ' 81$$%/B"'8/1'521$0:2#. K:1 215&1B61, 22%0:' 2 $%)0:2'% $/4=1) 8/1QC%00, 6#8/#23%66E) 6# 81$$%/B"4 8/1'521$0:2#.
N $#661& 034>#% 012%/R%661 1>%2'$61, >:1 $%)0:2'( 81 9#3#6Q0'/12#6'7 $13B6E 9E:? 0'6J/16'5'/12#6E 0 8/1C%00#&' 1:91/#8/1%":12 ' 81$$%/B"' 8/1'521$0:2#. <3%$12#:%3?61, 8/1C%00 9#Q3#60'/12#6'( 81/:L%3( 8/%$0:#23(%: 0191) 6% 8/10:47 #2:161&Q
103
!"+.'-,$()$ 3"%.H
$,8 3%"$4.'
647 18%/#C'7, # (23(%:0( >#0:?7 913%% R'/1"1) 8/1=/#&&E,2"37>#7@%) 0:/#:%='>%0"1% 83#6'/12#6'%, 1:91/ ' /%#3'5#C'78/1%":12 ' 48/#23%6'% 18%/#C'(&'.
&G5HKLEHDMN&O TCM7&Y&HNN[X 7&MWCMPPF08>" '#/02%;03"$%. */#$'C'166E% $'#=/#&&E 4$123%:21/(Q
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«A#>'6#):% :#&, =$% /#0J1$E 2ER%»).D),+4 '#/02%;03"('4. O'012#6'% :/#$'C'1661) $'#=/#&&E —
$%)0:2'% 9E0:/1% ' ULL%":61%. -1=$# 6%19J1$'&#( '6L1/&#C'(81$=1:123%6#, $3( 8134>%6'( =1:121) $'#=/#&&E $10:#:1>61 $%0(Q:' &'64:. H$6#"1 8103%$47@'% $%)0:2'( 81 9#3#60'/12#6'7 &1Q=4: 81:/%912#:? 1: =/488E &%6%$B%/12 6%0"13?"'J >#012 '3' $#B%1$61=1Q$24J $6%).D-80>-. M%6610:?, "1:1/47 8/%$0:#23(7: $'#=/#&&E $3(
813?512#:%3(, 010:1': 2 'J 081019610:' (061 1:19/#B#:? '6L1/&#QC'7, 2#B647 $3( 9#3#60'/12#6'(. H$6#"1 2 U:1& 0&E03% :/#$'C'Q166E% $'#=/#&&E &%6%% 813%56E, >%& 845E/?"12E%, "1:1/E%, 6#Q8/'&%/, &1=4: 81$0"#5#:?, "#"'% "2#$/#6:E 94$4: 913%% '3' &%6%%B%3#:%3?6E&' $3( 8/1%":12. K:1 2 56#>':%3?61) 0:%8%6' (23(%:0(03%$0:2'%& &%6?R%) '6L1/&#C'1661) 6#0E@%6610:' :/#$'C'16Q6EJ $'#=/#&& 81 0/#26%6'7 0 845E/?"12E&'.5),'+*@,#$3" ' (,>0#$"$1'. .%/%>'03'& 8/%'&4@%0:2# :/#Q
$'C'166EJ $'#=/#&&:
• 9#3*+3+.. O'012#6'% :/#$'C'166EJ $'#=/#&& '3' 'J >:%6'%8/#":'>%0"' 6% 8/%$0:#23(%: 8/193%&E $3( 813?512#:%3%).-#" 03%$0:2'% 8/10:1:# "16C%8C'' ' 26%R6%=1 2'$# 815213(Q7: '0813?512#:? :#"'% $'#=/#&&E 9%5 "#"1)Q3'91 81$=1:12"';
• 9#')-0,3*+D. .10"13?"4 :/#$'C'166E% $'#=/#&&E 8/'&%6(Q7:0( 4B% $13=1% 2/%&(, &%6%$B%/E 8/'2E"3' " 6'&, ' 215&1BQ610:? 'J '0813?512#6'( $3( 9#3#60'/12#6'( 81/:L%3( (23(Q%:0( 8/10:1 $18136':%3?6E& 83701&;
104
5,'-'
3
• $'I23*+D. +'#=/#&&E 2E0:48#7: 2 /13' 19131>%": 2E &1B%:%22%0:' 2 6'J 8/#":'>%0"' 20%, >:1 4=1$61, 6% '5&%6(( 26%R6%=12'$#. <3%$12#:%3?61, 'J $1840:'&1 '0813?512#:? $3( 1:19/#B%Q6'( 8/#":'>%0"' 3791=1 81$J1$(@%=1 #08%":# '3' 8#/#&%:/#.
H$'6 '5 6%$10:#:"12, J#/#":%/'547@'J :/#$'C'166E% $'#Q=/#&&E, 5#"37>#%:0( 2 03%$47@%&:
• /9#3G",,3*+D. *#"'% '60:/4&%6:E, "#" "/4=12#( $'#=/#&&#,01$%/B#: 03'R"1& L46$#&%6:#3?647 '6L1/&#C'7, 81U:1&46%"1:1/E% 08%C'#3'0:E 01&6%2#7:0( 2 'J 081019610:' 1:1Q9/#B#:? $#66E%, '&%7@'% 56#>%6'% 8/' 9#3#60'/12#6''81/:L%3( 8/1%":12.
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— 3%6:1>6#( $'#=/#&Q
&# — 8/'2%$%6 6# /'0. 3.4. D 0612# #"C%6: 0$%3#6 6# /#08/%$%3%6''
F;<=F;S1? 1;>, D:? @;6Y7:9 E9X?@("6)$ 0$($#&$%1 ($ ;'#/01-'K.+8 " ."0, 7." .'4"$ 3%'-),9(1< C'J
,'(+ #,8 )F 3"%.H$,8 3%"$4."-. V+,) -1 — "#)( ); ()F, ." +3%"+).$ +$C8:«R('K ,) 8 .$4/:$$ %';C)$()$ 0")F 3%"$4."- ),) %'+F"#"-?» N'4, %/4"-"J#).$,9()2' 6%/331 %';%'C".4) 3%),"&$()< ($ +0"6,' +4';'.9, 4'4"< 3%"J2$(. H)('(+)%"-'()8 )#$. (' ('F"#8:)$+8 - $$ -$#$()) .)31/4'.$6"%))3%"$4."-, ' )0$((" (' 3%"$4.1 %';%'C".4) ("-1F 3%),"&$()<, - +%'-($())+ 3%"$4.'0) "C("-,$()8 +/:$+.-/K:$6" 3%"6%'00("6" "C$+3$7$()8 ) 3"#J#$%&4) +/:$+.-/K:)F 3%"#/4."-. B#)( ); +3"+"C"- 3%)+./3).9 4 C','(+)J%"-'()K 3"%.H$,8 3%"$4."- — "2$().9 .$4/:$$ %';C)$()$ %'+F"#"-, ".-$J.)- (' #-' -"3%"+':
1. P'4"-1 "C:)$ %'+F"#1 (' 3%"$4.1 +$<7'+?2. P'4"< 3%"2$(. %'+F"#"- +"".-$.+.-/$. 4'&#"< 4'.$6"%)) 3%"$4."-?M"3/+.)0" %'++0".%$.9 %'+3%$#$,$()$ -%$0$((1F F'%'4.$%)+.)4 3%"J
$4."- (#'. ;'-$%?$()8 ,)C" .$4/:)F H'; 3%"$4."-). N'4'8 )(H"%0'2)8 0"J&$. C1.9 3",/7$(' ". 3%"$4.(1F 4"0'(# ) --$#$(' - #)'6%'00/. Q." -'? .$J4/:)< 3"%.H$,9. ! 3"#"C(10) +-$#$()80) -1 0"&$.$ )#.) 4 +-"$0/%/4"-"#+.-/, 7."C1 "3%$#$,).9 &$,'$01< 3"%.H$,9. *"+4",94/ +/.9 %'C"J.1 0$($#&$%' ;'4,K7'$.+8 - %'+3%$#$,$()) %$+/%+"-, /+.'("-4' '#$4-'.J(1F 2$,$< 3" 7'+.) %'+F"#"-'()8 — 4%).)7$+4) -'&(1< '+3$4..
105
!"+.'-,$()$ 3"%.H
$,8 3%"$4.'
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
C'#. 3.3. ;'0:1=/#&&# 2/%&%6' 5#2%/R%6'( 8/1%":123
1 +3( 8/1%":12, /%#3'54%&EJ 2 O100'', U:1: 81$J1$ 6% 28136% 8/'%&3%&.-#" 8/#2'31, 4 6#0 8%/%/#0J1$ /%04/012 J#/#":%/'54%: 6% '0:'661% 8131QB%6'% $%3 2 8/1%":%, # 3'>610:6E% "#>%0:2# %=1 /4"121$':%3%). N"37>#:?5$%0? 8131B':%3?647 19/#:647 02(5? (2E$%3(:? 913?R% /%04/012 81 &%/%42%3'>%6'( 8%/%/#0J1$#) 156#>#%: 0:'&43'/12#:? 6%8/1L%00'16#3'5&,J#3#:610:?, /#0:1>':%3?610:? ' J'@%6'(. — ;#'<. #"1.2 F$%0? — 1021%66E) 19W%&. — ;#'<. #"1.3 PORTFOLIO MANAGEMENT FOR NEW PRODUCTS, ROBERT G. COOPER,SCOTT J. EDGETT and ELKO J. KLEINSHMIDT. Copyright © 1998, Robert G.Cooper, Scott J. Edgett and E. J. Kleinshmidt. .%/%8%>#:#61 0 /#5/%R%6'(Perseus Books Publishers, >3%6# Perseus Books, L.L.C.
106
5,'-'
3
B3%$#$,$()$ 6%'()2 — >1C)%'.9 #,8 )+3",9;"-'()8 ($C",9?"$)+3",9;"-'()8 4",)7$+.-" #)'6%'00.
P""%#)()%"-'.9 .%'#)2)"((1$ #)'6%'001+ 3/;1%94"-10) .'4)0 "C%';"0, 7."C1 "()#"3",(8,) #%/6 #%/6';— /C$#).9+8, 7." "() ('),/7?)0 "C%';"0+"".-$.+.-/K. -'?)0 +.%'.$6)7$+4)0) .'4.)7$+4)0 3,'('0 ) 2$,80;
— "3%$#$,).9 (/&(1$ 3'%'0$.%1 #,8 4'&#"<); -1C%'((1F #)'6%'00;
— +-8;'.9 )+3",9;"-'()$ #)'6%'00+ )(+.%/0$(.'0) ".C"%' 3%"$4."-,7."C1 ".C)%'.9 ) C','(+)%"-'.9 3%"$4.1"#("-%$0$((";
— 3%)0$(8.9 #)'6%'001 3%) 3%"-$#$())+"-$:'()< 3" "C;"%/ 3"%.H$,8 ) 3" )."6'0H'; 3%"$4.'
G#'3.'2)8 4"(4%$.("< *%)-$+.) 4'< 3'%'0$.% 3%"$4.'"+"C$(("+.) 0"#$,) - +"".-$.+.-)$ + (/&(10 .)3"0 #)'6%'001 —
E." -";0"&(", 3"+4",94/ #)'6%'001 +3"+"C(1"."C%';).9 3%'4.)7$+4) ,KC"< 3'%'0$.%
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
C'#. 3.4. ;'0:1=/#&&# 2E$%3%6'( /%04/012
107
!"+.'-,$()$ 3"%.H
$,8 3%"$4.'
M>"/$".'4 $)">'.'0((-B >'"8)"++ /0> (*<>- /02%;03"$,?24. Y1:( 8/%$0:#23%66E% 5$%0? $'#=/#&&E ' 813%56E, 16' &1=4: 6%28136% 011:2%:0:212#:? 2#R'& 81:/%9610:(&. A%19J1$'&1 8/1#6#Q3'5'/12#:? $10:486E% L1/&#:E ' J#/#":%/'0:'"' $'#=/#&&, 810Q3% >%=1 2E9/#:? 6#'913%% 81$J1$(@47 ' #$#8:'/12#:? %% $3( "16Q"/%:6EJ 8/1%":12. A'B% 8/'21$(:0( 6%"1:1/E% '$%', "#0#7@'%0(8/1C%00# :#"1) #$#8:#C''.
COEUPON 6#0:1(@%& /#5$%3% 9E3' /#00&1:/%6E /#53'>6E% L1/&E :/#Q
$'C'166EJ '60:/4&%6:12: ='0:1=/#&&E, 3%6:1>6E% ' 0%":1/6E% $'Q#=/#&&E, — 0810196E% 6#=3($61 8/%$0:#2':? '6L1/&#C'7, 6%19J1Q$'&47 $3( 9#3#60'/12#6'( 81/:L%3( 8/1%":12. H6' :#"B% 813%56E2 034>#%, "1=$# 1/=#6'5#C'( 28%/2E% '0813?54%: 81/:L%3?. H$6#"1J1:( U:' $'#=/#&&E 4$196E $3( 8/%$0:#23%6'( "#" 913?R'J, :#" 'EJ 8/1%":12 2 81/:L%3%, 16' 6% 2 010:1(6'' 8/%$31B':? "#"'%Q3'91 $%)0:2'( 81 9#3#60'/12#6'7. I:19E 9E:? $%)0:2':%3?61ULL%":'26E&', $'#=/#&&E $13B6E 9E:? #$#8:'/12#6E " 2#R%)"16"/%:61) 0':4#C'' (0&. 2/%5"4 «D0813?512#6'% :/#$'C'166EJ $'Q#=/#&&»).
!BR9@HC7E9? :=;D@;>>9
<17 1;C7? !BR9@HC7E9? :=;D@;>>9?.45E/?"12E% $'#=/#&&E — U:1 081019 8/%$0:#23%6'( '6L1/&#Q
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
=6!7AHR7E;F=? 1@;:=Q=7FF9Y :=;D@;>>LC$#).$+9, 7." -1 3"#6".'-,)-'$.$ .%'#)2)"((1$ #)'6%'001 ('#,$&'J
:)0 "C%';"0. B() #",&(1 ".%'&'.9:• -1C%'((1$ '+3$4.1 ),) 3'%'0$.%1 3%"$4.';• ?4',/ );0$%$()8 E.)F '+3$4."- ),) 3'%'0$.%"-.
108
5,'-'
3!761@7?F=? !BR9@HC7E7S :=;D@;>>950>80$031" '#B0>(0= '(J0)+".''. S#3#60'/12#6'% 81/:L%Q
3( 8/1%":12 :/%94%: 6#3'>'( 03%$47@%) '6L1/&#C'':• 0:/#:%='>%0"'J ' :#":'>%0"'J 83#612;• "/':%/'%2 1:91/# 8/1%":12;• 08'0"# 8/1%":12 0 'J >'03%66E&' 1C%6"#&'.
C'#. 3.5. .45E/?"12#( $'#=/#&&# 2 8/10:/#60:2% «3%="10:?'08136%6'( / 2#B610:? 8/1%":#»1
1 PORTFOLIO MANAGEMENT FOR NEW PRODUCTS, ROBERT G. COOPER,SCOTT J. EDGETT and ELKO J. KLEINSHMIDT. Copyright © 1998, Robert G.Cooper, Scott J. Edgett and E. J. Kleinshmidt. .%/%8%>#:#61 0 /#5/%R%6'(Perseus Books Publishers, >3%6# Perseus Books, L.L.C.
109
!"+.'-,$()$ 3"%.H
$,8 3%"$4.'
K:' 83#6E ' "/':%/'' 1:91/# 8/1%":12 815213(7: 1=/#6'>':?5#$#>4 9#3#60'/12#6'( 81/:L%3( 8/10:/#60:21& :%J 8#/#&%:/12,"1:1/E% 81"#5#6E 6# $'#=/#&&%. ./1$4":E 8/1C%00# 1:91/# 2"37Q>#7: 2 0%9( 08'01" "#" 04@%0:247@'J, :#" ' 612EJ 8/1%":12. *1>Q6E) 08'01" 1:19/#B#%:0( 6# 845E/?"121) $'#=/#&&% ' 5#:%& 81$Q2%/=#%:0( 9#3#60'/12#6'7. ,E =121/'& «:1>6E) 08'01"», 81:1&4>:1 6%"1:1/E% &%6%$B%/E '&%7: 0"316610:? 6%1L'C'#3?61 $19#2Q3(:? 021' 379'&E% 8/1%":E 2 L1/?6E) 08'01". H$6#"1 %03'2 8/1C%00 9#3#60'/12#6'( 2"37>%6E 6% 20% 8/1%":E, 2156'"#%: /%Q#3?6E) /'0" 6%0128#$%6'( :/%94%&EJ ' $10:486EJ /%04/012 ', "#"03%$0:2'%, 5#$%/B%" /#08'0#6'(. I'03%66E% 1C%6"' 8/1%":12 —U:1 '0J1$6#( '6L1/&#C'( $3( 810:/1%6'( 845E/?"121) $'#=/#&Q&E. DJ 8134>#7: 84:%& 8/'&%6%6'( &1$%3%) 9#33?61) 1C%6"' $3("#B$1=1 '5 8#/#&%:/12 $'#=/#&&E.D-:0) $'/" >'"8)"++-. H8/%$%3%6'% :'8# $'#=/#&&E 6#>'Q
6#%:0( 0 >%:"1=1 816''( 8#/#&%:/12, "1:1/E% 94$4: 8/%$0:#2Q3%6E 10(&' 845E/?"121) $'#=/#&&E (0&. 2/%5"4 «K:1 6% 0:#/#(&#:/'C# BCG1»). N#/'#6:12 5$%0? &61B%0:21 [3, 4]:
• 1:$#># (L'6#6012#(, 10612#66#( 6# 913?R1& "13'>%0:2% "/'Q:%/'%2);
• L#5E B'56%661=1 C'"3# ("16C%8C'(, 83#6'/12#6'%, '08136%Q6'%, 5#"/E:'%);
• $#:# 5#2%/R%6'( (&%0(CE, =1$E);• 0:/#:%='>%0"1% 011:2%:0:2'% '3' 2#B610:? (6'5"#(, 0/%$6((,2E01"#();
• "#>%0:21 /%04/012 (6'5"1%, 0/%$6%%, 2E01"1%);• 0:1'&10:? 8/1%":# ($133#/E, >#0E /#91:E /%04/012);• 2%/1(:610:? :%J6'>%0"1=1 '3' "1&&%/>%0"1=1 408%J# (8/1C%6:E);• 3%="10:? '08136%6'( ($'#8#516 1: «:/4$61» $1 «3%="1»);• "#:%=1/'' 8/1%":12 (ADH-O, '6B'6'/'6=, 8/1'521$0:21, &#/Q"%:'6=, 19034B'2#6'% / :%J6'>%0"#( 81$$%/B"# ' :. $.);
• :'8E 8/1%":12 (6#8/'&%/, 2 /#5/#91:"% 8/1$4":12 — 83#:L1/Q&E, 2:1/'>6E% (8/1'521$6E%) 8/1$4":E, /#0R'/%6'%, 012&%0:Q6E% 8/%$8/'(:'( ' :. $.);
• 0%=&%6:E /E6"# (/E61" A, /E61" B ' :. $.).
+3( 18'0#6'( 81/:L%3( ' 1:19/#B%6'( 9#3#60# 379#( 8#/# 8#Q/#&%:/12 &1B%: '0813?512#:?0( 2 "#>%0:2% "11/$'6#: 81 10(& X ' Y845E/?"121) $'#=/#&&E. -1=$# 8#/#&%:/E $'#=/#&&E 94$4: 2EQ9/#6E, 0 2E01"1) 2%/1(:610:?7 1"#B%:0(, >:1 8134>'2R#(0( $'#Q=/#&&# 8/'6#$3%B': " 1$61) '5 03%$47@'J =/488:
1 ,#:/'C# Boston Consulting Group. — ;#'<. #"1.
110
5,'-'
3I17 F? 61;@;G >;1@=Q; BCG>3$%-1$ +.",4(/-?)+9 + 3/;1%94"-10) #)'6%'00'0), 0("6)$ 3"+3$?)J
,) ".0$.).9 )F +F"#+.-" + 0'.%)2$< BCG (' .'4&$ 0'.%)2$< GE ),) 0'.%)2$<@'4P)(+)), 3%$#+.'-,$(("< - 1970JF 6"#'F [1]. > #$<+.-).$,9("+.) &$ E." ($.'4. !.'%1$ 0'.%)21 )+3",9;"-',)+9 #,8 "."C%'&$()8 +/:$+.-/K:)F +.%'J.$6)7$+4)F C);($+J$#)()2 - 4""%#)('.'F 0'.%)21 «3%)-,$4'.$,9("+.9%1(4' / 4"(4/%$(.('8 3";)2)8 (3","&$()$ 3" ".("?$()K 4 4"(4/%$(.'0)» )8-,8,)+9 +,$34"0 .$4/:$6" +"+."8()8 C);($+J$#)()2. */;1%94"-1$ #)'6J%'001 3%"$4.' #"C'-,8K. ("-1$ "."C%'((1$ 3%"$4.1 4 /&$ +/:$+.-/K:)0,.$0 +'010 H"4/+)%/8+9 (' C/#/:$0. P%"0$ %';,)7)8 - 3%$#0$.'F '(',);' )-%$0$((1F 6"%);"(.'F, $+.9 %';,)7)8 ) - %';0$%("+.8F #)'6%'00, 4"."%1$-'%9)%/K.+8 ". -$%"8.("+.) .$F()7$+4"6" ) 4"00$%7$+4"6" /+3$F' #" ,$64"J+.) )+3",($()8 3%"$4.'. P'4 3"4';'(" - 3%)-$#$(("0 -1?$ +3)+4$, - .'4)F#)'6%'00'F )+3",9;/$.+8 0("&$+.-" %';0$%("+.$<.
67DA;6F9 A= E9 6 !@=D7E7@7>, E9F?6?FF9> I17>B!7@1W?AP?*$%-"$, 7." +#$,', *).$%, ("-1< 0$($#&$% H)%01 Star Tech 3" %';%'J
C".4$ 3%"6%'00("6" "C$+3$7$()8, — E." +";-', +"-$:'()$ + 2$,9K );/7).9+"+."8()$ 3%"$4."- %';%'C".4) 3%"6%'00("6" "C$+3$7$()8. > F"#$ +"-$:'J()8 "( /;(',, 7." -13",($()$ 3%"$4."- ;'()0'$. +,)?4"0 0("6" -%$0$().L ($6" +,"&),"+9 0($()$, 7." «4"(-$<$%» 3$%$6%/&$( +,)?4"0 C",9?)07)+,"0 3%"$4."- ()F ('+7).1-',"+9 28), +%$#) 4"."%1F 8-(" )0$,)+9 #$<J+.-).$,9(" F"%"?)$. *).$%' "?$,"0),' %';("%"#("+.9 3%"$4."-. =)4'4)$#-' ); ()F ($ "C$+3$7)-',) "#)('4"-1F F'%'4.$%)+.)4 3%"#/4.' ) ($ 3%)J('#,$&',) 4 "#("0/ +$60$(./ %1(4'. N'4"< 3"#F"# C1, +.%'.$6)7$+4) ($J-$%(10. =$ C1," ()4'4"< +-8;/K:$< +),1, +3"+"C("< "CO$#)().9 -+$ ;'J3/:$((1$ 3%"$4.1. B.+/.+.-)$ '42$(.)%"-'()8 (' 7$0J,)C" C1," C",$$7$0 "7$-)#(10.
>+$ 3%"$4.1 "C$:',) -1+"4/K 3%)C1,9, 7." +,/&)," F"%"?)0 ;('4"0.*%"C,$0' +"+."8,' - ."0, 7." -+$ "() .'4&$ ".,)7',)+9 -1+"4)0 %)+4"0 ))0$,) "3%$#$,$((/K -$%"8.("+.9 .$F()7$+4"6" ),) 4"00$%7$+4"6" 3%"-'J,'. *"7.) -+$ 3%"$4.1 C1,) #",6"+%"7(10), "#('4" ('+."%'&)-'," ".+/.J+.-)$ 4'4)FJ,)C" -'%)'(."- «+4"%"6" /+3$F'», +3"+"C(1F +C','(+)%"-'.93%"$4.1, .%$C/K:)$ #,).$,9("6" -%$0$(). P%"0$ ."6", C",9?'8 7'+.9 3%"J$4."- ('F"#),'+9 - +.'#)) 3%"6%'00)%"-'()8, ) ($ C1," () "#("6" - H';$"3%$#$,$()8 .%$C"-'()< ),) ;'4%1.)8. «W'#(", — 3"#/0', *).$%. — P%/63%"C,$0, 4'&$.+8, 3%"8+(),+8. *%) #"4,'#$ %/4"-"#+.-/ 0($ 3%)#$.+84%'.4" "3)+'.9, - 4'4"0 +"+."8()) ('F"#).+8 +$<7'+ ('? 3"%.H$,9. ='-$%J("$, %';/0(" +4';'.9, 7."...»
• - "C:$0 ) 2$,"0 ('? 3"%.H$,9 ".-%'.).$,$(;• ('? 3"%.H$,9 ($ +H"4/+)%"-'(;• +,)?4"0 0("6" 3%"$4."-, 3"E."0/ - 4'< ); ()F -1#$,$(" +,)?4"00'," %$+/%+"-;
• +,)?4"0 0("6" +,'C1F 3%"$4."-;• ('? 3"%.H$,9 3,"F" +C','(+)%"-'(;• ('? 3"%.H$,9 ($ 3"##$%&)-'$. C);($+J+.%'.$6)K 4"03'()).>1 +"6,'+(1?
111
!"+.'-,$()$ 3"%.H
$,8 3%"$4.'
• $'#=/#&&E, 10612#66E% 6# &1$%3(J 9#33?61) 1C%6"' (6#8/'&%/,2#B610:? 8/1%":# 2 01810:#23%6'' 0 3%="10:?7 '08136%6'();
• $'#=/#&&E /'0"#/1:$#>' (6#8/'&%/, 0"1//%":'/12#661% 56#>%Q6'% NPV 2 01810:#23%6'' 0 2%/1(:610:?7 :%J6'>%0"1=1 408%J#);
• 8/1>'% 845E/?"12E% $'#=/#&&E (6#8/'&%/, /#0J1$E 8/1%":#2 01810:#23%6'' 0 L#5#&' B'56%661=1 C'"3#).
<12%/R%661 1>%2'$61, >:1 6'"#"#( 1:$%3?61 25(:#( $'#=/#&% &1B%: 20%0:1/166% 1J#/#":%/'512#:? 81/:L%3?. N156'"#%: 5#"1Q61&%/6E) 218/10: 0"13?"1 B% $'#=/#&& :/%94%:0(? D "#"'J? N#&&1B%: 816#$19':?0( &61=1 $'#=/#&&, 61 6% 03%$4%: 9%0"16:/13?6142%3'>'2#:? 'J >'031 ' '6L1/&#C'16647 6#=/45"4. O%"1&%6$4%&1:19/#:? 6%19J1$'&E) &'6'&4& (6%0"13?"1 $'#=/#&&), "1:1/E)0&1B%: :1>61 1:/#5':? 106126E% 0:/#:%='>%0"'% :/%912#6'( 81/:QL%3( 8/1%":12 (0&. 2/%5"4 «<1=3#06E 3' 2E 0 8/'=121/1&, 2E6%0%6Q6E& U:1&4 81/:L%37?»).I:19E =/#L'>%0"' 8/%$0:#2':? 8/193%&E, 02(5#66E% 0 81/:L%Q
3%& 8/1%":12, &%6%$B%/4 816#$19(:0( 845E/?"12E% $'#=/#&&E,1:19/#B#7@'% 03%$47@47 '6L1/&#C'7:
• :'8E 8/1%":12 2 01810:#23%6'' 0 0%=&%6:#&' /E6"#;• $#:E 5#2%/R%6'( 2 01810:#23%6'' 0 L#5#&' B'56%661=1 C'"3#;• /'0" (2%/1(:610:? 408%J#) 2 01810:#23%6'' 0 1:$#>%).
-/1&% :1=1, $3( 2E(23%6'( 6%09#3#60'/12#6610:' /%04/012 81Q3%56# :/#$'C'166#( $'#=/#&&#, 1:/#B#7@#( /%543?:#:E 0/#26%Q6'( &%B$4 :/%94%&E&' ' $10:486E&' /%04/0#&'. -1=$# '0J1$6#('6L1/&#C'( 81$=1:123%6# ' 2E9/#6E :'8E $'#=/#&&, 03%$4%:8/'0:48':? " 6#6%0%6'7 8/1%":12 6# 845E/?"12E% $'#=/#&&E.H$0:)"<,(', /)0,1$03 (" /*;-)%1030= >'"8)"++,. H9/#Q
:'&0( " /'0. 3.5. .%/2E) 31='>%0"') R#= — /'012#6'% 10%) X ' Y,2E91/ 19156#>%6') ' 6#6%0%6'% R"#3. N $#661& 8/'&%/% 19156#>%Q6'(&' 94$4: :#"'% 8#/#&%:/E, "#" 2#B610:? 8/1%":# ' 3%="10:? %=1'08136%6'(. +'#=/#&&# U:1=1 :'8# 10612E2#%:0( 6# &1$%3(J 9#3Q3?6EJ 1C%61", '0813?512#66EJ 8/' 1:91/% 8/1%":12. F6#>%6'% 81R"#3% "#B$1=1 8#/#&%:/# 8/%$0:#23(%: 0191) 0/%$6%% #/'L&%:'Q>%0"1% 56#>%6') 81 :/%& >'0312E& R"#3#&. *#", 2 034>#% 2#B610:'8/1%":# U:1 0:/#:%='>%0"#( 2#B610:? $3( C%3%) "1&8#6'', 215$%)Q0:2'% 6# 1/=#6'5#C'7 (6#8/'&%/, $1J1$610:? '3' 23'(6'% 6# 5#Q"#5>'"#) ' U"161&'>%0"'% 2E=1$E (6#8/'&%/, U"161&'( $%6%B6EJ0/%$0:2 '3' /10: 8/'9E3'). < $/4=1) 0:1/16E, 3%="10:? '08136%6'(02(5#6# 0 %=1 0:1'&10:?7, 031B610:?7 8/1%":# (6#8/'&%/, 0 :/4$Q610:(&' 8/#":'>%0"1) /%#3'5#C'') ' $10:48610:?7 /%04/012. M%3?:#"1=1 81$J1$# — 1C%6':? 8/1%": 20%0:1/166%, 81 &61B%0:24 "/':%Q
112
5,'-'
3/'%2. -1=$# R"#3E 40:#6123%6E, 6# 10612% 1C%61" 8/1%":12 81 "#BQ$1&4 '5 106126EJ "/':%/'%2 6%19J1$'&1 2E>'03':? 'J 0/%$6'%56#>%6'(, 8103% >%=1 1:19/#5':? 8/1%":E, 25(:E% '5 08'0"#, 6# $'Q#=/#&&% (0&. 2/%5"4 «D0813?54):% 1C%6"', 8134>%66E% 6# 0:#$''1:91/# 8/1%":12»).&($,)/),$".'4 >'"8)"++-. O#00&1:/'& 8/1%":E, 6#J1$(@'%Q
0( 2 93#=18/'(:6EJ "2#$/#6:#J (3%2E) 2%/J6') 6# /'0. 3.5), # 5#:%&2E8136'& "/':'>%0"') /#591/ :%J, >:1 6#J1$(:0( 2 "2#$/#6:% «&#Q3#( 2#B610:? ' 2E01"#( 031B610:? '08136%6'(», 0:/%&(0? $19':?Q0( 9#3#60# &%B$4 3%="10:?7 '08136%6'( ' 2#B610:?7 8/1%":12.N >#0:610:', 8/'&%6':%3?61 " /'0. 3.5:
• "13'>%0:21 3%="12E8136'&EJ 8/1%":12 6%2%3'"1, 20%=1 :/' '514. ./' 81'0"% 9#3#60# &%B$4 3%="'&' ' 031B6E&' $3( /%#3'5#QC'' 8/1%":#&' 64B61 0:/%&':?0( " 42%3'>%6'7 >'03# 8%/2EJ;
• 2 6#'913%% 8/%$81>:':%3?61& 3%21& 2%/J6%& "2#$/#6:% 8/%$Q0:#23%6E :13?"1 $2# 8/1%":#, >:1 6%$1840:'&1. N15&1B61,8/'>'6# 2 :1&, >:1 6# 1:91/ 6#8/#23(%:0( 03'R"1&  :#Q"'J «$/#=1C%66EJ» 8/1%":6EJ 8/%$31B%6');
• $/4=#( 8/193%&# — 03'R"1& 913?R1% "13'>%0:21 (R%0:?) 8/1Q%":12, 6#J1$(@'J0( 2 8/#21& 6'B6%& "2#$/#6:%. K:1 0#&1% 6%4$#>61% &%0:1 $3( 8/1%":#. O#00&1:/':% 218/10 19 4$#3%6''>#0:' 8/1%":12;
• 8(:? 8/1%":12 '&%7: 2E01"47 2#B610:?, 61 ' 2E01"47 031BQ610:? '08136%6'(. N15&1B61, 04@%0:247: 081019E 40:/#6':?"#"'%Q:1 9#/?%/E ' 48/10:':? 8/1C%00 'J /%#3'5#C''.
N U:1& 1:610':%3?61 8/10:1& 8/'&%/% 845E/?"12#( $'#=/#&&#$%&160:/'/4%: 0217 0'3?647 0:1/164 — 081019610:? 8/#2'3?611:19/#B#:? 8/1%":647 '6L1/&#C'7. H$6#"1 0:#612':0( 1>%2'$Q6E& ' $/4=1%: 16# 6% 2 010:1(6'' 8/%$31B':? $%)0:2'( 81 9#3#60'Q/12#6'7 81/:L%3(.\"2"(#')03"(',. O4"121$':%3' $13B6E 18/%$%3':? $%)0:2'(,
6%19J1$'&E% $3( 9#3#60'/12#6'( 81/:L%3(. *@#:%3?6E) #6#3'5845E/?"121) $'#=/#&&E ' 4&%0:61) 8/1%":61) '6L1/&#C'', 1:61Q0(@%)0( " /'0. 3.5, 81"#5E2#%: $1840:'&10:? 03%$47@'J $%)0:2'):
• 42%3'>':? "13'>%0:21 3%="'J 2 2E8136%6'' 8/1%":12. <612#/#00&1:/%:? 8/1%":E, 6#J1$(@'%0( 2 «81$2%R%661& 010:1(Q6''», 2 81'0"#J 93#=18/'(:6EJ 215&1B610:%) $3( :1=1, >:19E48/10:':? 'J '08136%6'%;
113
!"+.'-,$()$ 3"%.H
$,8 3%"$4.'
• 42%3'>':? "13'>%0:21 8/1%":12 2 6#'913%% 93#=18/'(:61& 3%Q21& 2%/J6%& "2#$/#6:%, 8%/%0&1:/%2 20% 8%/08%":'26E% 8/1Q%":6E% 8/%$31B%6'(, "1:1/E% 6% 8/1R3' 8%/2'>61=1 1:91/#.N15&1B61, 3%="10:? '08136%6'( '3' 2#B610:? 4$#0:0( 42%3'Q>':? 810/%$0:21& &1$'L'"#C'' 'J 01$%/B#6'(, :/%912#6')" /%04/0#& ' 83#612 '08136%6'(. -/1&% :1=1, 03%$4%: 811@Q/(:? 2E$2'B%6'% 913?R%=1 "13'>%0:2# 8/1%":6EJ 8/%$31B%Q6'), 011:2%:0:247@'J $#661&4 "2#$/#6:4;
• 1:&%6':? '08136%6'% :/%J 8/1%":12, '&%7@'J 6#'&%6?R472#B610:?;
• 48/10:':? /%#3'5#C'7 20%J 8(:' 8/1%":12, 6#J1$(@'J0(2 "2#$/#6:% 913?R1) 2#B610:' ' 2E01"1) 031B610:'. +3( U:1Q=1 434>R':? 2E$%3%6'% 2 6'J /%04/012, 2 J1$% 8%/%0&1:/12"16:/13?6EJ 019E:') 8/1#6#3'5'/12#:? ' 8/%1$13%:? 6#'91Q3%% 0%/?%56E% 9#/?%/E (2 >#0:610:', 2 0L%/% '6:%=/#C'' :%JQ6131='), 8/1'521$0:2#, 091/"' '3' :%0:'/12#6'().
./'2%$%66E% 2#/'#6:E (23(7:0( 3'R? 8/'&%/#&' $%)0:2'),# 6% 8#6#C%%). H6' 8/'52#6E 81(06':? 04:? '$%' 9#3#60'/12#6'(' 4"#5#:? 6# 2#B610:? 0156#:%3?6EJ /%R%6'), 10612#66EJ 6# "#Q>%0:2%661) '6L1/&#C'' ' 8/'6'&#%&EJ 0 C%3?7 /#08/%$%3%6'(/'0"12. N 913?R'60:2% 034>#%2 2#& 8/'$%:0( 2152/#@#:?0( 6#Q5#$— " 8/1C%004 1:91/# 8/1%":12 ' 0:/#:%='>%0"1&4 83#6'/12#Q6'7, " 812:1/61&4 /#00&1:/%6'7 20%J 2#/'#6:12 ' 26%0%6'7 '5&%Q6%6') 2 1"16>#:%3?6E) 08'01". N0% U:1 $%3#%:0( $3( :1=1, >:19E8134>':? 81/:L%3? 8/1%":12, 09#3#60'/12#66E) B%3#%&E& 19/#Q51&. <:/#:%='>%0"1% 83#6'/12#6'%, 1:91/ 8/1%":12, 9#3#60'/12#Q6'% 81/:L%3( 0:#612(:0( 6#'913%% ULL%":'26E&', "1=$# 2E8136(Q7:0( 2 :%061& 8%/%83%:%6'' $/4= 0 $/4=1&.
&G5HKLEHDMN&O 5]E[CLFHD[X 7&MWCMPPF08>" '#/02%;03"$%. .45E/?"12E% $'#=/#&&E — U:1 46'2%/Q
0#3?6E) '60:/4&%6:, "1:1/E) &1B%: 8/'&%6(:?0( /#53'>6E&'081019#&'. H$'6 '5 :#"'J 08101912 — 810:/1%6'% '%/#/J'>%0"1)8103%$12#:%3?610:' 845E/?"12EJ $'#=/#&&, 6#>'6#( 0 2%/R'6E"1&8#6'' 0 8103%$47@'& 8/1J1B$%6'%& >%/%5 81/:L%3' 8/1%":12/#53'>6EJ 1/=#6'5#C'166EJ 4/126%) (6#8/'&%/, $'#=/#&&# $3(81$/#5$%3%6'( &#/"%:'6=# '3' ADH-O) 2831:? $1 4/126( =/488 (6#Q8/'&%/, $'#=/#&&# $3( &%6%$B%/# &43?:'8/1%":#). F$%0? "#B$#(845E/?"12#( $'#=/#&&# 6'5"1=1 '%/#/J'>%0"1=1 4/126( 81$$%/B'Q
114
5,'-'
32#%: $'#=/#&&4 913%% 2E01"1=1 4/126(, 19%08%>'2#( :%& 0#&E& '6Q:%=/#C'7 20%J 8/1%":12 "1&8#6'' 2 19@') 81/:L%3?.K:1: &%:1$ ULL%":'2%6, 61 :/%912#:%3%6 ', 215&1B61, 81U:1&4
'0813?54%:0( 6% 1>%6? >#0:1. F6#>':%3?61 R'/% /#08/10:/#6%6#%=1 $%C%6:/#3'512#66#( L1/&#, "1=$# /#53'>6E% =/488E "1&8#Q6'' 0:/1(: 845E/?"12E% $'#=/#&&E $3( 021'J 8/1%":12 6%5#2'0'Q&1 $/4= 1: $/4=#. Y1/1R'% 8/'&%/E — =/488# /#5/#91:"' 612EJ8/1$4":12, =/488# '6L1/&#C'166EJ :%J6131='), =/488# 8/1'521$Q0:2#. N :#"1& "16:%"0:% 845E/?"12E% $'#=/#&&E '0813?547:0( $3(8%/'1$'>%0"'J 8%/%0&1:/12 81/:L%3%), 8/121$'&EJ 1$'6 /#5 2 :/'' R%0:? &%0(C%2. ,%6%$B%/E, 8/#":'"47@'% 1951/E 81 ':1=#& L#58/1%":# (6#5E2#%&E% :#"B% :1>"#&' 8/1$13B%6'(/8/%"/#@%6'(8/1%":#), &1=4: '0813?512#:? 845E/?"12E% $'#=/#&&E $3( 0/#26%Q6'( /#00&#:/'2#%&1=1 8/1%":# 0 $/4='&' 8/' 8/'6(:'' /%R%6'(1 %=1 8/1$13B%6''/8/%"/#@%6''.A12#( 193#0:? 8/'&%6%6'( 845E/?"12EJ $'#=/#&& — 48/#23%Q
6'% 6%0"13?"'&' 8/1%":#&'. <:#3"'2#(0? 0 6%19J1$'&10:?748/#23(:? R%0:?7 '3' 0%&?7 8/1%":#&' 1$612/%&%661, &%6%$B%Q/E &43?:'8/1%":12 19/#@#7:0( " 845E/?"12E& $'#=/#&&#&, >:1Q9E "16:/13'/12#:? /#91:4 2 "11/$'6#:#J «/#5&%/ 8/1%":# / L#5#8/1%":#», 6% $1840"#( 6#3'>'( $24J 913?R'J 8/1%":12, 1$612/%Q&%661 6#J1$(@'J0( 6# 0:#$'' 83#6'/12#6'(.
=6!7AHRBS1? 7Q?FC=, !7AB<?FF9? F; 61;:== 7187@;!@7?C17EBC#/01-'8 +3"+"C1 C','(+)%"-'()8 3"%.H$,8, 0("6)$ %/4"-"#).$,)
)#/. #',9?$ 3%"+."6" )+3",9;"-'()8 H)('(+"-"< 0$.%)4) ) 3%$#3"7).'K.0("&$+.-$((1$ 4%).$%)). U"%"?)0 ?'6"0 - .'4"< +)./'2)) 0"&$. +.'.93"+.%"$()$ 3/;1%94"-"< #)'6%'001 - 4""%#)('.'F «%)+4/".#'7'», "+) 4"J."%"< "+("-1-'K.+8 (' .$F &$ 4%).$%)8F, 7." ) - 0"#$,) C',,9("< "2$(4)#,8 "2$()-'()8, %'(&)%"-'()8 ) ".C"%' 3%"$4."- (+0. 6,'-/ 2). A",$$ ."6","2$(4) 3%"$4."-, 3",/7$((1$ - F"#$ 3%"2$++' ".C"%', +.'("-8.+8 )+F"#("<)(H"%0'2)$< #,8 #)'6%'001 %)+4'/".#'7), 7." "C$+3$7)-'$. C$++.14"-"$+"6,'+"-'()$ 0$&#/ ".C"%"0 3%"$4."- ) C','(+)%"-'()$0 3"%.H$,8.
D),+4 '#/02%;03"('4. X03' 8/%$8131B':?, >:1 '6L1/&#C'(1 8/1%":#J 3%="1$10:486#, 015$#6'% :/#$'C'1661) $'#=/#&&E —$%31 9E0:/1%. .10:/1%6'% $'#=/#&&E, 01$%/B#@%) 20 8/1%":12,&1B%: 5#6(:? 20%=1 6%0"13?"1 &'64:, 1019%661 4>':E2#( 8/1=/%00011:2%:0:247@%=1 8/1=/#&&61=1 19%08%>%6'(. A#'913%% 56#>'Q:%3?6E% 5#:/#:E 2/%&%6' (1: 6%0"13?"'J >#012 $1 81361=1 /#91>%=1$6() '&%7: &%0:1 2 J1$% #6#3'5# $'#=/#&&E — 8/' 1904B$%6'' %%0'3?6EJ ' 03#9EJ 0:1/16, 93#=18/'(:6EJ ' 6%93#=18/'(:6EJ L#"Q:1/12, # :#"B% 8/' 8/'6(:'' /%R%6'( 1 9#3#60'/12#6''.
115
!"+.'-,$()$ 3"%.H
$,8 3%"$4.'
D-80>-. */4$61 1081/':? L46$#&%6:#3?647 C%6610:? $'#Q=/#&& ' 'J 081019610:? 2E0:48#:? 2 "#>%0:2% 0/%$0:2 6#=3($61=18/%$0:#23%6'( '6L1/&#C'' — '&%661 U:1, 0 :1>"' 5/%6'( &61='J08%C'#3'0:12, $%3#%: 'J 81843(/6E&'. .45E/?"12#( $'#=/#&:19/#B#%: 8/1%":E, 6#J1$(@'%0( 2 6#'913%% 8/%$81>:':%3?6EJ"2#$/#6:#J, 6#8/'&%/ 2 "2#$/#6:%, 011:2%:0:247@%& 913?R1)2#B610:' ' 6'5"1) 031B610:', ' 81&1=#%: 2E(2':? 8/1%":E, 6#J1Q$(@'%0( 2 &%6%% 93#=18/'(:6EJ "2#$/#6:#J, 6#8/'&%/ 2 "2#$/#6Q:% ) 2#B610:' ' 2E01"1) 031B610:'. -/1&% :1=1, 16' (261 '6%$240&E03%661 $%&160:/'/47: >/%52E>#)647 2#B610:? 9#3#6Q0'/12#6'( 8/1%":12 81 B%3#%&E& "2#$/#6:#& $'#=/#&&E. <:13?6#=3($61% 1:19/#B%6'% 81/:L%3( 8/1%":12 6%215&1B61 8/' '0Q813?512#6'' :#"'J '60:/4&%6:12, "#", 6#8/'&%/, U"161&'>%0"'%&%:1$E '3' &1$%3' 9#33?61) 1C%6"'.A%0&1:/( 6# 2E=1$E, 19%08%>'2#%&E% 8/'&%6%6'%& 845E/?"1Q
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— 1:19/#B%6'% '6L1/&#C'' 1 9#3#60% 81/:QL%3( — U:1: '60:/4&%6: 2E8136(%: J1/1R1.5),'+*@,#$3" ' (,>0#$"$1'. .45E/?"12E% $'#=/#&&E J#/#"Q
:%/'547:0( /($1& 0%/?%56EJ 8/%'&4@%0:2:
• 9#3*+3+.. DJ $/4B%0:2%6610:? 81 1:61R%6'7 " 813?512#:%37' 3%="10:? 8/'&%6%6'( 0:13? 2E01"', >:1 37$', /#91:#7@'%0 6'&' 28%/2E%, 64B$#7:0( 2 &'6'?61) 8/%$2#/':%3?61)81$=1:12"% '3' 2120% 6% 64B$#7:0( 2 6%);
• +302. (#",':, 3*,3).,,.: ,. J.2+'0"*2'M 1.,,-M. .45E/?"1Q2E% $'#=/#&&E 19%08%>'2#7: 6%8/%$25(:1% 8/%$0:#23%6'%'6L1/&#C'', 6% 1"/#R%661% >?'&Q3'91 &6%6'%&.
116
5,'-'
3N156'"612%6'% 8/193%& 8/' '0813?512#6'' 845E/?"12EJ $'#=Q
/#&& 215&1B61, %03' %0:?:• ',J3#<.7'3,,.: 9"#"$#/(2.. .10"13?"4 04@%0:24%: 1=/1&61%"13'>%0:21 845E/?"12EJ $'#=/#&&, &61='% $'#=/#&&E &1=4:'0813?512#:?0( 1$612/%&%661, :%& 0#&E& 42%3'>'2#(, # 6%4&%6?R#( 031B610:? 9#3#60'/12#6'(;
• ,".1"2).+,-" 1.,,-". X03' $#66E%, '0813?512#66E% $3( 81Q0:/1%6'( $'#=/#&&E, 2E9/#6E 6%2%/61, /%543?:'/47@#( $'Q#=/#&&# &1B%: 1"#5#:?0( 1R'91>61).
1 Marheson, D., Matheson, J. E. and Menke, M. M., “Making Excellent R&D DeciQsions”, ReserchQTechnology Management, NovemberQDecember 1994. CopyQright © Industrial Research Institute. .%/%8%>#:#61 0 /#5/%R%6'( IndustrialRe search Institute.
C'#. 3.6. .45E/?"12#( $'#=/#&&# 2 "11/$'6#:#J «/'0"/1:$#>#»1
117
!"+.'-,$()$ 3"%.H
$,8 3%"$4.'
D")'".''. .45E/?"12EJ $'#=/#&& ("#/: 81/:L%3( '3' &#:/'C81/:L%3() 04@%0:24%: &61B%0:21 [7, 9]. A# /'0. 3.6 8/%$0:#23%6#$'#=/#&&# 2 "11/$'6#:#J «/'0"/1:$#>#», "1:1/#( 1>%6? 81843(/6#2 ADH-OQ8/1%":#J. D54>%6'% U:1) $'#=/#&&E 81"#5E2#%:, >:1:
• 03'R"1& &61=1 40'3') ' 0/%$0:2 5#:/#>'2#%:0( 6# :/'2'#3?Q6E% 8/1%":E :'8# «94:%/9/1$». K:1 $13B6E 9E:? 8/10:E% 6%Q913?R'% 8/1%":E, J#/#":%/'547@'%0( 2E01"1) 2%/1(:610:?7408%J# ' ) 8/'9E3?7;
• 8/'04:0:24%: $10:#:1>61% "13'>%0:21 8/1%":12 :'8# «B%&>4QB'6#». K:1 81:%6C'#3?61 04$?916106E% 8/1%":E, '&%7@'%2E01"47 2%/1(:610:? 408%J# ' 0810196E% 8/'6%0:' 913?R478/'9E3?;
C'#. 3.7. .45E/?"12#( $'#=/#&&# 2 "11/$'6#:#J«$#:# 5#2%/R%6'( / L#5# B'56%661=1 C'"3#»
118
5,'-'
3• '&%7:0( $2# 8/1%":# :'8# «40:/'C#» — U:1 61/?61, %03'/#00&#:/'2#:? 'J "#" $13=10/1>6E% (8/1%":E 19@%=1, L16121Q=1 83#6#), 0810196E% 8/'6%0:' 2E01"'% 8/'9E3', 61 J#/#":%Q/'547@'%0( 6'5"1) 2%/1(:610:?7 408%J#;
• "2#$/#6: 8/1%":12 :'8# «9%3E) 0316» 01$%/B': :13?"1 1$'68/1%": — ' U:1 J1/1R1. *#"'% 8/1%":E '&%7: 6'5"47 8/'9E3?' 6'5"47 2%/1(:610:? 408%J#.
X@% 1$'6 81843(/6E) 2'$ 845E/?"121) $'#=/#&&E — $'#Q=/#&&# 2 "11/$'6#:#J «$#:# 5#2%/R%6'( / L#5# B'56%661=1 C'"3#»(/'0. 3.7). H6# 81"#5E2#%: 03%$47@%%:
• 20% 6%913?R'% 8/1%":E 94$4: 5#2%/R%6E 6%5#$13=1 $1 "16C#8%/21=1 =1$# /#91:E, 20% 913?R'% — 6%5#$13=1 $1 "16C# 2:1/1Q=1 =1$#. K:1 1>%6? 831J1) 9#3#60, :/%947@') 8/'6(:'( &%/ 81/#56%0%6'7 0/1"12 5#2%/R%6'( 8/1%":12. T%3#:%3?61 :#"B%2E8136':? 9#3#60'/12#6'% 8/1%":12 /#53'>61=1 /#5&%/#;
• 6#937$#%:0( 6#$%B6E) 9#3#60 "#" $3( EJ, :#" ' $3( 913?QR'J 8/1%":12 81 L#5#& B'56%661=1 C'"3#.
B3%$#$,$()$ 6%'()2 >1C%'.9 3'%'0$.%1 %';0$%("+.), 4"."%1$)+3",9;"-'()8 ".-$7'K. -'?)0 +.%'.$6)7$+4)0 ) .'4.)7$+4)0
3,'('0 ) 2$,80;— )+3",9;"-'.9 3/;1%94"-/K #)'6%'00/ #,8"."C%'&$()8 ) C','(+)%"-'()8 3%"$4."-(4"%3"%'.)-(1F +.%'.$6)7$+4)F 3%"$4."-,-+$F 3%"$4."- 3"#%';#$,$()<, ' .'4&$3%"$4.("< ('6%/;4) (' 0$($#&$%"-0/,9.)3%"$4."-);
— 3%)0$(8.9 3/;1%94"-/K #)'6%'00/- +"7$.'()) + )(+.%/0$(.'0) ".C"%'3%"$4."-, 7."C1 3%");-"#).9 ".C"% 3%"$4."-) C','(+)%"-'()$ 3"%.H$,8 "#("-%$0$((";
— ;'#$<+.-"-'.9 3/;1%94"-/K #)'6%'00/ 3%)3%"-$#$()) +"-$:'()< 3" "C;"%/ 3"%.H$,8) )."6"-10 "C;"%'0 H'; 3%"$4."-
G#'3.'2)8 4"(4%$.("< > 3%"$4.'F, ".,)7'K:)F+8 -1+"4"< +.$3$(9K"+"C$(("+.) 0"#$,) ($"3%$#$,$(("+.) ) .%$C/K:)F -$%"8.("+.("6"
%'++0".%$()8, )+3",9;"-'.9 3/;1%94)E,,)3+")#',9("< H"%01 #,8 ".%'&$()8()&()F/-$%F()F ;('7$()< "2$("4 3" 4'&#"0/); 3'%'0$.%"- %';0$%("+.) (('3%)0$%, #,84""%#)('. «NPV / -$%"8.("+.9 /+3$F'»)
M"C'-,$()$ 7$%.1 !";#'-'.9 .%$F0$%(1$ 3/;1%94"-1$#)'6%'001. ='3%)0$%, Procter & Gamble)+3",9;/$. #)'6%'001 - 4""%#)('.'F«NPV / -$%"8.("+.9 /+3$F' / -%$08 ;'3/+4'» [5, 6]
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
119
!"+.'-,$()$ 3"%.H
$,8 3%"$4.'
M>"/$".'4 /*;-)%103-B >'"8)"++. ,E 18'0#3' 3'R? 6%0"13?Q"1 19@'J :'812 845E/?"12EJ $'#=/#&&. O%"1&%6$4%& '54>':? 19Q@'% &1$%3', # 5#:%& #$#8:'/12#:? 'J " "16"/%:61) 8/1%":61) 0':4#QC''. A'B% &E 8%/%>'03'& 6%"1:1/E% 081019E :#"1) #$#8:#C''.
COEUPON 6#0:1(@%& /#5$%3% 9E3' /#00&1:/%6E 845E/?"12E% $'#=/#&Q
&E —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— 'J #$#8:#QC'( 81$ "16"/%:6E% 0':4#C''. N1 2/%5"% «./12%/"# 845E/?"12EJ$'#=/#&&» 8/'21$':0( "16:/13?6E) 08'01", "1:1/E) 81&1B%: 2#&8/' 'J 810:/1%6''.
R;CAP<=1?AHF9? R;>?<;F=GN 6#0:1(@%) =3#2% &E /#00&1:/%3' $2# /#53'>6EJ 0%&%)0:2#
'60:/4&%6:12 "#/:1=/#L'/12#6'( 8/1%":12 — :/#$'C'166E% '845E/?"12E% $'#=/#&&E. -#B$E) '5 U:'J '60:/4&%6:12 J#/#":%Q/'54%:0( &61=119/#5'%& L1/&. -1=$# 64B61 1:19/#5':? $2#Q:/'8#/#&%:/#, :/#$'C'166E% $'#=/#&&E &1=4: '0813?512#:?0( 8#Q/#33%3?61 0 845E/?"12E&', 6#8/'&%/ "/4=12#( $'#=/#&&#, 81Q$196#( '519/#B%661) 6# /'0. 3.2, ' 845E/?"12#(, "#" 6# /'0. 3.5.N $#661& 034>#% #( '6L1/&#C'166#( 6#0E@%6610:? "/4=121)$'#=/#&&E J1/1R1 1:/#B#%: 19@47 "#/:'64 /#08/%$%3%6'( /%04/Q012 81 :'8#& 8/1%":12. K:' $#66E% 8/%210J1$61 $18136(7:0( 913%%2E01"1) '6L1/&#C'1661) 6#0E@%6610:?7 845E/?"121) $'#=/#&Q
!@7E?@C; !BR9@HC7E9Y :=;D@;>>LC$#).$+9, 7." -1 3"#6".'-,)-'$.$ 3/;1%94"-1$ #)'6%'001 ('#,$&'J
:)0 "C%';"0. B() #",&(1 ".%'&'.9:• -1C%'((1$ 3'%'0$.%1 %';0$%("+.) 3%"$4.';• ?4',/ );0$%$()8 E.)F '+3$4."- ),) 3'%'0$.%"-;• 3%"$4.1 - -)#$ 3/;1%94"-, %'+3","&$((1$ - %';,)7(1F 4-'#%'(.'F )+C','(+)%"-'((1$ - +"".-$.+.-)) + /4';'()80) %/4"-"#+.-'.
120
5,'-'
3&E, $%:#3'5'/47@%) 2"3#$ 1:$%3?6EJ 8/1%":12 2 19@') 9#3#60,2E/#B%66E) 2 "11/$'6#:#J «2#B610:? / 3%="10:? /%#3'5#C''».X03' :/%94%:0( 913%% 2E01"#( '6L1/&#C'166#( 6#0E@%6610:?,
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
121
!"+.'-,$()$ 3"%.H
$,8 3%"$4.'
A=1?@;1B@;1. Harrison, J. S. and C. St. John 1998 “Strategic Management of
Organizations and Stakeholders” 2d ed. Cincinnati: South—Western College Publishing.
2. Brenner, M. S. 1994 “Practical R&D Project Prioritization”Research Technology management 37(5): 38—42.
3. Buss, M. D. J. 1983 “How to Rank Computer Project” HarvardBusiness Review 1(71): 145.
4. Cooper, R. G., S. J. Edgett, and E. J. Kleinshmidt 1998 “BestPractices for Managing R&D Portfolios: Lessons from the leaders —Part II” Research Technology Management 41(4): 20—33.
5. Cooper, R. G., S. J. Edgett, and E. J. Kleinshmidt 1997 “PortfolioManagement in New Product Development: Lessons from theleaders — Part I” Research Technology Management 41(4): 20—33.
6. Cooper, R. G., S. J. Edgett, and E. J. Kleinshmidt 1997 “PortfolioManagement in New Product Development: Lessons from theleaders — Part II” Research Technology Management 40(6): 43—52.
7. Archer, N. P. and F. Ghazemzaden 1999 “An Integrated Frameworkfor project Portfolio Selection” International Journal of ProjectManagement 17(4): 207—216.
8. Marheson, D., J. E. Matheson and M. M. Menke 1995 “MakingExcellent R&D Decisions” Research Technology Management 37(6)21—24.
9. Marheson, D., J. E. Matheson and M. M. Menke 1994 “UsingDecision Quality Principles to Balansce Your R&D Portfolio”Research Technology Management 37(3) 38—43.
T(+.%/0$(.13,'()%"-'()8
3%"$4.'
1"#4()./%2-.*.-K%*.
3"(#*5.
;3#2# 6#8'0#6# 8/' 4>#0:''+B15# -#&810# (Jose Campos).
NU:1) =3#2% /#00"#5E2#%:0( 19 106126EJ '60:/4&%6:#J 2EQ(23%6'( ' 8/%19/#512#6'( :/%912#6') 5#"#5>'"# 8/1%":#,:#"'J "#":
• 0%:%21) =/#L'" 5#"#5>'"#;• C%3%21) 83#6;• 2E91/"#;• /%"1&%6$#C'' $3( 8%/%=121/12;• '0813?512#6'% L46"C'' "#>%0:2# (Quality Function DeployQ
ment — QFD)..%/%>'03%66E% '60:/4&%6:E, >#0:1 6#5E2#%&E% ',*+#/<",F
+.<' 13*23,.4D,3$3 '(/0",': (.2.(0'2., 815213(7: =#/&16'>6101>%:#:? 2E(23%6'% 6%19J1$'&1) '6L1/&#C'' 1: 5#"#5>'"#, 0 1$Q61) 0:1/16E, ' 6%810/%$0:2%661% %% 8134>%6'% — 0 $/4=1). S13%%:1=1, U:' '60:/4&%6:E 19%08%>'2#7: "16:#": "1$E 8/1%":#0 81$J1$(@'& 8/%$0:#2':%3%& 5#"#5>'"# ' 81&1=#7: 83#6'/12#:?
126
5,'-'
425#'&1$%)0:2'% 0 6'&. .103% :1=1 "#" '6L1/&#C'( 1 :/%912#6'(J5#"#5>'"# 019/#6#, 0 81&1@?7 0:/4":4/61=1 81$J1$# 16# '6:%/8/%Q:'/4%:0( 2 =/#6'C#J 8/1%":#. .1 J1$4 2E8136%6'( 8/1%":# :/%94Q7:0( 913%% :1>6E% $#66E%, 8/%$10:#23(%&E% 810/%$0:21& '60:/4Q&%6:12 83#6'/12#6'( ' 48/#23%6'( 5#:/#:#&', '0813?512#6'%"1:1/EJ (23(%:0( >#0:?7 83#6'/12#6'( 19W%&# /#91: (/'0. 4.1).N U:1) =3#2% &%6%$B%/E 8/1%":12 6#4>#:0(:• '0813?512#:? /#56E% &%:1$E 8/' /#91:% 0 5#"#5>'"1&;• 2E9'/#:? &%:1$E, "1:1/E% 011:2%:0:247: /%#3?61) 8/1%":Q61) 0':4#C'';
• #$#8:'/12#:? 2E9/#66E% &%:1$E " 0190:2%66E& 64B$#&.D54>%6'% $#66EJ '60:/4&%6:12 815213': 2#& 816'&#:? :/%91Q
2#6'( 5#"#5>'"# $3( 'J 2"37>%6'( 2 8/1%":E. <3%$12#:%3?61, U:14&%6'% (23(%:0( 8/'1/':%:6E& 8/' 83#6'/12#6'' ' 810:/1%6''0:#6$#/:61=1 8/1C%00# 48/#23%6'( 8/1%":1&.
C'#. 4.1. O13? &%:1$# 18/%$%3%6'( :/%912#6') 5#"#5>'"#2 8/1C%00% 48/#23%6'( 8/1%":1&
127
N%$C"-'()8 ;'4';7)4' 3%"$4.'
6?1?E7S D@;W=C R;C;R<=C;
<17 1;C7? 6?1?E7S D@;W=C R;C;R<=C;?<%:%21) =/#L'" 5#"#5>'"# — U:1 '60:/4&%6:, 815213(7@') /#5Q
/#91:#:? 0'0:%&6E) 81$J1$ $3( 4>%:# :/%912#6') 5#"#5>'"# (/'0.4.2). I:19E 2E8136':? 810:#23%6647 5#$#>4, 6# 0%:%21& =/#L'"%4"#5#6E 8103%$12#:%3?610:? U:#812 ' 'J 0/1"', "1:1/E% 19/'012EQ2#7: 8/1C%00 8134>%6'( $1"4&%6:12 ' '0813?512#6'% $#66EJ 5#Q"#5>'"#. Y1/1R1 1:3#B%66E) ' 8103%$12#:%3?61 2E8136(%&E)8/1C%00 812ER#%: 0:%8%6? 2123%>%6610:' 5#"#5>'"# 2 8/1C%00 83#Q6'/12#6'( ' /%#3'5#C'' 8/1%":#.G1='"# 8/'&%6%6'( 0%:%21=1 =/#L'"# 5#"#5>'"# 2 U:1& 034>#%
(23(%:0( >%:"'& ' 6#$%B6E& '60:/4&%6:1&. ./1C%00 8134>%6'(2J1$61) '6L1/&#C'' 1: 5#"#5>'"#, "#" 379#( $/4=#( =/488# 8/1%"Q:6EJ /#91:, :/%94%: 83#6'/12#6'(. ,%6%$B%/ 8/1%":# $13B%6'&%:? $10:#:1>61 2/%&%6' $3( 19@%6'( 0 5#"#5>'"1& ' ULL%":'2Q61=1 8/'&%6%6'( 8134>%661) '6L1/&#C''. ./1@% =121/(, 0%:%21)=/#L'" 5#"#5>'"# — U:1 0J%&# '0813?512#6'( '60:/4&%6:12, 8/%$Q0:#23%66EJ 2 U:1) =3#2%, ' 'J 2/%&%66E% /#&"'.
6761;EA?F=? 6?1?E7D7 D@;W=C; R;C;R<=C;O#5/#91:"# ' 8/'&%6%6'% 0%:%21=1 =/#L'"# 5#"#5>'"# — $10:#Q
:1>61 6121% (23%6'% 2 8/1%":6EJ 1/=#6'5#C'(J. H:04:0:2'% 18E:#812ER#%: /'0" 1R'9"'. I:19E 6% $1840:':? 1831R610:', 03%$4%:19/#:':? 26''% 6# &%:1$'>%0"47 /#5/#91:"4 ' 810:/1%6'% 0%Q:%21=1 =/#L'"# 0 >%:"1 18/%$%3%661) 8103%$12#:%3?610:?7 U:#812(0&. /'0. 4.2).
50>80$031" 3B0>(0= '(J0)+".''. F6#>':%3?61% 23'(6'% 6#408%R61% 015$#6'% 0%:%21=1 =/#L'"# 1"#5E2#7: 03%$47@'% $#6Q6E%:
• 83#6 8/1%":#;• 08'01" >3%612 "1$E..3#6 8/1%":#, 19E>61 81$=1:#23'2#%&E) 6# 6#>#3?61& U:#8%,
01$%/B': '6L1/&#C'7 1 C%3(J, �R:#9% ' 0:/#:%='' 104@%0:2Q3%6'( 8/1%":#. K:1 815213(%: 2E(2':? 106126EJ 5#"#5>'"12 '18/%$%3':? 081019E 8134>%6'( ' '0813?512#6'( 6%19J1$'&1) '6QL1/&#C''. X03' >3%6E "1$E 4B% '52%0:6E, 'J :#"B% &1B618/'23%"#:? $3( L1/&'/12#6'( 0%:%21=1 =/#L'"#. H6' 8134>#7:
128
5,'-'
4
8/#21 6# 5#"/E:'% 0$%3"' 8/' 40312'' 19(5#:%3?61=1 '0813?512#Q6'( =/#L'"# :#"1=1 :'8#.
D#$),9" 10+"(>- /)0,1$" # ;"1";9'10+. <4@%0:24%: :1>"#5/%6'(, >:1 "1$# 8/1%":# 23#$%%: 20%) '6L1/&#C'%), :/%94%Q&1) $3( 5#2%/R%6'( 8/1%":#. +/4='&' 0312#&', 01 0:1/16E "1Q$E &1B61 1B'$#:? 018/1:'23%6'(, 19403123%661=1 'J >/%5&%/61)42%/%6610:?7 '3' 031B'2R'&'0( :/#$'C'(&' (%03' 16' 6'"1=$#/#6%% 6% 20:/%>#3'0? 0 5#"#5>'"#&'). ,%6%$B%/ 8/1%":# $13B%656#:? 1 215&1B610:' 81$1961=1 018/1:'23%6'( ' 19W(06':? 37$(&,>:1 &61='% 02%$%6'( %@% 8/%$0:1': 2E(06':?. -:1 5#"#5>'"' 8/1Q%":#? F6#%& 3' &E 20% :/%912#6'( 5#"#5>'"12? F6#%& 3' &E 6%>%:Q"1 0L1/&43'/12#66E% :/%912#6'( 5#"#5>'"12? H:2%:E 6# U:' 218Q/10E $1"#B4: 6%19J1$'&10:? 810%@%6'( 5#"#5>'"# ' 815213(:34>R% 816(:? %=1 40312'(. -/1&% :1=1, 816''% :/%912#6') 5#Q"#5>'"# 0:#6%: J1/1R'& 81$081/?%& $3( 42%3'>%6'( 0:1'&10:'8/1%":# (0&. 2/%5"4 «H061261% :/%912#6'% 5#"#5>'"# — ULL%":'2Q6E% 231B%6'(»).
C'#. 4.2. <%:%21) =/#L'" 5#"#5>'"#
129
N%$C"-'()8 ;'4';7)4' 3%"$4.'
G0#$"32,(', .,2,3080 /2"(". A# $#661& U:#8% 64B61 0L1/&4Q3'/12#:? 106126E% '$%', "1:1/E% 18/%$%3(7: C%3? 2'5':# " 5#"#5Q>'"4. ;1:12(0? " 20:/%>%, 8/%$0:#23(7@%) 0191) >#0:? U:#8# 81 6#Q3#B'2#6'7 "16:#":12 0 5#"#5>'"1&, 4>#0:6'"' "1$E $13B6E8134>':? '0>%/8E2#7@'% 1:2%:E 6# 03%$47@'% 218/10E:
• .1>%&4 6%19J1$'&1 01:/4$6'>%0:21 0 5#"#5>'"#&' 8/1%":#?• -1=$# 64B61 6#>#:? 25#'&1$%)0:2'% 0 5#"#5>'"1&, >:19E 1610:#31 6#'913%% ULL%":'26E& $3( 8/1%":#?
• -#"'& 19/#51& '0813?512#:? 8134>%6647 2 J1$% 25#'&1$%)Q0:2'( '6L1/&#C'7?
1 H9E>61 81$ U:'& 2 48/#23%6'' 8/1%":#&' 81$/#54&%2#%:0( >#0:? /#91:,1:610(@'J0( " L1/&'/12#6'7 :#" 6#5E2#%&1=1 8/1L'3( 5#"#5>'"#, =$% 0/%Q$' 8/1>%=1 18/%$%3(7:0( "37>%2E% L'=4/E 5#"#5>'"#, %=1 &'00'(, $%"3#/'Q/12#66#( ' '0:'66#( &1:'2#C'' 4>#0:'( 2 8/1%":% ' 8/1>%%. — ;#'<. #"1.
50>80$031" 3-:0)1'1. .103% 18/%$%3%6'( C%3' 25#'&1$%)Q0:2'( 0 5#"#5>'"1& 64B61 2E(2':? 8/%$0:#2':%3( 5#"#5>'"#, 0 "1Q:1/E& 8/%$0:1': 19@#:?0( (0&. 2/%5"4 «P "#B$1=1 8/1%":# %0:? 5#Q"#5>'"»). K:1 19E>61 8/1'0J1$': 6# 019/#6'' "1$E '3' 20%J4>#0:6'"12 L#":'>%0"1=1 25#'&1$%)0:2'( 81 8/1%":4. +3( 015$#Q6'( 8/1L'3( 6%19J1$'&1 1:2%:':? 6# 03%$47@'% 218/10E:
• < "%& 19@#:?0( $3( 8134>%6'( $10:12%/61) '6L1/&#C''?• ;$% 6#J1$(:0( U:' $12%/%66E% 3'C#?
76F7EF7? 1@?87E;F=? R;C;R<=C; — IWW?C1=EF9?EA7O?F=GR'4';7)4 3%"$4.' 8-,8$.+8 6,'-("< H)6/%"< - ($0. T;J;' 4"(4/%$(2))
3%"2$++ "3%$#$,$()8 .%$C"-'()< ;'4';7)4' 3%)"C%$.'$. -+$ C",9?/K -'&J("+.9. T0$((" ;'4';7)4) #)4./K. /+,"-)8 +-")0 3"+.'-:)4'0 ) (';1-'K.+/00/, 4"."%/K "() 6"."-1 ;'3,'.).9. >$#/:)$ "%6'();'2)) 3%$#"+.'-,8K.%$+/%+(/K )(H"%0'2)K 3" 3%"$4.'0, ."-'%'0 ) /+,/6'0, 7."C1 /#"-,$.-"J%).9 ;'4';7)4'.
I'++0".%)0 3%)0$%. !$%-)+('8 +,/&C' 4"03'()) Apple Computers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— 3,"F"$%$?$()$ #,8 C);($+'.
130
5,'-'
4• <"13?"1 $12%/%66EJ 3'C :/%94%:0( $3( 810:/1%6'( 6#$%B61)&1$%3'?
+#66#( '6L1/&#C'( 18'0E2#%: 8/%$0:#2':%3%) 5#"#5>'"#, 0 "1Q:1/E&' 64B61 25#'&1$%)0:212#:?.
C";)":0$1" ),10+,(>".'= >24 0:#*<>,('4. A# 03%$47@%&U:#8% >3%6E "1$E $13B6E 010:#2':? 218/10E '3' 2E9/#:?:%&E $3( 1904B$%6'( 0 5#"#5>'"1& 8/1%":#. F$%0? 106126E&' 94Q$4: 218/10E:
• -#"#( '6L1/&#C'( $%)0:2':%3?61 64B6#?• -#"'& 19/#51& 010:#2':? 218/10E $3( 8134>%6'( 6%19J1$'Q&1) '6L1/&#C''?
• [23(%:0( 3' 1:2%: 6# 218/10 56#>'&1) '6L1/&#C'%) $3( 8/1Q%":#?
1 *%/&'6E /0.*+,'2 (stakeholder) ' (.2.(0'2 (customer) 8/1%":# >#0:1 (2Q3(7:0( 25#'&15#&%6(%&E&'. — ;#'<"0.,'" .)+.
./%$8131B'&, >:1 20:/%># 0 5#"#5>'"1& 8/1%":# 6% &1B%: $3':?Q0( 913%% 1$61=1 >#0#. N U:1& 034>#% 64B61 81$=1:12':? :/'Q>%:E/%"37>%2EJ 218/10# '3' :%&E $3( 1904B$%6'(. -#B$E) 4>#0:247@')2 8/1C%00% 19@%6'( 0 5#"#5>'"1& $13B%6 18%/'/12#:? 1$6'& ' :%&B% 6#91/1& 218/1012 2 1$'6#"121) 8103%$12#:%3?610:', >:19E 19%0Q8%>':? 81/($1" 8/12%$%6'( 8%/%=121/12. <3%$4%: 81&6':?, >:1 810Q3% 5#2%/R%6'( 20:/%>' '6L1/&#C'( $13B6# 9E:? 02%$%6# 2 19@')1:>%:, 81U:1&4 21 2/%&( 1904B$%6'( 64B61 $%3#:? 5#&%:"'.
B C;O:7D7 !@7?C1; ?61H R;C;R<=C*"+4",94/ 01 3%)-14,) -)#$.9 - ;'4';7)4'F 3%"$4.' "+("-(1F 3",/7'J
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— -(/.%$(()F ;'4';7)4"-. >($?()0) 3"+.'-:)4'0)-1+./3'K. 3%"#'-21, ('F"#8:)$+8 -($ "%6'();'2)) ) 3%$#,'6'K:)$ 3%"J#/4.1, /+,/6), 0'.$%)',1 ) .. 3. 3%"$4.("< 4"0'(#$. *"E."0/ 4'< 3%"J$4., + "#("< +."%"(1, 8-,8$.+8 ;'4';7)4"0, ' + #%/6"< — )+."7()4"0 %'C"..
>($?()$ ) -(/.%$(()$ ;'4';7)4) #$0"(+.%)%/K. +F"&)$ 0"#$,) 3"-$#$J()8. ='3%)0$%, )F "3%$#$,$()$ -16"#1 +4,'#1-'$.+8 (' "+("-$ +"C+.-$((1F(/&#, ('C"%"- 2$,$< ),) -1#-)6'$01F (' #'((1< 0"0$(. .%$C"-'()<. B?)JC"7(10 8-,8$.+8 3%$#3","&$()$ " ."0, 7." -+$ %'C".'K. (' "#(/ "%6'();'J2)K ) +.%$0,$()8 4'&#"6" 3"(8.(1. T(10) +,"-'0), -(/.%$(()$ ;'4';7)4)3%"8-,8K. -+$ +-"<+.-' -($?()F. @$($#&$% 3%"$4.' #",&$( /7).1-'.9 0($J()$ ;'4';7)4' 3%"$4.', 4 4'4"< C1 4'.$6"%)) .". () 3%)('#,$&',1.
131
N%$C"-'()8 ;'4';7)4' 3%"$4.'
H/),>,2,(', #0#$"3" 10+"(>-. A# U:1& U:#8% 6%19J1$'&1 18Q/%$%3':? >3%612 "1$E, "1:1/E% 94$4: 19@#:?0( 0 5#"#5>'"1&.H06126E&' 5$%0? (23(7:0( 03%$47@'% 218/10E:• -:1 '5 "1$E 6#'913%% 81$=1:123%6 $3( 2%$%6'( 8%/%=121/12?• Y2#:': 3' 2E9/#66E& 01:/4$6'"#& 2/%&%6' $3( 19@%6'( '19/#91:"' '6L1/&#C''?
• F#83#6'/12#61 3' 194>%6'% 01:/4$6'"12 $3( 913%% ULL%":'2Q61=1 19@%6'(?
A# 8/#":'"% 2 010:#2 "1$E 19E>61 2J1$(: $2# >%312%"#. A#Q8/'&%/, $3( 19@%6'( 0 210%&?7 5#"#5>'"#&' 015$#7:0( $2% "1Q$E 81 $2# >%312%"#, ' "#B$#( "1$# 8/121$': 81 >%:E/% 20:/%>'../'04:0:2'% 6# 20:/%>% 913%% $24J >%312%" 08101961 '081/:':?$'0"400'7. -/1&% :1=1, %03' 4>#0:6'"12 $21%, 16' &1=4: /#5$%3':?L46"C'': 1$'6 5#$#%: 218/10E, # $/4=1) $%3#%: 5#&%:"'. A%19J1$'Q&1% 40312'% 8/' 5#>'03%6'' 2 "1$4 — 6#3'>'% 2/%&%6' $3( 091Q/# ' 19/#91:"' '6L1/&#C'', # :#"B% 011:2%:0:247@#( 81$=1:12"#.(.1 0312#& 1$61=1 U"08%/:#, 4>#0:6'"' "1$E 8/1%":#, "#" 8/#Q2'31, 6%$10:#:1>61 81$=1:123%6E $3( 8/12%$%6'( '6:%/2?7. N15Q&1B61, U:1 (23(%:0( 1061261) 8/'>'61) 2E840"# 8/1$4":12, 2 "1Q:1/EJ 6% 4>:%6E :/%912#6'( 5#"#5>'"#.) [10]D 6#"16%C, 2 97$B%:% 03%$4%: 8/%$40&1:/%:? 0:#:?7 $3( 81"/EQ
:'( :/#6081/:6EJ /#0J1$12 '6:%/2?7%/12. K:1 1019%661 2#B618/' 6%19J1$'&10:' 81%5$1" 2 $/4='% =1/1$# '3' 0:/#6E.
H:@,(', # ;"1";9'10+. A# 10612% 81$=1:123%66EJ #"23<",1.F7'% 14: 3I*/C1",': '59/#66E% >3%6E "1$E 8/121$(: 20:/%>40 5#"#5>'"1& 8/1%":#. .1$=1:12"# " '6:%/2?7 $13B6# 2"37>#:? 1:Q2%:E 6# 03%$47@'% 218/10E:
• ./1$4# 3' 31='0:'"# 8/1%":# $3( 19%08%>%6'( 408%J# "16Q:#":#?
• SE3 3' 5#"#5>'" 42%$1&3%6 1 8/%$0:1(@'J "16:#":#J?• SE3 3' 18/%$%3%6 ' 01=3#012#6 081019 L'"0#C'' '6L1/&#C''?H/=#6'512#:? 20:/%>4 03%$4%: :#", >:19E 6'>:1 6% 81&%R#31 8/1Q
2%$%6'7 '6:%/2?7. N/%&( ' &%0:1 20:/%>', 8/'04:0:2'% 5#"#5>'"# ':. 8. 5#034B'2#7: 8/'0:#3?61=1 26''(. - :1&4 B% 9%5403126E&:/%912#6'%& (23(%:0( 2%$%6'% 5#8'0%), 810"13?"4 U:1 %$'60:2%6Q6E) 081019 01J/#6':? 813%5647 '6L1/&#C'7. ./%$0:#2?:% 0%9%, 6#Q8/'&%/, 1904B$%6'% 210?&' '6:%/2?7, 5#8'0' 6# "1:1/EJ 6% $%3#Q3'0?, 1019%661 %03' 16' 8/1R3' 6%0"13?"1 6%$%3? 6#5#$.
H:)":0$1" '(J0)+".''. .103% 5#2%/R%6'( 20%J 20:/%> 64B61019/#:? 8134>%6647 '6L1/&#C'7 2 %$'6E) 1:>%:, "1:1/E) 94$%:813%5%6 8/1%":4. H9E>61 U:1 /%#3'54%:0( 8/' :%061& 25#'&1$%)Q0:2'' 20%J 4>#0:6'"12 '6:%/2?7. M%3? :#"1=1 25#'&1$%)0:2'( —
132
5,'-'
449%$':?0( 2 :1&, >:1 1:2%:E 6# 6'B%03%$47@'% 218/10E (23(7:0(4:2%/$':%3?6E&':
• SE3# 3' 019/#6# 21%$'61 20( '6L1/&#C'( 81 20%& "16:#":#&?• S4$%: 3' "16%>6E) 1:>%: 6#8'0#6 ' /#5103#6 >3%6#& "1$E8/1%":#?
• F#L'"0'/12#6 3' 6#"183%66E) 18E: $3( 434>R%6'( /#91:E6# 03%$47@'J U:#8#J 25#'&1$%)0:2'( 0 5#"#5>'"1&?
*'8'>6E) 0C%6#/') 20:/%>' &1B%: 2E=3($%:? 03%$47@'& 19/#Q51&. ./'6'&#( 21 26''% 19@'% /%"1&%6$#C'' $3( 1904B$%6'(,6#>6':% 0 6#'913%% 2#B6EJ 218/1012. -#B$E) 4>#0:6'" '531B':8134>%66E% $#66E%, 0$%3#%: 6%19J1$'&E% 5#(23%6'(, /#008/10':1 81:/%9610:(J 5#"#5>'"# ' 0'0:%&#:'5'/4%: '6L1/&#C'7 81 18/%Q$%3%66E& "#:%=1/'(& — " 8/'&%/4, 64B$E 5#"#5>'"# ' %=1 /#51>#Q/12#6'(. D0813?54):% C%3%21) 83#6 $3( 2E(23%6'( "/':%/'%21C%6"' 81:/%9610:%) 5#"#5>'"#. */%912#6'( 5#"#5>'"#, /#6B'/1Q2#66E% 0 4>%:1& 8/'1/':%:12, 0:#612(:0( :#" 6#5E2#%&E&' L#"Q:1/#&' C%6610:'. N "16C% 20:/%>' 64B61 2E>3%6':? 1: :/%J $18(:' "#:%=1/') 0 81:/%9610:(&', /#00:#23%66E&' 2 81/($"% 49EQ2#6'( 'J 8/'1/':%:12. .103%$6'& R#=1& $13B61 0:#:? 8/'6(:'%6# 0%9( 1:2%:0:2%6610:' 5# 8/'&%6%6'% '6L1/&#C'', # 5#:%& 01Q0:#23%6'% 8'0?&%661=1 1:>%:#.
«D#$)"'3"(',» '(J0)+".'' 3 8)"('.- /)0,1$". D&%661 6#U:1& U:#8% &1B61 8134>':? 1:$#>4 1: 4>%:# :/%912#6') 5#"#5>'"#..1&6':%, >:1 20( 019/#66#( '6L1/&#C'( 9%0813%56# $1 :%J 81/,81"# 16# 6% 2"37>%6# 2 =/#6'CE 8/1%":#. - 8/'&%/4, 1$'6 '5 2#/'Q#6:12 — 20:/%># >3%612 "1$E $3( #6#3'5# ':1=121=1 1:>%:#, 18Q/%$%3%66EJ 8103%$0:2') '3' $%)0:2'), 6%19J1$'&EJ "#" /%543?:#:1904B$%6'(. *#"B% C%3%0119/#561 /#00&1:/%:? 1:>%: 0 &%6%$B%/#Q&'. ./12%/?:%, >:1 :/%912#6'( 5#"#5>'"# 6%810/%$0:2%661 20:/1%Q6E 2 =/#6'CE 8/1%":#. <3%$47@'% 218/10E 81&1=4: 2#& 816(:?,5#2%/R%6 3' $#66E) U:#8:
• H8/%$%3%6E 3' L#":1/E C%6610:' $3( 5#"#5>'"#?• P021'3# 3' "1$# 8/1%":# U:' L#":1/E?• SE3' 3' L#":1/E C%6610:' '6:%=/'/12#6E 2 8/1C%00E ' 8/1Q%":6E% 8/1$4":E?
H$'6 '5 0:/4":4/6EJ 81$J1$12 " '6:%/8/%:#C'' :/%912#6') 5#Q"#5>'"# 2 =/#6'C#J 8/1%":# /%#3'54%:0( 8/' 81&1@' L46"C'' "#Q>%0:2#, 81$/1961 18'0#661) 2 "16C% U:1) =3#2E. X03' /#91:# 6#>'Q6#%:0( 0 L#":1/12 C%6610:' $3( 5#"#5>'"# (I%=1 J1:%310? 9E5#"#5>'"4 ' 2 "#"1& 81/($"%?), :1 L46"C'' "#>%0:2# 034B#: %% 8/1Q$13B%6'%& («-#" 2 8/1%":% 4>':E2#7:0( 81B%3#6'( 5#"#5>'"#?»),>:1 2E/#B#%:0( 2 8%/%610% :/%912#6') 2 /#&"' 8/1%":# ' $#B% '5Q&%6%6'' $%:#3%) 8/1%":#.
133
N%$C"-'()8 ;'4';7)4' 3%"$4.'
&G5HKLEHDMN&O GOTODHWH WCMV&FM EMFME!&FMF08>" '#/02%;03"$%. <%:%21) =/#L'" 5#"#5>'"# :/%94%:0(
2 913?R'J 8/1%":#J, 19E>61 6# U:#8% 18/%$%3%6'( =/#6'C. ,61='%"1$E 6#>'6#7: %=1 L1/&'/12#6'% %@% 6# U:#8% 81$=1:12"'8/%$31B%6'( ' 2 8/1C%00% 2E91/# 8/1%":#: U:1 $#%: 215&1B610:?1C%6':? 8/1%": ' 2"37>':? 6%19J1$'&E% /%04/0E 2 83#6. N 6%"1Q:1/EJ 034>#(J '&%661 6# U:1& U:#8% 6#>'6#%:0( 19@%6'% 0 5#"#5Q>'"#&'. P "#B$1=1 5#"#5>'"# $13B%6 9E:? 0190:2%66E) 0%:%21)=/#L'".N 034>#% /#5/#91:"' 0%:%21=1 =/#L'"# $3( 6%913?R1=1 8/1%":#
8/1C%$4/# &1B%: 9E:? 913%% 6%L1/?61) ' ='9"1) 22'$4 1=/#6'Q>%661=1 97$B%:#. O#08/10:/#6%661) 8/#":'"1) L1/&'/12#6'( 0%Q:%2EJ =/#L'"12 0:#612(:0( /#5/#91:"# "1/81/#:'261=1 R#9316# '%=1 #$#8:#C'( $3( "16"/%:61=1 8/1%":#. N6% 5#2'0'&10:' 1: /#5&%Q/# ' 031B610:' 8/1%":# 810:/1%6'% 0%:%21=1 =/#L'"# '3' %=1 5#'&Q0:212#6'% '5 R#9316# 034B': $3( 19%08%>%6'( 8/15/#>610:'.
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
>#3% 8/1%":# 81B%3#6'( 5#"#5>'"# 19E>61 6%(06E. -#" 81"#5E2#Q%: 18E:, 21 &61='J 8/1%":#J, 02(5#66EJ 0 8/1'521$0:21& 8/1Q=/#&&61=1 19%08%>%6'(, 81312'6# 2/%&%6' 4J1$': 6# 26%0%6'%'5&%6%6') 2 011:2%:0:2'' 0 64B$#&' 5#"#5>'"# [9]. < 81&1@?7 0%Q:%21=1 =/#L'"# &1B61 2 0B#:E% 0/1"' 015$#:? 81$$#7@470( '6Q:%/8/%:#C'' 193#0:? 8/1%":#, 4&%6?R':? "13'>%0:21 6%19J1$'&EJ'5&%6%6') ' 40"1/':? 5#2%/R%6'% /#91:.
134
5,'-'
45),'+*@,#$3" ' (,>0#$"$1'. A'B% 8/'2%$%6E $2# 106126EJ
8/%'&4@%0:2# 0%:%21=1 =/#L'"# 5#"#5>'"#:• ,.$4:1,3*+D. N'54#3?61% 8/%$0:#23%6'% 8/1C%00# 8134>%6'('6L1/&#C'' 1: 5#"#5>'"# $%3#%: 0#& 8/1C%00 (06E& ' 8/1Q0:E&;
• 3I#.(3).,'". *#" "#" 0%:%21) =/#L'" (23(%:0( 1:610':%3?61612E& '60:/4&%6:1& 2 48/#23%6'' 8/1%":#&', 16 813%5%6 8/'194>%6'' >3%612 "1$E 612E& &%:1$#& 8134>%6'( '6L1/Q&#C'' 1: 5#"#5>'"12.
./#":'"# 4"#5E2#%: ' 6# 6%$10:#:"' 0%:%21) &1$%3':• *,'C",'" BJJ"2+'),3*+' 3+ <.*O+.I.. K:1 :1: 034>#), "1=Q$# 0%:%21) =/#L'" 8/'&%6(%:0( $3( 83#6'/12#6'( 031B6EJ1:61R%6') 0 5#"#5>'"#&', 6#8/'&%/ 8/' 81%5$"#J " '610:Q/#66E& 5#"#5>'"#&.
D")'".''. N 8/1&ER3%6610:' 8/'&%6(7:0( &61='% /#5612'$Q610:' 0%:%2EJ =/#L'"12, 2 >#0:610:' 0%&'4/126%2#( 8/1C%$4/#,#"-2%/' [2]. ;/#L'"' &1=4: 9E:? 913%% '3' &%6%% 20%0:1/166'&'' $%:#3'5'/12#66E&', U:#8E &1=4: 2E8136(:?0( 8103%$12#:%3?61'3' 1$612/%&%661, # >'031 5#$%)0:212#66EJ '60:/4&%6:12 &1B%:'5&%6(:?0(.
M>"/$".'4 #,$,3080 8)"J'1". ,E 18'0#3' 19@') :'8 0%:%21=1=/#L'"# 5#"#5>'"#, "1:1/E) 815213(%: 18/%$%3':? 81:/%9610:'913?R'60:2# 1/=#6'5#C'), 48/#23(7@'J 8/1%":#&'. H$6#"1 16 94Q$%: 913%% $%)0:2%66E& 8/' #$#8:#C'' " :/%912#6'(& "16"/%:61=18/1%":#. A'B% &E 8%/%>'03'& 6%"1:1/E% 081019E :#"1) #$#8:#C''.
B3%$#$,$()$ 6%'()2 *%)0$(8<.$ +$.$-"< 6%'H)4 -" -+$F C",9?)F)+3",9;"-'()8 3%"$4.'F #,8 -(/.%$(()F ) -($?()F ;'4';7)4"-;
)+3",9;/<.$ +$.$-"< 6%'H)4 - 0',1F 3%"$4.'FC$; +"C,K#$()8 H"%0',9("+.$<, (" /7).1-'83"+,$#"-'.$,9("+.9 ?'6"-;3%)0$(8<.$ %';,)7(1$ +$.$-1$ 6%'H)4) #,8%';%'C".4) ("-1F 3%"6%'00(1F 3%"#/4."-) - "C,'+.) ".#$,9(1F 3%),"&$()<
@"#)H)4'2)8 4"(4%$.("< *%),"&).$ #)'6%'00/ 5'(..' #,8 7$.4"+.)F'%'4.$%)+.)4) "3%$#$,$()8 %",$<, ".-$.+.-$(("+.)
) -%$0$((1F %'0"4M"C'-,$()$ ".,)7).$,9("< !";#'<.$ 6,"++'%)< .$%0)("-, +-8;'((1F"+"C$(("+.) + ;'4';7)4"0 3%"$4.', 7."C1 ;'#"4/0$(.)%"-'.9
("-/K .$%0)(","6)K
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
135
N%$C"-'()8 ;'4';7)4' 3%"$4.'
COEUPON U:1& /#5$%3% &E 18'0#3' &%:1$ 0'0:%&61=1 81$J1$# " 8/193%&%
2E(23%6'( :/%912#6') 5#"#5>'"# 8/1%":#. N 913?R'J 8/1%":#J 0%Q:%21) =/#L'" 19E>61 8/'&%6(%:0( %@% 2 8/1C%00% 18/%$%3%6'( %=1=/#6'C. N EJ 8/1%":#J 16 :1B% '0813?54%:0(, 61 9%5 01937$%6'(1019EJ L1/?610:%). X03' 5#$#># 0%:%21=1 =/#L'"# — >%:"1% 81Q6''% 64B$ 5#"#5>'"# — 2E8136%6#, U:1 8131B':%3?61 23'(%:6# /%543?:#:E 8/1%":#. <3%$47@') /#5$%3 8102(@%6 #6#3'54 10Q6126EJ U:#812 /#91:E 0 $#66E& &%:1$1&.
Q?A?E7S !A;F
<17 1;C7? Q?A?E7S !A;F?M%3%21) 83#6 — U:1 /4"121$0:21 " $%)0:2'7 6# 20:/%>% 0 5#"#5Q
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
!@7E?@C; 6?1?E7D7 D@;W=C; R;C;R<=C;!.%/4./%' +$.$-"6" 6%'H)4' #",&(' -4,K7'.9 +,$#/K:)$ E.'31:• %';%'C".4' 2$,$-"6" 3,'(';• 3"#6"."-4' -1C"%4);• +"+.'-,$()$ 3,'(' "C+/&#$()8;• "3%$#$,$()$ +"+.'-' 4"0'(#1;• -+.%$7' + ;'4';7)4'0);• "C%'C".4' #'((1F;• -+.%')-'()$ )(H"%0'2)) - %'04) 3%"$4.'.
136
5,'-'
4
6761;EA?F=? 6?1?E7D7 !A;F;G0:,)'$, (,0:B0>'+*A '(J0)+".'A. -#>%0:2%66E) C%3%21)
83#6 10612#6 6# $%:#3'5#C'' 03%$47@%) '6L1/&#C'':• 83#6 8/1%":#;• 010:#2 "1$E 8/1%":#.H061261% 6#56#>%6'% 83#6# — 8/%$10:#2':? 8/%$2#/':%3?647
'6L1/&#C'7 1 =/#6'C#J 8/1%":# ' %=1 C%3(J. ,E =121/'& «8/%$2#/'Q:%3?647», 810"13?"4 20( '6L1/&#C'( 1 83#6#J 8/%$2#/':%3?6# 81
C'#. 4.3. M%3%21) 83#6
137
N%$C"-'()8 ;'4';7)4' 3%"$4.'
021%) 04:'. A'B% &E 8/%$0:#2'& 81$/1961% 18'0#6'% 83#6# ' L1/Q&'/12#6'% "1$E $3( 8%/%=121/12 6# 10612% "1$E 8/1%":#.
]$09('$, 8)"('.- /)0,1$". H061261% 6#56#>%6'% 20:/%>'0 5#"#5>'"1& — #$#8:'/12#:? /#91:E 8/1%":# $3( /%#3'5#C'' %=1:/%912#6'). <3%$12#:%3?61, /%543?:#:1& 20:/%> $13B6E 9E:? 1:Q2%:E 6# 03%$47@'% 218/10E:
• -#"'& $13B%6 9E:? /%543?:#: 8/1%":#?• -#"12E C%3' 8/1%":#?I:19E "1$# $3( 8%/%=121/12 81&6'3# 19 U:1&, L1/&43'/12"4
=/#6'C 8/1%":# ' %=1 C%3' 64B61 8%/%0&1:/%:? 2 6#>#3% /#91:E 6#$C%3%2E& 83#61&. A%19J1$'&1 0$%3#:? #"C%6: 6# 193#0:(J, 6#'91Q3%% 56#>'&EJ $3( 5#"#5>'"# (0&. /'0. 4.3). .1 04@%0:24, U:1 0:#6%:106121) $3( 20%=1 C%3%21=1 83#6# ' 02(B%: 193#0:? $%)0:2'( 8/1%"Q:# 0 &1:'2#C'%) 810%@%6'( 5#"#5>'"#.
504#('$, .,2'. A# $#661& U:#8% 03%$4%: 18/%$%3':? C%3'20:/%> — 6#56#>%6'%, 83#6'/4%&E) /%543?:#: ' �R:#9E. A#>Q6%& 01 03%$47@'J 218/1012:
• -#"12E $%312E% 8/'>'6E 20:/%>?• F#>%& 40:/#'2#:? U:4 8103%$12#:%3?610:? 20:/%>?• -#"12# 5#$#># "1$E $3( 20:/%>?.%/%>'03%66E% 218/10E 81&1=#7: 2E(2':? "16%>647 C%3? 8/%$Q
3#=#%&EJ 20:/%> 0 5#"#5>'"1&. +#3%% 64B61 5#$#:? 218/10 1 :1&,• 6# 10612% "#"1=1 81"#5#:%3( &1B61 18/%$%3':?, >:1 C%3', 81Q0:#23%66E% 8%/%$ 20:/%>%), $10:'=64:E.
F$%0? 1061261% 26''% 19/#@#%:0( 6# C%3' 2'5':# ($3( 8/'&%Q/# 0&. 2/%5"4 «H: /#51>#/12#6'( $1 210J'@%6'(: &1$%3? -#61»). +/4Q='&' 0312#&', 0:#2( 5#$#>' 8/1%":#, 4"#B':% C%3' 810%@%6'( 5#Q"#5>'"12 (0&. /'0. 4.3). K:1 815213': "1$% 816(:?, 81>%&4, >:19E$10:'=64:? 810:#23%66EJ C%3%), 64B61 20:/%>#:?0( 0 5#"#5>'"1&.Y1/1R'& 218/101& 5$%0? 94$%:: «I:1 &E J1:'& 456#:? 1: 5#"#5>'"#?»./1$4&#):% =/#6'CE '6:%/2?7 (:/%:') U3%&%6:), >:19E 191Q
0612#:? 8/'>'6E 20:/%> 0 5#"#5>'"#&'. K:1: U3%&%6: $13B%6=#/#6:'/12#:?, >:1 4>:%6E 20% 4:2%/B$%6'(, 18'0E2#7@'% 6%19QJ1$'&10:? 20:/%>' 0 5#"#5>'"1&. X03' C%3' 20:/%> (06E ' 2 $10:#Q:1>61) 0:%8%6' 1:>%:3'2E, 010:#23(:? C%3%21) 83#6 6%: 6%19J1Q$'&10:'. N 8/1:'261& 034>#% 2#& 81&1=4: 1:2%:E 6# 03%$47@'%218/10E:
• -#"'% 193#0:' 8/1%":# 94$4: 5#:/164:E U:'&' 20:/%>#&'?• -#"'% 1019E% 193#0:' 8/1%":# 03%$4%: '54>':? 8%/%$ 20:/%>%)?• -#"'% 1019E% 193#0:' 8/1%":# 6% 94$4: 5#:/164:E 20:/%>#&'?
138
5,'-'
4
H/),>,2,(', 12A9,3-B >"$ ' :A><,$". A# U:1& U:#8% 18/%$%3(Q7:0( "3#00'>%0"'% U3%&%6:E 3791=1 83#6# $%)0:2') — 2/%&%66E%/#&"' ' 97$B%: (0&. /'0. 4.3). F$%0? 03%$4%: 5#$#:? "37>%2E% $#:E:
• 1B'$#%&1% 2/%&( 6#>#3# ' 5#2%/R%6'( 20:/%>;• 45312E% :1>"' (milestone), :#"'% "#" 5#2%/R%6'% /#91:E 6#$/%"1&%6$#C'%) $3( 8%/%=121/12, 2E91/"1), 8/%5%6:#C'%) ':1Q=121=1 1:>%:# ' :. $.
F$%0? 64B61 01=3#012#:? $#:E 20:/%> 0 5#"#5>'"#&' 0 19@'&'2/%&%66E&' /#&"#&' 8/1%":# 8/' 4>%:% %=1 C%3%). P:2%/B$%6'%97$B%:# $3( :#"'J 20:/%> 8/%$0:#23(%: 0191) %@% 1$'6 81"#5#:%3?9%548/%>61=1 &%6%$B&%6:#, "1:1/E) 02(5#6 0 $%"1&815'C'%) /#Q91: ' 1C%6"1) '5$%/B%"//%04/012.
H/),>,2,(', )02,= ' #$,/,(' 0$3,$#$3,((0#$'. NE(2'2 8/'Q>'6E $3( 20:/%>' 0 5#"#5>'"1&, 6%19J1$'&1 /#08/%$%3':? L46"QC'', :1 %0:? 4:1>6':?, ":1 ' >:1 $13B%6 $%3#:? 8/' 81$=1:12"%" '6:%/2?7 (0&. /'0. 4.3). N 8134>%6'' :#"1) '6L1/&#C'' &1=4: 81Q&1>? 03%$47@'% 218/10E:
1 <&. 8/'31B%6'% S. — ;#'<. #"1.
71 @;R7<;@7E;F=G :7 E76Y=N?F=G: >7:?AH C;F71
X3"(+4)< 3%"H$++"% ="%)'4) P'(" (Noriaki Kano) 3%$#,"&), +,$#/KJ:/K 4,'++)H)4'2)K .%$C"-'()<:
• "C8;'.$,9(1$. N%$C"-'()8, -13",($()$ 4"."%1F "&)#'$.+8 - 3%"$4.$3" /0",7'()K. P 3%)0$%/, (',)7)$ - '-."0"C),$ %'#)" ) %/,8 ()4"6J#' ($ "6"-'%)-'$.+8 + 3"4/3'.$,$0, ' 3%)()0'$.+8 4'4 #'(("$. > +,/7'$)F ".+/.+.-)8 3"4/3'.$,9 C/#$. ($#"-",$(. G(',"6)7(", $+,) 01 /4'J;1-'$0 #'./ "4"(7'()8 3%"$4.' ) ($ /4,'#1-'$0+8 - +%"4, 01 -1;1-'J$0 ($#"-",9+.-" ;'4';7)4'. I';#%'&).$,) — E." ($"CF"#)01< '.%)C/.3%"$4.', .", 7." «"C8;'.$,9(" #",&(" C1.9»;
• &$,'.$,9(1$. N%$C"-'()8, " 4"."%1F 3".%$C).$,) ;'8-,8K.. BC17(".'4)$ .%$C"-'()8 "32)"(',9(1, ) )F -13",($()$ /#"-,$.-"%8$. 3"J.%$C).$,8. V+,) ;'4';7)4 3%"+). ;'-$%?).9 3%"$4. 4 "3%$#$,$(("0/+%"4/, ." -13",($()$ E."< 3%"+9C1 );C'-). -'+ ". ('%$4'()<;
• %'#/K:)$. =',)7)$ / 3%"#/4.' +-"<+.-, " 4"."%1F 3".%$C).$,9 %'($$($ 3"#";%$-',, -"+F):'$. $6". *%$#+.'-9.$, 7.", 4/3)- '-."0"C),9, -1/;(',) "C /+.'("-,$(("< - ($0 +)+.$0$ +3/.()4"-"< ('-)6'2)). R'J-$%?$()$ 3%"$4.' #" "6"-"%$(("6" +%"4' +3"+"C(" 3%)-$+.) ;'4';7)J4' - -"+."%6.
@1 0"&$0 "3%$#$,).9 2$,) ('?$< -+.%$7), /."7()-, 7." ;'4';7)4 ".("J+). 4 "3)+'((10 -1?$ 4'.$6"%)80. V+,), ('3%)0$%, 3%) "2$(4$ +%"4"- -1J3",($()8 3%"$4.' ) ;'4';7)4 +.'-). «7» 3" #$+8.)C',,9("< ?4',$, ,"6)7("+3%"+).9, 4'4 3",/7).9 «10». B.-$."0 +.'($. 3"+,$#"-'.$,9("+.9 #$<+.-)<,3%);-'(('8 "C%'#"-'.9 ;'4';7)4'.
139
N%$C"-'()8 ;'4';7)4' 3%"$4.'
• -:1 6%0%: 1:2%:0:2%6610:? 5# 8/'6(:'% '3' 1:"316%6'% "16%>Q61=1 1:>%:#?
• -:1 /4"121$': "1$1), 8/121$(@%) 20:/%>'?• -#"12 010:#2 "1$E?• -:1 0:#6%: 19@#:?0( 0 5#"#5>'"1&?• -:1 5#)&%:0( 19/#91:"1) 019/#661) '6L1/&#C''?• -:1 94$%: 010:#23(:? ':1=12E) 1:>%:?N18/10 1 :1&, ":1 8/'6'&#%: ':1=12E) 1:>%: 1 20:/%>#J 0 5#"#5Q
>'"1&, 81$/#54&%2#%: 6#3'>'% U:1=1 1:>%:#. H9E>61 8/#21 8/'6'Q&#:? '3' 1:"316(:? 1:>%: 8/'6#$3%B': >%312%"4, 1:2%:0:2%661&45# 8/1%":, — &%6%$B%/4 8/1%":#. O4"121$':%3? "1$E, "1:1/#(8/121$': 20:/%>', $13B%6 1:2%>#:? 5# 83#6'/12#6'%, 2E8136%6'%' 19/#91:"4 /%543?:#:12 20:/%>. A%19J1$'&1, >:19E U:1: >%312%"(4>#0:6'" "1$E '3' B% 26%R6') 610':%3? L46"C'), 193%=>#7Q@'J 2E8136%6'% 8/1%":#) /#0813#=#3 6%19J1$'&E&' 6#2E"#&' '2/%&%6%& $3( 010:#23%6'( 1:>%:#.+/4=1) &1&%6: — 010:#2 "1$E $3( 8%/%=121/12. Y1:( 8%/%Q
>'03%6'% 4>#0:6'"12 2 C%3%21& 83#6% (23(%:0( B%3#:%3?6E&, 10Q2%@#:? :#& 10:#3?6E% 218/10E 6%: 6%19J1$'&10:'. S13%% :1=1, 'J1904B$%6'% 34>R% 2E6%0:' 5# /#&"' C%3%21=1 83#6#, >:19E 6#56#Q>':? 1:2%:0:2%661=1 5# 19@%6'% 0 5#"#5>'"1& ' L1/&'/12#6'% ':1Q=121=1 1:>%:#. A%19J1$'&1 9E:? 42%/%66E&, >:1 4 U:1=1 >%312%"#$10:#:1>61 2/%&%6' ' 18E:#.
701*+,($')03"(', .,2,3080 /2"(". ./' /#5/#91:"% C%3%21=183#6# 1>%6? ULL%":'26E& (23(%:0( '0813?512#6'% "1$61=181$J1$#. N 5#"37>%6'% 019/#6'( "1$E &%6%$B%/ 8/1%":# $13QB%6 49%$':?0(, >:1 20( $1"4&%6:#C'( 18/%$%3%6#, 01J/#6%6# ' /#0Q8/%$%3%6# &%B$4 4>#0:6'"#&' 8/1C%00#.
&G5HKLEHDMN&O YOKODHWH 5KMNMF08>" '#/02%;03"$%. ./'&%6%6'% C%3%21=1 83#6# 6#>'6#%:0(
0/#54 8103% '3' 1$612/%&%661 0 0%:%2E& =/#L'"1& 5#"#5>'"#. N15Q&1B61, 6#'913%% 81$J1$(@%% $3( 6%=1 2/%&( — 6#>#31 8/1%":# 2 02(5Q"% 0 '%/#/J'>%0"1) 0:/4":4/1) /#91: (0&. =3#24 5). I#@% 20%=1 U:1: '6Q0:/4&%6: 5#$%)0:24%:0( 2 913?R'J 8/1%":#J, 0:/#:%='>%0"' 2#B6EJ$3( 1/=#6'5#C'', 1$6#"1 &1B%: 8/'&%6(:?0( 2 0/%$6'J ' &%3"'J 8/1Q%":#J, 8/'6'&#( L1/&4 8%/%>6( 0 2#/'#6:#&' 2E91/#. M%3%21) 83#66#'913%% 4$19%6 2 8/1%":#J 81 /#5/#91:"% 612EJ 8/1%":12.
D),+4 '#/02%;03"('4. A# 010:#23%6'% C%3%21=1 83#6# $3(913?R1=1 8/1%":# 4J1$': 1"131 $24J >#012 /#91:E "1$E. N 913%%&%3"'J 8/1%":#J, =$% :#"1) 83#6 8/%$0:#23%6 8%/%>6%& 0 2#/'#6:#Q&' 2E91/#, 6# 81$=1:12"4 4J1$': &#"0'&4& 15 &'64:.
140
5,'-'
4D-80>-. M%6610:? C%3%21=1 83#6# 02(5#6# 0 5#"#5>'"1&, "1Q
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
5),'+*@,#$3" ' (,>0#$"$1'. - 8/%'&4@%0:2#& C%3%21=1 83#Q6# 1:610(:0(:
• 9#3*+3+.. D6:4':'26E) J#/#":%/ ' 8/10:#( 0:/4":4/# $%3#Q7: 83#6 816(:6E&, >:1 2#B61 8/' %=1 /%#3'5#C'';
• 3I/0",'". .3#6 81&1=#%: 194>':? >3%612 "1$E, 8/%B$% 6%'&%2R'% 18E:# 19@%6'( 0 5#"#5>'"1&.
N >'03% 6%$10:#:"12 &1B61 6#52#:?:• (.9/+.,,3*+D. Z1/&#: '60:/4&%6:# '61=$# 8/121C'/4%: 84Q:#6'C4: '5Q5# 1=/#6'>%6'( 2/%&%6' 19@%6'( 19W%& '6L1/&#QC'' &1B%: 04@%0:2%661 01"/#:':?0(, ' 8/18#$4: 2#B6E% 02%Q$%6'(;
• +#')'.4D,3*+D. HR'91>61% 49%B$%6'% 2 :1&, >:1 20% '52%0:Q61, &1B%: 8/%8(:0:212#:? /#91:% 6#$ C%3%2E& 83#61&, 015$#Q2#( :%& 0#&E& /'0" 0"#:E2#6'( 8/1%":# " 9#6#3?610:'.
D")'".''. N#/'#6:#&' C%3%21=1 83#6# 94$4: $18136':%3?6E%C%3' '3' 6#&%/%6'( 2#R%=1 8/1%":# [2], :#93'C# 6#&%/%6').
M>"/$".'4 .,2,3080 /2"(". ,E 18'0#3' 3'R? 19@'% >%/:E$#661=1 '60:/4&%6:#, /#5/#91:#661=1 $3( 4$123%:21/%6'( 81:/%9Q610:%) /#56EJ 813?512#:%3%). I:19E 8134>':? 913?R') ULL%":,6%19J1$'&1 #$#8:'/12#:? C%3%21) 83#6 $3( "16"/%:61=1 8/1%":#.A'B% &E 8%/%>'03'& 6%"1:1/E% 081019E :#"1) #$#8:#C''.
141
N%$C"-'()8 ;'4';7)4' 3%"$4.'
COEUPOM%3%21) 83#6 8/%$0:#23(%: 0191) 83#6 $%)0:2') 6# 20:/%>#J
0 5#"#5>'"#&'. N15&1B61, 6#'913%% 81$J1$(@%% 2/%&( $3( %=1 L1/Q&'/12#6'( — 6#>#31 8/1%":#, 1$612/%&%661 0 015$#6'%& $%:#3'5'Q/12#661=1 8/%$0:#23%6'( 8/1%":# 8/' 81&1@' '%/#/J'>%0"1)0:/4":4/E /#91:. -#" 2 "/486EJ, :#" ' 2 &%3"'J 8/1%":#J C%3%21)83#6 8/%$10:#23(%: =3#2647 /13? 5#"#5>'"4. K:1 815213(%: "1$%5#83#6'/12#:? ' 8/12%0:' 6%0"13?"1 20:/%> 0 5#"#5>'"1&, 8/%B$%>%& 5#:/#>'2#:? 2/%&( ' $%6?=' 6# /%#3'5#C'7 8/1%":#. !$#8:#C'(C%3%21=1 83#6# " :/%912#6'(& 18/%$%3%661=1 8/1%":# 815213(%:42%3'>':? 2E=1$4 1: %=1 '0813?512#6'( (0&. 2/%5"4 «./12%/"# C%3%Q21=1 83#6#»).
B3%$#$,$()$ 6%'()2 — T+3",9;/<.$ %'+?)%$((1<,)+3",9;"-'()8 ;'#"4/0$(.)%"-'((1< 3,'( #,8 -+$F
4%/3(1F 3%"$4."-;— 3%)0$(8<.$ 3$%$7$(9 + -'%)'(.'0) -1C"%'#,8 +%$#()F ) 0$,4)F 3%"$4."-
@"#)H)4'2)8 4"(4%$.("< BC";('79.$ 6%'()21, 7."C1 "() -4,K7',)F'%'4.$%)+.)4) +3$2)',9(1$ -"3%"+1 #,8 3%"$4.' %';-).)8
("-"6" 3%"#/4.':• X-,8$.+8 ,) E." ;'0$("< 3%$#1#/:$6"3%"#/4.' / ,)($<4) 3%"#/4."-?
• !()&'$. ,) E." ("-"--$#$()$"C:$3%");-"#+.-$((1$ );#$%&4)?
• I$-",K2)"((1< ,) #);'<( / ("-"6" 3%"#/4.'?• ='2$,$( ,) ("-1< 3%"#/4. (' ("-1< %1("4?
M"C'-,$()$ ".,)7).$,9("< — M"C'-9.$ - CK#&$.(1< %';#$, 3,'(' 4"#"+"C$(("+.) ;'.%'., ' .'4&$ E,$0$(. «)$%'%F)7$+4'8
+.%/4./%' %'C".», 4 4"."%"0/ 3%)('#,$&'.-+.%$7) + ;'4';7)4'0);
— #"C'-9.$ )08 +3"(+"%' -+.%$7 + ;'4';7)4'0)
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
142
5,'-'
4
E987@C;
<17 1;C7? E987@C;?+#66E) '60:/4&%6: 815213(%: 18/%$%3':? 8/%$0:#2':%3%) L'/Q
&EQ5#"#5>'"#, "1:1/E% &1=4: 8/%$10:#2':? C%6647 ' 8/'=1$647" '0813?512#6'7 2J1$647 '6L1/&#C'7 $3( /#5/#91:"' 1/'%6:'Q/12#661) 6# 81:/%9':%3( 193#0:' $%)0:2'( 8/1%":# (/'0. 4.4).< $/4=1) 0:1/16E, '60:/4&%6: 81&1=#%: '59%B#:? 20:/%> 0 37$?&',4 "1:1/EJ 02%$%6'( 1:04:0:247:, '3' B% 0 :%&', ":1 8/%$10:#23(%:31B647 '6L1/&#C'7. A% 03%$4%: 84:#:? 2E91/"4 0 0%=&%6:#C'%)/E6"#, "1:1/#( '0813?54%:0( :1/=12E&' ' &#/"%:'6=12E&' 1/=#Q6'5#C'(&' ' (23(%:0( "13'>%0:2%661) 81 021%) 8/'/1$%.
!@7E?@C; Q?A?E7D7 !A;F;LC$#).$+9, 7." 2$,$-"< 3,'( 3"+.%"$( 3%'-),9(". > ($6" #",&(1 -F"J
#).9:• "3)+'()$ 3%$#-'%).$,9(1F %'0"4 3%"$4.';• (';('7$()$, 2$,) ) 6%'()21 -+.%$7;• 4,K7$-1$ #'.1 ) CK#&$.;• )08 0$($#&$%', 3%)()0'K:$6" )."6"-1< ".7$.;• 4"0'(#', 4"."%'8 3%"-"#). -+.%$7), $$ ".-$.+.-$(("+.9.
C'#. 4.4. NE91/"#
143
N%$C"-'()8 ;'4';7)4' 3%"$4.'
6761;EA?F=? E987@C=G:0) (,0:B0>'+0= '(J0)+".''. A# "#>%0:21 2E91/"' 23'(7:
$2# '0:1>6'"# '6L1/&#C'':• C%3%21) 83#6;• 1/=#6'5#C'166#( 0J%&# 5#"#5>'"#.A#56#>%6'% C%3%21=1 83#6#, 5#$#>' ' /#&"' 20:/%> 18/%$%3(7:
:%J 37$%), 0/%$' "1:1/EJ 94$%: 2%0:'0? 81'0" 6#'913%% 813%56EJ(0 :1>"' 5/%6'( 81361:E 8/%$10:#23(%&1) '6L1/&#C'') 8/%$0:#Q2':%3%) 5#"#5>'"#. !6#3'5 8%/216#>#3?61=1 2E91/# 8/%:%6$%6:1219403123'2#%:0( $#66E&', 01$%/B#@'&'0( 2 1/=#6'5#C'1661)0J%&% 5#"#5>'"#: 0:/4":4/#, 81$/#5$%3%6'(, $13B610:' ' '&%6#.
H/),>,2,(', #,8+,($" ;"1";9'1" ' 8)*//-. D60:/4&%6: $3(18/%$%3%6'( 2E91/"' /#5$%3%6 6# 0/%5E. .%/2E) 0/%5 —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«.1 :4 0:1/164 20:/%>' 0 5#"#5>'"1&»).
D-:0) /0>#,8+,($" ' /0>8)*//- ;"1";9'1". .103% 5#2%/R%Q6'( 8%/21=1 0/%5# 8%/%)$%& " 5#8136%6'7 2:1/1=1 0/%5# 81$=/488#Q&' 5#"#5>'"#. F$%0? $%)0:24%: 8/10:1% 8/#2'31: "#B$E) 5#"#5>'" —8/%$0:#2':%3? 2:1/1=1 0/%5# $13B%6 2J1$':? 2 010:#2 8%/21=1. H9/#Q:'&0( %@% /#5 " /'0. 4.4. *%J6'>%0"') 1:$%3 /#5$%3%6 6# $2% =/488E:=/4884 08%C'#3'0:12 ' OEM (8/1'521$':%3' 1/'='6#3?61=1 191/4$1Q2#6'(). K:' $2% =/488E /#91:#7: 6#$ 8/1%":#&', "1:1/E% 1:3'>#7:Q0( $/4= 1: $/4=# 81 20%& 8#/#&%:/#&, "#" :1: 8/'/1$# 8/1%":#, :'85#"#5>'"12, B'56%66E) C'"3, &1$%3?6#( :%J6'"# ' :. 8. — 2 /%543?Q:#:% " 1L'C'#3?6E& 94&#=#&, 4>':E2#7@'& /%543?:#:E 1C%6"'H-O, 16' 8/%$W(23(7: /#53'>6E% :/%912#6'(. D&%661 U:' :/%912#Q6'( 2 6#R%& 034>#% $13B6# 4021':? "1$# 8/1%":#.
D-:0) /),>#$"3'$,24. A# 2:1/1& 0/%5% 5#"#6>'2#%:0( /#91:#0 =/488#&'. *%8%/?, /#00&#:/'2#( U3%&%6:E :/%:?%=1 0/%5#, 64B612E9/#:? '5 =/488 2:1/1=1 0/%5# 8/%$0:#2':%3%) 5#"#5>'"# — "16"Q/%:6EJ 37$%) 0 "16"/%:6E&' 19(5#6610:(&', $13B610:(&' ' '&%Q
144
5,'-'
46#&' (0&. /'0. 4.4) — U:1 48/1@#%: 8/1C%00 1:03%B'2#6'( ' 6#3#QB'2#6'( "16:#":12 0 6'&'. D:#", &E 18/%$%3'3' L1"40Q=/4884.
&G5HKLEHDMN&O D[\HCF&F08>" '#/02%;03"$%. NE91/"# 8/'&%6(%:0( "#" 2 &%3"'J, :#" '
2 "/486EJ 8/1%":#J. Z1"40Q=/488E 19E>61 18/%$%3(7:0( 8103%:1=1, "#" 106126E% :/%912#6'( 5#"#5>'"# 8/1%":# 94$4: 1:/#B%6E2 C%3%21& 83#6%. +3( "/486EJ 8/1%":12 J#/#":%/6E /#52%:23%66#(0:/4":4/# ' 8%/%=/4B%6610:? $%:#3(&', # $3( &%3"'J — 8/10:1:# '1:04:0:2'% L1/?610:%).
D),+4 '#/02%;03"('4. I:19E 81$=1:12':? '60:/4&%6:, 19E>61$10:#:1>61 >#0#, J1:( '61=$# :/%94%:0( $18136':%3?61% 2/%&(, 6#Q8/'&%/ 6# 2E(06%6'% "11/$'6#: 6%"1:1/EJ 8/%$0:#2':%3%).
D-80>-. D60:/4&%6: 815213(%: 8/#2'3?61 2E9/#:? 8/%$0:#2'Q:%3%) 5#"#5>'"#, 20:/%>' 0 "1:1/E&' &1=3' 9E $#:? 2#B647 '6QL1/&#C'7 1 =/#6'C#J 8/1%":#, # :#"B% '59%B#:? 19@%6'( 0 6%"1&Q8%:%6:6E&' 37$?&', "1=$# 2/%&( :/#:':0( 2840:47, # /'0"'8/1%":# 42%3'>'2#7:0(.
!7 1B 67@7FB E61@?<= 6 R;C;R<=C7>B#()0 ); ($#"+.'.4"- -+.%$7 + ;'4';7)4'0) 8-,8$.+8 )F 3%"-$#$()$ - ".J
("+).$,9(" 4"%".4)$ 3%"0$&/.4) -%$0$(), - ." -%$08 4'4 3%"$4. 0"&$.#,).9+8 ($+4",94" 0$+82$-, ' ." ) ,$.. R' E." -%$08 .%$C"-'()8 ;'4';7)4"-0"6/. );0$().9+8 [2]. *"E."0/ - 4"0'(#$ 3%"$4.' ($"CF"#)0" 3"##$%&)J-'.9 ;')(.$%$+"-'(("+.9 ) 3"+."8((/K -"-,$7$(("+.9 - 3%"2$++, 7." #"+.)J6'$.+8 3/.$0 ($3%$%1-("6" 3"+./3,$()8 )(H"%0'2)) ". ;'4';7)4'.
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
>+.%$7) + E4+3$%.'0) "7$(9 3"F"&) (' "3)+'((1$ -1?$ -+.%$7) + ;'4';J7)4'0). R#$+9 .'4&$ (/&(1 2$,$-"< 3,'(, H"4/+J6%/331 ) %$4"0$(#'2))#,8 3$%$6"-"%"-. !/:$+.-/$. 0("&$+.-" +3"+"C"- 3",/7).9 )(H"%0'2)K ".;'4';7)4', 3%)7$0 ($4"."%1$ ($ .%$C/K. -,"&$()< ),) 3%$#3",'6'K. 0)J()0',9(1$ -,"&$()8. >+$, 7." (/&(", — E." -1+,/?'.9 /+,"-)8 ;'4';7)4'3%"$4.'.
145
N%$C"-'()8 ;'4';7)4' 3%"$4.'
5),'+*@,#$3" ' (,>0#$"$1'. D60:/4&%6: 3%=1" 2 '0813?512#Q6'' ' 8/10: $3( 816''(. H$6#"1 16 6% 20%=$# 4$19%6 2 034>#%913?R'J $13=12/%&%66EJ 8/1%":12, :#" "#" >#0:1 6%18/#2$#661 40Q31B6(%:0(.
M>"/$".'4 '(#$)*+,($". -1//%":'/12"# '60:/4&%6:# $3( "16Q"/%:61=1 8/1%":# 8/'6%0%: 913?R% 813?5E, >%& /#91:# 0 %=1 1919Q@%661) &%B'6$40:/'#3?61) 2%/0'%), 18'0#661) 5$%0?. NER%8/%$0:#23%6E 6%"1:1/E% 081019E 81$1961) 81$0:/1)"'.
COEUPON $#661& /#5$%3% &E 81$/1961 18'0#3' 081019E 18/%$%3%6'( '
'0813?512#6'( 2E91/"'. D60:/4&%6: 813%5%6 8/' /#C'16#3?61&2E91/% 8/%$0:#2':%3%) 5#"#5>'"#, 20:/%>' 0 "1:1/E&' &1=3' 9E$#:? 2#B647 '6L1/&#C'7 1 =/#6'C#J 8/1%":#. S13%% 0:/4":4/'/1Q2#66#( 2 "/486EJ 8/1%":#J ' &%6%% L1/?6#( 2 &%3"'J, 2E91/"#19E>61 81$=1:#23'2#%:0( 8103% :1=1, "#" 18/%$%3%6E C%3' 20:/%>0 5#"#5>'"#&' (0&. 2/%5"4 «./12%/"# 2E91/"'»).
B3%$#$,$()$ 6%'()2 =$ 3%)0$(8<.$ )(+.%/0$(. #,8 "3)+'()8)+3",9;"-'()8 +,"&(1F %1(4"- ),) +F$0 +$60$(.'2)<
;'4';7)4' (+F$0 +" 0("&$+.-"0 #$,$()<)@"#)H)4'2)8 4"(4%$.("< M"C'-9.$ ($+4",94" +.%'()2 #,8 /4';'()8F'%'4.$%)+.)4) #"3",().$,9(1F +$60$(."- ) 3%$#"+.'-9.$
)(H"%0'2)K " ;'4';7)4'F 3%"$4.'M"C'-,$()$ ".,)7).$,9("< > +,/7'$, $+,) -1C"%4' "+("-1-'$.+8"+"C$(("+.) (' 6$"6%'H)7$+4"0 %'+3%$#$,$()), 3%),"&).$
4'%./ + 3"0$.4'0), /4';1-'K:)0) (';'4';7)4"-.M"C'-9.$ +.%'()2/ + 4",)7$+.-$((10)"3)+'()80) 4'&#"6" +$60$(.', ('3%)0$% 7)+,";'4';7)4"-, #",8 %1(4', "CO$0 3%"#'&- #",,'%'F
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
!@7E?@C; E987@C=LC$#).$+9, 7." -1C"%4' )0$$. ($"CF"#)0/K +.%/4./%/, ." $+.9 -4,K7'$.
- +$C8:
+%$; 1 — +$60$(. ),) 6%/33' 6,'-(1F ;'4';7)4"-;
+%$; 2 — 3"#+$60$(. ),) 3"#6%/33';
+%$; 3 — H/(42)), #",&("+.9 ),) )08 3%$#+.'-).$,8.
146
5,'-'
4@?C7>?F:;Q== :AG !?@?D7E7@7E
<17 1;C7? @?C7>?F:;Q== :AG !?@?D7E7@7E?O%"1&%6$#C'' $3( 8%/%=121/12 8/%$0:#23(7: 0191) 5#$1"4&%6Q
:'/12#66E) 0C%6#/') '3' 31='>%0"47 8103%$12#:%3?610:? :%& $3(1904B$%6'( 0 5#"#5>'"1& 8/1%":# (/'0. 4.5). DJ 106126#( 5#$#># —81&1>? 2 81$=1:12"% "#B$1) 20:/%>', >:19E 8134>':? 1: 6%% &#"0'Q&4& 813%561) '6L1/&#C''. +3( U:1=1 21 2/%&( 20:/%> 64B61 5#:/#Q='2#:? 8/#2'3?6E% :%&E 2 8/#2'3?61) 8103%$12#:%3?610:'. - :1&4B% 1$'6#"12E) 6#91/ 218/1012 $3( "#B$1=1 '6:%/2?7 =#/#6:'/4%:812:1/(%&10:? 1:2%:12 6%0"13?"'J '6:%/2?7'/4%&EJ 5#"#5>'"12.
6761;EA?F=? @?C7>?F:;Q== :AG !?@?D7E7@7E-1$% 8/1%":# 6%19J1$'&1 010:#2':? 81$91/"4 218/1012 ' :%&
$3( 1904B$%6'( 0 5#"#5>'"#&'. Z1/&43'/12#6'% 218/1012 8/1'0QJ1$': 21 2/%&( 015$#6'( /%"1&%6$#C') $3( 8%/%=121/12.
G0:,)'$, (,0:B0>'+*A '(J0)+".'A. H061261) 2J1$61) '6QL1/&#C'%) $3( $#661=1 '60:/4&%6:# (23(7:0( C%3%21) 83#6 ' 2EQ91/"#, 034B#@'% 1/'%6:'/1& $3( 2E91/# :%& ' L1/&43'/12#6'(218/1012 /%"1&%6$#C''.
C'#. 4.5. O%"1&%6$#C'' $3( 8%/%=121/12
147
N%$C"-'()8 ;'4';7)4' 3%"$4.'
G0#$"3%$, 0#(03* ),10+,(>".'' >24 /,),8030)03. N 04%:3'Q21& &'/% 9'56%0# 5#"#5>'" 8/1%":# 0&1B%: 4$%3':? 20:/%>% 6% 91Q3%% >#0#. H9E>61 5# U:1 2/%&( &1B61 1904$':? 81/($"# :/%J :%&.F$%0? 2#B6# =349'6# /#00&#:/'2#%&1) :%&E, # 6% 'J "13'>%0:21.H061261) 5#$#>%) (23(%:0( 8134>%6'% $10:#:1>61) '6L1/&#C''81 1$61) :%&%, # 6% 1:/E2"12 $#66EJ 81 &61='&. H9/#:':% 26'&#Q6'%: 4 20%J '6:%/2?7%/12 $13B6E 9E:? 1$'6#"12E% /%"1&%6$#C''$3( 8%/%=121/12 0 1$'6#"121) 8103%$12#:%3?610:?7 218/1012 — 815#2%/R%6'' 20:/%>' U:1 815213':? 19W%$'6':? 20% 8134>%66E%02%$%6'( 2 1$'6 1:>%:.
H/),>,2'$, $,+-. -#"12E "37>%2E% :%&E '3' 2#B6E% 218/1Q0E, $3( "1:1/EJ 6%19J1$'&# '6L1/&#C'( 1: 5#"#5>'"#? A#'913%%8/10:1) ' 5#>#0:47 6#'913%% ULL%":'26E) &%:1$ — &%:1$ &15=121Q=1 R:4/&#, :1 %0:? 18/10 >3%612 "1$E 8/1%":# 81 08'0"4 218/1Q012, "1:1/E%, 81 'J &6%6'7, $13B6E 9E:? 5#$#6E. .%/%$ &15=12E&R:4/&1& 4>#0:6'"#& 03%$4%: 6#81&6':? 19 19156#>%66EJ 2 C%3%Q21& 83#6% 8/'>'6#J 20:/%> 0 5#"#5>'"#&'. .103% :1=1 "#" 20% 21Q8/10E 5#L'"0'/12#6E, 64B61 0=/488'/12#:? 'J 2 81J1B'% :%&E,6#8/'&%/ 0 81&1@?7 $'#=/#&&E 0J1$0:2# (0&. =3#24 8). -#" 8/#2'Q31, 2 ':1=% 8134>#%:0( 0%&?Q210%&? :%&.
H/),>,2,(', /)'0)'$,$03 $,+. <3%$47@'& U:#81& (23(%:0(40:#612"# 8/'1/':%:12 :%&, # 6% 1:$%3?6EJ '$%). <15$#):% "/':%Q/') $3( 18/%$%3%6'( 8/'1/':%:12 — 20%=$# 6#>'6#( 0 C%3%21=183#6# — ' 5#:%& 8/'&%6():% %=1 $3( "#B$1) :%&E. H06126#( 5#$#Q># 0%)>#0 — 2E(2':? :/' 6#'913%% 2#B6E% :%&E (&E 6#5E2#%& 'J:%&#&' 8%/21=1 4/126(), "1:1/E% 21R3' 9E 2 010:#2 /%"1&%6$#C')$3( 1904B$%6'(. ./' 1904B$%6'' 8/'1/':%:12 >3%6E "1$E &1Q=4: '08E:#:? 5#&%R#:%3?0:21, :#" "#" 20% :%&E 94$4: "#5#:?0( 2#BQ6E&'. !3?:%/6#:'21) &1B%: 9E:? 8/1$3%6'% 2/%&%6' '6:%/2?7'3' 42%3'>%6'% "13'>%0:2# 20:/%> 0 5#"#5>'"#&' $3( 102%@%6'($/4='J :%&, 1$6#"1 6#'913%% 8/#2'3?6E& 94$%: '6:%/2?7 6# $2%Q:/' :%&E 2 :%>%6'% >#0#.
GJ0)+*2')*=$, 30/)0#-. .103% :1=1 "#" 18/%$%3%6E :/' 10Q6126E% :%&E, 8/'0:48#):% " 5#8136%6'7 /%"1&%6$#C') $3( 1904BQ$%6'( (0&. /'0. 4.5). A#>6':% 0 26%0%6'( 2E9/#66EJ :%& 2 931"'03%2#. +#3%% 0L1/&43'/4):% 218/10E, >:19E 8194$':? 5#"#5>'"#" 1904B$%6'7 19156#>%66EJ :%&. X0:? $2# 2'$# 218/1012: "37>%Q2E% ' $18136':%3?6E%. .1$1961 $24& 0:1/16#& 1$61) &%$#3', 16'19%08%>'2#7: 816''% :%& 8%/21=1 4/126(, 2&%0:% 0 :%& $#2#(C%310:61% 2'$%6'% :%&E.
148
5,'-'
4F#&%:'&, >:1 &61='% 218/10E 4B% 9E3' 19156#>%6E 21 2/%&(
&15=121=1 R:4/&# 8/' 2E(06%6'' :%&. *%8%/?, 56#( :/' 6#'913%%2#B6E% :%&E, &E &1B%& 1C%6':?, "#"'J 218/1012 6% J2#:#%:. K:1813%561 $3( 010:#23%6'( (061=1 ' 81361=1 08'0"#. -#" 8/#2'31,2 1$64 :%&4 &1B%: 2J1$':? 1: 8(:' $1 $%0(:' "37>%2EJ ' $18136'Q:%3?6EJ 218/1012. -37>%2E% 218/10E $13B6E 9E:? 5#8'0#6E 2 0%Q/%$'6%, # $18136':%3?6E% — 2 8%/21) >#0:' /%"1&%6$#C') $3( 8%Q/%=121/12 (0&. /'0. 4.5). O%543?:#:'2610:? :#"1) /#91:E 813%5618/12%/':? 2 /13%21) '=/%: 1$'6 4>#0:6'" "1$E 5#$#%: 10:#3?Q6E& 218/10E '5 /%"1&%6$#C''. .1$:2%/B$%6'% 8/#2'3?61=1 2E91Q/# 218/1012 6% 5#$%)0:212#66E&' 2 8/1%":% 37$?&' :#"B% (23(%:Q0( 2E'=/ER61) :#":'"1). K:1 81&1B%: "1$% 913%% :1>610L1/&43'/12#:? 218/10E ' 1C%6':? 8103%$12#:%3?610:? :%&.
&G5HKLEHDMN&O COFHPON7MY&Q 7KS 5OCOWHDHCHDF08>" '#/02%;03"$%. A#'913%% 81$J1$(@%% 2/%&( $3( 6#8'0#Q
6'( /%"1&%6$#C') 6#0:48#%: 0/#54 8103% 010:#23%6'( 2E91/"' ' $1:1=1, "#" 8/1'51R3# 8%/2#( 20:/%>#. H>%2'$61, >:1 "/486E% 8/1%"Q:E 94$4: 64B$#:?0( 2 913%% L1/?6EJ ' 0:/4":4/'/12#66EJ /%Q"1&%6$#C'(J, 2 :1 2/%&( "#" 6%913?R'% 81:/%947: 6%L1/?61=181$J1$#.
D),+4 '#/02%;03"('4. <19/#6'% "1$E 8/1%":# — 6#'91Q3%% ULL%":'26E) 84:? $3( /#5/#91:"' /%"1&%6$#C'). ,%/18/'(Q:'% &1B%: 5#6(:? 1"131 >#0# (8/' 913%% 031B6EJ 5#$#>#J — $1$24J >#012).
D-80>-. .4@%66#( 6# 0#&1:%" 20:/%># 0 5#"#5>'"1&, "#" 8/#Q2'31, 5#"#6>'2#%:0( 1904B$%6'%& 8/193%&, 012%/R%661 6% 1:610(Q@'J0( " 8/1%":4. N :#"1& 034>#% '6:%/2?7 0 5#"#5>'"1& 6% 94$%: 6'$'#31=1&, 6' $'0"400'%). F#$#># /%"1&%6$#C') $3( 1904B$%6'( —6% $1840:':? :#"1=1 /#52':'( 019E:'). S13%% :1=1, 16' $13B6E8/%2/#:':? '6:%/2?7 2 "16L%/%6C'7, >:19E 815213':? 5#"#5>'"41524>':? 021' :/%912#6'( ' 4"#5#:? 6# :%&E, '=/#7@'% 2#B647/13? (0&. 2/%5"4 «D0"400:21 5#$#2#:? 218/10E»). N 8/1C%00% 010:#2Q3%6'( /%"1&%6$#C') "1$E /#00:#23(7: 8/'1/':%:E $3( :%& '2E64B$%6E 81:1& 19@#:?0( 01 20%&' 5#"#5>'"#&', '0813?54( 1$'Q6#"12E) 6#91/ 218/1012. K:1 $%3#%: 20:/%>' 913%% 8/1$4":'26E&'' '0"37>#%: 215&1B610:? 4J1$# 1: =3#261) :%&E, >:1 >#0:1 018/1Q21B$#%:0( 1904B$%6'%& 8/%$&%:12, 6% '=/#7@'J /13' $3( 8/1%":#.
D")'".''. O%"1&%6$#C'' $3( 8%/%=121/12 &1B61 &1$'L'C'/1Q2#:?, 6#8/'&%/ 8/%$0:#2':? 'J 2 "#>%0:2% 8/10:1=1 08'0"# :%& '
149
N%$C"-'()8 ;'4';7)4' 3%"$4.'
81$:%& $3( 1904B$%6'( '3' 0C%6#/'( [2]. P 1/=#6'5#C'), '003%$47Q@'J /E61", %0:? 0190:2%66E% L1/&#:E, 19E>61 6#5E2#%&E% /%"1Q&%6$#C'(&' 81 :%&#&.
M>"/$".'4 ),10+,(>".'= >24 0:#*<>,('4. H9@'% /%"1&%6Q$#C'' 8/'6%04: 56#>':%3?647 813?54, 61 $3( 913?R%) ULL%":'2Q610:' 'J /%"1&%6$4%:0( 81$0:/1':? 81$ "16"/%:6E) 8/1%":. A'B%8/%$0:#23%6E 6%"1:1/E% 081019E :#"1) #$#8:#C''.
B3%$#$,$()$ 6%'()2 T+3",9;/<.$ %$4"0$(#'2)) #,8 ,)7("6")+3",9;"-'()8 "C:$()8 + ;'4';7)4"0 3%"$4.' (E." ($ '(4$.'
#,8 ;'3",($()8 ;'4';7)4'0))@"#)H)4'2)8 4"(4%$.("< L-$,)79.$ 7)+," -"3%"+"- 4 6,'-("< .$0$ ($+,)F'%'4.$%)+.)4) -1 3%"-"#).$ #,).$,9("$ )(.$%-9K)M"C'-,$()$ ".,)7).$,9("< M"C'-9.$ ($+4",94" +.%'()2 #,8 ;'0$7'()<;"+"C$(("+.) — -4,K7).$ #)'6%'00/ ),) H"."6%'H)K, 7."C1
;'4';7)4 ,/7?$ 3"(8, -"3%"+
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
=6CB661E7 R;:;E;1H E7!@769T+."7()4 C",9?)(+.-' "?)C"4 — ($3%'-),9('8 0'($%' ;'#'-'.9 -"3%"J
+1 (' )(.$%-9K + ;'4';7)4"0. D."C1 );C$&'.9 3%"C,$0:• ($ -4,K7'<.$ - -"3%"+ +"C+.-$((1$ 3%$#/C$&#$()8;• ($ )+3",9;/<.$ ('-"#8:)F -"3%"+"-. Q.". .$%0)( -;8. ); +/#$C("<3%'4.)4), 6#$ (' -"3%"+ ($"CF"#)0" 3",/7).9 "&)#'$01< ".-$.;
• ($ ;'#'-'<.$ "6%'()7)-'K:)F -"3%"+"-. Q." 0$?'$. ;'4';7)4/ #'.9%';-$%(/.1< ".-$..
=)&$ 3%)-$#$( +3)+"4 -"3%"+"-, (')C",$$ 3",$;(1F 3%) 3%"-$#$()))(.$%-9K + ;'4';7)4"0:
• ($ "6%'()7$((1$ -%$0$($0 -"3%"+1. N'4)$ -"3%"+1 3";-",8K. ;'4';J7)4/ -1+4';'.9 -+$ +-") .%$C"-'()8. V+,) +3%"+).9, ('3%)0$%: «P'4"J-1 .%) "+("-(1$ 3%"C,$01, -+.%$7'K:)$+8 - 3%"2$++$ +#'7) 3%"$4J.'?» — ;'4';7)4 +0"&$. %'++4';'.9 " 3%"C,$0'F, "+("-1-'8+9 (' +-"$0-"+3%)8.)) ) + /7$."0 +"C+.-$((1F 3%)"%).$."-;
• -);/',);)%/K:)$ -"3%"+1. Q.) -"3%"+1 3"0"6'K. ;'4';7)4/ "C%)+"J-'.9 3".%$C("+.). «D.", $+,) -'? 4"039K.$% 0"6 C1 /-$#"0,8.9 " ;'J#$%&4'F 3%"$4.' ) 4"(H,)4.$ %$+/%+"-?» *"4' E.' -";0"&("+.9 ($ %$J',);"-'(' - 4"039K.$%$, ;'4';7)4 C/#$. #/0'.9 %'2)"(',);'."%+4);
• "C"%'7)-'K:)$ -"3%"+1. N'4)$ -"3%"+1 3"#%';/0$-'K. ".-$. -"3%"J+"0 (' -"3%"+. ='3%)0$%, $+,) ;'4';7)4 +3%"+).: «P'4)$ .$F(","6)) -1C/#$.$ )+3",9;"-'.9 - ("-"0 3%"$4.$?» — 01 ".-$.)0: «G 4'4"< #",&('C1.9 .$F(","6)8, 7."C1 +"".-$.+.-"-'.9 -'?)0 .%$C"-'()80?»
150
5,'-'
4COEUPOH8'0#66E) 2 $#661& /#5$%3% '60:/4&%6: — /%"1&%6$#C'' $3(
8%/%=121/12 —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
=6!7AHR7E;F=? WBFCQ== C;<?61E;
<17 1;C7? WBFCQ== C;<?61E;?Z46"C'( "#>%0:2# — U:1 '60:/4&%6: 5#"#5>'"#, "1:1/E) 81521Q
3(%: 20:/1':? %=1 :/%912#6'( 2 8/1%":. M%3? U:1=1 '60:/4&%6:# —49%$':?0(, >:1 :/%912#6'( 5#"#5>'"# '6:%=/'/12#6E 2 "#B$47>#0:? 8/1%":#, 1: 18/%$%3%6'( =/#6'C 8/1%":# >%/%5 8/1C%00 %=183#6'/12#6'( $1 8/1C%00# "16:/13( ' 5#"/E:'(. Z46"C'( "#>%Q0:2# 815213(%: 2E(2':? :/%912#6'( 5#"#5>'"# ' 8%/%2%0:' 'J 6#(5E" 8/1%":#.
C'#. 4.6. Z46"C'( "#>%0:2#
151
N%$C"-'()8 ;'4';7)4' 3%"$4.'
./1C%00 810:/1%6'( $1&# "#>%0:2# 81 U:'& U:#8#& —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
50>80$031" $),:03"('= ;"1";9'1". */%912#6'( 5#"#5>'"# —2#B6%)R#( '6L1/&#C'( 8/' 810:/1%6'' $1&# "#>%0:2#. -#" 8/#Q2'31, U:1 0#&E) 031B6E) U:#8, 810"13?"4 6%19J1$'&1 2E(06':?6#'913%% 56#>'&E% 40312'( 5#"#5>'"#. N '$%#3?61& 034>#% $3( 18Q/%$%3%6'( :/%912#6') '0813?547:0( '60:/4&%6:E, 1 "1:1/EJ &E=121/'3' /#6%%: 0%:%21) =/#L'" 5#"#5>'"#, C%3%21) 83#6, 2E91/"#' /%"1&%6$#C'' $3( 1904B$%6'(. DJ 5#$#># — 81&1>? 8134>':? '6QL1/&#C'7, "#0#7@470( 64B$ 5#"#5>'"#. N :%/&'6131='' $1&# "#Q>%0:2# :#"'% :/%912#6'( 5#"#5>'"# 8/'6(:1 6#5E2#:? «Whats»(I:1), 19156#>#( U:'& 03121& 81B%3#6'( 5#"#5>'"12 (2 034>#% :/%Q912#6'), /#00:#23%66EJ 0 4>%:1& 8/'1/':%:12).A#R 8/'&%/ 18/%$%3(%: 8(:? 6#'913%% 2#B6EJ :/%912#6')
(/'0. 4.7). F$%0? 5#"#5>'" — =/488# '5 0%&' 48/#23(7@'J ' &%6%$QB%/12 8/1%":12 81$/#5$%3%6'( — 81:/%912#3 8/%$10:#2':? "/#:Q"') $1"4&%6:, 18'0E2#7@') "43?:4/4 "1&8#6'', 816(:647 "16%>Q61&4 813?512#:%37 ' 1:610(@470( " 4/1267 /#91>%) =/488E8/1%":#. ,%:1$131='( :#"B% $13B6# 9E3# 9#5'/12#:?0( 6# "1/81Q/#:'261& 816(:'' B'56%661=1 C'"3# 8/1%":#..(:? 6%19J1$'&EJ 40312') 9E3' 2E$%3%6E 8/' #6#3'5% $3'661Q
=1 08'0"# :/%912#6'), "1:1/E& '6:%/2?7'/4%&E% 4$%3(3' 10191%26''%. A%913?R1% "13'>%0:21 56#>'&EJ :/%912#6') 19%08%>'Q2#7: 8/10:1:4 810:/1%6'( $1&# "#>%0:2#. S13?R#( >#0:? "1&Q8#6'), '0813?547@'J L46"C'' "#>%0:2#, 1=/#6'>'2#7: 08'01"81:/%9610:%) $%0(:?7 846":#&'. H /#91:% 0 913?R'& 08'0"1& /#0Q0"#5E2#%:0( 21 2/%5"% «-1R&#/ 2500Q) (>%)"'».
H/),>,2,(', $),:03"('= /)0,1$". F#"#5>'" 2E/#B#%: 021':/%912#6'( 0312#&', ' 'J 64B61 8%/%2%0:' 6# (5E" $%)0:2'), 8/'81&1@' "1:1/1=1 "1$# 83#6'/4%: ' /%#3'54%: 8/1%":. <L1/&4Q3'/12#66E% :#"'& 19/#51& :/%912#6'( 8/1%":# &1B61 '5&%/':?,# 815B% 0/#26':? 0 810:#23%66E&' C%3(&'. <3%$4%: /#53'>#:? $2#2'$# :/%912#6') 8/1%":#: 40312'( 5#"#5>'"# ' 8/%$31B%6'( "1Q$E $3( 'J 2E8136%6'(.
152
5,'-'
4
N 8/'&%/% 6# /'0. 4.7 8/%$0:#23%6E 6%"1:1/E% :/%912#6'( 8/1Q%":#. .103% 6%8/1$13B':%3?61=1 &15=121=1 R:4/&# $%0(:? 10612Q6EJ :/%912#6') 9E3' 1:19/#6E ' /#00:#23%6E 0 4>%:1& 8/'1/':%Q:12, # 2 L46"C'7 "#>%0:2# 5#6%0%6E 8(:? '5 6'J:
• 1=/#6'>':? "13'>%0:21 0:/#6'C 2 $1"4&%6:% &%:1$131='';• 8/121$':? '6:%/2?7 0 &%6%$B%/#&' 8/1%":12 ' 48/#23(7@'&'$3( #6#3'5# 'J /#91:E ' 8/10&1:/# 8/1%":61) $1"4&%6:#C'';
• '0813?512#:? "1/81/#:'2647 :%/&'6131='7 8/' 6#8'0#6''$1"4&%6:#;
• 8'0#:? 2 >%:"1& ' 816(:61& 0:'3%;• /#00&#:/'2#:? U:#8E &%:1$131='' >%/%5 U:#8E B'56%661=1C'"3# 8/1%":#.
C'#. 4.7. Z46"C'' "#>%0:2# 8/1%":#
153
N%$C"-'()8 ;'4';7)4' 3%"$4.'
-/ER# $1&# "#>%0:2# 02(5E2#%: 011:2%:0:247@'% 8#/E :/%91Q2#6') 8/1%":#. +3( 19156#>%6'( 02(5' &1=4: '0813?512#:?0( /#5Q6E% 0'&213E: :#", $3( 81"#5# 8131B':%3?61) 02(5' &E 8/'&%6(%&
, # $3( 81"#5# 1:/'C#:%3?61) — .O#00&1:/'& 8/'&%/. I%/%5 8/12%$%6'% '6:%/2?7 ' 1903%$12#Q
6') &E '54>#%& "1/81/#:'26E) (5E", "1:1/E) 81&1=#%: 8/' 6#8'Q0#6'' &%:1$131=''. N%/1(:61, $#66#( 02(5? (23(%:0( 8131B':%3?Q61). < $/4=1) 0:1/16E, 8/' 81U:#861& 18'0#6'' &%:1$131=''6%'59%B6E 812:1/%6'(, 2 >#0:610:' 6# "#B$1& U:#8% 81:/%94%:0(#6#3'5 /#52':'(. K:1 42%3'>': 19W%& &%:1$131='', >:1 6%$1840:'Q&1. H>%2'$61, >:1 $2# 40312'( 8/1:'21/%>#: $/4= $/4=4..1>%&4 &E #6#3'5'/4%& 25#'&102(5' ' 0:/1'& "/ER4? .1:1&4
>:1 U:' 1:61R%6'( 81"#5E2#7: 0:13"612%6'% :/%912#6') ' 215Q&1B610:? 6#J1B$%6'( "1&8/1&'00# &%B$4 6'&'. ,E 2'$%3' U:1 6#8/'&%/% 02(5' :/%912#6'( 1=/#6'>%6'( 19W%&# 0:/#6'C ' 8/12%$%Q6'( '6:%/2?7. .10:/1%6'% "/ER' $1&# "#>%0:2# 815213(%: 42'Q$%:? 40312'( 8/1%":# 2 0121"48610:', # 6% 81 1:$%3?610:' [12].
G34;% *#203'= ;"1";9'1" ' $),:03"('= /)0,1$". H0612# $1&#"#>%0:2# — &#:/'C# 1:61R%6'). H6# '0813?54%: 81$J1$, 81J1B')6# 8/'&%6(%&E) 8/' 810:/1%6'' "/ER', $3( 19156#>%6'( 02(5'
C7X>;@ 2500\S G<?SC=!.5: D." 3%");"?," + -'?$< H/(42)$< 4'7$+.-'? N'4"$ -3$7'.,$()$, 7."
$< $:$ #',$4" #" ;'-$%?$()8.:]%,: @"8 4"0'(#' /?,', ' 8 ".4';',+8 ". %",) 0$($#&$%' 3%"$4.'.
*"."0/ "(' ) ($ ;'-$%?$('.!.5: =" -$#9 -+$ 7,$(1 .-"$< 4"0'(#1 3",9;"-',)+9 H/(42)$< 4'7$+.-'
%'(9?$? G 3"."0 /?,)? > 7$0 #$,"?:]%,: B() 3$%$+.',) 3%)F"#).9 (' +"C%'()$ 3" %';%'C".4$ H/(42))
4'7$+.-'. A1," 0("&$+.-" %';(""C%';(1F );-)($()<, (" 8J." ;('K: "()3%"+." C1,) /-$%$(1, 7." %'C".'K. -3/+./K.
!.5: @("6" %'C".1 3%)F"#).+8 #$,'.9 -3/+./K.:]%,: @1 /&$ 3".%'.),) 16 7'+"-. >";0"&(", 3".%$C/$.+8 $:$ 24. P"J
0'(#' 6"-"%)., 7." ('?' H/(42)8 4'7$+.-' +,)?4"0 C",9?'8 ) (' $$ +"+.'-J,$()$ /F"#). "7$(9 0("6" -%$0$().
!.5: M&)0, / .$C8 0'.%)2' 50 50. B.4%"-$((" 6"-"%8, %'C".'.9 + ($<#$<+.-).$,9(" "C%$0$().$,9(" ) ($-16"#(". N-") 3"#7)($((1$ — ;'(8.1$,K#) ) ($ 0"6/. 3".%'.).9 2$,/K ($#$,K (' 3"+.%"$()$ H/(42)) 4'7$+.-'.*"7$0/ C1 -'0 ($ /0$(9?).9 0'.%)2/?
:]%,: X F".$,. X )0 6"-"%),. =" "() ($ &$,'K. C",9?$ "C+/&#'.9 H/(J42)K 4'7$+.-'. >". 3"7$0/ 8 ".4';1-'K+9 ". %",) 0$($#&$%'.
Q." .)3)7(1< 3%)0$% +)./'2)), 4"6#' ($-$%("$ 3%)0$($()$ H/(42))4'7$+.-' ('+.%')-'$. ,K#$< 3%".)- 0$($#&$%' 3%"$4.'. @"%',9 ;#$+9 .'4"J-': H/(42)8 4'7$+.-' 8-,8$.+8 ".,)7(10 )(+.%/0$(."0 .",94" - +,/7'$ $$3%'-),9("6" )+3",9;"-'()8.
154
5,'-'
4:/%912#6') 8/1%":# ' 40312') 5#"#5>'"#. ./' 6%J2#:"% 2/%&%6' '6%19J1$'&10:' 48/1@%6'( 8/1C%00# 94$%& 0:#2':? "/%0:'" $3( 191Q56#>%6'( 0'3?61) 02(5' &%B$4 :/%912#6'(&' (0&. /'0. 4.7). A#8/'Q&%/, '0813?512#6'% "1/81/#:'261=1 (5E"# 0810190:24%: "#" 1:/#B%Q6'7 "1/81/#:'261) "43?:4/E, :#" ' 8/15/#>610:' &%:1$131=''.H:04:0:2'% 0'3?61) 02(5' 4"#5E2#%: 6# :1, >:1 40312'( 5#"#5>'Q
"# 6% 8%/%"/E2#7:0( :/%912#6'(&' 8/1%":# —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
G)"3(,(',. A# U:1& U:#8% /%R#7:0( $2% 8/193%&E: "#B$1&4:/%912#6'7 5#"#5>'"# 8/'02#'2#%:0( 0:%8%6? 2#B610:' ' 8/1%":0/#26'2#%:0( 0 $/4='&'. N 6#R%& 8/'&%/% &E 6% 1C%6'2#3' :/%91Q2#6'( 5#"#5>'"#, 0>':#( 'J 1$'6#"121 2#B6E&', — U:1 8/#21&%/612 034>#% &%3"'J 8/1%":12 0 1=/#6'>%66E&' /%04/0#&'. -/486E%8/1%":E 2E'=/#7: 1: 22%$%6'( /#6=12, 81&1=#7@'J 010/%$1:1Q>':?0( 6# 6#'913%% 56#>'&EJ $3( 5#"#5>'"# :/%912#6'(J.</#26%6'% 2E(23(%: 0'3?6E% ' 03#9E% 0:1/16E 8/1%":# 81 1:Q
61R%6'7 " $/4='&. *#" "#" 6#R 8/1%": (23(%:0( 264:/%66'& $3(81$/#5$%3%6'(, 16 8/1:'210:1': #6#31='>6E& 8/1%":#&. ,%6%$QB%/ 28/#2% 08/10':?, "#"'& 19/#51& 6#R# &%:1$131='( 011:610':Q0( 0 &%:1$131='%) 81$/#5$%3%6'( !, "1:1/1% 2 "1&8#6'' 0>':#%:0(6#'913%% 81$=1:123%66E& " 48/#23%6'7 8/1%":#&'. </#26%6'% 81Q"#5E2#%:, >:1 6#R# &%:1$131='( "1/1>%; 913%% :1=1, 16# 34>R% 1:Q/#B#%: "1/81/#:'2647 "43?:4/4. N :%J6131='>%0"1) "1&8#6'' 2EQ01"1 C%6(:0( "/#:"#( $1"4&%6:#C'( ' 0190:2%66#( "43?:4/# — U:1' 0:#6%: 106126E& 6#8/#23%6'%& /#91:E 81 434>R%6'7 &%:1$131Q='' 81$/#5$%3%6'( !. N >%& :1=$# 04:? 0/#26%6'(? N 18/%$%3%6''215&1B610:%) $3( 434>R%6'(. K:1, 2 >#0:610:', 1>%6? 2#B61 8/'0/#26%6'' 6121=1 8/1$4":# "1&8#6'' 0 8/1$4":#&' "16"4/%6:12.
C";)":0$1" .,2,=. ,E 4B% =121/'3' 1 2#B610:' '5&%/%6'( :/%91Q2#6') 8/1%":#. H9E>61 $3( U:1=1 264:/' "1&8#6'' 8/121$(:0($'0"400'', ' 40312'( 8/1%":# L1/&43'/47:0( "#" "16%>6E% C%3'.N 6#R%& 8/'&%/% (0&. /'0. 4.7) "16%>6E% C%3' 1=/#6'>%6E $%0(:?70:/#6'C#&' &%:1$131='': &E 49%B$%6E 2 :1&, >:1 8/' 913?R%& 19W%Q&% 6#R' 5#6(:E% &%6%$B%/E %7 6% 210813?547:0(. -/1&% :1=1, &E0>':#%&, >:1 18/10# 0%&' &%6%$B%/12 $10:#:1>61 $3( 8134>%6'( 6%Q
155
N%$C"-'()8 ;'4';7)4' 3%"$4.'
19J1$'&1) '6L1/&#C'' 2 0B#:E% 0/1"'. N 034>#% 8/12%$%6'( 8/1%":#$3( 26%R6%=1 5#"#5>'"# $#66E) 81$J1$ 815213(%: 1C%6':? :/%912#Q6'( "16"4/'/47@'J 8/1%":12 ' 0"1//%":'/12#:? "16%>6E% C%3'.
H#$"(031" '2' /)0>02<,(',. ,61='% 8/1%":E '0813?547::13?"1 L46"C'' "#>%0:2#: U:1 815213(%: 20:/1':? :/%912#6'( 5#Q"#5>'"# 2 8/1C%00 83#6'/12#6'(. F#9%=#( 28%/%$, 0"#B%&, >:1 2 "/48Q6EJ 8/1%":#J 8/'2%:0:24%:0( 4:1>6%6'% 64B$ 5#"#5>'"# 6# 8/1:(QB%6'' 20%) /#91:E 6#$ 8/1%":1&. < U:1) C%3?7 0:1(:0( %@% :/'$1&# "#>%0:2# (/'0. 4.8). F$%0? :/%912#6'( 8/1%":# ("#" 0$%3#:?) '58%/21=1 $1&# 8%/%&%@#7:0( 6# &%0:1 :/%912#6') 5#"#5>'"# (>:10$%3#:?) 21 2:1/1& ' :. $. H06126#( C%3? $#661) 8/1C%$4/E — 011:Q6%0:' :/%912#6'( 5#"#5>'"# 0 8103%$12#:%3?6E&' 6'5"14/126%Q2E&' 01"/#@%6'(&' 8/1%":6EJ /#91:, 813610:?7 8%/%2%$( 'J 6#18%/#C'166E) 4/12%6?. G1='"# :4: 81J1B# 6# '%/#/J'>%0"47 0:/4"Q:4/4 (WBS): 64B61 $1):' $1 4/126( 0121"48610:' /#91: — 4/126(,6# "1:1/1& /#91:# 2E8136%6#. *#"1) 81$J1$ =#/#6:'/4%:, >:1 :/%Q912#6'( 5#"#5>'"# 94$4: 20:/1%6E 2 0#&1% 10612#6'% 931"12, 19/#Q547@'J 8/1%":. .1 &%/% 810:/1%6'( >%:E/%J $1&12 "#>%0:2# 'J 6%Q19J1$'&1 #6#3'5'/12#:? ' "1//%":'/12#:?.
&G5HKLEHDMN&O V]NFY&& FM!OGTDMF08>" '#/02%;03"$%. A% 94$%: 8/%42%3'>%6'%& 0"#5#:?, >:1 37Q
91) 8/1%": — &%3"') '3' "/486E) — 2E'=/#%: 1: /#5/#91:"' L46"QC'' "#>%0:2# 6# 6#>#3?61& U:#8% 8/' L1/&'/12#6'' =/#6'C ' 83#Q6'/12#6''. +#66E) 81$J1$ 6#'913%% 4$19%6 8/' 810:/1%6'' $1&12"#>%0:2#, %03' 2E8136(7:0( 03%$47@'% 40312'(. N1Q8%/2EJ, /%"1Q&%6$4%:0( '0813?512#:? 6%913?R'% 1$614/126%2E% $1&# "#>%0:2#,:#" "#" 16' (23(7:0( 913%% ULL%":'26E&'. N1Q2:1/EJ, " 810:/1%Q6'7 $1&12 "#>%0:2# 6%19J1$'&1 8/'23%"#:? 207 "1$4. NQ:/%:?Q'J, 03%$4%: 4$10:12%/':?0(, >:1 :/%912#6'( $%)0:2':%3?61 '0J1$(:1: 5#"#5>'"#. D 6#"16%C, 8/'$%:0( 81:/#:':? 2/%&( 6# 194>%6'%37$%) &%:1$#& 810:/1%6'( $1&12 "#>%0:2#, >:19E 2 $#3?6%)R%&
C'#. 4.8. I%:E/% L46"C'' "#>%0:2#
156
5,'-'
48/'19@#:? 'J " U:1&4 8/1C%004 2 $/4='J 8/1%":#J. *13?"1 :#"'& 19Q/#51& 2E 0&1B%Q :% 015$#:? 1/'%6:'/12#6647 6# 5#"#5>'"# "43?:4Q/4, '0813?547@47 L46"C'' "#>%0:2# "#" 19/#5 B'56'.
D),+4 '#/02%;03"('4. N/%&(, 6%19J1$'&1% $3( 810:/1%6'($1&# "#>%0:2#, 5#2'0': 1: %=1 /#5&%/12 ' >'03# 37$%), 2123%>%6Q6EJ 2 U:1: 8/1C%00. A%913?R1) $1& (0&. /'0. 4.7) &1=4: 015$#:? :/'>%312%"# 2 :%>%6'% 45 &'64:. +3( 810:/1%6'( 913?R1=1 (10 10)$1&# "#>%0:2# 81:/%947:0( 40'3'( 8(:'QR%0:' >3%612 "1$E '8(:?QR%0:? >#012 /#91:E.
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
5),'+*@,#$3" ' (,>0#$"$1'. ./%'&4@%0:2# $1&# "#>%0:2#:#"12E:
• 23,7"9+/.4D,.: 9#3*+3+.. Z46"C'( "#>%0:2# 8/%$0:#23(%:0191) 3%="') $3( 816''( '60:/4&%6:, :#" "#" %=1 810:43#Q:E 8/10:E, 31='>6E ' 6% 2EJ1$(: 5# 8/%$%3E 5$/#21=1 0&E03#;
• )3(<3C,3*+' )'(/.4'(.7''. < 8%/21=1 25=3($# 2E &1B%:% 1C%Q6':? &'00'7 $1&# "#>%0:2#, >:1 $%3#%: %=1 4$196E& '60:/4Q&%6:1& $3( "1$E 8/1%":#.
H06126E% 6%$10:#:"' $1&# "#>%0:2# 02(5#6E 0 %=1 6%18/#2$#6Q6E& 4031B6%6'%&, >:1 8/121C'/4%::
• $#3<3(123*+D. X03' 4 5#"#5>'"# 913?R% $%0(:' :/%912#6'),L46"C'' "#>%0:2# 0:#612(:0( :(B%3E&' $3( 2108/'(:'(;
• (.+#.+- )#"<",'. A%"1:1/E% >3%6E "1$E 2108/'6':/#91:4 81 015$#6'7 $1&# "#>%0:2# "#" '6:%/L%)0647 (FronQtend) $3( 8/1%":#.
D")'".''. <4@%0:24%: 2%3'"1% &61B%0:21 &#:/'C, 8/%$6#56#Q>%66EJ $3( 20:/#'2#6'( :/%912#6') 5#"#5>'"# 2 /#&"' 8/1%":#.,%6(7:0( ' 'J 6#52#6'(: 1: &#:/'CE 5#"#5>'"# $1 &#:/'CE 8/'Q6(:'( /%R%6').
157
N%$C"-'()8 ;'4';7)4' 3%"$4.'
M>"/$".'4 >0+" 1"9,#$3". ./' 18'0#6'' L46"C'' "#>%0:2#&E 0:/%&'3'0? 19W(06':?, "#" 810:/1':? ' 2 $#3?6%)R%& '0813?Q512#:? %% $3( 8134>%6'( &#"0'?61) 1:$#>' 1: 379EJ 8/1%":12.A'B% &E /#00&1:/'& 6%"1:1/E% '$%' 81 215&1B61) 6#0:/1)"% '6Q0:/4&%6:# $3( "16"/%:61=1 8/1%":#.
COEUPON $#661& /#5$%3% 9E3 8/%$0:#23%6 '60:/4&%6: L46"C'' "#>%Q
0:2#, "1:1/E) 81&1=#%: 20:/1':? :/%912#6'( 5#"#5>'"# 2 /#&"'8/1%":#. G791) 8/1%":, &%3"') '3' "/486E), 2E'=/E2#%: 1: 8%/%Q21$# 40312') 5#"#5>'"# 2 L46"C'' "#>%0:2#, >:1 034B': 0:#/:121):1>"1) 8/' 83#6'/12#6'' /#91:. K:1: '60:/4&%6: :#"B% 81&1=#%:25#'&1$%)0:2'7 L46"C'16#3?6EJ =/488, 2123%>%66EJ 2 8/1%":../' #$#8:#C'' L46"C'' "#>%0:2# $3( "16"/%:61=1 8/1%":# :/%94Q%:0( $#3?6%)R%% 4:1>6%6'% C%3%).
R;CAP<=1?AHF9? R;>?1C=N U:1) =3#2% 18'0#6E 8(:? '60:/4&%6:12: 0%:%21) =/#L'" 5#"#5Q
>'"#, C%3%21) 83#6, 2E91/"#, /%"1&%6$#C'' $3( 1904B$%6'( ' L46Q"C'( "#>%0:2# — 6#91/ 25#'&1$18136(7@'J '60:/4&%6:12 $3($10"16#3?61=1 '54>%6'( :/%912#6') 5#"#5>'"#. N0% 2&%0:% 16' 81Q5213(7: 2E(06':? 40312'( 5#"#5>'"# ' 5#:%& 20:/1':? 'J 2 8/1%":Q
B3%$#$,$()$ 6%'()2 — T+3",9;/<.$ H/(42)) 4'7$+.-' - C",9?)F)+3",9;"-'()8 3%"$4.'F -($ ;'-)+)0"+.) ". )F .)3';
— 3%)0$(8<.$ "#("J ) 7$.1%$F/%"-($-1$ +F$01;— - 0$,4)F 3%"$4.'F ;'#$<+.-/<.$"#("/%"-($-/K +F$0/ 0'4+)0/0+ 38.9K .%$C"-'()80)
@"#)H)4'2)8 4"(4%$.("< !%'-().$ 4"($7(1$ 2$,) + 2$,80) 4"(4/%$(."-F'%'4.$%)+.)4) (- +,/7'$ 3%"$4."- 3" %';%'C".4$ 3%"#/4."-
) 3%"6%'00("6" "C$+3$7$()8)M"C'-,$()$ ".,)7).$,9("< ='%)+/<.$ H/(42)K 4'7$+.-' (' C/0'6$"+"C$(("+.) ) 3"-$+9.$ E.". ,)+."4 (' +.$($, 7."C1 -+8
4"0'(#' 0"6,' $6" -)#$.9
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
!@7E?@C; WBFCQ== C;<?61E;*%"-$%9.$ 3%'-),9("+.9 +.%/4./%1 H/(42)< 4'7$+.-'. > ($$ #",&(1
-F"#).9:• .%$C"-'()8 ;'4';7)4' (7." (/&(" +#$,'.9);• .%$C"-'()8 3%"$4.' (4'4 E." (/&(" +#$,'.9);• 4%1?' #"0' 4'7$+.-' (0'.%)2' -;')0"+-8;$<);• 0'.%)2' +"".("?$()<;• +%'-().$,9(1< '(',); 3%"$4."- 4"(4/%$(."-;• 4"($7(1$ 2$,).
158
5,'-'
46E) 8/1$4": ' 8/1C%00 (0&. :#93'C4). Y1:( '0813?512#:? 'J 2 6#91/%4$196%%, 6'":1 6% 5#8/%@#%: 5#$%)0:212#:? "#B$E) '60:/4&%6: 811:$%3?610:'../' /#5$%3?61& 8/'&%6%6'' "#B$E) '60:/4&%6: '&%%: 021% 6#Q
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
159
N%$C"-'()8 ;'4';7)4' 3%"$4.'
A=1?@;1B@;1. Shillito, M. L. 2001 “Voice of the Customer” Boca Raton, Fla.:
St. Lucie Press.2. McQuarrie, E. R. 1998 “CustomerVhits” Vol. 2. Thousand Oaks,
Ca.: Sage Publications.3. Goetsch, D. L. and S. B. Davis 2000 “Introduction to Total Quaitiy”
3d ed. Upper Saddle River, NJ: Prentice Hall.4. Hammer, M. and J. Champy 1993 “Reengineering the
Corporation” JewYork: Harper Business.5. McKenna, R. 1995 “Real—Time Marketing” Harvard Business
Review 73(4): 87—95.6. Scholtes, P. R. 1996 “The Team Handbook” 2d ed. Madison, Wis.:
Joiner Associates.7. University of Michigan Business School and American Society for
Quality 1998 “American Customer Satisfaction Index:1994—1998” Ann Arbor: University of Michigan Press.
8. Thompson, A. T. and A. J. Strickland 1995 “Crafting andImplementing Strategy” Boston: Irwin.
9. Hoch, D. J., ?. R. Roeding, G. Purkert, and K. S. Lindner 2000“The Secrets of Software Success” Boston, Harvard BusinessSchool Press.
10. Norman, D. A. 1998 “The Invisible Computer” Cambridge, Mass.:The MIT Press.
11. Shillito, M. L. 1994 “Advanced QFD” New York: John Wiley & Sons.12. Evans, R. J. and M. W. Lindsay 1999 “The Management and
Control of Quality” St. Paul, Minn.: South—Wesiern CollegePublishing.
!'./%"()./%#&($#"]./%2
L,").%*:, 23$1. +- C"4."OD B+3$3,' +)3% $,") I/1"+ '<"+D $#.,'7-.
N'3?(& V%"08'/
H06126E% :%&E 6#0:1(@%) =3#2E — U:1 '60:/4&%6:E83#6'/12#6'( 01$%/B#6'(:
• 40:#2 8/1%":#;• SWOTQ#6#3'51 8/1%":#;• 18'0#6'% 01$%/B#6'(;• '%/#/J'>%0"#( 0:/4":4/# /#91:.
1 !6#3'5 0'3?6EJ ' 03#9EJ 0:1/16 8/1%":#, 215&1B610:%) ' 4=/15. N%0?/1$4":'26E) '60:/4&%6:, 815213(7@') 812E0':? ULL%":'2610:? 83#Q6'/12#6'(, 1/=#6'5#C'' ' '08136%6'( 8/1%":#. — ;#'<. #"1.
162
5,'-'
5
M%3? 6#52#66EJ '60:/4&%6:12 —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«/#0Q8135#6'(» =/#6'C 01$%/B#6'(.+#66#( =3#2# 8/'52#6# 81&1>? &%6%$B%/#& 8/1%":12:• 8156#"1&':?0( 0 /#53'>6E&' '60:/4&%6:#&' 83#6'/12#6'(01$%/B#6'(;
• 2E9/#:? :% '60:/4&%6:E, "1:1/E% 1:2%>#7: 8/1%":6E& 81Q:/%9610:(&;
• #$#8:'/12#:? 2E9/#66E% '60:/4&%6:E 2 011:2%:0:2'' 01 021Q'&' 64B$#&'.
.%/%>'03%66E% 6#2E"' (23(7:0( 6%19J1$'&1) 106121) $3( 40Q8%R61=1 83#6'/12#6'( 8/1%":12 ' /#5/#91:"' 8/1C%00# 0:#6$#/Q:'512#661=1 48/#23%6'( '&'.
C'#. 5.1. O13? '60:/4&%6:12 83#6'/12#6'( 01$%/B#6'(2 8/1C%00% 48/#23%6'( 8/1%":#&'
163
*,'()%"-'()$ +"#$%&
'()8
B61;E !@7?C1;
<17 1;C7? B61;E !@7?C1;?P0:#2 8/1%":# — U:1 '60:/4&%6:, "1:1/E) L1/?61 #2:1/'54Q
%: 8/1%": (/'0. 5.2). +#66E) $1"4&%6: 19E>61 2E840"#%:0( /4"121Q$':%3%&, 26%R6'& 81 1:61R%6'7 " 8/1%":4, ' 6#$%3(%: &%6%$B%/#81361&1>'(&' 6# '0813?512#6'% 2 8/1%":% /%04/012 1/=#6'5#C''.K:1 1019%661 2#B61 2 0/%$%, =$% &%6%$B%/E 6% '&%7: 6%810/%$Q0:2%661) 23#0:' 6#$ >3%6#&' 8/1%":61) "1$E ' $/4='&' /%04/Q0#&', 61 6%04: 1:2%:0:2%6610:? 5# 2E8136%6'% 8/1%":#. I:19E 40Q:#2 '&%3 0'34 2 81$1961) 0':4#C'', '5$#7@') %=1 /4"121$':%3?$13B%6 6#J1$':?0( 6# :1& 4/126%, "1:1/E) '&%%: "16:/13? 6#$ /%Q04/0#&'.
C'#. 5.2. ./'&%/ 40:#2# 8/1%":#
164
5,'-'
56761;EA?F=? B61;E; !@7?C1;./' 0/#26%6'' '6L1/&#C'', 01$%/B#@%)0( 2 40:#2% ' 2 18'0#Q
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«H8'0#6'% 01Q$%/B#6'(»).
G:0) '#B0>(0= '(J0)+".''. NE840" 40:#2# 8/1%":# — U:1 0%Q/?%561% /%R%6'%, 810"13?"4 5$%0? 2E$%3(7:0( /%04/0E 6# 1/=#6'Q5#C'166E% C%3'. <3%$12#:%3?61, 1/=#6'5#C'' 0:/%&(:0( 2"3#$EQ2#:? 0/%$0:2# ' 40'3'( 2 =%6%/#C'7 :#"1) '6L1/&#C'', "1:1/#(0810196# 81&1>? 2 8/'6(:'' 1910612#66EJ /%R%6') 81 40:#2#&8/1%":12. - '6L1/&#C'', '&%7@%) "37>%247 2#B610:?, &1B%:9E:? 1:6%0%61 03%$47@%%:
• 0:/#:%='>%0"'% ' :#":'>%0"'% 83#6E;• =1310 5#"#5>'"#1;• 8/1%":61% 8/%$31B%6'%;• 8/1C%00 1:91/# 8/1%":12.,1B61 9%5 8/%42%3'>%6'( 5#(2':?, >:1 8/1%":E — U:1 0/%$0:2#
4$123%:21/%6'( 64B$ 1/=#6'5#C'' ' $10:'B%6'( %% C%3%). <3%$1Q2#:%3?61, 816''% :1=1, "#"'% C%3' 1/=#6'5#C'' 81$$%/B'2#%:8/1%":, '&%%: 101947 56#>'&10:?. +3( 913?R'J 8/1%":12 C%3'19E>61 18'0E2#7:0( 2 0:/#:%='>%0"'J 83#6#J 1/=#6'5#C'', # $3(EJ — 2 :#":'>%0"'J. I:19E 8/1%":4 0184:0:212#3 408%J, =1310"3'%6:# 6%19J1$'&1 403ER#:?, 816(:? ' 1:2%:':? 6# 6%=1. -/1&%:1=1, >:19E 8/#2'3?61 1C%6':? B'56%081019610:? 8/1%":#, 6%19J1Q$'&1 /#5/#91:#:? 8/1%":61% 8/%$31B%6'% '3' 8/12%0:' #6#3'5104@%0:2'&10:'. -1=$# :#"#( '6L1/&#C'( 0:#6%: $10:4861)," 8/1%":4 $1840:'&1 8/'&%6':? "/':%/'' 1:91/#, 6# 10612#6'' "1Q:1/EJ 16 94$%: 1C%6%6, /#6B'/12#6 ' 81$2%/=64: 8/1C%$4/% 1:91/#(0&. =3#24 2). N $#3?6%)R%& 8/' 6#8'0#6'' 40:#2# 8/1%":# 81:/%94Q%:0( 20( 8134>%66#( '6L1/&#C'(.
1 P$#>6E) :%/&'6. N /400"1(5E>61) 3':%/#:4/% 81 48/#23%6'7 8/1%":#Q&' 16 &1B%: 011:2%:0:212#:? +"M,'0"*23</ +#"I3).,'E, +"M,'0"*23</(.1.,'E, *9'*2/ +#"I3).,'% (.2.(0'2., (.9#3*/ (.2.(0'2. ,. 9#3"2+. —;#'<. #"1.
165
*,'()%"-'()$ +"#$%&
'()8
H/),>,2,(', +'##'' /)0,1$". *1>610:? ' (0610:? — $2# "37Q>%2EJ 40312'(, "1:1/E& $13B61 1:2%>#:? 18/%$%3%6'% C%3' 8/1%"Q:# [2, 7], "#" 81"#5#61 6# /'0. 5.2. A% '&%%: 56#>%6'(, 8/18'0#6#&'00'( $3( 6121) &1$'L'"#C'' 04@%0:247@%=1 8/1$4":# '3' $3(1=/1&61) L#9/'"' 81 8/1'521$0:24 81348/121$6'"12 0 &61=1&'3Q3'#/$6E& 191/1:1&, — ' 2 :1&, ' 2 $/4=1& 034>#% $10:#:1>616%0"13?"'J 0312. K:1 4:2%/B$%6'% &1B%: 18/%$%3(:? 106126E% 5#Q$#>', 6#8/'&%/ 8/1%":'/12#6'%, 8/1:1:'8'/12#6'%, 8/1=/#&&'Q/12#6'%, # &1B%: 9E:? 8/%$%3?61 8/10:E& ' $'/%":'26E&, $1840Q:'& «/#5/#91:#:? 61247 83#:L1/&4 8/1$4":12».+3( :1=1 >:19E 18'0#:? 1B'$#%&E% $10:'B%6'( 8/1%":#, &E '0Q
813?54%& :%/&'6 <'**': 9#3"2+.. +#66E) :%/&'6 1"/4B%6 1/%1Q31& 56#>':%3?610:' ', 9E:? &1B%:, '&%661 81U:1&4 '0813?54%:0(8/'&%6':%3?61 " "/486E& 8/1%":#&. !3?:%/6#:'26E% :%/&'6E,2 >#0:610:' «5#$#># 8/1%":#» '3' «C%3? 8/1%":#», 524>#: &%6%% :1/QB%0:2%661, 61 :%& 6% &%6%% (23(7:0( 28136% 8/'%&3%&E&'. NE91/:1=1 3' '61=1 :%/&'6# >#0:1 $'":4%:0( 8/'6(:E& 2 1/=#6'5#C''0:#6$#/:1&.
H/),>,2,(', :';(,#?.,2'. I:1 (23(%:0( 0'31), 8194B$#7@%)" 2E8136%6'7 8/1%":#? M%3?7 &1B%: 9E:? 812ER%6'% 4$123%:21Q/%6'( 5#"#5>'"12 ("#" 2 8/'&%/% 6# /'0. 5.12), >:1 48/1@#%: 'J8/'23%>%6'% ' 4$%/B#6'%, # 2 "16%>61& 0>%:% 812ER#%: 40:1)>'Q210:? 9'56%0# ' 42%3'>'2#%: 8/'610'&47 '& 8/'9E3?. M%3?7 :#"QB% &1B%: 0:#:? 8/1/E2 6# 612E) /E61", 0:/%&3%6'% 42%3'>':?0217 $137 6# 04@%0:247@%& /E6"%, 8134>':? 612E% '0:1>6'"' $1QJ1$12 ' :. $. A# 0:/#:%='>%0"1& 4/126% 2E$%3(7: 6%0"13?"1 8/'>'6
!@?:?AHF9? Q?A=: 61;E=1H =A= F? 61;E=1H?='+4",94" ,$64" #"+.)&)010) #",&(1 C1.9 2$,) 3%"$4.', +H"%0/,)J
%"-'((1$ - /+.'-$? @"&(" ,) +7).'.9 ("%0',9(10 ('3)+'()$ /+.'-', - 4"J."%"0 3"+.'-,$(1 .%/#("#"+.)&)01$ 2$,)? *%'4.)4' 3"4';1-'$., 7."%$;/,9.'.1 %'C".1 .$F, 4." +.'-). 3$%$# +"C"< 2$,), H'4.)7$+4) ($#"+.)&)J01$, 4'4 3%'-),", 3%$-"+F"#8. %$;/,9.'.1 %'C".1 .$F, 4." +.'-). %$',9(1$2$,). V+,) -1 +.%$0).$+9 3",/7).9 %$;/,9.'., +.'-9.$ 2$,9 (' 6%'() -";0"&J("6". @("6)$ 0$($#&$%1 3%"$4."- H)%01 Intel .'4 ) 3"+./3'K.: 4"%3"%'J.)-('8 4/,9./%' +.)0/,)%/$. 3"#"C("$ 3"-$#$()$. D." 3%")+F"#)., 4"6#'"() ($ #"+.)6'K. 3"+.'-,$(("< 2$,)? B#)( ); 0$($#&$%"- +4';',: «=)4."); ;#$?()F %/4"-"#).$,$< ($ -"+3",9;/$.+8 E.)0 #,8 ."6", 7."C1 ;'-',).9-'+. T#$8 - #%/6"0 — - ."0, 7."C1 -+$6#' +.%$0).9+8 4 ,/7?$0/ ) 3%)4,'#1J-'.9 0'4+)0/0 /+),)<. V+,) -1 #$,'$.$ .'4, / -'+ ($ C/#$. ()4'4)F 3%"C,$0- +,/7'$ ($/#'7)». =" #,8 -+$F ,) 4"03'()< E." -$%("? «V+,) -1 +.'%'$.$+9#"+.)79 "7$(9 .%/#("< 2$,) ) .$%3).$ 3"%'&$()$, E." )6%'$. 3%".)- -'+ 3%)"2$(4$ %'C".1. *"E."0/ -+$ - ('?$< 4"03'()) +.'-8. 3$%$# +"C"< %/.)((1$2$,)», — 6"-"%). 0$($#&$% 3%"$4.' ); .%'#)2)"(("< 4"03'()). B3)+'(J(1< 3"#F"# 3%)-"#). 4 ."0/, 7." 0$($#&$%1 3%"$4."- ('7)('K. 3%"+."3,1.9 3" .$7$()K.
166
5,'-'
5/%#3'5#C'' 8/1%":#. ;3#261% — 6% 5#9E2#:? 1 04@%0:212#6'' :#Q"'J 8/'>'6 ' 56#:? 'J 04:?.-#" :13?"1 &E 1:J1$'& 1: 0:/#:%='' ' 818#$#%& 2 &'/ :#":'"' '
EJ 8/1%":12, &E 196#/4B'2#%&, >:1 &61='% "1$E 91/7:0(0 :%&, >:1 L#":'>%0"' (23(%:0( C%3?7 'J /#91:E. H6' 813#=#7:,>:1 C%3? — 8/10:1 2E$#:? 8/1$4": «6# =1/#». H$6#"1 U:1 6% :#". DJ6%913?R1) 8/1%":, "#" ' 3791) $/4=1), 64B%6 $3( $10:'B%6'( 6%Q"1:1/1) :#":'>%0"1) C%3', 81$$%/B'2#7@%) 9'56%0 1/=#6'5#C''.-1=$# 2E 8/'19/%:#%:% 6121% 191/4$12#6'%, 9'56%0QC%3? 5#"37>#Q%:0( 6% 2 :1&, >:19E "48':? ' 40:#612':? %=1, # 2 :1&, >:19E 40:/#Q6':? 45"1% &%0:1 ' 42%3'>':? 8/1840"647 081019610:? 8/1'521$Q0:2%661) 3'6'' — 5#2%:6#( &%>:# &%6%$B%/12 8/1'521$0:2%661=10%":1/#! .1$1961 U:1&4, 8/1%": /#5/#91:"' 8/1C%00# 0:#6$#/:'51Q2#661=1 48/#23%6'( 8/1%":#&', 2%/1(:61, 6#C%3%6 6# 434>R%6'%2/%&%66EJ J#/#":%/'0:'" 8/1%":#, 812ER%6'% 812:1/(%&10:',42%3'>%6'% 6#=/451>61) 081019610:' ' :. $. — 61 1:67$? 6% 6# /#5Q/#91:"4 8/1C%00# /#$' 8/1C%00#.
H/),>,2,(', .,2,= /)0,1$". *%/&'6E «&'00'( 8/1%":#» ' «9'5Q6%0QC%3?» $1840"#7: R'/1"1% :13"12#6'%. I:19E $#:? "1$% 913%%"16"/%:6E% 4"#5#6'(, 40:#2 $13B%6 18/%$%3':? "16"/%:6E% C%3'8/1%":# (0&. 2/%5"4 «./%$%3?6E% C%3': 0:#2':? '3' 6% 0:#2':??»), "#"&'6'&4& 5#$#:? 2/%&%66E%, 0:1'&10:6E% ' "#>%0:2%66E% C%3'.N/%&%66#( C%3? — U:1 B%3#%&#( $#:# 5#2%/R%6'( 8/1%":#, 2 6#Q
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
H$:0) *9"#$('103 10+"(>- ' (";("9,(', 1*)"$0)"1 /)0,1?$". H$6# '5 C%3%) '5$#6'( 40:#2# — 1L'C'#3?61 19W(2':? '&%6#&%6%$B%/# 8/1%":# ', 215&1B61, >3%612 "1$E. H$6#"1 0/#54 6#Q
1 N 1/'='6#3% #2:1/ 481:/%93(%: :%/&'6 *93,*3#. H$6#"1 "16:%"0:4#3?61%01$%/B#6'% $#661=1 816(:'( 011:2%:0:24%: 8/'6(:1&4 2 #6=31(5E>61)3':%/#:4/% :%/&'64 gatekeeper — 2/#.+3# 8/1%":#. .10"13?"4 2 /400"1&(5E"% 03121 «081601/» '&%%: (261 '61% 0&E03121% 6#8136%6'%, >%& 2 $#6Q61) &161=/#L'', &E 6% 94$%& %=1 '0813?512#:? 2 /400"1) 2%/0'' "6'='. —;#'<. #"1.
167
*,'()%"-'()$ +"#$%&
'()8
5E2#:? 20%J 4>#0:6'"12 6%19(5#:%3?61. N 8103%$6%& 034>#% 8/%$81Q3#=#%:0(, >:1 L46"C'16#3?6E% /4"121$':%3' 2E$%3(: 2 8/1%": 021Q'J 81$>'6%66EJ 8103% '5$#6'( 40:#2#.N 6%"1:1/EJ 1/=#6'5#C'(J 6#56#>%6'% "4/#:1/12 2 "/486E%
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— 4$196E) 081019 1L'C'#3?61 19W(2':? %=1'&(. N8/1>%&, 03%$4%: 1:&%:':?, >:1 2 6%"1:1/EJ 1/=#6'5#C'(J 6%04@%0:24%: "4/#:1/12 8/1%":12.
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«H8/%$%3%6'% :/%912#6') 2E8136%61»81:/%94%:0( 400 >#012 /#91:E /%04/012.
&(J0)+')03"(', /0#$"3@'103 ),#*)#03. N0% L46"C'16#3?Q6E% =/488E '3' 81$/#5$%3%6'( 2 1/=#6'5#C'', "1:1/E% 19(5#6E81$$%/B'2#:? 8/1%":, $13B6E 9E:? 6#$3%B#@'& 19/#51& ' 021%2Q/%&%661 8/1'6L1/&'/12#6E 1 %=1 6#>#3% [9]. <3%$12#:%3?61, 'J 6%Q19J1$'&1 26%0:' 2 08'01" /#08/10:/#6%6'( — 08'01" 01:/4$6'"12,"1:1/E% 8134>#: "18'7 40:#2#. F#>%& =/488#& :#"#( "18'(? +3(6%"1:1/EJ '5 6'J, 6#8/'&%/ $3( '6B%6%/61=1 1:$%3#, 40:#2 — U:10'=6#3 " 6#>#34 /#91:. +3( $/4='J 8134>%6'% "18'' 40:#2# 156#>#Q%:, >:1 8/1%": 0:#/:12#3 ' %&4 :/%94%:0( 81$$%/B"#: $1840:'&, 1:Q$%34 "#$/12 8/'$%:0( 6#6(:? 8/1=/#&&'0:12 9#5 $#66EJ $3( 2#R%Q=1 8/1%":#, # 4 =/488E '6L1/&#C'166EJ :%J6131=') 2156'"6%:6%19J1$'&10:? 22%0:' 2 '0813?54%&1% 8/1=/#&&61% 19%08%>%6'%81$$%/B"4 /#91:E /#08/%$%3%66EJ "1$.
168
5,'-'
5./' 010:#23%6'' 08'0"# /#08/10:/#6%6'( 2#& 64B61 1:2%:':?
6# 6%0"13?"1 218/1012. ./'&%6(:? 0:#6$#/:6E) 08'01" '3' 6%:?.10"13?"4 0:#6$#/:'5#C'( 19%08%>'2#%: 0%/?%5647 U"161&'7 2/%Q&%6' 8/' 2E8136%6'' 812:1/(7@'J0( 18%/#C'), # '5$#6'% 40:#2#8/1%":# (23(%:0( '&%661 :#"1) 18%/#C'%), 2E91/ (0%6: 08'01" /#0Q8/10:/#6%6'( $13B%6 9E:? 0:#6$#/:'512#6. +#3%%, >:1 34>R% —4"#5E2#:? 6#52#6'( $13B610:%) '3' '&%6# 01:/4$6'"12? -#" 8/#Q2'31, U:1 5#2'0': 1: "1/81/#:'26EJ 0:#6$#/:12, 1$6#"1 2 /($%1/=#6'5#C') 8/'6(:1 '0813?512#:? 6#52#6'( $13B610:%), 81Q0"13?"4 16' 1:3'>#7:0( 913?R'& 810:1(60:21&.
G#-21' (" 2,<"@', 3 0#(03, >01*+,($-. O%R%6'% $#:? 8/1Q%":4 B'56?, '531B%661% 2 3#"16'>61) L1/&%, &=612%661 9/10#%:0(2 =3#5# 8/' '54>%6'' 40:#2#. A1 >:1 8/'2%31 " :#"1&4 /%543?:#:4,1:67$? 6% 1>%2'$61. O%R%6'% 1 2E8136%6'' 8/1%":# — ':1= 8/1QC%00# 1:91/# 8/1%":12, 10612#661=1 6# '6L1/&#C'', "1:1/#( '531QB%6# 2 0:/#:%='>%0"'J ' :#":'>%0"'J 83#6#J, 6# =1310% "3'%6:#, 6#8/1%":61& 8/%$31B%6'' ' 6# &%:1$#J 1:91/#. I:19E 2 (261) L1/&%4"#5#:? U:1 ' 8/'$#:? 40:#24 0'34, 6%19J1$'&1 $#:? 00E3"' 6# 011:Q2%:0:247@'% $1"4&%6:E.
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
&G5HKLEHDMN&O ]GTMDM 5CHOFTMF08>" '#/02%;03"$%. ./'&%6':%3?61 " "/486E& 8/1%":#& 40Q
:#2 8/'&%6(%:0( 0 6#>#3# L1/?61=1 48/#23%6'( 8/1%":#&', :1%0:? 0 6#>#3# 1950QJ =1$12. .10"13?"4 "/486E% 8/1%":E 81:/%93(Q7: 56#>':%3?6E% 1/=#6'5#C'166E% /%04/0E, "1:1/E% 9%/4:0( '5/#53'>6EJ L46"C'16#3?6EJ =/488, :#"1) 81$J1$ 28136% 18/#2$#6.
169
*,'()%"-'()$ +"#$%&
'()8
.1 :1) B% 8/'>'6% 40:#2 4$19%6 ' 2 1:61R%6'' EJ "/100QL46"QC'16#3?6EJ1 8/1%":12. H$6#"1 $3( $/4='J, 6% "/100QL46"C'16#3?Q6EJ EJ 8/1%":12 '5$#6'% 40:#2# — /%$"10:? ('0"37>%6'%& (2Q3(%:0( 0':4#C'(, "1=$# >3%6E L46"C'16#3?6EJ 81$/#5$%3%6')=%1=/#L'>%0"' /#00/%$1:1>%6E, >:1 034>#%:0( 20% >#@%). ./'&%/'0813?512#6'( 40:#2# 8/1%":# 2 /#91:% "1/81/#C') 8/%$0:#23%6 212/%5"% «A%19J1$'&10:? 40:#2#».
D),+4 '#/02%;03"('4. P0:#2 8/1%":# — U:1 6% 913%% >%& 48#"1Q2#66#( '6L1/&#C'(, "1:1/#( 8134>%6# 2 J1$% 8/%$R%0:247@'J18%/#C'), 6#8/'&%/ 0:/#:%='>%0"1=1 83#6'/12#6'(, 8/1C%00# 1:Q91/# 8/1%":12 ' 6#56#>%6'( >3%612 "1$E. -#" 03%$0:2'%, 6%Q913?R1) 18E:61) "1$% $3( /#5/#91:"' 40:#2# J2#:': 30—60&'64:. ./' 42%3'>%6'' 19W%&# ' 031B610:' 8/1%":#, # 56#>':, '/#5&%/# 0:#21" 6# 015$#6'% 40:#2#, 81 20%) 2%/1(:610:', 816#$1Q9':0( 913?R% 2/%&%6'.
D-80>-. ./1%":E >#0:1 :/%947: :#"'J 1/=#6'5#C'166EJ &%Q/18/'(:'), "1:1/E% 2EJ1$(: 5# L46"C'16#3?6E% =/#6'CE. .1Q0"13?"4 8/' 81$1961& "/100QL46"C'16#3?61& 81$J1$% /4"121$':%Q
1 +1213?61 4$#>6E) :%/&'6. N /400"1(5E>61) 3':%/#:4/% 2 :#"'J 034>#(J8/'&%6(%:0( :%/&'6 <,3$3J/,27'3,.4D,-%, "1:1/E) 2 &%6?R%) 0:%8%6'1:/#B#%: 04@%0:21 $#661=1 :'8# 8/1%":12. — ;#'<. #"1.
F?78Y7:=>761H B61;E;M,8 -+$F ,) 3%"$4."- (/&$( /+.'-? >$#/:$< 4"03'()) 3" 3%");-"#+.-/
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
170
5,'-'
53' «23#$%7:» /%04/0#&', 40:#2 8/%$0:#23(%: 0191) 4$196E) 0810198/%$8'0#:? L46"C'16#3?6E& =/488#& 2E$%3':? 6%19J1$'&E% /%Q04/0E &%6%$B%/4 8/1%":#. I:19E 4"#5#:? U:1 2 (261) L1/&%, 21 &61Q='J "1&8#6'(J 8/'6(:# 8/#":'"# 8%/%>'03%6'( L46"C'16#3?6EJ=/488 ('3' 'J /4"121$':%3%)), "1:1/E% $13B6E 8/%$10:#2':? /%04/Q0E, ' '&%6 >3%612 8/1%":61) "1$E. *#"'& 19/#51& L#":'>%0"'18/%$%3(7:0( "16"/%:6E% /%04/0E, 'J "13'>%0:21 ' $3':%3?610:?'0813?512#6'( 2 8/1%":%, # :#"B% 3'C#, 1:2%:0:2%66E% 5# 'J 8/%$10Q:#23%6'%. P0:#2 6% :13?"1 81$:2%/B$#%: 3%=#3?610:? 8/1%":# 2 1/=#Q6'5#C'', 61 :#"B% 81&1=#%: 8/%$0:#2':? 8/1%":, 19W(2'2 1 %=1 6#>#Q3% ' C%3(J ' 1L'C'#3?61 8%/%$#2 9/#5$E 8/#23%6'( &%6%$B%/4.
5),'+*@,#$3" ' (,>0#$"$1'. P0:#2 8/1%":# J#/#":%/'54%:0(03%$47@'&' 8/%'&4@%0:2#&':
• :*,3*+D. S4$4>', "#" 8/#2'31, 3#"16'>6E&, 40:#2 >%:"1 L'"Q0'/4%: 106126E% 8131B%6'( 8/1%":# ' 8/%$8'0E2#%: 2E813Q6%6'% %=1 &'00'';
• 9#3*+3+.. P0:#2 #"C%6:'/4%: 26''% 6# 6%913?R1& "13'Q>%0:2% 106126EJ U3%&%6:12 &'00'', 10:#23(( 5# "#$/1& $%:#Q3' ' 8/%$1:2/#@#( «/#5&E2#6'%» 01$%/B#6'(.
H061261) 6%$10:#:1" 40:#2# 8/1%":#:• )3(<3C,3*+D ,")"#,3$3 '*934D(3).,':. ,E 6% J1:'& 2153#Q=#:? 2'64 5# $#66E) 6%$10:#:1" 6# 0#&4 '$%7 40:#2#; 0"1/%%U:1 03%$0:2'% :1=1, >:1 40:#2 9#5'/4%:0( 6# '6L1/&#C'', 01Q$%/B#@%) «1C%6"' 81/($"# 2%3'>'6E». -16"/%:'5#C'( &'0Q0'', 8/%$%3?6EJ 0/1"12 ' 6%19J1$'&EJ /%04/012 :/%94%: 56#Q>':%3?6EJ 40'3') 81 83#6'/12#6'7. .1 04@%0:24, :#" 161 '$%3#%:0( 2 913?R'J 8/1%":#J, =$% $%:#3?61% 8/%$31B%6'%, 9'5Q6%0Q83#6 '3' '54>%6'% 104@%0:2'&10:' 8/%$R%0:247: 40:#24' (23(7:0( 40312'%& $3( %=1 6#8'0#6'(. H$6#"1 40:#2E $3(EJ 8/1%":12 3'R%6E 0:13? 0"/4843%561=1 83#6'/12#6'(.H6', 6#8/1:'2, 10612#6E 6# 1>%6? =/49EJ 1C%6"#J /%04/012,"1:1/E% 19E>61 6#5E2#7:0( «1C%6"#&' 81/($"# 2%3'>'6E» ',"#" 03%$0:2'%, 6%:1>6E ' 81$2%/B%6E 1R'9"#&, # 81:1&4 ' 6%8/'6':0( 20%/?%5, >:1 81$2%/=#%: /'0"4 8/1%":E, "1:1/E&16' $#7: B'56?.
!@7E?@C; B61;E; !@7?C1;LC$#).$+9, 7." -1 %';%'C".',) ('#,$&':)< /+.'- 3%"$4.'. Q.". /+.'-
#",&$(:• "+("-1.9+8 (' )+F"#("< )(H"%0'2)), -;8."< ); +.%'.$6)7$+4)F ),).'4.)7$+4)F 3,'("-, (' 6","+$ ;'4';7)4', 3%"$4.("0 3%$#,"&$()) )3%"2$++$ ".C"%' 3%"$4."-;
• -4,K7'.9 - +$C8 -+$ E,$0$(.1, "3%$#$,8$01$ H"%0'."0 /+.'-';• "C$+3$7)-'.9 +"6,'+"-'(("+.9 E,$0$(."-.
171
*,'()%"-'()$ +"#$%&
'()8
D")'".''. ./#":'"# 81"#5E2#%:, >:1 04@%0:24%: 1=/1&61% &61QB%0:21 08101912 ' 67#6012 '0813?512#6'( :#"1=1 '60:/4&%6:#, "#"40:#2 8/1%":#, 2"37>#( 6#52#6'% (6#8/'&%/, «42%$1&3%6'% 19 #2:1Q/'5#C'' 8/1%":#» '3' «0%/:'L'"#: /1B$%6'( 8/1%":#»), 01$%/B#6'%,40:1(2R')0( 81/($1" 8/'&%6%6'( ' 0:%8%6? L1/'5#C''. N1 20%J034>#(J 40:#2 8/'52#6 8131B':? 6#>#31 04@%0:212#6'7 8/1%":#.I:1 "#0#%:0( 01$%/B#6'( 40:#2#, '61=$# 2 6%=1 2"37>#%:0( '6L1/Q&#C'( 1 97$B%:% ' /#08'0#6'' $3( 106126EJ "16:/13?6EJ 019E:'),"#" 81"#5#61 6# /'0. 5.2. N 034>#% EJ 8/1%":12 $10:#:1>61 19W(Q2':? 1 C%3' 8/1%":#, 6#>#3% /#91:E 6#$ 6'& ' 010:#2% "1$E.H9E>61 40:#2 2E840"#%:0( 1$'6 /#5 2 :%>%6'% B'56' 8/1%":#.
H$6#"1 2 6%"1:1/EJ 1/=#6'5#C'(J C%3%0119/#561 '5$#:? 8/%$2#/'Q:%3?6E) 40:#2. *#"1) 40:#2 #2:1/'54%: 2E$%3%6'% /%04/012 6# 0:#Q$'7 83#6'/12#6'( 8/1%":#; "1=$# B% 83#6'/12#6'% 5#2%/R%61 '81$/196#( '6L1/&#C'( 1 /%04/06EJ ' '6EJ :/%912#6'(J 0:#612':Q0( $10:4861), 010:#23(%:0( ' /#08/10:/#6(%:0( 612#(, 1"16>#:%3?Q6#( 2%/0'(. -#" 8/#2'31, 8/%$2#/':%3?6E) 40:#2 &#"0'?61L1/'512#6, >:1 42%3'>'2#%: %=1 #2:1/'547@47 0'34. A#8/1Q:'2, 40:#2E 2 «18%/#:'26EJ» ' /#08/%$%3%66EJ 8/1%":6EJ 0/%$#J>#0:1 021$(:0( " 19E>6E& 0119@%6'(& 81 U3%":/1661) 81>:%.
M>"/$".'4 *#$"3" /)0,1$". P0:#2E &1=4: '&%:? /#53'>6E% /#5Q&%/E ' L1/&E. -#"1) 34>R% 20%=1 81$J1$': 2#&? O#00&1:/':% 8/'Q&%/, 8/%$0:#23%66E) 6# /'0. 5.2, ' #$#8:'/4):% %=1 " 021'& 8/1%":Q6E& 64B$#&. A'B% 8/'21$(:0( 6%"1:1/E% 081019E :#"1) #$#8:#C''.
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 /+.'- - 4%/3(1F 4%"++J)+3",9;"-'()8 H/(42)"(',9(1F 3%"$4.'F. B3%$#$,).9, 7."
8-,8$.+8 4%/3(10 3%"$4."0;— (';('7'.9 4/%'."%' .",94" - 3%"$4.1,)0$K:)$ 4"%3"%'.)-(1< 3%)"%).$.;
— -4,K7).9 - /+.'- "+("-(1$ 4"(.%",9(1$+"C1.)8 ) 6%/C/K "2$(4/ 7'+"- %'C".1%$+/%+"-;
— %'++0".%$.9 /+.'- (' +"-$:'()) 3" ;'3/+4/3%"$4.'
M"C'-,$()$ ".,)7).$,9("< M"C'-).9 )(H"%0'2)K "C "+("-(1F %)+4'F )"+"C$(("+.) +3"+"C'F %$'6)%"-'()8 (' ()F ("+"C$(("
3",$;(" 3%)0$().$,9(" 4 -1+"4".$F(","6)7(103%"$4.'0)
@"#)H)4'2)8 4"(4%$.("< >0$+." "2$("4 %$+/%+"- +"7$.'.9F'%'4.$%)+.)4) 3%"0$&/."7(1$ %$;/,9.'.1 + 4"(.%",9(10)
+"C1.)80) ("+"C$((" 3",$;(" 3%)0$().$,9("4 -1+"4".$F(","6)7(10 3%"$4.'0)
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
172
5,'-'
5COEUPON 6#0:1(@%& /#5$%3% 9E3 /#00&1:/%6 40:#2 — '60:/4&%6: L1/Q
?61) #2:1/'5#C'' 8/1%":#. K:1: '60:/4&%6:, 94$4>' 8/'&%6%6" 913?R1&4 '3' &4 "/100QL46"C'16#3?61&4 8/1%":4, 8/%$Q0:#23(%: 0191) 8/#":'>6E) ' 4$196E) 081019 8/1'6L1/&'/12#:?L46"C'16#3?6E% =/488E 1 :1&, >:1 16' $13B6E 8/%$10:#2':? &%Q6%$B%/4 8/1%":# 18/%$%3%66E% /%04/0E. P0:#2 6% :13?"1 81$:2%/QB$#%: 3%=#3?610:? 8/1%":# 2 1/=#6'5#C'', 61 :#"B% 81&1=#%: 8/%$Q0:#2':? 8/1%":, 19W(2'2 1 %=1 6#>#3% ' C%3(J ' 1L'C'#3?61 8%/%$#29/#5$E 8/#23%6'( &%6%$B%/4.
SWOT\;F;A=R !@7?C1;
<17 1;C7? SWOT\;F;A=R !@7?C1;?SWOTQ#6#3'5 — /#0R'/%66#( 2%/0'( "3#00'>%0"1=1 #6#3'5#
«0'3?6E% 0:1/16E, 03#9E% 0:1/16E, 93#=18/'(:6E% 215&1B610:',4=/15E» 6# 4/126% 8/1%":# (6% 6# 4/126% "1&8#6''). M%3? %=1 8/1Q2%$%6'( —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
!@7E?:?F=? SWOT\;F;A=R; !@7?C1;G:0) '#B0>(0= '(J0)+".''. +3( :1=1 >:19E SWOTQ#6#3'5
0 0#&1=1 6#>#3# 25(3 J1/1R') 0:#/:, 6%19J1$'&1 6#3'>'% 03%$47Q@%) "37>%21) '6L1/&#C'':
• 40:#2 8/1%":# ' 1940312'2R'% %=1 $1"4&%6:E;• =1310 5#"#5>'"#.N :1 2/%&( "#" 40:#2 0119@#%: 1 =/#6'C#J 8/1%":#, 3%B#@#( 2 %=1
10612% $1"4&%6:#C'( (0:/#:%='>%0"'% ' :#":'>%0"'% 83#6E, "/':%Q
173
*,'()%"-'()$ +"#$%&
'()8
/'' ' 8/1C%00 1:91/# 8/1%":12, 8/1%":61% 8/%$31B%6'%) 81&1=#%:18/%$%3':? 1"/4B%6'%, 2 "1:1/1& 9E3' 40:#6123%6E U:' =/#6'CE.N#B610:? =1310# "3'%6:# 0:13? 94$%: /#00&1:/%6# 6#&' 6# 03%$47Q@%& R#=%.
H/),>,2,(', $),:03"('= ;"1";9'1". ./1%":E 2E8136(7:0($3( :1=1, >:19E 81&1>? 5#"#5>'"#& 4$123%:21/':? :/%912#6'( 81>#0:' 015$#6'( 8/1$4":# '3' 4034=' $3( 'J 81:/%9':%3%). -#" 03%$Q0:2'%, 8/1C%00 2108/'(:'( =1310# 5#"#5>'"# /#5/#91:#6 $3( :1=1,>:19E 8/%$10:#2':? &%6%$B%/4 '6L1/&#C'7 1 64B$#J "3'%6:# (0&.=3#24 4). ./' SWOTQ#6#3'5% "13'>%0:21 :/%912#6') $13B61 9E:?1=/#6'>%61 :13?"1 6#'913%% 2#B6E&' — :%&', "1:1/E% &1=4: 08#0Q:' '3' 8/12#3':? 8/1%":. N 6#R%& 8/'&%/% (0&. /'0. 5.3) 5#"#5>'"(061 $#3 816(:?, >:1 2/%&( 2EJ1$# 6# /E61" (23(%:0( $3( 6%=11>%6? 2#B6E& 8#/#&%:/1&, ' 81:/%912#3, >:19E 0/1" 2E8136%6'($#661=1 8/1%":# 9E3 01"/#@%6 6# 30% 81 0/#26%6'7 0 19E>6E&
C'#. 5.3. ./'&%/ SWOTQ#6#3'5# 8/1%":#
174
5,'-'
5$3( 8/1%":12 :#"1=1 :'8#. K:1 0%/?%56#( 8/193%&# $3( "1&8#6'' '"1$E, '&%7@%) 1=/#6'>%66E) 18E: /%#3'5#C'' 8/1%":12 /#5Q/#91:"' 6121=1 8/1$4":# 2 /%B'&% 9E0:/1=1 8/1J1$#. .10"13?"4/4"121$0:21 /#00&#:/'2#%: 8/1%": "#" 215&1B610:? 2EJ1$# "1&8#Q6'' 6# 612E) /E61" "/#:"10/1>6EJ "16:/#":12, 6%19J1$'&1, >:1Q9E 16 42%6>#30( 408%J1&. A1 >:1 $3( U:1=1 :/%94%:0(? H:2%: 5#"37Q>#%:0( 2 "/':'>%0"'J L#":1/#J 408%J#.
D-:0) 1)'$'9,#1'B J"1$0)03 *#/,B". .1 021%) 04:' "/':'Q>%0"'% L#":1/E 408%J# — U:1 193#0:', 2 "1:1/EJ "1&8#6'( $13B6#$%)0:212#:? ULL%":'261, >:19E 8/1%": 9E3 408%R6E& [11]. *#"'%193#0:' 0810196E 8/'6#$3%B#:? $24& /#53'>6E& 8/10:/#60:2#&..%/21% — 8/10:/#60:21 215&1B610:%) 8/1%":#, 2"37>#7@%% 2 0%9(20%, >:1 '&%%: 1:61R%6'% " %=1 264:/%66%&4 &'/4. N:1/1% 8/1Q0:/#60:21 010:1': '5 20%=1, >:1 02(5#61 0 8/1%":1&, ' 19E>61 6#5EQ2#%:0( 1"/4B%6'%& 8/1%":# (0&. 2/%5"4 «D/16'( 04$?9E: $#B% 8/1Q$#2%C 0#3#:Q3#:4"# &1B%: 0:#:? "/':'>%0"'& L#":1/1& 408%J#»).-#"'% '&%661 193#0:' '5 U:'J $24J 8/10:/#60:2 0:#64: "/':'Q
>%0"'&' L#":1/#&' 408%J#, 18/%$%3(%:0( =3#26E& 19/#51& :/%91Q2#6'(&' "3'%6:# —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
=66A?:7E;F=? 7C@BO?F=G F; !@?:>?1 E7R>7OF9YC@=1=<?6C=Y W;C17@7E B6!?Y; = @;R@9E7E=)&$ 3%)-"#).+8 4%'.4)< 4"(.%",9(1< +3)+"4 "C:$6" F'%'4.$%', - 4"J
."%"0 3$%$7)+,$(1 "C,'+.) -";0"&("6" ('F"&#$()8 4%).)7$+4)F H'4."%"-/+3$F' ) +-8;'((1F + ()0) +.%'.$6)7$+4)F %';%1-"- [1, 3]:
• '42)"($%1; • 4%$#)."%1;• 4,)$(.1 (;'4';7)4), 3".%$C).$,)); • 3"+.'-:)4)/3%"#'-21;• 3%'-).$,9+.-'; • 3%"H+"K;1;• 4"(4/%$(.1; • 0$+.(1$ +""C:$+.-'• "C:$+.-$(("$ 0($()$;
175
*,'()%"-'()$ +"#$%&
'()8
.#/#33%3?6E) '6B'6'/'6= — U:1 012&%@%6'% 18%/#C') 8/1%"Q:# 0 C%3?7 40"1/%6'( %=1 2E8136%6'( [12, 13]. -/#%4=13?6E)"#&%6? 8#/#33%3?61=1 '6B'6'/'6=# — 25#'&61Q19/#:6E% 5#2'0'Q&10:' &%B$4 18%/#C'(&' [14], 19&%6'2#7@'&'0( 6%81361) '6QL1/&#C'%) [2], >:1 $%3#%: 'J 2E8136%6'% 913%% 031B6E&, 61 ' 91Q3%% 9E0:/E&. N 034>#% 015$#6'( 612EJ 8/1$4":12 :#"1) 19&%60:#612':0( 913%% ULL%":'26E&, %03' 104@%0:23(%:0( 810/%$0:21&8/1=/#&&61=1 19%08%>%6'( $3( /#08/%$%3%661=1 8/1%":'/12#6'(,2 2%$%6'' "1:1/1=1 6#J1$(:0( /%04/0E (2 $10:#:1>61& "13'>%0:2% '6#$3%B#@%=1 "#>%0:2#). SE0:/#( /#5/#91:"# 8/1$4":12 :#"B% :/%Q94%: L1/&'/12#6'( 81$2'B6EJ "/100QL46"C'16#3?6EJ "1$,"1:1/E% $13B6E 23#$%:? 6#2E"#&' &%B3'>610:61=1 19@%6'(, 81Q5213(7@'&' 08/#23(:?0( 0 "16L3'":#&', 4&%:? 2%0:' 8%/%=121/E,6%19J1$'&10:? 2 "1:1/EJ 6%'59%B61 2156'"#%: 8/' 2E8136%6''8/1%":12 2 /%B'&% 9E0:/1=1 8/1J1$#, ' /#91:#:? 0 6%81361) '6L1/Q&#C'%) [15]. N $12%/R%6'% "1 20%&4 "#3%6$#/61% 83#6'/12#6'% :#Q"1=1 8/1%":# 6%&E03'&1 9%5 4&%6'( /#5/%R#:? "/':'>%0"'% 0':4#QC'', "1:1/E% &1=4: 010:#23(:? 30—40% 20%J 18%/#C') 8/1%":#,' 20% U:1 — 8/' 6%19J1$'&10:' 5#2%/R%6'( 8/1%":# 2 8/%$%3?610B#:E% 0/1"'. D6#>% =121/(, 6%19J1$'&1 20%0:1/166%% 56#6'% 20%J010:#23(7@'J "#B$1=1 "/':'>%0"1=1 L#":1/# 408%J#.O#00&1:/%2 8/10:/#60:21 215&1B610:%) 8/1%":#, 0612# 19/#Q
:'&0( " :/%912#6'(& 5#"#5>'"#. N "#"'J 193#0:(J 1"/4B%6'( 8/1Q%":# 64B61 $%)0:212#:? 408%R61, >:19E 2E8136':? '3' 8/%251):':#"'% :/%912#6'(? N#& &1B%: 816#$19':?0( 2"37>':? 2 "1$481 /#5/#91:"% 6121=1 8/1$4":# 810:#2@'"# 8%/21=1 4/126( — U:1
=@7F=G 6B:H89: :;O? !@7:;E?Q 6;A;1\A;1BC; >7O?161;1H C@=1=<?6C=> W;C17@7> B6!?Y;=$"CF"#)0" /7).1-'.9 -;')0"".("?$()8 -'?$6" C);($+' + 0$+.(10)
+""C:$+.-'0). > SWOTJ'(',);$ ($4"$6" 3%"$4.' 3$%$("+' 3%");-"#+.-$(J("< .$F(","6)) ); V-%"31 - "#(/ ); +%$#($';)'.+4)F +.%'(, -13",(8-?$6"J+8 - %$&)0$ C1+.%"6" 3%"F"#', E." ($ %'++0'.%)-',"+9 - 4'7$+.-$ 4%).)7$J+4"6" H'4."%'. B#('4" +%';/ 3"+,$ ('7',' 3%"$4.' 0$($#&$%/ +" +."%"(13"#%8#7)4' 3";-"(), 3%"#'-$2 ) ;'8-),, 7." -+$ #"%"6), -$#/:)$ 4 $6""H)+/, C,"4)%"-'(1 6%/33'0) 3%".$+./K:)F ,K#$<, - %$;/,9.'.$ 7$6" -'&J("$ 4"039K.$%("$ "C"%/#"-'()$ ($ 0"6," C1.9 3"+.'-,$(". *%"-$%4' 3"#J.-$%#),', 7." .'4'8 +)./'2)8 #$<+.-).$,9(" )0$$. 0$+.". *%".$+."-',)0$+.(1$ H$%0$%1, -1%':)-'-?)$ +','.J,'./4 ) ($#"-",9(1$ .$0, 7." )("J+.%'((1< 3"#%8#7)4 3"4/3'$. E.". 3%"#/4. - V-%"3$, ' ($ / ()F. B+'#' 3%)0",7',)-"< 3"##$%&4$ 0$+.(1F -,'+.$< 3%"#",&','+9 /&$ ($+4",94"#($<, 3"+.'-4) ;'#$%&)-',)+9, 6%";8 +%1-"0 %'+3)+'()8. > 4"(2$ 4"(2"-,0$($#&$% 3"(8, +-"K "?)C4/: "( ($ 3%$#3",'6',, 7." 0$+.(1$ +""C:$+.-'+0"6/. +$%9$;(" 3"-,)8.9 (' 3%"$4.. =' 3%'4.)4$ &$ "4';',"+9, 7." )0$((""() 8-),)+9 4%).)7$+4)0 H'4."%"0, ) 0$($#&$% C1, -1(/&#$( 3"4/3'.9+','.J,'./4 / 0$+.(1F 3%");-"#).$,$< [4].
176
5,'-'
58/12%/%66E) 081019 40"1/%6'( 8/1%":# [16]. O#54&%%:0(, 26%R6'J"/':'>%0"'J L#":1/12 04@%0:24%: &61B%0:21, 1$6#"1 "16:Q/13?6E) 08'01", 8/'2%$%66E) 21 2/%5"% «D003%$12#6'% 1"/4B%6'(6# 8/%$&%: 215&1B6EJ "/':'>%0"'J L#":1/12 408%J# ' /#5/E212»,81$0"#B%: 2#&, =$% 'J 03%$4%: '0"#:?.X0:? 9%5=/#6'>61% "13'>%0:21 215&1B610:%), 1$6#"1 1:&%:?:%,
>:1 L#":1/E, 1:610(@'%0( " 1"/4B%6'7, 8/%$0:#23(7: 913?R%8/193%&, '91, 2 1:3'>'% 1: 81:%6C'#3# 8/1%":#, (23(7:0( 26%RQ6'&' 81 1:61R%6'7 " 6%&4 ' 81:1&4 J4B% 81$$#7:0( "16:/137../12%$':% 01 021%) "1$1) &15=121) R:4/& ' 2E$%3':% 81 10 19Q3#0:%) — 26%R6'J ' 264:/%66'J — '5 "#B$1=1 8/10:/#60:2#. ./1Q/#6B'/4):% 'J ' 0"16C%6:/'/4):% 26''% 6# 6%913?R1& "13'Q>%0:2% 0:/#:%='>%0"' 56#>'&EJ 193#0:%). X03' 2E(23%61 03'R"1&&61=1 193#0:%), &1B%: 6#0:48':? '6L1/&#C'166#( 8%/%=/45"#.P>:':%: '$%6:'L'"#C'( "/':'>%0"'J L#":1/12 408%J# 9%5 816'&#Q6'( 'J 106126EJ "1&816%6:12, 'J $'6#&'"' ' 25#'&1$%)0:2') 9%0Q813%56#.
&;+,),(', )";)-3031. <3%$47@'& R#=1& 8103% 18/%$%3%6'("/':'>%0"'J L#":1/12 $13B61 0:#:? '5&%/%6'% /#5/E212. O#5/E2—U:1 /#53'>'% &%B$4 '$%#3?6E& ' L#":'>%0"'& 56#>%6'(&' L#":1Q/#. D$%#3?61&4 L#":1/4 408%J# «9E0:/#( /#5/#91:"# 8/1$4":#»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
R"#3#. N 5#2'0'&10:' 1: B%3#%&1) 0:/1=10:' #6#3'5# ' "13'>%Q0:2# 1:2%$%661=1 6# 6%=1 2/%&%6' $1840:'&1 2E9/#:? 1$'6 '5 6%Q0"13?"'J 2#/'#6:12. A#8/'&%/, 2 034>#% 6%913?R'J ' 6%031B6EJ8/1%":12 4$196# 8/10:#( ' 816(:6#( R"#3# «E) — 0/%$6') —913?R1) /#5/E2». N 6%"1:1/EJ 1/=#6'5#C'(J /#5/E2E "3#00'L'QC'/47: 81 56#>'&10:', '61=$# '0813?54( C2%:121% 8/%$0:#23%6'%:5%3%6E) — «6% 0:1': 19/#@#:? 26''(», B%3:E) — «10:1/1B61»,"/#06E) — «18#0610:?». M2%:12E% 19156#>%6'( 815213(7: &1&%6Q
1 N /400"1(5E>61) 3':%/#:4/% :#"1) 8/1C%00 6#5E2#7: &16':1/'6=1& 1:Q"316%6') 1: C%3%) 8/1%":#. ./'>%& U:1 &1B%: 9E:? "#" 8/1C%00 83#6'/1Q2#6'(, :#" ' 8/1C%00 '08136%6'( 8/1%":#. — ;#'<. #"1.
177
*,'()%"-'()$ +"#$%&
'()8
:#3?61 19156#>':? "3#00 :1=1 '3' '61=1 /#5/E2#. -#" 03%$0:2'%,'5&%/%6'% /#5/E212 2E8136(%:0( 3%="1 ' 5#2'0': :13?"1 1: 18%/#Q:'261=1 $10:'B%6'( =/488121=1 "160%6040#.N 8/1:'218131B610:? U:1&4 '0813?512#6'% R"#3E 0 4/126(&'
1: 10 ('$%#3?6E) /%543?:#: 6# /'0. 5.3) $1 1 (1>%6? 831J1) /%543?Q:#:) 815213(%: '5&%/':? /#5/E2 913%% :1>61. -#" 0 81&1@?7 :#"1)R"#3E '$%6:'L'C'/12#:? /#5/E2? H$'6 '5 08101912 — 8/'021':?"#B$1&4 4/1267 0312%06E% 18'0#6'(. F#:%&, 8103% 19@%=1 1904BQ$%6'(, "#B$E) >3%6 "1$E 1C%6'2#%: L#":'>%0"1% 010:1(6'%$#661) 010:#23(7@%). .103% U:1=1 1C%6"' 1:$%3?6EJ 4>#0:6'"12&1=4: 9E:? 40/%$6%6E $3( 8134>%6'( 1"16>#:%3?61=1 :%"4@%=156#>%6'( $#661) 010:#23(7@%) $#661=1 L#":1/#. ./%$8131B'2,>:1 20% 010:#23(7@'% '&%7: /#2647 2#B610:?, 84:%& 40/%$6%6'('J 56#>%6') 8134>#7: 1"16>#:%3?61% 56#>%6'% $#661=1 L#":1/#.A#8/'&%/, L#":'>%0"1% 56#>%6'% L#":1/# «9E0:/#( /#5/#91:"#8/1%":#» (0&. /'0. 5.3) /#261 >%:E/%&. </#26%6'% :%"4@%=1 56#>%Q6'( L#":1/# 0 '$%#3?6E& 81"#5E2#%: 2%3'>'64 /#5/E2#, 2 6#R%&034>#% — R%0:?. N 031B6EJ 0':4#C'(J "1$# &1B%: '0813?51Q2#:? #6#3':'>%0"') '%/#/J'>%0"') 8/1C%00 (AHP, 0&. =3#24 2) $3(/#6B'/12#6'( "/':'>%0"'J L#":1/12 408%J#, 40:#6123%6'( 'J 1:Q610':%3?6EJ 2%012, 2E91/# :/%J 2#B6%)R'J ' '5&%/%6'( /#5/E21281 6'&. N6% 5#2'0'&10:' 1: :1=1, "#"1) &%:1$ 2E 8/'&%6(%:%,'&%):% 2 2'$4, >:1 '5&%/%6'% /#5/E2# 10612#61 6# 049W%":'26EJ04B$%6'(J, # 6% :1>6EJ $#66EJ.S13?R1) /#5/E2 2 8/10:/#60:2% 264:/%66'J 215&1B610:%) 8/1Q
%":# — %=1 1>%2'$6#( 03#9#( 0:1/16#, 2 :1 2/%&( "#" E) /#5Q/E2— 0'3?6#( 0:1/16#. !6#31='>61 E) /#5/E2 2 8/10:/#60:2%1"/4B%6'( 8/1%":# /#0C%6'2#%:0( "#" 93#=18/'(:6#( 215&1BQ610:?, # 913?R1) /#5/E2 8/%$0:#23(%: 0191) 4=/154. N5=3($ 6# /#5Q/E2E "#" 6# 81:%6C'#3?6E% '0:1>6'"' 18#0610:' $3( 8/1%":# 81Q5213': $16%0:' U:4 '$%7 $1 "4/#:1/#, /4"121$':%3%) ' $/4='J5#'6:%/%012#66EJ 0:1/16, "1:1/E&, 9E:? &1B%:, 8/'2E>%6 913%%:/#$'C'166E) SWOTQ#6#3'5, 61 "1:1/E% 0810196E 2E$%3':? 2#&:% /%04/0E, "1:1/E% 6%19J1$'&E $3( /%#='/12#6'( 6# /#5/E2.
5)'(4$', ),6,('4 0 #/0#0:, ),"8')03"('4 (" )";)-3-.D$%6:'L'"#C'( /#5/E212 8/'21$': 2#0 " 03%$47@%) 8/193%&% —>:1 0 6'&' $%3#:?? F$%0? %0:? :/' 2#/'#6:#: 10:#2':? "#" %0:?,4&%6?R':? /#5/E2, 40:/#6':? /#5/E2 [17].-#" 81"#5#61 6# /'0. 5.4, "1=$# 8/1%": '&%%: 6%913?R'% /#5/EQ
2E 2 "/':'>%0"'J L#":1/#J 408%J# 2 191'J 8/10:/#60:2#J '3' 6%'&%%: 'J 2120% (3%2E) 2%/J6') 4=13), 6#'34>R'& 2E91/1& 94$%:8%/2E) 2#/'#6: — 10:#2':? 20% "#" %0:?.
178
5,'-'
5
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
"1) 0':4#C'' 1:04:0:2'% /%#='/12#6'( 08101961 8/'2%0:' " 6%2EQ8136%6'7 C%3' /4"121$0:2#, 3'R'2 "1&8#6'7 215&1B610:' 2EJ1$#6# 612E) /E61" "/#:"10/1>6EJ "16:/#":12, >:1 19%/6%:0( 06'B%Q
C'#. 5.4. SWOTQ#6#3'5 8/1%":# ' 0:/#:%='' /%#='/12#6'(6# /#5/E2E
179
*,'()%"-'()$ +"#$%&
'()8
6'%& 1B'$#%&EJ 8/1$#B ' 81:%/%) 8/'9E3'. ./'6'&#( 21 26'&#Q6'% 0:/#:%='>%0"1% 56#>%6'% $#661) 0':4#C'' ' %% 18/%$%3(7@%%23'(6'% 6# 8/'610'&47 8/'9E3?, /4"121$0:21 813#=#%:, >:1 /#5/E26%19J1$'&1 40:/#6':?. X03' 9E U:1 034>'310? 2 40312'(J 6%$10:#:"#/%04/012, /#5/E2, 2%/1(:61, 8/'R310? 9E 10:#2':? "#" %0:?.H$6#"1 8134>%6'% /%04/06EJ 23'2#6') — 6% 0#&1% 8/10:1% $%31
2 012/%&%66EJ L'/&#J, =$% /#53'>6E% 8/1%":E B%0:1"1 "16"4/'/4Q7: $/4= 0 $/4=1& 5# "401" «/%04/061=1 8'/1=#». N#& 8/'$%:0( J1/1R181$=1:12':?0(, 1910612#:? 021% &6%6'% 1 6%$10:#:1>610:' /%04/012' 0%/?%561 91/1:?0( 5# 'J 8134>%6'%. -#" :13?"1 /%04/0E 81(2(:0(,03%$4%: /#5/#91:#:? 83#6 4&%6?R%6'( /#5/E2#. A# /'0. 5.4 81"#5#Q61, >:1 2 0':4#C'', "1=$# 8/1%": 1:(=1@%6 56#>':%3?6E&' /#5/E2#Q&' 2 191'J 8/10:/#60:2#J (8/#2E) 6'B6') 4=13), C%3%0119/#561 1=Q/#6'>':?0( 56#>':%3?6E& 01"/#@%6'%& /#5/E2#, '91 81361% %=140:/#6%6'% &1B%: 1"#5#:?0( 03'R"1& 8/193%&#:'>6E&.
H/),>,2,(', 10(1),$(-B >,=#$3'= /0 ),"8')03"('A (" )";?)-3. P&%6?R%6'% ' 40:/#6%6'% —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
&G5HKLEHDMN&O SWOT?MNMK&EM 5CHOFTMF08>" '#/02%;03"$%. O#5/#91:"# 5$/#21) 0:/#:%='' 2E8136%6'(
8/1%":# ĸ%/1(:6# 9%5 "/':'>%0"1) 1C%6"' %=1 264:/%66'J 215Q&1B610:%) ' 1"/4B%6'( — 26% 5#2'0'&10:' 1: :1=1, 913?R1) U:18/1%": '3' E). -/486E% 8/1%":E, 2 "1:1/E%, "#" 8/#2'31, 2E$%Q3(%:0( 913?R% /%04/012, >%& 2 E%, $13B6E 0:/%&':?0(" 20%0:1/166%&4, 0'0:%&#:'>%0"1&4 ' L1/?61&4 SWOTQ#6#3'54,
180
5,'-'
5"1:1/E) 8/%$R%0:24%: $%:#3?61&4 18'0#6'7 01$%/B#6'(. +1 6#Q0:483%6'( U:1=1 &1&%6:# 913?R'% 8/1%":E $13B6E 5#$%)0:212#:?U:1: #6#3'5 8/' /#52':'' '$%', /#54&%%:0( 2 6%L1/?61& 2'$%.*#"1) B% 6%L1/?6E) 81$J1$ " #6#3'54 813%5%6 ' $3( EJ 8/1Q%":12. D5Q5# 6%J2#:"' 2/%&%6' 6# $%:#3'5#C'7 &%6%$B%/E EJ8/1%":12 $13B6E 8/%2/#:':? #6#3'5 2 >#0:? &E03':%3?61=1 8/1C%0Q0#, 810:1(661 '54>#( 215&1B610:' ' 1"/4B%6'% 021%=1 8/1%":#. A%03%$4%: 9%081"1':?0( 1 :1&, >:1 2#R #6#3'5 6% 5#8'0E2#%:0( — 16 6%19(5#6 '&%:? 8'0?&%6647 L1/&4 (0&. 2/%5"4 «N#& J2#:': 10 &'64:»).
D),+4 '#/02%;03"('4. A%L1/?6E) SWOTQ#6#3'5 =18/1%":#, 2E8136(%&E) "2#3'L'C'/12#661) "1$1), 5#6'&#%:1: 10 $1 15 &'64:, 61 L1/?6E) $%:#3?6E) #6#3'5 913?R1=1 8/1Q%":# &1B%: 81:/%912#:? &61='J >#012 — :#"B% 8/' "2#3'L'C'/1Q2#661) "1$%. A%4$'2':%3?61, >:1 0 /10:1& /#5&%/#, 031B610:'' >'03%6610:' "1$E 8/1%":# 42%3'>'2#%:0( ' 2/%&( 2E8136%Q6'( %=1 SWOTQ#6#3'5#.
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— 193#0:? 8/'&%6%6'( SWOTQ#6#3'5#, "1:1/E) 2E$#%: >%:"47 "#/:'64 0184:0:247@'J 8/1%":4/#5/E212. <3%$12#:%3?61, C%6610:? :#"1=1 #6#3'5# 5#"37>#%:0(2 :1&, >:1 16:
E;> YE;1=1 10 >=FB1«P"6#' 8 -3$%-1$ +.",4(/,+8 + .'4)0 )(+.%/0$(."0, 4'4 SWOTJ'(',);
3%"$4.', 8 C1, 3%)8.(" /#)-,$( ), 7$+.(" 6"-"%8, "7$(9 6"%# +"C"<. > .$7$J()$ #,).$,9("6" 3$%)"#' 8 3%)0$(8, E.". '(',); - +-")F 3%"$4.'F, ($ ;('8" ."0, 7." +/:$+.-/$. H"%0',9(1< )(+.%/0$(. .'4"6" .)3'. L 0$(8 — 0$($#J&$%' 0("&$+.-' 0',1F 3%"$4."- — ()4"6#' ($ C1," -%$0$() #,8 +"+.'-,$J()8 H"%0',9("6" 3)+90$(("6" '(',);'. *"E."0/ 8 (+"-0$+.(" + 7,$('0)0"$< 4"0'(#1) -13",(8, $6" ($H"%0',9(", /+.(", .%'.8 -+$6" 10 0)(/. ),)"4"," ."6". @1 (';1-',) E." "2$()-'()$0 %)+4"-. =" .'4"< '(',); %'C".',,) %'C".', "7$(9 F"%"?"». *%)-$#$((1< %'++4'; 0$($#&$%' 0',1F 3%"$4J."- - -1+"4".$F(","6)7("< 4"03'()) — ($ $#)()7(1< +,/7'<. @("6)$ 0$J($#&$%1 #$,'K. ." &$ +'0"$. *%$&#$ 7$0 ;'.$-'.9 3%"$4., ('<#).$ +/:$J+.-/K:)$ %';%1-1. !#$,'<.$ )F -)#)010). *"3%"+).$ %/4"-"#).$,83"0"79 -'0 +"4%'.).9 ),) ;'4%1.9 %';%1-1. T $+,) E." .%$C/$. ,)?9 10 0)J(/. — ('<#).$ )F - +-"$0 ;'C)."0 #" ".4';' %'+3)+'()).
181
*,'()%"-'()$ +"#$%&
'()8
• 19%08%>'2#%: 6#'34>R%% 815'C'16'/12#6'% 8/1%":# — :1 %0:?:#"1% 815'C'16'/12#6'%, "1:1/1% $#%: 8/1%":4 215&1B610:?210813?512#:?0( "16"/%:6E&' 0'3?6E&' 0:1/16#&' ' 93#=1Q8/'(:6E&' 215&1B610:(&' 8/' 1$612/%&%661) &'6'&'5#QC'' 03#9EJ 0:1/16 ' 4=/15;
• 20"/E2#%: :% 0'3?6E% 0:1/16E, "1:1/E% %@% 6% '0813?512#6E2 81361) &%/%, ' :% 03#9E% 0:1/16E, "1:1/E% &1=4: 9E:? 0"1/Q/%":'/12#6E;
• 19/#@#%: 26''% /4"121$0:2# 6# 56#>':%3?6E% /#5/E2E,"1:1/E% 0810196E 810:#2':? 8/1%": 81$ 4=/154, ' 815213(%:5#/4>':?0( %=1 81$$%/B"1) 2 5#"/E:'' /#5/E212 ' 06'B%6''/'0"# 6%4$#>';
• 1:21$': '6:%/%0#& "3'%6:# =3#2647 /13? 8/' '$%6:'L'"#C''' 5#"/E:'' /#5/E212.
5),'+*@,#$3" ' (,>0#$"$1'. - 106126E& 8/%'&4@%0:2#&SWOTQ#6#3'5# 1:610(:0(:
• .27",+'#3).,'". !6#3'5 81"#5E2#%: 0:/#:%='>%0"'% /#5/EQ2E, :%& 0#&E& 19%08%>'2#( /%#3'5#C'7 8/'6C'8# «8/%$48Q/%B$%6 — 56#>': 211/4B%6»;
• /9#"C1.EG'% M.#.2+"#. !6#3'5 81&1=#%: 0L1/&'/12#:? :#Q"1) 19/#5 &ER3%6'(, 8/' "1:1/1& «8/'"/E:?0( @':1& 6'"1=$#6% 9E2#%: 03'R"1& /#61». F#93#=12/%&%661% '6L1/&'/12#6'%1 0:/#:%='>%0"'J /#5/E2#J $#%: 215&1B610:? 8/1/#91:#:? #3?Q:%/6#:'26E% 0C%6#/'' 2E8136%6'( 8/1%":# ' 81$=1:12':?0(" 20:483%6'7 2 193#0:', 6#'913%% 18#06E% $3( 8/1%":#.
I:1 "#0#%:0( 6%$10:#:"12 SWOTQ#6#3'5#, :1 >#0:? '5 6'J 8%/%Q>'03%6# 6'B%:
• (.+#.+- )#"<",'. A#):' 2/%&( 6# 8/12%$%6'% #6#3'5# '61=Q$# &1B%: 9E:? 8/193%&#:'>61;
• *43C,3*+D )-934,",':. ,61='% 8/1%":6E% "1$E '&%7:6#2E"' /#91:E 2 8/%$%3#J :#":'>%0"'J =1/'516:12, 1$6#"1 '0Q8E:E2#7: 5#:/4$6%6'( 8/' 6%19J1$'&10:' 2E):' 2 1:"/E:1%&1/% 0:/#:%='>%0"1=1 #6#3'5#;
• /$#3C.EG'% M.#.2+"#. A%"1:1/E% "1$E 0>':#7: 18#0Q6E& 0119@#:? /4"121$0:24 1 03#9EJ 0:1/16#J 8/1%":#. - :1&4B% &61='% 6% 379(: 8/'56#2#:?0( 2 021'J 1R'9"#J, # #6#3'5 —"#" /#5 :1 0#&1% 0/%$0:21, "1:1/1% &1B%: U:' 1R'9"' 81"#5#:?.
M>"/$".'4 SWOT?"("2';". .10"13?"4 SWOTQ#6#3'5 $1840:'Q&1 2E8136(:? &61B%0:21& /#53'>6EJ 08101912, 6%19J1$'&1 18/%Q$%3':?, "#"'% 081019E 94$4: 6#'913%% C%66E&' $3( 2#0. A'B%8/'21$(:0( 6%"1:1/E% 0119/#B%6'(, "1:1/E% &1=4: 1"#5#:?0( 81Q3%56E&'.
182
5,'-'
5
COEUPOSWOTQ#6#3'5 815'C'16'/4%: :#", >:19E 8103%$6') &1= 6#'34>Q
R'& 19/#51& '0813?512#:? 021' 0'3?6E% 0:1/16E ' 93#=18/'(:6E%215&1B610:' 8/' 1$612/%&%661) &'6'&'5#C'' 03#9EJ 0:1/16 '4=/15, :%& 0#&E& 81&1=#( 0L1/&'/12#:? 5$/#247 0:/#:%='7 2EQ8136%6'( 8/1%":#. .1&'&1 U:1=1, SWOTQ#6#3'5 19/#@#%: 26'&#Q6'% &%6%$B%/# 6# 0:/#:%='>%0"'% /#5/E2E, 0810196E% 810:#2':?81$ 4=/154 2E8136%6'% 8/1%":#, ' 815213(%: 8134>':? 81$$%/B"4/4"121$0:2# 2 5#"/E:'' U:'J /#5/E212 ' 4&%6?R%6'' /'0"# 8/12#Q3#. <21$6#( '6L1/&#C'( 19 #6#3'5% 8/'2%$%6# 21 2/%5"% «-16:/13?SWOTQ#6#3'5# 8/1%":#».
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 SWOTJ'(',); -" -+$F 3%"$4.'F.)+3",9;"-'()8 > 0',1F 3%"$4.'F +#$,'.9 $6" 3%)0$($()$
($H"%0',9(10 ) ".-$+.) (' ($6" 10–15 0)(/..> C",9?)F — ('+."8.9 (' 3%"-$#$())+"-$:'()8, 3"+-8:$(("6" )+4,K7).$,9("H"%0',9("0/ SWOTJ'(',);/
M"C'-,$()$ ".,)7).$,9("< I';#$,).9 4%).)7$+4)$ H'4."%1 /+3$F' )"+"C$(("+.) ".("+8:)$+8 4 ()0 %';%1-1 3" .%'#)2)"((10
SWOTJ"C,'+.80 — +),9(1$ +."%"(1, +,'C1$+."%"(1, C,'6"3%)8.(1$ -";0"&("+.), /6%";1.Q." 3";-",). #"+.)79 -;')0"3"()0'()8+ 3"+.'-:)4'0) %$+/%+"-, 3%)-14?)0)4 8;14/ SWOT
@"#)H)4'2)8 4"(4%$.("< > #"3",($()$ 4 )#$(.)H)4'2)) 4"(4%$.(1FF'%'4.$%)+.)4) #$<+.-)< /4';'.9 ,)2, ($+/:)F ".-$.+.-$(("+.9
;' .'4)$ #$<+.-)8, ' .'4&$ E03)%)7$+4)$3%$#$,9(1$ +%"4) (E." 0"&$. C1.9 +#$,'("- F"#$ #$.',9("6" 3,'()%"-'()8 +"#$%&'()8)
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
C7F1@7AH SWOT\;F;A=R; !@7?C1;LC$#).$+9, 7." SWOTJ'(',); 3%"$4.':• "+("-1-'$.+8 (' )+F"#("< )(H"%0'2)), -;8."< ); /+.'-' 3%"$4.', ) ('6","+$ ;'4';7)4';
• -4,K7'$. - +$C8 +.%'.$6)7$+4)$ .%$C"-'()8 4,)$(.';• "3%$#$,8$. +.%'.$6)7$+4)$ %';%1-1 3" ".("?$()K 4 4,K7$-10 H'4."J%'0 /+3$F';
• 3";-",8$. -1C%'.9 +.%'.$6)K %$'6)%"-'()8 (' %';%1-1: "+.'-).9 4'4$+.9, /0$(9?).9 ),) /+.%'().9;
• H"%0/,)%/$. #$<+.-)8 3" 3%"-$#$()K +.%'.$6)) - &);(9;• "C$+3$7)-'$. +"6,'+"-'(("+.9 -+$F E,$0$(."-.
183
*,'()%"-'()$ +"#$%&
'()8
7!=6;F=? 67:?@O;F=G
<17 1;C7? 7!=6;F=? 67:?@O;F=G?H8'0#6'% 01$%/B#6'(1 8/%$0:#23(%: 0191) 8'0?&%661% '531Q
B%6'% C%3%), U:#812 ' 8/1$4":12 8/1%":# (/'0. 5.5). H8'0#6'%01$%/B#6'( 1:2%>#%: 6# 218/10, '&%7@') 106121813#=#7@% 56#Q>%6'%: «I:1 &E 8/1'521$'& 2 $#661& 8/1%":%?» K:1 815213(%: 1C%Q6':? B%3#%&E) /%543?:#: ' 010:#2':? 9#512E) 83#6 01$%/B#6'(,"1:1/1&4 6%19J1$'&1 03%$12#:? 8/' 2E8136%6'' 20%J /#91: 8/1Q%":#. N '52%0:61& 0&E03% 9#512E) 83#6 01$%/B#6'( &1B61 0/#26':?0 =/#6'C#&' 8/1%":# — 16 =121/': 1 :1&, >:1 2EJ1$ 5# =/#6'CE 6%$1840"#%:0( 9%5 0#6"C'' /4"121$':%3( ' >:1 20%, 6#J1$(@%%0(2 U:'J =/#6'C#J, 8/%$0:#23(%: 0191) 8/10:/#60:21 /%R%6'), 2 "1Q:1/1& /#5/%R#%:0( $%)0:212#:? "1$% 8/1%":#. Y1:( 04@%0:24%:&61B%0:21 2%/0') 18'0#6'( 01$%/B#6'(, L1/&#:, 8/%$0:#23%6Q6E) 6'B%, 10612#6 6# 4:2%/B$%6'', >:1 8/1%": — U:1 9'56%0Q8/%$8/'(:'%.
6761;EA?F=? 7!=6;F=G 67:?@O;F=GZ46$#&%6:#3?61% 8131B%6'%, 3%B#@%% 2 10612% 18'0#6'( 01Q
$%/B#6'(, 010:1': 2 :1&, >:1 :#"1% 18'0#6'% $13B61 19%08%>'2#:?&#"0'?647 018/1:'23(%&10:? '5&%6%6'(& (0&. 2/%5"4 «A12#Q:1/0"'% 081019E /#5/#91:"' 40:1)>'21=1 " '5&%6%6'(& 18'0#6'(01$%/B#6'(»). K:1 8131B%6'% 6% 19(5#61 01=3#012E2#:?0( 0 "16:/1Q3%& '5&%6%6'), 104@%0:23(%&E& 810/%$0:21& :#"'J 0'0:%& 48/#2Q3%6'( '5&%6%6'(&', "#" 83#6 "16:/13( '5&%6%6') ' "16:/13? 01Q$%/B#6'(. A#8/1:'2, 161 '&%%: 0120%& $/4=47 8/'/1$4, 810"13?"410612E2#%:0( 6# 0121"48610:' 8/'6C'812, 4021%66EJ 2 J1$% 2EQ8136%6'( 8/1%":12 /#5/#91:"' 612EJ 8/1$4":12, — 8/'6C'812, "1Q:1/E% 815213(7: &'6'&'5'/12#:? 23'(6'% '5&%6%6') 01 0:1/16E1"/4B%6'( 6# 01$%/B#6'% 8/1%":#. *#"'% 8/'6C'8E &1=4: 81&1>?' 8/' 2E8136%6'' 8/1%":12, 6% 02(5#66EJ 0 015$#6'%& 612EJ 8/1Q$4":12.
G:0) '#B0>(0= '(J0)+".''. -#>%0:21 18'0#6'( 01$%/B#6'(21 &61=1& 5#2'0': 1: "#>%0:2# '0J1$61) '6L1/&#C''. N >#0:610:',8/' /#5/#91:"% 81361C%661=1 18'0#6'( 1019%661 2#B6E:
1 N $#661& 034>#% '&%%:0( 2 2'$4 01$%/B#6'% 9#"1<"+,3% 0.*+' 9#3"2+..-/1&% U:1=1, 2 3791& 8/1%":% %0:? 01$%/B#6'% '&%661 /9#.)4",': 9#3"2F+3< — >#0:', (23(7@%)0( 8/'1/':%:61) $3( 6%810/%$0:2%661) /#91:E&%6%$B%/#. — ;#'<. #"1.
184
5,'-'
5• =1310 5#"#5>'"#;• 40:#2 8/1%":#;• SWOTQ#6#3'5 8/1%":#../'>'6# 04@%0:212#6'( 8/1%":# — 64B$E 5#"#5>'"#. ./'56#Q
2#( U:1: L#":, &E 2 8/%$E$4@'J =3#2#J /#00&1:/%3' 6%0"13?"1 '6Q0:/4&%6:12, 815213(7@'J 403ER#:? =1310 "3'%6:#, 816(:? %=1 81Q:/%9610:' ' 2"37>':? 'J 2 8/1%":. X03' 2E 81$=1:12'3' $3( 021%=18/1%":# :1: '3' '61) '60:/4&%6:, 0#&1% 2/%&( 5#$%)0:212#:? %=18/' 010:#23%6'' 18'0#6'( 01$%/B#6'(. -16:/13?6E% 08'0"' :/%Q912#6') "3'%6:# 64B61 '0813?512#:? 012&%0:61 0 '60:/4&%6:#&'/#91:E 0 =13101& 5#"#5>'"#.
C'#. 5.5. ./10:1) 8/'&%/ 18'0#6'( 01$%/B#6'(
185
*,'()%"-'()$ +"#$%&
'()8
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— SWOTQ#6#3'5 8/1%":#. H>%2'$61, >:1 18'0#6'% 01$%/B#6'( ' %=1 31='"#$13B6E 4>':E2#:? $#66E% 1 0'3?6EJ ' 03#9EJ 0:1/16#J, 93#=18/'Q
F7E;17@6C=? 6!76789 @;R@;871C= B617S<=E7D7C =R>?F?F=G> 7!=6;F=G 67:?@O;F=G*%)0$($()$ +,$#/K:)F 3%)(2)3"- - %';%'C".4$ +"#$%&'()8 3";-",8$.
"3%$#$,8.9 3%"$4.1 .'4)0 "C%';"0, 7."C1 (' +.'#)) -13",($()8 "C$+3$J7).9 )F 3"-1?$((/K +"3%".)-,8$0"+.9 );0$($()80:
!"%/T%3 1. !();).9 +,"&("+.9 3%"$4.', 3$%$<.) 4 0$(9?)0 3%"$4.'0.M"C'-,$()$ ("-1F E,$0$(."- %'C". - 4%/3(1< 3%"$4. ";('7'$., 7." "() C/J#/. -;')0"#$<+.-"-'.9 + C",9?)0 4",)7$+.-"0 /&$ +/:$+.-/K:)F E,$J0$(."-, 7$0 - +,/7'$ 0',"6" 3%"$4.'. P'< ("-1< E,$0$(. /+,"&(8$.3%"$4. ;' +7$. /-$,)7$()8 7)+,' -;')0"#$<+.-)<, 3"E."0/ 3%) ($"CF"#)J0"+.) 4"%%$4.)%"-4) );0$(8.9 ),) 3$%$#$,1-'.9 3%)F"#).+8 C",9?$$ 4"J,)7$+.-" E,$0$(."-. > %$;/,9.'.$ 7$0 C",9?$ E,$0$(."- %'C"., .$0 C",9J?$ 0"#)H)4'2)<. ='3%".)-, +"+.'-,$()$ +"#$%&'()8 3%"$4.', )0$K:$6"0$(9?$$ 4",)7$+.-" E,$0$(."-, /0$(9?). 7)+," -;')0"#$<+.-)< ) /-$,)J7). +"3%".)-,8$0"+.9 3%"$4.' );0$($()80 [2]. M$,$()$ 4%/3("6" 3%"$4.'(' 0$,4)$, #,8 4'&#"6" ); 4"."%1F %';%'C'.1-'$.+8 +-"$ +"#$%&'()$,"C17(" ($ +"+.'-,8$. .%/#'.
!"%/T%3 2. !";#'-'.9 /+."<7)-1$ 3%"#/4.1. > ($4"."%1F 3%"$4.'F3%"#/4.1 %';%'C'.1-'K.+8 .'4)0 "C%';"0, 7." 0"6/. H/(42)"()%"-'.9,)?9 - /;4"0 #)'3';"($ /+,"-)<, - #%/6)F — .'4, 7."C1 -1#$%&)-'.9 C"J,$$ ?)%"4)< #)'3';"(. > 3"+,$#($0 +,/7'$ )F (';1-'K. /+."<7)-10).*%) );0$($()) /+,"-)< H/(42)"()%"-'()8 /+."<7)-1$ 3%"#/4.1 —- +),/ )F 3%)6"#("+.) - C",$$ ?)%"4"0 #)'3';"($ — F'%'4.$%);/K.+8 -1J+"4"< +"3%".)-,8$0"+.9K ) 3"."0/ 0$($$ 3"#-$%&$(1 0"#)H)4'2)). ='J3%".)-, #'&$ ($C",9?'8 4"%%$4.)%"-4' /+,"-)< 0"&$. 3%)-$+.) 4 %'+F"J#8:)0+8, 4'4 4%/6) 3" -"#$, );0$($()80 - 0$($$ /+."<7)-"0 3%"#/4.$. =$;'C1-'<.$ "C /+."<7)-"+.) 3%"#/4.' ) 3" -";0"&("+.) -4,K7'<.$ $$ - +"J#$%&'()$ 3%"$4."-.
!"%/T%3 3. R'H)4+)%/<.$ +"#$%&'()$ (' %'(($0 E.'3$ &);($(("6"2)4,' 3%"$4.', 7."C1 /0$(9?).9 -$%"8.("+.9 );0$($()< (' C",$$ 3";#()F+.'#)8F. *";#()$ );0$($()8 "C17(" "4';1-'K. -";#$<+.-)$ (' C",9?/K7'+.9 +"#$%&'()8, ;'0$#,88 -13",($()$ %'C"., +%1-'8 +%"4) ) -1;1-'83$%$%'+F"# %$+/%+"-. !,$#"-'.$,9(", %'(($$ «;'0"%'&)-'()$» +"#$%&'J()8 /+4"%). F"# 3%"$4.', 7.", - +-"K "7$%$#9, +();). -$%"8.("+.9 );0$($J()8 /+,"-)<, +3"+"C("6" 3"-,)8.9 (' +"#$%&'()$ 3%"$4.'. Q.' 2$3"74':%'((88 H)4+'2)8 — C1+.%"$ -13",($()$ — 0$(9?$$ 4",)7$+.-" );0$($J()< — #'$. 3%$)0/:$+.-' 3%) "3%$#$,$()) /+."<7)-"6" 4 );0$($()80 +"J#$%&'()8.
186
5,'-'
5(:6EJ 215&1B610:(J ' 4=/15#J 8/1%":#, 8134>%66E% 2 J1$% #6#3'5#/#5/E212. ./%B$% >%& 8/'0:48':? " 18/%$%3%6'7 01$%/B#6'( 8/1Q%":#, 81$4&#):%, 6% /#54&6%% 3' 18'0E2#:? 01$%/B#6'% 8#/#33%3?610 /#5/#91:"1) <+O: :#"1) 81$J1$ 815213(%: $10:'>? 01=3#012#6'(1:2%:12 6# 218/10E «I:1 &E 8/1'521$'& 2 $#661& 8/1%":%?» (01$%/QB#6'%) ' «-#" &E U:1 8/1'521$'&?» (<+O).H/),>,2,(', :';(,#?.,2'. +#261 &'643' :% 2/%&%6#, "1=$#
8/1%":E /#00&#:/'2#3'0? '0"37>':%3?61 "#" :%J6'>%0"'% 8/%$Q8/'(:'(, C%3? "1:1/EJ 010:1(3# 2 8/1'521$0:2% 6%"1:1/1=1 8/1$4"Q:# '3' 4034='. <%=1$6(, 81&'&1 :#"1=1 8/1'521$0:2#, 379#( L'/&#$13B6# 0:/%&':?0( " $10:'B%6'7 /($# 9'56%0QC%3%), " "1:1/E&1:610(:0( B%3#%&#( 8/'9E3?, $13( /E6"#, 6#"183%6'% 56#6'),4$123%:21/%6'% "3'%6:12, 18/%$%3%66E) 4/12%6? 8/1'521$':%3?Q610:' ' :. $. [19]. -#" 03%$0:2'%, /#5/#91:"# 01$%/B#6'( 6#>'6#%:Q0( 0 1910612#6'( 8/1%":# — 0 %=1 9'56%0QC%3'. -#"'J 9'56%0QC%3%)$13B%6 $10:'>? 8/1%":? -#"'% 9'56%0Q83#6E 16 94$%: 81$$%/B'Q2#:?? +3( 19E>61=1 &%6%$B%/# /#00&1:/%6'% 8/1%":# 2 :%/&'6#J9'56%0# — $%31 6%3%="1%. A1 :#"12E 012/%&%66E% 8/1%":E. D :/%91Q2#6'( " 6'& 8/%$W(23(7:0( 011:2%:0:247@'%: 9E0:/%%, $%R%23% '34>R%, >%& 9E31 2 8/1R31& =1$4. A%"1:1/E% 08%C'#3'0:E 813#=#Q7:, >:1 9'56%0QC%3? 8/1%":# $13B6# 6#5E2#:?0( «"160:#:#C'%)8/%$&%:# 0:/#0:' 8/1%":#» ' 1:2%>#:? 6# 218/10 «-#"47 46'"#3?Q647 C%6610:? 8/%$0:#23(%: 2#R 8/1%": $3( "3'%6:# ' $3( 9'56%0#"1&8#6''?» A%&%C"') L'3101L ;%=%3? 1$6#B$E 0"#5#3, >:1 «6'>:12%3'"1% 2 &'/% 6% 012%/R#%:0( 9%5 0:/#0:'».
H/),>,2,(', .,2,= /)0,1$"1. <"13? 9E 8/'5E261) ' 2$1J612Q3(7@%) 6' 9E3# 9'56%0QC%3?, 16# 8/%$0:#23(%: 0191) 3'R? 19@%%6#8/#23%6'%, 6% 01$%/B#@%% $%:#3%) 1 "16"/%:6EJ C%3%2EJ 40:#Q612"#J 8/1%":#. K:' 40:#612"' 18/%$%3(7:0( C%3(&' 8/1%":# 81>#0:' 0/1"12 (2/%&%66#( C%3?), 0:1'&10:' (0:1'&10:6#( C%3?) ' "#Q>%0:2# ("#>%0:2%66#( C%3?) — 0&. U3%&%6: «C%3' 8/1%":#» 6#/'0. 5.5. -16"/%:'5'/4( $#:4 5#2%/R%6'( 8/1%":# (6#8/'&%/, 1 &#(2003 =.), 2E :%& 0#&E& 40:#6#23'2#%:% 0217 2/%&%6647 C%3?. I:1Q9E $10:'>? %%, 6%19J1$'& "16"/%:6E) 97$B%:, "1:1/E) 2E $13B6E18/%$%3':? (6#8/'&%/, «97$B%: 8/1%":# &1$%/6'5#C'' L#9/'"'010:#23(%: 400 &'33'1612 $133#/12»). N 1:/#03(J, =$% 97$B%:E
1 N $#661) &161=/#L'' 6% 0120%& >%:"1 /#5=/#6'>%6E 816(:'( 7"4' ' (.F1.0' 8/1%":#, 81U:1&4 8/' >:%6'' &1B%: 2156'"64:? 6%"1:1/#( 84:#6'QC#. *%& 6% &%6%% 2 :%1/'' 48/#23%6'( 8/1%":#&' %0:? >%:"1% /#5$%3%6'%:C%3? — U:1 :# "#>%0:2%661 '/'3' "13'>%0:2%661 612#( (81 8/1$4":#& '3'4034=#&) :1>"#, 2 "1:1/47 6#$1 8/'):' 81 5#2%/R%6'' 8/1%":#. F#$#>'8/1%":# — U:1 &%:1$E ' 84:', 810/%$0:21& "1:1/EJ $10:'=#%:0( C%3? 8/1Q%":#. — ;#'<. #"1.
187
*,'()%"-'()$ +"#$%&
'()8
0/%$0:2 6% '0813?547:0(, $1840"#%:0( 4"#5#6'% B%3#:%3?61=1 "1Q3'>%0:2# >#012 /#91:E /%04/012 (6#8/'&%/, «1200 >#012 /#91:E /%Q04/012»). N 1:3'>'% 1: 2/%&%66EJ ' 0:1'&10:6EJ//%04/06EJ C%3%),2E/#B%6'% "#>%0:2%661) C%3' "16"/%:6E& ' '5&%/'&E& 19/#51&&1B%: 8/%$0:#23(:? 0191) 8/193%&4. *#" "#" 81$ "#>%0:21& 81$/#Q54&%2#%:0( 4$123%:21/%6'% '3' 8/%2ER%6'% :/%912#6') 5#"#5>'Q"#, 19E>61 18'0E2#%&EJ "#"'&'Q3'91 0:#6$#/:#&', /#54&61 81 01Q=3#012#6'7 0 "3'%6:1& 18/%$%3':? "#>%0:2%6647 C%3? 8/1%":#84:%& 00E3"' 6# :1: '3' '61) 0:#6$#/: — 6#8/'&%/, «813?512#Q:%3?0"1% /4"121$0:21 $3( $#661=1 8/1%":# 011:2%:0:24%: PMBOK»[5] (0&. =3#24 8)..10:#2'2 C%3', &E 6#2%/6("# 0:13"6%&0( 01 0:#2R'& 4B% 8/':Q
>%) 21 (5EC%J :/%J0:1/166'& 1=/#6'>%6'%& — 4$#>6E) 0810190L1/&43'/12#:? :1: L#":, >:1 :/' 6#R' C%3' "16"4/'/47: $/4=0 $/4=1& [5]. X03' 01"/#:':? C%3%21% /#08'0#6'% 8/1%":#, 8/'$%:0(42%3'>'2#:? 97$B%: 0/%$0:2. *#"B% '5&%6%6'% C%3%21) 40:#612"'81 "#>%0:24 &1B%: 8123'(:? 6# 0:1'&10:647 ' 2/%&%6647 C%3'.H>%2'$61, >:1 U:' C%3' 25#'&102(5#6E ' 48/#23(:? '&' — 56#>':6#J1$':? "1&8/1&'00E. .1 6#52#661) 8/'>'6% 21 &61='J 8/1%":#J8/'6(:1 /#00:#23(:? 8/'1/':%:E C%3%): 6#'2E0R') 8/'1/':%: —0/1"', 5#:%& — "#>%0:21, 6#'6'5R') 8/'1/':%: — 0:1'&10:?. D6#Q>% =121/(, 2 0':4#C'', =$% :/%94%:0( "1&8/1&'00, &E 2 8%/247 1>%Q/%$? $13B6E 0:/%&':?0( 019370:' 0/1"', 6% 19/#@#( 26''( 6#C%3' 0 913%% 6'5"'&' 8/'1/':%:#&'. K:# 8/193%&# 04@%0:2%661 40Q31B6(%:0( 8/' /#5/#91:"% 612EJ 8/1$4":12, "1=$# 6%19J1$'&1 22%Q0:' >%:2%/:47 C%3? ' >%:2%/:1% 1=/#6'>%6'% — 0:1'&10:? 8/1$4":#[2]. I:19E 8/'6'&#:? /%R%6'( 2 40312'(J >%:E/%J0:1/166%=1 1=/#Q6'>%6'(, 64B61 1>%6? J1/1R1 816'&#:? :16"'% 25#'&1$%)0:2'(&%B$4 C%3(&' 8/1%":#.
H/'#"(', #0>,)<"('4 )":0$. -#"47 "16"/%:61 /#91:4 81:/%Q94%:0( 2E8136':? 2 $#661& 8/1%":% $3( 8134>%6'( 8/1$4":# ' 2EQ8136%6'( 810:#23%66EJ C%3%)? <810196E 3' 2E 1:2%:':? 0B#:1,1$6'&Q$24&( 8/%$31B%6'(&', 0$%3#2 #"C%6: 6# "#/:'6% 8/1%":#2 C%31&? A#8/'&%/, 01$%/B#6'% /#91:, 02(5#66EJ 0 2152%$%6'%& 61Q21) L#9/'"' 81 8/1'521$0:24 18:'"', &1B%: 2E=3($%:? :#": «<8/1%"Q:'/12#:? L#9/'"4 81 8/1'521$0:24 18:'"', /#00>':#:? 97$B%: 8/1Q%":#, 810:/1':? L#9/'"4, 0$#:? L#9/'"4 2 U"0834#:#C'7», — # $3(8/1%":# 2 193#0:' 8/1=/#&&61=1 19%08%>%6'(: «H8/%$%3':? :%J6131Q='>%0"'% "#/:E 2E8136%6'( 18%/#C') (:/4$12E% 8/1C%00E), 0"16L'Q=4/'/12#:? 8/1=/#&&61% 19%08%>%6'%, /#5/#91:#:? 83#6 194>%6'(,015$#:? 8/1:1:'8, 194>':? 8%/016#3, 2E840:':? 8/1=/#&&61% 19%0Q8%>%6'%». D 0612# '$%( 010:1': 2 :1&, >:19E '$%6:'L'C'/12#:? 10Q6126E% U3%&%6:E /#91: 8/1%":#, "1:1/E% 94$4: /#00&1:/%6E 913%%
188
5,'-'
581$/1961 2 018/121B$#7@'J 08%C'L'"#C'(J ' '61) $1"4&%6:#C''.H9/#:':% 26''% 6# 081019 0:/4":4/'/12#6'( 18'0#6'(: =3#=13(18/%$%3':?), 5# "1:1/E& 03%$4%: 04@%0:2':%3?61% (:%J6131='>%0"'%"#/:E), 18(:? =3#=13 (0"16L'=4/'/12#:?) ' 04@%0:2':%3?61% (8/1Q=/#&&61% 19%08%>%6'%). O#54&%%:0(, 2E &1B%:% 0L1/&43'/12#:? 01Q$%/B#6'% 81Q$/4=1&4. F$%0? &E 0:/%&'3'0? 103#9':? 8/'2(5"4 18'Q0#6'( 01$%/B#6'( /#91: " 18%/#C'(& ' 40'3':? 8/'2(5"4 " C%3(&.;121/( 913%% "16"/%:61, 2 6%"1:1/EJ 1/=#6'5#C'(J 0>':#%:0( 6%04Q@%0:2%66E&, 2E8136(%: 3' 8/1%":6#( "1$# "#"47Q3'91 /#91:4(8/'2(5"# " 18%/#C'(&), =3#261% — $19'2#%:0( 3' 16# /%543?:#:#(8/'2(5"# " C%3(&). X03' 2E >420:24%:%, >:1 6#R# 818E:"# 40'3':?8/'2(5"4 18'0#6'( 01$%/B#6'( " C%3(& 6% (23(%:0( $%)0:2%661)8/'&%6':%3?61 " 2#R%&4 034>#7, 8/1>:':% 03%$47@47 >#0:? 18'0#Q6'( 01$%/B#6'(: :#& /%>? 81)$%: 1 1 8/1&%B4:1>6EJ ' "16%>6EJ /%Q543?:#:#J 8/1%":# ' "16:/13?6EJ 019E:'(J.
&>,($'J'1".'4 ),;*2%$"$03 /)0,1$". NE8136%6'% /#91:, '5Q31B%66EJ 2 18'0#6'' 01$%/B#6'(, $13B61 8/'2%0:' " 8134>%6'7106126EJ /%543?:#:12. N081&6':% 8/'&%/ 18'0#6'( /#91: 8/1%":#2 193#0:' 8/1=/#&&61=1 19%08%>%6'(. X=1 106126E% /%543?:#:E —1:>%: 1 :%J6131='>%0"'J "#/:#J 2E8136%6'( 18%/#C'), "16L'=4/#QC'166E% 40:#612"' $3( 8/1=/#&&61=1 19%08%>%6'(, 83#6 194>%6'(,8/1:1:'8, 5#2%/R%661% 194>%6'% 8%/016#3#, /%3'5 8/1=/#&&61=119%08%>%6'(. S13%% 8/'0:#3?61% /#00&1:/%6'% U:1) 0121"48610:'/%543?:#:12 815213(%: 8/%$0:#2':? 6%0"13?"1 0119/#B%6') "#0#Q:%3?61 'J '$%6:'L'"#C''. N1Q8%/2EJ, '&%%: &%0:1 8/#":'>%0"'81361% (1$'6Q2Q1$'6) 011:2%:0:2'% &%B$4 U3%&%6:#&' 18'0#6'( /#Q91: ' /%543?:#:#&', 6#8/'&%/ U3%&%6: «18/%$%3':? :%J6131='>%0"'%"#/:E 2E8136%6'( 18%/#C')» (18'0#6'% /#91:) 8/1'521$': «1:>%:1 :%J6131='>%0"'J "#/:#J 2E8136%6'( 18%/#C')» (/%543?:#:). H0612Q6E% U3%&%6:E /#91: 0810190:247: 8134>%6'7 "37>%2EJ /%543?:#Q:12. N#& 6%19J1$'&1 0"16C%6:/'/12#:? 40'3'( 6# 'J '$%6:'L'"#QC'' ' 18'0#6'' 01$%/B#6'( —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— 18/%$%3%6'7 "#B$1=1 '5 6'J 2 :%/&'6#J «0"13?"1,
189
*,'()%"-'()$ +"#$%&
'()8
6#0"13?"1 81361 ' 2 "#"1& 010:1(6'' 16 $13B%6 9E:? 8134>%6». H:2%Q:E 6# U:' 218/10E 19E>61 01$%/B#:0( 2 018/121B$#7@'J 08%C'L'Q"#C'(J ' '61) $1"4&%6:#C'' 3'91 2 0312#/% <+O.
D-:0) 10($)02%(-B #0:-$'=. -16:/13?6E% 019E:'( — U:1 10Q6126E% 019E:'( ' "37>%2E% $#:E, 1:&%>#7@'% J1$ 2E8136%6'(18'0#6'( /#91: ' 8134>%6'( /%543?:#:12. D$%6:'L'"#C'( "16:Q/13?6EJ 019E:') 8/1%":# — "/':'>%0"' 2#B6#( >#0:? 18'0#6'(01$%/B#6'(. <612# 19/#:'&0( " 6#R%&4 8/'&%/4. !2:1/ 8/1%":#2E9/#3 03%$47@'% "16:/13?6E% 019E:'(:
• «1:>%: 1 :%J6131='>%0"'J "#/:#J 2E8136%6'( 18%/#C') =1Q:12» — 15 L%2/#3( 2002 =.;
• «"16L'=4/'/12#6'% 8/1=/#&&61=1 19%08%>%6'( 5#2%/R%61» —28 L%2/#3( 2002 =.;
• «83#6 194>%6'( 010:#23%6» — 28 L%2/#3( 2002 =.;• «8/1:1:'8 /#5/#91:#6» — 30 &#/:# 2002 =.;• «8%/016#3 194>%6» — 16 #8/%3( 2002 =.;• «8/1=/#&&61% 19%08%>%6'% 2E84@%61» — 30 #8/%3( 2002 =.H>%2'$61, >:1 #2:1/ 0612# '0813?512#3 81>:' 81361% 011:2%:Q
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«[ J1>4, >:19E 612#( 83#:L1/&#'0813?512#3#0? :#"B% 6#R'&' 5#/49%B6E&' $1>%/6'&' "1&8#6'(Q&'», — 8103% >%=1 01$%/B#6'% 9E31 '5&%6%61. N $/4=1& 8/1%":% $184Q@%6'% 010:1(31 2 :1&, >:1 $3( 2E$%/B'2#6'( 0/1"12 20% $%0(:? 8/1Q=/#&&'0:12 "1&8#6'' 2 :%>%6'% $24J &%0(C%2 $13B6E /#91:#:?"/4=3104:1>61. N8103%$0:2'' ' $184@%6'%, ' 01$%/B#6'% 8/'R310?
190
5,'-'
5'5&%6':?, 810"13?"4 2'C%Q8/%5'$%6: 81 '6B'6'/'6=4 81:/%912#3,>:19E :/4$ 8/1=/#&&'0:12 2 :%>%6'% U:1=1 8%/'1$# 9E3 /#5$%3%6&%B$4 6%0"13?"'&' 8/1%":#&'. .1$196E% 6%18/%$%3%6610:', '&%7Q@'% :%J6'>%0"47, U"161&'>%0"47, /%04/0647 '3' '647 8/'/1$4,2156'"#7: 2 012/%&%661& 9'56%0% 810:1(661.<3%$4%: 5#&%:':? :#"B%, >:1 20% 8/1%":E 0:#3"'2#7:0( 0 0%/?%5Q
6E&' 1=/#6'>%6'(&', "1:1/E% &1=4: '5&%6':? 081019 8/%$0:#23%Q6'( /#91:, 8134>%6'( /%543?:#:12 ' $10:'B%6'( "16:/13?6EJ 01Q9E:'). K:' 1=/#6'>%6'( &1=4: 9E:? L'5'>%0"'&', :%J6'>%0"'&',/%04/06E&' '3' '6E&'. O#00&1:/'& 210J1B$%6'% 6# K2%/%0: "#"8/1%":. Z'5'>%0"1% 1=/#6'>%6'% 5$%0? — "3'&#:, 03%$12#:%3?61,8/1%": /%#3'54%& 3'R? 2 18/%$%3%66E% &%0(CE. N $/4=1& 034>#%,"1=$# 6%"#( "160#3:'6=12#( "1&8#6'( 8/'6'# 4>#0:'% 2 :%6$%Q/% 6# 2E8136%6'% 8/1%":# /#5/#91:"' 08/#21>6'"# (:%J6'>%0"1=1/4"121$0:2#) 8/1%":# (17), 23#$%3%C 81:/%912#3, >:19E 20% "16043?Q:#6:E U:1) "1&8#6'' '&%3' 0%/:'L'"#: 8/1L%00'16#3# 81 48/#2Q3%6'7 8/1%":#&', 2E$#2#%&E) D60:':4:1& 48/#23%6'( 8/1%":#&'(PMI). *#"1% 40312'% 2E64$'31 "1&8#6'7 '5&%6':? 8%/216#>#3?Q61% 18'0#6'% /#91: ' 19/#512#:? 012&%0:61% 8/%$8/'(:'% 0 $/4=1)"160#3:'6=121) "1&8#6'%), 2 "1:1/1) 9E31 913?R% 0%/:'L'C'Q/12#66EJ 01:/4$6'"12. N :/%:?%& 034>#% /4"121$0:21 81/4>'31&%6%$B%/4 8/1%":# 2E8136':? 8/1%": /#5/#91:"' 8/1=/#&&61=18/1$4":# 2 /%B'&% 9E0:/1=1 8/1J1$#. H$6#"1 '5Q5# 6%$10:#:"# /%Q04/012 $3( 18%/#:'261=1 :%0:'/12#6'( 8/1=/#&&E "16:/13?6E%019E:'( 8/'R310? '5&%6':? ' 0$2'64:? 6# 6%0"13?"1 &%0(C%2. ,E8/'2%3' 3'R? 6%0"13?"1 8/'&%/12, =121/(@'J 19 1$61&: 06#>#3#'$%6:'L'C'/4):% 106126E% 1=/#6'>%6'( ' :13?"1 81:1& /#5/#9#Q:E2#):% 01$%/B#6'% ' 8/'0:48#):% " 2E8136%6'7 8/1%":#. N 8/1Q:'261& 034>#% 94$?:% =1:12E " :1&4, >:1 2#R 8/1%": 81:%/8':6%4$#>4.P8/#23(:? $184@%6'(&' ' 1=/#6'>%6'(&' — 56#>': >%:"1
'$%6:'L'C'/12#:? 'J, '5&%/':? ' 10612#:? 6# 6'J 18'0#6'% 01$%/QB#6'(. .1 &%/% /#52':'( 8/1%":# 6%19J1$'&1 2152/#@#:?0( " 6'&' 8/12%/(:?, 04@%0:247: 3' 16' %@%. .1 &%/% '5&%6%6'( $184@%Q6') ' 1=/#6'>%6') 01$%/B#6'% 8/1%":# 64B61 8%/%0&#:/'2#:?..1"# 2E 48/#23(%:% '&' :#"'& 19/#51&, 8/1%": 6#J1$':0( 81$ "16Q:/13%&. X03' 2E 6% 48/#23(%:% '&', 2%/1(:61, 16' 48/#23(7: 2#&',>:1, "16%>61, 6% (23(%:0( 8/#2'3?6E&.
H/),>,2,(', '#12A9,('=. D59#2':?0( 1: 3791) 8/'2E>"'2%0?&# 031B61. N 6#>#3% 1990QJ =1$12 6%"') 81$/($>'", 5#6'Q@')0( 26%$/%6'%& :%J6131='' 2 !L/'"%, 2"37>'3 2 01$%/B#6'%021'J 8/1%":12 810:#2"4 2E>'03':%3?6EJ C%6:/12 2 "1&83%":%0 1L'061) &%9%3?7. N3#$%3?C#& #L/'"#60"1) "1&8#6'' 81:/%91Q2#310? 6%0"13?"1 3%:, >:19E 10156#:?, >:1 81"48#:? 1L'0647 &%Q
191
*,'()%"-'()$ +"#$%&
'()8
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
\";03"4 >01*+,($".'4. +3( :1=1 >:19E >%:"1 2E$%/B'2#:? 6#Q8/#23%6'% ' 6% 2EJ1$':? 5# =/#6'CE, 18'0#6'% 01$%/B#6'( $13BQ61 9E:? 3#"16'>6E&, 215&1B61 6#8'0#66E& 2 812%3':%3?61& 6#Q"316%6'' (0&. 2/%5"' «-#" 6#$1 810:48#:? 8/' 81$=1:12"% 18'0#6'(01$%/B#6'( — 8/10:E% 8/#2'3#» ' «-#" 6% 6#$1 810:48#:? 8/' 81$Q=1:12"% 18'0#6'( 01$%/B#6'( — 8/10:E% 8/#2'3#»). *%J6'>%0"'% '$/4='% $%:#3' 2 18'0#6'' 19E>61 6% 481&'6#7:0(: 16' $13B6E9E:? 2"37>%6E 2 018/121$':%3?647 $1"4&%6:#C'7. X03' 2E 8/'Q2E"3' 81&%@#:? 2 $1"4&%6:#C'7 :%J6'>%0"'% 08%C'L'"#C'', 2#R81$J1$ &1B61 :13?"1 8/'2%:0:212#:?.
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«D%/#/J'>%0"#( 0:/4":4/# /#91:). A#52#66E% 2%3'Q>'6E (23(7:0( '6:%=/#3?6E&' ' &1=4: 1:3'>#:?0( 1: 56#>%6')/#08'0#6'( ' 0:1'&10:' 2 2#R%& 18'0#6''. N :#"1& 034>#% $1840Q:'&1 5#&%6':? >'03#, 8/'2%$%66E% 2 18'0#6'', :%&' '6:%=/#3?Q6E&' 56#>%6'(&', "1:1/E% 8134>%6E 2 J1$% $%:#3?61=1 83#6'/1Q2#6'(, 3'91 01"/#:':? 01$%/B#6'% ' 4&%6?R':? '6:%=/#3?6E%56#>%6'( $1 011:2%:0:2'( 0 8%/216#>#3?6E&', "1:1/E% 4"#5#6E
192
5,'-'
52 18'0#6'' 01$%/B#6'(. N6% 5#2'0'&10:' 1: :1=1, "#"1) 081019 2E2E9%/%:%, 18'0#6'% 01$%/B#6'( $13B61 0:#:? 3'R? 8%/2E& R#=1&':%/#:'261=1 C'"3'>%0"1=1 8/1C%00# 83#6'/12#6'( 8/1%":#, 81QU:1&4 81 &%/% 8/1J1B$%6'( C'"3# 6%19J1$'&1 2E8136(:? %=1 :16Q"47 81$0:/1)"4. N1 2/%5"#J «-#" 6#$1 810:48#:? 8/' 81$=1:12"%18'0#6'( 01$%/B#6'( — 8/10:E% 8/#2'3#» ' «-#" 6% 6#$1 810:4Q8#:? 8/' 81$=1:12"% 18'0#6'( 01$%/B#6'( — 8/10:E% 8/#2'3#»8/'21$(:0( 6%"1:1/E% 8/#":'>%0"'% 012%:E.
&G5HKLEHDMN&O H5&GMN&S GH7OCRMN&SF08>" '#/02%;03"$%. H8'0#6'% 01$%/B#6'( — U:1 6% :13?"1 81Q
3%56E), 61 ' 6%19J1$'&E) '60:/4&%6:. H6 &1B%: 8/'&%6(:?0(2 3791) 8/%$&%:61) 193#0:' ' 2 3791& 0%&%)0:2% 8/1%":12. -#BQ$E) 8/1%": ('0"37>#( 3'R? :%, "1:1/E% 1:3'>#7:0( 1>%6? 2E01"1)812:1/(%&10:?7 ' 81:1&4 1=/#6'>'2#7:0( 6%L1/?6E& 2#/'#6Q:1&), 26% 5#2'0'&10:' 1: /#5&%/# ' 031B610:', &1B%: 56#>':%3?612E'=/#:? 1: '0813?512#6'( L1/?61=1 18'0#6'(. D0:1/'( 56#%:8/'&%/E 408%R6EJ 8/1%":12, 6% '&%2R'J 18'0#6'( 01$%/B#6'(.H$6#"1 '003%$12#:%3' 196#/4B'3', >:1 6#3'>'% >%:"1=1 8/%$0:#2Q3%6'( 1 :1&, >:1 2E 019'/#%:%0? $%3#:? 8/' /%#3'5#C'' 8/1%":# (:1%0:? 1 %=1 01$%/B#6''), (23(%:0( "/':'>%0"'& L#":1/1& 408%J#[20]. <3%$12#:%3?61, %03' 2E 6% J1:':% 8/12#3#, 49%$':%0?, >:1 2E18/%$%3'3' 01$%/B#6'% 8/1%":# ' 6#$3%B#@'& 19/#51& "16:/13'Q/4%:% %=1 2E8136%6'%.
C;C F;:7 !761B!;1H !@= !7:D717EC? 7!=6;F=G67:?@O;F=G — !@7619? !@;E=A;1. V+,) "3)+'()$ +"#$%&'()8 ;'()0'$. ($+4",94" +.%'()2, %';#$,).$
$6" (' #-$ 7'+.): %$;K0$ "CO$0"0 - "#(/ +.%'()2/ (4'4 (' %)+. 5.5) )-+3"0"6'.$,9(/K #"4/0$(.'2)K.
2. =$ 3"-."%8<.$ -" -."%"< 7'+.) .", 7." /&$ );,"&$(" - 3$%-"<.
3. T+3",9;/<.$ 3"-+$#($-(/K ,$4+)4/, ' ($ +,"&(/K .$%0)(","6)K;%'+?)H%"-1-'<.$ +"4%':$()8.
4. >4,K7).$ - "3)+'()$ #'((1$ " H/(42)"(',9(1F 6%/33'F, 8-,8K:)F+83"+.'-:)4'0) %$+/%+"-.
5. M"C$<.$+9 /.-$%&#$()8 #"4/0$(.' %/4"-"#+.-"0.
193
*,'()%"-'()$ +"#$%&
'()8
D),+4 '#/02%;03"('4. ./' 6#3'>'' 20%) 6%19J1$'&1) '6L1/Q&#C'' 18E:61) "1$% 6# /#5/#91:"4 18'0#6'( 01$%/B#6'(=1 '3' 0/%$6%=1 8/1%":# 81:/%94%:0( 1: 30 $1 90 &'64:. P2%3'Q>%6'% /#5&%/12 ' 031B610:' 8/1%":# 6%'59%B61 8/'2%$%: " 42%3'Q>%6'7 5#:/#: 2/%&%6' 6# 010:#23%6'% 18'0#6'(.D-80>-. .13?512#:%3' C%6(: 18'0#6'% 01$%/B#6'( 5# :1, >%&
161 (23(%:0( —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«.3#6"16:/13( '5&%6%6') 5#$#%: 6#8/#23%6'% "16:/13( 01$%/B#6'(»).
5),'+*@,#$3" ' (,>0#$"$1'. H8'0#6'% 01$%/B#6'( 193#$#%:/($1& 6% 81$3%B#@'J 01&6%6'7 8/%'&4@%0:2:
• )*"3M).+,3*+D. H8'0#6'% 01$%/B#6'( 2"37>#%: 2 0%9( '6QL1/&#C'7 191 20%J 106126EJ 8#/#&%:/#J 8/1%":#, 815213((8134>':? 813647 "#/:'64 :1=1, >:1 6%19J1$'&1 2E8136':?2 J1$% /#91:;
C;C F? F;:7 !761B!;1H !@= !7:D717EC? 7!=6;F=G67:?@O;F=G — !@7619? !@;E=A;1. =$ 3%)+./3'<.$ 4 "3%$#$,$()K +"#$%&'()8, $+,) ($ ;('$.$, 4'4 $6"
+.%/4./%)%"-'.9.
2. =$ 3%$-%':'<.$ +"#$%&'()$ - 7)+." .$F()7$+4"$ "3)+'()$ 3%"$4.'.
3. =$ )+3",9;/<.$ ($."7("+.$< (('3%)0$%, «"4",", 3%)C,);).$,9("»).
4. =$ +0$?)-'<.$ C",9?)$ ) 0',1$ 2$,), %$;/,9.'.1 ) 4"(.%",9(1$ +"JC1.)8.
5. =$ ('7)('<.$ -13",($()$ 3%"$4.' #" .$F 3"%, 3"4' +"#$%&'()$ ($ C/J#$. %'++0".%$(" ($;'-)+)010) E4+3$%.'0).
194
5,'-'
5• 9#3*+3+.. ./10:1:# 18'0#6'( 48/1@#%: 816''% &61=1Q>'03%66EJ 8%/%&%66EJ 5#$#> 8/1%":#;
• 4"$23*+D .1.9+.7''. ./'31B'2 6%913?R'% 40'3'(, 2E &1B%Q:% #$#8:'/12#:? 18'0#6'% " 2#R%) 1:/#03', 81$1=6#:? 81$64B$E "16"/%:61) "1&8#6'', '0"37>#( '5 6%=1 '3' $19#23((2 6%=1 612E% U3%&%6:E.
- 106126E& 6%$10:#:"#& 18'0#6'( 01$%/B#6'( 1:610(:0(:• *243,,3*+D 2 #.(#.*+.,'E. I:19E 8/%'&4@%0:2# 18'0#6'(6% 19/#:'3'0? 2 0217 8/1:'218131B610:?, 2E $13B6E 8/%1$1Q3%:? '0"4R%6'% 2"37>':? 2 6%=1 &#"0'&4& 215&1B6EJ U3%Q&%6:12;
• )3(<3C,3*+D /*+.#").,':. X03' 18'0#6'% 01$%/B#6'( 6% '0Q813?54%:0( #":'261 2 "#>%0:2% 9#5121=1 83#6# ' 6% 81$2%/=#%:Q0( 8%/%18/%$%3%6'7 8/' 6%19J1$'&10:', 161 9E0:/1 40:#/%2#Q%: ' 0:#612':0( 9%0813%56E&.
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
• #6#3'5 C%3%21=1 /E6"# (":1 '&%661 /#00&#:/'2#%:0( 2 "#>%Q0:2% 8/%$813#=#%&EJ 813?512#:%3%));
• 18/%$%3%6'% "16C%8C'' 8/1$4":# ' 2E=1$, "1:1/E% $13B6E9E:? 8134>%6E;
• 1>%/>'2#6'% 0:/#:%='' 815'C'16'/12#6'(;• 08'01" J#/#":%/'0:'", #:/'94:12, :/%912#6') ' 08%C'L'"#QC') 8/1$4":# (0 /#00:#612"1) 8/'1/':%:12 81 8/'6C'84 «>:164B61 '&%:?», # 6% «>:1 J1:%310? 9E '&%:?»).
./' '0813?512#6'' 18'0#6'( 01$%/B#6'( 2 $/4='J 1:/#03(J:4$# >#0:1 $19#23(7: U3%&%6:E. *#", 2 6%"1:1/EJ 81$/#5$%3%6'(JL'/&E Intel 19(5#:%3?6E& (23(%:0( 2"37>%6'% U3%&%6:#, 18/%$%Q3(7@%=1 106126E% /'0"' ' 0:/#:%='' /%#='/12#6'( 6# 6'J. K:'8/'&%/E 81$:2%/B$#7: :%5'0 1 :1&, >:1 18'0#6'% 01$%/B#6'( &1QB%: '0813?512#:?0( &61B%0:21& /#53'>6EJ 08101912.
195
*,'()%"-'()$ +"#$%&
'()8
H9W%& 18'0#6'( 01$%/B#6'( — ' U:1 "/#)6% 2#B61 — &1B%:9E:? /#53'>6E&. N 913?R'60:2% EJ ' 0/%$6'J 8/1%":12, :/%Q947@'J 6%0"13?"'J :E0(> >#012 /#91:E /%04/012, 18'0#6'% 6% 8/%Q2ER#%: 1$61) 0:/#6'CE. A#8/1:'2, 2 "/486EJ 8/1%":#J 161 &1B%:5#6'&#:? $%0(:"' 0:/#6'C ' 018/121B$#:?0( $%:#3?61) :%J6'>%0Q"1) $1"4&%6:#C'%).
!A;F C7F1@7AG =R>?F?F=S R;:;?1 F;!@;EA?F=? C7F1@7AG67:?@O;F=G>13",($()$ #"+.'."7(" 4%/3("6" 3%"$4.' 3"7.) ($);C$&(" 3".%$C/$.
+"+.'-,$()8 3,'(' 4"(.%",8 );0$($()<, 8-,8K:$6"+8, 4'4 3%'-),", 7'+.9K,'(' 3%"$4.'. @',1$ 3%"$4.1 "C17(" ($ 0"6/. +$C$ 3";-",).9 3"#"C(/K .$J3$(9 #"4/0$(.)%"-'()8, "#('4" "() ."&$ (/&#'K.+8 - 7$.4)F /4';'()8F" "+/:$+.-,$()K 4"(.%",8 );0$($()<. *"E."0/ H"%0',9(" (- +,/7'$ C",9J?"6" 3%"$4.') ,)C" ($H"%0',9(" (- +,/7'$ ($C",9?"6") #",&(1 ;'.%'6)J-'.9+8 +,$#/K:)$ -"3%"+1:
1. P." /3",("0"7$( /.-$%&#'.9 );0$($()8? V+,) #'((1$ 3",("0"7)83%)('#,$&'. 4"0).$./ 3" %'++0".%$()K );0$($()<, ." 3%$#+$#'.$,9 ) 7,$J(1 4"0).$.' #",&(1 /7'+.-"-'.9 - 3%"$4.$, 3%)7$0 )F "C8;'(("+.) ) "C,'+J.) ".-$.+.-$(("+.) ($"CF"#)0" 7$.4" "3%$#$,).9. > ($4"."%1F +,/7'8F, "+"JC$((" 3%)0$().$,9(" 4 0',10 3%"$4.'0, 3%'-"0 -($+$()8 4"%%$4.)- 0"6/.C,'#'.9 0$($#&$%1. > .'4)F 3%"$4.'F 4"0).$. 3" %'++0".%$()K );0$($()<($ (/&$(.
2. P'4 "3%$#$,8$.+8 +H$%' 3",("0"7)< 3" 4"(.%",K ;' );0$($()80)?='3%)0$%, 4"0).$. /3",("0"7$( -("+).9 ;('7).$,9(1$ );0$($()8, +/:$J+.-$((" ;'.%'6)-'K:)$ +"#$%&'()$. M,8 "C$+3$7$()8 "3$%'.)-("6" %$'6)J%"-'()8 3%$#+$#'.$,K 4"0).$.' #'$.+8 3%'-" /.-$%&#$()8 0"#)H)4'2)<,." -%$08 4'4 "+.',9(1$ 7,$(1 %'++0'.%)-'K. ((" ($ /.-$%&#'K.!) ;'#'7),+"".-$.+.-/K:)$ )F 3%"H$++)"(',9(10 ;('()80. T;0$($()8, ($ -,)8K:)$(' +"#$%&'()$ ),) -,)8K:)$ (' ($6" ($;('7).$,9(", ('F"#8.+8 - -$#$())0$($#&$%' 3%"$4.'.
3. P'4 -16,8#). 3%"2$#/%' ;'3%"+' (' -($+$()$ );0$($()8? *,'( 4"(.J%",8 );0$($()< #",&$( "3)+1-'.9 3%"2$#/%/ ;'3%"+' (' );0$($()$ ) -+$"%01 ),) #"4/0$(.'2)K, 4"."%1$ .%$C/K.+8 3%) ('3%'-,$()) .'4"6" '3%"J+' - '#%$+ 4"0).$.' 3" %'++0".%$()K );0$($()<.
4. P'4 "+/:$+.-,8$.+8 /3%'-,$()$ /3%'-,$(7$+4)0 %$;$%-"0? M,8 "+J,'C,$()8 %)+4' );0$($()< +,$#/$. -1#$,).9 ($4"."%/K #$($&(/K +/00/- 4'7$+.-$ /3%'-,$(7$+4"6" %$;$%-' (+0. %';#$, «*,'( $'6)%"-'()8 (' %)+J4)» 6,'-$ 9) ) "3%$#$,).9 3"%8#"4 $6" +3",9;"-'()8.
5. P'4)0 "C%';"0 /.-$%&#$((1$ );0$($()8 %$',);/K.+8 (' 3%'4.)4$?='3%)0$%, -3",($ 3%)$0,$010 %$?$()$0 0"&$. C1.9 (';('7$()$ '#0)()J+.%'."%'.
6. > 4'4"< 0"0$(. &);($(("6" 2)4,' 3%"$4.' (/&(" ('7'.9 ) ;'4"(7).9+3",9;"-'()$ 3%"2$#/%1 ;'3%"+' (' );0$($()$? Q.". 0"0$(. #",&$( 4"(4J%$.);)%"-'.9+8 + 3"0":9K 4"(.%",8 ;' );0$($()80) (+0. %';#$, «R'3%"+(' -($+$()$ );0$($()8 - 3%"$4.» - 6,'-$ 11).
196
5,'-'
5
M>"/$".'4 0/'#"('4 #0>,)<"('4. D0:'66#( C%6610:? 18'0#Q6'( 01$%/B#6'( 010:1': 2 %=1 081019610:' 8/%$10:#2':? '&%661 :1,>:1 6%19J1$'&1 2#R%&4 8/1%":4. A1 >:19E U:1 $%)0:2':%3?61 0:#31215&1B6E&, 8/%$31B%66E) 1919@%66E) L1/&#: 8/'$%:0( #$#8:'Q/12#:? $3( "16"/%:61=1 8/1%":#. ./'21$'&E% 6'B% 012%:E 81&1=4:#& 08/#2':?0( 0 U:1) 5#$#>%).
COEUPOH8'0#6'% 01$%/B#6'( — U:1 8'0?&%661% '531B%6'% C%3%), /#Q
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«./12%/"#18'0#6'( 01$%/B#6'(».
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 "3)+'()$ +"#$%&'()8 - 4'&#"0)+3",9;"-'()8 3%"$4.$.
> 0',"0 3%"$4.' "3)+'()$ #",&(" -4,K7'.9.",94" C);($+J2$,9, 2$,) 3%"$4.' )4"(.%",9(1$ +"C1.)8
M"C'-,$()$ ".,)7).$,9("< — >4,K7).9 - "3)+'()$ E,$0$(. «"3%$#$,$()$"+"C$(("+.) 3%"#/4.'» ('4./',9(" #,8 %';%'C".7)4"-
'33'%'.("6" 3%"6%'00("6" "C$+3$7$()8);— #"C'-).9 )(H"%0'2)K "C "+("-(1F )+4'F) %$'6)%"-'()) (' ()F (3",$;(" #,83%"$4."- - +H$%$ -1+"4)F .$F(","6)<)
L#',$()$ F'%'4.$%)+.)4) L#',).9 ); "3)+'()8 +"#$%&'()8 E,$0$(.«"3)+'()$ %'C".» (7'+." 3%'4.)4/$.+84"03'()80), "%)$(.)%"-'((10) (' %$;/,9.'.)
@"#)H)4'2)8 4"(4%$.("< P"0C)()%"-'.9 %$;/,9.'.1 ) 4"(.%",9(1$F'%'4.$%)+.)4) +"C1.)8 (3",$;(" #,8 3%"$4."- - +H$%$
-1+"4)F .$F(","6)<)
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
197
*,'()%"-'()$ +"#$%&
'()8
61@BC1B@F;G :?C7>!7R=Q=G @;871
<17 1;C7? 61@BC1B@F;G :?C7>!7R=Q=G @;871?<:/4":4/6#( $%"1&815'C'( /#91: (<+O) — U:1 1/'%6:'/12#66E)
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«/1$':%3(&'» /%543?:#Q:12 03%$47@%=1, 913%% 6'5"1=1 4/126(, "1:1/E%, 2 0217 1>%/%$?,0:#64: «/1$':%3(&'» /%543?:#:12 %@% 913%% 6'5"1=1 4/126( ' :. $..1&'&1 U:1=1, <+O &1B%: 9E:? 8/%$0:#23%6# 2 L1/&#:% 1=3#23%Q6'(, 2 "1:1/1& "#B$E) 03%$47@') 913%% 6'5"') 4/12%6? /%543?:#Q:12 1:19/#B#%:0( 0 1:0:481&.A% 03%$4%: 84:#:? <+O 0 &61B%0:21& 84=#7@'J #99/%2'#:4/
:'8# CWBS (0:/4":4/6#( $%"1&815'C'( /#91: "16:/#":#), BOM(2%$1&10:? &#:%/'#312, 6#"3#$6#( 6# 8/%$&%:E &#:%/'#3?61Q:%JQ6'>%0"1=1 19%08%>%6'() '3' OBS (1/=#6'5#C'166#( 0:/4":4/#8/%$8/'(:'(, H<.). K:' '60:/4&%6:E 0:13? B% 31='>6E ' "16C%8Q:4#3?61 8/10:E, 0"13? ' <+O, 61 '&%7: '6E% C%3'. A#8/'&%/,CWBS (<+O "16:/#":#), "1:1/#( 193#$#%: &%6?R%) $%:#3'5#C'%),'0813?54%:0( $3( 18/%$%3%6'( 4/126( 1:>%:610:', "1:1/E) 81$Q/($>'" $13B%6 19%08%>':? 5#"#5>'"4 2 034>#% 2E8136%6'( "/4861Q=1 "16:/#":61=1 8/1%":#. V'/1"1 /#08/10:/#6%66#( 2 8/1'521$Q0:2%66EJ 1:/#03(J 2%$1&10:? &#:%/'#312 8/%$0:#23(%: 0191)'%/#/J'>%0"47 0:/4":4/4 L'5'>%0"'J 091/1", 049091/1", "1&816%6Q:12, >#0:%) ' 20%=1 10:#3?61=1, 6%19J1$'&1=1 $3( 2E840"# 8/1$4":#.
1 +%"1&815'C'( — &%:1$ /#531B%6'( 6# 010:#23(7@'%, &%:1$ #6#3'5#.H$'6 '5 9#512EJ &%:1$12 2 &%6%$B&%6:% 2119@% ' 2 48/#23%6'' 8/1%":#Q&' 2 >#0:610:'. — ;#'<. #"1.
!@7E?@C; 7!=6;F=G 67:?@O;F=GLC$#).$+9, 7." "3)+'()$ +"#$%&'()8:• "+("-1-'$.+8 (' )+F"#("< )(H"%0'2)), -;8."< ); /+.'-' 3%"$4.', 6"J,"+$ ;'4';7)4' ) '(',);$ +.%'.$6)7$+4)F %';%1-"-;
• -4,K7'$. - +$C8 -+$ E,$0$(.1, "3%$#$,$((1$ H"%0'."0;• "C$+3$7)-'$. +"6,'+"-'(("+.9 -+$F E,$0$(."-;• #"3/+4'$. -";0"&("+.9 ."(4"< 3"#+.%"<4) 3" F"#/ -13",($()8 ).$%'J.)-("6" 2)4,' 3,'()%"-'()8 3%"$4.'.
198
5,'-'
5D 6#"16%C, <+O 1:3'>#%:0( 1: D<H ('%/#/J'>%0"1) 0:/4":4/E 1/=#Q6'5#C''): D<H 81"#5E2#%:, "#"'% 1/=#6'5#C'166E% %$'6'CE 6%Q04: 1:2%:0:2%6610:? 5# 2E8136%6'% :%J '3' '6EJ U3%&%6:12 <+O(9#512#( :%/&'6131='( 8/'2%$%6# 21 2/%5"% «[5E" <+O»).
C'#. 5.6. ./'&%/ <+O 8/1%":# /#5/#91:"' #88#/#:4/E
C'#. 5.7. <+O, 2E8136%66#( 2 L1/&#:% 1=3#23%6'(
199
*,'()%"-'()$ +"#$%&
'()8
!761@7?F=? 6:@: !7:Y7: «6E?@YB EF=R»<4@%0:247: $2# 106126EJ 081019# /#5/#91:"' <+O: «02%/J4
26'5» ' «06'54 22%/J». N U:1& /#5$%3% $#61 $%:#3?61% 18'0#6'% 81$QJ1$# «02%/J4 26'5», "1:1/E) (23(%:0( 4$196E& '60:/4&%6:1& 2 /4Q"#J &%6%$B%/# ' "1$E, '&%7@'J 6#$3%B#@') 18E: ' 8/%$0:#2Q3%6'% 1 /%543?:#:#J 8/1%":#.
G:0) '#B0>(0= '(J0)+".''. O#5/#91:"# <+O 0:#6%: 913%% 3%=Q"'& ' 10&E03%66E& $%31&, %03' 4 2#0 94$%: 03%$47@#( '0J1$6#('6L1/&#C'(:
• 18'0#6'% 01$%/B#6'( 8/1%":#;• :%J6131='>%0"#( "#/:# 2E8136%6'( 18%/#C') (:/4$12E% 8/1QC%00E);
• =1310 5#"#5>'"# (2 "/4= /#00&#:/'2#%&EJ 218/1012 $13B6E2J1$':?: B%3#6'% "3'%6:# 9E0:/%% 8134>':? 8/1$4": '3' 4034Q=4, 6%19J1$'&10:? 9E0:/1=1 &1$%3'/12#6'(, 81:/%9610:?2 #4:01/0'6=%, :1 %0:? 8/'23%>%6'' /%04/012 '526%);
• 843 $10:486EJ /%04/012;• "16"/%:6#( 8/1%":6#( 0':4#C'(.H8'0#6'% 01$%/B#6'( 8/1%":#, 94$? 161 2%0?&# $%:#3'5'/12#61
'3' 021$'0? " 1$61&4 8/%$31B%6'7, 8/%$0:#23(%: 0191) 3'R? 4"#Q5#6'( 1 :1&, >:1 03%$4%: $%3#:? 2 /#&"#J 8/1%":#. N 8%/247 1>%/%$?6%19J1$'&1 816(:?, «>:1 2E 94$%:% 8/1'521$':?» (01$%/B#6'%),8/%B$% >%& /%R#:?, «"#" U:1 8/1'521$':?»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— "13'>%0:21 $10:486EJ /%04/Q012. D0813?54( :1: B% 8/'&%/ 0 9E0:/E& &1$%3'/12#6'%&, 2E&1B%:% 2 021%) "1&8#6'', %03' /%04/0E '&%7:0(, 2"37>':? 2 <+O2%:2?, 010:1(@47 '5 /%543?:#:12 /#53'>6EJ 4/126%). G'91, %03':/%94%&EJ /%04/012 2 "1&8#6'' 6%$10:#:1>61, /#5/%R#%:0( 210Q813?512#:?0( #4:01/0'6=1&. N U:1& 034>#% 2 <+O 1"#B%:0( 3'R?1$'6 U3%&%6:, 011:2%:0:247@') 9E0:/1&4 &1$%3'/12#6'7 «2 19Q
200
5,'-'
5@%&», 2 :1 2/%&( "#" 8/1$#2%C ('0:1>6'" #4:01/0'6=#) 94$%: '&%:?1:$%3?647 <+O, /#0"/E2#7@47 ' $%:#3'5'/47@47 $#66E) U3%Q&%6:. D 6#"16%C, 08%C'L'"# "16"/%:61) 8/1%":61) 0':4#C'', "#"81"#5E2#%: 8/#":'"#, :#"B% 0810196# 8123'(:? 6# #6#:1&'7 <+O.N15?&%&, 6#8/'&%/, L'/&4 — /#5/#91:>'"# #88#/#:4/E, 4 "#B$1=181$/#5$%3%6'( "1:1/1) '&%3#0? 021( <+O. O#91:# 6#$ 8/1%":1& %@%6% 9E3# 1"16>%6#, "1=$# L'/&4 8/1$#3' 6121&4 23#$%3?C4, "1:1Q/E) 0/#54 81:/%912#3 6#3'>'( '6:%=/#3?61) <+O $3( 20%J :%"4@'J8/1%":12 ' 2"37>%6'( 2%:2' 48/#23%6'( 2 <+O "/486EJ 8/1%":12..18/194):% 010:#2':? 08'01" 813':'>%0"'J ' 8/1>'J L#":1/12, "1Q:1/E% 94$4: 23'(:? 6# 810:/1%6'% <+O ' 21)$4: 2 8/1C%00 0:/4":4Q/'/12#6'(.
GR9C 6:@• Q,$0$(.1 %'C".. WKC"< %$;/,9.'. - !MI (';1-'$.+8 E,$0$(."0 %'C".,+"+."8:)0 ); .'4)F 4"03"($(."-, 4'4 '33'%'./%', 3%"6%'00("$ "C$+J3$7$()$, /+,/6) ),) #'((1$. =$4"."%1$ E,$0$(.1 8-,8K.+8 3%8010%$;/,9.'."0 %'C".1, #%/6)$ 3%$#+.'-,8K. +"C"< "CO$#)($()$ ($J+4",94)F ,"6)7$+4) +6%/33)%"-'((1F %$;/,9.'."-.
• L%"-$(9 !MI. L%"-($0 3%)(8." (';1-'.9 )$%'%F)7$+4"$ %'+3","&$J()$ E,$0$(.' %'C". - !MI. Q,$0$(.1 %'C"., ('F"#8:)$+8 (' "#("< )."< &$ +.'#)) +.%/4./%)%"-'()8, ".("+8.+8 4 "#("0/ )$%'%F)7$+4"0//%"-(K. L()-$%+',9("< +)+.$01 #,8 (/0$%'2)) /%"-($< ($ +/:$+.-/J$.. @1 "C";('7'$0 /%"-$(9 3%"$4.' 2)H%"< 0, ' 3"+,$#/K:)$ /%"-() —2)H%'0) 1, 2 ) .. #. T+3",9;/8 (/0$%'2)K /%"-($<, -1 0"&$.$ 3%)+-"J).9 /()4',9(1< 4"# 4'&#"0/ E,$0$(./ %'C"., 7." #'+. -'0, ('3%)0$%,"+("-/ #,8 4"(.%",8 +.")0"+.).
• *'4$. %'C".. *'4$. -4,K7'$. - +$C8 E,$0$(.1 %'C"., %'+3","&$((1$ ('();?$0 /%"-($ !MI. @1 (';('7'$0 - 4'< 3'4$. %'C". ".-$.+.-$(J("$ ,)2" (0$($#&$%' 3'4$.' %'C".), 4"."%"$ ;'()0'$.+8 %$?$()$0.'4)F ;'#'7, 4'4 3,'()%"-'()$, +"+.'-,$()$ %'+3)+'()8, CK#&$.)%"J-'()$, %$'6)%"-'()$ (' %)+4, "C$+3$7$()$ 4'7$+.-' ), ('4"($2,/3%$&#'K:)< 4"(.%",9 3%"$4.'.
• !7$. );#$%&$4. !7$. );#$%&$4 3%$#+.'-,8$. +"C"< +-"#(1< E,$0$(.%'C"., 4"."%1< ('F"#).+8 (' "#)( /%"-$(9 -1?$, 7$0 3'4$. %'C".. B(+"+."). ); "#("6" ),) ($+4",94)F 3'4$."- %'C". ) 7'+." "3)+1-'$.+84'4 /3%'-,$(7$+4'8 4"(.%",9('8 ."74', - 4"."%"< 3%")+F"#). H"%0)J%"-'()$ ) ('4"3,$()$ ".7$."- " F"#$ )+3",($()8 3%"$4.'.
• >$.-9. >+$ E,$0$(.1 %'C"., %'+3","&$((1$ ()&$ 3%$#0$.' 3"+.'-4)/%"-(8 1, 3%$#+.'-,8K. +"C"< -$.-9. >$.-) 0"6/. %';,)7'.9+8 3" #,)($.
• !,"-'%9 !MI. P'4 0)()0/0 - +,"-'%9 !MI 3"0$:'K. 4%'.4)$ "3)+'J()8 3'4$."- %'C". + -F"#(10) (7." #",&(" 3"+./3'.9 (' -F"# 3'4$.'%'C".) ) -1F"#(10) /+,"-)80) (7." #",&(" 3"+./3'.9 + -1F"#' 3'4$J.' %'C". #,8 ."6", 7."C1 "( 0"6 +7).'.9+8 ;'-$%?$((10). M"C'-,$()$#"3",().$,9(1F E,$0$(."-, ('3%)0$% 4,K7$-1F #'., CK#&$."-+%$#+.-, (';('7$()< 3$%+"(',', 2$,$+""C%';(" ,)?9 - C",9?)F 3%"J$4.'F.
201
*,'()%"-'()$ +"#$%&
'()8
D-:0) $'/" G7C. .103% 8134>%6'( 6%19J1$'&1) '6L1/&#C'' 1L#":1/#J, 23'(7@'J 6# 0:/4":4/4 <+O, 2E 196#/4B':%, >:1 "13'Q>%0:21 8/%8(:0:2') 6# 84:' 810:/1%6'( <+O 42%3'>'310?. -#"1)&%:1$ 34>R% '0813?512#:? $3( 0:/4":4/'/12#6'( <+O? A'B% &E/#00&1:/'& :/' 106126EJ &%:1$#: 81 B'56%66E& C'"3#& 8/1%":#,81 0'0:%&#&, 81 =%1=/#L'>%0"'& 516#&../'6C'8, 3%B#@') 2 10612% 810:/1%6'( <+O 81 L#5#& B'56%6Q
61=1 C'"3#, =121/': 0#& 5# 0%9(. NE /#59'2#%:% 8/1%": 6# L#5EB'56%661=1 C'"3# 6# 4/126% 1 <+O. H>%2'$61, >:1 U:1: 8/'6C'803%$12#6'( %0:%0:2%661&4 B'56%661&4 C'"34 8/1%":# 2%0?&# 81Q843(/%6 2 6%"1:1/EJ 1:/#03(J. Y1/1R') 8/'&%/ — 8/1%": /#5/#Q91:"' 8/1=/#&&61=1 19%08%>%6'(, 010:1(@') '5 :#"'J L#5, "#"18/%$%3%6'% :/%912#6'), 2E01"14/126%21% 8/1%":'/12#6'%, 6'5Q"14/126%21% 8/1%":'/12#6'%, 6#8'0#6'% "1$# ' :%0:'/12#6'%. *%&%6%$B%/E, "1:1/E% 6% 379(: 8103%$12#:%3?6E% L#5E, 0"3166E$%3':? 8/1%": 6# 010:#23(7@'% L'5'>%0"'% 0'0:%&E ' 1:19/#B#:?'J 6# 4/126% 1 <+O. A#8/'&%/, 2 8/1%":% /#5/#91:"' 0#&13%:# 0'0Q:%&E, 6#J1$(@'%0( 6# 4/126% 1 <+O, &1=4: 2"37>#:? 2 0%9( L75%Q3(B, "/E3?( ' $2'=#:%3?. K:1: 81$J1$ R'/1"1 /#08/10:/#6%62 /($% :/#$'C'166EJ 8/1'521$0:2%66EJ 1:/#03%), 2 "1:1/EJ <+O6#81&'6#%: 2%$1&10:? &#:%/'#312. O#59'%6'% <+O 81 =%1=/#L'>%0Q"'& 516#& 8/#":'"4%:0(, 2 >#0:610:', 2 0L%/% 0:/1':%3?0:2#, =$%4/12%6? 1 <+O 8/1%":# &1B%: 010:1(:? '5 5$#6'( A, 5$#6'( B ' :. $.+10:#:1>61 >#0:1 2 <+O 8/'04:0:247: ' 6#52#6'( =%1=/#L'>%0"'J516: 6#8/'&%/, 0%2%/1Q5#8#$6#(, 7=1Q5#8#$6#(, 7=1Q210:1>6#( '0%2%/1Q210:1>6#( 831@#$"'.N15&1B61, 2E 5#&%:'3', >:1 8/' /#00&1:/%6'' &%:1$12 0:/4":4Q
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
202
5,'-'
5N >#0:610:', 16' &1=4: '&%:? <+O, 0:/4":4/'/12#6647 81 B'56%6Q61&4 C'"34 8/1%":#, 6# 4/126% 1, 81 0'0:%&#& — 6# 4/126% 3 ' :. $.A%"1:1/E% $#B% 0&%R'2#7: $2# &%:1$# 0:/4":4/'/12#6'( 6# 1$Q61& 4/126%, $1840:'& 81 0'0:%&#& ' 81 =%1=/#L'>%0"'& 516#& $3(4/126( 1.-#"1) '5 :/%J &%:1$12 0:/4":4/'/12#6'( <+O 94$%: 6#'913%%
8/'%&3%&E& $3( 2#0? ./%B$% >%& 1:2%>#:? 6# :#"1) 218/10, 2081&Q6':%, >:1 0:/4":4/'/12#6'% — U:1 6% :1>6#( 6#4"#. A#8/1:'2, U:1$%)0:2'%, 2 56#>':%3?61) 0:%8%6' 18/%$%3(%&1% "1/81/#:'261)"43?:4/1), 2E/#91:#661) 2E0R'& /4"121$0:21& $3( :1=1, >:19E2E(06':?, «"#" :4: 4 6#0 20% 8/1'0J1$':». X03' 2#R' "133%=' 8/'Q2E"3' " "#"1&4Q:1 18/%$%3%661&4 0810194 /#5/#91:"' <+O, 215Q&1B61, 16 ' %0:? 0#&E) 8/#2'3?6E) 2 $#661& 034>#%. X03' 2 "1&8#Q6'' /#6%% <+O 6% 8/'&%6(3#0?, 2#& 03%$4%: 18'/#:?0( 6# "43?:4/41:/#03'. N 191'J U:'J 034>#(J &E, 81 04:', 8/%$813#=#%&, >:1 2E/4"121$0:24%:%0? "43?:4/1), 8/'6(:1) 2 "1&8#6'' '3' 2 1:/#03'.K:1 6% 5#8/%@#%: '0813?512#:? $/4='% &%:1$E 0:/4":4/'/12#6'(<+O, 1$6#"1 4>:':%, >:1 018/1:'23%6'% 6121&4 &%:1$4 94$%: 2ER%,>%& 8/'2E>61&4. .1U:1&4, %03' 2E /%R':% '$:' 8/1:'2 20%J, 94$?Q:% =1:12E 8/'31B':? 56#>':%3?6E% 40'3'( 81 8/%1$13%6'7 018/1Q:'23%6'(.
H/),>,2,(', #$,/,(' >,$"2';".'' G7C. <"13?"1 4/126%) 94Q$%: 2 2#R%) <+O? -#" &61=1 $1>%/6'J U3%&%6:12 8/'$%:0( 6# 1$'6/1$':%3?0"') (0&. 2/%5"4 «<3'R"1& &61=1 4/126%) &1=4: 015$#:?9%081/($1"»)? H:2%:E 6# U:' 218/10E 815213(: 18/%$%3':? "13'>%Q0:21 8#"%:12 /#91:. ./'6'&#( 21 26''%, >:1 >'031 8#"%:12 23'Q(%: 6# 2/%&( ' 0:1'&10:? 48/#23%6'( 8/1%":1&, 64B61 2E9/#:? :#Q"1% "13'>%0:21, $3( 48/#23%6'( "1:1/E& '&%7:0( 2/%&( ' 97$B%:0/%$0:2.-#" 4B% =121/'310?, 8#"%: /#91: — 1061261) U3%&%6: 48/#2Q
3%6'( <+O (/'0. 5.8), $'0"/%:6#( 5#$#>#, '&%7@#( 18/%$%3'&E%"16%>6E% /%543?:#:E, "1:1/E&' «23#$%7:» 6#56#>%66E% 1/=#6'5#QC'166E% %$'6'CE ' "1:1/E% 16' $13B6E 8/1'521$':?. ./' '0Q813?512#6'' 'J $3( '6:%=/#C'' 83#6'/12#6'( ' "16:/13( 8/1%":#2 1>%6? $%:#3?61) <+O 2E 6#56#>#%:% $3( "#B$1=1 8#"%:# /#91: 1:Q2%:0:2%661% 3'C1, 010:#23(%:% /#08'0#6'%, 1C%6'2#%:% 0:1'&10:?/%04/012, 8'R%:% 83#6E /%#='/12#6'( 6# /'0" ' 2E8136(%:% $/4Q='% L46"C'' 83#6'/12#6'(, '5&%/(%:% J1$ '08136%6'( 8#"%:# '104@%0:23(%:% %=1 48/%B$#7@') "16:/13?. H>%2'$61, >:1 8/' 42%Q
203
*,'()%"-'()$ +"#$%&
'()8
3'>%6'' >'03# 8#"%:12 42%3'>'2#%:0( ' 2/%&( (0:1'&10:?), 6%19J1Q$'&1% $3( 83#6'/12#6'( ' "16:/13( 8/1%":#. X03' %=1 "13'>%0:210:#612':0( 03'R"1& 913?R'&, 48/#23%6'% &1B%: 0:#:? 6%8/#"Q:'>6E& ' 6%815213':%3?61 $1/1='&. < >'031& 8#"%:12 /#91: :%06102(5#6 'J /#5&%/. [061, >:1 8#"%:E $13B6E 8/%$0:#23(:? 6%913?QR'% /%543?:#:E ' 9E:? 48/#23(%&E&'. N18/10 2 :1&, 6#0"13?"1 6%Q913?R'%.D:#", 2E(06%6'% 0:%8%6' $%:#3'5#C'' <+O 2"37>#%: 2 0%9( 18Q
/%$%3%6'% "13'>%0:2# 4/126%) <+O, "13'>%0:2# ' 0/%$6%=1 /#5&%/#8#"%:12 /#91:, 81$J1$(@'J " "16"/%:61) 0':4#C'' ' 8/'6(:EJ2 2#R%) 1:/#03'. N :#93. 5.2 8/%$0:#23%6E $#66E% <+O 6%"1:1/EJ/%#3?6EJ 8/1%":12. D5 U:1) :#93'CE 2E &1B%:% '523%>? /($ /%"1Q&%6$#C'), 8/'=1$6EJ $3( 913?R'60:2# EJ ' 0/%$6'J 8/1%":122 0L%/#J '6L1/&#C'166EJ :%J6131='), /#5/#91:"' 8/1=/#&&61=119%08%>%6'( ' 8/1$4":12:
• 1: :/%J $1 >%:E/%J 4/126%) 2 <+O;• 1: 15 $1 40 8#"%:12 /#91:;• 1: 40 $1 80 >#012 6# 0/%$6') 8#"%: /#91:;• $3':%3?610:? 0/%$6%=1 8#"%:# /#91: — 1: 1$61) $1 $24J 6%$%3?;• 1: 3 $1 7% 19@%=1 97$B%:# /#91>'J >#012 6# 0/%$6') 8#"%:/#91:.
6A=XC7> >F7D7 B@7EF?S >7DB1 67R:;1H 8?6!7@G:7C«!4",94" /%"-($< .%$C/$.+8 - ('?$0 3%"$4.$?» — E.)0 -"3%"+"0 ;'#'J
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
204
5,'-'
5
N :1 B% 2/%&( $3( 913?R'J 8/1%":12 2 3':%/#:4/% 8/'21$(:0(03%$47@'% $#66E% 1 0:%8%6' $%:#3'5#C'' [23, 24]:
• 8(:? ' 913%% 4/126%) 2 <+O;• 1: 80 $1 200 >#012 6# 0/%$6') 8#"%: /#91:;• &%6%% $24JQ>%:E/%J 6%$%3? 6# 0/%$6') 8#"%: /#91:;• 1: 0,5 $1 2,5% 19@%=1 97$B%:# 8/1%":# 6# 0/%$6') 8#"%:/#91:.
N6% 5#2'0'&10:' 1: :1=1, 48/#23(%:% 2E 913?R'& '3' E&8/1%":1&, U:' >'03# $13B6E 9E:? #$#8:'/12#6E " 2#R'& 3'>6E&8/%$81>:%6'(& ' " 61/&#& "43?:4/E. A#8/'&%/, 4 1$6'J 37$%) '2 1$6'J "43?:4/#J 04@%0:24%: 0:/%&3%6'% " 913%% $%:#3?61&4 83#Q6'/12#6'7 ' "16:/137 ', "#" 03%$0:2'%, " 913%% $%:#3'512#66E&<+O, # 4 $/4='J 37$%) ' 2 $/4='J "43?:4/#J — :%6$%6C'( 8/1:'2181Q31B6#( [25].
C'#. 5.8. .#"%: /#91: — "37>%21% 52%61 2 48/#23%6'''%/#/J'>%0"1) 0:/4":4/1) /#91:
205
*,'()%"-'()$ +"#$%&
'()8
206
5,'-'
5G$)*1$*)')03"(', G7C. -1=$# 2 2#R%& /#081/(B%6'' 1"#5EQ
2#%:0( 20( 6%19J1$'&#( '6L1/&#C'(, 2 :1& >'03% :'8 <+O ' 0:%Q8%6? %% $%:#3'5#C'', &1B61 8/'0:48#:? " 31='>%0"1&4 810:/1%6'7<+O 8/1%":# (0&. 2/%5"4 «F131:E% 8/#2'3# 0:/4":4/'/12#6'( <+O»).V#=' 0:/4":4/'/12#6'( <+O 8%/%>'03%6E 6'B%:
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
2. O#5$%3':? 106126E% /%543?:#:E 6# &%6?R'%, 34>R% 81$$#7Q@'%0( 48/#23%6'7, 4/12%6? 5# 4/126%& $1 :%J 81/, 81"# 6% 94Q$%: $10:'=64:# :1>"#, 2 "1:1/1) /%543?:#:E (23(7:0( 2%@%Q0:2%66E&', 81$$#7@'&'0( 2%/'L'"#C'' ' 18/%$%3(%&E&'0 :%& 4/126%& $%:#3'5#C'', "1:1/E) 815213(%: '0813?512#:? 'J$3( '6:%=/#C'' 18%/#C') 83#6'/12#6'( ' "16:/13( 8/1%":#.
3. NE9/#:? 081019 8/%$0:#23%6'( <+O. N 034>#% EJ 8/1%"Q:12 '519/#B%6'% <+O 2 2'$% $%/%2# 19%08%>'2#%: 34>R47 6#Q=3($610:? ' (23(%:0( 8/%$81>:':%3?6E& (0&. 2%/J677 >#0:?/'0. 5.6). .1 &%/% 42%3'>%6'( >'03# 4/126%) /#0:%: :#"B% '031B610:? <+O, ' 01J/#6%6'% L1/&#:# $%/%2# 0:#612':0( 5#:Q/4$6':%3?6E&. <8#0:' 8131B%6'% &1B%: '0813?512#6'% L1/Q&#:# 1=3#23%6'(. A#8/'&%/, 6# /'0. 5.7 81"#5#6# <+O 2 L1/Q&#:% 1=3#23%6'( (:1=1 B% 8/1%":#, >:1 ' 6# /'0. 5.6). K:1:8/1C%00 810:/1%6'( <+O 2E=3($': $1 6%"1:1/1) 0:%8%6' 034Q>#)6E&. ./'26%0%6'% 481/($1>%6610:' 2 6%=1 215&1B613'R? 8/' 01937$%6'' 18/%$%3%66EJ 40312') (0&. 2/%5"4 «F1Q31:E% 8/#2'3# 0:/4":4/'/12#6'( <+O») [26, 27].
4. P9%$':?0( 2 :1&, >:1 <+O 1/'%6:'/12#6# 6# /%543?:#:E. *#""#" 2 <+O /%>? '$%: 1 8/%$&%:#J 810:#2"', 2 6%) 6%: &%0:# 18%Q/#C'(& [28].
5. P$10:12%/':?0( 2 :1&, >:1 <+O 2"37>#%: 2 0%9( 20% /#91:E 8/1Q%":#. *1, >:1 10:#23%61 5# 8/%$%3#&' <+O, 6% 94$%: 4>:%61 8/'/#08/%$%3%6'' /%04/012 ' "#3%6$#/61& 83#6'/12#6'', # U:1/'0"12#661.
207
*,'()%"-'()$ +"#$%&
'()8
6. <$%3#:? "#B$E) U3%&%6: /#91: 1:610':%3?61 6%5#2'0'&E& 1:$/4='J U3%&%6:12 :1=1 B% 4/126(.
7. ./1$13B#:? $%3%6'% /#91: 6# U3%&%6:E 2831:? $1 :1=1 4/126(,U3%&%6:E "1:1/1=1 &1=4: 9E:? 8134>%6E 0 81&1@?7 &%:1$12,8/'&%6(%&EJ 2 2#R%) 1/=#6'5#C''. P>':E2#(, >:1 6%031B615#"#5#:? /%543?:#:E 4 8/1$#2C12 (210813?512#2R'0? #4:01/Q0'6=1&), $#66E) 81$J1$ 081019%6 8/'2%0:' " 81(23%6'7 2%:Q2%) /#53'>61) $3'6E, >:1 8/'%&3%&1.
8. <L1/&'/12#:? <+O, "1:1/#( 19W%$'6(%: U3%&%6:E /#91: '3'1:$%3?6E% 4/126' $1 'J 03'(6'( 2 :1) :1>"%, =$% 2E8136%6'%0121"48610:' U:'J U3%&%6:12 U"2'2#3%6:61 5#2%/R%6'7 8/1Q%":#.
H.,(1" /)"3'2%(0#$' #$)*1$*)')03"('4 G7C. N 0'34 :1=1 >:1/#5/#91:"% <+O 6%$10:#%: 0:/1=10:' ' 481/($1>%6610:' 6#4>61=181$J1$#, 6% &1B%: 9E:? %$'60:2%661) 8/#2'3?61) <+O. A#8/1:'2,&1=4: 04@%0:212#:? /#53'>6E% 1$'6#"121 J1/1R'% <+O. I:19E 4$10Q:12%/':?0(, >:1 2#R# <+O $10:#:1>61 J1/1R#, 1C%6':% %% 2 011:2%:Q0:2'' 0 8/'2%$%66E&' 2ER% /%"1&%6$#C'(&'. X03' '&%%:0( 6%Q19J1$'&10:? 8%/%0&1:/# ' 26%0%6'( '5&%6%6'), 22%$':% 'J — U:181034B': 81$:2%/B$%6'%& :1=1, >:1 2E /#5/#91:#3' <+O, 0810196470:#:? "#/"#01& $3( '6:%=/#C'' 83#6'/12#6'( ' "16:/13( 8/1%":#.
^":20(- G7C *3,2'9'3"A$ /)0';30>'$,2%(0#$%. X03' "#BQ$#( 8/1%":6#( "1$# 94$%: 015$#2#:? <+O 0 643(, U:1 &1B%: 8/'Q2%0:' " 2156'"612%6'7 /($# 8/193%&. A#>6%& 0 :1=1, >:1 /#5/#91:Q"# <+O 81:/%93(%: /%04/0E. A1 $#B% 2 :1& 034>#%, "1=$# /%04/0E2E$%3%6E ' '0813?512#6E, 6%: 42%/%6610:', >:1 <+O 81&1B%: 8/''6:%=/#C'' 48/#23%6'( 8/1%":1&. -/1&% :1=1, %03' 4 "#B$1=1 8/1Q%":# '&%%:0( 021( <+O, :%/(7:0( 215&1B610:' 0/#26%6'( 8/1%":12$/4= 0 $/4=1& ' ULL%": 0'6%/=''. N0% 18'0#66E% 8/193%&E /%R#Q7:0( 810/%$0:21& R#931612 <+O.N >#0:610:', U:1 156#>#%: 8/'6(:'% R#931612 $3( 18/%$%3%6Q
6EJ 0%&%)0:2 8/1%":12, 6#8/'&%/ 8/1%":12 011/4B%6'( #2:1&#='0Q:/#3%), 015$#6'( 8/1=/#&&61=1 '3' #88#/#:61=1 19%08%>%6'(, /#5Q/#91:"' 8/1'521$0:2%66EJ 8/1C%0012. *#"'& 19/#51&, 0%&%)0:21 —U:1 =/488# 8/1%":12, "1:1/E% J#/#":%/'547:0( '$%6:'>6E&' '3'2 $10:#:1>61) 0:%8%6' 93'5"'&' 5#$#>#&' 2 /#&"#J 8/1%":#. .103%:1=1 "#" R#9316E 810:/1%6E ' 8/'6(:E, /#5/#91:"# <+O $3( 61Q21=1 8/1%":# 021$':0( " #$#8:#C'' R#9316#. K:1 U"161&': 2/%&(,815213(%: 8134>':? "#>%0:2%6647 <+O ' 19%08%>'2#%: &%B8/1%"Q:647 012&%0:'&10:?. ;121/( "/#:"1, R#9316E 812ER#7: 8/1'521Q$':%3?610:?.
208
5,'-'
5
!761@7?F=? 6:@: !7:Y7: «6F=RB EE?@Y»-/#%4=13?6E& "#&6%& 81$J1$# «06'54 22%/J» (23(%:0( &15=121)
R:4/& $3( 18/%$%3%6'( 20%J /#91: 8/1%":#, "1:1/E% $13B6E 9E:?2E8136%6E. K:1: 81$J1$, ' 1019%661 &%:1$ #LL'66EJ $'#=/#&&,94$%: 2%0?&# 813%5%6 :%&, ":1 '&%%: 6% 1>%6? 913?R1) 18E: /%#3'Q5#C'' 8/1%":12, # :#"B% :%&, ":1 '0813?54%: <+O 28%/2E%. ./1%":E/#5/#91:"' '3' 8/'&%6%6'( 612EJ :%J6131=') 19E>61 J#/#":%/'Q547:0( 2E01"1) 0:%8%6?7 6%18/%$%3%6610:' ' 1:04:0:2'%& 8/%C%Q$%6:12, 81U:1&4 16' :#"B% &1=4: 2E'=/#:? 1: 8/'&%6%6'( $#661=181$J1$#, $#B% %03' "1$# 18E:6#(. .1$J1$ «06'54 22%/J» 813%5%6' :1=$#, "1=$# 2E /#91:#%:% 6#$ 612E& R#93161&, "1:1/E) 8/'J1Q$':0( 2E9'/#:? '5 6%0"13?"'J "16"4/'/47@'J, '0813?54%&EJ /#5Q3'>6E&' &%6%$B%/#&' 8/1%":12. A%0&1:/( 6# :1 >:1 $#66E) 81$QJ1$ 610': J#/#":%/ &15=121=1 R:4/&#, %&4 &1=4: 8/%$R%0:212#:?091/ 6%19J1$'&1) '6L1/&#C'' $3( 010:#23%6'( <+O, 2E91/ :'8#<+O ' 18/%$%3%6'% 0:%8%6' %% $%:#3'5#C'' — '6E&' 0312#&', /($R#=12, 8/'&%6(%&EJ ' 8/' 81$J1$% «02%/J4 26'5». +#3%% 8%/%>'03%Q6E 10:#3?6E% R#=' 81$J1$# «06'54 22%/J».
V0)+')03"(', /0>)0:(080 #/'#1" ),;*2%$"$03. +#66E) R#=:/%94%: 8/12%$%6'( &15=121=1 R:4/&# $3( 18/%$%3%6'( :1=1, "#"1Q2E $13B6E 9E:? /%543?:#:E 8/1%":#. -#B$E) /%543?:#: $1840:'&15#8'0#:? 6# 94&#B"% 0 "3%)"'& 031%& ' 8/'"/%8':? 6# 2'$61% &%0Q:1. +3( =1 '3' 0/%$6%=1 8/1%":# 61/?61) 0>':#%:0( '$%6Q:'L'"#C'( 40—60 /%543?:#:12, 2 "/486EJ 8/1%":#J &1B%: 81:/%Q912#:?0( 913?R%% "13'>%0:21. H9/#:':% 26''%: 2 J1$%&15=121=1 R:4/&# "/':'"# '$%) 6%$1840:'&#.
W)*//')031" ),;*2%$"$03. D:1= U:1=1 R#=# — =/488'/12"# 25#Q'&102(5#66EJ /%543?:#:12. M%3? &1B%: 010:1(:? 2 015$#6'' =/488,2"37>#7@'J 2 0%9( 81/($"# 8(:' /%543?:#:12. A%19J1$'&1 :@#Q
R7A719? !@;E=A; 61@BC1B@=@7E;F=G 6:@• >4,K7'.9 - !MI .",94" %$;/,9.'.1;• "."C%'&'.9 -+$ %'C".1, -F"#8:)$ - 3%"$4.;• #$,'.9 %$;/,9.'.1 ".("+).$,9(" ($;'-)+)010);• 3%) ($"CF"#)0"+.) )+3",9;"-'.9 '+)00$.%)7(1$ -$.-);• %'++0'.%)-'.9 3"+.%"$()$ !MI 4'4 4"03,$4+("$ #$<+.-)$.
209
*,'()%"-'()$ +"#$%&
'()8
:%3?61 '003%$12#:? 'J 25#'&11:61R%6'( ' 5#:%& 19W%$'6':?2 =/488E, 0:/%&(0? " :1&4, >:19E 2 EJ ' 0/%$6'J 8/1%":#J 9E31:/' '3' >%:E/% 4/126( =/488'/12"' (2 "/486EJ 215&1B61 913?R%).
G0;>"(', >*:2'1"$03 ),;*2%$"$03 ' 'B 10(#02'>".'4. I3%Q6E "1$E &1=4: '&%:? 2%0?&# /#53'>#7@'%0( 8/%$0:#23%6'(1 :1&, "#" 03%$4%: =/488'/12#:? /%543?:#:E. N :#"1& 034>#% C%3%01Q19/#561 015$#:? $493'"#:E /%543?:#:12 ' /#5&%0:':? 'J 2 /#53'>Q6EJ =/488#J 01=3#061 8/%$31B%6'(& >3%612 "1$E. F#:%& 1/=#Q6'54):% 1904B$%6'%, >:19E 816(:? 8/'>'64 "16L3'":# &%B$4=/488#&', ' 818E:#):%0? $10:'>? 01=3#0'(. X03' U:1 6%215&1B61,'0813?54):% 8/#21 /%R#7@%=1 =1310# ' 18/%$%3':% 1"16>#:%3?647=/4884. O%"1&%6$4%:0( :#"B% 19W%$'6(:? 81J1B'% /%543?:#:E ' 40Q:/#6(:? '59E:1>610:'. .1$196E% $%)0:2'( 815213(: 2#& 8134>':?8/%$2#/':%3?647 '%/#/J'7 <+O.
5)'#30,(', (";3"('= 8)*//"+. D%/#/J'>%0"#( 0:/4":4/# :/%Q94%:, >:19E =/488E ' /%543?:#:E 6# /#53'>6EJ 4/126(J '&%3' 6#Q52#6'(, 8/'>%& 64B61 2 &#"0'?61 215&1B61) 0:%8%6' 01J/#Q6(:? 01=3#0'% &%B$4 >3%6#&' "1$E. D&%%: 0&E03 81:/#:':?2/%&( 6# /#5/#91:"4 6#52#6') /%543?:#:12/=/488: U:1 813%561 $3(816''( B%3#%&EJ ':1=12 8/1%":12, # :#"B% $3( 19%08%>%6'(6#'913?R%) 018/'>#0:610:' 4>#0:6'"12.
H.,(1" /)"3'2%(0#$' #$)*1$*)')03"('4 G7C. .1$J1$4 «06'Q54 22%/J», "#" ' 81$J1$4 «02%/J4 26'5», 6%$10:#%: 0:/1=10:' ' 481/(Q$1>%6610:' 6#4>61=1 &%:1$#, >:1 10:#23(%: 18/%$%3%661% &%0:1$3( 1R'91". <3%$12#:%3?61, 6# U:1& U:#8% 64B61 1C%6':? /#5/#91Q:#6647 <+O 2 011:2%:0:2'' 0 /%"1&%6$#C'(&' 81 0:/4":4/'/1Q2#6'7. F$%0? 8/'2%:0:24%:0( 8/12%$%6'% /%2'5'' ' 26%0%6'% '0Q8/#23%6'), 6#8/#23%66EJ 6# 012%/R%60:212#6'% <+O, 81"# 16# 6%0:#6%: "#/"#01& $3( '6:%=/#C'' 83#6'/12#6'( ' "16:/13( 8/1%":#..1$J1$ «06'54 22%/J» J1/1R $3( 612'>"12 ' 8/' 2E8136%6'' 6%Q
56#"1&EJ 8/1%":12. I:19E 2 81361) &%/% 1C%6':? %=1 81:%6C'#3,03%$4%: 8/'6(:? 21 26''%, >:1 16 19%08%>'2#%: 3%="') 0:#/:,815213(%: $19':?0( 56#>':%3?61) 018/'>#0:610:' >3%612 "1Q$E ' /%R':? :%/&'6131='>%0"'% 8/193%&E. ./10:1:# '0813?512#Q6'( $#%: %&4 8/%'&4@%0:21 8%/%$ 81$J1$1& «02%/J4 26'5», "1:1/E):/%94%: 913?R%=1 2/%&%6' $3( 0:#/:#, /#5$%3(%&1=1 0312#/( ', "/1Q&% :1=1, 1=/#6'>'2#%: 018/'>#0:610:?.
210
5,'-'
5&G5HKLEHDMN&O G7CD),+4 '#/02%;03"('4. A%913?R#( 8/1%":6#( "1$#, "1:1/#(
193#$#%: 6#$3%B#@'&' 6#2E"#&' ' 81$=1:12"1), 0810196# 810:/1Q':? <+O, 010:1(@47 '5 :/%J 4/126%) ' 2"37>#7@47 2 0%9( 15 8#"%Q:12 /#91:, 2 :%>%6'% 30—60 &'64:. A%19J1$'&1% 2/%&( /#0:%: 8/'42%3'>%6'' <+O ' >'03%6610:' "1$E.
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— " E& ' 0/%$6'&. +3( :#"'J 8/1%":12 <+O (23(Q%:0( 1$6'& '5 6%&61='J 19(5#:%3?6EJ '60:/4&%6:12. S4$? :1 /#5Q/#91:"# #88#/#:61=1 '3' 8/1=/#&&61=1 19%08%>%6'(, &#/"%:'6='3' 94J=#3:%/0"') 4>%:, 8/1'521$0:21 '3' 0:/1':%3?0:21, 81>:'379#( 1:/#03? 8/1&ER3%6610:' — E% ' 0/%$6'% 8/1%":E 64BQ$#7:0( 2 <+O, 08101961) 01%$'6':? 20% 'J >#0:'. A# 0#&1& $%3%&1B61 $10:'>? 408%J# ' 9%5 <+O. ,E 03ER#3' 1 :#"'J 034>#(J. H$Q6#"1, "#" 81"#5E2#%: 18E:, 2%/1(:610:? 408%R61=1 2E8136%6'(8/1%":# 8/' 81&1@' "#>%0:2%661) <+O 2ER%, >%& 8/' '0813?512#Q6'' <+O 6%6#$3%B#@%=1 "#>%0:2# '3' 8/' %% 1:04:0:2'' (0&. 2/%5"4«<12%:E 81 '0813?512#6'7 <+O»).
D-80>-. M%6610:? <+O :/4$61 8%/%1C%6':?. D :1&4 %0:? $2%8/'>'6E: <+O 81&1=#%: 481/($1>':? 6%19J1$'&E% /#91:E ' 015$#Q%: "#/"#0 $3( 81361) '6:%=/#C'' 48/#23%6'( 8/1%":#&'. N >#0:61Q0:', 16# $#%: 8/1%":61) "1$% 215&1B610:? 1/=#6'512#:? /#91:E8/1%":# 2 2'$% EJ 48/#23(%&EJ /%543?:#:12, 193%=>#( 6#56#>%Q6'% 1:2%:0:2%66EJ 5# "#B$E) '5 6'J. .10"13?"4 /%543?:#:E 1:61Q0':%3?61 6%5#2'0'&E, 'J 25#'&1$%)0:2'% 0 $/4='&' /%543?:#:#&'' 25#'&123'(6'% 02%$%6E " &'6'&4&4. ./' U:1& 81 &%/% 8/1$2'QB%6'( " 2%/J6'& 4/126(& <+O 'J &1B61 '6:%=/'/12#:?, >:1 81Q5213(%: "1$% 42'$%:? C%310:647 "#/:'64 ':1=121=1 8/1$4":#.A#"16%C, J1$ 8134>%6'( /%543?:#:12 81$$#%:0( '5&%/%6'7. K:#>/%52E>#)61 2#B6#( >%/:# — 081019610:? 1/=#6'512E2#:? /#91:E8/1%":# — 8/'21$': " 81(23%6'7 4 <+O %@% 1$61=1 C%661=1 021)Q0:2#: 16# 0810196# 034B':? "#/"#01& $3( '6:%=/#C'' L46"C')83#6'/12#6'( ' "16:/13( 8/1%":#. D&%661 81U:1&4 6%"1:1/E%08%C'#3'0:E 0>':#7: <+O 6#'913%% 2#B6E& U3%&%6:1& 48/#23%Q6'( 8/1%":#&' [23].
211
*,'()%"-'()$ +"#$%&
'()8
H06121) 56#>'&10:' <+O (23(%:0( %% 081019610:? '=/#:? /13?"#/"#0# $3( 83#6'/12#6'( ' "16:/13( 8/1%":#, >:1 19%08%>'2#%:6#$%B61% 2E8136%6'% 03%$47@'J 106121813#=#7@'J $%)0:2') 8148/#23%6'7 8/1%":#&' (/'0. 5.9):
• 6#56#>%6'% 3'C, 1:2%:0:2%66EJ 5# /#91:E 8/1%":#;• "#3%6$#/61% 83#6'/12#6'% /#91:;• 1C%6'2#6'% 5#:/#: '3' /%04/012, 6%19J1$'&EJ $3( 2E8136%Q6'( /#91:;
• 18/%$%3%6'% 081019# /%#='/12#6'( 6# /'0"', 02(5#66E% 0 /#Q91:#&' 8/1%":#, ' 104@%0:23%6'% $/4='J L46"C') 83#6'/12#Q6'(, :#"'J "#" 83#6'/12#6'% "#>%0:2#;
• '5&%/%6'% J1$# '08136%6'(;• 48/#23%6'% /#91:#&', 6#8/#23%661% 6# $10:'B%6'% C%3%)8/1%":#.
H9W%":1& 6#52#66EJ $%)0:2') (23(%:0( U3%&%6: /#91:. N "#BQ$E) U3%&%6: /#91: 6#56#>#%:0( 3'C1, "1:1/1% 1:2%>#%: 5# 8134>%Q6'% /%543?:#:12, 8%/%>'03%66EJ 81$ $#66E& U3%&%6:1&. A#8/'&%/,%03' &E '$%6:'L'C'/4%& 2 <+O 20 U3%&%6:12 /#91:, :1 "#B$E) '56'J $13B%6 '&%:? «23#$%3?C#», 1:2%:0:2%661=1 5# $#66E) U3%&%6:,01937$%6'% %=1 /#08'0#6'(, /#0J1$12, /%#='/12#6'% 6# /'0"', '5Q&%/%6'% J1$# '08136%6'( ' "16:/13? 8/1%":#. H>%6? 4$196E& '6Q0:/4&%6:1& $3( 6#56#>%6'( 1:2%:0:2%6610:' (23(%:0( <.+#'7.3+)"+*+)",,3*+', =$% 81 2%/:'"#3' 8%/%>'03%6E U3%&%6:E /#91:,# 81 =1/'516:#3' — 3'C#, 2123%>%66E% 2 8/1%":. N (>%)"#J, /#081Q31B%66EJ 6# 8%/%0%>%6'(J 0:/1" 0 U3%&%6:#&' /#91: ' 0:139C120 '&%6#&' 3'C, 19156#>#7:0( /#53'>6E% 2'$E 1:2%:0:2%6610:' 5#'08136%6'% :1=1 '3' '61=1 U3%&%6:#.N:1/1% $%)0:2'%, "1:1/1% 0:#612':0( 215&1B6E& 8/' '0813?51Q
2#6'' <+O, — U:1 "#3%6$#/61% 83#6'/12#6'% U3%&%6:12 /#91:.N $#661& 034>#% '6:%=/#C'( /#08'0#6') 6#>'6#%:0( 6# 4/126% 8#Q"%:# /#91:. N >#0:610:', "#" :13?"1 /#08'0#6'% $3( "#B$1=1 8#"%Q
67E?19 !7 =6!7AHR7E;F=P 6:@• I';%'C'.1-'.9 !MI #,8 ,KC"6" 3%"$4.', 0',"6" ),) C",9?"6", C$%8 ;'"+("-/ ?'C,"( !MI.
• *%)()0'.9 ?'C,"( !MI #,8 4'&#"6" +$0$<+.-' 3%"$4."-.
• *%) +";#'()) ?'C,"(' ('7)('.9 + ($C",9?"6" 7)+,' /%"-($<. M"C'-J,8.9 /%"-() .",94" 3" 3%"+9C$ 4"0'(#1.
• I';%$?'.9 0',10 3%"$4.'0 )+3",9;"-'.9 0$(9?$$ 4",)7$+.-" /%"-J($< - ?'C,"($.
• >+.%')-'.9 «3/+.1$» E,$0$(.1 %'C". - ?'C,"( !MI, 7."C1 "() 0"6,)3%)0$(8.9+8 - ($"C17(1F 3%"$4.'F.
212
5,'-'
5:# 010:#23%61, /#08'0#6'% $3( U3%&%6:# /#91: 03%$47@%=1 4/126(8/%2/#@#%:0( 2 04&&4 /#08'0#6') 021'J 8#"%:12. !6#31='>61 /#0Q8'0#6'% $3( 3791=1 U3%&%6:# /#91: 913%% 2E01"1=1 4/126( %0:?04&&# /#08'0#6') 010:#23(7@'J %=1 U3%&%6:12 8/1%":#. <4&&'/1Q2#6'% /#08'0#6') $10:'=#%:0( 93#=1$#/( '%/#/J'>%0"1) 0:/4":4/%/#91: (0&. /'0. 5.9 ' /#5$%3 «D%/#/J'>%0"1% /#08'0#6'%» =3#2E 6).N#B61 81&6':?, >:1 "#B$E) U3%&%6: /#91: &1B%: '&%:? :13?"11$61 /#08'0#6'%. *%& 8/#":'"47@'& 08%C'#3'0:#&, "1:1/E% 4:Q2%/B$#7:, >:1 <+O 0:#:'>6# ' 6% 81"#5E2#%: 5#2'0'&10:' &%B$4021'&' U3%&%6:#&', 03%$4%: 2081&6':? 1 :1&, >:1 1:/#B#:? 5#2'Q0'&10:' — 5#$#># 0%:%21=1 =/#L'"#, # 6% <+O..1&'&1 '6:%=/#C'' /#08'0#6'), <+O :#"B% 8/%$10:#23(%: L1/Q
?647 0:/4":4/4 $3( 1C%6'2#6'( /%04/012. <612# 2E8136(%:0(1C%6"# 81:/%9610:%) 8#"%:12 /#91: 2 /%04/0#J, # 'J 19W%$'6%6'% 2EQ(23(%: 19@'% /%04/06E% :/%912#6'( ("#" 81"#5#61 6# /'0. 5.9). O#0Q8/%$%3'2 /%04/0E, 6%19J1$'&E% $3( 2E8136%6'( U3%&%6:# /#91:, 815#:/#>'2#%&1&4 6# U:1 2/%&%6', 2E 8134>':% 8/'2(5#66E) " 2/%&%6Q61) R"#3% 83#6 '0813?512#6'( /%04/0121 — "/4861�R:#96E) 9#51Q2E) 83#6, 0 "1:1/E& 0/#26'2#7: L#":'>%0"') J1$ '08136%6'( 8#"%Q:# ' 6# 10612#6'' "1:1/1=1 8/1$4&E2#7: 0:/#:%='7 $%)0:2')2 034>#% 2156'"612%6'( 6%B%3#:%3?6EJ 1:"316%6'). ./'>'6#, 81 "1Q:1/1) &E 19/#:'3' 10191% 26''% 6# /%04/0E, 010:1': 2 :1&, >:1913?R'60:21 EJ ' 0/%$6'J 8/1%":12 8/%$81>':#7: 1C%6"', 1061Q2#66E% 6# /%04/0#J, # 6% 6# 0:1'&10:'. X03' 2#& 2#B6# 0:1'&10:6#(1C%6"#, 4&61B?:% :/%912#6'( " /%04/0#& 6# 0:1'&10:? 'J /#91:E..3#6'/12#6'% $/4='J 48/#23%6>%0"'J L46"C'), 2 >#0:610:'
L46"C') 48/#23%6'( /'0"1&, "#>%0:21& ' '5&%6%6'(&', :#"B%$13B61 2E8136(:?0( 6# 10612% "#/"#0#, 015$#2#%&1=1 <+O. N15?&%&,6#8/'&%/, /%#='/12#6'% 6# /'0" — L46"C'7, 6%19J1$'&47 2 913?QR'60:2% 0%=1$6(R6'J 8/1%":12. H061261% &%0:16#J1B$%6'% 83#6#/#91:E 0 /'0"#&', 2"37>#( 'J '$%6:'L'"#C'7 /'0"12, >'03%661%18'0#6'%, 23'(6'% ' /%#='/12#6'% 6# 6'J, — U:1 8#"%: /#91:. <4&Q&'/12#6'% 83#612 /%#='/12#6'( 6# /'0"' 1:$%3?6EJ 8#"%:12, 8/'Q6#$3%B#@'J 03%$47@%&4 81 '%/#/J'' U3%&%6:4 /#91:, 815213':8134>':? 83#6 0 /'0"#&' $3( U:1=1 U3%&%6:#. +#3?6%)R%% 210J1$(Q@%% 04&&'/12#6'% 83#612 $#0: 2 /%543?:#:% 83#6 /%#='/12#6'( 6#/'0"' $3( 20%=1 8/1%":# 2 C%31& (0&. /'0. 5.9). A% 2#B61, '0813?Q54%:0( $3( 04&&'/12#6'( #6#3'5 ,16:%Q-#/31 '3' 8/10:%)R'%#/'L&%:'>%0"'% 2E>'03%6'(. <"1/%% 6#191/1:, 83#6'/12#6'% /'0Q"12 $13B61 18'/#:?0( 6# "#/"#0, "1:1/E) 015$#%:0( '%/#/J'>%0"1)0:/4":4/1) /#91:.
1 O%04/06E) 83#6. — ;#'<. #"1.
213
*,'()%"-'()$ +"#$%&
'()8
D5&%/%6'% J1$# '08136%6'( —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— 48/%B$#7Q
@') "16:/13? 8/1%":#. D6E&' 0312#&', "1=$# &E 56#%& J1$ '0813Q6%6'( $3( "#B$1=1 U3%&%6:# /#91: ' 20%=1 8/1%":# 2 C%31&, &E &1QB%& 1C%6':? 1:"316%6'% L#":'>%0"'J 56#>%6') 1: 9#5121=1 83#6#' =1:12E '0"#:? 1:2%:E 6# 218/10E, 2#B6E% $3( 8/1#":'261=1 C'"Q3# 48/#23%6'( 8/1%":# (0&. 2/%5"4 «P8/%B$#):% 019E:'(: 8(:? 218Q/1012 8/1#":'261=1 C'"3# "16:/13( 8/1%":#» 2 /#5$%3% «G'6'( '0Q8136%6'(» =3#2E 12).H:&%:?:%, >:1 U:' 218/10E 1:610(:0( " "#B$1&4 U3%&%6:4 ' 8/1Q
%":4 2 C%31&. H$6#"1 106126#(, 6#'913%% 2/%&(%&"#( /#91:# 8/121Q$':0( 6# 4/126% 8#"%:#, 2 :1 2/%&( "#" 10:#3?6E% 4/126' 8/%$0:#2Q3(7: 0191) 8/1$4":E 04&&'/12#6'(. ,%6%$B%/#& EJ ' 0/%$6'J8/1%":12 &1B%: "#5#:?0( >/%5&%/61 031B6E& '0813?512#6'% <+O$3( '6:%=/#C'' 48/#23%6'( 8/1%":1& 810/%$0:21& 2E8136%6'(R%0:' L46"C') 83#6'/12#6'( ' "16:/13(. A1 16' 6% 8/#2E. D&%(:/%J4/126%247 <+O, 01$%/B#@47 81/($"# 10 8#"%:12 /#91:, "1Q$# =1 '3' 0/%$6%=1 8/1%":# 3%="1 ' 9E0:/1 2E8136': U:' R%0:?L46"C'), >:1 19%08%>': /#54&61% 48/#23%6'%.
5),'+*@,#$3" ' (,>0#$"$1'. ./%'&4@%0:2# '0813?512#6'(<+O 19R'/6E, &E 8%/%>'03'& 3'R? 6#'913%% 5#&%:6E% 'J 6'J:
• BJJ"2+'),.: )'(/.4'(.7':. -#" 1:&%:'3 1$'6 8/#":'"47Q@') &%6%$B%/ 8/1=/#&&E, <+O 2'$'&E& 19/#51& 8/'2610':81/($1" 2 9%081/($1". +#B% 6%8102(@%66E& 816(:61, >:1 <+O8/%19/#54%: J#10 6%2/#54&':%3?6EJ 0312%06EJ 18'0#6') 01Q$%/B#6'( 2 0'0:%&4 — >%:"1 0:/4":4/'/12#661% $%/%21 '3'1=3#23%6'%;
• 9#3*+3+.. <:#/#( 810312'C# =3#0':, >:1 8/10:1:# 2%$%: " 01Q2%/R%60:24. D U:1 08/#2%$3'21 2 1:61R%6'' <+O: 19E>61 $3(:1=1, >:19E 4>#0:6'"' 8/1%":# 0&1=3' >':#:? ' 0:/1':? <+O,$10:#:1>61 2%0?&# 6%913?R1) 81$=1:12"'.
214
5,'-'
5
H$6#"1 2 6%"1:1/EJ 0':4#C'(J <+O &1B%: 0:#:? '0:1>6'"1& 6%Q8/'(:610:%):
• 0#"(<"#,3 I34DO.: !K5 +#"I/"+ *4'O23< <,3$3 )#"<",',0+3 *)31'+ «,. ,"+» 9#3'()31'+"4D,3*+D. X03' <+O 010:1':'5 03'R"1& 913?R1=1 "13'>%0:2# 4/126%) ' 8#"%:12 /#91:, :1%% '0813?512#6'% 2 "#>%0:2% "#/"#0# $3( '6:%=/#C'' L46"C')83#6'/12#6'( ' "16:/13( 8/1%":# 0:#612':0( 9%00&E03%6Q6E&, 2/%&(%&"'& ' :/%947@'& 913?R'J 5#:/#: /%04/012.
C'#. 5.9. <+O "#" "#/"#0 $3( '6:%=/#C'' L46"C')83#6'/12#6'( ' "16:/13( 8/1%":#
215
*,'()%"-'()$ +"#$%&
'()8
M>"/$".'4 G7C. H919@%66#( <+O, "1:1/47 &E /#00&1:/%3'2 $#661& /#5$%3%, 81$$%/B'2#%: 215&1B610:? #$#8:#C'', >:1 81Q5213(%: 81$0:/1':? %% " 08%C'L'"% "16"/%:61) "1&8#6'' ' 8/1%"Q:#. +#3%% /#00"#5E2#%:0(, "#" 81$0:/1':? <+O " 2#R'& 64B$#&,:%& 0#&E& 812E0'2 %% C%6610:?.
COEUPO<+O — U:1 $%/%21 0%&%)0:2# 8/1%":12, "1:1/1% 19%08%>'2#%:
'%/#/J'>%0"1% 8/%$0:#23%6'% %=1 /%543?:#:12. P$196#( 2 '0813?51Q2#6'' ' 813%56#( 8/'&%6':%3?61 " 3791&4 8/1%":4, <+O >#0:1 /#0Q0&#:/'2#%:0( "#" 6#'913%% 2#B6E) U3%&%6: 48/#23%6'( 8/1%":#Q&'. ./'>'6# U:1=1 5#"37>#%:0( 2 %% 081019610:' 1/=#6'512E2#:?/#91:E 8/1%":# ' 015$#2#:? "#/"#0, 6# 10612% "1:1/1=1 2E8136(%:Q0( 8136#( '6:%=/#C'( 48/#23%6'(. -37>%2E% #08%":E 0:/4":4/'Q/12#6'( <+O 8/'21$(:0( 21 2/%5"% «./12%/"# <+O».
B3%$#$,$()$ 6%'()2 — !MI, +.%/4./%)%"-'((/K 3" H';'0)+3",9;"-'()8 &);($(("6" 2)4,', (/&(" )+3",9;"-'.9
-" -+$F 3%"$4.'F;— 3%"$4.1 #",&(1 )0$.9 .%) ),) 7$.1%$/%"-(8 !MI — (' /+0".%$()$ 0$($#&$%';
— -+$ !MI, +"#$%&':)$ 7$.1%$ /%"-(8, #",&(1-4,K7'.9 -$.-9 /3%'-,$()8 3%"$4."0;
— 4",)7$+.-" 3'4$."- %'C". 0"&$.-'%9)%"-'.9+8 ". 10 #" 50;
— 4'< 3'4$. %'C". #",&$( C1.9 %';C). ('($+4",94" ;'#'7, 4"."%1$ ($ 3"4';1-'K.+8- !MI 3%"$4.'. @$($#&$% C/#$. )+3",9;"-'.9;'#'7) #,8 3,'()%"-'()8 ) 4"(.%",8 3'4$.';
— +,$#/$. %';%'C".'.9 ?'C,"(1, ' ;'.$0'#'3.)%"-'.9 )F #,8 4"(4%$.(1F 3%"$4."-
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
!@7E?@C; 6:@LC$#).$+9, 7." !MI:• "+("-1-'$.+8 (' )+F"#("< )(H"%0'2));• -4,K7'$. - +$C8 .",94" %$;/,9.'.1;• 3%$#+.'-,8$. -+$ %'C".1 3%"$4.';• +"#$%&). %$;/,9.'.1, 4"."%1$ ".("+).$,9(" ($;'-)+)01 #%/6 ". #%/6';• ".%'&'$. )(.$6%',9(1$ /+),)8.
216
5,'-'
5R;CAP<=1?AHF9? R;>?<;F=GI%:E/% '60:/4&%6:#, /#00&1:/%66E% 2 $#661) =3#2%, 8/'&%6(Q
7:0( 012&%0:61, 812ER#( C%6610:? $/4= $/4=# (0&. ':1=121% 0/#2Q6%6'%). H6' 6% "16"4/'/47: 5# 26''% ' 2/%&( 8/1%":61) "1Q$E. ./'>'6# 04@%0:212#6'( 40:#2# — $#:? 8/1%":4 B'56?84:%& #2:1/'5#C'' /%04/012, 10612E2#(0? 6# 19(5#:%3?0:2#J L46"QC'16#3?6EJ 1:$%312, # :#"B% 1L'C'#3?61 8/%$0:#2':? %=1. X03'/#004B$#:? 31='>%0"', :1 6#8'0#6'% 40:#2# $13B61 03%$12#:? 5#8/1C%$4/1) /#54&61=1 83#6'/12#6'(. P2E, 2 /%#3?610:' U:1 6% 20%Q
217
*,'()%"-'()$ +"#$%&
'()8
=$# :#". .1$1961% 83#6'/12#6'% $13B61 18'/#:?0( 6# SWOTQ#6#Q3'5, 815213(7@') 2E(2':? 0'3?6E% 0:1/16E ' /#5/E2E 2 215&1BQ610:(J 8/1%":# ' 2E/#91:#:? 0:/#:%='' 5#"/E:'( /#5/E212. +#3%%0 4>%:1& /%543?:#:12 8/12%$%661=1 #6#3'5# 6%19J1$'&1 010:#2':?18'0#6'% 01$%/B#6'(, =$% 94$%: $#61 19@%% 6#8/#23%6'% /#52':'(8/1%":#, — 8/10:/#60:21 /%R%6'), 2 "1:1/1& $13B6# $%)0:212#:?8/1%":6#( "1$#. ! 5#:%& 6# 10612% 01$%/B#6'( 03%$4%: 810:/1Q':? <+O, (23(7@470( 9#512E& 83#61& /#91: ' "#/"#01& $3( '6:%=Q/#C'' 20%J $%)0:2') 81 48/#23%6'7 8/1%":1&.
A=1?@;1B@;1. Cleland, D. I. 1990 “Project Management, Strategic Design, and
Implementation” Blue Ridge Summit, Pa.:TAB Books.2. Smith, P. G. and D. G. Reinertsen 1991 “Developing Products in
Half the Time” 1st ed. New York: Van Nostrand Reinhold.3. Cleland, D. I. and W. R. King 1983 “Systems Analysis and Project
Management” 3d ed. New York: McGraw—Hill.4. Milosevic, D. 1990 “Case Study: Integrating the Owner’s and the
Contractor’s Project Organization” Project Management Journal21(4): 23—32.
5. Project Management Institute 2000 ”A Guide to the ProjectManagement Body of Knowledge” Drexell Hill, Pa.: ProjectManagement Institute.
6. Stevenson, W. J. 1993 ”Production and Operations Management”Boston: Irwin.
7. Katzenbach, J. R. and D. K. Smith 1993 ”The Wisdom of Teams”Boston: Harvard Business School Press.
8. Kerzner, H. 2000 ”Applied Project Management” New York: JohnWiley & Sons.
9. Lock, D. 1990 ”Project Planner” Aldershot, U.K.: Gower Publishing.10. Harrison, J. S. and <. A. St. John 1998 ”Strategic Management
of Organisations and Stakeholders” 2d ed. Cincinnati:South—Western College Publishing.
11. Liedecker, J. K. and A. V. Bruno 1984. Identifying and UsingCritical Success Factors “Long Range Planning” 17(1): 23—32.
12. Handifield, R. B. 1994. Effects of Concurrent Engineering onMake—to—Order Products. “IEEE Transactions on EngineeringManagement” 41(4): 384—393.
13. Zirger, B. J. and J. L. Hartley 1996. The Effect of AccelerationTechniques on Product Development Time “IEEE Transactions onEngineering Management” 43 (2): 143—152.
14. Thomson, J. 1967 «Organizations in Action” New York:McGraw—Hill.
218
5,'-'
515. McDounough, E. F. I. and G. Barczak 1991. Speeding Up New
Product Development: The Effects of Leadership Style and Sourceof Technology “Journal of Product Innovation Management” 8(3):203—211.
16. Handifiled, R. B., et al. 1999. Involving Suppliers in New ProductDevelopment “California Management Review” 42(1): 59—82.
17. Wright, P., <. D. Pringle, and M. J. Kroll 1992 “StrategicManagement” Boston: Allyn and Bacon.
18. Thompson, A. T. and A. J. Strickland 1995 “Crafting andImplementing Strategy” Boston: Irwin.
19. Frame, J. D. 1999 “Building Project Management Competence”San Francisco: Jossey—Bass.
20. Rosenau, M. D., <. Griffin, G., and N. Anschuetz 1996“The PDMA Handbook of New Product Development” New York:John Wiley & Sons.
21. Cooper, R. G. 1993 “Winning at New Products” 2d ed. Reading,Mass.: Perseus Books.
22. Hammer, M. and J. Champy 1993 “Reengineering theCorporation” New York: Harper Business.
23. Kerzner, H. 2001 “Project Management: A Systems Approach toPlanning, Scheduling, and Controlling” 7th ed. New York: JohnWiley & Sons.
24. Lavold, G. D. 1983 “Developing and Using the Work BreakdownStructure” in Project Management Handbook. Edited by D.Cleland and W. R. King. Van Nostrand Reinhold: New York,283—302.
25. Schneider, A. 1995. Project Management in International Teams:Instruments for Improving Cooperation “International Journal ofProject Management” 13(4): 247—251.
26. Department of Defense 1998 “MIL HDBK—881; Department ofDefense—Work Breakdown Structure” Washington, D.C.:Department of Defense.
27. Department of Energy 1996 “DOE G 120.1—5, PerformanceMeasurement Systems Guidelines” Washington, D.C.:Department of Energy.
28. Berg, <. and K. Colenso 2000. Work Breakdown StructurePractice Standard Project: WBS vs. Activities “PM Network” 14(4):69—71.
@.-".4(5*.".&3%&./%2
>- )-'$#."+" I'+)-, (,.: )#"<: ,.9.F1",': )#.$. ' *.<' '*934D(/: )#"<: ,.F9.1",':, 23+3#3$3 ," 3C'1."+ )#.$.
,'#&1:1 ,40#R'
H06126E% :%&E 6#0:1(@%) =3#2E — '60:/4&%6:E /#5/#91:"' /#08'0#6'(:• $'#=/#&&# ;#6::#;• $'#=/#&&# "16:/13?6EJ 019E:');• $'#=/#&&# 81 &%:1$4 "/':'>%0"1=1 84:' (,-.Q$'#=/#&&#);• $'#=/#&&# «18%/#C'' 6# $4=#J», 8/'2(5#66#( " 2/%&%6Q61) R"#3%;
• /#08'0#6'% "/':'>%0"1) C%81>"';• '%/#/J'>%0"1% /#08'0#6'%;• 3'6'( 9#3#60#.
220
5,'-'
6
K:' '60:/4&%6:E 81&1=4: 8/' 010:#23%6'' /#08'0#6'( 8/1%":#0 8/'2(5"1) " "#3%6$#/7. D60:/4&%6:E /#5/#91:"' /#08'0#6'(8/'&%6(7:0( 2&%0:% 0 '60:/4&%6:#&' 83#6'/12#6'( 01$%/B#6'(' 0:1'&10:', # /%543?:#:1& 'J 012&%0:61=1 '0813?512#6'( (23(%:Q0( 021$6E) 83#6 8/1%":# (/'0. 6.1). N#B6#( /13? 5$%0? 8/'6#$Q3%B': '60:/4&%6:#& 193%=>%6'( 8/1C%0012, 2 >#0:610:' 83#6'/1Q2#6'7 "1$E, "#>%0:2# ' 19%08%>%6'(, # :#"B% 8/1$4&E2#6'708101912 /%#='/12#6'( 6# /'0"'. +#66#( =3#2# 8/'52#6# 81&1>?&%6%$B%/#& 8/1%":12:
• 8156#"1&':?0( 0 /#53'>6E&' '60:/4&%6:#&' /#5/#91:"'/#08'0#6'(;
• 2E9/#:? '60:/4&%6:E, "1:1/E% 1:2%>#7: "16"/%:61) 8/1%":Q61) 0':4#C'';
• #$#8:'/12#:? 2E9/#66E% '60:/4&%6:E.
K:' 6#2E"' (23(7:0( "/':'>%0"' 2#B6E&' 2 83#6'/12#6'' '/#5/#91:"% 8/1C%00# 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&'.
C'#. 6.1. O13? '60:/4&%6:12 /#5/#91:"' /#08'0#6'(2 8/1C%00% 48/#23%6'( 8/1%":#&'
221
I';%'C".4' %'+3)+'()8
:=;D@;>>; D;F11;
<17 1;C7? :=;D@;>>; D;F11;?+'#=/#&&# ;#6::#, '3' 3%6:1>6#( $'#=/#&&#, "1:1/#( '0813?Q
54%: =1/'516:#3?6E% 81310E $3( 8/%$0:#23%6'( 18%/#C') 8/1%":#,81"#5E2#%: $#:E 6#>#3# ' 5#2%/R%6'( "#B$1) 18%/#C'' ' 8/1%":#1:610':%3?61 =1/'516:#3?61) R"#3E 2/%&%6' (/'0. 6.2). Y1:( $'#=Q/#&&# ;#6::#, /#5/#91:#66#( 2 1917 =1$4, (23(%:0( 0:#/%)R'&0/%$0:21& L1/?61=1 "#3%6$#/61=1 83#6'/12#6'(, 16# 81Q8/%QB6%&4 R'/1"1 '0813?54%:0(.
!7617@7?F=? :=;D@;>>9 D;F11;+'#=/#&&# ;#6::# 010:#23(%:0( 2 6%0"13?"1 U:#812. D J1:( 8%/Q
2E) R#= — 18/%$%3%6'% 4/126( $%:#3'5#C'' ' '$%6:'L'"#C'( 18%Q/#C') — 19E>61 (23(%:0( >#0:?7 83#6'/12#6'( 01$%/B#6'(, &E/#00&1:/'& U:1: R#= 5$%0?, >:19E 2E &1=3' 8134>':? 8/%$0:#23%Q6'% 19 '6:%=/#3?61) 8/1C%$4/%.
C'#. 6.2. ./'&%/ $'#=/#&&E ;#6::#
222
5,'-'
6G:0) '#B0>(0= '(J0)+".''. -#>%0:21 $'#=/#&&E ;#6::#
2 56#>':%3?61) 0:%8%6' 18/%$%3(%:0( "#>%0:21& '0J1$61) '6L1/Q&#C'', " "1:1/1) 1:610(:0(:
• 01$%/B#6'% 8/1%":#;• 193#0:' 1:2%:0:2%6610:';• $10:486E% /%04/0E;• 0'0:%&# 48/#23%6'( /#08'0#6'%&.A#3'>'% >%:"1 18/%$%3%661=1 01$%/B#6'( 8/1%":# 0810190:24%:
J1/1R%&4 816''7 83#6'/4%&EJ 18%/#C'). X0:%0:2%661, >:1 :%,":1 1:2%>#%: 5# 2E8136%6'% 18%/#C'), $13B6E 34>R% 010:#23(:? "#Q3%6$#/61% 83#6'/12#6'%, 810"13?"4 2 'J /4"#J 6#J1$':0( 6#'913%%8136#( '6L1/&#C'( 19 U:'J 18%/#C'(J. H6' 56#7:, 21Q8%/2EJ,1 /#00:#612"% 8/'1/':%:12, 481/($1>'2#6'' 18%/#C') ' 1C%6'2#Q6'' 0/1"12, 21Q2:1/EJ, 1 :1&, "#"'% /%04/0E ' 2 "#"1% 2/%&( $10:48Q6E, ', 6#"16%C, 2Q:/%:?'J — 1 0'0:%&% 48/#23%6'( /#08'0#6'%& —&%:1$%, 8/'&%6(%&1& 2%$4@'&' "1&8#6'(&', >:19E =#/#6:'/1Q2#:?, >:1 /#08'0#6'( /#5/#9#:E2#7:0( ' '0813?547:0( 6# 0'0:%&#Q:'>%0"1) 10612% (0&. 2/%5"4 «<'0:%&# 48/#23%6'( /#08'0#6'%&»).
H/),>,2,(', #$,/,(' >,$"2';".'' ' '>,($'J'1".'4 0/,)"?.'=. <"13?"1 18%/#C') $13B61 8/'04:0:212#:? 2 $'#=/#&&% ;#6:Q:# —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
1 P/12%6? $%:#3'5#C'' 18/%$%3(%:0( 19@'&' 8/'6C'8#&' 9'56%0Q8/1QC%00# 48/#23%6'( 8/1%":#&' 2 "1&8#6''. A#8/'&%/, %03' 2 1/=#6'5#C''%0:? /%R%6'% 19 19%08%>%6'' &#"0'?61) 8/15/#>610:' 2%$%6'( 9'5Q6%0#, :1 %0:? 1:03%B'2#%:0( 84:? "#B$1) "18%)"', "#B$1=1 «2'6:'"#», :1 '4/12%6? $%:#3'5#C'' 94$%: 011:2%:0:247@'). I:1 B% "#0#%:0( :%J6'"'%=1 /%#3'5#C'', :1 16# 0 3%="10:?7 19%08%>'2#%:0( 4/126(&' 231B%661Q0:' 5#$#> 2 $'#=/#&&% ;#6::#. — ;#'<. #"1.
223
I';%'C".4' %'+3)+'()8
<3%$47@') R#= — 8/12%$%6'% &15=121=1 R:4/&# ' /#59'%6'%8/1%":# 6# 18%/#C'', "1:1/E% $13B6E 9E:? 2E8136%6E $3( :1=1,>:19E 9E3 /%#3'512#6 8/1%":. NE :#"B% &1B%:% '0813?512#:? <+O(0&. =3#24 5) 8/' 18/%$%3%6'' 18%/#C'), "1:1/E% 6%19J1$'&E $3(8/12%$%6'( 8%/%>'03%66EJ 2 6%) 8#"%:12 /#91:. O#5&%/ 18%/#C''5$%0? 6% '&%%: 56#>%6'(, 2#R# 5#$#># — 49%$':?0(, >:1 20% 16' 4>Q:%6E. +#3%% 03%$4%: 4:1>6':? 0:%8%6? $%:#3'5#C'', "#" 8/%$8'0EQ2#%: 8/%$E$4@') R#=. X03' 0:%8%6? $%:#3'5#C'' :#"12#, >:1 "13'Q>%0:21 18%/#C') 03'R"1& , /%"1&%6$4%:0( /#59':? 6%"1:1/E%'5 6'J 6# 913%% &%3"'%; 2 8/1:'261& 034>#% 813%561 0"1&81612#:?0J1$6E% 18%/#C''.
-#3%6$#/61% 83#6'/12#6'% &1B%: 0:#:? 2%0?&# 2/%$6E&, %03' 6%01937$#7:0( $13B6#( &%/# ' 0:%8%6? 83#6'/12#6'(. I/%5&%/61 $%Q:#3'5'/12#661% /#08'0#6'% 0:13? B% 9%0813%561, 0"13? ' /#08'0#Q6'%, "1:1/1&4 6%215&1B61 03%$12#:? '3' "1:1/1% 6%215&1B61 81Q6(:?. A%8/#2'3?61 810:#23%66E) #"C%6: 3%="1 1:2/#:': 37$%) 1:"#3%6$#/61=1 83#6'/12#6'( ' 8/'2%$%: " 2156'"612%6'7 1:61R%Q
6=61?>; B!@;EA?F=G @;6!=6;F=?>P',$(#'%("$ 3,'()%"-'()$ %$#4" +-"#).+8 4 %';%'C".4$ $#)(+.-$(("6"
%'+3)+'()8 #" ('7',' -13",($()8 3%"$4.'. *%"2$++ %';%'C".4) ) )+3",9J;"-'()8 %'+3)+'()< #",&$( C1.9 F"%"?" "%6'();"-'( [2]. D."C1 "C$+3$J7).9 3%'4.)7$+4"$ "+/:$+.-,$()$ .'4"6" 3"#F"#', -$#/:)$ 4"03'()) 3%)J0$(8K. +)+.$0/ /3%'-,$()8 %'+3)+'()$0, 4"."%'8 3";-",8$. ".-$.).9 ('+,$#/K:)$ -"3%"+1:
• P'4)$ %'+3)+'()8 ($"CF"#)01? > ;'-)+)0"+.) ". %';0$%' 3%"$4.' -10"&$.$ )+3",9;"-'.9 )$%'%F)K %'+3)+'()< #,8 C",9?)F 3%"$4."-(+0. %';#$, «T$%'%F)7$+4"$ %'+3)+'()$») ),) "#(" %'+3)+'()$ #,80',1F, ' .'4&$ 3%$#-'%).$,9(1$ %'+3)+'()8 ) %'+3)+'()8 -13",($J()8 (3%'4.)7$+4"< %$',);'2))).
• P'4 )+3",9;/K.+8 %'+3)+'()8? =$4"."%1$ %'+3)+'()8, ('3%)0$%+-"#("$, +,/&'. #,8 "+/:$+.-,$()8 4"(.%",8 +" +."%"(1 %/4"-"#+.-',- ." -%$08 4'4 #$.',9("$ %'+3)+'()$ 3%)0$(8$.+8 #,8 "%6'();'2))%'C".1.
• P'4"-' +.$3$(9 #$.',);'2)) %'+3)+'()8? I$4"0$(#/$.+8 "6%'()7)J-'.9 4",)7$+.-" "3$%'2)<, ('3%)0$% 10 - %'+3)+'()) 4"(.%",9(1F +"JC1.)<, + 2$,9K 3%$#".-%':$()8 7%$;0$%("< #$.',);'2)) ) %'+F"#'-%$0$().
• P'4)$ )(+.%/0$(.1 /0$+.(1? >+$ )(+.%/0$(.1 ); #'(("< 6,'-1 /0$+.J(1, $+,) )+3",9;/K.+8 #,8 ."< 2$,), #,8 4"."%"< 3%$#(';('7$(1.
• P"6#' 3"#6".'-,)-'K.+8 %'+3)+'()8? I$4"0$(#/$.+8 #$,'.9 E." #" ('7'J,' %$',);'2)) 3%"$4.'. > +,/7'$ 3%"$4.', +"#$%&':$6" ($"3%$#$,$((1$;('7$()8, -3",($ 3%)0$()0' 4"(2$32)8 C$6/:$< -",(1. *"#6"."-9.$%'+3)+'()$ «-F"&#$()8» - 3%"$4. (' 3$%-1$ 60 #($<, ' ;'.$0 %';%'C'.1J-'<.$ C",$$ #$.',9(1$ %'+3)+'()8 3" F"#/ -13",($()8 %'C"..
• P'4 "+/:$+.-,8K.+8 0"()."%)(6 ) "C("-,$()$ %'+3)+'()<? D'+.".' ))(+.%/0$(.1 4"(.%",8 %'+3)+'()8 "3%$#$,8K.+8 +"6,'+(" (/&#'04"03'()).
224
5,'-'
66'( :'8# «&1B%:, 5#"16>'& 0 U:'&' 97/1"/#:'>%0"'&' $%)0:2'(&'' 8%/%)$%& " /%#3?61) /#91:%?». F#$#># 0'0:%&E 48/#23%6'( /#08'Q0#6'%& 010:1': 2 :1&, >:19E 8/%$1:2/#:':? 81$19647 0':4#C'7.
]/0)4>09'3"(', 0/,)".'=. P81/($1>'2#6'% 18%/#C') 81$/#Q54&%2#%: 'J 2E0:/#'2#6'% 2 31='>%0"1& 81/($"% 2E8136%6'(, $3(>%=1 :/%947:0( J1/1R'% 56#6'( :%J6131='' ' 8/'1/':%:12 8/1%"Q:#. D6#>% =121/(, 2 8%/247 1>%/%$? 8/121$(:0( 18%/#C'', /%543?:#Q:E "1:1/EJ 6%19J1$'&E $3( 2E8136%6'( 8103%$47@'J 18%/#C').!31='>6#( 8103%$12#:%3?610:? 18%/#C') 6%'59%B61 8/'2%$%: " 8%Q/%$%3"#& ' 5#&%$3%6'7 J1$# '08136%6'( 8/1%":#.
H.,('3"(', >2'$,2%(0#$,= 0/,)".'=. O%04/0E, 37$0"'% ' &#:%Q/'#3?6E%, 18/%$%3(7: 8/1C%00 1C%6'2#6'( $3':%3?610:%) 18%/#C').F#$#):%0? 218/101&: «-#"'% /%04/0E 6%19J1$'&E $3( :1=1, >:19E 40Q8%R61 2E8136':? U:4 18%/#C'7?» H:2%:1& $13B6E 0:#:? 6#52#6'(/%04/012 ' $3':%3?610:? /#91:E "#B$1=1 '5 6'J, 6#8/'&%/ 100 >#012/#91:E 8/1=/#&&'0:#. +#3%%, 56#( $10:48610:? /%04/012 ' /#91>')"#3%6$#/? "1&8#6'' ($1840:'&, 210"/%0%6?% — 2EJ1$61)), 8/1'52%0Q:' 8/%19/#512#6'% /#91:E 21 2/%&( 81 "#3%6$#/7. N >#0:610:', %03'8/1=/#&&'0: 5#$%)0:212#6 2 6%0"13?"'J 8/1%":#J, 100 >#012 %=1 /#Q91:E, 9E:? &1B%:, 8/'$%:0( /#08/%$%3':? 6# 12 6%$%3?. D :#"#( 8/1QC%$4/# $13B6# 9E:? 8/1$%3#6# $3( "#B$1) 18%/#C''.
G0#$"32,(', 9,)(03080 3")'"($" >'"8)"++- W"($$" ' ,,*$09(,(',. O'012#6'% $'#=/#&&E ;#6::# :/%94%: 3'0:# 94&#=''3' R#9316#, 4 "1:1/1=1 =1/'516:#3?6#( 10? 011:2%:0:24%: 2/%&%Q6', # 2%/:'"#3?6#( — 08'0"4 18%/#C') (0&. /'0. 6.2). ./104&&'/1Q2#2 $3':%3?610:' 20%J 18%/#C'), &E 8134>'& 8/%$0:#23%6'% 1 :1&,"#"1) 2/%&%661) 1:/%51" /#08131B%6 81 =1/'516:#3'1. +19#2'& 6%Q913?R1) 5#8#0, >:19E 0$%3#:? $'#=/#&&4 913%% 6#=3($61) ' '&%:?8/10:/#60:21 6# 034>#) 94$4@'J '5&%6%6'). .134>'2R#(0( R"#3#4$196# $3( $'#=/#&&E, 18%/#C'' 2 "1:1/1) 2E8136(7:0( 8103%$1Q2#:%3?61. X03' B% %0:? 8%/%"/E2#7@'%0( 18%/#C'', 03%$4%: 011:Q2%:0:2%661 4&%6?R':? $3'64 2/%&%661) R"#3E. +#3%% 03%$4%::
• 1:19/#5':? "#B$47 18%/#C'7 0 81&1@?7 81310"', $3'6# "1:1Q/1) 8/181/C'16#3?6# $3':%3?610:' 18%/#C'' 6# 2/%&%661)R"#3%;
1 ./10:#( 04&&# $3':%3?610:%) 20%J /#91: 6% $#0: 2 /%543?:#:% $3':%3?Q610:? 2E8136%6'( 5#$#>' 2 C%31&, 810"13?"4 2 8/1%":61) $%(:%3?610:' '0Q813?54%:0( 6% 8103%$12#:%3?61% 83#6'/12#6'% 2/%&%6' (2 $#661& 034>#%48/#23%6'% 8/1%":1& 6% :/%94%:0(), # 8#/#33%3?61%. *#"'& 19/#51&, 19@#(2/%&%66#( R"#3# 8/1%":# 18/%$%3(%:0( :13?"1 8103% 2E(23%6'( "/':'>%0Q"1=1 84:' 0/%$' 8#/#33%3?61 '$4@'J C%81>%" /#91:. — ;#'<. #"1.
225
I';%'C".4' %'+3)+'()8
• 2 034>#% &61B%0:2%66EJ 18%/#C'), 010:#23(7@'J L#54 /#91:,6#$ 8%/21) '5 6'J $18136':%3?61 '519/#5':? 04&&#/647 81310Q"4, 6#5E2#%&47 39"#.7'"% +'9. $.<.2, '3' 9#3*+3 $.<.23<.;#&#" 6#>'6#%:0( 1$612/%&%661 0 6#>#31& 8%/21) 18%/#C'' '5#"#6>'2#%:0( 0 1"16>#6'%& 8103%$6%). O#54&61 19W%$'6(:?2 =#&#" "#B$E% 4—10 25#'&102(5#66EJ $%:#3?6EJ 18%/#C').*#" "#" /4"121$0:21 64B$#%:0( 2 8134>%6'' 81361) "#/:'6E8/1%":#, 081019610:? 18%/#C') :'8# =#&#" " 1:19/#B%6'7 021$Q61) '6L1/&#C'' $%3#%: 'J 1>%6? 4$196E&' $3( U:1) C%3';
• 8/12%/':? 8/#2'3?610:? $'#=/#&&E. N0% 3' 6%19J1$'&E% 18%Q/#C'' 5$%0? 8%/%>'03%6E? P81/($1>%6E 3' 16' 31='>%0"'?N%/61 3' 2E9/#6# 2/%&%66#( R"#3#? !$%"2#:61 3' '519/#B%Q6E $3':%3?610:'? N6%0':% 6# $'#=/#&&4 20% 6%19J1$'&E%4:1>6%6'( ' 8/'=1:12?:%0? " %% '0813?512#6'7.
&G5HKLEHDMN&O 7&MWCMPP[ WMNTTMF08>" '#/02%;03"$%. +'#=/#&&# ;#6::# — ULL%":'26E) '60:Q
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«<12%:E 81 '0813?512#Q6'7 $'#=/#&&E ;#6::#»).A#8/1:'2, 2 913?R'J ' 031B6EJ 8/1%":#J 1$612/%&%661% 8/'Q
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«>#0:'>6EJ $'#=/#&&;#6::#» 37$(&, 1:2%:0:2%66E& 5# 8/12%$%6'% 011:2%:0:247@'J /#Q91:, $#7: 215&1B610:? 8134>':? ' '0813?512#:? (06E% ' 8/#":'>Q6E% "/#:"10/1>6E% /#08'0#6'(, 1:/#B#7@'% 93'B#)R47 8%/0Q8%":'24. H:2%:0:2%6610:? 5# "11/$'6#C'7 $%)0:2') 23#$%3?C%2:#"'J /#08'0#6') 81Q8/%B6%&4 3%B': 6# /4"121$0:2%.
226
5,'-'
6D),+4 '#/02%;03"('4. N 5#2'0'&10:' 1: 56#6') ' 18E:# "1Q
$E $'#=/#&&# ;#6::#, 01$%/B#@#( 20 18%/#C'), &1B%: 9E:?/#5/#91:#6# 5# 10—40 &'64:. A%"1:1/E% 18E:6E% &%6%$B%/E 8/1Q%":12 '0813?547: 8/#2'31 «18%/#C'( 2 &'64:4», '&%( 2 2'$4, >:1 6#1:19/#B%6'% "#B$1) 18%/#C'' 6# $'#=/#&&% :/%94%:0( &'64:#.P>:':%: >%& 913?R% 37$%) 5#$%)0:212#61 2 810:/1%6'' $'#=/#&Q&E, :%& 913?R% 2/%&%6' &1B%: 816#$19':?0(.
D-80>-. A#3'>'% $'#=/#&&E ;#6::# 81&1=#%: 49%$':?0(, >:1"#B$E) 01:/4$6'" 816'&#%: =/#L'" 2E8136%6'( 18%/#C') 8/1%"Q:#. F#:%& 2 "#3%6$#/% "#B$1=1 4>#0:6'"# 2E$%3(%:0( 6%19J1$'&1%2/%&(, 8103% >%=1 37$' 8/'0:48#7: " 8/12%$%6'7 18%/#C').
5),'+*@,#$3" ' (,>0#$"$1'. +'#=/#&&# ;#6::# J#/#":%/'54Q%:0( 03%$47@'&' 8/%'&4@%0:2#&':
• ,.$4:1,3*+D. +'#=/#&&# 015$#%: =/#L'>%0"47 "#/:'64 8/1%":#,>:1 $%3#%: %% 6%8/%251)$%66E& '60:/4&%6:1& "1&&46'"#C'';
• 9#3*+3+.. ./#":'>%0"' 3791) >%312%", 6% '&%7@') '3' '&%Q7@') &'6'?647 08%C'#3?647 81$=1:12"4, — 1: >3%6# "1Q$E 8/1%":# $1 081601/# — &1B%: >':#:? '3' 0:/1':? $'#=Q/#&&4 ;#6::#;
• *93*3I,3*+D 3+3I#.C.+D 2.2 (.94.,'#3).,,3", +.2 ' J.2F+'0"*23" *3*+3:,'" 9#3"2+. (0&. /#5$%3 «G'6'( '08136%6'(»=3#2E 12);
• )3(<3C,3*+D '*934D(3).,': ) 94.,'#3).,'' ' #.*9#"1"4",''#"*/#*3). P"#5#6'% 2153% "#B$1) 18%/#C'' "13'>%0:2# 37$0Q
1 H$61 '5 106126EJ $10:1'60:2 012/%&%66EJ /%#3'5#C') $'#=/#&&E ;#6Q::# (6#8/'&%/, 2 '60:/4&%6:% MS Project) 010:1': 2 :1&, >:1 16#, '0813?Q54( &61=14/126%210:? 231B%66EJ 5#$#>, 815213(%: 1J2#:':? 20% :%31031B61=1 8/1%":#, &43?:'8/1%":# '3' 8/1=/#&&E 8/1%":12. — ;#'<. #"1.
67E?19 !7 =6!7AHR7E;F=P :=;D@;>>9 D;F11;• 3",'6'<.$+9 (' #)'6%'00/ 5'(..', 3"4' "(' +"#$%&). ($ C",$$ 25 "3$J%'2)<;
• )+3",9;/<.$ #)'6%'00/ 5'(..' - 4'7$+.-$ "+("-("6" )(+.%/0$(.' 4',$(J#'%("6" 3,'()%"-'()8 - 0',1F, 3%"+.1F, H/(42)"(',9(1F 3%"$4.'F;
• ($ )+3",9;/<.$ #)'6%'00/ 5'(..' - 4'7$+.-$ "+("-("6" )(+.%/0$(.'4',$(#'%("6" 3,'()%"-'()8 - C",9?)F, +,"&(1F, 4%"++JH/(42)"J(',9(1F 3%"$4.'F1;
• "%6'();/<.$ 4"0'(#(/K %';%'C".4/ #)'6%'001 5'(..': E." 3"-1?'$.$$ 4'7$+.-", "C$+3$7)-'$. C",9?/K -"-,$7$(("+.9 /7'+.()4"- ) C",$$-1+"4/K +.$3$(9 )F 3%)-$%&$(("+.) #$,/.
227
I';%'C".4' %'+3)+'()8
"'J /%04/012 ' 04&&'/12#6'% 'J $3( "#B$1=1 8%/'1$# 2/%&%6'815213(7: 8134>':? 19@') 19W%& "16"/%:61=1 /%04/0# $3("#B$1) 18%/#C'' ' 8/1%":# 2 C%31& (0&. /#5$%3 «S#512E) 83#60:1'&10:'» =3#2E 7).
+'#=/#&&# ;#6::# '&%%: /($ 6%$10:#:"12, 0810196EJ 1=/#6'Q>':? %% 8/'&%6'&10:?:
• 3,. ," 932.(-)."+ )(.'<3(.)'*'<3*+' <"C1/ 39"#.7':<',," 93()34:: 0"+23 )-*+#3'+D 93*4"13).+"4D,3*+D 39"#.7'%9#3"2+. ', 2.2 *4"1*+)'", 2#'+'0"*2'% 9/+D. ./' 1:04:0:2'':#"1) '6L1/&#C'' $'#=/#&&E ;#6::# 0:#612(:0( ULL%"Q:'26E&' 2 913?R'J ' "/100QL46"C'16#3?6EJ 8/1%":#J;
• 3,. ," <3C"+ BJJ"2+'),3 *9#.)4:+D*: * 9#3"2+.<', *31"#FC.G'<' I34DO3" 234'0"*+)3 (,.9#'<"#, ,"*234D23 *3+",)39"#.7'%. K:1: 6%$10:#:1" "1&8%60'/4%:0( '0813?512#6'%&'%/#/J'>%0"'J $'#=/#&& ;#6::#, =$% 18%/#C'( 2 $'#=/#&&%913%% 2E01"1=1 4/126( /#59'2#%:0( 6# /($ 18%/#C') 2 $'#=Q/#&&% 913%% 6'5"1=1 4/126( (0&. /#5$%3 «D%/#/J'>%0"1% /#08'Q0#6'%»).
M>"/$".'4 >'"8)"++- W"($$". +'#=/#&&# ;#6::#, 8/%$0:#2Q3%66#( 2 $#661& /#5$%3%, %0:? 6% >:1 '61%, "#" 1919@%66#( L1/&#.H6# 94$%: 813%561) :13?"1 2 :1& 034>#%, %03' #$#8:'/12#:? %% L1/Q&#: ' J#/#":%/'0:'"' " 2#R'& 64B$#&. A'B% 8/'21$(:0( 6%"1:1Q/E% 8/'&%/E 81$1961) 81$0:/1)"'.
B3%$#$,$()$ 6%'()2 — T+3",9;"-'.9 #)'6%'00/ 5'(..' #,8)+3",9;"-'()8 H/(42)"(',9(1F 3%"$4."- ),) H'; C",9?)F
3%"$4."-, +"#$%&':)F ($ C",$$ 25 "3$%'2)<;— 3%)0$(8.9 #)'6%'00/ 5'(..' #,8 4%"++JH/(42)"(',9(1F 3%"$4."-, +"#$%&':)F($ C",$$ 25 "3$%'2)<, .",94" - ."0 +,/7'$,$+,) 7,$(1 4"0'(#1 F"%"?" "+-$#"0,$(1" -;')0";'-)+)0"+.8F "3$%'2)<;
— %';%'C".'.9 ?'C,"(1, 3",$;(1$ - 4'7$+.-$+.'%."-"< 3";)2)) 3%) 3"+.%"$())#)'6%'00 5'(..' #,8 ("-1F 3%"$4."-
M"C'-,$()$ ".,)7).$,9("< — M"C'-).9 +.",C$2, 3"4';1-'K:)< -,'#$,92'"+"C$(("+.) "3$%'2));
— 3$%$7)+,).9 %$+/%+1 3"# 3","+4"<,"C";('7'K:$< 4'&#/K "3$%'2)K;
— #"C'-).9 - #)'6%'00/ "+("-(1$4"(.%",9(1$ +"C1.)8
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
228
5,'-'
6
COEUPON $#661& /#5$%3% &E /#00"#5#3' 1 $'#=/#&&% ;#6::# — '60:/4Q
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«./12%/"# $'#=/#&&E ;#6::#» 8/%$0:#23%6E "37>%2E% 01Q19/#B%6'(, 2#B6E% 8/' 810:/1%6'' $'#=/#&&E.
:=;D@;>>; C7F1@7AHF9Y 67891=S
<17 1;C7? :=;D@;>>; C7F1@7AHF9Y 67891=S?K:# $'#=/#&&# 81"#5E2#%: /#08131B%6'% "16:/13?6EJ 019E:')
1:610':%3?61 2/%&%661) R"#3E 0 C%3?7 19156#>':? "37>%2E%$#:E ' 19/#:':? 6# 6'J 26''% /4"121$0:2# (/'0. 6.3). N3,+F#34D,3" *3I-+'" 18/%$%3(%:0( "#" &1&%6: 2/%&%6' '3' 019E:'%,(23(7@%%0( "43?&'6#C'1661) :1>"1) $3( &61='J 0J1$(@'J0( " U:1):1>"% 5#2'0'&10:%). <3%$12#:%3?61, «813610:?7 5#$1"4&%6:'/12#6Q6E% :/%912#6'(» &1=4: 8/%$0:#23(:? 0191) 2#B61% "16:/13?61%019E:'% 2 8/1%":#J /#5/#91:"' 8/1=/#&&61=1 19%08%>%6'(, # «813Q610:?7 5#$1"4&%6:'/12#66E% &#/"%:'6=12E% :/%912#6'(» — :'Q8'>61% "16:/13?61% 019E:'% 2 8/1%":#J /#5/#91:"' 8/1$4":12.N :1 2/%&( "#" 6#52#66E% "16:/13?6E% 019E:'( 02(5E2#7:0( 0 81Q0:#2"1) "37>%2EJ /%543?:#:12 8/1%":#, $/4='% :'8E 0810196E
!@7E?@C; :=;D@;>>9 D;F11;LC$#).$+9, 7." #)'6%'00' 5'(..':
• -4,K7'$. - +$C8 -+$ "3$%'2)), ($"CF"#)01$ #,8 -13",($()8 3%"$4.';
• ".%'&'$. ,"6)7$+4/K /3"%8#"7$(("+.9 "3$%'2)<;
• +"#$%&). "3$%'2)) + %';/0(10) ;('7$()80) #,).$,9("+.);
• )0$$. ('#,$&':/K -%$0$((/K ?4',/.
229
I';%'C".4' %'+3)+'()8
2"37>#:? 2 0%9( 6#>#31 ' 1"16>#6'% 106126EJ L#5 8/1%":#, 2E813Q6%6'% 1951/12, 019E:'(, (23(7@'%0( 26%R6'&' 81 1:61R%6'7" 8/1%":4 (6#8/'&%/, $#:# 8%/21=1 81"#5# L'3?&# 45"1&4 "/4=4 5/'Q:%3%) — "'61"/':'"#& ' 8/%$0:#2':%3(& 8/1"#:#) ' :. $.
!761@7?F=? :=;D@;>>9 C7F1@7AHF9Y 67891=S</#26':%3?61 8/10:#( 8/1C%$4/#, "1:1/#( '0813?54%:0( 8/'
/#5/#91:"% $'#=/#&&E "16:/13?6EJ 019E:'), 2"37>#%: 2 0%9( 6%Q0"13?"1 R#=12, "1:1/E% 2 56#>':%3?61) 0:%8%6' 18'/#7:0( 6# /#0Q8'0#6'% 0 4"#5#6'%& 25#'&15#2'0'&10:%) &%B$4 18%/#C'(&',810:/1%661% 2 J1$% 1:$%3?61) 8/1C%$4/E. *%& 6% &%6%% &E /#00&1:Q/'& %% 5$%0?, >:19E 8/%$0:#2':? C%3?647 "#/:'64 /#5/#91:"' $'Q#=/#&&E "16:/13?6EJ 019E:').
G:0) '#B0>(0= '(J0)+".''. -#>%0:21 $'#=/#&&E "16:/13?Q6EJ 019E:') 18/%$%3(%:0( "#>%0:21& '0J1$61) '6L1/&#C'', " "1Q:1/1) 1:610(:0(:
• 01$%/B#6'% 8/1%":#;• 193#0:' 1:2%:0:2%6610:';• 0'0:%&# 48/#23%6'( /#08'0#6'%&;• /#08'0#6'% 8/1%":#, 215&1B61 0 81"#51& 25#'&15#2'0'&10:%).A#3'>'% >%:"1 18/%$%3%661=1 01$%/B#6'( 8/1%":# 815213(%:
010:#2':%3(& /#08'0#6') 1:03%B'2#:? "16:/13?6E% 019E:'(, 81$Q3%B#@'% 83#6'/12#6'7. -#>%0:21 $'#=/#&&E 94$%: 2ER% 2 :1&034>#%, "1=$# 23#$%3?CE "16:/13?6EJ 019E:') 1:2%>#7: 5# 'J "#Q3%6$#/61% 83#6'/12#6'% (0&. 2/%5"4 «-:1 23#$%%: /#08'0#6'(&'?»)' 03%$47: 4"#5#6'(&, 0L1/&43'/12#66E& 2 0'0:%&% 48/#23%6'(/#08'0#6'(&' (0&. 2/%5"4 «<'0:%&# 48/#23%6'( /#08'0#6'%&»2 8/%$E$4@%& /#5$%3%). X03' "#3%6$#/61% 83#6'/12#6'% "16:Q/13?6EJ 019E:') 10612#61 6# /#5/#91:#661& /#6%% $%:#3?61& /#0Q8'0#6'', :1 "#>%0:21 8134>%661) :#"'& 19/#51& $'#=/#&&E 94$%:%@% 34>R%.
50>80$031" >,$"2%(080 )"#/'#"('4, /01";-3"A@,80 ;"3'?#'+0#$' +,<>* 0/,)".'4+'. N "#>%0:2% :#"1=1 /#08'0#6'( &1QB%: 2E0:48#:? 379#( '5 0%:%2EJ $'#=/#&&, 18'0E2#%&EJ 2 $#661)=3#2% (C%6610:? U:'J $'#=/#&& 5#"37>#%:0( 2 'J 081019610:' 1:/#QB#:? 25#'&15#2'0'&10:' &%B$4 18%/#C'(&'). .134>%661% /#08'Q0#6'% 5#:%& '0813?54%:0( 8/' 18/%$%3%6'' 8103%$12#:%3?610:'"16:/13?6EJ 019E:').
230
5,'-'
6C17 EA;:??1 @;6!=6;F=G>=?>"-,$7$()$ +".%/#()4"- - %';%'C".4/ %'+3)+'()< - ;('7).$,9("< +.$3$J
() ;'-)+). ". "%6'();'2)"((1F +.%'.$6)< /3%'-,$()8 3%"$4.'0). ='3%)J0$%, - 0'.%)7("< +%$#$ - E."0 3%"2$++$ /7'+.-/K. 0("6)$ ,)2': 7,$(14"0'(#1, 0$($#&$%1 3%"$4."-, H/(42)"(',9(1$ ) )+3",().$,9(1$ %/4"J-"#).$,), 3%"$4.(1< "H)+.
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
@$($#&$%1 — 4"($7(1$ 3",9;"-'.$,) ) -,'#$,921 %'+3)+'()< 3%"$4J."-. B() +"#$<+.-/K. +"+.'-,$()K %'+3)+'()< ) "+/:$+.-,8K. 0"()."%)(6#'((1F, 3%$#"+.'-,8$01F )0 7,$('0) 4"0'(#1, (' 3",("./ ) ,"6)7("+.9.R'.$0 "() "C%'C'.1-'K. 3",/7$((1$ +-$#$()8 ) %'+3)+'()8 (' 4"039K.$%$(+'0) ,)C" + 3"0":9K +".%/#()4"- 3%"$4.("6" "H)+') ) 3%"-$%8K. %$;/,9J.'.1. ='4"($2, "() "C:'K.+8 + H/(42)"(',9(10) %/4"-"#).$,80) ) 4"%J%$4.)%/K. %'+3)+'()8. @$($#&$%1 #",&(1 "C,'#'.9 "3%$#$,$((10) ;('J()80) - "C,'+.) .$"%)) 4',$(#'%("6" 3,'()%"-'()8. BH)+ 3%"$4.' (),)6%/33' 4',$(#'%("6" 3,'()%"-'()8) #",&$( )0$.9 - +-"$0 +"+.'-$ +3$2)'J,)+."-, +3"+"C(1F +";#'-'.9 ) 3"##$%&)-'.9 - %'C"7$0 +"+."8()) +)+.$0/4',$(#'%("6" 3,'()%"-'()8, /7).1-'.9 4"."%/K "C8;'(1 -+$ "+.',9(1$/7'+.()4). P%"0$ ."6", ;('()$ 3%"6%'00("6" "C$+3$7$()8 ) /0$()$ 4"(.%"J,)%"-'.9 3%'-),9("+.9 ($"CF"#)01F #,8 3"##$%&4) +)+.$01 4',$(#'%("J6" 3,'()%"-'()8 ) ".#$,9(1F 3%"$4."- "2$("4 -%$0$(), +.")0"+.) ) %$+/%J+"- .'4&$ 8-,8$.+8 -$+90' -'&(10.
I",9 %/4"-"#).$,$< - 4',$(#'%("0 3,'()%"-'()) ($ +-"#).+8 4 -,'#$J()K .$"%)$<, )(+.%/0$(.'0) ),) 3%"6%'00(10 "C$+3$7$()$0. ='3%".)-,)F "+("-('8 H/(42)8 +"+."). - ."0, 7."C1 ;'#'-'.9 -"3%"+1, 7).'.9 ".7$.1,-";6,'-,8.9 ;'#$<+.-"-'((1< - 3%"$4.'F 3$%+"(', ) "C$+3$7)-'.9 "C:/K3"##$%&4/. P'4 "%4$+.% 3"# /3%'-,$()$0 F"%"?$6" #)%)&$%', +".%/#()4)#",&(1 +)(F%"();)%"-'.9 +-") #$<+.-)8, 7."C1 %'+3)+'()$ +"+.'-,8,"+9+,'&$((" ) )0$," 3$%$# +"C"< 8+(/K 2$,9.
C'#. 6.3. ./'&%/ $'#=/#&&E "16:/13?6EJ 019E:')
231
I';%'C".4' %'+3)+'()8
D-:0) $'/" >'"8)"++- 10($)02%(-B #0:-$'=. +'#=/#&&#$3( 48/#23%6>%0"'J C%3%) $13B6# 01$%/B#:? 3'R? 6%913?R1% "1Q3'>%0:21 2#B6EJ "16:/13?6EJ 019E:'), 8/'52#66EJ 8/'23%>?26''% /4"121$':%3%) '3' 26%R6'J 5#'6:%/%012#66EJ 3'C.+/4=1) 2#/'#6: —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«P8/#23%6>%0Q"#( $'#=/#&&# "16:/13?6EJ 019E:')». NE91/ :'8# ' >%:"#( 810:#Q612"# C%3' (23(7:0( 2#B6E& R#=1& 2 810:/1%6'' $'#=/#&&E "16Q:/13?6EJ 019E:').
D-:0) 10($)02%(-B #0:-$'=. +#66E) R#= 2E8136(%:0(, %03'8/%$81>':#%&E) :'8 $'#=/#&&E 94$%: 23'(:? 6# 2E91/ "16:Q/13?6EJ 019E:'). O#00&1:/'& 20% :'8E "16:/13?6EJ 019E:'):"37>%2E% 8/%$&%:E 810:#2"', 6#>#31 ' 1"16>#6'% 8/1%":# ' %=1=3#26EJ L#5, 106126E% 1951/E, 2#B6E% 019E:'(, (23(7@'%0( 26%QR6'&' 81 1:61R%6'7 " 8/1%":4 ' :. $. -#"'% '5 U:'J 019E:') (23(Q7:0( "37>%2E&' $3( 8/1$2'B%6'( 8/1%":#? X03' "1&8#6'( '0Q813?54%: 0:#6$#/:6E% "16:/13?6E% 019E:'(, :1 16' ' 94$4:"37>%2E&'. N 8/1:'261& 034>#% 2E91/ &1B%: 9E:? 0$%3#6 8103%"16043?:#C'' 0 /4"121$0:21&1.
]/0)4>09'3"(', 10($)02%(-B #0:-$'=. P81/($1>'2#6'%"16:/13?6EJ 019E:') 02(5#61 0 '54>%6'%& 25#'&15#2'0'&10:%)&%B$4 18%/#C'(&' ' 08101912 01%$'6%6'( 'J /%543?:#:12 2 "43?&'Q6#C'1661) :1>"% — 2E9/#661& "16:/13?61& 019E:''. .131B%6'%2 $%:#3?61& /#08'0#6'' 1:/#B#%: 'J 8103%$12#:%3?610:?, 81"#5EQ2#(, "#"'% 18%/#C'' $13B6E 9E:? 6#>#:E '3' 5#2%/R%6E $3( :1=1,>:19E $#661% "16:/13?61% 019E:'% &1=31 0>':#:?0( $10:'=64:E&.
1 H9E>61 2 48/#23%6'' 8/1%":#&' 0/%$' "16:/13?6EJ 019E:') 2E$%3(Q7:0( :#" 6#5E2#%&E% 2%J' — "37>%2E% 019E:'(: 019E:'( 643%21) $3'Q:%3?610:', 6#8/'&%/ &1&%6: 81$8'0#6'( "16:/#":#, 8/1:1"13# '3'#":# 0$#>'Q8/'%&"'. D&%661 U:' 019E:'( 81 6%=3#061) $1=121/%6610:'08%C'#3'0:12 81 48/#23%6'7 8/1%":#&' '519/#B#7:0( 6# =/#L'"#J2 2'$% /1&912. — ;#'<. #"1.
232
5,'-'
6
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
$2# &1&%6:#. N1Q8%/2EJ, 03%$4%: 010:#2':? $%:#3?61% 18'0#6'%8/%$813#=#%&EJ /#91:. N1Q2:1/EJ, '59/#66E% "16:/13?6E% 019EQ:'(, '&%7@'% "37>%21% 56#>%6'% $3( 8/1%":#, 64B61 810:#2':?
B!@;EA?F<?6C;G :=;D@;>>; C7F1@7AHF9Y 67891=S=)&$3$%$7)+,$((1$ 4"(.%",9(1$ +"C1.)8 C1,) +.'(#'%.(10) - 3%"$4J
.'F %';%'C".4) 3%"#/4."- ($4"$< 4"03'()): /.-$%&#$()$ 4"(2$32)) 3%"#/4J
.', "3%$#$,$()$ .%$C"-'()<, "C;"% 3,'("- ) +3$2)H)4'2)<, ;'-$%?$()$3%"$4.)%"-'()8, "2$()-'()$ 3%"#/4.', 3,'( ;'3/+4' (' )+3",($()$, +"CJ+.-$((" ;'3/+4, -13/+4 3%"#/4.'. Q.) 3%"$4.1, #,8:)$+8 ". "#("6" #" #-/F ,$.) +."8:)$ 0),,)"(1 #",,'%"-, 8-,8K.+8 #-)6'.$,80) %"+.' 4"03'()). P"(.J%",9(1$ +"C1.)8 "C";('7'K. "4"(7'()$ 4,K7$-1F H'; ) .%$C/K. 4"%%$4.)J%"-"4 +" +."%"(1 -1+?$6" %/4"-"#+.-'. B() "."C%'&'K.+8 - /3%'-,$(7$+4"<#)'6%'00$, )+3",9;/$0"< #,8 3%$#+.'-,$()8 ".7$."- %/4"-"#+.-/.
67E?19 !7 :=;D@;>>;> C7F1@7AHF9Y 67891=S• =$ +4/7)-'<.$ 4"(.%",9(1$ +"C1.)8, %';("+).$ )F -" -%$0$();• )+3",9;/<.$ "C$ #)'6%'001: #,8 4,K7$-1F ) #$.',9(1F 4"(.%",9(1F+"C1.)<;
• 3%)0$(8<.$ #)'6%'001 4'4 - C",9?)F, .'4 ) - 0',1F 3%"$4.'F #,8 "."JC%'&$()8 3,'()%/$0"6" ) H'4.)7$+4"6" 3%"#-)&$()8;
• ;'#$<+.-/<.$ #)'6%'00/ - +"7$.'()) + #%/6)0 %'+3)+'()$0, 3"4';1J-'K:)0 -;')0";'-)+)0"+.) 0$&#/ "3$%'2)80);
• "%6'();/<.$ 4"0'(#(/K %';%'C".4/ #)'6%'00 4"(.%",9(1F +"C1.)<:E." 3"-1?'$. )F 4'7$+.-", "C$+3$7)-'$. C",9?/K -"-,$7$(("+.9 /7'+.J()4"- ) C",$$ -1+"4/K +.$3$(9 )F 3%)-$%&$(("+.) #$,/.
233
I';%'C".4' %'+3)+'()8
1910193%661 21 '59%B#6'% 'J «/#0:21/%6'(» 2 $%:#3(J. D6E&' 031Q2#&', $%/%2?( ($%:#3?61% 18'0#6'% /#91:), /#54&%%:0(, $13B6E9E:? 2'$6E, 61 16' 6% &1=4: 5#0316(:? 0191) 3%0 ("16:/13?6E% 01Q9E:'().
E"1),/2,(', 010(9"$,2%(080 3")'"($" >'"8)"++- 10($?)02%(-B #0:-$'=. .16(:61, >:1 /4"121$':%3' 6% 379(: 215':?0(0 $%:#3?6E&' /#08'0#6'(&'. H6' 0"1/%% 81:/%947: 8/%$10:#2':?$'#=/#&&4, 1:/#B#7@47 :13?"1 "16:/13?6E% 019E:'(, >:19E 0/#Q54 1C%6':? 010:1(6'% 8/1%":#. +3( 81$=1:12"' $'#=/#&&E (0&. /'0.6.3) 03%$4%: 210813?512#:?0( '6L1/&#C'%) '5 $%:#3?61=1 /#08'0#Q6'( 0 "16:/13?6E&' 019E:'(&' — 2/%&%661) R"#31), 6#52#6'(&'"16:/13?6EJ 019E:') ' 'J 8131B%6'%& 6# 10' 2/%&%6'. .%/%>'0Q3':% "16:/13?6E% 019E:'( 81 2%/:'"#3?61) 10' $'#=/#&&E, 6#/'Q04):% 2/%&%6647 R"#34 2$13? %% =1/'516:#3?61) 10', 2E9%/':%56#>1", 19156#>#7@') "16:/13?61% 019E:'% (6#8/'&%/, /1&9), '/#08131B':% 0'&213E 1:610':%3?61 2/%&%661) R"#3E (0&. 2/%5"4«<12%:E 81 $'#=/#&&#& "16:/13?6EJ 019E:')»).
&G5HKLEHDMN&O 7&MWCMPP[ FHNTCHKLN[X GH\[T&QF08>" '#/02%;03"$%. */#$'C'1661 $'#=/#&&# "16:/13?6EJ 01Q
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«D%/#/J'>%0"1% /#08'0#6'%»).
D),+4 '#/02%;03"('4. O#5/#91:"# $'#=/#&&E 0 6%0"13?"'&'"37>%2E&' "16:/13?6E&' 019E:'(&' &1B%: 5#6(:? 1: 20 $1 30 &'Q64:, 2 :1 2/%&( "#" 010:#23%6'% $'#=/#&&E 0 300 "16:/13?6EJ 01Q
234
5,'-'
69E:') &1B%: 81:/%912#:? 6%0"13?"'J >#012 — 8/' :1& 40312'', >:1$%:#3?61% /#08'0#6'%, 1:/#B#7@%% 25#'&15#2'0'&10:', 4B% 81$Q=1:123%61. O10: >'03# 4>#0:6'"12, 81 20%) 2%/1(:610:', 8/'2%$%: "42%3'>%6'7 6%19J1$'&1=1 6# /#5/#91:"4 2/%&%6' '5Q5# 4031B6%Q6'( &%B3'>610:6EJ "1&&46'"#C').
D-80>-. +'#=/#&&# 0 6%913?R'& "13'>%0:21& "37>%2EJ "16:Q/13?6EJ 019E:'), 6#8/'&%/ 011:610'&#( 0 4/126%& 1 <+O, 081019Q6# 8/'23%>? 26''% $#B% 5#6(:EJ /4"121$':%3%), 810"13?"4 16#1:/#B#%: "37>%2E% 019E:'( 2E01"1) 2#B610:' (0&. 2/%5"4 «A%$1Q0:#:1" "16:/13?6EJ 019E:') &1B%: 8/'2%0:' " 81:%/% &61='J :EQ0(>») [13]. +'#=/#&&E, "1:1/E% 2"37>#7: 2 0%9( &61B%0:21 "16:Q/13?6EJ 019E:'), 02(5#66EJ 0 8#"%:#&' /#91:, 813%56E :%&, >:140'3'2#7: #"C%6: 6# C%3' («"16:/13?61% 019E:'% 6#0:48'31» '3'«"16:/13?61% 019E:'% 6% 6#0:48'31»), 4&%6?R#( #"C%6: 6# 18%/#QC'' («[ /#91:#7 6#$ :%&Q:1 ' :%&Q:1»).
5),'+*@,#$3" ' (,>0#$"$1'. +'#=/#&&# "16:/13?6EJ 019EQ:') '&%%: 03%$47@'% 8/%'&4@%0:2#:
• ,.$4:1,3*+D. K:# $'#=/#&&# 015$#%: =/#L'>%0"47 &1$%3?8/1%":#, '$%#3?647 $3( ULL%":'261=1 25#'&1$%)0:2'( &%B$4"1$1) ' /4"121$0:21&, # :#"B% 264:/' "1$E;
• 9#3*+3+.. P>#0:6'"#& 8/1%":# ' /4"121$':%3(& :/%94%:0(&'6'?6#( 81$=1:12"# '3' 6% 64B61 2120% 6'"#"1) 81$=1Q:12"' $3( :1=1, >:19E /#5/#9#:E2#:? '3' '6:%/8/%:'/12#:?$'#=/#&&E "16:/13?6EJ 019E:');
• 934"(,3*+D ) 2.0"*+)" ',*+#/<",+. 94.,'#3).,': ' 3+*4"FC').,':.
F?:761;17C C7F1@7AHF9Y 67891=S >7O?1 !@=E?61=C !71?@? >F7D=Y 196G<='3",$"(, ;('."4 -"$(("6" #$,', -" -%$08 +-")F 3"F"#"- ()4"6#' ($ +"J
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
235
I';%'C".4' %'+3)+'()8
D5 6%$10:#:"12 $'#=/#&&E &1=4: 9E:? 6#52#6E 03%$47@'%:• 23$1. 1'.$#.<<. 23,+#34D,-M *3I-+'% '*934D(/"+*: 3+1"4DF,3 3+ 1"+.4D,3$3 #.*9'*.,':, 932.(-).EG"$3 (.)'*'<3*+'<"C1/ 39"#.7':<', *+.,3)'+*: +#/1,3 93,:+D, 2.2 13*+'0D23,+#34D,3$3 *3I-+':. K:1 0:#612':0( 1019%661 5#&%:6E&,"1=$# $'#=/#&&# 01$%/B': 913?R1% "13'>%0:21 "16:/13?6EJ019E:');
• 93 <"#" /)"4'0",': 0'*4. 23,+#34D,-M *3I-+'% 1'.$#.<<.+"#:"+ *)3E 9#')4"2.+"4D,3*+D. X03' $'#=/#&&# 8%/%6#0EQ@%6# "16:/13?6E&' 019E:'(&', 16# &1B%: 0:#:? 6%ULL%"Q:'261) 2 >#0:' 48/#23%6'( /#91:#&', :1 %0:? 8%/%0:#%: 2EQ8136(:? 0190:2%6647 L46"C'7. D0813?512#6'% %% 2 01>%:#6''0 /#08'0#6'%&, 01$%/B#@'& 5#2'0'&10:' &%B$4 18%/#C'(Q&', — 6#'34>R') 081019 4&%6?R%6'( /'0"12, 02(5#66EJ 0 $%Q:#3?6E&' $'#=/#&&#&' 23,+#34D,-M *3I-+'%.
M>"/$".'4 >'"8)"++- 10($)02%(-B #0:-$'=. ,E 8/%$0:#Q2'3' 1919@%6647 L1/&4 $'#=/#&&E. I:19E 8134>':? 1: %% '0813?Q512#6'( &#"0'?647 2E=1$4, 6%19J1$'&# 81$0:/1)"# " "16"/%:Q61) 8/1%":61) 0':4#C''. A'B% 8/'21$(:0( 6%"1:1/E% 8/'&%/E:#"1) #$#8:#C''.
COEUPON $#661& /#5$%3% &E /#00&1:/%3' $'#=/#&&4 "16:/13?6EJ 01Q
9E:') — '60:/4&%6:, "1:1/E) 1:19/#B#%: "16:/13?6E% 019E:'(1:610':%3?61 2/%&%661) R"#3E, 19156#>#( :%& 0#&E& "37>%2E%U:#8E 8/1%":#. */#$'C'1661 :#"#( $'#=/#&&# '0813?54%:0( $3(:1=1, >:19E 19/#:':? 26''% /4"121$0:2# 6# 10191 2#B6E% 019EQ:'( 8/1%":# 6%5#2'0'&1 1: %=1 /#5&%/12. H6# &1B%: :#"B% 40'3':?#"C%6:'/12#6'% C%3%), 1$612/%&%661 103#9'2 #"C%6:'/12#6'%18%/#C'). M%6610:? $'#=/#&&E "16:/13?6EJ 019E:') 812ER#%:Q0( 8/' 81$0:/1)"% " "16"/%:6E& 64B$#& 8/1%":#.
!@7E?@C; :=;D@;>>9 C7F1@7AHF9Y 67891=SLC$#).$+9, 7." #)'6%'00' 4"(.%",9(1F +"C1.)<:
• -4,K7'$. - +$C8 4,K7$-1$ 4"(.%",9(1$ +"C1.)8;
• ".%'&'$. ,"6)7$+4/K /3"%8#"7$(("+.9 +"C1.)<, "+("-1-'8+9 (' -;')J0";'-)+)0"+.8F 0$&#/ "3$%'2)80);
• +"#$%&). 4"(.%",9(1$ +"C1.)8, %'+3","&$((1$ (' %';/0("0 %'++."J8()) #%/6 ". #%/6';
• -$%(" %'+3",'6'$. 4"(.%",9(1$ +"C1.)8 ".("+).$,9(" -%$0$(("<?4',1.
236
5,'-'
6B3%$#$,$()$ 6%'()2 — T+3",9;"-'.9 #)'6%'00/ 4"(.%",9(1F)+3",9;"-'()8 +"C1.)< .",94" #,8 +"C1.)< /%"-(8 1 !MI,
"."C%'&'8 (' ($< ($ C",$$ ?$+.)4"(.%",9(1F +"C1.)<;
— %';%'C".'.9 ?'C,"(1, /#"C(1$3%) +"+.'-,$()) #)'6%'00 4"(.%",9(1F+"C1.)< #,8 ("-1F 3%"$4."-
M"C'-,$()$ ".,)7).$,9("< — M"C'-).9 +.",C$2, 3"4';1-'K:)< -,'#$,92'"+"C$(("+.) 4"(.%",9("6" +"C1.)8;
— +-8;'.9 4"(.%",9(1$ +"C1.)8 + 2$,9K".%'&$()8 -;')0";'-)+)0"+.$<
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
:=;D@;>>; !7 >?17:BC@=1=<?6C7D7 !B1=
<17 1;C7? :=;D@;>>; !7 >?17:BC@=1=<?6C7D7 !B1=?+'#=/#&&# 81 &%:1$4 "/':'>%0"1=1 84:' (,-.Q$'#=/#&&#) —
U:1 &%:1$'"# 6#>%/:#6'( 0%:%21) $'#=/#&&E $3( #6#3'5#, 83#6'Q/12#6'( ' 010:#23%6'( /#08'0#6') 8/1%":12. H6# 8/%$10:#23(%:0/%$0:2# 1:19/#B%6'( 18%/#C') 8/1%":# 2 2'$% 45312 (/'0. 6.4) '3'0:/%31", 18/%$%3(%:, "#"'% '5 6'J (23(7:0( "/':'>%0"'&' (2 0&E0Q3% 23'(6'( 6# 2/%&( 5#2%/R%6'( 8/1%":#), ' 2E8136(%: 'J "#3%6Q$#/61% 83#6'/12#6'% :#", >:19E $10:'>? C%3%21) $#:E 5#2%/R%Q6'( 8/' &'6'?61) 0:1'&10:' [14].
!761@7?F=? :=;D@;>>9 !7 >?17:BC@=1=<?6C7D7 !B1=.10:/1%6'% ,-.Q/#08'0#6'( :/%94%: :%/8%6'( ' 81$/#54&%2#%:
8103%$12#:%3?61% 2E8136%6'% 6%0"13?"'J 106126EJ R#=12. A#'Q913?R47 2#B610:? 5$%0?, "#" ' 2 034>#% $/4='J '60:/4&%6:12, '&%Q%: 18/%$%3%6'% 0:%8%6' $%:#3'5#C'' ' '$%6:'L'"#C'( 18%/#C').Y1:( U:1: R#= 19E>61 1:610':0( " 8/1C%004 83#6'/12#6'( 01$%/QB#6'(, &E 2"37>#%& %=1 2 /#00&1:/%6'%, >:19E $#:? 813647 "#/Q:'64 /#5/#91:"' $'#=/#&&E 81 &%:1$4 "/':'>%0"1=1 84:'.
G:0) '#B0>(0= '(J0)+".''. -#>%0:21 ,-.Q$'#=/#&&E 18/%Q$%3(%:0( "#>%0:21& '0J1$61) '6L1/&#C'', " "1:1/1) 1:610(:0(:
• 01$%/B#6'% 8/1%":#;• 193#0:' 1:2%:0:2%6610:';• $10:486E% /%04/0E;• 0'0:%&# 48/#23%6'( /#08'0#6'%&.
237
I';%'C".4' %'+3)+'()8
N $#661& "16:%"0:% '6L1/&#C'( 1 01$%/B#6'' 64B6# $3( :1=1,>:19E 8/%$10:#2':? 3'C#&, 104@%0:23(7@'& "#3%6$#/61% 83#6'Q/12#6'%, 6%19J1$'&E% 56#6'( 1 8/%$0:1(@'J 18%/#C'(J 8/1%":#.I%:"1% /#08/%$%3%6'% 19(5#6610:%) 815213(%: 2E(2':? 01:/4$6'Q"12, "1:1/E% '&%7: 6#'913%% :1>647 ' 813647 '6L1/&#C'7 ' "1Q:1/E%, 03%$12#:%3?61, $13B6E 8/121$':? "#3%6$#/61% 83#6'/12#Q6'%. +3( :1=1 >:19E /#5/#91:#:? /%#3'0:'>6E% /#08'0#6'(, U:'«23#$%3?CE» 18%/#C') :#"B% $13B6E 56#:?, "#"'% /%04/0E ' "1=$#$10:486E. D 6#"16%C, 0'0:%&# 48/#23%6'( /#08'0#6'%& 81&1B%:2 /#5/#91:"% ' '0813?512#6'' ,-.Q$'#=/#&&E (0&. 2/%5"4 «<'0:%Q&# 48/#23%6'( /#08'0#6'%&» 2 6#>#3% =3#2E).
C'#. 6.4. ./'&%/ ,-.Q$'#=/#&&E
R;<?> !@= @;R@;871C? :=;D@;>>9 !7 >?17:BC@=1=<?6C7D7 !B1= FBO?F C7>;F:F9S !7:Y7:T+3",9;"-'()$ 3%"$4.("< 4"0'(#1 3%$#+.'-,8$. +"C"<, -";0"&(",
(')C",$$ EHH$4.)-(1< +3"+"C 3"+.%"$()8 @P*J#)'6%'001. T -". 3"7$0/:• 7,$(1 4"0'(#1 "C17(" 8-,8K.+8 +'010) #"+."-$%(10) )+."7()4'0))(H"%0'2)) " +-")F H%'60$(.'F %'+3)+'()8;
• 4'< 7,$( 4"0'(#1 -)#)., - 4'4"$ -%$08 ) - 4'4"0 0$+.$ $6" /7'+."4+.'("-).+8 4%).)7$+4) -'&(10 #,8 /+3$F' 3%"$4.';
• 4"0'(#' +3"+"C(' ('),/7?)0 "C%';"0 /3"%8#"7).9 "3$%'2)), +"4%'J.).9 )F #,).$,9("+.) ) #,).$,9("+.9 -+$6" 3%"$4.';
• 4"0'(#' 4'4 2$,"$ 0"&$. +4"(2$(.%)%"-'.9 +-"K E($%6)K ) /0J+.-$((1$ /+),)8 (' "3$%'2)8F, 4%).)7$+4) -'&(1F #,8 -13",($()83%"$4.';
• -"-,$7$(("+.9 7,$("- 4"0'(#1 - 3%"2$++ /+),)-'$. )F 7/-+.-" +"3%)J7'+.("+.) %$;/,9.'.'0 3%"$4.'.
238
5,'-'
6H/),>,2,(', #$,/,(' >,$"2';".'' ' '>,($'J'1".'4 0/,)"?
.'=. -#"'& 19/#51& 1:$%3?6E% 18%/#C'' &1=4: 8123'(:? 6# "13'Q>%0:21 18%/#C') 2 ,-.? ./#2'31, 8/'6(:1% 2 1$61) '5 "1&8#6'),81&1B%: 1:2%:':? 6# :#"1) 218/10. ./1%": 011/4B%6'( "/4861)L#9/'"' 01$%/B': 1"131 2000 18%/#C'), "#B$#( '5 "1:1/EJ $3':0(1: $24J $1 >%:E/%J 6%$%3?. K:1 815213(%: 816(:?, "#"#( 0:%8%6? $%Q:#3'5#C'' 8/'%&3%&#, # "#"#( — 6%:. M%3? "#3%6$#/61=1 83#6'/1Q2#6'( — 4>%0:? 031B610:? ' /#5&%/ 8/1%":# :#"'& 19/#51&, >:19E8/%$10:#2':? "1$% $10:#:1>647 '6L1/&#C'7 — 6% 03'R"1&&61=1, 61 ' 6% 03'R"1&  — 0 C%3?7 6#8/#23(:? 8120%$6%2647/#91:4, 18/%$%3(:? 25#'&1$%)0:2'( &%B$4 /#91>'&' =/488#&' 'ULL%":'261 1:03%B'2#:? '08136%6'% (0&. 2/%5"4 «F#>%& 8/' /#5/#Q91:"% $'#=/#&&E 81 &%:1$4 "/':'>%0"1=1 84:' 64B%6 "1$6E)81$J1$»).-#" :13?"1 6%19J1$'&#( 0:%8%6? $%:#3'5#C'' 18/%$%3%6#, &1BQ
61 8/'0:48#:? " 104@%0:23%6'7 03%$47@'J R#=12.1. ./12%0:' &15=121) R:4/& ' '$%6:'L'C'/12#:? 18%/#C'', 2EQ8136%6'% "1:1/EJ 64B61 $3( /%#3'5#C'' 8/1%":#. K:1 &1B610$%3#:? 0 81&1@?7 '%/#/J'>%0"1) 0:/4":4/E /#91:, 815213(Q7@%) '$%6:'L'C'/12#:? 18%/#C'' 6#'913%% 0'0:%&#:'>%0Q"'& ' "1&83%"06E& 0810191&.
2. N6'&#:%3?61 '003%$12#:? 8134>'2R470( "#/:'64. X03' 18%Q/#C') 8134>'310? &%6?R%, >%& 8/%$813#=#310? '56#>#3?61,03%$4%: 8/1$13B':? /#59'%6'% 913?R'J 18%/#C'). X03' B% "1Q3'>%0:21 18%/#C') 913?R% 5#$4ʕ=1, 19W%$'6():% 0J1$Q6E% 18%/#C'' $1 $10:'B%6'( B%3#%&1=1 "13'>%0:2#.
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
239
I';%'C".4' %'+3)+'()8
18%/#C'' :/%947: 1$6'J ' :%J B% /%04/012, 'J 8/'$%:0( 2E8136(:?8103%$12#:%3?61. -#" :13?"1 25#'&102(5' 40:#6123%6E, 16' &1=4:9E:? 18'0#6E (0&. /'0. 6.4).
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— 20%=1 50 >#Q012 2 6%$%37 (04991:# ' 210"/%0%6?% — 2EJ1$6E%), 6# 2E8136%6'%/#91: #6#3':'"4 &1B%: 81:/%912#:?0( 210%&? 6%$%3?. K:1 "#3%6Q$#/61% 2/%&(. *#"'& 19/#51&, &E 8134>#%& C'"3, 010:1(@') '5'$%6:'L'"#C'' /%04/012, 2E>'03%6'( 2/%&%6' 'J /#91:E, 8/%19Q/#512#6'( U:1=1 2/%&%6' 2 "#3%6$#/61% ' 26%0%6'( 8134>%661=1/%543?:#:# 2 >%:2%/:E) 0:139%C :#93'CE 6# /'0. 6.4. H8'0#66E)C'"3 6%19J1$'&1 812:1/(:? $3( "#B$1) 18%/#C''.
G0#$"32,(', 9,)(03080 3")'"($" PF5?>'"8)"++-. -#B$#(18%/#C'( 1:19/#B#%:0( 6# $'#=/#&&% 2 2'$% 4031261=1 56#>"# —"/4B"# '3' 8/(&14=13?6'"#. D$%6:'L'"#:1/ 18%/#C'' ' %% $3'Q:%3?610:? 8/10:#23(7:0( 264:/' 56#>"# 3'91 2 011:2%:0:2'' 0 8/'Q6(:E&' 01=3#R%6'(&' (0&. /'0. 6.4). +'#=/#&&# 2 :#"1& L1/&#:%6#5E2#%:0( 1'.$#.<<3% «39"#.7'' ) /(4.M» ($#3%% 2 U:1) =3#2% &E/#00&1:/'& %@% 1$'6 L1/&#: $'#=/#&&E — «18%/#C'' 6# 0:/%3Q"#J»). +3( 8134>%6'( $'#=/#&&E «18%/#C'' 2 453#J» 6%19J1$'&1 1:Q/#5':? 5#2'0'&10:' 0 81&1@?7 0:/%31", 01%$'6(7@'J "#B$E)"/4B1" (18%/#C'7) 0 %=1 6%810/%$0:2%66E&' 8103%$12#:%3(&',8/'>%& 10:/'( 0:/%31" $13B6E 9E:? 6#8/#23%6E 2 0:1/164 8103%Q$6'J. +3( 4$190:2# 01%$'6':% 20% "/4B"', 6% '&%7@'% 8/%$R%Q0:2%66'"12, 0 "/4B"1& «0:#/:», # 20% "/4B"', 6% '&%7@'% 8103%$1Q2#:%3%), — 0 "/4B"1& «L'6'R».
H/),>,2,(', 1)'$'9,#1080 /*$'. H9E>61 6# $'#=/#&&% 04Q@%0:24%: 6%0"13?"1 /#53'>6EJ 84:%) 1: 0:#/:# $1 L'6'R#, 18/%Q$%3(%&EJ "#" 8103%$12#:%3?610:' 5#2'0'&EJ 18%/#C'). I:19E2E>'03':? 2/%&( 8/1J1B$%6'( 81 6%"1:1/1&4 84:', 03%$4%: 8/1Q04&&'/12#:? $3':%3?610:' 20%J 3%B#@'J 6# 6%& 18%/#C'). -/':'Q>%0"') 84:? — U:1 6#'913%% $13=') 84:? 1: 0:#/:# $1 L'6'R#. H6
240
5,'-'
681"#5E2#%: &'6'?61% 2/%&(, 6%19J1$'&1% $3( 2E8136%6'(8/1%":#. .1 04:', "/':'>%0"') 84:? — U:1 &#/R/4:, 8/%$0:#23(7Q@') 0191) «45"1% &%0:1» 8/1%":# ' 2 8%/247 1>%/%$? :/%947@')6%40E861=1 26''(.N :1 2/%&( "#" 2 EJ 8/1%":#J 04&&'/12#6'% $3':%3?610:%)
18%/#C') 6% 2E5E2#%: 031B610:%), 2 "/486EJ 161 0:#612':0( 19Q/%&%6':%3?6E&. .1U:1&4 2 8103%$6%& 034>#% 8/%$81>:':%3?6%%'0813?512#:? $/4=1) 081019 2E>'03%6'( "/':'>%0"1=1 84:' —8/1C%$4/4 8/(&1=1/19/#:61=1 8/1J1$# [16]. .40:?, 6#8/'&%/,'&%%:0( $#:# 0:#/:# 8/1%":#. *1=$# $3( "#B$1) 18%/#C'' 04@%Q0:24%: 6#'913%% /#66(( $#:# 0:#/:# (ES). X03' 2/%&( 2E8136%6'(18%/#C'' /#261 t, :1 6#'913%% /#66(( $#:# L'6'R# U:1) 18%/#QC'' (EF) 2E>'03(%:0( "#" EF = ES + t. A# /'0. 6.5 81"#5#61, "#" 104Q@%0:23(%:0( 8/(&1) 8/1J1$ $3( 2E>'03%6'( $#: ES ' EF $3( "#BQ$1) 18%/#C''. ./1C%00 (2 $2'B%6'' 03%2# 6#8/#21) 2E=3($':03%$47@'& 19/#51&:
• $#:# /#66%=1 0:#/:# 18%/#C'' — U:1 6#'913?R#( (6#'913%% 81Q5$6(() $#:# 0/%$' $#: /#66%=1 L'6'R# 20%J %% 6%810/%$0:2%6Q6EJ 8/%$R%0:2%66'"12;
• $#:# /#66%=1 L'6'R# — U:1 04&&# $#:E /#66%=1 0:#/:# ' $3'Q:%3?610:' 2E8136%6'( 18%/#C''.
./%$8131B'& :%8%/?, >:1 2E J1:':% 5#2%/R':? 8/1%": "1 2/%&%Q6' /#66%=1 L'6'R# 8/1%":#. N U:1& 034>#% 18/%$%3':% 816(:'% 81Q5$6%=1 L'6'R# (LF — 6#'913%% 815$6%% 2/%&(, 2 "1:1/1% &1B%:9E:? 5#2%/R%6 8/1%":), :#" >:19E $#:# %=1 1"16>#6'( 6% 8/%2E0'3#$#:4 /#66%=1 L'6'R#. <3%$12#:%3?61, LF = EF. .1 #6#31='' $1840Q:'&1 18/%$%3':? $#:4 815$6%=1 0:#/:# (LS) "#" LF — t, =$% t — $3'Q:%3?610:? 2E8136%6'( 18%/#C''. H0612E2#(0? 6# 8/'2%$%66EJ8131B%6'(J, 2E &1B%:% 2E8136':? 19/#:6E) 8/1J1$ 08/#2# 6#3%21$3( /#0>%:# "#B$1) 18%/#C'' (0&. /'0. 6.5). D:#":
• $#:# 815$6%=1 L'6'R# 18%/#C'' — U:1 6#'&%6?R#( (6#'913%%/#66(() $#:# 0/%$' $#: 815$6%=1 0:#/:# 20%J %% 6%810/%$0:2%6Q6EJ 8103%$12#:%3%);
• $#:# 815$6%=1 0:#/:# — U:1 /#5610:? $#:E 815$6%=1 L'6'R# '$3':%3?610:' 2E8136%6'( 18%/#C''.
*%8%/?, "1=$# 8/(&1) ' 19/#:6E) 8/1J1$E 5#2%/R%6E, 1:&%:?:%03%$47@%%. A# /'0. 6.5 81"#5#61, >:1 $#:E /#66%=1 ' 815$6%=1 0:#/Q:# /#26E 6% $3( 20%J 18%/#C'). O#5610:? &%B$4 $#:#&' 815$6%=1 '/#66%=1 0:#/:# ('3' &%B$4 $#:#&' 815$6%=1 ' /#66%=1 L'6'R#) 6#Q5E2#%:0( 934,-< )#"<",,-< #"("#)3< 18%/#C''. .136E) 2/%&%6Q61) /%5%/2 — U:1 &#"0'?6E) 8/1&%B4:1" 2/%&%6', 6# "1:1/E)2E &1B%:% 5#$%/B#:? 2E8136%6'% 18%/#C'' 1:610':%3?61 $#:E %%/#66%=1 0:#/:# 9%5 0/E2# 0/1"# 5#2%/R%6'( 8/1%":#. +/4=#( /#561Q
241
I';%'C".4' %'+3)+'()8
2'$610:? 2/%&%661=1 /%5%/2# — *)3I31,-% )#"<",,3% #"("#). H6/#2%6 8/1&%B4:"4 2/%&%6', 6# "1:1/E) 2E 28/#2% 5#$%/B#:? 2EQ8136%6'% 18%/#C'' 1:610':%3?61 $#:E %% /#66%=1 0:#/:# 9%5 0&%Q@%6'( $#:E /#66%=1 0:#/:# 3791) 18%/#C'', (23(7@%)0( %%6%810/%$0:2%66E& 8103%$12#:%3%&. H8%/#C'( 0 8131B':%3?6E&8136E& 2/%&%66E& /%5%/21& &1B%: '&%:? 02191$6E) 2/%&%661)/%5%/2 '3' 6% '&%:? %=1. N 3791& 034>#% 02191$6E) /%5%/2 6% $13QB%6 8/%2ER#:? 8136E). D:#", 02191$6E) 2/%&%661) /%5%/2 /#2%6/#5610:' &%B$4 $#:1) /#66%=1 L'6'R# 18%/#C'' ' 6#'&%6?R%)(6#'913%% /#66%)) $#:1) 0/%$' $#: /#66%=1 0:#/:# 20%J %% 6%810/%$Q0:2%66EJ 8103%$12#:%3%). N 6#R%& 8/'&%/% (0&. /'0. 6.5) 18%/#C''B ' D '&%7: 02191$6E) 2/%&%661) /%5%/2, /#26E) 5 ' 15 $6(& 011:Q2%:0:2%661, # 20% 10:#3?6E% 18%/#C'' 193#$#7: 643%2E& 02191$Q6E& /%5%/21&. +3( >%=1 B% 64B6E $2# 2'$# 2/%&%661=1 /%5%/2#?H8%/#C'', 3%B#@'% 6# "/':'>%0"1& 84:', '&%7: 643%21)
2/%&%661) /%5%/2 ' 6#5E2#7:0( 2#'+'0"*2'<' 39"#.7':<'1. A#/'0. 6.5 %$'60:2%66E) "/':'>%0"') 84:? 81"#5#6 4:13@%66E&'0:/%3"#&'. H$6#"1 "/':'>%0"'J 84:%) &1B%: 9E:? 6%0"13?"1, 101Q9%661 2 8/1%":#J, 2E8136(7@'J0( 2 /%B'&% 9E0:/1=1 8/1J1$#.H8%/#C'( 0 643%2E& 8136E& 2/%&%66E& /%5%/21& '&%%: L'"0'/1Q2#661% 5#83#6'/12#661% (26%0%661% 2 /#08'0#6'%) 2/%&( 0:#/:#,u1090 :1 %0:? ES = LS. -#" 03%$0:2'%, 5#$%/B"# 0:#/:# 18%/#C'' 15Q6#>#%: 5#$%/B"4 0:#/:# 8/1%":#. D&%661 81U:1&4 :#"'% 18%/#C''6#5E2#7:0( 2#'+'0"*2'<'. A#8/1:'2, 18%/#C'' 0 8131B':%3?6E&8136E& 2/%&%66E& /%5%/21& 8/%$10:#23(7: 18/%$%3%6647 ='9Q"10:?. A#8/'&%/, $1840:'&1 103#9':? 8'"12E% 6#=/45"' 2 8/1%":%(/#0:(64:? 'J 21 2/%&%6') 5# 0>%: 0&%@%6'( 18%/#C') 2 0:1/164 $#:815$6%=1 0:#/:# — ' U:1 6% 8123'(%: 6# 2/%&( 5#2%/R%6'( 8/1%":#.H$6#"1 U:# ='9"10:? &1B%: 9E0:/1 '0>%564:?. O#00&1:/'& 32343F2#'+'0"*2'% 9/+D — 84:? 0 1>%6? E& 8136E& 2/%&%66E&/%5%/21&. H"131"/':'>%0"'% 84:' :/%947: 81>:' 0:13?"1 B% 26'Q'( ' 48/#23%6'(, 0"13?"1 "/':'>%0"'%. X03' $1840:':? 0"13?QB%6'% 18%/#C'', 6#J1$(@%)0( 6# 1"131"/':'>%0"1& 84:', %% &#Q3E) 8136E) 2/%&%661) /%5%/2 94$%: 9E0:/1 '5/#0J1$12#6, ' 84:?8/%2/#:':0( 2 "/':'>%0"'). N 034>#% 02191$61=1 2/%&%661=1 /%5%/Q2# &E &1B%& 5#$%/B#:? 0:#/: 18%/#C'' 6# 2/%&(, /#261% ('3'
1 H$6#"1 8/' 8/#2'3?61& 83#6'/12#6'' /#91:E, 6#J1$(@'%0( 6# -.,:1B% $13B6E '&%:? /%5%/2. <4&&#/6E) /%5%/2 U:'J /#91: 6#5E2#%:0( 3IFG'< #"("#)3< 8/1%":#. N 48/#23%6'' 8/1%":#&' 19@') /%5%/2 6% &1B%:9E:? /#2%6 6437. ! "/':'>%0"') 84:? 18/%$%3(%:0( :%&, >:1 04&&#/6#($3':%3?610:? /#91: (9%5 /%5%/212), 6#J1$(@'J0( 6# 6%&, (23(%:0( 0#&1)913?R1) 0/%$' 8#/#33%3?6EJ C%81>%" /#91:, 2E0:/1%66EJ 81 0J%&% $.F<.2. — ;#'<. #"1.
242
5,'-'
6&%6?R%%) 02191$61&4 /%5%/24 9%5 6#/4R%6'( $#: 0:#/:# '3' /%5%/Q212 8103%$47@'J 18%/#C').
5,),#+0$) ' *$09(,(',. N6'&#:%3?61 810&1:/':% 6# >%/6121)2#/'#6: 021%) $'#=/#&&E ' 1:2%:?:% 6# 03%$47@'% 218/10E.
• A% 1"#5#3#0? 3' 484@%661) (81 5#9E2>'210:' '3' '61) 8/'>'Q6%) "#"#(Q3'91 2#B6#( 18%/#C'(?
• G1='>61 3' 481/($1>%6E 18%/#C''?• D&%7: 3' $3':%3?610:' 18%/#C') /#54&6E% 56#>%6'(?• -#3%6$#/61% 83#6'/12#6'% 8/1%":# 2E8136%61 2 /%B'&% 1=Q/#6'>%6'( 81 2/%&%6' '3' 81 /%04/0#&? (0&. 2/%5"4 «H=/#6'Q>%6'% 81 2/%&%6' '3' 81 /%04/0#&»)
7D@;F=<?F=? !7 E@?>?F= =A= !7 @?6B@6;>=$+0".%8 (' .". H'4., 7." H)%0' Intel -$+90' ;')(.$%$+"-'(' - +4"%$<J
?$0 -1F"#$ (' %1("4 + ("-10 3%"#/4."0, 0$($#&$%1 3%"$4."- 3%) %';%'JC".4$ %'+3)+'()< -1(/&#$(1 /7).1-'.9 3%"C,$0/ -;')0"".("?$()< 0$&J#/ -%$0$($0 ) %$+/%+'0): 4'4 C1 C1+.%" "() () F".$,) -13",().9 3%"$4.,#"+./3("+.9 %$+/%+"- "6%'()7$('. N'4)0 "C%';"0, -1#$,8K.+8 #-' 4,'++'%'+3)+'()< [4]:
• %'+3)+'()8, "6%'()7$((1$ -%$0$($0. *%"$4. #",&$( C1.9 ;'-$%?$(4 "3%$#$,$(("0/ +%"4/ 3%) 0)()0',9("0 )+3",9;"-'()) %$+/%+"-.> #'(("0 +,/7'$ 4%).)7$+4)0 H'4."%"0 8-,8$.+8 -%$08, ' ($ %$+/%+1.P'4 3%'-),", E." 3%"$4.1, 4"."%1$ )0$K. -1+"4)< 3%)"%).$.;
• %'+3)+'()8, "6%'()7$((1$ %$+/%+'0). *%"$4. (/&(" ;'-$%?).9 4'4 0"&J(" C1+.%$$, (" ;'.%'.)- ($ C",$$ "3%$#$,$(("6" 4",)7$+.-' %$+/%+"-.> .'4"0 +,/7'$ 4%).)7$+4)0 H'4."%"0 /&$ 8-,8K.+8 %$+/%+1, ' ($ -%$J08. P'4 3%'-),", E." 3%"$4.1, 4"."%1$ )0$K. ();4)< 3%)"%).$..
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ntel ('3%'-J,$(1 3%$&#$ -+$6" (' "C$+3$7$()$ 3%");-"#).$,9("+.).
243
I';%'C".4' %'+3)+'()8
! :%8%/? 6#0:#31 2/%&( 1:2%:':? 6# /($ 218/1012 ' 26%0:' 6%19QJ1$'&E% "1//%":'2E. X03' "1&8#6'( 4>#0:24%: 2 "16"4/%6:61)=16"% ' "/':'>%0"'& 8#/#&%:/1& (23(%:0( 2/%&(, :1 '&%661 0%)Q>#0 6#$1 8/12%/':?, 6%3?5( 3' 01"/#:':? $3':%3?610:? 8/1%":12.X$'60:2%66E) 081019 0$%3#:? U:1 — 810:#/#:?0( 01"/#:':? 18%/#QC'', 3%B#@'% 6# "/':'>%0"1& 84:', 0 81&1@?7 9E0:/1=1 8/1J1$#3'91 0B#:'( $3':%3?610:', # :#"B% 810/%$0:21& 'J "1&9'6#C''[18]. <3%$4%: 1:&%:':?, >:1 9E0:/E) 8/1J1$ '3' 0B#:'% 8/'&%6'Q:%3?61 " 6%"/':'>%0"'& 18%/#C'(& 6% '&%7: 0&E03#, 810"13?"4 6%4&%6?R#: $3':%3?610:? "/':'>%0"1=1 84:' (', "#" 03%$0:2'%, 19Q@%% 2/%&( 2E8136%6'( 8/1%":#).SE0:/E) 8/1J1$ 156#>#%: >%/%$12#6'% B%0:"'J ' &(="'J 5#2'Q
0'&10:%), '5&%6(( 31='"4 $'#=/#&&E 810/%$0:21& 40:/#6%6'( '5Q6#>#3?61 04@%0:212#2R'J 5#2'0'&10:%) ' 015$#6'( 612EJ. N U:1&
C'#. 6.5. ./(&1) ' 19/#:6E) 8/1J1$E
244
5,'-'
68/1C%00% $3':%3?610:' 18%/#C') ' 19W%& /%04/012 10:#7:0( 8/%QB6'&'. D6E&' 0312#&', 9E0:/E) 8/1J1$ 02(5#6 0 '5W(:'%& 18%/#QC') 0 "/':'>%0"1=1 84:' ' 'J 8%/%"/E2#7@'&0( 2E8136%6'%&.<B#:'% 156#>#%: 01"/#@%6'% $3':%3?610:' 18%/#C'), 3%B#@'J
6# "/':'>%0"1& 84:', 9%5 '5&%6%6'( 25#'&15#2'0'&10:%) &%B$46'&'. K:1=1 &1B61 $19':?0(, 2E$%3'2 $3( 2E8136%6'( 18%/#C''913?R% 37$%), 1/=#6'512#2 02%/J4/1>6E% /#91:E, '0813?54( $/4Q=1% 191/4$12#6'% ' :. $. H$6#"1 06#>#3# 03%$4%: /#00>':#:?, 8%/%Q2%R'2#7: 3' 8134>#%&E% 2E=1$E 0:1'&10:? 81$1961=1 40"1/%6'(8/1%":#. +3( 913?R'60:2# 8/1%":12, =$% 6#'913%% 2#B6E& 81"#5#Q:%3%& (23(%:0( 2/%&( 2EJ1$# 6# /E61", 1:2%: — $# (0&. /#5$%3«<B#:'% /#08'0#6'(» =3#2E 12).
&G5HKLEHDMN&O PF5?7&MWCMPP[F08>" '#/02%;03"$%. D60:/4&%6: "/':'>%0"1=1 84:' '56#>#3?Q
61 9E3 /#5/#91:#6 $3( 913?R'J, 031B6EJ ' "/100QL46"C'16#3?Q6EJ 8/1%":12 [19]. +#B% 2 6#R' $6' U:1 106126#( 0L%/# 8/'&%6%Q6'( $#661=1 &%:1$# 2 0'34 %=1 081019610:' /#91:#:? 0 913?R'&"13'>%0:21& 18%/#C') ' 'J 25#'&15#2'0'&10:%), #"C%6:'/4( 26'Q'% 6# 6#'913%% "/':'>%0"'J :1>"#J [20]. < /#08/10:/#6%6'%&56#6') 19 48/#23%6'' 8/1%":#&' 2119@% ' 1 &%:1$% "/':'>%0"1=184:' 2 >#0:610:' 19E>6E& $%31& 0:#31 %=1 '0813?512#6'% ' 2 913%%EJ 8/1%":#J.H>%6? J1/1R1 5#/%"1&%6$12#3 0%9( ,-. 2 01>%:#6'' 0 $'#=/#&Q
&#&' ;#6::# (0&. /#5$%3 «+'#=/#&&# ;#6::#»). D523%>%6'% '5 19QR'/61) ,-.Q$'#=/#&&E 18%/#C'), 81$3%B#@'J 2E8136%6'7
67E?19 !7 >C!\:=;D@;>>?• V+,) -'0 ($"CF"#)0" /+4"%).9 %'+3)+'()$, #$,'<.$ E." 3"+%$#+.-"0C1+.%"6" 3%"F"#' ),) +&'.)8.
• A/#9.$ "+."%"&(1! L+4"%$()$ %'+3)+'()8 0"&$. /-$,)7).9 7)+," 4%)J.)7$+4)F "3$%'2)<. V+,) %'(9?$ 4%).)7$+4)0) C1,) "4"," 10% ". "CJ:$6" 4",)7$+.-' "3$%'2)<, ." - +$6"#(8?()F C1+.%1F %'+3)+'()8F .'J4"-10) 8-,8K.+8 ". 40 #" 50%.
• I'+3%$#$,).$ "+("-(1$ 4"(.%",9(1$ +"C1.)8 3" #)'6%'00$. Q." 3"J0"&$. /-)#$.9 4'4 ,$+ (4"(.%",9(1$ +"C1.)8), .'4 ) #$%$-98 ("3$%'J2))).
• *%)0$(8<.$ 2-$."-/K 0'%4)%"-4/ "3$%'2)<, -13",(8$01F %';,)7(1J0) 3"+.'-:)4'0) %$+/%+"-, 7."C1 3"4';'.9 -;')0"#$<+.-)8 0$&#/()0) ) "C$+3$7).9 4""%#)()%"-'()$.
• I';%'C'.1-'<.$ ?'C,"(1 @P*J#)'6%'00, ' ;'.$0 )+3",9;/<.$ )F ,"J6)7$+4) ($3%".)-"%$7)-10 "C%';"0 3%) +"+.'-,$()) %'+3)+'()< #,8("-1F 3%"$4."-.
245
I';%'C".4' %'+3)+'()8
2 93'B#)R'% 6%$%3', 8/%$0:#23%6'% 'J 2 L1/&#:% $'#=/#&&E ;#6Q::#, ' 2/4>%6'% U:'J L/#=&%6:12 $'#=/#&&E 3'C#&, 1:2%:0:2%6Q6E& 5# 2E8136%6'% 011:2%:0:247@'J /#91:, $#%: 215&1B610:?8134>':? ' '0813?512#:? (06E% "/#:"10/1>6E% /#08'0#6'(, 1:/#QB#7@'% 93'B#)R47 8%/08%":'24.
D),+4 '#/02%;03"('4. H8E:61) 6%913?R1) "1$% 6# 81Q0:/1%6'% ,-.Q$'#=/#&&E, 01$%/B#@%) 250 18%/#C'), &1B%: 81Q:/%912#:?0( 1$'6Q$2# $6(. O10: >'03%6610:' "1$E 4031B6(%:25#'&1$%)0:2'% &%B$4 %% >3%6#&' ', "#" 03%$0:2'%, 8/'21$': " 42%Q3'>%6'7 6%19J1$'&1=1 2/%&%6'. ./'&%6%6'% 2 "#>%0:2% 1:8/#2Q61) :1>"' R#9316# /#08'0#6'( 815213(%: 01"/#:':? 2/%&( /#5/#Q91:"'.
D-80>-. A#3'>'% ,-.Q/#08'0#6'( 81&1=#%: &%6%$B%/4 8134Q>#:? '6L1/&#C'7 19 19@%& 2/%&%6' 2E8136%6'(, 1C%6'2#:? 810Q3%$12#:%3?610:? 18%/#C'), 19%08%>'2#:? 6%19J1$'&E% /%04/0E,1:03%B'2#:? "/':'>%0"'% 4>#0:"' '3' '5&%/(:? 8/1=/%00 8/1%":#('3' %=1 1:04:0:2'%). K:1=1 3%=>% $10:'>?, %03' 01937$#:? 6%"1:1Q/E% 8/#2'3' (0&. 2/%5"' «<12%:E 81 ,-.Q$'#=/#&&%» ' «*/' “6%”$3( ,-.Q$'#=/#&&»).
5),'+*@,#$3" ' (,>0#$"$1'. ,-.Q$'#=/#&&# 19%08%>'2#%:03%$47@'% 8/%'&4@%0:2#:
• $#.J'0"*23" 9#"1*+.)4",'". F6#>%6'% $'#=/#&&E 3%="1 19WQ(06':? $#B% $'3%:#6:#& 6# 10612% 0%:%21=1 =/#L'"# 8/1%:#,"1:1/E) 2 (261& 2'$% 1:19/#B#%: :%J6131='>%0"') 81/($1"/#91:. NE>'03%6'( 6% 8/%$0:#23(7: 031B610:' ' &1=4: 9E:?9E0:/1 2E8136%6E 0 81&1@?7 012/%&%66EJ 8%/016#3?6EJ"1&8?7:%/12;
• ',+/'+'),.: 43$'2.. +'#=/#&&# 8/10:1 ' 6%$240&E03%6611:19/#B#%: 5#2'0'&10:' 2 031B61) 0121"48610:' 18%/#C'),
1@= «F?» :AG >C!\:=;D@;>>
• =$ #"3/+4'<.$, 7."C1 @P*J#)'6%'00' /3%'-,8,' -'0). Q." ,)?9 %'+J3)+'()$, ) "(" ($ 3%)0$. %$?$()8 ;' -'+.
• =$ +7).'<.$ @P*J#)'6%'00/ )+.)("< - 3"+,$#($< )(+.'(2)). V+,) +/J:$+.-/$. ,/7?)< +3"+"C +"+.'-,$()8 %'+3)+'()8 — -"+3",9;/<.$+9 )0!
• =$ ".C%'+1-'<.$ #)'6%'00/ +%';/ &$, 4'4 .",94" +%"4) -13",($()8"3$%'2)< ('7)('K. +4",9;).9. *$%$+0".%).$ $$, "C("-).$, /+"-$%J?$(+.-/<.$ — ) 3%)0$(8<.$ +("-'!
246
5,'-'
6010:#23(7@'J 8/1%":, 81"#5E2#(, "#"'% 18%/#C'' $13B6E9E:? 5#2%/R%6E, 8/%B$% >%& 94$4: 6#>#:E $/4='%;
• .27",+ ,. )-*O"< 9#'3#'+"+". ,-.Q$'#=/#&&# 8/'23%"#%:26''% " 6%913?R1) =/488% 18%/#C'), '&%7@'J "/':'>%Q0"1% 56#>%6'% $3( 01937$%6'( 2/%&%6' 5#2%/R%6'( 8/1%":#,>:1 56#>':%3?61 812ER#%: :1>610:? /#08'0#6'( ' 6#$%BQ610:? %=1 "16:/13(.
D5 6%$10:#:"12 ,-.Q$'#=/#&&E &1=4: 9E:? 6#52#6E 03%$47@'%:• 16# *4'O23< )'+'").+. 14: +"M, 2+3 '*934D(/"+ "" )9"#)-".,61B%0:21 18%/#C'), 2E=3($(@'J "#" 8#4:'6# 25#'&102(Q5#66EJ 84:%), 0810196E $%51/'%6:'/12#:? 612'>"#, 810"13?Q"4 5#:/4$6(7: 816''%. H$'6 '5 &%6%$B%/12 0"#5#3: «-1=Q$# ( 210813?512#30( &%:1$1& ,-. 2 8%/2E) /#5, &6% 6# 4&8/'R31 0/#26%6'% 0 40%(66E& 8:'>?'&' 03%$#&' 813%&, 01Q2%/R%661 6% 81$$#7@'&0( /#0R'L/12"%»;
• 3,. ," 9#'):(-)."+ *3I-+': 2 23,2#"+,-< 1.+.<, +.2 2.2," *31"#C'+ )#"<",,3% O2.4-. +'#=/#&&#, /#54&%%:0(, 01Q8/121B$#%:0( :#93'C%), 2 "1:1/1) 4"#5#6E 0/1"', 1$6#"1012/%&%66E% &%6%$B%/E 8/1%":12, "1:1/E& 6'"1=$# 6' 6# >:16% J2#:#%: 2/%&%6', 61 1: "1:1/EJ 810:1(661 :/%947:0( 0"1Q/10:? ' ULL%":'2610:?, 0>':#7:, >:1 6%215&1B610:? 9E0:/18/12%/':? $#:E ' 2/%&%66E% /%5%/2E 06'B#%: %% C%6610:?;
• 3,. *+.,3)'+*: 9"#",.*-G",,3%, %03' 8/'&%6(%:0( " 1>%6?$'6#&'>61&4 8/1%":4, =$% >#0:E% '5&%6%6'( — 2 81/($"% 2%Q@%). -#" 03%$0:2'%, 196123%6'% ' '5&%6%6'% /#08'0#6'( &1QB%: 1"#5#:?0( 1>%6? 2/%&(%&"'&.
D")'".''. ,-.Q$'#=/#&&#, 8/'2%$%66#( 2 $#661) =3#2%, '&%Q%: L1/&#: AON («18%/#C'' 2 453#J»). <4@%0:247: ' $/4='% L1/&#:E,-.: !H! («18%/#C'' 6# 0:/%3"#J»), PERT (&%:1$'"# 1C%6'2#6'( '/#00&1:/%6'( 8/1=/#&&) ' PDM ($'#=/#&&# 8/%$R%0:212#6'().N &%:1$% !H! 18%/#C'' 81"#5E2#7:0( 2 2'$% 0:/%31", 01%$'6%6Q6EJ &%B$4 0191) "/4B"#&' ('3' :1>"#&'), "1:1/E% 19156#>#7:8103%$12#:%3?610:6E% 5#2'0'&10:'. *#"'& 19/#51&, 20% 6%810/%$Q0:2%66E% 8/%$R%0:2%66'"' 18%/#C'' 2%$4: " "/4B"4, 6#J1$(@%Q&40( 2 J210:% 0:/%3"', # 20% 6%810/%$0:2%66E% 8103%$12#:%3' 1:Q2%:23(7:0( 1: "/4B"# 2 10:/'% 0:/%3"'. *#"'& 19/#51&, "/4B1"0:#612':0( 019E:'%&, =$% 5#2%/R#7:0( 20% 2%$4@'% " 6%&4 18%Q/#C''.,-. 1>%6? 81J1B 6# PERT [21], '0"37>#( :1: L#":, >:1 $3( /#0Q
>%:# 1B'$#%&1) $3':%3?610:' 18%/#C'' ,-. '0813?54%: $%:%/&'Q6'0:0"'% 1C%6"', a PERT — 0/%$6%252%R%66E%, 2E>'03(%&E% 81L1/&43%:
247
I';%'C".4' %'+3)+'()8
=$% . — 18:'&'0:'>%0"#( 1C%6"# $3':%3?610:';b — 8%00'&'0:'>%0"#( 1C%6"# $3':%3?610:';m — 6#'913%% 2%/1(:6#( 1C%6"# $3':%3?610:'.
,%:1$ PERT '0813?512#30( =3#26E& 19/#51& 2 '003%$12#:%3?0Q"'J 8/1%":#J ' 8/1%":#J /#5/#91:"', 2 :1 2/%&( "#" ,-., '56#Q>#3?61 8/%$6#56#>%66E) $3( 0:/1':%3?61) '6$40:/'', /#08/10:Q/#6'30( ' 2 $/4='J 8/%$&%:6EJ 193#0:(J.
PDM — U:1 0%:? «18%/#C'' 2 453#J», 815213(7@#( 221$':? &%B$4$24&( 18%/#C'(&' 18%/%B%6'( ' 5#$%/B"' (0&. /#5$%3 «+'#=/#&&#«18%/#C'' 6# 0:/%3"#J» 21 2/%&%661& �R:#9%»). < %% 81&1@?748/1@#7: 8/1C%$4/4 1:19/#B%6'( /#52%:23%66EJ ' 031B6EJ5#2'0'&10:%), '&%7@'J &%0:1 2 /%#3?6EJ 8/1%":#J, >:1 19%08%>'Q2#%: &%:1$4 PDM R'/1"47 8/'&%6'&10:? 2 /#53'>6EJ 1:/#03(J '$#%: %&4 8/%'&4@%0:21 8%/%$ &%:1$#&' ,-. ' PERT (U:' &%:1$E815213(7: 221$':? 18%/%B%6'( ' 5#$%/B"' :13?"1 84:%& /#0@%8Q3%6'( 18%/#C') 6# 81$18%/#C'', >:1 2%$%: " 56#>':%3?61&4 42%3'Q>%6'7 "13'>%0:2# 18%/#C') 2 0%:' ' 4031B6%6'7 48/#23%6'( %)).
M>"/$".'4 PF5?>'"8)"++-. N $#661& /#5$%3% &E 18'0#3' 1919Q@%66E) 2'$ ,-.Q$'#=/#&&E. +3( :1=1 >:19E 8134>':? &#"0'?Q647 2E=1$4, 2#& 03%$4%: #$#8:'/12#:? %% " "16"/%:6E& 8/1%":6E&64B$#&. A'B% 8/'21$(:0( 6%"1:1/E% 8/'&%/E :#"1) 81$0:/1)"'.
B3%$#$,$()$ 6%'()2 – T+3",9;"-'.9 @P*J#)'6%'00/ #,8 4%"++J)+3",9;"-'()8 H/(42)"(',9(1F 3%"$4."-, +"#$%&':)F
C",$$ 25 "3$%'2)<;– -1C%'.9 H"%0'. #)'6%'001 —
«"3$%'2)) (' +.%$,4'F» ),) «"3$%'2))- /;,'F»;
– %';%'C".'.9 ?'C,"(1, 4"."%1$ C/#/.)+3",9;"-'.9+8 - 4'7$+.-$ +.'%."-"< 3";)2))3%) +"+.'-,$()) @P*J#)'6%'00 #,8 ("-1F3%"$4."-
@"#)H)4'2)8 4"(4%$.("< — T;0$().9 +)+.$0/ "C";('7$()< - +"".-$.+.-))F'%'4.$%)+.)4) + .$0, 7." C/#$. "."C%'&$(" (' #)'6%'00$,
('3%)0$% (';-'()$ "3$%'2)), #,).$,9("+.9,%$+/%+(1$ .%$C"-'()8, -,'#$,$2 ) .. #.;
— 3%)(8.9 %$?$()$ " +3"+"C$ 3"4';'4%).)7$+4"6" 3/.)
M"C'-,$()$ ".,)7).$,9("< M"C'-).9 (' #)'6%'00/ "+("-(1$ 4"(.%",9(1$"+"C$(("+.) +"C1.)8 ) +-8;'.9 )F + "3$%'2)80) + 2$,9K
"."C%'&$()8 ;'-)+)0"+.$<
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
248
5,'-'
6COEUPON $#661& /#5$%3% &E /#00&1:/%3' $'#=/#&&4 81 &%:1$4 "/':'Q
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«./12%/"# ,-.Q$'#=/#&&E».
:=;D@;>>; «7!?@;Q== F; 61@?AC;Y»E7 E@?>?FF7> >;6X1;8?
<17 1;C7? :=;D@;>>; «7!?@;Q== F; 61@?AC;Y»E7 E@?>?FF7> >;6X1;8??+'#=/#&&# «18%/#C'' 6# 0:/%3"#J» 21 2/%&%661& �R:#9% (TAD) —
U:1 %$'60:2%66E) '5 &%:1$12 "/':'>%0"1=1 84:', "1:1/E) '0813?54Q%: 2/%&%6647 R"#34 (/'0. 6.6). X=1 6#56#>%6'% 010:1': 2 :1&, >:19E#6#3'5'/12#:?, 83#6'/12#:? ' 2E8136(:? "#3%6$#/647 8/'2(5"48/1%":12 $3( $10:'B%6'( C%3%21) $#:E 8/' &'6'?61) 0:1'&1Q0:'. N J1$% U:1=1 8/1C%00# TAD 18/%$%3(%:, "#"'% 18%/#C'' 8/1%":# (2Q3(7:0( "/':'>%0"'&' 2 0&E03% 1"#5E2#%&1=1 '&' 23'(6'(’6# $#:4 5#Q2%/R%6'( 8/1%":#, 815213(( "1$% 0"16C%6:/'/12#:?0( 6# 6'J.
5HGTCHON&O TAD.10:/1%6'% TAD — 5#$#>#, :/%947@#( :%/8%6'( ' $'0C'83'6E.
H6# 2"37>#%: 2 0%9( 6%0"13?"1 106126EJ R#=12. -#" ' $3( 20%J'60:/4&%6:12 "#3%6$#/61=1 83#6'/12#6'(, 5$%0? 6%19J1$'&106#>#3# 18/%$%3':? 0:%8%6? $%:#3'5#C'' ' '$%6:'L'C'/12#:?18%/#C''. Y1:( U:1: R#= 19E>61 1:610':0( " 8/1C%004 83#6'/12#Q6'( 01$%/B#6'(, &E /#00&1:/'& %=1 0 C%3?7 8/%$0:#2':? 813647"#/:'64 /#5/#91:"' $#661=1 '60:/4&%6:#.
G:0) '#B0>(0= '(J0)+".''. -#>%0:21 TAD 2 56#>':%3?61)0:%8%6' 18/%$%3(%:0( "#>%0:21& '0J1$61) '6L1/&#C'', " "1:1/1)1:610(:0(:
• 01$%/B#6'% 8/1%":#;• 193#0:' 1:2%:0:2%6610:';• $10:486E% /%04/0E;• 0'0:%&# 48/#23%6'( /#08'0#6'%&.
249
I';%'C".4' %'+3)+'()8
I:19E 104@%0:23(:? "#3%6$#/61% 83#6'/12#6'%, 6%19J1$'&1816'&#:? 01$%/B#6'% 8/1%":#. A4B61 56#:? 1 :1&, ":1 6%0%: 1:2%:Q0:2%6610:? 5# 18%/#C'', 810"13?"4 '&%661 U:' 37$' 94$4: 83#6'Q/12#:? 18%/#C'' ' 48/#23(:? '&' 6# 10612% $#66EJ 1 $10:48610:'/%04/012. P"#5#6'( 1 :1&, "#" /#5/#9#:E2#:? ' 81$$%/B'2#:? TAD,8/%$0:#23%6E 21 2/%5"% «<'0:%&# 48/#23%6'( /#08'0#6'%&» /#5$%Q3# «+'#=/#&&# ;#6::#».
H/),>,2,(', #$,/,(' >,$"2';".'' ' '>,($'J'1".'4 0/,)"?.'=. -#"'& 19/#51& 1:$%3?6E% 913?R'% '3' E% 18%/#C'' &1=4:8123'(:? 6# "13'>%0:21 18%/#C') 2 TAD? ./'2%$%& 8/'&%/. -/48Q6E% 8/1%":E /#5/#91:"' ' 8/%$0:#23%6'( 612EJ 8/1$4":12, "#"8/#2'31, 2"37>#7: 1: 300 $1 500 18%/#C') $3':%3?610:?7 :/'–8(:?6%$%3?. <3%$12#:%3?61, '&%661 :#"#( 0:%8%6? $%:#3'5#C'' &1B%:0>':#:?0( 8/'%&3%&1). H6# 19%08%>'2#%: :1 "13'>%0:21 '6L1/&#QC'' — 6' 913?R% 6' &%6?R%, — "1:1/1% 64B61 $3( 6#8/#23%6'( '&16':1/'6=# /#91: 8/1%":# "16"/%:61=1 /#5&%/# ' 4/126( 031B61Q0:'. D59E:1" '6L1/&#C'' 081019%6 8%/%=/45':? 8/1%":647 "1Q$4, 2 :1 2/%&( "#" %% 6%$10:#:1" — 3'R':? 2#B61) '6L1/&#C''.-#" :13?"1 6%19J1$'&#( 0:%8%6? $%:#3'5#C'' 18/%$%3%6#, &1BQ
61 8/'0:48#:? " 2E8136%6'7 03%$47@'J R#=12:1. D$%6:'L'C'/12#:? 18%/#C'', 2E8136%6'% "1:1/EJ 64B61$3( /%#3'5#C'' 8/1%":#. -#" ' $3( 3791=1 '60:/4&%6:# "#Q
C'#. 6.6. ./'&%/ TAD
250
5,'-'
63%6$#/61=1 83#6'/12#6'(, U:1 &1B61 0$%3#:? 0 81&1@?7'%/#/J'>%0"1) 0:/4":4/E /#91:, 815213(7@%) '$%6:'L'C'Q/12#:? 18%/#C'' 6#'913%% 0'0:%&#:'>%0"'& ' "1&83%"06E&0810191&. +3( 010:#23%6'( TAD 6%19J1$'&E :% B% 18%/#C'',>:1 ' $3( 2E8136%6'( 8#"%:12 /#91: — U3%&%6:12 0#&1=1 6'5Q"1=1 '%/#/J'>%0"1=1 4/126( <+O.
2. N6'&#:%3?61 '003%$12#:? 8134>'2R470( "#/:'64. X03'18%/#C') 8134>'310? &%6?R%, >%& 8/%$813#=#310? '56#>#3?Q61, 03%$4%: 8/1$13B':? /#59'%6'% 913?R'J 18%/#C'). X03'B% "13'>%0:21 18%/#C') 913?R% 5#$4ʕ=1, 19W%$'6():%0J1$6E% 18%/#C'' $1 $10:'B%6'( B%3#%&1=1 "13'>%0:2#.
]/0)4>09'3"(', 0/,)".'=. P81/($1>'2#6'% — U:1 6#J1B$%Q6'% ' 40:#6123%6'% 25#'&15#2'0'&10:%) &%B$4 18%/#C'(&',/#08131B%6'% 18%/#C') 2 18/%$%3%661& 81/($"% 84:%& 2E(23%6'($3( "#B$1) '5 6'J :%J 18%/#C')Q8/%$R%0:2%66'"12, 2E8136%6'%"1:1/EJ (23(%:0( 6%810/%$0:2%66E& 40312'%& $3( $#661) 18%/#QC'', ' 40:/#6%6'%& 02191$6EJ "16C12 (0&. 2/%5"4 «<2191$6E% "16QCE &1=4: 09':? 0 :13"4 8/1%":647 "1$4»). -#" 4B% 19W(06(310?2 8/%$E$4@%& /#5$%3%, >#0:? 5#2'0'&10:%) 1:610':0( " "3#004B%0:"'J, '3' 31='>%0"'J, # >#0:? —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
61R%6') &%B$4 18%/#C'(&' TAD 815213(%: 8/%$0:#23(:? 5#2'Q0'&10:' 03%$47@'& 19/#51&: L'6'R–0:#/: (FS), 0:#/:–0:#/: (SS),L'6'R–L'6'R (FF) ' 0:#/:–L'6'R (SF) [22]. +3( "#B$1) '5 8/%$Q0:#23%66EJ :#"'& 19/#51& 5#2'0'&10:%) &1B61 5#$#:? 2%3'>'6418%/%B%6'(/5#$%/B"', # 5#:%& 913%% :1>61 18/%$%3':? U:' 5#2'Q0'&10:' (/'0. 6.7).A#0"13?"1 R'/1"1 U:' 5#2'0'&10:' '0813?547:0( 6# 8/#":'"%?
F#2'0'&10:? FS 8/'&%6(3#0? 20% 2/%&(. F#2'0'&10:? SS R'/1"1/#08/10:/#6%6# 2 1:/#03(J, 2 "1:1/EJ 2#B61 4&%6?R%6'% $3'Q:%3?610:' B'56%661=1 C'"3# 8/1%":#. X03' 2E /#91:#%:% 2 1$61)'5 :#"'J 1:/#03%), 5#2'0'&10:? SS — :1, >:1 64B61 $3( 2E8136%Q6'( 8/1%":12 2 /%B'&% 9E0:/1=1 8/1J1$# [23], 810"13?"4 16# $1Q840"#%: 8#/#33%3?647 /#91:4. O#00&1:/'&, 6#8/'&%/, 015$#6'%6121) 2E>'03':%3?61) 0'0:%&E, 2 "1:1/1) &%B$4 6#8'0#6'%&8/1=/#&& ' 8/1%":'/12#6'%& #88#/#:61=1 19%08%>%6'( '&%%:
251
I';%'C".4' %'+3)+'()8
&%0:1 SSQ5#2'0'&10:? 0 18%/%B%6'%&. +3( :1=1 >:19E 8/'0:48':?" 2E8136%6'7, "1$# /#5/#91:>'"12 8/1=/#&&61=1 19%08%>%6'("#" &'6'&4& $13B6# 56#:? #/J':%":4/4 #88#/#:61=1 19%08%>%6'(,J1:( 81:1& 19# 8/1C%00# /#5/#91:"' 94$4: '$:' 8#/#33%3?61. A#Q8/1:'2, 5#2'0'&10:' :'8# FF ' SF 81843(/6E&' :#" ' 6% 0:#3'.
6E787:F9? C7FQ9 >7DB1 68=1H 6 17ACB !@7?C1FBP C7>;F:B@1 7'+." ('C,K#'$0 TAD, +"#$%&':)$ +-"C"#(1$ 4"(21, - ."0 7)+,$
U>B!NY T B!NITX !NIVWBP, ($ +-8;'((1$ + #%/6)0) "3$%'2)80). B.-$. (' -"3J%"+: «*"7$0/?» — ;-/7). 3%)0$%(" .'4: «X F"7/ 3"4';'.9 .",94" 4%).)7$J+4)< 3/.9 ) ;'-)+)0"+.) (' ($0. B+.',9(1$ 7'+.) ) ".("+8:)$+8 4 ()0 ;'J-)+)0"+.) #,8 0$(8 ($+/:$+.-$((1». Q." 3"%"7('8 3%'4.)4'. M,8 ."6"7."C1 "3%$#$,).9 4%).)7$+4)< 3/.9, 4"0'(#' #",&(' "2$().9 -+$ 3/.),4"."%1$ +"#$%&'. "3$%'2)), #",&(10 "C%';"0 +"$#)($((1$ #%/6 + #%/J6"0. V+,) )0$K.+8 +-"C"#(1$ 4"(21, 4"0'(#' 3%"+." ($ ;'0$.). #$<+.-)J.$,9(" 4%).)7$+4"6" 3/.). > %$;/,9.'.$ 2$,9 %';%'C".4) TAD — 3%)-,$7$J()$ -()0'()8 4 4%).)7$+4)0 "3$%'2)80 — ($ #"+.)6'$.+8.
C'#. 6.7. *'8E 5#2'0'&10:%) &%B$4 18%/#C'(&'
252
5,'-'
6D->,2,(', ),#*)#03 ' 0.,('3"(', >2'$,2%(0#$' 0/,)".'=.
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— 20%=1 50 >#012 2 6%$%37 (04991:# ' 210"/%0%6?% — 2EQJ1$6E%), $#661&4 08%C'#3'0:4 &1B%: 81:/%912#:?0( 10 6%$%3?.K:1 "#3%6$#/61% 2/%&(. *#"'& 19/#51&, &E 8134>#%& C'"3, 010:1(Q@') '5 '$%6:'L'"#C'' /%04/012, 2E>'03%6'( 2/%&%6' 'J /#91:E' 8/%19/#512#6'( U:1=1 2/%&%6' 2 "#3%6$#/61%. H8'0#66E) C'"36%19J1$'&1 812:1/(:? $3( "#B$1) 18%/#C''. HC%6'2#6'% $3':%3?Q610:' 18%/#C') &1B%: 9E:? $%31& 6%8/10:E&, 1019%661 2 &43?:'Q8/1%":6EJ 1"/4B%6'(J (0&. 2/%5"4 «N/%&( 8%/%"37>%6'( &%B$45#$#>#&' 42%3'>'2#%: 6%:1>610:? /#08'0#6'(»).
G0#$"32,(', 9,)(03080 3")'"($" TAD. -#B$#( 18%/#C'(1:19/#B#%:0( 6# $'#=/#&&% 2 2'$% 0:/%3"'. H0:/'% 1$61) 0:/%3"'012&%@#%:0( 0 J210:1& $/4=1), 81"#5E2#( 8103%$12#:%3?610:?18%/#C') (0&. /'0. 6.6). ./' :#"1& '519/#B%6'' 20% 6%810/%$Q0:2%66E% 8/%$R%0:2%66'"' 3791) 18%/#C'' 01%$'6%6E 0 6#>#31&(:1 %0:? 0 J210:1&) 0:/%3"', 1:19/#B#7@%) U:4 18%/#C'7, # 20% 6%Q810/%$0:2%66E% 8103%$12#:%3' 1:2%:23(7:0( 1: 10:/'(. *#"'&19/#51&, 6#>#3?6#( :1>"# 0:/%3"' (J210:) 0:#612':0( 019E:'%&,"1=$# 20% 18%/#C'', 2%$4@'% 2 U:4 :1>"4, 5#2%/R%6E. H>%2'$61,>:1 TAD &1B%: 9E:? 6#/'012#6# 2 $24J /#53'>6EJ L1/&#:#J (0&./'0. 6.6 ' 2/%5"4 «<1810:#23%6'% L1/&#:# 8152161>61=1 0:139# '"#0"#$61=1 L1/&#:# TAD»).
H/),>,2,(', 1)'$'9,#1080 /*$'. H9E>61 6# TAD 04@%0:24%:6%0"13?"1 /#53'>6EJ 84:%), 18/%$%3(%&EJ "#" 8103%$12#:%3?61Q0:' 25#'&15#2'0'&EJ 18%/#C'). X0:? $2# 081019# 6#J1B$%6'("/':'>%0"1=1 84:'. N1Q8%/2EJ, $1840:'&1 2'54#3?61, 9%5 031B6EJ2E>'03%6') 18/%$%3':? 84:?, 010:1(@') '5 18%/#C'), "1:1/E% 6%
253
I';%'C".4' %'+3)+'()8
'&%7: 2/%&%661=1 /%5%/2#. </%$' 20%J 0%:%2EJ =/#L'"12 :13?"1TAD 19%08%>'2#%: :#"47 215&1B610:?. <4&&'/12#6'% $3':%3?61Q0:%) 20%J 18%/#C') ("#" ' 2 ,-.) $#0: $3'64 "/':'>%0"1=1 84:'.A#81&6'&, >:1 "/':'>%0"') 84:? — U:1 6#'913%% $3'66E) 84:?2 TAD, 81"#5E2#7@'), "#"1% &'6'?61% 2/%&( 6%19J1$'&1 $3(2E8136%6'( 8/1%":#. N1Q2:1/EJ, 18/%$%3':? "/':'>%0"') 84:?&1B61 0 81&1@?7 8/(&1=1/19/#:61=1 8/1J1$#, 8103% >%=1 10:#6%:Q0( 2E>'03':? 19@') ' 02191$6E) 2/%&%661) /%5%/2 (0&. 81$/#5$%3«H8/%$%3%6'% "/':'>%0"1=1 84:'» /#5$%3# «+'#=/#&&# 81 &%:1$4"/':'>%0"1=1 84:'»).
E@?>G !?@?CAP<?F=G >?O:B R;:;<;>= BE?A=<=E;?1F?17<F761H @;6!=6;F=G*"7.) 90% 3%"$4."- -13",(8$.+8 - 0/,9.)3%"$4.("< +%$#$. Q." ;('7).,
7." (',)7)$ 0$($#&$%"-, /3%'-,8K:)F "#("-%$0$((" ($+4",94)0) (". 2#" 10) 3%"$4.'0), 8-,8$.+8 ?)%"4" %'+3%"+.%'($(("< 3%'4.)4"< [3]. T F".83"#"C(1< 3"#F"# "C$+3$7)-'$. 6%'(#)";(1$ 3%$)0/:$+.-' - +01+,$ 3"J-1?$()8 4'7$+.-' /3%'-,$()8 [7], "( .'4&$ 3"%"&#'$. /()4',9(/K 3%"CJ,$0/, "C/+,"-,$((/K 7%$;-17'<(" +4%/3/,$;(10 4',$(#'%(10 3,'()%"J-'()$0, — E." -%$08 3$%$4,K7$()8 0$&#/ ;'#'7'0). P"6#' 0$($#&$%3$%$4,K7'$.+8 + "#("6" 3%"$4.' (' #%/6"<, $0/ .%$C/$.+8 "3%$#$,$(("$-%$08 #,8 3$%$+.%"<4) 01?,$()8 ) «-F"&#$()8» - #%/6"< 3%"$4. —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—/-$,)7).9 #,8 4"(4%$.("6" 3%"$4.' "2$(4/ %'C"7)F 7'+"- ;'(8."6" - 0/,9J.)3%"$4.$ ,)2' (' -$,)7)(/ 3".$%9. Q.) +.%'.$6)) ($ "C,'#'K. "+"C"<3%)-,$4'.$,9("+.9K, "#('4" "() ($"CF"#)01 #,8 %$',)+.)7("< %';%'JC".4) TAD ),) ,KC"6" #%/6"6" )+3",9;/$0"6" )(+.%/0$(.'.
254
5,'-'
6
5,),#+0$) ' *$09(,(',. +#3%% 03%$4%: 8%/%0&1:/%:? :1, >:19E31 /#5/#91:#61. TAD 815213(%::
• 18/%$%3':? "/':'>%0"') 84:?, /%5%/2E, $#:E 6#>#3# ' 1"16Q>#6'( 18%/#C') ' 'J $3':%3?610:';
• 8/12%/':? B%0:"'% ' &(="'% 5#2'0'&10:' — 18%/%B%6'( ' 5#Q$%/B"';
• 2E(2':? 93#=18/'(:6E% 215&1B610:' $3( 40"1/%6'( 2E813Q6%6'( 8/1%":#, 22%0:' 18%/%B%6'( '3' 5#$%/B"'.
D6E&' 0312#&', 8/' 8%/%0&1:/% ' 4:1>6%6'' TAD &E &1B%&&1$'L'C'/12#:? %% $3( :1=1, >:19E 8134>':? 913%% J1/1R%%/#08'0#6'%, 4$123%:21/(7@%% 6#R' 64B$E.
&G5HKLEHDMN&O TADF08>" '#/02%;03"$%. -#" ' 3791) $/4=1) 0%:%21) =/#L'", TAD
'56#>#3?61 8/%$6#56#>#3#0? $3( 913?R'J, 031B6EJ ' "/100QL46"Q
67!761;EA?F=? W7@>;1; !7RE7F7<F7D7 617A8;= C;6C;:F7D7 W7@>;1; TADC.&*.$/UV [(",.5:• B#(' ;"(' — "#(' "3$%'2)8. R"(' — E." 6"%);"(.',9(1< %8# ),)3","+4', 3%"F"#8:'8 7$%$; );"C%'&$()$ TAD. P'+4'#(1< H"%0'. 3"J;-",8$. "."C%'&'.9 "#(/ "3$%'2)K - "#("< ;"($.
• *"7$0/ E.". H"%0'. (';1-'$.+8 4'+4'#(10? *"."0/ 7." 3%$#+.'-,8$.+"C"< F"%"?" /3"%8#"7$((/K 3"+,$#"-'.$,9("+.9 "3$%'2)< — 3" "#J("< - ;"($, -16,8#8:$< 4'4 4'+4'#.
• *"()&$(('8 +,"&("+.9. P'+4'# ('3"0)('$. #)'6%'00/ 5'(..' — 3%"+J."< 3" -)#/ )(+.%/0$(., 4"."%1< +";#'$. ":/:$()$ 0',"< +,"&("+.)) ,$64"6" 3%)0$($()8.
• @$($$ 3%'4.)7(1<. N'4 4'4 "#(' "3$%'2)8 %'+3",'6'$.+8 - "#("< ;"($,TAD C",9?"6" %';0$%' 0"&$. 3".%$C"-'.9 #,8 +-"$6" "."C%'&$()80("6)F ,)+."- C/0'6) ) C",9?"6" 3%"+.%'(+.-' (('3%)0$%, (' +.$($)#,8 %';0$:$()8.
W(",.5 3(-)(/(K/(J( &5('4.:• B#(' ;"(' — 0("6" "3$%'2)<. M'((1< +3"+"C 3";-",8$. "."C%'&'.9- "#("< ;"($ ($+4",94" "3$%'2)<.
• *"7$0/ E.". H"%0'. (';1-'$.+8 H"%0'."0 3";-"("7("6" +.",C'?*"."0/ 7." "3$%'2)) +)00$.%)7(" /3"%8#"7$(1 3" "C$ +."%"(1 ".2$(.%',9("6", "C17(" 8-,8K:$6"+8 4%).)7$+4)0, 3/.), 7." ('3"0)('J$. 3";-"("7(1< +.",C +$.$-"6" 6%'H)4'.
• *"-1?$(('8 +,"&("+.9. >($?()< -)# TAD - ;('7).$,9("< +.$3$() ('J3"0)('$. ,KC/K #%/6/K +$.9, 7." )("6#' -16,8#). +,"&(10 ) ".3/J6)-'$. ($4"."%1F 0$($#&$%"- 3%"$4."-.
• A",$$ 3%'4.)7(1<. *"+4",94/ - "#("< ;"($ 0"6/. %'+3",'6'.9+8($+4",94" "3$%'2)<, #"3/+.)0" ('3$7'.'.9 TAD C",9?"6" %';0$%' ('"#("0 ,)+.$ C/0'6), %';0$+.)- $6" (' 0',"0 3%"+.%'(+.-$.
255
I';%'C".4' %'+3)+'()8
C'16#3?6EJ 8/1%":12, 810"13?"4 0810196# /#91:#:? 0 913?R'&"13'>%0:21& 18%/#C') ' 031B6E&' 25#'&15#2'0'&10:(&' &%B$46'&', 8/'23%"#( 26''% " 6#'913%% "/':'>%0"'& '5 6'J. <%)Q>#0 &61='% &%6%$B%/E 6#>#3' 8/'&%6(:? %=1 :#"B% 2 EJ '0/%$6'J 8/1%":#J (0&. 2/%5"4 «<12%:E 81 TAD»). N U:1& 034>#% TAD19E>61 '519/#B#%:0( 2 "#0"#$61& L1/&#:% ' 6#5E2#%:0( «$'#=Q/#&&1) ;#6::# 0 25#'&15#2'0'&10:(&'». N15&1B61, '&%661 U:1:L1/&#: 0810190:212#3 /10:4 81843(/610:' TAD.
TAD 913?R1=1 /#5&%/# &1B%: '0813?512#:?0( 2 01>%:#6'' 0 $'#Q=/#&&#&' ;#6::#, >:1 815213(%: 0"16C%6:/'/12#:? 26''% 6#%B%$6%26EJ /#91:#J 8/1%":#. N >#0:610:', 3%="1 '523%>? '5 TAD :%18%/#C'', "1:1/E% 81$3%B#: 2E8136%6'7 2 93'B#)R'% 1$64Q$2%6%$%3', 1:19/#5':? 'J 2 L1/&#:% $'#=/#&&E ;#6::# ' 2/4>':?«23#$%3?C#&» $#66EJ 18%/#C') 2 "#>%0:2% >#0:'>6EJ "/#:"10/1>Q6EJ /#08'0#6'), 1:/#B#7@'J 93'B#)R47 8%/08%":'24. +#66E)81$J1$ 19%08%>'2#%: #"C%6: "#" 6# 19@%) "#/:'6% 2E8136%6'(8/1%":# (0 81&1@?7 TAD), :#" ' 6# $%:#3?6EJ 18'0#6'(J 8120%Q$6%26EJ /#91: (0 81&1@?7 $'#=/#&&E ;#6::#).
D),+4 '#/02%;03"('4. H8E:61) 6%913?R1) "1$% 8/1%":#6# 810:/1%6'% TADQ$'#=/#&&E, 01$%/B#@%) 250 18%/#C'), :/%94Q%:0( 1$'6Q813:1/# $6(. O10: >'03%6610:' "1$E 8/'21$':" 42%3'>%6'7 6%19J1$'&1=1 2/%&%6'. D0813?512#6'% 2 "#>%0:2%1:8/#261) :1>"' R#9316# TAD (23(%:0( J1/1R'& 0810191& 01"/#Q:':? 2/%&( /#5/#91:"'.
D-80>-. .1$1961 $/4='& 0%:%2E& =/#L'"#&, TAD 81&1=#%: 18Q/%$%3':? 19@%% 2/%&( 2E8136%6'(, 481/($1>':? 18%/#C'', 19%0Q8%>':? 6%19J1$'&E% /%04/0E, 2E(2':? "/':'>%0"'% /%04/0E ' '5Q&%/':? J1$ '08136%6'( '3' 1:04:0:2'% :#"121=1. H$6#"1 TAD19%08%>'2#%: ' 46'"#3?647 215&1B610:?, — 215&1B610:? 6%810Q/%$0:2%661=1 0>':E2#6'( 0 2/%&%661) R"#3E $#: 6#>#3# ' 5#2%/QR%6'( 1:$%3?6EJ 18%/#C') ' 20%=1 8/1%":#, /#261 "#" ' 56#>%6')81361=1 2/%&%661=1 /%5%/2#. X% C%6610:? 5#"37>#%:0( 2 08101961Q0:' L1"40'/12#:?0( 6# 8/'1/':%:#J — TAD 19/#@#%: 26''% 6#:% 6%&61='% 18%/#C'', "1:1/E% "/':'>%0"' 2#B6E $3( 5#2%/R%Q6'( 8/1%":# 2 0/1". O%543?:#:1& (23(%:0( 913%% 2E01"#( :1>610:?&1$%3' ', "#" 03%$0:2'%, 913%% :1>61% 48/#23%6'% /#08'0#6'%&.
5),'+*@,#$3" ' (,>0#$"$1'. TAD 193#$#%: 03%$47@'&' 8/%Q'&4@%0:2#&':
• 93,'C",,.: *43C,3*+D. TAD 01>%:#%: 2 0%9% 34>R'% >%/:E$'#=/#&&E ;#6::# (6#=3($610:? ' 2/%&%6647 R"#34) ' 0%:%Q21=1 =/#L'"# (1:/#B%6'% 25#'&102(5%)). K:1 $%3#%: 8/'&%6%Q
256
5,'-'
66'% TAD =1/#5$1 913%% 8/'23%"#:%3?6E& 2 0/#26%6'' 0 $/4='Q&' 0%:%2E&' =/#L'"#&';
• $#.J'0"*23" 3+3I#.C",'". <81019610:? " >%:"1&4 1:19/#B%Q6'7 8103%$12#:%3?610:' /#91: 2 �R:#9% 2/%&%661) R"#3E48/1@#%: 816''% 56#>%6'( $'#=/#&&E. NE>'03%6'( 6%8/%$0:#23(7: :/4$610:' ' &1=4: 9E:? 8/12%$%6E 9E0:/1 '8/10:1 0 '0813?512#6'%& 8%/016#3?61=1 "1&8?7:%/#;
• ',+/'+'),.: 43$'2.. TAD 8/10:1 ' (261 81"#5E2#%: 25#'&1Q5#2'0'&10:' &%B$4 2J1$(@'&' 2 8/1%": 18%/#C'(&'. K:1 81Q&1=#%: 18/%$%3':?0( 0 81/($"1& 03%$12#6'( 18%/#C').
Y1:( 22%$%6'% 2/%&%661) R"#3E, 6%01&6%661, 48/10:'31 9#51Q2E) 2'$ TAD, /#91:# 0 $'#=/#&&1) 81Q8/%B6%&4 &1B%: 5#:/4$6(:?6%"1:1/EJ 813?512#:%3%):
• 3,. )-$4:1'+ *43C,3%. ,61B%0:21 25#'&102(5#66EJ 18%/#QC'), $#B% 8/%$0:#23%661% 2 "#0"#$61& L1/&#:%, &1B%: 09':?0 :13"4 6%18E:61=1 813?512#:%3(;
!@7E?@C; TADLC$#).$+9, 7." TAD:• 3"4';1-'$. -+$ "3$%'2)), ($"CF"#)01$ #,8 -13",($()8 3%"$4.';• "."C%'&'$. ,"6)7$+4/K 3"+,$#"-'.$,9("+.9 "3$%'2)<;• ($ +"#$%&). +-"C"#(1F 4"(2"-;• 3"4';1-'$. #,).$,9("+.) -+$F "3$%'2)< ) -1#$,$((1$ #,8 ()F %$+/%+1;• ".%'&'$. #,).$,9("+.9 4'&#"< "3$%'2)) - 0'+?.'C$ -%$0$(("< ?4',1;• "C";('7'$. 4%).)7$+4)$ 3/.) ) 3",(1$ -%$0$((1$ %$;$%-1.
67E?19 !7 TAD• V+,) -13",(8.9 %'+3)+'()$ (/&(" - %$&)0$ C1+.%"6" 3%"F"#', )+J3",9;/<.$ ;'-)+)0"+69 «+.'%.—+.'%.» C$; ;'#$%&4). A/#9.$ 6"."-14 ."0/, 7." 40–50% ". "C:$6" 7)+,' "3$%'2)< "4'&/.+8 4%).)7$+4)0).
• B+("-1-'8+9 (' +F"#+.-$ TAD - 4'+4'#("0 H"%0'.$ ) #)'6%'001 5'(J..', %'+3%"+.%'().$ )+3",9;"-'()$ TAD -" -+$F 0',1F 3%"$4.'F. Q."+/:$+.-$((" 3"-1+). ."7("+.9 4',$(#'%("6" 3,'()%"-'()8.
• >-$#).$ - TAD 4"(.%",9(1$ +"C1.)8 — 3/+.9 "() +,/&'. 0'84'0) - 0"J%$ "3$%'2)<.
• M"C$<.$+9 3%)0$($()8 ?'C,"("- TAD — E." 3"0"&$. 3"#(8.9 4'7$+.-") 3%");-"#).$,9("+.9 4',$(#'%("6" 3,'()%"-'()8.
257
I';%'C".4' %'+3)+'()8
• 3O"43<4:EG'% 3IP"< #.I3+ ' 913?R'% (.+#.+- )#"<",'2 0':4#C'(J, "1=$# :/%947:0( >#0:E% ' 56#>':%3?6E% 19612Q3%6'( ' '5&%6%6'( TAD.
M>"/$".'4 TAD. ,#:%/'#3, /#00&1:/%66E) 2 $#661& /#5$%3%,1:610':0( " 0:#6$#/:61&4, 1919@%661&4 2'$4 TADQ$'#=/#&&E.+3( :1=1 >:19E 8134>':? &#"0'?647 2E=1$4, 2#& 03%$4%:#$#8:'/12#:? %% " "16"/%:61) 8/1%":61) 0':4#C''. A'B% 8/'21Q$(:0( 6%"1:1/E% 8/'&%/E 81$1961) 81$0:/1)"'.
B3%$#$,$()$ 6%'()2 – T+3",9;"-'.9 TAD #,8 H/(42)"(',9(1F)+3",9;"-'()8 ) 4%"++JH/(42)"(',9(1F 3%"$4."-,
+"#$%&':)F C",$$ 25 "3$%'2)<;– 3%)0$(8.9 4'+4'#(1< H"%0'. 3%) 4",)7$+.-$"3$%'2)<, ($ 3%$-1?'K:$0 100, ) H"%0'.3";-"("7("6" +.",C' - "+.',9(1F +,/7'8F;
— +";#'.9 ?'C,"(1, 4"."%1$ 0"6/.)+3",9;"-'.9+8 - 4'7$+.-$ +.'%."-"< 3";)2))3%) %';%'C".4$ TADJ#)'6%'00 #,8 ("-1F3%"$4."-
@"#)H)4'2)8 4"(4%$.("< – T;0$().9 +)+.$0/ "C";('7$()< - +"".-$.+.-))F'%'4.$%)+.)4) + .$0, 7." C/#$. "."C%'&$(" (' #)'6%'00$,
('3%)0$% (';-'()$ "3$%'2)), #,).$,9("+.9,%$+/%+(1$ .%$C"-'()8, -,'#$,$2 ) .. #.;
— 3%)(8.9 %$?$()$ " +3"+"C$ 3"4';'4%).)7$+4"6" 3/.)
M"C'-,$()$ ".,)7).$,9("< M"C'-).9 (' #)'6%'00/ "+("-(1$ 4"(.%",9(1$"+"C$(("+.) +"C1.)8 ) +-8;'.9 )F + "3$%'2)80) + 2$,9K
"."C%'&$()8 ;'-)+)0"+.$<
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
COEUPON $#661& /#5$%3% &E /#00&1:/%3' $'#=/#&&E «18%/#C'' 6#
0:/%3"#J» 21 2/%&%661& �R:#9% (TAD). K:1 %$'60:2%66E) '60:Q/4&%6: &%:1$# "/':'>%0"1=1 84:', 2 "1:1/1& '0813?54%:0( 2/%&%6Q6#( R"#3#. H6 8/'&%6(%:0( 2 "/486EJ, 0/%$6'J ' EJ 8/1%":#J..1$1961 $/4='& 0%:%2E& =/#L'"#&, TAD 81&1=#%: 18/%$%3':? 19Q@%% 2/%&( 2E8136%6'(, 816(:? 8103%$12#:%3?610:? 18%/#C'), 19%0Q8%>':? 6%19J1$'&E% /%04/0E, 1:03%$':? "/':'>%0"'% /%04/0E ''5&%/':? J1$ '08136%6'(. A1 TAD 8/%$3#=#%: ' 46'"#3?647 215Q&1B610:? — 16 815213(%: 6%810/%$0:2%661 0>':E2#:? 0 2/%&%661)R"#3E $#:E 6#>#3# ' 5#2%/R%6'( 1:$%3?6EJ 18%/#C') ' 20%=1 8/1Q%":#, /#261 "#" ' 56#>%6'( 81361=1 2/%&%661=1 /%5%/2#. H0191 56#Q>':%3?6E% 2E=1$E &1B61 8134>':? 2 :1& 034>#%, %03' 81$0:/1':?TAD " "16"/%:6E& 8/1%":6E& 64B$#&. -37>%2E% 0119/#B%6'(,2#B6E% 8/' /#5/#91:"% TAD, 8/'2%$%6E 21 2/%5"% «./12%/"# TAD».
258
5,'-'
6@;6!=6;F=? !7 >?17:BC@=1=<?6C7S Q?!7<C=
<17 1;C7? @;6!=6;F=? !7 >?17:B C@=1=<?6C7SQ?!7<C=?O#08'0#6'% 81 &%:1$4 "/':'>%0"1) C%81>"' (CCS) — U:1 0%:%21)
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
!761@7?F=? CCSG:0) '#B0>(0= '(J0)+".''. N 0'34 :1=1 >:1 8134>%6'% "1/1:Q
"'J /#08'0#6') 018/121B$#%:0( 6%'59%B6E&' :/4$610:(&', # :#"QB% 203%$0:2'% 612'56E $#661=1 &%:1$#, "#>%0:21 CCS 5#2'0': 1:$%:#3?610:' ' 18/%$%3%6610:' '0J1$61) '6L1/&#C'' $#B% 2 913?QR%) 0:%8%6', >%& 8/' '0813?512#6'' $/4='J '60:/4&%6:12 "#3%6Q$#/61=1 83#6'/12#6'(. - '0J1$61) '6L1/&#C'' 1:610(:0(:
• 01$%/B#6'% 8/1%":#;• 193#0:' 1:2%:0:2%6610:';• 2E$%3%66E% /%04/0E;• 0'0:%&# 48/#23%6'( /#08'0#6'%&.
259
I';%'C".4' %'+3)+'()8
Y1:( 0'0:%&# 48/#23%6'( 01$%/B#6'%&, 19(5#6610:(&' ' /#0Q8'0#6'%& 8/%$10:#23(%: '6L1/&#C'7 19 U3%&%6:#J «>:1» ' «":1»,# :#"B% 02%$%6'( 1 :1&, "#" 5#83#6'/12#:? 913%% 9E0:/1% 2E8136%Q6'% 18%/#C') 8/1%":#, 1061261) #"C%6: CCS $%3#%: 6# 6#3'>'' 2EQ$%3%66EJ 2 "1$4 /%04/012 — :%J /%04/012, "1:1/E% 5#$%)0:212#Q6E 813610:?7 ' :13?"1 2 $#661& 8/1%":%. <1=3#061 31='"% &%:1$#,:% >3%6E "1$E, "1:1/E% /#91:#7: 2 /%B'&% 81361) 5#6(:10:',19%08%>'2#7: 913%% 2E01"47 8/1'521$':%3?610:?, >%& :%, 2/%&("1:1/EJ /#5$%3(%:0( &%B$4 6%0"13?"'&' 8/1%":#&'. ./'>'6# U:1Q=1 — 5#:/#:E, "1:1/E% 0184:0:247: 81:%/(& 2/%&%6' 6# 8%/%"37Q>%6'% &%B$4 5#$#>#&', 2156'"#7@'& 8/' /#91:% :1=1 '3' '61=1>%312%"# 2 6%0"13?"'J 8/1%":#J (0&. 2/%5"4 «N/%&( 8%/%"37>%6'(
C'#. 6.8. ./'&%/ /#08'0#6'( 81 &%:1$4 "/':'>%0"1) C%81>"'
260
5,'-'
6&%B$4 5#$#>#&' 42%3'>'2#%: 6%:1>610:? /#08'0#6'(» 2 8/%$E$4Q@%& /#5$%3%). D J1:( 20% 0"#5#661% — 8/#2$#, '&%%:0( ' /($ '0"37Q>%6'). D003%$12#6'% 2E(2'31, >:1 2 :1& 034>#%, "1=$# "16"/%:61&4>3%64 "1$E, 5#6(:1&4 2 %$'60:2%661& 8/1%":%, $#%:0( $18136'Q:%3?61% 5#$#6'% 81 2:1/1&4 8/1%":4, 8/1'521$':%3?610:? 19E>616%&61=1 215/#0:#%:, 810"13?"4 U:1&4 01:/4$6'"4 913?R% 6% 8/'J1Q$':0( B$#:?, 81"# $/4='% >3%6E "1$E %=1 8/1%":# 2E8136(:021' 18%/#C'' (/'0. 6.9), — 16 &1B%: 8/10:1 8%/%"37>#:?0( &%B$4$24&( 8/1%":#&' [25, 26]. H$6#"1 8/' $19#23%6'' :/%:?%=1, >%:2%/Q:1=1, 8(:1=1 ' :. $. 8/1%":# 8/1'521$':%3?610:? /%5"1 8#$#%:, ' $#6Q6E) 08%C'#3'0: :1/&15': 2E8136%6'% 20%J 8/1%":12, 2 "1:1/EJ4>#0:24%:. D&%661 81U:1&4 &%:1$ CCS :/%94%: '0813?512#6'( 2EQ$%3%66EJ 8/1%":6EJ "1$.
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
8136':? 03%$47@'% $%)0:2'(.1. ,15=121) R:4/& ' '$%6:'L'"#C'( 18%/#C'), "1:1/E% 6%19J1Q$'&E $3( /%#3'5#C'' 8/1%":#. -#" ' 2 034>#% $/4='J '60:/4Q&%6:12 "#3%6$#/61=1 83#6'/12#6'(, $3( '$%6:'L'"#C'' 18%Q/#C') &1B61 210813?512#:?0( '%/#/J'>%0"1) 0:/4":4/1)/#91: (0&. /#5$%3 «<:/4":4/6#( $%"1&815'C'( /#91:» =3#2E 5).
2. N J1$% U:1=1 8/1C%00# 6% 8/'6'&#:? 21 26''% /#5&%/ 18%Q/#C'), # 010/%$1:1>':?0( 6# :1&, >:19E '$%6:'L'C'/12#:? 'J20%.
3. ./12%/':? 8134>'2R470( 0:%8%6? $%:#3'5#C''. X03' '&%7Q@%%0( "13'>%0:21 18%/#C') &%6?R% B%3#%&1=1, :1 8/1$13QB':? /#59'%6'% "/486EJ 18%/#C'), # %03' 913?R% — 19W%$'Q6':? 0J1$6E% 18%/#C''.
261
I';%'C".4' %'+3)+'()8
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
1 .%/%8%>#:#61 0 /#5/%R%6'( The Free Press, an imprint of Simon & SchusterPublishing Group, '5 REVOLUTIONIZING PRODUCT DEVELOPMENT: QuanQtum Leaps in Speed, Efficiency, and Quality by Steven C. Wheelwright and KimB. Clark. Copyright © 1992 by Steven C. Wheelwright and Kim B. Clark.
C'#. 6.9. ./1'521$':%3?610:? >3%6# "1$E1
262
5,'-'
6D->,2,(', ),#*)#03 ' 0.,('3"(', >2'$,2%(0#$' 0/,)".'=.
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«A%2"37>#):% 2 81$0>%: /%5%/2E 6# 034>#) I.»). ./'6'&#( 21 26'&#Q6'%, >:1 &%:1$ "/':'>%0"1) C%81>"' :/%94%: 8/'&%6%6'( 2E$%3%6Q6EJ "1$, ' 56#( "#3%6$#/6E) =/#L'" "1&8#6'' (8(:? /#91>'J$6%) 81 10 >#012), &E &1B%& 18/%$%3':?, >:1 $#66#( 18%/#C'( 5#)Q&%: 10 /#91>'J '3' 14 "#3%6$#/6EJ $6%). *#"'& 19/#51& 2E8136(Q%:0( 1C%6'2#6'% $3':%3?610:' "#B$1) 18%/#C''.
H/),>,2,(', 1)'$'9,#10= .,/091'. -/':'>%0"#( C%81>"#(CC) — U:1 6#'913%% $3'66E) 84:? 2 0%:%21& =/#L'"% 0 4>%:1& 25#'Q&15#2'0'&10:%) &%B$4 18%/#C'(&' ' /%04/0#&' 3'91 8103%$12#Q:%3?610:? 25#'&15#2'0'&EJ 019E:'), "1:1/E% 8/%8(:0:247: 2EQ8136%6'7 8/1%":# 2 913%% "1/1:"') 0/1".
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
G0;>"(', /)0,1$(080 :*J,)". N 1:3'>'% 1: 8/1>'J '60:/4&%6Q:12 /#5/#91:"' /#08'0#6'(, CCS 8/'&%6(%: 61247 "16C%8C'7 8/1Q%":61=1 94L%/#. H6 8/'52#6 5#@':':? C%3%247 $#:4 5#2%/R%6'(8/1%":# 84:%& 8/%$10:#23%6'( 2/%&%661=1 /%5%/2# (6# 034>#) 215Q
263
I';%'C".4' %'+3)+'()8
6'"612%6'( >/%52E>#)6EJ 0':4#C')) 2 2'$% 8/1%":61=1 94L%/#,/#08131B%661=1 2 "16C% "/':'>%0"1) C%81>"' ('6L1/&#C'( 19 48Q/#23%6'' :#"'& 94L%/1& 8/%$0:#23%6# 2 /#5$%3% «+'#=/#&&# 94L%Q/12» =3#2E 12). <4@%0:247: 6%0"13?"1 &%:1$12 $3( 18/%$%3%6'( $3'Q:%3?610:' 94L%/#. H$'6 '5 6'J 5#"37>#%:0( 2 :1&, >:19E 81$%3':?$3':%3?610:? "/':'>%0"1) C%81>"' 81813#& (:#" 6#5E2#%&1% 9#.)'F43 50%F,3$3 I/J"#.). S4L%/ '0813?54%:0( $3( 81=31@%6'( 6%18/%$%Q3%6610:%) '3' 0/E212, "1:1/E% &1=4: '&%:? &%0:1 2 "/':'>%0"1) C%Q81>"%; 0 6'& 6% 01810:#23(7:0( "#"'%Q3'91 /#91:E (0&. /'0. 6.8).
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
5,),#+0$) ' *$09(,(',. F#"37>':%3?6E) U:#8 8/' 810:/1%Q6'' CCS — 8%/%0&1:/ :1=1, >:1 '&%661 /#5/#91:#61.
1. N6'&#:%3?61 /#00&1:/':% CCS, 18/%$%3':% "/':'>%0"47 C%Q81>"4, $#:E 6#>#3# ' 5#2%/R%6'( 18%/#C'), 'J $3':%3?610:'' 94L%/E.
2. X0:? 3' 31='"# 2 :#"1& 810:/1%6''? D&%7:0( 3' 215&1B610:'81 434>R%6'7 CCS?
67E?19 !7 CCS• *%)0$(8<.$ CCS - -'&(1F 3%"$4.'F, 4"."%1$ 0"6/. 3";-",).9 +$C$ )+J3",9;"-'()$ -1#$,$((1F 4"0'(#.
• R'#$<+.-/<.$ CCS - 4"03'()8F, /7'+.-/K:)F - 4"(4/%$(.("< 6"(4$, 6#$-'&(" -%$08 -1F"#' (' %1("4 ), 4'4 +,$#+.-)$, +"4%':$()$ #,).$,9J("+.) 2)4,' 3%"$4.'.
• !"3%"-"&#'<.$ 3%)0$($()$ CCS );0$%$()$0 3%");-"#).$,9("+.) )3"":%8<.$ 3"-$#$()$, 4"."%"$ +3"+"C+.-/$. #"+%"7("0/ 3",/7$()K%$;/,9.'."- "3$%'2)< ) )+3",9;"-'()K )F - 3"+,$#/K:)F "3$%'2)8F.
• I'C".'<.$ + CCS .'0, 6#$ +/:$+.-/$. /+."<7)-'8 4/,9./%' )+3",($()8,6"."-'8 3%)(8.9 "2$(4) + 50%J("< -$%"8.("+.9K.
264
5,'-'
6
M%3? 8%/%0&1:/# — 26%0:' '5&%6%6'(, "1:1/E% &1=4: 8/'2%0:'" 8134>%6'7 913%% ULL%":'261=1 /#08'0#6'( 8/1%":#.
&G5HKLEHDMN&O CCSF08>" '#/02%;03"$%. ./'&%6%6'% CCS 6#'913%% 1910612#661
2 :1& 034>#%, "1=$# 6#$ 8/1%":1& /#91:#%: 1:$%3?6#( "1$#, 0:/%Q&(@#(0( 56#>':%3?61 01"/#:':? $3':%3?610:? B'56%661=1 C'"3#8/1%":#. X$'60:2%66#( /#91:# :#"1) "1$E — %% 8/1%":. -1Q
F? ECAP<;S1? E !7:6<?1 @?R?@E9 F; 6AB<;S <!A",9?)(+.-" 0$($#&$%"- 3%"$4."- +4,"((1 -4,K7'.9 - "2$(4/ #,).$,9J
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
P"6#' 0$($#&$%1 -4,K7'K. -%$0$(("< %$;$%- - #,).$,9("+.9 "3$%'J2)), "(), 3" +/.), "%)$(.)%/K.+8 (' "2$(4/ + 95%J("< -$%"8.("+.9K (4/0/J,8.)-(/K -$%"8.("+.9). !"6,'+(" %)+. 6.10, E.' -$%"8.("+.9 +"".-$.+.-/$.#,).$,9("+.) "3$%'2)) ($ C",$$ 50 #($<. A$; %$;$%-' #,).$,9("+.9 "3$%'J2)) 3%)()0'$.+8 %'-("< ($ C",$$ 20 #($< — E." "2$(4', +"".-$.+.-/K:'850%J("< -$%"8.("+.). I';()2' 0$&#/ "2$(4'0) + 95J ) 50%J("< -$%"8.("J+.9K 3%$#+.'-,8$. +"C"< -$,)7)(/ %$;$%-', 7." - ('?$0 +,/7'$ +"+.'-,8$.30 #($<. D."C1 );C$&'.9 7%$;0$%("6" /-$,)7$()8 #,).$,9("+.$< "3$%'2)<) /+4"%).9 %'+3)+'()$, CCS /+.%'(8$. %$;$%-("$ -%$08, )+3",9;/8 "2$(4),3%$#3",'6'K:)$ ,)?9 50%J(/K -$%"8.("+.9.
C'#. 6.10. *'8'>61% 2%/1(:610:61% /#08/%$%3%6'%$3':%3?610:' 2E8136%6'( 18%/#C''
265
I';%'C".4' %'+3)+'()8
$#, 06#9B%66#( 20%&' 6%19J1$'&E&' /%04/0#&', L46"C'16'/4%:2 "1&8#6'', "43?:4/# '08136%6'( "1:1/1) 0"16C%6:/'/12#6# 6#8/%2ER%6'' 1B'$#6') 021'J 5#"#5>'"12, 015$#6'' $18136':%3?Q6EJ C%6610:%) $3( #"C'16%/12 ' 19%08%>%6'' 6#$%B61=1 "#/?%/61Q=1 /10:# $3( 021'J 01:/4$6'"12 (0&. 2/%5"4 «<12%:E 81 CCS»).
D),+4 '#/02%;03"('4. H8E:61) 6%913?R1) "1$% 8/1%":#6# 810:/1%6'% CCS, 01$%/B#@%=1 250 18%/#C'), :/%94%:0( 1$'6Q813:1/# $6(. O10: >'03%6610:' "1$E 4031B6(%: "1&&46'"#C'7&%B$4 %% >3%6#&' ', "#" 03%$0:2'%, 8/'21$': " 42%3'>%6'7 6%19J1Q$'&1=1 2/%&%6'. ./'&%6%6'% 2 "#>%0:2% 1:8/#261) :1>"' R#9316#/#08'0#6'( 815213(%: 04@%0:2%661 01"/#:':? 2/%&( /#5/#91:"'.
D-80>- ' )"#B0>-. .1&'&1 C%3', J#/#":%/61) $3( 3791=1 /#0Q8'0#6'( ' 5#"37>#7@%)0( 2 :1&, >:19E $#:? >3%6#& 8/1%":61) "1Q$E 816''% 2/%&%661=1 =/#L'"# 2E8136%6'( 18%/#C') '021'J 8%/016#3?6EJ 19(5#:%3?0:2, /#08'0#6'% 81 &%:1$4 "/':'>%0Q"1) C%81>"' 8/%$6#56#>%61 $3( 434>R%6'( /%543?:#:12 /#91:E "1Q$E. -#" 81"#5E2#%: 8/#":'"#, 8/'&%6%6'% CCS 2 8/1%":% 081Q01961 56#>':%3?61 01"/#:':? L'6#6012E% ' 2/%&%66E% 5#:/#:E,>:1 19W(06(%:0( 03%$47@'&' L#":1/#&':
• CCS 8/%$0:#23(%: 0191) 8/%210J1$6E) 081019 810&1:/%:? 6#0':4#C'7 0 $/4=1) 0:1/16E. D6#>% =121/(, CCS 8/'56#%: '8/'6'&#%: 21 26''% :1: L#":, >:1 25#'&15#2'0'&10:'18%/#C'), 25#'&102(5' &%B$4 $3':%3?610:(&' 18%/#C'), /%Q04/06E&' :/%912#6'(&' ' $10:48610:?7 /%04/012 1"#5E2#Q7: 56#>':%3?61% 23'(6'% 6# 19@%% 2/%&( 2E8136%6'( 8/1%"Q:# [28];
• CCS 19%08%>'2#%: 5#@':4 9#5121=1 /#08'0#6'(, 81&1=#( 91Q/1:?0( 0 6%18/%$%3%6610:(&' 810/%$0:21& '0813?512#6'( 8'Q:#7@'J, /%04/06EJ ' 8/1%":6EJ 94L%/12, >:1 815213(%: 40:#Q612':? /%#3'0:'>6E) 8/%$%3?6E) 0/1" 5#2%/R%6'( 8/1%":#.-#" 03%$0:2'%, CCS $#%: 215&1B610:? /#$'"#3?61 01"/#:':?0/1"' '08136%6'( 8/1%":#. ,%6%$B%/E L'/& 3M ' Lucent 01Q19@#7: 1 25%Q61& 01"/#@%6'' $3':%3?610:' B'56%661=1C'"3# 8/1%":12, 2 "1:1/EJ '0813?512#30( &%:1$ CCS [5]. X03'2/%&( /%#3'5#C'' 8/1%":# 2#B61 $3( 2#R%=1 9'56%0#, 8/'&%Q6%6'% 81$1961=1 '60:/4&%6:# 28136% 0:1': 02%>;
• CCS 81&1=#%: 8/#2$'21 1C%6':? $3':%3?610:' 18%/#C') [29].N 8/1:'218131B610:? $/4='& '60:/4&%6:#& $#66E) &%:1$ 19Q3#$#%: 20:/1%66E& &%J#6'5&1&, "1:1/E) 8/%$1:2/#@#%: 22%Q$%6'% &%6%$B%/1& 2/%&%661=1 /%5%/2#;
• CCS 0810190:24%: "#" "1/81/#:'26E&, :#" ' 8/1%":6E& $10:'QB%6'(&. N 0'34 :1=1 >:1 /#08'0#6'% 81 &%:1$4 "/':'>%0"1)
266
5,'-'
6C%81>"' 6% $1840"#%: 2"37>%6'( 2/%&%661=1 /%5%/2#, 161 0:'Q&43'/4%: 2E/#91:"4 9%548/%>6EJ 812%$%6>%0"'J &1$%3%), >:1(23(%:0( 6%8/10:1) 5#$#>%) $#B% $3( /#52':EJ "1/81/#:'2Q6EJ "43?:4/;
• CCS 4"/%83(%: $'0C'83'64. H:"/E:1% 25#'&1$%)0:2'% &%B$4264:/%66'&' 5#'6:%/%012#66E&' 0:1/16#&' 8/1%":# 8/'21Q$': " 434>R%6'7 "#3%6$#/61=1 83#6'/12#6'( ' "16:/13(.
S4$4>' 1:610':%3?61 612E& '60:/4&%6:1&, /#08'0#6'% 81 &%Q:1$4 "/':'>%0"1) C%81>"' 81$2%/=#310? :@#:%3?61&4 /#00&1:/%Q6'7 "#" 8/#":'"#&', :#" ' :%1/%:'"#&'. -/':'"' 813#=#7:, >:1&%:1$ CCS 2"37>#%: 2 0%9( 6%"1:1/E% $184@%6'( ' :/%912#6'(, "1Q:1/E% 0810196E 06'5':? %=1 8/'&%6'&10:? ' ULL%":'2610:?:
• CCS 64B$#%:0( 2 913%% :@#:%3?61) U&8'/'>%0"1) 8/12%/"%.K:1 1:610':%3?61 612E) '60:/4&%6:, J1:( 81$196#( '$%( 215Q6'"3# %@% 2 1964 =1$4 [28]. -#" 03%$0:2'%, 16 '&%%: % "1Q3'>%0:21 U&8'/'>%0"'J 81$:2%/B$%6') — '0"37>#( 6%0"13?Q"1 '003%$12#6') 0190:2%661 %=1 ULL%":'2610:';
• 6%/%$"1 5#"3#$E2#%:0( 913?R1) /%5%/2 6# 034>#) I., "1:1Q/E) 23'(%: 6# $3':%3?610:? 18%/#C'' 8/' 010:#23%6'' /#0Q8'0#6'( 81 &%:1$4 "/':'>%0"1=1 84:' ' (23(%:0( >/%5&%/618/%42%3'>%66E&;
• CCS :/%94%: 1:$%3?61) "1$E 8/1%":#. +/4='&' 0312#&',%03' "1$E 1$612/%&%661 /#91:#7: 6#$ 6%0"13?"'&' 8/1Q%":#&', /#5$%3(7@'&' 1$6' ' :% B% /%04/0E, 16' 6% $13B6E'0813?512#:? CCS. Y1:( $#661% 40312'% '&%%: 0&E03 0 U"161Q&'>%0"1) :1>"' 5/%6'( 2 0'34 913%% 2E01"1) ULL%":'2610:'2E$%3%66EJ 8/1%":6EJ "1$, 1$6#"1 161 6% 1>%6? 01=3#04Q%:0( 0 /%#3'(&' 012/%&%66EJ 1/=#6'5#C'), 2 "1:1/EJ 1$61Q2/%&%661% 2E8136%6'% 6%0"13?"'J 8/1%":12 19E>61 /#00&#:Q/'2#%:0( "#" $#6610:?;
• CCS '0"37>#%: '0813?512#6'% "16:/13?6EJ 019E:') 8/1%":#,>:1 &1B%: 04@%0:2%661 5#:/4$6':? $%)0:2'( "1$E 81 "11/Q$'6'/12#6'7 /#08'0#6') 0 26%R6'&' 1/=#6'5#C'(&', 19%08%Q>'2#7@'&' 810:#2"4 "/':'>%0"' 2#B6EJ "1&816%6:12 [32];
• CCS 0"316%6 8%/%1C%6'2#:? 94L%/. K"08%/:E, '003%$12#2R'%215&1B610:' CCS, 196#/4B'3', >:1 «8/#2'31 50%Q61=1 94L%Q/#» &1B%: 8/'2%0:' " 56#>':%3?61) 8%/%1C%6"% %=1 /#5&%/#.-/1&% :1=1, 196123%6'% "/':'>%0"1) C%81>"' 19%08%>'2#%:&%6?R'% 0/1"' 2E8136%6'( 8/1%":#, >%& 1:04:0:2'% :#"1=1196123%6'( 01=3#061 #/=4&%6:#C'' &%:1$# CCS [28];
• CCS :/%94%: 2E/#91:"' 2E$#7@'J0( 812%$%6>%0"'J &1$%3%).K:1: &%:1$ 4$19%6 $3( 40:1)>'2EJ "1/81/#:'26EJ "43?:4/ '0Q
267
I';%'C".4' %'+3)+'()8
8136%6'(, 6%4"31661 0:/%&(@'J0( " 012%/R%60:24. *13?"12 :#"'J "1&8#6'(J &1=4: 25(:? 5# 106124 1C%6"', 2 "1:1/E% 5#Q31B%6# 50%Q6#( 2%/1(:610:?, ' 6% 215&4@#:?0(, "1=$# U:'1C%6"' 1"#5#3'0? 6%2%/6E&';
• CCS '5&#:E2#%: 4>#0:6'"12 8/1%":#. -#" 81"#5E2#%: 8/#":'Q"#, 37$' 2 2E$%3%66EJ "1$#J, 5#6(:EJ 40"1/%66E& 2E813Q6%6'%& 8/1%":12 /#5/#91:"' 612EJ 8/1$4":12, :/4$(:0( 2 40Q312'(J 0'3?61=1 0:/%00#, >:1 8/'21$': " 'J L'5'>%0"1&4 'U&1C'16#3?61&4 '0:1@%6'7. .10"13?"4 4>#0:'% 2 :#"'J 8/1Q%":#J 1>%6? 6#81&'6#%: &%:1$ CCS 0 %=1 2E$%3%66E&' "1Q$#&' ' 50%Q61) 2%/1(:610:?7, #":'261% 8/'&%6%6'% CCS 94Q$%: '&%:? 0J1$6E% 8103%$0:2'(.
5),'+*@,#$3". ./%'&4@%0:21 &%:1$# CCS 5#"37>#%:0( 2 :1&,>:1 3%B#@#( 2 %=1 10612% "16C%8C'(, "1:1/#( 2"37>#%: 2 0%9(50%Q647 2%/1(:610:?, "/':'>%0"47 C%81>"4 ' 94L%/E, 1:610'Q:%3?61 8/10:#. -/1&% :1=1, J1:? U:1 ' 6% 1>%2'$61, CCS 6% :/%94%:"#"1)Q3'91 81$=1:12"' 81 >#0:' 0:#:'0:'"'.
M>"/$".'4 CCS. ,#:%/'#3, /#00&1:/%66E) 2ER%, 1:610':0(" 0:#6$#/:61&4, 1919@%661&4 2'$4 CCS. +3( :1=1 >:19E 8134>':?&#"0'?647 2E=1$4, 2#& 03%$4%: #$#8:'/12#:? U:1 &%:1$ " "16"Q/%:6E& 64B$#&. A'B% 8/'21$(:0( 6%"1:1/E% 8/'&%/E 81$1961)81$0:/1)"'.
COEUPOH06126E& 8/%$&%:1& /#00&1:/%6'( $#661=1 /#5$%3# (23(%:0(
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«./12%/"# /#08'0#6'( 81 &%:1$4 "/':'>%0"1)C%81>"'» 8%/%>'03%6E "37>%2E% 8131B%6'(, "1:1/E% 6%19J1$'&14>%0:? 8/' /#5/#91:"% CCS.
268
5,'-'
6
=?@;@Y=<?6C7? @;6!=6;F=?
<17 1;C7? =?@;@Y=<?6C7? @;6!=6;F=?D%/#/J'>%0"1% /#08'0#6'% — U:1 &61=14/126%21% /#08'0#6'%
0 8%/%&%661) 0:%8%6?7 $%:#3'5#C'' 6# "#B$1& 4/126% (/'0. 6.11).-#B$#( 18%/#C'( 2 /#08'0#6'' 913%% 2E01"1=1 4/126( /#59'2#%:0(6# 6%0"13?"1 18%/#C'), # '61=$# 6# C%3E% /#08'0#6'(. -#" 8/#2'Q31, /#08'0#6'( /#53'>6EJ 4/126%) 02(5E2#7:0( 2 &%0:#J "16:Q/13?6EJ 019E:') 8/1%":#. Y1/1R%) 106121) $3( 810:/1%6'( '%/#/QJ'>%0"'J /#08'0#6') (23(%:0( 0:/4":4/6#( $%"1&815'C'( /#91:.
!761@7?F=? =?@;@Y=<?6C7D7 @;6!=6;F=GO#5/#91:"# '%/#/J'>%0"'J /#08'0#6') :%061 02(5#6# 0 19W%&1&
8/1%":#. H>%6? 913?R1) 8/1%": 28136% &1B%: '0813?512#:? :/'4/126( /#08'0#6'), 2 :1 2/%&( "#" 8/1%": 0/%$6%=1 /#5&%/# — 6%913%% $24J. I:19E 8/%$0:#2':? 6#'913%% 031B647 0':4#C'7, &E
B3%$#$,$()$ 6%'()2 — T+3",9;"-'.9 CCS #,8 4%"++J)+3",9;"-'()8 H/(42)"(',9(1F 3%"$4."- +.%'.$6)7$+4"6"
F'%'4.$%';— 3%)0$(8.9 4'+4'#(1< H"%0'., 4'4 ) - +,/7'$
TAD, 3"+4",94/ "( 3%)-17($$ #,8 0$($#&$%"-@"#)H)4'2)8 4"(4%$.("< — T;0$().9 +)+.$0/ "C";('7$()<F'%'4.$%)+.)4) - +"".-$.+.-)) + .$0, 7." C/#$. "."C%'&$("
(' %'+3)+'()), ('3%)0$% (';-'()$"3$%'2)), #,).$,9("+.9 ) .. #.;
— 3%)(8.9 %$?$()$ " +3"+"C$ 3"4';'4%).)7$+4"< 2$3"74) ) C/H$%"-
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
!@7E?@C; @;6!=6;F=G !7 >?17:B C@=1=<?6C7S Q?!7<C=LC$#).$+9, 7." %'+3)+'()$ 3" 0$."#/ 4%).)7$+4"< 2$3"74):• 3"4';1-'$. -+$ "3$%'2)), ($"CF"#)01$ #,8 -13",($()8 3%"$4.';• "."C%'&'$. ,"6)7$+4/K 3"+,$#"-'.$,9("+.9 "3$%'2)<;• ".%'&'$. #,).$,9("+.) "3$%'2)< C$; -%$0$(("6" %$;$%-' (' +,/7'<-";()4("-$()8 7%$;-17'<("< +)./'2)), ." $+.9 "+("-1-'$.+8 (' "2$(J4$ + 50%J("< -$%"8.("+.9K;
• 3"4';1-'$. 3%"$4.(1< C/H$%, 3%$#(';('7$((1< #,8 ;':).1 2$,$-"<#'.1 ;'-$%?$()8 3%"$4.';
• -18-,8$. 3).'K:)$ C/H$%1, +,/&':)$ #,8 ;':).1 4%).)7$+4"< 2$J3"74);
• 3%$#+.'-,8$. %$+/%+(1$ C/H$%1, "3%$#$,$((1$ #,8 ;':).1 4%).)7$+J4"< 2$3"74).
269
I';%'C".4' %'+3)+'()8
/#00&1:/'& 5$%0? :/%J4/126%21% /#08'0#6'%. ./' 010:#23%6''/#08'0#6') 03%$4%: /4"121$0:212#:?0( 8/#2'3#&' $3( /#08'0#6'(011:2%:0:247@%=1 :'8# — 94$? :1 $'#=/#&&# ;#6::#, 0%:%21) =/#QL'" '3' $'#=/#&&# "16:/13?6EJ 019E:').
G:0) '#B0>(0= '(J0)+".''. -#>%0:21 '%/#/J'>%0"1=1 /#08'Q0#6'( 18/%$%3(%:0( "#>%0:21& '0J1$61) '6L1/&#C'', " "1:1/1)1:610(:0(:
• 01$%/B#6'% 8/1%":#;• 193#0:' 1:2%:0:2%6610:';• $10:486E% /%04/0E;• 0'0:%&# 48/#23%6'( /#08'0#6'%&.<1$%/B#6'% 8/1%":# &1B%: 19%08%>':? 2#0 '6L1/&#C'%), 6%19Q
J1$'&1) $3( 816''( 18%/#C'), "1:1/E% 81$3%B#: "#3%6$#/61Q&4 83#6'/12#6'7. <2%$%6'( 1 01$%/B#6'' 8/%$10:#23(7:0( &%Q6%$B%/#&, 1:2%:0:2%66E& 5# 2E8136%6'% "16"/%:6EJ 8#"%:12/#91: 8/1%":#, 3'91 '5E0"'2#7:0( '&'. ./' "#3%6$#/61& 83#6'Q/12#6'' 8#"%:12 /#91: U:' &%6%$B%/E 94$4: 18'/#:?0( 6# '6L1/Q&#C'7 1 $10:48610:' /%04/012 ' /4"121$0:212#:?0( 4"#5#6'(&'0'0:%&E 48/#23%6'( /#08'0#6'%& (0&. 2/%5"4 «<'0:%&# 48/#23%Q6'( /#08'0#6'%&» 2 /#5$%3% «+'#=/#&&# ;#6::#»).
C'#. 6.11. ./'&%/ '%/#/J'>%0"1=1 /#08'0#6'(
C";)":0$1" )"#/'#"('4 *)03(4 1 — 82"3(080 )"#/'#"('4/)0,1$". ;3#261% /#08'0#6'% 8/1%":# — U:1 021$61% /#08'0#6'%,2E8136(%&1%, "#" 8/#2'31, 2 L1/&#:% $'#=/#&&E ;#6::# '3' $'#=Q
270
5,'-'
6/#&&E "16:/13?6EJ 019E:'). H61 8/%$0:#23(%: 0191) 83#6, "1:1Q/E) '0813?54%:0( 2 "#>%0:2% '60:/4&%6:# 1:>%:610:' 1 J1$% '0813Q6%6'( 8/1%":#, 81$#2#%&1) 2E0R%&4 /4"121$0:24. *#" "#" /#5/#Q91:"# $#661=1 /#08'0#6'( 2E8136(%:0( 6# U:#8% 83#6'/12#6'(8/1%":#, 161 :#"B% /#00&#:/'2#%:0( "#" 6#>#3?6E) 83#6. N =3#2Q61% /#08'0#6'% 2"37>#7:0( :13?"1 106126E% 18%/#C'' ' "37>%Q2E% "16:/13?6E% 019E:'( '5 4/126%) 1 '3' 2 <+O (4/12%6? 8/1%":#0>':#%:0( 643%2E&). N0% 1C%6"' 5$%0? =/49E% —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— 8/'93'5':%3?61% 81 021%) 8/'/1Q$%, %=1 6% 03%$4%: '0813?512#:? $3( '6:%=/#C'' 20%J L#5 8/1%":# —$3( U:1) C%3' 8/'&%6(%:0( /#08'0#6'% 4/126( 2.A# /'0. 6.11 81"#5#61 =3#261% /#08'0#6'% 8/1%":# /#5/#91:"'
8/1$4":# OCI, 010:1(@%% '5 210?&' U3%&%6:12 /#91: 4/126( 1 <+O,"#B$E) '5 "1:1/EJ 5#2%/R#%:0( "16:/13?6E& 019E:'%&. O#08'0#Q6'% 2E8136%61 2 L1/&#:% $'#=/#&&E ;#6::# ' '0813?54%:0( $3(81$#>' 1:>%:610:' 1 J1$% 8/1%":# "1&':%:4 4:2%/B$%6'( 8/1$4"Q:#— =/488% '08136':%3?6EJ /4"121$':%3%), 1:2%:0:2%661) 5# 1:Q91/ 8/1%":12.A#8/'&%/, /#08'0#6'% 8%/21=1 4/126( (=3#261% /#08'0#6'% 8/1Q
%":#) &1B%: 9E:? 810:/1%61 '5 U3%&%6:12 4/126( 1 <+O. .#"%:E/#91: 4/126( 2 <+O 2"37>#7:0( 2 /#08'0#6'( 2:1/1=1 4/126((L46"C'16#3?6E% /#08'0#6'(, 6#5E2#%&E% :#" '5Q5# :1=1, >:1 16'19E>61 6#J1$(:0( 21 23#$%6'' L46"C'16#3?6EJ %$'6'C). D 6#"1Q6%C, $3( 010:#23%6'( /#08'0#6') :/%:?%=1 4/126( (/#08'0#6') 8#Q"%:12 /#91:) $1840:'&1 '0813?512#:? 010:#23(7@'% 'J 18%/#C'''3' 5#$#>' 8#"%:12 /#91: (4/12%6? 3 <+O).
50#$)0,(', )"#/'#"('4 *)03(4 2 — /)0+,<*$09(080 )"#/'?#"('4. O#08'0#6'% 4/126( 2 /#521/#>'2#%: 18%/#C'' =3#261=1 /#0Q8'0#6'( 8/1%":#, 104@%0:23(( 'J "#3%6$#/61% 83#6'/12#6'% 0913?R%) 0:%8%6?7 $%:#3'5#C''. +3( U:1=1 /#08'0#6'( 19E>61 2EQ9'/#%:0( L1/&#: $'#=/#&&E ;#6::# '3' 0%:%21=1 =/#L'"# 0 2"37Q
271
I';%'C".4' %'+3)+'()8
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
• $1840"#:? '$%6:'L'"#C'7 8/'1/':%:12 8/1%":#;• 18/%$%3(:? "/':'>%0"'% ' 1"131"/':'>%0"'% 84:';• 19%08%>'2#:? 9E0:/E) 0:#/: 8/1%":#, "#" :13?"1 1: /4"121$Q0:2# 94$%: 8134>%61 /#5/%R%6'% 6# %=1 2E8136%6'%.
./1%": OCI '&%3 6%0"13?"1 /#08'0#6') 4/126( 2, "#B$1% '5 "1:1Q/EJ 8/%$0:#23(31 0191) $'#=/#&&4 «18%/#C'' 6# 0:/%3"#J» 21 2/%&%6Q61& �R:#9% ' '&%31 "#0"#$6E) :'8. <#&1% "/4861% /#08'0#6'% 01Q$%/B#31 1"131 10 8#"%:12 /#91: 4/126( 2 <+O. .1 04@%0:24, "#B$1% '56'J (23(310? L46"C'16#3?6E& /#08'0#6'%& $3( "16"/%:61=1 81$Q/#5$%3%6'(: 1:$%3# &#/"%:'6=#, =/488E U3%":/1:%J6'"', =/488E 18Q:1U3%":/16'"', =/488E 8/1=/#&&61Q#88#/#:61=1 19%08%>%6'( ' :. $.
G0;>"(', )"#/'#"('4 *)03(4 3 —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
• 015$#6'% 813610:?7 '6:%=/'/12#661=1 /#08'0#6'( $3( 20%=18/1%":#;
272
5,'-'
6• 810:/1%6'% 5#"16>%661=1 /#08'0#6'( $3( "#B$1) 18%/#C''/#08'0#6'( 4/126( 2;
• 015$#6'% 1:$%3?61=1 $%:#3?61=1 /#08'0#6'( $3( "#B$1) L#5E81 &%/% /#52%/:E2#6'( 8/1%":# ' 'J 02(5E2#6'% >%/%5 /#08'Q0#6'% 4/126( 2;
• /#5/#91:"# "#B$E& 4>#0:6'"1& 8/1%":# $%:#3?6EJ /#08'0#6')$3( 18%/#C') 4/126( 2, 5# "1:1/E% 16 6%0%: 1:2%:0:2%6610:?.
N6% 5#2'0'&10:' 1: 0$%3#661=1 2E91/# /#08'0#6'% $13B61 1:Q/#B#:? %B%$6%2647 ' %B%6%$%3?647 /#91:4, "1:1/47 01:/4$6'"'1/=#6'5#C'' 19(5#6E 2E8136(:? ' "16:/13'/12#:?, ' 18'/#:?0(6# $10:486E% /%04/0E, 40:#6123%66E% 25#'&15#2'0'&10:' ' 2/%Q&%66E% C%3', 1$19/%66E% /4"121$0:21&../' 2E8136%6'' 8/1%":# OCI "1$# /%R'3# '0813?512#:? $'Q
#=/#&&E ;#6::# $3( $%:#3?61=1 1:19/#B%6'( 010:#23(7@'J 18%Q/#C') 1:$%3?6EJ 8#"%:12 /#91:, 81&%@#( 6# 1$64 $'#=/#&&4 &%6%%10 18%/#C') ($3( /#08'0#6') 8#"%:12). H9@%% "13'>%0:21 18%/#QC') 21 20%J /#08'0#6'(J 4/126( 3 9E31 >4:? &%6%% 500. .1$J1$,2E9/#66E) $3( 8/1%":# OCI, (23(%:0( 1$6'& '5 8/'&%/12 0:/4":4Q/'/12#6'( '%/#/J'>%0"1=1 /#08'0#6'(, 1$6#"1 28136% $1840:'&E' $/4='% 81$J1$E (0&. 2/%5"4 «O#08'0#6'% “"16:/13?6E% 019E:'( —&%:1$ "/':'>%0"1=1 84:' — "16:/13?6E% 019E:'(” 815213(%: $1Q9':?0( B%3#%&1=1 /%543?:#:#»).
@;6!=6;F=? «C7F1@7AHF9? 67891=G — >?17: C@=1=<?6C7D7!B1= — C7F1@7AHF9? 67891=G» !7RE7AG?1 :78=1H6GO?A;?>7D7 @?RBAH1;1;=$4'8 4"03'()8, %'C".'K:'8 - +H$%$ 3",/3%"-"#()4"-1F .$F(","6)<,
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
273
I';%'C".4' %'+3)+'()8
&G5HKLEHDMN&O &OCMCX&!OGFHWH CMG5&GMN&SF08>" '#/02%;03"$%. D%/#/J'>%0"'% /#08'0#6'( 8/'&%6(7:0(
2 03%$47@'J 0':4#C'(J, 20:/%>#7@'J0( 8/' 2E8136%6'' 8/1%":12:• 2.4",1.#,3" 94.,'#3).,'" <"+313< I"$/G"% )34,-. ./'0:4Q8#( " 2E8136%6'7 8/1%":#, &E '61=$# '&%%& '6L1/&#C'73'R? 1 %=1 6#>#3?61) L#5%; 10:#3?6E% $%:#3' 8/1(06(7:0( 81&%/% /#52%/:E2#6'( 8/1%":#. N :#"1& 034>#% &E &1B%& /#5/#Q91:#:? :13?"1 =/491% /#08'0#6'%, 2"37>#7@%% 2 0%9( 8/1%":2 C%31&, # 81$/196E% /#08'0#6'( 106126EJ L#5 0:/1':? 81&%/% 18/%$%3%6'( $%:#3%). K:1: 81$J1$ 6#5E2#%:0( "#3%6$#/Q6E& 83#6'/12#6'%& 81 &%:1$4 9%=4@%) 2136E ' /%#3'54%:0(>%/%5 015$#6'% '%/#/J'>%0"1=1 /#08'0#6'(;
• <,3$3:#/*,.: ',J3#<.7': 14: 2#/9,-M 9#3"2+3). .10"13?"4/4"121$':%3' /#56EJ 4/126%) '&%7: /#53'>6E% 19(5#6610:'2 8/1%":%, $3( 408%R61=1 '08136%6'( 021'J L46"C') '& 6%19QJ1$'&# 83#6'/47@#( '6L1/&#C'( 0 6%1$'6#"121) 0:%8%6?7$%:#3'5#C'', "1:1/47 19%08%>'2#7: 4/126' '%/#/J'>%0"1=1/#08'0#6'(. <12%:E 81 '0813?512#6'7 '%/#/J'>%0"'J /#08'Q0#6') 8/%$0:#23%6E 2 1$61'&%661) 2/%5"%.
D),+4 '#/02%;03"('4. +3( /#5/#91:"' :/%J4/126%21=1 '%/#/QJ'>%0"1=1 /#08'0#6'( 0 6%0"13?"'&' 01:6(&' 18%/#C') &1B%: 81Q:/%912#:?0( 6%0"13?"1 $6%), %03' 2 1/=#6'5#C'' %0:? 011:2%:0:24Q7@'% 8/1C%00E. H$6#"1 >%& 913?R% 37$%) 5#6(:E 2 /#5/#91:"%/#08'0#6'( ' >%& &%6%% 16' 18E:6E, :%& 913?R% 2/%&%6' 816#$1Q9':0(. Y1/1R1, >:1 U:' 2/%&%66E% 5#:/#:E /#08/%$%3%6E 81 20%&48%/'1$4 2E8136%6'( 8/1%":#.
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
274
5,'-'
65),'+*@,#$3" ' (,>0#$"$1'. ./%'&4@%0:2# '%/#/J'>%0"'J
/#08'0#6') 5#"37>#7:0( 2 03%$47@%&:• $'I23*+D. H: 8/1%":61) "1$E 6% :/%94%:0( /#5/#9#:E2#:?/#08'0#6'( 18%/#C'), 81 "1:1/E& %@% 6%: '6L1/&#C''. A#Q8/1:'2, 16' &1=4: 010:#2':? ='9"1% 19@%% /#08'0#6'% '#"C%6:'/12#:? 26''% 6# :%J 18%/#C'(J, "1:1/E% 2E8136(Q7:0( 8%/2E&', # 5#:%& 8%/%):' " "#3%6$#/61&4 83#6'/12#6'718%/#C'), 81$3%B#@'J 104@%0:23%6'7 2 913%% 815$6'% 0/1"';
• ,.14"C.G'% 3IP"< ',J3#<.7''. P>#0:6'"12 8/1%":# >#0:1 5#Q2#3'2#7: '6L1/&#C'%), 2 :1& >'03% #90137:61 6%64B61). +#6Q6E) &%:1$ '59#23%6 1: 81$1961=1 6%$10:#:"#. A#8/1:'2, >3%6E"1$E '&%7: 2 :1>610:' :% 02%$%6'(, "1:1/E% '& 6%19J1$'&E.
D%/#/J'>%0"'& /#08'0#6'(& :#"B% 021)0:2%66E ' 6%$10:#:"',"1:1/E% &1=4: 06'5':? ULL%":'2610:? 'J 8/'&%6%6'(:
• *43C,3*+D. ,61=14/126%21% "#3%6$#/61% 83#6'/12#6'% :/%Q94%: J1/1R1 1:/#91:#661=1 8/1C%00#, 011:2%:0:247@'J 6#2EQ"12, 2123%>%6'( &61='J 4>#0:6'"12 ' "11/$'6#C'' 'J 40'3')..16#>#34 161 &1B%: 09'2#:? 0 :13"4 ' 9E:? 6%4"37B'&, >:108101961 2E52#:? 018/1:'23%6'% %=1 '0813?512#6'7;
• (.+#.+- )#"<",'. +%:#3?61% "#3%6$#/61% 83#6'/12#6'%$#661=1 :'8# :/%94%: 2/%&%6', >%=1 "#" /#5 ' 6% J2#:#%: 21&61='J 1/=#6'5#C'(J. .1 U:1) 8/'>'6% 6%"1:1/E% 01:/4$6'"'&1=4: 2E/#B#:? 6%$1213?0:21 $#66E& &%:1$1&.
67E?19 !7 =?@;@Y=<?6C=> @;6!=6;F=G>• T+3",9;/<.$ )$%'%F)7$+4"$ %'+3)+'()$, $+,) -1 )0$$.$ #$," + 3%"$4J."0, 6#$ )(H"%0'2)8 3"8-,8$.+8 3" 0$%$ %';-$%.1-'()8.
• >"-,$4'<.$ - 3%"2$++ 4',$(#'%("6" 3,'()%"-'()8 .$F ,K#$<, 4." ($J+$. ".-$.+.-$(("+.9 ;' 3'4$.1 %'C"., 3"+4",94/ )0$((" )0 3%$#+.").-13",(8.9 #'((1$ "3$%'2)).
• *%) ($#"+.'.4$ "31.' )+3",9;/<.$ - )$%'%F)7$+4"0 4',$(#'%("0 3,'J()%"-'()) +"7$.'()$ #)'6%'00 5'(..' ) #)'6%'00 4"(.%",9(1F +"C1J.)<, 7."C1 #"+.)79 C",9?$< +"3%)7'+.("+.).
• *%)0$(8<.$ ('#$&(1$ +-8;) (4"."%1$ C/#/. )6%'.9 %",9 2$0$(.)%/KJ:$6" %'+.-"%') #,8 +-8;1-'()8 %'+3)+'()< %';,)7(1F /%"-($< (".J#$,9(1F 4)%3)7$<).
275
I';%'C".4' %'+3)+'()8
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
C'#. 6.12. ./'&%/ '%/#/J'>%0"1=1 /#08'0#6'($3( &61B%0:2%66EJ 8/1%":12
276
5,'-'
6
M>"/$".'4 ',)")B'9,#1080 )"#/'#"('4. +3( :1=1 >:19E '5Q23%>? '5 /#08'0#6'( &#"0'?647 813?54, 6%19J1$'&1 #$#8:'/1Q2#:? %=1 " "16"/%:6E& 8/1%":6E& 64B$#&. A'B% 8/'21$(:0( 6%"1Q:1/E% 8/'&%/E 81$1961) 81$0:/1)"'.
COEUPO*%&1) $#661=1 /#5$%3# 9E31 '%/#/J'>%0"1% /#08'0#6'% — &61Q
=14/126%21% /#08'0#6'%, J#/#":%/'547@%%0( /#53'>61) 0:%8%6?7$%:#3'5#C'' "#B$1=1 4/126(. ./'&%6(%&1% 2 01>%:#6'' 0 "#3%6Q$#/6E& 83#6'/12#6'%& 81 &%:1$4 9%=4@%) 2136E, 161 (23(%:0(ULL%":'26E& '60:/4&%6:1&, 81&1=#7@'& '6:%=/'/12#:? "#3%6Q$#/61% 83#6'/12#6'% /#66'J ' 815$6'J L#5 8/1%":#. -/1&% :1=1,18'0#66E) &%:1$ 4$19%6 8/' &61=1(/4061& "#3%6$#/61& 83#6'/1Q
B3%$#$,$()$ 6%'()2 — T+3",9;"-'.9 .%$F/%"-($-"$ )$%'%F)7$+4"$)+3",9;"-'()8 %'+3)+'()$ .)3' «"#(' #)'6%'00' 5'(..' —
"#(' TAD — 0("&$+.-" #)'6%'00 5'(..'»#,8 C",9?)F ) ($"3%$#$,$((1F 3%"$4."-;
— 3%)0$(8.9 #-/F/%"-($-"$ %'+3)+'()$ .)3'«"#(' #)'6%'00' 4"(.%",9(1F +"C1.)< —0("&$+.-" #)'6%'00 5'(..'» #,8 0',1F) ($"3%$#$,$((1F 3%"$4."-;
— %';%'C".'.9 ?'C,"(1, 4"."%1$ 0"6/.)+3",9;"-'.9+8 - 4'7$+.-$ ('7',9("< ."74)3%) 3"+.%"$()) )$%'%F)7$+4)F %'+3)+'()<#,8 ("-1F 3%"$4."-
@"#)H)4'2)8 4"(4%$.("< *%)(8.9 %$?$()$ " ."0, 4'4'8 )(H"%0'2)8F'%'4.$%)+.)4) C/#$. "."C%'&$(' (' #)'6%'00$, ('3%)0$%
(';-'()$ "3$%'2)), #,).$,9("+.9, %$+/%+1,-,'#$,$2 ) .. #.
M"C'-,$()$ ".,)7).$,9("< =';('7).9 ".-$.+.-$((1F ,)2, #,8 7$6" /4';'.9"+"C$(("+.) (' #)'6%'00$ )08 «-,'#$,92'» 4'&#"<
"3$%'2)) ),) 4"(.%",9("6" +"C1.)8
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
!@7E?@C; =?@;@Y=<?6C7D7 @;6!=6;F=GLC$#).$+9, 7." -1 )$%'%F)7$+4"$ %'+3)+'()$:• )0$$. C",$$ "#("6" /%"-(8;• #$0"(+.%)%/$., 4'4 "3$%'2)) C",$$ -1+"4"6" /%"-(8 %';-"%'7)-'JK.+8 - ($+4",94" "3$%'2)< ),) - 2$,1$ %'+3)+'()8 C",$$ ();4"6"/%"-(8;
• "."C%'&'$. %'+3)+'()8, +-8;'((1$ #%/6 + #%/6"0 - ."74'F "+("-(1F4"(.%",9(1F ),) ;('7)01F +"C1.)< 3%"$4.';
• F'%'4.$%);/$.+8 ('#,$&':$< +.$3$(9K #$.',);'2)) (' 4'&#"0 /%"-($.
277
I';%'C".4' %'+3)+'()8
2#6'' "/486EJ 8/1%":12. !$#8:#C'( /#08'0#6'( " "16"/%:6E&8/1%":6E& 64B$#& &1B%: 04@%0:2%661 42%3'>':? %=1 813%5610:?.-37>%2E% 0119/#B%6'(, 1:610(@'%0( " '%/#/J'>%0"1&4 /#08'0#Q6'7, 8/'2%$%6E 21 2/%5"% «./12%/"# '%/#/J'>%0"1=1 /#08'0#6'(».
A=F=G 8;A;F6;
<17 1;C7? A=F=G 8;A;F6;?G'6'( 9#3#60# (LOB) — U:1 '60:/4&%6: "#3%6$#/61=1 83#6'/1Q
2#6'( ' 1:03%B'2#6'( J1$# 812:1/(7@'J0( 8/1%":12 (/'0. 6.13).D6#>% =121/(, LOB 1:19/#B#%: "4&43(:'261% "13'>%0:21 '3' $137"1&816%6:12, "1:1/E% $13B6E 9E:? 2E8136%6E " "16"/%:61&4 &1Q&%6:4 2/%&%6' $3( :1=1, >:19E /#08'0#6'% 01937$#310?.
F?C;<?61E?FF7 E9!7AF?FF;G E?:7>761H >;1?@=;A7E>7O?1 676ABO=1H !A7YBP 6ABO8B=$4'8 4"03'()8 3",/7),' ;'3%"+ (' 3"+.'-4/ 3%"#/4.' XYZ 3" "7$(9 &$J
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
C'#. 6.13. ./'&%/ LOB
278
5,'-'
6!761@7?F=? LOBG:0) '#B0>(0= '(J0)+".''. O#5/#91:"# "#>%0:2%661) LOB
:/%94%: 6#3'>'( 03%$47@%) '6L1/&#C'':• 01$%/B#6'% 8/1%":#;• 193#0:' 1:2%:0:2%6610:';• $10:486E% /%04/0E;• 2%$1&10:? &#:%/'#312, 0/1"' 810:#2"' ' 61/&E 8/1'521$0:2#;• 0'0:%&# 48/#23%6'( /#08'0#6'%&.-#" ' 2 034>#% $/4='J '60:/4&%6:12 "#3%6$#/61=1 83#6'/12#6'(,
5$%0? "#>%0:2%66#( '6L1/&#C'( 1 01$%/B#6'', 19(5#6610:(J, $10Q:486EJ /%04/0#J ' 0'0:%&% 48/#23%6'( /#08'0#6'%& 81&1B%: 813?Q512#:%3(& 1:2%:':? 6# 218/10E, >:1 ' ":1 $13B%6 $%3#:?, # :#"B%18/%$%3':? :/%912#6'( " /%04/0#& ' /#08'0#6'7. H:3'>'% B% LOB010:1': 2 :1&, >:1 $3( 6%% :/%947:0( 2%$1&10:? &#:%/'#312 (0&. 2/%5Q"4 «A%"#>%0:2%661 2E8136%66#( 2%$1&10:? &#:%/'#312 &1B%: 01034QB':? 831J47 034B94»), 0/1"' 810:#2"' ' 61/&E 8/1'521$0:2#. K:#'6L1/&#C'( '0813?54%:0( $3( 4:1>6%6'( 8/1=/#&&E ', 03%$12#Q:%3?61, 2/%&%661) R"#3E 8/1'521$0:2#/0:/1':%3?0:2# (0&. 81$/#5Q$%3 «O#5/#91:"# SQ$'#=/#&&E $3( 8/1=/#&&E», =$% /%543?:#: J#/#"Q:%/'54%:0( &61B%0:21& "16%>6EJ 8/%$&%:12 810:#2"').
50#$"(031" .,2'. O#00&1:/'& 8/1'521$0:2%66E) '3' 0:/1'Q:%3?6E) 8/1%":, C%3? "1:1/1=1 — 015$#6'% 18/%$%3%661=1 "13'>%Q0:2# "16%>6EJ 8/%$&%:12 810:#2"'. N "#>%0:2% 8/'&%/# 8/1'521$Q0:2%661=1 8/1%":# &1B61 8/'2%0:' 0%/'7 08%C'#3?6EJ 5#"#512 6#810:#2"4 50 01%$'6':%3?6EJ "#9%3%) 2 011:2%:0:2'' 0 1=121/%66EQ&' 19(5#:%3?0:2#&'. I:19E 4031B6':? 0':4#C'7, $1840:'&, >:120% "#9%3' 6%3?5( '5=1:12':? 1$612/%&%661 '5Q5# 1=/#6'>%6610:'8/1'521$0:2%66EJ &1@610:%). +/4=1) 8/'&%/ — 2152%$%6'% 15 5$#Q6'), /#08131B%66EJ 2 8/%$%3#J 1$61=1 "2#/:#3#. I:19E 8/'0:4Q8':? " /#5/#91:"% LOB, 6%19J1$'&1 5#$#:? C%3?: 2 6#R'J 034>#(J —810:#2"# 50 "#9%3%) '3' 011/4B%6'% 15 5$#6') 01=3#061 :/%94%&1Q&4 /#08'0#6'7.
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
279
I';%'C".4' %'+3)+'()8
:#"1) 8/1=/#&&E $3( 1$61) %$'6'CE. N 034>#% 8/1%":#, /%543?:#:"1:1/1=1 J#/#":%/'54%:0( &61B%0:21& "16%>6EJ 8/%$&%:12 81Q0:#2"', 6%19J1$'&# 8/1=/#&&# $3( 20%J %$'6'C.<4@%0:247: $2# 0C%6#/'(. <1=3#061 8%/21&4 0C%6#/'7 20( 01Q
21"48610:? 8/%$&%:12 810:#2"' 8/1'521$':0( 2 1$61) 8#/:'' (%03'8/1'521$0:2%66E% &1@610:' U:1 815213(7:). N :#"1& 034>#% 20%"13'>%0:2#, 25(:E% $3( 1$61) %$'6'CE, 4&61B#7:0( 6# >'031 %$'Q6'C, 2 /%543?:#:% >%=1 8134>#%:0( 8/1=/#&&# $3( 0121"48610:'%$'6'C. </1"' 810:#2"' $13B6E 10:#:?0( 8/%B6'&'.Z46$#&%6:#3?6#( 8/%$810E3"#, 3%B#@#( 2 10612% 2:1/1=1 0C%Q
6#/'(, 5#"37>#%:0( 2 :1&, >:1 &61B%0:21 %$'6'C &1B%: 9E:? 8/1Q'52%$%61 2 6%0"13?"'J 8#/:'(J, %03' :#"'% 1=/#6'>%6'( $'":47:0(1=/#6'>%6610:?7 8/1'521$0:2%66EJ &1@610:%). ./'6'&#( 2126''%, >:1 0/1" 810:#2"' "#B$1) 8#/:'' /#2%6 $3':%3?610:'8/1=/#&&E 8/1'521$0:2# 1$61) %$'6'CE, U:' 8#/:'' &1=4: 9E:?26%0%6E 2 =/#L'" 8/1'521$0:2#. *#"'& 19/#51&, &E 8134>#%& 8/1Q=/#&&4 8/1'521$0:2# &61B%0:2# %$'6'C.
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
50#$)0,(', ' *$09(,(', LOB. ./12%$':% 2%/:'"#3?647 3'Q6'7 >%/%5 207 SQ$'#=/#&&4. K:1 ' %0:? 3'6'( 9#3#60# —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
280
5,'-'
69#3#60# 19E>61 :/%94%: 4:1>6%6'), 2"37>#( '5&%6%6'(, 6%19J1Q$'&E% $3( 8/'2%$%6'( LOB 2 1"16>#:%3?6E) 2'$.
C'#. 6.14. ./1=/#&&# $3( 1$61) %$'6'CE, 2J1$(@%) 2 8/1%":,"1:1/E) J#/#":%/'54%:0( &61B%0:21& %$'6'C
C'#. 6.15. SQ$'#=/#&&# $3( 8/1=/#&&E &61B%0:2# %$'6'C
&G5HKLEHDMN&O LOBD),+4 '#/02%;03"('4. X03' 20% 8%/%>'03%66E% 2ER% 8/%$2#Q
/':%3?6E% :/%912#6'( 01937$%6E ' '&%%:0( 011:2%:0:247@#( "1&Q8?7:%/6#( 8/1=/#&&#, 810:/1%6'% LOB 0 20 '3' 913%% %$'6'C#&'/"1&816%6:#&' &1B%: 9E:? 2E8136%61 5# 1$'6Q$2# >#0#. O10: >'0Q3%6610:' "1$E 4031B6(%: "1&&46'"#C'7 &%B$4 %% >3%6#&' ',"#" 03%$0:2'%, 8/'21$': " 42%3'>%6'7 6%19J1$'&1=1 2/%&%6'.
F08>" '#/02%;03"$%. A%0&1:/( 6# :1 >:1 0 &1&%6:# /#5/#91:"'LOB 2 1950QJ =1$#J 81(2'310? &61B%0:21 %% &1$'L'"#C'), 3'6'(9#3#60# — U:1 2 8%/247 1>%/%$? '60:/4&%6:, 8/'&%6(%&E) 8/'EJ 19W%&#J 8/1'521$0:2# 6121) 8/1$4"C'', "1:1/E% :/%947:"11/$'6#C'' 8/1C%0012 8/1%":'/12#6'( ' &%3"10%/')61=1 8/1'5Q21$0:2# '3' 0:/1':%3?0:2#. - 106126E& 193#0:(& %=1 '0813?512#Q6'( 1:610(:0(:
281
I';%'C".4' %'+3)+'()8
• 8/1%":E, 2"37>#7@'% 2 0%9( 8/%$&%:61% 8/1%":'/12#6'%0 8103%$47@'& 8/1'521$0:21& 1=/#6'>%661=1 "13'>%0:2#%$'6'C (45312, 8/%$&%:12 810:#2"'), 6#8/'&%/ 8'31:6#(8#/:'( &'"/18/1C%001/12;
• 8/1%":E, 010:1(@'% '5 0121"48610:' '$%6:'>6EJ %$'6'C (45Q312, 8/%$&%:12 810:#2"'), "1:1/E% '5=1:#23'2#7:0( '3' 01Q1/4B#7:0( 8103%$12#:%3?61, 6#8/'&%/ 0:/1':%3?0:21 B'31=1"1&83%"0#, 010:1(@%=1 '5 &61='J $1&12;
• 8/1%":E /#5121=1 J#/#":%/#, 6#8/'&%/ 810:/1)"# 04$6#.
D-80>-. +#66E) '60:/4&%6: 81"#5E2#%: L#":'>%0"1% 010:1(Q6'% J1$# /#91: (0:%8%6? 2E8136%6610:') 2 01810:#23%6'' 0 5#83#6'Q/12#66E& 6# "#B$1) L#5% 8/1%":#, 6#=3($61 $%&160:/'/4( "1Q$%, 1:0:#%: 8/1%": 1: 83#6# '3' 18%/%B#%: %=1 [35]. < :1>"' 5/%6'(/4"121$0:2#, 16 815213(%: 212/%&( 5#&%:':? 81$21$6E% "#&6' ' 45Q"'% &%0:# ' 40:/#6':? 8/193%&6E% 193#0:' (0&. 2/%5"' «!"C%6:'/1Q2#6'% 6# "/':'>%0"'J "1&816%6:#J» ' «<12%:E 81 LOB»).
5),'+*@,#$3" ' (,>0#$"$1'. H06126E% 8/%'&4@%0:2# LOB03%$47@'%:
• ,.$4:1,3*+D. H6# 19%08%>'2#%: 2'54#3?61% 8/%$0:#23%6'% 83#Q6121=1 ' L#":'>%0"1=1 8/1=/%00# 812:1/(7@'J0( 18%/#C');
• 4.23,'0,3*+D. .15213(%: 8134>':? '6L1/&#C'7 1 8/1=/%00%0 8%/21=1 25=3($# — U:1 $10:1'60:21, " "1:1/1&4 0:/%&':0(3791) '60:/4&%6: 2%$%6'( 1:>%:610:';
• *J32/*'#3).,,3*+D. LOB 81"#5E2#%: :1, >:1 :/%94%: 10191=126''(.
D0813?512#6'% LOB, 1$6#"1, &1B%: 9E:? 018/(B%61 01 03%$47Q@'&' 1=/#6'>%6'(&':
• ',*+#/<",+ 31,3$3 1,:. G'6'( 9#3#60# — U:1 &=612%66E)06'&1", 0$%3#66E) 2 "16"/%:6E) &1&%6: 2/%&%6'. N 03%$47Q@') &1&%6: 816#$19':0( 810:/1':? $/4=47 LOB, 0612# 5#:/#Q:'2 6# U:1 2/%&( ' 40'3'(, >:1 2 034>#% B%0:"'J /#08'0#6'),J#/#":%/6EJ $3( 012/%&%661=1 9'56%0#, &1B%: 034B':? $121Q$1& 8/1:'2 '0813?512#6'( $#661=1 '60:/4&%6:#;
;CQ?F1=@7E;F=? F; C@=1=<?6C=Y C7>!7F?F1;YN%'#)2)"((" +7).'$.+8, 7." ($ -+$ 4"03"($(.1 "#)('4"-1. T; 3%'4.)4)
);-$+.(", 7." "#() 4"03"($(.1 +3"+"C(1 "4';'.9+8 /;4)0) 0$+.'0) - 6%'JH)4$ 3"+.'-4), ' #%/6)$ — ($.. D."C1 '#$4-'.(" %$'6)%"-'.9 (' %';,)7(1$/%"-() %)+4', +"3%8&$((1$ + E.)0) 4"03"($(.'0), 4"03'()8 0"&$. )+J3",9;"-'.9 LOB, ('3%)0$%, .",94" #,8 0"()."%)(6' 4',$(#'%("6" 3,'()J%"-'()8 3%");-"#+.-' 3$7'.(1F 3,'., 4"."%"$, 4'4 3"4';1-'$. "31., (')JC",$$ 3"#-$%&$(" ;'#$%&4'0.
282
5,'-'
6• 93+"#: *J32/*'#3).,,3*+'. H:19/#B%6'% 010:1(6'( 1=/1&61=1"13'>%0:2# "1&816%6:12 &1B%: 015$#:? 1@4@%6'%, >:1 &E 6%2'$'& 3%0# 5# $%/%2?(&'. .1U:1&4 /%"1&%6$4%:0( /#00&#:/'Q2#:? :13?"1 :% "1&816%6:E, "1:1/E% 81 18E:4 0810196E 0:#:?'0:1>6'"1& 81:%6C'#3?61=1 /'0"# $3( =/#L'"# 810:#21";
• ,",.1"C,.: O2.4.. +#B% 0%)>#0, 0 /#08/10:/#6%6'%& "1&8?7Q:%/12, 2%/:'"#3?6#( R"#3#, 1:19/#B#7@#( R'/1"') $'#8#Q516 56#>%6'), &1B%: 9E:? 6%:1>61).
M>"/$".'4 LOB. +3( :1=1 >:19E 8134>':? 1: '0813?512#6'(LOB &#"0'?647 2E=1$4, 03%$4%: #$#8:'/12#:? %% " "16"/%:6E&8/1%":6E& 64B$#&. A'B% 8/'21$(:0( 6%"1:1/E% 8/'&%/E 81$19Q61) 81$0:/1)"'.
B3%$#$,$()$ 6%'()2 – *%)0$(8.9 ,)()K C','(+' - 4"0C)('2)))+3",9;"-'()8 + +)+.$0"< 3,'()%"-'()8 0'.$%)',9(1F
.%$C"-'()<;– %';%'C".'.9 ?'C,"(1, 4"."%1$ 0"6/.-1+./3'.9 - 4'7$+.-$ ('7',9("< ."74)3%) +";#'()) LOB #,8 ("-1F 3%"$4."-
@"#)H)4'2)8 4"(4%$.("< T+3",9;"-'.9 ,"6'%)H0)7$+4/K ?4',/ -0$+."F'%'4.$%)+.)4) ,)($<("< (' "+) "%#)('. - +,/7'$
($"CF"#)0"+.) %';0$+.).9 .'0 ?)%"4)<#)'3';"( -$,)7)( ) /-$,)7).9 ."7("+.9
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
COEUPOH06126E& 8/%$&%:1& /#00&1:/%6'( $#661=1 /#5$%3# (23(%:0(
3'6'( 9#3#60# — '60:/4&%6:, 4$196E) 8/' EJ 19W%&#J 8/1'5Q21$0:2# 6121) 8/1$4"C'', "1:1/E% :/%947: "11/$'6#C'' 8/1C%0Q
67E?19 !7 LOB• !H"4/+)%/<.$ -()0'()$ (' 4%).)7$+4) -'&(1F 4"03"($(.'F ),) $#)J()2'F.
• *%)0$(8<.$ LOB #,8 -18-,$()8 /;4)F 0$+..• V+,) / -'+ )0$$.+8 +)+.$0' 3,'()%"-'()8 0'.$%)',9(1F .%$C"-'()<,)+3",9;/<.$ 3%$#"+.'-,8$01$ $K -";0"&("+.) #,8 "3%$#$,$()8 3%"J6%'001 ) %';%'C".4) SJ#)'6%'001 ) LOB.
• *%"#$0"(+.%)%/<.$ LOB %/4"-"#+.-/, $+,) -'0 ($"CF"#)0' 3"##$%&J4' - %$?$()) ."< ),) )("< 3%"C,$01.
283
I';%'C".4' %'+3)+'()8
012 8/1%":'/12#6'( ' &%3"10%/')61=1 8/1'521$0:2# '3' 0:/1'Q:%3?0:2#. K:1: '60:/4&%6: 19%08%>'2#%: 8/%$0:#23%6'% L#":'>%Q0"1=1 010:1(6'( J1$# /#91: (0:%8%6' 2E8136%6610:') 2 0/#26%6''0 5#83#6'/12#66E& 6# "#B$1) L#5% 8/1%":#, 6#=3($61 $%&160:/'Q/4( "1$%, 1:0:#%: 8/1%": 1: 83#6# '3' 18%/%B#%: %=1. < :1>"'5/%6'( /4"121$0:2#, 16 815213(%: 42'$%:? 81$21$6E% "#&6' ' 45Q"'% &%0:# ' 40:/#6':? 8/193%&6E% 193#0:'. N1 2/%5"% «./12%/"#LOB» 8%/%>'03%6E "37>%2E% 8131B%6'(, "1:1/E% 6%19J1$'&14>%0:? 8/' '0813?512#6'' 3'6'' 9#3#60#.
R;CAP<=1?AHF9? R;>?<;F=GN 6#0:1(@%) =3#2% 8/%$0:#23%6E 0%&? '60:/4&%6:12. X0:%0:Q
2%66E& 19/#51& 2156'"#%: 218/10: "#"1) '5 6'J 94$%: 6#'913%%81$J1$(@'& 2 :1& '3' '61& 034>#%? NE91/ 5#2'0': 1: "16"/%:61=18/1%":#. N 8/'21$'&1) 6'B% :#93'C% $#61 6%0"13?"1 8/'&%/128/1%":6EJ 0':4#C') 0 4"#5#6'%&, =$% "#"1) '60:/4&%6: (23(%:0(6#'913%% 8/'%&3%&E&. ./10&1:/':% U:1: 8%/%>%6? ' 18/%$%3':%,"#"#( '5 18'0#66EJ 5$%0? 0':4#C') 011:2%:0:24%: 2#R%). X03'8/%$0:#23%66E) 6#91/ 0':4#C') 6% 19%08%>'2#%: 6#$3%B#@%=118'0#6'( 8/1%":#, 8/12%$':% &15=121) R:4/& ' 2E$%3':% $1813Q6':%3?6E% 0':4#C'', 1:&%:'2 8/%$81>:':%3?6E% '60:/4&%6:E$3( 6'J. D60:/4&%6:, "1:1/E) 6#9%/%: 6#'913?R%% >'031 9#3312,&1B61 0>':#:? 6#'913%% 8/'%&3%&E&. +1840:'&1 :#"B% '0813?51Q2#6'% 6%0"13?"'J '60:/4&%6:12 1$612/%&%661, 810"13?"4 6%"1:1Q/E% '5 6'J $18136(7: $/4= $/4=#, # 6% '0"37>#7:. *@#:%3?61%'54>%6'% &#:%/'#3# $#661) =3#2E 81&1B%: 2#& 18/%$%3':?, 2 "#Q"'J 034>#(J U:1 94$%: 1910612#66E&.
!@7E?@C; LOBLC$#).$+9, 7." LOB:• 3"4';1-'$. 4",)7$+.-" $#)()2 ),) 4"03"($(."-;• "."C%'&'$. H';1 "3$%'2));• ".%'&'$. 4",)7$+.-" 4"03"($(."- ),) $#)()2, 3%");-"#+.-" 4"."%1F;'3,'()%"-'(" (' 4"(4%$.(/K #'./;
• #$0"(+.%)%/$. H'4.)7$+4)< F"# );6"."-,$()8 4"03"($(."- ),) $#)J()2 (' ./ &$ #'./ 6%'H)4' 3"+.'-"4, $+,) E.' )(H"%0'2)8 (/&(' #,8".+,$&)-'()8 3%"6%$++'.
284
5,'-'
6
285
I';%'C".4' %'+3)+'()8
A=1?@;1B@;1. Segur, P. 1958 «Napoleon’s Russian Campaign» Alexandria, Va.:
TimeQLife.2. Powers, J. R. 1988 «A Structured Approach to Schedule
Development and Use» Project Management Journal 19(5): 39–46.3. Adler, P. S., et al. 1996 «Getting the Most out of Your Product
Development Process» Harvard Business Review 74(2): 134–152.4. Mohanty, R. P. and M. K. Siddiq 1989 «Multiple ProjectsQMultiple
Resources Constrained Scheduling: A Multiobjective Analysis»Engineerings Costs and Production Economics 18(1): 83–92.
5. Leach, L. P. 1999 «Critical Chain Project Management ImprovesProject Performance» Project Management Journal 30(2): 39–51.
6. Sipos, A. 1990 «Multiproject Scheduling» Cost Engineering32(11): 13–17.
7. Ireland, L. R. 1997 «Managing Multiple Projects in the TwentyQFirst Century» at Project Management Institute 28th AnnualSeminars and Symposium. Chicago.
8. Fricke, S. E. and A. J. Shenhar 2000 «Managing MultipleEngineering Projects in a Manufacturing Support Environment»IEEE Transactions on Engineering Management 47(2): 258–268.
9. Meredith, J. R. and S. J. Mantel 2000 «Project Management:A Managerial Approach» 4th ed. New York: John Wiley & Sons,
10. Rubenstein, A. M., et al. 1979 «Factors Influencing Success at theProject Level» Resource Management 16: 15–20.
11. Belanger, *. < 1995 «How to Plan Any Project» 2d ed. Sterling,Mass.: The Sterling Planning Group.
12. Bennett, J. 1981 «Construction Project Management» London:Butterworth.
13. Harrison, F. L. 1983 “Advanced Project Management» Hunts,U.K.: Gower Publishing Company.
14. Bowen, H. K. 1997 «Project Management Manual» Boston:Harvard Business School Press.
15. Project Management Institute 2000 «A Guide to the ProjectManagement Body of Knowledge» Drexell Hill, Pa.: ProjectManagement Institute.
16. James, -. X., Jr. 1961 «Critical Path Planning and Scheduling:Mathematical Basis» Operations Research 10(3): 296–320.
17. Wiest J. D. and F. K. Levy 1977 «A Management Guide to PERT/CPM» Englewood Cliffs, N.J.: Prentice Hall.
18. Crawford, M. 1992 «The Hidden Costs of Accelerated ProductDevelopment» Journal of Product Innovation Management 9(3):188–199.
19. Levy, F. K., G. L.Thompson, and J. D. Wiest, 1963 «The ABCs ofthe Critical Path Method» Harvard Business Review 41(5): 98–108.
286
5,'-'
620. Snowdown, M. 1981 «Management of Engineering Projects»
London: Butterworth.21. Miller, R.W. 1962 «How to Plan and Control with PERT’ Harvard
Business Review 40(2): 92–102.22. Crandall, K. 1973 «Project Planning with Precedence Lead/Lag
Factors» Project Management Quarterly 4(3): 18–27.23. Kent, N. A. 1997 «Project Management Manual». Boston: Harvard
Business School Press.24. Goldratt, E. 1997 «Critical Chain Project Management» CrotonQ
onQHudson, N. Y.: North River Press.25. Wheelwright, S. < and -. N. Clark 1992 «Creating Project Plans to
Focus Product Development» Harvard Business Review: 70–82.26. Wheelwright, S. < S. C, and <. -. N. 1992 «Revolution Product
Development: Quantum Leaps in Speed, Efficiency, and Quality»New York: Free Press.
27. Kama, E. 2000 «Measurements for Product DevelopmentOrganizations» Visions 24(2): 17–20.
28. Herroelen, W. and R. Leus, 2001 «On the Merits and Pitfalls ofCritical Chain Scheduling» Journal of Operations Management19(5): 559–577.
29. Steyn, H. 2000 «An Investigation into the Fundamentals ofCritical Chain Project Scheduling» InternationalJournal ofProject Management 19(6): 363–369.
30. Elton, J. and J. Roe 1998 «Bringing Discipline to ProjectManagement» Harvard Business Review 76(2): 78–83.
31. Pinto, J. K. 2002 «Project Management 2002» ResearchTechnology Management 45(2): 22–37.
32. Zalmenson, E. 2001 «PMBOKand the Critical Chain» PM Network.15(1): 4.
33. Kuprenas, A. J. 2001 «Project Management WorkloadQAssessmentof Values and Influences» Project Management Journal 31(4):44–51.
34. Cusumano, M. A. and K. Nobeoka 1998 Thinking Beyond Lean:How MultiQProject Management Is Transforming ProductDevelopment at Toyota and Other Companies» New York: The FreePress.
35. Lock, D. 1977 «Project Management» 2d ed. Westmead, U.K.:Gower Publishing Company.
!'./%"()./%#&5(%,(&5%
>"*D <'# C')"+ +.2, 0+3I- '(I"C.+D #.*M313),6 ).< 9#'M31'+*: *+.42').+D*: * ,'<'.
N'3?(& V%"08'/
H06126E% :%&E 6#0:1(@%) =3#2E — U:1 '60:/4&%6:E 83#6'Q/12#6'( 0:1'&10:':• 0J%&# ("#/:#) 83#6'/12#6'( 0:1'&10:';• 1C%6"# 81 #6#31='';• 8#/#&%:/'>%0"#( 1C%6"#;• 210J1$(@#( 1C%6"#;• 9#512E) 83#6 0:1'&10:'.
288
5,'-'
7
A#56#>%6'% 6#52#66EJ '60:/4&%6:12 — /#5/#91:"# 1C%6"' '9#5121=1 83#6# 0:1'&10:' (/'0. 7.1). NE8136%6'% $#661) 5#$#>':/%94%: 6#3'>'( '6L1/&#C'' 1 01$%/B#6'' 18%/#C') 8/1%":#, 6%Q19J1$'&EJ /%04/0#J ' /#08'0#6'' 18%/#C'). S#512E) 83#6 0:1Q'&10:', '6:%=/'/12#66E) 0 9#512E& 83#61& 01$%/B#6'( ' 9#51Q2E& "#3%6$#/6E& 83#61&, 19/#54%: 9#512E) 83#6 '08136%6'(8/1%":#, ($/1 83#6# 8/1%":# ' 106124 $3( 20%J 10:#3?6EJ 8/1C%001283#6'/12#6'(: 1/=#6'5#C'1661=1, 83#6'/12#6'( "#>%0:2#, /'0"#,"1&&46'"#C'' ' :. $. N J1$% /#91:E 9#512E) 83#6 '08136%6'( 0:#Q6%: "/#%4=13? 6E& "#&6%& "16:/13( 0:1'&10:' ' 5#31=1& 2#R%)081019610:' /%#3'512#:? 8/1%": 2 /#&"#J 97$B%:#. K:# =3#2# 8/'Q52#6# 81&1>? &%6%$B%/#&:
• 6#4>':?0( '0813?512#:? /#53'>6E% '60:/4&%6:E 83#6'/12#Q6'( 0:1'&10:';
• 2E9/#:? :% '60:/4&%6:E 83#6'/12#6'( 0:1'&10:', "1:1/E%1:2%>#7: 'J 8/1%":61) 0':4#C'';
• #$#8:'/12#:? 2E9/#66E% '60:/4&%6:E..%/%>'03%66E% 6#2E"' "/#)6% 2#B6E $3( 408%R61=1 83#6'/1Q
2#6'( 8/1%":12 ' /#5/#91:"' 8/1C%00# 0:#6$#/:'512#661=1 48/#2Q3%6'(.
C'#. 7.1. O13? '60:/4&%6:12 83#6'/12#6'(0:1'&10:' 2 8/1C%00% 48/#23%6'( 8/1%":#&'
289
*,'()%"-'()$ +.")0
"+.)
C;@1; !A;F=@7E;F=G 617=>761=
<17 1;C7? C;@1; !A;F=@7E;F=G 617=>761=?-#/:# 83#6'/12#6'( 0:1'&10:' (CPLM) — U:1 '60:/4&%6:, 19%0Q
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
@;RE?@19E;F=? C;@19 !A;F=@7E;F=G617=>761=.3#6'/12#6'% 0:1'&10:' 8/1%":# 018/(B%61 0 /'0"#&', "1Q
:1/E% — %03' 'J 6% 4>%0:? — &1=4: 8/'2%0:' " 0%/?%56E& 8103%$Q0:2'(&. I:19E 06'5':? /'0"' ' '59%B#:? 6%=#:'26EJ 8103%$0:2'),/#52%/:E2#6'% CPLM 64B61 8/%2/#:':? 2 6#$%B61 0'6J/16'5'/1Q
C'#. 7.2. ./'&%/ "#/:E 83#6'/12#6'( 0:1'&10:'
290
5,'-'
72#6647 ' C%310:647 C%8? R#=12 ' 81$R#=12, 18'0#6'% "1:1/EJ8/%$3#=#%:0( 6'B%.
50>80$031" '#B0>(0= '(J0)+".''. - 02%$%6'(&, '&%7@'&56#>':%3?647 2#B610:? $3( 408%R61=1 /#52%/:E2#6'( CPLM, 1:Q610(:0(:
• L'6#6012E% 813':'"';• 1/=#6'5#C'166E% 813':'"', "1:1/E% 8/'6(:E 2 "1&8#6'',2E8136(7@%) 83#6'/12#6'% 0:1'&10:'.
Z'6#6012E% 813':'"' 18/%$%3(7: 0:/4":4/4 106126EJ U3%&%6Q:12 CPLM. A#8/'&%/, 1:2%: 6# 218/10: «-#"'% :'8E 1C%61" 0:1'&1Q0:' 94$4: '0813?512#:?0( ' 0 "#"1) C%3?7?» — 5#2'0': 1: L'6#6012EJ813':'" 1/=#6'5#C''. !6#31='>61 8/' 83#6'/12#6'' /%04/012 6%Q19J1$'&1 8/'6'&#:? 1/=#6'5#C'166E% 813':'"' 81 >#0:' 19%08%Q>%6'( 8%/016#31& ' #4:01/0'6=#, >:1 (23(%:0( "37>%2E& U3%&%6Q:1& 81$R#=# "#3?"43(C'' 0%9%0:1'&10:' 2 CPLM [11]. D:#", >%:"1%816''% U:'J $24J 813':'" (23(%:0( 2#B6E& 52%61& 2 C%8' /#5Q/#91:"' :#"1) "#/:E.
H/),>,2,(', /2"(')03"('4 #$0'+0#$'. A#>6':% "16L'=4/'Q/12#6'% CPLM 0 1:2%:12 6# $2# 8/10:EJ 218/10#: ":1 2E8136(%: 83#Q6'/12#6'% 0:1'&10:' ' >:1 :#"1% 83#6 0:1'&10:'. .%/2E) 218/10 81021%) 04:' —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
61 2"37>#%: 1C%6"4 0:1'&10:' ' 9#512E) 83#6 0:1'&10:', '3' /#0Q8/%$%3%66E) 21 2/%&%6' 97$B%:. HC%6"# — U:1 10612#66E) 6#18/%$%Q3%66EJ L#":#J ' $184@%6'(J 8/1C%00 40:#6123%6'( 1"16Q>#:%3?61) 0:1'&10:' 8/1%":# [4]. ./1C%00 ' /%543?:#: 1C%6'2#6'(2 56#>':%3?61) 0:%8%6' 5#2'0(: 1: :#"'J L#":1/12, "#" :1>610:?18'0#6'( 01$%/B#6'(, "#>%0:21 $10:486EJ $#66EJ, 0:#$'( 8/1%"Q
291
*,'()%"-'()$ +.")0
"+.)
:#, 2/%&(, 1:2%$%661% $3( 8/12%$%6'( $#661) 18%/#C'', 18E: '25=3($E &%6%$B%/#, B%3#%&#( :1>610:? 1C%6"', 8/'&%6(%&E% '6Q0:/4&%6:E 1C%6'2#6'( ' :. $. F#$#2 U:' L#":1/E, 2E 18/%$%3':%0:/4":4/4 CPLM. D:#", $2# 6#52#66EJ 218/10# 2#B6E :%&, >:1 81Q34>%66E% 6# 6'J 1:2%:E 815213(: 4:1>6':? "#/:4 83#6'/12#6'(0:1'&10:' $3( "16"/%:61) 0':4#C''.
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— +",").: 37",2..N:1/#( 215&1B610:?, 8/%$10:#23(%&#( 83#61& 0:1'&10:', '
2:1/1) 81$R#= $#661=1 R#=# 010:1': 2 :1&, >:19E 81&1>? 0L1/&'Q/12#:? $2# 9#512EJ 83#6# — "#3%6$#/6E) 9#512E) 83#6 ' 9#512E)83#6 0:1'&10:'. A'B% 94$%: 81"#5#61, >:1 >#0:? 8/1C%00# 1C%6"'0:1'&10:' — U:1 18/%$%3%6'% /%04/012 (6#8/'&%/, "13'>%0:21 >#Q012 :/4$15#:/#:), 6%19J1$'&EJ $3( 2E8136%6'( 18%/#C') 8/1%":#.-#" 8/#2'31, U:1: 8/1C%00 '$%: 1$612/%&%661 0 "#3%6$#/6E& 83#Q6'/12#6'%&, 81U:1&4 :/%94%&E% /%04/0E 0/#54 8/%19/#547:0( 2$3':%3?610:' 18%/#C'), >:1 ' 40:#6#23'2#%: 9#512E) "#3%6$#/Q6E) 83#6. <1>%:#( 5#83#6'/12#66E% 18%/#C'' 0 'J 97$B%:#&',2E &1B%:% /#5/#91:#:? 9#512E) 83#6 0:1'&10:', '52%0:6E) :#"B%"#" #.*9#"1"4",,-% )3 )#"<",' IE1C"+, .4. 2#').: 93+32. 1"F,"C,3% ,.4'0,3*+'. S#512E) 83#6 0:1'&10:' /#00&#:/'2#%:0($#3%% 2 6#0:1(@%) =3#2% "#" 0#&10:1(:%3?6E) '60:/4&%6:.*/%:') 81$R#=, 1C%6'2#6'% /'0"12, 6#8/#23%6 6# 40:#6123%6'%
/#54&61=1 5#8#0# $3( 1C%6"' 0:1'&10:', 815213(7@%=1 2610':?2%/1(:6E% '5&%6%6'(. K:1: 5#8#0, 6#5E2#%&E) #"("#)3< ,. 93F2#-+'" ,"9#"1)'1",,-M *'+/.7'%, 8/%$6#56#>%6 $3( 8/#":'>%0Q"1=1 1:/#B%6'( /'0"12 2 83#6% 0:1'&10:' 8/1%":#. */%912#6'%:@#:%3?61=1 #6#3'5# /'0"12 ' 0184:0:247@%=1 %&4 /#0>%:# 2%3'Q>'6E /%5%/2# 19E>61 &1:'2'/4%:0( 0:/%&3%6'%& &#"0'?6106'5':? /#0J1$E 81 8/1%":4. O'0"', "#" 94$%: /#00&1:/%61 2 =3#2% 9,&1=4: 9E:? 1:6%0%6E " 379E& :%J6'>%0"'&, 2/%&%66E& ' 0:1'&1Q
292
5,'-'
70:6E& 6%18/%$%3%6610:(& 2 8#"%:#J /#91:. -#" :13?"1 83#6'/12#Q6'% 0:1'&10:' 010:#23%61 ' C%3?, $3( "1:1/1) 64B%6 83#6 0:1'&1Q0:', 2E9/#6#, $%3#%:0( 03%$47@') R#=: 8/'6'&#%:0( /%R%6'%1 :1&, >:1 21)$%: 2 83#6 0:1'&10:'.
H/),>,2,(', #0>,)<"('4 /2"(" #$0'+0#$'. A# U:1& R#=%"/':'>%0"'& (23(%:0( 2E91/ :'812 1C%61" 0:1'&10:', "1:1/E% 2EJ1:':% '0813?512#:? 8/' 83#6'/12#6'' 0:1'&10:' 8/1%":#, # :#7Q"% :1, >:1 '&%661 94$%: 2"37>#:? 2 0%9( "#B$#( 1C%6"#. <4@%0:24Q%: &61B%0:21 :'812 1C%61", 1$6#"1 2 :#"'J 1:/#03(J, "#" /#5/#91:Q"# 8/1=/#&&61=1 19%08%>%6'(, 0:/1':%3?0:21 ' 8/1'521$0:21,6#'913%% >#0:1 '0813?547:0( :/' '5 6'J: 1C%6"# 81/($"# 2%3'>'Q6E, 1C%6"# 97$B%:# ' 18/%$%3(7@#( 1C%6"# [12–14]. A# /'0. 7.381"#5#61, >:1 16' /#53'>#7:0( 81 &61='& 8#/#&%:/#&, 6#8/'&%/81 6#56#>%6'7, :1>610:', 0:1'&10:' 81$=1:12"', :/%94%&1) '6QL1/&#C'' ' :'84 '60:/4&%6:# 1C%6'2#6'( [15]. -#B$#( '5 U:'J1C%61" &1B%: 034B':? 106121) $3( /#5/#91:"' 2:1/1=1 U3%&%6:#83#6# 0:1'&10:' — 9#5121=1 83#6# 0:1'&10:', '3' /#08/%$%3%661Q=1 21 2/%&%6' 97$B%:#. X0:%0:2%661, >:1 J#/#":%/'0:'"' /#5/#91Q:#661=1 :#"'& 19/#51& 9#5121=1 83#6# 0:1'&10:' $13B6E 011:2%:Q0:212#:? J#/#":%/'0:'"#& :1=1 :'8# 1C%6"', 6# 10612% "1:1/1=1U:1: 83#6 010:#23%6.HC%6"# 0:1'&10:' 19E>61 $#%:0( 2 $%6%B61& U"2'2#3%6:%, 6#Q
8/'&%/ 2 $133#/#J, >:1 48/1@#%: 0/#26%6'% 8/1%":12 ' 18%/#C')[11]. H$6#"1 2 6%"1:1/EJ 1:/#03(J '0813?547:0( 1C%6"', 2E/#QB%66E% 2 >#0#J :/4$15#:/#:, 8/'>%& :/4$15#:/#:E /#56EJ /%04/Q012 02%$%6E 21%$'61. *#"#( 8/#":'"# 0>':#%:0( 8/'%&3%&1) $1 :%J81/, 81"# 16# 6% 8/%8(:0:24%: 0/#26%6'7 8/1%":12 ' 18%/#C').S13%% :1=1, 1C%6"' $1840:'&1 8/%$10:#23(:? 21 &61B%0:2% %$'6'C'5&%/%6'(, %03' :#" :/%947: '6:%/%0E 48/#23%6'( 8/1%":#&'..16''% 04:' 1C%6"' ' 9#5121=1 83#6# 0:1'&10:' 02(5#61
0 L1/&43'/12#6'%& 18/%$%3%6') 'J 010:#26EJ >#0:%) ' $/4='J:%/&'612 83#6'/12#6'( 0:1'&10:'. D&%661 81U:1&4 6# 1$61& '581$QR#=12 /%"1&%6$4%:0( 010:#2':? 08'01" 18/%$%3%6') 83#6'/1Q2#6'( (0&. 2/%5"4 «./'&%/E 18/%$%3%6'), 1:610(@'J0( " 1C%6'2#Q6'7 0:1'&10:'»). K:1 815213': 2E/#91:#:? 19@') $3( 20%J 4>#0:Q6'"12 (5E", 815213(7@') '& 25#'&1$%)0:212#:? 2 J1$% 8/1C%00#
293
*,'()%"-'()$ +.")0
"+.)
83#6'/12#6'( 0:1'&10:', "1:1/E) (23(%:0( 8/%$&%:1& 6#R%=1/#00&1:/%6'( 6# 03%$47@%& R#=%.
1 F$%0?: $1 1C%6"' 19W%&# /%5%/2# 6# 81"/E:'% /'0"12. — ;#'<. #"1.
C'#. 7.3. *'8E 1C%61" 0:1'&10:'
294
5,'-'
7
C";)":0$1" /)0.,##" /2"(')03"('4 #$0'+0#$'. ./1C%0083#6'/12#6'( 0:1'&10:' '0813?54%:0( $3( 2E/#91:"' 20%J 1C%61"' 02(5#66EJ 0 6'&' 9#512EJ 83#612 0:1'&10:', /#00&#:/'2#%&EJ$#3%% 2 6#0:1(@%) =3#2%, — 1C%6"' 81 #6#31='', 8#/#&%:/'>%0"1)' 210J1$(@%) 1C%61". O#54&%%:0(, 8/1C%00 $3( "#B$1=1 :'8# 94$%:'&%:? 0217 0:%8%6? $%:#3'5#C'', 1$6#"1 8/'6C'8'#3?6EJ 1:3'Q>') &%B$4 6'&' 6%:. +3( $10:'B%6'( U:1) C%3' 6%19J1$'&1 8/12%Q0:' 8/1C%00 83#6'/12#6'( 0:1'&10:', 010:1(@') '5 6%0"13?"'J81$R#Q=12 (0&. /'0. 7.2). A#>#3?6E) 81$R#= —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
!@=>?@9 7!@?:?A?F=S, 71F76GN=Y6G C 7Q?F=E;F=P617=>761=• 3%801$ %'+F"#1. Q,$0$(. +.")0"+.) ,)C" +"-"4/3("+.9 E,$0$(."-,4"."%1$ 0"6/. "."&#$+.-,8.9+8 + 3%"$4."0: 3%801$ %'+F"#1 (' "3,'./.%/#', 3"4/34/ 0'.$%)',"- ) "C"%/#"-'()8;
• ($3%801$ %'+F"#1. !.")0"+.9 .%/#', /+,/6 ),) 3"+.'-"4, 4"."%1$ ($0"6/. C1.9 "#(";('7(" ".($+$(1 (' +7$. 3%"$4.'. Q.) %'+F"#1 %'+J+0'.%)-'K.+8 4'4 ('4,'#(1$, "() ('4'3,)-'K.+8 ) ;'("+8.+8 (' +7$.');#$%&$4 [3];
• (')C",$$ -$%"8.('8 +.")0"+.9. R('7$()$ +.")0"+.), -$%"8.("+.9 3"J,/7$()8 4"."%"6" 0'4+)0',9('. Q." ;('7$()$ "C%';/$.+8 ); ;('7$()<-+$F %'+3%$#$,$((1F 3" +.'.980 E,$0$(."- ) "2$(4) %$;$%-' (' 3"J4%1.)$ ($"3%$#$,$(("+.), 4"."%1$ -0$+.$ 3%$#3",'6'K. 50%J(/K#",K /-$%$(("+.) [4];
• #)'3';"( 3"6%$?("+.). *%"6("; (')0$(9?$< ) (')C",9?$< "&)#'$J0"< +.")0"+.), +-8;'((1< + (')C",$$ -$%"8.("< +.")0"+.9K. D$0-1?$ 4'7$+.-" "2$("4, 3%'-),9($$ "3%$#$,$()$ +"#$%&'()8, ()&$3%"$4.(1$ %)+4), 0$(9?$ 4",)7$+.-" ($);-$+.(1F H'4."%"- ) ."7($$4',94/,82)8 +.")0"+.), .$0 C",$$ -1+"4'8 ."7("+.9 "2$(4) 0"&$.C9)9 #"+.)6(/.';
• %$;$%- (' 3"4%1.)$ ($"3%$#$,$(("+.)1. !/00', #"C'-,8$0'8 4 "2$(4$+ 2$,9K 3"4%1.)8 C/#/:)F );0$($()<, 4"."%1$ + "3%$#$,$(("< -$%"J8.("+.9K 0"6/. -";()4(/.9 3" ($);-$+.(10 3%)7)('0 ),) -+,$#+.-)$('+./3,$()8 ($3%$#-)#$((1F /+,"-)<. I$;$%- (' 3"4%1.)$ ($"3%$#$J,$(("+.) -17)+,8$.+8 + 3"0":9K +.'.)+.)7$+4"6" '(',);' %'+F"#"-,)0$-?)F 0$+." - F"#$ -13",($()8 3%"?,1F 3%"$4."-, ),) )+F"#8 );"31.' %$',);'2)) '(',"6)7(1F 3%"$4."-.
1 O%5%/2 6# 81"/E:'% /'0"12. — ;#'<. #"1.
295
*,'()%"-'()$ +.")0
"+.)
&E% $3( 83#6'/12#6'( 0:1'&10:'. F6#6'% 8/%$%3?61) $#:E 2E/#Q91:"' 1C%6"' ' $%:#3%) 8%/%0&1:/# '&%%: 106121813#=#7@%% 56#Q>%6'% $3( 010:#23%6'( /#08'0#6'( /#91: 81 83#6'/12#6'7 0:1Q'&10:' ' 2E$#>' 1C%6"' 6#$3%B#@%=1 "#>%0:2#. -/1&% :1=1, 8/'8/%$2#/':%3?61& 83#6'/12#6'' 2#& &1B%: 816#$19':?0( 18/%$%Q3':? /#0J1$E 6# 81$=1:12"4 83#6# 0:1'&10:' ' 8/1'6L1/&'/12#:?"16%>6EJ 813?512#:%3%).O#5/#91:"# 18'0#6') U3%&%6:12 — U:1 2:1/1) 81$R#=, 081019Q
6E) 1"#5#:? 913?R%% 23'(6'% 6# "#>%0:21 1C%6"', >%& 3791) $/4Q=1) L#":1/ ('0"37>#( L#":1/E 6%18/%$%3%6610:'). H8'0#6'( U3%Q&%6:12 8/%$0:#23(7: 0191) 18/%$%3%6'% U3%&%6:12 01$%/B#6'(,$3( "1:1/EJ 64B61 8134>':? 1C%6"4 (0&. U3%&%6: 6# /'0. 7.3). -#"8/#2'31, 81361% 18'0#6'% U3%&%6:# $13B61 2"37>#:? 6%0"13?"1 01Q0:#23(7@'J. A#>#:? 03%$4%: 0 "13'>%0:2# ' %$'6'C '5&%/%6'(, 810Q3% >%=1 8/'2%0:' L'5'>%0"1% 18'0#6'% U3%&%6:# 0 &#"0'?61 215Q&1B61) 0:%8%6?7 $%:#3'5#C''. +#3%% 64B61 40:#612':? =/#6'CE01$%/B#6'( $#661=1 U3%&%6:#, "1:1/E% $13B6E 8/1(06(:? 20% $24Q0&E03%6610:' '3' 8/%$8131B%6'(, ' 5#$1"4&%6:'/12#:? 379E%1:"316%6'( 1: 01=3#R%6') ' 0:#6$#/:12. *#"B% /%"1&%6$4%:0( $1Q9#2':? '0:1>6'"', '5 "1:1/EJ 9E3' 25(:E $#66E% $3( 1C%6"' (6#Q8/'&%/, 0:#6$#/:6E% 56#>%6'( :%&8# 8/1'521$0:2# '3' 2%3'>'6#'6$%"0# 0:1'&10:', 18493'"12#66#( :1/=121) #001C'#C'%)).-#3?"43(C'( 0%9%0:1'&10:' — :/%:') 81$R#=, 6# "1:1/1& 8/1'0Q
J1$': 2E>'03%6'% 1C%6"' U3%&%6:#. H06124 "#3?"43(C'' 010:#23(7:#3=1/':& '3' L1/&43#, "1:1/E% 8/%19/#547: 8/1%":647 '6L1/&#QC'7 (2 >#0:610:', 18'0#6'% U3%&%6:# ' '0:1>6'" $#66EJ 1 8/(&EJ '6%8/(&EJ /#0J1$#J) 2 0:1'&10:?. H9E>61 U:' L1/&43E '3' #3=1/':Q&E 6#5E2#7:0( 3+,3O",':<' 37",').,': *+3'<3*+' (CER). O#5Q3'>6E% '60:/4&%6:E 1C%6'2#6'( 0:1'&10:' 18'/#7:0( 6# /#5Q3'>6E% CER. A#8/'&%/, "1=$# $10:486# '6L1/&#C'( 1 "13'>%0:2%%$'6'C 8/1$4"C'', "1:1/1% 64B61 8134>':?, 0"1/10:' 8/1'521$0:2#%$'6'CE 8/1$4"C'' ' 81>#012EJ /#0C%6"#J 6# 2E8136%6'% /#53'>Q6EJ 18%/#C'), $3( 2E>'03%6'( 19@%) 0:1'&10:' :/4$# &1B61 '0Q813?512#:? 210J1$(@47 1C%6"4, 10612#6647 6# 03%$47@%& CER:
=IG.: *+3'<3*+D +#/1. () 1344.#.M) == 234'0"*+)3 (0.*3)/"1','7/ 234'0"*+).) (1344.#3)/0.*) =
= 200 "1','7 (5 0.*3)/"1','7/ ) (80 1344.#3)/0.*) = 80 000 1344.#3).
D 0612# :'8 CER, 8/'&%6(%&E) $3( /#0>%:# 0:1'&10:' :/4$#,94$%: 5#2'0%:? 1: :'8# 81$=1:#23'2#%&1) 1C%6"'.*/4$15#:/#:E, &#:%/'#3E ' 191/4$12#6'% 1C%6'2#7:0( 0 81&1Q
@?7 CER >%/%5 1:61R%6'(, 8#/#&%:/E, >#0:'>6E% 56#>%6'( 0:1Q'&10:' '3' 810/%$0:21& 4&61B%6'(, "#" 94$%: 81"#5#61 $#3%%. .1Q
296
5,'-'
734>%66E% 2 J1$% 1C%6'2#6'( 56#>%6'( $13B6E 9E:? 5#$1"4&%6:'Q/12#6E ' 22%$%6E 2 /#6%% /#5/#91:#6647 L1/&4. -1=$# /#0>%: 0%Q9%0:1'&10:' 1:$%3?6EJ U3%&%6:12 5#2%/R%6, 8/1'0J1$': 04&&'Q/12#6'% /#0J1$12, 8/'>%& 8/(&E% /#0J1$E >#0:1 81$0>':E2#7:0(1:$%3?61 1: 6%8/(&EJ ' 81 215&1B610:' 81 "#:%=1/'(& /#91:. ./'6%19J1$'&10:' 6# U:1& U:#8% &1B61 8/%19/#512#:? 1C%6"4 2 9#51Q2E) 83#6 0:1'&10:'.
-#3?"43(C'( 0%9%0:1'&10:' 64B$#%:0( 2 8103%$47@%) 8/12%/Q"% — ' U:1 >%:2%/:E) 81$R#=. ./12%/"# 2"37>#%: 2 0%9( 81$:2%/BQ$%6'% "1//%":610:' 0$%3#66EJ 2E>'03%6'), 2%/'L'"#C'7 '0:1>Q6'"12, '5 "1:1/EJ 9E3' 25(:E $#66E%, ' 1951/E, 2E8136(%&E%"133%=#&', "1:1/E% '&%7: /#261% 034B%961% 8131B%6'% («1951//#26EJ») [4]. .103% 2E8136%6'( 8/12%/"' &1B61 8%/%J1$':? " 8(Q:1&4 81$R#=4 — 8%/%0&1:/4 ' 434>R%6'7. O4"121$':%3? $13B%6810:1(661 "16:/13'/12#:? 8134>#%&E% 1C%6"', >:19E 2 8/1C%00%81$=1:12"' 9E3# 215&1B610:? 8/%$4=#$#:? 106126E% 8/193%&E.F#:%& 1C%6"4 /#5/%R#%:0( 18493'"12#:? 8/' B%0:"1& 01937$%6''8/'6C'812 48/#23%6'( $1"4&%6:#C'%). H$6#"1 8/1C%00 83#6'/1Q2#6'( 0:1'&10:' 6%3?5( 0>':#:? 5#2%/R%66E&: 16 5#"#6>'2#%:0(3'R? 2&%0:% 0 8/1%":1&. N U:1: &1&%6: 8/1'0J1$': 091/ $#66EJ
67E?19 !7 !A;F=@7E;F=P 617=>761=• R('<.$ +-"$6" ;'4';7)4'. R'#'-'<.$ -"3%"+1, 7."C1 3"(8.9 $6" 3".%$CJ("+.), "3)+'()8 E,$0$(."-, +"#$%&'()$ 3%"$4.', (" +'0) ()7$6" ($3%$#,'6'<.$.
• !,$#/<.$ 3%"2$++/ 3,'()%"-'()8 +.")0"+.). =$ 3%"3/+4'<.$ ?'6"-,3%$#3)+1-'$01F 3%"2$++"0. V+,) 3%"2$++ ($ %'C".'$., );0$().$ $6".
• >1<#).$ ;' %'04) 3/+.1F 3"#+7$."-. *"+0".%).$ (' "C:/K 4'%.)(/,"C#/0'<.$ H),"+"H)K 3%"$4.' ) $6" ;'4';7)4'.
• M"4/0$(.)%/<.$ -+$. >4,K7'<.$ - #"4/0$(.'2)K 3%$#3","&$()8,++1,4), )+."7()4), )+4,K7$()8 ); +"#$%&'()8 ) .. #.
• B+.'-,8<.$ -";0"&("+.9 #,8 '/#).'. *%"2$++1 '/#).' 3"-1?'K. 4'J7$+.-" "2$(4) ) -'?/ +.$3$(9 /-$%$(("+.).
• M"4/0$(.)%/<.$ );0$($()8. B2$(4', 4"."%/K -1 ;'3,'()%"-',), 3"J7.) ('-$%(84' 3"."0 C/#$. 4"%%$4.)%"-'.9+8. R'3)+1-'<.$ );0$($()8.>$#).$ 4"(.%",9(1$ ;'3)+) " %$-);)8F #"4/0$(.'.
• R'%/7'<.$+9 3"##$%&4"<. *"+.'%'<.$+9 3%)-,$79 4 3"#6"."-4$ "2$(4)+3$2)',)+."- ); H/(42)"(',9(1F ".#$,"- — - 4"(2$ 4"(2"-, E." )0+ ($< %'C".'.9.
• T0$<.$ - -)#/: ."7("+.9 "2$()-'()8 ;'-)+). ". "CO$0' #"+./3("< )(JH"%0'2)), -%$0$() ) %$+/%+"-, ' .'4&$ ". .)3' "2$(4).
297
*,'()%"-'()$ +.")0
"+.)
1 L#":'>%0"'J 56#>%6'(J /#0J1$12, "1:1/E% #6#3'5'/47:0( '0/#26'2#7:0( 0 83#61& 0:1'&10:', 8103% >%=1 '6L1/&#C'( 19612Q3(%:0(. <4:? 8/1C%00# 83#6'/12#6'( 0:1'&10:' 0L1/&43'/12#6#21 2/%5"% «<12%:E 81 83#6'/12#6'7 0:1'&10:'».
&G5HKLEHDMN&O FMCT[ 5KMN&CHDMN&S GTH&PHGT&F08>" '#/02%;03"$%. Y1:( 8/'&%6%6'% "#/:E 83#6'/12#6'(
0:1'&10:' 4$1961 2 3791& 8/1%":%, 16# 6#'913%% 813%56# 2 1/=#6'Q5#C'(J, 2E8136(7@'J 913?R'% 8/1%":E '3' '&%7@'J 810:1(6Q6E) 81:1" EJ ' 0/%$6'J 8/1%":12. .103%$12#:%3?610:? ' 0:/1Q=10:? 81$J1$# " 83#6'/12#6'7 0:1'&10:', 19%08%>'2#%&1=1 CPLM,"/#)6% 2#B6E $3( 813?512#:%3%), 2123%>%66EJ 2 '=/4 81$ 6#52#Q6'%& «2E8136%6'% 8/1%":12», 0:#2"' 2 "1:1/1) 2%0?&# 2E01"'.
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
D-80>-. M%6610:? CPLM 010:1': 2 :1&, >:1 16# $#%: 8/1%":61)"1$% >%:"'% ' (06E% 4"#5#6'(. *@#:%3?61 L1/&43'/4( 0C%6#Q/') $%)0:2') ' 19%08%>'2#( 03#B%661% 2E8136%6'% 5#$#> 83#6'Q/12#6'(, "#/:# 83#6'/12#6'( 0:1'&10:' 1$6156#>61 18/%$%3(%::'8 1C%6"' ' :'8 9#5121=1 83#6# 0:1'&10:', # :#"B% &%:1$E 'J 81Q34>%6'(. K:1 56#>':%3?61 06'B#%: /'0"' 6%#$%"2#:61=1 83#6'/1Q2#6'( 0:1'&10:' ' 6%8/#2'3?61=1 '0813?512#6'( /%04/012 "1&8#Q6'' ' $#%: 215&1B610:? 10156#:? 56#>%6'% 0%9%0:1'&10:'.
5),'+*@,#$3" ' (,>0#$"$1'. H061261% 8/%'&4@%0:21 CPLM —%% 3'6%)6#( 0:/4":4/#, 815213(7@#( 6#=3($61 1:19/#5':? R#=',"1:1/E% :/%947:0( $3( 8134>%6'( J1/1R%=1 83#6# 0:1'&10:'.S13?R#( $3':%3?610:? /#5/#91:"' "#/:E ' 6%19J1$'&10:? 6#3'Q>'( 56#>':%3?61=1 18E:# 4 5#6'@'J0( U:'& 01:/4$6'"12, 9%0Q081/61, (23(7:0( %% =3#26E&' 6%$10:#:"#&'.
298
5,'-'
7
D")'".''. H8'0#66#( 2 $#661& /#5$%3% "#/:# 83#6'/12#6'(0:1'&10:' 8/%$0:#23(%: 0191) 3'R? 1$64 '5 &61='J /#5612'$61Q0:%) $#661=1 '60:/4&%6:#, '0813?54%&EJ 2 /#53'>6EJ 1:/#03(J.H$6' '5 6'J 19%08%>'2#7: 913%% 20%0:1/166%% 8/%$0:#23%6'% 0'Q:4#C'', $/4='% — &%6%%. .103%$12#:%3?610:? R#=12 83#6'/12#6'(0:1'&10:', /#261 "#" ' "13'>%0:21 :'812 1C%61", ' '60:/4&%6:E83#6'/12#6'( 0:1'&10:' &1=4: 2#/?'/12#:?0(.
M>"/$".'4 CPLM. -#/:#, /#00&1:/%66#( 6#&', (23(%:0( '60:/4Q&%6:1& 19@%=1 6#56#>%6'(, 8/%$6#56#>%66E& $3( /#56119/#56EJ1/=#6'5#C'), 2 "1:1/EJ 04@%0:24%: 48/#23%6'% 8/1%":#&'. !$#8:#QC'( U:1=1 '60:/4&%6:# " 2#R'& "16"/%:6E& 64B$#& &1B%: 812EQ0':? %=1 C%6610:?. A'B% 8/'21$(:0( 6%"1:1/E% 0119/#B%6'(, "1:1Q/E% &1=4: 1"#5#:?0( 813%56E&' 8/' 2E8136%6'' :#"1) 81$0:/1)"'.
!@7E?@C; C;@19 !A;F=@7E;F=G 617=>761=LC$#).$+9, 7." 4'%.' 3,'()%"-'()8 +.")0"+.):• "+("-'(' (' ($"CF"#)0"< )+F"#("< )(H"%0'2));• +"#$%&). "+("-(1$ "3%$#$,$()8, .$%0)(","6)K, .)31 "2$("4, ' .'4J&$ )(+.%/0$(.1 #,8 "2$()-'()8 ) H"%0)%"-'()8 C';"-"6" 3,'(' +.")J0"+.);
• -4,K7'$. 4%).)7$+4) -'&(1$ ?'6) ) 3"#?'6) - 3%"2$++ 3,'()%"-'()8+.")0"+.).
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 CPLM -" -+$F -13",(8$01F)+3",9;"-'()8 - "%6'();'2)) 3%"$4.'F, C",9?)F ) 0',1FM"C'-,$()$ ".,)7).$,9("< >4,K7).9 C",9?$ .)3"- "2$("4, ('3%)0$%"+"C$(("+.) #$.',9(/K "2$(4/, ' .'4&$ C",9?$
)(+.%/0$(."- "2$()-'()8L#',$()$ ".,)7).$,9("< L#',).9 "3%$#$,8K:)$ "2$(4)"+"C$(("+.) (#,8 "%6'();'2)<, -13",(8K:)F 0',1$
3%"$4.1)
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
COEUPON $#661& /#5$%3% 9E3# 8/%$0:#23%6# "#/:# 83#6'/12#6'( 0:1'Q
&10:' (CPLM)— '60:/4&%6: $3( L1/&'/12#6'( 0'0:%&#:'>%0"1=181$J1$# " 83#6'/12#6'7 0:1'&10:' 8/1%":12. D J1:( 1: '0813?51Q2#6'( CPLM 2E'=/#%: 3791) 8/1%":, 6#'913?R47 2E=1$4 8134>#:1/=#6'5#C'' 0 913?R'&' 8/1%":#&' '3' 810:1(66E& 81:1"1& &#Q3EJ ' 0/%$6'J 8/1%":12. M%6610:? CPLM 010:1': 2 :1&, >:1 16#,:@#:%3?61 L1/&43'/4( 0C%6#/') $%)0:2') ' 19%08%>'2#( 03#B%6Q
299
*,'()%"-'()$ +.")0
"+.)
61% 2E8136%6'% 5#$#> 83#6'/12#6'(, 1$6156#>61 18/%$%3(%: :'81C%6"' ' :'8 9#5121=1 83#6# 0:1'&10:', # :#"B% &%:1$E 'J 8134>%Q6'(. K:1 56#>':%3?61 06'B#%: /'0"' 6%#$%"2#:61=1 83#6'/12#Q6'( 0:1'&10:' ' 6%8/#2'3?61=1 '0813?512#6'( /%04/012 "1&8#Q6''. <21$6#( '6L1/&#C'( 1 "#/:% 83#6'/12#6'( 0:1'&10:''531B%6# 21 2/%5"% «./12%/"# "#/:E 83#6'/12#6'( 0:1'&10:'».
7Q?FC; !7 ;F;A7D==
<17 1;C7? 7Q?FC; !7 ;F;A7D==?HC%6"# 81 #6#31='' — U:1 8134>%6'% 1C%6"' :%"4@%=1 8/1%":#,
6#5E2#%&1=1 C%3%2E&, 6# 10612% L#":'>%0"1) 0:1'&10:' 1$61=1'3' 6%0"13?"'J 8/%$E$4@'J 8/1%":12 (#6#31='>6EJ '3' '0J1$6EJ)93'5"1=1 /#5&%/#, 031B610:' ' 01$%/B#6'( [16]. ,%6%$B%/E, 2E813Q6(7@'% 1C%6"4, &1=4: 18'/#:?0( 6# '60:'6":'261% >4:?%, '0:1/'Q>%0"'% $#66E% '3' 8/'93'5':%3?6E% /#0>%:E, &1$'L'C'/12#66E%:#", >:19E 4>%0:? 379E% /#53'>'( &%B$4 C%3%2E& ' #6#31='>6E&8/1%":#&'. ./'&%/ 1C%6"' 81 #6#31='' 8/'2%$%6 6# /'0. 7.4, # 10Q6126E% J#/#":%/'0:'"' :#"1) 1C%6"' 81"#5#6E 6# /'0. 7.5.
@;R@;871C; 7Q?FC= !7 ;F;A7D==N C%31& 8/1C%00 2E/#91:"' 1C%6"' 81 #6#31='' 2"37>#%: 2 0%9(
:% B% R#=', "1:1/E% &E 18/%$%3'3' 2 8/1C%00% 83#6'/12#6'( 0:1Q'&10:' (0&. 8/%$E$4@') /#5$%3). -16"/%:6E% 1019%6610:' &%6(Q7:0(, 1:/#B#( J#/#":%/ 8/1C%00# 1C%6'2#6'( 81 #6#31=''.
C'#. 7.4. ./'&%/ 1C%6"' 81 #6#31='' $3( 8/1%":#/#5/#91:"' 8/1=/#&&61=1 19%08%>%6'(
300
5,'-'
7G:0) '#B0>(0= '(J0)+".''. -#>%0:2%66#( '0J1$6#( '6L1/Q
&#C'( (23(%:0( 6%19J1$'&E& 40312'%& $3( /#5/#91:"' "#>%0:2%6Q61) 1C%6"' 81 #6#31=''. - :#"1) '6L1/&#C'' 1:610(:0(:
• 01$%/B#6'% 8/1%":#;• '0:1/'>%0"#( '6L1/&#C'( 19 #6#31='>6EJ 8/1%":#J;• /%04/06E% :/%912#6'(;• /#0C%6"' 6# /#91:4 /%04/012.
H8/%$%3%6'% C%3%21=1 8/1%":# ' #6#3'5 %=1 01$%/B#6'( =#Q/#6:'/47:, >:1 1C%6'2#%&E) 8/1%": 94$%: 6#$3%B#@'& 19/#51&816(:. H$6#"1 $3( :1=1, >:19E 2E/#91:#:? 1C%6"4, 64B%6 #6#31Q='>6E) 18E: '5 >'03# 8/%$E$4@'J 8/1%":12 0 81J1B'&' J#/#":%Q/'0:'"#&'. O%04/06E% :/%912#6'( ' /#0C%6"' 6%19J1$'&E $3(:1=1, >:19E 2E/#5':? 1C%6"4 2 011:2%:0:247@'J %$'6'C#J.
50>80$031" 0.,(1'. .%/2E) R#= —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
301
*,'()%"-'()$ +.")0
"+.)
<4&&# 20%J 1C%6%66EJ U3%&%6:12 /#26# 19@%) 1C%6"% 8/1%":#. +3(&%6%$B%/12 "/#)6% 2#B61 4&%6'% 2E(23(:? 0"/E:E% /#53'>'( &%B$4U3%&%6:#&' '0J1$61=1 ' C%3%21=1 8/1%":12 ' 1C%6'2#:? 0:1'&10:? U3%Q&%6:# C%3%21=1 8/1%":# 6# 10612% '0J1$61=1, 2 $%)0:2':%3?610:' (2Q3(7@%=10( 81$196E& '3' #6#31='>6E& [16]. ./12%/"#, 8%/%0&1:/ '434>R%6'%, "#" 9E31 0"#5#61 2 8/%$E$4@%& /#5$%3%, 8/%$0:#23(7:0191) L'6#3?6E) R#= 2 /#5/#91:"% 1C%6"' 81 #6#31=''.
=6!7AHR7E;F=? 7Q?FC= !7 ;F;A7D===F08>" '#/02%;03"$%. HC%6"# 81 #6#31='' 8/%$81>:':%3?6#
2 :1& 034>#%, "1=$# $%:#3?6#( '6L1/&#C'( 1 8/1%":% 1:04:0:24%:.-#" 8/#2'31, :#"#( 0':4#C'( J#/#":%/6# $3( /#66'J L#5 B'56%661Q=1 C'"3# 8/1%":#. .10"13?"4 10:#3?6E% '60:/4&%6:E 1C%6'2#6'(:#"B% '&%7: 021' 6%$10:#:"', 1C%6"# 81 #6#31='' &1B%: 8/'&%Q6(:?0( 2 "1&9'6#C'' 0 210J1$(@%) ' 8#/#&%:/'>%0"1) 1C%6"#&'(0&. 2/%5"4 «D0813?54):% "1&9'6#C'7 '60:/4&%6:12 1C%6'2#6'(»).
D),+4 '#/02%;03"('4. HC%6"# 81 #6#31='' 2"37>#%: $184@%6'%1 :1&, >:1 '6L1/&#C'( 1 C%3%21& 8/1%":% ' 8/1%":%Q#6#31=% 1>%6?1=/#6'>%6#. <11:2%:0:2%661, >:19E 2E8136':? 1C%6"4 81 #6#31=''8/#":'>%0"' $3( 3791=1 8/1%":#, $10:#:1>61 6%0"13?"'J >#012.
=6!7AHRBS1? C7>8=F;Q=P =F61@B>?F17E 7Q?F=E;F=G=) "#)( ); +/:$+.-/K:)F .)3"- "2$(4) — -"+F"#8:'8, 3'%'0$.%)7$J
+4'8, 3" '(',"6)) — ($ "C$+3$7)-'$. C$++3"%("6" 3%$)0/:$+.-' 3$%$##%/6)0 -" -+$F '+3$4.'F. A",9?$ ."6", -+$ "() )0$K. +-") #"+.")(+.-' )($#"+.'.4), #"3",(8K:)$ #%/6 #%/6'. Q." "+"C$((" -'&(" 3%) %';%'C".4$3%"6%'00("6" "C$+3$7$()8, 6#$ +3$2)',)+.1 "C$+3"4"$(1 ($+3"+"C("J+.9K ."7(" "2$().9 +.")0"+.9 3%"$4.' [2]. =' 3%'4.)4$ ('0 +,$#/$. 3",'J6'.9+8 (' 4"0C)('2)K )(+.%/0$(."- "2$()-'()8, +%'-($()$ )F %$;/,9J.'."- ) — 3%) -";()4("-$()) %'+F"&#$()< — -13",($()$ 3"-."%("6""2$()-'()8 [5]. T F".8 3"#"C(1$ #$<+.-)8 0"6/. 3".%$C"-'.9 C",9?$6" 4"J,)7$+.-' %$+/%+"-, /-$,)7)- +.")0"+.9, -16"#1, +-8;'((1$ + 3"-1?$(("<."7("+.9K "2$("4, -3",($ "7$-)#(1.
1 F$%0?: $1 1C%6"' 19W%&# /%5%/2# 6# 81"/E:'% /'0"12. — ;#'<. #"1.
C'#. 7.5. H06126E% J#/#":%/'0:'"' 1C%6"' 81 #6#31=''
302
5,'-'
7
D-80>-. M%6610:? 1C%6"' 81 #6#31='' $3( 813?512#:%3( — 6%Q913?R1% 2/%&( /#5/#91:"' ' 215&1B610:? '0813?512#6'( 1=/#6'Q>%661) '6L1/&#C'' 1 8/1%":%.
5),'+*@,#$3" ' (,>0#$"$1'. HC%6"# 81 #6#31='' 10612E2#Q%:0( 6# 18E:% 2E8136%6'( 8/1R3EJ 8/1%":12. +3( :1=1 >:19E 81$Q:2%/$':? /#5/#91:#6647 1C%6"4, U:1: 18E: $13B%6 9E:? /%8/%5%6Q:#:'26E& [17]. -/1&% :1=1, 1C%6"# 81 #6#31='' 19E>61 (23(%:0(&%6%% $1/1=10:1(@%), >%& $/4='% '60:/4&%6:E [11]. H$6#"1 81$19Q6#( 1C%6"# 8134>#%:0( 6#0:13?"1 "#>%0:2%661), 6#0"13?"1 "#Q>%0:2%66E& 9E3 8/1R3E) 18E:, 3%B#@') 2 10612%, # %% :1>610:?2 C%31& 6'B%, >%& 4 1C%61" $/4='J :'812.
D")'".''. ./' $%)0:2'' 81 #6#31='' &%6%$B%/ 28/#2% 1C%6'Q2#:? :13?"1 8/1%": 2 C%31&, 6% 81$/#5$%3(( %=1 6# U3%&%6:E, "#"U:1 $%3#3' &E. H6 &1B%:, 6#8/'&%/, /#004$':?, >:1 C%3%21) 8/1Q%": :/%94%: 2$21% 913?R% >#012 /#91:E /%04/012, >%& #6#31=. K:1:"1ULL'C'%6: 2, 8134>%66E) 6# 10612% 5$/#21=1 0&E03#, 5#:%&4&61B#%:0( 6# "13'>%0:21 /%04/012, 6%19J1$'&EJ $3( 2E8136%Q6'( 8/1%":#Q#6#31=#, 2 /%543?:#:% >%=1 8134>#%:0( 1C%6"# $3( C%Q3%21=1 8/1%":#.
M>"/$".'4 0.,(1' /0 "("208''. H:610':%3?61 8/10:#( 04@Q610:? ' 8/1C%00 8134>%6'( 1C%6"' 1=/#6'>'2#7: 215&1B610:' %%#$#8:#C'' " "16"/%:6E& 64B$#&. H$6#"1, "#" 81"#5E2#7: 03%Q$47@'% 8/'&%/E, 6%"1:1/#( 81$0:/1)"# 20% B% 215&1B6#.
COEUPO./%$&%:1& /#00&1:/%6'( $#661=1 /#5$%3# (23(3#0? 1C%6"# 8/1Q
%":# 81 #6#31='', 10612#66#( 6# L#":'>%0"1) 0:1'&10:' 1$61=1'3' 6%0"13?"'J 8/%$E$4@'J 8/1%":12 81$1961=1 /#5&%/#, 031B61Q0:' ' 01$%/B#6'(. *#"#( 1C%6"# 8/'&%6(%:0(, "1=$# $%:#3?6#( '6QL1/&#C'( 1 8/1%":% 1:04:0:24%:. -#" 8/#2'31, U:1 8/1'0J1$': 6#/#66'J L#5#J B'56%661=1 C'"3# 8/1%":#. M%6610:? 1C%6"' 81 #6#Q31='' $3( 813?512#:%3( — % 2/%&( /#5/#91:"' ' 215&1B610:?
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 "2$(4/ 3" '(',"6)) - +"7$.'()))+3",9;"-'()8 + 3'%'0$.%)7$+4)0) "2$(4'0) - 3%"2$++$
3%)(8.)8 %$?$()< 3" 3%"+$)-'()K 3%"$4."-) CK#&$.)%"-'()K
@"#)H)4'2)8 4"(4%$.("< >4,K7).9 ".#$,9(1$ +.'.9) #,8 .%/#'F'%'4.$%)+.)4) ) 0'.$%)',"- (-'&(" #,8 3%"$4."- + C",9?)0
4",)7$+.-"0 0'.$%)',"-)
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
303
*,'()%"-'()$ +.")0
"+.)
'0813?512#6'( 1=/#6'>%661) '6L1/&#C'' 1 8/1%":%. N1 2/%5"%«./12%/"# 1C%6"' 81 #6#31=''» 8/'21$(:0( "37>%2E% 0119/#B%Q6'(, "1:1/E% 6%19J1$'&1 4>%0:? 8/' 2E8136%6'' 1C%6"'.
!;@;>?1@=<?6C;G 7Q?FC;
<17 1;C7? !;@;>?1@=<?6C;G 7Q?FC;?.#/#&%:/'>%0"#( 1C%6"# '0813?54%: &#:%&#:'>%0"'% &1$%3'
$3( 011:6%0%6'( 0:1'&10:' 0 1$61) '3' 6%0"13?"'&' L'5'>%0"'&'J#/#":%/'0:'"#&' '3' 8#/#&%:/#&' 8/1'521$':%3?610:' 8/1%":#,81$3%B#@%=1 1C%6'2#6'7 [3]. -#" 8/#2'31, &1$%3' $#7: CER, "1:1Q/1% 01810:#23(%: 0:1'&10:? C%3%21=1 8/1%":# 0 1$6'& '3' 6%0"13?Q"'&' 8#/#&%:/#&', :#"'&' "#" 6#=/451>6#( 081019610:?, /#5&%/,19W%&, �#, :/%912#6'( " U6%/=181:/%93%6'7 ' :. $. H8/%$%3%6'%1C%6"' $3( 6121) U3%":/10:#6C'' 2E8136(%:0( 1>%6? 8/10:1 —4&61B%6'%& "13'>%0:2# "'312#:: 6# 8/%$813#=#%&47 $133#/12470:1'&10:? "'312#::#. H$6#"1 &1B%: 81:/%912#:?0( ' 1>%6? 031BQ6E) /#0>%:, 2"37>#7@'), 6#8/'&%/, 2 4/#26%6'% $3( 1C%6"' 8/1Q%":# /#5/#91:"' 8/1=/#&&61=1 19%08%>%6'( 32 8#/#&%:/# (:#"B%6#5E2#%&EJ L#":1/#&', '3' $2'B4@'&' 0'3#&' /#0J1$12). F6#>%Q6'( 8#/#&%:/12 /#5/%R#%:0( 22%0:' 2 CER, # /%543?:#:E — 1:19/#Q5':? 2 =/#L'>%0"1& (/'0. 7.6) '3' :#93'>61& L1/&#:%. H06126E%J#/#":%/'0:'"' 8#/#&%:/'>%0"'J 1C%61" 18'0#6E 6# /'0. 7.7.
@;R@;871C; !;@;>?1@=<?6C7S 7Q?FC=G:0) '#B0>(0= '(J0)+".''. +3( :1=1 >:19E /#5/#91:#:? 8#/#Q
&%:/'>%0"47 1C%6"4 6#$3%B#@%=1 "#>%0:2#, 6%19J1$'&1 019/#:?"#>%0:2%6647 '0J1$647 '6L1/&#C'7, 2 "1:1/47 $13B6E 2J1$':?:
• 1061261% 01$%/B#6'% 8/1%":#;• 2E9/#66E% 8#/#&%:/E 8/1%":#;• '0:1/'>%0"#( '6L1/&#C'(.
!@7E?@C; 7Q?FC= !7 ;F;A7D==LC$#).$+9, 7." "2$(4' 3" '(',"6)) "+("-'(' (' +,$#/K:)F H'4."%'F:• +"#$%&'()$, %';0$% ) 3%");-"#).$,9("+.9 '(',"6)7("6" 3%"$4.';• H'4.)7$+4'8 +.")0"+.9 '(',"6)7("6" 3%"$4.'.>1%'C".'<.$ (' "+("-$ ;#%'-"6" +01+,' ($4"."%1< 4"EHH)2)$(. )
3%)0$().$ $6" #,8 3",/7$()8:• "2$("4 3" '(',"6)) #,8 E,$0$(."- +"#$%&'()8 3%"$4.', 4"."%1$ 3%)+/00)%"-'()) "C%';/K. "C:/K "2$(4/ +.")0"+.) 3%"$4.';
• "2$(4) 3%"$4.' - 2$,"0.
304
5,'-'
7
H8'0#6'% 1061261=1 01$%/B#6'( 8/1%":# 815213(%: 816(:?, >:181$3%B': 1C%6"%. .#/#&%:/E 01$%/B#6'( 18/%$%3(7:0( 6# 1061Q2#6'' J#/#":%/# &1$%3' CER, "1:1/#( 94$%: '0813?512#:?0( $3(091/# ' 481/($1>'2#6'( '0:1/'>%0"1) '6L1/&#C'', '&%7@%) 1:Q61R%6'% " 1C%6'2#%&1&4 8/1%":4.
50>80$031" 0.,(1'. -#" 9E31 /#00&1:/%61 2 /#5$%3% «-#/:#83#6'/12#6'( 0:1'&10:'», /#5/#91:"# 1C%6"' 3791=1 :'8# 2 10612Q61& 2E8136(%:0( 1$'6#"121. .1$=1:12"# 8#/#&%:/'>%0"1) 1C%6"':#"B% 6#>'6#%:0( 0 8/%$2#/':%3?61=1 83#6'/12#6'(, 5# "1:1/E&03%$47: 010:#23%6'% 18'0#6') U3%&%6:12 ' /#0>%: 'J 0%9%0:1'&1Q
C'#. 7.6. *'8'>61% CER 2 &1$%3' 8#/#&%:/'>%0"1) 1C%6"'
C'#. 7.7. H06126E% J#/#":%/'0:'"' 8#/#&%:/'>%0"1) 1C%6"'
1 F$%0?: $1 1C%6"' 19W%&# /%5%/2# 6# 81"/E:'% /'0"12. — ;#'<. #"1.
305
*,'()%"-'()$ +.")0
"+.)
0:'. H$6#"1 8103%$6') R#= 46'"#3%6: 16 2"37>#%: 2 0%9( 810:/1%Q6'% 9#5E $#66EJ, /#5/#91:"4 &1$%3' ' %% 8/'&%6%6'%.S#5# $#66EJ 8/%$6#56#>%6# $3( 091/# ' 481/($1>'2#6'( '6L1/Q
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
51& 81$J1$': " 2E91/"%, 1/=#6'512#661) 2 9#54 $#66EJ, ' 18/%$%Q3':? &#:%&#:'>%0"47 &1$%3? $3( CER, 18'0E2#7@%) 8/1%":, "1:1Q/E) &E J1:'& 1C%6':? [3]. D J1:( $3( CER &1B%: 9E:? '0813?512#61&61B%0:21 &#:%&#:'>%0"'J &1$%3%), '&%7@'J 2'$ 4/#26%6'), 6#8/#":'"% 1=/1&61% "13'>%0:21 02%$%6') 1 /#0J1$#J 021$':0( " 3'Q6%)61), 0:%8%661), U"0816%6C'#3?61) '3' 31=#/'L&'>%0"1) 5#2'Q0'&10:'. ;/#L'>%0"' U:' &1$%3' 2E=3($(: 3'91 "#" 8/(&E% 3'6'',3'91 "#" =3#$"'% "/'2E%, 2%$4@'% 0%9( 8/%$0"#54%&E& 19/#51&.-#" 2'$61 '5 /'0. 7.6, 19E>6E% CER :a" B% 8/10:E, "#" 1:61R%6'%«$133#/ 5# "2#$/#:6E) &%:/», 2E/#B#%&1% 3'6%)61) 5#2'0'&10:?7
/ = .M,
=$% / — 1C%61>6#( 0:1'&10:? 8/1%":# (5#2'0'&#( 2%3'>'6#), "1:1Q/#( (23(%:0( L46"C'%) M, 831@#$' 2 "2#$/#:6EJ &%:/#J (8#/#&%:/' 6%5#2'0'&#( 2%3'>'6#), # . — 8#/#&%:/, 8134>#%&E) 6# 10612%'0:1/'>%0"'J $#66EJ ' 02(5E2#7@') 5#2'0'&47 2%3'>'64 0 6%Q5#2'0'&1). X03' U:1: :'8 CER '0813?54%:0( $3( =/491=1 1C%6'2#Q6'( 0:1'&10:' 6121=1 $1&# 8/' 40312'', >:1 $3( &61B%0:2#, 010:1(Q@%=1 '5 6%0"13?"'J $1&12 831@#$?7 1: 550 $1 700 "2#$/#:6EJ&%:/12, 0:1'&10:? "2#$/#:61=1 &%:/# /#26# 300 $133#/12, :1 011:Q2%:0:247@%% CER &1B%: 9E:? 2E/#B%61 L1/&431):
/ = 300(M).
306
5,'-'
7./'2%$%66#( 8/10:#( 3'6%)6#( &1$%3? 8/%$813#=#%:, >:1 &%BQ
$4 6%5#2'0'&1) 8%/%&%661) (8#/#&%:/1&) ' 0:1'&10:?7 04@%0:24Q%: 011:61R%6'%: %03' 6%5#2'0'&#( 2%3'>'6# '5&%6(%:0( 6# %$'Q6'C4, :1 0:1'&10:? '5&%6(%:0( 810:1(661% "13'>%0:21 $133#/12.N B'56', 1$6#"1, 20% 6% :#" 1$6156#>61, ' 81:1&4 >#0:1 2156'"#%:81:/%9610:? 2 '0813?512#6'' 6%3'6%)6EJ CER (0&. 2/%5"4 «.#/#Q&%:/'>%0"1% 1C%6'2#6'% 8/1=/#&&6EJ 8/1%":12»), CER 0 &61B%Q0:2%66E&' 6%5#2'0'&E&' 8%/%&%66E&' '3' &61B%0:2%661=1/%=/%00'1661=1 #6#3'5#.-#" 18/%$%3':? :'8 4/#26%6'(, "1:1/E) 6#'34>R'& 19/#51&
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
810:/1%6'% &1$%3', 2 >#0:610:' &#:%&#:'>%0"1) &1$%3' CER. D5&61B%0:2# 0:#:'0:'>%0"'J &%:1$12, 8/'=1$6EJ $3( 8134>%6'(6#'913%% 81$J1$(@%) "/'21), R'/% 20%=1 /#08/10:/#6%6 &%:1$6#'&%6?R'J "2#$/#:12. Y1:( 81 021%) 8/'/1$% 16 3'6%%6, %=1 $1Q840:'&1 8/'&%6(:? "#" " 3'6%)6E&, :#" ' " 6%3'6%)6E& :'8#&CER (%03' 16' 8/%19/#512#6E 2 3'6%)647 L1/&4).
!;@;>?1@=<?6C7? 7Q?F=E;F=? !@7D@;>>F9Y !@7?C17E@("6)$ 3'%'0$.%)7$+4)$ 0"#$,) %';%'C".4) 3%"6%'00(1F 3%"#/4."-
C';)%/K.+8 (' 4,K7$-1F 3'%'0$.%'F 3%"6%'00("6" "C$+3$7$()8, "3%$#$J,88 3" ()0 +.")0"+.9. Q.) 0"#$,) "C17(" "+("-1-'K.+8 (' +.'.)+.)7$+4"0'(',);$ %$;/,9.'."- 3%$#1#/:)F 3%"$4."- %';%'C".4) 3%"6%'00("6""C$+3$7$()8 [5–8]. > 3%"-"#)01< '(',); -4,K7'K.+8 .'4)$ 4,K7$-1$ 3'J%'0$.%1, 4'4 %';0$% +)+.$01 (('3%)0$%, 4",)7$+.-" '%"4 4"#'), +,"&J("+.9 (#"3/+.)0, +.$3$(9 .%/#"$04"+.)), "C,'+.9 3%)0$($()8 (- 7'+.("J+.), 3%),"&$()$ %$',9("6" -%$0$()) ) 3%"#/4.)-("+.9 %';%'C".4)(('3%)0$%, 3%");-"#).$,9("+.9 .%/#'). B#)( E4+3$%. 3%$#,"&), 59 3'%'J0$.%"-, 4"."%1$ +3"+"C(1 "4';'.9 -,)8()$ (' %$;/,9.'.1 0"#$,$< +.")J0"+.) [10]. *%"+.'8 0"#$,9 0"&$. )0$.9 +,$#/K:/K H"%0/:
Z = CYL,6#$ Z — "2$()-'$0'8 .%/#"$04"+.9 3%"$4.' (- 7$,"-$4"0$+82'F), Y — "2$J()-'$01< %';0$% 3%"$4.' (- .1+87'F +.%"4 4"#'), ! — 4"EHH)2)$(. %$6J%$++)), L — 3"4';'.$,9 %$6%$++)).
M"3/+.)0" 3%)0$().9 E./ 0"#$,9 #,8 "2$(4) .%/#"$04"+.) ("-"6" 3%"J$4.' %';%'C".4) 3%"6%'00("6" 3%"#/4.', -;8-, ('3%)0$%, +,$#/K:)$ ;('J7$()8: ! = 3,8; L = 1,4; Y = 2. N'4)0 "C%';"0,
Z = !YL = 3,8 21,4 = 10,03 7$,"-$4"0$+82$-.
307
*,'()%"-'()$ +.")0
"+.)
-1=$# /#5/#91:"# 9#5E $#66EJ ' 810:/1%6'% &1$%3' 5#2%/R%6E,&1B61 8%/%J1$':? " 03%$47@%&4 R#=4 — 8/'&%6%6'7 &1$%3' 0 '0Q813?512#6'%& CER, 8134>%661) 6# 10612% 8/1R31=1 18E:#, $3( 1C%Q6'2#6'( 0:1'&10:' 6121=1 8/1%":#. <12%/R%661 (061, >:1 8/'&%6%Q6'% CER 10612E2#%:0( 6# :1& $184@%6'', >:1 94$4@'% 8/1%":E'08136(7:0( :#" B%, "#" ' 8/1R3E%. ! >:1 $%3#:? 2 034>#%, %03' 61Q2E) 8/1%":, 81$3%B#@') 1C%6"%, 1:3'>#%:0( 1: 8/1R3EJ 8/1%":122 "#"'JQ:1 $%:#3(J? K:1: 218/10 &1B%: 9E:? /%R%6 84:%& /#0031%6'(CER ' "1//%"C'' 0:1'&10:'. .10/%$0:21& /#0031%6'( '0:1/'>%0"#(9#5# $#66EJ $%3':0( 6# $2# 031(, "#B$E) '5 "1:1/EJ 8/%$0:#23(%:0191) 0%&%)0:21 :1>%" (8/%$0:#23(7@'J $#66E%), 81$196EJ $/4= $/4Q=4 2 :1& '3' '61& 1:61R%6''. F#:%& 6#J1$(:0( "/'2E%, 6#'34>R'&19/#51& 28'0E2#7@'%0( 2 "#B$1% '5 U:'J 0%&%)0:2. A#8/'&%/, 8(:?:1>%" 6# /'0. 7.6 J#/#":%/'547:0( 913%% 2E01"1) 0:1'&10:?7, >%&10:#3?6E% 10. S13%% :@#:%3?61% '54>%6'% 81"#5#31, >:1 U:' :1>"'19156#>#3' /10"1R6E% $1&# 0 :#"'&' $18136%6'(&', "#" C%6:/#Q3'512#66#( 0'0:%&# 1>'0:"' 1: 8E3', 0'0:%&# 8/10:/#60:2%661=1524>#6'(, U3%":/1102%:':%3?6#( #/&#:4/# '5 6%/B#2%7@%) 0:#3',&/#&1/6#( 193'C12"#, 813E '5 :2%/$EJ 81/1$ $%/%2#, 3%86#( R:4"#Q:4/"# ' :. $., 2 :1 2/%&( "#" 10:#3?6E% 10 9E3' 19E>6E&' $1&#&'0 =1/#5$1 913%% 8/10:E&' ' &%6%% $1/1='&' J#/#":%/'0:'"#&'. D6#Q>% =121/(, $1840:'&1 /#0031':? 9#54 $#66EJ 6# $2# 0%&%)0:2# $1&12 '6#):' "/'2E%, 6#'34>R'& 19/#51& 28'0E2#7@'%0( 2 "#B$1% '5 6'J,
C'#. 7.8. O#0031%6'%, 8/'&%6%661% 81 1:61R%6'7 " CER
308
5,'-'
78134>'2 :#"'& 19/#51& $2# CER, "#" 81"#5#61 6# /'0. 7.8. X03' '52%Q0:61 1C%61>61% 56#>%6'% 831@#$' $1&# (6#8/'&%/, 600 "2#$/#:6EJ&%:/12), 3%="1 0>':#:? 0 /'0. 7.8 8#/#&%:/'>%0"' 1C%6%6647 0:1Q'&10:? "#" /10"1R61=1 (190 :E0(> $133#/12), :#" ' 19E>61=1 (177 :EQ0(> $133#/12) 2#/'#6:# $1&#.-1//%"C'( 0:1'&10:', '3' 81"#5#:%3' 031B610:', :#"B% '0Q
813?54%:0( 2 8#/#&%:/'>%0"1) &1$%3' $3( "1//%"C'' 1C%6%661)81 CER 0:1'&10:' 0 C%3?7 &'6'&'5#C'' /#5610:' &%B$4 1C%6'2#Q%&E& 8/1%":1& '3' %=1 846":1& ' 9#51) $#66EJ, 6# 10612% "1:1/1)810:/1%6 CER [3]. A#8/'&%/, 8/1%":E /#5/#91:"' 8/1$4":12, 6#J1Q$(@'%0( 2 9#5% $#66EJ, 19E>61 2"37>#3' 2 0%9( 2 0/%$6%& 10 8/1Q:1:'812. X03' 1C%6'2#%&E) 8/1%": 01$%/B': 40 8/1:1:'812, $3(4>%:# 8134>'2R%)0( /#56'CE /%"1&%6$47:0( $2# &%:1$#. .%/Q2E)— /#0031%6'% 9#5E $#66EJ ' /#5/#91:"# /#53'>6EJ CER $3(/#561=1 "13'>%0:2# 8/1:1:'812. N:1/1) — 1:$%3?61% 2E>'03%6'%0:1'&10:' 8/1:1:'812. N6% 5#2'0'&10:' 1: "16"/%:61) 0':4#C''8/' 2E8136%6'' "1//%"C'' 0:1'&10:' 8#/#&%:/'>%0"#( 1C%6"#$13B6# 9E:? 8/12%/%6#, 8%/%0&1:/%6# ' 4012%/R%60:212#6# (0&./#5$%3 «-#/:# 83#6'/12#6'( 0:1'&10:'»).
&G5HKLEHDMN&O 5MCMPOTC&!OGFHQ HYONF&F08>" '#/02%;03"$%. .#/#&%:/'>%0"'% 1C%6"' 6#'913%% >#0:1
8/'&%6(7:0( 6# 0:#$'' 18/%$%3%6'( 8/1%":# ' 6# 6#>#3?6EJ 0:#Q$'(J 8/1%":'/12#6'(, "1=$# %@% 6%: $10:#:1>61=1 "13'>%0:2# '6QL1/&#C'' $3( /#5/#91:"' 210J1$(@%) 1C%6"'. .10"13?"4 CER19E>61 02(5E2#%: 0:1'&10:? 8/1%":# 0 2E01"14/126%2E& '5&%/%Q6'%& %&"10:' (8/1840"61) '3' 6#=/451>61) 081019610:') '3' 8/1Q'521$':%3?610:', U:' 02%$%6'( '&%7:0( 4B% 6# /#66'J 0:#$'(J [3].X0:%0:2%661, >:1 81$196E) 04&&'/47@') J#/#":%/ $%3#%: 8#/#Q&%:/'>%0"'% 1C%6"' 2 2E0R%) 0:%8%6' 81$J1$(@'&' $3( 0/#26%Q6'( 0:1'&10:' 6%0"13?"'J #3?:%/6#:'26EJ /%R%6'), 25#'&61=1"16:/13( ' 8%/%"/%0:61) 8/12%/"' $/4='J '60:/4&%6:12 1C%6'2#Q6'(, 61 6% $3( /#5/#91:"' $%:#3?61=1 "16"4/%6:108101961=1 8/%$31QB%6'( [4]. I:19E 8#/#&%:/'>%0"47 1C%6"4 &1B61 9E31 '0813?512#:?$3( U:'J C%3%), 16# $13B6# 9E:? 10612#6# 6# :1>61) '0:1/'>%0"1)'6L1/&#C'', '5&%/'&EJ 8#/#&%:/#J ' �R:#9'/4%&1) (:1 %0:?8/'&%6'&1) "#" " 913?R'&, :#" ' " E& 8/1%":#&) &1$%3'.
D),+4 '#/02%;03"('4. A#'913%% :/4$6#( ' 2/%&(%&"#( >#0:?8#/#&%:/'>%0"1=1 1C%6'2#6'( — U:1 015$#6'% &%:1$131='', 2"37Q>#( 810:/1%6'% 9#5E $#66EJ ' 6#J1B$%6'% L1/&43E $3( CER.N 5#2'0'&10:' 1: 031B610:' 9#5E $#66EJ %% /#5/#91:"# ' 010:#2Q3%6'% CER &1=4: 5#6(:? 1: $%0(:"12 $1 01:%6 >#012, 5#:1 0#&1 $%)Q0:2'% 81 1C%6'2#6'7 :/%94%: 6%0"13?"'J &'64: '3' >#012.
309
*,'()%"-'()$ +.")0
"+.)
D-80>-. .#/#&%:/'>%0"1% 1C%6'2#6'% 0:1'&10:' 19E>61 J#Q/#":%/'54%:0( &%6?R%) 031B610:?7 ' /%04/01%&"10:E1, >%& 210QJ1$(@%%. .10"13?"4 161 0:#2': C%3?7 8134>':? :#"1% 2E/#B%6'%$3( CER, "1:1/1% 815213'31 9E 011:6%0:' 0:1'&10:? 8/1%":# ' 18Q/%$%3(7@'% U:4 0:1'&10:? 8#/#&%:/E, 5$%0? 2 /#00&1:/%6'%2"37>#7:0( :13?"1 $%)0:2':%3?61 56#>'&E% 8#/#&%:/E, 9%5 4>%Q:# &%6%% 2#B6EJ. *#"#( "16C%6:/#C'( 6# 18/%$%3(7@'J 0:1'Q&10:? 8#/#&%:/#J — 2"48% 0 913?R%) 0"1/10:?7 ' &%6?R'& 81Q:/%93%6'%& /%04/012 — 815213(%: '0813?512#:? 8#/#&%:/'>%0"'%1C%6"' 2 :%J 0':4#C'(J, 2 "1:1/EJ 1C%6"# «06'54 22%/J» (23(%:0(6%8/#":'>61) '3' 6%215&1B61). O#00&1:/'&, 6#8/'&%/, 1C%6'Q2#6'% 0:1'&10:' $1&#. +3( /#5/#91:"' 210J1$(@%) 1C%6"' 0:1Q'&10:' $1&# 6%19J1$'&E 81$/196E% >%/:%B', 2%$1&10:? &#:%/'#Q312, '6L1/&#C'( 1 :/%94%&EJ :/4$12EJ /%04/0#J, /#0C%6"' 6#2'$E /#91: ' :. $. .1$=1:12"# " 2E8136%6'7 $#661) 18%/#C'' :/%Q94%: 6%EJ 40'3') ' $%6%=. +3( 1C%6'2#6'( 0:1'&10:' :1=1 B%$1&# 0 81&1@?7 8#/#&%:/# «"13'>%0:21 $133#/12 5# "2#$/#:6E)&%:/» 64B61 56#:? 3'R? "160:/4"C'7 $1&#, >:1 815213(%: 8/12%0Q:' 8/1C%$4/4 9E0:/%% ' 8/1@%. H>%2'$61, >:1 8#/#&%:/'>%0"'%1C%6"' &1=4: 9E:? 8134>%6E $#B% 2 034>#%, "1=$# 1 8/1%":% 6% '5Q2%0:61 81>:' 6'>%=1, "/1&% %=1 L'5'>%0"'J 8#/#&%:/12.
5),'+*@,#$3" ' (,>0#$"$1'. H061261% 8/%'&4@%0:21 8#/#Q&%:/'>%0"1) 1C%6"' 010:1': 2:
• 4"$23*+' '*934D(3).,': ' 93)+3#:"<3*+'. +%31 2 :1&, >:1 8#/#Q&%:/'>%0"'% 1C%6"' 10612#6E 6# &#:%&#:'>%0"'J L1/&43#J,"1:1/E% 011:610(: :%"4@47 1C%6"4 0 8/1R31) '0:1/'%) '0813?Q512#6'( /%04/012 2 #6#31='>6EJ U3%&%6:#J 8/1%":12. H$6#"1$3( :1=1, >:19E '523%>? &#"0'?647 813?54 '5 U:1=1 8/%'&4Q@%0:2#, 6%19J1$'&1 18'/#:?0( 6# 5$/#2E) 0&E03 ' 18E:.
< $/4=1) 0:1/16E, "#3'9/12"#, "1:1/#( 2E8136(%:0( 0 4>%:1&8/1R3EJ 8/1%":12 ' 6%19(5#:%3?61 1"#B%:0( 8/'&%6'&1) " 94$4Q@%&4, &1B%::
• 9#')"*+' 2 ,"23##"2+,3</ 9#"1*+.)4",'E +#",13) *+3'<3*+';• 9E:? */IP"2+'),3%. -1//%"C'( 2E>'03%661=1 81 CER 56#>%6'(<*HD,H<*D, 2E8136(%&#( $3( 4>%:# /#53'>') &%B$4 1C%6'2#%Q&E& U3%&%6:1& ' 9#51) $#66EJ, 6# 10612% "1:1/EJ 9E31 8134>%Q61 CER, >#0:1 049W%":'26# ' :/4$6#. K:1 &1B%: 0:#:? 8/'>'61)56#>':%3?6EJ "13%9#6') :1>610:' 8#/#&%:/'>%0"1) 1C%6"'.
D")'".''. .#/#&%:/'>%0"'% 1C%6"' R'/1"1 '0813?547:0( 2 8/1Q'521$0:2%, 0:/1':%3?0:2% ' /#5/#91:"% 8/1=/#&&61=1 19%08%>%6'(,./'>%& 'J $'#8#516 1>%6? R'/1" — 1: 8/10:%)R'J $1 &61=18#/#&%:Q/'>%0"'J. Y1:( 6%"1:1/E% "1&8#6'' /#5/#91:#3' 0190:2%66E% &1$%Q3', '&%7:0( :#"B% ' "1&&%/>%0"' $10:486E% 2#/'#6:E, 6#8/'&%/
310
5,'-'
7PRICE, CAAMS ' FAST [16], 8/%$6#56#>%66E% $3( /#5/#91:"' 191/4$1Q2#6'(, 1/'%6:'/12#661=1 6# #U/1"10&'>%0"'% 5#$#>'.
M>"/$".'4 /")"+,$)'9,#10= 0.,(1'. I:19E 8134>':? 8#/#Q&%:/'>%0"47 1C%6"4, "1:1/#( 6#'34>R'& 19/#51& 94$%: 1:2%>#:?2#R'& 64B$#& ' 193#$#:? 6#'913?R%) C%6610:?7 $3( 2#R'J 8/1Q%":12, 6%19J1$'&1 #$#8:'/12#:? 18'0#6647 1919@%6647 &1$%3?.A'B% 8/'21$(:0( 8/'&%/E, "1:1/E% 81&1=4: 104@%0:2':? :#"4781$0:/1)"4.
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 3'%'0$.%)7$+4)$ "2$(4) #,8)+3",9;"-'()8 3,'()%"-'()8 CK#&$.' ) 3%"+$)-'()8 3%"$4."-@"#)H)4'2)8 4"(4%$.("< !4"%%$4.)%"-'.9 -17)+,$(("$ 3" CER ;('7$()$F'%'4.$%)+.)4) +.")0"+.), 4"."%"$ ".-$7'$. ;' /+,"&($()$
3%"2$++"- - ("-1F 3%"$4.'F, -1;-'(("$C1+.%10) );0$($()80) .$F(","6))(F'%'4.$%(" #,8 -1+"4".$F(","6)7(1F 3%"$4."-)
L#',$()$ ".,)7).$,9("< B.4';'.9+8 ". 4"%%$42)) +.")0"+.) #,8"+"C$(("+.) 3%"$4."-, )+3",9;/K:)F +.'C),9(/K .$F(","6)K
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
COEUPO+#66E) /#5$%3 8102(@%6 8#/#&%:/'>%0"1&4 1C%6'2#6'7, '0Q
813?547@%&4 &#:%&#:'>%0"'% &1$%3' $3( 011:6%0%6'( 0:1'&10:'0 1$6'& '3' 6%0"13?"'&' L'5'>%0"'&' 8#/#&%:/#&' 8/1%":#. .#Q/#&%:/'>%0"'% 1C%6"' 6#'913%% >#0:1 8/'&%6(7:0( 6# 0:#$'' 18Q/%$%3%6'( 8/1%":#, # :#"B% 6# 6#>#3?6EJ 0:#$'(J 8/1%":'/12#Q6'(, "1=$# $10:#:1>6#( '6L1/&#C'( $3( 2E/#91:"' 210J1$(@%)1C%6"' 1:04:0:24%:: 2 $#661& 034>#% J2#:': 02%$%6') 1 L'5'>%Q0"'J 8#/#&%:/#J 8/1%":#.M%6610:? :#"1) 1C%6"' 42%3'>'2#%:0( 8/' %% #$#8:#C'' 81$
"16"/%:6E% 8/1%":6E% 64B$E. N1 2/%5"% «./12%/"# 8#/#&%:/'Q>%0"1) 1C%6"'» 8/'2%$%6E "37>%2E% 0119/#B%6'(, "1:1/E% 6%19QJ1$'&1 4>':E2#:? 8/' 2E8136%6'' $#661) 8/1C%$4/E.
!@7E?@C; !;@;>?1@=<?6C7S 7Q?FC=LC$#).$+9, 7." 3'%'0$.%)7$+4'8 "2$(4':• "+("-'(' (' F"%"?" +.%/4./%)%"-'(("< C';$ )+."%)7$+4)F #'((1F" +.")0"+.);
• %';%'C'.1-'$.+8 (' "+("-$ (')C",$$ 3"#F"#8:$6" CER, -1.$4'K:$6"); C';1 #'((1F;
• 3"4';1-'$. "C:/K +.")0"+.9 3%"$4.' ), $+,) 3".%$C/$.+8, +.")0"+.)$6" E,$0$(."-.
311
*,'()%"-'()$ +.")0
"+.)
7Q?FC; «6F=RB EE?@Y»
<17 1;C7? 7Q?FC; «6F=RB EE?@Y»?N10J1$(@#( 1C%6"# 10612#6# 6# 1C%6'2#6'' 0:1'&10:' 1:$%3?Q
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
@;R@;871C; E76Y7:GN?S 7Q?FC=G:0) '#B0>(0= '(J0)+".''. ./1C%00 8134>%6'( 210J1$(@%)
1C%6"' ' %% :1>610:? 04@%0:2%661 5#2'0(: 1: "#>%0:2# '0J1$61)'6L1/&#C'', " "1:1/1) 1:610(:0(:
• 01$%/B#6'% 8/1%":# (<+O);• /%04/06E% :/%912#6'(;• /#0C%6"' 6# /#91:4 /%04/012;• '0:1/'>%0"#( '6L1/&#C'(;• /#08'0#6'% 8/1%":#.
C'#. 7.9. ./'&%/ 210J1$(@%) 1C%6"'
312
5,'-'
7
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— 6#8/'&%/, 8/1C%6:6EJ6#>'03%6'), 5#2'0(@'J 1: 2/%&%6' 2E83#:, — :1 $3':%3?610:'18%/#C'), 18/%$%3%66E% 2 /#08'0#6'' 8/1%":#, 0:#612(:0( 2#BQ6E&' J#/#":%/'0:'"#&'.
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
50>80$031" 0.,(1'. -1=$# L1/&#: 40:#6123%6, 6%19J1$'&1 2EQ8136':? 6%0"13?"1 18%/#C') $3( 81$=1:12"' 1C%6"'. .10"13?"42 19@%& 2'$% 16' /#00&1:/%6E 2 /#5$%3% «-#/:# 83#6'/12#6'(
C'#. 7.10. H06126E% J#/#":%/'0:'"' 210J1$(@%) 1C%6"'
313
*,'()%"-'()$ +.")0
"+.)
0:1'&10:'», 5$%0? &E 1:&%:'& :13?"1 'J 08%C'L'"4, 1:610(@470(" 210J1$(@%&4 1C%6'2#6'7. N1Q8%/2EJ, 03%$4%: '$%6:'L'C'/12#:?U3%&%6:, 81$3%B#@') 1C%6"%, 8103% >%=1 18/%$%3':? %=1 "13'>%Q0:21, 0:1'&10:? 37$0"'J /%04/012, 6#"3#$6E% /#0J1$E ' &#:%/'#Q3E. +3( U:1=1 64B61 $2'=#:?0( 1: 193#0:' " 193#0:' '3' 1: "#:%=1Q/'' " "#:%=1/'', # 5#:%& 8/104&&'/12#:?, >:19E 8134>':? 19@471C%6"4 0:1'&10:' 8/1%":#. ,E 8/'&%6'3' 18'0#66E) 81$J1$ 2 8/'Q&%/% 6# /'0. 7.9, 25(2 2 "#>%0:2% U3%&%6:# 8#"%: /#91: <+O 81$ 6#Q52#6'%& «P:2%/B$%6'% 1Q=1 846":#» (0:139%C 2). *#", 1C%6'2#( 1$'68#"%: /#91: 5# $/4='& ' $2'=#(0? 22%/J 81 <+O, &E 2 "16%>61& 0>%:%19W%$'6'& 20% 1C%6"' ' 8134>'& 19@47 0:1'&10:? 8/1%":#.K3%&%6: «P:2%/B$%6'% 1Q=1 846":#» :/%94%: 8/1'521$0:2# 8/1Q
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«81312'6# >#0# 6# 1$64 %$'6'C4» (0:139%C 4) 6# 10 8/1:1:'812(0:139%C 3), 2 /%543?:#:% 5 >#012 /#91:E /%04/012 (0:139%C 5) 8160 $133#/12 5# >#0 (0:139%C 6) $#%: 300 $133#/12 (0:139%C 7).<:139CE 0 4 81 7 81"#5E2#7: 2/%&( :/4$15#:/#: ' 0:1'&10:?
$3( "#B$1=1 1C%6%661=1 U3%&%6:# — 8#"%:# /#91:. Y1:( 2 0:139C#J6 ' 7 '0813?54%:0( $%6%B6E) U"2'2#3%6: 0:1'&10:', 913?R'60:21&%6%$B%/12 8/1%":12 &1=4: %=1 6% /#00>':E2#:?, # 2610':? 3'R?2/%&( :/4$15#:/#: '3' >#0E /#91:E /%04/012 2 0:139CE 4 ' 5. K:128136% 8/'%&3%&#( 8/#":'"# 21 &61='J 1:/#03(J, =$% &%6%$B%/E$13B6E 48/#23(:? 6% $133#/#&', # 3'R? >#0#&' /#91:E /%04/012.A# 0#&1& $%3%, "1=$# 1C%6"' 2/%&%6' (2&%0:% 0 L#":'>%0"'&' 56#Q>%6'(&') '0813?547:0( $3( 1C%6'2#6'( 94$4@'J 8/1%":12, "#:%Q=1/'( «>#0E /#91:E /%04/012» =1/#5$1 913%% 4&%0:6#, >%& "#:%=1Q/'( 0:1'&10:'.N 8/1%": &1=4: 9E:? 2123%>%6E /#53'>6E% 81$/#5$%3%6'( ' 'J
08%C'#3'0:E (1 081019#J '0"37>%6'( 81$/#5$%3%6') /#00"#5E2#Q%:0( 21 2/%5"% «-#" 8/1%": 810:/1)"' 5$#6'( 04$# 6#23%" 6# 0%9(6%0>#0:?%»). .10"13?"4 :#"'% 08%C'#3'0:E 19E>61 '&%7: /#53'>Q647 81>#01247 183#:4 (0"3#$E2#7@470( '5 'J 5#/83#: '3' 1"3#Q$12, # :#"B% $18136':%3?6EJ /#0J1$12, 02(5#66EJ 0 6#%&6E&' /#Q91:6'"#&'), #$%"2#:6#( 1C%6"# $13B6# 9#5'/12#:?0( 6# 2/%&%6'
314
5,'-'
78/'31B%6'( :/4$# ' 81>#012EJ /#0C%6"#J $3( 20%J 4>#0:6'"12.O#0J1$E 6# 183#:4 :/4$# 20%J 08%C'#3'0:12 04&&'/47:0( 2 0:139QC#J 0 4 81 6, # 19@'% /#0J1$E 8/%$0:#23%6E 2 0:139C% 7 — U:1 8/(Q&E% 5#:/#:E 6# 183#:4 :/4$# $3( "#B$1=1 U3%&%6:# — 8#"%:# /#91:.X03' '52%0:6E "13'>%0:21 8/1$4"C'', "1:1/1% $13B61 9E:? 8/1'5Q2%$%61, 8/1840"6#( 081019610:? ' 81>#012E% /#0C%6"', :1 19@'%5#:/#:E 6# 183#:4 :/4$# 3%="1 2E>'03':? 2 011:2%:0:2'' 0 19W(06%Q6'%&, '531B%66E& 2 /#5$%3% «-#/:# 83#6'/12#6'( 0:1'&10:'».-1=$# 8/(&E% 5#:/#:E 6# 183#:4 :/4$# /#00>':#6E, &1B61 8%/%Q
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
183#:4 :/4$# $3( 1$61=1 U3%&%6:#, 2 6#R%& 034>#% 8#"%:# /#91:.*%8%/? 64B61 1C%6':? >'0:47 0:1'&10:? &#:%/'#312, 6%19J1$'Q&EJ $3( 2E8136%6'( U3%&%6:# (0:139%C 10), 8/' 81&1@' CER,8/%$40&#:/'2#7@%=1 4&61B%6'% 0:1'&10:' %$'6'CE (0:139%C 9)6# "13'>%0:21 %$'6'C (0:139%C 3). <:1'&10:? &#:%/'#312 19E>610"3#$E2#%:0( '5 0:1'&10:' "1&816%6:12, 0E/?( '3' 4034= $3("#B$1=1 U3%&%6:#, # :#"B% &1B%: 2"37>#:? 2 0%9( 0:1'&10:? "/48Q61=1 "#8':#3?61=1 191/4$12#6'( (8103%$6(( 5$%0? 6% /#00&#:/'Q2#%:0( 2 C%3(J 48/1@%6'( 2E>'03%6')). Y1:( 6#R 8/'&%/ 18'/#Q%:0( 6# "#:#31B6E% C%6E 6# &#:%/'#3E, $1840:'&1 8131B':? 2 %=1106124 /#0C%6"', 8/%$31B%66E% 8/1$#2C1&, 3'91 0:#6$#/:6E%C%6E 5# %$'6'C4 8/1$4"C'', 1:840"#%&1) 01 0"3#$# [19].
315
*,'()%"-'()$ +.")0
"+.)
D:#", 4 6#0 %0:? 56#>%6'( 8/(&EJ ' 6%8/(&EJ /#0J1$12 6# 183#Q:4 :/4$#. +3( :1=1 >:19E 18/%$%3':? 19@47 1C%61>647 0:1'&10:?U3%&%6:#, 10:#310? 4>%0:? 8103%$677 010:#23(7@47 0:1'&10:' —0:1'&10:? &#:%/'#312. ./104&&'/12#2 20% 010:#23(7@'%, &E 81Q34>'& ':1=1247 0:1'&10:? U3%&%6:# (0:139%C 11), # 812:1/(( U:48/1C%$4/4 $3( "#B$1=1 U3%&%6:# (8#"%:# /#91:) ' 0"3#$E2#( 56#>%Q6'( 81 20%& U3%&%6:#&, &E 8134>'& 1C%6"4 19@%) 0:1'&10:' 8/1Q%":#. X03' 8/1%": 2E8136(30( $3( 26%R6%=1 5#"#5>'"#, 2 1C%6"403%$4%: 2"37>':? 8/%$813#=#%&47 8/'9E3?. O#91:# 6#$ 210J1$(Q@%) 1C%6"1) 5#"#6>'2#%:0( %% 8/12%/"1), 8%/%0&1:/1& ' 434>R%Q6'%& (0&. /#5$%3 «-#/:# 83#6'/12#6'( 0:1'&10:'»).
C;C !@7?C1 !761@7SC= R:;F=G 6B:;F;EA?C F; 6?8G F?6<;61H?*%"$4. 3"+.%"<4) ;#'()8 +/#', ('F"#8:)<+8 (' 3",3/.) 4 ;'-$%?$()K,
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
• - 4"(2$ 3%"$4.' "&)#',)+9 ;('7).$,9(1$ #$($&(1$ 3".$%);• "2$(4' +.")0"+.) 3%"$4.', -13",($(('8 5%$6"0, ()4"6#' ($ '(',);)J%"-','+9 4",,$6'0) ),) %/4"-"#+.-"0.
P"6#' 38.9 0$+82$- +3/+.8 +.%").$,9+.-" ;#'()8 +/#' C1," ;'-$%?$(","(" +.'," "#()0 ); 4%/3($<?)F 3%"+7$."- - )+."%)) 4"03'()): +.")0"+.93"+.%"<4) +"+.'-),' 500 .1+87 #",,'%"-, 3"7.) (' .%$.9 3%$-1+)- 3$%-"J(',9(1< CK#&$.. =' +"-$:'()), +"+."8-?$0+8 3"+,$ "4"(7'()8 3%"$4.' )3"+-8:$(("0 $6" %';C"%/, - 3%"2$++ "2$()-'()8 +.")0"+.) C1,) -($+$(1+,$#/K:)$ /+"-$%?$(+.-"-'()8:
• -+$ "+("-(1$ "2$(4) #",&(1 %'++0'.%)-'.9+8 4",,$6'0) ) %/4"-"#J+.-"0;
• -+$ "+("-(1$ "2$(4), %';%'C'.1-'$01$ - /+,"-)8F ($#"+.'.4' -%$0$J(), #",&(1 +%'-()-'.9+8 + .$($-"< "2$(4"< +.")0"+.), -13",(8$0"<($;'-)+)0"< H)%0"<.
316
5,'-'
7&G5HKLEHDMN&O DHGXH7S_OQ HYONF&F08>" '#/02%;03"$%. N10J1$(@#( 1C%6"# &1B%: 8/'&%6(:?0(
2 EJ ' 913?R'J, 031B6EJ ' 8/10:EJ 8/1%":#J. H9E>61 210J1$(Q@%% 1C%6'2#6'% 8/1'521$':0( 8%/%$ 2E8136%6'%& 8/1%":# '3'$#B% 6# 913%% /#66'J L#5#J, %03' " U:1&4 &1&%6:4 4B% 04@%0:24%:'0J1$6#( '6L1/&#C'(. <3%$12#:%3?61, " $#661&4 &1&%6:4 4B% 2EQ8136%6 56#>':%3?6E) 19W%& /#91: 81 8/1%":'/12#6'7, "#" 8/#2'Q31, 913%% 60%. +%:#3?6E) J#/#":%/ 210J1$(@'J 1C%61" $%3#%: 'J813%56E&' $3( 97$B%:12 "16:/13( 0:1'&10:', 5#(21"/8/%$31B%Q6') ' 1C%6"' 1/$%/12 6# '5&%6%6'( (0&. 2/%5"4 «A%: 210J1$(@%)1C%6"' — 6%: /#91:E!»).
D),+4 '#/02%;03"('4. N/%&( /#5/#91:"' 210J1$(@%) 1C%6"'2#/?'/4%:0( 2 5#2'0'&10:' 1: /#5&%/# ' 031B610:' 8/1%":#. N10J1Q$(@%% 1C%6'2#6'% 8/1%":#, 2"37>#7@%=1 2 0%9( 500 >#012 /#91:E/%04/012 ' 6% 01$%/B#@%=1 6'"#"'J &#:%/'#312 '3' 191/4$12#6'(,:/%94%: 1$61=1Q$24J >#012 /#91:E. H$6#"1 "1$# &1B%: 81:/#Q:':? :E0(>' >#012 6# 1C%6'2#6'% 8/1%":# 0:1'&10:?7 400 &'3Q3'1612 $133#/12.
D-80>-. M%6610:? 210J1$(@%) 1C%6"' 5#"37>#%:0( 2 %% 2E01Q"1), 81 0/#26%6'7 0 $/4='&' '60:/4&%6:#&', :1>610:'. -#" 03%$Q0:2'%, 210J1$(@'% 1C%6"' 8/%$0:#23(7: 0191) 6#'34>R47 106124$3( "16:/13( 0:1'&10:' [4].
5),'+*@,#$3" ' (,>0#$"$1'. H06126E% 8/%'&4@%0:2# 210J1Q$(@'J 1C%61" 010:1(: 2 03%$47@%&:
• 'M 4"$23 9#'<",:+D — 2/4>647 '3' 2 "1&8?7:%/'512#661)L1/&%;
• 4E1', 9#')4"0",,-" 2 9#37"**/ 931$3+3)2' 37",2', #/0.E+*:(. ,"".
H$6#"1 U:' $2# 8/%'&4@%0:2# &1=4: 9E:? 6%):/#3'512#6E 04Q@%0:2%66E& 6%$10:#:"1& 210J1$(@%) 1C%6"': 16# &1B%: 9E:? 1:Q610':%3?61 2/%&(%&"1) ' :/%912#:? 6#3'>'( $%:#3?61) '6L1/&#QC'' 1 83#6% 8/1%":#.
D")'".''. N#/'#C'' 81 913?R%) >#0:' 8/%$0:#23(7: 0191) '5Q&%6%6'( 2 0J%&% '60:/4&%6:#, :1 %0:? 2 '5&%6%6'' 0:%8%6' $%:#Q3'5#C'' 8/%$0:#23%6'( '6L1/&#C'' 1 :#"'J U3%&%6:#J 1C%6"',"#" /#0J1$E 6# 183#:4 :/4$#, 6#"3#$6E% /#0J1$E ' /#0J1$E 6# &#Q:%/'#3E.
317
*,'()%"-'()$ +.")0
"+.)F?1 E76Y7:GN?S 7Q?FC= — F?1 @;8719!«@1 %';%'C'.1-'$0 3%"6%'00("$ "C$+3$7$()$ -1+"7'<?$6" 4'7$+.-'», —
.'4 ;-/7', ($H"%0',9(1< #$-); SP Group, 3"#%';#$,$()8 "#("< 7'+.("<4"03'()). V6" ;'4';7)4), 3"#%';#$,$()8 ."< &$ +'0"< 4"03'()), +"6,'J?',)+9: SP Group %'C".', -$,)4",$3(", 3%");-"#8 3%"6%'00(1$ 3%"#/4J.1, 3"7.) ($ )0$-?)$ -(/.%$(()F "?)C"4. A/#/7) #"-",9(1 4'7$+.-"03%"#/4."-, ;'4';7)4) ($ -",("-',)+9 " ."0, +4",94" H'4.)7$+4) +."8. E.)3%"$4.1. M,8 ."6" 7."C1 3%"$4. C1, "#"C%$( ) "3,'7$( ;'4';7)4"0,SP Group 3%$#+.'-,8,' (' %'++0".%$()$ .",94" "2$(4/ 3"%8#4' -$,)7)(1,-'%9)%/K:/K+8 - #)'3';"($ ". 1 #" 10 .1+87 7'+"- %'C".1 %$+/%+"-. R'.$04"03'()8 3",/7),' );-$+.("+.9 ) +.',' #$<+.-"-'.9 - %'04'F "C:$< .$(J#$(2)) — "%)$(.'2)) (' 3%)C1,9 ) #$0"(+.%'2)) EHH$4.)-("+.) 4'3).'J,"-,"&$()<, %/4"-"#).$,) 3"#%';#$,$()< "4';',)+9 ($ - +"+."8()) '#$4J-'.(" ".%$'6)%"-'.9 (' );0$($()$ 3",).)4) ) C1,) -1(/&#$(1 /<.), ' (')F 0$+." ('(8,) ("-1F, "%)$(.)%"-'((1F (' 3%)C1,9 %/4"-"#).$,$<. T;J0$(),'+9 .'4&$ ) 3%'4.)4' "2$()-'()8 +.")0"+.). «G4/,1», 4'4 (';1-',)0$($#&$%1 3%"$4."- ("-1F %/4"-"#).$,$<, 4'.$6"%)7$+4) ".4';1-',)+9"6%'()7)-'.9+8 "2$(4"< 3"%8#4' -$,)7)(1. =$+8 ".-$.+.-$(("+.9 ;' 3%)JC1,) ) 3".$%), «'4/,1» &$,',) /3%'-,8.9 +-")0) %'+F"#'0) ) .%$C"-',)-13",($()8 -"+F"#8:)F "2$("4 #,8 /.-$%&#$()8 3%"$4.'. =$ )0$8 "31.'%';%'C".4) .'4)F "2$("4, C",9?'8 7'+.9 0$($#&$%"- 3%"$4."- .'4&$ -1J(/&#$(' C1,' /-",).9+8. !.'," 8+(", 7." #,8 SP Group ('+.'," -%$08 ('J/7).9+8 -13",(8.9 -"+F"#8:$$ "2$()-'()$.
1 Free On Board — 04$61 2 81/:4 02191$61. — ;#'<. #"1.
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 -"+F"#8:)$ "2$(4) #,8)+3",9;"-'()8 '-."%);'2)) H"(#"-, -1#$,8$01F
(' )+3",($()$ -+$F -(/.%$(()F ) -($?()F3%"$4."-
M"C'-,$()$ ".,)7).$,9("< >-$+.) ".#$,9(/K "2$(4/ «+();/ --$%F» #,8"+"C$(("+.) 0'.$%)',"-, -4,K7'K:/K - +$C8 "3)+'()$
E,$0$(.', 3%$#3",'6'$0"6" 3%"#'-2',+.")0"+.9 $#)()21, 4",)7$+.-", FOB1,+.")0"+.9 H%'F.'/ .%'(+3"%.)%"-4), +.")0"+.93"+.'-,$(("6" 0'.$%)',' ) .. #.(3%)0$().$,9(" 4 3%"$4.'0 + C",9?)04",)7$+.-"0 0'.$%)',"-)
@"#)H)4'2)8 4"(4%$.("< >4,K7).9 ("-1$ +.",C21 #,8 4'.$6"%)<F'%'4.$%)+.)4) .%/#";'.%'., F'%'4.$%);/$01F
3%"H$++)"(',9(10) ('-14'0), — ('3%)0$%,+.'%?)< '(',).)4, 0,'#?)< '(',).)4 ) .. #.(3%)0$().$,9(" 4 3%"$4.'0, - 4"."%1F '4.)-(")+3",9;/$.+8 7$,"-$7$+4)< .%/#)
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
318
5,'-'
7M>"/$".'4 30#B0>4@,= 0.,(1'. ,E 18'0#3' 1919@%6647 L1/Q
&4 210J1$(@%) 1C%6"', /#5/#91:#6647 :#"'& 19/#51&, >:19E 1:2%Q>#:? 64B$#& 8/1%":12 21 &61B%0:2% /#53'>6EJ 1:/#03%), 1$6#"116# &1B%: 1"#5#:?0( 6% 8/'&%6'&1) $3( "#"1=1Q3'91 "16"/%:61=18/1%":#. X03' U:1 :#", #$#8:'/4):% %%, >:19E '523%>? &#"0'&4&813?5E. A'B% 8/%$0:#23%6E 6%0"13?"1 '$%) "#0#:%3?61 :#"1) 81$Q0:/1"'.
COEUPON $#661& /#5$%3% 9E3 /#00&1:/%6 8/1C%00 210J1$(@%=1 1C%6'2#Q
6'(, 2 J1$% "1:1/1=1 &E 1C%6'2#3' 0:1'&10:' 1:$%3?6EJ 8#"%:12/#91:, 8103% >%=1 04&&'/12#3' 'J $3( 8134>%6'( 1C%6"' 19@%) 0:1Q'&10:' 8/1%":#. N10J1$(@%% 1C%6'2#6'% 4&%0:61 2 EJ ' 913?QR'J, 8/10:EJ ' 031B6EJ 8/1%":#J. H9E>61 1C%6'2#6'% 104@%0:2Q3(%:0( 6%810/%$0:2%661 8%/%$ 2E8136%6'%& 8/1%":# '3' $#B%/#6?R% — %03' '&%%:0( 6%19J1$'&#( '0J1$6#( '6L1/&#C'(. ./%Q'&4@%0:21& :#"1) 1C%6"' 0>':#%:0( 2E01"#(, 81 0/#26%6'7 0 $/4Q='&' '60:/4&%6:#&', :1>610:?. !$#8:#C'( 210J1$(@%) 1C%6"'" "16"/%:6E& 8/1%":6E& 64B$#& 812ER#%: %% C%6610:?. N1 2/%5"%«./12%/"# 210J1$(@%) 1C%6"'» 8/'21$':0( 08'01" "37>%2EJ 0119Q/#B%6'), "1:1/E% 6%19J1$'&1 4>':E2#:? 8/' /#5/#91:"%.
8;R7E9S !A;F 617=>761=
<17 1;C7? 8;R7E9S !A;F 617=>761=?S#512E) 83#6 0:1'&10:' — U:1 /#08/%$%3%66E) 21 2/%&%6' 97$Q
B%:, '0813?54%&E) $3( '5&%/%6'( ' &16':1/'6=# '08136%6'( 0:1Q'&10:' 8/1%":# [11]. O#5/#9#:E2#%&E) 84:%& 04&&'/12#6'( 1C%Q61>6EJ /#0J1$12 2 :%>%6'% 18/%$%3%661=1 2/%&%661=1 8%/'1$#,:#"1) 83#6 1:/#B#%: 56#>%6'% 1C%61>6EJ /#0J1$12 ' 0/1", "1=$#8/%$813#=#%:0( 'J 2156'"612%6'%, 8/' 40312'' 03%$12#6'( 18/%$%Q3%661&4 81/($"4 2E8136%6'( (/'0. 7.11). I#0:1 9#512E) 83#6 '519Q
!@7E?@C; E76Y7:GN?S 7Q?FC=LC$#).$+9, 7." -"+F"#8:'8 "2$(4':• 3"4';1-'$. +)+.$0/ "C";('7$()8 %'+F"#"-;• "."C%'&'$. "3)+'()8 E,$0$(."-;• -1-"#). 4",)7$+.-' E,$0$(."-;• ".%'&'$. +.")0"+.9 .%/#";'.%'. #,8 E,$0$(."-;• 3"4';1-'$. %';0$% ('4,'#(1F %'+F"#"- #,8 E,$0$(."-;• '(',);)%/$. +.")0"+.9 0'.$%)',"- #,8 E,$0$(."-;• "."C%'&'$. "C:/K +.")0"+.9, +"3"+.'-,8$0/K + ;'3)+9K;• -1-"#). "C:/K +.")0"+.9 3%"$4.'.
319
*,'()%"-'()$ +.")0
"+.)
/#B#%:0( 2 2'$% SQ"/'21) (/'0. 7.13). ,61='% 8/1%":E, 1019%661"/486E%, &1=4: '&%:? 6%0"13?"1 9#512EJ 83#612 0:1'&10:', 8/%$Q0:#23(7@'J /#53'>6E% =/#6' 8/1C%00# '08136%6'( 0:1'&10:'.A#8/'&%/, 9#512E) 83#6 081019%6 1:/#B#:? /#0J1$E (81:1" '0J1Q$(@%) $%6%B61) 6#3'>610:'), 2J1$(@'% 83#:%B' (81:1" 2J1$(@%)$%6%B61) 6#3'>610:') '3' 2E8136%6647 0:1'&10:? (1021%664704&&4 /#0J1$12). A#8/1:'2, $/4='% 8/1%":E &1=4: '&%:? :13?"11$'6 9#512E) 83#6 0:1'&10:' — SQ"/'247 :/4$15#:/#:, "1:1/#(81"#5E2#%:, "#" /#0J1$4%:0( /#91>%% 2/%&( 8/1%":#.
@;R@;871C; 8;R7E7D7 !A;F; 617=>761=G:0) '#B0>(0= '(J0)+".''. ./1C%00 /#5/#91:"' 9#5121=1
83#6# 0:1'&10:' 5#2'0': 1: "#>%0:2# '0J1$61) '6L1/&#C'', " "1Q:1/1) 1:610(:0(:
• 1C%6"# 0:1'&10:';• <+O;• /#08'0#6'% 8/1%":#.
C'#. 7.11. ./'&%/ 9#5121=1 83#6# 0:1'&10:'
320
5,'-'
7X03' 18/%$%3':? L1/&'/12#6'% 9#5121=1 83#6# 0:1'&10:' "#"
8/10:1% /#08/%$%3%6'% U3%&%6:12 1C%6"' 0:1'&10:' 81 2/%&%6', :16#3'>'% $1"4&%6:'/12#661) 1C%6"', 2"37>#7@%) 2 0%9( 20% U3%Q&%6:E 0:1'&10:', 0:#6%: 1:8/#261) :1>"1). K:' U3%&%6:E B%3#Q:%3?61 8/'2%0:' 2 011:2%:0:2'% 0 <+O, "#" ' 8/%$813#=#310?, — 2:#"1& 034>#% 56#6'% /#08'0#6'( 8/1%":#, =$% 1:/#B%6E 5#83#6'Q/12#66E% $#:E 6#>#3# ' 5#2%/R%6'( U3%&%6:12 /#91:, 815213':6#& 1:610':? /#0J1$E 6# 2/%&%66E% 8%/'1$E, 2 "1:1/E% $#66E)/#0J1$ '&%3 &%0:1.
&>,($'J'1".'4 $'/" :";03080 /2"(" #$0'+0#$' ' I2,+,(?$03 #$0'+0#$'. -#"'% :'8E 0:1'&10:' 19E>61 2"37>#7:0( 2 9#51Q2E) 83#6? K:1 5#2'0': 1: :'8# /#5/#9#:E2#%&1=1 83#6#. ./' 2E91Q/% :'8# 18/%$%3(7@'&' L#":1/#&' (23(7:0( /#5&%/ ' J#/#":%/8/1%":#. X03' C%3? 010:1': 2 :1&, >:19E 81$=1:12':? 9#512E) 83#6,L1"40'/47@')0( 6# /#0J1$#J (6#5E2#%&E) :#"B% 83#61& /#0J1$1Q2#6'( 0/%$0:2 8/1%":#, 83#61& '0J1$(@%) $%6%B61) 6#3'>610:''3' 97$B%:1& 8/1%":#), "1:1/E) 94$%& /#00&#:/'2#:? &E, 6%19J1Q$'&1 8/'6(:? 21 26''% $10:#:1>61 R'/1"') 08%":/ U3%&%6:12:
• 5#/83#:E 8%/016#3# 8/1%":# (2 8/10:%)R'J 034>#(J U:1 %$'6Q0:2%66E) U3%&%6:, "1:1/E) 81$3%B': 2"37>%6'7 21 264:/%6Q6'% 8/1%":E "1&8#6'');
• 6#"3#$6E% /#0J1$E;• 2E83#:E 81$/($>'"#&;• 2E83#:E 81 2E0:#23(%&E& 8/1$#2C#&' '621)0#& 6# 5#"48"'191/4$12#6'(, &#:%/'#312 ' 4034=;
• 8/1C%6:6E% 2E83#:E 81 5#)&#&, 2152/#: 5#)&12, 483#:# 6#31Q=12, :/#6081/:6E% /#0J1$E, 81R3'6E ' :. $.
X03' 2E 0:/%&':%0? 0L1/&'/12#:? 9#512E) 83#6 $3( '5&%/%6'(2J1$(@%=1 81:1"# 6#3'>610:', 2#& 81&1=4: 8/'2%$%66E% 6'B%8/'&%/E U3%&%6:12, "1:1/E% $1840:'&1 2"37>':? 2 :#"1) 83#6:
• 2E83#:E 1: 5#"#5>'"12 5# 810:#23%661% 191/4$12#6'%, &#:%Q/'#3E ' 4034=';
• 5#)&E (004$E) 1: L'6#6012EJ 4>/%B$%6');• 2152/#: 6#31=12, =/#6:E ' :. $.
321
*,'()%"-'()$ +.")0
"+.)
X03' 64B61 48/#23(:? 81:1"1& $%6%B61) 6#3'>610:', 2#& 81Q:/%947:0( U3%&%6:E, J#/#":%/'547@'% "#" '0J1$(@'), :#" ' 2J1Q$(@') 81:1"'. .103% :1=1 "#" U3%&%6:E 0:1'&10:', 81$3%B#@'%2"37>%6'7, 18/%$%3%6E, 6%19J1$'&1 40:#612':? "/':%/'' L1/&'Q/12#6'( 9#5121=1 83#6# 0:1'&10:'.
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
C'#. 7.12. ./'&%/E "/':%/'%2 L1/&'/12#6'( 9#5121=183#6# 0:1'&10:' $3( 8/1%":# /#5/#91:"' 8/1$4":#
FC&TOC&& \MEHDHWH 5KMNM GTH&PHGT&
Z2,+,($ )"#B0>03'2' 3-/2"$-
&('.'')*A@,,#0:-$', )"#/'#"('4'2' '('.'')*A@"4'(J0)+".'4
&($,)3"2 +,<>*'('.'')*A@'+#0:-$',+' 3-/2"$0=
F0++,($")''
-1$# 48/#23%6'(' 8/1%":'/12#6'(
<1=3#061 /#91>%&4/#08'0#6'7
1 &%0(C -1&&%6:#/''
<49"16:/#":E0 8/1$#2C#&'
-16:/13?6E% 019E:'(/#08'0#6'(
1 &%0(C .13':'"#"1&8#6''
NE0:#23(%&E%8/1$#2C#&''621)0E 6# 5#"48"'191/4$12#6'(' &#:%/'#312,19@#( 04&&#
-16:/13?6E% 019E:'($10:#2"' (810:#2"','5=1:123%6'(,8/1'521$0:2#/%543?:#:12) 6# 831@#$"%
2 6%$%3' P0:#6#23'2#%:0("1$1)8/1%":'/12@'"120 C%3?7&1:'2#C''8/1$#2C12
322
5,'-'
7U:'J 01:/4$6'"12, "1:1/E) ' '6'C''/4%: /#0>%: 2 "16C% "#B$1=1&%0(C#. D6:%/2#3E — $3( 183#: 264:/' ' 26% 1/=#6'5#C'' — 18/%Q$%3(7:0( 2/%&%6%&, 6%19J1$'&E& $3( 264:/%66%) ' 26%R6%) "1&Q&46'"#C'', 4:2%/B$%6'( ' 2E8136%6'( #$&'6'0:/#:'26EJ 8/1C%Q$4/, # :#"B% 813':'"#&' "1&8#6'), "1:1/E% 0"3166E 4$%/B'2#:?4 0%9( $%6?=' 0:13? $13=1, 0"13? U:1 8/%$0:#23(%:0( 215&1B6E&[19]. A#$3%B#@') #6#3'5 "/':%/'%2 ' 'J 8'0?&%661% 18/%$%3%6'%2%0?&# 813%56E, 810"13?"4 815213(7: /#08/%$%3':? /#0J1$E 812/%&%66E& 8%/'1$#& 2 8/1C%00% L1/&'/12#6'( 9#5121=1 83#6#.
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
:1/E% $#3%% 03%$4%: /#08/%$%3':? 81 5#$#66E& 2/%&%66E& 8%/'1Q$#& $%2(:'&%0(>61=1 8/1%":#. N 0'34 :1=1 >:1 1:>%:610:? 2%$%:0(6# 81&%0(>61) 10612%, 2/%&%66E% 8%/'1$E 8/%$0:#23(7: 0191)&%0(CE, 19156#>%66E% 2 0:139C#J 0 4 81 12. K3%&%6: 1.01 «O#5/#Q91:"# 08%C'L'"#C')» 2E8136(%:0( 2 :%>%6'% 8%/21=1 ' 2:1/1=1 &%Q0(C%2, :#" >:1 >#0:? 1C%61>61) 04&&E 2 10 :E0(> $133#/12 94$%:'5/#0J1$12#6# 2 8%/2E) &%0(C, # 10:#2R#(0( >#0:? — 21 2:1/1).<"13?"1 '&%661 0/%$0:2 94$%: 2E$%3%61 ' "1=$#, 5#2'0': 1: [19]:
• /#08'0#6'( 8/1%":#, 1:/#B#7@%=1 5#83#6'/12#66E% 6#>#3?Q6E% ' "16%>6E% $#:E U3%&%6:#, 2&%0:% 0 ='0:1=/#&&#&', $%:#Q3'5'/47@'&' /%04/06E% :/%912#6'( 2 :%>%6'% 18/%$%3%661Q
323
*,'()%"-'()$ +.")0
"+.)
=1 8%/'1$# (0&. 2/%5"4 «./10:E% SQ"/'2E% 2 031B61& 8/1%":%/#5/#91:"' &'"/18/1C%001/#»);
• 40312') "16:/#":#;• '6:%/2#312 &%B$4 '6'C''/47@'&' 019E:'(&' ' 2E83#:#&'.H9/#91:#2 '0J1$647 '6L1/&#C'7, &E 2'$'&, >:1 '5 10 :E0(>$133#/12, 2E$%3%66EJ 6# U3%&%6: 1.01, 8 :E0(> 94$%: 2E$#612 8%/2E) &%0(C 1, # 2 :E0(>' — 21 2:1/1), >:1 1:/#B%61 2 2'$% >'Q0%3 6# 81310"% (0&. /'0. 7.11). !6#31='>61 1C%6"' $3( 10:#3?6EJ0:#:%) /#08/%$%3%6E 81 20%&4 8%/'1$4 2E8136%6'( ' 81"#5#6E2 2'$% >'0%3 6# 011:2%:0:247@'J 81310"#J, "1:1/E% (23(7:0(,81 04:', /#08'0#6'%& 8/1%":#, 8/%$0:#23%66E& 2 2'$% 3%6:1>Q61) $'#=/#&&E. A# >%/:%B%, 1:19/#B#7@%& 9#512E) 83#6 0:1Q'&10:', /%$"1 81"#5E2#%:0( /#08'0#6'%, 1$6#"1 &E 2"37>'3'%=1 2 /'0. 7.11 $3( 193%=>%6'( 816''( 04:' 9#5121=1 83#6#.
G*++')03"(', 0.,(09(-B ;("9,('= )"#B0>03 /0 3),+,((-+/,)'0>"+. -1=$# 20% 1C%6"' 0:#:%) /#0J1$12 /#08/%$%3%6E 81 "16Q"/%:6E& 2/%&%66E& 8%/'1$#&, 6%19J1$'&1 8/104&&'/12#:? /#0QJ1$E 81 U:'& 8%/'1$#&, "#" 81"#5#61 2 8103%$6%) 0:/1"% /'0. 7.11.*#"'& 19/#51&, &E 8134>'& '6L1/&#C'7 19 '6"/%&%6:6EJ /#0J1Q$#J U:'J 8%/'1$12 (/#0J1$#J, '&%7@'J &%0:1 2 :%>%6'% "#B$1=1 &%Q0(C#), "1:1/E% 81:/%947:0( 6# 03%$47@%& R#=% $3( =/#L'>%0"1=11:19/#B%6'( 9#5121=1 83#6# 0:1'&10:'.
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
324
5,'-'
7!@7619? S\C@=E9? E 6A7OF7> !@7?C1? @;R@;871C=>=C@7!@7Q?667@;*%) -13",($()) 3%"$4.' %';%'C".4) 0)4%"3%"2$++"%' %/4"-"#+.-" 3"J
.%$C"-'," 3%$#"+.'-).9 %'+3%$#$,$((1< -" -%$0$() CK#&$. %'+F"#"- ('"3,'./ .%/#' )(&$($%"-, ;'(8.1F - E."0 3%"$4.$. ='7'- + +"+.'-,$()8 %'+J3)+'()8 3%"$4.', 0$($#&$% 3%$#3%)(8, +,$#/K:)$ ?'6):
• "3%$#$,), ) #$.',9(" "3)+', $&$0$+87(1$ 3".%$C("+.) 3%"$4.' - )(J&$($%'F 4'&#"6" .)3';
• 3%$"C%';"-', E.) 3".%$C("+.) - SJ4%)-1$ #,8 4'&#"6" .)3' )(&$($J%"-, ' .'4&$ ('%)+"-', +/00'%(/K SJ4%)-/K #,8 -+$< 4"0'(#1 3%"$4J.)%"-:)4"-, 4/#' -F"#),) )(&$($%1. !"6,'+(" 3",/7)-?$<+8 4%)J-"<, - "#)( ); 0"0$(."- 3".%$C("+.9 - )(&$($%'F #"+.)6',' 3"7.)300.
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
C'#. 7.13. S#512E) 83#6, 8/%$0:#23%66E) 2 2'$% SQ"/'21)
325
*,'()%"-'()$ +.")0
"+.)
&G5HKLEHDMN&O \MEHDHWH 5KMNM GTH&PHGT&F08>" '#/02%;03"$%. S13?R'60:21 08%C'#3'0:12 813#=#7:,
>:1 L1/&'/12#6'% 9#5121=1 83#6# 0:1'&10:' 2 EJ 8/1%":#J '5Q3'R6%, 810"13?"4 0:1'&10:? %=1 81$=1:12"' &1B%: 8/%2E0':? 8134Q>#%&E% 2E=1$E [19]. H$6#"1 $3( 6%"1:1/EJ 8/1%":12 :#"1) 83#66%19J1$'&. H9E>61 /#5/#91:"# 9#5121=1 83#6# (23(%:0( >#0:?78%/216#>#3?61=1 83#6'/12#6'( 8/1%":# ' 034B': $3( 8/1=615'/1Q2#6'( %=1 $%6%B61=1 81:1"#. P>':E2#(, >:1 83#6 &1B%: 9E:? 1061Q2#6 6# 1C%6"% 81 #6#31='', 8#/#&%:/'>%0"1) '3' 210J1$(@%) 1C%6Q"#J, '61=$# — 81 &%/% /#52':'( ' 4:1>6%6'( 1C%61" — /#52'2#%:0(' 9#512E) 83#6. H96123%66E% 2%/0'' 83#6# 2E840"#7:0( 0 /%=4Q3(/6E&' '3' 6%/%=43(/6E&' '6:%/2#3#&', 'J $1840:'&1 2"37Q>#:? 2 8/1%":647 1:>%:610:?, 8/%$0:#23(%&47 2E0R%&4 /4"121$Q0:24 '3' 26%R6'& 5#"#5>'"#& [1], — 0&. 2/%5"4 «-1=$# 03%$4%:196123(:? '3' '5&%6(:? 97$B%:?».
C7D:; 6A?:B?1 78F7EAG1H =A= =R>?FG1H 8P:O?1?M"60'.)7$+4'8 3%)-$%&$(("+.9 );('7',9(" /+.'("-,$(("0/ C';"-"0/
3,'(/ ),) %'+3%$#$,$(("0/ -" -%$0$() CK#&$./ - ." -%$08, 4"6#' (';%$,'($"CF"#)0"+.9 $6" );0$($()8, C$+2$,9(' ) ($3%'4.)7('. Q.' ($"CF"#)J0"+.9 );0$($()8 ("+). /3%'-,$(7$+4)< ),) 4"(.%",9(1< F'%'4.$% ), - +/:J("+.), )()2))%/$.+8 ($+4",94)0) H'4."%'0), 7." -$#$. 4 ($;('7).$,9(10("C("-,$()8) ),) ;('7).$,9(10 ();0$($()8) %$-);)80 C';"-"6" 3,'('.BC("-,$()8 0"6/. -";()4'.9 - +),/ #$<+.-)8 .'4)F H'4."%"-, 4'4 [1]:
• /."7($()$ "2$(4) +.")0"+.). *" 0$%$ 3%"#-)&$()8 3%"$4.' 3"8-,8$.J+8 -+$ C",9?$ )(H"%0'2)), 7." 3"0"6'$. 3",/7'.9 C",$$ ."7(1$ "2$(J4), ('7)('8 + "2$(4) 3" '(',"6)) ),) 3'%'0$.%)7$+4"< ) ;'4'(7)-'8"2$(4"< «+();/ --$%F». N'4)$ );0$($()8 - "2$(4'F #",&(1 -$+.) 4 "CJ("-,$()80 C';"-"6" 3,'(';
• );0$($()8 - 3%"$4.$. L3%'-,$()$ E.)0) );0$($()80) 0"&$. 3".%$C"J-'.9 ("-1F %'+F"#"-, 4"."%1$ (/&(" #"C'-).9 4 C';"-"0/ 3,'(/. T;J0$($()8 -";()4'K. -+,$#+.-)$ ($3%$#-)#$((1F /+,"-)< ),) ("-1F.%$C"-'()< ;'4';7)4';
• );0$($()8 - %'+3)+'()). T;0$($()8 -" -%$0$(("< 3%)-8;4$ "3$%'J2)< 3%"$4.' (' +.'#)) )+3",($()8 #"-",9(" 7'+.1 ) 3%)-"#8. 4 ($);JC$&("< 0"#)H)4'2)) C';"-"6" 3,'('.
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— /3%'-,8.9 -+$0) 0"#)H)4'2)80) ) +"3/.+.-/K:)0))0 H'4."%'0) 3%"'4.)-(" (/3%$&#'K:$), ' ($ %$'4.)-(" (%$'6)%/8 (' /&$+-$%?)-?$$+8 +"C1.)$), ) +"F%'(8.9 4"(.%",9 ('# 3%"$4."0.
326
5,'-'
7D),+4 '#/02%;03"('4. S4$4>' L46"C'%) /#5&%/# ' 031B610:'
8/1%":# ' %=1 /#08'0#6'(, /%04/06EJ :/%912#6') ' 1C%61" 0:1'&1Q0:', 2/%&( 010:#23%6'( 9#5121=1 83#6# 0:1'&10:' &1B%: &%6(:?0(2 1>%6? R'/1"'J 8/%$%3#J. +3( /#5/#91:"' 83#6#, 2 10612% "1:1/1Q=1 3%B#: 03#91$%:#3'5'/12#66#( 1C%6"# 81 #6#31='' ' 021$61%/#08'0#6'%, 18E:61) "1$% $10:#:1>61 >#0# '3' $24J. H$6#"1 :#B% "1$# 0810196# 81:/#:':? $%0(:"' >#012, "160:/4'/4( 9#51Q2E) 83#6 8/' 81&1@' 1>%6? $%:#3?61) 210J1$(@%) 1C%6"' 8/1%"Q:#, 01$%/B#@%=1 2 /#08'0#6'' 01:6' 18%/#C').
D-80>-. H:04:0:2'% ULL%":'261=1 9#5121=1 83#6# 0:1'&10:',$#B% 8/' 6#3'>'' 1C%6"' 0:1'&10:' ' :/%912#6') " :/4$12E& /%Q04/0#&, 8/%$0:#23(%: 0191) 56#>':%3?647 4=/154 $3( 8/1%":#: '5Q&%/%6'% J1$# '08136%6'( 8/1%":# ' 81:1"# $%6%B61) 6#3'>610:'0:#612':0( 5#:/4$6':%3?6E&, %03' 6% 6%215&1B6E&. D&%7@')0(9#512E) 83#6 0:1'&10:' $1840:'&1 '0813?512#:? 2 "#>%0:2% 9#51Q21=1 83#6# $3( 1C%6"' J1$# '08136%6'( 8/1%":# (0&. /#5$%3 «!6#3'52E8136%661) 0:1'&10:'» =3#2E 13), =$% 16 '=/#%: /13? 10612E $3(0/#26%6'( L#":'>%0"'J /#0J1$12 (' &1&%6:12 'J L#":'>%0"1=1 215Q6'"612%6'() ' 83#612EJ /#0J1$12 (' &1&%6:12 'J 8/%$813#=#%&1=12156'"612%6'() [1]. K:1 815213(%: '5&%/(:? ULL%":'2610:? ' J1$'08136%6'( 8/1%":#, 8/'23%"#( 26''% /4"121$0:2# " 379E&1:"316%6'(& L#":'>%0"1=1 J1$# '08136%6'( ' L#":'>%0"'J /#0J1Q$12 1: 5#83#6'/12#66EJ../1=615'/12#6'% 81:1"# $%6%B61) 6#3'>610:' — %@% 1$61 $10Q
:1'60:21, 19%08%>'2#%&1% ULL%":'26E& 9#512E& 83#61&: 16 5#Q93#=12/%&%661 '6L1/&'/4%: /4"121$0:21 '3' 5#"#5>'"# 1 :1&, >:12 6%"1:1/E) &1&%6: $13B6E 9E:? $10:486E 18/%$%3%66E% L16$E,"1:1/E% 81:/%947:0( $3( 810:#2"' /%04/012 ' 8/1$13B%6'( /%#3'Q5#C'' 8/1%":#. I:19E 9#512E) 83#6 0:1'&10:' 6#$3%B#@'& 19/#Q51& 2E8136(3 U:4 /13?, 16 $13B%6 9E:? &1$'L'C'/12#6 :#", >:19E1:/#B#:? 8/1$2'B%6'% ' J1$ '08136%6'( 6# :%"4@47 $#:4. .103%$Q0:2'(, " "1:1/E& &1B%: 8/'2%0:' 1:04:0:2'% 48/#23%6'( 81:1"#&'L'6#60121) 6#3'>610:' 8/1%":#, ' 081019E 'J '59%=#6'( 18'0#6E21 2/%5"% «The Museum Design Company (MDC)».
5),'+*@,#$3" ' (,>0#$"$1'. +%)0:2'( 81 L1/&'/12#6'7 9#51Q21=1 83#6# 0:1'&10:' 1:610':%3?61 8/10:E 6%5#2'0'&1 1: :1=1, 2EQ8136(7:0( 16' 2/4>647 '3' 0 81&1@?7 "1&8?7:%/#. <3%$4%: :#"B%0"#5#:?, >:1 2'54#3?61% 8/%$0:#23%6'% 83#6# 2 2'$% SQ"/'21) 193%=Q>#%: %=1 2108/'(:'%. H$6#"1 U:' $2# 56#>':%3?6EJ 8/1'&4@%0:2#010%$0:247: 0 04@%0:2%66E& 6%$10:#:"1&: L1/&'/12#6'% 9#5121=183#6# — 8/1C%00 2/%&(%&"'), 31B#@')0( $18136':%3?6E& 9/%&%Q6%& 6# 83%>' ' 9%5 :1=1 5#=/4B%661) 8/1%":61) "1$E.
327
*,'()%"-'()$ +.")0
"+.)THE MUSEUM DESIGN COMPANY (MDC)B#(' 4"03'()8 MDC 3"3',' - 3'%'#"4+',9(/K +)./'2)K: / ($$
)0$,+8 %8# 4"(.%'4."-, (" ".+/.+.-"-', 3","&).$,9(1< 3"."4 #$($&("< ('J,)7("+.). M$," - ."0, 7." /4"03,$4."-'(('8 .','(.,)-$<?)0) +3$2)',)+J.'0)J#);'<($%'0) ) );-$+.('8 -$,)4",$3(10 4'7$+.-"0 3%"#/42)) MDC($ )+31.1-',' .%/#("+.$< 3%) 3",/7$()) 4"(.%'4."- (' -13",($()$ 3%"$4J."- -"$((1F -1+.'-"4 ) E4+3";)2)<. B#('4" M&"( I)##,J0,'#?)< (JohnRiddle Jr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«+O$#',)» -+K 3%)C1,9, 7." +" -%$0$($0 0"6," 3%)-$+.) 4 3".$%$ C);($+'4"03'()$<. M&"( I)##, 3%)?$, 4 -1-"#/, 7." 3","&$()8, 3%) 4"."%"0 3",J(1< 3"."4 #$($&("< (',)7("+.) +.'("-).+8 ".%)2'.$,9(10, ($"CF"#)0");C$6'.9 -" -+$F C/#/:)F 3%"$4.'F. I$?$(" C1," +#$,'.9 %';("+.9 0$&#/-F"#8:)0 ) )+F"#8:)0 3"."4'0) #$($&("< (',)7("+.) 3","&).$,9("<(%)+. 7.146), 7." 3";-",)," C1 MDC "CF"#).9+8 C$; #"%"6"+."8:)F ;'<0"- )#'," C1 -";0"&("+.9 +"F%'().9 C);($+. *"+,$ #$.',9("6" "CO8+($()8 ;'J4';7)4 3%)(8, E./ )#$K.
C'# 7.14. +2% 215&1B610:': 1:/'C#:%3?6E)' 8131B':%3?6E) 81:1"' $%6%B61) 6#3'>610:'
328
5,'-'
7D")'".''. -#" 9E31 0"#5#61 2ER%, 9#512E% 83#6E 0:1'&10:'
&1=4: '&%:? /#53'>647 L1/&4. H$6' '0813?547:0( $3( '5&%/%6'(/#0J1$12 (81:1"# '0J1$(@%) $%6%B61) 6#3'>610:'), $/4='% — 8/'QJ1$(@'J 183#: (81:1"# 2J1$(@%) $%6%B61) 6#3'>610:') '3' 83#:%QB%) 81 19(5#:%3?0:2#&, :/%:?' 1:/#B#7: '5/#0J1$12#66E% >#0E/#91:E /%04/012. .10"13?"4 /#08'0#6'% 8/1%":# (23(%:0( "/#)6%2#B6E& '6L1/&#C'166E& U3%&%6:1&, 6%19J1$'&E& $3( 810:/1%Q6'( 9#5121=1 83#6# 0:1'&10:', :1 ' 0#& 83#6, "#" 03%$0:2'%, &1B%:10612E2#:?0( 6# /#66'J '3' 815$6'J $#:#J 6#>#3# 18%/#C') 8/1Q%":#, # :#"B% ' 6# 'J 0/%$6'J 56#>%6'(J. +/4='% 6#52#6'( 9#5121=183#6# 0:1'&10:' — /#08/%$%3%66E) 21 2/%&%6' 97$B%:, /#08'0#Q6'% 81:1"# $%6%B61) 6#3'>610:', 97$B%: 8/1%":# ' 9#512E) 83#6'5&%/%6'( J1$# '08136%6'(.
M>"/$".'4 :";03080 /2"(". ./'6'&#( 21 26''% 6#3'>'%/#53'>6EJ 2#/'#C') 9#5121=1 83#6# 0:1'&10:', #$#8:#C'( %=1 81$"16"/%:6E% 64B$E 2E=3($': /#54&61. N :#93'C% 8/'2%$%6E 215Q&1B6E% 2#/'#6:E :#"1) 81$0:/1)"'.
B3%$#$,$()$ 6%'()2 — *%)-$+.) - +"".-$.+.-)$ +" +.'(#'%."0,)+3",9;"-'()8 )+3",9;/$010 - #'(("< ".%'+,), ('3%)0$%
#,8 -(/.%$(()F 3%"$4."- %';%'C".4)3%"6%'00("6" "C$+3$7$()8 3%)0$(8.9 C';"-1<3,'( +.")0"+.), -1%'&$((1< - 7'+'F %'C"7$6"-%$0$(), ' ($ - #$($&("0 E4-)-',$(.$;
— "+("-1-'.9+8 (' +%$#()F ;('7$()8F %'(()F) 3";#()F #'. ('7',' %'C".;
— )+3",9;"-'.9 3"(8.)$ 3"."4' #$($&("<(',)7("+.) (-F"#8:$< ) )+F"#8:$<) #,83%"$4."- + -($?()0 H)('(+)%"-'()$0;
— /7).1-'.9 %'(()$ #'.1 ('7',' "3$%'2)<M"C'-,$()$ ".,)7).$,9("< L4';'.9 ;('7$()$, %'-("$ 100%, - -$%F($< ."74$"+"C$(("+.) 3%'-"< -$%.)4',9("< "+) 6%'H)4',
"."C%'&'K:$6" SJ4%)-/K, ' ;'.$0 3%"+.'-).93%"0$&/."7(1$ #$,$()8 + ?'6"0 10%. M$,$()8#",&(1 "C";('7'.9 #",K -13",($((1F %'C".3%"$4.' (#'((1< 3"#F"# 3"3/,8%$( +%$#).$F()7$+4) "%)$(.)%"-'((1F 0$($#&$%"-,4"."%10 (%'-).+8 );0$%8.9 F"# 3%"$4.' ) -$+.)".7$.("+.9 - -)#$ +.$3$() -13",($(("+.))
@"#)H)4'2)8 4"(4%$.("< >4,K7).9 ("-1< +.",C$2 - H"%0/ (' %)+. 7.11F'%'4.$%)+.)4) 0$&#/ +.",C2'0) «BC";('7$()$» ) «Q,$0$(.»
+ 2$,9K "."C%'&$()8 3,'(' 4"(.%",9("6" +7$.'#,8 4'&#"6" E,$0$(.' (#,8 .$F 4"03'()<,- 4"."%1F 3%)0$(8$.+8 H"%0',9("$ );0$%$()$-13",($(("< +.")0"+.))
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
329
*,'()%"-'()$ +.")0
"+.)
COEUPON $#661& /#5$%3% &E /#00&#:/'2#3' 9#512E) 83#6 0:1'&10:' —
/#08/%$%3%66E) 21 2/%&%6' 97$B%:, '0813?54%&E) $3( '5&%/%6'(' &16':1/'6=# J1$# '08136%6'( 0:1'&10:' 2 8/1%":%. -#" 8/#2'31,/#5/#91:"# 9#5121=1 83#6# J#/#":%/6# $3( "/486EJ 8/1%":12 ' (2Q3(%:0( >#0:?7 8%/216#>#3?61=1 83#6'/12#6'(, 2E8136(%&1) 0 C%Q3?7 8/1=615'/12#6'( 81:1"# $%6%B61) 6#3'>610:'. S#512E) 83#60:1'&10:' 081019%6 034B':? 9#512E& 83#61& '5&%/%6'( J1$#'08136%6'( 8/1%":#. *#"'& 0810191& "1$# &1B%: '5&%/(:? ULQL%":'2610:? ' 8/1$2'B%6'% 8/1%":#, 8/'23%"#( 26''% /4"1Q21$0:2# " 379E& 1:"316%6'(& 1: 5#83#6'/12#661=1 J1$# /%#3'5#QC'' ' 1C%61>6EJ 56#>%6') 0:1'&10:'. -37>%2E% #08%":E, "1:1/E%6%19J1$'&1 4>%0:? 8/' 010:#23%6'' 9#5121=1 83#6#, 8%/%>'03%6E21 2/%5"% «./12%/"# 9#5121=1 83#6# 0:1'&10:'».
R;CAP<=1?AHF9? R;>?<;F=GN 6#0:1(@%) =3#2% 8/%$0:#23%6E 8(:? '60:/4&%6:12, C%3? 8/'Q
&%6%6'( "1:1/EJ >%:"1 18/%$%3%6#. P $24J '5 6'J — "#/:E 83#6'Q/12#6'( 0:1'&10:' ' 9#5121=1 83#6# 0:1'&10:' —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
!@7E?@C; 8;R7E7D7 !A;F; 617=>761=LC$#).$+9, 7." C';"-1< 3,'( +.")0"+.):• 3"4';1-'$. "C";('7$()$ +.'.9) %'+F"#"-;• "."C%'&'$. "3)+'()8 E,$0$(."-;• -1-"#). "2$(4) +.")0"+.) E,$0$(."-;• ".%'&'$. CK#&$. E,$0$(.' - .$7$()$ 3$%)"#' -%$0$();• 3"4';1-'$. 4/0/,8.)-(1< (#" .$4/:$< #'.1) CK#&$. 3%"$4.';• #$0"(+.%)%/$. SJ4%)-/K ($+,) 3%)(8. #'((1< +3"+"C 3%$#+.'-,$()8C';"-"6" 3,'(').
330
5,'-'
7
=17
D7E7
? 6@
;EF
?F=? =F61
@B>?F
17E !A;F=@7
E;F=G
617
=>761
=
6%5+
.T%2
8'.J(3"%25&5)+0M.23"%,#/#/%0 *."5U3'./%"()./%2&5(%,(&5%
8'.J(3"%25&5)+0M.23"%,#/#/%0 (T#/*%3( ./.'(J%%
8'.J(3"%25&5)+0M.23"%,#/#/%03.".,#5"%K#&*(V(T#/*%
8'.J(3"%25&5)+0M.23"%,#/#/%0)(&Z($2M#V (T#/*%
8'.J(3"%25&5)+0M.23"%,#/#/%04.-()(J( 3'./.&5(%,(&5%
BC$+3$7$()$
0$."#","6))
3,'()%"-'()8 +.")0"+.)
B.%'&
$()$
-$,)7)(1
"2$($((1F H"(#"-
B.%'&
$()$
%'+3%$#$,$()8
"2$($((1F H"(#"- -"
-%$0$()
B%6'();'2))
+ 3"."4"0
0',1F 3%"$4."-
B%6'();'2))
+ C",9?
)0) 3%"$4.'0
)
T+3",9;"-'()$
3%"?,"6"
"31
.' -
4'7$+.-$ "+("-1
=$"CF"#)0
"+.9
-1+"4"< ."7("+.)
=$"CF"#)0
"+.9
6%/C1
F "2$("4
=',)7)$
($+4",94)F 7'+"- ('
3"#6"."-4/
=$"CF"#)0
"+.9
"2$(4) #,8 /.-$%&
#$()8 3%"$4."-
, 3%"6(";)%"-'()8
=$"CF"#)0
"+.9
"2$(4) #,8 '-."%);'2)) CK
#&$.'
=$"CF"#)0
"+.9
"2$(4) #,8 3%$#,"&$()<
2$(1
/ "%#$%"-
(' );0$($()8
*%)(8.)$ %$?$()<
(' %'(($<
+.'#)) &);($(("6" 2)4,' 3%"$4.'
B2$()-'()$ ('
+.'#)) "3%$#$,$()8 3%"$4.' ),) ('
%'(()F +.'#)8F 3%"$4.)%"-'()8
B2$()-'()$ 3$%$# ('7',"0
)+3",($()8,
4"6#'
%'C".1
3" 3%"$4.)%"-'()K
3%'4.)J
7$+4) ;'-$%?
$(1
331
*,'()%"-'()$ +.")0
"+.)
A=1?@;1B@;1. Harrison, F. L. 1983 «Advanced Project Management» Hunts,
U.K.: Gower Publishing Company.2. Roetzheim, W. H. and R. A. Beasley 199\ «Software Project Cost
and Schedule Estimating: Best Practices» Upper Saddle River,N.J.: Prentice Hall.
3. Stewart, R. D., R. M. Wyskida, and J. D. Johannes 1995 «CostEstimator’s Reference Manual» 2d ed. New York: John Wiley &Sons.
4. Westney, R. E. 1997 The Engineer’s Cost Handbook» New York:Marcel Dekker.
5. Boehm, B. W. 1984 «Software Engineering Economics» IEEETransactions on Software Engineering 10(1): 4Q21.
6. Pressman, R. S. 1992 «Software Engineering: A Practitioner’sApproach» 3d ed. New York: McGrawQHill.
7. Gulledge, T. R. and W. P. Hutzler 1993 «Analytical Methods inSoftware Engineering Economics» Berlin: SpringerQVerlag.
8. Kile, R. L. and U.S.A.F.C.A. Agency «1991 REVIC Software CostEstimating Model User’s Manual version 9.0» Arlington, Va.:Revic Users Group.
9. American Association of Cost Engineering 1990 «Standard CostEngineering Terminology; AACE Recommended Practice andStandard No. 10SQ90» Morgantown, W.V.: American Associationof Cost Engineering.
10. Birrell, N.D.A. 1985 «Practical Handbook of SoftwareDevelopment» Cambridge, Mass.: Cambridge University Press.
11. Project Management Institute 2000 «A Guide to The ProjectManagement Body of Knowledge» Drexell Hill, Pa.: ProjectManagement Institute.
12. Humphreys, K. K. and L. M. English 1992 «Project and CostEngineers’ Handbook» 3d ed. New York: AACE and Marcel Dekker.
13. Kemerer, < F. 1997 «Software Project Management» Boston:McGrawQHill.
14. Smith, N. J. 1995 «Project Cost Estimating» London:Thomas Telford.
15. Institution of Chemical Engineering, I. and A.O.C. Engineers1977 «A New Guide to Capital Cost Estimating» Rugby, U.K.:The Institution of Chemical Engineers.
16. Stewart, R. D. 1991 «Cost Estimating» 2d ed. New York: JohnWiley & Sons.
332
5,'-'
717. Reifer, D. J. 1993 «Software Management» 4th ed. New York: IEEE
Computer Society Press.18. Marciniak, J. J. and D. J. Reifer 1990 «Software Acquisition
Management» New York: John Wiley & Sons.19. Lock, D. 1990 «Project Planner» Aldershot, U.K.: Gower
Publishing.
!'./%"()./%#*.K#&5).
Q/0O"" — )#.$ M3#3O"$3.N13?:%/
N6#0:1(@%) =3#2% /#00&#:/'2#7:0( 03%$47@'% '60:/4&%6:E:• 8/1=/#&&# 19%08%>%6'( "#>%0:2# 8/1%":#;• 0J%&# (:%J6131='>%0"#( "#/:#) 8/1C%00#;• #LL'66#( $'#=/#&&#.
334
5,'-'
8
M%3? U:'J '60:/4&%6:12 — 0$%3#:? 8/1C%00E 48/#23%6'( 8/1%"Q:#&' 8/%$0"#54%&E&'. .3#6'/12#6'% "#>%0:2# 6#>'6#%:0( 0 L1/Q&43'/12#6'( C%3%) 2 1:61R%6'' "#>%0:2#, 813':'" ' 0:#6$#/:12,1:610(@'J0( " 01$%/B#6'7 8/1%":#. +#3%% 03%$47: '$%6:'L'"#QC'( ' /#5/#91:"# 8/1C%0012 48/#23%6'(, $%)0:2') ' 19(5#6610:%),6%19J1$'&EJ $3( $10:'B%6'( C%3%) ' 01937$%6'( 0:#6$#/:12.D /13? '60:/4&%6:12 83#6'/12#6'( "#>%0:2# 5$%0? >/%52E>#)612#B6# (/'0. 8.1), 810"13?"4 16' 8/%$0:#23(7: '6L1/&#C'7 2 L1/&%83#612 "#>%0:2# ' 8/1C%0012 48/#23%6'( 8/1%":#&'. +3( :1=1 >:1Q9E 8134>%6'% 6#52#66EJ /%543?:#:12 0:#31 215&1B6E&, 83#6'/1Q2#6'% "#>%0:2# 64B61 0'6J/16'5'/12#:? 0 106126E&' (83#6'/12#Q6'% 01$%/B#6'(, /#08'0#6'( ' 0:1'&10:') ' 2081&1=#:%3?6E&'(83#6'/12#6'% /'0"12, "1$E ' 5#"481") 8/1C%00#&'. +#66#(=3#2# 8/'52#6# 81&1>? &%6%$B%/#& 8/1%":12 8/'19/%0:' 03%$47Q@'% 6#2E"':
• 6#4>':?0( '0813?512#:? /#53'>6E% '60:/4&%6:E 83#6'/12#Q6'( "#>%0:2#;
C'#. 8.1. O13? '60:/4&%6:12 83#6'/12#6'( "#>%0:2#2 8/1C%00% 0:#6$#/:'5'/12#661=1 48/#23%6'( "#>%0:21&
335
*,'()%"-'()$ 4'7$+.-'
• 2E9'/#:? :% '60:/4&%6:E 83#6'/12#6'( "#>%0:2#, "1:1/E%1:2%>#7: "16"/%:61) 8/1%":61) 0':4#C'';
• #$#8:'/12#:? 2E9/#66E% '60:/4&%6:E..%/%>'03%66E% 6#2E"' "/#)6% 2#B6E $3( 408%R61=1 83#6'/12#Q
6'( 8/1%":12 ' /#5/#91:"' 8/1C%00# 0:#6$#/:'512#661=1 48/#23%6'(.
!@7D@;>>; 78?6!?<?F=GC;<?61E; !@7?C1;
<17 1;C7? !@7D@;>>; 78?6!?<?F=GC;<?61E; !@7?C1;?./1=/#&&# 19%08%>%6'( "#>%0:2# 8/1%":# — U:1 83#6 $%)0:2'),
19%08%>'2#7@') 011:2%:0:2'% L#":'>%0"1=1 "#>%0:2# 8/1%":#5#83#6'/12#661&4 (/'0. 8.2). D0813?54( <+O "#" 106124 $3( '6:%=Q/#C'', 8/1=/#&&# 40:#6#23'2#%: 4/12%6? "#>%0:2#, C%3'"1& 1061Q2E2#(0? 6# 1B'$#6'(J ' :/%912#6'(J 5#"#5>'"#, ' 8%/%21$': 'J2 L1/&4 0:#6$#/:12. I%:"1 18/%$%3%66E% 19(5#6610:' ' 2/%&%66E%/#&"' 2E8136%6'( 5#$#> $18136(7: 8/1=/#&&4 U3%&%6:#&', 6%Q19J1$'&E&' $3( 8/'&%6%6'( %% 2 /13' «$1/1B61) "#/:E» (0%:%21=1=/#L'"#, 83#6#) $3( 19%08%>%6'( "#>%0:2# 8/1%":#. D6#>% =121/(,8/1=/#&&# 40:#6#23'2#%:, >:1 $13B61 $%3#:?0( 2 8/1%":%, >:19E "#Q>%0:21 8/%$&%:12 810:#2"' 1:2%>#31 :/%912#6'(& 5#"#5>'"12.
@;R@;871C; !@7D@;>>9 78?6!?<?F=GC;<?61E; !@7?C1;Y1:( 8/1=/#&&# 19%08%>%6'( "#>%0:2# 19E>61 8/10:#, %% /#5/#Q
91:"# :/%94%: "11/$'6#C'' ' '6:%=/#C'' &61B%0:2# /#53'>6EJ"16C%8C') ' '6L1/&#C'166EJ U3%&%6:12. ! 1=/#6'>%66E) 18E:2 0L%/% 012/%&%66EJ 8/#":'>%0"'J &%:1$'" 48/#23%6'( "#>%0:21&8/1%":12 2E64B$#%: 9E:? 1019%661 26'&#:%3?6E&' ' 10:1/1B6EQ&' 8/' 010:#23%6'' 8/1=/#&&E.50>80$031" '#B0>(0= '(J0)+".''. -#>%0:21 8/1=/#&&E 2 56#Q
>':%3?61) 0:%8%6' 18'/#%:0( 6# "#>%0:21 '0J1$61) '6L1/&#C''.N >#0:610:', 56#>':%3?61% 23'(6'% 1"#5E2#7: 03%$47@'% '6L1/Q&#C'166E% U3%&%6:E:
• 813':'"' ' 8/1C%$4/E 2 193#0:' "#>%0:2# (19%08%>%6'% "#>%Q0:2#, 48/#23%6'% '&);
• =1310 5#"#5>'"#;• 18'0#6'% 01$%/B#6'( ' <+O.
336
5,'-'
8
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
C'#. 8.2. ./'&%/ 8/1=/#&&E 19%08%>%6'( "#>%0:2#
1 D6$%"0 3%="10:' >:%6'( Z3%R# (Flesch Reading Ease). .0'J13'6=2'0:'>%Q0"') 8#/#&%:/. .1$0>':E2#%:0( 81 0/%$6%&4 >'034 031=12 2 0312% ' 03122 8/%$31B%6''. N#/?'/4%:0( 1: 0 $1 100. I%& 2ER% 56#>%6'%, :%& 3%=>% 8/1Q>%0:? :%"0: ' :%& 913?R%&4 >'034 >':#:%3%) 16 94$%: 816(:%6. — ;#'<. #"1.
337
*,'()%"-'()$ 4'7$+.-'
N6'&#:%3?61% 1:61R%6'% " =13104 5#"#5>'"# 81&1B%: 6% :13?"1816(:? %=1 64B$E, 61 ' 8%/%2%0:' 'J 6# >%:"') /#08156#2#%&E) (5E"01$%/B#6'( 8/1%":#, 40:#612':? R"#3E $3( '5&%/%6'( ' 2E/#5':? 'J2 2'$% 0:#6$#/:12 "#>%0:2#, >:1 (23(%:0( 6#'913%% 2#B6E& U3%&%6Q:1& 8/1=/#&&E. .1 U:1) 8/'>'6% :/%912#6'( 8/1=/#&&E 19%08%>%Q6'( "#>%0:2# 19(5#:%3?61 $13B6E 4>':E2#:? =1310 5#"#5>'"#.<1$%/B#6'% 40:#6#23'2#%: "#>%0:2%6647 C%3? 8/1%":# ' '0Q
813?54%:0( 012&%0:61 0 <+O, 18/%$%3(7@%) /#91:E 8/1%":#, $3("1:1/1=1 010:#23(%:0( 8/1=/#&&# 19%08%>%6'( "#>%0:2#. <3%$12#Q:%3?61, "#" "160:#:#C'( 01$%/B#6'(, :#" ' <+O 2 /#261) 0:%8%6'2#B6E 8/' 81$=1:12"% 8/1=/#&&E 19%08%>%6'( "#>%0:2#.
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«O4"121$0:21 81 48/#23%6'7 8/1%":#Q&'», $3( "1:1/1=1 &E 010:#23(%& 8/1=/#&&4 19%08%>%6'( "#>%0:2#.K:1: 8#"%: /#91: (23(%:0( >#0:?7 8/1%":# 81 /#52%/:E2#6'7 8/1QC%00# 48/#23%6'( 8/1%":#&' 2 �R:#9#J 1/=#6'5#C''.
]#$"(031" #$"(>")$03 1"9,#$3". -#"12E 0:#6$#/:E "#>%0:2#$3( 8#"%:# /#91:, 81"#5#661=1 6# /'0. 8.2, ' 5#>%& 16' 64B6E? +3(U:1=1 8#"%:# &E 18/%$%3'3' 8(:? 0:#6$#/:12. F#"#5>'" J1>%:, >:1Q9E «O4"121$0:21» ' 18'0E2#%&E) 2 6%& 8/1C%00 011:2%:0:212#3'&%B$46#/1$61&4 0:#6$#/:4 ISO 9000 ' #&%/'"#60"1&4 0:#6$#/:4PMBOK1 Guide. +3( :1=1 >:19E $#661% «O4"121$0:21» &1=3' '0813?Q512#:? 8/1%":6E% "1$E, 161 $13B61 011:2%:0:212#:? :/%& 8/'Q6(:E& 2 "1&8#6'' 0:#6$#/:#&:
• "/#:"10:' (&#"0'&4& 8(:? 0:/#6'C);• 012&%0:'&10:' 0 1/=#6'5#C'166E&' 813':'"#&' 2 >#0:' 6#Q8'0#6'( /4"121$0:2;
• 3%="10:' >:%6'( 81 Z3%R4 ('6$%"0 $13B%6 9E:? 913%% 70 846"Q:12).
K:' 8/'&%/E 81&1=#7: 1:2%:':? 6# /($ 218/1012: 5#>%& 64B6E0:#6$#/:E "#>%0:2#, ":1 'J 40:#6#23'2#%: ' "#"12E 16'. Y1:( 04Q@%0:24%: &61B%0:21 /#53'>6EJ 18/%$%3%6') "#>%0:2#, &E 0>':#Q
1 Project Management Body of Knowledge — 021$ 56#6') 81 48/#23%6'7 8/1Q%":#&'.
338
5,'-'
8%&, >:1 "#>%0:21 %0:? 4$123%:21/%6'% '3' 8/%2ER%6'% 1B'$#6') 5#Q"#5>'"# (0&. 2/%5"4 «-#"121 2#R% 18/%$%3%6'% "#>%0:2#?»). ,E 8/'Q&%6'3' '60:/4&%6:E /#91:E 0 =13101& 5#"#5>'"#, '$%6:'L'C'/1Q2#2 1B'$#6'( 81 >#0:' "16"/%:61=1 8#"%:# /#91:, ' :%8%/? 6#&6%19J1$'&1 '5&%/':? 'J ' 1:/%#='/12#:? (0&. 2/%5"4 «A# 83#6'/12#Q6'% "#>%0:2# 64B61 5#:/#>'2#:? 913?R% 40'3')» 2 /#5$%3% «D0813?Q512#6'% 8/1=/#&&E 19%08%>%6'( "#>%0:2# 8/1%":#»). *#"'& 19/#51&,C%3? '0813?512#6'( 0:#6$#/:12 2 8/1=/#&&% 19%08%>%6'( "#>%0:2#010:1': 2 '5&%/%6'' 1B'$#6'): >:19E 2E8136':? 8#"%: /#91: («O4Q"121$0:21 81 48/#23%6'7 8/1%":#&'») 01=3#061 1B'$#6'(& 5#"#5>'Q"#, 64B61 19%08%>':? %=1 011:2%:0:2'% 40:#6123%66E& 0:#6$#/:#&"#>%0:2#. N 0'34 :1=1 >:1 "#>%0:21 1C%6'2#7: 5#"#5>'"', 'J 6%19J1Q$'&1 2123%"#:? 2 8/1C%00 /#5/#91:"' ' 8/'6(:'( 0:#6$#/:12.N 8/'&%/%, 8102(@%661& /4"121$0:24 81 48/#23%6'7 8/1%":#Q
&', &E '0813?512#3' &%B$46#/1$6E%, 6#C'16#3?6E% ' "1/81/#Q:'26E% 0:#6$#/:E. .%/2E% $2# 0:#6$#/:# 2 0'34 021%=1 8120%&%0:Q61=1 /#08/10:/#6%6'( 0:#3' 8/'2E>6E&' ' 6#'913%% 8/10:E&'2 '0813?512#6''. H$6#"1 2 913?R'60:2% 034>#%2 8/1%":E 2E64BQ$%6E 4>':E2#:? 0:#6$#/:E, 8/'6(:E% 264:/' "1&8#6''. N 034>#%,"1=$# :#"'% 0:#6$#/:E 610(: "13'>%0:2%66E) J#/#":%/ — 6#8/'Q&%/, 4>':E2#%:0( 81"#5#:%3? 3%="10:' >:%6'( 81 Z3%R4, /#26E)70 9#33#& ('5 100 215&1B6EJ), —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«0:13?"1, 0"13?"1 64B61»$1 8/#=&#:'>%0"1=1 «1$'6 1061261) 0:#6$#/:».
H/),>,2,(', ;">"9 0:,#/,9,('4 1"9,#$3". .103% :1=1 "#" 0:#6Q$#/:E "#>%0:2# 40:#6123%6E, 64B61 18/%$%3':?, >:1 $%3#:? $3(:1=1, >:19E 011:2%:0:212#:? U:'& 0:#6$#/:#& ' 2E8136':? 8#"%: /#Q91: 01=3#061 1B'$#6'(& 5#"#5>'"#. N6#>#3% 03%$4%: 2E(2':? 5#$#Q>', "1:1/E% &E $13B6E /%R':?, >:19E 011:2%:0:212#:? 0:#6$#/:4"#>%0:2#. N15?&%&, 6#8/'&%/, 6#R 8#"%: /#91: «O4"121$0:21 81 48Q/#23%6'7 8/1%":#&'». +3( 0:#6$#/:# «G%="10:? >:%6'( 81 Z3%R4 91Q3%% 70 9#3312» 5#$#># &1B%: 9E:? 812:1/(7@%)0(: 81 &%/% 6#8'0#Q
339
*,'()%"-'()$ 4'7$+.-'
C;C7E7 E;X? 7!@?:?A?F=? C;<?61E;?> 3%"$4.'F 7'+." ;'(8.1 ,K#) ); %';(1F H/(42)"(',9(1F ".#$,"-, )0$KJ
:)$ %';,)7(/K C';"-/K 3"#6"."-4/. >13",(88 +-") "C8;'(("+.), "() %/4"-"#J+.-/K.+8 +""C%'&$()80), #',$4)0) ". )F 4",,$6 3" 4"0'(#$. ='3%)0$%, .'4)$3"(8.)8, 4'4 «3%"#/4., 2$(', %$4,'0', 0$+."», 8-,8K.+8 4%).)7$+4) -'&(10)#,8 3%$#+.'-).$,8 ".#$,' 0'%4$.)(6', (" 0'," ;('7'. #,8 )(&$($%' ),) #)J;'<($%'. Q.) %",$-1$ ) 8;14"-1$ %';,)7)8 +";#'K. 3/.'()2/ ) 3"%"&#'K.%';,)7(1$ "3%$#$,$()8 4'7$+.-', "3)+'((1F - 3%)-"#)0"< ()&$ .'C,)2$.
!"6,'+(" .%'(+2$(#$(.("0/ "3%$#$,$()K, 4'7$+.-" $+.9 3"(8.)$ 'C+"J,K.("$ ) 3"-+$0$+.(" 3%);('-'$0"$ [4]1. !,$#"-'.$,9(", "(" ($ 0"&$. C1.9"3%$#$,$(" ."7(", (" H'4. $6" (',)7)8 0"&$. C1.9 3%);('(, 4"6#' "(" ('JC,K#'$.+8 - 7$0J,)C" (('3%)0$%, - 7'+'F Rolex).
P"6#' ($4." 3",'6'$., 7." 4'7$+.-$(("$ %';,)7)$ $+.9 ".%'&$()$ ($4"."%"J6" 4",)7$+.-$(("6" %';,)7)8 - 4'4"0J,)C" '.%)C/.$ 3%"#/4.', "( )+3",9;/$."%)$(.)%"-'(("$ (' 3%"#/4. "3%$#$,$()$ 4'7$+.-'. > E."0 +01+,$ 833J0$6'J6$%2$-1< 3%"2$++"% )0$$. C",$$ -1+"4"$ 4'7$+.-", 7$0 366J0$6'6$%2$-1<.
73"#$#'#/%# *.K#&5). =&3('L-+#5&2N%'(+2$(#$(.("$ R'4';7)4'0)B%)$(.)%"-'(("$ (' 3%"#/4. R'4';7)4'0)B%)$(.)%"-'(("$ (' 3",9;"-'.$,8 @'%4$.)(6"-10 ".#$,"0B%)$(.)%"-'(("$ (' 3%");-"#+.-" *%");-"#+.-$((10 ".#$,"0B%)$(.)%"-'(("$ (' 2$(("+.9 B.#$,"0 3%"$4.)%"-'()8
!"6,'+(" "3%$#$,$()K, "%)$(.)%"-'(("0/ (' 3",9;"-'.$,8, 4'7$+.-""3%$#$,8$.+8 4'4 3%)6"#("+.9 4 )+3",9;"-'()K ,)C" 4'4 3"4';'.$,9 ."6",('+4",94" F"%"?" 3%"#/4. -13",(8$. +-"K H/(42)K. ='3%)0$%, "C' 3%"J6%'00(1F 3'4$.' — Primavera ) MS Project — %'C"."+3"+"C(1 ) 3%)0$(8K.+8(' 3%'4.)4$ — (" %';,)7(10) 0$($#&$%'0) 3%"$4."-, )0$K:)0) %';(1$(/ ), 4'4 +,$#+.-)$, %';(1$ +.'(#'%.1 4'7$+.-'.
!"".-$.+.-)$ +3$2)H)4'2)80 3%$#+.'-,8$. +"C"< "%)$(.)%"-'(("$(' 3%");-"#+.-" "3%$#$,$()$ 4'7$+.-', +"6,'+(" 4"."%"0/ +3$2)H)4'2))-4,K7'K. 4'4 2$,$-1$ ;('7$()8 (('3%)0$%, .",:)(' #$.',) 30 +0), .'4 )#"3/+.)01$ ".4,"($()8 (('3%)0$%, 30 +0 + 0,01).
P'7$+.-$((1< 3%"#/4. 3" "%)$(.)%"-'(("0/ (' 2$(("+.9 "3%$#$,$()K —E." 3%"#/4., 4"."%1< +.",9 &$ 2$($(, +4",9 ) 4"(4/%)%/K:)$ 3%"#/4.1, ("3%"#'$.+8 3" C",$$ ();4"< 2$($. !"-$%?$((" "7$-)#(", 7." + ."74) ;%$()8".("?$()8 «3",$;("+.9/2$('» 3"+."8((1$ ();4)$ 2$(1 (' 3%"#/4. +-)#$J.$,9+.-/K. " $6" C",$$ -1+"4"0 4'7$+.-$, 7$0 3%"#'&' 3" +3$2)',9("< 2$($.
>+$ 3$%$7)+,$((1$ "3%$#$,$()8 ($"CF"#)01 #,8 ."6", 7."C1 ".%';).9."74) ;%$()8 4%"++JH/(42)"(',9(1F 7,$("- 3%"$4.(1F 4"0'(#, ' )F %$J;/,9.'."0 8-,8$.+8 3%"#/4., /#"-,$.-"%8K:)< .%$C"-'()80 ;'4';7)4'. B#J('4" -" 0("6)F "%6'();'2)8F E.) "3%$#$,$()8 -+$ $:$ +7).'K.+8 4"(H,)4J./K:)0), - .'4"0 +,/7'$ 3%$#3"7.).$,9(10 +.'("-).+8 "3%$#$,$()$,"%)$(.)%"-'(("$ (' ;'4';7)4': 4'7$+.-" $+.9 /#"-,$.-"%$()$ ),) 3%$-1J?$()$ "&)#'()< 4,)$(.' [6—9]. N'4"< #$H)()2)$< 3%) %';%'C".4$ 3%"J6%'001 "C$+3$7$()8 4'7$+.-' C/#$0 3",9;"-'.9+8 ) 01.
1 N /#91:% D. A. Garvin, 6# "1:1/47 5$%0? '$%: 00E3"#, %0:? (261% 8/1:'21Q/%>'% &%B$4 19@'& 81$J1$1& 0 815'C') 19W%":'261=1 18/%$%3%6'( "#>%Q0:2# ' 816(:'%& 012%/R%66EJ 021)0:2 "16%>61=1 8/1$4":# (/%543?:#:#)8/1%":#. N 8/'/1$% 6%: 8#/#$1"0# &%B$4 0:/%&3%6'%& " 012%/R%60:24 '816(:'%& #90137:61=1, 810"13?"4 2 8/'/1$% 1:04:0:24%: :#"1% 816(:'%.K:1 816(:'% (#90137:6E)) 221$':0( >%312%"1&. F6#>':, ' 816(:'% "#>%Q0:2# 6%0%: 2 0%9% 049W%":'26E% 1C%6"', ' 8/'&%6%6'% 5$%0? :%/&'6#:/#60C%6$%6:6E) 6% 28136% 4$#>61. — ;#'<. #"1.
340
5,'-'
86'( /4"121$0:2# $1840:'&1 8%/'1$'>%0"' 8/12%/(:? %=1 >':#%Q&10:?, 6#8/'&%/ 5#840"#( :%0: 2 Microsoft Word ' 8%/%8'0E2#( /4"1Q21$0:21, %03' 56#>%6'% 1"#5#310? 6'B% 70 9#3312. < $/4=1) 0:1/16E,5#$#># 81 19%08%>%6'7 011:2%:0:2'( PMBOK 2"37>#%: 2 0%9( L1/Q&'/12#6'% =/488E U"08%/:12 $3( 1C%6"' 0:%8%6' 011:2%:0:2'(, 215Q&1B61 0 '0813?512#6'%& "#>%0:2%661=1 0:#6$#/:#.
C"#/),>,2,(', 0:2"#$,= 0$3,$#$3,((0#$', 0/),>,2,(',)"#/'#"('4. D$%6:'L'"#C'( 5#$#> 81 19%08%>%6'7 "#>%0:2# 0:#Q2': 8%/%$ 6#&' $2# 218/10#: ":1 ' "1=$# $13B%6 U:' 5#$#>' 2E813Q6(:? (0&. 2/%5"4 «P 6#0 %0:? =/488# 19%08%>%6'( "#>%0:2#!»). I:19E20:/1':? 2 0'0:%&4 19%08%>%6'( "#>%0:2# 1:2%:0:2%6610:? ' 81$1:Q>%:610:?, 6%19J1$'&1 18/%$%3':?, ":1 '5 01:/4$6'"12 ' >:1 '&%66194$%: $%3#:? $3( /%R%6'( $#661) 5#$#>' (0&. 8/'&%/ 6# /'0. 8.2).F$%0? 81:/%94%:0( &#:/'C# 1:2%:0:2%6610:', (23(7@#(0( >#0:?78/1=/#&&E 19%08%>%6'( "#>%0:2# ' 2"37>#7@#( 2 0%9( /#53'>6E%:'8E 1:2%:0:2%6610:': «NE8136%6'%», «P:2%/B$%6'%» ' «A%19J1$'Q&10:? "16043?:#C''». -1=$# 19(5#6610:' 94$4: >%:"1 18/%$%3%6E '$3( "#B$1) 5#$#>' 81 19%08%>%6'7 "#>%0:2# 94$%: 40:#6123%6#021( 2/%&%66#( R"#3#, 4/#26%6'%, 3%B#@%% 2 10612% 8/1=/#&&E,&1B%: 0>':#:?0( /%R%66E&. H>%2'$61, >:1 8/1=/#&&# 19%08%>%Q6'( "#>%0:2# 8/1%":# 01$%/B': &#:/'C4 1:2%:0:2%6610:' ' /#08'Q0#6'% (19E>61 2 2'$% $'#=/#&&E ;#6::#). A%"1:1/E% &%6%$B%/E0>':#7: U:1 '53'R%0:21&: 2%$? 4B% %0:? &#:/'C# 1:2%:0:2%6610:'' /#08'0#6'% $3( 20%=1 8/1%":# — ' >#0:1 08/#R'2#7:, $13B6E 3'&#:/'C# ' /#08'0#6'% 9/#:?0( '5 8/1=/#&&E 19%08%>%6'( "#>%Q0:2# ' 01%$'6(:?0( 0 &#:/'C%) ' /#08'0#6'%& 8/1%":#? H:2%: 6#19# 218/10# — 6%:. X03' 25=3(64:? 6# :'8'>6E% &#:/'C4 1:2%:Q0:2%6610:' ' /#08'0#6'% 8/1%":#, :1 6# 6'J 6#2%/6("# 6% 1"#B%:0(5#$#> 81 19%08%>%6'7 "#>%0:2#. H >%& U:1 =121/':? H :1&, >:1 &E $10'J 81/ 6% /#00&#:/'2#%& "#>%0:21 "#" 8/'1/':%:647 5#$#>4 8/1Q%":# ' 8/%$81>':#%& '&%:? 1:$%3?647 8/1=/#&&4 19%08%>%6'( "#Q>%0:2# 01 021%) &#:/'C%) 1:2%:0:2%6610:' ' 021'& /#08'0#6'%& $1:%J 81/, 81"# 6% 810:/1'& '647 0'0:%&4 1C%6"'.
&G5HKLEHDMN&O 5CHWCMPP[H\OG5O!ON&S FM!OGTDM 5CHOFTMF08>" '#/02%;03"$%. P08%J 8/1%":# 0%=1$6( 18/%$%3(%:0( 5#Q
"#5>'"1& [10]. P$123%:21/%66E% 5#"#5>'"' 8/%$0:#23(7: 0191) /%Q#3?6E) #":'2 "1&8#6'', >:1 2#B61 0 :1>"' 5/%6'( U"161&'>%0"1)1:$#>'. <1=3#061 8/121$'2R%&40( 2 1997 =1$4 '003%$12#6'7 4$12Q
341
*,'()%"-'()$ 4'7$+.-'
3%:21/%6610:' #&%/'"#60"'J 5#"#5>'"12, "1&8#6'', J#/#":%/'54Q7@'%0( 913%% 2E01"'& 56#>%6'%& $#661=1 81"#5#:%3(, '&%3'2$21% 913?R47 $137 #"C'16%/61=1 "#8':#3#, >%& "1&8#6'', J#/#"Q:%/'547@'%0( 6'5"'& '6$%"01& [11]. D:#", 5#"#5>'"' 2E"3#$E2#Q7: $%6?=' 0 913?R%) =1:12610:?7, "1=$# 16' 4$123%:21/%6E "#>%Q0:21& 8/1$4":# '3' 4034=', # 56#>':, 3791) 8/1%": — 913?R1) '3'E) — &1B%: 2E'=/#:? 1: '0813?512#6'( 8/1=/#&&E 19%08%>%Q6'( "#>%0:2#. .3#6'/12#6'% "#>%0:2# 1"48#%:0( (0&. 2/%5"4 «A#83#6'/12#6'% "#>%0:2# 64B61 5#:/#>'2#:? 913?R% 40'3')»). X03'2 /#081/(B%6'' &%6%$B%/# 8/1%":# '&%%:0( 913?R') 97$B%: ' /%Q04/0E, /#5/#9#:E2#:? 8/1=/#&&4 19%08%>%6'( "#>%0:2# 03%$4%: 6#0#&EJ /#66'J 0:#$'(J ' 6%4"106':%3?61 2E8136(:? %% 2831:? $15#2%/R%6'( 8/1%":#. N 034>#% EJ 8/1%":12 64B61 010/%$1:1Q>':?0( 6# :#"'J 8/1=/#&&#J 19%08%>%6'( "#>%0:2#, "1:1/E% (23(Q7:0( $1840:'&E&' 0 :1>"' 5/%6'( '&%7@%=10( 2/%&%6' ' 01$%/QB#: 3'R? 6%0"13?"1 6#'913%% 2#B6EJ 8#"%:12 /#91:.
B F;6 ?61H D@B!!; 78?6!?<?F=G C;<?61E;!> C",9?)F 3%"$4.'F, 6#$ $+.9 #"+.'."7(" %$+/%+"- ) 3%"H$++)"(',9(1F
0$($#&$%"-, 3"()0'K:)F, 7." .'4"$ 4'7$+.-", (',)2" .$(#$(2)8 4 -13",J($()K #$<+.-)<, ($"CF"#)01F - %'04'F 3%"6%'001 "C$+3$7$()8 4'7$+.-'.B#('4" 3" 0$%$ /0$(9?$()8 %';0$%' ) +,"&("+.) 3%"$4.' E.' .$(#$(2)83"+.$3$((" +F"#). (' ($. ) +0$(8$.+8 +"3%".)-,$()$0 - '#%$+ #'(("< 3%"J6%'001. > "#("0 +,/7'$ "3%'-#'()$ ;-/7'," .'4: «L ('+ $+.9 6%/33' "C$+3$J7$()8 4'7$+.-'. */+.9 "(' ) 4"(.%",)%/$. 4'7$+.-"». V+,) 3%)(8.9 E./ 3";)J2)K, ." ".+/.+.-)$ 7/-+.-' +"3%)7'+.("+.) ) ($#"+.'."7("$ +.%$0,$()$4 3%$#".-%':$()K ($&$,'.$,9(1F +)./'2)< /F/#?'. 4'7$+.-" 3%"$4."-.*%"$4.('8 4"0'(#' ;('$. E.) "3$%'2)) ,/7?$ -+$6" ) 3"."0/ 0"&$. + (')JC",9?$< -$%"8.("+.9K -18-).9 ) /+.%'().9 "?)C4) - "3$%'2)8F. D,$("-4"0'(#1 (/&(" ('#$,).9 3",("0"7)80) 4'4 )+3",().$,$<, .'4 ) +";#'.$J,$<, )0$K:)F 3%'-" %$?'.9 3%"C,$01 3%"$4.'. > .'4"0 +,/7'$ "() C/#/.%';%'C'.1-'.9 3%"6%'00/ "C$+3$7$()8 4'7$+.-', "3%$#$,8.9 «-,'#$,92$-»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— 3","&).9+8 (' )(+3$42)K, ."$+.9 (' 4"%%$4.)%/K:/K, ' ($ 3%$#/3%$&#'K:/K 0$%/, -18-,88 "?)C4),4"6#' "() /&$ +"-$%?$(1. A$; 7/-+.-' +"3%)7'+.("+.) 3" ".("?$()K 4 3%"J6%'00$ "C$+3$7$()8 4'7$+.-' ) C$; 3%$-$(.)-("6" 3"#F"#' (' .'4 "(" ) C/J#$. - +,/7'$ +";#'()8 6%/331 "C$+3$7$()8 4'7$+.-') 4'7$+.-" 3%"$4.' C/#$.()&$ +%$#($6". T('7$ 6"-"%8, 6%/33/ "C$+3$7$()8 4'7$+.-' +,$#/$. )+3",9J;"-'.9 ,)?9 4'4 -+3"0"6'.$,9(1< %$+/%+.
342
5,'-'
8
D),+4 '#/02%;03"('4. .3#6'/12#6'% "#>%0:2#, /%543?:#:1&"1:1/1=1 (23(%:0( 010:#23%6'% 8/1=/#&&E 19%08%>%6'( "#>%0:2#8/1%":#, :/%94%: 18/%$%3%661=1 2/%&%6'. .103% :1=1 "#" 20( '0J1$Q6#( '6L1/&#C'( 81$=1:123%6#, /#5/#91:"# 8/1=/#&&E $3( 8/1%"Q:#, 01$%/B#@%=1 20 8#"%:12 /#91:, '0813?547@%=1 1$'6 '3' $2#0:#6$#/:# "#>%0:2# (0:139%C 3 6# /'0. 8.2) 6# "#B$E) 8#"%: /#91: '8/%$813#=#7@%=1 81 1$61) 5#$#>% 19%08%>%6'( "#>%0:2# (0:139%C 46# /'0. 8.2) 6# "#B$E) 0:#6$#/:, 4 18E:61) "1$E 5#)&%: >#0'3' $2#. X03' "1$# 6% 0:13? 18E:6#, # 8/1%": 913?R1), 5#:/#:E2/%&%6' &1=4: 215/#0:'. X03' 2/%&( (23(%:0( "/':'>%0"'& L#":1Q/1& ' "1$# J1>%: 0L1"40'/12#:? 26''% 6# 6%0"13?"'J 10Q6126EJ 8#"%:#J /#91:, :1 28136% &1B%: J2#:':? 15—20 &'64:.
D-80>-. H06126#( C%6610:? $#661=1 '60:/4&%6:# 5#"37>#%:0(2 %=1 8/1#":'261& J#/#":%/%. N&%0:1 :1=1 >:19E /#00&#:/'2#:? "#Q>%0:21 "#" 6%>:1 0"/E:1%, 1 >%& &E 6#>'6#%& 5#91:':?0( :13?"1:1=$#, "1=$# 0:#3"'2#%&0( 0 8/193%&#&', $#66E) '60:/4&%6: 8/%$Q210J'@#%: 2%0? 84:? 19%08%>%6'( "#>%0:2# 2 8/1%":% ' 18/%$%3(%:$%)0:2'(, "1:1/E% 6%19J1$'&1 2E8136(:? $3( :1=1, >:19E 03%$1Q2#:? U:1&4 84:'. .1$196E% $%)0:2'( 6#8/#23%6E 6# 8/%$1:2/#@%Q
F; !A;F=@7E;F=? C;<?61E; FBOF7R;1@;<=E;1H 87AHX? B6=A=SM&";$H M&/%'( (Joseph Juran), 4"%)H$< - "C,'+.) /3%'-,$()8 4'7$J
+.-"0, %';%'C".', .%),"6)K "C$+3$7$()8 4'7$+.-' (Quality Trilogy) — +-"#%$4"0$(#'2)< 3" 3,'()%"-'()K, 4"(.%",K ) /,/7?$()K 4'7$+.-' (%)+. 8.3).*,'()%"-'()$ 4'7$+.-' ('7)('$.+8 + )#$(.)H)4'2)) +3)+4' ;'4';7)4"- [1],3"+4",94/ 7,$(1 3%"$4.("< 4"0'(#1 #",&(1 ;('.9, 4." )+3",9;/$. 3%"#/4J.1 )F 3%"$4.'. M',$$ +,$#/$. -18+().9 (/ 4,)$(."- ) 3$%$-$+.) )F ('8;14 3%"$4.'. L+.'('-,)-'$.+8 .'4&$ +3"+"C );0$%$()8 (/&# ;'4';7)4"-.>18+($()$, 3$%$-"# (' 8;14 3%"$4.' ) );0$%$()$ (/&# 0"&$. -13",(8.9+83%) 3"0":) )(+.%/0$(."- %'C".1 + 6","+"0 ;'4';7)4' (+0. 6,'-/ 4). !,$#/JK:)< ?'6 -13",(8$.+8 - ".-$. (' .%$C"-'()8 4,)$(.' ) 3%$#+.'-,8$. +"C"<%';%'C".4/ 2$,$< ) F'%'4.$%)+.)4 3%"#/4.', 7." "C17(" 8-,8$.+8 7'+.9K "3J%$#$,$()8 +"#$%&'()8 3%"$4.'. M',$$ ('+./3'$. -%$08 #,8 +"+.'-,$()8 )(J.$6%',9("6" ('C"%' 3%"2$++"-, 3%$#(';('7$(("6" #,8 3%"$4.)%"-'()8,%';%'C".4) ) 3"+.'-4) 3%"#/4.'. B7$-)#(", 7." -18+($()$ (/&# ;'4';7)4'- +"7$.'()) + %';%'C".4"< ) 3"+.'-4"< 3%"#/4.' 3"# E.) 8-,8K. +"C"< +/.93,'()%"-'()8 4'7$+.-'. P'4 .",94" M&";$H "C('%/&),, 7." - "%6'();'2)8F3%$"C,'#'$. 4"(.%",9 (4"%%$4.)%/K:)< 3"#F"#), ' -"-+$ ($ 3,'()%"-'()$4'7$+.-' (3%$-$(.)-(1< 3"#F"#), "( 3%)?$, 4 -1-"#/ " ."0, 7." (' 3,'()J%"-'()$ (/&(" ;'.%'7)-'.9 C",9?$ /+),)<.
C'#. 8.3. H06126E% R#=' 8/1C%00# 83#6'/12#6'( "#>%0:2#81 +B4/#64
T#$(.)H)4'2)8;'4';7)4"-
>18+($()$(/&#
;'4';7)4'
I';%'C".4'3%"#/4.'3%"$4.'
I';%'C".4'3%"2$++'3%"$4.'
*"+.'-4';'4';7)4/
343
*,'()%"-'()$ 4'7$+.-'
6'% 8/193%&, # 6% 6# 'J 8103%$47@47 "1//%"C'7. -/1&% :1=1, 8/1Q=/#&&# 19%08%>%6'( "#>%0:2# 8/%$813#=#%:, >:1 1061261% 26'&#Q6'% 4$%3(%:0( :/%912#6'(& 5#"#5>'"#. F$%0? 4&%0:61 2081&6':?810312'C4 «+%)0:2'( =121/(: 34>R% 0312»: 20% $%)0:2'( 81 19%08%Q>%6'7 "#>%0:2# 8/%$8/'6':0( $3( :1=1, >:19E 104@%0:2':? 81Q0:#2"4 8/1$4":# 2 011:2%:0:2'' 0 1B'$#6'(&' "3'%6:#.
5),'+*@,#$3" ' (,>0#$"$1'. ./1=/#&&# 19%08%>%6'( "#>%Q0:2# 8/1%":# 2E=3($': "#" 8/10:#( :#93'C#, >':#:? ' 2E8136(:? %%4"#5#6'( 3%="1, # 19%08%>'2#%&#( %7 0:%8%6? 6#=3($610:' 6% 40:4Q8#%: &#:/'C% 1:2%:0:2%6610:' ' $'#=/#&&% ;#6::#.</%$' 6%$10:#:"12 8/1=/#&&E &1B61 6#52#:?:• 2/%&(%&"10:?. ./' 6%J2#:"% 2/%&%6' 6%/#C'16#3?61 :/#:':?C%3E% >#0E 6# /#5/#91:"4 8/1=/#&&E 19%08%>%6'( "#>%0:2#;
• 031B610:? $3( 6%"1:1/EJ 8/1%":6EJ "1$.-1$E, "1:1Q/E% 6% 8/'2E"3' " '0813?512#6'7 0:#6$#/:12 "#>%0:2# (101Q9%661 2 034>#% 8/1%":12 6%'6B%6%/61=1 J#/#":%/#), &1=4: 19Q6#/4B':?, >:1 /#5/#91:"# 8/1=/#&&E 6#$3%B#@%=1 4/126(2E5E2#%: 5#:/4$6%6'(.
M>"/$".'4 /)08)"++- 0:,#/,9,('4 1"9,#$3". N 6#0:1(@%&/#5$%3% /#00&1:/%6# 1919@%66#( 8/1=/#&&# 19%08%>%6'( "#>%0:2#,8/'=1$6#( $3( /#53'>6EJ 8/1%":12. H$6#"1 2 :#"1& 2'$% 16# &1B%:6% 81$1):' " "16"/%:61&4 8/1%":4. N U:1& 034>#% 812E0':? C%6610:?8/1=/#&&E 64B61 84:%& #$#8:#C''. A'B% 8/'21$(:0( 6%"1:1/E%0119/#B%6'(, 813%56E% 8/' 2E8136%6'' :#"1) 81$0:/1)"'.
B3%$#$,$()$ 6%'()2 — T+3",9;"-'.9 3%"6%'00/ "C$+3$7$()8)+3",9;"-'()8 4'7$+.-' -" -+$F 3'4$.'F %'C". (- C",9?)F
3%"$4.'F);— 3%)0$(8.9 3%"6%'00/ "C$+3$7$()8 4'7$+.-'#,8 .%$F (')C",$$ -'&(1F 3'4$."- %'C". 3"+F$0$ «B#)( 3'4$. %'C". — "#)( +.'(#'%. —"#(' ;'#'7' "C$+3$7$()8 4'7$+.-'» (- 0',1F3%"$4.'F)
M"C'-,$()$ ".,)7).$,9("< P%"0$ -%$0$(("< ?4',1 #,8 ;'#'7 "C$+3$7$()8"+"C$(("+.) 4'7$+.-', )+3",9;"-'.9 $:$ ) %'+3)+'()$
"C$+3$7$()8 4'7$+.-' — E." .'4&$ 3";-",).".+,$&)-'.9 )+3",($()$ %'+3)+'()8
@"#)H)4'2)8 4"(4%$.("< — R'0$().9 +.'(#'%.1 4'7$+.-' +3$2)H)4'2)80)F'%'4.$%)+.)4) (.)3)7(" #,8 )(&$($%(1F 3%"$4."-);
— ;'0$().9 0'.%)2/ ".-$.+.-$(("+.) +.",C2"0,6#$ 3"4';'(" .",94" )08 ,)2', -13",(8K:$6";'#'7/ (.)3)7(" #,8 0',1F 3%"$4."-)
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
344
5,'-'
8
COEUPO./%$&%:1& /#00&1:/%6'( $#661=1 /#5$%3# 9E3# 8/1=/#&&# 19%0Q
8%>%6'( "#>%0:2# 8/1%":# — 83#6 $%)0:2'), 8/'52#66E) 19%08%Q>':? 011:2%:0:2'% L#":'>%0"1=1 "#>%0:2# 8/1%":# 5#83#6'/12#6Q61&4. G791) 8/1%": — "#" 913?R1), :#" ' E) — &1B%: '523%>?813?54 '5 81$1961) 8/1=/#&&E. H061261% 8/%'&4@%0:21 $#661=1'60:/4&%6:# 5#"37>#%:0( 2 %=1 8/1#":'261& J#/#":%/%: 16 8/%$Q210J'@#%: 2%0? 84:? 19%08%>%6'( "#>%0:2# 2 8/1%":% ' 18/%$%3(%:$%)0:2'(, "1:1/E% 6%19J1$'&1 2E8136(:? $3( :1=1, >:19E 03%$1Q2#:? U:1&4 84:'. *#"'& 19/#51&, 8/1=/#&&# 19%08%>%6'( "#>%0:2#610': 6% "1//%":'/47@'), # 8/%2%6:'26E) J#/#":%/. M%6610:?8/1=/#&&E &1B61 812E0':? 84:%& %% #$#8:#C'' " "16"/%:6E&64B$#&. N1 2/%5"% «./12%/"# 8/1=/#&&E 19%08%>%6'( "#>%0:2#8/1%":#» 8%/%>'03(7:0( 106126E% 0119/#B%6'(, "1:1/E% 6%19J1Q$'&1 4>':E2#:? 8/' /#5/#91:"%.
6Y?>; !@7Q?66;
<17 1;C7? 6Y?>; !@7Q?66;?<J%&# 8/1C%00# — U:1 '519/#5':%3?61% 18'0#6'% %=1 R#=12 '3'
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— 83#6'/12#6'%, 19%08%>%6'% '3' 812ER%6'% "#Q>%0:2# 8/1C%0012 48/#23%6'(, (23(7@'J0( 106126E&' 0:/1':%3?Q6E&' 931"#&' 8/1%":12.
!@7E?@C; !@7D@;>>9 78?6!?<?F=G C;<?61E; !@7?C1;LC$#).$+9, 7." 3%"6%'00' "C$+3$7$()8 4'7$+.-' 3%"$4.':• 3"4';1-'$. +.'(#'%.1 4'7$+.-' #,8 3'4$."- %'C".;• "."C%'&'$. ;'#'7) "C$+3$7$()8 4'7$+.-', -13",($()$ 4"."%1F ($"CJF"#)0" #,8 3"##$%&4) +"".-$.+.-)8 4'&#"0/ +.'(#'%./;
• /+.'('-,)-'$. ".-$.+.-$(("+.9 ,)2 ;' -13",($()$ ;'#'7 "C$+3$7$()84'7$+.-';
• "3%$#$,8$. -%$0$((/K ?4',/ #,8 ;'#'7 "C$+3$7$()8 4'7$+.-'.
345
*,'()%"-'()$ 4'7$+.-'
@;R@;871C; 6Y?>9 !@7Q?66;O#5/#91:"# 0J%&E 8/1C%00# 6#>'6#%:0( 0 %=1 «23#$%3?C#». N6% 5#Q
2'0'&10:' 1: :1=1, (23(%:0( «23#$%3?C%&» "1$# '3' "16"/%:6E)>%312%", 16 $13B%6 /#52%/64:? $%)0:2%6647 8/1C%$4/4 /#5/#91:"'8/1C%00#, 6#>#2 0 81$=1:12"' 6%19J1$'&1) '0J1$61) '6L1/&#C''.
G:0) '#B0>(0= '(J0)+".''. I:19E 8/'6(:? 6#$3%B#@'% /%QR%6'( 1:610':%3?61 0:/4":4/E 8/1C%00#, 64B61 1:2%:':? 6# 03%Q$47@'% 218/10E:
• -#"121 6#56#>%6'% 8/1C%00#?• I:1 =121/': 5#"#5>'"?• -#"12E "/':'>%0"' 2#B6E% 2J1$6E% $#66E% ' /%543?:#:E8/1C%00#?
F6#6'% 6#56#>%6'( 8/1C%00# 815213(%: '$%6:'L'C'/12#:? "/'Q:'>%0"' 56#>'&E% /%543?:#:E — 8/1'52%$%66E% 8/1$4":E '3' 40Q34='. A#8/'&%/, 2#B6E& /%543?:#:1& 8/1C%00# /#5/#91:"' 6121=18/1$4":#, 81&'&1 0190:2%661 6121=1 8/1$4":#, (23(%:0( 9'56%0Q83#6 011:2%:0:247@%=1 8/1%":#. .10"13?"4 6#56#>%6'% 8/1C%00# —010:#2':? 8103%$12#:%3?610:? $%)0:2'), "1:1/#( 8/'2%$%: " 4$12Q3%:21/%6'7 :/%912#6') 5#"#5>'"#, 6%19J1$'&1 56#:?, ":1 '&%661(23(%:0( 5#"#5>'"1& ' >%=1 16 :/%94%:. N >#0:610:', 106126E&'5#"#5>'"#&' 8/1C%00# &1=4: 9E:? /4"121$':%3' 2E0R%=1 52%6#, 5#Q
C'#. 8.4. ./'&%/ 6'0J1$(@%) 0J%&E 2E8136%6'(8/1C%00# $3( 8/1%":# /#5/#91:"' 8/1$4":#
346
5,'-'
8
347
*,'()%"-'()$ 4'7$+.-'
'6:%/%012#66E% 2 8134>%6'' 9'56%0Q83#6#, >:19E 8/'6(:? /%R%Q6'% 19 4:2%/B$%6'' '3' 1:"316%6'' 8/1%":# [12]. <3%$12#:%3?61,1>%6? 2#B61 18/%$%3':? "/':'>%0"' 56#>'&E% 2J1$6E% $#66E% '816'&#:?, "#" 16' 8/%19/#547:0( 2 9'56%0Q83#6. H$'6 '5 :#"'J2J1$12 — 8/1=615 8/1$#B, "1:1/E) '0813?54%:0( $3( 2E>'03%6'(>'0:1) 8/'2%$%661) 0:1'&10:' — 1061261) >#0:' 9'56%0Q83#6#.-1=$# '6L1/&#C'( 1 6#56#>%6'' 8/1C%00#, =1310% 5#"#5>'"#, "/'Q:'>%0"' 56#>'&EJ 2J1$#J ' 2EJ1$#J 0:#612':0( $10:4861), =/#6'QCE 8/1C%00# &1B61 0>':#:? 40:#6123%66E&'. K:1 L46$#&%6:#3?Q61% 8/%$2#/':%3?61% :/%912#6'% $3( /#5/#91:"' 0J%&E 8/1C%00#.
D-:0) $'/" ' #$,/,(' >,$"2';".'' #B,+- /)0,1$". <J%&E8/1C%00# &1=4: '&%:? /#53'>6E% L1/&#:E, "#B$E) '5 "1:1/EJ034B': 021%) C%3'. <3%$12#:%3?61, 56#6'% C%3' '3' 8/%$813#=#%Q&1=1 081019# '0813?512#6'( 0J%&E (23(%:0( 18/%$%3(7@'& L#":1Q/1& 8/' 2E91/% %% :'8#. H06126#( C%3?, 8/%'&4@%0:2# ' 6%$10:#:Q"' 6%"1:1/EJ :'812 0J%& 18'0#6E 2 :#93. 8.1.H>%2'$61, >:1 0J%&# 8/1C%00# &1B%: 9E:? "#" 1>%6? 8/10:1) (19Q
@#( 0J%&#, 81"#5E2#7@#( 3'R? 106126E% R#=' 8/1C%00#), :#" '2 2E0R%) 0:%8%6' $%:#3?61) (0J%&# /#52%/:E2#6'( 8/1C%00#, 191Q56#>#7@#( "#B$1% &%3?>#)R%% $%)0:2'% ' 2123%>%66EJ 2 8/1C%0037$%)) — /'0. 8.5. -/1&% :1=1, "#B$E) :'8 0J%&E 081019%6 9E:? 91Q3%% '3' &%6%% $%:#3?6E& — 2 5#2'0'&10:' 1: :1=1, 6#0"13?"1 64BQ61 $%:#3'5'/12#:? 18'0#6'% 8/1C%00# $3( %=1 34>R%=1 816''(../' 18'0#6'' /#5/#91:"' 0J%&E 8/1C%00# &E 0$%3#%& #"C%6: 6#6'0J1$(@%& 2#/'#6:% 0J%&%, J1:( 8/' 6%19J1$'&10:' 94$%& 481&'Q6#:? ' 10:#3?6E% :'8E.+3( '519/#B%6'( 0J%& 8/1C%0012 '0813?547:0( /#53'>6E% 0'&Q
213E. A#8/'&%/, $%:#3?6#( 0J%&# &1B%: 2"37>#:?:• U33'80. <34B': $3( '$%6:'L'"#C'' 2J1$12 (5#$#>, '6L1/&#QC'' '3' &#:%/'#312), 6%19J1$'&EJ $3( 6#>#3# 8/1C%00#, '3'/%543?:#:12, 8134>%6'%& "1:1/EJ 5#2%/R#%:0( 8/1C%00;
• 8/(&14=13?6'". H9156#>#%: R#=, 5#$#>4 '3' 18%/#C'7 8/1QC%00#. NJ1$':? 2 8/(&14=13?6'" &1=4: 6%0"13?"1 0:/%31", 612EJ1$': '5 6%=1, "#" 8/#2'31, :13?"1 1$6#;
• /1&9. P"#5E2#%: :1>"4 (0':4#C'7), 2 "1:1/1) $13B61 8/1'0J1Q$':? 8/'6(:'% /%R%6'(;
• "/4= 0 94"21), >'031& '3' 94"21) ' >'031&. .1"#5E2#%: :1>"40:E"12"' 2 "#"1&Q3'91 $/4=1& &%0:% 0J%&E;
• 0:/%3"#. H8/%$%3(%: 6#8/#23%6'% '3' :%>%6'% 8/1C%00#.A'0J1$(@#( 0J%&#, 2 1:3'>'% 1: $%:#3?61), '0813?54%: 8/(&14Q
=13?6'"' ' 0:/%3"'. +/4='% :'8E 0J%& &1=4: 5#$%)0:212#:? '6E%19156#>%6'(. P>:':%: "#" :13?"1 :'8 0J%&E 2E9/#6, $3( %% '519/#QB%6'( $13B6# 8/'&%6(:?0( 6#$3%B#@#( 0'0:%&# 19156#>%6').
348
5,'-'
8G0#$"32,(', #B,+- /)0.,##". I:19E 810:/1':? 0J%&4 8/1C%0Q
0#, 03%$4%::• 6#>#:? 0 8/12%$%6'( &15=121=1 R:4/&#, C%3?7 "1:1/1=1 $13B6#9E:? /#5/#91:"# 08'0"# '5 R%0:' '3' 0%&' 106126EJ R#=12, 6%Q19J1$'&EJ $3( 8/%19/#512#6'( 2J1$12 2 2EJ1$E /%543?:#:E;
• 481/($1>':? R#=' 01=3#061 31='"% 2E8136%6'(, # 5#:%& '519Q/#5':? 'J 2 2'$% (061) 8103%$12#:%3?610:' 8/(&14=13?6'"122$13? 2%/J6%=1 "/#( 0:/#6'CE, 01%$'6%661) 0:/%3"#&' [13];
• /#59':? "#B$E) '5 106126EJ R#=12 6# 81$R#=', "1:1/E% &1Q=4: 9E:? 8%/%>'03%6E 81$ 106126E& R#=1& 3'91 5#"37>%6E2 1:$%3?6E% 8/(&14=13?6'"' ' 01%$'6%6E 0:/%3"#&'. N 8/'Q2%$%661& 6# /'0. 8.4 8/'&%/% &E 2E9/#3' 8%/2E) 081019. *#Q"'& 19/#51&, 6#3'>'% 81$R#=12 815213(%: 8134>':? 913%% $%Q:#3?647 '6L1/&#C'7 1 8103%$12#:%3?610:' 5#$#>, "1:1/E%6%19J1$'&1 2E8136':? $3( 104@%0:23%6'( 8/1C%00#.
,%:1$ '519/#B%6'( $%:#3?61) 0J%&E 18'0#6 21 2/%5"% «O#5/#Q91:"# $%:#3?6EJ 0J%& 84:%& 810:/1%6'( 19/#:61) C%81>"'».
C'#. 8.5. ./'&%/ 0J%&E /#52%/:E2#6'($3( 2E8136%6'( 83#6# 8/1%":#
349
*,'()%"-'()$ 4'7$+.-'
E"@'$" /)0.,##" 0$ 06':01. M%3? /#91:E 6#$ 0J%&1) 8/1C%00#010:1': 2 :1&, >:19E 0$%3#:? U:1: 8/1C%00 ULL%":'26E& ' 19%08%Q>':? 2E01"1"#>%0:2%66E% /%543?:#:E 31='>%0"' 6%8/1:'21/%>'Q2E& ' 812:1/(7@'&0( 19/#51&. .1 4"#5#661) 8/'>'6% 6%19J1$'&126'&#:%3?61 '54>':? 8134>%6647 0J%&4 ' 8/%$0:#23(%&E) %7 8/1QC%00, # :#"B% 1:2%:':? 6# 03%$47@'% 218/10E [6]:
• V#=' 8/1C%00# >%:"1 18/%$%3%6E ' 2E0:/1%6E 2 31='>%0"1) 81Q03%$12#:%3?610:'? X0:? 3' 6%19J1$'&10:? 'J 8%/%481/($1>':??
@;R@;871C; :?1;AHF9Y 6Y?> !B1?>!761@7?F=G 78@;1F7S Q?!7<C=P"03'()8 ATT 3%$#,"&),' )(.$%$+(1< 0$."# %';%'C".4) #$.',9("<
+F$01 3%"2$++' — 0$."# 3"+.%"$()8 "C%'.("< 2$3"74). R#$+9 ('7'.9 +,$#/J$. + ;'#'()8 %$;/,9.'."- ) -18+($()8 .%$C"-'()< ;'4';7)4', ' ;'.$0, #-)6'J8+9 - "C%'.("0 3" ".("?$()K 4 $+.$+.-$(("0/ F"#/ -13",($()8 3%"2$++'('3%'-,$()), "3%$#$,).9 4%).)7$+4) -'&(1$ ?'6), ($"CF"#)01$ #,8 3"J,/7$()8 4'&#"6" ); E.)F -1F"#"-, 3"+,$ 7$6", #"+.)6(/- -F"#"-, "+.'("J-).9+8. M",&(' +"C,K#'.9+8 "3)+'(('8 ()&$ 3%"2$#/%' [3]:
• -18+().9, 4'4"- 3"+,$#()< +/:$+.-$((1< 3"#3%"2$++, 4"."%1< #'$.%$;/,9.'. (-1F"#) 3%"2$++';
• "3%$#$,).9, 4'4"< -F"# .%$C/$.+8 #'(("0/ 3"#3%"2$++/ #,8 3",/7$J()8 -1F"#' 3%"2$++'. LC$#).9+8 - ."0, 7." #'((1< -F"# #$<+.-).$,9("($"CF"#)0;
• )#$(.)H)2)%"-'.9 )+."7()4 4'&#"6" -F"#'. >$+90' 7'+." E.". -F"#8-,8$.+8 -1F"#"0 3%$#1#/:$6" 3"#3%"2$++', "#('4" )("6#' 0"&$."C$+3$7)-'.9+8 +."%"(()0 3"+.'-:)4"0;
• 3%"#",&'.9 #-)&$()$ - "C%'.("0 ('3%'-,$()), 3%"F"#8 3" "#("0/3"#3%"2$++/ ;' "#)( %';, #" .$F 3"%, 3"4' #,8 4'&#"6" -F"#' ($ C/#$.('<#$( +."%"(()< 3"+.'-:)4.
P"6#' #-)&$()$ - "C%'.("0 ('3%'-,$()) — ". -1F"#"-, ($"CF"#)01F;'4';7)4/, 4 -F"#'0, 3%$#"+.'-,8$010 3"+.'-:)4'0), — ;'-$%?$(", 0$."#3"+.%"$()8 "C%'.("< 2$3"74) 0"&(" 3%)0$().9 #,8 +"+.'-,$()8 #$.',9("<+F$01 4'&#"6" 3"#3%"2$++', 7." 3";-",). "+/:$+.-).9 #',9($<?/K #$.'J,);'2)K "C:$< +F$01 3%"2$++'. =' %)+. 8.6 3%)-$#$( 3%)0$% #$.',9("<+F$01 3%"2$++'.
@%&. 8.6. *%)0$% #$.',9("< +F$01 3%"2$++' 3%$4%':$()8 3%"$4.'
I';%'C".'.93%$#,"&$()$" 3%$4%'J:$())3%"$4.'
B2$().93%$#,"&$()$
M'
=$.
*%"-$+.)3$%$6"-"%1) -1%'C".'.9+"6,'?$()83" 3%$4%'J:$()K
*"#6"."-).9"4"(7'J.$,9(1<".7$.
" 3%"$4.$
T+3",9;"-'.9/+-"$((1$ /%"4)#,8 ('4"3,$()8
"31.'
*%"#",&).9-13",($()$3%"$4.'
*%"4"(+/,9J.)%"-'.9+8 + 3%"J."4","0 3%)(8.)8
%$?$()<
>13",().9"2$()-'()$3%"$4.'
*%$4%'.).9?
350
5,'-'
8• [23(%:0( 3' "#B$E) R#= $19#23(7@'& C%6610:?? ,1B%: 3'40:/#6%6'% 1$6'J R#=12 ' 8/'26%0%6'% $/4='J 812E0':? ULQL%":'2610:? 8/1C%00#? S4$%: 3' 813%56E& 19W%$'6%6'% 6%"1Q:1/EJ R#=12?
• D&%7:0( 3' "#"'%Q:1 R#=', (23(7@'%0( 45"'&' &%0:#&' ' 5#Q&%$3(7@'% 8/1C%00? +/4='&' 0312#&', 09#3#60'/12#6E 3'215&1B610:' 20%J R#=12?
• -#"'% 6#2E"' ' /%04/0E 6%19J1$'&E $3( 9%54"1/'56%661=12E8136%6'( 8/1C%00#? H6' $10:486E '3' 'J 8/'$%:0( 5#&%Q6(:? :%&', "1:1/E% 4B% '&%7:0(?
• ,1B61 3' '0813?512#:? "#"'%Q3'91 :%J6131='', 0810196E% #2:1Q&#:'5'/12#:? 6%"1:1/E% R#=' ' 812E0':? 4/12%6? '08136%6'(?
A#0:1)>'2E) 81'0" 1:2%:12 6# 8%/%>'03%66E% 218/10E "/#)6%2#B%6 $3( "#>%0:2# 8/1C%00# 48/#23%6'( 8/1%":#&'. +#B% %03' 2E1>%6? 5#=/4B%6E 8120%$6%26E&' $%3#&', 6% '=61/'/4):% U:' 218Q/10E, '6#>% 810:/#$#%: "#>%0:21 8/1C%00#.
H/),>,2,(', #/0#0:03 0.,('3"('4 /)0.,##". I:19E 19%08%Q>':? 1B'$#%&E) 4/12%6? 8/1'521$':%3?610:', 8/1C%00E 48/#23%6'(8/1%":#&' 64B61 "16:/13'/12#:?. -/1&% :1=1, &1B%: 2156'"64:? 6%Q19J1$'&10:? 012%/R%60:212#6'( 8/1C%00#, ' 56#6'% "#>%0:2# (2Q
!@7Q?669 B!@;EA?F=G !@7?C1;>=: !B1H, E?:BN=SC !@?:6C;RB?>761=*%"2$++ /3%'-,$()8 3%"$4.'0) — E." 3"+,$#"-'.$,9("+.9 ?'6"-/ ;'#'7
-13",($()8 %'C". #,8 ;'4';7)4"-, ('3%)0$% 3%"2$++1 3,'()%"-'()8 ) )+J3",($()8 3%"$4.'. L3%'-,8.9 3%"2$++'0) —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—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
351
*,'()%"-'()$ 4'7$+.-'
3(%:0( 8%/2E& R#=1& :#"1=1 434>R%6'(. .1$196E) 81$J1$ :/%94%:40:#6123%6'( 08101912 '5&%/%6'( ' "16:/13( ' 5#$#6'( :1>%",2 "1:1/EJ 94$%: 8/12%/(:?0( "#>%0:21 8/1C%00#. ./%$8131B'&, >:16%"#( "1&8#6'( $3( '5&%/%6'( 8/1C%00# 18/%$%3%6'( 01$%/B#6'('0813?54%: 18/%$%3(7@') '6$%"0 8/1%":# (PDI). K:1: '6$%"0 '5&%Q/(%:0( 2 :1>"%, 2 "1:1/1) /4"121$0:21 1$19/(%: 01$%/B#6'%. F6#>%Q6'% PDI (1: 1 $1 10 9#3312) 81"#5E2#%:, 6#0"13?"1 J1/1R1 >3%6E "1Q$E 816': 18/%$%3%6'% 01$%/B#6'(.
&G5HKLEHDMN&O GXOP[ 5CHYOGGMF08>" '#/02%;03"$%. N '$%#3% "#B$E) 8/1C%00 48/#23%6'(
8/1%":#&' $13B%6 /#5/#9#:E2#:?0(, 81$3%B#:? "16:/137 ' 81$Q2%/=#:?0( 434>R%6'7 — :1=$# $#66E) 8/1C%00 48/#23(%:0(, # 6%/#52'2#%:0( 0#& 81 0%9%. <J%&# 8/1C%00# '0813?54%:0( "#" '60:/4Q&%6: 8/1C%0061=1 48/#23%6'( 8/1%":#&' ' (23(%:0( 2#B61) 01Q0:#23(7@%) 48/#23%6'( "#>%0:21& (0&. 2/%5"4 «./1C%00E 48/#23%Q6'( 8/1%":#&': 84:?, 2%$4@') " 8/%$0"#54%&10:'»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«./1C%00 010:1': '5 1000 R#=12. A1 20% 3' 64B6E?»), 5#$#2#(, 2 >#0Q:610:', 03%$47@'% 218/10E:
• -#"'& 19/#51& $#66E) R#=/5#$#># 23'(%: 6# 5#"#5>'"# 8/1Q%":#?
• ,1B61 3' 40:/#6':? '3' 434>R':? U:1: R#=/5#$#>4?
D),+4 '#/02%;03"('4. O#5/#91:"# ' 434>R%6'% 8/1C%00# — U:15#$#>', :/%947@'% 1: 8/1%":61) "1$E 18/%$%3%66EJ 6#2E"12[15]. *@#:%3?61% '54>%6'% 8/1C%00# 2 01>%:#6'' 0 /#52%:23%66E&'25#'&1$%)0:2'(&' >3%612 "1$E, 4>#0:247@'J 2 810:/1%6''0J%&E, 6%'59%B61 81:/%94%: 2/%&%66EJ 5#:/#:, 19W%& "1:1/EJ 5#Q2'0': 1: =/#6'C ' 031B610:' 8/1C%00#. A#8/'&%/, /#5/#91:"# 813Q61=1 8/1C%00# 48/#23%6'( 8/1%":1& (81$1961=1 81"#5#661&4 6#/'0. 8.4) 2 6%"1%) 1/=#6'5#C'', 2E8136(7@%) 2 =1$ 10—15 8/1%"Q:12 0:1'&10:?7 1: 50 :E0(> $1 1 &'33'16# $133#/12, 5#6(3# 4 "1Q$E, 010:1(@%) '5 8(:' >%312%", 8136E) /#91>') $%6? (6% 0>'Q:#( 2/%&%6', 5#:/#>%661=1 6# $1"4&%6:'/12#6'% ' 18'0#6'%8/1C%00#). N 034>#% 913?R'J ' 913%% /#52%:23%66EJ 8/1C%0012 &1QB%: 81:/%912#:?0( 913?R% 2/%&%6'.
352
5,'-'
8D-80>-. +3( :1=1 >:19E 4>':E2#:? 8/193%&E, 02(5#66E% 0 "#>%Q
0:21&, "1$E $13B6E 56#:?, "#"121 8/%$6#56#>%6'% 8/1C%00# ' "#"16 /#91:#%:. N U:1& 0&E03% 0J%&# 8/1C%00# 81&1=#%: 8/' 6#J1B$%6''19@%=1 (5E"# ' 816''' 8/1C%00#, 8/'23%"#( 26''% " %=1 04@%Q0:2%66E& 6%$10:#:"#&. !"C%6:'/4(0? 6# 6%$10:#:"#J, «45"'J &%0:#J»' $/4='J 8/193%&#J, 8/1%":6E% "1$E &1=4: 019'/#:? ' '54>#:? 01Q1:2%:0:247@'% $#66E% 2 81'0"#J 8/'>'6 [16]. -#" 03%$0:2'%, 16' 081Q0196E 8/'6'&#:? &%/E $3( 5#@':E 8/1C%00# 1: 1R'91" ' %=1 /#C'1Q6#3'5#C'', 40:/#6(( 6% $19#23(7@'% C%6610:? R#=' [17].S4$4>' 2'54#3?6E& 8/%$0:#23%6'%& /#91:E 8/1C%00#, 0J%&#
034B': $3( ULL%":'261=1 '6L1/&#C'1661=1 19&%6#, 0810190:247Q@%=1 913%% 19W%":'261&4 1:19/#B%6'7 ' 816''7 8/1C%00#.N /%543?:#:% >3%6E "1$ 56#7:, "#" 16' 28'0E2#7:0( 2 8/1C%00,":1 (23(%:0( 810:#2@'"#&' ' 5#"#5>'"#&' ' "#" 104@%0:23(%:0(25#'&1$%)0:2'%, — U:1 81&1=#%: 434>R':? 25#'&1816''% &%BQ$4 4>#0:6'"#&' 8/1%":#. X03' — 2 '$%#3?61& 034>#% — >3%6E "1Q$E 2123%>%6E 2 /#5/#91:"4 0J%&E 8/1C%00#, 4 6'J 6%'59%B61/#512?%:0( >420:21 018/'>#0:610:' 8/1C%004, >:1 42%3'>': 'J5#'6:%/%012#6610:? 2 $#3?6%)R%& %=1 012%/R%60:212#6''. N 81Q$196EJ 0':4#C'(J 0J%&E 8/1C%0012 &1=4: 0:#:? 1061261) $3( 48Q/#23%6'( '08136%6'%&, 194>%6'( 8%/016#3# ' $#B% 6#8'0#6'($13B610:6EJ '60:/4"C').
5),'+*@,#$3" ' (,>0#$"$1'. <J%&E 8/1C%0012 J#/#":%/'54Q7:0( 03%$47@'&' 106126E&' 8/%'&4@%0:2#&':
• 3%="10:? 810:/1%6'(. +#B% '&%( &'6'?647 81$=1:12"4,4>#0:6'"' 8/1%":# &1=4: 9E0:/1 6#4>':?0( '0813?512#:? '0:/1':? 0J%&E 8/1C%0012.
• ULL%":'2610:?2'54#3?61=18/%$0:#23%6'(.;/#L'>%0"1% 8/%$Q0:#23%6'% $%3#%: 0J%&E 8/1C%0012 6#=3($6E&', 2E/#5':%3?Q6E&' ' >%:"'&'.
- >'034 6%$10:#:"12 0J%& 8/1C%0012 1:610(:0( 03%$47@'%:• 20%=$# 04@%0:24%: 18#0610:?, >:1 0J%&E 0:#64: >/%5&%/61 $%Q:#3?6E&' ' 0$%3#7: 8/1C%00 913%% 031B6E&, >%& 03%$4%:. K:#:%6$%6C'( 19E>61 18/%$%3(%:0( B%3#6'%& /#5/#91:>'"12 01Q5$#:? 012%/R%66E) 8/1C%00;
• $#B% 6% 94$4>' 031B6E&, 810:/1%6'% 0J%& 8/1C%0012 &1B%:9E:? 2/%&(%&"'& $%)0:2'%&.
D")'".''. H06126#( C%3?, =3#26E% 8/%'&4@%0:2# ' 6%$10:#:"'8(:' /#53'>6EJ :'812 0J%& 8/1C%0012 18'0#6E 2 :#93. 8.1. Y1:($/4='% :'8E 0J%& '0813?547:0( 4B% 6% 8%/2E) =1$, 0'0:%&1=/#&&E(23(7:0( 1:610':%3?61 612E& '60:/4&%6:1& $3( &%6%$B%/12 8/1Q%":12 (0&. 2/%5"4 «<J%&# 8/1C%00# "#" /4"121$0:21 81 48/#23%6'7
353
*,'()%"-'()$ 4'7$+.-'
8/1%":#&'»). K:# 46'"#3?610:? 2 8%/247 1>%/%$? 1:/#B#%:0( 2 '0Q813?54%&1& 2 6'J (5E"%. <'0:%&1=/#&&E '$%6:'L'C'/47: #=%6Q:12, "1:1/E% (23(7:0( 4>#0:6'"#&' 8/1%":#, 2123%>%66E&' 2 8/1QC%00 ' 18%/#C'', :1 %0:? 2 5#$#>', "1:1/E% 94$4: 2E8136(:? #=%6:E..493'"# — /%C'8'%6:E ' 9%6%L'C'#/'' (0:1/16E, 8134>#7@'%2E=1$4) — 94$4: '0813?512#:? /%543?:'/47@'% 8/1$4":E 18%/#QC'), 6#5E2#%&E% #/:%L#":#&'. H04@%0:23(( 02(5? 18%/#C'), #=%6Q:12, #/:%L#":12 ' 8493'"', 0'0:%&1=/#&&E 2'54#3?61 81"#5E2#7:$'6#&'"4 031B6EJ 8/1C%0012 8/' 81&1@' 0%:'"' %0:%0:2%661Q=1 (5E"#.
!@7Q?66 67617=1 =R 1000 X;D7E. F7 E6? A= FBOF9?> ($4"$< 4"03'()) 3%"2$++ /3%'-,$()8 3%"$4.'0) %';%'C".4) 3%"#/4J
."- (PDPM) +"+."8, C",$$ 7$0 ); 1000 ?'6"-! Q.' ("-"+.9 "?$,"0),' 4"0'(J#/ PDPM, 4"6#' "(' ;'-$%?),' 3"+.%"$()$ +F$01 3%"2$++', 4"."%1< E-",KJ2)"()%"-', + 0"0$(.' "+("-'()8 4"03'()), - $6" $+.$+.-$(("0 -)#$ — «4'4$+.9». >+$ ?'6) C1,) .:'.$,9(" 3%"'(',);)%"-'(1, ' ;'.$0 3"#$,$(1 ('«#"C'-,8K:)$ 2$(("+.9» ) «#"C'-,8K:)$ .",94" +$C$+.")0"+.9»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
M>"/$".'4 #B,+- /)0.,##03. N $#661& /#5$%3% /#00&1:/%61&61B%0:21 /#53'>6EJ 034>#%2 '0813?512#6'( 0J%& 8/1C%0012. H$Q6#"1, 6% 816'&#(, "#"'% 0J%&E 6%19J1$'&E $3( 8/1%":# ' "#" 16'/#91:#7:, 2E 6% 42'$':% 813?5E 1: 'J 8/'&%6%6'(. A'B% &E 8/%$Q3#=#%& 6%0"13?"1 '$%) 1:610':%3?61 81$0:/1)"' 0J%&E 8/1C%00#81$ "16"/%:6E% 64B$E 8/1%":#.
6Y?>; !@7Q?66; C;C @BC7E7:61E7 !7 B!@;EA?F=P!@7?C1;>=>" 0("6)F 4"03'()8F %/4"-"#+.-' 3" /3%'-,$()K 3%"$4.'0) +,/&'. #,8
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
354
5,'-'
8
C'#. 8.7. ./'&%/ 0'0:%&1=/#&&E$3( 8/1C%00# 83#6'/12#6'( 8/1%":#
B3%$#$,$()$ 6%'()2 — T+3",9;"-'.9 #,8 3%"2$++"- /3%'-,$()8)+3",9;"-'()8 3%"$4.'0) .",94" ()+F"#8:)$ +F$01
(- +,/7'$ "%6'();'2)< + 3%"+.10) 3%"$4.'0));— 3%)0$(8.9 ('C"% +)+.$0"6%'00 - 4'7$+.-$',9.$%('.)-1 %/4"-"#+.-/ 3" /3%'-,$()K3%"$4.'0) (- +,/7'$ "%6'();'2)<+" +,"&(10) 3%"$4.'0), 7/-+.-).$,9(10)4 CK%"4%'.)7$+4)0 3%"8-,$()80)
M"C'-,$()$ ".,)7).$,9("< M"C'-).9 "C";('7$()$ #,8 3%"$4.(1F"+"C$(("+.) #"4/0$(."-@"#)H)4'2)8 4"(4%$.("< ! 2$,9K /3%":$()8 +F$01 --$+.) "6%'()7$()$:F'%'4.$%)+.)4) 4'< "."C%'&'K:)< "3$%'2)K
3%80"/6",9()4 #",&$( )0$.9 "#(/ -F"#8:/K) "#(/ )+F"#8:/K +.%$,4/
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
355
*,'()%"-'()$ 4'7$+.-'
COEUPO./%$&%:1& /#00&1:/%6'( $#661=1 /#5$%3# (23(3#0? 0J%&# 8/1Q
C%00# — 2'54#3?61% 1:19/#B%6'% R#=12 '3' 5#$#> 8/1C%00# 48/#2Q3%6'( 8/1%":#&'. +3( :1=1 >:19E 4>':E2#:? 8/193%&E, 02(5#66E%0 "#>%0:21&, "1$E $13B6E 56#:?, "#"121 8/%$6#56#>%6'% 8/1QC%00# ' "#" 16 /#91:#%:. <J%&# 8/1C%00# 81&1=#%: >3%6#& "1$E$19':?0( 816''( 8/1C%00# ' 0"16C%6:/'/12#:? 26''% 6#%=1 04@%0:2%66EJ 6%$10:#:"#J, «45"'J &%0:#J» ' $/4='J 8/193%&#J,>:19E 8/'6(:? &%/E $3( 5#@':E 8/1C%00# 1: 1R'91" ' %=1 /#C'1Q6#3'5#C'', 40:/#6(( R#=', 6% $19#23(7@'% C%6610:'. N1 2/%5"%«./12%/"# 0J%&E 8/1C%00#» 8%/%>'03%6E 106126E% 0119/#B%6'(,"#0#7@'%0( %% 810:/1%6'(.
;WW=FF;G :=;D@;>>;
<17 1;C7? ;WW=FF;G :=;D@;>>;?!LL'66#( $'#=/#&&# — U:1 '60:/4&%6: $3( ULL%":'261) 1/=#Q
6'5#C'' '6L1/&#C'' 810/%$0:21& "3#00'L'"#C'' '$%) '3' L#"Q:12 (/'0. 8.8). H6# 81&1=#%: =%6%/'/12#:? '3' 019'/#:? 913?R1%"13'>%0:21 '$%) '3' L#":12, 01/:'/12#:? 'J ' 2E$%3(:? %0:%0:2%6Q6E% "#/:'6E '3' 081019E =/488'/12"' '6L1/&#C'' [6], >:1 $#%:"1$% 215&1B610:? 4&%6?R':? "13'>%0:21 106126EJ 218/1012 '6% /#08E3(:? 26''% 6# 1=/1&6E) 19W%& 6%0:/4":4/'/12#661)'6L1/&#C'' [18].
!@7E?@C; 6Y?>9 !@7Q?6C;LC$#).$+9, 7." +F$0' 3%"2$++':• -4,K7'$. 3%'-),9(" )+3",9;/$01$ "C";('7$()8;• )0$$. 7$.4" "3%$#$,$((1$ ?'6) 3%"2$++' (-F"#1, -1F"#1, ;'#'7), %$J?$()8 ) .. #.);
• 3"4';1-'$. ;'04(/.1$ 2)4,1, ";('7'K:)$, 7." 4'< /7'+."4 3/.)#'$. -";0"&("+.9 #-)6'.9+8 ,)C" -3$%$#, 4 +,$#/K:$0/ ?'6/ 3%"2$+J+', ,)C" (';'#, 4 3%$#1#/:$0/ ?'6/;
• "."C%'&'$. ."74) +.14"-4), %';0$:$((1$ - (/&(1F 0$+.'F +F$01.*%"-$%9.$ +"+."8.$,9("+.9 +F$01 +"-0$+.(" + %'C".()4'0), .'4&$ -1J3",(8K:)0) ;'#'7) 3%"2$++'. TF +/&#$()8 +,$#/$. /7).1-'.9 #,83%)#'()8 +F$0$ 3%"2$++' "4"(7'.$,9("< H"%01.
356
5,'-'
8
@;R@;871C; ;WW=FF7S :=;D@;>>9G:0) '#B0>(0= '(J0)+".''. !LL'66#( $'#=/#&&# 19E>61'0813?54%:0( 6# 0:#$'' 8/1%":'/12#6'( 3'91 8/' 434>R%6''
8/1$4":#/4034=' 8/1%":# '3' 8/1C%00# 48/#23%6'( 8/1%":#&'.<3%$12#:%3?61, $3( 19%08%>%6'( 8/#2'3?61=1 816''( ' 810:/1Q%6'( #LL'661) $'#=/#&&E 6%19J1$'&1 019/#:? '6L1/&#C'71 "16:%"0:%, :/%912#6'(J ' 8/1C%00#J 8/1%":#.
H/),>,2,(', 30/)0#". O#91:# 6#$ #LL'661) $'#=/#&&1) 6#Q>'6#%:0( 0 81'0"# 1:2%:# 6# "#"1)Q3'91 "37>%21) 218/10. D519/#Q5'&, 6#8/'&%/, 8/1%": 81 015$#6'7 0'0:%&E 1C%6"' 8/1%":12 /#5Q/#91:"' 8/1$4":12 2 "1&8#6''. -1$# 18/%$%3'3#, >:1 6#'913%%2#B6E& :/%912#6'%& $3( 5#"#5>'"12 8/1%":# (2E0R%=1 /4"121$0:2#)(23(%:0( 6#3'>'% "#/:E 9#33?61) 1C%6"' 8/1%":# — 8/%$0:#23(%Q&1=1 2E0R%&4 /4"121$0:24 1:>%:# 1 %B%&%0(>61) 8/1'521$':%3?Q610:' (J1$% '08136%6'() 8/1%":12. <11:2%:0:2%661 "37>%2E& 2$#661& 034>#% 94$%: 218/10: «-#"12E 106126E% U3%&%6:E "#/:E9#33?6EJ 1C%61" 8/1%":#?»
W,(,)".'4 '>,=. ./' 81&1@' '6:%/2?7 0 /4"121$':%3(&' 2E0QR%=1 52%6# >3%6E "1$E 019'/#7: &61B%0:21 '$%), L'"0'/4("#B$47 6# 1:$%3?61& 3'0:"% "3%)"1) 94&#='. *% 01:/4$6'"', "1:1Q/E% 5#6''0? 091/1& 8/%$31B%6'), 5#>':E2#7: 'J 2034J 20%)"1$%, >:1 0:'&43'/4%: =%6%/#C'7 $18136':%3?6EJ '$%) ' %@%913?R% 42%3'>'2#%: 08'01" (0&. /'0. 8.8). G'0:"' "3%)"1) 94&#='/#5&%@#7:0( 6# 0:%6% (&1B61 :#"B% '0813?512#:? 3%"C'166E)83#"#: '3' U"/#6 &16':1/#). I#0:1 612E% '$%' /1B$#7:0( 2 J1$%&15=121=1 R:4/&#, 40:/#'2#%&1=1 "1$1).
C'#. 8.8. -3#00'L'"#C'( '$%) '3' L#":12
357
*,'()%"-'()$ 4'7$+.-'
F2"##'J'1".'4 ' 8)*//')031" '>,=. -#B$E) >3%6 "1$E=/488'/4%: 3'0:"' 0 '$%(&' 01=3#061 31='"%, /#5&%@#( 'J :#&,"4$# 16' 28'0E2#7:0( 34>R% 20%=1. ./'2%:0:247:0( 015$#6'% 61Q2EJ =/488 ' 8%/%481/($1>'2#6'% 4B% 04@%0:247@'J. .10"13?"4"13'>%0:21 8/%$31B%6') 2%3'"1, 5#$#># 10&E03%6'( 20%J '$%) 6#8%/2E) 25=3($ 2E=3($': 6%2E8136'&1), 61 81 &%/% 40:/#6%6'( '5Q9E:1>610:%) ' 19W%$'6%6'( 81J1B'J 2#/'#6:12 0:#612':0( 913%%/%#3?61).
&+,(03"(', 8)*//. -1=$# 20% '$%' 0=/488'/12#6E, >3%6E "1Q$E $13B6E 8/'$4&#:? $3( "#B$1) :#"1) =/488E L/#54, 2E/#QB#7@47 1061261% 56#>%6'% :%&E. K:' L/#5E 8103% /#00&1:/%6'(' 26%0%6'( 6%19J1$'&EJ '08/#23%6') 8/'19/%:#7: 0:#:40 5#=1Q312"12, 81"#5E2#7@'J, >:1 "37>%2E% :/%912#6'( 5#"#5>'"# " "#/Q:% 9#33?6EJ 1C%61" 8/1%":# — U:1 2E91/ 8/#2'3?6EJ &%/ J1$#'08136%6'(, 40:#612"# 8/#2'3 '0813?512#6'( U:'J &%/ ' 8/'64$'Q:%3?61% 26%$/%6'% (0&. /'0. 8.8). X03' =/488E 1"#5E2#7:0( 03'RQ"1& 913?R'&', 813%561 /#59':? 'J 6# 81$=/488E, 18/%$%3'2 81$5#Q=13121" $3( "#B$1).
50#$)0,(', ' /,),#+0$) 010(9"$,2%(080 3")'"($" "JJ'(?(0= >'"8)"++-. A#"16%C, "1$# 010:#23(%: 1"16>#:%3?6E)2#/'#6: $'#=/#&&E, 02(5#2 5#=1312"' 0 =/488#&'. N U:1 2/%&( 20%>3%6E "1$E %@% /#5 26'&#:%3?61 '54>#7: '6:%/2?7 0 /4"121$'Q:%3(&' ' '523%>%66E% '5 U:'J '6:%/2?7 '$%'. </#26%6'% 0 L'6#3?Q6E& 2#/'#6:1& $'#=/#&&E 81"#5E2#%: 1:04:0:2'% 6%19J1$'&10:'26%0%6'( "#"'JQ3'91 '5&%6%6'), >:1 /#6%% 9E31 6%1>%2'$61.
&G5HKLEHDMN&O MVV&NNHQ 7&MWCMPP[F08>" '#/02%;03"$%. !LL'66#( $'#=/#&&# &1B%: 8/'&%6(:?Q
0( 6% :13?"1 $3( 83#6'/12#6'( "#>%0:2# 8/1%":#, 61 ' $3( %=1 434>QR%6'( (0&. 2/%5"4 «<12%:E 81 '0813?512#6'7 #LL'661) $'#=/#&Q&E»). ./%'&4@%0:21 $'#=/#&&E "#" '60:/4&%6:# 83#6'/12#6'("#>%0:2# 5#"37>#%:0( 2 081019610:' 0:/4":4/'/12#:? '6L1/&#QC'7 1 :/%912#6'(J 5#"#5>'"12 " "#>%0:24, 193%=>#( ' 48/1@#( %%26%$/%6'% 2 /#5/#91:"4 8/1$4":# 8/1%":# ' $/4='% 8/1C%00E [19],2 /%543?:#:% >%=1 8/1$4": ' 8/1C%00E 913?R% 40:/#'2#7: 5#"#5>'Q"#. K:# 081019610:? 813%56# ' :1=$#, "1=$# 6%19J1$'&1 0:/4":4/'Q/12#:? &61B%0:21 218/1012, "1:1/E% $13B6E 9E:? /%R%6E. -/1&%:1=1, #LL'66#( $'#=/#&&# &1B%: 8/'&%6(:?0( 2 379EJ 0':4#C'Q(J, =$% :/%94%:0( 0:/4":4/'/12#6'% 913?R'J 19W%&12 '6L1/&#C'',6#8/'&%/ 8/' 210J1$(@%) /#5/#91:"% <+O (0&. /#5$%3 «<:/4":4/Q6#( $%"1&815'C'( /#91:» =3#2E 5). H019%661 813%5%6 U:1: '60:/4Q&%6: 2 40312'(J "1$61) /#91:E.
358
5,'-'
8
D),+4 )";)":0$1'. A%913?R1) "1$%, 193#$#7@%) 18/%$%Q3%66E&' 6#2E"#&', 6# /#5/#91:"4 :/%J4/126%21) #LL'661) $'#=Q/#&&E '5 15 '$%) :/%94%:0( 1: 30 $1 45 &'64:. .1 &%/% 42%3'>%6'(/#5&%/# $'#=/#&&E ' >'03%6610:' "1$E 2/%&( /#5/#91:"' 94Q$%: /#0:'.
D-80>-. .11@/(( 8/1C%00 =%6%/#C'' ' =/488'/12"' '$%), #LL'6Q6#( $'#=/#&&# 0:'&43'/4%: :21/>%0"') 81$J1$, 06'&#%: "1&&46'Q#C'166E% 9#/?%/E ' /#52'2#%: >420:21 018/'>#0:610:' 94$4@'& /%Q543?:#:#&. *#"1) &%:1$ '6'C''/4%: /#91:4 6# 10612% 25#'&61=101=3#0'( ' 815213(%: 012%/R':? 56#>':%3?6E% 8/1/E2E ' 8/%1$13%:?6%081019610:? " L46"C'16'/12#6'7, J#/#":%/647 $3( "1$, "1:1Q/E% 0:13"643'0? 0 >/%5&%/61 913?R'& "13'>%0:21& '$%).
5),'+*@,#$3" ' (,>0#$"$1'. *#"'% "#>%0:2#, "#" 8/10:1:# '0Q813?512#6'( ' 816''(, # :#"B% =/#L'>%0"1% 8/%$0:#23%6'% $%Q3#7: #LL'6647 $'#=/#&&4 6#=3($6E& '60:/4&%6:1& "1&&46'"#QC''. H$6#"1 4>:':%, >:1 8/' /#91:% 01 56#>':%3?6E& "13'>%0:21&4/126%) "3#00'L'"#C'' 810:/1%6'% #LL'661) $'#=/#&&E 0:#61Q2':0( 2%0?&# 2/%&(%&"'& $%31&.
D")'".''. !LL'66#( $'#=/#&&# — U:1 48/1@%66#( L1/&# &%Q:1$# KJ, /#5/#91:#661=1 2 1960QJ =1$#J (8160"'& #6:/18131=1&-#2#"':1) +B'/1 (Kawakita Jiro) [6]. N 1:3'>'% 1: #LL'661) $'#=Q/#&&E, &%:1$ KJ &1B%: 2"37>#:? "#" '$%', :#" ' L#":E. -/1&%:1=1, 8/1C%00 4:1>6%6'(, 2%$4@') " 015$#6'7 $'#=/#&&E, 5$%0?34>R% 0:/4":4/'/12#6.
M>"/$".'4 "JJ'((0= >'"8)"++-. I:19E 8134>':? 1: #LL'6Q61) $'#=/#&&E &#"0'?647 813?54, %% 6%19J1$'&1 #$#8:'/1Q
67E?19 !7 =6!7AHR7E;F=P ;WW=FF7S :=;D@;>>9• Z)4+)%/<.$ )#$) (' ,)+.4'F C/0'6) + 4,$<4"< 3"-$%F("+.9K. N$4+.#",&$( 7).'.9+8 + %'++."8()8 2—3 0. T+3",9;/<.$ ,)?9 ($+4",94" ($J"CF"#)01F +,"-, - )#$',$ — 6,'6", ) +/:$+.-).$,9("$.
• I'++7).1-'<.$ (' .", 7." .)3)7('8 #)'6%'00' +"#$%&). ". 20 #"30 )#$<, (" ($ /#)-,8<.$+9, $+,) )F "4'&$.+8 C",9?$ 100.
• !"%.)%"-4/ ) 6%/33)%"-4/ -13",(8<.$ 0",7', 7."C1 ($ 3%"3/+.).9-";0"&(1$ -;')0"+-8;) 0$&#/ )#$80).
• R'-"#).$ ($+4",94" 4'%."7$4 + "#("< )#$$<, $+,) E.' )#$8 3"+,$#"-'J.$,9(" 3$%$0$:'$.+8 ); "#("< 6%/331 - #%/6/K. I'+3",'6'<.$ E.) #/CJ,)4'.1 - %';(1F 6%/33'F.
• !.%$0).$+9 3%)#/0'.9 .'4)$ ;'6","-4), 4"."%1$ ".%'&'K. +/.9 -+$F)#$< - 6%/33$.
359
*,'()%"-'()$ 4'7$+.-'
2#:? " "16"/%:6E& 64B$#&. A'B% 8/'21$(:0( 8/'&%/E, "1:1/E%81&1=4: 104@%0:2':? :#"47 81$0:/1)"4.
COEUPON $#661& /#5$%3% &E /#00&1:/%3' #LL'6647 $'#=/#&&4 — '6Q
0:/4&%6:, 81&1=#7@') =%6%/'/12#:? '3' 019'/#:? &61B%0:21'$%) '3' L#":12, ULL%":'261 "3#00'L'C'/12#:? 'J ' 2E(23(:? %0Q:%0:2%6647 0:/4":4/4 U:1) "3#00'L'"#C''. -1=$# '6L1/&#C'( 1:/%912#6'(J 5#"#5>'"# 81 >#0:' "#>%0:2# 0:/4":4/'/12#6#, %% 3%=Q>% '0813?512#:? 8/' /#5/#91:"% ' 434>R%6'' 8/1$4":# ' 8/1C%00128/1%":#. N1 2/%5"% «./12%/"# #LL'661) $'#=/#&&E» 18'0#6E "37Q>%2E% #08%":E 8/'&%6%6'( $#661=1 '60:/4&%6:#.
B3%$#$,$()$ 6%'()2 — T+3",9;"-'.9 'HH)((/K #)'6%'00/:)+3",9;"-'()8 — #,8 %';%'C".4) !MI - )(("-'2)"((1F
3%"$4.'F, - 4"."%1F "%6'();'2)8 )0$$.($C",9?"< "31.;
— #,8 +)+.$0'.);'2)) )#$< 3%) %$?$()) ;'#'7;— #,8 +)+.$0'.);'2)) .%$C"-'()< ;'4';7)4'
M"C'-,$()$ ".,)7).$,9("< *%) %$?$()) ;'#'7 -4,K7).9 - #)'6%'00/"+"C$(("+.) 4'4 )#$), .'4 ) H'4.1
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
R;CAP<=1?AHF9? R;>?<;F=GN 6#0:1(@%) =3#2% 8/%$0:#23%6E :/' '60:/4&%6:# 83#6'/12#Q
6'( "#>%0:2#: 8/1=/#&&# 19%08%>%6'( "#>%0:2# 8/1%":#, 0J%&# 8/1QC%00# ' #LL'66#( $'#=/#&&# — 8/%$6#56#>%66E% $3( /#56EJ C%Q3%). *#" "#" U:' C%3' $18136(7: $/4= $/4=#, # 6% "16"4/'/47:, 20%/#00&1:/%66E% '60:/4&%6:# &1B61 '0813?512#:? 1$612/%&%661../1=/#&&# 19%08%>%6'( "#>%0:2# 815213(%: &%6%$B%/4 5#"3#$EQ2#:? 2 8/1%": "#>%0:21 0 4>%:1& :/%912#6') 5#"#5>'"# %@% 6# 6#Q>#3?61) 0:#$'' 83#6'/12#6'(. I:19E =#/#6:'/12#:? $10:'B%6'%5#83#6'/12#661=1 "#>%0:2#, 64B61 /#5/#9#:E2#:? ' 434>R#:?8/1C%00E 48/#23%6'( 8/1%":#&' — $3( U:1=1 034B': 0J%&# 8/1C%0Q0#. ./' 81$=1:12"% :/%912#6') 5#"#5>'"# $3( 8/1=/#&&E 19%08%>%Q6'( "#>%0:2# ' '0813?512#6'' 0J%&E $3( /#5/#91:"'/012%/R%6Q
!@7E?@C; ;WW=FF7S :=;D@;>>9LC$#).$+9, 7." 'HH)(('8 #)'6%'00' -4,K7'$. - +$C8:• )#$);• 4,'++)H)4'2)K )#$<;• 4'%."74) + ;'6","-4'0);• 4'%."74) + ;'6","-4'0), +"$#)($((1$ + #$<+.-/K:)0) 6%/33'0).
360
5,'-'
80:212#6'( 8/1C%0012 4 2#0 81(2':0( &61B%0:21 '$%). -3#00'L'"#QC'( ' 0'0:%&#:'5#C'( '$%) — 5#$#>' #LL'661) $'#=/#&&E. D&%):%2 2'$4, >:1 8/'&%6%6'% '60:/4&%6:12 (23(%:0( L1/?6E& ' $1"4Q&%6:'/4%&E& 2 913?R'J 8/1%":#J ' 6%L1/?6E& — 2 EJ.N 0/#26':%3?61) :#93'C% &E 913%% $%:#3?61 /#00&1:/%3' /($
8/1%":6EJ 0':4#C'), 2 "1:1/EJ 03%$4%: '0813?512#:? 18'0#66E%'60:/4&%6:E, 4"#5#2, "#"1) '60:/4&%6: (23(%:0( 6#'913%% 8/%$Q81>:':%3?6E& 2 "#B$1& 034>#%. X03' 8/%$0:#23%66E) 6#91/ 0':4Q#C') 6% 19%08%>'2#%: 6#$3%B#@%=1 18'0#6'( 8/1%":#, 8/12%$':%&15=121) R:4/& ' $19#2?:% $18136':%3?6E% 0':4#C''. H:&%:?:%34>R'% '60:/4&%6:E $3( 6'J. D60:/4&%6:, "1:1/E) 6#9%/%: &#"Q0'?61% >'031 9#3312, ' (23(%:0( 8/%$81>:':%3?6E&.
361
*,'()%"-'()$ 4'7$+.-'
A=1?@;1B@;1. Juran, J. M. 1988 “Planning for Quality” New York: Free Press.2. Kerzner, H. 2000 “Applied Project Management” New York: John
Wiley & Sons.3. AT&T Quality Steering Committee 1991 “Reengineering
Handbook” Red Bank, N.J.: AT&T Bell Laboratories.4. Garvin, D. A. 1984 “What Does Product Quality Really Mean?”
Sloan Management Review 26(1): 25—43.5. Hunt, V. D. 1992 “Quality in America” Homewood, III: Business
One Irwin.6. Evans, J. R. and W. M. Lindsay 1999 “The Management and
Control of Quality” 4th ed. Cincinnati: South—Western CollegePublishing.
7. Reeves, C. A. and D. A. Bednar 1994 “Defining Quality:Alternatives and Implications” Academy of Management Review19(3): 419—445.
8. Seawright, K. W. and S. T. Young 1996 “A Quality DefinitionContinuum” Interfaces 26(3): 107—113.
9. Smith, G. F. 1993 “The Meaning of Quality” Total QualityManagement 4(3): 235—244.
10. Hammer, M. and J. Champy 1993 “Reengineering theCorporation” New York: Harper Business.
11. University of Michigan Business School and A.S.f. Quality 1998“American Customer Satisfaction Index: I994—1998” Ann Arbor:University of Michigan Press.
12. Gryna, F. M. “Quality Planning and Analysis” 4th ed. 2001 Boston:McGraw—Hill.
13. Scholtes, P. R., B. L. Joiner, and B. J. Streibel 1996 “The TeamHandbook” 2d ed. Madison, Wis.: Joiner Associates Inc.
14. Sellers, G. 1997 “Using Flowcharts for Performance Improvement”Quality Digest 17(3): 49—51.
15. Burr, J. 1990 “The Tools of Quality, Part I: Going with the Flow(chart)” Quality Progress 23(6): 64—67.
16. Welsh, F. 1997 “Charting New Territory” Quality Progress 29(2):63—66.
17. Heather, H. 1996 “Cycle—Time Reduction: Your Key to a BetterBottom Line” Quality Digest 16(4): p. 28—32.
18. Alloway, J. A. 1997 “Be Prepared with An Affinity Diagram” QualityProgress 30(7): 75—77.
19. Brassard, M. and D. Ritter 1994 “The Memory Jogger II” Salem,N.H.: GOAL/QPC.
!'./%"()./%#"%&*.
?*4' )- ," #'*2/"+", )- ,'23$1. ," 93F+"#9'+" ,"/1.0'. &3 "*4' )- ," #'*2/"F+", )- ' ," 31"#C'+" 93I"1.
O'>#/$ A'"016
./%$&%:1& /#00&1:/%6'( 6#0:1(@%) =3#2E (23(7:0( '60:Q/4&%6:E 83#6'/12#6'( /'0"#:• 83#6 /%#='/12#6'( 6# /'0"';• #6#3'5 ,16:%Q-#/31;• $%/%21 /%R%6').
K:' '60:/4&%6:E ULL%":'26E 8/' '$%6:'L'"#C'' /'0"12 8/1Q%":#, 1C%6'2#6'' 'J 81:%6C'#3?61=1 ULL%":# ' 2E/#91:"% $%)Q0:2') 81 103#93%6'7 215&1B61=1 215$%)0:2'( (/'0. 9.1). .1$=1:12Q"# 81$1961=1 9#5121=1 83#6# /'0"12 :/%94%: $240:1/166%=1 19&%6#'6L1/&#C'%) 0 9#512E&' 83#6#&' 01$%/B#6'(, 0:1'&10:' ' /#0Q8'0#6'(. <:13? B% 2#B61) 2 $#661& 8/1C%00% (23(%:0( "11/$'6#QC'( 0 $/4='&' '60:/4&%6:#&' 1/=#6'5#C'1661=1 83#6'/12#6'( '83#6'/12#6'( "#>%0:2# ' 810:#21". N1 2/%&( L#5E '08136%6'(/%543?:#:E "16:/13( /'0"12 0:#612(:0( 1>%2'$6E&' ' 0/#26'2#Q7:0( 0 9#512E& 83#61& /'0"12. D6#>% =121/(, '60:/4&%6:E 83#6'Q/12#6'( /'0"12 815213(7: 2E/#91:#:? 0:/#:%='7 '59%=#6'( 6%B%Q3#:%3?6EJ 019E:') 2 8/1%":#J.
364
5,'-'
9
M%3? $#661) =3#2E 010:1': 2 :1&, >:19E 81&1>? &%6%$B%/#&:• 6#4>':?0( '0813?512#:? /#53'>6E% '60:/4&%6:E 83#6'/12#Q6'( /'0"#;
• 2E9'/#:? :% '60:/4&%6:E, "1:1/E% 1:2%>#7: "16"/%:61) 8/1Q%":61) 0':4#C'';
• #$#8:'/12#:? 2E9/#66E% '60:/4&%6:E.H::#>'2#6'% U:'J 6#2E"12 '=/#%: =3#2647 /13? 8/' 83#6'/12#6''
8/1%":12 ' /#5/#91:"% 8/1C%00# 0:#6$#/:'512#661=1 48/#23%6'(.
!A;F @?;D=@7E;F=G F; @=6C=
<17 1;C7? !A;F @?;D=@7E;F=G F; @=6C=?.3#6 /%#='/12#6'( 6# /'0"' 1C%6'2#%: /'0"' ' 18/%$%3(%: $%)Q
0:2'( 81 42%3'>%6'7 >'03# 93#=18/'(:6EJ 215&1B610:%) ' 4&%6?QR%6'7 "13'>%0:2# 18#0610:%) $3( C%3%) 8/1%":# [3]. KLL%":'2Q6E) 83#6 $13B%6 9E:? /%#3'0:'>6E& (2 >#0:' 1C%6"' 0%/?%5610:'/'0"12), 021%2/%&%66E&, 4>':E2#7@'& 0%9%0:1'&10:?, :/%947Q@'& 1: 20%J 4>#0:6'"12 10156#6'( 021%) 018/'>#0:610:' 8/1%":4 '6#J1$(@'&0( 21 «23#$%6''» 1:2%:0:2%661=1 3'C#. A1 =3#261% —83#6 $13B%6 9E:? 48/%B$#7@'&, 8/%$813#=#7@'& 5#93#=12/%&%6Q647 ($1 6#0:483%6'( 019E:'( /'0"#) /#5/#91:"4 $%)0:2') (/'0. 9.2)..3#6 03%$4%: /#00&#:/'2#:? 6% "#" 0/%$0:21 19%08%>%6'( 81361=1
C'#. 9.1. O13? '60:/4&%6:12 83#6'/12#6'( /'0"# 2 8/1C%00%0:#6$#/:'5'/12#661=1 48/#23%6'( 8/1%":#&'
365
*,'()%"-'()$ %)+4'
"16:/13( 019E:'), # "#" 081019 81$=1:12"' " 215&1B6E& 6%93#=18Q/'(:6E& 019E:'(&.
@;R@;871C; !A;F; @?;D=@7E;F=G F; @=6C=./'6(:'% /%R%6') — 2%/1(:61, 6#'913%% :(B%3#( /#91:#, 2E8#$#7Q
@#( 6# $137 &%6%$B%/12 8/1%":12. A%031B61 8/'6(:? /%R%6'% 2 0':4#QC'' 81361) 18/%$%3%6610:', "1=$# 20( 6%19J1$'&#( '6L1/&#C'( 4B%$10:486#, # /%543?:#:E '52%0:6E. A1, " 01B#3%6'7, >#@% 8/'J1$':0(/#91:#:? 2 40312'(J 6%81361) '6L1/&#C'' ' 6%18/%$%3%66EJ /%543?Q:#:12. K:1 ' %0:? 193#0:? 48/#23%6'( /'0"#&' 8/1%":#. F# 8/%$%3#&'$#661) 0L%/E 3%B': 193#0:? 81361) 6%18/%$%3%6610:', J#/#":%/'547Q@#(0( #90137:6E& 1:04:0:2'%& '6L1/&#C''. -16:'644& «8136#( 18Q/%$%3%6610:? ('52%0:6E%) — /'0"' ('52%0:6E% 6%'52%0:6E%) — 8136#(6%18/%$%3%6610:? (6%'52%0:6E% 6%'52%0:6E%)» '519/#B%6 6# /'0. 9.3.
C'#. 9.2. ./'&%/ 83#6# /%#='/12#6'( 6# /'0"'
366
5,'-'
9
,E #"C%6:'/4%&0( 6# 193#0:' /'0"12 84:%& /#5/#91:"' 83#6#/%#='/12#6'( 2 J1$% 8/10:1=1 C'"3#, 010:1(@%=1 '5 '$%6:'L'"#QC'', 1C%6'2#6'(, /%#='/12#6'( ' $1"4&%6:'/12#6'(. -37>%2E%:%/&'6E 01$%/B#:0( 21 2/%5"% «H06126E% 18/%$%3%6'(, 1:610(@'Q%0( " /'0"#&».
H#(03(-, 0/),>,2,('4, 0$(0#4@',#4 1 )'#1"+:• #'*2 9#3"2+.. -4&43(:'26E) ULL%": 2%/1(:610:%) 6#0:483%Q6'( 6%18/%$%3%66EJ 019E:'), 0810196EJ 1"#5#:? 1:/'C#:%3?Q61% 23'(6'% 6# C%3' 8/1%":# [1];
• *3I-+'" #'*2.. H8'0#6'% 81:%6C'#3?61 2/%$16106EJ 019EQ:'), "1:1/E% &1=4: 8/1'51):', 6#6%0( 4@%/9 8/1%":4;
• )"#3:+,3*+D #'*2.. N%/1(:610:? :1=1, >:1 019E:'% /'0"# 6#Q0:48':;
• )4':,'" #'*2. (8103%$0:2'% /'0"#, 04&&# 0:#21"). <:%8%6? 215Q$%)0:2'( 6# C%3? 8/1%":#;
• *+.+/* *3I-+': #'*2. (2%3'>'6# "/':%/'(, /#6=). ,%/# 56#Q>':%3?610:' 019E:'( /'0"#;
• #"("#) ,. 932#-+'" ,"39#"1"4",,3*+'. <4&&# $%6%= '3' 8/1Q&%B4:1" 2/%&%6', 19E>61 2"37>#%&E% 2 9#512E) 83#6 0:1'&1Q0:' '3' /#08'0#6'( 8/1%":# $3( 06'B%6'( /'0"# 8%/%/#0J1$#,02(5#661=1 0 $10:'B%6'%& C%3%) 8/1%":#, $1 8/'%&3%&1=14/126( [6];
1 D5 “Project and Program Risk Management: A Guide to Managing Project Risksand Opportunities” by R. Max. Wideman. Copyright © 2000 by Project ManagementInstitute. .%/%8%>#:#61 0 /#5/%R%6'( Project Management Institute.
C'#. 9.3. -16:'644& 6%18/%$%3%6610:' ' 83#6'/12#6'(/%#='/12#6'( 6# /'0"'1
367
*,'()%"-'()$ %)+4'
• /9#.)4",0"*2'% #"("#). <4&&# $%6%= '3' 8/1&%B4:1" 2/%&%Q6', 6% 2"37>#%&E% 2 9#512E) 83#6 0:1'&10:' '3' /#08'0#6'(8/1%":# ' '0813?54%&E% /4"121$0:21& $3( 8/%$1:2/#@%6'(6%=#:'26EJ 8103%$0:2') 94$4@'J 0':4#C'), "1:1/E% 6%215Q&1B61 08/1=615'/12#:?.
50>80$031" '#B0>(0= '(J0)+".''. - 83#6'/12#6'7 /'0"1203%$4%: 1:610':?0( 0:13? B% :@#:%3?61, 0"13? ' " 83#6'/12#6'70:1'&10:' '3' /#08'0#6'(. A#>#:? 6%19J1$'&1 0 81$=1:12"' :1>Q61) '0J1$61) '6L1/&#C'', " "1:1/1) 1:610(:0(:
• 83#6 48/#23%6'( /'0"#&';• /%543?:#:E 83#6'/12#6'( 8/1%":#;• "#:%=1/'' /'0"12;• '0:1/'>%0"#( '6L1/&#C'(..3#6 48/#23%6'( /'0"#&' — U:1 $1"4&%6:, /#5/#9#:E2#%&E)
2 6#>#3% 8/1%":# ' 8/%$0:#23(7@') 0191) =/#L'" /#91:E 0 /'0"#Q&' 2 :%>%6'% B'56' 8/1%":#. N 83#6 &1B%: 9E:? 2"37>%61 03%$47Q@%% [5]:
• <"+31343$':. D$%6:'L'C'/4%: ' 18'0E2#%: 81$J1$E, '60:/4Q&%6:E ' '0:1>6'"' $#66EJ, '0813?54%&E% $3( /#91:E 0 /'0Q"#&';
• #34' ' 3I:(.,,3*+'. H8/%$%3(%:, ":1 ' "#"47 /#91:4 2E8136(Q%: 2 J1$% 48/#23%6'( /'0"#&' 8/1%":#, 6#>'6#( 1: >3%612 8/1Q%":6EJ "1$ ' 5#"#6>'2#( >3%6#&' "1$ 48/#23%6'( /'0Q"#&' "1&8#6'';
• IE1C"+'#3).,'" ' )#"<",,-" #.<2'. P0:#6#23'2#%: 97$B%:$3( 48/#23%6'( /'0"#&' 8/1%":#, # :#"B% >#0:1:4 8/1C%001248/#23%6'( /'0"#&';
• ',*+#/<",+-. H8'0E2#%:, "#"'% "16"/%:6E% &%:1$E "#>%Q0:2%661=1 ' "13'>%0:2%661=1 #6#3'5# /'0"12 03%$4%: '0813?Q512#:? ' "1=$#;
• 3+0"+,3*+D ' 3+*4"C').,'". H8/%$%3(%: L1/&#: 83#6# /%#Q='/12#6'( 6# /'0"' ' 1:>%:#, 081019E $1"4&%6:'/12#6'( /%Q543?:#:12 $%)0:2') 81 48/#23%6'7 /'0"#&', $12%$%6'( '6QL1/&#C'' 1 6'J $1 02%$%6'( 5#'6:%/%012#66EJ 0:1/16 ' %%01J/#6%6'( $3( 6#"183%6'( 18E:# ' '523%>%6'( 4/1"12.
H>%2'$61, >:1 8/%$6#56#>%6'% 83#6# 48/#23%6'( /'0"#&' 01Q0:1': 6% 2 :1&, >:19E /#91:#:? 0 1:$%3?6E&' /'0"#&' 8/1%":#,# 2 :1&, >:19E /4"121$':? 8/1%":61) "1$1) 8/' /#5/#91:"% '8103%$47@%& &16':1/'6=% '08136%6'( 83#6# /%#='/12#6'(.O%543?:#:1& 83#6'/12#6'( 8/1%":# (23(%:0( 9#512E) 83#6 8/1Q
'521$':%3?610:' (J1$# '08136%6'(), 2"37>#7@') 2 0%9( 9#512E%83#6E 01$%/B#6'(, 0:1'&10:', 2/%&%6' (/#08'0#6'() ' "#>%0:2# —20%=1, >:1 81$2%/=#%:0( /'0"4. H93#$#6'% 8136E& 56#6'%& 19 U:'J
368
5,'-'
9/%543?:#:#J "/':'>%0"' 2#B61 $3( /#5/#91:"' 83#612 /%#='/12#Q6'(, 0810196EJ 8/1:'210:1(:? 2%/1(:6E& /'0"#&. O'0"' &1B610=/488'/12#:? 81 /#56E& 8/'56#"#&. A#8/'&%/, 81 215$%)0:2'7,1"#5E2#%&1&4 6# 8/1%":, 2E$%3(7:0( /'0"' 01$%/B#6'(, /'0"' "#Q>%0:2#, /'0"' /#08'0#6'( ' L'6#6012E% /'0"' — '6E&' 0312#&',6%081019610:? 2E8136':? /#91:E 8/1%":# 2 011:2%:0:2'' 0 5#83#Q6'/12#66E&' 01$%/B#6'%&, "#>%0:21&, /#08'0#6'%& ' 0:1'&10Q:?7. +/4=1) 081019 "3#00'L'"#C'' —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— 6#8/'&%/, /'0"',02(5#66E% 0 8/'%&10$#:1>6E&' '08E:#6'(&', 19E>61 2156'"#7:6%5#$13=1 $1 5#2%/R%6'( /#91:. D61=$# '0:1>6'"1& /'0"# &1=4:0:#:? $#B% $184@%6'( (0&. 2/%5"4 «[23(%:0( 3' /'0"1& $184@%Q6'%?»). +'6#&'>%0"#( 8/'/1$# /'0"12 $%3#%: 8/1C%00 '$%6:'L'"#QC'' ':%/#:'26E&, :/%94( 'J 810:1(661=1 8%/%0&1:/# ' 26%0%6'(2 83#6 011:2%:0:247@'J "1//%":'2 [6].
369
*,'()%"-'()$ %)+4'
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«I:1 &1B%: 81):' 6% :#"?» — '&%(2 2'$4: «-#"'% 019E:'( /'0"# 2 010:1(6'' 8123'(:? 6# 8#"%: /#91:(0:139%C 2)?» +1840:'&1 8/'&%6':? ' $/4='% 081019E "3#00'L'"#QC'' — 81 215$%)0:2'7 '3' 8%/2'>61&4 '0:1>6'"4 — 2 "#>%0:2%"16:/13?61=1 08'0"# 8/' '$%6:'L'"#C'' 215&1B6EJ /'0"12 $3(8%/21=1 8#"%:# /#91:, # 5#:%& 810:48#:? 81$196E& 19/#51& ' $3(10:#3?6EJ 8#"%:12. D0813?512#6'% <+O 2 "#>%0:2% 181/E :#"B%19%08%>'2#%: 8134>%6'% 18/%$%3%66EJ 2E=1$, 2 >#0:610:' &%B8/1Q%":647 02(5610:?, 215&1B610:? 0/#26%6'( ' 215&1B610:? 015$#Q6'( '0:1/'>%0"1) 9#5E $#66EJ /'0"12.
F"9,#$3,((0, 0.,('3"(',. H06126#( 8/193%&# 5$%0? 5#"37>#Q%:0( 2 2E(23%6'' 03'R"1& 913?R1=1 "13'>%0:2# /'0"12. -#"'% '56'J 5#034B'2#7: 26''(? H>%2'$61, :%, "1:1/E% J#/#":%/'54Q
GEAG?16G A= @=6C7> :7!BN?F=??Q.". -"3%"+ 0$($#&$%1 3%"$4.' 7'+." ;'#'K. (' +"-$:'()) 3" %$'6)%"J
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«-,'#$,92'» ) "3%$#$,$()8 0$.%)4) #,8 0"()."J%)(6' [3]. R'.$0 0$($#&$% 3%"$4.' +""C:), «-,'#$,92/» " ($"CF"#)0"+.)3$%)"#)7$+4)F 3%"-$%"4 #'((1F 3"4';'.$,$<, 7."C1 6'%'(.)%"-'.9, 7." #"J3/:$()$ ($ 3"#-$%6'$.+8 ()4'4)0 );0$($()80. T+3",9;/8 /3%$&#'K:)<3"#F"#, «-,'#$,$2» "3%$#$,), 0"0$(., 4"6#' #"3/:$()$ +.'("-).+8 %)+J4"0 (."74"< )()2)'2))), ) -";0"&(1$ #$<+.-)8 3" %$'6)%"-'()K (' %)+4.
=$+4",94" 0$+82$- +3/+.8 - +.%'($ -";()4 E4"("0)7$+4)< +3'#, ) .$031%"+.' +.',) ".%)2'.$,9(10). *%"$4.('8 4"0'(#' 3$%$+0".%$,' "+("-("$#"3/:$()$ ), 3"+4",94/ +3'# 3%$#3",'6',+8 #,).$,9(1<, %$?),', 7." #"J3/:$()$ 3%$-%'.),"+9 - %)+4, 3"+,$ 7$6" 3%)-$,' - #$<+.-)$ 3,'( %$'6)%"J-'()8 (' %)+4). T.'4, 0"&(" /.-$%&#'.9, 7." #"3/:$()$ ($ 8-,8$.+8 %)+J4"0, ' +4"%$$ +,/&). )+."7()4"0 3".$(2)',9("6" %)+4'.
370
5,'-'
97:0( 6#'913%% 56#>':%3?6E& 215$%)0:2'%& 6# 8/1%": ' 6#'913%%2E01"1) 2%/1(:610:?7 2156'"612%6'(. N6#>#3% 03%$4%: '54>':?<+O 6# 8/%$&%: 2E(23%6'( "/':'>%0"'J /'0"12 (16', 0"1/%% 20%=1,6#J1$(:0( 2 6#'913%% 2#B6EJ >#0:(J <+O), # 5#:%& 8/1#6#3'5'/1Q2#:? 215$%)0:2'%, 2%/1(:610:? ' 0%/?%5610:? "#B$1=1 /'0"#.N J1$% "#>%0:2%661=1 1C%6'2#6'( '0813?54%:0( 6%>'0312#(
R"#3# 2%/1(:610:', 6#8/'&%/ 5Q9#33?6#(:1 — 2%0?&# ĸ%/1(:61;2 — ĸ%/1(:61;3 — 2%/1(:61;4 — 2%0?&# 2%/1(:61;5 — 81>:' 6#2%/6("# [7].X03' $3( 6#$%B61=1 "13'>%0:2%661=1 1C%6'2#6'( 2%/1(:610:%),
/#00&#:/'2#%&1=1 2 03%$47@%& 8#/#=/#L%, 4 2#0 6% J2#:#%: 18E:#'3' $#66EJ, :1 28136% 8/'%&3%&E&' 94$4: "#>%0:2%66E% R"#3E.NE8136':% "#>%0:2%6647 1C%6"4 2%/1(:610:' "#B$1=1 /'0"# 81 6%Q>'03121) R"#3%, # 5#:%& 1C%6':% 'J 215$%)0:2'% — 0612# 81 $'0"Q/%:61) R"#3%, " 8/'&%/4 :#"1):
1 — 1>%6? 03#91% 215$%)0:2'%;2 — 03#91% 215$%)0:2'%;3 — 0/%$6%% 215$%)0:2'%;4 — 56#>':%3?61% 215$%)0:2'%;5 — 2%0?&# 56#>':%3?61% 215$%)0:2'%.I:19E 8/1'3370:/'/12#:? 2ER%0"#5#661%, $1840:'&, >:1 215Q
$%)0:2'% 6%"1:1/1=1 /'0"# &1B%: '&%:? :/' 8/1(23%6'(: 215/#0:%:0:1'&10:? 8/1%":#, 0$2'6%:0( /#08'0#6'%, 06'5':0( "#>%0:21. +3("#B$1=1 8/1(23%6'( 215$%)0:2'( 6%031B61 18/%$%3':? %=1 2%3'>'Q64, "#" 81"#5#61 $3( /'0"12 /#08'0#6'( 2 :#93. 9.1. .103% :1=1 "#"20% :/' 8/1(23%6'( 94$4: 8/1/#6B'/12#6E, 19@'& 215$%)0:2'%&/'0"# 0>':#%:0( &#"0'?61% '5 6'J [8].-1=$# 20% /'0"' 1C%6%6E 81$196E& 19/#51&, 03%$4%: 8/'&%6':?
L1/&434, 19W%$'6(7@47 2%/1(:610:? 2156'"612%6'( /'0"# ' %=1215$%)0:2'%, >:19E 8134>':? 81"#5#:%3? 0%/?%5610:' /'0"#. Y1:(04@%0:247: ' 6%3'6%)6E% L1/&43E, 4$196%% 210813?512#:?0( 3'Q6%)6E&':
!"#D"(,3*+D = )"#3:+,3*+D + N )3(1"%*+)'".
N — 812ER#7@') "1ULL'C'%6:. X03', 6#8/'&%/, N = 2, :1 8/' /#0Q>%:% 0%/?%5610:' /'0"# 215$%)0:2'% 94$%: '&%:? 2$21% 913?R')2%0, >%& 2%/1(:610:?. N U:1& 034>#% 1C%6%66E% 56#>%6'( 2%/1(:61Q0:' ' 215$%)0:2'( 64B61 81$0:#2':? 2 L1/&434:
!"#D"(,3*+D = )"#3:+,3*+D + 2 )3(1"%*+)'",
371
*,'()%"-'()$ %)+4'
# 8134>'2R'%0( 56#>%6'( 8/%$0:#2':? 2 2'$% &#:/'CE 5 5 «N%/1Q(:610:? — 215$%)0:2'%»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
C'#. 9.4. O#5$%3%6'% /'0"12 81 0:%8%6' 0%/?%5610:'0 81&1@?7 &#:/'CE «N%/1(:610:? — 215$%)0:2'%»
372
5,'-'
9-#"'& B% 94$%: /#54&6E) 2EJ1$ '5 015$#2R%=10( 8131B%6'(?
O%#='/4):% 6# /'0"', '&%7@'% 2 &#:/'C% 6#'2E0R') /#6=, 2831:?$1 /#6=# 40:#6123%661=1 5#/#6%% 56#>%6'( [8]. A#8/'&%/, 0L1"40'Q/4):%0? 6# /#91:% 0 /'0"#&', 9#33 "1:1/EJ 6% 6'B% 11 (0&. /'0. 9.4),# 10:#3?6E% /#00&#:/'2#):% "#" 6%"/':'>%0"'%. ./' :#"1& 81$J1Q$% 2E 6% 94$%:% /#59/#0E2#:?0( /%04/0#&' ' 2 :1 B% 2/%&( 6% 8/184Q0:':% 56#>':%3?6E% /'0"'.-#" 4B% 481&'6#310?, 8/' 6%$10:#:"% 18E:# '3' $#66EJ $3( 6#Q
$%B61) "13'>%0:2%661) 1C%6"' 28136% $10:#:1>61 "#>%0:2%661=11C%6'2#6'( /'0"12, 9#5'/47@%=10( 6# 6%>'0312EJ R"#3#J. .103%U:1=1 &1B61 8%/%J1$':? " U:#84 /%#='/12#6'(. X03' B% 4 2#0 '&%Q7:0( 18E: ' 6%19J1$'&#( '6L1/&#C'(, :1 03%$47@'& $%)0:2'%&$13B61 0:#:? "13'>%0:2%661% 1C%6'2#6'% /'0"#.
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«90%»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
373
*,'()%"-'()$ %)+4'
!+.+/* *3I-+': #'*2. = )"#3:+,3*+D #'*2. )3(1"%*+)'".
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— 1"131"/':'>%0"'&, &%6%% 7 $6%) — 6%Q"/':'>%0"'&. N1Q2:1/EJ, /%#='/12#:? 6# /'0"', '&%7@'% /%):'6=1: 6#'2E0R%=1 $1 5#/#6%% 1=121/%661=1 4/126(. N /#00&#:/'2#%Q&1& 034>#% 26''% :/%912#310? 0L1"40'/12#:? 6# 8%/2EJ10 /'0"#J.</#54 8103% 18/%$%3%6'( 0:%8%6' 215$%)0:2'( /'0"# 2156'"#%:
$/4=1) 218/10: «N3'(%: 3' $#661% 019E:'% 6# $/4='% 019E:'( /'0Q"#?» X03' 23'(%:, :#"'% 019E:'( 6%19J1$'&1 '$%6:'L'C'/12#:?.+%31 2 :1&, >:1 &61B%0:21 EJ /'0"12 &1=4: 25#'&1$%)0:212#:?,' 2 /%543?:#:% 215$%)0:2'% 04&&E /'0"12 0:#612':0( 56#>':%3?61913?R'&, >%& 04&&# 215$%)0:2') 1:$%3?6EJ /'0"12. +3( 8/%$1:2Q/#@%6'( :#"1) 215&1B610:' '6L1/&#C'( 1 5#2'0'&EJ /'0"#J 94Q$%: '0813?512#:?0( 6# 03%$47@%& R#=% $3( 1/=#6'5#C'' $%)0:2')81 /%#='/12#6'7.
C,"8')03"(',. -43?&'6#C'%) 83#6# /%#='/12#6'( 6# /'0"' (2Q3(%:0( %=1 6#'913%% :21/>%0"#( >#0:? — 18/%$%3%6'% 48/%B$#7Q@'J $%)0:2') 81 /%#='/12#6'7, "1:1/E% 2E9'/#7:0( '5 $'#8#51Q6# $%)0:2'), 215&1B6EJ 81 1:61R%6'7 " $#661&4 019E:'7 /'0"#,0 C%3?7 06'B%6'( 4=/15 $3( 8/1%":#. .1$1961% $%)0:2'% $13B6118'/#:?0( 6# 813':'"' ' 8/1C%$4/E, 40:#6123%66E% 2 83#6% 48Q/#23%6'( /'0"#&'. N >#0:610:', 8/1#":'261% $%)0:2'% 81 /%#='/1Q2#6'7 2"37>#%: 2 0%9( :/' 8/#":'>%0"'J R#=#: 8/%2%6:'261% $%)Q0:2'%, :1>"# '6'C'#3'5#C'' ' $%)0:2'% 2 034>#% 6#0:483%6'(019E:'( /'0"# (0&. /'0. 9.2, 0:139CE 8—10). ./%2%6:'261% $%)Q0:2'% 8/%$0:#23(%: 0191) 10612647 0:/#:%='7 /%#='/12#6'( 6#/'0" — 83#6 A. H$6#"1 6# 8/#":'"% U:# 0:/#:%='( &1B%: "#" /#91Q:#:?, :#" ' 6% /#91:#:?. *1>"#, 2 "1:1/1) &E 8/'56#%&, >:1 10612Q6#( 0:/#:%='( 6% /#91:#%:, %0:? :1>"# '6'C'#C''. N U:1: &1&%6: "
374
5,'-'
9'08136%6'7 8/'6'&#%:0( 5#8#06#( 0:/#:%='( — 83#6 B, 8/'52#6Q6E) 8/1:'21$%)0:212#:? /'0"4. A#8/'&%/, 8/%2%6:'26E& $%)Q0:2'%& $3( 019E:'( 9 6# /'0. 9.2 (23(%:0( #4:01/0'6= — :%0:'/12#Q6'% "#>%0:2# 8/1=/#&&61=1 19%08%>%6'( 40'3'(&' 0:1/166%)(913%% "/4861) ' 34>R% 4"1&83%":12#661) 8%/016#31&) L'/&E.X03' " 1 '76( 2%6$1/, 19%08%>'2#7@') :%0:'/12#6'%, 6% 94$%:2E9/#6, # 6#/($ 6# 5#"48"4 94$%: 2E84@%6, 8/%2%6:'261% $%)0:2'%0>':#%:0( 6%408%R6E& ' 8/'10:#6#23'2#%:0(. K:1 ' (23(%:0( :1>Q"1) '6'C'#C'', 2 "1:1/1) /%#3'54%:0( «5#8#061%» $%)0:2'% — 215Q2/#: " 8/%B6%&4 2%6$1/4, "1:1/E), J1:? ' 6% (23(%:0( "/4861)L'/&1), :%& 6% &%6%% '&%%: 2/%&( $3( 8/12%$%6'( :%0:'/12#6'(.G791% 8/'%&3%&1% $%)0:2'% 81 /%#='/12#6'7 &1B%: 9E:? 1:6%Q
0%61 " 1$61&4 '5 >%:E/%J 19R'/6EJ "3#0012: '59%=#6'%, 8%/%610,06'B%6'% ' 8/'6(:'% /'0"# [5]. D5&%6%6'% 83#6# '3' 40312') 8/1Q%":# 0 C%3?7 40:/#6%6'( 6%"1:1/1=1 /'0"# —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— '59%=#6'%, 8%/%610 '4&%6?R%6'% — 8/'&%6(7:0( :1=$#, "1=$# 2156'"R'% /'0"' '&%7:6#'2E0R') /#6=. H>%2'$61, U:' 081019E /%#='/12#6'( $13B6E9E:? 20:/1%6E 2 83#6 8/1%":#.I:1 "#0#%:0( 10:#3?6EJ /'0"12, :1 $3( /%#='/12#6'( 6# 6'J
&1B61 '0813?512#:? 0:/#:%='7 8/'6(:'(. K:# 0:/#:%='( 81$/#54Q&%2#%:, >:1 &%6%$B%/E 6% J1:(: &%6(:? 83#6 8/1%":# 3'91 6% 2'$(:081019# >%:"1 0L1/&43'/12#:? 6%19J1$'&E% $%)0:2'( $3( /#91:E0 $#66E& /'0"1& [5]. *'8'>6E) 8/'&%/ 8/'6(:'( /'0"# — 40:#612Q3%6'% /%5%/212 6# 81"/E:'% 6%18/%$%3%6610:' (0&. 2/%5"4 «<"13?"1/%5%/Q212 83#6'/12#:??»).
375
*,'()%"-'()$ %)+4'
A%1:W%&3%&1) >#0:?7 /#5/#91:"' 83#6# /%#='/12#6'( (23(7:Q0( '$%6:'L'"#C'( /'0"12 ' 6#56#>%6'% '& «23#$%3?C%2» — 3'C '3'0:1/16, 1:2%:0:2%66EJ 5# "#B$E% 8/%2%6:'261% $%)0:2'%, :1>"4'6'C'#C'' ' $%)0:2'% 2 034>#% 6#0:483%6'( 019E:'( /'0"#. P>:'Q:%, >:1 1$6' /'0"' (23(7:0( #2:161&6E&' («23#$%3?CE» %$'613'>Q61 ' 813610:?7 1:2%>#7: 5# 48/#23%6'% '&'), # $/4='% &1=4: 9E:?25#'&15#2'0'&E&'. N 8103%$6%& 034>#% /#5/#91:"# 1:610(@'J0(" 6'& 8/%2%6:'26EJ $%)0:2'), :1>%" '6'C'#C'' ' $%)0:2') 8/'6#0:483%6'' 019E:'( /'0"#, /#261 "#" ' «23#$%6'%» '&', $13B6E104@%0:23(:?0( 0 4>%:1& '&%7@'J0( 5#2'0'&10:%).
6C7AHC7 @?R?@E7E !A;F=@7E;1H?>$%($0+8 ($0("6" (';'# ) 3"%';01?,8$0 " 4"(.)(//0$ «3",('8 "3%$#$J
,$(("+.9 ();-$+.(1$) — %)+4 ();-$+.(1$ ($);-$+.(1$) — 3",('8 ($"3%$#$J,$(("+.9 (($);-$+.(1$ ($);-$+.(1$)». P'4)$ .)31 %$;$%-"- ($"CF"#)01#,8 ."6", 7."C1 '#$4-'.(" %$'6)%"-'.9 - ,KC"< ); E.)F .%$F +)./'2)<?
> +),/ 3",("+.9K "3%$#$,$(("6" F'%'4.$%' );-$+.(1$ ($ .%$C/K. ()4'J4)F %$;$%-"-. =" 4'4 4"03$(+)%"-'.9 3"+,$#+.-)8 %)+4' - +,/7'$ );-$+.(1F($);-$+.(1F? B#() H)%01 +";#'K. - C';"-"0 3,'($ ".#$,9(1< H"(#, )+J3",9;/$01< - 4'7$+.-$ %$;$%-"- %'+3)+'()8 ) +.")0"+.), ); 4"."%1F C/#$."+/:$+.-,8.9+8 3"4%1.)$ ($"3%$#$,$(("+.), — %$;$%-"- ($"3%$#$,$(("J+.); #%/6)$ --"#8. E.) %$;$%-1 - ".#$,9(1$ "3$%'2)). @1 8-,8$0+8 +."%"(J()4'0) 3$%-"6" 3"#F"#', "#('4" -."%"< 3"#F"# — 0$&#/ 3%"7)0, #"-",9("%)+4"-'((1< ();J;' ."6", 7." «-,'#$,921» "3$%'2)< +4,"((1 C$;;'+.$(7)J-" -17$%31-'.9 %$;$%-1) — 3"F"&$, 3",/7), C",$$ ?)%"4"$ %'+3%"+.%'($J()$. P'4 H"%0)%/$.+8 3"#"C(1< H"(#? !%$#) 3"3/,8%(1F 0$."#"- —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«-,'#$,$2» "3$%'J2)) -3%'-$ "C%'.).9+8 - AFC #,8 3",/7$()8 %$;$%-' +%$#+.- ),) -%$0$().
=$);-$+.(1$ ($);-$+.(1$ 'C+",K.(" ($-";0"&(" 3%$#-)#$.9, "#('4""() -+$ %'-(" +,/7'K.+8 [1]. T0$((" 3"E."0/ ($4"."%1$ H)%01 --"#8. /3J%'-,$(7$+4)$ %$;$%-1, -4,K7'K:)$ - +$C8 +%$#+.-' ),) -%$08 #,8 4"03$(J+'2)) 3"+,$#+.-)< +)./'2)< ($-13",($()8 +.")0"+.(1F ),) -%$0$((1F2$,$< 3%"$4.'. P'4 .",94" %$;$%-1 C/#/. )+3",9;"-'(1, C';"-1< 3,'( 0$J(8$.+8. P"(.%",9 ;' /3%'-,$(7$+4)0) %$;$%-'0) ".("+).+8 4 7)+,/ "C8;'(J("+.$< -1+?$6" %/4"-"#+.-', 4'4 3%'-),", +3"(+"%' 3%"$4.'.
376
5,'-'
9701*+,($')03"(',. ./%$0:#23%6'% /%543?:#:12 83#6'/12#Q
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ebQ0#):%, 6# $'0"% ' 2 /#91>%) :%:/#$' 8/1%":#, =$% 01Q$%/B#:0( $1"4&%6:E, 01J/#6(%&E% 8103% 5#2%/R%6'( 8/1%":#.
&G5HKLEHDMN&O 5KMNM COMW&CHDMN&S NM C&GF&F08>" '#/02%;03"$%. A% 04@%0:24%: 8/1%":#, "1:1/E) 9E 6% 2EQ
'=/#3 1: 6#3'>'( :#"1=1 83#6#. A%913?R'% 8/1%":E 19E>61 813#Q=#7:0( 6# "#>%0:2%661% 1C%6'2#6'% ' &#:/'C4 «N%/1(:610:? — 215Q$%)0:2'%», 1=/#6'>'2#(0? /#00&1:/%6'%& 6%0"13?"'J 019E:')/'0"#, '&%7@'J 6#'913%% 2E01"') /#6=. .3#6'/12#6'% 2 :#"'J8/1%":#J 81 8/%'&4@%0:24 6%L1/?61%, /#261 "#" ' 8%/'1$'Q>%0"'% 8%/%0&1:/E 83#6# 81 J1$4 2E8136%6'( /#91:. .3#6 /%#='/1Q2#6'( 6# /'0"' 8/'&%6':%3?61 " "/486E& ' 031B6E& 8/1%":#&'61=$# 9E2#%: >/%5&%/61 48/1@%66E&, 1$6#"1 16 R'/1"1 '0813?Q54%:0( — 0 913?R%) 0:%8%6?7 L1/'5#C'' ' 1/'%6:#C'' 6# "13'Q>%0:2%661% 1C%6'2#6'%. .10"13?"4 2 "/486EJ 8/1%":#J 26''%0"16C%6:/'/12#61 6# 913?R%& "13'>%0:2% 019E:') /'0"# 0 6#'Q2E0R'& /%):'6=1&, :1 ' 8%/'1$'>%0"'% 8%/%0&1:/E 83#6# :#"B%8/121$(:0( 0 913?R%) 0:%8%6?7 L1/'5#C''.
D),+4 '#/02%;03"('4. -1$#&, 2E8136(7@'% E% ' 8/1Q0:E% 8/1%":E, 6# 8/12%$%6'% 012%@#6'( 81 /#5/#91:"% 83#6# $10Q:#:1>61 1: 1$61=1 $1 6%0"13?"'J >#012. H$6#"1 U:1 2/%&( /#0:%:8/181/C'16#3?61 /#5&%/4 ' 031B610:' 8/1%":#. -1$%, 6%04@%)1:2%:0:2%6610:? 5# /%#3'5#C'7 913?R1=1 ' 031B61=1 8/1%":#, &1Q=4: 81:/%912#:?0( $%0(:"' >#012 6# 010:#23%6'% 83#6# /%#='/12#Q6'( 6# /'0"'.
D-80>-. .3#6 /%#='/12#6'( 6# /'0"' 81&1=#%: :@#:%3?61 8/1Q#6#3'5'/12#:? &61B%0:21 6%18/%$%3%6610:%), 19/#:':? 10191% 26'Q'% 6# 193#0:', J#/#":%/'547@'%0( 6#'2E0R'&' /'0"#&', —"#" $1 6#>#3# /#91:, :#" ' 81 J1$4 2E8136%6'( 8/1%":# [9], >:1 81Q5213(%: '5E0"#:? ULL%":'26E% 081019E 8/1#":'261=1 06'B%6'(/'0"12, # 6% 40:/#6%6'( 'J 8103%$0:2'). N /%543?:#:% 81(23(%:0(
377
*,'()%"-'()$ %)+4'
215&1B610:? '6:%=/#C'' /'0"12 6%810/%$0:2%661 2 8/1C%00 83#6'Q/12#6'( ' '08136%6'( 8/1%":# ' 19%08%>'2#%:0( 34>R%% 816'&#Q6'% C%3%), 01$%/B#6'( ' J1$# 8/1%":# [1]. -/1&% :1=1, 83#601$%/B': '6L1/&#C'7, 6%19J1$'&47 $3( 1910612#661=1 83#6'/12#Q6'( $%)0:2') 2 6%8/%$2'$%66EJ 0':4#C'(J, /#66%=1 8/%$48/%B$%6'(1 /'0"#J ' 913%% /%#3'0:'>61=1 81$J1$# " '08136%6'7 8/1%":#.
5),'+*@,#$3" ' (,>0#$"$1'. H061261% 8/%'&4@%0:21 83#6#/%#='/12#6'( 6# /'0"':
• 9#3*+3+.. K:1 1019%661 2%/61 2 1:61R%6'' "#>%0:2%661) >#0Q:' 83#6#, =$% '0813?54%:0( 6#=3($6#( C2%:12#( '6$'"#C'(4/126( 0%/?%5610:'. -13'>%0:2%66#( >#0:?, '59#23%66#( 1:0:#:'0:'"', :#"B% 8/10:# ' &1B%: 8/'&%6(:?0( "1 &61='&8/1%":#&. H$6#"1 191/1:61) 0:1/161) $#661=1 $10:1'60:2#(23(%:0( 1061261) 6%$10:#:1" &%:1$#:
•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
D")'".''. <4@%0:24%: 1=/1&61% "13'>%0:21 2#/'#C') &#:/'CE«N%/1(:610:? — 215$%)0:2'%» ' 83#6# /%#='/12#6'( 6# /'0"'. <#&#&#:/'C# &1B%: '&%:? /#53'>6E% 6#52#6'(, 6#8/'&%/ <.+#'7. #'*F23) [8] '3' PFIF+.I4'7., # 83#6 /%#='/12#6'( 6# /'0"' &1B%: '&%61Q2#:?0( #""*+#3< #'*23) [4]. N#/'#C'' 19E>61 /#53'>#7:0( R"#3#&'$3( 1C%6'2#6'( 2%/1(:610:' ' 215$%)0:2'( /'0"12, L1/&43#&' 18/%Q$%3%6'( &%/E 0%/?%5610:' ' &%:1$#&' $%3%6'( &#:/'CE 6# 516E.H$6# '5 :#"'J 2#/'#C'), '0813?54%&#( 2 &#:/'C#J «N%/1(:610:? —215$%)0:2'%», 19%08%>'2#%: /#6B'/12#6'% /'0"12, 1"#5E2#7@'J&61B%0:2%661% 215$%)0:2'% 6# :#"'% 81"#5#:%3', "#" /#08'0#6'%,0:1'&10:? ' "#>%0:21. -1=$# '$%6:'L'C'/4%:0( 1$'61>6E) /'0", %=12%/1(:610:? ' 215$%)0:2'% 6# "#B$E) 81"#5#:%3? 2E>'03(7:0( :#","#" 18'0#61 2 &%:1$%, 8/%$0:#23%661& 2 :#93. 9.1. A#8/'&%/, /#0>%:215$%)0:2'( /'0"# 6# /#08'0#6'% 034B': $3( 18/%$%3%6'( 2%0121=1"1ULL'C'%6:# %=1 2%/1(:610:' (Wsp) ' 215$%)0:2'( (Wsi). .12:1/'2U:' 18%/#C'' $3( 215$%)0:2') 6# 0:1'&10:? ' "#>%0:21, &E 8134>'&19@') /%):'6= /'0"#, /#26E) (Wsp + Wsi) + (Wcp + Wci) + (Wqp + Wqi).F#:%& 8134>%66E% 2%3'>'6E '0813?547:0( $3( /#6B'/12#6'( /'0Q
378
5,'-'
9"12. K:1: 81$J1$ 6#5E2#7: %@% 8134"13'>%0:2%66E& [4]. !6#31='>Q6E% 81$J1$E &1=4: 8/'&%6(:?0( $3( 2E>'03%6'( 0:#:40# 019E:'(/'0"# ' /#6B'/12#6'( /'0"12 2 83#6% /%#='/12#6'(.
B3%$#$,$()$ 6%'()2 !#$,'.9 3%)0$($()$ 3,'(' ($H"%0',9(10)+3",9;"-'()8 - 0',1F 3%"$4.'F, "6%'()7)-?)+9 3$%-10)
38.9K %)+4'0), ) H"%0',9(10 — - 4%/3(1F3%"$4.'F, '42$(.)%/8 -()0'()$ (' %)+4'F('7)('8 + (')-1+?$6" %'(6' ) #" ($4"."%"6";'%'($$ "6"-"%$(("6"
@"#)H)4'2)8 4"(4%$.("< G#'3.)%"-'.9 +)+.$0/ ;"(',9("6" #$,$()8F'%'4.$%)+.)4) 0'.%)21 «>$%"8.("+.9 — -";#$<+.-)$»
4 3%)(8.10 - 4"03'()) 3"%"6'0 %)+4'M"C'-,$()$ ".,)7).$,9("< — R'#'.9 3",/4",)7$+.-$((1< 3"#F"#"+"C$(("+.) 3" ".("?$()K 4 0'.%)2$ «>$%"8.("+.9 —
-";#$<+.-)$»;— --$+.) -%$0$((/K ?4',/ #,8 3%$-$(.)-(1F#$<+.-)< ) #$<+.-)< 3%) ('+./3,$())+"C1.)8 %)+4'
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
M>"/$".'4 /2"(". S4$4>' '60:/4&%6:1& 19@%=1 6#56#>%6'(,83#6 /%#='/12#6'( 6# /'0"' &1B%: $1 18/%$%3%661) 0:%8%6' 81Q&1>? "1&8#6''. I:19E '523%>? &#"0'&4& 813?5E, 6%19J1$'&1#$#8:'/12#:? %=1 " 08%C'L'"% L'/&E ' 2E8136(%&EJ 8/1%":12.A'B% 8/'21$(:0( 6%"1:1/E% 0119/#B%6'(, "1:1/E% &1=4: 81&1>?8/' :#"1) 81$0:/1)"%.
COEUPON $#661& /#5$%3% /#00&#:/'2#30( 83#6 /%#='/12#6'( 6# /'0Q
"' — '60:/4&%6:, 0 81&1@?7 "1:1/1=1 &1B61 1C%6'2#:? /'0"' ''$%6:'L'C'/12#:? $%)0:2'(, 6#8/#23%66E% 6# 42%3'>%6'% 93#=1Q8/'(:6EJ 215&1B610:%) ' 4&%6?R%6'% 4=/15 $3( C%3%) 8/1%":#.G791) 8/1%": 081019%6 '523%>? 813?54 '5 6#3'>'( 83#6# /%#='/1Q2#6'( 6# /'0"'. ,#3E% 8/1%":E 19E>61 18'/#7:0( 6# 6%L1/?Q61%, "#>%0:2%661% 1C%6'2#6'% ' 8/'6': 2 /#00&1:/%6'% 3'R?6%0"13?"1 019E:') /'0"# 6#'2E0R%=1 /#6=#. -/486E% 8/1%":E L1Q"40'/47:0( 6# 913?R%& "13'>%0:2% 019E:') /'0"# 6#'2E0R%=1/#6=# ', "/1&% :1=1, 8/121$(: L1/?6E% 8%/'1$'>%0"'% 8%/%Q1C%6"' 83#6#. .3#6 81&1=#%: 2E(2':? 193#0:' 8/1%":#, "1:1/E%J#/#":%/'547:0( 6#'2E0R'&' /'0"#&', ' 18/%$%3':? ULL%":'2Q6E% 081019E 8/1#":'261=1 06'B%6'( U:'J /'0"12. H6 :#"B% $#%:215&1B610:? 913%% 1910612#661 83#6'/12#:? 6%18/%$%3%6610:' '19%08%>'2#%: /#66%% 8/%$48/%B$%6'% 1 /'0"#J. H06126E% 8131B%Q
379
*,'()%"-'()$ %)+4'
6'(, "1:1/E% 6%19J1$'&1 4>%0:? 8/' 0:/4":4/'/12#6'' :#"1=1 83#6#,8/%$0:#23%6E 21 2/%5"% «./12%/"# 83#6# /%#='/12#6'( 6# /'0"'».
;F;A=R >7F1?\C;@A7
<17 1;C7? ;F;A=R >7F1?\C;@A7?,%:1$ ,16:%Q-#/31 (Monte Carlo Analysis — MCA) '0813?54%: &1Q
$%3? 8/1%":#, 6#8/'&%/ 0%:%21) =/#L'", $3( #6#3'5# 812%$%6'(.< U:1) C%3?7 MCA $%3#%: 034>#)647 2E91/"4 '5 /#08/%$%3%6'( 2%Q/1(:610:' $3( "#B$1) 18%/#C'' 8/' 40312'' 2E8136%6'( 8/1%":#01:6' ' $#B% :E0(>' /#5 [5], >:1 815213(%: 8134>':? 0:#:'0:'>%Q0"1% /#08/%$%3%6'% ' 8/'93'5':%3?61% 56#>%6'% $3':%3?610:'8/1%":# (/'0. 9.5). < 81&1@?7 :#"'J /#08/%$%3%6') &1B61 "13'>%Q0:2%661 18'0#:? /'0"', J#/#":%/'547@'% /#53'>6E% 2#/'#6:E/#08'0#6'), #3?:%/6#:'26EJ 0:/#:%=') '08136%6'(, 84:%) 2E813Q6%6'( 18%/#C') ' $#B% 1:$%3?6E% 18%/#C''. A#8/'&%/, 6# /'0. 9.581"#5#6# 40%Q6#( 2%/1(:610:? :1=1, >:1 8/1%": 94$%: 5#2%/R%6 6%815B% 20 &#(.
E9!7AF?F=? ;F;A=R; >7F1?\C;@A7H9E>61 MCA '&%%: $%31 0 /'0"#&' $3( /#08'0#6'(, 0:1'&10:' '
81:1"# $%6%B61) 6#3'>610:', J1:( &1=4: #6#3'5'/12#:?0( ' $/4='%#08%":E, 6#8/'&%/ "#>%0:21 "16%>61=1 8/1$4":# 8/1%":#. N C%31&2E8136':? #6#3'5 /'0"12 /#08'0#6'( 031B6%%, >%& #6#3'5 /'0"120:1'&10:', 810"13?"4 2 :#"1& 034>#% 81:/%94%:0( 40:#612':? 25#'Q&15#2'0'&10:' &%B$4 18%/#C'(&' 8/1%":# 0 C%3?7 '$%6:'L'"#C''"/':'>%0"1=1 84:'. .1 U:1) 8/'>'6% &E /#00&1:/'& &%:1$ ,16:%Q-#/31 8/'&%6':%3?61 " #6#3'54 /'0"12 /#08'0#6'( (/'0. 9.6).
G:0) '#B0>(0= '(J0)+".''. -37>%2#( /13? 2 #6#3'5% ,16:%Q-#/31 8/'6#$3%B': 03%$47@'& '6L1/&#C'166E& U3%&%6:#&:
!@7E?@C; !A;F; @?;D=@7E;F=G F; @=6C=LC$#).$+9, 7." 3,'( %$'6)%"-'()8 (' %)+4) -4,K7'$.:• )#$(.)H)2)%"-'((1$ %)+4);• 0'.%)2/ «>$%"8.("+.9 — -";#$<+.-)$»;• -$%"8.("+.) ('+./3,$()8 +"C1.)< %)+4' ) )F -";#$<+.-)8;• +.'./+ +"C1.)< %)+4';• ;'.%'6)-'$01$ +"C1.)8 %)+4';• 3%$-$(.)-("$ #$<+.-)$, ."74/ )()2)'2)), #$<+.-)$ 3%) ('+./3,$())+"C1.)8 %)+4';
• )08 «-,'#$,92'» %)+4'.
380
5,'-'
9• 83#64 48/#23%6'( /'0"#&';• 83#64 /%#='/12#6'( 6# /'0"';• 31='>%0"1) 0J%&% (0%:%21) $'#=/#&&%) '3' /#08'0#6'7 8/1%":#;• /#08/%$%3%6'(& 2%/1(:610:%).
1 D5 “Risk Analysis: A Quantitative Guide” by D. Vose. Copyright © 2000 by JohnWiley & Sons Limited. .%/%8%>#:#61 0 /#5/%R%6'( John Wiley & Sons.
C'#. 9.5. -4&43(:'261% /#08/%$%3%6'% $3':%3?610:' 8/1%":#,8134>%661% 2 J1$% #6#3'5# ,16:%Q-#/311
C'#. 9.6. ./12%$%6'% #6#3'5# ,16:%Q-#/31 $3( /'0"12 /#08'0#6'(
381
*,'()%"-'()$ %)+4'
.10"13?"4 83#6 48/#23%6'( /'0"#&' /%=3#&%6:'/4%: /#91:40 /'0"#&' 2 :%>%6'% B'56' 8/1%":#, 16 B% $13B%6 8/%$31B':? 081Q019E '0813?512#6'( #6#3'5# ,16:%Q-#/31. +/4=1) :'8 4"#5#6')01$%/B':0( 2 83#6% /%#='/12#6'( 6# /'0"': 2 >#0:610:', 5$%0? 1:Q$%3?6E% /'0"' '$%6:'L'C'/47:0(, 18'0E2#7:0( ' #6#3'5'/4Q7:0( 0 C%3?7 1C%6'2#6'(, /#6B'/12#6'( (810/%$0:21& &#:/'CE«N%/1(:610:? — 215$%)0:2'%») ' >'03%661=1 18'0#6'(, 6#/($4 0 2EQ91/1& 0:/#:%=') 8/%2%6:'26EJ $%)0:2') ' $%)0:2'), 2E8136(%&EJ8/' 6#0:483%6'' 019E:'( /'0"#. N0( U:# '6L1/&#C'( 8/'&%6(%:0(2 #6#3'5% ,16:%Q-#/31 $3( =%6%/#C'' $'#8#516# 215&1B6EJ56#>%6') $3':%3?610:' 8/1%":# (0&. 2/%5"4 «-37>%2E% 816(:'( &%Q:1$# ,16:%Q-#/31»). F$%0? 64B%6 0%:%21) =/#L'", "1:1/E) 481/(Q$1>'2#%: 18%/#C'' 8/1%":#, 1$612/%&%661 1:19/#B#( 'J 25#'&1Q5#2'0'&10:'. A%"1:1/E% &%6%$B%/E 8/%$81>':#7: 6#>'6#:? 6%0 0%:%21=1 =/#L'"#, # 0 $%:%/&'6'0:0"1=1 /#08'0#6'( 8/1%":#, 1:1Q9/#B#%&1=1, 6#8/'&%/, 2 L1/&#:% "#0"#$61) $'#=/#&&E «18%/#QC'' 6# 0:/%3"#J» 21 2/%&%661& �R:#9% (/'0. 9.7). .1$J1$(@'&2#/'#6:1& (23(%:0( :#"B% '0813?512#6'% /#08'0#6'( 81 &%:1$4"/':'>%0"1=1 84:'.
C'#. 9.7. ./'&%/ $'#=/#&&E «18%/#C'' 6# 0:/%3"#J» 21 2/%&%661&�R:#9% $3( #6#3'5# /'0"12 81 &%:1$4 <16:%Q-#/31
.134>':? $'#8#516 215&1B6EJ 56#>%6') $3':%3?610:' 8/1%":#' 011:2%:0:247@'J 2%/1(:610:%) 6%3?5( 9%5 81$=1:12"' /#08/%$%Q3%6') 2%/1(:610:' $3( $3':%3?610:%) 18%/#C') 8/1%":#. I:19E81$=1:12':? :#"'% /#08/%$%3%6'(, 64B61 1:2%:':? 6# 218/10:«<"13?"1 2/%&%6' 81:/%94%:0( $3( 2E8136%6'( :1) '3' '61) 18%Q/#C''?» ./%$8131B'&, >:1 2E 8/121$'3' U:4 18%/#C'7 4B% &61=1
382
5,'-'
9/#5 ' 20%=$# 5# 10 $6%). X03' 9E $3( "#B$1) 18%/#C'' 8/1%":# '&%Q3#0? :#"#( 1$61:1>%>6#( (1$6156#>6#() 1C%6"#, :1 8/' %% 8/'&%6%Q6'' $3( /#0>%:12 $3':%3?610:? 8/1%":# :#"B% 2E/#B#3#0? 9E:13?"1 1$6'& >'031&. N 18'0#661) 1$6156#>61) $%:%/&'6'0:0"1)&1$%3' 20% $3':%3?610:' 18%/#C') 8/1%":# L'"0'/12#6E. H$6#"12 913?R'60:2% 012/%&%66EJ 8/1%":12 :#"1) 0C%6#/') 6%215&1B%6,81U:1&4 913%% /%#3'0:'>61) 2E=3($': 03%$47@#( 2%/1(:610:6#(&1$%3?.
CAP<?E9? !7FG1=G >?17:; >7F1?\C;@A7• +,/7'<("$ +"C1.)$ — 3%"2$++ ),) );0$%$()$, %$;/,9.'. 4"."%"6" ;'J%'($$ ($ );-$+.$(;
• ($3%$%1-("$ %'+3%$#$,$()$ — +3"+"C 3%$#+.'-,$()8 4'4"<J,)C" -$J,)7)(1 - 3%$#$,'F ;'#'(("6" #)'3';"(';
• #)+4%$.("$ %'+3%$#$,$()$ — %'+3%$#$,$()$, 3%) 4"."%"0 -$,)7)('3%)()0'$. "#(" ); )#$(.)H)2)%/$01F ;('7$()<, 4'&#"$ ); 4"."%1F)0$$. -17)+,)0/K -$%"8.("+.9 -";()4("-$()8;
• #$.$%0)()+.+4'8 0"#$,9 — 0"#$,9, - 4"."%"< -+$ 3'%'0$.%1 8-,8K.+8H)4+)%"-'((10) ) )0$K. "#)("7(1$ "2$(4);
• "&)#'$0"$ (+%$#($$) ;('7$()$ (EV) — -;-$?$(("$ + /7$."0 -$%"8.("J+.) +%$#($$ ;('7$()$ -+$F -";0"&(1F %$;/,9.'."-;
• 0"#' — 4"(4%$.(1< %$;/,9.'., 8-,8K:)<+8 (')C",$$ -$%"8.(10, ."$+.9 +'0'8 -1+"4'8 ."74' (' 4%)-"< %'+3%$#$,$()8;
• 0"#$,9 — /3%":$(("$ 3%$#+.'-,$()$ )++,$#/$0"< +)+.$01, ('3%)J0$% #)'6%'00' 4%).)7$+4"6" 3/.): "(' ".%'&'$. %$;/,9.'. 3%"$4.'(- 7'+.("+.), $6" #,).$,9("+.9) ) ;('7$()$ E."6" %$;/,9.'.' (#"3/+J.)0, 18 0$+82$-);
• -$%"8.("+.9 (-";0"&("+.9, ?'(+) — 7)+," - #)'3';"($ ". 0 #" 1 (),)E4-)-',$(.("$ 3%"2$(.("$ ;('7$()$), 3"4';1-'K:$$ -$%"8.("+.9 ('J+./3,$()8 ($4"."%"6" +"C1.)8;
• %'+3%$#$,$()$ -$%"8.("+.) (H/(42)8 3,".("+.) -$%"8.("+.), -$%"8.J("+.('8 H/(42)8) — 0'.$0'.)7$+4) ),) 6%'H)7$+4) 3%$#+.'-,$((1<#)'3';"( ;('7$()< (#"3/+.)0, ". 2 #" 14 #($<), 4"."%1$ 0"&$. 3%)()J0'.9 3$%$0$(('8 (('3%)0$%, #,).$,9("+.9 "3$%'2))), ) -$%"8.("+.9."6", 7." E.' 3$%$0$(('8 3%)0$. ." ),) )("$ 4"(4%$.("$ ;('7$()$;
• +2$('%)< 3%"$4.' ().$%'2)8, )+31.'()$) — C/#/:$$ +"+."8()$ 3%"$4.';• +,/7'<('8 -1C"%4' — 3%"2$++ 6$($%'2)) +,/7'<("6" 7)+,' - #)'3';"J($ 0$&#/ 0 ) 1, 4"."%1< "3%$#$,8$. ;('7$()$ -F"#("< 3$%$0$(("< ('"+("-$ %'+3%$#$,$()8 -$%"8.("+.);
• +,/7'<('8 -$,)7)(' (+,/7'<('8 3$%$0$(('8, +."F'+.)7$+4'8 3$%$0$(J('8) — 0$%' +,/7'<("6" +"C1.)8;
• "#(";('7('8 (."7$7('8) "2$(4' — "2$(4' - -)#$ "#)("7("6" 7)+,',)0$K:'8 .",94" "#(" ;('7$()$;
• +.'(#'%.("$ ".4,"($()$ — 4-'#%'.(1< 4"%$(9 ); #)+3$%+));• +."F'+.)7$+4'8 (-$%"8.("+.('8) 0"#$,9 — 0"#$,9, 4"."%'8 -4,K7'$.- +$C8 +,/7'<(1$ 3$%$0$((1$;
• #)+3$%+)8 — "&)#'$0"$ ;('7$()$ +/001 -";-$#$((1F - 4-'#%'. ".J4,"($()< ". +%$#($6" ;('7$()8.
383
*,'()%"-'()$ %)+4'
./%$0:#2'&, >:1 18%/#C'( 1 812:1/(3#0? >/%52E>#)61 >#0:1, '%% $3':%3?610:? 1"#5#3#0? 5#"37>%6# 2 $'#8#516% 1: 5 $1 39 $6%)($'#8#516 /%543?:#:12). +3( "#B$1=1 56#>%6'(, "1:1/1% 8/'6'#$3':%3?610:? 18%/#C'' 1, &E 5#L'"0'/12#3' 011:2%:0:247@47$137 '08E:#6'). K:# $13( $3( "16"/%:61=1 /%543?:#:# 8/'93'5'Q:%3?61 /#26# 2%/1(:610:' (p) %=1 6#0:483%6'( $3( 18%/#C'' 1. .1Q34>%66E% 8/'93'5':%3?6E% 2%/1(:610:' (>%& 913?R% '08E:#6')94$%: 8/12%$%61, :%& 93'B% " '0:'661) 2%/1(:610:' 1"#B%:0( 56#Q>%6'% 6#)$%661) $13') $3( 20%J 215&1B6EJ 2EJ1$12 64B61 1:19/#Q5':? 2 2'$% /#08/%$%3%6') 2%/1(:610:' (0&. 011:2%:0:247@47"/'247 $3( 18%/#C'' 1 6# /'0. 9.6). ./%$8131B'& $#3%%, >:1 /#0Q8/%$%3%6'( 2%/1(:610:%), 10612#66E% 6# 18E:%, 04@%0:247: ' $3($/4='J 18%/#C') 8/1%":# (0&. $3':%3?610:? 18%/#C'' 2 6# /'0. 9.6).N :#"1& 034>#% 16' 9E3' 9E 93'5"' " 19W%":'26E& 2%/1(:610:(&,"1:1/E% 81 18/%$%3%6'7 8134>#7:0( 6# 10612% 81361=1 56#6'(1 0'0:%&% ' 6% 5#2'0(: 1: 049W%":'261=1 &6%6'( (0&. 2/%5"4 «I#0:1'0813?54%&E% /#08/%$%3%6'( 2%/1(:610:'»).H$6#"1 $3':%3?610:' 6%"1:1/EJ 18%/#C') &1=4: 9E:? 1$61Q
56#>6E&' (6#8/'&%/, $3':%3?610:? 18%/#C'' n 6# /'0. 9.6), # 56#Q>':, $1840:'&# "1&9'6#C'( /#08/%$%3%66EJ ' 1$6156#>6EJ $3'Q:%3?610:%). +1 :%J 81/ 81"# $3':%3?610:? 1$61) '3' 6%0"13?"'J18%/#C') (2J1$12 &1$%3') 8/%$0:#23(%: 0191) /#08/%$%3%6647 2%Q3'>'64, $3':%3?610:? 8/1%":# (2EJ1$E) :#"B% 94$%: /#08/%$%3%6Q61) 2%3'>'61) [10].A%"1:1/E% "1&8#6'' '&%7: 10612#66E% 6# 18E:% 9#5E $#66EJ,
2 "1:1/EJ J/#6(:0( 8/'93'5':%3?6E% /#08/%$%3%6'( $3( $3':%3?Q610:%) 'J 8/1%":6EJ 18%/#C'), 61 U:1 0"1/%% '0"37>%6'%, >%&8/#2'31. A# 8/#":'"% /#08/%$%3%6'( 81$=1:#23'2#7:0( 6# 10612%049W%":'26EJ 2%/1(:610:%), :1 %0:? 3'>61=1 &6%6'( 1 :1&, 8/'&%:3' $3':%3?610:? 8/1%":# $#661% 56#>%6'%.F$%0? /%"1&%6$4%:0( 5#/4>':?0( 81&1@?7 U"08%/:12 '3' 18E:Q
6EJ 4>#0:6'"12 8/1%":#. ./12%$%6'% &15=121=1 R:4/&# 012&%0:610 «23#$%3?C#&'» 18%/#C'), '54>%6'% $3':%3?610:%) 81$196EJ 18%Q/#C') 2 8/1R3EJ 8/1%":#J, "16043?:'/12#6'% 0 $/4='&' 08%C'#Q3'0:#&' "1&8#6'', 6% 4>#0:247@'&' 2 8/1%":%, — 20% U:1 81&1=#Q%: 2E(2':? /#08/%$%3%6'( 2%/1(:610:' '3' 1$6156#>6E% 1C%6"'$3':%3?610:%) [4].O#08/%$%3%6'(, 25(:E% '5 8/1R3EJ 8/1%":12, 3%="1 &1$'L'C'Q
/12#:? $3( 1:/#B%6'( '6L1/&#C'' '5 83#6# /%#='/12#6'( 6# /'0Q"', "1:1/E) (23(%:0( "/':'>%0"' 2#B6E& 2J1$6E& '6L1/&#C'16Q6E& U3%&%6:1& $3( #6#3'5# ,16:%Q-#/31. A#8/'&%/, $3( "#B$1=11:$%3?61=1 019E:'( /'0"#, /#00&#:/'2#%&1=1 2 83#6%, 18/%$%3(%:Q0( 0:#:40. ./' 6%19J1$'&10:' 10612#661% 6# 8/1R3EJ 8/1%":#J/#08/%$%3%6'% $3( /#00&#:/'2#%&1) 18%/#C'' &1B%: 9E:? /#0R'Q
384
5,'-'
9/%61, >:19E 2"37>':? 215$%)0:2'% 0:#:40# 019E:'( /'0"#. N 034>#%8/1'5213?61=1 /#08/%$%3%6'( $3( $3':%3?610:' "16"/%:61) 18%Q/#C'' U:1 156#>#%: 42%3'>%6'% &#"0'&4&# 8/' 1:/#B%6'' 0:#:40#019E:'( /'0"#. D6L1/&#C'( '5 83#6# /%#='/12#6'( 6# /'0"' 81Q5213(%: 2E(2':? /#08/%$%3%6'( 2%/1(:610:', 6#'913%% 81$J1$(Q@'% $3( "#B$1) 18%/#C'', 0 4>%:1& L#":'>%0"'J /'0"12 "16"/%:Q61=1 8/1%":#.
<;617 =6!7AHRB?>9? @;6!@?:?A?F=G E?@7G1F761=M,8 "3)+'()8 3"3/,8%("6" .%$/6",9("6" %'+3%$#$,$()8 (%)+. 9.8a) )+3",9J
;/K.+8 .%) -$,)7)(1: 0)()0',9("$ ;('7$()$ L (5), (')C",$$ -$%"8.("$ ;('7$J()$ M (10) ) 0'4+)0',9("$ ;('7$()$ H (20). *%)-$#$((1$ 7)+,' 3"4';1-'K.#,).$,9("+.9 "3$%'2)) - #(8F. !%$#($$ ;('7$()$ %'-(" (L + M + H) / 3. A$.'J%'+3%$#$,$()$ (%)+. 9.8C), )+3",9;/$0"$ #,8 "2$(4) #,).$,9("+.$< "3$%'J2)< - 0$."#$ PERT, .%$C/$. #,8 %'+7$.' .$F &$ .%$F 3'%'0$.%"-, ' )0$((":0)()0',9("$ ;('7$()$ (5), (')C",$$ -$%"8.("$ ;('7$()$ (10) ) 0'4+)J0',9("$ (20), "#('4" +%$#($$ -17)+,8$.+8 4'4 (L + 4M + H) / 6. W"6'%)H0)J7$+4) ("%0',9("$ %'+3%$#$,$()$ (%)+. 9.8-) "3)+1-'$.+8 #-/08 3'%'0$.J%'0) — +%$#()0 ;('7$()$0 (10) ) +.'(#'%.(10 ".4,"($()$0 (2). T;-$+.("$+-"$< 6)C4"+.9K 3%");-",9("$ %'+3%$#$,$()$ (%)+. 9.86) #"3/+4'$. );0$J($()$ H"%01 4%)-"< .'4)0 "C%';"0, 7."C1 ".%';).9 0($()$ E4+3$%."- [4],) "3)+1-'$.+8 0'++)-"0 ;('7$()< (7, 10, 15) + +"".-$.+.-/K:)0) )0 -$%"8.J("+.80) (2, 3, 1), 4"."%1$ ('F"#8.+8 - #)'3';"($ 0$&#/ 0)()0/0"0 (5) )0'4+)0/0"0 (20).
C'#. 9.8. O#08/%$%3%6'( 2%/1(:610:', >#0:1 '0813?54%&E%8/' #6#3'5% /'0"12 /#08'0#6'( &%:1$1& ,16:%Q-#/31
385
*,'()%"-'()$ %)+4'
D-:0) #2*9"=(080 ;("9,('4 '; 1"<>080 )"#/),>,2,('4. -1=Q$# /#08/%$%3%6'( 2%/1(:610:' 8134>%6E $3( 20%J 18%/#C') 8/1%"Q:# (8%/%&%66EJ), $3( "#B$1) 18%/#C'' 64B61 034>#)6E& 19/#51&2E9/#:? 1$61 56#>%6'% $3':%3?610:', 8/'6#$3%B#@%% 18/%$%3%6Q61&4 $'#8#5164 56#>%6'). D0813?54( &%:1$ 034>#)61) 2E91/"'(0121"48610:? 034>#)6EJ 56#>%6')), #6#3'5 ,16:%Q-#/31 =%6%/'/4Q%: 034>#)61% >'031 2 $'#8#516% 1: 0 $1 1, "1:1/1% 221$':0( 2 &#:%&#Q:'>%0"1% 4/#26%6'% $3( /#0>%:# $3':%3?610:' 18%/#C'' 01=3#061/#08/%$%3%6'7 [4]. NE91/"# &1B%: 010:#23(:?0( ' 0 81&1@?7 :#"1Q=1 ULL%":'261=1 &%:1$#, "#" Latin hypercube sampling [4]. N6% 5#2'Q0'&10:' 1: &%:1$# 034>#)6#( 2E91/"# '5 /#08/%$%3%6'( 2%/1(:61Q0:' 2E8136(%:0( :%& 0810191&, "1:1/E) 2108/1'521$': L1/&4"/'21) /#08/%$%3%6'( [4].
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
'08E:#6'), &E 8134>'& &61B%0:21 0C%6#/'%2 $3':%3?610:' 8/1Q%":#, "#B$E) '5 "1:1/EJ 94$%: 8/#2$181$196E&. N156'"#%: 218/10:«<"13?"1 '08E:#6') 6%19J1$'&1?» H9E>61 '08E:#6'( (':%/#C'')2E8136(7:0( $1 :%J 81/, 81"# 6% 94$%: $10:'=64:1 'J 8/%$40:#612Q3%661% "13'>%0:21 (N 2 :1>"% 8/'6(:'( /%R%6'( 6# /'0. 9.6), "1:1Q/1% 5#2'0': 1: >'03# 8%/%&%66EJ (18%/#C')) ' :/%94%&1) 0:%8%6'42%/%6610:', 61 19E>61 3%B': 2 $'#8#516% 1: 100 $1 1000 [4]. F#0>%: $10:#:1>61 913?R1=1 "13'>%0:2# ':%/#C') 64B61 01J/#6':?J#/#":%/'0:'"' 1/'='6#3?6EJ /#08/%$%3%6') 2%/1(:610:' $3($3':%3?610:' 18%/#C') ' "#>%0:2%661 #88/1"0'&'/12#:? :#"1%/#08/%$%3%6'% $3( 8/1%":# [10].
H:)":0$1" ),;*2%$"$03. .103% 5#2%/R%6'( '08E:#6') 4 6#094$%: N 56#>%6') $3':%3?610:' 8/1%":#, "#B$1% '5 "1:1/EJ 1:/#QB#%: 215&1B6E) 2#/'#6: /#08'0#6'(. H9/#91:"# 8134>%66EJ $#6Q6EJ 8/1=/#&&6E& 0810191& &1B%: $#:? 03%$47@'% /%543?:#:E(0&. 8/#247 >#0:? /'0. 9.6):
• 3C'1."<3" (,.0",'" (EV) 14'+"4D,3*+' 9#3"2+.. P0/%$6%6'%56#>%6') $3':%3?610:' 8/1%":#, 8134>%66EJ 2 J1$% '08E:#Q6'), $#%: 8/'93'5':%3?61% 56#>%6'% 1B'$#%&1) $3':%3?610Q:' — :1 %0:? 252%R%661% 0 4>%:1& 2%/1(:610:%) 0/%$6%% 20%J
386
5,'-'
9/%543?:#:12. I%& 913?R% "13'>%0:21 '08E:#6'), :%& 2ER%:1>610:? 6#'913%% 2%/1(:61=1 56#>%6'( ' #88/1"0'&#C''L1/&E /#08/%$%3%6'( $3( $3':%3?610:' 8/1%":#;
• 0.*+3+,3" #.*9#"1"4",'". K:4 ='0:1=/#&&4, 81"#5E2#7@471:610':%3?647 >#0:1:4 20:/%>#%&10:', 8134>#7: 84:%& =/48Q8'/12"' 0=%6%/'/12#66EJ 56#>%6') $3':%3?610:' 8/1%":#2 18/%$%3%661% "13'>%0:21 0:139C12 '3' "3#0012. I#0:1:# 011:Q2%:0:24%: "13'>%0:24 56#>%6') 2 "#B$1& "3#00%. .1$%3'2 %% 6#19@%% "13'>%0:21 56#>%6'), &E 456#%&, 6#0"13?"1 2%/1(:61 :1,>:1 $3':%3?610:? 8/1%":# (2EJ1$6#( 8%/%&%66#() 94$%: 6#J1Q$':?0( 2 $'#8#516%, 011:2%:0:247@%& $#661&4 "3#004 (/'0. 9.9);
• 2/</4:+'),.: 0.*+3+.. +#66#( $'#=/#&&# &1B%: 9E:? 2EQ8136%6# 2 210J1$(@%& '3' 6'0J1$(@%& L1/&#:#J (0&. /'0. 9.5)..%/2E) 81"#5E2#%: 2%/1(:610:? :1=1, >:1 $3':%3?610:? 8/1Q%":# 94$%: /#26# 56#>%6'7 6# 10' X '3' &%6?R% %=1, # 8103%Q$6') — 2%/1(:610:? :1=1, >:1 $3':%3?610:? /#26# 56#>%6'76# 10' X '3' 913?R% %=1. ,E /#00&1:/'& 210J1$(@') L1/&#:,810"13?"4 16 '0813?54%:0( >#@%. HB'$#%&1% 56#>%6'% 1:&%Q>%61 6# =/#L'"% >%/61) :1>"1);
• 1'.$#.<<. +3#,.13. K:# $'#=/#&&# 81"#5E2#%:, $1 "#"1) 0:%Q8%6' 6%18/%$%3%6610:? $3':%3?610:%) 1:$%3?6EJ 18%/#C')23'(%: 6# 6%18/%$%3%6610:? $3':%3?610:' 8/1%":# (/'0. 9.10),# :1>6%% — 6#0"13?"1 0'3?61 18%/#C'( (2J1$6#( 8%/%&%66#()
C'#. 9.9. ;'0:1=/#&&# >#0:1:61=1 /#08/%$%3%6'( $3':%3?610:'8/1%":#
387
*,'()%"-'()$ %)+4'
23'(%: 6# /#08'0#6'% 8/1%":# (2EJ1$ &1$%3'). <3%$12#:%3?61,>%& $3'66%% 2%/:'"#3?6#( 81310"#, :%& 0'3?6%% 23'(6'% 18%Q/#C'' 6# $3':%3?610:? 8/1%":#. <1=3#061 031B'2R%)0( 8/#"Q:'"%, /#5&%/ 81310"' 011:2%:0:24%: 0:%8%6' 215$%)0:2'(, 81QU:1&4 8/' 6#3'>'' "#" 8131B':%3?6EJ, :#" ' 1:/'C#:%3?6EJ23'(6') $'#=/#&&# 03%="# 6#81&'6#%: :1/6#$1. I:19E 6% 5#Q=/1&1B$#:? $'#=/#&&4, 1=/#6'>?:%0? '519/#B%6'%& :%J 18%Q/#C') (8%/%&%66EJ), "1:1/E% 1"#5E2#7: 23'(6'% 1: &#"0'Q?61=1 $1 >%:2%/:' &#"0'?61=1 [4].
M("2'; ' '($,)/),$".'4 ),;*2%$"$03. O%543?:#:E #6#3'5#/'0"12 /#08'0#6'( $13B6E '6:%/8/%:'/12#:?0( :#", >:19E $#:?(06E% 1:2%:E 6# 810:#23%66E% 218/10E. .1 U:1) 8/'>'6% C%3%01Q19/#561 03%$12#:? >%:E/%& 8/'6C'8#& #6#3'5# /'0"12 [4]:
• L1"40'/12#:?0( 6# 8/193%&%;• 021$':? 0:#:'0:'"4 " &'6'&4&4;• '0813?512#:? =/#L'>%0"1% 1:19/#B%6'% 2%5$%, =$% 6%19J1$'&1;• 816'&#:? $184@%6'(, 8/'6(:E% 2 &1$%3' (6#8/'&%/, 2 $'#=Q/#&&% «18%/#C'' 6# 0:/%3"#J» 21 2/%&%661& �R:#9%).
./%$8131B'&, >:1 8/1%":6#( "1$# 6#&%/%2#%:0( 2E8136':?#6#3'5 /'0"12 /#08'0#6'(, >:19E 8134>':? 1:2%:E 6# 03%$47@'%218/10E:
• A#0"13?"1 2%/1(:61, >:1 "1$# 04&%%: 5#2%/R':? 8/1%":" "/#)6%&4 0/1"4 (20 &#(), 40:#6123%661&4 /4"121$0:21&?
• X03' 2%/1(:610:? 93#=18/'(:61=1 '0J1$# 010:#2': &%6%% 90%(:#"1% 56#>%6'% 8/%$81>:':%3?61 0 :1>"' 5/%6'( "1$E),"#" $1=121/':?0( 0 /4"121$0:21& 1 0$2'=% "/#)6%=1 0/1"#?
C'#. 9.10. ./'&%/ $'#=/#&&E :1/6#$1
388
5,'-'
9• X03' 218/10 1 8%/%610% "/#)6%=1 0/1"# 94$%: 408%R61 /%R%6,"#" 18/%$%3':? :/' 18%/#C'', 6#'913%% 0'3?61 23'(7@'% 6#$3':%3?610:? 8/1%":#?
+3( :1=1 >:19E 8134>':? 1:2%: 6# 8%/2E) 218/10, 6%19J1$'&1 6#=/#L'"% "4&43(:'261) >#0:1:E (/'0. 9.5):
• 1:&%:':? 6# 10' X $#:4, "1:1/#( 011:2%:0:24%: "/#)6%&4 0/1"4(20 &#(), 40:#6123%661&4 /4"121$0:21&;
• 0$2'64:?0( 1: U:1) $#:E 22%/J $1 8%/%0%>%6'( 0 "/'21) "4&4Q3(:'261) >#0:1:E;
• 0$2'64:?0( 1: :1>"' 8%/%0%>%6'( 23%21 $1 8%/%0%>%6'( 0 10?7Y. F6#>%6'%, 6#J1$(@%%0( 6# 10' Y (40%), ' %0:? 2%/1(:610:?:1=1, >:1 8/1%": 4$#0:0( 5#2%/R':? " 40:#6123%661&4 0/1"4.
<12%/R%661 (061, >:1 2%/1(:610:? 1>%6? #, —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
7@'% 6#'913?R%% 23'(6'% 6# $#:4 5#2%/R%6'( 8/1%":# ' 81:1&4:/%947@'% 10191=1 26''( 8/' 2E8136%6'' 8/1%":# (:/%:')218/10). -1$# 816'&#%:, >:1 8/121$'&E) #6#3'5 ,16:%Q-#/3110612#6 6#: (#) '5&%6%661) 31='"% $'#=/#&&E «18%/#C'' 6# 0:/%3Q"#J» 21 2/%&%661& �R:#9% ' (9) '5&%6%66EJ /#08/%$%3%6'(J 2%Q/1(:610:' $3( 18%/#C'), 9#5'/47@'J0( 6# 612EJ 19(5#:%3?0:2#J81 2E$%3%6'7 /%04/012.D6E&' 0312#&', 2 021'J $%)0:2'(J "1$# /4"121$0:212#3#0?
>%:E/?&( 8/'6C'8#&' #6#3'5# /'0"12 /#08'0#6'(.
389
*,'()%"-'()$ %)+4'
&G5HKLEHDMN&O MNMK&EM PHNTO?FMCKHF08>" '#/02%;03"$%. */#$'C'1661 031B'310? :#", >:1 913?R'% '
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«>:1, %03'», MCA 94$%: 4$196%%, >%& $%/%21 /%R%6') [10]. N 0':4#C'',"1=$# 18/%$%3(7@'&' 8/' 2E91/% 8/1%":#, 6#8/'&%/, 2 8/1C%00% 1:Q91/# 264:/' "1&8#6'', 0:#612(:0( 1>%6? :16"'% 67#60E, #6#3'5,16:%Q-#/31 :#"B% 8/%$0:#23(%:0( 2%/6E& 2E91/1&.
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
D-80>-. .%/216#>#3?6E% /#08'0#6'( ' 97$B%:E 8/1%":# >#0Q:1 1"#5E2#7:0( 6%/%#3'0:'>6E&', :1>6%% 6%#$%"2#:6E&', '5Q5#6%18/%$%3%6610:', 021)0:2%661) 18%/#C'(& 8/1%":#. I:19E "#"Q:11:/%#='/12#:? 6# U:4 6%18/%$%3%6610:?, &61='% "1$E 8/'02#'Q2#7: 18%/#C'(& 8/1'5213?6E% 56#>%6'( $3':%3?610:' '3' 0:1Q
390
5,'-'
9'&10:' ' 6#$%7:0( 6# 34>R%% [8]. ,%:1$ MCA, 6#8/1:'2, 19%08%>'Q2#%: &61=10:1/166%%, $%:#3?61% 8/%$0:#23%6'% 02(5#661) 0 /'0"#Q&' 8/193%&E, >:1 2#B61 2 /($% 0':4#C') (0&. 2/%5"4 «A#2%/6("#'3' 2%/1(:61?»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
5),'+*@,#$3" ' (,>0#$"$1'. ,%:1$ ,16:%Q-#/31 J#/#":%/'Q54%:0( /($1& 8/%'&4@%0:2 [4]:
• 9#3*+.: <.+"<.+'2.. NE>'03%6'(, 6%19J1$'&E% $3( #6#3'Q5# ,16:%Q-#/31, 2%0?&# 8/10:E. +#B% 22%$%6'% 031B6EJ 4/#2Q6%6') '3' &1$%3'/12#6'% "1//%3(C'' ' '6EJ 25#'&15#2'0'Q&10:%) (6#8/'&%/, 0:%8%66EJ '3' 31=#/'L&'>%0"'J L46"C'),4:2%/B$%6') :'8# «X03'» ' :. $.) 6% 015$#%: $18136':%3?6EJ:/4$610:%);
• 4"$23*+D '*934D(3).,':. <4@%0:247: J1/1R'% 8/1=/#&&6E%8#"%:E, #2:1&#:'5'/47@'% 8/12%$%6'% MCA, :1 %0:? "1&8?7Q:%/ 2 010:1(6'' 2E8136':? 207 /#91:4, 6%19J1$'&47 $3( =%6%Q/#C'' /%543?:'/47@%=1 /#08/%$%3%6'(;
• 4"$23*+D '(<",",':. N6%0%6'% '5&%6%6') 2 &1$%3?, #6#3'5'Q/4%&47 &%:1$1& ,16:%Q-#/31, — U:1 9E0:/E) 8/1C%00, 81521Q3(7@') 0/#26'2#:? :%"4@47 &1$%3? 0 8/%$E$4@'&'. D003%Q$12#6'% 812%$%6'( "#B$1) '5 &1$%3%) :#"B% 6% 8/%$0:#23(%:031B610:%);
• (.23,,3*+D. ,%:1$ ,16:%Q-#/31 — $10:#:1>61 '52%0:6E) '81843(/6E) '60:/4&%6:, # 56#>':, 8/1%":6#( "1$# ' /4"1Q21$0:21 0 913?R'& 26''%& 1:6%04:0( " %=1 /%543?:#:#&.
I#0:1 &%:1$ ,16:%Q-#/31 81$2%/=#%:0( "/':'"% 5# 03%$47@'%6%$10:#:"':
391
*,'()%"-'()$ %)+4'
• *43C,3*+D. Y1:( &%:1$ ,16:%Q-#/31 10612#6 6# 8/10:1) &#:%Q&#:'"%, 16 0:/1':0( 6# "16C%8C'' 2%/1(:610:', "1:1/1) &61Q='& &%6%$B%/#& 8/1%":12 %@% 8/%$0:1': 123#$%:?;
• 9#'I4'('+"4D,3*+D. NEJ1$6E% /#08/%$%3%6'( 2%/1(:610:'8/'93'5':%3?6E, "#" =121/(: "/':'"'. K:1 $%)0:2':%3?61 :#"2 034>#% =1 >'03# ':%/#C'), 1$6#"1 8/193%&# 3%="1 /%R#Q%:0( 84:%& 42%3'>%6'( "13'>%0:2# ':%/#C') 2831:? $1 $10:'QB%6'( :/%94%&1=1 4/126( :1>610:';
• )#"<:"<23*+D. -1&8?7:%/4 64B61 &61=1 2/%&%6' $3( =%6%/#QC'' ':%/#C').
M>"/$".'4 +,$0>" P0($,?F")20. MCA — U:1 '60:/4&%6: #6#Q3'5# /'0"12, "1:1/E) '&%%: 1=/1&647 C%6610:? ' /%"1&%6$4%:0(" '0813?512#6'7 2 913?R%) >#0:' 8/1%":12, 0:#3"'2#7@'J0( 0 6%Q18/%$%3%66E& 1"/4B%6'%&, =$% 8/1'0J1$': 2E8136%6'%. H9@')2'$ &%:1$# ,16:%Q-#/31, 18'0#66E) 2ER%, 6%19J1$'&1 #$#8:'/1Q2#:? " "16"/%:61) 0':4#C''. < U:1) C%3?7 &E 8/%$3#=#%& 6%0"13?Q"1 2#/'#6:12 81$1961) 81$0:/1)"'.
F;E?@FGC; =A= E?@7G1F7?M&"( 5,$((, +.'%?)< 0$($#&$% H)%01, %'C".'K:$< - +H$%$ -1+"4)F
.$F(","6)<, %'++4';1-'$.: «> ('?$< 4"03'()) %'(9?$ C1," 3%)(8." )(.$J%$+"-'.9+8 / 0$($#&$%"- " ."0, ('+4",94" "() /-$%$(1 - ;'-$%?$()) 3%"J$4.' 4 4%'<($0/ +%"4/. @$($#&$%1 "2$()-',) %)+4 ($-13",($()8, ('3%)J0$%, .'4)0 "C%';"0: «X (' 70% /-$%$(, 7." ;'4"(7/ 3%"$4. 4 1 0'8» — 3%)7$0+,"-" /-$%$( (' +'0"0 #$,$ )+3",9;"-',"+9 - ;('7$()) -$%"8.(" ),) -";J0"&(". B.-$. - ;('7).$,9("< +.$3$() "+("-1-',+8 (' )(./)2)), 3"+4",94/"() ()4"6#' ($ 3",9;"-',)+9 4'4)0)J,)C" )(+.%/0$(.'0) #,8 "2$(4) +.$J3$() /-$%$(("+.). *%) E."0 ('0 4';',"+9, 7." 01 ;'0$.(" 3"-1+),) +-"K"+-$#"0,$(("+.9 " %)+4'F ) "+";(',) ($"CF"#)0"+.9 3,'(' %$'6)%"-'()8(' %)+4).
B#('4" 3"4';'.$,9 /-$%$(("+.) — E." ($ +/CO$4.)-("$ ":/:$()$, ' 7)+J," - #)'3';"($ ". 0 #" 1, 4"."%"$ 3"4';1-'$. +.$3$(9 /-$%$(("+.) - )+.)(("J+.) /.-$%&#$()8 ),) +/&#$()8. =",9 +"".-$.+.-/$. ".+/.+.-)K )(H"%0'2))),) ;('()8, ' $#)()2' — 3",("< /-$%$(("+.). ! #%/6"< +."%"(1, -$%"8.J("+.9 ";('7'$. -";0"&("+.9 ('+./3,$()8 +"C1.)8. T F".8 E.) #-' +,"-' )0$JK. "7$(9 %';(1$ ;('7$()8, 8 ($ 31.',+8 );0$().9 +3"+"C )F )+3",9;"-'()8- 4"03'()). *"7$0/? >"J3$%-1F, 7."C1 ($ 3%"-"2)%"-'.9 +"3%".)-,$()$ +"+."%"(1 ,K#$<, 4"."%1$ +7).',) #'((1< 0$."# 3%$-"+F"#(10. T, -"J-."J%1F, 3"."0/, 7." -+$ +".%/#()4) )+3",9;"-',) +,"-" /-$%$( - ;('7$()) -$J%"8.(".
@1 ($ +.',) 0$(8.9 0$."#","6)K. B#('4" 8 3",'6',, 7." "+("-1-'.9+8(' )(./)2)) 3%) "2$(4$ +.$3$() /-$%$(("+.) 3%)0).)-(" ) ($3"+,$#"-'J.$,9(". *"E."0/ 8 3%"-$, '4.)-(/K %'C"./ 3" -($#%$()K '(',);' @"(.$JP'%," - ('?/ +)+.$0/ "2$(4). N$3$%9 #,8 ."6", 7."C1 "2$().9, ('+4",94"-$%"8.(" ;'-$%?$()$ 3%"$4.' 4 /+.'("-,$(("0/ +%"4/, 01 -13",(8$0MCA, (" ($ )+3",9;/$0 +,"-" «-$%"8.("», ', 4'4 ) %'(9?$, 6"-"%)0, 7." 01/-$%$(1».
392
5,'-'
9
COEUPO./%$&%:1& /#00&1:/%6'( $#661=1 /#5$%3# (23(30( #6#3'5 ,16Q
:%Q-#/31 — '60:/4&%6:, '0813?547@') &1$%3? 8/1%":#, 6#8/'&%/0%:%21) =/#L'", $3( #6#3'5# %=1 812%$%6'( ' /'0"12. H8'0#66E)'60:/4&%6: 8/'52#6 06'5':? /'0"' 810/%$0:21& 091/# #/=4&%6:128/1:'2 6%19W%":'261=1 81$J1$# ' 8134>%6'( /%04/012, 6%19J1$'Q
B3%$#$,$()$ 6%'()2 – T+3",9;"-'.9 MCA -" -+$F 3%"$4.'F,)+3",9;"-'()8 .%$C/K:)F C",$$ 1000 7$,"-$4"7'+"-
(- 4%/3(1F 3%"$4.'F).— T+3",9;"-'.9 @!G #,8 '(',);' %)+4"-+ '42$(."0 (' %)+4'F %'+3)+'()8 (- 4"03'()8F,+.%"8:)F +-"$ 4"(4/%$(.("$ 3%$)0/:$+.-"(' +"4%':$()) -%$0$() -1F"#' (' %1("4).
— T+3",9;"-'.9 @!G #,8 '(',);' %)+4"-+ '42$(."0 (' %)+4'F +.")0"+.) (- 4"03'()8F,+.%"8:)F +-"$ 4"(4/%$(.("$ 3%$)0/:$+.-"(' /0$(9?$()) +.")0"+.)).
— T+3",9;"-'.9 @!G + '42$(."0 (' 7)+."<3%)-$#$(("< +.")0"+.) 3%) ".C"%$ ("-1F3%"$4."-.
— *%)(8.9 3%'4.)4/, +"6,'+(" 4"."%"<3%"$4.(1$ 4"0'(#1 -,'#$K. MCA, 4"."%1<-13",(8$.+8 3%"$4.(10 "H)+"0 (#,8"%6'();'2)<, )0$K:)F 3%"$4.(1< "H)+)
@"#)H)4'2)8 4"(4%$.("< – T+3",9;"-'.9 ()+F"#8:)< H"%0'. #,8F'%'4.$%)+.)4) #)'6%'001 4/0/,8.)-("< 7'+.".1 -0$+."
-"+F"#8:$6" H"%0'.'M"C'-,$()$ ".,)7).$,9("< — MCA - C",9?)F 3%"$4.'F #",&$("+"C$(("+.) +"3%"-"&#'.9+8 ".7$."0 "C '(',);$ %)+4"-,
-4,K7'K:)0 - +$C8 #"3/:$()8 0"#$,),6%'H)7$+4"$ 3%$#+.'-,$()$ %$;/,9.'."-) -1-"#1 ($+,) .'4"-1$ )0$K.+8) [4].
— M"C'-).9 ) 6%'H)4 .%$(#', $+,) ."6" .%$C/$.+)./'2)8
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
!@7E?@C; >?17:; >7F1?\C;@A7LC$#).$+9, 7." 0$."# @"(.$JP'%," "+("-'( (':• 3,'($ %$'6)%"-'()8 (' %)+4);• 0"#$,) 3%"$4.';• %'+3%$#$,$()8F -$%"8.("+.) #,8 3$%$0$((1F.B( .'4&$ #",&$( 3%");-"#).9 %$;/,9.'.1, -4,K7'K:)$ - +$C8 4'4 0)J
()0/0:• "&)#'$0"$ ;('7$()$;• #)'6%'00/ 7'+.".("6" %'+3%$#$,$()8;• 4%)-/K 4/0/,8.)-("< 7'+.".1.I$;/,9.'.1 '(',);' %)+4"- #",&(1 )(.$%3%$.)%"-'.9+8 .'4, 7."C1 #'.9
7$.4)$ ".-$.1 (' 3"+.'-,$((1$ -"3%"+1.
393
*,'()%"-'()$ %)+4'
&EJ $3( 2E8136%6'( 8/1%":# B%3#%&E& 19/#51&. +3( U:1=1 MCA'003%$4%: "#B$E) 0C%6#/') 8/1%":#, 2"37>#( U"0:/%?6E% 2#Q/'#6:E, >:19E 810&1:/%:?, "#"'% 40312'( 8/'21$(: " :%& '3''6E& /%543?:#:#&. *#"1) 81$J1$ 81&1=#%: 6% :13?"1 49%$':?0(2 /%#3'0:'>610:' 8/1%":#, 61 :#"B% 1:$%3':? 215&1B61% 1: 6%215Q&1B61=1. N 1061261& &%:1$ ,16:%Q-#/31 813%5%6 $3( 913?R'J '031B6EJ 8/1%":12. -37>%2E% 8131B%6'( $#661=1 /#5$%3# 8/%$Q0:#23%6E 21 2/%5"% «./12%/"# &%:1$# ,16:%Q-#/31».
:?@?E7 @?X?F=S
<17 1;C7? :?@?E7 @?X?F=S?+%/%21 /%R%6') — U:1 =/#L'>%0"') '60:/4&%6: $3( #6#3'5#
8/1%":6EJ 0':4#C'), 6#J1$(@'J0( 81$ 215$%)0:2'%& L#":1/12/'0"#. +%/%21 /%R%6') (/'0. 9.11) 1:19/#B#%: 8103%$12#:%3?6E%/%R%6'( 2 2'$% 2%:2%) $%/%2#, /#0813#=#7@'J0( 03%2# 6#8/#21.N%:2' 9%/4: 021% 6#>#31 '5 '0J1$61) :1>"' 8/'6(:'( /%R%6'( '«/#5/#0:#7:0(» 2831:? $1 8134>%6'( "16%>6EJ /%543?:#:12 [11]..4:? 2$13? 2%:2%) $%/%2# 010:1': '5 8103%$12#:%3?610:' 1:$%3?Q6EJ /%R%6') ' 034>#)6EJ 019E:'). I:19E 1C%6':? /%R%6'(, 6%19QJ1$'&1 /#00>':#:? 1B'$#%&1% 56#>%6'% "#B$1=1 84:', «02%/642»$%/%21 2 19/#:61& 6#8/#23%6'' — 1: "16%>6EJ :1>%" $1 '0J1$61)[12]. S13%% 81$/196#( '6L1/&#C'( 8/'21$':0( 21 2/%5"% «.(:? "1&Q816%6:12 :'8'>61=1 $%/%2# /%R%6')».
;F;A=R :?@?E; @?X?F=S,'6'&'5#C'( /'0"12 8/' /#91:% 0 $#66E& &%:1$1& >#0:1 /#0Q
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
50>80$031" '#B0>(0= '(J0)+".''. ./' 810:/1%6'' ' #6#3'Q5% $%/%2# /%R%6') =3#26#( /13? 8/'6#$3%B': 03%$47@'& '6L1/Q&#C'166E& U3%&%6:#&:
• 83#64 48/#23%6'( /'0"#&';• 83#64 /%#='/12#6'( 6# /'0"';• 8/1>%) '6L1/&#C'' 1 8/1%":%.
394
5,'-'
9
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
H/'#"(', ),6,('4 3 *#203'4B )'#1". +3( 8/'6(:'( 6#'34>QR%=1 /%R%6'( 2 8%/247 1>%/%$? 6%19J1$'&1 816''% "16:%"0:#' 02(5#66EJ 0 6'& /'0"12 8/1%":#. +10:'>? $#661) C%3' 4$196%%20%=1 84:%& 18'0#6'( /%R%6'(.
C'#. 9.11. +%/%21 /%R%6') $3( 8/1%":61) 0':4#C'', 6#J1$(@%)0(81$ 215$%)0:2'%& L#":1/12 /'0"#
395
*,'()%"-'()$ %)+4'
./'2%$%& 8/'&%/. -1&8#6'( Fast Corporation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
• ("4",.: (G). N6%$/':? 8/#2'3# &#/R/4:'5#C'' 2 $'5#)6 C%6:Q/#3?61=1 &1$43( 6# /#66%) 0:#$'';
• C"4+.: (Y). ./%$0"#5#:? 8/#2'3# &#/R/4:'5#C'' 6# /#66%)0:#$'' ' &1$'L'C'/12#:? 'J 2 "16C% 8/1%":'/12#6'( C%6:Q/#3?61=1 &1$43(;
• 2#.*,.: (R). N6%$/':? 8/#2'3# &#/R/4:'5#C'' 2 $'5#)6 C%6:Q/#3?61=1 &1$43( 2 "16C% %=1 8/1%":'/12#6'(.
N:1/#( 6%18/%$%3%6610:? 02(5#6# 0 :1) >#0:?7 C%6:/#3?61=1&1$43(, "1:1/#( 810:#23(%:0( 2 =1:121& 2'$% ' 6% 5#2'0': 1: '5Q9/#661) #3?:%/6#:'2E. K:1: 931" 8/1'521$(: $2# "16"4/'/47@'J2%6$1/#, 8123'(:? 6# "1:1/EJ 6%215&1B61; 913%% :1=1, 16' #6160'Q/12#3' 1$64 ' :4 B% $#:4 81(23%6'( 196123%661=1 931"# 6# /E6"%.I:19E 8/%$0:#2':? 18'0#6'% /%R%6'( ' 8/12%0:' %=1 #6#3'5, "1Q$# 06#>#3# $13B6# 810:/1':? &1$%3?.
!G1H C7>!7F?F17E 1=!=<F7D7 :?@?E; @?X?F=S• L;,1 %$?$()< (."74) 3%)(8.)8 %$?$()8). @"0$(.1 -%$0$(), 4"6#'3%")+F"#). 3%)(8.)$ %$?$()< ,)C" -1C"% ',9.$%('.)-. =' +F$0$);"C%'&'K.+8 - -)#$ 4-'#%'."- ) 4"(.%",)%/K.+8 0$($#&$%"0. ='J7',9(1< /;$, (';1-'$.+8 4"%($0.
• L;,1 +,/7'<(1F +"C1.)< (-$%"8.("+.(1$ /;,1, ."74)). @"0$(.1 -%$J0$(), 4"6#' ('+./3'$. +,/7'<("$ +"C1.)$ + .$0 ),) )(10 %$;/,9.'."0.=' +F$0$ "C";('7'K.+8 4%/&4'0). @$($#&$%1 ($ "C,'#'K. 4"(.%",$0('# E.)0) 0"0$(.'0).
• >$.-). W)()), 3"+,$#"-'.$,9(" +"$#)(8K:)$ /;,1 %$?$()< ) /;,1+,/7'<(1F +"C1.)<. >$.-), -1F"#8:)$ ); /;,' %$?$()8, +"".-$.+.-/K.-";0"&(10 %$?$()80, ' ,)()), ".-$.-,8K:)$+8 ". /;,"- +,/7'<(1F+"C1.)<, — -";0"&(10 %$;/,9.'.'0 -$%"8.("+.(1F +"C1.)<.
• >$%"8.("+.). >$%"8.("+.) ('+./3,$()8 +"C1.)<, 3"4';'((1$ (' -$.-8F,4"."%1$ 3%$#+.'-,8K. E.) +"C1.)8. P'4 3%'-),", 3"#7)(8K.+8 "3%$#$J,$((10 /+,"-)80. M,8 ,KC"6" +,/7'<("6" /;,' +/00' -$%"8.("+.$<%'-(' 1.
• B.#'7'. I$;/,9.'. 4'&#"< ',9.$%('.)-1, "."C%'&'$01< - 4"(2$ +"".J-$.+.-/K:$< -$.-): 3%)-$#$((1$ +.")0"+.), #)+4"(.)%"-'((1$ 4 #'.$4"%($-"6" %$?$()8, ,)C" +.")0"+.).
396
5,'-'
950#$)0,(', +0>,2'. ,1$%3? /'04%:0( 03%2# 6#8/#21 ($3( 34>R%=1
816''( 8/1C%00# 19/#:':%0? " 2/%5"% «.(:? "1&816%6:12 :'8'>Q61=1 $%/%2# /%R%6')»). *#"'& 19/#51&, 6#>#:? 03%$4%: 0 1:19/#B%6'(453# /%R%6'( (19156#>%661=1 "2#$/#:1& 0 61&%/1& 1), 5#:%& 8/'/'01Q2#:? " %=1 8/#21) 0:1/16% :/' 2%:2' — 81 >'034 215&1B6EJ 8/1%":6EJ#3?:%/6#:'2 — 5%3%647, B%3:47 ' "/#0647 (0&. /'0. 9.11).A# "16C% "#B$1) 2%:2' 64B61 /#5&%0:':? 034>#)6E) 45%3 ("/4BQ
"' 0 61&%/#&' 2, 3 ' 4) ' 2E2%0:' '5 6'J 81 $2% 2%:2', "#B$#( '5"1:1/EJ 8/%$0:#23(%: 0191) 2EJ1$ 2%/1(:610:61=1 019E:'( — 81Q(23%6'% 6# /E6"% 8%/2E& 2%6$1/# 1 '3' 2%6$1/# 2. D J1:( 81Q0:/1%6'% &1$%3' — 8/1C%00 $10:#:1>61 1$6119/#56E), 0#&# &1$%3?815213(%: 34>R% 816(:? 04:? 8/1C%00#. -#" 0"#5#3 1$'6 08%C'#3'0:2 193#0:' 8/'6(:'( /%R%6'), :#"'% &1$%3' 81&1=#7: 1C%6':?0 :1>"' 5/%6'( 5$/#21=1 0&E03# :% /%R%6'(, "1:1/E% 03'R"1&031B6E $3( 6%L1/'512#661=1 2108/'(:'( [12].
H.,('3"(', 3,)04$(0#$' 30;+0<(-B ),;*2%$"$03. -1$#8/1%":# /#5/#91:"' 0%/2%/# Fast Corporation 6% &1B%: B$#:? L#"Q:'>%0"1=1 81(23%6'( 6# /E6"% 6%19J1$'&1=1 931"# 1: 8%/21=1 8/%$Q0:#2'2R%=1 %% 2%6$1/# (2%6$1/# 1 '3' 2%6$1/# 2), :#" "#" U:1 56#>'Q:%3?61 4$3'6': /#08'0#6'% ' 810:#2': 81$ 4=/154 0%/2%/ 2 C%31&..1U:1&4 "1$# 1C%6'2#%: 2%/1(:610:? :1=1, ":1 — 2%6$1/ 1 '3'2%6$1/ 2 — 810:#2': 64B6E) 931" 8%/2E&. ./12%$%66E% '003%$1Q2#6'( ' #6#3'5 '6L1/&#C'' 1 8/%B6'J 408%J#J 2%6$1/12 81"#5#3',>:1 2%6$1/ 1 810:#2': 6# /E61" 6%19J1$'&47 >#0:? 8%/2E& 0 2%/1Q(:610:?7 60%, 011:2%:0:2%661 $3( 2%6$1/# 2 U:# 2%/1(:610:? 01Q0:#2': 40%. H>%2'$61, >:1 U:1 049W%":'26E% 2%/1(:610:', 8134Q>%66E% 6# 10612% 1@4@%6') ' &6%6') >3%612 "1$E. +#3%% U:'2%/1(:610:' $19#23(7:0( " &1$%3' $%/%2# (0&. /'0. 9.11).
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
397
*,'()%"-'()$ %)+4'
0191) 1:$#>4 — 0121"48610:? 215&1B6EJ 56#>%6') 2EJ1$#. K:'56#>%6'( $3':%3?610:%) 8134>%6'( /%543?:#:12 2E/#B%6E 2 $6(J' 8/'2%$%6E 2 "16C% "#B$1) 2%:2' (0&. /'0. 9.11).!6#3'5 $%/%2# /%R%6') 010:1': '5 $24J "16C%8:4#3?61 /#56EJ
>#0:%). - 8%/21) 1:610(:0( 810:/1%6'% &1$%3', 1C%6'2#6'% 2%/1(:Q610:%) 215&1B6EJ 2EJ1$12 ' 'J 1:$#>. K:1 2 2E0R%) 0:%8%6' 6%Q0:/4":4/'/12#66#( 5#$#>#, /%R%6'% "1:1/1) :/%94%: 56#>':%3?6EJ40'3'). N:1/#( >#0:? — 1C%6'2#6'% #3?:%/6#:'2 ' 2E91/ 0:/#:%Q=''— 8/%$0:#23(%: 0191) 913%% 3%="47 >#0:? &1$%3' ' ($/1 #6#3'5#/%R%6') 2 40312'(J /'0"#. A'B% &E /#00&1:/'& '&%661 %%.
H.,('3"(', "2%$,)("$'3 ' 3-:0) #$)"$,8''. I:19E 1C%6':?215&1B6E% 2EJ1$E ' $'5#)6%/0"'% #3?:%/6#:'2E ' 2E9/#:? :1:2#/'#6:, "1:1/E) 19%08%>': "/#:>#)R%% /#08'0#6'%, 6%19J1$'&1/%R':? $%/%21 (0&. 2/%5"4 «+2# 8/10:EJ R#=# $3( /%R%6'( $%/%2#»)../'&%6%6'% U:'J R#=12 2E=3($': 03%$47@'& 19/#51&.
R.$ 1. HB'$#%&1% 56#>%6'% $3( 034>#)61=1 453# 2: (0,60 · 60 $6%)) ++ (0,40 · 50 $6%)) = 56 $6%).HB'$#%&1% 56#>%6'% $3( 034>#)61=1 453# 3: (0,60 · 50 $6%)) +
+ (0,40 · 55 $6%)) = 52 $6(.HB'$#%&1% 56#>%6'% $3( 034>#)61=1 453# 4: (0,60 · 55 $6%)) +
+ (0,40 · 55 $6%)) = 55 $6%).
:E; !@7619Y X;D; :AG @?X?F=G :?@?E;*%"2$#/%' %$?$()8 #$%$-' (';1-'$.+8 ".4'."0, ),) "C%'.("< +-$%.4"<.
B(' 3%$#/+0'.%)-'$. #-)&$()$ + 3%'-"< 7'+.), 6#$ ;'4'(7)-'K.+8 -$.-),(',$-". > F"#$ E."6" #-)&$()8 "3%$#$,8$.+8 ;('7$()$ 4'&#"6" /;,' ) ".0$J7'$.+8 +"".-$.+.-/K:'8 "&)#'$0'8 -$,)7)(' (EV), 4"."%'8 0"&$. 3%$#J+.'-,8.9 +"C"< #$($&(/K -$,)7)(/ (EMV), ),) +.")0"+.9 (%'+F"#1), $+,)- 4'7$+.-$ $#)()2 );0$%$()8 )+3",9;/$.+8 -',K.', ),) #,).$,9("+.9 %'+J3)+'()8, $+,) $#)()2$< );0$%$()8 +,/&). -%$08 (('3%)0$%, #()). M,8 %$J?$()8 #$%$-' [2] +/:$+.-/K. #-' 3%"+.1F ?'6'.
• > 4'&#"0 +,/7'<("0 /;,$ "&)#'$0"$ ;('7$()$ -17)+,8$.+8 4'4 +/00'-1F"#(1F ;('7$()< (".#'7) 4'&#"< -$.-), /0("&$((1F (' +"".-$.J+.-/K:)$ -$%"8.("+.). Q." ;('7$()$ +"".-$.+.-/$. /;,/ ) -$.-), -$#/J:$< 4 E."0/ /;,/.
• > 4'&#"0 /;,$ %$?$()8 (/&(" ('<.) ('),/7?/K ',9.$%('.)-/. B('#",&(' F'%'4.$%);"-'.9+8 (')C",9?)0 ;('7$()$0 "&)#'$0"< #$J($&("< -$,)7)(1 ($+,) %$79 )#$. " 3%)-$#$(("< +.")0"+.)) ,)C"(')0$(9?)0 ;('7$()$0 "&)#'$0"< +.")0"+.) ),) #,).$,9("+.) %'+J3)+'()8.
P"6#' 3%"2$++ +-$%.4) ;'-$%?$(, #,8 4%'<()F +,$-' /;,"- %$?$()< (')J,/7?$< +.'("-).+8 ',9.$%('.)-' + ('),/7?)0 "&)#'$010 ;('7$()$0.
398
5,'-'
9R.$ 2. A#'34>R#( #3?:%/6#:'2# — U:1 #3?:%/6#:'2# 0 6#'&%6?Q
R'& 1B'$#%&E& 56#>%6'%&, :1 %0:? 0 6#'"/#:>#)R'& /#08'0#6'Q%&, /#26E& 2 $#661& 034>#% 52 $6(&. <3%$12#:%3?61, "1$# 2EQ9%/%: B%3:47 #3?:%/6#:'24.!6#3'5 $%/%2# /%R%6') 815213(%: 6% :13?"1 2E(23(:? 6#'34>Q
R'% #3?:%/6#:'2E. I:19E =349B% 816'&#:? /%R%6'(, 8/'6'&#%Q&E% 2 40312'(J /'0"# [2], &1B61 8/12%0:' #6#3'5 >420:2':%3?610Q:', /#5/#91:#:? $'#=/#&&E :1/6#$1 ' 08#)$%/ >#/: (spider charts) —16' 6#J1$(:0( 5# 8/%$%3#&' 6#R%=1 /#00&1:/%6'(.
&G5HKLEHDMN&O 7OCODM CO^ON&QF08>" '#/02%;03"$%. *%1/%:'>%0"' $%/%21 &1B61 '0813?512#:?
$3( 1C%6'2#6'( 379EJ /%R%6'), 8/'6'&#%&EJ 2 40312'(J /'0"#,26% 5#2'0'&10:' 1: 'J 031B610:', 810"13?"4 /%R%6'( ' 2%/1(:610Q:' 215&1B6EJ 2EJ1$12 4"#5#6E [12]. H$6#"1 U:1 6% :#". ./#":'"47Q@'% &%6%$B%/E /#00&#:/'2#7: $%/%21 /%R%6') 0"1/%% "#" '60:Q/4&%6: $3( /#91:E 0 8120%$6%26E&' 8/193%&#&', :/%947@'&'9E0:/1=1 2E91/# 6#'34>R%) #3?:%/6#:'2E. .1>%&4 :#" 8/1'0QJ1$':? +%31 2 :1&, >:1 #6#3'5 0':4#C'), 2 "1:1/EJ :/%94%:0( 8/'Q6'&#:? 031B6E% /%R%6'(, 2%$%: " «"1&9'6#:1/61&4 25/E24» (0:/%Q&':%3?61&4 /10:4 >'03# 215&1B6EJ 2#/'#6:12) ' 42%3'>%6'76%19J1$'&1=1 2/%&%6'. ./' $19#23%6'' 45312 /%R%6') ' 034>#)Q6EJ 45312 $%/%21 /#0:%: U"0816%6C'#3?61 [10]. A#8/'&%/, &61B%Q0:21 #3?:%/6#:'2 0 &61=1>'03%66E&' 6%18/%$%3%6610:(&' 081019Q61 8/'2%0:' " /#5/#0:#6'7 $%/%2# 6# 01:6' /#53'>6EJ 84:%) —2 U:1& 034>#% 8/%$81>:':%3?6%% 210813?512#:?0( #6#3'51& ,16Q:%Q-#/31. .10:/1%6'% ' /%R%6'% :#"1=1 $%/%2# &1B%: 5#6(:? 01:Q6' >#012. -:1 2 010:1(6'' 81:/#:':? 0:13?"1 2/%&%6', "1=$# 8/1Q%":E $13B6E 2E8136(:?0( &#"0'?61 9E0:/1? N15&1B61,&%6%$B%/E 1>%6? "/486EJ 8/1%":12 0 013'$6E& 97$B%:1&. ! 81Q0"13?"4 :#"'% 8/1%":E 2%0?&# /%$"', 8/#":'"47@'% &%6%$B%/E19/#@#7:0( " $%/%24 /%R%6') 3'R? 8/' 6%19J1$'&10:' 9E0:/11C%6':? 6%0"13?"1 8/10:EJ #3?:%/6#:'2, 2E9/#:? 34>R47 — '2%/64:?0( " %B%$6%26E& $%3#& [10]. -#" 8/#2'31, :#"'% 0':4#C''J#/#":%/6E $3( "/486EJ 8/1%":12, J1:( ' 2 EJ 8/1%":#J $#6Q6E) 81$J1$ 4&%0:%6 $3( 2E91/# $24J #3?:%/6#:'2 ' >%:E/%JQR%0Q:' 84:%), 810"13?"4 8/'&%6(%:0( 2%0?&# 6%L1/?61 ' 8/' &'Q6'?6EJ 5#:/#:#J 2/%&%6'.
D),+4 '#/02%;03"('4. ,1B61 18'0#:? $2% "/#)6'% 0':4#C''.< 1$61) 0:1/16E, 810:/1':? ' 1C%6':? $%/%21 /%R%6') 0 $24&( #3?Q:%/6#:'2#&' ' >%:E/?&( 84:(&' 28136% /%#3?61 5# 10—15 &'64:.< $/4=1) 0:1/16E, 6# 810:/1%6'% $%/%2# /%R%6') 0 01:6(&' 84:%):/%947:0( $%0(:"' >#012. O#54&%%:0(, 8/' 40312'', >:1 20( '6L1/Q
399
*,'()%"-'()$ %)+4'
&#C'(, 6%19J1$'&#( $3( 1C%6'2#6'( 2%/1(:610:%) ' 2EJ1$6EJ 2%Q3'>'6, 4B% $10:486#. !6#3'5 913?R1=1 $%/%2# &1B%: 5#6(:? 0>'Q:#66E% &'64:E 2 034>#% '0813?512#6'( 08%C'#3'5'/12#661=1 8/1Q=/#&&61=1 19%08%>%6'(. ./' 6#3'>'' =1 ' 0/%$6%=1 $%/%2#0 810:#23%661) 5#$#>%) 8/%"/#061 08/#23(%:0( Excel.
D-80>-. +%/%21 /%R%6') 815213(%: 8134>':? $2% 2E=1$E. N1Q8%/2EJ, 161 021$': 20% 1C%6'2#%&E% ' 0/#26'2#%&E% #3?:%/6#:'2Q6E% /%R%6'(, 8/'6'&#%&E% 2 40312'(J /'0"#, " %$'60:2%661&4 81Q"#5#:%37, :1 %0:? 18/%$%3(%: 0:%8%6? 81$$%/B"' C%3%) 8/1%":#[10]. N 6#R%& 8/'&%/% 2 "#>%0:2% 81"#5#:%3( 2E9/#6E "#3%6$#/Q6E% $6' 81 /#08'0#6'7, >:1 $#%: 215&1B610:? '5&%/':? 408%J'"1&8#6'' Fast Corporation 2 >#0:' $10:'B%6'( &#"0'?61) 0"1Q/10:' 2EJ1$# 6# /E61". N $/4='J 034>#(J $18136':%3?61% 4$190:2102(5#61 0 :%& L#":1&, >:1 :#"1) 81"#5#:%3?, "#" 8/#2'31, 2E/#B#Q%:0( 2 $%6%B6EJ %$'6'C#J, :1 %0:? 6# 46'2%/0#3?61& (5E"% 9'56%Q0# ' 8/1%":12, 01>%:#( 2 0%9% "/':%/'' 0:1'&10:', /#08'0#6'( ''08136%6'(.N1Q2:1/EJ, /%#3?6#( C%6610:? $%/%2# /%R%6') 5#"37>#%:0( 6%
2 8134>#%&EJ 0 %=1 81&1@?7 >'03%66EJ /%543?:#:#J, # 2 %=1 081019Q610:' 8/16'"#:? 2 04:? 8/193%&, 02(5#66EJ 0 8/'6(:'%& /%R%6').N6% 5#2'0'&10:' 1: 6#3'>'( >'03%66EJ /%543?:#:12 :1:, ":1 '0Q813?54%: $#66E) '60:/4&%6:, $13B%6 816'&#:?, >:1 $%/%21 /%R%Q6') — #6#3'5 6% 28136% 19W%":'26E). N 1:04:0:2'% $10:#:1>6EJU&8'/'>%0"'J $#66EJ #6#3'5 — 6#8/'&%/, 810:/1%6'% &1$%3' '1C%6"# 2%/1(:610:%) '3' 1:$#>' — 10612E2#%:0( 6# 3'>6EJ 04B$%Q6'(J. H$6#"1, "#" 81"#5#3 18E:, 8/'&%6%6'% $%/%2# /%R%6') &1QB%: 1"#5#:?0( 1>%6? 813%56E& [12].
5),'+*@,#$3" ' (,>0#$"$1'. +%/%21 /%R%6') J#/#":%/'54%:Q0( /($1& 8/%'&4@%0:2, "1:1/E% :/4$61 1081/':?:
• /13I*+)3. +%/%21 /%R%6') 8/%$0:#23(%: 0191) 4$196E) 081Q019 2'54#3'5#C'' #6#3'5# 8/1%":6EJ /%R%6'), 01$%/B#@'J1$'6 '3' 6%0"13?"1 84:%). -1=$# "13'>%0:21 84:%) 42%3'>'2#Q%:0(, $%/%21 /%R%6') 81&1=#%: 2E9/#:? 2%/61% /%R%6'%;
• )'(/.4D,3" )3(1"%*+)'". A%&#:%/'#3?6E% #3?:%/6#:'2E /%QR%6') 3%="1 0$%3#:? &#:%/'#3?6E&' 93#=1$#/( (0610:' ' 2'Q54#3?61&4 215$%)0:2'7 $%/%2#.
H$6#"1 2ER%8%/%>'03%66E% 8/%'&4@%0:2# 4/#2612%R'2#7:0(6%$10:#:"#&', 0/%$' "1:1/EJ:
• ,'(2.: 939/4:#,3*+D. P$'2':%3?61, >:1 $%/%21 /%R%6') 6%5#21%2#31 10191) 81843(/610:' 0/%$' 8/#":'"47@'J &%6%$QB%/12, J1:( 161 19%08%>'2#%: /($ 08%C'L'>%0"'J 8/%'&4Q@%0:2 8/' /#00&1:/%6'' /'0"12. .1U:1&4 $#66E) '60:/4&%6:
400
5,'-'
903%$4%: 815'C'16'/12#:? "#" 9E0:/E) 6%L1/?6E) 0810198/'6(:'( 8/10:EJ /%R%6') 2 40312'(J /'0"#;
• *43C,3*+D.*1: L#":, >:1 913?R1% $%/%21 /%R%6') &1B%:0:#:? 6%4"37B'& ' 031B6E&, 1:2/#@#%: 8/#":'"47@'J &%Q6%$B%/12 1: %=1 '0813?512#6'(. ./'&%6%6'% :#"1=1 $%/%2# 28/1%":#J $13B61 9E:? 8/%/1=#:'21) 08%C'#3'0:12.
D")'".''. +3( 8/%$0:#23%6'( 8/10:EJ 0':4#C') $10:#:1>61 01Q0:#2':? :#93'C4 1:$#>'. O#00&1:/'&, 6#8/'&%/, :#93. 9.2, (23(7Q@470( :#93'>61) 2%/0'%) $%/%2# /%R%6') '5 /'0. 9.11. H6# 8/%$Q0:#23(%: #3?:%/6#:'26E% /%R%6'(, 2%/1(:610:' 215&1B6EJ2EJ1$12, 56#>%6'( 1:$#>' ' 1B'$#%&E% 56#>%6'( 0 &%6?R%) 0:%8%Q6?7 6#=3($610:', >%& $%/%21. -/1&% :1=1, 81 &%/% /10:# "13'>%0:2#45312 ' 84:%) :#93'>6E) L1/&#: 0:#612':0( 913%% 031B6E& 2 '0Q813?512#6''.
M>"/$".'4 >,),3" ),6,('=. ./'&%6%6'% $%/%2# /%R%6') 2 %=119@%& 2'$%, "#" 18'0#61 2 $#661& /#5$%3%, /#54&%%:0(, 813%561.H$6#"1 #$#8:#C'( $%/%2# " "16"/%:6E& 8/1%":6E& 64B$#& 42%3'Q>'2#%: C%6610:? U:1=1 '60:/4&%6:#. A'B% 18'0#6E 081019E :#"1)81$0:/1)"'.
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 #$%$-" %$?$()<, ;'%/7)-?)+9)+3",9;"-'()8 3"0":9K 3%"H$++)"(',9("6" +3$2)',)+.'J
'(',).)4' 3" 3%)(8.)K %$?$()< ) )+3",9;/83%"H$++)"(',9("$ 3%"6%'00("$ "C$+3$7$()$(#,8 C",9?)F 3%"$4."-).T+3",9;"-'.9 ($C",9?)$ ) 3%"+.1$ #$%$-'%$?$()< ,)C" ($H"%0',9(" (('3%)0$%, ('"C%'.("< +."%"($ 4"(-$%.'), ,)C" + 3"0":9KExcel #,8 C1+.%"6" 3%)(8.)8 %$?$()< (#,8 0',1F3%"$4."-).T+3",9;"-'.9 "&)#'$0"$ ;('7$()$ (EV),-1%'&'$0"$ - -)#$ -%$0$((1 èF $#)()2 (#,84"03'()<, +.%$08:)F+8 4 0)()0);'2)) -%$0$()-1F"#' (' %1("4), +.")0"+.) (#,8 4"03'()<,;'C".8:)F+8 " +$C$+.")0"+.)) ),) "&)#'$0"6"#$($&("6" ;('7$()8 (EMV), - ;'-)+)0"+.) ".."6", 7$6" .%$C/$. +.%'.$6)8 4"03'())
@"#)H)4'2)8 4"(4%$.("< T+3",9;"-'.9 .'C,)7(1< H"%0'. ($+,) .'4 ,$67$F'%'4.$%)+.)4) #,8 7,$("- 3%"$4.("< 4"0'(#1)
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
401
*,'()%"-'()$ %)+4'
COEUPO+#66E) /#5$%3 8102(@%6 $%/%24 /%R%6') — '60:/4&%6:4, 034Q
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
1.4'%T. 9.2. N'C,)7("$ 3%$#+.'-,$()$ #$%$-' %$?$()< (+)./'2)8 ); %)+. 9.11)
E#"(25/(&5% 0,60 0,40
6T#/."%%G,9.$%('.)-' >$(#"% 1 — >$(#"% 2 — B&)#'$0"$
3$%-1< 3$%-1< ;('7$()$R$,$('8 60 50 56[$,.'8 50 55 52P%'+('8 55 55 55
!@7E?@C; :?@?E; @?X?F=SLC$#).$+9, 7." '(',); #$%$-' %$?$()<:• "3)+1-'$. %$?$()$, 3%)()0'$0"$ - /+,"-)8F %)+4';• 3%$#,'6'$. 3"+.%"$()$ 0"#$,), -4,K7'8 /;,1 %$?$()<, +,/7'<(1$/;,1, -$.-);
• "2$()-'$. -$%"8.("+.9 -1F"#"-;• "3%$#$,8$. ".#'7/ ) 3";-",8$. 3%)(8.9 %$?$()$ 3/.$0 "C%'.("<+-$%.4) #$%$-' #,8 3",/7$()8 %$;/,9.'."-, 4"."%1$, - +-"K "7$%$#9,#",&(1:– "."C%'&'.9 "&)#'$01$ ;('7$()8 (EV) - 4'&#"0 +,/7'<("0 /;,$;– 3"4';1-'.9 ('),/7?/K ',9.$%('.)-/ + ."74) ;%$()8 EV - 4'&#"0/;,$ %$?$()8;
– )#$(.)H)2)%"-'.9 ('),/7?/K ',9.$%('.)-/ — ./, 4"."%'8 )0$$.('),/7?$$ ;('7$()$ EV #,8 4%'<()F ,$-1F /;,"- %$?$()<.
402
5,'-'
9=5(J()(# &".)/#/%# %/&5"+,#/5() 3'./%"()./%2 "%&*.
6%5+.T%2
8'.
J(3"
%25
&5)+
0M.2
3"%,#/
#/%0
3'.
/."#
.J%"(
)./%
2 /.
"%&*%
8'.
J(3"
%25
&5)+
0M.2
3"%,#/
#/%0
./.
'%-.
>(/
5#\C
."'(
8'.
J(3"
%25
&5)+
0M.2
3"%,#/
#/%0
$"#
)."#
^#/
%V
@',1$ ) 3%"+.1$ 3%"$4.1
A",9?)$ ) +,"&(1$ 3%"$4.1
*%"$4.1, 7/-+.-).$,9(1$ 4 +%"4/ ;'-$%?$()8
T++,$#"-'()$ 0("&$+.-' +2$('%)$- 3%"$4.' ) '(',);3" 3%)(2)3/ «7.", $+,)»
=$C",9?)$ ;'.%'.1 -%$0$() (' "+-"$()$ )(+.%/0$(.'
=$C",9?)$ ;'.%'.1 -%$0$() (' 3%)0$($()$ )(+.%/J0$(.'
I'++0".%$()$ %)+4"- 4'4 ($ ;'-)+8:)F #%/6 ". #%/6'
I'++0".%$()$ %)+4"- 4'4 -;')0"#$<+.-/K:)F #%/6+ #%/6"0
=$"CF"#)0"+.9 '42$(.)%"-'()8 -()0'()8 (' 4%).)J7$+4)F %)+4'F
*".%$C("+.9 - $#)("0 4%).$%)) (('3%)0$%, "&)#'$J0"0 #$($&("0 ;('7$()))
=$"CF"#)0"+.9 )+3",9;"-'()8 4%).$%)8, ($ 8-,8K:$J6"+8 #$($&(10 (('3%)0$%, %'+3)+'()8)
B3.)0);'2)8 ($3%$%1-(1F 3$%$0$((1F 3'%'0$.%"-%$?$()8 (('3%)0$%, #,).$,9("+.) %'+3)+'()8)
=$"CF"#)0"+.9 3",/7$()8 -1F"#("6" %'+3%$#$,$()8
=$"CF"#)0"+.9 3"4';'.9 3"+,$#"-'.$,9(" 3%)()0'$J01$ %$?$()8 + 3"0":9K 0"#$,$<
I'C".' + ($C",9?)0 4",)7$+.-"0 /;,"- %$?$()< ) +,/J7'<(1F /;,"-, -";0"&("+.9 ('F"&#$()8 %$?$()8 ('"+("-$ 3%$#1#/:$6" "31.'
I'C".' + C",$$ 7$0 38.9K +,/7'<(10) /;,'0)
(informal) (informal)
(informal)
403
*,'()%"-'()$ %)+4'
R;CAP<=1?AHF9? R;>?<;F=G./' 2E91/% "#"1=1Q3'91 '60:/4&%6:#: 83#6# /%#='/12#6'( 6#
/'0"', #6#3'5# ,16:%Q-#/31 '3' $%/%2# /%R%6') — 56#>%6'% '&%Q7: $2# #08%":#. N1Q8%/2EJ, 83#6 /%#='/12#6'( 6# /'0"' — 4$196E)081019 /#91:E 0 019E:'(&' /'0"#, "1:1/E% /#00&#:/'2#7:0( "#"6% 5#2'0(@'% $/4= 1: $/4=# (>:1 &1B%: ' 6% 011:2%:0:212#:? $%)Q0:2':%3?610:'), 6% :13?"1 2 EJ, 61 ' 2 913?R'J 8/1%":#J, L1/Q?61 '3' 6%L1/?61. H6 6#'913%% 4$19%6, "1=$# 8/'&%6(%:0(012&%0Q61 0 #6#3'51& ,16:%Q-#/31 '3' $%/%21& /%R%6') — &%:1Q$#&', 815213(7@'&' 4>%0:? 25#'&15#2'0'&E% /'0"'. N1Q2:1/EJ,&%:1$ ,16:%Q-#/31 ' $%/%21 /%R%6') 19E>61 0>':#7: #3?:%/6#:'Q2#&'. H:2%: 6# 218/10: «-#"1) '5 U:'J '60:/4&%6:12 8/'&%6':??» —5#2'0': 1: 8/1%":61) 0':4#C''. O#00&1:/':% 0':4#C'', 8/'2%$%6Q6E% 2 :#93'C%, ' 2E9%/':% 6#'913%% 4$196E) '60:/4&%6:. X03' 6%Q19J1$'&1, $19#2?:% $18136':%3?6E% 0':4#C'' ' 1:&%:?:% 8/%$81>Q:':%3?6E% '60:/4&%6:E $3( 6'J. D60:/4&%6:, "1:1/E) 6#9%/%:6#'913?R%% >'031 9#3312, ' 94$%: 8/%$81>:':%3?6E& $3( "16"/%:Q61=1 8/1%":#.
A=1?@;1B@;1. Wideman, M. 1992. Project and Program Risk Management.
Newton Square, Pa.: Project Management Institute.2. Winston, W. L. and W. S. Albright. 2001. Practical Management
Science. 2d ed. Pacific Grove, Ca.: Duxbury.3. Royer, P. S. 2000. “Rock Management: The Undiscovered
Dimension of Project Management.” Project Management Journal31(1): 6—1.
4. Vose, D. 2000. Risk Analysis: A Quantitative Guide. 2d ed. NewYork: John Wiley & Sons.
5. Project Management Institute. 2000. A Guide to The ProjectManagement Body of Knowledge. Drexell Hill, Pa.: ProjectManagement Institute.
6. Couillard, J. 1995. “The Role of Project Risk in DeterminingProject Management Approach.” Project Management Journal26(4): 3—1.
7. Graves, R. 2001. “Open and Closed: The Monte Carlo Model.”PM Network 15(2): 48—52.
8. Graves, R. 2000. “Qualitative Risk Assessment.” PM Network14(10): 61—66.
9. Hulett, D. T. 1995. “Project Schedule Risk Assessment.” ProjectManagement Journal 26(1): 21—31.
404
5,'-'
910. Schuyler, J. 2001. Risk and Decision Analysis in Projects. 2d ed.
Newton Square, Pa.: Project Management Institute.11. Cleland, D. I. and D. F. Kocaoglu. 1983. Engineering
Management. New York: McGrawQHill.12. Eppen, G.D., et al. 1998. Introductory Management Science. 5th
ed. Upper Saddle, N.J.: Prentice Hall.
!(&5"(#/%#*(,./$U
N 6#8'0#6'' $#661) =3#2E8/'6' 4>#0:'% ;#60 +B. *#&J#)6,Bentley College.
S.<32 *'4", #3),3 ,.*+34D23,,.*234D23 *'4D,- "$3 (.G'+,'2'.
<46 M54, «D0"400:21 21)6E»
./%$&%:1& /#00&1:/%6'( 6#0:1(@%) =3#2E (23(7:0( '60:Q/4&%6:E '$%6:'L'"#C'' 18/%$%3%6'( 010:#2#, 810:/1%6'(' /#52':'( 8/1%":61) "1$E:
• >%:E/%J0:#$')6#( &1$%3? 015$#6'( 8/1%":61) "1$E;• &#:/'C# 5#'6:%/%012#66EJ 0:1/16;• /%%0:/ 6#2E"12;• "#/:# 9#33?61) 1C%6"' 4>#0:'( 2 8/1%":%.
406
5,'-'
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
• 816'&#:? ' /#52'2#:? 6#2E"', 6%19J1$'&E% $3( ULL%":'261Q=1 2E8136%6'( 021'J L46"C') 2 'J 8/1%":6EJ "1$#J;
• 2E9'/#:? 3'$%/12 8/1%":# ' >3%612 "1$;• 0:/1':? "/100QL46"C'16#3?6E% 0%:' '6L1/&#C'1661=1 25#'Q&1$%)0:2'( ' 015$#2#:? #3?(60E;
• /#91:#:? 0 "16L3'":#&' ' /#5$%3(:? 81361&1>'(;
C'#. 10.1. O13? '60:/4&%6:12 83#6'/12#6'( "1$E 2 8/1C%00%0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&'
407
*"+.%"$()$ 4"0
'(#1
• L1/&'/12#:? >420:21 0190:2%6610:' 81 1:61R%6'7 " 8/1%":4' >420:21 8/'2%/B%6610:' %=1 C%3(&;
• /#52'2#:? &%J#6'5&E 194>%6'(.H::#>'2#6'% 6#2E"12 '0813?512#6'( U:'J '60:/4&%6:12 (23(Q
%:0( 1$6'& '5 106126EJ "1&816%6:12 "1&8%:%6C'' &%6%$B%/128/1%":12, # :#"B% 6%19J1$'&E& 40312'%& 104@%0:23%6'( ULL%"Q:'261) &19'3'5#C'' /%04/012 "1&8#6'' 6# $10:'B%6'% 40:#612Q3%66EJ 9'56%0QC%3%).
<?19@?Y61;:=SF;G >7:?AH67R:;F=G !@7?C1F7S C7>;F:9
<17 1;C7? <?19@?Y61;:=SF;G >7:?AH67R:;F=G !@7?C1F7S C7>;F:9?I%:E/%J0:#$')6#( &1$%3? — U:1 '60:/4&%6: 1/=#6'5#C'' ' 0'0Q
:%&#:'>%0"1=1 /#52':'( 8/1%":6EJ "1$. +#66#( "16C%8C'( 9E3#'56#>#3?61 8/%$31B%6# 2 1965 =. B. W. Tuchman [2]. H6 '$%6:'L'QC'/12#3 4 0:#$'', "1:1/E% $13B6# 8/1):' 379#( =/488# 2 8/1C%00%:/#60L1/&#C'' 2 %$'647 0831>%6647 2E01"18/1'521$':%3?647/#91>47 "1$4: L1/&'/12#6'%, 8/':'/"# (6#"#3 0:/#0:%)), 61/Q'5#C'( ' (/#91:#). < "#B$1) 0:#$'%) 02(5#6E 021' 08%C'L'>%0Q"'% J#/#":%/'0:'"', 2E8136(%&E% 18%/#C'' ' #$&'6'0:/#:'261%48/#23%6'%. +#66#( "16C%8C'( $1/#9#:E2#3#0? ' /#52'2#3#0? &61Q='&', 61 6#'913%% 5#&%:61 — P. Hershey ' K. Blanchard [3]. <%=1$6(>%:E/%J0:#$')6#( &1$%3? &1B%: 81J2#0:#:?0( R'/1"'& /#08/10:Q/#6%6'%& 2 "#>%0:2% &1@61=1 '60:/4&%6:# 83#6'/12#6'( ' /#52':'("1$E. H6# >#0:1 0:#612':0( 6#>#3?61) :1>"1) $3( '$%6:'L'"#QC'' "/':'>%0"'J L#":1/12 408%J#, 8/1L'3%) 6#2E"12 ' 2E(23%6'(81:%6C'#3?6EJ >3%612 "1$. H6# :#"B% 034B': 2 "#>%0:2% 83#6#/#52':'( 8/1%":61) "1$E. ,1$%3? 18'/#%:0( 6# «10612#6647 6#L#5#J»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
408
5,'-'
10
!761@7?F=? <?19@?Y61;:=SF7S >7:?A=-#" 81"#5#61 6# /'0. 10.2, &1$%3? /#52':'( "1$E 19E>61 81"#Q
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
C'#. 10.2. I%:E/%J0:#$')6#( &1$%3? 015$#6'( 8/1%":61) "1$E
409
*"+.%"$()$ 4"0
'(#1
8/%$8/'6'&#:?0( /4"121$0:21&, 6#/($4 0 1:2%:0:2%66E&' 3'C#&' '>%:"1 18/%$%3%66E&' 2/%&%66E&' R"#3#&', 4) :/%94%&E% /%04/0E '8/1C%00 'J 4:2%/B$%6'(, 5) "16"/%:6E% /%543?:#:E, "1:1/E% $13B6E9E:? 8134>%6E (810:#23%6E) 21 2/%&( '3' 81 1"16>#6'' 0:#$''.
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
X")"1$,)'#$'1' 10+"(>- ' 2'>,)#$30 30 3),+4 )";3'$'4 10?+"(>-. Y#/#":%/'0:'"' /#91>%) =/488E '5&%6(7:0( 81 &%/% %% /#5Q2':'(. <3%$12#:%3?61, 0:'3? ' ULL%":'2610:W 3'$%/0:2# 5#2'0(: 1:8/1%":61) 0':4#C'' ' 0:#$''. N 6#>#3% L1/&'/12#6'( "1$E 6%Q19J1$'& 913%% $'/%":'26E) 0:'3? 48/#23%6'(, >%& 6# 8103%$6'J0:#$'(J, "1=$# "1$# 810:%8%661 8/'19/%:#%: 5/%310:?. +3( 8/%Q
410
5,'-'
10$10:#23%6'( $18136':%3?6EJ 4"#5#6') 81 2E/#91:"% '0J1$6EJ $#6Q6EJ $3( >%:E/%J0:#$')61) &1$%3' 6'B% 8/'21$':0( 18'0#6'% "#BQ$1) 0:#$''. -/1&% :1=1, 6# /'0. 10.3 8/'21$':0( 6%"#( 215&1B6#(:1>"# 5/%6'( 6# 3'$%/0:21, 810:/1%66#( 6# 81843(/61) &1$%3' "1Q$61=1 3'$%/0:2#, 8/%$31B%661) Hershey ' Blanchard [3].
C'#. 10.3. <1810:#23%6'% 0:'3( 3'$%/0:2#' 4/126( '6:%=/#C'' "1$E
1 N 8/'6C'8%, 3'$%/0:21 ' /4"121$0:21 — U:1 /#56E% 816(:'( ' L46"C''.-/#:"1 1061261% /#53'>'% &%B$4 6'&' &1B61 8/103%$':? 81 03%$47@%) #6#Q31=''. N 48/(B"% 019#", "#" 8/#2'31, 5#$#7@'), 28%/%$' '$4@') — 3'$%/. A#84:' 2 $2'B%6'' %&4 81$>'6(7:0( 20% >3%6E "1$E. A1 48/(B"1) 81 L#":48/#2': :1:, ":1 0'$': 6# 0#6(J. ,%6%$B%/ 8/10>%:# 6%19(5#:%3?61 $13B%69E:? =4/4 2 8/%$&%:61) 193#0:' 8/1%":#. .1Q2'$'&1&4, 5$%0? 2 :%"0:% '&%%:0(2 2'$4 19W%$'6%66#( L46"C'( /4"121$':%3(Q3'$%/#. — ;#'<. #"1.2 N /400"1(5E>61) 3':%/#:4/% 81 48/#23%6'7 8/1%":#&' — "4/#:1/. —;#'<. #"1.
• !+.1': J3#<'#3).,':. A# U:1) 0:#$'' 8/1'0J1$': 18/%$%3%Q6'% "37>%2EJ >3%612 "1$E ' 22%$%6'% 'J 2 8/1%": ' %=1&'00'7. N5#'&1$%)0:2'% 104@%0:23(%:0( 2 19@%& ' C%31&2 1$61& 6#8/#23%6'' — 1: 6#56#>%661=1 3'$%/# 8/1%":#1, 2E0QR%=1 /4"121$0:2# '3' 081601/#2 8/1%":# " >3%6#& 5#/1B$#7Q
411
*"+.%"$()$ 4"0
'(#1
@%)0( "1$E. Z1/&'/47@#(0( /#91>#( =/488# —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
•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«*'Q8'>6E% 218/10E, 6# "1:1/E% 6%19J1$'&1 19/#:':? 26''% 6#0:#$'' 8/':'/"'». +18136':%3?61 " U:1&4 3'$%/E 8/1%":#$13B6E 4$%3(:? &61=1 26''( >%312%>%0"1&4 #08%":4, ULQL%":'261 /#91:#( 2 40312'(J 0'3?6EJ "16L3'":12, 193%=>#(25#'&1$%)0:2'% >3%612 "1$E $/4= 0 $/4=1&, 015$#2#( "/100QL46"C'16#3?6E% '6:%/L%)0E, 19%08%>'2#( 19/#:647 02(5? '0:/%&(0? " L1/&'/12#6'7 :#"1) 0/%$E, "1:1/#( 9E 93#=18/'Q(:0:212#3# 25#'&61&4 $12%/'7 ' 42#B%6'7, 2123%>%6610:' '8/'2%/B%6610:' C%3(&. Aershey ' Blanchard [3] 18/%$%3(7: U:40&%0? '5 «3'$%/0:2#, 1/'%6:'/12#661=1 8# $'/%":'2E ' 25#'&1Q1:61R%6'(» "#" «0:'3? 49%B$%6'(».
• !+.1': ,3#<.4'(.7''. A# U:1) 0:#$'', 6#5E2#%&1) :#"B%0:#$'%) >#0:'>61=1 L46"C'16'/12#6'(, 913?R'60:21 >3%Q612 "1$E 4B% 6#56#>%6E ' pa91:#7: "#" 0831>%66#( "1Q
412
5,'-'
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
•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
&G5HKLEHDMN&O !OT[COXGTM7&QNHQ PH7OK&GHE7MN&S 5CHOFTNHQ FHPMN7[F08>" '#/02%;03"$%. +#66#( &1$%3? &1B%: 9E:? 813%561) $3(
/#52':'( "1$E 2 3791) :1>"% B'56%661=1 C'"3#. H$6#"1, %%2E=1$E 1019%661 5#&%:6E 6# /#66'J L#5#J 8/1%":# ' 0:#6123%6'("1$E. K:1 2/%&%661) 8%/'1$, 1J2#:E2#7@') L1/&'/12#6'% '8/':'/"4, "1:1/E) 2 19@%& ' C%31& 6%ULL%":'2%6 2 0&E03% 8134Q>%6'( "#"'JQ3'91 813%56EJ /%543?:#:12. +3':%3?610:? U:1=1 8%/'Q1$# $13B6# 9E:? &'6'&'5'/12#6# 21 93#=1 0:1'&10:', 2/%&%6'
413
*"+.%"$()$ 4"0
'(#1
2EJ1$# 6# /E61" ' 0:/#:%='>%0"1=1 #"C%6:#. X03' 810&1:/%:? 0 %@%1$61) :1>"' 5/%6'(, :1 U:# &1$%3? &1B%: 9E:? 10191 /%"1&%6$12#6#$3( 1/=#6'5#C'' ' /#52':'( "1$ "/486EJ, 031B6EJ ' 2E01"1Q:%J6131='>6EJ 8/1%":12. H$6#"1, 26% 5#2'0'&10:' 1: /#5&%/#' 031B610:' 8/1%":#, '0813?512#6'% U:1) &1$%3' 40"1/': ' 193%=Q>': L1/&'/12#6'% "1$E ' 2 "16%>61& 0>%:% 434>R': 19@47 J1$'08136%6'( 8/1%":#. -16%>6E) /%543?:#: >%:E/%J0:#$')61) &1Q$%3' — 83#6 /#52':'( "1$E.
D),+4 )";)":0$1'. I%:E/%J0:#$')6#( &1$%3? &1B%: 9E:?'0813?512#6# 2 /#53'>6EJ :1>"#J B'56%661=1 C'"3# 8/1%":#,' 2 "#B$1) '5 6'J — 01 021%) C%3?7 ' 021'&' :/%912#6'(&' "1 2/%Q&%6'.
• A#>#3?61% &1$%3'/12#6'% L1/&'/12#6'( "1$E ' %% 2"37Q>%6'( 2 /#91:4. ,%6%$B%/ 8/1%":# 28136% &1B%: 8/1$%3#:?U:1 0#&10:1(:%3?61 — 8/1$4&E2#:? 218/10E ' 1:&%>#:? :%, "1Q:1/E% '&%7: "/':'>%0"' 2#B61% 56#>%6'%, ' :/%912#6'(. */%Q94%&1% 2/%&(: 30 &'64:.
• +%:#3?61% &1$%3'/12#6'% L1/&'/12#6'( "1$E ' %% 2"37Q>%6'( 2 /#91:4. K:# 8/1C%$4/# &1B%: 9E:? 2E8136%6# 6%913?QR1) =/4881), 010:1(@%) '5 8%/216#>#3?61 04@%0:247@'J>3%612 "1$E '3' 106126EJ >3%612 "1$E, 2"37>#( &%Q6%$B%/# 8/1%":# ' L46"C'16#3?6EJ /4"121$':%3%) 81$$%/BQ"'. ,15=121) R:4/&, "16C%6:/#C'( "1$E ' 9%6>&#/"'6=8/%$E$4@'J /#5/#91:1" "1$E 8/'2%$4: " 015$#6'7 83#6#/#52':'( "1$E. */%94%&1% 2/%&(: 1: 2 $1 4 >#012.
• .3#6 /#52':'(, =%6%/'/4%&E) "1$1). K:1 6#'913%% ULL%"Q:'26E), 6#'913%% 813%56E), 61 :#"B% ' 6#'913%% 2/%&(%&"')081019 '0813?512#6'( $#661=1 '60:/4&%6:#. N0% >3%6E "1Q$E 8/'6': 4>#0:'% 2 &15=121& R:4/&%, "16C%6:/#C'("1$E ' 9%6>&#/"'6=% 8/%$E$4@'J /#5/#91:1" "1$E,/%543?:#:1& >%=1 (23(%:0( 83#6 /#52':'( "1$E. */%94%&1%2/%&(: 1: 3 $1 6 >#012.
D-80>-. ./'6'&#( 21 26''% 0%=1$6(R6'% :/%912#6'( 2EQ01"1) ULL%":'2610:', 0"1/10:' ' "#>%0:2#, 8/1%":6E% "1$E0:#3' 8/'19/%:#:? 913?R47 2#B610:? 8/' /#91:% 2 40312'(J :%J6'Q>%0"'J 031B610:%), "/100QL46"C'16#3?6EJ 5#2'0'&10:%) ' 6%19QJ1$'&10:' 2 612#:1/0"1& 81$J1$% ' '08136%6''. I%:E/%J0:#$')Q6#( &1$%3? /#52':'( "1$E >#0:1 '0813?54%:0( &%6%$B%/#&'2 "#>%0:2% "#/"#0# $3( #6#3'5# 8/1C%00# /#52':'( "1$E. H6#0:#3# 2#B6E& '60:/4&%6:1& 81$$%/B"' 1/=#6'5#C'' ' /#52':'(&61=1L46"C'16#3?6EJ "1$, "1:1/E% &1=4: ULL%":'261 /%R#:?:#"'% 8/193%&E.
414
5,'-'
101=!=<F9? E7!@769, F; C717@9? F?78Y7:=>7 78@;1=1HEF=>;F=? F; 61;:== !@=1=@C=• P'4"-1 4"(4%$.(1$ 2$,), 4"."%1$ #",&(1 C1.9 #"+.)6(/.1 E.)0 3%"J$4."0?
• P." ".-$7'$. ;' E."?• P"0/ 8 3"#".7$.$(? P'4"6" .)3' #-"<(1$ "C8;'(("+.) 8 )0$K?• P'4"- 3%)"%).$. 3%"$4.' ) 4'4"-1 "C8;'.$,9+.-' %/4"-"#+.-' 3$%$#()0?
• P'4)$ +/:$+.-/K. 4'(',1 -;')0"#$<+.-)8?• *%"2$#/%, 3,'("- ),) 3%"."4","- 4'4"6" .)3' 01 3%)#$%&)-'$0+8?• P'4"6" .)3' "C;"%1 3%"$4.' "&)#'K.+8 ) 4"6#' (- 4'4)$ 0"0$(.1 &);J($(("6" 2)4,' 3%"$4.') "() -";()4'K.?
• P'4)$ H'4."%1 8-,8K.+8 4%).)7$+4) -'&(10) #,8 /+3$F' 3%"$4.'?• P'4"-1 ('?) %",) ) "C8;'(("+.) - 7'+.) -13",($()8 ;'#'7 ) -;')0"J#$<+.-)8 + #%/6)0) H/(42)80)?
• P'4 3%")+F"#). "2$()-'()$ ('?$< 3%");-"#).$,9("+.) ) 4." -13",J(8$. E." "2$()-'()$?
• I'C".' - #'(("0 3%"$4.$ 8-,8$.+8 7'+.9K 0"$6" 4'%9$%("6" 3/.) ),)".4,"($()$0 ". ($6"?
• P'4"6" .)3' 4"(H,)4."- 0"&(" "&)#'.9 ) 4." C/#$. )F %';%$?'.9?• P'4)0 "C%';"0 0"&$. 3%")+F"#).9 E+4','2)8 3%"C,$0 (3"+,$#"-'J.$,9(1< 3$%$("+ 3%"C,$0 (' C",$$ -1+"4)$ /%"-() )$%'%F)) #,8 )F%$?$()8)?
• P'4"6" .)3' "C/7$()$ ) 3"0":9 #"+./3(1?• P'4)0 "C%';"0 01 C/#$0 3"+./3'.9 + %)+4'0) ) ($"3%$#$,$(("+.80)?
C7>;F:9, 6!7678F9? C 6;>7617G1?AHF7S !761;F7EC?Q?A?S73"#$#'#/%#. 5%/33' ,K#$<, 4"."%"< (';('7$(1 "3%$#$,$((1$ "C8J
;'(("+.) 3" +'0"/3%'-,$()K 3%) 0)()0',9("0 -($?($0 ('#;"%$, CK%"4J%'.);0$ ) 4"(.%",$. !.%/4./%' 4"0'(#1, "C8;'(("+.) 3" 7'+.) -13",($()8;'#'7, 3,'(1 %'C". ) ,)#$%+.-" - 4"0'(#$ 7'+." %';-)-'K.+8 (' "+("-$(/&# ) #)('0)4) +)./'2)).
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
415
*"+.%"$()$ 4"0
'(#1
5),'+*@,#$3" ' (,>0#$"$1'. - 8/%'&4@%0:2#& $#661=1 '60:Q/4&%6:# &1B%: 9E:? 1:6%0%61 :1, >:1 16:
• 8/%$3#=#%: R#9316 $3( 2'54#3?61=1 ':1=121=1 8/%$0:#23%6'(8/1C%00# 1/=#6'5#C'' ' /#52':'( "1$E;
• 2123%"#%: >3%612 "1$E ' /4"121$0:21 2 "/':'>%0"'% /#5Q&ER3%6'( 1 64B$#J, 8/1C%00#J ' :/%912#6'(J $3( 19%08%>%Q6'( ULL%":'261) "1$61) /#91:E ' '08136%6'( 8/1%":#;
• 2123%>%6'% "1$E 0#&1 81 0%9% 19%08%>'2#%: 0/%$0:21 $3( /#5Q2':'( 25#'&61=1 $12%/'(, 42#B%6'( ' 8/'2%/B%6610:' C%3(&;
• 81&1=#%: $10:'>? 816''( C%3%), :/%912#6'), 8/193%& '2E=1$ 8/1%":#;
• 19%08%>'2#%: '60:/4&%6: $3( 810:1(661=1 /#52':'( "1$E' 1/=#6'5#C'1661=1 194>%6'(.
- 6%$10:#:"#& '60:/4&%6:# &1B%: 9E:? 1:6%0%61 03%$47@%%:• 56#>':%3?61% 2/%&( ' 3'$%/0"'% 6#2E"', 6%19J1$'&E% $3(/#5/#91:"' '0J1$61) '6L1/&#C'', =%6%/'/4%&1) "1$1);
• 81:%6C'#3?6#( 215&1B610:? "16L3'":12 ' 91/?9E 5# 23#0:?21 2/%&( 012%@#6') "1$E;
• /#53'>'( 2 1/=#6'5#C'1661) "43?:4/% ' C%6610:(J &1=4: 215Q6'"#:?, ' 0 6'&' 6%19J1$'&1 /#91:#:?;
• 8/#":'>%0"#( /%#3'5#C'( 83#6# /#52':'( "1$E &1B%: 9E:?6%215&1B61), >:1 2%$%: " 0/E2#& 83#612 ' /#51>#/12#6'(&.
D")'".''. <4@%0:24%: 913?R1% "13'>%0:21 2#/'#C') >%:E/%JQ0:#$')61) &1$%3' 8/1C%00# /#52':'( "1$E. +3( R#9316# &1QB%: 9E:? '0813?512#61 /#53'>61% "13'>%0:21 0:#$'), # 2J1$6E%Q2EJ1$6E% 8#/#&%:/E &1=4: 2#/?'/12#:?0(, %03' U:1 6%19J1$'&1$3( 011:2%:0:2'( "16"/%:6E& 64B$#& 8/1%":61) 1/=#6'5#C''. I#Q0:1 20:/%>#7@#(0( 2#/'#C'( — U:1 03'(6'% 0:#$'), 2 /%543?:#:%"1:1/1=1 19/#547:0( «L1/&'/12#6'% ' 8/':'/"#», «61/'5#C'( 'L46"C'16'/12#6'%», 3'91 :1 ' $/4=1% 2&%0:%. -/1&% :1=1, 8/1C%00091/# '6L1/&#C'', 2123%>%6'( "1$E ' 8/#":'>%0"1) /%#3'5#QC'' 83#6# 2 56#>':%3?61) 0:%8%6' 2#/?'/4%:0( 1: 1/=#6'5#C'' ' "1/=#6'5#C'' $3( :1=1, >:19E 19%08%>':? 011:2%:0:2'% "16"/%:6E&1/=#6'5#C'166E& 64B$#&.
M>"/$".'4 9,$-),B#$">'=(0= +0>,2' #0;>"('4 /)0,1$(0=10+"(>-. A%19J1$'&1 8/'31B':? 18/%$%3%66E% 40'3'( " :1&4,>:19E 8/'2%0:' &1$%3? 2 011:2%:0:2'% "#" 9'56%0Q8/1C%00#& "1&Q8#6'', :#" ' 379E& 40:#6123%66E& 8/1C%00# 48/#23%6'( 8/1%":#Q&'. ,1$%3?, 18'0E2#%&E) %) 8/1C%00 /#52':'( "1$E ' /%543?Q:'/47@') 83#6 94$4: 0 913?R%) =1:12610:?7 8/'6(:E 8/1%":61)"1$1) ' /4"121$0:21& "1&8#6'', %03' 16' 94$4: 4&%0:6E 81 1:Q81R%6'7 " $#661&4 9'56%0Q1"/4B%6'7. H019%661 >420:2':%3?6E
416
5,'-'
10" "43?:4/% "1&8#6'' "13'>%0:21 0:#$') ' 'J 6#52#6'(. A#8/'&%/,'5&%6%6'% 6#52#6'( 0:#$'' II 0 «8/':'/"'» 6# «8/1(06%6'%» '3'«0:#/:»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
COEUPOI%:E/%J0:#$')6#( &1$%3? 81$$%/B'2#%: 40'3'( 81 2"37>%6'7
"1$E 2 /#91:4 ' %% /#52':'7. H6# 81&1=#%: $%)0:212#:? 2 4031Q2'(J 1=/1&6EJ 48/#23%6>%0"'J :/4$610:%), 02(5#66EJ 0 1/=#6'5#QC'%), 48/#23%6'%& ' "16:/13%& "1$61) /#91:E 2 40312'(J 20%913%% 4031B6(7@'J0( 8/1%":6EJ 1"/4B%6'). ,1$%3? 81&1=#%:2 '$%6:'L'"#C'' :/%94%&EJ /%04/012 ' $10:'B%6'' 2123%>%6610Q:', (23(7@'J0( 6%19J1$'&E&' $3( 8/%2/#@%6'( /#91>%) =/488E2 ULL%":'2647 ' 0"16C%6:/'/12#6647 6# C%3(J "1$4. -/1&%:1=1, 3'$%/E 8/10>%:12, "1:1/E% 0:/%&(:0( " ULL%":'261&4 2EQ8136%6'7 021'J 19(5#6610:%), '0813?547: &1$%3? $3( 104@%0:23%Q
!@7E?@C; <?19@?Y61;:=SF7S >7:?A= 67R:;F=G C7>;F:9LC$#).$+9, 7." -'?' 7$.1%$F+.'#)<('8 0"#$,9 +.%/4./%)%"-'(' ('#,$J
&':)0 "C%';"0 ) 3%)0$(8$.+8 EHH$4.)-(". V+,) E." .'4, ." -1 #",&(1C1.9 +3"+"C(1:
• %';%'C".'.9 "+("-("< 4'%4'+ ) 3%"2$++1 0"#$,) + 3%)-,$7$()$0 -1+J?$6" %/4"-"#+.-' ) 3%"H$++)"(',"- - /3%'-,$()) 3%"$4.'0);
• +('7',' -13",().9 3),".(1< 3%"6"(, #',$$ "+/:$+.-).9 ."(4/K 3"#J+.%"<4/, 3"+,$ 7$6" -13/+.).9 3%"+./K 3%"2$#/%/;
• "C$+3$7).9 +"6,'+"-'(("+.9 0"#$,) ) $$ 3%"2$++' + C);($+J"4%/&$J()$0 ) /+.'("-,$(("< +)+.$0"< -13",($()8 3%"$4."-;
• #,8 3",/7$()8 4'&#"6" -F"#' (' 4'&#"< +.'#)) 3%)-,$4'.9 4'4 0"&("C",9?$$ 4",)7$+.-" 7,$("- ) /7).1-'.9 4'4 0"&(" C",9?$$ 4",)7$J+.-" )F )(.$%H$<+"-;
• +#$,'.9 4"0'(#/ 7'+.9K 3%"2$++' %';%'C".4) %$;/,9.)%/K:$6" 3,'('%';-).)8 4"0'(#1. M"C).9+8 -"-,$7$(("+.) 4"0'(#1 - 3%"2$++ ) $6"%$;/,9.'.1;
• '4.)-($$ H"4/+)%"-'.9 /+),)8 (' 3$%$+$4'K:)F 6%'()21 ".("?$()J8F, #$,$6)%"-'()) ) 3%)-$%&$(("+.);
• "C,$67'.9 3%"2$++1 ($3%$%1-("6" "%6'();'2)"(("6" "C/7$()8 ) +"J-$%?$(+.-"-'()8, -13",(8.9 ."(4/K 3"#+.%"<4/ 0"#$,) ) $$ 3%"2$++'.
417
*"+.%"$()$ 4"0
'(#1
6'( 8/%2%6:'26EJ $%)0:2') 6# /#66'J 0:#$'(J B'56%661=1 C'"3#8/1%":#, ' U:# &1$%3? 0:'&43'/4%: /#91>47 0/%$4, "1:1/#( 93#=1Q8/'(:0:24%: :1&4, >:19E 015$#6'% "1$E 2E8136(310? "#" 6%Q8/%/E26E) 8/1C%00. !$#8:#C'( &1$%3' " 64B$#& "16"/%:61) 1/=#Q6'5#C'' :/%94%: 3'$%/0:2# ' 2J1$12 ('0J1$6EJ $#66EJ) "#" 010:1/16E 0'0:%&E 48/#23%6'( 8/1%":#&', :#" ' 01 0:1/16E 2E0R%=1/4"121$0:2#.
>;1@=Q; R;=F1?@?67E;FF9Y 617@7F
<17 1;C7? >;1@=Q; R;=F1?@?67E;FF9Y 617@7F?,#:/'C# 5#'6:%/%012#66EJ 0:1/161 — U:1 '60:/4&%6: $3( 2EQ
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ien ' Buckler [6]). X% :181Q31='( /#5$%3(%:0( &61='&' $/4='&' '60:/4&%6:#&' 48/#23%6'(25#'&1$%)0:2'(&', :#"'&' "#" 18/%$%3%6'( '6:%/L%)012 8/1%":#,83#6 48/#23%6'( /#5/#91:#6610:?7 8/1%":#, =1310 5#"#5>'"#, /#5Q
1 F#'6:%/%012#66E% 0:1/16E — 2 /400"1(5E>61) 3':%/#:4/% >#@% 481:/%9Q3(%:0( 01>%:#6'% 4>#0:6'"' 8/1%":# (7/'$'>%0"'% 3'C#). — ;#'<. #"1.2 ,#:/'C# 1:2%:0:2%6610:'. N $#661& 034>#% 6%>%:"1 8/121$':0( /#5=/#Q6'>%6'%: &#:/'C# /#08/%$%3%6'( 1:2%:0:2%6610:' &%B$4 4>#0:6'"#&'8/1%":# ' &#:/'C# 1:2%:0:2%6610:' &%B$4 >3%6#&' "1$E 8/1%":#"16"/%:61) 1/=#6'5#C''. — ;#'<. #"1.
418
5,'-'
102%/:E2#6'% L46"C'' 48/#23%6'( "#>%0:21& ' 48/#23%6'% 1:61R%Q6'(&' 0 5#"#5>'"#&'. S#512#( 0:/4":4/# &#:/'CE 5#'6:%/%012#6Q6EJ 0:1/16 81"#5#6# 6# /'0. 10.4.
!761@7?F=? >;1@=Q9 R;=F1?@?67E;FF9Y 617@7F-#" 81"#5#61 6# /'0. 10.4, &#:/'C# 5#'6:%/%012#66EJ 0:1/16
8/%$0:#23(%: 0191) $24&%/647 0%:"4. N$13? 1$61) 0:1/16E &#:/'CE8%/%>'03%6E 5#'6:%/%012#66E% 0:1/16E, # 2$13? $/4=1) — /#53'>Q6E% L#":1/E, 23'(7@'% 6# 408%J 8/1%":#, /'0. 10.4 81"#5E2#%: :'Q8'>6E% 8/'&%/E 5#'6:%/%012#66EJ 0:1/16E ' L#":1/12 408%J# '(23(%:0( J1/1R'& R#93161& $3( 091/# $#66EJ. H$6#"1 3'$%/E 8/1Q%":# $13B6E 18/%$%3':? L#":'>%0"'% ' "16"/%:6E% 5#'6:%/%012#6Q6E% 0:1/16E, L#":1/E 408%J# ' 0:%8%6? '5 25#'&102(5#6610:'.
50>80$031" '#B0>(0= '(J0)+".''. +3( :1=1 >:19E 2J1$6E%$#66E% 9E3' 10&E03%66E&' ' /%#3'0:'>6E&', 'J '0:1>6'"#&'$13B6E 9E:? 0#&E% /#53'>6E% /4"121$':%3' 2E0R%=1 /#6=#, 56#"1Q&E% 0 "16"/%:6E&' 193#0:(&' 0119@%0:2# 5#'6:%/%012#66EJ 0:1Q/16. .103% :1=1 "#" 0121"48610:? 5#'6:%/%012#66EJ 0:1/16 ' 8#/#Q&%:/E, 6# "1:1/E% 16' 23'(7:, 18/%$%3%6E, 03%$4%: 18/%$%3':?0:%8%6? 'J 23'(6'( 6# 408%J 8/1%":# ' 5#L'"0'/12#:? U:' $#66E%$3( "#B$1) '6:%/L%)061) :1>"'. +3( 5#8'0' $#66EJ 1 23'(6'' "#BQ$1) 5#'6:%/%012#661) 0:1/16E 6# "#B$E) 8#/#&%:/ 8/1%":# &1B61'0813?512#:? 8/10:47 3Q '3' 4Q9#33?647 R"#34, 81$19647 '0813?Q512#661) 6# /'0. 10.4. D60:/4&%6:E =/488121) 25#'&1$%)0:2'(, :#Q"'%, "#" &15=121) R:4/&, "16013'$#C'( "1$E ' &%:1$E Delphi,:#"B% &1=4: 81&1>? 2 8/1C%00% 091/# '0J1$6EJ $#66EJ.
703,>,(', '(J0)+".'' 0 3;"'+0>,=#$3'4B +,<>* ;"'($,?),#03"((-+' #$0)0("+' >0 #3,>,('4 #00$3,$#$3*A@'B 2'..,#:/'C# 5#'6:%/%012#66EJ 0:1/16 $13B6# 81$3%B#:? $1"4&%6:'Q/12#6'7 (1:$%3?61 '3' 2 2'$% >#0:' 83#6# 8/1%":#) ' 196123%6'781 &%/% 8/1J1B$%6'( 8/1%":# >%/%5 L#5E B'56%661=1 C'"3#. N#B6119%08%>':?, >:19E &#:/'C# 5#'6:%/%012#66EJ 0:1/16 01=3#012EQ2#3#0? 0 10:#3?6E&' $1"4&%6:#&', 18'0E2#7@'&' 25#'&1$%)Q0:2'%, :#"'&', "#" 08'01" 5#$#>, &#:/'C# 5#$#>, NQ&%/6#( $'#=Q/#&&# 25#'&1$%)0:2'), # :#"B% 0 '60:/4&%6:#&' 48/#23%6'(1:61R%6'(&' 0 5#"#5>'"#&', '0813?54%&E&' 2 1/=#6'5#C''.N $18136%6'% " 8/10:1&4 1:19/#B%6'7 23'(6'), 1"#5E2#%&EJ 5#Q'6:%/%012#66E&' 0:1/16#&', &1B%: 9E:? 0=%6%/'/12#6# 0%:"#23'(6'( 5#'6:%/%012#66EJ 0:1/16, '0813?54%&#( $3( 81$$%/B"'48/#23%6'( 1:61R%6'(&' &%B$4 5#'6:%/%012#66E&' 0:1/16#&',"#" 81"#5#61 2 8/'21$'&1& 6'B% 5#R:/'J12#661& 8/(&14=13?6'Q"% «<%:"# 23'(6'( 5#'6:%/%012#66EJ 0:1/16».
419
*"+.%"$()$ 4"0
'(#1
C'#. 10.4. ,#:/'C# 5#'6:%/%012#66EJ 0:1/16
N3'(6'% 6# 8#/#&%:/E 8/1%":#
O%04/0E */%912#6'(8/1%":#
./1C%008/1%":#
HC%6'2#6'% 8/1Q'521$':%3?610:'
(J1$# '08136%6'()' 2156#=/#B$%6'(
G7$'
+%6?='
./1'521$0:2%66E% &1@610:'
,#:%/'#3E
D6L1/&#C'(
F6#6'(
./'1/':%:E
M%3'
<8%C'L'"#C''
O#08'0#6'%
S7$B%:
-#>%0:21
G1='0:'"#
./%$&%:E
810:#2"'
-1$6#(
/#91:#
./1C%00 8/1%":#
H/=#6'5#C'166E% '6:%/L%)0E
D6L/#0:/4":4/#
*%J6131='(
O#5/%R%6'% 8/193%&
Y1$
'08136%6'( 8/1%":#
P08%J
8/1%":#
./1'521$':%3?610:?
"1$E
./1'521$':%3?610:?
1:$%3?6EJ 37$%)
N156#=/#B$%6'% "1$E
N156#=/#B$%6'% 1:$%3?6EJ 37$%)
;#/#6:'( 5#6(:10:'
F#'6:%/%012#6Q6E% 0:1/16E
,%6%$B%/8/1%":#
G'$%/"1$E
I3%6 "1$E
O4"121$':%3'L46"C'16#3?6EJ034B9 81$$%/B"'
NE0R%%/4"121$0:21
F#"#5>'" /081601/
.1$/($>'" ("16:Q/#":1/) /2%6$1/
.#/:6%/
O%=43(:1/E
;/488E 0 1019E&''6:%/%0#&'
</%$0:2# Q21) '6L1/&#C''
./1>'%
<'0:%&# 19156#>%6'): 5#'6:%/%012#66#( 0:1/16# '&%%:…
,#31% 23'(6'% 6# 8#/#&%:/ 8/1%":# '3' 6'"#"1=1 23'(6'( A%"1:1/1% 23'(6'% 6# 8#/#&%:/ 8/1%":#F6#>':%3?61% 23'(6'% 6# 8#/#&%:/ 8/1%":# -/':'>%0"1% $3( 408%J# 23'(6'%
6# 8#/#&%:/ 8/1%":#
!
"
420
5,'-'
106?1C; EA=GF=G R;=F1?@?67E;FF9Y 617@7F>,)8()$ %';,)7(1F ;')(.$%$+"-'((1F +."%"( (' 3'%'0$.%1 3%"$4.' 0"J
&$. C1.9 "."C%'&$(" $:$ "#()0 +3"+"C"0 — - -)#$ +$.4) -,)8()8 ;')(.$J%$+"-'((1F +."%"( (+0. %)+. 10.5). M,8 4'&#"< ;')(.$%$+"-'(("< +."%"(1#'(('8 +$.4' 3"4';1-'$. +"".-$.+.-/K:/K E."< ;')(.$%$+"-'(("< +."%"($(') -'&("+.9 3"##$%&4) ) (C) +.$3$(9 3%)-$%&$(("+.). > 3%)0$%$ +,$-' 3/J;1%94'0) G, > ) ! "C";('7$(1 %';,)7(1$ ;')(.$%$+"-'((1$ +."%"(1, ' %';J0$% 3/;1%94' 3"4';1-'$. +.$3$(9 -"+3%)()0'$0"6" -,)8()8, 4"."%"< "CJ,'#'$. #'(('8 ;')(.$%$+"-'(('8 +."%"('. !$.4' #$,). ;')(.$%$+"-'((1$+."%"(1 (' 4 "+("-(1$ 4'.$6"%)):
• «='F"#8:)$+8 3",("+.9K - #$,$». R')(.$%$+"-'((1$ +."%"(1, 4"."J%1$ "7$(9 -'&(1 #,8 /+3$F' 3%"$4.' ) 4"."%1$ 3",("+.9K 3%)-$%&$J(1 $0/.
• «M"C%"+"-$+.(1$ -";%'&'K:)$». R')(.$%$+"-'((1$ +."%"(1, 4"."J%1$ "7$(9 -'&(1 #,8 y+3exa 3%"$4.', (" 4"."%1$ ($ 3%)-$%&$(1 $0/.
• «T+4%$(()$ +."%"(()4)». R')(.$%$+"-'((1$ +."%"(1, 4"."%1$- -1+?$< +.$3$() 3%)-$%&$(1 3%"$4./, (" ($ "7$(9 -'&(1 #,8 /+3$F'3%"$4.'.
• «5%/33' 3"##$%&4)». R')(.$%$+"-'((1$ +."%"(1, 4"."%1$ ) ($ -'&(1,) ($ 3%)-$%&$(1 3%"$4./.
P'4 -'%)'(. +$.4' 0"&$. 3"4';1-'.9 4'4 +/:$+.-/K:$$, .'4 ) &$,'$0"$3","&$()$ #$,. !$.4' 0"&$. )+3",9;"-'.9+8 #,8 /3%'-,$()8 ".("?$()<0$&#/ ;')(.$%$+"-'((10) +."%"('0).
C'#. 10.5. <%:"# 23'(6'( 5#'6:%/%012#66EJ 0:1/16
421
*"+.%"$()$ 4"0
'(#1
&G5HKLEHDMN&O PMTC&Y[EM&NTOCOGHDMNN[X GTHCHNF08>" '#/02%;03"$%. ,#:/'C# 5#'6:%/%012#66EJ 0:1/16 101Q
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
9E:? /#5/#91:#6# 2 $2% 0:#$'':• *M"<.+'0,3" 93*+#3",'" <.+#'7-. K:1 &1B%: 9E:? 2E8136%Q61 &%6%$B%/1& 8/1%":# 9%5 810:1/166%) 81&1@'. N J1$% U:1)0:#$'' 8/1'0J1$': 18/%$%3%6'% "37>%2EJ 5#'6:%/%012#66EJ0:1/16 ' 'J 23'(6') 6# 106126E% 8#/#&%:/E 8/1%":#. */%94%Q&1% 2/%&( — 30 &'64:.
•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elphi ' 9%6>Q&#/"'6= 81$196EJ 8/%$E$4@'J8/1%":12 8/'2%$4: " 810:/1%6'7 $%:#3?61) &#:/'CE 5#'6:%Q/%012#66EJ 0:1/16. */%94%&1% 2/%&( — 1: 2 $1 4 >#012.
D-80>-. ./%408%2#7@'% 8/1%":6E% "1$E 56#7:, "#"'& 19Q/#51& 0:/1':? 1:61R%6'( 01:/4$6'>%0:2# ' 19/#512E2#:? 25#'&1Q2E=1$6E% 0175E 0/%$' 20%J 5#'6:%/%012#66EJ 0:1/16. ,#:/'C# 5#Q'6:%/%012#66EJ 0:1/16 8/%$0:#23(%: 0191) 8/10:1) '60:/4&%6:,0 81&1@?7 "1:1/1=1 "1$# &1B%: '$%6:'L'C'/12#:? ' 1C%6':?23'(6'%, 1"#5E2#%&1% 1:$%3?6E&' 5#'6:%/%012#66E&' 0:1/16#&'6# :% '3' '6E% 8#/#&%:/E 8/1%":#. ,#:/'C# :#"B% 19%08%>'2#%:"#/"#0 $3( '$%6:'L'"#C'' :%J 40312'), "1:1/E% 6%19J1$'&E $3(
422
5,'-'
108134>%6'( 01:/4$6'>%0:2# ' 8/'2%/B%6610:' 5#'6:%/%012#66EJ 0:1Q/16 2 19&%6 6# 4$123%:21/%6'% 08%C'L'>%0"'J 64B$ ' 81B%3#6').K:# 012/%&%66#( 48/#23%6>%0"#( "16C%8C'( 18'0E2#%:0( "#" «19&%62#37:» [7]. ,#:/'C# 5#'6:%/%012#66EJ 0:1/16 0:#3# 2#B6E& 012/%Q&%66E& '60:/4&%6:1& $3( ULL%":'261) /#91:E 2 40312'(J 5#84:#6Q6EJ 8#4:'6 1:61R%6'), J#/#":%/6EJ $3( 012/%&%66EJ 8/1%":6EJ0':4#C'), ' $3( 015$#6'( 0831>%661) 8/'2%/B%661) $%34 8/1%":61)"1$E, 2"37>#7@%) 2 0%9( 20% 5#'6:%/%012#66E% 0:1/16E.
5),'+*@,#$3" ' (,>0#$"$1'. - 8/%'&4@%0:2#& $#661=1 '60:Q/4&%6:# 1:610':0( :1, >:1 16:
• 3I"*9"0')."+ O.I43, 14: *)31,3$3 9#"1*+.)4",': 5#'6:%/%Q012#66EJ 0:1/16 ' 'J 23'(6'( 6# 8#/#&%:/E 8/1%":#;
• 3I"*9"0')."+ 2.#2.* 14: 3+3I#.C",': '6:%/L%)012 8/1%":#' 0/%$0:2 1/=#6'5#C'';
7178@;O?F=? 7@D;F=R;Q=7FF9Y R;E=6=>761?S@'.%)2' ;')(.$%$+"-'((1F +."%"( 0"&$. C1.9 3",$;("< 3%) 4'%."6%'J
H)%"-'()) ;'-)+)0"+.$< 0$&#/ 7,$('0) 3%"$4.("< 4"0'(#1, "%6'();'2)J80) 3"##$%&4), ;'4';7)4'0) ) #%/6)0) ;')(.$%$+"-'((10) +."%"('0)3%"$4.'. Q." -'&(1< ?'6 - 3"+.%"$()) +"2)',9("< +%$#1, ($"CF"#)0"< #,8EHH$4.)-("6" -;')0"#$<+.-)8 -+$F )6%"4"- %'#) #"+.)&$()8 /+3$F' 3%"J$4.'. @'.%)2' ;')(.$%$+"-'((1F +."%"( 3%"$4.' 3"0"6'$. %'++0".%$.9 .'J4)$ -'&(1$ -"3%"+1, 4'4:
• > 79$< 3"##$%&4$ ) +".%/#()7$+.-$ 01 (/&#'$0+8?• P'4)$ "%6'();'2)"((1$ 4"(H,)4.1 +/:$+.-/K. 0$&#/ ;')(.$%$+"J-'((10) +."%"('0)?
• T0$$0 ,) 01 ($"CF"#)01$ "C8;'.$,9+.-' +" +."%"(1 6%/331 3"##$%J&4), )0$K:$< 4%).)7$+4/K -'&("+.9 #,8 /+3$F' 3%"$4.'?
• P." C/#$. %';%$?'.9 .$ ),) )(1$ 4"(4%$.(1$ 3%"C,$01?• P'4)$ 3/.) -;')0"#$<+.-)8 +/:$+.-/K. 0$&#/ )(.$%H$<+'0)?• P'4)$ +%$#+.-' 01 )0$$0 #,8 ."6", 7."C1 3"-,)8.9 (' ('?)F ;')(.$%$J+"-'((1F +."%"(?
• >4,K7),) ,) 01 ('#,$&':)F ,K#$< ); 6%/331 + "+"C10) )(.$%$+'0)G>!?
• P'4 01 0"&$0 3"0"79 - %';-).)) -,)8()8 4"0'(#1 KLM?• P'4 01 0"&$0 #"+.)79 -,)8()8 (' %$+/%+ Q?• P'4 01 0"&$0 /+),).9 -;')0"#$<+.-)$ 3" )(.$%H$<+/ ITF?• D9$ +"6,'+)$ ('0 ($"CF"#)0" #,8 ."6", 7."C1 3%)+./3).9 4 -13",($J()K?
• P." 8-,8$.+8 4,K7$-10) ,)2'0), 3%)()0'K:)0) %$?$()8, #,8 #'(J("6" %$,);'?
• D9$6" 3%".)-"#$<+.-)8 ('0 +,$#/$. "&)#'.9?• P'4)$ ".("?$()8 01 )0$$0 + PQR?• P'4)$ 01 )0$$0 ',9.$%('.)-1 %$+/%+/ X?• P'4 01 %';#$,8$0 E./ ".-$.+.-$(("+.9 + XYZ?• P'4 E.) ,K#) "2$()-'K. ('?/ 3%");-"#).$,9("+.9?
423
*"+.%"$()$ 4"0
'(#1
• 3I"*9"0')."+ 2.#2.* 14: *3(1.,': 81361) 8/1%":61) "1$E' $3( 48/#23%6'( 1:61R%6'(&' &%B$4 5#'6:%/%012#66E&'0:1/16#&'.
• 3I"*9"0')."+ 2.#2.* 14: /9#.)4",': 8/1%":#&' 2 "16:%"0:%0:/#:%='' "1&8#6'';
• 93<3$."+ #.I3+.+D * (.',+"#"*3).,,-<' *+3#3,.<' 6# 8/1Q#":'261) 10612% 0 C%3?7 /#5/%R%6'( 81:%6C'#3?6EJ 8/1Q93%&, "16L3'":12 ' 6%8/%$2'$%66EJ 0':4#C');
• #.(#.I3+2. <.+#'7- (.',+"#"*3).,,-M *+3#3, ' %% 8/'&%Q6%6'% 015$#%: 0/%$4, 93#=18/'(:0:247@47 810:/1%6'7 "1Q$E ' 1/=#6'5#C'1661&4 194>%6'7.
F (,>0#$"$1"+ >"((080 '(#$)*+,($" 0$(0#4$#4 #2,>*A@',:• =9#"1"4",,-" (.+#.+- )#"<",' ' 4'1"#*2'" ,.)-2' :/%94Q7:0( $3( /#5/#91:"' 2J1$6EJ $#66EJ &#:/'CE.
• S,.0'+"4D,-" (.+#.+- )#"<",' ' 4'1"#*2'" ,.)-2' :/%94Q7:0( $3( 1:19/#B%6'( $#66EJ &#:/'CE 2 L1/&#:% 0%:"' 23'(Q6'( 5#'6:%/%012#66EJ 0:1/16, 83#6# /#52':'( "1$E '3'#6#3'5# L#":1/12 408%J# 8/1%":# [8].
• >3(<3C,3*+D )3(,'2,3)",': 23,J4'2+3) '5Q5# /#53'>61=12108/'(:'( 8/1L'3( (0121"48610:' J#/#":%/'0:'") 5#'6:%/%Q012#661) 0:1/16E.
• A#"(<"#,3" 13)"#'" " &#:/'C% 5#'6:%/%012#66EJ 0:1/16 $3(C%3%) 2 48/#23%6'' 8/1%":#&'.
• T.+#'7. <3C"+ 93+"#:+D *)3E .2+/.4D,3*+D 8/' '5&%6%Q6'' 8/1%":61=1 1"/4B%6'(, %03' %% 6% 81$2%/=#:? 810:1(661Q&4 196123%6'7.
D")'".''. <:/4":4/# ' 8/'&%6%6'% &#:/'CE 5#'6:%/%012#66EJ0:1/16 &1B%: R'/1"1 2#/?'/12#:?0(. A#8/'&%/, U3%&%6:E &#:/'QCE &1=4: 9E:? 81"#5#6E 2 913%% '3' &%6%% "13'>%0:2%661& 2'$%,6#8/'&%/, 0 '0813?512#6'%& 94"2%66EJ '3' C'L/12EJ 2%012EJ "1QULL'C'%6:12 3'91 =/#L'>%0"'J 0'&21312. F#'6:%/%012#66E% 0:1Q/16E &1=4: 9E:? 18'0#6E «2 19@%&»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
424
5,'-'
10$E, 08101961) 8/'2%0:' 8/1%": " 408%J4. X@% 1$6# R'/1"1 '5Q2%0:6#( 2#/'#C'( — /#6B'/12#6'% 5#'6:%/%012#66EJ 0:1/16 81:%& '3' '6E& 8#/#&%:/#& [8, 9].
M>"/$".'4 +"$)'.- ;"'($,),#03"((-B #$0)0(. ,#:/'C#$13B6# 9E:? 0:/4":4/'/12#6# :#", >:19E 93#=18/'(:0:212#:? 81Q34>%6'7 ' 6#"183%6'7 6#'913%% #":4#3?61) '6L1/&#C'', 6%19J1Q$'&1) $3( /#52':'( 81361) "1$E, %% '6:%/L%)012 ' 1:61R%6')0 5#'6:%/%012#66E&' 0:1/16#&'. ;3491"1% 816''% 8/1%":61=11"/4B%6'( ' 9'56%0Q0:/#:%='' 6%19J1$'&1 $3( :1=1, >:19E 18/%$%Q
!@7E?@C; >;1@=Q9 R;=F1?@?67E;FF9Y 617@7FLC$#).$+9, 7." 0'.%)2' ;')(.$%$+"-'((1F +."%"( ('#,$&':)0 "C%';"0
+.%/4./%)%"-'(' ) EHH$4.)-(" 3%)0$(8$.+8. V+,) E." .'4, ." -1 #",&(1C1.9 +3"+"C(1:
• T#$(.)H)2)%"-'.9 E,$0$(.1 #,8 4'&#"< "+) 0'.%)21: 1) ;')(.$%$+"J-'((1F +."%"( ) 2) 3'%'0$.%1 3%"$4.', 3"+,$ 7$6" +6%/33)%"-'.9 )F 3"4'.$6"%)80.
• BC";('7).9 +.$3$(9 -,)8()8 ;')(.$%$+"-'((1F +."%"( (' %';,)7(1$3'%'0$.%1 3%"$4.'.
• *"4';'.9 +.$3$(9 -,)8()8 +)0-",)7$+4) ),) 7)+,$((", ($ -#'-'8+9+-$%F 0$%1 - #$.',).
• I';%'C'.1-'.9 0'.%)2/ - ($+4",94" ?'6"-: 3$%-1< ?'6 -13",(8$.+8+),'0) 0$($#&$%' 3%"$4.' ) 3%$#+.'-,8$. +"C"< %'++0".%$()$ ;')(J.$%$+"-'((1F +."%"( ) 3'%'0$.%"- 3%"$4.', (' -."%"0 ?'6$ 3%)-,$4'JK.+8 4,K7$-1$ 7,$(1 4"0'(#1 ) 3$%+"(',, ".-$7'K:)< ;' )(.$%H$<J+1 3%"$4.'.
• B+) 0'.%)21 ;')(.$%$+"-'((1F +."%"( #",&(1 C1.9 +"6,'+"-'(1 +H'4.)7$+4"< "%6'();'2)$< 3%"$4.'. G#'3.'2)8 ?'C,"(', 3"4';'(("6"(' %)+. 10.5, 3"# 4"(4%$.(/K +)./'2)K, 'C+",K.(" ($"CF"#)0'.
• T+3",9;"-'.9 0'.%)2/ 4'4 )+."7()4 )(H"%0'2)) ) 4'.',);'."% #,8%';%'C".4) C",$$ -+$+."%"(()F 4'%. )(.$%H$<+"- ) 3,'("- %';-).)84"0'(#1.
• >"-,$4'.9 -+K 3%"$4.(/K 4"0'(#/ - %';%'C".4/ 0'.%)21 ) )+3",9;"J-'.9 "4"(7'.$,9(1< #"4/0$(. +"-0$+.(" +" -+$0) 7,$('0) 4"0'(#1.
• *%) 3%)0$($()) 0'.%)21 "+("-("< '42$(. #$,'.9 (' /3%'-,$()$ ".J("?$()80), 3$%$+$4'K:)0) "%6'();'2)"((1$ 6%'()21, 0$F'();01"C/7$()8 - "%6'();'2)) ) +"-$%?$(+.-"-'()$.
425
*"+.%"$()$ 4"0
'(#1
3':? 6#'913%% 4&%0:6E% 8#/#&%:/E &#:/'CE, "1:1/E% 23'(7: 6#J1$ '08136%6'( 8/1%":#. M%6610:? &#:/'CE 5#'6:%/%012#66EJ0:1/16 010:1': 2 :1&, >:1 16# &1B%: 9E:? '0813?512#6# "#" '60:/4Q&%6: 810:/1%6'( "1$E. +3( :1=1 >:19E 9E:? ULL%":'26E& '6Q0:/4&%6:1& /#52':'( "1$E, >3%6E 8/1%":61=1 0119@%0:2# $13BQ6E 2'$%:? 0%9( "37>%2E&' '=/1"#&' 2 '08136%6'' 8/1%":#.,#:/'C# ' 2E:%"#7@'% '5 6%% $1"4&%6:E $13B6E 81$>%/"'2#:?2#B610:? U:'J >3%612 "1$E, # :#"B% 81&1=#:? '& 25#'&1$%)Q0:212#:? $/4= 0 $/4=1& ' /%R#:? 8/193%&E.
COEUPO,#:/'C# 5#'6:%/%012#66EJ 0:1/16 81$$%/B'2#%: 40'3'( 81
83#6'/12#6'7 ' /#52':'7 "1$E 0 #"C%6:1& 6# "/100QL46"C'1Q6#3?6E% 25#'&1$%)0:2'( ' 810:/1%6'% 1:61R%6'). ,#:/'C# 81&1Q=#%: '$%6:'L'C'/12#:? 5#'6:%/%012#66E% 0:1/16E 8/1%":# ' 'J23'(6'% 6# /#53'>6E% 8#/#&%:/E 8/1%":#, ' 81 04:' 16# 0:#612':Q0( "#:#3'5#:1/1& /#52':'( 913%% 20%0:1/166'J "#/: '6:%/L%)012' 83#612 /#52':'( "1$E. N $18136%6'% " U:1&4 3'$%/E 8/1%":#'0813?547: &#:/'C4 $3( 9%6>&#/"'6=# 8/1'521$':%3?610:' '6Q:%/L%)012 "1$E ' 64B$ /#52':'( 1/=#6'5#C''.
@??61@ F;E9C7E
<17 1;C7? @??61@ F;E9C7E?O%%0:/ 6#2E"12 — U:1 '60:/4&%6: $3( 0'0:%&#:'>%0"1) '$%6:'Q
L'"#C'' 0121"48610:%) 6#2E"12, 6%19J1$'&EJ >3%6#& 8/1%":61)"1$E ' 'J 3'$%/#&. +#66#( "16C%8C'( &1B%: 9E:? '0813?512#Q6# $3( '$%6:'L'"#C'' '3' 9%6>&#/"'6=# :/4$12EJ 6#2E"12 $3(3791) "#:%=1/'' /#91: '3' 3791=1 4/126( 1/=#6'5#C''. H6# :#"B%&1B%: 9E:? '0813?512#6# $3( 1C%6'2#6'( ' /#52':'( 8%/016#3#,810:/1%6'( "1$E ' R'/1"1�R:#961=1 /#52':'( 1/=#6'5#QC''. O%%0:/E 6#2E"12 8/%$0:#23(7: 0191) ULL%":'2647 1:8/#2Q647 :1>"4 $3( 83#6'/12#6'( 8/1%":61) "1$E, "1&83%":12#Q6'( %% 8%/016#31& ' 2"37>%6'( 2 /#91:4. H6' 8/10:'/#7:0( 6#$20%) 0:/#:%='>%0"1) 193#0:?7 48/#23%6'( 8/1%":#&', 02(5E2#(/#91>47 0L%/4 "1$61) /#91:E 0 '6L/#0:/4":4/1) /%04/0122 1/=#6'5#C''. H06126#( 0:/4":4/# /%%0:/# 6#2E"12 81"#5#6# 6#/'0. 10.6.
426
5,'-'
10
67R:;F=? @??61@; F;E9C7E-#" 81"#5#61 6# /'0. 10.6, /%%0:/ 6#2E"12 8/%$0:#23(%: 0191)
08'01" "1&816%6:12 0121"48610:' 6#2E"12 $3( 18/%$%3%661=1"3#00# 8%/016#3#. -1&816%6:E =/488'/47:0( 2 >%:E/% "#:%=1/'',8/'$#2#( 08'0"4 '%/#/J'>%0"47 0:/4":4/4 ' 19%08%>'2#( 34>R')1951/ ' #6#3'5 0121"48610:%) 6#2E"12. +3( "#B$1=1 "1&816%6:#2 :#93'C% 1:2%$%6E (>%)"', 2 "1:1/EJ 94$4: 5#8'0#6E $#66E%1 /%):'6=% "/':'>610:' ' /%):'6=% 081019610:%) (:%"4@%=1 193#Q$#6'( 6#2E"1&). K:1 8134>#%&E% 6# 10612% 04B$%6'( 81"#5#:%3'
C'#. 10.6. H9/#5%C /%%0:/# 6#2E"12 $3( &%6%$B%/# 8/1%":#.<15$#6'% /%%0:/# 6#2E"12
C,,#$) ("3-103 >24 /,)#0("2" /)0,1$", 12"##: &%6%$B%/ 8/1%":#
F"$,80)'' ' 10+/0(,($- ("3-103
H/),>,2,(',,/)'+,(,(',' 32'4(',
(30;>,=#$3',)
C,=$'(81)'$'9(0#$'
(1: 1 $1 4)
C,=$'(8#/0#0:(0#$,=
(1: 1 $1 4)
52"(>,=#$3'=
T,B('9,#1', ("3-1' (1"$,80)'4 I)<81019610:? 48/#23(:? 8/1%":1& ' %=1 :%J6131='%)H"#5#6'% 81&1@' 2 /#5/%R%6'' 8/193%&N5#'&1$%)0:2'% 0 :%J6'>%0"'& 8%/016#31&H93%=>%6'% $10:'B%6'( "1&8/1&'0012.11@/%6'% 612#:1/0"1=1 1"/4B%6'(D6:%=/#C'( :%J6'>%0"'J, $%312EJ ' >%312%>%0"'J C%3%)<81019610:? " 0'0:%&61&4 2' è$%6'7+12%/'% " :%J6'>%0"'& 56#6'(& (81$=1:12"%).16''% '60:/4&%6:12 ' &%:1$12 81$$%/B"' '6B'6'/'6=#.16''% :%J6131=') ' :/%6$12 (:%6$%6C')).16''% 8/'"3#$6EJ 5#$#> &#/"%:'6=# ' 8/'&%6%6'% 8/1$4":#<831>%6'% :%J6'>%0"1) "1$E
M>+'('#$)"$'3(-, ("3-1' (1"$,80)'4 II)./'23%>%6'% ' 4$%/B#6'% /#91:6'"12 2E01"1=1 "3#00#<81019610:? " ULL%":'261&4 19@%6'7 (40:61&4 ' 8'0?&%661&4)<81019610:? " ULL%":'261&4 $%3%='/12#6'7 19(5#6610:%)HC%6'2#6'% /%04/012 ' 2%$%6'% 8%/%=121/12 0 C%3?7 'J 8134>%6'(D5&%/%6'% 010:1(6'( ' J1$# '08136%6'( /#91: ' 8/1'521$':%3?610:','6'&'5#C'( '5&%6%6').3#6'/12#6'% ' 1/=#6'5#C'( &61=1L46"C'16#3?6EJ 8/1=/#&&-#3%6$#/61% 83#6'/12#6'% &61=1$'0C'83'6#/6EJ 18%/#C').16''% 813':'" ' /#91>'J 8/1C%$4/O#91:# (01:/4$6'>%0:21) 0 $/4='&' 1/=#6'5#C'(&'
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
G$)"$,8'9,#1', ("3-1' (1"$,80)'4 IV).10:/1%6'% #3?(6012, "1#3'C') ' $10:'B%6'% 01:/4$6'>%0:2#<81019610:? /#91:#:? 2 40312'(J /'0"12 ' 6%18/%$%3%6610:%)<81019610:? 3'$'/12#:? 2 &61=1L46"C'16#3?61) 3'$%/0"1) 0/%$%,1:'2'/12#6'% ' 2$1J6123%6'% $/4='JN%$%6'% 8%/%=121/12 1 /%04/0#J ' &19'3'5#C'( /%04/012<:/#:%='>%0"1% &ER3%6'%, 83#6'/12#6'% ' 8/'&%6%6'% /%R%6')<:'3? &ER3%6'( 8/%$8/'6'&#:%3(.16''% 9'56%0Q1"/4B%6'(+#3?612'$610:?
427
*"+.%"$()$ 4"0
'(#1
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
N $18136%6'% " 81"#5#:%37 "/':'>610:' / 081019610:%) :#93'QC# /%%0:/# 6#2E"12 01$%/B': %@% $2# 0:139C#, 2 "1:1/EJ 94$4:8/'21$':?0( 00E3"' 6# $/4='% $1"4&%6:E, :#"'% "#" 18/%$%3%6'(6#2E"12, 1C%6"' 23'(6'( ' 83#6E $%)0:2') 81 /#52':'7 6#2E"12.
5,)30("9"2%(0, /0#$)0,(',. ./' 8%/216#>#3?61& 810:/1%Q6'' R#9316# /%%0:/# 6#2E"12 2 8%/2E) /#5 1:$%3?6E% (08%C'L'Q>%0"'%) "#:%=1/'' 6#2E"12 $13B6E 9E:? 18/%$%3%6E $3( "#B$1=1"3#00# 8%/016#3#, "#", 6#8/'&%/, &%6%$B%/# 8/1%":#, =3#261=18/1%":'/12@'"#, 08%C'#3'0:# 81 &#/"%:'6=4 ' :. $.
50#2,>*A@,, /)'+,(,(',. .103% :1=1 "#" R#9316 0L1/&'/1Q2#6, 16 &1B%: 9E:? '0813?512#6 0 &'6'?61) :1>61) 81$0:/1)Q"1) " 6121) 8/1%":61) 0':4#C''. N "#>%0:2% 4"#5#6'( /%"1&%6$4Q%:0( '0813?512#:? 4 "#:%=1/'' 6#2E"12, "1:1/E% 8%/%>'03%6E2 19/#5C% /%%0:/# 6# /'0. 10.6, 16' &1=4: 9E:? '0813?512#6E "#""#/"#0 $3( 18/%$%3%6'( 08%C'L'>%0"'J 0121"48610:%) 6#2E"12
1 ./'&%6(%:0( 2 $'#=610:'"% 80'J131='>%0"1=1 010:1(6'(. ./'&%/ >%:EQ/%J8#/#&%:/'>%0"1) R"#3E G'"%/:#: «&1:'2#C'(», «6#0:/1%6'%», «1C%6"#408%J'» ' «4/12%6? 91$/0:212#6'(». — ;#'<. #"1.
C,=$'(8/:"22
F)'$'9(0#$% G/0#0:(0#$'
1 ,#312#B61 '3' 6%2#B61 ,#3E% '3' 1:04:0:247Q@'% 081019610:'
2 N 6%"1:1/1) 0:%8%6' A%"1:1/E% 9#512E%2#B61 081019610:'
3 H>%6? 2#B61 KLL%":'26E) ' 4&%3E)4 -/':'>%0"' 2#B61 N 2E0R%) 0:%8%6'
$3( 408%J# ULL%":'26E) ' 4&%3E)
428
5,'-'
10$3( 18/%$%3%661=1 "3#00# 8%/016#3# ' 18/%$%3%661) 8/1%":61) 0'Q:4#C'':
-#:%=1/'( 6#2E"12 I: *%J6'>%0"'% 6#2E"'-#:%=1/'( 6#2E"12 II: !$&'6'0:/#:'26E% 6#2E"'-#:%=1/'( 6#2E"12 III: A#2E"' &%B3'>610:61=1 19@%6'( '3'$%/0:2#-#:%=1/'( 6#2E"12 IV: <:/#:%='>%0"'% 6#2E"' / 9'56%0Q6#2E"'
H9@%% 18'0#6'% U:'J >%:E/%J "#:%=1/') 6#2E"12 $#%:0( 2 8/'Q21$'&1& 6'B% 5#R:/'J12#661& 8/(&14=13?6'"% «;/488'/12"# 01Q21"48610:%) 6#2E"12 81 "#:%=1/'(&». +18136':%3?61 /'0. 10.7 '3Q370:/'/4%: 1:610':%3?61% /#08/%$%3%6'% 6#2E"12 2 5#2'0'&10:'1: 4/126( #$&'6'0:/#:'261) 1:2%:0:2%6610:'. !"C%6:, 8/%193#$#Q6'% ' "/':'>610:? 6#2E"12 0&%@#7:0( 1: «:%J6'>%0"'J» 2 0:1/164«#$&'6'0:/#:'26EJ», # 2 "16%>61& 0>%:% — 2 0:1/164 «&%B3'>610:Q61=1 19@%6'( ' 3'$%/0:2#» ' «0:/#:%='>%0"'J ' $%312EJ» 6#2E"1281 &%/% :1=1, "#" >%312%" 8%/%&%@#%:0( 22%/J 81 '%/#/J'>%0"1) 3%Q0:6'C%. H$6'& 03121&, /%%0:/ 6#2E"12, 8/%$0:#23%66E) 6# /'0.10.6, $3( &%6%$B%/# 8/1%":# ' 8/'=1$6E) :#"B% $3( :'8'>61) 8/1Q%":61) "1$E, 19%08%>'2#%: J1/1R') 19@') L1/&#: ' 4$196471:8/#2647 :1>"4 $3( /#5/#91:"' '3' #$#8:#C'' /%%0:/# 6#2E"12 '012%/R%60:212#6'( &%6%$B%/12 8/1%":12 $3( $10:'B%6'( '&'6#'2E0R%=1 4/126( ULL%":'2610:', "#" 81"#5#61 2 8/'21$'&1&6'B% 5#R:/'J12#661& 8/(&14=13?6'"% «./1L'3? 3'$%/0:2# &%Q6%$B%/12 8/1%":12».
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
C,,#$) '(>'3'>*"2%(-B ' 8)*//03-B ),#*)#03. O%%0:/E "12&1=4: /#5/#9#:E2#:?0( ' 8/'&%6(:?0( 81 1:61R%6'7 ":
• '6$'2'$4#3?6E& /%04/0#&, :#"'& "#" &%6%$B%/E 8/1%":12;• =/488#&, :#"'& "#" =/488# ADH-O, =/488# /#5/#91:"' 8/1$4"Q:12 '3' 8/1%":6#( "1$# 2 C%31&.
429
*"+.%"$()$ 4"0
'(#1
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elphi, &1=4:81&1>? 2 81$$%/B"% 8/1C%00# 091/# $#66EJ.
C'#. 10.7. H:610':%3?61% /#08/%$%3%6'%0121"48610:%) 6#2E"12
430
5,'-'
10D@B!!=@7EC; 67E7CB!F761?S F;E9C7E !7 C;1?D7@=G>!$6"#(8?()$ +,"&(1$, 0("6"6%'((1$ ) "%)$(.)%"-'((1$ (' .$F(","J
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
=$ +/:$+.-/$. 0'6)7$+4"< H"%0/,1, 4"."%'8 6'%'(.)%"-',' C1 /+3$F- /3%'-,$()) "+("-'((10) (' .$F(","6)) "%6'();'2)80). B#('4" )++,$#"J-'()8 3"+,$#"-'.$,9(" [10, 11] 3"4';1-'K., 7." 3%$/+3$-'K:)$ 3%"H$++)"J(',1 /3%'-,$()8 3%"$4.'0) "C,'#'K. +3$2)H)7$+4)0) ('-14'0), 4"."%1$0"6/. C1.9 +6%/33)%"-'(1 - 7$.1%$ 4'.$6"%)):
• .$F()7$+4)$ ('-14);• '#0)()+.%'.)-(1$ ('-14);• ('-14) 0$&,)7("+.("6" "C:$()8 ) ,)#$%+.-';• +.%'.$6)7$+4)$ ('-14) / C);($+J('-14).1#Z/%K#&*%# /.)U*%. A",9?'8 7'+.9 3%"$4."- -4,K7'$. - +$C8 -13",J
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
;$,%/%&5".5%)/U# /.)U*%. G#0)()+.%'.)-(1$ ('-14) 8-,8K.+8 -$+9J0' +/:$+.-$((10). W)#$%1 3%"$4.' #",&(1 )0$.9 "31. - "C,'+.) 3,'()%"J-'()8, 4"03,$4."-'()8 3$%+"(',"0, CK#&$.)%"-'()8, 4',$(#'%("6" 3,'()J%"-'()8, );0$%$()8 3%");-"#).$,9("+.) ) .$F()4 4"(.%",8. U".8 3"()0'()$+/:$+.-/K:)F - 4"03'()) %'C"7)F 3%"2$#/% ) #"+./3(1F )(+.%/0$(."- )-'&(" #,8 ,)#$%"- 3%"$4.', 7'+." C1-'$. ($"CF"#)0", 7."C1 E.) -1+"4"6"%'(6' )0$,) -";0"&("+.9 "+-"C"#).9 +$C8 ". '#0)()+.%'.)-(1F #$.',$<.
F.)U*% ,#]'%K/(&5/(J( (4M#/%2 % '%$#"&5).. QHH$4.)-("$ ,)#$%J+.-" -4,K7'$. - +$C8 2$,1< +3$4.% ('-14"- ) +3"+"C("+.$<: +3"+"C("+.97$.4" %/4"-"#).9 ) ".#'-'.9 /4';'()8, +3"+"C("+.9 3,'()%"-'.9 ) #"C)J-'.9+8 3%)-$%&$(("+.), ('-14) -;')0"#$<+.-)8 ("C:$()8), "4';'()$ 3"J0":) - %$?$()) 3%"C,$0, EHH$4.)-(/K %'C"./ + %/4"-"#).$,80) ) 3$%+"J(',"0 3"##$%&4) «3"3$%$4» H/(42)"(',9(1F ,)()< ) 7'+." 3%) 0',"<H"%0',9("< 3",("0"7)8F ),) ".+/.+.-)) .'4"-"<, ('-14) "C%'C".4) )(JH"%0'2)), +3"+"C("+.9 +"C)%'.9 ) ".H),9.%"-1-'.9 ".("+8:)$+8 4 +)./'J2)) #'((1$, -'&(1$ #,8 3%)(8.)8 %$?$()< - #)('0)7("0 "4%/&$()), )
431
*"+.%"$()$ 4"0
'(#1
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
&G5HKLEHDMN&O COOGTCM NMD[FHDF08>" '#/02%;03"$%. O%%0:/ 6#2E"12 8/%$0:#23(%: 0191) 813%5Q
6E) '60:/4&%6: $3( '$%6:'L'"#C'', 1C%6'2#6'( ' /#52':'( 8/1Q%":61) "1$E ' '0813?512#6'( %% /%04/012. +#66E) '60:/4&%6:&1B%: 9E:? 1019%661 813%5%6 6# /#66'J 0:#$'(J L1/&'/12#6'(8/1%":61) "1$E ' 83#6'/12#6'( "1$E. H6 19%08%>'2#%:"#/"#0 $3( '$%6:'L'"#C'' 0121"48610:%) 6#2E"12 ' 08101961Q0:%), 6%19J1$'&EJ $3( ULL%":'261) /#91:E "1$E, # :#"B%8/%$3#=#%: 1951/ "/':%/'%2 408%J#. O%%0:/ 6#2E"12 81&1=#%: 2 8/1QC%00% '$%6:'L'"#C'' ' 1:91/# >3%612 "1$E, # :#"B% 2 /#52'Q:'' 0121"48610:%) 'J 6#2E"12 81 &%/% 6%19J1$'&10:'. O%%0:/ 6#Q2E"12 :#"B% 02(5E2#%: 215&1B610:' "1$E 0 :/%912#6'(&'9'56%0# ', 81 04:', 19%08%>'2#%: 0:/#:%='>%0"47 02(5? &%B$4 /#91Q>'&' ' 0:/#:%='>%0"'&' "1&816%6:#&' "1&8#6''. N U:1& "16:%"Q0:% /%%0:/ 6#2E"12 19%08%>'2#%: $18136':%3?647 8%/08%":'24 $3(/#52':'( 83#612 25#'&1$%)0:2') 8/1%":# ' 1:61R%6') 0 5#'6:%/%Q012#66E&' 0:1/16#&', # :#"B% 0:#612':0( 2#B61) >#0:?7 19@%=183#6# /#52':'( "1$E $3' 18:'&'5#C'' 8/1'521$':%3?610:'"1$E 2 :%>%6'% 20%=1 B'56%661=1 C'"3# 8/1%":#.
+3"+"C("+.9 "CO$#)(8.9 ".#$,9(1$ ;'3%"+1, .%$C"-'()8 ) "6%'()7$()8- .'4)$ %$?$()8, 4"."%1$ )#/. (' 3",9;/ -+$0/ 3%"$4./. P E."0/ +,$#/$. #"JC'-).9 +3"+"C("+.9 0$($#&$%' 4 %';%$?$()K 0$&6%/33"-1F 4"(H,)4."- )3"+.%"$()K 0("6"H/(42)"(',9(1F 4"0'(#.
65".5#J%K#&*%# /.)U*% / 4%-/#&\/.)U*%. Q.) ('-14) -4,K7'K. - +$JC8 +3"+"C("+.9 -)#$.9 C);($+ 4'4 2$,"$, %/4"-"#).9 )0 ) ".+,$&)-'.9 $6""C:/K EHH$4.)-("+.9. B() -4,K7'K. - +$C8 .'4)$ 4"03"($(.1, 4'4 3"()0'J()$ F'%'4.$%' ".%'+,) ) "C,'#'()$ .'4)0) «('7',9+.-$((10)» 7$%.'0),4'4 "C:$$ 7/-+.-" 3$%+3$4.)-1 ) #$,"-'8 F-'.4'. Q.) ('-14) )0$K. ".("J?$()$ 4 %$?$()80 - +H$%$ 3",).)4, +.%'.$6)7$+4"0/ 01?,$()K ) #",6"J-%$0$((10 2$,80, "() 4%).)7$+4) -'&(1 #,8 3%)#'()8 H"%01 "%6'();'J2)"(("0/ /3%'-,$()K ) 0"C),);'2)) "%6'();'2)"((1F %$+/%+"-. R('()8- "C,'+.) .$"%)) +)+.$0, +.%'.$6)7$+4"6" 3,'()%"-'()8 ) "C:$6" /3%'-,$J()8 C);($+"0 "C$+3$7)-'K. "+("-/ ) )(+.%/0$(.1 3"##$%&4) #,8 E."< "CJ,'+.) ('-14"-.
432
5,'-'
10
D),+4 )";)":0$1'. O%%0:/ 6#2E"12 &1B%: 9E:? /#5/#91:#6 $24Q&( 081019#&'.
• !93*3I I. .%/216#>#3?61% 810:/1%6'%. -1=$# R#9316 /%%0:/#6#2E"12 0:/1':0( 2 8%/2E) /#5, $3( "#B$1=1 "3#00# 8%/016#3#$13B6E 9E:? 18/%$%3%6E "16"/%:6E% "#:%=1/'' ' "1&816%6Q:E 6#2E"12. K:1 2"37>#%: 2 0%9( 18/%$%3%6'% 0121"48610:%)
!@7W=AH A=:?@61E; >?F?:O?@7E !@7?C17E• !C"% - "#("0 0$+.$ (/&("< +"-"4/3("+.) 4"03$.$(.(1F ,K#$<, 4"."J%1$ -3"+,$#+.-)) %';"-9K.+8 - 4"0'(#/.
• *"+.%"$()$ 4'(',"- -;')0"#$<+.-)8 0$&#/ 6%/33'0), %$?'K:)0)".#$,9(1$ ;'#'7), "%6'();'2)80) 3"##$%&4), -1+?)0 %/4"-"#+.-"0) +""C:$+.-'0) ;'4';7)4"-.
• I';-).)$ +3$2)H)7$+4)F ('-14"- ) 3"+.%"$()$ "%6'();'2)"((1F +)+J.$0 3"##$%&4), ($"CF"#)01F 3%"$4.("< 4"0'(#$.
• P""%#)()%"-'()$ ) )(.$6%'2)8 0("6"H/(42)"(',9(1F %'C"7)F 4"J0'(# ) -13",(8$01F )0) "3$%'2)< - 2$,"+.(/K +)+.$0/.
• M$<+.-)8 - /+,"-)8F );0$(8K:)F+8 .$F(","6)7$+4)F .%$C"-'()< )3%)"%).$."- 3%) "#("-%$0$(("< ($"CF"#)0"+.) 3"##$%&)-'.9 ('J3%'-,$(("+.9 3%"$4.' ) $#)(+.-" 4"0'(#1.
• M$<+.-)8 - /+,"-)8F C$+3"4"<+.-', C"%9C1 ;' -,'+.9 ) 4"(H,)4."-.• I'C".' + 3"#%';#$,$()80) 3"##$%&4): -$#$()$ 3$%$6"-"%"-, 4""%#)J()%"-'()$, )(.$6%'2)8.
• M$<+.-)8 - /+,"-)8F .$F()7$+4)F +,"&("+.$<.• B3%$#$,$()$ ($"CF"#)01F 3%"$4.("< 4"0'(#$ ,K#+4)F %$+/%+"- )-$#$()$ 3$%$6"-"%"- + 2$,9K )F 3",/7$()8.
• *"":%$()$ %)+4', +"3/.+.-/K:$6" ("-'."%+4"0/ 3"#F"#/ 3%) ."0 /+,"J-)), 7." H/(#'0$(.',9(1$ 2$,) 3%"$4.' ($ C/#/. 3"#-$%6'.9+8 /6%";$.
• BC,$67$()$ 3%"2$++' 4"0'(#("6" 3%)(8.)8 %$?$()<.• I';-).)$ %'C"7$< +%$#1, +.)0/,)%/K:$< 3%"H$++)"(',9(1< %"+., —.'4"< +%$#1, - 4"."%"< ,K#) 0".)-)%"-'(1 (' EHH$4.)-(/K %'C"./-" C,'6" /+.'("-,$((1F 2$,$< 3%"$4.'.
• BCO$#)($()$ ,K#$< + %';,)7(10) ('-14'0) ) 3";)2)80) - 2$,9(/K%'C"7/K 6%/33/, +H"4/+)%"-'((/K (' %$?$()) $#)("< ;'#'7).
• *"##$%&'()$ - -1+?$0 %/4"-"#+.-$ -"-,$7$(("+.), ;')(.$%$+"-'(J("+.) ) +.%$0,$()8 4 "4';'()K 3"##$%&4).
• I/4"-"#+.-" 0("6"H/(42)"(',9(10) 6%/33'0), %$?'K:)0) ".#$,9J(1$ ;'#'7), + 2$,9K 3",/7$()8 $#)("6" %$;/,9.'.' -"3%$4) 7'+." -+.%$J7'K:)0+8 +,"&("+.80 "%6'();'2)"((1F +.%/4./% ) +)+.$0 4"(.%",8.
• *"##$%&'()$ %/4"-"#+.-' 3%"$4."0 ) 4"(.%",8 ;' ()0 C$; 3"#'-,$J()8 )(("-'2)< ) .-"%7$+.-'.
• BC$+3$7$()$ "%6'();'2)"(("6" 4'%4'+' #,8 +3,"7$()8 4"0'(#1.• BC$+3$7$()$ C$+3%)+.%'+.("6" ) +3%'-$#,)-"6" -";('6%'&#$()8 ".J#$,9(10 7,$('0 4"0'(#1 ,)C" "4';'()$ -,)8()8 #,8 "C$+3$7$()8 .'J4"6" -";('6%'&#$()8.
• *"##$%&'()$ -1+"4"6" /%"-(8 3%)-$%&$(("+.) ".#$,9(1F ,K#$< /+J.'("-,$((10 2$,80 ) /+),)< (' C,'6" )F #"+.)&$()8.
433
*"+.%"$()$ 4"0
'(#1
6#2E"12 $3( "#B$1) "#:%=1/'', 1C%6'2#6'% "1&816%6:12 6#Q2E"12 81 2#B610:' ' :%"4@'& 081019610:(&, # :#"B% 83#6'/1Q2#6'% /#52':'( 6#2E"12. N/%&(, 6%19J1$'&1% $3( /#5/#91:"'1$61=1 /%%0:/# 6#2E"12, 010:#23(%: 1: 3 $1 4 >#012.
• !93*3I II. .103%$47@%% 8/'&%6%6'%. H61 2"37>#%: 2 0%9( :1>Q647 81$0:/1)"4 0121"48610:%) 6#2E"12 2 0L1/&'/12#661&R#9316% ' 1C%6'2#6'% "1&816%6:12 6#2E"12 81 2#B610:' ':%"4@'& 081019610:(&, # :#"B% 83#6'/12#6'% /#52':'( 6#Q2E"12. N/%&(, 6%19J1$'&1% 14: "#B$1=1 /%%0:/# 6#2E"12, 01Q0:#23(%: 1: 2 $1 3 >#012.
D-80>-. O%%0:/ 6#2E"12 8/%$0:#23(%: 0191) 2#B6E) '60:/4&%6:$3( 81$$%/B"' 1/=#6'5#C'' ' /#52':'( &61=1L46"C'16#3?6EJ "1Q$. X03' =121/':? "16"/%:61, :1 /%%0:/ 6#2E"12 &1B%: 9E:? '0Q813?512#6 "#" '60:/4&%6: $3( 1C%6'2#6'( L#":'>%0"'J :/%912#6')" 6#2E"#& ' L#":'>%0"1=1 4/126( 193#$#6'( '&' 8/1L%00'16#3'5&#.A#8/'&%/, &1B%: 9E:? /#5/#91:#6 08'01", 8/'&%6'&E) "#" " 1:$%3?Q6E& 3'C#&, :#" ' " "1$#&, $3( 1C%6'2#6'( 03%$47@'J J#/#":%/'Q0:'" "#B$1=1 "1&816%6:# '3' 0121"48610:' 6#2E"12:
• 0:%8%6? "/':'>610:' U:'J 6#2E"12 $3( ULL%":'261=1 2E813Q6%6'( /#91:;
• 04@%0:247@') 4/12%6? 8/1L%00'16#3'5&#;• 81:%6C'#3 $3( 434>R%6'(;• 6%19J1$'&E% 0'0:%&E 81$$%/B"' ' #$&'6'0:/#:'26#( 81&1@?;• 8/%$813#=#%&E% $%)0:2'( 81 194>%6'7 ' /#52':'7;• 8%/'1$'>%0"1% 8%/%1C%6'2#6'% 4/126( 193#$#6'( 6#2E"#&'.<3%$12#:%3?61, /%%0:/ 6#2E"12 813%5%6 8/' /#5/#91:"% 8/1Q
=/#&& 8/1L%00'16#3?61=1 194>%6'( ' &%:1$12 194>%6'(. H6 :#"B%8/%$10:#23(%: "1$% "#/"#0 $3( '$%6:'L'"#C'' 40312'), 6%19QJ1$'&EJ ' "/':'>%0"' 2#B6EJ $3( 408%J# 8/1%":#. O%%0:/ 6#2E"120:#3 2#B6E& 012/%&%66E& '60:/4&%6:1& $3( 810:/1%6'( "1Q$E 8/1%":#.
5),'+*@,#$3" ' (,>0#$"$1'. O%%0:/ 6#2E"12 J#/#":%/'54%:0(/($1& 8/%'&4@%0:2, 0/%$' "1:1/EJ &1B61 6#52#:? 03%$47@'%:
• H9%08%>'2#%: R#9316 $3( 021$61=1 8/%$0:#23%6'( 0121"4861Q0:%) 6#2E"12, 6%19J1$'&EJ $3( ULL%":'261) "1$61) /#Q91:E ' 408%J# 8/1%":#.
• H9%08%>'2#%: "#/:4 9#33?6EJ 1C%61" $3( 1C%6'2#6'( 0:%8%6'"/':'>610:' 0121"48610:%) 6#2E"12 ' 0:%8%6' 081019610:%)(193#$#6'( '&').
• H9%08%>'2#%: "#/"#0 $3( 810:/1%6'( 81361) 8/1%":61) "1Q$E ' 48/#23%6'( 1:61R%6'(&' &%B$4 5#'6:%/%012#66EQ&' 0:1/16#&'.
434
5,'-'
10• H9%08%>'2#%: "#/"#0 $3( 02(5E2#6'( 18%/#C'166EJ /%04/0120 9'56%0Q0:/#:%='%).
• .1&1=#%: 2 '$%6:'L'"#C'' 5#'6:%/%012#66EJ 0:1/16 8/1%":#.• .15213(%: $10:'>? 194>%6'( 2 �R:#9#J 1/=#6'5#C''.- 6%$10:#:"#& /%%0:/# 6#2E"12 &1=4: 9E:? 1:6%0%6E 03%$47@'%:• F6#>':%3?61% 2/%&( ' 3'$%/0"'% 6#2E"', 6%19J1$'&E% $3(810:/1%6'( 8%/216#>#3?61=1 R#9316# /%%0:/# 6#2E"12.
• H8/%$%3%661% 2/%&( ' 3'$%/0"'% 6#2E"' :/%947:0( $3( /#5Q/#91:"' 196123%6') /%%0:/# 6#2E"12.
• */4$610:' 8/' 0:#6$#/:'5#C'' 0121"48610:%) 6#2E"12, 81"#Q5#:%3%) 0:%8%6' "/':'>610:' ' 0:%8%6' 081019610:%).
• .1:%6C'#3?6#( 215&1B610:? 2156'"612%6'( "16L3'":12 '5Q5# /#53'>61=1 2108/'(:'( 0121"48610:%) 6#2E"12 ' 'J 9#33?Q61) 1C%6"'.
• A%8/#2'3?61% '0813?512#6'% /%%0:/# 6#2E"12 2 8%/%=121/#J1 /%04/0#J ' 8/'1/':%:#J.
D")'".''. <4@%0:24%: &61B%0:21 2#/'#C') 2 0:/4":4/% ' 8/'Q&%6%6'' /%%0:/# 6#2E"12, 6#>'6#( 1: 2E91/# /#53'>6EJ "#:%=1Q/') 6#2E"12 ' 5#"#6>'2#( 913%% '3' &%6%% "13'>%0:2%66E&' '3'18'0#:%3?6E&' 0J%&#&' 9#33?6EJ 1C%61". ,1B61 2E$%3':? 6 10Q6126EJ 2#/'#C'), '0J1$( '5 8/'&%6%6'(. A'B% U:' 2#/'#C'' 94Q$4: /#00&1:/%6E 913%% $%:#3?61.
• X$'6E) /%%0:/ 6#2E"12. H$'6Q%$'60:2%66E) /%%0:/ 6#2E"12>#0:1 '0813?54%:0( $3( 20%) 8/1%":61) 1/=#6'5#C''. K:1 $%Q3#%:0( =3#26E& 19/#51& $3( :1=1, >:19E 01J/#6':? 8/10:1:48/1C%00# ' 0U"161&':? 2/%&( 6# /#5/#91:"4 /%%0:/#. H$6#"1%$'6E) /%%0:/ :#"B% &'6'&'5'/4%: /'0" 6%19J1$'&10:' 6#Q2E"12 «&'"/1#6#3'5#», 8/%$10:#23(( 2&%0:1 U:1=1 913%% C%Q310:647 "#/:'64 :1=1, «5# >:1 &E, "#" 8/1%":6#( "1$#, 91Q/%&0( ' 2 >%& 6#& 6%19J1$'&1 8/%408%:?».
• *%0:'/12#6'% 081019610:%). Z1/&#: /%%0:/# 6#2E"12 &1B%:9E:? 8/'&%6%6 " "1$61&4 ' 8/1L%00'16#3?61&4 /#52'Q:'7. N 8/'&%/% 6# /'0. 10.8 81"#5#6 &1$'L'C'/12#66E) /%Q%0:/ 6#2E"12, 2E8136%66E) 2 L1/&#:% :%0:# 081019610:%) $3(&%6%$B%/12 8/1%":12.
• ;1:12610:? "1$E. Z1/&#: /%%0:/# 6#2E"12, 6#8/'&%/, 2 2'Q$% R#9316#, 81"#5#661=1 6# /'0. 10.6, &1B%: 9E:? &1$'L'C'Q/12#6 $3( 8/12%$%6'( :%0:# =1:12610:' "1$E ("16"/%:6E%218/10E ' 1019%6610:' L1/&#:12 /#00&1:/%6E 2 [12, 13]).
435
*"+.%"$()$ 4"0
'(#1
• .1"#5#:%3' 8/1'521$':%3?610:' "1$E. V#9316 /%%0:/#6#2E"12, 6#8/'&%/, 81$196E) 81"#5#661&4 6# /'0. 10.6, &1QB%: 9E:? &1$'L'C'/12#6 $3( 8/12%$%6'( :%0:# =1:12610:'"1$E.
• .103%8/1%":6E) 1951/1. Z1/&#: /%%0:/# 6#2E"12 (81"#5#6Q6E) 6# /'0. 10.6) &1B%: 9E:? &1$'L'C'/12#6 $3( 8/12%$%6'(8103%8/1%":6EJ 1951/12 — 0/#26%6'( /%):'6=12 "/':'>610:'0121"48610:%) 6#2E"12 2 6#>#3% ' 8/' 5#"/E:'' 8/1%":#,# :#"B% 1:03%B'2#6'( 'J /#52':'(.
• ,1$%3? 5/%310:' 48/#23%6'( 8/1%":#&'. O%%0:/ 6#2E"12 &1B%:9E:? 2E8136%6 "#" >#0:? 913%% R'/1"1=1 19W%&# $%)0:2') 811/=#6'5#C'1661&4 /#52':'7. V#9316E, 81$196E% 81"#5#661Q&4 6# /'0. 10.7, &1=4: 9E:? &1$'L'C'/12#6E ' 2E8136%6E "#">#0:? &1$%3' 5/%310:' 48/#23%6'( 8/1%":#&' (O,F) ' 8/%$3#Q=#%&EJ U:1) &1$%3?7 0J%& :%0:'/12#6'( 0:%8%6' 408%R610:'48/#23%6'( 8/1%":#&' ("16"/%:6E% 218/10E ' 1019%6610:'L1/&#:12 0#&11C%6"' /#00&1:/%6E 2 /#91:% -%/C6%/# [14]).
!@7E?@C; @??61@; F;E9C7ELC$#).$+9, 7." %$$+.% ('-14"- +.%/4./%)%"-'( ('#,$&':)0 "C%';"0 )
EHH$4.)-(" 3%)0$(8$.+8. B( #",&$( -4,K7'.9 - +$C8 +,$#/K:)$ 4"03"J($(.1.
• !.%/4./%' (4"(+.%/42)8) #",&(' 3$%$7)+,8.9 4"03"($(.1 ('-14"-,+6%/33)%"-'((1$ - 4'.$6"%)) ('-14"-.
• P"03"($(.1 ('-14"- #",&(1 C1.9 '#'3.)%"-'(1 4 #'(("< 3%"$4.("<+)./'2)).
• P"03"($(.1 ('-14"- #",&(1 C1.9 %'++0".%$(1 / "2$($(1 3" .'4)03"4';'.$,80, 4'4 +.$3$(9 4%).)7("+.) ) +.$3$(9 .$4/:)F +3"+"C("+.$<(.$4/:$6" "C,'#'()8 ('-14'0)).
• >1+?)< 3$%+"(', 3%"$4.' #",&$( 3%)()0'.9 /7'+.)$ - %';%'C".4$ %$J$+.%' ) 3%"+.'-,$()) C',,9(1F "2$("4 - ($0.
• N%$C"-'()8 4 ('-14'0 ($ #",&(1 3"#-$%6'.9+8 0)4%"'(',);/.• I$$+.% +,$#/$. )+3",9;"-'.9 4'4 )+."7()4 )(H"%0'2)) ) 4'.',);'."%#,8 +";#'()8 3,'(' %';-).)8 4"0'(#1.
• P %';%'C".4$ %$$+.%' ('-14"- +,$#/$. 3%)-,$4'.9 -+K 3%"$4.(/K 4"J0'(#/, ) %$;/,9.)%/K:)< #"4/0$(. #",&$( +"-0$+.(" )+3",9;"-'.9J+8 -+$0) 7,$('0) 4"0'(#1.
• *%)0$($()$ %$$+.%' ('-14"- #",&(" 4"(2$(.%)%"-'.9+8 (' "C/7$())- "%6'();'2)) ) +"-$%?$(+.-"-'()).
1 N /400"1(5E>61) 3':%/#:4/% >#0:1 '0813?54%:0( 6#52#6'% U:1=1 '60:/4Q&%6:# "#" !)31,-% 3+0"+, 2 "1:1/1& 10191% &%0:1 1:2%$%61 #6#3'54 20%J010:#23(7@'J 48/#23%6'( 8/1%":1& 81 %=1 5#2%/R%6''. — ;#'<. #"1.
436
5,'-'
10
C'#. 10.8. *%0: 081019610:%) $3( &%6%$B%/# 8/1%":#
\"221 … 10
T,#$ #/0#0:(0#$,= >24 +,(,><,)03 /)0,1$03D0813?54):% 10Q9#33?647 R"#34 $3( 2E/#B%6'( 021%=1 01=3#0'( '3' 6%01=3#0'( 0 "#B$E& '5 6'B%8/121$'&EJ4:2%/B$%6') (1 = 81361% 6%01=3#0'%, 5 = 6%):/#3?6#( 815'C'(, 10 = 81361% 01=3#0'%)
K'9(0, <,2"(', :-$% +,(,><,)0+
1. P8/#23%6'% 37$?&' 8/1L%00'16#3?61 913%% '6:%/%061 &6% ' 2 913?R%) 0:%8%6' 0:'&43'/4%: &%6(, >%& /%R%6'%:%J6'>%0"'J 8/193%&.
2. ,6% '6:%/%061, ' ( B%3#7 8/'6'&#:? 6# 0%9( 61247 ' 91 è3?R47 1:2%:0:2%6610:?.
3. [ B%3#7 2"3#$E2#:? 56#>':%3?61% 2/%&( ' 8/'3#=#:? 56#>':%3?6E% 40'3'( $3( /#52':'( 48/#23%6>%0"'J 6#2E"12.
4. P &%6( %0:? 0:%8%6? ,N! (3'91 ( #":'261 /#91:#7 6#$ %% 8134>#6'%&).
5. [ =1:12 " :1&4, >:19E 196123(:? &1' 48/#23%6>%0"'% 56#6'( ' 6#2E"' 84:%& 84:%& 810:1(661=1 194>%6'(.
6. [ /#00&1:/%3 08%C'L'>%0"'% 19(5#6610:', 8/193%&E ' :/%94%&E% 6#2E"'.
7. [ 18/%$%3'3 021' "16"/%:6E% "#/?%/6E% C%3' ' 010:#2'3 83#6 'J $10:'B%6'(.
8. [ 9E J1:%3 81&%6(:? 193#0:? &1%) 8/1L%00'16#3?61) $%(:%3?610:' 6# 8%/%$12E% 93#=18/'(:6E% 215&1B610:'2 193#0:' 48/#23%6>%0"1) $%(:%3?610:'.
9. ./193%&E 2 0L%/% 48/#23%6>%0"1) $%(:%3?610:' 913%% '6:%/%06E &6% ' 0'3?6%% 0:'&43'/47: &%6(, >%& :%J6'>%0"'%8/193%&E.
10. ./1$2'B%6'% 6# 913%% 2E01"'% 0:48%6' #$&'6':0/#:'261) 3%0:6'CE 2 :%>%6'% 93'B#)R'J 6%0"13?"'J 3%: '&%%:6#'2E0R') 8/'1/':%: ' 1>%6? 2#B61 $3( 4$123%:21/%6'( &1'J 8/1L%00'16#3?6EJ 64B$
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
T,B('9,#1', ;("('4
1. [ 816' :%J6131='>%0"'% :/%6$E "#" 2 021%) 193#0:' 1:2%:0:2%6610:', :#" ' 2 9'56%0Q0/%$% 021%) "1&8#6''.
2. [ 816' 8/'&%6%6'% 8/1$4":12, &#/"%:'6=12E% #08%":E ' U"161&'>%0"'% 40312'( 2 0L%/% &1%=1 9'56%0#.
3. [ 081019%6 " ULL%":'261&4 25#'&1$%)0:2'7 0 &1'&' :%J6'>%0"'&' "133%=#&' '5 $/4='J $'0C'83'6#/6EJ 1:$%312.
4. [ &1=4 0831:':? :%J6'>%0"47 "1$4 6# $10:'B%6'% C%3%) 8/1%":# ' 193%=>':? 8/1C%00 =/488121=1 8/'6(:'(/%R%6').
5. [ 193#$#7 0'0:%&61) 8%/08%":'21) 2 193#0:' &1%) :%J6'>%0"1) $%(:%3?610:'.
6. [ 813?5470? $12%/'%& 2 :%J6'>%0"1) 193#0:' 01 0:1/16E 021'J "133%=.
7. [ &1=4 '0813?512#:? 612%)R'% :%J6131='' 8/1%":'/12#6'( ' '60:/4&%6:E '6B'6'/'6=#.
8. [ /#08156#7 /#91:4, '&%7@47 215&1B610:? :%J6'>%0"1=1 8/1/E2#, 6# %% /#66'J 0:#$'(J.
9. [ &1=4 '5&%/(:? 0:#:40 /#91: / 8/1%":# ' :%J6'>%0"1% '08136%6'% $/4='J 37$%) '3' 021%) "1$E.
10. [ &1=4 19W%$'6(:? :%J6'>%0"47 /#91:4 >3%612 &1%) "1$E
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
M>+'('#$)"$'3(-, ("3-1'
1. [ 6% 215/#B#7 8/1:'2 2E8136%6'( #$&'6'0:/#:'26EJ 19(5#6610:%).
2. [ 56#"1& 0 &%:1$'"#&' 83#6'/12#6'(, 010:#23%6'( /#08'0#6'), 97$B%:'/12#6'(, 1/=#6'5#C'' ' 48/#23%6'(8%/016#31& ' 081019%6 J1/1R1 8/'&%6(:? 'J.
3. [ &1=4 ULL%":'261 1C%6'2#:? /%04/0E ' 2%0:' 8%/%=121/E 1 6'J.
4. [ &1=4 '5&%/(:? 010:1(6'% ' J1$ '08136%6'( /#91: ' 81$#2#:? 1:>%:E 1 6'J.
5. [ 6#J1B4 813':'"' ' 8/1C%$4/E 813%56E& 0/%$0:21& 6#8/#23%6'( &1'J $%)0:2').
6. [ 6% 2'B4 8/193%&E 2 :1&, >:19E $%3%='/12#:? /#91:4, $#B% %03' 0#& ( &1=4 2E8136':? %% 9E0:/%%.
7. [ 6% 215/#B#7 8/1:'2 6#8'0#6'( 1:>%:12 ' 81$=1:12"' " 012%@#6'(&, ' ( $%3#7 U:1 J1/1R1.
8. [ &1=4 ULL%":'261 08/#23(:?0( 0 '5&%6%6'(&' 2 :/%912#6'(J ' 8%/%/E2#&' 2 /#91:#J.
9. [ J1/1R1 0%9( 8/1(23(7 2 1/=#6'5#C'' 19@%0:2%66EJ &%/18/'(:').
10. [ &1=4 ULL%":'261 /#91:#:? 0 =/488#&' #$&'6'0:/#:'261) 81$$%/B"' 81 20%) "1&8#6''
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
N"3-1' 0:@,9,203,9,#1080 0:@,('4
1. [ 3%="1 ' 02191$61 19@#70? 0 37$?&' '5 $/4='J :%J6'>%0"'J ' #$&'6'0:/#:'26EJ 1:$%312.
2. [ &1=4 ULL%":'261 /%R#:? "16L3'":E 81 :%J6'>%0"'& ' &%B3'>610:6E& 218/10#& ' 6% 215/#B#7 8/1:'2 4>#0:'(2 U:1& 8/1C%00%.
3. [ &1=4 /#91:#:? (25#'&1$%)0:212#:?) 01 20%&' 4/126(&' 1/=#6'5#C''.
4. [ — J1/1R') 810/%$6'" 2 "16:#":#J 0 $/4='&' 1:$%3#&' ' 26%R6'&' 1/=#6'5#C'(&'.
5. ,6% 6/#2':0( 19@#:?0( 0 37$?&'.
6. [ &1=4 4=121/':? 37$%) $%3#:? :1, >:1 16' '56#>#3?61 $%3#:? 6% J1:(:.
7. [ &1=4 5#/4>':?0( 8/'2%/B%6610:?7 $/4='J 37$%) (19(5#:%3?0:2#&' 01 0:1/16E $/4='J 37$%)), $#B% %03' 16' 6%1:>':E2#7:0( 6%810/%$0:2%661 8%/%$1 &61).
8. G7$(& 6/#2':0( /#91:#:? 01 &61) ' 03%$12#:? &1'& 8/%$31B%6'(& (4"#5#6'(&).
9. ,1' "133%=' >#0:1 08/#R'2#7: &1%=1 &6%6'( ' 8/10(: 8/%$0:#2':? 'J '$%' 2E0R%&4 /4"121$0:24.
10. [ $4, >:1 913?R'60:21 37$%) 2 &1%& 1:$%3% 2E9/#3' 9E &%6( 6# /13? 3'$%/# "1$E
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
7,203"4 /)0('."$,2%(0#$%
1. [ &1= 9E J1/1R1 /4"121$':? 18%/#C'(&' 2 &1%& 1:$%3% 6# 93#=1 $10:'B%6'( 19@'J C%3%) "1&8#6''.
2. [ 8/1$4":'2%6.
3. ,6% 6/#2':0( 5#6'&#:?0( $13=10/1>6E& 83#6'/12#6'%&, ' ( 6#J1B4 2/%&( $3( U:1=1.
4. [ =1:12 8/'6'&#:? /'0"', 02(5#66E% 0 '003%$12#6'%& 93#=18/'(:6EJ 215&1B610:%).
5. [ >420:247 0%9( "1&L1/:61, /#91:#( 2 $'6#&'>61& 1"/4B%6'', 02(5#661& 0 6%18/%$%3%6610:(&' ' '5&%6%6'(&'.
6. ,6% 9E 816/#2'310? /4"121$':? 021%) 0190:2%661) "1&8#6'%).
7. [ /#00&#:/'2#7 0%9( 2 913?R%) 0:%8%6' "#" 9'56%0&%6#, >%& "#" /#C'16#3'5#:1/#.
8. D08136(( 19@%0:2%66E% L46"C'', ( 913?R% 0"316%6 " 4>#0:'7 2 $%312EJ $'0"400'(J, >%& 2 :%J6'>%0"'J.
9. ,6% 6/#2':0(, "1=$# &%6( 1C%6'2#7: "#" >#0:?, 6# 10612% &1%=1 2"3#$# 2 9'56%0Q1"/4B%6'% &1%) "1&8#6''.
10. [ 9E3 0"1/%% 8/#2, >%& 6%8/#2, 2 8/%$0"#5#6'' 9'56%0Q1"/4B%6'(
______________
______________
______________
______________
______________
______________
______________
______________
______________
______________
H:@"4 0.,(1" $,#$" (>,2,(("4 (" 5) = (0)+"2';03"((-= :"2 [ ]______________
437
*"+.%"$()$ 4"0
'(#1
M>"/$".'4 ),,#$)" ("3-103. V#9316, 81"#5#66E) 6# /'0. 10.6,19%08%>'2#%: J1/1R') 19@') L1/&#: ' 4$19647 1:8/#2647 :1>"4 $3(#$#8:#C'' /%%0:/# 6#2E"12 81$ "16"/%:6E% 64B$E 813?512#:%3(.-1=$# R#9316 /%%0:/# 6#2E"12 0:/1':0( 2 8%/2E) /#5, 08%C'L'>%0Q"'% "#:%=1/'' ' "1&816%6:E 6#2E"12 $13B6E 9E:? 18/%$%3%6E $3("#B$1=1 "3#00# 8%/016#3#, "#" 9E31 /#00&1:/%61 2ER% 2 8#/#=/#L%«.10:/1%6'% /%%0:/# 6#2E"12». ,1B%: 9E:? 8/%$8/'6(:# $18136'Q:%3?6#( #$#8:#C'( 84:%& 19W%$'6%6'( 0121"48610:%) 6#2E"12, 8/%$Q31B%66EJ 8%/'L%/')6E&' 81 1:61R%6'7 " ($/4 "1$E 5#'6:%/%Q012#66E&' 0:1/16#&' (5#"#5>'"', 81$/($>'"' ' =/488E 81$$%/B"').H$6#"1 6%19J1$'&1 26'&#:%3?61 03%$':? 5# :%&, >:19E "13'>%0:21846":12 2 0121"48610:(J 6#2E"12 6% 8/%2ER#31 50. <3%$4%: :#"B%0:/%&':?0( " 01J/#6%6'7 8/10:1:E 8#/#&%:/12, 03%$4( 4"#5#6'(&,'531B%66E& 2 8#/#=/#L% «.10:/1%6'% /%%0:/# 6#2E"12».
COEUPOO%%0:/ 6#2E"12 — U:1 &1@6E) '60:/4&%6: /#52':'( 1/=#6'5#Q
C''. H6 81&1=#%: '$%6:'L'C'/12#:?, 8/'19/%:#:? ' /#52'2#:? 01Q21"48610:' 6#2E"12, 6%19J1$'&EJ $3( L1/&'/12#6'( 2E01"18/1Q'521$':%3?6EJ 8/1%":6EJ "1$, "1:1/E% 0810196E 2E8136(:?8/1%": ULL%":'261 2 011:2%:0:2'' 0 40:#6123%66E&' 83#6#&'. O%Q%0:/ 6#2E"12 &1B%: 9E:? #$#8:'/12#6 $3( :1=1, >:19E 19%08%>':?015$#6'% R#931612 $3( /#5/#91:"' /#0R'/%6') 48/#23%6'( 8/1%"Q:#&', :#"'J "#" :%0:'/12#6'% 081019610:%) " #$&'6'0:/#:'261)/#91:%, 1951/E =1:12610:' "1$E, 81"#5#:%3' 8/1'521$':%3?61Q0:', 8103%8/1%":6E% 1951/E ' 1C%6'2#6'( 01=3#061 &1$%3(& 5/%Q310:' 48/#23%6'( 8/1%":#&'. O%%0:/ 6#2E"12 8/%$3#=#%: 9'56%0Q3'$%/#& '60:/4&%6:, 0 81&1@?7 "1:1/1=1 16' &1=4: 2E):' 5# =/#6'QCE 1>%2'$6EJ ' 8/10:EJ &%:1$12 /#52':'( 081019610:%) " 48/#23%Q6'7 8/1%":#&'. H6 81&1=#%: '& 8/'56#:? &43?:'$'0C'83'6#/6E)J#/#":%/ :/%912#6') " 6#2E"#& ' 6%19J1$'&10:? '6:%=/#C'' /#5Q2':'( 8/1L%00'16#3?6EJ 6#2E"12 2 9'56%0Q8/1C%00.
C;@1; 8;AAHF7S 7Q?FC=!@=E?@O?FF761=1
<17 1;C7? C;@1; 8;AAHF7S 7Q?FC=!@=E?@O?FF761=?-#/:# 9#33?61) 1C%6"' 8/'2%/B%6610:' — U:1 '60:/4&%6: $3(
0'0:%&#:'>%0"1) '$%6:'L'"#C'' 0:%8%6' 2123%>%6610:' "1$E2 8/1%": ' 8/'2%/B%6610:' %=1 C%3'. -#/:# 9#33?61) 1C%6"' —
1 N /400"1(5E>61) 3':%/#:4/% — &#:/'C# &1:'2#C''. — ;#'<. #"1.
438
5,'-'
10&1@6E) '60:/4&%6: $3( $'#=610:'/12#6'( 6%$10:#:"# 8/'2%/QB%6610:' ' /#52':'( 8/'2%/B%6610:' 5#'6:%/%012#66EJ 0:1/161/=#6'5#C''. K:1 1019%661 ULL%":'261 $3( /#52':'( 8/'2%/B%6Q610:' 6# /#66'J 0:#$'(J L1/&'/12#6'( "1$E ' 81$$%/B#6'(U:1) 8/'2%/B%6610:' 2 :%>%6'% 20%=1 B'56%661=1 C'"3#. D J1:(8/#":'>%0"' 20% &%6%$B%/E 8/'56#7: "/':'>%0"47 2#B610:? 8/'Q2%/B%6610:' $3( ULL%":'261) "1$61) /#91:E ' 2E01"1)"1$61) 8/1'521$':%3?610:' [15], :13?"1 1$'6 &%6%$B%/ '5210?&' >420:24%: 0%9( 0810196E& " ULL%":'261&4 /#52':'7 ' 81$Q$%/B#6'7 8/'2%/B%6610:' 01 0:1/16E /#53'>6EJ 5#'6:%/%012#6Q6EJ 0:1/16 8/1%":61=1 1"/4B%6'( [16]. -16C%8C'( "#/:E 9#33?61)1C%6"' 81$196# "16C%8C'(& $/4='J '60:/4&%6:12 1C%6'2#6'( 8/1Q'521$':%3?610:', :#"'J "#" "#/:# 1C%6"' 9'56%0#, "#/:# 1C%6"'"1$E '3' "#/:E 1C%6"' 8/1'521$':%3?610:' "1$E. !2:1/1&9E3 /#5/#91:#6 /($ 08%C'L'>%0"'J &%:1$12 '5&%/%6'( ' 'J 8/'&%Q6%6'( " 810:/1%6'7 8/1%":61) "1$E, 10612E2#(0? 6# 19R'/Q6EJ '003%$12#6'(J, 8/121$'2R'J0( 2 /%#3?6EJ 40312'(J 2 :%>%6'%8103%$6'J 10 3%: [16, 17]. H06126#( 0:/4":4/# "#/:E 9#33?61)1C%6"' 8/'2%/B%6610:' 81"#5#6# 6# /'0. 10.9.
!761@7?F=? C;@19 8;AAHF7S 7Q?FC=!@=E?@O?FF761=-#" 81"#5#61 6# /'0. 10.9, "#/:# 9#33?61) 1C%6"' 8/'2%/B%661Q
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
—2 = 0'3?61 6% 01=3#0%6 0 4:2%/B$%6'%&—1 = 6% 01=3#0%6 0 4:2%/B$%6'%&
0 = 6%):/#3?61% 1:61R%6'% '3' 6% &1=4 0"#5#:?+ 1 = 01=3#0%6 (4:2%/B$%6'%&+ 2 = 0'3?61 01=3#0%6 0 4:2%/B$%6'%&.
439
*"+.%"$()$ 4"0
'(#1
1 -1$# 48/#23%6'( 8/1%":1& (010:#26#( >#0:? "1$E 8/1%":#). —;#'<. #"1.
C'#. 10.9. -#/:# 9#33?61) 1C%6"' 8/'2%/B%6610:'
7)"=3,)- (/0:*<>"A@', #'2-)/)'3,)<,((0#$'
G'2"/)'3,)<,((0#$'
M("2';' >,=#$3'4
D0#/)'4$',2'>,)"
D0#/)'4$',10+"(>-
7'"8(0#?$'1"
52"(>,=#$3'=
5,)3'9(-, >)"=3,)-
D$0)'9(-, >)"=3,)-
-1$# 8134>#%: 4$1213?0:2'% 1: 25#'&61=1 $12%/'( '42#B%6'(G'$%/ "1$E 813?54%:0( $12%/'%& ' 42#B%6'%&G'$%/ "1$E &1B%: 2$1J6123(:?, &1:'2'/12#:? ' 2%0:'.3#6E ' C%3' 8/1%":# (06E ' 01=3#012#6E,6% 6/#2':0( /#91:#:? "1$1) 6#$ 8/1%":1&,E =1/$'&0( 021'&' $10:'B%6'(&' 81 8/1%":4+10:'B%6'( 2'$'&E ' 8/'56#2#%&EA#R 8/1%": $%/B': "4/0 " 408%J4O4"121$0:21 2123%>%61 ' 1"#5E2#%: 81$$%/B"4O'0"', 9%081"1)0:21 ' 6%18/%$%3%6610:' 2 /#91:% 6'5"'
Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2
G*++")(-= :"22: (Prim) = #*++" 3#,B #$02:.03 2.5
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– 8/'(:61% ' 81$$%/B'2#7@%%,E '&%%& 6%19J1$'&E% /%04/0E ' 81$$%/B"4.%/%/E2E ' '5&%6%6'( 2 /#91:% 6#$ 8/1%":1& &'6'?6E./1%":E 19%08%>'2#7: 93#=18/'(:6E% 215&1B610:'"#/?%/61=1 /10:#-1$# '&%%: 6%19J1$'&E% 0121"48610:' 6#2E"12 '215&1B610:' 81 194>%6'7,E =1/$'&0( /#91:1) 2 8/1%":%O#91:# 2 8/1%":% 8/1L%00'16#3?61 0:'&43'/4%: ' 9/10#%:2E512 6#R'& 081019610:(&-1$# /#5$%3(%: /'0"', 19%08%>'2#%: 25#'&64781$$%/B"4 ' 01:/4$6'>%0:21./1%":6#( #$&'6'0:/#C'(1 6% 2&%R'2#%:0( 2 :%J6'>%0"47/#91:4NE0R%% /4"121$0:21 81$$%/B'2#%: 8/1%": ' 3'$%/0:21 2 6%&-1$# 5#212%2#3# '&'$B 819%$':%3(, ' " 6%) 1:610(:0("#" " 819%$':%37H:04:0:24%: '59E:1>61% $#23%6'% 2 2'$% 81$B'@'J0/1"12 ' :/%912#6') 8/1'521$':%3?610:'H/=#6'5#C'166#( 0/%$# 0:#9'3?6# ' 8/%$0"#54%&#./1%": J1/1R1 25#'&1$%)0:24%: 0 2E0R'& /4"121$0:21& '081601/1&
Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2
Q2 Q1 0 +1 +2Q2 Q1 0 +1 +2
G*++")(-= :"22: (Secon) = #*++" 3#,B 0.,(01, 3#,B#$02:.03
H:@'= 10+/0;'$(-= :"22: (Comp) = (Prim) (Secon)
H8/%$%3%6'% 9#3312: Q2 = 0'3?61 6% 01=3#0%6 0 4:2%/B$%6'%& <4&&#/6E) 9#33 $3( 20%J 9"#)'0,-M Q1 = 6% 01=3#0%6 0 4:2%/B$%6'%& '4' )+3#'0,-M $/#)2%/12: Q0 = 6%):/#3?61% 1:61R%6'% '3' 6% &1=4 0"#5#:? T.2*'</< = 50, <','</< = Q50+1 = 01=3#0%6 0 4:2%/B$%6'%& H9@') "1815':6E) 9#33 $3( 20%J $/#)2%/12+2 = 0'3?61 01=3#0%6 0 4:2%/B$%6'%& T.2*'</< = 100, <','</< = Q100
440
5,'-'
10
N $18136%6'% " 1C%6"%, 8134>%661) 6# 10612% 04B$%6'( ' 01=3#Q012#661) 01 20%&' 5#'6:%/%012#66E&' 0:1/16#&', "#/:# 9#33?61)1C%6"' 8/'2%/B%6610:' 01$%/B': %@% $2# 0:139C#: $3( 1) #6#3'5#8/193%& 8/' $10:'B%6'' 8/'2%/B%6610:' ' 2) 83#612 $%)0:2') 8140'3%6'7 8/'2%/B%6610:' ' 812ER%6'7 8/1'521$':%3?610:' "1Q$E. .10"13?"4 8/10:/#60:21 2 "#/:% 9#33?61) 1C%6"' 1=/#6'Q>%61, U:' $2# 0:139C# 5#/%5%/2'/12#6E '0"37>':%3?61 $3( /%57Q&'/47@'J 5#&%>#6') ' 00E31" 6# $/4='% $1"4&%6:E, 2 "1:1/EJ$'#=610:'"# ' 83#6E $%)0:2') 18'0#6E 4B% 913%% $%:#3?6E& 19/#Q51&. ,%:1$E /#0>%:# ' '6:%/8/%:#C'' 9#33?61) 1C%6"' 8/'2%/QB%6610:' /#00&#:/'2#7:0( 6'B%.
50>80$031" '#B0>(0= '(J0)+".''. N6% 5#2'0'&10:' 1: 8/'Q&%6%6'( ($3( 1C%6"' '6$'2'$4#3?61) '3' "1$61) 8/'2%/B%6Q610:') 8%/2E) R#= — 5#8136%6'% 8/%$3#=#%&1=1 "#/:1) 218/106'Q"#. F#:%& 8/1'521$(:0( 81$0>%: ' '6:%/8/%:#C'( 04&&#/61=19#33#. K:' $#66E% '0813?547:0( 2 "#>%0:2% 10612E $3( $#3?6%)QR%=1 1904B$%6'(, #6#3'5# ' /#52':'(.
E"/02(,(', 30/)0#('1". .1 "#B$1&4 6#J1$(@%&40( 2 "#/:% 4:Q2%/B$%6'7 $13B61 9E:? 8134>%61 '6$'2'$4#3?61% '3' =/488121%04B$%6'%. H0191 81$>%/"6%& — 8/' 1C%6"% "1$61) 8/'2%/B%6Q610:' 2123%>%6'% /#91:#7@'J 6#$ 1:$%3?6E&' 5#$#>#&' =/488 '3'20%) 8/1%":61) "1$E 2 '6:%/#":'26E% =/48812E% 012%@#6'(08101961 8/'6%0:' 6#'913%% 10&E03%66E% ' /%#3'0:'>6E% /%543?Q:#:E. *#"1% 2123%>%6'% :#"B% 08101961 81&1>? 2 015$#6'' 5$1/121=1&1/#3?61=1 "3'&#:# ' 810:/1%6'' 25#'&61) 42%/%6610:', $12%/'( '42#B%6'( — :1 %0:? :1=1, >:1 2 "16%>61& 0>%:% 81&1=#%: 40'3':? 8/'Q2%/B%6610:?. +3( L'"0#C'' 1C%61" 8/(&1 6# "#/:% 8/%$3#=#%:0( '0Q813?512#:? 5Q9#33?647 R"#34, 81"#5#6647 6# /'0. 10.9. K:' 1C%6"',/#261 "#" ' ':1=12E% 9#33E, 0:#612(:0( 106121) $3( #6#3'5# ' 83#Q6'/12#6'( $%)0:2'). G%"C'166E% 83#"#:E, $10"' $3( /'012#6'(
!@=E?@O?FF761H — I17 ?61?61E?FF;G <?@1; !@7?C1F7SC7>;F:9, = 7F; >7O?1 891H @;RE=1; (E76!=1;F;)P"03"($(.1, 4"."%1$ 8-,8K.+8 #-)&/:$< +),"< 3%)-$%&$(("+.), /&$
+/:$+.-/K. -" 0("6)F 3%"$4.(1F "4%/&$()8F. B() -($#%$(1 - 3%"2$++/3%'-,$()8 3%"$4.'0) —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
441
*"+.%"$()$ 4"0
'(#1
L31�:%/#&' '3' 94&#B"' 0 "3%)"1) 0:1/161) /%"1&%6$47:0( $3(L'"0#C'' /%543?:#:12 $'#=610:'"' ' 83#612 $%)0:2').
C"#9,$ :"22%(-B 0.,(01 /)'3,)<,((0#$'. .103% :1=1 "#" 20%4:2%/B$%6'( 9E3' /#00&1:/%6E ' 81 6'& 9E31 2E6%0%61 04B$%6'%,&1B%: 9E:? 2E>'03%6 "1&815':6E) 9#33, $3( >%=1 8/1'521$':0(031B%6'% 1C%61" 20%J 1:$%3?6EJ 4:2%/B$%6'). .%/2'>6E% $/#)2%Q/E '&%7: 2%0121) "1ULL'C'%6: 2 2,5 /#5# 2ER%, >%& 2:1/'>6E%$/#)2%/E. N 6#R%& "16"/%:61& 034>#%, 2E>'03(( 56#>%6'( $3("#B$1=1 0:139C#, 8134>'&:
• 04&&#/6E) 9#33 $3( 20%J 8%/2'>6EJ $/#)2%/12. (Prim) =(#90137:6EJ 56#>%6') 9#3312 20%J 8%/2'>6EJ $/#)2%/12 2.5);
• 04&&#/6E) 9#33 $3( 20%J 2:1/'>6EJ $/#)2%/12. (Secon) =(#90137:6EJ 56#>%6') 9#3312 20%J 2:1/'>6EJ $/#)2%/12) 1.5);
• 19@') "1&815':6E) 9#33 $3( 20%J $/#)2%/12. (Comp) =(Prim) + (Secon).
&($,)/),$".'4 :"22%(-B 0.,(01 /)'3,)<,((0#$'. P>':EQ2#( 2%012E% "1ULL'C'%6:E, 8134>#%&E% 6# 10612% 04B$%6'( 1C%6Q"' 2#/?'/47:0( 1: —50 $1 +50 "#" $3( 8%/2'>6EJ, :#" ' $3( 2:1/'>Q6EJ $/#)2%/12. <11:2%:0:2%661, $'#8#516 "1&815':61) 1C%6"'010:#23(%: 1: —100 $1 +100 9#3312. ./'21$'&#( 6'B% '6:%/8/%:#QC'( 9#33?6EJ 1C%61" &1B%: 4"#5#:? 2#& 6# :1, "#"1) 4/12%6? 8/'Q2%/B%6610:' '&%%: &%0:1 2 2#R%) 0':4#C''.
• -1&815':6E) 9#33 1:/'C#:%3%6. ./#":'>%0"' 6'"#"1) 8/'2%/QB%6610:' 6% 6#937$#%:0( 4 18/1R%66EJ 37$%). A%(06E% 83#Q6E 8/1%":#, 91(56? 6%4$#>', 6%$10:#:1" 0:'&43'/12#6'( ' '6Q:%/%0# >#0:1 (23(7:0( 8/'>'61) 6%$10:#:"# 8/'2%/B%6610:'.
• -1&815':6E) 9#33 0—50. D&%%:0( 6%"1:1/#( 8/'2%/B%6610:?' 1=/1&6E) 8/10:1/ 81 %% 42%3'>%6'7. <':4#C'( :'8'>6# $3("1$E, 6#J1$(@%)0( 2 0:#$'' 8/':'/"' '3' :13?"1 >:120:48'2R%) 2 0:#$'7 61/'5#C''.
• -1&815':6E) 9#33 51—75. K:1 =121/': 1 $10:#:1>61 2E01"1&4/126% 8/'2%/B%6610:'. H$6#"1, 03%$4%: 6#C%3':?0( 6# %=1812ER%6'% 84:%& /#52':'( "1$E.
• -1&815':6E) 9#33 02ER% 75. K:1 =121/': 19 1>%6? 2E01"1& 4/126%8/'2%/B%6610:' 8/1%":4 ' 19(5#:%3?0:2 8%/%$ "1$1). G'R?10% 20%J 8/1%":6EJ "1$ (15% 20%J 3'$%/12 8/1%":12), 8/1:%0Q:'/12#66EJ 6#&', $10:'=#7: :#"1=1 4/126( 8/'2%/B%6610:'.KLL%":'261% 3'$%/0:21 6%19J1$'&1 $3( 81$8':"' ' 81$$%/B#Q6'( 8/'2%/B%6610:' 0:13? 2E01"1=1 4/126( 8/'2%/B%6610:'.
703,>,(', '(J0)+".'' 0 1")$, :"22%(0= 0.,(1' /)'3,)?<,((0#$' >0 #3,>,('4 #00$3,$#$3*A@'B 2'.. -#/:# 9#33?61)
442
5,'-'
101C%6"' $13B6# 81$3%B#:? $1"4&%6:'/12#6'7 1:$%3?61 1: 83#6#8/1%":# ' 012&%0:61&4 '0813?512#6'7 8/1%":61) "1$1) ' 5#Q'6:%/%012#66E&' 0:1/16#&' '5 /4"121$':%3%). V#9316, 8/'2%Q$%66E) 6# /'0. 10.9, 19%08%>'2#%: 4$196E) L1/&#: $3( «"13'>%Q0:2%661=1»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
&G5HKLEHDMN&O FMCT[ \MKKLNHQ HYONF&5C&DOCRONNHGT&F08>" '#/02%;03"$%. -#/:# 9#33?61) 1C%6"' (23(%:0( 813%5Q
6E& '60:/4&%6:1& $3( 1C%6'2#6'( ' /#52':'( 8/'2%/B%6610:'8/1%":61) "1$E ' $/4='J >3%612 1/=#6'5#C'' 2 :%>%6'% B'5Q6%661=1 C'"3# 8/1%":#. +#66E) '60:/4&%6: 1019%661 813%5%6 6#/#66'J 0:#$'(J L1/&'/12#6'( 8/1%":61) "1$E ' 83#6'/12#Q6'( "1$E. H6 19%08%>'2#%: "#/"#0 $3( 8/1(06%6'( 218/1012,02(5#66EJ 0 8134>%6'%& ' 81$$%/B#6'%& 8/'2%/B%6610:' 40:#Q6123%66E& 83#6#& ' C%3(& 8/1%":#, # :#"B% $3( '$%6:'L'"#C'' '40:/#6%6'( 9#/?%/12, "1:1/E% 5#:/4$6(7: $10:'B%6'% '6$'2'$4Q#3?61) ' "1$61) 8/'2%/B%6610:'.
D),+4 )";)":0$1'. O#5/#91:"# "#/:E 9#33?61) 1C%6"' 8/'2%/QB%6610:' 8/%$0:#23(%: 0191) >%:E/%J0:48%6>#:E) 8/1C%00, "1:1Q/E) &1B%: 8/121$':?0( "#" '6$'2'$4#3?61, :#" ' 0'3#&' =/488E:
X.J 3"(T#&&. =/$%)%$+.'L/.2*."5. 4.''L/(V
(T#/*% (5"#4()./%2*( )"#,#/%)
D"+33().2 *."5.4.''L/(V (T#/*%
(5"#4()./%2*( )"#,#/%)
\'6 1. I'++0".%$()$ /.-$%&#$()8 30 0)(/. 2 7'+') $6" "2$(4'\'6 2. I'+7$. +/00'%(1F 5 0)(/. 10 0)(/.;('7$()< C',,"-\'6 R. M)'6("+.)4' / '(',); 30—60 0)(/. 1—3 7'+'3$%-"3%)7)(1 C'%9$%"- (' 3/.)4 3%)-$%&$(("+.)I$4"0$(#'2)) / 3,'( #$<+.-)< 1—3 7'+' 1—3 7'+'3" /+.%'($()K C'%9$%"- (' 3/.)4 3%)-$%&$(("+.)
443
*"+.%"$()$ 4"0
'(#1
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
• 816''% $2'B4@'J 0'3 ' 9#/?%/12 6# 84:' " $10:'B%6'78/'2%/B%6610:';
• "#/"#0 $3( '$%6:'L'"#C'' 5#'6:%/%012#66EJ 0:1/16 8/1Q%":#;
• 0'0:%&4 "13'>%0:2%66EJ 81"#5#:%3%) 8/'2%/B%6610:';• "#/"#0 $3( 0'0:%&#:'>%0"1=1 $'#=610:'/12#6'( 6%$10:#:"#8/'2%/B%6610:' ' %% /#52':'(;
• 215&1B610:? 8/12%$%6'( 9%6>&#/"'6=# ' 1/=#6'5#C'1661=1194>%6'(;
• 0'0:%&4 81"#5#:%3%) $3( &1$%3' 5/%310:' 48/#23%6'( 8/1%"Q:#&';
• "16C%6:/#C'7 6# 0:/#:%='>%0"'J C%3(J ' 5#$#>#J 1/=#6'5#QC'';
• 8%/08%":'24 $3( /#52':'( '6:%/L%)012 8/1%":# ' 1:61R%6')&%B$4 5#'6:%/%012#66E&' 0:1/16#&'.
5),'+*@,#$3" ' (,>0#$"$1'. - 8/%'&4@%0:2#& &1B%: 9E:?1:6%0%61 03%$47@%%.
• H9%08%>'2#%: "#/:4 9#33?61) 1C%6"' $3( 1C%6'2#6'( 0:%8%6'8/'2%/B%6610:', 2"37>#( 20% 2ER%8%/%>'03%66E% 2E=1$E.
• H9%08%>'2#%: R#9316 $3( 81$2%$%6'( ':1=12 #6#3'5# 8/'2%/QB%6610:' ' 83#6# /#52':'(.
• ./%$3#=#%: 6%$1/1=1) ' /'0"12#66E) 8/1C%00 /#52':'(1/=#6'5#C'' (8/1C%00 1/=#6'5#C'1661=1 /#52':'().
• .1&1=#%: '$%6:'L'C'/12#:? '6:%/L%)0E ' 5#'6:%/%012#6Q6EJ 0:1/16 8/1%":#.
444
5,'-'
10• <15$#%: 1"/4B%6'%, 93#=18/'(:0:247@47 810:/1%6'7 "1$E.• ./'21$': " 215&1B610:' 104@%0:23%6'( 194>%6'( 1/=#6'5#QC''.
- 6%$10:#:"#& &1B%: 9E:? 1:6%0%61 03%$47@%%.• F6#>':%3?61% 2/%&( ' 3'$%/0"'% 6#2E"', 6%19J1$'&E% $3(8/'&%6%6'( "#/:E 9#33?61) 1C%6"' 2 /#52':'' 8/1%":61)"1$E.
• <:#6$#/:'512#66E% 4:2%/B$%6'( 6% 1J2#:E2#7: 20%=1 &61=1Q19/#5'( 8/1%":6EJ 0':4#C'); >#0:1 2156'"#%: 6%19J1$'&10:?#$#8:#C''.
• .1:%6C'#3?6#( 215&1B610:? 2156'"612%6'( "16L3'":12 '5Q5# /#53'>61=1 2108/'(:'( 4:2%/B$%6') ' 'J 9#33?6EJ 1C%61".
• A%081019610:? /%R':? 20% 8/193%&E, "#0#7@'%0( $10:'B%Q6'( 8/'2%/B%6610:', 0 81&1@?7 "#/:E 9#33?61) 1C%6"'.
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
1 <:%8%6' &1:'2#C''. — ;#'<. #"1.
445
*"+.%"$()$ 4"0
'(#1
6#. *#"#( 0:#6$#/:'5#C'( 1:>%:12 81)$%: 6# 813?54 9%6>&#/"'6=4' $%)0:2'(& /4"121$0:2#, 4&%6?R'2 6#"3#$6E% /#0J1$E 6# /#52'Q:'% "1$E.H$6'& 03121&, ULL%":'261% '0813?512#6'% "#/:E 9#33?61)
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
1 ,#:/'CE &1:'2#C''. — ;#'<. #"1.
@?C7>?F:;Q== !7 :761=O?F=P = !7::?@O;F=P!@=E?@O?FF761=1
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
446
5,'-'
10
COEUPO-#/:# 9#33?61) 1C%6"' 8/'2%/B%6610:' — U:1 &1@6E) '60:/4Q
&%6: $3( 1C%6'2#6'( ' /#52':'( 8/'2%/B%6610:' 8/1%":61) "1Q$E ' $/4='J >3%612 1/=#6'5#C''. D J1:( $#66E) '60:/4&%6:6#'913%% >#0:1 8/'&%6(%:0( 6# /#66'J 0:#$'(J L1/&'/12#6'(8/1%":61) "1$E ' 83#6'/12#6'( "1$E, "#/:# 9#33?61)
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
B#()0 +,"-"0, ,)#$%1 3%"$4.' #",&(1 C1.9 +3"+"C(1 3%)-,$4'.9 )/#$%&)-'.9 ,K#$<, "C,'#'K:)F 3%'-),9(10) +"-"4/3("+.80) ('-14"-,3"#F"#8:)0) #,8 3"#,$&':$< -13",($()K %'C".1. I/4"-"#).$,) #",&(1-4,'#1-'.9+8 - 3"##$%&'()$ ) 3"-1?$()$ 4-',)H)4'2)) ) 3"##$%&'()$,+)+.$0 3"##$%&4), ' .'4&$ +3"+"C+.-"-'.9 %';-).)K .'4"6" 4,)0'.' 3%"$4J.', 4"."%1< -1;1-', C1 )(.$%$+ ) -"-,$7$(("+.9 ) 3"."0/ -,)8, C1 C,'6"J3%)8.(10 "C%';"0 (' 3%)-$%&$(("+.9.
447
*"+.%"$()$ 4"0
'(#1
1C%6"' (23(%:0( 813%56E& ' ULL%":'26E& '60:/4&%6:1& 1/=#6'Q5#C'1661=1 /#52':'( (OD) $3( /#52':'( ' 81$$%/B#6'( 8/'2%/QB%6610:' 6# 8/1:(B%6'' 20%=1 B'56%661=1 C'"3# 8/1%":#.
R;CAP<=1?AHF9? R;>?<;F=GN $#661) =3#2% 9E3' /#00&1:/%6E 4 '60:/4&%6:#: >%:E/%J0:#Q
$')6#( &1$%3? 810:/1%6'( "1$E, &#:/'C# 5#'6:%/%012#66EJ0:1/16, /%%0:/ 6#2E"12 ' "#/:# 9#33?61) 1C%6"' 8/'2%/B%6610Q:'. N0% 4 '60:/4&%6:# 81$$%/B'2#7: 83#6'/12#6'% "1$E, :1%0:? 8/1C%00 '$%6:'L'"#C'', 1/=#6'5#C'' ' /#52':'( 8/1%":61)"1$E.KLL%":'26#( "1$6#( /#91:# (23(%:0( "/':'>%0"' 2#B6E&
L#":1/1&, 18/%$%3(7@'& 408%J 8/1%":# ' 081019610:? 1/=#6'5#QC'' " 194>%6'7 6# 021%& 18E:% 21 93#=1 021%=1 $#3?6%)R%=1 /10:#.+3( :1=1, >:19E ULL%":'261 $%)0:212#:? 2 1/=#6'5#C'' ' /4"121$Q0:2% 8/1%":61) "1$1), 3'$%/ 8/1%":# $13B%6 6% :13?"1 4&%:?/#08156#2#:? 81:%6C'#3?6E% 9#/?%/E 6# 84:' " 2E01"18/1'521$'Q:%3?61) /#91:% "1$E, 61 :#"B% 56#:?, 6# "#"'J 0:#$'(J B'56%6Q61=1 C'"3# 8/1%":# 6#'913%% 2%/1(:61 'J 2156'"612%6'%. KLL%"Q:'261 $%)0:247@'% 3'$%/E 8/1%":# 8/'6': 8/%2%6:'26E%&%/E 6# /#66'J 0:#$'(J B'56%661=1 C'"3# 8/1%":# ' 811@/(7:/#52':'% :#"1) 0/%$E, "1:1/#( 93#=18/'(:0:24%: 810:/1%6'7 "1Q$E "#" 8120%$6%26%&4 8/1C%004.
!@7E?@C; C;@19 8;AAHF7S 7Q?FC= !@=E?@O?FF761=LC$#).$+9, 7." 4'%.' C',,9("< "2$(4) 3%)-$%&$(("+.) +.%/4./%)%"-'J
(' ('#,$&':)0 "C%';"0 ) EHH$4.)-(" 3%)0$(8$.+8.• !"-"4/3("+.9 -"3%"+"- ) )F -$+"-, 4'4 3"4';'(" (' %)+. 10.7, #",&$(%'++0'.%)-'.9+8 4'4 «+.'(#'%.(1<», ' $6" 0"#)H)4'2)8 #",&(' 8-J,8.9+8 )+4,K7$()$0, (" ()4'4 ($ 3%'-),"0.
• >"3%"+()4 #",&$( +"#$%&'.9 /.-$%&#$()8, %';#$,$((1$ (' #-$ 6%/3J31: 3$%-)7(1$ ) -."%)7(1$ #-)&/:)$ +),1 3%)-$%&$(("+.), 3%)7$0,4'&#'8 6%/33' #",&(' )0$.9 +-"< -$+.
• P'< )(+.%/0$(. %'++0".%$()8 #",&$( +"#$%&'.9 .",94" "#)(+.",C$2 + "2$(4"< -" );C$&'()$ 3/.'()21 ) ($"CO$4.)-("+.).
• *" 4'&#"0/ -"3%"+/ #",&(" C1.9 -1($+$(" +/&#$()$ ) -1+.'-,$(C',, 3"+,$ .:'.$,9("6" %'++0".%$()8 #'(("6" -"3%"+' - 4"(.$4+.$4"(4%$.("< 3%"$4.("< +)./'2)).
• I$;/,9.'.1 "C;"%' (#'((1$, 3",/7$((1$ - %$;/,9.'.$ "C;"%'), -4,KJ7'8 '(',); ) %$4"0$(#'2)), #",&(1 C1.9 %$;K0)%"-'(1 (3%$#+.'-J,$(1 - )."6"-"0 H"%0'.$) +"6,'+(" +.'(#'%.);"-'(("0/ H"%0'./.
• I$;/,9.'.1 "C;"%' 4'%.1 C',,9("< "2$(4) #",&(1 C1.9 +"-0$+.(" )+J3",9;"-'(1 -+$0) 7,$('0) 3%"$4.("< 4"0'(#1.
• I$;/,9.'.1 "C;"%' 4'%.1 C',,9("< "2$(4) #",&(1 C1.9 )+3",9;"-'J(1 4'4 3,'( ) 4'.',);'."% 3"+."8(("6" %';-).)8 4"0'(#1 ) "%6'();'J2)"(("6" "C/7$()8 - .$7$()$ -+$6" &);($(("6" 2)4,' 3%"$4.'.
448
5,'-'
10I%:E/%J0:#$')6#( &1$%3? 810:/1%6'( "1$E 034B': $3( 01Q
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—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
449
*"+.%"$()$ 4"0
'(#1
BC$+3$7$()$
?'C,"('
#,8
3,'()%"-'()8 4"0'(#1
,$$
"%6'();'2))
) -4,K7$()8 - %'C"./
T#$(.)H
)4'2)8
) -1C"% ,)#$%'
3%"$4.'
) 3".$(2)J
',9(1F 7,$("-
3%"$4.("<
4"0
'(#1
T#$(.)H
)4'2)8
) %';-).)$ .%$C/$01F +"-"4/3("+.$<
('-14"- #,8 3%"$4.("< 4"0'(#1
) $$ %/4"-"#+.-'
I'C".'
- /+,"-)8F 3%"C,$0
, +-8;'((1F + H"%0)%"J
-'()$0
4"0
'(#1
) -4,K7$()$0
$$ - %'C"./
B."C%'&
$()$
4%"++JH/(42)"(',9(1
F )(.$%H
$<+"-
) 3"+.%"$()$
+$.$<
-;')0
"#$<+.-)8 ) ',98(+"-
T#$(.)H
)4'2)8
;')(.$%$+"-'((1
F +."%"(
3%"$4.'
)"2$()-'()$
)F -,)8()< ) 3".%$C("+.$<
I';-).)$
7/-+.-'
+"C+.-$(("+.)
3" ".("?$()K
43%"$4./,
+".%/#()7$+.-' ) 3%)-$%&$(("+.)
I'C".'
- /+,"-)8F 4"(H
,)4.',
%';#$,$()8 3",("0
"J7)< ) "%6'();'2)"((1
F 3",).)4
!";#'()$ +%$#1
, C,'6"3%)8.+.-/K
:$<
3"+.%"$()K
-1+"4"3%");-"#).$,9("<
4"0
'(#1
!3"+"C+.-"-'()$
"%6'();'2)"(("0
/ "C/7$()K
*"()0
'()$
".("?
$()<
0$&
#/ %'C"7)0
) 2$,80)
3%"$4.' ) +.%'.$6)7$+4)0
) 2$,80) 3%$#3%)8.)8
=5(
J()(
# &"
.)/#
/%# %/&
5"+,
#/5(
) 3'
./%"(
)./%
2 *(
,./
$U
!)./'2)8
A,'6"3%)8.+.-/KJ
:'8
3%)0$($()K
7$.1%$F+.'#)<("<
0"#$,)
A,'6"3%)8.+.-/KJ
:'8
3%)0$($()K
0'.%)21
;')(.$J
%$+"-'((1F
+."%"(
A,'6"3%)8.+.-/KJ
:'8
3%)0$($()K
%$$+.%' ('-1
4"-
A,'6"3%)8.+.-/KJ
:'8
3%)0$($()K
4'%.1
C',,9("<
"2$(4)
3%)-$%J
&$(("+.)
450
5,'-'
10A=1?@;1B@;
1. Burgess, R. and S. Turner. 2000. «Seven Key Features for Creatingand Sustaining Commitment». International Journal of ProjectManagement 18(4): 225—233.
2. Tuchman, B. W. and M. C. Jensen. 1977. «Stages of Small GroupDevelopment Revisited». Groups and Organizational Studies 2;419—427.
3. Hershey P. and K. Blanehard. Organization and Behavior. 1995,Englewood Cliffs, N.J.: Prentice HalL.
4. Olson, E.M., et ai. 2001. «Patterns of Cooperation during NewProduct Development among Marketing, Operations and R&D»,Journal of New Product Development 18(4); 258—271.
5. Keller, R. 2001. CrossQFunctional Project Groups in Research andNew Product Development. Academy of Management Journal44(3): 547—556.
6. Zien, K. A. and S. A. Buckler. 1997. «From Experience: How Canonand Sony Drive Product Innovation». Journal of ProductInnovation Management 14(4): 274—287.
7. Cohen, A. R. and D. L. Bradford. 1990. Influence withoutAuthority. New York: John Wiley & Sons.
8. Tuman, J. 1993. «Models for Achieving Project Success throughTeam Building and Stakeholder Management» The AMAHandbook of Project Management. Edited by P. Dinsmore. NewYork: AMACOM.
9. Gray, < and E. Larson. 2000. Project Management. New York:Irwin/McGrawQHill.
10. Shenhar, A. and H. J. Thamhain. 1994. «A New Mixture of ProjectManagement Skills». Human Resource Management Journal.13(1): 27—40.
11. Shuman, J. and H. J. Thamhain. 1996. «Developing TechnologyManagers». Chapter 21 in Handbook of Technology Management.Edited by G. H. Gaynor. New York: McGrawQHill.
12. Wellins, R. S., W. C. Byham, and J. M. Wilson. 1991. EmpoweredTeams. San Francisco: JosseyQBass.
13. Robins, H. and M. Finley. 2000. Why Teams Don’t Work. SanFrancisco: BerrettQKohler.
14. Kerzner, H. 2001. me Project Management Maturity Model. NewYork: John Wiley & Sons.
15. Berman, S., et al. 1999. «Does Stakeholder Orientation Maner?The Relationship between Stakeholder Management Models andFirm Financial Performance». Academy of Management Journal42(5): 488—506.
16. Thamhain, A. J. 2002. «Building Project Team Commitment» atPMIQ2002 Conference. San Antonio, TX.
451
*"+.%"$()$ 4"0
'(#1
17. Thamhain, H. J. and D. L. Wilemon. 1999. «Building EffectiveTeams for Complex Project Environments». TechnologyManagement 5(2): 203—212.
T(+.%/0$(.1-13",($()8
3%"$4.'
B3".)'#/%#&($#"]./%#,
>- ," *<3C"+" )3%+' ) 31,/ #"2/ 1).CF1-, 93*234D2/ )*" ,3)-" ' ,3)-" )31- I/F1/+ )*" )#"<: ,.2.+-).+D*: ,. ).*.
;%/#"3':
H06126E% :%&E, /#00&#:/'2#%&E% 2 6#0:1(@%) =3#2%, — U:1'60:/4&%6:E 48/#23%6'(1 01$%/B#6'%&:• &#:/'C# "11/$'6#C'' '5&%6%6');• 5#8/10 6# 26%0%6'% '5&%6%6'( 2 8/1%":;• B4/6#3 '5&%6%6') 8/1%":#.
1 N 1/'='6#3% 481:/%93%61 03121 control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— ;#'<. #"1.
456
5,'-'
11A#56#>%6'% U:'J '60:/4&%6:12 010:1': 2 :1&, >:19E 010/%$1:1Q
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
A#0:1(@#( =3#2# $%3#%: #"C%6: 6# :1&, >:19E 81&1>? 8/#":'"4Q7@'& ' 81:%6C'#3?6E& 8/1L%00'16#3#& 2 48/#23%6'' 8/1%":#&'8/'19/%0:' 03%$47@'% 6#2E"'.
• .156#"1&':?0( 0 /#53'>6E&' '60:/4&%6:#&' "16:/13( 01Q$%/B#6'( 2 48/%B$#7@%& C'"3% "16:/13( 8/1%":#.
C'#. 11.1. N/%&( ' 081019 '0813?512#6'( '60:/4&%6:12 "16:/13(01$%/B#6'( 2 8/1C%00% 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&'
457
L3%'-,$()$ +"#$%&
'()$0
• NE9'/#:? '60:/4&%6:E "16:/13( 01$%/B#6'(, "1:1/E% 4$12Q3%:21/(7: 08%C'L'"% 'J 8/1%":61) 0':4#C''.
• !$#8:'/12#:? 2E9/#66E% '60:/4&%6:E "16:/13( 01$%/B#Q6'(. ./'19/%:%6'% U:'J 6#2E"12 '&%%: "/#%4=13?647 2#BQ610:? $3( 408%R61=1 2E8136%6'( 8/1%":# ' 810:/1%6'( 8/1QC%00 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&'.
>;1@=Q; C77@:=F;Q== =R>?F?F=S
<17 1;C7? >;1@=Q; C77@:=F;Q== =R>?F?F=S?<3%$4%: $4&#:? 1 &#:/'C% "11/$'6#C'' '5&%6%6') (<<,) "#"
19 4$1961) «$1/1B61) "#/:%» (83#6%), 815213(7@%) 8/'2%0:' 6#0" 010:1(6'7, 18'0E2#%&1&4 L/#51) «'5&%6%6'( 2 8/1%":% "16:/1Q3'/47:0( 6#$3%B#@'& 19/#51&»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«"#" U:1 $%3#:?» (0&./'0. 11.2).
@;R@;871C; >;1@=Q9 C77@:=F;Q===R>?F?F=S.10:/1%6'% <<,, "1:1/#( =#/&16'>61 19W%$'6(%: R#=', $%)Q
0:2'(, 23#$%3?C%2 ' 'J 25#'&1$%)0:2'( 2 $%3% "16:/13( '5&%6%6'),:/%94%: :@#:%3?61 1:/#91:#661=1 8/1C%00#, "1:1/E) 9E &'6'&'Q5'/12#3 6%"16:/13'/4%&E% '5&%6%6'( (0&. 5#R:/'J12#66E) 8/(Q&14=13?6'" «H8#0610:? 6%"16:/13'/4%&EJ '5&%6%6'): %03' 2#&6%19J1$'&1 2610':? 'J, $%3#):% U:1 /#61»). A'B% &E 18'0E2#%&8/1C%00, '519/#B%66E) 6# /'0. 11.2.
50>80$031" '#B0>(0= '(J0)+".''. - 1061261) '6L1/&#C'',6%19J1$'&1) $3( 810:/1%6'( <<,, 1:610':0( 03%$47@%%.
• .3#6 "16:/13( '5&%6%6') (18'0#66E) 2 /#5$%3% «-160:#:#QC'( 01$%/B#6'(» =3#2E 5) $%:#3?61 18'0E2#%: 8/#2'3# "16:Q/13( '5&%6%6'), "1:1/E% $13B6E 9E:? 22%$%6E (26%$/%6E)2 R#=' 810:/1%6'( <<,.
• +3( 8/12%$%6'( '5&%6%6') 2 8/1%":% $13B%6 9E:? 6#56#>%681$J1$(@') "11/$'6#:1/ (0&. 5#R:/'J12#66E) 8/(&14=13?Q6'" «-:1 0:#/R% — "11/$'6#:1/ '3' 83#6 "16:/13( '5&%6%Q6')?»).
458
5,'-'
11
C'#. 11.2. ./'&%/ &#:/'CE "11/$'6#C'' '5&%6%6')
459
L3%'-,$()$ +"#$%&
'()$0
• S#512E) 83#6 01$%/B#6'( 0 '%/#/J'>%0"1) 0:/4":4/1) /#91:,2 "1:1/E) 94$4: 2610':?0( 5#8/#R'2#%&E% '5&%6%6'(. H6 :#"QB% 8/%$0:#23%6 2 /#5$%3% «-160:#:#C'( 01$%/B#6'(» =3#2E 5.
50>"9" (/),>#$"32,(',) ;"/)0#" (" 3(,#,(', ';+,(,('43 /)0,1$. X0:%0:2%661, >:1 3791) >%312%", 2123%>%66E) 2 8/1%":,6#J1$(@')0( "#" 264:/', :#" ' 2126% "1$E, 28136% &1B%: 81Q$#:? PCR — 2 8/%$8131B%6'', >:1 01$%/B#6'% 8/1%":# %@% 6% 5#&1Q/1B%61. +%:#3', "#0#7@'%0( PCR, '531B%6E 6'B% 2 $#661) =3#2%.
D(,#,(', ;"/'#' 3 <*)("2 ';+,(,('= /)0,1$". .103% 8134>%Q6'( PCR "11/$'6#:1/ 2610': '6L1/&#C'7 1 6%& 2 PCL ' /#08/10:Q/#6(%: "18'' (/'0. 11.2). H9E>61 "18'' 6#8/#23(7:0( 2 1/=#6 81'5&%6%6'(& (6#8/'&%/, >3%6#& "1&':%:# 81 /#00&1:/%6'7 '5&%Q6%6')) ' #2:1/4 '5&%6%6'(. O#08/10:/#6%6'% "18') 0/%$' $/4='J37$%), "1:1/E% 0810196E 81&1>? 1C%6':? '5&%6%6'%, U:1 %@% 913%%ULL%":'26E) &%:1$. N U:1& 034>#% &%6%$B%/E ' 08%C'#3'0:E, "1Q:1/E% &1=4: 9E:? 5#:/164:E 5#8/#R'2#%&E& '5&%6%6'%&, &1=4:5#&%:':? 8103%$0:2'(, "1:1/E% 4840:'31 '5 2'$4 /4"121$0:21.
C"##+0$),(', ;"/)0#" (" 3(,#,(', ';+,(,('4 3 /)0,1$. -1Q1/$'6#:1/ 6#8/#23(%: 5#8/10E 6# 26%0%6'% '5&%6%6') 2 1/=#6 81'5&%6%6'(&. F#8/10E 19E>61 6#8/#23(7:0( =/488#&' '3' '6E&0810191&, 40"1/(7@'& 'J /#00&1:/%6'%.
C17 61;@X? — C77@:=F;17@ =A= !A;F C7F1@7AG=R>?F?F=S?*%"$4.("J-$#"01$ "%6'();'2)) + F"%"?" +,"&)-?)0)+8 3%"2$++'0)
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
> #%/6)F "%6'();'2)8F, ('F"#8:)F+8 (' 4%/."0 /7'+.4$ 4%)-"< "C/7$J()8, 01 ('C,K#'$0 3%".)-"3","&(1$ 3%)0$%1. =$ )0$8 3",).)4 4"(.%",8);0$($()< ),) ?'C,"("- 3,'("-, E.) "%6'();'2)) 0"6/. "3)%'.9+8 (' 3"#JF"#, 3%) 4"."%"0 "#)( ); 7,$("- 4"0'(#1 - %$&)0$ 7'+.)7("< ;'(8."+.))+3",(8$. %",9 4""%#)('."%' 3" );0$($()80, %';%'C'.1-'8 E4+3$%)0$(J.',9(/K !!@, 4"."%'8 .'4&$ +,/&). - 4'7$+.-$ 3,'(' 4"(.%",8 );0$($()<3%"$4.'. N'4)0 "C%';"0, - #'(("0 +,/7'$ 4""%#)('."% "4';1-'$.+8 +.'%?$3,'('.
460
5,'-'
11
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
P0('$0)'(8 ),"2';".'' ';+,(,('4. T'56? '5&%6%6'( 6% 5#Q"#6>'2#%:0( 2 &1&%6: %=1 4:2%/B$%6'(, J1:( 8/193%&E, 0184:0:24Q7@'% %=1 /%#3'5#C'', &1=4: 81:/%912#:? 2/%&%6' ' 4J4$R':! 1951/'5&%6%6'(. D&%661 81U:1&4 "11/$'6#:1/4 6%19J1$'&1 104@%0:2Q3(:? $'0C'83'6'/12#66E) &16':1/'6= 010:1(6'(, 2 "1:1/1& 6#J1Q$':0( 8/#":'>%0"#( /%#3'5#C'( '5&%6%6'(. ./#":'>%0"') '60:Q/4&%6: $3( $10:'B%6'( U:1=1 — POL.
7!;6F761H F?C7F1@7A=@B?>9Y =R>?F?F=S:?6A= E;> F?78Y7:=>7 EF76=1H =Y, :?A;S1? I17 @;F7=$4"(.%",)%/$01$ );0$($()8, 4'4 );-$+.(", 0"6/. 3"6/C).9 3%"$4., 3"J
+4",94/ "():• -1;1-'K. ;'#$%&4);• /-$,)7)-'K. +.")0"+.9.• -%$#8. 0"%',9("0/ +"+."8()K ) 3%");-"#).$,9("+.).• /F/#?'K. ".("?$()8 0$&#/ /7'+.()4'0) 3%"$4.'.*"7$0/ E." .'4? >"J3$%-1F, ) E." 7':$ -$%(", 7$0 ($., );0$($()8 -1;1J
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— E."+,)?4"0 #"%"6" +."). -" -+$F +01+,'F E."6" +,"-'.
461
L3%'-,$()$ +"#$%&
'()$0
H:(032,(', '(J0)+".'' 0 )"#/'#"('' ' #$0'+0#$' /)0,1?$". P:2%/B$%66E% '5&%6%6'( &1=4: '5&%6':? 9#512E% 8#/#&%:/E8/1%":# —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«O#00&1:/%6'% 8/1Q#":'261=1 '0813?512#6'( <<,»).
&G5HKLEHDMN&O PMTC&Y[ FHHC7&NMY&& &EPONON&QF08>" '#/02%;03"$%. <<, $13B6# /#5/#9#:E2#:?0( $3( "#B$1Q
=1 8/1%":#, "1:1/E) 81$3%B': (81$2%/=#%:0(, &1B%: 9E:? 81$2%/=Q64:) '5&%6%6'(&, ' 81 215&1B610:' 6# /#66%) 0:#$'' — $1 18/%$%Q3%6'( 01$%/B#6'( 8/1%":# [5]. N U:1& 034>#% <<, 19%08%>'2#%:«$1/1B647 "#/:4» (83#6) '5&%6%6') 8/' 2156'"612%6'' 8%/21=15#8/10# 6# 26%0%6'% '5&%6%6'( ' :%& 0#&E& 5#$#%: 6#$3%B#@'):16 6# 20% 2/%&( 2E8136%6'( 8/1%":#. K:1 1019%661 2#B61 2 913?QR'J 8/1%":#J, $3( "1:1/EJ >#0:1 2%/61 03%$47@%% 8/#2'31: >%&"/486%% ' 031B6%% 8/1%":, :%& 0'3?6%% 6%19J1$'&10:? 2 <<,. S3#Q=1$#/( &%6?R%&4 19W%&4 01$%/B#6'( ' &%6?R%) 031B610:' 913%%E% 8/1%":E 0:#3"'2#7:0( 0 1>%6? 48/1@%661) L1/&1) 8/1C%0Q0# "16:/13( 01$%/B#6'( — &%6%$B%/ 8/1%":# >#0:1 1"#5E2#%:0(%$'60:2%66E& 3'C1&, 0810196E& 5#6'&#:?0( "16:/13%& '5&%6%Q6'). N 81$196EJ 190:1(:%3?0:2#J '0813?512#6'% 6%L1/?61) '6%$1"4&%6:'/4%&1), 1$6#"1 J1/1R1 816'&#%&1) <<,, 2E=3($':913%% 31='>6E& 2E91/1&, >%& L1/?61).
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
462
5,'-'
11
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
@;66>71@?F=? !@7;C1=EF7D7 =6!7AHR7E;F=G 66>*%)(8.)$ -+$F );0$($()< C$; %';C"%', -";()4'K:)F 3" F"#/ -13",($J
()8 3%"$4.', +"+.'-,8$. +/.9 %$'4.)-("6" 3"#F"#' 4 4"(.%",K );0$($()<.*"#"C(1< 3"#F"# 0"&$. ();-$%6(/.9 3%"$4. - 3/7)(/ ($4"(.%",)%/$0"<+3)%',) %'+3",;'()8 +"#$%&'()8. M,8 ."6" 7."C1 );C$&'.9 E."6", )0$$.+01+, %'++0".%$.9 3%"'4.)-(1< 3"#F"#. *"31.'$0+8, ('3%)0$%, 3%"4"(.J%",)%"-'.9 3"."4 );0$($()<, -"J3$%-1F, ('7'- + 3"31."4 +3%"6(";)%"-'.9-$%"8.("+.9 ."6", 7." 4"(4%$.("$ ;'3%'?)-'$0"$ );0$($()$ 3"-,)8$. ('+"#$%&'()$ 3%"$4.', ), -"J-."%1F, -"+3",9;"-'.9+8 ('?)0 3%"6(";"0+ .$0, 7."C1 «;'.8(/.9 3"8+» -"4%/6 +"#$%&'()8 3%"$4.'. ! E."< 2$,9K 010"&$0 -"+3",9;"-'.9+8 ,%"'4.)-(10 2)4,"0 4"(.%",8 3%"$4.' (+0. ;'?.J%)F"-'((1< 3%80"/6",9()4 «A/#9.$ 3%"$4.)-(10) (/3%$&#'K:)0)); 38.9-"3%"+"- 3%"'4.)-("6" 2)4,' 4"(.%",8 3%"$4.'» - %';#$,$ «W)()8 )+3",J($()8» 6,'-1 12) ) ;'#'-'.9 +$C$ E.) -"3%"+1 -+84)< %';, 4"6#' -+.%$7'$0+8+ ;'3%"+"0 (' -($+$()$ );0$($()$:
• P'4"-" C/#$. %'+F"&#$()$ 0$&#/ C';"-10 3,'("0 +"#$%&'()8 ) H'4J.)7$+4)0 +"#$%&'()$0, -1;-'(("$ ;'3%"?$((10 );0$($()$0?
• P'4"-1 3%"C,$01, -1;1-'K:)$ %'+F"&#$()$, 4"."%"$, - +-"K "7$J%$#9, -1;1-'$. ;'3%"+ (' );0$($()$?
• P'4"-' +/:$+.-/K:'8 .$(#$(2)8 — ." $+.9 3%$#+4';1-'$0"$ +"#$%&'J()$, 4"."%"$ C/#$. )0$.9 0$+." 3" -13",($()), - +,/7'$, $+,) 01 3%)J0$0, 3%$#,'6'$0"$ );0$($()$?
• P'4)$ ("-1$ %)+4) 0"6/. -";()4(/.9 - C/#/:$0 ) 4'4)0 "C%';"0 "()0"6/. -1;-'.9 #',9($<?)$ );0$($()8 - 3%$#+4';'(("0 +"#$%&'())3" ;'-$%?$())?
• P'4)$ #$<+.-)8 01 0"&$0 3%$#3%)(8.9 #,8 /+.%'($()8 ($"CF"#)0"+J.) - ;'3%'?)-'$0"0 );0$($()) ) #%/6)F -";0"&(1F );0$($()8F - C/J#/:$0 #,8 ."6", 7."C1 -13",().9 3%"$4.' ('+.",94" C,);4" 4 C';"-"J0/ 3,'(/ +"#$%&'()8, ('+4",94" -";0"&("?
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
463
L3%'-,$()$ +"#$%&
'()$0
5),'+*@,#$3" ' (,>0#$"$1'. ./%'&4@%0:2# <<, 5#"37>#7:Q0( 2 03%$47@%&:
• >'(/.4D,3" )3(1"%*+)'". ;/#L'>%0"') 2'$ <<, $%3#%: %% $/4QB%0:2%661) 81 1:61R%6'7 " 813?512#:%37, # %0:%0:2%66#(081019610:? >%312%"# " 34>R%) 19/#91:"% =/#L'>%0"1) '6QL1/&#C'' 81 0/#26%6'7 0 :%"0:121) 193%=>#%: 03%$12#6'% %%4"#5#6'(&.
• ;3O.$3)-% M.#.2+"#. N'54#3?61% 215$%)0:2'% $18136':%3?Q61 40'3'2#%:0( 8/%$0:#23%6'%& <<, 2 2'$% 8103%$12#:%3?61Q0:' R#=12 — 2 L1/&#:%, 812ER#7@%& 8/15/#>610:? 8/1C%00#' %=1 $/4B%0:2%6610:? 81 1:61R%6'7 " 813?512#:%37.
< $/4=1) 0:1/16E, $3( &%6%$B%/# 8/1%":#, 2E64B$%661=1 2E"Q/#'2#:? "/1J' 2/%&%6' 2 021%& $1 8/%$%3# 5#8136%661& /#91>%&=/#L'"%, '0813?512#6'% <<, &1B%: 2E=3($%:? "#" %@% 1$61 $%)Q0:2'%, :/%947@%% %=1 2/%&%6'. D U:1 %=1 1@4@%6'% &1B%: 9E:? %@%913%% 0'3?6E& 2 :1& 034>#%, %03' 2 1/=#6'5#C'' 1:04:0:24%: 813'Q:'"# "16:/13( '5&%6%6'), >:1 8/'21$': " :1&4, >:1 810:/1%6'%&#:/'CE 8/'J1$':0( 2E8136(:? 0 643(, >:1 $%)0:2':%3?61 &1B%:8/%$0:#23(:? 0191) 81:%/7 2/%&%6'.
M>"/$".'4 +"$)'.- 100)>'(".'' ';+,(,('=. H8'0#6'%<<,, 8/%$31B%661% 6#&' 2 6#0:1(@%& /#5$%3%, >%:"1 20"/E2#%: %%'0:'66E% 215&1B610:' 81 #$#8:#C''. H6# &1B%: 9E:? /#5/#91:#Q6# /#53'>6E&' 081019#&', >:1 $#%: 6#& 215&1B610:? 6#):' :1:081019, "1:1/E) 6#'34>R'& 19/#51& 4$123%:21/(%: 6#R'& 64BQ$#&. A'B% '531B%6 /($ '$%), 0810196EJ 81&1>? 2#& 2 #$#8:#C''<<,.
COEUPO!"C%6: $#661=1 /#5$%3# 0$%3#6 6# &#:/'C4 "11/$'6#C'' '5&%Q
6%6') (<<,), '60:/4&%6:, "1:1/E) 1:19/#B#%: R#=' 8/1C%00# "16Q:/13( '5&%6%6'), '$%6:'L'C'/4%: $%)0:2'(, "1:1/E% $13B6E9E:? 8/%$8/'6(:E, /#08/%$%3(%: 1:2%:0:2%6610:? 5# 2E8136%6'%U:'J $%)0:2'), ' "11/$'6'/4%: 40'3'( U:'J 3'C. <<, $13B6# /#5Q/#9#:E2#:?0( $3( "#B$1=1 8/1%":#, "1:1/E) 81$3%B': '5&%6%6'Q(&, ' 81 215&1B610:' 6# /#66%) 0:#$'' — $1 18/%$%3%6'( 01$%/B#Q6'( 8/18%:#. X% C%6610:? 010:1': 2 :1&, >:1 16# 8/'2610': 81/($1"2 8/1C%00 26%0%6'( '5&%6%6') 2 8/1%":. ,%:1$'>%0"' 8/%$8'0E2#(8103%$12#:%3?610:? $%)0:2') ' 481/($1>'2#( 5#$#>' ' 37$%)2 8/1C%00%, <<, 56#>':%3?61 06'B#%: :#"'% 8/193%&E, "#" /#0813Q5#6'% 01$%/B#6'(, 8%/%/#0J1$E 97$B%:# ' 0"13?B%6'% $#:E 5#Q2%/R%6'( 8/1%":#. A'B% &E 8/'21$'& ':1=12E% 0119/#B%6'(, "1Q:1/E% &1=4: 1"#5#:?0( 813%56E&' 8/' 810:/1%6'' <<,.
464
5,'-'
11
R;!@76 F; EF?6?F=? =R>?F?F=G E !@7?C1
E9!7AF?F=? E6?617@7FF?7D7 7Q?F=E;F=GE7R>7OF7D7 =R>?F?F=GN15$%)0:2'% '5&%6%6'), 2610'&EJ 2 8/1%":, 6# %=1 01$%/B#6'%,
/#08'0#6'%, "#>%0:21 ' 8/1>'% 8#/#&%:/E 3%="1 &1B%: 2E):' 5#=/#6'CE 18E:# #2:1/# $#661=1 '5&%6%6'( [7]. -#" 03%$0:2'% U:1=18/1%": &1B%: 56#>':%3?61 810:/#$#:? ' 2 6%"1:1/EJ 034>#(J $#B%81:%/8%:? "/#J (0&. 8/'21$'&E% 6'B% 5#R:/'J12#66E% 8/(&14=13?Q6'"' «O#08135#6'% 01$%/B#6'(, 2E52#661% 8/1%":1& 81 8/%$&%:61)>#0:'» ' «O#08135#6'% 01$%/B#6'(, 2E52#661% 6%$10:#:"1& 8/1%":#81 8/%$&%:61) >#0:': "1/1:"1% '6:%/2?7 0 &%6%$B%/1& 8/1%":#»). .1U:1) 8/'>'6% 1>%6? 2#B61 19%08%>':?, >:19E "#B$1% '5&%6%6'% 1C%Q6'2#310? $'0C'83'6'/12#66E& (481/($1>%66E&) ' 8/1L%00'16#3?Q6E& 19/#51&, 8/%B$% >%& 94$%: 8134>%61 /#5/%R%6'% 6# %=1 8/#":'Q>%0"47 /%#3'5#C'7. F#8/10 6# 26%0%6'% '5&%6%6') 2 8/1%": "#" /#5' 8/%$6#56#>%6 $3( :1=1, >:19E 81&1>? 2E8136':? 20%0:1/166%%1C%6'2#6'% 8/%$3#=#%&EJ '5&%6%6') (0&. /'0. 11.3).
!@7E?@C; >;1@=Q9 C77@:=F;Q== =R>?F?F=SLC$#).$+9, 7." -'?' 0'.%)2' 4""%#)('2)) );0$($()< +.%/4./%)%"-'('
('#,$&':)0 "C%';"0. M'(('8 0'.%)2' #",&(':• C1.9 "+("-'(' (' ($"CF"#)0"< )+F"#("< )(H"%0'2));• -4,K7'.9 "+("-"3",'6'K:)$ ?'6) 3%"2$++' 4"(.%",8 );0$($()< 3%"J$4.';
• -4,K7'.9 "+("-(1F )6%"4"-, /7'+.-/K:)F - 3%"2$++$ 4"(.%",8 );0$J($()<, .'4)F 4'4 "%6'( 3" );0$($()80, '-."%, 4""%#)('."% ) #%/6)$+."%"(1, ;'.%'6)-'$01$ );0$($()$0;
• "3%$#$,8.9, 4." 7." #$,'$. - #'(("0 3%"2$++$;• C1.9 %';%'C".'(("< + 0'4+)0',9(" -";0"&(10 )+3",9;"-'()$0 3%"J'4.)-("6" 3"#F"#'.
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 H"%0',9(/K !!@ -" -+$F)+3",9;"-'()8 4%/3(1F 3%"$4.'F, 4"."%1$ 3"#,$&'. );0$($()80.
*"()0'.9 ) 3%)0$(8.9 ($H"%0',9(/K !!@- 0',1F 3%"$4.'F, 4"."%1$ 3"#,$&'. );0$($()80
@"#)H)4'2)8 4"(4%$.("< N%$C"-'.9 +/:$+.-"-'()8 ((',)7)8,"+"C$(("+.) /7%$&#$()8) 4"0).$.' 3" %'++0".%$()K
);0$($()< (- C",9?)F 3%"$4.'F).=';('7'.9 0$($#&$%' 3%"$4.' 4'4 4""%#)('."%'3" );0$($()80 ("C17(" - 0',1F 3%"$4.'F).B."C%'&'.9 3%"2$++, "3)+1-'$01< !!@, +,$-'('3%'-", ' ($ +-$%F/ -();, 4'4 E." C1," +#$,'("/ ('+
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
465
L3%'-,$()$ +"#$%&
'()$0
@;R@;871C; R;!@76; F; EF?6?F=? =R>?F?F=G E !@7?C1Y1:( 5#8/10 2E=3($': "#" 8/10:#( L1/&# (0:/%&':%0? " :1&4,
>:19E 16 4"3#$E2#30( 2 1 0:/#6'C4 ' 2"37>#3 :1 "13'>%0:21 2081Q&1=#:%3?6EJ $%:#3%), "1:1/1% 6%19J1$'&1), 81$=1:12"# %=1 :/%94%:18/%$%3%661) $1&#R6%) /#91:E, ' 6#>'6#%:0( U:# /#91:# 0 81$=1Q:12"' '0J1$61) '6L1/&#C''.
50>80$031" '#B0>(0= '(J0)+".''. N 034>#% "/486EJ 8/1%"Q:12 106126E% '0J1$6E% $#66E% $3( '0813?512#6'( 5#8/10# 6# 26%Q
C'#. 11.3. ./'&%/ 5#8/10# 6# 26%0%6'% '5&%6%6'( 2 8/1%":
EM5CHG NM DNOGON&O &EPONON&S D 5CHOFT
N";3"(', /)0,1$": _____________ E"/)0# ̀ : ____________Cage 01 121
7,$"2' /),>2"8",+080 1 3(,#,('A ';+,(,('4 ' 'B 32'4(',(" #0>,)<"(', / 1"9,#$30:
*,'(1 .$+.)%"-'()8 - 3'4$.$ %'C". 4.03.03 #",&(1 C1.9 );0$($(1 ) ;'-$%?$(1 + ;'#$%&4"<- 1 ($#$,K.P'4 +,$#+.-)$ E."6", +,$#/K:)< 3'4$. %'C". 4.04.01 «N$+.)%"-'()$ /+.%"<+.-'», 3$%-"('7',9("
;'3,'()%"-'((1< (' 5/07/01, #",&$( C/#$. ('7'.9+8 5/12/01.=)4'4"6" -,)8()8 (' 3%$#0$.1 3"+.'-4) "3%$#$,$()8 +"#$%&'()8, C';"-1< 3,'( +"#$%&'()8
"+.'$.+8 ($);0$((10.=)4'4"6" -,)8()8 (' 4'7$+.-$((1$ +3$2)H)4'2)) (+3$2)H)4'2)) 4'7$+.-').
E"/)0# (" ';+,(,(', /0>"(: George Best 7"$": 17/04/01
5)'9'(" /0>"9' ;"/)0#":B?)C4), "C('%/&$((1$ - 3,'('F .$+.)%"-'()8. T;0$($()$ 3,'("- 8-,8$.+8 ('+."8.$,9("< ($"CJ
F"#)0"+.9K.
E"/)"6'3",+-, 9),;3-9"=(-, >,=#$3'4 (,#2' $"103-, '+,A$#4): =$.
T'/ ';+,(,('4:
;("9'$,2%(0, ($),:*,$ *#'2'= /0 /,),/2"(')03"('A)
(,;("9'$,2%(0,:
G$0'+0#$% 0:(")*<,('4 ';+,(,('4: $ 105
D2'4(', (" )"#/'#"(', /)0,1$": H.,(1" #)0103 #082"#(0 >01*+,($*:
BC:'8 #,).$,9("+.9 3%"$4.' C/#$. /-$,)7$(' (' 1 ($#$,K,) 3%"$4. C/#$. ;'-$%?$( 6/18/01
!!014
D2'4(', (" #$0'+0#$% /)0,1$": H.,(1" #$0'+0#$' #082"#(0 >01*+,($*:
AK#&$. );0$($()8 +"+.'-,8$. $1.840
V'("(#')*,$#4 ;"1";9'10+?
O#2' >", /)'3,#$' ##-21* (" >01*+,($, /0>$3,)<>"A@'=*$3,)<>,(', ;"1";9'10+:
!!002
=$.
]1";"('4 10+'$,$" /0 )"##+0$),('A ';+,(,('=:
M3$0)';03"((0 (>24 10+'$,$" /0 )"##+0$),('A ';+,(,('=): Paul McCartney
7"$": 24/04/01
466
5,'-'
110%6'% '5&%6%6'( — U:1 9#512E) 83#6 01$%/B#6'( 0 D<O ' 83#6 "16Q:/13( '5&%6%6') (0&. /#5$%3 «-160:#:#C'( 01$%/B#6'(» =3#2E 5). N034>#% 913%% EJ 8/1%":12 '0J1$6E% $#66E% 19E>61 2"37>#7: 20%9( 40:6E% 4"#5#6'(, "#0#7@'%0( 846":12, 2"37>%66EJ 2 83#6.
F08>" 3"+ #2,>*,$ ("9'("$% /)'+,(4$% PCR? -#" 81"#5E2#%:B'56%66#( &4$/10:?, '5&%6%6'% $13B61 9E:? 8/%$31B%61 0/#54
@;6!7AR;F=? 67:?@O;F=G, E9RE;FF7? :=R;SF7>I'+3",;'()$ +"#$%&'()8, ),) ($4"(.%",)%/$0"$ );0$($()$ +"#$%&'J
()8, 7'+." %'++0'.%)-'$.+8 4'4 6,'-('8 /6%";' 3%"$4.'0 [2, 3]. B#('4" ($4'84"03'()8, )0$K:'8 #$," + "7$(9 ($"3%$#$,$((10) 3%"$4.'0) H'C%)4 3"3%");-"#+.-/ 3",/3%"-"#()4"-, 4"(.%",)%/$. );0$($()8 3" 3%)(2)3/«"#(" );0$($()$ ;' "#)( %';»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
@;6!7AR;F=? 67:?@O;F=G, E9RE;FF7? F?:761;1C7>:=R;SF;: C7@71C7? =F1?@EHP 6 >?F?:O?@7> !@7?C1;
E(3"(&: P'4"6" .)3' 3%"$4."0 -1 /3%'-,8$.$?75)#5: *$%$#" 0("< 3"+.'-,$(' ;'#'7' %';%'C".'.9 3,'.H"%0/ 3%"#/4J
."- #,8 C);($+J$#)()21 >G!.E(3"(&: V+.9 ,) 4'4)$J()C/#9 +$%9$;(1$ 3%"C,$01?75)#5: !'0'8 0',"+.9! !3/+.8 ?$+.9 0$+82$- 3"+,$ ('7',' 3%"$4.' -)2$J
3%$;)#$(. (VP) 4"%3"%'2)) 3".%$C"-',, 7."C1 3,'.H"%0' C1,');0$($(' #,8 -4,K7$()8 $:$ #-/F C);($+J$#)()2. =$+4",94" 0$J+82$- +3/+.8 ('0 C1," 3%)4';'(" #"C'-).9 3"%.'.)-(/K -$%+)K3%"#/4.'.
E(3"(&: P'4)0 "C%';"0 E.) );0$($()8 3"-,)8,) (' 3%"$4.?75)#5: *$%-"('7',9("$ +"#$%&'()$ 3%$#3",'6'," ;'-$%?$()$ 7$%$;
18 0$+82$- 3%) CK#&$.$ 2 0,( #",,. =' #'((1< 0"0$(. 01 /&$3 6"#' 4'4 /-8;,) - E."0 3%"$4.$, CK#&$. 3"#C)%'$.+8 4 4 0,(#",,., ) ('0 ($"CF"#)0" $:$ 6 0$+82$-, 7."C1 ;'-$%?).9 $6".
E(3"(&: B#('4" -'?' 3,'.H"%0' 3%"#/4.' -$,)4",$3(', -$%("?75)#5: M'. =" %$',9('8 3%"C,$0' +"+."). - ."0, 7." ($4"."%1$ ); ('?)F
;'4';7)4"- /+.',) ". "&)#'()8 3%"#/4."- #,8 ("-"< 3,'.H"%01 )+.',) -$+.) #$,' + ('?)0 "+("-(10 4"(4/%$(."0.
467
L3%'-,$()$ +"#$%&
'()$0
B%, "#" :13?"1 2156'"#%: 6%19J1$'&10:? 2 6%&. ,E 9E J1:%3' 6%Q0"13?"1 4:1>6':? U:1 8131B%6'%. O#66(( "16C%8:4#3?6#( 0:#$'(18/%$%3%6'( 01$%/B#6'( 8/1%":# — U:1 2/%&(, "1=$# 6%: &%0:# '0Q813?512#6'7 PCR "#" 0/%$0:2# "16:/13( '5&%6%6'). ./' 6#3'>''3'R? =/491 1>%/>%661=1 01$%/B#6'( 6%: 6'"#"1=1 8/#":'>%0"1=10&E03# 8E:#:?0( "16:/13'/12#:? '5&%6%6'(. H$6#"1 6# 913%% 81Q5$6%) 0:#$'' 18/%$%3%6'( 01$%/B#6'( '0813?512#6'% $3( U:1)C%3' PCR 8/'19/%:#%: 8/#":'>%0"') 0&E03. A#8/'&%/, 8/1%": /#5Q/#91:"' 6121=1 8/1$4":#, 2 J1$% "1:1/1=1 %@% 6% 9E31 8/1$%3#616'"#"1) /#91:E 81 8/1%":'/12#6'7 '3' 6% 9E31 2E84@%61 6' 1$Q61=1 >%/:%B#, 6% 64B$#%:0( 2 8/'&%6%6'' PCR. S13%% 2%/1(:61, >:1PCR 94$%: '0813?512#6 $3( '5&%6%6'), "1:1/E% [7]:
• 010:#23(7: 1:J1$ 1: 01=3#012#66EJ :%J6'>%0"'J 08%C'L'"#QC') (61/&) 6# 8/1%":'/12#6'%;
• 23'(7: 6# 08%C'L'"#C'', 2E84@%66E% '6B%6%/6E& 1:$%31&$3( 83#6'/12#6'( 5#"481" '3' 8/1'521$0:2#.
./'6'&#( 21 26''%, >:1 8/'2%$%66E% 2ER% 8131B%6'( —U:1 8/'&%/E, 1/=#6'5#C'( $13B6# 015$#2#:? 021' 0190:2%66E% 81Q3':'"'.
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
H/'#"(', /),>2"8",+-B 1 3(,#,('A ';+,(,('= ' 'B 30;>,=?#$3'= (" #0>,)<"(', / 1"9,#$30. K:1 $%)0:2'%, 6#52#6'% "1:1/1Q=1 =121/': 0#&1 5# 0%9(, 8/%$813#=#%:, >:1 18'0#6'% 5#8/#R'2#%Q&1=1 '5&%6%6'( 94$%: $10:#:1>61 :1>6E& $3( :1=1, >:19E $#:?6#$3%B#@%% 816''% :1=1, "#"#( >#0:?, 8/%$&%: 810:#2"' '3'8#"%: /#91: $13B6# 9E:? '5&%6%6# ' "#"'& 19/#51&. ,E 6% '0"37Q>#%& 6%19J1$'&10:' $3'66EJ 18'0#6'), "1=$# 2 /#00&1:/%6'% 221Q
468
5,'-'
11$(:0( 031B6E% 218/10E. N 19@%& ' C%31& (5E", '0813?54%&E) $3(U:1) C%3', $13B%6 9E:? "#" &1B61 913%% 3#"16'>6E&.H:a4#(,(', /)'9'( ';+,(,('4. .1>%&4 4 6#0 2156'"#%: B%3#Q
6'% /%#3'512#:? :1 '3' '61% 5#8/#R'2#%&1% '5&%6%6'%? ,1:'2#C'(&1B%: 9E:? /#53'>61). +3( :1=1 >:19E '&%:? 42%/%6610:? 2 8/#Q2'3?61& 816''' &1:'2#C'' ' 6% $1840:':? &1:'2#C'', '$4@%)21 2/%$, 1$6# 1/=#6'5#C'( :/%94%: 1: #2:1/# '5&%6%6'(, >:19E 160L1/&43'/12#3, " "#"1&4 :'84 1:610':0( $#661% '5&%6%6'%: 6%19J1Q$'&1% '3' B%3#%&1%. A# 8/1L%00'16#3?61& B#/=16%, 8/'6(:1& 2"1&8#6'', 6%19J1$'&1% '5&%6%6'% — U:1 :1 '5&%6%6'%, 9%5 "1:1/1=18/1%": &1B%: 81='964:?. N03%$0:2'% U:1=1 161 :/%94%: 6#$3%B#@%=126''( ' 1$19/%6'( (4:2%/B$%6'(). < $/4=1) 0:1/16E, B%3#%&1%'5&%6%6'% 19E>61 8/'$#%: 8/1$4":4 8/1%":# 913?R47 U3%=#6:Q610:?, 61 6% &%6(%: 04:?. N :1 B% 2/%&( B%3#%&1% '5&%6%6'% &1B%:3%="1 8/'2%0:' " $18136':%3?6E& 40'3'(& 81 8%/%83#6'/12#6'7,>:1 0:#612':0( 106126E& $121$1& 2 813?54 1:"316%6'( :#"1=1 '5&%Q6%6'(. K:# 81>:%66#( "16C%8C'( «6%19J1$'&1=1 / B%3#%&1=1 '5&%Q6%6'(» &1B%: 0:#:? J1/1R'& 81$081/?%& $3( :%J, ":1 0"316%6 '=61Q/'/12#:? '3' 6%$11C%6'2#:? /'0"', 0184:0:247@'% /#08135#6'701$%/B#6'(. K:# "16C%8C'( &1B%: 6/#2':?0( '3' 6% 6/#2':?0(, 1$Q6#"1, $3( :1=1 >:19E 19%518#0':? 0%9(, 49%$':%0?, >:1 "#B$1% 8/%$Q3#=#%&1% '5&%6%6'% '&%%: 021% /#54&61% 1910612#6'%.
&>,($'J'1".'4 9),;3-9"=(-B ';+,(,('=. H$6# '5 106126EJ8/193%&, 0184:0:247@'J /%=43(/61&4, 1/'%6:'/12#661&4 6# L1/Q?610:' /#00&1:/%6'7 PCR, 010:1': 2 :1&, >:1 :#"1% /#00&1:/%Q6'% >/%5&%/61 &%$3':%3?61. I:19E 8/%1$13%:? U:4 8/193%&4, 2#&64B61 22%0:' 2 0'0:%&4 :#"47 J#/#":%/'0:'"4, "1:1/#( 9E 19%08%Q>'2#3# 9E0:/1% /%#='/12#6'% 6# 0/1>6E% PCR, "1:1/E% 19156#>%6E0312#&' «*/%947:0( >/%52E>#)6E% $%)0:2'(». F#$#># :#"1=1 PCR —8/1'6L1/&'/12#:? 1/=#6 81 '5&%6%6'(& 1 :1&, >:1 5#8/#R'2#%&1%'5&%6%6'% 64B$#%:0( 2 0/1>61& /#00&1:/%6'' ' 4:2%/B$%6''. K:1&1B%: 156#>#:?, >:1 1/=#64 81 '5&%6%6'(& 8/'$%:0( $%)0:212#:?9E0:/1. N 5#2'0'&10:' 1: 8/#2'3, 40:#6123%66EJ 813':'"1), 16'&1=4: /%R':? U:1: 218/10 6# 3'>61& 012%@#6'', 81 :%3%L164 '3' 081&1@?7 '6:%/#":'261) 8/1=/#&&E, 19%08%>'2#7@%) 25#'&1$%)Q0:2'% >%/%5 '6:/#6%: 1/=#6'5#C'' (0&. 8/'21$'&E) 6'B% 5#R:/'QJ12#66E) 8/(&14=13?6'" «D6:/#6%: 81&1=#%: /#00&#:/'2#:? L'Q6#60'/4%&E% 5#"#5>'"1& '5&%6%6'( "#" 8/'2'3%='/12#66E%»).D0"37>':%3?61 2#B61, >:19E >/%52E>#)6E% '5&%6%6'( 6% (23(Q3'0? 18/#2$#6'%& $%5'6L1/&'/47@'J 1C%61" 2 >#0:' "#>%0:2#, '0Q8136%6'(, 6#$%B610:', 9%518#0610:' '3' 379EJ $/4='J #08%":12../'6(:'% &%/ 8/%$10:1/1B610:', "1:1/E% 19%08%>'2#7: 6#$3%B#Q@%% /#00&1:/%6'% '5&%6%6'), &1B%: 9E:? 813%56E& 0/%$0:21&.
469
L3%'-,$()$ +"#$%&
'()$0
H:a4#(,(', 32'4('4 (" )"#/'#"(', /)0,1$". H>%6? :/4$611C%6':? 23'(6'% '5&%6%6') 6# /#08'0#6'% 9%5 J1/1R%=1 0%:%21=1=/#L'"#. P8/1@#(, &1B61 0"#5#:?, >:1 0%:%21) =/#L'", 6# "1:1/1&81"#5#6E 5#2'0'&10:' &%B$4 18%/#C'(&', 81&1=#%: 6#& #6#3'5'Q/12#:?, "#"'& 19/#51& '5&%6%6'( 2 1$61& 8/%$&%:% 810:#2"' ' 01Q1:2%:0:247@'J %&4 18%/#C'(J 8123'(7: 6# 5#2'0'&E% 18%/#C'',/#08131B%66E% $#3?R% 21 2/%&%6'. +1 0'J 81/ — ' U:1 >#@% 8/#2Q$#, >%& 6%: — 8/1'0J1$': 03%$47@%%: 1C%6'2#6'% 23'(6'( 6# /#0Q8'0#6'% 2E8136(%:0( 6# 10612% '60:'6":'261=1 >420:2#. +3( :1=1>:19E 8/'6(:? &%/E 8/%$10:1/1B610:' 8/1:'2 /'0"12, 0184:0:Q247@'J :#"1&4 1C%6'2#6'7, 6%19J1$'&1 813#=#:?0( 6# 0%:%2E%/#08'0#6'( 0 C%3?7 8134>%6'( 6#$%B6EJ 1C%61", $#B% %03' 2E'&%%:% $%31 0 E& 8/1%":1& ' 6% '&%%:% 2/%&%6' $3( %=1 $%:#3?Q61=1 $1"4&%6:'/12#6'(. A%L1/?6E), 61 "#>%0:2%661 2E813Q6%66E) #6#3'5 0%:%21=1 =/#L'"# 81)$%: 6# 813?54 3791&4 8/1%":4.
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— U:1 '&%7@#(:2%/$1% 1910612#6'% &%/# 8/%$10:1/1B610:', 6#8/#23%66#( 6#8/1:'21$%)0:2'% U:1) :%6$%6C''. X03' '5&%6%6'% (23(%:0( 56#>'Q:%3?6E&, 28136% &1B61 81):' $#3?R% ' 5#8/10':? 1C%6"4 '5 6%5#Q2'0'&1=1 '0:1>6'"#, >:19E 0/#26':? %% 0 1C%6"1) #2:1/# '5&%6%Q6'(. +#66#( 8/#":'"# >#0:1 '0813?54%:0( &%6%$B%/#&' 8/1%":12L'/&E Intel 81$ 6#52#6'%& «:%6%2#( 1C%6"#».
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o: :%Q
470
5,'-'
11"4@'J. +3( :1=1 >:19E 8/%$1:2/#:':? U:1, 6%19J1$'&1 8/10%(:? 20%8/%$3#=#%&E% '5&%6%6'(, '$%6:'L'C'/12#2, "#" 16' 8123'(7: 6#01$%/B#6'% ' "#>%0:21. X03' '5&%6%6'% 1"#B%: 6%56#>':%3?61%23'(6'% (%03' 2119@% 1"#B%:), :1 161 &1B%: /#00&#:/'2#:?0( "#"6%56#>':%3?61% "1//%":'/47@%% 215$%)0:2'%, 6% 5#:/#='2#7@%%9#512E% 83#6E 01$%/B#6'(, "#>%0:2#, 0:1'&10:' ' /#08'0#6'(.D 6#191/1:, '5&%6%6'% &1B%: 9E:? 18/%$%3%61 "#" 56#>':%3?Q
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
%@% 1$'6 :'8 '5&%6%6'(. .10"13?"4 012/%&%66E% /#08'0#6'( 6#J1Q$(:0( 81$ $#23%6'%& 0/1"12 (J#/#":%/'547:0( 81$B'@'&' 0/1Q"#&'), 2 6%"1:1/EJ 1/=#6'5#C'(J 221$':0( :/%912#6'% 40:#612"'8/'1/':%:12 $3( 1:$%3?6EJ 5#8/1012 6# '5&%6%6'(, >:1 19%08%>'2#Q%: 913%% "1/1:"'% 0/1"' /%#='/12#6'( $3( '5&%6%6') 913?R%) 2#BQ610:'. N 6%"1:1/1) 1/=#6'5#C'' 9E3# 4>/%B$%6# 0'0:%&# "16:/13('5&%6%6') 0 >%:E/?&( 4/126(&' 8/'1/':%:#, ' 01=3#061 U:1) 0'0:%Q&% 1/=#6 81 '5&%6%6'(& $13B%6 9E3 /%#='/12#:? 6# '5&%6%6'( 6#'Q
=F1@;F?1 !7>7D;?1 @;66>;1@=E;1H W=F;F6=@B?>9?R;C;R<=C7> =R>?F?F=G C;C !@=E=A?D=@7E;FF9?R'4';7)4) "7$(9 7$.4" #',) E." 3"(8.9 - +,/7'$ + Oscope, Inc (OI): «@1 ($
&$,'$0 0)%).9+8 + -'?)0) #,).$,9(10) +%"4'0) %$'6)%"-'()8 (' ('?);'3%"+1 (' -($+$()$ -'&(1F );0$($()<!»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
471
L3%'-,$()$ +"#$%&
'()$0
2E0R%=1 8/'1/':%:# 2 :%>%6'% 24 >#012, # 6# '5&%6%6'( 6#'6'5R%=18/'1/':%:# — 2 :%>%6'% 30 $6%). K:1 2%3'"13%86E) 8/'&%/ :1=1, "#"&1B61 19%08%>':? 9E0:/1% /%#='/12#6'% 8/' 6%19J1$'&10:' ' 8/%Q8(:0:212#:? 26%0%6'7 6%B%3#:%3?6EJ '5&%6%6').
5)09', #00:)"<,('4. I#0:?7 PCR (23(7:0( :#"B% :#"'% :/%Q912#6'( "#" /%R%6'( "1&':%:# 81 '5&%6%6'(&, 8/'6(:E% 81 8/%$Q0:#23%661&4 5#8/104, 3'91 6%19J1$'&10:? 5#:/%912#6'( $18136'Q:%3?61) '6L1/&#C''. .10"13?"4 U:' :/%912#6'( 2 $10:#:1>61)&%/% =121/(: 0#&' 5# 0%9(, 'J 913%% $%:#3?61% /#00&1:/%6'% 5$%0?&1B%: 9E:? '53'R6'&.
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—'91 :#"12E% &1=4: 2156'"64:? 81 J1$4 /%#3'5#C'' '5&%6%6'( — # :#"QB% 2 :1&, >:1 5#2%/R%6E 20% (2:1/'>6E%) '5&%6%6'(, 2E:%"#7@'% '5$%)0:2') 81 /%#3'5#C'' (8%/2'>61=1) '5&%6%6'(. G'R? 8103% U:1=1&1B61 19W(23(:?, >:1 '5&%6%6'% /%#3'512#61.
&G5HKLEHDMN&O EM5CHGMNM DNOGON&O &EPONON&S D 5CHOFTF08>" '#/02%;03"$%. -#B$E) 8/1%": $13B%6 '0813?512#:? PCR
$3( 8/10%'2#6'( ' /#C'16#3?61=1 1C%6'2#6'( 8/%$3#=#%&EJ '5&%Q6%6') [8]. N 913%% "/486EJ 8/1%":#J '0813?512#6'% PCR 64B$#%:0(2 $1"4&%6:'/12#6'' (6#0"13?"1 U:1 215&1B61) —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
472
5,'-'
113E& 8/1%":#&. ./1@% =121/(, $#$'& E& 8/1%":#& 215&1B610:?B':? 0 :%&, 0 >%& 215&1B61.
D),+4 '#/02%;03"('4. A%0"13?"1 &'64: — 21: ' 20% 2/%&(, "1Q:1/1% 6%19J1$'&1 $3( 5#8136%6'( PCR. H$6#"1, U:1 3'R? :%J6'>%Q0"#( >#0:?, "1:1/1) $13B%6 8/%$R%0:212#:? 013'$6E) #6#3'5, (23(Q7@')0( L46"C'%) /#5&%/# ' 031B610:' 8/%$3#=#%&1=1 '5&%6%6'(.N 034>#% &%3"1�R:#961=1 '5&%6%6'(, 81$1961=1 8/'2%$%661&42 8/'&%/% 6# /'0. 11.3, /#0>%: %=1 8103%$0:2') $3( 01$%/B#6'(,0:1'&10:' ' /#08'0#6'( &1B%: 81:/%912#:? 1: 15 $1 30 &'64:.N $/4=1& "16C% 08%":/# 3%B#: 56#>':%3?6E% '5&%6%6'(, 2610'&E%2 "/486E% 8/1%":E, ' 2 U:'J 034>#(J =/488% U"08%/:12 &1B%: 816#Q$19':?0( 6%$%3( '3' $2% $3( :1=1, >:19E 2 81361& 19W%&% 1C%6':?23'(6'% 5#8/1R%661=1 '5&%6%6'( 6# 9'56%0QC%3? ' 5#$#>' 8/1%"Q:#, 5#$#2#%&E% :/1)0:2%66E& 1=/#6'>%6'%& «01$%/B#6'% — 0/1Q"'— "#>%0:21».
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
5),'+*@,#$3" ' (,>0#$"$1'. H06126E% 8/%'&4@%0:2# PCR —U:1:
• :*,3*+D. PCR (23(%:0( 21831@%6'%& (0610:': «K:1 :1 '5&%6%Q6'%, "1:1/1% &E 8/%$3#=#%& 26%0:', ' 21: "#" 161 23'(%: 6#L46$#&%6:#3?6E% 8#/#&%:/E 8/1%":#». +3( 19%08%>%6'( 215Q&1B610:' 816(:? 04:? '5&%6%6'( (0610:? '&%%: 106121813#Q=#7@47 2#B610:?;
• 2#.+23*+D. PCR C%3%6#8/#23%661 '0"37>#%: 379E% $%:#3',6#J1$(@'%0( 5# 8/%$%3#&' L46$#&%6:#3?6EJ 8#/#&%:/12.Ecu in 2156'"#%: 6%19J1$'&10:? 2 913?R%) $%:#3'5#C'' $3(/#91:E 0 '5&%6%6'%&, :1 U:' $%:#3' 8/'21$(:0( 2 8/'31B%Q6''. *#"'& 19/#51&, 0#&# 04:? '5&%6%6'(, %=1 04@%0:21, 6% 94Q$%: 0:/#$#:? 1: >/%5&%/61=1 4/126( $%:#3'5#C''.
473
L3%'-,$()$ +"#$%&
'()$0
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
M>"/$".'4 ;"/)0#" (" 3(,#,(', ';+,(,('4 3 /)0,1$. O#53'>Q6E% :'8E 8/1%":12 &1=4: :/%912#:? /#53'>6EJ 81$J1$12 " PCR. D0Q813?512#:? 19@') L1/&#: PCR, 81$196E) 18'0#661&4 5$%0?, 56#Q>': '0"#:? 8# 0817 =13 1 64 8/193%&, "1:1/EJ &1B61 '59%B#:?84:%& #$#8:#C'' PCR 81$ "16"/%:6E% 64B$E 8/1%":#. ./'2%$%6Q6E% 2ER% 012%:E &1=4: $#:? 6#& 6%"1:1/E% '$%' 1:610':%3?61:1=1, "#" &1B61 2E8136':? :#"47 #$#8:#C'7.
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 PCR -" -+$F 4%/3(1F 3%"$4.'F)+3",9;"-'()8 #,8 4'&#"6" 3%$#,'6'$0"6" );0$($()8.
*%)0$(8.9 «-$%C',9(1<» -'%)'(. PCR - 0',1F3%"$4.'F
M"C'-,$()$ ".,)7).$,9("< >4,K7).9 %'++.'("-4/ 3%)"%).$."- PCR )"+"C$(("+.) 3"+.'-).9 - +"".-$.+.-)$ 4'&#"0/ /%"-(K
3%)"%).$.' -%$08 %$'6)%"-'()8(3%)0$().$,9(" 4 4"03'()80, #,8 4"."%1F-'&(" -%$08 -1F"#' (' %1("4, ),)4 4"03'()80, "%)$(.)%"-'((10 (' ;'4';7)4').M"C'-).9 )(H"%0'2)K "C "+("-(1F %)+4'F) 0$."#'F %$'6)%"-'()8 (' %)+4)(3%$#3"7.).$,9(" #,8 -1+"4".$F(","6)7(1F3%"$4."-)
T+4,K7$()$ 7$%.1 T+4,K7).9 7$%./, "3)+1-'$0/K H%';"<«.%$C/K.+8 7%$;-17'<(1$ #$<+.-)8», - +,/7'$,$+,) .%$C/$.+8 %'++.'("-4' 3%)"%).$."- PCR
@"#)H)4'2)8 4"(4%$.("< V+,) 3%"$4. -13",(8$.+8 - /+,"-)8F, 4"6#'7$%.1 4%).)7(10 H'4."%"0 +.'("-).+8 -%$08 -1F"#'
(' %1("4, -13",(8.9 E4+3$%)0$(.',9("$"2$()-'()$ -";#$<+.-)8 ;'3%'?)-'$0"6");0$($()8 (' +.")0"+.9 (.'4 (';1-'$0"$"2$()-'()$ 3"%8#4' -$,)7)(1)
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
474
5,'-'
11
COEUPON 6#0:1(@%& /#5$%3% &E /#00&1:/%3' 5#8/10 6# 26%0%6'% '5&%Q
6%6'( 2 8/1%": —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
OB@F;A =R>?F?F=S !@7?C1;
<17 1;C7? OB@F;A =R>?F?F=S !@7?C1;?D5&%6%6'( 2 8/1%":#J &1=4: 6% 1=/#6'>'2#:?0( %$'6'C#&'. A#Q
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
!@7E?@C; R;!@76; F; EF?6?F=? =R>?F?F=G E !@7?C1LC$#).$+9, 7." -1 %';%'C".',) ('#,$&':)< ;'3%"+ (' -($+$()$ );0$($J
()8 - 3%"$4.. M'((1< ;'3%"+ #",&$(:• C1.9 "+("-'( (' )+F"#("< )(H"%0'2)), -;8."< ); 3)+90$(("6" (- +,/J7'$ 4%/3(1F 3%"$4."-) ),) /+.("6" (- +,/7'$ 0',1F 3%"$4."-) 3,'('4"(.%",8 );0$($()<;
• "3)+1-'.9 3%$#,'6'$0"$ );0$($()$, $6" 3%)7)(/ ) -,)8()$ (' +"#$%J&'()$/ 4'7$+.-";
• )#$(.)H)2)%"-'.9, 4"6#' ;'3%"+ (' -($+$()$ );0$($()8 .%$C/$. 7%$;J-17'<("6" ".("?$()8;
• "2$()-'.9 -,)8()$ 3%$#,'6'$0"6" );0$($()8 (' %'+3)+'()$ ) +.")J0"+.9 3%"$4.';
• )#$(.)H)2)%"-'.9 .)3 );0$($()8.
475
L3%'-,$()$ +"#$%&
'()$0
E?:?F=? OB@F;A; =R>?F?F=S !@7?C1;H061261% 8/%'&4@%0:21 :#"'J L1/&, "#" PCL 010:1': 2 :1&, >:1
16' 2E=3($(: 8/10:E&' $3( 5#8136%6'(. H6' '&%7: 2'$ U3%":/16Q61) :#93'CE (0&. 8/'21$'&E) 6'B% 5#R:/'J12#66E) 8/(&14=13?Q6'" «A4B6# 20%=1 3'R? U3%":/166#( :#93'C#, $#B% %03' B4/6#32%3'"»). H$6#"1 U:1: 2'$ 6% $#%: 6#& 8/%$0:#23%6'( 1 :1) '6L1/&#QC'' ' :1) U6%/='', "1:1/E% 9E3' 6%19J1$'&E $3( 481/($1>%661=1012%/R%6'( R#=12, 6%19J1$'&EJ $3( 015$#6'( J1:( 9E 1$61) 10Q&E03%661) 5#8'0' 2 PCL. A'B% 8/'21$':0( 18'0#6'% U:'J R#=12.
50>80$031" '#B0>(0= '(J0)+".''. P81/($1>%66E) ' 0:#Q9'3?6E) 8/1C%00 8/'&%6%6'( PCL :/%94%: 6#3'>'( 03%$47@'J4 '6L1/&#C'166EJ U3%&%6:12.
• .3#6 "16:/13( '5&%6%6') (0&. /#5$%3 «-160:#:#C'( 01$%/B#Q6'(» =3#2E 5) 19%08%>'2#%: 81361% 816''% 6%19J1$'&EJ$3( 2%$%6'( B4/6#3# 8/#2'3 /#91:E 0 '5&%6%6'(&' 2 8/1%":%.
• +3( #$&'6'0:/'/12#6'( (2%$%6'() PCL $13B%6 9E:? 6#56#>%681$J1$(@') "11/$'6#:1/.
• ,#:/'C# "11/$'6#C'' '5&%6%6') 19%08%>'2#%: 8103%$12#Q:%3?610:? R#=12, >%/%5 "1:1/E% 8/1J1$': '5&%6%6'%. S%5 U:1Q=1 6% &1B%: 04@%0:212#:? 8/#":'>%0"' 6' 1$'6 PCL.
• F#8/10 6# 26%0%6'% '5&%6%6'( 2 8/1%": (23(%:0( 8/%$&%:1&#$&'6'0:/'/12#6'( PCL.
C'#. 11.4. ./'&%/ B4/6#3# '5&%6%6') 8/1%":#
476
5,'-'
11
V'1#')03"(', J"1$" /0>"9' PCR. -1=$# "11/$'6#:1/ 8134>#Q%: PCR 1: #2:1/#, %=1 5#$#># 010:1': 2 :1&, >:19E 8/'021':? U:1&4PCR 81/($"12E) 61&%/ ' 26%0:' 2 B4/6#3 '&( #2:1/# ' "/#:"1%18'0#6'% 8/%$3#=#%&1=1 '5&%6%6'(.
V'1#')03"(', >"$- /0>"9' PCR. F#8'0? $#:E /%='0:/#C''5#8/10# 2 PCL 81&1=#%: 81$$%/B'2#:? "11/$'6#C'7 /#08'0#6'('5&%6%6'). H:0>':E2#( 1: U:1) $#:E, &E 56#%&, >%/%5 "#"1% "13'Q>%0:21 $6%) 1B'$#%:0( 2E8136%6'% :%J '3' '6EJ 8103%$12#:%3?Q6EJ R#=12 8/1C%00# 19/#91:"' 5#8/10# (0&. /#5$%3 «,#:/'C# "11/Q$'6#C'' '5&%6%6')» /#6%% 2 U:1) =3#2%).
V'1#')03"(', J"1$" 0>0:),('4 / 0$120(,('4 PCR ' >"$-,(" 10$0)*A ("+,9,(" ,80 ),"2';".'4. O%R%6'% 1 04$?9% 5#8/10#&1B%: 81):' 191'&' 84:(&'. X03' 16 6% 1$19/%6, 6%19J1$'&1 28'Q0#:? «A%:» 2 0:139%C «H$19/%6?» ' 2E>%/"64:? 207 5#8'0?, 19%08%Q>'2 %% >':#%&10:?. N 8/1:'261& 034>#%, "1=$# PCR 1$19/(%:0(, 6%Q19J1$'&1 28'0#:? «+#» 2 0:139%C «H$19/%6?» ' 5#8136':? 0:139%C«+#:# 2E840"#», 19156#>'2 :%& 0#&E& L#": 1L'C'#3?61=1 2E840"#6#/($# 6# /%#3'5#C'7 '5&%6%6'(.
H$#2,<'3"(', ),"2';".'' ';+,(,('4. D5&%6%6'(, "1:1/E%6#>'6#7: /%#3'512E2#:?0(, '&%7: 1$61 021)0:21 — 16' '61=$#&1=4: «8/12#3'2#:?0( 2 6'"4$#» ' '0>%5#:? '5 813( 5/%6'( 8/1%":#.N1 '59%B#6'% U:1=1 "11/$'6#:1/ /#00&#:/'2#%: "#B$1% '5&%6%6'%"#" 6%5#2%/R%661% (1:07$# ' 0312# «X@% 6%:» 2 0:139C% «F#2%/R%Q61?» 6# /'0. 11.4). -#" :13?"1 '5&%6%6'% 1"#5E2#%:0( 5#2%/R%6Q
FBOF; E6?D7 A=XH IA?C1@7FF;G 1;8A=Q;,:;O? ?6A= OB@F;A E?A=CB4"(7'.$,9('8 ".7$.("+.9 — E." .' 7'+.9 ,KC"6" 4"(.%'4.("6" 3%"$4.',
4"."%'8 3%)("+). 6","-(/K C",9. B+"C$((" E." -$%(" - +,/7'$ (',)7)8- 3%"$4.$ 0("&$+.-' "#"C%$((1F );0$($()<. V:$ C",9?/K 6","-(/K C",9E." 3%)("+). - +,/7'$, $+,) &/%(', );0$($()< 3%"$4.' ".+/.+.-/$., 4'4 E."3%");"?," + "#()0 3%"$4."0, "CO$#)()-?)0 - +$C$ ($+4",94" +".$( );0$J($()<, -("+)-?)F+8 - ($6" - .$7$()$ 6"#'. T;J;' ."6", 7." 0$($#&$%1 3%"$4J.' ($+4",94" %'; 0$(8,)+9, &/%(', .'4 ()4"6#' ) ($ C1, /7%$&#$(. ='4"($2,3" ;'-$%?$()) 3%"$4.' 4"0'(#$ 3%"$4.' 3".%$C"-',"+9 ($+4",94" 0$+82$-) ($+4",94" .1+87 #",,'%"-, #,8 ."6" 7."C1 3%"+,$#).9 -+$ ;'3%"?$((1$,"#"C%$((1$ ) ".4,"($((1$ );0$($()8 #,8 -4,K7$()8 )F - "4"(7'.$,9(/K-$#"0"+.9, (' "+("-'()) 4"."%"< #",&(1 C1,) -$+.)+9 3$%$6"-"%1 + -,'J#$,92$0. > 4"($7("0 +7$.$ 4"0'(#' (' +-"$< ?4/%$ /+-"),' 3%"+."< /%"4:#,8 ."6" 7."C1 3"##$%&)-'.9 &/%(', );0$($()<, #"+.'."7(" -+$6" ,)?9E,$4.%"(("< .'C,)21. T #'&$ - ."0 +,/7'$, $+,) E.". &/%(', );0$($()< -$J,)4 - +),/ (',)7)8 0("&$+.-' );0$($()<, E." 3"J3%$&($0/ -+$6" ,)?9E,$4.%"(('8 .'C,)2'.
477
L3%'-,$()$ +"#$%&
'()$0
6E&, 2 U:1: 0:139%C 94$%: 28'0#61 «+#». Y1:( U:1 ' 2E=3($': 8#/#Q$1"0#3?61, 6%/(R3'2#( "11/$'6#C'( '5&%6%6') 28136% &1B%:8/'2%0:' " :1&4, >:1 1"#B%:0( 6%4>:%66E& '5&%6%6'%, "1:1/1% 6'Q"1=$# 6% 5#8/#R'2#310?, 61 9E31 /%#3'512#61 (0&. 8/'2%$%66E)2ER% 5#R:/'J12#66E) 8/(&14=13?6'" «I:1 2#& $%3#:? 0 '5&%6%Q6'%&, "1:1/1% 9E31 /%#3'512#61, 61 6'"1=$# 6% 5#8/#R'2#310??»).X03' U:1 034>#%:0( ' 8/' U:1& 6% 23'(%: 6# 5#2%/R%6'% 8/1%":#,6%19J1$'&1 26%0:' $#661% '5&%6%6'% 2 C'"3 "11/$'6#C'' '5&%6%Q6') 0%:' "#" &1B61 0"1/%%.
H$#2,<'3"(', $,1*@,80 ;("9,('4 0:@'B )"#B0>03 ' $,1*?@,= >"$- ;"3,)6,('4. H:$%3?6E% '5&%6%6'( &1=4: 8123'(:? 6#0:1'&10:? 8/1%":# ' $#:4 %=1 5#2%/R%6'(. I:19E 9E:? 102%$1&3%6Q6E& 19 '0:'66EJ 97$B%:% ' $#:% 5#2%/R%6'(, 6%19J1$'&1 $19#2Q3(:? '6L1/&#C'7 1 23'(6'' 20%J 1$19/%66EJ '5&%6%6') 6# U:' 8#Q/#&%:/E ' 1:03%B'2#:? :%"4@'% 19@'% 56#>%6'( U:'J 8#/#&%:/12.
&G5HKLEHDMN&O R]CNMKM &EPONON&Q 5CHOFTMF08>" '#/02%;03"$%. PCL $13B%6 '0813?512#:?0( 2 "#B$1& 8/1Q
%":%, "1:1/E) 81$3%B': '5&%6%6'(&. D 0612# /#5&%/ ' 031B610:?8/1%":# 0"#B4: 021% 03121 1 :1&, "#" 94$%: #$&'6'0:/'/12#:?0(PCL. N 1:3'>'% 1: 481/($1>%661=1 L'"0'/12#6'( 20%J 5#8/1R%6Q6EJ '5&%6%6') 2 913?R'J 8/1%":#J, 2 EJ 8/1%":#J >#@% '0Q
<17 E;> :?A;1H 6 =R>?F?F=?>, C717@7? 89A7 @?;A=R7E;F7,F7 F=C7D:; F? R;!@;X=E;A76H?G,'( M$Z';)" C1, )(&$($%"0J4"039K.$%:)4"0 ) ($ )0$, ()4'4"6"
"31.' %'C".1 - 4"(.%'4.(1F 3%"$4.'F. P"6#' "( /;(',, 7." -$(#"% 4"039K.$J%"- #,8 3%"$4.' 3%)4';', #",6" &).9, "( 3%"+." ;'4';', C",$$ F"%"?$$ )C",$$ #"%"6"$ "C"%/#"-'()$ / #%/6"6" -$(#"%', )0$-?$6" C",$$ /+."<7)J-/K %$3/.'2)K. > 4"(2$ 4"(2"-, )0$((" .'4 "( /&$ ($ %'; 3"+./3',, 4"6#'%$79 ?,' " -(/.%$(()F (/&#'F 4"03'()). «>+$ C/#/. #"-",9(1, -$#9 -+$,KC8. F"%"?$$ 4"039K.$%("$ "C"%/#"-'()$», — #/0', "(. D$.1%$ 0$+82'+3/+.8, 4"6#' "C"%/#"-'()$ C1," 3"+.'-,$(", -+$ 7,$(1 3%"$4.("< 4"0'(#1C1,) C",$$ 7$0 %'++$%&$(1 (' G,'('. V6" 0$($#&$% 3%"$4.' 4%)7',: «G,'(,3"7$0/ .1 );0$(), .$F()7$+4)$ /+,"-)8 (' 4"039K.$%("$ "C"%/#"-'()$, ($3%"<#8 7$%$; 3%"2$#/%/ 3"#'7) ;'3%"+' (' -($+$()$ );0$($()8 - 3%"$4.?»U/&$ ."6", 0$($#&$% 3%"$4.' +" +."%"(1 -,'#$,92' ".4';',+8 "3,'7)-'.9%';()2/ - 2$($ 0$&#/ 3$%-"('7',9(10 ) ("-10 "C"%/#"-'()$0, +4';'-: «L0$(8 - CK#&$.$ ($. #$($6 #,8 "3,'.1 E."6" "C"%/#"-'()8, ) 7."C1 );1+4'.9)F, 0($ 3%)#$.+8 3/+.).9 3" 0)%/ 0"$6" H)('(+"-"6" #)%$4."%'. =)4'4 ($-";0"&("!» P'4"- &$ E3),"6? =$+4",94" 0$+82$- +3/+.8, 3%"<#8 7$%$; 7/-J+.-" %';"7'%"-'()8 ) ($/#"-,$.-"%$(("+.), -,'#$,$2 -+$ &$ "#"C%), );J0$($()$, 7$0 +3'+ G,'(' ) $6" 0$($#&$%' 3%"$4.' ". /-",9($()8. @"%',9)+."%)) .'4"-': (',)7)$ 3%"2$#/%1 3"#'7) ;'3%"+' (' -($+$()$ );0$($()8()7$6" ($ ;('+)., $+,) .",94" ,K#) ($ "C/7$(1 )+3",9;"-'.9 E./ 3%"2$#/%/.
478
5,'-'
11813?54%:0( 6%L1/?6E) 81$J1$ " PCL (0&. 6#8/'&%/, 8/'21$'Q&E) 6'B% 5#R:/'J12#66E) 8/(&14=13?6'" «,#3E% 8/1%":E: 2%$%Q6'% B4/6#3# '5&%6%6') 6# &'"/1"1&8?7:%/% Palm Pilot)». N 034>#%,%03' '5&%6%6'( 6% 1>%6? &61=1>'03%66E, 81&1@? 1: PCL &1B%:9E:? 6% 1>%6? 913?R1).
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
>;A9? !@7?C19: E?:?F=?OB@F;A; =R>?F?F=S !@7?C1; F; C7>!HP1?@? PALM PILOTP$,9-)(/ *)4/ (%'-),'+9 $6" %'C".' 3" "#("-%$0$(("0/ /3%'-,$()K 7
),) 8 3%"$4.'0) )(H"%0'2)"((1F +)+.$0. V6" ($ -",("-',", 7." $6" %'C"J7)< #$(9 3%"#",&',+8 12 7'+"-. V0/ 3%"+." (%'-),+8 C1+.%1< .$03 ) (%'-)J,"+9 0("&$+.-" );0$($()< (' 3/.). D." $0/ ($ (%'-),"+9, .'4 E." ".+,$&)J-'.9 -+$ E.) );0$($()8. =$ 3"."0/, 7." ".("+),+8 4 ."0/ .)3/ ,K#$<,4"."%1$ .$%3$.9 ($ 0"6/. #"4/0$(.)%"-'()$, ' 3"."0/, 7." $6" 6%'H)4 C1,('+.",94" ;'3",($( #$<+.-)80), 7." "( 3%"+." ($ 0"6 ('<.) - ($0 #"3",()J.$,9("$ -%$08 #,8 -$#$()8 &/%(','. T -". "#(' "( ('.4(/,+8 (' PalmPilot. T; $6" 6%/#) -1%-',+8 -;#"F "C,$67$()8 — -$#9 .$3$%9 "( 0"6 )+3",9J;"-'.9 $6" #,8 ".+,$&)-'()8 );0$($()<, %'+F"#/8 (' E." ,)?9 0)(/./J#%/J6/K ); +-"$6" %'C"7$6" -%$0$(). P"6#' "#)( ); 4",,$6 3"4';', $0/, 4'40"&(" "C$+3$7).9 -;')0"#$<+.-)$ Pilot ) Excel ) 06("-$((" --"#).9 )(JH"%0'2)K ); &/%(',' );0$($()< - E,$4.%"((/K .'C,)2/, #"+./3(/K 7,$J('0 4"0'(#1, P$,9-)( C1, /-$%$(: «Q." "("! Q." ." +'0"$, 7." 0($ (/&("!»
(@1 ($ /.-$%&#'$0, 7." E." ('),/7?)< +3"+"C -$#$()8 &/%(',' );0$($J()<. =" E." "#)( ); +3"+"C"-, ) "( %'C".'$..)
479
L3%'-,$()$ +"#$%&
'()$0
5),'+*@,#$3" ' (,>0#$"$1'. - 8/%'&4@%0:2#& PCL 1:610(:0(:• :*,3*+D. PCL 2E=3($': 19/#5C1& 8/15/#>610:', 19%08%>'2#(/#5&%@%6'% L46$#&%6:#3?61) '6L1/&#C'' 2 1$61& &%0:% '8/%$0:#23%6'% %% 2 0B#:1) L1/&%. +3( :1=1 >:19E &1B61 9E3181$$%/B'2#:? 0:13? >%:"') "16:/13? 5# '5&%6%6'(&', 20% 6%Q64B6E% $%:#3' 2E840"#7:0( '5 /#00&1:/%6'(;
• 9#3*+3+.. H$61=1 25=3($# 6# PCL &1B%: 9E:? $10:#:1>61 $3(:1=1, >:19E 04&%:? '6:%/8/%:'/12#:? %% ' $#B%, 9E:? &1B%:,$3( :1=1, >:19E /%#3'512#:?. +3( 5#6(:EJ 37$%), 5#$%)0:21Q2#66EJ 2 8/1%":#J, 8/10:1:# — U:1 1$6# '5 $2'B4@'J 0'3 8/1Q'521$':%3?610:'.
N15&1B61, 1061261) 6%$10:#:1" PCL 010:1': 2 :1&, >:1 6# 6%"1Q:1/EJ 4>#0:6'"12 8/1%":# 16 8/1'521$': 28%>#:3%6'% 97/1"/#Q:'5&# ' "#6C%3(/@'6E. <3%$0:2'%& :#"1=1 2108/'(:'( (23(%:0(>#0:1 20:/%>#7@%%0( 6%8/'(:'% 2%$%6'( PCL, >:1 &1B%: (23(:?0(106126E& 8/%8(:0:2'%& 6# 84:' " 104@%0:23%6'7 "#>%0:2%661=1 'ULL%":'261=1 81 81"#5#:%37 C%6#Q"#>%0:21 6#$51/# 5# '5&%6%6'(Q&' 2 8/1%":%.
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
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 PCL -" -+$F 3%"$4.'F,)+3",9;"-'()8 3"#,$&':)F );0$($()80M"C'-,$()$ ("-"< M"C'-).9 +.",C$2, 3"4';1-'K:)< )(4%$0$(.(/KF'%'4.$%)+.)4) +.")0"+.9 ;'3%'?)-'$0"6" );0$($()8 (3",$;("
#,8 "%6'();'2)<, - 4"."%1F 3%)#'$.+8 ;('7$()$+$C$+.")0"+.)). M"C'-).9 +.",C$2 #,8"."C%'&$()8 .$4/:$6" "C:$6" ;('7$()8+.")0"+.) 3%"$4.' ()+3",9;/$.+8 - 3%"$4.'F,-13",(8$01F 3" 4"(.%'4./)
@"#)H)4'2)8 4"(4%$.("< G42$(.)%"-'.9 -()0'()$ (' "+("-(1FF'%'4.$%)+.)4) );0$($()8F, -,)8K:)F (' "C:/K +.")0"+.9
3%"$4.' ) #'./ $6" ;'-$%?$()8
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
480
5,'-'
11
COEUPON $#661& /#5$%3% 9E3 /#00&1:/%6 B4/6#3 '5&%6%6') 8/1%":# —
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
R;CAP<=1?AHF9? R;>?<;F=GO#00&1:/%66E% 2 $#661) =3#2% 3 '60:/4&%6:# — &#:/'C# "11/Q
$'6#C'' '5&%6%6'), 5#8/10 6# 26%0%6'% '5&%6%6'( 2 8/1%": ' B4/6#3 '5&%6%6') 8/1%":# — 8/%$0:#23(7: 0191) 0:/1':%3?6E% 931"'$3( 19%08%>%6'( "16:/13( 01$%/B#6'( (0&. :#93'C4 ':1=121=1 0/#2Q6%6'(, 8/'21$'&47 6'B%). -#B$E) '5 U:'J 931"12 8/%$6#56#>%6$3( :1=1, >:19E '08136(:? 1:$%3?647 46'"#3?647 /13? 2 8/%$1:2Q/#@%6'' /#08135#6'( 01$%/B#6'( 8/1%":#. .10:/1%6'% 83#6#, "1Q:1/E) 18/%$%3(%: &%:1$131='7 8/1#":'261=1 "16:/13( 01$%/B#Q6'(, 8/%$0:#23(%: 0191) 04:? &#:/'CE "11/$'6#C'' '5&%6%6').F#8/10 6# 26%0%6'% '5&%6%6'( 2 8/1%":, "37>%21) "1&816%6: U:1)
!@7E?@C; OB@F;A; =R>?F?F=SLC$#).$+9, 7." &/%(', );0$($()< )0$$. ('#,$&':/K 4"(H)6/%'2)K.
Q.". &/%(', #",&$(:• C1.9 "+("-'( (' ($"CF"#)0"< )+F"#("< )(H"%0'2));• (/0$%"-'.9, 4%'.4" "3)+1-'.9 ) #'.)%"-'.9 ;'3%'?)-'$01$ );0$($J()8;
• ".0$7'.9 H'4. "#"C%$()8 / ".4,"($()8 ;'3%"+';• H)4+)%"-'.9 #'./ "#"C%$()8 ;'3%"+' ) -13/+4' $6" (' )+3",($()$;• H)4+)%"-'.9 #'./ -13",($()8 );0$($()8;• "."C%'&'.9 .$4/:$$ "C:$$ ;('7$()$ +.")0"+.) 3%"$4.' ) #'.1 $6" ;'J-$%?$()8.
481
L3%'-,$()$ +"#$%&
'()$0
&%:1$131='', 19%08%>'2#%: "16:/13? 5# "#B$E& 5#8/#R'2#%&E&'5&%6%6'%&. D 6#"16%C, B4/6#3 '5&%6%6') 8/1%":# 815213(%: 1:Q03%B'2#:? 8103%$12#:%3?610:? 5#8/1012. *#" "#" U:' '60:/4&%6:E$18136(7: $/4= $/4=#, "#B$E) '5 6'J &1B%: '0813?512#:?0( 9%510:#2R'J0( $24J $/4='J — L1/?61 2 "/486EJ 8/1%":#J '3' 6%QL1/?61 2 EJ.
BC$+3$7$()$ 3,'(' /3%'-,$()8 );0$($()80)
BC$+3$7$()$ 3%"'4.)-("6" 3"#F"#'
P"(.%",9 ;' ".#$,9(10) ;'3%"+'0) (' -($+$J()$ );0$($()<B.+,$&)-'()$ +.'./+' ".#$,9(1F ;'3%"+"- ('-($+$()$ );0$($()<
@',1$ 3%"$4.1
A",9?)$ ) +,"&(1$ 3%"$4.1
*%"$4.1 + C",9?)0 4",)7$+.-"0 );0$($()<
*%"$4.1 + ($C",9?)0 4",)7$+.-"0 );0$($()<
=$"CF"#)0"+.9 )+3",9;"-'.9 )(+.%/0$(.($H"%0',9("=$"CF"#)0"+.9 )+3",9;"-'.9 )(+.%/0$(.H"%0',9("@$(9?'8 -%$08$04"+.9 - 0',1F 3%"$4.'F,C",9?'8 -%$08$04"+.9 — - 4%/3(1F 3%"$4.'F
=5(J()(# &".)/#/%# %/&5"+,#/5() *(/5"('2 &($#"]./%2
6%5+.T%2
8'.J(3
"%25
&5)+
0M.2
3"%,#/
#/%0
,.5
"%TU
*(("
$%/.
T%%
%-,
#/#/
%V
8'.J(3
"%25
&5)+
0M.2
3"%,#/
#/%0
-.3
"(&.
/.
)/#&
#/%# %-,
#/#/
%2
8'.J(3
"%25
&5)+
0M.2
3"%,#/
#/%0
]+"
/.'.
%-,
#/#/
%V
3"(
#*5.
=$H"%J0',9("
=$H"%J0',9("
=$H"%J0',9("
482
5,'-'
11A=1?@;1B@;1. Harrison, F. L. 1983. Advanced Project Management. Hums, U.K.:
Gower Publishing Company.2. Cleland, D. L. and D. F. Kocaoglu. 1983. Engineering Management.
New York: McGrawQHill.3. Meredith, J. R. and S. J. Mantel. 1989. Project Management. 2d ed.
New York John Wiley & Sons.4. Ra, J. W. and J. R. Hemsath. 2001. «WebQBased, Real Time Protocol
for Management of Change in a North Slope Oil Exploration andProduction Operation» at Portland International Conference onManagement of Engineering and Technology. Portland, Oregon.
5. Kerzner, H. 2000. Applied Project Management. New York: JohnWiley & Sons.
6. Hed, S. R. 1973. Project Control Manual. Geneva: SvenR. Hed.7. Lock, D. 1990. Project Planner. Hunts, U.K.: Gower Publishing
Company.8. Klien, R. L. and A. H. Institute. 1986. The Secrets of Successful
Project Management. New York: John Wiley & Sons.
B3".)'#/%#".&3%&./%#,
&. *4"1/EG"% ,"1"4"," <3C"+ I-+D 2#'('*..T3% #.I30'% $#.J'2 /C" 9343,.
;%6/' -'00'6$B%/
H06126E% :%&E, /#00&#:/'2#%&E% 2 6#0:1(@%) =3#2%, — U:1'60:/4&%6:E "16:/13( /#08'0#6'(:• 3'6'( 2E8136%6'(;• BCFQ#6#3'5 (#6#3'5 «9#512E) 83#6 — :%"4@%% 010:1(Q6'%— 8/1=615 6# 94$4@%%»);
• $'#=/#&&# 8/1=615'/12#6'( "16:/13?6EJ 019E:');• $'#=/#&&# 0"13?B%6'(;• $'#=/#&&# 94L%/12;• 0B#:'% /#08'0#6'(.
484
5,'-'
12N11/4B'2R'0? U:'&' '60:/4&%6:#&', &E 8/'0:48#%& " "16:Q
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
• 6#4>':?0( '0813?512#:? /#53'>6E% '60:/4&%6:E "16:/13(/#08'0#6'( 2 8/1#":'261& C'"3% "16:/13( 8/1%":#;
• 2E9'/#:? '60:/4&%6:E "16:/13( /#08'0#6'(, "1:1/E% 4$12Q3%:21/(7: 08%C'L'"% 'J 8/1%":61) 0':4#C'';
• #$#8:'/12#:? 2E9/#66E% '60:/4&%6:E "16:/13( /#08'0#6'(.H:/#91:"# U:'J 6#2E"12 '&%%: "/#%4=13?647 2#B610:? $3( 40Q
8%R61=1 83#6'/12#6'( 8/1%":# ' /#5/#91:"' 8/1C%00# 0:#6$#/:'Q512#661=1 48/#23%6'( 8/1%":#&'.
C'#. 12.1. O13? '60:/4&%6:12 "16:/13( 01$%/B#6'( 2 8/1C%00%0:#6$#/:'5'/12#661=1 48/#23%6'( 8/1%":#&'
485
L3%'-,$()$ %'+3)+'()$0
A=F=G =6!7AF?F=G
<17 1;C7? A=F=G =6!7AF?F=G?N :/#$'C'1661& 816''' 3'6'( '08136%6'( 81"#5E2#%:, 6#
"#"1% "13'>%0:21 2/%&%6' "#B$#( 18%/#C'( 8/1%":# 18%/%B#%: 9#Q5121% /#08'0#6'% '3' 1:0:#%: 1: 6%=11. *#"'& 19/#51&, U:# 3'6'(81"#5E2#%: 2E8136%6647 $137 "#B$1) 18%/#C'' 03%2# 1: 0%9( '10:#2R470( $137 — 08/#2# 1: 0%9( (0&. /'0. 12.2). N 8%/%$12EJ 8/'Q31B%6'(J 8103%$6%=1 2/%&%6' U:# 3'6'( /#00&#:/'2#%:0( "#" 1$'6'5 R#=12 8/1#":'261=1 48/#23%6'( /#08'0#6'%&. N >#0:610:', "1Q3'>%0:21 2/%&%6', 6# "1:1/1% "#B$#( 18%/#C'( 8/1%":# 18%/%B#%:9#5121% /#08'0#6'% '3' 1:0:#%: 1: 6%=1, '0813?54%:0( $3( 8/%$0"#Q5#6'( $#:E 5#2%/R%6'( 8/1%":# ' "#/:1=/#L'/12#6'( "1//%":'/4Q7@'J 215$%)0:2'), 6%19J1$'&EJ $3( '0"1/%6%6'( 3791) 81:%6C'Q#3?61 215&1B61) 5#$%/B"'.
!761@7?F=? A=F== =6!7AF?F=G50>80$031" '#B0>(0= '(J0)+".''. +3( :1=1 >:19E 810:/1':?
3'6'( '08136%6'(, 6%19J1$'&# "#>%0:2%66#( '0J1$6#( '6L1/&#QC'(, 2"37>#7@#( 2 0%9(:
• 9#5121% /#08'0#6'% 2 2'$% $'#=/#&&E ;#6::# '3' $'#=/#&&E«18%/#C'' 6# 0:/%3"#J» 21 2/%&%661& �R:#9% (TAD);
• 1:>%:E 1 J1$% '08136%6'( '3' 2%/9#3?6#( '6L1/&#C'( 1 J1$%'08136%6'(;
• 5#8/10E 6# 26%0%6'% '5&%6%6')..%/2E% $2# U3%&%6:# 8/%$10:#23(7: '6L1/&#C'7 1 83#6'/4%&1)
J1$% '08136%6'( (8/%$10:#23(%:0( 9#512E& 83#61&) ' L#":'>%0"1)J1$% '08136%6'( (8/%$10:#23(%:0( 1:>%:#&' '3' 2%/9#3?61) '6L1/Q&#C'%)). G'6'( '08136%6'( 2E8136(%: 0/#26%6'% U:'J $24J '6L1/Q&#C'166EJ U3%&%6:12 ' 1:/#B#%: 010:1(6'%, 2 "1:1/1& 8/%9E2#%:8/1%":. .10"13?"4 81 J1$4 2E8136%6'( 8/1%":# &1=4: 2156'"#:? '5&%Q6%6'(, 0810196E% 3'91 4$3'6(:?, 3'91 40"1/(:? 9#5121% /#08'0#6'%,813%561 8/'6'&#:? 'J 21 26''% 8/' /#00&1:/%6'' J1$# '08136%Q6'( /#08'0#6'( ' 8/%$0"#5#6'' $#:E 5#2%/R%6'( 8/1%":#.
5)03,>,(', 3#$),9' # 32">,2%."+' 0/,)".'=. -#" ' 2 $6',"1=$# 8/1C2%:#31 48/#23%6'% 810/%$0:21& 19@%=1 6#$51/#, &E8/%$3#=#%&, >:19E &%6%$B%/ 8/1%":# 06#>#3# 20:/%:'30( 0 23#Q$%3?C%& "#B$1) 18%/#C'' 2 8/'2#:61) 190:#612"%, 1$'6 6# 1$'6.A%19J1$'&1 5#$#:? 03%$47@'% 218/10E:
• -#"12 J1$ '08136%6'( 5#$#>, 2J1$(@'J 2 18%/#C'7 (913%% $%Q:#3?6#( '6L1/&#C'( 8/'2%$%6# ' 5#R:/'J12#661& 8/(&14Q
1 G'6'(, 1:/#B#7@#( 1021%66E) 19W%& 6# L'"0'/12#6647 $#:4. — ;#'<. #"1.
486
5,'-'
12=13?6'"% «NE8136(( 1C%6'2#6'% L#":'>%0"1=1 010:1(6'(,0:/%&':%0? " $10:'B%6'7 4$123%:21/':%3?61=1 ' $10:#:1>61Q=1 /%R%6'(», 8/'21$'&1& $#3%% 2 $#661) =3#2%)?
• H:3'>#%:0( 3' L#":'>%0"1% 010:1(6'% 1: 5#83#6'/12#661=1,' %03' 1:3'>#%:0(, :1 "#"'% 8/'>'6E ' 8/193%&E 8/'2%3'" U:1&4?
• -1=$#, 01=3#061 8/%$8131B%6'(& 23#$%3?C#, 5#$#>' 94$4: 5#Q2%/R%6E?
• I:1 &1B%: 9E:? 0$%3#61 $3( :1=1, >:19E 5#2%/R':? 'J 01=3#0Q61 83#64; "#"47 81&1@? 2E &1B%:% 8/%$31B':??
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
C'#. 12.2. ./'&%/. G'6'' '08136%6'( $3( 8/1%":#
487
L3%'-,$()$ %'+3)+'()$0
" 012%@#6'(& 1 J1$% '08136%6'( 8/1%":# 84:%& '0813?512#6'(8/1#":'261=1 C'"3# "16:/13( 8/1%":# (0&. 5#R:/'J12#66E) 8/(Q&14=13?6'" 6# 0:/. 384 (4) «S4$?:% 8/1#":'26E: 8(:? 218/1012 8/1Q#":'261=1 C'"3# "16:/13( 8/1%":#»). O#54&%%:0(, 0 :1>"' 5/%6'(37$%), /#08'0#6'% "1:1/EJ 5#8136%61 $1 8/%$%3#, 20% U:' 812:1/(Q7@'%0( 019/#6'( 2E=3($(: "#" /#0J1$ 2/%&%6'. H$6#"1 1$61 '3'$2# 81$196EJ 019/#6'( &1=4: 9E:? 6%19J1$'&E $3( :1=1, >:19E23#$%3?CE 18%/#C') 6#4>'3'0? =1:12':?0( " 1951/#& J1$# '0813Q6%6'(. N8103%$0:2'' $3':%3?610:? :#"'J 012%@#6') &1B%: 9E:?01"/#@%6# $1 6%0"13?"'J &'64: 3'91 16' &1=4: 8/121$':?0( 81 :%Q3%L164 '3' U3%":/1661) 81>:%. ! %03' &%6%$B%/E 18%/#C') 194>%Q6E 81$=1:12"% " :#"'& 012%@#6'(&, &1B%: 1"#5#:?0(, >:1 6#$19Q610:? 2 6'J 1:04:0:24%:.
B!@?O:;S1? 67891=G: !G1H E7!@767E !@7;C1=EF7D7 Q=CA;C7F1@7AG !@7?C1;L3%'-,$()$ %'+3)+'()$0 — E." ($ C",$$ 7$0 "#(" ); 3%)0$($()< 3%"'4J
.)-("6" 2)4,' 4"(.%",8 3%"$4.' (I!I!). L3%'-,$()$ %'+3)+'()$0 0"&(""+/:$+.-).9, ".-$.)- (' +,$#/K:)$ 38.9 -"3%"+"-:
1. P'4"-" ".4,"($()$ H'4.)7$+4"6" %'+3)+'()8 3%"$4.' ". C';"-"6"?2. P'4)$ 3%"C,$01 -1;1-'K. E." ".4,"($()$?3. P'4"- .$4/:)< (+/:$+.-/K:)<) .%$(#, ." $+.9 4'4"-' 3%$#-'%).$,9J
(" 3%$#+4';1-'$0'8 #'.' ;'-$%?$()8 - ."0 +,/7'$, $+,) 01 C/#$03%"#",&'.9 -13",($()$ 3%"$4.' + .$4/:)0) 3"4';'.$,80) 3%");-"J#).$,9("+.)?
4. P'4)$ ("-1$ %)+4) 0"6/. -";()4(/.9 - C/#/:$0 ) 4'4 "() 0"6/. );0$J().9 3%$#-'%).$,9(" 3%$#+4';1-'$0/K #'./ ;'-$%?$()8?
5. P'4)$ #$<+.-)8 ('0 +,$#/$. 3%$#3%)(8.9 #,8 ."6", 7."C1 3%$#".-%'J.).9 +%1- 3%$#+4';'(("< #'.1 ;'-$%?$()8 3%"$4.' ) -13",().9 3%"J$4. - +"".-$.+.-)) + C';"-10 3,'("0?
=';('7$()$ 3$%-"6" -"3%"+' +"+."). - ."0, 7."C1 /+.'("-).9 -$,)7)(/".4,"($()8 — ." $+.9 3"(8.9, ".+.'$. 3%"$4. ),) 4"(4%$.('8 "3$%'2)8 ". C'J;"-"6" %'+3)+'()8 ),) "3$%$&'$. $6" (C",$$ #$.',9('8 )(H"%0'2)8 "C ".J4,"($()) 3" +%"4'0 3%)-$#$(' - 6,'-$ 14). *"()0'()$ 3%)7)(, -1;1-'KJ:)F E." ".4,"($()$, —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
M-)&/:$< +),"< 4'&#"6" "C;"%' F"#' )+3",($()8 %'+3)+'()8, -($ ;'J-)+)0"+.) ". )+3",9;/$0"6" )(+.%/0$(.', #",&(1 8-,8.9+8 E.) 38.9 -"3%"J+"- "%)$(.)%"-'(("6" (' %'+3)+'()$ 3%"'4.)-("6" 2)4,' 4"(.%",8 3%"$4J.'. Q." ($"CF"#)0" -13",(8.9 -+84)< %'; 3%) %'++0".%$()) %'+3)+'()8"3$%'2)), 4"(.%",9("6" +"C1.)8 ),) -+$6" 3%"$4.'. >13",(8.9 — E." ;('7).#$<+.-"-'.9 - +"".-$.+.-)) + +/.9K 4"(.%",8 %'+3)+'()8, ." $+.9 C1.9 3%"J'4.)-(10 — -+$6#' +0".%$.9 - C/#/:$$.
488
5,'-'
12G0;-3 #03,@"('4 0 B0>, '#/02(,('4. <12%@#6'( 1 J1$% '0Q
8136%6'( 8/'2'2#7: $'0C'83'64 ' 0'0:%&#:'>610:? 2 /#00&1:/%Q6'' R#=12, "1:1/E% 2E 012%/R#%:% 2 J1$% 2E8136%6'( 8/1%":#.H6' $13B6E 015E2#:?0( 6# /%=43(/61) 10612% — 6#8/'&%/, /#52 &%0(C 2 034>#% $3'661=1 8/1%":# ' /#5 2 6%$%37 2 034>#% "1/1:"1Q=1. K:' 012%@#6'( &1=4: 8/%$0:#23(:? 0191) L1/?6E% 0'$(>'%5#0%$#6'( 0 1L'C'#3?61 6#56#>%66E& 0%"/%:#/%&Q8/1:1"13'0:1&,2 034>#% >%=1 >%:"#( ' 083#6'/12#66#( 81 2/%&%6' 812%0:"# $6($13B6# 9E:? 5#93#=12/%&%661 $12%$%6# $1 02%$%6'( 4>#0:6'"12.G'91 — 2 2E01"1:%J6131='>6EJ 1/=#6'5#C'(J, =$% &61=1 /#91:E ' 2/%&%6' $3( %% 2E8136%6'( — 28136% &1B61 1=/#6'>':?0( "1Q/1:"'&' 20:/%>#&', 8/121$'&E&' 0:1( ' 6# J1$4. D 0612#, "37>%Q21% 0119/#B%6'% — /%=43(/610:? 8/12%$%6'( ' $'0C'83'6#.
!@7;C1=EF9S Q=CA C7F1@7AG !@7?C1;= Q=CA PDSA !7 :?>=FDB*8.9 -"3%"+"- I!I! ('F"#8.+8 - 3%$-"+F"#("< 6'%0"()) + C$+4"($7(10
2)4,)7$+4)0 3"#F"#"0 4 /,/7?$()K «3,'()%"-'()$ — -13",($()$ — )+J+,$#"-'()$ — #$<+.-)$» 3" M$0)(6/ (+0. ;'?.%)F"-'((1< 3%80"/6",9()4,(';-'((1< «P'4)0 "C%';"0 -;')0"+-8;'(1 P'%.' /,/7?$()8 4'7$+.-' ) 2)4,PDSA?»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
C'#. 12.3. ./1#":'26E) C'"3 "16:/13( 8/1%":# (23(%:0( >#0:?7C'"3# «83#6'/12#6'% — 2E8136%6'% — '003%$12#6'% — $%)0:2'%»
489
L3%'-,$()$ %'+3)+'()$0
E">"(', 30/)0#03 0 J"1$'9,#10+ B0>, '#/02(,('4 0/,)"?.''. *% B% 0#&E% 8(:? 218/1012 O<O<, "1:1/E% 5#$#2#3'0? 6#20:/%>#J 0 23#$%3?C#&' 18%/#C'), $13B6E 9E:? 5#$#6E 0612# —$3( 1C%6'2#6'( 'J 408%J12. +3( $10:'B%6'( >%:"1=1 816''(25#'&11:61R%6') &%B$4 O<O< ' C'"31& «83#6'/12#6'% — 2E813Q6%6'% — '003%$12#6'% — $%)0:2'%» 81 +%&'6=4 /%"1&%6$4%:0( 15Q6#"1&':?0( 0 01$%/B#6'%& 5#R:/'J12#661=1 8/(&14=13?6'"#«./1#":'26E) C'"3 "16:/13( 8/1%":# ' C'"3 PDSA 81 +%&'6=4»,8/'21$'&1=1 6# 0:/. 385 (7).N :%J 034>#(J, "1=$# '&%7:0( 25#'&1$%)0:2'( ' 5#2'0'&10:'
&%B$4 23#$%3?C#&' 18%/#C'), "/#)6% 2#B61 #"C%6:'/12#:? 6# 6'J021% 26''%, :#" "#" '&%661 2 6'J 215&1B61 2156'"612%6'% 03#Q9EJ &%0: (6#/4R%6'% 83#261=1 :%>%6'( 8/1%":#). N 5#2'0'&10:' 1:"43?:4/E 1/=#6'5#C'' 23#$%3?CE 18%/#C') &1=4: 6# :#"'J 012%Q@#6'(J 3'91 8/%$0:#23(:? 8'0?&%66E% 1:>%:E, 3'91 1=/#6'>'Q2#:?0( 40:6E& '531B%6'%& '6L1/&#C''.
C'#03"(', 2'('' '#/02(,('4. O'012#6'% 3'6'' '08136%6'(2"37>#%: 2 0%9( 6%0"13?"1 R#=12.
• A#>#:? 0 9#5121=1 /#08'0#6'( 8/1%":# (25(:? 5# 1:8/#2647:1>"4 9#5121% /#08'0#6'% 8/1%":#).
• H:&%:':? 6# "#3%6$#/% /#08'0#6'( $#:4, 011:2%:0:247@47$#:% 8/12%$%6'( 012%@#6'( J1$% '08136%6'(. K:# $#:# 610':6#52#6'% 0:#:4061) $#:E ($#:E /#5$%3%6'( $#66EJ) [3] '3', 91Q3%% 6%L1/?61 ' :#"B% 913%% :/#$'C'1661, 1:>%:61) $#:E.
• H: U:1) $#:E 6#>#:? /'012#:? 2%/:'"#3?61 26'5 3'6'7 $1 :%J81/, 81"# 6# 84:' 6% 20:/%:':0( 18%/#C'(, /#08131B%66#(2 /#08'0#6'' 8%/21). N3#$%3%C 18%/#C'' 0"#B%: 2#&, 6#0"13?"1 $6%) 18%/#C'( 18%/%B#%: /#08'0#6'% '3' 1:0:#%: 1:6%=1. T'56%661 2#B61, >:19E 8/%$10:#23%66#( 23#$%3?C%&18%/#C'' '6L1/&#C'( 9E3# 6#$%B61). X03' U:1 6% :#", &1B%:8/1'51):' :#", "#" 18'0#61 2 8/'21$'&1& 6'B% 5#R:/'J12#6Q61& 8/(&14=13?6'"% «,401/ 6# 2J1$% — &401/ 6# 2EJ1$%».
• A#/'012#:? =1/'516:#3?647 3'6'7, 8/1$3'2 %% 6# 0:13?"1$6%) 23%21 1: 0:#:4061) $#:E, 6# 0"13?"1 $6%) 18%/#C'( 1:0:#Q%: 1: /#08'0#6'(. G'91 — %03' 18%/#C'( 18%/%B#%: /#08'0#Q6'% — 8/1$3'2 %% 6# 011:2%:0:247@%% "13'>%0:21 $6%) 28/#211: 0:#:4061) $#:E.
• H: U:1) :1>"' 6#/'012#:? 2%/:'"#3?647 3'6'7, 8%/%0%"#7Q@47 18%/#C'7.
• .12:1/':? $#661% $%)0:2'% $3( 20%J 10:#3?6EJ 18%/#C').• .103% 8%/%0%>%6'( 2%/:'"#3?61) 3'6'%) 18%/#C'', /#08131QB%661) 2 /#08'0#6'' 8103%$6%), 6#/'012#:? =1/'516:#3?6473'6'7 2831:? $1 &1&%6:#, 011:2%:0:247@%=1 0:#:4061) $#:%,
490
5,'-'
12
8103% >%=1 812%/64:? 2%/:'"#3?61 26'5. *#"'& 19/#51&, 3'6'('08136%6'( 9%/%: 021% 6#>#31 ' 5#2%/R#%:0( 2 :1>"%, 011:2%:Q0:247@%) 0:#:4061) $#:%.
7"$" ;"3,)6,('4 /)0,1$". F6#6'% :1=1, 6# 0"13?"1 $6%) "#BQ$#( 18%/#C'( 18%/%B#%: /#08'0#6'% '3' 1:0:#%: 1: 6%=1, $#%: 2#&106124 $3( 8/1=615# $#:E 5#2%/R%6'( 8/1%":# ' 815213(%: 6# /#6Q6%& U:#8% 18/%$%3':?, "#"'% $%)0:2'( &1B61 8/%$8/'6(:? $3(:1=1, >:19E 5#2%/R':? 8/1%": 212/%&(. S13%% $%:#3?6#( '6L1/&#QC'( 81 U:1&4 218/104 &1B%: 9E:? 6#)$%6# 2 5#R:/'J12#661& 8/(Q&14=13?6'"% «F#9E:E) #6#3'5 :/%6$12: $%B# 27?», 8/'21$'&1& $#Q3%% 2 $#661) =3#2%.
&G5HKLEHDMN&O K&N&& &G5HKNON&SF08>" '#/02%;03"$%. S13?R'% ' E%, 031B6E% ' 8/10:E%
8/1%":E — U:1 93#=1$#:6#( 81>2# $3( '0813?512#6'( 3'6'' '0813Q6%6'(. N :%J 0':4#C'(J, "1=$# /%>? '$%: :13?"1 19 1:03%B'2#6''8/1=/%00#, U:# 3'6'( 1$'6#"121 J1/1R1 81$J1$': "#" " $'#=/#&&%;#6::#, :#" ' " TAD. X03' 2E 2E9'/#%:% 3'6'7 '08136%6'( 5# %%8%/%$12E% 215&1B610:' 8/%$0"#5#6'( $3( '0813?512#6'( 2 913?QR'J ' 031B6EJ 8/1%":#J, %% 8/'&%6%6'% 3%=>% 42(5E2#%:0( 0 TAD(0&. 8/'21$'&E) 6'B% 5#R:/'J12#66E) 8/(&14=13?6'" «D0813?Q512#6'% 3'6'( '08136%6'( 2 R:#961) "1&6#:% 8/1%":# — U:1 $%31R4&61%»). .10"13?"4 TAD 2"37>#%: 2 0%9( 5#2'0'&10:' &%B$4 18%Q/#C'(&', 1&# 19%08%>'2#%: 913%% 3%="') ' 6#$%B6E) 8%/%21$ 2%3'Q>'6E 18%/%B%6'( '3' 1:0:#2#6'( 18%/#C'' 1: 9#5121=1 /#08'0#Q6'( 2 8/%$813#=#%&47 $#:4 5#2%/R%6'( 8/1%":#. N 034>#% /#91:E6#$ E&' ' 8/10:E&' 8/1%":#&' U:1 6% :#". A#3'>'% '3' 1:04:Q0:2'% 1:19/#B%6'( 5#2'0'&10:%) 6% (23(%:0( 2 :#"'J 8/1%":#J8/'6C'8'#3?6E& 218/101&, ' 81:1&4 28136% $10:#:1>61 94$%: $'Q#=/#&&E ;#6::#. *#" '3' '6#>%, 3'6'( '08136%6'( &1B%: 9E:? '0Q
>B67@ F; EY7:? — >B67@ F; E9Y7:?«> F"#$ +"-$:'()8 " F"#$ )+3",($()8 -,'#$,$2 "3$%'2)) +4';', 0($,
7." $6" "3$%'2)8 ".+.'$. ". %'+3)+'()8 (' 3 ($#$,). =$#$,K +3/+.8 "( ;'8J-),, 7." ('6(', %'+3)+'()$ ) .$3$%9 )#$. +.%"6" 3" %'+3)+'()K. R('8, 7." "(8-,8$.+8 $#)(+.-$((10 7$,"-$4"0, ;'#$<+.-"-'((10 - #'(("< "3$%'2)),8 "3%"+), ($+4",94)F E4+3$%."-: «!4",94" 7'+"- 0"6," C1 3".%$C"-'.9+8#,8 ."6", 7."C1 /+.%'().9 ".+.'-'()$?» B.-$. C1,: «B4"," 150 7'+"-». >1 #/J0'$.$, "( +0"6 E." +#$,'.9? B.(K#9! B( ($ F-'.'$. ;-$;# + ($C'. B( 3%"+."3"#'$. ($'44/%'.(1$ ".7$.1. =/ ) +4'&).$ 0($ - .'4"0 +,/7'$, 4'4 8 0"6//3%$&#'.9 +"C1.)8 ) 3%$#+4';1-'.9 #'./ ;'-$%?$()8 3%"$4.'?» Q./ )+."J%)K 01 /+,1?',) ". 0$($#&$%' 3%"$4.' "#("< ); -$#/:)F H)%0J3%");-"J#).$,$< 3%"6%'00("6" "C$+3$7$()8, @"%',9 )+."%)) .'4"-': ($4'7$+.-$(J('8 ".7$.("+.9 "C "3$%'2)) — ($4'7$+.-$((1< 3%"6("; .%$(#'.
491
L3%'-,$()$ %'+3)+'()$0
813?512#6# 21 20%J 1951/#J J1$# '08136%6'(, "#" L1/?6EJ, :#"' 6%L1/?6EJ.D),+4 )";)":0$1'. ./1%":6#( "1$#, 193#$#7@#( /#54&Q
6E& 4/126%& 6#2E"12 ' 81$=1:12"', &1B%: 81$=1:12':? 3'6'( '0Q8136%6'( $3( 01$%/B#@%) 25 18%/#C') $'#=/#&&E ;#6::# '3' TAD5# 15—30 &'64:. .1 &%/% 42%3'>%6'( >'03%6610:' "1$E 215/#0Q:#%: ' :/%94%&1% 2/%&(.
D-80>-. M%6610:? 3'6'' '08136%6'( '&%%: "#" '0:1/'>%0"'),:#" ' 8/%$0"#5#:%3?6E) #08%":. .%/2E) 156#>#%:, >:1 16# #""4/#:Q61 ' :1>61 81"#5E2#%: 23#$%3?C4 18%/#C'' ' 8/1%":61) "1$%'0:1/'7 '08136%6'( 18%/#C''. D0813?54( U:4 '0:1/'7, 16', >:1012%/R%661 %0:%0:2%661, &1=4: 8/%$0"#5#:? 94$4@') :/%6$ /#08'Q0#6'( ' 2E/#91:#:? 0:/#:%='7 $%)0:2') $3( 2E8136%6'( 8/1%":#01=3#061 83#64. S13%% $%:#3?6#( '6L1/&#C'( 1 810:/1%6'' :/%6Q$12 &1B%: 9E:? 6#)$%6# 2 5#R:/'J12#661& 8/(&14=13?6'"% «F#9EQ:E) #6#3'5 :/%6$12: $%B# 27?», 8/'21$'&1& $#3%% 2 $#661) =3#2%.
5),'+*@,#$3" ' (,>0#$"$1'. H06126E% 8/%'&4@%0:2# 3'6'''08136%6'( 5#"37>#7:0( 2 :1&, >:1 16#:
• (#'<.. H6# (/"1 81"#5E2#%: 2E8136%6647 /#91:4, 8/%$0:#2Q3(( 8/1%":61) "1$% 9%0C%661% (6%1C%6'&1%) 0/%$0:21 "1&Q&46'"#C'';
• 9#3*+.. F# 0>':#66E% &'64:E 81>:' 3791) 4>#0:6'" 8/1%":#&1B%: 8/1>':#:? ' 6#/'012#:? G'6'( '08136%6'(;
• 9#3.2+'),.. S4$4>' '0813?54%&1) $3( 8/%$0"#5#6'( :/%6$12,3'6'( '08136%6'( 81&1=#%: 8134>':? 8/%$2'$'&1% 0/%$6%% 56#Q>%6'%, $#2#( 8/1%":61) "1$% 215&1B610:? 012%/R#:? 5#93#Q=12/%&%66E% $%)0:2'( ' 8/1:'210:1(:? 1B'$#%&1) :/4$610:'.
=6!7AHR7E;F=? A=F== =6!7AF?F=G E X1;8F7S C7>F;1?!@7?C1; — I17 :?A7 XB>F7?V+.9 ($7." %)./',9("$ - 3%"-$#$()) +"-$:'()< " F"#$ )+3",($()8 3%"J
$4.' - 4"03'()) Southern Systems. =' +.$($ «?.'C("< 4"0('.1» 3%"$4.' -)J+). 6)6'(.+4'8 TAD, /4%'?$(('8 %';("2-$.(10) 3","+4'0) 4,$<4"< ,$(.1.> E."0 ($. ()4'4)F +$4%$."-. P'&#'8 ,$(.' —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— %'C".'K:)$ - E."0 3%"$4.$ %';%'C".J4) 3%"#/4.' — (/&(1 +-"$< 4"03'()).
492
5,'-'
12H06126E% 6%$10:#:"' 8/%'&4@%0:2# 3'6'' '08136%6'( 5#"37Q
>#7:0( 2 :1&, >:1 16# &1B%::• I-+D )#"<:"<23%. .1$=1:12"# "#>%0:2%661) '6L1/&#C'' $3(/'012#6'( 3'6'' ' 8/1=615'/12#6'( :/%6$# &1B%: :/%912#:?2/%&%6';
• +#"I3).+D 13934,'+"4D,-M /*'4'% 9#' 9#"1*2.(.,'' (.)"#FO",':. G'6'( '08136%6'( 81"#5E2#%:, 6# "#"1% 2/%&( 18%/#QC'( 1:0:#%: 1: 83#6# '3' 18%/%B#%: %=1. H6# 6% 8/%$0"#5E2#%:#2:1&#:'>%0"', 6# "#"1% 2/%&( 18%/#C'( 94$%: 1:0:#2#:? 1:83#6# '3' 18%/%B#:? %=1 6# &1&%6: 5#2%/R%6'(. A#8/1:'2,8/1=615 $13B6# $%3#:? "1$# 8/1%":#. S13%% ULL%":'2%62 8/%$0:#23%6'' U:1=1 BCFQ#6#3'51.
D")'".''. <4@%0:247: 6%0"13?"1 10612#66EJ 6# $'#=/#&&%;#6::# '60:/4&%6:12 $3( "16:/13( /#08'0#6'( (/'0. 12.4). ./1%":Q6#( "1$# &1B%: /#00&1:/%:? U:' '60:/4&%6:E, 8/%B$% >%& 19Q/#:':? 021% 26''% 6# 3'6'( '08136%6'( ' %% 8/%'&4@%0:2#.
• ,%:1$ >#0:'>61=1 5#"/#R'2#6'(.• ,%:1$ 0/#26':%3?61=1 1:19/#B%6'( 83#6'/4%&1=1 ' L#":'Q>%0"1=1 010:1(6'(.
• ,%:1$ 0/#26':%3?61=1 1:19/#B%6'( 83#6'/4%&1=1 ' L#":'Q>%0"1=1 010:1(6'( 2 01>%:#6'' 0 1:19/#B%6'%& $13' 2E813Q6%661) /#91:E.
N &%:1$% >#0:'>61=1 5#"/#R'2#6'( $3( 1:19/#B%6'( $13' /#91Q:E, "1:1/#( 2E8136%6#, '0813?54%:0( R:/'J12"#. A%0&1:/( 6# 2EQ01"47 6#=3($610:?, $#66E) &%:1$ 6% 81"#5E2#%:, "1=$# 6#>#310?L#":'>%0"1% 2E8136%6'% 18%/#C'', "#"#( >#0:? 01$%/B#6'( 18%Q/#C'' L#":'>%0"' 2E8136%6# ' 6# "#"1% 2/%&( 18%/#C'( 18%/%B#Q%: /#08'0#6'% '3' 1:0:#%: 1: 6%=1. ,%:1$ 0/#26':%3?61=1 1:19/#QB%6'( 83#6'/4%&1=1 ' L#":'>%0"1=1 010:1(6'(, 19%08%>'2#7@')2'54#3?61% 0/#26%6'% 83#6'/4%&1=1 010:1(6'( 0 L#":'>%0"'&, 81Q5213(%: '59#2':?0( :13?"1 1: 1$61=1 '5 4"#5#66EJ 6%$10:#:"12,# '&%661 &E &1B%& 2'$%:?, "1=$# 6#>#310? L#":'>%0"1% 2E8136%Q6'% 18%/#C''. ,%:1$ 0/#26':%3?61=1 1:19/#B%6'( 83#6'/4%&1=1 'L#":'>%0"1=1 010:1(6'( 2 01>%:#6'' 0 1:19/#B%6'%& 8/1C%6:# 2EQ8136%661) /#91:E :#"B% '0813?54%: $2% 3%6:E, 1:19/#B#7@'%83#6121% ' L#":'>%0"1% 010:1(6'(, 61 $18136(%: "#B$47 '5 6'J56#>%6'%& 8/1C%6:# 2E8136%661) /#91:E. A#'913%% &1@6E) '5U:'J :/%J &%:1$12, &%:1$ 0/#26':%3?61=1 1:19/#B%6'( 83#6'/4%Q&1=1 ' L#":'>%0"1=1 010:1(6'( 2 01>%:#6'' 0 1:19/#B%6'%& 8/1Q
1 K"0:/#813(C'166E) #6#3'5. ,%:1$, 810:/1%66E) 6# U"0:/#813(C'' '54Q>%661=1 812%$%6'( 8#/#&%:/12 2 6#0:1(@%& ' 8/1R%$R%& 6# 94$4@%%. —;#'<. #"1.
493
L3%'-,$()$ %'+3)+'()$0
C%6:# 2E8136%661) /#91:E, 0:/#$#%: 1: 6%081019610:' 81"#5#:?,6# 0"13?"1 2/%&%6' 18%/#C'( 1:0:#%: 1: /#08'0#6'( '3' 18%/%B#%:%=1. +19#23%6'% 3%6:, 1:19/#B#7@'J L#":'>%0"1% 010:1(6'%, :#"QB% 42%3'>'2#%: "13'>%0:21 3%6: 6# $'#=/#&&% ;#6::#, :%& 0#&E&4031B6(( %%. ./'6'&#( 21 26''% 031B610:' $#66EJ &%:1$12,&61='% 8/%$81>':#7: '0813?512#:? 3'6'( '08136%6'( "#" 913%%ULL%":'26E) '60:/4&%6:.
C'#. 12.4. ,%6%% ULL%":'26E% #3?:%/6#:'2E 3'6'' '08136%6'(
,%:1$ >#0:'>61=15#"/#R'2#6'(
,%:1$ 0/#26':%3?61=11:19/#B%6'( 83#6'/4%&1=1' L#":'>%0"1=1 010:1(6'(
,%:1$ 0/#26':%3?61=11:19/#B%6'( 83#6'/4%&1=1' L#":'>%0"1=1010:1(6'( 2 01>%:#6''0 1:19/#B%6'%& 8/1C%6:#2E8136%661) /#91:E
.3#6121% 'L#":'>%0"1%010:1(6'%
.3#6121%010:1(6'%Z#":'>%0"1%010:1(6'%
.3#6121%010:1(6'%Z#":'>%0"1%010:1(6'%
<:#:406#( $#:#
H9156#>%6'(:H8%/#C'( —
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 ,)()8 )+3",($()8 -" -+$F)+3",9;"-'()8 3%"$4.'F #,8 4"(.%",8 %'+3)+'()8 ,)C" #,8
".#$,9(1F 3%"$4."-, ,)C" #,8 6%/33 );($+4",94)F 3%"$4."-. P'< -,'#$,$2"3$%'2)) /+.(" ".7).1-'$.+8 (' +"-$:'()),- F"#$ 4"."%"6" %)+/$.+8 ,)()8 )+3",($()8.=) "#(" ); +"-$:'()< " F"#$ 3%"#-)&$()8,- F"#$ 4"."%"6" %)+/$.+8 ,)()8 )+3",($()8,($ 3%$-1?'$. 30 0)(/.. @$($#&$%1 3%"$4."-3%"-"#8. ($+4",94" -+.%$7 +" -+$0) ("-10)-,'#$,92'0) "3$%'2)<
M"C'-,$()$ ("-"< >3)+'.9 7)+,", 3"4';1-'K:$$ #",K -13",($(("<"+"C$(("+.) %'C".1, - 0$+.$ 3$%$+$7$()8 ,)()) )+3",($()8
) ,$(.1, "."C%'&'K:$< "3$%'2)K
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
G'6'( '08136%6'( >#0:1 '52%0:6# 81$ 6#52#6'%& 2/%&%661) 3'Q6'' [9]. H$6# '5 2#/'#C') 3'6'' '08136%6'( 6#5E2#%:0( 5'=5#=1Q19/#561) 3'6'%). F'=5#=119/#56#( 3'6'( 02(5E2#%: 0:#:40647$#:4 "#3%6$#/( 0 :1>"1), 011:2%:0:247@%) L#":'>%0"1) $13% 2EQ
494
5,'-'
12
8136%66EJ /#91: 8%/21) 18%/#C'', 5#:%& 0 :1>"1), 011:2%:0:247Q@%) L#":'>%0"1) $13% 2E8136%66EJ /#91: 2:1/1) 18%/#C'' ' :. $.,01%$'6(( :1>"', 011:2%:0:247@'% L#":'>%0"1) $13% 2E8136%66EJ/#91: $/4='J 18%/#C'). N15&1B61, %$'60:2%66#( 6#'913%% 2#B6#(2#/'#C'( $#661=1 '60:/4&%6:# — U:1 3'6'( '08136%6'(, "1:1/#(01%$'6(%: 6% 18%/#C'', # 8/1%":E, >:1 8/%2/#@#%: %% 2 2%3'"13%8Q6E) '60:/4&%6: $3( &%6%$B%/12 &43?:'8/1%":12, B%3#7@'J 1:Q03%B'2#:? /#08'0#6'% '08136%6'( 021'J &61=1>'03%66EJ 8/1%"Q:12. A# 1$61& 3'0:% &1B61 1:19/#5':? 3'6'( '08136%6'( $3( 913%%>%& 20 8/1%":12.
M>"/$".'4 2'('' '#/02(,('4. M%3%6#8/#23%66#( #$#8:#C'(3'6'' '08136%6'( " 8/1%":61) 08%C'L'"% (23(%:0( 6%19J1$'&10Q:?7 ' 815213(%: $10:'>? 6#'913?R'J 2E=1$. NER% 8/'2%$%6E 6%Q"1:1/E% 8/'&%/E :#"1) #$#8:#C''.
COEUPON $#661& /#5$%3% /#00&1:/%6# 3'6'( '08136%6'( — '60:/4Q
&%6:, "1:1/E) 81"#5E2#%:, 6# "#"1% 2/%&( "#B$#( 18%/#C'( 8/1%"Q:# 18%/%B#%: 9#5121% /#08'0#6'% '3' 1:0:#%: 1: 6%=1. D0813?51Q2#:? $#66E) '60:/4&%6: &1=4: 913?R'% ' E%, 031B6E% '8/10:E% 8/1%":E, ' U:1: '60:/4&%6: 2 /#261) &%/% J1/1R1 01=3#04Q%:0( "#" 0 $'#=/#&&1) ;#6::#, :#" ' 0 TAD. M%6610:? 3'6'' '0813Q6%6'( '&%%: "#" '0:1/'>%0"'), :#" ' 8/%$0"#5#:%3?6E) #08%":.N 0'34 :1=1, >:1 16# 81"#5E2#%: '0:1/'7 '08136%6'( 18%/#C'',16# &1B%: 9E:? '0813?512#6# $3( 8/%$0"#5#6'( 94$4@%=1 :/%6$#/#08'0#6'( ' 2E/#91:#:? 0:/#:%='7 $%)0:2') $3( 2E8136%6'(8/1%":# 01=3#061 83#64. D:1=12E% 0119/#B%6'(, "1:1/E% 6%19J1$'Q&1 4>%0:? 8/' /#5/#91:"% 3'6'' '08136%6'(, 8/'2%$%6E 2 5#R:/'QJ12#661& 8/(&14=13?6'"% $#3%% 81 :%"0:4.
!@7E?@C; A=F== =6!7AF?F=GLC$#).$+9, 7." -1 %';%'C".',) ('#,$&':/K ,)()K )+3",($()8.• W)()8 #",&(' C1.9 ($3%$%1-("<.• B(' #",&(' C%'.9 +-"$ ('7'," - ."74$, +"".-$.+.-/K:$< +.'./+("<#'.$.
• B(' #",&(' 3$%$+$4'.9 4'&#/K "3$%'2)K #,8 "."C%'&$()8 ".4,"($J()8 3" +%"4'0 — ." $+.9 4",)7$+.-' -%$0$(), (' 4"."%"$ 4'&#'8 "3$%'J2)8 "3$%$&'$. C';"-"$ %'+3)+'()$ ),) ".+.'$. ". ($6".
• B(' #",&(' ;'-$%?'.9+8 - ."74$, +"".-$.+.-/K:$< +.'./+("< #'.$.• B(' #",&(' C1.9 ('%)+"-'(' (' C';"-"0 %'+3)+'()) 3%"$4.', )0$KJ:$0 ('#,$&':)< H"%0'. — TAD ),) #)'6%'001 5'(..'.
495
L3%'-,$()$ %'+3)+'()$0
BCF\;F;A=R
<17 1;C7? BCF\;F;A=R?BCFQ#6#3'5, /#0R'L/12E2#%&E) "#" «#6#3'5 «9#512E) 83#6 — :%Q
"4@%% 010:1(6'% — 8/1=615 6# 94$4@%%»»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
2 2'$% $'#=/#&&E ;#6::# 3'91 TAD. N6% 5#2'0'&10:' 1: '0813?54%Q&1=1 L1/&#:#, /#08'0#6'% 81 &%:1$4 BCF %0:? 6% 913%% >%& 8/'&%Q6%6'% '52%0:6EJ '60:/4&%6:12 0 612E& 4"3161& 2 0:1/164 8/1=61Q5'/12#6'(. ./1@% =121/(, 8/'&%6':%3?61 " $#661&4 '60:/4&%6:403%$4%: =121/':? 0"1/%% 1 6121& &ER3%6'', >%& 0190:2%661 1 61Q21& '60:/4&%6:%.
E9!7AF?F=? BCF\;F;A=R;./%$2#/':%3?6E% :/%912#6'( $3( 8/12%$%6'( ULL%":'261=1
BCFQ#6#3'5# — U:1:• 9#5121% /#08'0#6'% 2 2'$% $'#=/#&&E ;#6::# '3' TAD;• 1:>%:E 1 J1$% '08136%6'( 3'91 0312%06#( (40:6#() '6L1/&#QC'( 1 L#":'>%0"1) J1$% '08136%6'(;
• 5#8/10E 6# 26%0%6'% '5&%6%6').S#5121% /#08'0#6'% — 8%/21% 8/%$2#/':%3?61% :/%912#6'% — U:1
8%/2#( >#0:? #6#3'5#. H:>%:E '3' 40:6#( '6L1/&#C'( 1 J1$% '0813Q6%6'( 81&1=#%: 40:#612':?, 2 "#"1& 010:1(6'' 6#J1$':0( 8/1%":, '(23(%:0( 1$6'& '5 2J1$12, 6%19J1$'&EJ $3( 8/%$0"#5#6'( :%"4@%=1/#08'0#6'(. X@% 1$'6 2J1$, 6%19J1$'&E) $3( 810:/1%6'( :%"4@%=1/#08'0#6'(, — U:1 5#8/10E 6# 26%0%6'% '5&%6%6').
C'#03"(', 2'('' '#/02(,('4. BCFQ#6#3'5 6#>'6#%:0( 0 R#Q=12, 18'0#66EJ 6#&' 2 /#5$%3%, 8102(@%661& 810:/1%6'7 3'6'('08136%6'(. M%3?7 $#661=1 8/1C%00# (23(%:0( 8/12%$%6'% 20:/%>Q/%8%:'C') 0 23#$%3?C#&' 18%/#C'), 015E2 012%@#6'( 1 J1$% 8/1Q$2'B%6'( 8/1%":# ' 8134>%6'% 02%$%6') 1 L#":'>%0"1& 010:1(6''18%/#C') (0&. 8/'21$'&E) 6'B% 5#R:/'J12#66E) 8/(&14=13?6'"«NE8136(( 1C%6'2#6'% L#":'>%0"1=1 010:1(6'(, 0:/%&':%0? " $10Q
496
5,'-'
12:'B%6'7 4$123%:21/':%3?61=1 ' $10:#:1>61=1 /%R%6'(») ' /'012#Q6'% 3'6'' '08136%6'( 6# 9#5121& /#08'0#6'' 8/1%":#. K:1 $13B61>%:"1 81"#5#:?, 6# "#"1) 2/%&%661) 8/1&%B4:1" 2/%&%6' "#B$#(18%/#C'( 18%/%B#%: /#08'0#6'% '3' 1:0:#%: 1: 6%=1.
50>80$031" $,1*@,80 )"#/'#"('4. N11/4B'2R'0? 56#6'%&:1=1, 6# "#"1) 8/1&%B4:1" 2/%&%6' "#B$#( 18%/#C'( 18%/%B#%:/#08'0#6'% '3' 1:0:#%: 1: 6%=1, "#"12E :%"4@'% 8/193%&E, >:1 10Q:#%:0( 0$%3#:?, &1B61 $%3#:? 8/%$0"#5#6'% :1=1, "1=$# 94$%: 5#2%/QR%6# "#B$#( 18%/#C'(. N J1$% 8/%$0"#5#6'( 94$4: 8134>%6E 612E%56#>%6'( $3':%3?610:' "#B$1) 18%/#C'', $#:E 6#>#3# ' 5#2%/R%Q6'(. D0813?54( U:4 '6L1/&#C'7, 0:/1':0( 6121% /#08'0#6'% (2 2'$%$'#=/#&&E ;#6::# '3' TAD). K:1 ' %0:? :%"4@%% /#08'0#6'%, 1:Q/#B#7@%% :1, "#" 8/1%":, 01=3#061 1B'$#6'(&, 94$%: /#521/#>'Q2#:?0( 2 94$4@%&, 10612E2#(0? 6# J1$% '08136%6'(, $10:'=64:1)6# 8/1R3EJ 18%/#C'(J.
C'#. 12.5. ./'&%/ BCFQ#6#3'5#
497
L3%'-,$()$ %'+3)+'()$0
C";)":0$1" :*>*@,80 )"#/'#"('4. +3( /#5/#91:"' U:1=1 /#0Q8'0#6'( 03%$4%: 5#$#:?0( 218/101&: «-#"'% /'0"' &1=4: 2156'"Q64:? 2 94$4@%& ' 840:':? 6#R 8/1%": "1 $64?» K:1 83#6'/12#6'% 810C%6#/'7 6#'J4$R%=1 034>#(, 01=3#061 "1:1/1&4 $#&1"312 &%> 5#Q"16# ,U/L' («%03' $%3# &1=4: 81):' 831J1, :1 2%0?&# 2%/1(:61, >:116' 81)$4: 831J1») 2'0': 6#$ =13121) 8/1%":# (0&. 5#R:/'J12#66E)8/(&14=13?6'" «F#9E:E) #6#3'5 :/%6$12: $%B# 27?», 8/'21$'&E)$#3%% 2 $#661) =3#2%). N'54#3?61% 8/%$0:#23%6'% 4=/15, 18#0610:%)' /'0"12, 0 "1:1/E&' &1B%: 0:13"64:?0( 8/1%": 81 J1$4 2E8136%Q6'(, 81&1=#%: 8/' /#5/#91:"% 94$4@%=1 /#08'0#6'(. X03' U:1: 81$QJ1$ 6% /#91:#%:, 2:1/1) 81$J1$ 010:1': 2 :1&, >:19E /#008/10':?9E2#3EJ &%6%$B%/12 19 'J 6#'J4$R%& 18E:% 2E8136%6'( 81$19Q
E9!7AFGG 7Q?F=E;F=? W;C1=<?6C7D7 67617GF=G,61@?>=1?6H C :761=O?F=P B:7EA?1E7@=1?AHF7D7:761;17<F7D7 @?X?F=GD."C1 ".-$.).9 (' "#)( ); -"3%"+"- I!I! — 4'4"-" %'+F"&#$()$ 3" -%$J
0$() 0$&#/ C';"-10 %'+3)+'()$0 ) H'4.)7$+4)0 %'+3)+'()$0 3%"$4.'? —-1 +('7',' #",&(1 "2$().9 «H'4.)7$+4"$» +"+."8()$ %'+3)+'()8 (3" %'+J3)+'()K). =')C",$$ EHH$4.)-(" E." 0"&(" +#$,'.9 + 3%)0$($()$0 .'4"6"3"4';'.$,8 4'4 ".4,"($()$ 3" +%"4'0 (SV) ),) )(#$4+ )+3",($()8 +%"4"-(SPI), %'++0".%$((1F - 6,'-$ 13 3%) "C+/&#$()) '(',);' -13",($(("< +."J)0"+.). P'< ); E.)F 3"4';'.$,$< 3%$#(';('7$( #,8 "3%$#$,$()8 H'4.)J7$+4"6" "CO$0' -13",($(("6" +"#$%&'()8 %'C". - ,KC"< 0"0$(. -%$0$()) ('F"&#$()8 ".4,"($()8 3"+%$#+.-"0 +%'-($()8 E."6" H'4.)7$+4"6" "CO$J0' + ;'3,'()%"-'((10. P'4"< ); 0$."#"- -'0 +,$#/$. )+3",9;"-'.9?
A",9?)(+.-" 0$($#&$%"- )+3",9;/K. 3%)(2)3 «/#"-,$.-"%).$,9("+.)) #"+.'."7("+.)» 3%) 3%)(8.)) +,"&(1F ) ;'3%"6%'00)%"-'((1F %$?$()<[4]. B() ($ ):/. +"-$%?$(("6" %$?$()8, 3"+4",94/ "(" .%$C/$. -%$0$() )%$+/%+"-, 4"."%1F 0"&$. ) ($ C1.9. N" $+.9 "() ($ +.%$08.+8 4 ."0/, 7."C1C1.9 %'2)"(',9(10) #" +"-$%?$(+.-'. TF 2$,9 +4"%$$ +"+."). - ."0, 7."C1('<.) %$?$()$, 4"."%"$ 8-,8$.+8 #"+.'."7(" F"%"?)0 ) /#"-,$.-"%8$. )0$JK:)0+8 - )F %'+3"%8&$()) -%$0$() ) %$+/%+'0. Q." ;('7)., 7." "() ):/."6%'()7$((" %'2)"(',9("$, ),) «/#"-,$.-"%).$,9("$ ) #"+.'."7("$» %$J?$()$.
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— #$+8.9 #($<. *%) 3")+4$ /#"-,$.-"%).$,9("6" )#"+.'."7("6" %$?$()8 +/.9 #$,' ;'4,K7'$.+8 - ."0, 7."C1 "C$+3$7)-'.9 +"J".-$.+.-)$ %';0$%' ) +,"&("+.) 3%"$4.' + -";0"&(10 %$?$()$0 3%"C,$01) )0$K:)0+8 - (',)7)) -%$0$($0. > "C:$0 ) 2$,"0 C",9?'8 7'+.9 3%)()J0'$01F 0$($#&$%"0 3%"$4.' %$?$()< 0"6/. .",94" -1)6%'.9 ". 3%)0$($J()8 .'4"6" 3"#F"#'.
498
5,'-'
126EJ 8/1%":12. A#8/'&%/, 1$'6 '5 6'J &1B%: /#00"#5#:? 1 :1&, "#"1$6#B$E 2%6$1/ :%J6131='' 2 8/1%": 8/'"#5#3 $13=1 B':?, >%& 1:Q9/10'3 8/1%": 6# 6 &%0(C%2 6#5#$. ./12%$%6'% &15=121=1 R:4/&%0:61 0 >3%6#&' "1$E :#"B% 813%561 $3( '$%6:'L'"#C''81$196EJ /'0"12, 1019%661 2 034>#%, "1=$# 1/=#6'5#C'( '&%%: "16Q:/13?6E) 08'01" /'0"12 (0&. 8/'21$'&E) 6'B% 5#R:/'J12#66E)8/(&14=13?6'" «S#5# 8/193%&: "16:/13?6E) 08'01" $3( 94$4@'J/#08'0#6')») [10]..103% :1=1 "#" /'0"' '$%6:'L'C'/12#6E, 03%$47@') R#= 01Q
0:1': 2 :1&, >:19E 2E(06':?, "#" "#B$E) '5 6'J &1B%: 8123'(:? 6#94$4@'% /#08'0#6'( (0&. 5#R:/'J12#66E) 8/(&14=13?6'", 15#=Q3#23%66E) «./193%&E ' /'0"'», 8/'21$'&E) $#3%% 2 $#661) =3#2%).I:19E U:1: R#= 0:#3 215&1B6E&, 8/1%":6#( "1$# $13B6# 26'Q&#:%3?61 '003%$12#:? 5#2'0'&10:' &%B$4 18%/#C'(&' 2 :%"4@%&/#08'0#6''. S4$4: 3' /'0"' 23'(:? 6# 18%/#C'', 3%B#@'% 6# "/'Q:'>%0"1& '3' 6%"/':'>%0"1& 84:'? X03' 5#:/#='2#%&E% /'0"#&'18%/#C'' 3%B#: 6# 6%"/':'>%0"1& 84:', :1 94$%: 3' 8136E) 2/%Q&%661) /%5%/2 «0W%$%6» 813610:?7? A# "#"1) 0/1" 94$%: 0&%@%615#2%/R%6'% 5#:/#='2#%&EJ 18%/#C')? X03' B% 5#:/#='2#%&E%18%/#C'' 3%B#: 6# "/':'>%0"1& 84:', :1 6# "#"1) 0/1" 94$%: 0&%Q@%61 5#2%/R%6'% 8/1%":#? -1=$# 8/1%":6#( "1$# 8134>': 1:2%Q:E 6# U:' 218/10E, 6%19J1$'&1 25(:? :%"4@%% /#08'0#6'% ' 011:Q2%:0:2%661 42%3'>':? $3':%3?610:' 18%/#C'), >:19E 8134>':?94$4@%% /#08'0#6'%.
8;R; !@78A?> (F?@?X?FF9Y E7!@767E): C7F1@7AHF9S6!=67C :AG 8B:BN=Y @;6!=6;F=S*%) %';%'C".4$ C/#/:$6" %'+3)+'()8 - %'04'F BCFJ'(',);' - ($4"."%"<
-1+"4".$F(","6)7("< "%6'();'2)) 3%"$4.('8 4"0'(#' +('7',' "C%':'$.+84 +-"$< C';$ 3%"C,$0 4'4 4 4"(.%",9("0/ +3)+4/ (+0. 6,'-/ 15, - 4"."%"<3%)-$#$(' )(H"%0'2)8 " C';'F 3%"C,$0). *%"C,$01, 4"."%1$ /&$ -";()J4',) - 3%"?,1F 3%"$4.'F, 0"6/. -";()4(/.9 ) - 3%"$4.'F C/#/:$6". !,$#"J-'.$,9(", "() 3%$#+.'-,8K. +"C"< 3".$(2)',9(1$ %)+4) 3%"$4.'. M,8 4'&J#"< )0$K:$<+8 - C';$ 3%"C,$01 3%"$4.('8 4"0'(#' ;'#'$. -"3%"+: «@"&$.,) E.' 3%"C,$0' +.'.9 %)+4"0 #,8 C/#/:$6" 3%"$4.'? A/#$. ,) -,)8()$, "4'J;1-'$0"$ E."< 3%"C,$0"< (' ('? 3%"$4., ".,)7'.9+8 ". -,)8()8, "4';1-'$J0"6" $< %'($$ (' 3%"?,1$ 3%"$4.1? A/#/. ,) 0$%1, 3%$#3%)(8.1$ - 3%"J?,1F 3%"$4.'F, %'C".'.9 - ('?$0 3%"$4.$, ),) 01 #",&(1 %';%'C".'.9"+"C1$ 0$%1 #,8 ;':).1 ". .'4)F %)+4"-?» A';' 3%"C,$0 3"3",(8$.+8 +"-%$0$($0 ) -4,K7'$. - +$C8 4%'$/6",9(1$ /%"4), 3",/7$((1$ 3%) %$?$())"+("-(1F 3%"C,$0 ) )++,$#"-'()) )F -,)8()8 - 3%"?,1F 3%"$4.'F. N'4)0"C%';"0, E.) #'((1$ 8-,8K.+8 E4+3$%)0$(.',9(10) ) %$',)+.)7(10). T+J3",9;"-'()$ E."< .'4.)4) E4"("0). "6%"0("$ -%$08 (' +"-$:'()8F, 3"0"J6'$. %';%'C'.1-'.9 %'+3)+'()8 C",$$ -1+"4"6" 4'7$+.-' ) )+3",9;/$. 3%"J?,1< "31. #,8 "+,'C,$()8 %)+4"-.
499
L3%'-,$()$ %'+3)+'()$0
7,=#$3',, >,=#$3', ' ,@, )"; >,=#$3',. H06126#( C%3? 20%J8/%$R%0:247@'J R#=12 — 06#9$':? 8/1%": 0'=6#31& /#66%=1 8/%Q$48/%B$%6'( — 0'=6#31&, "1:1/E) =121/':: «./%$8/'6'&#):% $%)Q0:2'( $3( :1=1, >:19E /#5/%R':? 8/193%&E, 2E5E2#7@'% :%"4@%%1:"316%6'% 1: /#08'0#6'( ' 4&%6?R':? /'0"' $3( 94$4@%=1 /#08'Q0#6'(». X03' /#5/%R%6'% U:'J 8/193%& 6%215&1B61, :1 04@%0:24%:6%19J1$'&10:? 8%/%/'012#:? 94$4@%% /#08'0#6'% ' 6#):' #3?:%/Q6#:'2E, "1:1/E% 9E 815213'3' 8/1%":61) "1$% 2E8136':? 8/1Q%": 01=3#061 9#5121&4 /#08'0#6'7. F$%0? &1=4: 9E:? 813%56E $2#81$J1$#: 9E0:/E) 8/1J1$ ' 0B#:'%, # :#"B% 'J "1&9'6#C'(.+3( 9E0:/1=1 8/1J1$#:• 2%/64:?0( " 94$4@%&4 /#08'0#6'7 ' 0L1"40'/12#:? 021% 26'Q'% 6# B%0:"'J ' &(="'J 5#2'0'&10:(J;
• 8/%19/#512#:? 379E% 8103%$12#:%3?61 2E8136(%&E% 18%/#QC'', 02(5#66E% B%0:"'&' 5#2'0'&10:(&', 2 8%/%"/E2#7@'%Q0( 18%/#C'' 2 &#"0'?61 215&1B61) 0:%8%6', 01937$#( 8/'U:1& B%0:"'% 5#2'0'&10:';
• 812:1/61 '54>':? 20% &(="'% 5#2'0'&10:' $3( :1=1, >:19E 8/1Q'52%0:' 8%/%"/E:'% &#"0'?61 215&1B61=1 "13'>%0:2#18%/#C');
• "/1&% :1=1, 8/'6'&#( 21 26''% 04@%0:247@'% &(="'% 5#Q2'0'&10:', 2E$%3':? :% 18%/#C'', "1:1/E% &1=4: 9E:? 2EQ8136%6E 26% 8103%$12#:%3?610:', 40:#6123%661) 2 /#08'Q0#6''.
Y1:( 20% U:' '5&%6%6'( &1=4: 81&1>? 40"1/':? 2E8136%6'%8/1%":#, 2#& 6%19J1$'&1 '5E0"'2#:? $18136':%3?6E% 215&1B61Q0:'. <B#:'% /#08'0#6'( 84:%& 2E$%3%6'( 913?R%=1 "13'>%0:2#/%04/012 $3( 4&%6?R%6'( $3':%3?610:' 18%/#C') "/':'>%0"1=184:' &1B%: 19%08%>':? $18136':%3?647 U"161&'7 2/%&%6' (0&./#5$%3 «<B#:'% /#08'0#6'(» $#3%% 2 $#661) =3#2%). H$6#"1 9E0:Q/E) 8/1J1$ ' 0B#:'% &1=4: 56#>':%3?61 42%3'>':? "13'>%0:21"/':'>%0"'J 18%/#C') ' 84:%), 4B%0:1>#( :/%912#6'( " 48/#23%Q6'7 2/%&%66E&' 8#/#&%:/#&' 8/1%":#. N 0':4#C'(J, 81$196EJU:1), 2E $13B6E B':? 0 1:61R%6'%& «%03' U:1 $13B61 9E:? 0$%Q3#61, :1 $%3#:? U:1 94$4 (». D6E&' 0312#&', 8/'6'&#):%0? 5# /#Q91:4.
&G5HKLEHDMN&O BCF?MNMK&EMF08>" '#/02%;03"$%. BCFQ#6#3'5 1>%6? 813%5%6 :%&, ":1 '0Q
813?54%: $'#=/#&&E ;#6::# '3' TAD. N 8/1%":#J 0 $'#=/#&&#&';#6::# 8/'&%6%6'% BCFQ#6#3'5# :/%94%: J1/1R%=1 56#6'( 5#2'Q0'&10:%) &%B$4 18%/#C'(&', $#B% %03' 16' 6% 81"#5#6E 6# $'#Q=/#&&% ;#6::#. -1=$# 5#2'0'&10:' L1/?61 '$%6:'L'C'/12#6E0 81&1@?7 TAD, 6%831J#( 10612# $3( BCFQ#6#3'5# 4B% &1B%: 0>'Q
500
5,'-'
12
:#:?0( 5#31B%661). N 191'J 034>#(J 106126#( '$%( 010:1': 2 :1&,>:19E 9E:? 8/1#":'26E& (0&. 8/'21$'&E) 6'B% 5#R:/'J12#66E)8/(&14=13?6'" «K:1 "#" /#5 :1, >:1 &6% 64B61») ' 6#0:#'2#:? 6# C%Q310:61& 8/'&%6%6'' BCFQ#6#3'5# 2 J1$% 1951/12 J1$# 8/1$2'B%Q6'(, "#" L1/?6EJ, :#" ' 6%L1/?6EJ. +#66E) #6#3'5 8/'&%Q6'& " 6%913?R'& ' 0/%$6'& 8/1%":#& 2 913?R%) 0:%8%6', >%&" 913?R'& ' 031B6E&.
D),+4 '#/02%;03"('4. ./1%":6#( "1$#, 193#$#7@#( /#Q54&6E& 4/126%& 6#2E"12 ' 81$=1:12"', &1B%: 81$=1:12':? BCFQ#6#3'5 $3( 01$%/B#@%) 25 18%/#C') $'#=/#&&E ;#6::# '3' TAD 5#45— 60 &'64:. .1 &%/% 42%3'>%6'( >'03%6610:' "1$E 215/#0Q:#%: ' :/%94%&1% 2/%&(.
D-80>-. BCFQ#6#3'5 — U:1 1$'6 '5 6#'913%% 8/10:EJ '60:/4Q&%6:12, "1:1/E) 81&1=#%: $10:'>? 1"16>#:%3?61) C%3' 48/#23%Q6'( 8/1%":#&' — 8/%$0"#54%&10:' /#08'0#6'( 8/1%":#. H8'/#(0?6# 01=3#012#661% 8/%$0"#5#6'% $#: 5#2%/R%6'( 18%/#C') ' 8/1Q%":# 2 J1$% 012%@#6') 81 J1$4 '08136%6'( 8/1%":# 2 01>%:#6''0 =3491"'& 816''%& "1/%66EJ 8/'>'6, 2E5E2#7@'J 5#$%/B"'/#08'0#6'(, # :#"B% 8/'&%6(( "1//%":'/47@'% 215$%)0:2'(,BCFQ#6#3'5 =1:12': 8/1%":647 "1$4 " :1&4, >:19E 2'$%:? 94$4Q@%% /#08'0#6'( 8/1%":# ' 2%/9#3'512#:? (2E/#B#:? 0312#&') U:194$4@%%.
5),'+*@,#$3" ' (,>0#$"$1'. - 8/%'&4@%0:2#& BCFQ#6#3'5#1:610':0( 03%$47@%%.
• >'(/.4D,-% BJJ"2+ (,.$4:1,3*+D). +#66E) '60:/4&%6: 19%0Q8%>'2#%: =/#L'>%0"1% 8/%$0:#23%6'% /#08'0#6') 8/1%":#, "1Q:1/1% 93#=1:21/61 23'(%: 6# $'6#&'>61% ' 8/1$4":'261% '6Q
67E?19 !7 BCF\;F;A=RB• *%)#'.9 +"-$:'()80 3" -"3%"+/ 3%"6%$++' 3%"$4.' ) 3%"-$#$()8 BCFJ'(',);' %)./',9(/K ;('7)0"+.9 (-";-$+.) )F - %'(6 %)./','). D$0 ,/7J?$ 3%"-"#8.+8 +"-$:'()8, .$0 ,/7?$ C/#/. %$;/,9.'.1 '(',);'.
• !.%$0).9+8 4 3",/7$()K #"+.'."7(" F"%"?)F, (" ($ +"-$%?$((1F .$J4/:)F ) C/#/:)F %'+3)+'()<. G42$(. #",&$( #$,'.9+8 (' .%$(#$, ' ($."7("+.).
• ='+."8.9 (' 0'4+)0',9(" -";0"&("0 -;')0"#$<+.-)) 0$&#/ -,'J#$,92'0) "3$%'2)< (' +"-$:'()8F " 3%"6%$++$ #,8 ."6", 7."C1 3"J0"79 )0 3"(8.9, 4'4 "() -,)8K. #%/6 (' #%/6' ) (' 3%"$4..
• *"('C,K#'.9 ;'.$0, 4." ); -,'#$,92$- "3$%'2)< +4,"($( 4 7%$;0$%J("0/ "3.)0);0/ ),) 3$++)0);0/ 3%) 3%$#+4';'()) -%$0$() ;'-$%?$J()8. T0 0"&$. 3".%$C"-'.9+8 )(#)-)#/',9("$ "C/7$()$ (.%$()%"-4')#,8 3%$"#",$()8 E.)F .$(#$(2)<.
501
L3%'-,$()$ %'+3)+'()$0
L1/&#C'1661% 25#'&1$%)0:2'% "#" &%B$4 8/1%":61) "1Q$1) ' /4"121$0:21&, :#" ' 264:/' 8/1%":61) "1$E.
• ;#3.2+'),3*+D. H6 81&1=#%: 8/%$1:2/#:':? «81B#/E» 2 8/1Q%":% 5# 0>%: :1=1, >:1 $%)0:24%: 0%)>#0, # 6% 81:1&, "1=$# 81B#Q/E /#5=1/#7:0( ' "1=$# 'J 0:#612':0( :/4$61 81=#0':?.
< $/4=1) 0:1/16E, BCFQ#6#3'5 &1B%::• 2E5E2#:? 018/1:'23%6'% 8/%$3#=#%&1) &1$%3' 812%$%6'(.,61='% 4>#0:6'"' 8/1%":12 6% 8/'2E"3' " :1&4, >:19E 9E:?8/1#":'26E&'. H6' 0"1/%% 8/%$81>':#7: /%#='/12#:? 6# 6%Q93#=18/'(:6E% 8/1%":6E% 0':4#C'', "1=$# :% 2156'"#7:.X03' 2E 818/10':% 'J '0813?512#:? $#66E) '60:/4&%6:, U:1&1B%: 56#>':?, >:1 2#& 8/'$%:0( 91/1:?0( 0 'J 018/1:'23%6'Q%&, >:1 $3( &61='J &%6%$B%/12 8/1%":12 (23(%:0( 6%3%="1)8/193%&1);
• 9E:? 031B6E&. N 8/1%":#J 0 19R'/6E&' /#08'0#6'(&', 01Q$%/B#@'&' &61B%0:21 5#2'0'&10:%), 8/'&%6%6'% BCFQ#6#3'Q5# &1B%: 9E:? 03'R"1& 8/193%&#:'>6E& ' 2/%&(%&"'&.
D")'".''. ,%6%$B%/E &43?:'8/1%":12 0"3166E '0813?512#:?BCFQ#6#3'5 "#" '60:/4&%6: $3( "16:/13( /#08'0#6'( &61B%0:2%6Q6EJ 8/1%":12, "1:1/E&' 16' 48/#23(7: 1$612/%&%661. N U:1& 034Q>#% "#B$#( 3'6'( 6# 20%J :/%J /#08'0#6'(J 8/%$0:#23(%: 0191) 6%18%/#C'7 8/1%":#, # 8/1%":. .1 04@%0:24, /%543?:#:1& #6#3'5# (2Q3(7:0( 9#5121%, :%"4@%% ' 94$4@%% /#08'0#6'% $3( =/488E 8/1%"Q:12, 6#8/'&%/, 010:1(@%) '5 4—7 8/1%":12.
M>"/$".'4 BCF?"("2';". *1, >:1 &E 18'0E2#3' $1 0'J 81/, %0:?1919@%66#( L1/&# #6#3'5#. H6 &1B%: 81$1):' $3( 3791=1 8/1%":#,1$6#"1 >#@% 20% B% 2#& 8/'$%:0( #$#8:'/12#:? %=1 " 08%C'L'"% 8/1Q%":61) 0':4#C'', >:19E 8134>':? 1: 6%=1 &#"0'&4& 813?5E. ./'2%Q$%66E% 2ER% 8/'&%/E '3370:/'/47: 8/1C%00 :#"1) #$#8:#C''.
I17 C;C @;R 17, <17 >F? FBOF7«X -13",(8K 5—6 3%"$4."- "#("-%$0$((" - 0'.%)7("0 "4%/&$()), ('J
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», — 3" +$4%$./ +""C:), 0($"#)( 0$($#&$% 3%"$4.'. P"6#' "( 3";('4"0),+8 + SCFJ'(',);"0, $6" %$'4J2)8 C1,' +,$#/K:$<: «Q." 4'4 %'; .", 7." 0($ (/&("».
502
5,'-'
12
COEUPON 6#0:1(@%& /#5$%3% 6#R% 26''% 9E31 010/%$1:1>%61 6#
BCFQ#6#3'5%. K:1: '60:/4&%6: 104@%0:23(%: 0/#26%6'% 9#5121=1/#08'0#6'( 8/1%":# 0 $24&( 8/%$0"#5#66E&' /#08'0#6'(&', 8%/Q21% '5 "1:1/EJ 10612E2#%:0( 6# :%"4@%& 56#>%6'' J1$# '08136%Q6'(, # 2:1/1% 2E:%"#%: '5 /#52':'( 81 0C%6#/'7 6#'J4$R%=1 034Q>#(. N6% 5#2'0'&10:' 1: :1=1, '0813?54%:0( $3( U:1=1 $'#=/#&&#;#6::# '3' TAD, BCFQ#6#3'5 8/%$3#=#%: 8/1#":'26E) 81$J1$ " "#Q3%6$#/61&4 83#6'/12#6'7. N >#0:610:', 810/%$0:21& 01=3#012#6Q61=1 (31='>%0"' 6%8/1:'21/%>'21=1) 8/%$0"#5#6'( /#08'0#6'(BCFQ#6#3'5 =1:12': "1$4 " :1&4, >:19E 6#=3($61 8/%$0:#23(:?94$4@%% /#08'0#6'( 8/1%":# ' /#5/#9#:E2#:? $%)0:2'(, 6%19J1$'Q&E% $3( :1=1, >:19E 818#0:? 2 U:1 94$4@%%. +#66E) '60:/4&%6:2 913?R%) 0:%8%6' 8/'&%6'& " E& ' 0/%$6'& 8/1%":#&, >%&" 913?R'& ' 031B6E&. N 8/'21$'&1& 6'B% 5#R:/'J12#661& 8/(Q&14=13?6'"% 8/'2%$%6E "37>%2E% 0119/#B%6'(, "1:1/E% 03%$4%:8/'6(:? 21 26''% 8/' 2E8136%6'' BCFQ#6#3'5#.
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 BCFJ'(',); - 4'7$+.-$)+3",9;"-'()8 4%'$/6",9("6" 4'0(8 #,8 H"%0',9("6" -$#$()8
".7$.("+.) " F"#$ )+3",($()8. T+3",9;"-'.9BCFJ'(',); - 4'7$+.-$ ;'0$(1 H"%0',9(1F".7$."- " F"#$ )+3",($()8, $+,) "%6'();'2)8($ .%$C/$. .'4)F ".7$."-. T+3",9;"-'.9BCFJ'(',); +"-0$+.(" + 3%)-8;'((10)4 -%$0$(("< ?4',$ #)'6%'00'0) - 0',1F) +%$#()F 3%"$4.'F
@"#)H)4'2)8 4"(4%$.("< M,8 4'&#"< "3$%'2)) ;'0$().9 ,)()8F'%'4.$%)+.)4) )+3",($()8 (' ;('7$()$, +"".-$.+.-/K:$$ #",$
-13",($((1F %'C".
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
!@7E?@C; B6F\;F;A=R;LC$#).$+9, 7." -1 -13",(),) '(',); EHH$4.)-(". Q.". '(',); #",&$(
-4,K7'.9 - +$C8 +,$#/K:$$:• C';"-"$ %'+3)+'()$ - -)#$ #)'6%'001 5'(..' ),) TAD;• +.'./+(/K #'./;• .$4/:$$ %'+3)+'()$, %';%'C".'(("$ (' "+("-$ ".7$."- " F"#$ )+3",($J()8 ,)C" -$%C',9("< (+,"-$+("<) )(H"%0'2)) " H'4.)7$+4"0 F"#$)+3",($()8;
• C/#/:$$ %'+3)+'()$, "+("-'(("$ (' .$4/:$0 %'+3)+'()) ) )(H"%0'J2)) " %)+4'F;
• "3%$#$,$((1$ #$<+.-)8, 4"."%1$ 0"6,) C1 3"0"79 -13",().9 3%"$4.- +"".-$.+.-)) + C';"-10 %'+3)+'()$0, $+,) C/#/:$$ %'+3)+'()$ +-)J#$.$,9+.-/$. " ($6'.)-("0 .%$(#$.
503
L3%'-,$()$ %'+3)+'()$0
:=;D@;>>; !@7DF7R=@7E;F=GC7F1@7AHF9Y 67891=S
<17 1;C7? :=;D@;>>; !@7DF7R=@7E;F=GC7F1@7AHF9Y 67891=S?.1$1961 $/4='& 8/1#":'26E& '60:/4&%6:#& "16:/13( /#08'0#Q
6'(, $'#=/#&&# 8/1=615'/12#6'( "16:/13?6EJ 019E:') 8/%$2'Q$': :%&8 94$4@%=1 8/1$2'B%6'( 8/1%":#. N 1:3'>'% 1: $/4='J 8/1Q#":'26EJ '60:/4&%6:12 "16:/13( /#08'0#6'(, 16# L1"40'/4%:0(6# 8/%$0"#5#6'' 106126EJ 019E:') 8/1%":# — %=1 "16:/13?6EJ 01Q9E:') ' 5#2%/R%6'(. O#00&1:/'& /'0. 12.6. H:&%:'&, >:1 6# 2%/:'Q"#3?61) 10' 81"#5#6E 8/%$0"#5E2#%&E% $#:E 6#0:483%6'( "16"Q/%:6EJ "16:/13?6EJ 019E:'), # 6# =1/'516:#3?61) — L#":'>%0"'%$#:E, 2 "1:1/E% 2E8136(3'0? 8/%$0"#5#6'(. [061, >:1 6#>#3?6#(:1>"# =1/'516:#3?61) 10' —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
!761@7?F=? :=;D@;>>9 !@?:6C;R;F=GC7F1@7AHF9Y 67891=S50>80$031" '#B0>(0= '(J0)+".''. +3( 810:/1%6'( $'#=/#&Q
&E 6%19J1$'&# 03%$47@#( '0J1$6#( '6L1/&#C'( 6#$3%B#@%=1 "#Q>%0:2#:
• 9#5121% /#08'0#6'%, 8/%$81>:':%3?61 :#"1%, 6# "1:1/1& 1:/#QB%6E 5#2'0'&10:';
• 1:>%:E 1 J1$% '08136%6'( '3' 2%/9#3?6#( '6L1/&#C'( 1 L#"Q:'>%0"1& J1$% '08136%6'(;
• 5#8/10E 6# 26%0%6'% '5&%6%6').
504
5,'-'
12
S#5121% /#08'0#6'% '0813?54%:0( 0 6%0"13?"'&' C%3(&'. N1Q8%/2EJ, 16 19%08%>'2#%: 1:19/#B%6'% 6# 2%/:'"#3?61) 10' 83#6'Q/4%&EJ "16:/13?6EJ 019E:'). H6 :#"B% 20"/E2#%: 5#2'0'&10:'&%B$4 18%/#C'(&', 6%19J1$'&E% $3( #6#3'5# 23'(6'( "16:/13?Q6EJ 019E:'). S4$4@'% 8/%$0"#5#6'( "16:/13?6EJ 019E:') (1 2#BQ610:' 8/%$0"#5#6'( 0&. 8/'21$'&E) 6'B% 5#R:/'J12#66E) 8/(&1Q4=13?6'" «F#9E:E) #6#3'5 :/%6$12: $%B# 27?») 94$4: 9#5'/12#:?0(6# 1:>%:#J '3' 2%/9#3?61) '6L1/&#C'' 1 J1$% '08136%6'(, # :#"B%6# 5#8/10#J 6# 26%0%6'% '5&%6%6'), 6#J1$(@'J0( 2 8/1C%00% /#0Q0&1:/%6'( '3' 81$=1:12"'.
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«./12%$%Q6'% 20:/%>' 0 23#$%3?C#&' 18%/#C')» /#5$%3# «G'6'( '08136%6'(»
C'#. 12.6. ./'&%/ $'#=/#&&E 8/%$0"#5#6'("16:/13?6EJ 019E:')
505
L3%'-,$()$ %'+3)+'()$0
6#0:1(@%) =3#2E. K:1 81&1B%: 2#& /#5/#91:#:? 6#$3%B#@') 8/1QC%00 $3( 20:/%> 0 23#$%3?C#&' "16:/13?6EJ 019E:'), "1:1/E%,2 0217 1>%/%$?, &1=3' 9E 2"37>#:? 20:/%>' 8103%$6'J 0 23#$%3?C#Q&' 18%/#C'), 010:#23(7@'J U:' "16:/13?6E% 019E:'(.
G0;-3 #03,@"('4 0 B0>, '#/02(,('4. I:1 "#0#%:0( 04:', :18#/#=/#L «<15E2 012%@#6'( J1$% '08136%6'(», 2J1$(@') 2 /#5$%3«G'6'( '08136%6'( » 6#0:1(@%) =3#2E, 28136% 8/'&%6'& ' 5$%0?.N >%& &1B%: 2156'"64:? /#53'>'%, :#" U:1 2 :1&, ":1 $13B%6 810%Q@#:? U:' 012%@#6'(. ,%6%$B%/ 8/1%":# 19E>61 64B$#%:0( 2 :1&,>:19E 6# 012%@#6'' 8/'04:0:212#3' 23#$%3?CE "16:/13?6EJ 01Q9E:'), "1:1/E%, 2 0217 1>%/%$?, &1=4: 81B%3#:? 8/'04:0:2'( 021'J23#$%3?C%2 18%/#C'). N0%& 2ER%8%/%>'03%66E& 3'C#& 6%19J1$'Q&E 481/($1>%6'% 8/121$'&E% ' /%=43(/6E% 20:/%>' 0 >%:"1 0L1/Q&43'/12#661) ' /#08'0#661) 81 2/%&%6' 812%0:"1). N J1$% U:'J20:/%> 8/1'0J1$': 19&%6 C%66%)R%) '6L1/&#C'%) 21 93#=1 8/1#"Q:'261=1 "16:/13( /#08'0#6'( "16:/13?6EJ 019E:'). D0813?512#Q6'% 8/1#":'261=1 81$J1$# " "16:/137 /#08'0#6'( (23(%:0( 6#0:1Q(:%3?61) 6%19J1$'&10:?7 (0&. 5#R:/'J12#66E) 8/(&14=13?6'"«S4$?:% 8/1#":'26E: 8(:? 218/1012 8/1#":'261=1 C'"3# "16:/13(8/1%":#», 8/'21$'&E) /#6%% 2 $#661) =3#2%).
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«3'C1& " 3'C4» 191=#@%66E) 19&%6 '6L1/&#C'%) &%B$4 23#Q$%3?C#&' "16:/13?6EJ 019E:') ' $/4='&' 4>#0:6'"#&' 6% 56#%:0%9% /#26EJ (0&. 8/'21$'&E) 6'B% 5#R:/'J12#66E) 8/(&14=13?Q6'" «K:1 :1: 0#&E) '60:/4&%6:»).
C'#03"(', >'"8)"++- /),>#1";"('4 10($)02%(-B #0:-$'=.+3( :1=1 >:19E 6#/'012#:? $#6647 $'#=/#&&4, 6%19J1$'&1:
• 6#6%0:' "16:/13?6E% 019E:'(, 6#J1$(@'%0( 2 9#5121& /#08'Q0#6'', 6# 2%/:'"#3?647 10? $'#=/#&&E — U:1 94$4: "16:Q/13?6E% 019E:'(, 6#0:48#7@'% «"#" 5#83#6'/12#61»;
506
5,'-'
12
• $#3%% 6#/'012#:? 3'6'7 2E8136%6'(. .10"13?"4 19% 10' —2%/:'"#3?6#( ' =1/'516:#3?6#( — '0813?547: 2 "#>%0:2% 10Q612E 1$61 ' :1 B% /#08'0#6'%, U:# 3'6'( 8/1J1$': 81$ 4=31&45 " "#B$1) '5 10%).
+#3%% 015E2#%:0( 8%/21% 012%@#6'% 1 J1$% 8/1$2'B%6'( 8/1%"Q:#. ./1C%00 2E=3($': 03%$47@'& 19/#51&.
• .1$=1:123%66E) 6#$3%B#@'& 19/#51& 23#$%3%C 8%/21=1 "16:Q/13?61=1 019E:'( 0B#:1 18'0E2#%: 021) J1$ 8/1$2'B%6'((913%% $%:#3?6#( '6L1/&#C'( &1B%: 9E:? 6#)$%6# 2 5#R:/'QJ12#661& 8/(&14=13?6'"% «NE8136(( 1C%6'2#6'% L#":'>%Q0"1=1 010:1(6'(, 0:/%&':%0? " $10:'B%6'7 4$123%:21/':%3?Q61=1 ' $10:#:1>61=1 /%R%6'(»), 81:%6C'#3?61% 1:"316%6'% 1:9#5121=1 83#6#, # :#"B% :%"4@'% 8/193%&E, 2E5E2#7@'% U:11:"316%6'%, ' $#%: 8/%$2#/':%3?61% 8/%$0"#5#6'% $#:E 6#Q0:483%6'( "16:/13?61=1 019E:'(. H8'/#(0? 6# /#08'0#6'%,81"#8E2#7@%% 5#2'0'&10:' &10:' &%B$4 "16:/13?6E&' 01Q
R;8919S ;F;A=R 1@?F:7E: :?O; EP?R'3'#(1$ 4"%3"%'2)) );"C%$,) /3%'-,$()$ 4'7$+.-"0, ;'C1,) $6" ) +("J
-' "+-"),) - .8&4)F C).-'F + 83"(+4)0) 4"(4/%$(.'0) [1]. =$ ('C,K#'$0 ,)01 ." &$ +'0"$, 4"6#' %$79 ;'F"#). "C '(',);$ .%$(#"-, 3%$#+.'-,$(("0 -"3J%"+'0) 3 ) 4 ('?$6" I!I!? ='? "31. 3"4';1-'$., 7." C",9?)(+.-" 3%"$4."-- F"#$ 4"(.%",8 %'+3)+'()8 ) -$#$()8 ".7$.("+.) " 3%"6%$++$ #$,'K. '42$(.(' )+."%)7$+4"0 '+3$4.$» /3/+4'8 ); -)#/ 3%$#+4';'()$ #'.1, ;'-$%?$()83%"$4.' (' "+("-$ '(',);' .%$(#'. P'4 /&$ #'-(" +4';'(" +3$2)',)+.'0),2$,9 4"(.%",8 3%"$4.' -1%'&'$.+8 H%';"<: «=)4'4)F -($;'3(1F 3".%8+$()<,3"&',/<+.'!» [5]. T(10) +,"-'0), 01 -13",(8$0 3%$#+4';'()$ .%$(#' 3"."J0/, 7." 6"%';#" ,/7?$, $+,) 01 C/#$0 ;'C,'6"-%$0$((" ;('.9, 7." 0"&$. 3%"J);"<.), 7$0 «$+,) 01 C/#$0 3%"+." +0".%$.9, 4'4 E." 3%")+F"#).» [5]. Q." #$J,'$. '(',); .%$(#"-, ." $+.9 ."6", 4/#' 01 #-)&$0+8, $#)(+.-$((10 (')C",$$-'&(10 )(H"%0'2)"((10 E,$0$(."0 4"(.%",8 3%"$4.'.
='?) 0$($#&$%1, "+"C$((" %'C".'K:)$ - C);($+$, - 4"."%"0 -%$08-1F"#' (' %1("4 8-,8$.+8 -'&(10 3'%'0$.%"0, ($('-)#8. +)./'2)), - 4"."J%1F )0 -($;'3(" 3%)F"#).+8 +,1?'.9, 7." %'+3)+'()$ 3%"$4.' -".J-". +"J+4",9;($. (C/#$. +"%-'("). ! )F ."74) ;%$()8, 6"%';#" ,/7?$ /;('.9 " ."0,7." -13",($()$ 3%"$4.' - #$<+.-).$,9("+.) 0"&$. "4';'.9+8 ;'#$%&'((10,;'%'($$. =',)7)$ 3%"6(";' .%$(#', .'4)0 "C%';"0, #'$. - %/4) 0$($#&$%/3%"$4.' «+)6(',1 %'(($6" 3%$#/3%$&#$()8», + .$0 7."C1 "( )0$, -";0"&J("+.9 3%$#3%)(8.9 4'4)$J." #$<+.-)8, 3"4' $:$ -";0"&(" "C%'.).9 ($C,'J6"3%)8.(1$ .%$(#1 [5]. @"&(" ,) +4';'.9, 7." E.) 4"00$(.'%)) ;'()&'K.2$(("+.9 )+."%)7$+4"< )(H"%0'2)) - 4"(.%",$ 3%"$4.', ." $+.9 -"3%"+"-1 ) 2 I!I!? >""C:$ 6"-"%8, ($.. D." 01 6"-"%)0, .'4 E." .", 7." (' )+."%)K,%';/0$$.+8, 3"-,)8.9 ($,9;8, - ." -%$08 4'4 (' C/#/:$$ — 0"&("; 3"E."0/#,8 3%"$4.("< 4"0'(#1 C",$$ -'&(" )+3",9;"-'.9 E./ )+."%)7$+4/K )(JH"%0'2)K #,8 3%$#+4';'()8 .%$(#' C/#/:$6" %'+3)+'()8 ) -1C"%' +.%'.$J6)7$+4)F #$<+.-)< #,8 ."6", 7."C1 -13",().9 3%"$4. - +"".-$.+.-)) + 3,'J("0. T0$((" 3" E."< 3%)7)($ '(',); .%$(#"- #",&$( C1.9 2$(.%',9(10E,$0$(."0 4"(.%",8 %'+3)+'()8.
507
L3%'-,$()$ %'+3)+'()$0
9E:'(&' / 18%/#C'(&', 23#$%3%C 2E0"#5E2#%: 021% &6%6'%1 :1&, "#" L#":'>%0"') 0:#:40 "16:/13?61=1 019E:'( &1B%:8123'(:? 6# J1$ $10:'B%6'( 5#2'0(@'J 1: 6%=1 "16:/13?6EJ019E:'). O#521/#>'2#%:0( C%3%6#8/#23%66#( $'0"400'(.
• N3#$%3?CE 5#2'0'&EJ "16:/13?6EJ 019E:') 5#8/#R'2#7:$18136':%3?647 '6L1/&#C'7 ' $%3(:0( 021'& &6%6'%& 1 021Q%& L#":'>%0"1& 8/1=/%00%, 1:"316%6'(J ' :%"4@'J 8/193%&#J.H6' :#"B% $#7: 8/%$2#/':%3?61% 8/%$0"#5#6'% $#: 6#0:483%Q6'( 021'J "16:/13?6EJ, #6#3'5'/47: 'J L#":'>%0"1% 23'(Q6'% 6# 5#2'0'&E% "16:/13?6E% 019E:'( ' /#00&#:/'2#7: 215Q&1B6E% 94$4@'% /'0"', "1:1/E% &1=4: 2 94$4@%& 8/'2%0:'" 0/E24 6#0:483%6'( "16:/13?6EJ 019E:').
•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
+#66E) 8/1C%00 $13B%6 812:1/(:0( 20("') /#5 8/' 1951/% J1$#'08136%6'(. -#" :13?"1 "16:/13?61% 019E:'% $10:'=64:1, 161 $13QB61 9E:? 1:&%>%61 6# 3'6'' 2E8136%6'(.
&G5HKLEHDMN&O 7&MWCMPP[ 5CO7GFMEMN&SFHNTCHKLN[X GH\[T&QF08>" '#/02%;03"$%. +'#=/#&&# 8/%$0"#5#6'( "16:/13?6EJ
019E:') /#5/#91:#6# 2 8%/247 1>%/%$? $3( :1=1, >:19E 8/1=615'Q/12#:? $#:E 6#0:483%6'( 106126EJ "16:/13?6EJ 019E:') [11]. H6#2"37>#%: 6% 913%% 6—7 106126EJ "16:/13?6EJ 019E:') 2E0R%=1'%/#/J'>%0"1=1 4/126( 8/1%":#, 94$? 16 913?R'& '3' E&. A%Q0&1:/( 6# U:1, $1213?61 &61='% &%6%$B%/E 8/1%":12 8/'&%6(7: %%2 1:61R%6'' 6%56#>':%3?6EJ "16:/13?6EJ 019E:'), >'031 "1:1Q/EJ '5&%/(%:0( $%0(:"#&'. ./' U:1& 16' 6% "#B4:0( 37$?&', 09'Q:E&' 0 :13"4 $'#=/#&&1), "1:1/#( 2 6#R%& 816''' (23(%:0(8%/%6#0E@%661) ' 6%ULL%":'261). N6% 5#2'0'&10:' 1: :1=1, 0 '0Q813?512#6'%& "#"'J "16:/13?6EJ 019E:') — 106126EJ '3' 6%56#Q>':%3?6EJ — 810:/1%6# $'#=/#&&#, '0813?512#6'% $'#=/#&&E
508
5,'-'
128/1#":'26E& 19/#51& :/%94%: J1/1R%=1 816''( 5#2'0'&10:%)&%B$4 "16:/13?6E&' 019E:'(&'. N11/4B'2R'0? :#"'& 816'&#Q6'%&, 8/1%":6#( "1$# &1B%: 0:/1':? $10:#:1>61 J1/1R'% $'#=Q/#&&E 2 J1$% /%=43(/6EJ 1951/12 J1$# 8/1$2'B%6'(, "#" L1/?Q6EJ, :#" ' 6%L1/?6EJ.
D),+4 )";)":0$1'. A%913?R1) 18E:61) "1$% 8/1%":# $13BQ61 J2#:':? 6% 913%% 30 &'64: 6# 810:/1%6'% $'#=/#&&E, 01$%/B#Q@%) 6 '3' 7 "16:/13?6EJ 019E:'). P2%3'>%6'% >'03%6610:' 8/1%"Q:61) "1$E 6%'59%B61 42%3'>': :/%912#6'( "1 2/%&%6'.
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
5),'+*@,#$3" ' (,>0#$"$1'. +'#=/#&&# 8/%$0"#5#6'( "16:Q/13?6EJ 019E:') J#/#":%/'54%:0( 03%$47@'&' 8/%'&4@%0:2#&'.
• L#.J'0"*23" 9#"1*+.)4",'". [0610:? 8/%$0:#23%6'(, 19%08%Q>'2#%&#( 6#8/#23%661) 3'6'%), 01%$'6(7@%) 1:$%3?6E%8/%$0"#5#6'( "16:/13?6EJ 019E:'), 6% '&%%: 0%9% /#26EJ, ',2%/1(:61, U:1 106126#( 8/'>'6# :(=1:%6'( /4"121$':%3%)2E0R%=1 52%6# " $#661&4 '60:/4&%6:4. -#" 0"#5#3 1$'6 08%C'Q#3'0:, «81$196E% =/#L'>%0"'% 8/%$0:#23%6'( 81>:' 6% $1840Q"#7: 1R'91" 8/' 012%/R%60:212#6'' 8/%$0"#5#6') /#08'0#Q6') 81 0/#26%6'7 0 '0813?512#6'%& :13?"1 &%:1$# PERT '3'$'#=/#&& ;#6::#» [12].
• ;#3*+3+.. +#B% 6%08%C'#3'0:4 $10:#:1>61 3'R? 6%0"13?"'J&'64: $3( :1=1, >:19E 6#4>':?0( >':#:? '3' '6:%/8/%:'/1Q2#:? $'#=/#&&4 8/%$0"#5#6'( "16:/13?6EJ 019E:').
• >3(<3C,3*+' /4/0O",':. H:"/E:1% ((261%) '519/#B%6'%8/%$0"#5E2#%&EJ $#: 6#0:483%6'( "16:/13?6EJ 019E:')8/'2%$%: " :1&4, >:1 8/1%":6#( "1$# 0:#6%: 34>R% 2E813Q6(:? 1C%6'2#6'% 021%=1 J1$# '08136%6'( [12].
509
L3%'-,$()$ %'+3)+'()$0
- 6%$10:#:"#& &1B%: 9E:? 1:6%0%61 03%$47@%%.• > 23#93#.+'),-M 2/4D+/pax, ) 23+3#-M 3+*/+*+)/"+ 93*+3F:,,3" *+#"<4",'" 2 *3)"#O",*+)/, B+. 1'.$#.<<. <3C"+I-+D '*934D(3).,. 2.2 *#"1*+)3 /G"<4",': 4E1"% ) *4/0.","*4' 'M #.*9'*.,'" 932.(-)."+ +",1",7'E 2 *3*2.4D(-).,'E.</%$' 8%/016#3# U:1 &1B%: /#00&#:/'2#:?0( "#" 4=/15#, ' U:10119/#B%6'% $13B61 8/'6'&#:?0( 21 26''%, 8/%B$% >%& 94Q$%: 8/'6(:1 /%R%6'% 19 '0813?512#6'' $#661) $'#=/#&&E.
• K'.$#.<<., 3+3I#.C.EG.: I34DO"" 234'0"*+)3 23,+#34DF,-M *3I-+'%, 6#8/'&%/ 15, &1B%: 0:#:? >/%5&%/61 6#0E@%6Q61) ' :/4$61) 2 816'''.
• &" )*" )4.1"4D7- 23,+#34D,-M *3I-+'% 93,'<.E+ 2 81361)&%/% 5#2'0'&10:? 8/%$R%0:247@'J "16:/13?6EJ 019E:') 811:61R%6'7 " 0190:2%661&4 "16:/13?61&4 019E:'7. K:1 &1QB%: 8/'2%0:' " 6%:1>6E& 1C%6"#& $#: 6#0:483%6'( "16:Q/13?6EJ 019E:').
I17 171 6;>9S =F61@B>?F1Q." ;'(8," "4"," 30 0)(/.. T0$((" +.",94" -%$0$() 6%/33' +.'%?)F 0$J
($#&$%"- 3%"6%'00 (0$($#&$%"- 3%"6%'00 -1+?$6" ;-$(') ); ($4"."%"<-1+"4".$F(","6)7("< "%6'();'2)) ".-$,' (' 3%"+0".% 3%$;$(.'2)), ";'6J,'-,$(("< «=$+4",94" F"%"?)F )(+.%/0$(."- 4"(.%",8 3%"$4.'»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
!@7E?@C; :=;D@;>>9 C7F1@7AHF9Y 67891=SLC$#).$+9, 7." -1 %';%'C".',) F"%"?/K #)'6%'00/ 3%$#+4';'()8. B('
#",&(' 3"4';1-'.9 +,$#/K:$$:• #'.1 ;'-$%?$()8 +"6,'+(" C';"-"0/ 3,'(/ ) 3%$#+4';1-'$01$ #'.1;'-$%?$()8 #,8 4'&#"6" 4"(.%",9("6" +"C1.)8 ) -+$6" 3%"$4.';
• #'.1, - 4"."%1$ C1,) +#$,'(1 3%$#+4';'()8;• ,)()) .%$(#"-, +-8;1-'K:)$ -+$ 3%$#+4';'()8 #,8 4'&#"6" 4"(4%$.J("6" 4"(.%",9("6" +"C1.)8;
• ,)()K -13",($()8.
510
5,'-'
12
D")'".''. A#'913%% 81843(/6E% 2#/'#C'' 010:1(: 2 '0"37>%Q6'' 8/%$0"#5#6'( $#: "16:/13?6EJ 019E:') ' 01J/#6%6'' :13?"18/%$0"#5#6'( $#:E 5#2%/R%6'( 8/1%":#. Y1:( 2 $'#=/#&&4 &1B%:9E:? 2"37>%61 81/($"# 10 8/1%":12, '&%):% 2 2'$4, >:1 03'R"1&913?R1% "13'>%0:21 8/1%":12 &1B%: 0$%3#:? $'#=/#&&4 2%0?&# 5#Q84:#661). +3( "#B$1=1 8/1%":# 1:&%>#):% 8/%$0"#5#66E% $#:E 5#Q2%/R%6'(, # 5#:%& 01%$'6():% 20% 0$%3#66E% 8/%$0"#5#6'(, ' 2E8134>':% 3'6'7 :/%6$# 8/1%":#. -#" ' 2 034>#% $'#=/#&&E 8/%$Q0"#5#6'( "16:/13?6EJ 019E:'), 8/1%":E, 2E8136(7@'%0( 0:/1=181 /#08'0#6'7, 8/'93'B#7:0( " 3'6'' 2E8136%6'( =1/'516:#3?Q61. *% 8/1%":E, "1:1/E% &1=4: 9E:? 5#2%/R%6E /#6?R% 0/1"#, '&%Q7: 6#"316 26'5, 2 :1 2/%&( "#" :%, "1:1/E% 6#J1$(:0( 2 831J1& 01Q0:1(6'' (:1 %0:?, 81Q2'$'&1&4, 94$4: 5#2%/R%6E 0 1815$#6'%&),'&%7: 6#"316 22%/J.
M>"/$".'4 >'"8)"++- /),>#1";"('4 10($)02%(-B #0:-?$'=. ,E 8/%$0:#2'3' 1919@%66E) 2#/'#6: $'#=/#&&E 8/%$0"#5#Q6'( "16:/13?6EJ 019E:'). +3( 8134>%6'( &#"0'?61) 813?5E2#& 03%$4%: #$#8:'/12#:? %=1 " "16"/%:6E& 8/1%":6E& 64B$#&.NER% 8/'2%$%6 /($ 8/'&%/12 81$1961) #$#8:#C''.
COEUPON $#661& /#5$%3% 9E3# /#00&1:/%6# $'#=/#&&# 8/%$0"#5#6'(
"16:/13?6EJ 019E:'). .10/%$0:21& 481/($1>%661=1 81$J1$# U:#$'#=/#&&# 0810190:24%: /%=43(/61&4 8/%$0"#5#6'7 $#: 6#0:483%Q6'( 106126EJ "16:/13?6EJ 019E:'), 81&1=#( '$%6:'L'C'/12#:?:/%6$E ' 18/%$%3(:? $%)0:2'(, 6#8/#23%66E% 6# "1//%"C'7 6%=#Q:'26EJ :/%6$12. H06126#( C%6610:? $'#=/#&&E 8/%$0"#5#6'( "16Q:/13?6EJ 019E:') 5#"37>#%:0( 2 %% 081019610:' 015$#2#:? 1@4@%Q6'% 8/%$0"#54%&10:' 106126EJ "16:/13?6EJ 019E:'' 8/1%":#.
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 #)'6%'00/ 3%$#+4';'()8 #,8)+3",9;"-'()8 "."C%'&$()8 4'4 3%"$4."-, .'4 ) 4"(.%",9(1F
+"C1.)<. >4,K7'.9 - #)'6%'00/ ($ C",$$6 4"(.%",9(1F +"C1.)< ),) 3%"$4."-.T+3",9;"-'.9 .",94" #,8 "+("-(1F 4"(.%",9(1F+"C1.)<, ('F"#8:)F+8 (' +-"#("0 /%"-($3%"$4.'
@"#)H)4'2)8 4"(4%$.("< !#-)(/.9 ,)()K -13",($()8 -3%'-"F'%'4.$%)+.)4) (3"J3%$&($0/ +"C,K#'8 /6", 45°). ='3%)0$%,
6"%);"(.',9('8 "+9 0"&$. ('7)('.9+8 - 8(-'%$,' -$%.)4',9('8 — 6 0$+82$- +3/+.8. Q." 0"&$.C1.9 3",$;(" 3%) "."C%'&$()) 3%"$4."-,#,8 ;'-$%?$()8 4"."%1F .%$C/$.+8 C",$$#,).$,9("$ -%$08
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
511
L3%'-,$()$ %'+3)+'()$0
!$#8:#C'( $'#=/#&&E " "16"/%:6E& 8/1%":6E& 64B$#& 19%08%>'Q2#%: $18136':%3?6E% 2E=1$E. N 8/'2%$%661& 2ER% 5#R:/'J12#6Q61& 8/(&14=13?6'"% &E 8/'2%3' "37>%2E% ':1=12E% 0119/#B%6'(,"#0#7@'%0( /#5/#91:"' $'#=/#&&E 8/%$0"#5#6'( "16:/13?6EJ019E:').
:=;D@;>>; 6C7AHO?F=G
<17 1;C7? :=;D@;>>; 6C7AHO?F=G?+'#=/#&&# 0"13?B%6'( '&%%: $21)61% 6#56#>%6'%. H6# 1:03%Q
B'2#%: J1$ '08136%6'( ' $%&160:/'/4%: :/%6$, J#/#":%/'547@')'08136%6'% /#08'0#6'( 8/1%":#. N 021%& 8%/21& 6#56#>%6'' $'#=Q/#&&# 2E8136(%: 1C%6'2#6'% :1=1, 6# "#"1% 2/%&( 8/1%": 18%/%B#Q%: 9#5121% /#08'0#6'% '3' 1:0:#%: 1: 6%=1 6# &1&%6: 2E8136%6'(U:1=1 1C%6'2#6'( (0&. /'0. 12.7). -1=$# 8103%$12#:%3?6E% 1C%6"'01%$'6(7:0( 3'6'%), 20:48#%: 2 $%)0:2'% 2:1/1% 6#56#>%6'% — $%Q&160:/#C'( 8134>'2R%)0( 3'6'' :/%6$#. N03%$0:2'% :1=1, >:1 20%913?R%% ' 913?R%% "13'>%0:21 8/#":'"12 6#>'6#7: 8/'&%6(:?8/1#":'26E) "16:/13? 8/1%":#, $'#=/#&&# 0"13?B%6'( 8134>'3#%@% 1$61 6#56#>%6'%: 81&1=#:? 2 8/%$0"#5#6'' $#:E 5#2%/R%6'(8/1%":# ' 83#6'/12#6'' "1//%":'/47@'J $%)0:2'), 6#8/#23%6Q6EJ 6# 8/%$1:2/#@%6'% 215&1B61=1 010"#3?5E2#6'( $#:E 5#2%/QR%6'(. D J1:( U:1 6% &%6(%: 9#5121=1 2'$# '60:/4&%6:#, 61 :/%94%:612#:1/0"1=1 4&16#0:/1%6'( $3( %=1 '0813?512#6'(.
@;R@;871C; :=;D@;>>9 6C7AHO?F=G50>80$031" '#B0>(0= '(J0)+".''. N%/1(:610:? 810:/1%6'(
J1/1R%) $'#=/#&&E 0"13?B%6'( 812ER#%:0( 0 6#3'>'%& "#>%Q0:2%661) '0J1$61) '6L1/&#C'', 2"37>#7@%) 2 0%9( 03%$47@%%:
• 9#5121% /#08'0#6'%, 8/%$81>:':%3?61 2 2'$% $'#=/#&&E "/'Q:'>%0"1=1 84:', J1:( &1B%: 9E:? '0813?512#6# ' $'#=/#&&#;#6::#;
• 1:>%:E 1 J1$% '08136%6'( '3' 2%/9#3?6#( '6L1/&#C'( 1 L#"Q:'>%0"1) J1$% '08136%6'(.
• 5#8/10E 6# 26%0%6'% '5&%6%6');<34B# 2 "#>%0:2% 9%6>&#/"#, U:#316# $3( 18/%$%3%6'( 2%3'>'Q
6E 010"#3?5E2#6'(, 5#2'0'&10:' /#08'0#6'( ' "/':'>%0"') 84:?81&1=#7: :#"B% 18/%$%3':? ' 810:/1':? 83#6 "1//%":'/47@'J$%)0:2'). < U:'& 9%6>&#/"1& 94$%: 0/#26'2#:?0( '6L1/&#C'(1 L#":'>%0"1& 8/1=/%00%, 9%/4@#(0( '5 1:>%:12 1 J1$% '08136%6'(.F#8/10E 6# 26%0%6'% '5&%6%6'), 6#J1$(@'%0( 2 0:#$'' 81$=1:12Q"', ' 'J 23'(6'% 6# /#08'0#6'% :#"B% "/':'>%0"' 2#B6E $3( 18/%Q$%3%6'( 2%3'>'6E 010"#3?5E2#6'(.
512
5,'-'
12
5)03,>,(', 3#$),9' # 32">,2%."+' 0/,)".'=. -#>%0:2%66#(5#93#=12/%&%66#( 81$=1:12"# " 012%@#6'(& 1 8/1=/%00%, 2 J1$% "1Q:1/EJ 94$%: /#5/#9#:E2#:?0( $'#=/#&&# 0"13?B%6'(, U:1 3'R? 81Q312'6# 408%J#. ,%J#6'5& U:1) 81$=1:12"' — 20:/%>' 0 23#$%3?C#Q&' 18%/#C') — J1/1R1 18'0#6 2 8#/#=/#L% «./12%$%6'% 20:/%>' 023#$%3?C#&' 18%/#C')» /#5$%3# «G'6'( '08136%6'(»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
G0;-3 #03,@"('4 0 B0>, '#/02(,('4. D6L1/&#C'(, 6%19J1$'Q&#( $3( U:1=1 $%)0:2'(, 18'0#6# 2 8#/#=/#L% «<15E2 012%@#6'(J1$% '08136%6'(» /#5$%3# «G'6'( '08136%6'(» 6#0:1(@%) =3#2E.D0813?54):% U:4 '6L1/&#C'7 0 1:"/E:E& 0156#6'%&, #$#8:'/4( %%" "16"/%:61) 0':4#C''.
C'#. 12.7. ./'&%/ $'#=/#&&E 0"13?B%6'(
513
L3%'-,$()$ %'+3)+'()$0E">"(', 30/)0#03 0 J"1$'9,#10+ B0>, '#/02(,('4 0/,)".'=.
A# U:1& U:#8% 23#$%3?CE 18%/#C') $%3(:0( /%543?:#:#&', 81$=1:12Q3%66E&' '&' 6# /%8%:'C'(J. N6''% 8/1%":61) "1$E 8/'"1Q2#61 2 8%/247 1>%/%$? " :%&, ":1 23#$%%: "/':'>%0"'&' 18%/#C'(&',' 21 2:1/47 1>%/%$? — " :%&, ":1 23#$%%: 1"131"/':'>%0"'&'. D&%((/"1% '519/#B%6'% L#":'>%0"1=1 J1$# '08136%6'( 18%/#C'), 1:"31Q6%6') 1: 9#5121=1 83#6# ' :%"4@'J 8/193%&, 2E5E2#7@'J U:'1:"316%6'( (0&. 5#R:/'J12#66E) 8/(&14=13?6'" 6# 0:/. 403 «./1Q93%&E ' /'0"'»), 23#$%3?CE 18%/#C') 1$'6 5# $/4='& 20"/E2#7:8/1:'21/%>'(, 04@%0:247@'% 2 5#2'0'&10:(J &%B$4 18%/#C'(&',0 C%3?7 1C%6'2#6'( 'J 23'(6'( 6# 8103%$47@'% 18%/#C''. +/4='%23#$%3?CE 8/'01%$'6(7:0( " U:1&4 #6#3'54 23'(6'), 8/%$10:#23((' 8134>#( $18136':%3?647 '6L1/&#C'7 0 C%3?7 18/%$%3%6'( :1=1,"#" 19W%$'6(7:0( 010"#3?5E2#6'( 1:$%3?6EJ 18%/#C') "/':'>%Q0"1=1 84:' ' 2E>'03%6'( :1=1, 6#0"13?"1 2%3'"1 19@%% 010"#3?5E2#Q
!@78A?>9 = @=6C=*"0().$ -"3%"+1 2 ) 4 I!I!? >". "():1. P'4)$ 3%"C,$01 -1;1-'K. E." ".4,"($()$?2. P'4)$ ("-1$ %)+4) 0"6/. -";()4(/.9 - C/#/:$0 ) 4'4 "() 0"6/. );0$J
().9 3%$#-'%).$,9(" 3%$#+4';1-'$0/K #'./ ;'-$%?$()8?> 3$%-"0 -"3%"+$ )+3",9;/$.+8 .$%0)( «3%"C,$01», - 3"+,$#($0 — .$%J
0)( «%)+4)». > 7$0 +"+."). %';,)7)$ 0$&#/ 3%"C,$0'0) (($%$?$((10)-"3%"+'0)) ) %)+4'0)? =$ 3%$.$(#/8 (' %'++0".%$()$ +$0'(.)4) %';,)7)<,"C+/#)0 )F )+3",9;"-'()$ - 3%"01?,$(("+.). !"6,'+(" I@>BP, «".7$.1,)+3",9;/$01$ "C17(" #,8 0"()."%)(6' ) 4"(.%",8 %)+4"-, -4,K7'K. - +$C8&/%(',1 3%"C,$0 (($%$?$((1F -"3%"+"-)...» [3] — E.) #-' .$%0)(' 0"6/.C1.9 -;')0";'0$(8$01. =$4"."%1$ 0$($#&$%1 3%"$4."- 3",'6'K., 7." %)+J4) ) 3%"C,$01 "3%$#$,8K. %';,)7(1$ 4"(2$32)), ' +,$#"-'.$,9(", "()#",&(1 "3%$#$,8.9+8 4'4 %';,)7(1$ 4'.$6"%)), .%$C/K:)$ %';,)7(1$ /3J%'-,$(7$+4)F +3"+"C"- %$'6)%"-'()8 [7]. N'4 01 ) C/#$0 )+3",9;"-'.9 E.).$%0)(1 ;#$+9.
*%"C,$0' /&$ -";()4,', ) "(' 3%$#+.'-,8$. +"C"< %';,)7)$ 0$&#/ .$0,7." #",&(" C1.9, ) .$0, 7." $+.9. V$ -%$0$(("< 6"%);"(. "F-'.1-'$. 3%"J?,"$ ) ('+."8:$$. ='3%)0$%, 3".$%8 7,$(' 4"0'(#1 — E." 3%"C,$0', 4"."J%'8 3%)-$,' 4 ;'#$%&4$ - "#)( 0$+82. > 3%".)-"3","&("+.9 E."0/ %)+4 0"J&$. C1.9 "3%$#$,$( 4'4 .", 7." 0"&$. +,/7).9+8 ) 3"<.) -" -%$# 3%"$4./ [8].='3%)0$%, «-$%"8.("+.9 3".$%) 0$($#&$%' 3%"$4.' 0"&$. -1;-'.9 ;'#$%&J4/ ;'-$%?$()8 3%"$4.'». B7$-)#(", 7." %)+4) ('F"#8.+8 - C/#/:$0. !,$#"J-'.$,9(", - ." -%$08 4'4 01 +.%$0)0+8 4 ."0/, 7."C1 %';%$?).9 3%"C,$0/,('? /3%'-,$(7$+4)< +3"+"C %$'6)%"-'()8 — E." 3%$#".-%':$()$ ),) "+J,'C,$()$ %)+4' (+0. 6,'-/ 9).
>$%($0+8 4 -"3%"+/ «P'4)$ 3%"C,$01 -1;1-'K. E." ".4,"($()$?» S$,9E."6" -"3%"+' +"+."). - ."0, 7."C1 )#$(.)H)2)%"-'.9 .", 7." 3%");"?,",-1;-'," ".4,"($()$ ) .%$C/$. %';%$?$()8. ! #%/6"< +."%"(1, ".-$.1 ('-"3%"+ «P'4)$ ("-1$ %)+4) 0"6/. -";()4(/.9 - C/#/:$0 ) 4'4 "() 0"6/. );J0$().9 3%$#-'%).$,9(" 3%$#+4';1-'$0/K #'./ ;'-$%?$()8?» ('2$,$(1 ('3")+4 -";0"&(1F +"C1.)<, 4"."%1$ .%$C/K. %$'6)%"-'()8 #,8 ."6", 7."C1"+,'C).9 )F -,)8()$ (' %'+3)+'()$ 3%"$4.',
514
5,'-'
126'%. ;121/( 913%% :1>61, 6# "#"1% 2/%&( "/':'>%0"') 84:? — :1 %0:?8/1%": 2 C%31& — 2E8136(%:0( 0 1815$#6'%& (1:0:#%: 1: 9#5121=1/#08'0#6'() '3' 0 18%/%B%6'%& (18%/%B#%: 9#5121% /#08'0#6'%).+3( U:1=1 03%$4%: 10612E2#:?0( 6# «4$123%:21/':%3?61& ' $10:#:1>Q61&» 81$J1$% (0&. 5#R:/'J12#66E) 8/(&14=13?6'", 15#=3#23%66E)«NE8136(( 1C%6'2#6'% L#":'>%0"1=1 010:1(6'(, 0:/%&':%0? " $10Q:'B%6'7 4$123%:21/':%3?61=1 ' $10:#:1>61=1 /%R%6'(», 8/'2%$%6Q6E) /#6%% 2 $#661) =3#2%).
C'#03"(', >'"8)"++- #102%<,('4. O'012#6'% $#661) $'#=Q/#&&E 2"37>#%: 2 0%9( 6%0"13?"1 $%)0:2').
• A#):' 6# 93#6"%, 6# "1:1/1& 94$%: 6#/'012#6# $'#=/#&�"13?B%6'(, 2/%&(, 011:2%:0:247@%% 8%/21&4 012%@#6'71 8/1=/%00%, '3' 0:#:4061) $#:%.
• X03' '&%%:0( 1815$#6'%, 0$2'64:?0( 2$13? 2%/:'"#3?61) 10'22%/J ' 1:&%:':? :1>"4 010"#3?5E2#6'(. N 034>#% 18%/%B%6'(0$%3#:? :1 B% 0#&1%, :13?"1 0$2'64:?0( 2$13? 2%/:'"#3?61)10' 26'5.
• <1%$'6':? :1>"4 643( (6#>#3# 1:0>%:#) =1/'516:#3?61) 10' 0:1>"1) 010"#3?5E2#6'(.
•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
./1%":6E% "1$E, 2 "1:1/EJ 8/'6(: 48/%B$#7@') 0"3#$&ER3%6'(, /#0R'/(7: '0813?512#6'% $'#=/#&&E 0"13?B%6'($#3?R% — 6# :%//':1/'7 8/%$0"#5#6').
N" $,))'$0)'' /),>#1";"('=. A# $#661& U:#8% 23#$%3?CE 40Q:#6#23'2#7: 04@%0:247@'% 8/193%&E ' 94$4@'% /'0"', # :#"B%8/%$2#/':%3?61 8/%$0"#5E2#7: $#:4 5#2%/R%6'( 8/1%":# (0&. 5#RQ:/'J12#66E) 8/(&14=13?6'" «S4$?:% 8/1#":'26E: 8(:? 218/10128/1#":'261=1 C'"3# "16:/13( 8/1%":#», 8/'21$'&1=1 /#6%% 2 $#6Q61) =3#2%). +3( :1=1 >:19E 8/%$1:2/#:':? 010"#3?5E2#6'(, "1:1Q/E% &1B61 8/%$1:2/#:':?, 16' :@#:%3?61 '54>#7: &(="'% ' B%0:Q"'% 5#2'0'&10:' &%B$4 18%/#C'(&'. N 81'0"#J 84:%) 2E8136%6'(9E0:/1=1 8/1J1$# '3' 0B#:'( /#08'0#6'( 2 J1$% 012%@#6'( "1Q$# 8/'J1$': " :/%94%&E& $%)0:2'(& ' 1"16>#:%3?61&4 8/%$0"#5#Q6'7 $#:E 5#2%/R%6'( 8/1%":# (8/'&%/ 6%=1$61=1 8/%$0"#5#6'(
515
L3%'-,$()$ %'+3)+'()$0
8/'2%$%6 2 5#R:/'J12#661& 8/(&14=13?6'"% «H"61 &1B%: 9E:?5#"/E:1» $#3%% 2 :%"0:% =3#2E). N15&1B61, 1$'6 '5 6#'913%% 2#BQ6EJ /':4#312 2 2E8136%6'' 8/1%":12, 1/'%6:'/12#66E% 6# 94$4Q@%% 1951/E 8/1=/%00# 8/%$6#56#>%6E $3( :1=1, >:19E $#:? 8/1%":4B'56? '3' 0&%/:?. N6%$/%6'% 'J 2 #6#3'5 :/%6$12 813%561 $3( 81Q2ER%6'( 'J ULL%":'2610:'.
&G5HKLEHDMN&O 7&MWCMPP[ GFHKLRON&SF08>" '#/02%;03"$%. ,#3E% ' 8/10:E% 8/1%":E &1=4: 2E'=/#:?
1: '0813?512#6'( $'#=/#&&E 0"13?B%6'(. S13?R'% ' 031B6E%8/1%":E —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
7CF7 >7O?1 891H R;C@917>+4"%$ 3"+,$ ('7',' 3%"$4.' %';%'C".4) '33'%'.("6" "C$+3$7$()8 #)'6J
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«V+,) -1 3%)#$.$ 4 ('0 (' ($#$,K 3";&$, E." ("%0',9(". V+,) -1 3%)#$.$$:$ 3";&$, ('?$ "4(" C/#$. ;'4%1.". > E."0 +,/7'$ -'0 3%)#$.+8 #"C'-).9$:$ 7 ($#$,9 4 3,'()%/$0"< #'.$ 3"+.'-4) 3%".".)3', 3"+4",94/ 01 - E."-%$08 C/#$0 ;'(8.1 #%/6)0) 3%"$4."0». B7$-)#(", 7." +#$,'(('8 E4+.%'3"J,82)8 "4';','+9 "C0'(7)-"<. *%$#+4';1-'$0'8 #'.' ;'-$%?$()8 3%"$4.'#",&(' C1.9 +#-)(/.' ($ (' 3 ($#$,), ' 3" 0$(9?$< 0$%$ (' 7. @"%',9 E."<)+."%)) .'4"-': ($ E4+.%'3",)%/<.$, ' /3%$&#'<.$! !,$#/<.$ 2)4,/ 3%"'4J.)-("6" 4"(.%",8 3%"$4.', 3"."0/ 7." - 3%".)-("0 +,/7'$ "4(" #,8 -'+ 0"J&$. "4';'.9+8 ;'4%1.10.
516
5,'-'
121:0:#%: 1: 9#5121=1 83#6# '3' 18%/%B#%: %=1. D&%661 81 U:1) B%8/'>'6% 8/%$0"#5#6'% $#:E 5#2%/R%6'( 8/1%":# 0 81&1@?7 $'#=Q/#&&E 0"13?B%6'(, 9#5'/47@%)0( 6# 0%:%2EJ =/#L'"#J, 3%=>%,>%& 0 81&1@?7 :1), "1:1/#( 9#5'/4%:0( 6# $'#=/#&&% ;#6::#.
D),+4 )";)":0$1'. A%913?R#( 56#7@#( "1$# &1B%: /#5/#Q91:#:? $'#=/#&&4 0"13?B%6'( $3( $'#=/#&&E ;#6::# '3' TAD 01Q$%/B#@%) 25 18%/#C'), 5# 2/%&( 81/($"# 30 &'64:. P2%3'>%6'%>'03%6610:' "1$E 0 2E01"1) 2%/1(:610:?7 42%3'>': :/%912#Q6'( "1 2/%&%6'.
D-80>-. M%6610:? $'#=/#&&E 0"13?B%6'( 2 8%/247 1>%/%$?5#"37>#%:0( 2 %% 081019610:' /%='0:/'/12#:? '0:1/'7 J1$# '0813Q6%6'( 8/1%":#, :%& 0#&E& 1:/#B#( '0:1/'>%0"') :/%6$ [13]. P2%Q3'>':? U:4 C%6610:? &1B61, 012%/R'2 %@% 1$'6 R#=, (23(7@')0(>#0:?7 8/1#":'261=1 81$J1$# — '0813?512#:? '0:1/'>%0"') :/%6$$3( 8/%$0"#5#6'( 94$4@%=1 :/%6$# /#08'0#6'( ' 083#6'/12#:?$%)0:2'( $3( :1=1, >:19E 19%08%>':? 0$#>4 8/1%":# 01=3#061 83#64.A%8/#2'3?61 '0813?54( $'#=/#&&4 0"13?B%6'(, &E 19/%>%6E 6#06'B%6'% %% C%6610:' (0&. 8/'21$'&E) 6'B% 5#R:/'J12#66E)8/(&14=13?6'" «*/' 1R'9"'»).
5),'+*@,#$3" ' (,>0#$"$1'. +'#=/#&&# 0"13?B%6'( J#/#":%Q/'54%:0( 03%$47@'&' 8/%'&4@%0:2#&'.
• &.$4:1,3*+D. +#66#( $'#=/#&&# $121$': $1 02%$%6'( 4>#0:Q6'"12 8/1%":# =/#L'>%0"47 '6L1/&#C'7 1 :1&, 6# "#"1) 8/1Q&%B4:1" 2/%&%6' 8/1%": 18%/%B#%: 9#5121% /#08'0#6'% '3'1:0:#%: 1: 6%=1, # :#"B% 81"#5E2#%: '0:1/'>%0"') :/%6$.
1@= 7X=8C=I/4"-"#).$,) -1+?$6" ;-$(' - "#("< 4"03'()) 3" 3%");-"#+.-/ '-."J
0"C),$< "C"&'K. #)'6%'001 +4",9&$()8. P'4 +,$#+.-)$ E."6" ". -+$F "+J("-(1F 3%"$4."- %';%'C".4) 3%"#/4."-, ('F"#8:)F+8 3"# )F ('#;"%"0,.%$C/$.+8 3"#'7' (3%$#+.'-,$()$) .'4"< #)'6%'001. B#)( 0$($#&$% 3%"J$4.' 6"-"%). .'4: «@"8 4"0'(#' %$6/,8%(" +"C)%'$.+8 -0$+.$ ) #$,'$. "+J("-("< '42$(. (' ".7$.1 -,'#$,92$- "3$%'2)< " 3%"6%$++$. R'.$0 8 +'&/+9 )+"C+.-$(("%/7(" 6"."-,K #)'6%'00/ +4",9&$()8, 4"."%/K ".+1,'K %/4"J-"#).$,80. B() );/7'K. $$ ) 6"-"%8. ('0, 4'4)$ 4"%%$4.)%/K:)$ -";#$<J+.-)8 (/&(" 3%$#3%)(8.9». M'((1< +3"+"C )+3",9;"-'()8 #)'6%'001 6%$J?). 3" 0$(9?$< 0$%$ .%$08 "?)C4'0). >"J3$%-1F, 4"0'(#' ($ )+3",9;/$.#)'6%'00/ #,8 3%$#+4';'()8 C/#/:$6" .%$(#'. >"J-."%1F, 4"0'(#' ($ "3J%$#$,8$. 4"%%$4.)%/K:)$ -";#$<+.-)8. T ('4"($2, E.) #$<+.-)8 "3%$#$,8JK. %/4"-"#).$,), ($ )0$K:)$ 3",("6" 3%$#+.'-,$()8 " -";()4?)F 3%"C,$J0'F, -"%/8 3%'-" +"C+.-$(("+.) / 4"0'(#1. L%"4, 4"."%1< 0"&(" );-,$79,+"+."). - ."0, 7." (/&(" +,$#"-'.9 3%"'4.)-("0/ 2)4,/ 4"(.%",8 3%"$4.'3%) )+3",9;"-'()) #)'6%'001 +4",9&$()8.
517
L3%'-,$()$ %'+3)+'()$0
• ;#3*+3+.. +#B% >%312%"4, $#3%"1&4 1: 48/#23%6'( 8/1%":#Q&', $10:#:1>61 3'R? 6%0"13?"'J &'64: $3( :1=1, >:19E 6#Q4>':?0( 816'&#:? $'#=/#&&4 0"13?B%6'(.
• ;#3.2+'),3*+D. .10"13?"4 U:1 '&%%: &%0:1 :13?"1 8/' '0813?51Q2#6'' $3( 8/%$0"#5#6'( 94$4@'J :/%6$12, $'#=/#&&# 0"13?B%Q6'( 8/'2'2#%: 48/%B$#7@') 081019 &ER3%6'(. K:1 81&1=#%:8/1%":61) "1$% 196#/4B'2#:? 0'=6#3E /#66%=1 8/%$48/%BQ$%6'( 1 215&1B61& 2156'"612%6'' 8/193%&E ' $%)0:212#:? :#",>:19E 8/%$1:2/#:':? 2156'"612%6'% U:1) 8/193%&E.
< $/4=1) 0:1/16E, $1213?61 >#0:1 $'#=/#&&# 0"13?B%6'( &1B%:9E:?:
* )#"<:"<23%. */%94%:0( 18/%$%3%661% 2/%&( $3( :1=1, >:19E81$=1:12':? 1910612#6647 '6L1/&#C'7 1 J1$% 8/1$2'B%6'( '8/%19/#512#:? %% 2 56#>%6'% 2/%&%6' 010"#3?5E2#6'( 8/1%":#;
* #".2+'),3%. - 01B#3%6'7, 03'R"1& &61='% 813?512#:%3'/#00&#:/'2#7: $'#=/#&&4 "#" «'0:1/'"# 8/1%":#», $#B% 6%8E:#(0? '0813?512#:? %% 8/' 8/%$0"#5#6'' :/%6$12 ' 012%/QR%6'' $/4='J R#=12 8/1#":'261=1 C'"3# "16:/13( 8/1%":#.
D")'".''. +#66E) '60:/4&%6: &1B%: 9E:? '0813?512#6 "#" &43?Q:'8/1%":6#( $'#=/#&&# 0"13?B%6'(, 6# "1:1/1) "#B$1&4 8/1%":4 01Q1:2%:0:24%: 021( 3'6'(. A#3'>'% 913%% 5 '3' 6 8/1%":12 &1B%: 0$%Q3#:? $'#=/#&&4 8%/%6#0E@%661) ' &%6%% ULL%":'261). N 6%"1:1/EJ"1&8#6'(J '0813?547: 2#/'#C'7 $#661=1 '60:/4&%6:#, 2 "1:1/1) 6#10' J 81"#5#6E $6' "/':'>%0"1=1 84:', # 6# 10' 4 — "13'>%0:21 $6%)8131B':%3?61=1 '3' 1:/'C#:%3?61=1 19@%=1 2/%&%661=1 /%5%/2# 8/1Q%":#. A#8/'&%/, 2 &1&%6: 2/%&%6', 011:2%:0:247@') 81312'6% 2EQ8136%661=1 "/':'>%0"1=1 84:' (10? J), 8/1%": &1B%: '&%:? 1:/'C#Q:%3?6E) 2/%&%661) /%5%/2, /#26E) 5 $6%) (10? 4), 156#>#7@'), >:18/1%": 6# 5 $6%) 1:0:#%: 1: 9#5121=1 /#08'0#6'(.
M>"/$".'4 >'"8)"++- #102%<,('4. H919@%66E) 2#/'#6:$'#=/#&&E 0"13?B%6'(, 8/%$0:#23%66E) 6#&' 2 $#661) =3#2%,:/%94%: #$#8:#C'' ". "16"/%:61) 8/1%":61) 0':4#C'' 2 "1&8#6''.D0813?54):% 8/'2%$%66E% 2ER% 8/'&%/E 2 "#>%0:2% /4"121$0:2#81 8/12%$%6'7 :#"1) #$#8:#C''.
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 #)'6%'00/ +4",9&$()8 #,8 -+$F)+3",9;"-'()8 3%"$4."-, )0$K:)F +$.$-"< 6%'H)4 (;'
)+4,K7$()$0 %'+3)+'()8 4%).)7$+4"< 2$3"74))P"%%$42)8 F'%'4.$%)+.)4) T+3",9;"-'.9 #)'6%'00/ +4",9&$()8 #,8
3%$#+4';'()8 #'.1 ;'-$%?$()8 3%"$4.' ) 3%)+"-$%?$()) #%/6)F ?'6"- 3%"'4.)-("6" 2)4,'4"(.%",8 3%"$4.'
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
518
5,'-'
12
COEUPON $#661& /#5$%3% 9E3# /#00&1:/%6# $'#=/#&&# 0"13?B%6'(.
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
!@7E?@C; :=;D@;>>9 6C7AHO?F=GLC$#).$+9, 7." -1 %';%'C".',) 3",(/K (;'-$%?$((/K) #)'6%'00/
+4",9&$()8. B(' #",&(' 3"4';1-'.9:• +.'./+(1$ #'.1;• -$,)7)(/ +"+4',9;1-'()8 - 4'&#"< +.'./+("< #'.$;• ($3%$%1-(/K )+."%)7$+4/K ,)()K .%$(#', +-8;1-'K:/K -+$ ."74),".0$7'K:)$ +"+4',9;1-'()8 - 0"0$(.1, +"".-$.+.-/K:)$ +.'./+(10#'.'0.
C'#. 12.8. ./'&%/ $'#=/#&&E 94L%/12
519
L3%'-,$()$ %'+3)+'()$0
:=;D@;>>; 8BW?@7E
<17 1;C7? :=;D@;>>; 8BW?@7E?+'#=/#&&# 94L%/12 '5&%/(%: 010:1(6'% 94L%/12, 40:#6#23'2#%Q
&EJ /#08'0#6'%& "/':'>%0"1) C%81>"' (CCS) 0 :%&, >:19E 19%08%Q>':? 0'0:%&4 /#66%=1 8/%$48/%B$%6'( $3( :1=1, >:19E 5#@':':?$#:4 5#2%/R%6'( 8/1%":#. N1Q8%/2EJ, $'#=/#&&# 94L%/12 $%3#%:«&=612%66E) 06'&1"» 56#>%6') '5/#0J1$12#661) $13' 94L%/12 811:61R%6'7 " $13% /#91:E, 2E8136%661) 6# "/':'>%0"1) C%81>"%(0&. /'0. 12.8). .103%$12#:%3?6E% 06'&"', 2E8136(%&E% 0 /%=43(/Q6E&' 8%/'1$'>%0"'&' '6:%/2#3#&', $#3%% 02(5E2#7:0( 2 $'#Q=/#&&4 $3( 8134>%6'( 3'6'', 1:/#B#7@%) :/%6$. A#8/'&%/, 6#/'0. 12.8 3'6'( 81"#5E2#%:, >:1 0"1/10:? /#0J1$12#6'( 94L%/#8/%2ER#%: 0"1/10:? 2E8136%6'( /#91: "/':'>%0"1) C%81>"'. +/4Q='&' 0312#&', $#66#( 3'6'( 1:2%>#%: 6# 218/10 «-#" '$4: 6#R' 0%Q=1$6(R6'% $%3#?», :%& 0#&E& 8/%$10:#23(( '6L1/&#C'7, 815213(Q7@47 8/'6'&#:? 48/%B$#7@'% /%R%6'( 0 C%3?7 8123'(:? 6#/#5&%/ 94L%/#. <1=3#061 /'0. 12.8, :#"'& /%R%6'%& &1B%: (23(:?Q0( 012%/R%6'% $%)0:2'( 0 C%3?7 2100:#6123%6'( /#5&%/# 94L%/#8/1%":#.
!761@7?F=? :=;D@;>>9 [email protected]$=1:12"# '0J1$61) '6L1/&#C''. +3( :1=1 >:19E '0813?512#6'%
$'#=/#&&E 94L%/12 9E31 ULL%":'26E&, 6%19J1$'&1 81$=1:12':?03%$47@'% '6L1/&#C'166E% "1&816%6:E 6#$3%B#@%=1 "#>%0:2#:
• CCS;• 1:>%:E 1 J1$% '08136%6'( '3' 2%/9#3?6#( '6L1/&#C'( 1 L#"Q:'>%0"1) J1$% '08136%6'(;
• 5#8/10E 6# 26%0%6'% '5&%6%6')..%/2E% $2# U3%&%6:# 8/%$10:#23(7: '6L1/&#C'7 1 010:1(6''
01=3#061 9#5121&4 83#64 ' 1 L#":'>%0"1& 010:1(6'', 6%19J1$'&47$3( 2E>'03%6'( 2%3'>'6 81 10(& J ' 4 $'#=/#&&E — $13' 2E813Q6%661) /#91: "/':'>%0"1) C%81>"' ' $13' '0813?512#6'( 94L%/#.N"37>%6'% 2 #6#3'5 5#8/1012 6# '5&%6%6'( 6%19J1$'&1 $3( 6#Q=3($61=1 1:19/#B%6'( 0:%8%6' '5&%6%6'( U:'J 2%3'>'6.
5)03,>,(', 3#$),9' # 32">,2%."+' 0/,)".'=. ./1L%00'16#3E2E8136(7: 18/%$%3%6647 8/%$2#/':%3?647 /#91:4 $3( 81$=1:12"'" 012%@#6'7 J1$% '08136%6'(, 6# "1:1/1& 94$%: /#5/#9#:E2#:?0($'#=/#&&# 94L%/12. Y1/1R'& 0810191& 8/12%/"' =1:12610:' 23#Q$%3?C%2 18%/#C') " 012%@#6'7 (23(%:0( 8/%$2#/':%3?6#( 20:/%Q>#Q/%8%:'C'(. -16C%8:4#3?61 U:# 20:/%># 81$196# 18'0#661) 2 8#Q/#=/#L% «./12%$%6'% 20:/%>' 0 23#$%3?C#&' 18%/#C')» /#5$%3#«G'6'( '08136%6'(» 6#0:1(@%) =3#2E. H$6#"1 8/#":'>%0"'% 218/1Q
520
5,'-'
120E 18/%$%3%66E& 19/#51& 1:3'>#7:0(, >:1 ' 94$%: 1:/#B%61 2 /#5Q$%3% «F#$#6'% 218/1012 1 L#":'>%0"1& J1$% '08136%6'( 18%/#C')».
G0;-3 #03,@"('4 0 B0>, '#/02(,('4. .1 04:' $%3#, 015E2 01Q2%@#6'( 1 8/1=/%00% $3( 810:/1%6'( $'#=/#&&E 94L%/12 2 1>%6?56#>':%3?61) 0:%8%6' 6#81&'6#%: 012%@#6'( 1 8/1=/%00%, 18'0#6Q6E% 2 /#5$%3% «G'6'( '08136%6'(» 6#0:1(@%) =3#2E. ;121/( "/#:Q"1, /%=43(/610:? ("#" 8/#2'31, /#5 2 6%$%37 ' 81 &%6?R%) &%/% /#52 &%0(C) 2 01>%:#6'' 0 6%5#2'0'&E&' 218/10#&' ' 481/($1>%66E&81$J1$1&— 21: :1, >:1 (23(%:0( $2'B4@'&' 0'3#&' 10&E03%66EJ012%@#6') 2 J1$% '08136%6'(.
E">"(', 30/)0#03 0 J"1$'9,#10+ B0>, '#/02(,('4 0/,)".'=.N C%6:/% 26''( 012%@#6'( 6#J1$(:0( 23#$%3?CE 18%/#C'), 6#QJ1$(@'J0( 2 0:#$'' 2E8136%6'(, — 3%B#@'J 2 8%/247 1>%/%$? 6#"/':'>%0"1) C%81>"% ' 21 2:1/47 1>%/%$? — 6# 81$>'6%66EJ 28#Q$#7@'J 84:(J. H93#$#( '6L1/&#C'%) 1 0:#:40% 18%/#C'), 81$=1Q:123%661) 2 J1$% 20:/%>Q/%8%:'C') (0&. 5#R:/'J12#66E) 8/(&1Q4=13?6'" «S4$?:% 8/1#":'26E (48/%B$#):% 019E:'(): 8(:? 218/10128/1#":'261=1 (48/%B$#7@%=1) C'"3# "16:/13( 8/1%":#», 8/'21$'Q&1=1 /#6%% 2 $#661) =3#2%), 23#$%3?CE 18%/#C') >%:"1 ' (061 1:2%Q>#7: 6# 106121813#=#7@') 218/10: «<"13?"1 $6%) 10:#%:0( $1 5#Q2%/R%6'( U:1) 18%/#C'' 8/1%":#»? .1&'&1 :1=1 >:1 '5&%/%6'%010:1(6'( 5$1/12?( 8/1%":# :#"'& 0810191& '$%: 6# 813?54 19@%&4"16:/137 8/1%":#, 161 :#"B% 81&1=#%: 6# 03%$47@%& R#=% — R#=%&16':1/'6=# 94L%/12. HC%6'2#6'% L#":'>%0"1=1 8/1=/%00# 2E'=Q/E2#%: 1: '0813?512#6'( «4$123%:21/':%3?61=1 ' $10:#:1>61=1»81$J1$# (0&. 5#R:/'J12#66E) 8/(&14=13?6'" «NE8136(( 1C%6'2#Q6'% L#":'>%0"1=1 010:1(6'(, 0:/%&':%0? " $10:'B%6'7 4$123%:21Q/':%3?61=1 ' $10:#:1>61=1 /%R%6'(», 8/'2%$%66E) /#6%% 2 $#661)=3#2%).
P0('$0)'(8 CD ' 1"<>080 CCFB. F6#6'% :1=1, 0"13?"1 $6%) 10Q:#310? $1 5#2%/R%6'( 2E8136(7@%)0( 18%/#C'', 4"#5E2#%: 6#$#:4 5#2%/R%6'( 18%/#C''. K:# $#:#, 2 0217 1>%/%$?, 19%08%>'2#%:10612647 '6L1/&#C'7, 6%19J1$'&47 $3( 1:2%:# 6# 03%$47@')218/10: «-#"#( $13( "#B$1=1 94L%/# '5/#0J1$12#6#»? !"C%6: &16'Q:1/'6=# $%3#%:0( 6# 20% 94L%/E — ON (8/1%":6E% 94L%/E, 94L%/E8/1%":#) ' CCFB (8':#7@'% 94L%/E "/':'>%0"1) C%81>"', 94L%/E81$8':"' "/':'>%0"1) C%81>"'). ,16':1/'6= 19E>61 8/121$':0( 2190:#612"% 1:04:0:2'( $#23%6'( ' #"C%6:'/12#6'( 1C%6'2#%&EJ$#: 5#2%/R%6'( 18%/#C') [14]. A#8/1:'2, '&%%: &%0:1 /%#3'0:'>Q61% 1B'$#6'%, >:1 1C%6"' &1=4: 2#/?'/12#:?0( $%6? 1:1 $6( ' $#B%2EJ1$':? 5# 8/%$%3E, 1=12#/'2#%&E% 9#512E& 83#61&. +1 :%J 81/
521
L3%'-,$()$ %'+3)+'()$0
81"# 23#$%3?CE 18%/#C') 8/1$13B#7: 8/'$%/B'2#:?0( 2 /#91:% '812%$%6'' 8/'6C'812 << ("/':'>%0"1) C%81>"'), L#":'>%0"'%$3':%3?610:' 'J 18%/#C') 6% '&%7: 6'"#"1=1 56#>%6'(.
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
&#/02%;03"(', >'"8)"++- :*J,)03 /)0"1$'3(-+ 0:)";0+.A#56#>%6'% $#661) $'#=/#&&E 010:1': 2 :1&, >:19E 19%08%>':?48/%B$#7@') '60:/4&%6: 8/' 6#3'>'' >%:"'J "/':%/'%2 8/'6(Q:'( /%R%6'). N 8/'21$'&1& 6'B% 5#R:/'J12#661& 8/(&14=13?6'Q"% «D0813?512#6'% 94L%/12» &E /#5W(06(%& "/':%/'' 8/'6(:'( /%QR%6') ' 215&1B6E% $%)0:2'(, 8/%$31B%66E% Goldratt, "1:1/E)8%/2E& 8/%$31B'3 $#6647 $'#=/#&&4. <1=3#061 %=1 "/':%/'(&,$3( :1=1 >:19E $'#=/#&&# &1=3# 8/'6%0:' 813?54, 16# $13B6# 19Q6123(:?0( 0 >#0:1:1), 011:2%:0:247@%) 1/3 19@%=1 2/%&%6' 94L%Q/#. ./'>'6# U:1=1 8/10:# — "/':%/'' 8/'6(:'( /%R%6') 10612EQ2#7:0( 6# 56#>%6'(J, /#26EJ 1/3 $3':%3?610:' 94L%/#. A#8/'&%/,:1, '&%%: 3' 94L%/ /#5&%/ &%6%% '3' 913%% 1 /3 1: 19@%) $3':%3?61Q0:' 94L%/# (&%6%% '3' 913%% 5 $6%) $3( 15 $6%261=1 94L%/#), 18/%$%Q3(%: :'8 8/%$8/'6'&#%&1=1 $%)0:2'(. N 8/1:'218131B610:? U:1&4$'#=/#&&# 6# /'0. 12.8 '0813?54%: '6E% "/':%/'' 8/'6(:'( /%R%Q
522
5,'-'
126'). <&. 5#R:/'J12#66E) 8/(&14=13?6'" «N#& 6%19J1$'&1 U"08%Q/'&%6:'/12#:?» $3( /#5W(06%6'( $#661=1 218/10#.
&G5HKLEHDMN&O 7&MWCMPP[ \]VOCHDF08>" '#/02%;03"$%. *#" "#" $'#=/#&&# 94L%/12 (23(%:0(
6%1:W%&3%&1) >#0:?7 CCS, %% '0813?512#6'% :%061 02(5#61 0 :%&,"#" '0813?54%:0( CCS. <11:2%:0:2%661, 6#'913%% 81$J1$(@%% 8/'Q&%6%6'% CCS — U:1 8/'&%6%6'% 2E$%3%661) 8/1%":61) "1$1),>:1 815213': 56#>':%3?61 01"/#:':? $3':%3?610:? C'"3# 8/1%":#.H9%08%>%66#( 20%&' 6%19J1$'&E&' /%04/0#&', :#"#( "1$# (2Q3(%:0( >#0:?7 "1&8#6'', 2 "1:1/1) 04@%0:24%: 40:1)>'2#( "43?:4Q/#, 1/'%6:'/12#66#( 6# '08136%6'%, ' "1:1/#( 810:1(661 /#91:#%:6#$ :%&, >:19E 8/%2ER#:? 1B'$#6'( 5#"#5>'"12, 810:#23(:? &#"Q0'?647 C%6610:? 021'J 5#'6:%/%012#66E& 0:1/16#& ' 8/%$10Q:#23(:? 40:1)>'2E% 215&1B610:' /10:# 021'& 01:/4$6'"#& (6#%&Q6E& /#91:6'"#&).
D),+4 )";)":0$1'. A%913?R#( J1/1R1 194>%66#( ' 81$=1:12Q3%66#( "1$# &1B%: /#5/#91:#:? $'#=/#&&4 94L%/12 $3( 01$%/QB#@%=1 100 18%/#C') /#08'0#6'( "/':'>%0"1) C%81>"' 5# 1—2 >#Q0#. ./' /10:% >'03%6610:' "1$E 215/#0:#%: ' :/%94%&1% 2/%&(.
D-80>-. M%6610:? $'#=/#&&E 94L%/12 010:1': 2 %=1 «8/1#":'2Q61&, # 6% /%#":'261&» '0813?512#6''. K:1 8194B$#%: 8/1%":647"1$4, 21Q8%/2EJ, 104@%0:2':? R'/1"') 1951/ 010:1(6'( 5$1/1Q2?( 8/1%":# ', 21Q2:1/EJ, 2 034>#%, %03' U:1 010:1(6'% 5$1/12?( 6%Q$10:#:1>61 J1/1R1, 6#>#:? $%)0:212#:? 0%)>#0, # 6% 81:1&, ' U:'&19%08%>':? R#=', 6%19J1$'&E% $3( 0$#>' 8/1%":# 01=3#061 1B'$#Q6'(& [6].
5),'+*@,#$3" ' (,>0#$"$1'. +'#=/#&&# 94L%/12 J#/#":%/'Q54%:0( 03%$47@'&' 8/%'&4@%0:2#&'.
• &.$4:1,3*+D. ;/#L'>%0"') 081019 8/%$0:#23%6'( '6L1/&#C''$%3#%: %% (061) $3( 813?512#:%3( 8/1%":#: U:1 $13( 2E8136%6Q6EJ /#91: 2 C%81>"% 18%/#C') ' $13( '0813?512#6'( 94L%/#,#001C''/12#661=1 0 U:1) C%81>"1). -/1&% :1=1, 8134>'2R#(0(3'6'( 1:/#B#%: '0:1/'>%0"') :/%6$.
523
L3%'-,$()$ %'+3)+'()$0
=6!7AHR7E;F=? 8BW?@7EA/H$%1 — -1%'&$((1$ -" -%$0$((1F $#)()2'F — )+3",9;/K.+8 #,8 );J
0$($()8 F"#' 3%");-"#).$,9("+.), #"+.)6(/."< 3%) -13",($()) 2$3"74)"3$%'2)< (F"#' )+3",($()8 2$3"74) "3$%'2)<). P,K7$-"< 0"0$(. ;#$+9+"+."). - ."0, 7."C1 /+.'("-).9 7$.4" "3%$#$,$((1$ /%"-() )(.$(+)-("+.)3%$#3%)()0'$01F #$<+.-)< #,8 3%)()0'$01F %$?$()<, -1%'&$((1$ - .$%J0)('F %';0$%' C/H$%', );0$%8$0"6" - #(8F (+0. %)+. 12.9). Goldratt, %';%'JC".7)4 0$."#' 4',$(#'%("6" 3,'()%"-'()8 4%).)7$+4"< 2$3"74), 3%$#,'J6'$. +,$#/K:)$ 4%).$%)) %$?$()< [2]. V+,) %';0$% C/H$%' ".%)2'.$,$(,('3%)0$% - +,/7'$, 4"6#' 3"+,$#(88 "3$%'2)8 2$3"74) ;'4"(7),'+9 3";&$"%)6)(',9(" ;'3,'()%"-'(("6" +%"4', ) -1 3%"()4,) (-"?,)) - 3$%-/K.%$.9 C/H$%', -1C$%).$ «=$ 3%$#3%)()0'.9 #$<+.-)<» (+0. %)+/("4). V+,)-1 ('7)('$.$ 3".%$C,8.9 -."%/K .%$.9 C/H$%', ('+.'," -%$08 "2$().9 3%"JC,$0/ ) -1C%'.9 «*,'()%"-'.9». T $+,) -1 ('F"#).$+9 - 3"+,$#($< .%$.)C/H$%', ." -'0 ($"CF"#)0" -1C%'.9 «M$<+.-"-'.9». T0$<.$ - -)#/, 7." E.)+""C%'&$()8 -$%(1 4'4 #,8 C/H$%"- 3%"$4.' (PB), .'4 ) #,8 3).'K:)F C/JH$%"- 4%).)7$+4"< 2$3"74) (CCFB). V+,) C1 C1,) )+3",9;"-'(1 E.) 4%).$J%)), ." ,)()), %';#$,8K:)$ ;"(1 «=$ 3%$#3%)()0'.9 #$<+.-)<», «*,'()J%"-'.9» ) «M$<+.-"-'.9», (' %)+. 12.8 C1,) C1 6"%);"(.',9(1.
C'#. 12.9. D0813?512#6'% 94L%/12
A% 8/%$Q8/'6'&#:?$%)0:2')
.3#6'/1Q2#:?
+%)0:212#:?
A% 8/%$Q8/'6'&#:?$%)0:2')
.3#6'/1Q2#:?
+%)0:212#:?
A% 8/%$Q8/'6'&#:?$%)0:2')
.3#6'/1Q2#:?
+%)0:212#:?
\*J,)/)0,1$"
CCFB?1
CCFB?2
1?4 $),$% 2?4 $),$% 3?4 $),$%
524
5,'-'
12• ;#3*+3+.. <>':E2#6'% '6L1/&#C'' 0 $'#=/#&&E 6% 2E5E2#Q%: 6'"#"'J 8/193%& 6' 4 "1=1 '5 4>#0:6'"12 8/1%":#. D0813?Q54%&E% 6# $'#=/#&&% 0312#, :#"'% "#" «.3#6'/12#:?» ' «+%)Q0:212#:?» (/'0. 12.8), 816(:6E $#B% 6%08%C'#3'0:4.
• A.*+'0,.: 9#3.2+'),3*+D. +'#=/#&&# 8/'52#6# /#91:#:? "#"0'0:%&# /#66%=1 8/%$48/%B$%6'(, 8194B$#( "1$4 8/%$8/'Q6'&#:? /#53'>6E% $%)0:2'( 2 0':4#C'(J /#53'>61=1 /#0J1$1Q2#6'( 94L%/12. Z#": 2 :1&, >:1 /%#3?6E% $%)0:2'( 8/%$8/'Q6':0( :13?"1 8103% :1=1, "#" 56#>':%3?6#( >#0:? 94L%/#'5/#0J1$12#6#, ' U:1 $%3#%: $#66E) 81$J1$ 3'R? >#0:'>618/1#":'26E&.
< $/4=1) 0:1/16E, $'#=/#&&# 94L%/12 18'0E2#%:0( "#":• )#"<:"<2.:. */%94%:0( 18/%$%3%661% 2/%&( $3( :1=1, >:19E81$=1:12':? 5#034B'2#7@47 $12%/'( '6L1/&#C'7 1 0:#:40%' 8/%19/#512#:? %% 2 $'#=/#&&4 94L%/12;
• ,3)-% ',*+#/<",+, 10612#66E) 6# 8#/#$'=&% "/':'>%0"1) C%Q81>"', 03%$12#:%3?61, 194>%6'% '0813?512#6'7 %=1 ' $10:'B%Q6'% "1&L1/:61) /#91:E 0 6'& :/%94%: 18/%$%3%661=1 2/%&%6'.
M>"/$".'4 >'"8)"++- :*J,)03. ,1$'L'"#C'( 1919@%661)$'#=/#&&E 94L%/12, 8/%$0:#23%661) 2 $#661& /#5$%3%, 81&1=#%:81$0:/1':? %% 81$ 8/1%":6E% 64B$E "1&8#6''. ./'2%$%66E% 2ER%8/'&%/E, # :#"B% 5#R:/'J12#66E) 8/(&14=13?6'" «N#& 6%19J1$'Q&1 U"08%/'&%6'/12#:?» '3370:/'/47: :#"47 &1$'L'"#C'7.
E;> F?78Y7:=>7 IC6!?@=>?F1=@7E;1HM)'6%'00' C/H$%"- — E." ("-1< )(+.%/0$(., C';)%/K:)<+8 (' F'%'4J
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— E." ,)()), %';6%'()J7)-'K:)$ ;"(1 «=$ 3%$#3%)()0'.9 #$<+.-)<», «*,'()%"-'.9» ) «M$<+.-"J-'.9», "3%$#$,8K:)$ .)3 3%$#3%)()0'$01F #$<+.-)<. T 7$0 C",9?$ #",8-13",($((1F %'C". 4%).)7$+4"< 2$3"74), .$0 -1?$ /%"-() 3%)(8.)8 %$?$J()<. Q.", %';/0$$.+8, - "C:$0 ) 2$,"0 )0$$. "3%$#$,$((1< +01+, — 7$0C",9?$ %'C". "4';1-'$.+8 -13",($(" 3%"$4.("< 4"0'(#"<, .$0 C",9?)<3%"2$(. %'+F"#"-'()8 C/H$%' 0"&$. +7).'.9+8 #"3/+.)010 #,8 3%"$4.'.B#('4" ."7('8 -$,)7)(' E."6" «C",9?$» #",&(" C1.9 /+.'("-,$(" 4"0J3'()$< .'4)0 "C%';"0, 7."C1 +"".-$.+.-"-'.9 C);($+J2$,80 4"03'()) )F'%'4.$%/ 3%"$4."- [6]. @"%',9 E."< )+."%)) .'4"-': E4+3$%)0$(.)%/<.$,7."C1 ('<.) .$ /%"-() %$?$()<, 4"."%1$ ('),/7?)0 "C%';"0 ".-$7'K. -1J3",(8$010 - 4"03'()) 3%"$4.'0.
525
L3%'-,$()$ %'+3)+'()$0
COEUPON $#661& /#5$%3% 9E3# /#00&1:/%6# $'#=/#&&# 94L%/12, "1:1Q
/#( '5&%/(%: 010:1(6'% 94L%/12, 40:#6#23'2#%&EJ /#08'0#6'%&"/':'>%0"1) C%81>"' (CCS), 0 :%& >:19E 19%08%>':? 0'0:%&4 /#66%Q=1 8/%$48/%B$%6'( $3( :1=1, >:19E 5#@':':? $#:4 5#2%/R%6'( 8/1Q%":#. K:1 0:#612':0( 215&1B6E& 93#=1$#/( «8/1#":'261&4, # 6%/%#":'261&4» '0813?512#6'7 $'#=/#&&E 94L%/12. N >#0:610:',$'#=/#&&# 94L%/12 :/%94%: 1: "1$E '54>%6'( 010:1(6'( 5$1/12?(/#08'0#6'(, ' "1=$# U:1 010:1(6'% 5$1/12?( 1"#5E2#%:0( 6%$10:#:1>Q61 J1/1R'&, 16# 8/%$8'0E2#%: $%)0:212#:? 0%)>#0, # 6% 81:1&, >:19E19%08%>':? R#=', 6%19J1$'&E% $3( 2E8136%6'( 8/1%":# 01=3#0611B'$#6'(&. N 8/'21$'&1& 6'B% 5#R:/'J12#661& 8/(&14=13?6'"%02%$%6E "37>%2E% 0119/#B%6'(, "1:1/E% 6%19J1$'&1 8/'6'&#:?21 26''% 8/' 810:/1%6'' $'#=/#&&E 94L%/12.
6O;1=? @;6!=6;F=G
<17 1;C7? 6O;1=? @;6!=6;F=G?<B#:'% /#08'0#6'( — U:1 &%:1$ 01"/#@%6'( 19@%) $3':%3?610Q
:' 8/1%":# 9%5 '5&%6%6'( 31='"' 8/1%":#, '6E&' 0312#&', 0 01J/#Q6%6'%& 6%'5&%661) 8103%$12#:%3?610:' 5#2'0'&10:%) &%B$4 18%Q/#C'(&' 8/1%":# [15]. I:19E 0B#:? $3':%3?610:?, 8/1%": 19E>61'0813?54%: 913?R%% "13'>%0:21 /%04/012 8/' 2E8136%6'' 18%/#QC'). -#" 03%$0:2'% U:1=1 19@#( 0:1'&10:? 8/1%":# 215/#0:#%: (0&./'0. 12.10).
E9!7AF?F=? 6O;1=G @;6!=6;F=G<B#:'% /#08'0#6'( :/%94%: 481/($1>%66EJ ' :%/8%3'2EJ R#Q
=12. K:' R#=' /#00&1:/%6E 6'B% 6# 8/'&%/% 0B#:'( /#08'0#6'(0 7 $1 4 $6%) (0&. /'0. 12.10).
!@7E?@C; :=;D@;>>9 8BW?@7ELC$#).$+9, 7." -1 %';%'C".',) ('#$&(/K (;'+,/&)-'K:/K #"-$%)8)
#)'6%'00/ C/H$%"-, 4"."%'8 #",&(' 3"4';1-'.9 - +.'./+(1F ."74'F F"#')+3",($()8:
• #",K -13",($((1F %'C". 4%).)7$+4"< 2$3"74);• #",K %'+F"#"-'()8 C/H$%';• 0$+."('F"&#$()$ +.'./+("< ."74) - ;"($ «=$ 3%$#3%)()0'.9 ()4'4)F#$<+.-)<», «*,'()%"-'.9» ),) «M$<+.-"-'.9»;
• ($3%$%1-(/K )+."%)7$+4/K ,)()K .%$(#', +-8;1-'K:/K -+$ +.'./+J(1$ ."74).
526
5,'-'
1250>80$031" '#B0>(0= '(J0)+".''. O%543?:#: 0B#:'( /#08'Q
0#6'( 04@%0:2%66E& 19/#51& 5#2'0': 1: "#>%0:2# '0J1$61) '6QL1/&#C'', " "1:1/1) 1:610':0( 03%$47@%%:
• 9#5121% /#08'0#6'% 2 3791& 0%:%21& L1/&#:%, '0"37>#( L1/Q&#: "/':'>%0"1) C%81>"';
• 1:>%:E 1 J1$% '08136%6'( '3' 2%/9#3?6#( '6L1/&#C'( 1 L#"Q:'>%0"1) J1$% '08136%6'(;
• 5#8/10E 6# 26%0%6'% '5&%6%6');• '6L1/&#C'( 1 /%04/0#J ' 0:1'&10:'.<%:%2#( $'#=/#&&# 81"#5E2#%: 0%:%247 31='"4 ' 9#512E) 83#6,
"1:1/E) 6#5E2#%:0( «61/?6E& /#08'0#6'%&». -1=$# 9#512E)83#6 0/#26'2#%:0( 0 '6L1/&#C'%) 1 L#":'>%0"1& 010:1(6'', 18/%Q$%3(%:0( 1:"316%6'% (/#0J1B$%6'%) 81 0/1"#&. +#3?6%)R%% 42%3'Q>%6'% 1:"316%6'( 215&1B61 2 0'34 :1=1, >:1 8/1%": '5&%6(%:0( ':/%94%: 1: 6#0 2"37>%6'( 5#8/1012 6# 26%0%6'% '5&%6%6') 2 #6#Q3'5. I:19E 18/%$%3':? 18:'?6E) 081019 0B#:'(, &E 18'/#%&0(6# '6L1/&#C'7 1 /%04/0#J ' 0:1'&10:'.
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
C";)":0$1" #<"$080 )"#/'#"('4 # 0)',($".',= (" 0/$'+"2%?(*A #$0'+0#$%. <1J/#6(( '&%7@470( 2 8/1%":% 8103%$12#:%3?Q610:? 5#2'0'&10:%) &%B$4 18%/#C'(&', 2E8136(%& 03%$47@%%.
• HC%6'2#%& $3( "#B$1) 18%/#C'' 6#'"/#:>#)R%% 215&1B61%2/%&(, 2 :%>%6'% "1:1/1=1 16# &1B%: 9E:? 2E8136%6#.
• F#$#%& 23#$%3?C#& 18%/#C') ' "1$% 218/10: «-#"'% /%04/Q0E 6#& 6%19J1$'&E $3( 2E8136%6'( "#B$1) 18%/#C'' :#"'&19/#51&? <"13?"1 U:1 94$%: 0:1':??» ./1C%$4/# U:# '61=$# 9EQ2#%: $3':%3?61) ' "/181:3'21), :/%947@%) 913?R1=1 19W%%/#:'261) ' "#>%0:2%661) '6L1/&#C''. -/1&% :1=1, &1B%:81:/%912#:?0( 6%0"13?"1 ':%/#C') $3( 2E/#91:"' U:'J 1C%Q61", 6#5E2#%&EJ 0B#:E&' $3':%3?610:(&' ' 0B#:1) 0:1'&10Q:?7 /#91:. N J1$% U:1=1 8/1C%00# &1=4: 2156'"#:? /#53'>6E%8/193%&E. A#8/'&%/, 6%"1:1/E% 18%/#C'' &1=4: 6% 81$$#Q2#:?0( 2E8136%6'7 2 913%% "/#:"'% 0/1"', >%& 18/%$%3(%&E%61/?6E& /#08'0#6'%&, 3'91, 0"#B%&, 4 2#0 2156'"#%: 6%Q
527
L3%'-,$()$ %'+3)+'()$0
19J1$'&10:? #/%6$12#:? 6%913?R1% "13'>%0:21 :%0:121=1 191Q/4$12#6'(, 2 :1 2/%&( "#" $10:486E& 1"#5E2#%:0( :13?"1913?R1% "13'>%0:21 (' 81:1&4 913%% $1/1=10:1(@%%). A%4$'2'Q:%3%6 :1: L#":, >:1 6%"1:1/E% /%04/0E, 6%19J1$'&E% 8/1%":4,&1=4: 1"#5#:?0( 6%$10:486E, $#B% %0:? '&%%:0( 97$B%: $3( 'J183#:E. N 19@%& ' C%31& U:' 1C%6"' 94$4: /#5/#9#:E2#:?0(2 011:2%:0:2'' 0 8/#2'3#&' 1C%6'2#6'( 0/1"12 ' 0:1'&10:',"1:1/E% 2 56#>':%3?61) 0:%8%6' 5#2'0(: 1: 56#6'( 8/1%":61):%J6131='' ' 8/1'521$':%3?610:' /%04/012. -#" :13?"1 0B#:E%$3':%3?610:' ' 0B#:E% 0:1'&10:' 81$=1:123%6E, 0B#:1% /#0Q
C'#. 12.10. ./'&%/ 0B#:'( /#08'0#6'(
H8%/#C'(+3':%3?610:? ($6') <:1'&10:? ($)
A1/?6#( <B#:#( A1/?6#( <B#:#(
-/4:'56#0:1'&10:? /2/%&(*
! 3 2 30 50 20
B 2 1 40 60 20
C 2 1 20 80 60
D 3 1 30 50 10
E 1 1 40 40 0
F 1 1 40 40 00
D:1=1: 7 $6%) D:1=1: $200
528
5,'-'
128'0#6'% &1B%: 0>':#:?0( =1:12E&. A# /'0. 12.10 2 :#93'C% 8/'Q2%$%6E $3':%3?610:' ' 0:1'&10:' $3( "#B$1) 18%/#C'' 0B#:1Q=1 /#08'0#6'(.
D-9'#2,(', 1)*$';(- #$0'+0#$%/3),+4. H8%/#C'' '56#Q>#3?61 6% /#26156#>6E. <1"/#@%6'% 1$6'J 18%/#C') (23(%:0( 91Q3%% $1/1=10:1(@'&, >%& $/4='J. NE>'03%6'% "/4:'56E 0:1'&10:? /2/%&( 81"#B%: 0:1'&10:? 01"/#@%6'( $3':%3?610:' "#B$1) 18%/#QC'' 6# 1$'6 $%6?. +3( 2E>'03%6'( "/4:'56E "#B$1) 18%/#C'' (0&.:#93'C4 6# /'0. 12.10) '0813?54):% 03%$47@47 L1/&434:
N#/+'(,. *+3'<3*+D/ )#"<: = (*C.+.: *+3'<3*+D –– ,3#<.4D,.: *+3'<3*+D)/(,3#<.4D,.: 14'+"4D,3*+D –
– *C.+.: 14'+"4D,3*+D).
K:# L1/&43# 015$#%: 106124 $3( 18/%$%3%6'( 18%/#C'', 0B#:'%"1:1/1) 191)$%:0( 6#'913%% $%R%21 (94$%: '&%:? 6#'&%6?R47 0:1Q'&10:?). H$6#"1 6# U:1& U:#8% 6#>'6#:? 0B#:'% %@% /#61. <6#>#3#6%19J1$'&1 18/%$%3':?, 2 "#"1) 8103%$12#:%3?610:' 94$%: 8/1'5Q21$':?0( 0B#:'% 18%/#C').
G<"$'A /0>2,<'$ $02%10 1)'$'9,#1'= /*$%. -/':'>%0"')84:? — U:1 0#&E) $3'66E) 84:? 0%:%21=1 =/#L'"#, 010:1(@') '518%/#C'), 2/%&%661) /%5%/2 "1:1/EJ /#2%6 6437. +3':%3?610:?"/':'>%0"1=1 84:' — U:1 &'6'?6E) 0/1", 5# "1:1/E) &1=4: 9E:?2E8136%6E 20% /#91:E. <3%$12#:%3?61, $3':%3?610:? "/':'>%0"1=184:' /#26# 19@%) $3':%3?610:' 8/1%":#. X$'60:2%66E) 081019 01Q"/#:':? $3':%3?610:? 8/1%":#, 03%$12#:%3?61, 5#"37>#%:0( 2 :1&,>:19E 01"/#:':? $3':%3?610:? 18%/#C'), 3%B#@'J 6# "/':'>%0"1&84:' (0&. 8/'21$'&E) 6'B% 5#R:/'J12#66E) 8/(&14=13?6'" «<1Q"/#@%6'% 6%"/':'>%0"'J 18%/#C') — :/#:# $%6%=»). .18/10:4 =121Q
67C@;N?F=? F?C@=1=<?6C=Y 7!?@;Q=S — 1@;1; :?F?D='+4",94" 7'+." %'+3)+'()$ 3%"$4.' +"+4',9;1-'$.? !"6,'+(" ('?$0/
"31./, ;'#$%&4) - 3%"$4.'F —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— E." +&'.)$ 4%).)7$+4)F %'+3)+'()<.
529
L3%'-,$()$ %'+3)+'()$0
/(, 01"/#@%6'% $3':%3?610:' "/':'>%0"1=1 84:' 6# 6%"1:1/1% "13'Q>%0:21 $6%) 8/'2%$%: " 01"/#@%6'7 19@%) $3':%3?610:' 8/1%":# 6#:1 B% "13'>%0:21 2/%&%66EJ %$'6'C /#08'0#6'( (&E 94$%& '0813?Q512#:? $6'). ! :%8%/? 810&1:/'& 6# 0%:%21) =/#L'" ' 18/%$%3'& "/'Q:'>%0"') 84:? (6# /'0. 12.10 &E 81"#5#3' "/':'>%0"') 84:? "#B$1=1/#08'0#6'( B'/61) 3'6'%)). D0813?512#6'% TAD ($'#=/#&&E «18%Q/#C'' 6# 0:/%3"#J» 2 8/'2(5"% " 2/%&%661) R"#3%) (23(%:0( 6#'91Q3%% 8/10:E& 0810191& 01"/#@%6'( /#08'0#6'(, 81:1&4 >:1 TAD 81Q"#5E2#%: 18%/#C'', '&%7@'% ' 6% '&%7@'% /%5%/2#, 6#=3($61, ''&%661 81U:1&4 &E '0813?512#3' %% 2 6#R%& 8/'&%/% 6# /'0. 12.10.
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— 0&. V#=' 2 ' 3 — $1 :%J 81/,81"# 6% 94$%: $10:'=64:# B%3#%&#( $3':%3?610:? /#08'0#6'(, /#2Q6#( 4 $6(&, ' "1:1/#( 94$%: '&%:? 0:1'&10:? $260.
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«19/#@#%& 18%/#C'7 !, 8/'6#$3%B#@47 191'&"/':'>%0"'& 84:(&, # 6# V#=% 3 — 18%/#C'7 D), 3%B#@47 6# 1$61&"/':'>%0"1& 84:', ' 18%/#C'7 N — 6# $/4=1&.
530
5,'-'
125)' ("2'9'' (,#102%1'B 1)'$'9,#1'B /*$,= (,0:B0>'+0
#<'+"$% 'B 3#, 0>(03),+,((0. O%$"1 20:/%>#%:0( 0':4#C'(, "1=Q$# "/':'>%0"') 84:? 2 8/1%": :13?"1 1$'6. I#@% 20%=1 8/1'0J1$'::#", >:1, "1=$# &E 0B'&#%& 18%/#C'' 8%/216#>#3?61=1 "/':'>%0Q"1=1 84:' (18%/#C'' AQDQF 6# /'0. 12.10), 2156'"#7: 612E% "/':'Q>%0"'% 84:' (612E% 84:' 0:#612(:0( "/':'>%0"'&'). .103% 01"/#Q@%6'( 18%/#C'' D 6# V#=% 1 4 6#0 '&%7:0( 4B% $2# "/':'>%0"'J84:': AQDQF ' !QNQX. -1=$# U:1 034>#%:0(, $3( 01"/#@%6'( 19@%)$3':%3?610:' 8/1%":# 6%19J1$'&1 01"/#:':? $3':%3?610:? 20%J(2 6#R%& 034>#% $24J) "/':'>%0"'J 84:%) 1$612/%&%661. N1: 81>%Q&4 6# V#=% 2 &E 01"/#@#%& 18%/#C'7 !, 8/'6#$3%B#@47 191'&"/':'>%0"'& 84:(&, # 6# V#=% 3 — 18%/#C'7 D, 3%B#@47 6# 1$61&"/':'>%0"1& 84:', ' 18%/#C'7 N — 6# $/4=1&.X03' 6#& 6% 4$#0:0( 01"/#:':? $3':%3?610:? 1$61) '5 6'J, :1
19@#( $3':%3?610:? 8/1%":# 10:#6%:0( 6%'5&%661). .18/10:4 =1Q21/(, $3':%3?610:? 8/1%":# 18/%$%3(%:0( 6#'913%% $3'66E& 84:%&(84:(&'). D&%661 '5Q5# 6#3'>'( 6%0"13?"'J "/':'>%0"'J 84:%) &E6#0:1(:%3?61 /%"1&%6$4%& 8/#2'31 «01"/#@#:? 6# 1$'6 $%6? 5#1$'6 R#=» —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
&G5HKLEHDMN&O GRMT&S CMG5&GMN&SF08>" '#/02%;03"$%. <B#:'% /#08'0#6'( — U:1 2 8%/247 1>%/%$?
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
531
L3%'-,$()$ %'+3)+'()$0
8/1J1$ '5&%6(%: 31='"4 8/1%":#, '5&%6(( 5#2'0'&10:' &%B$4 %=118%/#C'(&'. .10"13?"4 21 &61='J EJ 8/1%":#J 6% '0813?547:0(0%:%2E% =/#L'"', # '0813?547:0( 3'R? $'#=/#&&E ;#6::# '3' $'#=Q/#&&E "16:/13?6EJ 019E:'), &%:1$ 0B#:'( /#08'0#6'( 2 913?R%)0:%8%6' 8/'&%6'& " "/486E& 8/1%":#&.
D),+4 '#/02%;03"('4. <B#:'% 0%:%21=1 =/#L'"#, 01$%/B#@%=1250 18%/#C'), &1B%: 81:/%912#:? 1: 6%913?R1) 18E:61) 8/1%":61)"1$E 1: 81312'6E $6( $1 C%31=1 $6(. ./' /10:% >'03%6610:' "1Q$E 03%$4%: 1B'$#:? 215/#0:#6'( :/%94%&1=1 2/%&%6' '5Q5# 40Q31B6'2R%)0( "1&&46'"#C'' &%B$4 >3%6#&' "1$E. <B#:'%,18'/#7@%%0( 6# TAD, 0810190:24%: 4&%6?R%6'7 2/%&%6' 93#=1$#Q/( 2E01"1) 6#=3($610:', 19%08%>'2#%&1) :#"1) $'#=/#&&1).
D-80>-. M%6610:? 0B#:'( /#08'0#6'( 010:1': 2 %=1 081019610Q:' 19%08%>'2#:? «$1/1B647 "#/:4» (83#6) '59#23%6'( /#08'0#6'(8/1%":# 1: '53'R"12 $3':%3?610:'. V#= 5# R#=1& U:1: &%:1$ 81"#Q5E2#%:, "#"'% 18%/#C'' 6%19J1$'&1 0B'&#:?, "#"'% /%04/0E $3(U:1=1 :/%947:0( ' 0"13?"1 U:1 0:1':. +3( 20%J 1/=#6'5#C'), "1:1Q/E& 2#B61 2/%&( 2EJ1$# 6# /E61", '3', =121/( 913%% 1919@%661,&'6'?61% 2/%&( C'"3#, U:# 081019610:? 19%08%>'2#%: 56#>'Q:%3?6E% 2E=1$E (0&. 5#R:/'J12#66E) 8/(&14=13?6'" 6# 0:/. 417(21) «.(:? 5131:EJ 8/#2'3 0B#:'( /#08'0#6'(»).
5),'+*@,#$3" ' (,>0#$"$1'. <'3?6E% 0:1/16E &%:1$# 0B#Q:'( /#08'0#6'( (23(7:0( 03%$0:2'%& %=1 264:/%66'J &%J#6'5&12.
• I%:"') 81R#=12E) J#/#":%/. ./1C%$4/# 40:#6#23'2#%: 3%="47$3( 816''( ' 0:#9'3?647 8103%$12#:%3?610:? R#=12 0B#:'(.G791) >%312%", 56#"1&E) 0 0%:%2E&' =/#L'"#&', 8103% 1>%6? 6%Q913?R1) :/%6'/12"', '5&%/(%&1) $%0(:"#&' &'64:, 0&1B%: 4021Q':? 6#2E"', 6%19J1$'&E% $3( 012%/R%6'( U:'J R#=12.
67C@;N?F=? F?C@=1=<?6C=S 7!?@;Q=S — 1@;1; :?F?D='+4",94" 7'+." %'+3)+'()$ 3%"$4.' +"+4',9;1-'$.? !"6,'+(" ('?$0/
"31./, ;'#$%&4) - 3%"$4.'F —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— E." +&'.)$ 4%).)7$+4)F %'+3)+'()<.
532
5,'-'
12
• ,'6'&'5#C'( 0:1'&10:' (/#0J1$12). H/=#6'5#C'(&, "16C%6:/'Q/47@'& 021' 40'3'( 6# 48/#23%6'' 0:1'&10:?7, 0B#:'% /#08'Q0#6') 8/%$3#=#%: 215&1B610:? 81 01"/#@%6'7 $3':%3?610:' 'J8/1%":12 8/' &'6'&'5#C'' 0:1'&10:' :#"1=1 01"/#@%6'(.
<B#:'% /#08'0#6'( J#/#":%/'54%:0( /($1& 8/193%&, "1:1/E%$%3#7: %=1:
• 031B6E& 8/'&%6':%3?61 " 913?R'& 8/1%":#&. N 0'34 031B61Q0:', (23(7@%)0( 6%1:W%&3%&E& 021)0:21& 913?R'J 0%:%)0 &61B%0:21& "/':'>%0"'J 84:%), 0B#:'% 'J &1B%: $3( &61='J8/%$0:#23(:? 0191) 1R%31&3(7@% :/4$647 5#$#>4 ('0813?51Q2#6'% "1&8?7:%/12 56#>':%3?61 4&%6?R#%: U:' 031B610:');
• 2/%&(%&"'&. -#" /#5/#91:"# 19R'/61=1 0%:%21=1 =/#L'"# :/%Q94%: 2/%&%6', :#" ' %=1 0B#:'%, 1019%661 2 :1& 034>#%, "1=$#8/12%/(7:0( /#53'>6E% 0C%6#/''.
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
M>"/$".'4 +,$0>" #<"$'4 )"#/'#"('4. +3( :1=1 >:19E '5Q23%>? &#"0'?647 813?54 '5 &%:1$# 0B#:'( /#08'0#6'(, &E /%Q"1&%6$4%& #$#8:'/12#:? 1919@%6647 8/1C%$4/4 " "16"/%:61)8/1%":61) 0':4#C''. ./'2%$%66E% 2ER% 8/'&%/E '3370:/'/47:215&1B647 #$#8:#C'7.
!G1H R7A719Y !@;E=A 6O;1=G @;6!=6;F=G• !&)0'.9 .",94" "3$%'2)), ,$&':)$ (' 4%).)7$+4"0 3/.).• !&)0'.9 (' "#(/ -%$0$(/K $#)()2/ %'+3)+'()8 ;' "#)( ?'6 (('3%)J0$%, (' "#)( #$(9 ;' "#)( ?'6).
• P"6#' +/:$+.-/$. ($+4",94" 4%).)7$+4)F 3/.$<, +&)0'.9 )F -+$ "#("J-%$0$((".
• !('7',' +&)0'.9 .$ "3$%'2)) 4%).)7$+4"6" 3/.), 4"."%1$ )0$K. (')J0$(9?/K +.")0"+.9 +&'.)8 ((')0$(9?/K 4%/.);(/ +.")0"+.9 / -%$08).
• =$ +&)0'.9 ($4%).)7$+4)$ "3$%'2)).
533
L3%'-,$()$ %'+3)+'()$0
COEUPON $#661& /#5$%3% 9E3 /#00&1:/%6 &%:1$ 0B#:'( /#08'0#6'( —
'60:/4&%6: $3( 01"/#@%6'( 19@%) $3':%3?610:' 8/1%":# 9%5 '5Q&%6%6'( %=1 31='"'. D0813?54%&1% =3#26E& 19/#51& 2 "/486EJ8/1%":#J, 0B#:'% /#08'0#6'( 81&1=#%: 40"1/':? 2E8136%6'%8/1%":#. V#= 5# R#=1& $#66E) &%:1$ 1"#5E2#%:, "#"'% 18%/#C''6%19J1$'&1 0B'&#:?, "#"'J /%04/012 U:1 81:/%94%: ' 0"13?"1 94$%:0:1':?. N 8/'2%$%661& 2ER% 5#R:/'J12#661& 8/(&14=13?6'"% '5Q31B%6E "37>%2E% 0119/#B%6'(, "#0#7@'%0( 0B#:'( /#08'0#6'(.
R;CAP<=1?AHF9? R;>?<;F=GO#00&1:/%66E% 2 $#661) =3#2% 6 '60:/4&%6:12 8/%$6#56#>%6E
$3( /#53'>6EJ 8/1%":6EJ 0':4#C'). N 913?R'60:2% 8/1%":12 &%Q6%$B%/ 8/1%":# &1B%: 815213':? 0%9% '0813?512#:? 1$'6, 215&1BQ61 $2# '60:/4&%6:#, 1:"#5#2R'0? 8/' U:1& 1: 10:#3?6EJ. I:19E81&1>? 2 U:1& 2E91/%, 2 8/'21$'&1) 6'B% :#93'C% 8%/%>'03%6E/#53'>6E% 0':4#C'' ' 8/'=1$610:? "#B$1=1 '60:/4&%6:# 2 U:'J0':4#C'(J. X03' 8%/%>'03%66EJ 0':4#C') 6%$10:#:1>61 $3( J#/#"Q:%/'0:'"' 8/1%":#, 03%$4%: $19#2':? 612E% 0':4#C'' ' 1:&%:':?'60:/4&%6:E, 6#'913%% 8/'%&3%&E% $3( '0813?512#6'( 2 6'J. D6Q0:/4&%6:, "1:1/E) 6#9%/%: 6#'913?R%% "13'>%0:21 9#3312, 0:#6%:'60:/4&%6:1&, 2E91/ "1:1/1=1 6#'913%% 8/%$81>:':%3%6. D0813?Q512#6'% 913%% >%& 1$61=1 '60:/4&%6:# :#"B% 28136% $1840:'&1,8/'6'&#( 21 26''%, >:1 6%"1:1/E% '5 6'J 2%3'"13%861 $1813Q6(7: ' 40'3'2#7: $/4= $/4=#, "#" 9E31 4"#5#61 2 &#:%/'#3% =3#2E.-#"1) 9E '60:/4&%6: 6' 9E3 2E9/#6, =349'66#( 04:? %=1 — 8/'&%Q6%6'% 2 /%B'&% 8/1#":'261=1 C'"3# "16:/13( 8/1%":#.
!@7E?@C; >?17:; 6O;1=G @;6!=6;F=GLC$#).$+9, 7." -1 -13",(),) +&'.)$ %'+3)+'()8 #",&(10 "C%';"0.
!&'."$ %'+3)+'()$ #",&(" )0$.9:• ($);0$($((1$ ;'-)+)0"+.) 0$&#/ "3$%'2)80) 3%"$4.';• #,).$,9("+.9, ?."%"< -1 &$,',) #"+.)79;• (')0$(9?/K -";0"&(/K +.")0"+.9 +&'.)8.
B3%$#$,$()$ 6%'()2 !&'.)$ %'+3)+'()< - 4%/3(1F 3%"$4.'F #",&(")+3",9;"-'()8 "3)%'.9+8 (' +$.$-"< 6%'H)4. !&'.)$
%'+3)+'()8 C/#$. )+3",9;"-'.9+8 - +"7$.'())+ C1+.%10 3%"F"#"0
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
534
5,'-'
12=5(J()(# &".)/#/%# %/&5"+,#/5() *(/5"('2 &($#"]./%2
6%5+.T%2
8'.
J(3"
%25
&5)+
0M.2
3"%
\,#/
#/%0
'%/%
2 %&3
('/#
/%2
8'.
J(3"
%25
&5)+
0M.2
3"%
\,#/
#/%0
BCF
\./.
'%-.
8'.J(3
"%25
&5)+
0M.2
3"%
,#\
/#/%
0 $%.
J".,
,U
3"#
$&*.
\-.
/%2 *(
/5"(
'L/U
Z &(
4U5%
V
8'.J(3
"%25&5)+
0M.2
3"%
,#\
/#/%
0 $%.
J".,
,U
&*('
L]#/
%2
8'.J(3
"%25
&5)+
0M.2
3"%
,#\
/#/%
0 $%.
J".,
,U
4+[
#"()
8'.
J(3"
%25
&5)+
0M.2
3"%
\,#/
#/%0
&].5
%2 ".
&3%&.
/%2
@',1$ ) 3%"+.1$ 3%"$4.1
Z"%0',9(1$ "C;"%1 F"#')+3",($()8
=$H"%0',9(1$ "C;"%1 F"#')+3",($()8
P%'.4)< +%"4 "C/7$()8 )+3",9;"J-'()K )(+.%/0$(.'
G42$(.)%"-'()$ (' (')C",$$-'&(1F +"C1.)8F
L+),$(('8 "%)$(.'2)8 (' 2$,9
A",9?)$, +,"&(1$ ) 4%"++JH/(42)"(',9(1$ 3%"$4.1
A1+.%1$ 3%"$4.1
*%"$4.1 +.%'.$6)7$+4"< -'&("+.)
G42$(.)%"-'()$ (' "3$%'2)8F(')-1+?$6" 3%)"%).$.'
=$"CF"#)0"+.9 +-"#("< #$.',9("<)(H"%0'2))
L3%'-,$()$ %'+3)+'()$00("&$+.-' 3%"$4."-
B."C%'&$()$ .%$(#'
BC$+3$7$()$ «-+.%"$(("6" - )(+.J%/0$(.» 3%"'4.)-("6" 3"#F"#'
=$C",9?"$ -%$08, ".-"#)0"$(' /3%'-,$()$ %'+3)+'()$0
P"03$(+'2)8 ;'#$%&$4 - 3%"$4.$
535
L3%'-,$()$ %'+3)+'()$0
A=1?@;1B@;1. Summers, D. <. S. 2000. Quality. 2d ed. Upper Saddle River, N.J.:
Prentice Hall.2. Goldratt, E. M. 1997. Critical Chain. Great Batrrington, Mass.:
North River Press.3. Project Management Institute. 2000. A Guide to The Project
Management Body of Knowledge. Drexell Hill, Pa.: ProjectManagement Institute.
4. Simon, H. 1987. «Making Management Decisions: The Role ofIntuition and Emotion» Academy of Management Executive,1: 57—64.
5. Kharbanda, O. P., E. A. Stalworthy, and L. F. Williams. 1980.Project Cost Comrol in Action. Farnborough, U.K.: GowerPublishers.
6. Kania, E. 2000. «Measurements for Product DevelopmentOrganizations, A Perspective from Theory of Constraints». Visions24(2), 17—20.
7. Githens, G. D. and R. J. Peterson. 2001. «Using Risk Managementin the Front End of Projects». at The Project Management InstituteAnnual Seminars and Symposium. Nashville.
8. Wideman, M. 1992. Project and Program Risk Management.Newton Square, Pa.: Project Management Insdtute.
9. Hed, S. R. 1973. Project Control Manual. Geneva: Sven Hed.10. Lientz, B. P. and K. P. Rea. 1999. Breakthrough Technology Project
Management. San Diego: Academic Press.11. Weisflogg, U. 1998. «Servant Leadership as the Means for
Collective Action in Project Management». at InternationalConference on Management of Technology. Orlando, Florida.
12. Silverberg, E. < 1991. «Predicting Project Completion». ResearchQTechnology Management 34(3): 46—47.
13. Rosenau, M. D., et al. 1996. The PDMA Handbook of New ProductDevelopmem. New York: John Wiley & Sons.
14. Leach, L. P. 1999. «Critical Chain Project Management ImprovesProject Performance». Project Management Journal. 30(2):39—51.
15. Kerzner, H. 2001. Project Management: A Systems Approach toPlanning, Scheduling, and Controlling. New York: John Wiley &Sons.
16. Meredith, J. R. and S. J. Mantel. 2000. Project Management:A Managerial Approach. 41h ed. New York: John Wiley & Sons.
B3".)'#/%#&5(%,(&5L0
!+#.O", ," )-*+#"4,. "$3 3C'1.,'".
!3?L/%$ Y'>"1"
H06126E% :%&E, /#00&#:/'2#%&E% 2 6#0:1(@%) =3#2%, U:1'60:/4&%6:E "16:/13( 0:1'&10:':• !6#3'5 2E8136%661) 0:1'&10:'• !6#3'5 "16:/13?6EJ 019E:').
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
538
5,'-'
13&1B610:? 2%$%6'( 1:>%:610:' 1 J1$% '08136%6'( 2 :%>%6'% 20%=12/%&%6' 2E8136%6'( 8/1%":#. M%3? 6#0:1(@%) =3#2E 010:1':2 :1&, >:19E 8/%$31B':? 8/#":'"47@'& ' 81:%6C'#3?6E& &%6%$QB%/#& 8/1%":12 03%$47@'% 215&1B610:' 194>%6'( (812ER%6'("2#3'L'"#C''):
C'#. 13.1. O13? '60:/4&%6:12 "16:/13( 0:1'&10:' 2 8/1C%00%0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&'
• .156#"1&':?0( 0 /#53'>6E&' '60:/4&%6:#&' "16:/13( 0:1'Q&10:' 2 8/1#":'261& C'"3% "16:/13( 8/1%":#.
• NE9'/#:? '60:/4&%6:E "16:/13( 0:1'&10:', "1:1/E% 4$12Q3%:21/(7: 08%C'L'"% 'J 8/1%":61) 0':4#C''.
• !$#8:'/12#:? 2E9/#66E% '60:/4&%6:E "16:/13( 0:1'&10:'.
K:' 6#2E"' '&%%: "/#%4=13?647 2#B610:? $3( '08136%6'( 8/1Q%":# ' 810:/1%6'( 8/1C%00# 0:#6$#/:'512#661=1 48/#23%6'( 8/1Q%":#&'.
539
L3%'-,$()$ +.")0
"+.9K
MNMK&E D[5HKNONNHQ GTH&PHGT&!$0 $"10, "("2'; 3-/02(,((0= #$0'+0#$' (EVA)?,%:1$ 2E8136%661) 0:1'&10:' 8/%$40&#:/'2#%: 8%/'1$'>%Q
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᧷ 8103%$1Q2#:%3?610:? R#=12, 8/'52#6647 81&1>? 19W(06':? "16C%8:4#3?Q647 8/10:1:4 2E8136%6'( EVA. +3( 4=3493%6'( 816''( &%:1$#EVA 19/#:':%0? " 8/'21$'&1&4 6'B% 5#R:/'J12#661&4 8/(&14=13?Q6'"4 «H06126#( :%/&'6131='( #6#3'5# 2E8136%661) 0:1'&10:'».
C'#. 13.2. ;/#L'" ($'#=/#&&#) #6#3'5# 2E8136%661) 0:1'&10:'
540
5,'-'
13
76BN?61EA?F=? ;F;A=R; E9!7AF?FF7S617=>761=N8%/2E% "16C%8C'( #6#3'5# 2E8136%661) 0:1'&10:' 9E3#
8/%$31B%6# 8/1&ER3%66E&' '6B%6%/#&' XIX 2%"#. < :%J 81/, 6#QJ1$(0? 81$ 81"/12':%3?0:21& 8/#2':%3?0:2%661=1 48/#23%6'(8/1%":#&', EVA 8/'19/%3 0217 6E6%R677 031B647 ' =1081$0:247Q@47 L1/&4 [3]. N 8/1C%00% /10:# 1/'='6#3?6#( 8/10:#( :%/&'6131Q='( '6B%6%/12 8/1R31=1 8/%2/#:'3#0? 2 6E6%R677, 09'2#7@470 :13"4 :%/&'6131='7. Y1:( EVA ' 0:#3 ULL%":'26E& '60:/4&%6Q:1&, ' 2 8%/247 1>%/%$? 2 "/486EJ 8/#2':%3?0:2%66EJ 8/1%":#J,
76F7EF;G 1?@>=F7A7D=G ;F;A=R; E9!7AF?FF7S617=>761=!'./().2 &5(%,(&5L (PV) = CK#&$. = 3,'("-1$ +.'(#'%.1 = E'3,'()J
%"-'(('8 %'C".' = 3,'("-'8 +.")0"+.9 3,'()%"-'((1F %'C". (*!*I,BCWS); -1%'&'$.+8 - 7'+'F, #",,'%'F, $#)()2'F ();#$,)8F) ) ..#.
W.*5%K#&*.2 &5(%,(&5L (;6) = %$',9(1< ."-'% (%$',9(" +/:$+.-/KJ:)$ );#$,)8) = H'4.)7$+4'8 +.")0"+.9 -13",($((1F %'C". (Z!>I, ACWP);-1%'&'$.+8 - 7'+'F, #",,'%'F, $#)()2'F ();#$,)8F) ) ..#.
EU3('/#//.2 &5(%,(&5L (EV) = #"+.)6(/."$ = -13",($((1$ +.'(#'%J.1 = 3,'("-'8 +.")0"+.9 -13",($((1F %'C". (*!>I, BCWP); -1%'&'$.+8- 7'+'F, #",,'%'F, $#)()2'F ();#$,)8F) ) ..#.
75*'(/#/%# 3( &5(%,(&5% (CV) = EV – G!, -1%'&'$.+8 - 7'+'F, #",,'J%'F, $#)()2'F ();#$,)8F) ) . #.
75*'(/#/%# (5 J".[%*. (SV) = EV – PV; -1%'&'$.+8 - 7'+'F, #",,'pax, $#)()2'F ();#$,)8F) T N.M. *%) )+3",9;"-'()) #%/6"< H"%0/,1 .'4&$0"&$. -1%'&'.9+8 - $#)()2'F -%$0$() (('3%)0$%, - #(8F).
75*'(/#/%# 3( -.5".5., = PV – G!; -1%'&'$.+8 - 7'+'F, #",,'%'F,$#)()2'F ();#$,)8F) ) ..#.
=/$#*& )U3('/#/%2 &5(%,(&5% (=E61, 6!) = LV / G!.=/$#*& )U3('/#/%2 &"(*() ".4(5 (=E6@, SPI) = EV / PV.80$]#5 3( -.)#"^#/%% (8!R, E;6) = 3$%-"('7',9(1< "C:)< (3",J
(1<) CK#&$., ($"CF"#)01< #,8 -13",($()8 3%"$4.'; -1%'&'$.+8 - 7'+'F,#",,'%'F, $#)()2'F ();#$,)8F) ) . #.
7T#/*. 3( -.)#"^#/%% (?;6) = (G! / EV) * >G!; 3%"6(";)%/$01< CKJ&$. (' 0"0$(. "4"(7'()8 3%"$4.'; -1%'&'$.+8 - 7'+'F, #",,'%'F, $#)()J2'F ();#$,)8F) ) ..#.
@.&3%&./%# 3( -.)#"^#/%% (SAC) = (PV / EV) * 3$%-"('7',9("$ "3)J+'()$; 3%"6(";)%/$0'8 #,).$,9("+.9 3%"$4.' (' 0"0$(. "4"(7'()8 3%"$4J.', -1%'&'$.+8 -" -%$0$((YF $#)()2'F (#(8F, ($#$,8F, 0$+82'F).
!"(J/(-%"+#,UV 3#"#".&Z($ 40$]#5. = ".4,"($()$ CK#&$.' 3" ;'J-$%?$()) (B*R, VAC),-1%'&'$.+8 - 7'+'F, #",,'%'F, $#)()2'F ();#$,)8F)) ..#.
!"(J/(-%"+#,.2 -.$#"]*. ".&3%&./%2 = ".4,"($()$ 3" +%"4'0 3";'-$%?$()) (SVAC); -1%'&'$.+8 - 7'+'F, #",,'%'F, $#)()2'F ();#$,)8F)) .. #.
75K#5/.2 $.5. = #'.' %';#$,$()8 #'((1F (+.'./+('8 #'.') = +$6"#(8 =."74' -" -%$0$(), - 4"."%"< -13",(8$.+8 VVA.
541
L3%'-,$()$ +.")0
"+.9K
16 6% 0&1= 8/'23%>? 913?R1% "13'>%0:21 8103%$12#:%3%) 2 >#0:61&0%":1/%. ,'/ 0%=1$6(R6%=1 9'56%0# 010:1': =3#26E& 19/#51& '5 &#Q3EJ ' 0/%$6'J 8/1%":12, ' >#0:1 U:' 8/1%":E 2E8136(7:0( "1&8#6'Q(&', "1:1/E% 3'R? 6%$#261 6#>#3' 8/'&%6(:? 48/#23%6'% 8/1%":#Q&' [4]. K:'& "1&8#6'(& 6%19J1$'& EVA 2 913%% 8/10:1) L1/&%,810:/1%661) 6# :%/&'6131='', "1:1/#( '0813?512#3#0? %@% 8/1Q&ER3%66E&' '6B%6%/#&', ' >#0:1 10612#661) 6# >#0#J /#91:E /%Q04/012 2 :1) B% &%/%, 2 "#"1) ' 6# $133#/#J. N 8/1&ER3%6610:' &1BQ61 196#/4B':? 2E$#7@'%0(, J1:( ' /%$"'% U"08%/'&%6:E >#0:6EJ1/=#6'5#C') 2 8/'&%6%6'' EVA [5]. +3( :1=1 >:19E 2 81361) &%/% /#0Q"/E:? C%6610:? $#661=1 '60:/4&%6:# "#" $3( "/486EJ 8/#2':%3?Q0:2%66EJ, :#" ' $3( EJ >#0:6EJ 8/1%":12, &E 06#>#3# 0"16C%6:Q/'/4%& 021% 26''% 6# $%:#3?61& (20%19W%&37@%&) 81$J1$%, 8103%>%=1 2 /#5$%3%, 8102(@%661& #$#8:#C'', '531B'& 021' 0119/#B%6'(81 26%$/%6'7 913%% 8/10:EJ L1/& EVA.
G:0) '#B0>(0= '(J0)+".''. +3( :1=1 >:19E EVA 9E3 ULL%"Q:'26E&, 16 $13B%6 18'/#:?0( 6# :2%/$E) L46$#&%6:, 010:1(@')'5 03%$47@'J '6L1/&#C'166EJ U3%&%6:12:
• .13610:?7 18/%$%3%661% 01$%/B#6'% 8/1%":#.• O#08'0#6'% 8/1%":#.• O#08/%$%3%66E) 21 2/%&%6' 97$B%:..1$=1:12':? 813610:?7 18/%$%3%661% 01$%/B#6'% 8/1%":# — U:1,
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
$%/B#6'( 8/1%":#. -#B$#( 5#$#># 94$%: :@#:%3?61 8/1#6#3'5'Q/12#6# $3( 18/%$%3%6'( :1=1, 2 "#"1) &1&%6: 6# 2/%&%661) R"#3%8/1%":# 16# 94$%: 2E8136(:?0(. +%:#3', "#0#7@'%0( 6#>#3# ' 5#Q
542
5,'-'
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
/12#61 " '08136%6'7, $13B61 9#5'/12#:?0( 6# :@#:%3?61& 1C%6'Q2#6'' /%04/012. .U21/( "16"/%:61, /%04/0E, 6%19J1$'&E% $3( 2EQ8136%6'( "#B$1=1 U3%&%6:# <+O, $13B6E 9E:? '$%6:'L'C'/12#6E '2E$%3%6E 2 18/%$%3%66E% 2/%&%66]% 8%/'1$E /#08'0#6'(. K:1 19Q/#54%: /#08/%$%3%66E) 21 2/%&%6' 97$B%: /%04/012. K:' 1C%6"' /%Q04/012 012&%0:61 0 5#83#6'/12#661) /#91:1) 81&1=#7: 8134>':?83#61247 0:1'&10:?. -/1&% :1=1, U:' B% 1C%6"' 2 01>%:#6'' 0 2E813Q6%661) /#91:1) 19/#547: 2E8136%6647 0:1'&10:?. H>%2'$61, >:1/#08/%$%3%66E) 21 2/%&%6' 97$B%: (23(%:0( "/':'>%0"' 2#B6E&2J1$6E& U3%&%6:1& EVA. O%57&'/4(, &1B61 0"#5#:?, >:1 EVA :/%94%:813610:?7 18/%$%3%661=1 01$%/B#6'( 8/1%":#, '6:%=/'/12#661=10 2?@%3%66E&' (/#08/%$%3%66E&') /%04/0#&', 8/'>%& 20% U:1 $13BQ61 9E:? 8/%19/#512#61 2 :2%/$1% /#08'0#6'% $3( 8103%$47@%=1 %=1'08136%6'(. K:' :/' 2ER%8%/%>'03%66EJ '6L1/&#C'166EJ U3%Q&%6:# >#0:1 6#5E2#7:0( «210J1$(@'& 9#512E& 83#61& 8/1%":#» [6].
V0)+')03"(', :";03080 /2"(" ';+,),('4 B0>" '#/02(,('4(CPD, Performance Measurement Baseline). N#& 6%19J1$'&1 40:#Q612':? O,N $3( :1=1, >:19E 18/%$%3(:?, "#"47 >#0:? 5#83#6'/1Q2#661) /#91:E 2E 2E8136'3' 2 "#B$E) &1&%6: 2/%&%661) R"#3E8/1%":#. P0:#612"# O,N 2"37>#%: 2 0%9( 2E8136%6'% :/%J 5#$#>:
• H8/%$%3%6'% :1>%" 48/#23%6>%0"1=1 "16:/13( ("16:/13( 010:1/16E /4"121$0:2#) ' 3'C, 1:2%:0:2%66EJ 5# 6'J.
• NE91/ &%:1$# '5&%/%6'( 2E8136%661) 0:1'&10:'.• P0:#612"# O,N.H06121) $3( 2E8136%6'( U:'J :/%J 5#$#> (23(%:0( 9#512E)
83#6 8/1%":#, "1:1/E) 813610:?7 18/%$%3(%: 01$%/B#6'% 8/1%"Q:#, '6:%=/'/4( %=1 0 2?@%3%66E&' /%04/0#&' ' 8/%19/#54( 'J 281$3%B#@%% 2E8136%6'7 /#08'0#6'% ' 2E8136(( 20% U:1 2 8/%$%Q3#J "#/"#0#, 19%08%>'2#%&1=1 <+O. ./'6'&#( 21 26''% :1:L#":, >:1 <+O '&%%: U3%&%6:E 6# /#53'>6EJ 4/126(J, 2#& 6%19J1Q$'&1 /%R':?, "#"'% U3%&%6:E (6# "#"1& 4/126%) 94$4: (23(:?0(:1>"#&' 48/#23%6>%0"1=1 "16:/13(. K:' :1>"' 6#5E2#7:0( 83#6#Q
543
L3%'-,$()$ +.")0
"+.9K
&' "16:/13?6EJ 0>%:12 (<!O). Y1:( 6# 8%/2E) 25=3($ U:1: :%/&'6&1B%: 81"#5#:?0( 09'2#7@'& 0 :13"4, 2 $%)0:2':%3?610:' %=1 "16QC%8C'( 8/10:#. <!O 8/%$0:#23(%: 0191) 1061261) 0:/1':%3?6E)931" EVA, :1>"4, 2 "1:1/1) &E '5&%/(%& ' 1:03%B'2#%& 8/1'521$'Q:%3?610:? (J1$ '08136%6'(). <10:#2 <!O 18/%$%3%6 2 8/'21$'&1&6'B% 5#R:/'J12#661& 8/(&14=13?6'"% «-37>%2E% "1&816%6:E83#6# "16:/13?61=1 0>%:#».
<!O &1=4: 9E:? /#08131B%6E 6# 2E9/#661& 4/126% <+O —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«2/%&( / ULL%":'2610:?». *#"1) <!O
CAP<?E9? C7>!7F?F19 !A;F; C7F1@7AHF7D7 6<?1;• !,"-$+("$ (3"-$+.-"-'.$,9("$) "3)+'()$ +"#$%&'()8.• I'+3","&$()$ - !MI, ..$. (' 4'4"0 /%"-($ ('F"#).+8 (('3%)0$%, ('/%"-($ 1 !MI, - 4"."%"< /%"-$(9 0 +"".-$.+.-/$. /%"-(K 3%"$4.', /%"J-$(9 1 — !GI ) /%"-$(9 2 — 3'4$.'0 %'C"..
• >F"#8:)$ - !GI 3'4$.1 %'C". (('3%)0$%, /%"-$(9 2 #,8 3'4$."- %'C".).• >%$0$(('8 ?4',' (('3%)0$%, #'.1 ('7',' / ;'-$%?$()8 4'&#"6" 3'4$J.' %'C"6).
• AK#&$. (7'+1 %'C".1 %$+/%+"-, #",,'%1 ),) $#)()21 ();#$,)8) #,84'&#"6" 3'4$.' %'C".).
• >,'#$,$2; ,)2", ".-$.+.-$(("$ ;' !GI (('3%)0$%, -)2$J3%$;)#$(. 3"0'%4$.)(6/).
• N)3 %'C". (('3%)0$%, ($3"-."%8K:)$+8 ),) 3"-."%8K:)$+8).• @$."#1 );0$%$()8 F"#' )+3",($()8 #,8 EVA (('3%)0$%, -;-$?$((1$4"(.%",9(1$ +"C1.)8).
544
5,'-'
13011:2%:0:2%661 '&%%: >%:"1 18/%$%3%661% 0312%061% 18'0#6'% 01Q$%/B#6'%, &%0:18131B%6'% 2 <+O, 010:#23(7@'% %=1 U3%&%6:E /#Q91:, 2/%&%66P7 R"#34 ' 97$B%:. Y1:( 97$B%:E >#0:1 2E/#B#7:0(2 $133#/#J (19E>6#( 8/#":'"# 2 913?R'J 8/1%":#J), 16' &1=4: 2E/#QB#:?0(, 2119@% =121/(, 2 3791) L1/&% — 2 >#0#J /#91:E /%04/012,2 %$'6'C#J, 2 0:#6$#/:#J. N 0'34 :1=1, >:1 913?R#( >#0:? &%6%$B%Q/12 8/1%":12 48/#23(%: :13?"1 97$B%:#&', 2E/#B%66E&' 2 >#0#J/#91:E /%04/012, &E 94$%& '0813?512#:? >#0E 2 6#R'J 8/'&%/#J.I:19E 19%08%>':? 2%$%6'% 1:>%:610:' $3( 97$B%:12, 2 "#B$E) <!O$13B61 9E:? 6#56#>%61 3'C1, 1:2%:0:2%661% 5# %=1 '08136%6'%. A#/'0. 13.3 8/'2%$%6 8/'&%/ <!O.
D5&%/%6'% J1$# '08136%6'( <!O, (23(7@%%0( "/#%4=13?6E&"#&6%& 20%=1 EVA, :/%94%: J1/1R1 18/%$%3%66EJ &%:1$12 '5&%/%Q6'(. Y1:( &E ' /#00&1:/'& 6%0"13?"1 :#"'J &%:1$12 (0&. :#93. 13.1),
C'#. 13.3. Z1/&'/12#6'% 83#6# "16:/13?61=1 0>%:#
T; Project and Program Risk Management: A Guide to Managing Project Risks andOpportunities, Max R. Wideman, ed, Newton Square, PA: Project Management Institute,Inc., 1992. >+$ 3%'-' ;'%$;$%-)%"-'(1.
545
L3%'-,$()$ +.")0
"+.9K
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
"47 — 6#8/'&%/, 2E8136(%&47 /#5 2 6%$%37 '3' /#5 2 &%0(C —1C%6"4 $13' 2E8136%66EJ /#91: 8#"%:#, 2E/#B#%&47 2 2'$% "4&4Q3(:'261) 2%3'>'6E (6#8/'&%/, 65%) 81 1:61R%6'7 " 100% — 813Q61&4 19W%&4 /#91: 8#"%:#. <>':#7@')0( 8/10:E& ' 9E0:/E& &%:1Q$1&, >:1, 215&1B61, 19W(06(%: %=1 R'/1"47 81843(/610:?, U:1:&%:1$ :#"B% 0>':#%:0( ' >/%5&%/61 049W%":'26E&. -#>%0:2%66118/%$%3%6'% 01$%/B#6'( 8#"%:12 /#91: ' 8/12%/"# :1>610:' 1C%61"81&1=#%: 06'5':? 0:%8%6? 049W%":'2'5&# $1 8/'%&3%&1=1 4/126(.
U'2*'#3).,,.: J3#</4. $3( 8#"%:# /#91: 8/%$813#=#%: /#5Q3'>6E% 2#/'#6:E 2E91/#: 25/75, 50/50, 75/25 ' :.$. A#8/'&%/,L1/&43# 25/75 156#>#%:, >:1, "1=$# '08136%6'% 8#"%:# /#91: 6#Q>'6#%:0(, 2E8136%66E& 0>':#%:0( 25 % 97$B%:# 8#"%:#, # "1=$#5#"#6>'2#%:0( —$19#23(7:0( 10:#3?6E% 75%. X0:%0:2%661, >:13791% 01>%:#6'% >'0%3, /#26EJ 2 04&&% 100%, &1B%: 9E:? '0813?Q512#61. K:1 $10:#:1>61 9E0:/E) 081019 1C%6'2#6'(, 8/'&%6'&E)2 0':4#C'(J, "1=$# 8#"%:E /#91: '&%7: ś $3':%3?610:? ' 2EQ8136(7:0( "#0"#$61 2 18/%$%3%66E& 2/%&%66EJ /#&"#J. H6# :#"QB% &1B%: 9E:? :1>61) (0&. 8/'21$'&E) 2ER% 5#R:/'J12#66E)8/(&14=13?6'" «L1/&43# 50/50 8/%$3#=#%: /#54&647 :1>610:?».
W7@>BA; 50/50 !@?:A;D;?1 @;RB>FBP 17<F761HV+,) %';0$% 3'4$.' %'C". /+.'("-,$( ('#,$&':)0 "C%';"0, ." "2$(4'
-13",($()8 3'4$.' 3"+%$#+.-"0 H"%0/,1 50/50 -3",($ - +"+."8()) "C$+J3$7).9 #"+.'."7(" ."7("$ "2$()-'()$ "C:$6" F"#' )+3",($()8 3%"$4.'.Z"%0/,' 50/50 ";('7'$., 7." - 0"0$(. ('7',' -13",($()8 3'4$.' %'C".-13",($((10 ("+-"$((10) +7).'$.+8 50 % CK#&$.', - ." -%$08 4'4 "+.',9J(1$ 50 % ('7)+,8K.+8 - 0"0$(. "4"(7'()8 -13",($()8 3'4$.'.
I'++0".%)0 3%"$4., )0$K:)< +,$#/K:)$ F'%'4.$%)+.)4): CK#&$.$ 1.040.000, #,).$,9("+.9 3%"$4.' — 1 6"#, 4",)7$+.-" 3'4$."- — 520, +%$#J(88 #,).$,9("+.9 3'4$.' — 1 ($#$,8, 4",)7$+.-" -13",(8$01F 3'4$."- - ($J#$,K — 10, "?)C4' -13",($()8 "2$(4) 3'4$.' — 50%, 3%)7$0 -+$ "?)C4)('4'3,)-'K.+8, ' ($ 4"03$(+)%/K. #%/6 #%/6'. > E."0 +,/7'$ Brandon "3%$J#$,), 0'4+)0',9(/K "?)C4/ + )+3",9;"-'()$0 H"%0/,1 50/50 4'4 [2]:
@'4+)0',9('8 "?)C4' = (+%$#($$ 4",)7$+.-" -13",(8$01F 3'4$."-- ($#$,K +%$#(88 +.")0"+.9 3'4$.' 0.5)/"C:'8 +.")0"+.9 = ()10 $2.000
0.5)/$1.040.000 = 0.009, ." $+.9 0$(9?$, 7$0 1%, 7." 8-,8$.+8 -$+90'."7(10 %$;/,9.'."0.
546
5,'-'
13
>()"O",,-" 23,+#34D,-" *3I-+': — U:1 &%:1$ $%3%6'( $13=1Q0/1>61=1 8#"%:# /#91: 6# 6%0"13?"1 "16:/13?6EJ 019E:') $%3%6'($13=10/1>61=1 8#"%:# /#91: "16:/13?6E&' 019E:'(&' 6# 6%0"13?Q"1 L/#=&%6:12, "#B$1&4 '5 "1:1/EJ 6#56#>#%:0( 021( $13( 97$B%Q:#, "1:1/#( 0>':#%:0( 2E8136%661), "1=$# $#661% 019E:'% 6#0:4Q8#%:. K:1: &%:1$ 2%0?&# 19W%":'2%6, 1$6#"1, 408%J %=1 8/'&%6%6'(2 56#>':%3?61) 0:%8%6' 5#2'0': 1: :1=1, 4$#0:0( 3' 18/%$%3':?56#>'&E% "16:/13?6E% 019E:'( — &#:%/'#3?6E%, 81$$#7@'%0(97$B%:'/12#6'7 ' "#3%6$#/61&4 83#6'/12#6'7.
K34: )-934,",,-M #.I3+ ) *30"+.,'' * O4E(3)-<' 23,+F#34D,-<' *3I-+':<' 01>%:#%: 2 0%9% 3%="10:? 8/'&%6%6'(, 021)Q0:2%6647 &%:1$4 18/%$%3%6'( $13' 2E8136%66EJ /#91: ' :1>610:?&#:%/'#3?6EJ "16:/13?6EJ 019E:'). .#"%: /#91:, '&%7@') $3'Q:%3?610:?, 0"#B%&, 600 >#012, /#59'2#%:0( 6# 3 8103%$12#:%3?6EJ
1.4'%T. 13.1. B+("-1 "+("-(1F 0$."#"- );0$%$()8 -13",($(("< +.")0"+.)
1%3,#5($.
C(J$.%&3('L-().5L
7&/()/(#3"#%,+M#&5)(
7&/()/(V/#$(&5.5(*
(1) (2) (3) (4)
M",8 -13",($(("< U"%"?" "3%$#$,$(J =')C",$$ ,$64)< B+/:$+.-,8$.+8%'C".1 (1$ 3'4$.1 %'C".1; 0$."# + ."74) 3",("+.9K (' +/COJ
(',)7)$ 3%"-"#)J '#0)()+.%)%"-'()8 $4.)-("< "+("-$01F %/4"-"#+.-"0"C;"%"-; ($3"-."J%8K:)$+8 ;'#'7)
Z)4+)%"-'(('8 *'4$.1 %'C".1 #$.'J W$64)< M"-",9("H"%0/,' ,);)%"-'(1 ) )0$K. #,8 3"()0'()8 +/CO$4.)-$(
4%'.4/K 3%".8&$(J("+.9
>;-$?$((1$ 4"(.J *'4$.1 %'C". -1J >";0"&(", (')C"J N%/#$( - 3,'()%"J%",9(1$ +"C1.)8 3",(8K.+8 - .$7$()$ ,$$ "CO$4.)-(1< -'()) ) '#0)()+.J
"#("6"J#-/F 3$%)"J 0$."# %)%"-'())#"- );0$%$()8 F"#')+3",($()8 (".7$.J(1F 3$%)"#"-);($3"-."%8K:)$+8;'#'7)
M",8 -13",($(("< I'C".'$. - ,KC"< W$64)< ) "CO$4.)-J N%$C/$. -%$0$() )%'C".1 + ?,K;"-1J ".%'+,), (' ,KC"0 (1< "#("-%$0$((" +), #,8 "3%$#$,$J0) 4"(.%",9(10) .)3$ 3%"$4.'; ($3"-J ()8 ;('7)01F+"C1.)80) ."%8K:)$+8 ;'#'7) 4"(.%",9(1F
+"C1.)<>13",($((1$ *%$#-'%).$,9(" >";0"&(", (')C"J N%$C/$. (')C",9?$<+.'(#'%.1 /+.'("-,$((1$ ,$$ +,"&(1< ); -+$F #)+2)3,)()%"-'(J
+.'(#'%.1 )+3",($J 0$."#"- ("+.)()8; ($3"-."%8KJ:)$+8 ),) 3"-."J%8K:)$+8 ;'#'7)
Q4-)-',$(.(1$ M,)((1$ 3$%)"#1 *%"+."< N%$C/$. #$.',9("<$#)()21 -13",($()8; ($3"-J ) EHH$4.)-(1< -"+F"#8:$< "2$(4)
."%8K:)$+8 ),) 3"-J
."%8K:)$+8 ;'#'7)
547
L3%'-,$()$ +.")0
"+.9K
"16:/13?6EJ 019E:'(, "#B$1% '5 "1:1/EJ 97$B%:'/4%:0( 2 19W%&%200 >#012 ' /#00&#:/'2#%:0( "#" R375 8/' 1C%6'2#6'' J1$# '0Q8136%6'(. N#& 815213%61 1C%6'2#:? 2E8136%6647 0:1'&10:? 8%/Q21=1 "16:/13?61=1 019E:'( 2 2'$% 8/1C%6:# 2831:? $1 200 >#012.+3( :1=1 >:19E 1C%6"# 0&1=3# 8%/%R#=64:? 5# 200 >#012, 2#& 6%19QJ1$'&1 4$123%:21/':? 8/%$40:#6123%66E& "/':%/'(&, 18/%$%3(Q7@'& 6#0:483%6'% U:1=1 "16:/13?61=1 019E:'(. K:# B% 8/1C%$4/#812:1/(%:0( ' $3( 10:#3?6EJ "16:/13?6EJ 019E:') [1].
>-934,",,-" *+.,1.#+- —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
6'/12#661=1 8#"%:# /#91: 0>':#%:0( 2E8136%661), "1=$# '08136%Q6'% 8#"%:# 813610:?7 5#2%/R%61. A#8/'&%/, 8#"%: /#91: 81 810:/1)Q"% 5 &'3? (5 %$'6'C) R100% 1C%6'2#%:0( "#" $3.000.000 / &'37, :#"'&19/#51&, %=1 8136#( 0:1'&10:? 010:#2': $15.000.000. NE8136%66#(0:1'&10:? U:1=1 8#"%:# /#91: 0:#6%: /#26# 021%&4 &#"0'?61&456#>%6'7, "1=$# 20% 5 &'3? R100% 94$4: 5#2%/R%6E. <3%$12#:%3?61,"1=$# 94$%: 5#2%/R%6# 4"3#$"# 0.5 &'3' R100%, 2E8136%66#( 0:1'Q&10:? U:1=1 19W%&# /#91: 010:#2': $1.500.000. H0612#66E) 6# $%Q:#3?61) 210J1$(@%) 1C%6"%, U:1: &%:1$ 42#B#%:0( 2 0:/1':%3?61)8/1&ER3%6610:', 1$6#"1, 6'"1=$# 6% 6#5E2#30( 2 6%) 021'& 6#0:1(Q@'& '&%6%& — &%:1$1& 2E8136%661) 0:1'&10:'..103% 8/12%$%661=1 "/#:"1=1 1951/# 6 &%:1$12 6%19J1$'&1 1:&%Q
:':? $2# 0119/#B%6'(, "#0#7@'J0( 5#$#>' '5&%/%6'( J1$# '0813Q6%6'( 81 &%:1$4 EVA. N1Q8%/2EJ, 03%$4%: '&%:? 2 2'$4, >:1 8#"%: /#Q91: — U:1 :1 &%0:1, 2 "1:1/1& ' 8/1'521$':0( '5&%/%6'%, 2 :1 2/%&("#" <!O — U:1 &%0:1, =$% 8/1'0J1$': 04&&'/12#6'% U:'J 1:$%3?6EJ'5&%/%6') 8#"%:12 /#91:. N1Q2:1/EJ, 6% 04@%0:24%: "#"1=1Q:1 %$'6Q0:2%661=1 6#'34>R%=1 &%:1$# '5&%/%6'( 2E8136%661) 0:1'&10:',8/'&%6'&1=1 " 3791&4 :'84 5#$#> 8/1%":#. K:1 56#>':, >:1 /#53'>Q6E% :'8E 5#$#> 94$4: '0813?512#:? /#53'>6E% &%:1$E ' >:1, 215Q&1B61, 6#'34>R') 81$J1$ 010:1': 2 :1&, >:19E "1&9'6'/12#:? 6%Q
548
5,'-'
130"13?"1 &%:1$12, 813#=#(0? 6# :1, >:1 &%6%$B%/E <!O "133%":'26EQ&' 40'3'(&' 04&%7: 1C%6':? 2E8136%6647 0:1'&10:? 1:$%3?6EJ8#"%:12 /#91:. A#8/'&%/, 0&. /'0. 13.5#, 6# "1:1/1& 8/'2%$%6 8/1Q%":, '0813?547@') /#53'>6E% &%:1$E. ./1%": /#5/#91:"' 010:1':'5 3 <!O, 81 04:', 8/%$0:#23(7@'J 0191) 3 L#5E 4/126( 1 <+O.- "#B$1&4 '5 6'J 8/'&%6(%:0( 021) &%:1$ '5&%/%6'( — $13( 2E813Q6%661) /#91:E, 252%R%66E% "16:/13?6E% 019E:'(, 2E8136%66E%0:#6$#/:E. .10"13?"4 "#B$E) <!O 010:1': '5 &61B%0:2# 8#"%:12/#91:, U:1 56#>':, >:1 20% 8#"%:E /#91: 2 8/%$%3#J 1$61=1 <!O '5Q&%/(7:0( 81 1$61&4 ' :1&4 B% &%:1$4. A#81&6'&, >:1 &%:1$ '5&%Q/%6'( 2E8136%661) 0:1'&10:' — U:1 8103%$6') 846": 08'0"#"1&816%6:12 <!O (0&. 8/'2%$%66E) 2ER% 5#R:/'J12#66E) 8/(&1Q4=13?6'" «-37>%2E% "1&816%6:E 83#6# "16:/13?61=1 0>%:#»). *#Q"'& 19/#51&, &E $#3%% 8%/%J1$'& " L1/&'/12#6'7 O,N.O,N 8/%$0:#23(%: 0191) /#08/%$%3%6647 21 2/%&%6' 04&&4 $%:#Q
3'5'/12#66EJ ' 81$$#7@'J0( '6$'2'$4#3?61&4 '5&%/%6'7 <!O.I:1 '&%661 94$%: 2"37>%61 2 <!O, 5#2'0': 1: :1=1, "#" "1&8#6'( 18Q/%$%3(%: 19(5#6610:' 021'J &%6%$B%/12 8/1%":12 81 >#0:' 48/#23%Q6'( 0:1'&10:?7. N1 &61='J "1&8#6'(J &%6%$B%/#& 264:/%66'J 8/1Q%":12 /#5/%R#%:0( 48/#23(:? :13?"1 8/(&E&' /#0J1$#&' 6# 183#:4:/4$#, "1:1/E% ' (23(7:0( 8/%$&%:1& 6#R%=1 /#00&1:/%6'( 5$%0?.N U:1& 034>#% <!O ' O,N 94$4: 2"37>#:? :13?"1 >#0E 8/(&EJ :/4$1Q5#:/#:. +/4=#( 8/1:'218131B610:? — "1&8#6'', &%6%$B%/E 8/1%"Q:12 "1:1/EJ 48/#23(7: 20%&' /#0J1$#&' 8/1%":#, /#261 "#" 48/#2Q3%6>%0"'&' /%5%/2#&' ' 8/'9E3?7. <11:2%:0:2%661, ' O,N :#"'J8/1%":12 94$4: 1:/#B#:? U:4 0':4#C'7. D, 6#"16%C, :/%:?' "1&8#6''40:#6#23'2#7: 010:#2 021'J O,N ' 19(5#6610:' 021'J &%6%$B%/128/1%":12 =$%Q:1 810%/%$'6% &%B$4 U:'&' $24&( "/#)610:(&'.N 8/1%":#J, J#/#":%/'547@'J0( 6'5"1) 0:%8%6?7 6%18/%$%3%6Q
610:', :2%/$E) O,N 0 $%:#3?6E&' <!O &1B%: 9E:? 40:#6123%6%@% $1 6#>#3# 2E8136%6'( 8/1%":#. A1 >:1 $%3#:?, %03' &E 2E64BQ$%6E 6#>#:? 2E8136%6'% 6%18/%$%3%661=1 8/1%":#, 2 "1:1/1& 93'QB#)R'% <!O $%:#3'5'/12#6E, # <!O 913%% 815$6'J 8%/'1$12 %@%6% &1=4: 9E:? /#083#6'/12#6E 2 0'34 6%$10:#:"# '6L1/&#C'' (0&./'0. 13.4)? ! :#"B%, >:1 $%3#:?, %03' 01$%/B#6'% <!O 6#>6%: '5&%Q6(:?0(? H:2%: 6# 8%/2E) 218/10 — &%:1$ 9%=4@%) 2136E: 81 &%/%2E8136%6'( '&%7@'J0( $%:#3'5'/12#66EJ <!O 2E 94$%:% =%6%/'Q/12#:? 20% 913?R% ' 913?R% '6L1/&#C'', "1:1/#( 815213': 2#&2E8136(:? 83#6'/12#6'% $/4='J <!O [7]. I:1 "#0#%:0( 2:1/1=1 218Q/10# — '5&%6%6') 01$%/B#6'( <!O — 2#& 6%19J1$'&1 40:#612':?(4>/%$':?) 8/1C%$4/4 "16:/13( '5&%6%6') O,N. *@#:%3?61 48/#2Q3(( 20%&' '5&%6%6'(&' 01$%/B#6'(, 2E 0&1B%:% 196123(:? ' 81$Q$%/B'2#:? 1$19/%66E) (4:2%/B$%66E)) O,N, >:1 (23(%:0( 6%8/%Q&%661) 8/%$810E3"1) $3( 4$#>61=1 8/12%$%6'( EVA.
549
L3%'-,$()$ +.")0
"+.9K
+3( C%3%) 8/#":'>%0"1=1 '0813?512#6'( EVA /#08/%$%3%66E)21 2/%&%6' O,N &1B%: 9E:? 8/%$0:#23%6 "#" "4&43(:'26#( "/'Q2#(, 1:/#B#7@#( 83#61247 0:1'&10:? "#" L46"C'7 /#08'0#6'(8/1%":#. K:1 "/'2#( 81"#5#6# 6# /'0. 13.5b. H6# 6#>%/>%6# $3( 8/1Q%":#, $#66E% 1 J1$% '08136%6'( "1:1/1=1 8/'2%$%6E 6# /'0. 13.5#.D:#", O,N 6# $#66E) &1&%6: 1"#5E2#%:0( 0L1/&'/12#6. H6 010:1Q': '5 $%:#3?6EJ <!O, "#B$E) '5 "1:1/EJ, 81 04:', (23(%:0( 1$61)'5 L1/& 0498/1%":#.
H.,('3"(', ),;*2%$"$03 /)0,1$". +#66E) R#=, 01=3#061 8/1Q#":'261&4 C'"34 "16:/13( 8/1%":#, 2E8136(%: 0/#26%6'% L#":'Q>%0"'J /%543?:#:12 2E8136%6'( 8/1%":# 0 5#83#6'/12#66E&'(O,N) (0&. 5#R:/'J12#66E) 8/(&14=13?6'" «.(:? 218/1012 O<O<8/'&%6':%3?61 " "16:/137 0:1'&10:'», 8/'21$'&E) $#3%% 81 :%"Q0:4 =3#2E). D J1:( 0190:2%661 '5&%/%6'% J1$# '08136%6'( '&%%:&%0:1 264:/' 1:$%3?6EJ <!O, 2E &1B%:% 104@%0:23(:? &16':1Q/'6= ' 8%/'1$'>%0"' (%B%6%$%3?61 '3' %B%&%0(>61) 1C%6'2#:? /%Q543?:#:E '08136%6'( 6# :/%J 4/126(J: 264:/' 1:$%3?6EJ <!O, 6#
C'#. 13.4. S#512E) 83#6 '5&%/%6'( J1$# '08136%6'(:04&&# 83#612 "16:/13?6EJ 0>%:12
T; Earned Value Project Management, Second Edition, Quintin W. Fleming andJoel M. Koppelman. Newton Square, PA: Project Management Institute, Inc., 2000.>+$ 3%'-' ;'%$;$%-)%"-'(1.
550
5,'-'
136%"1:1/1& 8/1&%B4:1>61& 81$E:1=121& 4/126% (6#J1$(@%&0( 6#4/126% U3%&%6:# <+O 2ER% <!O 3'91 6# 4/126% '%/#/J'>%0"1)0:/4":4/E 1/=#6'5#C'') ' 6# 4/126% 8/1%":#. K:1: R#= 2"37>#%:2 0%9( 03%$47@%%:
• !"C%6:'/12#:? 021% 26''% 6# #08%":#J /#08'0#6'(: 1C%Q6':? 1:"316%6'% 81 0/1"#& (SV) ' '6$%"0 2E8136%6'( 0/1"12/#91: (DN<O, SPI).
• !"C%6:'/12#:? 021% 26''% 6# #08%":#J 0:1'&10:': 1C%Q6':? 1:"316%6'% 81 0:1'&10:' (CV) ' '6$%"0 2E8136%6'( /#0Q8'0#6'( (DN<*, CPI).
• N 034>#% 6#3'>'( 1:"316%6') '$%6:'L'C'/12#:? 'J 8/'Q>'6E.
A#R 8/'&%/ 6# /'0. 13.50 81"#5E2#%: 0/#26%6'% $24J "4&43(Q:'26EJ "/'2EJ: "/'21) L#":'>%0"1=1 '08136%6'( 0:1'&10:' '"/'21) 83#6'/12#661=1 '08136%6'(. .1 8/#2$% =121/(, 913?R'6Q0:21 &%6%$B%/12 8/1%":12, 6%0&1:/( 6# 81:%6C'#3?61 19>'Q2E% /%543?:#:E $#661=1 :/#$'C'1661=1 81$J1$# " 48/#23%6'7 0:1Q'&10:?7, 0"3166E '&%661 " %=1 '0813?512#6'7. N 6#R%& 8/'&%/%2 "16C% &#/:# /#5610:? &%B$4 $24&( "/'2E&' — 6#5E2#%&#( 1:Q"316%6'%& 81 5#:/#:#& — 1:/#B#%: :1: L#":, 6#J1$':0( 3' 8/1%":2 8/%$%3#J 1$19/%661=1 97$B%:#. H6# 6' 2 "1%) &%/% 6% 18/%$%3(%:L#":'>%0"') 0:#:40 8/1%":# 81 >#0:' '08136%6'( 0:1'&10:'. X03'$#661% 0/#26%6'% 94$%: '0813?512#:?0( $3( 18/%$%3%6'( 010:1(Q6'( '08136%6'( 0:1'&10:' 6# /'0. 13.50, :1 161 22%$%: 6#0 2 5#9Q34B$%6'%, 81"#5#2, >:1 L#":'>%0"1% '08136%6'% 8/1%":# 6#J1$':Q0( 2 8/%$%3#J 97$B%:# (300 >#012 – 270 >#012 = 30 >#012), '5 >%=1&1B61 0$%3#:? 2E21$, >:1 0':4#C'( 93#=18/'(:6#(. */4$61 6#):'>:1Q6'94$? 913%% $#3%"1% 1: '0:'6E, >%& U:1 — :#" "#" 6# 0#&1&$%3%, "#" &E 42'$'& 20"1/%, 8/1%": '08E:E2#%: 8/193%&E 0 /#0J1Q$#&', 61 U:' 8/193%&E 6% &1=4: 9E:? 5#&%>%6E 8/' '0813?512#6''0/#26%6'( L#":'>%0"'J /#0J1$12 0 5#83#6'/12#66E&'. ./'>'6#:#"1=1 1R'91>61=1 2E21$# —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— =/#L'", "1:1/E) 19W%$'6(%: '0:'661% '08136%6'% 0:1Q'&10:' ' /#08'0#6'(. D&%661 6# U:1& U:#8% 2 $%31 2"37>#%:0("/'2#( 2E8136%661) 0:1'&10:', "#" 81"#5#61 6# /'0. 13.5d.
551
L3%'-,$()$ +.")0
"+.9K
</#26%6'% 2E8136%661) ' 83#6121) 0:1'&10:' 2 "16C% &#/:#81"#5E2#%: 03%$47@%%:
=+243,",'" 93 *#32.< (SV) = EV – PV – 225, 0.*3) – 300 0.*3) == –75 0.*3).
H:/'C#:%3?61% 1:"316%6'% 81 0/1"#& 156#>#%:, >:1 '08136%6'%8/1%":# 1:0:#%: 1: 83#6#. N5=3($ 6# /'0. 13.5d 1:"/E2#%: 6#& $2#8/1(23%6'( 1$61=1 ' :1=1 B% 1:"316%6'( 81 0/1"#&: 1$61 8/1(23%Q6'% 2%/:'"#3?61 ' 2E/#B#%:0( 2 >#0#J (%$'6'C#J 97$B%:#), # $/4Q=1% — =1/'516:#3?61 ' 2E/#B#%:0( 2 %$'6'C#J 2/%&%6'. A%4$'2'Q:%3?61, %03' 2E 8/%$81>:%:% '0813?512#:? 2:1/1% — 2E/#B#%&1%2 %$'6'C#J 2/%&%6' ($6(J, 6%$%3(J, &%0(C#J). N 19@%& ' C%31&,8/%$0:#23(%:0( 913%% 3%="'& '$%6:'L'C'/12#:? :#"'% 5#$%/B"'/#08'0#6'( 84:%& '6$%"0# 2E8136%6'( 0/1"12. H$6#"1, 8/%B$%>%& &E /#00&1:/'& U:1: '6$%"0, 03%$4%: 481&(64:?, >:1 20%=$#,"1=$# SV 1:/'C#:%3?61, 8/1%": 1:0:#%: 1: 83#6#, ' 20%=$#, "1=$# SV8131B':%3?61, 16 18%/%B#%: 83#6.X@% 1$6# 5#$#>#, 1:610(@#(0( " 18/%$%3%6'7 021%=1 8131B%6'(
81 1:61R%6'7 " /#08'0#6'7, U:1 2E>'03%6'% DN<O. N "16C% &#/:#,01=3#061 /'0. 13.5d, 0':4#C'( 2E=3($': 03%$47@'& 19/#51&:
V>!5 = EV / PV = 225 / 300 = 0.75.
DN<O $#%: >'03%6647 1C%6"4 :1=1, "#"12# L#":'>%0"#( C%6Q610:? (0:1'&10:6E) U"2'2#3%6:) 2E8136%66EJ /#91: 81 0/#26%Q6'7 0 '56#>#3?61 5#83#6'/12#661). D6E&' 0312#&', 16 81"#5EQ2#%:, "#"#( >#0:? 8%/216#>#3?61 5#83#6'/12#661) /#91:E 9E3#2E8136%6# 6# "16"/%:6E) &1&%6: 2/%&%6' [1]. DN<O, /#26E) 1,156#>#%: 9%548/%>61% 2E8136%6'% 83#6#. DN<O, 913?R') 1, 81"#Q5E2#%:, >:1 8/1%": 18%/%B#%: 83#6, # DN<O, &%6?R') 1, 1:/#B#%:1:0:#2#6'% 8/1%":# 1: 83#6#. <3%$12#:%3?61, 8134>%66E) 2 6#QR%& 034>#% DN<O, /#26E) 0.75, 81"#5E2#%:, >:1 2E8136%61 75%8%/216#>#3?61 5#83#6'/12#66EJ /#91:. K:1 56#>':, >:1 6#R 8/1Q%": 56#>':%3?61, # =121/( :1>6%%, 6# 25% (1 – 0.75 = 0.25), 1:0:#%:1: 9#5121=1 83#6# /#91:. *#" "#" 6#R# 1:>%:6#( $#:# 2 &#/:% 011:Q2%:0:24%: 90Q&4 $67 8/1%":#, &E &1B%& 0"#5#:?, >:1 6#R 8/1%":1:0:#%: 1: 8%/216#>#3?61=1 83#6# /#91: 6# 22.5% (25 8/1C%6:12 1:90 $6%)).!6#3'5 /#08'0#6'( 2 EVA 5#034B'2#%: 6%"1:1/EJ "1&&%6:#/'Q
%2. N >#0:610:', 20%=$#, "1=$# 2E 196#/4B'2#%:%, >:1 '&%%: &%0:15#$%/B"# '08136%6'( /#08'0#6'(, J#/#":%/'547@#(0( 1:/'C#Q:%3?6E& SV ' DN<O &%6?R% 1, 2#& 03%$4%: 56#:?, >:1 #6#3'5 1:"31Q6%6'( 81 0/1"#& 01=3#061 EVA 6% 10612E2#%:0( 6# '6L1/&#C''
552
5,'-'
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
C'#. 13.5. H04@%0:23%6'% #6#3'5# 2E8136%661) 0:1'&10:'
553
L3%'-,$()$ +.")0
"+.9K
*%8%/? &E &1B%& 8%/%):' " 6#R%) 2:1/1) 193#0:' '6:%/%0# 6#$#661& R#=% — " 2E>'03%6'7 1:"316%6'( 81 0:1'&10:' (CV) ' '6Q$%"0# 2E8136%6'( 0:1'&10:' (DN<*, CPI). A# "16%C &#/:#, 01=3#061/'0. 13.5d, &E '&%%&:
=+243,",'" 93 *+3'<3*+' (CV) = EV – AC == 225 0.*3) – 270 0.*3) = –45 0.*3)
'
V>!@ = EV/AC = 225 / 270 = 0.83.
A#56#>%6'% CV 010:1': 2 :1&, >:19E 1:/#5':? /#56'C4 &%B$42E8136%661) 0:1'&10:?7 L'5'>%0"' 2E8136%661) /#91:E ' L#"Q:'>%0"1) 0:1'&10:?7 2E8136%6'( U:1) /#91:E. <3%$12#:%3?61, 81Q31B':%3?61% CV 156#>#%:, >:1 8/1%": 6%$1/#0J1$4%: 97$B%:, 2 :12/%&( "#" 1:/'C#:%3?61% CV 156#>#%:, >:1 8/1%": '&%%: 5#$13B%6Q610:? ' '08E:E2#%: 8%/%/#0J1$. A#R 034>#) — U:1, 1>%2'$61, 034Q>#) 8%/%/#0J1$# 97$B%:# 6# 45 >#012 02%/J :1=1 "13'>%0:2#, "1:1Q/1% 9E31 2E$%3%61 $3( 2E8136%6'( $#661=1 19W%&# /#91:.DN<* — U:1 81"#5#:%3? ULL%":'2610:' '08136%6'( 0:1'&10:'
('6$%"0 2E8136%6'( 0:1'&10:'). <11:610( L'5'>%0"' 2E8136%6647/#91:4 0 L#":'>%0"1) 0:1'&10:?7 2E8136%6'( U:1) /#91:E, DN<*40:#6#23'2#%: "4&43(:'261% (1: &1&%6:# 6#>#3# ' $1 :%"4@%=1 &1Q&%6:#) 8131B%6'% (010:1(6'%) 8/1%":# 81 >#0:' '08136%6'( 0:1'&1Q0:'. -1=$# DN<* /#2%6 1, &E '&%%& 9%548/%>61% 2E8136%6'% 8%/21Q6#>#3?61=1 97$B%:#. F6#>%6'( DN<*, 913?R'% 1, =121/(: 1 :1&, >:18/1%": 6%$1/#0J1$4%: 97$B%:6E% 0/%$0:2#, 2 :1 2/%&( "#" 56#>%6'(DN<*, &%6?R'% 1, 0'=6#3'5'/47: 1 8/193%&#J, 02(5#66EJ 0 8%/%Q/#0J1$1& 0/%$0:2. N >#0:610:', DN<*, /#26E) 0.83, 2 6#R%& 8/'&%Q/% =121/': 1 :1&, >:1 2E8136%66#( 0:1'&10:? (015$#66#( C%6610:?,0:1'&10:6E) U"2'2#3%6:) L'5'>%0"' 2E8136%661) /#91:E 010:#2Q3(%: 3'R? 83% 1: L#":'>%0"1) 0:1'&10:' 2E8136%6'( U:1) /#91:E.X03' U:1 0L1/&43'/12#:? 81Q$/4=1&4, :1 17 % (1 – 0.83 = 0.17) L#":'Q>%0"' '5/#0J1$12#66EJ >#012 97$B%:# — U:1 8%/%/#0J1$ 97$B%:#.H:"4$# 25(3'0? U:' 1:"316%6'( 2 6#R%& 8/'&%/%? NE(23%6'% ' 81Q0:'B%6'% 8%/218/'>'6E 'J 2156'"612%6'( — U:1 8103%$6(( 5#$#>#6# $#661& R#=% — R#=% 1C%6'2#6'( /%543?:#:12 8/1%":#. K:' 1:"31Q6%6'( 6#0:13?"1 2#B6E, >:1 :@#:%3?6E) #6#3'5 20%=1 8/1%":# —U:1 6%19J1$'&#( 0:/#:%='( $3( 20"/E:'( 8/'>'6E ' 8103%$47@%)2E/#91:"' "1//%":'/47@'J 215$%)0:2').H9% "4&43(:'26E% "/'2E% — DN<* ' DN<O — 815213(7: 2%0:'
1>%6? #LL%":'261% 1:03%B'2#6'% '08136%6'( 8/1%":#, "#" 8/1'3Q370:/'/12#61 6# /'0. 13.6. <3%$4%: 1:&%:':?, >:1 "/':'>%0"' 2#BQ
554
5,'-'
136E&' 8#/#&%:/#&' (23(7:0( "#" 0190:2%661 56#>%6'( '6$%"012,:#" ' 'J :/%6$E. -37>%2E& &1&%6:1& 2 $#661& 034>#% (23(%:0('0813?512#6'% "4&43(:'26EJ $#66EJ, # 6% '6"/%&%6:6EJ (%B%6%Q$%3?6EJ '3' %B%&%0(>6EJ). N 1:3'>'% 1: '6"/%&%6:6EJ $#66EJ,"4&43(:'26E% $#66E% 0=3#B'2#7: L34":4#C'' ' 1>%6? ULL%":'2Q6E $3( 8/%$0"#5#6'( 1"16>#:%3?6EJ /%543?:#:12 8/1%":#, >:1 (2Q3(%:0( 04:?7 03%$47@%=1 R#=#.
5),>#1";"(', 010(9"$,2%(-B ),;*2%$"$03 /)0,1$". X03' 9E64B61 9E31 &1:'2'/12#:? '0813?512#6'% EVA %$'60:2%661) 8/'Q>'61), :1 U:1) 8/'>'61) 0:#3' 9E 8/1#":'26E% 215&1B610:' $#6Q61=1 &%:1$# — 215&1B610:' 8/%$0"#5E2#:? 1"16>#:%3?6E% /%543?Q:#:E 8/1%":# 2 :%>%6'% 913?R%) >#0:' 2/%&%6' '08136%6'(8/1%":#. ,E =121/'& «2 :%>%6'% 913?R%) >#0:' 2/%&%6'», 81:1&4>:1 8/%$0"#5#6'% 0:#612':0( 1910612#66E& ' 0:#:'0:'>%0"' 6#Q$%B6E&, :13?"1 6#>'6#( 0 &1&%6:#, "1=$# 2E8136%61 =$%Q:1 15%/#91: ' $#3%%. <#&1 8/%$0"#5#6'% 2"37>#%: 2 0%9(:
• 8/%$0"#5#6'% $#:E 5#2%/R%6'( 8/1%":#;• 8/%$0"#5#6'% 0:1'&10:' 8/1%":# 81 %=1 5#2%/R%6'';• 012%/R%6'% "1//%":'/47@'J 215$%)0:2'), %03' :#"12E% 6%Q19J1$'&E.
C'#. 13.6. H:03%B'2#6'% "4&43(:'26EJ 56#>%6') '6$%"0#2E8136%6'( 0/1"12 (DN<O) ' '6$%"0# 2E8136%6'( 0:1'&10:'
(DN<*)
555
L3%'-,$()$ +.")0
"+.9K
SE0:/1% 8/%$0"#5#6'% $#:E 5#2%/R%6'( $3( 6#R%=1 8/'&%/#(/'0. 13.5d) 6# "16%C &#/:# 2E=3($': 03%$47@'& 19/#51&:
5.*9'*.,'" 93 (.)"#O",'' (SAC) == 9"#)3,.0.4D,3" #.*9'*.,'" / V>!5 = 150 1,"% / 0.75 = 200 1,"%.
K:1: 9E0:/E) &%:1$, " 01B#3%6'7, &1B%: 8/%$0:#23(:? 18/%$%Q3%66E) /'0". -#" 4B% 481&'6#310? 2ER%, 0':4#C'(, "1=$# 8/1%":1:0:#%: 1: /#08'0#6'( ', "#" 2 6#R%& 8/'&%/%, '&%%: 1:/'C#:%3?61%1:"316%6'% 81 0/1"#&, # DN<O, &%6?R') 1, 6% 8/'6'&#%: 21 26'&#Q6'% '6L1/&#C'7 1 "/':'>%0"1& 84:' ' 81:1&4 &1B%: 9E:? 19>'Q21). <3%$12#:%3?61, 913%% J1/1R%% /%R%6'% — 8/%$0"#5#6'% $#:E5#2%/R%6'(, 10612E2#(0? 6# /%543?:#:#J #6#3'5# "/':'>%0"1=1 84Q:' 2 01>%:#6'' 0 #6#3'51& 1:"316%6'( 81 0/1"#& 01=3#061 EVA.D5 913%% >%& 20 '&%7@'J0( L1/&43 1C%6'2#6'( 0:1'&10:' 8/1Q
%":# 81 5#2%/R%6'' [1] &E /#00&1:/'& 3'R? 2 6#'913%% >#0:1 '0Q813?54%&E%. A'B% 8/'21$':0( L1/&43# $3( 8/%$0"#5#6'( 6'B6%=156#>%6'( 0:1'&10:':
=7",2. 93 (.)"#O",'' (=;S) = IE1C"+ 93 (.)"#O",'' (H;S) // V>!@ = 500 0.*3) / 0.83 = 600 0.*3).
K:1 56#>':, >:1 81 5#2%/R%6'' 8/1%":# 2E(06':0(, >:1 6#& 81Q6#$19'310? 600 >#012 $3( :1=1, >:19E 8/1%": 1"#5#30( 2E8136%6Q6E&. *#"'& 19/#51&, 1:"316%6'% 81 5#2%/R%6'' 010:#2': C%3EJ100 >#012 02%/J 8%/216#>#3?61=1 97$B%:#. [061, >:1 $#66E) &%Q:1$ — 6#5E2#%&E) 1C%6"1) 0 810:1(661) ULL%":'2610:?7 '0813Q6%6'( 0:1'&10:' — 18'/#%:0( 6# 56#>%6'% 8%/%/#0J1$# 6# 0%Q=1$6(R6') $%6? ' 8/1%C'/4%: %=1 6# &1&%6: 1"16>#6'( 8/1%":#,/'0. 13.2 2"37>#%: 2 0%9( 8/%$0"#5#6'% 1"16>#:%3?6EJ /%543?:#Q:12, 8134>%661% 0 '0813?512#6'%& &%:1$# 9E0:/1=1 8/%$0"#5#6'($3( /#08'0#6'( 81 5#2%/R%6'' (SAC) ' L1/&43E 6'B6%=1 56#>%6'($3( 1C%6"' 81 5#2%/R%6'' (H.F).S13%% 0:/1=') &%:1$, 10612#66E) 6# 6#R%& 8/%$0"#5#6'', 0$%Q
3#661& 0 '0813?512#6'%& 56#>%6') 8%/%/#0J1$# 0/%$0:2 ' 0"13?QB%6'( /#08'0#6'( 6# :%"4@') &1&%6:, 6#5E2#%:0( 1C%6"1) 0 81Q0:1(661) ULL%":'2610:?7 '08136%6'( 0:1'&10:' ' /#08'0#6'(:
=;S = H;S / (V>!@ * V>!5) = 500 0.*3) / 0.625 = 800 0.*3).
D0813?54( U:1: &%:1$, &E 8134>'3' 56#>%6'% 1:"316%6'( 1 5#Q2%/R%6'' 2 /#5&%/% 300 >#012. A%"1:1/E% '003%$12#:%3' 196#/4QB'3', >:1 1C%6"# 6'B6%=1 56#>%6'( 28136% 6#$%B61 8/%$0"#5E2#Q%: «&'6'?61%» "13'>%0:21 >#012 97$B%:#, "1:1/1% &1B%: 6#&
556
5,'-'
13816#$19':?0(, # 2%/J6%=1 — «&#"0'?61%»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— 2 8/12%$%6'' «0#6':#/61) 8/12%/"'»:/%6$# ' 1"16>#:%3?61=1 6#8/#23%6'( /#52':'( 8/1%":# (106126E%L#":1/E, 23'(7@'% 6# 1"16>#:%3?6E% /%543?:#:E 8/1%":#, 8%/%Q>'03%6E 2 8/'2%$%661& 6'B% 5#R:/'J12#661& 8/(&14=13?6'"%«*/' L#":1/#, 23'(7@'% 6# 1"16>#:%3?6E% /%543?:#:E 8/1%":#»).N 6#R%& 8/'&%/% 8/%$0"#5#6'% 6% 1>%6? J1/1R%%. .1 04:' $%3#, 1611>%6? 831J1%, 1$6#"1 %=1 "16%>6#( C%6610:? 813610:?7 5#2'0': 1:B%3#6'( ' =1:12610:' /4"121$0:2# $%)0:212#:? '3' 6% $%)0:21Q2#:?. X03' 2E9'/#%:0( «6% $%)0:212#:?», :1 ' 2%0? EVA 2 C%31& 6%'&%%: 0&E03# — 16 8/10:1 9%0813%5%6. X03' 2E9'/#%:0( «$%)0:21Q2#:?», # '&%661 /#5/#9#:E2#:? "1//%":'/47@'% 215$%)0:2'(, 18'Q/#7@'%0( 6# 81'0" 8%/218/'>'6 8/193%&, :1 EVA — U:1 "#" /#5 :1:'60:/4&%6:, "1:1/E) ' /#5/#91:#6 $3( U:1) C%3'.
&G5HKLEHDMN&O EVAF08>" '#/02%;03"$%. EVA — U:1 2%/6E) 2E91/ $3( 3791=1 8/1Q
%":#, 26% 5#2'0'&10:' 1: 8/%$&%:61) 193#0:' ' /#5&%/#. ./' 6#3'Q>'' :#"'J /%04/012, "1:1/E&' 193#$#7: "/486E% 8/1%":E, 28136%1910612#661 2E=3($': '0813?512#6'% 81361�R:#961=1 EVA. P8Q/1@%66E% 2%/0'' EVA, :#"'%, "#" #6#3'5 0:1'&10:' ' 2E8136%6'((0&. 8#/#=/#L «N#/'#C''» $#3%% 81 :%"0:4 =3#2E), J1/1R1 81$1)$4:$3( 6%913?R'J 8/1%":12. N 191'J 034>#(J /%"1&%6$4%:0( 56#>'Q:%3?6#( #$#8:#C'( U:1=1 '60:/4&%6:#.D),+4 3-/02(,('4. G791) 8/1%":, 64B$#7@')0( 2 EVA, $13Q
B%6 40:#612':? 01$%/B#6'%, 2E8136':? 97$B%:'/12#6'% /%04/012' 8/1'52%0:' "#3%6$#/61% 83#6'/12#6'% 5#$#>. -1=$# 20% U:1 =1:1Q21, E% 8/1%":E &1=4: 0>':#:?0( =1:12E&' " 8/12%$%6'7 8/1Q0:EJ 2%/0') EVA. N :#"1) 0':4#C'' 8/1%":, 2"37>#7@') 2 0%9(10 5#$#> 0 :1) '3' '61) 0:%8%6?7 8%/%"/E:'( ' 97$B%:, 010:1(@')'5 300—500 >#012 /%04/012, &1B%: '&%:? %B%6%$%3?61 6%0"13?"1 5#Q$#>, 81$3%B#@'J 1C%6"%. +3( 'J 1C%6"', 81 20%) 2'$'&10:', 81:/%Q94%:0( 6% 913%% >#0# 2/%&%6'. <':4#C'( &%6(%:0( 2 034>#% 913?R'J8/1%":12, 2 "1:1/EJ $3( 8/12%$%6'( /%=43(/61=1 81361�R:#961Q=1 EVA &1=4: 81:/%912#:?0( $%0(:"' >#012 2/%&%6'.
557
L3%'-,$()$ +.")0
"+.9K
D-80>-. P81/($1>%661% 8/'&%6%6'% EVA, 10612#661% 6# >%:"1&816''' :1=1, >%=1 J1>%: 8134>':? 1: 6%=1 "1&8#6'(, 19%08%>'2#Q%: &61=1>'03%66E% 2E=1$E (0&. :#"B% 8/'21$'&E) 6'B% 5#R:/'J1Q2#66E) 8/(&14=13?6'" «.(:? 2E=1$ 1: '0813?512#6'( #6#3'5# 2EQ8136%661) 0:1'&10:'»). ,E 6#>6%& 0 /#00&1:/%6'( :1=1, "#"'&19/#51& EVA &1B%: 81&1>? 8134>':? 1:2%: 6# L46$#&%6:#3?6E)218/10 012/%&%661=1 9'56%0#: 2E8136(%:0( 3' 8/1%": 81 /#08'0#Q6'7, 18%/%B#%: 3' %=1 '3' 1:0:#%: 1: 6%=1? D0813?512#6'% 1:"316%Q6'( 81 0/1"#& ' DN<O 2 01>%:#6'' 0 &%:1$1& "/':'>%0"1=1 84:' $#%:6#$%B6E) 1:2%: 6# $#66E) 218/10. !6#31='>61 1:"316%6'% 81 0:1Q'&10:' ' DN<* '=/#7: "37>%247 /13? 2 18/%$%3%6'' '0:'661=1 01Q0:1(6'( 8/1%":# 81 >#0:' 0:1'&10:' — 2E8136(%:0( 3' 8/1%": 2 01Q1:2%:0:2'' 0 97$B%:1&, 6%$1/#0J1$4%: 3' %=1 '3' 8%/%/#0J1$4%:.H8/%$%3%6'% "#B$1=1 '0:'661=1 8131B%6'( 8/1%":# 81 >#0:'
'08136%6'( /#08'0#6'( ' 0:1'&10:' &1B%: /#00&#:/'2#:?0( "#"56#>':%3?6E) R#=, =121/(@') 1 :1&, >:1 8/1'0J1$'31 0 8/1%":1&2 "#B$E) "16"/%:6E) &1&%6: %=1 '0:1/''. ,%6%$B%/E 8/1%":12,0:/%&(@'%0( $%)0:212#:? 8/1#":'261, 56#7: 1 :1&, >:1 16' 6%&1=4: '5&%6':? '0:1/'7, ' 81:1&4 8/%$81>':#7: '0813?512#:?56#6'% 1 :%"4@%& 010:1(6'' 8/1%":# $3( :1=1, >:19E 23'(:? 6# 94Q$4@%%. N >#0:610:', 8103%$6'% '003%$12#6'( '0813?512#6'( EVA81"#5E2#7:, >:1 "4&43(:'26E) '6$%"0 2E8136%6'( 0:1'&10:' $3(913?R'J 8/18%:1) 0:#612':0( 1>%6? 0:#9'3?6E& 4B% 2 :1>"%, 2 "1Q:1/1) 2E8136%61 15% /#91: [10]. ./1@% =121/(, U:1 156#>#%:, >:14B% 6# /#66'J U:#8#J /#52':'( 8/1%":# '6$%"0 2E8136%6'( 0:1'Q&10:' $%&160:/'/4%: 8103%$12#:%3?61% 812%$%6'%, $#2#( 215&1BQ610:? $3( 6#$%B61=1 8/%$0"#5#6'( 0:1'&10:' 8/1%":# 81 5#2%/R%Q
1@= W;C17@;, EA=GPN=? F; 7C7F<;1?AHF9? @?RBAH1;19!@7?C1;• BC"+("-'((1< C';"-1< 3,'( 3%"$4.'. N",94" ."6#', 4"6#' +"#$%&'()$F"%"?" "3%$#$,$(", %'+3)+'()$ %$',)+.)7(", ' CK#&$. ."7$(, 01 0"J&$0 "&)#'.9, 7." 3%"6("; "4"(7'.$,9(1F %$;/,9.'."- 3%"$4.' C/#$.%$',)+.)7(10.
• Z'4.)7$+4"$ +"+."8()$ 3%"$4.'. Z'4.)7$+4"$ +"+."8()$ 3%"$4.', -1J%'&$(("$ - 7)+,$(("0 -)#$ 7$%$; T>!I ) T>!N, C/#$. &);($((" -'&J(10 H'4."%"0 - "3%$#$,$()) ."6", + 4'4)0) "4"(7'.$,9(10) %$;/,9J.'.'0) C/#$. ;'-$%?$( 3%"$4.. A",$$ F"%"?)$ ;('7$()8 ) .%$(#1 T>!I) T>!N, -";0"&(", "C$+3$7'. ) C",$$ F"%"?)$ "4"(7'.$,9(1$ %$;/,9J.'.1 3%"$4.'.
• P"%%$4.)%/K:)$ -";#$<+.-)8. D." C/#$. #$,'.9 %/4"-"#+.-", $+,)3%"6("; ($C,'6"3%)8.$(? =$ 3"-$%). E."0/ 3%"6(";/ ) ($ C/#$. #$,'.9()7$6"? T,) 3"-$%). $0/ ) '4.)-(" ;'<0$.+8 -1%'C".4"< 4"%%$4.)%/JK:)F -";#$<+.-)< + 2$,9K 3"-,)8.9 (' E.". 3%"6(";? Q." 0"0$(. )+.)J(1 #,8 %/4"-"#+.-', ) "( %'#)4',9(" 3"-,)8$. (' "4"(7'.$,9(1$ %$J;/,9.'.1 3%"$4.'.
558
5,'-'
136''. !6#31='>61 '6$%"0 2E8136%6'( 0/1"12, 01>%:#%&E) 0 &%:1Q$1& "/':'>%0"1=1 84:', &1B%: '0813?512#:?0( $3( 8/%$0"#5#6'(1"16>#:%3?61) $#:E 5#2%/R%6'(. <3%$12#:%3?61, 2E &1B%:% 8%/'Q1$'>%0"' 5#$#2#:?0( 218/101&: «N 8/%$8131B%6'', >:1 :%"4@#( J1$'08136%6'( 01J/#6':0( ' $#3?R%, "#"12# 94$%: 1"16>#:%3?6#( 0:1Q'&10:? ' 1"16>#:%3?6#( $#:# 5#2%/R%6'(»? H:2%:1& 94$%: '6L1/Q&#C'( 1 J1$% '08136%6'( :/%6$#, # %03' :/%6$ 1:3'>#%:0( 1: 9#Q5121=1 83#6#, :1 1:2%:1& 94$%: 0'=6#3 /#66%=1 8/%$48/%B$%6'(.N U:1&, 9E:? &1B%:, ' 5#"37>#%:0( 6#'2E0R#( C%6610:? EVA —2 :1&, >:1 16 8/%$10:#23(%: &%6%$B%/#& 8/1%":12 0'=6#3 /#66%=18/%$48/%B$%6'( 1 215&1B6EJ 8/193%&#J 2 94$4@%& ' $#%: '& 215Q&1B610:? /#5/#91:#:? ' 8/%$8/'6(:? :/%94%&E% "1//%":'/47@'%215$%)0:2'(, 81"# %@% %0:? 2/%&( $3( "1//%"C'' :#"'J 8/193%&.D — >:1 913%% 2#B61 — U:1 08/#2%$3'21 :#"B% ' $3( EJ 8/1%"Q:12. <1=3#061 6%"1:1/E& U"08%/:#&, 2 913%% EJ 8/1%":#J :1>61%56#>%6'% '6$%"0# 2E8136%6'( 0:1'&10:', 6%19J1$'&1% $3( #6#3'Q5# J1$# '08136%6'( :/%6$# ' 19%08%>%6'( 0'=6#3# /#66%=1 8/%$48Q/%B$%6'(, &1B%: 9E:? 8134>%61 4B% 2 :1>"%, 011:2%:0:247@%)10%Q&4 2E8136%6'7 B'56%661=1 C'"3# 8/1%":#, :1 %0:? $#B% /#6?QR%, >%& $3( 913?R'J 8/1%":12 [1].-1/6' 8/'56#661=1 $12%/'( ' 2 "16%>61& 0>%:% C%6610:' EVA 3%Q
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
>#J, "1:1/E% '&%7: 56#>%6'%. I:19E 1:$%3':? 5#$#>', '&%7@'%56#>%6'% $3( "16:/13( 8/1%":#, 1: 5#$#>, 6% '&%7@'J 56#>%6'(,16' &1=4: '0813?512#:? EVA, 815213(7@') 19/#:':? 26''% 6#5#$#>', '&%7@'% 6#'913?R'% 1:"316%6'( 1: 1$19/%661=1 9#5121=183#6#. K:' 5#$#>' 0:#612(:0( "/':'>%0"' 2#B6E&' 2 19%08%>%6'':1=1, >:19E 5#2%/R':? 8/1%": 01=3#061 9#5121&4 83#64. .1 U:1)
559
L3%'-,$()$ +.")0
"+.9K
8/'>'6% &%6%$B%/E 8/1%":12 "16C%6:/'/47: 021' 40'3'( 6# U:'J"/':'>%0"' 2#B6EJ 5#$#>#J, 8102(@#( '& 913?R47 >#0:? 021%=126''( ' 2/%&%6'. *#"'& 19/#51&, 16' 104@%0:23(7: 48/#2Q3%6'% 81 '0"37>%6'(&, 6#8/#23(( 021) 18E: 6# :% 4>#0:"', =$% 16913%% 20%=1 64B%6. K:1, /#54&%%:0(, 193%=>#%:0( 2 034>#%, "1=$#'&%7:0( 40:#6123%66E% $3( 5#$#> 81/1=' — :1 %0:? 56#>%6'( 1:Q"316%6') 81 0/1"#& ' 0:1'&10:', 2 034>#% 8/%2ER%6'( "1:1/EJ$13B6E 9E:? 8/%$8/'6(:E $%)0:2'( 01 0:1/16E /4"121$0:2#.HC%6'2#6'% ' 812ER%6'% ULL%":'2610:' (-.+) ' 8/1'521Q
$':%3?610:' 8/1%":12 :/%947: 6#3'>'( 0/#26'&1), 31='>%0"'6%8/1:'21/%>'21) ' 8/15/#>61) '6L1/&#C'' 19 'J /%543?:#:#J.+10:'>? U:1=1 6% 8/%$0:#23(%:0( 215&1B6E&, %03' '6L1/&#C'( 81Q0:48#%: '5 /#53'>6EJ 0'0:%& (1$61) — $3( 913?R'J 8/1%":12 ' $/4Q=1) — $3( EJ) ' %03' &%6%$B%/E 8/1%":12 '6:%/8/%:'/47: /%Q543?:#:E 1$6'& 0810191&, # 2E0R%% /4"121$0:21 — $/4='&. *#"'%6%012&%0:'&E% 0'0:%&E 3'R#7: "1&8#6'7 2%3'"13%861) 215&1BQ610:' 0/#26'2#:? 20% 2E8136(%&E% 8/1%":E ' 2E9'/#:? :% '5 6'J,"1:1/E% 6#'913%% ULL%":'26E ' /%543?:#:'26E. O%#3?6#( #3?:%/Q6#:'2# — U:1 0'0:%&#, 2 "1:1/1) 810:483%6'% '6L1/&#C'' 18'/#Q%:0( 6# %$'6E) 46'2%/0#3?6E) "/':%/') $3( '5&%/%6'( :%"4@%) '8/%$0"#5#6'( 94$4@%) J1$# '08136%6'( $3( 20%J 8/1%":12 ' 20%J4/126%) /4"121$0:2#. EVA 19%08%>'2#%: :#"47 46'2%/0#3?647 0'0Q:%&4. A#8/'&%/, 0/#26%6'% 5#83#6'/12#661) /#91:E 0 2E8136%6Q61) /#91:1) $#%: 6#& 2 /4"' 19W%":'26E) 81"#5#:%3? :1=1, 011:2%:Q0:24%: 3' 8/1%": 1B'$#6'(& 81 >#0:' 2/%&%6', 40:#6123%66E&/4"121$0:21& [1].
5),'+*@,#$3" ' (,>0#$"$1'. ./%'&4@%0:2# EVA 5#"37>#7:Q0( 2 :1&, >:1 16:
• 23,7"9+/.4D,3 9#3*+. Y1:( 6# 8%/2E) 25=3($ 16 &1B%: 81"#Q5#:?0( 031B6E& '5Q5# 021%=1 :/%J8#/#&%:/'>%0"1=1 0:/1%6'((83#612#(, L#":'>%0"#(, 2E8136%66#( 0:1'&10:?), 1$6#"1 81021%) 04:' EVA "16C%8:4#3?61 8/10:;
!G1H E9D7: 71 =6!7AHR7E;F=G ;F;A=R; E9!7AF?FF7S617=>761=L3"%8#"7$(("$ )+3",9;"-'()$ EVA 3%$#,'6'$. +,$#/K:)$ -16"#1 [1]:• "2$()-'()$ +"+."8()8 3%"$4.' 3" 7'+.) )+3",($()8 %'+3)+'()8 ) +.")J0"+.);
• ".+,$&)-'()$ F"#' )+3",($()8 .%$(#"- ) "C$+3$7$()$ +)6(',' %'(($J6" 3%$#/3%$&#$()8;
• )(.$6%'2)8 +"#$%&'()8, +.")0"+.) ) %'+3)+'()8;• 4"(2$(.%'2)8 -()0'()8 (' )+4,K7$()8F ()+4,K7).$,9(1F +)./'2)8F);• "C$+3$7$()$ $#)("< +)+.$01 4"(.%",8 #,8 -+$F /%"-($< %/4"-"#+.-'-" -+$F 3%"$4.'F.
560
5,'-'
13• *#.),'+"4D,3 4"$32 ) 3*)3",''. <&1:/( 6# 0':4#C'7 /%#3'0Q:'>61, 03%$4%: 1:&%:':?, >:1 6% :/%94%:0( 19R'/61) 81$=1:12Q"' $3( 810:'B%6'( 10612 EVA. K:1 8/%'&4@%0:21 &1B%: 034QB':? $121$1& 5# 481:/%93%6'% $#661=1 '60:/4&%6:#, "1:1/1%2 8/1:'261& 034>#% 6% 9E31 9E 0:13? '6:%60'26E&.
A%$10:#:"' EVA 5#"37>#7:0( =3#26E& 19/#51& 2 :1&, >:1 16:• <.43 '*934D(/"+*:. .1 1C%6"#& 6%"1:1/EJ U"08%/:12, 215&1BQ61, &%6%% 1% 20%J 8/1%":12 — =3#26E& 19/#51&, :%, "1:1/E%2"37>#7: 2 0%9( 8/'19/%:%6'% "/486EJ 0'0:%& 8/#2':%3?Q0:2#&' —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
D")'".''. <4@%0:24%: 6%0"13?"1 '60:/4&%6:12 "16:/13( 0:1Q'&10:', "16C%8:4#3?61 10612#66EJ 6# 2E8136%661) 0:1'&10:',J1:( ' 6% 6#5E2#%&EJ — 81 "/#)6%) &%/%, 2 (261) L1/&% — :%&, >%&16' 81 04:' (23(7:0(, — 48/1@%66E&' 2#/'#6:#&' EVA. +2# :#"'J'60:/4&%6:#, 8134>'2R'% 56#>':%3?647 81843(/610:?, — U:1 #6#Q3'5 "16:/13?6EJ 019E:') ' #6#3'5 0:1'&10:' ' 2E8136%6'( [12].N 19@%& ' C%31& 'J 8/'23%"#:%3?610:? 010:1': 2 :1&, >:1 16' '0Q813?547: 8/10:47 :%/&'6131='7 ' 8/15/#>647 8/1C%$4/4, ', 9E:?&1B%:, '&%661 81U:1&4 16' 1:3'>#7:0( 0:13? 2E01"'& 81"#5#:%Q3%& «5#:/#:E 2/%&%6' / ULL%":'2610:?». N 0'34 :1=1, >:1 2 0119@%Q0:2% 48/#23%6'( 8/1%":#&' 0L1/&'/12#310? 49%B$%6'%, >:1 #6#Q3'5 "16:/13?6EJ 019E:') — U:1 6%5#2'0'&E) '60:/4&%6: 0#& 810%9%, 16 18'0E2#%:0( 1:$%3?61 2 03%$47@%& /#5$%3% $#661) =3#2E.!6#3'5 0:1'&10:' ' 2E8136%6'( "/#:"1 /#00&#:/'2#%:0( 6'B%,# %=1 '3370:/#C'( 8/'2%$%6# 6# /'0. 13.7.H0612E2#(0? 6# 01$%/B#6'' ' /#08'0#6'' 5#$#>', 18/%$%3(%:Q
0( %% 97$B%: (:1 B% 0#&1%, >:1 ' 83#612#( 0:1'&10:? 2 EVA) 2 >#0#J/#91:E /%04/012. P&61B%6'% 97$B%:# 6# $137 2E8136%66EJ /#91:$#%: 6#& $10:'=64:47 C%6610:? (U"2'2#3%6: 2E8136%661) 0:1'&1Q0:' 2 EVA). Z#":'>%0"' '5/#0J1$12#66E% >#0E (U"2'2#3%6:6E%
561
L3%'-,$()$ +.")0
"+.9K
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«5#:/#:E 2/%&%6' / ULL%":'2610:?». ./'&%/E >#0:6EJ "1&8#6'),"1:1/E& 4$#310? U:1 0$%3#:?, "#" 8/%$0:#23(%:0(, 81$:2%/B$#7:6#R4 #/=4&%6:#C'7 [8, 13]. D&%661 81U:1&4 2 8/'21$'&1) 6'B%:#93'C% &E 8/%$3#=#%& /($ '$%) 81 #$#8:#C'' EVA.
C'#. 13.7. !6#3'5 0:1'&10:' ' 2E8136%6'(
562
5,'-'
13B3%$#$,$()$ 6%'()2 *%)0$(8.9 EVA -" -+$F 3%"$4.'F, C",9?)F ) 0',1F,)+3",9;"-'()8 "#('4" #"3/+.).9 )+3",9;"-'()$ %';,)7(1F H"%0'J
."-. ='3%)0$%, 3",("0'+?.'C(1< EVA 0"&$.)+3",9;"-'.9+8 #,8 C",9?)F 3%"$4."-, ' $6" /3%"J:$((1$ -$%+)) — #,8 0',1F
@"#)H)4'2)8 *%)0$(8.9 - EVA #%/&$+.-$((/K, ' ($ ".3/6)-'K:/KF'%'4.$%)+.)4) .$%0)(","6)K. *"# #%/&$+.-$((10) .$%0)('0)
3"()0'K.+8 3,'("-'8 +.")0"+.9, H'4.)7$+4'8+.")0"+.9, -13",($(('8 +.")0"+.9, ),) +.")0"+.9-13",($((1F %'C"., ,)C" #%/6)$ .$%0)(1, 3"3/,8%J(1$ ) )+3",9;/$01$ - 4"%3"%'.)-(1F &'%6"('F.BSWS, ACWP (Z!>I), BCWP (*!>I) ) .. #. — E." ".3/J6)-'K:)$ .$%0)(1, 4"."%1$, 3"J-)#)0"0/, 3"%"#)J,) +"3%".)-,$()$ )+3",9;"-'()K EVA.L+.'("-).9 ('#,$&':)< %';0$% !GI. ='3%)0$%,0',1< 3%"$4. 0"&$. "CF"#).9+8 ,)?9 ($+4",94)0)CARP (' /%"-($ 1 !MI, - ." -%$08 4'4 C",9?"< 3%"$4.0"&$. )0$.9 20—30 !GI (' /%"-($ 2 !MI (3%"$4.+"".-$.+.-/$. /%"-(K 0). L+.'("-).9 ('#,$&':)<%';0$% 3'4$.' %'C".. N'4"< %';0$% "C$+3$7)-'$.('#,$&':$$ ".+,$&)-'()$ 3'4$.' ) - ." &$ -%$08($ 3"%"&#'$. 7%$;0$%("< C/0'&("< %'C".1.M$.',9(1$ +""C%'&$()8 (' E./ .$0/ );,"&$(1- %';#$,$ «T$%'%F)7$+4'8 +.%/4./%' %'C".» 6,'-1 5.*%"8-,8.9 6)C4"+.9 3" 7'+.) 0$."#"- );0$%$()8EVA. *";-",).9 0$($#&$%'0 !GI ) 3'4$."- %'C".+'0)0 -1C)%'.9 (')C",$$ 3"#F"#8:)$ 0$."#1 —E." 6)C4)< 3"#F"#. B#('4" .'4"< 3"#F"# #",&$(+"7$.'.9+8 + ('#,$&':$< +)+.$0"< 4"(.%",8(('#;"%') +" +."%"(1 %/4"-"#+.-'.*",'6'.9+8 (' C",$$ 3%"+.1$ 0$."#1 );0$%$()8-+$6#', 4"6#' E." -";0"&(". «A",$$ 3%"+.1$»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
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
563
L3%'-,$()$ +.")0
"+.9K
COEUPON 6#0:1(@%& /#5$%3% &E /#00&1:/%3' #6#3'5 2E8136%661) 0:1Q
'&10:' (EVA) — '60:/4&%6:, 6#C%3%66E) 6# :1>61% '5&%/%6'%L'5'>%0"1=1 J1$# '08136%6'( 81 1:61R%6'7 " 83#64 0 C%3?7 19%0Q8%>':? 6#$%B6E) 8/1=615 1"16>#:%3?61) 0:1'&10:' ' $#:E 5#2%/QR%6'( 8/1%":#. EVA &1B%: '0813?512#:?0( 2 3791& 8/1%":% 26%5#2'0'&10:' 1: 8/%$&%:61) 193#0:' ' /#5&%/#. N :1 2/%&( "#" 813Q61�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
T+3",9;"-'.9 EVA #,8 );0$%$()8 3%"$4."-, ' ($ #,8"2$()-'()8 3%");-"#).$,9("+.) ".#$,9(1F ,K#$<.T+3",9;"-'()$ EVA #,8 2$,$< "2$()-'()8 0"&$.C1.9 ($3%)$0,$0" #,8 0("6)F 3%"$4.(1F 4"0'(#.*%":$ 6"-"%8, 7."C1 /C$#).9 4"6"J,)C" - 3%)0$($J()) EVA, $6" ($"CF"#)0" +#$,'.9 ($<.%',9(10) ($ -0$?)-'K:)0+8 - );0$%8$01< 3%"2$++
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
!@7E?@C; EVALC$#).$+9, 7." -1 -13",(),) EVA ('#,$&':)0 "C%';"0. B( #",&$( ('J
7)('.9+8 +" +,$#/K:$6":
• H"%0)%"-'()$ C';"-"6" 3,'(' );0$%$()8 F"#' )+3",($()8 - -)#$ 4/J0/,8.)-("< 4%)-"< 3,'("-"< +.")0"+.), 3%)-8;'(("< 4 %'+3)+'()K3%"$4.', + 3"+,$#/K:)0 +C"%"0 #'((1F #,8 3$%)"#)7$+4"6" "2$()J-'()8:
• 4/0/,8.)-("< H'4.)7$+4"< +.")0"+.) )
• 4/0/,8.)-("< -13",($(("< +.")0"+.) 3" ".("?$()K 4 C';"-"0/ 3,'J(/ #,8 ."6", 7."C1 /+.'("-).9:
• +"+."8()$ 3" 7'+.) )+3",($()8 %'+3)+'()8 ) +.")0"+.) (' .'4&$ —- +,/7'$, $+,) E." +"+."8()$ ($C,'6"3%)8.("$ — ,$&':)$ - "+("-$ E."J6" 3%)7)(1), 4"."%"$ C/#$. )+3",9;"-'.9+8 #,8:
• 3%$#+4';'()8 "4"(7'.$,9(1F %$;/,9.'."- 3%"$4.' 3" 7'+.) +.")0"+.)) +%"4"-,
• %';%'C".4) 4"%%$4.)%/K:)F -";#$<+.-)< - +,/7'$ ($"CF"#)0"+.) .'J4"-1F.
564
5,'-'
13;F;A=R C7F1@7AHF9Y 67891=S
<17 1;C7? ;F;A=R C7F1@7AHF9Y 67891=S?!6#3'5 "16:/13?6EJ 019E:') 2E8136(%: 0/#26%6'% 83#6121=1 '
L#":'>%0"1=1 '08136%6'( 0:1'&10:' $3( "16:/13?6EJ 019E:'),>:19E 18/%$%3':? 1:"316%6'( 81 0:1'&10:' ' 0/1"#&, (23(7@'%0(81"#5#:%3(&' J1$# '08136%6'( 8/1%":# (0&. /'0. 13.8). <:1'&10:?"16:/13?61=1 019E:'( 83#6'/4%:0( ' 1:03%B'2#%:0( 81 10' /, # %=1"#3%6$#/? — 81 10' M. O#0J1B$%6'% &%B$4 83#6121) ' L#":'>%0"1)0:1'&10:?7 "16:/13?61=1 019E:'( 8/%$0:#23(%: 0191) 1:"316%6'%81 0:1'&10:'. !6#31='>61 1:"316%6'% 81 0/1"#& &1B%: 9E:? 8134Q>%61 "#" /#5610:? &%B$4 83#612E& ' L#":'>%0"'& /#08'0#6'(&'$#661=1 "16:/13?61=1 019E:'(. -#" 83#612E%, :#" ' L#":'>%0"'%2%3'>'6E 1:/#B#7:0( 2 2'$% "4&43(:'26EJ "/'2EJ. D0813?512#Q6'% U:'J $24J "/'2EJ — 2 8/1:'218131B610:? :/%& "/'2E& &%:1$#EVA — 83#6121), L#":'>%0"1) ' 2E8136%661) — 0:#31 215&1B6E&93#=1$#/( '0813?512#6'7 "16:/13?6EJ 019E:') 2 "#>%0:2% 83#:QL1/&E $3( '6:%=/#C'' 01$%/B#6'(, /#08'0#6'( ' 97$B%:#.A%0&1:/( 6# 0217 2E01"47 ULL%":'2610:? 2 1:03%B'2#6'' '0813Q6%6'( 8/1%":12, #6#3'5 "16:/13?6EJ 019E:') =1/#5$1 913%% ULQL%":'2%6 8/' 8/1#":'261& '0813?512#6'' $3( 8/%$0"#5#6'( 1"16Q>#:%3?61) 0:1'&10:' ' $#:E 5#2%/R%6'( 8/1%":#.
E9!7AF?F=? ;F;A=R; C7F1@7AHF9Y 67891=S!6#3'5 "16:/13?6EJ 019E:') 03%$4%: 2E8136(:? 2 81361) =#/Q
&16'' 0 8/1#":'26E& C'"31& "16:/13( 8/1%":# (O<O<), /#00&1:Q/%66E& 6#&' 2 =3#2% 11.
G:0) (,0:B0>'+0= '#B0>(0= '(J0)+".''. H06121) $3( 8/1Q2%$%6'( #6#3'5# "16:/13?6EJ 019E:') (23(%:0( 03%$47@%%:
• 813610:?7 18/%$%3%661% 01$%/B#6'% 8/1%":#;• /#08'0#6'% 8/1%":#;• /#08/%$%3%66E) 21 2/%&%6' 97$B%:..1$=1:12"# U:1) '0J1$61) '6L1/&#C'', "#" U:1 18'0#61 2 /#5$%Q
3%, 8102(@%661& #6#3'54 2E8136%661) 0:1'&10:', (23(%:0( 6%19QJ1$'&E& 40312'%& $3( 8/12%$%6'( ULL%":'261=1 #6#3'5# "16:Q/13?6EJ 019E:'). N&%0:% U:# '6L1/&#C'( 19/#54%: 210J1$(@')9#512E) 83#6 8/1%":#.
]#$"(031" ' 0$#2,<'3"(', 10($)02%(-B #0:-$'=. D0813?Q54( 9#512E) 83#6 0:1'&10:' (/#08/%$%3%66E) 21 2/%&%6' 97$B%:),
565
L3%'-,$()$ +.")0
"+.9K
6#/'012#:? "/'247 83#6121) 0:1'&10:', "1:1/#( 0:#6%: 9#512E&83#61&, ' 1:&%:':? 6# 6%) "16:/13?6E% 019E:'( (0&. /'0. 13.8). K:1"4&43(:'26#( "/'2#(, 19E>61 '0813?547@#( >#0E /#91:E /%04/Q012 '3' $%6%B6E% %$'6'CE. N 97$B%: "#B$1=1 "16:/13?61=1 019EQ:'( 2E$%3(%:0( 18/%$%3%661% "13'>%0:21 >#012 /#91:E /%04/012../'6'&#( 21 26''% "4&43(:'26E) J#/#":%/ $#661) "/'21),03%$4%: '&%:? 2 2'$4, >:1 6# &1&%6: 6#0:483%6'( 6%"1:1/1=1 "16:Q/13?61=1 019E:'( $13B61 9E:? '5/#0J1$12#61 04&&#/61% "13'>%Q0:21 >#012 /%04/012 — "#" 2E$%3%661% 2 97$B%: $#661=1 "16:Q/13?61=1 019E:'(, :#" ' 2E$%3%661% 2 97$B%:E 8/%$R%0:247@'J%&4 "16:/13?6EJ 019E:'). .1 &%/% /#52%/:E2#6'( 8/1%":# 8/1'0QJ1$': 091/ $#66EJ 1 L#":'>%0"1) 0:1'&10:' ' /'012#6'% 6# 'J 10Q612% "4&43(:'261) "/'21) L#":'>%0"1) 0:1'&10:', 1$6#"1 >:1$%)0:2':%3?61 '&%%: 56#>%6'%, :#" U:1 :1, "1=$# "16:/13?61% 019EQ:'% 6# 0#&1& $%3% 6#0:48'31 ' 9E31 1:&%>%61 6# L#":'>%0"1) "/'Q21). *#"'& 19/#51&, 20% '5&%/%6'( 2E8136(7:0( 6# 4/126% "16:Q/13?6EJ 019E:') 2 011:2%:0:2'' 0 L1/&431) 0 / 100. <1=3#061 EVA,U:1 56#>':, >:1 2 &1&%6: 6#>#3# /#91:E 81 $10:'B%6'7 "16:Q/13?61=1 019E:'( %=1 2E8136%66#( 0:1'&10:? 8/'/#26'2#%:0( 0%1: 97$B%:# "16:/13?61=1 019E:'(, # 2 &1&%6: 6#0:483%6'( "16:Q/13?61=1 019E:'( 16# 0:#612':0( /#261) 100%. N 0'34 "4&4Q3(:'261=1 J#/#":%/# "/'2EJ "16:/13?61% 019E:'% '=/#%: /13?"43?&'6#C'1661) (5#2%/R#7@%)) :1>"' 20%) 8/%$E$4@%) /#91:E8/1%":#, 4/#26'2#( 2 U:1) :1>"% J1$ '08136%6'( "16:/13?61=1 01Q9E:'( 0 J1$1& '08136%6'( 8/1%":#.
C'#. 13.8. ./'&%/ #6#3'5# "16:/13?6EJ 019E:')
566
5,'-'
13H.,('3"(', ),;*2%$"$03 /)0,1$". A#0:#31 2/%&( 0/#26':?
L#":'>%0"'% /%543?:#:E 2E8136%6'( 8/1%":# 0 83#61&. M%3? $#6Q61=1 0/#26%6'( — 40:#612':? 2%3'>'6E 1:"316%6'( 81 0/1"#&(H<O) ' 81 0:1'&10:' (H<*), # :#"B% '$%6:'L'C'/12#:? 8/'>'64U:'J 1:"316%6') 2 034>#% 6#3'>'( 8103%$6'J. Y1/1R'& 0810191&$10:'B%6'( U:1) C%3' (23(%:0( 20:/%>#Q/%8%:'C'( 0 23#$%3?C#&'"16:/13?6EJ 019E:') 0 8103%$47@'& 2E8136%6'%& 0/#26%6'( 6#012%@#6'', 8102(@%661& J1$4 '08136%6'( 8/1%":# ($%:#3?61% /#0Q0&1:/%6'% U:1=1 218/10# 8/'2%$%61 2 /#5$%3% «+'#=/#&&# 8/%$0"#Q5#6'( "16:/13?6EJ 019E:')» =3#2E 12). +3( 8/12%$%6'( "#" 20:/%Q>'Q/%8%:'C'', :#" ' 012%@#6'( J1/1R%) 106121) &1B%: 0:#:?8/1#":'26E) C'"3 "16:/13( 8/1%":# (0&. 8/'21$'&E) 6'B% 5#R:Q/'J12#66E) 8/(&14=13?6'" «.(:? 218/1012 O<O< 8/'&%6':%3?61" "16:/137 0:1'&10:'»).
!G1H E7!@767E @6@6!@=>?F=1?AHF7 C C7F1@7AP 617=>761=*"#"C(" 4"(.%",K %'+3)+'()8, 4"(.%",9 +.")0"+.) #",&$( -13",(8.9J
+8 + "3"%"< (' -"3%"+1 3%"'4.)-("6" 2)4,' 4"(.%",8 3%"$4.' (I!I!).
• P'4"-" ".4,"($()$ H'4.)7$+4"6" )+3",($()8 +.")0"+.) ". C';"-"6"3,'(' )+3",($()8 +.")0"+.)?
• P'4)$ 3%"C,$01 -1;1-'K. E." ".4,"($()$?
• P'4"- .$4/:)< .%$(#, ." $+.9 4'4"-' 3%$#-'%).$,9(" 3%$#+4';1-'$J0'8 "2$(4' +.")0"+.) 3" ;'-$%?$()) - ."0 +,/7'$, $+,) 01 C/#$0 3%"J#",&'.9 -13",($()$ 3%"$4.' + .$4/:)0) 3"4';'.$,80) 3%");-"#)J.$,9("+.)?
• P'4)$ ("-1$ %)+4) 0"6/. -";()4(/.9 - C/#/:$0 ) 4'4 "() 0"6/. );0$J().9 3%$#-'%).$,9(" 3%$#+4';1-'$0/K "2$(4/ +.")0"+.) 3" ;'-$%J?$())?
• P'4)$ #$<+.-)8 ('0 +,$#/$. 3%$#3%)(8.9 #,8 ."6", 7."C1 3%$#".-%'J.).9 );0$($()$ 3%$#+4';1-'$0"< "2$(4) +.")0"+.) 3" ;'-$%?$()) )-13",().9 3%"$4. - +"".-$.+.-)) + C';"-10 3,'("0?
P'4 EVA, .'4 ) '(',); 4"(.%",9(1F +"C1.)< #",&$( +,$#"-'.9 E."0/2)4,/ — ('7)('8 ". -+.%$7J%$3$.)2)< + -,'#$,92'0) "3$%'2)< / 4"(.J%",9(1F +"C1.)< ) ;'4'(7)-'8 +"-$:'()80) " F"#$ )+3",($()8, 3%"-"#)J010) #,8 "3%$#$,$()8 4"%%$4.)%/K:)F -";#$<+.-)<. A",$$ #$.',9(" E.".-"3%"+ %'++0".%$( - 6,'-$ 12 - ;'?.%)F"-'((1F 3%80"/6",9()4'F, ";'6,'-J,$((1F «>13",(88 "2$()-'()$ H'4.)7$+4"6" +"+."8()8, +.%$0).$+9 4 #"+J.)&$()K /#"-,$.-"%).$,9("6" ) #"+.'."7("6" %$?$()8» ) «R'C1.1< '(',);.%$(#"-: #$&' -K?».
567
L3%'-,$()$ +.")0
"+.9K
N 6#R%& 8/'&%/% 6# /'0. 13.8 1:"316%6'( 2E=3($(: 03%$47@'&19/#51&:
=+243,",'" 93 *#32.< 14: 23,+#34D,3$3 *3I-+': 2 == 94.,3)3" (,.0",'" – J.2+'0"*23" (,.0",'" =
= 2 <"*:7. – 3 <"*:7. = –1 <"*:7
=+243,",'" 81 *+3'<3*+' 14: 23,+#34D,3$3 *3I-+': 2 == 94.,3)3" (,.0",'" – J.2+'0"*23" (,.0",'" =
= 600 0.*3) – 900 0.*3) = –300 0.*3).
H:/'C#:%3?61% 1:"316%6'% 156#>#%:, >:1 8/1%": 1:0:#%: 1: 83#Q6#, # 8131B':%3?61% — >:1 18%/%B#%: %=1. H:04:0:2'% 1:"316%6'(156#>#%:, >:1 8/1%": 2E8136(%:0( 2 :1>61& 011:2%:0:2'' 0 83#61&.<3%$12#:%3?61, 2 6#R%& 034>#% 8/1%": 6# 1 &%0(C 1:0:#%: 1: /#08'Q0#6'( ' 6# 300 >#012 8%/%/#0J1$12#3 97$B%:.
5),>#1";"(', 010(9"$,2%(-B ),;*2%$"$03. O#54&%%:0(, 6#'Q913%% 2#B6E) ' 2 :1 B% 2/%&( :/4$6E) R#= — U:1 8/%$0"#5#6'% /%Q543?:#:12. H6 2#B%6, 81:1&4 >:1 815213(%: 25=3(64:? 6# 6#8/#23%Q6'% ' :/%6$ /#52':'( 8/1%":# — 6# :1, "#"12E 94$4: 1"16>#:%3?6#(0:1'&10:? ' 0/1" 5#2%/R%6'( 8/1%":#. H:04:0:2'% L1/&43 $3(8/%$0"#5#6'(, 81$196EJ '0813?54%&E& 2 &%:1$% EVA, 8/'21$':" :1&4, >:1 8/%$0"#5#6'% 0:#612':0( $%31& '6:4':'26E& ' 031BQ6E&, 19E>61 2E8136(%&E& 2 J1$% 012%@#6'( 1 8/1=/%00%. K:# 8/1QC%$4/# 1>%6? 81J1B# 6# 8/1C%$4/4, $%:#3?61 18'0#6647 2 /#5$%3%«+'#=/#&&# 8/%$0"#5#6'( "16:/13?6EJ 019E:')» 2 =3#2% 12. N >#0Q:610:', 81 &%/% :1=1 "#" 23#$%3%C "16:/13?61=1 019E:'( 18'0E2#%:L#":'>%0"') 8/1=/%00, 81:%6C'#3?6E% 1:"316%6'( 1: 9#5121=183#6# ' 8/193%&E, 2E52#2R'% U:1 1:"316%6'%, 23#$%3?CE 5#2'0'Q&EJ 019E:') 1C%6'2#7: 23'(6'% U:1=1 "16:/13?61=1 019E:'( 6#8103%$47@'% 019E:'(. K:1 23'(6'% #6#3'5'/4%:0( 2 "16:%"0:%/#08'0#6'( "/':'>%0"1=1 84:', 0 1:/#B%6'%& 5#2'0'&10:%) &%B$4"16:/13?6E&' 019E:'(&' ' 02(5#66E&' 0 6'&' 5#$#>#&'. N /%Q543?:#:% $#661=1 #6#3'5# 8/%$0"#5E2#7:0( 1"16>#:%3?6E% 56#>%Q6'( 0:1'&10:' ' $#:E 5#2%/R%6'( 8/1%":#. X03' 1"16>#:%3?6E%/%543?:#:E 2E=3($(: 6%93#=18/'(:61, 83#6'/47:0( "1//%":'/47Q@'% 215$%)0:2'( 0 C%3?7 '5&%6%6'( :/%6$# ' 2152/#@%6'( 8/1%"Q:# 6# 6#$3%B#@') "4/0.
568
5,'-'
13&G5HKLEHDMN&O MNMK&EM FHNTCHKLN[X GH\[T&QF08>" '#/02%;03"$%. !6#3'5 "16:/13?6EJ 019E:') 28136% &1Q
B%: 81$1):' "#" E&, :#" ' 913?R'& 8/1%":#&. H93#$#( 2E01"1)6#=3($610:?7 8/%$0:#23%6'( ' 6%913?R'&' 5#:/#:#&' 2/%&%6',U:1: #6#3'5 J1/1R1 81$J1$': 8/1%":#& 0 6%913?R'&' 97$B%:#&'.N 913%% "/486EJ 8/1%":#J %=1 8/'&%6%6'% &1B%: 9E:? 1910612#612 8%/247 1>%/%$? %=1 081019610:?7 8/%$10:#23(:? 04&&#/647 '6QL1/&#C'7 1 010:1(6'' 8/1%":# 2E0R%&4 /4"121$0:24, #"C%6:'/4(26''% 6# "16:/13?6EJ 019E:'(J 2E01"1=1 4/126(.
D),+4 '#/02%;03"('4. ./' 6#3'>'' 210J1$(@%=1 83#6# 8/1%"Q:# 18E:61) 8/1%":61) "1$% 28136% $13B61 J2#:':? 6% 913%%30—45 &'64: $3( 2E8136%6'( #6#3'5# "16:/13?6EJ 019E:'),2"37>#7@%=1 2 0%9( 8(:? '3' R%0:? "16:/13?6EJ 019E:'). .1 &%/%42%3'>%6'( "13'>%0:2# "16:/13?6EJ 019E:') 94$%: 42%3'>'2#:?0(' 2/%&(, 6%19J1$'&1% $3( #6#3'5#.
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
569
L3%'-,$()$ +.")0
"+.9K
5),'+*@,#$3" ' (,>0#$"$1'. +2# 106126EJ 8/%'&4@%0:2##6#3'5# "16:/13?6EJ 019E:') — U:1:
• $#.J'0"*23" 9#"1*+.)4",'". G%="10:? 2'54#3?61=1 196#/4B%Q6'( 1:"316%6') 81 0/1"#& ' 0:1'&10:' 6#/($4 0 8/%$0"#5EQ2#%&1) "/'21) 94$4@%=1 '08136%6'( "16:/13?6EJ 019E:')0810196E 06'0"#:? /#08131B%6'% &%6%$B%/12, $3( "1:1/EJ2#B6# 081019610:? '60:/4&%6:# " =/#L'>%0"1&4 1:19/#B%Q6'7 04&&#/61=1 010:1(6'(;
• 9#3*+3+.. N $18136%6'% " =/#L'>%0"1&4 8/%$0:#23%6'7 #6#Q3'5 "16:/13?6EJ 019E:') J#/#":%/'54%:0( 8/10:1:1), >:1 81Q5213(%: 81>:' 3791&4 4>#0:6'"4 8/1%":# 816'&#:? /%543?:#Q:E U:1=1 #6#3'5# 8103% 6%0"13?"'J &'64: 194>%6'(.
.13?512#:%3' :#"B% $13B6E 81&6':? 19 106126EJ 6%$10:#:"#J#6#3'5# "16:/13?6EJ 019E:'), " "#"12E& 1:610(:0(:
• )3(<3C,3*+D I-+D (.9/+.,,-<. -1=$# #6#3'5 2"37>#%: 2 0%Q9( 913?R1% "13'>%0:21 "16:/13?6EJ 019E:'), 2E8136%6'% %=1&1B%: 09'2#:? 0 :13"4 ' 018/121B$#:?0( 8/193%&#&', J1:( 6%Q"1:1/E% "1&8#6'', 18E:6E% 2 %=1 8/'&%6%6'', '0813?547:%=1 $3( 01:%6 "16:/13?6EJ 019E:');
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 '(',); 4"(.%",9(1F +"C1.)< #,8)+3",9;"-'()8 -+$F 0',1F 3%"$4."-. T+3",9;"-'.9 '(',);
4"(.%",9(1F +"C1.)< .",94" #,8 4"(.%",9(1F+"C1.)<, ('F"#8:)F+8 (' +/00'%("0 /%"-($4%/3(1F 3%"$4."-. >4,K7'.9 - '(',); ($ C",$$C 4"(.%",9(1F +"C1.)<
T;0$($()$ +/:$+.-/K:$< T+3",9;"-'.9 H"%0/,/ #,8 3%$#+4';'()8F'%'4.$%)+.)4) "4"(7'.$,9("< +.")0"+.) 3%"$4.'. ='3%)0$%,
"4"(7'.$,9('8 +.")0"+.9 3%"$4.' =4/0/,8.)-('8 H'4.)7$+4'8 +.")0"+.94"(.%",9("6" +"C1.)8 + (CK#&$. 3%"$4.' —4/0/,8.)-('8 H'4.)7$+4'8 +.")0"+.94"(.%",9("6" +"C1.)8) / (4/0/,8.)-('83,'("-'8 +.")0"+.9 4"(.%",9("6" +"C1.)8 /4/0/,8.)-('8 H'4.)7$+4'8 +.")0"+.94"(.%",9("6" +"C1.)8). Q.) 3%$#+4';'()8 0"6/.-13",(8.9+8 -+84)< %'; 3" ('+./3,$())"7$%$#("6" 4"(.%",9("6" +"C1.)8
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
570
5,'-'
13
• )3(<3C,3*+D (43/93+#"I4",'%. N 6%"1:1/EJ 1/=#6'5#C'16Q6EJ "43?:4/#J 1:"316%6'( 81 0/1"#& ' 0:1'&10:', # :#"B%8/1=615E 1"16>#:%3?6EJ /%543?:#:12 8/1%":# &1=4: '0813?51Q2#:?0( $3( 1C%6'2#6'( 8/1'521$':%3?610:' 8/1%":61) "1Q$E. K:1 &1B%: 8/'2%0:' " :1&4, >:1 "1$E 94$4: '843'Q/12#:? '0813?54%&E&' $3( #6#3'5# $#66E&'.
D")'".''. N 1:/#03' 2E01"'J :%J6131='), 2 40312'(J, "1=$# 2/%Q&( 2EJ1$# 6# /E61" 0:#612':0( "16"4/%6:6E& L#":1/1&, 04@%Q0:24%: 81843(/6#( 2#/'#C'( U:1=1 &%:1$#, 04:? "1:1/1) 5#"37>#%:Q0( 2 1:"#5% 1: '0813?512#6'( :#"'J 8#/#&%:/12, "#" 1:"316%6'% 810:1'&10:' ' 8/%$0"#5#6'% 1"16>#:%3?61) 0:1'&10:'. -#" 03%$Q0:2'% U:1=1 #6#3'5 20%C%31 0"16C%6:/'/12#6 6# /#08'0#6'', #'&%661 6# 1:"316%6'' 81 0/1"#& ' 8/%$0"#5#6'' 1"16>#:%3?61)$#:E 5#2%/R%6'( 8/1%":#.
M>"/$".'4 "("2';" 10($)02%(-B #0:-$'=. H919@%66E) :'8#6#3'5# "16:/13?6EJ 019E:') &1B%: 9E:? 28136% 81$J1$(@'& "379E& 2#R'& 8/1%":#&. H$6#"1 913%% 2%/1(:61 20% B%, >:1 /($#$#8:#C'' &1B%: 9E:? 0$%3#6, >:1 815213': 34>R% 1:/#5':? 2#R48/1%":647 0':4#C'7. A'B% 8/'21$':0( /($ 8/'&%/12, '3370:/'Q/47@'J U:' 8131B%6'(.
!@7E?@C; ;F;A=R; C7F1@7AHF9Y 67891=SLC$#).$+9, 7." -1 -13",(),) '(',); 4"(.%",9(1F +"C1.)< ('#,$&'J
:)0 "C%';"0. B( #",&$( ('7)('.9+8 +" +,$#/K:$6".• Z"%0)%"-'()$ C';"-"6" 3,'(' );0$%$()8 F"#' )+3",($()8 - -)#$ 4/J0/,8.)-("< 4%)-"< 3,'("-"< +.")0"+.), 3%)-8;'(("< 4 %'+3)+'()K3%"$4.'.
• BC";('7$()$ 4"(.%",9(1F +"C1.)< (' E."< 4%)-"< + 3"+,$#/K:)0+C"%"0 #'((1F #,8 3$%)"#)7$+4"6" "2$()-'()8:—H'4.)7$+4"6" )+3",($()8 4/0/,8.)-("< +.")0"+.) #,8 #"+.)6(/.1F4"(.%",9(1F +"C1.)<.
• M"+.)6(/.1$ 4"(.%",9(1$ +"C1.)8 3" ".("?$()K 4 C';"-"0/ 3,'(/+ 2$,9K /+.'("-).9:— ".4,"($()8 3" +%"4'0 ) +.")0"+.), ' .'4&$ 3%)7)(1 (- +,/7'$, $+,)"() ($C,'6"3%)8.(1), 4"."%1$ 0"6/. C1.9 )+3",9;"-'(1 #,8 ."6",7."C1:
— 3%$#+4';'.9 "4"(7'.$,9(/K +.")0"+.9 ) #'./ ;'-$%?$()8 3%"$4.',— -1%'C".'.9 4"%%$4.)%/K:)$ -";#$<+.-)8, $+,) .'4"-1$ ($"CF"J#)01.
571
L3%'-,$()$ +.")0
"+.9K
COEUPO./%$&%:1& /#00&1:/%6'( $#661=1 /#5$%3# (23(30( #6#3'5 "16:Q
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
R;CAP<=1?AHF9? R;>?<;F=GN 6#0:1(@%) =3#2% 9E3' /#00&1:/%6E :13?"1 2 '60:/4&%6:#:
#6#3'5 2E8136%661) 0:1'&10:' (EVA) ' #6#3'5 "16:/13?6EJ 019EQ:'). Z46"C'16#3?6E% J#/#":%/'0:'"' "#B$1=1 '5 6'J 6#8/#23%6E6# 18/%$%3%66E% 193#0:' 8/'&%6%6'(. H$6#"1 &%6%$B%/E 8/1%"Q:12, "1:1/EJ 810:1(661 81$B': 0/1"', >#0:1 08/#R'2#7::«./'6'&#( 21 26''% &17 8/1%":647 0':4#C'7, "#"1) '60:/4Q&%6: 81$J1$': &6% 6#'913?R'& 19/#51&?» I:19E /%R':? U:1: 218Q/10, 810&1:/'& 6# :#93'C4, 2 "1:1/1) 8%/%>'03%6# 0121"48610:?8/1%":6EJ 0':4#C') ' 4"#5#61, "#" "#B$#( '5 U:'J 0':4#C') 011:Q610':0( 0 '0813?512#6'%& "#B$1=1 '5 '60:/4&%6:12. N1Q8%/2EJ,18/%$%3':% 0':4#C'', "1:1/E% 011:2%:0:247: 2#R%&4 8/1%":4.X03' U:' 0':4#C'' 6% J#/#":%/'547: 8/1%": 2 81361) &%/%, 8/1$4Q&#):% $18136':%3?6E% 0':4#C'' ' 1:&%:?:%, "#" 16' 011:610(:0(0 '0813?512#6'%& "#B$1=1 '5 U:'J '60:/4&%6:12. D60:/4&%6:, "1Q:1/E) 6#9%/%: 913?R%% "13'>%0:21 9#3312, 2%/1(:61, 94$%: 34>QR'& 2E91/1& $3( 2#0 (2%/1(:61, 81:1&4 >:1 48/1@%66E% 2%/0''EVA &1=4: 9E:? 2%3'"13%86E& 2E91/1& 2 0':4#C'(J, 93#=18/'(:Q0:247@'J 8/'&%6%6'7 "#" #6#3'5# "16:/13?6EJ 019E:'), :#" '81361�R:#961=1 EVA). N 3791& 034>#%, 2#& 03%$4%: 10:#612':?021% 26''% 6# 1$61& '5 8/1#":'26EJ &%:1$12.
572
5,'-'
13=5(J()(# &".)/#/%# %/&5"+,#/5() *(/5"('2 &($#"]./%2
6%5+.T%2
8'.J(3"%25&5)+0\M.2 3"%,#/#/%0,.5"%TU *(("$%\/.T%% %-,#/#/%V
8'.J(3"%25&5)+\0M.2 3"%,#/#\/%0 -.3"(&. /.)/#&#/%# %-,#\/#/%2 ) 3"(#*5
(4"(.%",9(1$ +"C1.)8-1+"4"6" /%"-(8)
@',1$ ) 3%"+.1$ 3%"$4.1
A",9?)$ ) +,"&(1$ 3%"$4.1
Z"%0',9(1$ "C;"%1 F"#')+3",($()8
=$H"%0',9(1$ "C;"%1 F"#')+3",($()8
=$C",9?"$ -%$08 (' "C/7$()$)+3",9;"-'()K )(+.%/0$(.'
G42$(.)%"-'()$ -()0'()8(' )+4,K7$()8F
BC$+3$7$()$ +)6(',' %'(($6"3%$#/3%$&#$()8
T(.$6%'2)8 +"#$%&'()8, +.")0"+.)) %'+3)+'()8BC$+3$7$()$ $#)("< 4"(.%",9("<+)+.$01 #,8 -+$F /%"-($< %/4"-"#J+.-' ) -+$F 3%"$4."-
T+3",9;"-'()$ #",,'%"-),) 7$,"-$4"7'+"-
=$"CF"#)0"+.9 - +/00'%("<#$.',);'2))
T+3",9;"-'()$ #-/F 4%)-1F
B."C%'&$()$ .%$(#'
=',)7)$ 3%)+/:$6" 3%"'4.)-("6"3"#F"#'
=$"CF"#)0"+.9 - C",$$4"%%$4.("0 3"#F"#$=$C",9?)$ ;'.%'.1 -%$0$()(' 4"(.%",9 %'+3)+'()8
T+3",9;"-'()$ .%$F 4%)-1F
=$C",9?"$ -%$08, .%$C/$0"$#,8 3%)0$($()8
(/3%":$((1$ -$%+)))
(/3%":$((1$ -$%+)))
(/3%":$((1$ -$%+)))
573
L3%'-,$()$ +.")0
"+.9K
A=1?@;1B@;1. Fleming, Q. W. and J. M. Koppelman. 2000. Earned Value Project
Management. 2ded., Newton Square, Pa.: Project ManagementInstitute.
2. Brandon, D. M. 1998. «Implementing Earned Value Easily andEffectively». Project Management Journal 29(2): 11—18.
3. Fleming, Q. W. and J. M. Koppelman. 2001. «Earned Value for theMasses». PM Network. 16(7): 29—32.
4. Dinsmore, P. < 1999. Winning in Business with Enterprise ProjectManagement. New York: AMACOM.
5. Hatfield, M. A. 1996. «The Case for Earned Value». PM Network.10(12): 25—27.
6. Barr, Z. 1996. «Earned Value Analysis: A Case Study». PM Network10(12): 31—37.
7. Harrison, F. L. 1983. Advanced Project Management. Hunts, U.K.:Gower Publishing Company.
8. Singletary, N. 1996. «What’s the Value of Earned Value?» Pl\1Network 10(12), 28—30.
9. Zwikael, O., S. Globerson, andT. Raz. 2000. «Evaluation of Modelsfor Forecasting the Final Cost of a Project». Project ManagementJournal 31(1): 53—57.
10. Christensen, D.S. and S.R. Heise. 1993. «Cost Performance IndexStability». National Contract Management Association Journal.Vol. 25.
11. Beach, C. P. 1990. «AQ12 Administrative Inquiry». NavyMemorandum.
12. Lock, D. 1990. Project Planner. Hunts, U.K.: Gower PublishingCompany.
13. Ingram, T. 1996. «Client/Server, Imaging and Earned Value:A Success Story» PM Network 10(12): 21—25.
B3".)'#/%#*.K#&5)(,
T- — B+3 +3, 0+3 <- 93)+3#,3 1"4."<.!4"13).+"4D,3, I"(/9#"0,3*+D — B+3 ,"1"%*+)'", . 9#')-02..
!/'0:1:%3?
N6#0:1(@%) =3#2% &E 010/%$1:1>'& 021% 26''% 6# '60:Q/4&%6:#J "16:/13( "#>%0:2# 2 48/#23%6'' 8/1%":#&':• 83#6 812ER%6'( "#>%0:2#;• $'#=/#&&# .#/%:1;• $'#=/#&&# 8/'>'6 ' 03%$0:2');• "16:/13?6E% $'#=/#&&E.
576
5,'-'
14
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
• 8156#"1&':?0( 0 '0813?512#6'%& /#53'>6EJ '60:/4&%6:12"16:/13( "#>%0:2#;
• 2E9'/#:? '60:/4&%6:E "16:/13( "#>%0:2#, 4$123%:21/(7@'%08%C'L'"% 'J 8/1%":61) 0':4#C'';
• #$#8:'/12#:? 2E9/#66E% '60:/4&%6:E "16:/13( "#>%0:2#.
C'#. 14.1. O13? '60:/4&%6:12 "16:/13( "#>%0:2# 2 8/1C%00%0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&'
577
L3%'-,$()$ 4'7$+.-"0
K:' 6#2E"' B'56%661 2#B6E 2 2E8136%6'' 8/1%":# ' 810:/1%Q6'' 8/1C%00# 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&'.
!A;F !7E9X?F=G C;<?61E;
<17 1;C7? !A;F !7E9X?F=G C;<?61E;?.3#6 812ER%6'( "#>%0:2# (QIM) — U:1 0:/4":4/'/12#66E) 81$J1$
" /%R%6'7 8/193%& ' 812ER%6'7 "#>%0:2# 2 8/1%":#J (0&. /'0. 14.2)../121$( "1$4 19%08%>%6'( "#>%0:2# 8/1%":# >%/%5 31='>%0"'1910612#6647 8103%$12#:%3?610:? 0:#$') ' R#=12, QIM 19%08%>'Q2#%: :@#:%3?6E) #6#3'5 8/193%& 8/1%":#, 'J 81:%6C'#3?6EJ 8/'Q>'6, # :#"B% 215&1B6EJ /%R%6') [9]. K:1: '60:/4&%6: 18'/#%:0(6# $#66E%, # 6% 6# &6%6'%, ' U:1 $#%: 8/1%":61) "1$% 215&1BQ610:? 6#8/#23(:? 26''% "1$E 6# 106126E% 8/193%&E, 6%/#08E3(( 40'3') 6# 2:1/10:%8%66E%. <1>%:#6'% 20%J 8%/%>'03%6Q6EJ >%/: $%3#%: QIM 4$196E& '60:/4&%6:1& $3( 810:/1%6'( "43?Q:4/E, 0810190:247@%) 6%8/%/E261&4 812ER%6'7 "#>%0:2# 2 48Q/#23%6'' 8/1%":#&'.
@;R@;871C; !A;F; !7E9X?F=G C;<?61E;Y1:( 04@%0:24%: &61=1 :'812 QIM, 3'R? 6%0"13?"1 '5 6'J /#5/#Q
91:#61 $3( 48/#23%6'( 8/1%":#&'. QIM, 8/'2%$%66#( 2 $#661& /#5Q$%3%, /#5/#91:#6# $3( 48/#23%6'( 8/1%":#&' ' 2"37>#%: 2 0%9(5 0:#$'): 18/%$%3%6'% 8/193%&E, #6#3'5 8/'>'6, "1//%":'/47@'%215$%)0:2'(, /%543?:#:E ' 0:#6$#/:'5#C'( (0/#26':? %% 0 R'/1"1'52%0:6E& C'"31& «83#6'/12#6'% — 2E8136%6'% — '003%$12#6'% —$%)0:2'%»1 &1B61, 19/#:'2R'0? " 8/'21$'&1&4 6'B% 5#R:/'J1Q2#661&4 8/(&14=13?6'"4 «-#" 011:610(:0( 83#6 812ER%6'( "#>%Q0:2# ' C'"3 «83#6'/12#6'% — 2E8136%6'% — '003%$12#6'% — $%)Q0:2'%?»). V#= 5# R#=1& 16# 8/12%$%: 6#0 81 84:' 481/($1>%661=1/%R%6'( 8/193%& 2 >#0:' "#>%0:2#.
G:0) '#B0>(0= '(J0)+".''. .3#6 812ER%6'( "#>%0:2# 2 56#Q>':%3?61) 0:%8%6' 18'/#%:0( 6#:
• 813':'"4 1/=#6'5#C'';• 0:/#:%='>%0"'% 83#6E.-#" 6#'2E0R') '0:1>6'" 8/'6C'812 ' C%3%) 2 193#0:' "#>%Q
0:2#, 8/'6(:#( 2 1/=#6'5#C'' 813':'"# "#>%0:2# 18/%$%3(%: 2EQ8136%6'% $%)0:2') 81 812ER%6'7 "#>%0:2# 2 1/=#6'5#C'' (0&.8/'21$'&E) 6'B% 5#R:/'J12#66E) 8/(&14=13?6'" «<12%/R%6'%
1 K:1 :#" 6#5E2#%&E) C'"3 1/=#6'5#C'' 19/#:61) 02(5' 2 48/#23%6''8/1%":1&. — ;#'<. #"1.
578
5,'-'
148/1/E2# ' $10:'B%6'% 9%08/%C%$%6:61 2E01"1=1 4/126( "#>%0:2#8/1%":#»). < $/4=1) 0:1/16E, 0:/#:%='>%0"'% 83#6E 19%08%>'2#7:106126E% "/':%/'' $3( 2E91/# 8/1%":12 812ER%6'( "#>%0:2#, 081Q0196EJ 8/'6%0:' 6#'913?R'% 831$E. <12&%0:61 B% 813':'"# '83#6E 40:#6#23'2#7: 6#8/#23%6'% 8/'&%6%6'( U:1=1 83#6#. D 2EQ0:48#( 2 :#"1& "#>%0:2%, 16' (23(7:0( 2#B6E&' 2J1$6E&' '6L1/Q&#C'166E&' U3%&%6:#&' $3( /#5/#91:"' "#/:E.
H/),>,2'$% /)0:2,+*. N1 &61='J 1:61R%6'(J 6#R 408%J 2 81Q2ER%6'' "#>%0:2# >/%52E>#)61 0'3?61 5#2'0': 1: 6#R%) 081019Q610:' '$%6:'L'C'/12#:? ' /%R#:? 8/193%&E. O#00&1:/'&, "#"12EB% 8/193%&E 2 0L%/% 19%08%>%6'( "#>%0:2# ("#"12 B% J#/#":%/ 8/1Q93%& 2 0L%/% 19%08%>%6'( "#>%0:2#), "1:1/E% &E J1:'& /%R#:?../193%&# 010:1': 2 /#0J1B$%6'' &%B$4 :%&, >:1 $13B61 '&%:? &%0Q:1, ' :%&, >:1 '&%%: &%0:1 2 $%)0:2':%3?610:', 2 8/%$8131B%6'',>:1 U:1 /#0J1B$%6'% (23(%:0( $10:#:1>61 2#B6E& $3( :1=1, >:19E$3( /#5/%R%6'( U:1) 8/193%&E 9E3' 8/%$8/'6(:E 18/%$%3%66E%$%)0:2'( [10]. <3%$12#:%3?61, /%R%6'% 8/193%&E 8/%$0:#23(%: 01Q91) $%)0:2'%, C%3? "1:1/1=1 010:1': 2 :1&, >:19E :1, >:1 '&%%: &%0Q:1, 9E31 8/%2/#@%61 2 :1, >:1 $13B61 '&%:? &%0:1.
C'#. 14.2. ./'&%/ "#/:E 812ER%6'( "#>%0:2#2 2E01"1:%J6131='>%0"1) 8/1'521$0:2%661) "1&8#6''
579
L3%'-,$()$ 4'7$+.-"0
H06126E% R#=' 6# U:1) 0:#$'' — U:1 2E91/ 8/1%":#, 18/%$%3%Q6'% '0:1>6'"12 8/193%&E, 18/%$%3%6'% C%3%21) 40:#612"' ' /#5Q/#91:"# 8/%$2#/':%3?61=1 83#6# 8/1%":#. ./1C%00 6#>'6#%:0(0 2E91/# 8/193%&E $3( 8103%$47@%=1 /%R%6'(. NE91/ &1B61 104Q@%0:2':?, 6#8/'&%/, 1/=#6'512#2 &15=121) R:4/& $3( 2E91/#1$61) '5 &61B%0:2# 8/193%&, =$% "#B$#( 8/193%&# &1B%: :/#":1Q2#:?0( "#" 81:%6C'#3?6E) 8/1%": 812ER%6'( "#>%0:2#. </#26%Q6'% ' 1C%6'2#6'% — 28136% 19E>6E) R#=, 8/121$'&E) 8%/%$ :%&,
C;C 6771F76G16G !A;F !7E9X?F=G C;<?61E; = Q=CA«!A;F=@7E;F=? — E9!7AF?F=? — =66A?:7E;F=? —:?S61E=?»?B+("-("$ (';('7$()$ 4'%.1 3"-1?$()8 4'7$+.-' (QIM) +"+."). - ."0,
7."C1 "C,$67'.9 3"-1?$()$ 4'7$+.-'. S)4, «3,'()%"-'()$ — -13",($()$ —)++,$#"-'()$ ();/7$()$) — #$<+.-)$» (PDSA) 3o W. Edward Deming .'4&$('2$,$( (' /,/7?$()$ (+0. %)+. 14.3). \'6 «3,'()%"-'()$» 4"(2$(.%)%/$.+8(' 3,'()%"-'()) );0$($()8 (." $+.9 3%"$4.' /,/7?$()8), 4"."%1< ;'.$0-13",(8$.+8 (' ?'6$ «-13",($()$», -";0"&(", - 0',"0 0'+?.'C$. T;/7$J()$ %$;/,9.'."- -13",($(("6" 3%"$4.' + 2$,9K );-,$7$()8 /%"4"- ('F"#).J+8 - 2$(.%$ -()0'()8 ?'6' «)++,$#"-'()$ ();/7$()$)». T ('4"($2, 3%)(8.)$%$;/,9.'."-, )F ".4,"($()$ ),) 3"-."%$()$ 2)4,' 8-,8$. +"C"< 3%$#0$.?'6' «#$<+.-)$» [6]. B7$-)#(", 7." +/.9 PDSA - ;('7).$,9("< +.$3$() -4,KJ7$(' - QIM. > ." -%$08 4'4 2)4, POSA 8-,8$.+8 C",$$ ?)%"4"< ) "C:$< 0"J#$,9K 3"-1?$()8 4'7$+.-', QIM 3%$#+.'-,8$. +"C"< 0"#$,9 C",$$ 4"(4%$.J(/K, "%)$(.)%"-'((/K (' 3%'4.)7$+4"$ 3%)0$($()$ [9].
C'#. 14.3. M'"3 «83#6'/12#6'% — 2E8136%6'% —'003%$12#6'% — $%)0:2'%» (PDSA) 81 +%&'6=4
580
5,'-'
14"#" 010/%$1:1>':?0( 6# 1$61) '5 6'J. -/':%/'' 1C%6'2#6'( &1=4:10612E2#:?0(, 6#8/'&%/, 6# 0:%8%6? 6%19J1$'&10:' U:'J '5&%6%Q6'), 'J 0/1>610:', # :#"B% 011:2%:0:2'' 813':'"#& ' 83#6#& 1/=#Q6'5#C''. D0813?54( /#53'>6E% &%:1$E (8/'64$':%3?61% /#6B'/1Q2#6'%, =131012#6'%, =/488121) "160%6040), 2E &1B%:% 2E8136':?/#6B'/12#6'% 8/1%":12 ' 2E9/#:? 1$'6 '5 6'J $3( /%#3'5#C''../'021%6'% 8/1%":4 '&%6' 2#B61 $3( 8/'23%>%6'( " 6%&4 26'&#Q6'(, 6#8/'&%/, «P34>R%6'% (-#") 6#0:483%6'( "16:/13?6EJ 019EQ:') (I:1) 21 264:/%66'J 8/1%":#J /#5/#91:"' 8/1=/#&&61=1 19%0Q8%>%6'( (;$e)». O#54&%%:0(, 2E91/ 8/1%":# $13B%6 9E:? 1910612#62 :%/&'6#J 2E=1$, "1:1/E% 8123%>%: 5# 0191) "1//%"C'( 8/193%&E,8103%$0:2') 9%5$%)0:2'( ' :. $.+#3%% 03%$4%: 091/ $#66EJ, 6%19J1$'&EJ $3( :1=1, >:19E 1J2#Q
:':? :%"4@%% 010:1(6'% 8/1C%00#, >:1, 2 0217 1>%/%$?, 6%19J1$'&1$3( 8/1(06%6'( 8/1R31=1 :/%6$# ' :%"4@%) 0:%8%6' "16:/13(../%$0:#23%6'% $#66EJ 2 =/#L'>%0"1) L1/&% — 6#8/'&%/, 810/%$Q0:21& ='0:1=/#&&, — 08101961 81&1>? 1:/#5':? 0:%8%6? 0%/?%5610:'8/193%&E ' %% '5&%6%6'% 0 :%>%6'%& 2/%&%6', /#261 "#" ' 2E813Q6':? $#3?6%)R%% 18'0#6'% 0':4#C''. NE91/ 8/1%":# 5#2%/R#%:0(0 18/%$%3%6'%& %=1 C%3'. A#8/'&%/, «42%3'>':? $137 20%J "16:Q/13?6EJ 019E:') 8/1%":#, $10:'=#%&EJ (-#") 2 :/%:?%& "2#/:#3%(-1=$#), 6# 20% (A# 0"13?"1)».A#J1B$%6'% 1:2%:# 6# 218/10 «-#"12E '0:1>6'"' 8/193%&E?»
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«70% 8/1Q84@%66EJ "16:/13?6EJ 019E:') 1:610':0( " 913?R'& 8/1%":#&,2"37>#7@'& ' 0%9( 1951/E "16:/13?6EJ 019E:') 0 4>#0:'%& 2E0QR%=1 /4"121$0:2#») ' #"C%6:# 8/1%":# — :1 %0:? 2E91/# 18/%$%3%6Q61=1 '0:1>6'"# 8/193%& 2 "#>%0:2% 19W%":# /#00&1:/%6'( (6#8/'Q&%/, «0"16C%6:/'/12#:?0( 6# "16:/13?6EJ 019E:'(J, 1:610(@'J0(" 913?R'& 8/1%":#& ' 2"37>#7@'J 2 0%9( 2E0R%% /4"121$0:21»).H$'6 '5 '60:/4&%6:12, J1/1R1 81$J1$(@') $3( /#0031%6'( $#6Q6EJ :#"'& 19/#51&, — U:1 $'#=/#&&# .#/%:1.
581
L3%'-,$()$ 4'7$+.-"0
H0612E2#(0? 6# 2E9/#661& '0:1>6'"% 8/193%&E, "1$# $#Q3%% 6#>'6#%: /#5/#91:"4 4:2%/B$%6'(, 19W(06(7@%=1 0:%8%6? B%Q3#%&1=1 434>R%6'(. ,E 6#5E2#%& :#"1% 4:2%/B$%6'% C%3%21) 40Q:#612"1), "1:1/#( $13B6# 2"37>#:? 2 0%9( :1, >:1 64B61 434>R':?(«42%3'>':? $137 $10:'B%6'( 81$2%/=#%&EJ 1951/4 2E0R%=1 /4"1Q21$0:2# "16:/13?6EJ 019E:') 2 913?R'J 8/1%":#J»), "1=$# U:# C%Q
67E?@X?F=? !@7@9E; = :761=O?F=? 8?6!@?Q?:?F1F7E967C7D7 B@7EFG C;<?61E; !@7?C1;>($+$()$ /,/7?$()< - 4'7$+.-" /3%'-,$()8 3%"$4.'0) — E." 3%"+." F"J
%"?)< C);($+. !"6,'+(" 0($()K "#("6" ); 3%);('((1F '-."%).$."- - "C,'J+.) /3%'-,$()8 4'7$+.-"0 M&";$H' M&/%'(', 3"#"C(1$ /,/7?$()8 4'7$J+.-' $+.9 ($ 7." )("$, 4'4 3%"2$++ +"-$%?$()8 3%"%1-' 4 C$+3%$2$#$(.("-1+"4)0 /%"-(80 )+3",($()8. *"+,$#"-'.$,9("+.9 ?'6"-, ); 4"."%"< +"J+."). .'4"< 3%"%1-, - %';-$%(/."0 -)#$ 3%)-$#$(' ()&$.
• *"#.-$%&#$()$ ($"CF"#)0"+.). I/4"-"#).$,) 0$($#&$%"- 3%"$4."-%';6"-'%)-'K. (' 8;14$ #$($6. V+,) 0$($#&$%1 3%"$4."- +/0$K. #"4'J;'.9, 7." 3%$#,'6'$01$ )0) /,/7?$()8 4'7$+.-' 3%)($+/. )F %/4"-"#)J.$,80 #$(96), "() C/#/. (' 4"($ — %/4"-"#).$,) "#"C%8. /+),)8 .'4)F0$($#&$%"- 3%"$4."- 3" 3"-1?$()K 4'7$+.-'. D."C1 3"#.-$%#).9 ($J"CF"#)0"+.9, (/&(" +"C%'.9 )(H"%0'2)K " ($/#"-,$.-"%).$,9("0 4'J7$+.-$ ) ();4"< 3%");-"#).$,9("+.) ) 3$%$-$+.) $$ (' 8;14 #$($6.
• T#$(.)H)4'2)8 3%"$4.'. !/:$+.-/$. .",94" "#)( EHH$4.)-(1< 3/.9+"-$%?$()8 3%"%1-': 3%"$4. ;' 3%"$4."0. Q." ";('7'$., 7." 4'&#"$/+),)$ 3" /,/7?$()K 4'7$+.-' "%6'();/$.+8 4'4 ".#$,9(1< 3%"$4.,"C17(" ($C",9?"< ) 4"%".4)<. *"+."8((1< 3"."4 .'4)F 0',1F 3%"$4J."- / /,/7?$()< — E." ) $+.9 #"%"6' 4 3%"%1-'0.
• B%6'();'2)8 3%"%1-'. P." ($+$. ".-$.+.-$(("+.9 ;' %/4"-"#+.-" 3%"J$4.'0)J/,/7?$()80)? BH)+ /3%'-,$()8 3%"$4.'0) (' /%"-($ 4"03'J())? Z/(42)"(',9(1< ".#$,? =$+4",94" /7'+.()4"- C",9?"6" 3%"$4J.'? >($ ;'-)+)0"+.) ". 4"(4%$.("6" ".-$.', E.' ".-$.+.-$(("+.9#",&(' C1.9 7$.4" "C";('7$('. > E."0 +,/7'$ +.'($. );-$+.(", 7." #'(J("$ ".-$.+.-$(("$ ,)2" C/#$. "3%$#$,8.9 2$,) 3%"$4.' 3"-1?$()8 4'J7$+.-', +"#$%&'()$ %'C".1 3%"$4.' ) -13",(8.9 $6".
• M)'6("+.)7$+4)< "C;"%. =' #'(("0 E.'3$ - 3%"$4.$ 3"-1?$()8 4'7$J+.-' #",&(1 C1.9 +"C%'(1 ($"CF"#)01$ #'((1$, ' .'4&$ )+3",9;"-'J(' +.'.)+.)4' ) #%/6)$ )(+.%/0$(.1 %$?$()8 3%"C,$0 + 2$,9K -18-,$J()8 3$%-"3%)7)( 3%"C,$0 - +H$%$ 4'7$+.-', %'#) %$?$()8 4"."%1F3%$#3%)()0'$.+8 -13",($()$ 3%"$4.'.
• BC;"% + 2$,9K 3")+4' 3/.$< 4"%%$42)<. T0$8 (' %/4'F %$;/,9.'.1 #)'6J("+.)7$+4"6" "C;"%', 3%"$4.('8 4"0'(#' )#$(.)H)2)%/$. %';,)7(1$',9.$%('.)-(1$ %$?$()8, -1C)%'$. ); ()F "#(" ) 3%$.-"%8$. $6" - &);(9,- .$7$()$ -+$6" -%$0$() C"%8+9 + +"3%".)-,$()$0 );0$($()80.
• L#$%&'()$ %$;/,9.'."-. *%$.-"%$(("$ - &);(9 %$?$()$ #",&(" +.'.9+.'(#'%."0. BC/7$()$ ,K#$< /0$()K &).9 +"6,'+(" E."0/ +.'(#'%./ )"C$+3$7$()$ 4"(.%",8 ;' .$0, 7."C1 E.". +.'(#'%. ($ ".0$% +" -%$0$($0,8-,8K.+8 #,8 -'+ ;'#'7'0) (')-1+?$6" 3%)"%).$.' (' #'(("< H';$.
*,'( 3"-1?$()8 4'7$+.-' )+3",9;/$.+8 4'4 +%$#+.-" +"-$%?$()8 3%"J%1-' - +H$%$ 4'7$+.-' /3%'-,$()8 3%"$4.'0).
582
5,'-'
143%2#( 40:#612"# $13B6# 9E:? $10:'=64:# («2 :/%:?%& "2#/:#3%») '6# 0"13?"1 («6# 50%»). .10"13?"4 "1$# &1B%: 2E9/#:? 6%0"13?"1'0:1>6'"12 8/193%&, 2#& 816#$19':0( 18/%$%3':? 6%0"13?"1 C%3%Q2EJ 40:#6121", "1:1/E% 2 01>%:#6'' $/4= 0 $/4=1& 81&1=4: $10:'>?C%3' 8/1%":#, 18/%$%3%661) /#6%%. +3( "#B$1) C%3%21) 40:#612"'813%561 81"#5#:?, "#" 16# 23'(%: 6# C%3? 8/1%":#..%/2#( 0:#$'( 812ER%6'( "#>%0:2# 8/1%":# — 18/%$%3%6'% 8/1Q
93%&E — 5#2%/R#%:0( 0 /#5/#91:"1) 8/%$2#/':%3?61=1 83#6# 8/1%"Q:#. K:1: 83#6 8/10:, ' %=1 106126E% >#0:' — U:1 $'#=/#&&# ;#6::# '&#:/'C# 1:2%:0:2%6610:', 1J2#:E2#7@'% 20% R#=' 10:#2R'J0(0:#$') 812ER%6'( "#>%0:2#. H9E>61 U:1: 83#6 :/%94%: 1$19/%6'(/4"121$0:2#.
D-/02(,(', "("2';" /)'9'(. A# U:1) 0:#$'' 04@%0:24%: :/'R#=#. N1Q8%/2EJ, "1$% 6%19J1$'&1 2E(2':? 8/'>'6E /#00&#:Q/'2#%&1) 8/193%&E. ./12%$%6'% &15=121=1 R:4/&# ' 2'54#3?61%8/%$0:#23%6'% 8/193%&E 0/%$0:2#&' $'#=/#&&E 8/'>'6 ' 03%$Q0:2') — U:1 4$196E) 081019 2E(23%6'( %% 106126EJ 8/'>'6. A#U:1& R#=%, /#261 "#" ' 6# 03%$47@%&, "/':'>%0"' 2#B6# /13? 18EQ:# ' 56#6'), "1:1/E&' 193#$#%: "1$#.<91/ 02%$%6'), 1910612E2#7@'J 8%/%>'03%66E% 8/'>'6E, 2#Q
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— 2E91/ 8/'>'6, 6# "1:1/E% "1$# &1B%: 8123'Q
(:?, — 18'/#%:0( 6# :1: L#":, >:1 6%: 6'"#"1) 31='"' 2 :1&, >:19E6#9/#0E2#:?0( 6# 20% 8/'>'6E 0/#54. A#8/1:'2, 64B%6 913%% "16QC%6:/'/12#66E) 81$J1$ — 81$J1$, 6#C%3%66E) 6# 81'0" 8/'>'6,"1:1/E% "1$# &1B%: "16:/13'/12#:? ' "1:1/E% 0 2E01"1) 2%/1Q(:610:?7 0810196E 8/'26%0:' &#"0'?6E) 2"3#$ 2 /%R%6'%8/193%&E. X03' '&%%:0( 6%19J1$'&10:?, :1 6# U:1& U:#8% '&%%:0&E03 19612':? 8/%$2#/':%3?6E) 83#6 8/1%":# ' 8/%$0:#2':? /4Q"121$0:24 1:>%: 1 J1$% 8/1$2'B%6'(.
583
L3%'-,$()$ 4'7$+.-"0
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«5#» ' «8/1Q:'2» — 8%/%>'03%6'% 8131B':%3?6EJ ' 1:/'C#:%3?6EJ 8103%$Q0:2') "#B$1=1 "1//%":'/47@%=1 215$%)0:2'(. X@% 1$'6, 913%%08%C'L'>%0"') 84:? — 2E9/#:? "1//%":'/47@%% 215$%)0:2'%, 10Q612E2#(0? 6#:
• 23'(6''. KLL%":'261 3' 161 2 0&E03% /%#3'5#C'' C%3%2EJ40:#6121"?
• 104@%0:2'&10:'. N15&1B61 3' 161 0 :%J6'>%0"1) :1>"' 5/%Q6'(?
• U"161&'>%0"'J 0119/#B%6'(J. A#0"13?"1 $1/1=1 94$%: 0:1':?%=1 /%#3'5#C'(?
X0:? ' %@% 1$'6 081019 012%/R%6'( 2E91/# — 4J1$(@') 021'&'"1/6(&' 2 #6#3'5 0:1'&10:' / 2E=1$ "#B$1=1 "1//%":'/47@%=1215$%)0:2'(. -1=$# 215$%)0:2'% 2E9/#61, 813%561 94$%: 1C%6':?%=1 ULL%":'2610:? 0 :1>"' 5/%6'( $10:'B%6'( C%3%2EJ 40:#6121"' 49%$':?0(, >:1 161 6% 1"#5E2#%: 6%93#=18/'(:61=1 23'(6'( 6#C%3? 8/1%":#.A# 8103%$6%& R#=% $#661) 0:#$'' "1$% 6%19J1$'&1 /#5/#91Q
:#:? $%:#3?6E) 83#6 8/1%":#, 2"37>#7@') 2 0%9( /%#3'5#C'720%J 2E9/#66EJ "1//%":'/47@'J 215$%)0:2'), # :#"B% $%)0:2'),1:610(@'J0( " 8103%$47@'& 0:#$'(&. <%/$C%& :#"1=1 83#6# (2Q3(%:0( J1/1R1 18/%$%3%66#( &#:/'C# 1:2%:0:2%6610:' $3( 215Q$%)0:2') 6#/($4 0 '6L1/&#C'%) 1 $#:#J 'J 5#2%/R%6'(, 8/%$Q0:#23%661) 2 $'#=/#&&% ;#6::#. -1=$# $#66E) 83#6 8134>#%: 1:/4"121$0:2# «$19/1» 6# 2E8136%6'%, 16 &1B%: 034B':? 2 "#>%0:2%9#5121=1 83#6# $3( 1:>%:12 1 J1$% 8/1$2'B%6'(.
50>$3,)<>,(', ),;*2%$"$03. N 8/1%":% 812ER%6'( "#>%0:2#U:# 0:#$'( — 0:#$'( $%)0:2'(. H6# 6#>'6#%:0( 0 R#=# 012%/R%6'("1//%":'/47@'J 215$%)0:2'). +#3%% 03%$4%: 091/ $#66EJ 1 23'(Q6'' U:'J "1//%":'/47@'J 215$%)0:2'). <4:? 5$%0? 010:1': 2 :1&,>:19E 81$:2%/$':? /%543?:#:E "16"/%:61=1 434>R%6'(. .1 U:1)8/'>'6% "1$# 06#>#3# 1C%6'2#%: /%543?:#:E, 0/#26'2#( $3(
584
5,'-'
14U:1=1 8/1R347 2%3'>'64 8/193%&E 0 6#0:1(@%) 2 011:2%:0:2''0 :%&, "#" U:1 18/%$%3%61 6# 8%/21) 0:#$'' 18/%$%3%6'( 8/193%&E.K:1 &1B%: 9E:? 2E8136%61 =/#L'>%0"', 6#8/'&%/ 84:%& 196123%Q6'( $'#=/#&&E .#/%:1, /#5/#91:#661) 6# 8%/21) 0:#$'' 18/%$%3%Q6'( 8/193%&E. -/1&% :1=1, "1$# :#"B% 1C%6'2#%: U"161&'70/%$0:2, $10:'=#%&47 5# 0>%: $#661=1 434>R%6'(.*/%:') R#= $%3#%: #"C%6: 6# L1/&43'/12#6'' 4:2%/B$%6'(,
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
H:,#/,9,(', #$"(>")$';".''. A% 20% "1//%":'/47@'% 215Q$%)0:2'( 1"#B4:0( ULL%":'26E&'. *%, ULL%":'2610:? "1:1/EJ 94Q$%: 81$:2%/B$%6#, $13B6E 94$4: 0:#:? 0:#6$#/:61) >#0:?7 8/1QC%00#, 2 "1:1/1& 20:/%:'3#0? 8/193%&#, 2 /%R%6'' "1:1/1) 16'1"#5#3'0? ULL%":'26E&'. A%"1:1/E% 081019E $19':?0( U:1=1 5#"Q37>#7:0( 2 03%$47@%&:
• 8%/%8'0E2#6'% 18'0#6'( 8/1C%00# ' 8%/%$%3"# 0J%&E (931"Q0J%&E) 8/1C%00#;
• 8%/%0&1:/ "16:/13?6EJ 08'0"12;• '6L1/&'/12#6'% ' 194>%6'% 20%J 3'C, 2123%>%66EJ 2 8/1C%00.M%3? $#661=1 R#=# — 81"#5#:?, "#"'& 19/#51& 8/1C%00 9E3 '5Q
&%6%6 $3( :1=1, >:19E 8/193%&# 913?R% 6% 812:1/(3#0?. I#0:1 034Q>#%:0( :#", >:1 2 $/4='J 193#0:(J 1/=#6'5#C'' :1B% 0:#3"'2#7:0(0 U:1) B% 8/193%&1). D&%661 81U:1&4 64B%6 2:1/1) R#= — 8%/%Q$#># 8134>%661=1 18E:# 2 $/4='% 193#0:' 8/1%":# '3' 2 $/4='%8/1%":E. M%3? U:1=1 010:1': 2 :1&, >:19E $19':?0( 81361) 0:#6Q$#/:'5#C'', 19%08%>'2, >:19E 20% 8/1C%00E 48/#23%6'( 8/1%":#Q&', "1:1/E% &1=4: 0:13"64:?0( 0 $#661) 8/193%&1), 9E3' 0"1//%"Q:'/12#6E ' 0:#6$#/:'512#6E..10"13?"4 8/1%":E 812ER%6'( "#>%0:2# — U:1 &%:1$ /#08/10:/#Q
6%6'( 56#6') 81 20%) 1/=#6'5#C'', 04@%0:24%: 6#$19610:? 2 81$2%Q$%6'' ':1=12 8134>%661=1 18E:#. K:1 ' 8/1'0J1$': 6# R#=% 3 84:%&
585
L3%'-,$()$ 4'7$+.-"0
81$=1:12"' 1"16>#:%3?61=1 1:>%:# 81 8/1%":4, 81"#5E2#7@%=1 40Q21%66E% 4/1"', 2E=1$E, 03#9E% ' 0'3?6E% 0:1/16E 8/1%":#..103% 8/'56#6'( 2"3#$# 20%J 4>#0:6'"12 8/1%":# "1$# 8%/%Q
J1$': " >%:2%/:1&4 R#=4 — " 1904B$%6'7 83#612 6# 94$4@%%. ,1QB%: 034>':?0( :#", >:1 8/193%&# 8/1%":# 1"#5E2#%:0( /%R%6# 6%813610:?7, >:1 1:"/E2#%: $1/1=4 L1/&43'/12#6'7 6121) C%3%21)40:#612"' ' 8/1$13B%6'7 /#91: 6#$ /%R%6'%& 8/193%&E 01=3#061$#661) QIM. < $/4=1) 0:1/16E, &1B%: 034>':?0( ' :#", >:1 8/193%Q&# 1"#5E2#%:0( 40:/#6%661), ' "1$# &1B%: 2E/#5':? 6#&%/%Q6'% 2E9/#:? 612E) 8/1%": 2 021%& 6%8/%"/#@#7@%&0( $2'B%6''81 84:' 812ER%6'( "#>%0:2#.
&G5HKLEHDMN&O FMCT[ 5HD[^ON&S FM!OGTDMF08>" '#/02%;03"$%. -1$# — U:1 181/# 812ER%6'( "#>%Q
0:2#. <3%$12#:%3?61, 0:#2"# 6# "1$4 8/' /%R%6'' 8/193%&2 0L%/% "#>%0:2# — U:1 6#'913%% ULL%":'26E) 081019 8/'&%6%6'(QIM. K:1 6% '0"37>#%: 215&1B610:' $3( 1:$%3?6EJ 4>#0:6'"128/1%":# 8/'&%6(:? %% 8/' /%R%6'' 021'J >#0:6EJ 8/193%& 2 0L%/%"#>%0:2#, 6% :/%947@'J '0813?512#6'( 6#2E"12 $/4='J 4>#0:6'Q"12 8/1%":#. H$6#"1 "1$E $13B6E 9E:? 102%$1&3%6E 1 /#53'Q>'(J 2 '0813?512#6'' QIM 2 913?R'J ' EJ 8/1%":#J. H9E>61913?R'% 8/1%":E '&%7: $10:#:1>647 $3':%3?610:? $3( :1=1, >:1Q9E 2&%0:':? 2 0%9( 8/1%":E 812ER%6'( "#>%0:2# — "1:1/E% &1=4::/#":12#:?0( "#" 0498/1%":E U:'J 913?R'J 8/1%":12 — 2 :1 2/%&(,81"# 8/1$13B#%:0( 2E8136%6'% 1061261=1 8/1%":# [11]. A#8/'&%/,2 8/%$%3#J 2Q=1$'>61=1 8/1%":# /#5/#91:"' 8/1$4":# '&%%:0( $10Q:#:1>61 2/%&%6' $3( 5#840"# ' 5#2%/R%6'( 6%0"13?"'J 8/1%":12812ER%6'( "#>%0:2#, "1:1/E% 19E>61 1J2#:E2#7: 2/%&%66E% '6Q:%/2#3E 1: 6%0"13?"'J 6%$%3? $1 6%0"13?"'J &%0(C%2 (0&. 8/'21$'Q&E) 6'B% 5#R:/'J12#66E) 8/(&14=13?6'" «O%R%6'% — 2 /#08'0#Q6'' 6# "1/1:"47 8%/08%":'24»). N 034>#% =1 8/1%":# 6%3%="12&%0:':? 2 6%=1 8/1%":E 812ER%6'( "#>%0:2#, /#00&#:/'2#( 'J"#" 0498/1%":E. -/#:"10/1>610:? ' 6%$10:#:1" /%04/012 &1=4: 0$%Q3#:? U:1 81>:' 6%215&1B6E&. O%#3?6#( 215&1B610:? 8/'&%6%6'("#/:E 812ER%6'( "#>%0:2# 04@%0:24%: 2 1/=#6'5#C'(J, '&%7@'J810:1(66E) 81:1" 8/1%":12 — 6% 2#B61, 913?R'J '3' EJ. *#"'%8/1%":E 812ER%6'( "#>%0:2# &1=3' 9E 2 8%/247 1>%/%$? 9E:? 6#QC%3%6E 6# :% 8/193%&E 2 0L%/% "#>%0:2#, "1:1/E% J#/#":%/6E $3(20%J 8/1%":12 2 1/=#6'5#C'' ' 20%J 8/1C%0012 48/#23%6'( 8/1%":#Q&', $121$( 01 2/%&%6%& U:' 8/1C%00E $1 012%/R%60:2# (0&., 6#8/'Q&%/, 5#R:/'J12#661) 8/(&14=13?6'" «P34>R%6'% 18/%$%3%6'(8/1$4":# 8/1%":#», 8/'21$'&E) $#3%% 2 :%"0:% $#661) =3#2E).
586
5,'-'
14
D),+4 '#/02%;03"('4. NE8136%6'% 8/1%":# 812ER%6'( "#>%Q0:2# 01=3#061 QIM — U:1 56#>':%3?61% ' :/%947@%% 2/%&%66EJ 5#:Q/#: $%)0:2'%. N 0'34 :1=1, >:1 :#"1) 8/1%": 18'/#%:0( 2 8%/247 1>%Q/%$? 6# "1$4, 16 :/%94%: 2123%>%6'( /#53'>6EJ 4>#0:6'"12..(:%/1 4>#0:6'"12 — J1/1R%% >'031. ./'6'&#( 21 26''%, >:1"37>%2E& #08%":1& L'3101L'' 812ER%6'( "#>%0:2# (23(%:0( 81QR#=12E) J#/#":%/, :1 %0:? 434>R%6'% 6%913?R'&' 81/C'(&', QIP2 /#&"#J 8/1%":12 812ER%6'( "#>%0:2# &1B%: 9E:? /#5/#91:#6 5#"1/1:"') 0/1", 19E>61 010:#23(7@') 1: 6%0"13?"'J 6%$%3? $1 6%Q0"13?"'J &%0(C%2. A#J1$(0? 81$ =/451& 6%19J1$'&10:' 2E8136(:?021' %B%$6%26E% 5#$#>', >3%6E "1$E &1=4: 1:31B':? 2 0:1/164(8/1 5#8#0) 6%"1:1/E) 97$B%: /#91>'J >#012 $3( '0813?512#6'(2 8/1%":% 812ER%6'( "#>%0:2#. O4"121$0:21 >#0:1 1=/#6'>'2#%::#"1) 97$B%: 56#>%6'%& 1: 4 $1 6 >#012 2 &%0(C. D 034>#% 5Q>#0121Q=1 97$B%:# 6# "#B$1=1 >3%6# "1$E 2 &%0(C "1$#, 010:1(@#(
@?X?F=? — E @;6!=6;F== F; C7@71CBP !?@6!?C1=EBR' +-"K C",$$ 7$0 50J,$.(KK )+."%)K AtlasCom 3%$/+3$,' - 3%");J
-"#+.-$ +"-%$0$(("6" +3$2)',);)%"-'(("6" +.%").$,9("6" "C"%/#"-'()8.=$#'-(" %/4"-"#+.-" ".0$.),", 7." 3%");-"#).$,9("+.9 ) 4'7$+.-" 3%");J-"#+.-' +.',) 3'#'.9 3" +%'-($()K + 4"(4/%$(.'0). > 4'7$+.-$ 0$%1 %$'6)J%"-'()8 C1," ;'3/:$(" ($+4",94" 3%"$4."-, 3$%-1< ); 4"."%1F 4"(2$(.%)J%"-', +-") /+),)8 (' %$)(&)()%)(6$ 3,'()%"-4) H'C%)4). I/4"-"#+.-"3"+.'-)," 3$%$# 4"0'(#"<, +"+."8:$< ); #-/F /%"-($<, ;'#'7/ -13",().9E./ %'C"./. *$%-1< E?$,"( 3%$#+.'-,8, +"C"< 8#%" 3%"$4.("< 4"0'(#1 —4%"++JH/(42)"(',9(/K 6%/33/ 0$($#&$%"- +%$#($6" ;-$(', ".-$.+.-$((1F;' /3%'-,$()$ -+$0) %'C".'0), 3%$#3%)()0'$010) - %'04'F 3%"$4.'. >."J%"< E?$,"( — %'+?)%$(('8 4"0'(#' +3$2)',)+."- 3" 3%");-"#+.-/ —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tlasCom. D$%$; ($#$,K E." %$?$()$ C1," ('<J#$(" — %'+3)+'()$ (' 4"%".4/K 3$%+3$4.)-/. I$?$()$ +"+."8," - ."0, 7."C1-17,$().9 ); @P* .$ "3$%'2)), 4"."%1$ ('F"#),)+9 -" -,'#$()) ."6" ),))("6" 7,$(' 4"0'(#1 ) 4"."%1$ #",&(1 C1,) C1.9 -13",($(1 - C,)&'<J?)$ 2 ($#$,). Q.) "3$%'2)) 3%$#+.'-,8,)+9 - H"%0'.$ #)'6%'001 5'(..'.N'4)0 "C%';"0, 4'< 7,$( 4"0'(#1, C/#/7) ;('4"0 + #)'6%'00"< 5'(..',3",/7', - +-"$ %'+3"%8&$()$ 3%$#+.'-,$((1< - #%/&$+.-$(("0 4 3",9;"-'J.$,K H"%0'.$ 3,'( (' C,)&'<?)$ 2 ($#$,). T+3",9;/8 $6", +.'," -";0"&J(10 "%6'();"-1-'.9 -13",($()$ %'C"., -$#$()8 $&$($#$,9("< ".7$.("+.)) $&$($#$,9("6" &$ "C("-,$()8 )(H"%0'2)).
587
L3%'-,$()$ 4'7$+.-"0
'5 5 >%312%", 2E8136(7@#( 8/1%": 812ER%6'( "#>%0:2# $3':%3?Q610:?7 3 &%0(C#, 28136% &1B%: 81:/#:':? 75 >#012 02%/J 83#6# 6#/#5/#91:"4 QIM.
D-80>-. N 19@%&, C%6610:? QIM 5#"37>#%:0( 2 %% 081019610:'"16C%6:/'/12#:?0( 6# 48/1@%6'' 812ER%6'( "#>%0:2# 8/1C%00128/1%":# [9], >:1 $10:'=#%:0( 93#=1$#/( %% 0:/4":4/%, 31='"% ' 1061Q2#:%3?610:' (0"/4843%5610:'). I%:"1 4"#5E2#(, =$%, "1=$# ' "#""16"/%:6E% '60:/4&%6:E 19%08%>%6'( "#>%0:2# &1=4: 9E:? '0Q813?512#6E 2 8/1C%00% 812ER%6'( "#>%0:2#, QIM 2E610': 6# 8%/%Q$6') 83#6 '0813?512#6'% $#66EJ, # 6% &6%6'). A%3?5( 6% 1:&%:':?:#"B% ' %=1 56#>':%3?6E) 2"3#$ 2 19%08%>%6'% $'6#&'"' "1$E.QIM 8/'21$': " :1&4, >:1 >3%6E "1$E 8/1%":# 434>R%6'( "#>%Q0:2# 6#>'6#7: 913%% 26'&#:%3?61 034R#:? $/4= $/4=#, "43?:'2'Q/4( 8/' U:1& 190:#612"4 25#'&61=1 42#B%6'(. N15&1B61, 2 0'34021%) 8/'/1$E 10612#66#( 6# $#66EJ QIM 81&1=#%: >3%6#& "1Q$E 456#:? 913?R% $/4= 1 $/4=% ' 19 'J 1/=#6'5#C'', >:1 81&1=#%:103#9':? :%//':1/'#3?6E% 9#/?%/E &%B$4 >3%6#&' "1$E, 0:'Q&43'/4( 01:/4$6'>%0:21, 25#'&1$%)0:2'% ' $12%/'% [9]. .1&1=#(2$1J64:? B'56? 2 U:' 612E% 812%$%6>%0"'% &1$%3', QIM 193%=>#%:56#>':%3?61% '5&%6%6'% "43?:4/E, (23(7@%%0( "/#%4=13?6E&"#&6%& 812ER%6'( "#>%0:2# 8/1%":#.
BAB<X?F=? 7!@?:?A?F=G !@7:BC1; !@7?C1;*%$#0$."0 6"%#"+.) SoftCo Inc. 8-,8,)+9 +.'%?)$ 0$($#&$%1 3%"$4."-,
+3"+"C(1$ 3"7.) -+$6#' %';%'C'.1-'.9 F"%"?)$ 3%"6%'00(1$ 3%"#/4.1-"-%$08. G 3"."0 +,/7),+8 +K%3%); — 4%/3(1< 4"(4/%$(. ('(8, #-")F );()F. D."C1 ;'3",().9 "+-"C"#)-?)$+8 -'4'(+)), SoftCo 3"-1+),' #-/F +-"J)F ,/7?)F 0,'#?)F 0$($#&$%"- 3%"$4."- #" +.'%?)F 0$($#&$%"- 3%"$4J."-. *$%-"$ -%$08 -+$ ?," F"%"?". M-"$ ("-1F %$C8. 3%)(8,) - %'C"./ #-'('F"#)-?)F+8 - +"+."8()) -13",($()8 3%"$4.', "+.'-,$((1$ «#$;$%.)%'J0)», ) ;'-$%?),) )F - +"".-$.+.-)) + 3,'("0. P"6#' "() 3",/7),) - %'C"./("-1$ 3%"$4.1, ." "4';',)+9 ($+3"+"C(10) -;8.9 3"# 4"(.%",9 "3%$#$,$J()$ 3%"#/4.', 4"."%"$ 0$(8,"+9 3"7.) 4'< #$(9, /6%"&'8 ;'#$%&'.9 ;'J-$%?$()$ 3%"$4.'. *%"()4?)+9 #'(("< 3%"C,$0"<, %/4"-"#+.-" 3".%$C"J-',", 7."C1 "() +,$#"-',) 3%)(8."0/ - SoftCo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
588
5,'-'
14
5),'+*@,#$3" ' (,>0#$"$1'. N15&1B61, 0:/4":4/'/12#6Q610:? ' 8/10:1:# (23(7:0( $24&( 6#'913%% 04@%0:2%66E&' 8/%Q'&4@%0:2#&' QIM.
• !+#/2+/#'#3).,,3*+D. .10/%$0:21& 3'6%)61) 8103%$12#Q:%3?610:' 0:#$') ' R#=12 QIM 8/%$3#=#%: 0:/4":4/'/12#6Q6E) 81$J1$, "1:1/E) 6% 10:#23(%: 6%'52%0:6EJ, "1=$# $%31 $1QJ1$': $1 /#52%/:E2#6'( QIM.
• ;#3*+3+.. *% B% 3'6%)610:? ' 3%="'% 2 816''' '60:/4Q&%6:E 19%08%>%6'( "#>%0:2#, 93#=1$#/( "1:1/E& QIM 18'/#Q%:0( 6# $#66E%, $%3#7: %% 8/10:1) 2 8/'&%6%6'' — 6#0:13?"18/10:1), >:1 $#B% 37$' 0 6%2E01"'& 19/#512#6'%& 9E0:/10:#612(:0( 18E:6E&' 813?512#:%3(&'.
!@7E?@C; !A;F; !7E9X?F=G C;<?61E;LC$#).$+9, 7." 3,'( 3"-1?$()8 4'7$+.-' +.%/4./%)%"-'( ('#,$&':)0
"C%';"0. B( #",&$( -4,K7'.9 - +$C8 +,$#/K:$$:• 4"03"($(.1, 4"."%1$ #'K. -'0 -";0"&("+.9 3"()0'.9 3%"C,$0/- +H$%$ 4'7$+.-' 3%"$4.', ('F"#).9 H'4.1, '(',);)%"-'.9 )+."7()4)) 3%)7)(1 3%"C,$01, 6$($%)%"-'.9 )#$) ) %$?$()8 ) 3%$.-"%8.9 )F- &);(9;
• 3"##'K:$$+8 /3%'-,$()K 4",)7$+.-" +.'#)< ) )F ?'6"-;• )(+.%/0$(.1 3"-1?$()8 4'7$+.-'.
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 QIM #,8 /,/7?$()8 3%"2$++"-)+3",9;"-'()8 /3%'-,$()8 3%"$4.'0) 3%)0$().$,9("
4 0("&$+.-/ 3%"$4."- (- "%6'();'2)8F+ 0',10) 3%"$4.'0)); ($ )+3",9;"-'.9 $$-(/.%) ".#$,9(1F 3%"$4."-. T+3",9;"-'.9 QIM#,8 /,/7?$()8 3%"2$++"- /3%'-,$()83%"$4.'0), 4'4 - 0'+?.'C'F 0("&$+.-'3%"$4."-, .'4 ) -(/.%) ".#$,9(1F 3%"$4."-(- "%6'();'2)8F + C",9?)0) 3%"$4.'0))
M"C'-,$()$ ("-"< >4,K7).9 - QIM #%/6)$ )(+.%/0$(.1 3"-1?$()8F'%'4.$%)+.)4) 4'7$+.-', .'4)$ 4'4 4"(.%",9('8 #)'6%'00'@"#)H)4'2)8 !.%/4./%)%"-'.9 QIM - -)#$ 7 +.'#)<:F'%'4.$%)+.)4) "3%$#$,).9 3%"$4., );/7).9 .$4/:/K +)./'2)K,
3%"'(',);)%"-'.9 3".$(2)',9(1$ 3%)7)(1,3%$.-"%).9 - &);(9 %$?$()$, 3%"-$%).9%$;/,9.'.1, +.'(#'%.);)%"-'.9 /,/7?$()$,+H"%0)%"-'.9 3,'(1 (' C/#/:$$ [9]
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
589
L3%'-,$()$ 4'7$+.-"0
P08%R61% 8/'&%6%6'% QIM :/%94%: 18/%$%3%66EJ '5&%6%6')2 "43?:4/% ' $'0C'83'6E. K:' :/%912#6'( (23(7:0( '0:1>6'"1&1061261=1 6%$10:#:"# QIM. N >#0:610:', 081019610:? " '5&%6%6'7"43?:4/E ' 8/'&%6%6'7 $'0C'83'6'/12#661=1 81$J1$# — U:1 6% :%"#>%0:2#, "1:1/E% &1B61 20:/%:':? 8120%&%0:61. <3%$12#:%3?61,:/%912#:? 'J 6#3'>'( 8/' /#52%/:E2#6'' QIM &1B%: 9E:? >%/%0Q>4/ 0#&16#$%(661 2 012/%&%661& 8/1%":61& &'/%.
D")'".''. <10:1(@') '5 7 R#=12 &%:1$ ' 8/1C%00 /%R%6'(8/193%&E $3( 812ER%6'( "#>%0:2# — 3'R? $2% '5 &61B%0:2# 215Q&1B6EJ 2#/'#C') QIM [9]. H$6' 2#/'#C'' 8/1@%, $/4='% — 031BQ6%% [12]. .103%$12#:%3?610:? R#=12 :#"B% &1B%: 2#/?'/12#:?0(, '6#91/ '60:/4&%6:12 &1B%: 9E:? 0"16L'=4/'/12#6 :#"'& 19/#Q51&, >:19E 2"37>#:? 2 0%9( 3'91 :13?"1 '60:/4&%6:E 812ER%6'("#>%0:2#, 3'91 '60:/4&%6:E 83#6'/12#6'( "#>%0:2# ' '60:/4Q&%6:E 812ER%6'( "#>%0:2# 1$612/%&%661. M%3? 'J, 28/1>%&,'$%6:'>6# QIM.
M>"/$".'4 QIM. QIM, 18'0#66#( 6#&' 2 6#0:1(@%& /#5$%3%,8/%$0:#23(%: 0191) '60:/4&%6: 19@%=1 6#56#>%6'(, 0810196E)034B':? 19@'& 64B$#& /#56119/#56EJ 1/=#6'5#C'), 8/#":'"47Q@'J 48/#23%6'% 8/1%":#&'. !$#8:#C'( '60:/4&%6:# " :%& '3''6E& "16"/%:6E& 64B$#& 0810196# 812E0':? %=1 C%6610:? $3(813?512#:%3%). NER% 8%/%>'03%6 /($ '$%), "#0#7@'J0( :1=1, "#"U:1 &1B61 0$%3#:?.
COEUPO./%$&%:1& /#00&1:/%6'( 6#0:1(@%=1 /#5$%3# (23(30( 83#6 81Q
2ER%6'( "#>%0:2# (QIM) — 0:/4":4/'/12#66E) 81$J1$ " /%R%6'78/193%& ' 812ER%6'7 "#>%0:2# 2 8/1%":#J. H06126#( C%6610:?QIM 010:1': 2 :1&, >:1 16# 193%=>#%: 812ER%6'% "#>%0:2# 8/1C%0Q012 48/#23%6'( 8/1%":#&'. H6#, "/1&% :1=1, $#%: 56#>':%3?6E)2"3#$ 2 ULL%":'2647 $'6#&'"4 "1$E. D 6#"16%C, QIM 81&1=#%:>3%6#& "1$ 913?R% 456#:? $/4= 1 $/4=%, 811@/(%: 01:/4$6'>%Q0:21, "1&&46'"#C'7 ' $12%/'%. !$#8:'/12#2 "#/:4 812ER%6'( "#Q>%0:2# " 2#R%) "16"/%:61) 8/1%":61) 0':4#C'', 2E &1B%:% $10Q:'>? %@% 913?R'J 2E=1$. N 8/'21$'&1& 6'B% "16:/13?61& 08'0"%&E #"C%6:'/4%& "37>%2E% 0119/#B%6'(, "#0#7@'%0( 0:/4":4/'Q/12#6'( $#661) "#/:E.
590
5,'-'
14:=;D@;>>; !;@?17
<17 1;C7? :=;D@;>>; !;@?17?+'#=/#&&# .#/%:11 8/%$0:#23(%: 0191) ='0:1=/#&&4, 2"37>#7Q
@47 2 0%9( 6%0"13?"1 0:139C12 ' 81"#5E2#7@47 >#0:1:4 2156'"61Q2%6'( 8/193%& '3' 8/'>'6 (0&. /'0. 14.4). P81/($1>%66E% 81 49EQ2#6'7 2%3'>'6E 03%2# 6#8/#21, 8/193%&E, 8/%$0:#23%66E% 913%%
1 +/4=1% 6#52#6'% U:1) $'#=/#&&E — $'#=/#&&# 20/80 (0&E03 :#"1=1 6#Q52#6'( &1B61 816(:? '5 :%"0:# $#661=1 /#5$%3#). — ;#'<. #"1.
C'#. 14.4. +'#=/#&&# .#/%:1 $3( 8/193%&2 8/1C%00% /#5/#91:"' 6121=1 8/1$4":#
591
L3%'-,$()$ 4'7$+.-"0
2E01"'&' 0:139C#&', (23(7:0( 913%% 2#B6E&', >%& 8/193%&E,'519/#B%66E% 08/#2#. +19#23%6'% 6# $'#=/#&&4 "/'21) "4&43(Q:'261) >#0:1:E — U:1 6#=3($6E) 081019 >%:"1 1:19/#5':? 1:610'Q:%3?647 0%/?%5610:? 8/193%& ' '$%6:'L'C'/12#:?, =$% '&%7:0(215&1B610:' $3( 434>R%6'( (0&. 8/'21$'&E) 6'B% 5#R:/'J12#6Q6E) 8/(&14=13?6'" «N#B61% &%6?R'60:21 ' 6%56#>':%3?61% 913?QR'60:21»).
@;R@;871C; :=;D@;>>9 !;@?17D-:0) /)0:2,+- 3 #J,), 1"9,#$3". -#"'% 8/193%&E 2 0L%/%
"#>%0:2# '&%7: 6#'913?R%% 23'(6'% 6# 408%J' 6#R%) "1&8#6''6# /E6"%? K:1 :1: 0#&E) 218/10, "1:1/E) '08136':%3?6E) $'/%"Q:1/ A4/%J Corp. 810:#2'3 8%/%$ 021'& '08136':%3?6E& "1&':%:1&8103% :1=1, "#" 9/10'3 25=3($ 6# /%543?:#:E 1951/12 0:%8%6' 4$12Q3%:21/%6610:' 5#"#5>'"12 ' #4$':1/0"'J 8/12%/1" "#>%0:2#. N0"1Q/% 8103% U:1=1 /#00:#612"# 0:/#:%='>%0"'J 8/'1/':%:12 8/193%&2 0L%/% "#>%0:2# 2E$%3'3# 6%ULL%":'26E) 8/1C%00 /#5/#91:"' 61Q2EJ 8/1$4":12 (NPD) "#" 1$61=1 '5 106126EJ «2'6126'"12». -1&':%:9E0:/1 019/#3 "1$4 U"08%/:12 $3( /%R%6'( 8/193%&E. Y1:(8/#":'>%0"'% 81$J1$E 2 /#53'>6EJ 1/=#6'5#C'(J &1=4: 9E:? /#5Q6E&', 106121813#=#7@'& 0119/#B%6'%& 8/' 2E91/% 8/193%&E2 0L%/% "#>%0:2# (23(%:0( %% 23'(6'% 6# 8/1'521$':%3?610:? 1/=#Q6'5#C''. <':4#C'( 0 A4/%J Corp. 034B': :1&4 8/'&%/1&.
D-432,(', /)'9'( /)0:2,+ 3 #J,), 1"9,#$3". D&%7:0( $2#106126EJ 84:' 2E(06':?, "#"'% 8/'>'6E '3' 8/193%&E (23(7:0('0:1>6'"1& 6%8/'(:610:%) 2 0L%/% "#>%0:2# ' 81:1&4 $13B6E 81$Q2%/=#:?0( &16':1/'6=4, 0/#26%6'7 ' 481/($1>'2#6'7. H$'6 84:?10612#6 6# 04@%0:247@'J $#66EJ, 2:1/1) 84:? — &15=121) R:4/&.-1$# 812ER%6'( "#>%0:2# (QIT) 8/1%":# 2 A4/%J Corp. '0813?Q512#3# 19# 84:' 2 021%& 0:/%&3%6'' 20"/E:? '0:'66E% 8/'>'6E.A#8/'&%/, $10"16#3?6E) 25=3($ 6# 9#54 $#66EJ 81"#5#3, >:1612E% 8/1$4":E 8/121$'3' 03'R"1& &61=1 2/%&%6' 6# 0:#$'' "16QC%8:4#3?61=1 8/1%":'/12#6'( ' $10:'=#3' &1&%6:# 2E840"# =1:1Q21) 8/1$4"C'' 01 56#>':%3?6E& 1815$#6'%& 1:610':%3?61 01=3#Q012#661=1 0 5#"#5>'"1& =/#L'"# 810:#2"'. !6#3'5 $#66EJ 81&1=/#0"/E:? 106126E% 193#0:' $3( $#3?6%)R%=1 81'0"# 913%% 08%C'L'Q>%0"'J (>#0:6EJ, 1019%66EJ) 8/'>'6. A# U:1& U:#8% QIT 5#/4>'3#0?81$$%/B"1) "/4861) "/100QL46C'16#3?61) =/488E 08%C'#3'0:12 81NPD ' 8/'23%"3# 'J " &15=121&4 R:4/&4 0 C%3?7 '$%6:'L'"#C''8/'>'6. N J1$% 4Q>#0121=1 &15=121=1 R:4/&# =/488# 6#R3# 913%%100 8/'>'6, "1:1/E% 9E3' 0=/488'/12#6E 81 8/'6C'84 81$19'(,>:1 02%31 'J " 7 106126E& "#:%=1/'(& 8/'>'6 (U:' "#:%=1/'' 8%/%Q>'03%6E 2$13? 10' M 6' /'0. 14.4).
592
5,'-'
14D-:0) ("':02,, 3-)";'$,2%(080 +,$0>" ';+,),('4. O#6%%
&E 4:2%/B$#3', >:1 $'#=/#&&# .#/%:1 2"37>#%: 2 0%9( /($ 0:139QC12, 81"#5E2#7@'J >#0:1:4 2156'"612%6'( :%J '3' '6EJ 8/193%&'3' 8/'>'6. K:1 81$/#54&%2#%:, >:1 6#'913%% 2E/#5':%3?6E) &%Q:1$ '5&%/%6'( 8/'>'6 —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
E;OF7? >?FHX=F61E7 =A= F?RF;<=1?AHF7? 87AHX=F61E7T;/7'8 %'+3%$#$,$()$ #"F"#"-, %"#)-?)<+8 - T.',)) ?-$<2'%+4)<
E4"("0)+. >),9H%$#" *'%$." -18+(), -,1898 6., 7." 85% C"6'.+.-' ).',98(J+4"6" 6"%"#' @),'(' ('F"#8.+8 -" -,'#$()) ,)?9 15% ,K#$<. L#)-).$,9J("? =' +'0"0 #$,$ ($.. @("6)$ 0$($$ /7$(1$ ,K#) ('C,K#',) 3"#"C(1$4'%.)(1 - +-"$< +%$#$ ("4%/&$())). D." /#)-).$,9(", .'4 E." .", 7." E.".2$((1< 3%)(2)3 C1, ;'C1. (' #",6)$ 6"#1 — #" .$F 3"%, 3"4' ($#'-(" "( ($C1, ".4%1. ;'("-" ) ($ 3%)0$($( 4 +)./'2)80 +$6"#(8?($6" C);($+'. V+,)6"-"%).9 C",$$ ."7(", ." E.". 3%)(2)3 C1, -1%'&$( - 7)+,$((1F .$%0)('F )3%$-%'.),+8 - );-$+.("$ 3%'-)," 80:20, /.-$%&#'K:$$, 7." 80% ;'C". 3%"J)+.$4'$. ". 20% 3%)7)(. =)&$ 3%)-"#8.+8 3%)0$%1:
E.]/(# ,#/L^%/&5)( 8('L^%/&5)(((4UK/( 20%) ((4UK/( 80%)P"03"($(."- %'+F"#"- B.-$7'K. ;' AK#&$.' %'+F"#"- 3%"$4.'N)3"- ($/#'7 3",$-1F B.-$7'K. ;' *","0"4 '-."0"C),9(1F)+31.'()< #-)6'.$,$<*".%$C).$,$< B.-$7'K. ;' *".%$C,$()8 3)-'B+("-(1F 3%"$4."- B.-$7'K. ;' I'C"7$6" -%$0$()*%"#/4."- B.-$7'K. ;' *%"#'& ) 3%)C1,$<
U".8 3%"2$(.("$ +"".("?$()$ 0"&$. ()4"6#' ($ -1#$%&)-'.9+8 - ."7("J+.) .'4)0, )#$8 +"+."). - ."0, 7." C",9?'8 7'+.9 ;'C". 3%")+.$4'$. ,)?9 ".($0("6)F 3%)7)(. !3$2)',)+. - "C,'+.) 4'7$+.-' M&";$H M&/%'( (';-',E./ ;'4"("0$%("+.9 3%'-),"0 *'%$." ) +,$#/K:)0 "C%';"0 -1%';), $6"+/.9: «[);($((" -'&("$ 0$(9?)(+.-" ) ($;('7).$,9("$ (.%)-)',9("$)C",9?)(+.-"» [8]. N'4)0 "C%';"0, $+,) - F"#$ %$?$()8 3%"C,$0 01 C/#$0+,$#"-'.9 E."0/ 3%'-),/, ." ('0 +,$#/$. +4"(2$(.%)%"-'.9+8 (' ($C",9?"04",)7$+.-$ &);($((" -'&(1F -"3%"+"-. L+.%'($()$ (%';%$?$()$) )F #'+.('0 (')C",9?$$ /,/7?$()$. G(',"6)7(" )6("%)%"-'()$ ($;('7).$,9("6"C",9?)(+.-' -"3%"+"- ($ 3"-%$#). ('0. I$;K0)%/8, 0"&(" +4';'.9, 7."-'&("$ 0$(9?)(+.-" — (')C",$$ -1+"4)$ +.",C21 #)'6%'001 — )0$K.(')-1+?)< 3%)"%).$..
593
L3%'-,$()$ 4'7$+.-"0
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
0"1) 1:$#>'. D0:1/'>%0"'% 5#8'0' 6% 01$%/B#3' 6%19J1$'&EJ $#6Q6EJ, # &%:1$ /%#3?61=1 2/%&%6' 81:/%912#3 9E 03'R"1& &61=1 2/%Q&%6'. N&%0:1 U:1=1 "1$# 818/10'3# "/100QL46"C'16#3?647=/4884 08%C'#3'0:12 81 NPD 1C%6':? >#0:1:4 2156'"612%6'( "#BQ$1) '5 106126EJ 7 "#:%=1/') 8/'>'6, 18'/#(0? 6# 'J 18E:. H:2%:E08%C'#3'0:12 9E3' 02%$%6E 2 "16:/13?6E) 08'01" (0&. :#93. 14.1),>:1 >#0:1 (23(%:0( 8/10:%)R'& 0810191& 091/# $#66EJ.
D6"/%&%6:6#( >#0:1:# 2 $#661& "16:/13?61& 08'0"% 8/%$0:#2Q3(%: 0191) 19@%% "13'>%0:21 034>#%2 2156'"612%6'( 8/'>'6, 1:61Q0(@'J0( " "16"/%:61) "#:%=1/''. +13( U:1) "#:%=1/'' 81 1:61R%Q6'7 " 19@%&4 "13'>%0:24 034>#%2 2156'"612%6'( :%J '3' '6EJ
!,)?4"0 -1+"4'8 +,"&("+.9 13 36 13 36B.+/.+.-)$ 3%)(/&#$()8 7 19 20 55M)+H/(42)"(',9(1$ E,$0$(.1 3%"$4.' 5 14 25 69=$#"+.'."4 4"00/()4'2)) 4 11 29 80I)6)#(1$ (($6)C4)$) 3%"2$++1 4 11 33 91=$#"+.'."7('8 3"#6"."-4' 2 C 35 97=$#"+.'."4 ".-$.+.-$(("+.) 1 3 36 100T."6" 36 100 36 100
1.4'%T. 14.1. P"(.%",9(1< +3)+"4 4'.$6"%)< 3%)7)(
C.5#J("%2 3"%K%/ / 3"(4'#, =/*"#,#/5/.2K.&5(5.
% C+,+'25%)/.2K.&5(5.
%
594
5,'-'
148/'>'6 8/%$0:#23(%: 0191) '6"/%&%6:6E) 8/1C%6:. I:19E 8134Q>':? "4&43(:'2647 >#0:1:4, 6%19J1$'&1 8/'9#2':? " 19@%&4 "13'Q>%0:24 034>#%2 2156'"612%6'( 8/'>'6, 1:610(@'J0( " "#:%=1/''6#'2E0R%=1 /#6=#, 19@%% "13'>%0:21 034>#%2 2156'"612%6'( 8/'Q>'6, 1:610(@'J0( " "#:%=1/'' 03%$47@%=1 81 0:#/R'60:24 (2:1/1=18103% 6#'2E0R%=1) /#6=#. *%& 0#&E& 94$%: 8134>%6# "4&43(:'26#(>#0:1:# $3( 8%/2EJ $24J "#:%=1/') 2E0R%=1 /#6=#. ./104&&'/12#2U:1 56#>%6'% 01 56#>%6'%& $3( :/%:?%) "#:%=1/'', 8134>'& "4&43(Q:'2647 >#0:1:4 $3( 8%/2EJ :/%J "#:%=1/'). ./1$13B#( U:' $%)Q0:2'(, 8134>'& 56#>%6'( "4&43(:'26EJ >#0:1: $3( 20%J "#:%=1/')..12:1/':? 2ER%8%/%>'03%66E% $%)0:2'( $3( 8134>%6'( 56#>%Q
6') "4&43(:'261=1 8/1C%6:# "#:%=1/').
C'#03"(', >'"8)"++- 5"),$0. ;1/'516:#3?6#( 10? $'#=/#&Q&E 1:19/#B#%: "#:%=1/'' 8/'>'6 '3' 8/193%& 2 81/($"% 49E2#6'(03%2# 6#8/#21. D0813?54( >'03%66E% 56#>%6'( '5 "16:/13?61=108'0"#, $%)0:24%& 03%$47@'& 19/#51&.
• A#$ 19156#>%6'%& "#B$1) "#:%=1/'' /'04%& 0:139CE, "1:1/E%1:/#B#7: '6"/%&%6:647 >#0:1:4 $3( U:1) "#:%=1/''. X$'6'CE'5&%/%6'( >#0:1:E '519/#B#7:0( 6# 3%21) 2%/:'"#3?61) 10'.
• O'04%& "/'247 56#>%6') "4&43(:'261=1 8/1C%6:#. < U:1) C%Q3?7 6# 8/#21) 2%/:'"#3?61) 10' 1:&%>#%& :1>"4 ' 19156#>#%&%% «100%». K:# :1>"# $13B6# /#0813#=#:?0( 6#8/1:'2 :1>"' 6#3%21) 10', 011:2%:0:247@%) 81361) 04&&% '6"/%&%6:6EJ >#0Q:1: 20%J "#:%=1/'). +19#23(%& 6# 8/#247 10? 10:#3?6E% $%3%Q6'( 0 '6:%/2#31& 10%.
• O'04%& :1>"4 2 8/#21& 2%/J6%& 4=34 0:139C#, 011:2%:0:247@%=1"#:%=1/'' 8/'>'6 / 8/193%&, '&%7@%) 6#'2E0R') /#6=. F#Q:%& 6#$ 10:#3?6E&' 0:139C#&' 1:&%>#%& :1>"', 011:2%:0:247Q@'% 56#>%6'(& "4&43(:'261=1 8/1C%6:# 2 $#661) :1>"% — $1:%J 81/, 81"# 6% 94$%: $10:'=64:1 56#>%6'% 100%. -1=$# 20%:1>"' 94$4: 02(5#6E, "/'2#( =1:12# $3( '6:%/8/%:#C''.
QIT 2E8136(3# $#6647 8103%$12#:%3?610:? R#=12 $3( 8134>%Q6'( $'#=/#&&E .#/%:1, 8/'2%$%661) 6# /'0. 14.4.
&($,)/),$".'4 >'"8)"++-. [061, >:1 6#'913%% 2E01"'% 0:13Q9CE 1:19/#B#7: B'56%661 2#B61% &%6?R'60:21 — :% 8/'>'6E,"1:1/E% 19%08%>'2#7: 6#'913?R') 2"3#$ 2 8/193%&4, "1:1/1)2 034>#% QIT (23(%:0( 6%ULL%":'26E) 8/1C%00 NPD. H6' (23(7:0(81"#5#6'%& " $%)0:2'(& — ' 0 :1>"' 5/%6'( 5$/#21=1 0&E03# 6#>'Q6#:? 812ER%6'% "#>%0:2# 03%$4%: '&%661 0 6'J (/#53'>6E% 08101Q9E /#6B'/12#6'( 8/'>'6 8/'2%$%6E 2 5#R:/'J12#661& 8/(&14Q=13?6'"% 6# 0:/. 463 (12) «N "#"'% #"C'' $%3#:? '62%0:'C''?»).O#5&ER3(( 1 :1&, "#"'% $%)0:2'( 8/%$8/'6(:?, 03%$4%: 8/'6'Q
595
L3%'-,$()$ 4'7$+.-"0
&#:? 21 26''% 2#B61% 0119/#B%6'%: :1, >:1 (23(%:0( 6#'913%%>#0:E&, 6%19(5#:%3?61 (23(%:0( 6#'913%% 2#B6E&. .16''%:1=1, >:1 1"#5E2#%: 6#'913%% 0'3?61% 23'(6'% 6# 56#>'&10:? $3(5#"#5>'"# :1=1, >:1 810:#23(7: 6#R' 8/1%":E, '&%%: 106121813#Q=#7@%% 56#>%6'% $3( 8/'6(:'( /%R%6'( 1 :1&, 6# "#"'% 8/'>'6E03%$4%: 6#8/#2':? 021' 40'3'(.
=6!7AHR7E;F=? :=;D@;>>9 !;@?17 (13)F08>" '#/02%;03"$%. +'#=/#&&# .#/%:1 &1B%: 9E:? '0813?512#Q
6# 2 8/1C%00% /%R%6'( 8/193%& 2 0L%/% "#>%0:2#. A# /#66'J U:#8#J/#52':'( 8/1%":# 16# &1B%: 81&1>? 2#& /%R':?, "#"'% 8/193%&E'003%$12#:?, # 6# 913%% 815$6'J — "#"'% 8/'>'6E 8/193%& #:#"1Q2#:? 2 8%/247 1>%/%$?. F$%0? $'#=/#&&# .#/%:1 8/%$0:#23(%: 0191)=3#26E& 19/#51& '60:/4&%6: 83#6'/12#6'(. .103% :1=1 "#" 8/'Q>'6E 1:19/#6E, /%R%6'( — '61=$# 6#5E2#%&E% "16:/&%/#&' —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«./1C%00 NPD $1 ' 8103%»).
D),+4 )";)":0$1'. -1=$# $#66E% 1 >#0:1:% 2156'"612%6'( 8/'Q>'6 '3' 8/193%& $10:486E, 2/%&(, 6%19J1$'&1% 18E:61) "1$%6# /'012#6'% $'#=/#&&E .#/%:1, &1B%: '0>'03(:?0( &'64:#&'.
E C;C=? ;CQ== :?A;1H =FE?61=Q==?*%$#+.'-)0 3%)7)(1 3%"C,$0 - +H$%$ 4'7$+.-' 4'4 '42)) (' %1(4$ '4J
2)<. V+,) C1 -'0 #',) 1000 #",,'%"-, ." - 4'4)$ '42)) -1 C1 -,"&),), 7."JC1 #"+.)79 (')C",9?$6" -,)8()8 (' 3"-1?$()$ 4'7$+.-'? T0$((" .'4)$/4';'()8 BudJMud, #"7$%(88 4"03'()8 "#("< C",9?"< 0("6"('2)"(',9J("< "%6'();'2)), #'$. +-")0 4"0'(#'0 3"-1?$()8 4'7$+.-' 3%) %'(&)%"J-'()) 3%)7)( (E4-)-',$(. );0$%$()8 7'+.".) #,8 3"+.%"$()8 #)'6%'00 *'J%$.". U".8 ($4"."%1$ 0"6/. 2$().9 #'((1< 3"#F"# 3%$&#$ -+$6" ;' .", 7." "(-("+). %';(""C%';)$ - 3%"$4.1 3"-1?$()8 4'7$+.-', %'C".' ('# 4"."%10)- 3%".)-("0 +,/7'$ C1,' C1 0"("."(("<, BudJMud ".("+).+8 ($0/ "7$(9+$%9$;(". !"6,'+(" 4/,9./%$ 4"03'()), -1%'&'$0"< +,"-'0) «"3%$#$,8KJ:)< H'4."% — 3%'4.)7$+4)< )."6», E." +.%'.$6)8, 3";-",8K:'8 '42$(.)%"J-'.9 -()0'()$ %'C".()4"- (' ."0, 7."C1 "() 3%)()0',) %$?$()8 3" 3%"$4J.'0, )+F"#8 ); +""C%'&$()< 3%)C1,) (' )(-$+.)%"-'((1$ +%$#+.-'.
596
5,'-'
14D-80>-. I:1 $%3#%: $'#=/#&&4 .#/%:1 C%661), :#" U:1 %% 081Q
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
5),'+*@,#$3" ' (,>0#$"$1'. ./%'&4@%0:2# $'#=/#&&E .#Q/%:1 5#"37>#7:0( 2:
• 9#3*+3+" ' ,.$4:1,3*+'. ./10:1:# ' 6#=3($610:? $'#=/#&&E.#/%:1 (23(7:0( 03%$0:2'%& %% 081019610:' 1:19/#B#:? 1:61Q0':%3?647 2#B610:? 8/193%& 8/10:E&, 6#=3($6E& ' 3%="'&$3( 816''( 0810191&. +3( 5#6(:EJ ' >#0:1 8%/%=/4B%66EJ/#91:1) >3%612 8/1%":61) "1$E U:' 021)0:2# (23(7:0($2'B4@%) 0:'&43(:1/1& ULL%":'2610:';
• ," ,.)31:G'% *+#.M. ),"O,'% )'1. O%#3?610:? :#"12#, >:1 6%Q"1:1/E% >3%6E "1$E, '@4@'% 84:' 40:/#6%6'( 8/193%&2 0L%/% "#>%0:2# 8/1%":#, '08E:E2#7: 0:/#J 2 1:61R%6''"16C%8C') 0:#:'0:'"' ' 2%/1(:610:', "1:1/E% >#0:1 8/%$3#Q=#7:0( " '0813?512#6'7 2 8/1C%00% 812ER%6'( "#>%0:2#. +/4QB%0:2%66E) 26%R6') 2'$ $'#=/#&&E .#/%:1 8/%$3#=#%: '&56#>':%3?61 &%6%% 40:/#R#7@47 #3?:%/6#:'24.
D")'".''. V'/1"1% 8/'&%6%6'% $'#=/#&&E .#/%:1 2 1=/1&61&/#56119/#5'' 8/1%":6EJ 0/%$, 215&1B61, (23(%:0( 8/'>'61) :1=1,>:1 16# '&%%: &61B%0:21 2#/'#C'). *#", %@% 1$6# 2#/'#C'( —1=/#6'>%66#( $%"1&815'C'( 1061261) 8/'>'6E, "1=$# 6#'913%%>#0:1 20:/%>#7@#(0( 8/'>'6# (6#'913%% 2E01"') 0:139%C) 81$2%/Q=#%:0( '%/#/J'>%0"1&4 /#59'%6'7 6# 010:#23(7@'% ' 8/'>'6E913%% 6'5"1=1 4/126( ' 8/%$0:#23(%:0( %@% 1$61), 02(5#661) $'#=Q/#&&1) .#/%:1. M%3? :#"1=1 81$J1$# — 8134>':? 913%% "#>%0:2%6Q61% 816''% :1=1, >:1 010:#23(%: 6#'913%% >#0:1 20:/%>#7@47Q0( 8/'>'64.
597
L3%'-,$()$ 4'7$+.-"0
!@7Q?66 NPD :7 = !76A?*"+,$ '(',);' "+("-(1F 3%)7)( ($EHH$4.)-("+.) 3%"2$++' NPD QIT =/J
%$F Corp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
C'#. 14.5. +'#=/#&&# .#/%:1 $1 ' 8103%: 4&%6?R%6'%8/193%& 2 8/1C%00% /#5/#91:"' 6121=1 8/1$4":#8103% 2E8136%6'( 8/1%":# 812ER%6'( "#>%0:2#
15
15
15
15
<3'R"1&
2E01"#(
031B610:?
H:04:0:2'%
8/'64B$%6'(
+'0L46"C'16#3?6E%
U3%&%6:E
8/1%":#
(U3%&%6:E
8/1%":# 0 6#/4R%66E&
L46"C'16'/12#6'%&
A%$10:#:1"
"1&&46'"#C''
O'='$6E%
(6%='9"'%)
8/1C%00E
A%$10:#:1>6#(
81$=1:12"#
A%$10:#:1" 1:>%:610:'
(1:2%:0:2%6610:'
)
-13'>%0:21 0':4#C')
, 2 "1:1/EJ
2156'"#7: $#66E% 8/193%&E
<'0:%䫔#>%6'):
+1
.103%
598
5,'-'
14
M>"/$".'4 >'"8)"++- 5"),$0. +'#=/#&&# .#/%:1, 18'0#66#(2 6#0:1(@%& /#5$%3%, &1B%: (23(:?0( '3' 6% (23(:?0( :%&, 2 >%&64B$#%:0( 2#R 8/1%":. !$#8:#C'( %% " 2#R%) "16"/%:61) 0':4#QC'', 215&1B61, 8/%$0:#23(%: 0191) 6#'34>R') 081019 8134>':? 1:$#661=1 '60:/4&%6:# 1B'$#%&E% 2E=1$E. ./'21$'&E% 6'B% 8/'Q&%/E $#7: '$%' "#0#:%3?61 :1=1, "#" U:1 &1B%: 9E:? $10:'=64:1.
COEUPO./%$&%:1& /#00&1:/%6'( $#661=1 /#5$%3# (23(3#0? $'#=/#&&#
.#/%:1 — ='0:1=/#&&#, 1:19/#B#7@#( >#0:1:4 2156'"612%6'( 8/1Q93%& '3' 8/'>'6 2 481/($1>%661& 03%2# 6#8/#21 2'$%. +'#=/#&&#.#/%:1 &1B%: 9E:? '0813?512#6# 2 8/1C%00% /%R%6'( 8/193%& 8/1%"Q:# 2 0L%/% "#>%0:2#. A# /#66'J U:#8#J /#52':'( 8/1%":# 16# 0810196#81&1>? /%R':?, "#"'% 8/193%&E '003%$12#:?, # 6# 913%% 815$6'J —"#"'% 8/'>'6E 8/193%& #:#"12#:? 2 8%/247 1>%/%$?. I:1 $%3#%: $'#Q=/#&&4 .#/%:1 C%661), :#" U:1 %% 081019610:? 81&1=#:? 8/1%":61) "1Q$% 010/%$1:1>'2#:?0( 6# :%J 8/'>'6#J 8/193%&E, 40:/#6%6'% "1Q:1/EJ 8/'2%$%: " 6#'913?R%&4 434>R%6'7. N 8/'21$'&1& 6'B% (15)5#R:/'J12#661& 8/(&14=13?6'"% '531B%6E "37>%2E% 0119/#B%6'(,"1:1/E% 6%19J1$'&1 4>%0:? 8/' /#5/#91:"% $'#=/#&&E .#/%:1.
!@7E?@C; :=;D@;>>9 !;@?17LC$#).$+9, 7." -1 %';%'C".',) #)'6%'00/ *'%$." ('#,$&':)0 "C%'J
;"0. Q.' #)'6%'00' #",&(' ".%'&'.9 +,$#/K:$$:• 4'.$6"%)) 3%)7)( ),) 3%"C,$0 (' 6"%);"(.',9("< "+);• +.",C21, 3%$#+.'-,8K:)$ )(4%$0$(.(1$ 7'+.".1 -";()4("-$()8 E.)F4'.$6"%)< - /C1-'K:$0 +,$-' ('3%'-" 3"%8#4$;
• 4%)-/K 4/0/,8.)-("6" 3%"2$(.("6" ;('7$()8.
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 #)'6%'001 *'%$." 3%) %$?$()))+3",9;"-'()8 3%"C,$0 - C",9?)F ) "%)$(.)%"-'((1F
(' 0)++)K (-'&(1F #,8 0)++))) 3%"$4.'F.T+3",9;"-'.9 #)'6%'001 *'%$." -" -+$F3%"$4.'F, "%)$(.)%"-'((1F (' 3"-1?$()$4'7$+.-'
M"C'-,$()$ ".,)7).$,9("< M"C'-).9 (' 6"%);"(.',9("< "+) %8#"0"+"C$(("+.) + 4'&#"< 4'.$6"%)$< 3%)7)( 7)+,", "."C%'J
&'K:$$ )(4%$0$(.(/K 7'+."./ E."< 4'.$6"%))T;0$($()$ +/:$+.-/K:$< T;0$().9 $#)()21 );0$%$()8 )(4%$0$(.("<F'%'4.$%)+.)4) 7'+.".1 (' 3%"2$(.1. *%"2$(.("$ ;('7$()$
#,8 4'&#"< 4'.$6"%)) 3%$#+.'-,8$. +"C"< $6"#",K 3" ".("?$()K 4 "C:$0/ 4",)7$+.-/-";()4("-$()8 .$F ),) )(1F 3%)7)(
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
599
L3%'-,$()$ 4'7$+.-"0
:=;D@;>>; !@=<=F = 6A?:61E=S
<17 1;C7? :=;D@;>>; !@=<=F = 6A?:61E=S?+'#=/#&&# 8/'>'6 ' 03%$0:2') (CED) 8/%$0:#23(%: 0191) '60:Q
/4&%6: $3( '$%6:'L'"#C'', 011:6%0%6'( ' =/#L'>%0"1=1 1:19/#QB%6'( 8/'>'6 :1) '3' '61) 8/193%&E (0&. /'0. 14.6). N 913%% R'/1Q"1& 0&E03%, 810"13?"4 8/193%&# '&%%: 1:61R%6'% " 8/1C%004, CED2'54#3'5'/4%: 0#& 8/1C%00 "#" :#"121). H=/1&647 813?54 2 U:1&0&E03% 8/'610': %% '%/#/J'>%0"#( 0:/4":4/#, 81"#5E2#7@#( 25#Q'&11:61R%6'( &%B$4 03%$0:2'%& (ULL%":1&) ' %=1 106126E&' 8/'Q>'6#&', # :#"B% 8/'>'6#&' 8103%$47@'J, 913%% 6'5"'J 4/126%).A#8/'&%/, 106126#( 8/'>'6# X '&%%: 8/(&47 (6%810/%$0:2%6647)02(5? 01 03%$0:2'%&, 2 :1 2/%&( "#" "#B$#( '5 8/'>'6 6'5"1=1 4/12Q6( 02(5#6# 0 :1>610:?7 $1 4/126( (0:%8%6') 021%=1 23'(6'( 0 10612Q61) 8/'>'61). CED 6#5E2#%:0( :#"B% $'#=/#&&1) :'8# «/E9')0"%3%:» '5Q5# %% 0J1$0:2# 01 0"%3%:1& /E9E '3' $'#=/#&&1) DR'"#Q2E 81 '&%6' %% '519/%:#:%3( Kaoru Ishikawa.
!761@7?F=? :=;D@;>>9 !@=<=F = 6A?:61E=SG:0) '#B0>(0= '(J0)+".''. G4>R% 20%=1 '0813?512#:? CED
2 "16:%"0:% 8/1%":# 812ER%6'( "#>%0:2#, 2E8136(%&1=1 2 011:2%:Q0:2'' 0 "#/:1) 812ER%6'( "#>%0:2#. <3%$12#:%3?61, '6L1/&#C'(1 "16:%"0:% 8/1%":#, 18/%$%3%6'' 8/193%&E, C%3' ' C%3%2EJ 40:#Q612"#J '&%%: 2E01>#)R47 C%6610:? $3( 810:/1%6'( ' 8/'&%6%6'($'#=/#&&E /%543?:#:'261.
C'#. 14.6. S#512E) 2'$ $'#=/#&&E 8/'>'6 ' 03%$0:2')
600
5,'-'
14D-:0) J0)+"$". <4@%0:247: $2# 106126EJ :'8# U:1) $'#=/#&Q
&E: $'08%/0'166E) #6#3'5 ' 0'0:%&#:'5#C'( 8/1C%00# 8/1'521$Q0:2#. A# U:1& R#=% 6#& 6%19J1$'&1 18/%$%3':?, "#"1) L1/&#: (2Q3(%:0( 6#'913%% 81$J1$(@'&. *#93'C# 14.2, 8/1C%00 /#5/#91:"'$'08%/0'1661=1 #6#3'5#, ' $%:#3', "#0#7@'%0( $'#=/#&&E 0'0:%Q&#:'5#C'' 8/1C%00#, 8/'2%$%66E% 2 8#/#=/#L% «N#/'#C''», &1=4:81&1>? 2 /%R%6'' $#661=1 218/10#. ,E B% 0"16C%6:/'/4%& 5$%0?6#R% 26''% 6# L1/&#:% $'08%/0'1661=1 #6#3'5#.
H/),>,2,(', /)0:2,+-. D:#", "#"47 8/193%&4 2 0L%/% "#>%Q0:2# &E J1:'& 40:/#6':? '3', 81 &%6?R%) &%/%, 103#9':?? X03',6#8/'&%/, U:1 5#$%/B"' 5#2%/R%6'( 8/1%":12, :1 $13B%6 '&%:?0("160%6040 8/' L1/&43'/12#6'' 18'0#6'( 8/193%&E: «NE8136%6'%8/1%":12 5#$%/B'2#%:0(». .'R%& U:1 4:2%/B$%6'% 2 8/#21) >#0:'3'0:# ('3' U"/#6#) ' /'04%& 21"/4= 6%=1 8/(&14=13?6'" (=1312# 0"%Q3%:# /E9E), " "1:1/1&4 2%$%& 0:/%3"4 (8152161>6E) 0:139 0"%3%:#),' — >#0:? $'#=/#&&E, 18'0E2#7@#( 03%$0:2'%, =1:12#. N 8/1C%00%48/#23%6'( 8/1%":#&' 2 "#>%0:2% 03%$0:2'( &1=4: 9E:? '0813?51Q2#6E "16"/%:6E% J#/#":%/'0:'"'. N "#>%0:2% 8/'&%/12 &1B618/'2%0:' 8%/%/#0J1$E 97$B%:#, 5#"#5>'"12, 6% 4$123%:21/%66EJ4/126%& $10:'B%6'( C%3%) 8/1%":#, 6%ULL%":'26E% 012%@#6'( 816#>#34 8/1%":#, 831J1 8/121$'&E% 1951/E "16:/13?6EJ 019E:'),/#08135#6'% 01$%/B#6'( '3' 6%4$123%:21/':%3?647 "1&&46'"#QC'7 6# 6#'6'5R%& '%/#/J'>%0"1& 4/126% 18%/#C').
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
601
L3%'-,$()$ 4'7$+.-"0
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
>'64 6'5"1=1 4/126( 2 6%0"13?"'J "#:%=1/'(J 106126EJ 8/'>'6,8/%$813#=#( :%& 0#&E&, >:1 '&%%: &%0:1 8/(&1% &61B%0:2%661%25#'&11:61R%6'% [15]. +#3%%, 6#3'>'% 106126EJ 8/'>'6 $#%: 215Q&1B610:? 5#$#:?0( 03%$47@'&' 218/10#&':
M)+3$%+)"((1< G(',);)%/$. !.%/4./%)%/$., @"&$. +.'("-).9+8'(',); #)+3$%+)K "."C%'&'$. +,"&("<
3%"2$++', +"".("+8 (3%$#+.'-,8$.)#%/6 + #%/6"0 ) +"".("+).3%)7)(1 3%)7)(1) +,$#+.-)8 +" +,$#+.-)80)
BC$+3$7)-'$. N%$C/$. .$%3$()84'%4'+ #,8 3%"-$J ) 3%)-$%&$(("+.)#$()8 0";6"-"6"?./%0' ),) '('J,);' #'((1F
!)+.$0'.);'2)8 T#$(.)H)2)%/$. >);/',9(" B.("?$()8 0$&#/3%"2$++' ?'6) 3%"2$++', 3%$#+.'-,8$. ?'6'0) ) H'4."J
;'.$0 3$%$7)+,8$. H'4."%1, %'0) 0"6/. .%/#("H'4."%1, -,)8KJ -,)8K:)$ (' 3"##'-'.9+8:)$ (' 4'7$+.-" 3"+,$#"-'.$,9("+.9 3"()0'()K4'&#"6" ?'6' ?'6"- 3%"2$++'
L4';1-'$. (' .$FH/(42)"(',9(1F-,'#$,92$- ?'6"-,?'6) 4"."%1F(/&#'K.+8- /,/7?$())
1.4'%T. 14.2. N)31 #)'6%'001 3%)7)( ) +,$#+.-)<
1%3$%.J".,,U
7&/()/.2T#'L
D'.)/(#3"#%,+M#&5)(
D'.)/UV/#$(&5.5(*
602
5,'-'
14• I:1 2610': 6#'913?R') 2"3#$ 2 "#B$47 '5 U:'J 8/'>'6 913%%6'5"1=1 4/126(?
• .1>%&4 2156'"#%: 106126#( 8/'>'6#?
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
:4/# CED &1B%: 0>':#:?0( 5#2%/R%661). H6# 20"/E2#%: 1:61R%Q6'(, "1:1/E% 6% (23(3'0? 1>%2'$6E&'. N156#=/#B$%6'(, &%:/'"#,81$$%/B"# "1$61) /#91:E, &%:1$E 83#6'/12#6'( ' 1:03%B'2#Q6'( — U:1 8/'>'6E 03%$47@%=1 4/126(. N 034>#% 81$$%/B"' "1Q$61) /#91:E, 6#5E2#%&1) :#"B% :%J6131='(&' 19%08%>%6'( 01Q:/4$6'>%0:2# 2 "1$%, 81:%6C'#3?6E% 8/'>'6E 2"37>#7: 2 0%9(U3%":/16647 81>:4, 2'$%1"16L%/%6C'' ' '6:/#6%:. X03' =121/':?913%% "16"/%:61, &1B61 0"#5#:?, >:1 6%$10:#:1" 81$=1:12"' ' 6%Q6#$3%B#@%% 191/4$12#6'% &1=4: 26%0:' 021) 8#=496E) 2"3#$ 2 6%Q4$123%:21/':%3?647 /#91:4 "1$E. O%57&'/4(, 03%$4%: 1:&%Q:':?, >:1 2 6#R%& 8/'&%/% '&%%:0( 3 4/126( 8/'>'6 2 $18136%6'%" 1061261) 8/'>'6%.
H:;0). ./'6'&#( 21 26''% :1: L#":, >:1 8/%193#$#7@')81$J1$ 5#"37>#%:0( 2 810:/1%6'' $'#=/#&&E 2 010:#2% "1$E,6#0:#31 2/%&( $3( :1=1, >:19E 20%) =/4881) 2E8136':? 1951/ 810:Q/1%661) $'#=/#&&E, >:19E 49%$':?0(, >:1 16# 8136# ' 10&E03%66#(0&. 8/'21$'&E) 6'B% 5#R:/'J12#66E) 8/(&14=13?6'" «<12%:E81 810:/1%6'7 $'#=/#&&E 8/'>'6 ' 03%$0:2')»). X@% 1$'6 0810192E8136':? 1951/ — 8/'23%>? " 6%&4 $/4='J 37$%), 6% 5#$%)0:21Q2#66EJ 2 8/1C%00% 810:/1%6'( $'#=/#&&E, 61 56#"1&EJ 0 U:'& 8/1QC%001& ' 0 8/193%&1), $3( 8/12%/"' 010:1(:%3?610:' 8134>%661)$'#=/#&&E. N6% 5#2'0'&10:' 1: :1=1, "#"1) &%:1$ 2E9/#6 — 8%/Q2E) '3' 2:1/1), — 2 2E0R%) 0:%8%6' 813%561 81$:2%/$':? $'#=Q/#&&4 019/#66E&' $#66E&' [16].
603
L3%'-,$()$ 4'7$+.-"0
&G5HKLEHDMN&O 7&MWCMPP[ 5C&!&N & GKO7GTD&QF08>" '#/02%;03"$%. A#'913?R#( C%6610:? $'#=/#&&E 8/'>'6
' 03%$0:2') 8/1(23(%:0( 2 1"/4B%6'' "1$E 8/1%":# 812ER%6'("#>%0:2#, "1=$# 20% >3%6E "1$E 2610(: 021) 2"3#$ ' 8/'6':6# 0%9( 19(5#:%3?0:2# 81 '0813?512#6'7 $#661) $'#=/#&&E 6# 810Q3%$47@'J 0:#$'(J 8/1%":#. -1=$# U:1 '&%%: &%0:1, C%6610:? $'#=Q/#&&E &1B%: 9E:? 812ER%6# 5# 0>%: >'03%661=1 1C%6'2#6'( 8/1Q93%&E ' &#"0'?61 215&1B61=1 "13'>%0:2# 8/'>'6. H93#$#( U:1)'6L1/&#C'%), &1B61 2E8136':? /#00:#612"4 8/'1/':%:12 8/'>'6,0L1/&43'/12#:? C%3%2E% 40:#612"' ' 8/'0:48':? " $%)0:2'(&.
D),+4 )";)":0$1'. F#/4>'2R'0? 011:2%:0:247@%) 81&1@?7,010:1(@#( '5 5 >%312%" "1$# &1B%: /#5/#91:#:? $'#=/#&&4 5#2/%&( 1: 8134>#0# $1 8#/E >#012. P2%3'>%6'% >'03%6610:' "1Q$E ' &%6%% "#>%0:2%66#( 81&1@? 6%'59%B61 8/'2%$4: " 215/#0:#Q6'7 :/%94%&1=1 2/%&%6'.
D-80>-. +3( :1=1 >:19E 812E0':? "#>%0:21 8/1%":#, 2#& "/#)6%6%19J1$'&1 019/#:? '6L1/&#C'7 1 8/1C%00#J 8/1%":#. D&%6612 U:1) 0L%/% 3%B#: 19%08%>'2#%&E% CED 2E=1$E — 16# (23(%:0("37>1& " 091/4 '6L1/&#C''. X% 0:/4":4/# 19%08%>'2#%: 40:/#6%Q6'% 1:$%3?6EJ 8/1=/#&&, $#2#( 215&1B610:? 010/%$1:1>':?0( 6#01$%/B#6'' 8/193%&E. -/1&% :1=1, 2E=1$# CED 5#"37>#%:0( '2 :1&, >:1 16# L1"40'/4%:0( 6# 93'5"'J 6%/%R%66EJ 218/10#J, # 6%6# 0'&8:1&#J. N"37>#( 2 /#91:4 >3%612 "1$E, CED 81&1=#%:$10:'>? "160%6040# — "133%":'261) :1>"' 5/%6'(, >:1 L1/&'/4%: 41:$%3?6EJ 37$%) 19(5#:%3?0:2# ' >420:21 8/'2%/B%6610:' 81 1:Q61R%6'7 " /%R%6'7 8/193%&E.
67E?19 !7 !761@7?F=P :=;D@;>>9 !@=<=F = 6A?:61E=S• M/0'<.$ 6,"C',9(", #$<+.-/<.$ ,"4',9(". *"()0'<.$ -,)8()$ H'4."J%"-, ('F"#8:)F+8 ;' 3%$#$,'0) +H$%1 -'?$6" 4"(.%",8, "#('4" #$<J+.-/<.$, "3)%'8+9 (' .$, 4"."%1$ -1 0"&$.$ 4"(.%",)%"-'.9.
• !,/?'<.$ )#$) /7'+.()4"-. L+-')-'<.$ )F )#$) 4'+'.$,9(" 3%)7)( )-1%'&'<.$ )F "#()0J#-/08 +,"-'0).
• >13",(8<.$ "C;"%. *".%$C/<.$ ". 4'&#"6" 7,$(' 4"0'(#1, 7."C1 "(-13",(), "C;"% CED (' +,$#/K:)< #$(9, ,)C" 3"3%"+).$ $6" 3",/7).90($()$ $:$ "#("6"J#-")F 7$,"-$4.
• >1 0"&$.$ 4"(+.'.)%"-'.9 &$,'$01$ %$;/,9.'.1 -0$+." 3%"C,$01.Q." 3"0"6'$. )#$(.)H)2)%"-'.9 +%$#+.-' (-0$+." 3%)7)() #"+.)&$J()8 E.)F %$;/,9.'."-.
604
5,'-'
14
5),'+*@,#$3" ' (,>0#$"$1'. H0:#2'2 2 0:1/16% :1: L#":, >:1$'#=/#&&# 8/'>'6 ' 03%$0:2') (23(%:0( '60:/4&%6:1&, '0813?51Q2#6'7 "1:1/1=1 &1=4: 9E:? 3%="1 194>%6E 4>#0:6'"' 8/1%":# 6#20%J 4/126(J 1/=#6'5#C'' ' "1:1/E) &1B%: 9E:? 8/'&%6%6 6%&%$Q3%661, 16# :#"B% 19%08%>'2#%: ' $/4='% 8/%'&4@%0:2#, "1:1/E%$13B6E /#00&#:/'2#:?0( 2 "16:%"0:% %% 6%$10:#:"12, >:1 '3370:Q/'/4%:0( :#93. 14.2, 8/'2%$%661) 2ER% 2 $#661& /#5$%3%.
D")'".''. X@% 1$'6 L1/&#: $#661=1 '60:/4&%6:# — U:1 $'#=Q/#&&# 0'0:%&#:'5#C'' 8/1C%00# (PCD). D J1:( 8/1C%00 %% 810:/1%Q6'( 81$19%6 8/1C%004 810:/1%6'( $'#=/#&&E $'08%/0'1661=1 #6#Q3'5#, 1 6%"1:1/EJ /#53'>'(J 20% B% 0:1': 481&(64:?. .%/2E) R#=2 810:/1%6'' PCD —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
C'#. 14.7. ./'&%/ $'#=/#&&E 0'0:%&#:'5#C'' 8/1C%00#
!@7E?@C; :=;D@;>>9 !@=<=F = 6A?:61E=SLC$#).$+9, 7." -1 %';%'C".',) CED ('#,$&':)0 "C%';"0. Q.' #)'6%'0J
0' #",&(' -4,K7'.9 +,$#/K:$$:• +,$#+.-)$;• «3";-"("7(1< +.",C»;• "+("-(1$ 3%)7)(1 + )$%'%F)7$+4) +-8;'((10) + ()0) 3%)7)('0) C"J,$$ ();4)F /%"-($<.
605
L3%'-,$()$ 4'7$+.-"0
M>"/$".'4 >'"8)"++- /)'9'( ' #2,>#$3'=. D523%>%6'% &#"Q0'?61) 813?5E '5 CED :/%94%: %% #$#8:#C'' 81$ "16"/%:6E%64B$E. A'B% 8/'21$(:0( 6%"1:1/E% '$%' 1 :1&, "#" U:4 #$#8:#C'7&1B61 104@%0:2':?.
COEUPO./%$&%:1& /#00&1:/%6'( $#661=1 /#5$%3# (23(3#0? $'#=/#&&#
8/'>'6 ' 03%$0:2') (CED) — '60:/4&%6: $3( '$%6:'L'"#C'', 011:Q6%0%6'( ' =/#L'>%0"1=1 1:19/#B%6'( 8/'>'6 8/193%&E. .10"13?Q"4 8/1C%00 434>R%6') :/%94%: '6L1/&#C'', C%6610:? CED 010:1':2 091/% U:1) '6L1/&#C''. N $18136%6'% " U:1&4 0:/4":4/# CED 81Q&1=#%: 40:/#6':? 1:$%3?6E% 8/1=/#&&E, $#2#( 215&1B610:? 010/%Q$1:1>':?0( 6# 01$%/B#6'' 8/193%&E. N"37>#( 2 /#91:4 >3%612 "1Q$E, CED 19%08%>'2#%: 810:/1%6'% "160%6040# — "133%":'261):1>"' 5/%6'(, ' U:1 L1/&'/4%: 4 1:$%3?6EJ 37$%) 19(5#:%3?0:2# '>420:21 8/'2%/B%6610:' " /%R%6'7 8/193%&E. N 5#2%/R%6'% /#5Q$%3# &E 19/#@#%& 26''% 6# 03%$47@') 5#R:/'J12#66E) 8/(Q&14=13?6'", 2 "1:1/1& 8/'2%$%6E "37>%2E% 0119/#B%6'(, "1:1/E%6%19J1$'&1 4>%0:? 8/' 810:/1%6'' $'#=/#&&E.
C7F1@7AHF9? :=;D@;>>9
<17 1;C7? C7F1@7AHF9? :=;D@;>>9?-16:/13?6#( $'#=/#&&# 8/%$0:#23(%: 0191) '60:/4&%6:, "1:1Q
/E) 18/%$%3(%: =1310 8/1C%00#, 81 1:61R%6'7 " "1:1/1&4 &E J1Q:'& 104@%0:23(:? &16':1/'6=, "16:/13? '3' 434>R%6'% 0 :%>%6'Q%& 2/%&%6' (0&. /'0. 14.8). H6# 6#>'6#%:0( 0 =/#L'"# 2/%&%661=1/($#, "1:1/E) &E $18136(%& C%6:/#3?61) 3'6'%), 034B#@%) $3(19%08%>%6'( 2'54#3?61=1 L'"0'/12#6'( 0$2'=12 ' :/%6$12, # :#"B%2%/J6%) ' 6'B6%) "16:/13?6E&' =/#6'C#&', /#08131B%66E&'/#2614$#3%661 81 19%'& 0:1/16#& C%6:/#3?61) 3'6'' [17]. G'6''
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 #)'6%'00/ - H"%0'.$)+3",9;"-'()8 #)+3$%+)"(("6" '(',);' #,8 -+$F 3%"$4."-,
4%"0$ 3%"$4."- 3$%$#$,4) 3%"2$++"-3"-1?$()8 4'7$+.-'
M"C'-,$()$ ("-"< >13",().9 7)+,$((/K "2$(4/ 3%"C,$0F'%'4.$%)+.)4) ) 3%)7)( + 2$,9K 3"0"79 "+/:$+.-).9
%'++.'("-4/ 3%)"%).$."-T;0$($()$ +/:$+.-/K:$< T+3",9;"-'.9 %$;/,9.'.1 -0$+." +,$#+.-)8F'%'4.$%)+.)4) ) +%$#+.- #,8 #"+.)&$()8 %$;/,9.'."- -0$+."
3%)7)(
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
606
5,'-'
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— 8/1C%00, "1:1/E) (23(%:0(6%8/%$0"#54%&E&, 6%8103%$12#:%3?6E& ' '5&%6(%:0( 21 2/%&%6'[17]. *#"'& 19/#51&, 04:? "16:/13?61) $'#=/#&&E 010:1': 2 %% 081Q019610:' 1:/#B#:? 8/%$0"#54%&10:? '3' 1:04:0:2'% :#"121). -37Q>1& " U:1&4 (23(%:0( 816''% 2#/'#C') ' 'J '0:1>6'"# (0&. 8/'Q21$'&E) 6'B% 5#R:/'J12#66E) 8/(&14=13?6'" «.16''%2#/'#C')»). D J1:( 04@%0:24%: 6%0"13?"1 /#53'>6EJ :'812 "16:Q/13?6EJ $'#=/#&&, 20% 16' '&%7: 1$6' ' :% B% 10612E (0&. 5#R:/'QJ12#66E) 8/(&14=13?6'" «H0612E "16:/13?6EJ $'#=/#&&») ''6:%/8/%:'/47:0( 1$6'& ' :%& B% 19/#51&. -/1&% :1=1, $3( 'J 81Q0:/1%6'( 8/'&%6(%:0( 1$6# ' :# B% &%:1$131='(.
C'#. 14.8. ./'&%/ J– ' RQ$'#=/#&&E$3( 1C%6"' 19@%=1 48/#23%6'( 8/1%":1&
607
L3%'-,$()$ 4'7$+.-"0
!761@7?F=? C7F1@7AHF9Y :=;D@;>>-16:/13?6E% $'#=/#&&E 0810196E 8/'6%0:' 813?54 2 :/%J /#5Q
3'>6EJ 193#0:(J [18]:• 18/%$%3%6'% 8/1C%00# '3' 0 C%3?7 40:#612':? %=1 010:1(6'%0:#:'0:'>%0"1=1 "16:/13(;
• &16':1/'6= 8/1C%00# ' 81$#># 0'=6#3# 1 L#":% %=1 2EJ1$# '5Q81$ "16:/13(;
• 1C%6'2#6'% 81:%6C'#3?6EJ 215&1B610:%) 8/1C%00#..%/%>'03(%&E% $#3%% R#=' — 83#6'/12#6'% "16:/13?61) $'#Q
=/#&&E, 091/ $#66EJ, 18/%$%3%6'% 516E "16:/13(, #6#3'5 ' '6:%/Q8/%:#C'( $'#=/#&&E — L1"40'/47:0( 6# 8%/21) 193#0:' 8/'&%6%Q6'(. N:1/#( 193#0:? 8/'&%6%6'( 18'0#6# 6# R#=% '0813?512#6'(61: /13?61) $'#=/#&&E ' "#>%0:2% '60:/4&%6:# /%R%6'( 8/193%&.D0813?512#6'% $#661) $'#=/#&&E $3' 18/%$%3%6'( 81:%6C'#3?Q6EJ 215&1B610:%) 8/1C%00# 2EJ1$': 5# /#&"' U:1) "6'='.
!7F=>;F=? E;@=;Q=SM,8 4'&#"6" 3%"2$++' ),) +)+.$01 -1 0"&$.$ )#$(.)H)2)%"-'.9 ) );J
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
• "C:)$ 3%)7)(1 ((';1-'$01$ .'4&$ ($3%$#-)#$((10 ),) H"("-10?/0"0). Q." .$ 3%)7)(1, 4"."%1$ 8-,8K.+8 ($3"+%$#+.-$(("< 7'+.9K(3%)+/:), 8-,8K.+8 ($".O$0,$0"< 7'+.9K) +'0"6" 3%"2$++' (),) +)+J.$01), 7'+ ;' 7'+"0, #$(9 ;' #($0 ) -,)8K. (' 4'&#"6" 7$,"-$4', -"-J,$7$(("6" - 3%"2$++. ='3%)0$%, 4 3%)7)('0 ($3"+."8(+.-' -%$0$()%';%'C".4) %'+3)+'()8 3%"$4.' 0"6/. ".("+).9+8 %'C"7'8 ('6%/;4'3,'()%"-:)4"-, )F "31. ) +.$3$(9 )F ;('4"0+.-' + 3%"6%'00(10"C$+3$7$()$0 4',$(#'%("6" 3,'()%"-'()8;
• "+"C1$ 3%)7)(1 ((';1-'$01$ .'4&$ 0"6/:)0) C1.9 -1#$,$((10)3%)7)('0) ),) +)6(','0)). Q." .$ 3%)7)(1, 4"."%1$ ($ 8-,8K.+8 7'+J.9K 3%"2$++' (),) +)+.$01) - .$7$()$ -+$6" -%$0$(), ($ -,)8K. ('-+$F /7'+.()4"- 3%"2$++' ) -";()4'K. - +),/ +3$2)H)7$+4)F (4"(4%$.J(1F) "C+."8.$,9+.-. ='3%)0$%, ("-1< 7,$( 3%"$4.', ($;('4"01<+ 3%)(8."< - 3%"$4.$ 3%"2$#/%"< %$'6)%"-'()8 (' %)+4), 0"&$. +"J-$%?'.9 "?)C4).
*"()0'()$ %';,)7)8 — ." $+.9 ".4,"($()< — 0$&#/ #-/08 .)3'0) 3%)J7)( 8-,8$.+8 ($"CF"#)010 /+,"-)$0 #,8 EHH$4.)-("6" )+3",9;"-'()84"(.%",9(1F #)'6%'00 ) 3"-1?$()8 4'7$+.-'.
608
5,'-'
1452"(')03"(', 10($)02%(0= >'"8)"++-. -37>%2E&' 010:#2Q
6E&' U3%&%6:#&' 83#6'/12#6'( (23(7:0(:• C%3? $'#=/#&&E;• 2E91/ 8/1C%00#;• '5&%/%6'%;• 2E91/"#..3#6'/12#6'% 6#>'6#%:0( 0 >%:"1=1 18/%$%3%6'( C%3' $'#=/#&Q
&E [19]. X03' 20% 4>#0:247@'% 3'C# 813610:?7 816':, 0 "#"1)C%3?7 /#5/#9#:E2#%:0( $'#=/#&&# ' "#"1) 8/1C%00 81$3%B': 1:1Q9/#B%6'7 6# $'#=/#&&%, :1 'J $%)0:2'( 0 913?R%) 2%/1(:610:?794$4: 011:2%:0:212#:? U:1) C%3' ', 03%$12#:%3?61, 94$4: '&%:?913?R47 ULL%":'2610:?. N 6#R%& 8/'&%/% 6# /'0. 14.8 8/1%":6#("1$# FAB 18/%$%3(%: C%3? $'#=/#&&E — 18/%$%3':?, (23(%:0(3' 0:#9'3?6E& 8/1C%00 48/#23%6'( 8/1%":#&' 2 >#0:' "16"/%:6EJJ#/#":%/'0:'" "#>%0:2#, ' 8/%$8/'6(:? 434>R%6'( 2 034>#% 6%19QJ1$'&10:' :#"12EJ.H0612E2#(0? 6# C%3', &1B61 2E9/#:? 1$64 '3' 6%0"13?"1 J#/#"Q
:%/'0:'" "#>%0:2#, # :'8E $#66EJ, 019/#66EJ 81 $#661) J#/#":%Q/'0:'"% '3' 8%/%&%661), 81"#B4:, "#"1) :'8 $'#=/#&&E 03%$4%:'0813?512#:? (8/1C%$4/# 2E91/# :'8# $'#=/#&&E '531B%6# 2 8#/#Q=/#L% «N#/'#C''»). N 6#R%& 8/'&%/% "1$# FAB 2E9'/#%: 1$64J#/#":%/'0:'"4 "#>%0:2# —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
"#B$1=1 '5 U:'J 14 :/%912#6') '0813?54%:0( 1951/ /1C%6'2#6'% 815Q9#33?61) R"#3% G'"%/:#, =$% 1 156#>#%: «0120%& 6% 011:2%:0:24%:40:#24 8/1%":#», # 5 — «20%=$# 011:2%:0:24%: 40:#24 8/1%":#». N0%15 >3%612 "1$E 2E8136(7: $2# 1C%6'2#6'( "#B$47 6%$%37 (>#Q0:1:# 25(:'( 2E91/"') 8103% /%=43(/61 8/121$'&EJ 81 2:1/6'"#&' 8(:6'C#& 012%@#6') 1 J1$% 8/1$2'B%6'(, 8(:? '5 "1:1/EJ 2E9'Q/#7:0( 034>#)6E& 19/#51& $3( 1:19/#B%6'( 6# $'#=/#&&% (0:/#Q:%='( 2E$%3%6'( 81$=/488). +3( "#B$1=1 '5 5 1C%6'2#6') 2E>'03(Q%:0( 0/%$6%% 56#>%6'% /%):'6=# "#B$1=1 '5 14 :/%912#6').
609
L3%'-,$()$ 4'7$+.-"0
G:0) >"((-B. A# U:1& R#=% &E L'"0'/4%& $#66E%, 2E>'03(%&'&%7@'% 1:61R%6'% " $%34 0:#:'0:'>%0"'% 81"#5#:%3' ' /'04%&U:' 81"#5#:%3' 6# $'#=/#&&%. H9E>61 $3( "16:/13?61) $'#=/#&&E2E8136(7:0( 091/ ' 5#8'0? 15—20 2E91/1" (81$=/488#&' 81 5), "1Q:1/E% 1:19/#B#7:0( 6# $'#=/#&&%. A# U:1) B% $'#=/#&&% 1:19/#QB#7:0( ' 379E% 6%19E>6E% 019E:'(, %03' :#"12E% 6#0:48#7:.S13%% $%:#3?6#( '6L1/&#C'(, "#0#7@#(0( "13'>%0:2# 2E91/1",8/'2%$%6# 2 5#R:/'J12#661& 8/(&14=13?6'"% 6# 0:/. 481 (27) 81$6#52#6'%& «-#" &61=1 ("#"1) 19W%&) $#66EJ 2#& 6%19J1$'&1 $3(2E>'03%6'( "16:/13?6EJ =/#6'C?». +3( "#B$1) 2E91/"' &E 2EQ>'03(%& 0/%$6%% 56#>%6'% J ' $'#8#516 (R, /#26E) /#5610:' &%B$46#'913?R'& ' 6#'&%6?R'& 56#>%6'%&) ' /'04%& 'J 6# 011:2%:Q0:247@'J "16:/13?6EJ $'#=/#&&#J. F#:%& 2E>'03(7:0( 04&&#/Q61% 0/%$6%% 56#>%6'% (6#5E2#%&1% :#"B% 19@'& 0/%$6'&) ' 0/%$Q6') $'#8#516, >:1 18/%$%3(%: C%6:/#3?6E% 3'6'' $3(:
76F7E9 C7F1@7AHF9Y :=;D@;>>!"6,'+(" Wheeler, "+("-'0) 4"(.%",9(1F #)'6%'00 8-,8K.+8 [1]:1J8 "+("-'. > 4"(.%",9(1F #)'6%'00'F )+3",9;/K.+8 6%'()21 4"(.%",8,
"3%$#$,8$01$ +"6,'+(" «3%'-),/ .%$F +)60» — ." $+.9 -($ ;'-)+)0"+.) "..)3' #)'6%'001 E.) 6%'()21 /+.'('-,)-'K.+8 (' %'++."8()) /.%"$(("6""2$()-'$0"6" +.'(#'%.("6" ".4,"($()8 3" "C$ +."%"(1 ". 2$(.%',9("< ,)J()). I'+3",'6'8+9 .'0, "() ".#$,8K. -";0"&(1< ?/0 ("C:)$ 3%)7)(1 -'J%)'2)<) ". 3".$(2)',9(1F +)6(',"-.
2J8 "+("-'. T+3",9;"-'.9 "C17(/K #)+3$%+)"((/K +.'.)+.)4/ #,8 -1J7)+,$()8 3%$#$,"- 3" «3%'-),/ .%$F +)60». =$ )0$$. ;('7$()8, )+3",9;/$.$-1 #)'3';"(1, +.'(#'%.("$ ".4,"($()$ ),) +%$#($4-'#%'.)7("$ ;('7$()$.P"6#' -1 )+3",9;/$.$ 3%'-),9(1< 3"#F"#, %';,)7(1$ +.'.)+.)7$+4)$ 3%)J$01 3%)-$#/. 4 3",/7$()K C,);4)F %$;/,9.'."-. T ('3%".)-, %';,)7(1$+.'.)+.)7$+4)$ 3%)$01 3%)-$#/. 4 3",/7$()K C,);4)F ($3%'-),9(1F %$J;/,9.'."-, $+,) C/#$. )+3",9;"-'.9+8 ($3%'-),9(1< 3"#F"#.
3J8 "+("-'. P"(.%",9(1$ #)'6%'001 ;)&#/.+8 (' %'2)"(',9("0 "+/:$J+.-,$()) -1C"%4) ) %'2)"(',9("0 -1#$,$()) 3"#6%/33. Q." ;('7)., 7."+3"+"C, 3"+%$#+.-"0 4"."%"6" 3%")+F"#). +C"% #'((1F, %'+3%$#$,$()$ )F3" 3"#6%/33'0 ) "."C%'&$()$ (' #)'6%'00$, "3%$#$,8$.+8 ($+4",94)0)H'4."%'0). P E.)0 H'4."%'0 ".("+8.+8 +"#$%&'()$ #'((1F, )+."7()4) -'J%)'2)< #'((1F, -"3%"+1, (' %';%$?$()$ 4"."%1F ('3%'-,$(1 #)'6%'001,' .'4&$ 3%$#3",'6'$01< +3"+"C )+3",9;"-'()8 3",/7$(("6" ;('()8.
4J8 "+("-'. P"(.%",9(1$ #)'6%'001 3%$#+.'-,8K. +"C"< 2$(("+.9.",94" - ."0 +,/7'$, $+,) -1 ;('$.$ " ."0, 7." )F (/&(" )+3",9;"-'.9. T(1J0) +,"-'0), +C"% #'((1F ) 3"+.%"$()$ #)'6%'00 C$; )+3",9;"-'()8 4"(.J%",9(1F #)'6%'00 C$+3",$;(1. *"3%"+./ 6"-"%8, $+,) -1 ($ C/#$.$ 3%)0$J(8.9 )F, ()7$6" ($ 3%");"<#$..
610
!"#$
# 14
!"#$%&'%((): ! R"#$%&'%(():
"#$%&!, '%(%)*!#(+ ,%--./ 01234&, 52!6#,#-. 6 $%7&. 14.3.
!"#$%$&$'($ )*'+#*&,'-. "#$%$&*/. 8(51&9:4#3 (2#,-!; ,!<%5%:1- ! 17*## (2#,-## ,&+ 6.=!(&#-!+ 6#2/-#>1 (UCL) ! -!?-#>1(LCL) '1-$21&9-./ 52#,#&16 ,&+ /< ! R<,!%>2%33 51 (&#,4)*!301234&%3:
UCLR = D4R UCLx = x + A2RUCLR = D3R UCLx = x – A2R
@,#(9 D3, D4 ! A2 — '1-($%-$., '1$12.# :%6!(+$ 1$ 2%:3#2% 6.<712'!. B1234&. ,&+ 6.=!(&#-!+ '1-$21&9-./ >2%-!C ! '1-($%-$52!6#,#-. 6 $%7&. 14.3.
012&. 14.3. B1234&. ! '1-($%-$. ,&+ '1-$21&9-./ ,!%>2%33
611
L3%'-,$()$ 4'7$+.-"0
<1=3#061 $#66E& FAB 6# /'0. 14.8, C%6:/#3?6#( 3'6'( ' "16:Q/13?6E% =/#6'CE 2E=3($(: 03%$47@'& 19/#51&:
M%6:/#3?6#( 3'6'( $3( RQ$'#=/#&&E = R– = 1,19M%6:/#3?6#( 3'6'( $3( M–Q$'#=/#&&E = M– = 4,09;
UCLR = 2,114 l,19 = 2,51 UCLX = 4,09 + 0,577 1,19 = 4,77LCLR = 0 1,19 = 0 LCLX = 4,09 — 0,577 1,19 = 3,40
A# U:1& U:#8% 81/# $19#2':? C%6:/#3?647 3'6'7 ' "16:/13?6E%=/#6'CE " $#66E&, 4B% 6#/'012#66E& 6# 011:2%:0:247@'J $'#Q=/#&&#J, ' 8134>':? 5#2%/R%66E% $'#=/#&&E, 81"#5#66E% 6#/'0. 14.8. D 0612#, "1=$# "16:/13?6#( $'#=/#&&# 81"#5E2#%:, >:1810:/1%66E% 81 $#66E& :1>"' 10:#7:0( 2 8/%$%3#J "16:/13?6EJ=/#6'C ' 6% '&%7: 2'$'&1=1 :/%6$# ' "#"'JQ3'91 $3'66EJ 8103%$1Q2#:%3?610:%) :1>%" 6'B% '3' 2ER% C%6:/#3?61) 3'6'', &1B610"#5#:?, >:1 8/1C%00 2%$%: 0%9( J1/1R1 ' 6#J1$':0( 81$ "16:/13%&.
C7D:; 6A?:B?1 !?@?E9<=6AG1HD@;F=Q9 C7F1@7AHF7S :=;D@;>>9?M,8 %'++0".%$()8. ($"CF"#)0"+.) 3$%$-17)+,$()8 6%'()2 +,$#/$. ;'J
#'.9 +$C$ %8# -"3%"+"- [3]:>"3%"+ 1. >$%(" ,), 7." -'?' #)'6%'00' #$0"(+.%)%/$. +/:$+.-$((" ".J
,)7'K:)<+8 .)3 3"-$#$()8 ". ."6", 7." )0$," 0$+." - 3%"?,"0?>"3%"+ 2. R('$.$ ,) -1, 3"7$0/ 3%");"?," E." );0$($()$ - 3"-$#$())?>"3%"+ 3. X-,8$.+8 ,) ("-"$ 3"-$#$()$ 3%"2$++' &$,'.$,9(10?>"3%"+ 4. B&)#'$.$ ,) -1 ) &$,'$.$ ,) -1, 7."C1 ("-"$ 3"-$#$()$ 3%"J
2$++' 3%"#",&',"+9?V+,) -1 ".-$7'$.$ «#'» (' -+$ 7$.1%$ -"3%"+' ) E.) ".-$.1 "+("-1-'K.+8
(' #'((1F, 4"."%1$ -1 +"C%',) 3"+,$ );0$($()8 - 3%"2$++$, -'0 +,$#/$.3$%$-17)+,).9 3%$#$,1. V+,) -1 ".-$7'$.$ «($.» (' -"3%"+ 1, ." #$%&).$+9- +.'%1F 3%$#$,'F. V+,) -1 ".-$7'$.$ «($.» (' -"3%"+1 2, 3, 4, ($ .%"6'<.$3%$#$,1. > "+.',9(1F +,/7'8F ):).$ "+"C/K 3%)7)(/.
:AG <?D7 =6!7AHR7E;1H !@?:?A9E 6771E?161E== 6 «!@;E=A7> 1@?Y 6=D>»?*%$#$,1, /+.'('-,)-'$01$ +"6,'+(" «3%'-),/ .%$F +)60», 3%$#('0$J
%$((" -1C%'(1 \$F'%."0, 3"."0/ 7." "() )0$K. E4"("0)7$+4)< +01+,.B() #"+.'."7(" ?)%"4) #,8 ."6", 7."C1 ".+$79 C",9?/K 7'+.9 ?/0', );C'-J,88 3",9;"-'.$,$< ". ;'.%'. -%$0$() (' )(.$%3%$.'2)K ?/0' 4'4 +)6(','("+"C1F 3%)7)( -'%)'2)<). > E." &$ -%$08 E.) 3%$#$,1 #"+.'."7(" /;4) #,8."6", 7."C1 ;'+$79 -$%"8.(1$ +)6(',1 ) );C$&'.9 3".$%) +)6(',"-, )0$KJ:)F E4"("0)7$+4/K ;('7)0"+.9. L+.'("-4' 3%$#$,"- +"6,'+(" «3%'-),/.%$F +)60» "C$+3$7)-'$. /#"-,$.-"%).$,9(1< C','(+ 0$&#/ E.)0) #-/08-)#'0) "?)C"4 [5].
612
5,'-'
14X03' U:1 6% :#", $#66E% 2E8#$#7: 5# 40:#6123%66E% 8/%$%3E ' $%Q&160:/'/47: 6%1B'$#66E% 812%$%6'(, >:1 156#>#%:, >:1 6# 8/1QC%00, 215&1B61, 8123'(3# :# '3' '6#( 1019#( 8/'>'6#. N /%543?:#Q:% U:1=1 C%6:/#3?6#( 3'6'( ' "16:/13?6E% =/#6'CE 0&%0:'3'0?..1 04:', &1B61 0"#5#:?, >:1 U:1 (23(%:0( 4"#5#6'%& "1$% 2E$%Q3':? U:4 101947 8/'>'64 ' 40:/#6':? %% '3' 25(:? 81$ "16:/13? $3(:1=1, >:19E $10:'>? 010:1(6'( 0:#:'0:'>%0"1=1 "16:/13(. N5(:?612E) 6#91/ 2E91/1" / 81$=/488 ' 8%/%0>':#:? J, R ' "16:/13?6E%=/#6'CE (913%% $%:#3?6#( '6L1/&#C'( 8/'2%$%6# 2 5#R:/'J12#6Q61& 8/(&14=13?6'"% 6# 0:/. 475 (29) «-1=$# 03%$4%: 8%/%2E>'03(:?=/#6'CE "16:/13?61) $'#=/#&&E?»).O%R#(, (23(%:0( 3' 8/1C%00 "16:/13'/4%&E&, 06#>#3# 0&1:/'&
6# RQ$'#=/#&&4. .10"13?"4 "16:/13?6E% =/#6'CE 6# JQ$'#=/#&&%5#2'0(: 1: 0/%$6%=1 $'#8#516#, 1019E% 8/'>'6E &1=4: 015$#2#:? 6#RQ$'#=/#&&% 6%19E>6E% "#/:'6E. -1=$# RQ$'#=/#&&# 1"#5E2#%:Q0( 25(:# 81$ "16:/13?, &E 6#"16%C =1:12E 0&%0:':? 6#R% 26''%' 8/'2%0:' JQ$'#=/#&&4 :#"B% 2 010:1(6'% "16:/13(.
M("2'; ' '($,)/),$".'4 >'"8)"++-. *13?"1 19@'% 8/'>'6E8/'04:0:247: 2 8/1C%00%, 6#J1$(@%&0( 2 010:1(6'' 0:#:'0:'>%Q0"1=1 "16:/13(. A# >:1 2 $%)0:2':%3?610:' 81J1B# "16:/13?6#( $'Q#=/#&&# 8/1C%00#, 6#J1$(@%=10( 2 010:1(6'' 0:#:'0:'>%0"1=1 "16Q:/13(? *#"#( $'#=/#&&# 81"#5E2#%: :1>"', "1:1/E% L34":4'/47:034>#)61 &%B$4 "16:/13?6E&' =/#6'C#&' 9%5 >%:"1 2E/#B%661)5#"161&%/610:'. N >#0:610:', U:1 56#>': 8/'&%6'&10:? 03%$47Q@'J 8/'6C'812:
1. H:04:0:247: :1>"' 5# 8/%$%3#&' "16:/13?6EJ =/#6'C.2. -13'>%0:21 :1>%" 2ER% C%6:/#3?61) 3'6'' 8/'93'5':%3?61/#261 "13'>%0:24 :1>%" 6'B% C%6:/#3?61) 3'6''.
3. *1>"' 2E=3($(: "#" /#08/%$%3%66E% 034>#)6E& 19/#51&2ER% ' 6'B% C%6:/#3?61) 3'6''.
4. S13?R'60:21 :1>%" /#08131B%61 293'5' C%6:/#3?61) 3'6'',' 3'R? 6%"1:1/E% '5 6'J — 293'5' "16:/13?6EJ =/#6'C.
D6E&' 0312#&', U:' 8/'6C'8E 8/%$813#=#7:, >:1 /#08/%$%3%Q6'% 0/%$6'J 56#>%6') 2E91/"' (23(%:0( 61/?6E&. +#661%8/%$8131B%6'% 02(5#61 0 C%6:/#3?61) 8/%$%3?61) :%1/%&1) 0:#:'Q0:'"', "1:1/#( 8/'&%6(%:0( " 0/%$6'& 56#>%6'(& 81$=/488, :1%0:? %03' /#5&%/ 81$=/488E 215/#0:#%:, :1 /#08/%$%3%6'% 0/%$6'J56#>%6') 81$ =/488 94$%: 0:/%&':?0( " 61/?61&4 /#08/%$%3%Q6'7, 26% 5#2'0'&10:' 1: J#/#":%/# /#08/%$%3%6') $3( 1:$%3?6EJ81$=/488 (U:1 81"#5#61 "/'21) 61/?61=1 /#08/%$%3%6'( 6#/'0. 14.8). N081&6'&, >:1 "16:/13?6E% =/#6'CE 40:#6123%6E 01Q=3#061 «8/#2'34 :/%J 0'=&» — 6# /#00:1(6'' :/%J 0:#6$#/:6EJ 1:Q"316%6') 1: 19@%=1 0/%$6%=1 (0&. 5#R:/'J12#66E) 8/(&14=13?6'"
613
L3%'-,$()$ 4'7$+.-"0
6# 0:/. 476 «+3( >%=1 '0813?512#:? 8/%$%3E 2 011:2%:0:2'' 0 «8/#Q2'31& :/%J 0'=&»?»), 81$/#54&%2#(, >:1 2%/1(:610:? :1=1, >:1 0/%$Q6%% 56#>%6'% 3791) 81$=/488E 2E)$%: 5# "16:/13?6E% =/#6'CE,/#26# 0.27% — 1>%2'$61, U:1 1>%6? % 56#>%6'%. H0:#7@'%0(99.73% $13B6E 6#J1$':?0( 264:/' "16:/13?6EJ =/#6'C. K:1 "1Q/%6?, 8%/218/'>'6# 8/'6C'8# 1.<'&&%:/'>6E) J#/#":%/ 61/?61=1 /#08/%$%3%6'(, 8/%$813#Q
=#7@'), >:1 "13'>%0:2# :1>%" 6'B% ' 2ER% C%6:/#3?61) /#26E,19W(06(%: 8/'6C'8E 2 ' 3. -/1&% :1=1, 810"13?"4 0/%$6%% 56#>%6'%61/?61=1 /#08/%$%3%6'( (23(%:0( :#"B% %=1 &%$'#61), 8/'&%/Q61 81 81312'6% :1>%" 3%B': 0 "#B$1) 0:1/16E 1: C%6:/#3?61) 8/(Q&1). ./'6C'8 4 10612E2#%:0( 6# 56#6'' :1=1, >:1 68% — :1 %0:?913?R'60:21 — 61/?61 /#08/%$%3%66EJ :1>%" 6#J1$(:0( 2153%C%6:/#3?61) 3'6'' '3', %03' =121/':? 913%% :1>61, 6# /#00:1(6''6% 913%% 1 0:#6$#/:61=1 1:"316%6'( (1 0'=&E) 1: 6%%. D 0612# U:'8/'6C'8E 2%/6E 0:13? $13=1, 0"13? $13=1 8/1C%00 10:#%:0( 0:#9'3?Q6E& ' 48/#23(%&E& 19@'&' 8/'>'6#&', "#" 2 034>#% 6# /'0. 14.8.H$6#"1 20% %@% 03'R"1& >#0:1 8/1C%00E 6% 2%$4: 0%9( 6#$3%B#Q
@'& 19/#51&. S13?R% :1=1, 16' 2EJ1$(: '5Q81$ "16:/13(, "#" :13?"12 $%)0:2'% 20:48#7: 1019E% 8/'>'6E. -#" 2E=3($': "16:/13?6#( $'Q#=/#&&# 8/1C%00#, "1:1/E) 2EJ1$': '5Q81$ "16:/13(? A# /'0. 14.9.8/'2%$%6 /($ 8/'&%/12, '3370:/'/47@'J U:1. -1=$# 1$6# :1>"# 2EQ8#$#%: 5# "16:/13?6E% =/#6'CE (/'0. 14.9#), U:1 &1B%: 19W(06(:?0(3'91 10191) 8/'>'61), 3'91 19@%) 8/'>'61) — 1$61) '5 :%J, >:1 1:Q2%:0:2%66E 5# :% 0#&E% 0.27% :1>%", 3%B#@'J 26% "16:/13?6EJ =/#Q6'C. A%J#/#":%/61% "13'>%0:21 :1>%" 81 1$64 0:1/164 C%6:/#3?61)3'6'' 19E>61 4"#5E2#%: 6# 6#3'>'% 1019EJ 8/'>'6 (6#8/'&%/, 22%Q$%6'% 6121=1 83#6'/12@'"# 2 4B% 2E8136(7@')0( 8/1%":), 2%$4@'J" 26%5#861&4 0$2'=4 0/%$6%=1 56#>%6'( 8/1C%00# (/'0. 14.9b)../'>'6E, "1:1/E% 81(23(7:0( ' '0>%5#7: /%=43(/61, &1=4: 19Q
/#512E2#:? C'"3E (/'0. 14.90). ./'&%/ — 811>%/%$61% 2E8136%6'%1C%61" 0:1'&10:' $24&( /#53'>6E&' 37$?&', '0813?547@'&'021' U&8'/'>%0"'% 0:#6$#/:E 8/1'521$':%3?610:'. A# 8/1C%00&1=4: 8123'(:? 1019E% 8/'>'6E, "1:1/E% 810:%8%661 0&%@#7::1>"' 6# $'#=/#&&% 22%/J '3' 26'5 1:610':%3?61 C%6:/#3?61) 3'Q6'', 015$#2#( 810:1(66E) :/%6$ (/'0. 14.9d). N 1$61& 8/1%":%, 6#Q8/'&%/, 8103% 5#&%6E 18E:6EJ 8/1=/#&&'0:12 6%18E:6E&' 2 J1$%"1$61=1 012%@#6'( 81 1:19/#B%6'7 6# $'#=/#&&% '5&%6%6')01$%/B#6'( "13'>%0:21 '5&%6%6') 01$%/B#6'( 6# 6%"1:1/1% 2/%Q&( 81R31 22%/J, 8103% >%=1 2%/64310? " 61/?61&4.D 6#"16%C, "1=$# 03'R"1& 913?R1% "13'>%0:21 :1>%" /#0813#=#Q
%:0( 1"131 C%6:/#3?61) 3'6'' (/'0. 14.9%) '3' "16:/13?6EJ =/#6'C(/'0. 14.9f), ,] 6#937$#%& 0"4>%6610:? 1"131 C%6:/#3?61) 3'6'''3' "16:/13?6EJ =/#6'C 011:2%:0:2%661. .%/21% &1B%: 9E:? 2E5Q
614
5,'-'
142#61, 6#8/'&%/, 0'0:%&#:'>%0"'& 25(:'%& 2E91/1" '5 /4"121$'Q&EJ /#56E&' &%6%$B%/#&' 8#"%:12 /#91:, 1$'6 '5 "1:1/EJ '&%%:1>%6? 2E01"'% 1:"316%6'( 81 0:1'&10:', # 2:1/1) — 1>%6? 6'5"'%.D 8/' 2E01"'J, ' 8/' 6'5"'J 56#>%6'(J 1:"316%6') 0/%$6%% 56#>%Q6'% 2E91/"' 6% 94$%: 1:/#B#:? U:1, # 94$%: 1:/#B#:? 3'R? 'J 0/%$Q6%% 56#>%6'%, >:1 94$%: 2E=3($%:? "#" "4>"12#6'% 1"131 C%6:/#3?Q61) 3'6''.K:'& R#=1& &E 5#"#6>'2#%& 18'0#6'% '0813?512#6'( "16:Q
/13?61) $'#=/#&&E $3( 18/%$%3%6'( 8/1C%00# '3' 40:#6123%6'%%=1 010:1(6'( 0:#:'0:'>%0"1=1 "16:/13( ' 8%/%"37>#%& 6#R% 26'Q'% 6# '0813?512#6'% "16:/13?6EJ $'#=/#&& "#" '60:/4&%6:#/%R%6'( 8/193%&.
5)'+,(,(', 10($)02%(0= >'"8)"++- 1"1 '(#$)*+,($" ),?6,('4 /)0:2,+. -16:/13?6E% $'#=/#&&E 815213(7: 6#& J#/#"Q:%/'512#:? 8/1C%00 "#" 6#J1$(@')0( 81$ "16:/13%& '3' 6% 6#J1$(Q@')0( 81$ "16:/13%& [20]. ./1C%00, 6#J1$(@')0( 81$ "16:/13%&,8/1:%"#%: 6#0:13?"1 C%310:61, 6#0"13?"1 U:1 215&1B61, 2 :1 2/%&("#" 8/1C%00, 6% 6#J1$(@')0( 81$ "16:/13%&, — 6%:. D&%661 U:1/#53'>'% ' 5#0:#23(%: 37$%) 2"37>#:?0( 2 810:1(661% 812ER%6'%"#>%0:2#. A%81$"16:/13?6E) 8/1C%00 156#>#%:, >:1 2#/'#C'' 19(Q5#6E 021'& 04@%0:212#6'%& 1019E& 8/'>'6#&, "1:1/E% "1$#&1B%: 6#):', 03%$4( 4"#5#6'(& "16:/13?61) $'#=/#&&E [21].N0"/E:'% ' 40:/#6%6'% 8/'>'6 156#>#%: 434>R%6'% 8/1C%00#, >#0Q:1 $10:'=#%&1% E&' '62%0:'C'(&'.< $/4=1) 0:1/16E, 8/1C%00, 6#J1$(@')0( 81$ "16:/13%&, 6% :/%Q
94%: 81'0"# 1019EJ 8/'>'6, # 81:1&4 2#& 6%: 64B$E 5#6'&#:?0(U:'&. I:19E 434>R':? :#"1) 8/1C%00, &E $13B6E '5&%6':? >:1Q:1,3%B#@%% 2 10612% 0#&1=1 8/1C%00#. ./%B$% >%& $%3#:? U:1, &E $13QB6E 56#:?, >:1 "16:/13?6#( $'#=/#&&# 18/%$%3(%: '6$'2'$4#3?Q610:? 8/1C%00#. H$6#"1 =1310 8/1C%00# 1>%6? 0'3?61 1:3'>#%:0( 1:08%C'L'"#C'), '61=$# 6#5E2#%&EJ =13101& 5#"#5>'"#. K:' $2# =1Q310# /#53'>#7:0(! *1: L#":, >:1 8/1C%00 6#J1$':0( 81$ "16:/13%&,2120% 6% 56#>':, >:1 16 4$123%:21/(%: 08%C'L'"#C'(&. N :#"1&034>#% 8134>#%& 3' &E 1: 8/1C%00# 20%, >:1 &1B61 1: 6%=1 8134Q>':?? X03' 6#& "#B%:0(, >:1 U:1 6% :#", 6#& 03%$4%: $%)0:212#:?01=3#061 4"#5#6'(& "16:/13?61) $'#=/#&&E ' 8/'2%0:' U:' $2#=1310# 2 011:2%:0:2'% $/4= $/4=4. K:1 &1B%: 81:/%912#:? /($# 215Q$%)0:2') 6# 8/1C%00 — '5&%6%6'( %=1 10612, — >:19E 8/1$13B#:?434>R%6'% 8/1C%00# $1 :%J 81/, 81"# 16 6% 0:#6%: 4$123%:21/(:?08%C'L'"#C'(&. A#8/'&%/, %03' 2156'"#%: 6%19J1$'&10:? 2 :1&,>:19E 8/1C%00 48/#23%6'( 8/1%":#&', "1:1/E), 2E8136((0? C%310Q:61, 19%08%>'2#%: 0$#>4 8/1%":# X 2 :%>%6'% 12 &%0(C%&, 0:#3 4$12Q3%:21/(:? 612E& :/%912#6'(& 5#"#5>'"# ' 19%08%>'2#:? 0$#>4
615
L3%'-,$()$ 4'7$+.-"0
8/1%":# 2 :%>%6'% 10 &%0(C%2, :1 2#& &1B%: 81:/%912#:?0( 1:"#Q5#:?0( 1: 810:48%6>#:1=1 81$J1$# 2 813?54 8%/%"/E2#7@'J0( 0:#Q$'). -/1&% :1=1, 2E &1B%:% 103#9':? "16:/13? 01 0:1/16E 2E0R%=1/4"121$0:2#, 8/'21$(@') " 6%18%/#:'261&4 8/12%$%6'7 1951/12"16:/13?6EJ 019E:'), 2 813?54 8/12%$%6'( :#"'J 1951/12 0#&'&'8/1%":6E&' "1$#&'. ./'2%$%66E% $2# 8/'&%/# — U:1 8/'&%/E'5&%6%6') 0:/4":4/E 8/1C%00#.
&G5HKLEHDMN&O FHNTCHKLN[X 7&MWCMPPF08>" '#/02%;03"$%. -#" 4B% 481&'6#310?, "16:/13?6E% $'#=Q
/#&&E 8/1C%00# &1=4: 81&1>? 2#& 40:#612':? 010:1(6'% 0:#:'0:'Q>%0"1=1 "16:/13( 8/1C%00#, 104@%0:23(:? %=1 &16':1/'6= ' 1C%6'Q2#:? 81:%6C'#3?6E% 215&1B610:' 8/1C%00# [22]. N0% :/' 081019#8/'&%6%6'( 813%56E "#" 2 &%B8/1%":6EJ, :#" ' 21 264:/'8/1%":Q6EJ 8/1C%00#J. D 3'R? 6%0/#26%661 913?R%% "13'>%0:21 /%04/0122 913?R'J 8/1%":#J (23(%:0( 8/'>'61) :1=1, >:1 '&%661 2 6'J "16Q:/13?6E% $'#=/#&&E '0813?547:0( 6#'913%% >#0:1.
D),+4 )";)":0$1'. < /#52':'%& "1&8?7:%/6EJ 8/1=/#&& $3(/#91:E 0 "16:/13?6E&' $'#=/#&&#&' 'J 810:/1%6'% ' 81$$%/B#Q6'% 6% :/%94%: 04@%0:2%66EJ 5#:/#: 2/%&%6'. N 6#R%& 8/'&%/% 6#/'0. 14.8 "1$%, 010:1(@%) '5 6%0"13?"'J 18E:6EJ 37$%), 81Q:/%912#310? 6%0"13?"1 >#012 $3( :1=1, >:19E 083#6'/12#:? $'#=Q/#&&4, /#5/#91:#:? '60:/4&%6: 1C%6'2#6'(, 2E8136':? 8%/2E%'5&%/%6'( ' 810:/1':? $'#=/#&&4. ./' &%6%% 031B6EJ '5&%/%6'Q(J 5#:/#:E 2/%&%6' &1=4: 4&%6?R':?0(.
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
5),'+*@,#$3" ' (,>0#$"$1'. <>':#%:0(, >:1 8/%'&4@%0:2#"16:/13?6EJ $'#=/#&& 5#"37>#7:0( 2 :1&, >:1 U:1 8/10:1) ' #LQL%":'26E) '60:/4&%6:, "1:1/E) 8103% 6%"1:1/1) 81$=1:12"'&1B%: '0813?512#:? $#B% 8%/016#3 0 6%2E01"'& 4/126%& 19/#512#Q6'(. N :1 B% 2/%&( 'J 0:#:'0:'>%0"') J#/#":%/ &1B%: 8/%$0:#2Q3(:? 8/193%&4 $3( &61='J &%6%$B%/12 8/1%":12.
616
5,'-'
14D")'".''. <4@%0:24%: &61B%0:21 :'812 "16:/13?6EJ $'#=Q
/#&&. A# /'0. 14.10 8/'2%$%61 $%/%21, 815213(7@%% 2E9/#:? 81$QJ1$(@47 $'#=/#&&4. A#>6':% 0 218/10#: «D&%7:0( 3' 4 &%6( $#6Q6E% 1 8%/%&%66EJ '3' #:/'94:#J?» H:$%3?6E% :'8E $'#=/#&&8/%$813#=#7: :13?"1 $#66E% 1 8%/%&%66EJ, $/4='% — 19 #:/'94:#J.+#66E% 1 8%/%&%66EJ '5&%/(7:0( 81 6%8/%/E261) R"#3%, :#"1),"#" 2/%&(, 97$B%: 8/1%":#, >'03# ("13'>%0:21 '5&%6%6') 8/1%":#)' :. $. JQ$'#=/#&&# ' RQ$'#=/#&&# (23(7:0( 6#'913%% >#0:1 '0Q813?54%&E&' $'#=/#&&#&' $3( $#66EJ 1 8%/%&%66EJ.
C'#. 14.9. ./'&%/E "16:/13?6EJ $'#=/#&& 8/1C%0012,6% 6#J1$(@'J0( 81$ "16:/13%&
D5 The Management and Control of Quality, 4th edition, by J. R. Evans and W.M. Lindsay © 1999. .%/%8%>#:#61 0 /#5/%R%6'( SouthQWestern CollegePublishing, 81$/#5$%3%6'( Thomson Learning.
617
L3%'-,$()$ 4'7$+.-"0
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«$%L%":», 6%"1:1/E% —«$%L%":'26E)».+%L%": — 1$'61>6#(, 6% 011:2%:0:247@#( 08%C'L'"#C'(& J#Q
/#":%/'0:'"# "#>%0:2#. A#8/'&%/, 1/=#6'5#C'( 1:03%B'2#%: 0:%Q8%6? 4$123%:21/%6610:' 913%% >%& 60 021'J 5#"#5>'"12 $%0(:?78/1%":6E&' J#/#":%/'0:'"#&' "#>%0:2# — 1: 2/%&%6' C'"3# $11:61R%6'( C%6# / 8/1'521$':%3?610:?. K:' J#/#":%/'0:'"' '5&%Q/(7:0( 81 R"#3% 1: 1 (012%/R%661 6%4$123%:21/%6) $1 6 (2 2E0R%)0:%8%6' 4$123%:21/%6). N0("') /#5, "1=$# 0/%$6%% 56#>%6'% J#/#"Q:%/'0:'"' 8#$#%: $1 4 '3' 6'B%, U:1 /#00&#:/'2#%:0( "#" $%L%":,1:03%B'2#%&E) 81 uQ$'#=/#&&%. -1=$# 8/1%": (U3%&%6: 8/1%":#)
C'#. 14.10. ./'&%/E "16:/13?6EJ $'#=/#&& 8/1C%0012,6% 6#J1$(@'J0( 81$ "16:/13%&
D5 The Management and Control of Quality, 4th edition, by J. R. Evans and W.M. Lindsay © 1999. .%/%8%>#:#61 0 /#5/%R%6'( SouthQWestern CollegePublishing, 81$/#5$%3%6'( Thomson Learning.
618
5,'-'
1401$%/B': $2# '3' 913?R%% "13'>%0:21 $%L%":12, 16 0>':#%:0( $%QL%":'26E&. H/=#6'5#C'( '0813?54%: /Q$'#=/#&&4 $3( &16':1/'6Q=# $%L%":'26EJ 8/1%":12. *%8%/?, "1=$# &E 8/1(06'3' '&%7@'%0(:'8E $#66EJ, &1B%& 810&1:/%:? 6# /#5&%/ 2E91/"', >:19E 18/%$%Q3':?, "#"#( $'#=/#&&# 6#& 64B6#.
M>"/$".'4 10($)02%(0= >'"8)"++-. +3( '523%>%6'( &#"0'Q?61) 813?5E '5 "16:/13?61) $'#=/#&&E :/%94%:0( %% #$#8:#QC'( 81$ "16"/%:6E% 64B$E. A'B% 8/'21$(:0( 6%"1:1/E% '$%' 1:1&, "#" U:4 #$#8:#C'7 &1B61 104@%0:2':?.
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 4"(.%",9(1$ #)'6%'001 - C",$$)+3",9;"-'()8 4%/3(1F 3%"$4.'F. T+3",9;"-'.9 4"(.%",9(1$
#)'6%'001 #,8 0"()."%)(6' +.'C),9("+.)"+("-(1F 3%"2$++"- /3%'-,$()8 3%"$4.'0)(('3%)0$%, #,8 4"(.%",8 ."7("+.) "2$()-'()8+.")0"+.) ),) ".4,"($()< ". %'+3)+'()8).T+3",9;"-'.9 4"(.%",9(1$ #)'6%'001 #,8/,/7?$()8 "+("-(1F 3%"2$++"- /3%'-,$()83%"$4.'0) (('3%)0$%, 3%"2$++' "C$+3$7$()8/#"-,$.-"%$()8 3",9;"-'.$,$< F"#"0)+3",($()8 3%"$4.')
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
COEUPO./%$&%:1& /#00&1:/%6'( $#661=1 /#5$%3# (23(3#0? "16:/13?Q
6#( $'#=/#&&# — '60:/4&%6:, "1:1/E) 81&1=#%: 40:#612':? 01Q0:1(6'% 0:#:'0:'>%0"1=1 "16:/13( 8/1%":#, 104@%0:23(:? %=1 &1Q6':1/'6= ' 1C%6'2#:? %=1 81:%6C'#3?6E% 215&1B610:'. N0% :/'8/'&%6%6'( 0810196E 8/'6%0:' 813?54 8/'&%6':%3?61 "#" " &%BQ8/1%":6E& 8/1C%00#&, :#" ' " 264:/'8/1%":6E&. N 913?R'J 8/1%"Q:#J — 2 0'34 6#3'>'( 4 6'J 913?R%=1 "13'>%0:2# /%04/012 — U:'$'#=/#&&E '0813?547:0( >#@% 20%=1. N 8/'2%$%661& 2ER% 5#R:Q/'J12#661& 8/(&14=13?6'"% 8%/%>'03%6E "37>%2E% 0119/#B%6'(,"1:1/E% 6%19J1$'&1 8/'6'&#:? 21 26''% 8/' 810:/1%6'' :#Q"1) $'#=/#&&E.
!@7E?@C; C7F1@7AHF7S :=;D@;>>9LC$#).$+9, 7." -1 %';%'C".',) ('#,$&':/K 4"(.%",9(/K #)'6%'00/.
B(' #",&(' -4,K7'.9 - +$C8 +,$#/K:$$:• 3%'-),9(1< .)3 #)'6%'001;• 2$(.%',9(/K ,)()K;• -%$0$((1$ %8#14• 3%'-),9(" -17)+,$((1$ 4"(.%",9(1$ 6%'()21.
619
L3%'-,$()$ 4'7$+.-"0
R;CAP<=1?AHF9? R;>?<;F=GN 6#0:1(@%) =3#2% 9E31 /#00&1:/%61 4 '60:/4&%6:#: 83#6 812EQ
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— U:1 21:>'6#$'#=/#&&E .#/%:1. A%"1:1/E% 8/193%&E &1=4: 9E:? 40:/#6%6E0 81&1@?7 "16:/13?61) $'#=/#&&E — '60:/4&%6:#, 18/%$%3(7Q@%=1 =1310 8/1C%00#, "1:1/E) &E J1:'& 1:03%B'2#:?, "16:/13'/1Q2#:? ' 434>R#:? 0 :%>%6'%& 2/%&%6'.N 8/'21$'&1) 6'B% :#93'C% &E $#%& ':1=121% 0/#26%6'%, 1:/#Q
B#7@%% 0':4#C'', 93#=18/'(:0:247@'% 8/'&%6%6'7 :%J '3''6EJ '60:/4&%6:12. X03' U:' 0':4#C'' 6% J#/#":%/'547: 8/1%":2 81361) &%/%, $19#2?:% $18136':%3?6E% 0':4#C'' ' 1:&%:?:%, "#"16' 011:610':0( 0 '0813?512#6'%& "#B$1=1 '5 U:'J '60:/4&%6:12.X03' '60:/4&%6: 8134>#%: 913?R1% "13'>%0:21 9#3312, 16, 2%/1(:Q61, 94$%: 813%5%6 8/' 2E8136%6'' 8/1%":#. *@#:%3?61% '54>%6'%&#:%/'#3# $#661) =3#2E &1B%: 81&1>? 2#& 34>R% 816(:? 2#R'64B$E.
C;C7S 78_?> :;FF9Y E;> F?78Y7:=>:AG E9<=6A?F=G C7F1@7AHF9Y D@;F=Q?>1 0"&$.$ ('7'.9 + -17)+,$()8 3",$;(1F, (" ($&$+.4)F 6%'()2 + #-/08
3"#6%/33'0), )0$K:)0) %';0$% 4. Q.) ) #%/6)$ 6%'()21, -17)+,$((1$ 0$J($$ 7$0 (' "+("-$ 15—20 ."7$4 #'((1F, %'++0'.%)-'K.+8 4'4 «-%$0$((1$6%'()21» ) #",&(1 3"#-$%6'.9+8 3$%$+0".%/ 3" 0$%$ 3"8-,$()8 ("-1F#'((1F. P"6#' -1 #"+.)6($.$ 15—20 ".#$,9(1F ;('7$()<, 6%'()21 ('7(/.+.'("-).9+8 C",$$ &$+.4)0). I';/0$$.+8, -1 0"&$.$ )+3",9;"-'.9 ) C",9J?$$ 4",)7$+.-" #'((1F #,8 -17)+,$()8 6%'()2, "#('4" /-$,)7$()$ )F +-$%F50 ."7$4 3%)("+). 0'," 3",9;1 [4|.
620
5,'-'
14
=17
D7E7
? 6@
;EF
?F=? =F61
@B>?F
17E C7F1@
7AG
C;<?6
1E;
6%5+
.T%2
8'.J(3
"%25&5)+
0\
M.2
3"%
,#/
#/%0
*."5
U 3()
U^#\
/%2 *.
K#&5).
8'.J(3
"%25&5)+
0\
M.2
3"%
,#/
#/%0
$%.J".
,,U
!."
#5(
8'.J(3
"%25&5)+
0\
M.2
3"%
,#/
#/%0
$%.J".
,,U
3"%K%
/%
&'#
$&5)%
V
8'.J(3
"%25&5)+
0\
M.2
3"%
,#/
#/%0
*(/5
"('L
/UZ
$%.J
".,,
BC$+3$7$()$
0$."#","6))
3"-1?$()8
4'7$+.-'
*%)+-"$()$ 3%)"%).$."- -'&("+.) 3%"C,$0
) 3%)7)(
B.%'&
$()$
3%)7)( 3%"C,$01
P"(.%",9,
0"()."%)(6 ),) /,/7?$()$
3%"2$++'
B.#$,9(1$ 0',1$ ) 3%"+.1$ 3%"$4.1
B.#$,9(1$ C",9?)$
) +,"&(1
$ 3%"$4.1
B%6'();'2))
+ 3"."4"0
($C",9?
)F 3%"$4."-
N%$C"-'()$
3%"+.".1
)(+.%/0$(.'
) ,$64"+.)
"C/7$()8
$6"
3%)0$($()K
B.+/.+.-)$ .%$C"-'()8
3%"+.".1
)(+.%/0$(.'
) ,$64"+.)
"C/7$()8 $6" 3%)0
$($()K
*"##$%&
4' 3%"'4.)-("6" 3"#F"#' 4 4'7$+.-/
621
L3%'-,$()$ 4'7$+.-"0
A=1?@;1B@;1. Wheeler, D. J. 1996. «Foundations of Shewhart’s Charts». Qualiey
Digest 16(10): 59.2. Nolan, T. W. and L. P. Provost. 1990. «Understanding Variation».
Qualiey Progress 23(5): 70—78.3. Wheeler, D. J. 1996. «When Do I Recalculate My Limits?» Qualiey
Digest 16(5): 79—80.4. Wheeler, D. J. 1996. «How Much Data Do I Ned?» Qualiey Digest
16(6): 59—60.5. Wheeler, D. J. 1996. «Why ThreeQSigma Limits». Qualiey Digest
16(8): 63—64.6. Scholtes, P. R., B. L. Joiner, and B. J. Streibel. 1996. The Team
Handbrook. 2d ed. Madison, Wis.: Joiner Associates Inc.7. Shewhart, W. A. 1931. The Economic Control of Quality of
Manufacturing Product. New York D. Van Nostrand Compani.8. Juran, J. M. 1974. Quality Control Handbrook. 3d ed. New York:
McGrawQHill.9. Gaudard, M. R. Coates, and L. Freeman. 1991. «Accelerating
Improvement». Quality Progress 24(10): 81—88.10. Kepner, C. H. and B. B. Tregoe. 1965. The Rational Manager. New
York: McGrawQHill.11. Anderson, S. D. and E. L. Cook. 1995. «TQM Implementation
Strategy for Capital Project». Jornal of Managemen in Engineering11(4): 39—47.
12. Stevens, J. D. 1997. «Blueprint for Measung Project Quality».Jornal of Managemen in Engineering. 12(2): 34—39.
13. Burr, J. 1990. «The Tools of Quality, Part IV: Pareto Charts».Quality Progress. 23(11): 59—61.
14. Mitra, A. 1998. Fundamentals of Quality Control andImprovement/ Upper Saddle River, N.J.: Prentice Haal.
15. Sarazcn, J. S. 1990. «The Tools of Quality, Part II: CauseQandQEffect Diagrams». Quality Progress. 23(7): 59—62.
16. Brassard, M. and D. Ritter, 1994. The Memory Jogger II. Salem,N.H.: GOAL/QPC.
17. Wheeler, D. J. 1996. «What Are Shewhart’s Charts». QualityDigest. 16(1): 72.
18. Evans, J. R. and W. M. Lindsay. 2001. The Management andControl of Quality. 5th ed. Cincinnati: SouthQWestern PublishingCompany.
19. Nolan, K. M. 1990. «Planning a Control Chart». Quality Progress.23(12): 51—55.
20. Wheeler, D. J. 1997. «Three Types of Actions». Quality Digest17(8): 23.
21. Pyzdek, T. 1998. «I Hate SPC». Quality Digest 18(9): 26, 54.
622
5,'-'
1422. Goetsch, D. L. and S. B. Davis. 2000. Introduction to Total Quality.
3rd ed. Upper Saddle River, N.J.: Prentice Hall.23. Shainin, P. D. 1990. «The Tools of Quatity, Part III. Control Charts».
Quality Progress. 23(8): 79—82.24. Godfrey, A. B. 1999. «Statistical Quality Control». Quality Digest.
18(3): 18.
75K#5/(&5L ( Z($#%&3('/#/%2 % -.*"U5%#
>3 )#"<: #"O'+"4D,-M 9"#"<",/0",'2' — )3+ 2+3 ,.*4"1/"+ I/1/G"".
K/'" Y1LL%/
H06126E% :%&E 6#0:1(@%=1 /#5$%3# — '60:/4&%6:E 2%$%6'(1:>%:610:' 1 J1$% '08136%6'( ' 5#"/E:'(:• B4/6#3 /'0"12;• 021$6E) 1:>%: 19 '08136%6'';• 8103%8/1%":6E) #6#3'5.
624
5,'-'
15
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
• 8156#"1&':?0( 0 '0813?512#6'%& /#53'>6EJ '60:/4&%6:122%$%6'( 1:>%:610:' 1 J1$% '08136%6'( ' 5#"/E:'(;
C'#. 15.1. O13? '60:/4&%6:12 2%$%6'( 1:>%:610:' 1 J1$%'08136%6'( ' 5#"/E:'( 2 8/1C%00% 0:#6$#/:'512#661=1
48/#23%6'( 8/1%":#&'
625
B.7$.("+.9 " F"#$ )+3",($()8 ) ;'4%1
.)$
• 2E9'/#:? '60:/4&%6:E 2%$%6'( 1:>%:610:' 1 J1$% '08136%Q6'( ' 5#"/E:'(, 4$123%:21/(7@'% 08%C'L'"% 'J 8/1%":61)0':4#C'';
• #$#8:'/12#:? 2E9/#66E% '60:/4&%6:E.K:' 6#2E"' B'56%661 2#B6E 2 2E8136%6'' 8/1%":# ' 810:/1%Q
6'' 8/1C%00# 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&'.
OB@F;A @=6C7E
<17 1;C7? OB@F;A @=6C7E?;121/( 48/1@%661, B4/6#3 /'0"12 — U:1 /#0R'/%6'% 83#6# /%#Q
='/12#6'( 6# /'0"'. N :1 2/%&( "#" 8103%$6') 8/%$0:#23(%: 0191)83#6 $%)0:2') 81 103#93%6'7 /'0"12, 8%/2E) 81&1=#%: "16:/13'Q/12#:? :%, "1:1/E% 8/1'0J1$(:. -16:/13? :#"1=1 /1$# 021$':0(" :/%& 106126E& 18%/#C'(&: L1/&'/12#6'% 9#5121=1 83#6# /'0"#,1C%6'2#6'% L#":'>%0"1=1 0:#:40# /'0"# ' 18/%$%3%6'% $#3?6%)QR'J $%)0:2') (0&. /'0. 15.2). K:', ' '&%661 U:' :/' 18%/#C'' 813Q610:?7 18/%$%3(7: B4/6#3 /'0"12.
E?:?F=? OB@F;A; @=6C7EA%0&1:/( 6# 021) 19>'21 48/1@%6>%0"') 2'$ (2'$ U3%":/16Q
61) :#93'CE), B4/6#3 /'0"12 1:/#B#%: 8/1C%00 "16:/13( /'0"12.K:1 :/%94%: 18/%$%3%661=1 4/126( $'0C'83'6E ' 4&0:2%661) 01Q0/%$1:1>%6610:', >:1, 2 0217 1>%/%$?, 8/'21$': " 6%19J1$'&10:'
C'#. 15.2. ./'&%/ B4/6#3# /'0"12
626
5,'-'
1504@%0:212#6'( 481/($1>%661) 8103%$12#:%3?610:' R#=12, "1:1Q/47 &E 18'R%& 28103%$0:2''.
50>80$031" '#B0>(0= '(J0)+".''. P81/($1>%66E) ' 10&E0Q3%66E) 8/1C%00 2%$%6'( B4/6#3# /'0"12 6% 8/%$0:#23(%:0( 215&1BQ6E& 9%5 8%/%>'03%66EJ 6'B% :/%J '6L1/&#C'166EJ "1&816%6:12.
• .3#6 48/#23%6'( /'0"#&'. +1"4&%6:, "1:1/E) 19%08%>'2#%:83#6 /#91:E 0 /'0"#&' 2 :%>%6'% B'56' 8/1%":#, 2"37>#( $%Q:#3' 4>/%B$%6'( ' 2%$%6'( B4/6#3# /'0"12.
• .3#6 /%#='/12#6'( 6# /'0"'. S#512E) 83#6, 0 "1:1/E& 0/#2Q6'2#%:0( L#":'>%0"') 0:#:40 /'0"#.
• H:>%:E 1 J1$% '08136%6'( '3' 40:6#( '6L1/&#C'( 1 L#":'>%Q0"1) J1$% '08136%6'(, 1:/#B#7@#( L#":'>%0"') 0:#:40 /'0"#.
H:)"@,(', 1 :";030+* /2"(*. O'0"', 18'0#66E% 2 9#5121& 83#Q6%, — U:1 '&%661 :% /'0"', 6# 103#93%6'% "1:1/EJ &E 6#C%3'2#%&021' 40'3'( 8/' 2E8136%6'' 8/1%":#. <3%$12#:%3?61, $3( 18/%$%3%Q6'( C%3%21) 40:#612"' (&'R%6', C%3', C%3' 6#R%=1 215$%)0:2'() &E19/#@#%&0( " 9#5121&4 83#64 — " 83#64 /%#='/12#6'( 6# /'0"'. H8Q/%$%3%6'% C%3%21) 40:#612"', 2"37>#7@%% 2 0%9( 8%/2E% 7 0:139C126# /'0. 15.2, 6#>'6#%:0( 0 18'0#6'( 1:$%3?61=1 /'0"# ' %=1 61&%/#,1:/#B#7@%=1 %=1 02(5? 0 '%/#/J'>%0"1) 0:/4":4/1) /#91:. D&( 3'QC#, 1:2%:0:2%661=1 5# 103#93%6'% /'0"# (:1 %0:? 23#$%3?C#), 0:%8%6?"/':'>610:' /'0"#, 8/%2%6:'261% $%)0:2'%, :1>"# '6'C'#C'' '$%)0:2'% 2 034>#% 6#0:483%6'( 019E:'( /'0"# — 20% U:1 >#0:' 9#51Q21=1 83#6#. -1=$# $#66#( '6L1/&#C'( 0:#612':0( $10:4861), C%3%Q2#( 40:#612"# 0:#612':0( 18/%$%3%661), ' 6#0:48#%: 2/%&( 8%/%J1Q$# " 091/4 '6L1/&#C'' 1 L#":'>%0"1& 0:#:40% /'0"#.
]#$"(032,(', J"1$'9,#1080 #$"$*#" )'#1". O%=43(/6E% 012%Q@#6'( 81 218/10#& J1$# 8/1$2'B%6'( —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
61=1 215$%)0:2'( (23(%:0( 8%/2E& R#=1& 06'B%6'( /'0"#. -#"8/#2'31, U:1 215$%)0:2'% 81$/#5$%3(%:0( 6# 5#$#>' 913%% 6'5"1=14/126(, $3' "1:1/EJ 18/%$%3(7:0( 021' /#08'0#6'' ' 1:2%:0:2%6Q
627
B.7$.("+.9 " F"#$ )+3",($()8 ) ;'4%1
.)$
6E% 3'C# (19E>61 6% 81"#5E2#%&E% 2 B4/6#3% /'0"12). A#8/'&%/,6# /'0. 15.2 8/%2%6:'26#( &%/# $3( /'0"# ̂ 9 (2:1/1) /($) — #4:01/Q0'6= :%0:'/12#6'( 8/1=/#&&61=1 19%08%>%6'(. N1 '08136%6'% U:1Q=1 23#$%3%C 81$/#5$%3'3 8/%2%6:'2647 &%/4 6# 5#$#>' 18/%$%3%Q6'( 01$%/B#6'( :%0:'/12#6'(, '$%6:'L'"#C'' 2%6$1/12, 2E840"#5#8/10# 6# 8/%$31B%6'% 4034=, 091/# ' 1C%6'2#6'( 8/%$31B%6'),8/1/%B'2#6'( ' 10:#23%6'( 1"16>#:%3?61=1 08'0"# ' 2%$%6'( 8%Q/%=121/12 ' 2E91/# 2%6$1/#, "1:1/1&4 94$%: 81/4>%6# U:# /#91:#.SE3' :#"B% 18/%$%3%6E /#08'0#6'% ' 193#0:' 1:2%:0:2%6610:'.A# 012%@#6'' 81 218/10#& J1$# 8/1$2'B%6'(, 8/121$'2R%&0(23 &#( 2002 =1$#, 23#$%3%C $1"3#$E2#%: 1 010:1(6'' 8/%2%6:'261)&%/E. H6# 6# 2 6%$%3' 1:0:#%: 1: /#08'0#6'(, '3', '6E&' 0312#&',:%/8': 6%4$#>4. H6 :#"B% '6L1/&'/4%: 019/#2R'J0(, >:1 $#:# 215Q$%)0:2'( /'0"# ("1=$# 9E31 5#83#6'/12#61 6#>#:? :%0:'/12#6'%8/1=/#&&61=1 19%08%>%6'() 0120%& 93'5"#. X03' 8/%2%6:'261% 215Q$%)0:2'% 6% 94$%: 4$#>61 5#2%/R%61 " 1 '73( 2002 =1$#, :1 2E813Q6%6'% 8/1%":# 94$%: 5#$%/B#61 6# 2 6%$%3'. K:1 0119@%6'%, /#54Q&%%:0(, 018/121B$#%:0( $%:#3?6E& 1904B$%6'%& 8/'>'6 6%4$#>'' 215&1B6EJ 08101912 '08/#23%6'( 8131B%6'(.
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• 19/#@%6'( " 9#5121&4 83#64;• 40:#6123%6'( L#":'>%0"1=1 0:#:40# 103#93%6'( /'0"#;• 18/%$%3%6'( $#3?6%)R'J $%)0:2') 810/%$0:21& B4/6#3# /'0Q"12, —
0:13? B% 31='>6#, 0"13? ' 379#( &%/# 81 "16:/137 /#08'0#6'( '3'97$B%:#. G1='>61 :#"B% ' :1, >:1 16# :/%94%:, >:19E:
• 2%$%6'% B4/6#3# /'0"12 ' 2E8136%6'% 02(5#66EJ 0 6'& 8/1QC%0012 8/'19/%31 0:#:40 /%=43(/61) 8/#":'"' ' &1$%3' 812%Q$%6'(, %03', "16%>61, 2E J1:':%, >:19E 6#R 83#6 /%#='/12#Q6'( 6# /'0"' 2E8136'30( 408%R61 (J1/1R') 8/'&%/ '531B%62 8/'2%$%661& 6'B% 5#R:/'J12#661& 8/(&14=13?6'"% «+'0QC'83'6# 3'$%/12 /'0"#»).
628
5,'-'
15
&G5HKLEHDMN&O R]CNMKM C&GFHDF08>" '#/02%;03"$%. X03' 2 8/1%":% 04@%0:247: 18/%$%3%66E%
10612#6'( $3( 2156'"612%6'( /'0"12, 16 5#034B'2#%: 4>/%B$%6'(' 2%$%6'( B4/6#3# /'0"12. N :#"1) 0':4#C'' 0:%8%6? L1/?610Q:' 81$$%/B#6'( B4/6#3# 94$%: 0'3?61 5#2'0%:? 1: /#5&%/# ' 031BQ610:' 8/1%":#. +3( 913?R'J ' 031B6EJ 8/1%":12, 0:#3"'2#7@'J0(01 56#>':%3?6E&' /'0"#&', 481/($1>%66E) &16':1/'6= ' 1:03%QB'2#6'% /'0"12 $13B61 0>':#:?0( 6%19J1$'&10:?7, "/1&% :1=1,4 6'J 6# U:1 28136% J2#:': ' 2/%&%6', ' /%04/012. -#" 0"#5#3 1$'6&%6%$B%/ 2E01"1:%J6131='>61=1 8/1%":#: «,1) B4/6#3 /'0"12 —1$'6 '5 :/%J 2#B6%)R'J "':12 &1%=1 8/1%":# (10:#3?6E% $2# "'Q:#— U:1 /#08'0#6'% ' "1&&46'"#C'( 0 >3%6#&' "1$E». N 8/1:'Q218131B61) B% 0':4#C'' /%#3'' B'56' 8/'2%$4: " :1&4, >:1 2 &8/1%":% — 2 0'34 1=/#6'>%6610:' /%04/012 — 94$%: 2E9/#6 6%L1/Q?6E) 81$J1$ " /#91:% 0 /'0"#&' ' 2%$%6'7 B4/6#3# /'0"12.
:=6Q=!A=F; A=:?@7E @=6C;Q." %'++4'; "C "#("0 0$($#&$%$ 3%"$4.' ); -$#/:$< 4"03'()), 798
6%/33' %';%'C".4) +$%-$%"- %'++0'.%)-'$. %$6/,8%("$ ) #)+2)3,)()%"J-'(("$ %$'6)%"-'()$ (' %)+4 4'4 -1+"4"3%)"%).$.(/K ;'#'7/. «X -+$6#')0$K 3,'( "+,'C,$()8 %)+4"- 'C+",K.(" #,8 ,KC"6" %)+4', + 4"."%10 01+.',4)-'$0+8. T("6#' - 0"$0 +3)+4$ 0"&$. +"#$%&'.9+8 3" +".($ %)+4"-. =$)0$$. ;('7$()8, +4",94" )0$((" - ($0 %)+4"- —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—8 -$#9 ;('K, 7." 0($ ($ (/&(" );C'-,8.9+8 ". -+$F %)+4"- 3" -+$0/ H%"(./. T —8 '.'4/K. X )#/ 4 +-"$< 4"0'(#$ ) "3%$#$,8K 3,'( "+,'C,$()8 4'&#"6" %)+J4'. B( 0"&$. C1.9 "7$(9 3%"+.10: «*%"-"#).9 $&$($#$,9(1$ +"-$:'()8,4'+'K:)$+8 #'(("6" %)+4'». G 0"&$. C1.9 ) +,"&(10. >";90$0, ('3%)0$%,%)+4, +3"+"C(1< "+.'("-).9 -13",($()$ 3%"$4.', — %)+4 ."6", 7." 6%/33''33'%'.("6" "C$+3$7$()8 ($ 3%$#"+.'-). ('0 3%'-), #,8 0'%?%/.);'2))."< ),) )("< 4"(4%$.("< ?)(1 (' 3$7'.("< 3,'.$. V+,) E." 3%");"<#$., %'JC".1 ('# E."< 3$7'.("< 3,'."< -1(/&#$((" C/#/. 3%)"+.'("-,$(1, ) 3%"$4.%';%'C".4) ("-"6" +$%-$%' ($ /#'+.+8 ;'-$%?).9 -"-%$08. *"E."0/ (' +"-$J:'()) 4"0'(#1 01 ;'#'$0 +$C$ -"3%"+: «V+,) "() ($ 3%$#"+.'-8. ('0 3%'-)J,', 7." 01 +0"&$0 +#$,'.9 - .'4"< +)./'2))?» ='? 3,'( "+,'C,$()8 %)+4"-0"&$. -16,8#$.9 4'4 «3%"6(";)%"-'.9 -$.-,$()$», «-13",(8.9 + "3$%$&$J()$0», «+#$,'.9 -+$ 3",("+.9K, (" ;',"&).9 -";0"&("+.9 );0$($()8 3%'J-),' 0'%?%/.);'2))». W)C", %'C".'8 +"-0$+.(" + 6%/33"< '33'%'.("6""C$+3$7$()8, 01 0"&$0 -1#$,).9 - ($$ C",9?$$ 4",)7$+.-" %$+/%+"-, 3"#J(8.9 3%)"%).$. )F ;'#'7), #' 0'," ,) 7." $:$. N'4 ),) )('7$, ('# E.)0 ('#"%'C".'.9. I)+4 (/&(" ".+,$&)-'.9 #" .$F 3"%, 3"4' "( ($ );&)-$. +$C8».
629
B.7$.("+.9 " F"#$ )+3",($()8 ) ;'4%1
.)$
D),+4 )";)":0$1'. .13%561 816'&#:?, >:1 81$$%/B#6'% B4/Q6#3# /'0"12 6% (23(%:0( $%31& 2/%&(%&"'&. N6%0:' 5#8'0? 2 6%=1 —$%31 &'64:EQ$/4:1). D $#B% $3'66E) 08'01" /'0"12, 6#937$#%Q&E) 2 913?R'J 8/1%":#J, 6% 49?%: &61=1 2#R%=1 2/%&%6'. ;$% 2/%&($%)0:2':%3?61 5#:/#>'2#%:0( (' 161 :1=1 0:1':), :#" U:1 2 8/%$$2%Q/'' 26%0%6'( :#"1) 5#8'0' — 8/' &16':1/'6=% /'0"12 ' 1904B$%Q6'' &%/, 6#8/#23%66EJ 6# 'J 103#93%6'%. H$6#"1 :#"'% 48/#23%6Q>%0"'% $%)0:2'( (23(7:0( $19#23(7@'&' C%6610:? ' 21 &61=1&18/%$%3(7@'&' 94$4@%% 8/1%":#.
D-80>-. N "#>%0:2% /%815':1/'( $%)0:2') 81 48/#23%6'7 /'0Q"#& B4/6#3 /'0"12 19%08%>'2#%: 6%19J1$'&E) 1951/ 106126EJ 01Q9E:') /'0"#, 81 1:61R%6'7 " "1:1/E& 2E8136(%:0( '$%6:'L'"#QC'(, >'03%661% 1C%6'2#6'%, /%#='/12#6'% ' 103#93%6'%. X=1C%6610:? &1B61 10156#:?, %03' 5#$#:? 0%9% 218/10: «I:1 8/1'51)Q$%:, %03' U:1=1 B4/6#3# 6% 94$%:?»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
5),'+*@,#$3" ' (,>0#$"$1'. T4/6#3 /'0"12 8/'23%"#:%3%603%$47@'&' 021'&' J#/#":%/'0:'"#&'.
• W*,3*+D. NE &1B%:% 6#):' 3#"16'>647 ' 019/#6647 2 1$61&&%0:% '6L1/&#C'7 1 0:#:40% 106126EJ /'0"12. K:1: 4$196E)081019 1951/# /'0"12 «5# 1$'6 25=3($», 6% =/%R#@') '59E:1>Q61) $%:#3'5#C'%), 081019%6 56#>':%3?61 U"161&':? 2/%&(.
• ;#3*+3+.. SE0:/1=1 25=3($# 6# B4/6#3 /'0"12, 215&1B61, 94Q$%: 28136% $10:#:1>61 $3( :1=1, >:19E 816(:? 04:? J/#6(@%)Q0( 2 6%& '6L1/&#C'' ' $#B% 6#>#:? '0813?512#:? %=1. +3( :%J,":1 1=/#6'>%6 21 2/%&%6', U:1 0>#0:?%.
D&%( L1/&4 U3%":/1661) :#93'CE, B4/6#3 /'0"12 &1B%: 06'0Q"#:? (/3E" 1$61) '5 0#&EJ 97/1"/#:'>%0"'J 2%@%), 4031B6(7@%)94&#=1:21/>%0:21. -/1&% :1=1, 16 8/%$0:#23(%: 1:$%3?6E% /'0"'2 2'$% 1:$%3?6EJ B% 5#8'0%), >:1 6% 1:/#B#%: /%#3?610:' 25#'&1Q$%)0:2'( /#53'>6EJ /'0"12.
630
5,'-'
15D")'".''. N15&1B61, 1$6# '5 0#&EJ /#08/10:/#6%66EJ 2#/'#Q
C') 610': 6#52#6'% B4/6#3# 8/193%&. -#" 4B% =121/'310? 2ER%,2 =3#2% 12, 2 5#R:/'J12#661& 8/(&14=13?6'"% «./193%&E ' /'0"'»&61='% &%6%$B%/E 8/1%":12 '0813?547: :%/&'6E «8/193%&E» '«/'0"'» 25#'&15#&%6(%&1 [2]. <3%$12#:%3?61, B4/6#3 8/193%& 1:Q03%B'2#%: 8/193%&E 8/1%":# ' 2"37>#%: 2 0%9( "#" :% 8/193%&E,"1:1/E% 4B% 8/1'51R3', :#" ' :%, "1:1/E% &1=4: 8/1'51):' 2 94$4Q@%& (:1 %0:?, 81 04:', /'0"'). K:1: '60:/4&%6: 21 &61=1& 81$19%6B4/6#34 /'0"12 ' &1B%: 2"37>#:?, 6#8/'&%/, 03%$47@'% 0:139CE:61&%/ 8/193%&E, 18'0#6'% 8/193%&E, $#:# 2156'"612%6'( 8/193%Q&E, 5#:/#='2#%&E% 8/193%&1) 18%/#C'', 0:%8%6? "/':'>610:'8/193%&E, $#:# 6#0:483%6'( :1>"' '6'C'#C'', 1:2%:0:2%661% 5#/#5/%R%6'% 8/193%&E 3'C1 :/%94%&E% $%)0:2'(, 03%$47@#( 0:#Q:406#( $#:# ' :1: L#":, 9E3# '3' 6% 9E3# /#5/%R%6# 8/193%&#?X0:%0:2%661% /#0R'/%6'% B4/6#3# 8/193%& — $'#=/#&&# 0:#Q
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— '6Q
L1/&#C'166#( 9#5# 8/193%& (0&. 8/'21$'&E) 6'B% 5#R:/'J12#6Q6E) 8/(&14=13?6'" «D6L1/&#C'166#( 9#5# 8/193%&»). N :1 2/%&("#" 1$6' "1&8#6'' &1=4: 6#5E2#:? U:' '60:/4&%6:E $'#=/#&&#&'0:#/%6'( 8/193%& ' '6L1/&#C'166E&' 9#5#&' 8/193%&, $/4='%6#5E2#7: 'J $'#=/#&&#&' 0:#/%6'( /'0"12 ' '6L1/&#C'166E&'9#5#&' /'0"12.
M>"/$".'4 <*)("2" )'#103. Y1:( 2 0'34 021%) 8/10:1:E B4/Q6#3 /'0"12 8/%$10:#23(%: $#3%"1 6% 9%5=/#6'>6E% 215&1B610:' 81#$#8:#C'', '&%%: 0&E03 /#00&1:/%:? 6%"1:1/E% '5&%6%6'( %=11919@%661=1 L1/&#:#, 6#&' 18'0#661=1. K:1 $13B61 81&1>? 0$%Q3#:? B4/6#3 /'0"12 913%% 81$J1$(@'& $3( 2#R'J 0190:2%66EJ64B$ ' "43?:4/E &16':1/'6=# /'0"12. M%3? 8%/%>'03%6'( :%J 6%Q0"13?"'J '$%) 19 #$#8:#C'', >:1 8/'2%$%6E 6'B%, 010:1': 6% 913%%>%& 2 0:'&43'/12#6'' 2#R'J /#5&ER3%6') "#0#:%3?61 :1=1, "#"&1B61 104@%0:2':? #$#8:#C'7 $#661=1 '60:/4&%6:# " 2#R%) 0'Q:4#C''.
631
B.7$.("+.9 " F"#$ )+3",($()8 ) ;'4%1
.)$=FW7@>;Q=7FF;G 8;R; !@78A?>BC/7$()$ (' 3%"?,"0 "31.$ — E." 3/.9, 3" 4"."%"0/ )#/. 0("6)$ "%6'()J
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
P'4 3%")+F"#). %';-).)$ .'4"< C';1 #'((1F? T;/7$()$ &/%(',"- %)+4"-3%"?,1F ),) ('+."8:)F 3%"$4."- ) 0'.$%)',"- 3"+,$3%"$4.(1F "C;"%"- 3"J0"6'$. "3%$#$,).9 ($"CF"#)0/K 3%$#-'%).$,9(/K )(H"%0'2)K. M',$$-13",(8$.+8 6%/33)%"-4' 3%"C,$0, )0$K:)F +F"#(/K 3%)%"#/. ='3%)0$%,0"6/. C1.9 -1#$,$(1 .'4)$ 6%/331: 4"0'(#(1$ 3%"C,$01, .$F(","6)7$+4)$3%"C,$01,.3%"C,$01, +-8;'((1$ + -$(#"%'0), 3%"C,$01 4',$(#'%("6"3,'()%"-'()8, 3%"C,$01 /3%'-,$()8 %)+4'0) ) .. #. [1]. B+"C$(("< 2$(("+J.9K - #'(("< +)./'2)) "C,'#'K. 4"039K.$%(1$ C';1 #'((1F, - 4"."%1F +"J#$%&).+8 3"#"C('8 )(H"%0'2)8 ) 4"."%1$ 3";-",8K. -13",(8.9 3")+4.
D." 0"&$. #'.9 3%"$4./ .'4'8 C';' #'((1F? B(' 0"&$. +,/&).9 - 4'7$J+.-$ 4"(.%",9("6" +3)+4' - F"#$ 3,'()%"-'()8 3%"$4.'. B(' .'4&$ 0"&$.)+3",9;"-'.9+8 - 4'7$+.-$ 4"(.%",9("6" +3)+4' - 3%"'4.)-("0 2)4,$ 4"(.J%",8 3%"$4.' (I!I!) #,8 )#$(.)H)4'2)) (-18-,$()8) 3%"C,$0 ) %)+4"- 3%)0"()."%)(6$ %'+3)+'()8, +.")0"+.) ) +"#$%&'()8, ('3%)0$%:
• P'4"-1 3%)7)(1, -1;1-'K:)$ #'(("$ ".4,"($()$?• P'4)$ ("-1$ %)+4) 0"6/. -";()4(/.9 - C/#/:$0 ) 4'4 "() 0"6/. );0$J().9 3%$#-'%).$,9(" 3%$#+4';1-'$0"$ ;'-$%?$()$ 3%"$4.'?
> #"3",($()$ 4 E."0/ C';' #'((1F 3%$#,'6'$. «3%$#-'%).$,9(" -13",J($((/K» (6"."-/K) "2$(4/ -,)8()8 ) #$<+.-)8, 4"."%1$ 0"6/. C1.9 3%$#J3%)(8.1 #,8 $6" "+,'C,$()8.
!@7E?@C; OB@F;A; @=6C7ELC$#).$+9, 7." -'? &/%(', %)+4"- +4"(H)6/%)%"-'( ('#,$&':)0 "C%'J
;"0. [/%(', #",&$(:• C1.9 "+("-'( (' .%$C/$0"< )+F"#("< )(H"%0'2)): 3,'($ /3%'-,$()8%)+4'0), 3,'($ %$'6)%"-'()8 (' %)+4 ) )(H"%0'2)) " H'4.)7$+4"0F"#$ )+3",($()8;
• ".%'&'.9 C';"-1< 3,'( %)+4"-: -,'#$,92', +.$3$(9 4%).)7("+.), 3%$J-$(.)-("$ #$<+.-)$, ."74/ )()2)'2)) ) #$<+.-)$ - +,/7'$ ('+./3,$()87%$;-17'<("< +)./'2));
• "3)+1-'.9 H'4.)7$+4)< +.'./+: "+,'C,8$.+8 %)+4 ),) ($., ) $+,) ($., ."/4';1-'.9 "6" +"+."8()$ ) #'./ ('+./3,$()8 -,)8()8;
• "3%$#$,8.9 #$.',) #',9($<?)F #$<+.-)<, $+,) %)+4 $:$ ($ "+,'C,$(.
632
5,'-'
15
COEUPON 6#0:1(@%& /#5$%3% 9E3 8/%$0:#23%6 B4/6#3 /'0"12. K:1: '6Q
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
C'#. 15.3. +'#=/#&&# 0:#/%6'( 8/193%&
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 &/%(', %)+4"- -" -+$F 3%"$4.'F,)+3",9;"-'()8 +.',4)-'K:)F+8 + 3"-1?$((10) %)+4'0)M"C'-,$()$ ("-"< M"C'-).9 +.",C$2, 3"4';1-'K:)< "3$%'2))F'%'4.$%)+.)4) 3%"$4.', ;'.%'6)-'$01$ %)+4"0 (3",$;("
- +,/7'$ -13",($()8 4%"++JH/(42)"(',9(1F3%"$4."-)
@"#)H)4'2)8 T+3",9;"-'.9 «-%$08 #" ('+./3,$()8 -,)8()8»,F'%'4.$%)+.)4) );0$%8$0"$ - $#)()2'F -%$0$() (('3%)0$%,
- #(8F) -0$+." «#'.1 ('+./3,$()8 -,)8()8»
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
633
B.7$.("+.9 " F"#$ )+3",($()8 ) ;'4%1
.)$
6E7:F9S 71<?1 78 =6!7AF?F==
<17 1;C7? 6E7:F9S 71<?1 7 Y7:? @;871?<21$6E) 1:>%: 1 J1$% /#91: — U:1 $1"4&%6:, '&%7@') 19E>61
$3'64 81/($"# 0:/#6'CE, "1:1/E) 2E610': 6# 8%/%$6') 83#6 '"/#:"1 18'0E2#%: 010:1(6'% 8/1%":#, 2E$#2#( 1:>%:E 19 1:"316%Q6'(J 81 01$%/B#6'7, 0:1'&10:', 0/1"#&, "#>%0:24, 1:/#B#( 56#>'Q:%3?6E% $10:'B%6'(, '$%6:'L'C'/4( 6%/%R%66E% 8/193%&E,8/%$0"#5E2#( :/%6$ ' 18/%$%3(( $%)0:2'(, :/%94%&E% $3( /%R%6'(8/193%& ' 19/#@%6'( 6%93#=18/'(:61=1 :/%6$#. N 8/1:'212%049%B$%6610:' &61='J 37$%) 2 :1&, >:1 1:>%: 8/%$0:#23(%: 0191)'0:1/'7 8/1%":#, 1:>%: $13B%6 8/%$0:#23(:? 94$4@%% 8/1%":#, "1Q:1/1% 10612#61 6# %=1 8/1R31&. ./'&%/ :#"1=1 48/%B$#7@%=1021$61=1 1:>%:# 1 J1$% /#91: 8/'2%$%6 6# /'0. 15.4.
C'#. 15.4. ./'&%/ 021$61=1 1:>%:#
634
5,'-'
15@;R@;871C; 6E7:F7D7 71<?1; 7 Y7:? @;87150>80$031" '#B0>(0= '(J0)+".''. H0&E03%66E) 021$6E) 1:Q
>%: 6#>'6#%:0( 0 "#>%0:2%661) '0J1$61) '6L1/&#C'', " "1:1/1)1:610(:0(:
• 9#512E) 83#6 8/1%":#;• /%543?:#:E /#91: ' 8/1%":6E% $1"4&%6:E;• 8/1#":'26E) C'"3 "16:/13( 8/1%":# (O<O<).H:04:0:2'% :2%/$1=1 9#5121=1 83#6# 8/1%":# $%3#%: 8/#":'>%0Q
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ogging Line ' #6#3'5 2E8136%661) 0:1Q'&10:' [2]. N 8/1%":6E% $1"4&%6:E &1B%: 9E:? :#"B% 2"37>%6#' $/4=#( '6L1/&#C'(, 18'0E2#7@#( 2E8136%6'% 8/1%":#, "#" :1:8%/%8'0"#, 8/1:1"13E 012%@#6'), $1"4&%6:E, 18'0E2#7@'% J1$8/1$2'B%6'( 8/1%":#. S#512E) 83#6 8/1%":#, /%543?:#:E /#91:E '8/1%":6E% $1"4&%6:E 810:#23(7: '6L1/&#C'7, 2 :1 2/%&( "#"O<O< 19%08%>'2#%: #3=1/':& 19/#91:"' U:1) '6L1/&#C'' 2 1:>%:%.;121/( 94"2#3?61, 021$6E) 1:>%: 1 J1$% /#91: 8/%$0:#23(%: 01Q
91) 6% >:1 '61%, "#" 434>R%66E) 2#/'#6: O<O< ' 1:2%>#%: 16 6# :%B% 218/10E 2 6%0"13?"1 2'$1'5&%6%661) L1/&%:
• -#"121 /#0J1B$%6'% &%B$4 9#512E& 83#61& ' L#":'>%0"'&010:1(6'%& 8/1%":#? -#"12E :%"4@'% 8/193%&E, 2E5E2#7Q@'% U:1 1:"316%6'%?
• -#"'% /'0"' &1=4: 2156'"64:? 2 94$4@%& ' "#" 16' &1=4:2 $#3?6%)R%& 8/'2%0:' " "/#J4 8/1%":#?
• -#"12 :/%6$ — 8/%$0"#5E2#%&E% $#:# 5#2%/R%6'(, 97$B%:,01$%/B#6'% ' "#>%0:21 — 2 :1& 034>#%, %03' :%"4@'% 8/193%Q&E ' /'0"' 01J/#6(:0(?
• -#"'% $%)0:2'( 03%$4%: 6#& 8/%$8/'6(:? $3( :1=1, >:19E 8/%Q$1:2/#:':? /#52':'% 0':4#C'' 01=3#061 6#R%&4 6%93#=18/'Q(:61&4 8/1=6154 ' 4$%/B#:? 8/1%": 2 /#&"#J 9#5121=1 83#6#?
H>%2'$61, >:1 913?R#( >#0:? 2ER%8/'2%$%66EJ 218/1012 1:61Q0':0( " 94$4@%&4 8/1%":#, >:1 81$:2%/B$#%: 8/1215=3#R%66476#&' '$%7 1 :1&, >:1 1:>%:4 03%$4%: 8/'$#2#:? 8/1#":'2647, 1/'Q%6:'/12#6647 6# 94$4@%% L1/&4.
635
B.7$.("+.9 " F"#$ )+3",($()8 ) ;'4%1
.)$
C";)":0$1" #'#$,+- 3,>,('4 0$9,$(0#$'. H8/%$%3%6'% C%3','%/#/J'', >#0:1:E, 19(5#6610:%) ' /#08/10:/#6%6'( 021$6EJ 1:Q>%:12 8/%$0:#23(%: 0191) :1, >:1 &E 6#5E2#%& 0'0:%&1) 2%$%6'(1:>%:610:'. *#"#( 0'0:%&# 19%08%>'2#%: %$'60:21 0:'3( ' L1/&#Q:#, $#2#( 215&1B610:? 2E8136(:? 0/#26%6'% :%"4@%=1 1:>%:#0 8/1R3E&' ' 94$4@'&' 1:>%:#&' 2 U:1& 8/1%":% ' 2 $/4='J 8/1Q%":#J. <4:? 218/10# 5#"37>#%:0( 2 :1&, $3( "1=1 =1:12':0( U:1:1:>%: —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
>%: 1 J1$% /#91: 01$%/B': 2 0%9% "37>%2E% U3%&%6:E 19@%=1 1:>%:#' $#%: /4"121$0:24 215&1B610:? 0 1$61=1 25=3($# 1C%6':? J1$ '0Q8136%6'( 8/1%":# ' :/%6$. I#0:' $%:#3?61=1 1:>%:# — U:1 19@')0:#:40 8/1%":# ' %=1 106126EJ >#0:%), 106126E% /%543?:#:E, 56#Q>':%3?6E% 1:"316%6'(, 106126E% 8/193%&E, 8/1=615E 1"16>#:%3?Q6EJ 8#/#&%:/12 /#08'0#6'( ' 0:1'&10:', # :#"B% $%:#3?6E% 18'Q0#6'( "1//%":'/47@'J 215$%)0:2'). .1 04:', 19# 1:>%:# —' 021$6E), ' $%:#3?6E) — '&%7: $%31 0 1$6'&' ' :%&' B% :'8#&''6L1/&#C'', 1$6#"1 0 1>%6? /#53'>61) 0:%8%6?7 $%:#3'5#C''.N $18136%6'% " U:1&4 19# :'8# 1:>%:# 0:/1(:0( 21"/4= O<O<. N03%$Q0:2'% U:1=1 0J1$0:2# &E "16C%6:/'/4%&0( :13?"1 6# &%:1$131=''021$61=1 1:>%:# 1 J1$% /#91:, "1:1/#( — 0 :1>610:?7 $1 0:%8%6' $%Q:#3'5#C'' — 28136% 8/'&%6'&# ' " $%:#3?61&4 1:>%:4. O#53'>6E%'60:/4&%6:E "16:/13( /#08'0#6'(, 0:1'&10:', 01$%/B#6'( ' "#Q>%0:2# 19%08%>'2#7: 018/121$':%3?6E% $#66E%. ./'&%/#&' (23(Q7:0( BCFQ#6#3'5 ' #6#3'5 "16:/13?6EJ 019E:').
M%3? ' '%/#/J'( 18/%$%3(7: >#0:1:4 2%$%6'( 1:>%:610:'. A#Q8/'&%/, 2 1$61) L'/&% 021$6E% 1:>%:E 1 J1$% /#91: 2E840"#7:0(81 03%$47@%) 0J%&%.
• +3( %6?"'J 8/1%":12, :'8'>6#( $3'6# "1:1/EJ 010:#23(%:6 &%0(C%2, — %B%6%$%3?61.
• +3( 0/%$6'J 8/1%":12, :'8'>6#( $3'6# "1:1/EJ 010:#23(%:12 &%0(C%2, — /#5 2 $2% 6%$%3'.
• +3( 913?R'J 8/1%":12, :'8'>6#( $3'6# "1:1/EJ 010:#23(%:24 &%0(C#, — %B%&%0(>61.
636
5,'-'
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arrison 6#5E2#%: «"/#06E&' /#591)6'"#&'», :1>611:/#B#( 'J 81:%6C'#3?647 081019610:? 2E5E2#:? 10:#612"4 8/1%":#[2]. D 6#"16%C, 18/%$%3%6'% 193#0:%) 1:2%:0:2%6610:' 81 81$=1:12"%1:>%:# ' 3'C, "1:1/E& 6%19J1$'&1 2'$%:? U:1: 1:>%:» (23(%:0( 5#2%/QR#7@'& 52%61& /#5/#91:"' 0'0:%&E 2%$%6'( 1:>%:610:'.
H/),>,2,(', 0$120(,('=. K:1 $%)0:2'% (23(%:0( 8/#":'>%0Q"'& 8/'&%6%6'%& 8%/21=1 R#=# O<O<: "#"121 /#0J1B$%6'%» &%B$49#512E& 83#61& ' L#":'>%0"'& 010:1(6'%& 8/1%":#? </#26%6'%9#5121=1 83#6# 8/1%":# ' L#":'>%0"'J /%543?:#:12 /#91:E 81521Q3': 6#& 2E>'03':? 56#>%6'% U:1=1 1:"316%6'( — :1 %0:? /#5610:?
!?@E;G C@;SF761H — 6AB<;S !7:;<= 71<?17E,67:?@O;N=Y F?E?@FBP =FW7@>;Q=P>". 4"%".4'8 ) +"-+$0 ($ +$(+'2)"(('8 )+."%)8 " -$#$()) ".7$.("+.),
%'++4';'(('8 ('0 0$($#&$%"0 3%"$4.' - "#("< 4"03'()) 3" %';%'C".4$3%"6%'00("6" "C$+3$7$()8. «@$($#&$%1 3%"$4."- $&$0$+87(" 6"."-8. ".J7$.1 " +"+."8()) 4'&#"6" ); 3%"$4."-, 4"."%10) "() /3%'-,8K.. V+,) 7."J.")#$. ($ .'4 ,)C" $+,) ($4"."%"$ 4"(4%$.(1$ 3%$#0$.1 3"+.'-4) ($ 0"6/.C1.9 3",/7$(1, 01 #",&(1 )0$.9 )+7$%31-'K:$$ "CO8+($()$ E."0/. P%"J0$ ."6", 8 #",&$( 3"4';1-'.9, +4",94" -%$0$() 8 3%"-"&/ ('# 4'
 3%"J$4."0 ) ('# '#0)()+.%'.)-("< %'C"."<. D$+.(" 6"-"%8, 4'< 0$($#&$%3%"$4.' 3)?$., C/#." "( )+3",9;"-', 100% +-"$6" /+.'("-,$(("6" %'C"7$6"-%$0$(), -($ ;'-)+)0"+.) ". ."6", +4",94" E." C1," (' +'0"0 #$,$. @1 0"J&$0 ;'.%'7)-'.9 3" 120 ) 130%, (" 01 ($ 3)?$0 "C E."0 - ".7$.'F, 01 3%"+."3)?$0 — 100%. *"7$0/? *"."0/ 7." ($ )0$$. ()4'4"6" ;('7$()8, 7." ('3)J+'(" - ".7$.$... Q." "7$(9 #,)((1$ ".7$.1, 3"7.) -+$6#' 3" 6—7 +.%'()2.X "C17(" /3%'-,8K 4—5 3%"$4.'0) "#("-%$0$((" ) 6"."-,K ".7$. #,8 4'&J#"6" )F ()F. TF ('3)+'()$ ;'()0'$. 0("6" -%$0$(), (" 8 #",&$( 3)+'.9 )F —-$#9 )F 7).'K. -+$ -)2$J3%$;)#$(.1... =$., 01 ($ 3%'4.)4/$0 +-"#(1F ".7$J."-. G $:$ 01 ($ 3%"6(";)%/$0 #'./ ;'-$%?$()8 ) ($ 3%$#,'6'$0 #$<+.-)<,($"CF"#)01F #,8 ."6", 7."C1 +3%'-).9+8 + ;'#$%&4"<. T("6#' -1 0"&$.$3",/7).9 ". C"++' ;-"("4, "( )(.$%$+/$.+8, 7." 01 0"&$0 +#$,'.9 #,8 ."6",7."C1 -$%(/.9+8 - %/+," %'+3)+'()8». B.+/.+.-)$ 2$,), ".+/.+.-)$ 4"(2$(.J%'2)), ".+/.+.-)$ 3%"E4.)-("< "%)$(.'2)) — -". +,"-', 4"."%1$ 3%)F"#8.(' /0 3"+,$ 3%"7.$()8 E."< )+."%)).
637
B.7$.("+.9 " F"#$ )+3",($()8 ) ;'4%1
.)$
&%B$4 6'&'. N15?&%&, 6#8/'&%/, /'0. 15.4. X03' 8/1%":, $3( "1:1Q/1=1 010:#23%6 1:>%:, 8/%$0:#23(%: 0191) 6%913?R1) 8/1%": 264:Q/' 1:$%3#, 16 &1B%: '0813?512#:? Jogging Line $3( 18/%$%3%6'( 1:Q"316%6'( 81 0/1"#&. *#"1) 6% (23(7@')0( 8/1%":61Q48/#23(%&E&1:$%3 28136% &1B%: 1:19/#B#:? :13?"1 U:1: :'8 1:"316%6'(.N '61) B% 0':4#C'', =$% /%>? R3# 9E 1 "/4861& 8/1%":% /#5/#91:"' '/#52%/:E2#6'( 0'0:%&E 81"#5#:%3%) $3( '5&%/%6'( J1$# '08136%Q6'( 8/1%":12 2 �R:#9#J 913?R1) 8/1%":61Q48/#23(%&1) L'/&E,$3( 2E(23%6'( 1:"316%6') 81 0/1"#& ' 0:1'&10:' &1= 9E:? '0813?Q512#6 #6#3'5 "16:/13?6EJ 019E:') '3' $#B% 81361�R:#96#(0'0:%&# #6#3'5# 2E8136%661) 0:1'&10:', 81$$%/B'2#%&#( 2%/Q9#3?6E&' 18'0#6'(&' 1:"316%6') 81 01$%/B#6'7 ' "#>%0:24. N $1Q8136%6'% " U:1&4 "160:#:#C'( 106126EJ $10:'B%6'), "#", 6#8/'Q&%/, 6#0:483%6') "16:/13?6EJ 019E:'), 481&'6#%&EJ 2 1:>%:%,81&1=#%: 34>R% 816(:? ' 8/%$0:#2':? J1$ 8/1$2'B%6'( 8/1%":#.[061, >:1 /#00&1:/%66E) 1:>%: — U:1 1:>%: 4/126( 8/1%":#. I:1Q
9E /#5/#91:#:? %=1, 2#& 6%19J1$'&1 $3( 6#>#3# '&%:? 81$196E%1:>%:E 19 18%/#C'(J 8/1%":#. Y1/1R') 81$J1$ 5#"37>#%:0( 2 '0813?Q512#6'' <+O 2 "#>%0:2% "#/"#0#, "#" 18'0#61 2 /#5$%3%, 8102(@%661&<+O, =3#2E 5. ./1C%00 2%$%6'( 1:>%:610:' 6#>'6#%:0( 0 4/126( 8#"%Q:12 /#91:, 2E(23%6'( 1:"316%6') $3( 6'J ' 19W%$'6%6'( 'J 01=3#061'%/#/J'' <+O 0 C%3?7 18/%$%3%6'( 1:"316%6') $3( 20%=1 8/1%":#2 C%31&. .103%$47@'% R#=' — '$%6:'L'"#C'( 8/193%&, 8/%$0"#5#Q6'% :/%6$12 ' $%:#3'5#C'( "1//%":'/47@'J 215$%)0:2') — $13B6E2E8136(:?0( 6# 10612% :1=1 B% 81$J1$# — 0 '0813?512#6'%& <+O 2 "#Q>%0:2% "#/"#0#. H$'6 '5 08101912 U:1=1 $19':?0( — '0813?512#:? 0'0Q:%&4 20:/%>Q/%8%:'C') ' 012%@#6') 81 218/10#& 8/1=/%00#, 18'0#6Q647 2 /#5$%3%, 8102(@%661& Jogging Line (=3#2# 12).
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
638
5,'-'
15&%0(C%2 0840:( 403ER#:? 1 02%/R'2R%&0( L#":% 9#6"/1:0:2# U:1Q=1 2%6$1/# ' 1"#5#:?0( 2 0':4#C'', "1=$# '5&%6':? >:1Q3'91 9E319E 4B% 6%215&1B61.N 19@%& ' C%31& 8/193%&E, 23'(7@'% 6# 8/1=/%00 8/1%":#, &1=4:
'&%:? 021'& '0:1>6'"1& 37947 193#0:? /#91:E. N1: 81>%&4, 5#$#2#(218/10, "#0#7@')0( 215&1B6EJ 94$4@'J 8/193%&, 813%561 813?51Q2#:?0( "16:/13?6E& 08'0"1& $3( 2%$%6'( 1:>%:610:' 1 J1$% /#91:.H$'6 '5 :#"'J "16:/13?6EJ 08'0"12 — U:1 '6L1/&#C'166#( 9#5# 8/1Q93%& 0 81:%6C'#3?6E&' /%R%6'(&' (/#00&1:/%66#( /#6%% 2 5#R:/'QJ12#661& 8/(&14=13?6'"% «D6L1/&#C'166#( 9#5# 8/193%&»).
5),>#1";"(', $),(>". -#"'& 94$%: :/%6$ — 8/%$0"#5E2#%&E%$#:# 5#2%/R%6'(, 97$B%:, 01$%/B#6'%, "#>%0:21 — %03' :%"4@'%8/193%&E 01J/#6(:0(? Y1:( 8/1=615E :#"1=1 :'8# 6%3%="' ' 19Q@%'52%0:61 6%6#$%B6E, 'J 04:? 5#"37>#%:0( 6% 0:13?"1 2 'J :1>Q610:', 0"13?"1 2 :1&, >:1 16' L1/&'/47: 0'=6#3E /#66%=1 8/%$4Q8/%B$%6'(, 81"#5E2#7@'% 6#&, "4$# $2'B%:0( 8/1%":. A#8/'&%/,2152/#@#(0? " /'0. 15.4, «8/1%": 94$%: 5#2%/R%6 0 20Q$6%261) 5#Q$%/B"1), 20 '73(» — U:1 9%5B#310:61% 8/%$48/%B$%6'%, 25E2#7Q@%% " :%& '3' '6E& $%)0:2'(& $3( 19/#@%6'( :/%6$#. <81019610:?8/%$0"#5E2#:? :/%6$ '5 6%$%3' 2 6%$%37 '3' 0 :1) >#0:1:1), "#"12#>#0:1:# 81$#>' 1:>%:12, '&%%: "/#%4=13?647 2#B610:? 2 810:/1%Q6'' "3'&#:# 8/1=615'/12#6'(, 2 "1:1/1& "1$# 8/1%":# '6L1/Q&'/12#6# 1 8/1R31& 8/1=/%00% 8/1%":#, 61 2 %@% 913?R%) 0:%8%6''6L1/&'/12#6# 1 :1&, >:1 =1:12': 94$4@%%. S13ER#( >#0:? '60:Q/4&%6:12 "16:/13( /#08'0#6'(, 0:1'&10:', 01$%/B#6'( ' "#>%0:2#2 $#661) "6'=% 19%08%>'2#7: 6#$3%B#@47 9#54 $3( &%:1$131=')8/1=615'/12#6'(.
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«.%/2#( "/#)610:? —034>#) 81$#>' 1:>%:12, 01$%/B#@'J 6%2%/647 '6L1/&#C'7»). Y1:('5&%/%6'% 8/1'521$':%3?610:' (J1$# '08136%6'() ' 2#B61 0 :1>"'5/%6'( '6L1/&'/12#6'( 1 :1&, =$% &E 6#J1$'&0( 2 6#0:1(@%% 2/%Q&(, U:1 6% 913%% >%& '0:1/'( 8/1%":# — ' 2 6%) 6%: 6'>%=1, 6# >:1
639
B.7$.("+.9 " F"#$ )+3",($()8 ) ;'4%1
.)$
&E &1B%& 8123'(:? ' >:1 &E &1B%& '5&%6':?. A#R# %$'60:2%66#(215&1B610:? '5&%6':? :%>%6'% 8/1%":# 3%B': 2 %=1 94$4@%&. K:#215&1B610:? — :1 0#&1%, >:1 8/%$3#=#%: 6#& :/%6$ — 215&1B610:?8/%$2'$%:? ' L1/&'/12#:? 94$4@%% 6#R'&' $%)0:2'(&' 0%)>#0.
&G5HKLEHDMN&O GDH7NHWH HT!OTM H XH7O CM\HTF08>" '#/02%;03"$% #30>(-= 0$9,$ 0 B0>, )":0$. ./1%": —
913?R1) '3' E) — 64B$#%:0( 2 021$61& 1:>%:% 1 J1$% /#91:.D08E:E2#7@'% 6%$10:#:1" /%04/012, E% 8/1%":E, 1019%6612E8136(7@'%0( 2 &43?:'8/1%":61& 1"/4B%6'', 0"1/%% 20%=1, 94Q$4: '0813?512#:? 021$6E) 1:>%: 1 J1$% /#91: "#" %$'60:2%66E) 1:Q>%:, 1:0:#2'2 2 0:1/164 913%% $%:#3?61% 1061261% :%31 1:>%:# ' 01Q8/121$':%3?6E% $#66E%.Y1:( &61='% =1:12(: 1:>%: 2 L1/?61& 8'0?&%661& 2'$%, 01Q
937$#( 18/%$%3%6647 >#0:1:4 1:>%:610:', 2 EJ 8/1%":#J 19E>Q61) 8/#":'"1) (23(%:0( 8/1#":'26E) C'"3 6%L1/?61 $3( 40:61)81$#>' 1:>%:12 (0&. 8/'21$'&E) 6'B% 5#R:/'J12#66E) 8/(&1Q4=13?6'" «N:1/#( "/#)610:? — 034>#) 6%$10:#:1>61) 1:>%:610:'»).D 2 8/1:'218131B610:? U:1&4 L1/'5#C'(, /%=43(/610:? ' 6%19QJ1$'&E) $3( 1J2#:# 20%J 4/126%) '%/#/J'>%0"1) 0:/4":4/E 4/12%6?$%:#3'5#C'' — 21: :1, >:1 J#/#":%/'54%: 021$6E% 1:>%:E, 8/'&%6(Q%&E% 2 913?R'J 8/1%":#J ' 81>:' 6#2%/6("# 81$$%/B'2#%&E% 913%%$%:#3?6E& 106126E& :%31& 1:>%:# ' 018/121$':%3?6E&' $#66E&'.
E17@;G C@;SF761H — 6AB<;S F?:761;17<F7S 71<?1F761=@1 /+,1?',) E./ )+."%)K -" -%$08 10J0)(/.("6" ,'(7' + 0$($#&$%"0
3%"$4.' - "#("< .$F(","6)7$+4"< H)%0$. «@1 %';%'C'.1-'$0 4"03"($(.1#,8 ('?)F -(/.%$(()F ;'4';7)4"-, 4"."%1$ -+.%')-'K. )F - +-") ("-1$ 3%"J#/4.1, 3%$#(';('7'K:)$+8 #,8 -($?()F ;'4';7)4"-. T0$8 (' %/4'F 7 3%"$4J."-, 4"."%10) 8 /3%'-,8K - ('+."8:$$ -%$08, 8 3%"+." ($ )0$K ()4'4"< -";J0"&("+.) 3)+'.9 4'4)$J." ".7$.1. M' ) ($ .",94" 8 — ." &$ +'0"$ 0"6/.+4';'.9 " +$C$ -+$ 0$($#&$%1. P'< ); ('+ -13",(8$. 0("&$+.-" 3%"$4J."- "#("-%$0$((" —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». B.+/.+.-)$ 2$,), ".+/.+.-)$ 4"(J2$(.%'2)), ".+/.+.-)$ 3%"'4.)-("< "%)$(.'2)) — -". .$ +,"-', 4"."%1$"38.9 3%)F"#8. (' /0 3"+,$ 3%"7.$()8 E."< )+."%)).
640
5,'-'
15D),+4 /0>80$031' 0$9,$". -1$% 8/10:1=1 ' 6%913?R1=1
8/1%":# &1B%: 9E:? $10:#:1>61 >#0# '3' 1"131 :1=1, >:19E 8/12%0Q:' 012%@#6'% 81 218/10#& '08136%6'( ' 81$=1:12':? :'8'>6E)021$6E) 1:>%: 1 J1$% /#91:. +#B% "1=$# :/%912#6'( "1 2/%&%6' 42%Q3'>'2#7:0( 0 42%3'>%6'%& /#5&%/# ' 031B610:' 8/1%":#, (061, >:16%0"13?"'J >#012 2 034>#% 913?R1=1 8/1%":# $13B61 9E:? $10:#Q:1>61 $3( 2E/#91:"' 021$61=1 1:>%:#. K:1 4:2%/B$%6'% 8/%$813#Q=#%:, >:1 $18136':%3?61% 2/%&( — 215&1B61, '0>'03(%&1% $%0(:"#Q&' >#012 — 9E31 81:/#>%61 6# /#5/#91:"4 018/121$':%3?6EJ$#66EJ ' 6#8'0#6'% 1061261=1 :%3# 1:>%:#.
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—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— U:1 0'3#, "1:1/#( 5#0:#23(%: 'J 0%0:?, 019/#:? $#66E%1 010:1(6'' 5$1/12?( 8/1%":#, 9/10':? 25=3($ 2 94$4@%% 8/1%":# '0L1/&'/12#:? &6%6'%, 8/%$8'0E2#7@%% "#"'%Q:1 $%)0:2'(. *#"#(/#91:#, 2 1:3'>'% 1: 'J %B%$6%261) 91/?9E 0 2156'"#7@'&' 2 8/1%"Q:% 8/193%&#&', (23(%: 0191) 04:? 48/#23%6'( 8/1%":#&' — 81$4&#:?,08/1=615'/12#:?, $%)0:212#:?. X03' &%6%$B%/ 8/1%":# '&%%: 81361Q&1>'( 6# 2E8136%6'% 021'J 19(5#6610:%) 9%5 6%810/%$0:2%661=1 "16Q:/13( 01 0:1/16E /4"121$0:2#, :1 1:>%: 8/%$0:#23(%: %@% ' >%:2%/:472E=1$4. N/%&( 81$#>' 1:>%:# — U:1 2/%&(, "1=$# 2E0R%% /4"121$0:214$%3(%: 26''% &%6%$B%/4 ' %=1 '6L1/&#C'' 19 1:"316%6'(J 810/1"#&, /%04/0#J ' $%)0:2'(J. N6''% 01 0:1/16E /4"121$0:2# —U:1 :1, >:1 81&1=#%: &%6%$B%/4 4"/%83(:? 021% 23'(6'%. D 6#"16%C,8103%$6(( 2E=1$# — U:1 215&1B610:? '0813?512#6'( 1:>%:# $3( 01Q5$#6'( '0:1/'>%0"1) '6L1/&#C'' ' $1"4&%6:#C'', "1:1/E% 28103%$Q0:2'' &1=4: 9E:? 8/1#6#3'5'/12#6E 2 8103%8/1%":61& 1951/% ' '0Q813?512#6E $3( 19@%=1 012%/R%60:212#6'( '08136%6'( 8/1%":12.
641
B.7$.("+.9 " F"#$ )+3",($()8 ) ;'4%1
.)$
5),'+*@,#$3" ' (,>0#$"$1'. H06126E% 8/%'&4@%0:2# 021$Q61=1 1:>%:# 1 J1$% /#91: — U:1 %=1 8/10:1:# ' 6#=3($610:?. X=1 8/1Q0:1) 8/1#":'26E) C'"3 ' "/#:"10:? 2 01>%:#6'' 0 2'54#3?6E&8/%$0:#23%6'%& '6L1/&#C'' $#7: 215&1B610:? 813?512#:%3(& 01$61=1 25=3($# 3%="1 0J2#:E2#:?, 2 "#"1& 010:1(6'' 8/%9E2#%:8/1%": ' "4$# 16 '$%:.< $/4=1) 0:1/16E, 81$=1:12"# :#"1=1 1:>%:# &1B%: (23(:?0( 6%Q
$10:#:"1&, 810"13?"4 2 913?R'J 8/1%":#J 16 &1B%: 9E:? 2/%&(%&Q"'&. H$6#"1 U:1 B%/:2#, 6# "1:1/47 0:1': 81):', %03' 2E 102%$1&Q3%6E 1 2E=1$#J :#"1=1 1:>%:#.
D")'".''. <21$6E) 1:>%: — U:1 1$'6 '5 :%J '60:/4&%6:12, "1Q:1/E% '&%7: 1=/1&61% "13'>%0:21 2#/'#C'). D J1:( 1:>%:E &1=4:2#/?'/12#:?0( 81 01$%/B#6'7, 0:%8%6' $%:#3'5#C'', $3'6%, 913?QR'60:21 '5 6'J 0"31661 " 1:/#B%6'7 '0:1/'>%0"1) >#0:'. K:1 56#Q>':%3?61 06'B#%: 'J 813%5610:? ', 2 19@%&, 08101961 2E52#:? 0'&Q8#:'' " :%&, ":1 B#34%:0(, >:1 :/#:':  2/%&%6' 6# U:' 1:>%:E,6% '&%7@'%, "#" %&4 "#B%:0(, 6'"#"1) C%6610:'.
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 +-"#(1< ".7$. " F"#$ %'C".)+3",9;"-'()8 - 4'&#"0 3%"$4.$ (' %$6/,8%("< 3$%)"#)7$+4"<
"+("-$. B.7$. #",&$( )0$.9 3)+90$((/KH"%0/, )+4,K7'8 "7$(9 0',$(94)$ 3%"$4.1.!.%$0).9+8 4 ."0/, 7."C1 ".7$. )0$, #,)(/3"%8#4' "#("< +.%'()21
G#'3.'2)8 F'%'4.$%)+.)4) !H"4/+)%"-'.9+8 (' %'+3)+'()) 3%"$4.'(#,8 4%/3(1F 3%"$4."-, - 4"."%1F -'&(" -%$08-1F"#' (' %1("4)
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
M>"/$".'4 0$9,$". H9@'% J#/#":%/'0:'"' 021$61=1 1:>%:# 1 J1Q$% /#91:, 18'0#661=1 5$%0?, &1=4: 6% 1:/#B#:? 08%C'L'>%0"1) 0'Q:4#C'', 031B'2R%)0( 2 2#R'J 8/1%":#J. A#'34>R') 081019 '59%QB#6'( U:1) 8/193%&E — #$#8:#C'( 1:>%:# 81$ "16"/%:6E% 64B$E.N 8/'2%$%661) 2ER% :#93'C% 8%/%>'03%6 /($ '$%), "#0#7@'J0(:#"1) #$#8:#C''.
COEUPO./%$&%:1& /#00&1:/%6'( 6#0:1(@%=1 /#5$%3# (23(30( 021$6E)
1:>%: 1 J1$% /#91:, 1$610:/#6'>6E) $1"4&%6:, "1:1/E) 2E610': 6#8%/%$6') 83#6 010:1(6'% 8/1%":#, 8/%$0"#5E2#%: :/%6$ ' 18/%$%Q3(%: $%)0:2'(, 6%19J1$'&E% $3( 19/#@%6'( 6%93#=18/'(:61=1:/%6$#. ./1%": — E) '3' — 913?R1) 64B$#%:0( 2 1:>%:%. D %03'8%/2E) 034>#) $1840"#%: 40:6E) 1:>%:, :1 8103%$6') :/%94%: L1/Q
642
5,'-'
15
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
!76A?!@7?C1F9S ;F;A=R
<17 1;C7? !76A?!@7?C1F9S ;F;A=R?*%/&'6 8103%8/1%":6E) #6#3'5 ('3' 1951/) 1:610':0( 1$612/%Q
&%661 " 8/1C%004 ' $1"4&%6:4, 0J2#:E2#7@'& "/':'>%0"' 2#B647'6L1/&#C'7 1 :1&, >:1 9E31 0$%3#61 J1/1R1 ' >:1 9E31 0$%3#61831J1 2 J1$% 2E8136%6'( 8/1%":#. H06126#( '$%( 5$%0? 5#"37>#%:Q0( 2 :1&, >:19E 6#):' 081019 '0813?512#:? U:4 8134>%6647 '6L1/Q&#C'7 :#"'& 19/#51&, >:19E '59%B#:? 012%/R%66EJ 2 8/1R31& 01Q56#:%3?6EJ '3' 6%10156#66EJ 1R'91" ' 812:1/':? 408%J' — /#$'434>R%6'( '08136%6'( 8/1%":12 2 94$4@%&. .10"13?"4 37$' 81$Q2%/B%6E 1R'9"#& ' 0"3166E 012%/R#:? 6%2%/6E% $%)0:2'(, 8/1Q%":E '519'347: 6%$1>%:#&' ' 81:%6C'#3?6#( 215&1B610:? 194>%Q6'( 0 81&1@?7 8103%8/1%":6EJ 1951/12 2%0?&# 56#>':%3?6#. -#"03%$0:2'% U:1=1 &61='% /#0C%6'2#7: 8103%8/1%":6E% 1951/E "#"L1/?647 >#0:? 48/#23%6'( 56#6'(&' [1]. A# /'0. 15.5 8/%$3#Q=#%:0( 8/'&%/ $1"4&%6:# 8103%8/1%":61=1 #6#3'5#.
!@7E?@C; 6E7:F7D7 71<?1; 7 Y7:? @;871LC$#).$+9, 7." -'? ".7$. +.%/4./%)%"-'( ('#,$&':)0 "C%';"0. B(
#",&$( -4,K7'.9 - +$C8 +,$#/K:$$.• I'+F"&#$()8 0$&#/ C';"-10 3,'("0 ) H'4.)7$+4)0 +"+."8()$0 3%"J$4.' / "3$%'2)).
• =$%$?$((1$ -"3%"+1, -1;1-'K:)$ - ('+."8:$$ -%$08 E." ".4,"($J()$.
• I)+4) (($%$?$((1$ -"3%"+1), 4"."%1$ 0"6/. -";()4(/.9 - C/#/:$0 )#',$$ /+/6/C).9 E." ".4,"($()$.
• N%$(#, 8-,8K:)<+8 %$;/,9.'."0 .$4/:$6" ".4,"($()8 ) %)+4"-.• M$<+.-)8, .%$C/$01$ #,8 "C%':$()8 ($6'.)-("6" ),) 3"##$%&'()83";).)-("6" .%$(#'.
• !"3%"-"#).$,9(1$ #'((1$.
643
B.7$.("+.9 " F"#$ )+3",($()8 ) ;'4%1
.)$
E9!7AF?F=? !76A?!@7?C1F7D7 ;F;A=R;50>80$031" '#B0>(0= '(J0)+".''. <3%$47@#( '0J1$6#( '6Q
L1/&#C'( &1B%: 81&1>? 2 81$=1:12"% ' 8/12%$%6'' 408%R61=1 810Q3%8/1%":61=1 #6#3'5#:
• /4"121$0:21 81 8/12%$%6'7 8103%8/1%":61=1 #6#3'5#;• 8/'&%/E 8/1R3EJ 8103%8/1%":6EJ #6#3'512;• 8/1%":6#( $1"4&%6:#C'(.
76F7E7!7A;D;PN=? !@;E=A; !7E?:?F=G• =$ 0+.).$ ,K#80. M'<.$ 7$.4" 3"(8.9 + 3$%-"< +$4/(#1 3"+,$3%"$4.("J6" '(',);', 7." E." ($ 0$+." #,8 ."6", 7."C1 0+.).9 ,K#80, .14'.9 3',9J2$0 "C-)(8.9 "4%/&'K:)F, +3/+4'.9 ;,"+.9 ),) -1%'C'.1-'.9 %';/0J(1$ %$?$()8 #,8 +,)?4"0 C",9?"6" 4",)7$+.-' 3%"C,$0. V+,) -1 ($"CO8+().$ E."6" ) ($ C/#$.$ (' #$,$ 3"##$%&)-'.9 E./ ,)()K 3"-$#$J()8, -'?/ 4"03'()K 0"&$. 3"+.)79 .' &$ /7'+.9, 7." ) 0("6)$ #%/6)$, —)#$8 3"+,$3%"$4.("6" '(',);' - ($< C/#$. ".-$%6(/.'. M',$$, 3%"8+()J.$ .'4&$, 7." ()4'4)$ ); +#$,'((1F 4"00$(.'%)$- ($ C/#/. )+3",9;"J-'(1 - "C;"%'F 3%");-"#).$,9("+.) 3%)+/.+.-/K:)F ,)2.
• =$ C/#9.$ +,)?4"0 7/-+.-).$,9(1. B+.'-9.$ +-"$ E6" ;' #-$%9K )C/#9.$ +4%"0(1. *"+,$3%"$4.(1$ "C;"%1 +/:$+.-/K. #,8 ."6", 7."C1-18-,8.9 "?)C4) - 3%"2$++$ ) %'C".$ /7'+.()4"-. V+,) "?)C4) "C('J%/&)-'K.+8 - -'?$< %'C".$, 3%"8-,8<.$ +3"+"C("+.9 4 +'0"4%).)4$) %'++0'.%)-'<.$ E.) "?)C4) 4'4 -";0"&("+.9 +"-$%?$(+.-"-'()8) %"+.'.
• =$ ('3'#'<.$ () (' 4"6". G42$(. #",&$( #$,'.9+8 (' 3%"C,$0/ — (" ($(' ,K#$<. P"(2$(.%)%/<.$+9 (' ,KC1F ($%$?$((1F -"3%"+'F, 4'+'K.J+8 ,) "() 3%"2$++', 3%"#/4.', #)('0)4) 4"0'(#1 ) .. #. !.%$0).$+94 ."0/, 7."C1 -'?) 4"00$(.'%)) C1,) 4"(+.%/4.)-(1. BC-)($()8- '#%$+ #%/6"6" ),) .174) 3',92$0 - $6" 3%"0'F) /C),) "6%"0("$ 4"J,)7$+.-" 3"+,$3%"$4.(1F "C;"%"-, ,)?)- 0("6)$ 4"03'()) C$+2$(J("< -";0"&("+.) /7).9+8 ) +.'("-).9+8 ,/7?$.
• =$ ;'C1-'<.$ " H'4.'F. V:$ %'; 3"#/0'<.$ -". " 7$0: .", 7." 3"#-$%6'J$.+8 );0$%$()K, ." ) 3"#-$%6'$.+8 /,/7?$()K. V+,) -1 C/#$.$ +"C)J%'.9 #'((1$ ) H'4.1 ) 4,'+.9 )F - "+("-/ #)+4/++)< - F"#$ 3"+,$3%"J$4.(1F "C;"%"- ) ".7$."-, -1 3",/7).$ - +-") %/4) 0$.%)4/ (+)+.$0/3"4';'.$,$<) #,8 +-"$6" "C/7$()8 ) /,/7?$()8 )+3",($()8 -'?)F C/J#/:)F 3%"$4."-.
• =$ 3)?).$ 3"+,$3%"$4.(1< '(',); - +.),$ 4()6). WK#), 4"."%1$ C/#/.-13",(8.9 3%"$4.1 - C/#/:$0, ($ C/#/. 7).'.9 #,)((1$ ".7$.1. U".8-" -%$08 #)+4/++)) 0"6/. -";()4(/.9 0("6)$ -'&(1$ -"3%"+1, E4"J("09.$ +,"-' 3%) ('3)+'()) ".7$.'. A/#9.$ 4%'.4), H"4/+)%/<.$+9 ('($C",9?"0 4",)7$+.-$ &);($((" -'&(1F %$4"0$(#'2)<, 4"."%1$"C$+3$7)-'K. (')C",9?)< 3".$(2)', (-";0"&("+.)) #,8 /,/7?$()8.B;('4"09.$+9 + #$.',80), );,"&$((10) - 3"#%';#$,$ «M"4/0$(.)J%/<.$ "C;"%».
644
5,'-'
15
H/=#6'5#C'', "1:1/E% $10:'=3' 4/126( 6#3'>'( 0:#6$#/:61) &%Q:1$131='' $3( 021'J 8/1%":12, 19E>61 193#$#7: 8131B%6'(&', >%:Q"1 18/%$%3(7@'&' 8/1C%00 8/12%$%6'( 8103%8/1%":6EJ 1951/12,>:1 4&%6?R#%: 6%18/%$%3%6610:' ' U"161&': 2/%&(, 6%19J1$'&1%$3( 8/1L%00'16#3?61=1 2E8136%6'( :#"'J 1951/12. N15&1B61, 6#'Q913%% 2#B6#( >#0:? :#"'J 4"#5#6') — U:1 812%$%6>%0"'%, '3' 1061Q21813#=#7@'%, 8/#2'3#. H904B$%6'% 6%$1>%:12 8/1%":# —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
C'#. 15.5. ./'&%/ 8103%8/1%":61=1 #6#3'5# ("#" $1"4&%6:#)
645
B.7$.("+.9 " F"#$ )+3",($()8 ) ;'4%1
.)$
$%6'( ' 01:/4$6'>%0:2#, =$% 6% 94$%: &%0:# 192'6%6'(& $/4= $/4=#2 6%4$#>#J 8/1%":# (0&. 5#R:/'J12#66E) 8/(&14=13?6'" 6# 0:/. 500(14) «H06121813#=#7@'% 8/#2'3# 812%$%6'(»).N6% 5#2'0'&10:' 1: :1=1, '&%7:0( 4"#5#6'( '3' 6%:, 2%0?&# 81Q
3%561 94$%:, %03' 4>#0:6'"' 8103%8/1%":61=1 #6#3'5# '54>#: 810Q3%8/1%":6E% 1951/E 81$196EJ 8/1R3EJ 8/1%":12 ' 815#91:(:0(1 6%19J1$'&1) 31='0:'"% (&#:%/'#3?61Q:%J6'>%0"1) 9#5%) 5#93#Q=12/%&%661 (0&. 8/'21$'&E) 6'B% 5#R:/'J12#66E) 8/(&14=13?Q6'" «G1='0:'"# 8103%8/1%":6EJ 012%@#6')»). X@% 1$'6 2#B6E)"1&816%6: '0J1$61) '6L1/&#C'' — 8/1%":6#( $1"4&%6:#C'(, "1Q:1/#( $1"4&%6:'/4%: ' 81&1=#%: 210015$#:? '0:1/'7 8/1%":#. </%Q$' $1"4&%6:#C'' 106126#( /13? 8/'6#$3%B': B4/6#34 /'0"12 ' 1:Q>%:#& 1 J1$% /#91:.
50>80$031" 0:;0)". Y1/1R1 8/12%$%66E% 1951/E 1:3'>#7:0("16C%6:/#C'%) ' ULL%":'2610:?7. A%19J1$'&E& 8/%$2#/':%3?Q6E& 40312'%& :#"1=1 1951/# (23(%:0( "#>%0:2%66#( 812%0:"# $6(,2E0:48#7@#( 2 "#>%0:2% 83#6# 8/12%$%6'( 1951/#, 18/%$%3(7@%=1010:#26E% R#=' $'0"400'' ' 2E$%3(7@%=1 2/%&( $3( U:'J R#=1218/%$%3(7@%=1 /%=3#&%6: $'0"400'', J1:( 2 034>#%, %03' :# '3''6#( :%&# 2E5E2#%: 1019E) '6:%/%0, U:1 2/%&( &1B%: 9E:? 42%3'Q>%61 6%810/%$0:2%661 8/' 1904B$%6''. N $'0"400'7 &1=4:, 6#8/'Q&%/, 9E:? 2"37>%6E 03%$47@'% R#=':
• /%"160:/4"C'( L#":'>%0"1) 2/%&%661) R"#3E 8/1%":# '0/#26%6'% %% 0 9#512E& 83#61&;
• 03#9E% &%0:# 8/1%":#, :1 %0:? :% >#0:' 8/1%":#, 2E8136%6'%"1:1/EJ 9E31 6%4$123%:21/':%3?6E&;
• 0'3?6E% &%0:# 8/1%":#, :1 %0:? :% >#0:' 8/1%":#, 2E8136%6'%"1:1/EJ 9E31 J1/1R'&;
• '531B%6'% /%"1&%6$#C') 1 :1&, >:1 8/' 2E8136%6'' 94$4@'J8/1%":12 03%$4%: $%3#:? 81Q$/4=1&4 ' >:1 03%$4%: $%3#:? :#" B%.
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
646
5,'-'
158/1%":6#( "1$# $13B6# 8/1$%3#:? "#" &1B61 913?R47 >#0:?R#=12 8%/%$ 012%@#6'%&, >:19E 19%08%>':? 215&1B610:? 6# 012%Q@#6'' 0"16C%6:/'/12#:? 1904B$%6'% 6# 6#'913%% 2#B6EJ 218/1Q0#J. X03' 4>#0:6'"' '&%7: 1>%6? 6#8/(B%66E) =/#L'" /#91:,"1:1/E) 6% $#%: '& 215&1B610:' '531B':? "#"'%Q3'91 '$%' "#0#Q:%3?61 8/%$0:1(@%=1 012%@#6'(, :1 28136% $1840:'&1 94$%: 8/'Q$#:? 8/%$2#/':%3?61) 812%0:"% 0:#:40 1"16>#:%3?61).
A7D=61=C; !76A?!@7?C1F9Y 67E?N;F=S•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
• *"0$:$()$. P"6#' 6%/33', 3%"-"#8:'8 3"+,$3%"$4.(1< '(',);, - 4"J."%"0 )#/. &'%4)$ #$C'.1, -1(/&#$(' K.).9+8 - .$+("< 4"0('.4$,,K#) 0"6/. ":/:'.9 +$C8 ;'6('((10) - /6",, ) )F %$'42)$< 0"&$.C1.9 «C"%".9+8 ),) +C$&'.9». >" );C$&'()$ 3"#"C("6" 3"-$#$()8/7'+.()4"- ($"CF"#)0" 3";'C".).9+8 " 3%"+."%("0 3"0$:$()), - 4"J."%"0 0"6/. 4"0H"%.(" %';0$+.).9+8 -+$ +"C%'-?)$+8. BC$+3$79.$ .'J4"$ %'+3","&$()$ ,K#$<, 4"."%"$ +.'-). )F - %'-("$ 3","&$()$ #%/63" ".("?$()K 4 #%/6/. ='3%)0$%, %'++'#).$ )F -"4%/6 4%/6,"6" +.",' —7."C1 -+$ -)#$,) ,)2' #%/6 #%/6'.
• >$#/:)<. T+3",9;"-'()$ 3"0":) ($3%$#-;8."6" ,)2', 4"."%"$ ($ 3%)J()0'," /7'+.)8 - 3%"$4.$ ) ($ )0$$. - ($0 4'4)FJ,)C" +-")F )(.$%$+"-,— E." 4,K7 4 +";#'()K '.0"+H$%1, +.)0/,)%/K:$< EHH$4.)-("$ -$#$J()$ +"-$:'()8. N'4"< 7$,"-$4 "+/:$+.-). 3%"-$#$()$ +"-$:'()8 ) %/J4"-"#+.-" )0, "+.'-'8+9 ($ -"-,$7$((10 - ($6". B+("-('8 %",9 -$#/:$J6" —"C$+3$7).9 +"C,K#$()$ 3"-$+.4) #(8 ) 4"(2$(.%'2)K #)+4/++)) ('"+("-(1F 3%"C,$0'F. B( ($ #"3/+.). ,)7(1F ('3'#"4 ) C/#$. +,$#).9 ;'.$0, 7."C1 4"00$(.'%)) C1,) 4"(+.%/4.)-(10), 7."C1 -+$ /7'+.()4)3%"8-,8,) %'-(/K '4.)-("+.9 - "C+/&#$()), 7."C1 -%$0$(("< %$6,'J0$(. ($ ('%/?',+8. > "+/:$+.-,$()$ E."6" -$#/:)< #",&$( %';%'C".'.9.-$%#1$ ) +3%'-$#,)-1$ "+("-"3",'6'K:)$ 3%'-),'.
• I$6)+.%'."% (3%"."4",)+.). > ;'#'7) %$6)+.%'."%' -F"#). "C$+3$7$()$-);/',9("< 4"00/()4'2)) (('6,8#("6" )(H"%0'2)"(("6" -;')0"J#$<+.-)8), 4"."%'8 C/#$. 3"##$%&)-'.9 '42$(.)%"-'()$ (' 3%"C,$J0'F, ' ($ (' ,K#8F. >17,$(88 ); "C+/&#$()8 4,K7$-/K )(H"%0'2)K )+.%/4./%)%/8 $$ (' ,)+.4'F C/0'6), 3%)4%$3,8$01F 4 +.$('0 ),) #"+J4$, %$6)+.%'."% "C$+3$7)-'$. EHH$4.)-("$ 3%".$4'()$ .'4"6" )(H"%J0'2)"(("6" -;')0"#$<+.-)8. I';,)7(1$ ."(4"+.), .'4)$ 4'4 )+3",9J;"-'()$ 2-$.(1F 0'%4$%"- #,8 "C";('7$()8 F'%'4.$%' 4"00$(.'%)8 /+/&#$()8 (('3%)0$%, 4%'+(1< 2-$. "C";('7'$. +3"+"C("+.9 3%)-$+.)4 "+.'("-4$ 3%"$4.') ),) +)0-","- #,8 -1%'&$()8 ":/:$()< 6%/3313" 7'+.) #'(("6" 4"00$(.'%)8 / +/&#$()8 (('3%)0$%,«?» "C";('7'$.%';("6,'+)$ ."7$4 ;%$()8), $:$ C",9?$ +3"+"C(1 3"-1+).9 4'7$+.-";'3%"."4",)%"-'(("< )(H"%0'2)).
647
B.7$.("+.9 " F"#$ )+3",($()8 ) ;'4%1
.)$
5)03,>,(', 0:;0)". .103% :1=1 "#" 94$4: 0$%3#6E 1:"/E2#7Q@'% 5#&%>#6'( 1 C%3' 012%@#6'( ' 40:#6123%6E 106121813#=#7Q@'% 8/#2'3# 8103%8/1%":61=1 #6#3'5#, 8/1%":6#( "1$# &1B%:8%/%):' " 03%$47@'& R#=#& (2 J/16131='>%0"1& 81/($"%):
• /#00&1:/%:? ' 8/1/#6B'/12#:? 8/193%&E;• 5#$#:? 218/10 1 :1&, >:1 R31 6%8/#2'3?61;• 5#$#:? 218/10 1 :1&, >:1 03%$4%: $%3#:? '6#>% 2 94$4@%&;• 5#$#:? 218/10 1 :1&, >:1 R31 8/#2'3?61;• 2E0:/1':? /%"1&%6$#C'' 2 8/'1/':%:61& 81/($"%.A# 8%/21& R#=% 4>#0:6'"' $13B6E /#00&1:/%:? ' 8/1/#6B'/1Q
2#:? 8/193%&E, "1:1/E% 1"#5#3' 8/%193#$#7@%% 23'(6'% 6# 2EQ8136%6'% 8/1%":#. +3( 8/'$#6'( 1904B$%6'7 8/#2'3?61=1 6#8/#2Q3%6'( 1>%6? 813%561 /#5$#:? 4>#0:6'"#& "16:/13?6E) 08'01"8/193%& (8/193%&E 2 08'0"% $13B6E 9E:? /#5&%@%6E 2 8/%$%3#J1$61) ' :1) B% 0:/#6'CE) 8%/%$ 6#>#31& 012%@#6'( '3', 81 "/#)Q6%) &%/%, 21 2/%&( 012%@#6'(. -#" 81"#5#61 2 8/'21$'&1& 6'B%5#R:/'J12#661& 8/(&14=13?6'"% «./'&%/E 218/1012 '5 "16:Q/13?61=1 08'0"# 8103%8/1%":61=1 012%@#6'(»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«=/488121)» 8(:%/"' 6#'913%% 2#B6EJ 218/1012, "1:1/E%8%/%610(:0( 6# 03%$47@') R#=.
«I:1 81R31 6%8/#2'3?61 2 $#661& 1061261& 218/10% ' 8/'2%31" 2156'"612%6'7 U:1) 1061261) 8/193%&E?» — U:1 =3#26E) 218/102:1/1=1 R#=#. A#8/'&%/, 2 1$61) "1&8#6'', 1/'%6:'/12#661) 6#&'6'&'5#C'7 2/%&%6' 2EJ1$# 6# /E61", 106126E& 218/101& 8103%Q8/1%":61=1 #6#3'5# (23(310? 010"#3?5E2#6'% /#08'0#6'(, 81U:1&4218/10 524>#3 :#": «I:1 81R31 6% :#" 0 /#08'0#6'%&?» N 19%08%>%6'%$'0"400'' 8/1%":6#( "1$# 5#93#=12/%&%661 $1 012%@#6'( 81$=1Q:12'3# 0/#26':%3?647 $'#=/#&&4 L#":'>%0"1=1 ' 9#5121=1 /#08'0#Q6'), 018/121$'2 %% 2/%&%661) R"#31) ' '6L1/&#C'%) 1 "13'>%0:2%/#91>'J >#012, '5/#0J1$12#661& "#B$E& 4>#0:6'"1& 8/1%":#. A%2#B61, =1:12':0( $'#=/#&&# 5#/#6%% '3' 6# &%0:%. N#B61, >:19E16# 9E3# /#5&%@%6# 6# 0:%6%, "#" 2 6#R%& 034>#%, >:19E 6#8/#Q2':? U6%/='7 4>#0:6'"12 6# 1904B$%6'% :1=1, >:1 81R31 6%8/#Q
648
5,'-'
152'3?61. <4@%0:247: /#53'>6E% &%:1$E =%6%/#C'' 08'0"# :1=1, >:181R31 6% :#". H$'6 '5 6'J — 19E"612%66E) &15=121) R:4/&, 2 J1$%"1:1/1=1 4>#0:6'"#& 8/%$10:#23(%:0( 215&1B610:? 2E0"#5E2#:?379E% '$%', "1:1/E% 8/'J1$(: '& 2 =13124 2 J1$% 19$4&E2#6'( 218Q/10#. ./' '0813?512#6'' L1/?61) :%J6'"' =/488121) /#91:E4>#0:6'"' 2E8136(7: &13>#3'2E) 8'0?&%66E) &15=121) R:4/&,# 2%$4@') 8/10': "#B$1=1 '5 6'J '53#=#:? 81 1$61&4 "1&&%6:#/'7/ 04B$%6'7 5# /#5 — $1 :%J 81/, 81"# "1&&%6:#/'' 6% 94$4: '0>%/Q8#6E. X@% 1$'6 2#/'#6: — 8/%$31B':? 4>#0:6'"#& '531B':? 021'"1&&%6:#/'' 6# 6%913?R'J 3'0:"#J 94&#=' (1$'6 3'0:1" — 1$'6"1&&%6:#/')), "1:1/E% 5#:%& 81$2%/=64:? 01/:'/12"% ' "3#00'L'Q"#C'' 0 C%3?7 810:/1%6'( #LL'661) $'#=/#&&E.
!@=>?@9 E7!@767E =R C7F1@7AHF7D7 6!=6C;!76A?!@7?C1F7D7 67E?N;F=G!'./%"()./%# 3"(#*5.• A1,) ,) C);($+J2$,) 3%"$4.' 8+(1 #,8 -'+?• A1,) ,) #$<+.-)8 #%/6)F H/(42)"(',9(1F 6%/33 (%';%'C".4), 0'%4$J.)(6', 3%");-"#+.-') 8+(1 #,8 -'+?
• A1,) ,) 2$,) 3" 7'+.) +"#$%&'()8, +%"4"-, +.")0"+.) ) 4'7$+.-' 8+(1#,8 -'+?
• ='+4",94" '#$4-'.(10 ) 3",(10 C1, 3,'( 3%"$4.', 4"6#' H'4.)7$+4'8%'C".' C1,' ('7'.'?
D('(& -.*.-K%*.• A1, ,) /+,1?'( 6","+ ;'4';7)4' ) C1, ,) "( /7.$( 3%) 3,'()%"-'()),%';%'C".4$ #);'<(' (3%"$4.)%"-'())) ) 3%'4.)7$+4"< %$',);'2))3%"$4.'?
• ='F"#),)+9 ,) 3%"2$++ 3%"$4.', 3%"#/4. 3%"$4.' ) 3%$#0$.1 3"+.'-4)3%"$4.' - +"".-$.+.-)) + "&)#'()80) ;'4';7)4" (4,)$(."-, ;')(.$%$J+"-'((1F +."%"(, +3"(+"%')?
• A1," ,) )(H"%0'2)"(("$ -;')0"#$<+.-)$ + ;'4';7)4"0 EHH$4.)-(10?!"($+*5 % 3"#$,#5U 3(&5.)*%• L#"-,$.-"%$(1 ,) -1 3%"#/4."0 3%"$4.'? M%/6)0) 3%$#0$.'0) 3"J+.'-4) 3%"$4.'?
• P'4"-1 ".4,"($()8 0$&#/ H'4.)7$+4)0 ) ;'3,'()%"-'((10 3%"#/4J."0 ) #%/6)0) 3%$#0$.'0) 3"+.'-4)?
• ='+4",94" EHH$4.)-(1 C1,) #$<+.-)8 3" 4"(.%",K E.)F ".4,"($()<?!"(#*5/U# "#^#/%2 3( 3"#$,#5/(V K.&5% % &3#T%[%*.T%%• M" 4'4"< +.$3$() );,"&$(('8 - +3$2)H)4'2)) )(H"%0'2)8 C1,''#$4-'.(' #,8 ."6", 7."C1 3%)+./3).9 4 .$F()7$+4"< / .$F(","6)7$+4"<%';%'C".4$?
• A1,' ,) "(' 3%"-$#$(' -"-%$08?• R(',' ,) 4'&#'8 H/(42)"(',9('8 6%/33' " ."0, 4'4)0 /7'+.4"0 H/(4J2)"(',9("6" 3%"$4.' 3" 3%$#0$.("< 7'+.) "(' -,'#$$.?
• A1,) ,) 4%"++JH/(42)"(',9(1$ )(.$%H$<+1 - %';%'C".4$ #);'<(' /+3$2)H)4'2)< 7$.4" "3%$#$,$(1?
649
B.7$.("+.9 " F"#$ )+3",($()8 ) ;'4%1
.)$
O($ L#":1/12 081019%6 81&1>? 2 2E91/% 8/'&%6(%&1=1 &%:1$#.,15=121) R:4/& J1/1R 2 0':4#C'(J, "1=$# 1:04:0:247: «0"/'84>'%"13%0#», :1 %0:? 37$', $1&'6'/47@'% 2 $'0"400''. NE &1B%:% 40:Q/#6':? 'J 6%B%3#:%3?61% 23'(6'%, 8%/%)$( " L1/?61) :%J6'"%"1$61) /#91:E, %03' :13?"1 2E 6% J1:':%, >:19E 9E31 '52%0:61,
C.'#/$."/(# 3'./%"()./%# % 40$]#5%"()./%#• A1,) ,) C';"-1$ 3,'(1 %'+3)+'()8 ) CK#&$.' %$',)+.)7(1? M"+.'J."7(" #$.',9(1? *"#4%$3,$(1 #"+.'."7(10) %$+/%+'0)?
• ='+4",94" 3"0"6,) 4"(.%",9(1$ +"C1.)8 3%) ".+,$&)-'()) %'+3)+'J()8 / CK#&$.'?
• T0$,) ,) 0$+." ;('7).$,9(1$ ".4,"($()8 0$&#/ C';"-10) ) H'4.)J7$+4)0) %'+3)+'()$0 / CK#&$."0?
• I'C".',' ,) +)+.$0' 3"4';'.$,$< );0$%$()8 3%"6%$++' 3%"$4.'?7"J./%-.T%2, *(,./$. % "#&+"&U• A1,' ,) "%6'();'2)8 3%"$4.' '#$4-'.("<? A1,' ,) "(' H/(42)"(',9J("<? @'.%)7("<? >13",(8,+8 ,) 3%"$4. -1#$,$(("< 4"0'(#"<?
• U"%"?" ,) %'C".',' 4"0'(#'?• T0$,' ,) 4"0'(#' ($"CF"#)01$ ('-14)? I$+/%+1?• A1,) ,) %",) 7,$("- 4"0'(#1 ) H/(42)"(',9(1F 6%/33 7$.4" "3%$#$J,$(1? >13",(8,)+9 ,) "()?
B3".)'#/%# "%&*.,%• A1,) ,) )#$(.)H)2)%"-'(1 %)+4), +-8;'((1$ + 3%"2$++"0, 3%"#/4J."0 ) 3%$#0$.'0) 3"+.'-4)?
• ='+4",94" -$%(10) "4';',)+9 3%$#3","&$()8 " %)+4'F?• ='+4",94" EHH$4.)-(10) "4';',)+9 #$<+.-)8, 3%$#3%)()0'-?)$+8- +)./'2)8F ('+./3,$()8 %)+4'?
=/[(",.T%(//(# )-.%,($#V&5)%#• ='+4",94" EHH$4.)-(' C1,' 4"00/()4'2)8 + %/4"-"#+.-"0? ! H/(4J2)"(',9(10) 6%/33'0), "+/:$+.-,8-?)0) 3"+.'-4/ %$+/%+"-? ! #%/J6)0) 3%"$4.(10) 4"0'(#'0)?
• ='+4",94" EHH$4.)-(' C1,' 4"00/()4'2)8 -(/.%) 4"0'(#1?• A1,' ,) ".7$.("+.9 +-"$-%$0$(("<? *%"'4.)-("<? *",$;("<? !,)?J4"0 -%$08$04"<?
EU&^ee "+*()($&5)(• A1,) ,) %/4"-"#).$,) -"-,$7$(1 - "+("-(1$ "C;"%(1$ +"-$:'()83%"$4.'? A1,) ,) "() EHH$4.)-(1?
• M"-"#),)+9 ,) #" -'?$6" +-$#$()8 %$?$()8 %/4"-"#+.-'?• A1,) ,) E.) %$?$()8 8+(10)? M"+.'."7(" C1+.%10)? *"()0',) ,) -1,4'4 )0$((" "() #$,',)+9?
• ='+4",94" "() 3"0"6,) -'0 -13",().9 -'?/ %'C"./?6%&5#,U % 3"(J".,,/(# (4#&3#K#/%# +3".)'#/%2 3"(#*5.,%• P'4 %'C".',' 0$."#","6)8 /3%'-,$()8 3%"$4.'0) 4"03'()) — 3,'()J%"-'()$ 3%"$4.', 4"(.%",9 );0$($()<, 3"##$%&4' +3"(+"%' ) .. #.?
• ='+4",94" EHH$4.)-(1 C1,) 3%"6%'00(1$ +%$#+.-' /3%'-,$()8 3%"J$4.'0), )+3",9;"-'-?)$+8 - 3%"$4.$?
650
5,'-'
15":1 (23(%:0( #2:1/1& "#B$1=1 "16"/%:61=1 04B$%6'(. X03' C%3?7(23(%:0( #616'&610:? #2:1/12 "1&&%6:#/'%2 3'91 %03' 2E J1:':%2'$%:?, 0"13?"1 /#5 $%3#%:0( :1: '3' '61) "1&&%6:#/'), 2#R'&2E91/1& &1B%: 0:#:? #LL'66#( $'#=/#&&#. X03' "1&&%6:#/'' 1:1&, >:1 81R31 6% :#", 9E3' 019/#6E $1 012%@#6'(, :1 6# 0#&1& 01Q2%@#6'' 2156'"#%: 215&1B610:? /#00&1:/%:? $18136':%3?6E%"1&&%6:#/''. -#" :13?"1 08'01" 6%$1>%:12 8/'19/%:%: 1"16>#Q:%3?6E) 2'$, %=1 03%$4%: 481/($1>':? 01=3#061 8/'1/':%:#&, '0Q813?54(, 6#8/'&%/, &%:1$ =131012#6'(. NE91/ '5 U:1=1 08'0"# :/%J6#'913%% 56#>'&EJ 6%$1>%:12 $#0: "1$% 215&1B610:? 010/%$1Q:1>':?0( 6# 6%&61='J B'56%661 2#B6EJ 8/193%&#J.D J1:( U:1: R#= — 18/%$%3%6'% :1=1, >:1 81R31 6%8/#2'3?61
2 :1& '3' '61& 1061261& 218/10% — "#B%:0( &%$3%66E&, 8/' 6#$Q3%B#@'J $%)0:2'(J 2%$4@%=1 16 &1B%: 9E:? 2E8136%6 5# 5—10 &'Q64:. +#3%% #"C%6: 8%/%610':0( 6# :/%:') R#=. N 6%&%6?R%), %03'6% 2 913?R%) 0:%8%6' 2#B61 6% :13?"1 18/%$%3':?, >:1 81R31 6%:#", 61 ' 2E/#91:#:? 84:' '08/#23%6'( U:'J 6%$1>%:12 2 94$4@'J8/1%":#J. N18/10 1 :1&, >:1 2 94$4@%& 03%$4%: 0$%3#:? '6#>% 2 1:Q61R%6'' 8%/21) 8/193%&E, 8/%$0:#23(%: 0191) 04:? :/%:?%=1R#=# (1:&%:'&, >:1 &E 20% %@% '&%%& $%31 0 8%/21) 8/193%&1)).+3( "#B$1=1 '5 6%$1>%:12 4>#0:6'"' $13B6E 5#$#:? [4] 03%$47Q@'% 218/10E:
• SE3' 3' "#"'%Q6'94$? 0'=6#3E /#66%=1 8/%$48/%B$%6'(, '5Q2%@#2R'% 1 :1&, >:1 >:1Q:1 '$%: 6%8/#2'3?61?
• I:1 6#& 03%$12#31 0$%3#:? '6#>%, >%& &E 0$%3#3'?;%6%/#C'( ' 2E91/ 6%0"13?"'J 215&1B6EJ 0:/#:%=') '08/#23%Q
6'( &1=4: 9E:? 104@%0:23%6E &%:1$1& 091/# ' 2E$%3%6'( 6#'913%%04@%0:2%66EJ 6%$1>%:12. D 0612# 1:&%:'&, >:1 20% %@% #6#3'5'/4Q%:0( 8%/2#( 8/193%&#, U:1 81$/#54&%2#%:, >:1 R#=' 2 ' 3 $13B6E9E:? 812:1/%6E $3( 20%J 10:#3?6EJ 56#>':%3?6EJ 6%$1>%:12.+#3%% '$%: R#=, 0 U&1C'16#3?61) :1>"' 5/%6'( =1/#5$1 913%%
8/'(:6E), — 1904B$%6'% :1=1, >:1 R31 J1/1R1 (2 "1&8#6'', 8/'Q2%$%661) 2 6#R%& 8/'&%/%, U:1 6#5E2#%:0( 408%J#&' 8/1%":#).D0813?54( :1: B% 0#&E) &%:1$, >:1 ' $3( 091/# ' 2E>3%6%6'( 6#'Q913%% 04@%0:2%66EJ 6%$1>%:12, 4>#0:6'"' 8103%8/1%":61=1 012%Q@#6'( '$%6:'L'C'/47: 5 6#'913%% 04@%0:2%66EJ 4$#>, 8103% >%=1/#521/#>'2#%:0( $'0"400'(, 5#:/#='2#7@#( 03%$47@'% 218/10E:
• -#"'% &%:1$E 0$%3#3' 215&1B6E& 6#0:483%6'% U:'J 4$#>?• -#"'% '5 U:'J 8/'%&12 6% '0813?512#3'0? 2 8/1%":#J /#6?R% '/%"1&%6$47:0( " 2"37>%6'7 2 2E8136%6'% 94$4@'J 8/1%":12?
• -#"'% '5 U:'J 8/'%&12 '0813?512#3'0? 2 8/1%":#J /#6?R% '/%"1&%6$47:0( " 8/1$13B%6'7 '0813?512#6'( 2 94$4@'J 8/1Q%":#J?
651
B.7$.("+.9 " F"#$ )+3",($()8 ) ;'4%1
.)$
.1 5#2%/R%6'' >%:2%/:1=1 R#=# 4>#0:6'"' 1"#5E2#7:0( 193#Q$#:%3(&':
• 6%0"13?"'J 81:%6C'#3?61 6#'913%% ULL%":'26EJ "1//%":'Q/47@'J 0:/#:%='), 8/1'0:%"#7@'J '5 6%$1>%:12 8/1%":# '02(5#661=1 0 6'&' 6%8/#2'3?61=1 :%>%6'( $%3;
• 8/%$3#=#%&EJ " '0813?512#6'7 2 94$4@'J 8/1%":#J 8/#":'Q>%0"'J 8/'%&12, 8/1'0:%"#7@'J '5 4$#> 8/1%":#.
.10"13?"4 6% 20% /%"1&%6$#C'' 2 /#261) 0:%8%6' 2#B6E ' ULQL%":'26E, 4>#0:6'"' 8%/%J1$(: " 8(:1&4 R#=4 — /#00:#612"% 8/'Q1/':%:12. D J1:( U:1 &1B%: 9E:? J1/1R'& 0810191& 5#2%/R':? 01Q2%@#6'%, 2 6%"1:1/EJ "1&8#6'(J 8/'6(:# 8/#":'"# /#00:#612"'8/'1/':%:12 8103% 012%@#6'(, 2 8/1C%00% 6#8'0#6'( 8103%8/1%":Q61=1 1:>%:#.
701*+,($')03"(', 0:;0)". F#2%/R%6'% 8103%8/1%":61=1 #6#Q3'5# 9%5 6#8'0#6'( 8103%8/1%":61=1 1:>%:# — >#0:#( 8/#":'"#,1019%661 2 6%913?R'J "1&8#6'(J. Y1:( 8103%8/1%":6E) #6#3'5 9%5L'6#3?61=1 $1"4&%6:# —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
652
5,'-'
15&#/02%;03"(', *)0103, ';32,9,((-B '; /0#2,/)0,1$(080
"("2';". -1=$# /%543?:#:E 8103%8/1%":61=1 #6#3'5# 6% '0813?54Q%:0(, :1 6# 4& 8/'J1$(: 0312# +B1/$B# <#6:#(6E: «*1:, ":1 6% 81Q&6': 021% 8/1R31%, 19/%>%6 812:1/(:? %=1». D&%661 U:1 &1B%: 5#8Q/10:1 8/1'51):' 0 3791) 8/1%":61) "1$1), "1:1/#( 2E8136(%:8103%8/1%":6E) #6#3'5, $1"4&%6:'/4%: %=1, # 81:1& — 5#9E2#%:1 6%&. D U:1 8/' :1&, >:1 "1$E ' 1/=#6'5#C'', 2 "1:1/EJ 16'$%)0:247:, '&%7: /($ 2%3'"13%86EJ 215&1B610:%) 8/%2/#:':? 81Q34>%661% 2 J1$% 8103%8/1%":61=1 #6#3'5# 56#6'% 2 "#8':#3. H6'&1=4: 8/'&%6':? 8134>%66E% 2 J1$% 8103%8/1%":61=1 #6#3'5# 4/1Q"' $3( :1=1, >:19E '59%B#:? 81$196EJ 1R'91" 2 03%$47@'J 8/1%"Q:#J, 103#93(:? /'0"' $/4='J 8/1%":12 '3' 434>R#:? 8/1C%00E 48Q/#23%6'( 8/1%":#&' 2 �R:#9#J 20%) 1/=#6'5#C'', — ' U:1 3'R?#( >#0:? 215&1B610:%) [1]. A#8/'&%/, 2 1$61) 1/=#6'5#C''2 0L%/% '6L1/&#C'166EJ :%J6131=') 04@%0:24%: :/%912#6'%, >:1Q9E 83#6'/12#6'% "#B$1=1 6121=1 8/1%":# 6#>'6#310? 0 '54>%6'(8103%8/1%":61=1 1:>%:# 8/%$E$4@%=1 8/1%":# ' '0813?512#6'( %=12 "#>%0:2% 0/%$0:2# 0#&1"16:/13(. X@% 2 1$61) 1/=#6'5#C'' 8/'Q6(:1 '523%"#:? '5 8103%8/1%":6EJ 1:>%:12 '6L1/&#C'7 19 10612Q6EJ 8/193%&#J ' 'J /%R%6'(J ' 81&%@#:? %% 2 '6L1/&#C'166479#54 8/193%&, '0813?547@47 Web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
=6!7AHR7E;F=? !76A?!@7?C1F7D7 ;F;A=R;F08>" '#/02%;03"$%. < :1>"' 5/%6'( L1/?61=1 18/%$%3%Q
6'(, 8103%8/1%":6E) #6#3'5 — U:1 1951/, 2E8136(%&E) 8103% :1=1"#" 8/1%": 5#2%/R%6. N 913%% "/486EJ 8/1%":#J 16 &1B%: 8/121Q$':?0( >%/%5 6%0"13?"1 6%$%3? 8103% :1=1, "#" >3%6E "1$E U&1QC'16#3?61 102191$(:0( 1: $#23%6'( 8103%$6'J $6%) 8/1%":#, # 'J&ER3%6'% 8/'$%: 2 010:1(6'%, "1:1/1% 815213': 8/12%0:' 19W%"Q:'26E) #6#3'5. N8136% 19E>61) (23(%:0( 0':4#C'(, "1=$# "1Q$E /#5/#91:"' 612EJ 8/1$4":12 8/121$(: %@% 1$'6 1951/ — 6#8/'Q&%/, 0840:( 6 &%0(C%2 8103% 5#2%/R%6'( — $3( :1=1, >:19E 1C%6':?
653
B.7$.("+.9 " F"#$ )+3",($()8 ) ;'4%1
.)$
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
D),+4 3-/02(,('4. ./'6(:E% 2 /#53'>6EJ "1&8#6'(J 813'Q:'"' 2 1:61R%6'' $3':%3?610:' 8103%8/1%":6EJ 012%@#6') /#5Q3'>#7:0(. N 1$6'J 8/'6(:1 8/12%$%6'% :#"'J 012%@#6') 2 :%>%6'%1$61=1Q$24J $6%), 2 :1 2/%&( "#" 2 $/4='J — 6% 913%% 4 >#012, $#B%%03' U:1 56#>':, >:1 012%@#6'% 8/'$%:0( /#59'2#:? 6# 2 1:$%3?6EJ012%@#6'( [4]. N 034>#% 913?R'J 8/1%":12 U:1 0:#612':0( 215&1BQ6E&, %03' 56#>':%3?6#( >#0:? /#91:E 2E8136(%:0( 5# 8/%$%3#&'0190:2%661 012%@#6'(. N 1:3'>'% 1: 913?R'J 8/1%":12, E% 8/1Q%":E 19E>61 0:#/#7:0( 19J1$':?0( 1>%6? "1/1:"'&' 1951/6E&'012%@#6'(&', $3(@'&'0( 1: 8134>#0# $1 >#0#.
D-80>-. M%6610:? 8103%8/1%":61=1 #6#3'5# '&%%: 81$ 0191) $1Q0:#:1>61 8/10:1% 31='>%0"1% 19W(06%6'%: $#B% 94$4>' 6%L1/?Q6E&, 8103%8/1%":6E) #6#3'5 40"1/(%: 194>%6'%, 434>R#( '0813Q6%6'% 8/1%":12. O($ '003%$12#6') 1$6156#>61 81$:2%/$'3' U:4C%6610:? ' /#00&#:/'2#7: 8103%8/1%":6E% 1951/E "#" 46'"#3?Q647 215&1B610:? 194>%6'(, 6#8/#23%661=1 21 93#=1 '08136%6'(94$4@'J 8/1%":12 [6—8]. NE(23(( 4$#>' ' 6%$1>%:E 8/1%":#, :#"1%194>%6'% 815213(%: 18/%$%3':?, >:1 81$3%B': 434>R%6'7 (8/%$Q81>:':%3?61 2 L1/&% 83#6# $%)0:2')). X@% 1$6# C%6610:? 5#"37Q>#%:0( 2 :1&, >:1 8103%8/1%":6E) #6#3'5 19%08%>'2#%: 5#"/E:'%8/1%":#. +3( :%J, ":1 2 :%>%6'% &61='J &%0(C%2 481/61 :/4$'30( '$10:'= C%3%) 8/1%":#, 56#>'&10:? 5#"/E:'( 010:1': 2 6%1081/'Q&1& 8/'56#6'' 408%J#. A%0&1:/( 6# 8/%$10:#23(%&E% 8103%8/1%"Q:6E& 1951/1& 2E=1$E, 21 &61='J 8/1%":#J 9E3# 484@%6# U:# 9%0QC%66#( 215&1B610:? — 4>':?0( 9E0:/%%. H:"#5 1: 8/12%$%6'(8103%8/1%":61=1 #6#3'5# — U:1 &%31>610:?, U:1 1=/#6'>%66E) '=348E) 81$J1$, "1:1/E) &1=4: 0%9% 815213':?, 9E:? &1B%:, :13?"10#&E% 6%2%B%0:2%66E% "1&8#6'', >#0:1 '52'6(7@'% 1:04:0:2'%8103%8/1%":61=1 #6#3'5# 6%19J1$'&10:?7 8%/%9/#0E2#:? 37$%)6# 612E% 8/1%":E, "1:1/E%, 2%/1(:61, 94$4: 19/%>%6E 6# 812:1/%Q6'% 1R'91", 0$%3#66EJ 2 8/%$R%0:247@'J 8/1%":#J. N1: 16# —C%6# 1:"#5# 1: 8103%8/1%":61=1 #6#3'5#.
654
5,'-'
155),'+*@,#$3" ' (,>0#$"$1'. .103%8/1%":6E) #6#3'5 >#0:1
/#00&#:/'2#%:0( "#" «6'5"1 2'0(@') L/4":». K:1 1:610':%3?618/10:1) 8/1%":6E) '60:/4&%6: 0 6%913?R'&' /%04/06E&' :/%91Q2#6'(&', 8/' U:1& 8/%$3#=#7@') 56#>':%3?6E% 215&1B610:' $3(8134>%6'( 2E01"1) 1:$#>', 8/'6'@%) L1/&4 2E=1$, /#00&1:Q/%66EJ 2 8/%$E$4@%& 8#/#=/#L%.H$6#"1 U:1 56#>':%3?61% 8/%'&4@%0:21 $13B61 /#00&#:/'2#:?0(
2 6%/#5/E261) 02(5' 0 106126E& 6%$10:#:"1& — 831J1 8/12%$%66E)8103%8/1%":6E) #6#3'5 &1B%: 3%="1 8/'2%0:' " 2156'"612%6'7 $'0QL46"C'16#3?6EJ "16L3'":12, 8/1'0:%"#7@'J '5 25#'&6EJ 3'>6EJ6#8#$1" ' 4"#5E2#6'( 8#3?C%& 6# 1R'9"' $/4= $/4=#.
D")'".''. N 0119@%0:2% 48/#23%6'( 8/1%":#&' 04@%0:24%: /($0'616'&'>6EJ :%/&'612 $3( 19156#>%6'( 8103%8/1%":61=1 #6#3'5#:«1951/ 81 5#2%/R%6''», «4021%66E% 4/1"'», «1951/ 81 2E8136%6''». DJ04:?, &%:1$131='( ' ULL%": '$%6:'>6E :#"12E& 8103%8/1%":61=1#6#3'5#. */#$'C'166E% '60:/4&%6:E 8103%8/1%":61=1 #6#3'5#, :#Q"'% "#" 1"16>#:%3?6E% 1:>%:E 81 8/1%":4, 1:>%:E «$%3#:? — 6% $%Q3#:?» ' 1:>%:EQ6#0:#23%6'(, '&%7: "#" 0J1$0:2#, :#" ' 1:3'>'( 1:8103%8/1%":61=1 #6#3'5#. A#8/'&%/, 20% U:' '60:/4&%6:E '$%6:'QL'C'/47: 6%$1>%:E ' 4$#>' 8/1%":#. < $/4=1) 0:1/16E, 16' 19E>61(23(7:0( >#0:?7 /#91:E &%6%$B%/12 8/1%":12, ' 2 U:1& 16' 1:3'>#Q7:0( 1: 8103%8/1%":6EJ 1951/12, 8/121$'&EJ 0'3#&' 20%) 8/1%":61)"1$E. -/1&% :1=1, 3'R? 6%"1:1/E% '5 6'J 8/%$3#=#7: /%"1&%6$#QC'' 81 $#3?6%)R%&4 434>R%6'7 '08136%6'( $/4='J 8/1%":12.
B3%$#$,$()$ 6%'()2 T+3",9;"-'.9 3"+,$3%"$4.(1< '(',); -" -+$F)+3",9;"-'()8 3%"$4.'F.
5"."-).9 3"+,$3%"$4.(1< ".7$. #,8 4'&#"6""C;"%'
M"C'-,$()$ ("-"< ='3%'-,8.9 4'< 3"+,$3%"$4.(1< ".7$.F'%'4.$%)+.)4) -,'#$,92/ 3%"2$++' /3%'-,$()8 3%"$4.'0)
(." $+.9 "%6'(/ ),) ".#$,9("0/ ,)2/,".-$.+.-$(("0/ ;' ($3%$%1-("$ +"-$%?$(+.-"J-'()$ 3%"2$++' /3%'-,$()8 3%"$4.'0))
T;0$($()$ +/:$+.-/K:$< B6%'()7).9 #,).$,9("+.9 3"+,$3%"$4.(1F7$%.1 +"-$:'()< - C",9?)F 3%"$4.'F 7$.1%908
7'+'0). B6%'()7).9 #,).$,9("+.93"+,$3%"$4.(1F +"-$:'()< - 0',1F 3%"$4.'F"#()0 7'+"0
:#V&5)%2 3( .$.35.T%% !"%,#"U $#V&5)%V 3( .$.35.T%%
M>"/$".'4 /0#2,/)0,1$(080 "("2';". S4$4>' 1919@%66E& 81021%) 8/'/1$%, 8103%8/1%":6E) #6#3'5, 18'0#66E) 6#&', &1B%:6% 4$123%:21/':? :% '3' '6E% "16"/%:6E% 8/1%":6E% 64B$E. <3%Q
655
B.7$.("+.9 " F"#$ )+3",($()8 ) ;'4%1
.)$
$12#:%3?61, $3( :1=1 >:19E 8134>':? &#"0'&4& 813?5E 1: '0813?Q512#6'( $#661=1 '60:/4&%6:#, 8/%$0:#23(%:0( /#54&6E& #$#8:'Q/12#:? %=1 81$ "16"/%:647 8/1%":647 0':4#C'7. A'B% 8/'21$':0(/($ '$%), 0810196EJ $#:? 2#& 81$0"#5"4 1 :1&, "#"'& 19/#51& &1BQ61 104@%0:2':? :#"47 #$#8:#C'7.
COEUPO.103%8/1%":6E) #6#3'5 2E8136(%:0( 8103% :1=1, "#" 8/1%": 5#Q
2%/R%6 3'91 81 1"16>#6'' 1061261) L#5E 8/1%":# '3' 6#0:483%Q6'' 56#>':%3?61=1 "16:/13?61=1 019E:'(. Y1:( 8103%8/1%":6E%1951/E (23(7:0( 19@%8/'6(:1) 8/#":'"1) 2 913?R'J 8/1%":#J,'&%%: &%0:1 :%6$%6C'( " :1&4, >:19E 0$%3#:? 'J 010:#261) >#0:?7' EJ 8/1%":12 :#"B% — 61 2E8136(:? 6%L1/?61 ' 9E0:/1.NE=1$E 8103%8/1%":61=1 #6#3'5# — 2 40"1/%661& 194>%6''. N >#0Q:610:', 810/%$0:21& '$%6:'L'"#C'' 4$#> ' 6%$1>%:12 8/1%":# :#Q"1% 194>%6'% 815213(%: 18/%$%3':?, >:1 81$3%B': 434>R%6'7(8/%$81>:':%3?61 2 L1/&% 83#6# $%)0:2')). X@% 1$6# C%6610:?5#"37>#%:0( 2 :1&, >:1 8103%8/1%":6E) #6#3'5 19%08%>'2#%: 5#"Q/E:'% 8/1%":#. N 8/'21$'&1& 6'B% 5#R:/'J12#661& 8/(&14=13?Q6'"% '531B%6E "37>%2E% 0119/#B%6'(, "1:1/E% 6%19J1$'&14>%0:? 8/' 0:/4":4/'/12#6'' L'6#3?61=1 $1"4&%6:# 8103%8/1%":Q61=1 1:>%:#.
R;CAP<=1?AHF9? R;>?<;F=GN 6#0:1(@%) =3#2% 9E3' /#00&1:/%6E 3 '60:/4&%6:#: B4/6#3
/'0"12, 021$6E) 1:>%: 1 J1$% /#91: ' 8103%8/1%":6E) #6#3'5. N 01Q21"48610:' 16' 8/%$0:#23(7: 0191) 6#91/ 25#'&61 $18136(7@'J'60:/4&%6:12, 815213(7@') 6#&, 21Q8%/2EJ, 104@%0:23(:? &16'Q:1/'6=, 2%0:' 1:>%:610:? ' "16:/13'/12#:? /'0"' ' J1$ 8/1$2'QB%6'( 8/1%":# 2 :%>%6'% 2/%&%6' %=1 2E8136%6'( ', 21Q2:1/EJ, 81Q&1=#7@') 6#& '54>':? J1$ '08136%6'( 8/1%":# ' 8/'&%6':?8134>%661% 56#6'% $3( 434>R%6'( '08136%6'( 94$4@'J 8/1%":12.N0% '60:/4&%6:E 8/%$6#56#>%6E $3( /#56EJ C%3%). T4/6#3
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
656
5,'-'
15N ':1=121& 0/#26%6'', 8/'21$'&1& 6'B%, &E 913%% $%:#3?61 8%Q
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
=17D7E7? 6@;EF?F=? =F61@B>?F17E C7F1@7AG C;<?61E;
6%5+.T%2
8'.
J(3"
%25
&5)+
0M.2
3"%,#/
#/%0
]+"
/.'.
"%&*
()
8'.
J(3"
%25
&5)+
0M.2
3"%,#/
#/%0
&)(
$/(
J((5
K#5.
( Z($
# ".
4(5
8'.
J(3"
%25
&5)+
0M.2
3"%,#/
#/%0
3(&
'#3"
(\#*
5/(J
( ./
.'%-.
@',1$ ) 3%"+.1$ 3%"$4.1
A",9?)$ ) +,"&(1$ 3%"$4.1
B2$()-'()$ H'4.)7$+4"6" +.'./+' %)+4'
B3%$#$,$()$ #$<+.-)< 3" 4"(.%",K %)+4"--" -%$08 -13",($()8 3%"$4.'
=$"CF"#)0"+.9 H"%0',9("<),) ($H"%0',9("< ".7$.("+.) 3" 3%"$4./
=$"CF"#)0"+.9 +-"#(1F #'((1F
!"6,'+"-'(("+.9 + 3%"'4.)-(10 2)4,"04"(.%",8 3%"$4.'
BC$+3$7$()$ +)6(',"- %'(($6" 3%$#/3%$&#$()8
=$"CF"#)0"+.9 /+-"$()8 3",/7$(("6" "31.' 3"#"+.)&$()) "+("-(1F 4"(.%",9(1F +"C1.)<
=$"CF"#)0"+.9 /+-"$()8 3",/7$(("6" "31.' 3";'-$%?$()) 3%"$4.'
!.%$0,$()$ /+4"%).9 "C/7$()$ /3%'-,$()K3%"$4.'0)
657
B.7$.("+.9 " F"#$ )+3",($()8 ) ;'4%1
.)$
A=1?@;1B@;1. Lientz, N. P., and P. R. Kathryn, 1999. Breakthrough Project
Management. San Diego: Academic Press.2. Project Management Institute 2000. A Guide to The Project
Management Body of Knowledge. DrexellHill, Pa.: ProjectManagement Institute.
3. Harrison, F. L. 1992. Advanced Project Management: A StructuredApproach. 3d ed. New York: Halsted Press.
4. Thomke, S. and S. Sinofsky. 1999. «Learning from Projects: Note onConducting a Postmortem Analysis» Harvard Business School note ̂9Q600Q021 Cambridge, MA: Harvard Business School Press.
5. Whitten, N. 1995. Managing Software Development Projects. NewYork: John Wiley & Sons.
6. Wheelwright, S. and K. Clark, 1992. Revolutionizing ProductDevelopment. New York: The Free Press.
7. Adler, P. 1995. «Interdepartmental Interdependence adCoordination: The Case of the Design/Manufacturing Interface».Organizational Science 6(2).
8. Cusumano, M. and K. Nobeoka. 1998, Thinking Beyond Lean: HowMultiQProject Management Is Transforming Product Developmentat Toyota and Other Companies. New York: The Press.
3%"01?,$((1$3%)0$($()8
754(" %/&5"+,#/5()) «%/&5"+,#/5.'L/UV2M%*» $'2 +3".)'#/%2
3"(#*5.,% % #J( .$.35.T%2* /+]$., 3('L-().5#'2
>- /,'2.4D,-, ' "*4' B+3," ,.O43 *)3"$3 931+)"#C1",':,(,.0'+, )- 0+3F+3 nomep:4u.
,#/:# ;/UJU&
662
5,'-'
16C;C=? =R E6?Y I1=Y =F61@B>?F17EE;> :?S61E=1?AHF7 FBOF9?*%8%/?, "1=$# &E 5#2%/R'3' 6#R 1951/ 8(:'$%0(:' 0 3'R6'&
'60:/4&%6:12 48/#23%6'( 8/1%":#&', /#00&1:/%66EJ 2 8/%$R%Q0:247@'J =3#2#J, 2 =13124 8/'J1$': 012%/R%661 %0:%0:2%66E)218/10: «-#"'% '5 20%J U:'J '60:/4&%6:12 ' 2 "#"1) L1/&% &6%$%)0:2':%3?61 64B6E?» M%3? $#661) =3#2E 010:1': 2 :1&, >:19E$#:? 1:2%: 6# U:1: 218/10 84:%& /#5/#91:"' "#/"#0# $3( 1:91/#' #$#8:#C'' 6#91/# '60:/4&%6:12 48/#23%6'( 8/1%":#&' 2 C%3(J81$$%/B"' 8/1C%00# 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&',/#00&1:/%661=1 2 =3#2% 1. N >#0:610:', $#66E) "#/"#0 $13B%681&1>? #$#8:'/12#:? 6#91/ '60:/4&%6:12 :#"'& 19/#51&, >:19E4>%0:? "16"/%:647 0':4#C'7, 031B'2R470( 2 "1&8#6'' '3'8/1%":%.
!@7Q?66 7187@; = ;:;!1;Q== F;87@;=F61@B>?F17E B!@;EA?F=G !@7?C1;>=H:91/ '60:/4&%6:12 48/#23%6'( 8/1%":#&' ' #$#8:#C'( 6#91/#
" 08%C'L'>%0"'& 40312'(& :%J '3' '6EJ 8/1%":12 010:1': '5 3 10Q6126EJ R#=12, "#B$E) '5 "1:1/EJ 2"37>#%: 2 0%9( 6%0"13?"1 5#$#>(0&. /'0. 16.1):
• 19%08%>%6'% 0:/#:%='>%0"1=1 011:2%:0:2'(;• #$#8:#C'( 6#91/# '60:/4&%6:12 48/#23%6'( 8/1%":#&';• 6%8/%/E261% 012%/R%60:212#6'%.
A%19J1$'&10:? 19%08%>%6'( 0:/#:%='>%0"1=1 011:2%:0:2'( 6#Q91/# '60:/4&%6:12 48/#23%6'( 8/1%":#&' "16"4/%6:61) 0:/#:%Q='' 1/=#6'5#C'' 0810196# 2 19@'J >%/:#J 0"#5#:? 6#&, "#"'% "#:%Q=1/'' '60:/4&%6:12 6%19J1$'&1 1:9'/#:? ' #$#8:'/12#:?. K:1011:2%:0:2'% 8194B$#%: 6#0 6# 012%/R%6'% 03%$47@%=1 R#=# — 6##$#8:#C'7 1:19/#66EJ '60:/4&%6:12 " 64B$#& 813?512#:%3( 81Q0/%$0:21& 2E91/# 1:$%3?6EJ '60:/4&%6:12 48/#23%6'( 8/1%":#Q&'. O#52%/:E2#6'% 6#91/# '60:/4&%6:12 48/#23%6'( 8/1%":#&'2 8/1%":#J /%#3?61=1 &'/# 20"/1%: %=1 6%$10:#:"' ' $#%: 6#& 6121%56#6'%, "1:1/1% 8/'2%$%: " 6%19J1$'&10:' 6%8/%/E261=1 012%/QR%60:212#6'( — " 012%/R%6'7 :/%:?%=1 R#=#. A'B% 8/'21$':0(913%% $%:#3?61% 18'0#6'% "#B$1=1 'J :/%J R#=12.
663
B.C"% )(+.%/0
$(."- - «)(+.%/0$(.',9(1
< 8:)4»
#,8 /3%'-,$()8 3%"$4.'0) ) $6" '#'3.'2)8 4 (/&
#'0 3",9;"-'.$,8
78?6!?<?F=? 61@;1?D=<?6C7D7 6771E?161E=GA#56#>%6'% 6#91/# '60:/4&%6:12 48/#23%6'( 8/1%":#&' — 19%0Q
8%>':? :#"1% 2E8136%6'% 8/1%":12, "1:1/1% 19%08%>': ULL%":'264781$$%/B"4 1/=#6'5#C'' 2 8/12%$%6'' %) "16"4/%6:61) 0:/#:%='' '$10:'B%6'' C%3%). K:1 :/%94%: 8/'2%$%6'( 6#91/# '60:/4&%6:12 48Q/#23%6'( 8/1%":#&' 2 81361% 011:2%:0:2'% 0 "16"4/%6:61) 0:/#:%='Q%), >:1 &1B%: 9E:? 104@%0:23%61 2 6%0"13?"1 R#=12:
• 816(:? "16"4/%6:647 0:/#:%='7 1/=#6'5#C'';• 6#=3($61 8/%$0:#2':? J#/#":%/ 19%08%>'2#%&1=1 011:2%:Q0:2'(;
• 19%08%>':? 011:2%:0:2'% 6#91/# '60:/4&%6:12 "16"4/%6:61)0:/#:%='' 1/=#6'5#C''.
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— 8%/%$ 6'&' 0:1': 5#$#># /#5/#91:"' "4/0# "16"4/%6:61)0:/#:%='' 1/=#6'5#C'', ' 8/10:E% 0&%/:6E%, 2/1$% &%6%$B%/128/1%":12, 6% '&%7: $10:48# " U:1) 0:/#:%=''. N1Q2:1/EJ, "#" 03%$Q0:2'% :#"1) 0':4#C'' &61='% &%6%$B%/E 8/1%":12 6% 8/1(23(7:'6:%/%0# ('3' 8/1(23(7: %=1 2 1>%6? ) 0:%8%6') " :1&4, >:19E456#2#:? >:1Q3'91 1 "16"4/%6:61) 0:/#:%='' 1/=#6'5#C''. N /%Q543?:#:% 6' 0:/#:%='( 6% $121$':0( $1 02%$%6'( &%6%$B%/12 8/1%"Q:12, 6' 16' 6% 8/'3#=#7: 40'3') " :1&4, >:19E 456#:? 1 6%). ,%6%$Q
C'#. 16.1. ./1C%00 1:91/# ' #$#8:#C'' 6#91/# '60:/4&%6:1248/#23%6'( 8/1%":#&'
664
5,'-'
16B%/#& 8/1%":12 03%$4%: 8/1(23(:? 481/0:21 ' 6#0:1)>'210:? 2 81Q0:'B%6'' =349'661) 04:' 0:/#:%='', $#B% %03' U:# 0:/#:%='( 6%$121$':0( $1 'J 02%$%6'(.K:' $2% 8/'>'6E 8/'21$(: " 2156'"612%6'7 56#>':%3?6EJ 8/%Q
8(:0:2') $3( /#91:E &%6%$B%/12 8/1%":12. I:19E 40:/#6':? U:'8/%8(:0:2'(, &%6%$B%/#& 8/1%":12 6%19J1$'&1 19@#:?0( 0 /4"121Q$':%3(&' 2E0R%=1 52%6# ' 49%B$#:? 'J 2 :1&, >:1 "16"4/%6:6#(0:/#:%='( (23(%:0( 84:%21$61) 52%5$1) $3( 83#6'/12#6'( ' 2EQ8136%6'( 8/1%":12, $3( 8/1C%00# 0:#6$#/:'512#661=1 48/#23%6'(8/1%":#&' ' $3( L1/&'/12#6'( 6#91/# '60:/4&%6:12 48/#23%6'(8/1%":#&', # 81:1&4 &%6%$B%/#& 8/1%":12 6%19J1$'&1 56#:? %%,>:19E 19%08%>':? 1B'$#%&47 1:$#>4 1: 021'J 8/1%":12. N 011:2%:Q0:2'' 0 2ER%'531B%66E&, 6#R% 6#0:#23%6'% 012%/R%661 18/%$%3%6Q61: $19%):%0? 816''( "16"4/%6:61) 0:/#:%='' — 2 8/1:'261&034>#% /#5/#91:"# 6#91/# '60:/4&%6:12 48/#23%6'( 8/1%":#&' 94Q$%: 81$196# 0:/%3?9% 2 :4% — 2E 6% 94$%:% 56#:?, 6' =$% 6#J1$':Q0( &'R%6?, 6' 818#3' 3' 2E 2 6%%.
N"824>(0 /),>#$"3'$% B")"1$,) 0:,#/,9'3",+080 #00$3,$?#$3'4. I#0:? 8/1C%00# 49%B$%6'( 2E0R%=1 /4"121$0:2# — U:1 081Q019610:? 6#=3($61 8/%$0:#2':? J#/#":%/ 011:2%:0:2'(, "1:1/1%$13B61 9E:? $10:'=64:1 &%B$4 6#91/1& '60:/4&%6:12 ' "16"4/%6Q:61) 0:/#:%='%). N =3#2% 1 &E 5#31B'3' 10612E :#"1=1 8/'2%$%6'(2 011:2%:0:2'%. N >#0:610:', 6# 8/'&%/% :/%J "1&8#6') — Intel, AWI' OAG — &E /#00&1:/%3', "#"'& 19/#51& 6#91/ '60:/4&%6:12 &1QB%: 9E:? 0L1"40'/12#6 6# 81$$%/B"% /#53'>6EJ "16"4/%6:6EJ0:/#:%='). +3( 81$$%/B"' 021%) 1/'%6:'/12#661) 6# $10:'B%6'%1:3'>') 0:/#:%='' Intel '0813?54%: 6#91/ '60:/4&%6:12, 2 "1:1/1&18/%$%3(7@47 /13? '=/#%: /#08'0#6'%. AWI, 0:/%&(@#(0( "16"4Q/'/12#:? 5# 0>%: 6'5"1) C%6E, '0813?54%: 6#91/ '60:/4&%6:12,1/'%6:'/12#66E) 6# C%612E% 81"#5#:%3'. D 6#"16%C, OAG, "16"4Q/%6:6#( 0:/#:%='( "1:1/1) 9#5'/4%:0( 6# 8/%$10:#23%6'' 6#'34>QR%) C%6E, '0813?54%: '60:/4&%6:#3?6E) 6#91/, 1/'%6:'/12#66E)6# 81"#5#:%3? «C%6# / "#>%0:21». <21$6#( :#93'C#, '3370:/'/47Q@#( U:' 8131B%6'(, 8/'2%$%6# 6# /'0. 16.2.N 81$$%/B#6'% 8/#":'>%0"1) 6#8/#23%6610:' 6#R%=1 /#00&1:Q
/%6'( &E 8/1'3370:/'/4%&, "#" U:' 8/'&%/E 6#91/12 '60:/4&%6Q:12 48/#23%6'( 8/1%":#&' /#91:#7: 2 /%#3?61& &'/%, 0 /%#3?6E&'8/1%":#&'. < U:1) C%3?7 &E 8/'2%$%& 6# /'0. 16.3 /($ "/'2EJ, "1Q:1/E% &E $3( 4$190:2# 94$%& 6#5E2#:? "/'2E&' '62%0:'/12#6'((913%% :1>6E) :%/&'6 — "/'2E% >'0:1) 8/'2%$%661) 0:1'&10:')$3( :/%J 0/#26'&EJ 8/10>%:12, 2E8136%66EJ 2 81361& 011:2%:Q0:2'' 0 "16"4/%6:6E&' 0:/#:%='(&' L'/& Intel, AWI ' OAG. -#BQ$#( "/'2#( J#/#":%/'54%:0( >%:E/?&( 2#B6E&' J#/#":%/'0:'"#Q
665
B.C"% )(+.%/0
$(."- - «)(+.%/0$(.',9(1
< 8:)4»
#,8 /3%'-,$()8 3%"$4.'0) ) $6" '#'3.'2)8 4 (/&
#'0 3",9;"-'.$,8
&': :1>"1) 6#>#3# 8/1%":#, 2/%&%6%& $1 6#>#3# /#52%/:E2#6'((TTD), 2/%&%6%& $1 :1>"' 9%549E:1>610:' (**N) ' :1>"1) 4:'3'5#QC''. *1>"# 6#>#3# 011:2%:0:24%: &1&%6:4, "1=$# 8/1%": 6#>'6#%:2E8136(:?0( ' 81:/%93(:? /%04/0E, 03%$12#:%3?61, 6#>'6#( 0 U:1):1>"', 81:1" $%6%B61) 6#3'>610:' 0:#612':0( 1:/'C#:%3?6E&.D62%0:'C'' 2 8/1%": ' 1:/'C#:%3?6E) 81:1" $%6%B61) 6#3'>610Q:' 8/1$13B#7: 42%3'>'2#:?0( $1 :%J 81/, 81"# 8/1%": 6% 1"#5E2#Q%:0( 2E8136%66E&. N U:1: &1&%6: &1B%: 6#>#:?0( /#52%/:E2#6'%8/1$4":# 8/1%":#, :1 %0:? %=1 '0813?512#6'% 5#"#5>'"#&'. N&%0:1TTD &%6%$B%/E 8/1%":12 2 0L%/% /#5/#91:"' 8/1$4":12 ' 8/1Q=/#&&61=1 19%08%>%6'( '0813?547: 816(:'% «2/%&( 2EJ1$# 6# /EQ61"». S13?R'60:21 $/4='J &%6%$B%/12 8/1%":12 8/%$81>':#7::%/&'6 «2/%&( C'"3# 8/1%":#» '3' 818/10:4 «2/%&( 5#2%/R%6'(8/1%":#». <3%$4%: 1:&%:':?, >:1 1:/'C#:%3?6E) 81:1" $%6%B61)6#3'>610:' $10:'=#%: 021%=1 8'"# 19E>61 2 :1>"% TTD. .103% U:1=1'0813?512#6'% 8/1$4":# 8/1%":# 6#>'6#%: =%6%/'/12#:? 1:$#>4,/%543?:#:1& >%=1 (23(%:0( 81$W%& "/'21) 22%/J $1 &1&%6:# $10:'QB%6'( :1>"' **N. K:1 :# :1>"#, 2 "1:1/1) 04&&# 20%J '62%0:'C'),0$%3#66EJ 2 8/1%":, /#26# 04&&% 20%J 8/'9E3%), 8134>%66EJ 1:'0813?512#6'( /%543?:#:12 8/1%":#. F# U:1) :1>"1) 81:1" $%6%BQ61) 6#3'>610:' 0:#612':0( 8131B':%3?6E& ' 19E>61 8/1$13B#%:9E:? :#"12E& $1 &1&%6:# 4:'3'5#C'' 8/1$4":# 8/1%":#.
C'#. 16.2. ./'&%/E 8/'2%$%6'( 6#91/12 '60:/4&%6:12 48/#23%6'(8/1%":#&' 2 011:2%:0:2'% "16"4/%6:6E& 0:/#:%='(&
666
5,'-'
16
,E 94$%& '0813?512#:? $#66E% "/'2E% $3( :1=1, >:19E 8/1(0Q6':? J#/#":%/ 19%08%>'2#%&1=1 011:2%:0:2'( $3( "#B$1) '5 :/%J"1&8#6'). O#00&1:/'&, 6#8/'&%/, Intel. H$'6 '5 U3%&%6:12 6#8/#2Q3%661) 6# $'LL%/%6C'#C'7 0:/#:%='' L'/&E Intel — 0"1/10:? 2EQ8136%6'( 8/1%":12. K:1: L#": 1:/#B%6 6# /'0. 16.3: :1>"' TTD ' **N6# "/'21) L'/&E Intel $10:'=#7:0( 56#>':%3?61 /#6?R%, >%& 6#"/'2E% $/4='J "1&8#6'). N 104@%0:23%6'% U:1=1 Intel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
C'#. 16.3. -#B$#( "/'2#( 2E8136%6'( 8/1%":# 1:/#B#%:'0813?512#6'% /#53'>6EJ 6#91/12 '60:/4&%6:12 48/#23%6'(
8/1%":#&'
667
B.C"% )(+.%/0
$(."- - «)(+.%/0$(.',9(1
< 8:)4»
#,8 /3%'-,$()8 3%"$4.'0) ) $6" '#'3.'2)8 4 (/&
#'0 3",9;"-'.$,8
6%6:E :'8'>61=1 '60:/4&%6:#3?61=1 6#91/# (:#"'% "#" '60:/4&%6Q:E "16:/13( 0:1'&10:' ' "#>%0:2#) '=61/'/47:0(. A#8/1:'2, 16'2#B6E, ' 16' '=/#7: 0217 /13?. DJ 2#B610:? $'":4%:0( 2#B610:?70:1'&10:6EJ ' "#>%0:2%66EJ C%3%) 2 "16"4/%6:61) 0:/#:%='' L'/Q&E Intel. <12%/R%661 1>%2'$61, >:1 Intel 5#91:':0( 1 /#5/#91:"% "#Q>%0:2%66EJ 8/1$4":12 ' 4$123%:21/%6'' 5#"#5>'"12 ' 0 U:1) C%3?7'0813?54%: "16:/13?6E% $'#=/#&&E, 0J%&E 8/1C%0012 ' #LL'66E%$'#=/#&&E. N 021%& 0:/%&3%6'' 4$%/B'2#:? 0:1'&10:6E% C%3' 6#"#" &1B61 913%% 6'5"1& 4/126% "1&8#6'( 8/'&%6(%: '60:/4&%6:#Q/') 1C%61" 0:1'&10:' ' 9#512EJ 83#612 0:1'&10:'.H$6#"1 2 '%/#/J'' C%3%), 8/'6(:1) 2 L'/&% Intel, C%3' 81 >#0:'
0:1'&10:' ' "#>%0:2# '&%7: 913%% 6'5"47 56#>'&10:?, >%& C%3' 81>#0:' 0/1"12. D&%661 81U:1&4 "/'2#( "1&8#6'' Intel J#/#":%/'54%:Q0( 913%% 1:/'C#:%3?6E& 56#>%6'%& 81:1"# $%6%B61) 6#3'>610:'2 :1>"% TTD, >%& "/'2E% $24J $/4='J L'/&, — 2%$? 0"1/10:?, >:1 012%/QR%661 %0:%0:2%661, 0:1': $18136':%3?6EJ $%6%= [1]. N /%543?:#:%:#"1=1 81$J1$# $2'B4@%) 0'31) '60:/4&%6:#3?61=1 6#91/# (23(7:Q0( '60:/4&%6:E 19%08%>%6'( /#08'0#6'(. D60:/4&%6:E 19%08%>%Q6'( "#>%0:2#, 0:1'&10:' ' $/4='% '60:/4&%6:E (23(7:0( 81$>'6%6Q6E&' 81 1:61R%6'7 " '60:/4&%6:#& 19%08%>%6'( /#08'0#6'(.N 034>#% L'/&E AWI 0':4#C'( '6#(. -1&8#6'( 0"316(%:0( 2 0:1Q
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— 6# 0:1'&10:', 0:1'&10:' ' %@% /#50:1'&10:'. <11:2%:0:2%661 1C%6"' 0:1'&10:' ' 9#512E% 83#6E0:1'&10:' =1:12(:0( 2 2ER%) 0:%8%6' :@#:%3?61, /#261 "#" ' 1C%Q6'2#6'% 8/'9E3' 6# '62%0:'/12#66E) "#8':#3 — $#B% $3( 6%Q913?R'J 8/1%":12 06'B%6'( 0:1'&10:'. N8136% 1>%2'$61, >:1 10Q61261% 26''% ' 2/%&( /4"121$0:2# 1:$#61 '60:/4&%6:#&83#6'/12#6'( ' "16:/13( 0:1'&10:' /#$' :1=1, >:19E 06'5':? /#0QJ1$E ' 81$$%/B'2#:? '59/#6647 "1&8#6'%) AWI 0:/#:%='7 C%61Q21=1 3'$%/0:2#. +#B% '60:/4&%6:E 19%08%>%6'( /#08'0#6'( ' "#Q>%0:2# #$#8:'/12#6E " :1&4, >:19E 81$$%/B'2#:? 6'5"'% C%3' 81>#0:' 0:1'&10:' — 2E91/1& "1&8#6'' 0:#3' $'#=/#&&E ;#6::#,
668
5,'-'
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— 0 C%3?7 06'B%6'( 0:1'&10:'. .3#6/%#='/12#6'( 6# /'0"' 0"16C%6:/'/12#6 6# 0:1'&10:6EJ /'0"#J..12%0:"' $6(, '0813?54%&E% 2 J1$% 012%@#6'), 0:#6$#/:'512#6E/#$' 4&%6?R%6'( 0:1'&10:' 8/12%$%6'( :#"'J 012%@#6'). .1$19Q6E) B% 81$J1$ 8/#":'"4%:0( ' 81 1:61R%6'7 " /#5/#91:"% <+O —'0813?512#6'% &'6'?61=1 "13'>%0:2# 4/126%), "1:1/1% 19%08%Q>'2#%: ULL%":'261% (81 81"#5#:%37 «C%6# / "#>%0:21») 48/#23%6'%.+10:'B%6'% 011:2%:0:2'( &%B$4 '60:/4&%6:#3?6E& 6#91/1& '
"16"4/%6:61) 0:/#:%='%) #":'26# 8/%03%$4%:0( :#"B% ' 2 "1&8#Q6'' H!H. +2'B4@#( 0'3# 5$%0? — 0:/#:%='( 6#'34>R%) 0:1'&10Q:', ' 16# :#"B% 8%/%610':0( 6# 8/1%":6E) 4/12%6?. -#" &1B61 2'Q$%:? '5 /'0. 16.3, 56#>%6'% 2/%&%6' $1 $10:'B%6'( :1>%" TTD ' **N&%6?R%, >%& $3( "1&8#6'' AWI, 61 913?R%, >%& $3( Intel. K:1 156#Q>#%:, >:1 #"C%6: 6# 0:1'&10:' 5$%0? &%6?R%, >%& 4 AWI, 61 913?R%,>%& 4 Intel. *#"#( L'3101L'( 2 >#0:' 0:1'&10:' :%061 8%/%83%:#%:Q0( 0 6%19J1$'&10:?7 $%3#:? 2 "#B$1& 8/1%":% 913%% 0'3?6E) #"QC%6: 6# "#>%0:2%66E% C%3', >%& U:1 $%3#%:0( 2 $24J $/4='J "1&8#Q6'(J. A#J1$(0? 2 :#"1) 0':4#C'', "#"'& 19/#51& 6#& 03%$4%:$%)0:212#:?, >:19E 810:/1':? 6#91/ '60:/4&%6:12, $2'B4@%) 0'Q31) "1:1/1=1 9E3 9E 81"#5#:%3? «C%6# / "#>%0:21»?Y1/1R1 09#3#60'/12#661% 01>%:#6'% '60:/4&%6:12 19%08%>%Q
6'( "#>%0:2# ' 0:1'&10:' —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
669
B.C"% )(+.%/0
$(."- - «)(+.%/0$(.',9(1
< 8:)4»
#,8 /3%'-,$()8 3%"$4.'0) ) $6" '#'3.'2)8 4 (/&
#'0 3",9;"-'.$,8
:4#3?6E&. *%& 6% &%6%% 2/%&%66E% C%3' L'/&E 6% 1:3'>#7:0(>/%5&%/61) #&9'C'15610:?7, >:1 ' 2E3'2#%:0( 2 6% 1:3'>#7@'%Q0( 2E01"1) 0"1/10:?7 /#08'0#6'(. [061, >:1 2 «C%8' 8':#6'(» C%Q3%) 8/1%":# (2 '%/#/J'' C%3%), 5# 0>%: "1:1/EJ "1/&':0( 1/=#6'5#QC'() "1&8#6'' OAG '60:/4&%6:E 19%08%>%6'( /#08'0#6'( 0:1(:6'B%, >%& '60:/4&%6:E 19%08%>%6'( 81"#5#:%3( «C%6# / "#>%0:21».+/4='% '60:/4&%6:E, :#"'% "#" '60:/4&%6:E /#91:E 0 /'0"#&' '3''60:/4&%6:E 48/#23%6'( 01$%/B#6'%&, :#"B% #$#8:'/12#6E 21'&( 81$$%/B"' U:1=1 81"#5#:%3(. A#8/'&%/, 28136% 19E>6E& $%31&(23(%:0( 81$=1:12"# 83#6# /%#='/12#6'( 6# /'0"', #"C%6: 2 "1:1/1&0$%3#6 6# 0:1'&10:?, # 6% 6# /#08'0#6'% ("#" 9E31 9E 2 034>#% '60:Q/4&%6:#3?61=1 6#91/#, 1/'%6:'/12#661=1 6# /#08'0#6'%).-#" &1B61 2'$%:? '5 6#R%=1 1904B$%6'(, J#/#":%/ 19%08%>'2#%Q
&1=1 011:2%:0:2'( 8/1(23(%:0( 2 9#3#60% $24J #08%":12. .%/2E)#08%": 5#"37>#%:0( 2 :1&, >:1 913?R'60:21 '60:/4&%6:12 01$%/QB':0( 21 20%J :/%J :'8#J 6#91/12, >:1 $%3#%: 28136% 8/'%&3%&E&81$J1$ 6# 10612% «9%5/#5&%/61=1», 46'2%/0#3?61=1 6#91/#. N:1/1)#08%": "#0#%:0( 0':4#:'261=1 81$J1$#, :1 %0:? #$#8:#C'' '60:/4Q&%6:12 $3( 4>%:# J#/#":%/# "#B$1=1 '5 U:'J :/%J 6#91/12. D&%( U:12 2'$4, &E =1:12E 8/%$31B':? /($ 4"#5#6') 81 19%08%>%6'7 :#"1=1011:2%:0:2'(.
H:,#/,9'$% #00$3,$#$3', (":0)" '(#$)*+,($03 10(1*),($?(0= #$)"$,8'' 0)8"(';".''. N $10:'B%6'' 2ER%156#>%661=1 01Q1:2%:0:2'( 2#B610:? 8/%$0:#23(7: >%:E/% 5#$#>':
• 40:#612':? B%3#%&47 0:%8%6? 011:2%:0:2'(;• 40:#612':? :%"4@47 0:%8%6? 011:2%:0:2'(;• '$%6:'L'C'/12#:? /#5/E2E &%B$4 :%"4@%) ' B%3#%&1) 0:%Q8%6?7 011:2%:0:2'(;
• $%)0:212#:? 0 C%3?7 $10:'B%6'( B%3#%&1) 0:%8%6' 011:2%:Q0:2'(.
N1 &61='J "1&8#6'(J "1$# 8/1C%00#, 1:2%:0:2%66#( 5# 48/#2Q3%6'% 8/1C%001& 48/#23%6'( 8/1%":#&' (3'91 08%C'#3?61 0L1/&'Q/12#66#( "1$#), 40:#6#23'2#%: B%3#%&47 0:%8%6? 011:2%:0:2'(.<&., 6#8/'&%/, :#93. 16.1, 8/'21$(@47 J#/#":%/'0:'"', "1:1/EQ&' $13B%6 193#$#:? "#B$E) '5 :/%J :'812 '60:/4&%6:#3?6EJ 6#91Q/12 — 1/'%6:'/12#66E) 6# /#08'0#6'%, 6# 0:1'&10:? ' 6# 81"#5#Q:%3? «C%6# / "#>%0:21». O#6%% 2 $#661& /#5$%3% &E 18'0#3' 8/'/1$4U:'J J#/#":%/'0:'" 6# 8/'&%/% "1&8#6') Intel, AWI ' OAG../' 40:#6123%6'' B%3#%&1) 0:%8%6' 011:2%:0:2'( "1$# &1Q
B%: 2E9/#:? 810:48%6>#:47 /%#3'5#C'7 6#91/#, 1/'%6:'/12#6Q61=1 6# /#08'0#6'%. <11:2%:0:2%661 16# &1B%: /%R':? 8/'$#:?8/10:E& '60:/4&%6:#& 19%08%>%6'( /#08'0#6'( C%6:/#3?647/13? ' 6#'2E0R') 8/'1/':%:, 1$612/%&%661 1:31B'2 #$#8:#C'7
670
5,'-'
16
S$(.%',9('8
%",9 ) 3%)"%).$. 3%)('#,$&'.
)(+.%/0$(.'0
"C$+3$7$()8
%'+3)+'()8
A",9?'8
7'+.9
-()0'()8
%/4"-"#+.-'
/#$,8$.+8
)(+.%/0$(.'0
"C$+3$7$()8
%'+3)+'()8
A",9?'8
7'+.9
-%$0$() %/4"-"#+.-' /#$,8$.+8 )(+.%/0$(.'0
"C$+3$7$()8
%'+3)+'()8
T(+.%/0$(.1
"C$+3$7$()8
%'+3)+'()8 8-,8K.+8 6,'-("< "+("-"< #,8 3%)(8.)8
%$?
$()<
M%/6)$ )(+.%/0$(.1
'#'3.)%/K
.+8 #,8 ."6"
, 7."C1
+"#$%&'.9 )(+.%/0$(.1
"C$+3$7$()8
S$(.%',9('8
%",9 ) 3%)"%).$. 3%)('#,$&'.
)(+.%/0$(.'0
"C$+3$7$()8
+.")0
"+.)
A",9?'8
7'+.9
-()0'()8
%/4"-"#+.-'
/#$,8$.+8
)(+.%/0$(.'0
"C$+3$7$()8
+.")0
"+.)
A",9?'8
7'+.9
-%$0$() %/4"-"#+.-' /#$,8$.+8 )(+.%/0$(.'0
"C$+3$7$()8
+.")0
"+.)
T(+.%/0$(.1
"C$+3$7$()8
+.")0
"+.)
8-,8K
.+8 6,'-("< "+("-"< #,8 3%)(8.)8
%$?
$()<
M%/6)$ )(+.%/0$(.1
'#'3.)%/K
.+8 #,8 ."6"
, 7."C1
3"##$%&
'.9 )(+.%/0$(.1
"C$+3$7$J
()8 +.")0"+.)
S$(.%',9('8
%",9 ) 3%)"%).$. 3%)('#,$&'.
)(+.%/0$(.'0
"C$+3$7$()8
3"4';'.$,8
«2$('
/ 4'7$+.-"
»
A",9?'8
7'+.9
-()0'()8
%/4"-"#+.-'
/#$,8$.+8
)(+.%/0$(.'0
"C$+3$7$()8
3"4';'.$,8
«2$('
/ 4'7$+.-"
»
A",9?'8
7'+.9
-%$0$() %/4"-"#+.-' /#$,8$.+8 )(+.%/0$(.'0
"C$+3$7$()8
3"4';'.$,8
«2$('
/ 4'7$+.-"
»
T(+.%/0$(.1
"C$+3$7$()8
3"4';'.$,8
«2$('
/ 4'7$+.-"
» 8-,8K.+8 6,'-("< "+("-"< #,8
3%)(8.)8
%$?
$()<
M%/6)$ )(+.%/0$(.1
'#'3.)%/K
.+8 #,8 ."6"
, 7."C1
3"##$%&
'.9 )(+.%/0$(.1
"C$+3$7$J
()8 3"4';'.$,8
«2$('
/ 4'7$+.-"»
1.4'
%T.
16.1
. U'%'4.$%)+.)4) )(+.%/0$(.',9(1
F ('C"%"-,
3%)-$#$((1F - +"".-$.+.-)$
+.%'.$6))
Y."
.*5#
"%&5%*%
%/&
5"+,
#/5.
'L/(
J( /.4
(". +3
".)'
#/%2 3"
(#*5
.,%
C(/
*+"#
/5/.
2 &5".
5#J%
2 *(
,3.
/%%
:%[[#"
#/T%.T
%2
F%-*
.2 &5(
%,(&
5LF.%
'+K^
.2&5(%
,(&
5L
7"%
#/5%
"().
//UV
/. ".&3%
&./%
#7"%
#/5%
"().
//UV
/. &5(
%,(&
5L7"%
#/5%
"().
//UV
/. 3(*
.-.5
#'L
«T#/
. / *.
K#&5)(
»
Y."
.*5#
" %/&
5"+,
#/5.
'L/(
J( /.4
(". +3
".)'
#/%2
3"(#
*5.,
%
671
B.C"% )(+.%/0
$(."- - «)(+.%/0$(.',9(1
< 8:)4»
#,8 /3%'-,$()8 3%"$4.'0) ) $6" '#'3.'2)8 4 (/&
#'0 3",9;"-'.$,8
$/4='J '60:/4&%6:12 (6#8/'&%/, '60:/4&%6:12 83#6'/12#6'( 0:1'Q&10:' ' /'0"#), 6%19J1$'&EJ $3( 81$$%/B"' '60:/4&%6:12 19%08%Q>%6'( /#08'0#6'(, 6# 913%% 815$6%% 2/%&(.X03' "1$# 8/1C%00# 816'&#%: 02(5#66E% 0 19%08%>%6'%&
011:2%:0:2'( 218/10E, :1 84:? (0%6. ,1B%: 81:/%912#:?0( �#$'0"400') $3( :1=1, >:19E $10:'>? "160%6040# 1 0:%8%6' 011:2%:Q0:2'(, 1019%661 %03' &61='% '5 '&%7@'J #2:1/':%: 4>#0:6'"125#6(:E. Y1/1R%% 83#6'/12#6'%, 3'$%/0:21 ' "1&&46'"#C'(, 6%Q01&6%661, 81&1=4: 2 2E8136%6'' U:1) 5#$#>'. +19#2?:% " U:1&4J1/1R'% 48/#23%6>%0"'% 6#2E"' ' 9%5=/#6'>61% :%/8%6'%, 6%19QJ1$'&E% 2 034>#%, "1=$# 81:/%94%:0( 06#>#3# 194>':? "1$48/1C%00# 0#&H) 04:' 011:2%:0:2'(.H8/10 5#"#5>'"12, &%6%$B%/12 ' 081601/12 8/1%":12 2%0?&#
813%5%6 2 0&E03% 8134>%6'( '6L1/&#C'' 1 :%"4@%) 0:%8%6' 01Q1:2%:0:2'(. A#937$%6'% ' #4$': "37>%2EJ 8/1%":12 %@% 913%% 4=Q349(: 2#R% 816''% '&%7@%=10( 011:2%:0:2'(. X03' 2E /%R':%'59%B#:? U:'J R#=12 ' 810>':#%:%, >:1 56#%:%, 2 "#"1& 010:1(6''6#J1$':0( 2#R% 011:2%:0:2'%, :1 &1B%:% 0:13"64:?0( 0 0%/?%56EQ&' 8/193%&#&'..103% :1=1 "#" B%3#%&#( ' :%"4@#( 0:%8%6' 011:2%:0:2'( '5Q
2%0:6E, 81/# >%:"1 18/%$%3':? /#5/E2E &%B$4 6'&'. N%3'>'6#/#5/E212 — 2%3'"' 16' '3' E — 94$%: (23(:?0( 10612#6'%&$3( /%R%6'( 1 :1&, "#"1) 0:%8%6' 215$%)0:2'% 94$%: 104@%0:2Q3(:?0( 81 1:61R%6'7 " U:'& /#5/E2#& ' $1 "#"1) 0:%8%6' 16' 94Q$4: 81$3%B#:? 01"/#@%6'7.N $#661& /#5$%3% &E /#00&1:/%3', >:1 64B61 $%3#:? $3( 19%08%Q
>%6'( 0:/#:%='>%0"1=1 011:2%:0:2'( '60:/4&%6:#3?61=1 6#91/#.+3( U:1=1 6%19J1$'&1 816''% "16"4/%6:61) 0:/#:%='' 1/=#6'Q5#C'', 6#=3($61% 8/%$0:#23%6'% J#/#":%/# 011:2%:0:2'( ' 104Q@%0:23%6'% 011:2%:0:2'(. <3%$4%: '&%:? 2 2'$4, >:1 19%08%>%6'%011:2%:0:2'( — $%)0:2'% 81'0:'6% 0:/#:%='>%0"1%. H61 5#$#%: 19Q@%% 0:/#:%='>%0"1% 6#8/#23%6'% $3( =/491) #$#8:#C'' 6#91/# '6Q0:/4&%6:12. +3( :1=1 >:19E '0813?512#:? '60:/4&%6:#3?6E) 6#Q91/ 2 8/1%":#J /%#3?61=1 &'/#, 2#& 6%19J1$'&1 2E8136':? :16"47#$#8:#C'7 6#91/#. D&%661 U:1 010:#23(%: 8/%$&%: /#00&1:/%6'(03%$47@%=1 /#5$%3#.
;:;!1;Q=G F;87@; =F61@B>?F17E B!@;EA?F=G!@7?C1;>=
!$#8:#C'( 0:/#:%='>%0"' 2E2%/%661=1 '60:/4&%6:#3?61=1 6#Q91/# 48/#23%6'( 8/1%":#&' &1B%: 2E8136(:?0( 2 /#56EJ 6#8/#2Q3%6'(J. N15&1B61, 6#'913%% B'56%0810196E&' (23(7:0( 03%$47Q@'% :/' 6#8/#23%6'(:
672
5,'-'
16• !$#8:#C'( 2 011:2%:0:2'' 0 /#5&%/1& 8/1%":#.• !$#8:#C'( 2 011:2%:0:2'' 0 0%&%)0:21& 8/1%":#.• !$#8:#C'( 2 011:2%:0:2'' 0 :'81& 8/1%":#.K:' :/' 6#8/#23%6'( — :/' /#53'>6EJ 84:' 1:91/# '60:/4&%6Q
:12 2 '60:/4&%6:#3?6E) 6#91/ ' %=1 #$#8:#C''. -#B$1% 6#8/#23%Q6'% '&%%: 021%) C%3?7 81"#5#:?, "#"'% '&%661 '60:/4&%6:E48/#23%6'( 8/1%":#&' 6%19J1$'&1 2E9'/#:? ' #$#8:'/12#:?. +3(104@%0:23%6'( :#"1) 215&1B610:' "#B$E) 2#/'#6: 2E91/# 1061Q2E2#%:0( 6# 8/1C%00% 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&',"1:1/E) L#":'>%0"' ' 18/%$%3(%: 2E91/ "16"/%:6EJ '60:/4&%6Q:12. -#" /#00&#:/'2#310? 2 =3#2% 1, "#B$E) 2J1$(@') 2 6#91/ '6Q0:/4&%6: 2E9'/#%:0( /#$' 81$$%/B"' "16"/%:6EJ 48/#23%6>%0"'J8/%$&%:12 810:#2"' 2 8/1C%00% 0:#6$#/:'512#661=1 48/#23%6'(8/1%":#&'. +#3%%, '60:/4&%6:#3?6E) 6#91/ 810:/1%6 :#", >:19E2"37>#:? 2 0%9( 20% '60:/4&%6:E, 6%19J1$'&E% $3( 8134>%6'(81361) 0121"48610:' 48/#23%6>%0"'J 8/%$&%:12 810:#2"', 2J1$(Q@'J 2 8/1C%00 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&'. <3%$1Q2#:%3?61, 8/' 3791& 2#/'#6:% 2E91/# 8%/2E) R#= 010:1': 2 :1&,>:19E 010:#2':? 0J%&4 U:1=1 8/1C%00# — :1 %0:? 18/%$%3':? %=1L#5E, 18%/#C'' 48/#23%6'( 8/1%":#&' ' 48/#23%6>%0"'% 8/%$&%Q:E 810:#2"' (/#00&1:/%6'% :%J6'>%0"') 18%/#C') ' 8/%$&%:12810:#2"' 2EJ1$': 5# /#&"' $#661) "6'='). .103% U:1=1 &1B61 8%/%QJ1$':? " 2E91/4 1:$%3?6EJ '60:/4&%6:12 2 81$$%/B"4 U:'J 8/%$&%Q:12 810:#2"'.;3491"1% 56#6'% 1:$%3?6EJ '60:/4&%6:12 (23(%:0( 6%19J1$'Q
&E& 40312'%& 8/' 3791& 2E91/%, 810"13?"4 2#& 6%19J1$'&1 816'Q&#:?, "#"'& 19/#51& "#B$E) '60:/4&%6: &1B%: 81$$%/B#:? :1:'3' '61) 48/#23%6>%0"') 8/%$&%: 810:#2"'. ,E 8103%$12#:%3?6118'R%& U:' 2#/'#6:E ' 8/%$31B'& 4"#5#6'( 81 2E91/4 1$61=1 '56'J $3( 8/#":'>%0"1) /%#3'5#C''. -#"1) 9E 2#/'#6: 6' 9E3 2E9Q/#6, $3( :%J, ":1 2E9'/#%: 1:$%3?6E% '60:/4&%6:E '3' /#5/#9#:EQ2#%: 6#91/E '60:/4&%6:12, 18'/#(0? 6# «A Guide for Project ManageQment Body of Knowledge» (81843(/61 6#5E2#%&1% O,NH-), 813%56E&94$%: ./'31B%6'% !, 2 "1:1/1& 8/103%B'2#%:0( 02(5? &%B$4 '60:Q/4&%6:#&', /#00&1:/%66E&' 2 $#661) "6'=%, ' O,NH-.
M>"/$".'4 3 #00$3,$#$3'' # )";+,)0+ /)0,1$". N 6%"1:1/EJ1/=#6'5#C'(J /#5&%/ 8/1%":# '0813?54%:0( 2 "#>%0:2% "37>%21=18#/#&%:/# 8/' #$#8:#C'' 6#91/# '60:/4&%6:12, "1:1/E) 4B% 8/'Q2%$%6 2 011:2%:0:2'% 0:/#:%='' 1/=#6'5#C''. < 04@%0:247@%) :#&:1>"' 5/%6'(, 913?R'% 8/1%":E (23(7:0( 913%% 031B6E&', >%&E%. D6E&' 0312#&', /#5&%/ 8/1%":# (23(%:0( &%/1) 031B610:'
673
B.C"% )(+.%/0
$(."- - «)(+.%/0$(.',9(1
< 8:)4»
#,8 /3%'-,$()8 3%"$4.'0) ) $6" '#'3.'2)8 4 (/&
#'0 3",9;"-'.$,8
8/1C%00# 0:#6$#/:'512#661=1 48/#23%6'( $#66E& 8/1%":1&. H91Q0612#6'% U:1=1 5#"37>#%:0( 2 :1&, >:1 8/' /10:% /#5&%/# 8/1%":#/#0:%: :#"B% "13'>%0:21 18%/#C') 81 48/#23%6'7 8/1%":1& '48/#23%6>%0"'J 8/%$&%:12 810:#2"', /#261 "#" ' "13'>%0:21 25#'&1Q$%)0:2') &%B$4 6'&'. Y4B% 20%=1 :1, >:1 "13'>%0:21 25#'&1$%)0:2')/#0:%: 0"1/%% 2 =%1&%:/'>%0"1) 8/1=/%00'', >%& 2 #/'L&%:'>%0"1)[3]. *#"1% 42%3'>%6'% 031B610:', "#" 03%$0:2'%, 6#"3#$E2#%: 021)1:8%>#:1" — 913%% "/486E% 8/1%":E :/%947: 913?R%) 48/#23%6Q>%0"1) /#91:E ' 913?R%=1 "13'>%0:2# 48/#23%6>%0"'J 8/%$&%:12810:#2"' $3( "11/$'6'/12#6'( 42%3'>'2R%=10( "13'>%0:2# 25#'Q&1$%)0:2'). K:1 8/'21$': " /#5/#91:"% 8/1C%0012 0:#6$#/:'51Q2#661=1 48/#23%6'( 913?R'&' 8/1%":#&' ' 011:2%:0:247@'J 6#Q91/12 '60:/4&%6:12..10"13?"4 8/1%":E /#53'>61=1 /#5&%/# :/%947: /#53'>6EJ
8/1C%0012 0:#6$#/:'512#661=1 48/#23%6'( ' /#53'>6EJ 6#91/12'60:/4&%6:12, 6#& 2 8%/247 1>%/%$? 6%19J1$'& 081019 "3#00'L'Q"#C'' 8/1%":12 81 /#5&%/4 ' 8103%$47@%) #$#8:#C'' 6%19J1$'Q&EJ '& 6#91/12 '60:/4&%6:12. N "3#00'L'"#C'' 81 /#5&%/4 &E94$%& 18'/#:?0( 6# 18E: /($# "1&8#6'). N :#93. 16.2 &E 8/'21$'&6%0"13?"1 8/'&%/12. N0% "1&8#6'' 5#$#3' :/' "3#00# /#5&%/# 8/1Q%":12: E), 0/%$6') ' "/486E). X$'6'CE '5&%/%6'( /#5&%/# —97$B%:E, 2E/#B%66E% 2 $133#/#J '3' >%312%"1>#0#J. A# 10612#Q6'' /#5&%/# "1&8#6'' 18/%$%3'3' 48/#23%6>%0"47 031B610:?U:'J "3#0012 8/1%":12 ' 031B610:? 011:2%:0:247@'J 8/1C%00120:#6$#/:'512#661=1 48/#23%6'( U:'&' 8/1%":#&'. <31B610:?2 0217 1>%/%$? 18/%$%3'3# 6#91/ '60:/4&%6:12, 48/1@%66E) 8/'Q&%/ "1:1/1=1 8/'2%$%6 2 :#93. 16.3 (913?R%% "13'>%0:21 8/'&%/128/'2%$%61 2 ./'31B%6'' N). O#$' 48/1@%6'( 81"#5#6 :13?"1 019Q0:2%661 '60:/4&%6:#3?6E) 6#91/, 2 :1 2/%&( "#" :%J6'>%0"'%8/%$&%:E 810:#2"' 10:#23%6E 5# "#$/1&.-#" 81"#5#61 2 :#93. 16.3, 1$6# >#0:? '60:/4&%6:12 2 6#91/#J
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a /#2612%0'%& &%B$4 46'2%/Q0#3?6E&' '60:/4&%6:#&' ' :%&', "1:1/E% 1:2%>#7: 5# "16"/%:Q
674
5,'-'
16
647 0':4#C'7 8/'&%6%6'( 8/1C%00# 0:#6$#/:'512#661=1 48/#23%Q6'( 8/1%":#&'.H8E: U:'J "1&8#6') $#%: 215&1B610:? 0L1/&43'/12#:? /($ /%Q
"1&%6$#C') 81 #$#8:#C'' '60:/4&%6:#3?61=1 6#91/# 2 011:2%:Q0:2'' 0 /#5&%/1& 8/1%":#:
• '$%6:'L'C'/12#:? 6%913?R1% "13'>%0:21 "3#0012 8/1%":12 '011:2%:0:247@'J '& 0:#6$#/:6EJ 8/1C%0012 48/#23%6'(;
• 18/%$%3':? "#B$E) "3#00 0 81&1@?7 J#/#":%/'547@%=1 /#5Q&%/ 8#/#&%:/#;
• 01810:#2':? "#B$1&4 "3#004 031B610:' 011:2%:0:247@') '60:Q/4&%6:#3?6E) 6#91/ :#"'& 19/#51&, >:19E "#B$E) '60:/4&%6:81$$%/B'2#3 "16"/%:6E) 48/#23%6>%0"') 8/%$&%: 810:#2"'.
<3%$4%: '&%:? 2 2'$4, >:1 J1:( #$#8:#C'( 2 011:2%:0:2'' 0 /#5Q&%/1& 8/1%":# 193#$#%: 8/%'&4@%0:21& 8/10:1:E, 16# :#"B%610': 1919@#7@') J#/#":%/, 8/'6'B#7@') 56#>%6'% $/4='J '6Q$'2'$4#3?6EJ 8#/#&%:/12 8/1%":#. +3( "1=1Q:1 U:' $/4='% 8#Q/#&%:/E &1=4: 9E:? B'56%661 2#B6E&', "#" 94$%: 4"#5#61 2 03%Q$47@%& /#5$%3%, /#00&#:/'2#7@%& #$#8:#C'7 2 011:2%:0:2''0 0%&%)0:21& 8/1%":#.
M>"/$".'4 3 #00$3,$#$3'' # #,+,=#$30+ /)0,1$". -1=$# 6#Q91/ '60:/4&%6:12 48/#23%6'( 8/1%":#&' 8/'2%$%6 2 011:2%:0:2'%01 0:/#:%='%) 1/=#6'5#C'', 2E &1B%:% 2E9/#:? 84:? %=1 #$#8:#C''2 011:2%:0:2'' 0 0%&%)0:2#&' 8/1%":12, '&%7@'&'0( 2 $#661) 1:Q/#03'. N1 &61='J "1&8#6'(J :#" ' $%3#7:, &1:'2'/4( U:1 :%&, >:104@%0:247@'% 2 'J 1:/#03' 0%&%)0:2# 8/1%":12 $10:#:1>61 46'Q
1.4'%T. 16.2.*%)0$%1 4,'++)H)4'2)) 3%"$4."- 3" %';0$%/ - .%$F %';,)7(1F4"03'()8F
*%"$4.1 %';%'C".4) 3%"#/4."-,-13",(8$01$ 3%");-"#).$,$0- +H$%$ -1+"4)F .$F(","6)<, 1—2 0,( #",,. 2—5 0,( #",,. > 5 0,( #",,.)0$K:)0 "C"%".1 0,%# #",,. - 6"#*%"$4.1 %';%'C".4) 3%"#/4."-,-13",(8$01$ 3%");-"#).$,$0- +H$%$ ();4)F .$F(","6)<,)0$K:)0 "C"%".150 0,( #",,. - 6"#*%"$4.1 %';%'C".4)3%"6%'00(1F 3%"#/4."-,-13",(8$01$ 4"03'()$<,)0$K:$< "C"%".40 0,( #",,. - 6"#
C(,3./%2 @.-,#" 3"(#*5.
>.'UV 6"#$/%V C"+3/UV
< 50 .1+. #",,. 50—150 > 150.1+. #",,. .1+. #",,.
300—400 1000—3000 >30007$,"-$4"7'+"- 7$,"-$4"7'+"- 7$,"-$4"7'+"-
675
B.C"% )(+.%/0
$(."- - «)(+.%/0$(.',9(1
< 8:)4»
#,8 /3%'-,$()8 3%"$4.'0) ) $6" '#'3.'2)8 4 (/&
#'0 3",9;"-'.$,8
"#3?6E ' 81:1&4 5#034B'2#7: '60:/4&%6:#3?6EJ 6#91/12 ' 8/1QC%0012 0:#6$#/:'512#661=1 48/#23%6'(, 1/'%6:'/12#66EJ '&%6616# $#66E% "16"/%:6E% 0%&%)0:2# 8/1%":12, 04@%0:247@'% 2 $#6Q61) "16"/%:61) 1:/#03' [4]. .1$196E) 81$J1$ &1B%: 9E:? 3%="119W(06'& 0 '6$'2'$4#3?61) :1>"' 5/%6'( [2].
-#" =/488# 1/=#6'5#C'), 6%810/%$0:2%661 "16"4/'/47@'J $/4=0 $/4=1& 5# 819%$4 6# /E6"% [5], 1:/#03? J#/#":%/'54%:0( J#/#":%Q/1& 021%=1 1"/4B%6'( ' 9'56%0Q5#$#>%). A#8/'&%/, "1&8#6'', /#Q91:#7@'% 2 1:/#03' 2E01"'J :%J6131='), 6#J1$(:0( 2 1"/4B%6''$'6#&'>6EJ :%J6131='>%0"'J 8%/%&%6. .1U:1&4 'J 9'56%0Q5#$#>#'519'34%: 8/1%":#&', $3( "1:1/EJ 2#B61 2/%&( 2EJ1$# 6# /E61"[6]. <1>%:#(0? $/4= 0 $/4=1&, U:' 1"/4B%6'% ' 9'56%0Q5#$#># 8/'21Q
@',1< L+.'- 3%"$4.' P"(+.'.'2)8 B.7$. " F"#$ B.7$. " F"#$+"#$%&'()8 )+3",($()8 )+3",($()8!MI@'.%)2'".-$.+.-$(("+.)M)'6%'00'4"(.%",9(1F+"C1.)<
!%$#()< L+.'- 3%"$4.' P"(+.'.'2)8 B.7$. " F"#$ B.7$. " F"#$I$$+.% ('-14"- +"#$%&'()8 )+3",($()8 )+3",($()8
!MI BC("-,$(('8@'.%)2' #)'6%'00' 5'(..'".-$.+.-$(("+.)B2$(4' +.")0"+.)M)'6%'00' 5'(..'
A",9?"< L+.'- 3%"$4.' P"(+.'.'2)8 B.7$. " F"#$ B.7$. " F"#$D$.1%$F+.'#)<('8 +"#$%&'()8 )+3",($()8 )+3",($()80"#$,9 !MI BC("-,$(('8 *"+,$3%"$4.(1<@'.%)2' @'.%)2' 3%)-8;'(('8 '(',);;')(.$%$+"-'((1F ".-$.+.-$(("+.) 4 -%$0$(("<+."%"( B2$(4' +.")0"+.)
?4',$ #)'6%'00'
I$$+.% ('-14"- *%)-8;'(('8«"3$%'2)) ('
4 -%$0$(("<#/6'F»
?4',$ #)'6%'00'M)'6%'00'
«"3$%'2)) ('+4",9&$()8
#/6'F» (4'+4'#('8 R'3%"+ ('H"%0') -($+$()$
@'.%)2');0$($()8
«-$%"8.("+.9 — [/%(', %)+4"--";#$<+.-)$» @'.%)2'@'.%)2' 0".)-'2))0".)-'2))
1.4'%T. 16.3.*%)0$%1 4,'++)H)4'2)) 3%"$4."- 3" %';0$%/ - .%$F %';,)7(1F4"03'()8F
@.-,#"3"(#*5.
W.-U 3"(#*5.
73"#$#'#/%# !'./%"()./%# EU3('/#/%# R.*"U5%#
676
5,'-'
16$(: " 2156'"612%6'7 81$196EJ 8/193%& 2 0%&%)0:2#J 8/1%":12. A#Q8/'&%/, 0%&%)0:21, 19/#54%&1% 8/1%":#&' /#5/#91:"' 612EJ 8/1Q$4":12, 2E8136(%&E&' 2 0L%/#J 2E01"'J :%J6131='), 0:#3"'2#%:Q0( 0 #6#31='>6E&' :/4$610:(&'. *1 B% 0#&1% 08/#2%$3'21 ' $3(8/1%":12 48/#23%6'( 8/1'521$0:2%66E&' &1@610:(&', 8/1'521$Q0:2%66EJ 8/1%":12, &#/"%:'6=12EJ 8/1%":12 ' '6L1/&#C'1661Q:%J6131='>%0"'J 8/1%":12, 2E8136(%&EJ 2 1:/#03' 2E01"'J :%J61Q31='). *% B% 0#&E% 0%&%)0:2# 8/1%":12 $%&160:/'/47: 81J1B%%812%$%6'% ' 2 $/4='J 1:/#03(J.O%543?:#:1& U:1=1 (23(%:0( :1, >:1 8/1C%00E 0:#6$#/:'512#661Q
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
&%6:#3?61=1 6#91/# 2 011:2%:0:2'' 0 0%&%)0:21& 8/1%":#. N >#0:61Q0:', 2 6'J 8/'56#7: :1: L#":, >:1 "#B$1% 0%&%)0:21 '&%%: /#53'>Q6E% "3#00E 8/1%":12, J#/#":%/'547@'%0( /#53'>61) :%J6'>%0"1)612'561), ' "#B$E) '5 U:'J "3#0012 :/%94%: '6$'2'$4#3?61) #$#8Q:#C'' 6#91/# '60:/4&%6:12. O#00&1:/'&, 6#8/'&%/, 034>#) 8/1'5Q21$':%3(, /#91:#7@%=1 2 0L%/% 6'5"'J :%J6131=') (:#93. 16.4).
1.4'%T. 16.4. *%)0$% 4,'++)H)4'2)) 3%"$4."- - +$0$<+.-$ 3" +.$3$().$F()7$+4"< ("-);(1
C'.&& 3"(#*5.Y.".*5#"%&5%*.
!"(&5(V 6"#$/%V 6'(]/UVR'4';7)4 !/:$+.-/K:)< !/:$+.-/K:)< !/:$+.-/K:)<
),) ("-1< ),) ("-1<U'%'4.$%)+.)4) 0—5 );0$($()< > 5 );0$($()< 7$%. B.+/.+.-)$ +F"#+.-'3%"#/4.' 7$%. +/:$+.-/K:$6" +/:$+.-/K:$6" + 4'4)0J,)C"
3%"#/4.' 3%"#/4.' +/:$+.-/K:)03%"#/4."0
U'%'4.$% N". &$ +'01< N". &$ +'01< N". &$ +'01< ),)4"($7("6" ("-1<)+3",9;"-'()8*%"2$++ !/:$+.-/K:)< !/:$+.-/K:)< ="-1<3%");-"#+.-'*%"2$++ +C"%4) !/:$+.-/K:)< =$4"."%1$ );0$($J ="-1<
()8 +/:$+.-/K:$6"3%"2$++'
677
B.C"% )(+.%/0
$(."- - «)(+.%/0$(.',9(1
< 8:)4»
#,8 /3%'-,$()8 3%"$4.'0) ) $6" '#'3.'2)8 4 (/&
#'0 3",9;"-'.$,8
K:# "1&8#6'( "3#00'L'C'/4%: 20% 8/1%":E, 1:610(@'%0( " 0%Q&%)0:24 8/1%":12 1L'C'#3?61=1 8/%$0:#23%6'( 612EJ 8/1$4":12,6# :/' =/488E: 8/10:E%, 0/%$6'% ' 031B6E%. +3( :1=1 >:19E /#53'Q>#:? 'J, "1&8#6'( '0813?54%: 11 J#/#":%/'0:'", 81 913?R%) >#0:'1:610(@'J0( " 0:%8%6' :%J6'>%0"1) 612'56E 8/1%":#. A%"1:1/E%'5 6'J 2"37>#7: 5#"#5>'"#, J#/#":%/'0:'"' 8/1$4":#, J#/#":%/"16%>61=1 '0813?512#6'(, 8/1C%00 8/1'521$0:2# ' 8/1C%00 091/"'.N 19@%& ' C%31& >%& 2ER% 0:%8%6? :%J6'>%0"1) 612'56E, :%&
913%% 031B6E& (23(%:0( 8/1%": [7]. K:1 19W(06(%:0( :%&, >:1 215/#Q0:#6'% 0:%8%6' :%J6'>%0"1) 612'56E 2 8/1%":#J 2%$%: " 913?R%)6%18/%$%3%6610:', :/%94( 913?R%) ='9"10:' 1: 8/1C%00# 0:#6$#/Q:'512#661=1 48/#23%6'( 8/1%":#&' ' 1: '60:/4&%6:#3?61=1 6#91Q/# 48/#23%6'( 8/1%":#&'. N >#0:610:', 8/' 215/#0:#6'' 0:%8%6':%J6'>%0"1) 612'56E 8/1%":# 8/1C%00 0:#6$#/:'512#661=1 48/#2Q3%6'( 8/1%":#&':
• :/%94%: 913?R%=1 >'03# ':%/#C') ' 2/%&%6' $3( 18/%$%3%6'(01$%/B#6'( 8/1%":#;
• :/%94%: 913?R'J :%J6'>%0"'J ' 48/#23%6>%0"'J 6#2E"12;• $%3#%: "1&&46'"#C'7 913%% '6:%60'261);• :/%94%: 913%% ULL%":'261=1 48/#23%6'( '5&%6%6'(&'.!$#8:'/4(0? " :#"1&4 8/1C%004, 2E :#"B% 2E64B$%6E #$#8:'/1Q
2#:? " 6%&4 6#91/ '60:/4&%6:12 48/#23%6'( 8/1%":#&'. .1 &%/%/10:# :%J6'>%0"1) 612'56E:
• "160:#:#C'( 01$%/B#6'( ' <+O 0:#612(:0( 913%% /#52'2#7Q@'&'0(;
• $'#=/#&&# ;#6::# '3' ,-.Q$'#=/#&&# 0:#612(:0( 913%% :%"4Q>'&' ' >#0:1 196123(%&E&' 0 C%3?7 4>%:# '5&%6%6') 01$%/QB#6'(;
• 1C%6"' 0:1'&10:' 0:#612(:0( 2 :1) B% &%/% :%"4>'&', 2 "#"1)' /#08'0#6'(;
• /'0"' 215/#0:#7:../10:1) 8/'&%/, 1:/#B#7@') U:' :/%6$E 2 #$#8:#C'' 6#91/#
'60:/4&%6:12 " :/%& "3#00#& 8/1%":12, 2J1$(@'J 2 0%&%)0:21 8/1Q%":12 1L'C'#3?61=1 8/%$0:#23%6'( 612EJ 8/1$4":12, 25(:E) '5:#93. 16.4, 8/'2%$%6 2 :#93. 16.5 ($18136':%3?6E% 8/'&%/E 8/'2%Q$%6E 2 ./'31B%6'' <).-#" 81"#5#61 2 :#93'C%, '60:/4&%6:#3?6E% 6#91/E :/%J "3#0012
8/1%":12 81J1B' 2 1$6'J #08%":#J ' /#53'>6E 2 $/4='J. A#8/'&%/,20% 16' '0813?547: /#08'0#6'( ' 1:>%: 1 J1$% '08136%6'( — U:''60:/4&%6:E 46'2%/0#3?6E. H$6#"1 /#08'0#6'( 1:3'>#7:0( $/4=1: $/4=#: 8/10:E% 8/10>%:E '0813?547: 8/10:47 $'#=/#&&4 "16:Q/13?6EJ 019E:'), 2 :1 2/%&( "#" 031B6E% — TAD 2 /%B'&% 9%=4@%)2136E. H>%2'$61, >:1 '0:1>6'"1& /#53'>') (23(%:0( 0:%8%6? :%JQ6'>%0"1) 612'56E 8/1%":12.
678
5,'-'
16NE8136(( #$#8:#C'7 2 011:2%:0:2'' 0 0%&%)0:21& 8/1%":#, 2E
$13B6E 56#:? 1 "16"/%:6EJ 8/%'&4@%0:2#J ' /'0"#J. - 8/%'&4@%Q0:2#& 1:610':0( 03%$47@%%.
• ./10:1:#. .10"13?"4 $#66E) 081019 #$#8:#C'' 810:/1%6 6#1$61& 8#/#&%:/% (:%J6'>%0"1) 612'56%), #$#8:#C'( $1213?618/10:#.
• G%="10:? $3( 816''(. K:1: 081019 #$#8:#C'' 18'/#%:0( 6#:%J6'>%0"'% #08%":E 8/1%":#, 3%B#@'% 2 193#0:' 106126EJ8/1L%00'16#3?6EJ 56#6') &%6%$B%/12 8/1%":12. H>%2'$61,>:1 U:1 $%3#%: 8/1C%00 #$#8:#C'' 3%="'& $3( &%6%$B%/12 8/1Q%":12.
!$#8:#C'( :#"B% 015$#%: 6%"1:1/E% /'0"', 8/1(23(7@'%0(2 03%$47@%&:
• 2 8/1%":#J, 6% '519'347@'J :%J6131='(&'. N :#"'J 8/1%":#J:%J6'>%0"#( 612'56# — 6%4&%0:6E) 81"#5#:%3?, ' #$#8:#C'(,18'/#7@#(0( 6# 6%%, 0:#612':0( 6%8/'=1$61);
• 22%$%6'% 03'R"1& 913?R1=1 "13'>%0:2# &1$%3%). ./'&%6%6'%#$#8:#C'' 2 "1&8#6'' 0 913?R'& "13'>%0:21& 0%&%)0:2 8/1%"Q:12 8/'21$': " 81(23%6'7 0:13? B% 913?R1=1 "13'>%0:2# '60:Q/4&%6:#3?6EJ 6#91/12, >:1 4&%6?R#%: 215&1B610:? '6:%=/#QC'' 0%&%)0:2 2 C%310:647 0'0:%&4 2 �R:#9#J "1&8#6''.
D 2 5#"37>%6'% 6'B% 8/'21$(:0( 6%"1:1/E% 4"#5#6'( 81 8/#"Q:'>%0"1&4 104@%0:23%6'7 #$#8:#C'' '60:/4&%6:#3?61=1 6#91/# 2011:2%:0:2'' 0 0%&%)0:21& 8/1%":#.
• .1$/#5$%3():% 2#R' 8/1%":E ' 'J 8/1C%00E 0:#6$#/:'512#6Q61=1 48/#23%6'( 6# 6%0"13?"1 "3#0012.
• H8/%$%3():% "#B$E) "3#00 810/%$0:21& 6%0"13?"'J :%J6'>%0Q"'J 8#/#&%:/12.
• .1$$%/B'2#):% "#B$E) "3#00 6#$3%B#@'& 6#91/1& '60:/4Q&%6:12 — :#", >:19E "#B$E) '60:/4&%6: 81$$%/B'2#3 "16"Q/%:6E) 48/#23%6>%0"') 8/%$&%: 810:#2"'.
M>"/$".'4 3 #00$3,$#$3'' # $'/0+ /)0,1$". N :1 2/%&( "#"8/%$E$4@'% $2# 081019# #$#8:#C'' 1$61&%/6E (18'/#7:0( 6#1$'6 8#/#&%:/ — 031B610:? 8/1%":# ('5&%/(%&47 %=1 /#5&%/1&) ':%J6'>%0"47 612'564 011:2%:0:2%661), #$#8:#C'( 2 011:2%:0:2''0 :'81& 8/1%":# '0813?54%: 19# U:'J 8#/#&%:/# — 8/' 40312'', >:16#91/ '60:/4&%6:12 8/'2%$%6 2 011:2%:0:2'% 01 0:/#:%='%). ,E6#5E2#%& :#"47 $24&%/647 &1$%3? 81 '&%6' %=1 015$#:%3( — &1$%Q3?7 V%6J#/# [8]. I:19E 8/'$#:? &1$%3' 913%% 8/#":'>%0"') 4"316,&E 48/10:'& %%, 01J/#6'2 %% 20%19W%&37@') J#/#":%/. H8'0#6'%&1$%3' 94$%: 2E8136%61 2 2'$% :/%J R#=12:
• 18/%$%3':? :'8E 8/1%":#;• 18'0#:?, "#" 6#3'>'% $24J 8#/#&%:/12 23'(%: 6# 8/1C%00 0:#6Q$#/:'5'/12#661=1 48/#23%6'( 8/1%":#&' "#B$1=1 :'8#;
679
B.C"% )(+.%/0
$(."- - «)(+.%/0$(.',9(1
< 8:)4»
#,8 /3%'-,$()8 3%"$4.'0) ) $6" '#'3.'2)8 4 (/&
#'0 3",9;"-'.$,8
1.4'%T. 16.5. *%)0$%1 4,'++)H)4'2)) 3%"$4."-, -F"#8:)F - "#(" +$0$<+.-",- +"".-$.+.-)) +" +.$3$(9K .$F()7$+4"< ("-);(1
C'.&&3"(#*5.
*%"+."< L+.'- 3%"$4.'
@"#$,9 C',,9("<"2$(4) + '42$(J."0 (a NPV
*/;1%94"-'8#)'6%'00'
P%/6"-'8 (+$4."%J('8) #)'6%'00'3"%.H$,83%"$4."-
M)'6%'00'4"(.%",9(1F+"C1.)<
B.7$. " F"#$)+3",($()8
B.7$. " F"#$)+3",($()8
!%$#()< L+.'- 3%"$4.'
@"#$,9 C',,9("<"2$(4) + '42$(J."0 (' NPV
*/;1%94"-'8#)'6%'00'
P%/6"-'8 (+$4."%J('8) #)'6%'00'3"%.H$,8 3%"$4."-
L4';'()8 3" -$J#$()K #)+4/++)),".7$. "C "3%"+$;'4';7)4"-
P"(+.'.'2)8+"#$%&'()8
M)'6%'00' 5'(..'+ 4"(.%",9(10)+"C1.)80)
B.7$. " F"#$)+3",($()8
BC("-,$(('8#)'6%'00' 5'(..'
B.7$. " F"#$)+3",($()8
!,"&(1< L+.'- 3%"$4.'
D$.1%$F+.'#)<J('8 0"#$,9
I$$+.% ('-14"-
@"#$,9 C',,9("<"2$(4) + '42$(J."0 (a NPV
*/;1%94"-'8#)'6%'00'
P%/6"-'8 (+$4."%J('8) #)'6%'00'3"%.H$,83%"$4."-
I';,)7(1$)(+.%/0$(.1%'C".1 + 6","+"0;'4';7)4'
P"(+.'.'2)8+"#$%&'()8
!MI
@'.%)2' ".-$.J+.-$(("+.)
B2$(4' +.")0"J+.), "+("-'(('8(' 4"(.%",9(1F+"C1.)8F
*%)-8;'(('84 -%$0$(("<?4',$ #)'6%'00'«"3$%'2)) ('#/6'F» (4'+4'#('8H"%0', C$6/:'8-",(')
M)'6%'00'4"(.%",9(1F+"C1.)<
*,'( %$'6)%"-'J()8 (' %)+4)(4'7$+.-$((1<)
@'.%)2'0".)-'2))
B.7$. " F"#$)+3",($()8
BC("-,$(('8,3%)-8;'(('8 4-%$0$(("< ?4',$#)'6%'00'«"3$%'2)) ('#/6'F», #)'6%'0J0' 4"(.%",9(1F+"C1.)<
R'3%"+ ('-($+$()$);0$($()8
[/%(', );0$($J()< 3%"$4.'
[/%(', %)+4"-
@'.%)2'0".)-'2))
B.7$. " F"#$)+3",($()8
*"+,$3%"$4.(1<'(',);
W.-U 3"(#*5.
73"#$#'#/%# !'./%"()./%# EU3('/#/%# R.*"U5%#
680
5,'-'
16• 18'0#:? 6#91/E '60:/4&%6:12 $3( 48/#23%6'( >%:E/?&( :'Q8#&' 8/1%":12.
-#B$E) '5 $24J 8#/#&%:/12 2"37>#%: 2 0%9( $2# 4/126(:• :%J6'>%0"#( 612'56# (4/126': 6'5"#(, 2E01"#();• 031B610:? 8/1%":# (4/126': 6'5"#(, 2E01"#().H:&%:'&, >:1 5$%0? &E '0813?54%& �R:#9 0'0:%&E (816(:'%,
1>%6? 93'5"1% " /#5&%/4 8/1%":#) "#" &%/4 031B610:' 8/1%":#. K:181&1=#%: 015$#:? &#:/'C4 /#5&%/# 2 2, "1:1/#( J#/#":%/'54%:4 106126EJ :'8# 8/1%":12 (0&. /'0. 16.4).
C'#. 16.4. I%:E/% :'8# 8/1%":12
.%/%8%>#:#61 0 /#5/%R%6'(, Shenhar, J. Aaron, «One Size Does Not Fit AllProjects: Exploring Classical Contingency Domains», Management Sci. 47(3)394—414, 2001. Copyright © 2001, The Institute for Operational Researchand the Management Sciences (INFORMS), 901 Elkridge Landing’Road, Suite400, Linthicum, Maryland 21090—2909, USA.
681
B.C"% )(+.%/0
$(."- - «)(+.%/0$(.',9(1
< 8:)4»
#,8 /3%'-,$()8 3%"$4.'0) ) $6" '#'3.'2)8 4 (/&
#'0 3",9;"-'.$,8
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— :1 %0:? 8/1%": &1B%: 8/1'521$':?8/1$4":, (23(7@')0( >#0:?7 913%% "/4861) 0'0:%&E (8/1%":#) '3'#2:161&6E& 8/1$4":1&, 2E8136(7@'& %$'60:2%6647 L46"C'7.H9E>61 :#"1) 8/1%": 2E8136(%:0( 2 8/%$%3#J 1$61) 1/=#6'5#C'''3' L46"C'16#3?61=1 81$/#5$%3%6'( 1/=#6'5#C'' (6#8/'&%/,264:/' 1:$%3# &#/"%:'6=# '3' '6B'6'/'6=#) [8]. .10"13?"4 /#91:#0 04@%0:247@'&' :%J6131='(&' ' 8/10:E& 01$%/B#6'%& :/%94%:/4:'66EJ /#91:, &E ' 6#52#3' :#"'% 8/1%":E /4:'66E&'. A'B%&E 8/'21$'& /($ 8/'&%/12 :#"'J 8/1%":12:
• 6%8/%/E261% 012%/R%60:212#6'% 8/1%":12 2 81$/#5$%3%6'';• 196123%6'% 04@%0:247@%=1 8/1=/#&&61=1 8#"%:# '3' 04@%Q0:247@%=1 8/1$4":#;
• $19#23%6'% 9#00%)6# " 04@%0:247@%&4 1:%37;• /#5/#91:"# 6121) &1$%3' :/#$'C'1661=1 :10:%/#;• /#0R'/%6'% 04@%0:247@%) 8/1'521$0:2%661) 3'6''.
!$&'6'0:/#:'26E% 8/1%":E 81$196E /4:'66E& 8/1%":#& 2 0&E0Q3% :%J6'>%0"1) 612'56E —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
682
5,'-'
16• /%0:/4":4/'/12#6'% 1/=#6'5#C'' 2 �R:#9#J "1/81/#C'';• /#52%/:E2#6'% 0:#6$#/:61) '6L1/&#C'1661) 0'0:%&E 2 =%1Q=/#L'>%0"' /#00/%$1:1>%661) 1/=#6'5#C'';
• 0:/1':%3?0:21 :/#$'C'1661=1 8/1'521$0:2%661=1 8/%$8/'Q(:'(;
• /#5/#91:"# 6121) &1$%3' #2:1&19'3(;• 4012%/R%60:212#6'% 6121=1 "1&8?7:%/# '3' 4012%/R%60:21Q2#6'% &61=1L46"C'16#3?61=1 8/1=/#&&61=1 8#"%:#.
H061261) 8/'1/':%: :%J6'>%0"'J 8/1%":12 0$%3#6 6# 'J :%J6'Q>%0"1& 01$%/B#6'', 1:07$# ' 6#52#6'%. N >#0:610:', 913%% 50%:%J6131='), '0813?54%&EJ 8/1%":1&, —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
• /%'6B'6'/'6= 8/1C%00# /#5/#91:"' 6121=1 8/1$4":# 2 1/=#Q6'5#C'';
• $19#23%6'% 3'6'' 0 612%)R%) 8/1'521$0:2%661) :%J6131='%)" 04@%0:247@%) L#9/'"% 81 8/1'521$0:24 81348/121$6'"12;
• /#5/#91:"# 6121) &1$%3' "1&8?7:%/#;• /#5/#91:"# 6121) &1$%3' "1&8?7:%/61) '=/E..1$1961 :%J6'>%0"'& 8/1%":#&, 46'"#3?6E% 8/1%":E J#/#":%/'Q
547:0( 2E01"1:%J6131='>6E& 01$%/B#6'%&. I:1 $%3#%: 'J 46'"#3?Q6E&', :#" U:1 :1, >:1 16' 6#J1$(:0( 6# 8'"% "#" 0'0:%&61) 031B610:',:#" ' :%J6131='>%0"1) 6%18/%$%3%6610:'. S13%% 50% '0813?54%&EJ2 6'J :%J6131=') —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
• 810:/1%6'% =1/1$0"1) :/#6081/:61) 0'0:%&E;• /#5/#91:"# 6121=1 81"13%6'( &'"/18/1C%001/12;
683
B.C"% )(+.%/0
$(."- - «)(+.%/0$(.',9(1
< 8:)4»
#,8 /3%'-,$()8 3%"$4.'0) ) $6" '#'3.'2)8 4 (/&
#'0 3",9;"-'.$,8
• 015$#6'% 6121=1 &61=1L46"C'16#3?61=1 8/1=/#&&61=1 8#"%:#;• 011/4B%6'% L#9/'"' 81 8/1'521$0:24 81348/121$6'"12 0 '0Q813?512#6'%& 612EJ :%J6131=');
• /#5/#91:"# 83#:L1/&E $3( 8/1$4":# 2 6#C'16#3?61 /#59/1Q0#661) (&%B$46#/1$61)) "1/81/#C''.
*%8%/?, "1=$# &E 18/%$%3'3' 4 :'8# 8/1%":12, &1B%& 8%/%):'" 03%$47@%&4 R#=4 — 18'0#6'7 :1=1, "#"'& 19/#51& L#": 6#3'>'($24J 8#/#&%:/12 23'(%: 6# 8/1C%00 0:#6$#/:'512#661=1 48/#23%Q6'( 8/1%":#&' "#B$1=1 '5 U:'J :'812. X03' 9/#:? 2 19@%&, :1 /10::%J6'>%0"1) 612'56E 2 8/1%":#J 81/1B$#%: 913?R47 6%18/%$%Q3%6610:?, >:1, 2 0217 1>%/%$?, :/%94%: 913?R%) ='9"10:' 8/1C%00#0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&'. -#" 03%$0:2'% 8/1QC%00 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&' [9]:
• :/%94%: 913?R%=1 "13'>%0:2# C'"312 ' 2/%&%6' $3( 18/%$%3%Q6'( ' 5#&1/#B'2#6'( 01$%/B#6'( 8/1%":#;
• 64B$#%:0( 2 '0813?512#6'' 913?R%=1 /#56119/#5'( :%J6'>%0Q"'J 6#2E"12;
• '6:%60'L'C'/4%: "1&&46'"#C'7;• :/%94%: 913?R%) :%/8'&10:' 81 1:61R%6'7 " '5&%6%6'(&.,#0R:#9 0'0:%&E "#" 81"#5#:%3? 031B610:' 8/1%":# :#"B% 1"#Q
5E2#%: 46'"#3?61% 215$%)0:2'% 6# 8/1C%00 0:#6$#/:'512#661=1 48Q/#23%6'( 8/1%":#&'. O%57&'/4(, &1B61 0"#5#:?, >:1 /10: �R:#9#0'0:%&E 2%$%: " 215/#0:#6'7 4/126( #$&'6'0:/'/12#6'(, >:1 :/%Q94%: 1: 8/1C%00# 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&' [9]:
• 913?R%=1 83#6'/12#6'( ' 913%% B%0:"1=1 "16:/13(;• 913?R%) $13' 049"16:/#:6EJ /#91: (04981$/($12);• 913?R%) 97/1"/#:'';• 913?R%=1 $1"4&%6:'/12#6'(.+3( :1=1 >:19E 104@%0:2':? 81$$%/B"4 U:'J >%/: 8/1C%00# 0:#6Q
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
3'>6EJ :'812 $%&160:/'/4%:, >:1 16' '0813?547: 1>%6? 93'5"'%:'8E '60:/4&%6:12. A#8/'&%/, 20% 8/1%":E '0813?547: <+O. ./'U:1& '60:/4&%6:E 1$61=1 :'8# /#53'>#7:0( 0:/4":4/1) ' 08101Q91& 8/'&%6%6'(. O#00&1:/'&, 6#8/'&%/, $'#=/#&&E ;#6::# ' $'Q#=/#&&E "16:/13?6EJ 019E:'). D :%, ' $/4='% '0813?547:0( "#"
684
5,'-'
162 /4:'66EJ, :#" ' 2 46'"#3?6EJ 8/1%":#J, 61 081019E '0813?512#Q6'( 'J 04@%0:2%661 /#53'>#7:0(. K:1 8/'&%/ 0':4#:'261=1 81$J1Q$# — 8/' '5&%6%6'' J#/#":%/# 8/1C%00# 0:#6$#/:'512#661=148/#23%6'( 8/1%":#&' '5&%6(%:0( ' 6#91/ '60:/4&%6:12 48/#23%Q6'( 8/1%":#&'. D6E&' 0312#&', &1B%: 04@%0:212#:? 0:13?"1 '6Q0:/4&%6:#3?6EJ 6#91/12, 0"13?"1 8/1C%0012 0:#6$#/:'512#661=148/#23%6'( ' 0"13?"1 :'812 8/1%":12 16' 81$$%/B'2#7: (&E /#$'48/1@%6'( 02%3' 0':4#C'7 " >%:E/%& :'8#& 8/1%":12, 8/1C%00#&0:#6$#/:'512#661=1 48/#23%6'( ' 6#91/#& '60:/4&%6:12).
!$#8:#C'( 6#91/# '60:/4&%6:12 2 011:2%:0:2'' 0 :'81& 8/1%":#'&%%: "#" 021' 8/%'&4@%0:2#, :#" ' 021' /'0"'. ./%'&4@%0:2# 01Q0:1(: 2 :1&, >:1 $#66E) 081019 #$#8:#C'':
• $10:#:1>61 20%19W%&37@'). H6 2"37>#%: 2 0%9( $2# 8#/#&%:Q/#, "1:1/E% 1:2%>#7: 5# 106126E% '0:1>6'"' 6%8/%$2'$%6Q6EJ 0':4#C');
• 46'L'C'/47@'). K:1: 81$J1$ &1B%: 9E:? '0813?512#6 $3(81$#23(7@%=1 913?R'60:2# 8/1%":12, 19%08%>'2#( 46'L'C'Q/47@') "#/"#0 $3( 20%J 8/1%":12 2 1/=#6'5#C''.
C'#. 16.5. !$#8:#C'( 6#91/# '60:/4&%6:12 48/#23%6'(8/1%":#&' 2 011:2%:0:2'' 0 :'81& 8/1%":#
685
B.C"% )(+.%/0
$(."- - «)(+.%/0$(.',9(1
< 8:)4»
#,8 /3%'-,$()8 3%"$4.'0) ) $6" '#'3.'2)8 4 (/&
#'0 3",9;"-'.$,8
O'0"', 02(5#66E% 0 '0813?512#6'%& $#661=1 81$J1$# " #$#8:#QC'', 5#"37>#7:0( 2 :1&, >:1 16:
• 6% 2 81361) &%/% 20%19W%&37@'). +3( :1=1 >:19E $#66E) &%Q:1$ 9E31 1:610':%3?61 3%="1 '0813?512#:?, &E 22%3' 2 6%=1:13?"1 $2# 8#/#&%:/#, 10:#2'2 5# "#$/1& 10:#3?6E%. A#8/'Q&%/, 0"1/10:? 2E8136%6'( 8/1%":12 — U:1 %@% 1$'6 8#/#&%:/,"1:1/E) :#"B% &1B%: 0:#:? '0:1>6'"1& 1:"316%6');
• &1B%: 9E:? :/4$6E& 2 /%#3'5#C''. K:1: 10612#66E) 6# $24J8#/#&%:/#J "#/"#0 6#3#=#%: 18/%$%3%66E% :/%912#6'( ' 81:1Q&4 &1B%: 9E:? :/4$%6 2 8/'&%6%6'' 2 1:$%3?6EJ "1/81/#:'2Q6EJ "43?:4/#J. N "#>%0:2% 8/'&%/12 &1B61 8/'2%0:' "1&8#Q6'', "1:1/E% 6% $10:'=3' 5/%310:' 2 48/#23%6'' 8/1%":#&''3' '&%7: $13='% :/#$'C'' '0813?512#6'( 8/%193#$#7@'J2 'J 1:/#03' &1$%3%) 48/#23%6'( 8/1%":#&'.
N 19@%& ' C%31& 8/' 2E8136%6'' #$#8:#C'' 6#91/# '60:/4&%6Q:12 48/#23%6'( 8/1%":#&' 2 011:2%:0:2'' 0 :'81& 8/1%":# 03%$4)Q:% 8/'21$'&E& 6'B% 4"#5#6'(&:
• '0813?54):% $2# 8#/#&%:/#, "1:1/E% &E 18'0#3', '3' #$#8:'Q/4):% 'J " 021'& 64B$#&;
• "3#00'L'C'/4):% 2#R' 8/1%":E ' 011:2%:0:247@'% '& 8/1QC%00E 0:#6$#/:'512#661=1 48/#23%6'( 81 >%:E/%& :'8#&;
• "#B$1&4 8/1C%004 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&'810:#2?:% 2 011:2%:0:2'% 6#$3%B#@') 6#91/ '60:/4&%6:12,81$$%/B'2#7@') "#B$E) 48/#23%6>%0"') 8/%$&%: 810:#2"'18/%$%3%66E& '60:/4&%6:1&.
C;C7S E;@=;F1 ;:;!1;Q== E98@;1H?,E 8/%$31B'3' :/' 2#/'#6:#, "1:1/E% &1B61 2E9/#:? $3(
#$#8:#C'' 6#91/# '60:/4&%6:12 48/#23%6'( 8/1%":#&'. -#B$E)'5 6'J '&%%: 021' 8/%'&4@%0:2# ' /'0"' ' 1:2%>#%: :%& '3' '6E&"16"/%:6E& 0':4#C'(& 34>R%, >%& $/4='%. +3( :1=1 >:19E /%R':?,"#"1) 6#91/ 2E9/#:?, 19/#:':%0? " :#93. 16.6. !$#8:#C'( 2 011:2%:Q0:2'' 0 /#5&%/1& 8/1%":# — U:1 J1/1R') 2E91/, "1=$# 2 1/=#6'5#QC'' 2E8136(7:0( 8/1%":E /#53'>61=1 /#5&%/#, ' 16# 64B$#%:0(2 :1&, >:19E 0 "#"'JQ:1 8/10:EJ R#=12 6#>#:? 021% $2'B%6'% 8184:' #$#8:#C'' '60:/4&%6:#3?6EJ 6#91/12. N $18136%6'% " U:1&48/1%":E /#53'>61=1 /#5&%/#, J#/#":%/'547@'%0( 5/%3E&' :%J61Q31='(&', J1/1R1 81$J1$(: 81$ #$#8:#C'7 :#"1=1 :'8#. X03' 2 1/=#Q6'5#C'' 2E8136(%:0( 81:1" 8/1%":12, J#/#":%/'547@'J0( "#"5/%3E&', :#" ' 612E&' :%J6131='(&', ' %03' /#5&%/ 8/1%":# 6% (2Q3(%:0( /%R#7@'&, :1 &1B61 2E9/#:? #$#8:#C'7 2 011:2%:0:2''0 0%&%)0:21& 8/1%":12. K:1: B% 2E91/ '&%%: 021' 10612#6'(, "1=$#8/1%":E 2E8136(7:0( 2 40312'(J 0'3?61=1 $#23%6'( 01 0:1/16E1:/#03%21) '3' 8/1L%00'16#3?61) "43?:4/E.
686
5,'-'
16
1.4'
%T.
16.6
. *%"$4.(1$ +)./'2))
, C,'6"3%)8.+.-/K
:)$
4'&
#"0/ );
.%$F +3"+"C"-
'#'3.'2))
('C"%' )(+.%/0$(."- /3%'-,$()8
3%"$4.'0)
>";0"&
("+.9 ('7'.9
3%"2$++
'#'3.'2))
('C"%' )(+.%/0$(."- + 3%"+.1F ?'6"-
*%"$4.1
%';,)7("6" %';0$%' +"
;%$,1
0) .$F(","6)80)
*%"$4.1
4'4
+" ;%$,10),
.'4
) +
("-10) .$F(","6)80);
%';0$%
3%"$4.'
($ )0
$$. ;('7$()8
*%"$4.1
+ +),9("<
".%'+,$-"< ),) 3%"H
$++)"(',9("<
4/,9./%"<
*%"$4.1
3$%$0$(("6"
%';0$%' 4'4 +"
;%$,1
0),
.'4
) +
("-10) .$F(","6)80)
=$"CF"#)0
"+.9
/()H)2)%/K
:$6" 4'%4'+' #,8 -+$F
3%"$4."- "%6'();'2))
6%5+
.T%2
8'.J(3"%25&5)+0M.2.$.35.T%%) &((5)#5&5)%%& ".-,#"(, 3"(#*5.
8'.J(3"%25&5)+0M.2.$.35.T%%) &((5)#5&5)%%& &#,#V&5)(, 3"(#*5.
8'.J(3"%25&5)+0M.2.$.35.T%%) &((5)#5&5)%% & 5%3(,3"(#*5.
687
B.C"% )(+.%/0
$(."- - «)(+.%/0$(.',9(1
< 8:)4»
#,8 /3%'-,$()8 3%"$4.'0) ) $6" '#'3.'2)8 4 (/&
#'0 3",9;"-'.$,8
N 6%"1:1/EJ 0':4#C'(J 6#'913%% J1/1R'& 2E91/1& 94$%: #$#8Q:#C'( 6#91/# '60:/4&%6:12 48/#23%6'( 8/1%":#&' 2 011:2%:0:2''0 :'81& 8/1%":#. H$6# '5 :#"'J 0':4#C') — 1/=#6'5#C'(, 2 "1:1/1)2E8136(%:0( �# 8/1%":12 1>%6? /#561=1 /#5&%/# ' 1>%6? /#561):%J6'>%0"1) 612'56E, 8/10:'/#7@%)0( 1: 6'5"'J $1 2E01"'J:%J6131='). H/=#6'5#C'', "1:1/E% 6#J1$(:0( 2 81'0"% 46'L'C'Q/47@%=1 "#/"#0#, 08101961=1 19%08%>':? #$#8:#C'7 '60:/4&%6Q:#3?61=1 6#91/# "1 20%& :'8#& 'J 8/1%":12 — 011/4B%6'( 8/1'5Q21$0:2%66EJ &1@610:%), /#5/#91:"' 8/1$4":12, 8/1'521$0:2#,&#/"%:'6=#, /#5/#91:"' '6L1/&#C'166EJ 0'0:%& ' $/4='J, &1=4:1:"/E:? $3( 0%9( #$#8:#C'7 2 011:2%:0:2'' 0 :'81& 8/1%":# —' U:1 94$%: 8/#2'3?6E) 2E91/ $3( 'J C%3'..103% :1=1 "#" 1$'6 '5 08101912 #$#8:#C'' 2E9/#6, 6%19J1$'&1
/#083#6'/12#:? %=1 8/#":'>%0"47 /%#3'5#C'7. A'B% 8%/%>'03%6/($ 6#8/#23%66EJ 6# U:1 R#=12:
• 40:#612':? B%3#%&E) 4/12%6? #$#8:#C'';• 18/%$%3':? :%"4@') 4/12%6? #$#8:#C'';• '$%6:'L'C'/12#:? /#5/E2E &%B$4 :%"4@'& ' B%3#%&E&4/126(&' #$#8:#C'';
• $%)0:212#:? 2 6#8/#23%6'' $10:'B%6'( B%3#%&1=1 4/126(#$#8:#C''.
K:' R#=' 1>%6? 93'5"' " R#=#& $10:'B%6'( 011:2%:0:2'( &%B$46#91/1& '60:/4&%6:12 ' 0:/#:%='%) 1/=#6'5#C''. H6' :/%947:>%:"1=1 18/%$%3%6'( :1=1, "4$# "1&8#6'( J1>%: 8/'):' 81 >#0:'#$#8:#C'', ' 19@%=1 56#6'( 1 :1&, "#"121 :%"4@%% 010:1(6'% 6#91Q/# '60:/4&%6:12..103% U:1=1 0:#612':0( 215&1B6E& 18/%$%3%6'% /#5&%/# /#5Q
/E212 &%B$4 B%3#%&E& ' '&%7@'&0( 010:1(6'%&, $#7@%% :13Q>1" /#5/#91:"% 83#6# $%)0:2') /4"121$0:2# 81 6#8/#23%6'7 8/1QC%00# #$#8:#C'' 01=3#061 0C%6#/'7 2E9/#661=1 081019#. .103%:1=1 "#" 6#91/ '60:/4&%6:12 #$#8:'/12#6, 16 0:#6%: 913%% ULL%"Q:'26E&, %03' 94$%: 81$2%/=#:?0( 6%8/%/E261&4 012%/R%60:212#Q6'7.
F?!@?@9EF7 67E?@X?F61EBS1? F;87@=F61@B>?F17E B!@;EA?F=G !@7?C1;>=M%3? U:1=1 $%)0:2'( 010:1': 2 :1&, >:19E 22%0:' 8/#2'3# $3(
810:1(661=1 81$$%/B#6'( ' 012%/R%60:212#6'( 6#91/# '60:/4Q&%6:12. ./' 1:04:0:2'' :#"1=1 012%/R%60:212#6'( 6#91/ 94$%: 81Q0:%8%661 $%=/#$'/12#:?, :%/(( 081019610:? 81$$%/B'2#:? 8/1C%000:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&', 0:/#:%='7 48/#23%Q6'( 8/1%":#&' ' 2 "16%>61& 0>%:% "16"4/%6:647 0:/#:%='7 1/=#Q6'5#C'' [10]. D59%B#:? :#"1) 0':4#C'' ' 81$$%/B'2#:? 810:1(6Q
688
5,'-'
16647 ULL%":'2610:? '60:/4&%6:#3?61=1 6#91/# &1B61, %03' 8/'Q6(:? " '08136%6'7 03%$47@'% R#=':
• 0L1/&'/12#:? "1$4 81 434>R%6'7 6#91/# '60:/4&%6:1248/#23%6'( 8/1%":#&';
• 18/%$%3':? &%J#6'5&E =%6%/#C'' '$%) 81 434>R%6'7;• 03%$12#:? 8/1C%004 434>R%6'(.
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— U:1 81 913?R%)>#0:' &%6%$B%/E 8/1%":12, &E /%"1&%6$4%&, >:19E 913?R'60:21>3%612 "1$ 6#9'/#310? '&%661 '5 /($12 &%6%$B%/12 8/1%":12.
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— U:1 6% %$'60:2%66E) 081019 091/# '$%) 81434>R%6'7 '60:/4&%6:#3?61=1 6#91/#. D003%$12#6'( '3' "1/1:"'%8%/'1$'>%0"'% 9%0%$E, 8/121$'&E% /4"121$0:21& 0/%$' >3%6121/=#6'5#C'' '3' 6%913?R'J "16013'$'/12#66EJ =/488, :#"B% &1Q=4: 81):' 21 93#=1 U:1) C%3'.
G2,>03"(', /)0.,##* *2*96,('4. K:1: 8/1C%00 18/%$%3(%:R#=', 8/%$8/'6'&#%&E% 81 5#8/10#& 6# 26%0%6'% '5&%6%6') '5#8/10#& 6# 1:"316%6'( ' 8/1C%$4/4 U0"#3#C'' 6# :1: 034>#), %03'81$#66E% 5#8/10E 94$4: 1:"316%6E, 61 3'C#, 'J 81$#2R'%, 5#J1:(:8/%$0:#2':? 'J /4"121$0:24 $3( 1C%6'2#6'(. F#8/10E 6# '5&%6%Q6'( — U:1 8/%$31B%6'( 81 26%0%6'7 '5&%6%6') 2 6#91/ '60:/4Q
689
B.C"% )(+.%/0
$(."- - «)(+.%/0$(.',9(1
< 8:)4»
#,8 /3%'-,$()8 3%"$4.'0) ) $6" '#'3.'2)8 4 (/&
#'0 3",9;"-'.$,8
&%6:12. K:' 5#8/10E >#@% 20%=1 '0J1$(: 1: 8/1%":6EJ "1$. SEQ0:/E) 091/ ' /%#='/12#6'% 6# U:' 5#8/10E — $%31 B'56%661) 2#BQ610:'. F6#>'&E :#"B% ' 5#8/10E 6# 1:"316%6'% 1: #$#8:'/12#661Q=1 6#91/# '60:/4&%6:12. X03' :#"1) 5#8/10 6# 1:"316%6'% 8/'56#64&%0:6E&, :1 U:1: 5#8/10 03%$4%: 4$123%:21/':? — >:19E 19%08%Q>':? ='9"10:? 6#91/# '60:/4&%6:12. K:1 5#8/10E 6# %$'612/%&%6Q61% 1:"316%6'% 1: :1) '3' '61) >#0:' 6#91/# '60:/4&%6:12 48/#2Q3%6'( 8/1%":#&'. .10"13?"4 16' 810:48#7:, "1=$# 2E8136%6'%8/1%":# 4B% '$%:, 2#B61 /%#='/12#:? 6# 6'J "#" &1B61 9E0:/%%..15B% 5#8/10E &1=4: 9E:? 81$2%/=64:E 1C%6"% $3( :1=1, >:19E 18Q/%$%3':?, 6% :/%94%: 3' '60:/4&%6:#3?6E) 6#91/ $18136':%3?61):16"1) 81$0:/1)"'.
R;CAP<=1?AHF9? @;R>9XA?F=GX03' =121/':? 19 48/#23%6'' 8/1%":#&', :1 6#91/ '60:/4&%6Q
:12— U:1 1$6# '5 6#'913%% 2#B6EJ ' $10:1)6EJ '54>%6'( 2%@%).,E J1:%3' 9E 4"#5#:? 6# /($ 8131B%6'), "1:1/E%, 94$4>' 4021%6Q6E&', (23(7: 0191), "#" 6#& "#B%:0(, 6#'913%% 2#B6E% 4/1"', "1Q:1/E% &1B61 '523%>? '5 $#661) "6'='.
;"#)3". -1&8#6'' 9%/4: 6# 211/4B%6'% 48/#23%6'% 8/1%":#&'0 C%3?7 81$$%/B#:? 0217 "16"4/%6:647 0:/#:%='7, "1:1/#(, 2 02171>%/%$?, '&%%: 021%) 1061261) 5#$#>%) 19%08%>%6'% "16"4/%6:61=18/%'&4@%0:2#, 0:13? 2#B61=1 $3( :1=1, >:19E 191):' 021'J 018%/Q6'"12 6# /E6"%. H$6#"1 U:# 81$$%/B"# >#0:1 19%08%>'2#%:0( 81Q0/%$0:21& 8/1C%00# 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&' —481/($1>%661) ' 25#'&102(5#661) 0121"48610:' L#5, 8/%$&%:12810:#2"' ' "16:/13?6EJ 019E:'), >%/%5 "1:1/E% $13B%6 8/1):'2 021%& /#52':'' "#B$E) 8/1%":.
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
@#"+D". -1&8#6'' &1=4: '0813?512#:? '60:/4&%6:E $3( 810:/1Q%6'( 6#91/# '60:/4&%6:12 48/#23%6'( 8/1%":#&'. S4$4>' '0813?Q512#6E 2 :#"1& "#>%0:2%, '60:/4&%6:E 0:#612(:0( 0:/1':%3?6E&'
690
5,'-'
16931"#&' 8/1C%00# 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&'. F#Q$4BE) "#" 0121"48610:? 8/%$2#/':%3?61 1:19/#66EJ '60:/4Q&%6:12, 0810196EJ 19%08%>'2#:? 8134>%6'% 81361) 0121"48610:'48/#23%6>%0"'J 8/%$&%:12 810:#2"' 8/1C%00# 0:#6$#/:'512#661=148/#23%6'( 8/1%":#&', '60:/4&%6:#3?6E) 6#91/ 81&1=#%: 6#&8/1):' 8136E) C'"3: 16 81$$%/B'2#%: 8/1C%00 0:#6$#/:'512#661Q=1 48/#23%6'( 8/1%":#&', "1:1/E) 81&1=#%: 19%08%>':? 0:/#:%='748/#23%6'( 8/1%":#&', 6#8/#23%6647 6# 81$$%/B#6'% "16"4/%6:Q61) 0:/#:%='', 16#, 2 0217 1>%/%$?, =%6%/'/4%: "16"4/%6:61% 8/%Q'&4@%0:21.N $#661) "6'=% &E 4:2%/B$#3', >:1 "1&8#6'' '&%7: (06E) 2EQ
91/ 081019# '0813?512#6'( '60:/4&%6:12 48/#23%6'( 8/1%":#&':16' &1=4: '0813?512#:? 81 1$61&4 '60:/4&%6:4 5# 1$'6 /#5, # &1=4:'0813?512#:? '60:/4&%6:#3?6E) 6#91/. ,%6%$B%/E 8/1%":12 &1Q=4: 8134>#:? 1:$%3?6E% 48/#23%6>%0"'% 8/%$&%:E 810:#2"', '0Q813?54( 81 1$61&4 '60:/4&%6:4 5# 1$'6 /#5, # &1=4: '0813?512#:?'60:/4&%6:#3?6E) 6#91/, 81$$%/B#2 0 %=1 81&1@?7 2%0? 8/1C%000:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&' 8/'&%6':%3?61 "120%& 8/1%":#& 2 1/=#6'5#C''. -#" &E 18'0#3', L1/&'/12#6'%,81$$%/B#6'% ' '0813?512#6'% '60:/4&%6:#3?61=1 6#91/# '&%%:18/%$%3%6647 0:1'&10:? $3( 1/=#6'5#C''. K:1: 081019 2E8136%Q6'( /#91: :/%94%: 10156#661=1 1:91/# '60:/4&%6:12 2 6#91/ ' 8/'Q2%$%6'( %=1 2 011:2%:0:2'% 0 "16"4/%6:61) 0:/#:%='%) "1&8#6''.H6 :#"B% :/%94%: 8/'6(:'( 5$/#2EJ /%R%6') 1 :1&, "#" 2E8136':?#$#8:#C'7 '60:/4&%6:#3?61=1 6#91/# — 2 011:2%:0:2'' 0 /#5&%Q/1&, 0%&%)0:21& '3' :'81& 8/1%":#. D 2 $18136%6'% 03%$4%: 0"#Q5#:?, >:1 "1&8#6'' $13B6E 8/1(23(:? 0119/#5':%3?610:? 81 >#0:'6%8/%/E261=1 012%/R%60:212#6'( '60:/4&%6:#3?61=1 6#91/#.A1 U:1 20% 6% 913%% >%& $%:#3' — 2#B6E% 6#0:13?"1, 6#0"13?"1
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— 9E0:/%%, $%R%23%, 34>R%. *#"'%'5&%6%6'( 25E2#7: " 6121), 34>R%) 8/#":'"% — " :1), "1:1/#(0:#2': 2 C%6:/ "16"4/%6:61) 91/?9E 0:/#:%='>%0"' 2E2%/%66E) '#$#8:'/12#66E) " "16"/%:6E& 64B$#& 6#91/ '60:/4&%6:12 48Q/#23%6'( 8/1%":#&'.
691
B.C"% )(+.%/0
$(."- - «)(+.%/0$(.',9(1
< 8:)4»
#,8 /3%'-,$()8 3%"$4.'0) ) $6" '#'3.'2)8 4 (/&
#'0 3",9;"-'.$,8
A=1?@;1B@;1. Cooper, R. and E. J. Kleinschmidt. 1994. «Determinants of
Timeliness in Product Development». Journal of ProductInnovation Management 11(5): 381—396.
2. Shenhar, A. J. 2001. «Contingent Management in Temporary;Dynamic Organizations: The Comparative Analysis of Projects».The Journal of High Technology Management Research 12:239—271.
3. Smith, P. and D. Reinertsen. 1990. Developing Products in Halfthe Time. New York: Van Nostrand Reinhold.
4. Pinto, J. K. and J. G. Covin. 1989. «Critical Factors in ProjectImplementation: A Comparison of Construction and R&DProjects». Technovation 9; 49—62.
5. Harrison, J. S. and <. A. S. John. 1998. Strategic Management ofOrganizations and Stakeholders. St. Paul, Minn.: SouthQWesternCollege Publishing.
6. Brown, S. L. and -. ,. Eisenhardt. 1997. «The Art of ContinuousChange: Linking Complcxicy Theory and TimeQPaced Evolutionin Relentlessly Shifting Organization». Administrative ScienceQuarterly 42: 1—34.
7. Tatikonda, M. V. and R. S. Rosenthal. 2000. «*echnology Novelty,Project Complexity, and Product Development Project ExecutionSuccess: A Deeper Look at Uncertainty in Product Innovation».IEEE Transactions on Engineering Management 47(1): 74Q87.
8. Shenhar, A. J. 2001. «One Size Does Not Fit All Projects: ExploringClassical Contingency Domains». Management Science 47(3):394—414.
9. Shenhar, A. J. 1998. «From Theory to Practice: Towarda Typology of ProjectQManagement Styles». IEEE Transactions onEngineering Management 45(1): 33—48.
10. Juran, J. M. 1992. «Managing for WoridQClass Quality».PM Network 6(4): 5—8.
6)2-L ,#]$+%/&5"+,#/5.,%
+3".)'#/%2 3"(#*5.,%% @>E7C
-1=$# 8%/%$ 8/#":'"47@'&' 08%C'#3'0:#&' 20:#%: 5#$#>#2E91/# 1:$%3?6EJ '60:/4&%6:12 48/#23%6'( 8/1%":#&'3'91 /#5/#91:"' '60:/4&%6:#3?61=1 6#91/# $3( 48/#23%Q
6'( 8/1%":#&' '3' 8/1C%00# 48/#23%6'( 8/1%":#&', &61='% '5 6'J19/#@#7: 021) 251/ " «A Guide to the Project Management Body ofKnowledge» (PMBOK) "#" " 1061261&4 '0:1>6'"4 56#6') 81 48/#23%Q6'7 8/1%":#&'. K:1 28136% 1910612#66E) 2E91/, 810"13?"4 PMBOK8/%$0:#23(%: 0191) R'/1"1 8/'6(:E) 0:#6$#/: 48/#23%6'( 8/1%"Q:#&', /#5/#91:#66E) D60:':4:1& 48/#23%6'( 8/1%":#&'. I:19E193%=>':? 5#$#>4 8/#":'"47@'J 08%C'#3'0:12 81 48/#23%6'7 8/1Q%":#&', 0 81&1@?7 8/'2%$%661) 2 $#661& ./'31B%6'' :#93'CE8/103%B'2#%:0( 02(5? '60:/4&%6:12 48/#23%6'( 8/1%":#&', /#0Q0&1:/%66EJ 2 $#661) "6'=%, 0 8/1C%00#&' 48/#23%6'( 8/1%":#&' '8/%$&%:6E&' 193#0:(&' 81 PMBOK. N >#0:610:', $3( "#B$1=1 '6Q0:/4&%6:# 48/#23%6'( 8/1%":#&' &E 06#>#3# 4"#5E2#%&, 2 "#"'J'5 8%/%>'03(%&EJ 6'B% 8/1C%0012 48/#23%6'( 8/1%":#&' 16 &1QB%: 9E:? '0813?512#6:
694
*%),"&$()$
G• ./1C%00E '6'C'#C'' (D6'C'#C.).• ./1C%00E 83#6'/12#6'( (.3#6.).• ./1C%00E '08136%6'( (D08136.).• ./1C%00E "16:/13( (-16:/.).• ./1C%00E 5#"/E:'( (F#"/.).+#3%% &E 81"#5E2#%&, 2 "#"'J '5 8%/%>'03(%&EJ 6'B% 193#0:%)
56#6') 16 &1B%: 9E:? '0813?512#6:• P8/#23%6'% '6:%=/#C'%) 8/1%":# (D6:.).• P8/#23%6'% 01$%/B#6'%& 8/1%":# (<1$%/B.).• P8/#23%6'% 2/%&%6%& (0/1"#&') 8/1%":# (N/%&().• P8/#23%6'% 0:1'&10:?7 8/1%":# (<:1'&.).• P8/#23%6'% "#>%0:21& 8/1%":# (-#>.).• P8/#23%6'% :/4$12E&' /%04/0#&' 8/1%":# (*/4$. /%0.).• P8/#23%6'% "1&&46'"#C'%) 8/1%":# (-1&&.).• P8/#23%6'% /'0"#&' 8/1%":# (O'0"').• P8/#23%6'% 810:#2"#&' (06#9B%6'%&, 19%08%>%6'%&) 8/1%":#
(.10:.).
H9156#>%6'(, 8/'2%$%66E% 2 0"19"#J, — U:1 :% 19156#>%6'(, "1Q:1/E% 94$4: '0813?512#:?0( 2 8/'21$'&1) 6'B% :#93'C%.
695
!-8;9 0
$&#/ )(+.%/0
$(.'0)
/3%'-,$()8 3%"$4.'0) ) I@
>BP
696
*%),"&$()$
G
697
!-8;9 0
$&#/ )(+.%/0
$(.'0)
/3%'-,$()8 3%"$4.'0) ) I@
>BP
6)2-L ,#]$+/.4(".,% %/&5"+,#/5()+3".)'#/%2 3"(#*5.,%
% ".-,#"(, 3"(#*5.
-#" 4B% =121/'310? 2 =3#2% 16, #$#8:#C'( 6#91/# '60:/4&%6Q:12 48/#23%6'( 8/1%":#&' 2 011:2%:0:2'' 0 /#5&%/1& 8/1Q%":# — U:1 /#54&6E) 2E91/ 2 :1& 034>#%, "1=$# 1/=#6'5#C'(
2E8136(%: 8/1%":E, '&%7@'% /#56E) /#5&%/ ' '0813?547@'% 5/%Q3E% :%J6131=''. A'B% &E 8/'2%$%& /($ 8/'&%/12 '60:/4&%6:#3?Q6EJ 6#91/12, '&%( 2 2'$4 03%$47@'% C%3':
• C%3? 1: .1$/#5$%3':? '60:/4&%6:#3?6E% 6#91/E 2 5#2'0'&1Q0:' 1: /#5&%/# 8/1%":#;
• C%3? 2: .1$/#5$%3':? "#B$E) '60:/4&%6:#3?6E) 6#91/ 6# 91Q3%% ' &%6%% 2#B6E% '60:/4&%6:E.
700
*%),"&$()$
>Q?AH 1: !7:@;R:?A=1H =F61@B>?F1;AHF9?F;87@9 E R;E=6=>761= 71 @;R>?@; !@7?C1;./10:%)R#( "3#00'L'"#C'( 8/1%":12 81 /#5&%/4 — E%,
0/%$6'% ' 913?R'% — (23(%: 0191) 4$196E) ' 8/'6(:E) &61='&'1/=#6'5#C'(&' "#/"#0, 0810196E) 1:/#5':? /#53'>6E% 48/#23%6Q>%0"'% 64B$E 'J &%6%$B%/12 8/1%":12. <1=3#061 U:1) 31='"%, 2 03%Q$47@%) 6'B% :#93'C% &E 8/'21$'& 8/'&%/E:
• 6#91/# '60:/4&%6:12 48/#23%6'( 8/1%":#&' $3( EJ 8/1Q%":12;
• 6#91/# '60:/4&%6:12 48/#23%6'( 8/1%":#&' $3( 0/%$6'J 8/1Q%":12;
• 6#91/# '60:/4&%6:12 48/#23%6'( 8/1%":#&' $3( 913?R'J8/1%":12.
*#" "#" /#5&%/ (23(%:0( %$'60:2%66E& "/':%/'%& 810:/1%6'('60:/4&%6:#3?6EJ 6#91/12, 6%19J1$'&1 '&%:? 2 2'$4, >:1 6#R'8/'&%/E 6% 4>':E2#7: 0%&%)0:21 8/1%":# / 1:/#03? / :'8 8/1%":#.-/1&% :1=1, 810"13?"4 816(:'% «/#5&%/» '&%%: /#56E% 56#>%6'(2 /#56EJ 1/=#6'5#C'(J, &E '0813?54%& 19@'% 816(:'( «E)»,«0/%$6')» ' «913?R1)», 6% "16"/%:'5'/4( "/':%/''. .1 U:1) 8/'>'Q6% 2E 28136% &1B%:% #$#8:'/12#:? 6#R' 8/'&%/E " 2#R'& 019Q0:2%66E& 18/%$%3%6'(&' /#5&%/#.
Q?AH 2: !7:@;R:?A=1H C;O:9S=F61@B>?F1;AHF9S F;87@ F; 87A?? = >?F??E;OF9? =F61@B>?F19< :1>"' 5/%6'( &%6%$B%/12 8/1%":12, 6% 20% '60:/4&%6:E 48Q
/#23%6'( 8/1%":#&' /#26E. H$6' 913%%, $/4='% &%6%% 2#B6E $3($10:'B%6'( C%3%) 'J 8/1%":12. ./'56#2#( U:1: L#": ' '0813?54(&%:1$131='7 -#61 (K#n1), 6#91/ '60:/4&%6:12 $3( "#B$1=1 /#5&%Q/# 8/1%":# 81$%3%6 6# :/' >#0:':
• 6%19J1$'&E% (19(5#:%3?6E%) '60:/4&%6:E;• 6%19(5#:%3?6E% (L#"43?:#:'26E%) '60:/4&%6:E;• '60:/4&%6:E, 6#3'>'% "1:1/EJ — U:1 2%3'"13%861, 61 1:04:Q0:2'% "1:1/EJ — 6#0:13?"1 %0:%0:2%661, >:1 0>':#%:0( 61/Q?6E& ("#" 9E 'J 6#52#:?... 64 840:? 94$4: '60:/4&%6:E 6#Q2%$%6'( =3(6C#).
A%19J1$'&E% '60:/4&%6:E — 8%/2#( =/488# (8%/2E) (/40) — '&%Q7: "37>%247 56#>'&10:? $3( 19%08%>%6'( 408%J# 8/1%":#, ' 2 034>#%'J 1:04:0:2'( 2 8/1%":61& 8/1C%00% '&%%:0( 56#>':%3?6#( 2%/1(:Q610:?, >:1 8/1%": 81)$%: 6% 2 :4 0:1/164. N 1:3'>'% 1: 6%19J1$'&EJ'60:/4&%6:12, 6#3'>'% 6%19(5#:%3?6EJ '60:/4&%6:12 — 2:1/1)=/488E (2:1/1=1 (/40#) — 6% :/%947:0(, J1:( 'J 8/'&%6%6'% ' 081Q01961 $#:? &%6%$B%/4 8/1%":# 913?R% 2E91/# ' 8/'6%0:' 913?R%
701
!"#$% &
'()* +,-./,&
0 0+12/*&'+2."
*3/,"4'+0# 3/.'52,&0 0 /,$&
'/.& 3/.'52,
!"#$%&'$#(&)*+. , )-.#)&/, '(&'0+ 1(!22- —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
702
*%),"&$()$
>
@.-,
#"3"
(#*5
.1%
3U %/&
5"+,
#/5(
)W.-
U 3"(
#*5.
C(/
T#3
T%2
73"
#$#'
#/%#
=&3
('/#
/%#
7*(
/K./
%#
P"(+.'.'2)8
+"#$%&'()8
T!I
@'.%)2'
".-$.+.-$(("+.)
M)'6%'0
0' 5'(..'
B.7$.
" 3%"6%$++$
BC("-,$()$ #)'6%'001
5'(..'
B.7$.
" 3%"6%$++$
=$"CF"#)0
1$
@',1<
@"#$,9 C',,9("<
"2$(4)
L+.'-
3%"$4.'
B2$(4' +.")0"+.)
*,'( %$'6)%"-'()8
(' %)+4)
Jogg
ing
Line
=$"C8;'.$,9(1
$
!.",C7'.'8 #)'6%'00'
/3/;1%94"-'8 #)'6%'00'
*%"6%'0
0' "C$+3$7$()8
4'7$+.-'
3%"$4.'
QFD
(I';-$%.1-'()$
H/(42))
"C$+3$7$()8
4'7$+.-'
)
G(',); 4"(.%",9(1
F+"C1
.)<
*"+,$3%"$4.(1
< "C;"%
T(+.%/0
$(.1
('-$#$()8 6,8(2'
L+.'-
3%"$4.'
P"(+.'.'2)8
+"#$%&'()8
T!I
@'.%)2'
".-$.+.-$(("+.)
B2$(4' +.")0"+.)
M)'6%'0
0' 5'(..'
/#)'6%'00' 4"(.%",9(1
F+"C1
.)<
*%"6%'0
0' "C$+3$7$()8
4'7$+.-'
3%"$4.'
*,'( %$'6)%"-'()8
(' %)+4)
P'%.'
C',,9("< "2$(4)
3%)-$%&$(("+.)
B.7$.
" 3%"6%$++$
BC("-,$()$ #)'6%'001
5'(..'
BC("-,$()$ "2$(4)
+.")0"+.)
BC("-,$()$ 3%"6%'001
"C$+3$7$()8 4'7$+.-'
R'3%"+
(' -($+$()$
);0$($()8
P'%.'
C',,9("< "2$(4)
3%)-$%&$(("+.)
B.7$.
" 3%"6%$++$
BC("-,$()$ #)'6%'001
5'(..'
BC("-,$()$ "2$(4)
+.")0"+.)
BC("-,$()$ 3%"6%'001
"C$+3$7$()8 4'7$+.-'
R'3%"+
(' -($+$()$
);0$($()8
=$"CF"#)0
1$
@"#$,9 C',,9("<
"2$(4)
!.",C7'.'8 #)'6%'00'
/3/;1%94"-'8 #)'6%'00'
D$.1%$F+.'#)<('8
0"#$,9
I/4"-"#+.-" 3"
-$#$()K
#)+4/++))
("C+/&
#$()K
)Q
FD (I';-$%.1-'()$
H/(42))
"C$+3$7$()8
4'7$+.-'
)*,'( %$'6)%"-'()8
(' %)+4)
CPM
/ T
AD
A';"-1
< 3,'(
+.")0
"+.)
BCFJ0$."#
G(',); 4"(.%",9(1
F+"C1
.)<
/ '(',);
-13",J
($(("<
+.")0
"+.)
[/%(', ;'3%"+"-
('
);0$($()8
[/%(', %)+4"-
*"+,$3%"$4.(1
< '(',);
=$"C8;'.$,9(1
$
!%$#()<
703
!"#$% &
'()* +,-./,&
0 0+12/*&'+2."
*3/,"4'+0# 3/.'52,&0 0 /,$&
'/.& 3/.'52,
!"#$
%&'&
(%)*
"+,
'- ,
./*&
0$%.
*(1
2"#
- '
&(%)
*"
3(.
4%'
4,
56
'&%7
%8%.
,%
9/'
(8.%
.,%
6)(
.:".
,%
NPV
6,2/07,
.2"'212"'++.120
8''12/
+,"95."
:4,+ /,-.29
1 $,5,$;05.&
!<'&, 3/.7'11,
=+,40$ 6.+2'>?,/4.
@0,A/,&
&, 3/')15,$,+0B
5.+2/.4%+9
< 1.-9
20B
@0,A/,&
&, 15.4%(
'+0#
6,2/07,
5../)0+,700
0$&'+'+0B
?,/2,
3."9C'+0#
5,;'12",
D+12/*&
'+29
+,"')'+0# A4#+7,
!/')+0B
6.)'4% -,44%+.B
.7'+50
NPV
E12,"
3/.'52,
F'29/'<12,)0B+,#
&.)'4%
6,2/07,
.2"'212"'++.120
8''12/
+,"95."
?.+12,2,70#
1.)'/(,+0#
D!8
6,2/07,
.2"'212"'++.120
G7'+5, 12.0&.120
H,$."9
B 34,+
12.0&
.120
CPM
/ T
AD
:/.A/,&
&, .-'13';'+0#
5,;'12",
3/.'52,
:4,+ /',A0/.",+0#
+, /0150
:4,+ /,-.29
1 $,5,$;05.&
QFD
(8,$"'/29",+0'
I*+5700
.-'13';'+0#
5,;'12",
)6,2/07,
&.20",700
G2;'2
. 3/.A/'11'
G-+."4'+0'
CPM
/ T
AD
=+,40$ 5.+2/.4%+9
<1.-9
20B
/ ,+,40$
"93.4>
+'++.B
12.0&
.120
@0,A/,&
&, 15.4%(
'+0#
G-+."4'+0' .7'+50
12.0&.120
G-+."4'+0' 3/.A/,&&9
.-'13';'+0# 5,;'12",
6,2/07,
5../)0+,700
0$&'+'+0B
, $,3/.1
+,
"+'1'+0'
0$&'+'+0#
0(*/+,4 0$&'+'+0B
J*/+,4 /015."
6,2/07,
&.20",700
K'.-<.)0&
9'
H.4%C.B
G2;'2
. 3/.A/'11'
G-+."4'+0'
CPM
/ T
AD
=+,40$ 5.+2/.4%+9
<1.-9
20B
/ ,+,40$
"93.4+'++.B 12.0&.120
@0,A/,&
&, 15.4%(
'+0#
G-+."4'+0' .7'+50
12.0&.120
G-+."4'+0' 3/.A/,&&9
.-'13';'+0# 5,;'12",
6,2/07,
5../)0+,700
0$&'+'+0B
, $,3/.1
+,
"+'1'+0'
0$&'+'+0#
0(*/+,4 0$&'+'+0B
J*/+,4 /015."
:.14'3/.'52+9
B ,+,40$
=+,4020;'150B
0'/,/<0;'150B 3/.7'11
=+,40$ 6.+2'>?,/4.
!<'&, 3/.7'11,
G320&
0$,70#
"/'&'+0
@0,A/,&
&, 3/')15,$,+0B
5.+2/.4%+9
< 1.-9
20B
:4,+ 3."9
C'+0#
5,;'12",
@0,A/,&
&, 3/0;0+
0 14')>
12"0B 0 )0,A/,&&, :,/'2.
K'.-#$,2'4%+9
'
?/020;'15,#
7'3.;5,
E3/,"4'+0' /'$'/",&
0?.+2/.4%+,#
)0,A/,&
&,
D+12/*&
'+29
+,"')'+0# A4#+7,
6)2-L ,#]$+/.4(".,% %/&5"+,#/5()+3".)'#/%2 3"(#*5.,%% &#,#V&5)(, 3"(#*5.
-#" 9E31 /#00&1:/%61 2 =3#2% 16, 2 6%"1:1/EJ 1/=#6'5#C'(J2E9'/#7: #$#8:#C'' 6#91/# '60:/4&%6:12 48/#23%6'(8/1%":#&' 2 011:2%:0:2'' 0 0%&%)0:21& 8/1%":#. K:1 '&%%:
0&E03 2 :1& 034>#%, "1=$# 1/=#6'5#C'( 2E8136(%: 81:1" 8/1%":12,'0813?547@'% "#" 5/%3E%, :#" ' 612E% :%J6131='', ' /#5&%/ "1:1Q/EJ 6% (23(%:0( 18/%$%3(7@'& 0119/#B%6'%&. K:1 '&%%: 0&E03:#"B% ' 2 :1& 034>#%, "1=$# 8/1%":E 2E8136(7:0( 2 40312'(J 0'3?Q61=1 $#23%6'( 1:/#03%21) '3' 8/1L%00'16#3?61) "43?:4/E. A'B%&E 8/'2%$%& 8/'&%/E '60:/4&%6:#3?6EJ 6#91/12 $3( 03%$47@'J0%&%)0:2 8/1%":12:
• 0%&%)0:2# 8/1%":12 /#5/#91:"' 8/1=/#&&61=1 19%08%>%6'(;• 0%&%)0:2# 8/1%":12 /#5/#91:"' 612EJ 8/1$4":12;• 0%&%)0:2# 8/1'521$0:2%66EJ 8/1%":12.N 0'34 :1=1, >:1 U:' 8/1%":E J#/#":%/'547:0( 0'3?6E& :%J6'>%Q
0"'& #"C%6:1&, &E $19#2'3' " '60:/4&%6:#& 48/#23%6'( 8/1%":#Q&' (/%543?:#:#& 81 48/#23%6'7 8/1%":1&) :%J6'>%0"'% 8/%$&%:E810:#2"', 8134>'2, :#"'& 19/#51&, 8136E) 6#91/ '60:/4&%6:12.
706
*%),"&$()$
!*#"'& 19/#51&, 2E &1B%:% 0/#54 B% '0813?512#:? 8/'2%$%66E%6#&' 8/'&%/E '60:/4&%6:#3?6EJ 6#91/12 "#" #$#8:'/4%&E% R#9Q316E $3( :1=1, >:19E 015$#2#:? 021' 6#91/E '60:/4&%6:12 $3( "16Q"/%:61=1 0%&%)0:2# 8/1%":12 2 2#R%) 1/=#6'5#C'' ' '0813?512#:?'J 2 "#>%0:2% 5#&%6E 8/1C%00# 0:#6$#/:'512#661=1 48/#23%6'(8/1%":#&'../%$0:#23(( /#53'>6E% 2#/'#6:E '60:/4&%6:#3?6EJ 6#91/12
48/#23%6'( 8/1%":#&', &E '&%%& 2 2'$4 03%$47@'% C%3':• C%3? 1: .1$/#5$%3':? '60:/4&%6:#3?6E% 6#91/E $3( "#B$1=10%&%)0:2# 6# "3#00E 81 0:%8%6' :%J6'>%0"1) 612'56E (8/1Q0:1), 0/%$6'), 031B6E));
• C%3? 2: .1$/#5$%3':? '60:/4&%6:#3?6E) 6#91/ $3( "#B$1=1"3#00# 6# 913%% ' &%6%% 2#B6E% '60:/4&%6:E.
Q?AH 1: !7:@;R:?A=1H =F61@B>?F1;AHF9?F;87@9 F; CA;669 !@7?C17E<:%8%6? :%J6'>%0"1) 612'56E 8/1%":12 >#0:1 '0813?54%:0( "#"
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—«8/10:1)», «0/%$6')» ' «031B6E)» — $3( 18'0#6'( 0:%8%6' :%J6'Q>%0"1) 612'56E. O#54&%%:0(, %03' 2 1/=#6'5#C'' 8/'6(:1 019Q0:2%661% 18/%$%3%6'% :%J6'>%0"1) 612'56E, 16# 0 8136E& 10612#Q6'%& &1B%: #$#8:'/12#:? 8/'2%$%66E% 6#&' 8/'&%/E " U:1&418/%$%3%6'7.
Q?AH 2: !7:@;R:?A=1H =F61@B>?F1;AHF9S F;87@:AG C;O:7D7 CA;66; F; 87A?? = >?F?? E;OF9?=F61@B>?F19D 0612# &E '0813?54%& &%:1$131='7 -#61 $3( :1=1, >:19E 81$/#5Q
$%3':? '60:/4&%6:#3?6E) 6#91/ $3( "#B$1=1 "3#00# 6# 6%19J1$'Q&E% (19(5#:%3?6E%) '60:/4&%6:E, 6%19(5#:%3?6E% (L#"43?:#:'2Q6E%) '60:/4&%6:E ' '60:/4&%6:E 6#2%$%6'( =3(6C#. H8/%$%3%6'(U:'J :'812 '60:/4&%6:12 8/'2%$%6E 2 ./'31B%6'' N.
707
!-8;9 0
$&#/ ('C"%'0
) )(+.%/0$(.'0
"-/3%'-,$()8 3%"$4.'0
) ) +$0$<+.-"0
3%"$4.'
C'.
&&3"
(#*5
.1%
3U%/&
5"+,
#/5(
)
W.-
U 3"(
#*5.
=/%
T%.T
%2
% (3"
#$#'
#/%#
!'.
/%"(
)./%
#=&3
('/#
/%#
% *(/
5"('
LR.
*"U5%
#
M"4/0
$(.)%"-'(("$
);,"&$()$
.%$C"-'()<
P"(+.'.'2)8
+"#$%&'()8
B.7$.
" F"#$ )+3",($()8
BC("-,$()$
H/(42)"(',9(1
F+3$2)H)4'2)<
M"4/0$(.'2)8 ('
+)+.$0/
B.7$.
" F"#$ )+3",($()8
=$"CF"#)0
1$
I';%'C".4'
3%"+."6"
3%"6%'00("6"
"C$+3$7$()8
F;87@ =F61
@B>?F
17E :AG
6?>
?S61
E; !@7
?C17
E @;
R@;871C
= !@7
D@;>>F7D7
78?6
!?<
?F=G
B.7$.
" F"#$ )+3",($()8
M)'6%'0
0' 5'(..'
/#)'6%'00' 4"(.%",9(1
F+"C1
.)<
BC("-,$()$ #)'6%'001
5'(..'
/ #)'6%'0
01
4"(.%",9(1
F +"C1
.)<
=$"C8;'.$,9(1
$
@'.%)2'
0".)-'2))
*,'( %$'6)%"-'()8
(' %)+4)
T(+.%/0
$(.1
('-$#$()8 6,8(2'
*"+,$3%"$4.(1
< '(',);
M"4/0$(. "C
"C:
$0"2$()-'())
M"4/0
$(.)%"-'(("$
);,"&$()$
.%$C"-'()<
L+.'-
3%"$4.'
D$.1%$F+.'#)<('8
0"#$,9
I$$+.%
('-14"-
P"(+.'.'2)8
+"#$%&'()8
!MI
@'.%)2'
0".)-'2))
M)'6%'0
0' 5'(..'
/ T
AD
B2$(4' +.")0"+.)
*,'( %$'6)%"-'()8
(' %)+4)
B.7$.
" F"#$ )+3",($()8
BC("-,$()$ #)'6%'001
5'(..'
BC("-,$()$ "2$(4)
+.")0"+.)
@'.%)2'
0".)-'2))
Z/(42)"(',9(1
$ +3$2)J
H)4'2))
!4"(+.%/)%"-'(('8 +)+.$0'
!.%'.$6)8
.$+.)%"-'()8
()+31.'()<)
!.%'.$6)8
"C/7$()8
!)+.$0('8 #"4/0$(.'2)8
(#"4/0$(.'2)8 ('
+)+.$0/)
B.7$.
" F"#$ )+3",($()8
BC("-,$()$ #)'6%'001
5'(..'
BC("-,$()$ "2$(4)
+.")0"+.)
[/%(', %)+4"-
R'3%"+
(' -($+$()$
);0$($()8
@'.%)2'
0".)-'2))
=$"CF"#)0
1$
I';%'C".4'
3%"+."6"
3%"6%'00("6"
"C$+3$7$()8
+%$#($<
/-1
+"4"<
+,"&
("+.)
B.7$.
" F"#$ )+3",($()8
BC("-,$()$ #)'6%'001
5'(..'
BC("-,$()$ "2$(4)
+.")0"+.)
[/%(', %)+4"-
R'3%"+
(' -($+$()$
);0$($()8
708
*%),"&$()$
!
C'.
&&3"
(#*5
.1%
3U%/&
5"+,
#/5(
)
W.-
U 3"(
#*5.
=/%
T%.T
%2
% (3"
#$#'
#/%#
!'.
/%"(
)./%
#=&3
('/#
/%#
% *(/
5"('
LR.
*"U5%
#
@"#$,9 C',,9("<
"2$(4)
!."C7'.1$ #)'6%'001
/3/;1%94"-1
$ #)'6%'001
NPV
@'.%)2'
".-$.+.-$(("+.)
I/4"-"#+.-" 3"
-$#$()K
"C+/&#$()8
M)'6%'0
0' 3%$#+4';'()8
4"(.%",9(1
F +"C1
.)<
[/%(', ;'3%"+"-
('
);0$($()8
M)'6%'0
0' 3%$#+4';'()8
4"(.%",9(1
F +"C1
.)<
BC("-,$()$ 3%"6%'001
"C+3$7$()8
4'7$+.-'
[/%(', ;'3%"+"-
('
);0$($()8
=$"C8;'.$,9(1
$I';%'C".4'
3%"+."6"
3%"6%'00("6"
"C$+3$7$()8
+%$#($<
/-1
+"4"<
+,"&
("+.)
F;87@ =F61
@B>?F
17E :AG
6?>
?S61
E; !@7
?C17
E @;
R@;871C
= !@7
D@;>>F7D7
78?6
!?<
?F=G
BC("-,$()$ 3%"6%'001
"C+3$7$()8
4'7$+.-'
*"+,$3%"$4.(1
< '(',);
G(',); @"(.$JP'%,"
*,'( %'C".1
+ ;'4';7)4"0
*,'( 3"-1
?$()8
4'7$+.-'
!F$0' 3%"2$++'
T(+.%/0
$(.1
('-$#$()8 6,8(2'
M)'6%'0
0' 3%$#+4';'()8
4"(.%",9(1
F +"C1
.)<
*,'( 3"-1
?$()8
4'7$+.-'
@'.%)2'
4""%#)('2))
);0$($()<
M)'6%'0
0' 3%$#+4';'()8
4"(.%",9(1
F +"C1
.)<
*,'( 3"-1?$()8
4'7$+.-'
@'.%)2'
4""%#)('2))
);0$($()<
./'&%>#6'%.
<%/E)
C2%: 0'&213'5'/4%: :%J6'>%0"'% 8/%$&%:E
810:#2"'
.
709
!-8;9 0
$&#/ ('C"%'0
) )(+.%/0$(.'0
"-/3%'-,$()8 3%"$4.'0
) ) +$0$<+.-"0
3%"$4.'
C'.
&&3"
(#*5
.1%
3U%/&
5"+,
#/5(
)
W.-
U 3"(
#*5.
!%'(
5/UV
3"(
#*5
(3%'(
5/UV
3"(
J(/)
!'.
/%"(
)./%
#E#
"%[%*.
T%2
(3"(
)#"*
. &(&5(2
5#'L
/(&5%)
@.-"
.4(5
*.
I$;K0$ 3%"#/4.'
L+.'-
3%"$4.'
M)'6%'0
0' 5'(..'
/#)'6%'00' 4"(.%",9(1
F+"C1
.)<
@"#$,9 C',,9("<
"2$(4)
!.",C7'.1$ #)'6%'001
/3/;1%94"-1
$ #)'6%'001
BC("-,$()$ +3$2)H
)4'2)<
B.7$.
" F"#$ )+3",($()8
BC("-,$()$ #)'6%'001
5'(..'
/ #)'6%'0
01
4"(.%",9(1
F +"C1
.)<
B.7$.
" F"#$ )+3",($()8
BC("-,$()$ #)'6%'001
5'(..'
/ #)'6%'0
01
4"(.%",9(1
F +"C1
.)<
=$"CF"#)0
1$
*%"+."<
F;87
@ =F61
@B>?F
17E :AG 6?
>?S
61E;
!@7
?C17
E @;
R@;87
1C=
F7E9
Y !@7
:BC
17E 6 !@=
>?F
?F=?>
E967
C=Y
1?Y
F7A7D=
S
*%");-"#+.-$((1
< %$,);
B.7$.
" F"#$ )+3",($()8
BC("-,$()$ #)'6%'001
5'(..'
/ #)'6%'0
01
4"(.%",9(1
F +"C1
.)<
@'.%)2'
0".)-'2))
B2$(4' +.")0"+.)
*%".".)3
W)()8
)+3",($()8
=$"C8;'.$,9(1
$G,9H'J.$+.
W)()8
)+3",($()8
A$.'J.$+.
W)()8
)+3",($()8
*,'( %$'6)%"-'()8
('
%)+4)
[/%(', %)+4"-
/ 3%"C,$0
T(+.%/0
$(.1
('-$#$()8 6,8(2'
[/%(', %)+4"-
/ 3%"C,$0
[/%(', %)+4"-
/ 3%"C,$0
*"+,$3%"$4.(1
< '(',);
710
*%),"&$()$
!
C'.
&&3"
(#*5
.1%
3U%/&
5"+,
#/5(
)
=$"CF"#)0
1$
!%$#()<
F;87
@ =F61
@B>?F
17E :AG 6?
>?S
61E;
!@7
?C17
E @;
R@;87
1C=
F7E9
Y !@7
:BC
17E 6 !@=
>?F
?F=?>
E967
C=Y
1?Y
F7A7D=
S
=$"C8;'.$,9J
(1$
T(+.%/0
$(.1
('-$#$()8
6,8(2'
W.-
U 3"(
#*5.
!%'(
5/UV
3"(
#*5
(3%'(
5/UV
3"(
J(/)
!'.
/%"(
)./%
#E#
"%[%*.
T%2
(3"(
)#"*
. &(&5(2
5#'L
/(&5%)
@.-"
.4(5
*.
I$;K0$ 3%"#/4.'
B3%$#$,$()$
3%"#/4.'
@"#$,9 C',,9("<
"2$(4)
NPV
!.",C7'.1$ #)'6%'001
/3/;1%94"-1
$ #)'6%'001
L+.'-
3%"$4.'
D$.1%$F+.'#)<('8
0"#$,9
I$$+.%
('-14"-
P"(+.'.'2)8
+"#$%&'()8
!MI
@'.%)2'
0".)-'2)8
B2$(4' +.")0"+.)
M)'6%'0
0' 5'(..'
*,'( %$'6)%"-'()8
(' %)+4)
I/4"-"#+.-" 3"
-$#$()K
"C+/&#$()8
T(&
$($%('8 #"4/0$(.'2)8
*%".".)3
*%"F"&#$()$ .$+.)%"-'()8
>B@
*%");-"#+.-$((1
< /
+$%-)+(1
< "C;"%
B.7$.
" F"#$ )+3",($()8
W)()8
)+3",($()8
BC("-,$()$ "2$(4)
+.")0
"+.)
R'3%"+
(' -($+$()$
);0$($()8
[/%(', %)+4"-
/ 3%"C,$0
@'.%)2'
0".)-'2))
G,9H'J.$+.
*%");-"#+.-$(('8 #"4/0$(J
.'2)8
B.7$.
" F"#$ )+3",($()8
W)()8
)+3",($()8
BC("-,$()$ "2$(4)
+.")0
"+.)
R'3%"+
(' -($+$()$
);0$($()8
[/%(', %)+4"-
/ 3%"C,$0
@'.%)2'
0".)-'2))
A$.'J.$+.
*),".(1
< 3%"6"(
-13",($(
*$%$#'7' #"4/0$(.'2))
- 3%");-"#+.-"
*%");-"#+.-$((1
< %$,);
4
B.7$.
" F"#$ )+3",($()8
W)()8
)+3",($()8
BC("-,$()$ "2$(4)
+.")0
"+.)
R'3%"+
(' -($+$()$
);0$($()8
[/%(', %)+4"-
/ 3%"C,$0
@'.%)2'
0".)-'2))
*,'( %';-).)8
3%"#/4.'
@'.%)2'
".-$.+.-$(("+.)
SWO
TJ'(',);
3%"$4.'
CPM
/ T
AD
BCFJ0$."#
G(',); 4"(.%",9(1
F +"C1
.)<
@'.%)2'
4""%#)('2))
);0$($()<
) &/%(',
4""%#)('2)) );0$($()<
BCFJ0$."#
G(',); 4"(.%",9(1
F +"C1
.)<
@'.%)2'
4""%#)('2))
);0$($()<
) &/%(',
4""%#)('2)) );0$($()<
BCFJ0$."#
G(',); 4"(.%",9(1
F +"C1
.)<
@'.%)2'
4""%#)('2))
);0$($()<
) &/%(',
4""%#)('2)) );0$($()<
QFD
G(',); @"(.$JP'%,"
*,'( %'C".1
+ ;'4';7)4"0
G(',); 4"(.%",9(1
F +"C1
.)<
B3.)0
);'2)8
-%$0$()
M)'6%'0
0' 3%$#+4';'()8
4"(.%",9(1
F +"C1
.)<
*,'( 3"-1
?$()8
4'7$+.-'
B3.)0
);'2)8
-%$0$()
M)'6%'0
0' 3%$#+4';'()8
4"(.%",9(1
F +"C1
.)<
*,'( 3"-1
?$()8
4'7$+.-'
B3.)0
);'2)8
-%$0$()
M)'6%'0
0' 3%$#+4';'()8
4"(.%",9(1
F +"C1
.)<
*,'( 3"-1
?$()8
4'7$+.-'
711
!-8;9 0
$&#/ ('C"%'0
) )(+.%/0$(.'0
"-/3%'-,$()8 3%"$4.'0
) ) +$0$<+.-"0
3%"$4.'
C'.
&&3"
(#*5
.1%
3U%/&
5"+,
#/5(
)
=$"CF"#)0
1$
!,"&(1
<
F;87
@ =F61
@B>?F
17E :AG 6?
>?S
61E;
!@7
?C17
E @;
R@;87
1C=
F7E9
Y !@7
:BC
17E 6 !@=
>?F
?F=?>
E967
C=Y
1?Y
F7A7D=
SW.-
U 3"(
#*5.
!%'(
5/UV
3"(
#*5
(3%'(
5/UV
3"(
J(/)
!'.
/%"(
)./%
#E#
"%[%*.
T%2
(3"(
)#"*
. &(&5(2
5#'L
/(&5%)
@.-"
.4(5
*.
*%$#,"&
$()$
3%"#/4.'
B3%$#$,$()$
3%"#/4.'
*,'( %';-).)8
3%"#/4.'
@"#$,9 C',,9("<
"2$(4)
!.",C7'.1$ #)'6%'001
/3/;1%94"-1
$ #)'6%'001
NPV
L+.'-
3%"$4.'
D$.1%$F+.'#)<('8
0"#$,9
I$$+.%
('-14"-
@'.%)2'
".-$.+.-$(("+.)
P"(+.'.'2)8
+"#$%&'()8
!MI
SWO
TJ'(',);
3%"$4.'
@'.%)2'
0".)-'2)8
B2$(4' +.")0"+.)
A';"-1
< 3,'(
+.")0
"+.)
CPM
/ TA
DT$%'%F)7$+4"$
%'+3)+'()$
*,'( %$'6)%"-'()8
(' %)+4)
I/4"-"#+.-" 3"
-$#$()K
#)+4/++))
("C+/&
#$()8)
T(&
$($%('8 #"4/0$(.'2)8
*%"6%'0
0(1
< A
PI*%".".)3
*%"F"&#$()$ .$+.)%"-'()8
*%");-"#+.-$((1
$ )(+.%/J
0$(.1
) 3%");-"#+.-$(('8
#"4/0$(.'2)8
>B@
!.'.9) 3"+.'-4)
, 4"."%1$
#",&
(1 C1.9
;'4';'(1
+"
;('7).$,9(10
/3%$&
#$()$0
,;'4';'(1
(;'C,'6"-%$0$(J
(1< ;'4'; +.'.$<
3"+.'-4))
*%");-"#+.-$((1
< /
+$%-)+(1
< "C;"%
*,'( 0'%4$.)(6'
B.7$.
" F"#$ )+3",($()8
BC("-,$()$
CPM
/ T
AD
M)'6%'0
0' +4",9&
$()8
G(',); 4"(.%",9(1
F +"C1
.)<
BC("-,$()$ "2$(4)
+.")0
"+.)
@'.%)2'
4""%#)('2))
);0$J
($()<,
;'3%"+ ('
-($+$()$
);0$($()8
) &/%(',
);0$($()<
[/%(', %)+4"-
/ 3%"C,$0
@'.%)2'
0".)-'2))
@'.$%)', #,8 -$%)H)4'2))
N$+.
(',9H
'J, /+.%"<+.-',
3%"6%'00("6"
"C$+3$7$()8
,%$6%$++)"((1
<, 4"(H)6/%'J
2)),
3%");-"#+.-$((1
<,0'.$%)','
) .
. #.)
S)4, %$,);'
(-1
3/+4')
3%"#/4.'
*%");-"#+.-$(('8 #"4/0$(J
.'2)8
!$%-)+('8
#"4/0$(.'2)8
N$F()7$+4)$ 3/C,)4'2))
@'%4$.)(6"-'8
#"4/0$(.'2)8
B.7$.
" F"#$ )+3",($()8
BC("-,$()$
CPM
/ T
AD
M)'6%'0
0' +4",9&
$()8
G(',); 4"(.%",9(1
F+"C1
.)<
BC("-,$()$ "2$(4)
+.")0
"+.)
@'.%)2'
4""%#)('2))
);0$($()<
, ;'3%"+ ('
-($+$()$
);0$($()8
)&/%(', );0$($()<
[/%(', %)+4"-
/ 3%"C,$0
@'.%)2'
0".)-'2))
*%");-"#+.-$((1
< 4"(.J
%",9(1
< +3)+"4
A$.'J.$+.1
*),".(1
< 3%"6"(
-13",($(
M"3/+.)01< #)'3';"(
;('7$J
()< 3"4';'.$,$<,
3",/7$((1
F- F"#$
3),".("6"
3%"6"('
*$%$#'7' #"4/0$(.'2))
- 3%");-"#+.-"
*%");-"#+.-$((1
< %$,);
B.7$.
" F"#$ )+3",($()8
BC("-,$()$
CPM
/ T
AD
M)'6%'0
0' +4",9&
$()8
G(',); 4"(.%",9(1
F +"C1
.)<
BC("-,$()$ "2$(4)
+.")0
"+.)
@'.%)2'
4""%#)('2))
);0$($()<
, ;'3%"+ ('
-($+$()$
);0$($()8
)&/%(', );0$($()<
[/%(', %)+4"-
/ 3%"C,$0
*"+,$3%"$4.(1
< '(',);
712
*%),"&$()$
!
C'.
&&3"
(#*5
.1%
3U%/&
5"+,
#/5(
)
=$"C8;'.$,9J
(1$
!,"&(1
<
F;87
@ =F61
@B>?F
17E :AG 6?
>?S
61E;
!@7
?C17
E @;
R@;87
1C=
F7E9
Y !@7
:BC
17E 6 !@=
>?F
?F=?>
E967
C=Y
1?Y
F7A7D=
S
T(+.%/0
$(.1
('-$#$()8
6,8(2'
W.-
U 3"(
#*5.
!%'(
5/UV
3"(
#*5
(3%'(
5/UV
3"(
J(/)
!'.
/%"(
)./%
#E#
"%[%*.
T%2
(3"(
)#"*
. &(&5(2
5#'L
/(&5%)
@.-"
.4(5
*.
«M"%"&
('8 4'%.'»
(3,'(
)%'C".1
+ ;'4';7)4"0
QFD
*%"6%'0
0' "C$+3$7$()8
4'7$+.-'
3%"$4.'
G(',); @"(.$JP'%,"
!F$0' 3%"2$++'
BC("-,$()$ 3%"6%'001
"C$+3$7$()8 4'7$+.-'
B3.)0
);'2)8
-%$0$()
M)'6%'0
0' 3%$#+4';'()<
4"(.%",9(1
F +"C1
.)<
BC("-,$()$ 3%"6%'001
*,'( 3"-1
?$()8
4'7$+.-'
M)'6%'0
0' 3%)7)(
)+,$#+.-)< ) #)'6%'00'
*'%$."
BC("-,$()$ 3%"6%'001
"C$+3$7$()8 4'7$+.-'
G(',).)7$+4)<
)$%'%F)7$J
+4)<
3%"2$++
@$."#
%$',9(1
F -'%)'(."-
-1C"%'
("32)"("-
)P%).)7$+4'8
2$3"74'
L3%'-,$()$ C/H$%'0
)L3%'-,$()$ C/H$%'0
)L3%'-,$()$ C/H$%'0
)
./'&%>#6'%.
<%/E)
C2%: 0'&213'5'/4%: :%J6'>%0"'% 8/%$&%:E
810:#2"'
.
713
!-8;9 0
$&#/ ('C"%'0
) )(+.%/0$(.'0
"-/3%'-,$()8 3%"$4.'0
) ) +$0$<+.-"0
3%"$4.'
C'.
&&3"
(#*5
.1%
3U%/&
5"+,
#/5(
)
=$"CF"#)0
1$
*%"+."<
F;87
@ =F61
@B>?F
17E :AG 6?
>?S
61E;
!@7
=RE
7:61
E?FF9Y
!@7
?C17
E
=$"C8;'.$,9J
(1$
W.-
U 3"(
#*5.
EUZ(
$ /.
3"(%
-)($
&5)#
//UV
"#]
%,
!'.
/%"(
)./%
#74#
&3#K
#/%#
(&/.
4]#/
%#,
3(&5.)
*%)
>(/
5.]
I$;K0$ 3%'4.)7$+4"<
%$',);'2))
B2$(4' +.")0"+.)
M)'6%'0
0' 5'(..'
/#)'6%'00' 4"(.%",9(1
F+"C1
.)<
NPV
B%#$%
(('%8#,
;'4';
) ('
;'4/34/
B.7$.
" F"#$ )+3",($()8
BC("-,$()$ #)'6%'001
5'(..'
BC/7$()$
>";-$#$()$
(+""%/&
$()$
,+.%").$,9+.-",
0"(.'&
)*),".(1
$ 3%"6"(1
B.7$.1
" F"#$ )+3",($()8
BC("-,$()$ #)'6%'001
5'(..'
@"#$,9 C',,9("<
"2$(4)
L+.'-
3%"$4.'
P"(+.'.'2)8
+"#$%&'()8
BC("-,$()$ "2$(4)
+.")0"+.)
[/%(', %)+4"-
/ 3%"C,$0
BC("-,$()$ "2$(4)
+.")0"+.)
[/%(', %)+4"-
/ 3%"C,$0
[/%(', %)+4"-
/ 3%"C,$0
*%");-"#+.-$((1
< %$,);
B.7$.
" F"#$ )+3",($()8
BC("-,$()$ #)'6%'001
5'(..'
T(+.%/0
$(.1
('-$#$()8
6,8(2'
!MI
@'.%)2'
0".)-'2))
W)()8
)+3",($()8
W)()8
)+3",($()8
*"+,$3%"$4.(1
< '(',);
714
*%),"&$()$
!
C'.
&&3"
(#*5
.1%
3U%/&
5"+,
#/5(
)
=$"CF"#)0
1$
!%$#()<
F;87
@ =F61
@B>?F
17E :AG 6?
>?S
61E;
!@7
=RE
7:61
E?FF9Y
!@7
?C17
E
=$"C8;'.$,9J
(1$
W.-
U 3"(
#*5.
EUZ(
$ /.
3"(%
-)($
&5)#
//UV
"#]
%,
!'.
/%"(
)./%
#74#
&3#K
#/%#
(&/.
4]#/
%#,
3(&5.)
*%)
>(/
5.]
G(',); 3%");-"#+.-$((1F
0":
("+.$<
(-";0"&
("+.$<
,3%");-"#).$,9("+.)
3%");-"#+.-$(("<
,)())
)
*,'( 3%'4.)7$+4"<
%$',);'2))
L+.'-
3%"$4.'
D$.1%$F+.'#)<('8
0"#$,9
P"(+.'.'2)8
+"#$%&'()8
@'.%)2'
0".)-'2))
B2$(4' +.")0"+.)
M)'6%'0
0' 5'(..'
NPV
T(&
$($%(1
$ +3$2)H
)4'2))
B%#$%
(('%8#,
;'4';
) ('
3"4/34/
(;'4/34/
)
B.7$.
" F"#$ )+3",($()8
W)()8
)+3",($()8
BC("-,$()$ "2$(4)
+.")0"+.)
@'.%)2'
4""%#)('2))
);0$($()<
, ;'3%"+
('
-($+$()$
);0$($()8
)&/%(',
@'.%)2'
0".)-'2))
*),".(1
$ 3%"6"(1
I/4"-"#+.-' 3"
E4+3,/'.'2))
) "C+,/&
)-'()K
B.7$.
" F"#$ )+3",($()8
W)()8
)+3",($()8
BC("-,$()$ "2$(4)
+.")0"+.)
@'.%)2'
4""%#)('2))
);0$($()<
, ;'3%"+
('
-($+$()$
);0$($()8
)&/%(',
@'.%)2'
0".)-'2))
@"#$,9 C',,9("<
"2$(4)
I$$+.%
('-14"-
!MI
A';"-1
< 3,'(
+.")0
"+.)
*%"6%'0
0' "C$+3$7$()8
4'7$+.-'
3%"$4.'
G(',); -1
3",($(("<
+.")0"+.)
BC("-,$()$ 3%"6%'001
"C$+3$7$()8 4'7$+.-'
[/%(', %)+4"-
/ 3%"C,$0
@'.%2)'
4""%#)('2))
);0$($()<
, ;'3%"+
('
-($+$()$
);0$($()8
)&/%(',
G(',); -1
3",($(("<
+.")0"+.)
BC("-,$()$ 3%"6%'001
"C$+3$7$()8 4'7$+.-'
[/%(', %)+4"-
/ 3%"C,$0
@'.%)2'
4""%#)('2))
);0$($()<
, ;'3%"+
('
-($+$()$
);0$($()8
)&/%(',
G(',); -1
3",($(("<
+.")0"+.)
[/%(', %)+4"-
/ 3%"C,$0
BC("-,$()$ 3%"6%'001
"C$+3$7$()8 4'7$+.-'
*"+,$3%"$4.(1
< '(',);
*%");-"#+.-$((1
< 4"(.J
%",9(1
< +3)+"4
*%");-"#+.-$((1
< %$,);
B.7$.
" F"#$ )+3",($()8
W)()8
)+3",($()8
BC("-,$()$ "2$(4)
+.")0"+.)
@'.%)2'
4""%#)('2))
);0$($()<
, ;'3%"+
('
-($+$()$
);0$($()8
)&/%(',
T(+.%/0
$(.1
('-$#$()8
6,8(2'
@'.%)2'
".-$.+.-$(("+.)
I/4"-"#+.-" 3"
-$#$()K
"C+/&#$()8
QFD
*,'( 3"-1
?$()8
4'7$+.-'
*,'( 3"-1
?$()8
4'7$+.-'
*,'( 3"-1
?$()8
4'7$+.-'
715
!-8;9 0
$&#/ ('C"%'0
) )(+.%/0$(.'0
"-/3%'-,$()8 3%"$4.'0
) ) +$0$<+.-"0
3%"$4.'
C'.
&&3"
(#*5
.1%
3U%/&
5"+,
#/5(
)
=$"CF"#)0
1$
A",9?"<
F;87
@ =F61
@B>?F
17E :AG 6?
>?S
61E;
!@7
=RE
7:61
E?FF9Y
!@7
?C17
E
=$"C8;'.$,9J
(1$
W.-
U 3"(
#*5.
EUZ(
$ /.
3"(%
-)($
&5)#
//UV
"#]
%,
!'.
/%"(
)./%
#74#
&3#K
#/%#
(&/.
4]#/
%#,
3(&5.)
*%)
>(/
5.]
5)C4"$
(3%$#-'%).$,9("$)
3%$#,"&$()$
G(',); 3%");-"#+.-$((1F
0":
("+.$<
(-";0"&
("+.$<
,3%");-"#).$,9("+.)
3%");-"#+.-$(("<
,)())
)G(',); "+/:
$+.-)0
"+.)
('(',); .$F()7$+4"<
-";0"&
("+.)
)*,'( 3%'4.)7$+4"<
%$',);'2))
L+.'-
3%"$4.'
P"(+.'.'2)8
+"#$%&'()8
D$.1%$F+.'#)<('8
0"#$,9
I$$+.%
('-14"-
@'.%)2'
".-$.+.-$(("+.)
!MI
@'.%)2'
0".)-'2))
B2$(4' +.")0"+.)
A';"-1< 3,'(
+.")0
"+.)
TA
D*%"6%'0
0' "C$+3$7$()8
4'7$+.-'
3%"$4.'
@"#$,9 C',,9("<
"2$(4)
NPV
T(&
$($%(1
$ +3$2)H
)4'2))
R'3%"+
(' 3"#'7/
3%$#,"&$()8
B%#$%
(('%8#,
;'4';
) ('
;'4/34/
B.7$.
" F"#$ )+3",($()8
BC("-,$()$
TAD
G(',); -1
3",($(("<
+.")0"+.)
@'.%)2'
4""%#)('2))
);0$($()<
, ;'3%"+
('
-($+$()$
);0$($()8
)&/%(', );0$($()<
@'.%)2'
0".)-'2))
BC/7$()$
>";-$#$()$
(+""%/&
$()$
,+.%").$,9+.-",
0"(.'&
)*),".(1
$ 3%"6"(1
N$+.)%"-'()$
3%");-"#J
+.-$((1F 0":
("+.$<
(-";0"&
("+.$<
, 3%");-"#)J
.$,9("+.) 3%");-"#+.-$(J
("< ,)()))
I/4"-"#+.-'
()(+.%/42)))
3"
E4+3,/'.'2))
) "C+,/&)-'()K
B.7$.
" F"#$ )+3",($()8
BC("-,$()$
TAD
G(',); -1
3",($(("<
+.")0"+.)
@'.%)2'
4""%#)('2))
);0$($()<
, ;'3%"+
('
-($+$()$
);0$($()8
)&/%(', );0$($()<
@'.%)2'
0".)-'2))
I/4"-"#+.-" 3"
-$#$()K
#)+4/++))
("C+/&
#$()8)
!F$0' 3%"2$++'
[/%(', %)+4"-
/ 3%"C,$0
*,'( 3"-1
?$()8
4'7$+.-'
M)'6%'0
0' 3%)7)(
) +,$#J
+.-)< ) #)'6%'00' *'%$."
P"(.%",9('8
#)'6%'0
0'
[/%(', %)+4"-
/ 3%"C,$0
[/%(', %)+4"-
/ 3%"C,$0
*%");-"#+.-$((1
< 4"(.J
%",9(1
< +3)+"4
*$%$#'7' #"4/0$(.'2))
- 3%");-"#+.-"
*%");-"#+.-$((1
< %$,);
B.7$.
" F"#$ )+3",($()8
BC("-,$()$
TAD
G(',); -1
3",($(("<
+.")0"+.)
@'.%)2'
4""%#)('2))
);0$($()<
, ;'3%"+
('
-($+$()$
);0$($()8
)&/%(', );0$($()<
*"+,$3%"$4.(1
< '(',);
T(+.%/0
$(.1
('-$#$()8
6,8(2'
«M"%"&
('8 4'%.'»
(3,'(
)%'C".1
+ ;'4';7)4"0
QFD
B3.)0
);'2)8
-%$0$()
B3.)0
);'2)8
-%$0$()
B3.)0
);'2)8
-%$0$()
./'&%>#6'%.
<%/E)
C2%: 0'&213'5'/4%: :%J6'>%0"'% /%543?:#:E
8/1%":#.
6)2-L ,#]$+/.4(".,% %/&5"+,#/5()+3".)'#/%2 3"(#*5.,%
% 5%3(, 3"(#*5.
-#" 9E31 /#00&1:/%61 2 =3#2% 16, 2 6%"1:1/EJ 1/=#6'5#C'(J8/%$81>':#7: #$#8:'/12#:? 6#91/E '60:/4&%6:12 48/#23%6'( 8/1%":#&' 2 011:2%:0:2'' 0 :'81& 8/1%":#. K:1 19E>Q
61 '&%%: &%0:1 2 1/=#6'5#C'(J, "1:1/E% 2E8136(7:  8/1%"Q:12, 56#>':%3?61 /#53'>#7@'J0( "#" 81 /#5&%/4, :#" ' 81 0:%8%6':%J6'>%0"1) 612'56E (2 $'#8#516% 1: 6'5"1:%J6131='>6EJ $1 2EQ01"1:%J6131='>6EJ). !$#8:#C'( 81$1961=1 :'8# &1B%: /#00&#:/'Q2#:?0( 2 U:'J 1/=#6'5#C'(J "#" 46'L'C'/47@') "#/"#0 $3( 20%J:'812 8/1%":12 — 0:/1':%3?0:2# 8/1'521$0:2%66EJ &1@610:%),/#5/#91:"' 8/1$4":12, 8/1'521$0:2#, &#/"%:'6=#, /#5/#91:"' '6QL1/&#C'166EJ 0'0:%& ' :. $. +3( :#"'J 1/=#6'5#C') 2 $#661& ./'Q31B%6'' 8/%$3#=#7:0( 8/'&%/E 6#91/12 '60:/4&%6:12 $3( 03%$4Q7@'J :'812 8/1%":12:
• 6#91/ '60:/4&%6:12 $3( /4:'66EJ 8/1%":12;• 6#91/ '60:/4&%6:12 $3( #$&'6'0:/#:'26EJ 8/1%":12;• 6#91/ '60:/4&%6:12 $3( :%J6'>%0"'J 8/1%":12;• 6#91/ '60:/4&%6:12 $3( 46'"#3?6EJ 8/1%":12.H8/%$%3%6'( $#66EJ :'812 8/1%":12 8/'2%$%6E 2 =3#2% 16;
5$%0? B% &E 8/%$0:#23(%& 8/'&%/E $#66EJ '60:/4&%6:#3?6EJ 6#Q91/12, '&%( 2 2'$4 03%$47@'% C%3':
• C%3? 1: .1"#5#:? :13?"1 '60:/4&%6:E 48/#23%6'( 8/1%":#&';
718
*%),"&$()$
D• C%3? 2: .1$/#5$%3':? '60:/4&%6:#3?6E% 6#91/E $3( "#B$1=1:'8# 6# 913%% ' &%6%% 2#B6E% '60:/4&%6:E;
• C%3? 3: H8'0#:?, "#" $13B6E 9E:? #$#8:'/12#6E :% '3' '6E%"16"/%:6E% '60:/4&%6:E.
Q?AH 1: !7C;R;1H 17AHC7 =F61@B>?F19B!@;EA?F=G !@7?C1;>=.10"13?"4 U:' :'8E 8/1%":12 &1=4: 04@%0:212#:? 2 3791) 1:/#0Q
3' ' 2 3791& 0%&%)0:2% 8/1%":12, &E 81"#5E2#%& 2 '60:/4&%6:#3?Q61& 6#91/% :13?"1 '60:/4&%6:E 48/#23%6'( 8/1%":#&', 10:#23((5# "#$/1& "#" :%J6'>%0"'% 8/%$&%:E 810:#2"', :#" ' 48/#23%6>%0Q"'% 8/%$&%:E 810:#2"', "1:1/E% 81$$%/B'2#7: $#66E% '60:/4Q&%6:E. NE &1B%:% 0/#54 B% '0813?512#:? 8/'2%$%66E% 6#&' 8/'Q&%/E '60:/4&%6:#3?6EJ 6#91/12 "#" #$#8:'/4%&E% R#9316E '$19#2':? 021' :%J6'>%0"'% ' 48/#23%6>%0"'% 8/%$&%:E 810:#2"'$3( :1=1, >:19E 015$#2#:? 6#91/E '60:/4&%6:12 $3( 021%) 1/=#6'Q5#C''. H$6#"1 8/%B$% >%& $%3#:? U:1, 2#& 03%$4%: 156#"1&':?0(0 6#R'&' "/':%/'(&', 6# 10612% "1:1/EJ &E 18/%$%3'3' U:' 4 :'Q8# 8/1%":12. X03' 2E '0J1$':% '5 '6EJ "/':%/'%2, 2#& 6%19J1$'&1011:2%:0:247@'& 19/#51& #$#8:'/12#:? 8/%$31B%66E% 8/'&%/E'60:/4&%6:#3?6EJ 6#91/12.
Q?AH 2: !7:@;R:?A=1H =F61@B>?F1;AHF9?F;87@9 :AG C;O:7D7 1=!; F; 87A?? = >?F??E;OF9? =F61@B>?F19D 0612# &E '0813?54%& &%:1$131='7 -#61 $3( :1=1, >:19E 81$/#5Q
$%3':? '60:/4&%6:#3?6E) 6#91/ $3( "#B$1=1 :'8# 8/1%":# 6# 6%19J1Q$'&E% (19(5#:%3?6E%) '60:/4&%6:E, 6%19(5#:%3?6E% (L#"43?:#:'2Q6E%) '60:/4&%6:E ' '60:/4&%6:E 6#2%$%6'( =3(6C#. H8/%$%3%6''U:'J :'812 '60:/4&%6:12 8/'2%$%6E 2 ./'31B%6'' N.
Q?AH 3: 7!=6;1H, C;C :7AOF9 891H;:;!1=@7E;F9 1? =A= =F9?C7FC@?1F9? =F61@B>?F19N =3#2% 16 6# /'0. 16.5 &E 8/'2%3' 8/'&%/E 6%0"13?"'J '60:/4Q
&%6:12 48/#23%6'( 8/1%":#&' — '60:/4&%6:E 83#6'/12#6'( 01Q$%/B#6'(, /#08'0#6'(, 0:1'&10:' ' /'0"12 — "1:1/E% $13B6E9E:? #$#8:'/12#6E :#"'& 19/#51&, >:19E 4>%0:? /#53'>'( &%B$48/1C%00#&' 0:#6$#/:'512#661=1 48/#23%6'( 8/1%":#&' $3( >%:EQ/%J :'812 8/1%":12. K:' '60:/4&%6:E 8/%$0:#23%6E 2 "#B$1& '58/'21$'&EJ 6'B% 8/'&%/12 '60:/4&%6:#3?6EJ 6#91/12. +#3%%2 $#661& 8/'31B%6'' &E $#$'& 913%% $%:#3?61% 18'0#6'% 8/1C%0Q0# 'J #$#8:#C''.
719
!-8;9 0
$&#/ ('C"%'0
) )(+.%/0$(.'0
"-/3%'-,$()8 3%"$4.'0
) ) .)3"0 3%"$4.'
F;87
@ =F61
@B>?F
17E :AG @B
1=FF9Y
!@7
?C17
EW.-
U 3"(
#*5.
EUZ(
$ /.
3"(%
-)($
&5)#
//UV
"#]
%,
BCFJ'(',);
G(',); 4"(.%",9(1
F +"C1
.)<
@'.%)2'
4""%#)('2))
);0$($J
()< ) &/%(', );0$($()<
[/%(', %)+4"-
/ 3%"C,$0
*"+,$3%"$4.(1
< '(',);
B.7$.
" 3%"6%$++$
W)()8
)+3",($()8
BC("-,$()$ "2$(4)
+.")0
"+.)
R'3%"+
(' -($+$()$
);0$($()8
1%3U
%/&
5"+,
#/5(
)
=$"CF"#)0
1$
=$"C8;'.$,9(1
$
!'.
/%"(
)./%
#
@"#$,9 C',,9("<
"2$(4)
NPV
L+.'-
3%"$4.'
D$.1%$F+.'#)<('8
0"#$,9
@'.%)2'
".-$.+.-$(("+.)
I$$+.%
('-14"-
!.",C7'.1$ #)'6%'001
/3/;1%94"-1
$ #)'6%'001
74#
&3#K
#/%#
(&/.
4]#/
%#,
3(&5.)
*%)
P"(+.'.'2)8
+"#$%&'()8
!MI
@'.%)2'
".-$.+.-$(("+.)
B2$(4' +.")0"+.)
M)'6%'0
0' 5'(..'
@'.%)2'
0".)-'2))
*,'( %$'6)%"-'()8
(' %)+4)
BCFJ'(',);
G(',); 4"(.%",9(1
F +"C1
.)<
@'.%)2'
4""%#)('2))
);0$($J
()< ) &/%(', );0$($()<
>(/
5.]
B.7$.
" 3%"6%$++$
W)()8
)+3",($()8
BC("-,$()$ "2$(4)
+.")0
"+.)
R'3%"+
(' -($+$()$
);0$($()8
@'.%)2'
0".)-'2))
BCFJ'(',);
G(',); 4"(.%",9(1
F +"C1
.)<
@'.%)2'
4""%#)('2))
);0$($J
()< ) &/%(', );0$($()<
[/%(', %)+4"-
/ 3%"C,$0
B3.)0
);'2)8
-%$0$()
M)'6%'0
0' 3%$#+4';'()8
4"(.%",9(1
F +"C1
.)<
T(+.%/0
$(.1
('-$#$()8
6,8(2'
QFD
*%"6%'0
0' "C$+3$7$()8
4'7$+.-'
3%"$4.'
M)'6%'0
0' 3%$#+4';'()8
4"(.%",9(1
F +"C1
.)<
B3.)0
);'2)8
-%$0$()
M)'6%'0
0' 3%$#+4';'()8
4"(.%",9(1
F +"C1
.)<
720
*%),"&$()$
D
F;87
@ =F61
@B>?F
17E :AG ;:>=F=61
@;1=
EF9Y
!@7
?C17
EW.-
U 3"(
#*5.
EUZ(
$ /.
3"(%
-)($
&5)#
//UV
"#]
%,
B3.)0
);'2)8
-%$0$()
M)'6%'0
0' 3%$#+4';'()8
4"(.%",9(1
F +"C1
.)<
P'%.'
3"-1?$()8
4'7$+.-'
M)'6%'0
0' 3%)7)(
) +,$#+.-)<
) #)'6%'00' *'%$."
B.7$.
" 3%"6%$++$
BC("-,$()$
CPM
/ T
AD
G(',); 4"(.%",9(1
F +"C1
.)<
/'(',);
-13",($(("< +.")0"+.)
BC("-,$()$ 3%"6%'001
"C$+3$7$()8 4'7$+.-'
@'.%)2'
4""%#)('2))
);0$($J
()<,
;'3%"+ ('
-($+$()$
);0$($()8
) &/%(', );0$($()<
[/%(', %)+4"-
*"+,$3%"$4.(1
< '(',);
1%3U
%/&
5"+,
#/5(
)
=$"CF"#)0
1$
=$"C8;'.$,9(1
$
!'.
/%"(
)./%
#
@"#$,9 C',,9("<
"2$(4)
NPV
L+.'-
3%"$4.'
D$.1%$F+.'#)<('8
0"#$,9
I$$+.%
('-14"-
!.",C7'.1$ #)'6%'001
/3/;1%94"-1
$ #)'6%'001
@'.%)2'
".-$.+.-$(("+.)
B.C"%
3%"$4."- - 3"%.H$,9
74#
&3#K
#/%#
(&/.
4]#/
%#,
3(&5.)
*%)
P"(+.'.'2)8
+"#$%&'()8
!MI
@'.%)2'
".-$.+.-$(("+.)
P'%.'
3,'()%"-'()8 +.")0"+.)
B2$(4' +.")0"+.)
(3"
'(',"6)),
3'%'0$.%)7$+4'8
, -"+F"#8:
'8)
A';"-1
< 3,'(
+.")0
"+.)
CPM
/ T
AD
*%"6%'0
0' "C$+3$7$()8
4'7$+.-'
3%"$4.'
«M"%"&
('8 4'%.'»
(3,'(
)%'C".1
+ ;'4';7)4"0
I/4"-"#+.-" 3"
-$#$()K
"C+/&#$()8
@'.%)2'
0".)-'2))
QFD
G(',); @"(.$JP'%,"
!F$0' 3%"2$++'
>(/
5.]
B.7$.
" 3%"6%$++$
BC("-,$()$
CPM
/ T
AD
G(',); 4"(.%",9(1
F +"C1
.)<
/'(',);
-13",($(("< +.")0"+.)
BC("-,$()$ 3%"6%'001
"C$+3$7$()8 4'7$+.-'
@'.%)2'
4""%#)('2))
);0$($J
()<,
;'3%"+ ('
-($+$()$
);0$($()8
) &/%(', );0$($()<
[/%(', %)+4"-
@'.%)2'
0".)-'2))
B3.)0
);'2)8
-%$0$()
M)'6%'0
0' 3%$#+4';'()8
4"(.%",9(1
F +"C1
.)<
P'%.'
3"-1?$()8
4'7$+.-'
M)'6%'0
0' 3%)7)(
) +,$#+.-)<
) #)'6%'00' *'%$."
T(+.%/0
$(.1
('-$#$()8
6,8(2'
P%).)7$+4'8
2$3"74'
L3%'-,$()$ C/H$%'0
)P"(.%",9('8
#)'6%'0
0'
721
!-8;9 0
$&#/ ('C"%'0
) )(+.%/0$(.'0
"-/3%'-,$()8 3%"$4.'0
) ) .)3"0 3%"$4.'
F;87
@ =F61
@B>?F
17E :AG 1?
YF=<?6
C=Y
!@7
?C17
EW.-
U 3"(
#*5.
EUZ(
$ /.
3"(%
-)($
&5)#
//UV
"#]
%,
B.7$.
" 3%"6%$++$
BC("-,$()$
CPM
/ T
AD
/4"(.%",9(1
F +"C1
.)<
M)'6%'0
0' +4",9&
$()8
BCFJ'(',);
[/%(', %)+4"-
/ 3%"C,$0
*"+,$3%"$4.(1
< '(',);
1%3U
%/&
5"+,
#/5(
)
=$"CF"#)0
1$
=$"C8;'.$,9(1
$
!'.
/%"(
)./%
#
@"#$,9 C',,9("<
"2$(4)
NPV
L+.'-
3%"$4.'
D$.1%$F+.'#)<('8
0"#$,9
I$$+.%
('-14"-
!.",C7'.1$ #)'6%'001
/3/;1%94"-1
$ #)'6%'001
I/4"-"#+.-" 3"
-$#$()K
"C+/&#$()8
*,'( %'C".1
+ ;'4';7)4"0
@'.%)2'
".-$.+.-$(("+.)
74#
&3#K
#/%#
(&/.
4]#/
%#,
3(&5.)
*%)
P"(+.'.'2)8
+"#$%&'()8
!MI
@'.%)2'
".-$.+.-$(("+.)
B2$(4' +.")0"+.)
M)'6%'0
0'
CPM
/ T
AD
/4"(.%",9(1
F +"C1
.)<
(0$."#
C$6/:$<
-",(1
)GHH)(('8 #)'6%'00'
*,'( %$'6)%"-'()8
(' %)+4)
@'.%)2'
4""%#)('2))
);0$($J
()< ) &/%(', );0$($()<
@'.%)2'
0".)-'2))
SWO
TJ'(',);
3%"$4.'
QFD
G(',); @"(.$JP'%,"
>(/
5.]
B.7$.
" 3%"6%$++$
BC("-,$()$
CPM
/ T
AD
/4"(.%",9(1
F +"C1
.)<
M)'6%'0
0' +4",9&
$()8
BCFJ'(',);
[/%(', %)+4"-
/ 3%"C,$0
@'.%)2'
0".)-'2))
B3.)0
);'2)8
-%$0$()
M)'6%'0
0' 3%$#+4';'()8
4"(.%",9(1
F +"C1
.)<
L3%'-,$()$ C/H$%'0
)T(+.%/0
$(.1
('-$#$()8
6,8(2'
P%).)7$+4'8
2$3"74'
L3%'-,$()$ C/H$%'0
)G=I
@$."#
%$',9(1
F -'%)'(."-
-1C"%'
("32)"("-
)
722
*%),"&$()$
D
F;87
@ =F61
@B>?F
17E :AG BF=C;AHF
9Y
!@7
?C17
EW.-
U 3"(
#*5.
EUZ(
$ /.
3"(%
-)($
&5)#
//UV
"#]
%,
B3.)0
);'2)8
-%$0$()
M)'6%'0
0' 3%$#+4';'()8
4"(.%",9(1
F +"C1
.)<
L3%'-,$()$ C/H$%'0
)
B.7$.
" 3%"6%$++$
BC("-,$()$
CPM
/ T
AD
M)'6%'0
0' +4",9&
$()8
BC("-,$()$
W)()8
)+3",($()8
/ #)'6%'0J
01
4"(.%",9(1F +"C1
.)<
@'.%)2'
4""%#)('2))
);0$($J
()< ) &/%(', );0$($()<
[/%(', %)+4"-
@'.%)2'
0".)-'2))
1%3U
%/&
5"+,
#/5(
)
=$"CF"#)0
1$
=$"C8;'.$,9(1
$
!'.
/%"(
)./%
#
@"#$,9 C',,9("<
"2$(4)
NPV
L+.'-
3%"$4.'
!.",C7'.1$ #)'6%'001
/3/;1%94"-1
$ #)'6%'001
D$.1%$F+.'#)<('8
0"#$,9
I$$+.%
('-14"-
@'.%)2'
".-$.+.-$(("+.)
G=I
B.C"%
3%"$4."- - 3"%.H$,9
@$."#
%$',9(1
F -'%)'(."-
-1C"%'
("32)"("-
)
74#
&3#K
#/%#
(&/.
4]#/
%#,
3(&5.)
*%)
SWO
TJ'(',);
3%"$4.'
P"(+.'.'2)8
+"#$%&'()8
!MI
@'.%)2'
".-$.+.-$(("+.)
B2$(4' +.")0"+.)
A';"-1
< 3,'(
+.")0
"+.)
M)'6%'0
0'
CPM
/ T
AD
/4"(.%",9(1
F +"C1
.)<
(0$."#
C$6/:$<
-",(1
)T$%'%F)7$+4"$
%'+3)+'()$
GHH)(('8 #)'6%'00'
*,'( %$'6)%"-'()8
(' %)+4)
I/4"-"#+.-" 3"
-$#$()K
"C+/&#$()8
@'.%)2'
0".)-'2))
«M"%"&
('8 4'%.'»
(3,'(
)%'C".1
+ ;'4';7)4"0
P"(+.'.'2)8
2$,$<
) '42$(."-
>1C"% (/&("6"
7$,"-$4'
QFD
P%).)7$+4'8
2$3"74'
G(',); @"(.$JP'%,"
>(/
5.]
B.7$.
" 3%"6%$++$
BC("-,$()$
CPM
/ T
AD
M)'6%'0
0' +4",9&
$()8
BC("-,$()$
W)()8
)+3",($()8
/ #)'6%'0J
01
4"(.%",9(1F +"C1
.)<
@'.%)2'
4""%#)('2))
);0$($J
()< ) &/%(', );0$($()<
[/%(', %)+4"-
@'.%)2'
0".)-'2))
B3.)0
);'2)8
-%$0$()
M)'6%'0
0' 3%$#+4';'()8
4"(.%",9(1
F +"C1
.)<
L3%'-,$()$ C/H$%'0
)
T(+.%/0
$(.1
('-$#$()8
6,8(2'
M$%$-" %$?$()<
M$%$-" %$?$()<
723
!-8;9 0
$&#/ ('C"%'0
) )(+.%/0$(.'0
"-/3%'-,$()8 3%"$4.'0
) ) .)3"0 3%"$4.'
E9!7AF?F=? ;:;!1;Q== =F61@B>?F17EB!@;EA?F=G !@7?C1;>= :AG <?19@?Y 1=!7E!@7?C17ED60:/4&%6:E 83#6'/12#6'( 01$%/B#6'(, /#08'0#6'(, 0:1'&1Q
0:' ' /'0"12, 81"#5#66E% 6# /'0. 16.5 2 =3#2% 16 ' 2"37>%66E% 2120% 8/'&%/E '60:/4&%6:#3?6EJ 6#91/12, 8/'21$'&E% 2 $#661&./'31B%6'', $13B6E 9E:? 81$2%/=64:E #$#8:#C'' 2 011:2%:0:2''0 :/%912#6'(&' 8/1C%0012 0:#6$#/:'512#661=1 48/#23%6'( 8/1%"Q:#&' $3( "#B$1=1 '5 U:'J >%:E/%J :'812. A'B% &E 18'R%& 8/1C%00#$#8:#C''. .1$196#( B% #$#8:#C'( &1B%: 9E:? 6%19J1$'&# ' $3($/4='J '60:/4&%6:12 2 U:'J 6#91/#J, /#261 "#" ' $3( 6#91/12, /#5Q/#91:#66EJ 6# 10612% $/4=1=1 81$J1$# " #$#8:#C'' — 2 011:2%:Q0:2'' 0 /#5&%/1& 8/1%":# ' 2 011:2%:0:2'' 0 0%&%)0:21& 8/1%":#.
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
M>+'('#$)"$'3(-, /)0,1$-. NE01"#( 031B610:? U:'J 8/1%"Q:12 $'":4%: '61) 81$J1$ " '60:/4&%6:#& 48/#23%6'( 8/1%":#&',1:3'>6E) 1: 81$J1$#, 8/'&%6(%&1=1 2 /4:'66EJ 8/1%":#J. -160Q:#:#C'( 01$%/B#6'( J1:? ' 01J/#6(%: 0217 :1>610:? 203%$0:2'%6'5"1) :%J6'>%0"1) 612'56E, 61 1:3'>#%:0( 1>%6? 2E01"1) $%:#Q3'5#C'%) 203%$0:2'% 2E01"1) 031B610:'. -#" 03%$0:2'% U:1=1 <+O19E>61 '&%%: 913?R1) /#5&%/ ' &61B%0:21 '%/#/J'>%0"'J 4/12Q6%). .12ER%66#( 031B610:? :/%94%: :1>61=1 "#3%6$#/61=1 83#6'Q
724
*%),"&$()$
D/12#6'( 40'3') &61='J 4>#0:6'"12 ' 25#'&1$%)0:2') &%B$4 6'&',$3( >%=1 2%3'"13%861 81$J1$(: $'#=/#&&E PERT / <O,. K:# B% 81Q2ER%66#( 031B610:? 2 19@%& ' C%31& 156#>#%: 913?R') /#5&%/8/1%":#, ' 011:2%:0:2%661 0:1'&10:? 0:#612':0( 106121813#=#7Q@'& 48/#23%6>%0"'& 0119/#B%6'%&, >:1 81$:2%/B$#%: 6%19J1$'Q&10:? 210J1$(@%) 1C%6"' 0:1'&10:' ' 9#5121=1 83#6# 0:1'&10:'(/#08/%$%3%661=1 21 2/%&%6' 97$B%:#). O'0"' =3#26E& 19/#51&02(5#6E 0 215/#0:#6'%& "13'>%0:2# 25#'&1$%)0:2') &%B$4 4>#0:Q6'"#&' 8/1%":# ' 18%/#C'(&' 8/1%":#, >:1, 2 0217 1>%/%$?, :1B%(23(%:0( 03%$0:2'%& 812ER%661) 031B610:'. K:1 25E2#%: " 6%19QJ1$'&10:' /#5/#91:"' 83#6# /%#='/12#6'( 6# /'0"', 01$%/B#@%=1913?R1% "13'>%0:21 019E:') /'0"#, 81 04:' $%3#, "#>%0:2%661=1J#/#":%/#.
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«2%/1(:610:? — 215$%)0:2'%») — U:1 J1/1R') 81$J1$ 8/'2E8136%6'' :#"1=1 8/1%":#. +3( :1=1 >:19E 34>R% 816'&#:? '6:%Q/#":'26E) J#/#":%/ /'0"12, 8/1%":6#( "1$# &1B%: 2/%&( 1:2/%&%6' '0813?512#:? #6#3'5 ,16:%Q-#/31.
]('1"2%(-, /)0,1$-. N 0'34 021%) 2E01"1) :%J6'>%0"1) 61Q2'56E ' 031B610:' 46'"#3?6E% 8/1%":E :/%947: 2%0?&# 012%/QR%66EJ '60:/4&%6:12 48/#23%6'( 8/1%":#&'. -#" ' 2 :%J6'>%0"'J8/1%":#J, "160:#:#C'( 01$%/B#6'( ' <+O /#02'2#7:0( 81 &%/% 2EQ8136%6'( 8/1%":#, >:1 (23(%:0( 03%$0:2'%& 8/'04:0:2'( &61B%Q
725
!-8;9 0
$&#/ ('C"%'0
) )(+.%/0$(.'0
"-/3%'-,$()8 3%"$4.'0
) ) .)3"0 3%"$4.'
0:2# :%J6131=') ' 02(5#661) 0 6'&' 6%18/%$%3%6610:'. H$6#"1203%$0:2'% 2E01"1) 031B610:' "160:#:#C'( 01$%/B#6'( 2%0?&#$%:#3?6#(, # <+O —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
726
E>?617 R;CAP<?F=GI':#:%3(& U:1) "6'=' 94$%: '6:%/%061 456#:?, >:1
/100')0"'J Project Management 08%C'#3'0:12 ' 8/1QL%00'16#312 2 0&%B6EJ 193#0:(J 56#6') 19W%$'6(%:!<<HMD!MD[ P.O!NGXAD[ .OHX-*!,D «<HNAX*».
M##0.'".'4 ]/)"32,('4 /)0,1$"+' (GHDNOT — www.sovnet.ru) — 19@%0:2%66#(, 6%"1&&%/>%0"#(, 8/1L%00'16#3?6#( &%B$4Q6#/1$6#( 1/=#6'5#C'(.<HNAX* 10612#6 2 1990 =1$4 ' 8/%$0:#23(%: 0191) $19/1213?Q
6E) 0175 8/1L%00'16#312, 104@%0:23(7@'J 6#4>6E% '003%$12#Q6'( ' /#5/#91:"', 194>%6'% ' 0%/:'L'"#C'7 08%C'#3'0:12 2 193#0Q:' 48/#23%6'( 8/1%":#&', 1910612#6'%, 81$=1:12"4, 2E8136%6'% '48/#23%6'% 8/1%":#&' 2 /#53'>6EJ 0L%/#J $%(:%3?610:'.
GHDNOT /),>#$"324,$ )0##'=#1'B /)0J,##'0("203 CP 3 P,<?>*(")0>(0= "##0.'".'' */)"32,('4 /)0,1$"+' IPMA, ;"),8'#$?)')03"((080 3 ^3,=.")'' (8. YA)'B).
M##0.'".'4 */)"32,('4 /)0,1$"+' GHDNOT (23(%:0( "1/81Q/#:'26E& >3%61& /100')0"1) #001C'#C'' 1/=#6'5#:1/12 81$/($Q6EJ :1/=12 ' 4>/%$':%3%& D6612#C'1661=1 0175# O100')0"1)Z%$%/#C'', 6%"1&&%/>%0"1=1 L16$# «,%B$46#/1$6E) K)5%6RQ:%)6QC%6:/» (International Eisenstein Centre).!001C'#C'( 48/#23%6'( 8/1%":#&' <HNAX* 01:/4$6'>#%: 0 L%Q
$%/#3?6E&' &'6'0:%/0:2#&' ' 2%$1&0:2#&', 104@%0:23(%: "16Q043?:'/12#6'%, /#5/#91:"4 ' 018/121B$%6'% 8/1%":12.
GHDNOT #30,= >,4$,2%(0#$%A #/0#0:#$3*,$ ("*9(0= ' /)"1?$'9,#10= 10(#02'>".'' #/,.'"2'#$03 /0 */)"32,('A /)0,1$"?+' '; #$)"( :2'<(,80 ' >"2%(,80 ;")*:,<%4, /)030>'$ 6')010?+"#6$":(*A +,<>*(")0>(*A >,4$,2%(0#$%, ("/)"32,((*A ("*#'2,(', 100/,)".'' ' #0$)*>('9,#$3" /)0J,##'0("2%(-B0)8"(';".'= ' #/,.'"2'#$03 project?+,(,><+,($".
N 6#0:1(@%% 2/%&( <HNAX* 19W%$'6(%: 02ER% 40 1/=#6'5#C')' L'/&, 1"131 150 '6$'2'$4#3?6EJ >3%612, 2 :1& >'03% '5 $#3?6%=1' 93'B6%=1 5#/49%B?(, '&%%: 021' /%='16#3?6E% 1:$%3%6'(. N 01Q0:#2% 1/=#6'5#C'' 02ER% 20 #"#$%&'"12 ' >3%612Q"1//%0816$%6Q:12 /#53'>6EJ #"#$%&'), 913%% 200 8/1L%001/12, $1":1/12 ' "#6Q$'$#:12 6#4".
727
G30,= +'##',= GHDNOT #9'$",$ )";3'$', /)0J,##'0("2';?+" 3 /)0,1$(0+ */)"32,(''. D #00$3,$#$3'' # I$'+ GHDNOT0#*@,#$324,$ >,4$,2%(0#$% /0 #2,>*A@'+ ("/)"32,('4+:
78@;R7E;1?AHF;G :?G1?AHF761H:• 01$%)0:2'% 245#& 2 81$=1:12"% ' 8%/%81$=1:12"% "#$/12, 812EQR%6'7 4/126( 19/#512#:%3?6EJ 4034= 2 193#0:' 48/#23%6'(8/1%":#&';
• 1/=#6'5#C'( ' 8/12%$%6'% 4>%96EJ "4/012 (2"37>#( $'0:#6QC'1661% 194>%6'%) 81 81$=1:12"% ' 8%/%81$=1:12"% 08%C'#3'0Q:12 81 48/#23%6'7 8/1%":#&';
• 8/12%$%6'% $19/1213?61) #""/%$':#C'' 19/#512#:%3?6EJC%6:/12 81 48/#23%6'7 8/1%":#&';
• 81$=1:12"# 08%C'#3'0:12 " 0%/:'L'"#C'' 81 &%B$46#/1$61)8/1=/#&&% IPMAQCOBHET;
• /#5/#91:"# 4>%96EJ 8/1=/#&& ' &%:1$'>%0"'J &#:%/'#312 8148/#23%6'7 8/1%":#&'.
6?@1=W=C;Q=7FF;G :?G1?AHF761H:• 1/=#6'5#C'166#( 81$=1:12"# ' 8/12%$%6'% 0%/:'L'"#C'' 08%QC'#3'0:12 2 011:2%:0:2'' 0 6#C'16#3?6E&' /100')0"'&' '&%B$46#/1$6E&' :/%912#6'(&' " "1&8%:%6C'' 08%C'#3'0:1281 48/#23%6'7 8/1%":#&'. <'0:%&# 0%/:'L'"#C'' 08%C'#3'Q0:12 «<HNAX*Q<XO*» 5#/%='0:/'/12#6# 2 ;104$#/0:2%661& /%Q%0:/% ;H<<*!A+!O*! O100'', /%='0:/#C'166E) ^ OH<< RU.,H58.04+.00 1: 02 0%6:(9/( 2002 =. *%&, ":1 408%R61 8/1R%30%/:'L'"#C'7, 2/4>#%:0( $1"4&%6: &%B$46#/1$61=1 19/#5C#;
• /#5/#91:"# 6#C'16#3?6EJ 0:#6$#/:12, 61/& ' 8/#2'3 2 193#0Q:' P.;
• 81$=1:12"# ' '5$#6'% A#C'16#3?6EJ :/%912#6') " "1&8%:%6QC'' 08%C'#3'0:12 — 106121813#=#7@%=1 $1"4&%6:# 6#C'1Q6#3?61) 0%/:'L'"#C'1661) 8/1=/#&&E 81 P.;
• 2%$%6'% 6#C'16#3?6EJ ' 018/121B$%6'% &%B$46#/1$6EJ /%%Q0:/12 08%C'#3'0:12 81 P. 6# WebQ0#):#J IPMA ' <HNAX* '2 8%>#:61& 2'$%.
F;B<F7\1?YF=<?6C;G :?G1?AHF761H:• 1/=#6'5#C'( ' 8/12%$%6'% 6#C'16#3?6EJ ' &%B$46#/1$6EJ"16=/%0012, 0'&815'4&12, "16L%/%6C'), 0%&'6#/12 ' 2E0:#21";
• 8/12%$%6'% 1:"/E:EJ %B%&%0(>6EJ 9%083#:6EJ 0%&'6#/12;• 01$%)0:2'% 2 8493'"#C'' /#91: 81 P. 2 O100'' ' 5# %% 8/%$%3#&';
728
• '6L1/&#C'1661Q#6#3':'>%0"'% ' &%:1$'>%0"'% 4034=' 2 19Q3#0:' P., 2 :1& >'03% 8/' 8/12%$%6'' :%6$%/12 ' "16"4/012.
=FW7@>;Q=7FF7\=R:;1?AH6C;G= !@76E?1=1?AH6C;G :?G1?AHF761H:• 091/, #6#3'5, 1919@%6'% ' /#08/10:/#6%6'% '6L1/&#C'' '3':%/#:4/E 81 P.; 2%$%6'% 8/1L%00'16#3?61) 9'93'1:%"';
• 1/=#6'5#C'( ' 104@%0:23%6'% '5$#6') '6L1/&#C'1661), 6#Q4>61Q:%J6'>%0"1), &%:1$'>%0"1) ' 8%/'1$'>%0"1) 3':%/#:4Q/E 81 8/1L'37 $%(:%3?610:' !001C'#C'';
• 1/=#6'5#C'( /#91: 81 8%/%21$4 ' '5$#6'7 6#4>61) ' &%:1$'Q>%0"1) 3':%/#:4/E iio P.;
• 01:/4$6'>%0:21 0 1:%>%0:2%66E&' ' 5#/49%B6E&' 8%/'1$'Q>%0"'&' '5$#6'(&';
• '5$#6'% %B%"2#/:#3?61=1 9733%:%6( «AHNH<*D <HNAX*»;• 2%$%6'% WebQ0#):# <HNAX* (www.sovnet.ru).
D 2005 80>* GHDNOT #03+,#$(0 # &;>"$,2%#1'+ >0+0+ W),?:,(('103" /)'#$*/'2 1 ';>"('A /,)3080 3 C0##'' /,)'0>'9,?#1080 ';>"('4 /0 */)"32,('A /)0,1$"+' 3 J0)+"$, <*)("2".«]/)"32,(', /)0,1$"+'» — U:1 B4/6#3 1 012/%&%66EJ 8/1L%00'1Q6#3?6EJ &%:1$#J, 0/%$0:2#J, '60:/4&%6:#J, :%J6131='(J ' 8/#":'"%48/#23%6'( 8/1%":#&', 8/1=/#&&#&' ' 81/:L%3(& 8/1%":12. -#"ULL%":'261 48/#23(:? 8/1%":61Q1/'%6:'/12#661) $%(:%3?610:?72 9'56%0%, 19@%0:2% ' =104$#/0:2% ' 20%, >:1 0 U:'& 02(5#61 — 21: 10Q6126E% 218/10E, "1:1/E% /#00&#:/'2#7:0( 2 $#661& '5$#6''.
76F7EF9? 1?>9 OB@F;A;:• &%:1$131='( ' :%J6131='( 48/#23%6'( 8/1%":#&';• 612E% /#5/#91:"' ' '003%$12#6'( &1$%3%), &%:1$12 ' 0/%$0:248/#23%6'( 8/1%":#&', 8/1=/#&&#&' ' 81/:L%3(&' 8/1%":12;
• 0'0:%&E 48/#23%6'( 8/1%":#&' ' 8/1=/#&&#&';• 612E% 6#8/#23%6'(, '60:/4&%6:E ' 8/1$4":E 48/#23%6'(8/1%":#&' ' 8/1=/#&&#&';
• 48/#23%6'( 8/1%":#&' 2 1/=#6'5#C'' ' 8%/%J1$ " 8/1%":61Q1/'%6:'/12#66E& 9'56%0#& ' "1/81/#C'(&;
• 0:#6$#/:E 48/#23%6'( 8/1%":#&';• &1$%3' 5/%310:' 48/#23%6'( 8/1%":#&' 2 1/=#6'5#C'';• '6L1/&#C'166E% :%J6131='' 2 0'0:%&#J 48/#23%6'( 8/1%":#Q&' ' 8/1=/#&&#&';
• ULL%":'2610:? 48/#23%6'( 8/1%":#&' ' 1C%6"# ULL%":'2610Q:' '62%0:'C'166EJ 8/1%":12;
729
• 0:/#:%='>%0"'% :/%6$E /#52':'( :%1/'' ' &%:1$131='' 48/#2Q3%6'( 8/1%":#&' 2 O100'' ' 5# /49%B1&;
• '0:1/'' 408%J#, 8%/%$121) 18E: ' 8/#":'"# 8/1%":61=1 48/#2Q3%6'(;
• &#:%/'#3E 2 81&1@? 08%C'#3'0:#& $3( 194>%6'( ' 0%/:'L'Q"#C''.
N B4/6#3% :#"B% 8493'"47:0( /#52%/64:E% /%C%65'' ' 1:5E2E6# &161=/#L'' ' :/4$E 2 193#0:' Project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www.sovnet.ru.)X03' NE 0:/%&':%0? 5#6(:? $10:1)61% &%0:1 2 0/%$% 8/1L%00'1Q
6#312, /#52'2#:? 021) 81:%6C'#3 810/%$0:21& 19@%6'( ' '6L1/&#QC'1661=1 19&%6# 2 R'/1"1) 0/%$% 08%C'#3'0:12 O,, NE &1B%:%0:#:? >3%61& <HNAX*. ./' U:1& NE #2:1&#:'>%0"' 0:#612':%0?>3%61& ,%B$46#/1$61) #001C'#C'' 48/#23%6'( 8/1%":#&' (IPMA)' 813?54%:%0? &61=1>'03%66E&' 3?=1:#&', 40:#6123%66E&' <HQNAX*, IPMA, PMI ' $/4='&' 8/1L%00'16#3?6E&' 1/=#6'5#C'(&',0 "1:1/E&' <HNAX* '&%%: $24J0:1/166'% 01=3#R%6'(.
C7F1;C1F9S ;:@?6 = 1?A?W7F:129366, ,10"2#, 43. -'9#3?>'>#, $1& 7, 1L'0. 504,:%3./L#"0: (495) 683Q78Q80www.sovnet.ruEQmail: [email protected]
7)"8"( E. P'206,3'9
N":0) '(#$)*+,($03 >24 */)"32,('4 /)0,1$"+'D60:/4&%6:E ' 8/'%&E $3( 8/#":'"47@%=1 projectQ&%6%$B%/#
O4"121$':%3? 8/1%":# «!)*'Q./%00» !._. G1='612#[email protected]
NE840"#7@') /%$#":1/ 6. X. Q3$',3).A#4>6E) /%$#":1/ !. V. &"'()"*+,-%
.%/%21$ ?. >. T.<3,+3)-1//%":1/ !. X. W23)4").
N%/0:"#, =/#L'"# >. 6. N#3+3)+'5#)6 1931B"' =. Y. 531',.
($'5#)6Q=/488# *X*OP)
.1$8'0#61 2 8%>#:? 17.04.2006. Z1/&#: 70J100 1/16.;#/6':4/# Bookman. .%>#:? 1L0%:6#(
P03. 8%>. 3. 59,48*'/#B 2000F#"#5 FQ403
!"#$%&'( !)*', 117218, ,10"2#, 43. -/B'B#6120"1=1, $.21#.K3%":/166E% #$/%0#: www.academy.it.ru, infobook.it.ru, [email protected].
D5$#:%3?0:21 +,- ./%00,K3%":/166E) #$/%0: www.dmkQpress.ru.D6:%/6%:Q&#=#5'6: www.abook.ru
H:8%>#:#61 2 :'81=/#L'' H!H .D- «D$%3Q./%00» 2 81361&011:2%:0:2'' 0 "#>%0:21& 8/%$10:#23%66EJ $'#815':'212.
420066, =. -#5#6?, 43. +%"#9/'0:12, 2.
![[SEO 2.0]: мастхев набор простых и понятных инструментов для повышения продаж](https://img.pdfslide.net/doc/110x75/55a58a171a28abd9138b4645/seo-20--55b0fbfb5f7dd.jpg)
![[SEO 2.0]: мастхев набор инструментов для увеличения продаж. Часть 4](https://img.pdfslide.net/doc/110x75/58808c4e1a28ab35718b6c9d/seo-20--58b9845c177dd.jpg)
![[SEO 2.0]: мастхев набор простых и понятных инструментов для повышения продаж 3](https://img.pdfslide.net/doc/110x75/55ab97f31a28ab0d7a8b4665/seo-20-3.jpg)
