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8/12/2019 REAL OPTIONS AS VALUATION AND DECISION MAKING TOOL IN UPSTREAM PROJECTS
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XGOA JSVEJLR OR ^OAWOVEJL OLF FGBEREJL KODELM VJJA ELWSRVXGOK SXJIGBVR
Olfedo Xevoe
el Sorteoa Nuaneaakglt jn t`g Xgquergkglts njr t`g Fuoa Fgmrgg jn
KHO / KRb el Nelolbeoa Kolomgkglt
V@GRER
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Gxgbutevg RukkoryV`es t`gses bjlsests jn ?3 b`optgrs. B`optgr ?bjvgrs t`g purpjsg, hobdmrjulf elnjrkotejl, kgt`jfjajmy,
olf strubturg jn t`g t`gses. V`g voaug b`oel weaa hg fesbussgf el B`optgr 8.B`optgr 2tj B`optgr =eltrjfubgf
t`g tjjas lggfgf tj sjavg t`g bosg stufy. Bosg stufy olf prjpjsgf sjautejl prgsgltgf el B`optgr 0olf 5.
Neloaay, B`optgr ?3es bjlbaufgf t`g stufy.
Vj ulfgrstolf elvgstkglt fgbesejls, jlg lggf tj ulfgrstolf t`g elfustrys voaug b`oel. B`optgr 8
oloayzgf voaug b`oel el upstrgok pgtrjaguk elfustry, t`gy org9 (?) prjspgbt, (8) gxpajrotejl olf opproesoa,
(2) fgvgajpkglt, (6) prjfubtejl, olf (7) oholfjlkglt.
B`optgr 2storts hy gxpaoelelm `jw t`g stjb`osteb prjbgssbol hg usgf tj njrgbost t`g jea prebg. Rekpay put,
o stjb`osteb prjbgss es o kot`gkoteboaay fgnelgf gquotejl t`ot bol brgotg o sgregs jn jutbjkgs jvgrtekg,
jutbjkgs t`ot org ljt fgtgrkelesteb el loturg. Vwj stjb`osteb prjbgss opprjob`gs9 (?) hrjwleol kjtejl olf
(8) kgol-rgvgrtelm weaa hg fesbussgf.
B`optgr 6rgvesetgf baosseboa voauotejl opprjob` jn jea olf mos prjpgrtegs. El ol jea olf mos glverjlkglt, t`g
ossukptejl jn pgrpgtuety es ljt rgoaesteb, t`us o bos` najw njrgbost s`juaf rul njr t`g glterg aeng jn t`g ossgt
hgelm voaugf. Vj obburotgay njrgbost t`g nrgg-bos`-najw-tj-t`g-nerk, o prjpgr nelolbeoa kjfgaes lggfgf.
V`g nelolbeoa kjfgas bjlsest jn (?) prjnet ajss, (8) hoaolbg s`ggt, (2) bos` najw, olf (6) voauotejl.
Relbg t`g nelolbeoa kjfga prjfubgf jlay o selmag-pjelt gstekotg rgsuat, B`optgr 7prgsgltgf Kjltg Boraj
sekuaotejlos o tjja tj mgt o sgt jn prjhohag jutbjkg. Kjltg Boraj sekuaotejl es ulfgrtodgl hy kjfgaaelm oprjigbt olf ets dgy nobtjrs onngbtelm t`g prjnetoheaety jn t`g prjigbt. Wselm CXERD sjntworg, o sekuaotejl bol hg
fjlg os koly tekgs os pjssehag tj pajt o nrgquglby festrehutejl jn t`g jutbjkgs.
B`optgr >toadgf ohjut fgbesejl trggoloayses. El bjltrost tj Kjltg Boraj sekuaotejl w`eb` gvoauotg prg-
fgtgrkelgf prjigbt sbglorejs, fgbesejl trgg njbus jl kolomgreoa fgbesejls. Fgbesejl trgg oasj todg obbjult
jn ulbgrtoelty, hut t`gy fj sj el o kjrg rufekgltory woy, typeboaay, hy spgbenyelm t`g prjhoheaetegs jn aeketgf
baossgs sub` os aormg, skoaa jr zgrj.
Rteaa, get`gr sekuaotejl jr fgbesejl oloayses bjuaf ljt bopturg voaug jn n agxeheaety aedg rgoa jptejls.@jwgvgr,
t`g kjfgas fgsbrehgf el t`g rgoa jptejls aetgroturg jntgl mrgotay jvgrsekpaeny t`g prjhagks. V`g eltgmrotgf
opprjob`prgsgltgf el B`optgr =tregf tj hrefmg t`es mop hy ljtelm t`ot t`grg org twj typgs jn resd ossjbeotgf
wet` kjst bjrpjrotg elvgstkglts9 puhaeb (ljl-fevgrseneohag) olf prevotg (fevgrseneohag). Et prgsgltgf olopprjob` t`ot bjvgrgf trofetejloa fgbesejl oloayses ot jlg gxtrgkg tj jptejl prebelm ot t`g jt`gr.
Vj eaaustrotg w`grg rgoa jptejls oloayses bol hg usgf tj off voaug el voauotejl olf fgbesejl kodelm prjbgss,
o bosg stufyweaa hg eltrjfubgf el B`optgr 0. V`es bosg es hosgf jl mglgroaezgf gxpgreglbg, wet` o nebtejloa
stjry olf b`orobtgrs, hut t`g soaeglt ngoturgs rgsgkhag t`g fgvgajpkglt jn Evor Oosgl negaf el t`g Ljrt` Rgo.
B`optgr 5jnngrgf probteboa sjautejlt`ot fgkjlstrotgs t`g pjsseheaety jn obtuoaay ekpagkgltelm rgoa jptejls
voauotejls el o kgolelmnua woy hy ol oloayst.
B`optgr ?3prgsgltgf ol ekpjrtolt bjlbausejl9 t`g eltgmrotgf opprjob` rgsuatgf wet` o prjhoheaety
festrehutejl t`ot bjkhelgs rgoa jptejls, fevgrseneohag resd, olf ljl-fevgrseneohag resd gnngbts9 V`g rem`t-`olf
sefg jn t`g festrehutejl `os nottgr toeas (upworf pjtglteoa), w`eag ajssgs jl t`g fjwlsefg org bagoray but jnn.
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Bjltglts
Gxgbutevg Rukkory........................................................................................................................................ 8
B`optgr ? Eltrjfubtejl.................................................................................................................................... 7
Kgt`jfjajmy................................................................................................................................................. >
Vormgt Mrjup................................................................................................................................................ =
Fgaeketotejl................................................................................................................................................... =
Rtrubturg....................................................................................................................................................... 0
B`optgr 8 Wpstrgok Sgtrjaguk Elfustry..................................................................................................... 5
Srjspgbt........................................................................................................................................................ 5
Gxpajrotejl olf Opproesoa.......................................................................................................................... 5
Fgvgajpkglt.............................................................................................................................................. ?3
Srjfubtejl.................................................................................................................................................. ?3
Oholfjlkglt............................................................................................................................................. ?3
Sgtrjaguk Gbjljkebs............................................................................................................................... ??
B`optgr 2 Rtjb`osteb Njrgbostelm............................................................................................................... ?8
Jea Srebg...................................................................................................................................................... ?8
Rtjb`osteb Srjbgss.................................................................................................................................... ?2
Hrjwleol-Kjtejl........................................................................................................................................ ?2
Kgol-Xgvgrtelm Srebg Kjfga................................................................................................................... ?6
B`optgr 6 ^oauotejl jn Jea olf Mos Srjpgrtegs........................................................................................ ?7
Elbjkg (FBN) Opprjob`.......................................................................................................................... ?7
Srobteboa Essugs.......................................................................................................................................... ?>
Nelolbeoa Kjfgaaelm................................................................................................................................... ?=
B`optgr 7 Kjltg Boraj Rekuaotejl............................................................................................................. ?0
Rglsetevety Oloayses.................................................................................................................................... ?5
B`optgr > Fgbesejl Vrgg.............................................................................................................................. 83
Jptejls........................................................................................................................................................ 8?
B`optgr = ^oauelm Nagxeheaety, Xgoa-Jptejls............................................................................................... 82
Xgoa-Jptejls.............................................................................................................................................. 86
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B`optgr ? EltrjfubtejlO mrjwelm lukhgr jn kolomgrs olf obofgkebs org hgbjkelm bjlvelbgf t`ot t`g trofetejloa opprjob`gs tj
voauotejl org elofgquotg selbg t`gy fj ljt prjpgray bopturg kolomgreoa nagxeheaety tj ofopt olf rgvesg aotgr
fgbesejls el rgspjlsg tj ulgxpgbtgf kordgt fgvgajpkglt.
Elsem`t olf tgb`lequgs fgrevgf nrjk jptejl prebelm? glohag t`g quoltenebotejl jn gagkglts jn kolomgreoa
nagxeheaety olf strotgmeb eltgrobtejls, w`eb` `ovg t`us nor hggl emljrgf jr ulfgrgstekotgf hy stolforf lgt
prgsglt voaug (LS^) jr fesbjultgf bos` najw (FBN) kgt`jfs.
V`g voaug jn nagxeheaety olf t`us t`g rgoa jptejl voaug jn o prjigbt org ot t`ger mrgotgst w`gl t`grg es
bjlsefgrohag ulbgrtoelty ohjut t`g nuturg olf kub` rjjk njr kolomgreoa nagxeheaety. Xgoa jptejl es gspgbeoaay
rgagvolt njr mrgyzjlg prjigbts/ LS^ lgor zgrj os elbaufelm voaug jn kolomgkglts jptejls koy onngbt t`g
uatekotg fgbesejl tj elvgst.
Relbg t`g kef-?553s Xgoa Jptejls hgmol tj ottrobt ottgltejl nrjk elfustry os ol ekpjrtolt tjja njr hjt`
voauotejl olf strotgmy. Hgmellelm prelbepoaay el t`g Jea olf Mos elfustry, olf gxtglfelm tj o rolmg jn jt`gr
elfustregs, bjlsuatolts olf eltgrloa oloayst stortgf tj oppay t`es bjlbgpt tj koijr bjrpjrotg elvgstkglts.
Kolomgkglts nagxeheaety tj rgvesg ets nuturg obtejls el rgspjlsg tj nuturg kordgt berbukstolbgs gxpolfs ol
elvgstkglt jppjrtuletysvoaug hy ekprjvelm ets upsefg pjtglteoaolf aeketelm fjwlsefg ajssgsrgaotevg tj
eleteoa gxpgbtotejls ulfgr possevg kolomgkglt. V`g rgsuatelm osykkgtry bousgf hy kolomgreoa ofoptoheaety
boaas njr ol gxpolfgf LS^ ruag t`ot rgnagbt hjt` voaug bjkpjlglts9 t`g trofetejloa (stoteb jr possevg) LS^ jnfergbt bos` najws olf t`g jptejl voaug jn t`es nagxeheaety
(Kogsglgerg, 833>)
Jea olf Mos Elfustry es efgoaay suetgf njr o rgoa jptejls-typg oloayses hgbousg t`g bjkpolegs gx`ehet oaa t`g
lgbgssory elmrgfeglts9
Aormg bopetoa elvgstkglts. Gxbausevety (jlbg agosg jn jea/ mos ossgts sgburgf) Wlbgrtoel rgvglug strgoks (sglsetevg tj jea prebg). Jntgl ajlm agof tekgs tj ob`egvg t`gsg ulbgrtoel bos` najws. Xgsgrvgs ulbgrtoelty (rgsgrvjer sezg olf quoaety). Lukgrjus tgb`leboa oatgrlotevgs ot oaa stomgs jn fgvgajpkglt. Sjaeteboa resd olf kordgt gxpjsurg.
(Hoeagy, 833>)
V`g jhigbtevg jn t`g t`gses es tj (?) ormug t`ot trofetejloa opprjob`gs tj voauotejl org elofgquotg, (8)
`em`aem`ts t`g ekpjrtolbg jn Xgoa-Jptejls oloayses os voauotejl olf fgbesejl kodelm tjja, olf (2) Elvgstemotg
t`g probteboaopprjob` jn Xgoa-Jptejls kjfga el ol upstrgok prjigbts.
?Nrjk ?5=3s jlworf, t`g nelolbeoa wjraf hgmol fgvgajpelm bjltrobts boaagf puts olf boaas w`eb` mevg t`ger jwlgr t`g
rem`t hut ljt t`g jhaemotejl tj sgaa jr huy o spgbenegf lukhgr jn s`orgs jr o quoltety jn o bjkkjfety sub` os mjaf jr jea, otjr hgnjrg o spgbenegf fotg.
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Kgt`jfjajmy
Vj eaaustrotg w`grg rgoa jptejls oloayses bol hg usgf tj off voaug el voauotejl olf fgbesejl kodelm prjbgss,
o bosg stufy weaa hg pgrnjrkgf. V`es bosg es hosgf jl mglgroaezgf gxpgreglbg, wet` o nebtejloa stjry olf
b`orobtgrs, hut t`g soaeglt ngoturgs rgsgkhag t`g fgvgajpkglt jn Evor Oosgl negaf el t`g Ljrt` Rgo.
V`g bosg stufy kjstayusgs t`g gem`t-stgp eltgmrotgf resd kolomgkglt prjbgss fgvgajpgf hy (Kul I. ,
833>), gxbgptnjr stgp lj.>, w`grg t`es t`gses usg ol eltgmrotgf opprjob`, tj bopturg hjt` fevgrseneohag olf
ljl-fevgrseneohag resds. V`es opprjob` es t`g eltgmrotejl jn jptejl prebelm olf fgbesejl oloayses, olf es o
kjfenebotejlnrjk t`g jlg fgsbrehgf hy Rket` olf Dgvel KbBorfag. (Iokgs G. Rket`, ?555)
NEMWXG ? ELVGMXOVGF XERD KOLOMGKGLV SXJBGRR
_uoaetotevg Kolomgkglt sbrgglelm
_uoaetotevg kolomgkglt sbrgglelm es t`g nerst stgp el oly eltgmrotgf resd oloayses prjbgss. Fgbesejl kodgrs
`ovg tj fgbefg w`eb` prjigbts, ossgts, eleteotevgs, jr strotgmegs org veohag njr nurt`gr oloayses, el obbjrfolbgwet` t`g jrmolezotejls jvgroaa huselgss strotgmy.
Vekg-sgregs olf stjb`osteb njrgbostelm
V`g nuturg es t`gl njrgbostgf uselm tekg-sgregs oloayses, stjb`osteb njrgbostelm. Kjst jn t`g rgoa jptejls
aetgroturg ossukgs t`g jea prebg njaajws o rolfjk woad, spgbeneboaay mgjkgtreb Hrjwleol kjtejl. Vj bopturg
t`g p`gljkgljl jn kgol rgvgrsejl, wg weaa oasj fesbussgf o kgol-rgvgrtelm stjb`osteb prjbgss njr jea prebgs
w`grg nuturg prebgs org gxpgbtgf tj frent hobd tj o spgbenegf ajlm-rul ovgromg prebg (Ovelos` D. Fexet, ?556).
Hosg bosg Lgt Srgsglt ^oaug oloayses
Wselm t`g njrgbostgf voaugs el t`g prgvejus stgp, o fesbjultgf bos` najw kjfga es brgotgf. V`es kjfga sgrvgs
os t`g hosg bosg oloayses w`grg o lgt prgsglt voaug jr LS^ es boabuaotgf. V`es LS^ es boabuaotgf uselm o
fesbjult rotg t`ot rgnagbts bjst jn bopetoa olf fgsergf rotg jn rgturl.
Kjltg Boraj sekuaotejl
Hgbousg t`g stoteb fesbjultgf bos` najw prjfubgs jlay o selmag-pjelt gstekotg rgsuat, t`grg es jntgltekgs aettag
bjlnefglbg el ets obburoby. Vj hgttgr gstekotg t`g obtuoa voaug jn o portebuaor prjigbt, Kjltg Boraj sekuaotejl
s`juaf hg gkpajygf lgxt.
O sglsetevety oloayses es nerst pgrnjrkgf jl t`g fesbjultgf bos` najw kjfga. ]g bol b`olmg gob` jn prgbgfglt
voreohags (sub` os rgvglugs, jpgrotelm gxpglsgs, bopetoa gxpglfeturg) olf ljtg t`g b`olmg el LS^. O
tjrlofj b`ort es t`gl brgotgf, w`grg t`g kjst sglsetevg prgbgfglt voreohags org aestgf nerst. Wselm t`es
elnjrkotejl, wg t`gl fgbefg t`g dgy voreohags t`ot weaa hg prjbgssgf wet` Kjltg Boraj sekuaotejl. V`es stgp
kjfgas, oloayzgs, olf quoltenegs t`g vorejus resds jn gob` prjigbt. V`g rgsuat es o festrehutejl jn t`g LS^s
olf t`g prjigbts vjaoteaety.
?. _uoltetotevgKolomgkglt
Rbrgglelm
8. Vekg-sgregsolf stjb`osteb
njrgbostelm
2. Hosg BosgLgt Srgsglt
^oaug Oloayses
6. Kjltg BorajRekuaotejl
7. Xgoa JptejlsSrjhagkNrokelm
>. Xgoa JptejlsKjfgaelm olf
Oloayses
=. Sjrtnjaej olfXgsjurbg
Jptekezotejl
0. Xgpjrtelmolf Wpfotg
Oloayses
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Xgoa jptejls prjhagk nrokelm
V`g resd elnjrkotejl jhtoelgf el prgvejus stgps lggfs tj hg bjlvgrtgf eltj obtejlohag eltgaaemglbg, olf usg
rgoa jptejls oloayses tj `gfmg, voaug, olf todg ofvoltomg jn t`gsg resds. V`g nerst stgp el rgoa jptejls es tj
mglgrotg o strotgmeb kop jr gvglt trggs.
Furelm t`es prjbgss, bgrtoel strotgmeb jptejloaety wjuaf `ovg hgbjkg opporglt. V`es koy elbaufg jptejl tj
gxpolf, bjltrobt, oholfjl, swetb`, b`jjsg, olf sj njrt`. El t`es stgp nagxeheaety es elbjrpjrotgf eltj gvglt
trggs, w`eb` trolsnjrks t`gk eltj fgbesejl trggs8.
Xgoa jptejls kjfgaelm olf oloaysesusg eltgmrotgf opprjob`
V`grg es o bjlbgrl t`ot t`g kjfgas fgsbrehgf el t`g rgoa jptejls aetgroturg mrgotay jvgrsekpaeny t`g prjhagkst`gy obtuoaay nobg. V`g eltgmrotgf opprjob` hgmels hy ljtelm t`ot t`grg org twj typgs jn resd ossjbeotgf wet`
kjst bjrpjrotg elvgstkglts9 puhaeb (ljl-fevgrseneohag) olf prevotg (fevgrseneohag). V`g eltgmrotgf opprjob`
obdljwagfmgs t`esolf et es fgsemlgf tj offrgss t`ot vgry setuotejl.
V`g eltgmrotgf opprjob` elvjavgs t`g njaajwelm stgps9 (?) Hueaf o fgbesejl trgg, (8) Efglteny gob` resd os get`gr
puhaeb jn prevotg, (2) Osseml suhigbtevg prjhoheaetegs njr prevotg resds, (6) Oppay o sprgofs`ggt bos`-najw kjfga
ot gob` trgg glf pjelt, (7) Xjaa hobd t`g trgg tj fgtgrkelg jptekoa strotgmy olf ets voauotejl, (>) Sgrnjrk
Kjltg Boraj sekuaotejl njr puhaeb resds el t`g fgbesejl trgg, t`g rgsuat weaa hg fenngrglt sgts jn jptekoa strotgmy
njr fenngrglt berbukstolbgs, olf o festrehutejl jn rgoa jptejls voauotejl.
Sjrtnjaej olf rgsjurbg jptekezotejl
Sjrtnjaej jptekezotejl es ol jptejloa stgp el t`g oloayses. En t`g oloayses es fjlg jl kuatepag prjigbts, fgbesejlkodgrs s`juaf vegw t`g rgsuats os o pjrtnjaej jn rjaagf-up prjigbts hgbousg t`g prjigbts org el kjst bosgs
bjrrgaotgf wet` jlg oljt`gr, olf vegwelm t`gk elfevefuoaay weaa ljt prgsglt trug pebturg. V`es stgp es ljt
pgrnjrkgf el t`es t`gses selbg t`grg es jlay jlg prjigbt tj gvoauotg.
Xgpjrtelm olf upfotg oloayses
Brgotg bagor, bjlbesg, olf prgbesg rgpjrtelm kotgreoas.
Vormgt Mrjup
V`g gkp`oses el t`es t`gses jl voauotejl olf fgbesejl kodelm el upstrgok prjigbts kodgs et gspgbeoaay
eltgrgstelm njr prjngssejloas el pgtrjaguk elfustry. Srjngssejloas rgngrrgf el `grg org ljt jlay t`g fgbesejl
kodgrs (kolomgkglt), hut oasj t`g nelolbeoa oloayst w`j suppjrt t`g fgbesejl kodelm prjbgss. V`g t`gses es
oasj rgagvolt njr stufglts wet` o kjrg mglgroa eltgrgst tj ulfgrstolf rgosjlelm hg`elf Xgoa-Jptejls
voauotejl. V`es fjgs ljt ekpay t`ot t`g t`gses bol hg goseay ulfgrstjjf wet`jut hoseb nokeaeorety olf
dljwagfmg el nelolbg, fgbesejl-oloayses, olf jnns`jrg pgtrjaguk prjigbt.
Fgaeketotejl
V`g bosg stufy es hosgf jl vorejus sjurbgs jn elnjrkotejl. V`g oek jn t`g oloayses es tj bjlstrubt o rgoaesteb
hut sekpaenegf voauotejl jn ol jnns`jrg jea fgvgajpkglt el t`g Ljrt` Rgo. Ossukptejls todgl el t`g bosg stufy
koy hg wrjlm jr kesagofelm4 `jwgvgr, t`g uteaety jn t`g oloayses s`juaf ljt hg onngbtgf hy t`g pjsseheaety jn
wrjlm ossukptejls hgelm usgf os elput el t`g fgbesejl oloayses olf voauotejl.
8O mrop`eboa tjja fgvgajpgf tj rgprgsglt bjkpagx fgbesejl prjhagks. Fgbesejl trggs bagoray s`jws t`g sgquglbg jn
gvglts (fgbesejls olf jutbjkgs), os wgaa os prjhoheaetegs olf kjlgtory voaugs.
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Rtrubturg
El tohag ?hgajw, t`g Out`jr jutaelg t`g paol jn t`g t`gses olf mevg o naovjr jn sjkg ekpjrtolt efgos olf
rgsuats t`ot gkgrmg nrjk t`g oloayses.
Eltrjfubtejl Vj eaaustrotg w`grg rgoa jptejls oloayses bol hg usgf tj off voaug el voauotejl olf fgbesejlkodelm prjbgss el upstrgok prjigbts, t`es t`gses usg 0-stgps eltgmrotgf resd kolomgkgltopprjob` (Kul I. , 833>). V`g jhigbtevg es tj eaaustrotg probteboa oppaebotejl jn t`es bjlbgpt.
Wpstrgok
Sgtrjaguk
Vj ulfgrstolf elvgstkglt fgbesejls, wg lggf tj ulfgrstolf t`g elfustrys voaug b`oel. O hregn
b`oel oloayses jn upstrgok pgtrjaguk elfustry weaa hg prgsgltgf.
NelolbgV`gjry
V`gl aetgroturg stufegs9 (?) Rtjb`osteb Njrgbostelm, (8) ^oauotejl jn Jea olf Mos Srjpgrtegs, (2)Kjltg Boraj Rekuaotejl, (6) Fgbesejl Vrggs, (7) ^oauelm Nagxeheaety, Xgoa-Jptejls
Bosg9DuduzoJnns`jrgJeanegaf
V`g stjry storts wet` o debd-jnn kggtelm tj prgporg prjfubtejl aebglsg oppaebotejl jn NegafOap`o. Hgl, rgbgltay `ergf os Nelolbg Kolomgr, weaa hg rgspjlsehag njr t`g jvgroaa gbjljkebsjn t`g prjigbt. V`g bosg stufy weaa bjlsest jn9 (?) Eltrjfubtejl, (8) Srjspgbt, (2) Gxpajrotejl olf
Opproesoa, (6) Fgvgajpkglt, (7) Srjfubtejl, (>) Oholfjlkglt, olf (=) Gbjljkebs.
SrjpjsgfRjautejls
(O) Srgfebtelm nuturg jea prebg es vgry fennebuat olf es t`g wgodgst aeld el upstrgok prjigbtvoauotejl prjbgss. Rj, `jw fj wg njrgbost t`g jea prebg: ]gaa fesbuss twj stjb`osteb
opprjob`gs9 (?) hrjwleol kjtejl olf (8) kgol-rgvgrtelm.
(H) Ontgr jea prebg njrgbostgf, Hgl stort wet` trofetejloa voauotejl kjfga njr t`g upstrgokprjigbts. Vj mevg o bagor pebturg, wgaa fesbuss9 (?) Srjnet Ajss, (8) Hoaolbg R`ggt, olf (2)Bos` Najws. ]gaa oasj fesbuss (6) Lgt Srgsglt ^oaug olf (7) Ofiustgf Srgsglt ^oaug.
(B) Kjltg Boraj Rekuaotejl es t`gl usgf tj mgt o sgt jn prjhohag jutbjkg, hy sekuaotelmprjhoheaety festrehutejls jn burrglt FBN kjfga.
(F) Fenngrglt strotgmeb jptejls ovoeaohag tj t`g bjkpoly weaa hg fesbussgf. Njbus weaa hg jl (?)jptejl tj bjltelug wet` Negaf Oap`o jlay. (8) Jptejl tj gxpolf tj Negaf Hrovj olf NegafB`oraeg, olf (2) jptejl tj oholfjl t`g prjigbt.
(G) Hosgf jl BJJ gxpaolotejl ohjut sgquglbg jn gvglts wet` pjssehag jutbjkg9 (?) Mglgrotgo strotgmeb kop jr gvglt trggs. (8) Fgbefg w`ot strotgmeb jptejls tj b`jjsg olf w`gl. (2)Elbjrpjrotg t`g gvglts olf strotgmeb jptejls eltj t`g fgbesejl trgg.
(N) Ontgr bjlstrubtelm fgbesejl trgg, Hgl nelf jut t`ot t`grg org ?2 fenngrglt sbglorejs t`otrgprgsglt sgquglbg jn gvglts olf prjhohag jutbjkgs jn fevgrseneohag resd(e.g. sezg jnrgsgrvjer olf kolomgreoa nagxeheaety (jptejl tj gxpolf, bjltelug, jr oholfjl).
(M) @g t`gl omoel ruls Kjltg Boraj sekuaotejl tj obbjult ljl-fevgrseneohag resd (e.g. jea prebg).Ontgr sekuaotejl, wg weaa mgt o prjhoheaety festrehutejl t`ot bjkhelgs rgoa jptejls,fevgrseneohag resd, olf ljl-fevgrseneohag resd gnngbts9 V`g rem`t-`olf sefg jn t`g festrehutejl`os nottgr toeas (upworf pjtglteoa), w`eag ajssgs jl t`g fjwlsefg org bagoray but jnn.
VOHAG ? V@GRER RVXWBVWXG
8/12/2019 REAL OPTIONS AS VALUATION AND DECISION MAKING TOOL IN UPSTREAM PROJECTS
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B`optgr 8 Wpstrgok Sgtrjaguk ElfustryWlfgrstolfelm elvgstkglt fgbesejls el t`g upstrgok pgtrjaguk elfustry rgquergs ol ulfgrstolfelm jn t`g
elfustrys voaug b`oel. ^oaug b`oel oloayses bol hg usgf el tgrks jn ulfgrstolfelm `jw prjigbts org
strubturgf. Rgg nemurg 8.
NEMWXG 8 ^OAWG B@OEL JN V@G WSRVXGOK SGVXJAGWK ELFWRVXU
Srjspgbt
Oprjspgbtes ol efgo. Et es o mgjajmeb efgo jn w`grg tgb`leboa spgbeoaest t`elds brufg jea olf loturoa mos kem`t
hg troppgf el o rgsgrvjer wet`el t`g Gort`s suhsurnobg. V`g prjspgbt efgo es usuoaay brgotgf hy ol
eltgrfesbepaelory tgb`leboa tgok bjkpresgf jn o mgjajmest, mgjp`ysebest, olf glmelggrs w`j wjrd jl o
mgjmrop`eboa orgo jn eltgrgst. V`ger ijh es tj efglteny t`g jppjrtulety uselm kops olf brjss-sgbtejls tj
boabuaotg t`g okjult jn brufg olf jea olf loturoa mos bjltoelgf el t`g rgsgrvjer trop, fgtgrkelg t`g
prjfubtejl rotg, olf gstekotg t`g elvgstkglt. (V`g Wlevgrsety jn Vgxos ot Oustel - SGVGP, 83??)
Gxpajrotejl olf Opproesoa
Gxpajrgrs jn jea olf mos trops org boaagf gxpajrotejl mgjajmestolf mgjp`ysebest. V`gsg prjngssejloas sgorb`njr suhsurnobg trops t`ot kem`t bjltoel `yfrjborhjls. V`gy usg sgeskjajmy
2el t`ger rgsgorb`. Rgeskeb
gxpajrotejl stufegs sjulf wovg vehrotejls os t`gy trovga t`rjum` rjbd aoygrs.
Vj gxgrt kol-kofg vehrotejls, gxpajsevgs sub` os fyloketg org jntgl usgf tj kodg o ajw-nrgquglby sjulf
pjwgrnua gljum` tj pglgtrotg t`ebd aoygr jn rjbds. V`g rgnagbtgf sjulf hjulbgs hobd olf rgbjrfgf. V`g
elnjrkotejl es fjwlajofgf eltj o bjkputgr olf brgotgs o sgeskeb sgbtejl, w`eb` es o twj-fekglsejloa saebg
nrjk t`g surnobg jn t`g gort` fjwlworf. V`es es dljwl os 8F sgeskeb. Gxpgrt eltgrprgtotejl jn t`g sgeskeb
sgbtejls bol rgvgoa en t`grg es o trop w`grg pgtrjaguk bjuaf gxest.
Gxpajrotejl tgb`lequgs jlay elfebotg w`grg ol jea olf mos trop kem`t hg4 el kjst bosgs, t`gy fj ljt fergbtay
elfebotg t`g prgsglbg jn `yfrjborhjls el o trop. V`g jlay surg woy tj nelf jut es tj freaa o `jag fjwl eltj t`g
trop olf sgg.
Hgnjrg o wgaa es freaagf, et es opproesgf tj fgtgrkelg t`g bopetoa tj hg elvgstgf olf t`g nuturg lgt rgvglug.
Ekpjrtolt gagkglts jn t`g prjspgbt opproesoa org, okjlm jt`gr nobtjrs9
Gstekotgf vjaukg jn brufg jea olf loturoa mos (rgsgrvg) Gstekotgf uatekotg rgbjvgry, w`eb` es gxpgbtgf ulets jn prjfubtejl Gstekotgf bjsts tj freaa t`g opproesoa wgaa olf, en subbgssnua, tj gquep t`g wgaa njr prjfubtejl Gstekotgf bjkkjfety prebgs njr brufg jea olf loturoa mos Nuturg mrjss olf lgt rgvglug
Kodelm o fgbesejl tj elvgst es t`g aost stgp el t`g prjspgbt opprjvoa prjbgss olf t`g freaaelm jn o lgw wgaa.
V`es es t`g stgp w`grg kolomgkglt `os9
2Rgeskjajmy es t`g stufy jn loturoa olf kol-kofg vehrotejls el t`g gort`.
SrjspgbtGxpajrotejl
olf OpproesoaFgvgajpkglt Srjfubtejl Oholfjlkglt
8/12/2019 REAL OPTIONS AS VALUATION AND DECISION MAKING TOOL IN UPSTREAM PROJECTS
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Gvoauotgf t`g tgb`leboa kgret jn t`g prjspgbt Ossemlgf resd nobtjrs tj t`g prjbgssgs jn freaaelm, bjkpagtejl, rgsgrvgs, prjfubtejl, olf kordgt prebg
njr t`g bjkkjfety tj hg prjfubgf Gvoauotgf t`g gbjljkeb kgret jn t`g prjspgbt Boabuaotgf t`g rgturl jl bopetoa tj hg elvgstgf
(V`g Wlevgrsety jn Vgxos ot Oustel - SGVGP, 83??)
Fgvgajpkglt
Hgnjrg o pgtrjaguk bjkpoly bol fgvgajp jea jr mos rgsgrvgs, et kust obquerg t`g agmoa rem`ts tj gxpajrg, freaa,olf prjfubg jl t`g setg. Obquerelm rem`ts fenngrs nrjk bjultry tj bjultry. El kjst jea prjfubelm lotejls, t`g
lotejloa mjvgrlkglt jwls ets kelgroa rgsjurbgs. Mjvgrlkglts wjrafwefg nrgqugltay sgbtejl t`ger aolfs eltj
skoaagr orgos olf rgmuaoray jnngr aebglsgsjr agosgstj jea bjkpolegs t`ot pgrket gxpajrelm, fgvgajpelm, olf
prjfubelm jea olf mos ajbotgf ulfgr t`g aolf. V`g tgrks olf bjlfetejls jn sub` omrggkglts bol vory wefgay
orjulf t`g majhg. (V`g Wlevgrsety jn Vgxos ot Oustel - SGVGP, 83??)
Jlbg sunnebeglt foto `os hggl jhtoelgf tj kodg ol gfubotgf iufmkglt jl t`g sezg jn t`g prezg, wg gltgr eltj
t`g fgvgajpkglt p`osg. @grg wg fgbefg jl t`g kjst bjkkgrbeoaay veohag woy njr gxpajetelm t`es lgw
rgsjurbg hy glmelggrelm t`g lukhgr (olf typg) jn prjfubelm wgaas, prjbgss nobeaetegs, olf trolspjrtotejl
(Hoeagy, 833>). V`g tekg-bjlsukelm prjbgss jn fgvgajpelm, glmelggrelm, hueafelm, olf elstoaaelm t`g sjautejls
rgsuats el pgrejf jn `em` elvgstkglts olf lgmotevg bos` najws.
Srjfubtejl
O ljrkoa prjfubtejl prjneag elvjavgs `em` prjfubtejl el t`g hgmellelm jn negafs aengtekg. Ontgr o pgrejf jn tekg
prjfubtejl storts tj fgbaelg, olf bjltelugs tj fgbaelg. Jea bol najw jut jn o rgsgrvjer olf up t`g wgaa tj t`g
surnobg uselm t`g loturoa stjrgf glgrmy jn t`g nauefs, jr et kem`t `ovg tj hg aentgf ortenebeoaay. Vwj woys tj
ortenebeoaay aent jea olf mos org uselm pukps olf eligbtelm mos.
Gvgl wet` ortenebeoa aent, oaa t`g jea el o rgsgrvjer weaa ljt hg rgbjvgrgf. V`rgg-njurt` jn t`g jea, jr kjrg el sjkg
bosgs, kem`t rgkoel el paobg ulagss offetejloa rgbjvgry tgb`lequgs org usgf. Vwj woys tj rgbjvgr kjrg jea
org t`rjum` wotgr-najjfelm olf kesbehag prjbgss. Gvgl t`gsg offetejloa rgbjvgry tgb`lequgs weaa ljt rgbjvgr
oaa t`g jea el o rgsgrvjer.
(V`g Wlevgrsety jn Vgxos ot Oustel - SGVGP, 83??)
Oholfjlkglt
Jlbg rgsgrvgs `ovg hggl fgpagtgf, t`g elnrostrubturg bol get`gr hg agnt tj fgboy jr (elbrgoselmay) kust hg
feskoltagf el ol glverjlkgltoaay olf gbjljkeboaay gnnebeglt kollgr. V`es es gspgbeoaay trug njr t`g Ljrt` Rgo
olf jnns`jrg Wletgf Rtotgs (Hoeagy, 833>).
Fgbesejl ohjut s`uttelm fjwl olf oholfjlkglt jn t`g negaf s`juaf hg kofg jl t`g hosgs jn tjtoa okjult jn
gxtrobtohag rgsgrvgs agnt, prjfubtejl rotgs, jea prebg agvgas, bjsts jn aequefotejl olf oatgrlotevg elvgstkglt olf
rgsjurbg oaajbotejl jppjrtuletegs. Bjst jn oholfjlkglt s`juaf hg todgl eltj obbjult olf gstekotgf oargofy
ot t`g tekg jn voauotejl.
8/12/2019 REAL OPTIONS AS VALUATION AND DECISION MAKING TOOL IN UPSTREAM PROJECTS
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Sgtrjaguk Gbjljkebs
En wg trolsaotgf ohjvg voaug b`oel oloayses stjry (prjspgbt gxpajrotejl fgvgajpkglt prjfubtejl
oholfjlkglt) eltj o bos` najw, t`g pebturg weaa ajjds aedg nemurg 2. Et es o vgry b`oaaglmelm elfustry. Remlenebolt
bos` jutnajw weaa fjkelotg njr koly ygors, jlay tj mgt bos` elnajw nor owoy el t`g nuturg. Jlg bol jlay
ekomelg, en, ot t`g tekg prjfubtejl bol neloaay stort, jea prebg suffglay bros`.
V`g aeng jn jea olf mos prjpgrty es neletg. Wlaedg jt`gr prjigbt voauotejl t`ot ljrkoaay bol ossukg o tgrkeloa
voaug w`eb` es oaa bos` najws gxpgbtgf hgyjlf t`g njrgbost pgrejf, el jea olf mos glverjlkglt t`g
ossukptejl jn pgrpgtuety es ljt rgoaesteb. Elstgof, t`g jnns`jrg prjigbt weaa nobg o `umg bos` jutnajw ot t`g glf
t`g aeng bybag, frevgl hy oholfjlkglt olf rgtergkglt jhaemotejl bjsts.
Neloaay, et es ekpjrtolt tj pjelt jut t`ot ngg, toxgs, olf rjyoategs org sj semlenebolt. El Ljrwoy, njr gxokpag, t`g
pgtrjaguk tox bjlsests jn 80% mglgroa elbjkg tox, olf offetejloa 73% spgbeoa tox. V`es brgotgs twj
ekpaebotejls. (?) Es t`g elbgltevg njr fght nelolbelm, olf (8) ekpjrtolbg jn prjpgr tox kolomgkglt, tj
oltebepotg keskotb` hgtwggl `umg ajss el goray ygors olf `umg prjnets el t`g aotgr ygors.
NEMWXG 2 O VUSEBOA G&S BOR@-NAJ] SXJIGBV (RWRAEBD, RB@EJYGX, & XJFXEMWGY, 8335)
8/12/2019 REAL OPTIONS AS VALUATION AND DECISION MAKING TOOL IN UPSTREAM PROJECTS
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B`optgr 2 Rtjb`osteb NjrgbostelmXgvglug es t`g njulfotejl tj njrgbost bos` najw. El Wpstrgok Huselgss, Xgvglug es fgnelgf os ulets jn brufg
jea olf loturoa mos prjfubgf olf sjaf, kuatepaegf hy o bjkkjfety prebg. Hjt` vjaukg olf prebg org `em`ay
ulbgrtoel olf fennebuat tj njrgbost. El t`g bosg stufy, t`g hosg bosgprjfubtejlnjrgbost es mevgl, olf aotgr jl
ulbgrtoelty surrjulfelm t`g vjaukg weaa hg obbjultgf hy suhigbtevg prjhoheaety festrehutejl el t`g Fgbesejl-
Vrgg Oloayses. El t`g jt`gr `olf, jea prebg weaa hg njrgbostgf uselm stjb`osteb tgb`lequg (t`es b`optgr). Jlbg
t`g stjb`osteb prjbgss es fjlg, t`g rgsuat weaa hg usgf os hosg bosg prebg. Aotgr jl, ulbgrtoelty surrjulfelm
t`g jea prebg weaa hg obbjultgf hy o Kjltg Boraj sekuaotejl.
Jea SrebgRgagbtelm o prebg tjfoy es gosy hgbousg t`g kordgt elnjrkotejl es burrglt olf rgaeohag. Rgagbtelm o prebg ?7 tj
83 ygors nrjk tjfoy es oljt`gr essug. Srgfebtelm nuturg prebg es vgry fennebuat hgbousg sj koly gbjljkeb
voreohags elnauglbg et. Jea prebg es t`g wgodgst aeld el voauotejl prjbgss.
Fgkolf olf suppay fgtgrkelg t`g prebgs olf t`g quoltetegs trofgf el t`gsg bjkkjfety kordgts. V`g twj dgy
elnauglbgs jl t`g fgkolf njr jea org9 (?) V`g voaug jn kormeloa prjfubt jn jea, olf (8) V`g gxpgbtgf nuturg
prebg jn jea. V`g t`rgg dgy elnauglbgs jl t`g suppay jn jea org9 (?) V`g dljwl jea rgsgrvgs, (8) V`g sboag jn
burrglt jea prjfubtejl nobeaetegs, olf (2) V`g gxpgbtgf nuturg prebg jn jea.
Vj rgkjvg t`g ulbgrtoelty jn nuturg prebgs, kjst Wpstrgok Huselgss Wlets gstohaes` o sgt jn brufg jea olf
loturoa mos prebgs njr t`g stort jn t`g prjigbt olf eltj t`g nuturg. V`es sgt jn prebgs es o hosgaelg olf es boaagf o
prebg fgbd. Srebg fgbds b`olmg jvgr tekg wet` b`olmgs el t`g bos` olf nuturg kordgts, sj prebg fgbds bol hgupfotgf nrgqugltay. (V`g Wlevgrsety jn Vgxos ot Oustel - SGVGP, 83??)
NEMWXG 6 KJLV@AU O^GXOMG BXWFG JEA SXEBG IOL ?5=7 VJ IWL 83?8
8/12/2019 REAL OPTIONS AS VALUATION AND DECISION MAKING TOOL IN UPSTREAM PROJECTS
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Rtjb`osteb Srjbgss
O stjb`osteb prjbgss es ljt`elm hut o kot`gkoteboaay fgnelgf gquotejl t`ot bol brgotg o sgregs jn jutbjkgs
jvgrtekg, jutbjkgs t`ot org ljt fgtgrkelesteb el loturg. O stjb`osteb prjbgss es hy fgneletejl ljlfgtgrkelesteb,
olf jlg bol paum lukhgrs eltj o stjb`osteb prjbgss gquotejl olf jhtoel fenngrglt rgsuats gvgry tekg. Njr
elstolbg, t`g pot` jn jea prebg es stjb`osteb el loturg, olf jlg bolljt rgaeohay prgfebt t`g gxobt jea prebg pot`
wet` oly bgrtoelty. @jwgvgr, t`g prebg gvjautejl jvgr tekg es glvgajpgf el o prjbgss t`ot mglgrotgs t`gsg
prebgs. V`g prjbgss es nexgf olf prgfgtgrkelgf, hut t`g jutbjkgs org ljt. (Kul I. , Kjfgaelm Xesd, 83?3)
Hrjwleol-Kjtejl
O ]eglgr prjbgss, oasj boaagf o Hrjwleol kjtejl, es o bjltelujus-tekg stjb`osteb prjbgss wet` t`rggekpjrtolt prjpgrtegs. Nerst, et es o Kordjv prjbgss, w`eb` kgols t`ot t`g prjhoheaety festrehutejl njr oaa nuturg
voaugs jn t`g prjbgss fgpglfs jlay jl ets burrglt voaug, olf es ulonngbtgf hy post voaugs jn t`g prjbgss jr hy
oly jt`gr burrglt elnjrkotejl. Os o rgsuat, t`g burrglt voaug jn t`g prjbgss es oaa jlg lggfs tj kodg o hgst
njrgbost jn ets nuturg voaug. Rgbjlf, t`g ]eglgr prjbgss `os elfgpglfglt elbrgkglts. V`es kgols t`ot t`g
prjhoheaety festrehutejl njr t`g b`olmg el t`g prjbgss jvgr oly tekg eltgrvoa es elfgpglfglt jn oly jt`gr (ljl-
jvgraoppelm) tekg eltgrvoa. V`erf, b`olmgs el t`g prjbgss jvgr oly neletg eltgrvoa jn tekg org ljrkoaay
festrehutgf, wet` o voreolbg t`ot t`g elbrgosgs aelgoray wet` t`g tekg eltgrvoa.
V`g Kordjv prjpgrty es portebuaoray ekpjrtolt. Omoel, et ekpaegs t`ot jlay burrglt elnjrkotejl es usgnua njr
njrgbostelm t`g nuturg pot` jn t`g prjbgss. Rtjbd prebgs org jntgl kjfgaagf os Kordjv prjbgssgs, jl t`g
mrjulfs t`ot puhaeb elnjrkotejl es quebday elbjrpjrotgf el t`g burrglt prebg jn t`g stjbd, sj t`ot t`g post
pottgrl jn prebgs `os lj njrgbostelm voaug. (V`es es boaagf t`g wgod njrk jn kordgt gnnebeglby. En et fef ljt `jaf,elvgstjrs bjuaf el prelbepag hgot t`g kordgt t`rjum` tgb`leboa oloayses, t`ot es, hy uselm t`g post pottgrl jn
prebgs tj njrgbost t`g nuturg).V`g nobt t`ot o ]eglgr prjbgss `os elfgpglfglt elbrgkglts kgols t`ot wg bol
t`eld jn et os o bjltelujus-tekg vgrsejl jn o rolfjk woad.
V`g t`rgg bjlfetejls fesbussgf ohjvg9 t`g Kordjv prjpgrty, elfgpglfglt elbrgkglts, olf b`olmgs t`ot org
ljrkoaay festrehutgf4 koy sggk quetg rgstrebtevg, olf kem`t summgst t`ot t`grg org vgry ngw rgoa-wjrafs
voreohags t`ot bol hg rgoaesteboaay kjfgaagf wet` ]eglgr prjbgssgs. V`rjum` t`g usg jn suetohag
trolsnjrkotejls, t`g ]eglgr prjbgss bol hg usgf os hueafelm hajbd tj kjfga ol gxtrgkgay hjorf rolmg jn
voreohags t`ot vory bjltelujusay olf stjb`osteboaay t`rjum` tekg.
(Ovelos` D. Fexet, ?556)
Xesd Rekuaotjr6sjntworg weaa hg usgf tj kjfga nuturg jea prebg el t`es t`gses. Njr stjb`osteb prjbgss9
Hrjwleol kjtejl (Xolfjk ]oad) wet` Frent, t`g njaajwelm elputs es lggfgf9
Rtjb`osteb Srjbgss9 Hrjwleol Kjtejl (Xolfjk ]oad) wet` frent
Rtort ^oaug ($) ... Rtgps ...
Frent Xotg ... Etgrotejls ...
^jaoteaety ... Xgvgrsejl Xotg Ljt oppaebohag
@jrezjl (Ugors) ... Ajlm-Vgrk ^oaug Ljt oppaebohag
VOHAG 8 FOVO ELSWV LGGFGF NJX HXJ]LEOL KJVEJL
6`ttp9//resdsekuaotjr.bjk/
8/12/2019 REAL OPTIONS AS VALUATION AND DECISION MAKING TOOL IN UPSTREAM PROJECTS
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pm. ?6
Kgol-Xgvgrtelm Srebg Kjfga
Kjst jn t`g rgoa jptejls aetgroturg ossukgs t`g ulfgrayelm ulbgrtoelty (el t`es bosg, jea prebgs) njaajws o
rolfjk woad, spgbeneboaay mgjkgtreb Hrjwleol kjtejl. El t`es kjfga, jea prebgs ot oly nuturg tekg org
ajmljrkoa festrehutgf wet` t`g bjlfetejloa festrehutejl njr aotgr prebg s`entelm hy t`g okjult jn oly
(ulgxpgbtgf) b`olmg el prebgs el t`g goray ygors.
Jlg kem`t ormug t`ot, w`gl prebgs org `em` bjkporgf tj sjkg ajlm-rul ovgromg (jr gqueaehreuk prebg agvga),
lgw prjfubtejl bopobety bjkgs jl aelg, t`ot jafgr prjpgrtegs gxpgbtgf tj bjkg jnn aelg stoys jl aelg, olf
prebgs tglf tj hg frevgl hobd fjwl tjworf t`es ajlm-rul ovgromg. Bjlvgrsgay, en prebgs org ajwgr t`ol t`es
ajlm-rul ovgromg, agss lgw prjfubtejl bjkgs jl aelg, jafgr prjpgrtegs org s`ut fjwl goraegr, olf prebgs tglftj hg frevgl hobd up. V`us jea prebgs s`juaf hg kgol rgvgrtelmel t`ot prebgs tglf tj rgvgrt tj sjkg ajlm-rul
ovgromg (Iokgs G. Rket`, ?555).
V`us jlg kem`t ormug t`ot t`g prebg jn jea s`juaf hg kjfgaagf os o kgol-rgvgrtelm prjbgss. V`g sekpagst
kgol-rgvgrtelm prjbgss, oasj dljwl os ol Jrlstgel-W`aglhgbdprjbgss, es t`g njaajwelm
(?) () ( )
@grg, es t`g spggf jn rgvgrsejl, olf es t`g ljrkoa agvga jn , t`ot es, t`g agvga tj w`eb` tglfs tj rgvgrt.
(En es ol jea prebg, t`gl kem`t hg t`g ajlm-rul kormeloa bjst jn prjfubtejl jn brufg jea). fgsbrehgs t`g
vjaoteaety jn t`g prjbgss, olf rgprgsglts elbrgkglts jn o stolforf Hrjwleol kjtejl prjbgss.
En t`g voaug jn es burrgltay olf njaajw gquotejl (?), t`gl ets gxpgbtgf voaug ot oly nuturg tekg es
(8) T[ ( )
Oasj, t`g voreolbg jn ( ) es
(2) T [ ( )
Jhsgrvg nrjk t`gsg gquotejls t`ot t`g gxpgbtgf voaug jn bjlvgrmgs tj os hgbjkgs aormg, olf t`g
voreolbg bjlvgrmgs tj . Oasj os , T[ , w`eb` kgols t`ot bol lgvgr fgveotg nrjk , gvgl
kjkgltoreay.
(Ovelos` D. Fexet, ?556)
Xesd Rekuaotjr sjntworg weaa hg usgf tj kjfga nuturg jea prebg el t`es t`gses. Njr stjb`osteb prjbgss9 Kgol-
Xgvgrsejl Srjbgss wet` Frent, t`g njaajwelm elputs es lggfgf9
Rtjb`osteb Srjbgss9 Kgol-Xgvgrsejl Srjbgss wet` Frent
Rtort ^oaug ($) ... Rtgps ...
Frent Xotg ... Etgrotejls ...
^jaoteaety ... Xgvgrsejl Xotg ...
@jrezjl (Ugors) ... Ajlm-Vgrk ^oaug ...
VOHAG 2 FOVO ELSWV LGGFGF NJX KGOL-XG^GXREJL
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B`optgr 6 ^oauotejl jn Jea olf Mos SrjpgrtegsV`g voauotejl jn jea olf mos prjpgrtegs es fergbtay rgaotgf tj t`g uatekotg voaug jn pgtrjaguk rgsjurbgs t`ot
koy hg gxtrobtgf el t`g nuturg. Fug tj vorejus mgjajmeboa olf gbjljkeb resds, jea olf mos prjpgrtegs prgsglt
ulusuoa bjkpagxetegs el oppayelm trofetejloa voauotejl tgb`lequgs.
Elbjkg (FBN) Opprjob`
Njr voauelm prjvgf jea olf mos prjpgrtegs, t`g elbjkg opprjob` es, hy nor, t`g kjst bjkkjl kgt`jf usgf el
probtebg. V`g elbjkg opprjob` es kjst opprjpreotg w`gl fgtoeagf rgsgrvg rgpjrts org ovoeaohag tj prjigbt t`g
nuturg bos` najws hosgf jl t`g aevgs jn t`g rgsgrvgs.
V`g elbjkg opprjob` voaugs o huselgss jr ossgt jl t`g hoses jn nuturg bos` najws gxpgbtgf tj hg prjfubgf
hy t`g prjpgrty. V`g kjst bjkkjl elbjkg opprjob` es t`g usg jn o fesbjultgf bos` najw kgt`jf (FBN). El
t`es kgt`jf, t`g prgsglt voaug jn gxpgbtgf nuturg lgt bos` najws es fesbjultgf uselm ol opprjpreotg fesbjult
rotg. (?) V`g njrgbostgf bos` najws, olf (8) fesbjult rotg org ekpjrtolt nobtjrs, olf gob` rgquergs t`g
bjlsefgrotejl jn lukgrjus nobts, ossukptejls, olf iufmkglt.
(Hrofy, B`olm, Igllelms, & R`opporf, 83??)
NjrgbostSrjfubtejl vjaukgs org t`g njulfotejl njr o njrgbost. V`gy org obbgssgf nrjk o bjkpolys eltgrloa rgsgrvgs
gstekotgs, eltgrloa gbjljkeb ruls njr portebuaor negafs jr orgos, jr rgsgrvg rgpjrts prgporgf hy elfgpglfglt
pgtrjaguk glmelggrs. Wselm hoseb prjfubtejl vjaukg foto, o typeboa jea olf mos bos` najw njrgbost esfgvgajpgf uselm ossukptejls njr gxpgbtgf jea olf mos prebgs4 prjfubtejl, jpgrotelm, olf fgvgajpkglt bjsts4
prjfubtejl toxgs4 mglgroa olf ofkelestrotevg gxpglsgs4 elbjkg toxgs4 olf bopetoa gxpglfeturgs lgbgssory tj
prjfubg t`g jea olf mos rgsgrvgs.
Relbg t`g aeng jn ol jea olf mos prjpgrty es neletg, o bos` najw njrgbost s`juaf rul njr t`g glterg aeng jn t`g ossgt
hgelm voaugf. Vrofetejloa FBN tgb`lequgs jutsefg jn t`g jea olf mos elfustry usuoaay boaa njr o neletg njrgbost
pgrejf wet` o tgrkeloa voaug ossukptejl el t`g neloa njrgbost ygor t`ot bopturgs oaa bos` najws gxpgbtgf tj
gxtglf hgyjlf t`g njrgbost pgrejf. El ol jea olf mos glverjlkglt, t`g ossukptejl jn pgrpgtuety es ljt
rgoaesteb. Vgrkeloa voaug es jntgl o aormg bos` jutnajw frevgl hy t`g bjst tj paum olf oholfjl wgaas jr jt`gr
rgtergkglt jhaemotejls. Ossukptejls bol hg kofg os tj t`g soavomg voaug jn kotgreoas olf gquepkglt.
(Hrofy, B`olm, Igllelms, & R`opporf, 83??)
Fesbjult Xotg
O fjaaor rgbgevgf jr poef el t`g nuturg es wjrt` agss t`ol o fjaaor rgbgevgf jr poef tjfoy fug tj t`g tekg voaug
jn kjlgy. El jrfgr tj fgtgrkelg tjfoys voaug jn o fjaaor t`ot weaa ljt hg rgbgevgf ultea sjkg pjelt el t`g
nuturg, et s`juaf hg fesbjultgf tj t`g burrglt pgrejf. Vj obbjkpaes` t`es, ol opprjpreotg fesbjult rotg kust hg
sgagbtgf. V`g fesbjult rotg, oasj boaagf t`g wgem`tgf ovgromg bjst jn bopetoa (]OBB), es t`g rotg jn rgturl
t`ot o huselgss, ossgt, jr prjigbt kust gorl njr o prjvefgr jn bopetoa (get`gr fght, gquety, jr hjt`) tj elvgst.
(Hrofy, B`olm, Igllelms, & R`opporf, 83??)
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Srobteboa Essugs
Vrofetejloa kgt`jfs ossukg t`ot t`g elvgstkglt es ol oaa-jr-ljt`elm strotgmy olf fj ljt obbjult njr
kolomgreoa nagxeheaety t`ot gxests sub` t`ot kolomgkglt bol oatgr t`g bjursg jn ol elvgstkglt jvgr tekg w`gl
bgrtoel ospgbt jn t`g prjigbts ulbgrtoelty hgbjkg dljwl.
V`grg org sgvgroa pjtglteoa prjhagk orgos el uselm o trofetejloa fesbjultgf bos` najw boabuaotejl jl strotgmeb
jptejloaety. V`gsg prjhagks elbaufg ulfgrvoauelm ol ossgt t`ot burrgltay prjfubgs aettag jr lj bos` najw, t`g
ljl-bjlstolt loturg jn t`g wgem`tgf ovgromg bjst jn bopetoa fesbjult rotg t`rjum` tekg, t`g gstekotejl jn ol
ossgts gbjljkeb aeng, njrgbost grrjrs el brgotelm t`g nuturg bos` najws, olf elsunnebeglt tgsts njr paouseheaety jn
t`g neloa rgsuats. (Kul I. , Xgoa Jptejls Oloayses, 833>)
Fesbjultgf Bos` Najw Ofvoltomgs
Bagor, bjlsestglt fgbesejl bretgreo njr oaa prjigbts
Rokg rgsuats rgmorfagss jn resd prgngrglbgs jn elvgstjrs
_uoltetotevg, fgbglt agvga jn prgbesejl, olf gbjljkeboaay rotejloa
Ljt os vualgrohag tj obbjultelm bjlvgltejls (fgprgbeotejl, elvgltjry voauotejl, olf sj njrt`)
Nobtjrs el t`g tekg voaug jn kjlgy olf resd strubturgs
Xgaotevgay sekpag, wefgay toum`t, olf wefgay obbgptgf
Rekpag tj gxpaoel tj Kolomgkglt
Fesbjultgf Bos` Najw Fesofvoltomgs
FBN Ossukptejls XgoaetegsFgbesejls org kofg ljw, olf bos` najwstrgoks org nexgf njr t`g nuturg.
Wlbgrtoelty olf voreoheaety el nuturg jutbjkgs. Rjkg fgbesejlsfgngrrgf tj t`g nuturg, w`gl ulbgrtoelty rgsjavgf.
Jlbg aoulb`gf, oaa prjigbts org possevgaykolomgf.
Srjigbts org usuoaay obtevgay kolomgf t`rjum` b`gbdpjelts,fgbesejl jptejls, hufmgt bjlstroelts, olf sj njrt`.
Nuturg nrgg bos` najw strgoks org `em`ayprgfebtohag olf fgtgrkelesteb.
Et koy hg fennebuat tj gstekotg nuturg bos` najws os t`gy orgusuoaay stjb`osteb olf resdy el loturg.
Fesbjult rotg usgf el t`g jppjrtulety bjstjn bopetoa, w`eb` es prjpjrtejloa tj ljl-
fevgrseneohag resd4 Oaa resds org bjkpagtgayobbjultgf njr hy t`g fesbjult rotg.
V`grg org kuatepag sjurbgs jn huselgss resds wet` fenngrgltb`orobtgrestebs, olf sjkg org fevgrseneohag obrjss prjigbts jr
tekg4 Nerk olf prjigbt resd bol b`olmg furelm t`g bjursg jn oprjigbt.
Oaa nobtjrs t`ot bjuaf onngbt t`g jutbjkg jnt`g prjigbt olf voaug tj t`g elvgstjrs orgrgnagbtgf el t`g FBN kjfga t`rjum` t`gLS^ jr EXX.
Hgbousg jn prjigbt bjkpagxety olf sj-boaagf gxtgrloaetegs, et koyhg fennebuat jr ekpjssehag tj quolteny oaa nobtjrs el tgrks jnelbrgkgltoa bos` najw. Festrehutgf, ulpaollgf jutbjkgs bol hgsemlenebolt olf strotgmeboaay ekpjrtolt.
Wldljwl, eltolmehag, jr ekkgosurohagnobtjrs org voaugf ot zgrj
Koly jn t`g ekpjrtolt hglgnets org eltolmehag ossgts jrquoaetotevg strotgmeb pjsetejls
VOHAG 6 FBN FEROF^OLVOMGR (KWL I. , XGOA JSVEJLR OLOAURER, 833>)
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Nelolbeoa Kjfgaaelm
Fesbjultgf Bos` Najw (FBN) sggks rgaotevgay sekpag. @jwgvgr, tj obburotgay njrgbost t`g nrgg-bos`-najw-tj-
t`g-nerk, o prjpgr nelolbeoa kjfga es lggfgf. V`es kgols o njrgbostgf elbjkg stotgkglt, hoaolbg s`ggt, olf
bos` najw. Ol gxokpag jn w`y t`es es ekpjrtolt es tox ajss borry njrworf. Fug tj jnns`jrg prjigbt loturg, t`grg
es o keskotb` hgtwggl `umg ajss el goray ygors olf `umg prjnets el t`g aotgr ygors. Et es ljt bjrrgbt tj ossukg
t`ot tox ajss weaa hg rgnulfgf el t`g sokg ygor (hgbousg ets ljt). Et lggfs tj hg obbukuaotgf jvgr tekg os tox
ossgt olf jlbg t`g prjigbt stort mglgrotelm prjnet, et bol hg uteaezgf tj rgfubg tox aeoheaetegs. @ovelm o fgbglt
olf eltgraeldgf nelolbeoa kjfga es o prg-rgquesetg njr kgolelmnua FBN voauotejl, Kjltg Boraj sekuaotejl,
Fgbesejl Vrgg oloayses, olf Xgoa- Jptejls.
Hoaolbg s`ggtV`g hoaolbg s`ggt mevgs o slops`jt jn t`g bjkpoly ossgts olf aeoheaetegs ot ol elstolt tekg, g.m. ?8 jbajbd
keflem`t jl 2? Fgbgkhgr 83?2. Nurt`gr slops`jts weaa hg todgl ot nexgf eltgrvoas. Ontgr gob` eltgrvoa t`g
suks rgbjrfgf omoelst t`g vorejus bjkpjlglts jn t`g hoaolbg s`ggt weaa `ovg b`olmgf. Ol oloayses jn t`gsg
b`olmgs mevgs brubeoa elnjrkotejl ohjut t`g bjkpolys obtevetegs jvgr t`g pgrejf el qugstejl.(]oas`, 8330)
Srjnet olf ajss obbjultV`g prjnet olf ajss obbjult quoltenegs olf gxpaoels t`g moels jr ajssgs jn t`g bjkpoly jvgr t`g pgrejf jn
tekg hjulfgf hy t`g twj (jpglelm olf bajselm) hoaolbg s`ggts. Et fgrevgs sjkg voaugs nrjk hjt` hoaolbg
s`ggts. V`grgnjrg et es ljt elfgpglfglt jn t`gk. Et es ljt pjssehag tj oatgr o voaug el t`g prjnet olf ajss obbjult
wet`jut sjkg bjrrgspjlfelm ofiustkglt tj t`g hoaolbg s`ggt. El t`es woy t`g prjnet olf ajss obbjult olf
hoaolbg s`ggt suppjrt jlg oljt`gr. (]oas`, 8330)
Bos` najw
V`g bos` najw stotgkglt fgpglfs jl t`g twj (jpglelm olf bajselm) hoaolbg s`ggts olf t`g prjnet olf ajss
obbjult. Et aelds tjmgt`gr t`g semlenebolt gagkglts jn oaa t`rgg. V`g lukhgrs jl t`g bos` najw stotgkglt org
jhigbtevg9 bos`es bos`, olf t`g okjults jn bos` najws org ljt elnauglbgf hy t`g iufmkglts olf gstekotgs
t`ot org kofg el orrevelm ot rgvglugs, gxpglsgs, olf jt`gr obbruoas. (Olt`jly, @owdels, & Kgrb`olt, 83??)
Nrgg bos` najw tj t`g nerk
Nrgg Bos` Najw tj t`g Nerk (NBNN). V`es es t`g bos` ovoeaohag tj hjlf `jafgrs olf stjbd `jafgrs ontgr oaa
gxpglsg olf elvgstkglts `ovg todgl paobg. Et es fgnelgf os9 GHEV * (? - tox rotg) - (Bopetoa Gxpglfeturgs -
Fgprgbeotejl) - B`olmg el ]jrdelm Bopetoa. Lgt Srgsglt ^oaug (LS^)bol hg boabuaotgf nrjk NBNN.
Aotgr el t`g bosg stufy, t`g Out`jr weaa oasj boabuaotg t`g Ofiustgf Srgsglt ^oaug (OS^).
V`g efgo hg`elf ofiustgf prgsglt voaug (OS^)es tj fevefg olf bjlqugr. OS^ fjgs ljt ottgkpt tj bopturg
toxgs jr jt`gr gnngbts jn nelolbelm el o ]OBB jr ofiustgf fesbjult rotg. O sgregs jn prgsglt voaug boabuaotejl
es kofg elstgof. V`g nerst gstohaes` o hosg-bosg voaug njr t`g prjigbt jr nerk9 ets voaug os o sgporotg, oaa-
gquety-nelolbgf vglturg. V`g fesbjult rotg njr t`g hosg-bosg voaug es iust t`g jppjrtulety bjst jn bopetoa.
Jlbg t`g hosg-bosg voaug es sgt, t`gl gob` nelolbelm sefg gnngbt es trobgf jut, olf t`g prgsglt voaug jn ets
bjst jr hglgnet tj t`g nerk es boabuaotgf. Neloaay, oaa t`g prgsglt voaug org offgf tjmgt`gr tj gstekotg t`g
prjigbts tjtoa bjltrehutejl tj t`g voaug jn t`g nerk.
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B`optgr 7 Kjltg Boraj Rekuaotejl
NEMWXG 7 KJLVG BOXAJ, C XERD
Kjltg Boraj sekuaotejl, lokgf njr t`g nokjus mokhaelm bopetoa jn Kjlobj, es o vgry pjtglt kgt`jfjajmy.
Njr probtetejlgr, sekuaotejl jpgls fjjr njr sjavelm fennebuat olf bjkpagx hut wet` mrgot gosg. Rekpaesteboaay,
Kjltg Boraj sekuaotejl brgotgs ortenebeoa nuturgs hy mglgrotelm t`jusolfs jn sokpag pot`s jn jutbjkgs olf
oloayzgs t`ger prgvoaglt b`orobtgrestebs. Ol oatgrlotevg tj sekuaotejl es t`g usg jn `em`ay bjkpagx stjb`osteb
bajsgf-njrk kot`gkoteboa kjfgas. El oaa bosgs, w`gl kjfgagf bjrrgbtay, Kjltg Boraj sekuaotejl prjvefgssekeaor olswgrs tj t`g kjrg kot`gkoteboaay gagmolt kgt`jfs. (Kul I. , Kjfgaelm Xesd, 83?3)
O Kjltg Boraj sekuaotejl es ulfgrtodgl hy kjfgaelm o prjigbt olf ets dgy nobtjrs onngbtelm t`g prjnetoheaety jn
t`g prjigbt. O bjkputgr wet` prjpgr sjntworg es osdgf tj sekuaotg oaa pjssehag jutbjkgs njr t`g prjigbt. V`g
sekuaotejl s`juaf hg fjlg os koly tekgs os pjssehag. Hy oloayzelm t`g rgsuats et es pjssehag tj pajt o
nrgquglby festrehutejl jn t`g jutbjkgs olf tj boabuaotg gxpgbtgf voaugs, uppgr aekets olf ajwgr aekets.
V`g prjbgss bol hg fevefgf eltj njur stgps. Rtgp (?) es tj kjfga t`g prjigbt. V`g bjkputgr lggfs o prgbesg
kjfga jn t`g prjigbt, elbaufelm rgvglug olf bjst gquotejls olf t`g eltgrfgpglfglbg hgtwggl fenngrglt
pgrejfs olf fenngrglt voreohags. Rtgp (8) elvjavgs spgbenyelm prjhoheaetegs njr gstekotejl grrjrs. V`g gstekotejl
jn fenngrglt dgy nobtjrs s`juaf hg mevgl wet` bjrrgspjlfelm jptekesteb olf pgssekesteb gstekotgs. V`es s`juaf
glohag yju tj spgbeny prjhoheaetegs njr gstekotejl grrjrs. Rtgp lukhgr (2) elvjavgs sekuaotejl jn bos` najws.V`g bjkputgr sokpags nrjk t`g festrehutejl jn t`g njrgbost grrjrs, boabuaotgs t`g rgsuatelm bos` najws njr gob`
pgrejf, olf rgbjrfs t`gk. Ontgr koly sekuaotejls, obburotg gstekotgs jn prjhoheaety festrehutejls jn prjigbt
bos` najws weaa jbbur. V`g aost stgp (6) elvjavgs boabuaotelm LS^s. V`g festrehutejls jn t`g prjigbt bos` najws
s`juaf glohag fgbesejl kodgrs tj boabuaotg gxpgbtgf bos` najws kjrg obburotgay.
Frowhobds jn t`g Kjltg Boraj sekuaotejl elbaufg tekg olf rgsjurbgs el hueafelm ol obburotg kjfga jn t`g
prjigbt. Et es fennebuat tj gstekotg bjrrgaotejl hgtwggl voreohags olf ulfgrayelm prjhoheaety festrehutejls. En t`g
kjfga olf t`g ulfgrayelm voreohags org wrjlm, t`g rgsuats jn t`g sekuaotejls weaa hg wrjlm. V`g sekuaotejl weaa
jlay hg os mjjf os t`g gstekotgs olf t`g bjrrgbtlgss jn t`g kjfga.
(Hrgoagy, Kygrs, & Oaagl, 83??)
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Rglsetevety Oloayses
Wsuoaay, o sglsetevety oloayses es nerst pgrnjrkgf jl t`g fesbjultgf bos` najw kjfga. Orkgf wet` t`es
elnjrkotejl, t`g oloayst bol t`gl fgbefg w`eb` dgy voreohags org `em`ay ulbgrtoel el t`g nuturg olf w`eb` org
fgtgrkelesteb. V`g ulbgrtoel dgy voreohags t`ot frevg t`g lgt prgsglt voaug org prekg bolfefotg njr Kjltg
Boraj sekuaotejl.
Bopturelm t`g gssglbg jn o prjhagk hy fgtgrkelelm elnauglteoa nobtjrs `gaps fgbesejl-kodgrs bjlbgltrotg jl
jlay t`jsg essugs t`ot paoy o koijr rjag el t`g jutbjkg. Njr gxokpag, jlg fgbesejl koy fgpglf jl sex
nobtjrs9 (?) jea prebg, (8) jea vjaukg, (2) mos prebg, (6) mos vjaukg, (7) bopetoa gxpglfeturg, olf (>) jpgrotelm
bjstshut t`g rgaotevg ekpjrtolbg jn t`gsg es uldljwl. Njr mevgl ulbgrtoeltegs, jr o rolmg jn pjssehagvoaugs, njr gob` nobtjr, sglsetevety oloayses boabuaotgs t`g lgt prgsglt voaugs rgprgsgltgf hy t`jsg
ulbgrtoeltegs olf rold gob` nobtjr, aedg o tjrlofj (sgg Nemurg >).
NEMWXG > GPOKSAG JN VJXLOFJ SAJV JEA OLF MOR SXJIGBV (BJJSGXRKEV@, FGOL, KB^GOL, & RVJXOWLG, 833?)
V`g out`jr wolt `em`aem`t typg jn resd rgprgsgltgf hy t`g ohjvg tjrlofj pajt, pagosg dggp hgajw elnjrkotejl
el kelf w`eag wg org prjmrgsselm wet` fgbesejl trgg olf rgoa-jptejls.
NobtjrsXesds
BjkkgltsSrevotg KordgtJea prebg Xesd-lgutroa prjhoheaetegsJea vjaukg Ruhigbtevg prjhoheaetegsBopetoa gxpglfeturgs Rjkgw`grg el hgtwgglMos vjaukg Ruhigbtevg prjhoheaetegsMos prebg Xesd-lgutroa prjhoheaetegsJpgrotelm bjsts Rjkgw`grg el hgtwggl
VOHAG 7 EKSJXVOLV NOBVJXR EL JEA OLF MOR SXJIGBV ]EV@ V@GEX XERD SXJNEAG
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B`optgr > Fgbesejl VrggFgbesejl-trgg oloayses es jlg woy tj nrokg olf sjavg bjkpagx setuotejls t`ot rgquerg o fgbesejl. V`g dgy tj
jhtoelelm o usgnua sjautejl es tj bagoray fgnelg t`g prjhagk ot t`g stort olf fgtgrkelg w`ot fgbesejls lggf tj
hg kofg. V`g prjhagk-fgneletejl stomg elbaufgs efgltenyelm oaa dljwl elnjrkotejl olf aestelm oly nobtjrs t`ot
koy elnauglbg t`g neloa jutbjkg. Vj gxpgfetg t`g prjbgss, fgbesejls t`ot bol hg fgngrrgf org pjstpjlgf sj
t`ot nuturg elnjrkotejl bol oef t`g fgbesejl prjbgss.
Jlbg t`g prjhagk es nrokgf, fgbesejls trggs `gap nelf o rjutg tj ol ofvoltomgjus sjautejl. Fgbesejl trggs
org feomroks t`ot pjrtroy t`g najw jn o fgbesejl-kodelm prjbgss os o sgquglbg jn gvglts olf pjssehag
jutbjkgs. Gvglts org rgprgsgltgf os pjelts, jr ljfgs, olf jutbjkgs org fgpebtgf os hrolb`gs essuelm nrjkgob` ljfg. Ljfgs org get`gr fgbesejl ljfgs, ot w`eb` t`g fgbesejl-kodgr fgtgrkelgs w`ot hrolb` tj todg, jr
ulbgrtoelty ljfgs, w`grg b`olbg ruags t`g jutbjkg. Offetejloaay, hrolb`gs gkolotelm nrjk ulbgrtoelty
ljtgs org wgem`tgf hy t`g prjhoheaety jn t`ot jutbjkg jbburrelm. El bjkkjl ljtotejl, fgbesejl ljfgs pajt os
squorgs olf ulbgrtoelty ljfgs os berbags. (Rgg nemurg =njr gxokpag)
(Bjjpgrsket`, Fgol, Kb^gol, & Rtjroulg, 833?)
NEMWXG = GPOKSAG JN FGBEREJL VXGG (BJJSGXRKEV@, FGOL, KB^GOL, & RVJXOWLG, 833?)
El bjltrost tj Kjltg Boraj sekuaotejls w`eb` gvoauotg prg-fgtgrkelgf prjigbt sbglorejs, fgbesejl trggs njbus
jl kolomgreoa fgbesejls. V`gy oasj todg obbjult jn ulbgrtoelty jl ekpjrtolt porokgtgrs, hut t`gy fj sj el o
kjrg rufekgltory woy, typeboaay, hy spgbenyelm t`g prjhoheaetegs t`ot t`g rgsgrvgs noaa eltj hrjof baossgs sub`
os aormg, skoaa jr zgrj. El fgbesejl trgg, ot berbuaor (ulbgrtoelty) ljfgs t`g gxpgbtgf voaug es boabuaotgf4
t`gl ot fgbesejl ljfgs t`g kjst novjrohag hrolb` es b`jsgl. Rj nrjk o kot`gkoteboa pjelt jn vegw, o
fgbesejl trgg es o woy jn gvoauotelm koxekukgxpgbtgf LS^. (O.Moaae & Orkstrjlm, ?555)
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Jptejls
Fgbesejl oloaysts el Jea olf Mos `ovg ajlm kjfgagf jptejls/ b`jebgs uselm fgbesejl trgg kjfga. En wg
sukkorezgf t`gk hosgf jl voaug b`oel oloayses stjry (prjspgbt gxpajrotejlfgvgajpkglt
prjfubtejloholfjlkglt), et bol hg hregnay fgsbrehgf os njaajws9
S`osgs Fgsbreptejl Fgbesejl Kodgr B`jebgs
Srjspgbt,
Gxpajrotejlolf Opproesoa
Rgeskeb foto es jhtoelgf olf opebturg jn t`g suhsurnobg es t`glrgvgoagf. Rgeskeb foto bolljt tgaaw`ot nauefs org prgsglt el t`g rjbd,sj ol gxpajrotjry wgaa lggfs tj hgfreaagf, olf nrjk t`es, jlg es t`glohag tj hgttgr gstohaes` t`g loturg,sezg, olf typg jn ol jea olf mosnegaf.
V`g fgbesejl kodgr `os lukgrjus jptejls ovoeaohag tj `ek/ `gr,w`eb` koy elbaufg9
Gxtglt jn elvgstkglt lggfgf el obquerelm sgeskeb foto.R`juaf jlg elvgst el 2F sgeskeb stufegs t`ot prjvefg mrgotgrrgsjautejl hut org semleneboltay kjrg gxpglsevg:
Mevgl el`grglt ulbgrtoelty ohjut t`g rgsgrvgs, en pjssehag,`jw kub` s`juaf t`g bjkpoly s`org el t`g resd:
@jw koly gxpajrotejl wgaas org opprjpreotg tj prjpgrayfgaelgotg t`g negaf: Jlg, twj, nevg, jr kjrg:
Fgvgajpkglt Jlbg sunnebeglt foto `os hggljhtoelgf tj kodg ol gfubotgf
iufmkglt jl t`g sezg jn t`g prezg,wg gltgr eltj t`g fgvgajpkgltp`osg. @grg wg fgbefg jl t`gkjst bjkkgrbeoaay veohag woy njrgxpajetelm t`es lgw rgsjurbg hyglmelggrelm t`g lukhgr (olftypg) jn prjfubelm wgaas, prjbgssnobeaetegs, olf trolspjrtotejl.
V`es p`osg es w`grg fgbesejl kodgrs nobg pjssehay t`g mrgotgstlukhgr jn voaef oatgrlotevgs. ^oaef fgvgajpkglt jptejls elbaufg9
@jw koly wgaas s`juaf hg freaagf: ]`grg s`juaf t`gyajbotg: El w`ot jrfgr s`juaf t`gy freaa:
R`juaf prjfubgrs hg bjkpagx (fgveotgf/ `jrezjltoa) wgaasajbotgf ot t`g paotnjrk, jr s`juaf t`gy hg sekpag hut t egf-hobd tj o suhsgo kolenjaf:
@jw koly paotnjrks jr rems weaa hg lggfgf: En jnns`jrg,s`juaf t`gy hg najotelm jr pgrkolglt:
]`ot pjtglteoa nuturg eltgrvgltejl s`juaf hgobbjkkjfotgf: Eltgrvgltejl rgngrs tj ol oheaety tj rggltgr owgaa tj pgrnjrk get`gr rjutelg koeltglolbg jr pgrnjrk koijrb`olmgs (rgngrrgf tj os o wjrd-jvgr).
@jw koly eligbtjrs s`juaf hg freaagf: ]`grg:
@jw aormg s`juaf t`g prjbgsselm nobeaety hg: En skoaa, t`gbopetoa gxpglfeturg weaa hg rgfubgf hut koy uatekotgay aekett`rjum`put. En et es tjj aormg, jpgrotejloaay elgnnebeglt.
Org t`grg ofiobglt negafs woetelm tj hg fgvgajpgf: En sj,s`juaf t`g prjbgss nobeaety hg s`orgf:
R`juaf o lgw pepgaelg hg aoef: En sj, w`grg wjuaf et hg hgsttj aolf et, jr es et pjssehag tj teg et eltj olf gxestelm pepgaelggasgw`grg wet` ovoeaohag bopobety: R`juaf jt`grtrolspjrtotejl kgt`jfs hg bjlsefgrgf (g.m. NSRJ, jrnajotelm prjfubtejl olf stjromg jpgrotejl)
(Hoeagy, 833>)
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B`optgr = ^oauelm Nagxeheaety, Xgoa-JptejlsEl voauelm bjkpolegs wet` t`g stolforf fesbjultgf bos` najw opprjob`gs, wg fef ljt bjlsefgr t`g voaug jn
kolomgreoa nagxeheaety. Kolomgrs rgobt tj b`olmgs el t`g gbjljkeb glverjlkglt hy ofiustelm t`ger paols olf
strotgmegs. Njr gxokpag, t`gy koy b`jjsg tj sboag hobd jr oholfjl ol elvgstkglt prjigbt t`ot fgaevgrs pjjr
rgsuats, jr tj gxpolf jr gxtglf t`g prjigbt en et es `em`ay subbgssnua. Rub` nagxehag b`olmgs jn paol bol todg
koly fenngrglt njrks, olf gob` koy `ovg suhstolteoa ekpobt jl voaug. O stolforf FBN opprjob` hosgf jl o
selmag bos` najw, jr gvgl kuatepag bos` najw sbglorejs, bolljt boabuaotg w`ot t`ot ekpobt es.
Kolomgreoa nagxeheaety es ljt t`g sokg os ulbgrtoelty. Bjkpolegs jr prjigbts wet` `em`ay ulbgrtoel nuturgs
elvjavelm o selmag kolomgkglt fgbesejl, sub` os jnns`jrg prjigbt, t`gy koy fgbefg w`gt`gr tj prjbggf jrljt ot gob` stomg, fgpglfelm jl elnjrkotejl oreselm nrjk t`g stomg hgnjrg. Njr bosgs w`grg kolomgrs
gxpgbt tj rgspjlf nagxehay tj gvglts, wg lggf o spgbeoa, bjltelmglt voauotejl opprjob`.
Nagxeheaety es typeboaay kjrg rgagvolt el t`g voauotejl jn elfevefuoa huselgssgs olf prjigbts, os et kjstay
bjlbgrls fgtoeagf fgbesejls rgaotgf tj prjfubtejl, bopobety elvgstkglts, kordgtelm, rgsgorb` olf
fgvgajpkglt, olf sj jl. El t`es t`gses, wg bjlbgltrotg jl `jw tj voaug nagxeheaety w`gl voauelm prjigbts.
]g gxpajrg twj bjltelmglt voauotejl opprjob`gs9 (?) Xgoa-Jptejl ^oauotejl (XJ^) hosgf jl njrkoa jptejl
prebelm kjfgas, olf (8) Fgbesejl Vrgg Oloayses (FVO). Oat`jum` t`gy fenngr jl sjkg tgb`leboa pjelts, hjt`
hjea fjwl tj njrgbostelm, ekpaebetay jr gxpaebetay, t`g nuturg nrgg bos` najw bjltelmglt jl t`g nuturg stotgs jn t`g
wjraf olf kolomgkglt fgbesejls, olf t`gl fesbjultelm t`gsg tj tjfoys voaug.
Xjjk njrkolomgreoa
nagxeheaety
@em`Kjfgrotg
nagxeheaety voaug@em`
nagxeheaety voaug
AjwAjw
nagxeheaety voaugKjfgrotg
nagxeheaety voaug
Ajw @em`Aedgae`jjf jn rgbgevelm lgw elnjrkotejl
NEMWXG 0 ]@GL ER NAGPEHEAEVU ^OAWOHAG:
V`g voaug jn nagxeheaety es rgaotgf tj t`g fgmrgg jn ulbgrtoelty olf t`g rjjk njr kolomgreoa rgobtejl. Et es
mrgotgst w`gl ulbgrtoelty es `em` olf kolomgrs bol rgobt tj lgw elnjrkotejl. El bjltrost, en t`grg es aettag
ulbgrtoelty, kolomgrs org ulaedgay tj rgbgevg lgw elnjrkotejl t`ot wjuaf oatgr nuturg fgbesejls, sj nagxeheaety
`os aettag voaug. El offetejl, en kolomgrs bolljt obt jl lgw elnjrkotejl t`ot hgbjkgs ovoeaohag, t`g voaug jn
nagxeheaety es oasj ajw. Rgg nemurg 0.
(KbDelsgy & Bjkpoly, 83?3)
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Xgoa-Jptejls
Bjltelmglt voauotejl es ol ekpjrtolt tjja njr `gapelm kolomgrs kodgs t`g rem`t fgbesejls tj koxekezg
s`org`jafgr voaug w`gl nobgf wet` strotgmeb jr jpgrotelm nagxeheaety. @jwgvgr, el rgoa aeng, t`g nagxeheaety es lgvgr
os wgaa fgnelgf olf stroem`tnjrworf. O ajt fgpglfs jl kolomgkglts oheaety tj rgbjmlezg, strubturg, olf
kolomg jppjrtuletegs tj brgotg voaug nrjk jpgrotelm olf strotgmeb nagxeheaety.
Vj rgbjmlezg jppjrtuletegs njr brgotelm voaug nrjk nagxeheaety w`gl ossgsselm elvgstkglt prjigbts jr
strotgmegs, kolomgrs s`juaf try tj hg os gxpaebet os pjssehag ohjut t`g (?) Gvglts9 w`ot org t`g dgy sjurbgs
jn ulbgrtoelty, (8) Fgbesejls9 ]`ot fgbesejls bol kolomgkglt kodg el rgspjlsg tj gvglts:, olf (2)
Soyjnns9 ]`ot poyjnns org aeldgf tj t`gsg fgbesejls.
Oholfjlkglt Jptejl9Ol oholfjlkglt jptejl prjvefgs t`g `jafgr t`g rem`t hut ljt t`g jhaemotejl tjsgaa jnn olf oholfjl sjkg prjigbt, ossgt, jr prjpgrty ot o spgbenegf prebg olf tgrk.
Horregr Jptejl9O horregr kgols t`ot t`g jptejl hgbjkgs aevg olf ovoeaohag njr gxgbutejl olfbjlsgqugltay t`g voaug jn t`g strotgmeb jptejl fgpglfs jl get`gr hrgob`elm jr ljt hrgob`elm t`g ortenebeoahorregr.
Gxpolsejl Jptejl9 Ol gxpolsejl jptejl prjvefgs kolomgkglt t`g rem`t olf oheaety tj gxpolf eltjfenngrglt kordgts, prjfubts, olf strotgmegs jr tj gxpolf ets burrglt jpgrotejls ulfgr t`g rem`t bjlfetejls.
B`jjsgr Jptejl9O b`jjsgr jptejl ekpaegs t`ot kolomgkglt `os t`g nagxeheaety tj b`jjsg okjlm sgvgroa
strotgmegs, elbaufelm t`g jptejl tj gxpolf, oholfjl, swetb`, bjltrobt, olf bjkhelotejls jn jt`gr gxjtebjptejls.
Bjltrobtejl Jptejl9O bjltrobtejl jptejl prjvefgs kolomgkglt t`g rem`t olf oheaety tj bjltrobt etsjpgrotejls ulfgr t`g rem`t bjlfetejls, t`grghy sovelm jl gxpglsgs
Fgngrkglt Jptejl9V`es typg jn jptejl es oasj o purb`osg jptejl jr ol jptejl tj woet.
Rgquglteoa Bjkpjulf Jptejl9O sgquglteoa bjkpjulf jptejl kgols t`ot t`g gxgbutejl olf voaug jnnuturg strotgmeb jptejls fgpglf jl prgvejus jptejls el sgquglbg jn gxgbutejl.
Rwetb`elm Jptejl9O swetb`elm jptejl prjvefgs t`g rem`t olf oheaety hut ljt t`g jhaemotejl tj swetb`okjlm fenngrglt sgts jn huselgss jpgrotelm bjlfetejls, elbaufelm fenngrglt tgb`ljajmegs, kordgts, jr
prjfubts.
(Kul I. , Kjfgaelm Xesd, 83?3)
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Kgt`jfs njr ^oauelm Nagxeheaety
Xgoa-Jptejl ^oauotejl (XJ^)
Jptejl-prebelm kjfgas usg o rgpaebotelm pjrtnjaej tj voaug t`g prjigbt. V`g hoseb efgo jn o rgpaebotelm pjrtnjaej
es stroem`tnjrworf9 en yju bol bjlstrubt o pjrtnjaej jn prebgf sgburetegs t`ot `os t`g sokg poyjuts os ol jptejl,
t`g pjrtnjaej olf t`g jptejl s`juaf `ovg t`g sokg prebg. En t`g sgburetegs olf t`g jptejl org trofgf el ol jpgl
kordgt, t`es efgltety es rgquergf4 jt`grwesg orhetromg prjnets org pjssehag.
Bjltelmglt LS^ bol oasj hg fgtgrkelgf wet` ol oatgrlotevg XJ^ opprjob` boaagf resd-lgutroa voauotejl. V`g
lokg es sjkgw`ot kesagofelm hgbousg o resd-lgutroa voauotejl fjgs ofiust njr resd, hut os port jn t`g
sbglorej prjhoheaetegs rot`gr t`ol t`g fesbjult rotg. Vj voaug ol jptejl, wgem`t t`g nuturg bos` najws hy resd-
ofiustgf (jr sj-boaagf resd lgutroa) prjhoheaetegs elstgof jn obtuoa sbglorej prjhoheaetegs. V`g prjhoheaety-
wgem`tgf ovgromg bos` najw es t`gl fesbjultgf hy t`g resd-nrgg rotg tj fgtgrkelg burrglt voaug.
Fgbesejl Vrgg Oloayses (FVO)
O sgbjlf kgt`jf njr voauelm o prjigbt wet` nagxeheaety es tj usg fgbesejl trgg oloayses (FVO). V`es agofs tj t`g
rem`t olswgr el prelbepag, hut jlay en wg oppay t`g bjrrgbtbjst jn bopetoa njr o prjigbts bjltelmglt bos` najw.
Jlg FVO opprjob` es tj fesbjult t`g prjigbts bjltelmglt poyjnns lgt jn t`g elvgstkglt rgquergkglts. O
hgttgr FVO opprjob` sgporotgay fesbjults t`g twj bjkpjlglts jn t`g bjltelmglt bos` najws. V`g bjltelmglt
poyjnns org fesbjultgf ot t`g bjst jn bopetoa. V`g elvgstkglt es fesbjultgf ot t`g resd-nrgg rotg.
Wlfgrayelm resd9 Fevgrseneohag vgrsus Ljl-FevgrseneohagElvgstkglt prjigbts bol hg gxpjsgf tj o wefg rolmg jn resds. V`g qugstejl es w`eb` portebuaor resd (jr mrjup
jn resd) bjuaf onngbt o prjigbts bos` najw t`ot et wjuaf b`olmg kolomgkglts nuturg fgbesejls. En bjkkjfety
prebgs, os el kelelm, t`g jea elfustry, jr pjwgr mglgrotejl, org dgys tj nuturg elvgstkglt fgbesejls, t`g dgy
ulfgrayelm resd es ljl-fevgrseneohag. Jt`gr gxokpags elbaufg eltgrgst jr burrglby resds jr resds t`ot org strjlmay
bjrrgaotgf wet` jvgroaa gbjljkeb obtevety. En mgjajmeboa resds sub` os t`g sezg jn ulfgvgajpgf jea negaf org
brubeoa, t`g ulfgrayelm resd es fevgrseneohaghgbousg t`g bjrrgaotejl wet` jvgroaa gbjljkeb obtevety es ajw.
]`gl ljl-fevgrseneohag resd es frevelm nuturg elvgstkglt fgbesejls, jlay XJ^ agofs tj t`gjrgteboaay bjrrgbt
voauotejl. V`g FVO opprjob` kem`t glf up bajsg hut es fennebuat tj oppay hgbousg et es ulbagor `jw tj fesbjult
t`g prjigbts bjltelmglt bos` najws. Njr fevgrseneohag ulfgrayelm resd, o stroem`tnjrworf FVO es ol gnngbtevg tjja
njr voauelm nagxeheaety. El t`es bosg, wg bol fesbjult t`g prjigbts poyjnns el gob` sbglorej ot t`gbjst jn bopetoa
jn t`g ulfgrayelm ossgt olf fesbjult t`g elvgstkglt rgquergkglts ot t`g resd-nrgg rotg.
(KbDelsgy & Bjkpoly, 83?3)
Ovoeaohag FotoLjl
trofgfossgts
Fgbesejltrgg oloayses
Fgbesejl trggoloayses, Xgoa-Jptejl
^oauotejl
Vrofgfossgts Fgbesejl
trgg oloaysesXgoa-Jptejl
^oauotejl
Fevgrseneohag Ljl-fevgrseneohagWlfgrayelm resd
NEMWXG 5 OSSAEBOVEJL JSSJXVWLEVEGR NJX XJ^ ^GXRWR FVO (KBDELRGU & BJKSOLU, 83?3)
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V`g Eltgmrotgf Opprjob`
V`grg es o bjlbgrl t`ot t`g kjfgas fgsbrehgf el t`g rgoa jptejls aetgroturg mrgotay jvgrsekpaeny t`g prjhagks
t`gy obtuoaay nobg. Njr gxokpag, ol ulfgvgajpgf jea prjpgrty es supgrnebeoaay oloajmjus tj o boaa jptejl jl o
stjbd, hut el rgoaety t`grg org koly bjkpaebotejls (ulbgrtoel prjfubtejl rotgs, fgvgajpkglt bjsts,
bjlstrubtejl aoms, bjkpagx rjyoaty olf tox strubturgs, t`g aobd jn trug ulfgrayelm stjbd, gtb.) t`ot stroel t`g
oloajmy. Kjrgjvgr, kjst jn t`g ortebags fgsbrehelm t`g hglgnets jn t`g jptejls opprjob` hosgf jl pjelt
gstekotgs jn oaa bos` najws. Et wos ljt bagor w`ot ofvoltomgs t`g jptejls opprjob` wjuaf `ovg bjkporgf tj
fgbesejl oloayses opprjob`. (Iokgs G. Rket`, ?555)
V`g eltgmrotgf opprjob` hgmels hy ljtelm t`ot t`grg org twj typgs jn resd ossjbeotgf wet` kjst bjrpjrotgelvgstkglts9 puhaeb (ljl-fevgrseneohag) olf prevotg (fevgrseneohag). V`g eltgmrotgf opprjob` obdljwagfmgs t`ot
kjst elvgstkglt prjhagks `ovg hjt` delf jn resdolf et es fgsemlgf tj offrgss t`ot vgry setuotejl.
V`es opprjob` wos nerst fgsbrehgf el fgpt` el ?557 ortebag hy Iokgs Rket` olf Xjhgrt Lou olf el o ?550
ortebag hy Rket` olf Dgvel KbBorfag. Hjt` ortebags rgngr spgbeneboaay tj t`ger opprjob` os t`g eltgmrotejl jn
jptejl prebelm olf fgbesejl oloayses, ljt os rgoa jptejls oloayses opprjob` pgr sg.
Obbjrfelm tj Rket` olf KbBorfag, t`g hoseb efgo jn eltgmrotgf voauotejl prjbgfurg es tj usg jptejl prebelm
kgt`jfs tj voaug resds t`ot bol hg `gfmgf hy trofelm gxestelm sgburetegs olf fgbesejl oloayses prjbgfurgs tj
voaug resds t`ot bolljt hg `gfmgf hy trofelm.
Vj ekpagkglt t`es opprjob`, Rket` olf Lou usg w`ot koy hg tgrkgf o resd-ofiustgf fgbesejl trgg, el w`eb`puhaeb olf prevotg resds org efgltenegf gxpaebetay, jppjrtuletegs njr `gfmelm puhaeb resds org ossukgf ovoeaohag,
olf jppjrtuletegs njr orhetromg org rgkjvgf.
V`g eltgmrotgf opprjob` elvjavgs t`g njaajwelm stgps9
?. Hueaf o fgbesejl trgg rgprgsgltelm t`g elvgstkglt oatgrlotevgs
8. Efglteny gob` resd os get`gr puhaeb jr prevotg
2. Njr prevotg resds, osseml suhigbtevg prjhoheaetegs
6. Oppay o sprgofs`ggt bos`-najw kjfga ot gob` trgg glf pjelt, ol boabuaotg LS^ uselm t`g resd-nrgg rotg
7. Xjaa hobd t`g trgg tj fgtgrkelg t`g jptekoa strotgmy olf ets ossjbeotgf voaug
>. Sgrnjrk Kjltg Boraj sekuaotejl njr puhaeb resds el t`g fgbesejl trgg4 t`g rgsuat weaa hg fenngrglt sgts jn
jptekoa strotgmy njr fenngrglt berbukstolbgs, olf o festrehutejl jn rgoa jptejls voauotejl.
V`g eltgmrotgf opprjob` oppgors tj hg t`g jlay jlg t`ot todgs t`g vegw t`ot bjrpjrotg elvgstkglts typeboaay
elvjavg o kex jn puhaeb olf prevotg resds, olf t`ot ol obburotg voauotejl fgpglfs jl offrgsselm hjt`. Et
prgsglts ol opprjob` t`ot bjvgrs t`g rolmg jn bjrpjrotg elvgstkglts os o bjlteluuk nrjk trofetejloa
fgbesejl oloayses ot jlg gxtrgkg (oaa prevotg resds) tj nelolbg t`gjry jr jptejl prebelm ot t`g jt`gr (oaa puhaeb
resds). Sgr`ops hgbousg t`es opprjob` stolfs sj squorgay hgtwggl t`g sgporotg bokps jn nelolbg t`gjry
olf fgbesejl t`gjry, et sggks tj hg rgkordohay ulnokeaeor tj hjt` t`g nelolbg olf kolomgkglt sbeglbg
obofgkeb bjkkuletegs.
(Hjresjl, 8337)
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pm. 8=
B`optgr 0 Bosg Rtufy>Duduzo Jnns`jrg Jeanegaf
Eltrjfubtejl
Hy glf jn Iulg 83?8, Duduzo (t`g Bjkpoly) `of spglt lgoray 6 ygors gxpajrelm t`g Oap`onegaf el Ljrt`
Rgo. El-paobg rgsjurbg es gstekotgf ot 27 keaaejl sk2jea. V`g Kelestry jn Sgtrjaguk olf Glgrmy iust
olljulbgs ol elvetotejl tj oppay njr pgtrjaguk prjfubtejl aebglsgs jl t`g Ljrwgmeol Bjltelgltoa R`gan. V`g
oppaebotejl kust hg suhkettgf hy 6t` Fgbgkhgr 83?8 ot ?8933 `jurs. Gffeg (t`g BGJ) sgt o debd-jnn kggtelm
tj prgporg prjfubtejl aebglsg oppaebotejl. Hgl, rgbgltay `ergf os Srjigbt Nelolbg Kolomgr, weaa hg
rgspjlsehag njr t`g jvgroaa prjigbt gbjljkebs. Ekpjrtolt pjelts org9
Bjkkjfety prebg gstekotgs9V`g Ljrwgmeol Sgtrjaguk Fergbtjrotg (LSF) summgstgf prebg ossukptejl
tj hg sgt ot $ >5/ horrga. Olfy (t`g BNJ) ajjdgf ot `es Hajjkhgrm tgrkeloa olf sow t`ot bajselm prebg jn
Hrglt Brufg Jea el Iulg wos $ 53/ horrga. V`g BNJ ofvesgs Hgl tj njrgbost t`g jea prebg hy `eksgan.
Bjst jn bopetoa9V`g LSF summgstgf bjst jn bopetoa =%. Et sggks tjj ajw njr Duduzo Jnns`jrg Jeanegaf.
Omoel, t`g BNJ osdgf Hgl tj njrgbost t`g bjst jn bopetoa hy `eksgan.
Elbgltevgs njr fght nelolbelm/ tox s`egafs9 Nelolbeoa b`ormgs org tox fgfubtehag. V`es brgotgs koijr
elbgltevgs njr fght nelolbelm selbg t`g pgtrjaguk tox es el Ljrwoy vgry `em`. Gffy fgbefgf t`ot t`g
nulfelm strubturg weaa hg =3/23 fght tj gquety. Xof`o (t`g Vrgosury) elnjrkgf Hgl t`ot t`g hjrrjwelm bjst
es 2-kjlt` LEHJX paus >.=7 pgrbglt.
Jptejl tj gxpolf9 Rgol (t`g BJJ) gxpaoels t`ot t`grg es o pjsseheaety tj gxpolf eltj 8 skoaagr negafs
(Hrovj olf B`oraeg). El-paobg rgsjurbg njr jea el Hrovj olf B`oraeg negaf es gstekotgf ot 6 keaaejl sk2+ ?.3
heaaejl Rk2mos olf 2.3 sk
2keaaejl + 3.> heaaejl Rk
2mos rgspgbtevgay.
Fgvgajpkglt paol9Rgol gxpaoels sgquglbg jn gvglts wet` pjssehag jutbjkgs. V`grg org steaa
ulbgrtoeltegs el t`g sezg olf rgbjvgry nobtjr jn t`g rgsgrvjer. V`g neloafgbesejl w`gt`gr tj gxpolf, tj
bjltelug, jr tj oholfjl bol jlay hg kofg el 83?>, ontgr jhtoelelm prg-freaaelm rgsuats jn 7 eleteoa wgaas.
Hgl es ljw el `es jnnebg. @g storts rgofelm t`g hosg bosg sbglorej fgvgajpkglt paol=njr t`g t`rgg negafs.
V`g fjbukglt `os t`g njaajwelm elnjrkotejl9 (?) Srjspgbt, (8) Gxpajrotejl olf Opproesoa, (2) Fgvgajpkglt,
(6) Srjfubtejl, (7) Oholfjlkglt, olf (>) Gbjljkebs.
Os t`es es t`g nerst hem prjigbt njr t`g Bjkpoly, Hgl dljws t`ot et es brubeoa tj mgt ol obburotg pebturg jn t`g
voauotejl jl t`es negaf. Wlnjrtulotgay, `g es ljt surg `jw tj obbjult fevgrseneohagresd (e.g. rgsgrvjer sezg), ljl-
fevgrseneohag resd(e.g. jea prebg), olf kolomgkglts nagxeheaety (e.g. tj gxpolf) eltj `es voauotejl.
>V`es bosg es hosgf jl mglgroaezgf gxpgreglbg, wet` o nebtejloa stjry olf b`orobtgrs, hut t`g soaeglt ngoturgs rgsgkhagt`g fgvgajpkglt jn Oosgl negaf el t`g Ljrt` Rgo hy Fgt ljrsdg jaigsgasdop ORO. Vgb`leboa olf Bjkkgrbeoa foto es
hosgf jl puhaes`gf sjurbg9 V`g Ljrwgmeol jea bjkpoly ORO, V`g paol njr fgvgajpkglt olf jpgrotejl jn Evor Oosgl
negaf, Sort 89 Ekpobt ossgsskglt, Rgptgkhgr 83?8 olf ossukptejls kofg hy t`g Out`jr (orevoeCkho?6.rsk.la)
=El rgoa-wjraf upstrgok pgtrjaguk gbjljkeb kjfgas, negaf ossukptejls org t`g bjkhelgf prjfubt jn t`g gnnjrts jn
gort` sbegltests olf pgtrjaguk glmelggrs. Gob` jn t`ger fesbepaelgs es hgyjlf t`g sbjpg jn t`es t`gses, w`eb` njbusgs jl`jw rgoa jptejls bol hg oppaegf tj voauotejl olf fgbesejl kodelm. V`grgnjrg, wg weaa usg row tgb`leboa foto, wet` lj
ottgkpt tj kodg t`gk oly kjrg fgtoeagf t`ol lggfgf tj kodg jur voauotejl olf fgbesejl kodelm pjelts.
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pm. 80
Srjspgbt Gxpajrotejl Fgvgajpkglt Srjfubtejl Oholfjlkglt
Srjspgbt
NEMWXG ?3 AJBOVEJL JN NEGAF OAS@O, HXO^J, OLF B@OXAEG
Negaf OHB es setuotgf el t`g ljrt`grl port jn t`g Ljrt` Rgo ot wotgr fgpt` jn ohjut ??3-??8k (Rgg nemurg ?3).
V`g fgvgajpkglt jn t`g negaf bjkpresgs jn t`rgg fesbjvgregs, lokgay (?) Oap`o, (8) Hrovj, olf (2) B`oraeg.
V`g prjfubtejl pgrejf os t`g hoses njr t`g voauotejl es nrjk njurt` quortgr jn 83?> tj t`g glf jn 8380. Freaaelm
storts el 83?7 olf weaa eleteoaay rul njr t`rgg ygors. V`g t`rgg negafs org gstekotgf tj `jaf rgsgrvgs jn ohjut
?73 keaaejl horrgas jn jea gquevoaglt (hjg) wet` oltebepotgf gbjljkeb aeng up tj 83 ygors.
Oap`o es paollgf os o bjjrfelotgf fgvgajpkglt jn Fgato negaf ajbotgf ?3 dk sjut`gost. Jl Oap`o negaf, t`g
Bjkpoly weaa hueaf o nexgf paotnjrk jl stgga njulfotejl (iobdgt) wet` paolts njr jlg-stgp (porteoa) prjbgsselm.V`g paotnjrk weaa oasj `ovg aevelm quortgrs. V`g wgaas org freaagf wet` o sgporotg iobd-up rem. O iobdups freaaelm
rem weaa hg paobgf jl Oap`o paotnjrk njr t`g nerst 2-6 ygors. Aotgr et weaa hg lgbgssory tj paobg o kjfuaor freaaelm
ulet jl nobeaety njr wjrd jvgrs olf eltgrvgltejls.
Jl Hrovj negaf, t`g Bjkpoly weaa hueaf o suhsgo elstoaaotejl tegf tj paotnjrk Oap`o wet` o ?6 dk pepgaelgs. Jea
olf mos weaa hg trolspjrtgf tj Fgato negaf ?3 dk sjut`gost, njr nurt`gr prjbgsselm olf gxpjrt kordgts. Jea weaa
hg gxpjrtgf veo Mrolg tj Rturg tgrkeloa olf Mos weaa hg gxpjrtgf veo ROMG tj Rt. Ngrmus.
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pm. 85
Srjspgbt Gxpajrotejl Fgvgajpkglt Srjfubtejl Oholfjlkglt
Gxpajrotejl olf Opproesoa
NEMWXG ?? RVXWBVWXGR OLF XGRGX^JEX NJXKOVEJLR
Oap`o
Oap`o fesbjvgrgf el 8330 wet` wgaa ?>/?-5. Festolbg tj t`g Ljrwgmeol bjost es ohjut ?>3dk. Oap`o fesbjvgry
es koppgf hosgf jl sgvgroa sgeskeb survgys olf t`g freaaelm jn wgaas. Foto bjaagbtejl `os hggl gxtglsevg,
elbaufelm o nuaa wgaa tgst (FRV) tj vgreny prjfubtejl b`orobtgrestebs. V`g rgsgrvjer quoaety es mjjf tj kjfgrotg.
El-paobg rgsjurbg es gstekotgf ot opprjx. 27 keaaejl Rk2jea olf 5.? heaaejl Rk
2mos.
Hrovj
Hrovj fesbjvgrgf el ?55= wet` wgaa 87/?3-0. V`g fesbjvgry bjlsests jn twj t`el solfs, uppgr mos-neaagf solf
olf ajwgr jea-negaf solf. V`g fesbjvgry es ajbotgf ?8dk ljrt`-gost Oap`o. Hrovj es koppgf hosgf jl o wgaa
wet` o sefgtrobd. O nuaa sboag freaa stgk tgst (FRV) wos bjlfubtgf el t`g ajwgr jea solf olf prjvgf gxbgaaglt
pgrkgoheaety. @jwgvgr, t`g rgsgrvjers wgrg elvesehag jl t`g sgeskeb foto. Bjlsgrvotevg ossgsskglt jn el-
paobg rgsjurbg el Hrovj es opprjx. 6 keaaejl Rk2jea olf ?.3 heaaejl Rk
2mos.
B`oraeg
B`oraeg freaagf el 8336, wet` wgaa ?>/?-=, olf fesbjvgrgf jea el Keffag Iurosseb solfs. B`oraeg es koppgf
hosgf jl sgvgroa sgeskeb survgys olf t`g freaaelm jn jlg wgaa. V`g fesbjvgry es ajbotgf 2 dk wgst jn Oap`o.
Xgsjurbgs org gstekotgf tj hg 2 keaaejl Rk2jea olf 3.> heaaejl Rk
2mos.
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pm. 23
Srjspgbt Gxpajrotejl Fgvgajpkglt Srjfubtejl Oholfjlkglt
Fgvgajpkglt
Freaaelm rem
V`g freaaelm rem BI-=3 Watro @ors` iobdups rem es usgf tj freaa wgaas jl O ap`o olf B`oraeg (Rgg nemurg ?8). V`g
rem (jwlgf hy Kogrsd Freaaelm) es ulfgr bjlstrubtejl ot Dgppga NGAR s`epyorf el Relmopjrg olf weaa hg
bjkpagtgf el goray 83?7. Hrovj negaf weaa hg freaagf hy get`gr iobdups rem jr najotelm ulet.
NEMWXG ?8 IOBDWSR FXEAAELM XEM (BI-=3) VJ HG WRGF JL OAS@O
Freaaelm sb`gfuag
?7 wgaas (0 prjfubtejl wgaas olf = wotgr eligbtejl wgaas) weaa hg hueat el Oap`o negaf. Srg-freaaelm jn 2 prjfubtejl
wgaas olf 8 wotgr eligbtejl wgaas es sb`gfuagf tj stort el _2 83?7. V`g rgkoelelm wgaas weaa hg freaagf w`gl t`g
paotnjrk el elstoaagf el _6 83?>. Vjtoa furotejl jn freaaelm bokpoeml es ohjut 2 ygors.
Freaaelm ot Oap`o weaa `oppgl nrjk iobdups rem stubd jl t`g sgohgf. V`g wgaas ot Oap`o/ B`oraeg weaa hg fergbtay
aeldgf tj t`g paotnjrk, w`eag t`g 8 wgaas ot Hrovj weaa hg suhsgo olf bjllgbtgf tj paotnjrk wet` ol
opprjxekotgay ?6 dk prjfubtejl pepgaelg.
Bjjrfelotgf fgvgajpkglt jn Oap`o olf Fgato
Jl Korb` 83?8 ol omrggkglt wos semlgf hgtwggl Oap`o olf Fgato negaf njr o bjjrfelotgf fgvgajpkglt jn
t`g twj negafs. Oap`o es fgvgajpgf uselm o nexgf paotnjrk wet` jlg-stgp (porteoa) prjbgsselm olf aevelm
quortgrs. V`g wgaa strgok es sgporotgf el ol elagt sgporotjr, olf jea olf mos weaa hg trolsngrrgf nrjk Oap`o
paotnjrk tj Fgato paotnjrk veo pepgaelgs njr neloa prjbgsselm olf gxpjrt kordgts. Oap`o weaa hg suppaegf wet`
gagbtreb pjwgr nrjk Fgato. Jl Oap`o jlay fegsga glmelgs weaa hg elstoaagf njr gkgrmglby mglgrotjr. Bjlbgpt es
s`jwl el nemurg ?2.
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pm. 2?
Srjspgbt Gxpajrotejl Fgvgajpkglt Srjfubtejl Oholfjlkglt
NEMWXG ?2 BJJXFELOVGF FG^GAJSKGLV JN NEGAF OAS@O OLF FGAVO
Saotnjrk
V`g fgvgajpkglt bjlbgpt bjlsests jn o kollgf paotnjrk (Nemurg ?6) ajbotgf bgltroaay jvgr Oap`o rgsgrvjer,
olf o suhsgo jl Hrovj aeldgf omoelst Oap`o paotnjrk veo najw aelg.
B`oraeg rgsgrvjer freaagf nrjk Oap`o paotnjrk. Jl paotnjrk, prjfubgf wotgr es sgporotgf olf eligbtgf wet` sgo
wotgr njr prgssurg suppjrt el Oap`o olf Hrovj rgsgrvjers. Ruanotg el sgowotgr es rgkjvgf prejr tj eligbtejl tj
prgvglt t`g fgpjsetejl jn horeuk soats el wgaas, prjfubtejl gquepkglt.
Jea olf mos org sgporotgf el o jlg-stgp prjbgss hgnjrg trolskettgf veo twj pepgaelgs tj Fgato paotnjrk njr
neloa prjbgsselm olf gxpjrt. Eleteoa trolsngr usgs hjt` pepgaelgs, hut os t`g prjfubtejl fgbrgosgs, jlay jlg
pepgaelg es usgf tj glsurg ofgquotg najw rotg tj rgob` t`g spgbenegf tgkpgroturg jl orrevoa ot Fgato paotnjrk.
NEMWXG ?6 SAOVNJXK
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pm. 28
Srjspgbt Gxpajrotejl Fgvgajpkglt Srjfubtejl Oholfjlkglt
Ruhsgo elstoaaotejls ot Hrovj
V`g elstoaaotejl jn Hrovj weaa hg o prjfubtejl nobeaety njr njur wgaas, olf weaa elbaufg wgaa`gof, B`restkos trggs olf
bjltrja systgk (Nemurg ?7). El t`g nerst p`osg, t`g paolt weaa hg bjkpagtgf wet` gquepkglt njr jlg prjfubtejl wgaa
olf jlg wotgr eligbtejl wgaa. V`g nobeaety weaa hg kolomgf hy Oap`o paotnjrk veo ol jpgl systgk wet` wotgr-hosgf
`yfrouaeb nauefs w`eb` weaa jlay bjlsest jn glverjlkgltoaay obbgptohag bjkpjlglts.
NEMWXG ?7 VUSEBOA RWHRGO ELRVOAAOVEJL
Rb`gfuag jn t`g prjigbt
83?8 Ruhket Saol njr Fgvgajpkglt olf Jpgrotejl (SFJ)
83?2 Rtort hueafelm stgga iobdgt njr t`g paotnjrk hy ROESGK el Rorfeleo
83?6 Rtort hueafelm t`g Vjpsefg9 (?) Koel suppjrt kjfuag, Srjbgss kjfuag, olf Naorg Hjjk hy RKJG elRelmopjrg, (8) Aevelm quortgrs hy OSSAU AGEX^ED el Ljrwoy
83?7 Rtgga iobdgt weaa hg put el paobg hy o aormg brolg vgssga Ontgr stgga iobdgt es put el paobg, GKOR weaa aoy pepgaelgs nrjk Oap`o tj Fgato
V`gl, o iobdups rem nrjk KOGXRD orrevg olf stort t`g freaaelm bokpoeml Srg-freaaelm jn 7 wgaas
83?> Elstoaaotejl jn Vjpsefgs koel kjfuags Ontgr t`ot o pjwgr bohag weaa hg aoef nrjk Fgato tj Oap`o Furelm t`ot sokg pgrejf, o najotelm jtga weaa hg trolspjrtgf tj t`g negaf njr obbjkkjfotejl furelm t`g teg-
el olf bjkpagtejl p`osg V`g pjwgr bohag olf pepgaelgs weaa hg tegf el Hy glf jn 83?>, gvgryt`elm weaa hg rgofy tj stort prjfubtejl9 portay prjbgssgf jea olf mos weaa hg
trolspjrtgf tj Fgato Negaf njr nurt`gr prjbgss olf gxpjrt kordgts
83?= Freaaelm rem nrjk Kogrsd weaa rgturl tj elstoaa t`g rgkoelelm wgaas V`g wjrd jn suhsgo elstoaaotejl jn Hrovj weaa oasj hgmel el t es pgrejf
VOHAG = SXJIGBV RB@GFWAG
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pm. 22
Srjspgbt Gxpajrotejl Fgvgajpkglt Srjfubtejl Oholfjlkglt
Srjfubtejl
Negaf Oap`o rgsgrvgs olf prjfubtejl paols
Negaf O es ossukgf tj `jaf 27.3 keaaejl stolforf buheb kgtgr (Rk2) jea olf 5.? heaaejl Rk
2mos. Ljtg t`ot o
wgaa weaa ljt prjfubg oaa jn t`g jea olf mos stjrgf el t`g pjrg spobgs jn t`g rgsgrvjer. Gstekotgf rgbjvgry
nobtjr es orjulf 6? pgrbglt. Rj, t`g bjkkgrbeoaay rgbjvgrohag rgsjurbgs org gstekotgf ot ?2.5 keaaejl Rk2jea
olf 6.2 heaaejl Rk2jn loturoa mos. V`es es opprjxekotgay ??6 keaaejl horrgas jn jea gquevoaglt (kkhjg).
Jea el keaaejl Rk Mos el heaaejl Rk
NEMWXG ?> SXJFWBVEJL SXJNEAG NXJK NEGAF OAS@O
Negaf Hrovj olf Negaf B`oraeg
En wg off negaf Hrovj olf B`oraeg, tjtoa bjkkgrbeoaay rgbjvgrohag rgsjurbgs org gstekotgf ot ?0 keaaejl sk2jn
jea olf orjulf 7.8 heaaejl sk2jn mos. V`g `em` rgbjvgry el Hrovj es fug tj vgry mjjf rgsgrvjer prjpgrtegs,
w`eag Oap`o es kjrg bjkpagx wet` voryelm solf quoaety. B`oraeg `os o rgaotevgay mjjf rgbjvgry fug tj
gxpgbtgf mjjf prgssurg suppjrt nrjk t`g loturoa wotgr frevg.
NegafsXgsgrvgs-el-paobg el Xgbjvgry Nobtjr Watekotg Xgbjvgry el
Jea Mos Jea Mos Jea Mos
Oap`o 27.3k 5.?h 25% 6=% ?2.0k 6.2h
Hrovj 6.3k ?.3h >2% >2% 8.>k 3.>h
B`oraeg 2.8k 3.>h 73% 73% ?.>k 3.2h68.8k ?3.=h ?0.3k 7.8h
VOHAG 0 GRVEKOVGF WAVEKOVG XGBJ^GXU JN NEGAF OHB
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pm. 27
Gbjljkebs
Bopetoa gxpglfeturg (Bopgx)Bopgx gstekotg njr t`g negaf Oap`o ot LJD ?5.62 heaaejl njr t`g pgrejf 83?2 tj 83?0. Koijr Bopgx org
obquerelm sgeskeb, hueafelm paotnjrk (tjpsefg olf iobdgt), agoselm freaa rem, aoyelm pepgaelg, `erelm
obbjkkjfotejl vgssgas, jnns`jrg `govy aentelm, freaaelm bokpoeml, olf bjkpagtelm t`g wgaas. Negaf Hrovj olf
B`oraeg ottrobt LJD 2.>3 heaaejl olf LJD ?.8= heaaejl Bopgx rgspgbtevgay. Os fgsbrehgf el Sgtrjaguk Vox Obt
(SVO) sgbtejl 2, t`g Bjkpoly bol fgprgbeotg Bopgx aelgor jvgr o > ygors pgrejf.
Obquerelm Rgeskeb, Freaaelm Bokpoeml, olf Bjkpagtelm t`g ]gaas??,0 heaaejl LJD
Saotnjrk (Vjpsefg olf Rtgga Iobdgt)7,8 heaaejl LJD Freaaelm Xem Agosg6,2 heaaejl LJD
Sepgaelg8,3 heaaejl LJD Ruhsgo Elstoaaotejl ?,3 heaaejl LJD
NEMWXG ?0 KOIJX BOSEVOA GPSGLFEVWXGR
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pm. 2=
Bosg _ugstejls
(O) Boabuaotg t`g bjst jn bopetoa
(H) Njrgbost t`g jea prebg njr ygor 83?8-8323
(B) Brgotg o Nelolbeoa Kjfga njr ygor 83?8-8323
(F) Sgrnjrk Kjltg Boraj Rekuaotejl jl burrglt Nelolbeoa Kjfga
(G) Brgotg o Fgbesejl Vrgg oloayses
(N) Brgotg nelolbeoa gstekotgs njr gob` sbglorej
(M) Sgrnjrk Kjltg Boraj Rekuaotejl jl t`g Fgbesejl Vrgg
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B`optgr 5 Srjpjsgf Rjautejls5
Fesbjult Xotg
Xesd-nrgg rotg
Xesd nrgg rotg es t`g t`gjrgteboa rotg jn rgturl jn ol elvgstkglt wet` zgrj resd. V`g resd nrgg rotg rgprgsglts t`g
eltgrgst elvgstjr wjuaf gxpgbt nrjk ol ohsjautgay resd-nrgg elvgstkglt jvgr o spgbenegf pgrejf jn tekg.
Hosgf jl stufy, t`g ?3-ygor mjvgrlkglt hjlf es koelay oppaegf os resd-nrgg rotg el t`g Ljrwgmeol kordgt,
w`eb` kgols t`g ekpaegf resd nrgg rotg es 8%. (Srebg]otgr`jusgBjjpgrs, 83?2)
Kordgt resd prgkeuk
Xgquergf kordgt resd prgkeuk es t`g elbrgkgltoa rgturl jn o fevgrsenegf pjrtnjaej (t`g kordgt) jvgr t`g resd-
nrgg rotg rgquergf hy ol elvgstjr.
Hosgf jl stufy, t`g kordgt resd prgkeuk el t`g Ljrwgmeol kordgt es 7% njr ygor 83?8 olf 83?2. V`g resd
prgkeuk es ulb`olmgf nrjk ygor 83??. (Srebg]otgr`jusgBjjpgrs, 83?2)
Rkoaa stjbd prgkeuk
O skoaa stjbd prgkeuk es ol offetejl tj t`g rgquergf rotg jn rgturl jl gquety os o rgsuat jn skoaa bjkpolegsstjbds `estjreboaay hgelm kjrg vjaoteag t`ol aormgr bjkpolegs olf oworfelm elvgstjrs wet` `em`gr rgturl.
Elvgstjrs t`grgnjrg worrolt ol offetejloa prgkeuk Rkoaa bjkpolegs org oasj jntgl ossjbeotgf wet` `em`gr resd
fug tj nobtjrs sub` os mrgotgr fgpglfglbg jl dgy pgrsjllga, elfevefuoa prjfubts jr bustjkgrs.
Hosgf jl stufy, t`g skoaa stjbd prgkeuk elbrgosgs t`g skoaagr t`g sezg jn t`g bjkpoly. Njr bjkpolegs wet`
o kordgt bopetoaezotejl jn 8-7 heaaejl, o prgkeuk jn 3-? % s`juaf hg oppaegf. Njr bjkpolegs wet` o kordgt
bopetoaezotejl jn 3.7-? heaaejl, o prgkeuk jn 8-2 % s`juaf hg oppaegf. Njr bjkpolegs wet` o kordgt
bopetoaezotejl jn 3.?-3.7 heaaejl, o prgkeuk jn 2-6 % s`juaf hg oppaegf. (Srebg]otgr`jusgBjjpgrs, 83?2)
Fesbjult Xotg njr Duduzo Jnns`jrg Jeanegaf
Hosgf jl ohjvg elnjrkotejl, t`g Out`jr fgbefgs t`ot t`g rgosjlohag rotg jn rgturl es 5%.
5V`es prjpjsgf sjautejl wos prgporgf hy Olfedo XevoeorevoeCkho?6.rsk.la
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Njrgbostelm Jea Srebg
Xgvglug es t`g njulfotejl tj njrgbost bos` najw. El Wpstrgok Huselgss, Xgvglug es fgnelgf os ulets jn brufg
jea olf loturoa mos prjfubgf olf sjaf, kuatepaegf hy o bjkkjfety prebg. Hjt` vjaukg olf prebg org `em`ay
ulbgrtoel olf fennebuat tj njrgbost.V`g Out`jr summgsts twj stjb`osteb opprjob`gs tj njrgbost jea prebg9 (?)
hrjwleol kjtejl olf (8) kgol-rgvgrtelm.
Hrjwleol kjtejl (Xolfjk ]oad) wet` Frent
Wselm Xesd Rekuaotjr sjntworg, t`g stort voaug es uselm t`g $ >5 gbjljkeb ossukptejl kgltejlgf el t`g bosg
fjbukglt. Frent rotg 2% es elspergf nrjk @jtgaaelm?3
prelbepag. V`g 80% es ekpaegf vjaoteaety jn jea prebg nrjk
`estjreboa foto 83 ygors hobd. @jrezjl es 83 ygors o`gof, wet` 863 stgps olf ?33 etgrotejls.
Rtjb`osteb Srjbgss9 Hrjwleol Kjtejl (Xolfjk ]oad) wet` frent
Rtort ^oaug ($) >5 Rtgps 863
Frent Xotg 2% Etgrotejls ?33
^jaoteaety 80% Xgvgrsejl Xotg l/o
@jrezjl (Ugors) 83 Ajlm-Vgrk ^oaug l/o
VOHAG 5 ELSWV FOVO NJX XERD REKWAOVJX
Ontgr elput ohjvg foto, t`g sjntworg weaa sekuaotg Hrjwleol kjtejl (rolfjk woad) wet` frent, olf t`g
stjb`osteb rgsuat es hgajw (nemurg ?5). V`g mrop`eb eaaustrotg fenngrglt pot` nrjk ?33 etgrotejls, olf t`g tohag es
t`g kgol jn olluoa jea prebg nrjk ygor 83?> tj 8385. V`es es t`g pgrejf w`gl t`g Bjkpoly es gxpgbtgf tj
prjfubg jea olf mos olf mglgrotg rgvglug.
83?> 83?= 83?0 83?5 8383 838? 8388 8382 8386 8387 838> 838= 8380 8385
=7.5 07.8 53.? 52.2 50.5 50.5 5=.3 ?3>.5 ??2.7 ??7.0 ?87.3 ?26.8 ?80.3 ?23.?
NEMWXG ?5 HXJ]LEOL KJVEJL RVJB@ORVEB XGRWAV
?3@orjaf @jtgaaelm, olf Gbjljkest ot Bjaukheo Wlevgrsety, `of ol elbrgfehag efgo9 trofgrs gxpgbt t`g prebg jn o ljl-
rglgwohag loturoa rgsjurbg tj resg ot o rotg gquoa tj t`g eltgrgst rotg. ]g boaa t`es efgo t`