3ROLF\$QDO\VLVRQ3URWHFWHG)RUHVW0DQDJHPHQW7KH3RVVLELOLWLHVWR7DS
3LQH5HVLQLQ3URWHFWLRQ)RUHVW
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³VHUVDQWHUEDOLN´ 3URGXNVLJRQGRUXNHPGDQWHUSHQWLQHQDVLRQDOGDULWDKXQVDPSDLWDKXQ DGDODKWRQGDQWRQVHWLDSWDKXQQ\D'DODPWDKXQ3HUXP3HKXWDQLPDPSX PHPSURGXNVLJRQGRUXNHPGDQWHUSHQWLQUDWDUDWDSHUWDKXQVHEHVDUWRQGDQWRQ GHQJDQ WLQJNDW UHQGHPHQ UDWDUDWD XQWXN JRQGRUXNHP GDQ WHUSHQWLQ 'DWD LQL PHQXMXNNDQEDKZD3HUXP3HUKXWDQLPHUXSDNDQSURGXVHQWXQJJDOXQWXNNHGXDSURGXNWHUVHEXW 6XEDUXGLHWDO
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
0HPEHULNDQ UHNRPHQGDVL VLVWHP SHQ\DGDSDQ JHWDK SLQXV \DQJ WHSDW GDUL VHJL WHNQLV
SHQ\DGDSDQGDQOLQJNXQJDQNRQVHUYDVLWDQDKGDQDLU 0HPEHULNDQDOWHUQDWLISHQJHORODDQKXWDQEHUVDPDPDV\DUDNDW3+%0GDODPSHODNVDQDDQ SHQ\DGDSDQJHWDKSLQXVGL+/ ,, 0(72'2/2*, $.HUDQJND3HPLNLUDQ 3RODSLNLU\DQJGLJXQDNDQGDODPPHODNXNDQNDMLDQNHELMDNDQSHQJHORODDQ+/NKXVXVQ\D SHPDQIDDWDQQ\DXQWXNSHQ\DGDSDQJHWDKSLQXVDGDODKSRODGLVNXVLGLVNXVL\DQJLQWHQVLIGDQDNWLI WHUKDGDSSLKDNSLKDN\DQJWHUOLEDWGDODPSHQ\DGDSDQJHWDKSLQXV)RFDO*URXS'LVFXVVLRQ8QWXN OHELKMHODVQ\DSRODSLNLUWHUVHEXWGDSDWGLOLKDWSDGD*DPEDU %3HQJXPSXODQ'DWD
'DWD \DQJ GLNXPSXONDQ PHOLSXWL GDWD SULPHU GDQ GDWD VHNXQGHU \DQJ GLSHUROHK GDUL SHQJDPDWDQODQJVXQJGLODSDQJDQEDLNEHUXSDGLVNXVLGDQZDZDQFDUDODQJVXQJGHQJDQSDUDSLKDN WHUNDLWGHQJDQSHPDQIDWDDQ+/*DPEDUPDXSXQGDULSHQJXPSXODQEDKDQGDQOLWHUDWXUVHUWD ODSRUDQ\DQJEHUNDLWDQGHQJDQSHQJHORODDQ+/VHEDJDLSHQJKDVLOEDUDQJGDQMDVDOLQJNXQJDQ /RNDVL3HQHOLWLDQGLODNXNDQGLDUHDO3HUXP3HUKXWDQL8QLW,,,-DZD%DUDWGDQ%DQWHQ
.(6$78$1 3(1*(/2/$$1+/.3+/ 327(16,'$1(.2120, +87$1/,1'81* <85,',6 )250$/ 7(.1,6 3(1<$'$3$1 $1$/,6,6.(%,-$.$1 32/$3(/$.6$1$$1 3(1<$'$3$1*(7$+',+/ %$5$1* ++%. -$6$ /,1*.81*$1 78-8$13(1*(/2/$$1 +/ .(/(67$5,$1 %(5%$6,60$6< 352'8.7,9,7$6 3(1*8038/$1 '$7$'$1 ,1)250$6, 83$<$3(0$1)$$7$1+/ <$1*237,0$/ 7(.1,6 /,1*.81*$1 .(5-$6$0$7(.1,6 (9$/8$6, 3(/$.6$1$$1 *DPEDU3RODSLNLU\DQJGLJXQDNDQGDODPNDMLDQNHELMDNDQSHQJHORODDQKXWDQOLQGXQJ )LJXUH)UDPHZRUNXVHGLQWKHSROLF\DQDO\VLVRQIRUHVWSURWHFWLRQPDQDJHPHQW
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
.UHWHULDSHQHWDSDQ+/GLMHODVNDQGDODP331R3DVDONDZDVDQKXWDQGDSDW GLWHWDSNDQPHQMDGL+/DSDELODPHPHQXKLVDODKVDWXNULWHULD
NDZDVDQKXWDQGHQJDQIDNWRUIDNWRUNHODVOHUHQJMHQLVWDQDKGDQLQWHQVLWDVKXMDQVHWHODK PDVLQJPDVLQJ GLNDOLNDQ GHQJDQ DQJND SHQLPEDQJ PHPSXQ\DL MXPODK QLODL VNRUH VHUDWXVWXMXKSXOXKOLPDDWDXOHELK
NDZDVDQKXWDQ\DQJPHPSXQ\DLOHUHQJODSDQJDQHPSDWSXOXKSHUVHUDWXVDWDXOHELK NDZDVDQ KXWDQ \DQJ EHUDGD SDGD NHWLQJJLDQ GXD ULEX PHWHU DWDX OHELK GLDWDV
SHUPXNDDQODXW NDZDVDQKXWDQ\DQJPHPSXQ\DLWDQDKVDQJDWSHNDWHUKDGDSHURVLGHQJDQOHUHQJODSDQJDQ OHELKGDULOLPDEHODVSHUVHUDWXV NDZDVDQKXWDQ\DQJPHUXSDNDQGDHUDKUHVDSDQDLU NDZDVDQKXWDQ\DQJPHUXSDNDQGDHUDKSHUOLQGXQJDQSDQWDL %HUGDVDUNDQNULWHULDSHQHWDSDQ+/WHUVHEXWNHEDQ\DNDQDUHDOKXWDQSURGXNVL3HUKXWDQL \DQJEHUXEDKPHQMDGL+/GLNDUHQDNDQNDZDVDQKXWDQQ\DPHUXSDNDQGDHUDKUHVDSDQDLU %HQWXNEHQWXNSHPDQIDDWDQ+/
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
SHUPRKRQDQ LMLQ GLODNXNDQ EHUGDVDUNDQ NHZHQDQJDQ SHPEHUL LMLQ SDGD ORNDVL LMLQ WHUVHEXW GLODNVDQDNDQ
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
7HNQLVOLQJNXQJDQNRQVHUYDVLWDQDKGDQDLU
6HSHUWL WHODK GLXUDLNDQ EDKZD SHUXEDKDQ KXWDQ SURGXNVL NH +/ NDUHQD NULWHULD GDHUDK WHUVHEXWPHUXSDNDQUHVDSDQDLU'DODPDUWLDQNDZDVDQKXWDQWHUVHEXWVHEDJDLSHQDPSXQJDLUGL
PXVLP KXMDQ GDQ SHQ\HGLD DLU GL PXVLP NHPDUDX VHKLQJJD GDODP SHPDQIDDWDQ NDZDVDQ +/ WHUVHEXWSHUOXGLSHUWLPEDQJDQNRQGLVLGDQVLWXDVLWDQDPDQEDZDKQ\D
6HFDUD XPXP EHVDUQ\D DOLUDQ SHUPXNDDQ UXQ RII GDQ ODMX HURVL GDUL VXDWX ZLOD\DK GLWHQWXNDQROHKEHEHUDSDIDNWRUSHQWLQJGLDQWDUDQ\D
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
7DQDPDQ EDZDK7DQDPDQ LQL GDSDW GLSDQGDQJ VHEDJDL ODSLVDQ WHUEDZDK GDUL WDMXN \DQJ EHUWLQJNDW7DPEDKOHEDWWDQDPDQEDZDKPDNDDOLUDQSHUPXNDDQGDQHURVL\DQJWHUGDSDW GLEDZDKQ\DSDVWLNHFLOMXJD
-HQLV7DQDK -HQLV WDQDK \DQJ JHPEXU XPXPQ\D PHPSXQ\DL VLIDW PXGDK WHUEDZD DOLUDQ SHUPXNDDQVHKLQJJDHURVLPHQMDGLEHVDU
&XUDK+XMDQ'DHUDKGHQJDQLQWHQVLWDVFXUDKKXMDQQ\DPPMDPEHVDUPDNDNHPXQJNLQDQ DOLUDQSHUPXNDDQGDQHURVLQ\DMXJDEHVDU
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
%HUGDVDUNDQ SHUWLPEDQJDQ DVSHN NRQVHUYDVL WDQDK GDQ DLU PDND ORNDVL FRQWRK SHQ\DGDSDQJHWDKSLQXVGLGDHUDK&LNROH3DOLQWDQJGDQ5DQFDNDORQJWLGDNDNDQPHQLPEXONDQ HURVL \DQJ EHVDU NDODX WHJDNDQ 3LQXVQ\D GLVDGDS GHQJDQ PHWRGD ULOO 1DPXQ \DQJ SHUOX GLSHUKDWLNDQGDODPSHODNVDQDDQQ\DQDQWLDGDODKSHPEXDWDQMDODQVHWDSDN\DQJWLGDNPHPRWRQJ NRQWXU-DODQVHWDSDNVHEDLNQ\DGLEXDWPHQJLNXWLJDULVNRQWXUGDQNDODXSXQWHUSDNVDPHPRWRQJ NRQWXUGLVDUDQNDQNHOHUHQJDQMDODQVHWDSDNPDNVLPDO
7HNQLVNHUMDVDPDNHPLWUDDQ
6HLULQJGHQJDQSHUNHPEDQJDQSHPHULQWDKDQSROLWLNGDQSHQGXGXNVRVLDOEXGD\DGDQ HNRQRPL \DQJ WHUMDGL VHNDUDQJ SHOXDQJ XQWXN PHQGDSDWNDQ SHNHUMDDQ GDQ PHQDPEDK SHQJKDVLODQGDULSDUDPDQWDQSHQ\DGDSJHWDKVHPDNLQNHFLOVHKLQJJDKDOLQLGLNKDZDWLUNDQDNDQ PHQLPEXONDQNHUDZDQDQVRVLDOGDQSDGDDNKLUQ\DDNDQPHQJDQFDPNHOHVWDULDQGDULSHQJHORODDQ KXWDQGL3URYLQVL-DZD%DUDWGDQ%DQWHQ
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
'DUL VHJL WHNQLV SHODNVDQDDQ SHQ\DGDSDQ JHWDK SLQXV GL +/ GDSDW GLODNXNDQ ROHK PDV\DUDNDWDWDXNRSHUDVL+DOLQLWHQWXQ\DGDSDWGLZXMXGNDQGDODPNHUDQJND3+%0GHQJDQVLVWHP EDJL KDVLO \DQJ SURSRUVLRQDO DQWDUD 3HUKXWDQL GHQJDQ PDV\DUDNDW NDUHQD 3HUKXWDQL PHQDQJJXQJELD\DSHPEHOLDQ]DWVWLPXODQXQWXNNHJLDWDQSHQ\DGDSDQ
%5HNRPHQGDVL
3HQ\DGDSDQ JHWDK SLQXV GL +/ GDSDW GLSHUNHQDQNDQ GDUL VHJL \XULGLV WHNQLV SHQ\DGDSDQ PHWRGDULOOGDQWHNQLVNRQVHUYDVLWDQDKGDQDLUWHUXWDPDSDGDGDHUDKGDHUDK\DQJGLWLQMDX GDQ GLWHWDSNDQ VHEDJDL ORNDVL XML FRED SHQ\DGDSDQ ULOO GL +/ VHUWD PDVXN NULWHULD EORN SHPDQIDDWDQGDODP+/
'DODP SHODNVDQDDQ SHQ\DGDSDQ JHWDK SLQXV GL VXDWX DUHDO VDQJDW GLSHUOXNDQ XQWXN PHQLQJJDONDQ SRKRQ WDQSD VDGDS VHEDQ\DN SRKRQKD VHEDJDL NRQWURO XQWXN PHOLKDW SHUEHGDDQWXPEXKDQWDUDSRKRQ\DQJGLVDGDSGDQWLGDNGLVDGDS
0RQLWRULQJGDQHYDOXDVLSHODNVDQDDQNHJLDWDQSHQ\DGDSDQJHWDKSLQXVGL+/SHUOXGLODNXNDQ VHFDUD HIHNWLI GDQ LQWHQVLI XQWXN PHPDVWLNDQ EDKZD NHJLDWDQ WHUVHEXW WLGDN PHQ\HEDENDQ NHPDWLDQDWDXPHURERKNDQSRKRQGDQWLGDNSXODPHQ\HEDENDQEHVDUQ\DDOLUDQSHUPXNDDQ GDQHURVLGLVHNLWDUORNDVLSHQ\DGDSDQ
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
3HUXP3HUKXWDQL.DMLDQ7HNQLV3HQ\DGDSDQ*HWDK3LQXVGL+XWDQ/LQGXQJ'HQJDQ6LVWHP 6DOXUDQ3HUXP3HKXWDQL8QLW,,,-DZD%DUDWGDQ%DQWHQ-DQXDUL
6RHQDUGL $ 3HPELQDDQ GDQ 3HQJHPEDQJDQ 3RWHQVL 3URGXNVL +DVLO +XWDQ 1RQ .D\X 3URVLGLQJ'LVNXVL+DVLO+XWDQ1RQND\X-DNDUWD-XOL
6UL\DQL1+6XSUDSWR+6XVDQWR$7/XELVGDQ<2NL:RRGSRSXODWLRQG\QDPLFVLQ &RIIHH 3ODQWDWLRQ 0DQDJHG E\ 'LIIHUHQW 6RLO &RQVHUYDWLRQ 7HFKQLTXHV )DFXOW\ RI $JULFXOWXUH 8QLYHUVLW\ /DPSXQJ DQG )DFXOW\ RI (QYLURQPHQWDO 6FLHQFH DQG 7HFKQRORJ\ 2ND\DPD8QLYHUVLW\-DSDQ
6XEDUXGL1$GL%:L\RQRDQG'66XNDUGL6WDWLVWLFDO'DWD&ROOHFWLRQDQG$QDO\VLVRQ1RQ :RRG)RUHVW3URGXFWVLQ,QGRQHVLD3DSHU6XEPLWWHGWR)RRGDQG$JULFXOWXUH2UJDQL]DWLRQ )$2
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