3(1,1*.$7$1352'8.6,'$1$1$/,6,6),1$16,$/3$'$%8.$
6$'$3'(1*$1/,/,7%$7$1*!&08178.
0(1*+$'$3,+$5*$.$5(75(1'$+
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
WHUVHEXWVHODQMXWQ\DGLJXQDNDQPHQJKLWXQJ DQDOLVLVILQDQVLDOEXNDVDGDSSDGDWLDSNHODV OLOLW EDWDQJ 0HWRGH DQDOLVLV ILQDQVLDO SDGD SHQHOLWLDQ LQL PHQJJXQDNDQ DQDOLVLV5& UDWLR+DVLOSHQHOLWLDQPHQXQMXNNDQEDKZD EXNDVDGDS\DQJGLODNXNDQSDGDOLOLWEDWDQJ O H E L K E H V D U G D U L N U L W H U L D Q R U P D O PHQXQMXNNDQOHELKEHVDUODMXSHUWXPEXKDQ OLOLW EDWDQJ GDQ WHEDO NXOLWQ\D VHUWD OHELK WLQJJL SURGXNVLQ\D VHKLQJJD NHXQWXQJDQ DWDX QLODL5& UDWLR SDGD VDDW 70 MXJD VHPDNLQEHVDU
.DWDNXQFL +DUJD NDUHW UHQGDK OLOLW EDWDQJ SHQXQGDDQ EXND VDGDS SURGXNWLYLWDV WHEDO NXOLW
3(1'$+8/8$1
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
GLDQWDUDQ\D GLVHEDENDQ ROHK SHQJDUXK DJURVLVWHP GDQ PDQDMHPHQ EXGLGD\D 'DUL SHQJDPDWDQ GL ODSDQJDQ GLNHWDKXL EDKZD I D N W R U \ D Q J S D O L Q J P H P S H Q J D U X K L NHVHQMDQJDQ WHUVHEXW DGDODK PDQDMHPHQ EXGLGD\D6HGDQJNDQSHQJDUXKDJURVLVWHP PHVNLSXQQ\DWDWHWDSLWLGDNOHELKEHVDUGDUL S H Q J D U X K P D Q D M H P H Q E X G L G D \ D .HFHQGHUXQJDQ PDQDMHPHQ EXGLGD\D \DQJ GLODNXNDQ ROHK SHNHEXQ GHZDVD LQL DGDODK PHPDQGDQJ WDQDPDQ NDUHW VHEDJDL ´REMHN SURGXNVLµVHPDWDEXNDQODJLVHEDJDL´DVHW SHUXVDKDDQµ \DQJ KDUXV GLNHOROD GDODP MDQJND SDQMDQJ $NLEDW GDUL WHNDQDQ ELD\D \DQJ WLQJJL KDUJD MXDO \DQJ UHQGDK GLWDPEDKSHQHWDSDQWDUJHW\DQJWHUNDGDQJ WLGDN UHDOLVWLV PHQGRURQJ WHUMDGLQ\D HNVSORLWDVL \DQJ EHUOHELKDQ GDQ HILVLHQVL ELD\DEXGLGD\D\DQJWLGDNZDMDUVHMDNPDVD 7%0KLQJJDNH706XKHQGU\$LGL'DVOLQ +XVQ\ 8QWXN MDQJND SHQGHN SHQLQJNDWDQ SURGXNWLYLWDV MXJD GDSDW GLODNXNDQ GHQJDQ DSOLNDVL VWLPXODQVLD 0HVNLSXQ SHQJJXQDDQ VWLPXODQ PHPLOLNL GDPSDN SRVLWLI WHUKDGDS SHQLQJNDWDQ SURGXNVL SHPDNDLDQ VWLPXODQ \DQJ EHUOHELKDQ MXVWUX DNDQ PHQ\HEDENDQ SURGXNVL EHULNXWQ\D WHUXV PHURVRW GDQ PHPSHUSHQGHN XPXU HNRQRPLV WDQDPDQ 5RXI 1XJUDKDQL 3DPXQJNDV 6HWLRQR +DGL
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
PHQ\DWDNDQ EDKZD XNXUDQ OLOLW EDWDQJ WHEDONXOLWMXPODKFLQFLQSHPEXOXKODWHNV GDQMXPODKSDUWLNHONDUHWPHPLOLNLNRUHODVL SRVLWLI WHUKDGDS KDVLO ODWHNV SDGD JHQRWLSH 55,0GDQ318SD\DNHGXD\DLWX SHQHUDSDQ WHNQRORJL EXGLGD\D \DQJ WHSDW WDPSDNQ\D OHELK WHSDW GLWHUDSNDQ XQWXN MDQJND SDQMDQJ GDODP PHQJKDGDSL NRQGLVL KDUJD MXDO NDUHW \DQJ UHQGDK 0HQJLQJDW WDQDPDQ NDUHW PHUXSDNDQ WDQDPDQ
WDKXQDQ SHUHQQLDO FURS GHQJDQ XPXU
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
'DODP NRQGLVL WHNDQDQ KDUJD NDUHW UHQGDK VHSHUWL SDGD VDDW LQL PHODOXL SHQXQGDDQ EXND VDGDS VHNLWDU WDKXQ KLQJJD WDQDPDQ PHQFDSDL XNXUDQ OLOLW
EDWDQJ!FPGLGXJDGDSDWPHQJKDVLONDQ SURGXNVL\DQJOHELKRSWLPXPVDDW70GDQ PHPLOLNLQLODLSURILWDELOLWDV\DQJOHELKWLQJJL GLEDQGLQJNDQ GLEXND VDGDS VHFDUD QRUPDWLI 8QWXN LWX DJDU GDSDW GLNHWDKXL VHFDUD MHODV GDPSDN GDUL SHQXQGDDQ EXND VDGDSSHUOXGLODNXNDQSHQHOLWLDQ3HQHOLWLDQ L Q L E H U W X M X D Q X Q W X N P H Q J H W D K X L SHQLQJNDWDQ ODMX OLOLW EDWDQJ \DQJ DNDQ GLFDSDL VHEHOXP WDQDPDQ GLVDGDS SHQLQJNDWDQ SURGXNWLYLWDV GDQ ODEDUXJL DNLEDW DGDQ\D SHQXQGDDQ EXND VDGDS KLQJJDOLOLWEDWDQJ!FP
%$+$1'$10(72'(
3HQHOLWLDQ GLODNXNDQ GL DUHDO SHUWDQDPDQ NDUHW WDKXQ WDQDP $IGHOLQJ *DODUGRZR .HEXQ *HWDV 37 3HUNHEXQDQ 1XVDQWDUD ,; -DZD 7HQJDK 3HQHOLWLDQ PXODL GLODNVDQDNDQ SDGD EXODQ 2NWREHU DNKLU 7%0 9 KLQJJD 5DQFDQJDQ SHQHOLWLDQ \DQJ GLJXQDNDQ DGDODK 5DQFDQJDQ $FDN /HQJNDS GHQJDQ IDNWRU WXQJJDO \DLWX NHODV OLOLW EDWDQJ 7HUGDSDW NHODV OLOLW EDWDQJ GDODP VHWLDS SORW\DLWX
.HODV$OLOLWEDWDQJFP
.HODV%NRQWUROOLOLWEDWDQJFP .HODV&OLOLWEDWDQJFP .HODV'OLOLWEDWDQJFP .HODV(OLOLWEDWDQJFP
-XPODK VDPSHO WDQDPDQ \DQJ GLDPDWL WLDS NHODV OLOLW EDWDQJ DGDODK SRKRQGHQJDQXODQJDQVHKLQJJDWHUGDSDW WDQDPDQ VDPSHO .ORQ WDQDPDQ \DQJ GLJXQDNDQ GDODP SHQHOLWLDQ LQL \DLWX ,55 4XLFN6WDUWHUGHQJDQMDUDNWDQDPP[ P SRKRQ+D 6DPSHO GDODP SHQHOLWLDQ LQL DGDODK DUHDO 70 \DQJ GLVDGDSPHQJJXQDNDQVLVWHPVDGDS6G WDQSDVWLPXODQ
3DUDPHWHU \DQJ GLDPDWL SDGD SHQHOLWLDQ LQL \DLWX OLOLW EDWDQJ DZDO WHEDO NXOLW DZDO SHUWXPEXKDQ OLOLW EDWDQJ WLDS EXODQSHUWXPEXKDQWHEDONXOLWWLDSEXODQ YROXPHODWHNVNDGDUNDUHWNHULQJ.GDQ S U R G X N V L N D U H W N H U L Q J S H U S R K R Q S U R G X N V L S R K R Q V D G D S V H U W D WDNVDVLSUR\HNVL SURGXNVL XQWXN EXODQ EHULNXWQ\D 0HWRGH SHQJKLWXQJDQ SUR\HNVL SURGXNVLXQWXNEXODQEHULNXWQ\DGLODNXNDQ GHQJDQ PHQJLNXWL UHDOLVDVL SROD VHEDUDQ SURGXNVLGLNHEXQVHWLDSEXODQQ\D3UR\HNVL SURGXNWLYLWDV WHUVHEXW GLJXQDNDQ XQWXN
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
'DODP PHODNXNDQ DQDOLVLV ILQDQVLDO GLSHUOXNDQGDWDSULPHU\DQJGLSHUROHKGDUL EORNSHQHOLWLDQ\DQJWHODKGLUDQFDQJGLDWDV 'DWDSULPHUWHUVHEXWPHOLSXWLGDWDSURGXNVL GDQSHQDPEDKDQOLOLWEDWDQJGDQWHEDONXOLW WDQDPDQ SHU EXODQ 6HODLQ LWX MXJD GLODNXNDQ SHQJDPELODQ GDWD VHNXQGHU VHSHUWLSRODSURGXNVLNORQ,55ODSRUDQ ELD\D GDQ ODED UXJL SHUXVDKDDQ VHUWD SHQHQWXDQ EHEHUDSD DVXPVL VHEDJDL EHULNXW
D $QDOLVLV ILQDQVLDO GLODNXNDQ SDGD 70 G H Q J D Q P H Q J J X Q D N D Q G D W D SURGXNWLYLWDVSUR\HNVLVHSHUWLSDGD7DEHO
E %LD\D SURGXNVL \DQJ GLSHUKLWXQJNDQ DGDODK ELD\D SDQHQ ELD\D DQJNXWDQ GDQELD\DSHQJRODKDQ
F /XDVDUHDO\DQJGLDQDOLVLVDGDODK+D G .ORQ \DQJ GLWDQDP DGDODK ,55
GHQJDQ MDUDN WDQDP P [ P SRKRQ+D
H +DUJD LQSXWDODW GDQ VDUDQD SURGXNVL GLVHVXDLNDQ GHQJDQ KDUJD SDVDU \DQJ EHUODNXGLORNDVLSHQHOLWLDQSDGDWDKXQ
I 3URSRUVL KDVLO NDUHW NHEXQ VHVXDL \DQJ EHUODNX GL ORNDVL SHQHOLWLDQ \DLWX ODWHNV\DQJGLRODKPHQMDGL566GDQ OXPS\DQJGLRODKPHQMDGL%URZQ&UHSH J +DUJDMXDOSURGXNKDVLONDUHWGLWHWDSNDQ VHEHVDUGDULKDUJD)2%566GDQ 6,5+DUJD)2%566PDVLQJPDVLQJ WHUGDSDWVNHQDULRKDUJD\DQJPDVLQJ PDVLQJPHZDNLOLNRQGLVLKDUJDMXDONDUHW \DLWX SDGD VDDW KDUJD NDUHW VDQJDW UHQGDKKDUJDUHQGDKGDQKDUJDPXODL PHPEDLN \DLWX VHEHVDU 86' .J 86'.JGDQ86'.JGHQJDQ QLODL WXNDU ,'5 SHU 86' 6HGDQJNDQ KDUJD 6,5 GLDVXPVLNDQ VHEHVDUGDULKDUJD566
K 1LODL331GLWHWDSNDQVHEHVDU
+$6,/'$13(0%$+$6$1
3HUWXPEXKDQ/LOLW%DWDQJGDQ7HEDO.XOLW
8NXUDQ OLOLW EDWDQJ SDGD WDQDPDQ NDUHW PHUXSDNDQ SDUDPHWHU XWDPD GDODP SHQHQWXDQ ZDNWX EXND VDGDS 7DQDPDQ NDUHWGLDQJJDSPHQFDSDLPDWDQJVDGDSMLND OHELK GDUL GDUL MXPODK WDQDPDQ SHU VDWXDQ OXDV WHODK PHPSXQ\DL XNXUDQ OLOLW EDWDQJ!FP.XVZDQKDGL +HUOLQDZDWL $SDELODWDQDPDQGLEXNDVDGDSSDGD XNXUDQOLOLWEDWDQJFPGLNKDZDWLUNDQ DNDQ PHQJDODPL JDQJJXDQ SHUWXPEXKDQ PLVDOQ\DUHQGDKQ\DODMXSHUWXPEXKDQOLOLW EDWDQJ GDQ WHEDO NXOLW GDQ EHUGDPSDN QHJDWLIWHUKDGDSSHUROHKDQSURGXNVL
6HFDUD XPXP KDVLO SHQHOLWLDQ PHQXQMXNNDQ EDKZD VHPDNLQ NHFLO OLOLW EDWDQJ VDDW GLEXND VDGDS PDND ODMX SHUWXPEXKDQ WDQDPDQ VHODQMXWQ\D MXJD VHPDNLQ UHQGDK EHJLWX SXOD VHEDOLNQ\D 7DQDPDQGHQJDQSHUODNXDQ$\DQJGLEXND VDGDSSDGDXNXUDQOLOLWEDWDQJ² FPEHOXPPHPHQXKLNULWHULDPDWDQJVDGDS PHPLOLNL ODMX SHUWXPEXKDQ OLOLW EDWDQJ VHNLWDU FPEXODQ 1DPXQ SDGD SHUODNXDQ EXND VDGDS GHQJDQ XNXUDQ OLOLW EDWDQJFPPHOHELKLNULWHULDPDWDQJ VDGDS PHQXQMXNNDQ VHPDNLQ EHVDU ODMX SHUWXPEXKDQ VHWLDS EXODQQ\D \DLWX FPFPGDQFP7DEHO
1LODL ODMX SHUWXPEXKDQ SDGD
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² FPWDKXQ 'DODP SHQHOLWLDQ LQL ODMX SHQDPEDKDQ OLOLW EDWDQJ VHWHODK GLVDGDS OHELK UHQGDK GLEDQGLQJ VDDW 7%0 \DLWX EHUNLVDUDQWDUD²FPEXODQDWDX VHNLWDU²FPWDKXQ2OHKNDUHQD LWX XSD\D SHQLQJNDWDQ SURGXNVL PHODOXL SHQJRSWLPDODQNHUDJDDQWDQDPDQWHUXWDPD OLOLWEDWDQJSHUOXGLWHNDQNDQSDGDVDDW7%0 6DODK VDWX FDUD \DQJ GDSDW GLODNXNDQ DGDODK GHQJDQ PHQXQGD EXND VDGDS 3HQXQGDDQ EXND VDGDS GLPDNVXGNDQ XQWXN PHQLQJNDWNDQ EHVDUQ\D ODMX SHUWXPEXKDQOLOLWEDWDQJVHNDOLJXVSURGXNVL \DQJ DNDQ GLSHUROHK VHODPD PDVD 70 GLKDUDSNDQOHELKWLQJJL
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
3DGD*DPEDUPHQXQMXNNDQEDKZD XNXUDQ OLOLW EDWDQJ VDDW GLEXND VDGDS E H U N R U H O D V L S R V L W L I W H U K D G D S O D M X SHUWXPEXKDQQ\D 6HPDNLQ EHVDU XNXUDQ OLOLW EDWDQJ VDDW GLEXND VDGDS PDND VHPDNLQ EHVDU SXOD ODMX SHUWXPEXKDQQ\D EHJLWX SXOD VHEDOLNQ\D +DO LQL VHUXSD G H Q J D Q S H Q G D S D W 9 L M D \ D N X P D U 6XORFKDQDPPDGDQ7KRPDVEDKZD WDQDPDQ NDUHW \DQJ GLEXND VDGDS WHUODOX PXGDGHQJDQOLOLWEDWDQJ\DQJPDVLKNHFLO VHFDUD VLJQLILNDQ SHUWXPEXKDQ DNDQ OHELK ODPEDW GLEDQGLQJNDQ GHQJDQ OLOLW EDWDQJ OHELKEHVDU 3HUODNXDQ NHODVOLOLW EDWDQJ 7UHDWPHQW FODVVJLUWK FP /DMXSHUWXPEXKDQVHWLDSEXODQ *URZWKUDWHHDFKPRQWK 5HUDWDODMX SHUWXPEXKDQ SHUEXODQ $YHUDJHRI JURZWKUDWH HDFKPRQWK 2NW1RY 2FW1RS 1RY'HV 1RS'HF 'HV-DQ 'HF-DQ -DQ)HE -DQ3HE )HE0DU 3HE0DU /% FP 7. PP /% FP 7. PP /% FP 7. PP /% FP 7. PP /% FP 7. PP /% FP 7. PP $ % & ' ( 7DEHO/DMXSHUWXPEXKDQOLOLWEDWDQJGDQWHEDONXOLWSDGDVHWLDSNHODVSHUODNXDQ 7DEOH*URZWKUDWHRIJLUWKDQGEDUNWKLFNQHVVRQHDFKFODVVWUHDWPHQW
3URGXNVL
.DUDNWHU OLOLW EDWDQJ WDQDPDQ NDUHW PHPLOLNL NRUHODVL SRVLWLI WHUKDGDS KDVLO ODWHNV*RQFDOYHVHWDOGHQJDQQLODL NRHILVLHQNRUHODVLVHEHVDU:RHODQHW DO 3URGXNVL ODWHNV \DQJ GLKDVLONDQ GDODPSHQHOLWLDQLQLMXJDPHQXQMXNNDQKDO \DQJ VDPD 3DGD 7DEHO GLNHWDKXL EDKZD UHUDWDSURGXNVLNDUHWNHULQJSHUSRKRQSHU VDGDS SDGD WDQDPDQ \DQJ GLEXND VDGDS SDGDXNXUDQOLOLWEDWDQJQRUPDODWDXNRQWURO ² FP VHEHVDU JSV NHPXGLDQPHQLQJNDWPHQFDSDLJSV WHUKDGDS NRQWURO VHLULQJ GHQJDQ EHUWDPEDK EHVDUQ\D XNXUDQ OLOLW EDWDQJ SDGD VDDW GLVDGDS .RQGLVL VHEDOLNQ\D GLWXQMXNNDQ SDGD SHUODNXDQ EXND VDGDS
SDGDXNXUDQOLOLWEDWDQJFP7DQDPDQ \DQJGLEXNDVDGDSSDGDNRQGLVLXNXUDQOLOLW EDWDQJ ² FP KDQ\D GDSDW PHQJKDVLONDQ SURGXNVL WHUKDGDS NRQWURODWDXVHNLWDUJSV
%HUGDVDUNDQ UHDOLVDVL FDSDLDQ SURGXNVLVHODPDHQDPEXODQGDQEHEHUDSD DVXPVL PLVDOQ\D MXPODK KDUL VDGDS KDULEXODQNHFXDOL)HEUXDULKDULMXPODK SRKRQ GLVDGDS SDGD VDDW 70 SRKRQ+D DWDX WHUKDGDS SRSXODVL SRKRQ+DGDQSRODVHEDUDQSURGXNVL SHUEXODQGLNHEXQPDNDGDSDWGLODNXNDQ SHQJKLWXQJDQ SUR\HNVL SURGXNVL VHODPD WDKXQ VDGDS SHUWDPD 70 VHEDJDLPDQD GLVDMLNDQSDGD7DEHO *DPEDU.RUHODVLDQWDUDXNXUDQOLOLWEDWDQJVDDWEXNDVDGDSGHQJDQODMXSHUWXPEXKDQOLOLW EDWDQJGDQWHEDONXOLW )LJXUH&RUUHODWLRQEHWZHHQJLUWKVL]HGXULQJWDSSLQJRSHQLQJZLWKWKHJURZWKUDWHRIJLUWKDQG EDUNWKLFNQHVV 3HUODNXDQNHODV OLOLWEDWDQJ 7UHDWPHQW FODVVJLUWK FP 3URGXNVLNDUHWSHUSRKRQSHUVDGDSJSV 5XEEHUSURGXFWLRQSHUWUHHSHUWDSSLQJJWW 3HUEDQGLQJDQ WHUKDGDS NRQWURO &RPSDULVRQWR FRQWUROV 1RY 1RS 'HV 'HF -DQ -DQ )HE 3HE 0DU 0DU 5HUDWD $YHUDJH $ D % D & E ' F ( G 7DEHO3URGXNVLNDUHWNHULQJSHUSRKRQSHUVDGDSJSVSDGDVHWLDSSHUODNXDQ 7DEOH3URGXFWLRQRIGU\UXEEHUSHUWUHHSHUWDSSLQJJWWLQHDFKWUHDWPHQW $QJND\DQJGLLNXWLKXUXI\DQJVDPDPHQXQMXNNDQWLGDNDGDSHUEHGDDQ\DQJQ\DWDSDGDWDUDIXML )LJXUHVIROORZHGE\WKHVDPHOHWWHUVKRZHGQRVLJQLILFDQWGLIIHUHQFHVLQWHVWOHYHO \ [ 5 $ % & ' ( 3HUODNXDQ.HODV/LOLW%DWDQJ /DMX/LOLW%DWDQJ FPEXODQ /DMX7HEDO.XOLW PPEXODQ \ [ 5 $ % & ' ( 3HUODNXDQ.HODV/LOLW%DWDQJ
+DVLOSUR\HNVLSURGXNVLSDGD7DEHO
GLNHWDKXL EDKZD SURGXNVL WHUWLQJJL GLSHUROHK SDGD SHUODNXDQ EXND VDGDS GHQJDQSHUODNXDQNHODV(DWDXXNXUDQOLOLW EDWDQJFPVHGDQJNDQWHUHQGDK SDGDSHUODNXDQOLOLWEDWDQJNHODV$DWDX FP 'HQJDQ GHPLNLDQ GDSDW GLVLPSXONDQ EDKZD VHPDNLQ EHVDU XNXUDQ OLOLW EDWDQJ SDGDVDDWEXNDVDGDSPDNDVHPDNLQEHVDU SRWHQVLSURGXNVL\DQJGDSDWGLSHUROHK%XND VDGDS GHQJDQ XNXUDQ OLOLW EDWDQJ FP MXVWUXDNDQPHQJKDVLONDQSRWHQVLSURGXNVL UHQGDKQDPXQDSDELODEXNDVDGDSGLWXQGD KLQJJDWDQDPDQPHPLOLNLOLOLWEDWDQJ!FP GDSDWPHQLQJNDWNDQSRWHQVLSURGXNVLSDGD VDDW70$SDELODSDGDDZDOVDGDSPHPLOLNL SRWHQVL SURGXNVL WLQJJL PDND SDGD XPXU VDGDS EHULNXWQ\D GLGXJD PHPLOLNL SRWHQVL SURGXNVL\DQJWLQJJLSXOD $QDOLVLV)LQDQVLDO D 3HQHULPDDQSDGD$ZDO%XND6DGDS 'DODP XSD\D PHPSHUWDKDQNDQ HNVLVWHQVL SHUNHEXQDQ NDUHW SDGD VDDW NRQGLVLKDUJDMXDONDUHW\DQJUHQGDKVDQJDW GLEXWXKNDQ GXNXQJDQ EDLN GDUL DVSHN
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x 'DWDEXODQ$SULOGVWGLODQMXWNDQSUR\HNVLVHVXDLSRODVHEDUDQSURGXNVLGLNHEXQ'DWDIURP$SULO DQGVRFRQWLQXHGSURMHFWLRQFRUUHVSRQGLQJGLVWULEXWLRQSDWWHUQRISURGXFWLRQLQWKHSODQWDWLRQ
x +DULVDGDSSHUEXODQKDULNHFXDOL)HEUXDUL KDUL'D\RIWDSSLQJSHUPRQWKRIGD\VH[FHSW
IRU)HEUXDU\ GD\V
x 3RSXODVLSRKRQGDSDWGLVDGDSSDGDDZDO70 SRKRQ+DWHUKDGDSSRKRQ+D 7KHSRSXODWLRQRIWUHHVFDQEHWDSSHGDWWKHEHJLQQLQJRIWKH70 WUHHV+DRIWKH WUHHV+D
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x %LD\DSURGXNVL\DQJGLSHUKLWXQJNDQWHUEDWDVSDGDELD\DSDQHQDQJNXWDQGDQSHQJRODKDQ7KHSURGXFWLRQ FRVWVDUHWDNHQLQWRDFFRXQWLVOLPLWHGWRWKHFRVWRIKDUYHVWLQJWUDQVSRUWDWLRQDQGSURFHVVLQJ x +DUJDMXDONDUHW )2%7KHVHOOLQJSULFHRIUXEEHU )2% x .XUVGROODUWHUKDGDSUXSLDK 5S7KHH[FKDQJHUDWHRI86'WR,'5DV86' ,'5 x 8SDKSHQ\DGDS ,'5+.27DSSHUZDJHV ,'5+.2
SDEULN 3DGD ELD\D SURGXNVL WHUVHEXW
WHUGDSDW ELD\D WHWDS GDQ ELD\D YDULDEHO %LD\D WHWDS PHUXSDNDQ ELD\D \DQJ WLGDN GLSHQJDUXKL ROHK MXPODK SURGXNVL \DQJ GLKDVLONDQPLVDOQ\DDGDODKXSDKSHQJDZDV GDQ SHQ\DGDS VHUWD DODW GDQ EDKDQ SDQHQ VHSHUWLSLVDXVDGDSPDQJNXNVDGDSWDODQJ VDGDS GOO GLPDQD MXPODK GDQ EHVDUQ\D ELD\DWHUVHEXWOHELKGLSHQJDUXKLROHKEHVDU KDQFD DWDX MXPODK SRKRQ GLVDGDS 3DGD DQDOLVLV ILQDQVLDO GL DWDV WHUGDSDW GXD VNHQDULRXSDK\DQJPHQJJDPEDUNDQXVDKD SHUNHEXQDQ NDUHW GL -DZD 7DEHO GDQ GL 6XPDWHUD 7DEHO 6HGDQJNDQ ELD\D
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
.RQGLVL+DUJD .HODVOLOLW EDWDQJ 8UDLDQ 3HQHULPDDQ 5S %LD\D 5S .HXQWXQJDQ 5S 5& UDWLR $ % 6NHQDULR, +DUJD86'.J & 6FHQDULR, ' 3ULFH86'NJ ( $ % 6NHQDULR,, +DUJD86'NJ & 6FHQDULR,, ' 3ULFH86'NJ ( $ % 6NHQDULR,,, +DUJD86'NJ & 6FHQDULR,,, ' 3ULFH86'NJ (
7DEHO3HUEDQGLQJDQ WLQJNDW NHXQWXQJDQ SHU +D SDGD DZDO VDGDS GDUL PDVLQJPDVLQJ NHODVOLOLWEDWDQJGL6XPDWHUD 7DEOH&RPSDULVRQRIWKHSURILWDELOLW\SHU+DRQHDUO\WDSSLQJRIHDFKJLUWKFODVVLQ6XPDWHUD $VXPVL$VVXPSWLRQ x %LD\DSURGXNVL\DQJGLSHUKLWXQJNDQWHUEDWDVSDGDELD\DSDQHQDQJNXWDQGDQSHQJRODKDQ7KHSURGXFWLRQ FRVWVDUHWDNHQLQWRDFFRXQWLVOLPLWHGWRWKHFRVWRIKDUYHVWLQJWUDQVSRUWDWLRQDQGSURFHVVLQJ x +DUJDMXDONDUHW )2%7KHVHOOLQJSULFHRIUXEEHU )2% x .XUVGROODUWHUKDGDSUXSLDK 5S7KHH[FKDQJHUDWHRI86'WR,'5DV86' ,'5 x 8SDKSHQ\DGDS ,'5+.27DSSHUZDJHV ,'5+.2
PHPEXWXKNDQ ELD\D SURGXNVL \DQJ SDOLQJ NHFLOGDQNHODVOLOLWEDWDQJ(PHPEXWXKNDQ ELD\DSURGXNVL\DQJSDOLQJEHVDU
F .HXQWXQJDQSDGD$ZDO%XND6DGDS
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
G $SOLNDVL +DVLO 3HQHOLWLDQ GDODP 3HQXQGDDQ%XND6DGDS6DDW70
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
:LOD\DK $UHD +DUJD86'.J 3ULFH86'.J .HODVOLOLW EDWDQJ *LUWKFODVV 3HQHULPDDQ 5HYHQXH ,'5 %LD\D &RVW ,'5 .HXQWXQJDQ 3URILW ,'5 5& UDWLR -DZD % ' 6XPDWHUD % ' 7DEHO3UR\HNVLSHQLQJNDWDQNHXQWXQJDQGHQJDQSHUODNXDQ%GDQ' 7DEOH3URMHFWLRQRISURILWLQFUHDVHE\WUHDWPHQW%DQG' ,'5 KD .RQGLVL LQL GDSDW GLJXQDNDQ VHEDJDL EDKDQ SHUWLPEDQJDQ SDGD VDDW KDUJD NDUHW UHQGDK \DLWX VHEDLNQ\D GLODNXNDQ SHQXQGDDQ EXND VDGDS
.(6,038/$1
%XND VDGDS \DQJ GLODNXNDQ SDGD NRQGLVLOLOLWEDWDQJOHELKEHVDUGDULNULWHULD QRUPDO!FPPHQXQMXNNDQOHELKEHVDU ODMX SHUWXPEXKDQ OLOLW EDWDQJ GDQ WHEDO NXOLWQ\D/DMXSHUWXPEXKDQOLOLWEDWDQJ\DQJ GLEXNDVDGDSSDGDOLOLWEDWDQJ FP NRQWURO VHNLWDU FPEXODQ VHGDQJNDQ \DQJ GLEXND ! FP PHQFDSDLFPEXODQ
6HPDNLQ EHVDU XNXUDQ OLOLW EDWDQJ SDGDVDDWWDQDPDQGLEXNDVDGDSVHPDNLQ EHVDUSXODSRWHQVLSURGXNVL\DQJGLSHUROHK 6HPDNLQ NHFLO XNXUDQ OLOLW EDWDQJ \DQJ GLEXND VDGDS VWDQGDU PDND SRWHQVL SURGXNVL MXJD VHPDNLQ UHQGDK 5HUDWD SURGXNVL \DQJ GLSHUROHK SDGD EXND VDGDS Q R U P D O V H N L W D U J S V .J+DWDKXQVHGDQJNDQSDGDEXNDVDGDS FP VHNLWDU JSV .J+DWDKXQ GDQ MLND GLEXND VDGDS ! FP PHQFDSDL ! JSV GHQJDQ SUR\HNVL SURWDV DQWDUD .J+DWDKXQ
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
$QDOLVLVILQDQVLDOSDGD70GHQJDQ D V X P V L K D U J D N D U H W 8 6 ' . J PHPSHUOLKDWNDQ EDKZD SDGD WDKXQ DZDO EXND VDGDS XQWXN VHWLDS NHODV OLOLW EDWDQJ PHQJKDVLONDQNHXQWXQJDQ\DQJFXNXSEDLN GL WLQJNDW SDEULN XQWXN ZLOD\DK -DZD GDQ XQWXN ZLOD\DK 6XPDWHUD MXJD VXGDK PHQJKDVLONDQ NHXQWXQJDQ DSDELOD EXND VDGDSPXODLGLODNXNDQSDGDOLOLWEDWDQJ FP .RQGLVL LQL GDSDW GLJXQDNDQ VHEDJDL EDKDQSHUWLPEDQJDQSDGDVDDWKDUJDNDUHW UHQGDK \DLWX VHEDLNQ\D GLODNXNDQ SHQXQGDDQEXNDVDGDS
'$)7$53867$.$
$LGL'DVOLQ 3DVDULEX 6$ 8ML DGDSWDVLNORQNDUHW,556HULSDGD DJURNOLPDW NHULQJ GL .HEXQ 6XQJHL %DOHK .DEXSDWHQ $VDKDQ 6XPDWHUD 8WDUD-XUQDO 3HQHOLWLDQ .DUHW
' R L S S N MSNYL
'LUHNWRUDW -HQGHUDO 3HUNHEXQDQ 6WDWLVWLN 3HUNHEXQDQ ,QGRQHVLD .RPRGLWDV .DUHW -DNDUWD ,QGRQHVLD'LWMHQEXQ
*RQFDOYHV36&DUGLQDO$%%'D&RVWD 5% %RUWROHWWR 1 *RXYHD /5/ *HQHWLF YDULDELOLW\ DQG VHOHFWLRQ IRU ODWLFLIHURXV V\VWHP FKDUDFWHUV LQ +HYHD EUDVLOLHQVLV *HQHWLF DQG 0ROHFXODU %LRORJ\ 'RL 6 *XQDVHNDUD+./.'H&RVWD:$-0 1XJDZHOD $ (IIHFW RI RSHQLQJ JLUWK DQG VRPH ODWH[ SK\VLRORJLFDO SDUDPHWHUV RQ \LHOG RI U X E E H U + H Y H D E U D V L O L H Q V L V ,QWHUQDWLRQDO-RXUQDORI,QQRYDWLRQDQG $SSOLHG6WXGLHV
,QWHUQDWLRQDO 5XEEHU 6WXG\ *URXS 5XEEHU 6WDWLVWLFDO %XOOHWLQ 6LQJDSRUH 6LQJDSRUH,56*
.XVZDQKDGL +HUOLQDZDWL ( 3HQ\DGDSDQ 'DODP %DODL 3HQHOLWLDQ 6HPEDZD6DSWDELQD8VDKDWDQL.DUHW 5DN\DW (GLVL NHHQDP 3DOHPEDQJ ,QGRQHVLD%DODL3HQHOLWLDQ6HPEDZD 0DULVVD $QDOLVLV SHQGDSDWDQ
XVDKDWDQL WHEX 6WXGL NDVXV 37 3* 5DMDZDOL ,, 8QLW 3* 7HUVDQD %DUX %DEDNDQ &LUHERQ -DZD %DUDW 6NULSVL 8,1 6\DULI +LGD\DWXOODK ,QGRQHVLD
5RXI$1XJUDKDQL023DPXQJNDV$ 66HWLRQR +DGL+6WUDWHJL SHQLQJNDWDQ SURGXNVL ODWHNV VHFDUD NRQWLQXGHQJDQWHNQRORJLVWLPXODQJDV HWLOHQ5LJJ:DUWD3HUNDUHWDQ 'RL SSNZS YL
6D\XUDQGL 6XKHQGU\ , :RHODQ 6 8MLDGDSWDVLNORQNDUHWKDUDSDQ ,55 6HUL SDGD PDVD WDQDPDQ EHOXP PHQJKDVLONDQ GL GDHUDK EHULNOLP EDVDK .HEXQ $HN 7DUXP .DEXSDWHQ $VDKDQ-XUQDO 3HQHOLWLDQ
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
6\DULID /) 6WXGL NHOD\DNDQ LQYHVWDVL SHPEDQJXQDQ SHUNHEXQDQ NDUHW GL 6XPDWHUD 6HODWDQ -XUQDO
3HQHOLWLDQ.DUHW'RL SSNMSNYL 9LMD\DNXPDU . 6XORFKDQDPPD 5 6 7KRPDV .8 (NVSORLWDWLRQ WHFKQLTXHV UHFHQW GHYHORSPHQW DQG UHFRPHQGDWLRQV 3URFHHGLQJV RI 7KH 3ODQWHUV &RQIHUHQFH S .RWD\DP,QGLD55,,
:RHODQ 6 6D\XUDQGL 3DVDULEX 6$ .DUDNWHULVWLNILVLRORJLDQDWRPL SHUWXPEXKDQ GDQ KDVLO ODWHNV NORQ ,55 6HUL -XUQDO 3HQHOLWLDQ .DUHW ' R L SSNMSNYL
