monash university graduate business programs 2013

7/30/2019 Monash University Graduate Business Programs 2013

1/48

Bu{dae{{ `an Eklalgdk{

Cr`nu`~e Bu{dae{{]rlcr`g{ 2=0;

sss!bu{ekl!gla`{o!enu!`u@u{~r`fd`Koda`Dand`D~`ftG`f`t{d`[lu~o @irdk`


2/48

@}}fdk`~dla{

@}}fdk`~dla{ lr }l{~cr`nu ~e klur{eslrh }rlcr`g{ kà be g`ne lafdae `~

sss!`ng!gla`{o!enu!ù,`ngd{{dla{,`}}ftlafdae'da{~ruk~!o~gf

@}}fdk`~dla{ lr ` G`{~er{ bt Re{e`rko /G]odf$ lr ` Nlk~lr`f Necree /]oN$ kà be g`ne lafdae `~

sss!bu{ekl!gla`{o!enu!ù,re{e`rko,{~unea~,u~ure,`}}ft,

Kfl{dac n`~e{

Ea~rt: [ege{~er 0 2=0; La'k`g}u{ }rlcr`g{ ;0 Jàu`rt 2=0;

L'k`g}u{ }rlcr`g{ 5 Jàu`rt 2=0;

Ea~rt: [ege{~er 2 2=0; La'k`g}u{ }rlcr`g{ ;= Juae 2=0;

L'k`g}u{ }rlcr`g{ ;0 G`t 2=0;

GB@ `}}fdk`~dla kfl{dac n`~e 00 Jàu`rt 2=0;

ôere d{ al kfl{dac n ~e lr ~oe G]odf lr ]oN!


3/48

0

Gla`{o Uadyer{d~t

Gla`{o Uadyer{d~t o`{ e{~`bfd{oen à eayd`bfe re}u~`~dla lr ~e`kodac

àn re{e`rko exkeffeake krl{{ bu{dae{{ nd{kd}fdae{! od{ re}u~`~dla

d{ budf~ la lur daaly`~dye an }rlcre{{dye }}rl`ko ~l klur{e nefdyert&

àn ~oe {~rlac fdah{ se o`ye lrcen sd~o klggerke an danu{~rt&

bl~o da @u{~r`fd` àn lyer{e`{& g`hdac Gla`{o necree{ ~ruft

da~era`~dla`f!

ôe I`kuf~t l Bu{dae{{ àn Eklalgdk{ ler{ ` ràce l }rlcr`g{&

dakfundac odcoer necree{ bt re{e`rko ]oN àn G]odf krl{{'

`kuf~t }rlcr`g{& {uko `{ ~oe GB@ àn G`{~er l Bu{dae{{ àn

{}ekd`fd{~ G`{~er{ necree{ da Gà`cegea~& G`rhe~dac& @kklua~dac&

Bàhdac& Idaàke an Bu{dae{{ F`s! Lur }rlcr`g{ re klg}rd{en l

` klgbda`~dla l klre uad~{ àn efek~dye{& `fflsdac tlu ~l ~`dflr tlur

klur{e ~l tlur k`reer aeen{!

EPUD[ `kkrend~`~dla

ôe I`kuf~t l Bu{dae{{ àn Eklalgdk{

o`{ beea s`rnen da~era`~dla`f bu{dae{{

{kollf `kkrend~`~dla bt ~oe Bru{{ef{ b`{en

Eurl}eà Pu`fd~t Dg}rlyegea~ [t{~eg&

be~~er halsa { EPUD[! oe `kkrend~`~dla

e{~`bfd{oe{ Gla`{o{ I`kuf~t l Bu{dae{{

àn Eklalgdk{ { lae l ~oe slrfn{ fe`ndac odcoer enuk`~dla

da{~d~u~dla{ da gà`cegea~ an bu{dae{{ `ngdad{~r`~dla enuk`~dla!

ôe r`}dn }`ke l koàce da~ln`t{ bu{dae{{ eaydrlagea~repudre{ kla{~à~ }rle{{dla`fcrls~o!

Lur bu{dae{{ }rlcr`g{ `rene{dcaen ~l ea{ure ~o`~tlu `re `~ ~oe fe`ndac encel tlur kol{ea efn leane`ylur!

]rle{{lr Klfg He`raet

Neà& I`kuf~t l Bu{dae{{ àn Eklalgdk{

@{{lkd`~dla l GB@{

ôe Gla`{o GB@ }rlcr`g o`{beea s`rnen kkrend~`~dla bt

~oe @{{lkd`~dla l GB@{ /@GB@$!

GB@ }rlcr`g{ re kkrend~en bt @GB@ da glre ~oà >= nderea~

klua~rde{! ôe Gla`{o GB@ d{ ju{~ ~oe ~odrn {uko }rlcr`g da

@u{~r`fd` ~l be reklcad{en bt @GB@!

]rle{{dla`f reklcad~dla

Lur }rlcr`g{ re kkrend~en bt refeyà~ }rle{{dla`f blnde{&

ea`bfdac cr`nu`~e{ ~l {`~d{t enuk`~dla`f repudregea~{ lr

}rle{{dla`f recd{~r`~dla lr gegber{od}! oe{e blnde{ dakfune K]@

@u{~r`fd`& Da{~d~u~e l Ko r~eren @kklua~à~{ da @u{~r`fd` /DK@@$&

Idaàkd`f [erydke{ Da{~d~u~e l @u{~r`f`{d` /IDA[D@$& A`~dla`f Da{~d~u~e

l @kklua~à~{ /AD@$& @u{~r`fdà Da{~d~u~e l Gà`cegea~ /@DG$&

@u{~r`fdà Ougà Re{lurke{ Da{~d~u~e /@ORD$& @u{~r`fdà G rhe~dac

Da{~d~u~e /@GD$!

Iur~oer ne~`df{ `re `y`df`bfe `~:

sss!bu{ekl!gla`{o!enu!ù,e{c,`{u,}ubfdk`~dla{,

}rle{{dla`f'reklcad~dla!o~gf


4/48

2

ôe I`kuf~t l Bu{dae{{ àn Eklalgdk{ ler{ ` y`rde~t l cr`nu`~e

}rlcr`g{ lr {~unea~{ l y`rtdac b`khcrluan{ àn `{}dr`~dla{! ôe

}rlcr`g{ nder da ~erg{ l lbjek~dye{& }rerepud{d~e{ an kla~ea~!

Lur }rlcr`g{ dakfune:

0! Re{e`rko necree{ ]oN& G]odf

2! ]`~os`t{ ~l ` re{e`rko necree ]l{~cr`nu`~e Nd}flg` da

Eklalgdk{ an Klggerke& G`{~er l Bu{dae{{ /Olalur{$ an

l~oer {efek~en g`{~er{ necree{

;! Klur{eslrh g`{~er{ necree{ lr e`rft k`reer }rle{{dla`f{

àn lr ex}erdeaken }rle{{dla`f{ `krl{{ ~oe uff {}ek~rug l

bu{dae{{ nd{kd}fdae{

>! Exeku~dye Ker~dik`~e da Bu{dae{{ ne{dcaen ~l k`~er lr

gà`cer{ sol o`ye {dcadkà~ slrh}f`ke ex}erdeake bu~ sol nl

al~ o`ye ` r{~ necree!

Klur{eslrh }rlcr`g }rlcre{{dla

Gl{~ g`{~er{ necree{ leren bt ~oe I`kuf~t l Bu{dae{{ àn

Eklalgdk{ klg}rd{e 02 uad~{! Iuff'~dge {~unea~{ alrg`fft uaner~`he

lur uad~{ }er {ege{~er àn }`r~ ~dge {~unea~{ alrg`fft uaner~`he

~sl uad~{ }er {ege{~er!

Da {lge nd{kd}fdae{& cr`nu`~e ker~dk`~e{ /> uad~{$ àn cr`nu`~e

nd}flg`{ /? uad~{$ `re exd~ `s`rn{ d!e! {~unea~{ earlf da ~oe g`{~er{

necree àn& `~er klg}fe~dla l lur lr edco~ uad~{& g`t exd~ sd~o `

cr`nu`~e ker~dk`~e lr cr`nu`~e nd}flg`!

Da {lge nd{kd}fdae{& {~unea~{ g`t earlf da ` cr`nu`~e lr }l{~cr`nu`~e

nd}flg` àn `~er klg}fe~dla l edco~ uad~{ g`t `r~dkuf`~e da~l `

refeyà~ g`{~er{ necree! Reer ~l ~oe {ugg`rt ~`bfe `~ ~oe ean l

~od{ brlkoure lr ` uff fd{~ l }rlcr`g{!

Olalur{

Necree

]l{~cr`nu`~eNd}flg`

G`{~er{

bt Re{e`rko

/G]odf$ /}!5$

G`{~er{ bt

Klur{eslrh

/}!3$

]oN /}!5$

Gu{~ klg}fe~e `

re{e`rko {~re`g da

G`{~er{ }rlcr`g

Exeku~dye Ker~dk`~e

da Bu{dae{{ /}!;4$

Cr`nu`~e

Ker~dk`~e

Uanercr`nu`~eNecree

Cr`nu`~e

Nd}flg`

Lur ]rlcr`g{

Cr`nu`~e ]`~os`t{

ôe lfflsdac nd`cr`g }re{ea~{ à lyerydes l ~oe gl{~ klggla }`~os t{ lr cr`nu`~e{ sd~oda ~oe I kuf~t l Bu{dae{{ àn Eklalgdk{ `~

Gla`{o Uadyer{d~t!

2


5/48

;

RE[E@RKO ]RLCR@G[

Re{e`rko necree{

G`{~er l ]odfl{l}ot 5

Nlk~lr l ]odfl{l}ot 5

]`~os`t{ ~l ` odcoer necree bt re{e`rko

]l{~cr`nu`~e Nd}flg` da Eklalgdk{ àn Klggerke 9

G`{~er l Bu{dae{{ /Olalur{$ 9

KLUR[ESLRH ]RLCR@G[

Koll{dac tlur klur{eslrh }rlcr`g 3

Bu{dae{{

G`{~er l Bu{dae{{ ?'4

@nyàken G`rhe~dac

Dalrg`~dla êkoalflct

F`s àn Re{}la{dbfe Bu{dae{{

G`rhe~dac

Rd{h Gà`cegea~

[u}}ft Ko`da Gà`cegea~

Cr`nu`~e Ker~dk`~e da Bu{dae{{ 0=

Cr`nu`~e Nd}flg` da Bu{dae{{ 0=

G`{~er l Bu{dae{{ /[kdeake an ekoalflct$ 00

G`{~er l Bu{dae{{ F`s 02

G`{~er l Nd}flg`kt an r`ne 0;

G`{~er l Da~era`~dla`f Bu{dae{{ 0>

@kklua~dac& Bàhdac àn Idaàke

Cr`nu`~e Nd}flg` da @kklua~dac 05

G`{~er l ]rle{{dla`f @kklua~dac 05

G`{~er l ]rle{{dla`f @kklua~dac /@nyàken$ 05

G`{~er l Bu{dae{{ /@kklua~dac$ 09

G`{~er l Bu{dae{{ /Bàhdac an Idaàke$ 03

G`{~er l @}}fden Idaàke 0?

Eklalgdk{& Oe`f~o Eklalgdk{ àn Eklalge~rdk{

Cr`nu`~e Nd}flg` da @}}fden Eklalge~rdk{ 04

G`{~er l @}}fden Eklalge~rdk{ 2=

G`{~er l Bu{dae{{ Eklalgdk{ 20

Cr`nu`~e Nd}flg` da Eklalgdk [~unde{ 20

G`{~er l Eklalgdk{ 22

Cr`nu`~e Ker~dk`~e da ]o`rg`kleklalgdk{ 2;

Cr`nu`~e Nd}flg` da Oe`f~o Eklalgdk{ àn ]lfdkt 2;

G`{~er l ]ubfdk Oe`f~o /Oe`f~o Eklalgdk{ {}ekd`fd{`~dla$ 2>

Gà`cegea~

G`{~er l Bu{dae{{ @ngdad{~r`~dla /GB@$ 25

Cr`nu`~e Nd}flg` da Ougà Re{lurke Gà`cegea~ 29

G`{~er l Ougà Re{lurke Gà`cegea~ 23

G`{~er l Gà`cegea~ 2?

G`{~er l ]ubfdk ]lfdkt àn Gà`cegea~ 24

G`rhe~dac

G`{~er l G`rhe~dac ;=

G`{~er l @nyàken G`rhe~dac ;0

Nlubfe g`{~er{ necree{

G`{~er l @}}fden Idaàke, G`{~er l @}}fden Eklalge~rdk{ ;2

G`{~er l @}}fden Idaàke, G`{~er l Bu{dae{{ /@kklua~dac$ ;;

G`{~er l Bu{dae{{ /@kklua~dac$, G`{~er l Bu{dae{{ F`s ;>

G`{~er l ]rle{{dla`f @kklua~dac, G`{~er l Bu{dae{{ F`s ;5

G`{~er l Bu{dae{{, G`{~er l ]rle{{dla`f @kklua~dac ;9

G`{~er l Jlura`fd{g, G`{~er l Bu{dae{{ ;3

G`{~er l Da~era`~dla`f Bu{dae{{, G`{~er l Eurl}eà àn

Da~era`~dla`f [~unde{ ;?

]`~os`t }rlcr`g{

Exeku~dye Ker~dk`~e da Bu{dae{{ ;4

[~unea~ neyefl}gea~ >=

L'k`g}u{ }rlcr`g{ >0

Ceaer`f dalrg`~dla >2

Ea~rt repudregea~{ àn ee{ >;>5

Kla~`k~ ne~`df{ B`kh klyer

Kla~ea~{


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>

Exkeffeake da re{e`rko

ôe I`kuf~t l Bu{dae{{ àn Eklalgdk{ o`{ neyefl}en ` {~rlac

re}u~`~dla lr exkeffeake da re{e`rko krl{{ ndyer{e ràce l

bu{dae{{ da~ere{~{! Lur re{e`rko o`{ ~oe {k`fe& k`}`bdfd~t àn

bu{dae{{ fdah{ ~o`~ daiueake a`~dla`f `cean`{ àn {o`}e bu{dae{{

àn }rle{{dla`f }r`k~dke& àn ~od{ ex}er~d{e d{ `f{l ~rà{f`~en ndrek~ft

da~l lur ~e`kodac }rlcr`g{ ea{urdac `ff lur nd{kd}fdae{ fe`n ~oe s`t

da bu{dae{{ enuk`~dla! Irlg }lfdkt à`ft{d{ ~l aàkd`f nerdy`~dye{&

lr oe`f~o eklalgdk{ ~l danu{~rd`f ref`~dla{& lur bre`n~o àn ne}~o l

re{e`rko halsfence re l da~era`~dla`f {~àndac! oe `kuf~t `f{l

}rlydne{ {~dguf`~dac an {u}}lr~dye re{e`rko ~r`dadac eaydrlagea~

~l d~{ ;5= }fu{ re{e`rko {~unea~{!

Re{e`rko necree{

ôe I`kuf~t l Bu{dae{{ àn Eklalgdk{ {~rdye{ ~l }rlydne à

`}}rl}rd`~e eaydrlagea~ lr bl~o ~oe }er{la`f an da~effek~u`f

neyefl}gea~ l d~{ }l{~cr`nu`~e re{e`rko {~unea~{& sol g`he {uko` {dcadkà~ kla~rdbu~dla ~l ~oe re{e`rko elr~ l ~oe `kuf~t!

ôe k`fdbre& ea~ou{d`{g àn nendk`~dla l ~oe `kuf~t{ 5== `k`negdk

{~` ea{ure ~o`~ }l{~cr`nu`~e ~e`kodac an re{e`rko k~dyd~de{ re

kurrea~& refeyà~ an res`rndac! Bt ~oe }}fdk`~dla l halsfence&

~oe `kuf~t nn{ {dcadkà~ y`fue ~l ~oe uadyer{d~t{ lyer`ff re{e`rko

re}u~`~dla an {~r`~ect an kla~rdbu~e{ ~l ~oe {kolf`rft& {lkd`f an

klggerkd`f neyefl}gea~ l @u{~r`fd` àn d~{ cflb`f ~r`ndac }`r~aer{!

RE[E@RKO ]RLCR@G[

I`kuf~t Re{e`rko Like

ôe I`kuf~t l Bu{dae{{ àn Eklalgdk{ Re{e rko Lke }rlydne{

` ràce l {~unea~ {erydke{ àn {eeh{ ~l eaoàke ~oe pu`fd~t l ~oe

}l{~cr`nu`~e ex}erdeake `{ seff `{ }rlydndac dalrg`~dla àn `nydke~l kurrea~ an }rl{}ek~dye {~unea~{!

D tlu re kla{dnerdac re{e`rko necree& }fe`{e kla~`k~:

I`kuf~t Re{e`rko Lke

efe}olae: (90 ; 44=5 2>?;

Eg`df: bu{ekl're{e`rko!necree{Mgla`{o!enu

Ilr glre dalrg`~dla la re{e`rko da ~oe `kuf~t àn ols ~l `}}ft ~l

uaner~`he re{e`rko necree& yd{d~

sss!bu{ekl!gla`{o!enu!ù,re{e`rko,danex!o~gf


7/48

5

G`{~er l ]odfl{l}otôe necree l G`{~er l ]odfl{l}ot /G]odf$ {dcade{ ~oe klg}fe~dla l

` klur{e l }l{~cr`nu`~e ~r`dadac da re{e`rko uaner }rl}er k`negdk{u}eryd{dla& àn {ubgd{{dla l ` ~oe{d{ ~o`~ ex~era`f ex`gdaer{

o`ye nekf`ren ~l be ` kla~rdbu~dla ~l halsfence& negla{~r`~dac ~oe

kàndn`~e{ k`}`kd~t ~l k`rrt lu~ dane}eanea~ re{e`rko!

Sodfe d~ d{ al~ aeke{{`rt ~o`~ à G]odf ~oe{d{ slufn g`he ` g`jlr

kla~rdbu~dla ~l ~oe nd{kd}fdae bt s`t l aes halsfence /`{ ` ]oN

slufn repudre$& à G]odf ~oe{d{ slufn be ex}ek~en ~l g`he `

kla~rdbu~dla ~l à exd{~dac blnt l halsfence& bt `}}ftdac& kf`rdtdac&

krd~dpudac lr da~er}re~dac ~o`~ halsfence!

ôe }rdakd}`f klg}laea~ l ~oe G]odf d{ ` ~oe{d{ l u} ~l 5=&===

slrn{& egblntdac ~oe re{uf~{ l ` re{e`rko }rljek~! ôe ~oe{d{

d{ srd~~ea uaner ndrek~ {u}eryd{dla l ` gegber l ~oe `k`negdk

{~`! lce~oer sd~o {u}eryd{lr& e`ko kàndn`~e d{ re{}la{dbfe

lr neyefl}dac ~oe re{e`rko }rlcr`g ~l be lfflsen àn {olufn

be ne{dcaen ~l ~`he al glre ~oà 2 te`r{ l uff'~dge epudy`fea~

kàndn`~ure!

ôe G`{~er l ]odfl{l}ot `f{l dakfune{ ` klur{eslrh klg}laea~&

`kklrndac ~l ~oe `k`negdk nd{kd}fdae& lr ~ol{e {~unea~{ da~ere{~en da

u}cr`ndac ~l ~oe Nlk~lr l ]odfl{l}ot!

K`g}u{: Bersdkh& Kùfefn& Kf`t~la& Cd}}{fàn& G`f`t{d`& ]eada{uf`

Nur`~dla: 2 te`r{ /uff'~dge$

Da~`he:@at~dge! Eklalgdk{ {ege{~er lae laft

Ea~rt repudregea~{: @}}fdkà~{ repudre lae l ~oe lfflsdac:

` r{~'kf`{{ lr u}}er {eklan'kf`{{ olalur{ necree repudrdac `~fe`{~ lur te`r{ l uff'~dge {~unt& an sodko dakfune{ re{e`rko

klg}laea~ da ~oe lur~o te`r& lr

` klur{e fe`ndac ~l ` g`{~er{ }refdgda`rt pu`fdk`~dla& `~ `feyef r`~en bt ~oe refeyà~ ne}`r~gea~& `kuf~t àn uadyer{d~t

klggd~~ee{ ~l be epudy`fea~ ~l ` r{~'kf`{{ lr u}}er {eklan'

kf`{{ olalur{ necree!

Nlk~lr l ]odfl{l}otôe necree l Nlk~lr l ]odfl{l}ot /]oN$ `~ Gla`{o Uadyer{d~t

{dcade{ ~o`~ ~oe olfner o`{ klg}fe~en ` klur{e l }l{~cr`nu`~e~r`dadac da re{e`rko uaner }rl}er k`negdk {u}eryd{dla& an o`{

{ubgd~~en ` ~oe{d{ ~o`~ ex~era`f ex`gdaer{ o`ye nekf`ren ~l be `

{dcadkà~ kla~rdbu~dla ~l halsfence& an ~o`~ negla{~r`~e{ ~oe

kàndn`~e{ k`}`kd~t ~l k`rrt lu~ dane}eanea~ re{e`rko!

ôe }rdakd}`f klg}laea~ l ~oe ]oN d{ ` g`jlr ~oe{d{ l u} ~l

0==&=== slrn{& egblntdac ~oe re{uf~{ l re{e`rko }rljek~! Klur{e

slrh àn ~r`dadac sdff be ` klg}laea~ da ` augber l nd{kd}fdae{

`krl{{ ~oe `kuf~t!

K`g}u{: Bersdkh& Kùfefn& Kf`t~la& Cd}}{fàn& G`f`t{d`& ]eada{uf`

Nur`~dla: ;> te`r{* /uff'~dge$& ? te`r{ /}`r~'~dge$

Da~`he:@at~dge! Eklalgdk{ {ege{~er lae laftEa~rt repudregea~{: @}}fdkà~{ gu{~ o`ye klg}fe~en lae l ~oe

lfflsdac lr `ngd{{dla ~l ~oe ]oN }rlcr`g:

` r{~'kf`{{ lr u}}er {eklan'kf`{{ olalur{ necree repudrdac `~fe`{~ lur te`r{ l uff'~dge {~unt& an sodko dakfune{ re{e`rko

klg}laea~ da ~oe lur~o te`r& lr

` klur{e fe`ndac ~l ` g`{~er{ }refdgda`rt pu`fdk`~dla& `~ ` feyefr`~en bt ~oe ne}`r~gea~& `kuf~t àn uadyer{d~t klggd~~ee{ `{

epudy`fea~ ~l ` ir{~'kf`{{ lr u}}er {eklan'kf`{{ olalur{ necree& lr

` g`{~er{ necree dakfundac {dcadkà~ re{e`rko klg}laea~&epudy`fea~ ~l a olalur{ necree!

* [kolf`r{od}{ `re ceaer`fft laft `s`rnen lr ` g`xdgug nur`~dla l ~oree te`r{!

Re{e`rko Necree{


8/48

9

]l{~cr`nu`~e Nd}flg` da Eklalgdk{àn Klggerkeôe ]l{~cr`nu`~e Nd}flg` da Eklalgdk{ àn Klggerke }rlydne{

` lur~o te`r l {~unt& epudy`fea~ ~l à olalur{ te`r& lr {~unea~{

sol sd{o ~l uaner~`he ` odcoer necree bt re{e`rko bu~ nl al~ o`ye

~oe re{e`rko b`khcrluan repudren ~l gee~ ~oe ngd{{dla krd~erd`!

@}}fdkà~{ repudre à @u{~r`fdà b`koeflr{ necree lr à epudy`fea~

pu`fdk`~dla sd~o ` g`jlr da ~oe }rl}l{en nd{kd}fdae `re` l {~unt

àn ` Sedco~en @yer`ce G`rh /S@G$ l 95% lr à epudy`fea~ Cr`ne

]lda~ @yer`ce /C]@$ { ne~ergdaen bt ~oe `kuf~t! @}}fdkà~{ sdff be

ràhen an {efek~en b`{en la ~oedr ea~dre k`negdk reklrn!

[~unea~{ sol {ukke{{ufft klg}fe~e ~oe ]l{~cr`nu`~e Nd}flg` da

Eklalgdk{ àn Klggerke sd~o ` cr`ne `yer`ce l 3=% /ODD@$ lr

`blye g`t be efdcdbfe ~l `}}ft lr `ngd{{dla ~l ~oe G]odf lr ]oN

}rlcr`g{! Al krend~ lr slrh nlae }reydlu{ft d{ `y`df`bfe da ~od{

}l{~cr`nu`~e nd}flg`!

ôe ]l{~cr`nu ~e Nd}flg` d{ klg}rd{en l {~unde{ da re{e`rko

ge~oln{& ` re{e`rko }rljek~& àn ` klgbda`~dla l klre àn efek~dye

olalur{ uad~{ ne~ergdaen bt `re` l {}ekd`fd{`~dla! ôe augber àn

r`~dl l klre àn efek~dye uad~{ sdff y`rt `kklrndac ~l `re` l {~unt! ôe

`s`rn repudre{ klg}fe~dla l >? krend~ }lda~{ àn d{ epudy`fea~ ~l 0

te`r l uff'~dge {~unt!

[~unt }rlcr`g{ `re `y`df`bfe da ~oe lfflsdac `re`{:

@kklua~dac

Eklalge~rdk{

Eklalgdk{

Idaàke Gà`cegea~

G`rhe~dac

Ilr glre dalrg`~dla la }`~os`t{ ~l ` odcoer necree bt re{e`rko&

kla~`k~:

Cr`nu`~e [~unde{ Lke

efe}olae: (90 ; 44=; 0>==

Eg`df: bu{ekl'}l{~cr`nMgla`{o!enu

sss!bu{ekl!gla`{o!enu!ù,}l{~cr`n,}rlcr`g{,lerdac{

@f~era`~dye klur{eslrh }`~os`t{

ôe `kuf~t `f{l ler{ ` ràce l klur{eslrh }rlcr`g{ sodko g`t{erye `{ ` }`~os`t ~l ` re{e`rko necree! ôe{e {efek~en klur{e{

g`t be ne{dcaen ~l dakfune {dcadkà~ re{e`rko klg}laea~ an

` gdadgug nd{~dak~dla cr`ne d{ repudren da lrner ~l gee~ ~oe ODD@

epudy`feake repudregea~ lr ngd{{dla ~l re{e`rko necree! ]fe`{e

{ee sss!grc{!gla`{o!enu!ù, {kolf`r{od}{,{efek~dla,

ù~lo2ègla`{o!o~gf lr {}ekdk dalrg`~dla rec`rndac ODD@

epudy`feake!

Ilr glre dalrg`~dla la re{e`rko necree{& kla~`k~:

I`kuf~t Re{e`rko Lke

efe}olae: (90 ; 44=5 2>?;

Eg`df: bu{ekl're{e`rko!necree{Mgla`{o!enu

sss!bu{ekl!gla`{o!enu!ù,re{e`rko,{~unea~,u~ure,necree

]`~os`t{ ~l ` Odcoer Necree bt Re{e`rko

G`{~er l Bu{dae{{ /Olalur{$ôd{ olalur{ }rlcr`g d{ ne{dcaen ~l epud} odco `kodeydac

`kklua~dac& bàhdac an aàke g`{~er{ {~unea~{ sd~o re{e`rko{hdff{ àn ~oe `bdfd~t ~l `nnre{{ ~oelre~dk`f àn }r`k~dk`f d{{ue{ da ~oedr

nd{kd}fdae! ôd{ }rlcr`g d{ ` }`~os`t ~l ]oN kàndn`~ure lr ~ol{e

sol kodeye nd{~dak~dla `yer`ce ~orlucolu~ ~oe klur{e!

U}la {ukke{{uf klg}fe~dla l ` r{~ g`{~er{ }rlcr`g& tlu g`t be

efdcdbfe lr bflkh krend~: ec 02'uad~ G`{~er l ]rle{{dla`f @kklua~dac

lr sodko tlu g`t rekedye 32 krend~ }lda~{ ~ls`rn{ ~oe G`{~er l

Bu{dae{{ /Olalur{$!

Tlu sdff eaklua~er fe`radac àn ~e`kodac eaydrlagea~{ sd~o ` {~rlac

re{e`rko lku{& soere ~oet re eaklur`cen ~l beklge dane}eanea~

fe`raer{! Fe`radac `k~dyd~de{ àn `}}rl`koe{ sdff y`rt `krl{{ ~oe

uad~{ leren àn sdff klg}rd{e ` ràce l fek~ure{& {egda`r{&

~u~lrd`f{ àn slrh{ol}{! @{{e{{gea~ ~`{h{ eaklg}`{{ ` y`rde~t l

ge~oln{ dakfundac `r~dkfe krd~dpue{& ~e`g slrh& yerb`f àn srd~~ea}re{ea~`~dla{& re}lr~ srd~dac& k`{e {~unde{ an ex`gda`~dla{!

La'k`g}u{&

Kùfiefn

G`{~er l Bu{dae{{ /Olalur{$

5 {ege{~er{ uff'~dge

Klur{e klne >>09

Ea~rt

repudregea~{

@a @u{~r`fdà b`koeflr necree lr a epudy`fea~

pu`fdk`~dla sd~o ` g`jlr da `kklua~dac& aàke lr rd{h

gà`cegea~ àn ` Sedco~en @yer`ce G`rh /S@G$ l

3=% lr à epudy`fea~ Cr`ne ]lda~ @yer`ce /C]@$ `{

ne~ergdaen bt ~oe `kuf~t!

@}}fdk a~{ sdff be r ahen an {efek~en b`{en la ~oedr

ea~dre `k`negdk reklrn!

Klur{e

{~ruk~ure

03 uad~{

5 klre uad~{

02 efek~dye uad~{

ôe lfflsdac ; uad~{:

Re{e`rko ge~oln{

Re{e`rko ne{dca àn à`ft{d{

Re{e`rko nd{{er~`~dla

]fu{ 2 uad~{ rlg ~oe lfflsdac:

@nyàken glneffdac da aàke

D{{ue{ da `kklua~dac dalrg`~dla {t{~eg{

D{{ue{ da ùnd~dac àn `{{uràke

D{{ue{ da klr}lr`~e aàke

D{{ue{ da aàkd`f `kklua~dac

D{{ue{ da bàhdac

D{{ue{ da gà`cegea~ `kklua~dac

Efek~dye{ sefye cr`nu`~e uad~{ leren bt àt ne}`r~gea~ da ~oe

I`kuf~t l Bu{dae{{ an Eklalgdk{ dakfundac ~ fe`{~ {dx

uad~{ ~ feyef'>=== lr 5=== an ~ fe`{~ {dx uad~{ leren

bt ~oe Ne}`r~gea~ l @kklua~dac an Idaàke!


9/48

3

Lyer ~dge& gbd~dla{ an cl`f{ kà koàce! Tlu g`t be {eehdac

~l dakre`{e tlur feyef l ex}er~d{e da ` }`r~dkuf`r `re`& lr tlu g`t

sà~ ~l koàce ~oe ndrek~dla l tlur k`reer! Se o`ye ne{dcaen

ràce l }rlcr`g{ ~o`~ sdff oef} tlu ce~ ~oe bu{dae{{ halsfencelr }rle{{dla`f `kkrend~`~dla tlu aeen ~l g`he ~ol{e ~rà{d~dla{!

So`~eyer tlur b`khcrluan& Gla`{o Bu{dae{{ an Eklalgdk{

}rlcr`g{ sdff oef} tlu ~l ce~ soere tlu sà~ ~l cl!

Soe~oer aes ~l ~oe slrhlrke lr ` {e`{laen }rle{{dla`f& ~oe

I`kuf~t l Bu{dae{{ an Eklalgdk{ ler{ cr`nu`~e }rlcr`g{ ~o`~

kà be ~`dflren ~l tlur aeen{!

Lur klur{eslrh }rlcr`g{ re leren bl~o la àn l k`g}u{& sd~o

{lge nefdyeren da ` bfeanen glne! Sodf{~ l k`g}u{ fe`radac kà

o`ye d~{ `nyà~`ce{& se an ~o`~ ~oe {o`rdac l ex}erdeake{ ~orluco

nd{ku{{dla àn neb`~e da ~r`nd~dla`f kf`{{e{ kà be ju{~ `{ y`fu`bfe

`{ ~oe }rlcr`g{ `k`negdk kla~ea~!

[lge klur{e{ dakfune ` re{e`rko {~re`g& sodko d{ ` }rerepud{d~e dtlu `re da~eandac ~l uaner~`he ` ]oN!

KLUR[ESLRH ]RLCR@G[

Koll{dac tlur G`{~er{ bt Klur{eslrh }rlcr`gôe lfflsdac ~`bfe }rlydne{ à lyerydes l ~oe ùndeake klur{e{ `re dgen `~! ôd{ nle{ al~ aeke{{`rdft reiek~ ea~rt repudregea~{! Tlu `re `bfe

~l }}ft lr ea~rt da~l at klur{e tlu }reer& ne}eandac la ~oe ea~rt repudregea~{! Ea~rt repudregea~ ne~`df{ re }rlydnen la }`ce{ >;'>5!

Ex~ean tlur uanercr`nu ~e g`jlr/{$

ôe{e klur{e{ ler tlu ~oe l}}lr~uad~t ~l fe`ra

glre blu~ a re` tlu {}ekd`fd{en da nurdac tlur

uanercr`nu`~e {~unde{!

C`da aes ex}er~d{e

ôe{e klur{e{ ea`bfe tlu ~l c`da aes ex}er~d{e bt

{~untdac a re` l {}ekd`fd{`~dla al~ uaner~`hea da tlur

uanercr`nu`~e {~unde{!

@dgen `~ e rft k`reer }rle{{dla f{

/= 2 te`r{ slrh ex}erdeake$

G`{~er l Bu{dae{{

@nyàken G`rhe~dac Dalrg`~dla êkoalflct

F`s an Re{}la{dbfe Bu{dae{{

Rd{h Gà`cegea~


Re{e`rko [}ekd`fd{`~dla

G`{~er l Bu{dae{{ /@kklua~dac$

G`{~er l Bu{dae{{ /[kdeake àn êkoalflct$

G`{~er l @}}fden Idaàke

G`{~er l @}}fden Eklalge~rdk{

G`{~er l Bu{dae{{ Eklalgdk{

G`{~er l Eklalgdk{

G`{~er l ]ubfdk Oe`f~o /Oe`f~o Eklalgdk{ {}ekd`fd{`~dla$

G`{~er l @nyàken G`rhe~dac

G`{~er l Bu{dae{{

Dalrg`~dla êkoalflct F`s an Re{}la{dbfe Bu{dae{{

G`rhe~dac

Rd{h Gà`cegea~


Re{e`rko [}ekd`fd{`~dla

G`{~er l Bu{dae{{ F`s

G`{~er l Nd}flg`kt àn ^r`ne

G`{~er l Da~era`~dla`f Bu{dae{{

G`{~er l ]rle{{dla f @kklua~dac

G`{~er l ]rle{{dla f @kklua~dac /@nyàken$

G`{~er l Bu{dae{{ /Bàhdac an Idaàke$

@dgen `~ ex}erdeaken

}rle{{dla`f{

/gda! 2 te`r{ slrh ex}erdeake$



G`{~er l @}}fden IdaàkeG`{~er l @}}fden Eklalge~rdk{

G`{~er l Bu{dae{{ Eklalgdk{

G`{~er l ]ubfdk Oe`f~o /Oe`f~o Eklalgdk{ {}ekd`fd{`~dla$

G`{~er l Ougà Re{lurke{ Gà`cegea~

G`{~er l Gà`cegea~

G`{~er l ]ubfdk ]lfdkt an Gà`cegea~

G`{~er l @nyàken G`rhe~dac

GB@ /5( te`r{ slrh ex}erdeake$



G`{~er l Da~era`~dla`f Bu{dae{{G`{~er l Ougà Re{lurke{ Gà`cegea~

G`{~er l Gà`cegea~

G`{~er l ]ubfdk ]lfdkt an Gà`cegea~

G`{~er l G`rhe~dac

G`{~er l ]rle{{dla f @kklua~dac

G`{~er l ]rle{{dla f @kklua~dac /@nyàken$

GB@ /5( te`r{ slrh ex}erdeake$


10/48

?

KLUR[ESLRH ]RLCR@G[

G`{~er l Bu{dae{{ôe G`{~er l Bu{dae{{ d{ à danu{~rt'lku{en& iexdbfe l}~dla da

}l{~cr`nu`~e {~unde{& sodko d{ {}ekdk`fft ne{dcaen lr e`rft k`reer}rle{{dla`f{ sol sd{o ~l reae ~oedr bu{dae{{ {hdff{ àn `nyàke ~l

~oe aex~ {~`ce da ~oedr k`reer! Sd~o ` {~rlac eg}o`{d{ la }er{la`f

neyefl}gea~ àn ` iexdbfe }rlcr`g {~ruk~ure& tlu `re `bfe ~l budfn `

}er{la`fd{en bu{dae{{ necree& sd~o ~oe l}~dla ~l {}ekd`fd{e da lae l

{dx re`{!

Tlu g`t be ` cr`nu ~e rlg àl~oer nd{kd}fdae sol sd{oe{ ~l

neyefl} klg}reoea{dye bu{dae{{ {hdff{& ed~oer ~l ea~er ~oe klr}lr`~e

eaydrlagea~ lr }rlcre{{ ~l gà`cegea~ sd~oda tlur efn& lr `

bu{dae{{ cr`nu`~e {eehdac ~l neyefl} àn ex~ean tlur {hdff{ da `

{}ekdk nd{kd}fdae!

ôe }rlcr`g repudre{ klg}fe~dla l {dx klre uad~{ l sodko lur

`re rlg `glac ~oe g`jlr bu{dae{{ nd{kd}fdae{ uaner}daadac ~oe

}rlcr`g{ fe`radac lu~klge{& an ~sl re rlg ~oe `re`{ l }er{la`f

neyefl}gea~& klr}lr`~e re{}la{dbdfd~t àn bu{dae{{ e~odk{! ôe {dx

efek~dye uad~{ ea`bfe tlu ~l ~`dflr ~oe klur{e ~l tlur aeen{& sd~o à

l}~dla l dakfundac ` ne{dca`~en {}ekd`fd{`~dla da {efek~en `re`{ l

kla~eg}lr`rt dg}lr~àke! oe lfflsdac {}ekd`fd{`~dla{& ne~ergdaen

bt g`rhe~ negàn an reiek~dac egercdac ~rean{& `re kurrea~ft

leren:

@nyàken g`rhe~dac /lr ~ol{e sd~o ` g`rhe~dac g`jlr da ~oedr

uanercr`nu`~e necree$

Dalrg`~dla ~ekoalflct

F`s àn re{}la{dbfe bu{dae{{

G`rhe~dac /lr ~ol{e sd~olu~ ` g`rhe~dac g`jlr da ~oedr

uanercr`nu`~e necree$

Rd{h gà`cegea~

[u}}ft ko`da gà`cegea~

Klur{e Lyerydes

Bu{dae{{

ôd{ }rlcr`g }rlydne{ {~unea~{ sd~o:

à `nyàken feyef l `~~rdbu~e{ da srd~~ea àn lr`f

klgguadk`~dla& dalrg`~dla fd~er`kt& {ef ndrek~dla& ~e`gslrh&

cflb`f lu~fllh& glr`f an {lkd`f re{}la{dbdfd~t& kurdl{d~t an

kre`~dyd~t

à uaner{~àndac l kla~eg}lr`rt d{{ue{ sd~oda ~oe y`rdlu{

nd{kd}fdae{ l flk`f àn cflb`f bu{dae{{

halsfence àn {hdff{ `{{lkd`~en sd~o uaner{~àndac àn

`}}ftdac bu{dae{{ ~oelrt& klake}~{ an }r`k~dke flk`fft&recdla`fft& da~era`~dla`fft àn cflb`fft

~oe k`}`kd~t ~l da~er}re~ an klgguadk`~e re{e`rko andac{8

àn `nyàken à`ft~dk`f {hdff{!

Ilur uad~{

rlg ~oe g`jlr

bu{dae{{

nd{kd}fdae{

^sl uad~{

rlg }er{la`f

neyefl}gea~

àn bu{dae{{

e~odk{

[dx efek~dye

uad~{& u} ~l ~sl

g`t be rlg

l~oer `kuf~de{

[dx uad~{

{efek~en rlg

lae l ~oe{}ekd`fd{`~dla{

G`{~er l

Bu{dae{{

G`{~er l

Bu{dae{{/{}ekd`fd{`~dla$

LR LR

@re`{ l [}ekd`fd{`~dla

@nyàken g`rhe~dac

ôe `nyàken g rhe~dac {}ekd`fd{`~dla `ffls{ tlu ~l budfn la ~oe

g`rhe~dac g`jlr da tlur r{~ necree sd~o {dx g`rhe~dac uad~{ ~o`~

ex~ean an brl`nea g`rhe~dac halsfence! oe{e dakfune nyàken

uad~{ da kla~eg}lr`rt d{{ue{ da g`rhe~dac& bu{dae{{ re{e`rko

ge~oln{& buter beo`ydlur an g`rhe~dac klgguadk`~dla!


ôe dalrg`~dla ~ekoalflct {}ekd`fd{`~dla `ffls{ tlu ~l budfn u}la

~oe klre }rlcr`g sd~o {dx uad~{ ne`fdac sd~o kurrea~ }r`k~dke{ àn

egercdac {~r`~ecde{ lr ~oe `}}fdk`~dla l dalrg`~dla ~ekoalflct

da bu{dae{{ gà`cegea~! Tlu re da~rlnuken ~l gà`cegea~ l

~oe kre`~dla& {~lr`ce& rek`ff an nd{{egda`~dla l bu{dae{{ reklrn{

sd~oda lrcàd{`~dla'sdne r`geslrh{ àn ~oet sdff c`da ` odco feyef luaner{~àndac l ~oe }rlke{{e{ l }rljek~ gà`cegea~!

F`s an re{}la{dbfe bu{dae{{

Recuf`~lrt d{{ue{ klg}rd{e à dg}lr~à~ }`r~ l ~oe bu{dae{{

eaydrlagea~! Uad~{ da ~od{ {}ekd`fd{`~dla }rlydne tlu sd~o à

uaner{~àndac l ols fec`f àn {lkd`f re{}la{dbdfd~t kla{dner`~dla{

dg}`k~ u}la bu{dae{{ nekd{dla'g`hdac!

G`rhe~dac

ôe g`rhe~dac {}ekd`fd{`~dla `ffls{ tlu ~l budfn la ~oe g`rhe~dac

g`jlr da tlur r{~ necree sd~o { dx g`rhe~dac uad~{ ~o`~ dakfune `

luan`~dla uad~ da g`rhe~dac& àn ` ràce l uad~{ ~o`~ klyer ~oe

kea~r`f klake}~{ rlg g`rhe~dac! ôe{e dakfune buter beo`ydlur&

da~ecr`~en g`rhe~dac klgguadk`~dla& g`rhe~dac re{e`rko an`{{e{{dac g`rhe~dac }erlrgàke!

Rd{h gà`cegea~

ôe rd{h gà`cegea~ {}ekd`fd{`~dla `ffls{ tlu ~l budfn u}la ~oe klre

}rlcr`g sd~o {dx uad~{ ne`fdac sd~o kurrea~ }r`k~dke{ àn egercdac

{~r`~ecde{ lr ~oe `}}fdk`~dla l ea~er}rd{e sdne rd{h gà`cegea~

/ESRG$ da ~oe klg}fex bu{dae{{ {~ruk~ure{ l ~ln`t! [~unea~{ re

da~rlnuken ~l ~oe f`~e{~ ~ekoadpue{ àn }r`k~dke{ ~o`~ `ffls ~oe

gà`cegea~ l rd{h ~l be ` y`fue nrdyer lr bu{dae{{ }rl{}erd~t àn

{urydy`f yd` ex`gda`~dla l D[L;0===& ~oe da~era`~dla`f {~àn`rn lr

rd{h gà`cegea~!


ôe {u}}ft ko`da gà cegea~ {}ekd`fd{`~dla ffls{ tlu ~l budfnu}la ~oe klre }rlcr`g sd~o {dx uad~{ ne`fdac sd~o kurrea~ }r`k~dke{

àn egercdac {~r`~ecde{ lr dg}rlydac {u}}ft ko`da }erlrgàke! ôe

{ubjek~{ kà }rlydne ` lku{ la ed~oer ~oe {~r`~ecdk gà`cegea~ l

{u}}ft ko`da{ lr la ~oe ne{dca àn l}~dgd{`~dla l {u}}ft ko`da{!


11/48

4

La'k`g}u{&

Kùfiefn

G`{~er l Bu{dae{{

; {ege{~er{ uff'~dge& 9 {ege{~er{ }`r~'~dge

@dgen ~ E`rft k`reer }rle{{dla`f{

Klur{e klne ;?>>

Ea~rt

repudregea~{@a @u{~r`fdà b`koeflr necree lr à epudy`fea~ pu`fdik ~dla&

lr à exeku~dye ker~dik`~e `s`rnen bt ~oe I`kuf~t l

Bu{dae{{ àn Eklalgdk{& àn ` Sedco~en @yer`ce G`rh

/S@G$ l 55% lr à epudy`fea~ Cr`ne ]lda~ @yer`ce /C]@$

`{ ne~ergdaen bt ~oe `kuf~t!

@}}fdkà~{ sdff be ràhen an {efek~en b`{en la ~oedr ea~dre

`k`negdk reklrn!

Klur{e

{~ruk~ure

02 uad~{

9 klre uad~{

9 efek~dye uad~{

9 uad~{ rlg ~oe `re` l {}ekd`fd{`~dla lr efek~dye{:

> klre uad~{ rlg ~oe lfflsdac:

F`s àn bu{dae{{ nekd{dla{

Eklalgdk{

Bu{dae{{ àn eklalgdk {~`~d{~dk{

@kklua~dac lr bu{dae{{

Gà`cdac }el}fe àn lrcàd{`~dla{

G`rhe~dac àn ~oe da~era`~dla`f kla{uger*

@nyàken g`rhe~dac klgguadk`~dla**

* ôd{ uad~ {olufn al~ be ~`hea bt {~unea~{ da~eandac ~l klg}fe~e ~oe

@nyàken G rhe~dac {}ekd fd{`~dla an k aal~ be klua~en ~ls`rn{

~oe klg}fe~dla l ~od{ {}ekd fd{`~dla!

**ôd{ uad~ d{ laft `y`df bfe ~l {~unea~{ sol o`ye klg}fe~en

~oe {}ekdien uad~ }rerepud{d~e lr sol o`ye klg}fe~en à

uanercr`nu`~e g`jlr da g`rhe~dac!

0 klre uad~ rlg ~oe lfflsdac:

]er{la`f neyefl}gea~ krd~dk`f ~odahdac àn klgguadk`~dla

]er{la`f neyefl}gea~ gà`cdac {ef àn ref`~dla{od}{

0 klre uad~ rlg ~oe lfflsdac:

Bu{dae{{ e~odk{ da ` cflb`f eaydrlagea~

Klr}lr`~e {lkd`f re{}la{dbdfd~t

]fu{ ` ur~oer 9 efek~dye{:

[dx uad~{ {efek~en `kklrndac ~l {}ekd`fd{`~dla& lr {dx uad~{&

`~ fe`{~ lur l sodko gu{~ be rlg ~oe I`kuf~t l Bu{dae{{

àn Eklalgdk{& {ubjek~ ~l klur{e kllrnda`~lr `}}rly`f!

[}ekd`fd{`~dla

/9 uad~{$ da 0 l 9

`re`{

@nyàken g`rhe~dac*

ôe lfflsdac > uad~{:

Kla~eg}lr`rt d{{ue{ da g`rhe~dac

@nyàken bu{dae{{ re{e`rko ge~oln{

@nyàken buter beo ydlur

@nyàken g`rhe~dac klgguadk`~dla

]fu{ 2 uad~{ leren bt ~oe Ne}`r~gea~ l G`rhe~dac!

Al~ `ff g`rhe~dac uad~{ kà be klua~en ~ls`rn ~oe

@nyàken g`rhe~dac {}ekd`fd{`~dla! [~unea~{ `re `nyd{en ~l

{}e`h ~l ` klur{e kllrnda`~lr }rdlr ~l {efek~dac uad~{!* @}}fdkà~{ }f aadac ~l uaner~`he ~oe @nyàken g`rhe~dac

{}ekd fd{`~dla repudre ` g`jlr da g`rhe~dac!


9 l ~oe lfflsdac:

]rljek~ gà`cegea~

e'Bu{dae{{

D^ lr gà`cegea~ nekd{dla g`hdac

Ea~er}rd{e {t{~eg{

D^ {~r`~ect an clyeraàke

Gà`cdac bu{dae{{ reklrn{

[erydke{ {kdeake

N`~`b`{e {t{~eg{ ne{dca

Dalrg`~dla ~ekoalflct gà`cegea~

F`s àn re{}la{dbfe bu{dae{{

9 l ~oe lfflsdac:

Bu{dae{{ f`s


F`s àn cflb`f bu{dae{{ nekd{dla{

Klr}lr`~e clyeraàkeOR gà`cegea~ f`s

^ x`~dla f s

Klr}lr`~e eaydrlagea~`f re{}la{dbdfd~t

G`rhe~dac f`s

G`rhe~dac

9 l ~oe lfflsdac:

G`rhe~dac àn ~oe da~era`~dla`f kla{uger

G`rhe~dac daaly`~dla àn }fàadac

@{{e{{dac g`rhe~dac }erlrgàke

Da~ecr`~en g`rhe~dac klgguadk`~dla

Da~era`~dla`f g`rhe~dac

[u{~`da`bfe g`rhe~dac

G`rhe~dac re{e`rko

Ref`~dla{od} g`rhe~dac

ôelrt àn }rlke{{ l buter beo`ydlur

Rd{h gà`cegea~

9 l ~oe lfflsdac:

D{{ue{ da rd{h gà`cegea~

K`{e {~unde{ da rd{h gà`cegea~

]rdakd}fe{ l rd{h ~rà{er

Da~rlnuk~dla ~l rd{h }rdakd}fe{

Rd{h iaàkdac àn ~re`{urt gà`cegea~

Da{uràke f`s lr klr}lr`~e da{uràke }rlcr`g{


Puà~d~`~dye ge~oln{ lr rd{h à`ft{d{


9 l ~oe lfflsdac:

@nyàken {u}}ft ko da gà cegea~


Iufifgea~ àn lrner gà`cegea~

Bu{dae{{ }rlke{{ glneffdac& ne{dca àn {dguf`~dla

Re'eacdaeerdac ~oe lrcàd{`~dla

e'bu{dae{{

[erydke{ àn l}er`~dla{ gà`cegea~

Gà`cdac daaly`~dla

[u{~`da`bfe l}er`~dla{ àn {u}}ft ko`da gà`cegea~

lr {dx efek~dye{ Ilur l ~oe{e uad~{ gu{~ be rlg ~oe I`kuf~t l Bu{dae{{

àn Eklalgdk{ àn 2 uad~{ g`t be rlg l~oer `kuf~de{

sd~oda Gla`{o Uadyer{d~t!

ôe G`{~er l Bu{dae{{ kà be klgbdaen sd~o l~oer g`{~er{

necree{& ea`bfdac tlu ~l cr`nu`~e sd~o ~sl g`{~er{ necree{:

G`{~er l Bu{dae{{ ,G`{~er l ]rle{{dla`f @kklua~dac

/}`ce ;9$

G`{~er l Jlura`fd{g,G`{~er l Bu{dae{{ /}`ce ;3$


12/48

0=

KLUR[ESLRH ]RLCR@G[

Cr`nu`~e Nd}flg` da Bu{dae{{ôe Cr`nu`~e Nd}flg` da Bu{dae{{ d{ ne{dcaen lr {~unea~{ sol sd{o

~l ex~ean ~oedr halsfence da ceaer`f bu{dae{{ }rdakd}fe{ àn }r`k~dke!ôe }rlcr`g d{ iexdbfe da {~ruk~ure& `fflsdac tlu ~l ~`he ` augber

l brl`n bu{dae{{ uad~{& lr ~l ~`he ` {epueake l uad~{ ref`~dac ~l `

{}ekdk nd{kd}fdae!

La'k`g}u{&

Kùfiefn lr

l'k`g}u{

Cr`nu`~e Nd}flg` da Bu{dae{{

2 {ege{~er{ uff'~dge& > {ege{~er{ }`r~'~dge

Klur{e klne ;?>?

Ea~rt

repudregea~{

@a @u{~r`fdà b`koeflr necree lr à epudy`fea~ pu`fdik ~dla&





@}}fdkà~{ sdff be ràhen an {efek~en b`{en la ~oedr ea~dre`k`negdk reklrn!

Klur{e

{~ruk~ure

? uad~{

@ gdadgug l 9 uad~{ re ~`hea rlg ~oe I`kuf~t l Bu{dae{{

àn Eklalgdk{! [~unea~{ da~eandac ~l `r~dkuf`~e da~l `

klur{eslrh g`{~er{ necree {olufn dakfune `~ fe`{~ > klre

uad~{ rlg ~oe refeyà~ g`{~er{ necree ~l ea{ure uff krend~!

[~unea~{ {olufn kla{uf~ ~oe klur{e kllrnda`~lr rec`rndac

{}ekdik koldke l uad~{!

Bu{dae{{

Cr`nu`~e Ker~dk`~e da Bu{dae{{ôd{ lur'uad~ klur{e g`t be uaner~`hea `{ ` {~àn' flae `s`rn lr

`{ ` }`~os`t ~l ` cr`nu`~e nd}flg` lr g`{~er{ necree! D~ d{ ne{dcaen~l ea`bfe tlu ~l ex}erdeake à da~rlnuk~dla ~l ` y`rde~t l bu{dae{{

nd{kd}fdae{& lr ~l ~`dflr tlur uad~ {efek~dla ~l ` {}ekdk `re` l da~ere{~!

[~unea~{ sol {ukke{{ufft klg}fe~e ~oe Cr`nu`~e Ker~dk`~e da

Bu{dae{{ sd~o ` gdadgug l ` krend~ `yer`ce /9=%$ g`t be efdcdbfe

lr `ngd{{dla ~l ` g`{~er{ }rlcr`g sd~oda ~oe I`kuf~t l Bu{dae{{

àn Eklalgdk{!

La'k`g}u{&

Kùfiefn lr

l'k`g}u{

Cr`nu`~e Ker~dik`~e da Bu{dae{{

0 {ege{~er uff'~dge& 2 {ege{~er{ }`r~'~dge

Klur{e klne 0934

Ea~rt

repudregea~{

@a @u{~r`fdà b`koeflr necree lr à epudy`fea~ pu`fdik ~dla

àn ` Sedco~en @yer`ce G`rh /S@G$ l 55% lr àepudy`fea~ Cr`ne ]lda~ @yer`ce /C]@$ `{ ne~ergdaen bt ~oe

`kuf~t!


`k`negdk reklrn!

Klur{e

{~ruk~ure> uad~{

[~unea~{ klg}fe~e àt lur cr`nu`~e feyef uad~{ rlg ~oe

I`kuf~t l Bu{dae{{ àn Eklalgdk{!


13/48

00

G`{~er l Bu{dae{{/[kdeake àn êkoalflct$[kdeake d{ ` g`jlr nrdyer l eklalgdk crls~o àn neyefl}gea~!

@u{~r`fd` àn l~oer klua~rde{ da ~oe @{d`'] kdk recdla `re fe`ner{ da

{kdea~dk re{e`rko bu~ `ff beodan da klayer~dac re{e`rko nd{klyerde{

da~l eklalgdk se`f~o! ôd{ {}ekd`fd{`~dla `dg{ ~l `{{d{~ {~unea~{ sd~o

` {kdeake lr ~ekoalflct b`khcrluan ~l klggerkd`fd{e fe`ndac ence

gendk`f& {kdea~dk àn re{e`rko }rljek~{! ôd{ klur{e d{ epudy`fea~ ~l

~oree {ege{~er{ l {~unt àn g`t be ~`hea ed~oer da da~ea{dye glne

da lae te`r& uff'~dge da lae àn ` o`f te`r{ lr }`r~'~dge! Iee{ `re

k`fkuf`~en `~ lae àn ` o`f ~dge{ ~oe àau`f `yer`ce ee!

ôe klur{e d{ leren bt ~oe Ne}`r~gea~ l Gà`cegea~& sodko

slrh{ sd~o {kdea~d{~{& {~unea~{ àn bu{dae{{ }el}fe ~orlucolu~ ~oe

@{d`']`kdk recdla la ~oe ~rà{lrg`~dla l {kdeake da~l se`f~o! ôe

Ne}`r~gea~ rua{ ~oe alyef klre uad~ soere tlu `re eac`cen da `

te`r'flac& re`f slrfn klggerkd`fd{`~dla }rljek~!

ôd{ klur{e }rlydne{ tlu sd~o ~oe halsfence ~l slrh { à

ea~re}reaeur an gà`cer da {kdeake'b`{en {~`r~'u} klg}àde{& da

{kdeake }lfdkt neyefl}gea~& da }rljek~ gà`cegea~ an kla{uf~dac&

àn da re{e`rko an neyefl}gea~ gà`cegea~!

La'k`g}u{&

Kùfiefn



Kà be ~`hea da da~ea{dye glne /uff'~dge lyer 0 k`fean`r

te`r& Iebru`rt da~`he laft$!

@dgen ~ E`rft k`reer lr ex}erdeaken }rle{{dla`f{ sd~o ` {kdeake lr

~ekoalflct b`khcrluan

Klur{e klne ;?>=

Ea~rt

repudregea~{@a @u{~r`fdà b`koeflr necree lr à epudy`fea~ pu`fdik ~dla

sd~o ` g`jlr da {kdeake lr ~ekoalflct àn ` Sedco~en

@yer`ce G`rh /S@G$ l 9=% lr à epudy`fea~ Cr`ne ]lda~

@yer`ce /C]@$ `{ ne~ergdaen bt ~oe kuf~t!


`k`negdk reklrn!

Klur{e

{~ruk~ure

0= uad~{ /02 uad~ epudy`fea~$

Edco~ 9'}lda~ uad~{

sl 02'}lda~ uad~{

Aes yea~ure iaàke


Eklalgdk{

Klggerkd`fd{`~dla }rljek~ /02 }lda~{$

]`~os`t{ rlg {kdeake ~l se`f~o /02 }lda~{$


@kklua~dac lr bu{dae{{

]`~ea~dac lr klggerkd`fd{`~dla

Iluan`~dla{ l g`rhe~dac

Gà`cdac daaly`~dla

Efek~dye uad~{ cdye tlu ~oe l}}lr~uad~t ~l {efek~ uad~{ rlg

àl~oer `kuf~t! Tlu g`t be `bfe ~l eaoàke tlur necree bt

klg}fe~dac uad~{ da `re`{ {uko `{:

Dalrg`~dla êkoalflct

F`s

Bu{dae{{ [t{~eg{

]rljek~ Gà`cegea~

Fe`ner{od}

Tlu {olufn kla{uf~ sd~o tlur klur{e kllrnda`~lr soea {efek~dac

efek~dye uad~{!


14/48

02

KLUR[ESLRH ]RLCR@G[

G`{~er l Bu{dae{{ F`s*Da ~oe }`{~ nek`ne& d{{ue{ {uko `{ cflb`fd{`~dla& rd{h gà`cegea~&

klg}fdàke an nerecuf`~dla o`ye re{uf~en da uan`gea~`fkoàce{ ~l klayea~dla`f k`reer l}}lr~uad~de{ da bl~o ~oe bu{dae{{

àn clyeragea~ {ek~lr{! D~ d{ ~oerelre à `nyà~`ce lr gàt

}rle{{dla`f{ ~l o`ye halsfence àn uaner{~àndac l ~oe fec`f

`{}ek~{ l bu{dae{{ àn ~`x`~dla d{{ue{! ôe neyefl}gea~ l fec`f&

à`ft~dk`f àn srd~dac {hdff{ d{ `f{l beklgdac dakre`{dacft dg}lr~à~ da

}rle{{dla`f bu{dae{{ }r`k~dke!

ôe G {~er l Bu{dae{{ F`s d{ a edco~'uad~ }rlcr`g ne{dcaen lr

{~unea~{ sol `re {eehdac ` }l{~cr`nu`~e `}}fden bu{dae{{ f`s

pu`fdk`~dla! ôd{ klur{e d{ l ndrek~ refeyàke ~l ~ol{e daylfyen

da }rle{{dla`f }r`k~dke lr l~oer `nyd{lrt rlfe{ da ~oe }rdy`~e lr

clyeragea~ {ek~lr{& soere halsfence l klggerkd`f f`s àn ~oe fec`f

eaydrlagea~ d{ aeke{{`rt! ôe klur{e sdff eaoàke refeyà~ {hdff{ lr

{~unea~{ {eehdac }f`kegea~{ da fec`f& klggerkd`f àn clyeragea~`frecuf`~lrt àn klg}fdàke }l{d~dla{ àtsoere da ~oe slrfn!

ôe G`{~er l Bu{dae{{ F`s g`t be klgbdaen sd~o l~oer g`{~er{

necree{& ea`bfdac tlu ~l cr`nu`~e sd~o ~sl g`{~er{ necree{:

G`{~er l Bu{dae{{ /@kklua~dac$,G`{~er l Bu{dae{{ F`s

/}`ce ;>$

G`{~er l ]rle{{dla`f @kklua~dac,G`{~er l Bu{dae{{ F`s

/}`ce ;5$

Ne}eandac la uad~{ uaner~`hea& tlu g`t efek~ ~l klg}fe~e ~oe

G`{~er l Bu{dae{{ F`s& sd~o {dcadkà~ krend~& `~er klg}fe~dla l

àl~oer g`{~er{ necree! ôd{ l}~dla d{ laft {ud~`bfe lr {lge klur{e{

àn kla{uf~`~dla sd~o ~oe klur{e kllrnda`~lr d{ reklggeanen!

La'k`g}u{&

Kùfiefn


2 {ege{~er{ uff'~dge

@dgen ~ E`rft k`reer lr ex}erdeaken }rle{{dla`f{ {eehdac ~l c`da

aes ex}er~d{e

Klur{e klne ;054

Ea~rt

repudregea~{@a @u{~r`fdà b`koeflr necree lr à epudy`fea~ pu`fdik ~dla&






`k`negdk reklrn!

Klur{e

{~ruk~ure

? uad~{

ôe lfflsdac 2 uad~{:


Ida`f re{e`rko }rljek~

]fu{ > uad~{ {efek~en rlg ~oe lfflsdac:

Slrh}f`ke ~`x`~dla

Daye{~gea~ ~`x`~dla

Klr}lr`~e clyeraàke

Klg}`r`~dye bu{dae{{ f`s da @{d`

F`blur ref`~dla{ f`s

Slrh}f`ke aecl~d`~dla{

Clln clyeraàke àn `kklua~`bdfd~t da ala'}rli~ àn {lkd`f

ea~er}rd{e{

Klr}lr`~e eaydrlagea~`f re{}la{dbdfd~t

Da~effek~u`f }rl}er~t f`s{

Da~era`~dla`f f`s àn }lfdkt

F`s l g`rhe~dac

ôe cflb fd{`~dla l f`s an neyefl}gea~ da @{d`

Kodae{e bu{dae{{ f`s

Idaàkd`f {erydke{ recuf`~dla

Da~era`~dla`f ~r`ne f`s

Ougà re{lurke gà`cegea~ f`s

Bu{dae{{ f`s

^ x`~dla f s /}rerepud{d~e lr ~`x ~dla uad~{$

Da{uràke f`s

Efek~dye{ U} ~l 2 l~oer efek~dye uad~{ g`t be kol{ea rlg ~ol{eleren bt ~oe ne}`r~gea~ lr l~oer ne}`r~gea~{ da ~oe

I`kuf~t l Bu{dae{{ àn Eklalgdk{! Efek~dye{ g`t be

kol{ea rlg àl~oer `kuf~t l Gla`{o Uadyer{d~t sd~o ~oe

`}}rly`f l ~oe klur{e kllrnda`~lr!

Bu{dae{{

* ôd{ klur{e nle{ al~ pu`fdt tlu ~l `k~ `{ ` {lfdkd~lr lr b`rrd{~er!


15/48

0;

G`{~er l Nd}flg`kt àn ^r`neôe G {~er l Nd}flg kt àn r`ne d{ ne{dcaen ~l gee~ ~oe ~r`dadac

àn }rle{{dla`f neyefl}gea~ aeen{ l ~ol{e sol `re da ~oe efn{ lda~era`~dla`f ~r`ne& nd}flg`kt& eklalgdk{& da~era`~dla`f neyefl}gea~&

da~era`~dla`f f`s àn kla~eg}lr`rt }lfd~dk{! ôe }rlcr`g }rlydne{

lrg`f `k`negdk {~unt `krl{{ ` ràce l nd{kd}fdae{ refeyà~ ~l ~oe

aeen{ l lrcàd{`~dla{ l}er`~dac da ~oe cflb`f eaydrlagea~!

ôe }rlcr`g {ud~{ ~oe aeen{ l dandydnu f{ slrhdac lr {eehdac ~l slrh

da ~oe clyeragea~ {ek~lr eac`cen da ~oe dg}fegea~`~dla àn }rlyd{dla

l }lfdkt `nydke da ~oe `re`{ l lredca ``dr{& ~r`ne& da~era`~dla`f

neyefl}gea~ àn bu{dae{{ ref`~en d{{ue{! Da ~oe }rdy`~e {ek~lr& ~oe

klur{e d{ ne{dcaen lr dandydnu`f{ sol `re l}er`~dac& lr {eehdac ~l

slrh& da à da~era`~dla`f k`}`kd~t da bl~o ~oe klr}lr`~e lr ACL {ek~lr!

K`reer l}}lr~uad~de{

ôe }rlcr`g }re}`re{ tlu ~l ur~oer tlur k`reer da ~oe nd}flg`~dk{erydke `{ seff `{ da da~era`~dla`f lrcàd{`~dla{& clyeragea~

ne}`r~gea~{& ACL{ àn guf~da`~dla`f klr}lr`~dla{ soere à

uaner{~àndac l da~era`~dla`f ref`~dla{& }lfd~dk{& eklalgdk{ àn ~r`ne

`re e{{ea~d`f!

ôe }rlcr`g }}e`f{ ~l dandydnu`f{ sol }re{ea~ft slrh& lr da~ean ~l

slrh& da ~oe lfflsdac `re`{:

Clyeragea~ {ek~lr Nd}flg`~dk& ~r`ne& àn l~oer ne}`r~gea~`f

{~` slrhdac da clyeragea~ àn daylfyen da ~oe dg}fegea~`~dla àn

}rlyd{dla l }lfdkt `nydke da ~oe `re`{ l lredca ``dr{& ~r`ne àn

eklalgdk d{{ue{ àn da~era`~dla`f neyefl}gea~!

Ala'clyeragea~ lrcàd{`~dla{ /ACL{$ Dandydnu`f{ sol slrh da

ala'clyeragea~ lrcàd{`~dla{ da ~oe `re` l da~era`~dla`f neyefl}gea~àn repudre ` cre`~er da{dco~ àn uaner{~àndac l ~oe da~era`~dla`f

eaydrlagea~ àn d~{ eek~ la ~oe slrh ~oet {eeh ~l `ngdad{~er!

Ala'clyeragea~ {ek~lr Dandydnu`f{ slrhdac da ~oe klr}lr`~e

eaydrlagea~ àn sol `re }`r~dkuf`rft daylfyen da da~era`~dla`f

l}er`~dla{,gà`cegea~ soere ` cre`~er uaner{~àndac l ~oe

da~era`~dla`f }lfd~dk`f& eklalgdk àn ~r`ne d{{ue{ ~o`~ kà }l~ea~d`fft

èk~ ~oedr bu{dae{{ eaydrlagea~ d{ repudren!

Re{e`rko }`~os`t

[~unea~{ sd{odac ~l uaner~`he ` re{e`rko }`~os`t sdff klg}fe~e ~oe

lfflsdac uad~{ `{ ` }`r~ l ~oedr efek~dye {~ruk~ure:

Da~rlnuk~lrt gà`cegea~ re{e`rko ge~oln{

Re{e`rko re}lr~ /da~rlnuk~dla$

Re{e`rko re}lr~!

Gdadgug cr`ne{ `}}ft! Ilr glre dalrg`~dla la re{e`rko necree ea~rt

repudregea~{ }fe`{e {ee }`ce 5!

La'k`g}u{&

Kùfiefn lr

l'k`g}u{




aes ex}er~d{e

Klur{e klne 29>;

Ea~rt

repudregea~{


àn ` Sedco~en @yer`ce G`rh /S@G$ l 55% lr à

epudy`fea~ Cr`ne ]lda~ @yer`ce /C]@$ `{ ne~ergdaen bt

~oe `kuf~t!


`k`negdk reklrn!

Klur{e

{~ruk~ure

02 uad~{

9 klre uad~{

9 efek~dye uad~{

9 klre uad~{:

]rl{}erd~t& }lyer~t àn {u{~`da`bdfd~t da ` cflb`fd{en slrfn

Klg}`r`~dye recdla`fd{g

Da~era`~dla`f f`s àn }lfdkt

Da~era`~dla`f ~r`ne }lfdkt

Da~era`~dla`f da{~d~u~dla{ àn lrcàd{`~dla{

Nd}flg`kt àn {~`~ekr`~

Efek~dye{ [dx uad~{ 2 l ~oe{e efek~dye{ g`t be rlg l~oer `kuf~de{

l Gla`{o Uadyer{d~t! @ re{e`rko }`~os`t d{ `y`df`bfe sd~o~oe `}}rly`f l ~oe klur{e kllrnda`~lr!

Nd}flg`kt àn ^r`ne klgbdae{ à

ex}flr`~dla l ~oelre~dk`f àn }r`k~dk`f

`}}rl`koe{ ~l da~era`~dla`f ~r`ne sd~o

` brl`ner nd{ku{{dla la ~oe ko`ffeace{

l }lfdkt g`hdac& {~`~ekr`~ àn

da~era`~dla`f ref`~dla{! ôe klur{eslrh

s`{ l~ea ko`ffeacdac& bu~ ea~dreft

gà`ce`bfe! Gla`{o }u{oe{ {~unea~{ ~l

cr`{} klake}~{ àn dne`{& r`~oer ~oà ~l

geglrd{e àn recurcd~`~e `k~{ àn ~o`~g`he{ lr ` slrhfl`n ~o`~ d{ `{ nee} àn

eac`cdac `{ tlu sà~ d~ ~l be! Nd{ku{{dla{

sd~o effls {~unea~{ àn `kuf~t& klanuk~en

`{ }`r~ l eyert kf`{{ ler ` koàke

~l re`fft ex}flre dne`{ àn klake}~{&

` }rdydfece lae r`reft ex}erdeake{ da ` f`rce

uanercr`nu`~e eaydrlagea~! ôe Nd}flg`kt

àn ^r`ne klur{e al~ laft c`ye ge ~oe

~llf{ àn krenea~d`f{ D aeenen ~l

}u~ u} ` {ukke{{uf kàndn`kt lr gt

kurrea~ }l{d~dla& bu~ o`{ `f{l }rlyea

day`fu`bfe da }re}`rdac ge lr ~oegtrd`n l klg}fex d{{ue{ ~o`~ kla{~d~u~e

glnera lredca ``dr{! D kà oe`r~dft àn

uare{eryenft reklggean GN^& soe~oer

tlu sà~ ~l budfn ` k`reer lr tlur lsa

uaner{~àndac l ~oe da~era`~dla`f {}oere!

Ngd~rt Crlzlubda{hd

Ne{h Lker& Ne}`r~gea~ lIlredca @`dr{ àn ^r`ne


16/48

0>

KLUR[ESLRH ]RLCR@G[

G`{~er l Da~era`~dla`f Bu{dae{{ôe Da~era`~dla`f Bu{dae{{ }rlcr`g sdff epud} tlu sd~o halsfence

`blu~ bu{dae{{ àn gà`cegea~ d{{ue{ rlg ` cflb`f }er{}ek~dye!Cr`nu`~e{ fe`ye sd~o ~oe ~llf{ aeenen ~l `{{d{~ ~oedr klg}àde{

da ~oe da~era`~dla`fd{`~dla }rlke{{ àn `kpudre yd~`f {hdff{ da

klgguadk`~dac an aecl~d`~dac krl{{ kuf~ure{! Tlu sdff neyefl}

~oe k`}`kd~t lr odco'feyef à`ft{d{ l rg da~era`~dla`fd{`~dla&

da~era`~dla`f ~r`ne& daye{~gea~& {~r`~ect an gà`cegea~& an c`da

à `}}rekd`~dla l ~oe guf~da`~dla`f rg& d~{ eaydrlagea~ àn ~oe

`k~dyd~de{ l ~oe da~era`~dla`f gà`cer!


K`reer l}}lr~uad~de{ dakfune gàu`k~urdac lr {erydke rg{ sd~o

da~era`~dla`f `k~dyd~de{& ex}lr~ àn ~r`ne `ceakde{& clyeragea~

da{~d~u~dla{& ACL{& da~era`~dla`f lrcàd{`~dla{& jlda~ yea~ure{& lredca

{ub{dnd`rde{& ~r`yef an ~lurd{g& kla{uf~dac& re{e`rko& an glre!

Re{e`rko }`~os`t

[~unea~{ sd{odac ~l uaner~`he ` re{e`rko }`~os`t sdff klg}fe~e ~oe

lfflsdac uad~{ `{ ` }`r~ l ~oedr efek~dye {~ruk~ure:

Da~rlnuk~lrt gà`cegea~ re{e`rko ge~oln{

Re{e`rko re}lr~ /da~rlnuk~dla$

Re{e`rko re}lr~!

Gdadgug cr`ne{ }}ft! Ilr glre dalrg`~dla la re{e`rko necree

ea~rt repudregea~{ }fe`{e {ee }`ce 5!

Bu{dae{{

La'k`g}u{&

Kùfiefn àn

[uas`t G`f`t{d`

G`{~er l Da~era`~dla`f Bu{dae{{



aes ex}er~d{e

Klur{e klne 2=4?

Ea~rt

repudregea~{

@a @u{~r`fdà b`koeflr necree lr à epudy`fea~

pu`fdik`~dla& lr à exeku~dye ker~dik`~e `s`rnen bt ~oe

I`kuf~t l Bu{dae{{ àn Eklalgdk{& àn ` Sedco~en

@yer`ce G`rh /S@G$ l 55% lr à epudy`fea~ Cr`ne

]lda~ @yer`ce /C]@$ `{ ne~ergdaen bt ~oe `kuf~t!

@}}fdkà~{ sdff be ràhen àn {efek~en b`{en la ~oedr

ea~dre `k`negdk reklrn!

Klur{e {~ruk~ure 02 uad~{

? klre uad~{

> efek~dye uad~{

? klre uad~{:

@kklua~dac an iaàke lr da~era`~dla`f g a`cer{

Da~era`~dla`f ~r`ne f`s

ôe da~era`~dla`f eklalgt

Da~era`~dla`f gà`cegea~

Krl{{'kuf~ur`f gà`cegea~ klgguadk`~dla

Da~era`~dla`f bu{dae{{ {~r`~ect

Da~era`~dla`f bu{dae{{ ~oelrt an }r`k~dke

G`rhe~dac àn ~oe da~era`~dla`f kla{uger

Efek~dye{ Ilur uad~{ 2 l ~oe{e efek~dye{ g`t be rlg l~oer

`kuf~de{ l Gla`{o Uadyer{d~t! @ re{e`rko }`~os`t d{

`y`df`bfe sd~o ~oe `}}rly`f l ~oe klur{e kllrnda`~lr!

Gt g`{~er{ necree ~llh ge lu~ l ~oe

klglr~ zlae D o`n k`ryen lr gt{ef lyer

gt }rle{{dla`f k`reer ~l n`~e àn l}eaen

gt ete{ ~l {lge }re~~t `f`rgdac cflb`f

d{{ue{! D~ s`{ `fs`t{ gt da~ea~dla ~l g`he

` k`reer koàce `~er klg}fe~dac ~oe GDB

àn D als eef bl~o da{}dren àn be~~er

epud}}en ~l g`he ~o`~ koàce!

Bekù{e l ~oe crlsdac ndyer{d~t da ~oe

slrh}f`ke lyer ~oe f`{~ nek`ne ~oe GDB

d{ ouceft refeyà~ ~l àtlae sol slrh{

da bu{dae{{ ~ln`t& al~ ju{~ ~ol{e }l{~en

lyer{e`{ lr slrhdac lr ` guf~da`~dla`f

ea~er}rd{e! D~ dg}rlye{ tlur `s`reae{{ l

{~r`~ecdk& eklalgdk& fec`f& aàkd`f& ekl'

}lfd~dk`f àn guf~dkuf~ur`f ~ea{dla{ ~o`~ exd{~

da bl~o ~oe flk`f àn cflb`f klgguad~t!

Fdhe àt~odac& so`~ tlu `kodeye sdff be

klggea{ur`~e sd~o so`~ tlu }u~ da& bu~

D {~rlacft reklggean ~od{ GDB ~l àtlae

da~ere{~en da pue{~dladac ~oe {~`~u{ pul!

Nebbde Bt`{{G`{~er l Da~era`~dla`f Bu{dae{{]rlcr`g Gà`cer& [ea{d{


17/48

05

]rle{{dla`f @kklua~dac ]rlcr`g{ ln`t{ `kklua~à~{ `re da cre`~ negàn àn slrhdac `krl{{ `

y`rde~t l danu{~rde{! @kklua~à~{ gu{~ }l{{e{{ {luan augerdk`fàn à`ft~dk`f {hdff{ `flac sd~o {~rlac klgguadk`~dla àn }el}fe

{hdff{! @kklua~dac d{ uan`gea~`f ~l àt lrcàd{`~dla8 ~er ff& d~{ ~oe

fàcu`ce l bu{dae{{! Gàt exeku~dye{ slrhdac `~ {eadlr feyef{ olfn

`kklua~dac pu`fdk`~dla{!

Se `re klggd~~en ~l ea{urdac ~o`~ tlur enuk`~dla }rlydne{ al~ laft

}rle{{dla`f klg}e~eake& bu~ `f{l ` }lr~lfdl l da~effek~u`f {hdff{ àn

`~~rdbu~e{ ~o`~ sdff eaoàke tlur k`reer flac `~er cr`nu`~dla!

Lur ]rle{{dla`f @kklua~dac necree{ re ne{dcaen ~l epud} {~unea~{

rlg ala'`kklua~dac b`khcrluan{ sd~o halsfence an {hdff{ da

`kklua~dac àn ref`~en efn{! Cr`nu`~e{ sol sd{o ~l }ur{ue ` k`reer

da `kklua~dac g`t c`da eg}fltgea~ da ` y`rde~t l lrcàd{`~dla{ da

}ubfdk }r`k~dke& ~oe }ubfdk {ek~lr an ~oe }rdy`~e {ek~lr!

ôe edco~'uad~ Cr`nu ~e Nd}flg` da @kklua~dac klur{e d{ ne{dcaen

lr {~unea~{ sd~o ` b`koeflr{ necree da ` efn l~oer ~oà `kklua~dac

sol sd{o ~l lb~`da ` {luan da~rlnuk~dla ~l `kklua~dac klake}~{ àn

}rlkenure{ an }rle{{dla`f reklcad~dla! [~unea~{ sol {ukke{{ufft

klg}fe~e ~oe cr`nu`~e nd}flg` g`t `}}ft lr `ngd{{dla ~l ~oe

G`{~er l ]rle{{dla`f @kklua~dac lr ~oe G`{~er l ]rle{{dla`f

@kklua~dac /@nyàken$!


ôe G`{~er l ]rle{{dla`f @kklua~dac d{ ` 02'uad~ necree sodfe ~oe

G`{~er l ]rle{{dla`f @kklua~dac /@nyàken$ d{ 09'uad~ necree!Bl~o sdff ex~ean tlur halsfence ea`bfdac tlu ~l `kpudre ` nee}er

uaner{~àndac àn ` sdner ràce l {hdff{!

]rle{{dla`f `kklua~dac kkrend~`~dla

La klg}fe~dla l ~oe Cr`nu`~e Nd}flg` da @kklua~dac lr ~oe G`{~er

l ]rle{{dla`f @kklua~dac necree{& {ubjek~ ~l efek~dye koldke{&

cr`nu`~e{ g`t {`~d{t enuk`~dla`f repudregea~{ lr {{lkd`~e

gegber{od} l K]@ @u{~r`fd` an ~oe Da{~d~u~e l ]ubfdk @kklua~à~{

/D]@$ an ea~rt ~l ~oe Ko`r~eren @kklua~à~{ ]rlcr`g l oe Da{~d~u~e

l Ko`r~eren @kklua~à~{ da @u{~r`fd` /DK@@$!

Beklgdac ` gegber l ` }rle{{dla`f blnt d{ ` cre`~ k`reer glye

àn cdye{ tlu à da~era`~dla`fft reklcad{en àn re{}ek~en bu{dae{{

pu`fdk`~dla! [ee sss!bu{ekl!gla`{o!enu!ù,e{c,`{u,}ubfdk`~dla{,}rle{{dla`f'reklcad~dla!o~gf lr glre dalrg`~dla

rec`rndac }rle{{dla`f kkrend~`~dla!

[~unea~{ {eehdac gegber{od} l ~oe }rle{{dla`f blnde{ `re nyd{en

~l kla{uf~ ~oe klur{e kllrnda`~lr ~l ea{ure ~oedr koldke l uad~{ lrg

` kloerea~ {~unt }`~~era!

La'k`g}u{&

Kùfiefn

Cr`nu`~e Nd}flg` da @kklua~dac

2 {ege{~er{ uff'~dge& > {ege{~er{ }`r~'~dge!

G`{~er l ]rle{{dla`f @kklua~dac

; {ege{~er{ uff'~dge & 9 {ege{~er{ }`r~'~dge

G`{~er l ]rle{{dla`f @kklua~dac /@nyàken$

> {ege{~er{ uff'~dge & ? {ege{~er{ }`r~'~dge

@dgen ~ E`rft k`reer lr ex}erdeaken }rle{{dla`f{ {eehdac ~l c`da `kklua~dac ex}er~d{e

Klur{e klne =3>? =34= =?29

Ea~rt

repudregea~{@a @u{~r fdà b`koeflr necree lr à epudy`fea~ pu`fdik`~dla da ala'`kklua~dac nd{kd}fdae& lr à exeku~dye ker~dik`~e `s`rnen bt ~oe I`kuf~t l

Bu{dae{{ àn Eklalgdk{& àn ` Sedco~en @yer`ce G`rh /S@G$ l 55% lr à epudy`fea~ Cr`ne ]lda~ @yer`ce /C]@$ `{ ne~ergdaen bt ~oe `kuf~t!

@}}fdkà~{ sdff be ràhen an {efek~en b`{en la ~oedr ea~dre `k negdk reklrn!

Klur{e

{~ruk~ure

? uad~{ 02 uad~{

3 klre uad~{

5 efek~dye uad~{

09 uad~{

3 klre uad~{

4 efek~dye uad~{

? uad~{ {efek~en rlg ~oe lfflsdac: 3 klre uad~{: 3 klre uad~{:

Da~rlnuk~lrt kklua~dac Da~rlnuk~lrt kklua~dac Da~rlnuk~lrt kklua~dac

Idaàkd`f `kklua~dac Idaàkd`f `kklua~dac Idaàkd`f `kklua~dac

Bu{dae{{ iaàke Bu{dae{{ iaàke Bu{dae{{ iaàke

Gà`cegea~ `kklua~dac Gà`cegea~ `kklua~dac Gà`cegea~ `kklua~dac

@nyàken iaàkd`f kklua~dac @nyàken iaàkd`f kklua~dac @nyàken iaàkd`f kklua~dac

Bu{dae{{ an klr}lr`~dla{ f`s Bu{dae{{ an klr}lr`~dla{ f`s Bu{dae{{ an klr}lr`~dla{ f`s

]er{la`f neyefl}gea~ krd~dk`f ~odahdac àn

klgguadk`~dla


klgguadk`~dla


klgguadk`~dla

Eklalgdk{ ]fu{ 2 uad~{ rlg ~oe lfflsdac: ]fu{ 2 uad~{ rlg ~oe lfflsdac:

@und~dac an `{{ur ake Eklalgdk{ Eklalgdk{

@kklua~dac dalrg`~dla àn {t{~eg{ glneffdac @und~dac an `{{uràke @und~dac an `{{ur ake

^ x`~dla f s @kklua~dac dalrg`~dla àn {t{~eg{ glneffdac @kklua~dac dalrg`~dla àn {t{~eg{ glneffdac

^ x`~dla f s ^ x`~dla f s

]fu{ ` ur~oer ; cr`nu`~e feyef uad~{ rlg ~oe

reg`dadac uad~{ fd{~en `blye àn,lr rlg uad~{

leren bt àt ne}`r~gea~ da ~oe I`kuf~t l

Bu{dae{{ àn Eklalgdk{!

]fu{ 3 cr`nu`~e feyef uad~{ rlg ~oe reg`dadac

uad~{ fd{~en `blye àn,lr rlg uad~{ leren bt

àt ne}`r~gea~ da ~oe I`kuf~t l Bu{dae{{ àn

Eklalgdk{!


18/48

09

KLUR[ESLRH ]RLCR@G[

G`{~er l Bu{dae{{ /@kklua~dac$ôd{ g`{~er{ necree d{ ne{dcaen ~l eaoàke an neyefl} ~oe

halsfence àn {hdff{ l `kklua~dac cr`nu`~e{ sol `re slrhdac& lr`{}dre ~l slrh& da }ubfdk }r`k~dke àn ~oe clyeragea~ àn }rdy`~e

{ek~lr{! ôe G`{~er l Bu{dae{{ /@kklua~dac$ }rlydne{ tlu sd~o

`nyàken halsfence an {hdff{ da ~oe re`{ l aàkd`f kklua~dac&

gà`cegea~ kklua~dac& kklua~dac dalrg`~dla {t{~eg{ an

lrea{dk kklua~dac!

ôd{ klur{e o`{ ` iexdbfe {~ruk~ure ~o`~ ea`bfe{ tlu ~l kla{~ruk~ `

}rlcr`g ~o`~ be{~ {ud~{ tlur k`reer `{}dr`~dla{ àn lb~`da ~oe {hdff

{e~ repudren ~l {ukke{{ufft l}er`~e `{ ` {}ekd`fd{~ da ~oe `kklua~dac

}rle{{dla! Tlu g`t koll{e& lr ex`g}fe{& a efek~dye {~re`g

~o`~ lku{e{ la kklua~dac dalrg`~dla {t{~eg{& lrea{dk {~unde{&

gà`cegea~& g`rhe~dac lr bu{dae{{ an ~`x`~dla f`s!


K`reer l}}lr~uad~de{ `re ex~ea{dye sd~o u~ure eg}fltgea~ da `

y`rde~t l danu{~rde{! Eg}fltgea~ l}}lr~uad~de{ g`t ràce rlg

}ubfdk kklua~dac }r`k~dke& dakfundac re`{ l und~dac& ~`x`~dla&

gà`cegea~ kla{uf~dac bu{dae{{ {erydke{ an rekedyer{od} ~l

klggerkd`f an clyeragea~ lrcàd{`~dla{ da rlfe{ {uko { ~re`{urt&

da~era`f ùnd~& {~r`~ecdk bu{dae{{ }fàadac& aàkd`f re}lr~dac àn

gà`cegea~ kklua~dac!


Cr`nu`~e{ g`t {`~d{t ~oe enuk`~dla`f klg}laea~{ lr ~oe refeyà~

gegber{od}{! Ilr ur~oer dalrg`~dla& cl ~l sss!bu{ekl!gla`{o!

enu!ù,e{c,`{u,}ubfdk`~dla{,}rle{{dla`f'reklcad~dla!o~gf


La'k`g}u{&

Kùfiefn



@dgen ~ E`rft k`reer `kklua~dac }rle{{dla`f{

Klur{e klne =5=;

Ea~rt

repudregea~{

@a @u{~r`fd a b`koeflr necree lr a epudy`fea~ pu`fdik`~dla

sd~o g`jlr da kklua~dac an ` }reerren Sedco~en @yer`ce

G`rh /S@G$ l 9=% lr a epudy`fea~ Cr`ne ]lda~ @yer`ce

/C]@$ { ne~ergdaen bt ~oe `kuf~t!

@}}fdkà~{ sdff be r ahen an {efek~en b`{en la ~oedr ea~dre

`k`negdk reklrn!

Klur{e

{~ruk~ure

02 uad~{

9 klre uad~{

9 efek~dye uad~{

ôe lfflsdac 5 klre uad~{:

@nyàken {~r`~ecdk gà`cegea~ kklua~dac

Idaàkd`f {~`~egea~ à`ft{d{ àn bu{dae{{ y`fu`~dla

Idaàkd`f re}lr~dac d{{ue{

Ilrea{dk `kklua~dac àn rùn ex`gda`~dla

Da~ecr`~en {t{~eg{ lr bu{dae{{ ea~er}rd{e{

]fu{ 0 klre uad~ rlg ~oe lfflsdac:



Efek~dye{ sl ur~oer uad~{ leren bt ~oe Ne}`r~gea~ l @kklua~dac

àn Idaàke& àn lur cr`nu`~e'feyef uad~{ leren bt àt

ne}`r~gea~ lr `kuf~t& {ubjek~ ~l ~oe `}}rly`f l ~oe klur{e

kllrnda`~lr!


19/48

03

G`{~er l Bu{dae{{/Bàhdac àn Idaàke$Bàhdac an aàke re dg}lr~à~ an {~r`~ecdk uak~dla`f efegea~{

l bu{dae{{ àn }rle{{dla`f{ slrhdac da ~oe{e het `re`{ g`he

` krd~dk`f àn `k~dye kla~rdbu~dla ~l }ubfdk àn }rdy`~e {ek~lr

lrcàd{`~dla{ slrfnsdne!

Idaàke& fdhe kklua~dac& o`{ ex}erdeaken ~regeanlu{ crls~o bl~o

da @u{~r`fd` àn lyer{e`{! Idaàkd`f {erydke eg}flter{ `re als

heea ~l eg}flt }el}fe sd~o ~oelre~dk`f an }r`k~dk`f halsfence

àn& da }`r~dkuf`r& ndyer{e {hdff{! Kfdea~{ à~dkd}`~e an negàn ~oe

be{~ }rle{{dla`f }r`k~dke y`df`bfe rlg aàke }rle{{dla`f{ da

klr}lr`~dla{ an aàkd`f da{~d~u~dla{& an da ~oe {u}eràau`~dla&

{ekurd~de{ àn gu~u`f uan{ danu{~rde{!

ôe G`{~er l Bu{dae{{ /Bàhdac àn Ida ake$ d{ ne{dcaen ~l }rlydne

tlu sd~o ~oe halsfence àn {hdff{ repudren ~l l}er`~e {ukke{{ufft`{ }rle{{dla`f da ~oe bàhdac an aàkd`f {erydke{ {ek~lr! D~

ler{ ~ol{e sol nl al~ o`ye ` aàke lr bu{dae{{ b`khcrluan

~oe l}}lr~uad~t lr k`reer'ea~rt pu`fdk`~dla da~l ~od{ nd{kd}fdae!

[~unea~{ sol `~~`da ` krend~ `yer`ce la klg}fe~dla l ~oe G`{~er l

Bu{dae{{ /Bàhdac àn Idaàke$ g`t be efdcdbfe ~l `r~dkuf`~e da~l ~oe

G`{~er l @}}fden Idaàke!

ôe klur{e klyer{ ~oe klre `re`{ l k`}d~`f g`rhe~{& nerdy`~dye

}rlnuk~{& }lr~lfdl gà`cegea~& bu{dae{{ aàke an aàkd`f

gà`cegea~! Efek~dye uad~{ kà be kol{ea rlg ` sdne ràce l

{}ekdk `re`{ l da~ere{~& `fflsdac lr iexdbdfd~t àn glyegea~ da~l

{}ekdk re`{ da aàke an bu{dae{{ ref`~en re`{!


ôe {~rlac re}u~`~dla l lur G`{~er l Bu{dae{{ /Bàhdac àn

Idaàke$ }rlcr`g geà{ ~o`~ cr`nu`~e{ re {luco~ ~er bt bàh{&

da{uràke klg}àde{ an l~oer aàkd`f da{~d~u~dla{& aàkd`f

kla{uf~àkt rg{& f`rce klr}lr`~dla{ bl~o da @u{~r`fd` àn lyer{e`{&

àn bt clyeragea~ recuf`~lrt blnde{!





La'k`g}u{&

Kùfiefn

G`{~er l Bu{dae{{ /Bàhdac àn Idaàke$


@dgen ~ E`rft k`reer }rle{{dla`f{ {eehdac ~l c`da aes ex}er~d{e da

bàhdac àn iaàke

Klur{e klne =5=>

Ea~rt

repudregea~{


da ` ala'iaàke nd{kd}fdae& lr à exeku~dye ker~dik`~e

`s`rnen bt ~oe I`kuf~t l Bu{dae{{ àn Eklalgdk{& àn

` Sedco~en @yer`ce G`rh /S@G$ l 9=% lr à epudy`fea~

Cr`ne ]lda~ @yer`ce /C]@$ `{ ne~ergdaen bt ~oe `kuf~t!


`k`negdk reklrn!

Klur{e

{~ruk~ure

02 uad~{

9 klre uad~{

9 efek~dye uad~{

9 klre uad~{:

Idaàkd`f }fàadacL}~dla{& u~ure{ àn rd{h gà`cegea~

Idaàkd`f gà`cegea~ ~oelrt

@u{~r`fdà k`}d~`f g`rhe~{

]lr~lfdl gà`cegea~ àn ~oelrt


Efek~dye{ [dx cr`nu`~e uad~{ leren bt àt ne}`r~gea~ sd~oda ~oe

I`kuf~t l Bu{dae{{ àn Eklalgdk{ dakfundac `~ fe`{~ lur

uad~{ `~ 5=== feyef! D~ d{ reklggeanen ~o`~ {~unea~{ kla{uf~

sd~o ~oe klur{e kllrnda`~lr rec`rndac efek~dye uad~ {efek~dla

`{ {lge re{~rdk~dla{ `}}ft!


20/48

0?

KLUR[ESLRH ]RLCR@G[

G`{~er l @}}fden Idaàkeôe G`{~er l @}}fden Idaàke }rlydne{ a ake k`reer }rle{{dla`f{

sd~o `nyàken fe`radac àn ` }l{~cr`nu`~e pu`fdk`~dla ~l }ur{ue` flac ~erg k`reer da aàke! ôd{ necree d{ ne{dcaen lr Bu{dae{{

lr Klggerke cr`nu`~e{ sd~o ` g`jlr da aàke! ôe da~ea~ l ~oe

klur{e d{ ~l `~~`da g`{~ert da aàke àn d~ ~oerelre }rlydne{ `

odcoer ~ekoadk`f feyef l {hdff da puà~d~`~dye àn pu`fd~`~dye aàke

dakfundac }re}`r`~dla lr ~oe ~~`dagea~ l KI@ ne{dca`~dla!*

ôelrt& ~ekoadk`f àn `nyàken danu{~rt ge~oln{ `re }re{ea~en

rlg à `}}fden }er{}ek~dye& lku{dac la }rlydndac tlu sd~o ~oe

{hdff{ ~l à`ft{e& krd~dk`fft ey`fu`~e àn g`he aàkd`f nekd{dla{ àn

reklggean ~dla{ da à e~odk`f gàaer `}}fdk`bfe ~l ~oe re`f slrfn!

Uad~{ dakfune {e{{dla{ bt danu{~rt }rle{{dla`f{ sol nr`s la

kla~eg}lr`rt }r`k~dke& puà~d~`~dye re{e`rko }rljek~{& an }r`k~dk`f

ex}erdeake {uko `{ {dguf`~en aàkd`f ~r`ndac da ~oe @kklua~dac àn

Idaàke [dguf`~en ê`kodac àn Re{e`rko F`blr`~lrt /[^@RF`b$!

ôd{ da~ecr`~en fe`radac `}}rl`ko d{ kla{lfdn`~en sd~o ~oe k`}{~lae

uad~ l {}ekd`fft {efek~en k`{e {~unde{ da aàke!





* Repudre{ klg}fe~dla l }}rl}rd`~e KI@ feyef ex`g{!


La'k`g}u{&

Kùfiefn

G`{~er l @}}fden Idaàke


@dgen ~ E`rft k`reer lr ex}erdeaken iaàke }rle{{dla`f{

Klur{e klne ;?0?

Ea~rt

repudregea~{*@a @u{~r`fd a b`koeflr necree sd~o ` g`jlr da ia ake lr

à epudy`fea~ pu`fdik`~dla sd~o Sedco~en @yer`ce G`rh

/S@G$ l 95%& lr a epudy`fea~ Cr`ne ]lda~ @yer`ce /C]@$

`{ ne~ergdaen bt ~oe `kuf~t& sd~o nue kla{dner`~dla cdyea ~l

refeyà~ eg}fltgea~ ex}erdeake!

@}}fdkà~{ sdff be r ahen an {efek~en b`{en la ~oedr ea~dre

`k`negdk reklrn!

Klur{e

{~ruk~ure

? uad~{

9 klre uad~{

2 efek~dye uad~{

9 klre uad~{:

@nyàken {ekurd~t à ft{d{

Cflb`f iaàkd`f g`rhe~{

Klr}lr`~e ~re`{urt gà`cegea~

Iuan{ gà`cegea~

K`{e {~unde{ da iaàke

Idaàkd`f eklalge~rdk{

]fu{ 2 uad~{ rlg ~oe lfflsdac:

Idaàkd`f }fàadac

L}~dla{& u~ure{ àn rd{h gà`cegea~

Cflb`f bàhdac da{~d~u~dla{ àn d{{ue{

Idaàkd`f {~`~egea~ à`ft{d{ àn bu{dae{{ y`fu`~dla

Glaet g`rhe~ ne`fdac

Da{~d~u~dla`f `{{e~ àn fd`bdfd~t gà`cegea~

Krend~ rd{h glneffdac

@nyàken iaàkd`f }fàadac

Gercer{ àn `kpud{d~dla{

Da~era`~dla`f {~unt }rlcr`g da bàhdac àn iaàke

@}}fden iaàkd`f eklalge~rdk{

Glneffdac da iaàke àn da{uràke

Bu{dae{{ lrek`{~dac


21/48

04

Cr`nu`~e Nd}flg` l@}}fden Eklalge~rdk{ôd{ edco~'uad~ klur{e }rlydne{ à l}}lr~uad~t lr tlu ~l eaoàke

tlur puà~d~`~dye {hdff{ àn be epud}}en ~l uaner~`he l~oer rdclrlu{

}l{~cr`nu`~e klur{eslrh }rlcr`g{ da bu{dae{{! D~ ler{ ` sdne

bre`n~o l halsfence àn sdff }rlydne tlu sd~o ~oe puà~d~`~dye ~llf{

àn ex}er~d{e repudren ~l k`rrt lu~ recre{{dla a`ft{d{& lrek`{~dac

àn aàkd`f g`rhe~ à`ft{d{! Tlu sdff `f{l `kpudre ~oe `bdfd~t ~l ~`he

re{}la{dbdfd~t lr ne{dcadac an dg}fegea~dac }}fden eklalge~rdk

}rljek~{ àn be `bfe ~l }rlkdea~ft klgguadk`~e ~oe re{uf~{ ~l sdner

ùndeake{! [uko {hdff{ `re ex~regeft `~~r`k~dye ~l ~oe bu{dae{{ àn

aàke klgguad~t!


Sd~o bl~o ~oe bu{dae{{ àn clyeragea~ {ek~lr{ bedac dauan`~en

sd~o n`~`& ~oe `bdfd~t ~l à`ft{e ~od{ n`~` ~l }rlnuke dalrg`~dla~o`~ d{ y`fu`bfe& d{ glre odcoft {luco~ `~er ~oà eyer belre! Ilr

eg}flter{ sol `re fllhdac lr ` g`rhe~dac cr`nu`~e lr ex`g}fe&

~l an ~o`~ ~oet `f{l o`ye ` }l{~cr`nu`~e da eklalge~rdk{& d{ odcoft

ne{dr`bfe! [lge ex`g}fe{ l bu{dae{{ {ek~lr{ ~o`~ y`fue à`ft~dk`f

`bdfd~de{ dakfune bàhdac& da{uràke& }o`rg`keu~dk`f& ~efkl{& yd`~dla&

ol{}d~`fd~t& oe`f~ok`re& flcd{~dk{ àn {u}eràau`~dla!


La'k`g}u{&

Kùfiefn

Cr`nu`~e Nd}flg` da @}}fden Eklalge~rdk{


Klur{e klne ;?09

Ea~rt

repudregea~{@a @u{~r`fdà b`koeflr necree lr à epudy`fea~ pu`fdik`~dla&



/S@G$ l 9=% lr à epudy`fea~ Cr`ne ]lda~ @yer`ce /C]@$

`{ ne~ergdaen bt ~oe `kuf~t! @}}fdkà~{ slufn alrg`fft

repudre ` krend~ lr epudy`fea~ da à da~rlnuk~lrt {~`~d{~dk{ uad~

`~ ~er~d`rt feyef!

@}}fdkà~{ sdff be ràhen àn {efek~en b`{en la ~oedr ea~dre

`k`negdk reklrn!

Klur{e

{~ruk~ure

? uad~{

0 klre uad~

5 uad~{ {efek~en rlg }re{krdben fd{~{

2 efek~dye uad~{

Klre uad~:

Da~rlnuk~lrt eklalge~rdk{]fu{ 0 l ~oe lfflsdac:

G`~oeg`~dk{ lr eklalgdk{ àn bu{dae{{

G`~oeg`~dk{ lr bu{dae{{

]fu{ > l ~oe lfflsdac& dakfundac `~ fe`{~ lae l ~ol{e

g`rhen sd~o à `{~erd{h /*$:

@k~u`rd`f {~`~d{~dk{

@}}fden lrek`{~dac lr bu{dae{{ an eklalgdk{

]rlb`bdfd~t àn {~`~d{~dk`f daereake lr eklalgdk{ àn

bu{dae{{

]rdakd}fe{ l eklalge~rdk{

@}}fden eklalge~rdk{

B`te{dà glneffdac àn rd{h à`ft{d{

^dge {erde{ a`ft{d{ lr bu{dae{{ àn eklalgdk{

Idaàkd`f eklalge~rdk{

Bu{dae{{ glneffdac

N`~` à`ft{d{ da bu{dae{{

Bu{dae{{ lrek`{~dac

Puà~d~`~dye ge~oln{ lr iaàkd`f g`rhe~{*

Puà~d~`~dye glnef{ lr bu{dae{{ re{e`rko*

Efek~dye{ sl efek~dye{ ~`hea rlg Bu{dae{{ an Eklalgdk{ lr rlg

àl~oer `kuf~t!

* Nue ~l uad~ }rerepud{d~e{& {~unea~{ sd~o al }rdlr eklalgdk{ lr {~`~d{~dk{

halsfence g`t aeen ~l ~`he glre ~oà ~sl {ege{~er{ ~l klg}fe~e ~od{ klur{e!


22/48

2=

KLUR[ESLRH ]RLCR@G[

G`{~er l @}}fden Eklalge~rdk{ôd{ klur{e d{ leren `{ ` klur{eslrh }fu{ re{e`rko }rljek~ necree

`dgdac ~l }rlydne tlu sd~o ~oe {hdff{ àn re{e`rko ex}erdeake repudrenlr }}fden eklalge~rdk }rljek~{ da eklalgdk{& bu{dae{{ an aàke!

ôe }rlcr`g ler{ ` klg}reoea{dye kurrdkufug dakfundac uad~{ da

`}}fden eklalge~rdk{& ~dge {erde{ a`ft{d{& aàkd`f eklalge~rdk{&

gdkrleklalge~rdk{ àn eklalge~rdk ~oelrt!

Cr`nu`~e{ l ~oe }rlcr`g sdff be epud}}en ~l ne{dca àn dg}fegea~

`}}fden eklalge~rdk }rljek~{ lr clyeragea~ àn bu{dae{{ {ek~lr{!

Tlu sdff o ye {hdff{ ~o`~ kà be u{en `krl{{ ` brl`n ràce l nd{kd}fdae{

dakfundac eklalgdk{& aàke& g`rhe~ re{e`rko àn krend~ rd{h

gà`cegea~! Tlu sdff `f{l o`ye ~oe aeke{{`rt puà~d~`~dye {hdff{ ~l

uaner~`he odcoer necree{ bt re{e`rko*!

* Gdadgug cr`ne{ }}ft! Ilr glre dalrg`~dla la re{e`rko necree ea~rt

repudregea~{ }fe`{e {ee }`ce 5!


Cr`nu`~e{ l ~oe }rlcr`g `re seff }re}`ren lr }rle{{dla`f k`reer{ da

sodko eklalge~rdk{ d{ `}}fden ~l puà~d~`~dye à`ft{d{ l gàt hdan{ l

}rlbfeg{ da eklalgdk{& g`rhe~ re{e`rko& aàke& rd{h gà`cegea~&

da~era`~dla`f bu{dae{{ àn gàt l~oer `re`{! Eklalge~rdk {hdff{ `re

da odco negàn da bl~o }rdy`~e àn }ubfdk {ek~lr{! Ilr ex`g}fe& ~oe

@u{~r fdà Bureù l [~`~d{~dk{ àn ~oe re`{urt& da ~oe }ubfdk {ek~lr

àn aàkd`f da{~d~u~dla{ /bàh àn da{uràke klg}àde{$ àn da

bu{dae{{ kla{uf~àkt rg{ da ~oe }rdy`~e {ek~lr!

Kùfiefn G`{~er l @}}fden Eklalge~rdk{


@dgen ~ E`rft k`reer lr ex}erdeaken }rle{{dla`f{ {eehdac ~l ex~ean

~oedr eklalge~rdk{ ex}er~d{e

Klur{e klne ;?22

Ea~rt

repudregea~{@a @u{~r`fdà b`koeflr necree lr a epudy`fea~ pu`fdik ~dla&


Bu{dae{{ àn Eklalgdk{& sd~o ` Sedco~en @yer`ce G`rh


`{ ne~ergdaen bt ~oe `kuf~t! @}}fdkà~{ gu{~ o`ye `kodeyen

` krend~ lr epudy`fea~ da à da~rlnuk~lrt guf~d}fe recre{{dla

uad~ `~ ~er~d`rt feyef!

@}}fdk a~{ sdff be ràhen an {efek~en b`{en la ~oedr ea~dre

`k`negdk reklrn!

Klur{e

{~ruk~ure

02 uad~{

2 klre uad~{

9 uad~{ {efek~en rlg ` }re{krdben fd{~

; efek~dye uad~{

Klre uad~{:

@}}fden eklalge~rdk{

Re{e`rko }rljek~

]fu{ 0 l ~oe lfflsdac:

G`~oeg`~dk{ lr eklalgdk{ àn bu{dae{{

G`~oeg`~dk{ lr bu{dae{{

]fu{ 0 l ~oe lfflsdac:

Puà~d~`~dye ge~oln{ lr iaàkd`f g`rhe~{

Puà~d~`~dye glnef{ lr bu{dae{{ re{e`rko

Ilur l ~oe lfflsdac& dakfundac `~ fe`{~ lae l ~ol{e

g`rhen à `{~erd{h /*$:

Eklalge~rdk ~oelrt

@}}fden eklalge~rdk{ 2

Gdkrleklalge~rdk{

Idaàkd`f eklalge~rdk{ 2

L}~dgd{`~dla lr gà`cegea~

Re{e`rko ~l}dk{ da eklalge~rdk{

[}ekd`f re`ndac uad~ 0

@}}fden ~dge {erde{ eklalge~rdk{*

@}}fden iaàkd`f eklalge~rdk{

[}ekd`f ~l}dk{ da eklalge~rdk{

[}ekd`f ~l}dk{ da eklalge~rdk{ f*

[}ekd`f ~l}dk{ da eklalge~rdk{ ff

Lr uad~{ rlg ~oe `blye al~ }reydlu{ft ~`hea

Efek~dye{ @ ur~oer ~oree uad~{ /{ubjek~ ~l `}}rly`f$ ~ hea rlgBu{dae{{ àn Eklalgdk{ lr rlg àl~oer `kuf~t!


halsfence g`t aeen ~l ~`he glre ~oà ~oree {ege{~er{ ~l klg}fe~e ~od{ klur{e!


@ G`{~er{ da @}}fden Eklalge~rdk{ d{ yert

seff rec`rnen da ~oe jlb g`rhe~}f`ke! D

s`{ leren {eyer`f jlb{ da bàhdac eyea

nurdac ~oe bdcce{~ nlsa~ura da geglrt!

Eklalge~rdk{ d{ à da{~à~ dandk`~lr l

puà~d~`~dye {hdff{ ~o`~ `re odcoft y`fuen& àn

pud~e r`re& cdydac tlu glre reenlg àn

glre l}~dla{!

@~er {lge ~dge da ~oe slrh}f`ke Dnd{klyeren ~o`~ }rle{{dla`fd{g da `

ker~`da nd{kd}fdae d{ ` bdc `nyà~`ce! Bedac

` ceaer`fd{~ laft ce~{ tlu {l `r! D ef~

gt k`reer s`{ nrd~dac& àn gt }reydlu{

eg}flter eaklur`cen eyertlae ~l

}rle{{dla`fd{e ~orluco ur~oer {~unt! D kol{e

Gla`{o bekù{e l ~oe re}u~`~dla l ~oe

uadyer{d~t `{ ` solfe& àn ~oe Ne}`r~gea~ l

Eklalge~rdk{ da }`r~dkuf`r!

D re`fft eajlten nldac ~oe {}ekd`f re`ndac uad~

sd~o Bdff Zoàc! ôe cre`~ ~odac `blu~ ~od{uad~ d{ tlu b`{dk`fft {e~ tlur lsa ~l}dk{! L

`ff ~oe ~odac{ D fe`ra~ nurdac ~oe klur{e& ~od{

uad~ s`{ ~oe gl{~ refeyà~ ~l gt kurrea~ jlb!

ôe G`{~er l @}}fden Eklalge~rdk{ re`fft

l}eaen u} ` ràce l k`reer nllr{! D

ker~`daft slufna~ be fdydac da [dac`}lre àn

slrhdac da gt kurrea~ jlb sd~olu~ d~!

Fuhe Kfda~la Ru{{eff

G`{~er l @}}fden Eklalge~rdk{

Neà{ Olalur Fd{~ Rekd}dea~ 2==?

Rd{h Gà`cegea~ @{{lkd`~e LKBK Bàh& [dac`}lre


23/48

20

G`{~er l Bu{dae{{ Eklalgdk{ôe G {~er l Bu{dae{{ Eklalgdk{ d{ ne{dcaen ~l eao ake ~oe

}rle{{dla`f neyefl}gea~ àn {hdff{ repudren lr à`ft{dac àn`{{e{{dac ~oe eklalgdk dg}`k~ l }lfdkde{ àn recuf`~dla{ la }rdy`~e

àn clyeragea~ ea~er}rd{e{!

ôe klur{e sdff epud} tlu sd~o ~oe à ft~dk`f ~llf{ lr nekd{dla g`hdac

da ` sdne ràce l nlge{~dk àn da~era`~dla`f }rdy`~e bu{dae{{ àn

}ubfdk `ceakt eaydrlagea~{!

ôe klur{e ler{ tlu ~oe l}}lr~uad~t ~l ex}flre {uko ~l}dk{ `{:

danu{~rt à`ft{d{ àn bu{dae{{ {~r`~ect

}rdy`~e àn }ubfdk }rljek~ ey`fu`~dla

recuf`~dla an klg}e~d~dla }lfdkt

danu{~rd`f lrcàd{`~dla

dg}`k~ l glae~`rt àn {k`f }lfdkt

Eklalgdk{ d{ lae l ~oe luan`~dla ne}`r~gea~{ l Gla`{o Uadyer{d~t!

ôe Ne}`r~gea~ }rlydne{ ~l} feyef {}ekd`fd{~ nydke ~l clyeragea~

àn }rdy`~e {ek~lr blnde{ da @u{~r`fd` àn da~era`~dla`fft! D~ o`{

neyefl}en `nyd{lrt kla~`k~{ da ~oe @{d`']`kdk Recdla& `{ seff `{

kfl{e klaaek~dla{ sd~o }re{~dcdlu{ `k`negdk àn }lfdkt lrguf`~dac

da{~d~u~dla{ da Koda`& Eurl}e àn ~oe Uad~en [~`~e{!


ôe G {~er l Bu{dae{{ Eklalgdk{ }rlgl~e{ tlur k`reer }rl{}ek~{ da

~oe }ubfdk {ek~lr clyeragea~ ne}`r~gea~{& `ffden `ceakde{& ACL{

`{ seff `{ ~oe }rdy`~e {ek~lr da kla{uf~dac rg& re{e`rko ne}`r~gea~{ da

bàh{ àn aàkd`f da{~d~u~e{ `{ seff `{ g`rhe~ re{e`rko rg{!

La'k`g}u{&

KùfiefnG`{~er l Bu{dae{{ Eklalgdk{


@dgen ~ E`rft k`reer lr ex}erdeaken }rle{{dla`f{ {eehdac ~l ex~ean

~oedr eklalgdk{ ex}er~d{e

Klur{e klne ;?>2

Ea~rt

repudregea~{

@a @u{~r`fdà b`koeflr necree lr a epudy fea~ pu`fdik ~dla

sd~o ` g`jlr da eklalgdk{ àn ` Sedco~en @yer`ce G`rh

/S@G$ l 9=% lr à epudy`fea~ Cr`ne ]lda~ @yer`ce /C]@$


@}}fdkà~{ sdff be ràhen an {efek~en b {en la ~oedr ea~dre

`k`negdk reklrn!

Klur{e

{~ruk~ure

02 uad~{

9 klre uad~{

9 efek~dye uad~{

9 klre uad~{:

@}}fden eklalgdk{ d{{ue{ re{e`rko } }er

C`ge ~oelrt àn bu{dae{{ {~r`~ect

[}ekd`f re{e`rko ~l}dk{ da `}}fden eklalgdk{

@}}fden gdkrleklalgdk{

@}}fden g`krleklalgdk{

Lae puà~d~`~dye uad~ `}}rlyen bt ~oe klur{e kllrnda`~lr

Efek~dye{ [dx cr`nu`~e feyef uad~{ ` g`xdgug l > kà be kol{ea

lu~{dne ~oe iefn l eklalgdk{ rlg àt `kuf~t!

Cr`nu`~e Nd}flg` da Eklalgdk [~unde{ôd{ klur{e d{ `dgen `~ cr nu`~e{ l nd{kd}fdae{ l~oer ~o a eklalgdk{

àn klggerke& cr`nu`~e{ sol o`ye {~unden laft ~oe epudy`fea~ lr{~'te`r eklalgdk{ lr eklalgdk{,klggerke cr`nu`~e{ l glre

~oà ~ea te`r{ {~àndac! D~ d{ ne{dcaen ~l }rlydne tlu sd~o ` {luan

uaner{~àndac l eklalgdk{ àn eklalgdk {~`~d{~dk{ d{{ue{ àn ~oedr

uak~dla da ~oe bu{dae{{ slrfn! [}ekd`fd{`~dla{ da eklalgdk{ àn

eklalge~rdk{ re y`df`bfe!

[~unea~{ sol `kodeye ` odco {~àn`rn sdff be `bfe ~l }rlcre{{ ~l

ur~oer cr`nu`~e slrh!

La'k`g}u{&

Kf`t~laCr`nu`~e Nd}flg` da Eklalgdk [~unde{

2 {ege{~er{ uff'~dge*

Klur{e klne =032

Ea~rt

repudregea~{


àn ` Sedco~en @yer`ce G`rh /S@G$ l 55% lr àepudy`fea~ Cr`ne ]lda~ @yer`ce /C]@$ `{ ne~ergdaen bt

~oe `kuf~t! D~ d{ }reerren ~o`~ `}}fdkà~{ o`ye {ukke{{ufft

klg}fe~en te`r 02 g`~oeg`~dk{ lr epudy`fea~!


`k`negdk reklrn!

Eklalgdk{ {~re`g Eklalge~rdk{ {~re`g

Klur{e

{~ruk~ure

? uad~{

; klre uad~{

5 efek~dye uad~{

? uad~{

2 klre uad~{

9 efek~dye uad~{

; klre uad~{: 2 klre uad~{:

Gdkrleklalgdk{** Gdkrleklalgdk{**

G`krleklalgdk{ G`krleklalgdk{

Bu{dae{{ àn eklalgdk{~`~d{~dk{

Efek~dye{ ôree uad~{ rlg ~oe

Ne}`r~gea~ l Eklalgdk{

àn ur~oer ~sl uad~{

rlg ~oe Ne}`r~gea~

l Eklalgdk{ lr

~oe Ne}`r~gea~ l

Eklalge~rdk{ àn Bu{dae{{

[~`~d{~dk{! [lge te`r feyef

re{~rdk~dla{ `}}ft!

Ilur uad~{ rlg ` }re{krdben

fd{~ }fu{ ` ur~oer 2 uad~{

{efek~en rlg {eklan lr

~odrn'te`r uad~{ `y`df`bfe da

~oe B`koeflr l Eklalgdk{

necree!


halsfence g`t aeen ~l ~`he glre ~oà ~sl {ege{~er{ ~l klg}fe~e ~od{ klur{e!

**Nue ~l ~oe {epuea~d`f a`~ure l Gdkrleklalgdk{ àn G`krleklalgdk{& {~unea~{

sdff al~ be `bfe ~l ~`he `ff ~oe klre uad~{ da ~oe ir{~ {ege{~er l ~oedr klur{e!


24/48

22

KLUR[ESLRH ]RLCR@G[


G`{~er l Eklalgdk{ôe G`{~er l Eklalgdk{ }rlydne{ ~r`dadac da `ny aken `}}fden

eklalgdk ~llf{ an ex}erdeake da uaner~`hdac dane}eanea~ re{e`rko!

ôe }rlcr`g d{ `dgen `~ e`rft k`reer eklalgd{~{& àn rekea~

cr`nu`~e{& sol sd{o ~l `kpudre ~oe {hdff{ aeenen ~l }r`k~dke `{

}rle{{dla`f eklalgd{~{ klanuk~dac lrdcda`f an dane}eanea~

re{e`rko! oe klur{e f{l }rlydne{ }`~os`t ~l uaner~`he ur~oer

{~unt `~ ~oe ]oN feyef!

@a Olalur{ necree d{ al~ ` }rerepud{d~e lr ea~rt àn ~oe G {~er{ l

Eklalgdk{ kà be {~unden }`r~ ~dge sodfe slrhdac uff ~dge!

ôd{ d{ ` re{e`rko'fen klur{eslrh g`{~er{ an tlu sdff be ex}ek~en

àn eaklur`cen ~l }re{ea~ tlur re{e`rko dne`{ àn klake}~{ da `

}ubfdk {e~~dac! Uad~ `{{dcagea~{ àn ex`g{ sdff ge`{ure tlur `bdfd~t

~l u{e nyàken }}fden eklalgdk ~llf{ an uaner{~àn nyàken

klake}~{! oe klur{e kla~ea~ an lu~klge{ re ndrek~ft dalrgenbt an reiek~ ~oe kurrea~ an lacldac re{e`rko eac`cegea~ l ~oe

fek~urdac {~`!


Cr`nu`~e{ sdff o`ye ~oe l}}lr~uad~t ~l slrh `{ }rle{{dla`f

eklalgd{~{ klanuk~dac rdclrlu{ an dane}eanea~ eklalgdk a`ft{d{

lr ~oe }ubfdk {ek~lr& g`daft da clyeragea~ ne}`r~gea~{ an ffden

`ceakde{ `{ seff `{ ACL{& àn ~oe }rdy`~e {ek~lr& da kla{uf~dac rg{&

re{e`rko ne}`r~gea~{ da bàh{ an aàke olu{e{& an g`rhe~

re{e`rko rg{! @f~era`~dyeft& cr`nu`~e{ kà cl la ~l odcoer necree

/]oN$ bt re{e`rko!

La k`g}u{&

Kf`t~la

G`{~er l Eklalgdk{

2 te`r{ uff'~dge& > te`r{ }`r~'~dge

@dgen `~ E`rft k`reer }rle{{dla`f{ {eehdac ~l ex~ean ~oedr

eklalgdk{ ex}er~d{e

Klur{e klne >>23

Ea~rt

repudregea~{

@a @u{~r`fdà b`koeflr necree lr à epudy fea~

pu`fdk`~dla sd~o ` g`jlr da eklalgdk{ lr da `

g`~oeg`~dk`f lr puà~d~`~dye nd{kd}fdae& lr ~oe eklalgdk{

{~re`g da ~oe Cr`nu`~e Nd}flg` da Eklalgdk [~unde{

`s`rnen bt Gla`{o Uadyer{d~t& àn ` Sedco~en @yer`ce

G`rh /S@G$ l 3=% lr à epudy`fea~ Cr`ne ]lda~

@yer`ce /C]@$ `{ ne~ergdaen bt ~oe `kuf~t!

@}}fdkà~{ sdff be ràhen àn {efek~en b`{en la ~oedr

ea~dre `k`negdk reklrn

Klur{e

{~ruk~ure

0> uad~{

4 klre uad~{

5 efek~dye uad~{

4 klre uad~{:

Gdkrleklalgdk{

G`krleklalgdk{

Re{e`rko }`}er

Gdkrleklalgdk ~oelrt

G`krleklalgdk ~oelrt

G`~oeg`~dk`f eklalgdk ~oelrt

Eklalgdk{ re{e`rko }`}er /02 }lda~{$

sl eklalge~rdk{ uad~{ `}}rlyen bt ~oe klur{e kllrnda`~lr

Efek~dye{ ]fu{ ; uad~{ rlg ~oe lfflsdac fd{~:

Neyefl}gea~ eklalgdk{

Da~era`~dla`f ~r`ne }lfdkt

Klg}e~d~dla& recuf`~dla an }lfdkt

]l{~'Hetae{dà eklalgdk{

F`s an eklalgdk{

]rljek~ ey`fu`~dla

]ubfdk eklalgdk{

Sef`re eklalgdk{

Eklalgdk{ l danu{~rt& da{~d~u~dla àn lrcàd{`~dla

Oe`f~o eklalgdk{

Eklalgdk ey`fu`~dla l oe`f~o {erydke{

Puà~d~`~dye eklalgdk }lfdkt

]fu{ 2 uad~{ rlg ~oe lfflsdac fd{~:

]ubfdk eklalgdk{

Dalrg`~dla& dakea~dye{ an c`ge{

@at lur~o te r uad~ leren bt ~oe Ne} r~gea~ l

Eklalgdk{ an al~ }reydlu{ft klg}fe~en!


25/48

2;

Cr`nu`~e Nd}flg` da Oe`f~o Eklalgdk{àn ]lfdktôe Cr`nu`~e Nd}flg` da Oe`f~o Eklalgdk{ àn ]lfdkt d{ à edco~'

uad~ }rlcr`g neyefl}en ~l gee~ ~oe aeen{ l oe`f~o }rle{{dla`f{&kfdadkdà{ àn }lfdkt g`her{ lr }l{~cr`nu`~e pu`fdk`~dla{ da oe`f~o

eklalgdk{!

Al }reydlu{ b`khcrluan da eklalgdk{ d{ repudren! oe }rlcr`g

o`{ beea {~ruk~uren da {uko ` s`t ~o`~ tlu `re `bfe ~l {}ekd`fd{e

da }}fden oe`f~o eklalgdk{& eklalgdk ey`fu`~dla an da~era`~dla`f

oe`f~o eklalgdk{ àn }lfdkt!


ôe{e }rlcr`g{ `re ne{dcaen ~l }rlydne ~oe {hdff{ aeke{{`rt ~l

}ur{ue u~ure k`reer { `k`negdk lr }lfdkt'lrdea~en eklalgd{~{&

`{ ngdad{~r`~lr{ da ~oe oe`f~o {ek~lr& lr { oe`f~o k`re }rlcr`g

ey`fu`~lr{!

L'k`g}u{

laft

Cr`nu`~e Nd}flg` da Oe`f~o Eklalgdk{ àn ]lfdkt

> {ege{~er{ }`r~'~dge

Klur{e klne ;?=3

Ea~rt

repudregea~{@a @u{~r`fdà b`koeflr necree lr à epudy`fea~ pu`fdik ~dla

sd~o ` Sedco~en @yer`ce G`rh /S@G$ l 55% lr à

epudy`fea~ Cr`ne ]lda~ @yer`ce /C]@$ `{ ne~ergdaen bt ~oe

`kuf~t sd~o nue kla{dner`~dla cdyea ~l refeyà~ eg}fltgea~

ex}erdeake!


`k`negdk reklrn!

Klur{e

{~ruk~ure

? uad~{

> klre uad~{

> efek~dye uad~{

; klre uad~{:

Da~rlnuk~dla ~l gdkrleklalgdk ~oelrt àn }lfdkt

Da~rlnuk~dla ~l oe`f~o eklalgdk{

@}}fden oe`f~o eklalgdk{ an oe`f~o }lfdkt

Dakfundac lae l ~oe lfflsdac klre uad~{:

]o`rg`keu~dk`f eklalgdk{

Eklalgdk ey`fu`~dla da oe`f~o k`re

Efek~dye{ Ilur efek~dye uad~{ rlg ` }re{krdben fd{~

Cr`nu`~e Ker~dk`~e da]o`rg`kleklalgdk{ôe Cr`nu`~e Ker~dk ~e da ]o`rg`kleklalgdk{ d{ ` lur'uad~ klur{e

ne{dcaen lr ~ol{e daylfyen da ~oe }o`rg`keu~dk`f danu{~rt! D~ }rlydne{à uaner{~àndac l ~oe eklalgdk{ l }o`rg`keu~dk`f{ da oe`f~o k`re

{t{~eg{! Tlu sdff c`da ~oe {hdff{ aeke{{`rt ~l `}}ft eklalgdk à`ft{d{

~l ~oe ey`fu`~dla l }o`rg`keu~dk`f{ àn ~oe brl`n }lfdkt d{{ue{

èk~dac ~oe }o`rg`keu~dk`f danu{~rt!

@re`{ l {~unt dakfune kl{~'eek~dyeae{{ à`ft{d{ l nruc ~oer`}t&

eklalgdk glneffdac ~l {u}}lr~ ~oe dakfu{dla lr exkfu{dla l ` nruc la

` a`~dla`f lrguf`rt& ne{dca l ` kfdadk`f ~rd`f ~l ey`fu`~e ~oe ek`kt

àn kl{~'eek~dyeae{{ l nruc{& àn ge~oln{ l ey`fu`~dla l oe`f~o

àn ala'oe`f~o lu~klge{ l nruc u{e!

L'k`g}u{

laft

Cr`nu`~e Ker~dik`~e da ]o`rg`kleklalgdk{

2 {ege{~er{ }`r~'~dge

Klur{e klne 29?0Ea~rt

repudregea~{

@a @u{~r`fdà b`koeflr lr à epudy`fea~ pu`fdik ~dla sd~o

55% Sedco~en @yer`ce G`rh /S@G$ lr à epudy`fea~ Cr`ne

]lda~ @yer`ce /C]@$ `{ ne~ergdaen bt ~oe `kuf~t!

@}}fdkà~{ sdff be ràhen b`{en la refeyà~ slrh ex}erdeake

àn ~oedr ea~dre `k`negdk reklrn!

Klur{e

{~ruk~ure

> uad~{

Da~rlnuk~dla ~l gdkrleklalgdk ~oelrt àn }lfdkt


]o`rg`keu~dk`f eklalgdk{

Da~rlnuk~dla ~l e}dnegdlflct àn bdl{~`~d{~dk{

Oe`f~o Eklalgdk{ }rlcr`g{

ôe eklalgdk a`ft{d{ l ~oe oe`f~o k`re {ek~lr& d~{ }lfdkde{ àn

da~eryea~dla{& d{ refeyà~ ~l kfdadkdà{ àn oe`f~o }rle{{dla`f{ àn

~ol{e daylfyen da ~oe }rlnuk~dla& u{e& nefdyert àn recuf`~dla l oe`f~o

k`re }rlcr`g{ an da~eryea~dla{!

ôe Kea~re lr Oe`f~o Eklalgdk{ d{ olge ~l @u{~r`fd`{ gl{~

ex~ea{dye ~e`kodac }rlcr`g da Oe`f~o Eklalgdk{! oere re ` ràce

l }l{~cr`nu`~e klur{e{ ~`dflren ~l bl~o eklalgd{~{ àn ala'

eklalgd{~{& an nefdyeren yd` l'k`g}u{ fe`radac!


26/48

2>

KLUR[ESLRH ]RLCR@G[


G`{~er l ]ubfdk Oe`f~o/Oe`f~o Eklalgdk{ {}ekd`fd{`~dla$ôe G`{~er l ]ubfdk Oe`f~o /G]O$ klur{e leren bt ~oe [kollf

l ]ubfdk Oe`f~o àn ]reyea~dye Gendkdae d{ ` 02 uad~ klur{e

sodko }rlydne{ tlu sd~o ~oe uff ràce l pu`fd~`~dye& à`ft~dk`f àn

klgguadk`~dla {hdff{ aeke{{`rt ~l slrh da ~oe brl`n nlg`da l }ubfdk

oe`f~o! ôd{ }rlcr`g e{}ekd`fft lku{e{ la neyefl}dac {hdff{ da ~oe

puà~d~`~dye ge~oln{ l ~oe }l}uf`~dla'b`{en oe`f~o {kdeake{ àn

~oedr }rlbfeg'{lfydac `}}fdk`~dla lr }rdg`rt k`re }rlyd{dla bl~o da

@u{~r`fd` àn lr neyefl}dac klua~rde{!

ôe G]O ler{ ` cre`~er augber l uad~{ lr tlu ~l {ef'~`dflr `

{~re`g ~l gee~ tlur {}ekd`fd{~ aeen{8 uad~{ `re leren da iexdbfe

nefdyert glne e!c! la'k`g}u{& l'k`g}u{& bflkh glne lr la'

fdae! Oe`f~o {}ekd`fd{`~dla{ re leren da kfdadk`f re{e`rko ge~oln{&

nd{e`{e }reyea~dla an oe`f~o }rlgl~dla& oe`f~o eklalgdk{& oe`f~o

{erydke{ gà`cegea~& da~era`~dla`f oe`f~o& lkku}`~dla`f an

eaydrlagea~`f oe`f~o an re{e`rko!

Tlu kà exd~ sd~o ` Cr`nu ~dla Nd}flg` lr Cr`nu`~e Ker~dk`~e

}rlydndac ~oe }}rlyen {efek~dla l uad~{ `re klg}fe~en!

Klre uad~{:

Da~rlnuk~lrt e}dnegdlflct

Da~rlnuk~lrt bdl{~`~d{~dk{


Eklalgdk ey`fu`~dla l oe`f~o k`re

@}}fden oe`f~o eklalgdk{ àn oe`f~o }lfdkt

Re{e`rko ge~oln{

Iur~oer dalrg`~dla kà be luan `~:

sss!gla`{o!enu!ù,}ub{,oànbllh{,klur{e{,==>9!o~gf


Cr`nu`~e{ g`t glye da~l k`reer{ da ` ndyer{e ràce l `re`{ sd~oda

~oe oe`f~o {ek~lr! oe{e g`t dakfune: }rle{{dla`f }r`k~dke8 re{e`rko8

}ubfdk oe`f~o gà`cegea~8 gà`cegea~ }l{d~dla{ sd~oda oe`f~o

k`re `kdfd~de{8 da~era`~dla`f }l{d~dla{ sd~o `dn lrcàd{`~dla{ lr sd~oda

neyefl}dac klua~rde{! ôd{ necree d{ reklcad{en `{ ` }ubfdk oe`f~o

pu`fdk`~dla da ` augber l }rle{{dla`f efn{! D~ uff{ ~oe `k`negdk

klur{eslrh repudregea

monash university graduate business programs 2013

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