• Ingen resultater fundet

(QGYLGHUHXGE\GHUIDNXOWHWHWIRUVNHOOLJHXGGDQQHOVHVIRUO—ELVDPDUEHMGHPHGYLUNVRPKHGHURJ RIIHQWOLJHLQVWLWXWLRQHU'LVVHRPIDWWHUEODQGWDQGHWIRUV—JVYLV:RUN%DVHG/HDUQLQJGHUEHQ\WWHU GHQS–GDJRJLVNHWLOJDQJIUDGHQSUREOHPRULHQWHUHGHRJSURMHNWRUJDQLVHUHGHXQGHUYLVQLQJVPRGHO SnNRQNUHWHSUREOHPVWLOOLQJHULHQYLUNVRPKHG,GHHQHUVnOHGHVDWYLUNVRPKHGHQEnGHInUO—VW NRQNUHWHSUREOHPHURJXGGDQQHWVLQHPHGDUEHMGHUH

$QDO\VHURJYXUGHULQJHU

'HWHUHYDOXHULQJVJUXSSHQVRSIDWWHOVHDWIDNXOWHWHWKDUXGYLNOHWHQXGGDQQHOVHVPRGHOGHU JUXQGO–JJHQGHHUYHOHJQHWRJIRUPnOVWMHQOLJVHWLIRUKROGWLOIDNXOWHWHWVSURILORJVRPJLYHUJRG PXOLJKHGIRUDWXQGHUVW—WWHHWRPYHUGHQVRULHQWHUHWIRNXV8GGDQQHOVHVPRGHOOHQHUHQGYLGHUH NHQGHWHJQHWYHGHQK—MVWXGLHHIIHNWLYLWHWDWGLPLWWHQGHUQHHUWLOIUHGVHPHGGHQRJDWGHKXUWLJW NRPPHULDUEHMGH

3nLQVWLWXWLRQVEHV—JHWEOHYGHUSnWY–UVDIDOOHJUXSSHUVWXGHUHQGHXQGHUYLVHUHIRUVNHUHRJ HUKYHUYVOLYXGWU\NWVWRUWLOIUHGVKHGPHGRJRSEDNQLQJWLOXGGDQQHOVHVPRGHOOHQ'HWEOHYLPLGOHUWLG IUHPK–YHWDWGHUEODQGWEnGHVWXGHUHQGHRJVWXGLHOHGHUHHUHQRSP–UNVRPKHGRPNULQJIRUKROG YHGXGGDQQHOVHVPRGHOOHQGHUPHGIRUGHONXQQH–QGUHV%nGHEODQGWVWXGLHOHGHUQHRJEODQGWGH VWXGHUHQGHEOHYGHUJLYHWXGWU\NIRUDWVWXGLHPRGHOOHQPHGWLVHPHVWUHPHGSURMHNWRSJDYHULNNH Q—GYHQGLJYLVHURSWLPDORJGHUEOHYHIWHUO\VWPLQGUHRJI–UUHSURMHNWHUVDPWLQGLYLGXHOWDUEHMGHL QRJOHSURMHNWHU'HWEOHYIUHPK–YHWSnLQVWLWXWLRQVEHV—JHWDWGHUHNVSHULPHQWHUHVPHGUHVXOWDWHW SURGXNWHWDISURMHNWDUEHMGHWVnOHGHVDWGHUSnQRJOHVWXGLHULHQNHOWHVHPHVWUHNDQDIOHYHUHVHQ DUWLNHOHOOHUHQSRVWHULVWHGHWIRUHQSURMHNWUDSSRUW

(QGYLGHUHIUHPK–YHGHQRJOHXQGHUYLVHUHSnEHV—JHWDWSURMHNWHQKHGVNXUVHUQHLNNHLWLOVWU–NNHOLJ JUDGSU—YHVYHGSURMHNWHNVDPLQHUQHRJDWGHW\GHUPHUHRIWHHUJUXQGO–JJHQGHIDJHOHPHQWHUGHU EHKDQGOHVLGLVVHNXUVHUGHUGHUIRUOLJHVnJRGWNXQQHKDYHKDIWVWDWXVDIHWVWXGLHHQKHGVNXUVXV PHGHNVDPHQ6DPWLGLJHUGHUIRUVNHOSnRPVWXGLHHQKHGVNXUVHUQHEHG—PPHVHIWHUVNDODHQ HOOHUPHGEHVWnHWLNNHEHVWnHW

(YDOXHULQJVJUXSSHQDQEHIDOHUDWIDNXOWHWHWEUXJHUHYDOXHULQJHQVRPHQDQOHGQLQJWLOHQ V\VWHPDWLVNJHQQHPJDQJDIXGGDQQHOVHVPRGHOOHQPHGKHQEOLNSnDWXGYLNOHGHQ\GHUOLJHUH

,ERJHQ7KH$DOERUJ(NVSHULPHQWIUDIUHPK–YHVGHWDWXGGDQQHOVHVPRGHOOHQKDUEHW\GQLQJ IRUGLPLWWHQGHUQHVIDJOLJHSURILO%RJHQIUHPK–YHULHQVDPPHQOLJQLQJPHG

FLYLOLQJHQL—UGLPLWWHQGHUIUD'DQPDUNV7HNQLVNH8QLYHUVLWHWIDNXOWHWHWVFLYLOLQJHQL—UGLPLWWHQGHUVRP VW–UNHLQGHQIRUSUREOHPO—VQLQJNRPPXQLNDWLRQVDPDUEHMGHRJJHQHUHOWHNQLVNYLGHQPHQVRP PLQGUHVW–UNHLQGHQIRUSDUDWYLGHQRJIDJOLJPHWRGH'HQQHYXUGHULQJDIGLPLWWHQGHUQHVIDJOLJH SURILOEOHYRJVnEHNU–IWHWSnEHV—JHW

(YDOXHULQJVJUXSSHQGHOHUYXUGHULQJHQDIDWXGGDQQHOVHVPRGHOOHQJHQQHPHWIRNXVSnNRQNUHWH LQJHQL—UP–VVLJHSUREOHPVWLOOLQJHURJJHQQHPSURMHNWRUJDQLVHULQJJLYHUGLPLWWHQGHUPHGVW–UNH NRPSHWHQFHUVRPSUREOHPO—VHUHRJHQG\EWJnHQGHNRPSHWHQFHSnXGYDOJWHRPUnGHU6DPWLGLJ

—QVNHUHYDOXHULQJVJUXSSHQDWIUHPK–YHYLJWLJKHGHQDIDWIDNXOWHWHWVLNUHUWLOVWU–NNHOLJEUHGGHRJ G\EGHLGHQIDJOLJHIXQGHULQJKHUXQGHUIDJOLJPHWRGHLGHWGHUHIWHUHYDOXHULQJVJUXSSHQV RSIDWWHOVHHUHQLERHQGHULVLNRIRUDWIDNXOWHWHWVSULRULWHULQJNDQSnYLUNHGLVVHIRUKROG

3UDNVLVUHODWLRQHQLGHVWXGHUHQGHVSURMHNWHUJHQQHPLQYROYHULQJDIYLUNVRPKHGHUYXUGHUHVVRPHQ VXFFHV'HWHUHYDOXHULQJVJUXSSHQVYXUGHULQJDWVXFFHVHQHUNRPPHWJHQQHPHQDNWLYLQGVDWV EnGHSnIDNXOWHWVQLYHDXRJSnGHFHQWUDOWQLYHDX'HVXGHQHUGHWIRUPRGHQWOLJHQXQGHUVW—WWHQGH IDNWRUDWXQLYHUVLWHWHWSnJUXQGDIVLQSODFHULQJLYLGXGVWU–NQLQJXGJ—UGHQPXOLJKHG

YLUNVRPKHGHULRPUnGHWKDUIRUDWLQGGUDJHVWXGHUHQGHLGHUHVDUEHMGH

$WGHWHUO\NNHGHVIRUIDNXOWHWHWDW—JHRSWDJHWWLOLQJHQL—UXGGDQQHOVHUQHLHQSHULRGHKYRUGHW KDUY–UHWYDQVNHOLJWDWUHNUXWWHUHSnRPUnGHWJHQHUHOWILQGHUHYDOXHULQJVJUXSSHQSRVLWLYW(Q PXOLJIRUNODULQJSnGHWWHHUXQLYHUVLWHWHWVRJIDNXOWHWHWVVDWVQLQJSnSURPRYHULQJDI

XGGDQQHOVHUQHRJIDNXOWHWHWVHYQHWLODWIRUQ\XGGDQQHOVHUQHVnGHIUHPVWnUVRPUHOHYDQWHIRUGH VWXGLHV—JHQGH8GGDQQHOVHVPRGHOOHQVPRGXOLVHUHGHIRUPJLYHUPXOLJKHGIRUDWWLOSDVVH

XGGDQQHOVHUQHWLOGHVWXGLHV—JHQGHV—QVNHUPHGUHODWLYWODYHRPNRVWQLQJHU6DPWLGLJXQGHUVW—WWHV WLOSDVQLQJHQDIXGGDQQHOVHUQHYHGDWGHWHUGHVWXGHUHQGHGHUY–OJHUSURMHNWHURJKHULJHQQHP SUHVVHUSnIRUDWDNWXHOOHHPQHUWDJHVRSLSURMHNWHUQH$IEHV—JHWILNHYDOXHULQJVJUXSSHQGHW LQGWU\NDWGHVWXGHUHQGHRJGHUHVSURMHNWDUEHMGHVSLOOHUHQY–VHQWOLJUROOHIRUIRUQ\HOVHQDI IDNXOWHWHWVIDJOLJHSURILORJGHUPHGHUPHGWLODWV–WWHGDJVRUGHQHQ(YDOXHULQJVJUXSSHQILQGHUDW IDNXOWHWHWLYLGXGVWU–NQLQJWDJHUGHVWXGHUHQGHDOYRUOLJWRJDNWLYWV—JHUDWLQWHJUHUHGHPL IDNXOWHWHWVPLOM—

(YDOXHULQJVJUXSSHQEHP–UNHUDWGHUHUVNHWHQEHW\GHOLJHNVSDQVLRQLVWXGHQWHUEHVWDQGHQXGHQ DWGHQIDVWHXQGHUYLVHUVWDEHUIXOGWPHG)UDP—GHWPHGXQGHUYLVHUQHILNHYDOXHULQJVJUXSSHQGHW LQGWU\NDWGHWWHNXQKDUY–UHWPXOLJWJHQQHPHQHNVWUDXQGHUYLVQLQJVLQGVDWVIUD

XQGHUYLVHUJUXSSHQ(QVnGDQHNVWUDRUGLQ–ULQGVDWVPnIRUYHQWHVDWY–UHYDQVNHOLJDWRSUHWKROGH SnODQJWVLJWIRUGLGHUO–JJHVSUHVSnXQGHUYLVHUQHVHQJDJHPHQWRJIRUVNQLQJVWLG

3nGHQEDJJUXQGHUGHWHYDOXHULQJVJUXSSHQVDQEHIDOLQJDWIDNXOWHWHWRYHUYHMHURPGHWHU IRUVYDUOLJWLIRUKROGWLOXGGDQQHOVHUQHVNYDOLWHWIRUWVDWDW—JHRSWDJHWDIVWXGHUHQGHXGHQHQ WLOVYDUHQGHIRU—JHOVHLXQGHUYLVHUVWDEHQ6DPWLGLJNDQGHQQHRYHUYHMHOVHY–UHYDQVNHOLJSnHW WLGVSXQNWKYRUGHUIUDHUKYHUYVOLYHWVVLGHHIWHUVS—UJHVIOHUHGLPLWWHQGHUPHGWHNQLVN

QDWXUYLGHQVNDEHOLJEDJJUXQGRJQnUPXOLJKHGHQIRUDWXGYLGHXQGHUYLVHUVWDEHQEODQGWDQGHW K–QJHUVDPPHQPHGXGYLNOLQJHQLIRUVNQLQJVPLGOHUQH

)DNXOWHWHWKDUDUEHMGHWDNWLYWPHGLQWHUQDWLRQDOLVHULQJDIXGGDQQHOVHUQHEnGHKYDGJnUHWDEOHULQJ DIPXOLJKHGHUIRUDWHJQHVWXGHUHQGHNDQWDJHDIVWHGLIRUPDIHWV–UOLJWWLOUHWWHODJWVHPHVWHUL IRUPDIHQJHOVNVSURJHGHXGGDQQHOVHVXGEXGRJLIRUPDILQWHUQDWLRQDOWVDPDUEHMGHLUHODWLRQWLO IDNXOWHWHWVS–GDJRJLVNHPRGHO'HVWXGHUHQGHHYDOXHULQJVJUXSSHQP—GWHSnEHV—JHWKDYGHGRJ LNNHHUIDULQJHUPHGXGODQGVRSKROG,IRUKROGWLOIDNXOWHWHWVLQWHUQDWLRQDOHNRQWDNWIODGHYXUGHUHV GHWSRVLWLYWDWIDNXOWHWHWPHGYLUNHUL(&,8(XURSHDQ&RQVRUWLXPRI,QQRYDWLYH8QLYHUVLWLHV'HWHU LPLGOHUWLGLNNHNODUWIRUHYDOXHULQJVJUXSSHQKYLONHNRQNUHWHIRUGHOHVDPDUEHMGHWKDUKDIWVRP DGVNLOOHUVLJIUDDQGUHW\SHUDIVDPDUEHMGVDIWDOHU7DJHWGHDPELWL—VHPnOV–WQLQJHULEHWUDJWQLQJ NXQQHGHWKDYHY–UHWIRUYHQWHWDWVDPDUEHMGHWKDYGHHQPHUHPDUNDQWUROOHLEHVNULYHOVHQDI IDNXOWHWHWVDNWLYLWHWHU2PYHQGWHUGHUIRUVWnHOVHIRUDWQ\HW\SHUDILQWHUQDWLRQDOWVDPDUEHMGHNDQ Y–UHYDQVNHOLJHDWHWDEOHUH

,QGHQIRUHIWHURJYLGHUHXGGDQQHOVHVRPUnGHWYLGQHULNNHPLQGVWZRUNEDVHGOHDUQLQJRJOLYVODQJ XGGDQQHOVHVXJHRPHQLQQRYDWLYWLOJDQJWLORPUnGHW8GIUDRPIDQJHWDIIDNXOWHWHWVDNWLYLWHWHU YXUGHUHUHYDOXHULQJVJUXSSHQDWHIWHURJYLGHUHXGGDQQHOVHHUHWRPUnGHVRPIDNXOWHWHWNXQQH VDWVHHQGQXPHUHSn/LYVODQJXGGDQQHOVHHUXGIUDGHOWDJHUDQWDOOHWRJGHOWDJHUYXUGHULQJHUQHDW G—PPHHQVXFFHVPHQVGHWHQGQXHUIRUWLGOLJWDWVLJHQRJHWRPKYRUYLGWZRUNEDVHGOHDUQLQJYLO EOLYHHQVXFFHVEODQGWYLUNVRPKHGHUQH

)RUVNQLQJ

)DNXOWHWHWKDULVHOYHYDOXHULQJHQYDOJWDWUHGHJ—UHIRUVLQHIRUVNQLQJVP–VVLJHUHVXOWDWHURJ IRUPLGOLQJHQDIGHPXQGHURYHUVNULIWHUQHIRUVNHUQHVGHOWDJHOVHLGHWJOREDOHIRUVNHUVDPIXQGV YLGHQVNDEHOVHIRUVNQLQJVIRUPLGOLQJRJRSI\OGHOVHDIYLUNVRPKHGHUQHVYLGHQVEHKRY6nOHGHVKDU IDNXOWHWHWYDOJWDWVRQGUHPHOOHPIRUVNQLQJRJIRUVNQLQJVIRUPLGOLQJ1HGHQIRUUHGHJ—UHVGHUIRU IDNXOWHWHWVIRUVNQLQJVP–VVLJHUHVXOWDWHURJIRUPLGOLQJHQDIGHPXQGHUHW

D )DNXOWHWHWVIRUVNQLQJVPLOM—HU

)DNXOWHWHWVIRUVNQLQJHURUJDQLVHUHWLLQVWLWXWWHURJHQU–NNHFHQWUH2UJDQLVHULQJHQDI IRUVNQLQJHQKDUIRUDQGUHWVLJVLGHQRSUHWWHOVHQLPHGXGVSDOWQLQJHQDIQ\HLQVWLWXWWHU IO\WQLQJDIIDJJUXSSHUPHOOHPLQVWLWXWWHURJRSUHWWHOVHQDIIRUVNHOOLJHFHQWUH,VHOYHYDOXHULQJHQ EHVNULYHVUHODWLRQHQPHOOHPLQVWLWXWWHURJFHQWUHVRPHQPDWUL[

,UHODWLRQWLOIRUVNQLQJHQIUHPK–YHUIDNXOWHWHWLVHOYHYDOXHULQJHQRSUHWWHOVHQDIHQU–NNHFHQWUH VRPLIRUVNHOOLJWRPIDQJKDURSE\JJHWNRPSHWHQFHUSnUHJLRQDOWQDWLRQDOWRJLQWHUQDWLRQDOW QLYHDX&HQWUHQHIUHPK–YHVRJVnVRPHNVHPSOHUSnVDPDUEHMGHWPHGHUKYHUYVOLYHWRJL IRUELQGHOVHPHGIRUPLGOLQJDIIDNXOWHWHWVIRUVNQLQJ,VHOYHYDOXHULQJHQQ–YQHVRJSU–VHQWHUHV I—OJHQGHFHQWUH&HQWHUIRU6DQVH0RWRULVN,QWHUDNWLRQ&HQWHUIRU3HUVRQ.RPPXQLNDWLRQ&HQWHU IRU,QGXVWULHO3URGXNWLRQ&HQWHUIRU0HQQHVNHWV/\GRSIDWWHOVH&HQWHUIRU-RUGEUXJVWHNQRORJL

&HQWHUIRU0DWHULDOHWHNQRORJLRJ1RXKDX]

1HGHQIRUSU–VHQWHUHVGHLQVWLWXWWHURJGHWFHQWHUVRPKDUGHOWDJHWLGHQGHFHQWUDOHGHODI VHOYHYDOXHULQJVSURFHVVHQVDPW&HQWHUIRU3HUVRQ.RPPXQLNDWLRQ

,QVWLWXWIRU'DWDORJL

,QVWLWXWWHWHURUJDQLVHUHWLILUHIRUVNQLQJVHQKHGHUPHGI—OJHQGHIRUVNQLQJVRPUnGHU'DWDEDVHRJ SURJUDPPHULQJVWHNQRORJLEHVOXWQLQJVVW—WWHV\VWHPHULQIRUPDWLRQVV\VWHPHURJGLVWULEXHUHGH V\VWHPHURJVHPDQWLN9HG,QVWLWXWIRU'DWDORJLHUGHUDQVDWSURIHVVRUHURJOHNWRUHU DGMXQNWHURJSKGVWXGHUHQGH

,QVWLWXWWHWJHQQHPI—UHUIRUVNQLQJVHYDOXHULQJHUPHGLQGGUDJHOVHDIXGHIUDNRPPHQGHHNVSHUWHU ,GHQVHQHVWHIRUVNQLQJVHYDOXHULQJIUDMXQLYXUGHUHVLQVWLWXWWHWPHJHWSRVLWLYW

,QVWLWXWWHWHWDEOHUHGHLFHQWHUHW1RXKDX]XGIUDHW—QVNHRPDWHWDEOHUHHWW–WWHUH VDPDUEHMGHPHOOHPLWYLUNVRPKHGHULUHJLRQHQRJLQVWLWXWWHWVIRUVNQLQJVHQKHGHU1RXKDX]HUHW IRUXPIRUGLVNXVVLRQVDPDUEHMGHRJNRQWDNWPHOOHPIRUVNHUHVWXGHUHQGHRJLWPHGDUEHMGHUHL 1RUGM\OODQG

,QVWLWXWIRU9DQG-RUGRJ0LOM—WHNQLN

,QVWLWXWWHWHURUJDQLVHUHWLWUHHQKHGHU/DERUDWRULHWIRU*HRWHNQLNRJ)XQGHULQJ/DERUDWRULHWIRU +\GUDXOLNRJ+DYQHE\JQLQJVDPW6WUXNWXUHO'\QDPLN9HG,QVWLWXWIRU9DQG-RUGRJ0LOM—WHNQLNHU GHUDQVDWSURIHVVRUHURJOHNWRUHUDGMXQNWHURJSKGVWXGHUHQGH

,QVWLWXWWHWKDUXQGHUJnHWIOHUHRUJDQLVDWRULVNHIRUDQGULQJHU9HG$$8ªVRSUHWWHOVHEOHYLQVWLWXWWHW HWDEOHUHWPHGIRNXVSnYDQGE\JQLQJJHRWHNQLNRJWHNQLVNK\JLHMQH6LGHQHUGHUEOHYHWXGYLNOHW HWPLOM—LQGHQIRUELRWHNQLNGHUQXKDUGDQQHWVLWHJHWLQVWLWXW)RURPWUHQWHWnUVLGHQYDOJWH DIGHOLQJHQIRUPLOM—WHNQLNDWRYHUJnWLO,QVWLWXWIRU%LRWHNQLNXGIUDHQYXUGHULQJDIHWVW—UUHIDJOLJW I–OOHVVNDE,QVWLWXWWHWHUWLOJHQJ–OGEOHYHWXGYLGHWPHGRPUnGHWVWUXNWXUHOG\QDPLN,

VHOYHYDOXHULQJHQIUHPK–YHULQVWLWXWWHWY–NVWGHOWDJHOVHYHGLQWHUQDWLRQDOHNRQIHUHQFHURJHQVWRU VDPDUEHMGVIODGHVRPHNVHPSOHUSnUHVXOWDWHU(QGYLGHUHIUHPK–YHVLQVWLWXWWHWV

ODERUDWRULHIDFLOLWHWHUVRPHWVXFFHVIXOGWVDWVQLQJVRPUnGH

,QVWLWXWIRU(QHUJLWHNQLN

,QVWLWXWWHWHURUJDQLVHUHWLI—OJHQGHVHNWLRQHU(OHNWULVNHIRUV\QLQJVV\VWHPHUWHUPLVNH HQHUJLV\VWHPHUHIIHNWHOHNWURQLVNHV\VWHPHUIOXLGPHNDQLNRJIRUEU–QGLQJVWHNQLNHOHNWULVNH PDVNLQHURJK\GUDXOLVNHRJPHNDWURQLVNHV\VWHPHU9HG,QVWLWXWIRU(QHUJLWHNQLNHUGHUDQVDW SURIHVVRUHURJOHNWRUHUDGMXQNWHURJSKGVWXGHUHQGH

,QVWLWXWWHWKDULJHQQHPGHVHQHVWHWLnUKDIWHQPnOV–WQLQJRPDWXGE\JJHVLQIRUVNQLQJVP–VVLJH DNWLYLWHW,QVWLWXWWHWIUHPI—UHUGHWVRPHQVXFFHVDWGHWHUO\NNHGHVDW—JHGHNYDQWLWDWLYHUHVXOWDWHU LIRUKROGWLOLQGLNDWRUHUVRPI[DQWDODUWLNOHUSDWHQWVDJHUSKGSURMHNWHURJHNVWHUQWILQDQVLHUHGH IRUVNQLQJVDNWLYLWHWHU'HVXGHQIUHPK–YHVWUHVWUDWHJLVNHVDWVQLQJHUPHGHNVWHUQHSDUWHU

• 'DQIRVV3URIHVVRU3URJUDPPHWGHUKDUWLOIRUPnODWVW\UNHHIIHNWHOHNWURQLNRPUnGHW3URMHNWHW JHQQHPI—UHVPHGVW—WWHIUD'DQIRVV'ULYHVVWDWHQRJ$$8

• ,VDPDUEHMGHPHG6DXHU'DQIRVV$6HUGHUWDJHWHWLQLWLDWLYLQGHQIRU(OHNWUR0HNDQLVN6\VWHP 'HVLJQGHUVNDOXGYLNOHRJLQGN—UHHQQ\XGGDQQHOVHLQGHQIRUPHFKDWURQLFRPUnGHWVDPWVW\UNH IRUVNQLQJHQLQGHQIRUVDPPHRPUnGH

• (OHNWULVN'HVLJQRJ6W\ULQJHUHWSURJUDPGHUHUHWDEOHUHWLVWUDWHJLVNDOOLDQFHPHG5LV—YHGU—UHQGH HOHNWULVNGHVLJQRJVW\ULQJDIYLQGP—OOHU

&HQWHUIRU6DQVH0RWRULVN,QWHUDNWLRQ

&HQWHUHWEOHYRSUHWWHWLVRPHWJUXQGIRUVNQLQJVFHQWHU(QVWRUGHODIFHQWHUHWVEHYLOOLQJWLO IRUVNQLQJRJIRUVNHUVNROHILQDQVLHUHVDI'DQPDUNV*UXQGIRUVNQLQJVIRQG)LQDQVLHULQJHQO—EHU LQGWLO&HQWHUIRU6DQVH0RWRULVN,QWHUDNWLRQKDUWLONQ\WWHWSURIHVVRUHURJOHNWRUHU DGMXQNWRJSKGVWLSHQGLDWHU

)RUPnOHWPHGFHQWHUHWHUDWHWDEOHUHRJEHGULYHIRUVNQLQJRJGULYHHQIRUVNHUVNROHDIK—M LQWHUQDWLRQDONYDOLWHW0HUHNRQNUHWVNDOFHQWHUHWXQGHUV—JHEDVDOHRJNOLQLVNHDVSHNWHUDI PHQQHVNHUVVDQVHPRWRULVNHLQWHUDNWLRQRJXGYLNOHPHWRGHUWLODWJHQHWDEOHUH—GHODJWHVDQVH PRWRULVNHIXQNWLRQHU&HQWHUHWVNRQWDNWWLOGHWUHJLRQDOHHUKYHUYVOLYEHVWnUDIXIRUPHOOH

SURMHNWVDPDUEHMGHURJGHOWDJHOVHLQHWY–UNVDNWLYLWHWHU'HVXGHQLQGJnUFHQWHUHW

VDPDUEHMGVDIWDOHUPHGYLUNVRPKHGHURPnUHWVRPRIWHVWRPRSUHWWHOVHDISKGIRUO—ERJ DIWDOHURPUHNYLUHUHWDUEHMGHRPnUHW

&HQWHUIRU3HUVRQ.RPPXQLNDWLRQ&3.

&HQWHUIRU3HUVRQ.RPPXQLNDWLRQHURUJDQLVDWRULVNWLONQ\WWHW,QVWLWXWIRU(OHNWURQLVNH6\VWHPHU

$IGHOLQJHQIRU.RPPXQLNDWLRQVWHNQRORJL&HQWHUHWVIRUVNQLQJVRPUnGHRPIDWWHUEUHGWGHILQHUHW WHRULWHNQLNVDPWGHVLJQRJNRQVWUXNWLRQDIXGVW\UYHGRYHUI—UVHORJEHKDQGOLQJDIVLJQDOHURJ LQIRUPDWLRQLQGHQIRUWUnGO—VNRPPXQLNDWLRQ&HQWHUIRU3HUVRQ.RPPXQLNDWLRQKDUWLONQ\WWHW SURIHVVRUHURJOHNWRUHUDGMXQNWHURJSKGVWLSHQGLDWHU

,VHOYHYDOXHULQJHQDQI—UHVGHWDW&HQWHUIRU3HUVRQ.RPPXQLNDWLRQKDUHQVW–UN

HUKYHUYVWLONQ\WQLQJRJHQGYLGHUHKDUVSLOOHWHQFHQWUDOUROOHIRUSODFHULQJHQDIIRUVNQLQJVRJ XGYLNOLQJVDIGHOLQJHULQGHQIRUWHOHNRPPXQLNDWLRQL1RUGM\OODQG'HWIUHPK–YHVHQGYLGHUHDW FHQWHUHWVDPDUEHMGHUPHGHWVWRUWDQWDOYLUNVRPKHGHURJDWIDNXOWHWHWXGGDQQHUHWVWRUWDQWDO NDQGLGDWHULQGHQIRURPUnGHW

&HQWHUHWKDUQHGVDWHQLQWHUQDWLRQDOUnGJLYQLQJVNRPLWH,QWHUQDWLRQDO$GYLVRU\%RDUGGHUI—OJHU FHQWHUHWVDNWLYLWHWHU,UnGJLYQLQJVNRPLWHHQVXGWDOHOVHIUDYXUGHUHVDNWLYLWHWHUQHYHGFHQWHUHW SRVLWLYWRJEODQGWDQGHWIUHPK–YHVGHQRPIDWWHQGHWLGVVNULIWSXEOLFHULQJRJGHOWDJHOVHYHG NRQIHUHQFHUVDPWVWDQGDUGLVHULQJVDNWLYLWHWHURJIRUVNQLQJVSURMHNWHUVDPPHQPHGHUKYHUYVOLYHW

&HQWHUHWVDNWLYLWHWHUILQDQVLHUHVDIIDNXOWHWHWRJ6WDWHQV7HNQLVN9LGHQVNDEHOLJH)RUVNQLQJVUnG3n EHV—JHWRJLELODJVPDWHULDOHWJ—UHVGHURSP–UNVRPSnDWUDPPHEHYLOOLQJHQIUDIRUVNQLQJVUnGHW VQDUWXGO—EHURJDWFHQWHUHWGHUIRUKDUEHKRYIRUDWILQGHDOWHUQDWLYHILQDQVLHULQJVNLOGHUIRUDW RSUHWKROGHVLQHDNWLYLWHWHU

E )RUVNQLQJVNYDOLWHW

,VHOYHYDOXHULQJHQDQI—UHVGHWDWNYDOLWHWHQDIIDNXOWHWHWVIRUVNQLQJGHOVYXUGHUHVYHGDW PHGDUEHMGHUQHLNRQNXUUHQFHPHGDQGUHIRUVNHUHDQV—JHURPRJInUWLOGHOWUHVVRXUFHUIUD IRUVNQLQJVUnGRJSULYDWHIRQGHGHOVYXUGHUHVYHGJHQQHPI—UHOVHDIIRUVNQLQJVHYDOXHULQJHUDI LQVWLWXWWHUQHVIRUVNQLQJKYHUWIHPWHnUVHRJVnDIVQLWRPNYDOLWHWVVLNULQJ

(QGYLGHUHYXUGHUHUIDNXOWHWHWPHGXGJDQJVSXQNWLIRUVNQLQJVEHUHWQLQJHQRPIDQJHWRJNYDOLWHWHQ DIDOOHSURIHVVRUHUVRJOHNWRUHUVIRUVNQLQJLKHQKROGWLOI—OJHQGHWUHNDWHJRULHUV–UOLJW

IRUVNQLQJVDNWLYHQRUPDOWIRUVNQLQJVDNWLYHRJV–UOLJWXQGHUYLVQLQJVDNWLYH)DNXOWHWHWGHILQHUHU IRUVNQLQJVRPHQVRFLDODNWLYLWHWLPRGV–WQLQJWLOIDJOLJXGYLNOLQJKYLONHWPHGI—UHUDWIRUVNQLQJHQV

UHVXOWDWHUSRVLWLYHVRPQHJDWLYHVNDOSXEOLFHUHV'HWWHEHW\GHUDWHQYLJWLJLQGLNDWRUIRU YXUGHULQJHQDINYDOLWHWHQRJRPIDQJHWDIGHHQNHOWHIRUVNHUHVIRUVNQLQJHUDQWDOOHWDI

SXEOLNDWLRQHULLQWHUQDWLRQDOWDQHUNHQGWHIDJWLGVVNULIWHULQGO–JSnLQWHUQDWLRQDOHIDJNRQJUHVVHU DIKDQGOLQJHURJOLJQHQGH(IWHUDWIDNXOWHWHWHUEHJ\QGWDWWLOGHOHLQVWLWXWWHUQHIRUVNQLQJVnUVY–UN HIWHUHQYXUGHULQJDINYDOLWHWHQRJRPIDQJHWDIHQNHOWIRUVNHUHVDUEHMGHHUDQWDOOHWDISXEOLFHUHGH YLGHQVNDEHOLJHDUWLNOHURJNRQIHUHQFHLQGO–JVWHJHW,VDPPHSHULRGHKDUGHUY–UHWHWIDOGLLNNH SXEOLFHUHGHZRUNLQJSDSHUVPY

7DEHO

9LGHQVNDEHOLJHDUWLNOHURJZRUNLQJSDSHUVPY

QGULQJ

9LGHQVNDEHOLJHDUWLNOHURJNRQIHUHQFHLQGO–J

:RUNLQJSDSHUVPY

$QWDOYLGHQVNDEHOLJHPHGDUEHMGHUHJHQQHPVQLW

.LOGH6HOYHYDOXHULQJHQVGHORJIDNXOWHWVNRQWRUHW

9HGIDNXOWHWHWHUGHULSHULRGHQEOHYHWWLOGHOWGRNWRUJUDGHU

7DEHO

7LOGHOWHGRNWRUJUDGHU

7LOGHOWHGRNWRUJUDGHU

.LOGH6HOYHYDOXHULQJHQVGHO F )RUVNHUXGGDQQHOVH

,RSUHWWHGHIDNXOWHWHWHQIRUVNHUVNROHVRPOHGHVDIHQEHVW\UHOVHSnILUHSHUVRQHU

)RUVNHUVNROHQVSULP–UHPnOHUDWVNDEHGHEHGVWPXOLJHUDPPHUIRUIRUVNHUXGGDQQHOVHQRJVLNUH DWIRUVNHUXGGDQQHOVHQHUSnLQWHUQDWLRQDOWQLYHDX'HUXGE\GHVWLSKGSURJUDPPHUXQGHU )RUVNHUVNROHQ

$IVHOYHYDOXHULQJHQIUHPJnUGHWDWHQVWRUGHODIIDNXOWHWHWVSKGVWXGHUHQGHHUILQDQVLHUHWDI HNVWHUQHEHYLOOLQJHU2YHUILQDQVORYHQWLOGHOHVIDNXOWHWHWSKGVWLSHQGLHUKYLONHWJLYHUJUXQGODJ IRUDWDQV–WWHVWLSHQGLDWHURPnUHW6RPI—OJHDIHNVWHUQHEHYLOOLQJHURSVOnUIDNXOWHWHWKYHUWnU

JDQJHVnPDQJHVWLSHQGLHU6RPGHWIUHPJnUDIQHGHQVWnHQGHWDEHOHURSWDJHWDISKG VWXGHUHQGHVWHJHWLSHULRGHQVHOYRPGHUHUEHW\GHOLJHXGVYLQJPHOOHPGHIRUVNHOOLJHnU, SHULRGHQKDUGHUHQGYLGHUHY–UHWHQVWLJQLQJSnLDQWDOOHWDIWLOGHOWHSKG JUDGHU

7DEHO

7LOGHOWHSKGJUDGHURJRSWDJQHSKGVWXGHUHQGH

3KGJUDGHU

2SWDJQHSKGVWXGHUHQGH

.LOGH6HOYHYDOXHULQJHQVGHO)RUVNHUXGGDQQHOVHVUnGHWVVHNUHWDULDW)DNXOWHWVNRQWRUHW 1RWHªªLQGLNHUHULQJHQRSO\VQLQJHU

,)RUVNHUVNROHQVELGUDJWLOVHOYHYDOXHULQJHQIUHPK–YHVEODQGWDQGHWI—OJHQGHUHVXOWDWHUHQ JHQQHPVQLWOLJJHQQHPI—UHOVHVWLGSnnUDQWDOOHWDIXGEXGWHSKGNXUVHUHUVWDGLJWVWLJHQGH RJDIDOOHSKGVWXGHUHQGHHUSnO–QJHUHYDUHQGHPHUHHQGWUHPnQHGHUXGODQGVRSKROG 'HVXGHQIUHPK–YHVGHWLVHOYHYDOXHULQJHQDW)RUVNHUVNROHQKDUVLNUHWDWIRUVNHUXGGDQQHOVHQWDJHV DOYRUOLJWRJVnUHVVRXUFHP–VVLJWYHGIDNXOWHWHWRJDWXGGDQQHOVHQNYDOLWHWVVLNUHV

,I—OJHGHQUHJLVWHUEDVHUHGHXQGHUV—JHOVHILQGHUPHUHHQGKDOYGHOHQDIIDNXOWHWHWVSKGHUH DQV–WWHOVHLGHWSULYDWHHUKYHUYVOLY

G 6DPDUEHMGHPHGYLUNVRPKHGHURJRUJDQLVDWLRQHU

$IVHOYHYDOXHULQJHQIUHPJnUGHWDWIDNXOWHWHW—QVNHUDWWLOVN\QGHWLOVDPDUEHMGHPHGDOOHUHOHYDQWH SDUWHUXGHQIRUXQLYHUVLWHWHWVRPKDUHQLQWHUHVVHLIDNXOWHWHWVYLUNVRPKHG)DNXOWHWHW—QVNHU HQGYLGHUHDWPHGYLUNHWLOHQIRUPDOLVHULQJDIVDPDUEHMGHWPHGXQLYHUVLWHWHUPYQnUGHUHUWDOHRP HWVDPDUEHMGHRYHUO–QJHUHWLG

,RSUHWWHGHXQLYHUVLWHWHWHWQHWY–UNVFHQWHUPHGKHQEOLNSnDWV\VWHPDWLVHUHRJVW\UNH XQLYHUVLWHWHWVIRUPLGOLQJVUHODWLRQHUPHGGHWRPJLYHQGHVDPIXQG1HWY–UNVFHQWHUHWVNDOIXQJHUH VRPHQV\QOLJRJXIRUPHOLQGJDQJVSRUWDOWLOVDPDUEHMGVUHODWLRQHUPHGXQLYHUVLWHWHW6LGHQ HWDEOHULQJHQHUGHUVNHWHQEHW\GHOLJY–NVWLDQWDOOHWDIIRUPDOLVHUHGHQHWY–UNRJ

QHWY–UNVPHGOHPPHUMIQHGHQVWnHQGHWDEHO

7DEHO

1HWY–UNVDNWLYLWHWHUKHOHXQLYHUVLWHWHW

$QWDOQHWY–UNVPHGOHPPHU

.LOGH6HOYHYDOXHULQJHQVGHO

)RUDWNQ\WWHXQLYHUVLWHWHWRJHUKYHUYVOLYHWW–WWHUHVDPPHQHUXQLYHUVLWHWHWLVDPDUEHMGHPHG 1RUGM\OODQGV$PWLJDQJPHGDWXGYLNOHGDWDEDVHQ9LGHQVEDVH1RUGM\OODQG'DWDEDVHQVNDO NRRUGLQHUHRJIRUPLGOHQXY–UHQGHIRUVNQLQJVSURMHNWHURJIRUVNQLQJVUHVXOWDWHUSn$DOERUJ 8QLYHUVLWHWWLOJDYQIRUEnGH$DOERUJ8QLYHUVLWHWRJHUKYHUYVOLYHWL1RUGM\OODQG

$QWDOOHWDIVDPDUEHMGVDIWDOHUPHOOHPIDNXOWHWHWVIRUVNHUHIRUVNQLQJVPLOM—HURJSULYDWH YLUNVRPKHGHUHUVWHJHWPHGLSHULRGHQRJGHQJHQQHPVQLWOLJHLQGW–JWSU VDPDUEHMGVDIWDOHHUVWHJHWFLUNDNUMIQHGHQVWnHQGHWDEHO

7DEHO

6DPDUEHMGVDIWDOHUPHGSULYDWHYLUNVRPKHGHU

$QWDOVDPDUEHMGVDIWDOHU

*HQQHPVQLWOLJLQGW–JWSUDIWDOHNU

6DPOHWLQGW–JWNU

.LOGH6HOYHYDOXHULQJHQVGHO

129,LQQRYDWLRQ$6Q–YQHVVRPHQYLJWLJNDWDO\VDWRUIRUUHVXOWDWHULUHODWLRQWLO

IRUVNQLQJVIRUPLGOLQJLIRUPDIVSLQRIIYLUNVRPKHGHU129,GHUEOHYLQGYLHWLHUHQEODQGLQJ DIIRUVNHUSDUNLQQRYDWLRQVPLOM—RJYHQWXUHLQYHVWRU.RQNUHWQ–YQHVWHOHNRPPXQLNDWLRQVRJ DNXVWLNRPUnGHWVRPHNVHPSOHUKYRUIDNXOWHWHWKDUY–UHWHQPHGYLUNHQGHIDNWRULXGYLNOLQJHQDI NRPSHWHQFHRJNRQNXUUHQFHHYQHEODQGWIOHUHUHJLRQDOHRJQDWLRQDOHYLUNVRPKHGHU

$QDO\VHURJYXUGHULQJHU

(YDOXHULQJVJUXSSHQILQGHUDWGHQIDJOLJHRUJDQLVHULQJHUYLJWLJIRUDWIRUVWnIDNXOWHWHWVVXFFHVHUSn IRUVNQLQJVRPUnGHW)DNXOWHWHWVIRUVNQLQJVRUJDQLVHULQJRJGHUPHGGHQIRUPHOOHRSGHOLQJDI

IDJRPUnGHUQHHUSU–JHWDIEHW\GHOLJG\QDPLN'HWHURSIDWWHOVHQIUDVnYHOVHOYHYDOXHULQJVRP EHV—JDWIDNXOWHWHWVIDJOLJHRUJDQLVHULQJPHGIRUGHONDQIRUVWnVXGIUDHWSURMHNWSHUVSHNWLYGHU LNNHHUXOLJGHQPnGHXQGHUYLVQLQJHQRUJDQLVHUHVSn'HWNRPPHUWLOXGWU\NYHGDWRUJDQLVDWLRQHQ IRUDQGUHVJHQQHPNQRSVN\GQLQJKYRUDIGHOLQJHUI[RSUHWWHVXQGHULQVWLWXWWHUQHIRUHYHQWXHOW VHQHUHDWXGJ—UHW\QJGHSXQNWHWLHWFHQWHUHOOHURPYHQGWKYRUFHQWUHEOLYHULQGOHMUHWLHWLQVWLWXW 'HQQHG\QDPLNKDULNNHPLQGVWY–UHWYLJWLJLHQVLWXDWLRQKYRUIRUVNQLQJVIHOWHUQHRIWHKDUOLJJHW SnJU–QVHQDIWUDGLWLRQHOOHIRUVNQLQJVIHOWHU

)DNXOWHWHWVEHVNULYHOVHDIIRUVNQLQJVRUJDQLVHULQJHQWDJHUDIV–WLHQPDWUL[IRUVWnHOVHGHUJLYHU EHJU–QVHWPXOLJKHGIRUDWIRUVWnGHQG\QDPLNGHUHULRUJDQLVDWLRQHQRYHUWLG'HUIRUYLO HYDOXHULQJVJUXSSHQDQEHIDOHIDNXOWHWHWDWDUEHMGHDNWLYWSnDWRSQnHQ—JHWIRUVWnHOVHDIGHW V–UHJQHYHGIRUVNQLQJVPLOM—HWSnIDNXOWHWHWKHUXQGHUKYLONHQPnGHGHWWHKDUPHGYLUNHWWLOGH VXFFHVHUIDNXOWHWHWKDUNXQQHIUHPYLVHSnRPUnGHW

$QEHIDOLQJHQVNDOGHVXGHQVHVLO\VHWDIDWEnGHQnUGHWJ–OGHUIRUVNQLQJRJQnUGHWJ–OGHU XGGDQQHOVHKDUIDNXOWHWHWHQWLOJDQJGHUDIYLJHUIUDGHQWUDGLWLRQHOOHXQLYHUVLW–UHWLOJDQJ3n XGGDQQHOVHVRPUnGHWHUGHUHWK—MWEHYLGVWKHGVQLYHDXRPNULQJKYRULVW\UNHUQHEHVWnU'HQQH EHYLGVWKHGJHQILQGHUHYDOXHULQJVJUXSSHQLNNHSnIRUVNQLQJVRPUnGHW

)DNXOWHWHWVRUJDQLVHULQJDIIRUVNQLQJHQLLQVWLWXWWHUDIGHOLQJHURJFHQWUHV\QHVLNNHDWI—OJHHQNODU ORJLN+YHUNHQDIVHOYHYDOXHULQJHQHOOHUDIEHV—JHWEOHYGHWNODUWKYDGGHUNRQVWLWXHUHUKHQKROGVYLV HWLQVWLWXWHQDIGHOLQJRJHWFHQWHURJGHUV\QHVDWY–UHIRUVNHOOLJHRSIDWWHOVHUSnIDNXOWHWHWDI GHOVKYRUGDQRJKYRUQnUGHURSUHWWHVKHQKROGVYLVFHQWUHRJLQVWLWXWWHUGHOVKYLONHQUHODWLRQGHU VNDOY–UHPHOOHPFHQWUHRJLQVWLWXWWHU(YDOXHULQJVJUXSSHQKDUIRUVWnHOVHIRUDW

FHQWHUNRQVWUXNWLRQHUHUYHOHJQHGHWLODWVNDEHHNVWHUQHNVSRQHULQJDIIDNXOWHWHWVIRUVNHOOLJH DNWLYLWHWHU$OOLJHYHOILQGHUHYDOXHULQJVJUXSSHQDWIDNXOWHWHWE—UNODUJ—UHSU–PLVVHUQHIRU RUJDQLVHULQJHQDIIRUVNQLQJPYLLQVWLWXWWHUDIGHOLQJHURJFHQWUH

,VHOYHYDOXHULQJHQHUIDNXOWHWHWVRSJ—UHOVHDIUHVXOWDWHULYLGXGVWU–NQLQJRULHQWHUHWPRG

NYDQWLWDWLYHY–NVWSDUDPHWUH8GRYHUDWGHUHUWDOHRPVWLJQLQJHUHUGHWLNNHNODUWKYRUGDQGLVVH XGYLNOLQJHUVNDOHYDOXHUHVRJKYDGGHVLJHURPNYDOLWHWHQDIIDNXOWHWHWVIRUVNQLQJ6RPELODJWLO IDNXOWHWHWVVHOYHYDOXHULQJHUGHUYHGODJWHNVHPSOHUSnHNVWHUQHHYDOXHULQJHUDIKHOH

IRUVNQLQJVPLOM—HU(YDOXHULQJHUQHGRNXPHQWHUHUDWGHUIRUHJnUIRUVNQLQJSnK—MWQLYHDX'HWHU HYDOXHULQJVJUXSSHQVRSIDWWHOVHDWGHWYLOOHKDYHY–UHWJLYHQGHIRUHYDOXHULQJHQKYLVIDNXOWHWHWYDU NRPPHWPHGHQV\VWHPDWLVNNYDOLWDWLYYXUGHULQJDIIRUVNQLQJVPLOM—HUQHVRPVXSSOHPHQWWLOGHQ NYDQWLWDWLYHEHO\VQLQJ,NNHPLQGVWVHWLO\VHWDIDWIDNXOWHWHWHNVSOLFLWVNULYHULVHOYHYDOXHULQJHQDW GHWRSHUHUHUPHGHQLQGGHOLQJDIIRUVNQLQJHQLILUHNODVVHU:RUOG&ODVV,QWHUQDWLRQDO&ODVV 1DWLRQDO&ODVVRJ5HJLRQDO&ODVV(YDOXHULQJVJUXSSHQEHP–UNHUDWGHWIRUHNRPPHUNXQVWLJWDW

EHWHJQHGHQPLQGVWYHOO\NNHGHIRUVNQLQJVRPUHJLRQDOSnHWXQLYHUVLWHWGHUQHWRSKDUKDIWVXFFHV PHGDWVNDEHG\QDPLNPHOOHPGHWUHJLRQDOHRJGHWLQWHUQDWLRQDOHQLYHDX

,IRUO–QJHOVHKHUDIHUGHWHYDOXHULQJVJUXSSHQVRSIDWWHOVHDWIDNXOWHWHWVNYDQWLWDWLYWRULHQWHUHGH PnGHDWRSJ—UHVLQHUHVXOWDWHUSnVWLOOHUIDNXOWHWHWRYHUIRUHWGLOHPPD3nGHQHQHVLGHJ—UGHQ GHWYDQVNHOLJWDWJLYHHQI\OGHVWJ—UHQGHEHO\VQLQJDIIDNXOWHWHWVUHVXOWDWHUGHUNXQLEHJU–QVHW RPIDQJODGHUVLJEHVNULYHDIHQNRQYHQWLRQHONYDQWLWDWLYWRULHQWHUHWGRNXPHQWDWLRQ3nGHQDQGHQ VLGHHUGHQNRQYHQWLRQHOOHWLOJDQJHWY–VHQWOLJELGUDJWLODWNXQQHGRNXPHQWHUHVLQHUHVXOWDWHUL IRUKROGWLORPYHUGHQHQ,GHQIRUELQGHOVHVNDOGHWEHP–UNHVVRPSRVLWLYWDWIDNXOWHWHWKDUHW DGPLQLVWUDWLYWV\VWHPGHUNDQJLYHRSO\VQLQJHURPUHVXOWDWRSQnHOVH

(YDOXHULQJVJUXSSHQYLODQEHIDOHIDNXOWHWHWQ—MHDWRYHUYHMHKYRUGDQGHUNDQRSQnVEDODQFHPHOOHP GHWRSROHULGLOHPPDHWXGHQDWULVLNHUHDWV–WWHGHV–UOLJHNDUDNWHULVWLNDGHUHUIDNXOWHWHWV VW\UNHSRVLWLRQRYHUVW\U

'HWYXUGHUHVLXGJDQJVSXQNWHWSRVLWLYWDWIDNXOWHWHWJHQQHPGHVLGVWHnUKDU—JHWDQWDOOHWDI DUWLNOHUSXEOLFHUHWLWLGVVNULIWHUPHGSHHUUHYLHZOLJHVRPGHWYXUGHUHVSRVLWLYWDWGHWHUO\NNHGHV IDNXOWHWHWDWWLOWU–NNHVWLJHQGHHNVWHUQHIRUVNQLQJVPLGOHU(YDOXHULQJVJUXSSHQILQGHUGHW DIJ—UHQGHDWGHUHUHQRSP–UNVRPKHGRPNULQJDWGHQPnGHIDNXOWHWHWRSJ—UVLQHUHVXOWDWHUSn SnIDNXOWHWVQLYHDXKDUNRQVHNYHQVHUIRUKYRUGDQIRUVNHUQHDJHUHU$IEHV—JHWIUHPJLNGHWDW SXEOLFHUHGHDUWLNOHUHUHQSDUDPHWHUVRPGHULQWHUQWSnIDNXOWHWHWO–JJHVPHJHWY–JWSnRJVRP KDUHQYLVDGI–UGVUHJXOHUHQGHHJHQVNDE6RPGHWEOHYVDJWSnHWP—GHXQGHULQVWLWXWLRQVEHV—JHW VnInUPDQDUWLNOHUQnUPDQW–OOHUDUWLNOHU

'HWHUHYDOXHULQJVJUXSSHQVRSIDWWHOVHDWIRNXVHULQJHQSnHNVWHUQSXEOLFHULQJKDUY–UHWPHGWLODW VW\UNHRSP–UNVRPKHGHQRPNULQJIRUVNQLQJSnIDNXOWHWHW6DPWLGLJHUGHUWYLYORPKYRUYLGWGHQQH VWUDWHJLHUKHQVLJWVP–VVLJSnODQJWVLJWIRUGLHWXSULRULWHUHWIRNXVSnHNVWHUQSXEOLFHULQJNDQ PHGI—UHHQULVLNRIRUIDJOLJXGW\QGLQJSnEHNRVWQLQJDIGHWV–UHJQHYHGIDNXOWHWHWVIRUVNQLQJI[

GHQSURMHNWRULHQWHUHGHRUJDQLVHULQJVIRUPRJRULHQWHULQJHQPRGHUKYHUYVOLYHW

)RUVNHUVNROHQRSIDWWHVVRPHWSRVLWLYWLQLWLDWLYGHUNDQPHGYLUNHWLODWV–WWHIRNXVSn

IRUVNHUXGGDQQHOVHQRJVLNUHDWGHQWDJHVDOYRUOLJWSnLQVWLWXWWHUQH6DPWLGLJHUGHWLQGWU\NNHWIUD LQVWLWXWLRQVEHV—JHWRJIUD)RUVNHUVNROHQVELGUDJWLOVHOYHYDOXHULQJHQDW)RUVNHUVNROHQHQGQXLNNH KDUIXQGHWVLQHQGHOLJHIRUPSnDOOHRPUnGHU%ODQGWDQGHWIUHPVWnUIDNXOWHWHWVXGI\OGHOVHDIGH IRUPHOOHUDPPHUIRUIRUVNHUXGGDQQHOVHQPHGHQGHOLJVWXGLHSODQRJKDOYnUVHYDOXHULQJHUVRPPHUH EXUHDXNUDWLVNHHQGKYDGGHUHUKHQVLJWVP–VVLJW6DPOHWKDUHYDOXHULQJVJUXSSHQLNNHInHWLQGWU\N DIDW)RUVNHUVNROHQKDUUHDOLVHUHWGHQWLOW–QNWHSRVLWLRQLIRUKROGWLOIRUVNHUXGGDQQHOVHQSn

IDNXOWHWHW

'HWHUHYDOXHULQJVJUXSSHQVRSIDWWHOVHDWIDNXOWHWHWKDUWDJHWYLGHQVRYHUI—UVHOWLOHUKYHUYVOLYHW DOYRUOLJW1HWY–UNVFHQWHUHWRJGHPDQJHVDPDUEHMGVSURMHNWHUHUHNVHPSOHUSnGHWWH)DNXOWHWHW KDUHWDEOHUHWHQEUHGNRQWDNWIODGHWLOYLUNVRPKHGHURJDQGUHRUJDQLVDWLRQHU'HWHURSIDWWHOVHQDW GHUHUEHW\GHOLJHIRUVNHOOHSnGHIRUVNHOOLJHRPUnGHU,QGHQIRUWHOHNRPPXQLNDWLRQVRPUnGHWHUGHW I[HYDOXHULQJVJUXSSHQVRSIDWWHOVHDWGHUHUVNDEWQHWY–UNGHUHUYRNVHWIUHPRYHUHQO–QJHUH SHULRGH3nDQGUHRPUnGHUHUGHUI—UVWIRUQ\OLJWDJHWLQLWLDWLYHUGHUVNDOVW\UNHVDPDUEHMGH'HW J–OGHUI[1RXKDX]GHUHUHWFHQWHUHWDEOHUHWPHGGHWIRUPnODWVW\UNHVDPDUEHMGHWPHOOHP ,QVWLWXWIRU'DWDORJLRJHUKYHUYVOLYHW

'HWHUHYDOXHULQJVJUXSSHQVRSIDWWHOVHDWGHQ\HRPUnGHUGHUHUKMHPWDJHWEODQGWDQGHW

VWDPFHOOHIRUVNQLQJVPLOM—HWRJHQGHODIGHWELRWHNQLVNHPLOM—LNNHKDUGHQVDPPHJUDGDINRQWDNW WLOGHWORNDOHRJUHJLRQDOHHUKYHUYVOLY

)DNXOWHWHWRSIRUGUHVWLODWXQGHUVW—WWHDWHWVnGDQWNRQWDNWQHWHWDEOHUHVGDHUKYHUYVNRQWDNWHQHUHW Y–UGLIXOGWNHQGHWHJQIRUIDNXOWHWHWVRPGHWIRUPRGHQWOLJYLONU–YHHQDNWLYLQGVDWVDWRSUHWKROGHL WDNWPHGDWIDNXOWHWHWYRNVHURJWLOI—UHVIOHUHRPUnGHU6DPWLGLJNDQHUKYHUYVNRQWDNWHQEOLYH FHQWUDOQnUGHQIDJOLJHLQGVDWVVNDOVLNUHHQE–UHG\JWLJXGGDQQHOVHVDNWLYLWHW

9LGHQVRYHUI—UVHOIUDYLUNVRPKHGHUWLOXQLYHUVLWHWHWVSLOOHUHQEHVNHGHQUROOHLIDNXOWHWHWV

VHOYHYDOXHULQJ3nLQVWLWXWLRQVEHV—JHWJDYIDNXOWHWHWXGWU\NIRUDWGHUHURSP–UNVRPKHGRPNULQJ GHWWH'HWEOHYGRJVDPWLGLJSnSHJHWDIHQGHODIGHYLUNVRPKHGHUIDNXOWHWHWVDPDUEHMGHUPHG LNNHKDUHJHQIRUVNQLQJVSURGXNWLRQ'HWHURSIDWWHOVHQDWIDNXOWHWHWPHGIRUGHONXQQHLQGW–QNH YLGHQVRYHUI—UVHOIUDYLUNVRPKHGHUWLOIDNXOWHWHWPHUHDNWLYWLVLQRPYHUGHQVEHVNULYHOVH

,IRUKROGWLOGHWLQWHUQDWLRQDOHSHUVSHNWLYILQGHUHYDOXHULQJVJUXSSHQDWHWYLJWLJWDVSHNWYHG LQWHUQDWLRQDOLVHULQJHUDWGHUEHGULYHVIRUVNQLQJSnHWQLYHDXVnLQWHUQDWLRQDOHNROOHJDHUEOLYHU LQWHUHVVHUHWLVDPDUEHMGH

6WUXNWXUHURJSURFHVVHU

,GHWWHNDSLWHOEHKDQGOHVGHVWUXNWXUHURJSURFHVVHUGHUXGJ—UJUXQGODJHWIRUGHUHVXOWDWHU IDNXOWHWHWKDURSQnHW.DSLWOHWRPKDQGOHUVnDWVLJHGHWDSSDUDWIDNXOWHWHWDQYHQGHUIRUDWRSQn VLQHUHVXOWDWHU.DSLWOHWHURSGHOWLILUHXQGHUDIVQLW'HWI—UVWHIRNXVHUHUSnKYRUGDQIDNXOWHWHW IRUPXOHUHUPnOV–WQLQJHUIRUVLQYLUNVRPKHGPnOV–WQLQJHURJVWUDWHJL'HWDQGHWEHKDQGOHUGHQ RUJDQLVDWLRQVVWUXNWXUGHUHUSnIDNXOWHWHW'HWWUHGMHRPKDQGOHUGHQOHGHOVHVPRGHOGHUHUYDOJWSn IDNXOWHWHW7LOVLGVWEHKDQGOHVGHNYDOLWHWVVLNULQJVPHNDQLVPHUGHUHUHWDEOHUHWWLODWEHO\VHRJ XGYLNOHNYDOLWHWHQDIIDNXOWHWHWVXGGDQQHOVHRJIRUVNQLQJ

'HILUHDIVQLWHURSGHOWVnOHGHVDWIDNXOWHWVIUHPVWLOOLQJI—UVWJHQJLYHVHIWHUIXOJWDI HYDOXHULQJVJUXSSHQVDQDO\VHURJYXUGHULQJHU

RELATEREDE DOKUMENTER