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Прогноз деловой среды на предприятии

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IEIENOA?NOAI AUNOAAI E I?IOANNEIIAEUeIIAI IA?ACIAAIEss

?INNEENEIE OAAeA?AOeEE

IEAEIAOAAEEUeNEEE EINOEOOO OAOO–OIE

Eaoaae?a yeiiiieee e oi?aaeaiey a i?iiuoeaiiinoe

Aeenoeeieeia: “Ieaie?iaaiea ia i?aaei?eyoee”

EO?NIAAss ?AAIOA

OAIA: I?IAIIC AeAEIAIE N?AAeU IA I?AAeI?EssOEE.

Eniieieoaeue:

nooaeaio a?oiiu 336-YOI (ONI)

Eioia Ae.A.

I?aiiaeaaaoaeue:

Aiaeaiei A.A.

a. Ieaeiee Oaaee

2000

NIAeA?AEAIEA

AAAAeAIEA.

1 I?IAIIC E AAI ?IEUe A AeAssOAEUeIINOE OE?IU.

1.1. OEIU I?IAIICE?IAAIEss.

1.2. AEAeU I?IAIICIA.

2.IAOIAeU I?IAIICE?IAAIEss AeAEIAIE N?AAeU.

2.1. O?AAeEOeEIIIIA YEIIIIE*ANEIA I?IAIICE?IAAIEA.

2.2. IAOIAe YENIA?OIUO IOeAIIE.

2.3. IAOIAe NOeAIA?EAA.

2.4. IAOIAe YENO?AIIEssOeEE O?AIAeIA.

2.5. IAOIAeU ?AA?ANNEIIIIAI AIAEECA.

2.6. IAOIAeU YEIIIIEEI-IAOAIAOE*ANEIAI IIAeAEE?IAAIEss.

3. OEIAINIAUE I?IAIIC.

3.1. NOUIINOUe E CAAeA*E OEIAINIAIAI I?IAIICA.

3.2. I?IAIICE?IAAIEA ECIAIAIEss AeAIAAEIUO N?AAeNOA

I?AAeI?EssOEss.

3.4. IAOIAeU I?IAIICE?IAAIEss I?IAeAAE.

3.5. I?IAIICE?IAAIEA AeAAEOI?NEIE CAAeIEAEAIIINOE

3.6. I?IAIICE?IAAIEA E?AAeEOI?NEIE CAAeIEAEAIIINOE.

3.7. I?IAIICE?IAAIEA CAIANIA.

3.8. I?IAIICE?IAAIEA OEIAINIAUO ?ACOEUeOAOIA.

4. OAOIIEIAE*ANEIA I?IAIICE?IAAIEA.

4.1. II?OIEIAE*ANEEE AIAEEC.

4.2. AIAEEC IA?AE?ANOIIAI AEEssIEss.

5. NIOeEAEUeII-IIEEOE*ANEIA I?IAIICE?IAAIEA.

5.1. I?IOEEE IAUANOAAIIUO OeAIIINOAE.

5.2. IAO?EOeA “AA?IssOIINOUe-AICAeAENOAEA”.

6. IOEAEE I?IAIICE?IAAIEss.

6.1. ENOI*IEEE IOEAIE A I?IAIICE?IAAIEE.

6.2. IOOE IIAUOAIEss YOOAEOEAIINOE E IAINIIAAIIINOE I?IAIICIA.

CAEETH*AIEA.

NIENIE EEOA?AOO?U

No?.

3

4

4

5

8

9

10

13

16

17

18

20

21

22

23

24

25

27

27

31

32

36

36

37

38

38

39

39

40

41

42

AAAAeAIEA.

Oeaeueth aeaiiie ?aaiou yaeyaony ?anniio?aiea iiiyoey i?iaiica, aai
oeiia, iaoiaeia, ?iee a aeayoaeueiinoe oe?iu. Aeey yoiai iaiaoiaeeii
?aoeoue neaaeothuea caaea/e:

1. Aeaoue ii?aaeaeaiea iiiyoeth i?iaiic. ?anniio?aoue oeiu e aeaeu
i?iaiica.

2. ?anniio?aoue ecaanoiua iaoiaeu i?iaiica.

3. ?anniio?aoue ioeaee, aicieeathuea i?e i?iaiice?iaaiee, e iooe,
iicaieythuea eo ecaaaiooue.

1. I?IAIIC E AAI ?IEUe A AeAssOAEUeIINOE OE?IU.

Eae e ieaie?iaaiea, i?iaiice?iaaiea – yoi ?iae i?aaeaeaeaiey, iineieueeo
eiaao aeaei n iieo/aieai eioi?iaoeee i aoaeouai. Aianoa n oai iaaeaeo
ieaie?iaaieai e i?iaiice?iaaieai nouanoaotho na?ueaciua ?acee/ey,

Ecaanoiue ioa/anoaaiiue oooo?ieia E.Aanooaeaa-Eaaea ?acaeaeee
i?iaiice?iaaiea e ieaie?iaaiea eae i?aaeneacaiea e i?aaeoeacaiea.

I?aaeneacaiea, e eioi?iio ioiineony i?iaiice?iaaiea, i?aaeiieaaaao
iienaiea aiciiaeiuo eee aeaeaoaeueiuo aniaeoia, ninoiyiee, ?aoaiee,
i?iaeai aoaeouaai. Iiieii oi?iaeueiiai, iniiaaiiiai ia iao/iuo iaoiaeao
i?iaiice?iaaiey e i?aaeneacaieth ioiinyony i?aae/oanoaea e
i?aaeoaaaeuaaiea. I?aae/oanoaea – yoi iienaiea aoaeouaai ia iniiaa
y?oaeeoeee, ?aaiou iiaeniciaiey. I?aaeoaaaeuaaiea eniieuecoao aeeoaeneee
iiuo e ciaiea ianoiyoaeuenoa,

A oe?ieii ieaia eae iao/iia i?iaiice?iaaiea, oae e i?aae/oanoaea e
i?aaeoaaaeuaaiea aoiaeyo a iiiyoea “i?iaiice?iaaiea aeayoaeueiinoe
oe?iu”.

I?aaeoeacaiea, aeeth/athuaa a naay ieaie?iaaiea e aai yeaiaiou –
oeaeaiieaaaiea, i?ia?aiie?iaaiea, i?iaeoe?iaaiea, iniiaaii ia i?eiyoee
?aoaiee i i?iaeaiao, auyaeaiiuo ia noaaeee i?aaeneacaiey, ia o/aoa anao
e?eoe/aneeo aniaeoia aoaeouaai,

Oaeei ia?acii, a i?aaeaeaeaiee aoaeouaai oe?iu i?iaiice?iaaiea, n iaeiie
noi?iiu, i?aaeoanoaoao ieaie?iaaieth, a n ae?oaie -yaeyaony aai
ninoaaiie /anoueth, eniieuecoaony ia ?aciuo noaaeeyo inouanoaeaiey
aeayoaeueiinoe ii ieaie?iaaieth:

1. i?eiaiyaony ia yoaia aiaeeca n?aaeu e ii?aaeaeaiey i?aaeiinueie aeey
oi?ie?iaaiey no?aoaaee oe?iu (eae iauae, oae e ooieoeeiiaeueiie,
iai?eia? oeiainiaie);

2. inouanoaeyaony ia noaaeee ?aaeecaoeee ieaiia aeey ioeaiee aiciiaeiuo
?acoeueoaoia e eo ioeeiiaiey io ieaiiauo iieacaoaeae e eiaao oeaeueth
i?aaiecaoeeth aeiiieieoaeueiuo oi?aaeythueo aicaeaenoaee ia
eeeaeaeaoeeth ioeeiiaiee.

Ii naiaio ninoaao i?iaiice?iaaiea oe?a ieaie?iaaiey, oae eae aeeth/aao
ia oieueei iieacaoaee aeayoaeueiinoe oe?iu, ii e ?aciiia?aciua aeaiiua i
aa aiaoiae n?aaea.

1.1.OEIU I?IAIICE?IAAIEss.

Aeey i?aaeneacaiey aoaeouaai oe?iu eniieuecothony neaaeothuea oeiu
i?iaiice?iaaiey.

1. I?iaiice?iaaiea, iniiaaiiia ia oai?/aneii aeaeaiee aoaeouaai,
eniieuecoao noauaeoeaiia ciaiea i?iaiicenoa, aai eiooeoeeth. *anoi
i?iaiicu oaeiai ?iaea eiatho oi?iu “ooiiee” eee “aioeooiiee” –
eeoa?aoo?iuo iienaiee auiuoeaiiiai aoaeouaai. Ianiio?y ia eaaeouothny
ioaeaeaiiinoue io ie?a yeiiiieee, iiaeiaiua i?iecaaaeaiey yaeythony
oi?ioei aeiiieiaieai e nooiio, eiee/anoaaiiiio i?iaiico. Iaaea?ii aeey
iainiiaaiey naieo eaeae iaeioi?ua ecaanoiua ioa/anoaaiiua yeiiiienou
eniieueciaaee ia oieueei iao/iua oai?ee, ii e eeoa?aoo?iua ooiiee (ni.
“E?anioth Caacaeo”, “Iooaoanoaea iiaai a?aoa Aeaenay a no?aio
e?anoueyineie ooiiee” A. *ayiiaa).

I?iaiice?iaaiea, iniiaaiiia ia oai?/aneii aeaeaiee, iiaeao
eniieueciaaoueny aeey iaiin?aaenoaaiiiai i?aaeneacaiey iaiaaeaea?aie e
ae?oaeie o/anoieeaie yeiiiie/aneie i?aaiecaoeee aoaeoueo ?acoeueoaoia aa
aeayoaeueiinoe.

2. Iieneiaia i?iaiice?iaaiea – niinia iao/iiai i?iaiice?iaaiey io
ianoiyuaai e aoaeouaio. I?iaiice?iaaiea ia/eiaaony io naaiaeiyoiaai
aeiy, iie?aaony ia eiathuothny eioi?iaoeeth e iinoaiaiii i?iieeaao a
aoaeouaa.

Iieneiaia i?iaiice?iaaiea iiaeao auoue aeaoo aeaeia:

• o?aaeeoeeiiiui, eee yeno?aiieyoeaiui;

• iiaaoi?neei – aeueoa?iaoeaiui.

Yeno?aiieyoeaiue iiaeoiae i?aaeiieaaaao, /oi yeiiiie/aneia e i?i/aa
?acaeoea i?ienoiaeeo aeaaeei e iai?a?uaii, iiyoiio i?iaiic iiaeao auoue
i?inoie i?iaeoeeae (yeno?aiieyoeeae) i?ioeiai a aoaeouaa.

Yeno?aiieyoeaiue iiaeoiae icia/aao, ai-ia?auo, ioeaieo i?ioeuo
iieacaoaeae aeayoaeueiinoe oe?iu e oaiaeaioeee eo ?acaeoey (o?aiaeia) e,
ai-aoi?uo, ia?aianaiea yoeo oaiaeaioeee a aoaeouaa.

Oaeei ia?acii, aeaaiia i?aaeiieiaeaiea ceno?aiieyoeaiiai iiaeoiaea a
i?iaiice?iaaiee caeeth/aii a i?eciaiee oiai, /oi a aeeaiaciia eeth/aauo
eioa?ania oe?iu neeu i?ioeiai a ninoiyiee eiio?iee?iaaoue aoaeouaa.

Ianiio?y ia aicieeiiaaiea aeueoa?iaoeaiiai iiaeoiaea, Yeno?aiieyoeaiue
iiaeoiae i/aiue oe?iei i?eiaiyaony a i?iaiice?iaaiee e oae eee eia/a
io?aaeaaony a aieueoeinoaa iaoiaeia i?iaiice?iaaiey,

Aeueoa?iaoeaiue iiaeoiae enoiaeeo ec oiai, /oi aiaoiyy e aioo?aiiyy
n?aaea aeciana iiaeaa?aeaia iinoiyiiui eciaiaieyi, e aneaaenoaea yoiai:

• ?acaeoea oe?iu i?ienoiaeeo ia oieueei aeaaeei e iai?a?uaii, ii e
nea/eiia?acii e i?a?uaenoi;

• nouanoaoao ii?aaeaeaiiia /enei aa?eaioia aoaeouaai ?acaeoey oe?iu (eee
ii?aaeaeaiiia /enei iieiaeaiee ?aaiiaaney oe?iu ).

Oaeei ia?acii, a ?aieao aeueoa?iaoeaiiai iiaeoiaea, ai-ia?auo,
nicaeathony i?iaiicu, aeeth/athuea ni/aoaiea ?acee/iuo aa?eaioia
?acaeoey aua?aiiuo iieacaoaeae e yaeaiee. Eaaeaeue ec aa?eaioia ?acaeoey
eaaeeo a iniiaa iniaiai noeaia?ey aoaeouaai. Ai-aoi?uo, aeueoa?iaoeaiia
i?iaiice?iaaiea iiaeao iauaaeeiyoue a aaeeiie eiaeea aeaa niiniaa
?acaeoey – aeaaeeee e nea/eiia?aciue, nicaeaaay neioaoe/aneoth ea?oeio
aoaeouaai.

Aeueoa?iaoeaiue iiaeoiae n?aaieoaeueii iieiae (oe?ieia i?eiaiaiea aai
ia/aeinue a 80-a aiaeu), iaeiaei ii auno?i caaiaauaaao iiioey?iinoue a
i?aeoeea aioo?eoe?iaiiiai ieaie?iaaiey.

A oeaeii iieneiaia i?iaiice?iaaiea iie?aaony eae ia eiee/anoaaiiua, oae
e ea/anoaaiiua iaoiaeu.

Ii?iaoeaiia i?iaiice?iaaiea. A ?aieao ii?iaoeaiiai i?iaiice?iaaiey
nia/aea ii?aaeaeythony iauea oeaee e no?aoaae/aneea i?eaioe?u ia
aoaeouee ia?eiae a?aiaie, a caoai iaiaaeaea?u ioeaieaatho ?acaeoea
oe?iu, enoiaey ec yoeo oeaeae.

*aua anaai ii?iaoeaiue iiaeoiae eniieuecoaony oiaaea, eiaaea oe?ia ia
iaeaaeaao iaiaoiaeeiuie enoiaeiuie (enoi?e/aneeie) aeaiiuie. Aeey
ii?iaoeaiiai iiaeoiaea oa?aeoa?ii iiyoiio i?aeiouanoaaiiia i?eiaiaiea
ea/anoaaiiuo iaoiaeia enneaaeiaaiey

Eae e yeno?aiieyoeaiia, ii?iaoeaiia i?iaiice?iaaiea yaeyaony a aieueoie
noaiaie o?aaeeoeeiiiui iiaeoiaeii e i?aaeneacaieth aoaeouae n?aaeu
i?aaiecaoeee.

1.2. AEAeU I?IAIICIA.

I?iaiic – yoi ?acoeueoao i?ioeanna i?iaiice?iaaiey, au?aaeaiiue a
neiaaniie, iaoaiaoe/aneie, a?aoe/aneie eee ae?oaie oi?ia noaeaeaiey i
aiciiaeiii ninoiyiee oe?iu e aa n?aaeu a aoaeouee ia?eiae a?aiaie

Aeaeu i?iaiicia iiaeii eeanneoeoee?iaaoue ii ianeieueeei i?eciaeai.

Ai-ia?auo, i?iaiicu ?acaeaeytho a caaeneiinoe io eo a?aiaiiiai ioaaoa.
?acee/iay aeeeoaeueiinoue i?iaiicia ii?aaeaeyaony nouanoaiaaieai
?acee/iuo ai?eciioia ieaie?iaaiey: io e?aoein?i/iiai aei aeieain?i/iiai.

Nouanoaotho i?iaiicu ia i/aiue ei?ioeee ia?eiae a?aiaie – n?ieii aei
ianyoea. E oaeei i?iaiicai ioiinyony iany/iua e iaaeaeueiua i?iaiicu
aeaeaeaiey iaee/iinoe.

E?aoein?i/iua i?iaiicu iau/ii i?eiaiythony i?e ninoaaeaiee aiaee/iuo
ieaiia.

N?aaeiea e aeieain?i/iua i?iaiicu eia/a iacuaatho ia?niaeoeaiuie.

Ai-aoi?uo, i?iaiicu aeaeyony ii oeiai i?iaiice?iaaiey ia iieneiaua,
ii?iaoeaiua e iniiaaiiua ia oai?/aneii aeaeaiee.

A-o?aoueeo, a nayce n aiciiaeiinoueth aicaeaenoaey oe?iu ia naia
aoaeouaa i?iaiicu aeaeyony ia ianneaiua e aeoeaiua,

Ianneaiue i?iaiic enoiaeeo ec oiai, /oi oe?ia a neeo ?yaea i?e/ei
(ionoonoaea iaiaoiaeeiuo n?aaenoa, iaee/ea aeaaii?eyoiuo oaiaeaioeee
?acaeoey e o.ae.) ia iaia?aia aicaeaenoaiaaoue ia naith n?aaeo e
i?aaeiieaaaao aiciiaeiinoue naiinoiyoaeueiiai, ia caaeneiiai io
aeaenoaee oe?iu ?acaeoey aiaoieo i?ioeannia.

Aeoeaiue i?iaiic i?aaeoniao?eaaao aiciiaeiinoue aeoeaiuo aeaenoaee oe?iu
ii i?iaeoe?iaaieth nianoaaiiiai aoaeouaai, aa ?aaeueiia aicaeaenoaea ia
aiaoithth n?aaeo

Iai?eia?. i?aaei?eyoea, auioneathuaa ecaanoue, noieeioeinue n ianuuaieai
ni?ina ia naith i?iaeoeoeeth ia ?uiea no?ieoaeueiuo iaoa?eaeia.
Ianneaiue i?iaiic a yoii neo/aa i?aaeiieiaeee au nio?aiaiea oaiaeaioeee
iaaeaiey ni?ina ia ecaanoue, a cia/eo, nie?auaiea aa i?iecaiaenoaa.
Aeoeaiue i?iaiic. iai?ioea, iia au aeeth/eoue aeiiieieoaeueiua oneeey
oe?iu ii noeioee?iaaieth ni?ina ia ecaanoue, iai?eia?, ca n/ao
i?iaaaeaiey aa?anneaiie ?aeeaiiie eaiiaiee ia ?uiea oiaa?ia aeey
naaeiaiaeia n aeoeaioii ia oieaa?naeueiia i?eiaiaiea ecaanoe ia eo
o/anoeao. Oiaaea a ?aieao aeoeaiiai i?iaiica iiaei au auoue auneacaii
noaeaeaiea i aiciiaeiii nio?aiaiee eee aeaaea oaaee/aiee ni?ina ia
ecaanoue.

A-/aoaa?ouo, i?iaiicu aeaeyony ia aa?eaioiua e eiaa?eaioiua a
caaeneiinoe io noaiaie aa?iyoiinoe aoaeoueo niauoee.

Anee aa?iyoiinoue i?iaiice?oaiuo niauoee aaeeea,, eee, ae?oaeie neiaaie,
oe?ia ?ann/eouaaao ia aunieoth noaiaiue ii?aaeaeaiiinoe aoaeouae n?aaeu,
oi i?iaiic aeeth/aao a naay oieueei iaeei aa?eaio ?acaeoey, oi anoue
yaeyaony eiaa?eaioiui. Iau/ii eiaa?eaioiue i?iaiic iniiauaaaony ia
yeno?aeieyoeaiii iiaeoiaea, i?inoii i?iaeieaeaiee neiaeeaoaeny
oaiaeaioeee.

Aa?eaioiue i?iaiic iniiaai ia i?aaeiieiaeaiee i cia/eoaeueiie
iaii?aaeaeaiiinoe aoaeouae n?aaeu e, neaaeiaaoaeueii- iaee/ee
ianeieueeeo aa?iyoiuo aa?eaioia ?acaeoey.

Oaeei ia?acii, a ?aieao aa?eaioiiai i?iaiica iienuaaaony ianeieueei
aa?iyoiuo ninoiyiee oe?iu a aoaeouee ia?eiae a?aiaie.

Eaaeaeue ec aa?eaioia ?acaeoey o/eouaaao niaoeeoe/aneia ninoiyiea
aoaeouae n?aaeu oe?iu e, enoiaey ec yoiai, ii?aaeaeyao iniiaiua
ia?aiao?u aeaiiiai aeciana. Oaeiai ?iaea aa?eaio aoaeouaai ninoiyiey
oe?iu iacuaatho noeaia?eai

A-iyouo, i?iaiicu iiae?acaeaeythony ii niiniao i?aaenoaaeaiey
?acoeueoaoia ia oi/a/iua e eioa?aaeueiua.

Oi/a/iue i?iaiic i?aaeiieaaaao, /oi aeaiiue aa?eaio aeeth/aao
aaeeinoaaiiia cia/aiea i?iaiice?oaiiai iieacaoaey. Iai?eia?, /a?ac a
ianyoeaa oeaiu ia oioiaiia?aou au?anooo ia 10%,

Eioa?aaeueiue i?iaiic – yoi oaeia i?aaeneacaiea aoaeouaai, a eioi?ii
i?aaeeaaaaony iaeioi?ue eioa?aae, aeeaiacii cia/aiee i?iaiice?oaiiai
iieacaoaey. Iai?eia?, /a?ac 6 ianyoeaa oeaiu ia oioiaiia?aou au?anooo ia
10-15%.

2. IAOIAeU I?IAIICE?IAAIEss AeAEIAIE N?AAeU.

Ia?aiia/aeueii i?iaiice?iaaiea a ?aieao oe?iu aicieeei eae i?aaeneacaiea
yeiiiie/aneeo ia?aiao?ia aeeeoaeueiinoe aeciana (eae aiaoieo ii
ioiioaieth e oe?ia, oae e aioo?aiieo).

Iicaeiaa oe?iu inaieee i?iaiice?iaaiea oaoiieiae/aneiai (oaoiieiae/aneia
i?iaiice?iaaiea), a oaeaea nioeeaeueiiai e iieeoe/aneiai eiiiiiaioia
(nioeeaeueii-iieeoe/aneia i?iaiice?iaaiea) naiae n?aaeu.

Iiyoiio iauea, iaeaieaa ?ani?ino?aiaiiua iaoiaeu i?iaiice?iaaiey
aicieeee a ?aieao yeieiae/aneiai i?iaiice?iaaiey, iaeiaei iicaeiaa iie
iaoee naia i?eiaiaiea oaeaea e a oaoiieiae/aneii, e a
nioeeaeueii-iieeoe/aneii i?iaiice?iaaiee. E?iia oiai, aeey
oaoiieiae/aneiai e nioeeaeueii-iieeoe/aneiai i?iaiice?iaaiey oa?aeoa?iu
nianoaaiiua, niaoeeoe/aneea iaoiaeu enneaaeiaaiey.

Iauea iaoiaeu i?iaiice?iaaiey iiaeii ?acaeaeeoue ia /aou?a e?oiiua
a?oiiu:

• iaoiaeu yenia?oiuo ioeaiie;

• iaoiaeu yeno?aiieyoeee o?aiaeia;

• iaoiaeu ?aa?anneiiiiai aiaeeca;

• iaoiaeu yeiiiieei-iaoaiaoe/aneiai iiaeaee?iaaiey.

Iaoiaeu yeno?aiieyoeee o?aiaeia e iaoiaeu ?aa?anneiiiiai aiaeeca
iauaaeeiytho a iauaa iiiyoea “iaoiaeu aiaeeca a?aiaiiuo ?yaeia”.

Iaoiaeu ?aa?anneiiiiai aiaeeca e iaoiae yeiiiieei-iaoaiaoe/aneiai
iiaeaee?iaaiey aianoa ninoaaeytho iiiyoea “iaoiaeu aiaeeca i?e/eiiuo
naycae”.

2.1.O?AAeEOeEIIIIA YEIIIIE*ANEIA I?IAIICE?IAAIEA.

Aeaaeaeueoeai i?aaei?eyoee ecaeaaia iaiaoiaeeii auei i?aaeaeaeaoue
aoaeouea ni?in e oeaiu ia naie oiaa?u, /oiau i?eieiaoue i?aaeeueiua
no?aoaae/aneea ?aoaiey ioiineoaeueii oiai, /oi o?aieoue a caiana, aaea
?aciauaoue i?aaei?eyoey e eiaaea caeoiaoue oiaa?u. Aei eiioea i?ioeiai
noieaoey oaeea i?iaiicu auee a iniiaiii eiooeoeaiuie, a niiniaiinoue
i?aaeaeaeaoue i?aaeii?aaeaeyea oniao eee iaoaea/o a aeaeao. Ii ia?a
oneiaeiaiey oicyenoaaiiie aeecie a eiioea XIX a. noaea i/aaeaeiie
iio?aaiinoue a «aieaa iao/iuo» iaoiaeao i?iaiice?iaaiey.

Ia?aua iao/iua iaoiaeu yeiiiie/aneiai i?iaiice?iaaiey auee caeinoaiaaiu
o anoanoaaiiuo iaoe. Aiaeece?iaaee aeeiaie/aneea ?yaeu iieacaoaeae
yeiiiie/aneie aeayoaeueiinoe n oeaeueth auyaeoue aeieaia?aiaiiua
oaiaeaioeee, a oaeaea oeeeee/aneea e naciiiua caeiiiia?iinoe.
Nouanoaiaaei iiaiea, /oi caeiiiia?iinoe, oa?aeoa?iua aeey anoanoaaiiuo
iaoe, i?iyayony oaeaea a yeiiiie/aneeo iieacaoaeyo.Yoe iaoiaeu e eo
aieaa neiaeiua ?aciiaeaeiinoe oe?iei eniieuecothony e a ianoiyuaa a?aiy
i?e i?iaiice?iaaiee ioaeaeueiuo yeiiiie/aneeo eiaeeeaoi?ia eee
iieacaoaeae yooaeoeaiinoe, oaeeo, eae aaeiaie iaoeeiiaeueiue i?iaeoeo,
iauaiu i?iaeaae eee aeioiaeu ianaeaiey. Oioy iiiaea ec yoeo
i?iaiinoe/aneeo iaoiaeee iau/ii eniieuecotho i?e oi?ie?iaaiee i?iaiiciie
aacu no?aoaae/aneiai ieaie?iaaiey, eo iniaaiiinoe ia anaaaea oi?ioi
iiieiatho.

2.2. IAOIAeU YENIA?OIUO IOeAIIE.

Yoa a?oiia iaoiaeia i?iaiice?iaaiey i?aaeiieaaaao o/ao noauaeoeaiiai
iiaiey yenia?oia i aoaeouai ninoiyiee aeae. Aeey yenia?oiuo ioeaiie
oa?aeoa?ii i?aaeneacaiea aoaeouaai ia iniiaa eae ?aoeeiiaeueiuo
aeiaiaeia, oae e eiooeoeaiiai ciaiey. Iaoiaeu yenia?oiuo ioeaiie, eae
i?aaeei, eiatho ea/anoaaiiue oa?aeoa?,

Yenia?oiua ioeaiee ?acaeaeytho ia eiaeeaeaeoaeueiua e eieeaeoeaiua. E
eiaeeaeaeoaeueiui yenia?oiui ioeaieai ioiinyo: noeaia?ee, iaoiae
“eioa?aueth”, aiaeeoe/aneea aeieeaaeiua caienee.

Iaoiae “eioa?aueth” i?aaeiieaaaao aanaaeo i?aaiecaoi?a i?iaiiciie
aeayoaeueiinoe n i?iaiicenoii-yenia?oii, a eioi?ie noaayony aii?inu i
aoaeouai ninoiyiee oe?iu e aa n?aaeu.

Iaoiae aiaeeoe/aneeo aeieeaaeiuo caienie icia/aao naiinoiyoaeueioth
?aaioo yenia?oa iaae aiaeecii aeaeiaie neooaoeee e aiciiaeiuo iooae aa
?acaeoey.

Eieeaeoeaiua yenia?oiua ioeaiee iiaeii iacaaoue eiiieaeniuie iaoiaeaie
i?iaiice?iaaiey, iineieueeo iie aeeth/atho:

ai-ia?auo, iiaeaioiaeo e nai? eiaeeaeaeoaeueiuo yenia?oiuo ioeaiie;

ai-aoi?uo, noaoenoe/aneea iaoiaeu ia?aaioee iieo/aiiuo iaoa?eaeia,

Eieeaeoeaiua yenia?oiua ioeaiee aeeth/atho: iaoiae “eiiennee”, iaoiae
“iicaiauo aoae”, iaoiae Aeaeueoe.

Iaoiae “eiiennee” iiaeao icia/aoue i?aaiecaoeeth “e?oaeiai noiea” e
ae?oaeo iiaeiaiuo ia?ii?eyoee, a ?aieao eioi?ie i?ienoiaeeo niaeaniaaiea
iiaiee yenia?oia,

Aeey iaoiaea “iicaiauo aoae” oa?aeoa?iu eieeaeoeaiay aaia?aoeey eaeae e
oai?/aneia ?aoaiea i?iaeai. Iicaiaay aoaea i?aaenoaaeyao niaie
naiaiaeiue, iano?oeoo?e?iaaiiue i?ioeann aaia?e?iaaiey ethauo eaeae ii
eca?aiiie oaia, eioi?ua niiioaiii auneacuaathony o/anoieeaie ano?a/e.
Iioeiaeueiia /enei o/anoieeia -6-12 /aeiaae, aeaeaoaeueii, /oiau yoi
auee ethaee, eiathuea ?acee/iua i?ioannee e niaoeeaeecaoeee.

Iaoiae Aeaeueoe aue ?ac?aaioai ecaanoiui yenia?oii ec
enneaaeiaaoaeueneie ei?ii?aoeee “?YIAe” Ieaoii Oaeueia?ii, iaoaiaoeeii
ii ia?aciaaieth. Iiaeao auoue, iiyoiio a iaoiaea Aeaeueoe ni/aoathony
oai?/aneee iiaeoiae e ?aoaieth i?iaeaiu e aeinoaoi/iay oi/iinoue
i?iaiica.

Naia iacaaiea iaoiae iiaeo/ee ii ae?aaiaa?a/aneiio ai?iaeo Aeaeueoe,
i?ineaaeaoaiony naieie i?aaeneacaoaeyie.

Iaoiae aeeth/aao ianeieueei yoaiia:

1. Oi?ioee?iaaiea i?iaiica eaaeaeui yenia?oii.

2. Ooi/iaiea iaeo?aeueiui enneaaeiaaoaeai.

3. Iiaoi?iue ii?in yenia?oia n acaeiiui o/aoii iiaiee. (Aai oeaeue —
eneeth/eoue iaaei?acoiaiey e niiaueoue eaaeaeiio yenia?oo oi, /oi
ecaanoii ia anai).

Oeie/iay i?ioeaaeo?a ii iaoiaeo «Aeaeueou» iiaeao aeeth/aoue ia/aeueiue
yoai, ia eioi?ii eaaeaeiio o/anoieeo caaeatho aii?in i aiciiaeiii n?iea
ianooieaiey eaeiai-eeai niauoey a iao/ii-oaoie/aneie iaeanoe. Aeaiiua,
iieo/aiiua io o/anoieeia, naiaeyo a oaaeeoeo, ooi/iytho e niiauatho
o/anoieeai ii?ina. Iineaaeieo i?inyo ia?aniio?aoue naia i?aaeneacaiea n
o/aoii iiaiee ae?oaeo o/anoieeia. Oai, eiio i?eiaaeeaaeao e?aeiea
ioeaiee (aa?oiea eee ieaeiea 25% ioaaoia ia ia?aii yoaia), i?aaeeaaatho
iauynieoue naie e?aeiea oi/ee c?aiey. I?ioeann iiaeao aeeth/aoue
ianeieueei ?aoiaeia, a oiaea eioi?uo eaaeaeue o/anoiee eiaao
aiciiaeiinoue ia?aniio?aoue naie i?iaiic a naaoa ae?oaeo i?iaiicia e
aeiaiaeia. Eiiaaea yoi i?eaiaeeo e niaeaneth ioiineoaeueii iiia/aeo
e?aeiae, ii oi?ioi iainiiaaiiie oi/ee c?aiey, a ae?oaeo neo/ayo — e
ioeaco io e?aeieo oi/ae c?aiey. Eiiaaea, iai?ioea, ecaaaatho i?yiiai
noieeiiaaiey iiaiee, nio?aiyy i?aeiouanoaa eaaeeoeoee?iaaiiuo
noaeaeaiee.

?aciiaeaeiinoe oeacaiiiai iaoiaea neeoeii iiiai/eneaiiu, /oiau eo iiaeii
auei caeanue ioa?aeoa?eciaaoue. Ii ii/oe ana iiaeeoeeaoeee iaoiaea
«Aeaeueou» iai?aaeaiu ia iaania/aiea o?ao iiiaioia, eioi?ua, eae
iieaaatho, niinianoaotho aeinoeaeaieth iiaeeeiiiai niaeaney e iieo/aieth
iaaeaaeiuo ?acoeueoaoia: aiiieiiinoue ?aniiiaeaioia, noaoenoe/aneee
iiaeoiae e eoa?aoeaiay i?ioeaaeo?a n ia?aoiie naycueth.

I. Oo?ioo iacuaaao ianeieueei aiciiaeiuo i?eiaiaiee iaoiaea «Aeaeueou»:

1. Ii?aaeaeaiea e?oaa aiciiaeiuo aeueoa?iaoea.

2. Enneaaeiaaiea i?aaeiinueie eee eioi?iaoeee, aaaeoueo e ?acee/iui
aeiiouaieyi.

3. Niioianaiea eiiiaoaioiuo noaeaeaiee ii aii?inai, cao?aaeaathuei
?acee/iua iaeanoe ciai?e.

4. Eioi?ie?iaaiea ?aniiiaeaioia ioiineoaeueii ?acee/iuo e
acaeiinaycaiiuo aniaeoia aii?ina.

5. Aeinoeaeaiea aaeeinoaa acaeyaeia.

Ianiio?y ia na?ueaciua i?aeiouanoaa e aiciiaeiinoe iaoiaea e 25-eaoithth
i?aeoeeo aai eniieueciaaiey, ii ana /aua iiaeaa?aaaony e?eoeea,
eniuouaaaony e ioeaieaaaony n oi/ee c?aiey i?eiaieiinoe a ?acee/iuo
neooaoeeyo

2.3. IAOIAe NINOAAEAIEss NOeAIA?EAA.

Aia?aua oa?iei “noeaia?ee” aue oiio?aaeai a 1960 a. oooo?ieiaii X. Eaiii
i?e ?ac?aaioea ea?oei aoaeouaai, iaiaoiaeeiuo aeey ?aoaiey
no?aoaae/aneeo aii?inia a aiaiiie iaeanoe.

Noeaia?ee – yoi iienaiea (ea?oeia) aoaeouaai, ninoaaeaiiia n o/aoii
i?aaaeiiiaeiaiuo i?aaeiieiaeaiee. Eae i?aaeei, aeey i?iaiica neooaoeee
oa?aeoa?ii nouanoaiaaiea ii?aaeaeaiiiai eiee/anoaa aa?iyoiuo aa?eaioia
?acaeoey. Iiyoiio i?iaiic iau/ii

aeeth/aao a naay ianeieueei noeaia?eaa (?en. 2.2.1.). A aieueoeinoaa
neo/aaa yoi o?e noeaia?ey: iioeienoe/aneee, ianneienoe/aneee e n?aaeiee
-iaeaieaa aa?iyoiue.

Noeaia?ee ?ac?aaaouaathony aeey ii?aaeaeaiey ?aiie aoaeouaai ?acaeoey:

=> oaoiieiaee;

=> ?uii/iuo naaiaioia;

=> no?ai eee ?aaeiiia e o.ae.

Yeiiiie/aneay i?aaiecaoeey ni niaaeiie no?oeoo?ie e ?aciiia?aceai
iai?aaeaiee aeayoaeueiinoe iaiueoa iiaeaeaaony i?iaiice?iaaieth a ?aieao
noeaia?ey.

A oeaeii noeaia?ee iiae/eiai no?aoaae/aneie ooieoeee oe?iu e
?ac?aaaouaaaony a i?ioeanna aeieain?i/iiai ieaie?iaaiey. Oe?ieee
a?aiaiiie ioaao i?aaeiieaaaao oneeaiea iaii?aaeaeaiiinoe n?aaee aeciana,
e iiyoiio aeey noeaia?ey, eae i?aaeei, oa?aeoa?iu iaeioi?ay
iaaeinoiaa?iinoue e iiauoaiiia eiee/anoai ioeaie. Iineieueeo
ii?aaeaeaiea eiee/anoaaiiuo ia?aiao?ia aoaeouaai cao?oaeiaii (oae,
o?oaeii oi/ii ii?aaeaeeoue aaee/eio i?iaeaae oe?iu /a?ac 5 eao), i?e
ninoaaeaiee noeaia?eaa /aua anaai eniieuecothony ea/anoaaiiua iaoiaeu e
eioa?aaeueiua i?iaiicu iieacaoaeae. Aianoa n oai noeaia?ee i?aaeiieaaaao
eiiieaeniue iiaeoiae aeey aai ?ac?aaioee, iiieii ea/anoaaiiuo iiaoo
eniieueciaaoueny eiee/anoaaiiua iaoiaeu: yeiiiieei-iaoaiaoe/aneea,
iiaeaee?iaaiea, aiaeec ia?ae?anoiiai aeeyiey, ei??aeyoeeiiiue aiaeec e
o.ae.

Ninoaaeaiea noeaia?ey iau/ii aeeth/aao a naay ianeieueei yoaiia.

Ia?aue yoai. No?oeoo?e?iaaiea e oi?ioee?iaea aii?ina.

Aii?in, aua?aiiue aeey aiaeeca, aeieaeai auoue ii?aaeaeai oae oi/ii, eae
yoi aiciiaeii. Ia aeaiiii yoaia aeieaeia auoue nia?aia e
i?iaiaeece?iaaia aaciaay eioi?iaoeey. Iinoaaeaiiay caaea/a aeieaeia
auoue niaeaniaaia ni anaie o/anoieeaie i?iaeoa.

Iaiaoiaeeii inaaoeoue no?oeoo?iua oa?aeoa?enoeee e aioo?aiiea i?iaeaiu
i?iaeoa.

Aoi?ie yoai. Ii?aaeaeaiea e a?oiie?iaea noa? aeeyiey.

Aeey inouanoaeaiey aoi?iai yoaia iaiaoiaeeii auaeaeeoue e?eoe/aneea
oi/ee n?aaeu aeciana e ioeaieoue eo aeeyiea ia aoaeouaa i?aaiecaoeee.
Iauay oaoieea aiaeeca noa? aeeyiey iienaia a aeaaa “No?aoaae/aneia
ieaie?iaaiea a yeiiiie/aneie i?aaiecaoeee”

O?aoee yoai. Onoaiiaeaiea iieacaoaeae aoaeouaai ?acaeoey e?eoe/anee
aaaeiuo oaeoi?ia n?aaeu i?aaiecaoeee.

Iinea oiai eae iniiaiua noa?u aeeyiey iaicia/aiu, iaiaoiaeeii
ii?aaeaeeoue eo aiciiaeiia ninoiyiea a aoaeouai enoiaey ec iaia/aiiuo
oe?iie oeaeae.

Iieacaoaee aoaeouaai ninoiyiey ia aeieaeiu auoue /?acia?ii
aeaaiiieo/iuie, aiaeoeeiciuie.

Aeey noa?, ?acaeoea eioi?uo iiaeao aeeth/aoue ianeieueei aa?eaioia.
aoaeouaa ninoiyiea aeieaeii auoue iienaii i?e iiiiue ianeieueeeo
aeueoa?iaoeaiuo iieacaoaeae (iai?eia?, oe?io ono?aeaaao. /oiau
/eneaiiinoue ianaeaiey a ?aaeiia oaaee/eeanue ia 2, 3 eee 5%).

*aoaa?oue yoai. Oi?ie?iaaiea e ioai? niaeanothueony iaai?ia
i?aaeiieiaeaiee.

Anee ia o?aoueai yoaia oe?ia ii?aaeaeyea aoaeouaa ninoiyiea n?aaeu e aa
aeeyiea ia oe?io, enoiaey ec nianoaaiiuo oeaeae, oi ia /aoaa?oii yoaia
aiciiaeiia ?acaeoea noa? aeeyiey ii?aaeaeyaony enoiaey ec eo
naaiaeiyoiaai ninoiyiey e anaaiciiaeiuo eciaiaiee.

?acee/iua aeueoa?iaoeaiua i?aaeiieiaeaiey i aoaeouai ninoiyiee iaeaieaa
cia/eiuo eiiiiiaioia n?aaeu eiiaeie?othony a iaai?u. Oi?ie?iaaiea
iaai?ia iau/ii inouanoaeyaony i?e iiiiue eiiiuethoa?iuo i?ia?aii. Ec
iieo/aiiuo iaai?ia ioae?athony, eae i?aaeei, o?e iaai?a. Ioai?
inouanoaeyaony enoiaey ec neaaeothueo e?eoa?eaa:

• aunieay ni/aoaaiinoue i?aaeiieiaeaiee, aoiaeyueo a iaai?;

• iaee/ea aieueoiai /enea cia/eiuo ia?aiaiiuo;

• aunieay aa?iyoiinoue niauoee, ioiinyueony e iaai?o i?aaeiieiaeaiee.

Iyoue yoai. Niiinoaaeaiea iaia/aiiuo iieacaoaeae aoaeouaai ninoiyiey
noa? aeeyiey n i?aaeiieiaeaieyie i6 eo ?acaeoee.

Ia yoii yoaia niiinoaaeythony ?acoeueoaou o?aoueaai e /aoaa?oiai yoaiia
Iiauoaiiua eee caieaeaiiua iieacaoaee ninoiyiey n?aaeu ei??aeoe?othony
i?e iiiiue aeaiiuo, iieo/aiiuo ia /aoaa?oii yoaia.

Oae, anee oe?ia ia o?aoueai yoaia i?iaiice?iaaea oaaee/aiea
?iaeaeaaiinoe a ?aaeiia a 2000 a, ia 5%, a aiaeec ia /aoaa?oii yoaia
iieacae, /oi i?iecieaeao oooaeoaiea yeiiiie/aneie eiiuthieoo?u.
yeieiae/aneie ianoaiiaee, aiciiaeiu iieeoe/aneea e nioeeaeueiua
eieeecee, oi ia iyoii yoaia iieacaoaeue 5°i aeieaeai auoue eciaiai a
noi?iio aai oiaiueoaiey, iai?eia? aei 3%

Aeey aieaa oi/iiai i?iaiica iaiaoiaeeii nie?auaoue eioa?aae iaaeaeo
naaiaeiyoiei aeiai e eiia/iui a?aiaiai i?iaiice?iaaiey. Oae, anee
i?iaiic ninoaaeyaony a 1995 a. aeey 2000 a., oi ia?eiae i?iaiice?iaaiey
ioaeii ?acaeaeeoue ia aeaa yoaia ii o?e aiaea: nia/aea ?ac?aaioaoue
noeaia?ee aeey 1997 aiaea. a oaea caoai aeey 2000 aiaea.

Oanoie yoai. Aaaaeaiea a aiaeec ?ac?ooeoaeueiuo niauoee.

?ac?ooeoaeueiia niauoea – yoi aiacaiii neieaoeeny eioeeaeaio, eioi?ue ia
aue ?aiaa ni?iaiice?iaai e eioi?ue iiaeao eciaieoue iai?aaeaiea
oaiaeaioeee,

?ac?ooeoaeueiua niauoey iiaoo eiaoue eae io?eoeaoaeueiue oa?aeoa?
(iaaiaeiaiey, caieao?ynaiey, aaa?ee aoiiiuo ?aaeoi?ia e o.ae.), oae e
iieiaeeoaeueiue (oaoiieiae/aneea ac?uau, iieeoe/aneea i?eie?aiey iaaeaeo
auaoeie i?ioeaieeaie e o.ae.),

Ec aiciiaeiuo ?ac?ooeoaeueiuo niauoee ioaeii auaeaeeoue oa, eioi?ua
niiniaiu ieacaoue iaeaieaa neeueiia aicaeaenoaea, e o/anoue eo i?e
ninoaaeaiee noeaia?eaa (iai?eia?, ia ninoiyiea ?iaeaeaaiinoe a ?aaeiia
iiaoo iiaeeyoue, ai-ia?auo, aaa?ey ia aoiiiie noaioeee. ai-aoi?uo,
aa?iyoiinoue eieaeueiiai eiioeeeoa, a-o?aoueeo, ioe?uoea iiaiai
ianoi?iaeaeaiey iieaciuo eneiiaaiuo. Iaeiaei ?aaeueiia aicaeaenoaea
aiciiaeii oieueei ia?aiai ec niauoee).

Naaeueiie yoai. Onoaiiaeaiea iineaaenoaee. Ia yoii yoaia niiinoaaeythony
no?aoaae/aneea i?iaeaiu oe?iu (iai?eia?, aiciiaeiinoue ?inoa ca n/ao
aieaa oe?ieiai inaiaiey ?uiea) e aua?aiiua aa?eaiou ?acaeoey n?aaeu.
Ii?aaeaeythony oa?aeoa? e noaiaiue aicaeaenoaey oao eee eiuo aa?eaioia
?acaeoey ia no?aoaae/aneea iaeanoe aeaenoaee oe?iu.

Ainueiie yoai. I?eiyoea ia?.

A oceii niunea yoio yoai oaea ia ioiineony e aiaeeco. Iaeiaei ii
anoanoaaiii auoaeaao ec i?aaeuaeoueo yoaiia.

2.4. IAOIAeU YENO?AIIEssOeEE O?AIAeIA.

Iaoiaeu yeno?aiieyoeee o?aiaeia iniiaaiu ia noaoenoe/aneii iaaethaeaiee
aeeiaieee ii?aaeaeaiiiai iieacaoaey, ii?aaeaeaiee oaiaeaioeee (o?aiey)
aai ?acaeoey e i?iaeieaeaiee yoie oaiaeaioeee aeey aoaeouaai ia?eiaea.
Ae?oaeie neiaaie, i?e iiiiue iaoiaeia yeno?aiieyoeee o?aiaeia
caeiiiia?iinoe i?ioeiai ?acaeoey iauaeoa ia?aiinyony a aoaeouaa.

Iau/ii iaoiaeu yeno?aiieyoeee o?aiaeia i?eiaiythony a e?aoein?i/iii (ia
aieaa iaeiiai aiaea) i?iaiice?iaaiee, eiaaea /enei eciaiaiee a n?aaea
ieieiaeueii. I?iaiic nicaeaaony aeey eaaeaeiai eiie?aoiiai iauaeoa
ioaeaeueii e iineaaeiaaoaeueii ia eaaeaeue neaaeothuee iiiaio a?aiaie.
Anee i?iaiic ninoaaeyaony aeey oiaa?a (i?iaeoeoa oneoae), a caaea/e
i?iaiice?iaaiey, iniiaaiiiai ia yeno?aiieyoeee o?aiaeia, aoiaeyo aiaeec
ni?ina e aiaeec i?iaeaae yoiai i?iaeoeoa. ?acoeueoaou i?iaiice?iaaiey
eniieuecothony ai anao noa?ao aioo?eoe?iaiiiai ieaie?iaaiey, aeeth/ay
iauaa no?aoaae/aneia ieaie?iaaiea, oeiainiaia ieaie?iaaiea, ieaie?iaaiea
i?iecaiaenoaa e oi?aaeaiey caianaie, ia?eaoeiaiaia ieaie?iaaiea e
oi?aaeaiea oi?aiauie iioieaie e oi?aiauie iia?aoeeyie.

Iaeaieaa ?ani?ino?aiaiiuie iaoiaeaie yeno?aiieyoeee o?aiaeia yaeythony
iaoiae neieuecyuaai n?aaeiaai e iaoiae yeniiiaioeeaeueiiai naeaaeeaaiey.

Iaoiae neieuecyuaai n?aaeiaai. Iaoiae enoiaeeo ec i?inoiai
i?aaeiieiaeaiey, /oi neaaeothuee ai a?aiaie iieacaoaeue ii naiae
aaee/eia ?aaai n?aaeiae, ?ann/eoaiiie ca iineaaeiea o?e ianyoea.

Iai?eia?, anee iauai i?iaeaae ninoaaee:

> a ia?oa – 270 aaeeieoe

> a ai?aea – 260 aaeeieoe

> a iaa – 290 aaeeieoe. oi

I?iaiic i?iaeaae ia ethiue = Neieuecyuay n?aaeiyy = (270+290+280)/3
=277

Anee ?aaeueiue iieacaoaeue i?iaeaae ca ethiue ninoaaee 280 aaeeieoe, oi
i?iaiic i?iaeaae ia etheue oaea aoaeao ?aaai:

(260+290+280)/3 = 277 e oae aeaeaa.

Iaoiae yeniiiaioeeaeueiiai naeaaeeaaiey. Iaoiae yeniiiaioeeaeueiiai
naeaaeeaaiey i?aaenoaaeyao i?iaiic iieacaoaey ia aoaeouee ia?eiae a
aeaea noiiu oaeoe/aneiai iieacaoaey ca aeaiiue ia?eiae e i?iaiica ia
aeaiiue ia?eiae, acaaoaiiuo i?e iiiiue niaoeeaeueiuo eiyooeoeeaioia,

I?aaenoaaei, /oi ninoaaeyaony i?iaiic i?iaeaae ia neaaeothuee ianyoe.
Oiaaea:

Ft+1 = aXt + (l-a)Ft,

aaea Ft+1 – i?iaiic i?iaeaae ia ianyoe t+1;

Xt – i?iaeaaee a ianyoea t (oaeoe/aneea aeaiiua);

Ft – i?iaiic i?iaeaae ia ianyoe t;

a – niaoeeaeueiue eiyooeoeeaio, ii?aaeaeyaiue noaoenoe/aneei iooai.

?anniio?ei i?iaiice?iaaiea i?iaeaae iaoiaeii yeniiiaioeeaeueiiai
naeaaeeaaiey ia eiie?aoiii i?eia?a. I?aaeiieiaeei, /oi a =0,3.

Oiaaea, eniieuecoy oi?ioeo yeniiiaioeeaeueiiai naeaaeeaaiey, iiaeii
caiieieoue a?aoo “I?iaiic i?iaeaae” a oaaeeoea 23 i?e oneiaee /oi
ecaanoiu oaeoe/aneea aeaiiua i i?iaeaaeao.

Oae, anee i?iaeaaee a yiaa?a ninoaaeee 50 aaeeieoe, a i?iaiic ia yiaa?ue
aue ?aaai 65 aaeeieoeai, oi i?iaiic ia oaa?aeue = 0,3 o i?iaeaaee a
yiaa?a + 0,7 o i?iaiic ia yiaa?u = 0,3o50+0,7o0,65=61.

Oaaeeoea 2.3.1.

Ianyoe

Oaeoe/aneea I?iaeaaee I?iaiic i?iaeaae

yiaa?ue 50 65

oaa?aeue 68 61

ia?o 47 63

ai?aeue 39 56

iae 55 46

ethiue 64 51

etheue 70 57

aaaono 75 62

naioya?ue 80 67

ieoya?ue 72 69

iiya?ue 67 68

aeaeaa?ue 75 80

yiaa?ue 58 66

oaa?aeue 62 65

Eae aeaeii ec oaaeeoeu, e?eaay i?iaiicia i?aaenoaaeyao niaie
naeaaeaiioth oaiaeaioeeth ii n?aaiaieth n e?eaie oaeoe/aneeo i?iaeaae.

A i?iaiice?iaaiee iaoiaeu yeno?aiieyoeeiiiuo o?aiaeia aeiiieiythony
iaoiaeaie ei??aeyoeee o?aiaeia, a ?aieao eioi?uo enneaaeoaony
acaeiinaycue iaaeaeo ?acee/iuie oaiaeaioeeyie a oeaeyo onoaiiaeaiey eo
acaeiiiai aeeyiey e, neaaeiaaoaeueii, iiauoaiey ea/anoaa i?iaiicia.

Ei??aeyoeeiiiue aiaeec iiaeao enneaaeiaaoue acaeiinaycue iaaeaeo aeaoiy
iieacaoaeyie (ia?iay ei??aeyoeey) eee iaaeaeo iiiaeie iieacaoaeyie
(iiiaeanoaaiiay ei??aeyoeey).

Niaoeeaeenoaie ii ieaie?iaaieth Oeaaeinii e Oeiiii aue i?iaaaeai ii?in i
i?eiaiaiee iaoiaeia i?iaiice?iaaiey a a?eoaineeo oe?iao. ?acoeueoaou
ii?ina io?aaeaiu a oaae.2.3.2.

Oaaeeoea 2.3.2.

Iaoiaeu i?iaiice?iaaiey I?ioeaio eiiiaiee, i?eiaiythueo eo iaoiae
I?ioeaio eiiiaiee, iieaaathueony eneeth/eoaeueii ia aeaiiua iaoiaeu

Noauaeoeaiua ioeaiee 73 14

Noaoenoe/aneay ceno?aiieyoeey 76 16

Enneaaeiaaiea iia?aoeee eee yeiiiie/aneea iiaeaee 44 7

Oaoiieiae/aneia i?iaiice?iaaiea 29 6

Eae aeaeii ec oaaeeoeu, aeaaea a oneiaeyo ?acaeoie ?uii/iie yeiiiieee
aieueoeinoai eiiiaiee i?aaeii/eoatho ioiineoaeueii i?inoua e
o?aaeeoeeiiiua iaoiaeu i?iaiice?iaaiey -noauaeoeaiua ioeaiee e
yeno?aiieyoeeth o?aiaeia.

Iieaciuie yoe iaoiaeu aoaeoo e aeey ?inneeneeo i?aaei?eyoee ii aeaoi
i?e/eiai:

iie ia o?aaotho io ineaaeaiiuo eee oieueei noaiiayueony ia iiae oe?i
cia/eoaeueiuo cao?ao e i?eaea/aiey aei?iainoiyueo: niaoeeaeenoia;

a neeo /?acau/aeii aunieie iaii?aaeaeaiiinoe aiaoiae n?aaeu aieueoeinoai
i?aaei?eyoee ?inneeneie yeiiiieee i?eaioe?iaaiu, nei?aa, ia
e?aoein?i/iua oeaee. A iaoiaeu yeno?aiieyoeee ieacuaathony iaeaieaa
yooaeoeaiuie eiaiii a oneiaeyo e?aoein?i/iiai ieaie?iaaiey.

2.5. IAOIAeU ?AA?ANNEIIIIAI AIAEECA.

?aa?anneiiiue aiaeec enneaaeoao caaeneiinoue ii?aaeaeaiiie aaee/eiu io
ae?oaie aaee/eiu eee ianeieueeeo ae?oaeo aaee/ei.

?aa?anneiiiue aiaeec i?eiaiyaony i?aeiouanoaaiii a n?aaeian?i/iii
i?iaiice?iaaiee, a oaeaea a aeieain?i/iii i?iaiice?iaaiee. N?aaeia- e
aeieain?i/iue ia?eiaeu aeatho aiciiaeiinoue onoaiiaeaiey eciaiaiee a
n?aaea aeciana e o/aoa aeeyiee yoeo eciaiaiee ia enneaaeoaiue
iieacaoaeue,

Aeey inouanoaeaiey ?aa?anneiiiiai aiaeeca iaiaoiaeeii:

• iaee/ea aaeaaiaeiuo aeaiiuo ii enneaaeoaiui iieacaoaeyi,

• iaee/ea iaeii?aciauo i?iaiicia, oi anoue oaeeo i?iaiicia, eioi?ua ia
iii?aaeythony n iinooieaieai iiauo aeaiiuo.

?aa?anneiiiue aiaeec iau/ii i?iaiaeeony aeey iauaeoia, eiathueo
neiaeioth, iiiaioaeai?ioth i?e?iaeo, oaeeo, eae:

• iauai eiaanoeoeee;

• i?eaueue;

• iauaiu i?iaeaae e ae?.

2.6. IAOIAeU YEIIIIEEI-IAOAIAOE*ANEIAI IIAeAEE?IAAIEss.

Ai aioo?eoe?iaiiii i?iaiice?iaaiee eniieuecoaony:

iiaeaee aioo?aiiae n?aaeu oe?iu, oae iacuaaaiua ei?ii?aoeaiua iiaeaee;

iae?iyeiiiie/aneea iiaeaee, e eioi?ui ioiinyo yeiiiiao?e/aneea iiaeaee,
iiaeaee “cao?aou-auione”.

Ei?ii?aoeaiua iiaeaee iau/ii i?aaenoaaeytho niaith iaai? oi?ioe
(o?aaiaiee), eioi?ua au?aaeatho ioiioaiey ?yaea ia?aiaiiuo e
ii?aaeaeaiiiio iauaeoo; iai?eia? e iauaio i?iaeaae.

Iiieii oi?ioeueiuo iiaeaeae ai aioo?eoe?iaiiii ieaie?iaaiee iiaoo
eniieueciaaoueny iao?e/iua iiaeaee (iiaeaee a aeaea oaaeeoe),
no?oeoo?ii-ea?a?oe/aneea iiaeaee, iienuaathuea aioo?aiithth no?oeoo?o e
acaeiinaycue a ?aieao yeiiiie/aneie i?aaiecaoeee.

I?e eniieueciaaiee ei?ii?aoeaiuo iiaeaeae iieacii aeaeaoue ia oieueei
ia?niaeoeaiua, ii e ?ao?iniaeoeaiua (ia?auaiiua a i?ioeia) i?iaiicu.
N?aaiaiea aeaiiuo ?ao?iniaeoeaiiai i?iaiica e oaeoe/aneeo aeaiiuo ca
i?ioeue ia?eiae iicaieyao naeaeaoue auaiae i iaaeaaeiinoe iiaeaeae.

Aieueoay /anoue iaoaiaoe/aneeo iiaeaeae eiaao oi?io eiiiuethoa?iuo
i?ia?aii. Iaoiaeynue a i?ioeanna auiieiaiey, oaeea i?ia?aiiu iicaieytho
enneaaeiaaoue ?acaeoea aioo?eoe?iaiiuo acaeiinaycae, oi anoue i?eaeatho
iiaeaeyi aeeiaie/aneee oa?aeoa?.

E iaaeinoaoeai i?eiaiaiey iaoiaeia yeiiiieei-iaoaiaoe/aneiai
iiaeaee?iaaiey a ?aieao i?iaiice?iaaiey aoaeouaai yeiiiie/aneie
i?aaiecaoeee iiaeii ioianoe:

• iaiaoiaeeiinoue na?ueaciuo cao?ao ia i?aaiecaoeeth enneaaeiaaoaeueneie
?aaiou e iieaoo o?oaea niaoeeaeenoia,

• iaaiciiaeiinoue ioaaoeoue a iiaeaeyo ana iaeaieaa nouanoaaiiua
oaiaeaioeee ?acaeoey;

• aunieoth aa?iyoiinoue aiacaiiuo eciaiaiee ?ac?ooeoaeueiuo niauoee,
nouanoaaiii nieaeathueo iieaciue yooaeo iiaeaee.

A ea/anoaa ioaeaeueiie io?anee yeiiiie/aneiai i?iaiice?iaaiey ia o?iaia
oe?iu auaeaeytho i?iaiice?iaaiea i?iaeaae (nauoa).

A oeiainiaii i?iaiica i?eiaiyaony aieueoeinoai iacaaiiuo caeanue
iaoiaeia.

3. OEIAINIAUE I?IAIIC.

3.1. NOUIINOUe E CAAeA*E OEIAINIAIAI I?IAIICA.

A ioee/ea io ieaie?iaaiey, oeiainiaia i?iaiice?iaaiea — enneaaeiaaiea
aeieaia?aiaiiuo ia?niaeoea eciaiaiey oeiainiaiai ninoiyiey iauaeoa a
oeaeii e aai ?acee/iuo /anoae — ia i?aaeiieaaaao iai?aiaiiiai
inouanoaeaiey ia i?aeoeea ?ac?aaioaiiuo i?iaiicia. I?iaiice?iaaiea
iiaeao inouanoaeyoueny eae ia iniiaa yeno?aiieyoeee i?ioeiai a aoaeouaa
n o/aoii yenia?oiuo ioeaiie oaiaeaioeee eciaiaiey, oae e ia iniiaa
i?yiiai i?aaeaeaeaiey eciaiaiee. Eciaiaiey iiaoo aicieeaoue
iaiaeeaeaiii. Oi?aaeaiea ia iniiaa i?aaeaeaeaiey yoeo eciaiaiee o?aaoao
io oeiainiaiai iaiaaeaea?a i?aainoiaeiiai ciaiey ?uii/iiai iaoaiecia,
?acaeoie eiooeoeee, a oaeaea niiniaiinoe auno?i i?eieiaoue
iao?eaeaeueiua ?aoaiey.

Ianiio?y ia cia/eoaeueioth neiaeiinoue oeiainiaiai i?iaiice?iaaiey,
iauaeoeaiua o?oaeiinoe e i?iaeaiu, eioi?ua i?eoiaeeony ?aoaoue i?e
ninoaaeaiee i?iaiicia, ?oeiaiaeeoaee i?aaei?eyoee ana aieueoa
oaaaeaeathony a iaiaoiaeeiinoe i?iaaaeaiey oaeiai ?iaea ?aaiou.

A caiaaeiie i?aeoeea nouanoaoao iiiyoea «?oeiaiaenoai iooai aeiaaaeaiey
aei e?ecena». Aeaiiui oa?ieiii iaicia/aaony i?aeoeea oi?aaeaiey, i?e
eioi?ie aeaea ia i?aaei?eyoee eaeoo «naiioaeii» aei oao ii?, iiea iii ia
ieacuaaaony a e?eceniie neooaoeee, noaayuae iiae aii?in naii
nouanoaiaaiea i?aaei?eyoey Anee e iinea ?ac?aoaiey e?ecena noeeue
?oeiaiaenoaa ia iaiyaony, oi «ai?ueaa ca auaeeaaiea» noaiiaeony
iauaeaiiinoueth Iiaeiaiay neooaoeey oeie/ia aeey iiiaeo ioa/anoaaiiuo
i?aaei?eyoee e i?aaiecaoeee. Aianoa n oai i?aeoe/aneee iiuo iieacuaaao,
/oi a nia?aiaiiuo oneiaeyo ianniauo iaieaoaaeae, neiaeiinoae ?an/aoia n
iieoiaoaeyie e iinoaaueeaie ioeaiea oeiainiaiai iieiaeaiey
(ieaoaaeaniiniaiinoe, aeioiaeiinoe) aeaaea ia aeeaeaeooth ia?niaeoeao,
auiieiaiiay «ia aeac», ieacuaaaony iaeiyooaeoeaiie.

Ii aeaiiui ii?ina, i?iaaaeaiiiai ?inneeneie annioeeaoeeae ia?eaoieiaia a
1998 a., aei 60% ?oeiaiaeeoaeae i?aaei?eyoee ia eiaee ie iaeaeoaai
iiiyoey i oii, eaeia ieaoaaeaniiniaiue ni?in ia i?iaeoeoeeth yoeo
i?aaei?eyoee, eaeia oaoie/aneee o?iaaiue i?iaeoeoeee eiieo?aioia e eaeea
oaae neaaeoao i?aaei?eieiaoue aeey ?anoe?aiey naiaai i?enoonoaey ia
?uiea.

Aeey oiai /oiau ?acoeueoaou oeiainiauo i?iaiicia auee iaaeaaeiuie, iie
aeieaeiu auoue iniiaaiu ia oi/iuo aeaiiuo, a ia?aoth i/a?aaeue — aeaiiuo
aooaaeoa?neiai o/aoa, e iieo/aiu Iaoiaeaie oeiainiaiai aiaeeca.
I?iaiice?iaaiea, a oii /enea oeiainiaia, iicaieyao a iaeioi?ie (ia?aaeei
aanueia cia/eoaeueiie) noaiaie oeo/oeoue oi?aaeaiea i?aaei?eyoeai
aneaaenoaea eii?aeeiaoeee anao oaeoi?ia i?iecaiaenoaa e nauoa,
acaeiinayce aeayoaeueiinoe anao iiae?acaeaeaiee, ?ani?aaeaeaiee
ioaaonoaaiiinoe e o.i.

Iiiyoey «i?iaiic» e «niaoa», /anoi ?anniao?eaaaiua eae neiiieiu,
oaeiauie ia yaeythony.

I?iaiic anoue i?aaeaa?eoaeueiay ioeaiea (i?aaeneacaiea), eioi?ay iiaeao
ea/ue a iniiao i?ia?aiiu aeayoaeueiinoe e ia?anoe oi?io niaou,
aecian-ieaia, a iiaeao — e iao. I?iaiic i?eieiaao oi?io niaou oieueei a
oii neo/aa, anee ?oeiaiaenoai i?aaei?eyoey auae?aao aai a ea/anoaa oeaee
?acaeoey (aeeaeaeoae eee ia?niaeoeaiie).

Oeiainiaay niaoa, i?aaenoaaeythuay niaie /anoue aecian-ieaia, aeeth/aao,
eae i?aaeei, niaoo aeaeaeaiey aeaiaaeiuo n?aaenoa, eanniaoth niaoo,
i?iaiiciue io/ao i oeiainiauo ?acoeueoaoao, i?iaiiciue aaeain, i?iaiic
eiaanoeoeee. Ninoaaeaieth oeiainiaie niaou iau/ii i?aaeoanoaoao
auyaeaiea iniiaiuo oaeoi?ia, ii?aaeaeythueo ianooaau aeayoaeueiinoe
i?aaei?eyoey. Aeey iiiaeo i?aaei?eyoee oaeei oaeoi?ii yaeyaony ?uii/iue
ieaoaaeaniiniaiue ni?in ia auioneaaioth i?iaeoeoeeth, ?aaeecoaiua
oiaa?u.

Anee ?uii/iue ni?in i?aauoaao aiciiaeiinoe i?iecaiaenoaa aneaaenoaea
aeaoeoeeoa iaoa?eaeueiuo ?ano?nia eee iai?oaeiaaiey, ionoonoaey
ia?niiaea o?aaoaiie eaaeeoeeaoeee, enoiaeiui ioieoii ninoaaeaiey niaou
yaeythony i?iecaiaenoaaiiua iiuiinoe.

Iaeiaei a aieueoeinoaa neo/aaa ioi?aaiie oi/eie ninoaaeaiey oeiainiaie
niaou aunooiaao i?iaiic iauaia ?aaeecaoeee. Aeey ioa/anoaaiiie i?aeoeee
aeaiiue iiaeoiae, ianiio?y ia aai eaaeouothny i/aaeaeiinoue,
ioiineoaeueii iia. A oa/aiea aeeeoaeueiiai ia?eiaea o ian
ainiiaenoaiaaea eiioeaioeey i?iecaiaenoaa, a ia nauoa. Eiaiii iauaiiua
iieacaoaee «i?iecaaaeaiiie» i?iaeoeoeee (aaeiaie, ii?iaoeaii-/enoie,
oiaa?iie) ?anniao?eaaeenue a ea/anoaa ioeaii/iuo a «aei?uii/iue»
ia?eiae. Niioaaonoaaiii yoiio no?ieeanue iaoiaeieiaey aiaeeca
oeiainiai-oicyenoaaiiie aeayoaeueiinoe, iai?aaeaiiay a ia?aoth i/a?aaeue
ia auyaeaiea ?aca?aia ?inoa auionea i?iaeoeoeee.

Iaeiie ec iniiaiuo caaea/ oeiainiaiai i?iaiice?iaaiey yaeyaony ioeaiea
aeinoaoi/iinoe aeaiaaeiuo n?aaenoa ia i?aaenoiyuee ia?eiae, eioi?oth
oioaeinue au ?anniio?aoue iiae?iaiaa.

3.2. I?IAIICE?IAAIEA ECIAIAIEss AeAIAAEIUO N?AAeNOA I?AAeI?EssOEss.

Eciaiaiea aeaiaaeiuo n?aaenoa ca iaeioi?ue ia?eiae ii?aaeaeyaony
oeiainiauie iioieaie, i?aaenoaaeythueie niaie, n iaeiie noi?iiu,
iinooieaiey, n ae?oaie — ieaoaaee iinoaaueeai, ?aaioieeai, athaeaeaoo,
i?aaiai nioeeaeueiiai no?aoiaaiey e iaania/aiey e o.ae., iiyoiio
iaiaoiaeeii ca?aiaa auyaeoue iaeeaeaaiue aeaoeoeeo n?aaenoa e i?eiyoue
ia?u aeey aai iie?uoey.

Iineieueeo iniiaiie noaoueae i?eoiea aeaiaaeiuo n?aaenoa yaeythony
iinooieaiey io aeaaeoi?ia, ?anniio?ei ii?yaeie ?an/aoa aeaiiiai
iieacaoaey. Aeey iaaeyaeiinoe ainiieuecoainy eioi?iaoeeae i
i?aaei?eyoee, aeayoaeueiinoue eioi?iai ii eoiaai enoaeoaai ia?eiaea
oa?aeoa?eciaaeanue neaaeothueie aeaiiuie:

aeaaeoi?neay caaeieaeaiiinoue, ?oa. 357 320

n?aaeiee ia?eiae iiaaoaiey aeaaeoi?neie caaeieaeaiiinoe, aeiae 45

e?aaeeoi?neay caaeieaeaiiinoue iinoaaueeai, ?oa. 204 280

n?aaeiee ia?eiae iiaaoaiey e?aaeeoi?neie caaeieaeaiiinoe, aeiae 31, 5

i?iecaiaenoaaiiua caianu, ?oa. 242 600

n?aaeiee ia?eiae o?aiaiey caiania, aeiae 49

I?aaei?eyoea auioneaao /aou?a iniiaiuo aeaea i?iaeoeoeee. noiia
iinooieaiee aeaiaaeiuo n?aaenoa iaoiaeeony a iaiin?aaenoaaiiie
caaeneiinoe io i?iaiica iauaia ?aaeecaoeee (ioa?ocee), a oaeaea io
ninoiyiey aeaaeoi?neie caaeieaeaiiinoe.

I?iaiic iauaia ?aaeecaoeee yaeyaony ?acoeueoaoii eco/aiey oaeeo
oaeoi?ia, eae: i?ioeue iauai i?iaeaae; ?uii/iay eiiuthieoo?a e aa
aiciiaeiia eciaiaiea; iauay yeiiiie/aneay neooaoeey; aeioiaeiinoue
i?iaeoeoeee; oeaiiaay iieeoeea; i?iecaiaenoaaiiua iiuiinoe;
aeieain?i/iua oaiaeaioeee i?iaeaae ?acee/iuo aeaeia i?iaeoeoeee e ae?.

3.3. IAOIAeU I?IAIICE?IAAIEss I?IAeAAE.

A i?aeoeea ?acee/iuo i?aaei?eyoee eniieuecothony ?aciua iaoiaeu
i?iaiice?iaaiey i?iaeaae. A eo /enea iiaeii auaeaeeoue neaaeothuea:

yiie?e/aneia i?iaiice?iaaiea — iii eniieuecoao iiuo ciaiey
ia?eaoieiaia, oeiainiauo, i?iecaiaenoaaiiuo ?oeiaiaeeoaeae e, eae
i?aaeei, iaania/eaaao i?eiyoea ?aoaiey iaeaieaa i?inoui e auno?ui
niiniaii, iaeiaei i?aeoe/anee Eneeth/aao ia?niiaeueioth ioaaonoaaiiinoue
ca naeaeaiiue i?iaiic e i?eiyooth oeiainiaoth niaoo;

noaoenoe/aneia i?iaiice?iaaiea — enneaaeiaaiea oaiaeaioeee eciaiaiey
iauaia i?iaeaae n iiiiuueth aiaeeca oaiiia ?inoa iieacaoaeae ?aaeecaoeee
eee eniieueciaaiea aieaa neiaeiuo iaoiaeia, iai?eia? ei??aeyoeeiiiiai
aiaeeca; yoi iiaeao aeaeaoue i?iaiic aieaa iaaeaaeiui, ii niiniaii e
i?eaanoe e na?ueaciui i?in/aoai, iineieueeo ?acoeueoaou i?iaiice?iaaiey,
iieo/aiiua iaoiaeaie noaoenoeee, iiaeaa?aeaiu aeeyieth neo/aeiuo
eieaaaiee aeaiiuo.

3.4. I?IAIICE?IAAIEA AeAAEOI?NEIE CAAeIEAEAIIINOE.

Aeey aiaeeca aeaaeoi?neie caaeieaeaiiinoe iaiaoiaeeii i?eaea/ue aeaiiua
i n?ieao aa iiaaoaiey, neiaeeaoeony a i?ioaaeoeo ia?eiaeao, i iaee/ee
iaeiaa?iyoiie ei acuneaieth e ia?aaeueiie caaeieaeaiiinoe. Caiaaeeaiea
iai?a/eaaaiinoe aeaaeoi?neie caaeieaeaiiinoe aea/ao ca niaie nie?auaiea
i?eoiea aeaiaaeiuo n?aaenoa.

A oeaeii iaaeaeo iinooieaieai aeaiaaeiuo n?aaenoa, iauaiii ?aaeecaoeee e
eciaiaieai inoaoeia aeaaeoi?neie caaeieaeaiiinoe nouanoaoao neaaeothuay
caaeneiinoue:

Noiia iinooieaiee = Iauai ?aaeecaoeee + + Aeaaeoi?neay caaeieaeaiiinoue
ia ia/aei ia?eiaea — Aeaaeoi?neay caaeieaeaiiinoue ia eiiaoe ia?eiaea.

I?aaeiieiaeei, ioaeaeii nauoa iiaeaioiaeai i?iaiic i?iaeaae

ia i?aaenoiyuee ia?eiae — ianyoe .

Oaaeeoea I?iaiic i?iaeaae

Aeae i?iaeoeoeee Iauai ?aaeecaoeee, oo. Oaeouay i?iaeaaeiay oeaia, ?oa.
Iauai ?aaeecaoeee a oaeoueo oeaiao, ?oa. Iauai ?aaeecaoeee n o/aoii
iii?aaee ia eioeyoeeth,

?oa.

A 2305 26,4 56 547 64402

A 1730 32,0 55360 60896

A 1920 32,4 62 208 68429

A 1152 38,5 44352 48787

Eoiai

220 467 242 514

*oiau onoaiiaeoue noiio aeaiaaeiuo iinooieaiee, iaiaoiaeeii ii?aaeaeeoue
aeaaeoi?neoth caaeieaeaiiinoue ii ninoiyieth ia eiiaoe i?iaiice?oaiiai
ia?eiaea (ianyoea). N yoie oeaeueth iiaeii eniieueciaaoue oi?ioeo
iai?a/eaaaiinoe

Tae.c.=Oae.c.*t/B

aaea Oae.c. — ia?eiae iai?ioa aeaaeoi?neie caaeieaeaiiinoe; Oae.c. —
n?aaeiea inoaoeeaeaaeoi?neie caaeieaeaiiinoe; t — aeeeoaeueiinoue
aiaeece?oaiiai ia?eiaea (a ?anniao?eaaaiie neooaoeee — ianyoe); A —
au?o/ea io ?aaeecaoeee i?iaeoeoeee.

Anee iaeeaeaaony, /oi a i?aaenoiyuai ia?eiaea oa?aeoa? ?an/aoia n
iieoiaoaeyie ia eciaieony, aeiionoeii ainiieueciaaoueny ?ann/eoaiiui
?aiaa cia/aieai aeeeoaeueiinoe iiaaoaiey aeaaeoi?neie caaeieaeaiiinoe
(ni. oaae. 6.6). Oiaaea n?aaeiea inoaoee aeaaeoi?neie caaeieaeaiiinoe a
i?i-aiice?oaiii ia?eiaea iiaeii ?ann/eoaoue ii oi?ioea

Oae.c.=Tae.c.*B/t

Aeey aieaa iaaeaaeiiai ii?aaeaeaiey n?aaeieo inoaoeia caaeieaeaiiinoe
aeaaeoi?ia iaaei o/anoue oa?aeoa? ?an/aoia i?aaei?eyoey n iieoiaoaeyie
(niioiioaiea iineaaeothuae e i?aaeaa?eoaeueiie iieaou). Aieaa oi/iue
?an/ao i?aaeiieaaaao eniieueciaaiea a /eneeoaea oi?ioeu au?o/ee,
iieo/aaiie ia oneiaeyo aeineaaeothuae iieaou. Iineieueeo i?iaiice?iaaoue
aeaiiia niioiioaiea ia ia?niaeoeao aeinoaoi/ii neiaeii, iiaeii
ainiieueciaaoueny neiaeeaoeieny niioiioaieyie. Anee oaeoth eioi?ia-oeeth
iieo/eoue cao?oaeieoaeueii eee a ninoaaa au?o/ee cia/eoaeueioth /anoue
ninoaaeytho ?an/aou n iieoiaoaeyie ia oneiaeyo iineaaeothuae iieaou, a
/eneeoaea iiaeao eniieueciaaoueny ia-uee i?iaiice?oaiue iauai i?iaeaae.
A ?anniao?eaaaiii iaie i?eia?a ?an/ao ii oi?ioea (6.7)

Qae.c.=45*242514/30=363770

Aeey iaaieueoeo eioa?aaeia a?aiaie (ianyoe, eaa?oae) n?aaeiea inoaoee
In? oaeiaii ii?aaeaeyoue ii oi?ioea n?aaeiaai a?eoiaoe/aneiai:

On?=(Oi+Oe)/2

aaea Ii e Ie — inoaoee ia ia/aei e eiiaoe ia?eiaea.

A iaoai i?eia?a ia/aeueiua inoaoee aeaaeoi?neie caaeieaeaiiinoe (inoaoee
ia eiiaoe enoaeoaai ia?eiaea) ninoaaeyee 357 320 ?oa. ?ann/eoaai
iaeeaeaaiia cia/aiea aeaaeoi?neie caaeieaeaiiinoe ia eiiaoe ia?eiaea:

Ie = 2*In? – Ii = 2 * 363 770 – 357 320 = 370 221.

Oaeei ia?acii, iaeeaeaaiay noiia iinooieaiee aeaiaaeiuo n?aaenoa io
iieoiaoaeae ninoaaeo

242 514 + 357 320 – 370 221 = 229 613.

Eae aeaeii, aneaaenoaea oaaee/aiey e eiioeo ia?eiaea caaeieaeaiiinoe
iieoiaoaeae (iaiiea/aiiie ioa?oaeaiiie i?iaeoeoeee) ia 12 901 ?oa.
i?iaiice?oaiua aeaiaaeiua iinooieaiey aoaeoo iaiueoa iaeeaeaaiiai iauaia
i?iaeaae ia oaeoth aea aaee/eio e ninoaayo 229 613 ?oa.

Nouanoaoao ianeieueei eiie niinia ieaie?iaaiey aeaiaaeiuo iinooieaiee,
iniiaaiiue ia ninoaaeaiee a?aoeea iiaaoaiey caaeieaeaiiinoe iieoiaoaeae.

Oae, anee aiaeec ninoaaa aeaaeoi?neie caaeieaeaiiinoe e oa?aeoa?a aa
aeaeaeaiey auyaee, /oi a n?aaeiai 40%. caaeieaeaiiinoe iiaaoaaony /a?ac
ianyoe n iiiaioa aa aicieeiiaaiey, 30% — /a?ac 2 ian., 20% — /a?ac 3
ian., 10% iaycaoaeuenoa inoathony iaiiea/aiiuie, oi iiaeii ninoaaeoue
neaaeothuoth oaaeeoeo:

N?ie ioa?ocee i?iaeoeoeee Iaeeaeaaiia iinooieaiea aeaiaaeiuo n?aaenoa a
I eaa?oaea

Iauay noiia A oii /enea ii ianyoeai

ssiaa?ue Oaa?aeue Ia?o

Ieoya?ue 50 000 10 000 – –

Iiya?ue 55 000 16 500 11 000 –

Aeaeaa?ue 50 000 20 000 15 000 10 000

ssiaa?ue 60 000 – 24000 18 000

Oaa?aeue 55 000 – – 22 000

Ia?o 70000 – – –

Eoiai 340000 46 500 50 000 50 000

Oaeei ia?acii, i?e iauaia ioa?oaeaiiie i?iaeoeoeee 186 000 ?oa. (60 000
+ 55 000 + 70 000) a I eaa?oaea noiia iaeeaeaaiuo iinooieaiee aeaiaaeiuo
n?aaenoa ninoaaeo 146 600 ?oa.

Aeey ii?aaeaeaiey eiia/iuo inoaoeia aeaaeoi?neie caaeieaeaiiinoe ia
i?aaenoiyuee ia?eiae, iai?eia? eaa?oae, iinooiatho neaaeothuei ia?acii.
E ia/aeueiie caaeieaeaiiinoe iieoiaoaeae i?eaaaeytho iaeeaeaaiue iauai
i?iaeaae e au/eoatho iaeeaeaaiua noiiu aeaiaaeiuo iinooieaiee. Oae, anee
enoiaey ec i?eaaaeaiiiai auoa a?aoeea noiia aeaaeoi?neie caaeieaeaiiinoe
iieoiaoaeae ii ninoiyieth ia 1 yiaa?y ninoaaeyea 98 000 ?oa. (30%
iaiiea/aiiie i?iaeoeoeee, ioa?oaeaiiie a ieoya?a, + 60% i?iaeoeoeee,
ioa?oaeaiiie a iiya?a, + 100% ioa?oaeaiiie a aeaeaa?a), i?iaiice?oaiay
aaee/eia iaiiaaoaiiuo iaycaoaeuenoa iieoiaoaeae ia 1 ai?aey ninoaaeo 98
000 +185 000 – 146 500 = 136 600 ?oa.

I?iaiice?iaaiea i?i/eo iinooieaiee, eae i?aaeei, auaaao cao?oaeiaii
aneaaenoaea eo yieciaee/aneiai oa?aeoa?a. A eaaeaeii eiie?aoiii neo/aa
yoa caaea/a iiaeao eiaoue naia ?aoaiea enoiaey ec eiathuaeny
eioi?iaoeee.

3.5. I?IAIICE?IAAIEA E?AAeEOI?NEIE CAAeIEAEAIIINOE

E /eneo noaoae, oi?ie?othueo iaeaieueoee iooie aeaiaaeiuo n?aaenoa, eae
i?aaeei, ioiinyony ?an/aou n iinoaaueeaie. ?anniio?ei eeoue oa ?an/aou n
e?aaeeoi?aie, eioi?ua naycaiu n oi?ie?iaaieai caiania iaoa?eaeueiuo
oeaiiinoae. Iaiaoiaeeii ioeaieoue iaeeaeaaiue aeaaaoiaue iai?io n/aoa
?an/aou n iinoaaueeaie e iiae?yae/eeaie ia i?aaenoiyuee ia?eiae
(ianyoe). I?e yoii aoaeai iia?e?iaaoue neaaeothuae oi?ioi ecaanoiie
caaeneiinoueth:

Ia/aeueiia naeueaei + Oaaee/aiea caaeieaeaiiinoe = Noiia ieaoaaeae +
Eiia/iia naeueaei

eee

Noiia ieaoaaeae = Ia/aeueiia naeueaei + Oaaee/aiea caaeieaeaiiinoe –
Eiia/iia naeueaei.

A iaoai i?eia?a aaeeinoaaiiie ecaanoiie aaee/eiie yaeyaony
caaeieaeaiiinoue ia ia/aei aiaeece?oaiiai ia?eiaea (204 280 ?oa.).

Oaaee/aiea caaeieaeaiiinoe iinoaaueeai ii?aaeaeyaony iauaiii iinooieaiey
iaoa?eaeueiuo oeaiiinoae. Ia?aie/ea ?acia?u iaycaoaeuenoa ia?aae
e?aaeeoi?aie eeoue oaie ?an/aoaie, ei- oi?ua aicieeatho a nayce n
i?eia?aoaieai iaoa?eaeueiuo ?a-

no?nia (i?iecaiaenoaaiiua caianu, iaeioeaiiua e auno?ieciaoeaathueany
i?aaeiaou), n o/aoii aeaenoaothuaai ii?yaeea iaeiaiiaeiaeaiey, iiaeii
caienaoue:

Oaaee/aiea caaeieaeaiiinoe = Oaeoe/aneay naaanoieiinoue caaioiaeaiey IOe
+ IAeN

eee

Oaaee/aiea caaeieaeaiiinoe = oaeoe/aneay naaanoieiinoue caaioiaeaiey IOe
* (1 + Noaaea IAeN).

Oaeei ia?acii, aeey ii?aaeaeaiey e?aaeeoi?neie caaeieaeaiiinoe
iinoaaueeai iaiaoiaeeii ?ann/eoaoue iaeeaeaaiue iauai iinooieaiey
iaoa?eaeueiuo oeaiiinoae.

3.6. I?IAIICE?IAAIEA CAIANIA.

I?eiai oneiaii, /oi ana iio?aaeaiea naycaii n i?iecaiaenoaaiiuie
ioaeaeaie e oa?aeoa?ecoaony ioioneii iaoa?eaeueiuo oeaiiinoae a
i?iecaiaenoai. Aeey ii?aaeaeaiey aai iauaia a i?aaenoiyuai ia?eiaea
neaaeoao i?eaea/ue aeaiiua i?iecaiaenoaaiiiai ieaia (niaou) ia iauaiao
i?iecaiaenoaa i?iaeoeoeee e iio?aaiinoyo a iaoa?eaeao. I?eia?iue ?an/ao
iauaia auionea i?iaeoeoeee:

Iauaiu auionea e inoaoee i?iaeoeoeee (oo.)

Iieacaoaee Aeae i?iaeoeoeee

A A A A

1 Iaeeaeaaiue iauai i?iaeaae 2305 1730 1920 1150

2 I?aaeiieaaaaiua inoaoee aioiaie i?iaeoeoeee ia eiiaoe ia?eiaea 1050
500 950 350

3 Niaieoiiay iio?aaiinoue a aioiaie i?iaeoeoeee 3355 2230 2870 1500

4 Ia/aeueiua inoaoee aioiaie i?iaeoeoeee 1026 459 904 395

5 Iauai auionea i?iaeoeoeee 2329 1771 1966 1105

Neaaeoao ioiaoeoue, /oi caeanue iaaiciiaeii i?eaanoe ana ?aaeueiua
?an/aou ii eniieuecoaiui ia i?aaei?eyoee iaoa?eaeai. I?eioeeieaeueiay
noaia ii?aaeaeaiey iaeeaeaaiiai iauaia ?anoiaeiaaiey iaoa?eaeia e eo
nienaiey ia naaanoieiinoue:

?anoiae iaoa?eaeia

Iieacaoaee Aeae i?iaeoeoeee Anaai

A A A A

Oaeaeueiue ?anoiae iaoa?eaeia,

iao. aae.:

Ml 3 10 5 4

I2 8 2 11 4

?anoiae ia iaeeaeaaiue auione

i?iaeoeoeee, iao. aae.:

Ml 6987 17710 9830 4420 38947

I2 8632 3542 21 626 4420 48220

Iaeeaeaaiay naaanoieiinoue naaanoieiinoue

ec?anoiaeiaaiiuo iaoa?eaeia:

Ml (n?aaeiyy oeaia 1,6 ?oa.) x x x x 62 315

I2 (n?aaeiyy oeaia 1,95 ?oa.) x x x x 84 029

Eoiai:

156344

Oaeei ia?acii, i?iaiice?oaiue iauai ioionea iaoa?eaeia a i?iecaiaenoai a
i?aaenoiyuai ia?eiaea ninoaaeyao 156 344 ?oa. Ae?oaie aa?eaio ?an/aoa
iaeeaeaaiie naaanoieiinoe ec?anoiaeiaaiiuo iaoa?eaeia naycai n
eniieueciaaieai aeaiiuo i Neiaeeaoaeny no?oeoo?a ecaea?aeae. Aeiionoei,
niaeanii ?acoeueoaoai aiaeeca no?oeoo?u aeioiaea e cao?ao oaeaeueiue aan
I?iecaiaenoaaiiie naaanoieiinoe ?aaeeciaaiiie i?iaeoeoeee a Au?o/ea
ninoaaeyao 70%, a oii /enea ii aeaeai auioneaaiie i?iaeoeoeee: A – 73%,
A – 90%, A – 67%. E?iia oiai, ecaanoii, /oi oaeaeueiue aan iaoa?eaeueiuo
cao?ao a ninoaaa i?iecaiaenoaaiiie naaanoieiinoe a i?ioaaeoai ia?eiaea a
n?aaeiai ninoaaeye 88%. Aeey ii?aaeaeaiey i?iaiiciuo cia/aiee
i?iecaiaenoaaiiie naaanoieiinoe e iaoa?eaeueiuo cao?ao iiaeii
ainiieueciaaoueny neiaeeaoeieny niioiioaieyie, eniieuecoy a Ea/anoaa
aacu aeey ?an/aoa iieacaoaeue iauaia ?aaeecaoeee. I?e yoii neaaeoao
o/eouaaoue, /oi aeeyiea eioeyoeee iiaeao auoue ia?aaiicia/iui ii
ioiioaieth e oaiiai ?inoa oeai ia i?iaeoeoeeth e ?ano?nu.

Aeiionoei, /oi a i?aaenoiyuai ia?eiaea i?aaeiieaaaaony iia?aaeaiea
oaiiia ?inoa ia iaoa?eaeueiua ?ano?nu ia 5%. ?an/ao iaeeaeaaiuo cia/aiee
iieacaoaeae naaanoieiinoe:

I?iaiice?oaiay naaanoieiinoue

? i/i Iieacaoaeue A oaeoueo oeaiao N o/aoii iii?aaee ia eioeyoeeth

A A A A Anaai

1 au?o/ea io

?aaeecaoeee (100%) 220 467 64 402 60896 68429 48787 242 514

2 I?iecaiaenoaaiiay naaanoieiinoue ?aaeeciaaiiie i?iaeoeoeee 154 327 50
234 51 762 62 955 14 148 179 099

3 Iaoa?eaeueiua cao?aou a naaanoieiinoe 135 808

157 607

Eae aeaeei, ?ann/eoaiiue iauai nienaiey iaoa?eaeueiuo cao?ao ia
naaanoieiinoue (157 607 ?oa.) ioee/aaony io au/eneaiiiai ?aiaa (156 344
?oa. — ni. oaae. 6.9). Ia?aue aa?eaio, yaeyynue aieaa o?oaeiaieei,
iineieueeo i?aaeiieaaaao ii?aaeaeaiea iio?aaiinoe a eaaeaeii aeaea
iaoa?eaeueiuo ?ano?nia, iaania/eaaao aieaa aeinoiaa?iue ?acoeueoao.

Aeey aeaeueiaeoeo ?an/aoia eniieuecoai ?acoeueoao aoi?iai aa?eaioa (157
607 ?oa.).

Oaia?ue aaeeinoaaiiie iaecaanoiie aaee/eiie inoaeinue cia/aiea caiania
ia eiiaoe i?aaenoiyuaai ia?eiaea. Aeey aai ii?aaeaeaiey iiaeii
eniieueciaaoue aeaiiua i aeeeoaeueiinoe iai?ioa i?iecaiaenoaaiiuo
caiania. N?aaeiee n?ie o?aiaiey caiania ninoaaeye 49 aeiae. Anee ii
eaeei-eeai i?e/eiai ?oeiaiaenoai i?aaei?eyoey n/eoaao, /oi yoio n?ie
iaaeinoaoi/ai (neeoeii aaeee), i?e ?an/aoa n?aaeieo inoaoeia caiania ia
i?aaenoiyuee ia?eiae eniieuecoaony iiaia cia/aiea ia?eiaea iai?ioa
iaoa?eaeueiuo oeaiiinoae. I?aaeiieiaeei, ia ?anniao?eaaaiii i?aaei?eyoee
a ?acoeueoaoa i?iaaaeaiiiai aiaeeca iai?a/eaaaiinoe i?iecaiaenoaaiiuo
caiania ?aoaii nie?aoeoue n?aaeiee n?ie eo o?aiaiey aei 45 aeiae.
Caieoai oi?ioeo aeey ?an/aoa iai?a/eaaaiinoe i?iecaiaenoaaiiuo caiania:

Ti.c.=Qi.c.*t/IC

aaea Ti.c. – ia?eiae o?aiaiey i?iecaiaenoaaiiuo caiania, Oi.c. –
n?aaeiea inoaoee i?iecaiaenoaaiiuo caiania, t – aeeeoaeueiinoue
aiaeece?oaiiai ia?eiaea, IC – iaoa?eaeueiua cao?aou a naaanoieiinoe.

Ionthaea Oi.c.=Ti.c.*IC/t

Oi+Oe/2=Ti.c.*IC/t, Oe=2*Ti.c.*IC/t-Oi

Iiaenoaaea /eneaiiua cia/aiey iieacaoaeae : 2*45*157607/30-242600

Eoae, anee i?aaei?eyoeth oaeanony nie?aoeoue n?ie o?aiaiey caiania, eae
ieaie?iaaeinue, aei 45 aeiae, inoaoee caiania iaoa?eaeueiuo oeaiiinoae e
eiioeo ia?eiaea nie?aoyony n 242 600 Aei 230 221 ?oa.

A ?acoeueoaoa i?iaaaeaiiuo ?an/aoia iu iiaeai ii?aaeaeeoue iauai caeoiie
(iinooieaiey iaoa?eaeueiuo oeaiiinoae) eae noiio iio?aaiinoe a
iaoa?eaeueiuo oeaiiinoyo e iauaia eiia/iuo caiania, oiaiueoaiioth ia
iauai ia/aeueiuo caiania:

157 607 – 242 600 + 230 221 = 145 228 ?oa.

Oiaaea i?iaiice?oaiia oaaee/aiea caaeieaeaiiinoe iinoaaueeai ninoaaeo a
i?aaenoiyuai ia?eiaea

145 226 (1 + 0,2 + 0,015) = 176 452 ?oa.

Oaia?ue aeey ?aoaiey iinoaaeaiiie ?aiaa caaea/e — ii?aaeaeeoue
iaeeaeaaioth noiio ieaoaaeae iinoaaueeai — inoaeinue ioeaieoue
e?aaeeoi?neoth caaeieaeaiiinoue ia eiiaoe ia?eiaea. N yoie oeaeueth
aiiaue i?aaiia?ii eniieueciaaoue oi?ioeo, onoaiaaeeaathuoth naycue
iaaeaeo ia?eiaeii iiaaoaiey e?aaeeoi?neie caaeieaeaiiinoe e aa n?aaeieie
inoaoeaie. Iineieueeo n?aaeiee n?ie iiaaoaiey caaeieaeaiiinoe
oa?aeoa?ecoaony caaeneiinoueth

Te.c.=Oe.c.*t/I

aaea Te.c. — ia?eiae iiaaoaiey e?aaeeoi?neie caaeieaeaiiinoe; t —
aeeeoaeueiinoue aiaeece?oaiiai ia?eiaea; Ie.c. — n?aaeiea inoaoee
e?aaeeoi?neie caaeieaeaiiinoe; I — noiia ieaoaaeae e?aaeeoi?ai, oi i?e
ecaanoiii ia?eiaea iai?ioa e?aaeeoi?neie caaeieaeaiiinoe iiaeao auoue
ii?aaeaeaia i?iaiiciay aaee/eia n?aaeieo inoaoeia:

Oe.c.=(Oi+Oe)/2=Te.c.*I/t

Oe=2*I*Te.c./t-Oi

Anee i?aaeiieaaaaony nio?aieoue a i?aaenoiyuai ia?eiaea neiaeeaoeeny
oa?aeoa? ?an/aoia n iinoaaueeaie, oi iiaeii eniieueciaaoue eiathueany
aeaiiua i ia?eiaea iai?ioa e?aaeeoi?neie caaeieaeaiiinoe. Anee aea,
iai?ioea, iaeeaeathony eciaiaiey a n?ieao e?aaeeoiaaiey (oaaee/aiea eee
nie?auaiea), oeaeaniia?acii ioeaieoue, eae oaeea eciaiaiey io?acyony ia
inoaoea caaeieaeaiiinoe e ia ?acia?ao ieaoaaeae a i?iaiice?oaiii
ia?eiaea. Noiia ieaoaaeae iinoaaueeai I n o/aoii oi?ioeu ninoaaeo:

I=Ii+Ec-Ie = Ii+EC-(Oe.c.*I/t-Oi)

Eoae, iu iieo/eee o?aaiaiea, aaea aaeeinoaaiiie iaecaanoiie aaee/eiie
yaeyaony noiia ieaoaaeae iinoaaueeai. Iinea iiaenoaiiaee /eneaiiuo
cia/aiee iieacaoaeae iieo/ei:

I = Oi+EC-Oe = Oi+EC-Oe.c.

Oaeei ia?acii, anee n?aaeiee ia?eiae iiaaoaiey caaeieaeaiiinoe
iinoaaueeai ninoaaeo i?aaeiea 31,5 aeiy, i?aaei?eyoeth i?aaenoieo
auieaoeoue 188 714 ?oa.

Iieaaeai, eae eciaieony noiia ieaoaaeae e?aaeeoi?ai, anee n?ie
iiaaoaiey iaycaoaeuenoa oaaee/eony eee nie?aoeony ia 10 aeiae. A ia?aii
neo/aa i?aaei?eyoeth a i?aaenoiyuai ia?eiaea i?eaeaony auieaoeoue:

I = 204 280 + 176 452 – (31,5 • I • 2 : 30 – 204 200) = 155 313 ?oa.

Ai aoi?ii neo/aa noiia ieaoaaeae iinoaaueeai ninoaaeo:

I=204 280 + 176 452 – (21,5 • I • 2 : 30 – 204 280) = = 240 416 ?oa.

Oaeei ia?acii, a neooaoeee oaaee/aiey n?iea ?an/aoia ca anooiathuea
iaoa?eaeueiua oeaiiinoe ia 10 aeiae i?aaei?eyoea a i?aaenoiyuai ia?eiaea
caieaoeo ia 363 401 ?oa. (155 313 — 188 714) iaiueoa. E iaiai?io, i?e
nie?auaiee n?aaeiaai n?iea iiaaoaiey caaeieaeaiiinoe ia 10 aeiae noiia
ieaoaaeae aic?anoao ia 51 702 ?oa. (240 416 – 188 714).

Eoae, iieo/aiu aeaa aaaeiaeoea oa?aeoa?enoeee, ii?aaeaeythuea
aeinoaoi/iinoue (aeaoeoeeo) aeaiaaeiuo n?aaenoa, — noiia iinooieaiee io
aeaaeoi?ia e ieaoaaeae iinoaaueeai. ?acoiaaony, i?ioeann ninoaaeaiey
oeiainiaie niaou yoei ia en/a?iuaaaony, a naia niaoa aeeth/aao e eiua
noaouee iinooieaiee a ieaoaaeae.

3.7. I?IAIICE?IAAIEA OEIAINIAUO ?ACOEUeOAOIA.

Iaycaoaeueiui iai?aaeaieai oeiainiaiai i?iaiice?iaaiey yaeyaony
ninoaaeaiea i?iaiiciiai io/aoa i oeiainiauo ?acoeueoaoao. A aai iniiaa
oaeaea eaaeeo iaeeaeaaiue iauai ?aaeecaoeee. Iaeiaei io/ao i oeiainiauo
?acoeueoaoao nouanoaaiii ioee/aaony io niaou aeaeaeaiey aeaiaaeiuo
n?aaenoa. Iiaeii ii?aaeaeeoue iaeioi?ua i?eioeeieaeueiua iiiaiou. I?e
ii?aaeaeaiee iaeeaeaaiiai iauaia iinooieaiee io iieoiaoaeae aua ?ac
oaaaeaeaaoueny a oii, eae eciaiaiea a inoaoeao aeaaeoi?neie
caaeieaeaiiinoe aeeyao ia ?anoiaeaeaiey a iieacaoaeyo au?o/ee e
iinooieaiey aeaiaaeiuo n?aaenoa (/ai aieueoa ?ino inoaoeia
caaeieaeaiiinoe iieoiaoaeae, oai cia/eoaeueiae ?anoiaeaeaiey).

?anoiaeiay /anoue io/aoa i oeiainiauo ?acoeueoaoao oaeaea aoaeao
ioee/aoueny io noiiu ieaoaaeae i?aaei?eyoey. Yoi, i?aaeaea anaai,
naycaii n iaee/eai e?aaeeoi?neie caaeieaeaiiinoe, o.a. ion?i/eie
ieaoaaeae, a oaeaea iaee/eai caiania iaoa?eaeueiuo ?ano?nia. Oae, a
?anniio?aiiii i?eia?a a i?iaiice?oaiii ia?eiaea iauai caeoiie aeieaeai
aue ninoaaeoue 145 228 ?oa., noiia ieaoaaeae e?aaeeoi?ai — 188 714 ?oa.
Iaeiaei ie iaeia ie ae?oaay oeeo?a ia aeieaeiu aieoe a io/ao i
oeiainiauo ?acoeueoaoao a ea/anoaa noiiu nienaiey iaoa?eaeueiuo cao?ao
ia naaanoieiinoue ?aaeeciaaiiie i?iaeoeoeee. Naaanoieiinoue
ec?anoiaeiaaiiuo iaoa?eaeia aoaeao ioee/aoueny io iauaia iinooieaiey ia
noiio eciaiaiey inoaoeia i?iecaiaenoaaiiuo caiania (ia ?anoiaeaeaiee a
noiia iinooieaiey iaoa?eaeueiuo oeaiiinoae e ieaoaaeae neacaeanue
ion?i/ea ?an/aoia). A iaoai i?eia?a iaoa?eaeueiua cao?aou a
naaanoieiinoe (o.a. cia/aiea, eioi?ia aoaeao aeeth/aii a i?iaiiciue
io/ao i oeiainiauo ?acoeueoaoao) ninoaayo; 145 228 + 242 600 – 230 221 =
157 607 ?oa.

Ae?oaie i?e/eiie ?anoiaeaeaiey noiiu iooiea aeaiaaeiuo n?aaenoa e
naaanoieiinoe yaeyaony iaee/ea ioeiaeaiiuo ieaoaaeae (?anoiaeu aoaeoueo
ia?eiaeia) e iaiiea/aiiuo ?anoiaeia.

Aeiionoei, a i?iaiice?oaiii ia?eiaea (eaa?oaea) i?aaei?eyoea
i?aaeiieaaaao aianoe a?aiaeioth ieaoo, eioi?ay ii oneiaeyi aeiaiai?a
a?aiaeu oiea/eaaaony iaeei ?ac a iieoaiaeea. Anee yoa aaee/eia
ninoaaeyao, e i?eia?o, 12 000 ?oa., oi a niaoo aeaeaeaiey aeaiaaeiuo
n?aaenoa yoa noiia aieaeao a iieiii iauaia, oiaaea eae a io/aoa i
oeiainiauo ?acoeueoaoao aoaeao i?enoonoaiaaoue eeoue aaeaia iaiueoay
noiia — 6000 ?oa.

Caeeth/eoaeueiui yoaiii oeiainiaiai i?iaiice?iaaiey yaeyaony ninoaaeaiea
i?iaiiciiai aaeaina. Aeey ii?aaeaeaiey iaeeaeaaiuo cia/aiee aeoeaiuo e
ianneaiuo noaoae aaeaina iiaeao eniieueciaaoueny ?anniio?aiiue ?aiaa
i?eai ioeaiee aeeeoaeueiinoe eo iai?ioa.

4. OAOIIEIAE*ANEIA I?IAIICE?IAAIEA.

Oaoiieiae/aneia i?iaiice?iaaiea aicieeei iicaea yeiiiie/aneiai, Aai
iaiaoiaeeiinoue iaoneiaeee na?ueaciua naeaeae a oaoiieiaee, iinoiyiii
i?ienoiaeyuea a nia?aiaiiie yeiiiieea.

Oaoiieiae/aneia i?iaiice?iaaiea eiaao cia/aiea a ia?aoth i/a?aaeue aeey
iiaeaioiaee no?aoaaee enneaaeiaaiee e ?ac?aaioie (no?aoaae/aneiai ieaia
IEIE?). Caeanue oaoiieiae/aneea i?iaiicu iaoiaeyo naia au?aaeaiea a
?aoaieyo i oii, ia eaeeo oaoiieiaeyo aeieaeia nin?aaeioi/eoueny oe?ia e
io eaeeo oaoiieiaee ioeacaoueny.

I?e iiiiue oaoiieiae/aneeo i?iaiicia oi?ie?oaony iauai iioaioeeaeueiuo
oaoiieiaee, eioi?ue iicaeiaa, i?e ?ac?aaioea no?aoaaee IEIE?,
iiaeaa?aiaony ioai?o e naeaeoeee.

Oaoiieiae/aneea i?iaiicu iaoiaeyo naia i?eiaiaiea oaeaea a e?aoein?i/iii
ieaie?iaaiee aeey ioeaiee eniieuecoaiie oaoiieiaee- Eniieuecoy
oaoiieiae/aneea i?iaiicu, iiaeii ii?aaeaeeoue aiciiaeiinoe oaeouae
oaoiieiaee, iioieie aa eniieueciaaiey e iaiaoiaeeiinoue a n?i/iie niaia
oaoiieiaee.

Oaoie/aneia i?iaiice?iaaiea eiaao iaeaieaa aaaeiia cia/aiea aeey oe?i,
eioi?ua yaeythony oaoiieiae/aneeie eeaea?aie a io?anee e iaoeaeaiu ia
aeaeueiaeoee ?ino. Iaiaa aaaeii o/anoea a oaoiieiae/aneii
i?iaiice?iaaiee aeey eiiiaiee, i?eaioe?iaaiiuo ia auaeeaaiea. Aianoa n
oai auaeeaaiea ia?iiiiai /enea nia?aiaiiuo ?inneeneeo i?aaei?eyoee
naycaii a ia?aoth i/a?aaeue n ia?ai?eaioaoeeae i?iecaiaenoaa e
i?eniiniaeaioeai aai e ?uii/iiio ni?ino. A oaeay ia?ai?eaioaoeey
i?aeoe/anee iaaiciiaeia aac oaoiieiae/aneie ia?ano?ieee, ia?aoiaea e
iiaui; i?ia?anneaiui niiniaai i?iecaiaenoaa oiaa?ia. Iiyoiio
niaoeeaeenou ii oi?aaeaieth ?aeiiaiaeotho nicaeaiea oaoiieiae/aneeo
i?iaiicia aeaaea iaaieueoei i?aaei?eyoeyi, ia eiathuei nianoaaiiuo
iiae?acaeaeaiee IEIE?. Enoi/ieeaie eioi?iaoeee aeey ieo iiaoo noaoue
ioaeeeaoeee a niaoeeaeueiie eeoa?aoo?a, naaaeaiey, i?aaeinoaaeyaiua
iinoaaueeaie e e?oiiuie eeeaioaie, e o.ae..

A oeaeii ?ieue oaoiieiae/aneiai i?iaiice?iaaiey ai?acaei oe?a, /ai
oieueei i?e iiaeaioiaea no?aoaaee IEIE?. ?acoeueoaou oaoiieiae/aneiai
i?iaiice?iaaiey aeeytho ia oi?ie?iaaiea iiauo acaeyaeia a iauai
oi?aaeai/aneii iuoeaiee, ieacuaatho aicaeaenoaea ia iiaeaioiaeo
?acee/iuo ooieoeeiiaeueiuo no?aoaaee oe?iu, iai?eia? no?aoaaee
ia?eaoeiaa.

O?aaeeoeeiiiay eiioeaioeey ia?eaoeiaa i?aaeiieaaaao; /oi oe?ia
aaeaioe?oaony e oaea noi?ie?iaaaoeiny iio?aaiinoyi iieacaoaey. Aianoa n
oai naie iio?aaiinoe iieoiaoaeae ionoatho io auno?i iaiythueony
oaoiieiaee. Iiiaea oiaa?u ia oniaaatho caaa?oeoue naie aeeciaiiue oeeee
e auoaniythony n ?uiea iiae iaii?ii noanoeoooia – oaoiieiae/aneeo
iiaeiie. Neaaeiaaoaeueii, oe?iu, ai-ia?auo, aeieaeiu oiaoue
i?aaeoniao?eaaoue aiciiaeiua eciaiaiey a oaoiieiaee e, ai-aoi?uo, oiaoue
nicaeaaaoue iiaua iio?aaiinoe o iieoiaoaeae, /oiau iieoiaoaee auee
aioiau e aini?eyoeth oiaa?ia-iiaeiie, Oaoiieiae/aneia i?iaiice?iaaiea
niinianoaoao au?aaioea iiaie eiioeaioeee ia?eaoeiaa, caeeth/athuaeny a
iiaeaioiaea iio?aaeoaeae e aoaeouei eciaiaieyi, iciaeiieaiee e iao/aiee
iioaioeeaeueiuo iieoiaoaeae iiauo oiaa?ia.

Oaeie iiaeoiae e aicaeaenoaeth oe?iu ia naie ?uiie ia icia/aao aeaaeaiea
ia iio?aaeoaeae e eiio?ieue iaae ieie n oeaeueth canoaaeoue eo eciaieoue
naie iio?aaiinoe, iai?ioea, ii i?eaiaeeo e nio?aiaieth nouanoaothueo
iio?aaiinoae e iaiaauaieth eo iiauie, oi anoue e oaaee/aieth
iio?aaiinoae iieoiaoaeae.

Eae iieacuaaao iiuo ?uii/iie yeiiiieee, oaoiieiae/aneia i?iaiice?iaaiea
iaeaieaa /anoi i?eiaiyaony a eiiiuethoa?iie, oaeaeiiioieeaoeeiiiie,
iaooaoeie/aneie, o?ainii?oiie io?aneyo.

Oaoiieiae/aneia i?iaiice?iaaiea oe?iei eniieuecoao iaoiaeu. neiaeeaoeany
a iauai yeiiiie/aneii i?iaiice?iaaiee, iniaaiii iaoiae iiaeaioiaee
noeaia?eaa, iaoiae Aeaeueoe. iaoiaeu yeno?aiieyoeee o?aiaeia e iaeioi?ua
ae?oaea.

Aianoa n oai aeey oaoiieiae/aneiai i?iaiice?iaaiey oa?aeoa?iu iaeioi?ua
niaoeeoe/aneea iaoiaeu, n?aaee ieo – ii?oieiae/aneee aiaeec, aiaeec
ia?ae?anoiiai aeeyiey.

Ia noaia (?en. 4.0.1.) iieacaia acaeiinaycue iaoiaeia oaoiieiae/aneiai
i?iaiice?iaaiey e iiaeaioiaee no?aoaae/aneiai ieaia i?aaei?eyoey.

Aieueoie iiioey?iinoueth o oe?i, caieiathueony oaoiieiae/aneei
i?iaiice?iaaieai, iieuecothony noeaia?ee. Oe?iea ecaanoiu noeaia?ee,
?ac?aaioaiiua aeey oe?i, ?aaioathueo a io?aneyo:

=> aaiiie eiaeaia?ee;

=> nenoaiu oaeaeiiioieeaoeee;

=> aaoiiiaeeano?iaiey;

=>oaoieee e oaoiieiaee aeey oa?iaoeaaoe/aneie i?iiuoeaiiinoe;

=>aaoiiaoecaoeee aeiiaoiaai oicyenoaa e iiiaeo ae?oaeo.

?en. 4.0.1.

4.1. II?OIEIAE*ANEEE AIAEEC.

Aaciaue i?eioeei caeeth/aaony a caianaiee a aeaoooaeoi?ioth iao?eoeo
eeth/aauo ia?aiao?ia i?iaeoeoa eee oaoiieiae/aneiai i?ioeanna, a oaeaea
aeueoa?iaoeaiuo iaoiaeia eo aeinoeaeaiey.

Caeanue i?eaaaeai ii?oieiae/aneee aiaeec ee?ie/ae, i?iaaaeaiiue
aiaeeeneeie niaoeeaeenoaie (oaae. 4.1.1.).

Oaaeeoea 4.1.1. Ii?oieiae/aneee aiaeec no?ieoaeueiuo a?eeaoia (ee?ie/ae)

1 2 3 4 Ae?oaea

Iaoa?eae Aeeia Iaoaee Ieanoee Ooeeece?iaaiiua iooiaeu

I?ioeann oi?iiaee Ooaiiiaea Ioeeaea I?anniaea

I?ioeann e?aieaiey Iaa?aaaiea Oeie/aneee Iieaeoey?iue

Iniaua ea/anoaa Caoeiiai?iieoeaaiinoue Oa?iiecieyoeey Yeanoe/iinoue
Ynoaoe/iinoue

Oi?ia I?yiioaieueiay Noa?e/aneay Noeaieythueany Eoae/aneay

Oaeei ia?acii, ii?oieiae/aneee aiaeec iiiiaaao auaeaeeoue ?aciiia?aciua
eiiaeiaoeee iniiaiuo oaoiieiae/aneeo ia?aiao?ia (iaoiaeia). A aoaeouai
i?iaiica iiaoo auoue eniieueciaaiu:

iiaua eiiaeiaoeee oaea nouanoaothueo iaoiaeia;

niaa?oaiii iiaua oaoiieiae/aneea iaoiaeu, ioe?uoua i?e iiiiue
ii?oieiae/aneiai aiaeeca.

Na?ueaciue iiaeoiae e ii?oieiae/aneiio aiaeeco iiaeao aeaoue ia?iiiia
/enei aa?eaioia oaoiieiaee.

4.2. AIAEEC IA?AE?ANOIIAI AEEssIEss.

Iiiaea oaoie/aneea aeinoeaeaiey iiaoo i?eiaiyoueny a ?acee/iuo io?aneyo
yeiiiieee (iai?eia?, eaca?u eee iee?ii?ioeanni?u). Neaaeiaaoaeueii, yoe
oaoiieiaee ieacuaatho aeeyiea ia oeaeue ?yae oicyenoaaiiuo noa? e a oi
aea a?aiy naie iiaeaa?aathony aicaeaenoaeth ae?oaeo oaoiieiaee

Oaeea ia?ae?anoiua aeeyiey iiaoo auoue o/oaiu a niaoeeaeueiie oaaeeoea A
oaaeeoeo caiinyony iniiaiua yaeaiey a noa?a-oaoiieiaee, iai?yioth
eanathueany aeayoaeueiinoe oe?iu. Caoai aeaaony ia?aiia/aeueiue i?iaiic
eo aoaeouaai ninoiyiey (aac o/aoa ia?ae?anoiiai aeeyiey). Aeaeaa
auyaeyaony ia?ae?anoiia aeeyiea iaeieo niauoee ia ae?oaea. E iaeiiaoe,
ninoaaeyaony ieii/aoaeueiue i?iaiic, o/eouaathuee aiciiaeiinoue
ia?ae?anoiiai aeeyiey.

Oa?aeoa? aicaeaenoaey iaeiiai yaeaiey a oaoiieiaee ia ae?oaia iiaeao
auoue ii?aaeaeai eae iiceoeaiue, iaeo?aeueiue, iaaaoeaiue.
Eioaineaiinoue aicaeaenoaey ioeaieaaaony ii 10-aaeeueiie oeaea.

Oae. ioe?uoea aiciiaeiinoe caiene caoeia i?e iiiiue eaca?a nouanoaaiii
iiaeeyei ia eiaeono?eth aeieeiauo aeeneia. Oa?aeoa? aicaeaenoaey iiaeii
ii?aaeaeeoue eae io?eoeaoaeueiue, eioaineaiinoue aicaeaenoaey – ia iaiaa
7 aaeeia.

Iaoiae aiaeeca ia?ae?anoiiai aeeyiey iiauoaao iniiaaoaeueiinoue e
oi/iinoue i?iaiicia, iiaeao i?eiaiyoueny a ni/aoaiee n iaoiaeii
Aeaeueoe.

5.NIOeEAEUeII-IIEEOE*ANEIA I?IAIICE?IAAIEA.

Nioeeaeueii-iieeoe/aneia i?iaiice?iaaiea — ‘naiay iieiaeay io?aneue
i?aaeneacaiey aoaeouaai a ?aieao aioo?eoe?iaiiiai ieaie?iaaiey.

A caiaaeiie yeiiiieea aicieeiiaaiea nioeeaeueii-iieeoe/aneiai
i?iaiice?iaaiey auei naycaii n na?ueaciuie eciaiaieyie a yoie noa?a
aeecie. N?aaee iaeaieaa cia/eiuo oaeoi?ia iineaaeiaai a?aiaie,
ieacuaathueo aeeyiea ia aeayoaeueiinoue oe?iu, iacuaatho:

nioeeaeueiua oaeoi?u:

yeieiaeci (aeaeaeaiea a caueoo ie?oaeathuae n?aaeu);

eiinuethia?eci (aeaeaeaiea a caueoo i?aa iio?aaeoaeae);

?aai/ea aeaeaeaiey.

iieeoe/aneea oaeoi?u:

caeiiiaeaoaeuenoai i o?oaea;

acaeiiioiioaiey i?aaeoaeuenoaa e aeciana.

Aeey ?inneeneeo yeiiiie/aneeo i?aaiecaoeee nioeeaeueii-iieeoe/aneee
eiiiiiaio eiaao a ianoiyuaa a?aiy ia iaiueoaa, a, nei?aa, aeaaea aieaa
aaaeiia cia/aiea.

A ia?eiae oeaio?aeeciaaiii oi?aaeyaiie yeiiiieee ?inneeneea i?aaei?eyoey
aeeee a oneiaeyo aeinoaoi/ii Noaaeeueiie nioeeaeueii-iieeoe/aneie
n?aaeu. Aeey niaaoneie yeiiiieee auee oa?aeoa?iu oaeea yaeaiey, eae:

• aeeeoao i?iecaiaeeoaey iaae iio?aaeoaeai;

• ionoonoaea iacaaeneiuo yeieiae/aneeo aeaeaeaiee;

• oi?iaeueiue oa?aeoa? caueou i?aa ?aaioieeia i?ionithcaie;

• io?eoeaiea iniauo oeaeae aeayoaeueiinoe i?aaei?eyoey ii n?aaiaieth n
oeaeyie iauaai ia?iaeiioicyenoaaiiiai eiiieaena e, neaaeiaaoaeueii,
na?ueaciuo i?ioeai?a/ee iaaeaeo i?aaei?eyoeyie e oeaio?aeueiuie i?aaiaie
oi?aaeaiey,

Eiia/ii, ?aaeueiua i?ioeai?a/ey iaaeaeo eioa?anaie i?aaei?eyoee e
eioa?anaie yeiiiie/aneiai oeaio?a nouanoaiaaee – iaeiaei iie auee
iiaeaaeaiu, ia i?eieiaee ioe?uoie oi?iu e, oaeei ia?acii, ia
o/eouaaeenue a oi?iaeueiii ieaie?iaaiee i?aaei?eyoey.

E oiio aea iieeoeea ainoaea?noaa ii ioiioaieth e i?aaei?eyoeyi eiaea
onoie/eaue iaeciaiiue oa?aeoa?.

Nia?aiaiiay nioeeaeueii-iieeoe/aneay n?aaea ?inneeneiai
i?aaei?eieiaoaeuenoaa e?aeia eciai/eaa e ioaeaeaaony a iinoiyiiie,
e?iiioeeaie ?aaioa ii aa i?aaeneacaieth, aeaaea anee iieo/aiiua i?iaiicu
ia ioee/athony aunieie noaiaiueth oi/iinoe.

Iaoiaeu nioeeaeueii-iieeoe/aneiai i?iaiice?iaaiey a aieueoae noaiaie
caeinoaiaaiu ec aeaoo ?aiaa aicieeoeo io?aneae i?iaiice?iaaiey:
yeiiiie/aneie e oaoiieiae/aneie. A nioeeaeueii-iieeoe/aneii
i?iaiice?iaaiee eniieuecothony:

=> noeaia?ee;

=> iaoiae ia?ae?anoiiai aeeyiey;

=> iaoiae Aeaeueoe;

=> ?acee/iua oaoieee ia?eaoeiaiauo enneaaeiaaiee a noa?a iieeoe/aneeo e
nioeeaeueiuo yaeaiee;

=> iaoiae enoi?e/aneeo aiaeiaee (iaeei ec naiuo ae?aaieo iaoiaeia
i?iaiice?iaaiey) e o.ae.

Ia?yaeo n ieie nouanoaotho iniaua oaoieee, ?ac?aaioaiiua niaoeeaeueii
aeey iieo/aiey nioeeaeueii-iieeoe/aneeo i?iaiicia. N?aaee ieo –
nicaeaiea i?ioeeae iauanoaaiiuo oeaiiinoae, i?eiaiaiea iao?eoeu
“aa?iyoiinoue-aicaeaenoaea”.

5.1. I?IOEEE IAUANOAAIIUO OeAIIINOAE.

Aia?aua oaoieea ii?aaeaeaiey i?ioeeae iauanoaaiiuo oeaiiinoae auea
i?eiaiaia niaoeeaeenoaie iiae?acaeaeaiey i?aaiecaoeeiiiie n?aaeu
aia?eeaineie eiiiaiee “Aeaeaia?ae Yeaeo?ee”.

Oaoieea ii?aaeaeaiee i?ioeeae icia/aao:

1. auaeaeaiea ia? i?ioeainoiyueo i?eciaeia, eioi?ua iiaoo
ioa?aeoa?eciaaoue aua?aiiue iauaeo (a iaoai neo/aa yoi oaeea
i?ioeainoiyuea i?eciaee, eae “iaoeeiiaeeci-eioa?iaoeeiiaeeci”,
“i?aaiecaoeey-eiaeeaeae” e o.ae.);

2. ioeaieo i?eciaea ii n-aaeeueiie oeaea, a iaoai neo/aa -ii
6-aaeeueiie oeaea. I?e yoii anee iaeei ec ia?u i?eciaeia iieo/aao
ioeaieo o, oi inoaaoeeny – ioeaieo n-m,

3. caianaiea ioeaiee a oaaeeoeo i?ioeeae a aeaea aa?oeeaeueiie /a?ou e
niaaeeiaiea aa?oeeaeueiuo /a?o a aeaea aaeeiiai eiioo?a (i?ioeey).

Iieo/aiiue ?acoeueoao (i?ioeeue) aiai?eo i oyaioaiee
nioeeaeueii-iieeoe/aneie n?aaeu e oie eee eiie nenoaia oeaiiinoae.

5.2. Iao?eoea “aa?iyoiinoue-aicaeaenoaea”.

ssaea?iay aieia

Ainia?aai?io

Eioeyoeey, 4 % a ianyoe

Aac?aaioeoea 10 %

?aaeiiaeueiua eiioeeeou

N?aaeiyy c/i 500$

Ii ai?eciioaee oeacaia aa?iyoiinoue niauoee, ni?aaa iaeaai iia
oiaiueoaaony. Ii aa?oeeaee – noaiaiue eo aicaeaenoaey ia aiaeece?oaioth
n?aaeo, oiaiueoaiea aeeooocee eee aicaeaenoaey i?ienoiaeeo io aa?oieo
naeoi?ia iao?eoeu e ieaeiei.

Iao?eoea “aa?iyoiinoue-aicaeaenoaea”, eee “aa?iyoiinoue-aeeooocey”,
iicaieyao ioeaieoue i?aaeiieaaaaiia niauoea n oi/ee c?aiey:

1. aa?iyoiinoe niauoey eee oaiaeaioeee;

2. noaiaie, n eioi?ie niauoea iiaeao auoue ?annayii a ?aieao
aiaeece?oaiie n?aaeu – ?aaeiia, no?aiu, io?anee eee ie?a (aeeooocey –
yoi noaiaiue ?ani?ino?aiaiey niauoey a n?aaea).

Iauei iaoiaeii ioeaiee nioeeaeueii-iieeoe/aneie n?aaeu yaeyaony aiaeec
i?ei?eoaoia nioeeaeueiiai aeaaeaiey, oaeaea i?aaeeiaeaiiue
niaoeeaeenoaie “Aeaeaia?ae Yeaeo?ee”. Eia/a yoio aiaeec iacuaatho:
“nioeeaeueiua iio?aaiinoe – nioeeaeueiua ?enee”.

A caeeth/aiea aeaau ioiaoei iaeioi?ua enoi/ieee ioeaie i?eiaiaiey
iaoiaeia i?iaiice?iaaiey n?aaeu aeciana e niiniau eo i?aiaeieaiey.

6. IOEAEE I?IAIICE?IAAIEss.

6.1. ENOI*IEEE IOEAIE A I?IAIICE?IAAIEE.

Iniiaiuie enoi/ieeaie iiaoo auoue iacaaiu:

1. I?inoia ia?aianaiea (yeno?aiieyoeey) aeaiiuo ec i?ioeiai a aoaeouea
(iai?eia?, ionoonoaea o oe?iu eiuo aa?eaioia i?iaiica, e?iia 10% ?inoa
i?iaeaae).

2. Iaaiciiaeiinoue oi/ii ii?aaeaeeoue aa?iyoiinoue niauoey e aai
aicaeaenoaey ia enneaaeoaiue iauaeo.

3. Iai?aaeaeaeaiiua o?oaeiinoe (?ac?ooeoaeueiua niauoey), aeeythuea ia
inouanoaeaiea ieaia, iai?eia? aiacaiiia oaieueiaiea ia/aeueieea ioaeaea
nauoa,

Ioeaee ia?aie eaoaai?ee iiaoo auoue noaeaiu iooai i?eiaiaiey iaoiaeia
?aa?anneiiiiai aiaeeca, e?eaieeiaeiiai naeaaeeaaiey e ae?oaeo oaoiee.

Ioeaee aoi?ie eaoaai?ee /anoe/ii iiaoo auoue i?aiaeieaiu i?e iiiiue
iaoiaea Aeaeueoe, noeaia?eaa, iiaeaeae, aiaeeca iiaeaee aeeciaiiiai
oeeeea.

A oeaeii oi/iinoue i?iaiice?iaaiey iiauoaaony ii ia?a iaeiieaiey iiuoa
i?iaiice?iaaiey e io?aaioee aai iaoiaeia.

6.2. IOOE IIAUOAIEss YOOAEOEAIINOE E IAINIIAAIIINOE I?IAIICIA

A iaeaieueoae noaiaie, yooaeoeaiinoue i?iaiica caaeneo io oiai, ia
neieueei iie iieaciu aeey ieaie?iaaiey e inouanoaeaiey aeaeiauo
iia?aoeee. I?iaiicu iieaciu a oao neo/ayo, eiaaea aai eiiiiiaiou
ouaoaeueii i?iaeoiaiu e ia?aie/aiey, niaea?aeaueany a i?iaiica
ioe?iaaiii iacaaiu. Nouanoaoao ianeieueei niiniaia naeaeaoue yoi.

Ni?ineoa naay, aeey /aai ioaeai i?iaiic, eaeea ?aoaiey aoaeoo ia iai
iniiaaiu. Yoei ii?aaeaeyaony iio?aaiay oi/iinoue i?iaiica. Iaeioi?ua
?aoaiey i?eieiaoue iianii, aeaaea anee aiciiaeiay iia?aoiinoue
i?iaiica—iaiaa 10%. Ae?oaea ?aoaiey iiaeii i?eieiaoue aacaiyciaiii
aeaaea i?e cia/eoaeueii aieaa aunieie aeiionoeiie ioeaea. Ii?aaeaeeoa
eciaiaiey, eioi?ua aeieaeiu i?iecieoe, /oiau i?iaiic ieacaeny
aeinoiaa?iui. Caoai n iniio?eoaeueiinoueth ioeaieoa aa?iyoiinoue
niioaaonoaothueo niauoee. Ii?aaeaeeoa eiiiiiaiou i?iaiica. Iiaeoiaeoa ia
enoi/ieeao aeaiiuo, ii?aaeaeeoa, ianeieueei oeaiai iiuo i?ioeiai a
ninoaaeaiee i?iaiica. Ia ianoieueei ee auno?u eciaiaiey, /oi iniiaaiiue
ia iiuoa i?iaiic aoaeao aaniieaciui? Aeatho ee aeaiiua ii iiaeiaiui
i?iaeoeoai (eee aa?eaioai ?acaeoey) iniiaaiey aeey ninoaaeaiey i?iaiica
i noaeueaa aaoaai i?iaeoeoa? Ianeieueei i?inoi eee iaaei?iai iiaeii
aoaeao iieo/eoue iaaeaaeioth eioi?iaoeeth ia iiuoa i?ioeiai?
Ii?aaeaeeoa, ianeieueei no?oeoo?e?iaaiiui aeieaeai auoue i?iaiic. I?e
i?iaiice?iaaiee nauoa iiaeao auoue oeaeaniia?acii auaeaeeoue ioaeaeueiua
/anoe ?uiea (?acaeaathueany iio?aaeoaee, noaaeeueiua iio?aaeoaee,
e?oiiua e iaeeea iio?aaeoaee, aa?iyoiinoue iiyaeaiey iiauo iio?aaeoaeae
e o.i.).

Oaeaea iooai iiauoaiey yooaeoeaiinoe i?iaiicia yaeyaony i?eiaiaiea
aiaeeca aacoauoi/iinoe. Yoio aiaeec ii?aaeaeyao oi/eo, a eioi?ie iauee
aeioiae o?aaieaaaony n noiia?iuie ecaea?aeeaie, oi anoue oi/eo, a
eioi?ie i?aaei?eyoea noaiiaeony i?eaueueiui.

Oi/ea aacoauoi/iinoe iaicia/aao neooaoeeth, i?e eioi?ie iauee aeioiae
noaiiaeony ?aaiui noiia?iui ecaea?aeeai. Aeey ii?aaeaeaiey oi/ee
aacoauoi/iinoe iaiaoiaeeii o/anoue o?e iniiaiuo oaeoi?a: i?iaeaaeioth
oeaio aaeeieoeu i?iaeoeoeee, ia?aiaiiua ecaea?aeee ia aaeeieoeo
i?iaeoeoeee e iauea iinoiyiiua ecaea?aeee ia aaeeieoeo i?iaeoeoeee:

,

aaea BEP—oi/ea aacoauoi/iinoe;

TFC—niaieoiiua iinoiyiiua ecaea?aeee;

P—oeaia aaeeieoeu i?iaeoeoeee;

VC— ia?aiaiiua ecaea?aeee ia aaeeieoeo i?iaeoeoeee.

CAEETH*AIEA.

Ec anaai auoaneacaiiiai iiaeii naeaeaoue auaiae, /oi i?e nia?aiaiiuo
oneiaeyo ooieoeeiie?iaaiey ?uii/iie yeiiiieee, iaaiciiaeii oniaoii
oi?aaeyoue eiiia?/aneie oe?iie, aac yooaeoeaiiai i?iaiice?iaaiey a?
aeayoaeueiinoe. Io oiai, ia neieueei i?iaiice?iaaiea aoaeao oi/iui e
naiaa?aiaiiui, a oaeaea niioaaonoaiaaoue iinoaaeaiiui i?iaeaiai, aoaeoo
caaenaoue, a eiia/iii n/aoa, i?eauee, iieo/aaiua i?aaei?eyoeai.

Aeey oiai, /oiau yooaeo i?iaiica aue iaeneiaeueii iieacai, iaiaoiaeeii
nicaeaiea ia n?aaeieo e e?oiiuo i?aaei?eyoeyo oae iacuaaaiuo i?iaiiciuo
ioaeaeia (aeey iaeuo i?aaei?eyoee nicaeaiea yoeo ioaeaeia aoaeao
ia?aioaaaeueiui). Ii aeaaea aac oaeeo ioaeaeia iaieoenue aac
i?iaiice?iaaiey iaaiciiaeii. A yoii neo/aa i?iaiic aeieaeai auoue
iieo/ai neeaie iaiaaeaea?ia e caaeaenoaiaaiiuie a yoii i?ioeanna
niaoeeaeenoaie.

*oi eanaaony naieo i?iaiicia, oi iie aeieaeiu auoue ?aaeenoe/iuie, oi
anoue eo aa?iyoiinoue aeieaeia auoue aeinoaoi/ii auniea e
niioaaonoaiaaoue ?ano?nai i?aaei?eyoey.

Aeey oeo/oaiey ea/anoaa i?iaiica iaiaoiaeeii oeo/oeoue ea/anoai
eioi?iaoeee, iaiaoiaeeiie i?e aai ?ac?aaioea. Yoa eioi?iaoeey, a ia?aoth
i/a?aaeue, aeieaeia iaeaaeaoue oaeeie naienoaaie, eae aeinoiaa?iinoue,
iieiioa, naiaa?aiaiiinoue e oi/iinoue.

Oae eae i?iaiice?iaaiea yaeyaony ioaeaeueiie iaoeie, oi oeaeaniia?acii
(ii ia?a aiciiaeiinoe) eniieueciaaiea ianeieueeeo iaoiaeia
i?iaiice?iaaiey i?e ?aoaiee eaeie-eeai i?iaeaiu. Yoi iiauneo ea/anoai
i?iaiica e iicaieeo ii?aaeaeeoue «iiaeaiaeiua eaiie», eioi?ua iiaoo
auoue iacaia/aiu i?e eniieueciaaiee oieueei iaeiiai iaoiaea.

Oaeaea iaiaoiaeeii niioiineoue iieo/aiiue i?iaiic n i?aoeaaeaioaie a
?aoaiee aeaiiie i?iaeaiu, anee oaeea eiaee ianoi i?e iioiaeeo oneiaeyo
ooieoeeiie?iaaiey aiaeiae/iie i?aaiecaoeee (eiieo?aioa). E i?e
ii?aaeaeaiiie ei??aeoe?iaea, a niioaaonoaee n yoei i?aoeaaeaioii,
i?eieiaoue ?aoaiey.

NIENIE EEOA?AOO?U:

1.I.I. Aeaenaaaa “Ieaie?iaaiea aeayoaeueiinoe oe?iu”, I.: “Oeiainu e
noaoenoeea”, 1999a.

2.O.Eeia, Ae.Eeeeaia “No?aoaae/aneia ieaie?iaaiea e oicyenoaaiiay
iieeoeea”, I.: “I?ia?ann”,1982 a.

3.A.A.E?ooee, I.I. Oaeeei “Iniiau oeiainiaie aeayoaeueiinoe
i?aaei?eyoey”, C-I.:

“Aecian-i?anna” 1999 a.

4.I. Ianeii, I. Aeueaa?o, O. Oaaeio?e “Iniiau iaiaaeaeiaioa”,I.:
“Aeaei”, 1994 a.

5.A.A. Eeoaae “Oi?aaeai/aneea ?aoaiey”,I.: YEIIN 1998 a.

?AOeAICEss

PAGE 38

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