$-,$1$:$/3(1*2/$+$1/,0%$+&$,5
580$+32721*+(:$16(&$5$
$1$(52%,.3$'$.21',6,0(62),/,.
/DSRUDQ 3HQHOLWLDQ
'LVXVXQXQWXNPHPHQXKLWXJDVDNKLUJXQDPHQFDSDLJHODU
VDUMDQDGLELGDQJ,OPX7HNQLN.LPLD
ROHK
3HJJ\/LVGLDQD
)UDQVLVFD'HVLDQ\
3HPELPELQJ
-XG\5HWWL:LWRQR,U0$SS6F
$QDVWDVLD3ULPD.66L
-8586$17(.1,..,0,$
)$.8/7$67(.12/2*,,1'8675,
81,9(56,7$6.$72/,.3$5$+<$1*$1
%$1'81*
/(0%$53(1*(6$+$1
-8'8/.$-,$1$:$/3(1*2/$+$1/,0%$+&$,5580$+32721*
+(:$16(&$5$$1$(52%,.3$'$.21',6,0(62),/,.
&$7$7$1
7HODKGLSHULNVDGDQGLVHWXMXL
%DQGXQJ-XQL %DQGXQJ-XQL
3HPELPELQJ8WDPD 3HPELPELQJ,,
-XG\5HWWL:LWRQR,U0$SS6F$QDVWDVLD3ULPD.66L
LL
,0$10(1*$/$+.$1.(&(0$6$1
.HFHPDVDQPHPEXDWNLWDPHOLKDWVHVXDWX\DQJ
VHEHQDUQ\DWLGDNDGD
.HFHPDVDQPHPEXDWNLWDPHQMDGLOXPSXKVHEHOXP
NLWDDNKLUQ\DEHQDUEHQDUMDWXK
.HFHPDVDQPHQLPEXONDQEHUEDJDLPDVDODKGLPDQD
NHGDPDLDQVHKDUXVQ\DMXVWUXEHUDGD
3HUFD\DGDQEHUJDQWXQJODKNHSDGD$OODK
XQWXNPHQGDSDWNDQMDZDEDQMDZDEDQ\DQJDNDQ
PHQJDNKLULNHFHPDVDQPX
<DQJ+DWLQ\D7HJXK.$8MDJDL'HQJDQ
'DPDL6HMDKWHUD
6HEDE.HSDGD08ODK,D3HUFD\D
<HVD\D
685$73(51<$7$$1
.DPL\DQJEHUWDQGDWDQJDQGLEDZDKLQL
1DPD 3HJJ\/LVGLDQD
130
1DPD )UDQVLVFD'HVLDQ\
130
'HQJDQLQLPHQ\DWDNDQEDKZDODSRUDQSHQHOLWLDQGHQJDQMXGXO
.$-,$1$:$/3(1*2/$+$1/,0%$+&$,5580$+32721*+(:$1
6(&$5$$1$(52%,.3$'$.21',6,0(62),/,.
$GDODK KDVLO SHNHUMDDQ NDPL GDQ VHOXUXK LGH SHQGDSDW DWDX PDWHUL GDUL VXPEHU
ODLQWHODKGLNXWLSGHQJDQFDUDSHQXOLVDQUHIHUHQVL\DQJVHVXDL
3HUQ\DWDDQ LQL NDPL EXDW GHQJDQ VHEHQDUEHQDUQ\D GDQ MLND SHUQ\DWDDQ LQL WLGDN
VHVXDLGHQJDQNHQ\DWDDQPDNDNDPLEHUVHGLDPHQDQJJXQJVDQNVLSHUDWXUDQ\DQJ
EHUODNX
%DQGXQJ-XQL
3HJJ\/LVGLDQD )UDQVLVFD'HVLDQ\
LLL
.$7$3(1*$17$5
3XML V\XNXU SHQXOLV SDQMDWNDQ NHSDGD $OODK 7ULWXQJJDO <DQJ 0DKD 3HQJDVLK
DWDVNDVLKNDUXQLD1\DNHSDGDSHQXOLVVHKLQJJD SHQHOLWLDQLQLGDSDWGLVHOHVDLNDQ
WHSDWSDGDZDNWXQ\D3HQHOLWLDQEHUMXGXO.DMLDQ$ZDO3HQJRODKDQ/LPEDK&DLU
5XPDK 3RWRQJ +HZDQ 6HFDUD $QDHURELN 3DGD .RQGLVL 0HVRILOLN LQL GLVXVXQ
XQWXN PHPHQXKL WXJDV DNKLU JXQD PHQFDSDL JHODU VDUMDQD ELGDQJ ,OPX 7HNQLN
.LPLD
3HQXOLVPHQJXFDSNDQWHULPDNDVLKNHSDGDSLKDNSLKDN\DQJWHODKPHQGXNXQJ
SHQ\XVXQDQSURSRVDOLQL\DLWX
,EX -XG\ 5HWWL :LWRQR VHODNX GRVHQ SHPELPELQJ XWDPD \DQJ WHODK
PHPELPELQJGDQPHQJDUDKNDQSHQXOLVXQWXNPHQ\XVXQODSRUDQGHQJDQEDLN
GDQEHQDU
,EX $QDVWDVLD 3ULPD VHODNX GRVHQ SHPELPELQJ \DQJ WHODK PHPELPELQJ GDQ
PHPEHULNDQEDQ\DNPDVXNDQNHSDGDSHQXOLV
2UDQJWXD\DQJWHODKPHPEHULNDQGXNXQJDQPDWHULLOGDQPRULO
,EX/XVLDWDVEDQWXDQGDQPDVXNDQQ\DXQWXNDQDOLVLV&2'
3DN <DQD GDQ 3DN +DQGRNR DWDV NHUMDVDPDQ\D VHODPD SHQHOLWLDQ GL
ODERUDWRULXP
3DN0XNWDUDWDVEDQWXDQSHPLQMDPDQDODWQ\D
,EX0DPDKGDQ,EX<DWLGDUL%DODL3HPXNLPDQ&LOHXQ\LDWDVEDQWXDQDQDOLVLV
&2'Q\D
%DSDNEDSDN GL 5XPDK 3RWRQJ +HZDQ $UMXQD DWDV EDQWXDQQ\D VDDW
PHQJDPELOVDPSHONRWRUDQVDSLGDQOLPEDKFDLU
/LQGDGDQ:LQDZDWLDWDVSLQMDPDQEHUEDJDLOLWHUDWXU\DQJGLEXWXKNDQ
$QJHODDWDVSLQMDPDQVFDQQHUGDQGXNXQJDQQ\D
&L*UDFH'LWDGDQ,UHQHDWDVSHUKDWLDQVHPDQJDWGDQGRDQ\D
6HPXDVDXGDUDURKDQLGL3HUVHNXWXDQ.DPSXVWHUXWDPD.R-LP)HU\'HZL
6XVDQWR/LO\.HQGLV'HVPD$QJLHGDQDQDNDQDNGLYLVLGRD$QGU\+HQ\
)UDQVGDQ$UGRDWDVSHUKDWLDQGDQGXNXQJDQGRDQ\D
LY
-DQHWDWDVSLQMDPDQNDPHUDGLJLWDOQ\D
%DSDNVXSLUDWDVVDUDQDWUDQVSRUWDVLQ\D
3HUSXVWDNDDQ,7%GDQ813$5DWDVOLWHUDWXUQ\D
3LKDNSLKDNODLQ\DQJWLGDNGDSDWGLVHEXWNDQVDWXSHUVDWX
3HQXOLV EHUKDUDS SHQHOLWLDQ LQL GDSDW EHUPDQIDDW EDJL VHPXD SLKDN \DQJ
PHPEDFDGDQPHPEXWXKNDQQ\D3HQXOLVPHQ\DGDULPDVLKDGDNHNXUDQJDQGDODP
SHQHOLWLDQ LQL ROHK NDUHQD LWX SHQXOLV PHQJKDUDSNDQ VDUDQ GDQ NULWLN \DQJ
PHPEDQJXQXQWXNSHUEDLNDQGDQNHPDMXDQSHQXOLV
%DQGXQJ-XQL
3HQXOLV
Y
'$)7$5,6,
&RYHU'DODPL
/HPEDU3HQJHVDKDQLL
6XUDW3HUQ\DWDDQLLL
.DWD3HQJDQWDU LY
'DIWDU,VLYL
'DIWDU*DPEDU L[
'DIWDU7DEHO [
,QWLVDUL[L
$EVWUDFW [LL
%$%,3(1'$+8/8$1
/DWDU%HODNDQJ
7HPD6HQWUDO0DVDODK
,GHQWLILNDVL0DVDODK
3UHPLV
7XMXDQ
0DQIDDW
%$%,,7,1-$8$13867$.$
-HQLVMHQLV/LPEDK
/LPEDK&DLU
/LPEDK3DGDW
/LPEDK *DV
/LPEDK5XPDK3RWRQJ+HZDQ
&2'&KHPLFDO2[\JHQ'HPDQG
%2'%LRFKHPLFDO2[\JHQ'HPDQG
&DUDFDUD3HQJRODKDQ/LPEDK&DLU
3URVHV3HQJXUDLDQ$QDHURELN
7HPSHUDWXU
S+GDQ$ONDOLQLWDV
1XWULHQ
YL
7RNVLVLWDV
.HFHSDWDQ3HUXEDKDQ
/RDGLQJ
7DKDSWDKDS3HQJXUDLDQ$QDHURELN
7DKDS+LGUROLVLV
7DKDS$VLGRJHQHVLVGDQ$VHWRJHQHVLV
7DKDS0HWDQRJHQHVLV
%LRJDV
'HILQLVL%LRJDV
0DQIDDW%LRJDV
%DKDQ%DNX%LRJDV
3URVHV3HPEXDWDQ%LRJDV
.ULWHULD3HQHQWXDQ8PSDQ'LJHVWHU
7RWDO6ROLG
9RODWLOH6ROLG
+\GUDXOLF5HWHQWLRQ7LPH
3HUEDQGLQJDQ-XPODK.DUERQGDQ1LWURJHQ&1
3HQJHQFHUDQ6XEVWUDW
7LSHWLSH$ODW3HPEXDW%LRJDV
%$%,,,%$+$1 '$10(72'(
%DKDQGDQ$ODW
0HWRGH
3HUFREDDQ3HQGDKXOXDQ
3HUFREDDQ8WDPD
/RNDVLGDQ-DGZDO.HUMD
%$%,9 +$6,/'$13(0%$+$6$1
5HDNWRU
/LPEDK&DLU5XPDK3RWRQJ+HZDQGDQ.RWRUDQ6DSL
3HPEXDWDQ6WDUWHU
3HPEXDWDQ6DPSHO
$QDOLVLV&2'/LPEDK&DLU5XPDK3RWRQJ+HZDQ
YLL
3URGXNVL*DV
%$%9 .(6,038/$1'$16$5$1
.HVLPSXODQ
6DUDQ
'$)7$53867$.$
/$03,5$1$$1$/,6,6.$'$5&2'
/$03,5$1%$1$/,6,6.$'$51,752*(1
/$03,5$1&3(1(178$10/66
/$03,5$1''$7$3(5&2%$$1
/$03,5$1(&2172+3(5+,781*$1
/$03,5$1)$1$/,6,6.$'$5.$5%21
YLLL
'$)7$5*$0%$5
*DPEDU(IHNWHPSHUDWXUSDGDSURGXNVLELRJDV
*DPEDU(IHNWHPSHUDWXUSDGDSURGXNVLELRJDV
*DPEDU3HQJDUXKS+SDGDODMXSURGXNVLPHWDQDGDQELRJDVWRWDO
*DPEDU7LJDWDKDS\DQJWHUMDGLGDODPSHQJRODKDQDQDHURELN
*DPEDU5LQJNDVDQWDKDSDQ WDKDSDQSHUFREDDQ
*DPEDU7DKDS WDKDSSHPEXDWDQVWDUWHU
*DPEDU7DKDSDQ WDKDSDQSHUFREDDQXWDPD
*DPEDU 5HDNWRU
*DPEDU 2YHQ
*DPEDU &RURQJ%XVFKQHU
*DPEDU .XUYD&2'VDPSHO
*DPEDU .XUYD&2'VDPSHO
*DPEDU $ODWXQWXNDQDOLVLV&2'
*DPEDU 6DPSHOVHWHODKGLSDQDVNDQ
*DPEDU 6DPSHOVHWHODKGLWULWDVL
*DPEDU %DORQPDVXNNHGDODPHUOHQPH\HU
*DPEDU%DORQWLGDNPHQJHPEDQJ
*DPEDU%6XVXQDQDODWDQDOLVLVSURWHLQ
*DPEDU)7DKDSDQDQDOLVLVNDGDUNDUERQ
L[
'$)7$57$%(/
7DEHO/LPEDK5XPDK3RWRQJ+HZDQ
7DEHO.RPSRVLVL8PSDQ.RWRUDQ6DSL
7DEHO3URGXNVL&+ GDUL%HUEDJDL-HQLV6XEVWUDW
7DEHO-XPODK%LRJDV<DQJ 'LKDVLONDQGDUL%HUEDJDL-HQLV7HUQDN
7DEHO)HUPHQWDVL $QDHURELNYV3HPEXDWDQ.RPSRV
7DEHO%DNWHUL <DQJ %HUSHUDQ'DODP3HPEXDWDQ%LRJDV
7DEHO-DGZDO.HUMD3HQHOLWLDQ
7DEHO 1LODL0/66GDUL6WDUWHU
7DEHO .DGDU&1GDUL6WDUWHU
7DEHO 'DWD3HUKLWXQJDQ0/66
7DEHO 3HUVHQWDVH3HQXUXQDQ+DUJD&2'
7DEHO''DWD$QDOLVLV.DGDU.DUERQGDQ1LWURJHQ
7DEHO''DWD0/66
7DEHO''DWD0/666DPSHO
7DEHO''DWD$QDOLVLV&2'
[
,17,6$5,
3HQHOLWLDQGLODNXNDQGDODPGXDWDKDS\DLWXSHUFREDDQSHQGDKXOXDQGDQSHUFREDDQ
XWDPD 3HUFREDDQ SHQGDKXOXDQ GLODNXNDQ XQWXN PHPEXDW VWDUWHU GDUL NRWRUDQ
VDSL 'DODP SHUFREDDQ SHQGDKXOXDQ GLODNXNDQ DQDOLVLV NDGDU NDUERQ QLWURJHQ
GDQ QLODL 0/66 GDODP NRWRUDQ WHUVHEXW 3HUFREDDQ XWDPD PHQJJXQDNDQ YDULDVL
SHUEDQGLQJDQ MXPODK VXEVWUDW GDQ VWDUWHU SDGD VDPSHO 9DULDVL SHUEDQGLQJDQ
MXPODKVWDUWHU GDQVXEVWUDWGLODNXNDQGDODPGHODSDQOHYHO\DLWX
GDQ'DODPSHUFREDDQXWDPDGLODNXNDQDQDOLVLVNDGDU
&2'SDGDVDPSHO
[L
$%675$&7
$OPRVWDOORIKXPDQDFWLYLWLHVSURGXFHDKXJHDPRXQWRIZDVWH$VWKHWLPHJRHV
E\WKHQXPEHURIZDVWHKDVEHHQLQFUHDVHGDQGEHHQPRUHFRPSOLFDWHG,QGRQHVLD
DVDQDJULFXOWXUDOFRXQWU\SURGXFHVZDVWHIURPDJULFXOWXUHDQGOLYHVWRFN2QHRI
WKH OLYHVWRFN ZDVWHV FRPH IURP VODXJKWHUKRXVHV %2' YDOXH IRU FRZV
VODXJKWHUKRXVHVLVSSP%HFDXVHRIWKHPD[LPXP%2'YDOXHDOORZDEOHLV
SSP WKH DLP RI WKLV UHVHDUFK LV WR GLJHVW WKH VODXJKWHUKRXVH OLTXLG ZDVWH E\
DQDHURELFGLJHVWLRQ%HVLGHSURGXFLQJELRJDVZKLFKFDQEHXVHGDVHQHUJ\VRXUFH
LQWKHOLYHVWRFNDQDQDHURELFGLJHVWLRQDOVRSURGXFHVELRPDVVZKLFKFDQEHXVHG
DVIHUWLOL]HU$QRWKHUREMHFWLYHIURPWKLVUHVHDUFKLVWRILQGWKHRSWLPXPUDWLRRI
FRZPDQXUHDQGOLTXLGZDVWHIURPVODXJKWHUKRXVHLQDQDHURELFGLJHVWLRQ
7KLV UHVHDUFK FRQVLVWV RI WZR PDLQ DFWLYLWLHV SUHOLPLQDU\ H[SHULPHQW DQG PDLQ
H[SHULPHQW,QSUHOLPLQDU\H[SHULPHQWVWDUWHULVPDGHIURPFRZVPDQXUH7KHUH
DUHWZRDQDO\]HVLQWKLVH[SHULPHQWFDUERQDQG QLWURJHQYDOXHVDQG0/66YDOXHV
9DULDWLRQ PDGH LQ PDLQ H[SHULPHQW LV VWDUWHU DQG VXEVWUDWH UDWLR LQ HLJKW OHYHOV
DQG&2'DQDO\VLVLVGRQHLQPDLQ
H[SHULPHQW
)URP WKH UHVHDUFK WKDW KDV EHHQ GRQH LW VKRZV WKDW ZDVWH IURP VODXJKWHUKRXVHV
KDVDGHFUHDVHG&2'YDOXHVDOWKRXJKLWKDVQWUHDFKHGWKHDOORZDEOHYDOXH*DV
SURGXFWLRQ KDVQW UHDFKHG WKH OHYHO LW KRSHG ,W FDQ EH FRQFOXGHG WKDW WKHUH LV
DOPRVWQRDQDHURELFSURFHVVLQWKHUHDFWRUEHFDXVHRIWKHHTXLSPHQWVDUHQRWWRR
VXLWDEOH%HFDXVHRIWKDWLWFDQEHVXJJHVWHGWKDWWKLVH[SHULPHQWVKRXOGEHGRQH
ZLWKVXLWDEOHHTXLSPHQWV
[LL
%$%,
3(1'$+8/8$1
/DWDU%HODNDQJ
6HMDN DZDO NHKLGXSDQ PDQXVLD VHODOX PHQJKDVLONDQ OLPEDK 6HLULQJ GHQJDQ
SHUNHPEDQJDQ ]DPDQ OLPEDK \DQJ GLKDVLONDQ MXJD VHPDNLQ EHUDQHND UDJDP
5HYROXVLLQGXVWUL\DQJWHUMDGL SDGDDNKLUDEDGNHPHQ\HEDENDQXGDUDVHPDNLQ
WHUSROXVLEHJLWXSXODGHQJDQEXPLDNLEDWEHUWDPEDKQ\DOLPEDKSDGDW\DQJWLGDN
GDSDWGLXUDLNDQ6HPDNLQPHQLQJNDWQ\DSRSXODVLMXJDPHQ\HEDENDQSROXVLXGDUD
GDQ DLU GDUL UXPDK WDQJJD LQGXVWUL GDQ SHUWDQLDQ GL VHOXUXK GXQLD VHPDNLQ
PHQLQJNDW
3HQLQJNDWDQ MXPODK SHQGXGXN VHFDUD SHVDW MXJD PHQLQJNDWNDQ NHEXWXKDQ
DNDQ HQHUJL 0DQXVLD PHQ\DGDUL SHUOXQ\D PHPEXDW FDGDQJDQ HQHUJL GDQ PXODL
PHPSHUKDWLNDQSHQ\HGLDDQFDGDQJDQHQHUJLGDULELRPDVVD.HXQWXQJDQSURGXNVL
HQHUJLGDULELRPDVVD LDODKMXPODKQ\D\DQJEHUOLPSDKGDQPHUXSDNDQEDKDQ\DQJ
GDSDWWHUEDKDUXL
,QGRQHVLD VHEDJDL QHJDUD DJUDULV GDQ QHJDUD SDGDW SHQGXGXN PHQJKDVLONDQ
OLPEDK SHUWDQLDQ SHWHUQDNDQ GDQ SHUNRWDDQ \DQJ FXNXS EHVDU VHWLDS WDKXQQ\D
-XPODKOLPEDK \DQJWHUODOXEDQ\DNDNDQPHQJJDQJJXOLQJNXQJDQGDQNHVHKDWDQ
PDV\DUDNDW WHUXWDPD \DQJ EHUWHPSDW WLQJJDO GL VHNLWDU GDHUDKGDHUDK WHUVHEXW
/LPEDK SHWHUQDNDQ EHUDVDO GDUL WLJD VXPEHU \DLWX SHWHUQDNDQ SHQJKDVLO VXVX
UXPDK SRWRQJ KHZDQ GDQ SHWHUQDNDQ XQJJDV 5XPDK SRWRQJ KHZDQ
PHQJKDVLONDQOLPEDKSDGDWNRWRUDQKHZDQGDQOLPEDKFDLUGDODPMXPODK \DQJ
FXNXS EHVDU .RPSRVLVL XPXP OLPEDK UXPDK SRWRQJ KHZDQ GDSDW GLOLKDW SDGD
7DEHO GDQ7DEHO
7DEHO /LPEDK5XPDK3RWRQJ+HZDQ
-HQLV 9ROXPWLDS 3DGDWDQ\DQJ 1LWURJHQ %2' 3RSXODVLHNLYDOHQ
KHZDQ KHZDQJDO WHUVXVSHQVLSSP RUJDQLNSSP SSP WLDSKHZDQ
&DPSXUDQ
6DSL
%DEL
6XPEHU1HPHURZ1HOVRQ/
7DEHO .RPSRVLVL8PSDQ.RWRUDQ6DSL
3DUDPHWHU 6DWXDQ
9RODWLOH6ROLG 76
/HPDN 96
6HOXORVD 96
+HPLVHOXORVD 96
/LJQLQ 96
1LWURJHQ7RWDO 96
3HUEDQGLQJDQ&1
6XPEHU$GDP
7HPD6HQWUDO0DVDODK
7RSLNXWDPDGDULSHQHOLWLDQ\DQJDNDQGLODNXNDQLQLDGDODKPHQJRODKOLPEDK
FDLU UXPDK SRWRQJ KHZDQ PHODOXL SURVHV SHQJXUDLDQ DQDHURELN VHKLQJJD
PHPHQXKL EDNX PXWX OLPEDK FDLU 3URVHV SHQJXUDLDQ DQDHURELN DGDODK SURVHV
SHQJXUDLDQ\DQJWLGDNPHPHUOXNDQRNVLJHQGDQGDODPSURVHVSHQJXUDLDQWHUVHEXW
,GHQWLILNDVL0DVDODK
0DVDODK\DQJPXQJNLQWLPEXODGDODKVHEDJDLEHULNXW
%DJDLPDQDSHQJDUXKSHUEDQGLQJDQMXPODKVXEVWUDWGDQVWDUWHUWHUKDGDSSURVHV
SHQJXUDLDQOLPEDKFDLUUXPDKSRWRQJKHZDQ"
%DJDLPDQD NRQGLVL RSWLPXP PLNURED PHVRILOLN XQWXN PHQJXUDLNDQ OLPEDK
FDLUUXPDKSRWRQJKHZDQ"
3UHPLV
'DUL SHQHOLWLDQ \DQJ WHODK GLODNXNDQ GDQ GDUL OLWHUDWXU GLSHUROHK NRQGLVL
RSWLPXPRSHUDVLVHEDJDLEHULNXW
7HPSHUDWXURSWLPXP\DLWX R&>8QLYHUVLW\RI)ORULGD&LYLO(QJLQHHULQJ@
R&>*UDG\@ R&>'XN&KDQJ@R&>)DUU\%3DLPLQ
@
S+ RSWLPXP \DLWX >8QLYHUVLW\ RI )ORULGD &LYLO (QJLQHHULQJ@
>*UDG\@>'XN&KDQJ@>)DUU\%3DLPLQ@
7XMXDQ
7XMXDQSHQHOLWLDQLQLDGDODKVHEDJDLEHULNXW
0HQJRODKOLPEDKFDLUUXPDKSRWRQJKHZDQDJDUPHPHQXKLEDNXPXWXOLPEDK
FDLU
0HQHQWXNDQ SHUEDQGLQJDQ MXPODK VXEVWUDW GDQ VWDUWHU \DQJ RSWLPXP XQWXN
PHQJRODKOLPEDKFDLUUXPDKSRWRQJKHZDQ
0DQIDDW
0DQIDDWSHQHOLWLDQLQLDGDODKVHEDJDLEHULNXW
0HQJXUDQJL SHQFHPDUDQ OLQJNXQJDQ GDQ SHQ\DNLW \DQJ GLDNLEDWNDQ ROHK
OLPEDKFDLUUXPDKSRWRQJKHZDQ
0HPEHULNDQVXPEHUHQHUJL
0HQJRODK OLPEDK \DQJ WLGDN EHUJXQD PHQMDGL EDKDQ \DQJ OHELK EHUJXQD
%$%,,
7,1-$8$13867$.$
-HQLVMHQLV/LPEDK
/LPEDK DGDODK EDKDQ VLVD GDUL VXDWX DNWLYLWDV DWDX SURVHV \DQJ VXGDK WLGDN
PHPLOLNL QLODL HNRQRPL ODJL WLGDN GLEXWXKNDQ DWDX WLGDN GDSDW GLJXQDNDQ ODJL
/LPEDKEHUDVDOGDULDNWLYLWDVELRORJLNPDNKOXNKLGXSLQGXVWULSHUDNLWDQLQGXVWUL
SHQJRODKDQ VXDWX EDKDQ VLVDVLVD SHQJJXQDDQ VXDWX EDUDQJ GDQ ODLQODLQ
%HUGDVDUNDQ ZXMXGQ\D OLPEDK GDSDW GLEDJL PHQMDGL WLJD \DLWX OLPEDK FDLU
OLPEDKSDGDWGDQOLPEDKJDV
/LPEDK&DLU
/LPEDK FDLU GLGHILQLVLNDQ VHEDJDL SHQJRWRU \DQJ WHUGDSDW GL DLU GDODP
MXPODK WHUWHQWX \DQJ PHQJJDQJJX SHQJJXQDDQ DLU XQWXN PDNVXG WHUWHQWX
.DUDNWHULVWLN OLPEDK FDLU GLWHQWXNDQ ROHK EHUEDJDL SDUDPHWHU \DQJ GLJRORQJNDQ
PHQMDGLWLJDNHORPSRN\DLWX
3DUDPHWHU ILVLN WHUGLUL GDUL WHPSHUDWXU ZDUQD EDX UDVD NHNHUXKDQ GDQ
SDGDWDQWHUVXVSHQVL
3DUDPHWHU NLPLD PHQFDNXS WRWDO SDGDWDQ WHUODUXW 7RWDO 6ROLG DONDOLQLWDV
S+ NHVDGDKDQ IOXRULGD QXWULHQ QLWURJHQ GDQ IRVIRU ORJDPORJDP %2'
%LRFKHPLFDO2[\JHQ'HPDQGGDQ&2'&KHPLFDO2[\JHQ'HPDQG
3DUDPHWHU ELRORJLN PHQFDNXS EHUEDJDL SDWRJHQ \DLWX EDNWHUL YLUXV GDQ
SURWR]RD
/LPEDK3DGDW
/LPEDKSDGDWDGDODKVHPXDOLPEDKGDULDNWLYLWDVPDQXVLDGDQKHZDQ\DQJ
EHUEHQWXNSDGDW/LPEDKSDGDWXPXPQ\DGLNODVLILNDVLNDQPHQMDGL
/LPEDK SHUNRWDDQ WHUGLUL GDUL OLPEDK UXPDK WDQJJD SXLQJSXLQJ EDQJXQDQ
UHVLGX VDQLWDVL GDQ OLPEDK GDUL MDODQMDODQ /LPEDK LQL WHUXWDPD EHUDVDO GDUL
/LPEDK*DV
/LPEDK JDVDGDODKVDWX DWDXOHELKNRQWDPLQDQGLXGDUDGHEXDVDSXDS
EDXJDVNDEXW\DQJGDODPMXPODKWHUWHQWXGDSDWPHQJJDQJJXNHQ\DPDQDQGDQ
NHODQJVXQJDQ KLGXS PDNKOXN KLGXS 6XPEHU OLPEDK JDV GLNODVLILNDVLNDQ
EHUGDVDUNDQWLJDKDO\DLWX
%HUGDVDUNDQDVDOQ\DDGDGXDMHQLVNRQWDPLQDQ\DLWX
.RQWDPLQDQ SULPHU \DQJ GLOHSDVNDQ ODQJVXQJ NH DWPRVIHU GDQ GLWHPXNDQ
GDODP EHQWXN DVOLQ\D \DLWX KLGURNDUERQ 62[ VXOIXU RNVLGD 12[ QLWURJHQ
RNVLGD
.RQWDPLQDQ VHNXQGHU \DQJ EHUDVDO GDUL UHDNVL IRWRNLPLD DWDX KLGUROLVLV DWDX
RNVLGDVLFRQWRKR]RQ2GDQSHURNVLDVHWLOQLWUDW3$1
%HUGDVDUNDQNRPSRVLVLNLPLDQ\DNRQWDPLQDQGLEDJLPHQMDGL
.RQWDPLQDQ RUJDQLN \DQJ WHUGLUL GDUL NDUERQ KLGURJHQ RNVLJHQ QLWURJHQ
IRVIRU GDQ VXOIXU FRQWRK KLGURNDUERQ DONRKRO HWHU HVWHU DPLQD DVDP
NDUERNVLODWDOGHKLGNHWRQGDQVXOIXURUJDQLN
/LPEDK5XPDK3RWRQJ+HZDQ
/LPEDK FDLU \DQJ GLKDVLONDQ GDUL UXPDK SRWRQJ KHZDQ PHPSXQ\DL ZDUQD
PHUDKNHFRNODWDQNDQGXQJDQ%2'Q\DWLQJJLPHQJDQGXQJVHMXPODKEDKDQ\DQJ
WHUVXVSHQVL NRWRUDQ KHZDQ UDPEXW GDQ NRWRUDQNRWRUDQ ODLQ %HEHUDSD VDPSHO
GDULEHEHUDSDOLPEDKUXPDKSRWRQJKHZDQPHQXQMXNNDQNDQGXQJDQ%2'r
SSPGDQMXPODKQLWURJHQWRWDOr SSPGHQJDQODMXDOLUJDOORQKDUL
/LPEDK FDLU WRWDO GDUL SURVHV SHQJRODKDQ VDSL WHUGLUL GDUL GDUDK OHPDN
GDJLQJDLUEHNDVFXFLDQNRWRUDQKHZDQPDNDQDQ\DQJWHODKGLFHUQDGDQEHOXP
GLFHUQDGDQNRWRUDQNRWRUDQODLQ3ROXVL GDULSURVHVLQLWHUXWDPDGLVHEDENDQROHK
NRWRUDQKHZDQGDQGDUDKGDULSURVHVSHQJRODKDQ
$GD GXD SDUDPHWHU NLPLD \DQJ GLJXQDNDQ XQWXN PHQJHWDKXL NDUDNWHULVWLN
OLPEDKFDLUUXPDKSRWRQJKHZDQ\DLWX%2'%LRFKHPLFDO2[\JHQ'HPDQGGDQ
&2'&KHPLFDO2[\JHQ'HPDQG
PHQJXNXUNDGDUVHQ\DZDRUJDQLNGDODPOLPEDKSHUNRWDDQGDQLQGXVWUL6HPDNLQ
WLQJJL KDUJD &2' VXDWX OLPEDK FDLU VHPDNLQ WLQJJL WLQJNDW SHQFHPDUDQ \DQJ
WHUMDGL1LODL&2'VXDWXOLPEDKXPXPQ\DOHELKEHVDUGDULQLODL%2'NDUHQDOHELK
EDQ\DNNRPSRQHQ \DQJ GDSDWGLRNVLGDVLVHFDUDNLPLDGDULSDGDGLRNVLGDVLVHFDUD
ELRORJL
$QDOLVLV&2'GLODNXNDQGHQJDQPHWRGHUHIOXNVWHUEXND-XPODKRNVLJHQ\DQJ
GLEXWXKNDQ GDSDW GLXNXU GHQJDQ PHQJJXQDNDQ RNVLGDWRU NXDW GDODP VXDVDQD
DVDP 8PXPQ\D OLPEDK FDLU GLRNVLGDVL GHQJDQ PHQJJXQDNDQ FDPSXUDQ DVDP
VXOIDW GDQ NDOLXP GLNURPDW \DQJ GLGLGLKNDQ .DOLXP GLNURPDW PHUXSDNDQ
NRPSRQHQ \DQJ UHODWLI PXUDK GDQ NHPXUQLDQQ\D WLQJJL 5HDNVL \DQJ WHUMDGL
DGDODK
GLMDJD DJDU WLGDN WHUNRQWDPLQDVL 3HUEDQGLQJDQ YROXP DVDP VXOIDW SHNDW GHQJDQ
YROXP VDPSHOODUXWDQ GLNURPDW DGDODK 3HUEDQGLQJDQ \DQJ WHUODOX NHFLO
PHQ\HEDENDQ NHNXDWDQ RNVLGDVL ODUXWDQ PHQXUXQ GUDVWLV QDPXQ MLND WHUODOX
WLQJJLNRQVXPVLGLNURPDWXQWXNODUXWDQEODQNRDNDQEHUOHELKDQ
%2'GLXNXUGHQJDQPHQJJXQDNDQSHULRGHLQNXEDVLVHODPDKDULSDGDR&
/LPEDKGRPHVWLNGDQVHEDJLDQEHVDUOLPEDKLQGXVWULWHUGHNRPSRVLVLGDUL
WRWDO %2' DZDO VHODPD KDUL SDGD WHPSHUDWXU LQL 0HWFDOI (GG\
.DUHQD GLXQJNDSNDQ GDODP EHQWXN NRQVHQWUDVL %2' GDSDW GLJXQDNDQ XQWXN
PHPEDQGLQJNDQNHNXDWDQEHUEDJDLOLPEDK6WRGGDUG$
0HWRGH DQDOLVLV PHOLSXWL SHQJLVLDQ VDPSHO VDPSDL RYHUIORZ NH GDODP ERWRO
NHGDS XGDUD GDQ PHQJLQNXEDVLQ\D GDODP WHPSHUDWXU WHUWHQWX VHODPD KDUL
2NVLJHQ WHUODUXW GLKLWXQJ SDGD VDDW VHEHOXP GDQ VHVXGDK LQNXEDVL GDQ %2'
GLKLWXQJGDULSHUEHGDDQQLODL'2DZDOGDQDNKLU
&DUDFDUD3HQJRODKDQ/LPEDK&DLU
$GDHPSDW SHUODNXDQGDODPSHQJRODKDQOLPEDKFDLU\DQJXPXPQ\DGLODNXNDQ
\DLWX
3UDSHUODNXDQ EHUXSD SURVHV ILVLN \DLWX SHQ\DULQJDQ VHUSLKDQ WHUDSXQJ GDQ
SHPLVDKDQPLQ\DNOHPDN
3HUODNXDQ SULPHU EHUXSD SURVHV ILVLN GDQ NLPLD \DQJ WHUGLUL GDUL SURVHV
QHWUDOLVDVLNRDJXODVLIORWDVLGDQVHGLPHQWDVL
3HUODNXDQ VHNXQGHU EHUXSD SURVHV ELRORJLN \DQJ WHUGLUL GDUL OXPSXU DNWLI
ODJXQDQDHURELNGDQODJXQDHUDVL
3HUODNXDQ WHUVLHU EHUXSD SHUODNXDQ ILVLN \DQJ WHUGLUL GDUL DGVRUSVL GHQJDQ
NDUERQDNWLISHUWXNDUDQLRQQLWULILNDVLGDQGHQLWULILNDVLGDQSURVHVPHPEUDQ
3HPLVDKDQ SDGDWDQ \DQJ WHUNDQGXQJ GDODP OLPEDK FDLU GDSDW GLODNXNDQ
GHQJDQFDUD
6HGLPHQWDVL\DLWXSHPLVDKDQEHUGDVDUNDQJD\DJUDYLWDVL
)ORWDVL \DLWX SHPLVDKDQ EHUGDVDUNDQ SHUEHGDDQ GHQVLWDV DQWDUD SDGDWDQ GDQ
FDLUDQFRQWRKSHPLVDKDQPLQ\DNGDULVXDWXHPXOVL
)LOWUDVL \DLWX SHPLVDKDQ EHUGDVDUNDQ XNXUDQ SDUWLNHO \DQJ GLJXQDNDQ XQWXN
PHPLVDKNDQSDGDWDQGDULVXDWXFDPSXUDQ
3URVHV3HQJXUDLDQ$QDHURELN
3HQJXUDLDQ DQDHURELN DGDODK SHQJXUDLDQ EDKDQ RUJDQLN \DQJ GLODNXNDQ
GHQJDQPHQJJXQDNDQPLNURRUJDQLVPHGDODPNHDGDDQWDQSDRNVLJHQ3HQJXUDLDQ
DQDHURELN OHELK GLWXMXNDQ XQWXN OLPEDK \DQJ EHUEDKD\D GDQ PXGDK PHQJXDS
7XMXDQ XWDPDQ\D DGDODK SHQJRODKDQ OLPEDK GDQ SURGXNVL SXSXN VHGDQJNDQ
SURGXNVL ELRJDV PHUXSDNDQ KDVLO VDPSLQJ 'DODP LQGXVWUL SHQJRODKDQ OLPEDK
SHQJXUDLDQ DQDHURELN GLJXQDNDQ VHEDJDL FDUD XQWXN PHQJXUDQJL MXPODK EDKDQ
RUJDQLN\DQJKDUXVGLRODKGDQPHQJXEDKVHEDJLDQEDKDQRUJDQLNPHQMDGLSURGXN
JDV )DNWRUIDNWRU \DQJ PHPSHQJDUXKL NLQHUMD SHQJXUDLDQ DQDHURELN \DLWX
WHPSHUDWXU S+ GDQ DONDOLQLWDV QXWULHQ WRNVLVLWDV NHFHSDWDQ SHUXEDKDQ GDQ
ORDGLQJ
7HPSHUDWXU
7HPSHUDWXU PHUXSDNDQ IDNWRU XWDPD GDODP VLVWHP DQDHURELN NDUHQD
SURVHVDQDHURELNVDQJDWVHQVLWLIWHUKDGDSJDQJJXDQ3HUXEDKDQWHPSHUDWXUVHGLNLW
VDMD GDSDW PHQ\HEDENDQ DNWLYLWDV EDNWHUL PHQMDGL NDFDX VHKLQJJD WHUMDGL
NHWLGDNVHLPEDQJDQ GXD SRSXODVL EDNWHUL GDQ GDSDW PHQ\HEDENDQ NHJDJDODQ
SURVHV 2OHK VHEDE LWX PHQMDJD SURVHV SDGD WHPSHUDWXU NRQVWDQ OHELK SHQWLQJ
GDULSDGD PHQMDJD SURVHV SDGD WHPSHUDWXU \DQJ PHPEHULNDQ ODMX UHDNVL
PDNVLPXP%DNWHULDQDHURELNGDSDWEHUWDKDQSDGD WHPSHUDWXUGLEDZDKWLWLNEHNX
VDPSDL R& QDPXQ EHUNHPEDQJ ELDN GHQJDQ VXEXU SDGD VXKX R&
PHVRILOLN GDQ R& WHUPRILOLN 3URVHV LQL XPXPQ\D GLODNXNDQ SDGD
UHQWDQJ PHVRILOLN NDUHQD OHELK NRQVWDQ GDODP PHPSHUWDKDQNDQ NRQGLVL RSHUDVL
PHVNLSXQ XNXUDQ GLJHVWHU \DQJ GLSHUOXNDQ OHELK EHVDU 3DGD NRQGLVL WHUPRILOLN
EDNWHUL OHELK VHQVLWLI WHUKDGDS SHUXEDKDQ WHPSHUDWXU SHUROHKDQ PHWDQD OHELK
UHQGDK GDQ PHPEXWXKNDQ HQHUJL WDPEDKDQ XQWXN PHPSHUWDKDQNDQ VXKX WLQJJL
.HOHELKDQQ\D LDODK ZDNWX WLQJJDOQ\D OHELK SHQGHN ODMX SURGXNVLQ\D GXD NDOL
OHELK WLQJJL GDULSDGD PHVRILOLN GDQ GDSDW PHPEXQXK EDNWHUL SDWRJHQ
.HEDQ\DNDQGLJHVWHU PHVRILOLNGLUDQFDQJXQWXNEHURSHUDVLSDGDWHPSHUDWXULGHDO
\DLWX R& -LND WHPSHUDWXU WXUXQ DNWLYLWDV EDNWHUL PHQXUXQ VHKLQJJD SURGXNVL
JDV EHUNXUDQJ %DKNDQ GL EDZDK WHPSHUDWXU R& KDPSLU WLGDN DGD JDV \DQJ
GLKDVLONDQ -LND WHPSHUDWXU PHQLQJNDW ODMX SHUWXPEXKDQ VSHVLILN EHEHUDSD
PLNURRUJDQLVPH DNDQ PHQLQJNDW QDPXQ PHQMDGL WLGDN VWDELO VHKLQJJD
PHQ\HEDENDQ EHEHUDSD EDNWHUL PDWL GDQ SURGXNVL ELRJDV PHQXUXQ 3HQJDUXK
WHPSHUDWXUSDGDSURGXNVLELRJDVGDSDWGLOLKDWSDGD*DPEDUGDQ
S+GDQ$ONDOLQLWDV
$ONDOLQLWDV DGDODK XNXUDQ MXPODK NDUERQDW GL GDODP ODUXWDQ $ONDOLQLWDV
GDQS+GDULPHGLDNXOWXUSHQWLQJNDUHQDDGDGXDIDVDELRORJLN\DQJWHUMDGLVHFDUD
EHUVDPDDQ $SDELOD NHDGDDQ OLQJNXQJDQ WLGDN GLMDJD MXPODK EDNWHUL DVHWRJHQLN
GDQ PHWDQRJHQ PHQMDGL WLGDN VHLPEDQJ VHKLQJJD DNDQ PHPSHQJDUXKL
PHWDEROLVPH EDNWHUL %DNWHUL PHWDQRJHQ FXNXS VHQVLWLI WHUKDGDS S+ 8PXPQ\D
S+ RSWLPXP VLVWHP DGDODK VHNLWDU GDQ SURGXNVL ELRJDV PDNVLPDO
EHUDGDSDGDUHQWDQJS+
3DGD WDKDS SHPEHQWXNDQ DVDP GLKDVLONDQ DVDPDVDP RUJDQLN \DQJ
PXGDKPHQJXDS'HQJDQWHUEHQWXNQ\DDVDPRUJDQLNS+DNDQWHUXVPHQXUXQGDQ
SDGDZDNWX\DQJEHUVDPDDQWHUEHQWXNEXIIHU\DQJGDSDWPHQHWUDOLVLUS+5HDNVL
SHPEHQWXNDQEXIIHU\DQJWHUMDGL
1+ +2< 1+ 2+
&2 +2< +&2 < + +&2
+&2 2+ < +&2 +2
3URWHLQ \DQJ WHUGDSDW SDGD VXEVWUDW GLGHDPLQDVL ROHK EDNWHUL GDQ PHQJKDVLONDQ
DPRQLD 1+ $PRQLD \DQJ GLKDVLONDQ GDUL GHDPLQDVL SURWHLQ DNDQ EHUHDNVL
GHQJDQDLUPHQXUXWUHDNVL.DUERQGLRNVLGD&2\DQJGLKDVLONDQGDULWDKDS
SHPEHQWXNDQ DVDP EHUHDNVL GHQJDQ DLU PHQJKDVLONDQ DVDP NDUERQDW +&2
*XJXV KLGURNVL 2+ DNDQ EHUHDNVL GHQJDQ +&2 \DQJ GLKDVLONDQ GDUL UHDNVL
GDQPHPEHQWXNLRQELNDUERQDWVHKLQJJDWHUEHQWXNVLVWHPEXIIHUNDUERQDW
ELNDUERQDW
-XPODK ODUXWDQ EXIIHU GLSHQJDUXKL ROHK NDQGXQJDQ QLWURJHQ GL GDODP
XPSDQ -LND VXEVWUDW KDQ\D VHGLNLW PHQJDQGXQJ QLWURJHQ EXIIHU \DQJ WHUEHQWXN
WLGDNDNDQFXNXSXQWXNPHPSHUWDKDQNDQS+QHWUDO8QWXNPHQJDWDVLQ\DDGDGXD
FDUD\DQJGDSDWGLODNXNDQ\DLWX
0HQJKHQWLNDQ DOLUDQ XPSDQ GDQ PHPELDUNDQ EDNWHUL PHWKDQRJHQLF
PHQJXUDQJLNRQVHQWUDVLDVDPOHPDN'HQJDQPHQJKHQWLNDQXPSDQDNWLYLWDV
IHUPHQWDVL EDNWHUL GDSDW GLSHUODPEDW VHKLQJJD PHQJXUDQJL SURGXNVL DVDP
6HWHODKS+QHWUDOVHGLNLWXPSDQGLDOLUNDQGDQMXPODKQ\DGLWLQJNDWNDQVHFDUD
EHUWDKDSXQWXNPHQJKLQGDULSHQXUXQDQS+\DQJWHUODOXEHVDU
0HQDPEDKEDKDQNLPLDXQWXNPHQLQJNDWNDQS+.HXQWXQJDQFDUDLQLDGDODK
S+ GDSDW VHJHUD GLVWDELONDQ %DKDQ NLPLD \DQJ VHULQJ GLJXQDNDQ DGDODK
NDOVLXP KLGURNVLGD OLPH $PRQLD GDSDW MXJD GLJXQDNDQ WHWDSL KDUXV
GLJXQDNDQGHQJDQKDWLKDWLXQWXNPHQJKLQGDULNHUDFXQDQ
3HQJDUXKS+SDGDSURGXNVLELRJDVGDSDWGLOLKDWSDGD*DPEDU
1XWULHQ
1XWULHQ \DQJ GLEXWXKNDQ ROHK EDNWHUL DQDHURE DGDODK QLWURJHQ IRVIRU
PDJQHVLXP VRGLXP PDQJDQ NDOVLXP GDQ NREDOW 6HEDLNQ\D QXWULHQ GLEHULNDQ
GDODP MXPODK FXNXS NDUHQD MLND WLGDN DNDQ PHQJKDPEDW SURVHV .HNXUDQJDQ
QXWULHQ MDUDQJ WHUMDGL MLND GLJXQDNDQ XPSDQ GHQJDQ NRPSRVLVL \DQJ NRPSOHNV
NDUHQD XPSDQ VXGDK PHQJDQGXQJ QXWULHQ GHQJDQ MXPODK OHELK GDUL FXNXS
1XWULHQ \DQJ SHQWLQJ GDSDW EHUXEDK PHQMDGL UDFXQ EDJL PLNURRUJDQLVPH MLND
NRQVHQWUDVLQ\DGLGDODPVXEVWUDWWHUODOXEHVDU
7RNVLVLWDV
-LND NRQVHQWUDVL EDKDQ PHQLQJNDW ODMX SHUWXPEXKDQ VSHVLILN DNDQ
PHQLQJNDW VDPSDL ODMX PDNVLPXP WHUFDSDL 3DGD NRQVHQWUDVL WHUWHQWX ODMX
SHUWXPEXKDQVSHVLILNPXODLPHQXUXQ3DGDWLWLNEDOLNLQLODK WRNVLVLWDVNHUDFXQDQ
PXODLWHUMDGL%HEHUDSDVHQ\DZD\DQJGDSDWPHQ\HEDENDQNHUDFXQDQDGDODKDVDP
YRODWLO DPRQLD NDWLRQ ORJDP ULQJDQ VXOILGD GDQ ORJDP EHUDW 8QWXN PHQFHJDK
GDQ PHQJXUDQJL HIHN ]DW UDFXQ SHUOX GLODNXNDQ LGHQWLILNDVL SHQJKDPEDW SDGD
WDKDSDZDO'XDLQGLNDWRUXWDPDSHQJKDPEDWDGDODK
3HQJXUDQJDQ SHUROHKDQ PHWDQD \DQJ WHUXVPHQHUXV GHQJDQ SHQXUXQDQ
SHUROHKDQOHELKGDULSDGDODMXXPSDQNRQVWDQ
3HQLQJNDWDQ NRQVHQWUDVL DVDP YRODWLO \DQJ WHUXVPHQHUXV XPXPQ\D WHUMDGL
MLND DVDP YRODWLO WRWDO ELDVDQ\D GLQ\DWDNDQ GHQJDQ DVDP DVHWDW PHOHELKL
NRQVHQWUDVLQRUPDO\DLWXPJ/
.HFHSDWDQ3HUXEDKDQ
'DULVWXGLNLQHWLNDGLNHWDKXLEDKZDEDNWHULQRQPHWDQRJHQLNPHPSXQ\DL
ODMX SHUWXPEXKDQ VSHVLILN PDNVLPXP \DQJ OHELK WLQJJL GDULSDGD EDNWHUL
PHWDQRJHQLN $NLEDWQ\D EDNWHUL QRQPHWDQRJHQLN GDSDW PHUHVSRQ SHUXEDKDQ
OLQJNXQJDQGHQJDQOHELKFHSDW2OHKNDUHQDLWXSHUXEDKDQDSDSXQGLOLQJNXQJDQ
UHDNWRU KDUXV GLEXDW SDGD ODMX \DQJ PDVLK GDSDW GLWROHUDQVL ROHK EDNWHUL
PHWDQRJHQLN
/RDGLQJ
/RDGLQJ SHQJXPSDQDQ SDGD UHDNWRU DQDHURELN GLGHILQLVLNDQ VHEDJDL
PDVVDEDKDQRUJDQLNDWDXMXPODKVXEVWUDW\DQJGLXPSDQNDQNHGDODPUHDNWRUSHU
VDWXDQ YROXP SHU VDWXDQ ZDNWX 3HQLQJNDWDQ QLODL ORDGLQJ DNDQ PHQLQJNDWNDQ
SURGXNVL ELRJDV VDPSDL QLODL WHUWHQWX GDQ MLND WHUXV GLWLQJNDWNDQ DNDQ
PHQ\HEDENDQSHQXUXQDQSURGXNVL+DOLQLGLVHEDENDQNDUHQDQLODLORDGLQJ \DQJ
WHUODOX EHVDU PHQ\HEDENDQ ZDNWX WLQJJDO VXEVWUDW GDODP UHDNWRU WHUODOX VLQJNDW
VHKLQJJD VXEVWUDW DNDQ WHUGRURQJ NHOXDU VHEHOXP UHDNVL EHUODQJVXQJ VHPSXUQD
5XPXVORDGLQJ / )
6 R
9 6 R
W
*DPEDU7LJDWDKDS\DQJWHUMDGLGDODPSHQJRODKDQDQDHURELN)DXVW
7DKDS+LGUROLVLV
3DGDWDKDSKLGUROLVLVEDKDQRUJDQLNPROHNXOPROHNXOEHVDU\DQJWHUODUXW
GLXUDLNDQ PHQMDGL PROHNXOPROHNXO \DQJ OHELK VHGHUKDQD DJDU SHQJDQJNXWDQ
PHODOXL PHPEUDQ VHO OHELK PXGDK 0ROHNXOPROHNXO NHFLO GDUL WDKDS LQL
GLJXQDNDQ VHEDJDL VXPEHU NDUERQ XQWXN HQHUJL EDNWHUL 5HDNVL SDGD WDKDS LQL
GLNDWDOLVLV ROHK HQ]LP \DQJ GLOHSDVNDQ NH PHGLXP ROHK EDNWHUL \DLWX HQ]LP
HNVWUDVHOXODU KLGURODVH 0LNURRUJDQLVPH \DQJ WHUOLEDW GDODP WDKDS LQL DGDODK
EDNWHUL KLGUROLWLN EDNWHUL DQDHURELN REOLJDW VHSHUWL EDFWHURLGHV FORVWULGLD GDQ
7DKDS$VLGRJHQHVLVGDQ$VHWRJHQHVLV
3DGDWDKDSLQLPROHNXOPROHNXOVHGHUKDQDGDULWDKDS,GLXUDLNDQPHQMDGL
DVDP OHPDN YRODWLO ROHK EDNWHUL SHPEHQWXN DVDP DFLG IRUPLQJ IHUPHQWDWLYH
EDFWHULD DFLGRJHQLF EDFWHULD \DQJ GDSDW GLOLKDW SDGD *DPEDU QRPRU E
%DNWHULLQLNXUDQJVHQVLWLIWHUKDGDSOLQJNXQJDQVHKLQJJDGDSDWEHUNHPEDQJELDN
GHQJDQ FHSDW 0ROHNXOPROHNXO \DQJ OHELK VHGHUKDQD EHUGLIXVL PHODOXL GLQGLQJ
VHO EDNWHUL DVLGRJHQLN NHPXGLDQ GLIHUPHQWDVL PHQMDGL EHUPDFDPPDFDP DVDP
3DGDDZDOQ\DGLKDVLONDQDVDPDVHWDWKLGURJHQGDQNDUERQGLRNVLGD.HEHUDGDDQ
KLGURJHQ PHQ\HEDENDQ WHUEHQWXNQ\D SURGXN ODLQ VHSHUWL DVDP SURSLRQDW DVDP
EXWLUDW DVDP YDOHUDW DVDP ODNWDW HWDQRO DPRQLD GDQ +6 -LND KLGURJHQ \DQJ
WHUEHQWXN EDQ\DN PDND DVDP SURSLRQDW GDQ DVDP EXWLUDW DNDQ OHELK EDQ\DN
WHUEHQWXN.HPXGLDQDVDPSURSLRQDWDVDPEXWLUDWDVDPYDOHUDWGDQDVDPODNWDW
GLXEDK ODJL PHQMDGL DVDP DVHWDW KLGURJHQ GDQ NDUERQGLRNVLGD ROHK NHORPSRN
EDNWHULSHPEHQWXN DVDPDVHWDWDFHWRJHQLFEDFWHULD \DLWXEDNWHULQRPRUSDGD
*DPEDU %DNWHUL LQL VHGLNLW VHNDOL MXPODKQ\D GDQ VDQJDW VHQVLWLI WHUKDGDS
DGDQ\D KLGURJHQ 2OHK NDUHQD LWX EDNWHUL LQL VHODOX EHUGHNDWDQ GHQJDQ EDNWHUL
SHPEHQWXNPHWDQD \DQJPHPDQIDDWNDQKLGURJHQGDODPPHPEHQWXNJDVPHWDQD
)DVD LQL GLODNXNDQ SDGD S+ RSWLPDO .RQVHQWUDVL GDUL SURGXN SDGD IDVD LQL
GLWHQWXNDQ ROHK NRQGLVL OLQJNXQJDQ S+ WHPSHUDWXU GDQ ODLQODLQ GDQ ODMX
SHUWXPEXKDQVSHVLILNSDGDNXOWXU
7DKDS0HWDQRJHQHVLV
3DGD WDKDS LQL EDNWHUL PHWDQRJHQ PHQJXEDK DVDPDVDP GDUL WDKDS ,,
PHQMDGL JDV PHWDQD VHEDJLDQ EHVDU .RPSRQHQ VXOIXU MLND DGD DNDQ EHUXEDK
PHQMDGL JDV +6 )DVD LQL EHUODQJVXQJ SDGD S+ RSWLPXP *DV PHWDQD
GDSDWGLEHQWXNGDUL
3DVDQJDQ+&2 \DQJPHPEHQWXN+2GDQ&+
$VHWDW \DQJ GLSHFDK PHQMDGL &2 GDQ &+ 0HWRGH DFHWDWHFOHDYLQJ LQL
PHQJKDVLONDQr PHWDQD'HJUHPRQW
0LNURRUJDQLVPH \DQJ EHUSHUDQ GDODP WDKDS LQL DGDODK EDNWHUL
PHWKDQRJHQHVLV ,,, %DNWHUL LQL VDQJDW SHND WHUKDGDS OLQJNXQJDQ 7HPSHUDWXU
KLGXSQ\DEHUDGDSDGDUHQWDQJPHVRILOLN\DLWXR&.HEHUDGDDQ]DWUDFXQGDQ
RNVLJHQ GDSDW PHPDWLNDQ EDNWHUL LQL /DMX SURVHV NHVHOXUXKDQ GLWHQWXNDQ ROHK
WDKDSLQLNDUHQDUHDNVLQ\DEHUMDODQSDOLQJODPEDW5HDNVLUHDNVL\DQJWHUMDGLSDGD
WDKDSPHWDQRJHQHVLVDGDODKVHEDJDLEHULNXW
+ &2o &++2
&+&22+o &+ &2
&+2+o &+ &2 +2
&+1+ +2o &+ &2 1+
%HEHUDSD FLULNKDVSURVHVPHWDQRJHQHVLV\DLWX
7HUMDGLGLNXOWXUFDPSXUDQVHKLQJJDGDSDWGLRSHUDVLNDQVHFDUDNRQWLQXGDODP
VNDODEHVDU
'DSDWPHQJJXQDNDQVXEVWUDWDSDSXQNHFXDOLOLJQLQGDQPLQ\DNPLQHUDO
5HDNVLQ\D EHUVLIDW NXDQWLWDWLI GDQ PHQJXEDK VHOXUXK VXEVWUDW PHQMDGL &2
GDQ&+
7LGDN DGD EDWDVDQ VXKX SDGD UHQWDQJ R& WHWDSL VDDW NXOWXU WHODK
PHQ\HVXDLNDQ GLUL GHQJDQ WHPSHUDWXU WHUWHQWX SHUXEDKDQ R& VDMD DNDQ
PHQJJDQJJX IHUPHQWDVL PHWDQD GDQ PHQ\HEDENDQ DNXPXODVL DVDP \DQJ
PHUXVDN
.HKDGLUDQSDGDWDQLQHUWSHQWLQJVHKLQJJDGLEXWXKNDQSHQDPEDKDQVWUDZ DWDX
VDZGXVW GDODPOLPEDKLQGXVWUL
-LND NRQVHQWUDVL VXEVWUDW WHUODOX EHVDU DVDPDVDP YRODWLO DNDQ WHUEHQWXN GDQ
PHQJKDPEDW IHUPHQWDVL NKXVXVQ\D VDDW SHPEHQWXNDQ DVDPDVDP WHUVHEXW
OHELK FHSDW GDULSDGD SHQJXUDLDQQ\D PHQMDGL PHWDQD 1HPHURZ 1HOVRQ /
:DNWXWLQJJDOQ\D ODPD
%HUVLIDWWLGDNVWDELONDUHQDDGDQ\DGXDNHORPSRNEDNWHULGLGDODPVDWXUHDNWRU
GDQ VDDW WHUMDGL SHUXEDKDQ OLQJNXQJDQ SRSXODVL QRQPHWDQRJHQLN DNDQ
PHUHVSRQOHELKFHSDWGLEDQGLQJNDQGHQJDQPHWDQRJHQLN
%LRJDV
'HILQLVL%LRJDV
3HQJXUDLDQ DQDHURELN OLPEDK RUJDQLN VHFDUD PLNURELRORJL GDODP VXDWX
GLJHVWHU \DQJWHULVRODVLGDULRNVLJHQ DNDQPHQJKDVLONDQJDV\DQJPXGDKWHUEDNDU
\DQJ GLQDPDNDQ ELRJDV %LRJDV DGDODK FDPSXUDQ JDV \DQJ WHUGLUL GDUL
PHWDQD NDUERQGLRNVLGD QLWURJHQ KLGURJHQ
NDUERQPRQRNVLGD RNVLJHQ GDQ SSP KLGURJHQ VXOILGD 3HUVHQWDVH
JDVJDV LQL GL GDODP ELRJDV WHUJDQWXQJ GDUL NRPSRVLVL VXEVWUDW GDQ NRQGLVL
RSHUDVLQ\D%XVZHOOPHQ\LPSXONDQEDKZDVHPDNLQEHVDUSHUVHQWDVHDWRPNDUERQ
GL GDODP VXEVWUDW DVDP OHPDN VHPDNLQ EHVDU SHUVHQWDVH PHWDQD GDODP ELRJDV
1HPHURZ 1HOVRQ / -XPODK PHWDQD \DQJ WHUEHQWXN EHUGDVDUNDQ MHQLV
VXEVWUDWQ\DGDSDWGLOLKDWSDGD7DEHO
0DQIDDW%LRJDV
%LRJDV PHUXSDNDQ VXPEHU HQHUJL EDKDQ EDNDU \DQJ VHNDUDQJ EDQ\DN
GLJXQDNDQVHEDJDLHQHUJLOLVWULNSHQHUDQJDQGDQHQHUJLSDQDV+DVLOSHPEDNDUDQ
ELRJDV EHUVLK WLGDN EHUDVDS VHSHUWL DUDQJ ND\X DWDX ND\X EDNDU .RPSRQHQ
ELRJDV \DQJ GDSDW PHQJKDVLONDQ HQHUJL DGDODK PHWDQD 6LIDW PHWDQD \DLWX WLGDN
EHUEDXWLGDNEHUZDUQDGDQPHQJKDVLONDQHQHUJLSDQDVVHEHVDUNNDOP
VDDW GLEDNDU (QHUJL P ELRJDV HNLYDOHQ GHQJDQ EDKDQ EDNDU PLQ\DN DWDX
N:K (ILVLHQVL WRWDO GDUL HQHUJL LQL DGDODK 8QWXN DSOLNDVL GDODP
ELGDQJWHNQLNJDV+6KDUXVGLVLQJNLUNDQGDULELRJDVNDUHQDJDV+6EHUDFXQGDQ
EHUVLIDWVDQJDWNRURVLI
6OXGJHHIIOXHQW DGDODKSDGDWDQ\DQJWHUWLQJJDOGLGLJHVWHU GDQNHOXDUGDUL
EDZDK GLJHVWHU (IIOXHQW PHUXSDNDQ SHQ\XEXU WDQDK \DQJ ND\D QXWULHQ DPRQLD
IRVIRU NDOLXP GDQ OHELK GDUL XQVXUXQVXU NHFLO GDQ GDSDW GLJXQDNDQ SXOD
VHEDJDL EDKDQ PDNDQDQ WDPEDKDQ XQWXN WHUQDN VDDW NHNHULQJDQ (IIOXHQW WLGDN
EHUEDX WHWDSL EDQ\DN PHQJDQGXQJ NRPSRQHQ EHUDFXQ SHVWLVLGD \DQJ EHUDVDO
GDUL EDKDQ EDNX VHKLQJJD HIIOXHQW KDUXV GLXML GDKXOX VHEHOXP GLJXQDNDQ GDODP
VNDODEHVDU
%DKDQEDKDQ%DNX%LRJDV
%LRJDV GLSHUROHK GDUL EDKDQ RUJDQLN VHSHUWL OLPEDK SHWHUQDNDQ OLPEDK
UXPDK SRWRQJ KHZDQ VLVD PLQ\DN VD\XU NHOHELKDQ KDVLO SDQJDQ UHVLGX RUJDQLN
GDUL LQGXVWUL PDNDQDQ DLU OLPEDK UXPDK WDQJJD GDQ OLPEDK RUJDQLN UXPDK
WDQJJD VHUWD EDKDQ \DQJ PHQJDQGXQJ NDUERQ VHSHUWL PHWDQRO IRUPDOGHKLG GDQ
PHWLODPLQ
/LPEDK RUJDQLN GDUL LQGXVWUL PDNDQDQ PHPLOLNL NHOHPDKDQ \DLWX VXOLW
GLSHUNLUDNDQSRWHQVLDOHQHUJLQ\DNDUHQDEHEHUDSDVXEVWUDW\DQJWHUGDSDWGLGDODP
OLPEDKWLGDNGDSDWGLKDQFXUNDQGHQJDQEDLN
.RWRUDQ WHUQDN \DQJ GLMDGLNDQ EDKDQ EDNX KDUXV PHPHQXKL EHEHUDSD
SHUV\DUDWDQ\DLWX
7LGDNWHUODOXNHQWDO
'DODPNRQGLVLVHJDU
7HUFDPSXUUDWDGHQJDQDLUGDQ
%HEDVGDULEHQGDEHQGDNHUDVVHSHUWLUDQWLQJEDWXGDQUXPSXW
-XPODK ELRJDV \DQJ GLKDVLONDQ EHUJDQWXQJ SDGD MHQLV NRWRUDQ WHUQDN \DQJ
GLJXQDNDQ+DOLQLGDSDWGLOLKDWSDGD7DEHO
7DEHO -XPODK%LRJDV<DQJ'LKDVLONDQGDUL%HUEDJDL-HQLV7HUQDN
-HQLVWHUQDN .RWRUDQEDVDKNJHNRU %LRJDV\DQJGLKDVLONDQOLWHUHNRU
6DSLSHGDJLQJ
6DSLSHUDK
%DEL
$\DP
6XPEHU6LWRKDQJ
7DEHO )HUPHQWDVL$QDHURELNYV3HPEXDWDQ.RPSRV
3HQFHUQDDQ$QDHURELN 3HPEXDWDQ.RPSRV
(QHUJL SURGXNVLN:KW NRQVXPVLN:KW
6DQLWDVL MDPLQDQGDULVWDQGDU\DQJOHJDO MDPLQDQGDULVWDQGDU\DQJOHJDO
WLQJJLEDXDPRQLDPHWDQD12
(PLVL UHQGDKEDXDPRQLD
+6NXPDQ
3HQJDUXKSXSXN
FHSDW ODPEDW
1
VXEVWUDWVHWHQJDKFDLUWDQSDVWUXNWXU
UHVLGXOHPDNOLPEDKGDSXUOLPEDK
UXPDKSRWRQJKHZDQOLPEDK
6XEVWUDW\DQJ SRWRQJDQSRKRQGDQUDQWLQJ
SHQJRODKDQPDNDQDQOLPEDKELR
WLGDNGLKDUDSNDQ
WDQSDVWUXNWXUKDQ\DELVD
GLNRPSRVNDQVHWHODKGLWDPEDKNDQ
ND\XDWDXVWUXNWXUODLQGDULOLPEDKELR
6XPEHU.RWWQHU0ZZZVROVWLFHFUHVWRUJ
%LRJDV PXGDK WHUEHQWXN ELOD EDKDQ EDNXQ\D EHUEHQWXN EXEXU KDOXV DWDX
EXWLUDQNHFLO$JDUSHPEHQWXNDQELRJDVEHUODQJVXQJVHPSXUQDEDKDQEDNX\DQJ
EHUXSD SDGDWDQ VXOLW GLFHUQD VHEDLNQ\D GLJLOLQJ GLUDMDQJ GXOX .DQGXQJDQ
SDGDWDQGDODPEDKDQEDNXVHEDLNQ\DKDQ\D %DKDQEDNXEHUXSD VHOXORVD
OHELK PXGDK GLFHUQD ROHK EDNWHUL DQDHURELN VHGDQJNDQ EDKDQ EDNX \DQJ
PHQJDQGXQJOLJQLQVXOLWGLFHUQDFRQWRKMHUDPL
3URVHV3HPEXDWDQ%LRJDV
5HDNVL NHVHOXUXKDQ SHPEXDWDQ ELRJDV GDUL EDKDQEDKDQ RUJDQLN DGDODK
VHEDJDLEHULNXW
%DKDQEDKDQRUJDQLN &+ &2 +1 +6
$GDGXDWHNQRORJLXQWXNPHPEXDWELRJDV\DLWXGHQJDQ
)HUPHQWDVL NRWRUDQ PDQXVLD DWDX KHZDQ GL GDODP VXDWX GLJHVWHU \DQJ
GLUDQFDQJNKXVXVXPXPGLJXQDNDQ
0HQDQJNDSPHWDQD GDULWHPSDWSHQDPSXQJDQOLPEDKSHUNRWDDQ
%LRJDV GDODP SHQHOLWLDQ LQL GLKDVLONDQ GDUL SHQJXUDLDQ DQDHURELN =DW]DW
RUJDQLNGLPDVXNNDQNHGDODPVLVWHPGLOLQJNXQJDQ\DQJEHEDVRNVLJHQ$ZDOQ\D
]DW]DW RUJDQLN GLXUDLNDQ PHQMDGL NRPSRQHQNRPSRQHQ PROHNXODU JXOD DVDP
DPLQR JOLVHULQ GDQ DVDP OHPDN 0LNURRUJDQLVPH PHQJXEDK SURGXN
LQWHUPHGLDWH WHUVHEXW PHQMDGL + GDQ &2 NHPXGLDQ GLXEDK PHQMDGL &+ GDQ
+2VHVXDLUHDNVL
&2 + o &+ +2
6\DUDWV\DUDW\DQJGLSHUOXNDQXQWXNPHPEXDWELRJDV\DLWX
6XEVWUDWRUJDQLNKDUXVGDSDWGLXUDLNDQVHFDUDELRORJLNROHKPLNURRUJDQLVPH
6XEVWUDW KDUXV PHQJDQGXQJ LQKLELWRU SURVHV PLNURELRORJL GDODP MXPODK
PLQLPXP
7HPSHUDWXUVHODPDSURVHVSHQJXUDLDQVHNLWDUR&GDQQLODLS+
)HUPHQWDVLKDUXVWHUMDGLGLWHPSDW\DQJGLLVRODVLGDULXGDUDGDQFDKD\D
7DQJNL IHUPHQWDVL KDUXV GLDGXN VHFDUD SHULRGLN NDUHQD EDNWHUL FHQGHUXQJ
PHQHPSHO SDGD SDGDWDQ GL GDODP ODUXWDQ 'HQJDQ PHODNXNDQ SHQJDGXNDQ
FDPSXUDQ EDNWHUL DNDQ WHUVHEDU PHUDWD GL GDODP ODUXWDQ 6HODLQ LWX
SHQJDGXNDQ EHUIXQJVL XQWXN PHQJKLODQJNDQ EXLK GL SHUPXNDDQ FDPSXUDQ
OLPEDK-LNDKDOLQLWHUMDGLSURGXNVLJDVDNDQVHGLNLW-LNDSHQFDPSXUDQWLGDN
VHPSXUQDPDNDEDNWHULDQDHURELNKDQ\DDNDQPHQJXUDLNDQVDPSDKGLEDJLDQ
WHUWHQWXVDMDGDQDNDQEHUKHQWLPHQJXUDL VHWHODK]DWPDNDQDQQ\DKDELV
5HDNWRU KDUXV GLEXDW VHWHUWXWXS PXQJNLQ GDUL XGDUD OXDU NDUHQD EDNWHUL
SHQJKDVLOPHWDQDVDQJDWSHNDWHUKDGDSRNVLJHQ
.ULWHULD3HQHQWXDQ8PSDQ'LJHVWHU
7RWDO6ROLG
7RWDO VROLG 76 DGDODK EDQ\DNQ\D SDGDWDQ NHULQJ \DQJ WHUGDSDW GDODP
XPSDQ 8QWXN PHQJKLODQJNDQ SDGDWDQ VHQ\DZD RUJDQLN GLJXQDNDQ PHWRGH
SHQHQWXDQ MXPODK 9RODWLOH 6ROLG 96 DWDX SHQHQWXDQ &2' 8PSDQ \DQJ EDLN
PHQJDQGXQJ76
9RODWLOH6ROLG
9RODWLOH VROLG 96DGDODK EDQ\DNQ\D UHVLGX SDGDWDQ GDODP SDGDWDQ WRWDO
\DQJ WHODK GLSDQDVNDQ SDGD WHPSHUDWXU R& VHODPD MDP VHKLQJJD VHPXD
VHQ\DZD RUJDQLN GDODP SDGDWDQ NHULQJ GLXEDK PHQMDGL JDV &2 96 PHUXSDNDQ
XNXUDQ MXPODK ]DW RUJDQLN GL GDODP EDKDQ /DMX DOLU 96 \DQJ DPDQ LDODK J
96PKDUL
+\GUDXOLF5HWHQWLRQ7LPH
+\GUDXOLF5HWHQWLRQ7LPH +57 PHUXSDNDQXNXUDQODPDQ\DZDNWXFDLUDQ
EHUDGD GL GDODP GLJHVWHU .ULWHULD LQL SHQWLQJ NDUHQD MLND XPSDQ WLGDN WLQJJDO
ODPD GL GDODP UHDNWRU SURVHV WLGDN GDSDW WHUMDGL VHFDUD PHQ\HOXUXK GDQ ELRJDV
WLGDN DNDQ WHUEHQWXN /DZUHQFH PHQJHVWLPDVL ZDNWX WLQJJDO PLQLPXP XQWXN
SHURPEDNDQOLPEDKSDGDWDQOXPSXU\DLWXGDULKDULSDGDR&PHQMDGLKDUL
SDGD R& *UDG\ /HVOLH &3 VHGDQJNDQ ZDNWX WLQJJDO VDPSDK
XPXPQ\DDQWDUDKDUL
HILVLHQ LDODK DQWDUD VDPSDL NDUHQD PLNURRUJDQLVPH \DQJ EHNHUMD
PHQJJXQDNDQ&NDOLOHELKFHSDWGDULSDGD13HUEDQGLQJDQ&1\DQJEHVDU
PHQ\HEDENDQ QLWURJHQ VXGDK KDELV VHEHOXP NDUERQ GLXUDLNDQ VHPXD VHKLQJJD
SURGXNVL JDV VHGLNLW 5DVLR &1 \DQJ UHQGDK PHQ\HEDENDQ SURGXNVL JDV VHGLNLW
NDUHQD&FHSDWKDELV
3HQJHQFHUDQ6XEVWUDW
6XEVWUDW \DQJ EHUXSD NRWRUDQ KHZDQ KDUXV GLFDPSXU GHQJDQ DLU NDUHQD
PHPSXQ\DL SDGDWDQ NHULQJ OHELK EHVDU GDULSDGD $LU EHUIXQJVL XQWXN
PHODUXWNDQ PROHNXOPROHNXO EHVDU NDUERKLGUDW OHPDN GDQ SURWHLQ DJDU GDSDW
GLXUDLNDQ PHQMDGL PROHNXOPROHNXO \DQJ OHELK VHGHUKDQD DVDP DPLQR JXOD
DVDP OHPDN GDQ JOLVHURO 3HUEDQGLQJDQ DQWDUD DLU GDQ VXEVWUDW WHUJDQWXQJ GDUL
MHQLVVXEVWUDWQ\D.RWRUDQVDSLVHJDUPHPLOLNLNDGDUEDKDQNHULQJVHKLQJJD
GLHQFHUNDQ GHQJDQ SHUEDQGLQJDQ VHGDQJNDQ NRWRUDQ EDEL GDQ D\DP
3HQJHQFHUDQ LQL DNDQ PHPSHQJDUXKL ODMX SURGXNVL ELRJDV 6XEVWUDW \DQJ WHUODOX
SDGDW DNDQ PHPSHUFHSDW SURGXNVL NDUHQD ZDNWX \DQJ GLEXWXKNDQ UHODWLI VHGLNLW
GLEDQGLQJNDQ VXEVWUDW \DQJ WHUODOX HQFHU -XPODK SURGXNVLQ\D SXQ OHELK EDQ\DN
ELODGLEDQGLQJNDQ\DQJHQFHU-LNDMXPODKDLUNXUDQJWDKDSKLGUROLVLVWLGDNGDSDW
WHUMDGL GDQ PHQJDNLEDWNDQ JDJDOQ\D WDKDS SHPEHQWXNDQ DVDP GDQ WDKDS
SHPEHQWXNDQJDVPHWDQDNDUHQDEDNWHUL \DQJEHNHUMDSDGDNHGXDWDKDSLWXWLGDN
GDSDWPHQJXUDLNDQPROHNXOPROHNXOEHVDU
%DNWHUL \DQJ PHPSURGXNVL PHWDQD GLJXQDNDQ GDODP SURVHV DQDHURELN
XQWXN PHQJRODK DLU OLPEDK %DNWHULLQL PHQJXUDLNDQ EDKDQEDKDQ RUJDQLN WDQSD
2 GDQ PHQJKDVLONDQ ELRJDV VHEDJDL OLPEDKQ\D $GD GXD NHORPSRN
PLNURRUJDQLVPHGDODPSURVHVLQL\DLWX
%DNWHUL KLGUROLWLN \DQJ EDQ\DN WHUGDSDW GL VDPSDK GDQ OLPEDK OXPSXU GDQ
PHPSXQ\DL ODMX UHSURGXNVL \DQJ WLQJJL %DNWHUL LQL PHUXSDNDQ
PLNURRUJDQLVPH VDSURILWLN \DQJ PHQ\HUDQJ NRPSOHNV RUJDQLN GDQ
PHQJXEDKQ\DPHQMDGLPROHNXOPROHNXOVHGHUKDQD'LDQWDUDPLNURRUJDQLVPH
VDSURILWLN LQL WHUGDSDW EDNWHULEDNWHUL SHPEHQWXN DVDP \DQJ PHPSURGXNVL
DVDP OHPDN GHQJDQ EHUDW PROHNXO UHQGDK FRQWRK DVHWDW EXWLUDW GDQ ODLQ
ODLQ
%DNWHUL PHWDQRJHQ PHUXSDNDQ EDNWHUL DQDHURE REOLJDW \DQJ PHPSHUROHK
HQHUJL GDUL RNVLGDVL GDQ NDUERQ GDUL NDUERQGLRNVLGD %DNWHUL LQL PDPSX
PHQJJXQDNDQDVDPGDQKDVLOKDVLOODLQ\DQJGLEHQWXNROHKEDNWHULKLGUROLWLN
%DNWHULLQLWLGDNPHPEHQWXNVSRUDUHSURGXNVLQ\DODPEDWGDQPHQJKDVLONDQ
HQHUJL\DQJUHQGDK.DUHQDODMXSHPEHQWXNDQQ\DODPEDWSHPEHQWXNDQDVDP
DVDP RUJDQLN ELVD OHELK FHSDW GDULSDGD SHQJDVLPLODVLDQQ\D ROHK EDNWHUL
PHWDQ+DOLQLPHQ\HEDENDQS+WXUXQGDQNRQGLVLOLQJNXQJDQPHQMDGLWLGDN
FRFRNXQWXNEDNWHULPHWDQ-LNDKDOLQLWHUMDGLELDVDQ\DGLWDPEDKNDQOLPH GDQ
SURVHVGLKHQWLNDQVDPSDLNHDGDDQQRUPDOODJL
0HWKDQREDFWHULD GLEHGDNDQ PHQMDGL EDNWHUL PHVRILOLN GDQ WHUPRILOLN
/LQJNXQJDQ \DQJ VHVXDL XQWXN NHGXD EDNWHUL LDODK DGDQ\D NHVHLPEDQJDQ DQWDUD
MXPODK RUJDQLVPH SHUVHGLDDQ PDNDQDQ WHPSHUDWXU GDQ S+ %HEHUDSD IDNWRU
\DQJ GLXNXU XQWXN PHQJHWDKXL NHHIHNWLIDQ SURVHV DGDODK SURGXNVL JDV NXDOLWDV
GDQ NXDQWLWDV NHVHLPEDQJDQ SDGDWDQ WRWDO GDQ YRODWLO S+ %2' DVDPDVDP
YRODWLOOHPDNNDUDNWHULVWLNOXPSXUGDQEDX%HEHUDSDPDFDPEDNWHUL\DQJGDSDW
GLJXQDNDQXQWXNSHPEHQWXNDQELRJDVGDSDWGLOLKDWSDGD7DEHO
7DEHO%DNWHUL<DQJ%HUSHUDQ'DODP3HPEXDWDQ%LRJDV
7DKDS 6SHFLHV 3RSXODVLGDODP
WHPSHUDWXU
PHVRILOLN
+\GURO\WLF %XW\ULYLEULR&ORVWULGLXP P/
DFLGRJHQHVLV 5XQLPRFRFFXV$FHWLYLEULR
(XEDFWHULXP3HSWRFRFFXV
/DFWREDFLOOXV6WUHSWRFRFFXV
GDQODLQODLQ
$FHWRJHQLF $FHWREDFWHULXP$FHWRJHQLXP P/
(XEDFWHULXP3HOREDFWHU
&ORVWULGLXP0HWKDQREDFLOOXV
DPHOLRQVNLL6\QWURSKREDFWHU
ZROLQLL6\QWURSKREDFWHUZROIHL
6\QWURSKREDFWHUEXVZHOLL GDQ
ODLQODLQ
0HWKDQRJHQLF 0HWKDQREDFWHULXPVS P/
0HWKDQREUHYLEDFWHUVS
0HWKDQRFRFFXVVS
0HWKDQRPLFURELXPVS
0HWKDQRJHQLXPVS
0HWKDQRVSULOOLXPKXQJDWHLGDQ
ODLQODLQ
6XPEHU3HDY\
%HUGDVDUNDQ WHPSHUDWXU SHUWXPEXKDQQ\D EDNWHUL SHQJKDVLO ELRJDV
GLNHORPSRNNDQPHQMDGL
3V\FURSKLOLFEDFWHULD WXPEXKSDGDWHPSHUDWXUGLEDZDK&GHQJDQUHQWDQJ
WHPSHUDWXURSWLPXPVHNLWDU&
7LSHWLSH$ODW3HPEXDW%LRJDV
%HUGDVDUNDQSURVHVEHUODQJVXQJQ\DDGDGXD WLSHGLJHVWHU \DLWX
%DWFKVDDWVWDUWXSGLJHVWHU GLLVLGHQJDQEDKDQRUJDQLNGDQODQJVXQJGLRODK
3URGXNVL ELRJDV GLKHQWLNDQ VDDW EDNWHUL PHWDQRJHQ NHKDELVDQ PDNDQDQ
:DNWXWLQJJDOEHUJDQWXQJSDGDWHPSHUDWXUGDQIDNWRUODLQ6DDWSURVHVVHOHVDL
HIIOXHQW GLEXDQJ GDQ SURVHV GLXODQJL ODJL 7LSH LQL GLJXQDNDQ XQWXN
PHQJHYDOXDVLKDVLOGDULEHUEDJDLMHQLVXPSDQ
.RQWLQX EDKDQ RUJDQLN GLXPSDQNDQ NHGLJHVWHU VHFDUD NRQWLQX SHU VHODQJ
ZDNWXWHUWHQWX%DKDQPHQJDOLUPHODOXLGLJHVWHU VHFDUDPHNDQLNDWDXGHQJDQ
GRURQJDQ GDUL XPSDQ EDUX 3URGXN GLNHOXDUNDQ VHFDUD NRQWLQX VXSD\D OHYHO
GLJHVWHU WHWDS NRQVWDQ 7LSH LQL FRFRN XQWXN SURGXNVL VNDOD EHVDU $GD WLJD
WLSHGLJHVWHU NRQWLQX\DLWXVLVWHPWDQJNLYHUWLNDOVLVWHPWDQJNLKRUL]RQWDODWDX
DOLUDQ VXPEDW GDQ VLVWHP WDQJNL MDPDN .HOHELKDQ UHDNWRU DOLUDQ VXPEDW
DGDODK GDSDW PHQJKDQFXUNDQ VHNLWDU 76 GDUL XPSDQ GHQJDQ
NDQGXQJDQ76
'LJHVWHU GHQJDQ GHVDLQ SHQJRSHUDVLDQ GDQ SHPHOLKDUDDQ \DQJ WHSDW DNDQ
PHQJKDVLONDQSURGXNVLELRJDV \DQJWHWDSGDQGDSDWGLSHUNLUDNDQ'LJHVWHU GDSDW
GLEXDWGDULEDWXEDWDEDMDEHWRQDWDXSODVWLN%HQWXNQ\DGDSDWEHUXSDVLOREDN
SDOXQJEDVLQDWDXNRODPGDQGDSDWGLOHWDNNDQGLEDZDKWDQDKDWDXGLSHUPXNDDQ
'LJHVWHU GDUL EHWRQ \DQJ GLOHWDNNDQ GL EDZDK WDQDK WHODK GLEXNWLNDQ VDQJDW
EHUJXQD XQWXN SHUWDQLDQ GL EHEHUDSD QHJDUD VHSHUWL &LQD GLPDQD EDKDQ EDNDU
IRVLO GDQ OLVWULN PDKDO DWDX WLGDN WHUVHGLD 6HPXD GHVDLQ PHPSXQ\DL NRPSRQHQ
GDVDU \DQJ VDPD \DLWX WDQJNL DWDX DUHD SUDSHQFDPSXUDQ UHDNWRU VLVWHP
SHQJXPSXO ELRJDV GDQ VLVWHP XQWXN PHQGLVWULEXVLNDQ HIIOXHQW EDKDQ VLVD
'DODP EDE LQL DNDQ GLEDKDV PHQJHQDL EDKDQEDKDQ GDQ DODWDODW \DQJ
GLJXQDNDQGDODPSHQHOLWLDQVHUWDWDKDSWDKDS\DQJGLODNXNDQGLGDODPSHQHOLWLDQ
6HODLQLWXMXJDGLWDPSLONDQMDGZDO NHUMDSHQHOLWLDQ\DQJWHODKGLODNXNDQ
%DKDQGDQ$ODW
%DKDQEDKDQ XWDPD \DQJ GLJXQDNDQ GDODP SHQHOLWLDQ LQL DGDODK OLPEDK FDLU
UXPDK SRWRQJ KHZDQ %DKDQEDKDQ SHQXQMDQJ \DQJ GLJXQDNDQ DGDODK VHEDJDL
EHULNXW
.RWRUDQVDSLGDULUXPDKSRWRQJKHZDQ
.DOLXPGLNURPDW.&U2
3QHQDQWKUROLQHPRQRK\GUDWH&+1+2
)H62+2
)H1+62+2
$VDP6XOIDW+62SHNDW
$ODWDODW\DQJGLJXQDNDQXQWXNSHUFREDDQ XWDPDDGDODK
5HDNWRU\DQJEHUXSDODEX(UOHQPH\HUOLWHU
,QNXEDWRUXQWXNPHQMDJDWHPSHUDWXUNRQVWDQ
%DORQNDUHWVHEDJDLSHQDQJNDSJDV\DQJGLKDVLONDQ
7LPEDQJDQGLJLWDO
0DJQHWLFVWLUUHUEHUXNXUDQFP
.RQGHQVRU/LHELJ FP
3HPEDNDUEXQVHQ
.DNLWLJD GDQNDZDWNDVD
/DEXHUOHQPH\HU P/
/DEXHUOHQPH\HUP/
3LSHWWHWHV
6WDWLI
3LSHWYROXPHP/
3LSHWYROXPHP/
3LSHWYROXPHP/
%XUHWP/
*HODVXNXUPO
*HODVXNXUP/
/DEXXNXU P/
/DEXXNXU P/
%RWROVHPSURW
6SDWXOD
%DWDQJSHQJDGXN
)LOOHU
7DEXQJUHDNVL
*HODVNLPLDP/
0HWRGH
0HWRGH SHQHOLWLDQ \DQJ GLJXQDNDQ GDSDW GLEDJL PHQMDGL GXD EDJLDQ \DLWX
SHUFREDDQSHQGDKXOXDQ GDQSHUFREDDQXWDPD3HUFREDDQSHQGDKXOXDQGLODNXNDQ
XQWXN PHPEXDW VWDUWHU EHUXSD FDPSXUDQ NRWRUDQ VDSL GHQJDQ DLU 'DODP
SHUFREDDQ SHQGDKXOXDQ GLODNXNDQ DQDOLVLV NDGDU NDUERQ GDQ QLWURJHQ VHUWD
DQDOLVLV 0/66 0L[HG /LTXRU 6XVSHQGHG 6ROLGV SDGDVWDUWHU 6HGDQJNDQ GDODP
SHUFREDDQXWDPDGLODNXNDQDQDOLVLVNDGDU&2'SDGDVDPSHOGDQDQDOLVLVMXPODK
JDV \DQJWHUEHQWXN5LQJNDVDQWDKDSDQWDKDSDQ \DQJGLODNXNDQGDODPSHQHOLWLDQ
LQLGDSDWGLOLKDWSDGD*DPEDU
3HPEXDWDQVWDUWHU
3HPEXDWDQVDPSHOFDPSXUDQVWDUWHUGDQ
VXEVWUDWGHQJDQEHUEDJDLYDULDVL
$QDOLVLVNDGDU&2'GDQ0/66DZDO
SDGDVDPSHO
$QDOLVLVNDGDU&2'GDQ0/66DNKLUSDGD
VDPSHOGDQDQDOLVLVMXPODKJDV\DQJWHUEHQWXN
*DPEDU 5LQJNDVDQWDKDSDQWDKDSDQSHUFREDDQ
3HUFREDDQ3HQGDKXOXDQ
3HUFREDDQ SHQGDKXOXDQ GLODNXNDQ XQWXN PHPEXDW VWDUWHU EHUXSD FDPSXUDQ
NRWRUDQ VDSL GHQJDQ DLU GHQJDQ SHUEDQGLQJDQ 6WDUWHU GLEXDW VXSD\D SURVHV
SHPEHQWXNDQ JDV EHUODQJVXQJ OHELK FHSDW 'DODP SHUFREDDQ SHQGDKXOXDQ LQL
GLODNXNDQ DQDOLVLV NDGDU NDUERQ GDQ QLWURJHQ $QDOLVLV NDGDU QLWURJHQ GLODNXNDQ
GHQJDQ PHWRGH .MHKGDKO 6HODLQ LWX MXJD GLODNXNDQ DQDOLVLV 0/66 XQWXN
PHQJHWDKXLSHQLQJNDWDQMXPODKEDNWHULGLGDODPVWDUWHUDSDNDKWHODKPHPHQXKL
V\DUDW XQWXN EHUODQJVXQJQ\D SURVHV SHQJXUDLDQ DQDHURELN 7DKDSDQWDKDSDQ
SHPEXDWDQVWDUWHU GDSDWGLOLKDWGDODP*DPEDU
3URVHGXUSHUFREDDQ\DQJGLODNXNDQGDODPSHUFREDDQSHQGDKXOXDQDGDODK
.RWRUDQ VDSL GDQ DTXDGHVW GLPDVXNNDQ NH GDODP ODEX (UOHQPH\HU
EHUNDSDVLWDVP/GHQJDQSHUEDQGLQJDQVWDUWHU
6WDUWHU \DQJ WHODK GLEXDW GLDQDOLVLV NDGDU NDUERQ QLWURJHQ GDQ MXPODK
0/66Q\D
/DEXHUOHQPH\HUEHULVLVWDUWHU WHUVHEXWGLWXWXSGDQGLGLDPNDQVHODPD
KDULXQWXNPHOLKDWDSDNDKWHUMDGLSHUWXPEXKDQEDNWHULDWDXWLGDN
-LND VHWHODK KDUL WLPEXO JHOHPEXQJ XGDUD GL SHUPXNDDQQ\D KDO LWX
PHQXQMXNNDQEDNWHULWHUVHEXWWXPEXK-LNDJHOHPEXQJWHUVHEXWWLGDNDGD
EHUDUWLKDUXVGLWDPEDKNDQQXWULHQODJLNHGDODPVWDUWHU
-LNDWHUGDSDWJHOHPEXQJVWDUWHUGLDQDOLVLVMXPODK0/66Q\D-LND0/66
SSPPDNDVWDUWHU WHODKVLDSXQWXNGLFDPSXUGHQJDQVXEVWUDW
.RWRUDQVDSLGLODUXWNDQGHQJDQDLUGHQJDQ
SHUEDQGLQJDQGDQGLPDVXNNDQNH(UOHQPH\HU
6WDUWHU GLDQDOLVLVNDGDUNDUERQQLWURJHQGDQMXPODK
0/66Q\D
6HWHODKKDULDGD -LNDWLGDNDGD
JHOHPEXQJDWDX WDPEDKNDQQXWULHQ
WLGDN"
-LNDDGDDQDOLVLVMXPODK0/66Q\D
0/66 -LNDWLGDNVWDUWHU
SSP" GLVLPSDQODJL
-LND\DVWDUWHU VLDSGLJXQDNDQXQWXN
SHPEXDWDQVDPSHO
*DPEDU7DKDSWDKDSSHPEXDWDQVWDUWHU
3HUFREDDQ8WDPD
9DULDVL \DQJ GLODNXNDQ GDODP SHQHOLWLDQ LQL DGDODK SHUEDQGLQJDQ MXPODK
VXEVWUDW GDQ VWDUWHU 'DODP SHUFREDDQ XWDPD GLODNXNDQ DQDOLVLV NDGDU &2' GDQ
0/66 SDGDVDPSHOGDQDQDOLVLVMXPODKJDV\DQJWHUEHQWXN
3URVHGXUSHUFREDDQXWDPDDGDODK
6WDUWHU GDQ VXEVWUDW GLFDPSXU GHQJDQ YDULDVL SHUEDQGLQJDQ
GDQ GL GDODP (UOHQPH\HU EHUNDSDVLWDV
P/
6HPXDVDPSHO\DQJWHODKGLEXDWGLDQDOLVLVMXPODK0/66GDQNDGDU&2'
DZDOQ\D
'LPXOXW(UOHQPH\HUWHUVHEXWGLSDVDQJEDORQ\DQJDNDQGLJXQDNDQXQWXN
PHQDQJNDSJDV\DQJWHUEHQWXN
6HWLDS ODEX (UOHQPH\HU GLPDVXNNDQ NH GDODP LQNXEDWRU GDQ GLMDJDSDGD
VXKXR&6DPSHOGLDGXNVHODPDPHQLWVHWLDSKDUL
6HWLDS EHEHUDSD KDUL VHNDOL GLDPELO VDPSHO VHEDQ\DN P/ XQWXN
GLODNXNDQ DQDOLVLV &2' GDQ SHQJXNXUDQ YROXPH JDV \DQJ WHUEHQWXN
$QDOLVLVLQLGLODNXNDQVDPSDLPLQJJXNHHPSDW
6HWHODKPLQJJXNHHPSDWVHWLDSVDPSHOGLDQDOLVLVMXPODK0/66DNKLUGDQ
NDGDU&2'DNKLUQ\D
/DQJNDKODQJNDK\DQJGLODNXNDQGDODPSHUFREDDQXWDPDGDSDWGLOLKDWGDODP
*DPEDU
$QDOLVLV YROXPH JDV \DQJ WHUEHQWXN GLODNXNDQ GHQJDQ FDUD PHQJKLWXQJ
YROXPH UXDQJ NRVRQJ GL ODEX HUOHQPH\HU GDQ YROXPH EDORQ NDUHW 9ROXPHQ\D
GLKLWXQJGHQJDQPHQJDVXPVLNDQYROXPHEDORQVHEDJDLYROXPHEROD>9 [
[U@GLWDPEDKYROXPHUXDQJNRVRQJGDODPUHDNWRU
$QDOLVLV NDGDU &2' LQL GLODNXNDQ XQWXN PHQJHWDKXL MXPODK VXEVWUDW \DQJ
WHUXUDL ROHK PLNURRUJDQLVPH 0HWRGH \DQJ GLJXQDNDQ GDODP SHQHQWXDQ NDGDU
&2'DGDODKPHWRGHUHIOXNVWHUEXND0ROJDVGLKLWXQJPHODOXLSHQJXUDQJDQ&2'
GDODP ELRPDVVD 'HQJDQ PHQJXNXU YROXPH ELRPDVVD GDODP UHDNWRU GDQ QLODL
&2'Q\DSDGDDZDOGDQDNKLUSURVHVIHUPHQWDVLGDSDWGLKLWXQJMXPODKPROJDV
\DQJWHUEHQWXN
6DPSHOGLEXDWGHQJDQSHUEDQGLQJDQVWDUWHUVXEVWUDW
GDQ
0DVLQJPDVLQJVDPSHOGLDQDOLVLVMXPODK0/66DZDO
GDQNDGDU&2'DZDOQ\D
7LDSVDPSHOGLPDVXNNDQNHODEXHUOHQPHQ\HUGLSDVDQJ
EDORQNDUHWGLDWDVQ\DGDQGLPDVXNNDQNHLQNXEDWRU
EHUVXKXR&
6HWLDSVDPSHOGLDGXNVHWLDSKDULVHODPDPHQLW
GHQJDQPDJQHWLFVWLUUHU
6HWHODKEHEHUDSDKDULGLDPELOPOVDPSHOGDQGLDQDOLVLV
NDGDU&2'Q\DGDQYROXPHJDV\DQJWHUEHQWXN$QDOLVLV
GLODNXNDQVDPSDLPLQJJXNHHPSDW
6HWHODKPLQJJXNHHPSDWVHWLDSVDPSHOGLDQDOLVLVMXPODK
0/66DNKLUGDQNDGDU&2'DNKLUQ\D
*DPEDU 7DKDSDQWDKDSDQSHUFREDDQXWDPD
/RNDVLGDQ-DGZDO.HUMD
3HQHOLWLDQ GLODNXNDQ GL /DERUDWRULXP 3HQHOLWLDQ 8QLYHUVLWDV .DWROLN
3DUDK\DQJDQ -DGZDO NHUMD SHQHOLWLDQ \DQJ WHODK GLODNXNDQ GDSDW GLOLKDW SDGD
7DEHO
7DEHO -DGZDO.HUMD3HQHOLWLDQ
1R .HJLDWDQ 0DUHW $SULO 0HL -XQL
3HUVLDSDQDODWGDQEDKDQ
3HPEXDWDQDODW
3HUFREDDQSHQGDKXOXDQ
3HUFREDDQXWDPD
3HQJRODKDQGDWD
3HPEDKDVDQKDVLOSHUFREDDQ
3HQ\HOHVDLDQDNKLUODSRUDQ
%$%,9
+$6,/'$13(0%$+$6$1
5HDNWRU
)HUPHQWDVL DQDHURELN ELDVD GLODQJVXQJNDQ GDODP VXDWX UHDNWRU $GD
EDQ\DN MHQLV UHDNWRU \DQJ GDSDW GLJXQDNDQ 0DVLQJPDVLQJ UHDNWRU WHUVHEXW
PHPEHULNDQ NLQHUMD \DQJ EHUEHGDEHGD 8QWXN SHUFREDDQ LQL GLJXQDNDQ UHDNWRU
EDWFK \DQJ WHUEXDW GDUL ODEX (UOHQPH\HU EHUNDSDVLWDV OLWHU GHQJDQ NHUDQJDQ GL
EDJLDQ VDPSLQJ EDZDK GDQ EDJLDQ PXOXW (UOHQPH\HU WHUVHEXW GLWXWXS GHQJDQ
EDORQ $ODW LQL GDSDW GLOLKDW SDGD *DPEDU 5HDNWRU MHQLV LQL FXNXS EDLN GDQ
FXNXSVHVXDLXQWXNNHSHUOXDQPHQJDPDWLMXPODKELRJDV\DQJWHUEHQWXN
5HDNWRU KDUXV GLEXDW VHUDSDW PXQJNLQ GDUL XGDUD OXDU NDUHQD EDNWHUL
SHQJKDVLOPHWDQDVDQJDWSHNDWHUKDGDSRNVLJHQ2OHKNDUHQDLWXGLJXQDNDQXVDKD
XQWXNWLGDNPHPEXDWOXEDQJGLWXEXKUHDNWRU8QWXNSHUFREDDQLQLOXEDQJ \DQJ
GLEXDW DGD GXD \DLWX VDWX GL PXOXW (UOHQPH\HU QDPXQ GLWXWXS EDORQ VHEDJDL
SHQDQJNDS JDV \DQJ GLKDVLONDQ GDQ VDWX ODJL GL EDJLDQ VDPSLQJ EDZDK XQWXN
PHQJDPELOVDPSHO\DQJDNDQGLDQDOLVLVNDGDU&2'Q\D
6HODPD SURVHV EHUODQJVXQJ GLEXWXKNDQ SHQJDGXNDQ XQWXN
PHQ\HPSXUQDNDQSHQFDPSXUDQ3HQJDGXNDQLQLGLODNXNDQGHQJDQFDUDPHQDUXK
PDJQHWLFVWLUUHU GLGDODPUHDNWRUNHPXGLDQUHDNWRUGLWDUXKGLDWDVSHPXWDUGDQLVL
(UOHQPH\HU WHUVHEXW GLDGXN VHODPD PHQLW VHWLDS KDUL .HFHSDWDQQ\D GLDWXU
VXSD\DWLGDNWHUODOXWLQJJLVHKLQJJDYRUWH[ \DQJGLKDVLONDQWLGDNPHQ\HEDENDQLVL
UHDNWRU WHUVHEXW PHOXDS 3HQFDPSXUDQ \DQJ KRPRJHQ GLSHUOXNDQ NDUHQD LVL
UHDNWRU LQL PHUXSDNDQ FDPSXUDQ NDVDU \DQJ GDSDW WHUSLVDKSLVDK EHUGDVDUNDQ
PDVVD MHQLVQ\D -LND SHQFDPSXUDQ WLGDN VHPSXUQD EDNWHUL DQDHURE KDQ\D DNDQ
PHQJXUDLNDQ VDPSDK GL EDJLDQ WHUWHQWX VDMD GDQ DNDQ EHUKHQWL PHQJXUDL VHWHODK
]DWPDNDQDQQ\DKDELV
8QWXN NHSHUOXDQ SHUFREDDQ LQL GLJXQDNDQ GHODSDQ EXDK (UOHQPH\HU
EHUNDSDVLWDV OLWHU \DQJ GLRSHUDVLNDQ SDGD WHPSHUDWXU R& GHQJDQ
PHQJJXQDNDQLQNXEDWRUXQWXNPHPSHUWDKDQNDQVXKXWHUVHEXW
*DPEDU5HDNWRU
/LPEDK&DLU5XPDK3RWRQJ+HZDQGDQ.RWRUDQ6DSL
/LPEDKFDLUUXPDKSRWRQJKHZDQGDQNRWRUDQVDSLGLSHUROHKGDUL5XPDK
3RWRQJ+HZDQGDQ'LQDV3HUWDQLDQ-O$UMXQD%DQGXQJ/LPEDKFDLULQLEHUXSD
FXFLDQGDULLVLSHUXW UXPHQVDSL \DQJVXGDKGLSRWRQJGDQGLEHUVLKNDQ /LPEDK
FDLU LQL GDODP NHDGDDQ VHJDU ODQJVXQJ GLDPELO VHVHJHUD PXQJNLQ VHWHODK VDSL
WHUVHEXWGLSRWRQJGDQLVLSHUXWQ\DGLFXFL+DOLQLGLVHEDENDQNDUHQDOLPEDKVXGDK
PHQJDQGXQJ EDNWHULEDNWHUL \DQJ GLEXWXKNDQ VHKLQJJD WLGDN SHUOX WHUODOX ODPD
GLGLDPNDQGLXGDUDWHUEXND.RWRUDQVDSLMXJDWLGDNGLGLDPNDQGLXGDUD WHUEXND
NDUHQDVXGDKPHQJDQGXQJEDQ\DNEDNWHULGLGDODPQ\D
3HPEXDWDQ6WDUWHU
6WDUWHU GLEXDW GHQJDQ PHQJJXQDNDQ NRWRUDQ VDSL VHEDJDL WHPSDW
EHUWXPEXKGDQEHUNHPEDQJELDNQ\DEDNWHULDHUREGDQDQDHURE8PXPQ\DMXPODK
EDNWHUL DHURELN GDODP NRWRUDQ VDSL OHELK EHVDU GDULSDGD EDNWHUL DQDHURELN
.RWRUDQ VDSL WHUVHEXW GLFDPSXU GHQJDQ DLU GHQJDQ SHUEDQGLQJDQ GDQ
FDPSXUDQLQLGLQDPDNDQGHQJDQVWDUWHU6WDUWHU GLWDUXKGLGDODPHUOHQPH\HU\DQJ
GLWXWXSSODVWLNXQWXNPHQFLSWDNDQVXDVDQDDQDHURELNVHKLQJJDGLKDUDSNDQEDNWHUL
DQDHURELNDNDQEHUWXPEXKVHGDQJNDQEDNWHULDHURELNDNDQPDWL
3DGD DZDOQ\D VWDUWHU WHUVHEXW GLFHN NDGDU 0/66Q\D XQWXN PHQJHWDKXL
SHUNHPEDQJELDNDQ RUJDQLVPH GL GDODP NRWRUDQ VDSL 1LODL 0/66 VWDUWHU GDSDW
GLOLKDW GDUL 7DEHO .HPDPSXDQ RUJDQLVPH GL GDODP NRWRUDQ VDSL
PHQJJXQDNDQ VXEVWUDW OLPEDK UXPDK SRWRQJ KHZDQ GLWDQGDL GHQJDQ
PHQLQJNDWQ\D KDUJD 0/66 VHODPD SURVHV SHPEXDWDQ VWDUWHU 6HODLQ LWX MXJD
GLODNXNDQSHQJHFHNDQNDGDU&1Q\D.DGDU&1VWDUWHU GDSDWGLOLKDWSDGD7DEHO
6HWHODK GXD KDUL PDND DNDQ WLPEXO JHOHPEXQJ \DQJ PHQDQGDL VWDUWHU
WHUVHEXWGDODPNRQGLVLEDLNNDUHQDPLNUREDGDSDWWXPEXKGLGDODPQ\DGDQFXNXS
DNDQQXWULHQ
7DEHO1LODL0/66GDUL6WDUWHU
0/66
6WDUWHU $ZDO $NKLU
KDULNH KDULNH
,
XQWXNVDPSHO
,,
XQWXNVDPSHO
7DEHO.DGDU&1GDUL6WDUWHU
6WDUWHU .DGDU&SSP .DGDU1SSP &1
,
XQWXNVDPSHO
,,
XQWXNVDPSHO
NHDGDDQEHQDUEHQDUEHUVLKGDULNRWRUDQODLQQ\DVHUWDPHQJDQGXQJMXJD]DWND\X
DWDXOLJQLQEHUXSDMHUDPL-HUDPLLQLVDQJDWVXOLWGLFHUQDVHKLQJJDDNDQWHUDSXQJ
SDGDSHUPXNDDQGDQPHPEHQWXNNHUDN.HUDNLQLDNDQPHQJKDODQJLODMXSURGXNVL
JDV 'LGXJD DNLEDW DGDQ\D MHUDPL GDQ NRWRUDQNRWRUDQ \DQJ ODLQ PDND 0/66
EHUQLODLEHVDUNDUHQDQLODL0/66LQLPHQFDNXSMXPODKEDNWHULGDQVHPXDSDGDWDQ
6HKDUXVQ\D XQWXN PHQJHWDKXL MXPODK EDNWHUL \DQJ DGD GDODP VWDUWHU GLODNXNDQ
DQDOLVLV 0/966 0L[HG /LTXRU 9RODWLOH 6XVSHQGHG 6ROLG 1DPXQ NDUHQD
NHWHUEDWDVDQDODWPDNDDQDOLVLVLQLWLGDNGDSDWGLODNXNDQ
3HPEXDWDQ6DPSHO
6DPSHO GLEXDW GHQJDQ EHUEDJDL YDULDVL SHUEDQGLQJDQ NRWRUDQ VDSL GDQ
OLPEDKFDLUUXPDKSRWRQJKHZDQ$GDYDULDVL\DQJGLJXQDNDQ\DLWX
GDQ 3HUFREDDQ LQL GLODNXNDQ GDODP EDJLDQ
\DLWXEDJLDQ,66GHQJDQYROXPHWRWDOP/GDQEDJLDQ,,66GHQJDQ
YROXPHWRWDOP/6HEHOXPGDQVHVXGDKPHODNXNDQSHUFREDDQDNDQGLKLWXQJ
QLODL0/66Q\DXQWXNPHQJHWDKXLDSDNDKSHUFREDDQLQLEHUKDVLODWDXWLGDN'DWD
KDVLOSHUKLWXQJDQ0/66GDSDWGLOLKDWSDGD7DEHO'DODPPHQJKLWXQJ0/66
GLJXQDNDQDODWEHUXSDRYHQGDQFRURQJEXVFKQHU$ODWGDSDWGLOLKDWSDGD*DPEDU
GDQ
7DEHO'DWD3HUKLWXQJDQ0/66
0/66DZDOSSP 0/66DNKLUSSP
6
6
6
6
6
6
6
6
*DPEDU 2YHQ
*DPEDU&RURQJ%XVFKQHU
$QDOLVLV&2'/LPEDK&DLU5XPDK3RWRQJ+HZDQ
8PXPQ\D VDWXDQ \DQJ PHQ\DWDNDQ NDQGXQJDQ EDKDQ RUJDQLN GL GDODP
OLPEDKFDLUDGDODKPJ%2'/ELODDQDOLVLV\DQJGLODNXNDQDGDODKDQDOLVLV%2'
1DPXQGDODPSHQHOLWLDQLQLGLJXQDNDQDQDOLVLV&2'NDUHQD DQDOLVLV&2'OHELK
PXGDK GDQ OHELK SUDNWLV ELOD GLEDQGLQJNDQ GHQJDQ DQDOLVLV %2' %LOD XQWXN
PHODNXNDQVDWXNDOLDQDOLVLV%2'PHPDNDQZDNWXKDULPDNDXQWXNPHODNXNDQ
VDWXNDOLDQDOLVLV&2'KDQ\DPHPDNDQZDNWXNXUDQJOHELKMDP$QDOLVLV&2'
MXJD GLSLOLK NDUHQD GDSDW GLFDUL KXEXQJDQ DQWDUD %2' GDQ &2' GHQJDQ FDUD
PHPSORWKDUJD%2'GDQ&2'GDULOLPEDKFDLUUXPDKSRWRQJKHZDQSDGDVHWLDS
NRQVHQWUDVL NH GDODP VXDWX JUDILN VHKLQJJD PHQJKDVLONDQ SHUVDPDDQ \DQJ GDSDW
PHQJNDOLEUDVLNDQ KDUJD &2' NH GDODP KDUJD %2' 1DPXQ NDUHQD DGDQ\D
NHWHUEDWDVDQZDNWX \DQJGLJXQDNDQXQWXNDQDOLVLV%2'PDNDSHPEXDWDQNXUYD
NDOLEUDVL WHUVHEXW WLGDN GDSDW GLODNXNDQ $QDOLVLV &2' VHQGLUL VHEHQDUQ\D VXGDK
FXNXS XQWXN PHQJJDPEDUNDQ KDVLO SHUFREDDQ NDUHQD VHODLQ %2' &2' MXJD
WHUPDVXN SDUDPHWHU XWDPD GDODP SHQFHPDUDQ OLQJNXQJDQ KDQ\D \DQJ OHELK
XPXPGLJXQDNDQDGDODK%2'
&2' PHQ\DWDNDQ MXPODK RNVLJHQ \DQJ GLSHUOXNDQ XQWXN PHQJXUDLNDQ
EDKDQ RUJDQLN GHQJDQ EDQWXDQ VHQ\DZD NLPLD 6HPDNLQ WLQJJL KDUJD &2'
PHQXQMXNNDQNDGDU]DWSHQFHPDUGDODPOLPEDKVHPDNLQEHVDU3URVHVSHQJXUDLDQ
DQDHURELN PHQXUXQNDQ KDUJD &2' GDODP OLPEDK FDLU UXPDK SRWRQJ KHZDQ
QDPXQSHQXUXQDQQ\DWLGDNWHUODOXEHVDU3HUVHQWDVHSHQXUXQDQ&2'GDSDWGLOLKDW
SDGD 7DEHO .XUYD SHQXUXQDQ QLODL &2' GDSDW GLOLKDW SDGD *DPEDU GDQ
*DPEDU
%LOD GLWLQMDX GDUL EHVDUQ\D SHUVHQ UHGXNVL SURVHV DQDHURELN OLPEDK FDLU
UXPDK SRWRQJ KHZDQ GLNDWDNDQ EHUKDVLO ELOD VLVWHP PHQFDSDL UHGXNVL &2'
VHEHVDU
7DEHO3HUVHQWDVH3HQXUXQDQ+DUJD&2'
5XQ &2'DZDOPJ/ &2'DNKLUPJ/ 3HQJXUDQJDQ
6
6
6
6
6
6
6
6
.XUYD3HQXUXQDQ&2'6DPSHO 6DPSHO
6DPSHO
6DPSHO
6DPSHO
6DPSHO
1LODL&2'SSP
+DULNH
*DPEDU .XUYD&2'VDPSHO
.XUYD3HQXUXQDQ&2'6DPSHO
6DPSHO
6DPSHO
6DPSHO
1LODL&2'SSP
+DULNH
*DPEDU.XUYD&2'VDPSHO
EDQ\DNMXPODKRNVLJHQ\DQJKDUXVGLXUDLNDQROHKEDNWHULDHURELN-XPODKRNVLJHQ
\DQJ EHVDU PHQ\HEDENDQ EDNWHUL DHURELN EHUNHPEDQJ SHVDW VHKLQJJD VHEDJLDQ
EHVDUEDNWHULDQDHURELNDNDQPDWLGDQSURVHVDQDHURELNWLGDNGDSDWEHUODQJVXQJ
+DO LQL GDSDW GLOLKDW SDGD *DPEDU XQWXN VDPSHO \DLWX WLGDN DGD
NHFHQGHUXQJDQ\DQJGDSDWGLDPELOVHEDJDLNHVLPSXODQ
'DUL*DPEDUXQWXNVDPSHOWHUOLKDWEDKZDSDGDDZDOQ\DQLODL&2'
DNDQQDLNNHPXGLDQWXUXQ$GDQ\DRNVLJHQGDODPUXDQJNRVRQJGLUHDNWRUDNDQ
PHQ\HEDENDQ WHUMDGLQ\D SHQJXUDLDQ DHURELN VHKLQJJD QLODL &2' QDLN .DUHQD
UXDQJ NRVRQJ GDODP UHDNWRU FXNXS NHFLO PDND EDNWHUL DQDHURELN PDVLK GDSDW
EHUWXPEXK ZDODXSXQ MXPODKQ\D WLGDN EDQ\DN VHKLQJJD SHQXUXQDQ QLODL &2'
WLGDN WHUODOX GUDVWLV GDQ GHQJDQ GHPLNLDQ SHQJXUDLDQ DQDHURELN WLGDN GDSDW
EHUODQJVXQJ GHQJDQ VHPSXUQD 0LNURRUJDQLVPH DQDHURELN VHQGLUL DNDQ
PHQJXUDLNDQOLPEDKVHKLQJJDNDGDU&2'OLPEDKPXODLWXUXQ$ODWXQWXNDQDOLVLV
&2'GDSDWGLOLKDWSDGD*DPEDU
*DPEDU$ODWXQWXNDQDOLVLV&2'
*DPEDU 6DPSHOVHWHODKGLSDQDVNDQ
*DPEDU 6DPSHOVHWHODKGLWLWUDVL
3URGXNVL*DV
:DNWX WLQJJDO OLPEDK FDLU UXPDK SRWRQJ KHZDQ GLSHUNLUDNDQ VHEXODQ
6HKDUXVQ\DNHEHUDGDDQJDVGLWDQGDLGHQJDQEDORQNDUHW\DQJVHPXODPHQJHPSLV
PHQMDGLPHQJHPEDQJ1DPXQWHUQ\DWDKDVLOSHQHOLWLDQ\DQJWHODKGLODNXNDQWLGDN
PHPLOLNLKDVLO\DQJVHVXDLGHQJDQOLWHUDWXU\DQJDGD
$GDEHEHUDSDNHQGDOD\DQJGLKDGDSLVDDWPHODNXNDQSHQJXNXUDQSURGXNVL
JDVGLDQWDUDQ\D
%HEHUDSD EDORQ \DQJ GLJXQDNDQ VREHN VHKLQJJD KDUXV GLODNXNDQ
SHQJJDQWLDQEDORQ
%DORQ\DQJGLJXQDNDQWHUWDULNPDVXNNHGDODP(UOHQPH\HUOLKDW*DPEDU
%DORQWLGDNPHQJHPEDQJVDPDVHNDOLVHKLQJJDGLDVXPVLNDQWLGDNDGDJDV
\DQJGLSURGXNVLOLKDW*DPEDU
*DPEDU%DORQPDVXNNHGDODPHUOHQPH\HU
*DPEDU %DORQWLGDNPHQJHPEDQJ
%$%9
.(6,038/$1'$1 6$5$1
.HVLPSXODQ
%HUGDVDUNDQ KDVLO SHUFREDDQ GDQ DQDOLVLV \DQJ WHODK GLODNXNDQ GDSDW
GLDPELONHVLPSXODQEDKZDSURVHVSHQJXUDLDQ \DQJWHUMDGLVHEDJLDQEHVDUDGDODK
SHQJXUDLDQ VHFDUD DHURELN +DO LQL GLVHEDENDQ NDUHQD NRQGLVL SHUDODWDQ \DQJ
NXUDQJPHPDGDL
6DUDQ
$GDSXQ EHEHUDSD VDUDQ \DQJ GLXVXONDQ XQWXN SHQJRODKDQ OLPEDK FDLU
UXPDKSRWRQJKHZDQGHQJDQVLVWHPDQDHURELNPHQJJXQDNDQUHDNWRUEDWFK DGDODK
VHEDJDLEHULNXW
6HEDLNQ\DGLJXQDNDQUHDNWRUGDQSHUDODWDQODLQ\DQJOHELKPHQXQMDQJ
3DGDVDDWSHQJHFHNDQ0/66VHEDLNQ\DWLGDNGLODNXNDQSHQJDGXNDQSDGD
VDPSHO VXSD\D WLGDN WHUDPELO SDGDWDQSDGDWDQ \DQJ PHQJHQGDS SDGD
VDPSHO
.RWRUDQ\DQJGLJXQDNDQVHEDLNQ\DPHQJDQGXQJMHUDPLNHULNLONHFLOGDQ
EHQGDEHQGDODLQQ\DGDODPMXPODK\DQJNHFLO
3HUOX GLODNXNDQ DQDOLVLV 0/966 SDGD VWDUWHU GDQ VDPSHO XQWXN
PHQJHWDKXLMXPODKEDNWHUL\DQJWXPEXKVHFDUDSDVWL
'DODPGXQLDLQGXVWULVWDUWHU GDQVDPSHOVHEDLNQ\DGLHQGDSNDQGXOXXQWXN
PHQJKLODQJNDQSDGDWDQWHUVXVSHQVL
6WDUWHU \DQJ GLJXQDNDQ VHEDLNQ\D GDODP MXPODK \DQJ FXNXS EDQ\DN
VXSD\DSHQJRODKDQDQDHURELNGDSDWEHUODQJVXQJOHELKFHSDW
6HEDLNQ\D UXDQJ NRVRQJ GDODP UHDNWRU WLGDN WHUODOX EHVDU VXSD\D EDNWHUL
DQDHURELNWHWDSGDSDWEHUWXPEXK
'$)7$53867$.$
$QRQLP%LRJDVDQG/LTXLG%LRIXHOVKWWSZZZLWGJRUJ
$QRQLP%LRJDV:RUNV+RPH3DJHKWWSZZZELRJDVZRUNVFRP
$QRQLP (QYLURQRPLFV 7XUQLQJ :DVWH ,QWR 3URILWV
KWWSZZZZDVWHSURILWVFRP
$QRQLP KWWSZZZ\DKRRFRPJRRJOHVWKH PHDQV RI G\H ELQGLQJDVKFRQWHQW
FKDSWHU
$QRQLP8QORFNLQJWKH3RZHUKWWSZZZELRJDVZRUNVFRP
%DGDQ 3HQJHQGDOLDQ 'DPSDN /LQJNXQJDQ +LPSXQDQ 3HUDWXUDQ
7HQWDQJ3HQJHQGDOLDQ'DPSDN/LQJNXQJDQ6HUL9,,
%LUJLWWH . GDQ ,ULQL $QJHOLGDNL 0RQLWRULQJ DQG &RQWUROOLQJ 7KH %LRJDV
3URFHVV3URFWK,QWHUQDWLRQDO&RQI2Q$QDHURELF'LJHVWLRQ 9RO
&KDQJ'XN-RRQ0RR+XUGDQ7DL+DN&KXQJ'LJHVWLRQRI0XQLFLSDO
6OXGJH E\ $QDHURELF 6HTXHQFLQJ %DWFK 5HDFWRU :DWHU 6FLHQFH DQG
7HFKQRORJ\9RO1RKDO
'HJUHPRQW:DWHU7UHDWPHQW+DQGERRN WK HG9ROXPH)UDQFH
(5(& %ULHI 0HWKDQH %LRJDV IURP $QDHURELF 'LJHVWHUV
KWWSZZZHHUHHQHUJ\JRY
(ULFNVRQ/DUU\('DQLHO<HHGDQ&KDN)XQJ+DQGERRNRQ$QDHURELF
)HUPHQWDWLRQV0DUFHO'HNNHU,QF1HZ<RUN
)DXVW 8 3 3UDYH : 6LWWLJ GDQ '$ 6XNDWVFK )XQGDPHQWDOV RI
%LRWHFKQRORJ\ 9&+ 9HUODJVJHVHOOVFKDIW PE+ ' :HLQKHLP )HGHUDO
5HSXEOLFRI*HUPDQ\
*UDG\&3/HVOLHGDQ+HQU\&/LP %LRORJLFDO:DVWHZDWHU7UHDWPHQW
7KHRU\DQG$SSOLFDWLRQV0DUFHO'HNNHU,QF1HZ<RUN
+DUDKDS ) 0 $SSDQGL 6 *LQWLQJ 7HNQRORJL *DV %LR 3XVDW
7HNQRORJL3HPEDQJXQDQ,7%%DQGXQJ
.LHO\ * (QYLURQPHQWDO (QJLQHHULQJ 7KH 0F*UDZ+LOO &RPSDQLHV
/RQGRQ
.RWWQHU 0 %LRJDV $JULFXOWXUH DQG ,QGXVWU\ 3RWHQWLDOV 3UHVHQW 8VH DQG
3HUVSHFWLYHVKWWSZZZVROVWLFHFUHVWRUJ
0HWFDOI GDQ (GG\ :DVWHZDWHU (QJLQHHULQJ 7UHDWPHQW 'LVSRVDO DQG
5HXVHUG HG0F*UDZ+LOO,QWHUQDWLRQDO(GLWLRQV6LQJDSRUH
1HPHURZ 1HOVRQ / ,QGXVWULDO :DWHU 3ROOXWLRQ 2ULJLQV
&KDUDFWHULVWLFDQG7UHDWPHQW$GGLVRQ:HVOH\3XEOLVKLQJ&RPSDQ\86$
3DLPLQ )DUU\ % $ODW 3HPEXDW %LRJDV GDUL 'UXP 3HQHEDU 6ZDGD\D
-DNDUWD
3HDY\ +RZDUG 6 'RQDOG 5 5RZH GDQ *HRUJH 7FKREDQRJORXV
(QYLURQPHQWDO (QJLQHHULQJ 0F*UDZ+LOO ,QWHUQDWLRQDO (GLWLRQV
6LQJDSRUH
6DZ\HU&ODLU13HUU\/0F&DUW\GDQ*HQH)3DUNLQ&KHPLVWU\IRU
(QYLURQPHQWDO (QJLQHHULQJ WK HG 7$7$ 0F*UDZ+LOO 3XEOLVKLQJ
&RPSDQ\1HZ'HOKL
6KDQQRQ5RQ%LRJDV KWWSZZZURVQHDWKFRPDX
6LWRKDQJ 7RQJDP -RKDQQHV / GDQ ,KZDQ 8OXO )LUGDXV (YDOXDVL
3DUDPHWHUSDUDPHWHU<DQJ0HPSHQJDUXKL3URGXNVL%LRJDV3DGD%LRUHDNWRU
$QDHURELN-XUXVDQ7HNQLN.LPLD)DNXOWDV7HNQRORJL,QGXVWUL,7%
6WRXW %$ (QHUJ\ 8VH DQG 0DQDJHPHQW LQ $JULFXOWXUDO :DVWHV DQG
5HVLGXH&5&3UHVV,QF%RFD5DWRQ)ORULGD
8QLYHUVLW\ RI )ORULGD &LYLO (QJLQHHULQJ :DVWH 'LJHVWHU 'HVLJQ
KWWSZZZFHXIOHGX
<HVKDMDKX 3RPHUDQ] GDQ &OLIWRQ ( 0HORDQ )RRG $QDO\VLV 7KHRU\
DQG3UDFWLFHQG HG1RVWUDQG5HLQKROG &RPSDQ\1HZ<RUN
/$03,5$1$
$1$/,6,6.$'$5 &2'
-XPODK ]DW RUJDQLN GDODP DLU \DQJ PHOHELKL DPEDQJ EDWDV PHQXQMXNNDQ
DGDQ\D SHQFHPDUDQ WHUKDGDS DLU WHUVHEXW =DW RUJDQLN PHUXSDNDQ PDNDQDQ
PLNURRUJDQLVPH =DW RUJDQLN PHQ\HEDENDQ DLU PHQMDGL EHUZDUQD PHPSXQ\DL
UDVD GDQ EDX \DQJ WDN VHGDS VHUWD GDSDW PHQJJDQJJX SURVHV SHQJRODKDQ DLU
.DUHQD VXOLW XQWXN PHQJHWDKXL EHUDSD EDQ\DN ]DW RUJDQLN GDODP DLU PDND
GLWHWDSNDQVXDWXSDUDPHWHU\DQJGLNHQDOGHQJDQ&2'
&2' DGDODK EDQ\DNQ\D RNVLJHQ \DQJ GLEXWXKNDQ XQWXN PHQJRNVLGDVL ]DW
RUJDQLN PDXSXQ DQRUJDQLN \DQJ EHUVLIDW UHGXNWRU VHFDUD NLPLD SDGD NRQGLVL
WHUWHQWXVXDVDQDDVDPGDQGLSDQDVNDQGDODPWLDSOLWHUDLU
'DVDU3HQHWDSDQ
=DW RUJDQLN GLRNVLGDVL ROHK NDOLXP GLNURPDW EHUOHELK GDODP NHDGDDQ DVDP
VDPELO GLSDQDVNDQ .HOHELKDQ GLNURPDW GLWLWUDVL NHPEDOL GHQJDQ JDUDP IHUR
WHUKDGDSLQGLNDWRUIHURLQ
3HUVLDSDQ5HDJHQ
%DKDQEDKDQ\DQJGLJXQDNDQGDODPSHQHQWXDQNDGDU&2'GDODPOLPEDKFDLU
DGDODKVHEDJDLEHULNXW
/DUXWDQ VWDQGDU NDOLXP ELNURPDW 1 /DUXWDQ LQL GLEXDW GHQJDQ
PHODUXWNDQ JU.&U2 GDODPP/DTXDGHVW
/DUXWDQDVDPVXOIDWSHNDW
/DUXWDQLQGLNDWRUIHURLQ/DUXWNDQJUSQHQDQWKUROLQHPRQRK\GUDWH
&+1+2 GDQ JU )H62+2 GDODP DTXDGHV GDQ HQFHUNDQ
KLQJJDP/
/DUXWDQ VWDQGDU IHUURXV DPPRQLXP VXOIDWH )$6 1 8QWXN PHPEXDW
ODUXWDQ LQL ODUXWNDQ JU )H1+62+2 GDODP DTXDGHV 6HWHODK LWX
WDPEDKNDQ ODUXWDQ +62 P/ GLQJLQNDQ GDQ ODUXWNDQ KLQJJD
3URVHGXU3HQHQWXDQ.DGDU&2'
0DVXNNDQP/VDPSHONHGDODPODEXGLGLKEXODWP/
7DPEDK P/ ODUXWDQ VWDQGDU .&U2 1 NHPXGLDQ P/ +62
SHNDWGHQJDQKDWLKDWLPHODOXLGLQGLQJODEX
0DVXNNDQ EHEHUDSD EXWLU EDWX GLGLK NHPXGLDQ FDPSXUNDQ GLDGXN GHQJDQ
MDODQPHQJJR\DQJNDQODEXGHQJDQKDWLKDWL
6HNDUDQJFDPSXUDQGLUHIOX[VHODPDMDP
'LQJLQNDQ ELODV DODW UHIOX[ SHQGLQJLQ WLJD NDOL GHQJDQ VHGLNLW DLU GDQ
SLQGDKNDQ FDLUDQ NH GDODP ODEX (UOHQPH\HU P/ NHPXGLDQ HQFHUNDQ
KLQJJDLVLQ\DPHQMDGLP/GHQJDQDLUVXOLQJ
7DPEDKNDQ WHWHV LQGLNDWRU IHURLQ NHPXGLDQ WLWUDVL GHQJDQ ODUXWDQ
VWDQGDU )$6 VDPSDL WHUMDGL SHUXEDKDQ ZDUQD GDUL ELUX KLMDX NH PHUDK
NHFRNODWDQ
/DNXNDQ SHQHWDSDQ EODQNR GHQJDQ SHUODNXDQ VHSHUWL GL DWDV WHWDSL WLGDN
PHPDNDLVDPSHO
.DGDU&2'GDODPOLPEDKFDLUGDSDWGLKLWXQJGHQJDQPHQJJXQDNDQUXPXV
$ % u 1 u
&2'PJ2/ ' PJ /
P/VDPSHO
.HWHUDQJDQ$ P/)$6\DQJGLJXQDNDQXQWXNWLWUDVLEODQNR
% P/)$6\DQJGLJXQDNDQXQWXNWLWUDVLVDPSHO
1 QRUPDOLWDV )$6
' NRUHNVLGDULNORULGD PJ/&O
3HUDODWDQ
x .RQGHQVRU/LHELJ FP
x /DEXGLGLKP/GHQJDQOHKHUWHUDVDK
x 0DQWHOSHPDQDVKHDWHU
x 3LSHWVHXNXUDQGDQP/
x %XUHWP/
x *HODVXNXUP/
x /DEXVHXNXUDQOLWHU
/$03,5$1%
$1$/,6,6.$'$51,752*(1
*DPEDU% 6XVXQDQDODWDQDOLVLVSURWHLQ
.HWHUDQJDQ
/DEX.MHKGDKO
3HPDQDVEXQVHQ
7LDQJSHQ\DQJJD
$GDSWRUEXODW
.RQGHQVRU
$GDSWRUOHQJNXQJ
/DEXHUOHQPH\HU
3HUDODWDQ
.HUWDVVDULQJMHQLV:KDWPDQQRGHQJDQGLDPHWHUPP
&RURQJ%XVFKQHUGHQJDQGLDPHWHUGDODPSDGDGDVDUPP
%RWROSHQ\DULQJP/
3RPSDYDNXPZDWHUMHW
3URVHGXU3HQJHUMDDQ
3DQDVNDQNHUWDVVDULQJGDODPRYHQSDGDWHPSHUDWXU&VHODPDMDP
VHKLQJJDNDQGXQJDQDLUQ\DKDELVNHPXGLDQGLWLPEDQJEHUDWQ\D$JUDP
/HWDNNDQNHUWDVVDULQJNRVRQJGLDWDVFRURQJ%XVFKQHUGDQEDVDKLGHQJDQ
DTXDGHVVDPSDLPHUDWDDJDUPHQHPSHOGLFRURQJ
$PELOP/VDPSHOGDQVDULQJVDPSHOWHUVHEXWPHODOXLFRURQJ%XVFKQHU
$JDU SURVHV SHQ\DULQJDQ EHUODQJVXQJ FHSDW EDQWX SHQJLVDSDQ GHQJDQ
SRPSD YDNXP PHODOXL ERWRO SHQ\DULQJ /DNXNDQ SHQ\DULQJDQ VHEDQ\DN
GXDNDOLWHUKDGDSILOWUDW\DQJGLSHUROHK
.HUWDV VDULQJ GDQ FDNH GL DWDVQ\D GLSDQDVNDQ GDODP RYHQ GHQJDQ
WHPSHUDWXU&VHODPDMDP
'LQJLQNDQNHUWDVGDODPHNVLNDWRUODOXGLWLPEDQJEHUDWQ\D%JUDP
3HUKLWXQJDQ
0/66PJ/ %$PJ/
.RGULDUGMR1RRUGDQ0-6XKDUGLDQWR
/$03,5$1'
'$7$3(5&2%$$1
'3HUFREDDQ3HQGDKXOXDQ
'DODP SHUFREDDQ SHQGDKXOXDQ GLODNXNDQ DQDOLVLV NDGDU NDUERQ QLWURJHQ
GDQ0/66
'DWD \DQJ GLSHUROHK GDODP DQDOLVLV NDUERQ GDQ QLWURJHQ GDSDW GLOLKDW
GDODP7DEHO'
7DEHO' 'DWD$QDOLVLV.DGDU.DUERQGDQ1LWURJHQ
6WDUWHU .DGDU&SSP .DGDU1SSP &1
,
XQWXNVDPSHO
,,
XQWXNVDPSHO
>6XPEHU3XVDW3HQHOLWLDQGDQ3HQJHPEDQJDQ3HPXNLPDQ%DGDQ
3HQHOLWLDQGDQ3HQJHPEDQJDQ3HPXNLPDQGDQ3UDVDUDQD:LOD\DK
'HSDUWHPHQ3HPXNLPDQGDQ3UDVDUDQD:LOD\DK&LOHXQ\L%DQGXQJ
@
'DWD\DQJGLSHUROHKGDODPDQDOLVLV0/66GDSDWGLOLKDWSDGD7DEHO'
7DEHO' 'DWD0/66
%HUDWFDZDQNHUWDV %HUDWFDZDQNHUWDV 0/66
1R
VDULQJJU VDULQJFDNHJU PJ/
.HWHUDQJDQ KDULNHXQWXNVDPSHO
KDULNHXQWXNVDPSHO
KDULNHXQWXNVDPSHO
KDULNHXQWXNVDPSHO
'3HUFREDDQ8WDPD
'DODPSHUFREDDQXWDPDGLODNXNDQDQDOLVLV&2'GDQ0/66VDPSHO'DWD0/66
VDPSHOGDSDWGLOLKDWSDGD7DEHO'
7DEHO' 'DWD0/666DPSHO
6DPSHO %HUDWFDZDQNHUWDV VDULQJJU %HUDWFDZDQNHUWDVVDULQJFDNHJU 0/66DZDOJUP/
6
6
6
6
6
6
6
6
'DWDDQDOLVLV&2'\DQJGLSHUROHKGDSDWGLOLKDWSDGD7DEHO'
7DEHO' 'DWD$QDOLVLV&2'
+DULNH 6 6 6 6 6
KDULNH 6 6 6
/$03,5$1(
&2172+3(5+,781*$1
($QDOLVLV&2'
D E
1
IDNWRUSHQJHQFHUDQ
&2'
P/VDPSHO
$ YROXPHEODQNR)$6IHUURDPRQLXPVXOIDW\DQJGLJXQDNDQP/
% YROXPH)$6XQWXNVDPSHOPO
1 QRUPDOLWDV)$6\DQJGLJXQDNDQ 1
6DPSHO P/
&RQWRKXQWXN6
$ P/
% P/
1 1
)DNWRUSHQJHQFHUDQ
&2' SSP
/$03,5$1)
$1$/,6,6.$'$5.$5%21
$ODW\DQJGLJXQDNDQ
.27PHWHU
3HQ\XQWLNPLNURP/GHQJDQSDQMDQJPP
3HQJKDOXVFRQWRKXML
7DEXQJEHULVLJDV1 PXUQL
3LSHWP/P/GDQP/
3LSHWPLNURP/P/GDQP/
/DEXXNXUP/GDQP/
*HODVSLDODP/
%DKDQEDKDQ\DQJGLSDNDL
6HUEXN1D&2
6HUEXN1D+&2
6HUEXNNDOLXPELIWDODW&+.2
/DUXWDQ+&OSHNDW
$LUVXOLQJEHEDV&2
&DUDSHQJXMLDQGDSDWGLOLKDWGDODP*DPEDU)
6XQWLNP/VDPSHONHGDODP.27PHWHU
&DWDWP9ELODNXUDQJGDULODUXWDQEDNXPJ/&
VXQWXLNVHEDQ\DNP/
+LWXQJNDGDU.$GHQJDQNXUYDNDOLEUDVL.$
6XQWLNP/VDPSHOGDODP.27PHWHU
&DWDWP9ELODNXUDQJGDULODUXWDQEDNXPJ/&
VXQWLNVHEDQ\DNP/
+LWXQJNDGDU.7GHQJDQNXUYDNDOLEUDVL.7
*DPEDU) 7DKDSDQDQDOLVLVNDGDUNDUERQ