Академический Документы
Профессиональный Документы
Культура Документы
M.Tech
7RWDO7KHRU\
3UDFWLFDO
&( 0DWHULDO7HVWLQJ/DE,
&( &RPSXWHU$SSOLFDWLRQ/DE
6HVVLRQDO
&( 6HPLQDU
7RWDO3UDFWLFDO 6HVVLRQDO
6HPHVWHU7RWDO
6(0(67(5,,
7KHRU\
6O 6XEMHFW&RGH 6XEMHFW1DPH &RQWDFW+RXUSHU:HHN &UHGLW
1R / 7 3
&( &RQVWUXFWLRQ(QJLQHHULQJ3UDFWLFHV
&( $GYDQFHG&RQVWUXFWLRQ0DWHULDOV
&( &RQVWUXFWLRQ0HWKRGV (TXLSPHQWV
(OHFWLYH,
(OHFWLYH,,
7RWDO7KHRU\
3UDFWLFDO
&( 0DWHULDOV7HVWLQJ/DE,,
6HVVLRQDO
&( 6HPLQDU
&( &RPSUHKHQVLYH9LYD9RFH
7RWDO3UDFWLFDO 6HVVLRQDO
6HPHVWHU7RWDO
~1~
6(0(67(5,,,
6(0(67(5,9
/,672)'(3$570(17(/(&7,9(6
(/(&7,9(, ,,
~2~
6&+22/2)&,9,/(1*,1((5,1*
63(&,$/,=$7,216758&785$/(1*,1((5,1*
6(0(67(5,
7KHRU\
6O 6XEMHFW&RGH 6XEMHFW1DPH &RQWDFW+RXUVSHU:HHN &UHGLW
1R
/ 7 3
&( $GYDQFHG6WUXFWXUDO$QDO\VLV
&( 7KHRU\RI(ODVWLFLW\DQG3ODVWLFLW\
&( 1XPHULFDO0HWKRGVLQ&LYLO(QJLQHHULQJ
&( 0DWHULDO7HFKQRORJ\
(OHFWLYH,
7RWDO7KHRU\
3UDFWLFDO
&( 6WUXFWXUDO(QJLQHHULQJ/DE
&( &RPSXWDWLRQDO/DE±,
6HVVLRQDO
&( 6HPLQDU
7RWDO3UDFWLFDO 6HVVLRQDO
6HPHVWHU7RWDO
6(0(67(5,,
7KHRU\
6O1R 6XEMHFW&RGH 6XEMHFW1DPH &RQWDFW+RXUSHU:HHN &UHGLW
/ 7 3
&( $GYDQFHG6WHHO'HVLJQ
&( $GYDQFHG5HLQIRUFHG&RQFUHWH'HVLJQ
&( 6WUXFWXUDO'\QDPLFVDQG(DUWKTXDNH(QJJ
&( 6WDELOLW\2I6WUXFWXUHV
(OHFWLYH,,
7RWDO7KHRU\
3UDFWLFDO
&( &RPSXWDWLRQDO/DE,,
6HVVLRQDO
&( 6HPLQDU
&( &RPSUHKHQVLYH9LYD9RFH
7RWDO3UDFWLFDO 6HVVLRQDO
6HPHVWHU7RWDO
~3~
6(0(67(5,,,
6(0(67(5,9
/,672)'(3$570(17(/(&7,9(6
'HSW(OHFWLYH,
~4~
6&+22/2)&20387(5(1*,1((5,1*
63(&,$/,=$7,21&20387(5(1*,1((5,1*
6(0(67(5,
7KHRU\
6O 6XEMHFW&RGH 6XEMHFW1DPH &RQWDFW+RXUVSHU:HHN &UHGLW
1R / 7 3
0$ $GYDQFHG0DWKHPDWLFV
&6 $OJRULWKP &RPSOH[LW\$QDO\VLV
&6 &U\SWRJUDSK\
&6 'DWD0LQLQJDQG'DWD:DUHKRXVLQJ
(OHFWLYH±,
7RWDO7KHRU\
3UDFWLFDO
&6 &RPSXWLQJ/DE
&6 'DWD0LQLQJ 'DWD:DUHKRXVLQJ/DE
6HVVLRQDO
&6 6HPLQDU
7RWDO3UDFWLFDO 6HVVLRQDO
6HPHVWHU7RWDO
6(0(67(5,,
7KHRU\
6O 6XEMHFW&RGH 6XEMHFW1DPH &RQWDFW+RXUSHU:HHN &UHGLW
1R
/ 7 3
&6 &RPSXWDWLRQDO,QWHOOLJHQFH
&6 %LJ'DWD$QDO\WLFV
&6 0RELOH&RPPXQLFDWLRQ &RPSXWLQJ
(OHFWLYH±,,
(OHFWLYH±,,,
7RWDO7KHRU\
3UDFWLFDO
&6 &RPSXWDWLRQDO,QWHOOLJHQFH/DE
6HVVLRQDO
&6 6HPLQDU
&6 &RPSUHKHQVLYH9LYD9RFH
7RWDO3UDFWLFDO 6HVVLRQDO
6HPHVWHU7RWDO
~5~
6(0(67(5,,,
6(0(67(5,9
/,672)'(3$570(17(/(&7,9(6
'HSW(OHFWLYH,
~6~
6&+22/2)&20387(5(1*,1((5,1*
63(&,$/,=$7,21,1)250$7,216(&85,7<
6(0(67(5,
7KHRU\
6(0(67(5,,
7KHRU\
~7~
6(0(67(5,,,
6(0(67(5,9
/,672)'(3$570(17(/(&7,9(6
'HSW(OHFWLYH,
'HSW(OHFWLYH,, ,,,
~8~
6&+22/2)&20387(5(1*,1((5,1*
63(&,$/,=$7,21'$7$$1$/<7,&6
6(0(67(5,
7KHRU\
6O &RQWDFW+RXUVSHU:HHN
6XEMHFW&RGH 6XEMHFW1DPH &UHGLW
1R / 7 3
0$ $GYDQFHG0DWKHPDWLFV
&6 $OJRULWKP &RPSOH[LW\$QDO\VLV
&6 &U\SWRJUDSK\
&6 'DWDEDVH'HVLJQ
(OHFWLYH±,
7RWDO7KHRU\
3UDFWLFDO
&6 &RPSXWLQJ/DE
&6 $GYDQFHG'DWDEDVH/DE
6HVVLRQDO
&6 6HPLQDU
7RWDO3UDFWLFDO 6HVVLRQDO
6HPHVWHU7RWDO
6(0(67(5,,
7KHRU\
~9~
6(0(67(5,,,
6(0(67(5,9
/,672)'(3$570(17(/(&7,9(6
'HSW(OHFWLYH,
~ 10 ~
6&+22/2)&20387(5(1*,1((5,1*
63(&,$/,=$7,2162)7:$5((1*,1((5,1*
6(0(67(5,
7KHRU\
6O 6XEMHFW&RGH 6XEMHFW1DPH &RQWDFW+RXUVSHU:HHN &UHGLW
1R
/ 7 3
0$ $GYDQFHG0DWKHPDWLFV
&6 $OJRULWKP &RPSOH[LW\$QDO\VLV
&6 &U\SWRJUDSK\
&6 6RIWZDUH5HTXLUHPHQW(QJJ
(OHFWLYH±,
7RWDO7KHRU\
3UDFWLFDO
&6 &RPSXWLQJ/DE
&6 6RIWZDUH'HVLJQ/DE
6HVVLRQDO
&6 6HPLQDU
7RWDO3UDFWLFDO 6HVVLRQDO
6HPHVWHU7RWDO
6(0(67(5,,
7KHRU\
6O 6XEMHFW&RGH 6XEMHFW1DPH &RQWDFW+RXUSHU:HHN &UHGLW
1R
/ 7 3
&6 &RPSXWDWLRQDO,QWHOOLJHQFH
&6 %LJ'DWD$QDO\WLFV
&6 6RIWZDUH7HVWLQJ
(OHFWLYH±,,
(OHFWLYH±,,,
7RWDO7KHRU\
3UDFWLFDO
&6 6RIWZDUH7HVWLQJ/DE
6HVVLRQDO
&6 6HPLQDU
&6 &RPSUHKHQVLYHYLYDYRFH
7RWDO3UDFWLFDO 6HVVLRQDO
6HPHVWHU7RWDO
~ 11 ~
6(0(67(5,,,
6(0(67(5,9
/,672)'(3$570(17(/(&7,9(6
'HSW(OHFWLYH,
~ 12 ~
6&+22/2)(/(&75,&$/(1*,1((5,1*
63(&,$/,=$7,2132:(5$1'(1(5*<6<67(0
6(0(67(5,
7KHRU\
6O 6XEMHFW&RGH 6XEMHFW1DPH &RQWDFW+RXUVSHU:HHN &UHGLW
1R / 7 3
~ 13 ~
6(0(67(5,,,
6O1R 6XEMHFW&RGH 6XEMHFW1DPH &UHGLW
~ 14 ~
6&+22/2)(/(&75,&$/(1*,1((5,1*
63(&,$/,=$7,2132:(5(/(&7521,&6 '5,9(6
6(0(67(5,
7KHRU\
6O 6XEMHFW&RGH 6XEMHFW1DPH &RQWDFW+RXUVSHU:HHN &UHGLW
1R / 7 3
(( *HQHUDOL]HGWKHRU\RI(OHFWULFDO0DFKLQH
(( 3RZHU(OHFWURQLFV&RQYHUWHU,
(( (OHFWULF'ULYH6\VWHP
'HSDUWPHQW(OHFWLYH,
'HSDUWPHQW(OHFWLYH,,
7RWDO7KHRU\
3UDFWLFDO
(( 3RZHU(OHFWURQLFV&RQYHUWHU/DE
(( (OHFWULFDO0DFKLQH 3RZHU6\VWHP/DE
6HVVLRQDO
(( 6HPLQDU
(( 'HVLJQRI3RZHU(OHFWURQLFV6\VWHP
7RWDO3UDFWLFDO 6HVVLRQDO
7RWDORI6HPHVWHU
6(0(67(5,,
7KHRU\
6O 6XEMHFW 6XEMHFW1DPH &RQWDFW+RXUVSHU:HHN &UHGLW
1R &RGH / 7 3
(( $GYDQFHG(OHFWULF'ULYHV
(( 3RZHU(OHFWURQLFV&RQYHUWHU,,
(( $GYDQFHG&RQWURO6\VWHP
'HSDUWPHQW(OHFWLYH,,,
'HSDUWPHQW(OHFWLYH,9
7RWDO7KHRU\
3UDFWLFDO
(( 3RZHU(OHFWURQLFV 'ULYHV/DE
(( 3RZHU(OHFWURQLFV0RGHOOLQJDQG6LPXODWLRQ/DE
6HVVLRQDO
(( 6HPLQDU
(( &RPSUHKHQVLYH9LYD9RFH
7RWDO3UDFWLFDO 6HVVLRQDO
7RWDORI6HPHVWHU
~ 15 ~
6(0(67(5,,,
6O1R 6XEMHFW&RGH 6XEMHFW1DPH &UHGLW
~ 16 ~
6&+22/2)(/(&7521,&6(1*,1((5,1*
63(&,$/,=$7,21&20081,&$7,216<67(0(1*,1((5,1*
6(0(67(5,
Theory
Sl. Subject Code Subject Name Contact Hours per Week Credit
No
/ 7 3
0$ $GYDQFHG0DWKHPDWLFV,
(& $GYDQFHG'LJLWDO&RPPXQLFDWLRQ
7HFKQLTXHV
(& ,QIRUPDWLRQ7KHRU\ &RGLQJ7HFKQLTXHV
(& $GYDQFHG:LUHOHVV 0RELOH&RPPXQLFDWLRQ
6\VWHPV
(& $QWHQQD7KHRU\DQG7HFKQLTXHV
7RWDO7KHRU\
3UDFWLFDO
(& 7HOHFRPPXQLFDWLRQ6\VWHP(QJJ/DE
6HVVLRQDO
(& 6HPLQDU
7RWDO3UDFWLFDO 6HVVLRQDO
6HPHVWHU7RWDO
6(0(67(5±,,
7KHRU\
6O 6XEMHFW&RGH 6XEMHFW1DPH &RQWDFW+RXUVSHU:HHN &UHGLW
1R / 7 3
(& 7HOHFRPPXQLFDWLRQ6ZLWFKLQJ1HWZRUNV
3URWRFRO
(& 2SWLFDO&RPPXQLFDWLRQ6\VWHPV
(& $GYDQFHG'LJLWDO6LJQDO3URFHVVLQJ
(OHFWLYH±,
(OHFWLYH±,,
7RWDO7KHRU\
3UDFWLFDO
(& $GYDQFHG'HVLJQ6LPXODWLRQ/DE
6HVVLRQDO
(& 6HPLQDU
(& &RPSUHKHQVLYH9LYD9RFH
7RWDO3UDFWLFDO 6HVVLRQDO
6HPHVWHU7RWDO
~ 17 ~
6(0(67(5±,,,
6O1R 6XEMHFW&RGH 6XEMHFW1DPH &UHGLW
(& 7KHVLV3DUW,
6(0(67(5±,9
6O1R 6XEMHFW&RGH 6XEMHFW1DPH &UHGLW
'(3$570(17(/(&7,9(6
(/(&7,9(±,
6O1R 6XEMHFW&RGH 6XEMHFW1DPH &UHGLW
(& 'LJLWDO,PDJH3URFHVVLQJ
(& &RPPXQLFDWLRQDQG1HWZRUN6HFXULW\
(& 2SWLPL]DWLRQ7HFKQLTXHVLQ(QJLQHHULQJ
(& 6SUHDG6SHFWUXP7HFKQLTXHVDQG0XOWLSOH$FFHVV
(/(&7,9(±,,
&UHGLW
6O1R 6XEMHFW&RGH 6XEMHFW1DPH
(& 6DWHOOLWH&RPPXQLFDWLRQ6\VWHPV
(& 'LJLWDO9RLFHDQG9LGHR&RPPXQLFDWLRQ
(& 0LFURZDYH&RPPXQLFDWLRQ6\VWHPV
(& :LUHOHVV6HQVRU1HWZRUN
(& 0RELOLW\0DQDJHPHQW
~ 18 ~
6&+22/2)(/(&7521,&6(1*,1((5,1*
63(&,$/,=$7,219/6,'(6,*1 (0%(''('6<67(0
6(0(67(5,
7KHRU\
6O1R 6XEMHFW&RGH 6XEMHFW1DPH &RQWDFW+RXUVSHU:HHN &UHGLW
/ 7 3
(& 'LJLWDO9/6,&LUFXLWV
(& 026'HYLFH0RGHOOLQJ
(& 'LJLWDO6\VWHP'HVLJQ
(& $QDORJ&0269/6,&LUFXLWV
(OHFWLYH,
7RWDO7KHRU\
3UDFWLFDO
(& 9/6,'HVLJQ/DE
(& 'LJLWDO6\VWHP'HVLJQ/DE
6HVVLRQDO
(& 6HPLQDU
7RWDO3UDFWLFDO 6HVVLRQDO
6HPHVWHU7RWDO
6(0(67(5,,
7KHRU\
6O1R 6XEMHFW&RGH 6XEMHFW1DPH &RQWDFW+RXUVSHU:HHN &UHGLW
/ 7 3
(& (PEHGGHG6\VWHP'HVLJQ
(& 7HVWLQJRI9/6,&LUFXLWV
(OHFWLYH±,,
(OHFWLYH±,,,
(OHFWLYH±,9
7RWDO7KHRU\
3UDFWLFDO
(& 9/6,'HVLJQ/DE,,
(& (PEHGGHG6\VWHP/DE
6HVVLRQDO
(& 6HPLQDU,,
(& &RPSUHKHQVLYH9LYD9RFH
7RWDO3UDFWLFDO6HVVLRQDO
6HPHVWHU7RWDO
~ 19 ~
6(0(67(5,,,
6O1R 6XEMHFW&RGH 6XEMHFW1DPH &UHGLW
~ 20 ~
6&+22/2)(/(&7521,&6(1*,1((5,1*
63(&,$/,=$7,215) 0,&52:$9((1*,1((5,1*
6(0(67(5,
7KHRU\
6O 6XEMHFW&RGH 6XEMHFW1DPH &RQWDFW+RXUVSHU:HHN &UHGLW
1R / 7 3
0$ $GYDQFHG0DWKHPDWLFV,
(& $GYDQFHG(OHFWURPDJQHWLFV
(& 0LFURZDYH'HYLFHVDQG&LUFXLWV
(& $QWHQQD7KHRU\DQG7HFKQLTXHV
(OHFWLYH,
7RWDO7KHRU\
3UDFWLFDO
(& $GYDQFHG0LFURZDYH(QJLQHHULQJ
/DERUDWRU\
6HVVLRQDO
(& 6HPLQDU
7RWDO3UDFWLFDO 6HVVLRQDO
6HPHVWHU7RWDO
6(0(67(5,,
7KHRU\
6O 6XEMHFW&RGH 6XEMHFW1DPH &RQWDFW+RXUVSHU:HHN &UHGLW
1R / 7 3
(& 5)&LUFXLW'HVLJQ
(& &RPSXWDWLRQDO7HFKQLTXHVLQ
(OHFWURPDJQHWLFV
(& 2SWLFDO&RPPXQLFDWLRQ6\VWHPV
(OHFWLYH,,
(OHFWLYH,,,
7RWDO7KHRU\
3UDFWLFDO
(& 0LFURZDYH'HVLJQDQG6LPXODWLRQ
/DERUDWRU\
6HVVLRQDO
(& 6HPLQDU
(& &RPSUHKHQVLYH9LYD9RFH
7RWDO3UDFWLFDO 6HVVLRQDO
6HPHVWHU7RWDO
~ 21 ~
6(0(67(5,,,
&UHGLW
6O1R 6XEMHFW&RGH 6XEMHFW1DPH
(& 7KHVLV3DUW,
6(0(67(5,9
6O1R 6XEMHFW&RGH 6XEMHFW1DPH &UHGLW
(& 7KHVLV3DUW,,
/,672)'(3$570(17(/(&7,9(6
(OHFWLYH,
6O1R 6XEMHFW&RGH 6XEMHFW1DPH &UHGLW
(& :LUHOHVV6HQVRU1HWZRUN
(& 0LFURZDYH5HPRWH6HQVLQJ
(& 2SWLPL]DWLRQ7HFKQLTXHVLQ(QJLQHHULQJ
(& $UWLILFLDO1HXUDO1HWZRUNDQG)X]]\6\VWHPV
(& 3UREDELOLW\DQG6WRFKDVWLF3URFHVVHV
(OHFWLYH,,
(& (OHFWURPDJQHWLF,QWHUIHUHQFHDQG(OHFWURPDJQHWLF&RPSDWLELOLW\
(& 5$'$5DQG1DYLJDWLRQ(QJLQHHULQJ
(& 0LFURZDYH,QWHJUDWHG&LUFXLWV
(& 7HOHFRPPXQLFDWLRQ6ZLWFKLQJ1HWZRUNVDQG3URWRFRO
(& 5)0LFUR(OHFWURPHFKDQLFDO6\VWHPV
(OHFWLYH,,,
(& 3ODQDUDQG6PDOO$QWHQQDV
(& 6DWHOOLWH&RPPXQLFDWLRQ6\VWHPV
(& $GDSWLYH$QWHQQDVDQG6PDUW$QWHQQDV
(& 0LOOLPHWHU:DYH&RPPXQLFDWLRQ6\VWHPV
(& 6SUHDG6SHFWUXP7HFKQLTXHVDQG0XOWLSOH$FFHVV
~ 22 ~
6&+22/2)0(&+$1,&$/(1*,1((5,1*
63(&,$/,=$7,210$18)$&785,1*352&(66(6$1'6<67(06
6(0(67(5,
7KHRU\
6O1R 6XEMHFW&RGH 6XEMHFW1DPH &RQWDFW+RXUSHUZHHN &UHGLW
/ 7 3
0( 3URMHFWSODQQLQJDQGFRQWURO
0( 0HWDO)RUPLQJDQG0HWDO&DVWLQJ
0( 0HWDO&XWWLQJ7HFKQRORJ\
0( $GYDQFHG0DQXIDFWXULQJDQG)DEULFDWLRQ
3URFHVVHV
0( 5RERWLFVDQGURERWDSSOLFDWLRQV
7RWDO7KHRU\
3UDFWLFDO
0( 0DQXIDFWXULQJ3URFHVVHVDQG3UHFLVLRQ
(QJLQHHULQJ/DE
0( &,0/DE,
6HVVLRQDO
0( 6HPLQDU,
7RWDO3UDFWLFDO 6HVVLRQDO
6HPHVWHU7RDO
6(0(67(5,,
7KHRU\
6O1R 6XEMHFW&RGH 6XEMHFW1DPH &RQWDFW+RXUSHUZHHN &UHGLW
/ 7 3
0( &1&DQG$GDSWLYH&RQWURO
0( 0HWURORJ\DQG4XDOLW\&RQWURO
0( 2SWLPL]DWLRQ7HFKQLTXHV
(OHFWLYH,
(OHFWLYH,,
7RWDO7KHRU\
3UDFWLFDO
0( 0RGHOOLQJDQG6LPXODWLRQ/DE
0( &,0/DE,,
6HVVLRQDO
0( 6HPLQDU,,
0( &RPSUHKHQVLYH9LYD9RFH
7RWDO3UDFWLFDO 6HVVLRQDO
6HPHVWHU7RWDO
~ 23 ~
6(0(67(5,,,
6XEMHFW&RGH 6XEMHFW1DPH &UHGLW
6(0(67(5,9
6XEMHFW&RGH 6XEMHFW1DPH &UHGLW
LIST OF DEPARTMENT ELECTIVES
ELECTIVE - I & II
1. 0( )LQLWH(OHPHQW$QDO\VLV
0( 5DSLG5HVSRQVH0DQXIDFWXULQJ
0( )OH[LEOH0DQXIDFWXULQJ6\VWHPV
0( $UWLILFLDO,QWHOOLJHQFHLQ0DQXIDFWXULQJ
0( ,QWHOOLJHQW0DQXIDFWXULQJDQG&RQGLWLRQ0RQLWRULQJ
0( 3URGXFWLRQ6\VWHP'HVLJQ &RQWURO
0( &RPSHWLWLYH0DQXIDFWXULQJ6WUDWHJLHV
0( 7RWDO3UHGLFWLYH0DLQWHQDQFH
0( 4XDOLW\(QJLQHHULQJDQG0DQDJHPHQW
0( $GYDQFHG0DWHULDOVDQG3URFHVVLQJ
0( 'HVLJQIRU0DQXIDFWXUDELOLW\DQG');
0( :RUN6FLHQFH
0( 0DWHULDOV0DQDJHPHQW
0( 0HFKDWURQLFV
0( $XWRPDWLF&RQWURO6\VWHPV
0( (QYLURQPHQW%HQLJQ0DQXIDFWXULQJ
0( 'HVLJQVRI([SHULPHQW
0( 0DQXIDFWXULQJ6\VWHPV(QJLQHHULQJ
~ 24 ~
6&+22/2)0(&+$1,&$/(1*,1((5,1*
63(&,$/,=$7,217+(50$/(1*,1((5,1*
6(0(67(5,
7KHRU\
6O1R 6XEMHFW 6XEMHFW1DPH &RQWDFW+RXUSHUZHHN &UHGLW
&RGH / 7 3
0( $GYDQFHG)OXLG0HFKDQLFV
0( $GYDQFHG7KHUPRG\QDPLFV
0( $GYDQFHG+HDWDQG0DVV7UDQVIHU
0( )LQLWH(OHPHQW$QDO\VLVRI+HDWDQG)OXLG)ORZ
(OHFWLYH,
7RWDO7KHRU\
3UDFWLFDO
0( 7KHUPDO(QJLQHHULQJ/DE,
0( (QJLQHHULQJ6RIWZDUH/DE,
6HVVLRQDO
0( 6HPLQDU,
7RWDO3UDFWLFDO 6HVVLRQDO
6HPVHVWHU7RWDO
6(0(67(5,,
7KHRU\
6O1R 6XEMHFW&RGH 6XEMHFW1DPH &RQWDFW+RXUSHUZHHN &UHGLW
/ 7 3
0( $GYDQFHG5HIULJHUDWLRQ $LU&RQGLWLRQLQJ
0( 7KHUPDO6\VWHPV'HVLJQ 2SWLPL]DWLRQ
0( &RPSXWDWLRQDO+HDWDQG)OXLG)ORZ
0( 7KHRU\RI&RPEXVWLRQDQG(PLVVLRQ
(OHFWLYH,,
7RWDO7KHRU\
3UDFWLFDO
0( 7KHUPDO(QJLQHHULQJ/DE,,
0( (QJLQHHULQJ6RIWZDUH/DE,,
6HVVLRQDO
0( 6HPLQDU,,
0( &RPSUHKHQVLYH9LYD
7RWDO3UDFWLFDO 6HVVLRQDO
6HPHVWHU7RWDO
~ 25 ~
6(0(67(5,,,
6XEMHFW&RGH 6XEMHFW1DPH &UHGLW
6(0(67(5,9
6XEMHFW&RGH 6XEMHFW1DPH &UHGLW
/,672)'(3$570(17(/(&7,9(6
(OHFWLYH,
6O1R 6XEMHFW&RGH 6XEMHFW1DPH &UHGLW
0( *DV7XUELQHVDQG-HW3URSXOVLRQ
0( $OWHUQDWLYH)XHOVIRU,&(QJLQHV
0( $QDO\WLFDO0HWKRGVLQ+HDW7UDQVIHU
0( +HDW([FKDQJHU$QDO\VLVDQG'HVLJQ
0( ,QWURGXFWLRQWR1DQR7HFKQRORJ\
0( ([SHULPHQWDO0HWKRGVLQ7KHUPDO(QJLQHHULQJ
0( (QYLURQPHQWDO3ROOXWLRQDQG&RQWURO
0( $GYDQFHG3RZHU3ODQW(QJLQHHULQJ
(OHFWLYH,,
0( $GYDQFHG7XUERPDFKLQHU\
0( 0LFUR6FDOH+HDW7UDQVIHU
0( %LR+HDW7UDQVIHU
0( (QHUJ\&RQVHUYDWLRQDQG0DQDJHPHQW
0( 1RQ&RQYHQWLRQDO(QHUJ\6RXUFHV
0( $GYDQFHG7KHUPDO&RQWURO6\VWHPV
0( &U\RJHQLF(QJLQHHULQJ
0( $UWLILFLDO,QWHOOLJHQFH
~ 26 ~
6&+22/2)0(&+$1,&$/(1*,1((5,1*
63(&,$/,=$7,210$&+,1('(6,*1
6(067(5,
7KHRU\
6O1R 6XEMHFW&RGH 6XEMHFW1DPH &RQWDFW+RXUSHUZHHN &UHGLW
/ 7 3
0( 7KHRU\RI(ODVWLFLW\DQG3ODVWLFLW\
0( $GYDQFHG0HFKDQLFVRI6ROLGVDQG6WUXFWXUHV
0( 1RLVHDQG9LEUDWLRQFRQWURO(QJLQHHULQJ
(OHFWLYH,
(OHFWLYH,,
7RWDO7KHRU\
3UDFWLFDO
0( 1XPHULFDO6LPXODWLRQ/DE
0( $GYDQFHG0HFK'HVLJQ/DE,
6HVVLRQDO
0( 6HPLQDU,
7RWDO3UDFWLFDO 6HVVLRQDO
6HPHVWHU7RWDO
6(067(5,,
7KHRU\
6O1R 6XEMHFW 6XEMHFW1DPH &RQWDFW+RXUSHUZHHN &UHGLW
&RGH / 7 3
0( (QJLQHHULQJ7ULERORJ\
0( )LQLWH(OHPHQW0HWKRG
0( $QDO\VLVDQG3HUIRUPDQFHRI&RPSRVLWH0DWHULDOV
(OHFWLYH,,,
(OHFWLYH,9
7RWDO7KHRU\
3UDFWLFDO
0( $GYDQFHG0HFK'HVLJQ/DE,,
6HVVLRQDO
0( 0HFKDQLFDO6\VWHP'HVLJQ3URMHFW
0( 6HPLQDU±,,
0( &RPSUHKHQVLYH9LYD9RFH
7RWDO3UDFWLFDO 6HVVLRQDO
6HPHVWHU7RWDO
~ 27 ~
6(067(5,,,
6O1R 6XEMHFWFRGH 6XEMHFW1DPH &UHGLWV
6(067(5,9
6O1R 6XEMHFWFRGH 6XEMHFW1DPH &UHGLWV
/,672)'(3$570(17(/(&7,9(6
(OHFWLYH±,
6O1R 6XEMHFW&RGH 6XEMHFW1DPH &UHGLW
0( )UDFWXUHDQG)DWLJXHEDVHG'HVLJQ
0( ([SHULPHQWDO6WUHVV$QDO\VLV
0( 7KHRU\RI3ODWHVDQG6KHOOV
(OHFWLYH±,,
0( 6LPXODWLRQRIG\QDPLF6\VWHPV
0( 7KHRU\RI$GYDQFHG0HFKDQLVPVDQG0DFKLQHV
0( $GYDQFHG&RQWURO7KHRU\
(OHFWLYH±,,,
0( $QDO\VLVRI)XQFWLRQDOO\*UDGHG0DWHULDOV
0( 0(06DQG1(06
0( 'HVLJQ2SWLPL]DWLRQ
(OHFWLYH±,9
0( '\QDPLFVRI5RWRUV
0( 7KHRU\RI1RQOLQHDU9LEUDWLRQDQG6KRFN
0( 6RIW&RPSXWLQJDQG2SWLPL]DWLRQ7HFKQLTXHV
~ 28 ~
6&+22/2)&,9,/(1*,1((5,1*
63(&,$/,6$7,21&216758&7,21(1*,1((5,1*$1'0$1$*(0(17
&( 352-(&73/$11,1*$1'&21752/ &U
3URMHFW3UHSDUDWLRQ3URMHFW,GHQWLILFDWLRQ2EMHFWLYHV3URMHFW3ODQQLQJ7HFKQLTXHVZRUNEUHDNGRZQVWUXFWXUH%DU&KDUWV
/2%&303(57XVHRIVRIWZDUH35,0$9(5$3UREOHPV +UV
&301HWZRUN(OHPHQWV(UURUV)XONHUVRQ
V5XOH)RUZDUGDQG%DFNZDUG3DVV&RPSXWDWLRQ)ORDWV
3UREOHPV +UV
3(577LPH(VWLPDWHV%HWDDQG1RUPDOGLVWULEXWLRQ3UREDELOLW\IDFWRU6ODFN +UV
0DQPDWHULDOPDFKLQHU\PRQH\RSWLPL]DWLRQ&RVWIXQFWLRQVWLPH±FRVWWUDGHRII&RVW6ORSH&UDVKLQJ
3UREOHPV +UV
5HVRXUFHSODQQLQJDOORFDWLRQDQGOHYHOLQJVPRRWKHQLQJ5HVRXUFHVEDVHGQHWZRUNV3UREOHPV +UV
&RQVWUXFWLRQ 0DWHULDO PDQDJHPHQW 2EMHFWLYHV SXUFKDVHV PDQDJHPHQW DQG LQYHQWRU\ FRQWURO V\VWHPV $%& DQDO\VLV
(24PRGHO3UREOHPV +UV
+XPDQ5HVRXUFHPDQDJHPHQW +UV
7H[W%RRNV
&RQVWUXFWLRQ3URMHFWPDQDJHPHQW7KHRU\DQG3UDFWLFHE\.XPDU1HHUDM-KD3HDUVRQ
&RQVWUXFWLRQ3ODQQLQJDQG0DQDJHPHQWE\8.6KULYDVWDYD*DOJRWLD3XEOLFDWLRQ1'1HZ(GLWLRQ
5HIHUHQFH%RRNV
3URMHFW0DQDJHPHQWE\.1DJDUDMDQ1HZ$JH,QWHUQDWLRQDO3XEOLVKHUV6L[WK(GLWLRQ
&RQVWUXFWLRQ3ODQQLQJDQG0DQDJHPHQWE\6HQJXSWD *XKD7DWD0F*UDZ+LOO1'
&RQVWUXFWLRQ 3URMHFW 0DQDJHPHQW 3ODQQLQJ 6FKHGXOLQJ DQG &RQWURO E\ &KLWNDUD .. 7DWD 0F *UDZ +LOO
3XEOLVKLQJ&R1HZ'HOKL
3URMHFW0DQDJHPHQWZLWK&303(57DQG3UHFHGHQFH'LDJUDPPLQJE\0RGHU-9DQ1RUVWUDQW5HLQKROG&R
&RQVWUXFWLRQ3ODQQLQJ(TXLSPHQWVDQG0HWKRGVE\5/3HXULIR\0F*UDZ+LOO
&RQVWUXFWLRQ3ODQQLQJDQG0DQDJHPHQWE\*DKORW 'KLU1HZ$JH3XEOLVKHU
&RQVWUXFWLRQVFKHGXOLQJZLWK35,0(9(5$3URMHFW3ODQQHUE\)HLJHQEDXP/3UHQWLFH+DOO,QF
3ULQFLSOHRI&RQVWUXFWLRQ0DQDJHPHQWE\3LOFKHU0F*UDZ+LOO
&( &216758&7,21),1$1&(0$1$*(0(17&U
&RQVWUXFWLRQ DFFRXQWLQJ 3URILW /RVV %DODQFH VKHHW ,QFRPH VWDWHPHQW 5DWLR DQDO\VLV 'HSUHFLDWLRQ DQG DPRUWL]DWLRQ
(QJLQHHULQJHFRQRPLFVWLPHYDOXHRIPRQH\GLVFRXQWHGFDVKIORZ1395253,FRPSDULVRQLQFUHPHQWDOUDWHRIUHWXUQ
EHQHILWFRVWDQDO\VLVUHSODFHPHQWDQDO\VLVEUHDNHYHQDQDO\VLVULVNVDQGXQFHUWDLQWLHV +UV
0DQDJHPHQWGHFLVLRQLQFDSLWDOEXGJHWLQJWD[DWLRQDQGLQIODWLRQ +UV
:RUNSULFLQJFRVWHOHPHQWVRIFRQWUDFWELGGLQJDQGDZDUGUHYLVLRQGXHWRXQIRUHVHHQFDXVHV HVFDODWLRQ +UV
7XUQNH\DFWLYLWLHVSURMHFWDSSUDLVDODQGSURMHFW\LHOGZRUNLQJFDSLWDOPDQDJHPHQWILQDQFH,QWHUQDWLRQDO
)LQDQFH +UV
%XGJHWLQJDQGEXGJHWDU\FRQWURO3HUIRUPDQFHEXGJHWLQJDSSUDLVDOWKURXJKILQDQFLDOVWDWHPHQWV +UV
3UDFWLFDOSUREOHPVDQGFDVHVWXGLHVSURMHFWFDVKIORZ +UV
7H[W%RRNV
(QJLQHHULQJ(FRQRPLFVE\53DQQHUVHOYDP3+,1'
&RQVWUXFWLRQ3ODQQLQJ 0DQDJHPHQW8.6KULYDVWDYD*DOJRWLD1'
~ 29 ~
5HIHUHQFH%RRNV
0DQXDO RI 7URSLFDO +RXVLQJ DQG %XLOGLQJV &OLPDWLF 'HVLJQ E\ 2+.RHQLJVEHUJHU 7*,QJHUVROO $ODQ
0D\KHZ 696]RNROD\2ULHQWORDJPDQ$QQD6DODL0DGUDV
%XLOGLQJ&RQVWUXFWLRQE\9HUJKHVH3+,(((1HZ'HOKL
5HIHUHQFH%RRNV
%XLOGLQJ(QYLURQPHQWE\'$LOWDVLPKD70+$VDIDOL5RDG1'
(QYLURQPHQWDO&RQWURO6\VWHPE\0RRUHI0F*UDZ+LOO,QF
%DVLF(QYLURQPHQWDO7HFKQRORJ\:DWHU6XSSO\ZDVWH0DQDJHPHQW 3ROOXWLRQ0DQDJHPHQW1DWKDQVRQ3+,
,QGLD
&( 0$7(5,$/7(&+12/2*< &U
&HPHQWDQG&RQFUHWH +UV
3RUWODQGFHPHQWFKHPLFDOFRPSRVLWLRQK\GUDWLRQRIFHPHQWVWUXFWXUHRIK\GUDWHGFHPHQWPHFKDQLFDO
VWUHQJWKRIFHPHQWJHOZDWHUKHOGLQK\GUDWHGFHPHQWSDVWHDQGKHDWRIK\GUDWLRQ&HPHQWVRIGLIIHUHQW
W\SHV)DFWRUVDIIHFWLQJWKHVWUHQJWKRIFRQFUHWH(ODVWLFLW\VKULQNDJHDQGFUHHSRIFRQFUHWH
'XUDELOLW\ RI FRQFUHWH 3HUPHDELOLW\ RI FRQFUHWH &KHPLFDO DWWDFN RI FRQFUHWH DLUHQWUDLQHG FRQFUHWH
DQG WKHUPDO SURSHUWLHV RI FRQFUHWH 7KH PHFKDQLFDO WHVW RI KDUGHQHG FRQFUHWH /LJKW ZHLJKW DQG KLJK +UV
GHQVLW\FRQFUHWH0L[GHVLJQ6WDWLVWLFDOTXDOLW\FRQWURO%LD[LDOVWUHQJWKRIFRQFUHWH)LEUHUHLQIRUFHG
FRQFUHWH
0HWDOV %HKDYLRXU RI FRPPRQ FRQVWUXFWLRQDO PHWDOV LQ WHQVLRQ DQG FRPSUHVVLRQ 7UXH VWUHVVVWUDLQ
FXUYHIRUPLOGVWHHOLQVLPSOHWHQVLRQ7KHRULHVRIIDLOXUHDQG\LHOGVXUIDFHV +UV
)DWLJXHSURSHUWLHV1DWXUHRIIDWLJXHIDLOXUHIDWLJXHVWUHQJWKIRUFRPSOHWHO\UHYHUVHGVWUHVVHVIDWLJXH
VWUHQJWKZLWKVXSHULPSRVHGVWDWLFVWUHVVDQGIDFWRUVLQIOXHQFLQJIDWLJXHVWUHQJWK +UV
~ 30 ~
7HPSHUDWXUH DQG &UHHS SURSHUWLHV /RZ WHPSHUDWXUH SURSHUWLHV KLJK WHPSHUDWXUH SURSHUWLHV FUHHS
VWUHVVWLPHWHPSHUDWXUH UHODWLRQV IRU VLPSOH WHQVLRQ PHFKDQLFV RI FUHHS LQ WHQVLRQ 6WUXFWXUH RI
PDWHULDOVDQGWKHLULPSHUIHFWLRQV'HIRUPDWLRQRIFU\VWDOVDQGWKHRU\RIGLVORFDWLRQV
+UV
7H[W%RRNV
&RQFUHWH7HFKQRORJ\0/*DPEKLU7D7D0F*UDZ+LOO1HZ'HOKL
&RQFUHWH7HFKQRORJ\066KHWW\6&KDQG3XEOLVKHU
5HIHUHQFH%RRNV
3URSHUWLHVRI&RQFUHWH$01HYLOOH3HDUVRQ(GXFDWLRQ
0HFKDQLFDO%HKDYLRURI(QJLQHHULQJ0DWHULDOV$-0DUWLQ
7KHRU\RI)ORZDQG)UDFWXUHRI6ROLGV$1DGDL0F*UDZ+LOO1<
6WUHQJWKRI0DWHULDOV3DUW,,E\637LPRVKHQNR
&(48$17,7$7,9(0(7+2'6,1&216758&7,210$1$*(0(17&U
,QWURGXFWLRQFRQFHSWRISUREDELOLW\DQGVWDWLVWLFV +UV
/LQHUSURJUDPPLQJ +UV
7UDQVSRUWDWLRQDQG$VVLJQPHQWSUREOHPV +UV
'\QDPLF3URJUDPPLQJ +UV
4XHXLQJWKHRU\'HFLVLRQWKHRU\*DPHVWKHRU\ +UV
6LPXODWLRQVDSSOLHGWRFRQVWUXFWLRQ +UV
0RGLILFDWLRQVDQGLPSURYHPHQWRQ&303(57WHFKQLTXHV +UV
7H[W%RRNV
7H[W%RRNV
)RUPZRUNIRU&RQFUHWH6WUXFWXUHVE\5REHUW/3HXULIR\DQG*DUROG'2EHULHQGHU0F*UDZ+LOO
~ 31 ~
5HIHUHQFH%RRNV
)RUPZRUN IRU &RQFUHWH 6SHFLDO 3XEOLFDWLRQ 1R)LIWK (GLWLRQ E\0. +XUG $PHULFDQ &RQFUHWH ,QVWLWXWH
'HWURLW
*XLGHIRU&RQFUHWH)RUPZRUN$PHULFDQ&RQFUHWH,QVWLWXWH%R[1R'HWURLW0LFKLJDQ
&( $'9$1&('&216758&7,210$7(5,$/6 &U
/LJKWZHLJKWPDWHULDO +UV
)LEHUVLQUHLQIRUFHGFRQFUHWHW\SHVRIILEUHVZRUNDELOLW\PHFKDQLFDODQGSK\VLFDOSURSHUWLHVRIILEUH +UV
UHLQIRUFHGFRQFUHWH
,QGXVWULDO ZDVWH PDWHULDOV LQ FRQFUHWH WKHLU LQIOXHQFHV RQ SK\VLFDO DQG PHFKDQLFDO SURSHUWLHV DQG +UV
GXUDELOLW\RIFRQFUHWH
&RQFUHWHDWKLJKWHPSHUDWXUHKLJKVWUHQJWKFRQFUHWH&KDQJHLQFRQFUHWHZLWKWLPH +UV
&RUURVLRQ RI FRQFUHWH LQ YDULRXV HQYLURQPHQWV &RUURVLRQ RI UHLQIRUFLQJ VWHHO HOHFWURFKHPLFDO KUV
SURFHVVPHDVXUHVRISURWHFWLRQ)HUURFHPHQWPDWHULDODQGSURSHUWLHV
3RO\PHUVLQ&LYLO(QJLQHHULQJ3RO\PHUVILEHUVDQGFRPSRVLWHV)LEHUUHLQIRUFHGSODVWLFLQVDQGZLFK +UV
SDQHOVPRGHOLQJ$UFKLWHFWXUDOXVHDQGDHVWKHWLFVRIFRPSRVLWHV
$GKHVLYHVDQGVHDODQWV6WUXFWXUDOHOHFWURPHWULFEHDULQJVDQGUHVLOLHQWVHDWLQJ0RLVWXUHEDUULHUV +UV
3RO\PHUIRDPVDQGSRO\PHUUHVLQ%XLOGLQJ3K\VLFV3RO\PHUFRQFUHWHFRPSRVLWHV +UV
7H[W%RRNV
&LYLO(QJLQHHULQJ0DWHULDOVE\6KDQVRPD\RML6HFRQG(GLWLRQ3UHQWLFH+DOO,QF
%XLOGLQJ0DWHULDOVE\9HUJKHVH3+,(((1HZ'HOKL
5HIHUHQFHV%RRNV
0DWHULDOVIRU&LYLODQG+LJKZD\(QJLQHHUVE\'HUXFKHU..RUILDWLV*DQG(]HOGLQV)RXUWK(GLWLRQ3UHQWLFH+DOO
,QF
+LJKSHUIRUPDQFH&RQFUHWHE\$LWNHQV0F*UDZKLOO
&( &216758&7,210(7+2'6$1'(48,30(176 &U
&RQVWUXFWLRQ(TXLSPHQWV)DFWRUVDIIHFWLQJVHOHFWLRQRIHTXLSPHQW2ZQLQJDQG2SHUDWLQJ&RVW +UV
&RQVWUXFWLRQ (TXLSPHQW IXQGDPHQWDOV &ODVVLILFDWLRQ RI &RQVWUXFWLRQ (TXLSPHQW (DUWK PRYLQJ
+UV
(TXLSPHQWV +DXOLQJ +RLVWLQJ &RQYH\LQJ (TXLSPHQWV $JJUHJDWH DQG FRQFUHWH SURGXFWLRQ
(TXLSPHQWV3LOH'ULYHQ(TXLSPHQWV&UDQHV
+UV
$QDO\VLVRISURGXFWLRQRXWSXWDQGFRVWVRI([FDYDWLQJ(TXLSPHQWV&KDUDFWHULVWLFVDQGSHUIRUPDQFHV
RIHTXLSPHQWIRU(DUWKPRYLQJ
'HHS H[FDYDWLRQ VXSSRUW V\VWHPV 'LDSKUDJP ZDOO VKHHW SLOLQJ VHFDQW SLOH FRQWLJXRXV SLOH
VWUXWWLQJJURXQGDQFKRUV
7H[W%RRNV
&RQVWUXFWLRQ3ODQQLQJ(TXLSPHQWDQG0HWKRGV5/3HXULIR\3(&ORIIRUG-6HKH[QD\GHU3(7DWD0F*UDZ
+LOO3XEOLVKLQJ1'
&RQVWUXFWLRQ(QJLQHHULQJDQG0DQDJHPHQWE\66HHWKDUDPDQWK(GLWLRQ/D[PL3XEOLFDWLRQ
~ 32 ~
5HIHUHQFH%RRNV
&RQVWUXFWLRQ(TXLSPHQWDQG-RE3ODQQLQJE\69'HRGKDU.KDQQD3XEOLVKHU
&RQVWUXFWLRQ(TXLSPHQWDQG0DQDJHPHQWE\6&6KDUPD.KDQQD3XEOLVKHUV1HZ'HOKL
&RQVWUXFWLRQ (TXLSPHQW DQG LWV 3ODQQLQJ DQG $SSOLFDWLRQ E\ 'U0DKHVK 9HUPD 0HWUR 3ROLWDQ %RRN
&RPSDQ\1HZ'HOKL
&RQVWUXFWLRQ3ODQQLQJDQG(TXLSPHQWE\6DW\DQDUD\DQDDQG6D[HQD6WDQGDUG3XEOLVKHUV
+HDY\&RQVWUXFWLRQE\9D]LUDQLDQG&KDQGROD.KDQQD3XEOLVKHU'HOKL
&( 6(0,1$5 &U
7KHWRSLFVRIWKHVHPLQDUSUHIHUDEO\WREHUHODWHGWRWKHVXEMHFWV +UV
&( 0$7(5,$/7(67,1*/$%,, &U
1'77HVW5HERXQG+DPPHU7HVW8OWUDVRQLF3XOVHYHORFLW\7HVW3XOORXW7HVW +UV
&( 6<67(06'(6,*1$1'9$/8($1$/<6,6 &U
$QDO\VLV V\QWKHVLV DSSUDLVDO V\VWHP GHVLJQ SURFHGXUH REMHFWLYHV DQG FRQVWUDLQWV DSSOLFDWLRQ WR +UV
EXLOGLQJV
9DOXH DQDO\VLV ,QWURGXFWLRQ IXQFWLRQ DQDO\VLV MRE SODQ 9DOXH VDYLQJV GXULQJ $QDO\VLV V\QWKHVLV +UV
$SSUDLVDO
6\VWHPGHVLJQSURFHGXUHREMHFWLYHVDQGFRQVWUDLQWVFRQVWUXFWLRQ9DOXHPDQDJHPHQW&DVHVWXGLHVLQ +UV
9DOXHHQJLQHHULQJ
7H[W%RRNV
7HFKQLTXHVRI9DOXH$QDO\VLVDQG(QJLQHHULQJ/'0LOHV0F*UDZ+LOOFR
&RQVWUXFWLRQ(QJLQHHULQJDQG0DQDJHPHQWE\66HHWKDUDPDQWK(GLWLRQ/D[PL3XEOLFDWLRQ
5HIHUHQFH%RRNV
9DOXH(QJLQHHULQJ$QDO\VLVDQG0HWKRGRORJ\E\'HO/<RXQNHU3XEOLVKHGE\$,%RRNVFRLQ&5&3UHVV
&( 352-(&748$/,7<$1'6$)(7<0$1$*(0(17&U
,QWURGXFWLRQWRTXDOLW\SODQQLQJDQGFRQWURORITXDOLW\GXULQJGHVLJQRIVWUXFWXUHV4XDQWLWDWLYHWHFKQLTXHV
LQTXDOLW\FRQWURO4XDOLW\DVVXUDQFHGXULQJFRQVWUXFWLRQ,QVSHFWLRQRIPDWHULDOVDQGPDFKLQHU\LQSURFHVV +UV
LQVSHFWLRQDQGWHVW3UHSDUDWLRQRITXDOLW\ PDQXDOVFKHFN OLVWDQGLQVSHFWLRQUHSRUW (VWDEOLVKLQJTXDOLW\
DVVXUDQFHV\VWHP4XDOLW\VWDQGDUGVFRGHVLQGHVLJQDQGFRQVWUXFWLRQ
&RQFHSWDQGSKLORVRSK\RIWRWDOTXDOLW\PDQDJHPHQW7407UDLQLQJLQTXDOLW\DQGTXDOLW\PDQDJHPHQW
V\VWHPV,62
+UV
&RQFHSWRIVDIHW\)DFWRUVDIIHFWLQJVDIHW\3K\VLRORJLFDO3V\FKRORJLFDODQG7HFKQRORJLFDO3ODQQLQJIRU
VDIHW\SURYLVLRQV6WUXFWXUDOVDIHW\6DIHW\FRQVLGHUDWLRQGXULQJFRQVWUXFWLRQGHPROLWLRQDQGGXULQJXVHRI
HTXLSPHQW0DQDJHPHQWRIDFFLGHQWVLQMXULHVDQGSURYLVLRQRIILUVWDLG3URYLVLRQDODVSHFWRIVDIHW\6LWH
PDQDJHPHQW ZLWK UHJDUG WR VDIHW\ UHFRPPHQGDWLRQV 7UDLQLQJ IRU VDIHW\ DZDUHQHVV DQG LPSOHPHQWDWLRQ +UV
)RUPXODWLRQRIVDIHW\PDQXDOVVDIHW\OHJLVODWLRQVWDQGDUGVFRGHVZLWKUHJDUGWRFRQVWUXFWLRQ4XDOLW\YV
6DIHW\&DVHVWXGLHV
7H[W%RRNV
&RQVWUXFWLRQ6DIHW\E\-LPP\:+LQ]H3UHQWLFH+DOO,QF
7DPLOQDGX)DFWRU\$FW&RQVWUXFWLRQ3ODQQLQJDQG0DQDJHPHQWE\8.6KULYDVWDY*ROJRWLD3XEOLFDWLRQ±
~ 33 ~
5HIHUHQFH%RRNV
&RQVWUXFWLRQ6DIHW\DQG+HDOWK0DQDJHPHQWE\5LFKDUGMFRIIHMLPPLH+LQ]HDQG7KHR&+DXG3UHQWLHH+DOO,QF
&( %8,/',1*6(59,&(63/$11,1* &U
&RPSRQHQWVRIXUEDQIRUPVDQGWKHLUSODQQLQJ +UV
&RQFHSWVRIQHLJKERUKRRGXQLW6WUHHWV\VWHPDQGOD\RXWLQDQHLJKERUKRRG +UV
)XQFWLRQDO SODQQLQJ RI EXLOGLQJV RSWLPL]DWLRQ RI VSDFH 6SDWLDO 6\QWKHVLV JUDSKLFDO WHFKQLTXHV +UV
KHXULVWLFSURFHGXUHVIRUPXODWLRQRIOLQHDUDQGQRQOLQHDURSWLPL]DWLRQSUREOHP
6SDFHUHTXLUHPHQWVDQGUHODWLRQVKLSVIRUW\SLFDOEXLOGLQJVOLNHUHVLGHQWLDORIILFHVKRVSLWDOV
6WDQGDUGILUHILUHUHVLVWDQFHFODVVLILFDWLRQRIEXLOGLQJVPHDQVRIHVFDSHDODUPV
(QJLQHHULQJVHUYLFHVLQDEXLOGLQJDVDV\VWHPV/LIWVHVFDODWRUVFROGDQGKRWZDWHUV\VWHPVZDVWHU +UV
ZDWHUV\VWHPVDQGHOHFWULFDOV\VWHPV
7H[W%RRNV
(QYLURQPHQWDO&RQWURO6\VWHPVE\0RRUHI0F*UDZ+LOO,QF
%XLOGLQJ6HUYLFHVE\3HWHU56PLWKDQG:DUUHQ*-XOOLDQ$SSOLHG6FLHQFH3XEOLVKHUOWG/RQGRQ
5HIHUHQFH%RRNV
+DQGERRNRI%XLOGLQJVDQG(QFORVXUHE\$-(OGHUDQG0DUWL[9LQGHU%DU\0F*UDZ+LOO%RRN&R
7KHILUH3UHFDXWLRQV$FWLQ3UDFWLFHV-DQHWD\ORUDQG*RUGLQ&RRQH
&($'9$1&('5(3$,56$1'5(+$%,/,7$7,212)6758&785(6 &U
,QWURGXFWLRQ 1HHG IRU VWUHQJWKHQLQJ GXH WR YDULRXV UHDVRQV VXFK DV DJHLQJ QDWXUDO +UV
FDODPLWLHVLQFUHDVHRIORDGFKDQJHRIIXQFWLRQDQGGHVLJQFRQVWUXFWLRQHUURUV
6WUXFWXUDO6WUHQJWKHQLQJ6WUHQJWKHQLQJDQGUHWURILWWLQJRIFROXPQVEHDPVZDOOVIRRWLQJV +UV
DQG VODEV SLHUV RI FRQFUHWH VWUXFWXUHV E\ MDFNHWLQJ H[WHUQDO SRVWWHQVLRQLQJ UHSODFLQJ RU
DGGLQJUHLQIRUFHPHQWSODWHERQGLQJWH[WLOHUHLQIRUFHGFRQFUHWH
6SHFLDOL]HG 5HSDLUV (OHFWUR FKHPLFDO UHSDLU XVLQJ UHDONDOL]DWLRQ DQG FKORULGH H[WUDFWLRQ +UV
WHFKQLTXHV 6SHFLDOL]HGUHSDLUVIRUFKHPLFDOGLVUXSWLRQILUH PDULQHH[SRVXUHHWF 5HSDLURI
GDPDJHG VWUXFWXUHV RI ZDWHU UHWDLQLQJ VWUXFWXUHV K\GUDXOLF VWUXFWXUHV 3DYHPHQWV DQG
5XQZD\V 7XQQHOV %ULGJHV 3LHUV DQG )O\RYHUV 3DUNLQJ *DUDJHV 8QGHUZDWHU UHSDLU
0DVRQDU\5HSDLU5HSDLUDQG5HVWRUDWLRQRI+HULWDJH6WUXFWXUHV
5HWURILWWLQJ E\ FRPSRVLWH PDWHULDOV )LEHU UHLQIRUFHG FRQFUHWH 8OWUDKLJK SHUIRUPDQFH
ILEUH UHLQIRUFHG FRQFUHWH 8+3)5& )LEHU UHLQIRUFHG FRPSRVLWHV &DUERQ ILEUH UHLQIRUFHG +UV
SRO\PHU&)53)LEUHZUDSSLQJ&DUERQ$UDPLGH*ODVV
6HLVPLF 5HWURILWWLQJ 6HLVPLF VWUHQJWKHQLQJ RI H[LVWLQJ 5& VWUXFWXUHV 8VH RI )53 IRU +UV
UHWURILWWLQJRIGDPDJHGVWUXFWXUHV
3RVW5HSDLU 0DLQWHQDQFH RI 6WUXFWXUHV 3URWHFWLRQ 0DLQWHQDQFH VFKHGXOH DJDLQVW +UV
HQYLURQPHQWDOGLVWUHVVWRDOOWKRVHVWUXFWXUHV
6SHFLDOFDUHVLQUHSDLUDQGUHKDELOLWDWLRQRIKHULWDJHVWUXFWXUHV
~ 34 ~
7H[W%RRNV
5HSDLURI&RQFUHWH6WUXFWXUHVE\57$OOHQDQG6&(GZDUGV%ODNLHDQG6RQV8.
066KHWW\&RQFUHWH7HFKQRORJ\7KHRU\DQG3UDFWLFH6&KDQGDQG&RPSDQ\1'
5HIHUHQFH%RRNV
&RQFUHWH6WUXFWXUHVE\'HQLVRQ&DPSEHOO$OOHQDQG+DUROG5RSHU0DWHULDOV0DLQWHQDQFHDQG5HSDLU/RQJPDQ
6FLHQWLILFDQG7HFKQLFDO8.
&( &2175$&7/$:6$1'5(*8/$7,216 &U
3URMHFWFRVWHVWLPDWLRQUDWHDQDO\VLVRYHUKHDGFKDUJHV +UV
%LGGLQJPRGHOVDQGELGGLQJVWUDWHJLHV4XDOLILFDWLRQRIELGGHUV2ZQHU¶VDQGFRQWUDFWRU¶VHVWLPDWH +UV
7HQGHULQJDQGFRQWUDFWXDOSURFHGXUHV +UV
,QGLDQ&RQWUDFW$FW'HILQLWLRQRI&RQWUDFWDQGLWVDSSOLFDELOLW\7\SHVRIFRQWUDFWV,QWHUQDWLRQDO +UV
FRQWUDFWV),',&&RQGLWLRQVDQGVSHFLILFDWLRQVRIFRQWUDFW&RQWUDFWDGPLQLVWUDWLRQ
&ODLPV FRPSHQVDWLRQ DQG GLVSXWHV 'LVSXWH UHVROXWLRQ WHFKQLTXHV $UELWUDWLRQ DQG &RQFLOLDWLRQ $FW +UV
$UELWUDWLRQFDVHVWXGLHV3URIHVVLRQDOHWKLFV'XWLHVDQGUHVSRQVLELOLWLHVRISDUWLHV0DQDJHPHQW
,QIRUPDWLRQV\VWHP
7H[W%RRNV
(VWLPDWLQJ&RVWLQJDQG9DOXDWLRQE\6F5DQJZDOD.65DQJZDOD ..5DQJZDOD
(VWLPDWLQJDQGFRVWLQJE\%1'XWWD6&KDQG
5HIHUHQFH%RRNV
&RQVWUXFWLRQ(TXLSPHQWDQG-RE3ODQQLQJE\69'HRGKDU.KDQQD3XEOLVKHUV1DLVDUDN'HOKL
/DZV 5HODWLQJ WR %XLOGLQJ DQG (QJLQHHULQJ &RQVWUXFWLRQ LQ ,QGLD E\ *DMDULD *7 0 0 7ULSDWKL 3ULYDWH /WG
%RPED\
&RQWUDFWVDQGWKHOHJDO(QYLURQPHQWIRU(QJLQHHUVDQG$UFKLWHFWVE\-RVHSK7%RFNUDWKWK(GLWLRQ0F*UDZKLOO
(VWLPDWLQJ&RVWLQJ6SHFLILFDWLRQDQGYDOXDWLRQE\0&KDNUDERUWL6WDQGDUG3XEOLVKHU
7H[W %RRN RI (VWLPDWLQJ DQG FRVWLQJ E\ *6 %LUGH ³&RQVWUXFWLRQ 3ODQQLQJ DQG 0DQDJHPHQW E\ 36*DKORW
%0'KLU1HZ$JH,QWHUQDWLRQDO3XEOLVKHU
~ 35 ~
7H[W%RRNV
7H[W%RRNV
&RQVWUXFWLRQ,QVSHFWLRQ+DQGERRNE\4XDOLW\$VVXUDQFHDQG4XDOLW\&RQWUROE\-DPHV-2%ULDQ9DQ1RVWUDQG
1HZ<RUN
5HIHUHQFH%RRNV
)XQGDPHQWDORI&RQVWUXFWLRQ0DQDJHPHQWDQG2UJDQL]DWLRQE\.ZDNX $7HQDKDQG-RVH0*XHYHUD3UHQWLFH
+DOORI,QGLD
4XDOLW\SODQQLQJDQG$QDO\VLVE\-XUDQ)UDQN-0DQG*U\QD)07DWD0F*UDZ+LOO
,629LYD%RRNVE\+XWFKLQV*1HZ'HOKL
3URGXFWLYLW\,PSURYHPHQWLQ&RQVWUXFWLRQE\&ODUNVRQ+2JOHVE\0F*UDZ+LOO
7KH0DQDJHPHQWRI4XDOLW\LQ&RQVWUXFWLRQE\-RKQ/$VKIRUG( )16SRQ1HZ<RUN
4XDOLW\,PSURYHPHQW7HFKQLTXHVLQ&RQVWUXFWLRQE\6WHYHQ0F&DEH$GGLVVRQ:HVOH\/RQJPDQ/WG(QJODQG
~ 36 ~
6&+22/2)&,9,/(1*,1((5,1*
63(&,$/,6$7,216758&785$/(1*,1((5,1*
&( $'9$1&('6758&785$/$1$/<6,6&U
6WDWLFDQGNLQHPDWLFLQGHWHUPLQDFLHV(QHUJ\WKHRUHPV,QIOXHQFHFRHIILFLHQWV +UV
)OH[LELOLW\DQG6WLIIQHVV0DWULFHVIRU3LQMRLQWHG'DQG'VWUXFWXUHV +UV
'ULJLGMRLQWHGVWUXFWXUHVSODQHJULGV +UV
'LUHFWVWLIIQHVVPHWKRG6XEVWLWXWHWHFKQLTXH +UV
7H[W%RRNV
0DWUL[$QDO\VLVRI)UDPHG6WUXFWXUHVE\:LOOLDP:HDYHU-5 -0*HUH&%6SXEOLFDWLRQ'DU\DJDQM1HZ
'HOKL
6WUXFWXUDO$QDO\VLV$0DWUL[$SSURDFKE\*63DQGLW *XSWD7DWD0F*UDZ+LOO1'
5HIHUHQFH%RRNV
0DWULFHVIRU6WUXFWXUDO$QDO\VLVE\6\GQH\-RKQ0F0LQQ( )16321OWG/RQGRQ
3UREOHPVLQ6WUXFWXUDO$QDO\VLVE\0DWUL[0HWKRGVE\3%KDWW$+:KHHOHU&RPSDQ\3YW/WG$OODKDEDG
0DWUL[ )LQLWH (OHPHQW &RPSXWHU 6WUXFWXUDO $QDO\VLV E\ 0 0XNKRSDGK\D\ 2[IRUG ,%+ 3XEOLVKLQJ
&RPSDQ\3DUNVWUHHW.RONDWD
&( 7+(25<2)(/$67,&,7< 3/$67,&,7<&U
3ODQHVWUHVVDQGSODQHVWUDLQSUREOHPV +UV
*HQHUDO VWUHVV DQG VWUDLQ HTXDWLRQV (TXLOLEULXP DQG FRPSDWLELOLW\ HTXDWLRQV 7ZR GLPHQVLRQDO SUREOHPV LQ UHFWDQJXODU
FRRUGLQDWHV6WUHVVDQGVWUDLQFRPSRQHQWVGLIIHUHQWLDOHTXDWLRQHTXLOLEULXPHTXDWLRQVDQGFRPSDWLELOLW\
(TXDWLRQVLQSRODUFRRUGLQDWH +UV
6WUHVVGLVWULEXWLRQIRUD[LV\PPHWULFSUREOHPV3XUHEHQGLQJRIFXUYHGEDUVWKLFNZDOOHGF\OLQGHU&RQFHQWUDWHGIRUFHDWD
SRLQWRIVWUDLJKWERXQGDU\)RUFHDFWLQJRQWKHHQGRIDZHGJH&RQFHQWUDWHGIRUFHDFWLQJRQDEHDP
6WUHVVDQGVWUDLQLQWKUHHGLPHQVLRQV3ULQFLSOHVVWUHVVHV PD[LPXPVKHDULQJVWUHVVSULQFLSDOD[HVRIVWUDLQ6WUHWFKLQJRI
SULVPDWLFEDUE\LWVRZQD[LV(OHPHQWDU\SUREOHPVRIHODVWLFLW\LQWKUHHGLPHQVLRQV
6DLQW9HQDQW¶V7KHRU\9DULRXV$QDORJLHV7RUVLRQRIKROORZDQGWKLQVHFWLRQV
,QWURGXFWLRQWRWKHWKHRU\RISODVWLFLW\ +UV
7KH\LHOGFULWHULDRIPHWDOVVWUHVVVSDFHUHSUHVHQWDWLRQRI\LHOGFULWHULD6WUHVVVWUDLQUHODWLRQVSODVWLFSRWHQWLDOIORZUXOHV
DQGPD[LPXPZRUNK\SRWKHVLV7ZRGLPHQVLRQDOSODVWLFIORZSUREOHPV,QFRPSUHVVLEOHWZRGLPHQVLRQDOIORZVWUHVVHVLQ
SODVWLFPDWHULDOVLQFRQGLWLRQRISODQHVWUDLQHTXDWLRQRIHTXLOLEULXPWKHVLPSOHVOLSOLQHILHOGV
7H[W%RRNV
7KHRU\RI(ODVWLFLW\E\637LPRVKHQNRDQG-1*RRGLHU0F*UDZ+LOO
7KHRU\RI3ODVWLFLW\E\+RIIPDQDQG6DFKV0F*UDZ+LOO
~ 37 ~
5HIHUHQFH%RRNV
3ODVWLFLW\RI0HFKDQLFDO(QJLQHHUVE\:-RKQVRQDQG3%0HOOHU1RUWK+ROODQG3XEOLVKLQJ&RPSDQ\
7KHRU\RI)ORZDQG)UDFWXUHRI6ROLGVE\$1DGDL0F*UDZ+LOO1<
&( 180(5,&$/0(7+2'6,1&,9,/(1*,1((5,1* &U
/LQHDUHTXDWLRQVDQGHLJHQYDOXHSUREOHPV$FFXUDF\RIDSSUR[LPDWHFDOFXODWLRQV1RQOLQHDUHTXDWLRQV
LQWHUSRODWLRQ'LIIHUHQWLDWLRQDQGHYDOXDWLRQRIVLQJOHDQGPXOWLSOHLQWHJUDOV +UV
,QLWLDODQGERXQGDU\YDOXHSUREOHPVRIILQLWHGLIIHUHQFHPHWKRG +UV
1HZWRQ¶VPHWKRGYDULDWLRQDQGZHLJKWHGUHVLGXDOPHWKRGV +UV
,QWURGXFWLRQWRILQLWHHOHPHQWPHWKRG +UV
7H[W%RRNV
1XPHULFDO0HWKRGVLQ&LYLO(QJLQHHULQJE\.ULVKQD5DMX0DFPLOODQ3XEOLVKHUV,QGLD
5HIHUHQFH%RRNV
&RPSXWHU3URJUDPPLQJ (QJLQHHULQJ $QDO\VLVE\,&6\DO 63*XSWD3XEOLVKRU$+ ZKHHOHU FRSULYDWH
OWG
1XPHULFDO0HWKRGVLQ&LYLOHQJLQHHULQJE\5DMVHNKDUDQ9LNDV3XEOLVKLQJ+RXVH3YW/WG
&( 0$7(5,$/7(&+12/2*< &U
&HPHQWDQG&RQFUHWH +UV
3RUWODQGFHPHQWFKHPLFDOFRPSRVLWLRQK\GUDWLRQRIFHPHQWVWUXFWXUHRIK\GUDWHGFHPHQWPHFKDQLFDOVWUHQJWKRIFHPHQW
JHOZDWHUKHOGLQK\GUDWHGFHPHQWSDVWHDQGKHDWRIK\GUDWLRQ&HPHQWVRIGLIIHUHQWW\SHV)DFWRUVDIIHFWLQJWKHVWUHQJWKRI
FRQFUHWH(ODVWLFLW\VKULQNDJHDQGFUHHSRIFRQFUHWH
'XUDELOLW\RIFRQFUHWH3HUPHDELOLW\RIFRQFUHWH&KHPLFDODWWDFNRIFRQFUHWHDLUHQWUDLQHGFRQFUHWHDQGWKHUPDOSURSHUWLHV
RI FRQFUHWH 7KH PHFKDQLFDO WHVW RI KDUGHQHG FRQFUHWH /LJKW ZHLJKW DQG KLJK GHQVLW\ FRQFUHWH 0L[ GHVLJQ 6WDWLVWLFDO
TXDOLW\FRQWURO%LD[LDOVWUHQJWKRIFRQFUHWH)LEUHUHLQIRUFHGFRQFUHWH +UV
0HWDOV%HKDYLRXURIFRPPRQFRQVWUXFWLRQDOPHWDOVLQWHQVLRQDQGFRPSUHVVLRQ7UXHVWUHVVVWUDLQFXUYHIRUPLOGVWHHOLQ
VLPSOHWHQVLRQ7KHRULHVRIIDLOXUHDQG\LHOGVXUIDFHV +UV
)DWLJXHSURSHUWLHV1DWXUHRIIDWLJXHIDLOXUHIDWLJXHVWUHQJWKIRUFRPSOHWHO\UHYHUVHGVWUHVVHVIDWLJXHVWUHQJWKZLWKVXSHU
LPSRVHGVWDWLFVWUHVVDQGIDFWRUVLQIOXHQFLQJIDWLJXHVWUHQJWK +UV
7HPSHUDWXUHDQG&UHHSSURSHUWLHV/RZWHPSHUDWXUHSURSHUWLHVKLJKWHPSHUDWXUHSURSHUWLHVFUHHSVWUHVVWLPHWHPSHUDWXUH
UHODWLRQVIRUVLPSOHWHQVLRQPHFKDQLFVRIFUHHSLQWHQVLRQ6WUXFWXUHRIPDWHULDOVDQGWKHLULPSHUIHFWLRQV'HIRUPDWLRQRI
FU\VWDOVDQGWKHRU\RIGLVORFDWLRQV +UV
7H[W%RRNV
&RQFUHWH7HFKQRORJ\066KHWW\6&KDQG3XEOLVKHU
0HFKDQLFDO%HKDYLRURI(QJLQHHULQJ0DWHULDOV$-0DUWLQ.RQDUN3XEOLVKHUV3YW/WG
5HIHUHQFH%RRNV
3URSHUWLHVRI&RQFUHWH$01HYLOOH3HDUVRQ(GXFDWLRQ
&RQFUHWH7HFKQRORJ\0/*DPEKLU7D7D0F*UDZ+LOO1HZ'HOKL
7KHRU\RI)ORZDQG)UDFWXUHRI6ROLGV$1DGDL0F*UDZ+LOO1<
6WUHQJWKRI0DWHULDOV3DUW,,E\637LPRVKHQNR3:63XEOLVKLQJ
~ 38 ~
&( $'9$1&('67((/'(6,*1 &U
'HVLJQRI*DQWU\JLUGHU
'HVLJQRIFROGIRUPHGOLJKWJDXJHVWHHOEHDPVDQGFROXPQV
'HVLJQRIURRIWUXVV
'HVLJQRISRZHUWUDQVPLVVLRQWRZHU
'HVLJQRIZDWHUWDQNZLWKVWDJLQJ
'HVLJQRIVHOIVXSSRUWHGVWHHOFKLPQH\
7H[W%RRNV
<LHOGOLQHWKHRU\IRUVODEVHTXLOLEULXPDQGYLUWXDOZRUNPHWKRGVVKULQNDJHDQGFUHHSDQDO\VLVIRUVWUHVVHVLQFRPSUHVVLRQ
DQGIOH[XUDOPHPEHUVGHIOHFWLRQVVKHDUZDOODQGFRXSOHGVKHDUZDOOEHDPFROXPQMRLQWV +UV
7H[W%RRNV
/LPLW6WDWH'HVLJQRI5HLQIRUFHG&RQFUHWHE\3&9DUJKHVH3+,1HZ'HOKL
5HLQIRUFHG&RQFUHWH'HVLJQE\683LOODLDQG'0HQRZ7DWD0F*UDZ+LOO15%HQQHU
5HIHUHQFH%RRNV
+XJKHV%3³/LPLWVWDWH7KHRU\IRU5HLQIRUFHG&RQFUHWH3LWPDQ3XEOLVKLQJ%DWK´8.
5HLQIRUFHG&RQFUHWH'HVLJQHUV+DQGERRNE\&(5HQROGDQG-&6WHHGPDQ3XEOLVKHU5XSD &R1HZ'HOKL
<LHOGOLQHWKHRU\E\.:-RKDQVHQ7UDQVODWHGIURP'DQLVK&HPHQW&RQFUHWH$VVRFLDWLRQ/RQGRQ
<LHOG/LQH$QDO\VLVRI6ODEVE\//-RQHVDQG5+:RRG7KDPHVDQG+XGVRQ&KDWWRDQG:LQGHUV/RQGRQ
'HVLJQRI3UHVWUHVVHG&RQFUHWH6WUXFWXUHVE\7</LQDQG+%XUQV-RKQ:LOO\DQGVRQV1<
3UHVWUHVVHG&RQFUHWH7KHRU\DQG'HVLJQE\(:%HQQHW&KDSPDQDQG+DOO/RQGRQ
3UHVWUHVVHG&RQFUHWHE\.ULVKQDUDMX0F*UDZ+LOO(GXFDWLRQ
&( 6758&785$/'<1$0,&6$1' &U
($57+48$.((1*,1((5,1*
6LQJOH'HJUHH6\VWHP +UV
(TXDWLRQRIPRWLRQ)UHHIRUFHGGDPSHGDQGXQGDPSHGYLEUDWLRQ
0XOWLGHJUHHIUHHGRPV\VWHP +UV
*HQHUDOL]HGVLQJOHGHJUHHIUHHGRPJHQHUDWLRQRIPDVVVWLIIQHVVDQGGDPSLQJPDWULFHV
*URXQGPRWLRQVWDWLFDQGG\QDPLFDQDO\VLV&RGDOSURYLVLRQV +UV
~ 39 ~
7H[W%RRNV
/DWHUDOEXFNOLQJRIEHDPVXQGHUSXUHEHQGLQJFHQWUDOSRLQWORDGWKURXJKFHQWUHRIJUDYLW\RIWKHVHFWLRQ&DQWLOHYHUEHDPV
ZLWKSRLQWORDGDWWKHIUHHHQG$SSOLFDWLRQRI5D\OHLJK5LW]PHWKRG +UV
%HDPFROXPQV RQ ULJLG VXSSRUWVFRQFHQWUDWHG DQG FRQWLQXRXV ODWHUDO ORDGV ZLWK VLPSO\ VXSSRUWHG DQG EXLOW LQHQGV
&RQWLQXRXVEHDPZLWKDVD[LDOORDGV$SSOLFDWLRQRIWULJRQRPHWULFVHULHV,QSODQHEXFNOLQJRIEDUV +UV
$SSUR[LPDWH FDOFXODWLRQ RI FULWLFDO ORDGV IRU EDU VWUXFWXUHV E\ HQHUJ\ PHWKRG D EDU RQ HODVWLF IRXQGDWLRQ D EDU ZLWK
LQWHUPHGLDWHFRPSUHVVLYHIRUFHVEDUXQGHUGLVWULEXWHGD[LDOORDGVDEDUZLWKFKDQJHVLQFURVVVHFWLRQ +UV
(IIHFWV RI VKHDULQJ IRUFH RQ WKH FULWLFDO ORDG %XFNOLQJ RI EXLOWXS FROXPQV ,QHODVWLF LQSODQH EXFNOLQJ RI FROXPQV
7DQJHQW DQG UHGXFHG PRGXOXV FRQFHSW 6KDQOH\¶V FRQWULEXWLRQ HODVWLF FULWLFDO ORDGV IRU ULJLG IUDPHV DQG WULDQJXODWHG
VWUXFWXUHVVWDELOLW\IXQFWLRQV%HQGLQJRIWKLQSODWH%XFNOLQJRIWKLQUHFWDQJXODUSODWHVLQFRPSUHVVLRQVKHDUDQGEHQGLQJ
+UV
7H[W%RRNV
7KHRU\RI(ODVWLF6WDELOLW\E\637LPRVKHNR *HUH0F*UDZ+LOO
5HIHUHQFH%RRNV
6WUXFWXUDO0HPEHUVDQG)UDPHVE\79*DODPERV3UHQWLFH+DOO,1&
7KHVWDELOLW\RI)UDPHVE\05+RUQVDQG:0HUFKDQJ3RUJDPRQSUHVV
(ODVWLF,QVWDELOLW\E\0*UHJRU\6SRQ¶V&LYLO(QJLQHHULQJVHULHV
%XFNOLQJ6WUHQJWKRI0HWDOVWUXFWXUHVE\)%OHLFK0F*UDZ+LOO%RRNFR
6WUXFWXUDO6WDELOLW\7KHRU\DQGLPSOHPHQWDWLRQE\:)&KHQDQG(0/XL(OVHYLHU1<
&( ),1,7((/(0(170(7+2'6 &U
,QWURGXFWLRQ7KH&RQWLQXXP(TXDWLRQVRI(TXLOLEULXP%RXQGDU\&RQGLWLRQV6WUDLQGLVSODFHPHQWUHODWLRQV6WUHVVVWUDLQ
5HODWLRQV3ODQHVWUHVVDQGSODQH6WUDLQSUREOHPV'LIIHUHQW PHWKRGVRIVWUXFWXUDODQDO\VLVLQFOXGLQJ QXPHULFDO PHWKRGV
%DVLFV RI ILQLWH HOHPHQW PHWKRG )(0 GLIIHUHQW VWHSV LQYROYHG LQ )(0 'LIIHUHQW DSSURDFKHV RI )(0 'LUHFW PHWKRG
(QHUJ\DSSURDFK:HLJKWHGUHVLGXDO0HWKRG +UV
2QH DQG 7ZR 'LPHQVLRQDO 3UREOHPV 'HWDLO IRUPXODWLRQ LQFOXGLQJ VKDSH IXQFWLRQV VWUHVV VWUDLQ UHODWLRQV VWUDLQ
GLVSODFHPHQW UHODWLRQV DQG GHULYDWLRQ RI VWLIIQHVV PDWULFHV XVLQJ HQHUJ\ DSSURDFK $VVHPEOLQJ RI HOHPHQW PDWULFHV
DSSOLFDWLRQRIGLVSODFHPHQWERXQGDU\FRQGLWLRQV1XPHULFDOVROXWLRQRIRQHGLPHQVLRQDOSUREOHPVXVLQJEDUWUXVVEHDP
HOHPHQWVDQGIUDPHV'HULYDWLRQRIVKDSHIXQFWLRQXVLQJ/DJUDQJH¶VLQWHUSRODWLRQ3DVFDO¶VWULDQJOH&RQYHUJHQFHFULWHULD
)LQLWH (OHPHQW PRGHOLQJ RI WZR GLPHQVLRQDO SUREOHPV XVLQJ &RQVWDQW VWUDLQ 7ULDQJOH&67 HOHPHQWV 6WUHVV VWUDLQ
UHODWLRQV IRU LVRWURSLF DQG RUWKRWURSLF PDWHULDOV )RXU QRGGHG UHFWDQJXODU HOHPHQWV D[LV\PPHWULF VROLGV VXEMHFWHG WR
D[LV\PPHWULFORDGLQJ +UV
~ 40 ~
,VRSDUDPHWULF (OHPHQWV 1DWXUDO FRRUGLQDWHV LVRSDUDPHWULF HOHPHQWV IRXU QRGH HLJKW QRGH HOHPHQWV 1XPHULFDO
LQWHJUDWLRQRUGHURILQWHJUDWLRQ +UV
3ODWH %HQGLQJ %HQGLQJ RI SODWHV UHFWDQJXODU HOHPHQWV WULDQJXODU HOHPHQWV DQG TXDGULODWHUDO HOHPHQWV &RQFHSW RI '
PRGHOLQJ +UV
7H[W%RRNV
&RQFHSWVDQG$SSOLFDWLRQVRI)LQLWH(OHPHQW$QDO\VLVE\5'&RRN-RKQ:LOH\WK
)LQLWH(OHPHQW$QDO\VLV±7KHRU\DQG3URJUDPPLQJE\&6.ULVKQDPRRUWK\7DWD0F+LOO
5HIHUHQFH%RRNV
)LQLWH(OHPHQW0HWKRGE\2&=LHQNLHZLF]DQG5/7D\ORU0F*UDZ+LOO
$)LUVW&RXUVHLQWKH)LQLWH(OHPHQW0HWKRGE\'//RJDQ3:63XEOLVKLQJ%RVWRQ
)LQLWH(OHPHQW$QDO\VLV7KHRU\DQG3URJUDPPLQJE\&6.ULVKQDPRRUWK\7DWD0F+LOO
6KHOOV0HPEUDQHWKHRU\RIV\PPHWULFDOORDGHGVKHOOVRIUHYROXWLRQ6SKHULFDOVKHOOVFRQLFDOVKHOOV0HPEUDQHWKHRU\RI
F\OLQGULFDOVKHOOVDQGVKHOOVRI'RXEOHFXUYDWXUHVXFKDV+\SHUEROLFSDUDERORLGVDQGHOOLSWLFSDUDERORLGVFRQRLGV&LUFXODU
F\OLQGULFDO VKHOOV ORDGHG V\PPHWULFDOO\ ZLWK UHVSHFW WR LWV D[LV SDUWLFXODU FDVHV RI V\PPHWULFDO GHIRUPDWLRQ RI FLUFXODU
F\OLQGULFDOVKHOOVF\OLQGULFDOWDQNVRIXQLIRUPZDOOWKLFNQHVV +UV
7H[W%RRNV
7KHRU\RI3ODWHVDQG6KHOOVE\637LPRVKHQNRDQG6:.ULHJHU0F*UDZ+LOO1<
5HIHUHQFH%RRNV
7KLQ6KHOO&RQFUHWH6WUXFWXUHV±E\23%LOOLQJWRQ0F*UDZ+LOO1<
'HVLJQDQG&RQVWUXFWLRQRI&RQFUHWH6KHOO5RRIVE\*65DPDVZDP0F*UDZ+LOO1<
6WUHVVLQ6KHOOVE\:)OXJJH6SULQJHU9HUODJ1<
~ 41 ~
)RXQGDWLRQVRQ([SDQVLYHVRLOV([SDQVLYHVRLOV,GHQWLILFDWLRQRI([SDQVLYHVRLOV&ODVVLILFDWLRQRI([SDQVLYHVRLOV
&DXVHV RI PRLVWXUH FKDQJHV LQ VRLOV (IIHFWV RI VZHOOLQJ RQ EXLOGLQJV 3UHYHQWLYH PHDVXUHV IRU H[SDQVLYH VRLOV
0RGLILFDWLRQRI([SDQVLYHVRLOV'HVLJQRIIRXQGDWLRQLQVZHOOLQJVRLOV'ULOOHGSLHUV%HOOHGGULOOHGSLHU8QGHUUHDPHG
SLOHVFRQVWUXFWLRQRIXQGHUUHDPHGSLOHV +UV
)RXQGDWLRQ 6RLO ,PSURYHPHQW 6WDELOL]DWLRQ RI VRLO ZLWK JUDQXODU VNHOHWRQ FKHPLFDO FHPHQW OLPH DVK VODJ
ELWXPHQ7KHUPDOVWDELOL]DWLRQ(OHFWULFDOVWDELOL]DWLRQ9LEUDWLRQPHWKRGVRIJURXQGLPSURYHPHQW'UDLQDJHPHWKRGV
RI JURXQG LPSURYHPHQW 3UHFRPSUHVVLRQ DQG YHUWLFDO GUDLQV *URXWLQJ DQG LQMHFWLRQ 5HLQIRUFHG HDUWK 8VH RI
JHRWH[WLOH PRGHUQPDWHULDOV*URXQGDQFKRUV VRLOQDLOV +UV
7H[WERRN
³$GYDQFHG)RXQGDWLRQ(QJLQHHULQJ´E\9160XUWK\)LUVW(GLWLRQ&%63XEOLVKHUV 'LVWULEXWRUV
³)RXQGDWLRQ$QDO\VLVDQG'HVLJQ´E\-(%RZOVWK(GLWLRQ0F*UDZ+LOO+LJKHU(GXFDWLRQ
5HIHUHQFH%RRN
³6RLOPHFKDQLFVDQGIRXQGDWLRQ(QJLQHHULQJ´E\.5$URUD
*HRWHFKQLFDOHQJLQHHULQJKDQGERRNE\%0'DV-5RVV3XEOLVKLQJ&HQJDJHOHDUQLQJ
3ULQFLSOHVRI)RXQGDWLRQ(QJE\%0'DVWK(GLWLRQ&HQJDJH/HDUQLQJ,QGLD3YW/WG1HZ'HOKL
*HRWHFKQLFDO(QJLQHHULQJ3ULQFLSOHVDQG3UDFWLFHVE\'RQDOG3&RGXWR0DQ&KX
5RQDOG<HXQJ :LOOLDP$.LWFK3UHQWLFH+DOO
³6RLO,PSURYHPHQWWHFKQLTXHVDQGWKHLUHYROXWLRQ´E\9DQ,PSH
³*HRWHFKQLFDO(QJLQHHULQJ´E\6KDVKL.*XOKDWL 0DQRM'DWWD
³)RXQGDWLRQ(QJLQHHULQJ´E\3&9HUJKHVH
³*URXQG,PSURYHPHQWWHFKQLTXHV´E\33XUXVKRWKDPD5DM
&RQVWUXFWLRQ3ODQQLQJDQG0DQDJHPHQWE\8.6KULYDVWDYD*DOJRWLD3XEOLFDWLRQ1'
5HIHUHQFH%RRNV
&RQVWUXFWLRQ3URMHFW0DQDJHPHQW3ODQQLQJ6FKHGXOLQJDQG&RQWUROE\&KLWNDUD..7DWD0F*UDZ+LOO1'
3URMHFW0DQDJHPHQWZLWK&303(57DQG3UHFHGHQFH'LDJUDPPLQJE\0RGHU-9DQ1RUVWUDQW5HLQKROG&R
&RQVWUXFWLRQ3ODQQLQJ(TXLSPHQWVDQG0HWKRGVE\5/3HXULIR\0F*UDZ+LOO
&RQVWUXFWLRQ3ODQQLQJDQG0DQDJHPHQWE\*DKORW 'KLU1HZ$JH3XEOLVKHU
&RQVWUXFWLRQ6FKHGXOLQJZLWK35,0(9(5$3URMHFW3ODQQHUE\)HLJHQEDXP/3UHQWLFH+DOO,QF
3ULQFLSOHRI&RQVWUXFWLRQ0DQDJHPHQWE\3LOFKHU0F*UDZ+LOO
~ 42 ~
&( &20326,7(6758&785(6 &U
,QWURGXFWLRQ GHILQLWLRQ &ODVVLILFDWLRQ DQG FKDUDFWHULVWLFV RI &RPSRVLWH PDWHULDOV DGYDQWDJHV DQG OLPLWDWLRQV &XUUHQW
6WDWXVDQG)XWXUH3URVSHFWV +UV
%DVLF&RQFHSWVDQGFKDUDFWHULVWLFV+RPRJHQHLW\DQG+HWHURJHQHLW\,VRWURS\2UWKRWURS\DQG$QLVRWURS\&KDUDFWHULVWLFV
DQG FRQILJXUDWLRQV RI ODPLQD ODPLQDWH PLFURPHFKDQLFV DQG PDFURPHFKDQLFV &RQVWLWXHQW PDWHULDOV DQG SURSHUWLHV
+UV
(ODVWLFEHKDYLRXURIXQLGLUHFWLRQDOODPLQD$QLVRWURSLFVHSDUDWHO\RUWKRWURSLFDQGWUDQVYHUVHO\LVRWURSLFPDWHULDOVVWUHVV
VWUDLQUHODWLRQVIRUWKLQODPLQDWUDQVIRUPDWLRQRIVWUHVVDQGVWUDLQWUDQVIRUPDWLRQRIHODVWLFSDUDPHWHUV +UV
6WUHQJWK RI XQLGLUHFWLRQDO ODPLQD 0DFURPHFKDQLFDO IDLOXUH WKHRULHV 0D[LPXP VWUHVV WKHRU\ PD[LPXP VWUDLQ WKHRU\
'HYLDWRULFVWUDLQHQHUJ\WKHRU\7VDL+LOO,QWHUDFWLYHWHQVRUSRO\QRPLDOWKHRU\7VDL:X +UV
(ODVWLF %HKDYLRXU RI PXOWLGLUHFWLRQDO ODPLQDWHV %DVLF DVVXPSWLRQV 6WUHVVVWUDLQ UHODWLRQV ORDG GHIRUPDWLRQ UHODWLRQV
V\PPHWULFDQGEDODQFHGODPLQDWHVODPLQDWHHQJLQHHULQJSURSHUWLHV +UV
%HQGLQJ DQG YLEUDWLRQ RI ODPLQDWHG SODWHV *RYHUQLQJ HTXDWLRQV 'HIOHFWLRQ RI VLPSO\ VXSSRUWHG UHFWDQJXODU V\PPHWULF
DQJOHSO\VSHFLDOO\RUWKRWURSLFDQWLV\PPHWULFFURVVSO\ODPLQDWHV +UV
&RPSRVLWHFKDUDFWHUL]DWLRQ'HVWUXFWLYHDQG1RQGHVWUXFWLYHWHVWLQJ
7H[W%RRNV
(QJLQHHULQJPHFKDQLFVRI&RPSRVLWHPDWHULDOVE\,0'DQLHODQG2,VKDL2[IRUGXQLYHUVLW\SUHVV
5HIHUHQFH%RRNV
0HFKDQLFVRI&RPSRVLWHPDWHULDOVE\5REHUW0-RQHV0F*UDZ+LOO%RRN&RPSDQ\
)LEHUUHLQIRUFHG&RPSRVLWHVE\3.0DOOLFN0DUFHO'HNNHULQF
$QLQWURGXFWLRQWRFRPSRVLWHPDWHULDOVE\'+XOODQG7:&O\QH&DPEULGJHXQLYHUVLW\SUHVV
,QWURGXFWLRQWREULGJHFRGHV(FRQRPLFHYDOXDWLRQRIDEULGJHSURMHFWORDGLQJVWDQGDUG,5&VSHFLILFDWLRQ
,PSDFWIDFWRU +UV
6LWHLQYHVWLJDWLRQDQGSODQQLQJ6FRXUIDFWRUVDIIHFWLQJDQGHYDOXDWLRQ +UV
%ULGJHIRXQGDWLRQVRSHQSLOHZHOODQGFDLVVRQ3LHUVDEXWPHQWVDQGDSSURDFKVWUXFWXUHVUHLQIRUFHG
HDUWKVWUXFWXUH6XSHUVWUXFWXUHDQDO\VLVDQGGHVLJQRIULJKWVNHZDQGFXUYHGVODEV +UV
*LUGHUEULGJHVW\SHVORDGGLVWULEXWLRQGHVLJQ2UWKRWURSLFSODWHDQDO\VLVRIEULGJHGHFNV +UV
,QWURGXFWLRQWRORQJVSDQEULGJHV FDQWLOHYHUDUFKFDEOHVWD\HGDQGVXVSHQVLRQEULGJHV0HWKRGVRIFRQVWUXFWLRQRI5&
%ULGJHV 3UHVWUHVVHG FRQFUHWH EULGJHV DQG VWHHO EULGJHV )DEULFDWLRQ /DXQFKLQJ FUHDWLRQ 'HVLJQ DQG FRQVWUXFWLRQ RI
FRQVWUXFWLRQMRLQWVXVHRIUHOHYDQWFRGHVRISUDFWLFHDUHSHUPLWWHGLQWKHH[DPLQDWLRQ +UV
7H[W%RRNV
5&%ULGJHVE\7\ORU7KRPVRQDQG6PXONL.KDQQD3XEOLVKHUV1HZ'HOKL
~ 43 ~
5HIHUHQFH%RRNV
)RXQGDWLRQRI6WUXFWXUHVE\'XQKDQ0F*UDZ+LOO
)RXQGDWLRQRI%ULGJHVDQG%XLOGLQJE\-DFRE\DQGGDYLV0F*UDZ+LOO
&RQFUHWH%ULGJHV&RQFUHWH$VVRFLDWLRQRI,QGLD
5RDG%ULGJHV,566HF±,,,,,,0DQXDOIRUVWDQGDUGVDQGVSHFLILFDWLRQ
,56&RGHVRI3UDFWLFHIRU5DLOZD\EULGJHV
6WUHVVGLVWULEXWLRQLQHQGEORFNRISRVWWHQVLRQHGVHFWLRQ0DJQHO¶VPHWKRG*X\HQ¶VPHWKRG5RZH¶VPHWKRGDQG,6FRGH
PHWKRG +UV
'HIOHFWLRQRISUHVWUHVVHGVWUXFWXUHVVKRUWWHUPDVZHOODVORQJWHUPGHIOHFWLRQVRIXQFUDFNHGDQGFUDFNHGPHPEHUV+UV
,QGHWHUPLQDWHVWUXFWXUHV3ULQFLSOHVRIGHVLJQRISULVPDWLFFRQWLQXRXVEHDPVRIWZRDQGWKUHHHTXDOXQHTXDOVSDQVZLWK
YDULDEOHPRPHQWVRILQHUWLD&RPSRVLWHFRQVWUXFWLRQRISUHVWUHVVHGDQGLQVLWXFRQFUHWH +UV
7H[W%RRNV
3UHVWUHVVHGFRQFUHWHE\1.ULVKQDUDMX7DWD0F*UDZ+LOO1HZ'HOKL
5HIHUHQFH%RRNV
3UHVWUHVVHGFRQFUHWH9RO, 9RO,,E\<*X\HQ-RKQZLOOH\ 6RQV1HZ<RUN
3UHVWUHVVHGFRQFUHWHWKHRU\ GHVLJQE\(:%HQQHW&KDSPDQ +DOO/RQGRQ
'HVLJQRISUHVWUHVVHGFRQFUHWHVWUXFWXUHVE\7</LQ +%XUQV1HG-RKQZLOOH\ 6RQV1HZ<RUN
3UHVWUHVVHGFRQFUHWHE\6.0DOOLN $3*XSWD2[IRUG ,%+1HZ'HOKL
%XQNHUVDQGVLORV3UHVVXUHYHVVHOVDQG&KLPQH\V&RROLQJWRZHUV +UV
/DUJHVSDQ5RRI6WUXFWXUHV6XVSHQVLRQ5RRI6WUXFWXUHV +UV
7H[W%RRNV
'HVLJQRI6WHHO6WUXFWXUHVE\$6$U\DDQG-/$MPDQL3XEOLVKHU1HPFKDQG %URV5RRUNHH
5HIHUHQFH%RRNV
'HVLJQRI6WHHO6WUXFWXUHE\3'D\DUDWQDP$0:KHHOHU &R$OODKDEDG
'HVLJQRI6WHHO6WUXFWXUHVE\%%UHVOHU7</LQ -%6FDO]L3XEOLVKHU-RKQ:LOH\1HZ<RUN
'HVLJQRI6WHHO6WUXFWXUHVE\(+*D\ORUGDQG*D\ORUG&1&KDUOHV,QWHUQDWLRQDO6WXGHQWV(GQ0F*UDZ+LOO
%RRN&R,QF.RJDNXVKD&R/WG
6WHHO'HVLJQHU¶V0DQXDO&URVVE\/RFNZRXG/RQGRQ
~ 44 ~
&( '(6,*12)2))6+25(6758&785(6 &U
2LO H[SORUDWLRQ DQG SURGXFWLRQ HQJLQHHULQJ SUREOHPV LQ RIIVKRUH H[SORUDWLRQ DQG SURGXFWLRQ VHDEHG VXUYH\ DQG VRLO
HQJLQHHULQJ +UV
%ULHI LQWURGXFWLRQ WR IOXLGVWUXFWXUH SKHQRPHQD '\QDPLFV RI SURJUHVVLYH ZDYHV GLIIUDFWLRQ RI ZDYHV ZDYH IRUFHV RQ
VWUXFWXUDO V\VWHP 0RULVRQ¶V HTXDWLRQ )RUPXODWLRQ RI JRYHUQLQJ HTXDWLRQV RI PRWLRQ IRU PXOWLGHJUHH IUHHGRP V\VWHPV
'LIIHUHQW W\SHV RI RIIVKRUH VWUXFWXUDO V\VWHPV LQFOXGLQJ VXEPDULQH SLSH OLQHV UHYLHZ RI OLQHDU GHWHUPLQLVWLF DQDO\VLV E\
VXSHUSRVLWLRQDQGQXPHULFDOLQWHJUDWLRQSURFHGXUH +UV
,QWURGXFWLRQWRVWRFKDVWLFSURFHVVDQGQRQGHWHUPLQLVWLFHYDOXDWLRQRIWKHOLQHDUQRQGHWHUPLQLVWLFUHVSRQVHZKHUHWKHUHLQQR
LQWHUDFWLRQ +UV
7HFKQLTXHVRIRIIVKRUHSLOLQJIRUYDULRXVVWUXFWXUHVG\QDPLFVWUHVVHVLQSLOHGULYLQJVRLOVWUXFWXUHLQWHUDFWLRQRIERWKMDFNHW
DQGJUDYLW\W\SHSODWIRUPV%HKDYLRXURIDVLQJOHSLOHXQGHUF\FOLFODWHUDOORDGV9DULRXVORDGVLWXDWLRQVIRUMDFNHWVDVZHOO
DVSLOHV +UV
7H[W%RRNV
$QLQWURGXFWLRQWR2FHDQ6FLHQFHDQG7HFKQRORJ\E\$.0DOKRWUD±1DWLRQDOERRNWUXVW,QGLD
5HIHUHQFH%RRNV
'\QDPLF$QDO\VLVRIRIIVKRUHVWUXFWXUHVE\&$%UHEELDDQG6:DONHU1HZQHV%XWWHUZRUWJV
(VWXDU\DQG&RDVWOLQH+\GURG\QDPLFVE\$7,SSHQ±7DWD0F*UDZ+LOO%RRN&RPSDQ\
%HDPRQ(ODVWLF)RXQGDWLRQ6RLO0RGHOV,QILQLWHEHDPWZRSDUDPHWHUV,VRWURSLFHODVWLFKDOIVSDFH$QDO\VLVRIEHDPV
RIILQLWHOHQJWK&ODVVLILFDWLRQRIILQLWHEHDPVLQUHODWLRQWRWKHLUVWLIIQHVV3ODWHRQ(ODVWLF0HGLXP7KLQDQGWKLFNSODWHV
$QDO\VLVRIILQLWHSODWHV1XPHULFDODQDO\VLVRIILQLWHSODWHVVLPSOHVROXWLRQV +UV
(ODVWLF$QDO\VLVRI3LOH(ODVWLFDQDO\VLVRIVLQJOHSLOH7KHRUHWLFDOVROXWLRQVIRUVHWWOHPHQWDQGORDGGLVWULEXWLRQV$QDO\VLV
RISLOHJURXS,QWHUDFWLRQDQDO\VLV/RDGGLVWULEXWLRQLQJURXSVZLWKULJLGFDS +UV
/RDGGHIOHFWLRQSUHGLFWLRQIRUODWHUDOO\ORDGHGSLOHV6XEJUDGHUHDFWLRQDQGHODVWLFDQDO\VLV
7H[W%RRN
)RXQGDWLRQ$QDO\VLVDQG'HVLJQE\-(%RZOHV7DWD0F*UDZ+LOO
(ODVWLF$QDO\VLVRI6RLO)RXQGDWLRQ,QWHUDFWLRQE\6HOYDGXUDL$36(OVHYLHU
5HIHUHQFH%RRNV
3LOH)RXQGDWLRQ$QDO\VLVDQG'HVLJQE\3RXORV+*DQG'DYLV(+-RKQ:LOH\
'HVLJQ$QDO\VLVRI%HDPV&LUFXODU3ODWHVDQG&\OLQGULFDO7DQNVRQ(ODVWLF)RXQGDWLRQE\(60HOHUVN
%HDPVRI(ODVWLF)RXQGDWLRQE\0+HWHQ\L8QLYHUVLW\0LFKLJDQ3UHVV
~ 45 ~
&( 237,0,=$7,217(&+1,48(6 &U
,QWURGXFWLRQ,PSRUWDQFHRIRSWLPL]DWLRQWHFKQLTXHV/LQHDUSURJUDPPLQJ)RUPXODWLRQJUDSKLFDOVROXWLRQVLPSOH[PHWKRG
%LJ00HWKRG'XDOLW\6HQVLWLYLW\DQDO\VLV +UV
7UDQVSRUWDWLRQSUREOHPV$VVLJQPHQWSUREOHPV +UV
'HFLVLRQWKHRU\GHFLVLRQWUHH*DPHWKHRU\ +UV
,QYHQWRU\PRGHOV±GHWHUPLQLVWLFPRGHOVSUREDELOLVWLFPRGHO4XHXLQJWKHRU\VLPXODWLRQDSSOLFDWLRQV +UV
,QWURGXFWLRQWRQRQOLQHDUSURJUDPPLQJ +UV
'\QDPLFSURJUDPPLQJDQGLQWHJHUSURJUDPPLQJIRUHFDVWLQJWHFKQLTXHV +UV
7H[W%RRNV
2SWLPL]DWLRQ±665DR:LOH\(DVWHUQ/WG
2SHUDWLRQ5HVHDUFK+$7DKD0DF0LOODQ
5HIHUHQFH%RRNV
*UDSK7KHRU\±1DUVLQJK5DR3UHQWLFH+DOO
2SHUDWLRQ5HVHDUFK±:DJQHU:LOH\(DVWHUQ/WG
3URMHFW0DQDJHPHQW±/LFN'*RZHU3XEOLFDWLRQ(QJODQG
~ 46 ~
6&+22/2)&20387(5(1*,1((5,1*
63(&,$/,=$7,21&20387(5(1*,1((5,1*
0DWKHPDWLFDOIRXQGDWLRQV*URZWKRIIXQFWLRQVDV\PSWRWLFQRWDWLRQV5HFXUUHQFHV6XEVWLWXWLRQLWHUDWLRQPDVWHUDQG
UHFXUVLRQWUHHPHWKRGV$PRUWL]HGDQDO\VLV +UV
6RUWLQJDQG2UGHUVWDWLVWLFV+HDS6RUW+HDSSURSHUW\SULRULW\TXHXHV4XLFNVRUW$QDO\VLVRITXLFNVRUW5DQGRPL]HG
YHUVLRQRITXLFNVRUW6RUWLQJLQOLQHDUWLPH&RXQWLQJVRUW5DGL[VRUW%XFNHWVRUW0HGLDQVDQGRUGHUVWDWLVWLFVPD[LPXP
DQGPLQLPXP +UV
81,7,,
'\QDPLFSURJUDPPLQJ(OHPHQWVRIG\QDPLFSURJUDPPLQJ0DWUL[FKDLQPXOWLSOLFDWLRQORQJHVWFRPPRQVXEVHTXHQFHV
+UV
*UDSK$OJRULWKPV(OHPHQWDU\JUDSKDOJRULWKPV%UHDGWKILUVWVHDUFK'HSWKILUVWVHDUFK7RSRORJLFDOVRUW0LQLPXP
VSDQQLQJWUHHV.UXVNDODQGSULPVDOJRULWKPV6LQJOHVRXUFHVKRUWHVSDWK'LMNVWUD
VDOJRULWKP%HOOPDQ)RUGDOJRULWKP
$OOSDLUVVKRUWHVWSDWKV)OR\GZDUVKDOODOJRULWKPIORZQHWZRUN +UV
81,7,,,
1SFRPSOHWHQHVV3RO\QRPLDOWLPH3RO\QRPLDOWLPHYHULILFDWLRQ1SFRPSOHWHQHVVDQGUHGXFLELOLW\1SFRPSOHWHQHVV
SURRIVDQGSUREOHPV +UV
&RPSXWDWLRQDO*HRPHWU\/LQHVHJPHQWSURSHUWLHV6HJPHQW,QWHUVHFWLRQ&ORVHVWUXFWXUHSDLUILQGLQJWKHFRQYH[KXOO
+UV
7H[W%RRNV
7KRPDV+&RUPHQ&KDUOHV(/HLVHUVRQ5RQDOG/5LYHVW&OLIIRUG6WHLQ,QWURGXFWLRQWR$OJRULWKPV3+,
6HFRQG(GLWLRQ
5HIHUHQFHV%RRNV
.5RVHQ'LVFUHWH0DWKHPDWLFVDQGLWV$SSOLFDWLRQVWKHGLWLRQ
-RQ.OHLQEHUJDQG(YD7DUGRV$OJRULWKP'HVLJQ$GGLVRQ:HVOH\
$KR$OIUHG9-RKQ(+RSFURIWDQG-HIIUH\'8OOPDQThe Design and Analysis of Computer Algorithms
5HDGLQJ0$$GGLVRQ:HVOH\,6%1
66DKDQL'DWD6WUXFWXUHV$OJRULWKPVDQG$SSOLFDWLRQVLQ&0F*UDZ+LOO1<
~ 47 ~
&6&20387$7,21$/,17(//,*(1&( &5
81,7, +UV
,QWURGXFWLRQWR6RIW&RPSXWLQJ 6RIWFRPSXWLQJFRQVWLWXHQWVDQGFRQYHQWLRQDO$UWLILFLDO,QWHOOLJHQFH1HXUR)X]]\DQG
6RIW&RPSXWLQJFKDUDFWHULVWLFV
81,7,, +UV
)X]]\ 6HWV ,QWURGXFWLRQ %DVLF GHILQLWLRQV DQG WHUPLQRORJ\ 6HWWKHRUHWLF RSHUDWLRQV 0) )RUPXODWLRQ DQG
SDUDPHWHUL]DWLRQ0RUHRQIX]]\XQLRQLQWHUVHFWLRQDQGFRPSOHPHQW
)X]]\5XOHVDQG)X]]\5HDVRQLQJ([WHQVLRQSULQFLSOHDQGIX]]\UHODWLRQV)X]]\,I7KHQUXOHV)X]]\UHDVRQLQJ
)X]]\,QIHUHQFH6\VWHPV0DPGDQLIX]]\PRGHOV6XJHQR)X]]\0RGHOV7VXNDPRWRIX]]\PRGHOVRWKHUFRQVLGHUDWLRQV
81,7,,, +UV
'HULYDWLYHIUHHRSWLPL]DWLRQ*HQHWLFDOJRULWKPVLPXODWHGDQQHDOLQJUDQGRPVHDUFK'RZQKLOOVLPSOH[VHDUFK
81,7,9 +UV
$GDSWLYH1HWZRUNV$UFKLWHFWXUH%DFNSURSDJDWLRQIRUIHHGIRUZDUGQHWZRUNV([WHQGHGEDFNSURSDJDWLRQIRUUHFXUUHQW
QHWZRUNV+\EULGOHDUQLQJUXOH
6XSHUYLVHG OHDUQLQJ QHXUDO QHWZRUNV 3HUFHSWLRQV $GDOLQH %DFN SURSDJDWLRQ PXOWL OD\HU SHUFHSWLRQV 5DGLDO %DVLV
)XQFWLRQ1HWZRUNV0RGXODUQHWZRUN
/HDUQLQJIURPUHLQIRUFHPHQW,QWURGXFWLRQ
8QVXSHUYLVHGOHDUQLQJDQGRWKHUQHXUDOQHWZRUNV&RPSHWLWLYHOHDUQLQJQHWZRUNV.RKRQHQVHOIRUJDQL]LQJQHWZRUNV
OHDUQLQJYHFWRU4XDQWL]DWLRQ+HEELDQOHDUQLQJSULQFLSDOFRPSRQHQWQHWZRUNVDQG7KH+RSILHOGQHWZRUN
81,79 +UV
$GDSWLYH1HXUR)X]]\,QIHUHQFH6\VWHPV$1),6DUFKLWHFWXUH+\EULGOHDUQLQJDOJRULWKPVOHDUQLQJPHWKRGVWKDWFURVV
IHUWLOL]H$1),6DQG5%1)6LPXODWLRQH[DPSOHV
7H[W%RRNV
1HXUR)X]]\DQG6RIW&RPSXWLQJE\-65-DQJ&76XQ(0L]XWDQL3+,
5HIHUHQFH%RRNV
1HXUDO1HWZRUN'HVLJQE\0DUWLQ7+DJDQ+%'HPXWK0%HDOH&(1*$*(/HDUQLQJ,QGLD(GLWLRQ
1HXUDO1HWZRUNVDQG/HDUQLQJ0DFKLQHVE\6LPRQ+D\NLQ3+,
*HQHWLF $OJRULWKPV LQ VHDUFK 2SWLPL]DWLRQ DQG 0DFKLQH /HDUQLQJ VW (GLWLRQ E\ 'DYLG ( *ROGEHUJ
3($5621
&6 02%,/(&20081,&$7,21 &20387,1* &5
81,7, +UV
6LJQDOSURSDJDWLRQ0XOWLSOH[LQJ0RGXODWLRQDQG6SUHDG6SHFWUXPWHFKQLTXHV
81,7,, C +UV
)'0$ 7'0$ &'0$ $036 *60 (&7 8076 ,07 ± &'0$ EDVHG FHOOXODU V\VWHP EDVLF URXWLQJ
ORFDOL]DWLRQDQGKDQGRIILVVXHV
81,7,,, +UV
3DFNHWUDGLRQHWZRUNVZLUHOHVV/$1,(((E%OXHWRRWK:LUHOHVV$70:LUHOHVV$SSOLFDWLRQ3URWRFRO:$3
DQG :0/
~ 48 ~
81,7,9 +UV
0RELOH ,3 $GKRF QHWZRUNV $2'9 '65 '6'9 URXWLQJ ,QGLUHFW 7&3 6QRRSLQJ 7&3
0RELOH 7&3 ,QIRUPDWLRQ 0DQDJHPHQW ORFDWLRQLQGHSHQGHQW DQG ORFDWLRQGHSHQGHQW FRPSXWLQJ PRGHOV 0RELOH
DSSOLFDWLRQVDQGVHUYLFHV6HFXULW\
7H[W%RRNV
0RELOH&RPSXWLQJE\-6FKLOOHUQG(GLWLLRQ
5HIHUHQFH%RRNV
0RELOH&RPSXWLQJE\7RPDV],PLHOLQVNLDQG).RUWK(GLWHG%\6SULQJHU
,QWURGXFWLRQ5HYLHZRIEDVLFFRPSXWHUDUFKLWHFWXUHTXDQWLWDWLYHWHFKQLTXHVLQFRPSXWHUGHVLJQPHDVXULQJDQGUHSRUWLQJ
SHUIRUPDQFH&,6&DQG5,6&SURFHVVRUV
3LSHOLQLQJ %DVLF FRQFHSWV LQVWUXFWLRQV DQG DULWKPHWLF SLSHOLQH GDWD KD]DUGV FRQWURO KD]DUGV DQG VWUXFWXUDO KD]DUGV
WHFKQLTXHVIRUKDQGOLQJKD]DUGV([FHSWLRQKDQGOLQJ3LSHOLQHRSWLPL]DWLRQWHFKQLTXHV
+LHUDUFKLFDOPHPRU\WHFKQRORJ\,QFOXVLRQ&RKHUHQFHDQGORFDOLW\SURSHUWLHVFDFKHPHPRU\RUJDQL]DWLRQVWHFKQLTXHV
IRU UHGXFLQJ FDFKH PLVVHV YLUWXDO PHPRU\ RUJDQL]DWLRQ PDSSLQJ DUH PDQDJHPHQW WHFKQLTXHV PHPRU\ UHSODFHPHQW
SROLFLHV
81,7,,, +UV
,QVWUXFWLRQOHYHO SDUDOOHOLVP EDVLF FRQFHSWV WHFKQLTXHV IRU LQFUHDVLQJ ,/3 VXSHUVFDODU VXSHUSLSHOLQHG DQG 9/,:
SURFHVVRUDUFKLWHFWXUHVDUUD\DQGYHFWRUSURFHVVRUV
0XOWLSURFHVVRUDUFKLWHFWXUH7D[RQRP\RISDUDOOHODUFKLWHFWXUH
81,7,9 +UV
7H[W%RRNV
&RPSXWHU$UFKLWHFWXUH$4XDQWLWDWLYH$SSURDFK+HQQHVVH\3DWWHUVRQ
5HIHUHQFH%RRNV
.+ZDQJDQG)$%ULJJV³&RPSXWHU$UFKLWHFWXUHDQG3DUDOOHO3URFHVVLQJ´0F*UDZ+LOO
.DL+ZDQJ³$GYDQFHG&RPSXWHU$UFKLWHFWXUH3DUDOOHOLVP6FDODELOLW\SURJUDPPDELOLW\´0F *UDZ+LOO
06LQJKDODQG1*6LYDUDWUL³$GYDQFHGFRQFHSWVRI2SHUDWLQJ6\VWHPV´7DWD0F*UDZ+LOO3XEOLFDWLRQ
~ 49 ~
&6 &/28',1)5$6758&785($1'6(59,&(6 &5
81,7, +UV
,QWURGXFWLRQWR&ORXG&RPSXWLQJ
'HILQLWLRQV5RRWVRI&ORXG&RPSXWLQJ)XQGDPHQWDOFRQFHSWVRI'LVWULEXWHG6\VWHPV&OXVWHU&RPSXWLQJ*ULG
&RPSXWLQJDQG0RELOH&RPSXWLQJ
81,7,, +UV
%DVLFVRI&ORXG&RPSXWLQJ
&RQFHSWV&KDUDFWHULVWLFVRI&ORXG&RPSXWLQJ1HHGIRU&ORXG&ORXG'HSOR\PHQWPRGHOVSULYDWHSXEOLFK\EULGDQG
FRPPXQLW\FORXG&ORXG6HUYLFHV5HVRXUFHDVD6HUYLFH5DD6,QIUDVWUXFWXUHDVD6HUYLFH,DD63ODWIRUPDVD6HUYLFH
3DD6DQG6RIWZDUHDVD6HUYLFH3DD6([DPSOHVRIHDFKVHUYLFHV
81,7,,, +UV
&ORXG6HUYLFHV
5DD68VDJHRI3K\VLFDOUHVRXUFHVOLNHVHUYHUVQHWZRUNVGDWDFHQWHU,DD69LUWXDOL]DWLRQ9LUWXDO0DFKLQHSURYLVLRQLQJ
DQG0LJUDWLRQ6HUYLFHV6FKHGXOLQJWHFKQLTXHVRI9LUWXDOPDFKLQHVIRUUHVRXUFHUHVHUYDWLRQ3DD6,QWHJUDWHGOLIHF\FOH
SODWIRUP*RRJOH$SS(QJLQH0LFURVRIW$]XUH$QFKRUHGOLIHF\FOHSODWIRUP6DOHVIRUFHSODWIRUP6DD6&KDUDFWHUL]LQJ
6DD66DOHVIRUFH¶VVRIWZDUHHQYLURQPHQW
81,7,9 +UV
'DWDEDVHDVDVHUYLFH'DD6
&ORXG'DWD6WRUDJH6\VWHP&$3WKHRUHP&ORXG'DWD6WRUDJHVHUYLFHV6XLWDELOLW\RI64/DQG1R64/$SSOLFDWLRQVRI
%LJ'DWDEDVHV&ORXG6HFXULW\DQGSULYDF\LVVXHV0RELOH&ORXG,QWHJUDWLRQRI&ORXGZLWK:LUHOHVV6HQVRU1HWZRUNDQG
LWVDSSOLFDWLRQ
7H[W%RRNV
1. &ORXG&RPSXWLQJ3ULQFLSOHVDQG3DUDGLJPV5DMNXPDU%X\\D-DPHV%UREHUJDQG$QGU]HM*RVFLQVNL:LOH\
3XEOLFDWLRQ
5HIHUHPFH%RRNV
&ORXG&RPSXWLQJIRU'XPPLHV-XGLWK+XUZLW]5RELQ%ORRU0DUFLD.DXIPDQDQG)HUQ+DOSHU:LOH\
3XEOLFDWLRQ
1HZIURQWLHUVLQLQIRUPDWLRQDQGVRIWZDUHDVDVHUYLFH'LY\DNDQW$JUDZDO.*6HOFXN&DQGDQ:HQ6\DQ/L
(GV6SULQJHU3URFHHGLQJV
&6 ',675,%87('&20387,1* &5
81,7, +UV
0RGHOV RI &RPSXWDWLRQV 3HUIRUPDQFH PHWULFV $PGDKO¶V /DZ ± 7LPH )RUPDOLVP DQG %UHQW¶V 7KHRUHP 3DUDOOHO
$OJRULWKPGHVLJQ7HFKQLTXHV3DUDOOHO3UHIL[3RLQWHU-XPSLQJ'LYLGHDQG&RQTXHU6\PPHWU\%UHDNLQJ
81,7,, +UV
~ 50 ~
81,7,,, +UV
&RVW3HUIRUPDQFH7UDGHRIIV0HVVDJH7UDQVIHU2QH±WR$OODQG$OO±WR$OOEURDGFDVWDQG3HUVRQDOL]HG
&RPPXQLFDWLRQ *UDQXDOULW\ DQG 6FDODELOLW\ RI 3DUDOOHO 6\VWHPV 0HVVDJH 3DVVLQJ $V\QFKURQRXV 0HVVDJH 3DVVLQJ
03,5HPRWH3URFHGXUH&DOO
81,7,9 +UV
3DUDGLJPV IRU 3URFHVV ,QWHUDFWLRQ 0DQDJHUV :RUNHUV +HDUWEHDW $OJRULWKPV 3LSHOLQH $OJRULWKPV 3UREH(FKR
$OJRULWKPV7RNHQ3DVVLQJ$OJRULWKPV5HSOLFDWHG6HUYHUV
81,79 +UV
,PSOHPHQWDWLRQV'HQVH0DWUL[$OJRULWKPV0DWUL[7UDQVSRUWDWLRQ 0XOWLSOLFDWLRQ6ROXWLRQRI/LQHDU6\VWHPV,WHUDWLYH
DQG'LUHFWPHWKRGVIRU6SDUH/LQHDU6\VWHP
7H[W%RRNV
1. ,QWURGXFWLRQWRSDUDODO&RPSXWLQJQG(GLWLRQE\DQDQWKJUDPDDQVKXOJXSWDJHURJHNDQ\SLQYLSLQNXPDU
$GGLVLRQ:HVHO\
5HIHUHPFH%RRNV
3DUDODOSURJUDPPLQJLQµ&¶ZLWK03,DQGRSHQ03E\0LFKDO-4XQLQQ0F*URZ+LOO
~ 51 ~
7H[W%RRNV
7KRPDV(UO6HUYLFH2ULHQWHG$UFKLWHFWXUH&RQFHSWV7HFKQRORJ\DQG'HVLJQ3HDUVRQ
5HIHUHQFH%RRNV
7KRPDV(UO62$3ULQFLSOHVRI6HUYLFH'HVLJQ3UHQWLFH+DOO VW(GLWLRQ
(ULF $ 0DUNV 0LFKDHO %HOO 6HUYLFH 2ULHQWHG $UFKLWHFWXUH 62$ $ 3ODQQLQJ DQG ,PSOHPHQWDWLRQ *XLGH IRU
%XVLQHVVDQG7HFKQRORJ\-RKQ:LOH\ 6RQV
'LUN .UDI]LJ .DUO %DQNH 'LUN 6ODPD (QWHUSULVH 62$ 6HUYLFH2ULHQWHG $UFKLWHFWXUH %HVW 3UDFWLFHV 3UHQWLFH
+DOO375VWHGLWLRQ
6DQGHHS&KDWWHUMHH-DPHV:HEEHU'DYLG%XQQHOO³'HYHORSLQJ(QWHUSULVH:HE6HUYLFHV$Q$UFKLWHFW¶V*XLGH´
3HDUVRQ(GXFDWLRQ
*UHJ/RPRZ(ULF1HZFRPHU8QGHUVWDQGLQJ62$ZLWK:HE6HUYLFHV3HDUVRQVW(GLWLRQ
'DQ :RRGV 7KRPDV 0DWWHUQ (17(535,6( 62$ '(6,*1,1* ,7 )25 %86,1(66 ,1129$7,21
6KURIIR
UHLOO\VW(GLWLRQ
7KRPDV(UO6HUYLFH2ULHQWHG$UFKLWHFWXUH3HDUVRQVW(GLWLRQ
,PDJH 7UDQVIRUPV 'LJLWDO )RXULHU 7UDQVIRUP )DVW )RXULHU 7UDQVIRUP )DVW )RXULHU 7UDQVIRUP 2WKHU 7UDQVIRUPV
&RQYROXWLRQ&RUUHODWLRQ
81,7,, +UV
81,7,,, +UV
,PDJH IHDWXUHUHJLRQ UHSUHVHQWDWLRQ DQG GHVFULSWLRQ ERXQGDU\ GHVFULSWRUV UHJLRQ GHVFULSWRUV PRUSKRORJLFDO
RSHUDWRUV)HDWXUHEDVHGPDWFKLQJ%D\H¶VFODVVLILFDWLRQ/RZOHYHOYLVLRQ
81,7,9 +UV
7H[W%RRNV
5HIHUHQFH%RRNV
'LJLWDO,PDJH3URFHVVLQJ$OJRULWKPV $SSOLFDWLRQV%\/RDQPLV3LWDV
81,7±, +UV
,QWURGXFWLRQ )HDWXUHV RI (PEHGGHG V\VWHPV 'HVLJQ PDWULFHV HPEHGGHG V\VWHP GHVLJQ IORZ 62& DQG 9/6, FLUFXLW
$50$QDGYDQFHG0LFUR&RQWUROOHU%ULHIKLVWRU\DQG$50SLSHOLQH,QVWUXFWLRQ6HW$UFKLWHFWXUH,6$5HJLVWHUV'DWD
3URFHVVLQJ,QVWUXFWLRQV'DWD7UDQVIHU,QVWUXFWLRQV0XOWLSOLFDWLRQVLQVWUXFWLRQV6RIWZDUHLQWHUUXSW&RQGLWLRQDOH[HFXWLRQ
EUDQFKLQVWUXFWLRQ6ZDSLQVWUXFWLRQDQG7+80%LQVWUXFWLRQV)3*$
~ 52 ~
81,7±,, +UV
'HYLFHVDQGGHYLFHGULYHUV,2GHYLFHV6HULDOSHULSKHUDOLQWHUIDFHV,,&56&56568QLYHUVDOVHULDOEXV
86%,QWHUIDFH86%&RQQHFWRU,U'$&$1%OXHWRRWK,6$3&,3&,±;DQGDGYDQFHEXVVHV'HYLFHGULYHUV5HDOWLPH
RSHUDWLQJV\VWHP+DUGUHDOWLPHILUPUHDOWLPHVRIWUHDOWLPH7DVNSHULRGLFLW\SHULRGLFWDVNVSRUDGLFWDVNDSHULRGLFWDVN
WDVNVFKHGXOLQJVFKHGXOLQJDOJRULWKPVFORFNGULYHQVFKHGXOLQJHYHQWGULYHQVFKHGXOLQJ
81,7±,,, +UV
6RIWZDUHDQGSURJUDPPLQJFRQFHSW3URFHVVRUVHOHFWLRQIRUDQHPEHGGHGV\VWHP6WDWHFKDUW6'/3HWUL1HWVDQG8QLILHG
0RGHOLQJ/DQJXDJH80/
/RZSRZHUHPEHGGHGV\VWHPGHVLJQ'\QDPLFSRZHUGLVVLSDWLRQ6WDWLFSRZHUGLVVLSDWLRQ3RZHUUHGXFWLRQWHFKQLTXHV
V\VWHPOHYHOSRZHUPDQDJHPHQW
81,7,9 +UV
+DUGZDUH DQG VRIWZDUH SDUWLWLRQLQJ ./ SDUWLWLRQLQJ 3DUWLWLRQLQJ XVHV JHQHWLF DOJRULWKP SDUWLFOH VZDUP RSWLPL]DWLRQ
)XQFWLRQDO SDUWLWLRQLQJ DQG RSWLPL]DWLRQ IXQFWLRQDO SDUWLWLRQLQJ KLJK OHYHO RSWLPL]DWLRQV +DUGZDUH VRIWZDUH FR
VLPXODWLRQV
7H[W%RRNV
³(PEHGGHG6\VWHP'HVLJQ´E\6DQWDQX&KDWWRSDGKD\3+,
³(PEHGGHGV\VWHPDUFKLWHFWXUHSURJUDPPLQJDQGGHVLJQ´%\5DM.DPDO70+
5HIHUHQFH%RRNV
³+DUGZDUHVRIWZDUHFRGHVLJQRI(PEHGGHGV\VWHPV´%\5DOI1LHPDQQ.XOZHU$FDGHPLF
³(PEHGGHGUHDOWLPHV\VWHPSURJUDPPLQJ´%\6ULUDP9,\HU3DQNDM*XSWD70+
&6 3$77(515(&2*1,7,21 &5
81,7, 10 Hrs
3DWWHUQ5HFRJQLWLRQ)HDWXUH([WUDFWLRQDQGFODVVLILFDWLRQVWDJHV'LIIHUHQWDSSURDFKHVWRSDWWHUQUHFRJQLWLRQ
81,7,, 14 Hrs
6WDWLVWLFDO 3DWWHUQ 5HFRJQLWLRQ +\SRWKHVLV WHVWLQJ /LQHDU FODVVLILHUV 3DUDPHWULF DQG QRQSDUDPHWULF FODVVLILFDWLRQ
WHFKQLTXHV8QVXSHUYLVHG OHDUQLQJDQGFOXVWHULQJ6\QWDFWLFSDWWHUQUHFRJQLWLRQ)X]]\VHW
81 , 7 ,, , 12 Hrs
7KHRUHWLFDSSURDFKWR35$SSOLFDWLRQVRI356SHHFKDQGVSHDNHUUHFRJQLWLRQ&KDUDFWHUUHFRJQLWLRQ6FHQHDQDO\VLV
7H[W%RRNV
3DWWHUQ&ODVVLILFDWLRQ5LFKDUG'XGD3HWHU+DUWDQG'DYLG6WRUN:LOH\,QWHUVFLHQFH,6%1
5HIHUHQFH%RRNV
1HXUDO 1HWZRUNV IRU 3DWWHUQ 5HFRJQLWLRQ &KULVWRSKHU %LVKRS 2[IRUG 8QLYHUVLW\ 3UHVV ,6%1
7KH(OHPHQWVRI6WDWLVWLFDO /HDUQLQJ'DWD0LQLQJ,QIHUHQFHDQGSUHGLFWLRQ+DVWLH757LEVKLUDQLDQG-+
)ULHGPDQ1<6SULQJHU,6%1
,QIRUPDWLRQ 7KHRU\ ,QWHUIHUHQFH DQG OHDUQLQJ DOJRULWKPV 0DF.D\ 'DYLG &DPEULGJH 8. &DPEULGJH
8QLYHUVLW\3UHVV,6%1
&6 *(2*5$3+,&$/,1)250$7,216<67(0 &5
~ 53 ~
0DSODQJXDJH,QWURGXFWLRQ0DSDVDPRGHO6SDWLDOHOHPHQWVDQGWHUPLQRORJ\&ODVVLILFDWLRQRIPDSV0DSVFDOH
6SDWLDOUHIHUHQFLQJV\VWHP&RPSXWHUVLQPDSSURGXFWLRQ7UHQGVLQ
FRPSXWHUFRQVWUXFWLRQ*HQHUDOVRIWZDUH¶VLQPDSSURGXFWLRQ
)XQGDPHQWDOVRI*,6$EULHIKLVWRU\RI*,6*,6DUFKLWHFWXUH&RPSRQHQWVRID*,6*,6ZRUNIORZ
81,7,, +UV
7KHRUHWLFDOPRGHOVRI*,6)XQFWLRQDOHOHPHQWV)XQGDPHQWDORSHUDWLRQV7KHRUHWLFDOIUDPHZRUN*,6FDWHJRULHV/HYHOV
RIPHDVXUHPHQW
6SDWLDO'DWD0RGHOLQJ,QWURGXFWLRQ6WDJHVRI*,6GDWDPRGHOLQJ*UDSKLFUHSUHVHQWDWLRQRI6SDWLDO'DWD5DVWHUGDWD
UHSUHVHQWDWLRQ9HFWRUGDWDUHSUHVHQWDWLRQ6SDWLDOGDWDPRGHOV5DVWHU
81,7,,, +UV
*,6PRGHOV7\SHVRIUDVWHU*,6PRGHOV&RPSDFWUDVWHUGDWDPRGHOV9HFWRU*,6PRGHOV6SDJKHWWLPRGHO7RSRORJLFDO
PRGHO6KDSHILOH&RPSDFWYHFWRUGDWDPRGHOV&RPSDULVRQRI5DVWHUDQG9HFWRU0RGHOV
*,6'DWD0DQDJHPHQW,QWURGXFWLRQ'DWDEDVHPDQDJHPHQWV\VWHPV)XQFWLRQVRI'%06&RPSRQHQWVRI'%06
*,6GDWDILOHPDQDJHPHQW6LPSOHOLVW2UGHUHGVHTXHQWLDOILOHV,QGH[HGILOHV%XLOGLQJ*,6ZRUOGV
81,7,9 +UV
'DWDEDVHPRGHOV+LHUDUFKLFDOGDWDEDVHPRGHOV1HWZRUNV\VWHPV5HODWLRQDOGDWDEDVHPRGHOV6WDQGDUGTXHU\ODQJXDJH
64/ 6WRUDJH RI *,6 GDWD 7KH K\EULG GDWD PRGHO 7KH LQWHJUDWHG GDWD PRGHO 2EMHFW EDVHG GDWD PRGHOV (QWLW\
5HODWLRQVKLS$WWULEXWHPRGHO2UJDQL]DWLRQDOVWUDWHJ\
RI'%06LQ*,6
81,79 +UV
'DWD,QSXW(GLWLQJ 4XDOLW\,QWURGXFWLRQ7KHGDWDVWUHDP'DWDLQSXWPHWKRGV.H\ERDUGHQWU\0DQXDOGLJLWL]LQJ
6FDQQLQJDQGDXWRPDWLFGLJLWL]LQJ*36IRU*,6GDWDFDSWXUH'DWDHGLWLQJ'HWHFWLQJDQGFRUUHFWLQJHUURUV'DWDUHGXFWLRQ
DQGJHQHUDOL]DWLRQ(GJHPDWFKLQJDQG5XEEHUVKHHWLQJ&RPSRQHQWVRIGDWDTXDOLW\$FFXUDF\3UHFLVLRQDQGUHVROXWLRQ
&RQVLVWHQF\ &RPSOHWHQHVV6RXUFHVRIHUURULQ*,60RGHOLQJHUURUV3RLQWGDWD HUURUPRGHOV /LQH DQGDUHDGDWD HUURU
PRGHOV0RGHOVIRUGRWDQGSL[HOFRXQWLQJ(UURUHYDOXDWLRQE\JUDSKLFDOPHWKRGV
*,6$SSOLFDWLRQV
5HPRWHVHQVLQJDQG*,6/LQNDJH*,6VRIWZDUHV&DVHVWXGLHV
7H[W%RRNV
5HPRWHVHQVLQJDQG*,6E\0$QML5HGG\%633XEOLFDWLRQV+\GHUDEDGUG(GLWLRQ
5HIHUHQFHV%RRNV
0DQXDORI*HRVSDWLDO6FLHQFHDQG7HFKQRORJ\(GLWHG%\-RKQ'%RVVOHU7D\ORU$QG)UDQFLV/RQGRQ
*HRJUDSKLFDO,QIRUPDWLRQ6\VWHPVE\'HPPHHUV
&6 0$&+,1(/($51,1* &5
81,7 +UV
,QWURGXFWLRQ /LQHDU &ODVLILFDWLRQ SHUFHSWURQ 8SGDWH UXOH 3HUFHSWURQ FRQYHUJHQFH JHQHUDOL]DWLRQ 0D[LPXP 0DUJLQ
FODVVLILFDWLRQ&ODVVLILFDWLRQHUURUVUHJXODUL]DWLRQ/RJLVWLFUHJUHVVLRQOLQHDUUHJUHVVLRQ
81,7 +UV
(VWLPDWRU ELDV DQG YDULDQFH DFWLYH OHDUQLQJ 1RQOLQHDU SUHGLFWLRQ NHUQDOV NHUQDO UHJUHVVLRQ 6XSSRUW YHFWRU
PDFKLQH690DQGNHUQHOVNHUQHORSWLPL]DWLRQPRGHOVHOHFWLRQ0RGHOVHOHFWLRQFULWHULD
~ 54 ~
81,7 +UV
'HVFULSWLRQOHQJWK)HDWXUH6HOHFWLRQ&RPELQLQJ&ODVVLILHUVERRVWLQJPDUJLQDQGFRPSOH[LW\PDUJLQDQGJHQHUDOL]DWLRQ
PL[WXUHPRGHOV0L[WXUHDQGH[SHFWDWLRQPD[LPL]DWLRQ(0DOJRULWKP5HJXODUL]DWLRQ
7H[W%RRNV
0DFKLQH/HDUQLQJ0LWFKHOO7RP0F*UDZ+LOO,6%1UG(GLWLRQ
5HIHUHQFH%RRNV
1HXUDO 1HWZRUNV IRU 3DWWHUQ 5HFRJQLWLRQ &KULVWRSKHU %LVKRS 2[IRUG 8QLYHUVLW\ 3UHVV,6%1
3DWWHUQ&ODVVLILFDWLRQ5LFKDUG'XGD3HWHU+DUWDQG'DYLG6WRUN:LOH\,QWHUVFLHQFH,6%1
7KH (OHPHQWV RI 6WDWLVWLFDO /HDUQLQJ 'DWD 0LQLQJ ,QIHUHQFH DQG SUHGLFWLRQ +DVWLH 7 5 7LEVKLUDQL DQG -+
)ULHGPDQ1<6SULQJHU,6%1
,QIRUPDWLRQ7KHRU\,QWHUIHUHQFHDQGOHDUQLQJDOJRULWKPV0DF.D\'DYLG&DPEULGJH8.&DPEULGJH8QLYHUVLW\
3UHVV,6%1
~ 55 ~
6&+22/2)&20387(5(1*,1((5,1*
63(&,$/,=$7,21,1)250$7,216(&85,7<
,QWURGXFWLRQ%DVLFREMHFWLYHVRIFU\SWRJUDSK\VHFUHWNH\DQGSXEOLFNH\FU\SWRJUDSK\FODVVLFDOFU\SWRJUDSK\RQHZD\
DQG WUDSGRRU IXQFWLRQV DWWDFN PRGHOV 0RGXODU DULWKPHWLF JFG SULPDOLW\ WHVWLQJ &KLQHVH UHPDLQGHU WKHRUHP PRGXODU
VTXDUHURRWVILQLWHILHOGV +UV
6\PPHWULFNH\&LSKHUV0RGHVRIRSHUDWLRQ'(6DQGLWVYDULDQWV5&,'($%ORZ)LVK$(6FU\SWDQDO\VLV+UV
,QWUDFWDEOH SUREOHPV ,QWHJHU IDFWRUL]DWLRQ SUREOHP 56$ SUREOHP PRGXODU VTXDUH URRW SUREOHP GLVFUHWH ORJDULWKP
SUREOHP'LIILH+HOOPDQSUREOHPNQRZQDOJRULWKPVIRUVROYLQJWKHLQWUDFWDEOHSUREOHPV +UV
$V\PPHWULFNH\&LSKHUV56$5DELQDQG(,*DPDOVFKHPHV'LIILH+HOOPDQ.H\H[FKDQJH +UV
0HVVDJHGLJHVW'LJLWDOVLJQDWXUHV (QWLW\$XWKHQWLFDWLRQ3URSHUWLHVRIKDVKIXQFWLRQV0'DQG6+$NH\HGKDVK
IXQFWLRQV DWWDFNV RQ KDVK IXQFWLRQV 56$ '$6 DQG 15 VLJQDWXUH VFKHPHV 3DVVZRUGV FKDOOHQJHUHVSRQVH DOJRULWKPV
]HURNQRZOHGJHSURWRFROV +UV
1HWZRUN 6HFXULW\ 'LJLWDO &HUWLILFDWH SXEOLFNH\ LQIUDVWUXFWXUH 3., VHFXUHG VRFNHW OD\HU 66/ )LUHZDOO (PDLO
6HFXULW\.HUEHURV +UV
$GYDQFHGWRSLFV(OOLSWLFDQGK\SHUHOOLSWLFFXUYHFU\SWRJUDSK\4XDQWXPFU\SWRJUDSK'1FU\SWRJUDSK\ +UV
7H[W%RRNV
&U\SWRJUDSK\DQG1HWZRUN6HFXULW\%HKURX]$)RURX]DQ7DWD0FJUDZ+LOO QG(GLWLRQ
&U\SWRJUDSK\DQG1HWZRUN6HFXULW\:LOOLDP6WDOOLQJV3HDUVRQ WK(GLWLRQ
5HIHUHQFH%RRNV
$SSOLHG&U\SWRJUDSK\%UXFH6FKQLHU-RKQ:LOH\ 6RQV QG(GLWLRQ
)XQGDPHQWDOVRI&RPSXWHU6HFXULW\-RVHI3LHSU]\N7KRPDV+DUGMRQR-HQQLIHU6HEHUU\6SULQJHU(GLWLRQ
+DQGERRN RI $SSOLHG &U\SWRJUDSK\ $OIUHG - 0HQH]HV 3DXO & YDQ 2RUVFKRW 6FRWW $ 9DQVWRQH &5& 3UHVV WK
(GLWLRQ
6HFXULW\LQ&RPSXWLQJ&KDUOHV33IOHHJHU6KDUL/DZUHQFH3IOHHJHU3+, WK(GLWLRQ
&U\SWRJUDSK\7KHRU\DQG3UDFWLFH'RXJODV56WLQVRQ&5& UG(GLWLRQ
)RXQGDWLRQVRI&U\SWRJUDSK\2GHG*ROGUHLFK&DPEULGJH8QLYHUVLW\3UHVVVW(GLWLRQ
(OOLSWLF&XUYHV1XPEHU7KHRU\DQG&U\SWRJUDSK\/DZUHQFH&:DVKLQJWRQ&5&3UHVV QG(GLWLRQ
4XDQWXP&U\SWRJUDSK\DQG6HFUHWNH\'LVWLOODWLRQ*LOOHV9DQ$VVFKH&DPEULGJH8QLYHUVLW\3UHVV VW(GLWLRQ
&6 &<%(5/$:$1'6(&85,7<32/,&,(6 &5
6HFXULW\ DQG FRPSXWLQJ FKDUDFWHULVWLFV RI FRPSXWHU LQWUXVLRQ DWWDFNVVHFXULW\ JRDOV FULPLQDOVPHWKRGV RI GHIHQVH
FRQWURO FU\SWRJUDSK\ GLJLWDO VLJQDWXUHVSURJUDP VHFXULW\ 3URWHFWLRQ LQ RSHUDWLQJ V\VWHP GHVLJQ RI WUXVWHG RSHUDWLQJ
V\VWHPV +UV
&\EHU:RUOGDQG&\EHU/DZ +UV
&\EHU:RUOG$Q2YHUYLHZ
D7KHLQWHUQHWDQGRQOLQHUHVRXUFHV
E6HFXULW\RILQIRUPDWLRQF'LJLWDOVLJQDWXUH
$Q2YHUYLHZ&\EHU/DZ
D,QWURGXFWLRQDERXWWKHF\EHUVSDFH
E5HJXODWLRQRIF\EHUVSDFH±LQWURGXFLQJF\EHUODZ
~ 56 ~
F6FRSHRI&\EHUODZV±HFRPPHUFHRQOLQHFRQWUDFWV,35VFRS\ULJKWWUDGHPDUNVDQGVRIWZDUHSDWHQWLQJHWD[DWLRQH
JRYHUQDQFHDQGF\EHUFULPHV
G&\EHUODZLQ,QGLDZLWKVSHFLDOUHIHUHQFHWR,QIRUPDWLRQ7HFKQRORJ\$PHQGPHQW$FW
,QIRUPDWLRQ VHFXULW\ SROLFLHV DQG SURFHGXUHV FRUSRUDWH SROLFLHVOHJDO UHTXLUHPHQWVEXVLQHVV UHTXLUHPHQWV SURFHVV
PDQDJHPHQWSODQQLQJDQGSUHSDUDWLRQGHYHORSLQJSROLFLHVDVVHWFODVVLILFDWLRQSROLF\GHYHORSLQJVWDQGDUGV +UV
,QIRUPDWLRQ VHFXULW\ IXQGDPHQWDOV(PSOR\HH UHVSRQVLELOLWLHVLQIRUPDWLRQ FODVVLILFDWLRQ,QIRUPDWLRQ KDQGOLQJ7RROV RI
LQIRUPDWLRQVHFXULW\,QIRUPDWLRQSURFHVVLQJVHFXUHSURJUDPDGPLQLVWUDWLRQ +UV
&DVH VWXGLHV 2UJDQL]DWLRQ VHFXULW\ PRGHO ,QIRUPDWLRQ KDQGOLQJ SURFHGXUHV'HYHORSLQJ ,QIRUPDWLRQ VWDQGDUG PDQXDO
,QIRUPDWLRQVHFXULW\PDQXDO +UV
7H[W%RRNV
&\EHU/DZ'XJJDO3DYDQ8QYHUVDO/DZ3XEOLVKLQJ&R1HZ'HOKL
:LOOLV+:DUH&KDUOHV33IOHHJHU6KDUL/DZUHQFH3IOHHJHU³6HFXULW\LQ&RPSXWLQJ´3UHQWLFH+DOO
5HIHUHQFH%RRNV
7KRPDV53HOWLHU³,QIRUPDWLRQ6HFXULW\SROLFLHV SURFHGXUHV$3UDFWLWLRQHU¶V5HIHUHQFH´QG(GLWLRQ3UHQWLFH+DOO
7KRPDV53HOWLHU-XVWLQ3HOWLHU-RKQEODFNOH\´,QIRUPDWLRQ6HFXULW\)XQGDPHQWDOV´6HFRQG(GLWLRQSUHQWLFH+DOO
-RQDWKDQ5RVHQRHU³&\EHUODZWKH/DZRIWKH,QWHUQHW´6SULQJHUYHUODJ
&6 ,1)250$7,217+(25<$1'&2',1*7(&+1,48(6 &5
,QIRUPDWLRQ 7KHRU\ 8QFHUWDLQW\ DQG LQIRUPDWLRQ DYHUDJH PXWXDO LQIRUPDWLRQ DQG HQWURS\ 3HUIHFW VHFUHF\6RXUFH
&RGLQJ 6RXUFH FRGLQJ WKHRUHP 6KDQQRQ)DQR FRGLQJ +XIIPDQ FRGLQJ DULWKPDWLF FRGLQJ /HPSHO =LY DOJRULWKP UXQ
OHQJWKFRGLQJ +UV
&KDQQHO FDSDFLW\ FRGLQJ &KDQQHO PRGHOV FKDQQHO FDSDFLW\ FKDQQHO FRGLQJ LQIRUPDWLRQ FDSDFLW\ WKHRUHP UDQGRP
VHOHFWLRQRIFRGHV +UV
(UURUFRQWUROFRGLQJ%ORFNFRGHVVLQJOHSDULW\FKHFNFRGHVSURGXFWFRGHVUHSHWLWLRQFRGHV+DPPLQJFRGHVPLQLPXP
GLVWDQFHRIFRGHV +UV
/LQHDU FRGHV *HQHUDWRU PDWULFHV SDULW\ FKHFN PDWULFHV HUURU V\QGURPHV HUURU GHWHFWLRQ DQG FRUUHFWLRQ VKRUWHQHG DQG
H[WHQGHGOLQHDUFRGHV +UV
&\FOLF FRGHV *HQHUDWRU SRO\QRPLDOV HQFRGLQJ DQG GHFRGLQJ F\FOLF FRGHV SDULW\ FKHFN SRO\QRPLDOV GXDO F\FOLF FRGHV
JHQHUDWRUDQGSDULW\FKHFNPDWULFHVRIF\FOLFFRGHV +UV
%&+ &RGHV *DORLV ILHOGV 'HILQLWLRQ FRQVWUXFWLRQ RI %&+ FRGHV HUURU V\QGURPHV LQ ILQLWH ILHOGV 56 FRGHV 7KH
%HUOHNHPSDOJRULWKP(UURUHYDOXDWRUSRO\QRPLDO +UV
&RQYROXWLRQ FRGHV (QFRGLQJ FRQYROXWLRQ FRGHV JHQHUDWRU PDWULFHV IRU FRQYROXWLRQ FRGHV JHQHUDWRU SRO\QRPLDOV IRU
FRQYROXWLRQFRGHV7KHYLWHUELGHFRGHU7UHHFRGHV7XUERFRGHV7UHOOLVFRGHV +UV
7H[W%RRNV
5DQMDQ%RVH³,QIRUPDWLRQ7KHRU\&RGLQJDQG&U\SWRJUDSK\´70+
5HIHUHQFH%RRNV
6DOYDWRUH*UDYDQR³,QWURGXFWLRQWR(UURU&RQWURO&RGHV´2[IRUG
:DGH7UDSH/DZUHQFH&:DVKLQJWRQ³,QWURGXFWLRQWR&U\SWRJUDSK\ZLWK&RGLQJ7KHRU\´3HDUVRQ
~ 57 ~
&6 '$7$$1'.12:/('*(6(&85,7< &5
'DWD 6HFXULW\ 'DWDEDVH V\VWHPV DUFKLWHFWXUHV VWRUDJH VWUXFWXUHV VWRUDJH LVVXHV LQ LQ 'DWDEDVH 0DQDJHPHQW 6\VWHPV
6HFXULW\RIGDWDDWYDULRXVOHYHOVRI'DWDEDVH0DQDJHPHQW6\VWHPV +UV
'LVWULEXWHG 'DWDEDVHV 'LVWULEXWHG 'DWD 3URFHVVLQJ 'LVWULEXWHG 'DWDEDVH V\VWHP 'LVWULEXWHG 'DWDEDVH 0DQDJHPHQW
6\VWHP $UFKLWHFWXUH $UFKLWHFWXUDO PRGHOV IRU 'LVWULEXWHG 'DWDEDVH 0DQDJHPHQW 6\VWHP ± *OREDO GLUHFWRU\ LVVXHV ±
'LVWULEXWHGGDWDEDVHGHVLJQ±GLVWULEXWHGGHVLJQLVVXHV±IUDJPHQWDWLRQ±$OORFDWLRQ +UV
6HPDQWLF'DWD&RQWURO9LHZ0DQDJHPHQW±'DWDFHQWUDOL]HG$XWKRUL]DWLRQFRQWURO±'LVWULEXWHG$XWKRUL]DWLRQFRQWURO±
FHQWUDOL]HG6HPDQWLF,QWHJULW\&RQWURO&HQWUDOL]HG6HPDQWLF,QWHJULW\&RQWURO'DWDEDVHLQWHURSHUDELOLW\ LVVXHVUHODWHG
WRVHFXULW\LQGDWDEDVHLQWHURSHUDELOLW\ +UV
81,7,9
.QRZOHGJHEDVHV\VWHPV.QRZOHGJHEDVHV\VWHPGHVLJQ±VWRUDJHRINQRZOHGJH±YDULRXVIRUPDWV±/HYHOVRIVHFXULW\
LVVXHVLQ.QRZOHGJHEDVHV\VWHPGHVLJQ±FRQFHSWXDOOHYHO±LPSOHPHQWDWLRQOHYHO +UV
81,79
([SHUW 6\VWHPV ± 'HVLJQ RI ([SHUW V\VWHPV ± .QRZOHGJH UHSUHVHQWDWLRQ WHFKQLTXHV LQ ([SHUW V\VWHP ± VWUXFWXUHG VHPL
VWUXFWXUHGDQGXQVWUXFWXUHGGDWD±.QRZOHGJH0DQDJHPHQWDQGVHFXULW\LVVXHV +UV
Text Books:
6HFXULW\LQ&RPSXWLQJ&KDUOHV33IOHHJHUDQG6KDUL/DZUHQFH3IOHHJHU7KLUG(GLWLRQ3HDUVRQ(GXFDWLRQ
5HIHUHQFH%RRNV
3ULQFLSOHV RI 'LVWULEXWHG 'DWDEDVH 6\VWHPV 07DPHU 2=68 DQG 3DWULFN 9DOGXUHL] 6HFRQG (GLWLRQ 3HDUVRQ
(GXFDWLRQ
$UWLILFLDO ,QWHOOLJHQFH $ 0RGHUQ DSSURDFK 6WXDUW 5XVVHO DQG 3HWHU 1RUZLJ 7KLUG (GLWLRQ 3HDUVRQ (GXFDWLRQ
.QRZOHGJH0DQDJHPHQW*DQHVK1DWDUDMDQDQG6DQGK\D6KHNKDU7DWD0F*UDZ+LOO
&6 02%,/(:,5(/(666(&85,7< &5
:LUHOHVV )XQGDPHQWDOV :LUHOHVV +DUGZDUH :LUHOHVV 1HWZRUN 3URWRFROV :LUHOHVV 3URJUDPPLQJ :(3 6HFXULW\
:LUHOHVV&HOOXODU7HFKQRORJLHV±FRQFHSWV±:LUHOHVVUHDOLW\±6HFXULW\HVVHQWLDOV±,QIRUPDWLRQFODVVLILFDWLRQVWDQGDUGV
:LUHOHVV7KUHDWV&UDFNLQJ:(3+DFNLQJ7HFKQLTXHV:LUHOHVV$WWDFNV±$LUERUQH9LUXVHV +UV
6WDQGDUGV DQG 3ROLF\ 6ROXWLRQV ± 1HWZRUN 6ROXWLRQV ± 6RIWZDUH 6ROXWLRQV ± 3K\VLFDO +DUGZDUH 6HFXULW\ :LUHOHVV
6HFXULW\±6HFXULQJ:/$1±9LUWXDO3ULYDWH1HWZRUNV±,QWUXVLRQ'HWHFWLRQ6\VWHP±:LUHOHVV3XEOLF.H\LQIUDVWUXFWXUH
7RROV±$XGLWLQJWRROV±3RFNHW3&KDFNLQJ±ZLUHOHVVKDFNZDONWKURXJK +UV
6HFXULW\3ULQFLSOHV±$XWKHQWLFDWLRQ±$FFHVVFRQWURODQG$XWKRUL]DWLRQ±1RQUHSXGDWLRQSULYDF\DQG&RQILGHQWLDOLW\±
,QWHJULW\DQG$XGLWLQJ±6HFXULW\DQDO\VLVSURFHVV3ULYDF\LQ:LUHOHVV:RUOG±/HJLVODWLRQDQG3ROLF\±,GHQWLI\WDUJHWVDQG
UROHVDQDO\VLV±$WWDFNVDQGYXOQHUDELOLWLHV±$QDO\]HPLWLJDWLRQVDQGSURWHFWLRQ +UV
:/$1&RQILJXUDWLRQ±,(((±3K\VLFDOOD\HU±PHGLDDFFHVVIUDPHIRUPDW±V\VWHPDWLFH[SORLWDWLRQRIE
:/$1 ± :(3 ± :(3 'HFU\SWLRQ VFULSW ± RYHUYLHZ RI :(3 DWWDFN ± ,PSOHPHQWDWLRQ $QDO\VHV RI :(3 DWWDFNV
+UV
0RELOH &RPPHUFH 6HFXULW\ DQG 3D\PHQW 0HWKRGV ± 5HSXWDWLRQ DQG 7KUXVW ± ,QWUXVLRQ GHWHFWLRQ 9XOQHUDELOLWLHV
DQDO\VLVRI PRELOHFRPPHUFHSODWIRUP ±6HFXUH DXWKHQWLFDWLRQ IRU PRELOHXVHUV ±0RELOH &RPPHUFHVHFXULW\ ±3D\PHQW
PHWKRGV ± 0RELOH &RDOLWLRQ NH\ HYROYLQJ 'LJLWDO 6LJQDWXUHV VFKHPH IRU ZLUHOHVV PRELOH QHWZRUNV
+UV
Text book(s):
$QXUDJ .XPDU ' 0DQMXQDWK -R\ .XUL ³:LUHOHVV 1HWZRUNLQJ´ 0RUJDQ .DXIPDQQ 3XEOLKVHUV )LUVW (GLWLRQ ±
~ 58 ~
5HIHUHQFHERRNV
5XVVHO'HDQ9LQHV³:LUHOHVV6HFXULW\(VVHQWLDOV'HIHQGLQJ0RELOHIURP'DWD3LUDF\´-RKQ:LOH\ 6RQV)LUVW
(GLWLRQ±
&\UXV3HLNDUL6HWK)RJLH³0D[LPXP:LUHOHVV6HFXULW\´6$063XEOLVKLQJ
:HQ &KHQ KX &KDQJ :LX /HH :HLGRQJ NRX ³$GYDQFHV LQ 6HFXULW\ DQG 3D\PHQW 0HWKRGV IRU 0RELOH
&RPPHUFH´,GHD*URXS,QF
&6 ,17586,21'(7(&7,216<67(0 &5
,QWURGXFWLRQWRGDWDDQGPHWKRGRORJLHVRIFRPSXWHULQWUXVLRQGHWHFWLRQVWDWLVWLFDO PDFKLQHDSSURDFKHVWRGHWHFWLRQRI
DWWDFNV RQ FRPSXWHU WHFKQLTXHV IRU VWXG\LQJ WKH ,QWHUQHW HVWLPDWLQJ WKH QXPEHU VHYHULW\ RI DWWDFNV QHWZRUN EDVHG
DWWDFNV VXFK DV SUREHV GHQLDO RI VHUYLFH DWWDFNV KRVW EDVHG DWWDFNV VXFK DV EXIIHU RYHUIORZV DQG UDFH FRQGLWLRQV
PDOLFLRXVFRGHVVXFKDVYLUXVDQGZRUPVVWDWLVWLFDOSDWWHUQUHFRJQLWLRQIRUGHWHFWLRQ FODVVLILFDWLRQRIDWWDFNVWHFKQLTXHV
IRUYLVXDOL]LQJQHWZRUNHGGDWDHWF6SHFLDOWRSLFVLQLQWUXVLRQGHWHFWLRQV\VWHPV +UV
(WKLFVDQGOHJDOLW\)RRWSULQWLQJ6FDQQLQJ(QXPHUDWLRQ6\VWHP+DFNLQJ7URMDQVDQG%DFNGRRUV6QLIIHUV6RFLDO
(QJLQHHULQJ 6HVVLRQKLMDFNLQJ +DFNLQJ:HE6HUYHUV:HEEDVHG3DVVZRUGFUDFNLQJWHFKQLTXHV :LUHOHVV+DFNLQJ
64/,QMHFWLRQ/LQX[+DFNLQJ%XIIHURYHUIORZV(YDGLQJ,'6+RQH\SRWVDQG)LUHZDOOV +UV
&RPSRQHQWVRIDQ,'6&KDUDFWHUVWLFVRIDQ,'6'HWHFWLRQ0RGHO6FRSH 2SHUDWLRQRI,'6*RDOVRIDQ,'67\SHVRI
,'6$UFKLWHFWXUHRI,'6&HQWUDOL]HG,'6$UFKLWHFWXUH'LVWULEXWHG,'6$UFKLWHFWXUH+LHUDULFKDO,'6$UFKLWHFWXUH+UV
,QWURGXFWLRQ WR LQWUXVLRQ GHWHFWLRQ WRROV DQG WHFKQLTXHV 6WUHDP 5HDVVHPEO\ 7UDIILF 1RUPDOL]DWLRQ )HDWXUH HTXDOLW\
KHXULVWLFVJHQHWLFSURJUDPPLQJDQGRWKHUUHVHDUFKHG,'6WHFKQLTXHV7HFKQLFDOLVVXHV/HJDOLVVXHVUHODWHGWRWHVWLQJXVH
DQGGHSOR\PHQWRIDQ,'62UJDQL]DWLRQDODQGPDQDJHPHQWLVVXHV +UV
,'67RGD\DQG7RPRUURZ5HDOLW\ZLWKQR,'65HYLHZRI&XUUHQWUHVHDUFKUHODWHGWR,'6 +UV
7H[W%RRNV
:HE+DFNLQJ60F&OXUH66KDK6KUHHUDM6KDKVW(GQ3HDUVRQ3UHVV
7KH 'DWDEDVH +DFNHU¶V +DQGERRN ' /LWFKILHOG & $QOH\ - +HDVPDQ % *ULQGOD\ VW (GQ :LOH\ 3XEOLVKHUV
5HIHUHQFH%RRNV
*UD\+DW+DFNLQJ7KH(WKLFDO+DFNHU
V+DQGERRN6KRQ+DUULV$OOHQ+DUSHU&KULV(DJOH-RQDWKDQ1HVVUG
(GQ0F*UDZ+LOO2VERUQH0HGLD
&(+2IILFLDO&HUWLILHG(WKLFDO+DFNHU5HYLHZ*XLGH.LPEHUO\*UDYHV3DS&GU5H:LOH\3XEOLVKLQJ,QF
+DQGVRQ (WKLFDO +DFNLQJ DQG 1HWZRUN 'HIHQVH 0LFKDHO 7 6LPSVRQ .HQW %DFNPDQ -DPHV &RUOH\ QG (GQ
&RXUVH7HFKQ
&6%,20(75,&6(&85,7< &5
%LRPHWULFV ,QWURGXFWLRQ EHQHILWV RI ELRPHWULFV RYHU WUDGLWLRQDO DXWKHQWLFDWLRQ V\VWHPVEHQHILWV RI ELRPHWULFV LQ
LGHQWLILFDWLRQV\VWHPVVHOHFWLQJDELRPHWULFIRUDV\VWHP +UV
$SSOLFDWLRQV.H\ELRPHWULFWHUPVDQGSURFHVVHVKRZELRPHWULFPDWFKLQJZRUNV$FFXUDF\LQELRPHWULFV\VWHPV
3K\VLRORJLFDO %LRPHWULF 7HFKQRORJLHV )LQJHUSULQWV 7HFKQLFDO GHVFULSWLRQFKDUDFWHULVWLFV &RPSHWLQJ WHFKQRORJLHV
VWUHQJWKV±ZHDNQHVVHVGHSOR\PHQW)DFLDOVFDQ7HFKQLFDOGHVFULSWLRQFKDUDFWHULVWLFVZHDNQHVVHVGHSOR\PHQW,ULVVFDQV
7HFKQLFDOGHVFULSWLRQFKDUDFWHULVWLFVVWUHQJWKV±ZHDNQHVVHVGHSOR\PHQW5HWLQDYDVFXODUSDWWHUQ7HFKQLFDOGHVFULSWLRQ
FKDUDFWHULVWLFV VWUHQJWKV ± ZHDNQHVVHVGHSOR\PHQW +DQG VFDQ 7HFKQLFDO GHVFULSWLRQFKDUDFWHULVWLFV VWUHQJWKV ±
ZHDNQHVVHVGHSOR\PHQW±'1$ELRPHWULFV +UV
%HKDYLRUDO %LRPHWULF 7HFKQRORJLHV +DQGSULQW %LRPHWULFV'1$ %LRPHWULFVVLJQDWXUH DQG KDQGZULWLQJ WHFKQRORJ\
7HFKQLFDO GHVFULSWLRQ ± FODVVLILFDWLRQ NH\ERDUG NH\VWURNH G\QDPLFV 9RLFH ± GDWD DFTXLVLWLRQ IHDWXUH H[WUDFWLRQ
FKDUDFWHULVWLFVVWUHQJWKV±ZHDNQHVVHVGHSOR\PHQW +UV
~ 59 ~
0XOWL ELRPHWULFV 0XOWL ELRPHWULFV DQG PXOWL IDFWRU ELRPHWULFV WZRIDFWRU DXWKHQWLFDWLRQ ZLWK SDVVZRUGV WLFNHWV DQG
WRNHQV±H[HFXWLYHGHFLVLRQLPSOHPHQWDWLRQSODQ +UV
&DVHVWXGLHVRQ3K\VLRORJLFDO%HKDYLRUDODQGPXOWLIDFWRUELRPHWULFVLQLGHQWLILFDWLRQV\VWHPV +UV
7H[WERRNV
6DPLU1DQDYDWKL0LFKHO7KLHPH5DM1DQDYDWKL´%LRPHWULFV,GHQWLW\YHULILFDWLRQLQDQHWZRUN´:LOH\(DVWHUQ
-RKQ&KLULOORDQG6FRWW%ODXO´,PSOHPHQWLQJ%LRPHWULF6HFXULW\´:LOH\(DVWHUQ3XEOLFDWLRQV
5HIHUHQFH%RRNV
-RKQ%HUJHU´%LRPHWULFVIRU1HWZRUN6HFXULW\´3UHQWLFH+DOO
&6 ',*,7$/)25(16,&6 &5
&RPSXWHU )RUHQVLFV )XQGDPHQWDOV :KDW LV FRPSXWHU )RUHQVLFV" 8VH RI FRPSXWHU )RUHQVLFV LQ /DZ (QIRUFHPHQW
&RPSXWHU)RUHQVLFV$VVLVWDQFHWR+XPDQ5HVRXUFHV(PSOR\PHQW3URFHHGLQJV&RPSXWHU)RUHQVLFV6HUYLFHV%HQHILWVRI
3URIHVVLRQDO)RUHQVLFV0HWKRGRORJ\6WHSVWDNHQE\&RPSXWHU)RUHQVLFV6SHFLDOLVWV +UV
7\SHV RI &RPSXWHU )RUHQVLFV 7HFKQRORJ\ 7\SHV RI 0LOLWDU\ &RPSXWHU )RUHQVLF 7HFKQRORJ\ 7\SHV RI /DZ
(QIRUFHPHQW&RPSXWHU)RUHQVLF7HFKQRORJ\7\SHVRI%XVLQHVV&RPSXWHU)RUHQVLF7HFKQRORJ\ +UV
&RPSXWHU)RUHQVLFV(YLGHQFHDQG&DSWXUH'DWDUHFRYHU\'HILQHG'DWD%DFNXSDQG5HFRYHU\7KH5ROHRI%DFNXS
DQG'DWD5HFRYHU\7KH'DWD5HFRYHU\6ROXWLRQ
(YLGHQFH &ROOHFWLRQ DQG 'DWD 6HL]XUH :K\ &ROOHFW (YLGHQFH" &ROOHFWLRQ 2SWLRQV ± 2EVWDFOHV ± 7\SHV RI (YLGHQFH ±
7KH 5XOHV RI (YLGHQFH ± 9RODWLOH (YLGHQFH ± *HQHUDO 3URFHGXUH ± &ROOHFWLRQ DQG $UFKLYLQJ ± 0HWKRGV RI &ROOHFWLRQ ±
$UWLIDFWV±&ROOHFWLRQ6WHSV±&RQWUROOLQJ&RQWDPLQDWLRQ7KH&KDLQRI&XVWRG\'XSOLFDWLRQDQG3HUVHUYDWLRQRI'LJLWDO
(YLGHQFH3UHVHUYLQJWKH'LJLWDO&ULPH6FHQH ±&RPSXWHU(YLGHQFH3URFHVVLQJ6WHSV ±/HJDO$VSHFWVRI&ROOHFWLQJDQG
3UHVHUYLQJ &RPSXWHU )RUHQVLF (YLGHQFH &RPSXWHU ,PDJH 9HULILFDWLRQ DQG $XWKHQWLFDWLRQ 6SHFLDO QHHGV RI (YLGHQWLDO
$XWKHQWLFDWLRQ±3UDFWLFDO&RQVLGHUDWLRQ±3UDFWLFDO,PSOHPHQWDWLRQ +UV
&RPSXWHU )RUHQVLF DQDO\VLV DQG YDOLGDWLRQ 'HWHUPLQLQJ ZKDW GDWD WR FROOHFW DQG DQDO\]H YDOLGDWLQJ IRUHQVLF GDWD
DGGUHVVLQJGDWD±KLGLQJWHFKQLTXHVSHUIRUPLQJUHPRWHDFTXLVLWLRQV
1HWZRUN )RUHQVLFV 1HWZRUN IRUHQVLFV RYHUYLHZ SHUIRUPLQJ OLYH DFTXLVLWLRQV GHYHORSLQJ VWDQGDUG SURFHGXUHV IRU
QHWZRUNIRUHQVLFVXQVLQJQHWZRUNWRROVH[DPLQLQJWKHKRQH\QHWSURMHFW +UV
3URFHVVLQJ&ULPHDQG,QFLGHQW6FHQHV,GHQWLI\LQJGLJLWDOHYLGHQFHFROOHFWLQJHYLGHQFHLQSULYDWHVHFWRULQFLGHQWVFHQV
SURFHVVLQJ ODZ HQIRUFHPHQW FULPH VFHQHV SUHSDULQJ IRU D VHDUFK VHFXULQJ D FRPSXWHU LQFLGHQW RU FULPH VFHQH VHL]LQJ
GLJLWDOHYLGHQFHDWWKHVFHQHVWRULQJGLJLWDOHYLGHQFHREWDLQLQJDGLJLWDOKDVKUHYLHZLQJDFDVH&XUUHQW&RPSXWHU)RUHQVLF
WRROV HYDOXDWLQJ FRPSXWHU IRUHQVLF WRRO QHHGV FRPSXWHU IRUHQVLF VRIWZDUH WRROV FRPSXWHU IRUHQVLF KDUGZDUH WRROV
YDOLGDWLQJDQGWHVWLQJIRUHQVLFVVRIWZDUH +UV
(±0DLO,QYHVWLJDWLRQV([SORULQJWKHUROHRIHPDLOLQLQYHVWLJDWLRQH[SORULQJWKHUROHVRIWKHFOLHQWDQGVHUYHULQHPDLO
LQYHVWLJDWLQJHPDLOFULPHVDQGYLRODWLRQVXQGHUVWDQGLQJHPDLOVHUYHUVXVLQJVSHFLDOL]HGHPDLOIRUHQVLFWRROV&HOOSKRQH
DQGPRELOHGHYLFHIRUHQVLFV8QGHUVWDQGLQJPRELOHGHYLFHIRUHQVLFVXQGHUVWDQGLQJDFTXLVLWLRQSURFHGXUHVIRUFHOOSKRQHV
DQGPRELOHGHYLFHV
:RUNLQJZLWK:LQGRZVDQG'266\VWHPVXQGHUVWDQGLQJILOHV\VWHPVH[SORULQJ0LFURVRIW)LOH6WUXFWXUHV([DPLQLQJ
17)6 GLVNV 8QGHUVWDQGLQJ ZKROH GLVN HQFU\SWLRQ ZLQGRZV UHJLVWU\ 0LFURVRIW VWDUWXS WDVNV 06'26 VWDUWXS WDVNV
YLUWXDOPDFKLQHV +UV
7H[WERRNV
&RPSXWHU)RUHQVLFV&RPSXWHU&ULPH,QYHVWLJDWLRQE\-RKQ59DFFD)LUHZDOO0HGLD1HZ'HOKL
&RPSXWHU)RUHQVLFVDQG,QYHVWLJDWLRQVE\1HOVRQ3KLOOLSV(QILQJHU6WHXDUW&(1*$*(/HDUQLQJ
~ 60 ~
5HIHUHQFHERRNV
5HDO'LJLWDO)RUHQVLFVE\.HLWK--RQHV5LFKDUG%HMWOLHK&XUWLV:5RVH$GGLVRQ±:HVOH\3HDUVRQ(GXFDWLRQ
)RUHQVLF&RPSLOLQJ$7UDFWLWLRQHULV*XLGHE\7RQ\6DPPHVDQG%UDLQ-HQNLQVRQ6SULQJHU,QWHUQDWLRQDOHGLWLRQ
&RPSXWHU(YLGHQFH&ROOHFWLRQ 3UHVHQWDWLRQE\&KULVWRSKHU/7%URZQ)LUHZDOO0HGLD
+RPHODQG6HFXULW\7HFKQLTXHV 7HFKQRORJLHVE\-HVXV0HQD)LUHZDOO0HGLD
6RIWZDUH)RUHQVLFV&ROOHFWLQJ(YLGHQFHIURPWKHVFHQHRID'LJLWDO&ULPHE\5REHUW06ODGH70+
&6 67(*$12*5$3+<$1'',*,7$/:$7(50$5.,1* &5
,QWURGXFWLRQWR,QIRUPDWLRQKLGLQJ±%ULHIKLVWRU\DQGDSSOLFDWLRQVRILQIRUPDWLRQKLGLQJ±3ULQFLSOHVRI6WHJDQRJUDSK\±
)UDPHZRUNVIRUVHFUHWFRPPXQLFDWLRQ±6HFXULW\RI6WHJDQRJUDSK\V\VWHPV±,QIRUPDWLRQKLGLQJLQQRLV\GDWD±$GDSWLYH
YHUVXV QRQDGDSWLYH DOJRULWKPV ± /DSODFH ILOWHULQJ ±8VLQJFRYHU PRGHOV ± $FWLYH DQG PDOLFLRXVDWWDFNHUV ±,QIRUPDWLRQ
KLGLQJLQZULWWHQWH[W±([DPSOHVRILQYLVLEOHFRPPXQLFDWLRQV
+UV
6XUYH\RIVWHJDQRJUDSKLFWHFKQLTXHV±6XEVWLWXWLRQV\VWHPDQGELWSODQHWRROV ±7UDQVIRUPGRPDLQWHFKQLTXHV ±6SUHDG
VSHFWUXP DQG LQIRUPDWLRQ KLGLQJ ± 6WDWLVWLFDO 6WHJDQRJUDSK\ 'LVWRUWLRQ DQG FRGH JHQHUDWLRQ WHFKQLTXHV ± $XWRPDWHG
JHQHUDWLRQRI(QJOLVKWH[W +UV
6WHJDQDO\VLV ± 'HWHFWLQJ KLGGHQ LQIRUPDWLRQ ± ([WUDFWLQJ KLGGHQ LQIRUPDWLRQ 'LVDEOLQJ KLGGHQ LQIRUPDWLRQ ±
:DWHUPDUNLQJ WHFKQLTXHV ± +LVWRU\ ± %DVLF 3ULQFLSOHV ± DSSOLFDWLRQV ± 5HTXLUHPHQWV RI DOJRULWKPLF GHVLJQ LVVXHV ±
(YDOXDWLRQDQGEHQFKPDUNLQJRIZDWHUPDUNLQJV\VWHP +UV
6XUYH\ RI FXUUHQW ZDWHUPDUNLQJ WHFKQLTXHV ± &U\SWRJUDSKLF DQG SV\FKR YLVXDO DVSHFWV ± &KRLFH RI D ZRUNVSDFH ±
)RUPDWWLQJ WKH ZDWHUPDUN EHWV 0HUJLQJ WKH ZDWHUPDUN DQG WKH FRYHU ± 2SWLPL]DWLRQ RI WKH ZDWHUPDUN UHFHLYHU ±
([WHQVLRQIURPVWLOOLPDJHVWRYLGHR±5REXVWQHVVRIFRS\ULJKWPDNLQJV\VWHPV +UV
)LQJHUSULQWV±([DPSOHV±&ODVVLILFDWLRQ±5HVHDUFKKLVWRU\±6FKHPHV±'LJLWDOFRS\ULJKWDQGZDWHUPDUNLQJ±&RQIOLFWRI
FRS\ULJKWODZVRQWKHLQWHUQHW +UV
7H[WERRN
6WHIDQ .DW]HQEHOVVHU DQG )DELHQ $ 3 3HWLWFRODV ,QIRUPDWLRQ KLGLQJ WHFKQLTXHV IRU 6WHJDQRJUDSK\ DQG 'LJLWDO
:DWHUPDUNLQJ$57(&++RXVH3XEOLVKHUV-DQXDU\
5HIHUHQFHERRN
0XOWLPHGLD6HFXULW\6WHJDQRIUDSK\DQG'LJLWLDOZDWHUPDUNLQJWHFKQLTXHVIRUSURWHFWLRQRI,QWHOOHFWQDOSURSHUW\
&KXQVKLHQON,GHDJURXSSXEOLVKLQJ
7HFKQLTXHVDQG$SSOLFDWLRQVRI'LJLWDO:DWHUPDUNLQJDQGFRQWHQWSURWHFWLRQ0LFKHO$UQROG0DUWLQ6KHPXFNHY
6WHSKHQ':ROIKXVHQDUWHFKKRXVH
&63(5)250$1&((9$/8$7,212),1)250$7,216<67(0 &5
81,7, +UV
,QWURGXFWLRQ WR SHUIRUPDQFH PHDVXUHV SHUIRUPDQFH PHDVXUHPHQW DQDO\WLFDO PRGHOLQJ IRU SHUIRUPDQFH XVH RI EDVLF
SUREDELOLW\IRUSHUIRUPDQFHHYDOXDWLRQ
~ 61 ~
6&+22/2)&20387(5(1*,1((5,1*
63(&,$/,=$7,21'$7$$1$/<7,&6
&6'$7$:$5(+286,1*$1''$7$0,1,1* &5
'DWD:DUHKRXVLQJ
'DWD ZDUHKRXVLQJ &RPSRQHQWV ±%XLOGLQJ D 'DWD ZDUHKRXVH ± 0DSSLQJ WKH 'DWD :DUHKRXVH WR D 0XOWLSURFHVVRU
$UFKLWHFWXUH ± '%06 6FKHPDV IRU 'HFLVLRQ 6XSSRUW ±'DWD ([WUDFWLRQ &OHDQXS DQG 7UDQVIRUPDWLRQ 7RROV ±0HWDGDWD
+UV
%XVLQHVV$QDO\VLV
5HSRUWLQJDQG4XHU\WRROVDQG$SSOLFDWLRQV±7RRO&DWHJRULHV±7KH1HHGIRU$SSOLFDWLRQV±&RJQRV,PSURPSWX±2QOLQH
$QDO\WLFDO 3URFHVVLQJ 2/$3 ± 1HHG ±0XOWLGLPHQVLRQDO 'DWD 0RGHO ± 2/$3 *XLGHOLQHV ± 0XOWLGLPHQVLRQDO YHUVXV
0XOWLUHODWLRQDO2/$3±&DWHJRULHVRI7RROV±2/$37RROVDQGWKH,QWHUQHW +UV
'DWD0LQLQJ
,QWURGXFWLRQ ±'DWD ±7\SHV RI'DWD ±'DWD0LQLQJ )XQFWLRQDOLWLHV ±,QWHUHVWLQJQHVVRI3DWWHUQV ±&ODVVLILFDWLRQRI 'DWD
0LQLQJ6\VWHPV±'DWD0LQLQJ7DVN3ULPLWLYHV±,QWHJUDWLRQRID'DWD0LQLQJ6\VWHPZLWKD'DWD:DUHKRXVH ±,VVXHV±
'DWD3UHSURFHVVLQJ +UV
$VVRFLDWLRQ5XOH0LQLQJDQG&ODVVLILFDWLRQ
0LQLQJ)UHTXHQW3DWWHUQV$VVRFLDWLRQVDQG&RUUHODWLRQV±0LQLQJ0HWKRGV±0LQLQJ9DULRXV.LQGVRI$VVRFLDWLRQ5XOHV±
&RUUHODWLRQ $QDO\VLV ± &RQVWUDLQW %DVHG $VVRFLDWLRQ 0LQLQJ ± &ODVVLILFDWLRQ DQG 3UHGLFWLRQ %DVLF &RQFHSWV 'HFLVLRQ
7UHH,QGXFWLRQ%D\HVLDQ&ODVVLILFDWLRQ±5XOH%DVHG&ODVVLILFDWLRQ±&ODVVLILFDWLRQE\%DFNSURSDJDWLRQ±6XSSRUW9HFWRU
0DFKLQHV±$VVRFLDWLYH&ODVVLILFDWLRQ±/D]\/HDUQHUV±2WKHU&ODVVLILFDWLRQ0HWKRGV±3UHGLFWLRQ +UV
&OXVWHULQJDQG$SSOLFDWLRQVLQ'DWD0LQLQJ
&OXVWHU $QDO\VLV 7\SHV RI 'DWD ± &DWHJRUL]DWLRQ RI 0DMRU &OXVWHULQJ 0HWKRGV .PHDQV± 3DUWLWLRQLQJ 0HWKRGV ±
+LHUDUFKLFDO 0HWKRGV 'HQVLW\%DVHG 0HWKRGV ±*ULG %DVHG 0HWKRGV ± 0RGHO%DVHG &OXVWHULQJ 0HWKRGV ± &OXVWHULQJ
+LJK'LPHQVLRQDO'DWD&RQVWUDLQW±%DVHG&OXVWHU$QDO\VLV±2XWOLHU$QDO\VLV±'DWD0LQLQJ$SSOLFDWLRQV+UV
7H[W%RRNV
'DWD 0LQLQJ &RQFHSWV DQG 7HFKQLTXHV -LDZHL +DQ DQG 0LFKHOLQH .DPEHU -LDQ 3HL 7KLUG (GLWLRQ (OVHYLHU
Reference Books:
'DWD :DUHKRXVLQJ 'DWD 0LQLQJ 2/$3 $OH[ %HUVRQ DQG 6WHSKHQ - 6PLWK 7DWD 0F*UDZ ± +LOO (GLWLRQ
7KLUWHHQWK5HSULQW
,QWURGXFWLRQ7R'DWD0LQLQJ3DQJ1LQJ7DQ0LFKDHO6WHLQEDFKDQG9LSLQ.XPDU3HUVRQ(GXFDWLRQ
,QVLJKW LQWR 'DWD PLQLQJ 7KHRU\ DQG 3UDFWLFH 6RPDQ .3 6K\DP 'LZDNDU DQG 9 $MD\ (DVWHU (FRQRP\
(GLWLRQ3UHQWLFH+DOORI,QGLD
,QWURGXFWLRQ WR 'DWD 0LQLQJ ZLWK &DVH 6WXGLHV *XSWD * . (DVWHU (FRQRP\ (GLWLRQ 3UHQWLFH +DOO RI ,QGLD
'DWD0LQLQJ0HWKRGVDQG0RGHOV'DQLHO7/DURVH:LOH,QWHUVFLHQFH
&6 %,*'$7$$1$/<7,&6 &5
,QWURGXFWLRQ,QWURGXFWLRQRI'DWD6FLHQFH*HWWLQJVWDUWHGZLWK5([SORUDWRU\'DWD$QDO\VLV5HYLHZRISUREDELOLW\DQG
SUREDELOLW\ GLVWULEXWLRQV %D\HV 5XOH 6XSHUYLVHG /HDUQLQJ 5HJUHVVLRQ SRO\QRPLDO UHJUHVVLRQ ORFDO UHJUHVVLRQ QHDUHVW
QHLJKERUV +UV
~ 62 ~
8QVXSHUYLVHG/HDUQLQJ
8QVXSHUYLVHG/HDUQLQJ.HUQHOGHQVLW\HVWLPDWLRQNPHDQV1DLYH%D\HV'DWDDQG'DWD6FUDSLQJ&ODVVLILFDWLRQUDQNLQJ
ORJLVWLFUHJUHVVLRQ(WKLFVWLPHVHULHVDGYDQFHGUHJUHVVLRQ'HFLVLRQWUHHV%HVWSUDFWLFHVIHDWXUHVHOHFWLRQ+UV
%LJ'DWDIURP'LIIHUHQW3HUVSHFWLYHV
%LJGDWDIURPEXVLQHVV3HUVSHFWLYH,QWURGXFWLRQRIELJGDWD&KDUDFWHULVWLFVRIELJGDWD'DWDLQWKHZDUHKRXVHDQGGDWDLQ
+DGRRS ,PSRUWDQFH RI %LJ GDWD %LJ GDWD 8VH FDVHV 3DWWHUQV IRU %LJ GDWD GHSOR\PHQW %LJ GDWD IURP 7HFKQRORJ\
3HUVSHFWLYH+LVWRU\RI+DGRRS&RPSRQHQWVRI+DGRRS$SSOLFDWLRQ'HYHORSPHQWLQ+DGRRS +UV
,QIRVSKHUH%LJLQVLJKW
,QIRVSKHUH %LJ ,QVLJKWV $QDO\WLFV IRU %LJ GDWD DW UHVW$ +DGRRS ±5HDG\ (QWHUSULVH4XDOLW\ ILOH V\VWHP&RPSUHVVLRQ ±
$GPLQLVWUDWLYH WRROLQJ6HFXULW\ (QWHUSULVH ,QWHJUDWLRQ ±,PSURYHG ZRUNORDG VFKHGXOLQJ$GDSWLYH PDS UHGXFH'DWD
GLVFRYHU\DQGYLVXDOL]DWLRQ0DFKLQH$QDO\WLFV +UV
,QIRVSKHUH6WUHDPV
,QIRVSKHUH 6WUHDPV $QDO\WLFV IRU %LJ GDWD LQ PRWLRQ ,QIRVSKHUH 6WUHDPV %DVLFVZRUNLQJ RI ,QIRVSKHUH 6WUHDPV6WUHDP
SURFHVVLQJODQJXDJH2SHUDWRUV6WUHDPWRRONLWV(QWHUSULVHFODVV +UV
7H[W%RRNV
8QGHUVWDQGLQJ %LJ 'DWD $QDO\WLFV IRU (QWHUSULVH &ODVV +DGRRS DQG VWUHDPLQJ 'DWD´ 3DXO =LNRSRXORV&KULV
(DWRQ3DXO=LNRSRXORV7KH0F*UDZ+LOO&RPSDQLHV
5HIHUHQFH%RRNV
$6LPSOH,QWURGXFWLRQ7R'DWD6FLHQFH1RUHHQ%XUOLQJDPHDQG/DUV1LHOVHQ1HZ6WUHHW&RPPXQLFDWLRQV
&6'$7$%$6('(6,*1 &5
'DWDEDVH6\VWHP$UFKLWHFWXUH&HQWUDOL]HGDQG&OLHQW6HUYHU$UFKLWHFWXUH6HUYHU6\VWHP$UFKLWHFWXUH3DUDOOHO6\VWHP
'LVWULEXWHG6\VWHPV +UV
&RQFHSWXDO /RJLFDO 'DWDEDVH 'HVLJQ &RQFHSWXDO 'HVLJQ 0RGHO 'DWDEDVH GHVLJQ SURFHVV PRGHOV (5 (QWLW\
5HODWLRQVKLSPRGHO([WHQGHG(5IHDWXUHVUHGXFWLRQWR5HODWLRQDO6FKHPDV&RQFHSWXDO0RGHOLQJXVLQJ80/GLDJUDP
/RJLFDO GDWDEDVH 'HVLJQ ,QIRUPDO 'HVLJQ JXLGHOLQHV IRU 5HODWLRQDO 6FKHPDV )XQFWLRQDO 'HSHQGHQF\ 7KHRU\
1RUPDOL]DWLRQVDQG$OJRULWKPVIRU5HODWLRQDO'DWDEDVH6FKHPD'HVLJQ0XOWLYDOXHGDQG'HSHQGHQF\-RLQ'HSHQGHQF\
+UV
3K\VLFDO 'DWDEDVH 'HVLJQ *RDOV RI SK\VLFDO GDWDEDVH GHVLJQ )LOH RUJDQL]DWLRQ +HDS 6HTXHQWLDO KDVK LQGH[ ILOH
RUJDQL]DWLRQV7UHH6WUXFWXUHGLQGH[HV'DWD6WRUDJH'HYLFHV5HGXQGDQW$UUD\RI,QH[SHQVLYH'LVN5$,'+UV
2EMHFW%DVHG 'DWDEDVHV &RPSOH[ 'DWD W\SHV 2EMHFW 2ULHQWDWLRQ 7DEOH ,QKHULWDQFH $UUD\ 0XOWLVHW 7\SHV
,PSOHPHQWLQJ2EMHFW2ULHQWHG)HDWXUHV;0/GDWDEDVH6WUXFWXUH6FKHPD4XHU\LQJ6WRUDJH $SSOLFDWLRQV +UV
7UDQVDFWLRQ3URFHVVLQJ7UDQVDFWLRQ3URFHVVLQJ*UDSKEDVHGVHULDOL]DELOLW\DQG1RQJUDSKEDVHGVHULDOL]DELOLW\'DWDEDVH
5HFRYHU\ +UV
7H[W%RRNV
66XPDWKL6(VDNNLUDMDQ³)XQGDPHQWDOVRI5HODWLRQDO'DWDEDVH0DQDJHPHQW6\VWHPV´6SULQJHU9HUODJ%HUOLQ
+HLGHOEHUJ,QGLDQ3ULQW
1DUD\DQ68PDQDWK5LFKDUG:6FDPHOO³'DWD0RGHOLQJDQG'DWDEDVH'HVLJQ´7KRPVRQ,QGLD(GLWLRQ
~ 63 ~
5HIHUHQFH%RRNV
5DPH] (OPDVUL 6KDPNDQW % 1DYDWKH 'XUYDVXOD 9/1 6RPD\DMXOX 6K\DP . *XSWD´ )XQGDPHQWDOV RI
'DWDEDVH6\VWHPV´3HDUVRQ(GXFDWLRQ
$EUDKDP6LOEHUVFKDW]+HQU\).RUWK66XGHUVRQ³'DWDEDVH6\VWHP&RQFHSWV´WK(GLWLRQ0F*5$:+,//
,QWHUQDWLRQDO(GLWLRQ
&6,1)250$7,216725$*( 0$1$*(0(17 &5
,QWURGXFWLRQ WR ,QIRUPDWLRQ 6WRUDJH DQG 0DQDJHPHQW ,QIRUPDWLRQ 6WRUDJH (YROXWLRQ RI 6WRUDJH 7HFKQRORJ\ DQG
$UFKLWHFWXUH'DWD&HQWHU,QIUDVWUXFWXUH.H\&KDOOHQJHVLQ0DQDJLQJ,QIRUPDWLRQ,QIRUPDWLRQ/LIHF\FOH6WRUDJH6\VWHP
(QYLURQPHQW &RPSRQHQWV RI D 6WRUDJH 6\VWHP (QYLURQPHQW 'LVN 'ULYH &RPSRQHQWV 'LVN 'ULYH 3HUIRUPDQFH
)XQGDPHQWDO /DZV *RYHUQLQJ 'LVN 3HUIRUPDQFH /RJLFDO &RPSRQHQWV RI WKH +RVW $SSOLFDWLRQ 5HTXLUHPHQWV DQG 'LVN
3HUIRUPDQFH 'DWD 3URWHFWLRQ 5$,' ,PSOHPHQWDWLRQ RI 5$,' 5$,' $UUD\ &RPSRQHQWV 5$,' /HYHOV 5$,'
&RPSDULVRQ 5$,' ,PSDFW RQ 'LVN 3HUIRUPDQFH +RW 6SDUHV ,QWHOOLJHQW 6WRUDJH 6\VWHP &RPSRQHQWV RI DQ ,QWHOOLJHQW
6WRUDJH6\VWHP,QWHOOLJHQW6WRUDJH$UUD\ +UV
6WRUDJH 1HWZRUNLQJ 7HFKQRORJLHV DQG 9LUWXDOL]DWLRQ 7\SHV RI '$6 '$6 %HQHILWV DQG /LPLWDWLRQV 'LVN 'ULYH
,QWHUIDFHV,QWURGXFWLRQWR3DUDOOHO6&6,6&6, &RPPDQG0RGHO6WRUDJH$UHD1HWZRUNV)LEHU&KDQQHO2YHUYLHZ7KH
6$1DQG,WV(YROXWLRQ&RPSRQHQWVRI6$1)&&RQQHFWLYLW\)LEHU&KDQQHO3RUWV)LEHU&KDQQHO$UFKLWHFWXUH=RQLQJ
)LEHU &KDQQHO /RJLQ 7\SHV )& 7RSRORJLHV 1HWZRUN$WWDFKHG 6WRUDJH *HQHUDO3XUSRVH 6HUYHUV YV 1$6 'HYLFHV
%HQHILWV RI 1$6 1$6 )LOH ,2 &RPSRQHQWV RI 1$6 1$6 ,PSOHPHQWDWLRQV 1$6 )LOH6KDULQJ 3URWRFROV 1$6 ,2
2SHUDWLRQV)DFWRUV$IIHFWLQJ1$63HUIRUPDQFHDQG$YDLODELOLW\,36$1L6&6,)&,3&RQWHQW$GGUHVVHG6WRUDJH)L[HG
&RQWHQWDQG$UFKLYHV7\SHVRI$UFKLYHV)HDWXUHVDQG%HQHILWVRI&$6&$6$UFKLWHFWXUH2EMHFW6WRUDJHDQG5HWULHYDOLQ
&$6 6WRUDJH 9LUWXDOL]DWLRQ )RUPV RI 9LUWXDOL]DWLRQ 61,$ 6WRUDJH 9LUWXDOL]DWLRQ 7D[RQRP\ 6WRUDJH 9LUWXDOL]DWLRQ
&RQILJXUDWLRQV6WRUDJH9LUWXDOL]DWLRQ&KDOOHQJHV7\SHVRI6WRUDJH9LUWXDOL]DWLRQ +UV
%DFNXSDQG5HFRYHU\%DFNXS3XUSRVH%DFNXS &RQVLGHUDWLRQV%DFNXS*UDQXODULW\ 5HFRYHU\ &RQVLGHUDWLRQV%DFNXS
0HWKRGV %DFNXS 3URFHVV %DFNXS DQG 5HVWRUH 2SHUDWLRQV %DFNXS 7RSRORJLHV %DFNXS LQ 1$6 (QYLURQPHQWV %DFNXS
7HFKQRORJLHV /RFDO 5HSOLFDWLRQ6RXUFH DQG 7DUJHW 8VHV RI /RFDO 5HSOLFDV 'DWD &RQVLVWHQF\ /RFDO 5HSOLFDWLRQ
7HFKQRORJLHV5HVWRUHDQG5HVWDUW&RQVLGHUDWLRQV&UHDWLQJ0XOWLSOH5HSOLFDV0DQDJHPHQW,QWHUIDFH5HPRWH5HSOLFDWLRQ
0RGHVRI5HPRWH5HSOLFDWLRQ5HPRWH5HSOLFDWLRQ7HFKQRORJLHV1HWZRUN,QIUDVWUXFWXUH +UV
6HFXULQJ WKH 6WRUDJH ,QIUDVWUXFWXUH 6WRUDJH 6HFXULW\ )UDPHZRUN 5LVN 7ULDG 6WRUDJH 6HFXULW\ 'RPDLQV 6HFXULW\
,PSOHPHQWDWLRQV LQ 6WRUDJH 1HWZRUNLQJ 0DQDJLQJ WKH 6WRUDJH ,QIUDVWUXFWXUH 0RQLWRULQJ WKH 6WRUDJH ,QIUDVWUXFWXUH
6WRUDJH0DQDJHPHQW$FWLYLWLHV6WRUDJH,QIUDVWUXFWXUH0DQDJHPHQW&KDOOHQJHV'HYHORSLQJDQ,GHDO6ROXWLRQ +UV
7H[W%RRNV
,QIRUPDWLRQ 6WRUDJH DQG 0DQDJHPHQW 6WRULQJ 0DQDJLQJ DQG 3URWHFWLQJ 'LJLWDO ,QIRUPDWLRQ * 6RPDVXQGDUDP
$ORN6KULYDVWDYD-RKQ:LOH\ 6RQVQG(GLWLRQ
~ 64 ~
0RGDO /RJLF 5HSUHVHQWDWLRQ DQG UHDVRQLQJ RQ WKH VHPDQWLFDO OHYHO 0RGDO ORJLF SRVVLEOH ZRUOGV VHPDQWLFV PRGHO
FKHFNLQJVDWLVILDELOLW\DQGYDOLGLW\FRUUHVSRQGHQFHWKHRU\0RGDO/RJLF5HDVRQLQJFDOFXOLDJHQWDSSOLFDWLRQV/RJLFDOO\
RPQLVFLHQFH SUREOHP EHOLHI ORJLF HSLVWHPLF ORJLF GHGXFWLRQ LQ +LOEHUW V\VWHPV GHGXFWLRQ YLD WUDQVODWLRQ WR ILUVWRUGHU
ORJLF 'HVFULSWLRQ ORJLFV /DQJXDJH RI GHVFULSWLRQ ORJLFV PHDQLQJ RI GHVFULSWLRQ ORJLF VWDWHPHQWV UHDVRQLQJ FDOFXOL
LQWURGXFWLRQWRWKHVHPDQWLFZHEDQGRQWRORJLHVXVLQJGHVFULSWLRQORJLFV,FRP((5GLDJUDPVUHODWLRQVKLSEHWZHHQ((5
GLDJUDPDQGGHVFULSWLRQORJLFUHDVRQLQJDERXW((5GLDJUDPV +UV
1RQVWDQGDUGUHDVRQLQJVHUYLFHVLQGHVFULSWLRQORJLFV/HDVWFRPPRQVXEVXPHUVPRVWVSHFLILFFRQFHSWVDQGWKHLUXVDJH
LQ GHVFULSWLRQ ORJLF DSSOLFDWLRQV 7HPSRUDO ORJLF 7KH WHPSRUDO ORJLF /7/ LWV H[WHQVLRQ WR WHPSRUDOLVHG PRGDO DQG
GHVFULSWLRQ ORJLFV WKHLU DSSOLFDWLRQV 'HIDXOWV LQ SURSRVLWLRQDO DQG ILUVW RUGHU ORJLF 'HIDXOWV PRWLYDWLRQ IRU RUGHUHG
GHIDXOWVHJLQGHVFULSWLRQORJLFVWKHLUDSSOLFDWLRQV +UV
7H[W%RRNV
(/(&7521,&&200(5&(
,QWURGXFWLRQ±7KHHFRPPHUFHHQYLURQPHQW±7KHHFRPPHUFHPDUNHWSODFH±)RFXVRQSRUWDOV/RFDWLRQRIWUDGLQJLQWKH
PDUNHWSODFH&RPPHUFLDODUUDQJHPHQWIRUWUDQVDFWLRQV±)RFXVRQDXFWLRQV±%XVLQHVVPRGHOVIRUHFRPPHUFH±5HYHQXH
PRGHOV±)RFXVRQLQWHUQHWVWDUW±XSFRPSDQLHV±WKHGRW±FRP±(FRPPHUFHYHUVXV(EXVLQHVV +UV
02%,/( &200(5&( ,QWURGXFWLRQ ± ,QIUDVWUXFWXUH 2I 0±&RPPHUFH ± 7\SHV 2I 0RELOH &RPPHUFH 6HUYLFHV ±
7HFKQRORJLHV 2I :LUHOHVV %XVLQHVV ± %HQHILWV $QG /LPLWDWLRQV 6XSSRUW 0RELOH 0DUNHWLQJ $GYHUWLVHPHQW 1RQ ±
,QWHUQHW$SSOLFDWLRQV,Q0±&RPPHUFH±:LUHOHVV:LUHG&RPPHUFH&RPSDULVRQV +UV
02%,/( &200(5&( 7(&+12/2*<$ )UDPHZRUN )RU 7KH 6WXG\ 2I 0RELOH &RPPHUFH ± 177 'RFRPR¶V , ±
0RGH ± :LUHOHVV 'HYLFHV )RU 0RELOH &RPPHUFH ± 7RZDUGV $ &ODVVLILFDWLRQ )UDPHZRUN )RU 0RELOH /RFDWLRQ %DVHG
6HUYLFHV±:LUHOHVV3HUVRQDO$QG/RFDO$UHD1HWZRUNV±7KH,PSDFW2I7HFKQRORJ\$GYDQFHV2Q6WUDWHJ\)RUPXODWLRQ,Q
0RELOH&RPPXQLFDWLRQV1HWZRUNV +UV
02%,/( &200(5&( 7+(25< $1' $33/,&$7,216 7KH (FRORJ\ 2I 0RELOH &RPPHUFH ± 7KH :LUHOHVV
$SSOLFDWLRQ3URWRFRO±0RELOH%XVLQHVV6HUYLFHV±0RELOH3RUWDO±)DFWRUV,QIOXHQFLQJ7KH$GRSWLRQ2I0RELOH*DPLQJ
6HUYLFHV ± 0RELOH 'DWD 7HFKQRORJLHV $QG 6PDOO %XVLQHVV $GRSWLRQ $QG 'LIIXVLRQ ± 0±&RPPHUFH ,Q 7KH $XWRPRWLYH
,QGXVWU\±/RFDWLRQ±%DVHG6HUYLFHV&ULWHULD)RU$GRSWLRQ$QG6ROXWLRQ'HSOR\PHQW±7KH5ROH2I0RELOH$GYHUWLVLQJ
,Q%XLOGLQJ$%UDQG±0±&RPPHUFH%XVLQHVV0RGHOV +UV
%86,1(66 ± 72 ± %86,1(66 02%,/( (&200(5&( (QWHUSULVH (QDEOHPHQW ± (PDLO $QG 0HVVDJLQJ ± )LHOG
)RUFH$XWRPDWLRQ,QVXUDQFH5HDO(VWDWH0DLQWHQDQFH+HDOWKFDUH ±)LHOG6DOHV6XSSRUW&RQWHQW$FFHVV,QYHQWRU\ ±
$VVHW 7UDFNLQJ $QG 0DLQWHQDQFH0DQDJHPHQW ± 5HPRWH ,7 6XSSRUW ± &XVWRPHU 5HWHQWLRQ %& 6HUYLFHV )LQDQFLDO
6SHFLDO'HDOV±:DUHKRXVH$XWRPDWLRQ±6HFXULW\ +UV
7H[W%RRNV
'DYH&KDIIH\³(%XVLQHVVDQG(&RPPHUFH0DQDJHPHQW´7KLUG(GLWLRQ3HDUVRQ(GXFDWLRQ
~ 65 ~
5HIHUHQFH%RRNV
%ULDQ(0HQQHFNH7UR\-6WUDGHU³0RELOH&RPPHUFH7HFKQRORJ\7KHRU\DQG$SSOLFDWLRQV´,GHD*URXS,QF
,50SUHVV
3-/RXLV³0±&RPPHUFH&UDVK&RXUVH´0F*UDZ±+LOO&RPSDQLHV)HEUXDU\
3DXO0D\³0RELOH&RPPHUFH2SSRUWXQLWLHV$SSOLFDWLRQVDQG7HFKQRORJLHVRI:LUHOHVV%XVLQHVV´&DPEULGJH
8QLYHUVLW\3UHVV0DUFK
0LFKDHO33DSD]RJORX3HWHU0$5LEEHUVµH±EXVLQHVVRUJDQL]DWLRQDODQG7HFKQLFDOIRXQGDWLRQµ:LOH\,QGLD
'U3DQGH\6DXUDEK6KXNOD(FRPPHUFHDQG0RELOHFRPPHUFH7HFKQRORJLHV6XOWDQFKDQG
3DUDOOHO 'DWDEDVH 3DUDOOHO V\VWHP DUFKLWHFWXUHV 3DUDOOHO GDWD SURFHVVLQJ %DUULHU WR SDUDOOHOLVP 'DWD SDUWLWLRQLQJ
VWUDWHJLHV'DWDSODFHPHQWVWUDWHJLHV3DUDOOHODOJRULWKPV&RPPHUFLDO6\VWHPV +UV
3DUDOOHOL]LQJ TXHU\ RSWLPL]DWLRQ WHFKQLTXHV 2SWLPL]DWLRQ VWUDWHJLHV 3DUDOOHOL]LQJ TXHU\ RSWLPL]HU 3DUDOOHOL]LQJ
LQGLYLGXDORSHUDWLRQV6\VWHPDUFKLWHFWXUHEDVLFFRQFHSWVRIORDGEDODQFLQJVWUDWHJ\DQGSHUIRUPDQFHHYDOXDWLRQ
+UV
,QWURGXFWLRQ WR 'LVWULEXWHG GDWDEDVHV 'LVWULEXWHG GDWD SURFHVVLQJ 'LVWULEXWHG 'DWDEDVH 0DQDJHPHQW V\VWHPV
$GYDQWDJHV 'LVDGYDQWDJHV $UFKLWHFWXUH 'DWD )UDJPHQWDWLRQ 5HSOLFDWLRQ 'LVWULEXWLRQ 7UDQVSDUHQF\ 'LVWULEXWHG
'DWDEDVH'HVLJQ +UV
4XHU\3URFHVVLQJ&KDUDFWHULVWLFV /D\HUVRITXHU\SURFHVVRUV4XHU\GHFRPSRVLWLRQ/RFDOL]DWLRQRIGLVWULEXWHGGDWD
2SWLPL]LQJ GLVWULEXWHG TXHULHV RUGHULQJ RI IUDJPHQW TXHULHV 2SWLPL]DWLRQ DOJRULWKPV IRU GLVWULEXWHG TXHU\ SURFHVVLQJ
+UV
'LVWULEXWHG 7UDQVDFWLRQ 0DQDJHPHQW 7UDQVDFWLRQ 0DQDJHPHQW 7UDQVDFWLRQ 0RGHOV $WRPLFLW\ PDQDJHPHQW RI
GLVWULEXWHGWUDQVDFWLRQV&RQFXUUHQF\FRQWUROIRUGLVWULEXWHGWUDQVDFWLRQV $UFKLWHFWXUDODVSHFWVRIGLVWULEXWHGWUDQVDFWLRQV
'LVWULEXWHG GHDGORFNV 'LVWULEXWHG UHFRYHU\ 'LVWULEXWHG UHOLDELOLW\ SURWRFROV &RQFXUUHQF\ FRQWURO EDVHG RQ WLPHVWDPSV
+UV
7H[W%RRNV
'LVWULEXWHG'DWDEDVHV3ULQFLSOHVDQG6\VWHPV6&HUL *3HODJDWWL0F*UDZ+LOO
3ULQFLSOHVRI'LVWULEXWHG'DWDEDVH6\VWHPV072]VX 39DOGXULH]3HDUVRQ
5HIHUHQFHV%RRNV
'LVWULEXWHG'DWDEDVH0DQDJHPHQW6\VWHPV$3UDFWLFDODSSURDFK6.5DKLPL )6+DXJ:LOH\
/RFDWLRQ%DVHG6HUYLFHV+DQGERRN$SSOLFDWLRQV7HFKQRORJLHV 6HFXULW\6$$KVRQ 0,O\DV&5&SUHVV
&6 ,1)250$7,215(75,(9$/ &5
,QWURGXFWLRQ 'HILQLWLRQ 2EMHFWLYHV )XQFWLRQDO 2YHUYLHZ 3ULQFLSOHV RI ,QIRUPDWLRQ 5HWULHYDO 5HODWLRQVKLS WR '%06
'LJLWDO OLEUDULHV DQG 'DWD :DUHKRXVHV ,QIRUPDWLRQ 5HWULHYDO 6\VWHP &DSDELOLWLHV 6HDUFK %URZVH 0LVFHOODQHRXV
&DWDORJLQJDQG,QGH[LQJ2EMHFWLYHV,QGH[LQJ3URFHVV$XWRPDWLF,QGH[LQJ,QIRUPDWLRQ([WUDFWLRQ +UV
'DWD 6WUXFWXUHV ,QWURGXFWLRQ =LSIV /DZ 9HFWRU VSDFH PRGHO FRVLQH VLPLODULW\ 6FRULQJ WHFKQLTXHV 6WHPPLQJ
$OJRULWKPV,QYHUWHGILOHVWUXFWXUHV1JUDPGDWDVWUXFWXUH3$7GDWDVWUXFWXUH6LJQDWXUHILOHVWUXFWXUHDQG+\SHUWH[WGDWD
VWUXFWXUH +UV
$XWRPDWLF,QGH[LQJ&ODVVHVRIDXWRPDWLFLQGH[LQJ6WDWLVWLFDOLQGH[LQJ1DWXUDOODQJXDJH&RQFHSWLQGH[LQJ+\SHUWH[W
OLQNDJHV'RFXPHQWDQG7HUP&OXVWHULQJ,QWURGXFWLRQ7KHVDXUXVJHQHUDWLRQ,WHPFOXVWHULQJ+LHUDUFK\RIFOXVWHUV+UV
~ 66 ~
8VHU6HDUFK7HFKQLTXHV6HDUFKVWDWHPHQWVDQGELQGLQJ6LPLODULW\PHDVXUHVDQGUDQNLQJ5HOHYDQFHIHHGEDFN6HOHFWLYH
GLVVHPLQDWLRQ RI LQIRUPDWLRQ VHDUFK ZHLJKWHG VHDUFKHV RI %RROHDQ V\VWHPV 6HDUFKLQJ WKH LQWHUQHW DQG K\SHUWH[W
,QIRUPDWLRQ9LVXDOL]DWLRQ,QWURGXFWLRQ&RJQLWLRQDQGSHUFHSWLRQ,QIRUPDWLRQYLVXDOL]DWLRQWHFKQRORJLHV +UV
7H[W 6HDUFK $OJRULWKPV ,QWURGXFWLRQ 6RIWZDUH WH[W VHDUFK DOJRULWKPV +DUGZDUH WH[W 6HDUFK 6\VWHPV ,QIRUPDWLRQ
6\VWHP(YDOXDWLRQ,QWURGXFWLRQ0HDVXUHVXVHGLQV\VWHPHYDOXDWLRQ0HDVXUHPHQWH[DPSOH±75(&UHVXOWV +UV
7H[W%RRNV
,QIRUPDWLRQ5HWULHYDO'DWD6WUXFWXUHVDQG$OJRULWKPV)UDNHV:%5LFDUGR%DH]D<DWHV3UHQWLFH+DOO
5HIHUHQFH%RRNV
,QIRUPDWLRQ5HWULHYDO6\VWHPV7KHRU\DQG,PSOHPHQWDWLRQ.RZDOVNL *HUDOG0DUN70D\EXU\.OXZHU$FDGHPLF
3UHVV
,QWURGXFWLRQWR,QIRUPDWLRQ5HWULHYDO35DJKDYDQ00DQQLQJDQG36FKXW]H&DPEULGJH8QLYHUVLW\3UHVV
0RGHUQ,QIRUPDWLRQ5HWULHYDO<DWHV3HDUVRQ(GXFDWLRQ
,QIRUPDWLRQ6WRUDJH 5HWLHYDO5REHUW.RUIKDJH-RKQ:LOH\ 6RQV
&6 '$7$%$6(,03/(0(17$7,21 781,1* &5
)XQGDPHQWDOVRI7XQLQJ5HYLHZRI5HODWLRQDO'DWDEDVHV5HODWLRQDO$OJHEUD4XHU\2SWLPL]DWLRQLQ5HODWLRQDOGDWDEDVH
6\VWHP/RFNLQJDQG&RQFXUUHQF\&RQWURO&RUUHFWQHVV&RQVLGHUDWLRQ/RFN7XQLQJ/RJJLQJDQGWKH5HFRYHU\VXEV\VWHP
3ULQFLSOHVRI5HFRYHU\7XQLQJWKH5HFRYHU\VXEV\VWHP2SHUDWLQJV\VWHPFRQVLGHUDWLRQV+DUGZDUH7XQLQJ +UV
,QGH[7XQLQJ7\SHVRI4XHULHV'DWDVWUXFWXUHV%WUHH%WUHH+DVKVWUXFWXUH%LWPDSLQGH[HV&OXVWHULQJLQGH[HV1RQ
FOXVWHULQJLQGH[HV&RPSRVLWHLQGH[HV+RWWDEOHV&RPSDULVRQRI,QGH[LQJDQG+DVKLQJWHFKQLTXHV +UV
4XHU\ 2SWLPL]DWLRQ 7HFKQLTXHV 7XQLQJ 5HODWLRQDO V\VWHPV 1RUPDOL]DWLRQ 7XQLQJ 'HQRUPDOL]DWLRQ &OXVWHULQJ WZR
WDEOHV $JJUHJDWH PDLQWHQDQFH 5HFRUG OD\RXW 4XHU\ WXQLQJ 7ULJJHUV &OLHQW VHUYHU PHFKDQLVPV 2EMHFWV $SSOLFDWLRQ
WRROVDQGSHUIRUPDQFH7XQLQJWKHDSSOLFDWLRQLQWHUIDFH%XONORDGLQJGDWD$FFHVVPXOWLSOHGDWDEDVHV +UV
7URXEOHVKRRWLQJ4XHU\SODQH[SODLQHUV3HUIRUPDQFHPRQLWRUV(YHQWPRQLWRUV)LQGLQJ6XVSLFLRXVTXHULHV$QDO\]LQJD
4XHU\¶V$FFHVVSODQ3URILOLQJDTXHU\H[HFXWLRQ'%06VXEV\VWHP +UV
&DVH6WXGLHV7UDQVDFWLRQFKRSSLQJ7LPHVHULHVGDWDEDVHV8QGHUVWDQGLQJDFFHVVSODQV&RQILJXUDWLRQSDUDPHWHUV2UDFOH
64/VHUYHU'%'LVWULEXWHGGDWDEDVH,PSOHPHQWDWLRQ +UV
7H[W%RRNV
'DWDEDVH 7XQLQJ 3ULQFLSOHV ([SHULPHQWV DQG 7URXEOHVKRRWLQJ 7HFKQLTXHV 'HQQLV 6KDVKD DQG 3KLOLSSH %RQQHW
0RUJDQ.DXIPDQQ$Q,PSULQWRI(OVHYLHU
5HIHUHQFH%RRNV
'DWDEDVH6\VWHPV$3UDFWLFDO$SSURDFKWR'HVLJQ,PSOHPHQWDWLRQDQG0DQDJHPHQW7KRPDV&RQQRO\DQG&DUORO\Q
%HJJUGHGLWLRQ3HDUVRQ(GXFDWLRQ
$XWRPDWHG3K\VLFDO'DWDEDVH'HVLJQDQG7XQLQJ1LFRODV%UXQR&5&3UHVV
~ 67 ~
(53DQGWKH&RPSHWLWLYH$GYDQWDJH(53GRPDLQ03*352±,)6$YDORQ±,QGXVWULDODQG)LQDQFLDO6\VWHPV±%DDQ,9
6$30DUNHW'\QDPLFVDQG'\QDPLF6WUDWHJ\ +UV
&RPPHUFLDO(533DFNDJH'HVFULSWLRQ±0XOWL&OLHQW6HUYHU6ROXWLRQ±2SHQ7HFKQRORJ\±8VHU,QWHUIDFH$SSOLFDWLRQ
,QWHJUDWLRQ +UV
$UFKLWHFWXUH %DVLF $UFKLWHFWXUDO &RQFHSWV ± 7KH 6\VWHP &RQWURO ,QWHUIDFHV ± 6HUYLFHV ± 3UHVHQWDWLRQ ,QWHUIDFH ±
'DWDEDVH,QWHUIDFH&DVHV +UV
7H[W%RRNV
(QWHUSULVH 5HVRXUFH 3ODQQLQJ ± &RQFHSWV DQG 3UDFWLFH 9LQRG .XPDU *DUJ DQG 1.9HQNLWD .ULVKQDQ 3+,
5HIHUHQFH%RRNV
7KH6$35+DQGERRN-RVH$QWRQLR)HUQDQG]70+
(QWHUSULVH5HVRXUFH0DQDJHPHQW/DX5600F*UDZ+LOO
(QWHUSULVH 5HVRXUFH6\VWHP 6\VWHPV/LIHF\FOH(OHFWURQLF &RPPHUFH'DQLHO(2¶/HDU\ &DPEULJH 8QLYHUVLW\
3UHVV
(QWHUSULVH5HVRXUFH3ODQQLQJ0DU\6XPQHU´3HDUVRQ
&6'(&,6,2168332576<67(06 &5
,QWURGXFWLRQ&RQFHSWVRI'DWD,QIRUPDWLRQ,QIRUPDWLRQ6\VWHPV (QG8VHUV6\VWHPV&RQFHSWV2SHQ6\VWHP&ORVHG
6\VWHP,QIRUPDWLRQ6\VWHPVDQG6\VWHPV&RQFHSW%XLOGLQJ,QIRUPDWLRQ6\VWHP6\VWHP$QDO\VLVDQG'HVLJQ 6\VWHPV
'HYHORSPHQW &\FOH ,GHQWLILFDWLRQ RI 5HTXLUHPHQWV )HDVLELOLW\ 6WXG\ 6\VWHP $QDO\VLV 'HVLJQ DQG ,PSOHPHQWDWLRQ
3URWRW\SLQJ(YROXWLRQRI,QIRUPDWLRQ6\VWHPV7362$60,6'66(,6(6 +UV
'HFLVLRQ 0DNLQJ ,QWURGXFWLRQ DQG 'HILQLWLRQV 6LPRQV 'HFLVLRQ 0DNLQJ 0RGHO +RZ 'HFLVLRQV DUH 6XSSRUWHG '66
&RQILJXUDWLRQV'66&KDUDFWHULVWLFVDQG&DSDELOLWLHV&RPSRQHQWVRI'66'66&ODVVLILFDWLRQV'660RGHOLQJ6WDWLFDQG
'\QDPLF0RGHOV&HUWDLQW\8QFHUWDLQW\DQG5LVN6HQVLWLYLW\$QDO\VLV:KDW,)DQG*RDO6HHNLQJ0DNLQJ'HFLVLRQVLQ
*URXSV *URXS 'HFLVLRQ 6XSSRUW 6\VWHP*'66&KDUDFWHULVWLFV 3URFHVV %HQHILWV DQG '\VIXQFWLRQV 6XSSRUWLQJ *URXS
ZRUNZLWK&RPSXWHUL]HG6\VWHPV7RROVIRU,QGLUHFWDQG,QGLUHFW6XSSRUWRI'HFLVLRQ0DNLQJ)URP*'66WR*66+UV
.QRZOHGJH 0DQDJHPHQW 6\VWHP 'HILQLWLRQ DQG W\SHV RI .QRZOHGJH )UDPH ZRUN IRU .QRZOHGJH 0DQDJHPHQW
.QRZOHGJH5HSUHVHQWDWLRQ7HFKQLTXHV5XOHV)UDPHV6HPDQWLF1HWZRUNV,QWURGXFWLRQWR%XVLQHVV,QWHOOLJHQFH2ULJLQV
DQG 'ULYHUV RI %XVLQHVV ,QWHOOLJHQFH *HQHUDO 3URFHVV RI ,QWHOOLJHQFH &UHDWLRQ DQG 8VH &KDUDFWHULVWLFV RI %XVLQHVV
,QWHOOLJHQFH 7RZDUGV &RPSHWLWLYH ,QWHOOLJHQFH 6XFFHVVIXO %, ,PSOHPHQWDWLRQ 6WUXFWXUH DQG &RPSRQHQWV RI %, )XWXUH
WUHQGV +UV
%XVLQHVV $QDO\WLFV 2QOLQH $QDO\WLFDO 3URFHVVLQJ 2/$3 5HSRUWLQJ DQG 4XHULHV 0XOWLGLPHQVLRQDOLW\ .QRZOHGJH
'LVFRYHU\LQ'DWDEDVHV.''IUDPHZRUNRI.'''DWD0LQLQJ&RQFHSWVDQG$SSOLFDWLRQV)UDPHZRUNRIGDWD PLQLQJ
7H[W0LQLQJ:HE0LQLQJ8VDJH%HQHILWVDQG6XFFHVVRI%XVLQHVV$QDO\WLFV +UV
7H[W%RRNV
'HFLVLRQ6XSSRUW %XVLQHVV,QWHOOLJHQW6\VWHPV7XUEDQ(IUDLQ3HDUVRQ(GXFDWLRQ
5HIHUHQFH%RRNV
'HFLVLRQ6XSSRUW6\VWHPVLQWKHVWFHQWXU\0DUDNDV*HRUJH03HDUVRQ(GXFDWLRQ
0DQDJLQJ$'LJLWDO)LUP/DXGRQ3HDUVRQ3XEOLVKLQJ
&6 *(263$7,$/'$7$0$1$*(0(17 &5
,QWURGXFWLRQ ,QWURGXFWLRQ 'HILQLWLRQV RI *,6 DQG UHODWHG WHUPLQRORJ\ 7KH (YDOXDWLRQ RI *,6 &RPSRQHQWV RI *,6
*HRVSDWLDOGDWD6SDWLDOGDWDLQIUDVWUXFWXUH0DSODQJXDJH,QWURGXFWLRQ0DSDVDPRGHO6SDWLDOHOHPHQWVDQGWHUPLQRORJ\
&ODVVLILFDWLRQ RI PDSV 0DS VFDOH 6SDWLDO UHIHUHQFLQJ V\VWHP &RPSXWHUV LQ PDS SURGXFWLRQ 7UHQGV LQ FRPSXWHU
FRQVWUXFWLRQ*HQHUDOVRIWZDUH¶VLQPDSSURGXFWLRQ +UV
~ 68 ~
)XQGDPHQWDOVRI*,6$EULHIKLVWRU\RI*,6*,6DUFKLWHFWXUH&RPSRQHQWVRID*,6*,6ZRUNIORZ7KHRUHWLFDOPRGHOV
RI *,6 )XQFWLRQDO HOHPHQWV )XQGDPHQWDO RSHUDWLRQV 7KHRUHWLFDO IUDPHZRUN *,6 FDWHJRULHV /HYHOV RI PHDVXUHPHQW
+UV
6SDWLDO 'DWD 0RGHOLQJ ,QWURGXFWLRQ 6WDJHV RI *,6 GDWD PRGHOLQJ *UDSKLF UHSUHVHQWDWLRQ RI 6SDWLDO 'DWD 5DVWHU GDWD
UHSUHVHQWDWLRQ9HFWRUGDWDUHSUHVHQWDWLRQ6SDWLDOGDWDPRGHOV5DVWHU*,6PRGHOV7\SHVRIUDVWHU*,6PRGHOV&RPSDFW
UDVWHU GDWD PRGHOV 9HFWRU *,6 PRGHOV 6SDJKHWWL PRGHO 7RSRORJLFDO PRGHO 6KDSH ILOH &RPSDFW YHFWRU GDWD PRGHOV
&RPSDULVRQRI5DVWHUDQG9HFWRU0RGHOV +UV
*,6'DWD0DQDJHPHQW,QWURGXFWLRQ'DWDEDVHPDQDJHPHQWV\VWHPV)XQFWLRQVRI'%06&RPSRQHQWVRI'%06*,6
GDWD ILOH PDQDJHPHQW 6LPSOH OLVW 2UGHUHG VHTXHQWLDO ILOHV ,QGH[HG ILOHV %XLOGLQJ *,6 ZRUOGV 'DWDEDVH PRGHOV
+LHUDUFKLFDOGDWDEDVH PRGHOV1HWZRUNV\VWHPV5HODWLRQDOGDWDEDVH PRGHOV6WDQGDUGTXHU\ODQJXDJH64/6WRUDJHRI
*,6 GDWD 7KH K\EULG GDWD PRGHO 7KH LQWHJUDWHG GDWD PRGHO 2EMHFW EDVHG GDWD PRGHOV (QWLW\5HODWLRQVKLS$WWULEXWH
PRGHO2UJDQL]DWLRQDOVWUDWHJ\RI'%06LQ*,6 +UV
*,6$SSOLFDWLRQV
5HPRWHVHQVLQJDQG*,6/LQNDJH*,6VRIWZDUHV&DVHVWXGLHV +UV
7H[W%RRNV
*HRJUDSKLFDO,QIRUPDWLRQ6\VWHPVE\'HPPHHUV01:,/(<
5HIHUHQFHV%RRNV
0DQXDORI*HRVSDWLDO6FLHQFHDQG7HFKQRORJ\(GLWHG%\-RKQ'%RVVOHU7D\ORU$QG)UDQFLV/RQGRQ
7H[WERRNRI5HPRWHVHQVLQJDQG*,6E\0$QML5HGG\%633XEOLFDWLRQV+\GHUDEDG
&6%86,1(66$1$/<7,&6$1',17(//,*(1&( &5
%XVLQHVV$QDO\WLFV
2YHUYLHZ RI EXVLQHVV DQDO\WLFV ([DPSOHV RI %$ $SSOLFDWLRQV ± %XVLQHVV DQDO\WLFV DW WKH VWUDWHJLF OHYHO OLQN EHWZHHQ
VWUDWHJ\DQGGHSOR\PHQWRI%$±IRXUVFHQDULRVRQVWUDWHJ\DQG%$&RPPRQGDWDEDVHPDUNHWLQJDSSOLFDWLRQREVWDFOHVWR
LPSOHPHQWLQJGDWDEDVHPDUNHWLQJDSSOLFDWLRQWZRGHILQLWLRQRQGDWDPLQLQJFODVVHVRIGDWDPLQLQJPHWKRGV +UV
%XVLQHVV$QDO\WLFVLQ'DWD:DUHKRXVHDQG0LQLQJ
%XVLQHVVDQDO\WLFVDWWKHGDWDZDUHKRXVLQJOHYHOZK\DGDWDZDUHKRXVHDUFKLWHFWVDQGSURFHVVHVLQWKHGDWDZDUHKRXVH
EXVLQHVV DQDO\WLFV LQ IXWXUH GDWD YLVXDOL]DWLRQ %XVLQHVV DQDO\WLFV DQG GDWD PLQLQJ WZR GHILQLWLRQ RQ GDWD PLQLQJ
FODVVHVRIGDWDPLQLQJPHWKRGVJURXSLQJPHWKRGSUHGLFWLYHPRGHOLQJPHWKRG±&ULVSGPSKDVHSURFHVVPRGHOZLWKLQ
DSKDVHEXVLQHVVXQGHUVWDQGLQJGDWDXQGHUVWDQGLQJ +UV
%XVLQHVV$QDO\WLFVXVHQHVV,QWHOOLJHQFH
'HILQLQJ EXVLQHVV LQWHOOLJHQFH QHHG IRU EXVLQHVV LQWHOOLJHQFH EXLOGLQJ D URDG PDS GHVLJQLQJ DQG SODQQLQJ EXVLQHVV
LQWHOOLJHQFHSURFHVV)URPUDZGDWDWRPDUNHWLQJLQIRUPDWLRQ&XVWRPHUDQGWUDQVDFWLRQDOILOH,QWHUQDODQGH[WHUQDOGDWD
VRXUFHVGDWDHQKDQFHPHQWVDQGRYHUOD\V +UV
~ 69 ~
%XVLQHVV,QWHOOLJHQFH'DWDEDVHDQG'DWD:DUHKRXVH
'DWDZDUHKRXVLQJOHJDF\V\VWHPGDWDPDUWVDQGPDUNHWLQJGDWDEDVHV5HODWLRQDOGDWDEDVHVDQGPRGHOV6WUXFWXUHGTXHU\
ODQJXDJH 64/ ± HQGXVHU SHUVSHFWLYH 'DWD PLQLQJ IRU EXVLQHVV LQWHOOLJHQFH 2QOLQH WUDQVDFWLRQ SURFHVVLQJ 2/73
2QOLQHDQDO\WLFDOSURFHVVLQJ2/$3'DWDZDUHKRXVHVDQGGDWDPDUWV +UV
'DWD6WRUDJHDQG5HWULHYDO
4XHU\LQJGDWDIURPGDWDVHUYHUV64/5HVWUXFWXULQJWUDQVDFWLRQDOILOHV5HFRGLQJDOSKDQXPHULFDQGGDWHYDULDEOHV'DWH
WUDQVIRUPDWLRQ LQWR WLPH SHULRGV 'DWD ,PSRUW DQG 7UDQVIRUPDWLRQ /LQHDU 5HJUHVVLRQ 5HJUHVVLRQ 2XWSXW 5HJUHVVLRQ
7UDQVIRUPDWLRQ/RJLVWLF5HJUHVVLRQ/RJLVWLF5HJUHVVLRQ2XWSXW +UV
7H[W%RRNV
'DWD 0LQLQJ IRU %XVLQHVV ,QWHOOLJHQFH &RQFHSWV 7HFKQLTXHV DQG $SSOLFDWLRQV LQ 0LFURVRIW 2IILFH ([FHO ZLWK
;/0LQHU6KPXHOL3DWHODQG%UXFH:LOH\SXEOLFDWLRQQG(GLWLRQ
5HIHUHQFH%RRNV
&XVWRPHU DQG %XVLQHVV $QDO\WLFV$SSOLHG 'DWD PLQLQJ IRU EXVLQHVV GHFLVLRQ PDNLQJ XVLQJ 5 'DQLHO 6 3XWOHU
5REHUW(.ULGHU&5&SUHVVHGLWLRQ
%XVLQHVV $QDO\WLFV IRU 0DQDJHUV7DNLQJ %XVLQHVV ,QWHOOLJHQFH %H\RQG 5HSRUWLQJ´ *HUW + 1 /DXUVHQ -HVSHU
7KRUOXQGQGHGLWLRQ
%XVLQHVV,QWHOOLJHQFH$0DQDJHULDO$SSURDFK37XUEDQ6KDUGD'HOHQ.LQJ3UHQWLFH+DOO3UHQWLFH+DOOQG
(GLWLRQ
'DWD 0LQLQJ IRU %XVLQHVV ,QWHOOLJHQFH &RQFHSWV 7HFKQLTXHV DQG $SSOLFDWLRQV LQ 0LFURVRIW 2IILFH([FHO ZLWK
;/0LQHU*DOLW6KPXHOL1LWLQ53DWHODQG3HWHU&:LOH\
'DWD :DUHKRXVLQJ )XQGDPHQWDOV $ FRPSUHKHQVLYH JXLGH IRU ,7 SURIHVVLRQDOV´ 3DXOUDM3RQQLDK -RKQ :LOH\
SXEOLFDWLRQVQG(GLWLRQ
~ 70 ~
6&+22/2)&20387(5(1*,1((5,1*
63(&,$/,=$7,2162)7:$5((1*,1((5,1*
)$4VDERXWUHTXLUHPHQWV6\VWHPVHQJLQHHULQJ
5HTXLUHPHQWV *DWKHULQJ DQG $QDO\VLV 656 )RUPDO 6SHFLILFDWLRQ $[LRPDWLF 6SHFLILFDWLRQ $OJHEUDLF 6SHFLILFDWLRQ =
6SHFLILFDWLRQ
3URFHVV0RGHOV$FWRUVLQUHTXLUHPHQWVHQJLQHHULQJSURFHVVHV3URFHVVVXSSRUW3URFHVVLPSURYHPHQW
(OLFLWDWLRQDQGDQDO\VLVSURFHVVHV(OLFLWDWLRQWHFKQLTXHV3URWRW\SLQJ5HTXLUHPHQWVDQDO\VLVDQGQHJRWLDWLRQ
6WDEOHDQGYRODWLOHUHTXLUHPHQWV5HTXLUHPHQWVLGHQWLILFDWLRQDQGVWRUDJH&KDQJHPDQDJHPHQW7UDFHDELOLW\
'DWDIORZPRGHOLQJ6HPDQWLFGDWDPRGHOV2EMHFWRULHQWHGDSSURDFKHV)RUPDOPHWKRGV
6WUXFWXUHG $QDO\VLV DQG 'HVLJQ 7HFKQLTXH &RQWUROOHG 5HTXLUHPHQWV ([SUHVVLRQ &25( 9LHZSRLQW2ULHQWHG 6\VWHP
(QJLQHHULQJ9LHZSRLQWRULHQWHG5HTXLUHPHQWV'HILQLWLRQ9LHZSRLQWVRULHQWHGUHTXLUHPHQWVYDOLGDWLRQ
7H[W%RRNV
* .RWRQ\D DQG ,DQ 6RPPHUYLOOH 5HTXLUHPHQWV (QJLQHHULQJ 3URFHVVHV DQG 7HFKQLTXHV -RKQ :LOH\ 6RQV
5HIHUHQFH%RRNV
5DMLE0DOO)XQGDPHQWDOVRI6RIWZDUH(QJLQHHULQJ3+,7KLUGHGLWLRQ
.ODXV 3RKO 5HTXLUHPHQWV (QJLQHHULQJ )XQGDPHQWDOV 3ULQFLSOHV 7HFKQLTXHV 6SULQJHU ,QWHUQDWLRQDO (GLWLRQ
(OL]DEHWK+XOO.HQ-DFNVRQDQG-HUHP\'LFN5HTXLUHPHQWV(QJLQHHULQJ6SULQJHU
,DQ6RPPHUYLOOH3HWH6DZ\HU5HTXLUHPHQWV(QJLQHHULQJ$*RRG3UDFWLFH*XLGH:LOH\,QGLD:LOH\6WXGHQWV
(GLWLRQ5HSULQW
%ULDQ %HUHQEDFK 'DQLHO - 3DXOLVK -XHUJHQ.D]PHLHU $UQROG 5XGRUIHU 6RIWZDUH 6\VWHPV 5HTXLUHPHQW
(QJLQHHULQJ,Q3UDFWLFH70*+UG5HSULQW
563UHVVPDQ6RIWZDUH(QJLQHHULQJ0*+WK(GLWLRQ
~ 71 ~
&6 62)7:$5(7(67,1* &5
,QWURGXFWLRQ KUV
,QWURGXFWLRQ WR VRIWZDUH WHVWLQJ VRIWZDUH WHVWLQJ WHUPLQRORJ\ DQG PHWKRGRORJ\ YHULILFDWLRQ DQG YDOLGDWLRQ HYROXWLRQ RI
WHVWLQJVRIWZDUH WHVWLQJOLIH F\FOH9PRGHOIRUVRIWZDUH WHVWLQJWHVWLQJDQGGHEXJJLQJ OHYHOVRIWHVWLQJVRIWZDUHGHIHFW
PDQDJHPHQW IORZ JUDSKV FRGHEDVHG WHVWLQJ ORJLF EDVHG WHVWLQJ FRQILJXUDWLRQ PDQDJHPHQW ULVN DQDO\VLV PRGHO EDVHG
WHVWLQJVWDWLVWLFDOWHVWLQJIRUPDOWHVWLQJ
7HVWLQJ7HFKQLTXHV
6OLFHEDVHGWHVWLQJPXWDWLRQWHVWLQJFRYHUDJHDQDO\VLVGHIHFWVHHGLQJ
5HJUHVVLRQWHVWSURFHVVWHVWFDVHVHOHFWLRQWHVWFDVHSULRULWL]DWLRQFRGHEDVHGDQGPRGHOEDVHGUHJUHVVLRQWHVWLQJ
7HVWLQJ3URFHVV
7HVWSROLF\WHVWVWUDWHJ\TXDOLW\SODQDQGWHVWSODQWHVWHVWLPDWLRQWHVWVFHQDULRWHVWVFULSWVWHVWORJGRFXPHQWJHQHUDWLRQ
RIWHVWGDWDWHVWSURJUHVVPRQLWRULQJ
7HVWLQJGDWDFDWHJRULHVRISURGXFWWHVWPHWULFVUHVRXUFHFRQVXPHGLQWHVWLQJGHIHFWGHQVLW\WHVWUHSRUWVSURMHFWWHVWVWDWXV
UHSRUWVLQWHJUDWLRQV\VWHPDQGDFFHSWDQFHWHVWUHSRUWWHVWSURFHVVLPSURYHPHQWEHQFKPDUNLQJ
7HVWLQJ6WUDWHJLHV
7RSGRZQDQGERWWRPXSLQWHJUDWLRQELGLUHFWLRQDOLQWHJUDWLRQV\VWHPLQWHJUDWLRQVFHQDULRWHVWLQJGHIHFWEDVKIXQFWLRQDO
YHUVXV QRQIXQFWLRQDO WHVWLQJ GHVLJQDUFKLWHFWXUH YHULILFDWLRQ GHSOR\PHQW WHVWLQJ VFDODELOLW\ WHVWLQJ UHOLDELOLW\ WHVWLQJ
VWUHVVWHVWLQJ
7H[W%RRNV
6'HVLNDQDQG*5DPHVK³6RIWZDUH7HVWLQJ3ULQFLSOHVDQG3UDFWLFHV´3HDUVRQ(GXFDWLRQ6L[WK,PSUHVVLRQ
~ 72 ~
5HIHUHQFH%RRNV
0*/LPD\H³3ULQFLSOHV7HFKQLTXHVDQG7RROV´0*+WK5HSULQW
1DUHVK&KDXKDQ³6RIWZDUH7HVWLQJ3ULQFLSOHDQG3UDFWLFHV´QG,PSUHVVLRQ2[IRUG8QLYHUVLW\3UHVV
$GLW\D30DWKXU³)RXQGDWLRQRI6RIWZDUH7HVWLQJ´3HDUVRQ(GXFDWLRQ
6DJDU1DLN3L\X7ULSDWK\³6RIWZDUH7HVWLQJDQG4XDOLW\$VVXUDQFH7KHRU\DQG3UDFWLFH´:LOH\
<RJHVK6LQJK³6RIWZDUH7HVWLQJ´VWHGLWLRQ&DPEULGJH8QLYHUVLW\3UHVV
59%LQGHU³7HVWLQJ2EMHFW2ULHQWHG6\VWHPV´$GGLVRQ:HVOH\
3DXO$PPDQQDQG-HII2IIXWW³,QWURGXFWLRQWR6RIWZDUH7HVWLQJ´&DPEULGJH8QLYHUVLW\3UHVV
&6 62)7:$5('(6,*13$77(51 &5
6RIWZDUH'HVLJQ KUV
'HVLJQ3DUDGLJPV9DULRXV'HVLJQ$SSURDFKHV&RXSOLQJDQG&RKHVLRQ)XQFWLRQDO,QGHSHQGHQFH&KDUDFWHULVWLFVRID%DG
'HVLJQ'HVLJQSURFHVV
'HVLJQZLWKREMHFWV22'SURFHVV22'JRRGQHVVFULWHULD22'XVLQJ80/22'YV)2'
'HVFULELQJDGHVLJQVROXWLRQ7UDQVIHUULQJGHVLJQNQRZOHGJH'HVLJQUHSUHVHQWDWLRQEODFNER[DQGZKLWHER[QRWDWLRQ
6WHSZLVHUHILQHPHQW,QFUHPHQWDOGHVLJQ6WUXFWXUHGV\VWHPVDQDO\VLVDQGVWUXFWXUHGGHVLJQ-DFNVRQVWUXFWXUHG
SURJUDPPLQJ-63-DFNVRQV\VWHPGHYHORSPHQW-6'&RPSRQHQW%DVHGGHVLJQ
,QWURGXFWLRQ WR GHVLJQ SDWWHUQV DQG *R) &UHDWLRQDO 3DWWHUQV6LQJOHWRQ )DFWRU\ )DFWRU\ 0HWKRG $EVWUDFW )DFWRU\
%XLOGHU 3URWRW\SH2EMHFW 3RRO %HKDYLRUDO 3DWWHUQV &KDLQ RI 5HVSRQVLELOLW\ &RPPDQG ,QWHUSUHWHU ,WHUDWRU 0HGLDWRU
0HPHQWR 2EVHUYHU 6WDWH 6WUDWHJ\ 7HPSODWH 0HWKRG 9LVLWRU 1XOO 2EMHFW 6WUXFWXUDO 3DWWHUQV $GDSWHU %ULGJH
&RPSRVLWH'HFRUDWRU)O\ZHLJKW)DFDGH3UR[\,GHQWLILFDWLRQRIDSSURSULDWHGHVLJQSDWWHUQVIURP656
7H[W%RRNV
'DYLG%XGJHQ6RIWZDUH'HVLJQ3HDUVRQ6HFRQG(GLWLRQ
5HIHUHQFH%RRNV
(ULF%UDXGH6RIWZDUH'HVLJQ)URP3URJUDPPLQJWR$UFKLWHFWXUH:LOH\VW(GLWLRQ
(ULF*DPPD5LFKDUG+HOP5DOSK-RKQVRQ-RKQ9OLVVLGHV³'HVLJQ3DWWHUQV(OHPHQWVRI5HXVDEOH2EMHFW
2ULHQWHG6RIWZDUH´3HDUVRQVW(GLWLRQ
&UDLJ/DUPDQ³$SSO\LQJ80/ 3DWWHUQV$Q,QWURGXFWLRQWR2EMHFW2ULHQWHG$QDO\VLVDQG'HVLJQ´3UHQWLFH
+DOO375
:ROIJDQJ3UHH³'HVLJQ3DWWHUQVIRU2EMHFW2ULHQWHG6RIWZDUH'HYHORSPHQW´$GGLVRQ:HVOH\VW(GLWLRQ
6WHYHQ-RKQ0HWVNHU:LOOLDP&:DNH³'HVLJQ3DWWHUQVLQ-DYD´$GGLVRQ:HVOH\3URIHVVLRQDO
~ 73 ~
&6 62)7:$5(352-(&70$1$*(0(17 &5
,QWURGXFWLRQWR6RIWZDUH3URMHFW0DQDJHPHQW KUV
2YHUYLHZ RI SURMHFW SURMHFW PDQDJHPHQW 3URMHFW PDQDJHPHQW SURFHVV $FWLYLWLHV RI SURMHFW PDQDJHPHQW VHWWLQJ
REMHFWLYHVSODQVPHWKRGVDQGPHWKRGRORJLHVVHWWLQJREMHFWLYHVSURMHFWVXFFHVVDQGIDLOXUHV
6:3URMHFWOLIHF\FOH KUV
&RQFHSWDQDO\VLVSODQQLQJH[HFXWLRQDQGFORVLQJVWDJH7KH,626RIWZDUHGHYHORSPHQWOLIHF\FOH3URMHFWVHOHFWLRQ
PHWKRGRORJLHVDQGWHFKQRORJLHVSURFHVVPRGHOVVHOHFWLRQRIDSSURSULDWHSURFHVVPRGHO
6:3URMHFWHYDOXDWLRQ 3ODQQLQJ KUV
7RROV DQG WHFKQLTXHV IXQGV IORZ DQDO\VLV FRVWEHQHILW DQDO\VLV ULVN HYDOXDWLRQ SURMHFW SRUWIROLR PDQDJHPHQW EHQHILW
PDQDJHPHQW*DWKHULQJUHTXLUHPHQWV,GHQWLILFDWLRQRISURMHFWVFRSHVWHSZLVHSURMHFWSODQQLQJFDVHVWXG\
6RIWZDUHSURMHFWHVWLPDWLRQ KUV
6RIWZDUHHIIRUWHVWLPDWLRQWHFKQLTXHVFRVWHVWLPDWLRQHIIHFWRIVFKHGXOHFRPSUHVVLRQ&DSHUV-RQH¶VHVWLPDWLRQ
'HVLJQRIVRIWZDUHSURMHFWPDQDJHPHQWV\VWHP KUV
$FWLYLW\ SODQQLQJ :RUN EUHDNGRZQ VWUXFWXUHV SURGXFW EUHDNGRZQ VWUXFWXUH UHVRXUFH EUHDNGRZQ VWUXFWXUH SURMHFW
VFKHGXOLQJDFWLYLW\RQDUURZDFWLYLW\RQQRGHGXPP\DFWLYLWLHV8VHRI*DQWWFKDUWIRUPXODWLQJDQHWZRUN&30DFWLYLW\
IORDWDQGFULWLFDODFWLYLW\
5LVNPDQDJHPHQW KUV
5LVNLGHQWLILFDWLRQDVVHVVPHQWSODQQLQJDQGPDQDJHPHQWHYDOXDWLQJULVNVWRVFKHGXOHDSSOLFDWLRQRI3(57
3URMHFW&RVW$QDO\VLV KUV
5HVRXUFH $OORFDWLRQ VFKHGXOH UHVRXUFHV FUDVKLQJ DQG UHVRXUFH VKDULQJ QHWZRUN VFKHGXOLQJ ZLWK /LPLWHG 5HVRXUFHV
FDSDFLW\SODQQLQJDQGFDSDFLW\H[SDQVLRQGHFLVLRQ
6RIWZDUHSURMHFWPRQLWRULQJDQGFRQWURO KUV
'HVLJQRIPRQLWRULQJV\VWHPSULRULWL]LQJPRQLWRULQJ3URJUHVVFRQWUROSHUIRUPDQFHFRQWUROVFKHGXOHFRQWUROFRVWFRQWURO
WRROVXVHGLQFRQWUROOLQJSURMHFWHDUQHGYDOXHDQDO\VLVFKDQJHFRQWUROVWDWXVUHYLHZPHHWLQJSURMHFWDXGLWDQGUHYLHZV
0DQDJLQJFRQWUDFWV KUV
7\SHVRIFRQWUDFWVFRQWUDFWSODFHPHQWVFRQWUDFWPDQDJHPHQW
6RIWZDUH3URMHFWRUJDQL]DWLRQV 0DQDJLQJSHRSOHLQVRIWZDUHHQYLURQPHQW KUV
)XQFWLRQDO PDWUL[ DQG SURMHFWL]HG RUJDQL]DWLRQ YDULRXV WHDP VWUXFWXUHV 2UJDQL]DWLRQ EHKDYLRU FRRUGLQDWLRQ DQG
SURFHGXUHVSURMHFWPDQDJHPHQWDQGSURFHGXUHZRUNLQJLQWHDPVVNLOOVDQGFRPSHWHQF\RIWKHPDQDJHU
6FRSHDQGVRIWZDUHTXDOLW\FRQWURO KUV
,PSRUWDQFH RI VRIWZDUH TXDOLW\ 64& 64$ SURGXFW SURFHVV DQG TXDOLW\ FRVW RI TXDOLW\ ,62 3URFHVV FDSDELOLW\
PRGHOVTXDOLW\PDQDJHPHQWV\VWHPVRIWZDUHWHVWLQJDQGUHOLDELOLW\
7H[W%RRNV
%RE+XJKHV0LNH&RWWHUHOO5DMLE0DOO6RIWZDUH3URMHFW0DQDJHPHQW0F*UDZ+,//WK(GLWLRQ
5HIHUHQFH%RRNV
5:DONHU6RIWZDUH3URMHFW0DQDJHPHQW3HDUVRQ
-HURPH':LHVW)HUGLQDQG./HY\$0DQDJHPHQW*XLGHWR3(57&303+,QG(GLWLRQ
5REHUW.:\VRFNL(IIHFWLYH6RIWZDUH3URMHFW0DQDJHPHQW:LOH\,QGLD(GLWLRQ
~ 74 ~
&6 62)7:$5($5&+,7(&785( &5
,QWURGXFWLRQ KUV
$UFKLWHFWXUH (QJLQHHULQJ 'LVFLSOLQH IRU 6RIWZDUH $UFKLWHFWXUH %XVLQHVV &\FOH 6RIWZDUH 3URFHVVHV )HDWXUHV RI *RRG
$UFKLWHFWXUH
6KDUHG,QIRUPDWLRQ6\VWHPV KUV
'DWDEDVH ,QWHJUDWLRQ ,QWHUSUHWDWLRQ LQ 6RIWZDUH 'HYHORSPHQW (QYLURQPHQWV $UFKLWHFWXUDO 6WUXFWXUHV IRU 6KDUHG
,QIRUPDWLRQ6\VWHPV
3DWWHUQ7\SHV6WUXFWXUDO3DWWHUQV3DWWHUQVIRU'LVWULEXWLRQ3DWWHUQVIRU,QWHUDFWLYH6\VWHPV
)RUPDO0RGHOV$QG6SHFLILFDWLRQV KUV
)LQDOL]LQJWKH$UFKLWHFWXUHRID6SHFLILF6\VWHP$UFKLWHFWXUDO6W\OH$UFKLWHFWXUDO'HVLJQ6SDFH&DVH6WXG\RIDQ,QGXVWU\
6WDQGDUG&RPSXWLQJ,QIUDVWUXFWXUH&25%$
~ 75 ~
&6 62)7:$5((1*,1((5,1*352&(66 48$/,7< &5
6RIWZDUH(QJLQHHULQJ3URFHVV
3URFHVV LQIUDVWUXFWXUH VRIWZDUH HQJLQHHULQJ SURFHVV JURXS H[SHULHQFH IDFWRU\ $FWLYLWLHV 0RGHOV IRU SURFHVV
LPSOHPHQWDWLRQDQGFKDQJH3UDFWLFDO&RQVLGHUDWLRQ
3HUVSHFWLYH0RGHOV7KH:DWHUIDOO0RGHO,QFUHPHQWDO3URFHVV0RGHO(YROXWLRQDU\3URFHVV0RGHOV6SHFLDOL]HG3URFHVV
0RGHOV &RPSRQHQWEDVHG GHYHORSPHQW )RUPDO 0HWKRGV 0RGHO $VSHFW2ULHQWHG 6RIWZDUH 'HYHORSPHQW 7KH 8QLILHG
3URFHVVHV 7LPHER[ 0RGHO $JLOH 3URFHVV 0RGHOV ([WUHPH 3URJUDPPLQJ $GDSWLYH 6RIWZDUH 'HYHORSPHQW $6'
'\QDPLF6RIWZDUH'HYHORSPHQW0HWKRGV'6'06FUXP&U\VWDOV)HDWXUH'ULYHQ'HYHORSPHQW)''$JLOH0RGHOLQJ
$03URFHVV$GRSWLRQ$XWRPDWLRQ
3URFHVVDVVHVVPHQWPRGHOV3URFHVVDVVHVVPHQWPHWKRGV
6RIWZDUH SURFHVV PHDVXUHPHQW 6RIWZDUH SURGXFW PHDVXUHPHQW VL]H PHDVXUHPHQW VWUXFWXUH PHDVXUHPHQW 0HDVXUHPHQW
7HFKQLTXHVDQDO\WLFDOWHFKQLTXHV%HQFKPDUNWHFKQLTXHV
6RIWZDUH4XDOLW\
6RIWZDUH4XDOLW\)XQGDPHQWDOV KUV
&RQFHSWVRI6:4XDOLW\TXDOLW\YLHZVIURPGLIIHUHQWSHUVSHFWLYHVDQGVWDNHKROGHUVFRUH FRPSRQHQWVRIWKHTXDOLW\RID
SURGXFW TXDOLW\ JDS 7RWDO 4XDOLW\ 0DQDJHPHQW 6L[ 6LJPD 4XDOLW\ TXDOLW\ FRQWURO TXDOLW\ DVVXUDQFH DQG TXDOLW\
PDQDJHPHQW 9DOXH FRVW RI TXDOLW\ 4XDOLW\ PRGHOV DQG FKDUDFWHULVWLFV VRIWZDUH SURFHVV TXDOLW\ VRIWZDUH SURGXFW
TXDOLW\ 4XDOLW\ ,PSURYHPHQW $SSOLFDWLRQ TXDOLW\ UHTXLUHPHQWV FULWLFDOLW\ RI V\VWHPV GHSHQGDELOLW\ ,QWHJULW\ OHYHOV RI
VRIWZDUH'HIHFWFKDUDFWHULVWLFV
7H[W%RRNV
5RJHU63UHVVPDQ6RIWZDUH(QJLQHHULQJ$3UDFWLWLRQHU¶V$SSURDFK7$7$0F*5$:+,//WK(GLWLRQ
5HIHUHQFH%RRNV
0/LPD\H6RIWZDUH4XDOLW\$VVXUDQFHVW(GLWLRQ7DWD0FJUDZ+LOO(GXFDWLRQ3ULYDWH/LPLWHG
$XWKRUHGE\,(((&RPSXWHU6RFLHW\*XLGHWRWKH6RIWZDUH(QJLQHHULQJ%RG\RI.QRZOHGJH6RIWZDUH
(QJLQHHULQJ%RG\RI.QRZOHGJH6:(%2.(GLWHGE\$ODLQ$EUDQ-DPHV:0RRUH3LHUUH%RXUTXH5REHUW
'XSXLV
~ 76 ~
&6 62)7:$5(5(/,$%,/,7< &5
'HILQLQJ 6RIWZDUH 5HOLDELOLW\ 6RIWZDUH 5HOLDELOLW\ $WWULEXWHV DQG 6SHFLILFDWLRQ &RQFHSW RI'HIHFWV )DXOWV )DLOXUHV
'HIHFW 5DWH DQG 5HOLDELOLW\ 'HIHFW 3UHYHQWLRQ 5HGXFWLRQ DQG &RQWDLQPHQW 2YHUYLHZ RI 'LIIHUHQW 7\SHV RI 6RIWZDUH
5HYLHZ,QWURGXFWLRQWR0HDVXUHPHQWDQG,QVSHFWLRQ3URFHVV'RFXPHQWVDQG0HWULFV
&ROOHFWLRQ RI IDXOW DQG IDLOXUH GDWD 0HDVXUHPHQW RI LQWHUQDO DQG H[WHUQDO SURGXFW DWWULEXWHV &XVWRPHU 3UREOHPV 0HWULF
&XVWRPHU 6DWLVIDFWLRQ 0HWULFV ,Q3URFHVV 4XDOLW\ 0HWULFV 'HIHFW $UULYDO 3DWWHUQ 3KDVH%DVHG 'HIHFW 5HPRYDO 3DWWHUQ
'HIHFW 5HPRYDO (IIHFWLYHQHVV 0HWULFV IRU 6RIWZDUH 0DLQWHQDQFH 6RIWZDUH 5HOLDELOLW\ LQGLFDWRUV 6RIWZDUH 5HOLDELOLW\
0HWULFV6WDWLF&RGH0HWULFV'\QDPLF0HWULFV
%DVLFV RI 5HOLDELOLW\ 7KHRU\ 6RIWZDUH 5HOLDELOLW\ 3UREOHP 0RGHOLQJ 3URFHVV 6RIWZDUH 5HOLDELOLW\ 0RGHOV 3DUDPHWULF
5HOLDELOLW\ *URZWK 0RGHOV 7KH 5D\OHLJK 0RGHO ([SRQHQWLDO 'LVWULEXWLRQ DQG 6RIWZDUH 5HOLDELOLW\ *URZWK 0RGHOV
6RIWZDUH4XDOLW\$VVHVVPHQW0RGHOV+LHUDUFKLFDO0RGHORI6RIWZDUH4XDOLW\$VVHVVPHQW
6RIWZDUH5HOLDELOLW\$OORFDWLRQ0RGHOV&ULWHULDIRU0RGHO(YDOXDWLRQ2SWLPDO5HOLDELOLW\$OORFDWLRQ4XDOLW\3ODQQLQJDQG
&RQWURO 4XDOLW\ ,PSURYHPHQW 3URFHVV (YROXWLRQ RI 6RIWZDUH 4XDOLW\ $VVXUDQFH 64$ 0DMRU 64$ $FWLYLWLHV 0DMRU
64$,VVXHV=HUR'HIHFW6RIWZDUH
%DVLF GHVLJQ SULQFLSOH RI UHOLDEOH VRIWZDUH UHTXLUHPHQWV REMHFWLYHV DQG VSHFLILFDWLRQV V\VWHP DUFKLWHFWXUH SURJUDP
VWUXFWXUH GHVLJQ GHVLJQ SUDFWLFHV PRGXOH GHVLJQ DQG FRGLQJ SURJUDPPLQJ VW\OH 6RIWZDUH WHVWLQJ SULQFLSOHV PRGXOH
WHVWLQJ IXQFWLRQV DQG V\VWHP WHVWLQJ GHEXJJLQJ SURJUDPPLQJ ODQJXDJHV DQG UHOLDELOLW\ FRPSXWHU DUFKLWHFWXUH DQG
UHOLDELOLW\SURYLQJSURJUDPFRUUHFWQHVVVRIWZDUHVXSSRUWV\VWHPV
5HOLDELOLW\ 7HFKQLTXHV 7UHQGLQJ 5HOLDELOLW\ 7HFKQLTXHV 3UHGLFWLQJ 5HOLDELOLW\ 7HFKQLTXHV (UURU 6HHGLQJ )DLOXUH 5DWH
&XUYH)LWWLQJ2SHUDWLRQDO3URILOH5HOLDELOLW\*URZWK0RGHOVDQG7RROV6WXG\RIWRROVOLNH&$65(6$5$60(5)6
7H[W%RRNV
-RKQ'0XVD6RIWZDUH5HOLDELOLW\(QJLQHHULQJ0RUH5HOLDEOH6RIWZDUH)DVWHUDQG&KHDSHU7DWD0FJUDZ+LOO
(GXFDWLRQ3ULYDWH/LPLWHGQG(GLWLRQ
5HIHUHQFH%RRNV
+RDQJ3KDP³6RIWZDUH5HOLDELOLW\´6SULQJHU
0LQ;LH³6RIWZDUHUHOLDELOLW\PRGHOLQJ´:RUOG6FLHQWLILF
0/6KRRPDQ³6RIWZDUH(QJLQHHULQJ'HVLJQ5HOLDELOLW\DQG0DQDJHPHQW´0FJUDZ+LOO
)HQWRQDQG3IOHHJHU³6RIWZDUH0HWULFV$5LJRURXVDQG3UDFWLFDO$SSURDFK´,QWHUQDWLRQDO7KRPVRQ&RPSXWHU
3UHVVQG5HYLVHG(GLWLRQ
0LFKDHO5/\X³+DQGERRNRI6RIWZDUH5HOLDELOLW\(QJLQHHULQJ´,(((&RPSXWHU6RFLHW\3UHVV
&KDUOHV(EHOLQJ³$Q,QWURGXFWLRQWR5HOLDELOLW\DQG0DLQWDLQDELOLW\(QJLQHHULQJ´0FJUDZ+LOO
(OVD\HG$(OVD\HG³5HOLDELOLW\(QJLQHHULQJ´:LOH\
6WHSKHQ+.DQ³0HWULFVDQG0RGHOVLQ6RIWZDUH4XDOLW\(QJLQHHULQJ´$GGLVRQ:HVOH\
~ 77 ~
&6 6:0$,17(1$1&( &21),*85$7,210$1$*(0(17 &5
6RIWZDUH0DLQWHQDQFH
1DWXUHRIVRIWZDUHPDLQWHQDQFH6RIWZDUH0DLQWHQDQFH7\SHV&KDUDFWHULVWLFVRI0DLQWDLQDEOH6RIWZDUH/HKPDQ
VODZV
0DLQWHQDQFHFRVWLVVXHVXVLQJ&2&202PRGHO0DLQWDLQDELOLW\0HDVXUHPHQWVDQG0DLQWHQDQFH&RVW)DFWRUV
7KH UH HQJLQHHULQJ 3URFHVV GHILQLWLRQ 5HYHUVH (QJLQHHULQJ 9V IRUZDUG HQJLQHHULQJ 5HHQJLQHHULQJ SURFHVV VWUXFWXUH
6RIWZDUH5HXVDELOLW\'HILQLWLRQ6RIWZDUH5HXVHDQG0DLQWDLQDELOLW\,VVXHV5HXVDEOH&RPSRQHQWV
'HVLJQ SDWWHUQV DQG HIIHFWV RQ VRIWZDUH PDLQWDLQDELOLW\ $ ORRN DW VRPH GHVLJQ SDWWHUQV XQGHU XVH 2SHQVRXUFH DQG
PDLQWDLQDELOLW\LVVXHV)UDPHZRUNVDQGPDLQWDLQDELOLW\LVVXHV
6RIWZDUH&RQILJXUDWLRQ0DQDJHPHQW
0DQDJHPHQWRIWKH6&03URFHVV KUV
,GHQWLI\LQJ ,WHPV WR %H &RQWUROOHG 6RIWZDUH FRQILJXUDWLRQ LWHP 6RIWZDUH FRQILJXUDWLRQ LWHP UHODWLRQVKLSV 6RIWZDUH
YHUVLRQ%DVHOLQH$FTXLULQJVRIWZDUHFRQILJXUDWLRQLWHPV6RIWZDUH/LEUDU\
5HTXHVWLQJ(YDOXDWLQJDQG$SSURYLQJ6RIWZDUH&KDQJHV6RIWZDUH&RQILJXUDWLRQ&RQWURO%RDUG6RIWZDUHFKDQJHUHTXHVW
SURFHVV,PSOHPHQWLQJ6RIWZDUH&KDQJHV'HYLDWLRQVDQG:DLYHUV
6RIWZDUH&RQILJXUDWLRQ6WDWXV5HSRUWLQJ
6RIWZDUH5HOHDVH0DQDJHPHQWDQG'HOLYHU\ KUV
6RIWZDUH%XLOGLQJ6RIWZDUH5HOHDVH0DQDJHPHQW
~ 78 ~
7H[W%RRNV
*UXEE37DNDQJ$$6RIWZDUH0DLQWHQDQFH&RQFHSWVDQG3UDFWLFHQG(GLWLRQ:RUOG6FLHQWLILF
*RSDODVZDP\5DPHVK5DPHVK%KDWWLSUROX6RIWZDUH0DLQWHQDQFH7DWD0FJUDZ+LOO(GXFDWLRQ3ULYDWH/LPLWHG
VWHGLWLRQ
5HIHUHQFH%RRNV
$XWKRUHG E\ ,((( &RPSXWHU 6RFLHW\ *XLGH WR WKH 6RIWZDUH (QJLQHHULQJ %RG\ RI .QRZOHGJH 6RIWZDUH
(QJLQHHULQJ%RG\RI.QRZOHGJH6:(%2.(GLWHGE\$ODLQ$EUDQ-DPHV:0RRUH3LHUUH%RXUTXH5REHUW
'XSXLV
%HUVRII (+ 9'+HQGHUVRP 6* 6LHJHO 6RIWZDUH &RQILJXUDWLRQ 0DQDJHPHQW (QJOHZRRG &OLIIV 1-
3UHQWLFH+DOO
%DELFK:$6RIWZDUH&RQILJXUDWLRQ0DQDJHPHQW$GGLVLRQ:LVOH\
*XQWKHU5&0DQDJHPHQW7HFKQRORJ\IRUVRIWZDUHSURGXFWHQJLQHHULQJ1HZ<RUN-RKQ:LOH\
6RPPHUYLOOH,DQ6RIWZDUH(QJLQHHULQJ$GGLVRQ:HVOH\
6RIWZDUH (VWLPDWLRQ $SSURDFKHV 2ULJLQV RI VRIWZDUH FRVW HVWLPDWLRQ )RUPV RI VRIWZDUH FRVW HVWLPDWLRQ )DFWRUV WKDW
LQIOXHQFHSURGXFWLYLW\VRIWZDUHFRVWHVWLPDWLRQWRROVDQGSURMHFWVXFFHVVDQGIDLOXUHUDWHV6RXUFHVRIHUURUVLQVRIWZDUHFRVW
HVWLPDWLRQ
/LQHV RI &RGH /DQJXDJH 3URGXFWLYLW\ )DFWRU &RXQWLQJ 5HXVHG DQG 5HIDFWRUHG &RGH &RXQWLQJ 1RQ3URFHGXUDO &RGH
/HQJWK0HDVXULQJWKH/HQJWKRI6SHFLILFDWLRQVDQG'HVLJQ)XQFWLRQ3RLQWV&RQYHUWLQJ)XQFWLRQ3RLQWVWR3K\VLFDO6L]H
&RQYHUWLQJ )XQFWLRQ 3RLQWV WR (IIRUW 2WKHU )XQFWLRQ 3RLQW (QJLQHHULQJ 5XOHV )XQFWLRQ 3RLQW 3URV DQG &RQV )HDWXUH
3RLQWV
6WUXFWXUDO &RPSOH[LW\ 6L]H DV D &RPSOH[LW\ 0HDVXUH 6\VWHP 6L]H DQG &RPSOH[LW\ 0RGXOH 6L]H DQG &RPSOH[LW\
&\FORPDWLF&RPSOH[LW\+DOVWHDG
V0HWULFV,QIRUPDWLRQ)ORZ0HWULFV6\VWHP&RPSOH[LW\0DLQWDLQDELOLW\,QGH[2EMHFW
2ULHQWHG'HVLJQ0HWULFV
&RQFHSWXDO&RPSOH[LW\&RPSXWDWLRQDO&RPSOH[LW\
6RIWZDUH (VWLPDWLRQ 0HWKRGRORJLHV DQG 0RGHOV ([SHUW (VWLPDWLRQ :RUN DQG $FWLYLW\ 'HFRPSRVLWLRQ 6\VWHP
'HFRPSRVLWLRQ7KH'HOSKL0HWKRGV8VLQJ%HQFKPDUN6L]H'DWD(VWLPDWLRQE\$QDORJ\7UDGLWLRQDO$QDORJ\$SSURDFK
$QDORJ\ 6XPPDU\ 3UR[\ 3RLQW (VWLPDWLRQ 0HWKRGV 0HWD0RGHO IRU (IIRUW (VWLPDWLRQ )XQFWLRQ 3RLQWV &260,&
)XQFWLRQ 3RLQWV 2EMHFW 3RLQWV 8VH &DVH 6L]LQJ 0HWKRGRORJLHV 8VH &DVH 3RLQWV 0HWKRGRORJ\ &XVWRP 0RGHOV
$OJRULWKPLF0RGHOV0DQXDO0RGHOV(VWLPDWLQJ3URMHFW'XUDWLRQ7RRO%DVHG0RGHOV&RPELQLQJ(VWLPDWHV(VWLPDWLQJ
,VVXHV7DUJHWVYV(VWLPDWHV7KH/LPLWDWLRQVRI(VWLPDWLRQ(VWLPDWH8QFHUWDLQWLHV(VWLPDWLQJ(DUO\DQG2IWHQ
6SHFLDOL]HGHVWLPDWLRQWHFKQLTXHV(VWLPDWLRQRI$JLOH'HYHORSPHQW(VWLPDWLRQRI:HEHQJLQHHULQJSURMHFWV(VWLPDWLQJ
6RIWZDUH 5HTXLUHPHQWV (VWLPDWLQJ 6RIWZDUH 3URWRW\SHV (VWLPDWLQJ 6RIWZDUH 6SHFLILFDWLRQV DQG 'HVLJQ (VWLPDWLQJ
'HVLJQ ,QVSHFWLRQV (VWLPDWLQJ 3URJUDPPLQJ RU &RGLQJ (VWLPDWLQJ &RGH ,QVSHFWLRQV &XUUHQW WUHQGV LQ VRIWZDUH FRVW
HVWLPDWLRQ
~ 79 ~
7H[W%RRNV
&DSHUV-RQHV(VWLPDWLQJ6RIWZDUH&RVWV7DWD0F*UDZ+LOO(GXFDWLRQ3ULYDWH/LPLWHGQG(GLWLRQ
/LQGD 0 /DLUG0 &DURO %UHQQDQ 6RIWZDUH 0HDVXUHPHQW DQG (VWLPDWLRQ $ 3UDFWLFDO $SSURDFK :LOH\,(((
&RPSXWHU6RFLHW\3UHVV-XQH
Reference Books:
3HWHU+LOO3UDFWLFDO6RIWZDUH3URMHFW(VWLPDWLRQ7DWD0F*UDZ+LOO(GXFDWLRQ3ULYDWH/LPLWHGVW(GLWLRQ
6WHYH0F&RQQHOO6RIWZDUH(VWLPDWLRQ'HP\VWLI\LQJWKH%ODFN$UW0LFURVRIW3UHVV
0 $ 3DUWKDVDUDWK\ 3UDFWLFDO 6RIWZDUH (VWLPDWLRQ )XQFWLRQ 3RLQW 0HWKRGV )RU ,QVRXUFHG DQG 2XWVRXUFHG
3URMHFWV3HDUVRQVW(GLWLRQ
~ 80 ~
6&+22/2)(/(&75,&$/(1*,1((5,1*
63(&,$/,6$7,2132:(5$1'(1(5*<6<67(0
(( 32:(56<67(0'<1$0,&6 &U
6\QFKURQRXV0DFKLQHV
7KHEDVLFVRIJHQHUDOWKHRU\JHQHUDOHTXDWLRQVRI$&PDFKLQHV3DUN¶VWUDQVIRUPDWLRQGHULYDWLRQVRIWZRD[LVHTXDWLRQDQG
VLPSOLILHGHTXDWLRQRIV\QFKURQRXVPDFKLQHZLWKWZRGDPSHUZLQGLQJHTXLYDOHQWFLUFXLWVRSHUDWLRQDOLPSHGDQFHV+UV
6\QFKURQRXVJHQHUDWRUVKRUWFLUFXLWVDQGV\VWHPIDXOWV
&RQVWDQW IOX[OLQNDJH WKHRUHPLWVDSSOLFDWLRQWRWKUHHSKDVHDOWHUQDWRU VXGGHQ WKUHHSKDVH VKRUWFLUFXLWRQDWKUHH SKDVH
XQORDGHGDOWHUQDWRUDQDO\VLVRIVKRUWFLUFXLWRVFLOORJUDPV\VWHPIDXOWFDOFXODWLRQVKRUWFLUFXLWRIDORDGHGDOWHUQDWRUOLQHWR
OLQHVKRUWFLUFXLWHTXLYDOHQWFLUFXLWXQGHUWUDQVLHQWFRQGLWLRQVLPSOLILHGSKDVRUGLDJUDPIRUWUDQVLHQWFRQGLWLRQ +UV
7UDQVLHQWVWDELOLW\
6ZLQJ HTXDWLRQ DQG LWV VROXWLRQ E\ 1XPHULFDO PHWKRGV 7KH HTXDO DUHD FULWHULD IRU VWDELOLW\ $SSOLFDELOLW\ RI HTXDO DUHD
FULWHULDRQHPDFKLQHVZLQJZLWKUHVSHFWWRLQILQLWHEXVWZRILQLWHPDFKLQHV,QWURGXFWLRQWRVHFRQGPHWKRGRI/\DSXQRY
IRUVWXG\RIWUDQVLHQWVWDELOLW\RISRZHUV\VWHPZLWKVSHFLDOUHIHUHQFHWRVLQJOHPDFKLQHFRQQHFWHGWRLQILQLWHEXVLQFOXGLQJ
9$5DQGJRYHUQRUDFWLRQ +UV
'\QDPLFVWDELOLW\
6WDWHVSDFHPRGHORIV\QFKURQRXVPDFKLQHDQGH[FLWDWLRQV\VWHPV/LQHDUPRGHOV,PSURYHGPRGHOVPRGHOLQJRIWXUELQHV
DQGWKHLUJRYHUQRUV/RDGFKDUDFWHULVWLFV'\QDPLFVWDELOLW\(IIHFWRIH[FLWDWLRQVZLWFK$QDO\VLVRI,QWHUFRQQHFWHGVZLWFK
+UV
0HWKRGVRI,PSURYLQJ6WDELOLW\
7UDQVLHQW VWDELOLW\ HQKDQFHPHQW +LJK 6SHHG )DXOW &OHDULQJ '\QDPLF %UHDNLQJ /RDG VKHGGLQJ &RQWURO RI +9'&
7UDQVPLVVLRQ /LQNV 6PDOO VLJQDO 6WDELOLW\ (QKDQFHPHQW 3RZHU V\VWHP VWDELOL]HUV FRQWURO RI VWDWLF 9$5 FRPSHQVDWRUV
+UV
7H[W%RRNV
3RZHU6\VWHP6WDELOLW\&RQWURO3.XQGXU0F*UDZKLOO1HZ7RUN
*HQHUDOL]HG 7KHRU\ RI $OWHUQDWLQJ &XUUHQW 0DFKLQHV ± % $GLNLQ¶V 5* +DUOH\ &KDSPDQ +DOO QG
HGLWLRQ
5HIHUHQFH%RRNV
3RZHUV\VWHP'\QDPLFV±%5*XSWD6&KDQG3XEOLVKHUV5HSULQW
3RZHU6\VWHP6WDELOLW\(:.LPEDUN9RO,,,,,,:LOO\,QGLDODWHVW(GLWLRQ
*HQHUDOL]HG7KHRU\RI(OHFWULFDO0DFKLQHV%\36%LPEKUDWK(GLWLRQ
(( 32:(56<67(05(6758&785,1* &U
3RZHU6HFWRULQ,QGLD
,QWURGXFWLRQWRYDULRXVLQVWLWXWLRQVLQ,QGLDQ3RZHUVHFWRUVXFKDV&($3ODQQLQJ&RPPLVVLRQV3*&,/3)&0LQLVWU\RI
3RZHU VWDWH DQG FHQWUDO JRYHUQPHQWV 5(& XWLOLWLHV DQG WKHLU UROHV &ULWLFDO LVVXHV FKDOOHQJHV EHIRUH WKH ,QGLDQ SRZHU
VHFWRU6DOLHQWIHDWXUHVRI(OHFWULFLW\DFW9DULRXVQDWLRQDOSROLFLHVDQGJXLGHOLQHVXQGHUWKLVDFW+UV
3RZHUVHFWRUHFRQRPLFVDQGUHJXODWLRQ
7\SLFDO FRVW FRPSRQHQWV DQG FRVW VWUXFWXUH RI WKH SRZHU VHFWRU 'LIIHUHQW PHWKRGV RI FRPSDULQJ LQYHVWPHQW RSWLRQV
&RQFHSWRIOLIHF\FOHFRVWDQQXDOUDWHRIUHWXUQPHWKRGVRIFDOFXODWLRQVRI,QWHUQDO5DWHRI5HWXUQ,55DQG1HW3UHVHQW
9DOXH139RISURMHFW6KRUWWHUPDQGORQJWHUPPDUJLQDOFRVWV'LIIHUHQWILQDQFLQJRSWLRQVIRUWKHSRZHUVHFWRU'LIIHUHQW
VWDNHKROGHUVLQWKHSRZHUVHFWRU5ROHRIUHJXODWLRQDQGHYROXWLRQRIUHJXODWRU\FRPPLVVLRQLQ,QGLDW\SHVDQGPHWKRGVRI
HFRQRPLFUHJXODWLRQUHJXODWRU\SURFHVVLQ,QGLD +UV
3RZHU7DULII
'LIIHUHQW WDULII SULQFLSOHV PDUJLQDO FRVW FRVW WR VHUYH DYHUDJH FRVW &RQVXPHU WDULII VWUXFWXUHV DQG FRQVLGHUDWLRQV
GLIIHUHQWFRQVXPHUFDWHJRULHVWHOHVFRSLFWDULIIIL[HGDQGYDULDEOHFKDUJHVWLPHRIGD\LQWHUUXSWLEOHWDULIIGLIIHUHQWWDULII
~ 81 ~
EDVHGSHQDOWLHVDQGLQFHQWLYHVHWF6XEVLG\DQGFURVVVXEVLG\OLIHOLQHWDULII&RPSDULVRQRIGLIIHUHQWWDULIIVWUXFWXUHVIRU
GLIIHUHQW ORDG SDWWHUQV *RYHUQPHQW SROLFLHV LQ IRUFH IURP WLPH WR WLPH (IIHFW RI UHQHZDEOH HQHUJ\ DQG FDSWLYH SRZHU
JHQHUDWLRQRQWDULII'HWHUPLQDWLRQRIWDULIIIRUUHQHZDEOHHQHUJ\ +UV
3RZHUVHFWRUUHVWUXFWXULQJDQGPDUNHWUHIRUP
'LIIHUHQW LQGXVWU\ VWUXFWXUHV DQG RZQHUVKLS DQG PDQDJHPHQW PRGHOV IRU JHQHUDWLRQ WUDQVPLVVLRQ DQG GLVWULEXWLRQ
&RPSHWLWLRQ LQ WKH HOHFWULFLW\ VHFWRU FRQGLWLRQV EDUULHUV GLIIHUHQW W\SHV EHQHILWV DQG FKDOOHQJHV /DWHVW UHIRUPV DQG
DPHQGPHQWV'LIIHUHQWPDUNHWDQGWUDGLQJPRGHOVDUUDQJHPHQWVRSHQDFFHVVNH\PDUNHWHQWLWLHV,62*HQFR7UDQVFR
'LVFR5HWDLOFR3RZHUPDUNHWW\SHV(QHUJ\PDUNHW$QFLOODU\VHUYLFHPDUNHWWUDQVPLVVLRQPDUNHW)RUZDUGDQGUHDOWLPH
PDUNHWVPDUNHWSRZHU +UV
(OHFWULFLW\0DUNHWV3ULFLQJDQG1RQSULFHLVVXHV
(OHFWULFLW\ SULFH EDVLFV 0DUNHW &OHDULQJ SULFH 0&3 =RQDO DQG ORFDWLRQDO 0&3V '\QDPLF VSRW SULFLQJ DQG UHDO WLPH
SULFLQJ 'LVSDWFK EDVHG SULFLQJ 3RZHU IORZV DQG SULFHV 2SWLPDO SRZHU IORZ 6SRW SULFHV IRU UHDO DQG UHDFWLYH SRZHU
8QFRQVWUDLQHGUHDOVSRWSULFHVFRQVWUDLQVDQGUHDOVSRWSULFHV1RQSULFHLVVXHVLQHOHFWULFLW\UHVWUXFWXULQJTXDOLW\RIVXSSO\
DQGVHUYLFHVWDQGDUGVRISHUIRUPDQFHE\XWLOLW\HQYLURQPHQWDODQGVRFLDOFRQVLGHUDWLRQV*OREDOH[SHULHQFHZLWKHOHFWULFLW\
UHIRUPVLQGLIIHUHQWFRXQWULHV +UV
7UDQVPLVVLRQ3ODQQLQJDQGSULFLQJ
7UDQVPLVVLRQSODQQLQJ'LIIHUHQW PHWKRGVRIWUDQVPLVVLRQSULFLQJ'LIIHUHQWWUDQVPLVVLRQVHUYLFHV&RQJHVWLRQLVVXHVDQG
PDQDJHPHQW 7UDQVPLVVLRQ FRVW DOORFDWLRQ PHWKRGV /RFDWLRQDO PDUJLQDO SULFH ILUP WUDQVPLVVLRQ ULJKW 7UDQVPLVVLRQ
RZQHUVKLS DQG FRQWURO 7UDQVFR DQG ,62 7UDQVPLVVLRQ SULFLQJ 0RGHO LQ ,QGLD $YDLODELOLW\ EDVHG WDULII UROH RI ORDG
GLVSDWFK FHQWHUV /'&V 6DOLHQW IHDWXUHV RI (OHFWULFLW\ DFW 3ULFH EDVHG 8QLW FRPPLWPHQW FRQFHSW RI DUELWUDJH LQ
(OHFWULFLW\ PDUNHWVJDPH WKHRU\ PHWKRGVLQ3RZHU6\VWHPVHFXULW\FRQVWUDLQHGXQLWFRPPLWPHQW $QFLOODU\VHUYLFHVIRU
UHVWUXFWXULQJ)RUZDUGDQFLOODU\VHUYLFHDXFWLRQ3RZHUSXUFKDVHDJUHHPHQWV +UV
7H[W%RRNV
.DQNDU %KDWWDFKDU\D 0DWK +- %ROOHU -DDS ('DDOGHU µ2SHUDWLRQ RI 5HVWUXFWXUHG 3RZHU 6\VWHP¶ .OXPHU
$FDGHPLF3XEOLVKHU
0RKDPPDG 6KDKLGHKSRXU DQG 0XZDIIDT DORPRXVK ³5HVWUXFWXUHG HOHFWULFDO 3RZHU V\VWHPV´ 0DUFHO 'HNNHU
,QF
5HIHUHQFH%RRNV
/RL/HL/DL³3RZHUV\VWHP5HVWUXFWXULQJDQG'HUHJXODWLRQ´-KRQ:LOH\ 6RQV/WG(QJODQG
³.QRZ<RXU3RZHU´$FLWL]HQV3ULPHU2QWKH(OHFWULFLW\6HFWRU3UD\DV(QHUJ\*URXS3XQH
6DOO\+XQW³0DNLQJ&RPSHWLWLRQ:RUNLQ(OHFWULFLW\´-RKQ:LOH\,QF
(OHFWULF8WLOLW\3ODQQLQJDQG5HJXODWLRQ(GZDUG.DKQ$PHULFDQ&RXQFLOIRU(QHUJ\(IILFLHQW(FRQRP\
(( $'9$1&('5(1(:$%/((1(5*<6<67(06 &U
6RODU(QHUJ\
7KH 6XQ ± 3URGXFWLRQ DQG WUDQVIHU RI VRODU HQHUJ\ ± 6XQ(DUWK DQJOHV ± $YDLODELOLW\ DQG OLPLWDWLRQV RI VRODU HQHUJ\ ±
0HDVXULQJWHFKQLTXHVDQGHVWLPDWLRQRIVRODUUDGLDWLRQ±6RODUWKHUPDOFROOHFWRUV±*HQHUDOGHVFULSWLRQDQGFKDUDFWHULVWLFV±
)ODW SODWH FROOHFWRUV ± +HDW WUDQVIHU SURFHVVHV ± 6KRUW WHUP DQG ORQJ WHUP FROOHFWRU SHUIRUPDQFH ± 6RODU FRQFHQWUDWRUV ±
'HVLJQDQDO\VLVDQGSHUIRUPDQFHHYDOXDWLRQRIVRODUHQHUJ\WHFKQRORJLHV +UV
:LQG(QHUJ\
:LQG VSHHG DQG SRZHU UHODWLRQ SRZHU H[WUDFWHG IURP ZLQG ZLQG GLVWULEXWLRQ DQG ZLQG VSHHG SUHGLFWLRQV :LQG SRZHU
V\VWHPV 6\VWHP FRPSRQHQWV 7\SHV RI 7XUELQH 7XUELQH UDWLQJ &KRLFH RI JHQHUDWRUV WXUELQH UDWLQJ HOHFWULFDO ORDG
PDWFKLQJ9DULDEOHVSHHGRSHUDWLRQ PD[LPXPSRZHURSHUDWLRQFRQWUROV\VWHPVV\VWHPGHVLJQIHDWXUHVVWDQGDORQHDQG
JULGFRQQHFWHGRSHUDWLRQ +UV
%LRPDVV
9DULRXV UHVRXUFHV HQHUJ\ FRQWHQWV WHFKQRORJLFDO DGYDQFHPHQWV &RQYHUVLRQ RI ELRPDVV LQ RWKHU IRUP RI HQHUJ\ VROLG
OLTXLGDQGJDVHV*DVLILHUV%LRPDVVILUHGERLOHUV &RILULQJ*HQHUDWLRQ IURP PXQLFLSDOVROLG ZDVWH ,VVXHVLQ KDUQHVVLQJ
WKHVHVRXUFHV +UV
~ 82 ~
+\GURHQHUJ\
)HDVLELOLW\RIVPDOOPLQLDQGPLFURK\GHOSODQWVVFKHPHOD\RXWHFRQRPLFV
7LGDO DQG ZDYH HQHUJ\ *HRWKHUPDO DQG 2FHDQWKHUPDO HQHUJ\ FRQYHUVLRQ 27(& V\VWHPV VFKHPHV IHDVLELOLW\ DQG
YLDELOLW\ +UV
(QHUJ\6WRUDJHDQGK\EULGV\VWHPFRQILJXUDWLRQV
(QHUJ\ VWRUDJH %DWWHU\ W\SHV HTXLYDOHQW FLUFXLW SHUIRUPDQFH FKDUDFWHULVWLFV EDWWHU\ GHVLJQ FKDUJLQJ DQG FKDUJH
UHJXODWRUV %DWWHU\ PDQDJHPHQW IO\ ZKHHO HQHUJ\ UHODWLRQV FRPSRQHQWV EHQHILWV RYHU EDWWHU\ )XHO &HOO HQHUJ\ VWRUDJH
V\VWHPV8OWUD&DSDFLWRUV +UV
*ULG,QWHJUDWLRQ
6WDQGDORQHV\VWHPV+\EULGV\VWHPVK\EULGZLWKGLHVHOZLWKIXHOFHOOVRODUZLQGZLQGK\GURV\VWHPVPRGHFRQWUROOHU
ORDG VKDULQJ V\VWHP VL]LQJ +\EULG V\VWHP HFRQRPLFV *ULG LQWHJUDWLRQ ZLWK WKH V\VWHP ,QWHUIDFH UHTXLUHPHQWV 6WDEOH
RSHUDWLRQ7UDQVLHQWVDIHW\ 2SHUDWLQJ OLPLWV RI YROWDJH IUHTXHQF\ VWDELOLW\ PDUJLQ HQHUJ\ VWRUDJH DQG ORDG VFKHGXOLQJ
(IIHFW RQ SRZHU TXDOLW\ KDUPRQLF GLVWRUWLRQ YROWDJH WUDQVLHQWV DQG VDJV YROWDJH IOLFNHUV '\QDPLF UHDFWLYH SRZHU
VXSSRUW6\VWHPVVWLIIQHVV +UV
7H[W%RRNV
5HQHZDEOH(QHUJ\5HVRXUFHV6HFRQG(GLWLRQ-RKQ7ZLGHOO 7RQ\:HLU7DLOHU )UDFLV
1RQ&RQYHQWLRQDO(QHUJ\5HVRXUFHV%+.KDQ70+QG(GLWLRQ
5HIHUHQFH%RRNV
:LQGDQG6RODU6\VWHPVE\0XNXQG3DWHO&5&3UHVV
*ULG,QWHJUDWLRQIURP,(((-RXUQDOV7UDQVDFWLRQ:LOO\%ODFN:HOO
(((/(&75,&$/(1(5*<6<67(06$1'0$1$*(0(17 &U
2YHUDOO6WUXFWXUHRI(OHFWULFDO6\VWHPV
6XSSO\ DQG GHPDQG VLGH ± (FRQRPLF RSHUDWLRQ ± ,QSXWRXWSXW FXUYHV ± /RDG VKDULQJ ± ,QGXVWULDO 'LVWULEXWLRQ ± /RDG
SURILOLQJ±(OHFWULFLW\WDULIIW\SHVDQGFDOFXODWLRQ±5HDFWLYH3RZHU±3RZHUIDFWRU±&DSDFLWRUVL]LQJ±&DSDFLWRUORVVHV
ORFDWLRQSODFHPHQWDQGPDLQWHQDQFH +UV
(QHUJ\(IILFLQF\
(QHUJ\DFFRXQWLQJPRQLWRULQJDQGFRQWURO±(OHFWULFLW\DXGLWLQVWUXPHQWV±(QHUJ\FRQVXPSWLRQPRGHOV±6SHFLILF(QHUJ\
&RQVXPSWLRQ ± (&2 DVVHVVPHQW DQG (YDOXDWLRQ PHWKRGV ± 7UDQVIRUPHU ORDGLQJHIILFLHQF\ DQDO\VLV ± )HHGHU ORVV
HYDOXDWLRQ ± /LJKWLQJ ± (QHUJ\ HIILFLHQW OLJKW VRXUFHV ± 'RPHVWLFFRPPHUFLDOLQGXVWULDO OLJKWLQJ ± /LJKWLQJ &RQWUROV ±
/XPLQDULHVHQHUJ\FRQVHUYDWLRQ +UV
(QHUJ\DQG3RZHU3ROLFLHV
7DULIIVDQGVXEVLGLHV(QHUJ\XWLOLW\LQWHUIDFH3ULYDWHVHFWRUSDUWLFLSDWLRQLQSRZHUJHQHUDWLRQ6WDWHUROHDQGILVFDOSROLF\
(QHUJ\ DQG GHYHORSPHQW 5ROH RI PRGHOLQJ LQ HQHUJ\ SROLF\ DQDO\VLV (QHUJ\ GDWD EDVH 'DWD &ROOHFWLRQILOWUDWLRQ DQG
DQDO\VLV(QHUJ\EDODQFHV)ORZGLDJUDPV5HIHUHQFHHQHUJ\V\VWHP(QHUJ\GHPDQGDQDO\VLV7UHQGDQDO\VLV2SWLPL]DWLRQ
WHFKQLTXHV (FRQRPHWULF PRGHOV (ODVWLFLWLHV DSSURDFK ,QSXWRXWSXW PRGHOV 6LPXODWLRQSURFHVV PRGHOV (QHUJ\ VXSSO\
DQDO\VLV &RVWV RI H[SORUDWLRQ DQG HFRQRPLFV RI XWLOL]DWLRQ RI GHSOHWDEOH DQG UHQHZDEOH UHVRXUFHV 6FDUFLW\ UHQW
,QWHUQDWLRQDOHQHUJ\VXSSO\(QHUJ\GHPDQGVXSSO\EDODQFLQJ(QHUJ\ HFRQRP\LQWHUDFWLRQ(QHUJ\LQYHVWPHQWSODQQLQJ
(QHUJ\HQYLURQPHQWLQWHUDFWLRQ(QHUJ\3ULFLQJPHFKDQLVPV +UV
(OHFWULF/RDGVRI$LU&RQGLWLRQLQJDQG5HIULJHUDWLRQ
3RZHU FRQVXPSWLRQ LQ FRPSUHVVRUV ± (OHFWURO\WLF SURFHVV ± (OHFWULF KHDWLQJ ± )XUQDFH RSHUDWLRQ DQG VFKHGXOLQJ ±
&RJHQHUDWLRQVFKHPHV±2SWLPDORSHUDWLRQ +UV
7H[W%RRNV
$3:7KXPDQQ3ODQW(QJLQHHUVDQG0DQDJHUV*XLGHWR(QHUJ\FRQVHUYDWLRQH815
:50XUSK\DQG*0F.D\³(QHUJ\PDQDJHPHQW´%XWWHUZRUWK &R3XEOLVKHUV2[IRUG8.
~ 83 ~
5HIHUHQFHV
6&7ULSDWK\(OHFWULF(QHUJ\8WLOL]DWLRQDQG&RQVHUYDWLRQ7DWD0F*UDZ+LOO
:&7XUQHU(QHUJ\0DQDJHPHQW+DQGERRNH)DLUPRQWSUHVV
81(6&$3*XLGH%RRNRQ3URPRWLRQRI6XVWDLQDEOH(QHUJ\&RQVXPSWLRQ
,(((%URQ]H%RRN,(((6WDQGDUG±5HFRPPHQGHG3UDFWLFHIRU(QHUJ\&RQVHUYDWLRQDQG&RVW
(IIHFWLYH3ODQQLQJLQ,QGXVWULDO)DFLOLWLHV,(((3XEOLFDWLRQV
+3DUWDE$UWDQG6FLHQFHRI8WLOLVDWLRQRI(OHFWULFDO(QHUJ\3ULWDPQG(GLWLRQ
(( $'9$1&('&21752/6<67(0 &U
&DVFDGH&RPSHQVDWLRQ
/HDG ODJ DQG ODJ OHDG &RPSHQVDWLRQ )HHGEDFN &RPSHQVDWLQ 5REXVW FRQWURO GHVLJQ RI FRQWXQRXV V\VWHP 'LJLWDO
FRPSHQVDWRUGHVLJQLQ]SODQHXVLQJIUHTXHQF\UHVSRQVH +UV
6WDWH6SDFH0RGHOOLQJDQG6WDWHIHHGEDFNGHVLJQ
6WDWHVSDFH PRGHOOLQJVWDWHIHHGEDFNGHVLJQ3ROHSODFHPHQWGHVLJQXVLQJVWDWHIHHGEDFNGHVLJQRIREVHUYHUXVLQJVWDWH
IHHGEDFN5HJXODWRUDQGVHUYRSUREOHPWKHVHSDUDWLRQSULQFLSOH +UV
/LQHDU4XDGULF2SWLPDO&RQWURO
6WDWH UHJXODWRU GHVLJQ WKURXJK /LDSXQRY HTXDWLRQ /LDSXQRY 0DWUL[ HTXDWLRQ DSSURDFK WKH PDWUL[ 5LFFDWL (TXDWLRQ
DSSURDFK +UV
1HXUDO1HWZRUNVIRU&RQWURO
$UWLILFLDO 1HXURQ PRGHO $FWLYDWLRQ IXQFWLRQ PDWKHPDWLFDO PRGHO 1HWZRUN DUFKLWHFWXUH OHDQLQJ UXOHV 7UDLQLQJ ±EDFN
SURSDJDWLRQ&RQWUROZLWK1HXUDO1HWZRUNVH[DPSOHV +UV
)X]]\FRQWURO
,QWURGXFWLRQ )X]]\ TXDQWLILFDWLRQ RI NQRZOHGJH )X]]\ LQIHUHQFH 'HIX]]LILFDWLRQ 'HVLJQLQJ D )X]]\ ORJLF FRQWUROOHU
$SSOLFDWLRQ0RWRUVSHHGFRQWURO +UV
7H[W%RRNV
0*RSDO³'LJLWDO&RQWURODQG6WDWH9DULDEOH0HWKRG´ QG(G7DW0F*UDZ+LOO
1DJUDWKDQG*RSDO³&RQWURO6\VWHP(QJLQHHULQJ´WK(G1HZ$JH,QWHUQDWLRQDO
%.%RVH³0RGHUQ3RZHU(OHFWURQLFVDQG$&GULYHV´3HDUVRQ/3(WK(GLWLRQ
5HIHUHQFH%RRNV
0RGHUQFRQWURO(QJLQHHULQJE\.2JDWD3+,3XEOLFDWLRQ WK(GLWLRQ
$GYDQFHG&RQWURO6\VWHPVE\%16DUNDU3+,3XEOLFDWLRQ
0RGHUQ&RQWURO(QJLQHHULQJE\'5R\&KRXGKXU\3+,3XEOLFDWLRQ
1.6LQKD&RQWURO6\VWHPV1HZ$JHLQWHUQDWLRQDOUG(GLWLRQ
((&20387(5$33/,&$7,21,132:(56<67(0 &U
,QWURGXFWLRQWRFRPSXWHUPHWKRG
1HWZRUN PDWULFHV UHIHUHQFH IUDPH QHWZRUN JUDSK 7UHH EUDQFK EDVLF ORRS DQG FXW VHWV %DVLF ,QFLGHQFH PDWULFHV
$XJPHQWHGPDWULFHV3ULPLWLYHQHWZRUNV1HWZRUNPDWULFHVE\VLQJXODUDQGQRQVLQJXODUWUDQVIRUPDWLRQZLWK%XVIUDPHRI
UHIHUHQFH%UDQFKIUDPHRIUHIHUHQFH/RRSIUDPHRIUHIHUHQFH +UV
7KUHHSKDVHQHWZRUNLQWURGXFWLRQ
(OHPHQWV LQ LPSHGDQFH DQG DGPLWWDQFH IRUP %DODQFH H[FLWDWLRQ 8QEDODQFH H[FLWDWLRQ 7UDQVIRUPDWLRQ PDWULFHV IRU
V\PPHWULFDO FRPSRQHQWV ,QFLGHQFH DQG QHWZRUN PDWUL[ IRU SKDVH HOHPHQWV )RUPDWLRQ RI = EXV $GGLWLRQ RI EUDQFK
$GGLWLRQRIOLQNSUREOHPV +UV
~ 84 ~
5HSUHVHQWDWLRQRIWKUHHSKDVHHOHPHQWVLQVKRUWFLUFXLWVWXG\
6KRUWFLUFXLWVWXG\E\EDODQFHQHWZRUNE\=EXV/*IDXOW//IDXOWSKIDXOWZLWKDQGZLWKRXWIDXOWLPSHGDQFHSUREOHPV
+UV
7UDQVLHQWVWDELOLW\$QDO\VLV
/RDG UHSUHVHQWDWLRQ 1HWZRUN SHUIRUPDQFH HTXDWLRQ 6ZLQJ HTXDWLRQ 0DFKLQH HTXDWLRQ 6ROXWLRQ WHFKQLTXHV LQ WUDQVLHQW
VWDELOLW\VWXG\0RGLILHG(XOHU¶VPHWKRG5. WKRUGHUPHWKRGSUREOHPV +UV
7H[W%RRNV
&RPSXWHU0HWKRGVLQ3RZHU6\VWHP$QDO\VLV*OHQQ:6WDJJ$KPHG+(O$ELDG0F*UDZ+LOO%RRN&RPSDQ\
,QWHUQDWLRQDO(GLWLRQV
3RZHU6\VWHP'\QDPLFVDQG6WDELOLW\%\-DQ0DFKRZVNL-DPHV5LFKDUG%XPE\:LOH\3XEOLFDWLRQV
&RPSXWHU$SSOLFDWLRQ7HFKQLTXHVLQ3RZHU6\VWHP0$3DL UGHGLWLRQ70+
5HIHUHQFH%RRNV
1. Advanced Power System Analysis and Dynamics, L. P. Singh, New Age International (P) Limited, Publishers, Revised
6th Edition, 2011.
2. Power System Dynamics and Stability by Jan Machowski, James Richard Bumby, Wiley Publications 1997.
3RZHU6\VWHP$QDO\VLVE\195DPDQD3HDUVRQ3XEOLFDWLRQ
((&20387$7,21$/,17(//,*(17&21752//(56 &U
1HXUDO1HWZRUNVDQG3DWWHUQ$VVRFLDWLRQ
'LIIHUHQFHV EHWZHHQ ELRORJLFDO DQG DUWLILFLDO QHXUDO QHWZRUNV ± 7\SLFDO DUFKLWHFWXUH ± &RPPRQ DFWLYDWLRQ IXQFWLRQV ±
0F&XOORFK±3LWWVQHXURQ±6LPSOHQHXUDOQHWVIRUSDWWHUQFODVVLILFDWLRQ ±/LQHDUVHSDUDELOLW\±+HEEQHW±3HUFHSWURQ±
$GDOLQH ± 0DGDOLQH ± $UFKLWHFWXUH ± $OJRULWKP DQG VLPSOH DSSOLFDWLRQV ± 7UDLQLQJ DOJRULWKPV IRU SDWWHUQ DVVRFLDWLRQ ±
+HEEUXOHDQGGHOWDUXOH±+HWHURDVVRFLDWLYH±$XWRDVVRFLDWLYHDQGLWHUDWLYHDXWRDVVRFLDWLYHQHW±%LGLUHFWLRQDODVVRFLDWLYH
PHPRU\±$UFKLWHFWXUH±$OJRULWKP±6LPSOHDSSOLFDWLRQV +UV
1HXUDO1HWZRUNV%DVHGRQ&RPSHWLWLRQ
.RKRQHQ VHOI RUJDQLVLQJ PDSV ± /HDUQLQJ YHFWRU TXDQWL]DWLRQ ± &RXQWHU SURSDJDWLRQ ± $UFKLWHFWXUH ± $OJRULWKP DQG
DSSOLFDWLRQV +UV
$GDSWLYH5HVRQDQFH$QG%DFNSURSDJDWLRQ1HXUDO1HWZRUNV
$57DQG$57±%DVLFRSHUDWLRQDQGDOJRULWKP±6WDQGDUGEDFNSURSDJDWLRQDUFKLWHFWXUH±'HULYDWLRQRIOHDUQLQJUXOHV±
%ROW]PDQQPDFKLQHOHDUQLQJ±$UFKLWHFWXUH±$OJRULWKPDQGVLPSOHDSSOLFDWLRQV +UV
)X]]\6HWV$QG0HPEHUVKLS)XQFWLRQV
3URSHUWLHVDQGRSHUDWLRQVRQFODVVLFDODQGIX]]\VHWV±&ULVSDQGIX]]\UHODWLRQV±&DUGLQDOLW\±SURSHUWLHVDQGRSHUDWLRQV±
&RPSRVLWLRQ±7ROHUDQFHDQGHTXLYDOHQFHUHODWLRQV±6LPSOHSUREOHPV±)HDWXUHVRIPHPEHUVKLSIXQFWLRQ±6WDQGDUGIRUPV
DQGERXQGDULHV±)X]]LILFDWLRQ±0HPEHUVKLSYDOXHDVVLJQPHQWV±)X]]\WRFULVSFRQYHUVLRQV±/DPEGDFXWVIRUIX]]\VHWV
DQGUHODWLRQV±'HIX]]LILFDWLRQPHWKRGV +UV
$SSOLFDWLRQVRI1HXUDO1HWZRUNVDQG)X]]\/RJLF
$SSOLFDWLRQV RI QHXUDO QHWZRUNV ± 3DWWHUQ UHFRJQLWLRQ ± ,PDJH FRPSUHVVLRQ ± &RPPXQLFDWLRQ ± &RQWURO V\VWHPV ±
$SSOLFDWLRQVRIIX]]\ORJLF±)X]]\SDWWHUQUHFRJQLWLRQ±)X]]\LPDJHFRPSUHVVLRQ±)X]]\ORJLFFRQWUROOHUV+UV
7H[W%RRNV
6LYDQDQGDP 61 6XPDWKL 6 DQG 'HHSD 61 ³,QWURGXFWLRQ WR 1HXUDO 1HWZRUNV 8VLQJ 0DWODE ´ 7DWD
0F*UDZ+LOO
/DXUHQH)DXVHWW³)XQGDPHQWDOVRI1HXUDO1HWZRUNV´3HDUVRQ(GXFDWLRQ
7LPRWK\5RVV³)X]]\/RJLFZLWK(QJLQHHULQJ$SSOLFDWLRQV´:LOH\WK(GLWLRQ
~ 85 ~
5HIHUHQFH%RRNV
=LPPHUPDQQ+-³)X]]\6HW7KHRU\DQG,WV$SSOLFDWLRQV´$OOLHG3XEOLVKHUV/WG
.OLU*-)ROJHU7³)X]]\6HWV8QFHUWDLQW\DQG,QIRUPDWLRQ´3UHQWLFH+DOORI,QGLDWK,QGLDQUHSULQW
=XUDGD-0³,QWURGXFWLRQWR$UWLILFLDO1HXUDO6\VWHPV´-DLFR3XEOLVKLQJ+RXVHUG(GLWLRQ
0RKDPPDG++DVVRXQ³)XQGDPHQWDOVRI1HXUDO1HWZRUNV´3UHQWLFH+DOORI,QGLD
(( 32:(50$5.(75()2506 &U
3RZHU6HFWRULQ,QGLD
,QWURGXFWLRQWRYDULRXVLQVWLWXWLRQVLQ,QGLDQ3RZHUVHFWRUVXFKDV&($3ODQQLQJ&RPPLVVLRQV3*&,/3)&0LQLVWU\RI
3RZHU VWDWH DQG FHQWUDO JRYHUQPHQWV 5(& XWLOLWLHV DQG WKHLU UROHV &ULWLFDO LVVXHV FKDOOHQJHV EHIRUH WKH ,QGLDQ SRZHU
VHFWRU6DOLHQWIHDWXUHVRI(OHFWULFLW\DFW9DULRXVQDWLRQDOSROLFLHVDQGJXLGHOLQHVXQGHUWKLVDFW +UV
3RZHUVHFWRUUHVWUXFWXULQJDQGPDUNHWUHIRUP
'LIIHUHQW LQGXVWU\ VWUXFWXUHV DQG RZQHUVKLS DQG PDQDJHPHQW PRGHOV IRU JHQHUDWLRQ WUDQVPLVVLRQ DQG GLVWULEXWLRQ
&RPSHWLWLRQ LQ WKH HOHFWULFLW\ VHFWRU FRQGLWLRQV EDUULHUV GLIIHUHQW W\SHV EHQHILWV DQG FKDOOHQJHV /DWHVW UHIRUPV DQG
DPHQGPHQWV'LIIHUHQWPDUNHWDQGWUDGLQJPRGHOVDUUDQJHPHQWVRSHQDFFHVVNH\PDUNHWHQWLWLHV,62*HQFR7UDQVFR
'LVFR5HWDLOFR3RZHUPDUNHWW\SHV(QHUJ\PDUNHW$QFLOODU\VHUYLFHPDUNHWWUDQVPLVVLRQPDUNHW)RUZDUGDQGUHDOWLPH
PDUNHWVPDUNHWSRZHU +UV
(OHFWULFLW\0DUNHWV3ULFLQJDQG1RQSULFHLVVXHV
(OHFWULFLW\ SULFH EDVLFV 0DUNHW &OHDULQJ SULFH 0&3 =RQDO DQG ORFDWLRQDO 0&3V '\QDPLF VSRW SULFLQJ DQG UHDO WLPH
SULFLQJ 'LVSDWFK EDVHG SULFLQJ 3RZHU IORZV DQG SULFHV 2SWLPDO SRZHU IORZ 6SRW SULFHV IRU UHDO DQG UHDFWLYH SRZHU
8QFRQVWUDLQHGUHDOVSRWSULFHVFRQVWUDLQVDQGUHDOVSRWSULFHV1RQSULFHLVVXHVLQHOHFWULFLW\UHVWUXFWXULQJTXDOLW\RIVXSSO\
DQGVHUYLFHVWDQGDUGVRISHUIRUPDQFHE\XWLOLW\HQYLURQPHQWDODQGVRFLDOFRQVLGHUDWLRQV*OREDOH[SHULHQFHZLWKHOHFWULFLW\
UHIRUPVLQGLIIHUHQWFRXQWULHV +UV
7UDQVPLVVLRQ3ODQQLQJDQGSULFLQJ
7UDQVPLVVLRQSODQQLQJ'LIIHUHQW PHWKRGVRIWUDQVPLVVLRQSULFLQJ'LIIHUHQWWUDQVPLVVLRQVHUYLFHV&RQJHVWLRQLVVXHVDQG
PDQDJHPHQW 7UDQVPLVVLRQ FRVW DOORFDWLRQ PHWKRGV /RFDWLRQDO PDUJLQDO SULFH ILUP WUDQVPLVVLRQ ULJKW 7UDQVPLVVLRQ
RZQHUVKLS DQG FRQWURO 7UDQVFR DQG ,62 7UDQVPLVVLRQ SULFLQJ 0RGHO LQ ,QGLD $YDLODELOLW\ EDVHG WDULII UROH RI ORDG
GLVSDWFK FHQWHUV /'&V 6DOLHQW IHDWXUHV RI (OHFWULFLW\ DFW 3ULFH EDVHG 8QLW FRPPLWPHQW FRQFHSW RI DUELWUDJH LQ
(OHFWULFLW\ PDUNHWVJDPH WKHRU\ PHWKRGVLQ3RZHU6\VWHPVHFXULW\FRQVWUDLQHGXQLWFRPPLWPHQW $QFLOODU\VHUYLFHVIRU
UHVWUXFWXULQJ)RUZDUGDQFLOODU\VHUYLFHDXFWLRQ3RZHUSXUFKDVHDJUHHPHQWV +UV
7H[W%RRNV
.DQNDU %KDWWDFKDU\D 0DWK +- %ROOHU -DDS ('DDOGHU µ2SHUDWLRQ RI 5HVWUXFWXUHG 3RZHU 6\VWHP¶ 6SULQJHU
3XEOLVKHU
0RKDPPDG 6KDKLGHKSRXU DQG 0XZDIIDT DORPRXVK ³5HVWUXFWXUHG HOHFWULFDO 3RZHU V\VWHPV´ 0DUFHO 'HNNHU
,QF&5&SUHVVVW(GLWLRQ
5HIHUHQFH%RRNV
/RL/HL/DL³3RZHUV\VWHP5HVWUXFWXULQJDQG'HUHJXODWLRQ´-KRQ:LOH\ 6RQV/WG(QJODQG
³.QRZ<RXU3RZHU´$FLWL]HQV3ULPHU2QWKH(OHFWULFLW\6HFWRU3UD\DV(QHUJ\*URXS3XQH
6DOO\+XQW³0DNLQJ&RPSHWLWLRQ:RUNLQ(OHFWULFLW\´-RKQ:LOH\,QFVW(GLWLRQ
(( +9'&$1')$&76 &U
+9'&7UDQVPLVVLRQ
,QWURGXFWLRQFRPSDULVRQRI $&DQG+9'&+9'&WUDQVPLVVLRQDQDO\VLVRI+9'&FRQYHUWHUV SXOVH QXPEHUDQDO\VLV
ZLWKDQGZLWKRXWRYHUODSFRQYHUWHUEULGJHFKDUDFWHULVWLFVFRQYHUWHU +UV
~ 86 ~
+9'&V\VWHPFRQWURO
SULQFLSOHVRIGFOLQNFRQWUROVWDUWLQJDQGVWRSSLQJRIGFOLQNSRZHUFRQWUROKDUPRQLFV ILOWHUV±LQWURGXFWLRQJHQHUDWLRQ
RIKDUPRQLFVW\SHVRIDFILOWHUVSRZHUIORZDQDO\VLVLQDFGFV\VWHPV JHQHUDOPRGHOLQJRIGFOLQNVVROXWLRQVRIDFGF
SRZHUIORZ +UV
)OH[LEOHDFWUDQVPLVVLRQV\VWHPV)$&76
&RQFHSWRI)$&76 IORZRISRZHULQDQDFV\VWHPG\QDPLFVWDELOLW\FRQVLGHUDWLRQEDVLFW\SHVRI)$&76FRQWUROOHUV
VWDWLF VKXQW FRPSHQVDWRUV 69& 67$7&20 REMHFWLYHV RI VKXQW FRPSHQVDWLRQ PHWKRGV RI FRQWUROODEOH 9$5
JHQHUDWLRQ VZLWFKLQJ FRQYHUWHU W\SH 9$5 JHQHUDWRUVEDVLF RSHUDWLQJ SULQFLSOH DQG FRQWURO DSSURDFKHV VWDWLF VHULHV
FRPSHQVDWRUV *&6& 766& 7&6& 666& REMHFWLYHV RI VHULHV FRPSHQVDWRU YDULDEOH LPSHGDQFH W\SH VHULHV
FRPSHQVDWRUV EDVLF RSHUDWLQJ FRQWURO VFKHPHV SRZHU DQJOH FKDUDFWHULVWLFV FRQWURO UDQJH DQG 9$ UDWLQJ H[WHUQDO
FRQWUROFRPELQHGFRPSHQVDWRUV +UV
7(;7%22.6
.53DGL\DU+9'&3RZHU7UDQVPLVVLRQ6\VWHP1HZ$JH,QWO&R
1*+LQJRUDQLDQG/*\XJ\L8QGHUVWDQGLQJ)$&76-RKQZLOO\/DWHVW(GLWLRQ'LVWULEXWRUV1HZ'HOKL
(( 6$)(7<$1'5(/,$%,/,7<2)32:(56<67(06 &U
%DVLF3UREDELOLW\7KHRU\
5HYLHZ RI SUREDELOLW\ FRQFHSWV SUREDELOLW\ GLVWULEXWLRQV DSSOLFDWLRQ RI ELQRPLDO GLVWULEXWLRQ WR HQJLQHHULQJ SUREOHPV
+UV
1HWZRUNPRGHOLQJ
6\VWHPUHOLDELOLW\HYDOXDWLRQXVLQJSUREDELOLW\GLVWULEXWLRQVIUHTXHQF\DQGGXUDWLRQWHFKQLTXHV*HQHUDWLRQ7UDQVPLVVLRQ
DQG'LVWULEXWLRQ6\VWHP +UV
5HOLDELOLW\(YDOXDWLRQ
&RQFHSWRI/2/3DQG('16HYDOXDWLRQRIWKHVHLQGLFHVIRULVRODWHGV\VWHPVUHOLDELOLW\DQDO\VLVXVLQJWKHIUHTXHQF\DQG
GXUDWLRQWHFKQLTXHV +UV
6DIHW\
&RQFHSWDQGPHDVXUHVRILQVWDOODWLRQVRISRZHUDSSDUDWXV +UV
7H[W%RRNV
*HRUJH$QGHUV$OIUHGR9DFFDUR,QQRYDWLRQVLQ3RZHU6\VWHPV5HOLDELOLW\6SULQJHU
51$OODQ%LOOLQWRQ5HOLDELOLW\(YDOXDWLRQRI3RZHU6\VWHPV´6SULQJHU
5HIHUHQFH%RRNV
5R\%LOOLQWRQDQG5RQDOG$OODQ3LWDP5HOLDELOLW\(YDOXDWLRQRI3RZHU6\VWHPV$GYDQFHG3XE3URJUDP
5/6XOOLYDQ3RZHU6\VWHP3ODQQLQJ0F*UDZ+LOO,QWHUQDWLRQDO%RRN&R
(( $'9$1&('32:(56<67(03527(&7,21 &U
6WDWLF5HOD\
*HQHUDO ,QWURGXFWLRQ WR 6WDWLF 5HOD\V &RPSDUDWRU DQG $VVRFLDWHG (OHPHQWV 6ROLG 6WDWH 3RZHU 6XSSO\ &LUFXLW 7LPHU
5HOD\VDQG9ROWDJH5HOD\V'LIIHUHQWLDO5HOD\V'LVWDQFHUHOD\DQG0LFURSURFHVVRU$SSOLFDWLRQVWR3URWHFWLRQ +UV
1XPHULFDO3URWHFWLRQ
,QWURGXFWLRQ EORFN GLDJUDP RI QXPHULFDO UHOD\ VDPSOLQJ WKHRUHP FRUUHODWLRQ ZLWK D UHIHUHQFH ZDYH OHDVW HUURU VTXDUHG
/(6WHFKQLTXHGLJLWDOILOWHULQJDQGQXPHULFDORYHUFXUUHQWSURWHFWLRQ +UV
~ 87 ~
'LJLWDO3URWHFWLRQRI7UDQVPLVVLRQ/LQH
,QWURGXFWLRQ3URWHFWLRQVFKHPHRIWUDQVPLVVLRQOLQHGLVWDQFHUHOD\VWUDYHOLQJZDYHUHOD\VGLJLWDOSURWHFWLRQVFKHPHEDVHG
XSRQIXQGDPHQWDOVLJQDOKDUGZDUHGHVLJQVRIWZDUHGHVLJQGLJLWDOSURWHFWLRQRI(+98+9WUDQVPLVVLRQOLQHEDVHGXSRQ
WUDYHOLQJZDYHSKHQRPHQRQQHZUHOD\LQJVFKHPHXVLQJDPSOLWXGHFRPSDULVRQ +UV
'LJLWDOSURWHFWLRQRI6\QFKURQRXV*HQHUDWRU
,QWURGXFWLRQ IDXOWV LQ V\QFKURQRXV JHQHUDWRU SURWHFWLRQ VFKHPHV IRU V\QFKURQRXV JHQHUDWRU GLJLWDO SURWHFWLRQ RI
V\QFKURQRXVJHQHUDWRU +UV
'LJLWDO3URWHFWLRQRI3RZHU7UDQVIRUPHU
,QWURGXFWLRQIDXOWVLQDWUDQVIRUPHUVFKHPHVXVHGIRUWUDQVIRUPHUSURWHFWLRQGLJLWDOSURWHFWLRQRIWUDQVIRUPHU+UV
7H[W%RRNV
'LJLWDO3URWHFWLRQ/36LQJK1HZ$JH,QWHUQDWLRQDO3/LPLWHG3XEOLVKHUV1HZ'HOKLQG(GLWLRQ
'LJLWDO5HOD\1XPHULFDOUHOD\V±7605DR7DWD0F*UDZ+LOO1HZ'HOKL
5HIHUHQFH%RRNV
3RZHU6\VWHP3URWHFWLRQ6WDWLF5HOD\VZLWK0LFURSURFHVVRU$SSOLFDWLRQV QG(GLWLRQ760DGKDYD5DR7DWD0F
*UDZ+LOO
7UDQVPLVVLRQ1HWZRUN3URWHFWLRQ3DLWKDQNDU0DUFHO 'HNNHU1HZ<RUN
)XQGDPHQWDOVRI3RZHU6\VWHP3URWHFWLRQ3DLWKDQNDU %KLGH3UHQWLFH+DOORI,QGLD3YW/WG1HZ'HOKL
3URWHFWLYH5HOD\LQJIRU3RZHU6\VWHP,,6WDQOH\+RURZLW],(((SUHVV1HZ<RUN
(( 32:(56<67(075$16,(176 &U
6LPSOH6ZLWFKLQJ7UDQVLHQWV
&LUFXLWFORVLQJWUDQVLHQWVGRXEOHIUHTXHQF\WUDQVLHQWV +UV
'DPSLQJ
*HQHUDOL]HGGDPSLQJFXUYHVVHULHV5/&FLUFXLWUHVLVWDQFHVZLWFKLQJORDGVZLWFKLQJRWKHUIRUPRIGDPSLQJ
+UV
$EQRUPDO6ZLWFKLQJ7UDQVLHQWV
1RUPDODQGDEQRUPDOVZLWFKLQJFXUUHQWVXSSUHVVLRQFDSDFLWDQFHVZLWFKLQJRWKHUUHVWUWLNLQJSKHQRPHQD)HUURUHVRQDQFH
+UV
7UDQVLHQWVLQSKDVH&LUFXLW
,PSRWHQFH RI WKH W\SHV RI QHXWUDO FRQQHFWLRQ VZLWFKLQJ D SKDVH UHDFWRU ZLWK DQ LVRODWHG QHXWUDO SKDVH FDSDFLWDQFH
VZLWFKLQJ WKH V\PPHWULFDO FRPSRQHQWV PHWKRG RI VROYLQJ SKDVH VZLWFKLQJ WUDQVLHQWV LQ VWDU FRQQHFWHG WUDQVIRUPHUV
FLUFXLWUHGXFWLRQ +UV
7UDQVLHQWVLQ'&&LUFXLWVDQG&RQYHUVLRQ(TXLSPHQWV
,QWHUUXSWLRQ RI GLUHFW FXUUHQW DQG SHULRGLF IXQFWLRQV &KDUDFWHULVWLFV RI WK\ULVWRU DQG FRPPXQLFDWLRQ WUDQVLHQWV &XUUHQW
OLPLWLQJVWDWLFFLUFXLWEUHDNHU +UV
7RSLFVRQ(OHFWURPDJQHWLF3KHQRPHQD
$UHYLHZRIHOHFWURPDJQHWLFLQGXFWLRQZLWKUHVSHFWWRWUDQVLHQWV$WWHQXDWDWLRQRIVWDWLFILHOGLQWRFRQGXFWRUVXQGHUVWHDG\
VWDWH DQG WUDQVLHQWV FRQGLWLRQ (OHFWURPDJQHWLF VKLHOGLQJ ,PSRUWDQW RI HOHFWURPDJQHWLF HIIHFW IRU FU\RJHQLF V\VWHPV
+UV
7UDYHOOLQJ:DYHVLQ$7UDQVPLVVLRQ/LQHV
FLUFXLW ZLWK GLVWULEXWHG SDUDPHWHUV ZDYH HTXDWLRQ UHIOHFWLRQ DQG UHVWULFWLRQ RI WUDYHOOLQJ ZDYHV EHKDYLRU RI WUDYHOOLQJ
ZDYHVDWOLQHRIWHUPLQDWLRQ/DWWLFHGLDJUDP$WWHQXDWLRQDQGGLVWRUWLRQRIWUDYHOOLQJZDYHV0XOWLFRQGXFWRUV\VWHPDQG
PXOWLYHORFLW\ZDYHV +UV
/LJKWLQJ3KHQRPHQD
6FRSH RI OLJKWLQJ SUREOHPV WKH SK\VLFDO SKHQRPHQD RI OLJKWLQJ LQWHUDFWLRQ RI OLJKWLQJ ZLWK SRZHU V\VWHP )DFWRUV
FRQWULEXWLRQWRJRRGOLQHGHVLJQ +UV
~ 88 ~
7H[W%RRNV
(OHFWULF7UDQVLHQWVLQ3RZHU6\VWHPVE\$OODQ*UHHQZRRG:LOH\%ODFNZHOOQG(GLWLRQHGLWLRQ0D\
5HIHUHQFH%RRNV
7UDQVLHQWVSHUIRUPDQFHLQHOHFWULFSRZHUV\VWHPVE\55XGHQEHUJ0,73UHVV
( 32:(548$/,7<$66(660(17 0,7,*$7,21 &U
,QWURGXFWLRQ
,PSRUWDQFH RI SRZHU TXDOLW\ WHUPV DQG GHILQLWLRQV RI SRZHU TXDOLW\ DV SHU ,((( VWG VXFK DV WUDQVLHQWV VKRUW DQG
ORQJ GXUDWLRQ YROWDJH YDULDWLRQV LQWHUUXSWLRQV VKRUW DQG ORQJ YROWDJH IOXFWXDWLRQV LPEDODQFH IOLFNHUV DQG WUDQVLHQWV
6\PSWRPV RI SRRU SRZHU TXDOLW\ 'HILQLWLRQV DQG WHUPLQRORJ\ RI JURXQGLQJ 3XUSRVH RI JURXQGLQJV *RRG JURXQGLQJ
SUDFWLFHVDQGSUREOHPVGXHWRSRRUJURXQGLQJ +UV
)OLFNHUV 7UDQVLHQW9ROWDJHV
506 YROWDJH YDULDWLRQV LQ SRZHU V\VWHP DQG YROWDJH UHJXODWLRQ SHU XQLW V\VWHP FRPSOH[ SRZHU 3ULQFLSOHV RI YROWDJH
UHJXODWLRQ%DVLFSRZHUIORZDQGYROWDJHGURS9DULRXVGHYLFHVXVHGIRUYROWDJHUHJXODWLRQDQGLPSDFWRIUHDFWLYHSRZHU
PDQDJHPHQW9DULRXVFDXVHVRIYROWDJHIOLFNHUDQGWKHLUHIIHFWV6KRUWWHUPDQGORQJWHUPIOLFNHUV9DULRXVPHDQVWRUHGXFH
IOLFNHUV 7UDQVLHQW RYHU YROWDJHV VRXUFHV LPSXOVLYH WUDQVLHQWV VZLWFKLQJ WUDQVLHQWV (IIHFW RI VXUJH LPSHGDQFH DQG OLQH
WHUPLQDWLRQFRQWURORIWUDQVLHQWYROWDJHV +UV
9ROWDJH6DJ6ZHOOVDQG,QWHUUXSWLRQV
9ROWDJH VDJV YHUVXV LQWHUUXSWLRQV (FRQRPLF LPSDFW RI YROWDJH VDJ 0DMRU FDXVHV DQG FRQVHTXHQFHV FKDUDFWHULVWLFV
DVVHVVPHQW ,QIOXHQFH RI IDXOW ORFDWLRQ DQG IDXOW OHYHO RQ YROWDJH VDJ $UHDV RI YXOQHUDELOLW\ $VVHVVPHQW RI HTXLSPHQW
VHQVLWLYLW\ WR YROWDJH VDJV &%(0$ ,7,& 6(0, ) FXUYHV 5HSUHVHQWDWLRQ RI WKH UHVXOWV RI YROWDJH VDJV DQDO\VLV
9ROWDJHVDJLQGLFHV0LWLJDWLRQPHDVXUHVIRUYROWDJHVDJVVXFKDV836'9560(V&97HWFXWLOLW\VROXWLRQVDQGHQG
XVHUVROXWLRQV +UV
:DYHIRUP'LVWRUWLRQ
'HILQLWLRQ RI KDUPRQLFV &DXVHV DQG HIIHFW RI KDUPRQLFV 9ROWDJH YHUVXV FXUUHQW GLVWRUWLRQ +DUPRQLF LQGLFHV $&
TXDQWLWLHVXQGHUQRQVLQXVRLGDOFRQGLWLRQV7ULSOHQKDUPRQLFVFKDUDFWHULVWLFVDQGQRQFKDUDFWHULVWLFVKDUPRQLFV+DUPRQLFV
VHULHV DQG SDUDOOHO UHVRQDQFHV &RQVHTXHQFHV RI KDUPRQLF UHVRQDQFH 3ULQFLSOHV IRU FRQWUROOLQJ KDUPRQLFV 5HGXFLQJ
KDUPRQLF FXUUHQWV LQ ORDGV .UDWHG WUDQVIRUPHU +DUPRQLF VWXG\ SURFHGXUH &RPSXWHU WRROV IRU KDUPRQLF DQDO\VLV
/RFDWLQJ VRXUFHV RI KDUPRQLFV +DUPRQLF ILOWHULQJ SDVVLYH DQG DFWLYH ILOWHUV ,((( +DUPRQLF VWDQGDUG
+UV
3RZHU4XDOLW\0RQLWRULQJ
1HHG RI SRZHU TXDOLW\ PRQLWRULQJ DQG DSSURDFKHV IROORZHG LQ SRZHU TXDOLW\ PRQLWRULQJ 3RZHU TXDOLW\ PRQLWRULQJ
REMHFWLYHV DQG UHTXLUHPHQWV ,QLWLDO VLWH VXUYH\ 3RZHU TXDOLW\ ,QVWUXPHQWDWLRQ 6HOHFWLRQ RI SRZHU TXDOLW\ PRQLWRUV
VHOHFWLRQ RI PRQLWRULQJ ORFDWLRQ DQG SHULRG 6\VWHP ZLGH DQG GLVFUHWH SRZHU TXDOLW\ PRQLWRULQJ 6HWWLQJ WKUHVKROGV RQ
PRQLWRUV GDWD FROOHFWLRQ DQG DQDO\VLV 6HOHFWLRQ RI WUDQVGXFHUV +DUPRQLF PRQLWRULQJ 7UDQVLHQW PRQLWRULQJ HYHQW
UHFRUGLQJDQGIOLFNHUPRQLWRULQJ +UV
7H[W%RRNV
(OHFWULF3RZHU4XDOLW\E\+H\GW*76WDUVLQDFLUFOHSXEOLFDWLRQV,QGLDQD QGHGLWLRQ
(OHFWULFDO3RZHU6\VWHP4XDOLW\E\5&'XJDQ0)0FJUDQDJKDQ66DQWRVR +:%HDW\UG(GLWLRQ70+
SXEOLFDWLRQ
5HIHUHQFH%RRNV
$UULOODJD-DQG:DWVRQ51&KHQ63RZHUV\VWHP4XDOLW\$VVHVVPHQW:LOH\1HZ<RUNVW(GLWLRQ
%ROOHQ0+-8QGHUVWDQGLQJ3RZHU4XDOLW\3UREOHPV9ROWDJH6DJDQGLQWHUUXSWLRQV:LOO\3XEOLFDWLRQ1<
(( 62/$532:(5(1*,1((5,1* &U
'HVLJQRI6RODU&HOOV
/LPLWVRIFHOOSDUDPHWHUORVVHVLQVRODUFHOOVRODUFHOOGHVLJQ$QDO\WLFDOWHFKQLTXHV +UV
~ 89 ~
6RODU&HOO7HFKQRORJLHV
3URGXFWLRQRI6L*URZWKRIVRODU39LQGXVWU\DQG6LUHTXLUHPHQWV3URGXFWLRQRI0*6DQG(*66LZDIHUEDVHGVRODUFHOO
WHFKQRORJ\ 7KLQ ILOP VRODU FHOO WHFKQRORJLHV &RQFHQWUDWRU 39 FHOOV DQG 6\VWHPV (PHUJLQJ VRODU FHOO WHFKQRORJLHV DQG
FRQFHSWV +UV
6RODU39$SSOLFDWLRQ
6RODUUDGLDWLRQ6XQWUDFNLQJHVWLPDWLQJVRODU5DGLDWLRQ(PSLULFDOO\0HDVXUHPHQWRIVRODU5DGLDWLRQ6RODU39PRGXOHV
0LVPDWFK LQ VHULHV DQG SDUDOOHO FRQQHFWLRQ 'HVLJQ DQG VWUXFWXUH RI 39 0RGXOHV SRZHU RXWSXW
+UV
%DODQFHRI6RODU396\VWHPV
%DVLF RI HOHFWURFKHPLFDO FHOO )DFWRUV DIIHFWLQJ WKH EDWWHU\ SHUIRUPDQFH %DWWHULHV IRU 39 V\VWHPV $OJRULWKP RI 0337
&KDUJHFRQWUROOHU +UV
3KRWRYROWDLF6\VWHP'HVLJQ
,QWURGXFWLRQWR6RODU39V\VWHPV6WDQGDORQH39V\VWHPFRQILJXUDWLRQV'HVLJQPHWKRGRORJ\39V\VWHPV:LUHVL]LQJLQ
39V\VWHP3UHFLVH VL]LQJRI 39V\VWHPV+\EULG39V\VWHPV*ULGFRQQHFWHG39V\VWHPV6LPSOHSD\EDFN SHULRG/LIH
F\FOHFRVWLQJ/&& +UV
7H[W%RRNV
6RODU3KRWRYROWDLFV)XQGDPHQWDOV7HFKQRORJLHVDQG$SSOLFDWLRQVE\&KHWDQ6LQJK6RODQNL3+,3XEOLFDWLRQQG
(GLWLRQ
:LQGDQGVRODUV\VWHPVE\0XNXQG3DWHO&5&3UHVVVW(GLWLRQ
5HIHUHQFH%RRNV
6RODU3KRWRYROWDLFVIRUWHUUHVWULDOV7DSDQ%KDWWDFKDU\D
(QHUJ\7HFKQRORJ\±65DR3DUXONDU.KDQQD/DWHVW
(( $'9$1&('(/(&75,&$/(1*,1((5,1*0$7(5,$/6 &U
$WRPVDQG$JJUHJDWHRI$WRPV
6WUXFWXUHRIDWRPHOHFWURQLFFRQILJXUDWLRQ%RQGVDQGERQGLQJFU\VWDOOL]DWLRQRIPDWHULDOV&U\VWDOV\PPHWU\DQGVWUXFWXUH
/DWWLFHDUUDQJHPHQWRIDWRPLQPDWHULDOVPROHFXOHVDQGLWVVWUXFWXUHVPHWDOOLFDQGDPRUSKRXVVWUXFWXUHV
+UV
,QVXODWLQJ0DWHULDOV
'LHOHFWULF SURSHUWLHV RI LQVXODWRUV LQ VWDWLF ILHOGV 7KH VWDWLF GLHOHFWULF FRQVWDQW 3RODUL]DWLRQ DQG GLHOHFWULF FRQVWDQW 7KH
DWRPLF LQWHUSUHWDWLRQ RI WKH GLHOHFWULF FRQVWDQW RI PRQDWRPLF JDVHV 4XDOLWDWLYH UHPDUNV RQ WKH GLHOHFWULF FRQVWDQWV RQ
SRO\DWRPLFPROHFXOHV4XDQWLWDWLYHGLVFXVVLRQRIWKHGLHOHFWULFFRQVWDQWRISRO\DWRPLFJDVHVWKHLQWHUQDOILHOGLQVROLGDQG
OLTXLGVWKHVWDWLFGLHOHFWULFFRQVWDQWRIVROLGV6SRQWDQHRXVSRODUL]DWLRQ3LH]RHOHFWULFLW\ +UV
%HKDYLRURI'LHOHFWULFVLQ$OWHUQDWLQJ)LHOGV
)UHTXHQF\ GHSHQGHQFH RI WKH HOHFWULF SRODUL]DWLRQ ,RQLF SRODUL]DWLRQ DV IXQFWLRQ RI IUHTXHQF\ WKH FRPSOH[ GLHOHFWULF
FRQVWDQWRIQRQSRODUVROLGV'LSRODUUHOD[DWLRQ'LHOHFWULFORVVHV +UV
0DJQHWLF3URSHUWLHVRI0DWHULDOV
6XPPDU\RIFRQFHSWVSHUWDLQLQJWRPDJQHWLFILHOGV7KHPDJQHWLFGLSROHPRPHQWRIDFXUUHQWORRS7KHPDJQHWL]DWLRQIURP
DPLFURVFRSLFYLHZSRLQW2UELWDOPDJQHWLFGLSROHPRPHQWDQGDQJXODUPRPHQWXPRIWZRVLPSOHDWRPLFPRGHOV/HQ]¶V
/DZDQGLQGXFHGGLSROHPRPHQWV +UV
~ 90 ~
&ODVVLILFDWLRQRI0DJQHWLF0DWHULDOV
'LDPDJQHWLVP 7KH RULJLQ RI SHUPDQHQW PDJQHWLF GLSROHV LQ PDWWHU 3DUDPDJQHWLF VSLQ V\VWHP 6RPH SURSHUWLHV RI
IHUURPDJQHWLFPDWHULDOV6SRQWDQHRXVPDJQHWL]DWLRQDQGWKH&XULHZHLV¶V/DZ)HUURPDJQHWLFGRPDLQVDQGFRHUFLYHIRUFH
$QWIHUURPDJQHWLFPDWHULDOV)HUURPDJQHWLFPDWHULDOV +UV
7KH0HFKDQLVPRI&RQGXFWLRQLQ6HPLFRQGXFWRUV
&ODVVLI\LQJ PDWHULDOV DV VHPLFRQGXFWRUV 7KH FKHPLFDO ERQG LQ 6L DQG *H DQG LWV FRQVHTXHQFHV 7KH GHQVLW\ RI FDUULHUV
LQWULQVLF VHPLFRQGXFWRUV WKH HQHUJ\ JDS WKH FRQGXFWLYLW\ RI LQWULQVLF VHPLFRQGXFWRUV &DUULHU GHQVLWLHV LQ QW\SH
VHPLFRQGXFWRUV3W\SHVHPLFRQGXFWRUV+DOOHIIHFWDQGFDUULHUGHQVLW\ +UV
&RQGXFWLQJ0DWHULDOV
*HQHUDO SURSHUWLHV DQG VSHFLILFDWLRQV RI SXUH FRSSHU DQG DOXPLQXP IDFWRUV DIIHFWLQJ UHVLVWLYLW\ ZLHGHPDQP )UDQ] ODZ
0DWHULDOVDQGDOOR\VIRUKLJKFRQGXFWLYLW\&KDUDFWHULVWLFVRIEUDVVDQGGLIIHUHQWW\SHVRIEURQ]HV'LIIHUHQWW\SHVRIVROGHUV
0HWDOV DQG DOORZ\V IRU GLIIHUHQW W\SHV RI IXVHV IXVLQJ FXUUHQW DQG IXVH UDWLQJV 0DWHULDOV XVHG IRU KLJKO\ ORDGHG PHWDO
FRQWDFWV HOHFWULFDO FDUERQ PDWHULDOFKDUDFWHULVWLFV RI GLIIHUHQW FDUERQ DQG JUDSKLWH EUXVKHV 0DWHULDOV RI KLJK UHVLVWLYLW\
DOOR\VIRUXVHLQHOHFWULFDOUHVLVWDQFHDUFODPSVDQGHOHFWULFIXUQDQFHVLQWURGXFWLRQWRVXSHUFRQGXFWLYLW\+UV
1DQRPDWHULDOV ,QWURGXFWLRQ V\QWKHVLV DQG FKDUDFWHUL]DWLRQ 'HVFULSWLRQ RI EDVLF HQHUJ\ FDUULHUV DQG QDQRVWUXFWXUHV
+UV
7H[W%RRN
(OHFWULFDO(QJLQHHULQJ0DWHULDOV±$-'HNNHU3+,3XEOLFDWLRQ
*HQHUDODQG(OHFWULFDO(QJLQHHULQJ0DWHULDOV0/*XSWD1HZ+LJKWV3XEOLVKHUV'HOKLWK(GLWLRQ
5HIHUHQFH%RRN
$&RXUVHLQ(OHFWULFDO(QJLQHHULQJ0DWHULDOV±636HWK 39*XSWD'KDQSDW5DL 6RQVUG(GLWLRQ
(( %,232:(5(1*,1((5,1* &U
,QWURGXFWLRQ
%LRPDVVDQGVROLGZDVWHV%URDGFODVVLILFDWLRQ3URGXFWLRQRIELRPDVVSKRWRV\QWKHVLV6HSDUDWLRQRIFRPSRQHQWVRIVROLG
ZDVWHV DQG SURFHVVLQJ WHFKQLTXHV $JUR DQG IRUHVWU\ UHVLGXHV XWLOL]DWLRQ WKURXJK FRQYHUVLRQ URXWHV ELRORJLFDO FKHPLFDO
DQGWKHUPRFKHPLFDO%LRFRQYHUVLRQLQWRELRJDVPHFKDQLVP +UV
&RPSRVLWLRQDQG&RQYHUVLRQ
&RPSRVWLQJ WHFKQLTXH %LRFRQYHUVLRQ RI VXEVWUDWHV LQWR DOFRKROV %LRFRQYHUVLRQ LQWR K\GURJHQ 7KHUPR FKHPLFDO
FRQYHUVLRQ RI ELRPDVV FRQYHUVLRQ WR VROLG OLTXLG DQG JDVHRXV IXHOV S\URO\VLV JDVLILFDWLRQ FRPEXVWLRQ &KHPLFDO
FRQYHUVLRQSURFHVVHVK\GURO\VLVDQGK\GURJHQDWLRQ6ROYHQWH[WUDFWLRQRIK\GURFDUERQV)XHOFRPEXVWLRQLQWRHOHFWULFLW\
FDVHVWXGLHV
+UV
%LRPDVV*DVLILFDWLRQ
%LRPHWKHQDWLRQ WHFKQRORJ\ %LRGLHVHO LPSURYHG ZRRG VWRYH %LRK\GURJHQ JHQHUDWLRQ 4XDOLW\ RI )XHO *DV IURP
*DVLILFDWLRQDQG%LR0HWKHQDWLRQ(OHFWULFLW\IURPELRPDVV
+UV
%LR)XHO
6ROLG OLTXLG DQG JDVHRXV IXHOV &RDO DV D VRXUFH RI HQHUJ\ DQG FKHPLFDOV LQ ,QGLD &RDO SUHSDUDWLRQ &DUERQL]DWLRQ
*DVLILFDWLRQDQGOLTXHIDFWLRQ RIFRDODQG OLJQLWH3ULQFLSOH RIFRPEXVWLRQ3HWUROHXPDQGLWVGHULYHGSURGXFWV7HVWLQJRI
OLTXLG IXHOV 3HWUROHXP UHILQLQJ SURFHVVHV ,QWHUFRQYHUVLRQ RI IXHOV 1DWXUDO JDVHV DQG LWV GHULYDWLYHV VRXUFHV SRWHQWLDO
*DVK\GUDWHV&RPEXVWLRQDSSOLDQFHVIRUVROLGOLTXLGDQGJDVHRXVIXHOV,QWURGXFWLRQWRQXFOHDUIXHO5')%LRIXHOVHWF
+UV
7H[W%RRNV
1RQFRQYHQWLRQDO(QHUJ\6\VWHPV±0LWWDO:KHHOHUV3XEOLFDWLRQ
5HIHUHQFH%RRNV
(QHUJ\7HFKQRORJ\E\65DR %%3DUXOHNDU.KDQQD3XEOLVKHU'HOKLUG(GLWLRQ
1RQFRQYHQWLRQDO(QHUJ\6RXUFHVE\*'5DL.KDQQD3XEOLVKHUODWHVW
~ 91 ~
(( (1(5*<,167580(17$7,21 &U
%DVLF0HDVXUHPHQWV
%DVLF PHDVXUHPHQW FRQFHSWV 0HDVXUHPHQW HUURUV (VVHQWLDOV RI PHDVXUHPHQW LPSOHPHQWDWLRQ DQG VFRSH RI
LQVWUXPHQWDWLRQ 3HUIRUPDQFH FKDUDFWHULVWLFV DFFXUDF\ UHVSRQVH WLPH UHOLDELOLW\ DQG DYDLODELOLW\ W\SHV RI HTXLSPHQW
7UDQVGXFHUFODVVLILFDWLRQ6WDWLFDQGG\QDPLFFKDUDFWHULVWLFVRIWUDQVGXFHUV +UV
8QLW0HDVXUHPHQW7HFKQLTXHVDQG,QVWUXPHQWV
,QVWUXPHQWV IRU PHDVXULQJ WHPSHUDWXUH SUHVVXUH YHORFLW\ DQG IORZ KHDW IOX[ OLTXLG OHYHO DQG FRQFHQWUDWLRQ LQ HQHUJ\
V\VWHPVFKDUDFWHUL]DWLRQRIFRPEXVWRUV)OXHJDVDQDO\VHUV([KDXVWJDVDQDO\VHUV6RODUHQHUJ\PHDVXUHPHQWUHTXLUHPHQWV
DQGLQVWUXPHQWV0HWHRURORJLFDOGDWDPHDVXUHPHQWV(QHUJ\DXGLWLQJLQVWUXPHQWV(QHUJ\DXGLWNLWKXPLGLW\PHDVXUHPHQW
FKDUDFWHUL]DWLRQ RI HOHFWULFDO SRZHU V\VWHPV 6WULSFKDUW DQG ;< UHFRUGHUV RI JDOYDQRPHWULF DQG VHUYR W\SHV PDJQHWLF
UHFRUGHU)0UHFRUGLQJWHFKQLTXH,QGLFDWLQJDQGGLVSOD\GHYLFHV +UV
&RQWUROURRP,QVWUXPHQWDWLRQ
,QVWUXPHQWVIRUPRQLWRULQJHOHFWULFDOSDUDPHWHUV$QDO\VLVRISRZHUV\VWHPPHDVXUHPHQWV$QDORJVLJQDOFRQGLWLRQLQJ$'
DQG'$FRQYHUWHUV'LJLWDOGDWDSURFHVVLQJDQGGLVSOD\'HVLJQIDFWRUVDQGYDOLGDWLRQRSHUDWRULQWHUIDFHDQGHUJRQRPLFV
FRPSXWHUEDVHGGLVSOD\V'&$&SXOVHDQGGLJLWDOWHOHPHWU\VLJQDOWUDQVPLVVLRQPHGLD +UV
(OHPHQWVDQG)XQFWLRQVRI6&$'$6\VWHP
$XWRPDWLF FRQWUROOHUV FORVHG ORRS FRQWURO 2QRII SURSRUWLRQDO 3, DQG 3,' FRQWUROOHUV SQHXPDWLF DQG HOHFWURQLF
FRQWUROOHUVDXWRPDWLFFRQWUROOHUVLQK\GURHOHFWULFSODQW +UV
$LUSROOXWLRQ0HDVXUHPHQW
&RPSXWHU GDWD SURFHVVLQJ DQG FRQWURO )HHG EDFN FRQWURO V\VWHP 6WDELOLW\ DQG WUDQVLHQW DQDO\VLV RI FRQWURO V\VWHPV
$SSOLFDWLRQ RI 3,' FRQWUROOHUV *HQHUDO SXUSRVH FRQWURO GHYLFHV DQG FRQWUROOHU GHVLJQ $LU SROOXWLRQ VDPSOLQJ DQG
PHDVXUHPHQWRISDUWLFXODWHV62[12[&22K\GURFDUERQ +UV
7H[W%RRNV
$QDO\VLVDQGGHVLJQRI(QHUJ\6\VWHPVE\+RJGH%.3UHQWLFHKDOO
(QHUJ\PDQDJHPHQWDQGFRQWUROV\VWHP±9RO,,,±0&0DFHGRMRKQ:LOH\DQG6RQV
(( :,1'32:(5(1*,1((5,1* &U
:LQG3RZHU
:LQG 3RZHU LQ ,QGLD ,(& 6WDQGDUGV IRU :LQG 7XUELQHV 6WDWH *RYHUQPHQW 3ROLF\ IRU :LQG 3RZHU 3URMHFW ,QYHVWPHQW
:LQG&KDUDFWHULVWLFV3RZHULQWKHZLQG&RQYHUVLRQRI:LQGWR(OHFWULF(QHUJ\ +UV
:LQG3RZHU3ODQW
7\SHV RI :LQG 3RZHU 3ODQW &RPSRQHQWV RI :LQG 3RZHU 3ODQWV :RUNLQJ RI :LQG 3RZHU 3ODQWV $HURG\QDPLF 3RZHU
5HJXODWLRQRI:LQG3RZHU3ODQWV6SHFLILFDWLRQVRI:LQG3RZHU3ODQWV(OHFWULFDO3RZHU&RQWURO6WUDWHJLHV +UV
0DMRU3RZHU(OHFWURQLFV&RPSRQHQWVLQ:LQG3RZHU3ODQWV
3RZHU(OHFWURQLFV:LQG3RZHU3ODQWV7\SH$:33ZLWK6TXLUUHOFDJH,QGXFWLRQJHQHUDWRU
7\SH% :33 ZLWK :RXQG 5RWRU ,QGXFWLRQ JHQHUDWRU 7\SH& :33 ZLWK 'RXEO\IHG ,QGXFWLRQ JHQHUDWRU 7\SH' :33
ZLWK:RXQG5RWRU6\QFKURQRXVJHQHUDWRU7\SH':33ZLWK3HUPDQHQW0DJQHW6\QFKURQRXVJHQHUDWRU +UV
(FRQRPLFVRI:LQG3RZHU3ODQWV
:LQG3RZHU4XDOLW\DQG(OHFWULFDO*HQHUDWRUV*ULG,QWHJUDWLRQRI:LQG3RZHU3ODQWV:LQGUHVRXUFH$VVHVVPHQW6LWLQJ
RI:LQG3RZHU3ODQWV(FRQRPLFVRI:LQG3RZHU3ODQWV&KRLFHRI:LQG7XUELQHV:LQG3RZHU3URMHFWGHYHORSPHQW
+UV
0DLQWHQDQFHRI:LQG3RZHU3ODQWFRPSRQHQWV
:LQG 3RZHU 3ROLF\ :LQG 3RZHU DQG WKH (QYLURQPHQW :LQG 3RZHU 3ODQQLQJ 3XEOLF 3HUFHSWLRQ DQG $FFHSWDQFH
2SHUDWLRQ DQG 0DLQWHQDQFH ,VVXHV RI :LQG SRZHU 3ODQWV 0DLQWHQDQFH RI :LQG 3RZHU 3ODQW FRPSRQHQWV
+UV
7H[W%RRNV
:LQG3RZHU3ODQWVDQG3URMHFW'HYHORSPHQWE\-RVKXD(DUQHVW7RUH:L]HOLXV3+,3XEOLFDWLRQVW(GLWLRQ
:LQG(QHUJ\7HFKQRORJ\±1MHQNLQV-RKQ:LOH\ 6RQVVW(GLWLRQ
5HIHUHQFH%RRNV
6RODU :LQGHQHUJ\7HFKQRORJLHV±0F1HLOV)UHQNHO'HVDL:LOH\
~ 92 ~
(( $'9$1&('(1(5*<&219(56,216<67(0 &U
/DWHVW7RSLFVRQ(QHUJ\
,QWHJUDWHG*DVLILFDWLRQFRPELQHGF\FOH ,*&&)XHOVIRUSRZHU JHQHUDWLRQ DGYDQFHGHQHUJ\ VWRUDJHV\VWHPV+\GURJHQ
SRZHUFOHDQFRDOWHFKQRORJLHV3UHVVXUL]HGIOXLGL]HGEHGFRPEXVWLRQ1DWXUDOJDVF\FOHVLQWHJUDWHGJHQHUDWLRQ+UV
1XFOHDU(QHUJ\&RQYHUVLRQ
&KHPLFDO DQG QXFOHDU HTXDWLRQV ± 1XFOHDU UHDFWLRQV ± )LVVLRQ DQG IXVLRQ ± (QHUJ\ IURP ILVVLRQ DQG IXHO EXUQXS
5DGLRDFWLYLW\±1HXWURQHQHUJLHV±)LVVLRQUHDFWRUW\SHV±1XFOHDUSRZHUSODQWV±)DVWEUHHGHUUHDFWRUDQGSRZHUSODQWV±
3URGXFWLRQRIQXFOHDUIXHOV +UV
*DV7XUELQHDQG&RPELQHG&\FOH$QDO\VLV
,QWHUFRROLQJUHKHDWLQJDQGUHJHQHUDWLRQJDVWXUELQHFRROLQJ ±GHVLJQ IRUKLJKWHPSHUDWXUH ± &RPELQHGF\FOHV ZLWK KHDW
UHFRYHU\ ERLOHU ± &RPELQHG F\FOHV ZLWK PXOWLSUHVVXUH VWHDP ± 67$* FRPELQHG F\FOH SRZHU SODQW ± ,QIOXHQFH RI
FRPSRQHQWHIILFLHQFLHVRQF\FOHSHUIRUPDQFH +UV
&R*HQHUDWLRQ 7UL*HQHUDWLRQ
'HILQLWLRQ QHHG DSSOLFDWLRQ DGYDQWDJHV FODVVLILFDWLRQ VDYLQJ 3RWHQWLDO :DVWH +HDW 5HFRYHU\ &RQFHSW RI FRQYHUVLRQ
HIILFLHQF\HQHUJ\ ZDVWH ZDVWHKHDWUHFRYHU\FODVVLILFDWLRQDGYDQWDJHVDQGDSSOLFDWLRQVFRPPHUFLDOO\ YLDEOH ZDVWH KHDW
UHFRYHU\GHYLFHV +UV
)XHO&HOOV(QHUJ\FRQVHUYDWLRQLQSRZHUSODQW +UV
%DWWHU\9HKLFOHV(OHFWULFYHKLFOHV$OJDOELRIXHOV0HWDOK\GUDWHV*HRORJLFDO&2VHTXHVWHULQJ +UV
7H[W%RRNV
00(O:DNLO3RZHU3ODQW7HFKQRORJ\0F*UDZ+LOO
$:&XOS-U3ULQFLSOHVRI(QHUJ\&RQYHUVLRQ0F*UDZ+LOO
+$6RUHQVHQ(QHUJ\&RQYHUVLRQ6\VWHPV-:LOH\
5HIHUHQFH%RRNV
7)0RUVH3RZHU3ODQW(QJLQHHULQJ$IILOLDWHG(DVW:HVW3UHVV
00(:DNLO1XFOHDU3RZHU(QJLQHHULQJ0F*UDZ+LOO
5+6:LQWHUWRQ7KHUPDO'HVLJQRI1XFOHDU5HDFWRUV3HUJDPRQ3UHVV
5/0XUUD\,QWURGXFWLRQWR1XFOHDU(QJLQHHULQJ3UHQWLFV+DOO
3UDFWLFDO+HDW5HFRYHU\±%R\HQ-/-RKQ:LOH\1HZ<RUN86$
$SSOLFDWLRQVRI(QHUJ\$XGLW
(QHUJ\DXGLWLQJ PHWKRGRORJLHVLQERLOHUDQGILULQJV\VWHPV(QHUJ\FRQVHUYDWLRQRSSRUWXQLWLHVLQSRZHUVWDWLRQVWKURXJK
HQHUJ\ DXGLWLQJ DXGLWLQJ LQ WUDQVPLVVLRQ DQG GLVWULEXWLRQ V\VWHPV SURFHVV LQGXVWULHV VHUYLFH LQGXVWULHV EXLOGLQJ DQG
KDELWDWV\VWHPV,PSOLFDWLRQPHWKRGRORJLHVRIHQKDQFLQJHQHUJ\HIILFLHQFLHV$XGLWUHSRUWSUHSDUDWLRQPHWKRGRORJLHV
+UV
~ 93 ~
7H[W%RRNV
:50XUSK\DQG*0F.D\³(QHUJ\PDQDJHPHQW´%XWWHUZRUWK &R3XEOLVKHUV2[IRUG8.
(QHUJ\$XGLWRI%XLOGLQJV\VWHPV$Q(QJLQHHULQJDSSURDFKE\0RQFHINUDUWL&5&35(666HFRQG(GLWLRQ
5HIHUHQFH%RRNV
$:RUNERRNIRU(QHUJ\0DQDJHPHQWLQEXLOGLQJE\7DULN$O6KHPPHUL:LOH\%ODFNZHOO
(QHUJ\DXGLW7KHUPDOSRZHUFRPELQHGF\FOHDQGFRJHQHUDWLRQSODQWVE\<3$EEL7(5,
(( ,//80,1$7,21(1*,1((5,1* &U
,QWURGXFWLRQ
/LJKW DQG HOHFWURPDJQHWLF UDGLDWLRQ VRXUFHV RI OLJKW WKHUPDO UDGLDWRUEODFNERG\ UDGLDWRU ODZV RI WKHUPDO UDGLDWLRQ
GD\OLJKWDQGDUWLILFLDOOLJKWVSHFWUDOSRZHUGLVWULEXWLRQ63'RIOLJKWVRXUFHV +UV
9LVXDOV\VWHP
6WUXFWXUH H[WHUQDO IDFWRUV RI YLVLRQ FRQWLQXRXV DGMXVWPHQW SKRWRSLF VFRWRSLF DQG PHVRSLF FDSDELOLWLHV SHUFHSWLRQ&,(
VWDQGDUGREVHUYHU*ODUHGLVFRPIRUW GLVDELOLW\JODUH +UV
&RORULPHWULF
'LFKURPDWLFYLVLRQ5*%FRORXUVSHFLILFDWLRQV\VWHP&,(;<=FRORXUVSHFLILFDWLRQV\VWHPVRXUFHFRORXU REMHFW
FRORXUVSHFLILFDWLRQ&,(VWDQGDUGLOOXPLQDQW5DGLRPHWULFDQGSKRWRPHWULFTXDQWLWLHVUHODWLRQEHWZHHQ/XPHQDQG:DWW
SKRWRPHWULFVWDQGDUGV +UV
3KRWRPHWU\
0HDVXUHPHQWRIOXPLQRXVIOX[LOOXPLQDQFHOXPLQDQFHOXPLQRXVLQWHQVLW\GLVWULEXWLRQ
&RPSXWDWLRQ RI OXPHQ RXWSXW IURP OXPLQRXV LQWHQVLW\ GLVWULEXWLRQ RI D VRXUFH FRPSXWDWLRQ RI &&7 DQG &5, IURP &,(
FKURPDWLFLW\GLDJUDP +UV
'LIIHUHQWW\SHVRI/DPSV
,WV FKDUDFWHULVWLFV $SSOLFDWLRQV /XPLQDLUH LWV IXQFWLRQ DQG FODVVLILFDWLRQ /DPS DQG OXPLQDLUH VSHFLILFDWLRQV
+UV
%DVLFFRQFHSWVRIOLJKWLQJGHVLJQ
GHVLJQ REMHFWLYHV GHVLJQ SDUDPHWHUV TXDOLWDWLYH TXDQWLWDWLYH HYDOXDWLRQ RI OLJKWLQJ V\VWHPV (QHUJ\ PDQDJHPHQW LQ
LOOXPLQDWLRQ (QHUJ\ HIILFLHQW LOOXPLQDWLQJ V\VWHP FRPSRQHQWV HQHUJ\ RULHQWHG QHZ DQG UHWURILW LQVWDOODWLRQV 3RZHU
4XDOLW\'HPDQGVLGHPDQDJHPHQW'60 +UV
0DLQWHQDQFHRIOLJKWLQJV\VWHP
,QGRRU DQG RXWGRRU PDLQWHQDQFH VFKHGXOH VFKHPH 5HODPSLQJVSRW DQG JURXS (TXLSPHQW DQG PDWHULDOV XVHG IRU
PDLQWHQDQFHMRE*HQHUDO*XLGHOLQHVRQGLVSRVDORIEXUQWRXWODPSV +UV
7H[W%RRNV
(QHUJ\0DQDJHPHQWLQ,OOXPLQDWLRQ6\VWHPV±.DR&KHQ&5&3UHVV
/DPSVDQG/LJKWLQJ±(GLWHGE\-5&RDWRQDQG$00DUVGHQWK(GLWLRQ
5HIHUHQFH%RRNV
/LJKWLQJIRUHQHUJ\HIILFLHQWOXPLQRXVHQYLURQPHQWV5RQDOG1+HOPV 0&OD\%HOFKHU3UHQWLFH+DOO
)XQGDPHQWDOVRI,OOXPLQDWLRQ(QJLQHHULQJ±990HVKNRY0LU3XEOLFDWLRQ5XVVLD
7KH6FLHQWLILF%DVLVRI,OOXPLQDWLQJ(QJLQHHULQJ±30RRQ'RYHU3XEOLFDWLRQV
(( (1(5*<$1'(19,5210(17$/,03$&7$1$/<6,6 &U
(QHUJ\ (FRORJ\
,QWHUUHODWLRQVKLSEHWZHHQHQHUJ\HFRORJ\DQGHQYLURQPHQW 6XQDVDVRXUFHRIHQHUJ\ QDWXUHRILWVUDGLDWLRQ%LRORJLFDO
SURFHVVHV3KRWRV\QWKHVLV$XWHFRORJ\DQGV\QHFRORJ\3RSXODWLRQ&RPPXQLW\(FRV\VWHPVZHWODQGWHUUHVWULDOPDULQH
)RRGFKDLQV(FRV\VWHPWKHRULHV +UV
~ 94 ~
(QYLURQPHQWDO,PSDFWV
%LRORJLFDO HIIHFWV RI UDGLDWLRQ +HDW DQG UDGLRDFWLYLW\ GLVSRVDO (QYLURQPHQWDO GHJUDGDWLRQ GXH WR HQHUJ\ SURGXFWLRQ DQG
XWLOL]DWLRQ3ULPDU\DQGVHFRQGDU\SROOXWLRQDLUWKHUPDO DQGZDWHUSROOXWLRQ $FLGUDLQ GHSOHWLRQRIR]RQHOD\HUJOREDO
ZDUPLQJ ELRORJLFDO GDPDJH GXH WR HQYLURQPHQWDO GHJUDGDWLRQ 0HWKRGV RI (QYLURQPHQWDO ,PSDFW $VVHVVPHQW
6RFLRHFRQRPLFHQYLURQPHQW(YDOXDWLRQDOWHUQDWLYHV3XEOLFSDUWLFLSDWLRQLQHQYLURQPHQWDOGHFLVLRQPDNLQJ +UV
3ROOXWLRQ
3ROOXWLRQ VRXUFHV DQG FODVVLILFDWLRQ DLU ZDWHU VRLO DQG QRLVH VDPSOLQJ DQG PRQLWRULQJ ,QVWUXPHQWDWLRQ (QYLURQPHQWDO
LVVXHVUHODWHGWRKDUQHVVLQJRIIRVVLOIXHOVFRDORLOQDWXUDOJDVJHRWKHUPDOWLGDOQXFOHDUHQHUJ\VRODUZLQGK\GURSRZHU
ELRPDVV (QHUJ\ IORZ DQG QXWULHQW F\FOLQJ LQ HFRV\VWHPV (QYLURQPHQWDO GHJUDGDWLRQ 3ULPDU\ DQG VHFRQGDU\ SROOXWDQWV
7KHUPDO UDGLRDFWLYH SROOXWLRQ $LU ZDWHU SROOXWLRQ 0LFUR FOLPDWLF HIIHFWV RI SROOXWLRQ 3ROOXWLRQ IURP VWDWLRQDU\ DQG
PRELOHVRXUFHV +UV
,QGXVWULDO:DVWH
,QGXVWULDOZDVWH:DVWHDQGHIIOXHQWWUHDWPHQW:DVWHDVDVRXUFHRIHQHUJ\,QGXVWULDOGRPHVWLFDQGVROLGZDVWHDVDVRXUFH
RI HQHUJ\ 3ROOXWLRQ FRQWURO &DXVHV SURFHVV DQG H[KDXVW JDVHV DQG LWV FRQWURO PHFKDQLVP DQG GHYLFHV IRU SROOXWLRQ
FRQWURO +UV
*OREDO(QYLURQPHQWDO&RQFHUQ
8QLWHG 1DWLRQV )UDPHZRUN &RQYHQWLRQ RQ &OLPDWH &KDQJH 81)&& 3URWRFRO &RQIHUHQFH RI 3DUWLHV &23 &OHDQ
'HYHORSPHQW 0HFKDQLVP &'0 3URWRW\SH &DUERQ )XQGV &DUERQ &UHGLWV DQG LW¶V WUDGLQJ %HQHILWV WR GHYHORSLQJ
FRXQWULHV%XLOGLQJD&'0SURMHFW +UV
7H[W%RRNV
5HQHZDEOH(QHUJLHVDQG&DUERQGLR[LGH &RVW$QDO\VLV(QYLURQPHQWDO,PSDFWVDQG7HFKQRORJLFDO 7UHQGVE\
5LFDUGR*XHUUHUR/HPXV-RVH0DQXDO0DUWLQH]'XDUWDQG6SULQJHU
0DQDJLQJ(QYLURQPHQWDO3ROOXWLRQE\$QGUHZ)DUPHU5RXWHOHGJHHQYLURQPHQWDOPDQDJHPHQWVHULHV
5HIHUHQFH%RRNV
,QGXVWULDOZDVWH7UHDWPHQW+DQGERRNE\)UDQN:RRGDUG
0DQDJHPHQWRI(QHUJ\(QYLURQPHQW6\VWHPV:.)RHOO-RKQ:LOH\DQG6RQV
(QHUJ\ (QYLURQPHQW±-0)RZOHU0F*UDZ+LOO
~ 95 ~
6&+22/2)(/(&75,&$/(1*,1((5,1*
63(&,$/,6$7,2132:(5(/(&7521,&6 '5,9(6
((*(1(5$/,=('7+(25<2)(/(&75,&$/0$&+,1(6 &U
6<1&+5212860$&+,1(6
6\QFKURQRXVPDFKLQHV7KHEDVLVRIJHQHUDOWKHRU\*HQHUDOHTXDWLRQVRI$&PDFKLQHV3DUNVWUDQVIRUPDWLRQ'HULYDWLRQV
RI WZR D[LV HTXDWLRQV DQG VLPSOLILHG HTXDWLRQ RI V\QFKURQRXV PDFKLQH ZLWK WZR GDPSHU ZLQGLQJ (TXLYDOHQW FLUFXLWV
RSHUDWLRQDOLPSHGDQFHV6\QFKURQRXV*HQHUDWRUVKRUWFLUFXLWDQGV\VWHPIDXOWV +UV
&2167$17)/8;/,1.$*(7+(25(06
&RQVWDQWIOX[OLQNDJHWKHRUHPVLWVDSSOLFDWLRQWRWKUHHSKDVHDOWHUQDWRUVXGGHQSKDVHVKRUWFLUFXLWRQDSKDVHXQORDGHG
DOWHUQDWRU $QDO\VLVRI VKRUWFLUFXLWRVFLOORJUDP6\VWHP IDXOWFDOFXODWLRQ6KRUWFLUFXLW RID ORDGHGDOWHUQDWRUOLQH WROLQH
VKRUW FLUFXLW HTXLYDOHQW FLUFXLW XQGHU WUDQVLHQW FRQGLWLRQ 6LPSOLILHG SKDVRU GLDJUDP IRU WUDQVLHQW FRQGLWLRQ ,QGXFWLRQ
0DFKLQHVJHQHUDOHTXDWLRQRILQGXFWLRQPRWRU3DUW &URQ¶VHTXDWLRQ6KRUWFLUFXLWDQGIDXOWFDOFXODWLRQGXHWRSKDVH
LQGXFWLRQPRWRU +UV
75$16)250(5
3YHU YROWDJH LQ WUDQVIRUPHU LWV FKDUDFWHULVWLFV HTXLYDOHQW FLUFXLW XQGHU YROWDJH VXUJH FRQGLWLRQ 6LPSOLILHG HTXLYDOHQW
FLUFXLW ,QFUHDVH RI WHUPLQDO YROWDJH GXH WR YROWDJH VXUJH ,QLWLDO ILQDO DQG LQWHUPHGLDWH YROWDJH GLVWULEXWLRQ XQGHU VXUJH
FRQGLWLRQ3URWHFWLRQDJDLQVWVXUJHV0HFKDQLFDOIRUFHVLQWUDQVIRUPHUDQGLWVHVWLPDWLRQLQWZRZLQGLQJDQGWKUHHZLQGLQJ
WUDQVIRUPHU&DOFXODWLRQRIVWUHVVLQZLQGLQJV +UV
&+$5$&7(5,67,&62)75$16)250(5
7HUPLQDO FKDUDFWHULVWLFV RI WUDQVIRUPHU WHPSHUDWXUH ULVH FDOFXODWLRQ XQGHU FRQVWDQW FRQWLQXRXV ORDGV YDU\LQJ ORDGV DQG
SHULRGLFDOO\ FKDQJLQJ ORDGV $JLQJ RI LQVXODWLRQ 6ZLWFKLQJ LQ SKHQRPHQD LQUXVK FXUUHQW DQG HIIHFW RI VKRUW FLUFXLW
FRQVWUXFWLRQDQDO\VLVDQGDSSOLFDWLRQRIEUXVKOHVV'&PRWRUYDULDEOHUHOXFWDQFHPRWRUDQGVWHSSHUPRWRU +UV
7H[W%RRNV
*HQHUDOL]HG7KHRU\RI$OWHUQDWLQJ&XUUHQW0DFKLQHE\%$GLNLQ¶V5*+DUOH\&KDSPDQ +DOO QG
(GLWLRQ
3ULQFLSOH2SHUDWLRQDQG'HVLJQRI3RZHU7UDQVIRUPHUE\9DVFLWLQVN\6%
5HIHUHQFH%RRN
*HQHUDOL]HG7KHRU\RI(OHFWULFDO0DFKLQHE\36%LPEKUD.KDQQD3XEOLFDWLRQV
(( $'9$1&('(/(&75,&'5,9(6 &U
9(&725&21752//(5,1'8&7,2102725'5,9(
'\QDPLFGTPRGHORISKDVHLQGXFWLRQPRWRUGTHTXLYDOHQWFLUFXLWVWDWRUURWRUV\QFKURQRXVO\URWDWLQJUHIHUHQFHIUDPHV
PRGHO HTXDWLRQ RI IOX[ OLQNDJH VPDOO VLJQDO HTXDWLRQV RI LQGXFWLRQ PRWRU G\QDPLF PRGHO VWDWH VSDFH HTXDWLRQV
3ULQFLSOHVRIYHFWRUFRQWUROGLUHFWYHFWRUFRQWUROLPSOHPHQWDWLRQZLWKYROWDJHVRXUFH'HULYDWLRQRILQGLUHFWYHFWRUFRQWURO
VFKHPH +UV
3$5$0(7(5&203(16$7,21
3DUDPHWHU VHQVLWLYLW\ RI WKH LQGLUHFW YHFWRU FRQWUROOHU LQGXFWLRQ PRWRU GULYH 3DUDPHWHU 6HQVLWLYLW\ FRPSHQVDWLRQ 6SHHG
&RQWUROOHUGHVLJQIRUDQLQGLUHFWYHFWRUFRQWUROOHULQGXFWLRQPRWRUGULYH6HQVRUOHVVYHFWRUFRQWURO +UV
3(50$1(170$*1(76<1&+52128602725'5,9(6
3HUPDQHQWPDJQHW±6\QFKURQRXVDQG%UXVKOHVV'&PRWRUGULYH(TXLYDOHQWFLUFXLWVRIV\QFKURQRXVPDFKLQHV'HYHORSHG
WRUTXHG\QDPLFGTPDFKLQHPRGHORIV\QFKURQRXVPDFKLQHV\QFKURQRXVUHOXFWDQFHPDFKLQHSHUPDQHQWPDJQHWPDFKLQH
SHUPDQHQW PDJQHW PDWHULDOV DQG FKDUDFWHULVWLFV VLQXVRLGDO LQWHULRU PDJQHW PDFKLQH WUDSH]RLGDO VXUIDFH PDJQHW PDFKLQH
YDULDEOHUHOXFWDQFHPDFKLQH +UV
9(&725&21752/6<1&+52128602725'5,9(6
9HFWRU FRQWURO RI 30 V\QFKURQRXV PDFKLQH FRQWURO VWUDWHJLHV FRQVWDQW WRUTXH DQJOH FRQWURO XQLW SRZHU IDFWRU FRQWURO
FRQVWDQWIOX[OLQNDJH FRQWURO RSWLPXPWRUTXH SHUDPSHUH FRQWURO)OX[ ZHDNHQLQJRSHUDWLRQ6SHHG ±FRQWUROOHUGHVLJQ
6HQVRUOHVVFRQWURO 30%UXVKOHVV'& PRWRU30%'&00RGHOLQJRI30 %UXVK OHVV '& PRWRU7KH30%'&0 'ULYH
VFKHPH +DOI ZDYH 30%'&0 'ULYHV RSHUDWLRQ RI WKH 30%'&0 PRWRU ZLWK WKH VSOLWVXSSO\ FRQYHUWHU WRSRORJ\
~ 96 ~
6\QFKURQRXV UHOXFWDQFH 0DFKLQH GULYHV &XUUHQW YHFWRU FRQWURO RI V\QFKURQRXV UHOXFWDQFH PRWRU GULYH 6ZLWFKHG
5HOXFWDQFHPRWRUGULYHV +UV
7H[W%RRNV
(OHFWULF0RWRU'ULYHV0RGHOLQJ$QDO\VLVDQG&RQWUROE\5.ULVKQDQ3+,
(OHFWULFDO0RWRU'ULYHV0RGHOLQJ$QDO\VLVDQG&RQWUROE\%LPDO.XPDU%RVH3+,3XEOLFDWLRQ
5HIHUHQFH%RRN
0RGHUQ3RZHU(OHFWURQLFV $&'ULYHVE\%LPDO.XPDU%RVH3HDUVRQ(GXFDWLRQ
9HFWRUFRQWUROG\QDPLFVRI$&GULYHV7:1RYRWRQ\7$/LSR2[IRUGVFLHQFH3XEOLFDWLRQ
1HXUDODQG)X]]\ORJLFFRQWURORIGULYHVDQGSRZHUV\VWHP01&LUVWHD$'LQX-*.KRU00FRUPLF
(OVLHYHU
(( 32:(5(/(&7521,&&219(57(5, &U
'(9,&(6
&KRSSHU &LUFXLWV 3ULQFLSOHV RI 6WHS 'RZQ DQG 6WHS 8S FRQILJXUDWLRQV 4XDGUDQW RSHUDWLRQV %XFN 5HJXODWRU %RRVW
5HJXODWRU%XFN%RRVW5HJXODWRU&XN5HJXODWRU +UV
'&$&&219(57(5
6LQJOH3KDVH+DOI%ULGJHDQG)XOO%ULGJH,QYHUWHUV3HUIRUPDQFH3DUDPHWHUV3KDVH,QYHUWHUV &RQGXFWLRQ
9ROWDJH&RQWURORILQYHUWHUV6LQXVRLGDO3:08QLSRODUDQG%LSRODUVZLWFKLQJVFKHPH3XVK3XOO,QYHUWHUV&XUUHQWVRXUFH
,QYHUWHUV +UV
7H[W%RRNV
3RZHU(OHFWURQLFV&LUFXLWV'HYLFHV$SSOLFDWLRQVUG(GLWLRQ%\0+5DVKLG
3RZHU(OHFWURQLFV&RQYHUWHUV$SSOLFDWLRQV 'HVLJQ10RKDQ8QGHODQG 5REELQV
(( 32:(5(/(&7521,&&219(57(5,, &U
,QWURGXFWLRQ
5HVRQDQW&RQYHUWHUV
&ODVVLILFDWLRQRIUHVRQDQWFRQYHUWHUV%DVLFUHVRQDQWFLUFXLWFRQFHSWV6HULHV5HVRQDQW,QYHUWHUVKDOIEULGJHDQGIXOOEULGJH
6HULHV ORDGHG UHVRQDQW FRQYHUWHUV 3DUDOOHO ORDGHG UHVRQDQW FRQYHUWHUV &ODVV ( UHVRQDQW FRQYHUWHUV 4XDVL 5HVRQDQW
FRQYHUWHUV=&6 =96UHVRQDQWVZLWFKFRQYHUWHUV=96EXFNFRQYHUWHU +UV
~ 97 ~
6ZLWFK0RGH3RZHU6XSSO\
2YHUYLHZ '& ± '& FRQYHUWHUV ZLWK LVRODWLRQ )O\ %DFN &RQYHUWHUV )RUZDUG &RQYHUWHUV 'HVLJQ RI )LOWHU ,QGXFWRU IRU
6ZLWFKLQJ5HJXODWRUV'HVLJQRI7UDQVIRUPHUIRU)O\%DFNDQG)RUZDUGFRQYHUWHUV'HVLJQRI)LOWHU&DSDFLWRUIRUIO\EDFN
FRQYHUWHU3XVK±3XOO&RQYHUWHU+DOI%ULGJH )XOO%ULGJH&RQYHUWHUV&RQWURORI6036 +UV
7H[W%RRNV
3RZHU(OHFWURQLFV&LUFXLWV'HYLFHV$SSOLFDWLRQVUG(GLWLRQ%\0+5DVKLG
3RZHU(OHFWURQLFV&RQYHUWHUV$SSOLFDWLRQV 'HVLJQ10RKDQ8QGHODQG 5REELQV
~ 98 ~
(OHFWULFGULYHV
%DVLF HOHPHQWV RI HOHFWULF GULYHV TXDGUDQW RSHUDWLRQ RI HOHFWULF GULYHV 5HYLHZ RI FKDUDFWHULVWLFV RI '& PRWRUV DQG
LQGXFWLRQPRWRUV&DOFXODWLRQRIHTXLYDOHQWPRPHQWRILQHUWLDRIGULYHV\VWHPDQGORDGHTXDOL]DWLRQ3KDVHFRQWUROOHGDQG
&KRSSHUFRQWUROOHG'&GULYH&RQWURORI,QGXFWLRQ0RWRU E\ $& ±$& 9ROWDJH FRQWUROOHU3:0 ,QYHUWHUIHGLQGXFWLRQ
PRWRUGULYHV&RQFHSWRI9IFRQWURO&RQFHSWRI6WHSSHUPRWRUVDQGFRQWURO$&DQG'&VHUYRPRWRUV +UV
7H[W%RRNV
3RZHU(OHFWURQLFVE\0+5DVKLG3HDUVRQ(GXFDWLRQUG(GLWLRQ
3RZHU(OHFWURQLFVE\10RKDQ8QGHODQGDQG5REELQV-RKQ:LOH\DQG6RQV UG(GLWLRQ
5HIHUHQFH%RRNV
3RZHU(OHFWURQLFVE\36%KLPEUD.KDQQD3XEOLVKHUV WK(GLWLRQ
)XQGDPHQWDOVRI(OHFWULF'ULYHVE\*.'XEH\1DURVDSXEOLVKLQJ+RXVHUG(GLWLRQ
((,1'8675,$/,167580(17$7,21$1'75$16'8&(56 &U
0HDVXUHPHQWRI)RUFH7RUTXHDQG9HORFLW\
(OHFWULFEDODQFH±'LIIHUHQWW\SHVRIORDGFHOOV±0DJQHWV±(ODVWLFORDGFHOOV6WUDLQJDXJHORDGFHOO±'LIIHUHQWPHWKRGVRI
WRUTXHPHDVXUHPHQW±6WUDLQJDXJHUHODWLYHUHJXODUWZLVW±6SHHGPHDVXUHPHQW±5HYROXWLRQFRXQWHU±&DSDFLWLYHWDFKR
GUDJFXSW\SHWDFKR±'&DQG$&WDFKRJHQHUDWRUV±6WURERVFRSH +UV
0HDVXUHPHQWRI$FFHOHUDWLRQ9LEUDWLRQ'HQVLW\DQG9LVFRVLW\
$FFHOHURPHWHUV±/9'7SLH]RHOHFWULFVWUDLQJDXJHDQGYDULDEOHUHOXFWDQFHW\SHDFFHOHURPHWHUV±0HFKDQLFDOW\SH
YLEUDWLRQLQVWUXPHQWV±6HLVPLFLQVWUXPHQWDVDQDFFHOHURPHWHUDQGYLEURPHWHU±&DOLEUDWLRQRIYLEUDWLRQSLFNXSV±8QLWV
RIGHQVLW\VSHFLILFJUDYLW\DQGYLVFRVLW\XVHGLQLQGXVWULHV±%DXPHVFDOH +UV
3UHVVXUH0HDVXUHPHQW
8QLWV RI SUHVVXUH ± 0DQRPHWHUV 'LIIHUHQW W\SHV ± (ODVWLF W\SH SUHVVXUH JDXJHV ± %RXUGRQ W\SH EHOORZV'LDSKUDJPV
(OHFWULFDOPHWKRGV±(ODVWLFHOHPHQWVZLWK/9'7 VWUDLQJDXJHV&DSDFLWLYHW\SHSUHVVXUHJDXJH3LH]RUHVLVWLYHSUHVVXUH
VHQVRU5HVRQDWRUSUHVVXUHVHQVRU0HDVXUHPHQWRIYDFXXP0F/HRGJDXJH7KHUPDOFRQGXFWLYLW\JDXJHV+UV
7HPSHUDWXUH0HDVXUHPHQW
'HILQLWLRQVDQGVWDQGDUGV ±3ULPDU\DQGVHFRQGDU\ IL[HGSRLQWV ± &DOLEUDWLRQRIWKHUPRPHWHUGLIIHUHQWW\SHVRIILOOHGLQ
V\VWHPWKHUPRPHWHU±6RXUFHVRIHUURUVLQILOOHGLQV\VWHPVDQGWKHLUFRPSHQVDWLRQ±%LPHWDOOLFWKHUPRPHWHUV±(OHFWULFDO
PHWKRGVRIWHPSHUDWXUH PHDVXUHPHQW ±6LJQDOFRQGLWLRQLQJRILQGXVWULDO57'V DQGWKHLUFKDUDFWHULVWLFV ±7KUHHOHDGDQG
IRXUOHDG57'V +UV
7KHUPRFRXSOHVDQG3\URPHWHUV
7KHUPRFRXSOHV±/DZVRIWKHUPRFRXSOH±)DEULFDWLRQRILQGXVWULDOWKHUPRFRXSOHV±6LJQDOFRQGLWLRQLQJRIWKHUPRFRXSOHV
RXWSXW ± 7KHUPDO EORFN UHIHUHQFH IXQFWLRQV ± &RPPHUFLDO FLUFXLWV IRU FROG MXQFWLRQ FRPSHQVDWLRQ ± 5HVSRQVH RI
WKHUPRFRXSOH ± 6SHFLDO WHFKQLTXHV IRU PHDVXULQJ KLJK WHPSHUDWXUH XVLQJ WKHUPRFRXSOHV ± 5DGLDWLRQ PHWKRGV RI
WHPSHUDWXUHPHDVXUHPHQW±5DGLDWLRQIXQGDPHQWDOV±7RWDOUDGLDWLRQ VHOHFWLYHUDGLDWLRQS\URPHWHUV±2SWLFDOS\URPHWHU
+UV
0HDVXUHPHQWLQ7KHUPDO3RZHU3ODQW
6HOHFWLRQ,QVWDOODWLRQDQGPDLQWHQDQFHRI,QVWUXPHQWVXVHGIRUWKHPHDVXUHPHQWRIIXHOIORZ$LUIORZ'UXPOHYHO6WHDP
SUHVVXUH6WHDPWHPSHUDWXUHDQGRWKHUSDUDPHWHUVLQWKHUPDOSRZHUSODQW±$QDO\]HUV'LVVROYHG2[\JHQ$QDO\]HUV)OXH
JDV2[\JHQ$QDO\]HUVS+PHDVXUHPHQW&RDO2LO$QDO\]HU±3ROOXWLRQ&RQWUROOLQJ,QVWUXPHQWV +UV
(QHUJ\PDQDJHPHQWGHYLFH
(OHFWULFDO DQG LQWULQVLF VDIHW\ ([SORVLRQ VXSSUHVVLRQ DQG GHOXJH V\VWHPV ± )ODPH DUUHVWRUV FRQVHUYDWLRQ YHQWV DQG
HPHUJHQF\ YHQWV ± )ODPH ILUH DQG VPRNH 'HWHFWRUV 0HWDO GHWHFWRUV 6SHFLDO 3XUSRVH ,QVWUXPHQWDWLRQ 7R[LF JDV
PRQLWRULQJ 'HWHFWLRQ RI 1XFOHDU UDGLDWLRQ ± :DWHU TXDOLW\ PRQLWRULQJ 0RQLWRU PHDVXUHPHQW E\ QHXWURQ7KHUPR
OXPLQHVFHQWGHWHFWRUV±0HDVXUHPHQWRIOHQJWKPDVVWKLFNQHVVIORZOHYHOXVLQJQXFOHDUUDGLDWLRQ +UV
7H[W%RRNV
(2'RHEHOLQµ0HDVXUHPHQW6\VWHPV±$SSOLFDWLRQDQG'HVLJQ¶7DWD0F*UDZ+LOOSXEOLVKLQJFRPSDQ\
'3DWUDQDELVµ3ULQFLSOHVRI,QGXVWULDO,QVWUXPHQWDWLRQ¶7DWD0F*UDZ+LOO3XEOLVKLQJ&RPSDQ\/WGQG
(GLWLRQ
~ 99 ~
5HIHUHQFH%RRNV
$.6DZKQH\DQG36DZKQH\µ$&RXUVHRQ0HFKDQLFDO0HDVXUHPHQWV,QVWUXPHQWDWLRQDQG&RQWURO¶'KDQSDWK
5DLDQG&RWK(GLWLRQ
%&1DNUD ..&KDXGDU\µ,QVWUXPHQWDWLRQ0HDVXUHPHQW $QDO\VLV¶7DWD0F*UDZ+LOO3XEOLVKLQJ/WG
0*+
6.6LQJKµ,QGXVWULDO,QVWUXPHQWDWLRQDQG&RQWURO¶7DWD0F*UDZ+LOO
'3(FNPDQ¶,QGXVWULDO,QV-RKQ*:HEVWHU0HDVXUHPHQW,QVWUXPHQWDWLRQDQG6HQVRUV+DQGERRN&5&SUHVV
,(((SUHVV
/LSWDN%*,QVWUXPHQW(QJLQHHUV+DQGERRN0HDVXUHPHQW&KLOWRQ%RRN&R5HD\'$WK(GLWLRQ
,QGXVWULDO(QHUJ\&RQVHUYDWLRQ3HUJDPRQ3UHVV
+RGJH%.$QDO\VLVDQG'HVLJQRIHQHUJ\V\VWHPV3UHQWLFH+DOO3+,
/LSWDN%*,QVWUXPHQW(QJLQHHUV+DQGERRN&OLQWRQ%RRN&RPSDQ\
1HVV6$$LUPRQLWRULQJIRU7R[LFH[SORVLRQV$LULQWHJUDWHG$SSURDFK9RQ1RVWUDQG
(ZLQJ*$QDO\WLFDO,QVWUXPHQWDWLRQKDQGERRN'HNNHDWUXPHQWDWLRQ¶:LOH\(DVWHUQ/WGUG(GLWLRQ
(( '<1$0,&62)32:(5(/(&7521,&6&219(57(5&U
3RZHU6\VWHP+DUPRQLFVDQG/LQH&RPPXWDWHG5HFWLILHUV
$YHUDJH SRZHU506 YDOXH RI D ZDYHIRUP3RZHU IDFWRU$& OLQH FXUUHQW KDUPRQLF VWDQGDUGV ,(& ,((( 7KH
6LQJOH SKDVH IXOO ZDYH UHFWLILHU&RQWLQXRXV &RQGXFWLRQ 0RGH'LVFRQWLQXRXV &RQGXFWLRQ 0RGH%HKDYLRXU ZKHQ & LV
ODUJH0LQLPL]LQJ7+'ZKHQ&LVVPDOO7KUHHSKDVHUHFWLILHUV&RQWLQXRXV&RQGXFWLRQ0RGH'LVFRQWLQXRXV&RQGXFWLRQ
0RGHKDUPRQLFWUDSILOWHUV +UV
3XOVH:LGWK0RGXODWHG5HFWLILHUV
3URSHUWLHVRI,GHDOUHFWLILHUV5HDOL]DWLRQRIQRQLGHDOUHFWLILHU&RQWURORIFXUUHQWZDYHIRUP$YHUDJHFXUUHQWFRQWURO&XUUHQW
SURJUDPPHG &RQWURO +\VWHUHVLV FRQWURO 1RQOLQHDU FDUULHU FRQWURO6LQJOH SKDVH FRQYHUWHU V\VWHP LQFRUSRUDWLQJ LGHDO
UHFWLILHUV0RGHOLQJORVVHVDQGHIILFLHQF\LQ&&0KLJKTXDOLW\UHFWLILHUV%RRVWUHFWLILHU +UV
5HVRQDQW&RQYHUWHUV
5HYLHZ RQ 3DUDOOHO DQG 6HULHV 5HVRQDQW 6ZLWFKHV6RIW 6ZLWFKLQJ =HUR &XUUHQW 6ZLWFKLQJ =HUR 9ROWDJH 6ZLWFKLQJ
&ODVVLILFDWLRQ RI 4XDVL UHVRQDQW VZLWFKHV=HUR &XUUHQW 6ZLWFKLQJ RI 4XDVL 5HVRQDQW %XFN FRQYHUWHU=HUR &XUUHQW
6ZLWFKLQJ RI 4XDVL 5HVRQDQW %RRVW FRQYHUWHU =HUR 9ROWDJH 6ZLWFKLQJ RI4XDVL 5HVRQDQW %XFN FRQYHUWHU =HUR 9ROWDJH
6ZLWFKLQJRI4XDVL5HVRQDQW%RRVWFRQYHUWHU6WHDG\6WDWHDQDO\VLV +UV
'\QDPLF$QO\VLVRI6ZLWFKLQJ&RQYHUWHUV
5HYLHZRIOLQHDUV\VWHPDQDO\VLV6WDWH6SDFH$YHUDJLQJ%DVLF6WDWH6SDFH$YHUDJH0RGHO6WDWH6SDFH$YHUDJHGPRGHOIRU
DQ LGHDO %XFN &RQYHUWHU LGHDO %RRVW &RQYHUWHU LGHDO %XFN %RRVW &RQYHUWHU IRU DQ LGHDO &XN &RQYHUWHU)O\EDFN
FRQYHUWHU +UV
&RQWURORI'&'&&RQYHUWHUV
3XOVH:LGWK0RGXODWLRQ9ROWDJH0RGH3:06FKHPH&XUUHQW0RGH3:06FKHPH3HDNFXUUHQWFRQWUROK\VWHUHVLVEDQG
FRQWURO9DULDEOH6WUXFWXUH&RQWUROOHU +UV
7H[W%RRN
(OHPHQWVRI3RZHU(OHFWURQLFV3KLOLS7.UHLQ2[IRUG8QLYHUVLW\SUHVV1HZ\RUN
5HIHUHQFH%RRNV
5REHUW:(ULFNVRQ 'UDJRQ0DNVLPRYLF´)XQGDPHQWDOVRI3RZHU(OHFWURQLFV´6HFRQG(GLWLRQ6SULQJHU
VFLHQFHDQG%XVLQHVVPHGLD
:LOOLDP6KHSKHUGDQG/L]KDQJ´3RZHU&RQYHUWHUV&LUFXLWV´0DUFHOG(NNHULQ&
6LPRQ$QJDQG$OHMDQGUR2OLYD³3RZHU6ZLWFKLQJ&RQYHUWHUV´7D\ORU )UDQFLV*URXSQG(GLWLRQ
~ 100 ~
(($'9$1&('0,&52352&(66256 $33/,&$7,216 &U
0LFURSURFHVVRU
5HYLHZ RI $UFKLWHFWXUH SLQV DQG 6LJQDOV 0LQLPXP DQG PD[LPXP PRGH FRQILJXUDWLRQV ,QWHUUXSWV
$GGUHVVLQJPRGHV,QVWUXFWLRQVDQG3URJUDPPLQJ +UV
0&
,QWURGXFWLRQ RYHU YLHZ RI IDPLO\ $UFKLWHFWXUH RI 0& $GGUHVVLQJ PRGHV ,QVWUXFWLRQVHWV WLPHU FRXQWHU
VLPSOHSURJUDPPLQJ +UV
3LF0LFURFRQWUROOHU
3LFPLFURFRQWUROOHURYHUYLHZDQGIHDWXUHV3,&&;;)653,&PHPRU\RUJDQL]DWLRQ3,&&;;LQVWUXFWLRQV
SURJUDPPLQJ$GGUHVVLQJPRGHV,2SRUWV,QWHUUXSWV3,&&$'& +UV
,QGXVWULDO$SSOLFDWLRQVRI0LFURFRQWUROOHUV
$XWRPDWLRQDQGFRQWURO$SSOLFDWLRQV'LJLWDO3,'FRQWUROOHU0LFURFRQWUROOHUEDVHG3:0FRQWURORID'&PRWRUXVLQJ,&$
0LFURFRQWUROOHUEDVHGVWHSSHUPRWRUFRQWUROXVLQJ& +UV
7H[W%RRNV
0LFURFRQWUROOHUV7KHRU\ DSSOLFDWLRQVE\'HVPXNK70+0*+
$GYDQFHG0LFURSURFHVVRUVDQG3HULSKHUDOVE\$.5DMDQG.P%KXUFKDQGL7DWD0F%URZ+LOO3XEOLFDWLRQ
5HIHUHQFH%RRNV
7KH,QWHO0LFURSURFHVVRUV3HQWLXP%DGUL5DP7+0
0LFURSURFHVVRUDQG0LFURFRQWUROOHU%\57KHDJDUDJDQVFLWHFKSXEOLFDWLRQ
~ 101 ~
7H[W%RRNV
%::LOOLDPVµ3RZHU(OHFWURQLFV&LUFXLW'HYLFHVDQG$SSOLFDWLRQV¶:LOO\SXS
5DVKLG0+3RZHU(OHFWURQLFV&LUFXLWV'HYLFHVDQG $SSOLFDWLRQV3UHQWLFH +DOO,QGLD7KLUG(GLWLRQ1HZ
'HOKL
5HIHUHQFHV%RRNV
0'6LQJKDQG.%.KDQFKDQGDQL³3RZHU(OHFWURQLFV´7DWD0F*UDZ+LOOQG(GLWLRQ
0RKDQ 8QGFODQG DQG 5RELQV ³3RZHU (OHFWURQLFV&RQFHSWV DSSOLFDWLRQV DQG'HVLJQ -RKQ :LOH\ DQG 6RQV
6LQJDSRUHUG(GLWLRQ
(( 75$&7,21$1'+<%5,'(/(&75,&9(+,&/( &U
,QWURGXFWLRQWR+\EULG(OHFWULF9HKLFOHV
+LVWRU\ RI K\EULG DQG HOHFWULF YHKLFOHV VRFLDO DQG HQYLURQPHQWDO LPSRUWDQFH RI K\EULG DQG HOHFWULF YHKLFOHV LPSDFW RI
PRGHUQGULYHWUDLQVRQHQHUJ\VXSSOLHV +UV
&RQYHQWLRQDO9HKLFOHV
%DVLFV RI YHKLFOH SHUIRUPDQFH YHKLFOH SRZHU VRXUFH FKDUDFWHUL]DWLRQ WUDQVPLVVLRQ FKDUDFWHULVWLFV DQG PDWKHPDWLFDO
PRGHOVWRGHVFULEHYHKLFOHSHUIRUPDQFH +UV
(OHFWULF3URSXOVLRQXQLW
,QWURGXFWLRQ WR HOHFWULF FRPSRQHQWV XVHG LQ K\EULG DQG HOHFWULF YHKLFOHV &RQILJXUDWLRQ DQG FRQWURO RI '& 0RWRU GULYHV
&RQILJXUDWLRQ DQG FRQWURO RI ,QGXFWLRQ 0RWRU GULYHV FRQILJXUDWLRQ DQG FRQWURO RI 3HUPDQHQW 0DJQHW 0RWRU GULYHV
&RQILJXUDWLRQDQGFRQWURORI6ZLWFK5HOXFWDQFH0RWRUGULYHVGULYHV\VWHPHIILFLHQF\ +UV
(QHUJ\6WRUDJH
,QWURGXFWLRQ WR (QHUJ\ 6WRUDJH 5HTXLUHPHQWV LQ +\EULG DQG (OHFWULF 9HKLFOHV %DWWHU\ EDVHG HQHUJ\ VWRUDJH DQG LWV
DQDO\VLV)XHO&HOOEDVHGHQHUJ\VWRUDJHDQGLWVDQDO\VLV6XSHU&DSDFLWRUEDVHGHQHUJ\VWRUDJHDQGLWVDQDO\VLV)O\ZKHHO
EDVHGHQHUJ\VWRUDJHDQGLWVDQDO\VLV+\EULGL]DWLRQRIGLIIHUHQWHQHUJ\VWRUDJHGHYLFHV +UV
(OHFWULF'ULYH7UDLQV
%DVLF FRQFHSW RI HOHFWULF WUDFWLRQ LQWURGXFWLRQ WR YDULRXV HOHFWULF GULYHWUDLQ WRSRORJLHV SRZHU IORZ FRQWURO LQ HOHFWULF
GULYHWUDLQWRSRORJLHVIXHOHIILFLHQF\DQDO\VLV&DOFXODWLRQRIWUDFWLYHHIIRUW(OHFWULFDO0RWRUVIRUWUDFWLRQ3RZHU(OHFWULF
FRQYHUWHUVLQPRGHUQWUDFWLRQSUDFWLFH$&GULYHVLQ(OHFWULF7UDFWLRQ +UV
7H[W%RRN
+\EULG(OHFWULF9HKLFOH&KULV0L0$EXO0DVUXU'DYLG:HQ]KRQJ*$2-RKQ:LOH\ 6RQV/WG
)XQGDPHQWDOVRI(OHFWULF'ULYHVE\*.'XEH\1DURVDSXEOLVKLQJ+RXVHUG(GLWLRQ
5HIHUHQFH%RRN
(OHFWULFWUDFWLRQ%\+3UDWDE-DLQERRNODWHVW
(( $'9$1&('',*,7$/6,*1$/352&(66,1* &U
,QWURGXFWLRQ
0DWKHPDWLFDOGHVFULSWLRQRIFKDQJHRIVDPSOLQJUDWH±,QWHUSRODWLRQDQG'HFLPDWLRQ)LOWHULPSOHPHQWDWLRQIRUVDPSOLQJUDWH
FRQYHUVLRQ±GLUHFWIRUP),5VWUXFWXUHV'7)7))7:DYHOHWWUDQVIRUPDQGILOWHUEDQNLPSOHPHQWDWLRQRIZDYHOHWH[SDQVLRQ
RIVLJQDOV +UV
(VWLPDWLRQDQG3UHGLFWLRQ7HFKQLTXHV
'LVFUHWH 5DQGRP 3URFHVVHV ± (QVHPEOH DYHUDJHV 6WDWLRQDU\ SURFHVVHV $XWRFRUUHODWLRQ DQG $XWR FRYDULDQFH PDWULFHV
3DUVHYDO¶V 7KHRUHP :LHQHU .KLQWFKLQH 5HODWLRQ ± 3RZHU 6SHFWUDO 'HQVLW\ $5 0$ $50$ PRGHO EDVHG VSHFWUDO
HVWLPDWLRQ 3DUDPHWHU (VWLPDWLRQ /LQHDU SUHGLFWLRQ ± )RUZDUG DQG EDFNZDUG SUHGLFWLRQV /HDVW PHDQ VTXDUHG HUURU
FULWHULRQ±:LHQHUILOWHUIRUILOWHULQJDQGSUHGLFWLRQ'LVFUHWH.DOPDQILOWHU +UV
~ 102 ~
'LJLWDO6LJQDO3URFHVVRU
%DVLF$UFKLWHFWXUH±&RPSXWDWLRQDOEXLOGLQJEORFNV0$&%XV$UFKLWHFWXUHDQGPHPRU\'DWD$GGUHVVLQJ3DUDOOHOLVPDQG
SLSHOLQLQJ3DUDOOHO,2LQWHUIDFH0HPRU\,QWHUIDFH,QWHUUXSW'0$ +UV
$SSOLFDWLRQRI'63
'HVLJQ RI 'HFLPDWLRQ DQG ,QWHUSRODWLRQ )LOWHU))7 $OJRULWKP 3,' &RQWUROOHU $SSOLFDWLRQ IRU 6HULDO ,QWHUIDFLQJ '63
EDVHG3RZHU0HWHU3RVLWLRQFRQWURO +UV
9/6,,PSOHPHQWDWLRQ
%DVLFV RQ '63 V\VWHP DUFKLWHFWXUH GHVLJQ XVLQJ 9+'/ SURJUDPPLQJ 0DSSLQJ RI '63 DOJRULWKP RQWR KDUGZDUH
5HDOLVDWLRQRI0$& )LOWHUVWUXFWXUH +UV
7H[W%RRNV
0RQVRQ++D\HV³6WDWLVWLFDO'LJLWDO6LJQDO3URFHVVLQJDQG0RGHOOLQJ´-RKQ:LOH\DQG6RQV,QFODWHVW
-RKQ*3URDNV'LPLWULV*0DQRODNLV³'LJLWDO6LJQDO3URFHVVLQJ´3HDUVRQ(GXFDWLRQWK(GLWLRQ
5HIHUHQFHV%RRNV
%HUQDUG:LGURZ6DPXHO'6WHDUQV$GDSWLYH6LJQDO3URFHVVLQJ´3HDUVRQ(GXFDWLRQWKLUGHGLWLRQ
'LRQLWULV * 0DQRODNLV 9LQD\ . ,QJOH 6WHSHQ 0 .RJRQ´6WDWLVWLFDO $GDSWLYH VLJQDO SURFHVVLQJ VSHFWUDO
HVWLPDWLRQVLJQDOPRGHOLQJ$GDSWLYHILOWHULQJ $UUD\SURFHVVLQJ´0F*UDZ+LOO,QWHUQDWLRQDOHGLWLRQ
66DOLYDKDQDQ$9DOODYDUDMDQG&*QDQDSUL\D³'LJLWDO6LJQDO3URFHVVLQJ´70+
$YDWDU6LQJ66ULQLYDVDQ³'LJLWDO6LJQDO3URFHVVLQJ,PSOHPHQWDWLRQXVLQJ'630LFURSURFHVVRUVZLWK([DPSOHV
IURP706&[[´7KRPVRQ,QGLD
/DUV:DQKDPPHU³'63,QWHJUDWHG&LUFXLWV´$FDGHPLFSUHVV1HZ<RUN
$VKRN$PEDUGDU´'LJLWDO6LJQDO3URFHVVLQJ$0RGHUQ,QWURGXFWLRQ´7KRPVRQ,QGLDHGLWLRQ
/DUV:DQKDPPHU³'63,QWHJUDWHG&LUFXLWV´$FDGHPLFSUHVV1HZ<RUN
~ 103 ~
6&+22/2)(/(&7521,&6(1*,1((5,1*
63(&,$/,=$7,21&20081,&$7,216<67(0(1*,1((5,1*
(&
$'9$1&('',*,7$/&20081,&$7,217(&+1,48(6 &U±
'LJLWDO 0RGXODWLRQ 6FKHPHV 0HPRU\OHVV PRGXODWLRQ PHWKRG 4$0 VLJQDOOLQJ ZLWK PHPRU\ &RQWLQXRXV3KDVH
)UHTXHQF\6KLIW.H\LQJ&3)6.&RQWLQXRXV3KDVH0RGXODWLRQ&303RZHU6SHFWUDO'HQVLW\36'GLJLWDOVLJQDOZLWK
PHPRU\OLQHDUO\PRGXODWHGVLJQDOZLWKILQLWHPHDQ36'RI&)36.DQG&30VLJQDOV +UV
3ULQFLSOHVRI'HWHFWLRQ7KHRU\%LQDU\DQGPDU\K\SRWKHVLVWHVWLQJ0XOWLK\SRWKHVLVWHVWLQJVXIILFLHQWVWDWLVWLFV%D\H¶V
OLNHOLKRRGUDWLRWHVW +UV
2SWLPXP 5HFHLYHU IRU $:*1 &KDQQHOV &RUUHODWLRQ 5HFHLYHU 0DWFKHG ILOWHU UHFHLYHU RSWLPDO GHWHFWLRQ HUURU
SUREDELOLW\IRUEDQGOLPLWHGVLJQDORSWLPDOGHWHFWLRQGHWHFWLRQRIVLJQDOOLQJVFKHPHVZLWKPHPRU\SHUIRUPDQFHDQDO\VLV
IRUZLUHOLQHDQGUDGLRFRPPXQLFDWLRQ +UV
6\QFKURQL]DWLRQ&DUULHUSKDVHHVWLPDWLRQPD[LPXPOLNHOLKRRGSKDVHORFNORRSHGGHFLVLRQGLUHFWHGORRSV\PEROWLPH
HVWLPDWLRQ PD[LPXP OLNHOLKRRG QRQGHFLVLRQGLUHFWHG WLPLQJ HVWLPDWLRQ MRLQW HVWLPDWLRQ RI FDUULHU SKDVH DQG V\PERO
WLPLQJ +UV
'LJLWDO &RPPXQLFDWLRQ WKURXJK %DQG/LPLWHG &KDQQHOV %DQGOLPLWHG FKDQQHO FKDUDFWHUL]DWLRQ RSWLPDO UHFHLYHU IRU
EDQGOLPLWHGFKDQQHOVZLWK,6,DQG$:*1 +UV
/LQHDUHTXDOL]DWLRQ$GDSWLYH(TXDOL]DWLRQ(TXDOL]DWLRQSHDNGLVWRUWLRQFULWHULD0HDQ6TXDUH (UURU06(FULWHULD
GHFLVLRQ IHHGEDFN HTXDOL]HU ]HUR IRUFLQJ /06 DGDSWLYH GHFLVLRQ IHHGEDFN UHFXUVLYH OHDVW VTXDUH .DOPDQ EOLQG
HTXDOL]DWLRQ +UV
7H[W%RRNV
-RKQ*3URDNLVDQG0DVRXG6DOHKL'LJLWDO&RPPXQLFDWLRQ WK(GLWLRQ0F*UDZKLOO,QWHUQDWLRQDO
$PRV/DSLGRWK$)RXQGDWLRQLQ'LJLWDO&RPPXQLFDWLRQV&DPEULGJH8QLYHUVLW\3UHVV
5HIHUHQFH%RRNV
&DUOVRQ$DQG3DXO&ULOO\&RPPXQLFDWLRQ6\VWHPVWK(GLWLRQ0F*UDZKLOO,QWHUQDWLRQDO
6LPRQ+D\NLQ'LJLWDO&RPPXQLFDWLRQV-RKQ:LOH\ 6RQV
(&7(/(&20081,&$7,216:,7&+,1* 1(7:25.35272&2/ &U
,QWURGXFWLRQ
(YROXWLRQ RI 7HOHFRPPXQLFDWLRQ 6ZLWFKLQJ V\VWHP &ODVVLILFDWLRQ RI VZLWFKLQJ 7\SHV RI WHOHSKRQH VZLWFKLQJ V\VWHPV
(OHPHQWVRIWHOHFRPPXQLFDWLRQ7HOHFRPPXQLFDWLRQVWDQGDUG +UV
7HOHSKRQHV\VWHP
3671 0RGHUQ WHOHFRP V\VWHP WHOHSKRQH QHWZRUN 7HOHSKRQH VHW 7HOHSKRQH QHWZRUN RUJDQL]DWLRQ 3ULQFLSOHV DQG
H[DPSOHV RI VWHS E\ VWHS &URVV EDU DQG UHHG UHOD\ V\VWHPV 7HOHSKRQH QXPEHULQJ SODQ &HQWUDO %DWWHU\ 6\VWHP
7UDQVPLVVLRQLPSDLUPHQWV7ZRIRXUZLUHWUDQVPLVVLRQ6XEVFULEHU/RRS'HVLJQ +UV
7HOHFRPPXQLFDWLRQ7UDIILF
7HOHFRPPXQLFDWLRQWUDIILF7UDIILFFRQVLGHUDWLRQV(UODQJ*UDGHRIVHUYLFHWUDIILFPHDVXUHPHQW PDWKHPDWLFDOPRGHOIRU
WHOHFRPPXQLFDWLRQWUDIILF +UV
6ZLWFKLQJV\VWHPV
5HVRXUFH VKDULQJ DQG QHHG IRU VZLWFKLQJ ± 1HHG IRU QHWZRUNV VZLWFKLQJ W\SHV RI VZLWFKLQJ FLUFXLW VZLWFKLQJ
PHVVDJHSDFNHW VZLWFKLQJ VWRUH DQG IRUZDUG VZLWFKLQJ IXQFWLRQV RI VZLWFKLQJ V\VWHP HOHFWURQLF VZLWFKLQJ V\VWHP
PXOWLSOH[LQJ 7'0 ((7 )'0 LPSOHPHQWDWLRQ RI VZLWFKLQJ V\VWHP EORFNLQJ DQG QRQEORFNLQJ VZLWFKHV VLQJOH
DQGPXOWLVWDJHVZLWFKHVVSDFHVZLWFKLQJWLPHVZLWFKLQJK\EULGVZLWFKLQJSDWKILQGLQJFRPSOH[LW\EORFNLQJSUREDELOLW\
RIVZLWFK +UV
~ 104 ~
7HOHSKRQH([FKDQJH
VWRUHGSURJUDPFRQWUROOHGH[FKDQJHHOHFWURQLFH[FKDQJH(OHFWURQLFVZLWFKLQJDQGVWRUHGSURJUDPFRQWUROV\VWHPV'LJLWDO
VZLWFKLQJWLPHVSDFHDQGK\EULGVZLWFKHV([DPSOHRIGLJLWDOH[FKDQJHV([DPSOHRIPRGHUQH[FKDQJH&'27H[FKDQJH
DYDLODELOLW\RISDUDOOHOH[FKDQJH +UV
6LJQDOOLQJ6\VWHPV
6LJQDOOLQJ 7\SHV RI VLJQDOOLQJ LQIRUPDWLRQ )RUPV RI VLJQDOOLQJ FKDQQHO DVVRFLDWHG VLJQDOOLQJ&$6FRPPRQ FKDQQHO
VLJQDOOLQJ &&,77 1R V\VWHP 66 VLJQDOOLQJ $UFKLWHFWXUH &RPSXWHU DQG GDWD QHWZRUNV $53$1(7 $/2+$ ± ORNH
SURWRFROV 1HWZRUN WRSRORJ\ 0XOWLSOH DFFHVV VFKHPHV /D\HUHG DUFKLWHFWXUHV 1HWZRUNV 3URWRFROV /RFDO $UHD QHWZRUN
(YROXWLRQWRZDUGV,6'1. +UV
7H[W%RRNV
7HOHFRPPXQLFDWLRQDQG6ZLWFKLQJ7UDIILFDQG1HWZRUNV-()ORRG3HDUVRQ(GXFDWLRQ
7HOHFRPPXQLFDWLRQ6ZLWFKLQJ6\VWHPVDQGQHWZRUNV7KLDJDUDMDQ9LVZDQDWKDQ3+,
5HIHUHQFH%RRNV
6LJQDOOLQJLQ7HOHFRPPXQLFDWLRQ1HWZRUNVMRKQ*YDQ%RVHDQGIDEUL]LRXGHYHWDNZLOH\LQWHUVFLHQFHQG
HGLWLRQ
(& ,1)250$7,217+(25<$1'&2',1*7(&+1,48(6 &U±
,QIRUPDWLRQ (QWURS\ ,QWURGXFWLRQ WR LQIRUPDWLRQ WKHRU\ VHOI LQIRUPDWLRQ PXWXDO LQIRUPDWLRQ FRQGLWLRQDO VHOI
LQIRUPDWLRQ DYHUDJH PXWXDO LQIRUPDWLRQ (QWURS\ LQIRUPDWLRQ FRQGLWLRQDO HQWURS\ SURSHUWLHV RI ELQDU\ HQWURS\
IXQFWLRQ +UV
6RXUFH &RGLQJ $QDORJ VRXUFH 'LJLWDO VRXUFHV 'LVFUHWH 0HPRU\OHVV 6RXUFHV 1RLVHOHVV FRGLQJ HQWURS\ FRGLQJ
LQVWDQWDQHRXV FRGHV FRGH HIILFLHQF\ UHGXQGDQF\ LQIRUPDWLRQ UDWH VRXUFH FRGLQJ WKHRUHP 9/& )/& SUHIL[ FRGHV
.UDIW LQHTXDOLW\ 6KDQQRQ)DQR DOJRULWKP +XIIPDQ FRGLQJ DOJRULWKP /HPSHO=LY DOJRULWKP 5XQ OHQJWK HQFRGLQJ
6KDQQRQ¶V ILUVW DQG VHFRQG IXQGDPHQWDO WKHRUHPV H[WHQVLRQ RI ]HURPHPRU\ VRXUFHV 0DUNRY VRXUFHV DQG H[WHQVLRQ RI
0DUNRYVRXUFHV +UV
&KDQQHO&DSDFLW\ &RGLQJ'LVFUHWH0HPRU\OHVVFKDQQHOKDUGGHFLVLRQGHFRGLQJDQGVRIWGHFLVLRQGHFRGLQJGLVFUHWH
FKDQQHO ZLWK GLVFUHWH QRLVH FKDQQHO FDSDFLW\ DQG FKDQQHO HIILFLHQF\ FKDQQHO PDWUL[ ELQDU\ V\PPHWULF FKDQQHO %6&
ELQDU\ HUDVH FKDQQHO %(& ORVVOHVV FKDQQHO GHWHUPLQLVWLF FKDQQHO QRLVHOHVV FKDQQHO &KDQQHO FRGLQJ WKHRUHP FULWLFDO
UDWHLQIRUPDWLRQFDSDFLW\WKHRUHPFKDQQHOFDSDFLW\WKHRUHPWKH6KDQQRQOLPLW +UV
&KDQQHO&RGLQJ(UURU&RQWURO&RGLQJ,,QWURGXFWLRQWRHUURUFRUUHFWLQJFRGHVGHILQLWLRQVRIZRUGFRGHZRUGFRGH
ZHLJKW GLVWDQFH *DORLV ILHOG YHFWRUV PDWULFHV JHQHUDWRU PDWUL[ )(& $54 /LQHDU FRGH DQG OLQHDU EORFN FRGH
WKHRUHPV RI OLQHDU EORFN FRGH FRGH UDWH PDWUL[ GHVFULSWLRQ RI OLQHDU EORFN FRGHV SDULW\ FKHFN PDWUL[ V\VWHPDWLF FRGH
GHFRGLQJRIOLQHDUEORFNFRGHVDVWDQGDUGDUUD\V\QGURPHGHFRGLQJHUURUSUREDELOLW\DIWHUFRGLQJ+DGDPDUGFRGHVDQG
+DPPLQJFRGHVRSWLPDOOLQHDUFRGHVPD[LPXPGLVWDQFHVHSDUDEOHFRGHV+DPPLQJERXQGDQGSHUIHFWFRGHELQDU\*ROD\
FRGH +UV
&KDQQHO &RGLQJ (UURU &RQWURO &RGLQJ,, %LQDU\ F\FOLF FRGHV PHWKRG RI JHQHUDWLQJ F\FOLF FRGHV EXUVW HUURU
FRUUHFWLRQ )LUH FRGHV FLUFXLW LPSOHPHQWDWLRQ RI F\FOLF FRGHV F\FOLF UHGXQGDQF\ FKHFN &5& FRGHV 0HJJLWW GHFRGHU
3ULPLWLYH HOHPHQW PLQLPDO SRO\QRPLDO %RVH&KDXGKXUL+RFTXHQJKHP %&+ FRGHV JHQHUDWRU SRO\QRPLDO IRU %&+
FRGH H[DPSOHV RI %&+ FRGHV 5HHG6RORPRQ FRGHV QHVWHG FRGHV &RQYROXWLRQDO FRGHV WUHH FRGHV WUHOOLV FRGHV
SRO\QRPLDOGHVFULSWLRQRIFRQYROXWLRQDOFRGHV9LWHUELGHFRGLQJRIFRQYROXWLRQDOFRGHV
+UV
7H[W%RRNV
,QIRUPDWLRQ7KHRU\&RGLQJDQG&U\SWRJUDSK\±5%RVHQG(GLWLRQ7DWD0F*UDZ+LOO
(OHPHQWVRI,QIRUPDWLRQ7KHRU\70&RYHU -$7KRPDVQGHGLWLRQ:LOH\ 6RQV
5HIHUHQFH%RRNV
'LJLWDO&RPPXQLFDWLRQ±-*3URDNLVWK(GLWLRQ7DWD0F*UDZ+LOO
3ULQFLSOHVRI'LJLWDO&RPPXQLFDWLRQ±-'DV6.0XOOLFN 3.&KDWWHUMHH
~ 105 ~
(& 237,&$/&20081,&$7,216<7(06 &5
,QWURGXFWLRQ )0 )UHTXHQF\ 6SHFWUXP 2SWLFDO )UHTXHQFLHV 3ULQFLSOH RI /LJKW 3URSDJDWLRQ LQ D ILEHU $GYDQWDJHV RI
RSWLFDO ILEHU FRPPXQLFDWLRQ )LEUH RSWLF FRPPXQLFDWLRQ V\VWHPV )LEUH RSWLF FRPSRQHQWV DQG FDEOHV 0DWHULDOV XVHG IRU
IDEULFDWLRQRIRSWLFDOILEHU/LJKWZDYHFRPPXQLFDWLRQDQGFRPSXWHUQHWZRUNV+LJKELWUDWHHOHFWURQLFVLQWHJUDWHGRSWLF
+UV
:DYH3URSDJDWLRQLQRSWLFDOILEHU
5HODWLRQEHWZHHQUHIUDFWLYHLQGH[DQGYHORFLW\RIOLJKW%DVLFVWUXFWXUHDQGUD\GLDJUDPRIRSWLFDOSDWKLQDQRSWLFDOILEHU
$FFHSWDQFH FRQH 1XPHULFDO DSHUWXUH &RQFHSW RI PRGHV 4XDOLWDWLYH DQDO\VLV RI (0 ZDYH SURSDJDWLRQ LQ F\OLQGULFDO
ZDYHJXLGH 'LIIHUHQW W\SHV RI PRGH LQ RSWLFDO ILEHUV &XWRII FRQGLWLRQ IRU JXLGHG PRGHV %RXQGDU\ FRQGLWLRQV VLQJOH
PRGHPXOWLPRGHILEHU&RQFHSWRI9QXPEHUDQGLWVLPSRUWDQFH +UV
/RVVHV LQ ILEHU $WWHQXDWLRQ SXOVH VSUHDGLQJ ,QWULQVLF ([WULQVLF ORVVHV 0DWHULDO RU LPSXULW\ ORVVHV 5D\OHLJK VFDWWHULQJ
ORVV $EVRUSWLRQORVV%HQGLQJORVV /HDN\ PRGHV &RUHDQGFODGGLQJORVV&RQFHSWRI GLVSHUVLRQ,QWHUPRGDOGLVSHUVLRQ
,QWUDPRGDOGLVSHUVLRQ:DYHJXLGHDQGPDWHULDOGLVSHUVLRQ0LQLPL]DWLRQRIGLVSHUVLRQ +UV
2SWLFDO 6RXUFHV /LJKW VRXUFHV ± SULQFLSOHV 7HFKQRORJ\ FKDUDFWHULVWLFV DQG PRGXODWLRQ 6KRUW DQG ORQJ ZDYH OHQJWKV
&KDUDFWHULVWLFVRIDJRRGRSWLFDOVRXUFH3ULQFLSOHRIRSHUDWLRQRI/('7\SHVRI/('VWUXFWXUHDQGVSHFWUDOFKDUDFWHULVWLFV
3ULQFLSOHRIRSHUDWLRQRIODVHUGLRGH/DVHUVWUXFWXUH&RPSDULVRQRI/('/DVHU +UV
0RGXODWLRQ,QWHQVLW\PRGXODWLRQXVLQJERWK/('DQG/DVHUGLRGH/('$QDORJ 'LJLWDOPRGXODWLRQ/DVHU$QDORJ
'LJLWDOPRGXODWLRQ)RUPDWVRIPRGXODWLRQ3XOVHFRGHPRGXODWLRQ +UV
2SWLFDO GHWHFWRUV3KRWRGHWHFWRUV ±3ULQFLSOHV WHFKQRORJ\ SDUDPHWHUV DQG FKDUDFWHULVWLFV 3ULQFLSOH RI RSHUDWLRQ RI3,1
GLRGH 6WUXFWXUH&XUUHQWFKDUDFWHULVWLFV3ULQFLSOHRIRSHUDWLRQRI $3'6WUXFWXUH&XUUHQWFKDUDFWHULVWLFV&RPSDULVRQRI
3,1$3'5HFHLYHUDPSOLILHUV1RLVHVDWRSWLFDOUHFHLYHU7KHUPDO QRLVH 6KRWQRLVH615DQG1RLVHHTXLYDOHQWSRZHU
+UV
)LEHU OLQN2SWLFDO OLQN EXGJHW 3RZHU EXGJHW 5LVH WLPH EXGJHW 'HVLJQ RI FRPSRQHQWV &RQFHSW RI :'0 3DVVLYH
FRPSRQHQWVXVHGLQ:'07\SHVRI:'0WHFKQLTXHV +UV
0HDVXUHPHQW RQ )LEHUV0HDVXUHPHQW RI 1XPHULFDO $SHUWXUH DQG LWV UHODWHG WHUPV 0HDVXUHPHQW RI ILEHU DWWHQXDWLRQ
2SWLFDO WLPH GRPDLQ UHIOHFWRPHWHU /RVV PHDVXUHPHQW RI HDFK PRGH VFDWWHULQJ ORVVHV PHDVXUHPHQW 0HDVXUHPHQW RI
GLVSHUVLRQORVVHV0HDVXUHPHQWRIUHIUDFWLYHLQGH[FXWRIIZDYHOHQJWKPHDVXUHPHQW +UV
&RQQHFWRUVDQG6SOLFHV
9DULRXVW\SHVRIFRQQHFWRUVXVHGIRURSWLFDOILEHU6SOLFLQJRIILEHU(OHFWULFDUFKIXVLRQVSOLFLQJ0HFKDQLFDOVSOLFLQJ6WHSV
LQYROYHGLQVSOLFLQJ/RVVHVLQVSOLFHVDQGFRQQHFWRUV +UV
7H[W%RRNV
2SWLFDO)LEHU&RPPXQLFDWLRQ6\VWHPV*HUG.HLVHU7DWD0F*UDZKLOO
)LEHU2SWLF&RPPXQLFDWLRQV-&3DODLV3HDUVRQ(GXFDWLRQ
5HIHUHQFH%RRNV
2SWLFDO)LEHUVDQG)LEHU2SWLF&RPPXQLFDWLRQ6\VWHPV6XELU.6DUNDU6&KDQG
UG
2SWLFDO)LEHU&RPPXQLFDWLRQV-RKQ06HQLRU3HDUVRQ(GXFDWLRQ (GLWLRQ
VW
)LEHU2SWLFVDQG2SWRHOHFWURQLFV53.KDUH2[IRUG (GLWLRQ
(&$'9$1&(':,5(/(66 02%,/(&20081,&$7,216<67(06&U±
2YHUYLHZRI&HOOXODUFRQFHSW
,QWURGXFWLRQWR&HOOXODU&RPPXQLFDWLRQV)UHTXHQF\UHXVH0XOWLSOH$FFHVV7HFKQRORJLHV&HOOXODU3URFHVVHVǦ&DOO6HWXS
+DQGRYHUHWF&DSDFLW\LPSURYHPHQWWHFKQLTXHV7HOHWUDIILF7KHRU\ +UV
5)3URSDJDWLRQ 0XOWLSDWK0RGHO
)UHH VSDFH SURSDJDWLRQ PRGHO SURSDJDWLRQ PHFKDQLVP /DUJH 6FDOH IDGLQJ 'LIIUDFWLRQ 6FDWWHULQJ E\ KLJK ± UDLVH
VWUXFWXUHV VKDGRZLQJ DQG SDWK ORVV 6PDOO 6FDOH )DGLQJ 'RSSOHU DQG WLPHGHOD\ VSUHDG FRKHUHQFH %DQGZLGWK DQG
FRKHUHQFH7LPH7\SHVRI6PDOO±6FDOH)DGLQJ +UV
~ 106 ~
2YHUYLHZRI0RGXODWLRQ7HFKQLTXHV
2YHUYLHZRI436.2IIVHW436.ʌ436.06.*06.4$0 +UV
(TXDOL]DWLRQDQG'LYHUVLW\7HFKQLTXHV
)XQGDPHQWDOV RI (TXDOL]DWLRQ $GDSWLYH HTXDOL]HU &RQFHSW RI GLYHUVLW\ 7\SHV RI GLYHUVLW\ VSDFH WLPH IUHTXHQF\
SRODUL]DWLRQ +UV
6SUHDG6SHFWUXPPRGXODWLRQDQG&'0$
6SUHDG 6SHFWUXP 0RGXODWLRQ SULQFLSOH DQG W\SHV 31 VHTXHQFH DQG LWV SURSHUWLHV ,QWURGXFWLRQ WR &'0$ :DOVK FRGHV
9DULDEOHWUHH296)0XOWLSDWKGLYHUVLW\5$.(5HFHLYHU&'0$5HFHLYHU6\QFKURQL]DWLRQ +UV
2)'0DQG0XOWLFDUULHU0RGXODWLRQ
,QWURGXFWLRQWR2)'00XOWLFDUULHU0RGXODWLRQDQG&\FOLF3UHIL[&KDQQHOPRGHODQG615SHUIRUPDQFH2)'0,VVXHV±
3$35)UHTXHQF\DQG7LPLQJ2IIVHW,VVXHV +UV
0XOWLSOH$QWHQQDVDQGVSDFHWLPHFRPPXQLFDWLRQV
,QWURGXFWLRQ WR 0,02 0,02 &KDQQHO &DSDFLW\ 69' DQG (LJHQPRGHV RI WKH 0,02 &KDQQHO 0,02 6SDWLDO
0XOWLSOH[LQJ±%/$670,02'LYHUVLW\±$ODPRXWL267%&0570,02Ǧ2)'0 +UV
8:%8OWUDZLGH%DQG&RPPXQLFDWLRQ
8:%'HILQLWLRQDQG)HDWXUHV8:%:LUHOHVV&KDQQHOV8:%'DWD0RGXODWLRQ8QLIRUP3XOVH7UDLQ%LWǦ(UURU5DWH
3HUIRUPDQFHRI8:% +UV
:LUHOHVV6WDQGDUGV*DQG*
*60*356:&'0$/7(:L0$; +UV
7H[W%RRNV
:LUHOHVV&RPPXQLFDWLRQ±765DSSDSRUW±3HDUVRQ(GXFDWLRQ
:LUHOHVV&RPPXQLFDWLRQ±$QGUHD*ROGVPLWK±&DPEULGJH3UHVV
5HIHUHQFH%RRNV
:LUHOHVVDQG&HOOXODU&RPPXQLFDWLRQ±&</HH±0F*UDZ+LOO
0RELOH&RPPXQLFDWLRQ±6FKLOODU±3HDUVRQ(GXFDWLRQ
&RPPXQLFDWLRQ6\VWHP±6LPRQ+D\NLQ±-RKQ:LOOH\
(& $'9$1&('',*,7$/6,*1$/352&(66,1* &U
,QWURGXFWLRQ
)XQGDPHQWDOV)UHTXHQF\GRPDLQDQDO\VLVDQG)RXULHU7UDQVIRUP%DVLF)LOWHUV,GHDO)LOHU&KDUDFWHULVWLFV&KDUDFWHULVWLFV
RI3UDFWLFDO)UHTXHQF\VHOHFWLYH)LOWHUV)XQGDPHQWDOVRI),5DQG,,5)LOWHUV 6WUXFWXUDO5HDOL]DWLRQRI),5 ,,5)LOWHUV
+UV
0XOWLUDWH'LJLWDO6LJQDO3URFHVVLQJ
5HYLHZ RI VDPSOLQJ WKHRU\ 6DPSOLQJ UDWH FRQYHUVLRQ 3RO\SKDVH LPSOHPHQWDWLRQ RI ),5 ILOWHUV IRU UDWH FRQYHUVLRQ
0XOWLVWDJH LPSOHPHQWDWLRQV $SSOLFDWLRQV RI 0XOWLUDWH 6LJQDO 3URFHVVLQJ 'LJLWDO )LOWHU %DQNV 6XEEDQG &RGLQJ %DVLFV
6XEEDQG'HFRPSRVLWLRQDQG7ZR&KDQQHO3HUIHFW5HFRQVWUXFWLRQ4XDGUDWXUH0LUURU)LOWHU%DQN0&KDQQHO4XDGUDWXUH
0LUURU)LOWHU%DQN +UV
:DYHOHWDQG6KRUW7LPH)RXULHUDQDO\VLV
)RXULHU7UDQVIRUP,WVSRZHUDQG/LPLWDWLRQV6KRUW7LPH)RXULHU7UDQVIRUP7KH*DERU7UDQVIRUP&RQWLQXRXV:DYHOHW
7UDQVIRUP :DYHOHW 7UDQVIRUP ,GHDO &DVH 3HUIHFW 5HFRQVWUXFWLRQ )LOWHU %DQNV DQG ZDYHOHWV 5HFXUVLYH PXOWLUHVROXWLRQ
GHFRPSRVLWLRQ+DDU:DYHOHW'DXEHFKLHV:DYHOHW +UV
$GDSWLYH)LOWHULQJ
:LHQHU ILOWHULQJ 2SWLPXP OLQHDU SUHGLFWLRQ /HYLQVRQ 'XUELQ DOJRULWKP 3UHGLFWLRQ HUURU ILOWHUV $GDSWLYH ILOWHUV ),5
DGDSWLYH /06 DOJRULWKP &RQYHUJHQFH RI DGDSWLYH DOJRULWKPV )DVW DOJRULWKPV $SSOLFDWLRQV 1RLVH FDQFHOOHU HFKR
FDQFHOOHUDQGHTXDOL]HU5HFXUVLYH OHDVW ±VTXDUHVDOJRULWKPV0DWUL[LQYHUVLRQ OHPPD &RQYHUJHQFHDQDO\VLVRIWKH 5/6
DOJRULWKP.DOPDQILOWHULQJ +UV
~ 107 ~
6SHFWUDO(VWLPDWLRQ
5HYLHZ RI WKH WKHRU\ RI UDQGRP SURFHVVHV 6SHFWUXP HVWLPDWLRQ (VWLPDWLRQ RI DXWRFRUUHODWLRQ 3HULRGRJUDP PHWKRG
1RQSDUDPHWULFPHWKRGV3DUDPHWULFPHWKRGV +UV
7H[W%RRNV
'LJLWDO6LJQDO3URFHVVLQJ±-*3URDNLV '*0DQRODNHVWKHGLWLRQ±3+,
$:DYHOHW7RXURI6LJQDO3URFHVVLQJWKH6SDUVH:D\6WHSKDQH0DOODW(OVHYLHU
5HIHUHQFH%RRNV
0XOWLUDWH6\VWHPVDQG)LOWHU%DQNV339DLG\DQDWKDQ3UHQWLFH+DOO
:DYHOHWVDQG6LJQDO3URFHVVLQJ+DQV*HRUJ6WDUN6SULQJHU
6WDWLVWLFDO'LJLWDO6LJQDO3URFHVVLQJDQG0RGHOLQJ0+D\HV:LOH\
6WDWLVWLFDODQG$GDSWLYH6LJQDO3URFHVVLQJ'*0DQRODNLV9.,QJOHDQG60.RJRQ0F*UDZ+LOO
~ 108 ~
0RUSKRORJLFDO ,PDJH SURFHVVLQJ 'LODWLRQ DQG HURVLRQ 2SHQLQJ DQG FORVLQJ VRPH EDVLF PRUSKRORJLFDO DOJRULWKPV
+UV
,PDJH 6HJPHQWDWLRQ 'HWHFWLRQ RI GLVFRQWLQXLWLHV (GJH OLQNLQJ DQG ERXQGDU\ GHWHFWLRQ 7KUHVKROGLQJ 5HJLRQ EDVHG
VHJPHQWDWLRQ +UV
7H[W%RRNV
'LJLWDO,PDJH3URFHVVLQJ5&*RQ]DOH]DQG5(:RRGV3UHQWLFH+DOO
)XQGDPHQWDORI'LJLWDO,PDJH3URFHVVLQJ$.-DLQ3UHQWLFH+DOO
5HIHUHQFH%RRNV
'LJLWDO,PDJH3URFHVVLQJ6-D\DUDP6(VDNNLUDMDQ79HHUDNXPDU70+
(& &20081,&$7,21$1'1(7:25.6(&85,7< &U
,QWURGXFWLRQ &U\SWRJUDSK\ :DWHUPDUNLQJ 6WHJDQRJUDSK\ (VFURZ &U\SW $QDO\VLV ,6226, UHIHUHQFH PRGHO
VHFXULW\6HFXULW\WKUHDWHQLQJDWWDFNV DFWLRQV5HYLHZVRIPDWKHPDWLFDOIRXQGDWLRQV/RJDULWKPV3ULPH1XPEHU*&'
*URXSV5LQJV)LHOGV)HUPDW¶V7KHRUHP(XOHU¶V7KHRUHP([FOXVLYH2U5DQGRP1XPEHUV +UV
&LSKHUV $OJRULWKP6\PPHWULF&LSKHUV$V\PPHWULF&LSKHUVV\VWHPV(OOLSWLF&XUYH&U\SWRV\VWHPV56$$OJRULWKP
+UV
&U\SWRJUDSKLF.H\GLVWULEXWLRQV\VWHP.H\'LVWULEXWLRQ0HUNOH¶V3X]]OH0HWKRG6KDPLU¶V.H\'LVWULEXWLRQ0HWKRG
'LJLWDO6LJQDWXUH +UV
&RPPXQLFDWLRQ6HFXULW\OD\HUFODVVLILFDWLRQ$V\QHUJLVWLFVHFXULW\IUDPHZRUN)LUHZDOOV *DWHZD\V6HFXULW\&URVV
SRUWIROLRVDWWDFNVDQGVHFXULW\LQWKHLQWHUQHW7$&$&6 +UV
1HWZRUN VHFXULW\ :LUHOHVV V\VWHP :/$1 VHFXULW\ ,((( L UREXVW VHFXULW\ QHWZRUN DQG YXOQHUDELOLWLHV *60
6HFXULW\ %** 6HFXULW\ &RQFHUQV :LPD[ 6HFXULW\ DQG &RPPXQLFDWLRQ 6DWHOOLWH QHWZRUN VHFXULW\ :LUHOHVV $GKRF
1HWZRUN6HFXULW\ +UV
7H[W%RRNV
&U\SWRJUDSK\ 1HWZRUN6HFXULW\E\%$)RURX]DQDQG'0XNKRSDGK\D\0F*UDZ+LOO,QGLD
6HFXULW\RI,QIRUPDWLRQDQG&RPPXQLFDWLRQ1HWZRUNE\69.DUWDORSRXORV:LOH\,(((3UHVV
5HIHUHQFH%RRNV
+DQGERRNRI,QIRUPDWLRQDQG&RPPXQLFDWLRQ6HFXULW\E\6WDYURXODNLV3HWHU6SULQJHU
6HFXUH%URDGFDVWFRPPXQLFDWLRQLQ:LUHGDQG:LUHOHVV&RPPXQLFDWLRQ%\$GULDQ3HUULJ 'RXJ7\JDU.OXZHU
3XEOLFDWLRQ
0RGHUQ&U\SWRJUDSK\7KHRU\DQG3UDFWLFHE\:0DR3HDUVRQ(GXFDWLRQ,QGLD
(& $57,),&,$/1(85$/1(7:25.$1')8==<6<67(06 &U
,QWURGXFWLRQ 1HXUDO QHWZRUN PRGHOV RI QHXURQ QHWZRUN DUFKLWHFWXUH DUWLILFLDO LQWHOOLJHQFH YHUVXV QHXUDO QHWZRUNV
+UV
/HDUQLQJ 3URFHVVHV DQG 3HUFHSWURQV (UURUFRUUHFWLRQ DQG PHPRU\EDVHG OHDUQLQJ +HEELDQ OHDUQLQJ FRPSHWLWLYH DQG
RWKHU W\SHV RI OHDUQLQJ /HDUQLQJ FXUYHV DQG OHDUQLQJ UDWH DQQHDOLQJ WHFKQLTXHV VLQJOHOD\HU SHUFHSWURQ SHUFHSWURQ
FRQYHUJHQFHWKHRUHP0XOWLOD\HUSHUFHSWURQEDFNSURSDJDWLRQDOJRULWKPKHXULVWLFVIRUPDNLQJEDFNSURSDJDWLRQDOJRULWKP
SHUIRUPEHWWHURXWSXWUHSUHVHQWDWLRQDQGGHFLVLRQUXOH +UV
$UWLILFLDO 1HXUDO 1HWZRUNV DQG 1HXURG\QDPLFV 5DGLDOEDVLV IXQFWLRQ QHWZRUNV LQWHUSRODWLRQ SUREOHP UHJXODUL]DWLRQ
QHWZRUN JHQHUDOL]HG UDGLDOEDVLV IXQFWLRQ QHWZRUNV 6XSSRUW YHFWRU PHFKDQLFV 1HXURG\QDPLFDO V\VWHPV VWDELOLW\
QHXURG\QDPLFDOPRGHOV+RSILHOGDQGUHODWHGPRGHOV +UV
~ 109 ~
)X]]\ 6HWV DQG )X]]\ 5XOHV ,QWURGXFWLRQ WR IX]]\ ORJLF YDULRXV SDUDPHWHUV VHWWKHRUHWLF RSHUDWLRQV 0) IRUPXODWLRQ
IX]]\ XQLRQ LQWHUVHFWLRQ DQG FRPSOHPHQW ([WHQVLRQ SULQFLSOH DQG IX]]\ UHODWLRQV X]]\ UXOHV IX]]\ UHDVRQLQJ
+UV
)X]]\0RGHOVDQG)X]]\6\VWHPV0DPGDQLIX]]\PRGHOV6XJHQRIX]]\PRGHOV7VXNDPRWRIX]]\PRGHOVH[DPSOHRI
YDULRXVIX]]\V\VWHPVQHXURIX]]\V\VWHPDGDSWLYHQHXURIX]]\V\VWHP +UV
7H[W%RRNV
1HXUDO1HWZRUNV±$&RPSUHKHQVLYH)RXQGDWLRQ6+D\NLQQG(G3HDUVRQ(GXFDWLRQ$VLD
1HXUDO1HWZRUN'HVLJQ07+DJDQ+%'HPXWKDQG0%HDOH&HQJDJH/HDUQLQJ
5HIHUHQFH%RRNV
1HXUR)X]]\DQG6RIW&RPSXWLQJ±-65-DQJ&76XQDQG(0L]XWDQL3+,3HDUVRQ
)X]]\/RJLFZLWK(QJLQHHULQJ$SSOLFDWLRQV7-5RVV:LOH\
(&635($'63(&75807(&+1,48(6$1'08/7,3/($&&(66 &U
6SUHDG 6SHFWUXP 7HFKQLTXHV ,QWURGXFWLRQ %DVLF FRPPXQLFDWLRQ SUREOHPV 3XOVH QRLVH MDPPLQJ /RZ SUREDELOLW\ RI
GHWHFWLRQ6LJQDOVWUXFWXUHVHFUHF\'LUHFWVHTXHQFHVSUHDGVSHFWUXP)UHTXHQF\KRSSLQJVSUHDGVSHFWUXP&RKHUHQWVORZ
IUHTXHQF\KRSSLQJVSUHDGVSHFWUXP1RQ&RKHUHQWVORZIUHTXHQF\KRSSLQJVSUHDGVSHFWUXP1RQFRKHUHQWIDVWIUHTXHQF\
KRSSLQJVSUHDGVSHFWUXP+\EULGGLUHFWVHTXHQFHDQGIUHTXHQF\KRSSLQJVSUHDGVSHFWUXP7LPHKRSSLQJDQG0XOWLFDUULHU
6\VWHPV +UV
6SUHDGLQJ 6HTXHQFHV &RUUHODWLRQ IXQFWLRQV %LQDU\ OLQHDU IHHGEDFN 6KLIW UHJLVWHU VHTXHQFH IRU VSUHDG VSHFWUXP
'HILQLWLRQVPDWKHPDWLFDOEDFNJURXQGDQGVHTXHQFHJHQHUDWRUIXQGDPHQWDOV0D[LPDOOHQJWKVHTXHQFHV*ROG6HTXHQFHV
+UV
&RPPXQLFDWLQJ WKURXJK IDGLQJ &KDQQHOV 3HUIRUPDQFH RI VSUHDG VSHFWUXP V\VWHP LQ -DPPLQJ HQYLURQPHQWV 6SUHDG
VSHFWUXPFRPPXQLFDWLRQPRGHOSHUIRUPDQFHLQMDPPLQJHQYLURQPHQWZLWKRXWFRGLQJ)DGLQJ&KDQQHOVVWDWLVWLFDOPRGHO
RIIDGLQJ&KDUDFWHUL]DWLRQRIPRELOHUDGLRFKDQQHO5HTXLUHPHQWRIGLYHUVLW\LQIDGLQJFKDQQHO+UV
&RGHDFTXLVLWLRQDQG7UDFNLQJ/RRSV,QWURGXFWLRQ2SWLPXPWUDFNLQJRIZLGHEDQGVLJQDO%DVHEDQGGHOD\ORFNWUDFNLQJ
ORRS1RQFRKHUHQWGHOD\ORFNWUDFNLQJORRS&RGHWUDFNLQJORRSIRUIUHTXHQF\KRSV\VWHP +UV
0XOWLSOH $FFHVVPXOWLXVHU LQWHUIHUHQFHV DQG PXOWLXVHU 'HWHFWLRQ 0XOWLXVHU V\VWHPV DQG PXOWLSOH DFFHVV SUREOHPV
)'0$7'0$&RGHGLYLVLRQPXOWLSOHDFFHVV6\QFKURQRXV&'0$$V\QFKURQRXV&'0$DQG$V\QFKURQRXV&'0$LQ
FHOOXODUQHWZRUNV +UV
$SSOLFDWLRQV 0XOWLFDUULHU &'0$ 0&'6&'0$ 8OWUD:LGHEDQG 8:% V\VWHPV 0RELOH FRPPXQLFDWLRQV DQG
ZLUHOHVVQHWZRUNV&'0$GLJLWDOFHOOXODUV\VWHPV6SHFLILFH[DPSOHVRI&'0$GLJLWDOFHOOXODUV\VWHPV +UV
7H[W%RRNV
,QWURGXFWLRQWR6SUHDG6SHFWUXP&RPPXQLFDWLRQE\5RJHU/3HWHUVRQ5RGJHU(=LHPHUDQG'DYLG(%RUWK
3UHQWLFHKDOO,6%1
6SUHDG 6SHFWUXP DQG &'0$ 3ULQFLSOH DQG DSSOLFDWLRQV E\ 9DOHU\ 3 ,SDWRY -RKQ ZLOH\
VRQV/WG,6%1
5HIHUHQFH%RRNV
6SUHDG6SHFWUXP6\VWHPVE\5&'L[RQ,-RKQZLOH\ VRQV/WG,6%1
$-9LWHUEL&'0$3ULQFLSOHRI6SUHDG6SHFWUXP&RPPXQLFDWLRQ$GGLVRQ:HVOH\,6%1
~ 110 ~
(& 352%$%,/,7<$1'672&+$67,&352&(66(6 &U
3UREDELOLW\5DQGRPYDULDEOHVGLVWULEXWLRQDQGGHQVLW\IXQFWLRQVH[SHFWDWLRQFKDUDFWHULVWLFIXQFWLRQVSUREDELOLW\VSDFHV
MRLQW SUREDELOLW\ FRQGLWLRQDO SUREDELOLW\ DQG LQGHSHQGHQFH FRQGLWLRQDO H[SHFWDWLRQ 6HTXHQFHV RI UDQGRP YDULDEOHV
FRQYHUJHQFHFRQFHSWVODZVRIODUJHQXPEHUVFHQWUDOOLPLWWKHRUHP +UV
5DQGRP 9HFWRUV DQG (VWLPDWLRQ 5DQGRP 9HFWRUV &RYDULDQFH FKDUDFWHUL]DWLRQ -RLQWO\ *DXVVLDQ UDQGRP YDULDEOHV
GLVWULEXWLRQ DQG PDVV IXQFWLRQV 6DPSOLQJ WKHRUHP .DUKXQHQ/HHYH H[SDQVLRQ 2UWKRJRQDO LQFUHPHQW SURFHVVHV :KLWH
QRLVHLQWHJUDOV6SHFWUDOUHSUHVHQWDWLRQ +UV
6WRFKDVWLF3URFHVVHV&RQFHSWRIVWRFKDVWLF3URFHVVHV&ODVVLILFDWLRQHQVHPEOH7LPHDYHUDJLQJDQG(UJRGLFLW\0HWKRGV
RI GHVFULSWLRQ 6WDWLRQDULW\ &RYDULDQFH DQG &RUUHODWLRQ FRHIILFLHQW $XWRFRUUHFWLRQ DQG &URVV&RUUHODWLRQ IXQFWLRQV
+UV
6SHFLDO3URFHVVHV0DUNRYSURFHVVHVDQGTXHXLQJWKHRU\:LHQHUSURFHVV3RLVVRQSURFHVVHV*DXVVLDQ3URFHVV +UV
6WRFKDVWLF 3URFHVVHV DQG /LQHDU 6\VWHPV /LQHDU ILOWHULQJ RI 6WRFKDVWLF 3URFHVVHV $5 0$ DQG $50$ 3URFHVVHV
'HWHFWLRQ RI NQRZQ 6LJQDOV 0HDQ 6TXDUH (UURU )LOWHULQJ(VWLPDWLRQ 2SWLPDO )LOWHUV :HLQHU )LOWHU DQG .DOPDQ )LOWHU
6SHFWUDO (VWLPDWLRQ (VWLPDWLQJ D UDQGRP YDULDEOH ZLWK D FRQVWDQW VWRUHG GDWD ZLHQHU ILOWHU 5HDO 7LPH ZLHQHU ILOWHU
+UV
7H[W%RRN
3UREDELOLW\5DQGRPYDULDEOHVDQG6WRFKDVWLFSURFHVVHV$3DSRXOLV 683LOODLQG(G0F*UDZ+LOO
5HIHUHQFH%RRNV
5DQGRP6LJQDOV±.6DP6KDQPXJDP $0%UHLSRKOVW(G:LOH\
3UREDELOLW\6WDWLVWLFVDQG5DQGRP3URFHVVHV$OEHUWR/HRQ*DUFLDUG(GLWLRQ3HDUVRQ3UHQWLFH+DOO
(& 6$7(//,7(&20081,&$7,216<67(06 &U±
,QWURGXFWLRQ
)UHTXHQF\VSHFWUXPIRUVDWHOOLWHFRPPXQLFDWLRQ7\SHVRIRUELWV.HSOHU¶V/DZVRISODQHWDU\PRWLRQ2UELWDOSHUWXUEDWLRQV
*HRVWDWLRQDU\ RUELW 6DWHOOLWH ODXQFKLQJ *HQHUDO VDWHOOLWH FRPPXQLFDWLRQ %ORFN GLDJUDP XSOLQN 'RZQOLQN IUHTXHQFLHV
7\SHV RI PRGXODWLRQ WHFKQLTXHV XVHG RUELWV DQG DOWLWXGH FRQWURO 6DWHOOLWH ODXQFK YHKLFOHV ± $ULDQ 6/9 VSDFH VKXWWOH
+UV
/RVVHV$WWHQXDWLRQ
6LJQDOORVVRQWUDQVPLVVLRQWKURXJKHDUWK¶VDWPRVSKHUH$WPRVSKHULFORVVHV,RQRVSKHULFHIIHFWV5DLQDWWHQXDWLRQ6DWHOOLWH
OLQNEXGJHW7UDQVPLVVLRQORVVHV,QWHUIHUHQFH6\VWHPQRLVHWHPSHUDWXUH/LQNSRZHUEXGJHW +UV
6DWHOOLWHVXEV\VWHPV
$QWHQQDVXEV\VWHPV$WWLWXGHDQGRUELWFRQWUROVXEV\VWHP3RZHUVXEV\VWHP&RPPXQLFDWLRQVXEV\VWHP77& 0VXE
V\VWHPV +UV
6DWHOOLWH$SSOLFDWLRQ
6DWHOOLWH DSSOLFDWLRQ LQ 79 ,QWHUQHW 0RELOH WHOHSKRQ\ 5HFHLYH RQO\ KRPH 79 0DVWHU $QWHQQD 79 /RZ HDUWK RUELW
VDWHOOLWHV\VWHPVDQGXVHV0XOWLSOHDFFHVVWHFKQLTXHV)'0$7'0$667'0$,QWHUIHUHQFHLQ)'0$V\VWHPV+UV
7H[W%RRNV
6DWHOOLWH&RPPXQLFDWLRQ73UDWW &:%RVWLD:LOH\
6DWHOOLWH&RPPXQLFDWLRQ'5RGG\0F*UDKLOO
5HIHUHQFH%RRNV
'LJLWDO6DWHOOLWH&RPPXQLFDWLRQV77+D7DWD0F*UDKLOO
~ 111 ~
3*(& ',*,7$/92,&(6$1'9,'(2&20081,&$7,21 &U±
'LJLWDO VSHHFK FRPPXQLFDWLRQ 'LJLWDO 79 FRPPXQLFDWLRQ &KDUDFWHULVWLFV RI VSHHFK VLJQDOV FKDUDFWHULVWLFV RI SLFWXUH
VLJQDOV6XEMHFWLYHDQGREMHFWLYHWHVWLQJ%LWUDWHVLQVSHHFKDQGSLFWXUHFRPPXQLFDWLRQ +UV
&&,77 UHFRPPHQGDWLRQV IRU VSHHFK GLJLWL]DWLRQ +'79 /RZ UHVROXWLRQ 79 DQG 9LGHR FRQIHUHQFLQJ UHTXLUHPHQWV
7LPHGRPDLQZDYHIRUPFRGLQJRIVSHHFK±3&0'3&0$'3&0'0DQGVXEEDQGFRGLQJIUHTXHQF\GRPDWDQG/3&
YRFRGHUV +UV
&RGLQJ RI PRQRFKURPH DQG FRORU YLGHR VLJQDOV 7UDQVIRUP DQG DGDSWLYH WUDQVIRUP FRGLQJ VXE EDQG FRGLQJ YHFWRU
TXDQWL]DWLRQ,QWHUIUDPHDQG+\EULGFRGLQJ'HOD\HGGHFLVLRQDQGUXQOHQJWKFRGLQJ(IIHFWVRIWUDQVPLVVLRQHUURUV$XGLR
DQG9LGHRFRQIHUHQFLQJ9LGHRWHOHSKRQH +UV
7H[W%RRNV
'LJLWDO&RGLQJRI:DYHIRUPV3ULQFLSOHVDQG$SSOLFDWLRQVWR6SHHFKDQG9LGHR-D\DQW16DQG..QROO3+,
'LJLWDO6SHHFK&RGLQJIRU/RZ%LW5DWH&RPPXQLFDWLRQ6\VWHPV$0.RQGR]-KRQ:LOH\ 6RQV$SU
5HIHUHQFH%RRNV
7HFKQLTXHV 6WDQGDUGVIRU,PDJH9LGHRDQG$XGLR&RGLQJ.55DR --+ZDQJ3+,
(& 0,&52:$9(&20081,&$7,216<67(06 &U±
,QWURGXFWLRQ7UDQVPLVVLRQWUHQGVGLJLWDOWHOHSKRQ\GDWDDQG9LGHRWHFKQLTXHVVHUYLFHVDQGKLHUDUFKLHV0LFURZDYHOLQN
GLJLWDOPLFURZDYHV\VWHPFRQILJXUDWLRQV +UV
6LJQDO 1RLVH EDQGZLGWK RI UDGLR UHFHLYHUV DXWR FRUUHODWLRQ DQG SRZHU VSHFWUDO GHQVLW\ IXQFWLRQ 3ULQFLSOHV RI 3$0
EDVHEDQGWUDQVPLVVLRQWHFKQLTXH3(SHUIRUPDQFHRI0 ±/HYHO3$0 DQG*HQHUDOL]HG'82 ±%,1$5<EDVHEDQG
V\VWHPV3ULQFLSOHVRI36.V\VWHPV0±$5<36.4XDGUDWXUHSDUWLDOUHVSRQVHDQG$5.6\VWHPV +UV
0LFURZDYHDPSOLILHU0LFURZDYHDPSOLILFDWLRQGHYLFHV6ROLGVWDWH3RZHUDPSOLILHUSHUIRUPDQFHSDUDPHWULFDPSOLILHU
,03$77DQG75$3$77 7(GHYLFHV5HOLDELOLW\REMHFWLYHVIRUFRPPXQLFDWLRQV\VWHPV6\VWHPJDLQ ±WKHFRQFHSWDQG
DSSOLFDWLRQV0XOWLSDWK)DGLQJ)UHTXHQF\VHOHFWLYHIDGLQJ(IIHFWRIFRFKDQQHOLQWHUIHUHQFHDQGJDLQRIGLJLWDOV\VWHPV
0$5<36.DQG4$0PLFURZDYHV\VWHPV5DGLRV\VWHPSHUIRUPDQFHGHVLJQJXLGHOLQHV +UV
&RUUHODWLYH WHFKQLTXHV DQG DSSOLFDWLRQV WR GLJLWDO UDGLR V\VWHP (UURU GHWHFWLRQ LQ FRUUHODWLYH V\VWHPV FRGLQJ DQG
PRGXODWLRQLQFRUUHODWLYHV\VWHPV'LJLWDOPLFURZDYHV\VWHPGHVLJQ)&&UHJXODWLRQ &&,5UHFRPPHQGDWLRQUHODWHGWR
GLJLWDOUDGLRV\VWHPGHVLJQGLYHUVLW\DQGSURWHFWLRQVZLWFKLQJWHFKQLTXH +UV
6\VWHPV 5DGDU WUDQVPLWWHU DQG UHFHLYHU SKDVHG DUUD\ VFDQQLQJ W\SLFDO PLFURZDYH DQWHQQDV DQG SDVVLYH PLFURZDYH
FRPSRQHQWVPLFURVWULSDQWHQQDV5HVHDUFKDQGGHYHORSPHQWWUHQGVDQGXQUHVROYHGK\EULG'29',9'$9 '$9,'
6\VWHPVSUREOHPV +UV
7H[W%RRNV
0LFURZDYH'HYLFHVDQG&LUFXLWV6</LDR3+,
0LFURZDYH(QJLQHHULQJ'03R]DU-RKQ:LOH\ 6RQV,QF
5HIHUHQFH%RRNV
0LFURZDYHV.&*XSWD:LOH\(DVWHUQ/LPLWHG
&RPPXQLFDWLRQ6\VWHPV6LPRQ+D\NLQV-RKQ:LOH\
(& :,5(/(666(16251(7:25. &U
,QWURGXFWLRQ %DVLF &RQFHSWV 3ODWIRUPV 6WDQGDUGL]DWLRQ DUFKLWHFWXUH DQG SURWRFROV $SSOLFDWLRQV LQ PLOLWDU\
HQYLURQPHQWKHDOWKFDUHLQGXVWU\DQGHQHUJ\IDFWRUVLQIOXHQFLQJ:61'HVLJQ +UV
3K\VLFDO 0$& /D\HU 3+< OD\HU VWDQGDUG ,((( 0$& FKDOOHQJHV 0$& SURWRFROV IRU 6HQVRU 1HWZRUN
&RQWHQWLRQEDVHG60$&%0$&&&0$&UHVHUYDWLRQEDVHG75$0$ +\EULG0$&=HEUD0$& +UV
~ 112 ~
1HWZRUN 7UDQVSRUW OD\HU 5RXWLQJ FKDOOHQJHV 'DWD &HQWULF DQG )ODW DUFKLWHFWXUH SURWRFRO63,1 +LHUDUFKLFDO
SURWRFRO /($&+*HRJUDSKLFDO URXWLQJ SURWRFRO 0(&1 4RV EDVHG 3URWRFRO6$5&KDOOHQJHV RI 7UDQVSRUW OD\HU
7UDQVSRUW/D\HUSURWRFROV36)4 &2'$ +UV
&URVV/D\HU6ROXWLRQV,QWHUOD\HU(IIHFWV&URVVOD\HU,QWHUDFWLRQV0$&1HWZRUN0$&$SSOLFDWLRQ1HWZRUNDQG3+<
7UDQVSRUW±3+<FURVVOD\HUPRGXOH +UV
/RFDOL]DWLRQ &KDOOHQJHV LQ ORFDOL]DWLRQ 5DQJLQJ 7HFKQLTXHV 5DQJH EDVHG /RFDOL]DWLRQ SURWRFROV 5DQJH)UHH
/RFDOL]DWLRQ3URWRFRO +UV
7LPH 6\QFKURQL]DWLRQ &KDOOHQJHV IRU 7LPH V\QFKURQL]DWLRQ 7LPLQJ 6\QF SURWRFRO IRU VHQVRU QHWZRUN 7361 7LPH
'LIIXVLRQ6\QFKURQL]DWLRQSURWRFRO7'35DWHEDVHGGLIIXVLRQSURWRFRO5'3 +UV
7H[W%RRNV
,DQ)$N\LOGL]DQG0HKPHW&DQ9XUDQ³:LUHOHVV6HQVRU1HWZRUNV´:LOH\
:DOWHQHJXV'DUJLH DQG &KULVWLDQ 3RHOODEDXHU ³)XQGDPHQWDOV RI :LUHOHVV 6HQVRU 1HWZRUNV 7KHRU\ DQG
3UDFWLFH´:LOH\
5HIHUHQFH%RRNV
-XQ=KHQJDQG$EEDV-DPDOLSRXU³:LUHOHVV6HQVRU1HWZRUNV$1HWZRUNLQJ3HUVSHFWLYH´:LOH\
& 5DJKDYHQGUD . 6LYDOLQJDP 7 =QDWL ³:LUHOHVV 6HQVRU 1HWZRUN´ 6SULQJHU ,6%1 $XJXVW
(& 02%,/7<0$1$*(0(17&5
,QWURGXFWLRQ
0RELOLW\PDQDJHPHQWQHFHVVLW\DQGUHTXLUHPHQWIRUZLUHOHVVFRPPXQLFDWLRQ +UV
0RELOLW\
%DFNJURXQG 0RELOLW\ PDQDJHPHQW IXQFWLRQV 0RELOLW\ 0DQDJHPHQW 7HFKQLTXHV 3URILOH 5HSOLFDWLR 5HODWHG :RUN
9DULRXVPRELOLW\PRGHOV6XPPDU\DQGSUREOHPV +UV
2II/LQH5HSOLFDWLRQ
5HODWHG :RUN 2SWLPL]DWLRQ 2EMHFWLYHV 5HSOLFDWLRQ IRU 8QLFDVW 5HSOLFD 8SGDWH 85 5HSOLFDWLRQ IRU 0XOWLFDVW 5HSOLFD
8SGDWH05&RPSDULVRQEHWZHHQ85DQG056XPPDU\DQGSUREOHPV +UV
2Q/LQH5HSOLFDWLRQ
5HODWHG:RUN(GJH$OJRULWKPV7UHH$OJRULWKPV,PSOHPHQWDWLRQ,VVXHV6XPPDU\DQGSUREOHPV
+UV
&RPSXWHU6LPXODWLRQV
6LPXODWLRQ(QYLURQPHQW2II/LQH5HSOLFDWLRQ2Q/LQH5HSOLFDWLRQ6XPPDU\DQGSUREOHPV +UV
7H[W%RRNV
0RELOLW\ 0DQDJHPHQWLQ :LUHOHVV 1HWZRUNV 'DWD5HSOLFDWLRQ6WUDWHJLHVDQG$SSOLFDWLRQV7LDQ.DUHQ4 &R[
'RQDOG&±6SULQJHU
5HIHUHQFH%RRNV
0RELOHFRPSXWLQJ5DMNDPDO2[IRUG8QLY3UHVV
~ 113 ~
6&+22/2)(/(&7521,&6(1*,1((5,1*
63(&,$/,=$7,219/6,'(6,*1 (0%(''('6<67(06
(& ',*,7$/9/6,&,5&8,76 &U
,VVXHVRI'LJLWDO,&'HVLJQ*HQHUDORYHUYLHZRIGHVLJQKLHUDUFK\OD\HUVRIDEVWUDFWLRQLQWHJUDWLRQGHQVLW\DQG0RRUH¶V
ODZ9/6,GHVLJQVW\OHVSDFNDJLQJVW\OHVGHVLJQDXWRPDWLRQSULQFLSOHV&KDOOHQJHVSRZHUWLPLQJDUHDQRLVHWHVWDELOLW\
UHOLDELOLW\DQG\LHOG +UV
%DVLF&LUFXLW&RQFHSWV,QWURGXFWLRQWR026WUDQVLVWRUWKHRU\VKHHWUHVLVWDQFHDQGDUHDFDSDFLWDQFHVRIOD\HUVGULYLQJ
SURSDJDWLRQGHOD\PRGHOVRIFDVFDGHGSDVVWUDQVLVWRUVZLULQJFDSDFLWDQFHV +UV
6WLFNGLDJUDPDQGOD\RXWGHVLJQGHVLJQUXOHVWUDQVLVWRUVFDOLQJFRQVWDQWILHOGVFDOLQJFRQVWDQWYROWDJHVFDOLQJ+UV
7KH &026 LQYHUWHU 97& VZLWFKLQJ EHKDYLRU QRLVH PDUJLQV SRZHU GLVVLSDWLRQ DQDO\WLFDO GHOD\ PRGHO $QDO\VLV RI
RWKHULQYHUWHUVUHVLVWLYHORDGLQYHUWHUVDWXUDWHGORDG1026LQYHUWHUDQGRWKHUV'HVLJQRILQYHUWHUODUJHFDSDFLWLYHORDGV
DQGVXSHUEXIIHUV +UV
6WDWLF &026 /RJLF FRPSOH[ &026 ORJLF JDWHV WUDQVLVWRU VL]LQJ LQ VWDWLF &026 ORJLF UDWLRHG ORJLFSVHXGRQPRV
ORJLFDOHIIRUWGHOD\HVWLPDWLRQDQGGHOD\PLQLPL]DWLRQSDVVWUDQVLVWRUORJLFWUDQVPLVVLRQJDWHV KUV
'\QDPLF &026 GHVLJQ VWHDG\VWDWH EHKDYLRU RI G\QDPLF JDWH FLUFXLWV QRLVH FRQVLGHUDWLRQV LQ G\QDPLF GHVLJQ FKDUJH
OHDNDJHFKDUJHVKDULQJFDVFDGLQJG\QDPLFJDWHVGRPLQRORJLFQS&026ORJLFSUREOHPVLQVLQJOHSKDVHFORFNLQJWZR
SKDVHQRQRYHUODSSLQJFORFNLQJVFKHPH +UV
'LIIHUHQWORJLFIDPLOLHVOLNH&3/'&96/HWF6HTXHQWLDO&026/RJLF&LUFXLWV +UV
'\QDPLF 5DQGRP $FFHVV0HPRULHV'5$06WDWLF5$0QRQYRODWLOH PHPRULHV IODVKPHPRULHVORZSRZHU PHPRU\
+UV
7H[W%RRNV
&026'LJLWDO,QWHJUDWHG&LUFXLWV6XQJ0R.DQJDQG<XVXI/HEOHELFLUGHGLWLRQ70+
'LJLWDO,QWHJUDWHG&LUFXLWV$'HVLJQ3HUVSHFWLYH-05DEDH\$QDQWKD&KDQGUDNDVDQDQG%RULYRMH1LNROLF QG
(GLWLRQ3+,
5HIHUHQFH%RRNV
&0269/6,'HVLJQ$FLUFXLWVDQG6\VWHPV3HUVSHFWLYH:HVW+DUULVDQG%DQHUMHH UGHGLWLRQ3HDUVRQ
(GXFDWLRQ
,QWURGXFWLRQWR9/6,&LUFXLWDQG6\VWHPV-RKQ38\HPXUD WK5HSULQW:LOH\,QGLD
(VVHQWLDOVRI9/6,&LUFXLWVDQG6\VWHPV(VKUDJKLDQ3XFNQHVVDQG(VKUDJKLDQH3HDUVRQ(GXFDWLRQ
0RGHUQ9/6,'HVLJQ6\VWHPRQ&KLS'HVLJQ:D\QH:ROIHUGHG3HDUVRQ(GXFDWLRQ
0RGHUQ9/6,'HVLJQ,3%DVHG'HVLJQ:D\QH:ROIHH3+,
(& (0%(''('6<67(0'(6,*1 &U
,QWURGXFWLRQ ,QWURGXFWLRQ WR HPEHGGHG V\VWHPV 'HVLJQ VWDQGDUGV &KDUDFWHULVWLFV RI HPEHGGHG V\VWHPV 3HULSKHUDOV DQG
LQWHUIDFLQJ6\VWHPRQ&KLSSDUDGLJP +UV
0RGHOLQJ7HFKQLTXHV)LQLWHVWDWHPDFKLQHVPRGHOV3HWULQHWV(YHQWQHWV'DWDIORZDQG&RQWUROIORZPRGHOV)ORZFKDUW
EDVHG PRGHOV 6SHFLILFDWLRQ DQG UHSUHVHQWDWLRQ RI HPEHGGHG V\VWHPV %HKDYLRXUDO DQG 6WUXFWXUDO KLHUDUFK\ 'DWD GULYHQ
DQG &RQWUROGULYHQ FRQFXUUHQF\ &RPPXQLFDWLRQ DQG V\QFKURQL]DWLRQ 7LPLQJ +DUGZDUH GHVLJQ ODQJXDJHV 9HULORJ
9+'/6\VWHP&6WDWH&KDUWV +UV
+DUGZDUH6RIWZDUH &RGHVLJQ +DUGZDUH VRIWZDUH SDUWLWLRQLQJ DQG VFKHGXOLQJ +DUGZDUH DQG 6RIWZDUH HVWLPDWLRQ
PRGHOV &RVLPXODWLRQ V\QWKHVLV DQG YHULILFDWLRQV $UFKLWHFWXUH PDSSLQJ +:6: ,QWHUIDFHV DQG 5HFRQILJXUDEOH
FRPSXWLQJ6\VWHPOHYHOSRZHUPDQDJHPHQW7UDGHRIIV +UV
6\VWHPRQ&KLSDQG,3FRUHV&RUHEDVHGGHVLJQV2QFKLSQHWZRUNLQJ +UV
(PEHGGHGSURFHVVRUV$500,363RZHU3&HWFDORQJZLWKWKHLUSURJUDPPLQJ)3*$&3/''63EDVHGFRQWUROOHUV
+UV
~ 114 ~
(PEHGGHG EXV DUFKLWHFWXUH %XV DUFKLWHFWXUH DQG WUDQVDFWLRQV VHULDO LQWHUFRQQHFWV QHWZRUNHG HPEHGGHG V\VWHPV EXV
SURWRFROV&$1EXV +UV
6RIWZDUH IRU (PEHGGHG 6\VWHPV 7LPHFULWLFDO ,2 KDQGOLQJ (PEHGGHG VRIWZDUH GHVLJQ XQGHU VL]H SHUIRUPDQFH DQG
UHOLDELOLW\ FRQVWUDLQWV 6RIWZDUH WLPLQJ DQG IXQFWLRQDO YDOLGDWLRQ 3URJUDPPLQJ PHWKRGV DQG FRPSLODWLRQ IRU HPEHGGDEOH
VRIWZDUH5HDOWLPHRSHUDWLQJV\VWHPV'HYLFHGULYHUV6\VWHPOHYHOWHVWLQJDQGUHOLDELOLW\LVVXHV +UV
&DVHVWXG\RIHPEHGGHGV\VWHPGHVLJQWRROVDQGUHDOZRUOGHPEHGGHGGHVLJQV +UV
7H[W%RRNV
:D\QH:ROI&RPSXWHUVDV&RPSRQHQWV3ULQFLSOHVRI(PEHGGHG&RPSXWLQJ6\VWHPV'HVLJQ0RUJDQ.DXIPDQQ
)UDQN 9DKLG DQG 7RQ\ *LYDUJLV (PEHGGHG 6\VWHP 'HVLJQ $ 8QLILHG +DUGZDUH6RIWZDUH ,QWURGXFWLRQ -RKQ
:LOH\
5HIHUHQFH%RRN
(PEHGGHG6\VWHP'HVLJQ3HWHU0DUZHGHO6SULQJHU
(PEHGGHG6\VWHPV5DM.DPDOH70+
(& 026'(9,&(02'(/,1* &U
5HYLHZ RI VHPLFRQGXFWRU IXQGDPHQWDOV 3 1 MXQFWLRQ FKDUDFWHULVWLFV PHWDOVHPLFRQGXFWRU FRQWDFWV HQHUJ\ EDQG
GLDJUDP +UV
026)(7 7UDQVLVWRUV 026)(7 VWUXFWXUH 026)(7 RSHUDWLRQ 7KUHVKROG YROWDJH ,9 FKDUDFWHULVWLFV 026
FDSDFLWDQFHV026&KDUJHFRQWUROPRGHO8QLILHG&KDUJH&RQWURO0RGHO6LPSOH*UDGXDO&KDQQHO$SSUR[LPDWLRQ&KDUJH
&RQWURO 0RGHO 9HORFLW\ VDWXUDWLRQ PRGHO FDSDFLWDQFH PRGHOV &9 FKDUDFWHULVWLFV ± ORZ DQG KLJK IUHTXHQF\ $& VPDOO
VLJQDOPRGHO +UV
6HFRQG RUGHU QRQLGHDO HIIHFWV ERG\ HIIHFW YHORFLW\ VDWXUDWLRQ DQG PRELOLW\ GHJUDGDWLRQ VKRUWFKDQQHO HIIHFWV QDUURZ
ZLGWKHIIHFWVFKDQQHOOHQJWKPRGXODWLRQFKDUJHVKDULQJPRGHO +UV
+RWFDUULHUHIIHFWVGUDLQSXQFKWKURXJKVXEWKUHVKROGRSHUDWLRQMXQFWLRQOHDNDJHWHPSHUDWXUHHIIHFWWXQQHOLQJHIIHFWJDWH
WXQQHOLQJGUDLQLQGXFHGEDUULHUORZHULQJ',%/JDWHLQGXFHGGUDLQOHDNDJH*,'/ +UV
1RLVHPRGHOLQJQRLVHVRXUFHVLQ026)(7)OLFNHUQRLVHWKHUPDOQRLVH +UV
026)(70RGHOV/(9(//(9(//(9(/%6,0(.90RGHOV +UV
7H[W%RRNV
026)(70RGHOLQJZLWK63,&(3ULQFLSOHDQG3UDFWLFH'DQLHO3)RUW\ VWHG3HDUVRQ3+,
'HYLFH(OHFWURQLFVIRU,QWHJUDWHG&LUFXLWV560XOOHUDQG.DPLQVVWHGLWLRQ-RKQ:LOH\DQG6RQV
5HIHUHQFH%RRNV
3HUDWLRQDQG0RGHOLQJRIWKH0267UDQVLVWRU<7VLYLGLV QGHGLWLRQ0*+3XEOLVKHUV
6ROLG6WDWH(OHFWURQLF'HYLFHV6WUHHWPDQDQG%DQHUMHH WKHGLWLRQ3+,
(& 7(67,1*2)9/6,&,5&8,76 &U
,QWURGXFWLRQWR9/6,WHVWLQJWHVWSURFHVVDQGDXWRPDWLFWHVWHTXLSPHQWWHVWHFRQRPLFVDQGSURGXFWTXDOLW\WHVWHFRQRPLFV
+UV
3K\VLFDOIDXOWVDQGWKHLUPRGHOLQJ)DXOWHTXLYDOHQFHDQGGRPLQDQFHIDXOWFROODSVLQJ)DXOWVLPXODWLRQSDUDOOHOGHGXFWLYH
DQGFRQFXUUHQWWHFKQLTXHVFULWLFDOSDWKWUDFLQJ +UV
7HVWDELOLW\ PHDVXUH FRQWUROODELOLW\ DQG REVHUYDELOLW\ PHDVXUH IRU ERWK FRPELQDWLRQDO DQG VHTXHQWLDO FLUFXLWV
+UV
~ 115 ~
7HVW JHQHUDWLRQ IRU FRPELQDWLRQDO FLUFXLWV %RROHDQ GLIIHUHQFH 'DOJRULWKP 32'(0 HWF ([KDXVWLYH UDQGRP DQG
ZHLJKWHG WHVW SDWWHUQ JHQHUDWLRQ DOLDVLQJ DQG LWV HIIHFW RQ IDXOW FRYHUDJH 7HVW SDWWHUQ JHQHUDWLRQ IRU VHTXHQWLDO FLUFXLWV
+UV
'HVLJQIRU7HVWDELOLW\DGKRFDQGVWUXFWXUHVWHFKQLTXHVVFDQSDWKDQG/66')XOOSDUWLDO5DQGRP$FFHVVVFDQ%XLOWLQ
VHOIWHVW%,67WHFKQLTXHV +UV
0HPRU\7HVWLQJSHUPDQHQWLQWHUPLWWHQWDQGSDWWHUQVHQVLWLYHIDXOWV +UV
%RXQGDU\VFDQ2WKHUDGYDQFHGWRSLFVLQWHVWLQJ +UV
7H[W%RRNV
(VVHQWLDOVRI(OHFWURQLF7HVWLQJ0/%XVKQHOODQG9'$JUDZDO VWHGLWLRQ6SULQJHU
'LJLWDO6\VWHPV7HVWLQJDQG7HVWDEOH'HVLJQ0$EUDPRYLFL0$%UHXHUDQG$')ULHGPDQ-DLFR
3XEOLVKLQJ+RXVH
5HIHUHQFH%RRNV
7HVWLQJRI'LJLWDO6\VWHPV1.-KDDQG6*XSWD VWHGLWLRQ&DPEULGJH8QLYHUVLW\3UHVV
9/6,7HVW3ULQFLSOHVDQG$UFKLWHFWXUHV:DQJ:XDQG:HQ0RUJDQ.DXIPDQ(OVHYLHU
%XLOWLQ7HVWIRU9/6,3VHXGRUDQGRP7HFKQLTXHV3+%DUGHOO:+0F$QQH\DQG-6DYLUH-RKQ
:LOH\ 6RQV
)DXOW7ROHUDQWDQG)DXOW7HVWDEOH+DUGZDUH'HVLJQ3./DOD%63SXEOLVKHUV
'HOD\)DXOW7HVWLQJIRU9/6,&LUFXLWV$.UVWLFDQG.7&KHQJ6SULQJHU
$QDORJDQG0L[HG6LJQDO%RXQGDU\6FDQ$2VVHLUDQ(G6SULQJHU
(& ',*,7$/6<67(0'(6,*1 &U
)URP VSHFLILFDWLRQ WR VLOLFRQ $EVWUDFWLRQ OHYHOV LQ 9/6, GHVLJQ KDUGZDUH GHVFULSWLRQ ODQJXDJH 'HVLJQ IORZ IRU +'/
EDVHG$6,&VDQG)3*$ +UV
,QWURGXFWLRQ WR 9HULORJ +'/ GLIIHUHQW OHYHOV RI PRGHOLQJ EDVLF FRQFHSWV 9HULORJ SULPLWLYHV NH\ZRUGV RSHUDWRUV GDWD
W\SHV 9HULORJ PRGXOHV DQG SRUWV 6WUXFWXUDO PRGHOLQJ JDWH W\SH GHVLJQ KLHUDUFK\ JDWH GHOD\ SURSDJDWLRQ GHOD\ ORJLF
VLPXODWLRQGHVLJQYHULILFDWLRQDQGWHVWLQJWHVWEHQFKZULWLQJ'DWDIORZOHYHOPRGHOLQJFRQWLQXRXVDVVLJQPHQWVRSHUDWRUV
DQGRSHUDQGVRSHUDWRUW\SHVH[DPSOHV%HKDYLRUDOPRGHOLQJ +UV
,QWURGXFWLRQWR9+'/([DPSOHVRIGHVLJQXVLQJ9+'/ +UV
6\QWKHVLV RI FRPELQDWLRQDO DQG VHTXHQWLDO ORJLF ORJLF V\QWKHVLV 57/ V\QWKHVLV KLJKOHYHO V\QWKHVLV V\QWKHVLV GHVLJQ
IORZV\QWKHVLVRIFRPELQDWLRQDOORJLFH[DPSOHPDJQLWXGHFRPSDUDWRUHWFV\QWKHVLVRIVHTXHQWLDOORJLFV\QWKHVLVRIVWDWH
PDFKLQH UHJLVWHUV FRXQWHUV VHTXHQFH GHWHFWRU YHQGLQJ PDFKLQHV WUDIILF OLJKW FRQWUROOHU GHVLJQ SDUWLWLRQLQJ %DVLF
FRQFHSWVRIKLJKOHYHOV\QWKHVLVSDUWLWLRQLQJVFKHGXOLQJDOORFDWLRQDQGELQGLQJ7HFKQRORJ\PDSSLQJDQG6WDWLF7LPLQJ
$QDO\VLV +UV
/RJLF 'HVLJQ VZLWFK ORJLF JDWH UHVWRULQJ ORJLF 3URJUDPPDEOH /RJLF $UUD\ 3/$V )LQLWH 6WDWH 0DFKLQH )60 *DWH
DUUD\ DSSURDFK &3/' )3*$ VWDQGDUG FHOO DSSURDFK &RXQWHU DUFKLWHFWXUH $/8 DUFKLWHFWXUH ODWFKHV DQG IOLSIORSV
+UV
&DVH6WXG\'HVLJQ ([DPSOHLQVWUXFWRU PD\FKRRVHDQ\ VXLWDEOHGLJLWDOV\VWHPVXFKDV8$57$ 5,6&3URFHVVRUHWF
+UV
7H[W%RRNV
9HULORJ+'/$*XLGHWR'LJLWDO'HVLJQDQG6\QWKHVLV6DPLU3DOQLWNDU QGHGLWLRQ3HDUVRQ(GXFDWLRQ
9HULORJ'LJLWDO6\VWHP'HVLJQ=DLQDODEHGLQ1DYDEL QGHGLWLRQ70+
5HIHUHQFH%RRNV
3ULQFLSOHVRI'LJLWDO6\VWHP'HVLJQXVLQJ9+'/&+5RWK&HQJDJH/HDUQLQJ
$GYDQFHG'LJLWDO'HVLJQZLWKWKH9HULORJ+'/0LFKDHO'&LOHWWL VWHGLWLRQ3+,
&LUFXLW'HVLJQDQG6LPXODWLRQZLWK9+'/9$3HGURQL QGHGLWLRQ3+,
$9+'/3ULPHU-%KDVNHUUGHGLWLRQ3HDUVRQ
9HULORJ+'/6\QWKHVLV$3UDFWLFDO3ULPHU-%KDVNHU%633XEOLVKHUV
)3*$%DVHG6\VWHP'HVLJQ:D\QH:ROIVWHGLWLRQ3HDUVRQ
~ 116 ~
(& $1$/2*&0269/6,&,5&8,76 &U
,QWURGXFWLRQ $QDORJ FLUFXLWV LQ 9/6, 2YHUYLHZ RI FLUFXLW SHUIRUPDQFH FRPSDULVRQ LQ %LSRODU %L&026 DQG &026
WHFKQRORJLHV 5HYLHZ RI 026 WUDQVLVWRU WKHRU\ ODUJH VLJQDO DQG VPDOO VLJQDO PRGHOV RI 026 WUDQVLVWRUV )HHGEDFN
WRSRORJLHVDQG6WDELOLW\WKHRU\ +UV
$PSOLILHUV%DVLFDPSOLILHUWRSRORJLHVDQGWKHLUFKDUDFWHULVWLFVFRPPRQVRXUFHVWDJHDPSOLILHU&DVFRGHDPSOLILHUV%DVLF
GLIIHUHQWLDOSDLU'LIIHUHQWLDODPSOLILHUZLWKDFWLYHORDG7ZRVWDJHGLIIHUHQWLDODPSOLILHU$QDO\VLVIRUGLIIHUHQWSHUIRUPDQFH
SDUDPHWHUVPLOOHUHIIHFWW\SHVRIQRLVHQRLVHLQVLQJOHVWDJHDPSOLILHUVDQGGLIIHUHQWLDOSDLUV3ROH]HURFRPSHQVDWLRQDQG
'HVLJQ +UV
%LDVLQJ FLUFXLWV %DVLF DQG FDVFRGH FXUUHQW PLUURUV &XUUHQW DQG 9ROWDJH UHIHUHQFHV EDQGJDS UHIHUHQFH )ROGHG FDVFRGH
DPSOLILHU +UV
2SHUDWLRQDO DPSOLILHU GHVLJQ RI &026 RSDPS RQHVWDJH RSDPS WZRVWDJH RSDPS FDVFDGH RSDPS SHUIRUPDQFH
SDUDPHWHUVDQGDQDO\VLVFRPSHQVDWLRQRIRSDPSV +UV
&RPSDUDWRU6LPSOHFRPSDUDWRU6ZLWFKEDVHGFRPSDUDWRU/DWFKEDVHGFRPSDUDWRU +UV
2VFLOODWRU5LQJRVFLOODWRU/&RVFLOODWRU9ROWDJHFRQWURORVFLOODWRU +UV
7HVW%RRNV
'HVLJQRI$QDORJ&026,QWHJUDWHG&LUFXLWV%HKDG5D]DYL VWHGLWLRQ70+
&026$QDORJ&LUFXLW'HVLJQ$OOHQDQG+ROEHUJ,QWHUQDWLRQDOQGHGLWLRQ2[IRUG
5HIHUHQFH%RRNV
9/6,'HVLJQ7HFKQLTXHVIRU$QDORJDQG'LJLWDO&LUFXLWV*HLJHU$OOHQDQG6WUDGHU VWHGLWLRQ70+
$QDORJ,QWHJUDWHG&LUFXLW'HVLJQ'$-RKQVDQG.0DUWLQH:LOH\,QGLD
$QDO\VLVDQG'HVLJQRI$QDORJ,QWHJUDWHG&LUFXLWV*UD\DQG0H\HU WKHGLWLRQ:LOH\
&026&LUFXLW'HVLJQ/D\RXWDQG6LPXODWLRQ%DNHU/LDQG%R\FH,QGLDQHGLWLRQ VWHGLWLRQ3+,
(& 9/6,7(&+12/2*< &U
6HPLFRQGXFWRU UHYLHZ DQG VXUYH\ RI ,& SURFHVVLQJ ± 5RDGPDS 6LOLFRQ FU\VWDO JURZWK DQG ZDIHU SUHSDUDWLRQ 8QLW
3URFHVVHV6XEVWUDWHFOHDQLQJ2[LGDWLRQ+LJKNDQGORZNGLHOHFWULFV +UV
'RSLQJ WHFKQLTXHV 'LIIXVLRQ ,RQ LPSOHPHQWDWLRQ 3DWWHUQ WUDQVIHU PDVN PDNLQJ GLIIHUHQW OLWKRJUDSK\ WHFKQLTXHV
RSWLFDO[UD\(%HDP,RQ%HDPDQGODWHVWWHFKQLTXHV +UV
9DFXXPVFLHQFH SODVPDV(WFKLQJZHWDQGGU\HWFKLQJWHFKQLTXHV,VRWURS\DQLVRWURS\VHOHFWLYLW\ZHWSODVPD5,%(
HWFDQQHDOLQJWHFKQLTXHV +UV
7KLQ ILOPV 3K\VLFDO GHSRVLWLRQ HYDSRUDWLRQ DQG VSXWWHULQJ &KHPLFDO 9DSRU 'HSRVLWLRQ WHFKQLTXHV (SLWD[LDO JURZWK
+UV
3URFHVVLQWHJUDWLRQ'HYLFHLVRODWLRQWHFKQRORJ\MXQFWLRQGLHOHFWULF/2&26WUHQFKHWFVHOIDOLJQHGSURFHVV5HVLVWRUV
DQG&DSDFLWRUV$GYDQFHVLQ%LSRODU026DQG%,&026SURFHVVWHFKQRORJLHV62,'HYLFHV+UV
$FDVHVWXG\XVLQJSURFHVVVLPXODWLRQWRROV +UV
7H[W%RRNV
9/6,7HFKQRORJ\&<&KDQJDQG606]H(G0F*UDZ+LOO&RPSDQLHV,QF
9/6,)DEULFDWLRQ3ULQFLSOHV6.*KDQGKL QGHGLWLRQ-RKQ:LOH\,QF1HZ<RUN
5HIHUHQFH%RRNV
9/6,7HFKQRORJ\606]H(GQG(GLWLRQ0F*UDZ+LOO
³3ULQFLSOHVRI0LFURHOHFWURQLFV7HFKQRORJ\´'1DJFKRXGKDUL:KHHOHU,QGLD
6LOLFRQ9/6,7HFKQRORJ\)RXQGDPHQWDOV3UDFWLFHV 0RGHOLQJE\3%*ULIILQH3HDUVRQ(GXFDWLRQ
7KH6FLHQFHDQG(QJLQHHULQJRI0LFURHOHFWURQLF)DEULFDWLRQ6WHSKDQ$&DPSEHOOH2[IRUG
~ 117 ~
(& 0,&52&21752//(5%$6(''(6,*1 &U
*HQHUDO0LFURFRQWUROOHUV,QWURGXFWLRQWRWKH PLFURFRQWUROOHUVIHDWXUHVDUFKLWHFWXUHPHPRU\RUJDQL]DWLRQ
DGGUHVVLQJ PRGHV LQVWUXFWLRQ VHW DVVHPEO\ SURJUDPPLQJ VRIWZDUH GHYHORSPHQW WRROV SDUDOOHO ,2 SRUWV LQWHUUXSWV
WLPHUVFRXQWHUV VHULDO FRPPXQLFDWLRQ GDWD DQG FRQWURO WUDQVIHU RSHUDWLRQV VHULDO GDWD WUDQVPLVVLRQV SURJUDPPLQJ DQG
LQWHUIDFLQJXVLQJ2YHUYLHZRI$WPHOPLFURFRQWUROOHUV +UV
3,&0LFURFRQWUROOHUV$QLQWURGXFWLRQWR3,&PLFURFRQWUROOHUV3,&6HULHVDQG3,&VHULHVPLFURFRQWUROOHUVDQG3,&
IDPLO\ RI PLFURFRQWUROOHUV DUFKLWHFWXUH LQVWUXFWLRQ VHW SURJUDPPLQJ XVLQJ DVVHPEO\ DQG & ODQJXDJHV RI WKH 3,&
PLFURFRQWUROOHUV LQWHUIDFLQJ 3,& 0LFURFRQWUROOHU WR RWKHU GHYLFHV DSSOLFDWLRQV RI 3,& PLFURFRQWUROOHUV
+UV
$950LFURFRQWUROOHUV,QWURGXFWLRQ$955,6&PLFURFRQWUROOHUDUFKLWHFWXUH$95LQVWUXFWLRQVVHW$95KDUGZDUHGHVLJQ
LVVXHVKDUGZDUHDQGVRIWZDUHLQWHUIDFLQJZLWK$95FRPPXQLFDWLRQVOLQNVIRUWKH$95$95V\VWHPGHYHORSPHQWWRROV
+UV
$95 0LFURFRQWUROOHUV )DPLO\ ,QWURGXFWLRQ WR $95 IDPLO\ RI PLFURFRQWUROOHUV ,QWURGXFWLRQ WR $70(*$ DQG
$76PLFURFRQWUROOHUVSURJUDPPLQJRI$70(*$XVLQJ&DQGDVVHPEO\ODQJXDJHVLQWHUIDFLQJRI$70(*$WR
RWKHUPRGXOHV +UV
'HVLJQXVLQJ0LFURFRQWUROOHUV'HVLJQRIHPEHGGHGV\VWHPVXVLQJDWFDSSOLFDWLRQVLQWKHDUHDRILQGXVWULDOFRQWURO
URERWLFV (PEHGGHG GHVLJQ XVLQJ 3,& IRU DSSOLFDWLRQV LQ DXWRPDWHG YHKLFOHV (PEHGGHG V\VWHP GHVLJQ XVLQJ $95 IRU
DSSOLFDWLRQVLQPS03(*GHFRGHUHWF +UV
7H[W%RRNV
7KH0LFURFRQWUROOHUDQG(PEHGGHG6\VWHPXVLQJ$VVHPEO\DQG&H0XKDPPDG$OL0D]LGL-*0D]LGL
DQG50F.LQOD\QGHGLWLRQ3HDUVRQ(GXFDWLRQ,QGLD
7KH0LFUR&RQWUROOHU±$\DODUGHGLWLRQ&HQJDJHOHDUQLQJ
5HIHUHQFH%RRNV
'HVLJQLQJZLWK3,&0LFURFRQWUROOHUV-RKQ%3HDWPDQVWHGLWLRQ
(PEHGGHGV\VWHPVDQGURERWVSURMHFWVXVLQJPLFURFRQWUROOHU6XEUDWD*KRVKDO&HQJDJHOHDUQLQJ
0LFURFRQWUROOHUV7KHRU\DQG$SSOLFDWLRQV$MD\'HVKPXNK QGHGLWLRQ70+
3URJUDPPLQJDQGFXVWRPL]LQJWKH$950LFURFRQWUROOHU'KDQDQMD\9*DGUH VWHGLWLRQ70+
(& 0,;('6,*1$/,&'(6,*1 &U
,QWURGXFWLRQ WR 0L[HGVLJQDO GHVLJQ 'DWD FRQYHUWHUV ,QWURGXFWLRQ DQG FKDUDFWHUL]DWLRQ RI $'& DQG '$&
+UV
%ORFNGLDJUDPRI6$5$'&'HVLJQRI6$5$'&:RUNLQJSULQFLSOHDQGDUFKLWHFWXUHRIDIROGLQJDQGLQWHUSRODWLRQ$'&
'HVLJQRIVDPSOHDQGKROGDPSOLILHU'HVLJQRIIROGLQJDPSOLILHUDQGLQWHUSRODWLRQQHWZRUN +UV
:RUNLQJSULQFLSOHYDULRXVDUFKLWHFWXUHDQGGHVLJQRIGLIIHUHQWKLJKVSHHG$'&VHJIODVK$'&SLSHOLQH$'&DQGRWKHUV
DQGKLJKUHVROXWLRQ$'&VHJVLJPDGHOWDFRQYHUWHUV:RUNLQJSULQFLSOHDQGYDULRXVDUFKLWHFWXUHRIGLIIHUHQWKLJKVSHHG
DQGKLJKUHVROXWLRQ'$& +UV
3KDVH ORFNHG ORRS 6LPSOH 3// %XLOGLQJ EORFNV LQ 3// /RFNLQJ FKDUDFWHULVWLF RI 3// DQG 'HVLJQ RI 3// QRQLGHDO
HIIHFWV LQ 3//V &KDUJH3XPS 3// EDVHG IUHTXHQF\ V\QWKHVL]HU $SSOLFDWLRQ DQG EORFN GLDJUDP RI D '// 'HVLJQ RI D
PXOWLSKDVHJHQHUDWRU +UV
6ZLWFKHG&DSDFLWRU&LUFXLWVVZLWFKHGFDSDFLWRUDPSOLILHUVVZLWFKHGFDSDFLWRULQWHJUDWRU)LOWHUV&RQWLQXRXVWLPHILOWHU
/RZ SDVV KLJK SDVV DQG EDQG SDVV DFWLYH ILOWHU 'HVLJQ RI VZLWFKHGFDSDFLWRU ILOWHU 'HVLJQ RI *P& ILOWHU 'HVLJQ RI
GHFLPDWLRQILOWHU +UV
,PSOHPHQWDWLRQRIV\VWHPRQDFKLSDQGWKHDVVRFLDWHGLVVXH3UHFDXWLRQDU\PHDVXUHIRULQWHJUDWLQJDQDORJDQGGLJLWDO
PRGXOHV ZLWKLQ DQ ,& 6LJQDO LQWHJULW\ IORRU SODQQLQJ DQG SK\VLFDO GHVLJQ RI PL[HG VLJQDO ,& GHVLJQ
+UV
~ 118 ~
7H[W%RRNV
&026PL[HGVLJQDOFLUFXLWGHVLJQE\5-DFRE%DNHU:LOH\,QGLD,(((SUHVVVWHGLWLRQ
'HVLJQRIDQDORJ&026LQWHJUDWHGFLUFXLWVE\%HK]DG5D]DYL0F*UDZ+LOOVWHGLWLRQ
5HIHUHQFH%RRNV
&026FLUFXLWGHVLJQOD\RXWDQGVLPXODWLRQE\5-DFRE%DNHUVHFRQGHGLWLRQ,(((SUHVV:LOH\,QGLD
&026,QWHJUDWHG$'&VDQG'$&VE\5XG\9GH3ODVVFKH6SULQJHU,QGLDQHGLWLRQ QGHGLWLRQ
(OHFWURQLF)LOWHU'HVLJQ+DQGERRNE\$UWKXU%:LOOLDPV0F*UDZ+LOO
'HVLJQRIDQDORJILOWHUVE\56FKDXPDQ2[IRUGXQLYHUVLW\3UHVV VWHGLWLRQ
$QLQWURGXFWLRQWRPL[HGVLJQDO,&WHVWDQGPHDVXUHPHQWE\0%XUQVHWDO2[IRUGXQLYHUVLW\SUHVVILUVW,QGLDQ
HGLWLRQVWHGLWLRQ
(& /2:32:(59/6,'(6,*1 &U
%DVLFV RI 026 FLUFXLWV 026 WUDQVLVWRU VWUXFWXUH DQG GHYLFH PRGHOLQJ 026 LQYHUWHUV 026 FRPELQDWLRQDO FLUFXLWV
GLIIHUHQWORJLFIDPLOLHV +UV
6RXUFHV RI SRZHU GLVVLSDWLRQ LQ &026 FLUFXLWV VWDWLF SRZHU GLVVLSDWLRQ GLRGH OHDNDJH SRZHU VXEWKUHVKROG OHDNDJH
SRZHUJDWHDQGRWKHUWXQQHOFXUUHQWVG\QDPLFSRZHUGLVVLSDWLRQ VKRUWFLUFXLWSRZHUVZLWFKLQJSRZHUJOLFKLQJSRZHU
GHJUHHVRIIUHHGRPHQHUJ\GHOD\SURGXFWSRZHUGHOD\SURGXFW +UV
6XSSO\YROWDJHVFDOLQJDSSURDFKHVWHFKQRORJ\/HYHO IHDWXUHVL]HVFDOLQJWKUHVKROGYROWDJHVFDOLQJORJLFOHYHO JDWH
VL]LQJIRUYROWDJHVFDOLQJ +UV
$UFKLWHFWXUHOHYHO SDUDOOHOLVPDQGSLSHOLQLQJDOJRULWKPOHYHO WUDQVIRUPDWLRQVWRH[SORLWFRQFXUUHQF\G\QDPLFYROWDJH
VFDOLQJ6ZLWFKHGFDSDFLWDQFHPLQLPL]DWLRQDSSURDFKHVV\VWHPOHYHOSRZHUGRZQV\VWHPSDUWLWLRQLQJ +UV
DOJRULWKPOHYHOFRQFXUUHQF\ORFDOLW\UHJXODULW\GDWDUHSUHVHQWDWLRQDUFKLWHFWXUHOHYHO FRQFXUUHQF\VLJQDOFRUUHODWLRQ
ORJLF OHYHO JDWH VL]LQJ ORJLF VW\OHV OD\RXW OHYHO OD\RXW RSWLPL]DWLRQ WHFKQRORJ\ OHYHO DGYDQFHG SDFNDJLQJ 62,
+UV
/HDNDJH SRZHU PLQLPL]DWLRQ WHFKQLTXHV WKUHVKROG YROWDJH VFDOLQJ 07&026 97&026 DQG 0XOWLSOH9W &026
FLUFXLWVJDWHVL]LQJ/RZSRZHUPHPRU\GHVLJQ52065$077'5$0 +UV
7H[W%RRNV
&026'LJLWDO,QWHJUDWHG&LUFXLWV6XQJ0R.DQJDQG<XVXI/HEOHELFLUGHGLWLRQ70+
'LJLWDO,QWHJUDWHG&LUFXLWV$'HVLJQ3HUVSHFWLYH-05DEDH\$QDQWKD&KDQGUDNDVDQDQG%RULYRMH1LNROLF QG
(GLWLRQ3+,
5HIHUHQFH%RRNV
&0269/6,'HVLJQ$FLUFXLWVDQG6\VWHPV3HUVSHFWLYH:HVW+DUULVDQG%DQHUMHHUGHGLWLRQ3HDUVRQ
(GXFDWLRQ
/RZ3RZHU9/6,&026&LUFXLW'HVLJQ$%HOODPRXUDQG0,(OPDVUL.OXZHU$FDGHPLF3UHVV
/RZ3RZHU'LJLWDO&026'HVLJQ$QDQWKD3&KDQGUDNDVDQDQG5REHUW:%URGHUVHQ.OXZHU$FDGHPLF
3XEOLVKHUV
/RZ3RZHU&0269/6,'HVLJQ.DXVKLN5R\DQG6KDUDW&3UDVDG:LOH\,QGLD
(VVHQWLDOVRI9/6,&LUFXLWVDQG6\VWHPV(VKUDJKLDQ3XFNQHVVDQG(VKUDJKLDQQGHGLWLRQ3HDUVRQ(GXFDWLRQ
(& $'9$1&('',*,7$/9/6,'(6,*1 &U
'HVLJQRIDULWKPHWLFEXLOGLQJEORFNV+LJKVSHHGDGGHUV&DUU\VHOHFWDGGHU0DQFKHVWHUFDUU\FKDLQFDUU\E\SDVVDGGHU
FDUU\VDYHDGGHU.RJJH6WRQHDGGHUDQGRWKHUV0XOWLSOLHUVDUUD\PXOWLSOLHUFDUU\VDYHPXOWLSOLHU:DOODFHWUHHPXOWLSOLHU
'DGD WUHH DGGHU %RRWK¶V PXOWLSOLHU DQG RWKHUV GHOD\ RSWLPL]DWLRQ RI DGGHUV DQG PXOWLSOLHUV EDUUHO DQG ORJDULWKPLF
VKLIWHUV DUHDWLPH WUDGHRII SRZHU FRQVXPSWLRQ LVVXHV 2SWLPL]DWLRQ IRU VSHHG ORZSRZHU GHVLJQ KLJKVSHHG ORJLF
+UV
3/$SHUVRQDOLW\PDWUL[RID3/$3/$IROGLQJH[WHQGHGSHUVRQDOLW\PDWUL[PXOWLOHYHOPLQLPL]DWLRQPXOWLOHYHOV\QWKHVLV
:HLQEHUJHUDUUD\ +UV
~ 119 ~
'HVLJQ DXWRPDWLRQ WRROV SDUWLWLRQLQJ FRQVWUXFWLYH DQG LWHUDWLYH SDUWLWLRQLQJ .DUQLJKDQ/LQ DOJRULWKP UDWLRFXW
DOJRULWKP SODFHPHQW IORRU SODQQLQJ SLQ DVVLJQPHQWV JOREDO URXWLQJ /HH¶V DOJRULWKP GHWDLOHG URXWLQJ FKDQQHO URXWLQJ
FORFNDQGSRZHUURXWLQJDOJRULWKPV +UV
&ORFNLQJDQGLQWHUFRQQHFWLVVXHVYLDVFURVVWDONV\VWHPQRLVHFRPSOH[LW\PDQDJHPHQW6LJQDOLQWHJULW\LVVXHV+LJKVSHHG
LQWHUFRQQHFWV &ORFN FORFN VNHZ FORFN GLVWULEXWLRQ DQG URXWLQJ FORFN EXIIHULQJ JDWHG FORFN DQG FORFN WUHH 'HVLJQ RI
EXIIHUVDQG,23DG0HPRU\GHVLJQ +UV
7H[W%RRNV
&026'LJLWDO,QWHJUDWHG&LUFXLWV6XQJ0R.DQJDQG<XVXI/HEOHELFLUGHGLWLRQ70+
'LJLWDO,QWHJUDWHG&LUFXLWV$'HVLJQ3HUVSHFWLYH-05DEDH\$QDQWKD&KDQGUDNDVDQDQG%RULYRMH1LNROLF QG
(GLWLRQ3+,
5HIHUHQFH%RRNV
&0269/6,'HVLJQ$FLUFXLWVDQG6\VWHPV3HUVSHFWLYH:HVW+DUULVDQG%DQHUMHH UGHGLWLRQ3HDUVRQ
(GXFDWLRQ
(VVHQWLDOVRI9/6,&LUFXLWVDQG6\VWHPV(VKUDJKLDQ3XFNQHVVDQG(VKUDJKLDQH3HDUVRQ(GXFDWLRQ
9/6,3K\VLFDO'HVLJQ$XWRPDWLRQ7KHRU\DQG3UDFWLFH6DGLT6DLWDQG+DELE<RXVVHIH70+
(&237,0,=$7,217(&+1,48(6$1'62)7&20387,1*$33/,&$7,216 &U
2SWLPL]DWLRQ 2SWLPDO SUREOHP IRUPXODWLRQ VLQJOH YDULDEOH RSWLPL]DWLRQ DOJRULWKPV H[KDXVWLYH VHDUFK PHWKRG JROGHQ
VHFWLRQ VHDUFK PHWKRG1HZWRQ5DSKVRQ PHWKRGDQGRWKHU PHWKRGV0XOWLYDULDEOHRSWLPL]DWLRQDOJRULWKPVGLUHFWVHDUFK
PHWKRGV JUDGLHQWEDVHG PHWKRGV DQG RWKHU PHWKRGV &RQVWUDLQHG RSWLPL]DWLRQ /RFDO DQG JOREDO RSWLPL]DWLRQ 6LQJOH
REMHFWLYHDQGPXOWLREMHFWLYHRSWLPL]DWLRQ +UV
,QWHJHUSURJUDPPLQJ*HRPHWULFSURJUDPPLQJVLPXODWHGDQQHDOLQJ +UV
(YROXWLRQDU\&RPSXWLQJDQG6ZDUP,QWHOOLJHQFH*HQHWLFDOJRULWKPSDUWLFOHVZDUPRSWLPL]DWLRQ%DFWHULDO)RUDJLQJ
2SWLPL]DWLRQDQGRWKHUELRORJLFDOO\LQVSLUHGDOJRULWKPV +UV
$UWLILFLDO 1HXUDO 1HWZRUN ,QWURGXFWLRQ 7\SLFDO DSSOLFDWLRQV RI $11V &ODVVLILFDWLRQ &OXVWHULQJ 9HFWRU
4XDQWL]DWLRQ 3DWWHUQ 5HFRJQLWLRQ )XQFWLRQ $SSUR[LPDWLRQ )RUHFDVWLQJ &RQWURO 2SWLPL]DWLRQ 11 PRGHO 11
DUFKLWHFWXUH6LQJOHOD\HUQHWZRUNV3HUFHSWURQ/LQHDUVHSDUDELOLW\7UDLQLQJDOJRULWKP/LPLWDWLRQV0XOWLOD\HUQHWZRUNV
$UFKLWHFWXUH %DFN 3URSDJDWLRQ $OJRULWKP %7$ DQG RWKHU WUDLQLQJ DOJRULWKPV $SSOLFDWLRQV )HHGIRUZDUG QHWZRUNV
5DGLDO%DVLV)XQFWLRQ5%)DQGDGDSWLYH11,QWURGXFWLRQWRIX]]\ORJLF +UV
7H[W%RRNV
2SWLPL]DWLRQIRU(QJLQHHULQJ'HVLJQ$OJRULWKPVDQG([DPSOHV.DO\DQPR\'HEQGHGLWLRQ3+,
*HQHWLF$OJRULWKPVLQVHDUFK2SWLPL]DWLRQDQGPDFKLQHOHDUQLQJ'(*ROGEHUJ3HDUVRQ
5HIHUHQFH%RRNV
(%RQDEHDX0'RULJRDQG*7KHUDXOD]6ZDUP,QWHOOLJHQFH)URPQDWXUDOWR$UWLILFLDO6\VWHPV
5&(EHUKDUW<6DLDQG-.HQQHG\6ZDUP,QWHOOLJHQFH7KH0RUJDQ.DXIPDQQ6HULHVLQDUWLILFLDO,QWHOOLJHQFH
.0HKURWUD&.0RKDQDQG6DQMD\5DQND(OHPHQWVRI$UWLILFLDO1HXUDO1HWZRUNV0,73UHVV >,QGLDQ
5HSULQW3HQUDP,QWHUQDWLRQDO3XEOLVKLQJ,QGLD@
6LPRQ+D\NLQ1HXUDO1HWZRUNV$&RPSUHKHQVLYH)RXQGDWLRQ3HDUVRQ
0DUWLQ7+DJDQ+RZDUG%'HPXWK0DUN+%HDOH1HXUDO1HWZRUN'HVLJQ7KRPVRQ
$ &LFKRFNL DQG 5 8QEHKDXHQ 1HXUDO 1HWZRUNV IRU 2SWLPL]DWLRQ DQG 6LJQDO 3URFHVVLQJ -RKQ :LOH\ DQG 6RQV
- 0 =XUDGD ,QWURGXFWLRQ WR $UWLILFLDO 1HXUDO 1HWZRUNV ,QGLDQ HGLWLRQ -DLFR 3XEOLVKHUV 0XPEDL VW
HGLWLRQ
~ 120 ~
(& 0(06'(6,*1 &U
$Q LQWURGXFWLRQ WR 0(06 (YROXWLRQ RI PLFURVHQVRUV 0(06 0DWHULDOV PLFURHOHFWURQLF WHFKQRORJLHV IRU 0(06
IDEULFDWLRQSURFHVV +UV
0LFURPDFKLQLQJ±VXUIDFHDQGEXONPLFURPDFKLQLQJEDVLFSURFHVVIORZUHOHDVHVWLFWLRQPDWHULDOFKRLFHVUHVLGXDOVWUHVV
VWULQJHUV DQG SODQDUL]DWLRQ ZHW HWFKEDVHG GLVVROYHG ZDIHU SURFHVV 62, 0(06 6FUHDP +H[VLO 0(06
+UV
0LFURPDFKLQHG PLFURVHQVRUV PHFKDQLFDO LQHUWLDO WKHUPDO 0LFURPDFKLQHG PLFURDFWXDWRUV ,QWHJUDWHG VPDUW VHQVRUV
DQG0(06,QWHUIDFHHOHFWURQLFVIRU0(06 +UV
0LFURVHQVRUV 0(06 DSSOLFDWLRQV 0(06 IRU 5) DSSOLFDWLRQV 5) 0(06 0(06 IRU %LRPHGLFDO DSSOLFDWLRQV
%LR0(060LFURIOXLGLFV WKHLUDSSOLFDWLRQV%RQGLQJ SDFNDJLQJRI0(06 +UV
7H[W%RRNV
0LFURV\VWHP'HVLJQ6WHSKHQ'6HQWXULD
0LFURPDFKLQHG7UDQVGXFHUV6RXUFHERRN*UHJRU\7.RYDFV
5HIHUHQFH%RRNV
QG
9/6,7HFKQRORJ\606]H HG0F*UDZ+LOO3XEOLVKLQJFRPSDQ\1<
QG
9/6,)DEULFDWLRQ3ULQFLSOHV±6LOLFRQDQG*DOOLXP$UVHQLGH6RUDE.*KDQGKL HG-RKQ:LOH\DQG6RQV
,QF1<
(& &$')259/6, &U
9OVL'HVLJQ0HWKRGRORJLHV +UV
,QWURGXFWLRQWR9/6,'HVLJQPHWKRGRORJLHV±*$-6.,<FKDUW9/6,'HVLJQDXWRPDWLRQWRROV5HYLHZRI'DWDVWUXFWXUHV
DQGDOJRULWKPV*UDSK7KHRU\DQG&RPSXWDWLRQDO&RPSOH[LW\JHQHUDOSXUSRVHPHWKRGVIRUFRPELQDWRULDORSWLPL]DWLRQ
'HVLJQ5XOHVIRU3K\VLFDO'HVLJQ +UV
'HVLJQ UXOHV SUREOHP IRUPXODWLRQ SODFHPHQW DQG SDUWLWLRQLQJ DOJRULWKPV*UHHG\ $OJRULWKPV 6WRFKDVWLF 6HDUFK
0DWKHPDWLFDO 3URJUDPPLQJ '\QDPLF 3URJUDPPLQJ &LUFXLW UHSUHVHQWDWLRQ 3ODFHPHQW DOJRULWKPV ± SDUWLWLRQLQJ
.HUQLJKDQDQG/LQ$OJRULWKP)LGXFFLDDQG0DWWKH\VHV$OJRULWKP
)ORRU3ODQQLQJDQG5RXWLQJ +UV
)ORRUSODQQLQJFRQFHSWV VKDSHIXQFWLRQVDQGIORRUSODQVL]LQJ7\SHVRIORFDOURXWLQJSUREOHPV $UHDURXWLQJFKDQQHO
URXWLQJJOREDOURXWLQJDOJRULWKPVIRUJOREDOURXWLQJ
7LPLQJ$QDO\VLV +UV
7LPLQJDQDO\VLVVWDWLFWLPLQJDQDO\VLVG\QDPLFWLPLQJDQDO\VLV'HOD\PRGHOVXQLWGHOD\PRGHOIL[HGGHOD\PRGHO
6LPXODWLRQDQG0RGHOOLQJ +UV
6LPXODWLRQ*DWHOHYHOPRGHOLQJDQGVLPXODWLRQ6ZLWFKOHYHOPRGHOLQJDQGVLPXODWLRQ+LJKOHYHO6\QWKHVLV$OORFDWLRQ
DVVLJQPHQWDQGVFKHGXOLQJ6LPSOHVFKHGXOLQJDOJRULWKP
7H[W%RRN
$OJRULWKPVIRU9/6,'HVLJQ$XWRPDWLRQ6+*HUH]-RKQ:LOH\ 6RQV
5HIHUHQFH%RRN
$OJRULWKPVIRU9/6,3K\VLFDO'HVLJQ$XWRPDWLRQ1$6KHUZDQL.OXZHU$FDGHPLF3XEOLVKHUV
~ 121 ~
6&+22/2)(/(&7521,&6(1*,1((5,1*
63(&,$/,=$7,215) 0,&52:$9((1*,1((,51*
0$ $'9$1&('0$7+(0$7,&6, &U±
8QLW,
1XPHULFDO0HWKRGV +UV
1HZWRQ5DSKVRQDQG,WHUDWLYH PHWKRGV IRUILQGLQJURRWVRID1RQOLQHDUHTXDWLRQ&KROHVN\/8GHFRPSRVLWLRQ-DFREL
DQG*DXVV 6HLGHO PHWKRGIRUDV\VWHPRIOLQHDUHTXDWLRQV1XPHULFDO'LIIHUHQWLDWLRQ *DXVVLDQ4XDGUDWXUH6ROXWLRQRI
ILUVW DQG VHFRQG RUGHU GLIIHUHQWLDO HTXDWLRQV XVLQJ (XOHU 0RGLILHG (XOHU DQG 5XQJH.XWWD PHWKRGV )LQLWH GLIIHUHQFH
PHWKRGV 1XPHULFDO VROXWLRQ RI 3DUDEROLF (OOLSWLF DQG +\SHUEROLF SDUWLDO GLIIHUHQWLDO HTXDWLRQV XVLQJ ILQLWH GLIIHUHQFH
DSSURDFK
8QLW,,
3UREDELOLW\DQG6WDWLVWLFV +UV
0RPHQWV 0RPHQW JHQHUDWLQJ IXQFWLRQV 5DQGRP 9DULDEOH 'LVWULEXWLRQ 6RPH VSHFLDO GLVWULEXWLRQV VXFK DV %LQRPLDO
3RLVVRQ1HJDWLYH%LQRPLDOJHRPHWULFXQLIRUP1RUPDO([SRQHQWLDODQG/RJQRUPDO%LYDULDWHGLVWULEXWLRQV&RUUHODWLRQ
DQG 5HJUHVVLRQ (VWLPDWLRQ 6WDQGDUG HUURU 0DUNRY &KDLQ 'LVFUHWH 7LPH 0DUNRY &KDLQV &ODVVLILFDWLRQ RI 6WDWHV DQG
&KDLQV&RQWLQXRXV7LPH0DUNRY&KDLQV7KH%LUWK'HDWKSURFHVVRI4XHXLQJ&RQVLGHUDWLRQLQ4XHXLQJ0RGHOV%DVLF
6LQJOH 6HUYHU 0RGHO ZLWK FRQVWDQW UDWH 6LQJOH 6HUYHU ZLWK /LPLWHG 4XHXH /HQJWK 0XOWLSOH 6HUYHUV ZLWK DQ 8QOLPLWHG
4XHXHDQGRWKHU4XHXLQJPRGHOV
8QLW,,,
$OJHEUD +UV
*URXS 6\PPHWULF JURXS &\FOLF *URXS 6XE JURXS &RVHWV DQG 4XRWLHQW *URXS /DJUDQJH¶V WKHRUHP 5LQJ ,QWHJUDO
GRPDLQV)LHOG,GHDO0RGXOH
8QLW,9
*UHHQ¶V)XQFWLRQ +UV
*UHHQ¶V )XQFWLRQV $SSOLFDWLRQ WR SK\VLFDO SUREOHPV *UHHQ¶V IXQFWLRQ E\ HLJHQ IXQFWLRQ PHWKRG 6ROXWLRQ RI LQLWLDO DQG
ERXQGDU\YDOXHSUREOHPV
5HIHUHQFH%RRNV
-DLQ ,\HQJHU DQG -DLQ 1XPHULFDO PHWKRGV IRU 6FLHQWLILF (QJLQHHULQJ &RPSXWDWLRQ WK HGLWLRQ 1HZ DJH
,QWHUQDWLRQDO3XEOLVKHUV
:LOOLDP:+LQHV'RXJODV&0RQWJRPHU\'DYLG0*ROGVPDQDQG&RQQLH0%RUURU3UREDELOLW\DQG6WDWLVWLFV
LQ(QJLQHHULQJWKHGLWLRQ-RKQ:LOH\ 6RQV,QF
-RKQ()UHXQG¶V0DWKHPDWLFDO6WDWLVWLFVZLWKDSSOLFDWLRQV WKHGLWLRQ3HDUVRQ3XEOLFDWLRQ
,1+HUVWHLQ7RSLFVLQ$OJHEUDQGHGLWLRQ:LOO\(VWHUQ/WG
'HDQ*'XII\*UHHQ¶V)XQFWLRQVZLWK$SSOLFDWLRQV&5&3UHVV
~ 122 ~
:DYHJXLGHV DQG &DYLW\ 5HVRQDWRUV :DYHJXLGH VWUXFWXUHV DQG H[FLWDWLRQ RI ZDYHJXLGHV 7( DQG 70 PRGHV RI
SURSDJDWLRQ WKURXJK UHFWDQJXODU ZDYHJXLGH DQG FLUFXODU ZDYHJXLGH SRZHU ORVVHV WKURXJK ZDYHJXLGH ZDYH LPSHGDQFH
WUDQVPLVVLRQOLQHDQDORJ\RIZDYHJXLGHDQGFLUFXLWUHSUHVHQWDWLRQRIZDYHJXLGH5HFWDQJXODUDQGFLUFXODUFDYLW\UHVRQDWRUV
+UV
3URSDJDWLRQ RI (OHFWURPDJQHWLF :DYHV WKURXJK $QLVRWURSLF0HGLD ,QGH[ HOOLSVRLG 3ODQHZDYH SURSDJDWLRQ WKURXJK
DQLVRWURSLF FU\VWDOV )UHVQHO¶V HTXDWLRQ RI ZDYH QRUPDO SODQHZDYH SURSDJDWLRQ WKURXJK XQLD[LDO FU\VWDOV GRXEOH
UHIUDFWLRQ 3HUPHDELOLW\ PDWUL[ IRU IHUULWHV 7(0 ZDYH SURSDJDWLRQ WKURXJK G F PDJQHWL]HG IHUULWHV )DUDGD\ HIIHFW
+UV
7H[W%RRNV
)LHOGDQG:DYH(OHFWURPDJQHWLFV±'.&KHQJQG(G3HDUVRQ(GXFDWLRQ
(OHFWURPDJQHWLF :DYHV DQG 5DGLDWLQJ 6\VWHPV ± ( & -RUGDQ DQG . * %DOPDLQ WK (G 3HDUVRQ (GXFDWLRQ3+,
5HIHUHQFH%RRNV
)LHOG :DYHV LQ &RPPXQLFDWLRQ (OHFWURQLFV ± 6 5DPR - 5 :KLQQHU\ DQG 7 9DQ 'X]HU UG (G -RKQ :LOH\
6RQV
0LFURZDYH(QJLQHHULQJ'03R]DUUG(G-RKQ:LOH\ 6RQV
(& 5)&,5&8,7'(6,*1 &U
,QWURGXFWLRQ 5) %HKDYLRU RI 3DVVLYH &RPSRQHQWV +LJK )UHTXHQF\ 5HVLVWRUV +LJK)UHTXHQF\ &DSDFLWRUV +LJK
)UHTXHQF\ ,QGXFWRUV &KLS &RPSRQHQWV DQG &LUFXLW %RDUG &RQVLGHUDWLRQV &KLS 5HVLVWRUV &KLS &DSDFLWRUV 6XUIDFH
0RXQWHG,QGXFWRUV +UV
$Q2YHUYLHZRI5))LOWHU'HVLJQ%DVLF5HVRQDWRUDQG)LOWHU&RQILJXUDWLRQV,QVHUWLRQ/RVV6SHFLDO)LOWHU5HDOL]DWLRQV
%XWWHUZRUWK ±7\SH &KHE\VKHY DQG 'HQRUPDOL]DWLRQ RI 6WDQGDUG /RZ3DVV 'HVLJQ )LOWHU ,PSOHPHQWDWLRQV .XURGD¶V
LGHQWLWLHVDQGH[DPSOHVRIPLFURVWULSILOWHUGHVLJQ&RXSOHGILOWHUGHVLJQ +UV
0DWFKLQJ DQG %LDVLQJ 1HWZRUN ,PSHGDQFH PDWFKLQJ XVLQJ GLVFUHWH FRPSRQHQWV WZR FRPSRQHQW PDWFKLQJ QHWZRUNV
0LFURVWULSOLQH PDWFKLQJ QHWZRUNVIURPGLVFUHWH FRPSRQHQWVWR PLFURVWULSOLQHV VLQJOHVWXE PDWFKLQJQHWZRUNVGRXEOH
VWXE PDWFKLQJ QHWZRUNV $PSOLILHU &ODVVHV RI 2SHUDWLRQ DQG %LDVLQJ 1HWZRUN )LHOG HIIHFW WUDQVLVWRU ELDVLQJ QHWZRUNV
+UV
5) 7UDQVLVWRU $PSOLILHU 'HVLJQ $PSOLILHU 3RZHU 5HODWLRQV 5) VRXUFH 7UDQVGXFHU 3RZHU *DLQ $GGLWLRQDO 3RZHU
5HODWLRQV 6WDELOLW\ &RQVLGHUDWLRQV 6WDELOLW\ &LUFOHV 8QFRQGLWLRQDO 6WDELOLW\ 6WDELOL]DWLRQ 0HWKRGV &RQVWDQW *DLQ
8QLODWHUDO 'HVLJQ 8QLODWHUDO )LJXUH RI 0HULW %LODWHUDO 'HVLJQ %URDGEDQG +LJK 3RZHU DQG 0XOWLVWDJH $PSOLILHUV
+UV
5) 2VFLOODWRUV DQG 0L[HUV %DVLF 2VFLOODWRU 0RGHO 1HJDWLYH UHVLVWDQFH RVFLOODWRU )HHGEDFN RVFLOODWRU GHVLJQ 'HVLJQ
VWHSV 4XDUW] RVFLOODWRUV +LJK IUHTXHQF\ RVFLOODWRU &RQILJXUDWLRQ )L[HG IUHTXHQF\ RVFLOODWRUV 'LHOHFWULF UHVRQDWRU
RVFLOODWRUV <,*7XQHG RVFLOODWRUV 9ROWDJHFRQWUROOHG RVFLOODWRUV *XQQ RVFLOODWRU &KDUDFWHULVWLFV RI GLIIHUHQW W\SHV RI
0L[HUV +UV
7H[W%RRNV
5)&LUFXLW'HVLJQ7KHRU\DQG$SSOLFDWLRQ5/XGZLJDQG3%UHWFKNRVW(G3HDUVRQ(GXFDWLRQ
5HIHUHQFH%RRNV
5DGLR)UHTXHQF\ 0LFURZDYH(OHFWURQLFV,OOXVWUDWHG05DGPDQHVK VW(G3HDUVRQ(GXFDWLRQ
(& 0,&52:$9('(9,&(6$1'&,5&8,76 &U±
0LFURZDYH 6ROLG 6WDWH 'HYLFHV %DVLFV RI PLFURZDYH %-7 PLFURZDYH )(7 DQG PLFURZDYH WXQQHO GLRGH *XQQ HIIHFW
*XQQ GLRGH 7ZRYDOOH\ PRGHO WKHRU\ PRGHV RI RSHUDWLRQ *XQQ RVFLOODWLRQ PRGH /6$ PRGH 6$ PRGH PLFURZDYH
JHQHUDWLRQ DQG DPSOLILFDWLRQ XVLQJ *XQQ 5($' GLRGH FDUULHU FXUUHQW DQG H[WHUQDO FXUUHQW LQ D 5($' GLRGH UHVRQDQW
FLUFXLW :RUNLQJ SULQFLSOH RI ,03$77 GLRGH 3RZHU RXWSXW DQG HIILFLHQF\ RI ,03$77 FLUFXLW 75$3$77 GLRGH DQG
%$5,77GLRGH +UV
0LFURZDYH7XEHV/LPLWDWLRQVRIFRQYHQWLRQDOYDFXXPWXEHV5HHQWUDQWFDYLWLHV.O\VWURQDPSOLILHUYHORFLW\PRGXODWLRQ
EXQFKLQJ SURFHVV SRZHU RXWSXW HIILFLHQF\ 5HIOH[ .O\VWURQ YHORFLW\ PRGXODWLRQ EXQFKLQJ SURFHVV SRZHU RXWSXW
~ 123 ~
HIILFLHQF\ HOHFWURQLF DGPLWWDQFH VSLUDO 6ORZ ZDYH VWUXFWXUH KHOL[ 7:7 %:2 0DJQHWURQ RVFLOODWRU +XOO FXWRII
HTXDWLRQVVWUDSSLQJIUHTXHQF\SXOOLQJ SXVKLQJSRZHURXWSXWHIILFLHQF\ +UV
0LFURZDYH &RPSRQHQWV 6FDWWHULQJ PDWUL[ IRUPXODWLRQ RI PLFURZDYH QHWZRUN 7HHV ZDYHJXLGH GLUHFWLRQDO FRXSOHUV
WZRKROH DQG %DWKHKROH UDWUDFH ULQJ SUHFLVLRQ YDULDEOH DWWHQXDWRU FRD[LDO DWWHQXDWRU PLFURZDYH SKDVH VKLIWHUV
ZDYHJXLGHVORWWHGVHFWLRQFLUFXODWRULVRODWRUFU\VWDOGHWHFWRU +UV
0LFURZDYH)LOWHUV3HULRGLFVWUXFWXUHVDQGWKHLUDQDO\VLVILOWHUGHVLJQE\LPDJHSDUDPHWHUPHWKRGFRQVWDQWNILOWHUDQGP
GHULYHGILOWHUVHFWLRQVILOWHUGHVLJQXVLQJLQVHUWLRQORVVILOWHUWUDQVIRUPDWLRQVGHVLJQRIVWHSSHGLPSHGDQFHILOWHUVFRXSOHG
OLQHILOWHUV +UV
7H[W%RRNV
0LFURZDYH'HYLFHVDQG&LUFXLWV6</LDRUG(G3HDUVRQ(GXFDWLRQ
0LFURZDYH(QJLQHHULQJ'03R]DUUG(G-RKQ:LOH\ 6RQV
5HIHUHQFH%RRNV
0LFURZDYH(QJLQHHULQJ±*65DJKXYDQVKLVW(G&(1*$*(/HDUQLQJ
0LFURZDYHV,QWURGXFWLRQWR&LUFXLWV'HYLFHV $QWHQQDV±0/6LVRGLD 9/*XSWD VW(G1HZ$JH,QWHUQDWLRQDO
.
(& &20387$7,21$/7(&+1,48(6,1(/(&7520$*1(7,&6 &U
,QWURGXFWLRQ1HHGIRUQXPHULFDOVROXWLRQRIHOHFWURPDJQHWLFSUREOHPVVHOHFWLRQRIDQXPHULFDOPHWKRG FODVVLILFDWLRQRI
HOHFWURPDJQHWLFSUREOHPVFODVVLILFDWLRQRIVROXWLRQUHJLRQFODVVLILFDWLRQRIERXQGDU\FRQGLWLRQV +UV
,QWHJUDO(TXDWLRQDQG *UHHQ¶V)XQFWLRQ &ODVVLILFDWLRQ RILQWHJUDOHTXDWLRQVUHODWLRQEHWZHHQGLIIHUHQWLDODQGLQWHJUDO
HTXDWLRQV RYHUYLHZ RI *UHHQ¶V IXQFWLRQ *UHHQ¶V IXQFWLRQ IRU IUHH VSDFH *UHHQ¶V IXQFWLRQ ZLWK FRQGXFWLQJ ERXQGDULHV
PHWKRGRI,PDJHV (LJHQIXQFWLRQH[SDQVLRQ +UV
0HWKRG RI 0RPHQWV 2YHUYLHZ DSSOLFDWLRQ WR TXDVLVWDWLF SUREOHPV WKLQ FRQGXFWLQJ ZLUH SDUDOOHO SODWH FDSDFLWRU
DSSOLFDWLRQRIVFDWWHULQJIURPDVKRUWGLSROHPXWXDOLPSHGDQFHRIWZRVKRUWGLSROHVHWF +UV
)LQLWH'LIIHUHQFH0HWKRGV 2YHUYLHZ ILQLWHGLIIHUHQFHVFKHPHVILQLWHGLIIHUHQFLQJRI SDUDEROLFK\SHUEROLF HOOLSWLFDO
SDUWLDO GLIIHUHQWLDO HTXDWLRQ SUDFWLFDO DSSOLFDWLRQV RI )' WHFKQLTXH JXLGHG VWUXFWXUHV )LQLWH 'LIIHUHQFH 7LPH 'RPDLQ
0HWKRGV <HH¶V )' DOJRULWKPV DFFXUDF\ VWDELOLW\ ODWWLFH WUXQFDWLRQ FRQGLWLRQ LQLWLDO ILHOGV DEVRUELQJ ERXQGDU\
FRQGLWLRQVIRU)'7'ILQLWHGLIIHUHQFLQJIRUQRQUHFWDQJXODUV\VWHPV +UV
)LQLWH (OHPHQW 0HWKRG )LQLWH HOHPHQW GLVFUHWL]DWLRQ HOHPHQW JRYHUQLQJ HTXDWLRQV DVVHPEOLQJ RI DOO HOHPHQWV VROYLQJ
WKHUHVXOWLQJHTXDWLRQVW\SLFDODSSOLFDWLRQV +UV
(OHFWURPDJQHWLF'LIIUDFWLRQ*HRPHWULFDOWKHRU\RIGLIIUDFWLRQ LWVXQLIRUPWKHRU\RIGLIIUDFWLRQ87' +UV
7H[W%RRNV
1XPHULFDO7HFKQLTXHVLQ(OHFWURPDJQHWLFV0126DGLNXQG(G&5&3UHVV
$QDO\WLFDODQG&RPSXWDWLRQDO0HWKRGVLQ(OHFWURPDJQHWLFV±5*DUJ$UWHFK+RXVHVW(G
5HIHUHQFH%RRNV
1XPHULFDO7HFKQLTXHVLQ0LFURZDYHDQG0LOOLPHWHUZDYH3DVVLYH6WUXFWXUHV7,WRK(GVW(G-RKQ:LOH\
6RQV
(& $17(11$7+(25<$1'7(&+1,48(6 &U±
$QWHQQD%DVLFV 5DGLDWLRQ PHFKDQLVP IDUILHOG QHDU ILHOGUDGLDWLRQSDWWHUQ(SODQH +SODQHUDGLDWLRQUHVLVWDQFH
HIILFLHQF\ HIIHFWLYH DSHUWXUH DUHD GLUHFWLYLW\ JDLQ EHDPZLGWK EDQGZLGWK OLQHDU HOOLSWLF SRODUL]DWLRQV FURVV
SRODUL]DWLRQ DQWHQQD IDFWRU DQWHQQDQRLVH WHPSHUDWXUH HTXLYDOHQFH WKHRUHP )ULLV WUDQVPLVVLRQ IRUPXOD
+UV
$QWHQQDV'LSROH PRQRSROHDQWHQQDVVOHHYHDQWHQQD:DYHJXLGHDQWHQQDS\UDPLGDODQGFRQLFDOKRUQVVHFWRUDOKRUQV
+HOLFDO DQWHQQD DQG GLHOHFWULF UHVRQDWRU DQWHQQD 'LVFRQH DQWHQQD WXUQVWLOH DQWHQQD SODVPD DQWHQQD 9LYDOGL DQWHQQD
HOHFWULFDOO\VPDOODQWHQQDVDQGWKHLUIXQGDPHQWDOOLPLWV +UV
~ 124 ~
%URDGEDQGDQG)UHTXHQF\LQGHSHQGHQW$QWHQQDV5XPVD\¶VSULQFLSOHSODQDUORJVSLUDODQWHQQDORJSHULRGLFDQWHQQD
<DJL8GDDUUD\ +UV
$QWHQQD $UUD\V 8QLIRUP QHOHPHQW OLQHDU DUUD\ JUDWLQJ OREHV SODQDU DQWHQQD DUUD\ SKDVHG DUUD\ DQWHQQD DGDSWLYH
DQWHQQDV 'ROSK7FKHE\VFKHII DUUD\ EDVLF FRQFHSW RI WKLQQHG DUUD\ DQWHQQDV DQG PHWKRGV RI DUUD\ WKLQQLQJ
+UV
5HIOHFWRU $QWHQQDV &RUQHU UHIOHFWRUV SDUDEROLF UHIOHFWRU ORVVHV LQ SDUDEROLF UHIOHFWRU WLOWHG DQG RIIVHWIHG SDUDEROLF
UHIOHFWRU&DVVHJUDLQDQWHQQD +UV
0LFURVWULS$QWHQQDV$GYDQWDJHVDQGGLVDGYDQWDJHVRIPLFURVWULSSDWFKDQWHQQDVUDGLDWLRQIURPPLFURVWULSDQWHQQDILHOG
FRQILJXUDWLRQV GHVLJQ HTXDWLRQV IRU UHFWDQJXODU DQG FLUFXODU PLFURVWULS SDWFKHV $QDO\VLV RI PLFURVWULS DQWHQQDV XVLQJ
WUDQVPLVVLRQOLQHPRGHODQGFDYLW\PHWKRG6WDFNHGSUR[LPLW\FRXSOHGDQGDSHUWXUHFRXSOHGPLFURVWULSDQWHQQDVFHUDPLF
DQWHQQD3,)$ +UV
6SHFLDO $QWHQQD 7HFKQLTXHV IRU :LUHOHVV &RPPXQLFDWLRQV $QWHQQD 'LYHUVLW\ 7HFKQLTXHV EDVH VWDWLRQ DQG PRELOH
VWDWLRQ DQWHQQDV 6HFWRU $QWHQQDV 6PDUW $QWHQQDV 0,02 DQWHQQDV 6'0$ $QWHQQDV FRQFHSW RI 8:% DQWHQQDV
+UV
7H[W%RRNV
$QWHQQDVIRU$OO$SSOLFDWLRQV-'.UDXV 5-0DUKHINDUG(G7DWD0F*UDZ+LOO
$QWHQQD7KHRU\±$QDO\VLVDQG'HVLJQ&$%DODQLV+DUSHU 5RZUG(G
5HIHUHQFH%RRNV
$QWHQQDVDQG5DGLR:DYH3URSDJDWLRQ5(&ROOLQVW(G0F*UDZ+LOO
(& 0,&52:$9(5(027(6(16,1* &U
0LFURZDYH 5HPRWH 6HQVLQJ DQG 3K\VLFDO )XQGDPHQWDOV (OHFWURPDJQHWLF VSHFWUXP DQG SHQHWUDWLRQ FDSDELOLWLHV RI
HOHFWURPDJQHWLFZDYHWKURXJKYHJHWDULDQVRLOPRLVWXUHHWFHQHUJ\DQGSRZHURIZDYH,QWURGXFWLRQWRPLFURZDYHUHPRWH
VHQVLQJPLFURZDYHUHPRWHVHQVLQJIURPVSDFHUDGLRVGHDWKUD\VSULQFLSOHVRIUDGDUSKDVHDVDGLVWDQFHPHDVXUHSDVVLYH
UHPRWHVHQVLQJDQGDFWLYHUHPRWHVHQVLQJ +UV
3RODULPHWU\3RODUL]HGZDYHDQGSDUWLDOO\SRODUL]HG ZDYHVFDWWHULQJ PDWUL[SDVVLYH SRODULPHWU\DQG5DGDUSRODULPHWU\
SRODULPHWULFUDWLRFRKHUHQWSDUDPHWHUVDQGSRODULPHWULFGHFRPSRVLWLRQ +UV
0LFURZDYHLQ5HPRWH6HQVLQJ0LFURZDYHEULJKWQHVVWHPSHUDWXUHLQWHUDFWLRQZLWKGLVFUHWHREMHFWVUDGDUFURVVVHFWLRQ
PLFURZDYH VFDWWHULQJDQGHPLVVLRQIURPRFHDQVODNHVLFHVQRZJODFLHUVRLO YHJHWDULDQURFNVGHVHUWVHWFGHWHFWLRQRI
PLFURZDYHV PLFURZDYH UDGLRPHWHU DQWHQQD SURSHUWLHV IRU PLFURZDYH UHPRWH VHQVLQJ 'LHOHFWULF SURSHUWLHV RI HDUWK
PDWHULDOVDWPLFURZDYHIUHTXHQFLHVDWPRVSKHULFVRXQGLQJ +UV
3DVVLYHDQG$FWLYH,PDJLQJ3ULQFLSOHVRISDVVLYHLPDJLQJSUDFWLFDOUDGLRPHWHUVDQGPHDVXUHPHQWRISDUDPHWHUVUHODWHG
WRRFHDQVHDLFHODQG3ULQFLSOHVRIDFWLYHLPDJLQJXVLQJ5DGDUDOWLPHWHUPHDVXUHPHQWVFDQQLQJDOWLPHWHUVHFKRVKDSH
DQDO\VLV V\QWKHWLF DSHUWXUH DOWLPHWHUV UDLQ 5DGDU ZLQG VFDWWHURPHWHUV LPDJLQJ 5DGDU SULQFLSOHV RI V\QWKHWLF DSHUWXUH
UDGDU 6$5 6$5 IRFXVLQJ VFDQ6$5 RSHUDWLRQ VSRWOLJKW PRGH 6$5 LPDJHV VSHFNOH VWDWLVWLFV DQG VSHFNOH ILOWHULQJ
+UV
,QWHUIHURPHWU\3ULQFLSOHVRILQWHUIHURPHWU\SKDVHPHDVXUHPHQWVLQWHUIHURPHWU\IRUUHVROYLQJGLUHFWLRQSDVVLYHLPDJLQJ
LQWHUIHURPHWU\ 5DGDU LQWHUIHURPHWU\ LQWHUIHURPHWULF DOWLPHWU\ LQWHUIHURPHWULF 6$5 YHJHWDWLRQ KHLJKW HVWLPDWLRQ
+UV
7H[W%RRNV
,QWURGXFWLRQWR0LFURZDYH5HPRWH6HQVLQJ±,+:RRGKRXVH&5&3UHVV7D\ORU )UDQFLV
5HIHUHQFH%RRNV
5HPRWH6HQVLQJRI6QRZDQG,FH*5HHV&5&3UHVV7D\ORU )UDQFLV
)XQGDPHQWDOVRI5HPRWH6HQVLQJDQG$LUSKRWR,QWHUSUHWDWLRQ*//%HUOLQDQG7($YHU\3UHQWLFH+DOO1-
86$
~ 125 ~
(&(/(&7520$*1(7,&,17(5)(5(1&($1' &U
(/(&7520$*1(7,&&203$7,%,/,7<
,QWURGXFWLRQWR(OHFWURPDJQHWLF,QWHUIHUHQFHDQG(OHFWURPDJQHWLF&RPSDWLELOLW\(OHFWURPDJQHWLFLQWHUIHUHQFH LWV
DQDO\VLV W\SHV RI QRLVH LQWHUIHUHQFH HOHFWURPDJQHWLF FRPSDWLELOLW\ UDGLDWHG HPLVVLRQ VXVFHSWLELOLW\ FRQGXFWHG
HPLVVLRQ VXVFHSWLELOLW\ EHQHILWV RI JRRG (0& GHVLJQ (0,(0& VWDQGDUGV DQG UHJXODWLRQV
+UV
(0& 5HTXLUHPHQWV IRU (OHFWURQLF 6\VWHPV 5HTXLUHPHQW IRU FRPPHUFLDO SURGXFWV DQG PLOLWDU\ SURGXFWV UDGLDWHG
HPLVVLRQOLPLWVIRUFODVV$FODVV%)&&DQG&,635PHDVXUHPHQWRIHPLVVLRQVIRUYHULILFDWLRQRIFRPSOLDQFH5DGLDWHG
(PLVVLRQ DQG FRQGXFWHG HPLVVLRQV SURGXFW UHTXLUHPHQWV GHVLJQ FRQVWUDLQWV IRU SURGXFWV DGYDQWDJHV RI (0& GHVLJQ
+UV
&RQGXFWHG (PLVVLRQ DQG 6XVFHSWLELOLW\ 0HDVXUHPHQW RI FRQGXFWHG HPLVVLRQ /,61 FRPPRQ DQG GLIIHUHQWLDO PRGH
FXUUHQWVSRZHUVXSSO\ILOWHUVEDVLFSURSHUWLHVRIILOWHUVDJHQHULFSRZHUVXSSO\ILOWHUWRSRORJ\HIIHFWRIILOWHUHOHPHQWVRQ
FRPPRQDQGGLIIHUHQWLDOPRGHFXUUHQWVVHSDUDWLRQRIFRQGXFWHGHPLVVLRQVLQWRFRPPRQDQGGLIIHUHQWLDOPRGHFRPSRQHQWV
IRU GLDJQRVWLF SXUSRVH SRZHU VXSSOLHV /LQHDU DQG 6036 HIIHFW RI SRZHU VXSSO\ FRPSRQHQWV RQ FRQGXFWHG HPLVVLRQV
SRZHUVXSSO\DQGILOWHUSODFHPHQWFRQGXFWHGVXVFHSWLELOLW\ +UV
5DGLDWHG (PLVVLRQ DQG 6XVFHSWLELOLW\ 6LPSOH HPLVVLRQ PRGHOV IRU ZLUHV DQG 3&% ODQGV 'LIIHUHQWLDO PRGH YHUVXV
FRPPRQPRGHFXUUHQWVGLIIHUHQWLDOPRGHFXUUHQWHPLVVLRQPRGHOFRPPRQPRGHFXUUHQWHPLVVLRQPRGHOFXUUHQWSUREHV
VLPSOHVXVFHSWLELOLW\PRGHOVIRUZLUHVDQG3&%ODQGV6KLHOGHGFDEOHVDQGVXUIDFHWUDQVIHULPSHGDQFH(0,PHDVXUHPHQW
DQG(0,VHQVRU +UV
&URVV 7DON 7KUHH FRQGXFWRU WUDQVPLVVLRQ OLQHV DQG FURVVWDON 7UDQVPLVVLRQ OLQH HTXDWLRQV IRU ORVVOHVV OLQHV OLQH
SDUDPHWHUV LQGXFWLYHFDSDFLWLYH FRXSOLQJ DSSUR[LPDWLRQ PRGHO )UHTXHQF\ GRPDLQ LQGXFWLYHFDSDFLWLYH FRXSOLQJ PRGHO
WLPH GRPDLQ LQGXFWLYHFDSDFLWLYH FRXSOLQJ PRGHO OXPSHG FLUFXLW DSSUR[LPDWH PRGHOV 6KLHOGHG ZLUHV 3HU XQLW OHQJWK
SDUDPHWHUVLQGXFWLYHDQGFDSDFLWLYHFRXSOLQJHIIHFWRIVKLHOGJURXQGLQJHIIHFWRISLJWDLOVHIIHFWVRIPXOWLSOHVKLHOGV07/
PRGHOSUHGLFWLRQV7ZLVWHGZLUHV3HUXQLWOHQJWKSDUDPHWHUVLQGXFWLYHDQGFDSDFLWLYHFRXSOLQJHIIHFWVRIWZLVWHIIHFWVRI
EDODQFLQJ +UV
6KLHOGLQJ 6KLHOGLQJ HIIHFWLYHQHVV IDU ILHOG VRXUFHV ([DFW VROXWLRQ DSSUR[LPDWH VROXWLRQ QHDU ILHOG VRXUFHV QHDU ILHOG
YHUVXV IDU ILHOG HOHFWULF VRXUFHV PDJQHWLF VRXUFHV ORZ IUHTXHQF\ PDJQHWLF ILHOGLQJ VKLHOGLQJ HIIHFW RI DSHUWXUHV
+UV
6\VWHP'HVLJQIRU(0,(0&DQG2WKHU5HODWHG,VVXHV6KLHOGLQJDQGJURXQGLQJ3&%'HVLJQHOHFWURVWDWLFGLVFKDUJH
GLDJQRVWLFWRROV6LJQDOLQWHJULW\DQGLWVHIIHFWLQ3&%GHVLJQ$QQR\LQJHIIHFWGLVWULEXWLQJHIIHFWELRORJLFDOHIIHFWRI(0,
+UV
7H[W%RRNV
,QWURGXFWLRQWR(OHFWURPDJQHWLF&RPSDWLELOLW\&3DXOQG(G-RKQ:LOH\ 6RQV
(OHFWURPDJQHWLF&RPSDWLELOLW\+DQGERRN±./.DLVHUQG(G&5&3UHVV,QF
5HIHUHQFH%RRNV
(OHFWURQLF&RPPXQLFDWLRQV6\VWHPV*.HQQHG\WK(G0F*UDZ+LOO
1RLVH5HGXFWLRQ7HFKQLTXHVLQ(OHFWURQLF6\VWHPV+:2WWQG(G-RKQ:LOH\ 6RQV
(& 237,0,=$7,217(&+1,48(6,1(1*,1((5,1* &U
,QWURGXFWLRQ 2SWLPDO SUREOHP IRUPXODWLRQ 'HVLJQ YDULDEOHV FRQVWUDLQWV 2EMHFWLYH IXQFWLRQ 9DULDEOH ERXQGV
(QJLQHHULQJRSWLPL]DWLRQSUREOHPV2SWLPL]DWLRQDOJRULWKPV +UV
6LQJOHYDULDEOH2SWLPL]DWLRQ$OJRULWKP 2SWLPDOLW\ &ULWHULD%UDFNHWLQJ PHWKRGV([KDXVWLYHVHDUFK PHWKRGV5HJLRQ
(OLPLQDWLRQ PHWKRGV ,QWHUYDO KDOYLQJ PHWKRG )LERQDFFL VHDUFK PHWKRG 3RLQW HVWLPDWLRQ PHWKRG 6XFFHVVLYH TXDGUDWLF
HVWLPDWLRQPHWKRG +UV
*UDGLHQWEDVHG0HWKRGV1HZWRQ5DSKVRQPHWKRG%LVHFWLRQPHWKRG6HFDQWPHWKRG&RPSXWHUSURJUDPPHV +UV
~ 126 ~
0XOWLYDULDEOH 2SWLPL]DWLRQ $OJRULWKP 2SWLPDOLW\ FULWHULD XQLGLUHFWLRQDO VHDUFK 'LUHFW VHDUFK PHWKRGV (YROXWLRQDU\
RSWLPL]DWLRQ PHWKRG6LPSOH[VHDUFK PHWKRG+RRNH-HHYHVSDWWHUQ VHDUFK PHWKRG&DXFK\¶V6WHHSHVWGHVFHQW PHWKRG
1HZWRQ¶VPHWKRGPXOWLREMHFWLYHRSWLPL]DWLRQ3DUHWRRSWLPL]DWLRQ +UV
&RQVWUDLQHG 2SWLPL]DWLRQ $OJRULWKP &KDUDFWHULVWLFV RI D FRQVWUDLQHG SUREOHP 'LUHFW PHWKRGV 7KH FRPSOH[ PHWKRG
&XWWLQJSODQHPHWKRG,QGLUHFWPHWKRG7UDQVIRUPDWLRQ7HFKQLTXH%DVLFDSSURDFKLQWKHSHQDOW\IXQFWLRQPHWKRG,QWHULRU
SHQDOW\IXQFWLRQPHWKRG&RQYH[PHWKRG +UV
$GYDQFHG 2SWLPL]DWLRQ $OJRULWKPV *HQHWLF $OJRULWKP *$ ZRUNLQJ SULQFLSOHV *$ RSHUDWRUV VHOHFWLRQ PHWKRGV
DGYDQFHG*$VFRPSXWHUSURJUDPPHVVLPXODWHGDQQHDOLQJ3DUWLFOHVZDUPRSWLPL]DWLRQ362GLIIHUHQWLDOHYROXWLRQ'(
DOJRULWKPEDFWHULDOIRUDJLQJDOJRULWKPDQWFRORQ\RSWLPL]DWLRQDOJRULWKP +UV
7H[W%RRNV
2SWLPL]DWLRQIRU(QJLQHHULQJ'HVLJQ$OJRULWKPV ([DPSOHV±.'HE3+,QG(G
0XOWLREMHFWLYH2SWLPL]DWLRQ8VLQJ(YROXWLRQDU\$OJRULWKPV.'HE-RKQ:LOH\ 6RQVVW(G
5HIHUHQFH%RRN
2SWLPL]DWLRQ7KHRU\DQG$SSOLFDWLRQV665DR:LOH\(DVWHUQ/WGQG(G
(& 5$'$5$1'1$9,*$7,21(1*,1((5,1* &U±
,QWURGXFWLRQ WR 5$'$5 5DGDU SULQFLSOH 5DGDU V\VWHP ORVVHV SURSDJDWLRQ ORVVHV DQWHQQDV 5DGDU FURVV VHFWLRQ
5D\OHLJK UHJLRQ 0LH UHJLRQ 2SWLFDO UHJLRQ 6FDQQLQJ 7UDFNLQJ 5DGDUV 5DGDU FOXWWHU 621$5 /,'$5 6\QWKHWLF
DSHUWXUH5DGDU6$5 +UV
5$'$5 7UDQVPLWWHUV DQG 5HFHLYHUV 3ULQFLSOHV RI PLFURZDYH SRZHU VRXUFHV TXDOLWDWLYH 5DGDU PRGXODWRUV 5DGDU
WUDQVPLWWHUV7\SHVRI5DGDUUHFHLYHUVUHFHLYHUQRLVHDQGQRLVHILJXUHUHFHLYHUSURWHFWRUV +UV
7\SHVRI5DGDU%DVLFSULQFLSOHVRI&:5DGDU)0&: *DWHG&:5DGDUV3XOVH'RSSOHU5DGDU07,5DGDU +UV
1DYLJDWLRQ (QJLQHHULQJ 0HWKRGV RI QDYLJDWLRQ FHOHVWLDO QDYLJDWLRQ SLORWDJH DQG GHDG UHFNRQLQJ UDGLR QDYLJDWLRQ
&ODVVHV RI UDGLR GLUHFWLRQ ILQGHUV GLUHFWLRQ ILQGLQJ XVLQJ ORRS DQWHQQDV DQG HUURUV LQ WKLV PHWKRG $GFRFN GLUHFWLRQ
ILQGHUV *RQLRPHWHU DXWRPDWLF GLUHFWLRQ ILQGHUV 5DGDU %HDFRQV +\SHUEROLF HOHFWURQLF QDYLJDWLRQDO V\VWHPV 'HFFD
&RQVRO 2PHJD /25$1 V\VWHPV 3ULQFLSOHV RI GLVWDQFH PHDVXULQJ HTXLSPHQW '0( DQG WDFWLFDO DLU QDYLJDWLRQ
7$&$1 +UV
$LUFUDIW +RPLQJ 6\VWHP DQG /DQGLQJ 6\VWHP 6ZLWFKHG FDUGLRG KRPLQJ V\VWHP IRXU FRXUVH UDGLR UDQJH
RPQLGLUHFWLRQDOUDQJH9+)RPQLUDQJH925HOHFWULFDOSDWWHUQURWDWLRQUHFRYHU\RIUHIHUHQFHSKDVHDQGPHDVXUHPHQWRI
EHDULQJ 'RSSOHU 925 ,QVWUXPHQW ODQGLQJ V\VWHP HOHYDWLRQ DQG D]LPXWK JXLGDQFH ORFDOL]HU *URXQG FRQWURO DSSURDFK
5DGDU DOWLPHWHU SULQFLSOH RI SUHFLVLRQ DSSURDFK UDGDU 3$5 ODQGLQJ V\VWHP MDPPLQJ DQWLMDPPLQJ WHFKQLTXHV
+UV
7H[W%RRNV
,QWURGXFWLRQWR5DGDU6\VWHPV0,6NROQLNUG(G7DWD0F*UDZ+LOO
5DGDU6\VWHPVDQG5DGLR$LGVWR1DYLJDWLRQ$.6HQDQG$%%KDWWDFKDU\D.KDQQD3XEOLVKHUV
5HIHUHQFH%RRNV
)XQGDPHQWDOVRI5$'$5621$5DQG1DYLJDWLRQ(QJLQHHULQJZLWK*XLGDQFH±..6KDUPD6..DWDULDVW(G
6RQV3XEOLFDWLRQ
(& 0,&52:$9(,17(*5$7('&,5&8,76 &U
,QWURGXFWLRQ ,QWURGXFWLRQ WR 0LFURZDYH ,QWHJUDWHG &LUFXLWV 0,& DQG 0RQROLWKLF 0LFURZDYH ,QWHJUDWHG &LUFXLWV
00,&V WKHLU DGYDQWDJHV RYHU GLVFUHWH FLUFXLWV 00,& IDEULFDWLRQ WHFKQLTXHV 7KLFN DQG 7KLQ ILOP WHFKQRORJLHV DQG
PDWHULDOVHQFDSVXODWLRQDQGPRXQWLQJRIDFWLYHGHYLFHVLQ0,&DQG00,& +UV
3ODQDU 7UDQVPLVVLRQ /LQHV, 6WULS OLQH PLFURVWULS OLQH ILHOG FRQILJXUDWLRQV TXDVL7(0 PRGH LQ PLFURVWULS OLQH
DQDO\VLVRIPLFURVWULSWUDQVPLVVLRQOLQHFRQFHSWRIHIIHFWLYHGLHOHFWULFFRQVWDQWLPSHGDQFHRI6WULSOLQH PLFURVWULSOLQH
GLVSHUVLRQDQGORVVHVLQPLFURVWULSOLQHGLVFRQWLQXLWLHVLQPLFURVWULS +UV
~ 127 ~
3ODQDU 7UDQVPLVVLRQ /LQHV,, 6ORW /LQH DSSUR[LPDWH DQDO\VLV DQG ILHOG GLVWULEXWLRQ RI VORW OLQH WUDQVYHUVH UHVRQDQFH
PHWKRGDQGHYDOXDWLRQRIVORWOLQHLPSHGDQFHFRPSDULVRQZLWKPLFURVWULSOLQH)LQOLQHV &RSODQDU/LQHVDQDO\VLVRI)LQ
OLQHVE\WUDQVYHUVHUHVRQDQFHPHWKRGFRQGXFWRUORVVLQ)LQOLQHVFRSODQDUZDYHJXLGH&3: +UV
3DUDOOHOFRXSOHG 0LFURVWULS /LQHV DQG 3RZHU 'LYLGHUV &RXSOHG PLFURVWULS OLQHV HYHQ PRGH DQG RGG PRGH
FKDUDFWHULVWLFLPSHGDQFHVVHPLHPSLULFDOIRUPXODHIRUFRXSOHGOLQHSDUDPHWHUVFRXSOHGUHJLRQOHQJWKFRXSOHUGLUHFWLYLW\
FURVVWDON EHWZHHQ PLFURVWULS OLQHV GHVLJQ RI PLFURVWULS EUDQFKOLQH SRZHU GLYLGHU DQG UDWUDFH ULQJ SRZHU GLYLGHU
+UV
0,& 0HDVXUHPHQW 7HVWLQJ DQG $SSOLFDWLRQV 0,& PHDVXUHPHQW V\VWHP PLFURZDYH WHVW IL[WXUHV DQG SUREHV
PHDVXUHPHQWWHFKQLTXHVRI6SDUDPHWHUVQRLVHPHDVXUHPHQW +UV
7H[W%RRNV
0LFURVWULS/LQHVDQG6ORW/LQHV.&*XSWD5*DUJ,%DKO3%KDUWLD QG(G$UWHFK+RXVH
)RXQGDWLRQIRU0LFURVWULS&LUFXLW'HVLJQ7&(GZDUGVQG(G-RKQ:LOH\ 6RQV/WG
5HIHUHQFH%RRNV
6WULSOLQHOLNH7UDQVPLVVLRQOLQHVIRU0LFURZDYH,QWHJUDWHG&LUFXLWV%%KDW6..RXO VW(G:LOH\(DVWHUQ/WG
0LFURZDYH,QWHJUDWHG&LUFXLWV.&*XSWDDQG$6LQJKVW(G:LOH\(DVWHUQ/LPLWHG
(& 5)0,&52(/(&7520(&+$1,&$/6<67(06 &U
0(06 )DEULFDWLRQ 3URFHVVHV ,QWURGXFWLRQ 0(06 2YHUYLHZ 0LFURIDEULFDWLRQ RI 0(06 6XUIDFH 0LFURPDFKLQLQJ
%XON 0LFURPDFKLQLQJ /,*$ PLFURPDFKLQLQJ RI SRO\PHULF 0(06 GHYLFHV 7KUHH GLPHQVLRQDO PLFURIDEULFDWLRQV
+UV
0(06 $FWXDWRUV DQG 6HQVRUV (OHFWURPHFKDQLFDO WUDQVGXFHUV 3LH]RHOHFWULF WUDQVGXFHUV (OHFWURVWULFWLYH WUDQVGXFHUV
0DJQHWRVWULFWLYH WUDQVGXFHUV (OHFWURVWDWLF DFWXDWRUV (OHFWURPDJQHWLF WUDQVGXFHUV (OHFWURG\QDPLF WUDQVGXFHUV
(OHFWURWKHUPDODFWXDWRUVFRPSDULVRQRIHOHFWURWKHUPDODFWXDWLRQSURFHVV0LFURVHQVLQJIRU0(063LH]RUHVLVWLYHVHQVLQJ
&DSDFLWLYHVHQVLQJ3LH]RHOHFWULFVHQVLQJ5HVRQDQWVHQVLQJ6XUIDFH$FRXVWLF:DYHVHQVRUV +UV
0(06 0DWHULDOV DQG )DEULFDWLRQ 7HFKQLTXHV 0HWDOV VHPLFRQGXFWRUV WKLQ ILOPV IRU 0(06 DQG WKHLU GHSRVLWLRQ
WHFKQLTXHVPDWHULDOVIRUSRO\PHU0(06%XONPLFURPDFKLQLQJIRUVLOLFRQEDVHG0(066LOLFRQVXUIDFHPLFURPDFKLQLQJ
0LFURVWHUHROLWKRJUDSK\IRUSRO\PHU0(06 +UV
0(066ZLWFKHVDQG0LFUR5HOD\V6ZLWFKSDUDPHWHUVEDVLFVRIVZLWFKLQJ6ZLWFKHVIRU5)DQGPLFURZDYHDSSOLFDWLRQV
DFWXDWLRQPHFKDQLVPVIRU0(06GHYLFHVELVWDEOHPLFURUHOD\VDQGPLFURDFWXDWRUVG\QDPLFVRIVZLWFKRSHUDWLRQ0(06
VZLWFKGHVLJQFRQVLGHUDWLRQVPRGHOLQJDQGHYDOXDWLRQ +UV
0(06,QGXFWRUVDQG&DSDFLWRUV0(060LFURPDFKLQHGSDVVLYHHOHPHQWVSURVDQGFRQV0(06,QGXFWRUVVHOIDQG
PXWXDO LQGXFWDQFH PLFURPDFKLQHG LQGXFWRUV UHGXFWLRQ RI VWUD\ FDSDFLWDQFH LPSURYHPHQW RI TXDOLW\ IDFWRU IROGHG
LQGXFWRUV PRGHOLQJ DQG GHVLJQ LVVXHV RI SODQDU LQGXFWRUV YDULDEOH LQGXFWRU DQG SRO\PHU EDVHG LQGXFWRU 0(06
&DSDFLWRUV0(06JDSWXQLQJFDSDFLWRU0(06DUHDWXQLQJFDSDFLWRU'LHOHFWULF7XQDEOHFDSDFLWRUV +UV
0(063DFNDJLQJDQG0(06$SSOLFDWLRQV0(06SDFNDJLQJ5ROHRI0(06SDFNDJLQJ7\SHVRI0(06SDFNDJLQJ
IOLSFKLSDQGPXOWLFKLSPRGXOHSDFNDJLQJ5)0(06SDFNDJLQJLVVXHV0LFURPDFKLQHGWUDQVPLVVLRQOLQHDQGFRPSRQHQWV
PLFURPDFKLHG5))LOWHUV0LFURPDFKLQHG3KDVHVKLIWHUV 0LFURPDFKLQHGDQWHQQD*\URVDQG%LR0(06 +UV
7H[W%RRNV
5)0(067KHRU\'HVLJQDQG7HFKQRORJ\*DEULHO05HEHL]VW(G-RKQ:LOH\ 6RQV
5)0(06 7KHLU$SSOLFDWLRQV9.9DUDGDQ.-9LQR\DQG.$-RVH VW(G-RKQ:LOH\ 6RQV
5HIHUHQFH%RRNV
0(06DQG0LFURV\VWHPV'HVLJQDQG0DQXIDFWXUH7DL5DQ+VXVW(G7DWD0F*UDZ+LOO
~ 128 ~
(& 3/$1$5$1'60$//$17(11$6 &U
3ODQDU 5DGLDWRUV ,QWURGXFWLRQ WR DQWHQQDV UDGLDWLRQ SDWWHUQ GLUHFWLYLW\ HIILFLHQF\ JDLQ LPSHGDQFH D[LDO UDWLR HWF
GLIIHUHQW W\SHV RI SODQDU DQWHQQDV DSSOLFDWLRQV RI SODQDU DQWHQQDV %ULHI GHVFULSWLRQ RI IDEULFDWLRQ SURFHVV RI SODQDU
DQWHQQDV +UV
0LFURVWULS 3DWFK $QWHQQDV, &KDUDFWHULVWLFV RI PLFURVWULS SDWFK DQWHQQDV UDGLDWLRQ IURP PLFURVWULS DQWHQQD ILHOG
FRQILJXUDWLRQV GLIIHUHQW W\SHV RI IHHGLQJ WHFKQLTXHV 'HVLJQ HTXDWLRQV IRU UHFWDQJXODU DQG FLUFXODU PLFURVWULS SDWFKHV
DQDO\VLV RI PLFURVWULS DQWHQQDV XVLQJ WUDQVPLVVLRQ OLQH PRGHO DQG FDYLW\ PHWKRG %URDGEDQG WHFKQLTXHV XVLQJ VWDFNHG
SDWFK DQWHQQDV SUR[LPLW\FRXSOHG DQG DSHUWXUHFRXSOHG PLFURVWULS DQWHQQDV VORWORDGHG DQG VOLWORDGHG PLFURVWULS
DQWHQQDV PLFURVWULS DQWHQQDV ZLWK VKRUWHG SLQ HIIHFW RI ILQLWH JURXQG SODQH RQ WKH SHUIRUPDQFH RI PLFURVWULS DQWHQQDV
SULQFLSOHRISODQDUIUDFWDODQWHQQDV +UV
0LFURVWULS3DWFK$QWHQQDV,, 0HWKRGVRIJHQHUDWLQJFLUFXODUSRODUL]DWLRQLQ PLFURVWULSDQWHQQDVXVLQJVLQJOHIHHG DQG
GRXEOH IHHG PHWKRGV RI JHQHUDWLQJ PXOWLSOH IUHTXHQFLHV XVLQJ PLFURVWULS DQWHQQDV PLQLDWXUL]DWLRQ WHFKQLTXHV IRU
PFLURVWULS DQWHQQDV 'HVLJQ WHFKQLTXHV RI PLFURVWULS DQWHQQD DUUD\V ZLWK IHHG QHWZRUN HIIHFW RI PXWXDO FRXSOLQJ
PLFURVWULSSKDVHGDUUD\DQWHQQDGHVLJQ +UV
3ODQDU6ORW$QWHQQDV*HRPHWU\DQGGHVLJQRIPLFURVWULSVORWDQWHQQDUDGLDWLRQSDWWHUQ&3:IHGVORWDQWHQQDVGHVLJQRI
IROGHGVORWDQWHQQDDQQXODUVORWDQWHQQD +UV
3ODQDU 0RQRSROH $QWHQQDV )HHGLQJ PHWKRGV DQG FKDUDFWHULVWLFV RI SODQDU WULDQJOH PRQRSROH 6LHUSLQVNL PRQRSROH
SODQDUELFRQLFDOPRQRSROHDQWHQQDDQGUROOPRQRSROHDQWHQQD +UV
(OHFWULFDOO\6PDOO$QWHQQDV(OHFWULFDOO\VPDOODQWHQQDVDQGWKHLUOLPLWDWLRQVSODQDULQYHUWHG)DQWHQQD3,)$3,)$IRU
ZLUHOHVVSRWDEOHVHWV JURXQGSODQH HIIHFWVRQ3,)$SHUIRUPDQFHGLIIHUHQWW\SHVRI3,)$ PXOWLIUHTXHQF\3,)$3ULQWHG
QRWFK DQWHQQDV VPDOO IUDFWDO DQWHQQDV GLHOHFWULF UHVRQDWRU DQWHQQDV VPDOO 7HUD+HUW] DQWHQQDV
+UV
3ODQDU $QWHQQDV IRU 6SHFLDO $SSOLFDWLRQV 3ODQDU PRELOH KDQGVHW DQWHQQDV SODQDU ODSWRS FRPSXWHU DQWHQQDV SODQDU
DQWHQQDVIRU86%PRGHPSODQDUDQWHQQDVIRU:/$1DQG8:%FRPPXQLFDWLRQ +UV
7H[W%RRNV
5*DUJ3%KDUWLD,%DKODQG$,WWLSLERRQ0LFURVWULS$QWHQQD'HVLJQ+DQGERRNVW(G$UWHFK+RXVH
%URDGEDQG 3ODQDU $QWHQQDV'HVLJQ $SSOLFDWLRQV = 1 &KHQ 0 < : &KLD VW (G -RKQ :LOH\ 6RQV
5HIHUHQFH%RRN
&RPSDFWDQG%URDGEDQG0LFURVWULS$QWHQQDV./:RQJVW(G-RKQ:LOH\ 6RQV
(& $'$37,9($17(11$6$1'60$57$17(11$6 &U±
,QWURGXFWLRQ %DVLFV RI OLQHDU DQWHQQD DUUD\V FLUFXODU DQWHQQD DUUD\V DQG SKDVHG DQWHQQD DUUD\V &RQFHSW RI DGDSWLYH
DQWHQQDV DQG VPDUW DQWHQQDV DGDSWLYH SURFHVVLQJ XVLQJ PLQLPXP YDULDQFH GLVWRUWLRQOHVV WHFKQLTXH DSSOLFDWLRQ RI VPDUW
DQWHQQDV +UV
'LUHFW 'DWD 'RPDLQ /HDVW 6TXDUH $SSURDFKHV WR $GDSWLYH 3URFHVVLQJ 'LUHFW GDWD GRPDLQ OHDVW VTXDUH SURFHGXUHV
HLJHQYDOXHPHWKRGIRUZDUGPHWKRGEDFNZDUGPHWKRGIRUZDUGEDFNZDUGPHWKRGPDLQEHDPFRQVWUXFWLRQIRUSUHYHQWLRQ
RIVLJQDOFDQFHOODWLRQ +UV
0XWXDO &RXSOLQJ LQ $GDSWLYH $QWHQQDV 0XWXDO FRXSOLQJ DPRQJ DQ DUUD\ RI GLSROHV FRPSHQVDWLRQ XVLQJ RSHQFLUFXLW
YROWDJHV DQG PLQLPXP QRUP IRUPXODWLRQ HIIHFW RI PXWXDO FRXSOLQJ IRU FRQVWDQW MDPPHUV DQG FRQVWDQW VLJQDOV
FRPSHQVDWLRQ IRU PXWXDO FRXSOLQJ IRU FRQVWDQW MDPPHUV DQG FRQVWDQW VLJQDOV HIIHFW RI WKHUPDO QRLVH RQ WKH DGDSWLYH
DOJRULWKP +UV
'LUHFWLRQ RI $UULYDO '2$ (VWLPDWLRQ DQG $GDSWLYH 6LJQDO 3URFHVVLQJ IRU 6PDUW $QWHQQDV 3UREOHP IRUPXODWLRQ
WUDQVIRUPDWLRQPDWUL[WRFRPSHQVDWHXQGHVLUHGHOHFWURPDJQHWLFHIIHFWV'2$HVWLPDWLRQIRUDVHPLFLUFXODUDUUD\DGDSWLYH
SURFHVVLQJ XVLQJ D VLQJOH VQDSVKRW IURP D QRQXQLIRUPO\ VSDFHG DUUD\ LQ SUHVHQFH RI PXWXDO FRXSOLQJ DQG QHDUILHOG
VFDWWHUHUV '2$ HVWLPDWLRQ XVLQJ D SKDVHG DUUD\ RQ D FRQIRUPDO KHPLVSKHULFDO VXUIDFH '2$ HVWLPDWLRQ XVLQJ
F\FORVWDWLRQDULW\'2$HVWLPDWLRQLQDPXOWLSDWKHQYLURQPHQW +UV
~ 129 ~
'LUHFW 'DWD 'RPDLQ /HDVW 6TXDUHV 6SDFH7LPH $GDSWLYH 3URFHVVLQJ 67$3 6LJQDOV DQG LQIRUPDWLRQ VLJQDO
SURFHVVLQJ PHWKRG GLUHFW GDWD GRPDLQ VSDFHWLPH DSSURDFK OHDVW VTXDUHV IRUZDUG SURFHVVRU OHDVW VTXDUHV EDFNZDUG
SURFHVVRU GLUHFW GDWD GRPDLQ OHDVW VTXDUHV 67$3 IRU FLUFXODU DUUD\V NQRZOHGJHEDVHG 67$3 SURFHVVLQJ
+UV
7H[W%RRNV
6PDUW$QWHQQDV±7.6DUNDU0&:LFNV06DOD]DU3DOPDDQG5-%RQQHDXVW(G:LOH\,QWHUVFLHQFH
6PDUW$QWHQQDVIRU:LUHOHVV&RPPXQLFDWLRQ:LWK0$7/$%)*URVVVW(G0F*UDZ+LOO
5HIHUHQFH%RRNV
6PDUW $QWHQQDV IRU :LUHOHVV &RPPXQLFDWLRQV ,6 DQG 7KLUG*HQHUDWLRQ &'0$ - & /LEHUWL DQG 7 6
5DSSDSRUWVW(G3UHQWLFH+DOO
6PDUW$QWHQQD(QJLQHHULQJ$KPHG(O=RRJKE\VW(G$UWHFK+RXVH
(& 0,//,0(7(5:$9(&20081,&$7,216<67(06 &U±
0LOOLPHWHU :DYH &KDUDFWHULVWLFV +LVWRU\ RI PLOOLPHWHU ZDYH GHYHORSPHQW SURSDJDWLRQ FKDUDFWHULVWLFV RI PLOOLPHWHU
ZDYH DWWHQXDWLRQ RI PLOOLPHWHU ZDYH E\ DWPRVSKHUH UDLQ DQG IROLDJH ORVV FKDQQHO SHUIRUPDQFH DW *+] *LJDELW
ZLUHOHVV FRPPXQLFDWLRQV VKRUW UDQJH FRPPXQLFDWLRQ DQG HQKDQFHG VHFXULW\ GHYHORSPHQW RI PLOOLPHWHU ZDYH VWDQGDUGV
FRH[LVWHQFHZLWKZLUHOHVVEDFNKDXO +UV
0RGXODWLRQ 7HFKQLTXHV IRU 0LOOLPHWHU :DYH &RPPXQLFDWLRQV 2Q2II .H\LQJ 22. 3KDVH 6KLIW .H\LQJ 36.
)UHTXHQF\6KLIW .H\LQJ)6.4XDGUDWXUH $PSOLWXGH 0RGXODWLRQ4$02UWKRJRQDO)UHTXHQF\ 'LYLVLRQ0XOWLSOH[LQJ
2)'0 +UV
0LOOLPHWHU:DYH7UDQVFHLYHUV0LOOLPHWHUZDYHOLQNEXGJHWWUDQVFHLYHUDUFKLWHFWXUHWUDQVFHLYHUZLWKRXWPL[HUUHFHLYHU
ZLWKRXWORFDORVFLOODWRUPLOOLPHWHUZDYHFDOLEUDWLRQ +UV
0LOOLPHWHU :DYH $QWHQQDV 3DWK ORVV DQG DQWHQQD GLUHFWLYLW\ DQWHQQD EHDPZLGWK PD[LPXP SRVVLEOH *DLQWR4
SRODUL]DWLRQEHDPVWHHULQJDQWHQQD PLOOLPHWHU ZDYHGHVLJQFRQVLGHUDWLRQDQWHQQDV IRU PLOOLPHWHU ZDYH FRPPXQLFDWLRQ
+UV
0LOOLPHWHU :DYH 0,02 6\VWHPV 6SDWLDO GLYHUVLW\ RI DQWHQQD DUUD\V PXOWLSOH DQWHQQDV PXOWLSOH WUDQVFHLYHUV QRLVH
FRXSOLQJ LQ D 0,02 V\VWHP SRWHQWLDO EHQHILWV IRU PLOOLPHWHU ZDYH V\VWHPV VSDWLDO GLYHUVLW\ IUHTXHQF\ GLYHUVLW\ DQG
WHPSRUDOGLYHUVLW\DGYDQWDJHVRIVLQJOHFDUULHUIUHTXHQF\GRPDLQHTXDOL]DWLRQ6&)'(RYHU2)'0IRUPLOOLPHWHUZDYH
V\VWHPV +UV
0LOOLPHWHU:DYH$SSOLFDWLRQ6\VWHPV5DGLRVWDWLRQVDW*+]ZLUHOHVV/$1V\VWHPV:3$1DQGEURDGEDQGZLUHOHVV
DFFHVV V\VWHPV DW PLOOLPHWHU ZDYH EDQG ZLUHOHVV WUDLQ FRPPXQLFDWLRQ V\VWHPV LQWHOOLJHQW WUDQVSRUW V\VWHPV ,76 XVLQJ
PLOOLPHWHU ZDYH WHFKQRORJ\ VDWHOOLWH EURDGFDVWLQJ V\VWHPV LQ PLOOLPHWHU ZDYH EDQG PLOOLPHWHU ZDYH WHFKQRORJ\ IRU
EURDGEDQGZLUHOHVVFRPPXQLFDWLRQXVLQJKLJKDOWLWXGHSODWIRUP+$3 +UV
7H[W%RRNV
0LOOLPHWHU:DYH&RPPXQLFDWLRQ6\VWHPV.&+XDQJ=:DQJ:LOH\,(((3UHVV
0RGHUQ0LOOLPHWHU:DYH7HFKQRORJLHV77HVKLURJL 7<RQH\DPD(G,263UHVV
5HIHUHQFH%RRNV
(&DUH\DQG6/LGKROP0LOOLPHWHUZDYH,QWHJUDWHG&LUFXLWV6SULQJHU
0LOOLPHWHU:DYH7HFKQRORJ\LQ:LUHOHVV3$1/$1DQG0$164;LDR07=KRX(G&5&3UHVV
~ 130 ~
6&+22/2)0(&+$1,&$/(1*,1((5,1*
63(&,$/,=$7,210$18)$&785,1*352&(66(6$1'6<67(06
0( 352-(&73/$11,1*$1'&21752/ &U
3URMHFW0DQDJHPHQW&RQFHSWVDQG1HHGV,GHQWLILFDWLRQ
$WWULEXWHV RI D 3URMHFW 3URMHFW /LIH &\FOH 7KH 3URMHFW PDQDJHPHQW 3URFHVV *OREDO 3URMHFW 0DQDJHPHQW %HQHILWV RI
3URMHFW0DQDJHPHQW1HHGV,GHQWLILFDWLRQ3URMHFW6HOHFWLRQ3UHSDULQJD5HTXHVWIRU3URSRVDO6ROLFLWLQJ3URSRVDOV3URMHFW
RUJDQL]DWLRQ WKH SURMHFW DV SDUW RI WKH IXQFWLRQDO RUJDQL]DWLRQ SXUH SURMHFW RUJDQL]DWLRQ WKH PDWUL[ RUJDQL]DWLRQ PL[HG
RUJDQL]DWLRQDOV\VWHPV +UV
3URMHFW3ODQQLQJDQG6FKHGXOLQJ
'HVLJQ RI SURMHFW PDQDJHPHQW V\VWHP SURMHFW ZRUN V\VWHP ZRUN EUHDNGRZQ VWUXFWXUH SURMHFW H[HFXWLRQ SODQ ZRUN
SDFNDJLQJSODQSURMHFWSURFHGXUHPDQXDOSURMHFWVFKHGXOLQJEDUFKDUWVOLQHRIEDODQFH/2%DQG1HWZRUN7HFKQLTXHV
3(57&30&UDVKLQJ +UV
3URMHFW0RQLWRULQJDQG&RQWURODQG3URMHFW3HUIRUPDQFH
3ODQQLQJ0RQLWRULQJDQG&RQWURO5ROHRI3URGXFWLRQ3ODQQLQJ &RQWURO33&1HZ3URGXFW'HYHORSPHQW 3URFHVV
'HVLJQ$JJUHJDWH3ODQQLQJ5HOHYDQWFRVW(YDOXDWLRQRIVWUDWHJLFDOWHUQDWLYHV/HYHO&KDVHDQGPL[HGW\SHVRIFDSDFLW\
(FRQRPLFVDQG'LVHFRQRPLHVRIVFDOH'HYHORSLQJFDSDFLW\DOWHUQDWLYHV3URMHFW$XGLW3URMHFW$XGLW/LIH&\FOH +UV
7KH3URMHFW0DQDJHU
5HVSRQVLELOLWLHV RI WKH 3URMHFW 0DQDJHU 6NLOOV RI WKH 3URMHFW 0DQDJHU 'HYHORSLQJ WKH 6NLOOV QHHGHG WR EH D 3URMHFW
0DQDJHU'HOHJDWLRQ0DQDJLQJ&KDQJH'HYHORSLQJD:LQQLQJ3URSRVDO3URSRVDO3UHSDUDWLRQ3URSRVDO&RQWHQWV3ULFLQJ
&RQVLGHUDWLRQV3URSRVDO6XEPLVVLRQVDQG)ROORZ8S&XVWRPHU(YDOXDWLRQRI3URSRVDOV +UV
7H[W%RRNV
3URMHFW0DQDJHPHQW-DPHV3&OHPHQWV -DFN*LGR&HQJDJH/HDUQLQJWKHGLWLRQ
5HIHUHQFH%RRNV
3URMHFW 0DQDJHPHQW $ 0DQDJHULDO $SSURDFK -DFN 5 0HUHGLWK 6DPXHO - 0DQWHO -U WK (GLWLRQ :LOH\
3XEOLFDWLRQV$XJXVW
0DVWHULQJ&$'&$0,EUDKLP=HLG$FDGHPLF3XEOLVKHUVUGHGLWLRQ
5HIHUHQFH%RRNV
&$'&$0&,0 35DGKDNULVKQD 66XEUDPDQXDP 95DMX (GLWLRQ 3XEOLVKHU 1HZ $JH ,QWHUQDWLRQDO 3
/LPLWHG
$GYDQFHVLQDGDSWLYHFRQWURO.61DUHQGUD3(5*$02135(66
3/& ,QGXVWULDODXWRPDWLRQ0DGKXFKKDQGD0LWUD 6DPDUMLW6HQJXSWD3HQUDP,QWHUQDWLRQDO3XEOLVKLQJ,QGLD
3YW/WG,6%1
~ 131 ~
0( 0(7$/)250,1*$1'0(7$/&$67,1* &U
)RUPLQJ &ODVVLILFDWLRQ RI PHWDO IRUPLQJ SURFHVVHV EDVLF PHWDO ZRUNLQJ FRQFHSWV DQG SODVWLFLW\ (OHPHQWV RI WKHRU\ RI
SODVWLFLW\6WUHVV6WUDLQVWUDLQUDWHVWUDLQUDWHDQDO\VLVRIVWUDLQ<LHOGVWUHVV\LHOGFRQGLWLRQV0LVHV7UHVFDDQLVRWURS\
LQ\LHOGLQJIORZEHKDYLRURIWKHPDWHULDODQGGHWHUPLQDWLRQRIIORZVWUHVVLQVWDELOLW\ZRUNDELOLW\UHVLGXDOVWUHVVHV +UV
$QDO\VLVRIPHWDOIORZLQPHWDOIRUPLQJSURFHVVHVVOLSOLQHILHOGWKHRU\8SSHUERXQGVROXWLRQDSSOLFDWLRQWRH[WUXVLRQ
DQGLQGHQWDWLRQSUREOHPV6ODEPHWKRGV0HFKDQLFVRIUROOLQJIRUJLQJGUDZLQJH[WUXVLRQ )ULFWLRQDQGVXUIDFHLQWHJULW\
IRUPDELOLW\IULFWLRQDQGOXEULFDWLRQLQPHWDOZRUNLQJWKHRULHVRIIULFWLRQDQGOXEULFDWLRQPHDVXUHPHQWRIIULFWLRQLQPHWDO
IRUPLQJSRZGHUIRUPLQJ +UV
)RUPDELOLW\ RI VKHHW PHWDOV 3ULQFLSOH SURFHVV SDUDPHWHUV GHHS GUDZLQJ IRUFHV LQ FLUFXODU FXS GUDZLQJ IRUPLQJ OLPLW
FULWHULDGUDZDELOLW\RIVKHHWPHWDODQLVRWURS\LQVKHHWPHWDOIRUPLQJOLPLWGLDJUDP)/'VWUHWFKIRUPLQJSODWHEHQGLQJ
SUHVVEUDNHIRUPLQJVSLQQLQJ +UV
&DVWLQJ 6XUYH\ DQG VFRSH 6ROLGLILFDWLRQ DQG SXUH PHWDOV DQG DOOR\V 6ROLGLILFDWLRQ RI DFWXDO FDVWLQJ 5LVHULQJ 5LVHU
GHVLJQ 5LVHULQJ FXUYHV 15/ PHWKRGV )HHGLQJ GLVWDQFH 5LVHULQJ RI FRPSOH[ FDVWLQJ *DWLQJ 6\VWHP DQG WKHLU
FKDUDFWHULVWLFV +UV
*DWLQJ GHVLJQ 7\SHV RI JDWHV DQG GHVLJQ FRQVLGHUDWLRQV SDWWHUQ GHVLJQ FRQVLGHUDWLRQV DQG WHVWLQJ YDULRXV PRXOGLQJ
SURFHVVHVJDVHVLQPHWDOVIOXLGLW\RIPHWDOVFDVWLQJGHIHFWVDQGFDVWLQJTXDOLW\PHDVXUHPHQWDQGLPSURYHPHQWWHFKQLTXHV
+UV
7H[W%RRNV
7HFKQRORJ\RI0HWDO)RUPLQJ3URFHVVHV6.XPDU3+,/WG
3ULQFLSOHRI0HWDO:RUNLQJ*:5RZH,6%1
&DVWLQJ7HFKQRORJ\DQG&DVW$OOR\V$.&KDNUDEDUWL3+,/WG
5HIHUHQFH%RRNV
0HWDOIRUPLQJDQGWKH)LQLWH(OHPHQW0HWKRG6.RED\DVKL62K7$OWDQ2[IRUG8QLYHUVLW\3UHVV86$
0DU
0DQXIDFWXULQJ7HFKQRORJ\9RO±,315DR7DWD0F*UDZ+LOOUHSULQW
3ODVWLFLW\IRU0HFKDQLFDO(QJLQHHUV:-RKQVRQ 3%0HOORU/RQGRQ3ULQFHWRQ1-9DQ1RVWUDQG>@
0HWDO)RUPLQJ)XQGDPHQWDOVDQG$SSOLFDWLRQV7$OWDQ62K +/*HJHO$PHULFDQ6RFLHW\IRU0HWDOV
0( 0(752/2*<$1'48$/,7<&21752/ &U
0HWURORJLFDO FRQFHSWV 1HHGV RI KLJK SUHFLVLRQ LQVSHFWLRQ 3UHFLVLRQ $FFXUDF\ (UURUV$EEH¶V DOLJQPHQW SULQFLSOH
$LU\¶VVXSSRUWHIIHFWSUREOHPVDVVRFLDWHGZLWKKLJKSUHFLVLRQPHDVXUHPHQWV +UV
6WDQGDUGVIRUPHDVXUHPHQW±0DWHULDOVWDQGDUGV:DYHOHQJWKVWDQGDUGVVWDQGDUGVWUDFHDELOLW\DQGWKHLUFDOLEUDWLRQ
+UV
/LPLW)LW *DXJHV/LPLWV9DULRXVWROHUDQFHVDQGWKHLUVSHFLILFDWLRQV3ULQFLSOHRIJDXJHGHVLJQ/LPLWJDXJHVIRU
WDSHUV6HOHFWLYHDVVHPEO\ LQWHUFKDQJHDELOLW\ +UV
*HDU DQG 7KUHDG 0HDVXUHPHQWV 6FUHZ 7KUHDG WHUPLQRORJ\ (UURUV LQ 7KUHDGV 3LWFK HUURUV 0HDVXUHPHQW LQ YDULRXV
HOHPHQWVRID WKUHDG*HDUWHUPLQRORJ\ 6SXU JHDU PHDVXUHPHQWVUXQRXW SLWFKFRQFHQWULWLYLW\SURILOHOHDGDOLJQPHQW
EDFNODVKFKRUGDOWKLFNQHVVPHWKRG3DUNLQVRQ¶VJHDUWHVWHU +UV
6XUIDFH )RUP 0HWURORJ\ 0HDVXUHPHQW RI VWUDLJKWQHVV IODWQHVV ZDYLQHVV URXJKQHVV URXQGQHVV 7DO\URXQG
LQVWUXPHQW 7KH7D\ORU±+REVRQ7DO\VXUI
~ 132 ~
/DVHU 0HWURORJ\ $SSOLFDWLRQ RI /DVHU LQ SUHFLVLRQ PHDVXUHPHQWV /DVHU LQWHUIHURPHWHU VSHFOH PHDVXUHPHQWV /DVHU
VFDQQHUV +UV
0DFKLQH7RRO0HWURORJ\$OLJQPHQWWHVWVRQ/DWKH0LOOLQJ0DFKLQHV'ULOOLQJ0DFKLQHV$FFHSWDQFHWHVWVIRU6KDSHUV
3ODQHUV +UV
&RRUGLQDWH PHDVXULQJ PDFKLQHV 7\SHV RI &00 &RPSXWHU FRQWUROOHG FRRUGLQDWH PHDVXULQJ PDFKLQHV (OHFWURQLF
LQVSHFWLRQ PHDVXULQJPDFKLQHV0XOWLGLPHQVLRQDO$XWRJDXJLQJ 6RUWLQJPDFKLQHV +UV
4XDOLW\ $VVXUDQFH 6WDWLVWLFDO 4XDOLW\ &RQWURO &RQWURO &KDUWV 6DPSOLQJ GLVWULEXWLRQV 3URFHVV &RQWURO &KDUWV IRU
$WWULEXWHV 9DULDEOHV$FFHSWDQFH6DPSOLQJ2&&XUYH6DPSOLQJSODQV$24/$4/DQG6HOHFWLRQRI6DPSOLQJ3ODQV
+UV
7RWDO 4XDOLW\ 0DQDJHPHQW 740 3KLORVRSK\ 'HPLQJ¶V DSSURDFK WR 740 4XDOLW\ &LUFOH 7RWDO 4XDOLW\ &RQWURO
-XUDQ¶V WHQ VWHSV WR 4XDOLW\ ,PSURYHPHQW .DL]HQ 6\VWHP ,62 740 7DJXFKL PHWKRGV RUWKRJRQDO DUUD\V
4XDOLW\$XGLW +UV
7H[W%RRNV
(QJLQHHULQJ0HWURORJ\5.-DLQ.KDQQDSXEOLVKHUV
5HIHUHQFH%RRNV
6WDWLVWLFDO4XDOLW\&RQWURO(&*DQWW0F*UDZ+LOO
6WDWLVWLFDO4XDOLW\&RQWURO060DKDMDQ'KDQSDW5DL 6RQV
0( 0(7$/&877,1*7(&+12/2*< &U
6WHULRPHWU\RIFXWWLQJWRROV%DVLFVKDSHRIFXWWLQJWRROV7KHZHGJHFRQFHSWRIUDNH FOHDUDQFHDQJOH LWVDGYDQWDJHV
GLVDGYDQWDJHVV\VWHPVRIGHVFULSWLRQRIWRROJHRPHWU\ QRPHQFODWXUH7RROLQKDQGV\VWHP0DFKLQH5HIHUHQFHV\VWHP
$6$ LWV SODQHV D[HV 7RRO 5HIHUHQFH V\VWHP 256 156 LWV SODQHV D[HV ,QWHUUHODWLRQ EHWZHHQ GLIIHUHQW
V\VWHPVRIUDNHDQJOH&RQYHUVLRQRIWRRODQJOHVIURPRQHV\VWHPWRDQRWKHU0DVWHUOLQHPHWKRG +UV
0HFKDQLVPRIFKLSIRUPDWLRQ0HFKDQLVPRIFKLSIRUPDWLRQLQPDFKLQLQJ/HY\ORGHVWKHRUHP&ODVVLILFDWLRQRIFKLSV
IDFWRUV LQYROYHG LQ FKLS IRUPDWLRQ %ULHI GHVFULSWLRQ RQ RUWKRJRQDO REOLTXH FXWWLQJ &DXVHV DPRXQW RI FKLS IORZ
GHYLDWLRQ)UHH 5HVWULFWHGFXWWLQJ*HRPHWU\ FKDUDFWHULVWLFVRIFKLSIRUPVFKLSUHGXFWLRQFRHIILFLHQWRUFXWWLQJUDWLR
VKHDUDQJOH'\QDPLFVKHDUVWUDLQLQFKLSIRUPDWLRQ9HORFLW\UHODWLRQVKLSNURQHQEHUJUHODWLRQVKLS%8(IRUPDWLRQ(IIHFW
RI FXWWLQJ YDULDEOHV RQ FKLS UHGXFWLRQ FRHIILFLHQW &ULWLFLVP RI VLQJOH VKHDU SODQH WKHRU\ &KLS IRUPDWLRQ LQ GULOOLQJ
PLOOLQJ +UV
~ 133 ~
&RQWDFW SKHQRPHQD 1DWXUH RI FRQWDFW EHWZHHQ FKLS WRRO 'HWHUPLQDWLRQ RI QDWXUDO FRQWDFW OHQJWK +DKQV =RUHY
DQDO\VLVVWDJQDQWSKHQRPHQDDWFRQWDFWVXUIDFHV)RUPDWLRQRI%8( FRQWDFWSKHQRPHQD.LQHWLFFRHIILFLHQWRIIULFWLRQ
VWUHVVHVDWFKLSWRROLQWHUIDFH +UV
7KHUPDODVSHFWV FXWWLQJIOXLGV+HDWJHQHUDWLRQLQPHWDOFXWWLQJVKHDUSODQHWHPSHUDWXUHDYHUDJHFKLSWRROLQWHUIDFH
WHPSHUDWXUH WKHRU\ RI FXWWLQJ IOXLG DFWLRQ DW WKH FKLS WRRO LQWHUIDFH WHFKQLTXHV RI DSSOLFDWLRQ KRW PDFKLQLQJ 'U\
PDFKLQLQJ PLQLPXPTXDQWLW\OXEULFDWLRQ04/ +UV
6XUIDFHILQLVK VXUIDFHLQWHJULW\1XPHULFDODVVHVVPHQWRIWKHVXUIDFH(IIHFWVRISDUDPHWHUVRQVXUIDFHILQLVKPHDVXUHV
RIVXUIDFHURXJKQHVVH[SUHVVLRQVIRUVXUIDFHURXJKQHVVLQPDFKLQLQJZLWKVLQJOHSRLQWWRROVXUIDFHLQWHJULW\PHWKRGVRI
LPSURYHPHQW +UV
(FRQRPLFVRIPHWDOFXWWLQJ'LIIHUHQWFRVWVLQYROYHGLQPDFKLQLQJ(FRQRPLFWRROOLIH*LOEHUWVPRGHO2SWLPXPFXWWLQJ
VSHHG WRROOLIHIRUPLQLPXPFRVW PD[LPXPSURGXFWLRQ +UV
7H[W%RRNV
0HWDOFXWWLQJ7KHRU\ SUDFWLFH$%KDWWDFKDU\D&HQWUDO3XE
)XQGDPHQWDORIPDFKLQLQJ PDFKLQHWRROV%RRWKUR\G .QLJKW7D\ORU )UDQFLV3XE
5HIHUHQFH%RRNV
0HWDOFXWWLQJ7KHRU\ SUDFWLFH'DYLG$6WHSKHQVRQ -6$JDSLRX7D\ORU )UDQFLV3XE
0HWDOFXWWLQJSULQFLSOHV0&6KDZ2[IRUG3XE
0HWDOFXWWLQJ7UHQW :ULJKW(OVHYLHU3XEWKHGLWLRQ
0HWDOFXWWLQJ WRROGHVLJQ9$UVLQRY0,53XEUGHGLWLRQ
0( 237,0,=$7,217(&+1,48(6 &U
,QWURGXFWLRQ WR RSWLPL]DWLRQ 'HVLJQ YHFWRU GHVLJQ FRQVWUDLQWV FRQVWUDLQW VXUIDFH REMHFWLYH IXQFWLRQ FODVVLILFDWLRQ RI
RSWLPL]DWLRQSUREOHPV +UV
&ODVVLFDORSWLPL]DWLRQWHFKQLTXHV6LQJOHYDULDEOHRSWLPL]DWLRQPXOWLYDULDEOHRSWLPL]DWLRQPXOWLYDULDEOHRSWLPL]DWLRQ
ZLWKHTXDOLW\FRQVWUDLQWVODJUDQJHPXOWLSOLHUV +UV
/33 0DWKHPDWLFDO )RUPXODWLRQV RI WKH SUREOHP JHQHUDO OLQHDU SURJUDPPLQJ SUREOHP FDQRQLFDO DQG VWDQGDUG IRUPV
)XQGDPHQWDOSURSHUWLHVRIVROXWLRQWR/33&RPSXWDWLRQDOSURFHGXUH6LPSOH[PHWKRG$UWLILFLDOYDULDEOHWHFKQLTXHV%LJ
0 7ZRSKDVHPHWKRG3UREOHPRI'HJHQHUDF\ +UV
&RQFHSW RI 'XDOLWLHV )XQGDPHQWDO SURSHUWLHV RI GXDOLW\ )XQGDPHQWDO WKHRUHP RI 'XDOLW\ DQG VLPSOH[ 0HWKRG 'XDO
6LPSOH[DOJRULWKP +UV
6HQVLWLYLWLHV$QDO\VLV'LVFUHWHFKDQJHVLQFRVWYHFWRUDQGUHTXLUHPHQWYHFWRU
,33,PSRUWDQFH*RPRU\¶VFXWWLQJSODQHPHWKRG%UDQFKDQG%RXQG7HFKQLTXH
~ 134 ~
1/33 3UREOHP RI FRQVWUDLQHG PD[LPXP DQG PLQLPXP .XKQ 7XFNHU FRQGLWLRQV TXDGUDWLF SURJUDPPLQJ :ROIH¶V
%HDOH¶V0HWKRG*RDOSURJUDPPLQJ +UV
*DPH7KHRU\7ZRSHUVRQ]HURVXPJDPHV7KH0D[LPLQDQG0LQLPD[SULQFLSOH0L[HGVWUDWHJLHV*UDSKLFDOVROXWLRQVRI
[QDQGQ[JDPHV'RPLQDQFHSURSHUW\5HGXFWLRQRIJDPHSUREOHPDVDQ/33 +UV
-RE VHTXHQFLQJ 3ULQFLSDO DVVXPSWLRQV 3URFHVVLQJ µQ¶ MREV WKURXJK PDFKLQHV µQ¶ MREV WKURXJK PDFKLQHV MREV
WKURXJKµP¶PDFKLQHVDQGµQ¶MREVWKURXJKµP¶PDFKLQHV +UV
'HFLVLRQ7KHRU\,QWURGXFWLRQSD\RIIWDEOHRSSRUWXQLW\ORVVRUUHJUHWWDEOHGHFLVLRQVXQGHUXQFHUWDLQW\ODSODFHFULWHULRQ
PD[LPLQ RU PLQLPD[ SULQFLSOH PD[LPD[ RU PLQLPD[ SULQFLSOH KXUFXLOLF] SULQFLSOH GHFLVLRQV XQGHU ULVNPD[LPXP
OLNHOLKRRGFULWHULDH[SHFWDWLRQSULQFLSOHH[SHFWHGRSSRUWXQLW\ORVVRUH[SHFWHGUHJUHWGHFLVLRQWUHHV +UV
5HSODFHPHQW PRGHOV 5HSODFHPHQW SUREOHPV UHSODFHPHQW PRGHO IRU LWHPV ZKRVH PDLQWDQFH FRVW LQFUHDVHV ZLWK WLPH
PRQH\YDOXHFRQVWDQWDQGZLWKFKDQJHLQPRQH\YDOXHVHOHFWLRQRIEHVWPDFKLQHUHSODFHPHQWRILWHPVWKDWIDLOVXGGHQO\
LQGLYLGXDOV UHSODFHPHQWSROLFLHV +UV
6WDWLVWLFV GHVLJQ RI H[SHULPHQWV )UHTXHQF\ 'LVWULEXWLRQ +LVWRJUDPV 3UREDELOLW\ LWV 'LVWULEXWLRQ 0HDVXUHV RI
&HQWUDO 7HQGHQF\ 'LVWULEXWLRQ 3UHVHQWDWLRQ RI 6WDWLVWLFDO 'DWD &RQILGHQFH LQWHUYDOV +\SRWKHVLV 7HVWLQJ &RUUHODWLRQ
/LQHU 0XOWLSOH5HSUHVVLRQ$QDO\VLV6LJQLILFDWLRQ7HVWLQJ)XOO IUDFWLRQDOIDFWRULDOH[SHULPHQWVDQDO\VLVRIYDULDQFH
/DWLQVTXDUHVUHVSRQVHVXUIDFHPHWKRGRORJ\7DJXFKLWHFKQLTXHV +UV
6LPXODWLRQ%DVLFFRQFHSWVGLVFUHWHHYHQWVJHQHUDWLRQRIUDQGRPQXPEHUV HYHQWVXVLQJ0RQWHFDUORPHWKRGVLPXODWLRQ
RITXHXLQJV\VWHPVYDULDQFHUHGXFWLRQWHFKQLTXHVDSSOLFDWLRQV +UV
7H[W%RRNV
(QJLQHHULQJ2SWLPL]DWLRQ7KHRU\DQG3UDFWLFH665DR1HZ$JH,QWHUQDWLRQDO3/WGUG(GLWLRQ
'HVLJQ $QDO\VLVRI([SHULPHQWV0&0RQWJRPHU\-RKQ:LOH\ 6RQV
5HIHUHQFH%RRNV
4XDOLW\ 5REXVW(QJLQHHULQJ063KDGNH3UHQWLFH+DOOHGLWLRQ0D\
7DJXFKL7HFKQLTXHVLQ4XDOLW\(QJLQHHULQJ3KLOOLS-5RVV0F*UDZ+LOO3URIHVVLRQDOHGLWLRQ$XJXVW
(QJLQHHULQJ2SWLPL]DWLRQ5DYLQGUDQDQG3KLOOLSV0F*UDZ+LOO
0HFKDQLFV RI PDWHULDO UHPRYDO WRRO PDWHULDO VHOHFWLRQ GHVLJQ HIIHFW RI SURFHVV SDUDPHWHUV RQ 055 DFFXUDF\ DQG
6XUIDFH LQWHJULW\ DGYDQWDJHV DQG OLPLWDWLRQV DSSOLFDWLRQV RI YDULRXV DGYDQFHG PDFKLQLQJ SURFHVVHV OLNH 8OWUDVRQLF
0DFKLQLQJ $EUDVLYH MHW PDFKLQLQJ DEUDVLYHZDWHU MHW PDFKLQLQJ (&0 (&+ ('0 :LUH('0 (%0 30 /%0 DQG
,RQEHDPPDFKLQLQJSURFHVVHV+\EULGPDFKLQLQJOLNH(&*(&'0 +UV
$GYDQFHG IRUPLQJ ZHOGLQJ 3URFHVV SULQFLSOH DQG DSSOLFDWLRQV RI H[SORVLYH IRUPLQJ WHFKQLTXHV HOHFWURK\GUDXOLF DQG
HOHFWURPDJQHWLFIRUPLQJIXQGDPHQWDOVRIFRQWRXUUROOIRUPLQJDQGVWUHVVIRUPLQJWHFKQLTXHV +UV
&ODVVLILFDWLRQ RI ZHOGLQJ SURFHVV SK\VLFV RI ZHOGLQJ DUF $UF FKDUDFWHULVWLFV (IIHFWV RI VKLHOGLQJ JDV RQ DUF DUF EORZ
0HFKDQLVP DQG W\SHV RI PHWDO WUDQVIHU ZHOGLQJ SRZHU VRXUFHV &KDUDFWHULVWLFV 'XW\ F\FOH DQG SRZHU IDFWRU VWDWLF DQG
G\QDPLFFKDUDFWHULVWLFV
~ 135 ~
:HOGLQJSURFHVV7,*0,*00$:&2 ZHOGLQJ6$:5HVLVWDQFH IULFWLRQGLIIXVLRQ8OWUDVRQLFHOHFWURQEHDP DQG
ODVHUZHOGLQJSURFHVV +UV
+HDWIORZLQZHOGLQJUHVLGXDOVWUHVVPHDVXUHPHQWGLVWRUWLRQSUHYHQWLRQ:HOGDELOLW\RISODQHFDUERQ6WDLQOHVVVWHHODQG
$OXPLQLXP&DVWLURQ +UV
7H[W%RRNV
0RGHUQPDFKLQLQJSURFHVV3&3DQGH\+66KDQ70+UGUHSULQW
1RQFRQYHQWLRQDOPDFKLQLQJ3&0LVKUD1DURVDSXEOLVKLQJKRXVHUGUHSULQW
5HIHUHQFH%RRNV
0DQXIDFWXULQJVFLHQFH$*KRVH $.0DOOLN(DVWZHVWSUHVV
:HOGLQJ :HOGLQJWHFKQRORJ\5/LWWOH70+
:HOGLQJ(QJLQHHULQJ :HOGLQJ7HFKQRORJ\563DUPDU.KDQQD3XEOLVKHU
0HFKDQLFV .LQHPDWLF 3DUDPHWHUV DQG 0RGHOLQJ 'LUHFW DQG ,QYHUVH .LQHPDWLFV 'LIIHUHQWLDO PRWLRQ DQG MDFRELDQV ±
,QWURGXFWLRQ WR '\QDPLFV 3DWK SODQQLQJ ± 7UDMHFWRU\ 3ODQQLQJ DQG &RQWURO ± 6OHZ -RLQW LQWHUSRODWHG DQG VWUDLJKW OLQH
PRWLRQ
6HQVRUV $QGHIIHFWRUV 7RRO KDQGOLQJ DQG ZRUN KDQGOLQJ DQG VSHFLDO GHYLFHV OLNH KDUPRQLF GULYHV VHUYR YDOYHV HWF
+UV
9LVLRQ /RZ OHYHO DQG KLJKHU OHYHO YLVLRQ ± IXQGDPHQWDOV LPDJH DFTXLVLWLRQ UHFRJQLWLRQ LQWHUSUHWDWLRQ ± D IHZ EDVLF
H[DPSOHVLQ5RERWLFV +UV
5RERW$SSOLFDWLRQV
5RERW3URJUDPPLQJFRQFHSWV±2IIOLQHSURJUDPPLQJDQGVLPXODWLRQ±ZRUNFHOODSSOLFDWLRQGHYHORSPHQWUHTXLUHPHQWV
PRGHOLQJ ZRUN FHOO FDOLEUDWLRQ OD\RXW SODQQLQJ &DVH VWXGLHV LQ DVVHPEO\ PDFKLQH ORDGLQJ XQORDGLQJ SDOOHWL]LQJ
GHEXUULQJHWF +UV
7H[W%RRNV
~ 136 ~
+LJKHU 2UGHU DQG ,VRSDUDPHWULF (OHPHQWV +LJKHU RUGHU HOHPHQWV LQ WHUPV RI 1DWXUDO FRRUGLQDWH V\VWHP RQH
GLPHQVLRQDO HOHPHQWV XVLQJ FODVVLFDO LQWHUSRODWLRQ SRO\QRPLDOV WZR GLPHQVLRQDO HOHPHQWV XVLQJ FODVVLFDO LQWHUSRODWLRQ
SRO\QRPLDOV,VRSDUDPHWULFHOHPHQWVQXPHULFDOLQWHJUDWLRQ +UV
'HULYDWLRQ RI (OHPHQW 0DWULFHV DQG 9HFWRUV 'LUHFW $SSURDFK 9DULDWRQDO DSSURDFK GHULYDWLRQ RI )LQLWH (OHPHQW
HTXDWLRQVXVLQJ5D\OHLJK5LW]DQG*DOHUNLQ0HWKRG6ROXWLRQRIHLJHQYDOXHSUREOHPVXVLQJZHLJKWHG5HVLGXDODSSURDFK
+UV
$VVHPEO\ RI (OHPHQW 0DWULFHV DQG 'HULYDWLRQ RI 6\VWHP (TXDWLRQV &RRUGLQDWH WUDQVIRUPDWLRQV $VVHPEODJH RI
(OHPHQWHTXDWLRQV,QFRUSRUDWLRQRIERXQGDU\FRQGLWLRQV +UV
$SSOLFDWLRQ WR 6ROLG 0HFKDQLFV DQG +HDW 7UDQVIHU 3UREOHPV )RUPXODWLRQ RI VROLG DQG VWUXFWXUDO PHFKDQLFV
IRUPXODWLRQ RI )( HTXDWLRQV 6WDWLF $QDO\VLV DSSOLFDWLRQ WR 7UXVV (OHPHQWV %HDP (OHPHQWV 7ULDQJXODU (OHPHQWV
7HWUDKHGUDO(OHPHQWV +UV
7H[W%RRNV
7KH)LQLWH(OHPHQW0HWKRGLQ(QJLQHHULQJ665DR(OVHYLHU3XEOLFDWLRQV
5HIHUHQFH%RRNV
&RQFHSWDQG$SSOLFDWLRQRI)(05'&RRN '60DONXV:LOH\UGHGLWLRQ
6SHFLDO7RSLFRQ53XVLQJPHWDOOLFDOOR\V6ROLGJURXQGFXULQJODPLQDWHGREMHFWPDQXIDFWXULQJIXVHGGHSRVLWLRQPRGHOLQJ
WKUHHGLPHQVLRQDOSULQWLQJEDOOLVWLFSDUWLFOH PDQXIDFWXULQJ YDFXXPFDVWLQJWKHLUDGYDQWDJHVDSSOLFDWLRQV OLPLWDWLRQ
+UV
7H[W%RRNV
5DSLGSURWRW\SLQJ 0DQXIDFWXULQJ)XQGDPHQWDORI6WHUHROLWKRJUDSK\3DXO)-DFREV60(3XEOLFDWLRQV
5HIHUHQFH%RRNV
5DSLG3URWRW\SLQJ$PLWDEKD*KRVK(DVW:HVW3UHVV3YW/WG
5DSLG3URWRW\SLQJ3ULQFLSOHVDQG$SSOLFDWLRQ&.&KXD.)/HRQJDQG&6/LP:RUOGVFLHQWLILFSXEOLVKLQJ
&R3YW/WG6LQJDSRUH
~ 137 ~
0( )/(;,%/(0$18)$&785,1*6<67(06 &U
'HILQLWLRQDQGEURDGFKDUDFWHULVWLFVRIIOH[LEOH0DQXIDFWXULQJ&HOOV6\VWHPV,VODQGVDQG)OH[LEOHWUDQVIHUOLQHV +UV
3ODFHRIIOH[LEOHPDQXIDFWXULQJV\VWHPVLQ&,0±7KH)06UHODWLRQDO(FRQRPLFVDQGWHFKQRORJLFDOMXVWLILFDWLRQIRU)06
+UV
'HVLJQ DQG 3ODQQLQJ WKH UROH RI DVVRFLDWHG WHFKQRORJLHV VXFK DV *7 -,7 DQG VLPXODWLRQ ,QVWDOODWLRQ 2SHUDWLRQ DQG
HYDOXDWLRQ±6FKHGXOLQJSUREOHPV +UV
)06 KDUGZDUH &1& PDFKLQHV WRROV URERWV $*9V $65V ,QVSHFWLRQ DQG &OHDQLQJ VWDWLRQV ± &RQWURO DVSHFWV RI )06
'1&RIPDFKLQHWRROVFXWWLQJWRROVURERWVTXDOLW\FRQWURODQGLQYHQWRULHV +UV
3HUVRQQHODQGLQIUDVWUXFWXUDODVSHFWV±)OH[LEOHPDFKLQLQJFHOOVDQGLVODQGV±)OH[LEOHDVVHPEO\6\VWHPVVWUXFWXUHFRQWURO
DQGDSSOLFDWLRQV±)06LQDFWLRQ7\SLFDOFDVHVWXGLHV)XWXUHSURVSHFWV +UV
7H[W%RRNV
)OH[LEOH PDQXIDFWXULQJ V\VWHPV FXUUHQW LVVXHV DQG PRGHOV )&KRRELQHK 5 6XUL ,QGXVWULDO (QJLQHHULQJ DQG
0DQDJHPHQW3UHVV,QVWLWXWHRI,QGXVWULDO(QJLQHHUV
5HIHUHQFH%RRNV
0RGHOLQJ VLPXODWLRQ DQG FRQWURO RI IOH[LEOH PDQXIDFWXULQJ V\VWHPV D 3HWUL QHW DSSURDFK 9RO RI 6HULHV LQ
,QWHOOLJHQW&RQWURODQG,QWHOOLJHQW$XWRPDWLRQ0&=KRX.9HQNDWHVK:RUOG6FLHQWLILF
$XWRPDWLRQSURGXFWLRQV\VWHPVDQGFRPSXWHULQWHJUDWHGPDQXIDFWXULQJ03*URRYHU3UHQWLFH+DOO
)OH[LEOHPDQXIDFWXULQJV\VWHPVWKHWHFKQRORJ\DQGPDQDJHPHQW5$0DOHNL3UHQWLFH+DOO
0( $57,),&,$/,17(//,*(1&(,10$18)$&785,1* &U
$UWLILFLDO,QWHOOLJHQFH±'HILQLWLRQ&RPSRQHQWV±6FRSH±$SSOLFDWLRQ$UHDV
.QRZOHGJH 6RXUFHV ± ([SHUW ± .QRZOHGJH $FTXLVLWLRQ ± .QRZOHGJH 5HSUHVHQWDWLRQ ± .QRZOHGJH %DVH ± ,QWHUIHUHQFH
6WUDWHJLHV±)RUZDUGDQG%DFNZDUG&KDLQLQJ([SHUW6\VWHP/DQJXDJHV±(6%XLOGLQJ7RROVRU6KHOOVW\SLFDOH[DPSOHVRI
6KHOOV±,,705XOH +UV
&RPPHUFLDOVRIWZDUHIRUPDQXIDFWXULQJDSSOLFDWLRQVLQ&$'&$33053,,$GDSWLYHFRQWUROURERWLFV 3URFHVVFRQWURO
)DXOW GLDJQRVLV )DLOXUH $QDO\VLV 3URFHVV 6HOHFWLRQV *7 HWF /LQNLQJ H[SHUW V\VWHPV WR RWKHU VRIWZDUH VXFK DV '%06
0,60'%3URFHVVFRQWURODQG2IILFHDXWRPDWLRQ +UV
&DVH VWXGLHV RI W\SLFDO DSSOLFDWLRQV LQ WRRO VHOHFWLRQ 3URFHVV VHOHFWLRQ 3DUW &ODVVLILFDWLRQ LQYHQWRU\ FRQWURO 3URFHVV
3ODQQLQJHWF +UV
7H[W%RRNV
$UWLILFLDOLQWHOOLJHQFHLQPDQXIDFWXULQJ30RZIRUWK,)63XEOLFDWLRQ
5HIHUHQFH%RRNV
$UWLILFLDO,QWHOOLJHQFHLQ0DQXIDFWXULQJ&(PHUVRQ&6$-RXUQDO'LYLVLRQ
$UWLILFLDOLQWHOOLJHQFHDQGDXWRPDWLRQ9RORI$GYDQFHGVHULHVRQDUWLILFLDOLQWHOOLJHQFH1*%RXUEDNLV:RUOG
6FLHQWLILF
$UWLILFLDOLQWHOOLJHQFHDSSOLFDWLRQVLQPDQXIDFWXULQJ$))DPLOL'61DX 6+.LP$$$,3UHVV
~ 138 ~
0(,17(//,*(170$18)$&785,1*$1'&21',7,21021,725,1* &U
,QWURGXFWLRQ±5ROHRIVHQVRUVLQPDQXIDFWXULQJDXWRPDWLRQ±RSHUDWLRQSULQFLSOHVRIGLIIHUHQWVHQVRUV±HOHFWULFDORSWLFDO
DFRXVWLFSQHXPDWLFPDJQHWLFHOHFWURRSWLFDODQGYLVLRQVHQVRUV +UV
&RQGLWLRQPRQLWRULQJRIPDQXIDFWXULQJV\VWHPV ±SULQFLSOHV±VHQVRUVIRUPRQLWRULQJIRUFHYLEUDWLRQDQGQRLVHVHOHFWLRQ
RIVHQVRUVDQGPRQLWRULQJWHFKQLTXHV +UV
$FRXVWLFHPLVVLRQ±SULQFLSOHVDQGDSSOLFDWLRQV±
&RQFHSWVRISDWWHUQUHFRJQLWLRQ +UV
7H[W%RRNV
,QWHOOLJHQW0DQXIDFWXULQJ/8QGHUZRRG8QLYHUVLWLHV3UHVV
&RQGLWLRQPRQLWRULQJHQJLQHHULQJWKHSUDFWLFH('<DUGOH\3URIHVVLRQDO(QJLQHHULQJ
5HIHUHQFH%RRNV
,QWHOOLJHQW FRQGLWLRQ PRQLWRULQJ DQG GLDJQRVLV V\VWHPV D FRPSXWDWLRQDO LQWHOOLJHQFH DSSURDFK 9RO RI
)URQWLHUVLQDUWLILFLDOLQWHOOLJHQFHDQGDSSOLFDWLRQV.:DQJ,263UHVV
&RQGLWLRQ PRQLWRULQJ DQG FRQWURO IRU LQWHOOLJHQW PDQXIDFWXULQJ 6SULQJHU VHULHV LQ DGYDQFHG PDQXIDFWXULQJ /
:DQJ 5;*DR6SULQJHU
0( 352'8&7,216<67(0'(6,*1$1'&21752/ &U
%DVLF FRQFHSWV RI V\VWHPV DQG FRQFHUQLQJ FKDRV SUREOHPV 6\VWHP GHVLJQ DQG GHFLVLRQ VXSSRUW PDNLQJ V\VWHP IRU
PDQDJHPHQW 6\VWHP GHVLJQ DSSURDFK (YROXWLRQ RI SURGXFWLRQ V\VWHPV (OHPHQWV RI SURGXFWLRQ V\VWHPV DQG WKHLU
LQWHUDFWLRQ7\SHVDQGFODVVLILFDWLRQVRISURGXFWLRQV\VWHPV5HFHQWPDQXIDFWXULQJVWUDWHJLHV'\QDPLFVDQGSHUIRUPDQFH
HYDOXDWLRQRISURGXFWLRQV\VWHPV%DVLFFRQFHSWRISURGXFWLRQV\VWHPPRGHOLQJHYDOXDWLRQRSWLPL]DWLRQDQGVLPXODWLRQ
,QWURGXFWLRQWRFRQFXUUHQWHQJLQHHULQJDQGLWVDSSOLFDELOLW\WRSURGXFWLRQV\VWHPGHVLJQ +UV
3URGXFWLRQ OHYHOV DQG PRGHV 'HVLJQ UHTXLUHPHQWV RI SURGXFWLRQ V\VWHP $UFKLWHFWXUH DQG PHWKRGRORJLHV RI SURGXFWLRQ
V\VWHP *URXS WHFKQRORJ\ SURFHVV DQG PDFKLQH FKDUDFWHULVWLFV -,7 DQG .DQNDQ $XWRPDWLRQ V\VWHPV IRU SURGXFWLRQ
/D\RXWGHVLJQV IOH[LEOHFRPSXWHUDLGHGDQGFRPSXWHULQWHJUDWHGOD\RXWV&RQFHSWRIFRPSXWHUDLGHGGHVLJQ&$' DQG
FRPSXWHUDLGHGSURFHVVSODQQLQJ&$33&RPSXWHUL]HGOD\RXWSODQQLQJ +UV
3URGXFWLRQ FRQWURO VWUDWHJLHV 'HPDQG IRUHFDVWLQJ &DSDFLW\ DQG DJJUHJDWH SURGXFWLRQ SODQQLQJ ,QYHQWRU\ 0DQDJHPHQW
/RJLVWLF SODQQLQJ 3URGXFWLRQ VFKHGXOLQJ 6KRS IORRU FRQWURO 3URFHVV SODQQLQJ DOWHUQDWLYH VROXWLRQV DQG FRPSXWHU DLGHG
WHFKQLTXHV$VVHVVLQJFRVWHIIHFWLYHQHVV,PSRUWDQFHRIRSWLPL]DWLRQLQSURGXFWLRQ*OREDORSWLPL]DWLRQPHWKRGV +UV
&RQFHSW RI DUWLILFLDO LQWHOOLJHQFH DQG LWV DSSOLFDWLRQ IRU RSWLPL]DWLRQ )UDPHZRUN RI SURGXFWLRQ V\VWHPV DQG VXSSO\
PDQDJHPHQW3HUIRUPDQFHPHDVXUHPHQWDQGWRROVRISURGXFWLRQV\VWHPV6LPXODWLRQDQGPRGHOLQJRISURGXFWLRQV\VWHPV
'HVLJQRILQIRUPDWLRQV\VWHPIRUPDQXIDFWXULQJPDFKLQLQJHWF3DUWVRULHQWHGSURGXFWLRQLQIRUPDWLRQV\VWHP,QIRUPDWLRQ
QHWZRUNLQJIRUVWUDWHJLFLQIRUPDWLRQV\VWHPIRUSURGXFWLRQ'HYHORSPHQWRINQRZOHGJHEDVHGSURGXFWLRQV\VWHP&RQFHSW
RIRQOLQHDQGRIIOLQHSURGXFWLRQFRQWUROV\VWHPV5ROHRIFRPSXWHULQSURGXFWLRQPDQDJHPHQWV\VWHPV +UV
6RFLDOSURGXFWLRQPRGHV+XPDQFHQWHUHGSURGXFWLRQV\VWHP%DVLFFRQFHSWRI.$16,DQGLWVUROHLQSURGXFWLRQV\VWHP
6RFLDOV\VWHPIRUSURGXFWLRQV\VWHP&RQFHSWVDQGDSSURDFKHVWRPDQXIDFWXULQJH[FHOOHQFH
&DVHVWXGLHVRISURGXFWLRQVXSSRUWV\VWHPPDFKLQHU\PDQXIDFWXUHUDQGUHSODFHPHQWRISURGXFWLRQPDFKLQH +UV
~ 139 ~
7H[W%RRNV
0DQXIDFWXULQJ6\VWHPV(QJLQHHULQJ.+LWRPL9LYD%RRNV1HZ'HOKL
5HIHUHQFH%RRNV
5H(QJLQHHULQJWKH0DQXIDFWXULQJ6\VWHP7KHRU\DQG$SSOLFDWLRQV5REHUW(6WHLQ0DUFHO'HNNHU1HZ<RUN
&RPSXWHU,QWHJUDWHG0DQXIDFWXULQJ7HFKQRORJ\DQG6\VWHPV85HPEROG&%OXPH 5'LOOPDQQ0DUFHO'HNNHU
1HZ<RUN
0DQXIDFWXULQJ6\VWHP5HGHVLJQ&UHDWLQJWKH,QWHJUDWHG0DQXIDFWXULQJ(QYLURQPHQW'DYLG2¶6XOOLYDQ3UHQWLFH+DOO
1HZ-HUVH\
0( &203(7,7,9(0$18)$&785,1*675$7(*,(6 &U
,QWURGXFWLRQ WR WKH &RPSHWLWLYH (QYLURQPHQW LQ 0DUNHW :72 $JUHHPHQW DQG LWV (IIHFW RQ ,QGLDQ ,QGXVWULHV
0DQXIDFWXULQJDVD&RPSHWLWLYH6WUDWHJ\&RPSHWLWLYH$GYDQWDJHVDQG'LVDGYDQWDJHV +UV
0DQXIDFWXULQJ &KDOOHQJHV 0DQXIDFWXULQJ $XGLW 3URGXFW 9DULHW\ 0RGXODU 'HVLJQ ,QWURGXFWLRQ WR '); 0HWKRGRORJLHV
'HVLJQ)RU0DQXIDFWXULQJ6LPXODWLRQDV7RROVIRU&RPSHWLWLYH0DQXIDFWXULQJ +UV
6HOHFWLRQRI0DQXIDFWXULQJ6WUDWHJLHV6\VWHPVIRU'LIIHUHQW0DQXIDFWXULQJ6FHQDULRV'HGLFDWHG0DQXIDFWXULQJ6\VWHPV
)OH[LEOH0DQXIDFWXULQJ6\VWHPV)06&HOOXODU0DQXIDFWXULQJ6\VWHPV&065H&RQILJXUDEOH0DQXIDFWXULQJ6\VWHP
506&RPSXWHU,QWHJUDWHG0DQXIDFWXULQJ&,0 +UV
053, 053,, 740 730 6L[ 6LJPD $JLOH 0DQXIDFWXULQJ -,7 0DQXIDFWXULQJ .DQEDQ 6\VWHP 5DSLG 5HVSRQVH
0DQXIDFWXULQJ:RUOG&ODVV0DQXIDFWXULQJ0ROHFXODU0DQXIDFWXULQJ9DOXH$QDO\VLV(QJLQHHULQJDQG&RVW5HGXFWLRQ
3URGXFW /LIH &\FOH 0DQDJHPHQW 3/0 /HDQ 3ULQFLSOHV DQG WKHLU LPSDFW RQ 0DQXIDFWXULQJ &\FOH 7LPH /HDQ
0DQXIDFWXULQJ/HDQ6L[6LJPD&RUH3URFHVV5HHQJLQHHULQJ.DL]HQ +UV
(IIHFW RI ,QGXVWULDO $FWLYLW\ RQ (QYLURQPHQW %DVLF &RQFHSWV RI &OHDQ 7HFKQRORJLHV DQG (FR )ULHQGO\ 0DQXIDFWXULQJ
'HVLJQ3ODQQLQJDQG,PSOHPHQWDWLRQRI&OHDQ3URGXFWLRQ7\SHRI:DVWHVLQ0DQXIDFWXULQJ,QGXVWULHV&DXVHVRI:DVWH
*HQHUDWLRQ DQG LWV (OLPLQDWLRQ 6WUDWHJLHV 5HVRXUFH 5HFRYHU\ DQG 5HF\FOLQJ 3URGXFW 5HHQJLQHHULQJ 5HPDQXIDFWXULQJ
DQG'HPDQXIDFWXULQJ +UV
'\QDPLF&XVWRPHU6XSSO\&KDLQ0DQDJHPHQW9HQGRU'HYHORSPHQWDQG5DWLQJ(YROXWLRQ&KDUDFWHULVWLFVDQG)HDWXUHV
RI (53 1HWZRUN %DVHG 0DQXIDFWXULQJ ,QWHOOLJHQW DQG ,QQRYDWLYH 0DQXIDFWXULQJ (0DQXIDFWXULQJ )DFWRULHV RI )XWXUH
)2) +UV
7H[W%RRNV
0DQXIDFWXULQJ([FHOOHQFHLQ*OREDO0DUNHWV:(XHUVKHOP&KDSPDQ +DOO
5HIHUHQFH%RRNV
0DQXIDFWXULQJ6\VWHPV'HVLJQDQG$QDO\VLV&RQWH[WDQG7HFKQLTXHV%:X6SULQJHU
,QWHOOLJHQW0DQXIDFWXULQJ3ODQQLQJ3*X&KDSPDQ +DOO
)DVW7UDFNWR:DVWH)UHH0DQXIDFWXULQJ-:'DYLV3URGXFWLYLW\3UHVV86$
&OHDQ3URGXFWLRQ(QYLURQPHQW (FRQRPLF3HUVSHFWLYH.%0LVUD6SULQJHU9HUORJ
7HFKQLTXHVRI9DOXH$QDO\VLV (QJLQHHULQJ/'0LOHV0F*UDZ+LOO
~ 140 ~
,QWURGXFWLRQ +LVWRU\ 'HILQLWLRQ 1HHG 2EMHFWLYHV %HQHILWV 3KLORVRSK\ ,PSOHPHQWDWLRQ 6WDJHV 6WUDWHJLHV RI 730
6PDOO*URXS:RUNLQJ4; 400DWUL[2QH3RLQW/HVVRQ +UV
8QGHUVWDQG (TXLSPHQW )DLOXUHV +RZV :K\V ,GHQWLI\ &DXVHV DQG 7\SHV RI (TXLSPHQW )DLOXUHV 07%) DQG 0775
:KHQ +RZWR5HSRUW3UREOHPV5RRW&DXVH,GHQWLILFDWLRQ7RROV)LYH:K\7RROV0HWKRGVIRU'HIHFW5HGXFWLRQ2YHU
XVDJH5HGXFWLRQ4XDOLW\7RROVVXFKDV&DXVH (IIHFW'LDJUDP&DSDELOLW\$QDO\VLV7300DWHU3ODQ +UV
%XLOGLQJ DQ (IIHFWLYH 0DLQWHQDQFH 7HDP 2SHUDWRU 0DLQWHQDQFH 3HUVRQQHO 0DQDJHPHQW LQYROYHPHQW &UHDWLQJ
7UDFNLQJDQG&KHFNOLVW3URJUDPV8WLOL]LQJ9LVXDO*XLGHV&RPPXQLFDWLQJ730WKURXJKWKHZKROH)DFLOLW\7307UDLQLQJ
(GXFDWLRQ 6DIHW\+HDOWK(QYLURQPHQW 6+( 5ROH RI &RPSXWHUV LQ 730 $SSOLFDWLRQ RI 730 LQ 3URFHVV ,QGXVWULHV
$GPLQLVWUDWLYH 6XSSRUW'HSDUWPHQWV +UV
7H[W%RRNV
,QWURGXFWLRQ WR 730 7RWDO 3URGXFWLYH 0DLQWHQDQFH (QJOLVK 7UDQVODWLRQ 6 1DNDMLPD &DPEULGJH 0$
3URGXFWLYLW\3UHVV
5HIHUHQFH%RRNV
0DLQWHQDQFH(QJLQHHULQJ 0DQDJHPHQW5&0LVKUD .3DWKDN3UHQWLFH+DOORI,QGLD3XEOLFDWLRQ
+DQGERRNRI0DLQWHQDQFH0DQDJHPHQWQG(GLWLRQ)+HUEDW\1HZ-HUVH\1R\HV3XEOLFDWLRQV
$FFHSWDQFHVDPSOLQJ6LQJOHGRXEOHDQGPXOWLSOHVDPSOLQJSODQV$FFHSWDQFHVDPSOLQJIRUYDULDEOHV5HOLDELOLW\DQDO\VLV
DQGSUHGLFWLRQV%DWK7XE&XUYH([SRQHQWLDODQG:HLEXOOGLVWULEXWLRQLQPRGHOOLQJUHOLDELOLW\6\VWHPUHOLDELOLW\ +UV
([SHULPHQWDO GHVLJQV DQG IDFWRULDO H[SHULPHQWV &RQFHSWV RI UDQGRPL]DWLRQ %ORFNLQJ DQG &RQIRXQGLQJ 6LQJOH IDFWRU
UDQGRPL]HG GHVLJQ $129$ N IDFWRULDO H[SHULPHQWV 7DJXFKL SKLORVRSK\ /RVV IXQFWLRQ 6LJQDO WR QRLVH UDWLR
2UWKRJRQDODUUD\VIRUSDUDPHWHUDQGWROHUDQFHGHVLJQ +UV
)XQGDPHQWDOVRI740&XVWRPHURULHQWDWLRQ&RQWLQXRXVLPSURYHPHQW7RWDOSDUWLFLSDWLRQ6RPHLPSRUWDQWSKLORVRSKLHV
DQG WKHLU LPSDFW RQ TXDOLW\ 'HPLQJ -XUDQ &URVVE\ 4& 7RROV &RPSRQHQWV RI 7RWDO 4XDOLW\ 6\VWHP 746 4XDOLW\
DXGLW,QWURGXFWLRQWR,62DQGVWDQGDUGV +UV
7H[W%RRNV
4XDOLW\DQG3URFHVV,PSURYHPHQW0DUN$)U\PDQ'HOPDU7KRPVRQ/HDUQLQJ
4XDOLW\3ODQQLQJDQG$QDO\VLV-XUDQ-0DQG*U\QD)07DWD0F*UDZ+LOO
$GYDQFHG &RPSRVLWH 0DWHULDOV DQG WKHLU $SSOLFDWLRQV ,QWURGXFWLRQ )LEHUV 0DWUL[ PDWHULDOV 0DWHULDO IRUPV DQG
IDEULFDWLRQPHWKRGV&XUUHQWDSSOLFDWLRQVIDEULFDWLRQRIFRPSRVLWHV +UV
~ 141 ~
&RQFHSWV RI FRPSRVLWH PHFKDQLFV 0DFURPHFKDQLFV 0DWHULDO V\PPHWU\ (QJLQHHULQJ FRQVWDQWV &RRUGLQDWH
WUDQVIRUPDWLRQV7KHUPDOHIIHFWV0RLVWXUHHIIHFWV
&RQFHSWV RI 0LFURPHFKDQLFV (IIHFWLYH SURSHUWLHV 6XUYH\ DQG PRGHO FRPSDULVRQ IURP VWUHQJWK RI PDWHULDOV
DSSUR[LPDWLRQVFRQWLQXXPPHFKDQLFVDSSURDFKHV +UV
/DPLQDWHDQDO\VLV6WUHVVVWUDLQUHODWLRQVKLSIRUDQRUWKRWURSLFODPLQD2UWKRWURSLFSURSHUWLHVLQSODQHVWUHVV'HIRUPDWLRQ
GXHWRH[WHQVLRQDQGEHQGLQJ$%'PDWULFHV+\JURWKHUPDOEHKDYLRU$YHUDJHVWUHVVVWUDLQSURSHUWLHV +UV
&RQFHSWV RI IDLOXUH RI ODPLQDWHV 7HQVLOH IDLOXUH RI ILEHU FRPSRVLWHV &RPSUHVVLYH IDLOXUH RI ILEHU FRPSRVLWHV (IIHFW RI
PXOWLD[LDOVWUHVVHVIDLOXUHFULWHULDE\7VDL:X+DVKLQHWF +UV
*ODVVHVJODVVFHUDPLFVIDEULFDWLRQPHWKRGVPHWDOPDWUL[DQGFHUDPLFPDWUL[FRPSRVLWHV3URFHVVLQJRIFHUDPLFVWKHUPDO
VSUD\LQJLRQEHDPPDFKLQLQJODVHUDQGHOHFWURQEHDPSURFHVVLQJVXSHUSODVWLFIRUPLQJ7KLQILOPVDQGWKHLUGHSRVLWLRQ
GLDPRQGFRDWLQJWHFKQLTXHV7ULERORJLFDODSSOLFDWLRQV +UV
7H[W%RRNV
(OHPHQWVRI0DWHULDO6FLHQFH (QJLQHHULQJ99ODFN3HDUVRQ(GXFDWLRQ
5HIHUHQFH%RRNV
0DWHULDOVVFLHQFHDQGHQJLQHHULQJ$QLQWURGXFWLRQ:'&DOOLVWHU-RKQ:LOH\ 6RQV
0DWHULDOV6FLHQFHDQG(QJLQHHULQJ$)LUVW&RXUVH95DJKDYDQ3+,/HDUQLQJ3YW/WG
)XQGDPHQWDOV RI FRPSRVLWHV PDQXIDFWXULQJ PDWHULDOV PHWKRGV DQG DSSOLFDWLRQV $% 6WURQJ 6RFLHW\ RI
0DQXIDFWXULQJ(QJLQHHUV
&DUERQILEHUFRPSRVLWHV'HERUDK'/&KXQJ%XWWHUZRUWK+HLQHPDQQ
0( '(6,*1)250$18)$&785$%,/,7<$1''); &U
,QWURGXFWLRQ EDFNJURXQG IRU GHVLJQ PDQXIDFWXULQJ 3URGXFW GHYHORSPHQW SURFHVV 7RROV &RQFHSWV RI GHVLJQ IRU
PDQXIDFWXULQJ ')0 5ROH RI ')0 LQ SURGXFW VSHFLILFDWLRQ VWDQGDUGL]DWLRQ GHVLJQ GHYHORSPHQW IXQFWLRQDO
UHTXLUHPHQWV PDWHULDO DQG SURFHVV VHOHFWLRQ 0RGHUQ DSSURDFKHV WR SURGXFW GHVLJQ LH FRQFXUUHQW HQJLQHHULQJ
UHHQJLQHHULQJEHQFKPDUNLQJTXDOLW\IXQFWLRQGHSOR\PHQWHWF +U
,QWURGXFWLRQWRSURGXFWOLIHF\FOHDQDO\VLV1HZSURGXFWGHYHORSPHQWDQGPDQDJHPHQW&RPSRQHQWVRI')µ;¶'HVLJQIRU
µ;¶DSSURDFKHVLHGHVLJQIRUDVVHPEO\GLVDVVHPEO\TXDOLW\VL[VLJPDSHUIRUPDQFHVDIHW\GXUDELOLW\PDLQWDLQDELOLW\
HFRIULHQGOLQHVVDHVWKHWLFVUHXVHUHF\FOLQJUHPDQXIDFWXULQJSDFNDJLQJVKLSPHQWHWF +U
'HVLJQUXOHVIRUVHOHFWLRQRIPDWHULDOVDQGSURFHVVHV0DWHULDOSHUIRUPDQFHLQGLFHVFRPSDUDWLYHSURSHUW\FKDUWVFRVWVHWF
(YDOXDWLRQ RI VLQJOH DQG PXOWLDWWULEXWH XWLOLWLHV 3DUW JHRPHWU\ DQG WROHUDQFHV 6KDSH IDFWRU 3URWRW\SLQJ 0DWKHPDWLFDO
2SWLPL]DWLRQ)RUPDWLRQRIREMHFWLYHDQGFRQVWUDLQWIXQFWLRQV)DFWRULDODQDO\VLV +U
'HVLJQNQRZOHGJHSUHVHQWDWLRQ');PDQXDOVFRPSLOLQJYHULILFDWLRQDQGVWDQGDUGWRROV,PSOHPHQWLQJ');WRROV&DVH
VWXGLHVRQSURGXFWGHVLJQIRUµ;¶ +U
7H[W%RRNV
3URGXFW'HVLJQ 0DQXIDFWXULQJ$.&KLWDOH 5&*XSWD3UHQWLFH+DOORI,QGLD1HZ'HOKL
5HIHUHQFH%RRNV
'HVLJQIRUµ;¶&RQFXUUHQW(QJLQHHULQJ,PSHUDWLYHV*4+XDQJ&KDSPDQ +DOO
3URGXFW'HVLJQ 0DQXIDFWXULQJ-RKQ5/LQGERRN3UHQWLFH+DOO1HZ-HUVH\86$
3URGXFW'HVLJQ7HFKQLTXHVLQ5HYHUVH(QJLQHHULQJ 1HZ3URGXFW'HYHORSPHQW . 2WWR .:RRG3HUVRQ
(GXFDWLRQ6LQJDSRUH
~ 142 ~
0( :25.6&,(1&( &U
$SSUDLVDO RI PHWKRG VWXG\ DQG ZRUN PHDVXUHPHQW WHFKQLTXHV 0HFKDQL]DWLRQ DQG WUDLQLQJ LQ WKHVH WHFKQLTXHV 6WDQGDUG
GDWDGHULYDWLRQDQGDSSOLFDWLRQV307V\VWHPV070:)V\VWHPV0DMRUYDULDEOHV0RWLRQWLPHWDEOHVDQGLQVWDOODWLRQRI
307V\VWHPLQLQGXVWULHV +U
0DQPDFKLQHV\VWHPDQDO\VLVV\VWHPFRPSRQHQWVDQGV\VWHPUHOLDELOLW\3K\VLFDODQGPHQWDOORDGPHDVXUHPHQW(IIHFWVRI
HQYLURQPHQWIDFWRUVRQZRUNHUSHUIRUPDQFH'HVLJQDQGDUUDQJHPHQWRIYDULRXVFRQWURODQGGLVSOD\GHYLFHV
+U
7H[W%RRNV
,QWURGXFWLRQWRZRUNVWXG\*.DQDZDW\,QWHUQDWLRQDO/DERXU2UJDQL]DWLRQ
5HIHUHQFH%RRNV
(UJRQRPLFV KXPDQ IDFWRUV LQ ZRUN PDFKLQH FRQWURO DQG HTXLSPHQW GHVLJQ 9RO (UJRQRPLFV 5HVHDUFK
6RFLHW\7D\ORU )UDQFLV/WG
7H[WERRNRIZRUNVWXG\DQGHUJRQRPLFV6'DOHOD6WDQGDUG3XEOLVKHUV
7LPHDQGPRWLRQVWXG\9RO&DQDGLDQ7LPH6WXG\$VVRFLDWLRQ6DZHOO3XEOLFDWLRQV
$GYDQFHVLQRFFXSDWLRQDOHUJRQRPLFVDQGVDIHW\9RO6.XPDU,2&3UHVV
0( 0$7(5,$/60$1$*(0(17 &U
,QWURGXFWLRQWRPDWHULDOVSURGXFWLYLW\DQGUROHRIPDWHULDOVPDQDJHPHQWWHFKQLTXHVRILPSURYHGPDWHULDOSURGXFWLYLW\FRVW
UHGXFWLRQDQGYDOXHLPSURYHPHQW5ROHRISXUFKDVLQJLQFRVWUHGXFWLRQ +UV
9DOXHDQDO\VLVIRUULJKWFKRLFHDQGUDWLRQDOL]DWLRQRIPDWHULDOV3XUFKDVLQJUHVHDUFKLGHQWLILFDWLRQRIULJKWVRXUFHVRIULJKW
VXSSOLHUV9HQGRUUDWLQJ +UV
6WDQGDUGL]DWLRQ DQG YDULHW\ UHGXFWLRQ QHJRWLDWLRQ DQG SXUFKDVH 3ULFH DQDO\VLV 2UJDQL]DWLRQ RI SXUFKDVLQJ IXQFWLRQV
3URGXFW H[SORVLRQ 0DWHULDOV UHTXLUHPHQW SODQQLQJ PDNH RU %X\ GHFLVLRQV ,QFRPLQJ PDWHULDOV FRQWURO DFFHSWDQFH
VDPSOLQJLQVSHFWLRQ9HQGRUVDWLVIDFWLRQSODQV9HQGRUDQGVXSSOLHUUHOLDELOLW\ +UV
,QYHQWRU\ PDQDJHPHQW $%&9(' DQDO\VLV 9DULRXV LQYHQWRU\ PRGHOV ,QYHQWRU\ PRGHOV ZLWK TXDQWLW\ GLVFRXQWV
([FKDQJHFXUYHFRQFHSWDQG FRYHUDJHDQDO\VLV-,7,QIRUPDWLRQV\VWHPV IRULQYHQWRU\ PDQDJHPHQW 6WRUHV PDQDJHPHQW
DQG ZDUH KRXVLQJ 2SWLPDO VWRFNLQJ LVVXLQJ SROLFLHV ,QYHQWRU\ PDQDJHPHQW RI SHULVKDEOH FRPPRGLWLHV 6XUSOXV
PDQDJHPHQW'HVLJQRILQYHQWRU\GLVWULEXWLRQV\VWHPV0RQLWRULQJ00HIIHFWLYHQHVV&DVHVWXGLHV +UV
7H[W%RRNV
0DWHULDOVPDQDJHPHQWSURFHGXUHVWH[WDQGFDVHV$.'DWWD3+,
5HIHUHQFH%RRNV
0DWHULDOVPDQDJHPHQWDQLQWHJUDWHGDSSURDFK3*RSDODNULVKQDQ06XQGDUHVDQ3+,
0DWHULDOV PDQDJHPHQW D V\VWHPV DSSURDFK *. %HHNPDQ/RYH / 1LHJHU 0DUWLQXV 1LMKRII 6RFLDO 6FLHQFHV
'LYLVLRQ
0DWHULDOV0DQDJHPHQW7H[WDQG&DVHV$.&KLWDOH5&*XSWD3+,
0( 0(&+$7521,&6 &U
,QWURGXFWLRQ ± 'HILQLWLRQ RI 0HFKDQLFDO 6\VWHPV 3KLORVRSK\ DQG $SSURDFK (PEHGGHG 0LFURSURFHVVRU 6\VWHPV
+DUGZDUH 6WUXFWXUH 6RIWZDUH 'HVLJQ DQG &RPPXQLFDWLRQ 3URJUDPPDEOH /RJLF 'HYLFHV $SSOLFDWLRQ 6SHFLILF ,&V
$XWRPDWLF &RQWURO DQG 5HDO WLPH &RQWURO 6\VWHPV )X]]\ /RJLF &RQWURO 6\VWHPV DQG 'HVLJQ 0RGHOLQJ $QDO\VLV DQG
6LPXODWLRQ0DQ0DFKLQH,QWHUIDFH +UV
6HQVRUV DQG 7UDQVGXFHUV ± &ODVVLILFDWLRQ 'HYHORSPHQW LQ 7UDQVGXFHU 7HFKQRORJ\6HPLFRQGXFWRUV 7KLFN ILOP DQG 7KLQ
ILOP (OHPHQWV 6LJQDO 3URFHVVLQJ 2SWHOHFWURQLFV ± 6KDIW (QFRGHUV &' 6HQVRUV 2SWLFDO SUREH IRU 0HWURORJ\ 9LVLRQ
6\VWHPHWF +UV
~ 143 ~
'ULYHV DQG $FWXDWRUV ± +\GUDXOLF DQG 3QHXPDWLF 'ULYHV (OHFWULFDO $FWXDWRUV VXFK DV 6HUYR 0RWRU DQG 6WHSSHU 0RWRU ±
'ULYHFLUFXLWV2SHQDQG&ORVHGORRSFRQWURO3LH]RHOHFWULFDQG0DJQHWRVWULFWLYH$FWXDWRUV +UV
0DWHULDOV 6WDWLF DQG '\QDPLF FKDUDFWHULVWLFV ,OOXVWUDWLYH H[DPSOHV IRU 3RVLWLRQLQJ 9LEUDWLRQ ,VRODWLRQ HWF
0LFURPHFKDWURQLF6\VWHPV±0LFURVHQVRUV0LFURDFWXDWRUV6PDUW,QVWUXPHQWDWLRQ0LFURIDEULFDWLRQWHFKQLTXHV +UV
/LWKRJUDSK\ HWFKLQJ 0LFURMRLQLQJ HWF $SSOLFDWLRQ ([DPSOHV &DVH VWXGLHV ± ([DPSOHV RI 0HFKDWURQLF 6\VWHPV IURP
5RERWLFV0DQXIDFWXULQJPDFKLQH'LDJQRVLV5RDG9HKLFOHVDQG0HGLFDO7HFKQRORJ\ +UV
7H[W%RRNV
0HFKDWURQLFV130DKDOLN7DWD0F*UDZ+LOO
5HIHUHQFH%RRNV
0HFKDWURQLFV,QILQLW\6FLHQFH6HULHV(QJLQHHULQJ6HULHV*+HJGH *6+HJGH-RQHV %DUWOHWW/HDUQLQJ
0HFKDWURQLFVDQLQWURGXFWLRQ5+%LVKRS7D\ORU )UDQFLV
0HFKDWURQLFV0'6LQJK -*-RVKL3+,/HDUQLQJ3YW/WG
0HFKDWURQLFVSULQFLSOHVDQGDSSOLFDWLRQV*&2QZXEROX%XWWHUZRUWK+HLQHPDQQ
0HFKDWURQLFV\VWHPV)XQGDPHQWDOV5,VHUPDQQ%LUNKlXVHU
6\VWHP'\QDPLFV0RGHOLQJDQG6LPXODWLRQRI0HFKDWURQLF6\VWHPV.DUQRSS:LOH\,QWHUVFLHQFH
0( $8720$7,&&21752/6<67(06 &U
,QWURGXFWLRQ0DWKHPDWLFDOPRGHOVRISK\VLFDOV\VWHP)HHGEDFNFKDUDFWHULVWLFVRIFRQWUROV\VWHPV +UV
&RQWUROV\VWHPVDQGFRPSRQHQWV +UV
7LPHUHVSRQVHDQDO\VLVGHVLJQVSHFLILFDWLRQVDQGSHUIRUPDQFHLQGLFHV +UV
&RQFHSWVRIVWDELOLW\DQGDOJHEUDLFFULWHULD5RRWORFXVWHFKQLTXH)UHTXHQF\UHVSRQVHDQDO\VLV +UV
6WDELOLW\LQIUHTXHQF\GRPDLQ,QWURGXFWLRQWRGHVLJQ
6WDWHYDULDEOHDQDO\VLVDQGGHVLJQ +UV
7H[W%RRNV
$XWRPDWLFFRQWURO$QLQWURGXFWLRQ&5:HEE0F*UDZ+LOO
5HIHUHQFH%RRNV
$XWRPDWLFFRQWUROV\VWHPV503KHODQ&RUQHOO8QLYHUVLW\3UHVV
$XWRPDWLFFRQWUROHQJLQHHULQJ0F*UDZ+LOOVHULHVLQPHFKDQLFDOHQJLQHHULQJ)UDQFLV+DUYH\5DYHQ0F*UDZ+LOO
&RQWURO6\VWHPV(QJLQHHULQJ,-1DJUDWK1HZ$JH,QWHUQDWLRQDO
$GYDQFHV LQ DXWRPDWLF FRQWURO 9RO RI 7KH .OXZHU LQWHUQDWLRQDO VHULHV LQ HQJLQHHULQJ DQG FRPSXWHU VFLHQFH
09RLFX6SULQJHU
3UREOHP VROYHU LQ DXWRPDWLF FRQWURO V\VWHPVURERWLFV 5($
V SUREOHP VROYHUV 0 )RJLHO 5HVHDUFK DQG (GXFDWLRQ
$VVRFLDWLRQ5HVHDUFK (GXFDWLRQ$VVRF
0( (19,5210(17%(1,*10$18)$&785,1* &U
0DQXIDFWXULQJ FKDOOHQJHV (IIHFW RI LQGXVWULDO DFWLYLW\ RQ HQYLURQPHQW 'HILQLWLRQ DQG FRQFHSW RI HQYLURQPHQWEHQLJQ
PDQXIDFWXULQJ :RUOGFODVV PDQXIDFWXULQJ 0DQXIDFWXULQJ DXGLW '\QDPLF FXVWRPHU %DVLF FRQFHSW RI UHFODPDWLRQ
UHFRYHU\UHF\FOLQJUHXVHDQGUHPDQXIDFWXULQJ +UV
&RQFHSW RI OHDQ PDQXIDFWXULQJ /HDQ YLVLRQ DQG SULQFLSOHV 9DOXH DGGHG DQG QRQYDOXH DGGHG DFWLYLWLHV -,7 DQG ZDVWH
&RUH SURFHVV UHHQJLQHHULQJ &RQFHSW RI SURGXFW WDNHEDFN VWUDWHJ\ ,QQRYDWLRQGULYHQ FOHDQHU WHFKQRORJLHV 5HVRXUFH
VFDUFLW\DVDVWLPXOXVIRUPDQXIDFWXULQJLQQRYDWLRQV +UV
&OHDQHU PDQXIDFWXULQJ WHFKQRORJLHV FRQFHSWV GHYHORSPHQW OLPLWDWLRQ GHVLJQ DQG SODQQLQJ %DVLF FRQFHSWV RI FOHDQHU
PDQXIDFWXULQJ LPSOHPHQWDWLRQ WRROV (QYLURQPHQWDO ,PSDFW $VVHVVPHQW (,$ /LIH &\FOH $VVHVVPHQW /&$
(QYLURQPHQWDO7HFKQRORJ\$VVHVVPHQW&KHPLFDO$VVHVVPHQW(QYLURQPHQWDO$XGLW(QHUJ\$XGLW5LVN$XGLWDQG:DVWH
DXGLW +UV
~ 144 ~
&RQFHSW RI (QGRI3LSH WHFKQRORJ\ DQG ZDVWH UHGXFWLRQ DW VRXUFH 7\SH RI ZDVWHV FDXVHV RI ZDVWH JHQHUDWLRQ DQG LWV
PLQLPL]DWLRQHOLPLQDWLRQLQPDQXIDFWXULQJLQGXVWULHV%HQHILWVDQGLPSDFWRIZDVWHPLQLPL]DWLRQ:0RQPDQXIDFWXULQJ
F\FOHWLPH:DVWHIUHHPDQXIDFWXULQJGULYHUV +UV
:DVWHPLQLPL]DWLRQSURJUDPV:DVWHPLQLPL]DWLRQFLUFOHV&RQFHSWRI.DL]HQ LWVLPSDFWRQZDVWHPLQLPL]DWLRQ+LGGHQ
ZDVWHLQLQGXVWULHV +UV
%DVLF FRQFHSW RI PROHFXODU PDQXIDFWXULQJ HFRHIILFLHQF\ HFRODEHOV &DVH VWXGLHV RI FOHDQHU PDQXIDFWXULQJ /&$ RI
PDFKLQLQJVDQGFDVWLQJDQGRWKHUPDQXIDFWXULQJSURFHVVHV +UV
7H[W%RRNV
)DVW7UDFNWR:DVWH)UHH0DQXIDFWXULQJ-:'DYLV3URGXFWLYLW\3UHVV86
&OHDQ3URGXFWLRQ.%0LVUD6SULQJHU±9HUORJ
(QYLURQPHQWFRQVFLRXVPDQXIDFWXULQJ60*XSWD $-'/DPEHUW&5&3UHVV
0XOWLYDULDEOH 2SWLPL]DWLRQ $OJRULWKPV 'LUHFW VHDUFK PHWKRGV 6LPSOH[ VHDUFK PHWKRG DQG +RRNH-HHYHV SDWWHUQ VHDUFK
PHWKRG*UDGLHQWEDVHGPHWKRGV&DXFK\
VVWHHSHVWGHVFHQWPHWKRGDQG1HZWRQ¶VPHWKRG +UV
7H[W%RRNV
'HVLJQDQG$QDO\VLVRI([SHULPHQWV'&0RQWJRPHU\-RKQ:LOOH\ 6RQV
(QJLQHHULQJ2SWLPL]DWLRQ7KHRU\DQG3UDFWLFH665DR-RKQ:LOH\ 6RQV
5HIHUHQFH%RRNV
4XDOLW\(QJLQHHULQJXVLQJUREXVWGHVLJQ063KDGNH3HDUVRQ(GXFDWLRQ
2SWLPL]DWLRQLQ(QJLQHHULQJ'HVLJQ.DO\DQPR\'HE3+,
0( 0$18)$&785,1*6<67(06(1*,1((5,1* &U
7\SHV RI PDQXIDFWXULQJ ± SURGXFW YDULHW\ YV SURGXFWLRQ YROXPH 0DQXIDFWXULQJ GHFLVLRQV VWUDWHJLHV SULRULWLHV
0DQXIDFWXULQJ V\VWHP SDUDGLJP &KDUDFWHULVWLFV DQG W\SHV RI PDQXIDFWXULQJ V\VWHPV )DFWRUV DQG WRROV IRU V\VWHP
GHYHORSPHQW$GYHQWRIDGYDQFHGPDQXIDFWXULQJWHFKQRORJLHV V\VWHPV3URGXFWPDQXIDFWXULQJF\FOH6WDJHV SKDVHVRI
V\VWHP GHYHORSPHQW OLIH F\FOH 6'/& 3UREOHP GHILQLWLRQ V\VWHP PRGHOLQJ 6\VWHP UHOLDELOLW\ LWV DVVHVVPHQW
&RQVLGHUDWLRQVRIUHOLDELOLW\ PDLQWDLQDELOLW\LQSURGXFWGHVLJQ)0(&$ FULWLFDOLW\DQDO\VLV)DXOWWUHHDQDO\VLV'HVLJQ
IRUUHOLDELOLW\')5 +UV
&RPSRQHQWVRIPDQXIDFWXULQJV\VWHP0DQXIDFWXULQJV\VWHPFODVVLILFDWLRQ)DFLOLW\OD\RXW0RGLILHGPDQXIDFWXULQJFHOOV
6LQJOH V\VWHP PDQXIDFWXULQJ FHOOV *URXS WHFKQRORJ\ *7 FUHDWLRQ RI SDUW IDPLOLHV *7 PDFKLQH FHOO GHVLJQ %DVLF
FRQFHSW RI IOH[LELOLW\ 7\SHV RI PDQXIDFWXULQJ IOH[LELOLW\ )OH[LEOH PDQXIDFWXULQJ V\VWHPV )06 &RPSXWHU LQWHJUDWHG
PDQXIDFWXULQJV\VWHPV&,06 +UV
~ 145 ~
3URGXFW FRPSRQHQWV QHZ SURGXFW ,PSRUWDQFH VWDJHV RI QHZ SURGXFW GHYHORSPHQW 13' 'HVLJQLQJ D SURGXFW IRU
FXVWRPHU %DVLF FRQFHSW RI GHVLJQ IRU PDQXIDFWXULQJ ')0 GHVLJQ IRU DVVHPEO\ ')$ 6HTXHQWLDO HQJLQHHULQJ YV
FRQFXUUHQW HQJLQHHULQJ &( )XQGDPHQWDOV HVVHQFH WHFKQLTXHV RI &( 0DMRU HOHPHQWV EXLOGLQJ EORFNV RI &(
'HVLJQLQJD&(HQYLURQPHQW +UV
3DUDPHWULF GHVLJQ TXDOLW\ FRQWURO GXULQJ PDQXIDFWXULQJ ,QWURGXFWLRQ WR GHVLJQ RI H[SHULPHQW '2( 7DJXFKL
WHFKQLTXH IRU PDQXIDFWXULQJ V\VWHP GHVLJQ ,QWURGXFWLRQ WR PDWHULDO UHTXLUHPHQW SODQQLQJ 035 DQG PDQXIDFWXULQJ
UHVRXUFH SODQQLQJ 035,, -XVWLQWLPH -,7 SURGXFWLRQ V\VWHP 7KHRU\ RI FRQVWUDLQWV 72& 6\QFKURQRXV
PDQXIDFWXULQJ %DVLFV RI GHPDQG IRUHFDVWLQJ WHFKQLTXHV LQYHQWRU\ PDQDJHPHQW V\VWHP /RW VL]LQJ RSHUDWLRQ
VFKHGXOLQJ +UV
&DVHVWXG\RIDXWRPDWLRQLQPDQXIDFWXULQJXQLWSURGXFWLYLW\LQ-DSDQ ,QGLDIDLOXUHRIUHIULJHUDWRUVLQ*(&RPSDQ\DQG
LPSOHPHQWDWLRQRIVLPXOWDQHRXVHQJLQHHULQJDW&DGLOODF$XWRPRELOH&RPSDQ\GLYLVLRQRI*HQHUDO0RWRUV +UV
7H[W%RRNV
0DQXIDFWXULQJV\VWHPVHQJLQHHULQJ%%KDGXU\0DFPLOODQ,QGLD
5HIHUHQFH%RRNV
0HFKDQLFDOV\VWHPGHVLJQ5&0LVKUD 6LPDQW3+,
0HFKDQLFDOV\VWHPGHVLJQ:((GHU :*RVOLQJ3HUJDPRQ3UHVV
0HFKDQLFDOV\VWHPGHVLJQ63DWLO-DLFR3XEOLVKLQJ+RXVH
0HFKDQLFDOV\VWHPGHVLJQ.86LGGLTXL0.6LQJK 0$)DUXTL1HZ$JH
,QWHUQDWLRQDO3/WG3XEOLVKHUV
0($'9$1&(')/8,'0(&+$1,&6 &U
)OXLG)RUFHVERG\IRUFHVVXUIDFHIRUFHVVWUHVVWHQVRUDQGFRQFHSWRISUHVVXUH +UV
'HVFULSWLRQ RI )OXLG PRWLRQ (XOHULDQ DQG /DJUDQJLDQ GHVFULSWLRQ VXEVWDQWLDO GHULYDWLYH 5H\QROGV¶ +UV
WUDQVSRUWWKHRUHP5DWHVRIOLQHDUDQGDQJXODUVWUDLQ5RWDWLRQ'HFRPSRVLWLRQRI9HORFLW\JUDGLHQWPDWUL[
LQWR V\PPHWULF DQG DQWLV\PPHWULF SDUW QRUPDO DQG VKHDU VWUHVVHV 1DYLHU±6WRNHV¶ HTXDWLRQ 7UDQVSRUW
WKHRUHPVFRQVWLWXWLYHHTXDWLRQVGHULYDWLRQRI1DYLHU6WRNHVHTXDWLRQVIRUFRPSUHVVLEOHIORZ
$SSOLFDWLRQVRI1DYLHU6WRNHVHTXDWLRQVSODQH3RLVHXLOOHIORZDQG&RXHWWHIORZ+DJHQ3RLVHXLOOHIORZ +UV
IORZEHWZHHQWZRFRQFHQWULFURWDWLQJF\OLQGHUV6WRNH
VILUVWDQGVHFRQGSUREOHPDQG+LHPHQ]IORZ
6ORZ 9LVFRXV IORZ 6WRNHV DQG 2VHHQ¶V DSSUR[LPDWLRQ %RXQGDU\ OD\HU GHULYDWLRQ H[DFW VROXWLRQV +UV
%ODVLXV)DONQHU6NDQVHULHVVROXWLRQDQGQXPHULFDOVROXWLRQV$SSUR[LPDWHPHWKRGV0RPHQWXPLQWHJUDO
PHWKRG
7ZR±GLPHQVLRQDO SRWHQWLDO IORZ &RQIRUPDO WUDQVIRUPDWLRQ WHFKQLTXH )ORZ URXQG D VKDUS HGJH +UV
-RXNRZVNL WUDQVIRUPDWLRQ )ORZ DURXQG DQ HOOLSVH .XWWD FRQGLWLRQ DQG IORZ RYHU WKLQ DLU IRLO 6FKZDU]±
&KULVWRIIHOWUDQVIRUPDWLRQ
6LQJXODU 3HUWXUEDWLRQ 7HFKQLTXH LQ IOXLG PHFKDQLFV )ORZ SDVW D VSKHUH /LQHDU VWDELOLW\ WKHRU\ +UV
SK\VLFDO GHVFULSWLRQ RI IOXLG LQVWDELOLWLHV .OHLQ±+HOPKROW] DQG 5D\OHLJK±7D\ORU LQVWDELOLWLHV 2UU±
6RPPHUIHOG HTXDWLRQ 5D\OHLJK¶V HTXDWLRQ VWDELOLW\ 6WDELOLW\ FXUYHV 6TXLUH¶V WKHRUHP IRU DQ LQYLVFLG
IORZ
7H[W%RRNV
)OXLG0HFKDQLFV51)R[DQG$70F'RQDOG-RKQ:LOH\ 6RQV WK(G
,QWURGXFWLRQWR)OXLG0HFKDQLFV6KDXJKQHVV\2[IRUG8QLYHUVLW\3UHVV WK(G
~ 146 ~
5HIHUHQFH%RRNV
)XQGDPHQWDOVRI)OXLG0HFKDQLFV6FKOLWFKLQJ6SULQJHU/LQNV
)OXLG'\QDPLFV9/6WUHHWHU0F*UDZ+LOO
7KHG\QDPLFVDQGWKHUPRG\QDPLFVRIFRPSUHVVLEOHIOXLGIORZ9RO, ,,$+6KDSLQ
7KH5RQDOG3UHVV&R
)RXQGDWLRQVRI)OXLG0HFKDQLFV6:<XDQ3UHQWLFH+DOORI,QGLD
$GYDQFHG(QJLQHHULQJ)OXLG0HFKDQLFV0XUDOLGKDU %LVZDV$OSKD6FLHQFH,QWHUQDWLRQDO/WG
3ULQFLSOHVRI)OXLG0HFKDQLFVDQG)OXLG0DFKLQHV13LOODLDQG&55DPDNULVKQDQ
8QLYHUVLW\3UHVV+\GHUDEDG
)OXLG'\QDPLFVUGUHYLVHG(G'U-.*R\DO .3*XSWD3UDJDWKL3UDNDVDQ0HHUXW
+\GURG\QDPLFV7KHRU\ $SSOLFDWLRQ5REHUWVRQ3UHQWLFH+DOORI,QGLD
)OXLG0HFKDQLFV3..XQGX,0.RKHQ '5'RZOLQJ$FDGHPLF3UHVV
0($'9$1&('5()5,*(5$7,21 $,5&21',7,21,1* &U
9DSRXU&RPSUHVVLRQ5HIULJHUDWLRQ$QDO\VLVRIYDSRXUFRPSUHVVLRQUHIULJHUDWLRQV\VWHPWKHRUHWLFDO +UV
DQG DFWXDO (IIHFW RI YDULRXV IDFWRUV RQ WKH SHUIRUPDQFH RI YDSRXU FRPSUHVVLRQ UHIULJHUDWLRQ V\VWHP
0XOWLSOH HYDSRUDWRU V\VWHPV &RPSRXQG YDSRXU FRPSUHVVLRQ V\VWHPV /RZ WHPSHUDWXUH DQG PXOWL
WHPSHUDWXUHV\VWHPV&DVFDGH6\VWHP
9DSRXU$EVRUSWLRQ5HIULJHUDWLRQ$QDO\VLVRIYDSRXUDEVRUSWLRQUHIULJHUDWLRQV\VWHPWKHRUHWLFDODQG +UV
DFWXDO /L%U+2 V\VWHP (OHFWUROX[ V\VWHPV %LQDU\ PL[WXUHV $QDO\VLV RI DEVRUSWLRQ V\VWHPV XVLQJ
DQDO\VLVDQGUHFWLILFDWLRQFROXPQV
5HIULJHUDWLRQ (TXLSPHQWV &RPSUHVVRUV UHFLSURFDWLQJ DQG FHQWULIXJDO ([SDQVLRQ GHYLFHV +UV
&RQGHQVHUV (YDSRUDWRUV &RQWUROV XVHG LQ UHIULJHUDWLRQ V\VWHPV 3URSHUWLHV RI UHIULJHUDQWV 7KHLU
GHYHORSPHQWDQGDSSOLFDWLRQV3ULQFLSOHVRIYDULRXVRWKHUUHIULJHUDWLRQV\VWHPV
3V\FKURPHWU\ 'HILQLWLRQV DQG SURFHVVHV $GYDQFHG SV\FKURPHWULF FDOFXODWLRQV &RROLQJ ORDG +UV
FDOFXODWLRQV±'HWHUPLQDWLRQRI8IDFWRU±VKRUWPHWKRGFDOFXODWLRQ+XPDQFRPIRUW&RPIRUWFKDUW6RO
$LUWHPSHUDWXUHDLUFRQGLWLRQLQJV\VWHP
/RZ7HPSHUDWXUH5HIULJHUDWLRQ-RXOH7KRPSVRQFRHIILFLHQW±OLTXHIDFWLRQRIDLU±K\GURJHQ±KHOLXP +UV
$SSOLFDWLRQVRIFU\RJHQLFV
5RRP$LU'LVWULEXWLRQ)ULFWLRQORVVHVLQGXFWV'XFWGHVLJQ$LUILOWHUVFOHDQURRPV±$LUFXUWDLQ +UV
$LU&RQGLWLRQLQJ'LIIHUHQWW\SHVRIDLUFRQGLWLRQLQJSODQWVDQGDLUFRQGLWLRQLQJHTXLSPHQWV +UV
7H[W%RRNV
5HIULJHUDWLRQDQG$LU&RQGLWLRQLQJ6WRHNHU:3DQG-RQHV-:QG(G7DWD0F*UDZ+LOO
5HIULJHUDWLRQDQG$LU&RQGLWLRQLQJ0DQRKDU3UDVDG1HZ$JH,QWHUQDWLRQDO
5HIHUHQFH%RRNV
5HIULJHUDWLRQDQG$LU&RQGLWLRQLQJ&3$URUD7DWD0F*UDZ+LOO
5HIULJHUDWLRQDQG$LU&RQGLWLRQLQJ'RPNXQGZDUDQG$URUD'KDQSDW5DLDQG6RQV
5HIULJHUDWLRQDQG$LU&RQGLWLRQLQJ3/%DODQH\.KDQQD3XEOLFDWLRQ
5HIULJHUDWLRQDQG$LUFRQGLWLRQLQJ-RUGDQDQG3ULHVWHU3UHQWLFH+DOORI,QGLD
$VKUDH+DQG%RRN¶9RO&XUUHQW(G
0($'9$1&('7+(502'<1$0,&6 &U
5HYLHZRI)XQGDPHQWDOV=HURWKILUVWDQGVHFRQGODZVRIWKHUPRG\QDPLFV&RQFHSWRIHQWURS\JHQHUDWLRQ +UV
7KHUPRG\QDPLF 5HODWLRQV ([HUJ\FRQFHSW3K\VLFDODQG&KHPLFDO([HUJ\ +HOP+ROW]IXQFWLRQ*LEE¶V +UV
IXQFWLRQ 5HFLSURFLW\ UHODWLRQ $YDLODELOLW\ DQDO\VLV IRU SURFHVVHV DQG F\FOHV 7KHUPRG\QDPLF UHODWLRQV
0D[ZHOO¶VUHODWLRQV7GVHTXDWLRQVVSHFLILFKHDWUHODWLRQVHQHUJ\HTXDWLRQ-RXOH7KRPVRQHIIHFW&ODXVLXV
&ODSHU\RQ(TXDWLRQ&ULWHULDIRU(TXLOLEULXP*LEEµVSKDVHUXOH7KHWKLUGODZRIWKHUPRG\QDPLFV
~ 147 ~
7KHUPRG\QDPLFVRI0L[WXUHV7KHUPRG\QDPLFSURSHUWLHVRIKRPRJHQHRXVPL[WXUHDQGPXOWLSKDVHPXOWL +UV
FRPSRQHQWV\VWHPV&KHPLFDODYDLODELOLW\
,UUHYHUVLEOH 7KHUPRG\QDPLFV 6WDELOLW\ 3KDVH WUDQVLWLRQ &ULWLFDO SKHQRPHQD 1HUQVW SRVWXODWH *HQHUDO +UV
V\VWHPV&ODVVLFDOLUUHYHUVLEOHWKHUPRG\QDPLFV
6WDWLVWLFDO 7KHUPRG\QDPLFV 7KHUPRG\QDPLFV SUREDELOLW\ 0D[ZHOO VWDWLVWLFV )HUPL 'LUDF DQG %RVH ± +UV
(LQVWHLQVWDWLVWLFV(QWURS\DQGSUREDELOLW\'HJHQHUDF\RIHQHUJ\OHYHOV3DUWLWLRQIXQFWLRQV
7H[W%RRNV
)XQGDPHQWDOVRI&ODVVLFDO7KHUPRG\QDPLFV*-9DQ:\OHQ 5(6RQQWDJ:LOO\(DVWHUQ/WG
&KDSWHUV,,, ,,,
3ULQFLSOHVRI7KHUPRG\QDPLFV-+VLHJ0F*UDZ+LOO
5HIHUHQFH%RRNV
7KHUPRG\QDPLFIRU(QJLQHHUV$60LFKDHO3UHQWLFH+DOO
(QJLQHHULQJ7KHUPRG\QDPLFVQG(G3.1DJ0F*UDZ+LOO
7KHUPRG\QDPLFVWK(G-3+ROPDQ0F*UDZ+LOO
6WDWLVWLFDO7KHUPRG\QDPLFV/HHDQG6HDUV$GGLWLRQ:HVOH\
7KHUPRG\QDPLFVIRU&KHPLVWV91DVWUDQG 6*ODVVWQH
(QJJ7KHUPRG\QDPLFVIRU(QJLQHHUV0'%XUJKDUGW+DUSHU 5RZ1<
$GYDQFHG7KHUPRG\QDPLFVIRU(QJLQHHUV.:DUN0F*UDZ+LOO1<
,QWURGXFWLRQWR&KHPLFDO(QJLQHHULQJ7KHUPRG\QDPLFV.6PLWK +&9DQ1HVV0F*UDZ+LOO
0(7+(50$/6<67(06'(6,*1$1'237,0,=$7,21 &U
)RUPXODWLRQ RI WKH 'HVLJQ 3UREOHP 'HVLJQ YDULDEOHV FRQVWUDLQWV DQG OLPLWDWLRQV UHTXLUHPHQWV DQG +UV
VSHFLILFDWLRQV &RQFHSWXDO GHVLJQ 6WHSV LQ WKH GHVLJQ SURFHVV H[DPSOHV IURP WKHUPDO V\VWHPV
0DWHULDOVHOHFWLRQ
0RGHOLQJ RI 7KHUPDO 6\VWHPV 7\SHV RI PRGHOV PDWKHPDWLFDO PRGHOLQJ SK\VLFDO PRGHOLQJ DQG +UV
GLPHQVLRQDODQDO\VLVFXUYHILWWLQJ
$FFHSWDEOH 'HVLJQ RI D 7KHUPDO 6\VWHP ,QLWLDO GHVLJQ GHVLJQ VWUDWHJLHV VRPH DSSOLFDWLRQ +UV
LOOXVWUDWLRQVFRROLQJRIHOHFWURQLFHTXLSPHQWKHDWWUDQVIHUHTXLSPHQWIOXLGIORZV\VWHPVHWF
3UREOHP )RUPXODWLRQ IRU 2SWLPL]DWLRQ 2SWLPL]DWLRQ LQ GHVLJQ ILQDO RSWLPL]HG GHVLJQ REMHFWLYH +UV
IXQFWLRQFRQVWUDLQWVRSHUDWLQJFRQGLWLRQVW\SHVRIWKHUPDOV\VWHPVSUDFWLFDODVSHFWVLQRSWLPDOGHVLJQ
FKRLFHRIYDULDEOHVIRURSWLPL]DWLRQVHQVLWLYLW\DQDO\VLVGHSHQGHQFHRQREMHFWLYHIXQFWLRQDQGFKDQJH
RIFRQFHSWRUPRGHO.QRZOHGJHEDVHGGHVLJQDQGDGGLWLRQDOFRQVLGHUDWLRQVSURIHVVLRQDOHWKLFV
&RQVWUDLQHGDQG8QFRQVWUDLQHG2SWLPL]DWLRQ2SWLPL]DWLRQRIXQFRQVWUDLQHGSUREOHPVRSWLPL]DWLRQ +UV
RI FRQVWUDLQHG SUREOHPV DSSOLFDELOLW\ WR WKHUPDO V\VWHPV VHDUFK PHWKRGV VLQJOH YDULDEOH SUREOHP
XQFRQVWUDLQHGVHDUFKZLWKPXOWLSOHYDULDEOHVDQGPXOWLYDULDEOHFRQVWUDLQHGRSWLPL]DWLRQ
,QWHJHU3URJUDPPLQJ3HQDOW\IXQFWLRQPHWKRG +UV
8VH RI $UWLILFLDO ,QWHOOLJHQFH 7HFKQLTXHV 1HXUDO QHWZRUN IX]]\ ORJLF DQG JHQHWLF DOJRULWKP LQ +UV
WKHUPDOV\VWHPVGHVLJQDQGRSWLPL]DWLRQVLPSOHH[DPSOHV
7H[W%RRNV
'HVLJQDQG2SWLPL]DWLRQRI7KHUPDO6\VWHPV<-DOXULD&5&3UHVV
2SWLPL]DWLRQPHWKRGV665DR3+,
~ 148 ~
5HIHUHQFH%RRNV
2SWLPL]DWLRQLQ(QJLQHHULQJ'HVLJQ.'HE3UHQWLFH+DOO
'HVLJQRI7KHUPDO6\VWHPV:)6WRHFNHU0F*UDZ+LOO
7KHUPDO'HVLJQDQG2SWLPL]DWLRQ%HMDQ*7VDWVDURQLV0-0RUDQ:LOH\
'HYHORSPHQWVLQWKH'HVLJQRI7KHUPDO6\VWHPV5)%RHKP&DPEULGJH8QLYHUVLW\3UHVV
'HVLJQ 6LPXODWLRQRI7KHUPDO6\VWHPV196XU\DQDUD\DQD0F*UDZ+LOO
&U
0($'9$1&('+($7 0$6675$16)(5
&RQGXFWLRQ 5HYLHZ RI KHDW WUDQVIHU PRGHV +HDW FRQGXFWLRQ LQ DQLVRWURSLF PHGLD ,QYHUVH KHDW KUV
FRQGXFWLRQSUREOHPV3UREDELOLW\PHWKRGVLQKHDWFRQGXFWLRQ+HDWFRQGXFWLRQLQSRURXVPHGLD3KDVH
FKDQJHSUREOHPV$EODWLRQ0RYLQJKHDWVRXUFHSUREOHPV1RQ)RXULHUFRQGXFWLRQSUREOHPV
&RQYHFWLRQ 'HULYDWLRQ RI ERXQGDU\ OD\HU HTXDWLRQV E\ RUGHU RI PDJQLWXGH DQDO\VLV 6ROXWLRQ RI KUV
ERXQGDU\ OD\HU HTXDWLRQV E\ VLPLODULW\ YDULDEOH DQG LQWHJUDO PHWKRGV 1DWXUDO FRQYHFWLRQ LQ ERXQGDU\
OD\HUV ,QWHJUDO PHWKRG %RXVVLQHVT DSSUR[LPDWLRQ DQG VFDOLQJ DQDO\VLV 7UDQVSRUW HTXDWLRQV ZLWK
GLVFRQWLQXRXVSURSHUW\YDULDWLRQ&RQVHUYDWLRQODZVIRULQWHUIDFHSKHQRPHQD&RQFHSWRIK\GURG\QDPLF
DQG WKHUPDO VWDELOLW\ 5D\OHLJK%HQDUG FRQYHFWLRQ 7XUEXOHQW KHDW WUDQVIHU DQG 7XUEXOHQW 3UDQGWO
QXPEHU
5DGLDWLRQ %DVLF GHILQLWLRQV VXUIDFH SURSHUWLHV YLHZ IDFWRUV 5DGLDWLRQ H[FKDQJH LQ EODFN DQG JUH\ KUV
HQFORVXUH5DGLRVLW\PDWUL[,QWHUDFWLRQRIVXUIDFHUDGLDWLRQZLWKRWKHUPRGHRIKHDWWUDQVIHU5DGLDWLYH
SURSHUWLHVRIUHDOVXUIDFH(TXDWLRQRIUDGLDWLYHWUDQVIHULQSDUWLFLSDWLQJPHGLD5DGLDWLYHSURSHUWLHVRI
PROHFXODUJDVHV([DFWVROXWLRQIRURQHGLPHQVLRQDOJUH\PHGLD$SSUR[LPDWHVROXWLRQPHWKRGV3QDQG
6Q DSSUR[LPDWH PHWKRGV =RQDO PHWKRG 0RQWH &DUOR PHWKRG IRU WKHUPDO UDGLDWLRQ ([SHULPHQWDO
WHFKQLTXHVRQUDGLDWLRQKHDWWUDQVIHU
0DVV 7UDQVIHU %DVLF GHILQLWLRQV )LFN¶V ODZ RI GLIIXVLRQ 6SHFLHV FRQVHUYDWLRQ HTXDWLRQ 6ROXWLRQ RI KUV
RQHGLPHQVLRQDOPDVVWUDQVIHUSUREOHP$VVRFLDWHGLOOXVWUDWLRQV
7H[W%RRNV
)XQGDPHQWDOVRI+HDWDQG0DVV7UDQVIHU)3,QFURSHUDDQG'3'HZLW-RKQ:LOH\ 6RQV
+HDWDQG0DVV7UDQVIHU-3+ROPDQ7DWD0F*UDZ+LOO
5HIHUHQFH%RRNV
+HDWDQG0DVV7UDQVIHU<$&HQJHO7DWD0F*UDZ+LOO
&RQYHFWLYH+HDW7UDQVIHU/&%XUPLVWHU-RKQ:LOOH\DQG6RQV
)XQGDPHQWDOVRI+HDWDQG0DVV7UDQVIHU&3.RWKDQGDUDPDQ1HZ$JH,QWHUQDWLRQDO
([WHQGHG6XUIDFH+HDW7UDQVIHU''.HUQ1HZ$JH,QWHUQDWLRQDO/WG
$QDO\VLVRI+HDWDQG0DVV7UDQVIHU(5'(FNHUWDQG50'UDNH0F*UDZ+LOO
&RQYHFWLYH+HDWDQG0DVV7UDQVIHU:0.D\VDQG:&UDZIRUG0F*UDZ+LOO,QF
)XQGDPHQWDOVRI+HDW7UDQVIHU.ULWK7D\ORU )UDQFLV
5DGLDWLRQ+HDW7UDQVIHU(06SDUURZ5'&HVV
&RQGXFWLRQ+HDW7UDQVIHU96$USDFL*LQQ3UHVV
0(&20387$7,21$/+($7$1')/8,')/2: &U
%ULHI 2YHUYLHZ RI WKH 7UDQVSRUW (TXDWLRQV 6ROXWLRQ RI OLQHDU DQG QRQOLQHDU 2UGLQDU\ 'LIIHUHQWLDO +UV
(TXDWLRQV2'(DSSOLFDEOHLQ7KHUPDODQG)OXLGV(QJLQHHULQJ
3DUWLDO 'LIIHUHQWLDO (TXDWLRQV &ODVVLILFDWLRQ ,QWURGXFWLRQ WR )LQLWH 'LIIHUHQFH )LQLWH 9ROXPH DQG +UV
,QWHJUDO0HWKRGV6ROXWLRQRI6WHDG\DQG7UDQVLHQW+HDW&RQGXFWLRQ3UREOHPV6ROXWLRQRI/DSODFHDQG
3RLVVRQW\SH3'(V
(UURU$QDO\VLV,QWURGXFWLRQRI([SOLFLWDQG,PSOLFLW6FKHPHV6WDELOLW\DQG&RQVLVWHQF\RI1XPHULFDO +UV
0HWKRGV 1XPHULFDO (UURUV )RXULHU 6WDELOLW\ $QDO\VLV RI W\SLFDO 6ROXWLRQ $OJRULWKPV $OWHUQDWH
'LUHFWLRQ,PSOLFLW$',PHWKRG
~ 149 ~
6ROXWLRQRI6LPXOWDQHRXV$OJHEUDLF(TXDWLRQV7UL'LDJRQDO0DWUL[$OJRULWKP7KRPDV$OJRULWKP +UV
*DXVV6LHGHO DQG *DXVV-RUGRQ 0HWKRGV 6WURQJO\ ,PSOLFLW 3URFHGXUHV 6,3 6ROYHUV ± 6WRQH¶V
$OJRULWKPIRUWZRDQGWKUHHGLPHQVLRQDOSUREOHPV
9RUWLFLW\3UREOHPV9RUWLFLW\7UDQVSRUW(TXDWLRQLQ7ZR'LPHQVLRQV6ROXWLRQRI)OXLG)ORZ3UREOHPV +UV
E\6WUHDPIXQFWLRQ9RUWLFLW\ 0HWKRG([DPSOHVRI'HULYHG%RXQGDU\&RQGLWLRQVIRU6WUHDP)XQFWLRQ
DQG9RUWLFLW\'HULYDWLRQRI3UHVVXUH3RLVVRQ(TXDWLRQDQG7KHLU6ROXWLRQ
1DYLHU 6WRNHV (TXDWLRQ ,QWHJUDWLRQ RI 1DYLHU 6WRNHV HTXDWLRQ LQ SULPLWLYH YDULDEOHV DQG 6FDODU +UV
7UDQVSRUW (TXDWLRQ 9DULRXV 6FKHPHV RI 'LVFUHWLVDWLRQ ± )LUVW DQG 6HFRQG 2UGHU 8SZLQG 6FKHPHV
48,&.+\EULG([DFWDQG([SRQHQWLDO'LIIHUHQFLQJ6FKHPHV
6ROXWLRQRI1DYLHU6WRNHVDQG6FDODU7UDQVSRUW(TXDWLRQV,QWURGXFWLRQWR6WDJJHUHG*ULG/D\RXW +UV
6ROXWLRQE\6,03/(6,03/(5DQG6,03/(&$OJRULWKPV
7H[W%RRNV
1XPHULFDOKHDWWUDQVIHUIOXLGIORZ693DWDQNDU+HPLVSKHUH3XEOLVKLQJ&RUSRUDWLRQ
&RPSXWDWLRQDO)OXLG)ORZDQG+HDW7UDQVIHU.0XUDOLGKDUDQG76XQGDUDUDMDQ1DURVD
3XEOLVKLQJ+RXVH1HZ'HOKL
5HIHUHQFH%RRNV
&RPSXWHU6LPXODWLRQRIIORZDQGKHDWWUDQVIHU36*KRVKGDVGLGDU7DWD0F*UDZ+LOO
3XEOLVKLQJ&RPSDQ\/WG
&RPSXWDWLRQDO)OXLG0HFKDQLFVDQG+HDW7UDQVIHU'$$QGHUVRQ,,7DQQHKLOODQG
5+3OHWFKHU+HPLVKSKHUH3XEOLVKLQJ&RUSRUDWLRQ1HZ<RUN86$
&RPSXWDWLRQDO7HFKQLTXHVIRU)OXLG'\QDPLFV)XQGDPHQWDODQG*HQHUDO7HFKQLTXHV
&$-)OHWFKHU6SULQJHU9HUODJ
1XPHULFDO)OXLG'\QDPLFV7.%RVH1DURVD3XEOLVKLQJ+RXVH
,QWURGXFWLRQWR&RPSXWDWLRQDO)OXLG'\QDPLFV31L\RJL6.&KDNUDEDUWW\DQG0./DKD
3HDUVRQ(GX
)XQGDPHQWDOVRI)OXLG'\QDPLFV7.6HQJXSWD8QLYHUVLW\3UHVV+\GHUDEDG
&RPSXWDWLRQDO)OXLG'\QDPLFV9HUVWHHJDQG0DODVHNKDUDQ3UHQWLFH+DOO
0(),1,7((/(0(17$1$/<6,62)+($7$1')/8,')/2: &U
,QWURGXFWLRQ 1XPHULFDO WHFKQLTXHV WR VROYH ERXQGDU\ YDOXH SUREOHPV *HQHUDO SURFHGXUH IRU )($ +UV
(OHPHQWV DQG VKDSH IXQFWLRQV ,QWHUSRODWLRQ IXQFWLRQV IRU & FRQWLQXLW\ DQG &FRQWLQXLW\ )LQLWH
(OHPHQW )RUPXODWLRQ 0HWKRG RI ZHLJKWHG UHVLGXDOV *DOHUNLQ PHWKRG /DZV RI +HDW 7UDQVIHU
%RXQGDU\DQGLQLWLDOFRQGLWLRQV
6WHDG\ 6WDWH +HDW &RQGXFWLRQ LQ 2QH 'LPHQVLRQ 3ODQH ZDOOV UDGLDO KHDW IORZ LQ D F\OLQGHU +UV
FRQGXFWLRQFRQYHFWLRQ V\VWHPV $ RQH GLPHQVLRQDO 3UREOHP VROYHG XVLQJ D VLQJOH HOHPHQW ± /LQHDU
HOHPHQW4XDGUDWLFHOHPHQWWKHXVHRIQXPHULFDOLQWHJUDWLRQ$RQHGLPHQVLRQDOSUREOHPVROYHGXVLQJ
DQDVVHPEO\RIHOHPHQWV
6WHDG\ 6WDWH +HDW &RQGXFWLRQ LQ 0XOWL 'LPHQVLRQV 7ZR GLPHQVLRQDO SODQH SUREOHPV OLQHDU DQG +UV
TXDGUDWLF WULDQJXODU DQG UHFWDQJXODU HOHPHQWV 7KUHH GLPHQVLRQDO SUREOHPV $[LV\PPHWULF SUREOHPV
)LQLWH(OHPHQWIRUPXODWLRQIRUD[LV\PPHWULFSUREOHPV
7UDQVLHQW +HDW &RQGXFWLRQ $QDO\VLV /XPSHG KHDW FDSDFLW\ V\VWHP *DOHUNLQ PHWKRG IRU WUDQVLHQW +UV
SUREOHPV 2QH GLPHQVLRQDO WUDQVLHQW KHDW FRQGXFWLRQ SUREOHPV 7LPH GLVFUHWL]DWLRQ XVLQJ )'0 7LPH
GLVFUHWL]DWLRQXVLQJ)(0VWDELOLW\FULWHULDPXOWLGLPHQVLRQWUDQVLHQWKHDWFRQGXFWLRQ
&RQYHFWLRQ +HDW 7UDQVIHU 1DYLHU6WRNHV HTXDWLRQV 1RQGLPHQVLRQDO IRUP WKH JRYHUQLQJ HTXDWLRQV +UV
IRU IRUFHG IUHH DQG PL[HG FRQYHFWLRQ )RUPXODWLRQ IRU LGHDO IORZ 6WUHDP IXQFWLRQ DQG YHORFLW\
SRWHQWLDO IXQFWLRQ LQ ' IORZ )RUPXODWLRQ IRU LQFRPSUHVVLEOH YLVFRXV IORZ 6WRNHV IORZ DQG YLVFRXV
IORZZLWKLQHUWLD
~ 150 ~
7H[W%RRNV
)XQGDPHQWDOVRIWKH)LQLWH(OHPHQW0HWKRGIRU+HDWDQG)OXLG)ORZ5RODQG:/HZLV
31LWKLDUDVXDQG.16HHWKDUDPX:LOH\ VWHGLWLRQ
)XQGDPHQWDOVRIWKH)LQLWH(OHPHQW$QDO\VLV'DYLG9+XWWRQ0F*UDZ+LOOVWHGLWLRQ
5HIHUHQFH%RRNV
7KH)LQLWH(OHPHQW0HWKRGLQ+HDW7UDQVIHU$QDO\VLV+57KRPDV.16HHWKDUDPX.HQ0RUJDQ
5:/HZLV-RKQ:LOH\ 6RQV,QF
7KH)LQLWH(OHPHQW0HWKRGLQ+HDW7UDQVIHUDQG)OXLG'\QDPLFV-15HGG\DQG'.*DUWOLQJ&5&
QGHGLWLRQ
0(7+(25<2)&20%867,21$1'(0,66,21 &U
,QWURGXFWLRQ'HILQLWLRQQHHGDSSOLFDWLRQFODVVLILFDWLRQHWFRIFRPEXVWLRQV\VWHPV(QHUJ\VRXUFHV +UV
&RPEXVWLRQ DQG 7KHUPRFKHPLVWU\ 5HYLHZ RI SURSHUW\ UHODWLRQV (TXDWLRQ RI VWDWH FDORULILF +UV
HTXDWLRQVRIVWDWHLGHDOJDVPL[WXUHV7KHUPRG\QDPLFVVW QGODZIRUSXUHQRQUHDFWLQJPL[WXUH
DQG UHDFWLQJ V\VWHPV VWRLFKLRPHWU\ DEVROXWH HQWKDOS\ DQG HQWKDOS\ RI IRUPDWLRQ HQWKDOS\ RI
FRPEXVWLRQDQGKHDWLQJYDOXHVDGLDEDWLFIODPHWHPSHUDWXUHV
&RQVHUYDWLRQ (TXDWLRQV &RQWLQXLW\ PRPHQWXP WRWDO WKHUPDO HQHUJ\ DQG VSHFLHV )OXLG +UV
0HFKDQLFV+HDW7UDQVIHU 0DVV7UDQVIHUPDVVWUDQVIHUUDWHODZVVSHFLHVFRQVHUYDWLRQDSSOLFDWLRQV
RIPDVVWUDQVIHU6WHIDQSUREOHPDQGGURSOHWHYDSRUDWLRQ
&KHPLFDO .LQHWLFV *OREDO YHUVXV HOHPHQWDU\ UHDFWLRQV HOHPHQWDU\ UHDFWLRQ UDWHV XQLPROHFXODU +UV
ELPROHFXODU DQG WHUPROHFXODU UHDFWLRQV &ROOLVLRQ WKHRU\ UHDFWLRQ UDWH DQG LWV IXQFWLRQDO GHSHQGHQFH
$UUKHQLXVHTXDWLRQRUGHURIUHDFWLRQVWHULFIDFWRUFROOLVLRQIUHTXHQF\DFWLYDWLRQHQHUJ\HWF
5DWHV RI UHDFWLRQ IRU PXOWLVWHS PHFKDQLVPV UHODWLRQ EHWZHHQ UDWH FRHIILFLHQWV DQG HTXLOLEULXP +UV
FRQVWDQWVFKDLQDQGFKDLQEUDQFKLQJUHDFWLRQVFKHPLFDOWLPHVFDOHV
/DPLQDU SUHPL[HG IODPH 'HILQLWLRQ SULQFLSDO FKDUDFWHULVWLFV 6LPSOLILHG $QDO\VLV DVVXPSWLRQV +UV
FRQVHUYDWLRQPDVVVSHFLHV HQHUJ\HTXDWLRQVZLWKERXQGDU\FRQGLWLRQVDQGWKHLUVROXWLRQVWRILQGRXW
WHPSHUDWXUH PDVVIUDFWLRQGLVWULEXWLRQ)DFWRUVDIIHFWLQJIODPHYHORFLW\DQGWKLFNQHVV&RUUHODWLRQVRI
IODPHYHORFLW\ WKLFNQHVVTXHQFKLQJIODPPDELOLW\ LJQLWLRQIODPHVWDELOL]DWLRQ
/DPLQDU GLIIXVLRQ IODPH /DPLQDU -HW -HW IODPH SK\VLFDO GHVFULSWLRQ VLPSOLILHG WKHRUHWLFDO +UV
GHVFULSWLRQV %XUNH6FKXPDQQ VROXWLRQ DVVXPSWLRQV VLPSOLILFDWLRQ DQG VROXWLRQ RI PDVV VSHFLHV
PRPHQWXP HQHUJ\ HTXDWLRQ ZLWK WKH ERXQGDU\ FRQGLWLRQV GHWHUPLQDWLRQ RI WHPSHUDWXUH PDVV
IUDFWLRQGLVWULEXWLRQDVZHOODVIODPHKHLJKWVRRWIRUPDWLRQDQGGHVWUXFWLRQ
'URSOHWHYDSRUDWLRQ FRPEXVWLRQ$SSOLFDWLRQV6LPSOHPRGHORIGURSOHWHYDSRUDWLRQDVVXPSWLRQV +UV
VROXWLRQRIPDVVVSHFLHV HQHUJ\HTXDWLRQZLWKWKHERXQGDU\FRQGLWLRQVGHWHUPLQDWLRQRIWHPSHUDWXUH
PDVVIUDFWLRQGLVWULEXWLRQPDVVHYDSRUDWLRQUDWHIODPHVWDQGRIIUDWLRIODPHWHPSHUDWXUHH[SUHVVLRQ
IRUWUDQVIHUQXPEHUVHYDSRUDWLRQEXUQLQJUDWHFRQVWDQWGURSOHWOLIHWLPHHWF
3ROOXWDQW HPLVVLRQV (IIHFWV RI SROOXWDQWV TXDQWLILFDWLRQ RI HPLVVLRQV HPLVVLRQ LQGLFHV YDULRXV +UV
VSHFLILF HPLVVLRQ PHDVXUHV HPLVVLRQV IURP SUHPL[HG FRPEXVWLRQ HPLVVLRQV IURP QRQSUHPL[HG
FRPEXVWLRQ
7H[W%RRNV
,QWURGXFWLRQWR&RPEXVWLRQ&RQFHSWVDQG$SSOLFDWLRQV6WHSKHQ57XUQV0F*UDZ+LOO
5HIHUHQFH%RRNV
,QWHUQDO&RPEXVWLRQ(QJLQHV&5)HUJXVRQDQG$7.LUN3DWULFN-RKQ:LOH\ 6RQV,QF
&RPEXVWLRQ(QJLQHHULQJ*/%RUPDQDQG.15DJODQG0F*UDZ+LOO
7KHUPRG\QDPLFVIRU(QJLQHHUV':LQWHUERQH$GYDQFHG(OVHYLHU
&RPEXVWLRQ(QJLQHHULQJ..XR1HZ$JH3YW/WG
~ 151 ~
0(*$6785%,1(6$1'-(735238/6,21 &U
,QWURGXFWLRQDSSOLFDWLRQVKDIWSRZHUJDVG\QDPLFV±&RPSUHVVLELOLW\HIIHFWVWHDG\RQHGLPHQVLRQDOFRPSUHVVLEOHIORZRI
D SHUIHFW JDV LQ D GXFW LVHQWURSLF IORZ LQ D FRQVWDQW DUHD GXFW ZLWK IULFWLRQ QRUPDO VKRFN ZDYHV REOLTXH VKRFN ZDYH
LVHQWURSLFWZRGLPHQVLRQDOVXSHUVRQLFH[SDQVLRQDQGFRPSUHVVLRQ +UV
&HQWULIXJDOIDQV%ORZHUVDQG&RPSUHVVRUV3ULQFLSOHRIRSHUDWLRQVZRUNGRQHDQGSUHVVXUHULVHVOLSIDFWRUGLIIXVHUV
FRPSUHVVLELOLW\HIIHFWVQRQGLPHQVLRQDOTXDOLWLHVIRUSORWWLQJFRPSUHVVRUFKDUDFWHULVWLFV%UD\WRQF\FOHUHJHQHUDWLRQDQG
UHKHDWLQJF\FOHDQDO\VLV +UV
$[LDO )ORZ )DQV DQG &RPSUHVVRUV (OHPHQWDU\ WKHRU\ GHJUHH RI UHDFWLRQ WKUHH GLPHQVLRQDO IORZ VLPSOH GHVLJQ
PHWKRGV EODGH GHVLJQ FDOFXODWLRQ RI VWDJH SHUIRUPDQFH RYHUDOO SHUIRUPDQFH DQG FRPSUHVVLELOLW\ HIIHFWV 3HUIRUPDQFH
FKDUDFWHULVWLFV +UV
&RPEXVWLRQ6\VWHP)RUPRIFRPEXVWLRQLPSRUWDQWIDFWRUVDIIHFWLQJFRPEXVWLRQFKDPEHUGHVLJQFRPEXVWLRQSURFHVVHV
FRPEXVWLRQFKDPEHUSHUIRUPDQFHDQGSUDFWLFDOSUREOHP +UV
$[LDO )ORZ 7XUELQHV HOHPHQWDU\ WKHRU\ YRUWH[ WKHRU\ FKRLFH RI EODGH SURILOH SLWFK DQG FKRUG HVWLPDWLRQ RI VWDJH
SHUIRUPDQFHKHFRROHGWXUELQH C +UV
3UHGLFWLRQ RI SHUIRUPDQFH RI VLPSOH JDV WXUELQHV FRPSRQHQW FKDUDFWHULVWLF RII GHVLJQ VKDIW JDV WXUELQH HTXLOLEULXP
UXQQLQJ JDV JHQHUDWRUV RII GHVLJQ R IUHH WXUELQH DQG MHW HQJLQH PHWKRGV RI GLVSODFLQJ WKH HTXLOLEULXP UXQQLQJ OLQH
LQFRUSRUDWLRQRIYDULDEOHSUHVVXUHORVVHVPHWKRGVRILPSURYLQJSDUWORDGSHUIRUPDQFHPDWFKLQJSURFHGXUHIRUWZLQVSRRO
HQJLQHVEHKDYLRURIJDVWXUELQH*DVWXUELQHURWRUVDQGVWUHVVHV +UV
7H[W%RRNV
7KHRU\DQG'HVLJQRI6WUHDPDQG*DV7XUELQH-)/HH0F*UDZ+LOO
5HIHUHQFH%RRNV
*DV7XUELQH7KHRU\+&RKHQ *)&5RJHUV/RQJPDQV*UHHQ
*DVDQG6WHDP7XUELQH7KHRU\5<DGDY&HQWUDO3XEOLVKLQJ+RXVH
0($'9$1&('785%20$&+,1(5< &U
,QWURGXFWLRQ&ODVVLILFDWLRQRIWXUERPDFKLQHU\$SSOLFDWLRQRI77±WKHRUHPLQWXUERPDFKLQHU\ +UV
,QFRPSUHVVLEOHIOXLGLQWXUERPDFKLQHV±(IIHFWVRI5H\QROGV1XPEHUDQG0DFKQXPEHU(QHUJ\WUDQVIHUEHWZHHQDIOXLG
DQGDURWRU(XOHUWXUELQHHTXDWLRQ±FRPSRQHQWVRIHQHUJ\WUDQVIHULPSXOVHDQG5HDFWLRQ±(IILFLHQFLHV +UV
5DGLDOIORZSXPSVDQGFRPSUHVVRUV±KHDGFDSDFLW\UHODWLRQVKLS±$[LDOIORZSXPSVDQGFRPSUHVVRUV±'HJUHHRIUHDFWLRQ
GLPHQVLRQOHVVSDUDPHWHUV±(IILFLHQF\DQGXWLOL]DWLRQIDFWRULQ7XUER0DFKLQHU\ +UV
7KHUPRG\QDPLFVRI7XUERPDFKLQHSURFHVVHV±&RPSUHVVLRQDQGH[SDQVLRQHIILFLHQFLHV±6WDJHHIILFLHQF\±,QILQLWHVLPDO
VWDJHDQGILQLWHVWDJHHIILFLHQFLHV +UV
)ORZ RI IOXLGV LQ 7XUER PDFKLQHV ± IORZ DQG SUHVVXUH GLVWULEXWLRQ RYHU DQ DLUIRLO VHFWLRQ ± (IIHFW RI FRPSUHVVLELOLW\
FDYLWDWLRQV±%ODGHWHUPLQRORJ\&DVFDGHVRIEODGHV±IOXLGGHYLDWLRQ±(QHUJ\WUDQVIHURIEODGHV±'HJUHHRIUHDFWLRQDQG
EODGHVSDFLQJ±5DGLDOSUHVVXUHJUDGLHQW±)UHHYRUWH[IORZ±ORVVHVLQWXUERPDFKLQHV +UV
&HQWULIXJDO SXPSV DQG FRPSUHVVRUV ± ,QOHW VHFWLRQ ± &DYLWDWLRQ ± IORZ LQ WKH LPSHOOHU FKDQQHO ± IORZ LQ WKH GLVFKDUJH
FDVLQJSXPSDQGFRPSUHVVRUFKDUDFWHULVWLF +UV
5DGLDOIORZWXUELQHV±LQZDUGIORZWXUELQHVIRUFRPSUHVVLEOHIOXLGV±LQZDUGIORZK\GUDXOLF±YHORFLW\DQGIORZFRHIILFLHQWV
±JDVWXUELQHEODGLQJ±.DSODQWXUELQH±SHOWRQZKHHOV KUV
~ 152 ~
Text Books
/HH7KHRU\DQG'HVLJQRI6WHDPDQG*DV7XUELQH0F*UDZ+LOO
Reference Books
<DK\D7XUELQHV&RPSUHVVLRQV )DQV¶7DWD0F*UDZ+LOO
'*6WHSKDUG3ULQFLSOHVRI7XUERPDFKLQHV¶0DFPLOODQ&R
:-.HUWHQ6WHDP7XUELQH7KHRU\DQG3UDFWLFH¶&%63XEOLVKHU 'LVWULEXWRUV
&5RJHUV60XWWRR*DV7XUELQH7KHRU\µ/RQJPDQ
:1%DWKH)XQGDPHQWDOVRI*DV7XUELQHV¶:LOOH\ 6RQV
0($/7(51$7,9()8(/6)25,&(1*,1(6 &U
(VWLPDWLRQRI3HWUROHXP5HVHUYH1HHGIRUDOWHUQDWHIXHO$YDLODELOLW\DQGSURSHUWLHVRIDOWHUQDWHIXHOV±JHQHUDOXVHRI
DOFRKROV/3*+\GURJHQ$PPRQLD&1*DQG/1*9HJHWDEOHRLOVDQG%LRJDV±6RODU0HULWVDQGGHPHULWVRIYDULRXV
DOWHUQDWHIXHOV +UV
)XHO 3URSHUWLHV $OFRKROV DQG JDVROLQH EOHQGV SHUIRUPDQFH LQ 6, HQJLQH 0HWKDQRO DQG JDVROLQH EOHQGV &RPEXVWLRQ
FKDUDFWHULVWLFVLQHQJLQHVHPLVVLRQFKDUDFWHULVWLFV(QJLQHPRGLILFDWLRQV +UV
&1* DQG /3* $YDLODELOLW\ RI &1* SURSHUWLHV PRGLILFDWLRQ UHTXLUHG WR XVH LQ HQJLQHV SHUIRUPDQFH DQG HPLVVLRQ
FKDUDFWHULVWLFVRI&1*XVLQJ/3*LQ6, &,HQJLQHV3HUIRUPDQFHDQGHPLVVLRQIRU/3*+\GURJHQ6WRUDJHDQGKDQGOLQJ
SHUIRUPDQFHDQGVDIHW\DVSHFWV +UV
9HJHWDEOHRLOVIRUHQJLQHV6LQJOHDQGGXDOIXHOXVH(QJLQHPRGLILFDWLRQV692(VWHULILFDWLRQ3HUIRUPDQFHLQHQJLQHV
3HUIRUPDQFHDQGHPLVVLRQFKDUDFWHULVWLFV +UV
/D\RXW RI DQ HOHFWULF YHKLFOH $GYDQWDJH DQG OLPLWDWLRQV 6SHFLILFDWLRQV 6\VWHP FRPSRQHQW (OHFWURQLF FRQWURO V\VWHP
+LJKHQHUJ\DQGSRZHUGHQVLW\EDWWHULHV+\EULGYHKLFOH6RODUSRZHUHGYHKLFOHV +UV
7H[W%RRN
$OWHUQDWLYH)XHOV6KDUPD00F*UDZ+LOO
5HIHUHQFH%RRNV
(QHUJ\7RGD\ 7RPRUURZ0'D\DO, %+RULVKU,QGLD
3RZHU3ODQW(QJLQHHULQJ1DJSDO.KDQQD3XEOLVKHUV
7KHSURSHUWLHVDQGSHUIRUPDQFHRIPRGHUQDOWHUQDWHIXHOV6$(3DSHU1R6$(+DQGERRN
$XWRPRWLYH)XHOV*XLGH%RRN5LFKDUG/%HFKWROG6$(3XEOLFDWLRQV
0(0,&526&$/(+($775$16)(5 &U
0LFURVFDOHKHDWWUDQVIHUUHJLPHV5HYLHZRIWKHUPRG\QDPLFVDQGKHDWWUDQVIHU +UV
&U\VWDOVWUXFWXUH5HFLSURFDOODWWLFHFU\VWDOERQGLQJ/DWWLFHYLEUDWLRQ +UV
.LQHWLF GHVFULSWLRQ RI GLOXWH JDVHV (OHPHQWDU\ NLQHWLF WKHRU\ %ROW]PDQQ WUDQVSRUW HTXDWLRQ 0LFURVFDOH KHDW FRQGXFWLRQ
HTXDWLRQV +UV
7KHUPDO ODJJLQJ EHKDYLRU FRQVHUYDWLRQ ODZV +7KHRUHP QG ODZ %*. PRGHOV FRQWLQXXP OLPLW WKH ODZV RI 1DYLHU
6WRNHVDQG)RXULHU16)WHPSHUDWXUHMXPSDQGYHORFLW\ VOLSEH\RQG16) KLJKHURUGHUPHWKRGVDQG PRPHQWHTXDWLRQV
+UV
.QXGVHQOD\HUV(OHFWURNLQHWLFDOO\GULYHQDQGWKHUPRPDJQHWLFPLFURIORZDQGKHDWWUDQVIHU +UV
2YHUYLHZRIGLIIHUHQWVROXWLRQWHFKQLTXHVIRUPLFURVFDOHIORZVDQGWUDQVSRUW1RQ)RXULHUKHDWFRQGXFWLRQ +UV
~ 153 ~
Text Books
6 .DQGOLNDU 6 *DULPHOOD ' /L 6 &ROLQ 0 .LQJ +HDW 7UDQVIHU DQG )OXLG )ORZ LQ 0LQLFKDQQHOV DQG
0LFURFKDQQHOV(OVHYLHU3XEOLFDWLRQV,6%1
Reference Books
&/7LHQ$0DMXPGDUDQG)0*HUQHU0LFURVFDOH(QHUJ\7UDQVSRUW7D\ORU )UDQFLV:DVKLQJWRQ
6 .DNDF // 9DVLOLHY < %D\D]LWRJOX DQG < <HQHU 0LFURVFDOH +HDW 7UDQVIHU )XQGDPHQWDOV DQG $SSOLFDWLRQV
6SULQJHU,6%1SDJHV
0($1$/<7,&$/0(7+2'6,1+($775$16)(5 &U
+HDW&RQGXFWLRQ(TXDWLRQVLQFDUWHVLDQDQGSRODUFRRUGLQDWHV\VWHPV +UV
6HSDUDWLRQRIYDULDEOHVPHWKRG$SSOLHGWRRQHDQGWZRGLPHQVLRQDOKHDWWUDQVIHUSUREOHPV +UV
$SSOLFDWLRQ RI /DSODFH WUDQVIRUP DQG LQWHJUDO WUDQVIRUP LQ KHDW FRQGXFWLRQ $SSOLFDWLRQ RI *UHHQ¶V IXQFWLRQ LQ KHDW
FRQGXFWLRQ +UV
9DULDWLRQDOPHWKRGVLQKHDWFRQGXFWLRQ +UV
3HUWXUEDWLRQPHWKRGVLQKHDWFRQGXFWLRQ%XULHGFDEOHSUREOHP +UV
$QDO\WLFDO PHWKRGV LQ QRQOLQHDU KHDW FRQGXFWLRQ SUREOHPV 0L[HG DQG &DXFK\ SUREOHPV RI K\SHUEROLF KHDW FRQGXFWLRQ
HTXDWLRQ'XDO3KDVH/DJJLQJKHDWFRQGXFWLRQHTXDWLRQV +UV
&RQMXJDWHKHDWWUDQVIHU5HYLHZRIIXQGDPHQWDOVHQHUJ\EDODQFHDSSURDFKYLHZIDFWRUFDOFXODWLRQV(QFORVXUH$QDO\VLV
5DGLRVLW\LUUDGLDWLRQPHWKRGVWZRPRGHKHDWWUDQVIHUSUREOHPVFRQMXJDWHFRQYHFWLRQIURPGLIIHUHQWJHRPHWULHVZLWKRXW
UDGLDWLRQ WKUHHPRGH KHDW WUDQVIHU SUREOHPV FRQMXJDWH FRQYHFWLRQ ZLWK UDGLDWLRQ IURP YDULRXV JHRPHWULHV FRQMXJDWH
PL[HGFRQYHFWLRQSUREOHPV +UV
7H[W%RRNV
$QDO\WLFDO+HDW7UDQVIHU0LKLU6HQ8QLYHUVLW\RI1RWUH'DPH
+HDW&RQGXFWLRQ012]LVLN0F*UDZ+LOO
5HIHUHQFH%RRNV
,QYHUVH3UREOHPVLQ+HDW7UDQVIHU012]LVLN0F*UDZ+LOO
7KHUPDO5DGLDWLRQ+HDW7UDQVIHU6LHJHO5DQG+RZHOO-5WK(GLWLRQ7D\ORU )UDQFLV
+HDW&RQGXFWLRQ6.DNDFDQG<<HQHUQG(GLWLRQ+HPLVSKHUH
&RQYHFWLYH+HDWDQG0DVV7UDQVIHU:0.D\VDQG0(&UDZIRUGWK(GLWLRQ7DWD0F*UDZ+LOO
0(%,2+($775$16(5 &U
,QWURGXFWLRQ %DVLF SDUDPHWHUV DQG KHDW EDODQFH HTXDWLRQ IRU WKH KXPDQ ERG\ +XPDQ WKHUPDO SK\VLRORJ\ DQG
WKHUPRUHJXODWLRQ KUV
3V\FKRORJLFDOUHVSRQVHVPRGHOVWKHUPDOVHQVDWLRQDQGWKHUPRUHFHSWLRQ&ORWKLQJWKHUPDOSURSHUWLHV KUV
%LRKHDW0RGHOLQJ&LUFXODWLRQKHDWWUDQVIHU PRGHORIWKHKXPDQ DUWHU\DQGYHLQV\VWHP%ORRGSHUIXVLRQ KHDWWUDQVIHULQ
WLVVXHVPRGHOVXVLQJDQDO\WLFDOHTXDWLRQV7KHUPRUHJXODWRU\FRQWURORIKHDWWUDQVIHURIWKHIROORZLQJPRGHV KUV
9DVRFRQVWULFWLRQGLODWLRQRI DUWHULHVDQG YHLQV6XUIDFHVZHDWLQJUDWH DQGVSDWLDOFRQWURO /RFDOFRQWURORIVKLYHULQJKHDW
JHQHUDWLRQLQWLVVXH0HWDEROLFFRQWURO5HVSLUDWLRQKHDWWUDQVIHUPRGHO&ORWKLQJKHDWWUDQVIHUDQGZDWHUWUDQVSRUWPRGHOV
E\FRQGXFWLRQWKURXJKWKHFORWKLQJOD\HUV KUV
7KHUPDO FRPIRUW +HDW VWUHVV &ROG VWUHVV +XPDQ FRPIRUW DQG YHQWLODWLRQ 7KHUPDO FRPIRUW DQG UDGLDWLRQ DV\PPHWU\
KUV
~ 154 ~
7KHUPDO HQYLURQPHQW LQWHUIHUHQFH ZLWK DFWLYLWLHV SHUIRUPDQFH DQG SURGXFWLYLW\ ,QWHUQDWLRQDO VWDQGDUGV $6+5$( ,62
DQG(XURSHDQ6WDQGDUGVIRUWKHUPDOFRPIRUW KUV
Text Books
&KDUQ\&.0DWKHPDWLFDOPRGHOVRIELRKHDWWUDQVIHU$GYDQFHVLQ+HDW7UDQVIHU
Reference Books
)DQJHU 3 2 7KHUPDO &RPIRUW $QDO\VLV DQG $SSOLFDWLRQV LQ (QYLURQPHQWDO (QJLQHHULQJ 0F*UDZ+LOO 1HZ
<RUN1<
$6+5$(+DQGERRNRI)XQGDPHQWDOV&KDSWHU
)RXUQLHU 5 / %DVLF 7UDQVSRUW 3KHQRPHQD LQ %LRPHGLFDO (QJLQHHULQJ 7D\ORU )UDQFLV 3KLODGHOSKLD
3HQQV\OYDQLD
<DQJ:%LRWKHUPDO)OXLG6FLHQFHV+HPLVSKHUH3XEOLVKLQJ&RUSRUDWLRQ1HZ<RUN
:HLVV7)&HOOXODU%LRSK\VLFV9ROXPH7UDQVSRUW7KH0,73UHVV&DPEULGJH0DVVDFKXVHWWV
0(+($7(;&+$1*(5$1$/<6,6$1''(6,*1 &U
&RQVWUXFWLRQDO'HWDLOV7\SHV IOXLG IORZDUUDQJHPHQWV SDUDOOHOFRXQWHUDQGFURVVIORZ VKHOODQGWXEHKHDWH[FKDQJHU
UHJHQHUDWRUVDQGUHFXSHUDWRUFRQGHQVHUV±,QGXVWULDODSSOLFDWLRQV +UV
+HDW 7UDQVIHU 0RGHV RI KHDW WUDQVIHU RYHUDOO KHDW WUDQVIHU FRHIILFLHQW WKHUPDO UHVLVWDQFH HIILFLHQF\ WHPSHUDWXUH
GLVWULEXWLRQDQGLWVLPSOLFDWLRQV/07'HIIHFWLYHQHVV +UV
)ORZ'LVWULEXWLRQ(IIHFWRIWXUEXOHQFHIULFWLRQIDFWRUSUHVVXUHORVVRULILFHIORZQR]]OHGLIIXVHUVEHQGVEDIIOHVHIIHFW
RIFKDQQHOGLYHUJHQFHDQGPDQLIROGV +UV
6WUHVVLQ7XEHV +HDGHUV6HWVDQG3UHVVXUH 9HVVHOV'LIIHUHQWLDO7KHUPDO([SDQVLRQ 7KHUPDOVWUHVVHV6KHDUVWUHVVHV
7KHUPDOVOHHYHV9LEUDWLRQ1RLVHW\SHVRIIDLOXUHV +UV
'HVLJQ $VSHFWV +HDW WUDQVIHU DQG SUHVVXUH ORVV IORZ FRQILJXUDWLRQ HIIHFW RI EDIIOHV HIIHFW RI GHYLDWLRQV IURP LGHDOLW\
GHVLJQRIW\SLFDOOLTXLGOLTXLGJDVJDVOLTXLGKHDWH[FKDQJHUVGHVLJQRIFRROLQJWRZHUV +UV
7H[W%RRN
+HDW([FKDQJHU'HVLJQ$3)UDVVDQG012]LVLN-RKQ:LOH\DQG6RQV,QF
5HIHUHQFH%RRNV
&RPSDFW+HDW([FKDQJHUV:0.D\VDQG$//RQGRQUG(G0F*UDZ+LOO
,QGXVWULDO+HDW([FKDQJHUV$EDVLFJXLGH*:DONHU0F*UDZ+LOO9%RRN&R
3URFHVV+HDW7UDQVIHU'4.HUQ0F*UDZ+LOO%RRN&R
+HDW([FKDQJHUV($'6DXQGHUV/RQJPDQ6FLHQWLILFDQG7HFKQLFDO1HZ<RUN
0((1(5*<&216(59$7,21$1'0$1$*(0(17 &U
6LJQLILFDQFH DQG 6FRSH RI (QHUJ\ FRQVHUYDWLRQ DQG 0DQDJHPHQW %DVLF SULQFLSOHV DQG WRWDO HQHUJ\ FRQFHSW )LUVW ODZ
RSWLPL]DWLRQ DYDLODELOLW\ ([HUJ\ DQDO\VLV 6HFRQG ODZ RSWLPL]DWLRQ RI WKHUPDO V\VWHPV (QHUJ\ DXGLWV DQG FRQVHUYDWLRQ
SURJUDPPHHOHPHQWVRIHQHUJ\DFFRXQWLQJ KUV
3ODQW HQHUJ\ VWXGLHV FRQFHSWV UHVRXUFHV SURFHGXUHV DQG LPSOHPHQWDWLRQ (QHUJ\ DFFRXQWLQJ LQGLFHV HQHUJ\ EXGJHW DQG
YDULDQFHDQDO\VLVVWDWLVWLFDODQGHQJLQHHULQJPRGHOV(FRQRPLFDVSHFWVSD\EDFN:DVWH+HDWUHFRYHU\ KUV
+LJKPHGLXPDQGORZWHPSHUDWXUHDSSOLFDWLRQV0HWKRGVRIHQHUJ\FRQVHUYDWLRQLQGRPHVWLFDQGLQGXVWULDOVHFWRUVFDVH
VWXGLHV KUV
(QHUJ\VRXUFHV&ODVVLILFDWLRQDQGFKDUDFWHUL]DWLRQRIIXHOVIRVVLODQGELRIXHOFRQYHUVLRQDQGXWLOL]DWLRQHQYLURQPHQWDO
DQGHFRQRPLFLVVXHVRSWLPXPXVHRIHQHUJ\UHVRXUFHV KUV
~ 155 ~
7KHUPRG\QDPLFF\FOHV3ULQFLSOHVRIWKHUPDOHQHUJ\FRQYHUVLRQLQERLOHUVLQWHUQDOFRPEXVWLRQHQJLQHVDQGJDVWXUELQHV
FRJHQHUDWLRQ DQG FRPELQHG F\FOH SRZHU JHQHUDWLRQ IXHO FHOOV DQG 0+' WHFKQRORJ\ VRODU ZLQG DQG QXFOHDU SRZHU
XWLOL]DWLRQRILQGXVWULDOKHDW KUV
(QHUJ\PDQDJHPHQWLQLQGXVWU\(QYLURQPHQWDODQGHFRQRPLFHYDOXDWLRQDGYDQFHGSROOXWLRQFRQWURO
WHFKQRORJ\ KUV
Text Books
5*ROG6WLFNDQG$7KXPDQQ3ULQFLSOHVRI:DVWH+HDW5HFRYHU\3+,
Reference Books
'<*RVZDPL).UHLWK(QHUJ\&RQYHUVLRQ&5&3UHVV
9 .DGDPEL DQG 0 3UDVDG ,QWURGXFWLRQ WR HQHUJ\ FRQYHUVLRQ WXUER PDFKLQHU\ (QHUJ\ FRQYHUVLRQ F\FOH :LOH\
(DVWHUQ1HZ'HOKL
0(,1752'8&7,21721$127(&+12/2*< &U
&KDUDFWHULVWLFVFDOHIRUTXDQWXPSKHQRPHQDQDQRSDUWLFOHVQDQRFOXVWHUVQDQRWXEHVQDQRZLUHVDQGQDQRGRWV +UV
7UDQVSRUWRSWLFDOWKHUPDODQGPHFKDQLFDOSURSHUWLHVRIQDQRWXEHVV\QWKHVLVRIQDQRPDWHULDOVXVLQJFKHPLFDOWHFKQLTXHV
DSSOLFDWLRQRIQDQRPDWHULDOVPLFURDQGQDQRHOHFWURPHFKDQLFDOV\VWHPV +UV
&KDUDFWHUL]DWLRQRI PDWHULDOVUHVLVWLYLW\SURELQJ KDOO PRELOLW\RSWLFDO PDSSLQJDXWR UDGLRJUDSK\HOHFWURQ PLFURJUDSK\
SKDVHLGHQWLILFDWLRQFKHPLFDODVVHVVPHQWVSHFWURSKRWRPHWU\GLIIHUHQWLDOWKHUPRDQDO\VLV +UV
'HWHUPLQDWLRQ RI SK\VLFDO VWUXFWXUH RSWLFDO PHWKRGV RI VWUXFWXUH GHWHUPLQDWLRQ RSWLFDO PLFURVFRS\ HOHFWURQ PLFURVFRS\
6(07(0$)0HWF +UV
1DQRIOXLGLFV DQG VXUIDFHV OLTXLG VWUXFWXUH QHDU VROLGOLTXLG LQWHUIDFHV VLPSOH OLTXLGV OD\HULQJ HOHFWURO\WHV 3RLVVRQ
%ROW]PDQQHTXDWLRQ'HE\H+FNHODSSUR[ +UV
+\GURG\QDPLFERXQGDU\FRQGLWLRQVOLSYVQRQVOLSHOHFWURNLQHWLFHIIHFWVHOHFWURSKRUHVLVHOHFWURRVPRWLFHIIHFWHOHFWUR
YLVFRXVHIIHFWVXUIDFHUHFRQVWUXFWLRQGDQJOLQJERQGVDQGVXUIDFHVWDWHV +UV
Text Books
,QWURGXFWLRQWR1DQR7HFKQRORJ\&KDUOHV33RROH-U )-2ZHQV6SULQJHU
Reference Books
([SHULPHQWDO7HFKQLTXHVRI6XUIDFH6FLHQFH:RRGUXIIDQG'HOFKDU&DPEULGJH8QLY3UHVV&DPEULGJH
$GYDQFHVLQ1DQR6FLHQFH 7HFK6KDUPD$VKXWRVK-D\HVK&6,51HZ'HOKL
0((;3(5,0(17$/0(7+2'6,17+(50$/(1*,1((5,1*&U
,QWURGXFWLRQ7KHRUHWLFDOFRPSXWDWLRQDODQGH[SHULPHQWDOUHVHDUFKPHWKRGRORJLHVREMHFWLYHVRIH[SHULPHQWVPRQLWRULQJ
FRQWURODQGUHVHDUFK +UV
6\VWHP DQG YDULDEOH ,GHQWLILFDWLRQV IRU PHFKDQLFDO V\VWHPV SODQQLQJ RI LQVWUXPHQWDWLRQ 'HVLJQ RI ([SHULPHQWV '2(
+UV
%DVLF&RQFHSWVLQ0HDVXUHPHQWV*HQHUDOL]HGGHVFULSWLRQRI PHDVXUHPHQWV\VWHPRSHUDWLRQDOGHVFULSWLRQRID JHQHUDO
PHDVXUHPHQWV\VWHPDQGHOLPLQDWLRQPHWKRGVRILQWHUIHULQJLQSXWVWRWKHGHVLUHGLQSXWV +UV
0HDVXUHPHQW 0HWKRGV 1XOO DQG GHIOHFWLRQ PHWKRGV RI PHDVXUHPHQWV DQDORJ DQG GLJLWDO PHDVXUHPHQWV VWDWLF DQG
G\QDPLFPHDVXUHPHQWVDFFXUDF\SUHFLVLRQVRXUFHVRIHUURUVLQPHDVXUHPHQWVDQGXQFHUWDLQW\DQDO\VLV +UV
3HUIRUPDQFH&KDUDFWHULVWLFV2UGHURI,QVWUXPHQWVDQG&DOLEUDWLRQ +UV
~ 156 ~
6HQVRUV DQG 7UDQVGXFHUV 'DWD VDPSOLQJ VLJQDO FRQGLWLRQLQJ DQG DFTXLVLWLRQ H[DPSOHV RI WUDQVGXFHU IRU PHFKDQLFDO
PHDVXUHPHQWVZRUNLQJGHPRQVWUDWLRQSUHVVXUHPHDVXUHPHQWIORZPHDVXUHPHQWWHPSHUDWXUHDQGKHDWIOX[PHDVXUHPHQW
+UV
7H[W%RRN
([SHULPHQWDO0HWKRGVIRU(QJLQHHUV+ROPDQ-37DWD0F*UDZ+LOO%RRN&RPSDQ\1HZ'HOKL
5HIHUHQFH%RRNV
0HFKDQLFDO0HDVXUHPHQWV7KRPDV*%HFNZLWKDQG/HZLV%XFN1DURVD3XEOLVKLQJ+RXVH
0HDVXUHPHQW6\VWHPV$SSOLFDWLRQVDQG'HVLJQ(UQHVW2'7DWD0F*UDZ+LOO%RRN&RPSDQ\1HZ'HOKL
0(121&219(17,21$/(1(5*<6<67(06 &U
6RODU5DGLDWLRQ6RODUWKHUPDOSURFHVVKHDWWUDQVIHUGHYLFHVVRODUUDGLDWLRQPHDVXUHPHQWHVWLPDWLRQRIDYHUDJHVRODU
UDGLDWLRQ KUV
6RODU HQHUJ\ VWRUDJH VWUDWLILHG VWRUDJH ZHOO PL[HG VWRUDJH FRPSDULVRQ +RW ZDWHU V\VWHP SUDFWLFDO FRQVLGHUDWLRQ VRODU
SRQGV1RQFRQYHFWLYHVRODUSRQGH[WUDFWLRQRIWKHUPDOHQHUJ\DQGDSSOLFDWLRQRIVRODUSRQGV KUV
:LQGHQHUJ\7KHQDWXUHRIZLQG:LQGHQHUJ\UHVRXUFHVDQGPRGHOLQJ KUV
*HRWKHUPDOHQHUJ\2ULJLQDQGW\SHVRIJHRWKHUPDOHQHUJ\DQGXWLOLVDWLRQ KUV
27(&2FHDQWHPSHUDWXUHGLIIHUHQFHV27(&V\VWHPV5HFHQW27(&GHYHORSPHQWV KUV
:DYHHQHUJ\)XQGDPHQWDOV$YDLODELOLW\:DYHHQHUJ\FRQYHUVLRQV\VWHPV KUV
7LGDOHQHUJ\)XQGDPHQWDOV$YDLODELOLW\7LGDOHQHUJ\FRQYHUVLRQV\VWHPV KUV
(QHUJ\IURPELRPDVV3KRWRV\QWKHVLV%LRPDVVUHVRXUFH8WLOLVDWLRQRIELRPDVV KUV
Text Books
636XNKDWPH6RODU(QHUJ\3ULQFLSOHRI7KHUPDO&ROOHFWLRQDQG6WRUDJH¶7DWD0F*UDZ+LOO
Reference Books
*/-RKQVRQ:LQGHQHUJ\V\VWHPV3UHQWLFH+DOO,QF1HZ-HUVH\
-0.ULHQGHU3ULQFLSOHVRI6RODU(QJLQHHULQJ¶0F*UDZ+LOO
960DQJDO6RODU(QJLQHHULQJ¶7DWD0F*UDZ+LOO
1.%DQVDO5HQHZDEOH(QHUJ\6RXUFHDQG&RQYHUVLRQ7HFKQRORJ\¶7DWD0F*UDZ+LOO
3-/XQGH6RODU7KHUPDO(QJLQHHULQJ¶-RKQ:LOOH\ 6RQV1HZ<RUN
0($'9$1&('&21752/6<67(06(1*,1((5,1* &U
1RQOLQHDUFRQWUROV\VWHPV
,QWURGXFWLRQWRQRQOLQHDUV\VWHPQRQOLQHDUFRQWUROV\VWHP'HVFULELQJIXQFWLRQVGHVFULELQJIXQFWLRQDQDO\VLVWRQRQOLQHDU
FRQWUROV\VWHPV KUV
2SWLPDOFRQWURO7KHRU\
3HUIRUPDQFH LQGLFHV )RUPXODWLRQ RI RSWLPL]DWLRQ SUREOHPV WLPH RSWLPDO FRQWURO V\VWHPV 7LPH RSWLPDO FRQWURO IRU
FRQWLQXRXVWLPHV\VWHPZLWKERXQGHGFRQWUROVLJQDOVWLPHRSWLPDOFRQWUROIRUGLVFUHWHWLPHV\VWHP KUV
2SWLPDOFRQWUROV\VWHPEDVHGRQTXDGUDWLFSHUIRUPDQFHLQGLFHV&DOFXOXVRIYDULDWLRQVDSSOLFDWLRQVRIRSWLPDOFRQWUROWR
G\QDPLFV\VWHPV3RQWU\DJLQPLQLPXPSULQFLSOHDQGLWVDSSOLFDWLRQWRRSWLPDOFRQWUROSUREOHPVZLWKFRQVWUDLQWV
KUV
~ 157 ~
'\QDPLF 3URJUDPPLQJ %HOOPDQ -DFREL HTXDWLRQ DQG LWV DSSOLFDWLRQV LQWURGXFWLRQ WR RSWLPDO FRQWURO RI GLVWULEXWHG
SDUDPHWHUV\VWHP6ROXWLRQDOJHEUDLF5LFDWWLL¶VHTXDWLRQIRUOLQHDUUHJXODWRUSUREOHP KUV
6WRFKDVWLF FRQWURO OLPLWDWLRQ RI GHWHUPLQLVWLF FRQWURO DQG SURFHVVHV 3UREDELOLW\ DQG D[LRPV 'HILQLWLRQV D[LRPV DQG
SUREDELOLW\FRQGLWLRQDOSUREDELOLW\ KUV
5HSHDWHG 7UDLOV &RPELQHG H[SHULPHQWV %HUQRXOOL WUDLOV DV\PSWRWLF WKHRUHPV SRLVRQ WKHRUHP %D\¶V WKHRUHP DQG
VWDWLVWLFV KUV
5DQGRP9DULDEOHV'LVWULEXWLRQDQGGHQVLW\IXQFWLRQFRQGLWLRQDOGLVWULEXWLRQVWRWDOSUREDELOLW\DQG%D\¶VWKHRUHPPHDQ
DQG YDULDQFH PRPHQWV FKDUDFWHULVWLFV IXQFWLRQV WZR UDQGRP YDULDEOHV PRPHQWV DQG FRQGLWLRQDO VWDWLVWLFV 6WDWLRQDU\
SURFHVVHVV\VWHPZLWKVWRFKDVWLFLQSXWV3HULRGLFLW\FRUUHODWLRQDQGVSHFWUD KUV
Text Books
,3RSXOLV³3UREDELOLW\5DQGRP9DULDEOHVDQGVWRFKDVWLFSURFHVV´0F*UDZ+LOO
Reference Books
-(*LEVRQ³1RQ/LQHDU&RQWURO6\VWHP´0F*UDZ+LOO
'(.LUN³2SWLPDO&RQWURO7KHRU\´'RYHU3XEOLFDWLRQV
0((19,5210(17$/32//87,21$1'&21752/ &U
$LU 3ROOXWLRQ &ODVVLILFDWLRQ DQG SURSHUWLHV RI DLU SROOXWDQWV VDPSOLQJ DQG DQDO\VLV RI DLU SROOXWDQWV FRQWURO RI DLU
SROOXWLRQ +UV
'LVSHUVLRQRI$LU3ROOXWDQWV*DXVVLDQSOXPHPRGHOFRQWURORIJDVHRXVSROOXWDQWVYRODWLOHRUJDQLFFRPSRXQGVFRQWURORI
JDVHRXVHPLVVLRQDLUSROOXWLRQODZVDQGVWDQGDUGV +UV
:DWHU 3ROOXWLRQ 6DPSOLQJ DQG DQDO\VLV RI ZDVWH WUHDWPHQW DGYDQFHG ZDVWH ZDWHU WUHDWPHQWV E\ SK\VLFDO FKHPLFDO
ELRORJLFDODQGWKHUPDOPHWKRGVHIIOXHQWTXDOLW\VWDQGDUGV +UV
6ROLG :DVWH 0DQDJHPHQW &ODVVLILFDWLRQ DQG WKHLU VRXUFHV KHDOWK KD]DUGV KDQGOLQJ RI WR[LF DQG UDGLRDFWLYH ZDVWHV
LQFLQHUDWLRQDQGYHULILFDWLRQ +UV
3ROOXWLRQ&RQWUROLQ3URFHVV,QGXVWULHV&HPHQW3DSHU3HWUROHXPDQGSHWURFKHPLFDO)HUWLOL]HUVDQGGLVWLOOHULHVWKHUPDO
SRZHUSODQWVDQGDXWRPRELOHV +UV
7H[W%RRN
,QWURGXFWLRQWR(QYLURQPHQWDO(QJLQHHULQJDQG6FLHQFH0DQVWHU*0QGHG3HDUVRQ3XEOLVKHUV
5HIHUHQFH%RRNV
(QYLURQPHQWDO3ROOXWLRQ&RQWURO(QJLQHHULQJ(65DR:LOH\(DVWHUQ/WG
3ROOXWLRQ&RQWUROLQ3URFHVV,QGXVWULHV630DKDMDQ7DWD0F*UDZ+LOO
$LU3ROOXWLRQ&RQWURO7KHRU\0&UDZIRUG70+
0(&5<2*(1,&(1*,1((5,1* &U
&U\RJHQLF 6\VWHPV 3URSHUWLHV RI &U\RJHQLF IOXLGV 0DWHULDO SURSHUWLHV DW &U\RJHQLF 7HPSHUDWXUHV &DUQRW /LTXHIDFWLRQ
&\FOH)20DQG<LHOGRI/LTXHIDFWLRQ&\FOHV,QYHUVLRQ&XUYH-RXOH7KRPVRQ(IIHFW KUV
/LTXHIDFWLRQ &\FOHV /LQGH +DPSVRQ &\FOH 3UHFRROHG /LQGH +DPSVRQ &\FOH &ODXGHV &\FOH &ROOLQV &\FOH 'XDO
3UHVVXUH &\FOH +HOLXP 5HJULJHUDWHG +\GURJHQ /LTXHIDFWLRQ 6\VWHPV &ULWLFDO FRPSRQHQWV LQ /LTXHIDFWLRQ 6\VWHPV
,QWURGXFWLRQWRDLUVHSDUDWLRQ KUV
&U\RJHQLF 5HIULJHUDWRUV -7 &U\RFRROHUV 6WLUOLQJ &\FOH 5HIULJHUDWRUV *0 &U\RFRROHUV 3XOVH 7XEH 5HIULJHUDWRUV
5HJHQHUDWRUVXVHGLQ&U\RJHQLF5HIULJHUDWRUV0DJQHWLF5HIULJHUDWRUV KUV
~ 158 ~
6WRUDJHDQGWUDQVIHURI&U\RJHQLFOLTXLGV'HVLJQRIVWRUDJHYHVVHOV KUV
&U\RJHQLF,QVXODWLRQ0XOWLOD\HULQVXODWLRQ9DFXXPLQVXODWLRQHWF KUV
$SSOLFDWLRQV$SSOLFDWLRQVRI&U\RJHQLFVLQ6SDFH3URJUDPPHV6XSHUFRQGXFWLYLW\&U\R0HWDOOXUJ\0HGLFDODSSOLFDWLRQV
KUV
Text Books
.'7LPPHUKDXVDQG70)O\QQ&U\RJHQLF3URFHVV(QJLQHHULQJ3OHQXP3UHVV
Reference Books
5)%DUURQ&U\RJHQLF6\VWHPV0F*UDZ+LOO
5%6FRWW&U\RJHQLF(QJLQHHULQJ9DQ1RVWUDQGDQG&R
+:HLQVWRFN&U\RJHQLF7HFKQRORJ\
5:9DQFH&U\RJHQLF7HFKQRORJ\-RKQ:LOH\ 6RQV,QF1HZ<RUN/RQGRQ
0($'9$1&('32:(53/$17(1*,1((5,1* &U
5HYLHZRI&RQYHQWLRQDO3RZHU3ODQWV/LPLWDWLRQVWUHQGVRIPRGHUQSRZHUJHQHUDWLRQHQYLURQPHQWDOLVVXHVFRPELQHG
SRZHUSODQWV +UV
&RDO *DVLILFDWLRQ 3ODQWV ZLWK FRDO JDVLILFDWLRQ KLJK WHPSHUDWXUH IXHO FHOOV IXHO FHOO LQWHJUDWHG V\VWHPV RWKHU SODQWV
SDUDPHWULFDQDO\VLVSHUIRUPDQFHHVWLPDWLRQUHWURILWWLQJRIROGSODQWVFDVHVWXGLHV +UV
1XFOHDU3RZHU(QJLQHHULQJ%DVLFFRQFHSWVRIUHDFWRUSK\VLFVUDGLRDFWLYLW\QHXWURQVFDWWHULQJWKHUPDODQGIDVWUHDFWRUV
QXFOHDUFURVVVHFWLRQVQHXWURQIOX[DQGUHDFWLRQUDWHVPRGHUDWRUFULWHULD +UV
5HDFWRU &RUH 'HVLJQ &RQYHUVLRQ DQG EUHHGLQJ W\SHV RI UHDFWRUV FKDUDFWHULVWLFV RI ERLOLQJ ZDWHU SUHVVXUL]HG ZDWHU
SUHVVXUL]HGKHDY\ZDWHUJDVFRROHGDQGOLTXLGPHWDOFRROHGUHDFWRUV +UV
+HDY\:DWHU0DQDJHPHQW&RQWDLQPHQWV\VWHPIRUQXFOHDUUHDFWRUUHDFWRUVDIHW\UDGLDWLRQVKLHOGVZDVWHPDQDJHPHQW
,QGLDQQXFOHDUSRZHUSURJUDPPH +UV
6RODU3RZHU(QJLQHHULQJ)XQGDPHQWDOSULQFLSOHVRIVRODUUDGLDWLRQKDQGOLQJRIVRODUUDGLDWLRQGDWDWKHUPDODQDO\VLVRI
IODWSODWHFROOHFWRUVSHUIRUPDQFHWHVWRIIODWSODWHFROOHFWRUVFRQFHQWUDWLQJFROOHFWRUV +UV
6\VWHP6L]LQJE\)FKDUW8WLOL]DELOLW\PHWKRGHFRQRPLFVRIVRODUHQHUJ\DSSOLFDWLRQRIVRODUWKHUPDOHQHUJ\WRFRROLQJ
GU\LQJDQGGLVWLOODWLRQVWRUDJHRIVRODUHQHUJ\VRODUSRQGV +UV
7H[W%RRN
1XFOHDU3RZHU(QJLQHHULQJ00(,:DNLO0F*UDZ+LOO%RRN&RPSDQ\1HZ<RUN
5HIHUHQFH%RRNV
1XFOHDU5HDFWRUV(QJLQHHULQJ6*ODVVWRQHDQG$6HWRQVNHUG(G&%63XEOLVKHUVDQG'LVWULEXWRUV
1XFOHDU3RZHU3ODQWV/RIWQHVV'9DQ1RVWUDQG&RPSDQ\,QF3ULQFHWRQ
3K\VLFVRI1XFOHDU5HDFWRUV66DUJHWDO7DWD0F*UDZ+LOO3XEOLVKLQJ&RPSDQ\/WG
)XQGDPHQWDOVRI1XFOHDU(QHUJ\7-&RQQRO\-RKQ:LOH\
0($57,),&,$/,17(//,*(1&( &U
1HXUDO1HWZRUNV,,QWURGXFWLRQ $UFKLWHFWXUH
1HXURQ1HUYHVWUXFWXUHDQGV\QDSVH$UWLILFLDO1HXURQDQGLWVPRGHODFWLYDWLRQIXQFWLRQV KUV
1HXUDO QHWZRUN DUFKLWHFWXUH VLQJOH OD\HU DQG PXOWLOD\HU IHHG IRUZDUG QHWZRUNV UHFXUUHQW QHWZRUNV 9DULRXV OHDUQLQJ
WHFKQLTXHVSHUFHSWLRQDQGFRQYHUJHQFHUXOH$XWRDVVRFLDWLYHDQGKHWURDVVRFLDWLYHPHPRU\ KUV
1HXUDO1HWZRUNV,,%DFNSURSRJDWLRQQHWZRUNV
$UFKLWHFWXUH SHUFHSWURQ PRGHO VROXWLRQ VLQJOH OD\HU DUWLILFLDO QHXUDO QHWZRUN PXOWLOD\HU SHUFHSWLRQ PRGHO EDFN
SURSDJDWLRQ OHDUQLQJ PHWKRGV HIIHFW RI OHDUQLQJ UXOH FRHIILFLHQW EDFN SURSDJDWLRQ DOJRULWKP IDFWRUV DIIHFWLQJ
EDFNSURSDJDWLRQWUDLQLQJDSSOLFDWLRQV KUV
~ 159 ~
)X]]\/RJLF,,QWURGXFWLRQ
%DVLFFRQFHSWVRIIX]]\ORJLF)X]]\VHWVDQG&ULVSVHWV)X]]\VHWWKHRU\DQGRSHUDWLRQV3URSHUWLHVRIIX]]\VHWV)X]]\
DQG&ULVSUHODWLRQV)X]]\WR&ULVSFRQYHUVLRQ KUV
)X]]\/RJLF±,,)X]]\0HPEHUVKLS5XOHV
0HPEHUVKLS IXQFWLRQV LQWHUIHUHQFH LQ IX]]\ ORJLF IX]]\ LIWKHQ UXOHV )X]]\ LPSOLFDWLRQV DQG )X]]\ DOJRULWKPV
)X]]\ILFDWLRQV 'HIX]]LILFDWDLRQV)X]]\&RQWUROOHU,QGXVWULDODSSOLFDWLRQV KUV
*HQHWLF$OJRULWKP*$
%DVLFFRQFHSWVZRUNLQJSULQFLSOHSURFHGXUHVRI*$IORZFKDUWRI*$*HQHWLFUHSUHVHQWDWLRQVHQFRGLQJ,QLWLDOL]DWLRQ
DQGVHOHFWLRQ*HQHWLFRSHUDWRUV0XWDWLRQ*HQHUDWLRQDO&\FOHDSSOLFDWLRQV KUV
Text Books
-\K 6KLQJ 5RJHU -DQJ &KXHQ7VDL 6XQ (LML 0L]XWDQL 1HXUR)X]]\ DQG 6RIW &RPSXWLQJ $Q &RPSXWDWLRQDO
$SSURDFKWR/HDUQLQJDQG0DFKLQH3UHQWLFH+DOO
Reference Books
&KLQ±7HQJ/LQDQG&6*HRUJH/HH1HXUDO)X]]\6\VWHPV´ ±$QHXURIX]]\V\QHUJLVPWR,QWHOOLJHQWV\VWHPV
3UHQWLFH+DOO,QWHUQDWLRQDO
<DQTLQJ =KDQJ DQG $EUDKDP .DQGHO &RPSHQVDWRU\ *HQHWLF )X]]\ 1HXUDO 1HWZRUNV DQG 7KHLU $SSOLFDWLRQV
:RUOG6FLHQWLILF
7-5RVV)X]]\/RJLFZLWK(QJLQHHULQJ$SSOLFDWLRQV0F*UDZ+LOO,QF
65DMVHNDUDQ *$9LMD\DODNVKPL3DL³1HXUDO1HWZRUNV)X]]\/RJLFDQG*HQHWLF$OJRULWKP6\QWKHVLVDQG
$SSOLFDWLRQV´3UHQWLFH+DOORI,QGLD
133DGK\´$UWLILFLDO,QWHOOLJHQFHDQG,QWHOOLJHQW6\VWHPV´2[IRUG8QLYHUVLW\3UHVV
~ 160 ~
6&+22/2)0(&+$1,&$/(1*,1((5,1*
63(&,$/,=$7,210$&+,1('(6,*1
0( 7+(25<2)(/$67,&,7<$1'3/$67,&,7< &U
(ODVWLFLW\,,QWURGXFWLRQ'HILQLWLRQRIVWUHVVDQGVWUDLQDWDSRLQWFRPSRQHQWVRIVWUHVVDQGVWUDLQDWDSRLQWLQ&DUWHVLDQ
DQGSRODUFRRUGLQDWHVFRQVWLWXWLYHUHODWLRQVHTXLOLEULXPHTXDWLRQVFRPSDWLELOLW\HTXDWLRQVDQGERXQGDU\FRQGLWLRQVLQ
'DQG'FDVHV7UDQVIRUPDWLRQRIVWUHVVDQGVWUDLQDWDSRLQW3ULQFLSDOVWUHVVHVDQGSULQFLSDOVWUDLQVLQYDULDQWVRIVWUHVV
DQG VWUDLQ K\GURVWDWLF DQG GHYLDWRULF VWUHVV VSKHULFDO DQG GHYLDWRULF VWUDLQV PD[ VKHDU VWUHVV PD[ 6KHDU VWUDLQ 3ODLQ
VWUHVVDQGSODLQVWUDLQ$LU\
VVWUHVVIXQFWLRQDSSURDFKWR'SUREOHPVRIHODVWLFLW\VLPSOHSUREOHPVRIEHQGLQJRIEHDPV
6ROXWLRQRID[LV\PPHWULFSUREOHPVVWUHVVFRQFHQWUDWLRQGXHWRWKHSUHVHQFHRIDFLUFXODUKROHLQSODQHV +UV
(ODVWLFLW\,,(OHPHQWDU\SUREOHPVRIHODVWLFLW\LQWKUHHGLPHQVLRQVVWUHWFKLQJRIDSULVPDWLFDOEDUE\LWVRZQZHLJKWWZLVW
RIFLUFXODUVKDIWVWRUVLRQRIQRQFLUFXODUVHFWLRQVPHPEUDQHDQDORJ\3URSDJDWLRQRIZDYHVLQVROLGPHGLD$SSOLFDWLRQVRI
ILQLWHGLIIHUHQFHHTXDWLRQVLQHODVWLFLW\ +UV
3ODVWLFLW\, 6WUHVVVWUDLQ GLDJUDP LQ VLPSOH WHQVLRQ SHUIHFWO\ HODVWLF 5LJLG 3HUIHFWO\ SODVWLF /LQHDU ZRUN KDUGHQLQJ
(ODVWLF 3HUIHFWO\ SODVWLF (ODVWLF /LQHDU ZRUN KDUGHQLQJ PDWHULDOV )DLOXUH WKHRULHV \LHOG FRQGLWLRQV VWUHVV VSDFH
UHSUHVHQWDWLRQRI\LHOGFULWHULDWKURXJK:HVWHUJDUGVWUHVVVSDFH7UHVFDDQG9RQ0LVHVFULWHULDRI\LHOGLQJ +UV
)ULFWLRQ :HDU /DZV RI IULFWLRQ )ULFWLRQ FODVVLILFDWLRQ &DXVHV RI IULFWLRQ 7KHRULHV RI 'U\ )ULFWLRQ )ULFWLRQ
0HDVXUHPHQW 6WLFN6OLS 0RWLRQ DQG )ULFWLRQ ,QVWDELOLWLHV :HDU :HDU FODVVLILFDWLRQ :HDU EHWZHHQ VROLGV :HDU
EHWZHHQVROLGDQGOLTXLG)DFWRUVDIIHFWLQJZHDU0HDVXUHPHQWRIZHDU7KHRULHVRI:HDU$SSURDFKHVWR)ULFWLRQ&RQWURO
DQG:HDU3UHYHQWLRQ%RXQGDU\/XEULFDWLRQ%HDULQJ0DWHULDOVDQG%HDULQJ&RQVWUXFWLRQ +UV
%HDULQJ/XEULFDWLRQ0HFKDQLFVRI)OXLG)ORZ7KHRU\RIK\GURG\QDPLFOXEULFDWLRQ0HFKDQLVPRISUHVVXUHGHYHORSPHQW
LQ RLO ILOP 7ZR 'LPHQVLRQDO 5H\QROGV¶V (TXDWLRQ DQG LWV /LPLWDWLRQV ,GHDOL]HG %HDULQJV ,QILQLWHO\ /RQJ 3ODQH )L[HG
6OLGHUV ,QILQLWHO\ /RQJ 3ODQH 3LYRWHG 6OLGHUV ,QILQLWHO\ /RQJ -RXUQDO %HDULQJV ,QILQLWHO\ 6KRUW -RXUQDO %HDULQJV
'HVLJQLQJ -RXUQDO %HDULQJ 6RPPHUIHOG QXPEHU 5DLPRQGL DQG %R\G PHWKRG 3HWURII¶V 6ROXWLRQ 3DUDPHWHUV RI EHDULQJ
GHVLJQ8QLWSUHVVXUH7HPSHUDWXUHULVH/HQJWKWRGLDPHWHUUDWLR5DGLDOFOHDUDQFH0LQLPXPRLOILOPWKLFNQHVV +UV
+\GURG\QDPLF7KUXVW%HDULQJ,QWURGXFWLRQ)ODWSODWHWKUXVWEHDULQJ 7LOWLQJSDGWKUXVWEHDULQJ3UHVVXUH(TXDWLRQ
)ODWSODWHWKUXVWEHDULQJ7LOWLQJSDGWKUXVWEHDULQJ/RDG)ODWSODWHWKUXVWEHDULQJ7LOWLQJSDGWKUXVWEHDULQJ&HQWHURI
3UHVVXUH )ODW SODWH WKUXVW EHDULQJ 7LOWLQJ SDG WKUXVW EHDULQJ )ULFWLRQ )ODW SODWH WKUXVW EHDULQJ 7LOWLQJ SDG WKUXVW
EHDULQJ +UV
~ 161 ~
+\GURVWDWLF /XEULFDWLRQ %DVLF FRQFHSW $GYDQWDJHV DQG OLPLWDWLRQV 9LVFRXV IORZ WKURXJK UHFWDQJXODU VORW /RDG
FDUU\LQJ FDSDFLW\ DQG IORZ UHTXLUHPHQW (QHUJ\ ORVVHV 2SWLPXP GHVLJQ 6TXHH]H )LOP /XEULFDWLRQ %DVLF FRQFHSW
6TXHH]HDFWLRQEHWZHHQFLUFXODUDQGUHFWDQJXODUSODWHV6TXHH]HDFWLRQXQGHUYDULDEOHDQGDOWHUQDWLQJORDGV$SSOLFDWLRQWR
MRXUQDOEHDULQJV3LVWRQ3LQ/XEULFDWLRQV +UV
(ODVWR+\GURG\QDPLF/XEULFDWLRQ3ULQFLSOHVDQG$SSOLFDWLRQV3UHVVXUHYLVFRVLW\WHUPLQ5H\QROGV¶VHTXDWLRQ+HUW]¶V
7KHRU\(UWHO*UXELQHTXDWLRQ/XEULFDWLRQRIVSKHUHV*HDUWHHWKEHDULQJV5ROOLQJHOHPHQWEHDULQJV KUV
*DVOXEULFDWHG%HDULQJV,QWURGXFWLRQ0HULWV'HPHULWVDQG$SSOLFDWLRQV7LOWLQJSDGEHDULQJV0DJQHWLFUHFRUGLQJGLVFV
ZLWK IO\LQJ KHDG +\GURVWDWLF EHDULQJV ZLWK DLU OXEULFDWLRQ +\GURG\QDPLF EHDULQJV ZLWK DLU OXEULFDWLRQ 7KUXVW EHDULQJV
ZLWKDLUOXEULFDWLRQ +UV
7H[W%RRNV
%&0DMXPGDU³,QWURGXFWLRQWR7ULERORJ\RI%HDULQJV´$+:KHHOHU &R/WG1HZ'HOKL
5HIHUHQFH%RRNV
3LQNXV2DQG6WHUQOLFKW%³7KHRU\RIK\GURG\QDPLFOXEULFDWLRQ´0F*UDZ+LOO%RRN&R,QF1HZ<RUN
$&DPHURQDQG&00F(WWOHV³%DVLF/XEULFDWLRQ7KHRU\´:LOH\(DVWHUQ/WG1HZ'HOKL
0( $'9$1&('0(&+$1,&62)62/,'6$1'6758&785(6 &U
$QDO\VLV RI 6WUHVVHV DQG 6WUDLQV LQ UHFWDQJXODU DQG SRODU FRRUGLQDWHV &DXFK\¶V IRUPXOD 3ULQFLSDO VWUHVVHV DQG
SULQFLSDOVWUDLQV'0RKU¶V&LUFOH2FWDKHGUDO6WUHVVHV+\GURVWDWLFDQGGHYLDWRULFVWUHVV +UV
6WUHVVVWUDLQ UHODWLRQV IRU OLQHDUO\ HODVWLF VROLGV 'LIIHUHQWLDO HTXDWLRQV RI HTXLOLEULXP 3ODQH VWUHVV DQG SODQH VWUDLQ
FRPSDWLELOLW\FRQGLWLRQV,QWURGXFWLRQWRFXUYLOLQHDUFRRUGLQDWHV*HQHUDOL]HG+RRNH¶VODZDQGWKHRULHVRIIDLOXUH(QHUJ\
0HWKRGV +UV
%HQGLQJRIVWUDLJKWFXUYHGEHDPVDQGVKHDUFHQWUH(IIHFWRIVKHDUVWUHVVHV&XUYHGEHDPV6KHDUFHQWHUDQGVKHDUIORZ
VKHDUVWUHVVHVLQWKLQZDOOHGVHFWLRQVWKLFNFXUYHGEDUV7RUVLRQRISULVPDWLFVROLGVHFWLRQVWKLQZDOOHGVHFWLRQVFLUFXODU
UHFWDQJXODUDQGHOOLSWLFDOEDUVPHPEUDQHDQDORJ\ +UV
$[LV\PPHWULF3UREOHPV7KLFNDQGWKLQZDOOHGF\OLQGHUV&RPSRVLWHWXEHV5RWDWLQJGLVNVDQGF\OLQGHUV(XOHU¶VEXFNOLQJ
ORDG%HDP&ROXPQHTXDWLRQV6WUDLQPHDVXUHPHQWWHFKQLTXHVXVLQJVWUDLQJDJHVFKDUDFWHULVWLFVLQVWUXPHQWDWLRQV
SULQFLSOHVRISKRWRHODVWLFLW\ +UV
7H[W%RRNV
$3%RUHVL5-6FKPLGW$GYDQFHG0HFKDQLFVRI0DWHULDOVWK(GLWLRQ-RKQ:LOOH\DQG6RQV,QF
/66ULQDWK$GYDQFHG0HFKDQLFVRI6ROLGVQG(GLWLRQ70+3XEOLVKLQJ&R/WG1HZ'HOKL
5HIHUHQFH%RRNV
5*%XG\QDV$GYDQFHG6WUHQJWKDQG$SSOLHG6WUHVV$QDO\VLVQG(GLWLRQ0F*UDZ+LOO3XEOLVKLQJ&R
$3%RUHVL5-6FKPLGW$GYDQFHG0HFKDQLFVRI0DWHULDOVWK(GLWLRQ-RKQ:LOOH\DQG6RQV,QF
637LPRVKHQNR-1*RRGLHU7KHRU\RI(ODVWLFLW\UG(GLWLRQ0F*UDZ+LOO3XEOLVKLQJ&R
35D\PRQG6ROLG0HFKDQLFVIRU(QJLQHHULQJVW(GLWLRQ-RKQ:LOOH\ 6RQV
~ 162 ~
2QHGLPHQVLRQDOSUREOHPV*RYHUQLQJ(TXDWLRQDQG%RXQGDU\&RQGLWLRQVIRU6ROLG0HFKDQLFV%DUH[WHQVLRQDQG%HDP
EHQGLQJ :HDN )RUPXODWLRQ DQG )XQFWLRQDO 3RO\QRPLDO $SSUR[LPDWLRQ 6WDQGDUG ' 6KDSH )XQFWLRQV RI FRQWLQXLW\
HOHPHQWV'HULYDWLRQRI(OHPHQW0DWULFHVDQG9HFWRUV$VVHPEO\,PSRVLWLRQRI%RXQGDU\&RQGLWLRQVDQG1RGDO6ROXWLRQ
&RRUGLQDWH7UDQVIRUPDWLRQDQG1XPHULFDO,QWHJUDWLRQ +UV
7ZR GLPHQVLRQDO SUREOHPV *RYHUQLQJ (TXDWLRQ DQG %RXQGDU\ &RQGLWLRQV6ROLG PHFKDQLFV5RG 7RUVLRQ )OXLG
'\QDPLFV6WUHDPIXQFWLRQ:HDN)RUPXODWLRQDQG)XQFWLRQDO3RO\QRPLDO$SSUR[LPDWLRQ6WDQGDUG'6KDSH)XQFWLRQV
RI FRQWLQXLW\ HOHPHQWV 'HULYDWLRQ RI (OHPHQW 0DWULFHV DQG 9HFWRUV $VVHPEO\ ,PSRVLWLRQ RI %RXQGDU\ &RQGLWLRQV DQG
1RGDO6ROXWLRQ0DSSLQJDQG1XPHULFDO,QWHJUDWLRQ7UDQVLHQWDQG(LJHQ9DOXH3UREOHPV +UV
7KUHH GLPHQVLRQDO SUREOHPV *RYHUQLQJ HTXDWLRQ DQG %RXQGDU\ &RQGLWLRQV :HDN )RUPXODWLRQ DQG )XQFWLRQDO
3RO\QRPLDO $SSUR[LPDWLRQ 6WDQGDUG ' 6KDSH )XQFWLRQV RI &RQWLQXLW\ (OHPHQWV 'HULYDWLRQ RI (OHPHQW 0DWULFHV DQG
9HFWRUV$VVHPEO\,PSRVLWLRQRIERXQGDU\FRQGLWLRQVDQG1RGDO6ROXWLRQ0DSSLQJDQG1XPHULFDO,QWHJUDWLRQ +UV
7H[W%RRNV
)LQLWH(OHPHQW0HWKRGV665DR(OHVHYLHU
36KHVKX7H[WERRNRIILQLWHHOHPHQWDQDO\VLV3+,
5HIHUHQFH%RRNV
2&=LHQNLHZLF]7KH)LQLWH(OHPHQW0HWKRGLQ(QJJ6FLHQFH(G:LOH\ 6RQV
6/DU\$SSOLHG)LQLWH(OHPHQW$QDO\VLV-RKQ:LOH\
0( 12,6($1'9,%5$7,21&21752/(1*,1((5,1* &U
0XOWL GHJUHHVRI IUHHGRP V\VWHPV *HQHUDOLVHG FRRUGLQDWHV FRQVWUDLQWV YLUWXDO ZRUN +DPLOWRQ
V SULQFLSOH /DJUDQJH
V
HTXDWLRQV 'LVFUHWH DQG FRQWLQXRXV V\VWHP 9LEUDWLRQ DEVRUEHUV 5HVSRQVH RI GLVFUHWH V\VWHPV 6'2) 0'2) )UHH
YLEUDWLRQSHULRGLFH[FLWDWLRQDQG)RXULHUVHULHVLPSXOVHDQGVWHSUHVSRQVHFRQYROXWLRQLQWHJUDO +UV
&RQWLQXRXVV\VWHPV0RGDODQDO\VLVXQGDPSHGDQGGDPSHGQRQJ\URVFRSLFXQGDPSHGJ\URVFRSLFDQGJHQHUDO\QDPLFDO
V\VWHPV(IIHFWRIGDPSLQJ9LEUDWLRQRIVWULQJVEHDPVEDUVPHPEUDQHVDQGSODWHVIUHHDQGIRUFHGYLEUDWLRQV5DOHLJK
5LW]DQG*DOHUNLQ
VPHWKRGV0HDVXUHPHQWWHFKQLTXHV +UV
%DVLFVRIQRLVHHQJLQHHULQJ3ULQFLSOHVRIVRXQGJHQHUDWLRQDQGSURSDJDWLRQVRXQGDWWHQXDWLRQVRXQGDEVRUSWLRQVRXUFHV
RILQGXVWULDOQRLVHHIIHFWVRIQRLVHQRLVHPHDVXUHPHQWXQLWVDQGLQVWUXPHQWVLGHQWLILFDWLRQRIVRXUFHRIQRLVH +UV
1RLVH&RQWURO1RLVHHYDOXDWLRQSURFHGXUHVDFRXVWLFDOHQFORVXUHVGHVLJQRIUHDFWLYHDQGDEVRUSWLYHPXIIOHUVDFWLYHQRLVH
FRQWUROGHVLJQLQJIRUTXLHWHUPDFKLQHVDQGSURFHVVHVFDVHVWXGLHV +UV
7H[WV%RRNV
9LEUDWLRQDQG$FRXVWLFVE\&6XMDWKD70+
5HIHUHQFH%RRNV
)67VH,(0RUVHDQG57+LQNOH0HFKDQLFDO9LEUDWLRQV&%63XEO
-65DRDQG.*XSWD7KHRU\DQG3UDFWLFHRI0HFKDQLFDO9LEUDWLRQV1HZ$JH3XEOLFDWLRQ
+DUROG/RUG*DWOH\DQG(YHUVHQ1RLVH&RQWUROIRU(QJLQHHUV0F*UDZ+LOO
5+/\RQ0DFKLQHU\1RLVHDQG'LDJQRVWLFV%XWWHUZRUWKV-:'DOO\DQG:
0( $1$/<6,6 3(5)250$1&(2)&20326,7(0$7(5,$/6 &U
,QWURGXFWLRQ)LEHUV0DWULFHV&ODVVLILFDWLRQV3DUWLFXODWHDQG)DEULFDWLRQRIFRPSRVLWHVPDWUL[PDWHULDOV +UV
%HKDYLRU RI 8QLGLUHFWLRQDO FRPSRVLWHV /RQJLWXGLQDO EHKDYLRU RI XQLGLUHFWLRQDO FRPSRVLWHV WUDQVYHUVH VWLIIQHVV DQG
VWUHQJWK SUHGLFWLRQ RI VKHDU PRGXOXV SUHGLFWLRQ RI 3RLVVLRQ¶V UDWLR IDLOXUH PRGHV H[SDQVLRQ FRHIILFLHQWV DQG WUDQVSRUW
SURSHUWLHV +UV
~ 163 ~
$QDO\VHV RI 2UWKRWURSLF /DPLQD 6WUHVVVWUDLQ UHODWLRQV DQG HQJLQHHULQJ FRQVWDQWV +RRNH¶V /DZ DQG VWLIIQHVV DQG
FRPSOLDQFHPDWULFHVVWUHQJWKRIDQRUWKRWURSLFODPLQD +UV
$QDO\VHVRI/DPLQDWHGFRPSRVLWHV/DPLQDWHVWUDLQVODPLQDWHGHVFULSWLRQV\VWHPGHWHUPLQDWLRQRIODPLQDWHVWUHVVHVDQG
VWUDLQVDQDO\VLVRIODPLQDWHVDIWHULQLWLDOIDLOXUH +UV
3HUIRUPDQFH RI )LEUH &RPSRVLWHV )DWLJXH GDPDJH IDFWRUV LQIOXHQFLQJ IDWLJXH EHKDYLRU RI FRPSRVLWHV LPSDFW HQHUJ\
DEVRUELQJPHFKDQLVPVDQGIDLOXUHPRGHOVHIIHFWRIPDWHULDOVDQGWHVWLQJYDULDEOHVRQLPSDFWSURSHUWLHVK\EULGFRPSRVLWHV
DQGWKHLULPSDFWVWUHQJWKHQYLURQPHQWDOLQWHUDFWLRQHIIHFWV +UV
([SHULPHQWDO FKDUDFWHUL]DWLRQ RI &RPSRVLWHV 0HDVXUHPHQW RI SK\VLFDO SURSHUWLHV 0HDVXUHPHQW RI PHFKDQLFDO
SURSHUWLHVLQWHUODPLQDUVKHDUVWUHQJWKDQGIUDFWXUHWRXJKQHVV +UV
7H[W%RRNV
$QDO\VLVDQGSHUIRUPDQFHRI)LEHU&RPSRVLWHV%'$JDUZDO/-%URXWPDQ.&KDQGUDVHNKDU:LOH\
5HIHUHQFH%RRNV
(QJLQHHULQJ0HFKDQLFVRI&RPSRVLWH0DWHULDOV,0'DQLHODQG2UL,VKDL2[IRUG8QLYHUVLW\SUHVV
/LQHDUHODVWLFDQDO\VLVRIFUDFNHGERGLHV'HIRUPDWLRQDWFUDFNWLS&UDFNUHVLVWDQFH6WDEOHDQGXQVWDEOHFUDFNJURZWK
5FXUYHVIRUEULWWOHFUDFNVFULWLFDOHQHUJ\UHOHDVHUDWH +UV
/LQHDU HODVWLF IUDFWXUH PHFKDQLFV /()0 6WUHVV LQWHQVLW\ IDFWRU )UDFWXUH WRXJKQHVV 6WUHVV GLVWULEXWLRQ DW FUDFN WLS
3ODQHVWUHVVDQGSODQHVWUDLQFDVHV +UV
&UDFN WLS SODVWLFLW\ SODVWLF ]RQH VL]H GXH WR ,UZLQ SODVWLF ]RQH VL]H GXH WR 'XJGDOH SODVWLF ]RQH VKDSH XVLQJ FODVVLFDO
\LHOGFULWHULDSODQHVWUDLQIUDFWXUHWRXJKQHVV +UV
)DWLJXH FUDFN JURZWK 7\SHV RI IDWLJXH ORDGLQJ )DWLJXH WHVW PHWKRGV (QGXUDQFH OLPLW DQG 61 GLDJUDP )DFWRUV
LQIOXHQFLQJIDWLJXHVWUHQJWK,QIOXHQFHRIVWUHVVFRQFHQWUDWLRQ&UDFNLQLWLDWLRQDQGSURSDJDWLRQHIIHFWRIDQRYHUORDG&UDFN
FORVXUH)DWLJXHOLIHFDOFXODWLRQVPHWKRGVRILQFUHDVLQJIDWLJXHOLIH7HVWPHWKRGVWRGHWHUPLQH. ,F +UV
7H[W%RRNV
7/$QGHUVRQ)UDFWXUH0HFKDQLFV)XQGDPHQWDOVDQG$SSOLFDWLRQV&5&3UHVV
66XUHVK)DWLJXHRI0DWHULDOV&DPEULGJH8QLYHUVLW\3UHVV
5HIHUHQFH%RRNV
3.XPDU(OHPHQWVRI)UDFWXUH0HFKDQLFV:KHHOHU3XEOLVKLQJ
.+HOODQ,QWURGXFWLRQWR)UDFWXUH0HFKDQLFV0F*UDZ+LOO
0RGHOLQJ RI )XQFWLRQDOO\ *UDGHG 0DWHULDOV DQG 6WUXFWXUHV (IIHFWLYH 0DWHULDO 3URSHUWLHV RI )*0V 5HGG\¶V +LJKHU 2UGHU
6KHDU'HIRUPDWLRQ3ODWH7KHRU\*HQHUDOL]HG.iUPiQ7\SH1RQOLQHDU(TXDWLRQV +UV
1RQOLQHDU%HQGLQJRI6KHDU'HIRUPDEOH)*03ODWHV 1RQOLQHDU%HQGLQJRI)*03ODWHVXQGHU0HFKDQLFDO/RDGVLQ7KHUPDO
(QYLURQPHQWV1RQOLQHDU7KHUPDO%HQGLQJRI)*03ODWHVGXHWR+HDW&RQGXFWLRQ +UV
~ 164 ~
3RVWEXFNOLQJ RI 6KHDU 'HIRUPDEOH )*0 3ODWHV 3RVWEXFNOLQJ RI )*0 3ODWHV ZLWK 3LH]RHOH FWULF $FWXDWRUV XQGHU
7KHUPRHOHFWURPHFKDQLFDO/RDGV7KHUPDO3RVWEXFNOLQJ%HKDYLRURI)*03ODWHVZLWK3LH]RHOHFWULF$FWXDWRUV3RVWEXFNOLQJ
RI6DQGZLFK3ODWHVZLWK)*0)DFH6KHHWVLQ7KHUPDO(QYLURQPHQWV +UV
1RQOLQHDU 9LEUDWLRQ RI 6KHDU 'HIRUPDEOH )*0 3ODWHV 1RQOLQHDU 9LEUDWLRQ RI )*0 3ODWHV LQ 7KHUPDO (QYLURQPHQWV
1RQOLQHDU 9LEUDWLRQ RI )*0 3ODWHV ZLWK 3LH]RHOHFWULF $FWXDWRUV LQ 7KHUPDO (QYLURQPHQWV 9LEUDWLRQ RI 3RVWEXFNOHG
6DQGZLFK3ODWHVZLWK)*0)DFH6KHHWVLQ7KHUPDO(QYLURQPHQWV +UV
3RVWEXFNOLQJ RI 6KHDU 'HIRUPDEOH )*0 6KHOOV %RXQGDU\ /D\HU 7KHRU\ IRU WKH %XFNOLQJ RI )*0 &\OLQGULFDO 6KHOOV
3RVWEXFNOLQJ%HKDYLRURI)*0&\OLQGULFDO6KHOOVXQGHU$[LDO&RPSUHVVLRQ3RVWEXFNOLQJ%HKDYLRURI)*0&\OLQGULFDO
6KHOOV XQGHU ([WHUQDO 3UHVVXUH 3RVWEXFNOLQJ %HKDYLRU RI )*0 &\OLQGULFDO 6KHOOV XQGHU 7RUVLRQ 7KHUPDO 3RVWEXFNOLQJ
%HKDYLRURI)*0&\OLQGULFDO6KHOOV +UV
7H[W%RRNV
)XQFWLRQDOO\*UDGHG0DWHULDOVE\-15HGG\
5HIHUHQFH%RRNV
)XQFWLRQDOO\*UDGHG0DWHULDOV1RQOLQHDU$QDO\VLVRI3ODWHVDQG6KHOOV
+XL6HQ6HQ3XEOLVKHU&5&3UHVV
0( (;3(5,0(17$/675(66$1$/<6,6 &U
7KHRU\RI3KRWRHODVWLFLW\7KHVWUHVVRSWLFODZLQWZRGLPHQVLRQVDWQRUPDOLQFLGHQFH(IIHFWVRIDVWUHVVHGPRGHOLQD
SODQHSRODULVFRSH(IIHFWVRIDSODQHPRGHOLQDFLUFXODUSRODULVFRSHZLWKGDUNDQGOLJKWILHOGDUUDQJHPHQWV +UV
$QDO\VLV 7HFKQLTXHV ,VRFKURPDWLF IULQJH SDWWHUQV ,VRFOLQLF IULQJH SDWWHUQV &RPSHQVDWLRQ WHFKQLTXHV VHSDUDWLRQ
WHFKQLTXHV6HDOLQJPRGHOWRSURWRW\SHVWUHVVHV +UV
6WUDLQ 0HDVXUHPHQW 0HWKRGV %DVLF FKDUDFWHULVWLFV RI D VWUDLQ JDXJH 7\SHV RI VWUDLQ JDXJH 0RLUH PHWKRG RI VWUDLQ
DQDO\VLV*ULGPHWKRGRIVWUDLQDQDO\VLV +UV
(OHFWULFDO 5HVLVWDQFH 6WUDLQ *DXJH )DFWRUV LQIOXHQFLQJ VWUDLQ VHQVLWLYLW\ LQ PHWDOOLF DOOR\V *DXJH FRQVWUXFWLRQ
WHPSHUDWXUHFRPSHQVDWLRQ)DFWRUVLQIOXHQFLQJJDXJHVHFWLRQJDXJHVHQVLWLYLW\DQGJDXJHIDFWRU&RUUHFWLRQIRUWUDQVYHUVH
VWUDLQHIIHFWV6HPLFRQGXFWRUVWUDLQJDXJHV5RVHWWHDQDO\VLV±WKUHHHOHPHQWUHFWDQJXODUURVHWWH7KHGHOWDURVHWWHWKHIRXU
HOHPHQWV7KHGHOWDURVHWWHWKHVWUDLQJDXJH6WUDLQFLUFXLWV3RWHQWLRPHWHUFLUFXLWVWKH:KHDWVWRQHEULGJH+UV
%ULWWOH&RDWLQJ0HWKRG&RDWLQJVWUHVVHV)DLOXUHWKHRULHVRIEULWWOHFRDWLQJFUDFNSDWWHUQVGXHWRGLUHFWORDGLQJ%ULWWOH
FRDWLQJ FUDFN SDWWHUQV SURGXFHG E\ UHIULJHUDWLRQ WHFKQLTXHV %ULWWOH FRDWLQJ FUDFN SDWWHUQ SURGXFHG E\ UHOHDVLQJ WKH ORDG
'RXEOHFUDFNSDWWHUQ&UDFNGHWHFWLRQ/RDGWLPHUHODWLRQDQGLWVLQIOXHQFHRQWKHWKUHVKROGVWUDLQHIIHFWVRIDELD[LDOVWUHVV
ILHOG +UV
7H[W%RRNV
-:'DOO\DQG:)5LOH\([SHULPHQWDO6WUHVV$QDO\VLVQGH(G0F*UDZ+LOO
.5DPHVK3XEOLVKHGE\,,70DGUDV,QGLD([SHULPHQWDO6WUHVV$QDO\VLV
5HIHUHQFH%RRNV
$0XELQ.KDQQD3XEOLFDWLRQV([SHULPHQWDO6WUHVV$QDO\VLV
6DGKX6LQJK.KDQQD3XEOLVKHUV([SHULPHQWDO6WUHVV$QDO\VLV
6ULQDWK$Q,QWURGXFWLRQWR([SHULPHQWDO6WUHVV$QDO\VLV±0*+
0( 0(06$1'1(06 &U
,QWURGXFWLRQ 9DULRXV FRPSRQHQWV RI 0(06 DSSOLFDWLRQV DQG VWDQGDUGV PLFURPDFKLQLQJ EDVLF SURFHVV WRROV HSLWD[\
VSXWWHULQJ FKHPLFDO YDSRU GHSRVLWLRQ DQG VSLQ RQ PHWKRGV R[LGDWLRQ HYDSRUDWLRQ OLWKRJUDSK\ DQG HWFKLQJ DGYDQFHG
SURFHVV WRROV VRO JHO SURFHVV ()$% 6LOLFRQ 6LOLFRQ R[LGH DQG QLWULGH WKLQ PHWDO ILOPV 3RO\PHUV 2WKHU PDWHULDOV DQG
VXEVWUDWHVSRO\FU\VWDOOLQHPDWHULDOVPHFKDQLFVRI0LFURV\VWHPVVWDWLFEHQGLQJPHFKDQLFDOYLEUDWLRQVWKHUPRPHFKDQLFV
IUDFWXUH PHFKDQLVP IDWLJXH DQG VWUHVV DQG VWUDLQ \RXQJ¶V PRGXOXV DQG PRGXOXV RI ULJLGLW\ VFDOLQJ ODZV LQ
PLQLDWXUL]DWLRQ +UV
~ 165 ~
6HQVRU DQG6FDOLQJ0LFURVHQVRUVDFRXVWLF ZDYH VHQVRUVELRPHGLFDOFKHPLFDORSWLFDOFDSDFLWLYHSUHVVXUHWKHUPDO
PLFURDFWXDWRUVWKHUPDOSLH]RHOHFWULFHOHFWURVWDWLFPLFURPHWHUVPLFURYDOYHV SXPSVDFFHOHURPHWHUPLFURIOXLGLFVDQG
GHYLFHVGHVLJQFRQVLGHUDWLRQSURFHVVGHVLJQDQGPHFKDQLFDOGHVLJQ0HFKDQLFDOV\VWHP7KHUPDOV\VWHP)OXLGLFV\VWHP
(OHFWULFDOV\VWHPVFDOLQJ3DFNDJLQJRI0(06DQG1(06DQGLWVGHVLJQFRQVLGHUDWLRQV +UV
$SSOLFDWLRQ$XWRPRWLYHLQGXVWU\±KHDOWKFDUH±DHURVSDFHLQGXVWULDOSURGXFWFRQVXPHUSURGXFWV±ODERQFKLS±PROHFXODU
PDFKLQHV±GDWDVWRUDJHGHYLFHV±PLFURUHDFWRU±WHOHFRPPXQLFDWLRQV6HUYRV\VWHPV +UV
7H[W%RRNV
0(06DQG1(066\VWHPV'HYLFHVDQG6WUXFWXUHVE\6HUJH\(GZDUG/\VKHYVNL&5&3UHVV
5HIHUHQFH%RRNV
0RGHOLQJ0(06DQG1(06E\-RKQ$3HOHVNR'DYLG+%HUQVWHLQ&5&3UHVV
5HIHUHQFH%RRNV
'\QDPLFVRI3ODWHVE\-65DR1DURVD
~ 166 ~
0( '(6,*1237,0,=$7,21 &U
,QWURGXFWLRQ 0RUSKRORJ\ RI GHVLJQ ZLWK D IORZ FKDUW 'LVFXVVLRQ RQ PDUNHW DQDO\VLV SURILW WLPH YDOXH RI PRQH\ DQ
H[DPSOH RI GLVFRXQWHG FDVK IORZ WHFKQLTXH &RQFHSW RI ZRUNDEOH GHVLJQ SUDFWLFDO H[DPSOH RQ ZRUNDEOH V\VWHP DQG
RSWLPDOGHVLJQ +UV
6\VWHP6LPXODWLRQ&ODVVLILFDWLRQ6XFFHVVLYHVXEVWLWXWLRQPHWKRG±H[DPSOHV1HZWRQ5DSKVRQPHWKRGRQHXQNQRZQ±
H[DPSOHV1HZWRQ5DSKVRQPHWKRGPXOWLSOHXQNQRZQV±H[DPSOHV*DXVV6HLGHOPHWKRG±H[DPSOHV5XGLPHQWVRIILQLWH
GLIIHUHQFHPHWKRGIRUSDUWLDOGLIIHUHQWLDOHTXDWLRQVZLWKDQH[DPSOH +UV
5HJUHVVLRQDQG&XUYH)LWWLQJ1HHGIRUUHJUHVVLRQLQVLPXODWLRQDQGRSWLPL]DWLRQ&RQFHSWRIEHVWILWDQGH[DFWILW([DFW
ILW/DJUDQJHLQWHUSRODWLRQ1HZWRQ
VGLYLGHGGLIIHUHQFH±H[DPSOHV/HDVWVTXDUHUHJUHVVLRQWKHRU\H[DPSOHVIURPOLQHDU
UHJUHVVLRQZLWKRQHDQGPRUHXQNQRZQV ±H[DPSOHV3RZHUODZIRUPV ±H[DPSOHV*DXVV1HZWRQPHWKRGIRUQRQOLQHDU
OHDVWVTXDUHVUHJUHVVLRQ±H[DPSOHV +UV
2SWLPL]DWLRQ,QWURGXFWLRQ)RUPXODWLRQRIRSWLPL]DWLRQSUREOHPV±H[DPSOHV&DOFXOXVWHFKQLTXHV±/DJUDQJHPXOWLSOLHU
PHWKRG±SURRIH[DPSOHV6HDUFKPHWKRGV±&RQFHSWRILQWHUYDORIXQFHUWDLQW\UHGXFWLRQUDWLRUHGXFWLRQUDWLRVRIVLPSOH
VHDUFK WHFKQLTXHV OLNH H[KDXVWLYH VHDUFK GLFKRWRPRXV VHDUFK )LERQDFFL VHDUFK DQG *ROGHQ VHFWLRQ VHDUFK ± QXPHULFDO
H[DPSOHV0HWKRGRIVWHHSHVWDVFHQWVWHHSHVWGHVFHQWFRQMXJDWH JUDGLHQWPHWKRG ±H[DPSOHV*HRPHWULFSURJUDPPLQJ ±
H[DPSOHV '\QDPLF SURJUDPPLQJ ± H[DPSOHV /LQHDU SURJUDPPLQJ ± WZR YDULDEOH SUREOHP ±JUDSKLFDO VROXWLRQ 1HZ
JHQHUDWLRQ RSWLPL]DWLRQ WHFKQLTXHV ± *HQHWLF DOJRULWKP DQG VLPXODWHG DQQHDOLQJ ± H[DPSOHV ,QWURGXFWLRQ WR %D\HVLDQ
IUDPHZRUNIRURSWLPL]DWLRQH[DPSOHV +UV
7H[W%RRNV
(QJLQHHULQJ2SWLPL]DWLRQ665DR1HZ$JH3XEOLFDWLRQV
5HIHUHQFH%RRNV
'HVLJQDQGRSWLPL]DWLRQRIWKHUPDOV\VWHPV<-DOXULD0F*UDZ+LOO
(OHPHQWVRIWKHUPDOIOXLGV\VWHPGHVLJQ/&%XUPHLVWHU3UHQWLFH+DOO
'HVLJQRIWKHUPDOV\VWHPV:)6WRHFNHU0F*UDZ+LOO
,QWURGXFWLRQWRRSWLPXPGHVLJQ-6$URUD0F*UDZ+LOO
~ 167 ~
0( '<1$0,&62)52725 &U
7RUVLRQDO9LEUDWLRQLQ5RWDWLQJ6\VWHPV0RGHOOLQJRIURWDWLQJV\VWHPV(TXLYDOHQWGLVFUHHWV\VWHPEUDQFKHGV\VWHP
DQGJHDUV\VWHP +UV
%HQGLQJ&ULWLFDO6SHHGVRI6LPSOH6KDIWV:KLUOLQJRIXQEDODQFHGHODVWLFURWRUVLPSOHVKDIWZLWKVHYHUDOGLVNVDQG
7UDQVIHUPDWUL[DQDO\VLVRIEHQGLQJFULWLFDOVSHHGV2XWRIEDODQFHUHVSRQVHRIURWRUVZLWKULJLGVXSSRUWV +UV
*\URVFRSLF(IIHFWVLQ5RWRUV\VWHP(IIHFWRIVSLQQLQJGLVNV\QFKURQRXVZKLUORIDQRYHUKDQJURWRU1RQV\QFKURQRXV
ZKLUO5RWRUZLWKFRXSOLQJVDQGZKLUOVSHHGDQDO\VLV +UV
5RWRUPRXQWHGRQIOXLGILOPEHDULQJV6LPSOHURWRULQIOXLGILOPEHDULQJV'XDOURWRUV\VWHPDQDO\VLV2SWLPXPGHVLJQIRU
PLQLXPXQEDODQFH,QVWDELOLW\RIURWRUV +UV
%DODQFLQJRI5RWRUV5LJLGURWRUEDODQFLQJFULWHULDDQGEDODQFLQJRIIOH[LEOHURWRUV +UV
&RQGLWLRQ0RQLWRULQJ9LEUDWLRQ0HDVXUHPHQWV9LEUDWLRQJHQHUDWLQJPHFKDQLVPYLEUDWLRQVSHFWUXPUHDOWLPHDQDO\VLV
DQGH[SHUWV\VWHP +UV
7H[W%RRNV
5RWRU'\QDPLFVE\-65DR1HZ$JH,QW
5HIHUHQFH%RRNV
5RWRU'\QDPLFVE\$JQLHV]ND0XV]\QVND&5&3UHVV
6\QWKHVLVRISODQHUPHFKDQLVPV*HDUHGOLQNDJHVSDWKDQGPRWLRQJHQHUDWLRQE\:DWWDQG6WHSKHQVRQ¶VVL[EDUFKDLQ
SUHFLVLRQSRLQWV\QWKHVLV9LVDYLVRSWLPL]DWLRQPHWKRGV1HZWRQ5DSKVRQVROXWLRQ0HWKRGIRUIRXUEDUOLQNDJH +UV
6\QWKHVLV RI VSDWLDO PHFKDQLVPV GLVSODFHPHQW DQDO\VLV PDWUL[ PHWKRG RI DQDO\VLV 6\QWKHVLV RI ± UHYROXWH VSKHULFDO
PHFKDQLVPVV\QWKHVLVRIUHYROXWHVSKHULFSDLUPHFKDQLVPV +UV
$SSOLFDWLRQ WR URERWLFV 0DQLSXODWRU '\QDPLFV DQG &RQWUROV &RPSXWHU$LGHG 0HWKRGV IRU VHWWLQJ DQG VROYLQJ
0DWKHPDWLFDOPRGHOVRIDFWLYHPHFKDQLVPV +UV
7H[W%RRNV
1RUWRQ5/³'HVLJQRI0DFKLQHU\$Q,QWURGXFWLRQWRWKH6\QWKHVLVDQG
$QDO\VLVRI0HFKDQLVPVDQGPDFKLQHV´QG(G:&%0F*UDZ+LOO
5HIHUHQFH%RRNV
+DUWHQEHUJ56'HQDYLW-³.LQDHPDWLF6\QWKHVLVRI/LQNDJHV´0F*UDZ+LOO1HZ<RUN
6DQGRU*1(UGPDQ$*³$GYDQFHG0HFKDQLVP'HVLJQ$QDO\VLVDQG6\QWKHVLV´9RO 3UHQWLFH+DOO1HZ
-HUVH\
~ 168 ~
%DVLF FKDUDFWHULVWLFV RI IHHGEDFN FRQWURO V\VWHPV 6WDELOLW\ VWHDG\VWDWH DFFXUDF\ WUDQVLHQW DFFXUDF\ GLVWXUEDQFH UHMHFWLRQ
LQVHQVLWLYLW\ DQG UREXVWQHVV %DVLF PRGHV RI IHHGEDFN FRQWURO SURSRUWLRQDO LQWHJUDO DQG GHULYDWLYH )HHGIRUZDUG DQG
PXOWLORRS FRQWURO FRQILJXUDWLRQV VWDELOLW\ FRQFHSW UHODWLYH VWDELOLW\ 5RXWK VWDELOLW\ FULWHULRQ 7LPH UHVSRQVH RI VHFRQG
RUGHU V\VWHPV VWHDG\VWDWH HUURUV DQG HUURU FRQVWDQWV3HUIRUPDQFH VSHFLILFDWLRQV LQ WLPHGRPDLQ 5RRW ORFXV PHWKRG RI
GHVLJQ/HDGDQGODJFRPSHQVDWLRQ +UV
)UHTXHQF\UHVSRQVH DQDO\VLV 5HODWLRQVKLS EHWZHHQ WLPH IUHTXHQF\ UHVSRQVH 3RODU SORWV %RGH¶V SORW VWDELOLW\ LQ
IUHTXHQF\ GRPDLQ 1\TXLVW SORWV 1\TXLVW VWDELOLW\ FULWHULRQ3HUIRUPDQFH VSHFLILFDWLRQV LQ IUHTXHQF\GRPDLQ)UHTXHQF\
GRPDLQPHWKRGVRIGHVLJQ&RPSHQVDWLRQ WKHLUUHDOL]DWLRQLQWLPH IUHTXHQF\GRPDLQ/HDGDQG/DJFRPSHQVDWLRQ 2S
DPS EDVHG DQG GLJLWDO LPSOHPHQWDWLRQ RI FRPSHQVDWRUV 7XQLQJ RI SURFHVV FRQWUROOHUV6WDWH YDULDEOH IRUPXODWLRQ DQG
VROXWLRQ +UV
6WDWH YDULDEOH $QDO\VLV &RQFHSWV RI VWDWH VWDWH YDULDEOH VWDWH PRGHO VWDWH PRGHOV IRU OLQHDU FRQWLQXRXV WLPH IXQFWLRQV
GLDJRQDOL]DWLRQRIWUDQVIHUIXQFWLRQVROXWLRQRIVWDWHHTXDWLRQVFRQFHSWRIFRQWUROODELOLW\ REVHUYDELOLW\ +UV
,QWURGXFWLRQWR2SWLPDOFRQWURO 1RQOLQHDUFRQWURO2SWLPDO&RQWUROSUREOHP5HJXODWRUSUREOHP2XWSXWUHJXODWRUWUHNLQJ
SUREOHP1RQOLQHDUV\VWHP±%DVLFFRQFHSW DQDO\VLV +UV
7H[W%RRNV
*RSDO0³&RQWURO6\VWHPV3ULQFLSOHVDQG'HVLJQ´7DWD0F*UDZ+LOO
5HIHUHQFH%RRNV
.XR%&³$XWRPDWLF&RQWURO6\VWHP´3UHQWLFH+DOOVL[WKHGLWLRQ
2JDWD . ³0RGHUQ &RQWURO (QJLQHHULQJ´ 3UHQWLFH +DOO VHFRQG HGLWLRQ 1DJUDWK *RSDO ³0RGHUQ &RQWURO
(QJLQHHULQJ´1HZ$JHV,QWHUQDWLRQDO
,QWURGXFWLRQ 0HFKDQLFDO YLEUDWLRQ /LQHDU QRQOLQHDU V\VWHPV W\SHV RI IRUFHV DQG UHVSRQVHV &RQVHUYDWLYH DQG QRQ
FRQVHUYDWLYH V\VWHPV HTXLOLEULXP SRLQWV TXDOLWDWLYH DQDO\VLV SRWHQWLDO ZHOO FHQWUH IRFXV VDGGOHSRLQW FXVS SRLQW
&RPPRQO\REVHUYHGQRQOLQHDUSKHQRPHQDPXOWLSOHUHVSRQVHELIXUFDWLRQVDQGMXPSSKHQRPHQD +UV
'HYHORSPHQWRIQRQOLQHDUJRYHUQLQJHTXDWLRQRIPRWLRQ )RUFHDQGPRPHQWEDVHGDSSURDFK/DJUDQJH3ULQFLSOH
([WHQGHG +DPLOWRQ¶V SULQFLSOH 0XOWL ERG\ DSSURDFK /LQHDUL]DWLRQ WHFKQLTXHV 'HYHORSPHQW RI WHPSRUDO HTXDWLRQ XVLQJ
*DOHUNLQ¶V PHWKRG IRU FRQWLQXRXV V\VWHP 2UGHULQJ WHFKQLTXHV VFDOLQJ SDUDPHWHUV ERRNNHHSLQJ SDUDPHWHU &RPPRQO\
XVHGQRQOLQHDUHTXDWLRQV'XIILQJHTXDWLRQ9DQGHU3RO¶VRVFLOODWRU0DWKLHX¶VDQG+LOO¶VHTXDWLRQV +UV
$SSUR[LPDWH VROXWLRQ PHWKRG +DUPRQLF EDODQFH SHUWXUEDWLRQ WHFKQLTXHV /LQVWHGW3RLQFDUH¶ PHWKRG RI 0XOWLSOH
6FDOHV $YHUDJLQJ ± .U\ORY%RJROLXERY0LWURSROVN\ LQFUHPHQWDO KDUPRQLF EDODQFH PRGLILHG /LQGVWHGW 3RLQFDUH¶
WHFKQLTXHV +UV
6WDELOLW\ DQG ELIXUFDWLRQ DQDO\VLV VWDWLF DQG G\QDPLF ELIXUFDWLRQV RI IL[HG SRLQW DQG SHULRGLF UHVSRQVH GLIIHUHQW URXWHV WR
FKDRWLFUHVSRQVHSHULRGGRXEOLQJWRUXVEUHDNGRZQDWWUDFWRUPHUJLQJHWFFULVLV +UV
1XPHULFDOWHFKQLTXHVWLPHUHVSRQVHSKDVHSRUWUDLW))73RLQFDUH¶PDSVSRLQWDWWUDFWRUVOLPLWF\FOHVDQGWKHLUQXPHULFDO
FRPSXWDWLRQVWUDQJHDWWUDFWRUVDQGFKDRV/\DSXQRYH[SRQHQWVDQGWKHLUGHWHUPLQDWLRQEDVLQRIDWWUDFWLRQSRLQWWRSRLQW
PDSSLQJDQGFHOOWRFHOOPDSSLQJIUDFWDOGLPHQVLRQ +UV
$SSOLFDWLRQ 6LQJOH GHJUHH RI IUHHGRP V\VWHPV )UHH YLEUDWLRQ'XIILQJ¶V RVFLOODWRU SULPDU\ VHFRQGDU\DQG PXOWLSOH
UHVRQDQFHV )RUFHG RVFLOODWLRQV 9DQ GHU 3RO¶V RVFLOODWRU SDUDPHWULF H[FLWDWLRQ 0DWKLHX¶V DQG +LOO¶V HTXDWLRQV )ORTXHW
WKHRU\HIIHFWVRIGDPSLQJDQGQRQOLQHDULW\0XOWLGHJUHHRIIUHHGRPDQGFRQWLQXRXVV\VWHPV +UV
~ 169 ~
7H[W%RRNV
-65DRDQG.*XSWD7KHRU\DQG3UDFWLFHRI0HFKDQLFDO9LEUDWLRQV1HZ$JH3XEOLFDWLRQ
5HIHUHQFH%RRNV
1D\IHK$+DQG0RRN'71RQOLQHDU2VFLOODWLRQV:LOH\,QWHUVFLHQFH
+D\DVKL&1RQOLQHDU2VFLOODWLRQVLQ3K\VLFDO6\VWHPV0F*UDZ+LOO
(YDQ,YDQRZVNL505HVRQDQFH2VFLOODWLRQVLQ0HFKDQLFDO6\VWHPV(OVHYLHU
1D\IHK$+DQG%DODFKDQGUDQ%$SSOLHG1RQOLQHDU'\QDPLFV:LOH\
6H\GHO5)URP(TXLOLEULXPWR&KDRV3UDFWLFDO%LIXUFDWLRQDQG6WDELOLW\$QDO\VLV(OVHYLHU
0RRQ)&&KDRWLF )UDFWDO'\QDPLFV$Q,QWURGXFWLRQIRU$SSOLHG6FLHQWLVWVDQG(QJLQHHUV:LOH\
7H[W%RRNV
6RIW&RPSXWLQJE\'.3UDWLKDU1DURVD3XEOLFDWLRQV
5HIHUHQFH%RRNV
6RIWFRPSXWLQJE\.9LQRWK.XPDU6..DWDULDDQG6RQV
1HXUDO1HWZRUN$FODVVURRPDSSURDFKE\6DWLVKNXPDU0F*UDZ+LOO
~ 170 ~
Cover Desiging by : KIIT Publication Cell