You are on page 1of 17

$FFHSWLQJWKHV\VWHPJHQHUDWHGSLFNLQJORFDWLRQUHPRYHVDUHVSRQVLELOLW\IURPWKH

ZDUHKRXVHVWDIIDQGHIIHFWLYHO\UHGXFHVSLFNLQJWLPH0DQXDOFKDQJHVVKRXOGEHNHSWWRD
PLQLPXPDQGUHYLHZHGSHULRGLFDOO\WRHQVXUHWKDWWKHSLFNLQJVWUDWHJLHVVWLOOIROORZWKHPRVW
HIIHFWLYHFRQILJXUDWLRQ

2QFHWKHSLFNLQJVWUDWHJ\KDVEHHQDGRSWHGWKHZDUHKRXVHPDQDJHPHQWV\VWHPXVHVWKH
SLFNLQJVWUDWHJ\WRDVVLJQWKHDSSURSULDWHSLFNLQJORFDWLRQ7KHUHLVDFKDQFHWRPDQXDOO\
LQWHUYHQHIRUFHUWDLQVWRFNPRYHPHQWVZKHUHLWLVSRVVLEOHWRFKDQJHWKHVRXUFHDQG
GHVWLQDWLRQVWRUDJHELQVWKDWWKHV\VWHPKDVDOUHDG\SURSRVHG

7KHZDUHKRXVHRSHUDWLRQGRHVQWQHHGWRLQWURGXFHSLFNLQJVWUDWHJLHVLQWRWKHPDWHULDO
UHPRYDOSURFHVVEXWKRZPDWHULDOLVUHPRYHGIURPWKHZDUHKRXVHVKRXOGEHGLVFXVVHGDQG
HIIHFWLYHVWUDWHJLHVDGRSWHG

4XDQWLW\UHOHYDQW

3DUWLDOTXDQWLWLHV

6KHOIOLIHH[SLUDWLRQ

)L[HGVWRUDJHELQ

/DVWLQILUVWRXW /,)2

)LUVWLQILUVWRXW ),)2

7KHVWUDWHJ\RISLFNLQJLQYROYHVGHFLGLQJZKDWPDWHULDOLVWREHSLFNHG$QXPEHURISLFNLQJ
VWUDWHJLHVFDQEHXVHGLQFOXGLQJWKHIROORZLQJ

:KHQSLFNLQJVWUDWHJLHVDUHGLVFXVVHGWKHUHLVRIWHQFRQIXVLRQEHWZHHQWKHPHWKRGRI
SLFNLQJWKHPDWHULDODQGWKHVWUDWHJ\IRUZKLFKPDWHULDOLVWREHUHPRYHG7KHPHWKRGRI
SLFNLQJLQYROYHVKRZDFRPSDQ\SK\VLFDOO\UHPRYHVWKHVWRFNIRUH[DPSOHEDWFKSLFNLQJRU
ZDYHSLFNLQJ

$PDWHULDOPD\EHVHOHFWHGEHFDXVHRIDVWUDWHJ\WRSLFNPDWHULDOVE\WKHLUUHPDLQLQJVKHOI
OLIHRUE\WKHVHTXHQFHLQZKLFKWKH\DUHDGGHGWRVWRFN

([DPSOH

$SLFNLQJVWUDWHJ\LVDPHWKRGWKDWGHWHUPLQHVWKHZD\DPDWHULDOLVFKRVHQWREHSLFNHG

 3LFNLQJ6WUDWHJLHV

3LFNLQJVWUDWHJLHVDUHLPSRUWDQWWRWKHRXWERXQGSURFHVVRIWKHZDUHKRXVH,PSOHPHQWLQJWKH
FRUUHFWVWUDWHJ\FDQYDVWO\LPSURYHHIILFLHQF\LQWKLVFULWLFDODUHD&KRRVLQJDSLFNLQJVWUDWHJ\
WKDWPDNHVSURFHVVLQJPRUHFRPSOH[FDQVHYHUHO\LQFUHDVHSLFNLQJWLPHDQGKLQGHU
GHOLYHULHV

6WRUDJH7\SH,QGLFDWRU

)LJXUH 6WRUDJH7\SH6HDUFK6HOHFWLRQ6FUHHQ7UDQVDFWLRQ20/<

)LJXUHVKRZVWKHVHOHFWLRQDYDLODEOHIRUWKHVWRUDJHW\SHVHDUFKWUDQVDFWLRQ7R
FRQILJXUHWKHVWRUDJHW\SHLQGLFDWRUFOLFNWKH'HILQHEXWWRQ,I\RXQHHGWRFRQILJXUHD
VWRUDJHW\SHLQGLFDWRUWRFUHDWHDVHSDUDWHVHDUFKIRUDJURXSRIPDWHULDOV\RXFDQPDNH
WKHHQWU\LQWKHVFUHHQVKRZQLQ)LJXUH

,IWKHVWRUDJHW\SHLQGLFDWRULVWREHXVHGLWQHHGVWREHFRQILJXUHGXVLQJ7UDQVDFWLRQ
20/<RUIROORZLQJWKHPHQXSDWK,0*y/RJLVWLFV([HFXWLRQy:DUHKRXVH0DQDJHPHQWy
6WUDWHJLHVy$FWLYDWH6WRUDJH7\SH6HDUFK

7KHVWRUDJHW\SHLQGLFDWRULQ6$3:0DOORZVRQO\FHUWDLQPDWHULDOVWREHSLFNHGIURP
VWRUDJHW\SHVDQGWKHRUGHURISLFNLQJFDQEHGHILQHGE\WKHVWRUDJHW\SHVHDUFKIRUHDFK
VWRUDJHW\SHLQGLFDWRU,WLVQRWQHFHVVDU\WRFRQILJXUHWKHVWRUDJHW\SHLQGLFDWRULIDOO
PDWHULDOVDUHSLFNHGWKHVDPHZD\ZLWKLQWKHVDPHVWRUDJHW\SH



<RXQHHGWRFRPSOHWHVHYHUDOVWHSVWRFRQILJXUHWKHSLFNLQJVWUDWHJLHVEHIRUHWKHVWUDWHJ\
FDQEHDSSOLHGWRPDWHULDOV7KHVHVWHSVEHJLQZLWKWKHVWRUDJHW\SHLQGLFDWRU

1RZWKDWZHKDYHGLVFXVVHGWKHVWRUDJHW\SHLQGLFDWRUZHOOH[DPLQHWKHVWRUDJHW\SH
VHDUFKIXQFWLRQDOLW\

)LJXUH 6WRUDJH7\SH,QGLFDWRU(QWHUHGLQWRWKH0DWHULDO0DVWHU5HFRUG

)LJXUHVKRZVWKHZDUHKRXVHLQIRUPDWLRQHQWHUHGLQWRWKHPDWHULDOPDVWHUUHFRUGIRULWHP
7KHPDWHULDOKDVEHHQFRQILJXUHGZLWKWKHVWRUDJHW\SHLQGLFDWRU),;IRUSLFNLQJ
7KLVPHDQVWKHVWRUDJHW\SHVHDUFKWKDWFRQWDLQVWKHVWRUDJHW\SHLQGLFWRU),;ZLOOEHWKH
RQO\VWRUDJHW\SHVHDUFKDSSOLFDEOHIRUWKLVPDWHULDO

7KHHQWU\IRUDVWRUDJHW\SHLQGLFDWRULVVLPSO\WKHZDUHKRXVHQXPEHUWKHVWRUDJHW\SH
LQGLFDWRUWKDWKDVEHHQFKRVHQDQGDUHOHYDQWGHVFULSWLRQ)LJXUHVKRZVVRPHVWRUDJH
W\SHLQGLFDWRUVDQGGHVFULSWLRQV

)LJXUH &UHDWLQJD6WRUDJH7\SH,QGLFDWRU

6WRUDJH7\SH6HDUFK

)RUWKHZDUHKRXVHLQGLFDWRUHQWHUIRUWZRVWHSSLFNLQJ$IRUVWRFNSLFNLQJDQG(IRU
VWRFNSXWDZD\7KHVWRFNFDWHJRU\DQGVSHFLDOVWRFNLQGLFDWRUVDUHXVHGZKHQDGLIIHUHQW
VWRUDJHW\SHVHDUFKLVUHTXLUHGIRUPDWHULDOVZLWKWKHVHVSHFLDOVWDWXVHV

)LJXUH 'HWDLO6FUHHQIRUD6WRUDJH7\SH6HDUFK

6SHFLDOVWRFNLQGLFDWRU

6WRFNFDWHJRU\

6WRUDJHW\SHLQGLFDWRU

:DUHKRXVHRSHUDWLRQ

:DUHKRXVH

)LJXUHVKRZVWKHLQIRUPDWLRQHQWHUHGIRUHDFKVWRUDJHW\SHVHDUFK(DFKOLQHHQWU\LV
UHOHYDQWIRUDSDUWLFXODUZDUHKRXVH7KHXQLTXHNH\VIRUHDFKHQWU\DUHDVIROORZV

%HIRUHHQWHULQJWKHVWRUDJHW\SHVHDUFKFKRRVHWKHVHDUFKLQFRQVXOWDWLRQZLWKWKH
ZDUHKRXVHPDQDJHPHQWVWDIIWKDWSODQVWKHOD\RXWRIWKHPDWHULDOLQWKHZDUHKRXVH+RZ
WKH\KDYHVWRUHGFHUWDLQPDWHULDODQGKRZWKHVWRUDJHW\SHVDUHSRVLWLRQHGGHWHUPLQHVWKH
FRQILJXUDWLRQRIWKHVHTXHQFHRIVWRUDJHW\SHVWKDWDUHVHDUFKHG

7KHFUHDWLRQRIDVWRUDJHW\SHVHDUFKEHJLQVLQWKHVHOHFWLRQPHQXLQ7UDQVDFWLRQ20/<DV
VKRZQLQ)LJXUH7KHVWRUDJHW\SHVHDUFKLVWKHVWDUWLQJSRLQWIRUSLFNLQJPDWHULDOIURP
WKHZDUHKRXVH7KHVHDUFKGHILQHVZKDWVWRUDJHW\SHLVWREHXVHGIRUWKHSLFNLQJVWUDWHJ\

 &RQILJXULQJWKH6WRUDJH7\SH6HDUFK

2QFH\RXKDYHFRQILJXUHGWKHVWRUDJHW\SHLQGLFDWRU\RXFDQFRQILJXUHWKHVWRUDJHW\SH
VHDUFK<RXGRQWKDYHWRFRQILJXUHDVLQJOHVWRUDJHW\SHLQGLFDWRUEXW\RXFDQFRQIHUZLWK
WKHZDUHKRXVHVWDIIWRGHFLGHLIWKHVWRUDJHW\SHVHDUFKGLIIHUVIRUFHUWDLQPDWHULDOVRU
JURXSVRIPDWHULDOV



)LJXUHVKRZVWKHFRQILJXUDWLRQIRUDVWRUDJHVHFWLRQVHDUFKLILWLVUHTXLUHG7KHVWRUDJH
VHFWLRQLQGLFDWRULVSDUWRIWKHXQLTXHNH\DORQJZLWKWKHZDUHKRXVHVWRUDJHW\SH
KD]DUGRXVPDWHULDOVWRUDJHFODVVDQGZDWHUSROOXWLRQFODVV,WLVSRVVLEOHWRFRQILJXUHXSWR
VWRUDJHVHFWLRQVIRUHDFKXQLTXHVHDUFK

)LJXUH &RQILJXUDWLRQRID6WRUDJH6HFWLRQ,QGLFDWRU

)LJXUHVKRZVWKHFRQILJXUDWLRQRIWKHVWRUDJHVHFWLRQLQGLFDWRU7KHLQGLFDWRULV
FRQILJXUHGVSHFLILFDOO\IRUHDFKZDUHKRXVH,WHQDEOHVWKHGHILQLWLRQRIDJURXSRIPDWHULDOV
WKDWFDQDOOEHDOORFDWHGWRRQHVWRUDJHVHFWLRQVHDUFK

<RXFRQILJXUHWKHVWRUDJHVHFWLRQLQGLFDWRUZLWK7UDQVDFWLRQ20/=RU\RXFDQILQGLWE\
IROORZLQJWKHPHQXSDWK,0*y/RJLVWLFV([HFXWLRQy:DUHKRXVH0DQDJHPHQWy
6WUDWHJLHVy$FWLYDWH6WRUDJH6HFWLRQ6HDUFK

,QDGGLWLRQWRWKHVWRUDJHW\SHLQGLFDWRUDQGVWRUDJHW\SHVHDUFKWKHUHLVVLPLODU
FRQILJXUDWLRQDQGIXQFWLRQDOLW\IRUWKHVWRUDJHVHFWLRQ,QFRPSOH[ZDUHKRXVHVVWRUDJH
VHFWLRQIXQFWLRQDOLW\LVIUHTXHQWO\XVHGDQGVHDUFKLQJE\VWRUDJHVHFWLRQLVDZD\WR
LQFUHDVHZDUHKRXVHSLFNLQJHIILFLHQF\

 &RQILJXULQJ6WRUDJH6HFWLRQ6HDUFK

$PD[LPXPRIVWRUDJHW\SHVFDQEHFRQILJXUHGIRUHDFKVHDUFK'HSHQGLQJRQWKH
FRPSOH[LW\RIWKHZDUHKRXVHDQGWKHORFDWLRQRIWKHPDWHULDOWKHQXPEHURIVWRUDJHW\SHV
HQWHUHGSHUVHDUFKZLOOYDU\

8VLQJWKHH[DPSOHLQ)LJXUHZKHUHWKHZDUHKRXVHRSHUDWLRQLV$IRUSLFNLQJDQGWKH
VWRFNFDWHJRU\LV4IRUTXDOLW\LQVSHFWLRQ 4, VWRFNWKHSLFNLQJVWUDWHJ\ZLOOVHDUFKVWRUDJH
W\SHDQGLIQRDSSURSULDWHPDWHULDOLVORFDWHGWKHQWKHVHDUFKZLOOEHSURFHVVHGLQ
VWRUDJHW\SH,IQRPDWHULDOLVIRXQGLQVWRUDJHW\SHWKHSURFHVVZLOOUHTXLUHPDQXDO
LQWHUYHQWLRQ

7KLVVHFWLRQH[DPLQHGWKHVWRUDJHW\SHVHDUFK:HOOQRZGLVFXVVWKHILUVWLQILUVWRXWSLFNLQJ
VWUDWHJ\

)LJXUH &RQILJXUDWLRQIRUD6WRUDJH6HFWLRQ6HDUFK

),)2 )LUVW,Q)LUVW2XW

)LJXUHVKRZVWKDWDSDUWIURPWKHVWRFNUHPRYDOVWUDWHJ\VHYHUDORWKHUFRQWURO
LQGLFDWRUVFDQEHFRQILJXUHGIRUWKHVWUDWHJ\

 6WRFN5HPRYDO&RQWURO,QGLFDWRUV

)LJXUH 'HILQLQJD6WRFN5HPRYDO6WUDWHJ\DV),)2

)LJXUHVKRZVWKHFRQILJXUDWLRQRIWKHVWRFNUHPRYDOVWUDWHJ\IRUZDUHKRXVHDQG
VWRUDJHW\SH'5:7KHVWRFNUHPRYDOVWUDWHJ\LV)IRU),)2

<RXFDQGHILQHWKH),)2SLFNLQJVWUDWHJ\E\IROORZLQJWKHPHQXSDWK,0*y/RJLVWLFV
([HFXWLRQy:DUHKRXVH0DQDJHPHQWy6WUDWHJLHVy6WRFN5HPRYDO6WUDWHJLHVy'HILQH
),)26WUDWHJ\

 &RQILJXULQJWKH),)23LFNLQJ6WUDWHJ\

:DUHKRXVHVWKDWKDYHGHHSUDFNVPDNHLWGLIILFXOWIRUZDUHKRXVHVWDIIWRJHWWRWKHFRUUHFW
PDWHULDO2QHPHWKRGRIHQVXULQJWKDWWKHROGHVWPDWHULDOLVSLFNHGLVWRXVHJUDYLW\IORZ
UDFNVIRUPDWHULDOVWKDWDUHSLFNHGLQGLYLGXDOO\DQGQRWLQER[HV7KHER[HVDUHSODFHGDWWKH
EDFNRIWKHUDFNDQGWKHIORZUDFNVDUHILOOHGVRWKDWWKHSLFNLQJDWWKHIURQWPRYHVPDWHULDO
IRUZDUGIURPWKHEDFN7KLVLVLPSRUWDQWLQSLFNLQJDUHDV

),)2LVDYHU\FRPPRQSLFNLQJVWUDWHJ\,WHQVXUHVWKDWWKHROGHVWPDWHULDOLVUHPRYHGIURP
WKHZDUHKRXVHIRUSURGXFWLRQRUVDOHVRUGHUV,QPDQ\LQVWDQFHVWKHZDUHKRXVHOD\RXWLV
FRQILJXUHGWRRSWLPL]H),)2SLFNLQJ

7KHSLFNLQJVWUDWHJ\IRUILUVWLQILUVWRXWRU),)2DVLWLVPRUHFRPPRQO\NQRZQUHPRYHV
WKHROGHVWTXDQWIURPWKHVWRUDJHW\SHGHILQHGLQWKHVWRUDJHW\SHVHDUFK7KLVLVXVHGLQ
PRVWPDQXIDFWXULQJLQGXVWULHVZKHUHWKHPDWHULDOFRPSDQLHVZDQWWRVHOOILUVWLVWKDWZKLFK
KDVEHHQVWRUHGLQWKHZDUHKRXVHWKHORQJHVW



7KHIROORZLQJH[DPSOHZLOOVKRZ\RXKRZWKH),)2FRQILJXUDWLRQIRUDVWRUDJHW\SHDIIHFWV

 ([DPSOHRI),)23LFNLQJ6WUDWHJ\

$IWHUUHYLHZLQJWKLVOLVWRILQGLFDWRUV\RXFDQPRYHRQWRDQH[DPSOHRID),)2SLFNLQJ
VWUDWHJ\

5HWXUQVWRUDJHW\SH
7KLVILHOGFRQWDLQVWKHVWRUDJHW\SHLQWRZKLFKDQ\UHPDLQLQJTXDQWLW\RIWKHSLFNHG
PDWHULDOWREHVWRUHG

$VVLJQHGSLFNSRLQWVWRUW\
7KLVILHOGFDQEHHQWHUHGZLWKWKHDVVLJQHGSLFNSRLQWIRUWKHVWRUDJHW\SH

%ORFNXSRQVWRFNUPYO
7KLVILHOGFDQEHILOOHGLQZKHQWKHEORFNLQJFKHFNER[KDVWREHVHWZKHQWKHPDWHULDO
LVSLFNHG7KHYDOXHVWKDWFDQEHXVHGDUHIRUEORFNLQJDVWRUDJHELQDQGIRU
EORFNLQJWKHTXDQWRQO\

3URSRVHSRVWFKJHDWVWRUDJHELQ
7KLVFKHFNER[LVVHOHFWHGZKHQWKHZDUHKRXVHQHHGVWRSRVWDQGOHDYHPDWHULDOVLQ
VDPHVWRUDJHELQDNH\SURFHGXUHLQUHODEHOLQJ7KLVVLJQDOVWKDWQRWUDQVIHULVWR
WDNHSODFHIRUDSRVWLQJFKDQJH

5RXQGRIITW\
7KLVILHOGLVIRUURXQGLQJRIIWKHUHTXHVWHGTXDQWLW\IRUSLFNLQJ:KHQWKLVFKHFNER[LV
VHOHFWHGWKHSURFHVVLQJXVHVWKHURXQGLQJRIITXDQWLW\LQWKHZDUHKRXVHVFUHHQIRU
WKHVWRUDJHW\SHLQWKHPDWHULDOPDVWHUUHFRUG

([HFXWH]HURVWNFKHFN
,IWKHZDUHKRXVHQHHGVD]HURVWRFNFKHFNZKHQDVWRUDJHELQLVHPSWLHGDIWHUD
VWRFNSLFNWKHQVHOHFWWKLVFKHFNER[:KHQWKH]HURVWRFNFKHFNLVPDGHWKH
VWRUDJHELQFDQRQO\EHXVHGIRUSXWDZD\VZKHQWKH]HURVWRFNFKHFNLVFRPSOHWHG
DQGFRQILUPHG

5HWXUQVWRFNWRVDPHVWRUDJHELQ
6HOHFWWKLVFKHFNER[ZKHQWKHSLFNHGVWRFNWKDWZDVQRWQHHGHGKDVWREHUHWXUQHG
WRWKHVDPHELQLWZDVSLFNHGIURP

)XOOVWNUPYOUHTPWDFW
6HOHFWWKLVFKHFNER[ZKHQWKHHQWLUHTXDQWPXVWEHSLFNHGUHJDUGOHVVRIWKHTXDQWLW\
UHTXLUHGIRUWKHSLFN

$OORZQHJDWLYHVWRFN
1HJDWLYHVWRFNLVDOORZHGIRULQWHULPVWRUDJHDUHDV:KHQWKLVFKHFNER[LVVHOHFWHG
WKHV\VWHPDOORZVWKHSRVWLQJRIQHJDWLYHTXDQWVLQWKHVWRUDJHW\SH

6WNUPYOUHTXLUHVFRQILUPDWLRQ
,IWKLVFKHFNER[LVVHOHFWHGWKHSLFNLQJRIWKHHQWLUHLWHPPXVWEHFRQILUPHGLQWKH
GHVWLQDWLRQVWRUDJHW\SHRUUHWXUQVWRUDJHW\SHEHIRUHWKHTXDQWLW\LVPDGHDYDLODEOH

)LJXUHVKRZVWKDWIRUVWRUDJHW\SHWKHSLFNLQJVWUDWHJ\LV),)2RSWLRQ)DQGWKLV
ZLOOEHXVHGZKHQPDWHULDOLVZLWKGUDZQIURPDQ\VWRUDJHELQLQWKHVWRUDJHW\SH<RXFDQ
XVH7UDQVDFWLRQ/7WRFUHDWHDWUDQVIHURUGHUWKDWZLOOSLFNPDWHULDOIURPWKHVWRUDJHW\SH


7RGLVSOD\WKHSLFNLQJVWUDWHJ\FRQILJXUDWLRQIRUDVWRUDJHW\SHIROORZWKHPHQXSDWK,0*y
/RJLVWLFV([HFXWLRQy:DUHKRXVH0DQDJHPHQWy6WUDWHJLHVy6WRFN5HPRYDO
6WUDWHJLHVy'HILQH),)26WUDWHJ\

)LJXUH 6WRFN2YHUYLHZIRU0DWHULDOLQD:DUHKRXVH

<RXFDQXVH7UDQVDFWLRQ/6WRVKRZWKHPDWHULDOVWRFN)LJXUHVKRZVWKHZDUHKRXVH
VWRFNIRUPDWHULDO7KHPDWHULDOLVVWRUHGLQWZRELQVLQVWRUDJHW\SHEXWWKH
PDWHULDOLQVWRUDJHELQZDVUHFHLYHGLQWRVWRFNEHIRUHWKHPDWHULDOLQVWRUDJH
ELQ7KHUHIRUHLQDQ\),)2SLFNLQJVWUDWHJ\WKHPDWHULDOLQVWRUDJHELQ
VKRXOGEHVHOHFWHGILUVW

KRZWKHPDWHULDOLVSLFNHGLQWKHZDUHKRXVH

)LJXUHVKRZVWKHV\VWHPJHQHUDWHGWUDQVIHURUGHULWHPLQIRUPDWLRQIRUPDWHULDO
%DVHGRQWKHFRQILJXUDWLRQIRUVWRUDJHW\SHWKHPDWHULDOWKDWKDVEHHQVHOHFWHGLV
IURPVWRUDJHELQZKLFKLVWKHPDWHULDOWKDWZDVUHFHLSWHGLQWRVWRFNILUVW

)LJXUH &UHDWLQJD7UDQVIHU2UGHU7UDQVDFWLRQ/7

)LJXUHVKRZVWKHLQLWLDOVFUHHQIRUWKHFUHDWLRQRIDWUDQVIHURUGHUWRSLFNPDWHULDOIURP
VWRUDJHW\SH0RYHPHQWW\SHLVXVHGEHFDXVHLWZLOOUHPRYHWKHPDWHULDODQG
FRQVXPHLWDWDFRVWFHQWHU

)LJXUH ),)23LFNLQJ6WUDWHJ\IRU6WRUDJH7\SH

1RZWKDWZHYHGLVFXVVHGWKH),)2SLFNLQJVWUDWHJ\OHWVFRQVLGHUWKHRSSRVLWHSLFNLQJ
VWUDWHJ\ZKLFKLVODVWLQILUVWRXWRU/,)2

)LJXUH 6\VWHP*HQHUDWHG6RXUFH6WRUDJH%LQ%DVHGRQ),)23LFNLQJ6WUDWHJ\

/,)2 /DVW,Q)LUVW2XW

)LJXUHVKRZVWKDWIRUVWRUDJHW\SHWKHSLFNLQJVWUDWHJ\KDVEHHQFKDQJHGWR
/,)2RSWLRQ/DQGWKLVZLOOEHXVHGZKHQPDWHULDOLVZLWKGUDZQIURPDQ\VWRUDJHELQLQWKH
VWRUDJHW\SH

<RXFDQGHILQHWKH/,)2SLFNLQJVWUDWHJ\E\IROORZLQJWKHPHQXSDWK,0*y/RJLVWLFV
([HFXWLRQy:DUHKRXVH0DQDJHPHQWy6WUDWHJLHVy6WRFN5HPRYDO6WUDWHJLHVy'HILQH
/,)26WUDWHJ\)RUWKLVFRQILJXUDWLRQZHDUHFKDQJLQJWKHSLFNLQJVWUDWHJ\RIVWRUDJHW\SH
IURP),)2WR/,)2

 &RQILJXULQJWKH/,)23LFNLQJ6WUDWHJ\

3LFNLQJZLWKWKH/,)2PHWKRGLVQRWDVFRPPRQDV),)2SLFNLQJ,WPD\EHXVHGLIWKH
ILQDQFLDOGHSDUWPHQWZDQWVWRUHSRUWLQYHQWRU\XVLQJ/,)2EHFDXVHLWJLYHVDPRUH
FRQVHUYDWLYHYLHZRIWKHFRVWRILQYHQWRU\DQGWKHUHIRUHLVVHHQLQDSRVLWLYHOLJKWE\VRPH
ILQDQFLDODQDO\VWV&KHFNZLWKWKHZDUHKRXVHVWDIIDQGDFFRXQWLQJGHSDUWPHQWWRGHWHUPLQH
ZKHWKHUDQ\VWRUDJHW\SHVQHHGWREHFRQILJXUHGIRU/,)2SLFNLQJ

5HWDLOHUVVXFKDV:DOJUHHQVDQG.RKOVXVH/,)2SLFNLQJ:KHQ/,)2SLFNLQJRFFXUVQR
YDOXHFKDQJHRFFXUVIRUROGHUPDWHULDOZKHQQHZPDWHULDOVDUHUHFHLYHG%HFDXVHWKH/,)2
PHWKRGLVLQHIIHFWWKHROGHUPDWHULDOLVQRWDIIHFWHGE\WKHSRWHQWLDOO\KLJKHUSULFHVRIWKH
QHZGHOLYHULHVRIPDWHULDO,IWKHROGHUPDWHULDOLVQRWDIIHFWHGWKDWPHDQVLWLVQRWYDOXDWHG
DWWKHQHZPDWHULDOSULFH,IWKHROGHUPDWHULDOYDOXHLVQRWLQFUHDVHGWKLVSUHYHQWVIDOVH
YDOXDWLRQRIFXUUHQWLQYHQWRU\

/DVWLQILUVWRXWRU/,)2LVEDVHGRQWKHSULQFLSOHWKDWWKHODVWGHOLYHU\RIPDWHULDOWREH
UHFHLYHGLVWKHILUVWWREHXVHG0DQ\FRPSDQLHVXVH/,)2IRULQYHQWRU\FRVWDFFRXQWLQJ
7KHYDOXHRIZDUHKRXVHVWRFNLPSDFWVUHSRUWHGJURVVSURILWPDUJLQV,QYHVWRUVWHQGWR
FDUHIXOO\UHYLHZJURVVSURILWPDUJLQVZKLFKDUHRIWHQFRQVLGHUHGDPHDVXUHRIWKHYDOXH
SURYLGHGWRFRQVXPHUV/,)2FDQJLYHDPRUHDFFXUDWHYDOXDWLRQRIZDUHKRXVHVWRFN



<RXFDQXVH7UDQVDFWLRQ/7WRFUHDWHDWUDQVIHURUGHUWRSLFNPDWHULDOIURPVWRUDJHW\SH
)LJXUHVKRZVWKHLQLWLDOVFUHHQIRUFUHDWLQJDWUDQVIHURUGHUWRSLFNPDWHULDOIURP

)LJXUH 6WRFN2YHUYLHZIRU0DWHULDOLQD:DUHKRXVH

)LJXUHVKRZVWKHVWRFNSRVLWLRQIRUPDWHULDOLQVWRUDJHW\SH:KHQD
WUDQVIHURUGHUIRUWKLVPDWHULDOLVFUHDWHGWKH/,)2SLFNLQJVWUDWHJ\FRQILJXUHGIRUVWRUDJH
W\SHVKRXOGVHOHFWWKHPDWHULDOLQVWRUDJHELQEHFDXVHLWLVWKHODVWPDWHULDO
WREHJRRGVUHFHLSWHG

7KHIROORZLQJH[DPSOHZLOOVKRZKRZWKH/,)2FRQILJXUDWLRQIRUDVWRUDJHW\SHDIIHFWVWKH
ZD\WKHPDWHULDOLVSLFNHGLQWKHZDUHKRXVH7UDQVDFWLRQ/6GLVSOD\VWKHZDUHKRXVHVWRFN
IRUPDWHULDO

 ([DPSOHRI/,)23LFNLQJ6WUDWHJ\

)LJXUH /,)23LFNLQJ6WUDWHJ\IRU6WRUDJH7\SH

+DYLQJH[SORUHGWKHIXQFWLRQDOLW\RIWKH/,)2SLFNLQJVWUDWHJ\ZHZLOOFRQWLQXHE\GLVFXVVLQJ
WKHIL[HGVWRUDJHELQSLFNLQJVWUDWHJ\

)LJXUH 6\VWHP*HQHUDWHG6RXUFH6WRUDJH%LQ%DVHGRQ/,)23LFNLQJ6WUDWHJ\

)LJXUHVKRZVWKHV\VWHPJHQHUDWHGWUDQVIHURUGHUEDVHGRQWKH/,)2SLFNLQJVWUDWHJ\
,QWKLVFDVHWKHPDWHULDOKDVEHHQUHPRYHGIURPWKHVWRUDJHELQZKHUHWKHPDWHULDOKDVD
JRRGVUHFHLSWGDWHODWHUWKDQPDWHULDOLQWKHRWKHUVWRUDJHELQV

)LJXUH &UHDWLQJD7UDQVIHU2UGHU7UDQVDFWLRQ/7

VWRUDJHW\SH7KHPRYHPHQWW\SHLVXVHGIRUVFUDSSLQJPDWHULDOV7KLVZLOOUHPRYH
WKHPDWHULDOIURPWKHZDUHKRXVHIRUGLVSRVDO7KLVLVVLPLODUWRFRQVXPLQJWKHPDWHULDODWD
FRVWFHQWHU

)L[HG6WRUDJH%LQ

)LJXUHVKRZVWKDWPDWHULDOLVLQIDFWORFDWHGLQWKUHHVWRUDJHELQVLQVWRUDJH
W\SH7KHIL[HGELQSLFNLQJVWUDWHJ\JHQHUDWHVDWUDQVIHURUGHUWKDWSLFNVPDWHULDOIURP
WKHIL[HGVWRUDJHELQDVQRWHGLQWKHPDWHULDOPDVWHUUHFRUG

7KHPDWHULDOLQVWRUDJHW\SHVKRXOGEHVWRUHGLQVWRUDJHELQ$KRZHYHULWPD\
KDYHEHHQPDQXDOO\PRYHGWRRWKHUELQORFDWLRQVLIWKHUHZDVDQRYHUIORZRIPDWHULDO
7UDQVDFWLRQ/6HQDEOHV\RXWRVHHWKHVWRFNVLWXDWLRQIRUWKHPDWHULDO

)LJXUH )L[HG6WRUDJH%LQ,QIRUPDWLRQLQ0DWHULDO0DVWHU5HFRUG7UDQVDFWLRQ00

)LJXUHVKRZVWKH:0VFUHHQIRUPDWHULDO,QWKHVWRUDJHELQVWRFNVHFWLRQRI
WKHVFUHHQWKHVWRUDJHELQKDVWKHHQWU\$7KLVLVWKHVWRUDJHELQIL[HGIRUWKLVPDWHULDO
LQWKLVVSHFLILFVWRUDJHW\SH7KLVLQIRUPDWLRQLVXVHGIRUWKHIL[HGELQSLFNLQJVWUDWHJ\

,Q6$3(&&WKLVLVWKHVHFRQG:0VFUHHQEXWWKLVPD\YDU\GHSHQGLQJRQWKH
YHUVLRQ\RXDUHXVLQJ

1RWH

7KHIL[HGVWRUDJHELQLVHQWHUHGLQWRWKHPDWHULDOPDVWHUUHFRUGLQWKH6$3:0VFUHHQ

 )L[HG6WRUDJH%LQLQ0DWHULDO0DVWHU

7KHSLFNLQJVWUDWHJ\IRUIL[HGVWRUDJHELQVUHOLHVRQWKHGDWDWKDWKDVEHHQHQWHUHGLQWRWKH
PDWHULDOPDVWHUUHFRUGIRUWKHPDWHULDOWREHSLFNHG



 ([DPSOHRI)L[HG%LQ3LFNLQJ6WUDWHJ\

)LJXUH )L[HG%LQ3LFNLQJ6WUDWHJ\IRU6WRUDJH7\SH

)LJXUHVKRZVWKDWIRUWKHVWRUDJHW\SHWKHSLFNLQJVWUDWHJ\KDVEHHQFRQILJXUHGWR
RSWLRQ3ZKLFKUHSUHVHQWVIL[HGELQDQGWKLVVWUDWHJ\ZLOOEHXVHGZKHQPDWHULDOLVZLWKGUDZQ
IURPDQ\VWRUDJHELQLQWKHVHOHFWHGVWRUDJHW\SH

<RXFDQGHILQHWKHIL[HGELQSLFNLQJVWUDWHJ\E\IROORZLQJWKHPHQXSDWK,0*y/RJLVWLFV
([HFXWLRQy:DUHKRXVH0DQDJHPHQWy6WUDWHJLHVy6WRFN5HPRYDO6WUDWHJLHVy'HILQH
)L[HG%LQ6WUDWHJ\

 &RQILJXULQJWKH)L[HG%LQ3LFNLQJ6WUDWHJ\

)LJXUH 6WRFN2YHUYLHZIRU0DWHULDOLQD:DUHKRXVH

)LJXUHVKRZVWKHV\VWHPJHQHUDWHGWUDQVIHURUGHUEDVHGRQWKHIL[HGELQSLFNLQJ
VWUDWHJ\,QWKLVFDVHWKHPDWHULDOKDVEHHQUHPRYHGIURPWKHVWRUDJHELQ$WKDWLV
GHILQHGLQWKHPDWHULDOPDVWHUIRUVWRUDJHW\SH

)LJXUH &UHDWLQJD7UDQVIHU2UGHU7UDQVDFWLRQ/7

)LJXUHVKRZVWKHLQLWLDOVFUHHQIRUFUHDWLQJDWUDQVIHURUGHUWRSLFNPDWHULDOIURPWKH
IL[HGELQLQVWRUDJHW\SH7KHPRYHPHQWW\SHLVXVHGIRUVFUDSSLQJPDWHULDOV7KLV
ZLOOUHPRYHWKHPDWHULDOIURPWKHZDUHKRXVHIRUGLVSRVDO

,QWKLVVHFWLRQZHZLOOVKRZ\RXKRZWKHIL[HGELQSLFNLQJVWUDWHJ\FRQILJXUDWLRQIRUD
VWRUDJHW\SHDIIHFWVKRZWKHPDWHULDOLVSLFNHGLQWKHZDUHKRXVH<RXFDQXVH7UDQVDFWLRQ
/7WRFUHDWHDWUDQVIHURUGHUWRSLFNPDWHULDOIURPWKHIL[HGELQGHILQHGLQWKHPDWHULDO
PDVWHUIRUVWRUDJHW\SH

7KLVVHFWLRQKDVGHVFULEHGWKHIL[HGELQSLFNLQJVWUDWHJ\/HWVQRZIRFXVRQWKHSLFNLQJ
VWUDWHJ\WKDWXVHVVKHOIOLIHH[SLUDWLRQ

)LJXUH 6\VWHP*HQHUDWHG6RXUFH6WRUDJH%LQ%DVHGRQ)L[HG%LQ3LFNLQJ6WUDWHJ\

6KHOI/LIH([SLUDWLRQ

<RXFDQGHILQHWKHIL[HGELQSLFNLQJVWUDWHJ\E\IROORZLQJWKHPHQXSDWK,0*y/RJLVWLFV
([HFXWLRQy:DUHKRXVH0DQDJHPHQWy6WUDWHJLHVy6WRFN5HPRYDO6WUDWHJLHVy'HILQH
6WUDWHJ\IRU([SLUDWLRQ'DWH

 &RQILJXULQJ6KHOI/LIH([SLUDWLRQ3LFNLQJ6WUDWHJ\

)LJXUHVKRZVWKHVKHOIOLIHGDWDWKDWKDVEHHQHQWHUHGIRUPDWHULDO7KLVGDWDLV
XVHGLQFDOFXODWLQJWKHVKHOIOLIHH[SLUDWLRQGDWHLQEDWFKGHWHUPLQDWLRQDQGLVXVHGLQWKH
SLFNLQJVWUDWHJ\

)LJXUH 6KHOI/LIH([SLUDWLRQ'DWD(QWU\RQ3ODQW'DWD6FUHHQRI0DWHULDO0DVWHU
5HFRUG

%HIRUHXVLQJWKHVKHOIOLIHSLFNLQJVWUDWHJ\FKHFNWKDWWKHPDWHULDOWREHSLFNHGKDVWKH
FRUUHFWLQIRUPDWLRQUHJDUGLQJWKHVKHOIOLIHFKDUDFWHULVWLFVHQWHUHGRQWKHSODQWVWRUDJHYLHZ
8VH7UDQVDFWLRQ00WRGLVSOD\WKHPDWHULDORU7UDQVDFWLRQ00WRFKDQJHWKHPDWHULDO

 6/('3LFNLQJDQGWKH0DWHULDO0DVWHU

8QGHUWKHVKHOIOLIHH[SLUDWLRQSLFNLQJVWUDWHJ\WKHPDWHULDOLVSLFNHGEDVHGRQWKHVKHOIOLIH
RIWKHTXDQWVRIPDWHULDOLQWKHZDUHKRXVH7RHQVXUHWKDWWKLVSLFNLQJVWUDWHJ\SURGXFHVWKH
FRUUHFWUHVXOWV:0XVHUVPXVWSHUIRUPVHYHUDOFRQILJXUDWLRQVWHSVRUFKHFNWKHPIRU
DFFXUDF\

,QPDQ\LQGXVWULHVHVSHFLDOO\UHWDLODQGJURFHU\WKHVKHOIOLIHRIPDWHULDOVLVDYHU\LPSRUWDQW
FKDUDFWHULVWLF7KLVFDQEHDVDOHIRFXVHGVKHOIOLIHZKHUHWKHPDWHULDOFDQRQO\VLWRQD
VWRUHVKHOIXQWLOLWVVHOOE\GDWH$OWHUQDWLYHO\LWFDQEHSURGXFWLRQIRFXVHGDVZKHQ
FKHPLFDOVDQGUDZPDWHULDOVFDQEHNHSWRQO\IRUVRORQJDQGVWLOOPHHWWROHUDQFHOLPLWVIRU
XVHLQWKHSURGXFWLRQSURFHVV,WLVLPSRUWDQWWKDWZDUHKRXVHPDQDJHUVUHYLHZVKHOIOLIH
H[SLUDWLRQGDWHV 6/('V WRHQVXUHWKDWRXWRIGDWHPDWHULDOGRHVQRWKDYHWREHVFUDSSHG



)LJXUHVKRZVWKDWIRUVWRUDJHW\SHWKHSLFNLQJVWUDWHJ\KDVEHHQFRQILJXUHGWREH
VKHOIOLIHH[SLUDWLRQZKLFKLVUHSUHVHQWHGE\RSWLRQ+7KLVZLOOEHXVHGZKHQPDWHULDOLV
ZLWKGUDZQIURPDQ\VWRUDJHELQLQWKHVWRUDJHW\SH

)LJXUH &RQILJXUDWLRQWR$FWLYDWH6/('IRUD:DUHKRXVH

$FWLYDWHWKH6/('PDQDJHPHQWIRUWKHZDUHKRXVHE\VHOHFWLQJWKHFKHFNER[DVVKRZQLQ
)LJXUH &HQWUDO:DUHKRXVH $IWHUPDNLQJWKLVFRQILJXUDWLRQ\RXFDQFRQILJXUH
WKHSLFNLQJVWUDWHJ\IRUWKHVWRUDJHW\SHXVLQJWKHVHFRQGRSWLRQVKRZQLQ)LJXUH

)LJXUH 7ZR3DUW&RQILJXUDWLRQIRU6/('3LFNLQJ6WUDWHJ\

8QOLNHVRPHRWKHUSLFNLQJVWUDWHJLHVWKLVFRQILJXUDWLRQKDVWZRSDUWVDVVKRZQLQ)LJXUH
7KHILUVWSDUWRIWKHFRQILJXUDWLRQLVWRDFWLYDWHWKHVKHOIOLIHH[SLUDWLRQGDWH
PDQDJHPHQWIRUWKHZDUHKRXVHZKHUHWKHSLFNLQJZLOOWDNHSODFH7KHVHFRQGSDUWLVWR
DFWLYDWHWKHVWRFNUHPRYDOVWUDWHJ\IRUVKHOIOLIHH[SLUDWLRQIRUWKHZDUHKRXVHVWKDWUHTXLUHLW

7KHSURJUDPUHYLHZVWKH6/('GDWHHQWHUHGZKHQWKHWUDQVIHURUGHUZDVFUHDWHGDJDLQVW

)LJXUH ,QLWLDO6FUHHQIRU6KHOI/LIH([SLUDWLRQ'DWH&RQWURO/LVW7UDQVDFWLRQ/;

)LJXUHVKRZVWKHHQWU\RIWKHPDWHULDOZDUHKRXVHQXPEHUSODQWDQGVWRUDJHW\SH
DORQJZLWKWKHUHPDLQLQJVKHOIOLIHLQGD\VIRUWKHPD[LPXPVWRUDJHWLPHDOORZHGIRUD
PDWHULDOLQWKHZDUHKRXVH

7KHVKHOIOLIHH[SLUDWLRQGDWHFRQWUROOLVWVKRZVVWRFNLQWKHZDUHKRXVHWKDWKDVDQH[SLUDWLRQ
GDWH<RXFDQUXQWKH6/('FRQWUROOLVWZLWK7UDQVDFWLRQ/;RUYLDWKHPHQXSDWK6$3y
/RJLVWLFVy/RJLVWLFV([HFXWLRQy:DUHKRXVH0DQDJHPHQWy0DVWHU'DWDy0DWHULDOy
(YDOXDWLRQVy6/('&RQWURO/LVW

 'LVSOD\LQJ6/('6WRFN

)LJXUH 6KHOI/LIH([SLUDWLRQ3LFNLQJ6WUDWHJ\IRU6WRUDJH7\SH

)LJXUHVKRZVWKHLQLWLDOVFUHHQIRUFUHDWLQJDWUDQVIHURUGHUWRSLFNPDWHULDOIURP
VWRUDJHW\SH7KHPRYHPHQWW\SHLVXVHGEHFDXVHLWZLOOUHPRYHWKHPDWHULDODQG
FRQVXPHLWDWDFRVWFHQWHU

<RXFDQXVH7UDQVDFWLRQ/7WRFUHDWHDWUDQVIHURUGHUWRSLFNPDWHULDOZLWKWKHVKRUWHVW
VKHOIOLIHGHILQHGLQWKHPDWHULDOPDVWHUIRUVWRUDJHW\SH

,QWKLVVHFWLRQZHOOH[SODLQKRZWKHVKHOIOLIHH[SLUDWLRQSLFNLQJVWUDWHJ\FRQILJXUDWLRQIRUD
VWRUDJHW\SHDIIHFWVWKHZD\PDWHULDOLVSLFNHGLQWKHZDUHKRXVH

 ([DPSOHRI6KHOI/LIH([SLUDWLRQ3LFNLQJ6WUDWHJ\

)LJXUH 5HVXOWV6FUHHQIRU6KHOI/LIH([SLUDWLRQ'DWH&RQWURO/LVW7UDQVDFWLRQ/;

)LJXUHVKRZVWKHVKHOIOLIHH[SLUDWLRQGDWHFRQWUROOLVW7KHUHSRUWVKRZVWKHTXDQWVRI
PDWHULDOLQWKHZDUHKRXVHWKDWDUHDFWLYHIRU6/('DQGDUHZLWKLQWKHSDUDPHWHUV
HQWHUHGLQ)LJXUH

WKHFXUUHQWGDWHWRFDOFXODWHWKHUHPDLQLQJVKHOIOLIH

1RZWKDWZHKDYHUHYLHZHGWKHSLFNLQJVWUDWHJ\IRUVKHOIOLIHH[SLUDWLRQOHWVH[DPLQHWKH
SDUWLDOTXDQWLWLHVSLFNLQJVWUDWHJ\

)LJXUH 6\VWHP*HQHUDWHG6RXUFH6WRUDJH%LQ%DVHGRQ6KHOI/LIH([SLUDWLRQ
3LFNLQJ6WUDWHJ\

)LJXUHVKRZVWKHV\VWHPJHQHUDWHGWUDQVIHURUGHUEDVHGRQWKHVKHOIOLIHH[SLUDWLRQ
SLFNLQJVWUDWHJ\,QWKLVH[DPSOHWKHPDWHULDOKDVEHHQUHPRYHGIURPVWRUDJHELQ$
EHFDXVHWKLVLVWKHELQWKDWFRQWDLQVWKHPDWHULDOZLWKWKHVKRUWHVWVKHOIOLIHDVVKRZQLQ
)LJXUH

)LJXUH &UHDWLQJD7UDQVIHU2UGHU7UDQVDFWLRQ/7

3DUWLDO4XDQWLWLHV

,QLWLDOO\WKHV\VWHPGHWHUPLQHVZKHWKHUWKHTXDQWLW\LQWKHWUDQVIHURUGHUHTXDOVRULV
JUHDWHUWKDQWKHTXDQWLW\RIDVWDQGDUGVWRUDJHXQLW,IWKLVLVWKHFDVHWKHQD

:KHQDWUDQVIHURUGHULVFUHDWHGIRUDPDWHULDOZLWKWKHVWRUDJHW\SHFRQILJXUHGIRUSDUWLDO
TXDQWLWLHVSLFNLQJWUDQVDFWLRQSURFHVVLQJVHDUFKHVIRUDUHOHYDQWTXDQWRIPDWHULDO7KHORJLF
EHKLQGWKHSLFNLQJVWUDWHJ\LVGHILQHGDVIROORZV

 8VLQJWKH3DUWLDO4XDQWLWLHV3LFNLQJ6WUDWHJ\

)LJXUH 3DUWLDO4XDQWLW\3LFNLQJ6WUDWHJ\IRU6WRUDJH7\SH

)LJXUHVKRZVWKDWIRUVWRUDJHW\SHWKHSLFNLQJVWUDWHJ\KDVEHHQFRQILJXUHGIRU
SDUWLDOSDOOHWTXDQWLW\ZKLFKLVUHSUHVHQWHGE\RSWLRQ$7KLVZLOOEHXVHGZKHQPDWHULDOLV
ZLWKGUDZQIURPDQ\VWRUDJHELQLQWKHVWRUDJHW\SH

<RXFDQGHILQHWKHSDUWLDOTXDQWLWLHVSLFNLQJVWUDWHJ\E\IROORZLQJWKHPHQXSDWK,0*y
/RJLVWLFV([HFXWLRQy:DUHKRXVH0DQDJHPHQWy6WUDWHJLHVy6WRFN5HPRYDO
6WUDWHJLHVy'HILQH6WUDWHJ\IRU3DUWLDO3DOOHW4XDQWLW\

 &RQILJXULQJ3DUWLDO4XDQWLWLHV3LFNLQJ6WUDWHJ\

0HPEHUVRIWKHZDUHKRXVHVWDIIRIWHQWU\WRUHGXFHWKHQXPEHURIVWRUDJHXQLWVZLWKSDUWLDO
TXDQWLWLHVDQGWKHSDUWLDOTXDQWLWLHVSLFNLQJVWUDWHJ\FDQEHDQDSSURSULDWHZD\WR
DFFRPSOLVKWKLV

7KHSLFNLQJVWUDWHJ\IRUSDUWLDOTXDQWLWLHVLVDVVRFLDWHGZLWKVWRUDJHXQLWPDQDJHPHQWZKLFK
ZHOOGLVFXVVLQ&KDSWHU$ZDUHKRXVHPD\UHTXLUHWKHSDUWLDOSLFNLIWKHZDUHKRXVH
PDQDJHUGRHVQRWZDQWWRSLFNDOOWKHFRQWHQWVRIDVWRUDJHXQLWDQGWKHQKDYHWRUHWXUQ
VRPHWRWKHVWRUDJHELQ$SDUWLDOTXDQWLW\DOORZVWKHVWDIIWRUHPRYHVRPHRIWKHFRQWHQWV
RIDVWRUDJHXQLW



:HOOSURYLGHIXUWKHULQIRUPDWLRQUHJDUGLQJVWRUDJHXQLWVLQ&KDSWHU$IWHUWKLVGLVFXVVLRQ
RISDUWLDOTXDQWLWLHVSLFNLQJZHQRZWXUQRXUDWWHQWLRQWRWKHTXDQWLW\UHOHYDQWSLFNLQJ
VWUDWHJ\

,IWKHV\VWHPGHWHUPLQHVWKDWWKHTXDQWLW\LQWKHWUDQVIHURUGHULVOHVVWKDQWKH
TXDQWLW\RIWKHVWDQGDUGVWRUDJHXQLWWKHQWKHV\VWHPLQLWLDOO\SURFHHGVWRUHPRYH
SDUWLDOVWRUDJHXQLWTXDQWLWLHVIURPWKHZDUHKRXVH+RZHYHULIQRSDUWLDOVWRUDJHXQLW
TXDQWLWLHVDUHDYDLODEOHWKHV\VWHPQHHGVWREUHDNGRZQIXOOVWRUDJHXQLWVWRREWDLQ
WKHFRUUHFWTXDQWLW\IRUWKHWUDQVIHURUGHU

VWDQGDUGVWRUDJHXQLWFDQEHSLFNHGIURPVWRFN+RZHYHULIQRVWDQGDUGVWRUDJHXQLWV
DUHDYDLODEOHWKHSDUWLDOVWRUDJHXQLWTXDQWLWLHVLQWKHZDUHKRXVHDUHXVHG

4XDQWLW\5HOHYDQW3LFNLQJ

)LJXUHVKRZVWKDWIRUVWRUDJHW\SHWKHSLFNLQJVWUDWHJ\KDVEHHQFKDQJHGWR
TXDQWLW\UHOHYDQWRSWLRQ0DQGWKLVZLOOEHXVHGZKHQPDWHULDOLVZLWKGUDZQIURPDQ\
VWRUDJHELQLQWKHVWRUDJHW\SH7KHVHFRQGSDUWRIWKHFRQILJXUDWLRQLVWRGHILQHWKHVHDUFK
VHTXHQFHIRUWKHVWRUDJHW\SH

)LJXUH 7ZR3DUW&RQILJXUDWLRQIRU4XDQWLW\5HOHYDQW3LFNLQJ6WUDWHJ\

8QOLNHVRPHRWKHUSLFNLQJVWUDWHJLHVWKLVFRQILJXUDWLRQKDVWZRSDUWVDVVKRZQLQ)LJXUH
7KHILUVWSDUWRIWKHFRQILJXUDWLRQLVWRDFWLYDWHWKHTXDQWLW\UHOHYDQWVWUDWHJ\IRUWKH
ZDUHKRXVHZKHUHWKHSLFNLQJZLOOWDNHSODFH7KHVHFRQGSDUWRIWKHFRQILJXUDWLRQLVWR
GHWHUPLQHWKHVHTXHQFHLQZKLFKWKHVWRUDJHW\SHVDUHVHDUFKHGVRWKDWWKHUHOHYDQW
PDWHULDOWREHSLFNHGLVIRXQG

<RXFDQGHILQHWKHTXDQWLW\UHOHYDQWSLFNLQJVWUDWHJ\E\IROORZLQJWKHPHQXSDWK,0*y
/RJLVWLFV([HFXWLRQy:DUHKRXVH0DQDJHPHQWy6WUDWHJLHVy6WRFN5HPRYDO
6WUDWHJLHVy'HILQH6WUDWHJ\IRU/DUJH6PDOO4XDQWLWLHV

 &RQILJXULQJWKH4XDQWLW\5HOHYDQW3LFNLQJ6WUDWHJ\

7KHTXDQWLW\UHOHYDQWSLFNLQJVWUDWHJ\LVEDVHGRQWKHTXDQWLW\UHTXLUHGLQWKHWUDQVIHURUGHU
DQGZKHWKHUWKDWTXDQWLW\LVGHILQHGDVODUJHRUVPDOO:DUHKRXVHVPD\KDYHVWRUDJHW\SHV
ZKHUHVPDOOTXDQWLWLHVRIPDWHULDODUHVWRUHGDQGDOVRKDYHVWRUDJHW\SHVZKHUHODUJH
TXDQWLWLHVDUHVWRUHG

7KHTXDQWLW\UHOHYDQWSLFNLQJVWUDWHJ\LVOHVVIUHTXHQWO\XVHGEXWLVXVHIXOIRUFRPSDQLHV
ZKRVHZDUHKRXVHVVWRUHWKHVDPHPDWHULDOLQYDU\LQJVL]HVRIELQVDQGVWRUDJHW\SHV:H
ILQGWKLVVFHQDULRRIWHQLQROGHUZDUHKRXVHEXLOGLQJV



,IWKHPDWHULDOFDQQRWEHIRXQGWKHQZDUHKRXVHVWDIIKDVWRSURFHVVWKHWUDQVIHURUGHU
PDQXDOO\DQGHQWHUDVWRUDJHW\SHDQGVWRUDJHELQLQWRWKHWUDQVIHURUGHU

,Q)LJXUHWZRVHTXHQFHVRIVWRUDJHW\SHVFDQEHXVHGWRILQGWKHUHOHYDQWPDWHULDOIRU
SLFNLQJ,QWKHILUVWOLQHWKLVLVWKHVHTXHQFHXVHGIRUZDUHKRXVHDQGWKHRSHUDWLRQLV(
IRUSLFNLQJ)RUDWUDQVIHURUGHUWKDWXVHVTXDQWLW\UHOHYDQWSLFNLQJWRSLFNPDWHULDOLQ
ZDUHKRXVHWKHIXQFWLRQZLOOUHYLHZWKHPDWHULDOLQWKHILUVWVWRUDJHW\SH,IWKH
PDWHULDOFDQQRWEHIRXQGLQWKLVVWRUDJHW\SHWKHV\VWHPZLOOUHYLHZWKHPDWHULDOLQWKH
VHFRQGVWRUDJHW\SHDQGVRIRUWKXQWLOWKHPDWHULDOLVIRXQG

)LJXUHVKRZVWKHVWRUDJHW\SHVWKDWKDYHEHHQHQWHUHGLQWKHVWRUDJHW\SHVHDUFK
VHTXHQFH7KHSLFNLQJIXQFWLRQDOLW\ZLOOVHDUFKWKHVHVWRUDJHW\SHVLQVHTXHQFH

)LJXUH 6WRUDJH7\SH6HDUFK6HTXHQFHIRU4XDQWLW\5HOHYDQW3LFNLQJ

:KHQWKHHQWULHVLQWKHVWRUDJHW\SHVHDUFKVHTXHQFHDUHPDGHLWLVQHFHVVDU\WRHQWHUWKH
ILUVWVWRUDJHW\SHIRUWKHVPDOOHVWTXDQWLW\7KHVHFRQGLQWKHVHTXHQFHVKRXOGEHODUJHU
WKDQWKHILUVWDQGVXEVHTXHQWVWRUDJHW\SHVVKRXOGJHWODUJHULQWKHVHDUFKVHTXHQFHDV
VKRZQLQ)LJXUH

)LJXUH 4XDQWLW\5HOHYDQW3LFNLQJ6WUDWHJ\IRU6WRUDJH7\SH

)RUWKHTXDQWLW\UHOHYDQWSLFNLQJVWUDWHJ\WKHV\VWHPXVHVPRYHPHQWW\SHWRGHWHUPLQH
ZKLFKVWRUDJHW\SHLVWREHXVHGLQWKHWUDQVIHURUGHUIRUSLFNLQJ

)LJXUH &RQWURO4XDQWLW\)LHOGLQWKH0DWHULDO0DVWHU5HFRUG

,QWKLVFDVHDVVKRZQLQ)LJXUHWKHGLYLGLQJWKUHVKROGLVDTXDQWLW\RI7KLVPHDQVD
WUDQVIHURUGHUOLQHLWHPZLWKDTXDQWLW\RILVGHHPHGDVPDOOTXDQWLW\DQGDOLQHLWHP
TXDQWLW\RILVGHHPHGODUJH7KLVWKUHVKROGZLOOYDU\IURPPDWHULDOWRPDWHULDODQGVWRUDJH
W\SHWRVWRUDJHW\SH

7KHFKHFNIRUWKLVGHILQLWLRQRIODUJHYHUVXVVPDOOTXDQWLW\LVSHUIRUPHGIRUWKLVSLFNLQJ
VWUDWHJ\EDVHGRQWKHFRQWUROTXDQWLW\ILHOGRIWKH:0VFUHHQLQWKHPDWHULDOPDVWHUUHFRUG
7KHFRQWUROTXDQWLW\WKDWLVHQWHUHGIRUWKLVPDWHULDODQGVWRUDJHW\SHFRPELQDWLRQLVWKH
WKUHVKROGWKDWGLYLGHVODUJHIURPVPDOO

,QWKHPDQXIDFWXULQJLQGXVWU\PRVWFRPSDQLHVZDQWWRURWDWHWKHLUVWRFNVRWKDWWKHILQLVKHG

([DPSOH

7KHSLFNLQJVWUDWHJ\IRUILUVWLQILUVWRXWRU),)2DVLWLVPRUHFRPPRQO\NQRZQUHPRYHV
WKHROGHVWTXDQWIURPWKHVWRUDJHW\SHGHILQHGLQWKHVWRUDJHW\SHVHDUFK7KLVLVIRXQGLQ
PRVWPDQXIDFWXULQJLQGXVWULHVZKHUHWKHPDWHULDOFRPSDQLHVZDQWWRVHOOILUVWLVWKDWZKLFK
KDVEHHQVWRUHGLQWKHZDUHKRXVHWKHORQJHVWWLPH

 )LUVW,Q)LUVW2XW ),)2

7KHFRPSDQ\IRXQGWKDWDIWHUWKHFRQWUDFWVWKH\ZHUHUHFHLYLQJUHTXLUHGWKDWWKH\
LQGLFDWHZKLFKSDUWVZHUHPDGHIURPDSDUWLFXODUEDWFKRIUDZPDWHULDODQGILQLVKHGJRRGV
QHHGHGWREHLGHQWLILHGXVLQJEDWFKPDQDJHPHQW2QFHWKLVFKDQJHZDVLPSOHPHQWHGWKH
SLFNLQJRISDUWVLQWKHZDUHKRXVHEHFDPHVLJQLILFDQWO\PRUHFRPSOLFDWHG7KHZDUHKRXVH
VWDIINQHZZKHUHWKHSDUWVZHUHEXWQRWWKHEDWFK$VSLFNVUHTXLUHGDFHUWDLQEDWFKWREH
SXOOHGWKHZDUHKRXVHIRUHPDQVSHQWDORWRIWLPHFUHDWLQJWUDQVIHURUGHUV2QFH
PDQDJHPHQWQRWLFHGWKDWZDUHKRXVHHIILFLHQF\ZDVGHFOLQLQJDUHFRPPHQGDWLRQWR
LPSOHPHQWVWRUDJHW\SHVHDUFKZDVSURSRVHGDQGWKHQLPSOHPHQWHG

7KHPDQXIDFWXUHULPSOHPHQWHGDQ6$3V\VWHPLQWKHVDQGXVHGDEDVLF:0
FRQILJXUDWLRQZLWKRXWVWRFNUHPRYDOVWUDWHJLHV7KDWGHFLVLRQZDVEDVHGRQWKHIDFWWKDW
WKH\VWRUHGVRIHZSDUWVWKDWDOOWKHZDUHKRXVHVWDIINQHZZKHUHHDFKSDUWZDVORFDWHG

6RPHFRPSDQLHVGRQRWLPSOHPHQWDVWRUDJHW\SHVHDUFKIRUSLFNLQJDVWKH\EHOLHYHWKH\
KDYHDVLPSOHZDUHKRXVHRSHUDWLRQWKDWGRHVQRWUHTXLUHDQ\DVVLVWDQFHIURPWKHV\VWHP
2QHFRPSDQ\WKDWEHOLHYHGWKLVZDVDPDQXIDFWXUHURIORFRPRWLYHSDUWVEDVHGLQ%DOWLPRUH
7KHFRPSDQ\KDGEHHQPDQXIDFWXULQJSDUWVIRUDYDULHW\RILQGXVWULHVVLQFHWKHV7KHLU
SURFHVVZDVPDQXIDFWXUHUSDUWVRQDFRQWUDFWEDVLVIURPPXOWLQDWLRQDOWUDQVSRUWDWLRQ
FRPSDQLHV7KHFRPSDQ\PDQXIDFWXUHUVWKRXVDQGVRIWKHVDPHSDUWHDFKZHHNDQGWKH\
VWRUHOHVVWKDQVWRFNLWHPVLQWKHLUZDUHKRXVH

([DPSOH

6RPHFRPSDQLHVKDYHFRPSOH[ZDUHKRXVHIDFLOLWLHVDQGLQYHVWDORWRIWLPHDQGUHVRXUFHV
LQWRPDQDJLQJWKHLUZDUHKRXVHIRUPD[LPXPHIILFLHQF\2QHZD\WKH\FDQGRWKLVLVWRGHVLJQ
VSHFLILFVWRUDJHW\SHVHDUFKHVZKHUHRQO\FHUWDLQPDWHULDOVWREHSLFNHGIURPVWRUDJHW\SHV
DQGWKHRUGHURISLFNLQJFDQEHGHILQHGE\WKHVWRUDJHW\SHVHDUFK

 6WRUDJH7\SH6HDUFK

$SLFNLQJVWUDWHJ\IRUWKHZDUHKRXVHLVDPHWKRGWKDWGHWHUPLQHVWKHZD\DPDWHULDOLV
FKRVHQWREHSLFNHGIRUDSURGXFWLRQRUGHURUIRUDFXVWRPHUVDOHVRUGHU7KHVWUDWHJ\RI
SLFNLQJPDWHULDOLQYROYHVGHFLGLQJZKDWPDWHULDOLVWREHSLFNHG6HYHUDOSLFNLQJVWUDWHJLHV
FDQEHXVHGLQFOXGLQJILUVWLQILUVWRXW ),)2 ODVWLQILUVWRXW /,)2 DQGVKHOIOLIH
H[SLUDWLRQGDWH 6/(' 

:KHQDWUDQVIHURUGHULVEHLQJSURFHVVHGWKHWUDQVDFWLRQGHWHUPLQHVZKHWKHUWKHWUDQVIHU
RUGHUOLQHLWHPTXDQWLW\LVVPDOORUODUJH7KHVRXUFHVWRUDJHELQWKDWLVSURSRVHGLQWKH
WUDQVIHURUGHUZLOOEHIURPHLWKHUDVPDOOTXDQWLW\VWRUDJHW\SHRUDODUJHTXDQWLW\VWRUDJH
W\SH

%XVLQHVV([DPSOHV3LFNLQJ6WUDWHJLHV



 4XDQWLW\5HOHYDQW3LFNLQJDQGWKH0DWHULDO0DVWHU5HFRUG

:KHQ\RXORRNDWDQLWHPLQDVXSHUPDUNHW\RXDOPRVWDOZD\VVHHDQH[SLUDWLRQGDWH7KLV
LVUHOHYDQWWRDQ\LWHPWKDWKDVDVKHOIOLIHQRWMXVWIRRGLWHPV,QDQLQFUHDVLQJQXPEHURI
LQGXVWULHVWKHVKHOIOLIHRIPDWHULDOVLVDYHU\LPSRUWDQWFKDUDFWHULVWLF,WLVLPSRUWDQWWKDW
ZDUHKRXVHPDQDJHUVUHYLHZWKHVKHOIOLIHH[SLUDWLRQGDWHV 6/('V WRHQVXUHWKDWRXWRI
GDWHPDWHULDOGRHVQRWKDYHWREHVFUDSSHG

 6KHOI/LIH([SLUDWLRQ'DWH 6/('

7KHZDUHKRXVHWHDPPRGLILHGVHYHUDOVWRUDJHELQVLQWRRQHODUJHVWRUDJHELQFORVHUWRWKH
ORDGLQJGRFNVRWKDWWKH\FRXOGDFFRPPRGDWHSDOOHWVRIWKHLPSRUWHGEHYHUDJH7KH
LPSRUWHGEHYHUDJHZDVDOZD\VSODFHGLQWKHVDPHVWRUDJHELQZKLFKZDVHQWHUHGRQWKH
PDWHULDOPDVWHUDQGWKLVZDVWKHIL[HGELQIURPZKLFKWKHPDWHULDOZDVDOZD\VSLFNHGIURP

$%ULWLVKEHYHUDJHFRPSDQ\KDGEHHQUXQQLQJ6$3:0IRUDERXWIRXUPRQWKVDQG
SUHYLRXVO\RSHUDWHGWKHZDUHKRXVHXVLQJ6$300$IWHUWKHZDUHKRXVHIL[HGWKHLVVXHV
ZLWKFRUUHFWVWRFNEHLQJFORVHUWRWKHORDGLQJGRFNWKHFRPSDQ\EHJDQUHVHOOLQJDQLPSRUWHG
EHYHUDJHWKDWXVHGRYHUVL]HGFUDWHVWRVWRUHWKHLQGLYLGXDOERWWOHV7KHSDOOHWVRIWKH
LPSRUWHGEHYHUDJHZHUHWRRWDOOIRUWKHVWDQGDUGUDFNVWKDWKDGEHHQXVHGIRUPDQ\\HDUV
7KHRYHUVL]HGSDOOHWVZHUHVWRUHGLQDQRSHQVWRUDJHDUHDQHDUWKHZDUHKRXVHRIILFHZKHUH
GDPDJHGLWHPVZHUHXVXDOO\VWRUHG

([DPSOH

0DQ\FRPSDQLHVUHTXLUHWKDWFHUWDLQPDWHULDOVDOZD\VEHSODFHGLQWKHVDPHORFDWLRQZLWKLQ
WKHZDUHKRXVH7KLVPD\EHEHFDXVHRIWKHVL]HRIWKHLWHPRUFKDUDFWHULVWLFVRIWKHLWHP
WKDWUHTXLUHDVSHFLILFORFDWLRQWREHVHOHFWHG7KHSLFNLQJVWUDWHJ\IRUIL[HGVWRUDJHELQV
UHOLHVRQWKHGDWDWKDWKDVEHHQHQWHUHGLQWRWKHPDWHULDOPDVWHUUHFRUGIRUWKHPDWHULDOWR
EHSLFNHG

 )L[HG%LQ

'XHWRWKHOLPLWHGWLPHWKDWSURGXFWUHPDLQHGLQWKHZDUHKRXVHWKHFRPSDQ\GLGQRW
LPSOHPHQWD),)2RU6/('SROLF\6DOHVRUGHUVEHJDQWRVORZGRZQDWWKHEHJLQQLQJRI
DQGE\VXPPHUWKHZDUHKRXVHZDVILOOLQJXSDVPDQXIDFWXULQJZDVSURGXFLQJSURGXFW
EDVHGRQSODQVWKDWQHHGHGWREHUHYLVHG7KHILQDQFHGHSDUWPHQWDVNHGWKHZDUHKRXVHWR
PDNHVXUHWKHILQLVKHGJRRGVWKDWZHUHSLFNHGIRUDVDOHVRUGHUZHUHWKHROGHVWLQWKH
ZDUHKRXVH7KHV\VWHPUHFRUGVWKHGDWHRQZKLFKWKHLWHPVDUHUHFHLSWHGLQWRWKH
ZDUHKRXVHVRWKHVXSSO\FKDLQWHDPPDGHFRQILJXUDWLRQFKDQJHVWRLQVWLJDWHDILUVWLQILUVW
RXWVWUDWHJ\WKDWHQVXUHGWKDWWKHROGHVWPDWHULDOZDVSLFNHGILUVW

JRRGVWKDWDUHSODFHGLQWKHZDUHKRXVHILUVWDUHWDNHQRXWRIWKHZDUHKRXVHILUVWDQG
GHOLYHUHGWRWKHFXVWRPHU$0LFKLJDQEDVHGPDQXIDFWXUHURIKDQGWRROVZDVSXUFKDVHGE\D
*HUPDQPXOWLQDWLRQDOPDQXIDFWXULQJFRPSDQ\ZKLFKOHGWRDVLPSOHLPSOHPHQWDWLRQRIDQ
6$3V\VWHPD\HDUODWHU7KHFRPSDQ\PDQXIDFWXUHGWKRXVDQGVRIWKHVDPHLWHPVHDFK
GD\DQGWKH\ZHUHVWRUHGLQWKHZDUHKRXVHEHIRUHEHLQJVROGWRFXVWRPHUV)LQLVKHGJRRGV
WHQGHGWRVWD\LQWKHZDUHKRXVHIRUOHVVWKDQDZHHNEHIRUHEHLQJVKLSSHGWRFXVWRPHUVRU
GLVWULEXWRUV

7KHFRPSDQ\KDGEHHQXVLQJDFRPELQDWLRQRIRIIWKHVKHOIVRIWZDUHDQGFXVWRPV\VWHPVWR
DVVLVWZLWKZDUHKRXVHRSHUDWLRQVDQGVKHOIOLIHSURFHVVHV,QWKHHDUO\VD6ZLVV
PXOWLQDWLRQDOIRRGFRPSDQ\SXUFKDVHGWKHILUPDQGWKHOHJDF\V\VWHPVZHUHUHSODFHGZLWK
DQ6$3V\VWHP7KHZDUHKRXVHPDQDJHPHQWLPSOHPHQWDWLRQZDVGHHPHGWREHRIJUHDW
LPSRUWDQFHDVHQVXULQJWKDWSURGXFWZDVGHOLYHUHGWRWKHFXVWRPHUZLWKWKHFRUUHFWVKHOIOLIH
ZDVYLWDOWRWKHFRPSDQ\7KHLPSOHPHQWDWLRQWHDPXVHGWKHSLFNLQJVKHOIOLIHVWUDWHJ\LQ
FRPELQDWLRQZLWKHQWHULQJWKHFRUUHFWVKHOIOLIHLQIRUPDWLRQRQWKHPDWHULDOPDVWHUUHFRUGV
7KHZDUHKRXVHIRUHPDQZDVDEOHWRVHHVKHOIOLIHDFURVVWKHZDUHKRXVHIRUWKHLWHPVVWRUHG
WKHUHDQGZDVDEOHWRUHGXFHWKHDPRXQWRIPDWHULDOFRXOGQRWEHVKLSSHGWRFXVWRPHUV

,QWKHIRRGLQGXVWU\LWLVLPSRUWDQWWRVKLSSURGXFWWRFXVWRPHUVVRWKDWLWHPVLQWKH
ZDUHKRXVHGRQRWSDVVWKHLUH[SLU\GDWH)RUFDQQHGJRRGVWKHXUJHQF\WRVKLSSURGXFWLV
OHVVWKDQIUHVKLWHPVZKLFKJHQHUDOO\KDYHDYHU\VKRUWVKHOIOLIH$%ULWLVKPDQXIDFWXUHURI
VQDFNIRRGVSURGXFHGLWHPVWKDWKDGDVKHOIOLIHRIEHWZHHQVL[ZHHNVDQGRQH\HDU)RU
LWHPVZLWKDVKRUWVKHOIOLIHLWZDVLPSRUWDQWWRHQVXUHWKDWQRLWHPVLQWKHZDUHKRXVHKDGD
VKHOIOLIHWKDWPDGHWKHPXQVHOODEOH*HQHUDOO\QRFXVWRPHUZRXOGWDNHSURGXFWZLWKOHVV
WKDQWKUHHZHHNVRIUHPDLQLQJVKHOIOLIH,ILWHPVLQWKHZDUHKRXVHGLGKDYHDVKHOIOLIHRIOHVV
WKDQWKUHHZHHNVWKHQWKHVHZRXOGHLWKHUEHVROGDWDORVVLQWKHVWDIIVKRSRUGRQDWHGWR
FKDULW\

([DPSOH

6XPPDU\

,Q&KDSWHUZHZLOOGLVFXVVWKHGLIIHUHQWSXWDZD\VWUDWHJLHVWKDWFDQEHDVVLJQHGKRZ
WKHVHDUHFRQILJXUHGDQGKRZWKH\DUHXVHG

6RPHUHWDLOFRPSDQLHVVXFKDV:DOJUHHQVDQG.RKOVXVHSLFNLQJVWUDWHJLHVWKDWDUHQRW
),)2VREHSUHSDUHGWRDVNFRPSDQLHVILQDQFLDOGHSDUWPHQWVKRZWKH\YDOXHWKHLUVWRFN
DQGZKHWKHU),)2LVWKHVWUDWHJ\WKH\ZDQWWRXVH&RQVXOWZLWKWKHZDUHKRXVHVWDIIWRVHH
LIWKHSLFNLQJVWUDWHJLHVLQWKH6$3V\VWHPUHIOHFWWKHZD\WKH\QHHGWRZRUN%HSUHSDUHGWR
GHPRQVWUDWHKRZHDFKRIWKHVWUDWHJLHVZRUNVDQGKRZPDWHULDOLVDVVLJQHGWRWKHWUDQVIHU
RUGHU0HHWLQJWKHQHHGVRIZDUHKRXVHPDQDJHPHQWPD\UHTXLUHFKDQJHVWRWKH
FRQILJXUDWLRQRIWKHSLFNLQJVWUDWHJLHV

7KLVFKDSWHUGLVFXVVHGSLFNLQJVWUDWHJLHVXVHGLQWKHZDUHKRXVH$OORIWKHVWUDWHJLHVZH
KDYHGLVFXVVHGKHUHPD\EHXVHGDWDQ\VLWH$OWKRXJK),)2DQGIL[HGELQSLFNLQJVWUDWHJLHV
DUHYHU\FRPPRQGRQRWGLVFRXQWRWKHUSLFNLQJVWUDWHJLHVWKDWPD\LPSURYHWKHHIILFLHQF\RI
DSDUWLFXODUZDUHKRXVH



You might also like