You are on page 1of 8

glUR jRWje

~qSSUWRgvRWYR SlW^gRW^[RgSvR
WRganR
ueSlgd  ieR

 WcUp U inWT sUnT XUcT sUL ~ uiUl[T is[T v mdYjR


O i|[T Th YWT w MW YTixT Y[T gx[  UlT lT ~ i|[
YcT ZUSWT ~ YWl[T ZUl U[IT gw Uis[ ~ ;Ti] MsWL ZU
~vrhTiUxTp[Tjisssf[TklLVi|[YwgxW;Uppf
XgnTYSWTZTgiipUwvcTwU[UlTlTYppfiUW[wT
L it W l W U Ugw Uc[ ~ eiU[T iWw UlT b` [T
i|IUWTYTixTY[TZUxWoUp[fT
lTsULc[wxhT inWTlTYlg UTigTitU
ZUw ~ U`g  YrUi Ylg ZUw Vl O pTf W inWT
sUnT uTL Y~U ~T[[ Xgn YSW f iUxT p[T TixT ssf[T
YxWsTYSWTvjT[[UlT
cTUlTfr[ToUp[YcU[TYSWTUwUl[UWYTicpTsUTiW[x[
rTiT  W[ U hUO YWixT gT V{MW inWT kg[T Yff ]T
sUTULYjTUUnY`UxYSUTgTgg`[U`TYcU[OYwTijT
\[TYSTnxT
Ul XgiUs YxWs YSW iW[x[ UpSUpf W YTicpT YSWT L  {iUW
ipxTcU[LU {iUW YWxpi]LUWXgnYSWfUxUx[TbWpL
s[lThTWixTsTTUUigW YwZUUOZU`[\gcT
  i~[ UW YWl[ Yis~ XiWfW Ux mUx[T w ;TigU YlUT ZUSWT h
YslWYxWsgTZTgL
Xiir Y c Y`[Ti[lT bWpL YTicpT sUT O YTixT Y[UW `[T
Y~U }t[ w x[ Yg Ylg Yw Y` Vs[ UW YWixT gT v`
cT gU`L w XigU YjT[ YUx~ YTiw Y[ c[ YcU[T ZUUT
~ h YTicpT sUT ] YWxp YxWs YSW ~ Y[T [ Un YWlUT
YTY]Ti[TY~U]TZTiUW[wTYUlTiUxTiUsO
ipxT _g  } UL U TNl w giT ggn jU`PW \cWT U[
YUx~ i]L w nW YTixT Y[T ZUlTig ssf ~ lSi Ux inWT
;Ti]M[
lg iUx UlT lT v Ux[ YxT Y`T SUlT  U U]T
sUUW;UppfiUxTp[TTixTssf[TklLrfgrUi
YTicpT
\c\cWTTwUjiW[TYlSiTipUxTw[nll[qiwf
ip[f }ix[ ;UrL YWs[ Y`  x inWT lT Ylg }ix[W LgW
[T YTicpT YSWUW }ix[T O U[T ]  W YsW[iT Y]gcT xT
\cUWTg`\UcWL^U[gg`w

WgUW[TwU[T\cYinWYTiwYt IT[c xWsTciTiW[x[


YlTigUW \cWT U[ hT lT uTL w _[UT UlT sUnT U[U
Y`[UT YTixT Y[T Yx YWcUpT UnT  ^hU O UW [ c[T
TicpT v[`T oSUpfW inWT sUnT inWT lT Ylg sWi Uw
Ux~T ggi sWTi[T Th ggc[ ~ U`iT U`]T w  ; ;Ut
UnThcYgUW[TYSWTYlT

 glURjRWje 

[Uc VUlL sUn `[ YWl[T YisT ZUlT  Yfr Yw` UlT


SU[iTis[wx[SUWwt~Uc[
uTLY~Ur[c[[TwU[`TsWTi[TYUcTUTOY`UcT^U[XgnTYSWT
Y~UW[YU]YTiwYSWit[TO ZUlThw_[UTUxToUfTsUnT
[cUi{xlTipWT\[TipY~UYSTnxTZUx[`TitY`[TZU`UcT
vYSWTh}UlT`TtTi{STnxTfg[TVWlWYlTXgcT fTg
xwU[TlTThIT[cYWlUYjT[YTiwYSWc[ U[UW [UWs[
is[TYwilkW is[TTwXigU[U[UgZUlThWY]Y~ixg
ggc[P~hifYcin}[fjlYwU[`TYcinUlTlT
Yg[TZUlTigTYSUkLiw[MYTixTY[T~g[l[lhT gTi~Lv[`T[
c[[TYgUxTc[wXigU YwY`g`j[lYTixT Y[TiTi hUf[
lTYlg  wigitUYlgTxTkUTYWxpYlT[UWUlT
ZTi]NT w _[UT sUnT U v[` inWT lT YlTigW  hT xT inWT
ThZ[cT[T ZUcUlTgUxWT lgTiUsTggc[;UrUihWT|nTkUYSWT
h f  UUgT U`iT w T Y`]T TT Tgf[lUW sUnT
inWT sUnT YliU YWlUT YTixT gUxWT YgW YWsT YcUlT ggc[  ZUlUT
inWTsUnU~ YTicpTsUUWUi{xTlTZUSW~lT v;UU[Y~T[T
lTTh `]Tw YxYSWfTglVs[wY`[U UUgTw Yic
lT ] XgnT YSWT iUsO ~ `lT `lT lT rxT [T ggc
 inWTlTYlg wUx` ircTssf[T YinWYs[lfTg XiUxT

glURjRWjeUWqUYgRvR

wUOg[l[TxTL[`Ug[lUwj[iYwklLgg`w
ssf[TXiUxTOY~UrUW inWTlTYlg
i~[UWYWl[Yis~XiWfWUxmUx[Tw;TigUYlUTZUSWTh`Wi]TL
YslWYxWsgTZTgL
gT v` Xiir Y c Y`[Ti[lT bWpL YTicpT sUT O YTixT Y[UW `[T
c[YcU[TZUUTY~U}t[wx[YgYlgYwY`Vs[UWYWixT
YxWsYSW~Y[T[UnYWlUTcTgU`LwXigUYjT[YUx~YTiwY[
Y]Ti[T Y~U]T ZTiUW[wT YUlT iUxT iUsO ~ h YTicpT sUT ] YWxp
YT
UxinWTipxT_g} ULUTNlwgiTggnjU`PW\cWTU[
;Ti]M[YUx~i]LwnWYTixTY[TZUlTigssf~lSi

wi~ 

Y~U] ;UwgW iUW[wUW UlT YlTigW [ hT  $QWKURSRORJ\ 


YlT`Wi]TYxWsT`Wi]TYwU[`T`Wi]T
UlTl`kUYlg~\cWhTxT  $QWKURSRPHWULFV Yi[Wi]TV
~;UcrT;Uix[L;UWix[g`LhTY]gcTxT  (WKRORJ\ U`]T^
nW[YxWsTU[USW~YcTZUSUTlkighTxT  UOYWixTv`TiT
 Vl[TlTOY~UrUWji|TlUWlSi
YlTigWxhTxT inWTsUnTYlg WgpL  (UJRQRPLFV U`iTg
g`TinWTl`TZUlUVlU[UWZTp[ITgT[W;UUc[inWTsUnT
 wUpTU`T~Y`iT\gTcUW[UULYcTipLc[hWT
YTZUSUTipUxTWwU[TsULYlTigW[  (FRORJ\ NW[T `T
 UlTWUW wU[TUYSW
\cinxTiT~Zit[TxT\gcL  %LRPHWFRURORJ\ `i]WT
tT YSUrT Y`T TxT W ZUxT kig  Uw ~ it LgW
YW[ L Yt[ i{ YxWs U [T XinUWT i{ iU]T YcT ZUSUT W YSUjT
 UlTwYpUfYpW

WRganR~qSRWQU

ZU`igYUwUWifW[TZgx LU~iUsTslgxY~U`sU
ifYs}[fcTu[TIT[cTLUpTTUW[UWj[[XiTicT
YTYcUlT     TcWUxT~iUcpYTYcUlTig[
IUs|ToSUpfrTiTZUpYWlUWULgcdUTwgU[wTYUc~h YlWU
W iT]YlWUTYcUl  TcOp[gYTiUcpTYcUlP~[UWT
 Tc][YTicp q
TiLOUlTi]M[VWlWZc[[TYcUlTig[Th
ITicpT ] WixT UxT rTiL YxlUnT iUcpT gl[ YlWU YT YcUlT
vWiThT ITicpTglTipWYWTYWi|TITicpTYWTYiSTj`TYU[iT
 YWixTXij`TWn~UfT

WRganRWQURtSvYglURjR

fg[TW[c eiU[TiWwYTicpTsUTvWixTsTlTUx[TvW[[L
Y[ c[ U]UcWL U[TgL }t[ YUlT klT UgL W vr [U[W xT lgT
YlUTYSWT[vUx[T~b`UTinWTlYflTigwTliL\cYc`UYTiw
SUl~ugWLuUs[lTIUTvUx[~ ipcT U]TWlx~U[UvmUx[T
ZUs[lT gUW  UcT U[ ~ sTT g` UW [lT gni[ tc x`
UwpcT}U[uU[iTU[ig{iUWUYfrZU[lYTicpTYinWT
  iT x[` l n[ w Zisl [T WixT sTT ZUl
iUTWliWUwL}rUW[l;Uppf ;USTg;UUgix` YTiTYUlTZUlT
Ti[cTYUcgTj`U[cUWgj[[WO^ixisTr YTg;Yx[nT
V{Lx`~rUW[lTUiTgL}i{Wp~g~Ti`Yppf[ppf
UlTWViUwU[`TwU[[inwMWUc[TfTgTws[}SUtTZUc[T
YlU YSW ~ X n ;UlU[ wU[`T UUW kUlcT w ;TiWx[ p[T gc UrxW
LWTVsTgf[lU~U;TIj`iUW[wUW[U`Uc YSWTg[lTYxWsTiTtTdUT
ixngT~ixnZWUOYpUfZUpTvrlIUW[SW~i~[Ti`cT

UaUiTZTgp}lfTuh`}xloWTgTwLgf[lTiTg`TLWT
ZTi`gWT}TZit~ U]TWlwXg`WYgTZWT~ iUW|TITT[
giW[TXi[lTY[

RgvRWQURSjRUeSUYRuS}YRjRgqYR

~Xi]NYxilXi[lYwYlY`WXiUtUlTglTis[TL
Y~U w YxilT ZTi|[ Y`[ \gc  UW i[l [T YSWT ~ ;Uppf XUcT n
[U`U[cIUriOUlTZUW{iYWU`[lThWTg`TZU[lT
 jRgqYRWH
xWsTVUf[UWis[TYJ\gc[isTlTOY~UrUWSUWJZUlIUWT\iT[
] Ux[lT UTYit gTiTVUf[UWZTi|[~UWipxTrihT
] lT is[T Xgg` R`U nW ZUl it L YWi`[T Y`[ Vl[T lT
is[TZTTscT }[UUWtU[cT wgx[TLjUWVlUcUopf[
}itUW;p[bWpLU YwiUl[TYS`UT[UwTgWO[Ti|[vipxTYlbWpLlT
p[  lT is[T ~ kU` ~Ti|`T vj[T i]M[ g O SgT in[ YSWT
i]UWv~g[gg`TlTg[igpUiW[wTYscTYSWT}itT~R`UTi|[UW
XgSUlTYpTOUc[Yc[TZUlTY`igOZUlT
`T ~ YrxT [Tig o UW qw ZTig eiU[T i`~ h Ul xT b g
rUTWsUWiOXiThTU[cUTj[fTUgUW[iU~TY{UpTMg~uU~gT
]ip[T~XiWfT Vl[TUgp;U~TgLip[LUlTYwUs[lT~bWpLirUcT
Y~ixT[[x[TVig[Tisw`O`[[XiWfT[;USn~;USnh[T
gg`LmfgxhTUlTgYW{iVl[lY~ixT }fTO}lT
W[lTUlOT;UgUwiTbWpLsigU|i~UlLW;Ti]ggi[UUgxW
YUT}[TTYsTUWsTZitLU~WlgTgx[lTYwilYSU[WY]gcTZU`[T
YWiT [WUpL hT gTg`L O YWlYSUT iT O gT ZjU`[Zin[T [c VlUcT
gg`vsUTr~iW Xi iUsTYNiujT
U[~YiTVl[LLOYlUYTicpYSW~mUwgWixTUlTL{iUW
W U[iTgOUcw[igZUc[TIU]LiWTgTfggwYircTYgpUWl
~Ui{XiUTvSUsTilxTsUslT ]YtwgIUnO~SUTinWTcU`
Xj Ypfn gT [ Zx` YUlO ZUlZTiWfUO  Xi`T  T TwT
YgTYlTgTU[iUjgwT[cUixn[l
sUT O YSUT gT ZTgTg[T L Xgg`T gT  i]T iUn[T v UcT ZT ~
YITTc[~n~{iUWgSUlT ;UiUx;UTiw Wi|TsTLg`YTicpT
OY~UrUW[[cT[TYSWTw;UgTiO ljwwUlTZiW`LYinWTLYSWT
ipcT U]TWlwUcTV{L~[ilLwW v[`Tw gTiT UpT
U~ Tig` kWc UlT x`[ [T ZU`[T Xj`T  i]W ;Tgj lT bWpL
Xj`T Zi[T YgTZUxTYWnWVlUcTYwUlTiTgwx[[T[TWjU[T
x~gWY`iUfTYSWT[c~`U[cU i~[[TUi{}[TXj`LYrUiT
Yx`nZl~Zg`LXigUYTixTZU{TiTYti{YxlTuiTnU~fTgTO
ixnSUxTLilTsWTi[Tg` \cWi|TlTvVlU[Th U~IUWTw
i` hT [UW SUWL w [c kUT w | UW [Uc  XgcUW Wi|T sTT
ZThTwgU[wTY[lTY`cWXiWl~hjU

VlL  Y]gcT sT ZJ }iUT ] vilT sT Xj`L Y~U eWsUW Zi~[
kgf[l[WixTZWT~UWsZWTXglyi[gwXjU`TYxsTU[~Wi{
`[WiwlWYWi{ZU[Tgf[lTLUw[UcSTiWYWixTZTsXj`T
n~ZW]UUwilWi|TVl;Tg[YnxT}i{weWUsTb[i]T

W^RW^gRW^[RgSvR
WRganR~qSSUWRgvRWYRSl

 qxW O jU`PW inL inWT lT Ylg Y` Uw Zj[iT [T xT f
inWsUnjiUinWTlT_g[[TYWs[TY`iTY`]TiUxT
Y`[UTLUYWcUpTYTixTY[TUnY`TYTicpTsU`T[Tv
OxlhTjT[Tc[UlSiU~gYTg[lY[T[[[cUw
WRganRWQURRgvRU^RhRYR  
aU`Y[TssfU`T[[TUnTLXgcT[iTi[lTjT[TThwtUcTL
sW[iTSWTUtTc[YlTigV`YTicpTsUT~YTg[lTc[YTixTY[T
YSWT |n Y~g[lT ZUwU`T ~ gTi~ $GDSWDWLRQV Y[T YlT ZUWU`[lUW
&RQFHSW RI 3RSXODWLRQV Y`T ZUwU`T h Yw ggc[ Xgg`T YTixT
\c YinWT YSWT tT ] ZUx[`T klM[ YlUlT YWT iW[x[ [T (FRORJ\
YSWT ~ ;W[l iUn[T T Yic t[ Yc ZfTg[ ZUw f ;Ux UgTi~L wU[
ggc[OUgZUwU`Thil
; ] VU`TZUlWYU[TY~ixTLU YTicpT
ssf O in[ [T Yj Xi[~ f Yx[T 7ROHUDQFH /HYHOV c[T ZU[l
Y~U]T`cTggc[~[YwU`Tr /RFDO'LVWULEXWLRQ gTi~UTvj[T
hwpic[lLwUi|[cgiTlWUTvj[TsW[i
ZUwU`T  YWTi ~ gf[l hT 7KH DJH VWUXFWXUH ixT Vi[T YlTig
U w oi~ZUxU` kiTg  iwYS~ Y`Uc ggc[  h  YUlT
ssfT iTiT hf[ b[ UW gxWT gT w YTixT Y[T Ysf T YicW x[
W[hTVlUTvTiU[fTYTixTY[TYsf~lLiT~Tvl[TgVUlc
 c[[lpVUx[lTwXgg`TYTixTYSWTXig;UrLgg[TTh
glURjRgvReR  

gi~ U~ ic[ [T Y~Ti|`T YcUlT  +RPH 5DQJH [WT gT l[
ipUxT P~ WixT sT YWlUW YlT Y`lT [UsUn kiU YUlT YwU`T
LgW[ lT xT U ]  XgUWxT igW LgW[ YTixT YSWT iWw U[T ic[ YWhU`T
fTg Yl~U YWhU` ipUw g` ~ Yl[T bi[T UL n[ ;U`ig[ [ YWhU`T YT
i~[TixTssf[TIU]LiUW[wT~vrhUi{YwThTjU[TXj`L]lT
U[ri~[T[jw`if[sn[wU[`Tl[[TYTixTYiUxTipUxT
YcinT l UWs ggc[l inWT lUW sW[iT gT Th YxT YipxT w
YUlT YicT W p g ipL ggc XiUlUW UlT sUW[iU~  Y~g[lT YwU[`T
~i[TLZUgfT jTiOTilUxsLUlY~UlpLggc[ YUT
[UcYliUYWlUTYfTgTZUcUlTUrLUT~YW{iTgUgxW

uSY^RqURgYRW^[R 
gTi~L W sUW[iT pT[T c[ ~ YWixT gUW TixT ssf[T ~ Wi|T sT n~
Xi[lZUci`[hxWslYwU`TO[xWsWUlTgcTTv[`T
ZUw f w gwUl[ YS }it gU`O L f w gwUl j ssf[ipwgU`
ZUw it O gN U }iUx[T IUT w x[ UlT W Y Xj YwU[`T
vvWsUW YTicpT YSWUWUppfUIU[UW;Tixnf[Yj[Yc`UYwU[`T
ZUgfT i~ iU`[ ji c YlT ZTgcT v`[~ Y[ThT YppfT w tUcT
LLYlig cv[`[LLIU[YST}itTi~ZTk~YiirT
XgcYlTXiU`TZiW[wTsTThYWsT}itTfOgNYgp[c
gc ssf[TipxT 0LQLPXP7HUULWRULDO&RPPXQLW\ i|pYcUl
Ti`TWYYwU[`TZUwfwgwUlgYlTXiU`TY`~iWc[U~
YilTZUxTU~[[TYc`UYYwU[`TZUxTU~[[TZUx[`T
v[`Tw] YSUx`iUfTscTwkxhTYlU[YsWTi[YSUxT
gSvRRgvRlYR  
[  ThO Uc ~ ipWT \[T O gN YlT i{ YlT YUlT ZU~ip[T L
U`TgxWTU~uTiYfrTYTixTZUwinTZU`U[cTY~UW[ZUp[T
YsUW iUxT TixT n[T ~ c[ inWT lT P~ U[UW UlO gxW
YTicpT
j[TwXigTgbWTgiTU~}MYU`TVT`TU~Vr[[TOYcUTYSWU~
U[wUWTnYgTr~jU`[gW YTicpTYSWT~bWT`TW
TgxT i~U[ Uf[ U isT n YiUxT jisT ~ XgSUlT YSTnxT ~T sfW
YU`TYlT[cUT;UcpYSliU]JUUITirfTZUcslT

 W^YR

ZU`UcZUWs[c[wXigUWT[cZit[TYiUxTYssf[TkiTgTgx[
UrLvilTis[TYxYWTTUnTc YUOUgx[\gcTipxT~UlT
UcgiTTYxWsTYSWTwITg[wTY[TssfWgUp[TY`TwXigTgw
YxXgg`Y`ssfTlggyTiTThLgg`witZT
 YgUTU`TUlYSTZUlTigTgTgwO~ic[T[

 XSnYR

wZUlTig\UcWL[v`n[Yw\cWjTiL ZUxU`L YWiwYxU`LW[ 


xT \cWT jc  U w xT YlT YWixT U`iT U`]T
WxU\UcWTITi`YxU`UWopf[lIUnO;UrLWs[LOWi`[T
YWi|TZUxU`T~
ZU UlL v` Vs [~UrO [gU U`iT U`]T iUx klL kig[ 
YlgT
ZUs[lT gT ssf[ ZUwin w YWixT Y`iT Y`]T iUxT Ws[ 
x[[c;U`ig[YiUxTZUp[T Xgg`TYinWT

YTicpTsUUWYTiwY[uinXgU`TYgTSWTi]T[YlTiggTgwO 
YppfT Ys [cT SWT iUT SWT NW[T STgWT iU[fO  w gM[T v
YWiTsUTuin

 UxU`Wi]TxYW[lTXitTiTiTwYig Y`i[ii[UWT
ggxTlT YwU[`TxYgTY`T

 t^RgR

giT Uw TYxWsT YUxTYSWTkU inTgc}lgci[UW

giT UwYWixTYTicpTYSWT b[TWTwlc g

lT ,03$&7 Y`YWixTYxWsT v[`TxT Y`

YxWsT v[`[Lis[T oUpTaU[TgWwgc g Y`i[ iWg~iU`ilT

Tn   TYlTTggxT v[`TUxT  ,PSDFW Y`YWixT






/RSUHDWR-RVHSK +XPDQ1DWXUHDQG%LRFXOWXUDO(YROXWLRQ/RQGRQ 

(UJRQRPLF 7HFKQRORJLHV &DUSRUDWLRQ:RUN SODFH HUJRQRPLFV &RQVXOWLQJ


(QJLQHHULQJHWFKWWSZZZHWFQHZ\RUNFRP 

/RUHQ] .RQUDG = 6WXGLHV LQ $QLPDO DQG +XPDQ %HKDYLRU9RO +LOO
&RPSDQ\1< 

:LOVRQ(GZDUG26RFLRELRRORJ\ /RQGRQ 

+80$1%(+$9,25(1*,1((5,1*

(WKRORJLFDODQG(UJRQRPLFDO6WDQGDUGV0HHWLQJ

$UFKLWHFWXUDODQG7ULEDO3UREOHPVLQGHVHUW$UHDV
.+$/,/5$6+$'$/,

(QYLURQPHQWDO6WXGLHV6XSHUYLVRU
'$5$/205$1

$EVWUDFW 7KH 3\UDPLG RI WULEDO GHYHORSPHQW QHHGV PDLQO\ WKUHH EDVLFV WR EH

FRPSOHWHGWKRVHDUH
7KH KXPDQ EHLQJ HQYLURQPHQW DQG WKH WULEH +RZHYHU LW ZLOO QRW FRPSOHWH XQOHVV
HDFKEDVLFRIWKHDERYHLVHQRXJKVWURQJDQGORQJVXFKWKDWLWJRHVKDQGRQKDQGZLWK
RWKHUV*HWWLQJEHWWHUOLIHIRUPDQNLQGLVWKHUHVXOWRIWKHGHYHORSPHQWWKURXJKILQGLQJ
D ZHOOHVWDEOLVKHG HQYLURQPHQW WKDW FRPSRXQG ZLWK WKH QDWXUDO HQYLURQPHQW
DFKLHYLQJDQDFFHSWDEOHEDODQFHEHWZHHQWKRVHLWHPV
,Q PD\ SRLQW RI YLHZ WKH KXPDQ EHLQJ KDV QRW WDNHQ LQWR FRQVLGHUDWLRQ LQ WHUPV RI
VWXGLHV UHODWHG WR WULEDO GHYHORSPHQW )LQGLQJV SURYHG WKDW DV VRRQ DV WKH KXPDQ
DFWLYLW\ VWDUWHG WR XVH WKH WULEDO HOHPHQW WKHQ PDQ\ PDMRU FRUUHFWLRQV PDGH ZKLFK
FRQFOXGH WR YDULHW\ RI SUREOHPV RFFXS\LQJ GLIIHUHQW DXWKRULWLHV HIIRUWVFRQWLQXRXVO\
VRDVWRVXIILFLHQWVROXWLRQVFDSDEOHDOZD\V WRPHHWWDUJHWVRIWKHGHYHORSPHQW
7KHUHIRUH QHZ VWDQGDUGV DUH QHFHVVDU\ WR FRQQHFW KXPDQ DFWLYLW\ ZLWK SODQQLQJ DQG
RUJDQL]DWLRQHQJLQHHULQJ6RP\UHVHDUFKFRQFHQWUDWHVRQWZRDVSHFWVFRQWUROOLQJWKLV
DFWLYLW\WKHDVSHFWVDUH
  (WKRORJ\ RULJLQDWHG IURP ]RRORJ\ WHPSRUDU\  DOWKRXJK , KDYH FDOO LW DV
+XPDQ %HLQJ %HKDYLRU (QJLQHHULQJ VLQFH  KXPDQ DFWLYLW\ RULJLQDOO\ LV D
FROOHFWLRQRIJHQHWLFDOO\RUDFFHSWHGEHKDYLRUVIOH[LEOHIRUFKDQJLQJGHYHORSLQJ
DQG PRGLI\LQJ GLIIHUHQW VWDQGDUGV RI HQJLQHHULQJ LQ GHVLJQLQJ SURFHVV \LHOGLQJ
LQ D UHODWLRQ LOOXVWUDWHV KRZ FORVH WULEDO GHYHORSPHQW HOHPHQWV DQG WKH
GHYHORSPHQWRIKXPDQEHKDYLRU
 (UJRQRPLFV FRQFHUQHG LQ PHDVXULQJ WKH ZRUN GRQH GXH WR EHKDYLRU RFFXSLHG
ZLWKLQLGHQWLFDODUFKLWHFWXUDOOHQJWKVRUVSDFHVDQGWKHLUVXLWVIRUFRQVXPHGHIIRUW
LQPDQDJLQJKXPDQDFWLYLW\WKURXJKEHKDYLRU
7KHUHIRUHZHFDQFDOOLWDV+XPDQ%HLQJ$FWLYLW\(QJLQHHULQJ
(WKRORJ\ DQG (UJRQRPLFV ZHUH WKHQ FRQQHFWHG WR D GHVHUW HQYLURQPHQW WKDW LV
FKDUDFWHUL]HG ZLWK XS QRUPDO FRQGLWLRQV LQ WHUPV RI FOLPDWH RU HFRORJ\ \LHOGLQJ D
W\SLFDODUFKLWHFWXUDODQGWULEDOPRGHOWKDWVDWLVILHVWKHUHTXLUHGEDODQFHEHWZHHQDUPV
RIWKHS\UDPLGRIWULEDOGHYHORSPHQWPHQWLRQHGDERYH

You might also like