LVL1 LXT331

'$7$ 6+((7
-8/< ìääæ
/;7êêì
5HYLVLRQ íïí
'XDO 7ìî(ì /LQH ,QWHUIDFH 8QLW
*HQHUDO 'HVFULSWLRQ
)HDWXUHV
‡ &RPSOHWH OLQH GULYHU DQG GDWD UHFRYHU\ IXQFWLRQV
7KH /;7êêì LV D 'XDO /LQH ,QWHUIDFH 8QLW õ'/,8ô RSWLð
PL]HG IRU 1RUWK $PHULFD ìïèéé 0ESV õ7ìô DQG LQWHUQDð
WLRQDO ëïíéå 0SEV õ(ìî&(37ô DSSOLFDWLRQVï ,W IHDWXUHV D
FRQVWDQW ORZ RXWSXW LPSHGDQFH WUDQVPLWWHU IRU KLJK UHWXUQ
ORVVï 7UDQVPLW SXOVH VKDSH LV VHOHFWDEOH IRU YDULRXV OLQH
OHQJWKV DQG FDEOH W\SHVï 7KH GDWD UHFRYHU\ FLUFXLW DOVR
RIIHUV VHOHFWDEOH VOLFHU UDWLRV IRU 7ì RU (ì DSSOLFDWLRQVï
‡ &RQVWDQW ORZ RXWSXW LPSHGDQFH WUDQVPLWWHU ZLWK SURð
JUDPPDEOH HTXDOL]HU VKDSHV SXOVHV WR PHHW '6;ðì
SXOVH WHPSODWH IURP í WR çèè IW
‡ +LJK WUDQVPLW DQG UHFHLYH UHWXUQ ORVV
‡ 0HHWV RU H[FHHGV LQGXVWU\ VSHFLILFDWLRQV LQFOXGLQJ
,78 *ïæíê DQG $16, 7ìï ìíëðìääê
7KH /;7êêì RIIHUV ERWK D VHULDO LQWHUIDFH õ6,2ô IRU PLFURð
SURFHVVRU FRQWURO DQG D KDUGZDUH FRQWURO PRGH IRU VWDQGDð
ORQH RSHUDWLRQï
‡ &RPSDWLEOH ZLWK LQGXVWU\ VWDQGDUG IUDPHUV
‡ 0LQLPXP UHFHLYH VLJQDO RI èíí P9ñ ZLWK VHOHFWDEOH
VOLFHU OHYHOV õ(ìî'6;ðìô WR LPSURYH 615
7KH /;7êêì RIIHUV D YDULHW\ RI DGYDQFHG GLDJQRVWLF DQG
SHUIRUPDQFH PRQLWRULQJ IHDWXUHVï ,W XVHV DQ DGYDQFHG GRXð
EOHðSRO\ñ GRXEOHðPHWDO &026 SURFHVV DQG UHTXLUHV RQO\ D
VLQJOH èðYROW SRZHU VXSSO\ï
‡ $QDORJ ORRSEDFN IXQFWLRQ
‡ 7UDQVPLW SHUIRUPDQFH PRQLWRUV ZLWK 'ULYHU )DLO
0RQLWRU õ')0ô RXWSXW IRU WUDQVPLW GULYHU VKRUW FLUð
FXLW GHWHFWLRQ
$SSOLFDWLRQV
‡ 7UDQVPLW 'ULYHU 3HUIRUPDQFH 0RQLWRU õ'30ô RXWSXW
ZLWK H[WHUQDO PRQLWRU SLQV 07,3 DQG 05,1*
‡ 'LJLWDO $FFHVV DQG &URVVðFRQQHFW 6\VWHPV õ'$&6ô
‡ $YDLODEOH LQ ééðSLQ 3/&& DQG ééðSLQ 4)3
‡ 7ì î (ì 0XOWLSOH[HU
‡ 621(7î6'+ 0XOWLSOH[HUV
‡ 'LJLWDO /RRS &DUULHU õ'/&ô WHUPLQDOV
‡ &RVW HIILFLHQW DQDORJ IURQWHQG IRU 'LJLWDO %DFNHQG
$6,&6
‡ $QDORJ /26 XVLQJ 305.î105.
/;7êêì %ORFN 'LDJUDP
'30
7&/.
7326
71(*
,17íîì
36íîì
&/.(
6&/.
6',
6'2
305.
105.
0&/.
L1
/LQH 'ULYHU
7UDQVPLW ÷
7LPLQJ &RQWURO
6HULDO
3RUW
7UDQVPLW
0RQLWRU
77,3
75,1*
(TXDOL]HU
7; ð 3//
7$26
(QDEOH
/(1 6HOHFW
6HULDO :RUG
7R 7UDQVFHLYHU ì
'DWD 6OLFHUV
07,3
05,1*
')0
$/223
(QDEOH
3HDN
'HWHFWRU
0RQLWRU
')0
$QDORJ
/RRSEDFN
57,3
55,1*
7UDQVFHLYHU í
7UDQVFHLYHU ì
ëðåæ
/;7êêì 'XDO 7ìî(ì /LQH ,QWHUIDFH 8QLW
3,1 $66,*10(176 ÷ 6,*1$/ '(6&5,37,21
305.ì
105.ì
ë
71(*ì
ê
7326ì
7&/.í
é
7&/.ì
7326í
è
7567(
105.í
ç
71(*í
305.í
)LJXUH ìã /;7êêì 3LQ $VVLJQPHQWV
ì éé éê éë éì éí
$/223íî&/.(
æ
êä
$/223ìî6',
7$26íî6&/.
å
êå
7$26ìî6'2
/(1ëíî36í
ä
êæ
/(1ëìî36ì
/(1ìíî,17í
ìí
êç
/(1ììî,17ì
/(1ííî*1'
ìì
êè
/(1íìî63(
0&/.
ìë
êé
')0ì
*1'
ìê
êê
9&&
/;7êêì
77,3í
ìé
êë
77,3ì
7*1'í
ìè
êì
7*1'ì
79&&í
ìç
êí
79&&ì
75,1*í
ìæ
ëä
75,1*ì
'30ì
07,3ì
305.ì
7326ì
05,1*ì
57,3ì
7&/.ì
105.ì
55,1*ì
7567(
71(*ì
')0í
7&/.í
71(*í
57,3í
'30í
55,1*í
05,1*í
105.í
ëì ëë ëê ëé ëè ëç ëæ ëå
7326í
07,3í
305.í
ìå ìä ëí
éé éê éë éì éí êä êå êæ êç êè êé
$/223íî&/.(
ì
êê
$/223ìî6',
7$26íî6&/.
ë
êë
7$26ìî6'2
/(1ëíî36í
ê
êì
/(1ëìî36ì
/(1ìíî,17í
é
êí
/(1ììî,17ì
/(1ííî*1'
è
ëä
/(1íìî63(
0&/.
ç
ëå
')0ì
/;7êêì
*1'
æ
ëæ
9&&
77,3í
å
ëç
77,3ì
7*1'í
ä
ëè
7*1'ì
79&&í
ìí
ëé
79&&ì
75,1*í
ìì
ëê
75,1*ì
ëðåå
07,3ì
'30ì
05,1*ì
57,3ì
55,1*ì
')0í
55,1*í
'30í
57,3í
05,1*í
07,3í
ìë ìê ìé ìè ìç ìæ ìå ìä ëí ëì ëë
L1
3LQ $VVLJQPHQWV ÷ 6LJQDO 'HVFULSWLRQ
7DEOH ìã 3LQ 'HVFULSWLRQV
3LQ
3/&&
3LQ
4)3
6\PERO
,î2ì
'HVFULSWLRQ
ì
êä
7567(
',
7ULVWDWH (QDEOHï )RUFHV DOO RXWSXW SLQV WR WULðVWDWH ZKHQ KHOG +LJK DQG IRUFHV FKLS
LQWR UHVHW PRGHï +ROGV UHVHW PRGH IRU ç µV DIWHU 7567( UHWXUQV /RZï
ë
éí
7&/.í
',
7UDQVPLW &ORFN ¥ 3RUW íï ìïèéé 0+] IRU 7ìñ ëïíéå 0+] IRU (ìï 7KH WUDQVPLW
GDWD LQSXWV DUH VDPSOHG RQ WKH IDOOLQJ HGJH RI 7&/.ï ,I 7&/.í LV SXOOHG /RZñ WKH
WUDQVPLW GULYHUV DUH SRZHUHG GRZQ DQG 77,3í DQG 75,1*í WUDQVPLW RXWSXWV JR WR
D KLJK LPSHGDQFH VWDWHï
ê
é
éì
éë
7326í
71(*í
',
',
7UDQVPLW 3RVLWLYH DQG 1HJDWLYH 'DWD ¥ 3RUW íï 7KHVH SLQV DUH WKH SRVLWLYH DQG
QHJDWLYH VLGHV RI D ELSRODU LQSXW SDLU IRU SRUW íï 'DWD WR EH WUDQVPLWWHG RQWR WKH OLQH
LV LQSXW DW WKHVH SLQVï
è
ç
éê
éé
105.í
305.
'2
'2
5HFHLYH 1HJDWLYH DQG 3RVLWLYH 0DUNV ¥ 3RUW íï 7KHVH SLQV DUH WKH GDWD RXWSXWV
IURP SRUW íï $ VLJQDO RQ 105. FRUUHVSRQGV WR UHFHLSW RI D QHJDWLYH SXOVH RQ
57,3î55,1*ï $ VLJQDO RQ 305. FRUUHVSRQGV WR UHFHLSW RI D SRVLWLYH SXOVH RQ
57,3î55,1*ï 105.î305. RXWSXWV DUH 5HWXUQðWRð=HUR õ5=ôï
ìë
ç
0&/.
',
0DVWHU &ORFN õìïèéé 0+] IRU 7ìï ëïíéå 0+] IRU (ìôï &DQ EH KHOG /RZ LI
7&/. LV SUHVHQWï
ìê
æ
*1'
6
*URXQGï *URXQG UHWXUQ IRU SRZHU VXSSO\ 9&&ï
ìé
å
77,3í
$2
ìè
ä
7*1'í
6
*URXQGï *URXQG UHWXUQ IRU VXSSO\ 79&&íï
ìç
ìí
79&&í
6
ò è YROW SRZHU VXSSO\ LQSXW IRU WKH SRUW í WUDQVPLW GULYHUï 79&&í PXVW QRW
YDU\ IURP 79&&ì RU 9&& E\ PRUH WKDQ ‘ íïê 9ï
ìæ
ìì
75,1*í
$2
7UDQVPLW 5LQJ ¥ 3RUW íï 7KH WLS DQG ULQJ SLQV IRU HDFK SRUW DUH GLIIHUHQWLDO
GULYHU RXWSXWV GHVLJQHG WR GULYH D êèðëíí Ω ORDGï /LQH PDWFKLQJ UHVLVWRUV DQG
WUDQVIRUPHUV FDQ EH VHOHFWHG WR JLYH WKH GHVLUHG SXOVH KHLJKWï
ìå
ìä
ìë
ìê
07,3í
05,1*í
$,
$,
0RQLWRU 7LS DQG 5LQJ ¥ 3RUW íï 7KHVH SLQV PRQLWRU WLS DQG ULQJ RXWSXWVñ HLWKHU
LWV RZQ RU WKRVH RI DQ DGMDFHQW /;7êêì RQ WKH VDPH ERDUGï ,I WKH DSSOLFDWLRQ GRHV
QRW XVH WKLV IHDWXUHñ WLH RQH RI WKHVH SLQV WR D FORFN VRXUFH DQG WKH RWKHU WR D PLGð
OHYHO õUHIHUHQFHG WR WKH FORFN VLJQDOô YROWDJHï õ7KH FORFN IUHTXHQF\ FDQ UDQJH IURP
ìíí N+] WR WKH 7&/. IUHTXHQF\ôï
ëí
ìé
'30í
'2
'ULYHU 3HUIRUPDQFH 0RQLWRU ¥ 3RUW íï 2XWSXW JRHV +LJK RQ GHWHFWLRQ RI çê
FRQVHFXWLYH ]HURVñ DQG JRHV /RZ RQ UHFHLSW RI D RQH RQ WUDQVPLW PRQLWRU ORRS
õ07,3î05,1*ôï
ëì
ëë
ìè
ìç
57,3í
55,1*í
$,
$,
5HFHLYH 7LS DQG 5LQJ ¥ 3RUW íï 57,3 DQG 55,1* FRPSULVH WKH UHFHLYH OLQH
LQWHUIDFHï 7KLV LQSXW SDLU VKRXOG EH FRQQHFWHG WR WKH OLQH WKURXJK D ìãì WUDQVIRUPHUï
ëê
ìæ
')0í
'2
'ULYHU )DLO 0RQLWRU ¥ 3RUW íï 6LJQDO JRHV +LJK WR LQGLFDWH GULYHU RXWSXW VKRUWï
ëé
ëè
ìå
ìä
55,1*ì
57,3ì
$,
$,
5HFHLYH 7LS DQG 5LQJ ¥ 3RUW ìï 5HIHU WR SLQV 55,1*í DQG 57,3íï
ëç
ëí
'30ì
'2
'ULYHU 3HUIRUPDQFH 0RQLWRU ¥ 3RUW ìï 5HIHU WR SLQ ëíï
ëæ
ëå
ëì
ëë
05,1*ì
07,3í
$,
0RQLWRU 5LQJ DQG 7LS ¥ 3RUW ìï 5HIHU WR SLQV 05,1*í DQG 07,3íï
ëä
ëê
75,1*ì
$2
7UDQVPLW 5LQJ ¥ 3RUW ìï 5HIHU WR SLQ 75,1*íï
êí
ëé
79&&ì
',
ò è YROW SRZHU VXSSO\ LQSXW IRU WKH SRUW í WUDQVPLW GULYHUï 79&&ì PXVW QRW GHYLð
DWH IURP 79&&í RU 9&& E\ PRUH WKDQ ‘ íïê 9ï
êì
ëè
7*1'ì
6
*URXQGï *URXQG UHWXUQ IRU SRZHU VXSSO\ 79&&ìï
êë
ëç
77,3ì
$2
L1
7UDQVPLW 7LS ¥ 3RUW íï 7KH WLS DQG ULQJ SLQV IRU HDFK SRUW DUH GLIIHUHQWLDO GULYHU
RXWSXWV GHVLJQHG WR GULYH D êèðëíí Ω ORDGï /LQH PDWFKLQJ UHVLVWRUV DQG WUDQVIRUPð
HUV FDQ EH VHOHFWHG WR JLYH WKH GHVLUHG SXOVH KHLJKWï
7UDQVPLW 7LS ¥ 3RUW ìï 5HIHU WR SLQ 77,3íï
ëðåä
/;7êêì 'XDO 7ìî(ì /LQH ,QWHUIDFH 8QLW
7DEOH ìã 3LQ 'HVFULSWLRQV ¤ FRQWLQXHG
3LQ
3/&&
3LQ
4)3
6\PERO
,î2ì
êê
ëæ
9&&
',
ò è 9'& SRZHU VXSSO\ LQSXW IRU DOO FLUFXLWV H[FHSW WKH WUDQVPLW GULYHUVï
êé
ëå
')0ì
'2
'ULYHU )DLO 0RQLWRU ¥ 3RUW ìï 5HIHU WR SLQ ')0íï
éí
éì
êé
êè
305.ì
105.ì
'2
5HFHLYH 1HJDWLYH DQG 3RVLWLYH 0DUNV ¥ 3RUW ìï 5HIHU WR SLQV 305.í DQG
105.íï
éë
éê
êç
êæ
71(*ì
7326ì
',
',
7UDQVPLW 1HJDWLYH DQG 3RVLWLYH 'DWD ¥ 3RUW ìï 5HIHU WR SLQV 71(*í DQG
7326íï
éé
êå
7&/.ì
',
7UDQVPLW &ORFN ¥ 3RUW ìï 5HIHU WR SLQ 7&/.íï
'HVFULSWLRQ
7DEOH ëã +RVW 0RGH 3LQ 'HVFULSWLRQV
3LQ
3/&&
3LQ
4)3
6\PERO
,î2ì
æ
ì
&/.(
',
&ORFN (GJH 6HOHFWï :KHQ &/.( LV +LJKñ 6'2 LV YDOLG RQ WKH ULVLQJ HGJH RI
6&/.ï:KHQ &/.( LV /RZñ 6'2 LV YDOLG RQ WKH IDOOLQJ HGJH RI 6&/.ï
å
ë
6&/.
',
6HULDO &ORFNï 6KLIWV GDWD LQWR RU RXU IURP WKH VHULDO LQWHUIDFH UHJLVWHU RI WKH
VHOHFWHG SRUWï
ä
ê
PS0
',
3RUW 6HOHFW ¥ 3RUW íï ,QSXWV DFFHVV WKH VHULDO LQWHUIDFH UHJLVWHUV IRU WKH UHVSHFWLYH
SRUWï )RU HDFK UHDG RU ZULWH RSHUDWLRQñ 36Q PXVW WUDQVLWLRQ IURP +LJK WR /RZñ DQG
UHPDLQ /RZï
ìí
é
INT0
'2
,QWHUUXSW ¥ 3RUW íï 2XWSXWV JR /RZ WR IODJ WKH KRVW SURFHVVRU WKDW WKH UHVSHFWLYH
SRUW KDV FKDQJHG VWDWHï ,17í DQG ,17ì DUH RSHQ GUDLQ RXWSXWVï (DFK PXVW EH WLHG
WR 9&& WKURXJK D UHVLVWRUï
ìì
è
*1'
6
*URXQGï 7LH WR JURXQGï
êè
ëä
63(
',
6HULDO 3RUW (QDEOHï 63( PXVW EH FORFNHG ZLWK 0&/.ñ 7&/.í RU 7&/.ì WR
HQDEOH +RVW 0RGH FRQWURO WKURXJK WKH VHULDO SRUWï
êç
êí
INT1
'2
,QWHUUXSW ¥ 3RUW ìï 5HIHU WR SLQ INT0ï
êæ
êì
PS1
',
3RUW 6HOHFW ¥ 3RUW ìï 5HIHU WR SLQ PS0ï
êå
êë
6'2
'2
6HULDO 'DWD 2XWSXWï ,I &/.( LV +LJKñ 6'2 LV YDOLG RQ WKH ULVLQJ HGJH RI 6&/.ï ,I
&/.( LV /RZñ 6'2 LV YDOLG RQ WKH IDOOLQJ HGJH RI 6&/.ï
êä
êê
6'ì
',
6HULDO 'DWD ,QSXWï 6', LV VDPSOHG RQ WKH ULVLQJ HGJH RI 6&/.ï
ìï ,î2 'HVLJQDWLRQVã $ì
ëðäí
$QDORJ ,QSXWñ $2
'HVFULSWLRQ
$QDORJ 2XWSXWñ ',
'LJLWDO ,QSXWñ '2
'LJLWDO 2XWSXWñ 6
3RZHU 6XSSO\
L1
3LQ $VVLJQPHQWV ÷ 6LJQDO 'HVFULSWLRQ
7DEOH êã +DUGZDUH 0RGH 3LQ 'HVFULSWLRQV
3LQ
3/&&
3LQ
4)3
6\PERO
,î2ì
'HVFULSWLRQ
æ
ì
$/223í
',
$QDORJ /RFDO /RRSEDFN (QDEOH ¥ 3RUW íï :KHQ $/223 LV +LJKñ WKH 57,3î
55,1* LQSXWV IURP WKH SRUW í WZLVWHGðSDLU OLQH DUH GLVFRQQHFWHG DQG WKH WUDQVPLW
GDWD RXWSXWV õ77,3î75,1*ô DUH URXWHG EDFN LQWR WKH UHFHLYH LQSXWVï )RU QRUPDO
RSHUDWLRQñ KROG $/223 /RZï
å
ë
7$26í
',
7UDQVPLW $OO 2QHV (QDEOH ¥ 3RUW íï :KHQ 7$26 LV +LJKñ WKH 7326î71(*
LQSXW LV LJQRUHG DQG 3RUW í WUDQVPLWV D VWUHDP RI RQHV DW WKH 7&/. IUHTXHQF\ï
:LWK QR 7&/. WKH 0&/. LQSXW EHFRPHV WKH WUDQVPLW UHIHUHQFHï )RU QRUPDO
RSHUDWLRQñ KROG 7$26 /RZï
ä
ìí
ìì
ê
é
è
/(1ëí
/(1ìí
/(1íí
',
',
',
/LQH /HQJWK (TXDOL]HU ¥ 3RUW íï 'HWHUPLQH WKH VKDSH DQG DPSOLWXGH RI WKH
WUDQVPLW SXOVHï
êè
êç
êæ
ëä
êí
êì
/(1íì
/(1ìì
/(1ëì
',
',
',
/LQH /HQJWK (TXDOL]HU ¥ 3RUW ìï 'HWHUPLQH WKH VKDSH DQG DPSOLWXGH RI WKH
WUDQVPLW SXOVHï
êå
êë
7$26ì
',
7UDQVPLW $OO 2QHV (QDEOH ¥ 3RUW ìï 5HIHU WR SLQ 7$26íï
êä
êê
$/223ì
',
$QDORJ /RFDO /RRSEDFN (QDEOH ¥ 3RUW ìï 5HIHU WR SLQ $/223ìï
ìï ,î2 'HVLJQDWLRQVã $ì
L1
$QDORJ ,QSXWñ $2
$QDORJ 2XWSXWñ ',
'LJLWDO ,QSXWñ '2
'LJLWDO 2XWSXWñ 6
3RZHU 6XSSO\
ëðäì
/;7êêì 'XDO 7ìî(ì /LQH ,QWHUIDFH 8QLW
)81&7,21$/ '(6&5,37,21
7KH /;7êêì LV D 'XDO /LQH ,QWHUIDFH 8QLW õ'/,8ôñ ZKLFK
FRQWDLQV WZR SRUWVï 5HIHU WR WKH VLPSOLILHG EORFN GLDJUDP
RQ SDJH ìï 7KH '/,8 LV GHVLJQHG IRU ERWK ìïèéé 0ESV
õ'6;ðìô DQG ëïíéå 0ESV õ(ìô DSSOLFDWLRQVï %RWK SRUWV
RSHUDWH DW WKH VDPH IUHTXHQF\ñ ZKLFK LV GHWHUPLQHG E\ WKH
7&/. LQSXWï
(DFK '/,8 SRUW IURQW HQG LQWHUIDFHV ZLWK WZR OLQHVñ RQH
OLQH IRU WUDQVPLWñ RQH OLQH IRU UHFHLYHï 7KHVH WZR OLQHV FRPð
SULVH D GLJLWDO GDWD ORRS IRU IXOO GXSOH[ WUDQVPLVVLRQï
(DFK '/,8 SRUW EDFNðHQG LQWHUIDFHV ZLWK D OD\HU SURFHVVRU
WKURXJK ELSRODU GDWD ,î2 FKDQQHOVï 7KH '/,8 PD\ EH FRQð
WUROOHG E\ D PLFURSURFHVVRU WKURXJK WKH VHULDO SRUW õ+RVW
FRQWURO PRGHôñ RU E\ KDUGðZLUHG SLQV IRU VWDQGðDORQH RSHUð
DWLRQ õ+DUGZDUH FRQWURO PRGHôï
5HFHLYHU
7KH WZR UHFHLYHUV LQ WKH /;7êêì '/,8 DUH LGHQWLFDOï 7KH
IROORZLQJ SDUDJUDSKV GHVFULEH WKH RSHUDWLRQ RI D VLQJOH
UHFHLYHUï
7KH LQSXW VLJQDO LV UHFHLYHG YLD D ìãì WUDQVIRUPHUï 7KH
UHFHLYHU UHTXLUHV IXOO\ GLIIHUHQWLDO LQSXWV ZKLFK DUH LQWHUð
QDOO\ VHOIðELDVHG LQWR ëïè 9ï 5HFRYHUHG GDWD LV RXWSXW DW
305. DQG 105.ï 5HIHU WR 7HVW 6SHFLILFDWLRQV IRU
UHFHLYHU WLPLQJï
7KH UHFHLYH VLJQDO LV SURFHVVHG WKURXJK DQ DGDSWLYH SHDN
GHWHFWRU DQG GDWD VOLFHUVï 7KH SHDN GHWHFWRU VDPSOHV WKH
UHFHLYHG VLJQDO DQG GHWHUPLQHV LWV PD[LPXP YDOXHï $ SHUð
FHQWDJH RI WKH SHDN YDOXH LV SURYLGHG WR WKH GDWD VOLFHUV DV
D WKUHVKROG OHYHO WR HQVXUH RSWLPXP VLJQDOðWRðQRLVH UDWLRï
)RU '6;ðì DSSOLFDWLRQV õOLQH OHQJWK LQSXWV /(1íð/(1ë ≠
ííí RU ííìô WKH WKUHVKROG LV VHW WR æíø õW\SLFDOô RI WKH SHDN
YDOXHï 7KLV WKUHVKROG LV PDLQWDLQHG DERYH WKH VSHFLILHG
OHYHO IRU XS WR ìè VXFFHVVLYH ]HURV RYHU WKH UDQJH RI VSHFLð
ILHG RSHUDWLQJ FRQGLWLRQVï )RU (ì DSSOLFDWLRQV õ/(1[Q
LQSXWV ííí RU ííìô WKH WKUHVKROG LV èíø õW\SLFDOôï
7KH UHFHLYHU LV FDSDEOH RI DFFXUDWHO\ UHFRYHULQJ VLJQDOV
ZLWK XS WR ðìêïç G% RI DWWHQXDWLRQ õIURP ëïé 9ôñ FRUUHð
VSRQGLQJ WR D UHFHLYHG VLJQDO OHYHO RI DSSUR[LPDWHO\ èíí
P9ï 0D[LPXP OLQH OHQJWK LV ìèíí IHHW RI $%$0 FDEOH
õDSSUR[LPDWHO\ ç G% RI DWWHQXDWLRQôï 5HJDUGOHVV RI
UHFHLYHG VLJQDO OHYHOñ WKH SHDN GHWHFWRUV DUH KHOG DERYH D
PLQLPXP OHYHO RI íïê 9 õW\SLFDOô WR SURYLGH LPPXQLW\ IURP
LPSXOVLYH QRLVHï %XLOW LQ SXOVH VWUHWFKLQJ FLUFXLWU\ PDLQð
WDLQV D PLQLPXP SRVLWLYH DQG QHJDWLYH PDUN SXOVH ZLGWK
õVHH 7DEOH ìè DQG )LJXUH ìé RQ SDJH ìíèôï
7UDQVPLWWHU
7KH WZR WUDQVPLWWHUV LQ WKH /;7êêì '/,8 DUH LGHQWLFDOï
7KH IROORZLQJ SDUDJUDSKV GHVFULEH WKH RSHUDWLRQ RI D VLQJOH
WUDQVPLWWHUï
7UDQVPLW GDWD LV FORFNHG VHULDOO\ LQWR WKH GHYLFH DW 7326î
71(*ï ,QSXW V\QFKURQL]DWLRQ LV VXSSOLHG E\ WKH WUDQVPLW
FORFN õ7&/.ôï 7KH 7326î71(* LQSXWV DUH VDPSOHG RQ WKH
IDOOLQJ HGJH RI 7&/.ï ,I 7&/. LV KHOG /RZ WKH WUDQVPLWWHU
UHPDLQV SRZHUHG GRZQ DQG WKH 77,3î75,1* RXWSXWV DUH
KHOG LQ D KLJKð= VWDWHñ H[FHSW GXULQJ 7$26 LI 0&/. LV
DYDLODEOHï (DFK RXWSXW GULYHU LV VXSSOLHG E\ D VHSDUDWH
SRZHU VXSSO\ õ79&&í RU 79&&ìôï &XUUHQW OLPLWHUV RQ WKH
RXWSXW GULYHUV SURYLGH VKRUW FLUFXLW SURWHFWLRQï 5HIHU WR
7HVW 6SHFLILFDWLRQV IRU 7&/. WLPLQJ FKDUDFWHULVWLFVï 7KH
/;7êêì WUDQVPLWV GDWD DV D èíø $0, OLQH FRGH DV VKRZQ
LQ )LJXUH ëï
7DEOH éã (TXDOL]HU &RQWURO ,QSXWV ð +DUGZDUH 0RGHì
/(1ë
/(1ì
/(1í
/RZ
+LJK
+LJK
+LJK
+LJK
/RZ
/RZ
+LJK
/RZ
/RZ
+LJK
+LJK
/RZ
/RZ
+LJK
+LJK
/RZ
+LJK
/RZ
+LJK
/RZ
+LJK
/RZ
/RZ
/LQH /HQJWKë
&DEOH /RVVê
í ð ìêê IW $%$0
íïç G%
ìêêðëçç IW $%$0
ìïë G%
ëççðêää IW $%$0
ìïå G%
êääðèêê IW $%$0
ëïé G%
èêêðçèè IW $%$0
êïí G%
,78 5HFRPPHQGDWLRQ *ïæíê
$SSOLFDWLRQ
)UHTXHQF\
'6;ðì
ìïèéé 0+]
(ì ð &RD[ õæè Ωô
(ì ð 7ZLVWHGðSDLU õìëí Ωô
ëïíéå 0+]
&68
ìïèéé 0+]
)&& 3DUW çåñ 2SWLRQ $
ìï /(1Q LQSXWV DUH VKRZQ DV +LJK RU /RZ IRU +DUGZDUH PRGHï )RU +RVW 0RGH VHULDO LQSXWVñ +LJK
ëï /LQH OHQJWK IURP /;7êêì WR '6;ðì FURVVðFRQQHFW SRLQWï
êï 0D[LPXP FDEOH ORVV DW ææë N+]ï
ëðäë
ì DQG /RZ
íï
L1
)XQFWLRQDO 'HVFULSWLRQ
3XOVH 6KDSH
7KH WUDQVPLWWHG SXOVH VKDSH LV GHWHUPLQHG E\ /LQH /HQJWK
HTXDOL]HU FRQWURO VLJQDOV /(1í WKURXJK /(1ëï (TXDOL]HU
FRGHV DUH KDUGðZLUHG LQ +DUGZDUH PRGH DV VKRZQ LQ 7DEOH
éï ,Q +RVW PRGH WKH /(1[Q FRGHV DUH LQSXW WKURXJK WKH
VHULDO LQWHUIDFHï 6KDSHG SXOVHV DUH DSSOLHG WR WKH $0, OLQH
GULYHU IRU WUDQVPLVVLRQ RQWR WKH OLQH DW 77,3 DQG 75,1*ï
7KH OLQH GULYHU SURYLGHV D FRQVWDQW /RZ RXWSXW LPSHGDQFH
RI á ê Ω õW\SLFDOô UHJDUGOHVV RI ZKHWKHU LW LV GULYLQJ PDUNV
RU VSDFHV RU GXULQJ WUDQVLWLRQVï 7KLV ZHOOðFRQWUROOHG LPSHGð
DQFH SURYLGHV H[FHOOHQW UHWXUQ ORVV ZKHQ XVHG ZLWK H[WHUQDO
SUHFLVLRQ UHVLVWRUV õ‘ìø DFFXUDF\ôï 6HH 7DEOHV å DQG ä IRU
UHFRPPHQGHG WUDQVIRUPHU VSHFLILFDWLRQVñ UDWLRVñ VHULHV
UHVLVWRU õ5Wô YDOXHVñ DQG W\SLFDO UHWXUQ ORVVHV IRU YDULRXV
/(1[Q FRGHVï 7R PLQLPL]H SRZHU FRQVXPSWLRQ WKH '&
EORFN FDSDFLWRU DQG /;7êêì FDQ EH FRQQHFWHG GLUHFWO\ WR D
ìãìïìè WUDQVIRUPHU ZLWKRXW VHULHV UHVLVWRUVï
3XOVHV FDQ EH VKDSHG IRU HLWKHU ìïèéé RU ëïíéå 0ESV DSSOLð
FDWLRQVï ìïèéé 0ESV SXOVHV IRU '6;ðì DSSOLFDWLRQV FDQ EH
SURJUDPPHG WR PDWFK OLQH OHQJWKV IURP í WR çèè IHHW RI ëë
$:* $%$0 FDEOHï $ FRPELQDWLRQ RI äïì Ω UHVLVWRUV DQG
D ìãëïê WUDQVIRUPHU LV UHFRPPHQGHG IRU '6;ðì DSSOLFDð
WLRQV DQG PD[LPXP WUDQVPLW UHWXUQ ORVVï 7KH /;7êêì DOVR
PDWFKHV )&& SXOVH PDVN VSHFLILFDWLRQV IRU &68 DSSOLFDð
WLRQVï
)LJXUH ëã
èíø $0, &RGLQJ
7KH /;7êêì XVHV LWV 07,3 DQG 05,1* SLQV WR PRQLWRU LWV
RZQ 77,3 DQG 75,1* RXWSXWV RU WKRVH RI DQ DGMDFHQW FKLSï
0DUN GHWHFWLRQ LQYROYHV WZR PHDVXUHVã
êï 9ROWDJH WKUHVKROGã D SXOVH PXVW WULS D WKUHVKROG
YROWDJH DERYH RU EHORZ õGHSHQGLQJ RQ LWV SRODULW\ô WKH
LQSXW ELDV YROWDJH OHYHOï 7KH /;7êêì ELDV YROWDJH LV
ëïè 9 DQG WKH WKUHVKROG IRU D PDUN LV ëïè ‘ íïæä 9ï
éï 3XOVH ZLGWKã WKH PRQLWRU GLVWLQJXLVKHV EHWZHHQ PDUNV
DQG QRLVH SXOVHV E\ WKH SXOVH ZLGWKï /;7êêì UHTXLUHV
D PDUN SXOVH WR EH DW OHDVW ìëí QV ZLGH õW\SLFDOO\ôï
7KHUH DUH WZR W\SH RI PDUNVã )LJXUH ë ODEHOV WKHP ¦$§ DQG
¦%§ï &ì DQG &ë GHWHFW ¦$§ PDUNVâ WKH $1' JDWH õ$ìô
HQVXUHV WKDW ERWK PDUN VLJQDOV DUH SUHVHQW DW WKH VDPH WLPHï
,I WKH SXOVH ZLGWKV DUH DGHTXDWHñ ZLWK ERWK D SRVLWLYH PDUN
RQ 07,3 DQG D QHJDWLYH PDUN RQ 05,1*ñ WKH $ì RXWSXW
JRHV +LJKï /LNHZLVH &ê DQG &é GHWHFW ¦%§ PDUNVï ,I WKH
SXOVH PHHWV WKH PLQLPXP ZLGWK UHTXLUHPHQWñ WKH $1'
JDWH õ$ëô RXWSXW JRHV +LJK ZKHQ WKHUH DUH ERWK D QHJDWLYH
PDUN RQ 07,3 DQG D SRVLWLYH PDUN RQ 05,1*ï 7KH 25
JDWH õ2ìô SDVVHV WKH PDUNñ DV WKH VLJQDO ¦]HUR§ñ RQ WR WKH
FORFNîFRXQWHU FLUFXLW ZKLFK FRQWUROV WKH '30 RXWSXWï
$ ODWFK VDPSOHV WKH FRXQWHU ZKLFK JRHV +LJK LI WKH '30
FLUFXLW VHHV çê FRQVHFXWLYH ]HURVï $Q\ PDUN UHVHWV WKH
FRXQWHUï 7KH '30 VLJQDO JRHV +LJK DIWHU WKH çêUG ]HURï
'ULYHU )DLOXUH 0RQLWRU
7KH /;7êêì SURGXFHV ëïíéå 0ESV SXOVHV IRU ERWK æè Ω
FRD[LDO õëïêæ 9ô RU ìëí Ω VKLHOGHG WZLVWHGðSDLU õêïí 9ô
OLQHV WKURXJK DQ RXWSXW WUDQVIRUPHU ZLWK D ìãë WXUQV UDWLRï
7KH WUDQVFHLYHU LQFRUSRUDWHV DQ LQWHUQDO 'ULYHU )DLOXUH
0RQLWRU õ')0ô LQ SDUDOOHO ZLWK 77,3 DQG 75,1*ï $
FDSDFLWRUñ FKDUJHG YLD D PHDVXUH RI WKH GULYHU RXWSXW FXUð
UHQW DQG GLVFKDUJHG E\ D PHDVXUH RI WKH PD[LPXP DOORZð
DEOH FXUUHQW GHWHFWV GULYHU IDLOXUHï 6KRUWHG OLQHV GUDZ
H[FHVV FXUUHQWñ RYHUFKDUJLQJ WKH FDSï :KHQ WKH FDSDFLWRU
FKDUJH GHYLDWHV RXWVLGH WKH QRPLQDO FKDUJH ZLQGRZñ D
GULYHU IDLOXUH LV UHSRUWHGï ,Q +RVW PRGH WKH ')0 ELW LV VHW
LQ WKH VHULDO ZRUGï ,Q ERWK +DUGZDUH DQG +RVW PRGHV WKH
')0 SLQ JRHV +LJKï 'XULQJ D ORQJ VWULQJ RI VSDFHVñ D VKRUWð
LQGXFHG RYHUFKDUJH HYHQWXDOO\ EOHHGV RIIñ FOHDULQJ WKH
')0 IODJï
'ULYHU 3HUIRUPDQFH 0RQLWRU
&RQWURO 0RGHV
7KH /;7êêì LQFRUSRUDWHV D 'ULYHU 3HUIRUPDQFH 0RQLWRU
õ'30ô DV VKRZQ LQ )LJXUH ê RQ SDJH äéï 7KH '30 RXWSXW
JRHV +LJK RQ UHFHLSW RI çê FRQVHFXWLYH ]HURV DQG UHWXUQV
/RZ RQ UHFHLSW RI D WUDQVLWLRQï $ UHVHW FRPPDQG DOVR GULYHV
WKH RXWSXW VLJQDO /RZï
7KH /;7êêì WUDQVFHLYHU RSHUDWHV LQ VWDQGDORQH +DUGZDUH
õGHIDXOWô 0RGH RU +RVW 0RGH GHSHQGLQJ RQ WKH LQSXW WR SLQ
êèï :KHQ SLQ êè LV FORFNHG E\ 0&/.ñ 7&/.í RU 7&/.ìñ
LW DFWV DV D 6HULDO 3RUW (QDEOH õ63(ô VLJQDO WR IRUFH WKH
/;7êêì LQWR WKH +RVW PRGHï
77,3
75,1*
L1
%,7 &(//
ì
í
ì
ëðäê
/;7êêì 'XDO 7ìî(ì /LQH ,QWHUIDFH 8QLW
+RVW 0RGH &RQWURO
6HULDO ,QSXW :RUG
7KH /;7êêì RSHUDWHV LQ WKH +RVW PRGH ZKHQ SLQ êè õ63(ô
LV FORFNHGï ,Q +RVW PRGH D PLFURSURFHVVRU FRQWUROV WKH
/;7êêì WKURXJK WKH VHULDO ,î2 SRUW õ6,2ô ZKLFK SURYLGHV
FRPPRQ DFFHVV WR ERWK /,8Vï (DFK RI WKH WZR /,8V FRQð
WDLQV D SDLU RI GDWD UHJLVWHUVñ RQH IRU FRPPDQG LQSXWV DQG
RQH IRU VWDWXV RXWSXWVï $Q 6,2 WUDQVDFWLRQ LV LQLWLDWHG E\ D
IDOOLQJ SXOVH RQ RQH RI WKH WZR 3RUW 6HOHFW SLQVñ PS0 RU PS1ï
2QO\ RQH /,8 FDQ EH VHOHFWHG DW D WLPHï $ +LJKðWRð/RZ
WUDQVLWLRQ RQ 36Q LV UHTXLUHG IRU HDFK VXEVHTXHQW DFFHVV WR
WKH +RVW PRGH UHJLVWHUVï ,I ERWK PS0 DQG PS1 DUH DFWLYH
VLPXOWDQHRXVO\ñ 3RUW í KDV SULRULW\ RYHU 3RUWìï
)LJXUH é VKRZV WKH 6HULDO ,QSXW GDWD VWUXFWXUHï 7KH /;7êêì
LV DGGUHVVHG E\ VHWWLQJ ELW $é LQ WKH $GGUHVVî&RPPDQG
E\WHñ FRUUHVSRQGLQJ WR DGGUHVV ìçï %LW ì RI WKH VHULDO
$GGUHVVî&RPPDQG E\WH SURYLGHV 5HDGî:ULWH õ5î:ô FRQð
WURO ZKHQ WKH FKLS LV DFFHVVHGï 7KH 5î: ELW LV VHW WR ORJLF ì
WR UHDG WKH GDWD RXWSXW E\WH IURP WKH FKLSñ DQG VHW WR ORJLF
í WR ZULWH WKH LQSXW GDWD E\WH WR WKH FKLSï
7KH /,8 DGGUHVVHG E\ WKH PSn SXOVH UHVSRQGV E\ ZULWLQJ
WKH LQFRPLQJ VHULDO ZRUG IURP WKH 6', SLQ LQWR LWV FRPð
PDQG UHJLVWHUï )LJXUH é RQ SDJH äè VKRZV DQ 6,2 ZULWH
RSHUDWLRQï 7KH ìçðELW VHULDO ZRUG FRQVLVWV RI DQ åðELW &RPð
PDQGî$GGUHVV E\WH DQG DQ åðELW 'DWD E\WHï ,I WKH FRPð
PDQG ZRUG FRQWDLQV D UHDG UHTXHVWñ WKH DGGUHVVHG /,8
VXEVHTXHQWO\ RXWSXWV WKH FRQWHQWV RI LWV VWDWXV UHJLVWHU RQWR
WKH 6'2 SLQï
7KH VHFRQG å ELWV RI D ZULWH RSHUDWLRQñ WKH 'DWD ,QSXW E\WHñ
FOHDU WKH 'ULYHU 3HUIRUPDQFH 0RQLWRU õ'30ô DQG 'ULYHU
)DLO 0RQLWRU õ')0ô LQWHUUXSWVñ UHVHW WKH FKLSñ DQG FRQWURO
GLDJQRVWLF PRGHVï 7KH ILUVW DQG VHFRQG ELWV õ'íðìô FOHDU
DQGîRU PDVN WKH '30 DQG ')0 LQWHUUXSWVñ DQG WKH ODVW ë
ELWV õ'çðæô FRQWURO RSHUDWLQJ PRGHV õQRUPDO DQG GLDJQRVð
WLFô DQG FKLS UHVHWï 5HIHU WR 7DEOH è IRU GHWDLOV RQ ELWV 'çðæï
7DEOH èã 6,2 ,QSXW %LW 6HWWLQJV õ6HH )LJXUH éô
0RGH
767
%LW 'è
$/223
%LW 'ç
7$26
%LW 'æ
$/223
í
ì
í
7$26
í
;
ì
5(6(7
ì
ì
í
)LJXUH è RQ SDJH äç VKRZV DQ 6,2 UHDG RSHUDWLRQï 7KH
&ORFN (GJHõ&/.(ô VLJQDO GHWHUPLQHV ZKHQ WKH 6'2 RXWð
SXW LV YDOLGñ UHODWLYH WR WKH 6HULDO &ORFN õ6&/.ô DV IROORZVã
,I &/.( +LJKñ 6'2 LV YDOLG RQ WKH ULVLQJ HGJH RI 6&/.ï
,I &/.( /RZñ 6'2 LV YDOLG RQ WKH IDOOLQJ HGJH RI 6&/.ï
5HIHU WR 7HVW 6SHFLILFDWLRQV IRU 6,2 WLPLQJï
)LJXUH êã
/;7êêì 'ULYHU 3HUIRUPDQFH 0RQLWRU
07,3
òëïè 9
òæäí P9
òëïè 9
ðèíí P9
05,1*
ò
ð
&ì
3XOVH :LGWK
0RQLWRU
$ì
ò
ð
&ë
&/.
&175çê
3XOVH :LGWK
0RQLWRU
&
]HURó
2ì
ò
ð
&ê
,
2
5
3XOVH :LGWK
0RQLWRU
6
4
'30
5
$ë
ò
ð
ëðäé
&é
3XOVH :LGWK
0RQLWRU
L1
)XQFWLRQDO 'HVFULSWLRQ
6HULDO 2XWSXW :RUG
,QWHUUXSW +DQGOLQJ
)LJXUH è VKRZV WKH 6HULDO 2XWSXW GDWD VWUXFWXUHï 6'2 LV
KLJK LPSHGDQFH ZKHQ 6', UHFHLYHV DQ $GGUHVVî&RPPDQG
E\WHï ,I 6', UHFHLYHV D ZULWH FRPPDQG õ5îW íôñ 6'2
UHPDLQV LQ KLJK LPSHGDQFHï ,I WKH FRPPDQG LV D UHDG õ5îW
ìôñ WKHQ 6'2 EHFRPHV DFWLYH DIWHU WKH ODVW &RPPDQGî
$GGUHVV ELW õ$çô DQG UHPDLQV DFWLYH IRU HLJKW 6&/. F\FOHVï
7\SLFDOO\ WKH ILUVW ELW RXW RI 6'2 FKDQJHV WKH VWDWH RI 6'2
IURP KLJK = WR D /RZî+LJKï 7KLV RFFXUV DSSUR[LPDWHO\ ìíí
QV DIWHU WKH HLJKWK IROORZLQJ HGJH RI 6&/.ï
7KH +RVW PRGH SURYLGHV WZR ODWFKHG ,QWHUUXSW RXWSXW SLQVñ
INT0 DQG INT1ñ RQH IRU HDFK /,8ï $Q LQWHUUXSW LV WULJJHUHG
E\ D FKDQJH LQ WKH '30 RU ')0 ELW õ'í '30ñ
'ì ')0ôï $V VKRZQ LQ )LJXUH çñ HLWKHU RU ERWK LQWHUUXSW
JHQHUDWRUV FDQ EH PDVNHG E\ ZULWLQJ D ì WR WKH FRUUHVSRQGð
LQJ ELW õ'í RU 'ìô RI WKH LQSXW GDWD E\WHï :KHQ DQ LQWHUUXSW
KDV RFFXUUHGñ WKH INT RXWSXW SLQ LV SXOOHG /RZï 7KH RXWSXW
VWDJH RI HDFK INT SLQ FRQVLVWV RQO\ RI D SXOOðGRZQ GHYLFHï
+HQFHñ DQ H[WHUQDO SXOOðXS UHVLVWRU LV UHTXLUHGï &OHDU WKH
LQWHUUXSWV DV IROORZVã
7KH RXWSXW GDWD E\WH UHSRUWV '30 DQG ')0 FRQGLWLRQVñ
HTXDOL]HU VHWWLQJVñ DQG RSHUDWLQJ PRGHV õQRUPDO RU GLDJð
QRVWLFôï 7KH ILUVW è ELWV õ'íðéô UHSRUW '30 DQG ')0 VWDWXV
DQG WKH /LQH /HQJWK (TXDOL]HU VHWWLQJVï 7KH ODVW ê ELWV õ'èð
æô UHSRUW RSHUDWLQJ PRGHV DQG LQWHUUXSW VWDWXV DV GHILQHG LQ
7DEOH ç RQ SDJH äçï
ìï
ëï
,I WKH INT OLQH IRU WKH UHVSHFWLYH SRUW LV +LJK õQR LQWHUUXSW
LV SHQGLQJôñ ELWV 'èðæ UHSRUW WKH RSHUDWLQJ PRGHV OLVWHG LQ
7DEOH ç RQ SDJH äçï ,I WKH INT OLQH IRU WKH UHVSHFWLYH SRUW
LV /RZñ WKH LQWHUUXSW VWDWXV RYHUULGHV DOO RWKHU UHSRUWV DQG
ELWV 'èðæ UHIOHFW WKH LQWHUUXSW VWDWXV DV OLVWHG LQ 7DEOH çï
)LJXUH éã
,I RQH RU ERWK LQWHUUXSW ELWV õ'30 RU ')0 ð 'í RU 'ì
RI WKH RXWSXW GDWD E\WHô DUH KLJKñ ZULWH D ì WR WKH
FRUUHVSRQGLQJ ELW RI WKH LQSXW GDWD E\WH WR FOHDU WKH
LQWHUUXSWï /HDYH D ì LQ HLWKHU ELW SRVLWLRQ WR HIIHFWLYHO\
PDVN WKDW LQWHUUXSWï 7R UHðHQDEOH WKH LQWHUUXSW
FDSDELOLW\ñ UHVHW HLWKHU 'í RU 'ì RU ERWK WR íï
,I QHLWKHU '30 QRU ')0 LV KLJKñ UHVHW WKH FKLS WR FOHDU
WKH LQWHUUXSWï 7R UHVHW WKH FKLSñ VHW GDWD LQSXW ELWV 'è
DQG 'ç ìñ DQG 'æ íï
/;7êêì 6,2 :ULWH 2SHUDWLRQV
36Q
6&/.
$GGUHVVî&RPPDQG %\WH
6',
5î:
$í
$ì
$ë
$ê
$é
'DWD ,QSXWî2XWSXW %\WH
$è
$ç
'í
'ì
'ë
'ê
'é
'è
'ç
'æ
6'2ó
$ç
$í
$GGUHVVî
&RPPDQG
%\WH
í
5î:
5î:
5î:
í
í
í
í
ì
í
;
;
ì ã 5HDG
í ã :ULWH
'RQöW &DUH
&OHDUî0DVN ,QWHUUXSW
ó 6'2 ð UHPDLQV KLJK
LPSHGHQFH
L1
,QSXW
'DWD
%\WH
6HW 2SHUDWLRQ 0RGH RU 5HVHW
'í õ/6%ô
'30
ì
&/($5
'æ õ06%ô
')0
ì
&/($5
/(1í
/(1ì
/(1ë
767
$/223
í 1RUPDO 2SV ì
(1$%/(
7$26
ì
(1$%/(
ëðäè
/;7êêì 'XDO 7ìî(ì /LQH ,QWHUIDFH 8QLW
)LJXUH èã
/;7êêì 6,2 5HDG 2SHUDWLRQ
36Q
6&/.
$GGUHVVî&RPPDQG %\WH
ì
5î:
6',
í
$ì
í
í
í
ì
$é
;
6'2
í
;
$ç
'21ö7 &$5(
'21ö7 &$5(
'DWD 2XWSXW %\WH
'í
+,*+ ,03('$1&(
'ì
'ë
'ê
/LQH /HQJWK
(TXDOL]HU 6HWWLQJ
3HUIRUPDQFH 0RQLWRU
'é
'è
'ç
2SHUDWLQJ 0RGHV RU
,QWHUUXSW 6WDWXV
'æ õ06%ô
'í õ/6%ô
2XWSXW
'DWD
%\WH
'æ
'30
')0
ì 758(
ì 758(
/(1í
/(1ì
/(1ë
767
í
1RUPDO
$/223
7$26
ì (1$%/(' ì (1$%/('
7DEOH çã /;7êêì 6HULDO 'DWD 2XWSXW %LW &RGLQJ
%LW 'è
%LW 'ç
%LW 'æ
í
í
í
5HVHW KDV RFFXUUHGñ RU QR SURJUDP LQSXW õLïHï QRUPDO RSHUDWLRQôï
í
í
ì
7$26 DFWLYH
í
ì
í
$/223 DFWLYH
í
ì
ì
7$26 DQG $/223 DFWLYH
%LW 'è
%LW 'ç
%LW 'æ
ì
í
ì
')0 KDV FKDQJHG VWDWH VLQFH WKH ODVW &OHDU ')0 RFFXUUHG
ì
ì
í
'30 KDV FKDQJHG VWDWH VLQFH WKH ODVW &OHDU '30 RFFXUUHG
ì
ì
ì
'30 DQG ')0 KDYH FKDQJHG VWDWH VLQFH WKH ODVW &OHDU '30 DQG '0)
RFFXUUHG
ëðäç
2SHUDWLQJ 0RGHV
,QWHUUXSW 6WDWXV
L1
)XQFWLRQDO 'HVFULSWLRQ
)LJXUH çã
/;7êêì ,QWHUUXSW +DQGOLQJ
6WDUWðXS RU
5HVWDUW
,QWHUUXSWV
HQDEOHG
0DVN
,QWHUUXSWV
"
<HV
1R
,QW +LJK
õ1R LQWHUUXSWô
1R
'RHV DQ
,QWHUUXSW
&RQGLWLRQ
([LVW
"
,QW /RZ
õLQWHUUXSWô
5HDG 2XWSXW 6WDWXV :RUGó
õ%LWV 'èð'æ 2SHUDWLQJ
0RGHô
'30
'30
:ULWH ûìû WR 'í
RI ,QSXW 6WDWXV
:RUG WR
5HðHQDEOH '30
,QWHUUXSW
:ULWH ûìû WR 'í
RI ,QSXW 6WDWXV
:RUG WR 0DVN
'30 ,QWHUUXSW
:KDW
,QWHUUXSW
')0
&RQGLWLRQ
([LVWV
"
')0 $1' '30
:ULWH ûì ìû WR
'íð'ì RI ,QSXW
6WDWXV :RUG WR
5HðHQDEOH '30
÷ ')0 ,QWHUUXSW
1R
:ULWH ûìû WR 'ì
RI ,QSXW 6WDWXV
:RUG WR
5HðHQDEOH ')0
,QWHUUXSW
:ULWH ûì ìû WR
'íð'ì RI ,QSXW
6WDWXV :RUG WR
0DVN '30 ÷
')0 ,QWHUUXSW
:ULWH ûìû WR 'ì
RI ,QSXW 6WDWXV
:RUG WR 0DVN
')0 ,QWHUUXSW
$UH
%RWK
,QWHUUXSW
&RQGLWLRQV
0DVNHG
"
<HV
5HDG 2XWSXW 6WDWXV :RUGó
õ%LWV 'èð'æ 2SHUDWLQJ 0RGHô
,17 JRHV +,*+
5Hð(QDEOH
,QWHUUXSWV
"
')0
'30 ÷ ')0
<HV
5HDG 2XWSXW 6WDWXV :RUGó
õ%LWV 'èð'æ LQWHUUXSW
VWDWXVô
ó5HJDUGOHVV RI ,QWHUUXSW
6WDWXVñ ELW
'í LQGLFDWHV '30 VWDWXVñ
'ì LQGLFDWHV '30 VWDWXV
DQG 'ë ð 'é LQGLFDWH /(1
VWDWXV
0DVN
:KLFK
,QWHUUXSWV
"
ó5HJDUGOHVV RI ,QWHUUXSW
6WDWXVñ ELW
'í LQGLFDWHV '30 VWDWXV
'ì LQGLFDWHV '30 VWDWXV
DQG 'ë ð 'æ LQGLFDWH
/(1 VWDWXV
1R
<HV
'30
:ULWH ûíû WR 'í RI ,QSXW
6WDWXV :RUG WR
5HðHQDEOH '30
,QWHUUXSW
L1
5Hð(QDEOH
')0
ZKLFK
,QWHUUXSWV
"
')0 $1' '30
:ULWH ûí íû WR 'íð'ì RI
,QSXW 6WDWXV :RUG WR
5HðHQDEOH '30 ÷
')0 ,QWHUUXSWV
:ULWH ûíû WR 'ì RI ,QSXW
6WDWXV :RUG WR
5HðHQDEOH ')0
,QWHUUXSW
ëðäæ
/;7êêì 'XDO 7ìî(ì /LQH ,QWHUIDFH 8QLW
+DUGZDUH 0RGH &RQWURO
,QLWLDOL]DWLRQî5HVHW 2SHUDWLRQ
+DUGZDUH FRQWURO LV WKH GHIDXOW RSHUDWLQJ PRGHâ WKH
/;7êêì RSHUDWHV LQ +DUGZDUH PRGH XQOHVV SLQ êè
õ/(1ëìî63(ô LV FORFNHGï ,Q +DUGZDUH PRGH WKH WUDQVð
FHLYHU LV FRQWUROOHG WKURXJK LQGLYLGXDO SLQVâ D µ3 LV QRW
UHTXLUHGï 7KH 6,2 SLQV DUH UHðPDSSHG WR SURYLGH FRQWURO
IXQFWLRQVï ,Q +DUGZDUH PRGH WKH 305.î105. RXWSXWV
DUH YDOLG RQ WKH ULVLQJ HGJH RI 5&/.ï
'LDJQRVWLF 0RGH 2SHUDWLRQ
7KH /;7êêì RIIHUV WZR GLDJQRVWLF PRGHVï $QDORJ /RRSð
EDFN õ$/223ô DQG 7UDQVPLW $OO 2QHV õ7$26ô DUH DYDLOð
DEOH XQGHU ERWK +RVW DQG +DUGZDUH FRQWURO PRGHVï
,Q +RVW PRGHñ GLDJQRVWLF PRGHV DUH VHOHFWHG E\ ZULWLQJ WKH
DSSURSULDWH 6,2 ELWVï ,Q +DUGZDUH PRGHñ GLDJQRVWLF PRGHV
DUH VHOHFWHG E\ D FRPELQDWLRQ RI SLQ VHWWLQJVï 7KH SLQV PXVW
EH KHOG DW WKH VSHFLILHG OHYHOV IRU D PLQLPXP RI ëí QV õW\Sð
LFDOO\ôï 7DEOH æ OLVWV +DUGZDUH 0RGH FRQWURO VHWWLQJV IRU
WKH YDULRXV GLDJQRVWLF PRGHVï
7UDQVPLW $OO 2QHVï 6HH )LJXUH æï 7UDQVPLW $OO 2QHV
õ7$26ô LV VHOHFWHG ZKHQ 7$26 ìï ,Q 7$26 PRGH WKH
7326 DQG 71(* LQSXWV DUH LJQRUHGñ EXW WKH WUDQVPLWWHU
UHPDLQV ORFNHG WR WKH 7&/. LQSXWï :KHQ 7$26 LV
VHOHFWHGñ WKH WUDQVFHLYHU WUDQVPLWV D FRQWLQXRXV VWUHDP RI
ìV DW WKH 7&/. IUHTXHQF\ï ,I 7&/. LV QRW VXSSOLHGñ 0&/.
LV XVHG DV WKH WUDQVPLW UHIHUHQFHï 7$26 DQG $QDORJ /RRSð
EDFN FDQ EH VHOHFWHG VLPXOWDQHRXVO\ DV VKRZQ LQ )LJXUH åï
$QDORJ /RRSEDFNï 6HH )LJXUH äï $QDORJ /RRSEDFN
õ$/223ô LV VHOHFWHG ZKHQ $/223 ìï ,Q $/223 PRGH
WKH UHFHLYH OLQH LQSXW õ57,3î55,1*ô LV EORFNHGï 7KH WUDQVð
PLW RXWSXWV õ77,3 DQG 75,1*ô DUH ORRSHG EDFN WKURXJK WKH
UHFHLYHU LQSXW DQG RXWSXW DW 305. DQG 105.ï 7KH WUDQVð
PLWWHU FLUFXLWV DUH XQDIIHFWHG E\ $/223ï 7UDQVPLWWLQJ
RQWR DQ LPSURSHUO\ WHUPLQDWHG OLQH PD\ SURGXFH XQH[ð
SHFWHG SXOVH ZLGWKV DW 305. DQG 105.ï
7ULð6WDWHï %\ KROGLQJ SLQ ì õ7567(ô +LJK IRU DW OHDVW ëíí
QV DOO RXWSXW GULYHUV õERWK GLJLWDO DQG DQDORJô JR WR KLJK =
VWDWH DQG WKH FKLS ORJLF JRHV LQWR D UHVHW FRQGLWLRQ ZKLFK
ODVWV ç µV ORQJHU WKDQ LQ WKH WULðVWDWHï $OO SLQV JR WR D KLJKð
= FRQGLWLRQñ DQG WKH LQWHUQDO FLUFXLWV JR WR D NQRZQ FRQð
GLWLRQï
7DEOH æã +DUGZDUH 0RGH 'LDJQRVWLF 6HWWLQJV
0RGH
7567(
$/223
7$26
$/223
/
+
/
7$26
/
;
+
5(6(7
+
;
;
ëðäå
8SRQ LQLWLDO SRZHU XSñ WKH WUDQVFHLYHU LV KHOG VWDWLF
XQWLO WKH SRZHU VXSSO\ UHDFKHV DSSUR[LPDWHO\ ê 9ï
8SRQ FURVVLQJ WKLV WKUHVKROGñ WKH GHYLFH FOHDUV DOO
LQWHUQDO UHJLVWHUVï 7&/. LV WKH WUDQVPLW UHIHUHQFHñ DQG
0&/. LV WKH ELDV UHIHUHQFHï 7KH 3//V DUH FRQWLQXð
RXVO\ FDOLEUDWHGï
7KH WUDQVFHLYHU FDQ EH UHVHW IURP WKH +RVW RU +DUGð
ZDUH PRGHï ,Q +RVW PRGHñ UHVHW LV FRPPDQGHG E\
ZULWLQJ ìV WR 767 DQG $/223ñ DQG D í WR 7$26 õELWV
'èñ 'ç DQG 'æñ UHVSHFWLYHO\ñ RI WKH 6,2 LQSXW GDWD
E\WHôï ,Q HLWKHU PRGHñ FRPPDQG UHVHW E\ KROGLQJ
7567( +LJK IRU DSSUR[LPDWHO\ ëíí QVï $OO RXWSXW VLJð
QDOV DUH WULðVWDWHG DW WKLV WLPHï 7KH IDOOLQJ HGJH RI WKH
7567( LQLWLDWHV UHVHWï %RWK PRGHV UHVHW HDFK SRUW
LQGHSHQGHQWO\ï 5HVHW FOHDUV DQG VHWV DOO 6,2 UHJLVWHUV
WR í DW WKH DIIHFWHG SRUWï 5HVHW LV QRW JHQHUDOO\ UHTXLUHG
IRU WKH SRUW WR EH RSHUDWLRQDOï
)LJXUH æã
7$26 'DWD 3DWK
7UDQVPLW $OO 2QHV
7$26
7&/.
7326
71(*
7$26
ì
$/223
í
7LPLQJ ÷
77,3
&RQWURO
77,3
õ$OO ìVô
75,1*
57,3
55,1*
305.
105.
)LJXUH åã
7$26 ZLWK $/223
$/223
7UDQVPLW $OO 2QHV
ì
ZLWK $/223
7$26
7&/.
7LPLQJ ÷
7326
&RQWURO
71(*
7$26
ì
57,3
55,1*
305.
105.
)LJXUH äã
77,3
õ$OO ìVô
75,1*
$QDORJ /RRSEDFN
$QDORJ /RRSEDFN $/223
ì
7&/.
7326
71(*
305.
105.
7LPLQJ ÷
&RQWURO
7$26
í
77,3
75,1*
57,3
55,1*
L1
$SSOLFDWLRQ ,QIRUPDWLRQ
$33/,&$7,21 ,1)250$7,21
3RZHU 5HTXLUHPHQWV
7KH /;7êêì LV D ORZðSRZHU &026 GHYLFHï ,W RSHUDWHV
IURP D VLQJOH òè 9 SRZHU VXSSO\ ZKLFK FDQ EH WLHG WR DOO
WKUHH 9&& LQSXWVï +RZHYHUñ DOO LQSXWV PXVW EH ZLWKLQ ‘ ïê
9 RI HDFK RWKHUñ DQG GHFRXSOHG WR WKHLU UHVSHFWLYH JURXQGV
VHSDUDWHO\ï ,VRODWLRQ EHWZHHQ WKH WUDQVPLW DQG UHFHLYH FLUð
FXLWV LV SURYLGHG LQWHUQDOO\ï 'XULQJ QRUPDO RSHUDWLRQ RU
DQDORJ ORRSEDFNñ WKH WUDQVPLWWHU SRZHUV GRZQ LI 7&/. LV
QRW VXSSOLHGï
/LQH ,QWHUIDFH 5HTXLUHPHQWV
7DEOH å OLVWV WUDQVIRUPHU YDOXHV IRU ìïèéé 0ESV DQG ëïíéå
0ESV DSSOLFDWLRQVï 7DEOH ä VKRZV FRPELQDWLRQV RI WUDQVð
IRUPHUVñ VHULHV UHVLVWRUV DQG WKH /(1[Q VHWWLQJV WKDW SURð
GXFH D YDULHW\ RI UHWXUQ ORVV YDOXHVï
7DEOH åã 5HFRPPHQGHG 7UDQVIRUPHU 9DOXHV
3DUDPHWHU
9DOXH
7XUQV 5DWLR õ7ìô
ìãëïê õ7[ô î ìã ì õ5[ô
7XUQV 5DWLR õ(ìô
ìãë õ7[ô î ìã ì õ5[ô
3ULPDU\ ,QGXFWDQFH
ìïë P+ PLQLPXP
/HDNDJH ,QGXFWDQFH
íïè µΗ PD[LPXP
,QWHUZLQGLQJ &DSDFLWDQFH
ëè S) PD[LPXP
'& 5HVLVWDQFH õ3ULPDU\ô
ì Ω PD[LPXP
(7 õ%UHDNGRZQ 9ROWDJHô
ì N9 PLQLPXP
ìïèéé 0ESV 7ì $SSOLFDWLRQV
)LJXUH ìì RQ SDJH ìíí VKRZV D W\SLFDO KRVW PRGH DSSOLFDð
WLRQï 7KH HLJKW VHULDO LQWHUIDFH SLQV DUH JURXSHG DW WKH WRSï
+RVW PRGH LV VHOHFWHG E\ WKH FORFN LQSXW WR 63(ï 2WKHU
PRGH VHOHFWLRQ SLQV DUH VKRZQ DW WKH ERWWRPï :LWK WKH
7567( SLQ SXOOHG /RZñ WKH /;7êêì RSHUDWHV QRUPDOO\ï
3XOOLQJ WKLV SLQ +LJK FDXVHV DOO RXWSXWV WR JR WR D KLJK
LPSHGDQFH VWDWHï
SO\ IRU WKH UHPDLQLQJ õQRQðGULYHUô FLUFXLWU\ LV VKRZQ DW FHQð
WHU ULJKW ZLWK ìïí µ) DQG íïì µ) GHFRXSOLQJ FDSDFLWRUVï
7KH OLQH LQWHUIDFH FLUFXLWU\ LV LGHQWLFDO IRU ERWK /,8 SRUWVï
7KH SUHFLVLRQ UHVLVWRUV LQ OLQH ZLWK WKH WUDQVPLW WUDQVIRUPHU
SURYLGH RSWLPDO UHWXUQ ORVVï 7KH UHFRPPHQGHG WUDQVð
IRUPHUîUHVLVWRU FRPELQDWLRQ LV OLVWHG DW WKH ERWWRP RI )LJð
XUH ìíï ìãì WUDQVIRUPHUV DUH XVHG RQ WKH UHFHLYH VLGHï
7DEOH äã 7UDQVIRUPHU &RPELQDWLRQV
;IPU 5DWLRì
/(1
L1
5WQ /RVVê
)RU 7ìî'6;ðì ìíí Ω 7ZLVWHGð3DLU $SSOLFDWLRQVã
íììðììì
ìãë
5W
äïì Ω
ìéG%
íììðììì
ìãëïê
5W
äïì Ω
ìåG%
íììðíìì
ìãìïìè
íΩ
ìG%
5W
)RU (ì ìëí Ω 7ZLVWHGð3DLU $SSOLFDWLRQVã
ííì
ìãë
5W
ìè Ω
ìåG%
ííí
ìãë
5W
äïì Ω
ìíG%
)RU (ì æè Ω &RD[LDO $SSOLFDWLRQVã
ííì
ìãë
5W
ìéïê Ω
ìíG%
ííí
ìãë
5W
äïì Ω
ìåG%
ëï 7UDQVIRUPHU WXUQV UDWLR DFFXUDF\ LV ‘ ëøï
êï 5W YDOXHV DUH ‘ ìøï
éï 7\SLFDO UHWXUQ ORVVñ èìN+] ð êïíæë 0+] EDQGñ ZLWK D FDSDFLWRU LQ
SDUDOOHO ZLWK WKH SULPDU\ VLGH RI WKH WUDQVIRUPHUï
ëïíéå 0ESV (ì $SSOLFDWLRQV
(ì &RD[LDO $SSOLFDWLRQV
)LJXUH ìì RQ SDJH ìíí VKRZV WKH OLQH LQWHUIDFH IRU D
W\SLFDO ëïíéå 0ESV (ìî&(37 FRD[LDO õæè Ωô DSSOLFDð
WLRQï 7KH /(1 FRGH VKRXOG EH VHW WR ííí IRU FRD[ï :LWK
äïì Ω 5W UHVLVWRUV LQ OLQH ZLWK WKH ìãë RXWSXW WUDQVIRUPð
HUVñ WKH /;7êêì SURGXFHV ëïêæ 9 SHDN SXOVHV DV
UHTXLUHG IRU FRD[ DSSOLFDWLRQVï $V LQ WKH 7ì DSSOLFDð
WLRQ VKRZQ LQ )LJXUH ìíñ ìãì WUDQVIRUPHUV DUH XVHG RQ
WKH UHFHLYH VLGHï
)LJXUH ìíã /LQH ,QWHUIDFH IRU (ì &RD[
/;7êêì
)LJXUH ìì RQ SDJH ìíí VKRZV D SDLU RI IUDPHUVï $Q
/;3çíí$ &ORFN $GDSWHU õ&/$'ô FRQYHUWV WKH ëïíéå 0+]
EDFNSODQH FORFN WR SURYLGH WKH ìïèéé 0+] LQSXW WR WKH
0&/. DQG 7&/. LQSXWV RI ERWK /,8 SRUWVï
7KH ')0 LQGLFDWRU VKRZQ LQ WKH GLDJUDP ORZHU OHIW LV
DYDLODEOH WR GULYH RSWLRQDO H[WHUQDO FLUFXLWVï 7KH GULYHU
SRZHU VXSSO\ LQSXWV õERWWRPô DUH WLHG WR D FRPPRQ EXV
ZLWK çå µ) GHFRXSOLQJ FDSDFLWRUV LQVWDOOHGï 7KH SRZHU VXSð
5W 9DOXHë
77,3Q
75,1*Q
57,3Q
55,1*Q
ì
5W äïìΩ
éæíS)
5W äïìΩ
ìãë
ì
ìãì
æè Ω
7\SLFDO YDOXHñ DGMXVW IRU ERDUG SDUDVLWLFV WR
REWDLQ RSWLPXP UHWXUQ ORVV
ëðää
/;7êêì 'XDO 7ìî(ì /LQH ,QWHUIDFH 8QLW
)LJXUH ììã 7\SLFDO /;7êêì 7ì $SSOLFDWLRQ õ+RVW &RQWURO 0RGHñ %LSRODU ,î2ôô
7Rî)URP µ3 &RQWUROOHU
ìïèéé 0+]
&ORFN 6RXUH
'30í
,17ì
36ì
,17í
36í
6'2
6',
&/.(
0&/.
6&/.
òè 9
05,1*í
')0í
75,1*í
7326í
71(*í
/;7êêì
305.í
ì
éæí S)
5W
ìãì
57,3í
105.í
ìãQ
5W
77,3í
7&/.í
'XDO )UDPHU
07,3í
ìíí Ω
55,1*í
òè9
9&&
ì µ)
7&/.ì
íïì µ)
*1'
7326ì
ìãì
57,3ì
71(*ì
ìíí Ω
305.ì
55,1*ì
105.ì
'30ì
77,3ì
')0ì
7*1'ì
79&&ì
7*1'í
79&&í
7567(
75,1*ì
07,3ì
5W
éæí S)
0HGLDã ìíí Ω 7ZLVWHG 3DLU
/(1
;IPU 5DWLRì
íììðììì
ìãëïê
5W 9DOXHë
5W äïì Ω
ì
5W
05,1*ì
ì
òè 9
çå µ)
ìãQ
7\SLFDO 9DOXHï $GMXVW
FDSDFLWRU DQG
WUDQVIRUPHU IRU ERDUG
SDUDVLWLFV WR REWDLQ
RSWLPXP UHWXUQ ORVVï
çå µ)
5WQ /RVVê
ìå G%
127(6ã
ìï 7UDQVIRUPHU WXUQV UDWLR DFFXUDF\ LV ‘ ëøï
ëï 5W YDOXHV DUH ‘ ìøï
êï 7\SLFDO UHWXUQ ORVVñ èì N+] ð êïíæë 0+] EDQGï
ëðìíí
L1
$SSOLFDWLRQ ,QIRUPDWLRQ
(ì 7ZLVWHGð3DLU $SSOLFDWLRQV
/(1 FRGH VHW WR ííì DQG ìè Ω 5W UHVLVWRUV LQ OLQH ZLWK
WKH ìãë RXWSXW WUDQVIRUPHUVñ WKH /;7êêì SURGXFHV WKH
êïí 9 SHDN SXOVHV UHTXLUHG IRU WKLV DSSOLFDWLRQï
)LJXUH ìë VKRZV D W\SLFDO ëïíéå 0ESV (ì WZLVWHGðSDLU
õìëí Ωô DSSOLFDWLRQï 7KH OLQH OHQJWK HTXDOL]HUV DUH
FRQWUROOHG E\ WKH KDUGZLUHG /(1 LQSXWVï :LWK WKH
)LJXUH ìëã 7\SLFDO /;7êêì (ì ìëí Ω 7ZLVWHG 3DLU $SSOLFDWLRQ õ+DUGZDUH &RQWURO 0RGHôô
òè9
çå µ)
7*1'í
79&&í
$/223í
7$26í
/(1ëí
'30í
/(1ìí
0&/.
/(1íí
ëïíéå 0+]
&ORFN 6RXUFH
')0í
7&/.í
5W ìè Ω
77,3í
7326í
éæí S)
75,1*í
71(*í
'XDO )UDPHU
07,3í
05,1*í
/;7êêì
305.í
105.í
ì
ìãì
5W ìè Ω
57,3í
ìãë
ìëí Ω
55,1*í
9&&
*1'
7&/.ì
7326ì
íïì µ)
ì µ)
ìãì
57,3ì
71(*ì
òè9
ìëí Ω
305.ì
55,1*ì
105.ì
'30ì
7*1'ì
ìãë
éæí S)
75,1*ì
79&&ì
$/223ì
7$26ì
/(1ëì
/(1ìì
7567(
+LJKð=
/(1íì
')0ì
1RUPDO
5W ìè Ω
77,3ì
ì
5W ìè Ω
07,3ì
05,1*ì
òè9
ì
7\SLFDO 9DOXHï $GMXVW
IRU ERDUG SDUDVLWLFV WR
REWDLQ RSWLPXP UHWXUQ
ORVVï
çå µ)
0HGLD
ìëí 7:3
æè &RD[
/(1
ííì
ííí
;IPU 5DWLRì 5Wë
ìãë
ìè Ω
ìãë
äïìΩ
5U
ëéí Ω
ìèí Ω
5WQ /RVVê
ìå G%
ìå G%
127(6ã
ìï 7UDQVIRUPHU WXUQV UDWLR DFFXUDF\ LV ‘ ëøï
ëï 5W YDOXHV DUH ‘ ìøï
êï 7\SLFDO UHWXUQ ORVVñ èì N+] ð êïíæë 0+] EDQGï
L1
ëðìíì
/;7êêì 'XDO 7ìî(ì /LQH ,QWHUIDFH 8QLW
7(67 63(&,),&$7,216
7DEOH ìíã $EVROXWH 0D[LPXP 5DWLQJV
3DUDPHWHU
'& VXSSO\ õUHIHUHQFHG WR *1'ô
6\P
0LQ
0D[
8QLWV
9&&ñ 79&&íñ 79&&ì
ðíïê
çïí
9
ì
9,1
*1' ð íïê
9FF ò íïê
9
,QSXW FXUUHQWñ DQ\ SLQ ë
,,1
ðìí
ìí
P$
6WRUDJH WHPSHUDWXUH
767
ðçè
ìèí
ƒ&
,QSXW YROWDJHñ DQ\ SLQ
&$87,21
2SHUDWLRQV DW RU EH\RQG WKHVH OLPLWV PD\ UHVXOW LQ SHUPDQHQW GDPDJH WR WKH GHYLFHï 1RUPDO RSHUDWLRQ QRW JXDUDQWHHG RU
LPSOLHG DW WKHVH H[WUHPHVï
ìï ([FOXGLQJ 57,3 DQG 55,1* ZKLFK PXVW VWD\ ZLWKLQ ð ç 9 WR 9&& ò íïê 9ï
ëï 7UDQVLHQW FXUUHQWV RI XS WR ìíí P$ ZLOO QRW FDXVH 6&5 ODWFKðXSï 77,3í ÷ ìñ 75,1*í ÷ ìñ 9&&ñ 79&&í ÷ ì DQG 7*1'í ÷ ì FDQ ZLWKVWDQG
FRQWLQXRXV FXUUHQW RI ìíí P$ï
7DEOH ììã 5HFRPPHQGHG 2SHUDWLQJ &RQGLWLRQV
6\PERO
0LQLPXP
7\SLFDOì
0D[LPXP
8QLWV
9&&ñ 79&&íñ 79&&ì
éïæè
èïí
èïëè
9
$PELHQW RSHUDWLQJ WHPSHUDWXUH ê
7$
ðéí
ëè
åè
ƒ&
$PELHQW RSHUDWLQJ WHPSHUDWXUH é
7$
ðè
ëè
åè
ƒ&
3DUDPHWHU
'& VXSSO\ ë
ìï
ëï
êï
éï
7\SLFDO ILJXUHV DUH DW ëè ƒ& DQG DUH IRU GHVLJQ DLG RQO\â QRW JXDUDQWHHG DQG QRW VXEMHFW WR SURGXFWLRQ WHVWLQJï
9DULDWLRQ EHWZHHQ 79&&íñ 79&&ì DQG 9&& PXVW EH ð íïê 9ï
/;7êêì3( ÷ 4(
/;7êêì3+ ÷ 4+
ëðìíë
L1
7HVW 6SHFLILFDWLRQV
7DEOH ìëã (OHFWULFDO &KDUDFWHULVWLFV õ2YHU 5HFRPPHQGHG 2SHUDWLQJ 5DQJHô
3DUDPHWHU
6\P
0LQ
7\Sì
0D[
8QLWV
7HVW &RQGLWLRQV
33
ð
ð
çåí
P:
ðéí WR òåè ƒ&
3'
ð
ð
çèí
P:
í WR òåè ƒ&
33
ð
ð
ìííí
P:
ðéí WR òåè ƒ&
3'
ð
ð
äåí
P:
í WR òåè ƒ&
3'
ð
ð
èëí
P:
ìííø RQHV GHQVLW\
+LJK OHYHO LQSXW YROWDJH éñè
9,+
ëïí
ð
ð
9
/RZ OHYHO LQSXW YROWDJH éñè
9,/
ð
ð
íïå
9
+LJK OHYHO RXWSXW YROWDJH éñè
92+
ëïé
ð
ð
9
,287
ð éíí µΑ
/RZ OHYHO RXWSXW YROWDJH éñè
9R/
ð
ð
íïé
9
,287
ìïç P$
,QSXW OHDNDJH FXUUHQW ç
,//'
í
ð
‘ ìí
µ$
,QSXW OHDNDJH FXUUHQW æ
,//0
í
ð
‘ èí
µ$
7KUHHðVWDWH OHDNDJH FXUUHQW é
,6/
ð
ð
‘ ìí
µ$
77,3î75,1* OHDNDJH FXUUHQW
,75
ð
ð
ìïë
P$
ë
7RWDO SRZHU GLVVLSDWLRQ ð 7ì
õ0D[LPXP OLQH OHQJWKñ æè Ω ORDGô
7RWDO SRZHU GLVVLSDWLRQ ð 7ì ê
õ0D[LPXP OLQH OHQJWKñ éê Ω ORDGô
7RWDO SRZHU GLVVLSDWLRQ ð (ì
ë
LQ SRZHU GRZQ DQG WULðVWDWH
ìï 7\SLFDO ILJXUHV DUH DW ëè ƒ& DQG DUH IRU GHVLJQ DLG RQO\â QRW JXDUDQWHHG DQG QRW VXEMHFW WR SURGXFWLRQ WHVWLQJï
ëï ìííø ìV GHQVLW\ DQG PD[LPXP OLQH OHQJWKï 'ULYLQJ æè Ω ORDG RYHU RSHUDWLQJ WHPSHUDWXUH UDQJHï ,QFOXGHV GHYLFH DQG ORDGï 'LJLWDO
LQSXW OHYHOV DUH ZLWKLQ ìíø RI WKH VXSSO\ UDLOV DQG GLJLWDO RXWSXWV DUH GULYLQJ D èí S) FDSDFLWLYH ORDGï
êï ìííø ìV GHQVLW\ DQG PD[LPXP OLQH OHQJWKï 'ULYLQJ éê Ω ORDG õFRUUHVSRQGLQJ WR DQ 5W YDOXH RI äïì Ω DQG D ìãë WUDQVIRUPHU UDWLRô
RYHU RSHUDWLQJ UDQJHï LQFOXGH GHYLFH DQG ORDGï 'LJLWDO LQSXW OHYHOV DUH ZLWKLQ ìíø RI WKH VXSSO\ UDLOV DQG GLJLWDO RXWSXWV DUH GULYLQJ D
èí S) FDSDFLWLYH ORDGï
éï )XQFWLRQDOLW\ RI SLQV GHSHQGV RQ PRGHï
èï 2XWSXW GULYHUV ZLOO RXWSXW &026 ORJLF OHYHOV LQWR &026 ORDGVï
çï $OO GLJLWDO LQSXW SLQVï
æï )RU 07,3íñ 05,1*íñ 07,3ì $1' 05,1*ìï
7DEOH ìêã $QDORJ 6SHFLILFDWLRQV õ2YHU 5HFRPPHQGHG 2SHUDWLQJ 5DQJHô
3DUDPHWHU
$0, RXWSXW SXOVH DPSOLWXGHV
0LQ
7\Sì
0D[
8QLWV
7HVW &RQGLWLRQV
'6;ðì
ëïé
êïí
êïç
9
PHDVXUHG DW WKH '6;
(ì õìëí Ω)
ëïæ
êïí
êïê
9
PHDVXUHG DW OLQH VLGH
(ì õæè Ω)
ëïìê
ëïêæ
ëïçì
9
PHDVXUHG DW OLQH VLGH
ð
ì
ëïè
ø
5HFRPPHQGHG RXWSXW ORDG DW 77,3 DQG 75,1*
ð
æè
ð
Ω
'ULYHU RXWSXW LPSHGDQFH ê
ð
ê
ìí
Ω
# ææë N+]
ìí +] ð åN+] ê
ð
íïííè
íïíì
8,
7ì -LWWHU %DQGV
å N+] ð éí N+] ê
ð
íïíìè
íïíëè
8,
ìí +] ð éí +] ê
ð
íïíë
íïíëè
8,
%URDG EDQG
ð
íïíê
íïíè
8,
7UDQVPLW DPSOLWXGH YDULDWLRQ ZLWK VXSSO\
-LWWHU DGGHG E\ WKH WUDQVPLWWHU ë
ê
ìï 7\SLFDO ILJXUHV DUH DW ëè ƒ& DQG DUH IRU GHVLJQ DLG RQO\â QRW JXDUDQWHHG DQG QRW VXEMHFW WR SURGXFWLRQ WHVWLQJï
ëï ,QSXW VLJQDO DW 7&/. LV MLWWHUðIUHHï
êï 1RW SURGXFWLRQ WHVWHGñ EXW JXDUDQWHHG E\ GHVLJQ DQG RWKHU FRUUHODWLRQ PHWKRGVï
L1
ëðìíê
/;7êêì 'XDO 7ìî(ì /LQH ,QWHUIDFH 8QLW
7DEOH ìêã $QDORJ 6SHFLILFDWLRQV õ2YHU 5HFRPPHQGHG 2SHUDWLQJ 5DQJHô ¤ FRQWLQXHG
3DUDPHWHU
0LQ
7\Sì
0D[
8QLWV
ð
ð
íïíè
8,
-LWWHU DGGHG E\ WKH WUDQVPLWWHU ë
ëí +] ð ìíí N+]
2XWSXW SRZHU OHYHOV ê
'6, ë N+] %:
# ææë N+]
ìëïç
ð
ìæïä
G%P
# ìèéé N+]
ðëä
ð
ð
G%
3RVLWLYHðWRðQHJDWLYH SXOVH LPEDODQFH
ð
ð
íïè
G%
'LIIHUHQWLDO
ð
éí
ð
NΩ
ìêïç
ð
ð
G%
èíí
ð
ð
P9
ð
ëëç
ð
P9
'6;ðì
çê
æí
ææ
ø SHDN
(ì
éê
èí
èæ
ø SHDN
6HQVLWLYLW\ EHORZ '6; õí G%
õPD[ ç G% FDEOH DWWHQXDWLRQô
ëïé 9ô
3HDN GHWHFWRU VTHOFK OHYHO
'DWD GHFLVLRQ WKUHVKROG
7HVW &RQGLWLRQV
(ì -LWWHU %DQG
ìï 7\SLFDO ILJXUHV DUH DW ëè ƒ& DQG DUH IRU GHVLJQ DLG RQO\â QRW JXDUDQWHHG DQG QRW VXEMHFW WR SURGXFWLRQ WHVWLQJï
ëï ,QSXW VLJQDO DW 7&/. LV MLWWHUðIUHHï
êï 1RW SURGXFWLRQ WHVWHGñ EXW JXDUDQWHHG E\ GHVLJQ DQG RWKHU FRUUHODWLRQ PHWKRGVï
7DEOH ìéã /;7êêì 0DVWHU &ORFN DQG 7UDQVPLW 7LPLQJ &KDUDFWHULVWLFV õ6HH )LJXUH ìêô
6\P
0LQ
7\Sì
0D[
8QLWV
'6;ðì
0&/.
ð
ìïèéé
ð
0+]
(ì
0&/.
ð
ëïíéå
ð
0+]
3DUDPHWHU
0DVWHU FORFN IUHTXHQF\
0DVWHU FORFN WROHUDQFH
0&/.W
ð
‘ èí
ð
SSP
0DVWHU FORFN GXW\ F\FOH
0&/.G
éí
ð
çí
ø
'6;ðì
7&/.
ð
ìïèéé
ð
0+]
(ì
7&/.
ð
ëïíéå
ð
0+]
7UDQVPLW FORFN IUHTXHQF\
7UDQVPLW FORFN WROHUDQFH
7&/.W
ð
‘ èí
ð
SSP
7UDQVPLW FORFN GXW\ F\FOH
7&/.G
ìí
ð
äí
ø
7326î71(* WR 7&/. VHWXS WLPH
W687
ëè
ð
ð
QV
7&/. WR 7326î71(* +ROG WLPH
W+7
ëè
ð
ð
QV
ìï 7\SLFDO ILJXUHV DUH DW ëè ƒ& DQG DUH IRU GHVLJQ DLG RQO\â QRW JXDUDQWHHG DQG QRW VXEMHFW WR SURGXFWLRQ WHVWLQJï
)LJXUH ìêã /;7êêì 7UDQVPLW &ORFN 7LPLQJ
7&/.
W 687
W +7
7326
71(*
ëðìíé
L1
7HVW 6SHFLILFDWLRQV
7DEOH ìèã /;7êêì 5HFHLYH &KDUDFWHULVWLFV õ6HH )LJXUH ìéô
6\P
0LQ
7\Sì
0D[
8QLWV
7ì
W03:
ð
êëé
ð
QV
(ì
W03:
ð
ëéé
ð
QV
W5;'
ð
çè
ð
QV
3DUDPHWHU
305.î105. SXOVH ZLGWK
5HFHLYHU WKURXJKSXW GHOD\
7HVW &RQGLWLRQV
êïí 9 SXOVH
ìï 7\SLFDO ILJXUHV DUH DW ëè ƒ& DQG DUH IRU GHVLJQ DLG RQO\â QRW JXDUDQWHHG DQG QRW VXEMHFW WR SURGXFWLRQ WHVWLQJ.
7DEOH ìçã /;7êêì 6HULDO ,î2 7LPLQJ &KDUDFWHULVWLFV õ6HH )LJXUHV ìè DQG ìçô
6\P
0LQ
7\Sì
0D[
8QLWV
7HVW &RQGLWLRQV
5LVHî)DOO WLPH ð DQ\ GLJLWDO RXWSXW
W5)
ð
ð
ìíí
QV
/RDG ìïç P$ñ èíS)
6', WR 6&/. VHWXS WLPH
W'&
èí
ð
ð
QV
6&/. WR 6', KROG WLPH
W&'+
èí
ð
ð
QV
6&/. ORZ WLPH
W&/
ëéí
ð
ð
QV
6&/. KLJK WLPH
W&+
ëéí
ð
ð
QV
6&/. ULVH DQG IDOO WLPH
W5ñ W)
ð
ð
èí
QV
36 WR 6&/. VHWXS WLPH
W3&
èí
ð
ð
QV
6&/. WR 36 KROG WLPH
W&3+
èí
ð
ð
QV
3DUDPHWHU
36 LQDFWLYH WLPH
W3:+
ëèí
ð
ð
QV
6&/. WR 6'2 YDOLG
W&'9
ð
ð
ëíí
QV
ìçWK 6&/. IDOOLQJ HGJH RU 36 ULVLQJ
HGJH WR 6'2 KLJK =
W&'=
ð
ìíí
ð
QV
ìï 7\SLFDO ILJXUHV DUH DW ëè ƒ& DQG DUH IRU GHVLJQ DLG RQO\â QRW JXDUDQWHHG DQG QRW VXEMHFW WR SURGXFWLRQ WHVWLQJï
)LJXUH ìéã /;7êêì 5HFHLYH 7LPLQJ
57,3
55,1*
W5;'
W03:
30$5.
W5;'
W03:
10$5.
L1
ëðìíè
/;7êêì 'XDO 7ìî(ì /LQH ,QWHUIDFH 8QLW
)LJXUH ìèã /;7êêì 6HULDO ,QSXW 7LPLQJ 'LDJUDP
W3:+
36Q
W3&
W&+
W&/
W&3+
6&/.
W'&
6',
W&'+
Z
/6%
W&'+
/6%
&21752/ %<7(
06%
'$7$ %<7(
)LJXUH ìçã /;7êêì 6HULDO 2XWSXW 7LPLQJ 'LDJUDP
&6
W&'=
6&/.
W&'9
W&'=
6'2
+,*+ =
&/.( ì
W&'9
6'2
&/.( í
ëðìíç
+,*+ =
L1