ROMA
TRE
DIA
t GHJOL 6WXGL GL 5RPD 7UH
8QLYHUVLWD
'LSDUWLPHQWR GL ,QIRUPDWLFD H $XWRPD]LRQH
9LD GHOOD 9DVFD 1DYDOH ^ 5RPD ,WDO\
&RQFHSWXDO 0RGHOLQJ RI
$XWRQRPRXV $JHQWV SDUDGLJPV
LQ )OH[LEOH 0DQXIDFWXULQJ
6\VWHPV
/XGRYLFD $GDFKHU &DUOR 0HORQL
57',$
1RYHPEUH $%675$&7
,Q WKLV SDSHU LV GHVFULEHG D VHW RI SRVVLEOH LPSOHPHQWDWLRQV RI WKH DXWRQRPRXV DJHQWV
FRQFHSW LQ oH[LEOH PDQXIDFWXULQJ 'HYHORSPHQW RI LQWHOOLJHQW V\VWHPV WR LPSURYLQJ PDQ
XIDFWXULQJ SURGXFWLYLW\ QHHGV JRRG VRIWZDUH PRGHOLQJ DSSURDFKHV WR VXSSRUW HpFLHQW
GHVLJQ DQG FRQWURO 6RIWZDUH GHVLJQ FRQFHSWV EDVHG RQ REMHFWRULHQWHG SURJUDPPLQJ DUH
HPHUJLQJ DV SRZHUIXO WHFKQLTXHV IRU GHYHORSLQJ ODUJH VFDOH VRIWZDUH V\VWHPV 7KLV SDSHU
SUHVHQWV LPSRUWDQW IHDWXUHV RI REMHFWRULHQWHG GHVLJQ WRROV DQG WKHLU UHOHYDQFH LQ PRGHOLQJ
DQG GHYHORSLQJ VRIWZDUH IRU $XWRQRPRXV $JHQWV 0DQXIDFWXULQJ 6\VWHPV
.H\ZRUGV $JHQWV &RQFHSWXDO 0RGHOLQJ &RRUGLQDWLRQ 'HFHQWUDOL]HG &RQWURO 6\VWHPV
,QWHOOLJHQW 0DQXIDFWXULQJ 6\VWHPV 2EMHFW2ULHQWHG 3URJUDPPLQJ 6LPXODWLRQ
,QWURGXFWLRQ
3URGXFWLRQ V\VWHPV DUH GLVWULEXWHG V\VWHPV ZRUNLQJ LQ D G\QDPLF HQYLURQPHQW $ UHFHQW
DSSURDFK SURYLGLQJ D GHFRPSRVHG DQG PRGXODU IUDPHZRUN LV EDVHG RQ WKH SDUDGLJP RI
DXWRQRPRXV DJHQW $$ -HQQLQJV DQG :RROGULGJH %DUEHU HW DO LQ ZKLFK
WKH SURFHVV LV WKH UHVXOW RI GHFLVLRQ RI VHYHUDO HQWLWLHV HDFK SXUVXLQJ LWV LQGLYLGXDO JRDO
ZLWKRXW D JOREDO GHFLVLRQ PDNHU
7KH DXWRQRPRXV DJHQWV FRQFHSW VXJJHVWV EDVLF ZD\V RI GHDOLQJ ZLWK FRPSOH[ V\VWHPV
VXFK DV WKH GHFRPSRVLWLRQ DSSURDFK 8]VR\ DQG 2YDFLN 7KH FRQFHSW JHQHUDOL]HV
DQG LQWHJUDWHV RWKHU DOWHUQDWLYH FRQWURO DQG VFKHGXOLQJ DUFKLWHFWXUHV LH FRRSHUDWLYH
V\VWHPV KHWHUDUFKLFDO VWUXFWXUHV REMHFWRULHQWHG SURJUDPPLQJ UHDO WLPH QHJRWLDWLRQ RI
UHVRXUFH DVVLJQPHQW DQG RSSRUWXQLVWLF VFKHGXOLQJ GHVLJQHG WR PHHW WKH FRPSOH[LW\ DV
ZHOO DV WKH GLVWULEXWHG QDWXUH RI WKH SURFHVV /LQ DQG 6ROEHUJ 7KH DXWKRUV
SURSRVH D IUDPHZRUN IRU SDUWV oRZ PDQDJHPHQW EDVHG RQ D QHJRWLDWLRQ SURWRFRO DPRQJ
SDUWV DQG RWKHU UHVRXUFHV 7KH HmHFWLYHQHVV RI WKH DSSURDFK KDV EHHQ YHULnHG E\ PHDQV
RI VLPXODWLRQ H[SHULPHQWV $GDFKHU HW DO ,Q WKH RUJDQL]DWLRQ RI WKH IDFWRU\ LW LV QDWXUDO WR LGHQWLI\ WKH DJHQWV ZLWK WKH HOHPHQWV
KDYLQJ D FHUWDLQ DPRXQW RI EHKDYLRUDO DXWRQRP\ EH LW D GHSDUWPHQW DQ RpFH D PDFKLQ
LQJ FHQWHU D VLQJOH ZRUNHU RU D ZRUNSDUW $GLJD %OD]HZLF] HW DO 3LQHGR
DQG <HQ 7KH $$ FRQFHSW JRHV RQH VWHS EH\RQG GLVWULEXWHG FRQWURO 6HTXHQFLQJ UXOHV 0RUWRQ DQG
3HQWLFR DUH ZLGHO\ XVHG LQ WKH PDQXIDFWXULQJ SUDFWLFH GXH WR WKHLU VLPSOLFLW\ DQG
UHODWLYH HpFLHQF\ +RZHYHU D WUDGLWLRQDO VKRS oRRU GULYHQ E\ VHTXHQFLQJ UXOHV FDQQRW EH
FRQVLGHUHG DQ $$ VWUXFWXUH IRU WZR PDLQ UHDVRQV )LUVW WKH ZRUNORDG RI D PDFKLQLQJ
FHQWHU LV W\SLFDOO\ DVVLJQHG E\ DQ H[WHUQDO GLVSDWFKHU DQG XVXDOO\ PDFKLQLQJ FHQWHUV FDQ
QRW UHDFW WR LW 7DODYDJH DQG +DQQDP 6HFRQG QR UHDO FRRSHUDWLRQ RU QHJRWLDWLRQ
WDNHV SODFH DPRQJ WKH DJHQWV 7KH $$ VWUXFWXUH FDOOV IRU D GLmHUHQW LGHD RI HVWDEOLVKLQJ
WKH ZRUNORDG RI WKH FHQWHUV 7KLV DVVLJQPHQW PD\ EH WKH UHVXOW RI D EDUJDLQLQJ SKDVH LQ
ZKLFK WKH WDVN WR EH DFFRPSOLVKHG SOD\V WKH UROH RI WKH FOLHQW DVNLQJ IRU D VHUYLFH DQG WKH
DJHQWV GLVSXWH DPRQJ WKHP WKH ULJKW RU WKH GXW\ WR VHUYH WKH FOLHQW
$JHQWV VHOHFWLRQ LV QRW D VLPSOH PHFKDQLFDO SURFHVV VLQFH LW W\SLFDOO\ UHTXLUHV LQVLJKWV WKDW
FDQ EH DFKLHYHG RQO\ WKURXJK D WKRURXJK XQGHUVWDQGLQJ RI WKH V\VWHP %RQJDHUWV HW DO
2I FRXUVH WKHUH LV QRW D XQLTXH ULJKW ZD\ RI GHVLJQLQJ DQG EXLOGLQJ $XWRQRPRXV
$JHQW 6\VWHPV $$6 $FWXDOO\ WKH DJHQW VHOHFWLRQ SKDVH PD\ EH HDV\ ZKHUHDV WKH KDUG
SDUW RI WKH ZRUN LV WR HQVXUH HmHFWLYH FRPPXQLFDWLRQ EHWZHHQ DJHQWV ZLWKRXW GHVWUR\LQJ
WKHLU DXWRQRP\ 0XOOHU 7KLV SDSHU SUHVHQWV DQ DSSURDFK WR GHVLJQ QRW D FRPSOHWH GHVLJQ PHWKRG 7KH DSSURDFK
SUHVHQWHG KHUH FDQ EH XVHG DV WKH EDVLV RI GLmHUHQW IRUPDOL]DWLRQV $$6 GHYHORSPHQW
PD\ EH YLHZHG DV DQ LWHUDWLYH DQG LQFUHPHQWDO SURFHVV $W HDFK VWHS RI WKLV SURFHVV
WKH PDLQ DVSHFWV RI $$6 GHYHORSPHQW DQDO\VLV LPSOHPHQWDWLRQ HYDOXDWLRQ WHVWLQJ
GRFXPHQWDWLRQ DQG PDQDJHPHQW DUH UHnQHG DQG VSHFLnHG LQ PRUH GHWDLO
6HFWLRQ SUHVHQWV WKH nYH $$ SDUDGLJPV SURSRVHG 7KHVH SDUDGLJPV GLmHU IURP HDFK
RWKHU IRU WKH DPRXQW DQG FRPSOH[LW\ RI LQIRUPDWLRQ H[FKDQJHG QHJRWLDWLRQ PHFKDQLVP
LPSOHPHQWDWLRQ UHTXLUHPHQWV DQG DOJRULWKPLF DVSHFWV 7KHVH HOHPHQWV DOORZ WR FRPSDUH
V\VWHPV KDYLQJ GLmHUHQW GHJUHHV RI DXWRQRP\ $GDFKHU HW DO 6HFWLRQ GHVFULEHV GDWD VWUXFWXUHV DQG LPSOHPHQWDWLRQ RI D VLPXODWLRQ V\VWHP WKDW KDYH
EHHQ FDUULHG RXW WR HYDOXDWH RXU SDUDGLJPV $Q RXWOLQH RI WKH 8QLnHG 0RGHOLQJ /DQJXDJH
80/ FRQFHSWXDO PRGHO RI SURSRVHG SDUDGLJPV LV VKRZQ 7KH DLP LV WR GHVFULEH DQ
DUFKLWHFWXUDO IUDPHZRUN HPSKDVL]LQJ WKH UROH RI REMHFWRULHQWHG PRGHOLQJ LQ HQVXULQJ
PRGXODULW\ DQG UHXVDELOLW\ DQG LQWURGXFH WKH IHDWXUHV RI WKH 80/ ZKLFK LV WKH HPHUJLQJ
VWDQGDUG IRU REMHFWRULHQWHG FRQFHSWXDO PRGHOLQJ 'RXJODVV %RRFK 4XDWUDQL
$Q LQFUHDVLQJ QXPEHU RI VRIWZDUH WRROV IRU PRGHOLQJ DQG GHVLJQLQJ LQWHOOLJHQW DJHQWV DQG
PXOWLDJHQW V\VWHPV LV QRZ DYDLODEOH 1RUPDQ HW DO -HQQLQJV DQG :RROGULGJH
7KHVH WRROV H[SORLW WKH DQDORJ\ EHWZHHQ WKH QRWLRQ RI DXWRQRP\ LQ $$6 DQG
WKDW RI HQFDSVXODWLRQ LQ REMHFW RULHQWHG SURJUDPPLQJ 223 %DUEHU %DUEHU HW
DO ,Q PDQXIDFWXULQJ DXWRQRPRXV DJHQWV FDQ EH QDWXUDOO\ LGHQWLnHG ZLWK WKH VXEMHFWV WKDW
SK\VLFDOO\ LQWHUDFW ZLWK WKH VXUURXQGLQJ HQYLURQPHQW WKURXJK VHQVRUV DQG HmHFWRUV VLP
LODUO\ WR WKH GHnQLWLRQ JLYHQ E\ 5XVVHOO DQG 1RUYLJ $V D FRQVHTXHQFH D NH\
DVSHFW RI WKH LPSOHPHQWDWLRQ RI WKH DXWRQRPRXV DJHQWV FRQFHSW LV WKH WUDGHRm EHWZHHQ
WKH DPRXQW DQG WKH GHWDLO RI WKH LQIRUPDWLRQ DYDLODEOH WR WKH DJHQW DQG WKH TXDOLW\ RI LWV
GHFLVLRQV
,Q IDFW LQ SULQFLSOH HDFK DJHQW FDQ EH SURYLGHG ZLWK D ODUJH DPRXQW RI LQIRUPDWLRQ
FRQFHUQLQJ WKH VWDWXV RI WKH RYHUDOO V\VWHP EXW WKLV PD\ EH SK\VLFDOO\ LQIHDVLEOH )RU
LQVWDQFH FRQVLGHU WKH PDFKLQHV DQG WKH SDUWV DV DJHQWV LQ D VKRS oRRU 8SRQ FRPSOHWLRQ
RI D WDVN D SDUW PD\ GHFLGH RQ ZKLFK PDFKLQLQJ FHQWHU VKRXOG LW EH SURFHVVHG QH[W ,Q
SULQFLSOH WR VHOHFW WKH EHVW GHFLVLRQ VHYHUDO HOHPHQWV VKRXOG EH FRQVLGHUHG LQFOXGLQJ WKH
FKDUDFWHULVWLFV RI WKH SDUWV VFKHGXOHG RQ D FHUWDLQ PDFKLQH WKH SURFHVVLQJ UHTXLUHPHQWV
RI WKHVH SDUWV WKHLU VXEVHTXHQW URXWLQJ PDFKLQH VSHHG DQG WRROLQJ HWF
&RQYH\LQJ VXFK GHWDLOHG LQIRUPDWLRQ WR HDFK SDUW PD\ EH LPSRVVLEOH EHFDXVH RI FRPPX
QLFDWLRQ DQG FRPSXWDWLRQDO RYHUKHDG 7KLV LV LQ IDFW D PDMRU SUREOHP LQ PDQ\ FHQWUDOL]HG
DUFKLWHFWXUHV 2Q WKH RWKHU KDQG D FDUHIXO FKRLFH RI WKH DFWXDOO\ UHOHYDQW SLHFHV RI LQ
IRUPDWLRQ PD\ SRLQW RXW WKDW WKH DJHQWV FDQ VWLOO ZRUN VDWLVIDFWRULO\ HYHQ ZLWKRXW D IXOO
NQRZOHGJH RI WKH ZKROH V\VWHP
0RVW RI WKH GLVSDWFKLQJ UXOHV FRPPRQO\ XVHG LQ PDQXIDFWXULQJ RQO\ PDNH VHQVH LQ D
FHQWUDOL]HG HQYLURQPHQW LQ ZKLFK D GHWDLOHG PRQLWRULQJ RI WKH RYHUDOO V\VWHP HYROXWLRQ LV
DYDLODEOH 3LQHGR DQG <HQ 7KH SDUDGLJPV SUHVHQWHG LQ WKLV SDSHU IRFXV RQ WZR
SHFXOLDU IHDWXUHV RI $$6 QDPHO\ L WKH OLPLWHG DYDLODELOLW\ RI GDWD FRQFHUQLQJ WKH UHVW RI
WKH V\VWHP DQG LL WKH FRQFHSW RI QHJRWLDWLRQ ZKLFK DOORZV WKH DJHQWV WR UHDFW WR ORFDOO\
XQSURnWDEOH VLWXDWLRQV
$$%DVHG )06 SDUDGLJPV LPSOHPHQWDWLRQ
,Q WKLV SDSHU WKUHH W\SHV RI DJHQWV DUH FRQVLGHUHG RQH UHODWHG WR PDFKLQHV 0DFKLQH
$JHQW 0$ RQH WR SDUW VWRUDJH 6WRUDJH $JHQW 6$ DQG WKH RWKHU UHODWHG WR SDUWV 3DUW
$JHQW 3$ )LYH GLmHUHQW LPSOHPHQWDWLRQV RI URXWLQJ DQG VFKHGXOLQJ PHFKDQLVPV LQ DQ
DXWRQRPRXV DJHQWV IUDPHZRUN DUH SUHVHQWHG )RU HDFK RI WKHP WKH LQWHUDFWLRQ DPRQJ
DJHQWV ZKHQ D 3DUW $JHQW UHTXLUHV WR EH SURFHVVHG DUH GHVFULEHG 7KLV RFFXUV ZKHQ D
SDUW HQWHUV WKH V\VWHP FRPSOHWHV DQ RSHUDWLRQ RU ZKHQ D PDFKLQH EUHDNV GRZQ
6LPSOH 7UDpF /LJKW 67/
2Q WKH EDVLV RI LWV DFWXDO ZRUNORDG HDFK 0$ GHFODUHV LWV RZQ DYDLODELOLW\ WR SURFHVV IXUWKHU
SDUWV E\ GLVSOD\LQJ D UHG EXV\ RU JUHHQ IUHH VLJQDO 7KH SDUW YLVLWV WKH PDFKLQHV RQH
DW D WLPH VWDUWLQJ IURP WKH FORVHVW RQH 7KH nUVW HQFRXQWHUHG PDFKLQH VKRZLQJ D JUHHQ
VLJQDO ZLOO WDNH FDUH RI WKH SDUW 7KH UHOHYDQW LQIRUPDWLRQ IRU URXWLQJ JUHHQ RU UHG VLJQDO
RQO\ oRZV IURP WKH PDFKLQH WR WKH SDUW ,Q WKLV FDVH QR QHJRWLDWLRQ WDNHV SODFH
7KLV LV WKH VLPSOHVW RSHUDWLQJ PRGH (DFK PDFKLQH GLVSOD\V WRROLQJ LQIRUPDWLRQ WKDW FDQ
EH UHDG E\ DQ\ 3$ $ 0$ DFFHSWV D QHZ SDUW JUHHQ VLJQDO LI DQG RQO\ LI WKHUH LV URRP LQ
WKH LQSXW EXmHU RI WKH PDFKLQH 2EYLRXVO\ WKLV SDUDGLJP RQO\ DSSOLHV ZKHQ EXmHU VL]H
LV OLPLWHG
&RQGLWLRQDO 7UDpF /LJKW &7/
7KLV SDUDGLJP LV OLNH WKH SUHYLRXV RQH H[FHSW WKDW WKH 3$ SURYLGHV SDUW LQIRUPDWLRQ HJ
SURFHVVLQJ WLPH GXH GDWH HWF WR WKH 0$ DQG WKH 0$ UHSOLHV E\ D JUHHQ RU UHG VLJQDO RQ
WKH EDVLV RI WKH SDUW FKDUDFWHULVWLFV $V EHIRUH WKH nUVW HQFRXQWHUHG PDFKLQH VKRZLQJ D
JUHHQ VLJQDO ZLOO SURFHVV WKH SDUW +HQFH WKH LQIRUPDWLRQ oRZV ELGLUHFWLRQDOO\ nUVW IURP
WKH SDUW WR WKH PDFKLQH DQG WKHQ YLFHYHUVD 7KLV ELGLUHFWLRQDO oRZ FDQ EH YLHZHG DV D
IRUP RI QHJRWLDWLRQ LQ ZKLFK WKH 0$ KDV WKH nQDO ZRUG
7ZR GLmHUHQW LPSOHPHQWDWLRQV RI WKLV SDUDGLJP DUH FRQVLGHUHG 7KH nUVW LV GHQRWHG DV
&7/Z &7/ZRUNORDG /HW : EH WKH FXUUHQW ZRUNORDG RI D PDFKLQH LH WKH WRWDO ZRUN
ORDG RI WKH SDUWV DFWXDOO\ LQ WKH LQSXW EXmHU RI WKH PDFKLQH ,Q WKH VHFRQG LPSOHPHQWDWLRQ
&7/W &7/WDUGLQHVV WKH DFFHSWDQFH GHFLVLRQ LV PDGH RQ WKH EDVLV RI WDUGLQHVV FRQVLG
HUDWLRQV 3UHFLVHO\ D PDFKLQH DFFHSWV D SDUW LI WKLV GRHV QRW LQFUHDVH WKH HVWLPDWHG WRWDO
WDUGLQHVV RI WKH SDUWV FXUUHQWO\ LQ LWV LQSXW EXmHU FRPSXWHG E\ DUUDQJLQJ WKH SDUWV LQ
GHFUHDVLQJ RUGHU RI VODFN WLPH 2WKHUZLVH WKH PDFKLQH ZLOO GLVSOD\ D UHG VLJQDO
&RQGLWLRQDO 7UDpF /LJKW([FKDQJH &7/(
7KH VDPH DV &7/ EXW LQ WKLV FDVH WKH PDFKLQH DJHQW KDV D IXUWKHU QHJRWLDWLRQ RSWLRQ
FRQVLVWLQJ LQ SRVVLEO\ WUDGLQJ RQH RI WKH SDUWV LQ LWV EXmHU IRU WKH QHZ SDUW 7KH UHMHFWHG
SDUW ZLOO KDYH WR VWDUW DJDLQ ORRNLQJ IRU D PDFKLQH
7KH VDPH DV &7/Z DQG &7/W EXW WKLV WLPH ZKHQ D SDUW LV UHMHFWHG E\ DOO PDFKLQHV
WKH SDUW ZLOO VWDUW DJDLQ DVNLQJ IRU VHUYLFH $W WKLV SRLQW HDFK PDFKLQH ZLOO FRPSDUH
WKH PD[LPXP VODFN WLPH RI WKH SDUWV LQ LWV EXmHU LH WKH VODFN WLPH RI WKH OHDVW XUJHQW
SDUW ZLWK WKH VODFN WLPH RI WKH SDUW DVNLQJ IRU VHUYLFH ,I WKH ODWWHU LV VPDOOHU WKH
PDFKLQH H[FKDQJHV WKH OHDVW XUJHQW SDUW IRU WKH QHZ SDUW 2WKHUZLVH WKH SDUW ZDLWV LQ
WKH 8QnQLVKHG 3DUWV 6WRUDJH EXmHU IRU LWV WXUQ
3DUW 0DFKLQH &RQWUDFWLQJ 30&
7KH 3$ SURYLGHV LWV LQIRUPDWLRQ WR DOO PDFKLQHV DQG HDFK PDFKLQH HODERUDWHV LWV RZQ
SULFH ZKLFK LV D ORFDO VXUURJDWH IRU JOREDO SHUIRUPDQFH LQGLFHV 6XFK SULFH GHSHQGV RQ ERWK
WKH SDUW FKDUDFWHULVWLFV DQG WKH PDFKLQH VWDWXV ZRUNORDG WRROLQJ HpFLHQF\ HWF +HQFH
WKH SDUW VHOHFWV WKH PDFKLQH RmHULQJ WKH EHVW SULFH 7KH LQIRUPDWLRQ oRZV ELGLUHFWLRQDOO\
EHWZHHQ WKH SDUW DQG HDFK PDFKLQH ,Q WKLV QHJRWLDWLRQ PRGH WKH nQDO GHFLVLRQ LV OHIW
ZLWK WKH SDUW
7KH 3$ SURYLGHV LWV LQIRUPDWLRQ WR DOO PDFKLQHV DQG HDFK PDFKLQH HODERUDWHV LWV RZQ
SULFH 6XFK SULFH GHSHQGV RQ VHYHUDO SDUDPHWHUV /HW 7 GHQRWH DQ HVWLPDWH RI WKH WRWDO
WDUGLQHVV RI WKH EDWFKHV WR ZKLFK WKH SDUWV LQ LWV EXmHU EHORQJ WR ,I WKH QHZ SDUW LV
DFFHSWHG WKLV PD\ LQFUHDVH WKH WDUGLQHVV DQG ZH OHW c% GHQRWH VXFK GLmHUHQFH SRVVLEO\
]HUR $IWHU TXHU\LQJ HDFK 0$ WKH 3$ VHOHFWV WKH 0$ RmHULQJ WKH ORZHVW SULFH
7KH SULFH LV REWDLQHG DV D OLQHDU FRPELQDWLRQ RI WKHVH IRXU LQGLFHV LQ GHFUHDVLQJ RUGHU
RI LPSRUWDQFH c% WKH QXPEHU RI SDUWV LQ WKH LQSXW EXmHU D YDULDEOH ZKLFK LV LI WKH
PDFKLQH LV FXUUHQWO\ ZRUNLQJ RQ VRPH SDUW DQG RWKHUZLVH D YDULDEOH ZKLFK LV LI D SDUW
LV SUHVHQWO\ RQ LWV ZD\ WR WKH PDFKLQH DQG RWKHUZLVH
3DUW 0DFKLQH &RQWUDFWLQJ([FKDQJH 30&(
,Q WKLV SDUDGLJP WKH 3$ PD\ GHFLGH WR VHOHFW QR PDFKLQH LI DOO WKH SULFHV DUH WRR KLJK
,Q WKLV FDVH WKH 0$V PD\ EH DVNHG WR HODERUDWH D QHZ SULFH DOORZLQJ WR JLYH DZD\ RQH
RI WKH SDUWV FXUUHQWO\ LQ WKH EXmHU DV LQ &7/(
&RQFHSWXDO 0RGHOLQJ RI $XWRQRPRXV $JHQWV LQ
WKH VLPXODWLRQ IUDPHZRUN
7KH 80/ LV PHDQW WR EH DSSOLFDEOH WR WKH PRGHOLQJ RI DOO W\SHV RI V\VWHPV LW DSSOLHV
ZHOO WR VWDQGDUG VRIWZDUH DSSOLFDWLRQV UHDOWLPH V\VWHPV DQG DOVR WR $$6 GHYHORSPHQW
+HQFH WKH SURSRVHG SDUDGLJPV PD\ EH FRQYHQLHQWO\ LOOXVWUDWHG XVLQJ D YLVXDO PRGHOLQJ
WRRO EDVHG RQ 80/ 8QLnHG 0RGHOLQJ /DQJXDJH 'RXJODVV 7KH GRFXPHQWDWLRQ SDUWLDOO\ UHSRUWHG LQ WKLV VHFWLRQ UHIHUV WR WKH )06 VLPXODWRU GHYHO
RSPHQW 80/ GHnQHV D YLVXDO QRWDWLRQ EDVHG RQ YDULRXV W\SHV RI GLDJUDPV LH &ODVV 'L
DJUDP 8VH&DVH 'LDJUDP 6HTXHQFH 'LDJUDP &ROODERUDWLRQ 'LDJUDP $FWLYLW\ 'LDJUDP
DQG 6WDWH 'LDJUDP $ GLDJUDP LV D SDUWLFXODU YLVXDOL]DWLRQ RI FHUWDLQ NLQGV HOHPHQWV
IURP D PRGHO DQG JHQHUDOO\ GHDOV RQO\ D VXEVHW RI WKH GHWDLOHG LQIRUPDWLRQ DERXW WKRVH
HOHPHQWV DQG D JLYHQ PRGHO HOHPHQW PLJKW DSSHDU RQ VHYHUDO GLDJUDPV
G &ODVV 'LDJUDP VKRZV WKH LPSRUWDQW DEVWUDFWLRQV LQ D V\VWHP DQG WKHLU UHODWLRQ
VKLSV +HQFH WKH SULPDU\ YLVXDO HOHPHQWV LQ D FODVV GLDJUDP DUH FODVV LFRQV DQG
UHODWLRQVKLS LFRQV (DFK FODVV DUH UHSUHVHQWHG LQ WKH 80/ DV D UHFWDQJOH ZLWK WKUHH
FRPSDUWPHQWV 7KH nUVW FRPSDUWPHQW LV IRU WKH QDPH RI WKH FODVV WKH VHFRQG DQG
WKLUG FRPSDUWPHQW DUH XVHG WR OLVW WKH DWWULEXWHV DQG PHWKRGV GHnQHG E\ WKH FODVV
0RVW FODVVHV UHSUHVHQWLQJ DJHQWV LQ D V\VWHP ZLOO EH UHODWHG WR RWKHU FODVVHV VR WKDW
WKHLU FRUUHVSRQGLQJ DJHQWV FDQ FROODERUDWH WR DFFRPSOLVK PRUH FRPSOH[ DFWLYLWLHV
6R LQ DGGLWLRQ WR FODVVHV DWWULEXWHV DQG PHWKRGV FODVV GLDJUDPV DOVR VKRZ UHODWLRQ
VKLSV WKDW H[LVW DPRQJ GHSHQGHQW FODVVHV 7KH 80/ QRWDWLRQ GLVWLQJXLVKHV EHWZHHQ
GLmHUHQW W\SHV RI UHODWLRQVKLSV HDFK ZLWK D VSHFLDO LFRQ DQG DVVRFLDWHV PHDQLQJV LH
XQLELGLUHFWLRQDO DVVRFLDWLRQ GHSHQGHQF\ DJJUHJDWLRQ LQKHULWDQFH
G 8VH&DVH 'LDJUDP LV D QDWXUDO KLJK OHYHO GHVFULSWLRQ RI KRZ D V\VWHP ZLOO EH XVHG
DQG SURYLGHV D YLHZ RI WKH LQWHQGHG IXQFWLRQDOLW\ RI WKH V\VWHP WKDW LV XQGHUVWDQG
DEOH E\ GHYHORSHUV DQG FXVWRPHUV $ VLQJOH XVHFDVH GLDJUDP UHSUHVHQWV PDQ\ UH
ODWHG \HW GLVWLQFWO\ VFHQDULRV SDUWLFXODUV SDWKV WKURXJK WKH V\VWHP IXQFWLRQDOLW\
)LJXUH /D\RXW RI WKH VLPXODWHG )06
G 6HTXHQFH 'LDJUDP SURYLGHV QRWDWLRQ IRU PRGHOLQJ VFHQDULRV 6HTXHQFH GLDJUDPV XVH
REMHFW LFRQV DQG YHUWLFDO WLPHOLQHV SURMHFWHG GRZQZDUG RQ WKH GLDJUDP WKH WLPH
oRZV IURP WKH WRS RI WKH GLDJUDP 0HVVDJHV SDVVHG EHWZHHQ REMHFWV DUH UHSUHVHQWHG
E\ KRUL]RQWDO OLQHV 6FULSWV PD\ H[SODLQ RQH RU PRUH PHVVDJHV DQG IRU UHDOWLPH
GHVLJQV H[DFW WLPLQJ RIWHQ PXVW EH VSHFLnHG
G &ROODERUDWLRQ 'LDJUDP LV DQRWKHU QRWDWLRQ IRU PRGHOLQJ VFHQDULRV 7KH VHTXHQFH
LQIRUPDWLRQ LH WKH RUGHU LQ ZKLFK WKH PHVVDJHV DUH VHQW LV DVVRFLDWHG WR PHVVDJHV
E\ D SURJUHVVLYH QXPEHU ,Q WKLV GLDJUDPV WKH VWUXFWXUH LV PRUH SURPLQHQW EXW WKH
HYHQW VHTXHQFH DUH PRUH REYLRXV LQ WKH VHTXHQFH GLDJUDPV
G 6WDWH 'LDJUDP VKRZV WKH VHTXHQFHV RI VWDWHV IRU D UHDFWLYH FODVV RU LQWHUDFWLRQ GXULQJ
LWV OLIH LQ UHVSRQVH WR VRPH VLJQDO WRJHWKHU ZLWK LWV UHVSRQVHV DQG DFWLRQV ,W SURYLGHV
D YLVXDO PRGHO RI VWDWHV LH QHVWHG VHTXHQWLDO DQG FRPSOH[ VWDWHV WUDQVLWLRQV DQG
HYHQWV
G $FWLYLW\ 'LDJUDP LV D VSHFLDOL]HG IRUP RI VWDWH GLDJUDP LQ ZKLFK PRVW RI DOO WUDQVL
WLRQV DUH WDNHQ ZKHQ WKH VWDWH DFWLYLW\ LV FRPSOHWHG
7KH GHYHORSPHQW DQG LPSOHPHQWDWLRQ RI WKH VLPXODWLRQ IUDPHZRUN DV DQ LWHUDWLYH DQG
LQFUHPHQWDO SURFHVV IURP VLPSOHVW SDUDGLJP 67/ SURPRWHV FUHDWLYLW\ DQG LQ WKH VDPH
WLPH LW PXVW EH FRQWUROOHG DQG PHDVXUHG WR HQVXUH KLJK TXDOLW\ LQ WKH SURSRVHG VROXWLRQV
(DFK LWHUDWLRQ FRQVLVWV RI GLmHUHQW FRPSRQHQWV UHTXLUHPHQWV FDSWXUH DQDO\VLV GHVLJQ
LPSOHPHQWDWLRQ DQG WHVW 1RW DOO UHTXLUHPHQWV DUH NQRZQ DW WKH EHJLQQLQJ RI WKH OLIH
F\FOH EXW WKH\ PD\ FKDQJH G\QDPLFDOO\ WKURXJKRXW DOO SKDVHV
2I FRXUVH HDFK RI WKHVH SDUDGLJPV PD\ EH LPSOHPHQWHG LQ GLmHUHQW ZD\V GHSHQGLQJ RQ
WKH UHDO V\VWHP FKDUDFWHULVWLFV
7KH H[SHULPHQWDO HQYLURQPHQW LV D VDPSOH )OH[LEOH 0DQXIDFWXULQJ 6\VWHP )06 ZLWK
IRXU PDFKLQLQJ FHQWHUV FRQQHFWHG E\ PHDQV RI DQ DXWRPDWHG PDWHULDO KDQGOLQJ V\VWHP ,Q
)LJXUH 80/ &ODVV 'LDJUDP IRU WKH )06 VLPXODWRU
D FHQWUDOL]HG FRQWURO DUFKLWHFWXUH WKH FRQWUROOHU RQ WKH EDVLV RI WKH V\VWHP VWDWXV DQG WKH
SURGXFWLRQ SODQ PDNHV GHFLVLRQV DQG VHQGV FRPPDQGV WR HDFK VLQJOH V\VWHP FRPSRQHQW
7KH ODUJH QXPEHU RI GHFLVLRQV GDWD DQG SRVVLEOH V\VWHP VWDWHV PDNHV WKH GHYHORSPHQW RI
D FHQWUDOL]HG FRQWUROOHU D YHU\ FRPSOH[ WDVN 7KH DGRSWLRQ RI DQ DXWRQRPRXV DJHQWVEDVHG
DUFKLWHFWXUH PD\ DYRLG VRPH RI WKHVH SUREOHPV 6KDZ 6PLWK 7KH nYH SDUDGLJPV SURSRVHG LQ WKH SUHYLRXV VHFWLRQ KDYH EHHQ LPSOHPHQWHG DQG HYDOXDWHG
LQ D FRPSXWHU VLPXODWLRQ SURWRW\SH $GDFKHU HW DO 7KH V\VWHP FRQVLVWV RI IRXU
PDFKLQLQJ FHQWHUV HDFK ZLWK LWV RZQ LQSXW EXmHU D WUDQVSRUWDWLRQ V\VWHP DQG DQ ,2
FHQWHU DV GHSLFWHG LQ nJXUH 7KH ,2 &HQWHU ORDGV UDZ SDUWV IURP D UDZ PDWHULDOV VWRUDJH XQLW XQORDGV nQLVKHG
SDUWV DQG KDQGOHV XQnQLVKHG SDUWV $ 6WRUDJH $JHQW 6$ LV DVVRFLDWHG ZLWK WKH ,2
&HQWHU OHWWLQJ WKH UDZ SDUWV LQ WKH V\VWHP LQ ('' HDUOLHVW GXH GDWH RUGHU 2WKHUV
6$V DUH DVVRFLDWHG ZLWK WKH )LQLVKHG 3DUWV 5DZ 0DWHULDOV DQG 8QnQLVKHG 3DUWV (DFK
PDFKLQLQJ FHQWHU LV DVVRFLDWHG ZLWK D 0DFKLQH $JHQW 0$ (DFK PDFKLQH KDV LWV RZQ
WRROV DQG PD\ WKHUHIRUH SHUIRUP D VHW RI RSHUDWLRQV 7KH PRGHO UHIHUV WR D WLPH LQWHUYDO
GXULQJ ZKLFK WRROLQJ GRHV QRW FKDQJH 1RWH WKDW HDFK RSHUDWLRQ PD\ EH H[HFXWHG E\
GLmHUHQW FHQWHUV
7KH LQIRUPDWLYH XQLW RI D 0$ WDNHV FDUH RI SDUW VHTXHQFLQJ DQG WKH FRPSXWDWLRQ RI SULFHV
0DFKLQH $JHQWV GR QRW GLUHFWO\ QHJRWLDWH ZRUN ZLWK WKH RWKHU 0$V
$ 3DUW $JHQW 3$ LV FUHDWHG ZKHQ D QHZ SK\VLFDO SDUW LV UHOHDVHG LQ WKH V\VWHP 7KH
3$ UHWDLQV ERWK WKH SK\VLFDO DQG LQIRUPDWLYH FKDUDFWHULVWLFV RI WKH SDUW DV ORQJ DV WKH
SDUW LV LQ WKH V\VWHP 7KH LQIRUPDWLYH XQLW RI D 3$ NHHSV WUDFN RI WKH DFWXDO VWDWXV RI WKH
SDUW 3DUW $JHQWV PD\ RFFDVLRQDOO\ EURDGFDVW D OLPLWHG DPRXQW RI LQIRUPDWLRQ WR RWKHU
3$V
)LJXUH 80/ 6HTXHQFH 'LDJUDP D VFHQDULR IURP 67/ SDUDGLJP
)LJXUH 80/ 6HTXHQFH 'LDJUDP D VFHQDULR IURP 30& SDUDGLJP
)LJXUH 80/ 6WDWH 'LDJUDP WKH 30& SDUDGLJP
:KHQ WKH SDUW FRPSOHWHV WKH ODVW RSHUDWLRQ DQG OHDYHV WKH V\VWHP D UHFRUG ZLWK WKH
UHOHYDQW SDUW LQIRUPDWLRQ LV SDVVHG RQWR D PRQLWRULQJ V\VWHP DQG WKH 3$ LV GHVWUR\HG
8QOLNH 0$V 3$V DUH VXSSRVHG WR EH XQDEOH WR FRPPXQLFDWH DPRQJ WKHPVHOYHV 7KLV LV
PDQGDWRU\ LQ RUGHU WR NHHS WKH LQIRUPDWLRQ RYHUKHDG VXpFLHQWO\ ORZ 6LQFH WKH DQDO\VLV
LV IRFXVHG RQ WKH FRRUGLQDWLRQ RI DJHQWV SDUW WUDQVIHU LV VXSSRVHG QRW WR EH D FULWLFDO
LVVXH LQ WKLV PRGHO LH WUDQVSRUWDWLRQ IDFLOLWLHV PRGHOHG E\ D XQLGLUHFWLRQDO ORRS DUH
VXSSRVHG DOZD\V DYDLODEOH ZKHQ QHHGHG
,Q nJXUHV WKURXJK 80/ GLDJUDPV DVVRFLDWHG ZLWK WKH SURSRVHG SDUDGLJPV DUH GH
SLFWHG 7KHVH GLDJUDPV GR QRW FRQWDLQ DOO LPSOHPHQWDWLRQ GHWDLOV WKH\ VLPSO\ PHDQ WR
VNHWFK WKH LQIRUPDWLRQ H[FKDQJH DPRQJ DJHQWV DQG WKHLU LPSOHPHQWDWLYH VWUXFWXUH
,Q nJXUH LV GHSLFWHG WKH &ODVV 'LDJUDP ZLWK REMHFWV DQG UHODWLRQVKLSV DGRSWHG LQ WKH
VLPXODWLRQ HQYLURQPHQW
,Q WKH 6HTXHQFH 'LDJUDPV nJXUHV DQG YHUWLFDO OLQHV LQGLFDWH WHPSRUDO D[HV HYHQWV
RFFXU IURP WRS WR ERWWRP RI WKH GLDJUDP KRUL]RQWDO DUURZV H[SUHVV LQWHUDFWLRQ EHWZHHQ
DJHQWV RYHU WLPH HJ SURFHVVLQJ UHTXHVW DQG GDWD H[FKDQJH 6HOIORRSV LQGLFDWH LQGL
YLGXDO SURFHVVLQJ DFWLYLWLHV HJ SULFH FRPSXWDWLRQ 3KDVHV PDUNHG ZLWK DQ DVWHULVN DUH
UHSHDWHG DV ORQJ DV WKH FRQGLWLRQ LQ VTXDUH EUDFHV KROGV )LJXUHV DQG FRUUHVSRQGLQJ
WR 67/ DQG 30& UHVSHFWLYHO\ UHSUHVHQW D SDUWLFXODU VFHQDULR UHIHUV WR D SDUW HQWHULQJ WKH
V\VWHP DQG VHDUFKLQJ IRU D PDFKLQH WR SHUIRUP WKH nUVW RSHUDWLRQ )RU WKH VXEVHTXHQW
RSHUDWLRQV WKH GLDJUDPV DUH DOPRVW LGHQWLFDO 7KH IXUWKHU QHJRWLDWLRQ VWHS PD\ RFFXU
ZLWK &7/( DQG 30&( SDUDGLJPV
([DPSOHV RI 6WDWH DQG $FWLYLW\ GLDJUDPV DUH VKRZQ LQ nJXUHV DQG IRU WKH 30&
SDUDGLJP DQG IRU WKH VDPH SUHYLRXV VFHQDULR
)LJXUH 80/ $FWLYLW\ 'LDJUDP WKH 30& SDUDGLJP
&RQFOXVLRQV
2EMHFW RULHQWDWLRQ LV SOD\LQJ DQ LQFUHDVLQJ UROH LQ WKH GHYHORSPHQW RI PDQ\ UHDOWLPH
VRIWZDUH V\VWHPV ,W LV EHHQ UHFRJQL]HG IRU VRPH WLPH WKDW PRGHOLQJ LV RQH RI WKH LPSRUWDQW
LQJUHGLHQWV FRQWULEXWLQJ WR D VXFFHVVIXO GHYHORSPHQW SURMHFW
7KH XQLnHG PRGHOLQJ ODQJXDJH 80/ KDV EHFRPH LQFUHDVLQJO\ VLJQLnFDQW DV D PHDQV
RI PRGHOLQJ VRIWZDUH V\VWHPV 80/ LV VHHQ DV WKH SULQFLSDO 22 PRGHOLQJ ODQJXDJH E\
PDQ\ GHYHORSHUV DQG YHQGRUV ,W LV EHLQJ ZLGHO\ DSSOLHG WR WKH SUDFWLFH RI VRIWZDUH
GHYHORSPHQW LQ D YDULHW\ RI LQGXVWULHV DQG IRU GLmHULQJ DSSOLFDWLRQV ,WV GHYHORSPHQW
FRQWLQXHV WR HYROYH
5HDOWLPH PDQXIDFWXULQJ V\VWHPV DUH RIWHQ FRPSOH[ V\VWHPV 'HYHORSLQJ VRIWZDUH IRU UHDO
WLPH V\VWHPV LV D FRPSOH[ SURFHVV 0RGHOLQJ SURYLGHV D PHFKDQLVP WKDW KHOSV GHYHORSHUV
WR XQGHUVWDQG WKH LQKHUHQW FRPSOH[LW\ RI UHDOWLPH V\VWHPV DQG WR GHVLJQ UHOHYDQW DQG
VXFFHVVIXO VROXWLRQV WR UHDOWLPH SUREOHPV
,Q WKLV FRQWH[W YLVXDO PRGHOLQJ ODJXDJHV DQG VRIWZDUH WRROV WKDW VXSSRUWLQJ WKHP PD\
SOD\ DQ LPSRUWDQW UROH 7KLV SDSHU SUHVHQWV LPSRUWDQW IHDWXUHV RI REMHFWRULHQWHG GHVLJQ
WRROV IRFXVLQJ RQ WKHLU UHOHYDQFH LQ PRGHOLQJ DQG GHYHORSLQJ VRIWZDUH IRU $XWRQRPRXV
$JHQWV 0DQXIDFWXULQJ 6\VWHPV
5HIHUHQFHV
$GDFKHU / $ $JQHWLV DQG & 0HORQL $XWRQRPRXV $JHQWV $UFKLWHFWXUHV DQG
$OJRULWKPV LQ )OH[LEOH 0DQXIDFWXULQJ 6\VWHPV 5HVHDUFK UHSRUW 'LSDUWL
PHQWR GL ,QIRUPDWLFD H $XWRPD]LRQH 8QLYHUVLWtD GL 5RPD 7UH
$GLJD 6 6RIWZDUH PRGHOLQJ RI PDQXIDFWXULQJ V\VWHPV D FDVH IRU DQ REMHFW
RULHQWHG SURJUDPPLQJ DSSURDFK $QQDOV RI 2SHUDWLRQV 5HVHDUFK %DUEHU .6 7KH $UFKLWHFWXUH IRU 6HQVLEOH $JHQWV 3URFHHGLQJV RI WKH &RQIHU
HQFH RQ $XWRQRPRXV $JHQWV 0LQQHDSROLV 86$ $SULO %DUEHU .6 ( :KLWH $ *RHO ' +DQ - .LP + /L 7+ /LX &( 0DUWLQ DQG 5
0F.D\ 6HQVLEOH $JHQW 3UREOHP6ROYLQJ 6LPXODWLRQ IRU 0DQXIDFWXULQJ (Q
YLURQPHQWV 3URFHHGLQJV RI WKH $$$,
V 6,*0$1 ZRUNVKRS RQ $UWLnFLDO ,QWHOOLJHQFH
DQG 0DQXIDFWXULQJ 6HSWHPEHU $OEXTXHUTXH 10
%OD]HZLF] - .0 (FNHU ( 3HVFK * 6FKPLGW DQG - :HJODU] 6FKHGXOLQJ
&RPSXWHU DQG 0DQXIDFWXULQJ 3URFHVVHV 6SULQJHU^9HUODJ %HUOLQ
%RQJDHUWV / - :\QV - 'HWDQG + 9DQ %UXVVHO DQG 3 9DOFNHQDHUV ,GHQWLnFD
WLRQ RI 0DQXIDFWXULQJ +RORQV 3UHSULQWV RI (XURSHDQ :RUNVKRS RQ $JHQW2ULHQWHG
6\VWHPV LQ 0DQXIDFWXULQJ %HUOLQ
%RRFK * 2EMHFW2ULHQWHG $QDO\VLV DQG 'HVLJQ ZLWK $SSOLFDWLRQV $GGLVRQ
:HVOH\ 1HZ <RUN
'RXJODVV %3 5HDO7LPH 80/ 'HYHORSLQJ HpFLHQW 2EMHFWV IRU (PEHGGHG
6\VWHPV $GGLVRQ:HVOH\ 5HDGLQJ
-HQQLQJV 15 DQG 0- :RROGULGJH (GV $JHQW 7HFKQRORJ\ )RXQGDWLRQV
$SSOLFDWLRQV DQG 0DUNHWV 6SULQJHU9HUODJ %HUOLQ
/LQ *< DQG -- 6ROEHUJ ,QWHJUDWHG VKRS oRRU FRQWURO XVLQJ DXWRQRPRXV
DJHQWV ,,( 7UDQVDFWLRQV 0RUWRQ 7( DQG ': 3HQWLFR +HXULVWLF 6FKHGXOLQJ 6\VWHPV -RKQ :LOH\ DQG
6RQV 1HZ <RUN
0XOOHU -3 &RQWURO $UFKLWHFWXUHV IRU $XWRQRPRXV DQG ,QWHUDFWLQJ $JHQWV $
6XUYH\ ,Q /HFWXUH QRWHV LQ DUWLnFLDO LQWHOOLJHQFH /HFWXUH QRWHV LQ FRPSXWHU VFLHQFH
&DYHGRQ / $ 5DR DQG : :REFNH (GV 6SULQJHU9HUODJ %HUOLQ
1RUPDQ 7- 15 -HQQLQJV 3 )DUDWLQ DQG (+ 0DPGDQL 'HVLJQLQJ DQG ,P
SOHPHQWLQJ D 0XOWL$JHQW $UFKLWHFWXUH IRU %XVLQHVV 3URFHVV 0DQDJHPHQW ,Q /HF
WXUH QRWHV LQ DUWLnFLDO LQWHOOLJHQFH /HFWXUH QRWHV LQ FRPSXWHU VFLHQFH 0XOOHU
-3 :RROGULGJH 0- -HQQLQJV 15 (GV 6SULQJHU9HUODJ %HUOLQ
3LQHGR 0 DQG %3& <HQ 2Q WKH GHVLJQ DQG GHYHORSPHQW RI REMHFWRULHQWHG
VFKHGXOLQJ V\VWHPV $QQDOV RI 2SHUDWLRQV 5HVHDUFK 4XDWUDQL 7 9LVXDO 0RGHOLQJ ZLWK 5DWLRQDO 5RVH DQG 80/ $GGLVRQ:HVOH\
5HDGLQJ
5XVVHOO 6- DQG 3 1RUYLJ $UWLnFLDO ,QWHOOLJHQFH $ 0RGHUQ $SSURDFK 3UHQWLFH
+DOO (QJOHZRRG &OLmV
6KDZ 0- )06 VFKHGXOLQJ DV FRRSHUDWLYH SUREOHP VROYLQJ $QQDOV RI 2SHUD
WLRQV 5HVHDUFK 6PLWK 5* 7KH &RQWUDFW 1HW 3URWRFRO +LJK /HYHO &RPPXQLFDWLRQ DQG &RQWURO
LQ D 'LVWULEXWHG 3UREOHP 6ROYHU ,((( WUHDQVDFWLRQ RQ FRPSXWHUV 7DODYDJH - DQG 5* +DQQDP )OH[LEOH PDQXIDFWXULQJ V\VWHPV LQ SUDFWLFH
$SSOLFDWLRQV GHVLJQ DQG VLPXODWLRQ 0'HNNHU 1HZ <RUN
8]VR\ 5 DQG , 2YDFLN 'HFRPSRVLWLRQ 0HWKRGV IRU &RPSOH[ )DFWRU\ 6FKHGXOLQJ
3UREOHPV .OXZHU $FDGHPLF 3XEOLVKLQJ $PVWHUGDP