0XOWLVFDOH,QWHJUDWHG0RGHOOLQJIRU6XVWDLQDEOH$GDSWLYH
6\VWHPV
0DUMDQYDQGHQ%HOW
$VVRFLDWH3URIHVVRU'HSXW\'LUHFWRU
1HZ=HDODQG&HQWUHIRU(FRORJLFDO(FRQRPLFVDW0DVVH\8QLYHUVLW\
F/DQGFDUH5HVHDUFK1HZ=HDODQG/WG
3ULYDWH%DJ
3DOPHUVWRQ1RUWK
1HZ=HDODQG
3K
0RELOH
)D[
YDQGHQEHOWP#ODQGFDUHUHVHUDFKFRQ]
0YDQGHQ%HOW#PDVVH\DFQ]
$EVWUDFW
7KLVSDSHUSUHVHQWVDWKHRUHWLFDOH[SDQVLRQRIWKHVWHSPRGHOOLQJDSSURDFK
&RVWDQ]D5XWKZKLFKSURSRVHVDQLQFUHPHQWDOSURJUHVVIURP³VFRSLQJ
³PRGHOVWR³UHVHDUFK´DQG³PDQDJHPHQW´PRGHOV7KHWUDGHRIIIRULQFUHDVHGGHWDLO
DQGUHVROXWLRQLQPRGHOEXLOGLQJLVDGHFUHDVHLQWUDQVSDUHQF\7KLVSDSHUDLPVWR
SURYLGHDFRQWH[WIRU0HGLDWHG0RGHOOLQJZKLFKKDSSHQVDWWKH³VFRSLQJ´OHYHODQG
VLPLODUV\VWHPG\QDPLFVEDVHGSDUWLFLSDWRU\PRGHOOLQJDSSURDFKHVDVDPLVVLQJOLQN
WRZDUG$GDSWLYH0DQDJHPHQW$QHPSKDVLVLVSODFHGRQUHIOHFWLYHFDSDFLW\DPRQJ
UHOHYDQWVWDNHKROGHUVWRHYDOXDWHWKHEHKDYLRXURIV\VWHPVDWYDULRXVVFDOHVDQG
LQWHJUDWHGGLPHQVLRQV$WKHRUHWLFDO0XOWL6FDOH,QWHJUDWHG0RGHOOLQJIRU6XVWDLQDEOH
$GDSWLYH6\VWHPV0,06$6IUDPHZRUNLVGLVFXVVHGDVDIRXQGDWLRQIRUWKUHH\HDU
UHVHDUFKSURJUDPPHVRQXUEDQV\VWHPVHQHUJ\V\VWHPVDQGZDWHUVKHG
DQGFRDVWDOHFRV\VWHPVHUYLFHV
.H\ZRUGV0HGLDWHG0RGHOOLQJ$GDSWLYH0DQDJHPHQW6XVWDLQDELOLW\,QWHJUDWLRQ
%DFNJURXQG
:LWKJOREDOELRSK\VLFDOV\VWHPVDWD³WLSSLQJSRLQW´HFRV\VWHPGHJUDGDWLRQD
ILQDQFLDOFULVLVDQGDJOREDOHFRQRPLFUHFHVVLRQWKHWUDQVGLVFLSOLQDU\DSSURDFKRI
(FRORJLFDO(FRQRPLFV((LVJDLQLQJLQFUHDVHGUHOHYDQFH7KLVDSSURDFKLVWUDQV
GLVFLSOLQDU\LQWHJUDWLYHDQG³VROXWLRQRULHQWHG´)RUH[DPSOHLWVSUDFWLWLRQHUVDUH
LQWHUHVWHGLQZHOOEHLQJDQG*HQXLQH3URJUHVV,QGLFDWRUVUDWKHUWKDQHFRQRPLF
JURZWKDQG*URVVGRPHVWLF3URGXFWV,QKHUHQWO\WKHIRFXVLVEURDGDQGLQFOXGHV
LQWHJUDWLRQRIVRFLDOHFRQRPLFDQGHFRORJLFDOV\VWHPVDQGWKHLUXQGHUO\LQJVWUXFWXUH
DQGG\QDPLFV((KLJKOLJKWVV\QWKHVLVLQEDODQFHZLWKDQDO\VLV7KHLQWHJUDWLRQRI
VRFLRHFRQRPLFVDQGHFRORJLFDOV\VWHPVLVLQKHUHQWO\FRPSOH[DQGVHQVLWLYHWRLVVXHV
RIVFDOHDGGWKHKXPDQIDFWRURIJRYHUQDQFHIDLUQHVVRIGLVWULEXWLRQDQGHIILFLHQW
DOORFDWLRQDQGLWEHFRPHVFOHDUWKDWKXPDQLW\LVIDFLQJDGDXQWLQJWDVNWR³JHWLW
ULJKW´7RVXSSRUWGHFLVLRQPDNLQJLQDWUDQVLWLRQWRZDUGDPRUHVXVWDLQDEOHZRUOG,
SURSRVHDIUDPHZRUNWKDWKLJKOLJKWV$GDSWLYH0DQDJHPHQW$0DQGWKHQHHGIRU
UHIOHFWLYHDQGFROODERUDWLYHOHDUQLQJ,IRFXVRQWKH³$VVHVVPHQW´FRPSRQHQWRIDQ
$GDSWLYH0DQDJHPHQWF\FOHDQGWKHXVHRIPRGHOEXLOGLQJWRVXSSRUWLQWHJUDWHG
DVVHVVPHQWV,QSDUWLFXODU,EHOLHYHWKDW6\VWHPV7KLQNLQJ67DQGLWVTXDQWLWDWLYH
IRUP6\VWHP'\QDPLFV6'DUHSDUWLFXODUO\ZHOOVXLWHGWREHXVHGLQLQWHJUDWHG
DVVHVVPHQWVDQGLQFUHDVLQJOHYHOVRIGHWDLO+RZHYHU,KDYHFRQFHUQVDERXWD
FRPPRQGULYHWRGHYHORS6\VWHP'\QDPLFVPRGHOVDW³PDQDJHPHQW´OHYHOZKHQQRW
VROLGO\JURXQGHGLQDSDUWLFLSDWRU\SURFHVV:LWK³JURXQGHG´,PHDQWKDWNH\
VWDNHKROGHUVXQGHUVWDQGWKHDFWXDOZRUNLQJVRIDPDQDJHPHQWPRGHOLHLWVPHULWV
OLPLWDWLRQDQGDVVXPSWLRQVEH\RQGDUROHSOD\RUJDPLQJVLWXDWLRQ:LWKRXWDEURDG
DVRSSRVHGWRH[SHUWXQGHUVWDQGLQJWKHLPSDFWDQGUHOHYDQFHRIDQ\PRGHOZKHWKHU
URRWHGLQ6'RUDQ\RWKHUDSSURDFKLVTXHVWLRQDEOH67DQG6'SURYLGHLPSRUWDQW
WRROVLQSXUVXLWRIDQLQWHJUDWHGSHUVSHFWLYHRIVRFLRHFRQRPLFDQGHFRORJLFDOV\VWHPV
DQGLVWKHUHIRUHDQHVVHQWLDOWRROLQWKHWRRONLWRIDQHFRORJLFDOHFRQRPLVW3DUWO\LQ
UHVSRQVHWRWKHLQDXJXUDOVSHHFKE\-LP/\QHLV,RIIHUWKLVSDSHUDVFRQWULEXWLRQWR
WKHFRQYHUVDWLRQRI³ZKDWWKHUROHRI6'VKRXOGEH´:LWKWKLVSDSHU,DUJXHIRUD
EURDGHUDSSOLFDWLRQDQGSHUVSHFWLYHRI³6\VWHP'\QDPLFV´DQGSDUWLFXODUO\WKHUROH
RI³3DUWLFLSDWRU\0HGLDWHG0RGHOOLQJ´ZKLOHILQGLQJV\QHUJLHVZLWKRWKHULQTXLULHVRI
WKRXJKWUDWKHUWKDQWDNLQJDPRUHQDUURZO\GHILQHGSHUVSHFWLYHRI6'
6'WHQGVWRH[SORUHG\QDPLFVLQD³KRUL]RQWDO´SODQHIRFXVLQJRQG\QDPLFVZLWKLQD
V\VWHPIRUPDQDJHPHQWSXUSRVHV2QWKHRWKHUKDQG&RPSOH[6\VWHPV&6DQG
KLHUDUFK\WKHRU\WHQGVWREHLQWHUHVWHGLQVFDOHLVVXHVDQG³YHUWLFDOLQWHJUDWLRQ´DQG
DSSUHFLDWHVWKHFRPSOH[LW\WKDWDULVHVIURPVFDOLQJKRZGRQHZSURSHUWLHVRID
V\VWHPHPHUJHDQGLPSDFWDV\VWHPDWDGLIIHUHQWVFDOH":KHUHDV6'WHQGVWREH
DSSOLHGLQPDQDJHDEOHVLWXDWLRQV&6SUDFWLWLRQHUVREVHUYHUDWKHUWKDQDLPWRPDQDJH
LQSDUWEHFDXVHWKHFRPSOH[LW\LVGHHPHGWRRKLJK7KHHPHUJLQJILHOGRI&RPSOH[
$GDSWLYH6\VWHPVLVFRQFHUQHGZLWKWKHHPHUJLQJVHOIRUJDQL]LQJSURSHUWLHVRI
FRPSOH[V\VWHPVDQGUHPDLQVWKHRUHWLFDO<HWSHRSOHPDNHGHFLVLRQVVRPHWLPHV
ZLWKIDUUHDFKLQJFRQVHTXHQFHVDVLQWKHFDVHRIHQHUJ\V\VWHPVXUEDQSODQQLQJDQG
HFRV\VWHPPDQDJHPHQW7KHVHDUHFRPSOH[GHFLVLRQPDNLQJVLWXDWLRQVZKLFKUHTXLUH
DSSURSULDWHWRROVDQGSURFHVVHV+XPDQVDQGWKHLUVRFLHWLHVDUHOHDUQLQJDGDSWLYH
HQWLWLHV5DWKHUWKDQPHUHREVHUYDWLRQZHDLPWRDFWLYHO\PDQDJHRXUHQYLURQPHQW
$GDSWLYH0DQDJHPHQW$0LVVRPHWLPHVGHVFULEHGDV³GHFLVLRQPDNLQJDVDQ
H[SHULPHQW´5LOH\HWDO$0LVLQSULQFLSOHWKHDFNQRZOHGJHPHQWRID
³IHHGEDFNORRSDQGWLPHODJ´LQDSROLF\PDNLQJFRQWH[W$VVXFK$0LVSRWHQWLDOO\
RILQWHUHVWWRWKH6'FRPPXQLW\$0FDQEHQHILWIURPYDULRXVIRUPVRIPRGHOEDVHG
DVVHVVPHQWVDQG,HPSKDVL]H0HGLDWHG0RGHOOLQJ00DQGVLPLODUDSSURDFKHV,
SURSRVHWRH[SORUH6'WRROVDQGPDQDJHPHQWDSSURDFKLQDKLHUDUFKLFDO&6
HQYLURQPHQWDQGDSSO\WKHF\FOLFDOIRXQGDWLRQRI$0WRRUJDQL]HVXFKHYROXWLRQ
ILJXUH
$FRPSDUDWLYHDVVHVVPHQWRIVWDNHKROGHULQYROYHGPRGHOOLQJPHWKRGV
0RGHOEXLOGLQJLQDJURXSVHWWLQJKDVEHHQDUHFRJQL]HGVXEFRPSRQHQWRIWKH6'
FRPPXQLW\IRUVRPHWLPHQRZ$GYDQFHVLQFRPSXWLQJFDSDELOLWLHVKDYHRSHQHG
SRVVLELOLWLHVIRUIDFLOLWDWHGFRPSXWHUDVVLVWHGSURFHVVHVZLWKVWDNHKROGHU
LQYROYHPHQW6HYHUDOQHWZRUNVKDYHRIWHQLQLVRODWLRQRIHDFKRWKHUGHYHORSHG
DSSURDFKHVWRVXSSRUWGHFLVLRQPDNLQJUHODWHGWRFRPSOH[SUREOHPVWKURXJKDIRUP
RIJURXSPRGHOEXLOGLQJ&XUUHQWO\WKHUHDUHDKRVWRIQDPHVIRUVLPLODUDSSURDFKHV
0HGLDWHG0RGHOOLQJYDQGHQ%HOWYDQGHQ%HOWHWDODEF$QWXQHV
HWDO9LGHLUDHWDO$QWLFLSDWRU\0RGHOOLQJ6HQG]LPLUHWDO
&ROODERUDWLYH0RGHOOLQJ6HOLQDQG&KDYH]%HDOODQG=HROLLQSUHVV
&RRSHUDWLYH0RGHOOLQJ&RFNULOOHWDO7LGZHOODQGYG%ULQN
3DUWLFLSDWLYHRU*URXS0RGHO%XLOGLQJ9HQQL[$QGHUVHQHWDO
$QGHUVHQDQG5LFKDUGVRQ6WUDWHJLF)RUXP5LFKPRQG%
3DUWLFLSDWRU\0RGHOOLQJ%URZQ*DGGLVHWDO-RQHVHWDO3DUWLFLSDWRU\
6FRSLQJ0RGHOOLQJ6DQGNHUHWDODQG6FRSLQJ0RGHOOLQJ&RVWDQ]DDQG
5XWK
%HDOODQG=HROLLQSUHVVVXPPDUL]HWKHFRPSRQHQWVWKDWWKHVHDSSURDFKHV
KDYHLQFRPPRQDV
EDVHGRQV\VWHPVWKLQNLQJDWOHDVWLQWKHLUFRQFHSWXDOTXDOLWDWLYHVWDJH
LQFOXGLQJVRPHIRUPRIVWDNHKROGHULQYROYHPHQW
SURGXFLQJPRGHOVWKDWPD\RUPD\QRW³TXDOLI\´DVTXDQWLWDWLYHV\VWHP
G\QDPLFV6'PRGHOV
VRPHWLPHVLQLWLDWHGE\RQHRUJDQL]DWLRQZLWKDGGLWLRQDOVWDNHKROGHU
SDUWLFLSDWLRQDQGVRPHWLPHVFRQVWUXFWHGWRVFRSHRXWG\QDPLFVIRULQWHUQDOXVH
%HDOODQG)RUGSURYLGHDFDWHJRUL]HGRYHUYLHZRIWHQFDVHVWXGLHV$OORIWKH
DSSURDFKHVPHQWLRQHGDUHIRUWKHSXUSRVHRIWKLVSDSHUVXPPDUL]HGDVVFRSLQJ
PRGHOVDVWKH\WHQGWREHEURDGEUXVKDWWHPSWVWRV\QWKHVL]HOHDUQLQJDPRQJYDULRXV
VWDNHKROHUVLQYROYHG
,QDGGLWLRQRWKHUPRGHOOLQJDSSURDFKHVVXFKDVDJHQWEDVHGPRGHOOLQJ0RQWHVGH
2FD0XQJXLDDQGPXOWLFULWHULDGHFLVLRQPDNLQJ$QWXQHVHWDODUH
EHFRPLQJPRUHSDUWLFLSDWRU\HLWKHUWKURXJKUROHSOD\LQJ%DUUHWHDX%RXVTXHW
RUE\LQYROYLQJVWDNHKROGHUVLQWKHPRGHOEXLOGLQJSURFHVVG
$TXLQRHWDO
7KHFXUUHQWGHYHORSPHQWRIKRZWRXVHPRGHOVLVVKLIWLQJDZD\IURPLQGLYLGXDO
PRGHOOLQJWHFKQLTXHVWRZDUGILQGLQJWKHV\QHUJLHVEHWZHHQPRGHOOLQJWHFKQLTXHVDQG
FRPELQLQJWKHPWRVROYHUHDOZRUOGSUREOHPV6PDMJOHWDO
(YHQZLWKLQWKH6\VWHP'\QDPLFVFRPPXQLW\WKHUHDUHVRPHDSSDUHQWEXWQRKDUG
OLQHGGLIIHUHQFHVEHWZHHQ6\VWHPV7KLQNLQJ6\VWHP'\QDPLFEDVHGSDUWLFLSDWRU\
DSSURDFKHV
3DUWLFLSDWRU\PRGHOOLQJWHQGVWRIRFXVRQWKHUHVXOWLQJPRGHODQGFRQWHQW
WKURXJKSDUWLFLSDWLRQZKLOHPHGLDWHGFRRSHUDWLYHDQGFROODERUDWLYH
PRGHOOLQJWHQGVWRIRFXVRQWKHJURXSOHDUQLQJWRSURYLGHDIUDPHZRUNIRU
FRQWHQWDQGOHDUQLQJUDWKHUWKDQIRFXVLQJRQWKHUHVXOWLQJPRGHO,QDGGLWLRQ
SDUWLFLSDWRU\PRGHOOLQJGRHVQ¶WQHFHVVDULO\UHIHUWRV\VWHPVWKLQNLQJEDVHG
PRGHOOLQJWRROVDQGPD\UHIHUWRPRGHOOLQJDV*URXS5ROH3OD\*HRJUDSKLF
,QIRUPDWLRQ6\VWHPPDSSLQJRUYDULRXVIRUPVRIDJHQWEDVHGPRGHOOLQJ
*URXS0RGHO%XLOGLQJWHQGVWRUHIHUWRTXDOLWDWLYHPRGHOVUDWKHUWKDQ
FRPSXWHUJHQHUDWHGVLPXODWLRQPRGHOV6FHQDULRRU9LVLRQ3ODQQLQJDUHDOVR
DPRQJWKHPRUHQDUUDWLYHEDVHGDSSURDFKHV
:KLOHVRPHVHH00DVSRWHQWLDOO\XVHIXOIRUVWLPXODWLQJDGLDORJXHRUWKH
GHYHORSPHQWRIFRPPXQLW\SODQQLQJ7LGZHOOHWDOO6DQGNHUHWDO
)RUJLH5LFKDUGVRQ$KHVLWDWLRQWRXVH00VWHPVIURPULJLG
V\VWHPG\QDPLFV6'PRGHOOLQJHYDOXDWLRQUHTXLUHPHQWVDQGDFRQFHUQWKDW
WKHWRSLFXQGHUFRQVLGHUDWLRQLVWRRFRPSOH[IRUDV\VWHPG\QDPLFVPRGHO
'XGOH\HWDORU6'DQGJURXSPRGHOEXLOGLQJ³IDLOWRGHDOZLWK
FRQVWLWXWLRQDOFKDQJH´YDQGHQ6PDJW
9ULHQVDQG$FKWHUEHUJKPDNHDFRQVLGHUDEOHFRQWULEXWLRQE\FODULI\LQJ
WKHVRFLDOGLPHQVLRQVRI6'PRGHOOLQJDVPRGHOVRIVRFLDOV\VWHPV
PRGHOVEXLOWLQVRFLDOV\VWHPVDQGPRGHOVEXLOWIRUVRFLDOV\VWHPV7KH
H[DPSOHVRI00DQGVLPLODUPRGHOOLQJDSSURDFKHVIRFXVRQGLPHQVLRQDQG
:KLOHWKHWUDGLWLRQDO6\VWHP'\QDPLFV6'FRPPXQLW\WHQGVWRSODFH
VWURQJHUHPSKDVLVRQV\VWHPLFH[SODQDWLRQVRIWKHSDVWWRGUDZOHVVRQVIURP
WKHSDUWLFLSDWRU\LQFOLQHGXVHUVRI6'WHQGWRIRFXVRQWKHIXWXUHDQGHPEUDFH
FRPSOH[LW\
6'WHQGVWRIRFXVHVRQGHFLVLRQVXSSRUWDQGQRWRQLPSOHPHQWDWLRQ*URVVOHU
ZKLOH00SUDFWLWLRQHUVDUHLQFOLQHGWRWUDGHRII6'SXULVPWRPDNHD
SURFHVVZRUNWRZDUGLPSOHPHQWDWLRQ
&RVWDQ]DDQG5XWKSURSRVHGDVHTXHQFHRIPRGHOEXLOGLQJIURP³VFRSLQJ´
PRGHOVZKLFKLVZKHUHPRVW00DQGVLPLODUPRGHOVILWWRPRUHGHWDLOHG³UHVHDUFK´
PRGHOVDQGILQDOO\³PDQDJHPHQW´PRGHOVIRUIUHTXHQWDQGDFFXUDWHGHFLVLRQPDNLQJ
7KHSURJUHVVLRQLQGLFDWHVDQLQFUHDVHLQSUHFLVLRQZKLOHWUDGLQJRIIFRPPXQLFDELOLW\
RIWKHVWUXFWXUHSDUDPHWHUVDQGGDWDTXDOLW\RIDFRPSXWHUPRGHO
0,06$6±WDNLQJVFRSLQJPRGHOVWRWKHQH[WOHYHO
7KHVWDNHKROGHULQYROYHGPRGHOOLQJSURFHVVHVPHQWLRQHGDERYHDUHDEDVLVIRUPXOWL
VFDOHLQWHJUDWHGPRGHOOLQJIRUVXVWDLQDEOHDGDSWLYHV\VWHPVDQGLQFOXGHVWKHIROORZLQJ
NH\HOHPHQWV
0XOWLVFDOHUHIHUVWRYHUWLFDOLQWHJUDWLRQRIJOREDOQDWLRQDOUHJLRQDODQGORFDO
SHUVSHFWLYHV
,QWHJUDWLRQUHIHUVWRHQYLURQPHQWDOVRFLDOHFRQRPLFWHFKQRORJ\SROLF\DQG
SROLWLFDOSHUVSHFWLYHV6\QFKURQL]DWLRQRIH[SHUWDQGYLVLRQDU\WKLQNLQJWKDWPDLQWDLQV
WKHELJJHUSLFWXUHZKLOHJRLQJLQHYHUJUHDWHUGHWDLO
0RGHOOLQJUHIHUVWRDQ\DVVHVVPHQWWRROVDWVFRSLQJUHVHDUFKDQGPDQDJHPHQW
OHYHOLQFOXGLQJGDWDEDVHVEXWIRUP\SXUSRVHVIRFXVHVRQV\VWHPG\QDPLFVDQG
FRPSOH[V\VWHPVPRGHOV
$GDSWLYHUHIHUVWRWKHFDSDFLW\WRPDQDJHLWHUDWLYHF\FOHVRIFRPSOH[LW\DQG
UHVROXWLRQZKLOHPDLQWDLQLQJIOH[LELOLW\%XLOGLQJWKHFDSDFLW\WRVHHWKHELJSLFWXUHLQ
LQFUHDVLQJGHWDLOZLWKRXWORRVLQJWKHRYHUYLHZLHSURYLGHGE\YLVLRQDVVHVVPHQW
SODQQLQJLPSOHPHQWDWLRQPRQLWRULQJHWF3ROLF\PDNLQJDVDGHOLEHUDWH
³H[SHULPHQW´
6XVWDLQDEOHUHIHUVWRVRFLRHFRQRPLFDQGHFRORJLFDOV\VWHPVEHLQJLQWDFWWRVXSSRUW
ZHOOEHLQJIRUFXUUHQWDQGIXWXUHJHQHUDWLRQV
7KHUHDUHWZRSRVVLEOHWUDFNVWRSXUVXHWKHHQKDQFHPHQWDQGXSWDNHRIPRGHOVDV
WRROVIRUGHFLVLRQVXSSRUWWKURXJKLQWHJUDWLRQE\
/LQNLQJH[LVWLQJ³OHJDF\´PRGHOVDQGGDWDEDVHVRU
,QWHJUDWLYHVFRSLQJDVVHVVPHQWVLQDUHDVZKHUHPRGHOVKDYHQ¶WEHHQOLQNHG
FRPELQHGZLWKWKHFROOHFWLRQRIUHOHYDQWGDWD
%RWKDSSURDFKHVKDYHWKHLUFRVWVDQGEHQHILWV7KHUHIRUHLWLVLPSRUWDQWWRILQGWKH
DSSURSULDWHPL[WKURXJKFDUHIXOHYDOXDWLRQDQGFULWHULDWRHQVXUHWKDWDGHVLUDEOHQH[W
VWHSUHOHYDQWWRWKHFRQWH[WWDNHVLQWRDFFRXQWERWKWKHUHDOLW\RI³ZKDWLV´DQGWKH
YLVLRQRI³ZKDW¶VGHVLUHG´
2XU0,06$6IUDPHZRUNLVWKHHYROYLQJIRXQGDWLRQRIWKUHHSURJUDPVWKDWDLPWR
GHYHORSWKHPHWKRGRORJ\DQGWRROVIRUDGDSWLYHFDSDFLW\DPRQJVWDNHKROGHUVDQG
GHFLVLRQPDNHUVLQWKHGHVLJQSURFHVVRIPRGHOVDVDVVHVVPHQWWRROVEXWDOVRIROORZ
WKHSURFHVVWKURXJKLPSOHPHQWDWLRQPRQLWRULQJDQGUHILQLQJDYLVLRQ)LJXUHLVD
VFKHPDWLFRYHUYLHZDQGFRQYH\VWKHHOHPHQWVRI$GDSWLYH0DQDJHPHQWRQRXWZDUG
SRLQWLQJD[LV7KHVHD[HVVLJQLI\DQLQFUHDVLQJOHYHORIGHWDLODQGUHVROXWLRQRIWLPH
IUDPH,QWKHSDVWPRGHOOLQJKDVRIWHQEHHQXVHGWRJHQHUDWHH[WHQVLYH³PDQDJHPHQW
PRGHOV´RIKLJKUHVROXWLRQDQGGHWDLORIWHQZLWKOLPLWHGLPSDFW$WWKHFRUHRIVXFK
PRGHOEXLOGLQJSURMHFWVVWDNHKROGHULQYROYHPHQWDQGVSHFLILFDOO\WKHFDSDFLW\WRXVH
V\VWHPWKLQNLQJG\QDPLFVLVODFNLQJ
,QWKLVYLHZUHIOHFWLYHIHHGEDFNFDSDFLW\GRHVQRWRQO\DSSO\DWDWLPHVFDOHRI
PXOWLSOH\HDUVDVLVWKHFDVHLQSODQQLQJF\FOHVDQGDGDSWLYHPDQDJHPHQW5HIOHFWLYH
FDSDFLW\LVDOVRREVHUYHGWKURXJKWKHXVHRI³OLVWHQLQJF\FOHV´&RQNOLQGXULQJ
0HGLDWHG0RGHOOLQJVHVVLRQVDWDWLPHVFDOHRIPLQXWHVDQGKRXUVDVZHOODVLQ
EHWZHHQ00VHVVLRQDWDWLPHVFDOHRIGD\VDQGZHHNVDVZHOODVRYHUWKHFRXUVHRI
D00SURMHFWDWWLPHVFDOHVRIPRQWKVWR\HDUVYDQGHQ%HOW+HQFHWKHLVVXH
RIUHIOHFWLYHQHVVDQGDGDSWLYHQHVVJDLQUHOHYDQFHRQDVFDOHRIWLPHDQGLV
GHSHQGHQWRQLPSOHPHQWDWLRQDQGPRQLWRULQJEHIRUHGHVLUDEOHSURJUHVVFDQEH
DFKLHYHG
)LJXUH±0XOWLVFDOH,QWHJUDWHG0RGHOOLQJIRU6XVWDLQDEOH$GDSWLYH6\VWHPV
,QWKHRU\WKHVHTXHQFHDVSURSRVHGLQWKHVWHSPRGHOOLQJSURFHVV&RVWDQ]D
5XWKFDQRQO\SURGXFWLYHO\UHDFKDQH[WVWDJHDIWHUDIXOODGDSWLYHPDQDJHPHQW
F\FOHLVFRPSOHWHGYDQGHQ%HOW)RUH[DPSOHDQ$0F\FOHVWDUWVZLWKWKH
UHFRJQLWLRQRIDVHHGLQJYLVLRQIROORZHGE\DQDVVHVVPHQWRIZKDWLQIRUPDWLRQLV
ERWKDYDLODEOHDQGRUUHTXLUHGWRGHYHORSDYLDEOHSODQ3URYLGHGWKHDSSURSULDWH
VWDNHKROGHUVDUHLQYROYHGDQGUHDFKLQJDKLJKHUOHYHORIXQGHUVWDQGLQJWKHPRGHOOLQJ
SURMHFWFDQDVVLVWLQEXLOGLQJFRQVHQVXVGXULQJWKHDVVHVVPHQWSURFHVV$SHULRGRI
LPSOHPHQWDWLRQDQGPRQLWRULQJIROORZV0RQLWRULQJLVSUHIHUDEO\EDVHGRQWKH
LQGLFDWRUVWKHVWDNHKROGHUVGHYHORSHGE\EXLOGLQJ³VFRSLQJ´PRGHOV7KHUHVXOWVDUH
WHVWHGDJDLQVWDQHYROYLQJYLVLRQZKLFKFDQPHDQDPRUHUHILQHGGHWDLOHGYLVLRQRU
LQYROYLQJLQFUHDVLQJO\PRUHSHRSOHDQGRUFRPPXQLWLHV
$IWHUDIXOO$0F\FOHWKHVFRSLQJPRGHOLVLGHDOO\UHYLVLWHGLWVIXQFWLRQLVQRZWR
HYDOXDWH³ZHUHZHULJKW"'RHVWKHPRQLWRUHGGDWDPHDQWKDWZH³RQO\´
FKDQJHQDUURZDIHZSDUDPHWHUV"2UVKRXOGWKHPRGHOVWUXFWXUHEHXSGDWHGEHFDXVH
ZHPLVVHGPDMRUIHHGEDFNORRSVRUWLPHODJV"&DQWKHUHVXOWVIURPUHVHDUFKPRGHOV
EHLQWHJUDWHGLQDPHDQLQJIXOZD\LQWKHVFRSLQJPRGHORULVWKHVFRSLQJPRGHO
REVROHWH"5HVHDUFKPRGHOVDUHPRUHGHWDLOHGH[SOLFLWO\WDUJHWHGPRGHOVZLWKKLJKHU
UHVROXWLRQGDWDUHTXLUHPHQWVSUHFLVLRQDQGDUHJHQHUDOO\OHVVWUDQVSDUHQW,Q
SULQFLSOHUHVHDUFKPRGHOVDUHGHYHORSHGE\H[SHUWV7KHJRDOLVWRGHYHORSPRGHOV
ZLWKDORQJ³VKHOIOLIH´LHPRGHOVWKDWSURYLGHDEDVLVRUOHDUQLQJDQGLQVLJKWVIRUD
JURZLQJQXPEHURISHRSOHFRPPXQLWLHV$SSOLFDELOLW\RIUHVHDUFKPRGHOVLQFUHDVH
ZKHQEDVHGRQDSSURSULDWHTXHVWLRQVDJDLQWKHEURDGHUWKHSHUVSHFWLYHVLQYROYHG
GXULQJWKHVFRSLQJSKDVHWKHKLJKHUWKHOLNHOLKRRGWKDWWKH³ULJKW´TXHVWLRQVVXUIDFH
³5LJKW´RUUREXVWLQWKHDGDSWLYHFRQWH[WUHIHUVWR³VKHOIOLIH´DVWKHDVVHVVPHQWWRROV
DQGSODQVDUHSHULRGLFDOO\XSIRUUHYLHZ1RWXQWLOWKHQH[WVWHSLQSODQQLQJ
LPSOHPHQWDWLRQPRQLWRULQJDQGHQYLVLRQLQJLVF\FOHGWKURXJKLVWKHVWDNHKROGHU
FRPPXQLW\UHDG\WRFRQVWUXFWUHVRXUFHLQWHQVHPDQDJHPHQWPRGHOV5HDOLW\LVPRUH
PHVV\DQGJHQHUDOO\GHDOWZLWKLQDPRUHOLQHDUPDQQHUWKDQWKHSURSRVHGWKHRU\
FDXVLQJXQLQWHQGHGFRQVHTXHQFHV,DGYRFDWHHPEUDFLQJF\FOLFDOWKLQNLQJVWDUWLQJ
ZLWK676'DQGSURJUHVVLQJWR&6DWYDULRXVOHYHOVRIVFDOHLQWKHGLPHQVLRQVRI
WLPHVSDFHFRPSOH[LW\DVZHOODVVRFLDOGLPHQVLRQV
0RYLQJIURPWKHRU\WRSUDFWLFHDQGEDFNWRWKHRU\
7KHWKHRU\DERYHLVEDVHGRQSUDFWLFDOH[SHULHQFHZLWKVHYHUDOFDVHVWXGLHVXVLQJ
0HGLDWHG0RGHOOLQJIRUVFRSLQJSXUSRVHVLQWKHFRQWH[WRIFRDVWDO]RQHPDQDJHPHQW
YDQGHQ%HOWHWDOODQGXVHLQWHJUDWHGZDWHUVKHGPDQDJHPHQWYDQGHQ%HOW
89EUDGLDWLRQDQGHFRV\VWHPVHUYLFHVYDQGHQ%HOWHWDODQG
HQHUJ\SODQQLQJYDQGHQ%HOWHWDO1RQHRIWKHVHPRGHOVZHUHLQWHQGHGWR
EHLQJUHYLVLWHGDIWHUDWLPHODJRIDIHZ\HDUVHYHQWKRXJKVRPHKDYHVSXUUHG
³UHVHDUFKPRGHOV´LQWKHIRUPRI3K'SURMHFWVRQSDUWLFXODUZHDNO\XQGHUVWRRGOLQNV
ZLWKLQWKHVFRSLQJPRGHO,QDGGLWLRQVXPPDUL]HGUHVHDUFKPRGHOVKDYHEHHQXVHGDV
LQSXWLQWRWKHVFRSLQJPRGHOV(YHQWKRXJK³VFRSLQJ´PRGHOVVHHPXVHIXOLQ
DGGUHVVLQJDQGRIWHQGLVVLSDWLQJDFRPSOH[DQGSRWHQWLDOO\FRQWHQWLRXVVLWXDWLRQ
³UHYLVLWLQJ´VFRSLQJPRGHOVFRXOGLQSDUWEHKDPSHUHGE\WKHIDFWWKDWD0HGLDWHG
0RGHOOHULVRIWHQKLUHGRQDFRQVXOWLQJEDVLVDVDQHXWUDOSDUW\WRIDFLOLWDWHDQRIWHQ
FRQWHQWLRXVDUHDRILQYHVWLJDWLRQEULQJLQJWRJHWKHUVWDNHKROGHUVWKDWZRXOGRWKHUZLVH
EHXQOLNHO\WRSXWWKHLUPLQGVWRJHWKHULQDFROODERUDWLYHPDQQHU,QDGGLWLRQSXEOLF
RUJDQL]DWLRQV%RODQGDQG)RZOHURIWHQODFNWKHFDSDFLW\WRSXUVXHWKHVHWRROV
EHFDXVHLQFHQWLYHVWHQGWRUHZDUGVKRUWWHUPFHQWUDOL]HGVHJPHQWHGGHFLVLRQVZLWKD
FRPSHWLWLYHUDWKHUWKDQFROODERUDWLYHXQGHUSLQQLQJ
:HVWHUQVRFLHW\VFLHQFHDQGHGXFDWLRQWHQGWRUHZDUGMXPSVDKHDGLQWRDUHDVRIHYHU
JUHDWHUGHWDLOZLWKRXWWKHUHOHYDQWFDSDFLW\WRV\QWKHVL]HDQGEXLOGWKHKXPDQFDSLWDO
WRPDNHDFROOHFWLYHUDWKHUWKDQLQGLYLGXDOSURJUHVVDVDGKHUHGWRLQ(DVWHUQDQGRIWHQ
LQGLJHQRXVVRFLHWLHV
,QWKHSDVWUHYLVLWLQJRIVFRSLQJPRGHOVKDVQRWEHHQDQH[SOLFLWJRDOPDQ\SURMHFWV
KDYHEHHQXQGHUWDNHQDVD³SLORWSURMHFW´WRWHVWWKHXVHRI6'PRGHOOLQJIRU
LQWHJUDWLYHSXUSRVHVLQDJURXSFRQWH[WZLWKRXWDSODQIRUPLGWRORQJWHUPIROORZXS
7KHSURSRVHGIUDPHZRUNLVWKHIRXQGDWLRQIRUSURJUDPVZLWKDGXUDWLRQRI\HDUVRQ
XUEDQDQGHQHUJ\V\VWHPVDVZHOODVHFRV\VWHPVHUYLFHV7KURXJKRXWWKHVHSURJUDPV
DFRQVFLRXVHIIRUWZLOOEHPDGHWRHYDOXDWHSURJUHVVEDVHGRQILJXUHDQGGHYHORS
UHVXOWPHDVXUHPHQWVRQWKHYDULRXVVFDOHVDQGDUHDVPHQWLRQHGLQWKLVSDSHU
+RZHYHULWLVUHFRJQL]HGWKDWHYHQD\HDUWLPHSHUVSHFWLYHLVOLNHO\WRRVKRUWWR
GHYHORSD0,06$6DVSURSRVHV7KHXVHRIH[LVWLQJ³OHJDF\´PRGHOVDW
³PDQDJHPHQW´OHYHOZLOODOVREHHYDOXDWHG
&RQFOXVLRQ
6\VWHP7KLQNLQJDQG6\VWHP'\QDPLFVKDVPXFKWRFRQWULEXWHWRDWUDQVLWLRQWRZDUG
DPRUHVXVWDLQDEOHVRFLHW\WKURXJKLWVSKLORVRSK\RILQWHUFRQQHFWHGQHVVIHHGEDFN
ORRSVWLPHODJVDQGWUDGLWLRQRIPRGHOEXLOGLQJ)URPSUDFWLFDOH[SHULHQFH,VXJJHVW
WKDWWKHUHOHYDQFHRI67DQG6'LQFUHDVHVWKURXJKWKHLQYROYHPHQWRIVWDNHKROGHUVLQ
WKHSURFHVVRIPRGHOEXLOGLQJ,SURSRVHWRGHOLEHUDWHO\H[WHQGWKHXVHRI0HGLDWHG
0RGHOOLQJDQGVLPLODUDSSURDFKHVLQWRORQJWHUPGHYHORSPHQWDGDSWLYHPDQDJHPHQW
FDSDFLW\$VVXFKPRUHH[SHULPHQWDWLRQLVQHHGHGWRWHVWDQGGHYHORSWKHVXLWDELOLW\
RI6'PRGHOVDW³VFRSLQJ´³UHVHDUFK´DQG´PDQDJHPHQW´OHYHOZLWKLQFUHDVLQJ
SUHFLVLRQEXWWUDGLQJRIIWUDQVSDUHQF\0RGHOVDVDVVHVVPHQWWRROVDUHRQO\UHOHYDQW
LIZKHQDFWXDOSODQQLQJLPSOHPHQWDWLRQDQGPRQLWRULQJIROORZIURPWKHLUDVVHVVPHQW
FDSDFLW\7KLVUHDOL]DWLRQFRXOGJUHDWO\LPSURYHWKHXSWDNHE\HQGXVHUVDQGLPSDFW
RI6'PRGHOV
5HIHUHQFHV
$QGHUVHQ'DQG*35LFKDUGVRQ6FULSWVIRU*URXS0RGHO%XLOGLQJ6\VWHP
'\QDPLFV5HYLHZ9ROS
$QWXQHV$56DQWRV19LGHLUD3DUWLFLSDWRU\GHFLVLRQPDNLQJIRU
VXVWDLQDEOHGHYHORSPHQW±WKHXVHRIPHGLDWHGPRGHOOLQJWHFKQLTXHV/DQG8VH
3ROLF\9ROSJ
%DUUHWHDX2DQG)%RXVTXHW6+$'2&DPXOWLDJHQWPRGHOWRWDFNOH
YLDELOLW\RILUULJDWHGV\VWHPV$QQ2SHU5HV
%HDOO$DQG/HQ=HROL,QSUHVV3DUWLFLSDWRU\PRGHOOLQJRIHQGDQJHUHGZLOGOLIH
V\VWHPVLPXODWLQJWKHVDJHJURXVHDQGODQGXVHLQFHQWUDO:DVKLQJWRQ
(FRORJLFDO(FRQRPLFV
%HDOO$)RUG$3DUWLFLSDWRU\PRGHOOLQJIRUDGDSWLYHPDQDJHPHQWUHSRUWV
IURPWKHILHOG,,3URFHHGLQJVRIWKHWK,QWHUQDWLRQDO&RQIHUHQFHRIWKH6\VWHP
'\QDPLFV6RFLHW\-XO\±$XJXVW%RVWRQ0$
%RODQG7)RZOHU$$V\VWHPVSHUVSHFWLYHRISHUIRUPDQFHPDQDJHPHQWLQ
SXEOLFVHFWRURUJDQL]DWLRQV7KH,QWHUQDWLRQDO-RXUQDORI3XEOLF6HFWRU
0DQDJHPHQW
%URZQ*DGGLV(-9ODGLFK+9RLQRY$3DUWLFLSDWRU\PRGHOOLQJDQGWKH
GLOHPPDRIGLIIXVHQLWURJHQPDQDJHPHQWLQDUHVLGHQWLDOZDWHUVKHG
(QYLURQPHQWDO0RGHOOLQJ6RIWZDUH
&RFNHULOO.+3DVVHOO97LGZHOO&RRSHUDWLYH0RGHOOLQJ%XLOGLQJ%ULGJHV
%HWZHHQ6FLHQFHDQGWKH3XEOLF-RXUQDORIWKH$PHULFDQ:DWHU5HVRXUFHV
$VVRFLDWLRQ
&RFNHULOO.97LGZHOO+3DVVHOO/0DOF]\QVNL&RRSHUDWLYH
0RGHOOLQJ/HVVRQVIRU(QYLURQPHQWDO0DQDJHPHQW(QYLURQPHQWDO3UDFWLFH
&RQNOLQ-HII'LDORJXH0DSSLQJEXLOGLQJVKDUHGXQGHUVWDQGLQJRIZLFNHG
SUREOHPV-RKQ:LOH\6RQV/WG(QJODQG
&RVWDQ]D5DQG5XWK'\QDPLF6\VWHPV0RGHOOLQJIRU6FRSLQJDQG&RQVHQVXV
%XLOGLQJ(QYLURQPHQWDO0DQDJHPHQW
Gµ$TXLQR3&OH3DJH)%RXVTXHWDQG$%DK8VLQJVHOIGHVLJQHGUROH
SOD\LQJJDPHVDQGDPXOWLDJHQWV\VWHPWRHPSRZHUDORFDOGHFLVLRQPDNLQJ
SURFHVVIRUODQGXVHPDQDJHPHQWWKH6HOI&RUPDVH[SHULPHQWLQ6HQHJDO-
$UWLI6RF6RF6LPXODWLRQ
'XGOH\5''6KHLODQG&-3LHUFH&ROIHU6LPXODWLQJRLOSDOPH[SDQVLRQ
UHTXLUHVFUHGLEOHDSSURDFKHV(FRORJ\DQG6RFLHW\U85/
KWWSZZZHFRORJ\DQGVRFLHW\RUJYROLVVUHVS
)RUJLH9DQG(5LFKDUGVRQ7KHFRPPXQLW\RXWFRPHVSURFHVVDQGPHGLDWHG
PRGHOOLQJ,QW¶O-6XVWDLQDEOH'HYHORSPHQW9ROQR
*U|OHU$6\VWHP'\QDPLFVSURMHFWVWKDWIDLOHGWRPDNHDQLPSDFW6\VWHPV
'\QDPLFV5HYLHZ
+X]6$QGHUVRQ')5LFKDUGVRQ*3%RRWKUR\G5$IUDPHZRUNIRU
HYDOXDWLQJV\VWHPVWKLQNLQJLQWHUYHQWLRQVDQH[SHULPHQWDODSSURDFKWRPHQWDO
KHDOWKV\VWHPFKDQJH6\VWHPV'\QDPLFV5HYLHZ±
-RQHV1DWDOLH$3DVFDO3HUH]7KRPDV*0HDVKDP*DLO-.HOO\3DWULFN'¶$TXLQR
.DWKHULQH'DQLHOO$QQH'UD\DQG1LOV)HUUDQG(YDOXDWLQJ3DUWLFLSDWRU\
0RGHOOLQJ'HYHORSLQJD)UDPHZRUNIRU&URVVFDVH$QDO\VLV3DSHUSURYLGHG
E\&6,52VXVWDLQDEOH(FRV\VWHPVLQLWVVHULHV6RFLR(FRQRPLFVDQGWKH
(QYLURQPHQWLQ'LVFXVVLRQ6((':RUNLQJ3DSHU6HULHVZLWKQXPEHU
KWWSLGHDVUHSHFRUJSFVHZSDSHUKWPO
0HWFDOI6DUD6(PLO\:KHHOHU7RGG.%HQ'RU.HQQHWK6/XELQVNLDQG%UXFH
0+DQQRQLQSUHVV6KDULQJWKH)ORRGSODLQ0HGLDWHG0RGHOOLQJIRU
(QYLURQPHQWDO0DQDJHPHQW(QYLURQPHQWDO0RGHOOLQJ6RIWZDUH6SHFLDO
,VVXHLQ3DUWLFLSDWRU\0RGHOOLQJ
5LOH\6-6LHPHU:)'HFNHU'-&DUSHQWHU/+2UJDQ-)%HUFKLHOOL/7
$GDSWLYHLPSDFWPDQDJHPHQWDQLQWHJUDWLYHDSSURDFKWRZLOGOLIH
PDQDJHPHQW+XPDQ'LPHQVLRQVRI:LOGOLIH
6DQGNHU0%&DPSEHOODQG$6XZDUQR:KDWDUHSDUWLFLSDWRU\VFRSLQJ
PRGHOV"(FRORJ\DQG6RFLHW\85/
KWWSZZZHFRORJ\DQGVRFLHW\RUJYROLVVUHVS
6DQGNHU0$6XZDUQRDQG%0&DPSEHOO:LOOIRUHVWVUHPDLQLQWKHIDFH
RIRLOSDOPH[SDQVLRQ"6LPXODWLQJFKDQJHLQ0DOLQDX,QGRQHVLD(FRORJ\DQG
6RFLHW\85/KWWSZZZHFRORJ\DQGVRFLHW\RUJYROLVVDUW
6HOLQ6&KDYH]''HYHORSLQJDFROODERUDWLYHPRGHOIRUHQYLURQPHQWDO
SODQQLQJDQGPDQDJHPHQW(QYLURQPHQWDO0DQDJHPHQW
6HQG]LPLU-0DJQXV]HZVNL3%DORJK39DUL$$QWLFLSDWRU\PRGHOOLQJ
RIELRFRPSOH[LW\LQWKH7LV]D5LYHU%DVLQILUVWVWHSVWRHVWDEOLVKDSDUWLFLSDWRU\
DGDSWLYHIUDPHZRUN(QYLURQPHQWDO0RGHOOLQJDQG6RIWZDUH
6PDMJW$60RUULVDQG6+HFNEHUW:DWHUSROLF\LPSDFWDVVHVVPHQW
FRPELQLQJPRGHOOLQJWHFKQLTXHVLQWKH*UHDW%DUULHU5HHIUHJLRQ:DWHU3ROLF\
7LGZHOO9&3DVVHOO+'&RQUDG6+7KRPDV536\VWHP
G\QDPLFVPRGHOOLQJIRUFRPPXQLW\EDVHGZDWHUSODQQLQJ$SSOLFDWLRQWRWKH
0LGGOH5LR*UDQGH$TXDWLF6FLHQFHV
7LGZHOO9&$QG&YDQGHQ%ULQN&RRSHUDWLYH0RGHOOLQJOLQNLQJVFLHQFH
FRPPXQLFDWLRQDQGJURXQGZDWHUSODQQLQJ*URXQG:DWHU9RO
YDQGHQ%HOW00HGLDWHG0RGHOOLQJ$6\VWHPV'\QDPLFV$SSURDFKWR
(QYLURQPHQWDO&RQVHQVXV%XLOGLQJ,VODQG3UHVV:DVKLQJWRQ
YDQGHQ%HOW0DUMDQ2VFDU%LDQFLRWWR5REHUW&RVWDQ]D6HUJH'HPHUV6XVDQD
'LD]*XVWDYR)HUU\UD(YDPDULD.RFK)HUQDQGR0RPR0DULD9HUQHW
0HGLDWHG0RGHOOLQJRIWKHLPSDFWVRI(QKDQFHG89%5DGLDWLRQRQ(FRV\VWHP
6HUYLFHV6SHFLDO,VVXHRI3KRWRFKHPLVWU\DQG3KRWRELRORJ\
YDQGHQ%HOW0DUMDQ%DUW:HVWGLMN5LOH\$OOHQ'DYH/DPRQW'DYH0DUWLQ
0LFKDHO%XUDN3DXO%XUQV$PLQWD&RQDQW%ULDQ&RVJURYH%LOO'HHKDQ
%UXFH%HQWOH\-DPHVJLEERQV(PLO\*RXOG%ODLU+DPLOWRQ&KULV.LOOLDQ
7RQ\.OHLQ'HDQ/D)RUHVW-RQ$OGULFK*LQQ\/\RQV-RKQ0DUVKDOO-XOLH
0RRUH/DZUHQFH0RWW.HQ1RODQ$YUDP3DWW5LFK6HGDQR(LOHHQ
6LPROODUGHV'RXJ6PLWK%LOO6WULW]OHU3KLOHQH7RDUPLQD0HGLDWHG0RGHOOLQJ
IRU3DUWLFLSDWRU\(QHUJ\3ODQQLQJLQ9HUPRQW9HUPRQW'HSDUWPHQWRI3XEOLF
6HUYLFHD
KWWSZZZSXEOLFVHUYLFHYHUPRQWJRYSODQQLQJPHGLDWHGPRGHOLQJKWPO
YDQGHQ%HOW0DUMDQDQGVWXGHQWVRI3$FODVVRIVSULQJE/DNHVKRUH
3URWHFWLRQLQ9HUPRQWFRXUVHUHSRUWSUHSDUHGIRUWKH9HUPRQW$JHQF\RI
1DWXUDO5HVRXUFHVDQGSDUWLFLSDWLQJRUJDQL]DWLRQVDVSDUWRID6HUYLFH/HDUQLQJ
FRXUVHDW890KWWSZZZXYPHGXaPYDQGHQE03$VSULQJ
YDQGHQ%HOW0DUMDQ6HUJH'HPHUV6XVDQD'LD]*XVWDYR)HUU\UD(YDPDULD.RFK
)HUQDQGR0RPR0DULD9HUQHWF0HGLDWHG0RGHOLQJIRU,QWHJUDWLQJ
6FLHQFHDQG6WDNHKROGHUV,PSDFWVRI(QKDQFHG8OWUDYLROHW%5DGLDWLRQRQ
(FRV\VWHP6HUYLFHV&KDSWHUSDJHLQ³&RPPXQLFDWLQJ*OREDO&KDQJH
6FLHQFHWR6RFLHW\´HGLWHGE\7LHVVHQ%UNODFLFK%UHXOPDQQDQG0HQH]HV
,VODQG3UHVV
YDQGHU6PDJW7&DXVDWLRQDQG&RQVWLWXWLRQLQ6\VWHP'\QDPLFV0RGHOOLQJ
D6RFLDOO\&RQVWLWXWHG:RUOG6\VWHPV5HVHDUFKDQG%HKDYLRUDO6FLHQFH6\V
5HV
9HQQL[-$0*URXS0RGHO%XLOGLQJ)DFLOLWDWLQJ7HDP/HDUQLQJ8VLQJ
6\VWHP'\QDPLFV&KLFKHVWHU-RKQ:LOH\6RQV
9HQQL[-$0*URXSPRGHOEXLOGLQJWDFNOLQJPHVV\SUREOHPV6\VWHP
'\QDPLFV5HYLHZ9LGHLUD1$QWXQHV36DQWRV5/RER
*3XEOLFDQGVWDNHKROGHUSDUWLFLSDWLRQLQ(XURSHDQZDWHUSROLF\D
FULWLFDOUHYLHZRISURMHFWHYDOXDWLRQSURFHVVHV(XURSHDQ(QYLURQPHQW
9LGHLUD1$QWXQHV36DQWRV5/RER*3XEOLFDQGVWDNHKROGHU
SDUWLFLSDWLRQLQ(XURSHDQZDWHUSROLF\DFULWLFDOUHYLHZRISURMHFWHYDOXDWLRQ
SURFHVVHV(XURSHDQ(QYLURQPHQW
9LGHLUD1$QWXQHV36DQWRV5LQSUHVV6FRSLQJ5LYHU%DVLQ,VVXHVZLWK
3DUWLFLSDWRU\0RGHOOLQJ7KH%DL[R*XDGLDQD([SHULHQFH(FRORJLFDO
(FRQRPLFV
9ULHQV'DQG-DQ$FKWHUEHUJK7KH6RFLDO'LPHQVLRQRI6\VWHP'\QDPLFV
%DVHG0RGHOOLQJ6\VWHPV5HVHDUFKDQG%HKDYLRUDO6FLHQFH6\VW5HV
© Copyright 2026 Paperzz