%X\WKLVLVVXH 6KDUHRQ7ZLWWHU 6KDUHRQ)DFHERRN 6KDUHRQ/LQNHG,Q 6KDUHRQ*RRJOH 5HDG$EVWUDFW 'HFHPEHU-DQXDU\_9ROXPH_1XPEHU &RPPRQ&RUH1RZ:KDW"3DJHV &ORVLQJLQRQ&ORVH5HDGLQJ 1DQF\%R\OHV :HFDQ WZDLWXQWLOPLGGOHVFKRROWRWHDFKVWXGHQWVWRUHDGFORVHO\7KUHHSUDFWLFHVEULQJFORVHUHDGLQJWRWKHORZHUJUDGHV $VLJQLILFDQWERG\RIUHVHDUFKOLQNVWKHFORVHUHDGLQJRIFRPSOH[WH[W²ZKHWKHUWKHVWXGHQWLVDVWUXJJOLQJUHDGHURUDGYDQFHG²WRVLJQLILFDQWJDLQVLQ UHDGLQJSURILFLHQF\DQGILQGVFORVHUHDGLQJWREHDNH\FRPSRQHQWRIFROOHJHDQGFDUHHUUHDGLQHVV3DUWQHUVKLSIRU$VVHVVPHQWRI5HDGLQHVVIRU &ROOHJHDQG&DUHHUVS :KHQ,UHDGWKLVVWDWHPHQWLQWKHFRQWHQWIUDPHZRUNVRIRQHRIWKHFRQVRUWLDQRZFUHDWLQJDVVHVVPHQWVIRUWKH&RPPRQ&RUH6WDWH6WDQGDUGV,ZDVIUDQNO\D OLWWOHLQVXOWHG2IFRXUVH,WHDFKVWXGHQWVWRUHDGFORVHO\²ERWKP\XQLYHUVLW\VWXGHQWVDQG\RXQJHUVWXGHQWVWKURXJKP\OLWHUDF\FRQVXOWDQWZRUN%XWRQFORVHU H[DPLQDWLRQ,UHDOL]HG,PD\QRWEHHQFRXUDJLQJVWXGHQWVWRUHDGFORVHO\HQRXJKWRPHHWWKHH[SHFWDWLRQVVHWE\WKHVHVWDQGDUGV([DFWO\ZKDWGRWKH&RPPRQ &RUHVWDQGDUGVPHDQE\FORVHUHDGLQJ"$QGZKDWSULQFLSOHVDQGSUDFWLFHVVKRXOGJXLGHXVDVZHLPSOHPHQWFORVHUHDGLQJLQWKHFODVVURRP²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²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²PDNLQJUHDGHUWH[WFRQQHFWLRQV²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²FORVHO\²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²IRONWDOHVOHJHQGVP\WKVIDEOHVDVZHOODVVKRUWVWRULHVSRHWU\DQGVFHQHVIURPSOD\V²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²XQWLOUHFHQWO\OHGE\'DYLG&ROHPDQDOHDGDXWKRURIWKH&RPPRQ&RUHVWDQGDUGV²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±DQGLQWHJUDWLRQRINQRZOHGJHDQGLGHDV6WDQGDUGV±²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²DQGWKH\JHWPXFKFORVHUWRWKHUDQJHRIULJRUWRZKLFKWKH&RPPRQ&RUHVWDQGDUGV DVSLUH 7KHILQDOPRVWFRPSHOOLQJUHDVRQ,GRQ WFDUHIRUWKH6WXGHQW$FKLHYHPHQW3DUWQHUVTXHVWLRQVLVWKDWDOWKRXJKWKH\WHDFKWKHUHDGLQJ²WKHFRQWHQWRIWKHWH[W² WKHUH VQRDWWHPSWWRWHDFKWKHUHDGHUVWUDWHJLHVE\ZKLFKWKDWUHDGHUFDQSXUVXHPHDQLQJLQGHSHQGHQWO\\HVLQGHSHQGHQWO\QRWLFHP\UHSHWLWLRQIRUHPSKDVLV PRGHOHGDIWHU%HFDXVHRI:LQQ'L[LH 7HDFK6WXGHQWVWR$VNWKH4XHVWLRQV 7HDFKLQJLVDERXWWUDQVIHU7KHJRDOLVIRUVWXGHQWVWRWDNHZKDWWKH\OHDUQIURPWKHVWXG\RIRQHWH[WDQGDSSO\LWWRWKHQH[WWH[WWKH\UHDG,IDOOZH UHGRLQJLV DVNLQJTXHVWLRQVDERXW:LQQ'L[LHUHDGHUVZLOOSUREDEO\KDYHDVROLGXQGHUVWDQGLQJRIWKDWERRNE\WKHODVWSDJH²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²:KDWGRHVWKHDXWKRUZDQWPHWRXQGHUVWDQGLQWKLVSDVVDJH"²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± 5HWULHYHGIURP6WXGHQW$FKLHYHPHQW3DUWQHUVDWZZZDFKLHYHWKHFRUHRUJVWHDOWKHVHWRROV 1DWLRQDO$VVHVVPHQW*RYHUQLQJ%RDUG5HDGLQJ)UDPHZRUNIRUWKH1DWLRQDO$VVHVVPHQWRI(GXFDWLRQDO3URJUHVV$SSHQGL[$:DVKLQJWRQ'& $XWKRU 3DUWQHUVKLSIRU$VVHVVPHQWRI5HDGLQHVVIRU&ROOHJHDQG&DUHHUV3$5&&PRGHOFRQWHQWIUDPHZRUNV(QJOLVKODQJXDJHDUWVOLWHUDF\JUDGHV±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
© Copyright 2026 Paperzz