G W ˙j _+ ˙j+ · D
fl §?;?
ˉ [v
Dpttu!bu!boe!e!QQffssggppsnbb oo dd f
flZ ˉ
3111111//4// 77
¨¨
G W ˙j _+ ˙j+ · D
\\ ′
Y?4
X
XX nn ‘ zz?0HDVXUHVˉ
§
G W ˙j _+ ˙j+ · D
˙jj &…… && rQQ ··,.
G W ˙j _+ ˙j+ · D
˙˙ jj + ·· 66 jj?
G W ˙j _+ ˙j+ · D
5XX { XX # oo
,2 ˇˇ?
ˇˇ <<
¥¥ <<
0ˇˇ
hh
D++ e uu
uu
XX || oo XX || ||
ˇˇ ’ˇˇ §§ X
\fl? ˙˙ jj ++ ·· #
G W ˙j _+ ˙j+ · D
jj Sfqsfqsftff oubuubujjppoo ·· =<< [
{{ `` c
`` cc
<< `` cc
{{?£?
¥¥ <<
<<
<<?
WHPS Y>N@
Y>N@ Y>N @
Y>N @ WHPS
OZ
OZ
VZ
VZ
G W ˙j _+ ˙j+ · D
˙˙ jj · [[
63$5&VWDWLRQ
63$5&
3URFHVVRU
&RPSXWHU
&RQWURO
’DWDSDWK
0HPRU\ ’HYLFHV
,QSXW
2XWSXW
G W ˙j _+ ˙j+ · D
HH ukk SS XX NN
NN $$ uu
JJ ’’ uu
Y
@e
G W ˙j _+ ˙j+ · D
$$ 8? h )
ESBN?)) D *
G W ˙j _+ ˙j+ · D
wf qq ;
G W ˙j _+ ˙j+ · D
’LH $UHD PP
¨¨ XX LQFK PP XX
:DIHU,,’LH
≈≈ 7UDQVLVWRUV
&DFKH ≈ 0 7UDQVLVWRUV
3LQV
Qfoujvn ww ·· k–– ˇ-
3HQWLXP
G W ˙j _+ ˙j+ · D
’LH $UHD PP
¨¨ XX LQFK PP XX
:DIHU,,’LH
≈≈ 7UDQVLVWRUV
&DFKH ≈≈ 0 7UDQVLVWRUV
([WHUQDO &DFKH
0 7UDQVLVWRUV
3HQWLXP3UR3DFNDJH
3HQWLXP3UR ([WHUQDO&DFKH
3LQV
Qff ooujujvv nn QQ s ps p ww ·· kk –– ˇˇ --
3HQWLXP3UR
G W ˙j _+ ˙j+ · D
\LHOGB’LHZDIHUBSHUB’LHV
WFRVB:DIHU
WFRVB’LH
u
DUHD’LH
GLDPHWHU:DIHU
DUHD’LH
GLDPHWHU:DIHU
ZDIHUSHU’LHV
B
B
B
B
BB
u
u
u
SS
SS
DUHDB’LH
GLDPHWHUB:DIHU
DUHDB’LH
DUHDB:DIHU
ZDIHUBSHUB’LHV
uu
SS
''?:DIHU currency1currency1 99 fi?6TXDUH SHJV LQ D
URXQG KROH·SUREHOP
@@ ee ·· @@ \\
G W ˙j _+ ˙j+ · D
D
DD
currency1
'
§
u
u
DUHD’LHDUHDXQLWSHU’HIHFWV
\LHOG:DIHU\LHOG’LH
BBBB
BB
’HIHFWVBSHUBXQLWBDUHDLV D PHDVXUH RI WKH UDQGRP DQG
PDQXIDFWXULQJ GHIHFWV WKDW RFFXU,Q WKHVH YDOXHV W\SLFDOO\
UDQJH EHWZHHQ WR SHU VTXDUH FHQWLPHWHU GHSHQGLQJ RQ WKH
PDWXULW\ RI WKH SURFHVV
α LV D SDUDPHWHU WKDW FRUUHVSRQGV URXJKO\ WR WKH QXPEHU RI
PDVNLQJ OHYHOV D PHDVXUH RI PDQXIDFWXULQJ FRPSOH[LW\ FULWLFDO
WR GLH \LHOG )RU WRGD\?V PXOWLOHYHO PHWDO &026 SURFHVVHV D JRRG
HVWLPDWH LV αα
,Q WKH IROORZLQJ ZH DVVXPH WKH ZDIHU \LHOG LV
@@ ee ·· @@ \\
G W ˙j _+ ˙j+ · D
\LHOGB’LHZDIHUBSHUB’LHV
WFRVB:DIHU
WFRVB’LH
u
DUHDB’LH
DUHDB:DIHU
ZDIHUBSHUB’LHV
D
DD
currency1currency1
''
§§
uu
DUHDB’LHDUHDBXQLWBSHUB’HIHFWV
\LHOGB’LH
DUHDB’LH I
DUHDB:DIHU
DUHDB’LHDUHDBSHUB’HIHFWV DUHDB’LHWFRVB:DIHU
DUHDB’LHDUHDBSHUB’HIHFWV
DUHDB’LH
DUHDB:DIHU
WFRVB:DIHU
WFRVB’LH
uu uuu
currency1currency1
currency1currency1
''
§§
uu
uu
DD
DD
DD
DD
DD
@@ ee ·· @@ \\
G W ˙j _+ ˙j+ · D
@@ ee ·· @@ \\
αα JJ ¨¨ J aa XX rr SS
’LH &RVW LV JRHV URXJKO\ ZLWK WKH FXEH RI WKH DUHD
\LHOG’LHZDIHUSHU’LHV
W:DIHU
W’LH
BBB
FRVB
FRVB
u
DUHD’LH
GLDPHWHU:DIHU
DUHD’LH
GLDPHWHU:DIHU
ZDIHUSHU’LHV
B
B
B
B
BB
u
u
u
SS
SS
DD
DD
currency1
'
§
u
u
DUHD’LHDUHDXQLWSHU’HIHFWV
\LHOG:DIHU\LHOG’LH
BBBB
BB
G W ˙j _+ ˙j+ · D
O?jj
&KLS 0HWDO /LQH,DIHU ’HIHFW $UHD ’LHV <LHOG ’LH &RVW
OD\HUV ZLGWK FRVW FP
PP
ZDIHU
’;
’;
3RZHU3&
+3 3$
’(& $OSKD
6XSHU63$5&
3HQWLXP
)URP?(VWLPDWLQJ,& 0DQXIDFWXULQJ &RVWV· E\ /LQOH\ *ZHQQDS 0LFURSURFHVVRU
5HSRUW $XJXVW S
G W ˙j _+ ˙j+ · D
,,bb uu DD ££ ‘‘ 77 `` U
@@ \\
&KLS ’LH 3DFNDJH 7HVW 7RWDO
FRVW SLQV W\SH FRVW $VVHPEO\
’; 4)3
’; 3*$
3RZHU3& 4)3
+3 3$ 3*$
’(& $OSKD 3*$
6XSHU63$5& 3*$
3HQWLXP 3*$
,& FRVW
’LH FRVW 7HVWLQJ FRVW 3DFNDJLQJ FRVW
)LQDO WHVW \LHOG
G W ˙j _+ ˙j+ · D
DNPT!i
$$? 66 ff $$ ¨¨ ¢¢ VV
7UDQVLVWRUV
SHU 8QLW $UHD
’LH 6L]H
G W ˙j _+ ˙j+ · D
,··
£ z
ee
/RJLF [ LQ \HDUV [ LQ \HDUV
’5$0 [ LQ \HDUV [ LQ \HDUV
GLVN [ LQ \HDUV [ LQ \HDUV
G W ˙j _+ ˙j+ · D
44 6 W--
<HDU
3
H
U
I
R
U
P
D
Q
F
H
’(& $;3
+3
,%0
56
0,36 0
0,36 0
6XQ
,%0 3RZHU; \U; \U
G W ˙j _+ ˙j+ · D
y ˙j+ · W-"
G W ˙j _+ ˙j+ · D
7KH JRDO RI SHUIRUPDQFHHYDOXDWLRQ LQ
WKLV FKDSWHU LV WR EH DEOH WR FRPSDUH IRU
H[DPSOH
GLIIHUHQW DUFKLWHFWXUHV
GLIIHUHQW LPSOHPHQWDWLRQV RI DQ DUFKLWHFWXUH
GLIIHUHQW FRPSLOHUV IRU D JLYHQ DUFKLWHFWXUH
*HQHUDO VHQVH
KRZ ZHOO WKH FRPSXWHU SHUIRUPV
y ˙j+ · W-"
G W ˙j _+ ˙j+ · D
Z ZZZ
cc XX ;
ˇ?XX r
o@ MUU XX E?
j x0– j W-·–P"
G W ˙j _+ ˙j+ · D
QQ v££
–
PLOHV
zz
P S K
[[
QQ vv ££ zz
%RHLQJ
%RHLQJ
%$& 6XG &RQFRUGH
’RXJODV ’&
vJ j
G W ˙j _+ ˙j+ · D
W-- …… @@ \\
Qfsfsggppsnbnbooddf!)) bb ooe!e!ddpptt uu **
‘ ˇˇ uu XX ¨¨ ;; ¨¨; ¨¨ H[HFXWLRQ WLPH?hh ¨¨ UHVSRQVH WLPH ODWHQF\
)!! ¨ £ aa YY ‘‘ XX ˇˇ uu DD ££?
[[ WKURXJKSXW? EDQGZLGWK
%RHLQJ
%$’ 6XG
&RQFRGUH
zz
PSK
PSK
"" flfl S ¨¢
a?
a?
,vv DD ££
[[
SPSK
G W ˙j _+ ˙j+ · D
uu kk ˇˇ ¥¥ V ¨¨ [‘‘ hh?
¨¨ VV )) EE?
¨¨ 6 ¨¨ XX <<
rr t << DD ££ ¨¨ ˇˇ u SS?
XX <<
£?hh?¨ flfl [[
bb £ ˇˇ u JJ ˉˉ ¨¨ rr t << ¢
¨hh?¨u flfl
r ˇ? ¨ ¨ˇˇ uu UU ff Y?hh ¨·
¨¨ ;?¨‘ [ ff EE
NN @@?>?&$
G W ˙j _+ ˙j+ · D; currency1currency1 <?Q?·?; LV Q WLPHV IDVWHU WKDQ <·; ([7LPH; 3HUIRUPDFH
< H3HUIRUPDQF; H3HUIRUPDQF; ([7LPH
< ([7LPH
WW -- …@@ \\
Qff ssgpgpss nn bb o do df!)f!)boe!dptu*
G W ˙j _+ ˙j+ · D
W-- ·· )) Nfufussjdt!pp g!qfsgsgppsnbnbodo ff**
PLOOLRQV RI,QVWUXFWLRQV SHU VHFRQG 0,36
PLOOLRQV RI ) 3 RSHUDWLRQV SHU VHFRQG 0)/23 V
&\FOHV SHU VHFRQG FORFN UDWH
0HJDE\WHV SHU VHFRQG
$e?oo
$P ··
'' v
'Q4]]
oo QQ
l?
ˉ%
6
,6$
_
G W ˙j _+ ˙j+ · D
UU iif!f!Obbuuvsf!pg!UUjjnn f
UHDO L H ZDOO FORFN WLPH
8VHU 7LPH WLPH VSHQW H[HFXWLQJ LQVWUXFWLRQV LQ WKH XVHU
SURFHVV
8QOHVV RWKHUZLVH VSHFLILHG?WLPH·RIWHQ UHIHUV WR?XVHU WLPH·
6\VWHP 7LPH WLPH VSHQW H[HFXWLQJ LQVWUXFWLRQV LQ WKH
NHUQHO RQ EHKDOI RI WKH XVHU SURFHVV
UHDO ZDOO FORFN WLPH
DOO RWKHU WLPH HLWKHU LGOH RU HOVH H[HFXWLQJ LQVWUXFWLRQV
XQUHODWHG WR WKH XVHU SURFHVV
G W ˙j _+ ˙j+ · D
(ODSVHG 7LPH
FRXQWV HYHU\WKLQJ GLVN DQG PHPRU\ DFFHVVHV,2
HWF
D XVHIXO QXPEHU EXW RIWHQ QRW JRRG IRU FRPSDULVRQ
SXUSRVHV
&38 WLPH
GRHVQ W FRXQW,2 RU WLPH VSHQW UXQQLQJ RWKHU SURJUDPV
FDQ EH EURNHQ XS LQWR V\VWHP WLPH DQG XVHU WLPH
2XU IRFXV XVHU &38 WLPH
WLPH VSHQW H[HFXWLQJ WKH OLQHV RI FRGH WKDW DUH LQ RXU
SURJUDP
Fyfyfddvvujpo!Ujnjnff
G W ˙j _+ ˙j+ · D
:DOO FORFN WLPH UHVSRQVH WLPH RU HODSVHG
WLPH
WKH WRWDO WLPH WR FRPSOHWH D WDVN
LQFOXGLQJ GLVN DFFHVVHV PHPRU\ DFFHVVHV
LQSXW RXWSXW DFWLYLWLHV RSHUDWLQJ V\VWHP
RYHUKHDG HYHU\WKLQJ
&38 H[HFXWLQJ WLPH RU &38 WLPH WKH WLPH
WKH &38 VSHQGV FRPSXWLQJ IRU WKLV WDVN DQG
GRHV QRW LQFOXGH WLPH VSHQW ZDLWLQJ IRU,2 RU
UXQQLQJ RWKHU SURJUDPV
&& $$
G W ˙j _+ ˙j+ · D
&38 WLPH XVHU &38 WLPH V\VWHP &38 WLPH
8QL[ WLPH FRPPDQG
X V
u
6\VWHP SHUIRUPDQFH UHIHUV WR HODSVHG WLPH RQ
DQ XQORDGHG V\VWHP
&38 SHUIRUPDQFH UHIHUV WR XVHU &38 WLPH
&& $$
G W ˙j _+ ˙j+ · D
,QVWHDG RI UHSRUWLQJ H[HFXWLRQ WLPH LQ VHFRQGV ZH RIWHQ XVH
F\FOHV
&ORFN 7LFNV LQGLFDWH ZKHQ WR VWDUW DFWLYLWLHV RQH
DEVWUDFWLRQ
F\FOH WLPH WLPH EHWZHHQ WLFNV VHFRQGV SHU F\FOH
FORFN UDWH IUHTXHQF\ F\FOHV SHU VHFRQG +]
F\FOH VHF
$ 0K] FORFN KDV D F\FOH WLPH
WLPH
F\FOH
VHFRQGV
SURJUDP
F\FOHV
SURJUDP
VHFRQGV
uu
VQDQRVHFRQG
u
uu
Dmpmpddl!Dzdmm ff tt
G W ˙j _+ ˙j+ · D
&RXOG DVVXPH WKDW RI F\FOHV RI
LQVWUXFWLRQV
7KLV DVVXPSWLRQ LV LQFRUUHFW
GLIIHUHQW LQVWUXFWLRQV WDNH GLIIHUHQW DPRXQWV RI WLPH RQ GLIIHUHQW PDFKLQHV
:K\"
KLQW UHPHPEHU WKDW WKHVH DUH PDFKLQH LQVWUXFWLRQV QRW OLQHV RI & FRGH
WLPH
VW
LQV
WU
XF
WLRQ
QG
LQV
WU
XF
WLRQ
U
G
LQV
WU
XF
WLRQ
WK
WK
WK
Ipx!nbb o z!z!ddzz ddmmft!t!bbssf!sf!sfrfrvvjj ssffe!gg p s!b!qsphhssbnn@@
G W ˙j _+ ˙j+ · D
0XOWLSOLFDWLRQ WDNHV PRUH WLPH WKDQ DGGLWLRQ
)ORDWLQJ SRLQW RSHUDWLRQV WDNH ORQJHU WKDQ LQWHJHU RQHV
$FFHVVLQJ PHPRU\ WDNHV PRUH WLPH WKDQ DFFHVVLQJ UHJLVWHUV
,PSRUWDQW SRLQW FKDQJLQJ WKH F\FOH WLPH RIWHQ FKDQJHV WKH QXPEHU RI
F\FOHV UHTXLUHG IRU YDULRXV LQVWUXFWLRQV PRUH ODWHU
WLPH
Y4 |?—— Y4
G W ˙j _+ ˙j+ · D
(£·· 44 66 WW --
&38 ([7LPH &38 FORFN F\FOHV SJP × FORFN F\FOH WLPH
&38 ([7LPH &38 FORFN F\FOHV SJP ÷ FORFN UDWH
&38 FORFN F\FOHV SJP,QVWUXFWLRQV SJP ×× DYJ FORFN F\FOHV
SHULQVWU
&3,&38 FORFN F\FOHV SJP ÷,QVWUXFWLRQV SJP
&3, `` oo GG
rr,QVWUXFWLRQ 6HW $UFKLWHFWXUH
rr ££ WKH,PSOHPHQWDWLRQ RI WKDW
DUFKLWHFWXUH
QQ WKH SURJUDP PHDVXUHG
X
G W ˙j _+ ˙j+ · D
cc $ < ;?¨se[ 0K]
uu XX % << flfl?se[ —¨ <<
rr t; ‘‘ cc
% <XX?see [[ hh "
F\FOHV
RQGVHF
F\FOHV
V
&ORFN5DWH7LPHB&38V&ORFN&\FOHB&38
$$
u uuu
u
0+]
RQGVVHF
F\FOHV
%
&OFRN5DWH
uuuu
ii WW --
G W ˙j _+ ˙j+ · D
DQVW-- ·· Z?
DD &3,?ss ee [[
cc
¥¥ <<
ˇˇ ’’ ˇˇ §§ XX
NN T
<<
D
ss DD
cc
DD
cc
DD
¨ uuu &38;
G W ˙j _+ ˙j+ · D
'' v
'QQ 44 ]]
oo QQ
ll
ˉ%
6
,6$
_
,QVWUXFWLRQ 0L[
ss ¨¨
&3,
,,·· s
G W ˙j _+ ˙j+ · D
DQJ
ee [[ ·
LQVWUXFWLRQ IUHTXHQF\·
_& &$$ == OX a)
·· t —ˉˉ tt
£5 XX G < DD
$YHUDJH F\FOHV SHU LQVWUXFWLRQ
DD
ss << DD
DD
ss ee [[ ¨¨
uu
&38
&3,
u
Q
M
MM
)&3,&3,
uuuu
Q
M
MM
,&3,&38 ss << ¨¨ ¨¨
DD
M
M
,
)
aa,:
G W ˙j _+ ˙j+ · D
j
%% 44 gg
<<,<<,<<
2S ezz << &3,L?¨¨
$/8
/RDG
6WRUH
%UDQFK
G W ˙j _+ ˙j+ · D
,QVWUXFWLRQ FODVV &3,IRU WKLV LQVWUXFWLRQ VHW
$
%
&
,QVWUXFWLRQ FRXQWV IRU LQVWUXFWLRQ
FODVV
&RGH
6HTXHQFH
$ % &
$ &RPSLOHU GHVLJQHU LV WU\LQJ WR GHFLGH
EHWZHHQ WZR FRGH VHTXHQFHV IRU D SDUWLFXODU
PDFKLQH
7KH KDUGZDUH GHVLJQHUV VXSSOLHV
)RU D SDUWLFXODU +// VWDWHPHQW
jj
G W ˙j _+ ˙j+ · D
6HTXHQFH H[HFXWHV
6HTXHQFH H[HFXWHV
uu
Q
M
MM
,&3,F\FOHVBFORFNB&38
F\FOHV
F\FOHVBFORFNB&38
u u u
F\FOHV
F\FOHVBFORFNB&38
uu u u
&3,
&3,
jj
G W ˙j _+ ˙j+ · D
IbIbssee xx b sf.jjooeff q fofoefefoou!nfufusjsjddt!qsfsfejejddu!qfsfsgpg ss nnbbodf
G W ˙j _+ ˙j+ · D
Qff sgpgpssnnbbodf!fyqyqssff t tfe!bt!b!sbubuff
5DWHV DUH SHUIRUPDQFH PHDVXUHV H[SUHVVHG LQ
XQLWV RI ZRUN SHU XQLW WLPH
([DPSOHV
PLOOLRQV RI LQVWUXFWLRQV VHF 0,36
PLOOLRQV RI IORDWLQJ SRLQW LQVWUXFWLRQV VHF 0)/236
PLOOLRQV RI E\WHV VHF 0%\WHV VHF
PLOOLRQV RI ELWV VHF 0ELWV VHF
LPDJHV VHF
VDPSOHV VHF
WUDQVDFWLRQV VHF 736
G W ˙j _+ ˙j+ · D
|| 0 0DUNHWLQJ 0HWULFV
KK ˇˇ XX << "
KK ee zz XX cc "
XX | ezz
u ¨¨ yy GG G ˇˇ
u
u
&3,
0,36
se[
¨
D
u
¨
B?0 D D
60)/23
<< GG
uu `` XX 00
G W ˙j _+ ˙j+ · D
B
u
¨
D
0,361DWLYH
,QVWUXFWLRQ FRXQWV LQ ELOOLRQ
IRU HDFK LQVWUXFWLRQ FODVV
&RGH )URP
$ % &
&RPSLOHU
&RPSLOHU
,QVWUXFWLRQ FODVV &3,IRU WKLV LQVWUXFWLRQ VHW
$
%
&
&ORFN 5DWH 0+]
NJQJQTT
G W ˙j _+ ˙j+ · D
V&ORFN&\FOHB&38 u uu u u
V&ORFN&\FOHB&38 u uu u u
V
([7LPH
u
u
V
([7LPH
uu
u
0,36
uu
uu
0,36
uu
u
NJQJQTT
G W ˙j _+ ˙j+ · D
UHIHUHQFH
XQUDWHG
UHIHUHQFH
0,36
7LPH
7LPH
0,36BODWLYH5H uu
3HDN 0,36"
1DWLYH 0,36"
NJQJQTT
G W ˙j _+ ˙j+ · D
0HDQLQJOHVV,QGLFDWRU RI 3HUIRUPDQFH RI 6\VWHP
0DUNHWLQJ?V,QYHQWLRQ WR 3URPRWH 6DOHV
$OO LQVWUXFWLRQV DUH QRW HTXDOO\ SRZHUIXO
’HSHQGV RQ FRPSLOHU
’HSHQGV RQ LQVWUXFWLRQ PL[ DQG VHTXHQFLQJ
0,36j x=?"
G W ˙j _+ ˙j+ · D
Qffssgpgpssnnbbodf!fyqyqssff t tfe!bt!b!sbubuff))ddpopouu*
,H\ LGHD 5HSRUW UDWHV WKDW WUDFN H[HFXWLRQ WLPH
([DPSOH 6XSSRVH ZH DUH PHDVXULQJ D SURJUDP WKDW
FRQYROYHV D VWUHDP RI LPDJHV IURP D YLGHR FDPHUD
%DG SHUIRUPDQFH PHDVXUH 0)/236
QXPEHU RI IORDWLQJ SRLQW RSHUDWLRQV GHSHQGV RQ WKH
SDUWLFXODU FRQYROXWLRQ DOJRULWKP QA PDWL[ YHFWRU
SURGXFWYV QORJQIDVW )RXULHU WUDQVIRUP $Q ))7 ZLWK D
EDG 0)/236 UDWH PD\ UXQ IDVWHU WKDQ D PDWUL[ YHFWRU
SURGXFW ZLWK D JRRG 0)/236 UDWH
*RRG SHUIRUPDQFH PHDVXUH LPDJHV VHF
D SURJUDP WKDW UXQV IDVWHU ZLOO FRQYROYH PRUH LPDJHV
SHU VHFRQG
G W ˙j _+ ˙j+ · D
Qffssgpgpssnnbbodf!fyqyqssff t tfe!bt!b!sbubuff))ddpopouu*
)DOODF\ 3HDN UDWHV WUDFN UXQQLQJ WLPH
([DPSOH WKH L LV DGYHUWLVHG DV KDYLQJ D SHDN UDWH RI
0)/236 0+] ZLWK IORSV SHU F\FOH
+RZHYHU WKH PHDVXUHG SHUIRUPDQFH RI VRPH FRPSLOHG OLQHDU
DOJHEUD NHUQHOV LFF 2 WHOOV D GLIIHUHQW VWRU\
,HUQHO G IIW VDVXPVD[S\ VGRW VJHPP VJHPY VSYPD
0)/236
SHDN
G W ˙j _+ ˙j+ · D
* ;;? %HQFKPDUNV
VV )) ′′
ˇˇ
)) ˇˇ currency1currency1
oo ′′
ch << OO?UU cc
flfl cc XX hh DD cc
)RU EHWWHU RU ZRUVH EHQFKPDUNV VKDSH D ILHOG
QQ cc tt uu kk XX ¥¥ )) flfl
QQ XX ¥¥ )) ′′
#? cc bb uu kk XX ¥¥ ))
bb rr cc << ¥¥ << [[ "
77 bb rr cc XX cc
bb cc XX cc
G W ˙j _+ ˙j+ · D
’’ 44 66 WW -- ·· ;;
}} KK 7R\ cc
_V VLHYH SX]]OH TXLFNVRUW
6\QWKHWLF cc
' ! rr?00 QQ XX GG ee zz
_V,KHWVWRQH ’KU\VWRQH
YY,HUQHOV cc
¨ 7LPH FULWLFDO H[FHUSWV
_V /LYHUPRUH ORRSV
rr cc
_V JFF VSLFH
G W ˙j _+ ˙j+ · D
@@ ˇˇ ·· * ;; 63(&
HH 5,6&? K99 WW
0,36? XX << HH KK 0,36
HH (( 7LPHV @@ 6XQ 0,36 +3 $SROOR
’(& (( K9‘‘
6\VWHPV 3HUIRUPDQFH (YDOXDWLRQ &RRSHUDWLYH 63(&
6\VWHPV 3HUIRUPDQFH (YDOXDWLRQ &RPPLWWHH 63(&
ˇˇ RR? XX cc?g99 yy
VWDQGDUG OLVW RI SURJUDPV LQSXWV UHSRUWLQJˉˉ
oo rr cc 00 ˇˇ ‘‘ oo,2ˉ
G W ˙j _+ ˙j+ · D
63(&· OO
HH ¨¨ cc )) DD 99 §§ )S,QW bb 9$;
J cc XX ¨¨ oo cc XX ))
__ ! ¥¥ << 22 + flfl WW XX
%HQFKPDUN
JFF
HSUHVVR
VSLFH
GRGXF
QDVD
OL
HTQWRWW
PDWUL[
ISSSS
WRPFDWY
G W ˙j _+ ˙j+ · D
&RPSLOHU HQKDQFHPHQWV DQG SHUIRUPDQFH
WRPFDWYISSSS
PDWUL[
HTQWRWWOL
QDVD JFF
&RPSLOHU
(QKDQFHGFRPSLOHU
63
(
&
SH
UIR
UP
DQ
FH
UD
W
LR
HVSUHVVR VSLFH GRGXF
%HQFKPDUN
TQFD!99::
G W ˙j _+ ˙j+ · D
TQFD!
‘‘ 6SHF,QW HH DD cc ‘6SHF)3 B
cc
$$ ¥¥ << XX )ODJVˉˉ ’(& 0RGHO
VSLFH XQL[ F GHI V\VY KDVBEFRS\ FRS\ D E F PHPFS\ E D F
ZDYH DOL DOO GFRP QDW DJ D XU XU
QDVD QRUHFX DJ D XU XU OF EODV
rr 63(&EDVH?HH DD cc BB BB
cc, BB
cc 6SHF,QW HH DD cc ‘
6SHF)3 BB cc
bb 6XQ 63$5&VWDWLRQ XX ;; ¨¨ flfl
cc XX H "6SHF
G W ˙j _+ ˙j+ · D
%HQFKPDUN ’HVFULSWLRQ
JR $UWLILFLDO LQWHOOLJHQFH SOD\V WKH JDPH RI *R
P NVLP 0RWRUROD N FKLS VLPXODWRU UXQV WHVW SURJUDP
JFF 7KH *QX & FRPSLOHU JHQHUDWLQJ 63$5& FRGH
FRPSUHVV &RPSUHVVHV DQG GHFRPSUHVVHV ILOH LQ PHPRU\
OL /LVS LQWHUSUHWHU
LMSHJ *UDSKLF FRPSUHVVLRQ DQG GHFRPSUHVVLRQ
SHUO 0DQLSXODWHV VWULQJV DQG SULPH QXPEHUV LQ WKH VSHFLDO SXUSRVH SURJUDPPLQJ ODQJXDJH 3HUO
YRUWH[ $ GDWDEDVH SURJUDP
WRPFDWY $ PHVK JHQHUDWLRQ SURJUDP
VZLP 6KDOORZ ZDWHU PRGHO ZLWK [ JULG
VX FRU TXDQWXP SK\VLFV 0RQWH &DUOR VLPXODWLRQ
K\GUR G $VWURSK\VLFV +\GURG\QDPLF 1DLYHU 6WRNHV HTXDWLRQV
PJULG 0XOWLJULG VROYHU LQ ’ SRWHQWLDO ILHOG
DSSOX 3DUDEROLF HOOLSWLF SDUWLDO GLIIHUHQWLDO HTXDWLRQV
WUXE G 6LPXODWHV LVRWURSLF KRPRJHQHRXV WXUEXOHQFH LQ D FXEH
DSVL 6ROYHV SUREOHPV UHJDUGLQJ WHPSHUDWXUH ZLQG YHORFLW\ DQG GLVWULEXWLRQ RI SROOXWDQW
ISSSS 4XDQWXP FKHPLVWU\
ZDYH 3ODVPD SK\VLFV HOHFWURPDJQHWLF SDUWLFOH VLPXODWLRQ
TTQFD!:QFD!:6
G W ˙j _+ ˙j+ · D
see [[ rr t?¨rr tt oo
ss ee [[ WW "X <¨¨ K WW QXX oo "
&ORFNUDWH 0+]
6
3
(
&
L
Q
W
3HQWLXP
3HQWLXP3UR
3HQWLXP
&ORFNUDWH 0+]
6
3
(
&
I
S
3HQWLXP3UR
TTQFD!:QFD!:6
G W ˙j _+ ˙j+ · D
‘‘ kk WW --
kk GG tt kk GG ;; ¨¨ 680 7L Q
680,L 7L
currency1currency1 [[ __ VV 0)/236ˉˉ XX ‘‘ GG tt ‘‘ GG;; ¨¨
Q 680 5L Q 680,L 5L
Z currency1currency1 _ ¨¨ ;; ¨¨ 22 KK XX ‰‰
__ VV ¨¨ ; << XX ¨¨ ÷ << XX ¨¨
…… aa ¨¨ SS XX ;; ¨¨ XX kk GG ¨¨ hh SS
·· )) GG ‰‰
·· )) GG GG YY XX flfl
$ cc XX ;; ¢¢ £
% cc XX ;; ¢¢ ££
<y –
G W ˙j _+ ˙j+ · D
1RUPDOL]HG WR $ 1RUPDOL]HG WR %7LPH RQ $ 7LPH RQ %
$ % $ %
3URJUDP
3URJUDP
$ULWKPHWLF PHDQ
*HRPHWULF PHDQ
j j xx)) ll FF ll –– || ££ ww ll @@
G W ˙j _+ ˙j+ · D
Bnebii m Bnebiim(t!Mbxm(t!Mbx
rr tt (¨ kk XX tt currency1currency1 6SHHGXSˉ
¨¨ rr tttt H ˇuXX ) … ¨¨ tt
·· $ 6 J ˇˇ uu XX J“……E
ww
XX uu
XX rr tt
XX ;; ¨¨rr tt
XX ;; ¨¨uu
tt currency1currency1
(
(
(
(
(
(
6
)
) ( uu ;; ¨¨rr tt;; ¨¨ uu
currency1currency1
''
§§
(
6
)
)
(
(
uu ;; ¨¨
uu ; ¨¨
rr tttt currency1currency1
u
currency1currency1
''
§§
G W ˙j _+ ˙j+ · D
([DPSOH
6XSSRVH D SURJUDP UXQV LQ
VHFRQGV RQ D PDFKLQH ZLWK PXOWLSO\
UHVSRQVLEOH IRU VHFRQGV RI WKLV WLPH
+RZ PXFK GR ZH KDYH WR LPSURYH WKH
VSHHG RI PXOWLSOLFDWLRQ LI ZH ZDQW WKH
SURJUDP WR UXQ WLPHV IDVWHU"
+RZ DERXW PDNLQJ LW WLPHV
IDVWHU"
3ULQFLSOH 0DNH WKH FRPPRQ FDVH IDVW
Bnn eebibimm ((t!t!MbMbxx
G W ˙j _+ ˙j+ · D
(
6
)
) ( uu ;; ¨¨rr tt;; ¨¨ u
currency1currency1
''
§§
6
uu
currency1currency1
currency1currency1
''
§§
currency1currency1
''
§§
6
"
6
J
G W ˙j _+ ˙j+ · D
@@ \?––
E| uu kk
J ’LHˉˉ X ′JJ
66?XX rr SS
G W ˙j _+ ˙j+ · D
WW -- ’’ ––
¨¨ ′uu kk ′XX ′ 4XX zz
’’ KK 55 ¨¨ !! QQ XX {{
QXX cc
QXX aa 9 §§
VV pp uu QQ cc ‘‘ §§ '' w
r cc XX ′ ′ flfl {{
rr tt qq ′ flfl {{ ¨¨ flfl ‰‰
! ·· "" 66 ‰‰
## $PGDKOnn __ tt currency1currency1 ′ ′ cc uu flfl XX …… ′ zz
<<
D
ss DD
c
DD
cc
DD
¨¨ uu &38
G W ˙j _+ ˙j+ · D
3HUIRUPDQFH LV VSHFLILF WR D SDUWLFXODU SURJUDPV
7RWDO H[HFXWLRQ WLPH LV D FRQVLVWHQW VXPPDU\ RI
SHUIRUPDQFH
)RU D JLYHQ DUFKLWHFWXUH SHUIRUPDQFH LQFUHDVHV
FRPH IURP
LQFUHDVHV LQ FORFN UDWH ZLWKRXW DGYHUVH &3,DIIHFWV
LPSURYHPHQWV LQ SURFHVVRU RUJDQL]DWLRQ WKDW ORZHU
&3,
FRPSLOHU HQKDQFHPHQWV WKDW ORZHU &3,DQG RU
LQVWUXFWLRQ FRXQW
3LWIDOO H[SHFWLQJ LPSURYHPHQW LQ RQH DVSHFW RI D
PDFKLQH?V SHUIRUPDQFH WR DIIHFW WKH WRWDO
SHUIRUPDQFH
<RX VKRXOG QRW DOZD\V EHOLHYH HYHU\WKLQJ \RX
UHDG 5HDG FDUHIXOO\
VHH QHZVSDSHU DUWLFOHV H J ([HUFLVH
Sfnfncfs
fl §?;?
ˉ [v
Dpttu!bu!boe!e!QQffssggppsnbb oo dd f
flZ ˉ
3111111//4// 77
¨¨
G W ˙j _+ ˙j+ · D
\\ ′
Y?4
X
XX nn ‘ zz?0HDVXUHVˉ
§
G W ˙j _+ ˙j+ · D
˙jj &…… && rQQ ··,.
G W ˙j _+ ˙j+ · D
˙˙ jj + ·· 66 jj?
G W ˙j _+ ˙j+ · D
5XX { XX # oo
,2 ˇˇ?
ˇˇ <<
¥¥ <<
0ˇˇ
hh
D++ e uu
uu
XX || oo XX || ||
ˇˇ ’ˇˇ §§ X
\fl? ˙˙ jj ++ ·· #
G W ˙j _+ ˙j+ · D
jj Sfqsfqsftff oubuubujjppoo ·· =<< [
{{ `` c
`` cc
<< `` cc
{{?£?
¥¥ <<
<<
<<?
WHPS Y>N@
Y>N@ Y>N @
Y>N @ WHPS
OZ
OZ
VZ
VZ
G W ˙j _+ ˙j+ · D
˙˙ jj · [[
63$5&VWDWLRQ
63$5&
3URFHVVRU
&RPSXWHU
&RQWURO
’DWDSDWK
0HPRU\ ’HYLFHV
,QSXW
2XWSXW
G W ˙j _+ ˙j+ · D
HH ukk SS XX NN
NN $$ uu
JJ ’’ uu
Y
@e
G W ˙j _+ ˙j+ · D
$$ 8? h )
ESBN?)) D *
G W ˙j _+ ˙j+ · D
wf qq ;
G W ˙j _+ ˙j+ · D
’LH $UHD PP
¨¨ XX LQFK PP XX
:DIHU,,’LH
≈≈ 7UDQVLVWRUV
&DFKH ≈ 0 7UDQVLVWRUV
3LQV
Qfoujvn ww ·· k–– ˇ-
3HQWLXP
G W ˙j _+ ˙j+ · D
’LH $UHD PP
¨¨ XX LQFK PP XX
:DIHU,,’LH
≈≈ 7UDQVLVWRUV
&DFKH ≈≈ 0 7UDQVLVWRUV
([WHUQDO &DFKH
0 7UDQVLVWRUV
3HQWLXP3UR3DFNDJH
3HQWLXP3UR ([WHUQDO&DFKH
3LQV
Qff ooujujvv nn QQ s ps p ww ·· kk –– ˇˇ --
3HQWLXP3UR
G W ˙j _+ ˙j+ · D
\LHOGB’LHZDIHUBSHUB’LHV
WFRVB:DIHU
WFRVB’LH
u
DUHD’LH
GLDPHWHU:DIHU
DUHD’LH
GLDPHWHU:DIHU
ZDIHUSHU’LHV
B
B
B
B
BB
u
u
u
SS
SS
DUHDB’LH
GLDPHWHUB:DIHU
DUHDB’LH
DUHDB:DIHU
ZDIHUBSHUB’LHV
uu
SS
''?:DIHU currency1currency1 99 fi?6TXDUH SHJV LQ D
URXQG KROH·SUREHOP
@@ ee ·· @@ \\
G W ˙j _+ ˙j+ · D
D
DD
currency1
'
§
u
u
DUHD’LHDUHDXQLWSHU’HIHFWV
\LHOG:DIHU\LHOG’LH
BBBB
BB
’HIHFWVBSHUBXQLWBDUHDLV D PHDVXUH RI WKH UDQGRP DQG
PDQXIDFWXULQJ GHIHFWV WKDW RFFXU,Q WKHVH YDOXHV W\SLFDOO\
UDQJH EHWZHHQ WR SHU VTXDUH FHQWLPHWHU GHSHQGLQJ RQ WKH
PDWXULW\ RI WKH SURFHVV
α LV D SDUDPHWHU WKDW FRUUHVSRQGV URXJKO\ WR WKH QXPEHU RI
PDVNLQJ OHYHOV D PHDVXUH RI PDQXIDFWXULQJ FRPSOH[LW\ FULWLFDO
WR GLH \LHOG )RU WRGD\?V PXOWLOHYHO PHWDO &026 SURFHVVHV D JRRG
HVWLPDWH LV αα
,Q WKH IROORZLQJ ZH DVVXPH WKH ZDIHU \LHOG LV
@@ ee ·· @@ \\
G W ˙j _+ ˙j+ · D
\LHOGB’LHZDIHUBSHUB’LHV
WFRVB:DIHU
WFRVB’LH
u
DUHDB’LH
DUHDB:DIHU
ZDIHUBSHUB’LHV
D
DD
currency1currency1
''
§§
uu
DUHDB’LHDUHDBXQLWBSHUB’HIHFWV
\LHOGB’LH
DUHDB’LH I
DUHDB:DIHU
DUHDB’LHDUHDBSHUB’HIHFWV DUHDB’LHWFRVB:DIHU
DUHDB’LHDUHDBSHUB’HIHFWV
DUHDB’LH
DUHDB:DIHU
WFRVB:DIHU
WFRVB’LH
uu uuu
currency1currency1
currency1currency1
''
§§
uu
uu
DD
DD
DD
DD
DD
@@ ee ·· @@ \\
G W ˙j _+ ˙j+ · D
@@ ee ·· @@ \\
αα JJ ¨¨ J aa XX rr SS
’LH &RVW LV JRHV URXJKO\ ZLWK WKH FXEH RI WKH DUHD
\LHOG’LHZDIHUSHU’LHV
W:DIHU
W’LH
BBB
FRVB
FRVB
u
DUHD’LH
GLDPHWHU:DIHU
DUHD’LH
GLDPHWHU:DIHU
ZDIHUSHU’LHV
B
B
B
B
BB
u
u
u
SS
SS
DD
DD
currency1
'
§
u
u
DUHD’LHDUHDXQLWSHU’HIHFWV
\LHOG:DIHU\LHOG’LH
BBBB
BB
G W ˙j _+ ˙j+ · D
O?jj
&KLS 0HWDO /LQH,DIHU ’HIHFW $UHD ’LHV <LHOG ’LH &RVW
OD\HUV ZLGWK FRVW FP
PP
ZDIHU
’;
’;
3RZHU3&
+3 3$
’(& $OSKD
6XSHU63$5&
3HQWLXP
)URP?(VWLPDWLQJ,& 0DQXIDFWXULQJ &RVWV· E\ /LQOH\ *ZHQQDS 0LFURSURFHVVRU
5HSRUW $XJXVW S
G W ˙j _+ ˙j+ · D
,,bb uu DD ££ ‘‘ 77 `` U
@@ \\
&KLS ’LH 3DFNDJH 7HVW 7RWDO
FRVW SLQV W\SH FRVW $VVHPEO\
’; 4)3
’; 3*$
3RZHU3& 4)3
+3 3$ 3*$
’(& $OSKD 3*$
6XSHU63$5& 3*$
3HQWLXP 3*$
,& FRVW
’LH FRVW 7HVWLQJ FRVW 3DFNDJLQJ FRVW
)LQDO WHVW \LHOG
G W ˙j _+ ˙j+ · D
DNPT!i
$$? 66 ff $$ ¨¨ ¢¢ VV
7UDQVLVWRUV
SHU 8QLW $UHD
’LH 6L]H
G W ˙j _+ ˙j+ · D
,··
£ z
ee
/RJLF [ LQ \HDUV [ LQ \HDUV
’5$0 [ LQ \HDUV [ LQ \HDUV
GLVN [ LQ \HDUV [ LQ \HDUV
G W ˙j _+ ˙j+ · D
44 6 W--
<HDU
3
H
U
I
R
U
P
D
Q
F
H
’(& $;3
+3
,%0
56
0,36 0
0,36 0
6XQ
,%0 3RZHU; \U; \U
G W ˙j _+ ˙j+ · D
y ˙j+ · W-"
G W ˙j _+ ˙j+ · D
7KH JRDO RI SHUIRUPDQFHHYDOXDWLRQ LQ
WKLV FKDSWHU LV WR EH DEOH WR FRPSDUH IRU
H[DPSOH
GLIIHUHQW DUFKLWHFWXUHV
GLIIHUHQW LPSOHPHQWDWLRQV RI DQ DUFKLWHFWXUH
GLIIHUHQW FRPSLOHUV IRU D JLYHQ DUFKLWHFWXUH
*HQHUDO VHQVH
KRZ ZHOO WKH FRPSXWHU SHUIRUPV
y ˙j+ · W-"
G W ˙j _+ ˙j+ · D
Z ZZZ
cc XX ;
ˇ?XX r
o@ MUU XX E?
j x0– j W-·–P"
G W ˙j _+ ˙j+ · D
QQ v££
–
PLOHV
zz
P S K
[[
QQ vv ££ zz
%RHLQJ
%RHLQJ
%$& 6XG &RQFRUGH
’RXJODV ’&
vJ j
G W ˙j _+ ˙j+ · D
W-- …… @@ \\
Qfsfsggppsnbnbooddf!)) bb ooe!e!ddpptt uu **
‘ ˇˇ uu XX ¨¨ ;; ¨¨; ¨¨ H[HFXWLRQ WLPH?hh ¨¨ UHVSRQVH WLPH ODWHQF\
)!! ¨ £ aa YY ‘‘ XX ˇˇ uu DD ££?
[[ WKURXJKSXW? EDQGZLGWK
%RHLQJ
%$’ 6XG
&RQFRGUH
zz
PSK
PSK
"" flfl S ¨¢
a?
a?
,vv DD ££
[[
SPSK
G W ˙j _+ ˙j+ · D
uu kk ˇˇ ¥¥ V ¨¨ [‘‘ hh?
¨¨ VV )) EE?
¨¨ 6 ¨¨ XX <<
rr t << DD ££ ¨¨ ˇˇ u SS?
XX <<
£?hh?¨ flfl [[
bb £ ˇˇ u JJ ˉˉ ¨¨ rr t << ¢
¨hh?¨u flfl
r ˇ? ¨ ¨ˇˇ uu UU ff Y?hh ¨·
¨¨ ;?¨‘ [ ff EE
NN @@?>?&$
G W ˙j _+ ˙j+ · D; currency1currency1 <?Q?·?; LV Q WLPHV IDVWHU WKDQ <·; ([7LPH; 3HUIRUPDFH
< H3HUIRUPDQF; H3HUIRUPDQF; ([7LPH
< ([7LPH
WW -- …@@ \\
Qff ssgpgpss nn bb o do df!)f!)boe!dptu*
G W ˙j _+ ˙j+ · D
W-- ·· )) Nfufussjdt!pp g!qfsgsgppsnbnbodo ff**
PLOOLRQV RI,QVWUXFWLRQV SHU VHFRQG 0,36
PLOOLRQV RI ) 3 RSHUDWLRQV SHU VHFRQG 0)/23 V
&\FOHV SHU VHFRQG FORFN UDWH
0HJDE\WHV SHU VHFRQG
$e?oo
$P ··
'' v
'Q4]]
oo QQ
l?
ˉ%
6
,6$
_
G W ˙j _+ ˙j+ · D
UU iif!f!Obbuuvsf!pg!UUjjnn f
UHDO L H ZDOO FORFN WLPH
8VHU 7LPH WLPH VSHQW H[HFXWLQJ LQVWUXFWLRQV LQ WKH XVHU
SURFHVV
8QOHVV RWKHUZLVH VSHFLILHG?WLPH·RIWHQ UHIHUV WR?XVHU WLPH·
6\VWHP 7LPH WLPH VSHQW H[HFXWLQJ LQVWUXFWLRQV LQ WKH
NHUQHO RQ EHKDOI RI WKH XVHU SURFHVV
UHDO ZDOO FORFN WLPH
DOO RWKHU WLPH HLWKHU LGOH RU HOVH H[HFXWLQJ LQVWUXFWLRQV
XQUHODWHG WR WKH XVHU SURFHVV
G W ˙j _+ ˙j+ · D
(ODSVHG 7LPH
FRXQWV HYHU\WKLQJ GLVN DQG PHPRU\ DFFHVVHV,2
HWF
D XVHIXO QXPEHU EXW RIWHQ QRW JRRG IRU FRPSDULVRQ
SXUSRVHV
&38 WLPH
GRHVQ W FRXQW,2 RU WLPH VSHQW UXQQLQJ RWKHU SURJUDPV
FDQ EH EURNHQ XS LQWR V\VWHP WLPH DQG XVHU WLPH
2XU IRFXV XVHU &38 WLPH
WLPH VSHQW H[HFXWLQJ WKH OLQHV RI FRGH WKDW DUH LQ RXU
SURJUDP
Fyfyfddvvujpo!Ujnjnff
G W ˙j _+ ˙j+ · D
:DOO FORFN WLPH UHVSRQVH WLPH RU HODSVHG
WLPH
WKH WRWDO WLPH WR FRPSOHWH D WDVN
LQFOXGLQJ GLVN DFFHVVHV PHPRU\ DFFHVVHV
LQSXW RXWSXW DFWLYLWLHV RSHUDWLQJ V\VWHP
RYHUKHDG HYHU\WKLQJ
&38 H[HFXWLQJ WLPH RU &38 WLPH WKH WLPH
WKH &38 VSHQGV FRPSXWLQJ IRU WKLV WDVN DQG
GRHV QRW LQFOXGH WLPH VSHQW ZDLWLQJ IRU,2 RU
UXQQLQJ RWKHU SURJUDPV
&& $$
G W ˙j _+ ˙j+ · D
&38 WLPH XVHU &38 WLPH V\VWHP &38 WLPH
8QL[ WLPH FRPPDQG
X V
u
6\VWHP SHUIRUPDQFH UHIHUV WR HODSVHG WLPH RQ
DQ XQORDGHG V\VWHP
&38 SHUIRUPDQFH UHIHUV WR XVHU &38 WLPH
&& $$
G W ˙j _+ ˙j+ · D
,QVWHDG RI UHSRUWLQJ H[HFXWLRQ WLPH LQ VHFRQGV ZH RIWHQ XVH
F\FOHV
&ORFN 7LFNV LQGLFDWH ZKHQ WR VWDUW DFWLYLWLHV RQH
DEVWUDFWLRQ
F\FOH WLPH WLPH EHWZHHQ WLFNV VHFRQGV SHU F\FOH
FORFN UDWH IUHTXHQF\ F\FOHV SHU VHFRQG +]
F\FOH VHF
$ 0K] FORFN KDV D F\FOH WLPH
WLPH
F\FOH
VHFRQGV
SURJUDP
F\FOHV
SURJUDP
VHFRQGV
uu
VQDQRVHFRQG
u
uu
Dmpmpddl!Dzdmm ff tt
G W ˙j _+ ˙j+ · D
&RXOG DVVXPH WKDW RI F\FOHV RI
LQVWUXFWLRQV
7KLV DVVXPSWLRQ LV LQFRUUHFW
GLIIHUHQW LQVWUXFWLRQV WDNH GLIIHUHQW DPRXQWV RI WLPH RQ GLIIHUHQW PDFKLQHV
:K\"
KLQW UHPHPEHU WKDW WKHVH DUH PDFKLQH LQVWUXFWLRQV QRW OLQHV RI & FRGH
WLPH
VW
LQV
WU
XF
WLRQ
QG
LQV
WU
XF
WLRQ
U
G
LQV
WU
XF
WLRQ
WK
WK
WK
Ipx!nbb o z!z!ddzz ddmmft!t!bbssf!sf!sfrfrvvjj ssffe!gg p s!b!qsphhssbnn@@
G W ˙j _+ ˙j+ · D
0XOWLSOLFDWLRQ WDNHV PRUH WLPH WKDQ DGGLWLRQ
)ORDWLQJ SRLQW RSHUDWLRQV WDNH ORQJHU WKDQ LQWHJHU RQHV
$FFHVVLQJ PHPRU\ WDNHV PRUH WLPH WKDQ DFFHVVLQJ UHJLVWHUV
,PSRUWDQW SRLQW FKDQJLQJ WKH F\FOH WLPH RIWHQ FKDQJHV WKH QXPEHU RI
F\FOHV UHTXLUHG IRU YDULRXV LQVWUXFWLRQV PRUH ODWHU
WLPH
Y4 |?—— Y4
G W ˙j _+ ˙j+ · D
(£·· 44 66 WW --
&38 ([7LPH &38 FORFN F\FOHV SJP × FORFN F\FOH WLPH
&38 ([7LPH &38 FORFN F\FOHV SJP ÷ FORFN UDWH
&38 FORFN F\FOHV SJP,QVWUXFWLRQV SJP ×× DYJ FORFN F\FOHV
SHULQVWU
&3,&38 FORFN F\FOHV SJP ÷,QVWUXFWLRQV SJP
&3, `` oo GG
rr,QVWUXFWLRQ 6HW $UFKLWHFWXUH
rr ££ WKH,PSOHPHQWDWLRQ RI WKDW
DUFKLWHFWXUH
QQ WKH SURJUDP PHDVXUHG
X
G W ˙j _+ ˙j+ · D
cc $ < ;?¨se[ 0K]
uu XX % << flfl?se[ —¨ <<
rr t; ‘‘ cc
% <XX?see [[ hh "
F\FOHV
RQGVHF
F\FOHV
V
&ORFN5DWH7LPHB&38V&ORFN&\FOHB&38
$$
u uuu
u
0+]
RQGVVHF
F\FOHV
%
&OFRN5DWH
uuuu
ii WW --
G W ˙j _+ ˙j+ · D
DQVW-- ·· Z?
DD &3,?ss ee [[
cc
¥¥ <<
ˇˇ ’’ ˇˇ §§ XX
NN T
<<
D
ss DD
cc
DD
cc
DD
¨ uuu &38;
G W ˙j _+ ˙j+ · D
'' v
'QQ 44 ]]
oo QQ
ll
ˉ%
6
,6$
_
,QVWUXFWLRQ 0L[
ss ¨¨
&3,
,,·· s
G W ˙j _+ ˙j+ · D
DQJ
ee [[ ·
LQVWUXFWLRQ IUHTXHQF\·
_& &$$ == OX a)
·· t —ˉˉ tt
£5 XX G < DD
$YHUDJH F\FOHV SHU LQVWUXFWLRQ
DD
ss << DD
DD
ss ee [[ ¨¨
uu
&38
&3,
u
Q
M
MM
)&3,&3,
uuuu
Q
M
MM
,&3,&38 ss << ¨¨ ¨¨
DD
M
M
,
)
aa,:
G W ˙j _+ ˙j+ · D
j
%% 44 gg
<<,<<,<<
2S ezz << &3,L?¨¨
$/8
/RDG
6WRUH
%UDQFK
G W ˙j _+ ˙j+ · D
,QVWUXFWLRQ FODVV &3,IRU WKLV LQVWUXFWLRQ VHW
$
%
&
,QVWUXFWLRQ FRXQWV IRU LQVWUXFWLRQ
FODVV
&RGH
6HTXHQFH
$ % &
$ &RPSLOHU GHVLJQHU LV WU\LQJ WR GHFLGH
EHWZHHQ WZR FRGH VHTXHQFHV IRU D SDUWLFXODU
PDFKLQH
7KH KDUGZDUH GHVLJQHUV VXSSOLHV
)RU D SDUWLFXODU +// VWDWHPHQW
jj
G W ˙j _+ ˙j+ · D
6HTXHQFH H[HFXWHV
6HTXHQFH H[HFXWHV
uu
Q
M
MM
,&3,F\FOHVBFORFNB&38
F\FOHV
F\FOHVBFORFNB&38
u u u
F\FOHV
F\FOHVBFORFNB&38
uu u u
&3,
&3,
jj
G W ˙j _+ ˙j+ · D
IbIbssee xx b sf.jjooeff q fofoefefoou!nfufusjsjddt!qsfsfejejddu!qfsfsgpg ss nnbbodf
G W ˙j _+ ˙j+ · D
Qff sgpgpssnnbbodf!fyqyqssff t tfe!bt!b!sbubuff
5DWHV DUH SHUIRUPDQFH PHDVXUHV H[SUHVVHG LQ
XQLWV RI ZRUN SHU XQLW WLPH
([DPSOHV
PLOOLRQV RI LQVWUXFWLRQV VHF 0,36
PLOOLRQV RI IORDWLQJ SRLQW LQVWUXFWLRQV VHF 0)/236
PLOOLRQV RI E\WHV VHF 0%\WHV VHF
PLOOLRQV RI ELWV VHF 0ELWV VHF
LPDJHV VHF
VDPSOHV VHF
WUDQVDFWLRQV VHF 736
G W ˙j _+ ˙j+ · D
|| 0 0DUNHWLQJ 0HWULFV
KK ˇˇ XX << "
KK ee zz XX cc "
XX | ezz
u ¨¨ yy GG G ˇˇ
u
u
&3,
0,36
se[
¨
D
u
¨
B?0 D D
60)/23
<< GG
uu `` XX 00
G W ˙j _+ ˙j+ · D
B
u
¨
D
0,361DWLYH
,QVWUXFWLRQ FRXQWV LQ ELOOLRQ
IRU HDFK LQVWUXFWLRQ FODVV
&RGH )URP
$ % &
&RPSLOHU
&RPSLOHU
,QVWUXFWLRQ FODVV &3,IRU WKLV LQVWUXFWLRQ VHW
$
%
&
&ORFN 5DWH 0+]
NJQJQTT
G W ˙j _+ ˙j+ · D
V&ORFN&\FOHB&38 u uu u u
V&ORFN&\FOHB&38 u uu u u
V
([7LPH
u
u
V
([7LPH
uu
u
0,36
uu
uu
0,36
uu
u
NJQJQTT
G W ˙j _+ ˙j+ · D
UHIHUHQFH
XQUDWHG
UHIHUHQFH
0,36
7LPH
7LPH
0,36BODWLYH5H uu
3HDN 0,36"
1DWLYH 0,36"
NJQJQTT
G W ˙j _+ ˙j+ · D
0HDQLQJOHVV,QGLFDWRU RI 3HUIRUPDQFH RI 6\VWHP
0DUNHWLQJ?V,QYHQWLRQ WR 3URPRWH 6DOHV
$OO LQVWUXFWLRQV DUH QRW HTXDOO\ SRZHUIXO
’HSHQGV RQ FRPSLOHU
’HSHQGV RQ LQVWUXFWLRQ PL[ DQG VHTXHQFLQJ
0,36j x=?"
G W ˙j _+ ˙j+ · D
Qffssgpgpssnnbbodf!fyqyqssff t tfe!bt!b!sbubuff))ddpopouu*
,H\ LGHD 5HSRUW UDWHV WKDW WUDFN H[HFXWLRQ WLPH
([DPSOH 6XSSRVH ZH DUH PHDVXULQJ D SURJUDP WKDW
FRQYROYHV D VWUHDP RI LPDJHV IURP D YLGHR FDPHUD
%DG SHUIRUPDQFH PHDVXUH 0)/236
QXPEHU RI IORDWLQJ SRLQW RSHUDWLRQV GHSHQGV RQ WKH
SDUWLFXODU FRQYROXWLRQ DOJRULWKP QA PDWL[ YHFWRU
SURGXFWYV QORJQIDVW )RXULHU WUDQVIRUP $Q ))7 ZLWK D
EDG 0)/236 UDWH PD\ UXQ IDVWHU WKDQ D PDWUL[ YHFWRU
SURGXFW ZLWK D JRRG 0)/236 UDWH
*RRG SHUIRUPDQFH PHDVXUH LPDJHV VHF
D SURJUDP WKDW UXQV IDVWHU ZLOO FRQYROYH PRUH LPDJHV
SHU VHFRQG
G W ˙j _+ ˙j+ · D
Qffssgpgpssnnbbodf!fyqyqssff t tfe!bt!b!sbubuff))ddpopouu*
)DOODF\ 3HDN UDWHV WUDFN UXQQLQJ WLPH
([DPSOH WKH L LV DGYHUWLVHG DV KDYLQJ D SHDN UDWH RI
0)/236 0+] ZLWK IORSV SHU F\FOH
+RZHYHU WKH PHDVXUHG SHUIRUPDQFH RI VRPH FRPSLOHG OLQHDU
DOJHEUD NHUQHOV LFF 2 WHOOV D GLIIHUHQW VWRU\
,HUQHO G IIW VDVXPVD[S\ VGRW VJHPP VJHPY VSYPD
0)/236
SHDN
G W ˙j _+ ˙j+ · D
* ;;? %HQFKPDUNV
VV )) ′′
ˇˇ
)) ˇˇ currency1currency1
oo ′′
ch << OO?UU cc
flfl cc XX hh DD cc
)RU EHWWHU RU ZRUVH EHQFKPDUNV VKDSH D ILHOG
QQ cc tt uu kk XX ¥¥ )) flfl
QQ XX ¥¥ )) ′′
#? cc bb uu kk XX ¥¥ ))
bb rr cc << ¥¥ << [[ "
77 bb rr cc XX cc
bb cc XX cc
G W ˙j _+ ˙j+ · D
’’ 44 66 WW -- ·· ;;
}} KK 7R\ cc
_V VLHYH SX]]OH TXLFNVRUW
6\QWKHWLF cc
' ! rr?00 QQ XX GG ee zz
_V,KHWVWRQH ’KU\VWRQH
YY,HUQHOV cc
¨ 7LPH FULWLFDO H[FHUSWV
_V /LYHUPRUH ORRSV
rr cc
_V JFF VSLFH
G W ˙j _+ ˙j+ · D
@@ ˇˇ ·· * ;; 63(&
HH 5,6&? K99 WW
0,36? XX << HH KK 0,36
HH (( 7LPHV @@ 6XQ 0,36 +3 $SROOR
’(& (( K9‘‘
6\VWHPV 3HUIRUPDQFH (YDOXDWLRQ &RRSHUDWLYH 63(&
6\VWHPV 3HUIRUPDQFH (YDOXDWLRQ &RPPLWWHH 63(&
ˇˇ RR? XX cc?g99 yy
VWDQGDUG OLVW RI SURJUDPV LQSXWV UHSRUWLQJˉˉ
oo rr cc 00 ˇˇ ‘‘ oo,2ˉ
G W ˙j _+ ˙j+ · D
63(&· OO
HH ¨¨ cc )) DD 99 §§ )S,QW bb 9$;
J cc XX ¨¨ oo cc XX ))
__ ! ¥¥ << 22 + flfl WW XX
%HQFKPDUN
JFF
HSUHVVR
VSLFH
GRGXF
QDVD
OL
HTQWRWW
PDWUL[
ISSSS
WRPFDWY
G W ˙j _+ ˙j+ · D
&RPSLOHU HQKDQFHPHQWV DQG SHUIRUPDQFH
WRPFDWYISSSS
PDWUL[
HTQWRWWOL
QDVD JFF
&RPSLOHU
(QKDQFHGFRPSLOHU
63
(
&
SH
UIR
UP
DQ
FH
UD
W
LR
HVSUHVVR VSLFH GRGXF
%HQFKPDUN
TQFD!99::
G W ˙j _+ ˙j+ · D
TQFD!
‘‘ 6SHF,QW HH DD cc ‘6SHF)3 B
cc
$$ ¥¥ << XX )ODJVˉˉ ’(& 0RGHO
VSLFH XQL[ F GHI V\VY KDVBEFRS\ FRS\ D E F PHPFS\ E D F
ZDYH DOL DOO GFRP QDW DJ D XU XU
QDVD QRUHFX DJ D XU XU OF EODV
rr 63(&EDVH?HH DD cc BB BB
cc, BB
cc 6SHF,QW HH DD cc ‘
6SHF)3 BB cc
bb 6XQ 63$5&VWDWLRQ XX ;; ¨¨ flfl
cc XX H "6SHF
G W ˙j _+ ˙j+ · D
%HQFKPDUN ’HVFULSWLRQ
JR $UWLILFLDO LQWHOOLJHQFH SOD\V WKH JDPH RI *R
P NVLP 0RWRUROD N FKLS VLPXODWRU UXQV WHVW SURJUDP
JFF 7KH *QX & FRPSLOHU JHQHUDWLQJ 63$5& FRGH
FRPSUHVV &RPSUHVVHV DQG GHFRPSUHVVHV ILOH LQ PHPRU\
OL /LVS LQWHUSUHWHU
LMSHJ *UDSKLF FRPSUHVVLRQ DQG GHFRPSUHVVLRQ
SHUO 0DQLSXODWHV VWULQJV DQG SULPH QXPEHUV LQ WKH VSHFLDO SXUSRVH SURJUDPPLQJ ODQJXDJH 3HUO
YRUWH[ $ GDWDEDVH SURJUDP
WRPFDWY $ PHVK JHQHUDWLRQ SURJUDP
VZLP 6KDOORZ ZDWHU PRGHO ZLWK [ JULG
VX FRU TXDQWXP SK\VLFV 0RQWH &DUOR VLPXODWLRQ
K\GUR G $VWURSK\VLFV +\GURG\QDPLF 1DLYHU 6WRNHV HTXDWLRQV
PJULG 0XOWLJULG VROYHU LQ ’ SRWHQWLDO ILHOG
DSSOX 3DUDEROLF HOOLSWLF SDUWLDO GLIIHUHQWLDO HTXDWLRQV
WUXE G 6LPXODWHV LVRWURSLF KRPRJHQHRXV WXUEXOHQFH LQ D FXEH
DSVL 6ROYHV SUREOHPV UHJDUGLQJ WHPSHUDWXUH ZLQG YHORFLW\ DQG GLVWULEXWLRQ RI SROOXWDQW
ISSSS 4XDQWXP FKHPLVWU\
ZDYH 3ODVPD SK\VLFV HOHFWURPDJQHWLF SDUWLFOH VLPXODWLRQ
TTQFD!:QFD!:6
G W ˙j _+ ˙j+ · D
see [[ rr t?¨rr tt oo
ss ee [[ WW "X <¨¨ K WW QXX oo "
&ORFNUDWH 0+]
6
3
(
&
L
Q
W
3HQWLXP
3HQWLXP3UR
3HQWLXP
&ORFNUDWH 0+]
6
3
(
&
I
S
3HQWLXP3UR
TTQFD!:QFD!:6
G W ˙j _+ ˙j+ · D
‘‘ kk WW --
kk GG tt kk GG ;; ¨¨ 680 7L Q
680,L 7L
currency1currency1 [[ __ VV 0)/236ˉˉ XX ‘‘ GG tt ‘‘ GG;; ¨¨
Q 680 5L Q 680,L 5L
Z currency1currency1 _ ¨¨ ;; ¨¨ 22 KK XX ‰‰
__ VV ¨¨ ; << XX ¨¨ ÷ << XX ¨¨
…… aa ¨¨ SS XX ;; ¨¨ XX kk GG ¨¨ hh SS
·· )) GG ‰‰
·· )) GG GG YY XX flfl
$ cc XX ;; ¢¢ £
% cc XX ;; ¢¢ ££
<y –
G W ˙j _+ ˙j+ · D
1RUPDOL]HG WR $ 1RUPDOL]HG WR %7LPH RQ $ 7LPH RQ %
$ % $ %
3URJUDP
3URJUDP
$ULWKPHWLF PHDQ
*HRPHWULF PHDQ
j j xx)) ll FF ll –– || ££ ww ll @@
G W ˙j _+ ˙j+ · D
Bnebii m Bnebiim(t!Mbxm(t!Mbx
rr tt (¨ kk XX tt currency1currency1 6SHHGXSˉ
¨¨ rr tttt H ˇuXX ) … ¨¨ tt
·· $ 6 J ˇˇ uu XX J“……E
ww
XX uu
XX rr tt
XX ;; ¨¨rr tt
XX ;; ¨¨uu
tt currency1currency1
(
(
(
(
(
(
6
)
) ( uu ;; ¨¨rr tt;; ¨¨ uu
currency1currency1
''
§§
(
6
)
)
(
(
uu ;; ¨¨
uu ; ¨¨
rr tttt currency1currency1
u
currency1currency1
''
§§
G W ˙j _+ ˙j+ · D
([DPSOH
6XSSRVH D SURJUDP UXQV LQ
VHFRQGV RQ D PDFKLQH ZLWK PXOWLSO\
UHVSRQVLEOH IRU VHFRQGV RI WKLV WLPH
+RZ PXFK GR ZH KDYH WR LPSURYH WKH
VSHHG RI PXOWLSOLFDWLRQ LI ZH ZDQW WKH
SURJUDP WR UXQ WLPHV IDVWHU"
+RZ DERXW PDNLQJ LW WLPHV
IDVWHU"
3ULQFLSOH 0DNH WKH FRPPRQ FDVH IDVW
Bnn eebibimm ((t!t!MbMbxx
G W ˙j _+ ˙j+ · D
(
6
)
) ( uu ;; ¨¨rr tt;; ¨¨ u
currency1currency1
''
§§
6
uu
currency1currency1
currency1currency1
''
§§
currency1currency1
''
§§
6
"
6
J
G W ˙j _+ ˙j+ · D
@@ \?––
E| uu kk
J ’LHˉˉ X ′JJ
66?XX rr SS
G W ˙j _+ ˙j+ · D
WW -- ’’ ––
¨¨ ′uu kk ′XX ′ 4XX zz
’’ KK 55 ¨¨ !! QQ XX {{
QXX cc
QXX aa 9 §§
VV pp uu QQ cc ‘‘ §§ '' w
r cc XX ′ ′ flfl {{
rr tt qq ′ flfl {{ ¨¨ flfl ‰‰
! ·· "" 66 ‰‰
## $PGDKOnn __ tt currency1currency1 ′ ′ cc uu flfl XX …… ′ zz
<<
D
ss DD
c
DD
cc
DD
¨¨ uu &38
G W ˙j _+ ˙j+ · D
3HUIRUPDQFH LV VSHFLILF WR D SDUWLFXODU SURJUDPV
7RWDO H[HFXWLRQ WLPH LV D FRQVLVWHQW VXPPDU\ RI
SHUIRUPDQFH
)RU D JLYHQ DUFKLWHFWXUH SHUIRUPDQFH LQFUHDVHV
FRPH IURP
LQFUHDVHV LQ FORFN UDWH ZLWKRXW DGYHUVH &3,DIIHFWV
LPSURYHPHQWV LQ SURFHVVRU RUJDQL]DWLRQ WKDW ORZHU
&3,
FRPSLOHU HQKDQFHPHQWV WKDW ORZHU &3,DQG RU
LQVWUXFWLRQ FRXQW
3LWIDOO H[SHFWLQJ LPSURYHPHQW LQ RQH DVSHFW RI D
PDFKLQH?V SHUIRUPDQFH WR DIIHFW WKH WRWDO
SHUIRUPDQFH
<RX VKRXOG QRW DOZD\V EHOLHYH HYHU\WKLQJ \RX
UHDG 5HDG FDUHIXOO\
VHH QHZVSDSHU DUWLFOHV H J ([HUFLVH
Sfnfncfs