Explorați Cărți electronice
Categorii
Explorați Cărți audio
Categorii
Explorați Reviste
Categorii
Explorați Documente
Categorii
)25(:25'
FXY
$17 ,1$,17(
6800$5<
680$5
35()$&(
35()$7$
āāā
āāāāāāā
āāāā
āāāāāāāāāāāāā
āāāāāāāā
āāāāāā
āāāāāāā
āāāā
āā
āāāāāāāā
āāā
āāāāāā
āāāāāā
āāāāāāāāāā
āāāāāāāāāā
āāā
āāāā
āāāāāāāāāā
āāā
&KD
SHW
U
&DSL
WROX
O
29(5
9,(
:2)
352
-(&
70$1$*(0
(17 35,9,
5(
*(1(5$/$ $6835$ 352,(&7
0$1$*(0(178/8,
'(
3URM
HFW
'HILQLWL
RQ a
'H
ILQWL
DSU
R LHFWXOXL
5ROH
VRI
3UR M
HFW
0D QDJHU
$WU
LEXWLLO
HPDQDJH UXOX LGH S UR L
HFW
*HQHUDOLW
LHV$ERX3UR W MH FW 0D QDJHP HQ W
*HQHUD
OLW
DW
LGHVSUH 0D QDJHPHQ W
XO GH 3URLHFW
+LVW
RU\
RI3URMH
FW 0D QDJHPHQ W
,VWRUL
D
0D QDJHPHQWXOX L
G H 3UR L HFW
$SROOR
6XPP DU\
5H]XPDW
$SROOR
3URMHF
W([DPSOH &(( 73
([HPSOX
GHSURL HF W&(( 73
&((73
&((73
&((73
&(( 73
&((73
&((73
5H
XQLXQHDL
QWHUQ L
ORU
,QWHUQ
5HXQLRQ a
(YDO
XDUHD
SURL
HFWX OXL
3UR
MHFW$VVHVVPHQW
6WX
GLX GH FD]'$7$ &25325$7,$
&DVH6WXG\'DWD &R USRUDWLRQ
&DSLWROXO
&KDSWHU
$/(*(5($ 0$1$*(58/8,
'(
352,(&7
&+226,1* 352-(&7 0$1$*(56 ,PSRUW
DQWD
PDQDJHUXOXLGHSURLHFW
,PSRUWD
QFH
RI3URM
HFW 0DQDJ HUV
&ULWHULLVHOHFWLH
,QRUJDQL]DWLLOH
GH FRQGXVHSULQSURLHFWH
6HOHFWLRQ
&ULWHUL
D LQ3URMHF W 'ULY HQ 2UJDQ L ]DW L
RQV &ULWH
ULL VHOHF
GH
WLH
DPDQDJHUL
ORU
GLQ VHFWRUXOSULYDW
3ULYD
WH6HF
WRU &ULWHULD
&HULQ
WHOH
GHFDOL
ILFD
UH
SHQWUXPDQDJHUXOGHSURLHFW
L 4XDO
LIL
FD
WLRQV
RI3URMH FW0D QDJH UV
$OW
HIX
QFWL
L
LQ
PDQDJH PHQWX O
GH SURLHFW
2W
KHU3RVL
W
LRQVLQ
3URM HFW 0D Q DJHPHQ W &HULQW
HOH
WLSLFHSHQWUX
PDQDJHUX O
GH SURLHF W
3URM
HFW 0DQDJHPHQW&DUHHU 3DWKV 6WXGLXGH
&RUSRUDWLD
$(& $
FD]
6WXG\
&DVH
$(& &RUSRUDWLRQ
&KHVWLRQDU
SW
FLWLWRUL
4XHVW
LRQQDUH
&DS LWROXO
&KDSWHU 6758&785, '( 352,(&7(
352-(&7 6758&785(6 &RQVLGHUDWLL
JHQHUDOH
SHQW
UXVWUXFWXULGHSURLHFWH
*HQHUD
O
&RQVL
GHUDWLRQVIRU3URMHF W
6WUXFWXU H V
2UJDQL]DW
LD
SLUDPLGDO
D
/LQH$QG6WDII
2UJ DQL]DWLRQ
2U JD
Q]D
LUHDPDWU
LFHDO
D
0DWUL[
2UJDQL]DWLR
Q
YDQWDM
$HO
HV
LGH]DYDQWDM
HO
H V WUXFWXUL
ORU FO DVLFH WUD G LWLRQD OH
$G YDQWD
JHV
DQG'LVD GYDQWD JHV RIWUDGL WLRQDO 6WUXFWX U H V $YDQWDM
HOHG VL
H]D YD
QWDMHO
H RU JDQL]DWL LO
R UPD WULFH D OH
$G YDQWD
JHV
DQG'L
VG DYDQW DJH VR I
0DWU L[2U J DQL] DWL RQV
6WXGLXO
VWUXFWXUL
O
RU SHQWUX
PD Q DJ
HPHQ WOX S GH
URLHFW
6WXG \RI3URM
HFW0 DQDJHPHQ W6WUXFWXUHV &RQGLWL
LSHQWUX
RUJDQL]DU
HD PD WULFHDO
D
&RQGLWL
RQV
IRUD
0DWUL[VWUXF WXUH
6XPDU
6XQQQDU\ $UWLFR
O
GHUHYLVWDSHQWUX
GLVFXWLL
6WUXFWXUD
PDWUL FHD OD2WUDYDVDX PHGLF D P HQW
-RXUQDO
DUWLFOH
7KH0DWUL[6WUXFWXUH %HQ HILWWR +LJK 7HFK 2UJDQL]DWLRQV %DQHRU SHQWUX2UJDQL]DWLLOH
+L7HFK
,)
3URMHFW
PDQDJH
PHQW
D
SUDFWLFD
O
DSSURDF
K 6XPPD
U\ 0DQDJHPHQW
GH
SURLHFW
6XPDU
&KDSW HU
&DSLWROXO
352 -(&73/$11,1* 3/$1,),&$5($352,(&78/8,
5HD
VRQVIRU
3O D QQLQ J 0RWLYH
SHQWUXPDQD JHPH QWXOGHSUR LHFW
,QJU
H
GLHQW
V
IR UD 3URMHFW 3O DQ
,QJU
HGLHQW
HOH
S HQWU
XXQSO DQGH
S URL HFW
3URM
H
FW
3ODQQLQJ 5H TXLU HP HQW
V
&HULQW
H
OHJD
WHGHSODQLILF
DU HDSURLHFWX OXL
7KH
62: 'HFOD
UDWL
DGH
OXFUX0 L
VLX QHD
62: XO
6S 3URMHFW
H
FLILF DW LRQ V 6SH
FLILFD
WL
LO
HSURLHFWXOXL
0LO
HVWRQ
H
6FKHGXO HV 3URJU
DP DUHD
HWDSHORU
GHFR Q WU
RO
7KH
:%6
UXFWXUD
6W GHIDOFDUL
LRUJDQL ]DWLRQDO
H :%6
2UJD
QL]D
W
LRQDO %U HDN GRZQ VWUXFWXUH 2%6
6WUX
FWXUD
GHIDOFDU
LL
RUJDQL ]D W
LRQDOH2%6
5HODWLRQVKLS
RI 3O DQQLQJDQG &RQ WU RO
5HODWLD
GLQW
UHSODQLILFDU
HVLFRQWURO
6XPPDU\
5H]XPDW
&DVH 6WXG\
3OD QQL QJIRU D
5HFUHDW L RQD O 3D U
N 5H FUHDWLRQ 3DUN3URMHFW
6WXGL
XGH
FD]3O
DQLILFDUHDS HQWUX SDU H XQ
GH GL VWU D FWLL
&KDSWHU &DSLWROXO
1(7:25. 6&+('8/,1*
352*5$0$5( ,1 5( 7($
1HWZRUN 6FK H GXOLQ J 7H FKQLTX HVW 7HKQLFL
G H
SURJUDP DUH,Q U HW H
D
*DQWW
&KDU W V *UDILFXO
*DQWW
1HWZRUNV
*UDILFH UHWHD
3(57&K D UW V 'LDJUDP
H
3( 57
2WKHU
&RQ V LG HUD WLR QV
$O
WH
&RQVLG
HUDWLL
&30 &KDU WV
'L
DJU
DPH&30
3(57&30 &RP ELQHG
&RPELQ
DWL
H3(57& 30
&UDV
KLQJ
5H JLP
L
QWHQVLY
6FKHGXOLQ J 3UR E OH PV
3UR
EO
HPHGHSO
DQL ILF DUH V XSOLP HQWDUD
&KDSW HU
&DS LWR
OX
O
0$1$*( 0(17)81&7,216 )81& 7,,/(0$1$* (0(178 /8,
&KDOOHQ
JHV
RI 3UR MHFW 0DQDJ H UV 3URY
RFDUL
SHQ
WUXPDQDJHULL
G HSUR LH FW
'HDOLQ
J
ZLWK ([H FXWLYHV D QG )X QFWLRQD O 0DQDJHUV
/XF
UXO
FRO
DERUDUHD
F
XPD Q DJHULL
H[HFX WLYLV
L PDQDJHULL IXQFWLRQDOL
'HDOLQ
J
ZLWK 7H DP 0H PE HUV
/XFUXO
FRO
DERUDUHD
F
XPH PE UL
LHF KLS HL
0RWL
YDW
LRQ 0RWL
YDUHD
/HD
GHUVK
LS
&RQGXF
HUHD
/H D
GHUV
K LS
a 7H
DP%XLOGL QJ
&RQV
WUXLU
HD
HF
KL SHL7HDP
%X LOG
LQJ
9DU
LDWLRQ
RQD 7KHPH
9DULDWL
XQL
SH DFHDVWD WHPD
&DVH
6WXG
\ )LU V
W 3HR SH O %DQN RI 'HW URL W
6WXG
L
X GH
FD]
3UL
PD%DQFD 3RSXO DUDG LQ'HWUR LW
&K DSWHU
&DSL W
ROXO
7,0( 0$1$*(0(17
0$1$*(0(178/7,038/8,
17KH
H
HGIRU 7LPH 0DQDJHPH Q W
1HFHVLWDWHD
PD QDJH
PHQWXOX
L
W
LPSXOXL
7LPH
5R EEHUV
+RWLL GH WLPS
1R+RZ
WWR 6RP *HW HWK LQJ 'R Q H
&XPVD
QX
UHDOL
]H]L
FHYD
5XOHV
IR
U7LP H 0DQ DJHPHQW
5HJXOL
SHQWUX
PDQDJHPHQWXO
WLPSXO X L
7KH
+XP DQ(QHUJ \&\ FOH &LFOXO
H
Q H
UJL
HLXPDQH
7LPH0DQD
J HP H QW
3UREO H PV LQ 6HYH UDO ,QGX V WUL HV
3UREOHPH PDQ D
JHP
FX
HQWXO
WLPSXOX LLQ
F DWHYD LQ GX VWULL
6XPPDU\
5H ]XPDW
&DVH
6XWG\
3H U V RQDO )RRW 'UDJJ LQ J
6WXGLX FD
]3URPRYDUH
GH D SHUVRQDOD
&KDSWHU
&DSLWROXO
+$1 '/,1*&21)/,&76 $3/$ 1$5($&21)/,&7(/25
7KH
3UR
MHF
W(QYLURQPHQ
W
$Q $UHQD
RI
&R
QIO
L
FW
0HGL
XO
SUR
L
HFWX
OXL
DUHQD
D
FRQ
IOL
FWH
O
RU
0DQDJH
PH Q
W
E\
2EM
HFW
LY
H
V
0DQ
DJHPHQWXO
SU
L
QREL
HFWLYH
3URMHFW
PDQDJHPHQ
W
D
SUD
FWL
FDO
DSSURDFK
6XPPDU\ 0DQD
JHPHQ
W
GHSUR
LHF
W
6XPDU
&DXVHV
RI
&RQIOLFW
&DX
]HO
HFRQIOLFWHORU
RI:D\V
'HDOLQJ&RQIOLFW
ZLWK
0RGDOLWDWL GH DSODQDUH D FRQIOLFWHORU
6WUHV
V
LQ 3URMHFW
0DQDJHPHQW
6WUHVXO
LQ
PDQDJHPHQWXO GH SURLHFW
'HDOLQJ ZLWK :RUN 5HODWHG 6WUHVV $ERUGDUHD
V OD
WUHVXOXL
VH
UY
LFLX
6XPPDU\
5H]XPDW
&DVH
6WXG\
7%((QJLQHHULQJDQGWKH'HVWUXFWLRQ
RI&KHPLFDO$JHQWV 3URMHFW
6WXGLXGH
FD]
7%( (QJLQHHULQJ
VL
SUR
L
HFWXO
VWUXJH
GH
U
HDJ
GL
D
H
QWXO
XL
FKLPL
F
&KDSWHU &DSLWROXO
352-(&7 &21752/ $1' 0,&52 0(*$ 352-(&76
&21752/8/352,(&7(/25 0(*$0,&52 6, 352,(&7(
3ODQQL
QJQG D&RQ WRO U
3ODQL
ILFDUH F RQW
VL
UR
O
5HTXLU
HPHQWV D QIRU
(II HF WLYH &RVW F RQWURO V \ V W H P
&HULQ
WHO
HS
HQWUXXQVL
V WH P G H RQ F
WUR O HILFLHQ W
&R
QWUR
OOL
QJ
&R VWV &RQWUROX
O
FRVWXUL
O
RU
&D
XVHV
IR
U&RVW 2YH UUXQ V &DX]HSHQWUX
G H
SDVL
UHD FR VWXU LO RU
,PSURYLQJ (V WPDW L LRQ &RVW 3HUHI
FW
LRQDUHD LQ FRVWXU HVWLPDUHD
LORU
3UR
EO
HPHV
S HFLD O H GH RVW F a
8QLTXH
&RV W
3UREOH
PV
0LFUR3URMHFWV DQG0HJD
0LFUR VL SUR
LHFWH
PHJDO
H
5 '3URMH
F W 0D Q DJ PH Q W 0D QDJHPHQWXO SURLHFWHORU FHUF H WDUH GH] Y ROWDUH
VL& '
GH
&RQ
FOXVLRQV
&RQFOX
]LL
&DVH .HHS L QJ
6WXG\ WKH 7RJHWKHU
7HDP
6WX
GL
XG H
FD]3DVWUDUHD XQLWH HFKLSHL
&KDSWHU
&DSLWROXO
&21&855(17(1*,1((5,1* $1' 352-(&7 0$1$*(0(17 ,1 7+( ,1*,1(5,$ &219(5*(17$ 6,0$1$*(0(1 78/ '( 352,(& 7
,1
7&(1785<
6(&2/8/
1HHG6KRUWHQ
WR 'H YHORSPHQW 7LPHV
1H
FHV
LWDWHD VFXUWDULL GH]YROWDUH WLPSLORU GH
&RQFXUUHQW
(QJLQHHULQJ
,QJLQHULD
FRQYHUJHQWD
3URMHFW 0DQDJHPHQW &H QWXU\
LQ
WKHVW 0DQDJHPHQWXO GH SURLHFW LQ VHFROXO
Y 3URGXFW
H
UVXV 3URMHFW 0DQD JHPHQW
3URG
XV
XOFRQWUD PDQDJHPHQWXO
GHSURLHFW
RI
WKH
5ROH
&RPSXWHU
5R
OXO
FRPSXWHUXOXL
RI
WKH
5ROH 3URMHFW
0DQ D JHU
5ROXOS PDQDJHUXOXL
UR LHFW GH
7KH 3URMHFW $UHQD
0DQDJHPHQW
$UH
QD
PDQDJHPHQWXOX
L
GH SURLH
F
W
&RQFOXVLRQV
&RQFOX]
L
L
&DVH 6WXG\ 6LJPD &RUSRU D
WLRQ
(OHFWURQLFV
6WXGLX GH FD] (OH
F
WURQL
&RUSRUDWLD
FV
6,*0$
ā
&KDS WHU &DSLWROXO
7<3(6352*5$06 2) $1' 352-(&76 7,385,
'( 352*5$0( 6, 352,(&7(
7KH RISURJUDPV
QHFHVVLW\ SURMHFW V
DQG
1HFH
VL
WDWHD
SURJUDPHOR UVL SURLHFWHORU
UH
:KDW
WKH
SURJUDP DV "
&H
VXQWSURJUDPH
OH"
O
3URJ
UDPFD O
V VLILFDWLRQ &ODVLILFDUHDSURJUDPHORU
7KH
SURJUDP V
V\VWHP D SSUR D FK
$ERUGDUHD
VLVWHPLF DDSURJUDPHORU
:KDW WK
H
DUH
SURMH FWV "
&H VXQW
SURLHFW
HOH"
3URMHFW
GHILQ LWLRQ
'HILQLWLD SURLHFWXOXL
7KH
SURM
HFW V\VWHP
6LVWHPXO SURLHFW
7KH
SURMHF
W SUR S RVDO VXE V\VWHP FR Q WUDFWLQJ ELGGLQJ DQG SURFHVV IRU
6XEV
LVW
HPXOSUR S XQHULL SURLHFW
GH
FRQWUDFWDUHD SURFHVX OOL
FLWDWLLORU
VL
SUR
M
HFWV
SHQW
UXSURL
HFWH
7KH
V\VWH
P SUR MH FW L WVH O I
6LV
WHPXOSURL
HF WXO SUR SUL X ] LV
3URMH FW
OL
IH
F\FO
H
&L
FXO
OG HYL
D W
D
DOSURLH FWXOXL
7K HSURMHFW
V
U
HVXOW
5H]XOW
DWXO
SUR
LH
FWXO
XL
7\S HVRI
SURMHFWV
7L
SRORJLD
SURLHFWH
O
RU
3URMHFW
V
VWU
XFWXUH
6WUXFWXUD SURLHFWHORU
(VVHQWLDO
FUL
WHULD LQ SURMHFW PDQDJHPHQW
&ULWHULL
HVHQW
LDO
H
LQ
PD QDJ HPHQWXO SURLHFW HORU
2
3URMH
FW
PDQ
DJHPHQW
DSUDFW
LFDO
DSSURDFK 6XPPDU\ 0DQ
DJHPHQ
WGHSURLHFW
6XPDU
7KH
SUR
MHFW
VFRSH
6FRSXO SURLHFWXOXL
SURM7KH
HFW
REMHFWLYHV
2ELHFWLY
HO
HSURLHFWXOXL
7KH PDUNHWLQ
J
PL[ S LQ
UR
MHFW PDQDJHPHQW
0DUNHWLQJ PDQDJHP HQWXOPL[
G H SURL HFW
LQ
7KH
O SUR
M
HFWS DV
URGXF W D
3URL
HFWXO FD
SURGXV
7KH
SURM
HFWV
PDUNH W SO DFH
SURL
3LDWD
HFWHORU
3UR
MHFW
SULFH
3UHWXO
SURLHFWX
OX
L
3UR
PRW
LR
QDGQS XEOLFLW\ SURM HFWV IRU
3URPRYDUHD
SX
EOLFLWDWHD SURLHFW H ORU
3UR MHFW
RIIHUL
QJDQ
GFRQWUDFW
L QJ
O
2IHUWDUHD
SUR
L
HFW
HO
RUV
LFRQWUDFWDUHD
&KDSWH U
&D SLWXOXO
7+( 7,
0( )$&725,1
),1$1&,$/$66(6
0(17 6 2) 352-(&76
)$&7 25
8/
7,03
,1(9$/ 8$5( $),1$1 &,$5$ 352,(&7(/25
$
O7KH
LQIOXHQFH
RIWLPH
RQ
LQ
YH
VWPHQW
V 5HODWLD
LQ
YHV
W
L
WLL
WLPS
)XQGLQJ
DOORFD
W
LRQ SURJUDP
IRUV
DQG
SURM
H
FW
$ORF
DUH
D
IRQGXULORU
SH
QWUX SUR JUD PHSURL VL H
FW H
7KH VFRXQWLQJ
GL WH FKQ
LTXHV
7HKQLF
DD
FWXD
OL
]DU
LL
7KH
FDOFXOXV
RI
GL
VFRX
QWL
QJ
LQGLF
DWR
UV &DOFXOXO
LQGL
FDWR
U
LO
RU DFWXDOL]DWL
7KH
UHIHUH
Q
FH
PRP HQWVGL
VFIRU
RX
QWL
QJ 0RPHQWH
O
H GH
UH
IHULQ
W
D D O HWX DF DOL]DULL
&KDSWHU
&DS LWRO
XO
%$1.,1
',&$7256 )25 352-(&7$66(660(17 ,1',&$725, %$1&$5, 3(1758 (9$/8$5($ 352,(&7(/25
7K
H
UROH
RI
QDWL
RQDO
DQGLQ
WHUQDW
LRQDO
ILQDQFLDO LQVWLWXW L R QVLQ 5RPDQLD
V
O5R OXO RUJDQVL
PHO
RU IL
QD QFLDUH Q DWLRQD O
H LQ
VL
WHUQDWLRQDOH LQ UHVWUXFWXUDUHD
HFRQRPLF
WUDQ
VLWLRQ
D
QGLQ
W
HUJUDWLRQ(XURS HDQ 8QLRQ
LQ
HFRQRPLFD WDU
LL
D
&DUDFWHU L
VWL
FLO
HXQRUPH WRGR ORJ LLLQWH PD WLRQDOH %,5 '%(5' GH
0HW
K RGRORJLHV LQYHVW
PHQW
IRU
SURMHFW
HYDOXD W
LRQ RI LQW H UQDWLR Q DO
DQG
HYD OXDUHDSURLHFW
HORU GH LQYHVWLWLL
QDWL
RQDO
ILQDQF
LDO
LQV
WLWXWL
RQV
%5
' (%5'
6WXG LLGHIH]D
EL
OLWDWH SO DQXULVL GH VWUXFWXUD
DIDFHUL VLFDUDFWHULVWLFL
)HD
VLELOL
W\
VWXGLH
V
DQG EXVLQHVV
VWUXFWX U HDQG
SODQV FKDUDFWHU L VWLFV
$QD OL]DH
FRQRPLFD DQDOL ] DILQDQFLDU
VL D LQVWXGLLOH IH]DELOLWDW GH
H
(FRQRPL
F
DQD
O\VH IRUIHDVL
EL
OL
W
WKH
\XGLHV
VW EX VV
DQGLQHVV SODQV
O (YDO
XDUHD
FRVWXOXL LQYH VWLWLHL
7KH LQYHVWPHQW
DVVHVVPHQW
FRVWV
$QDOL
]D SH FHQWUH FR VWXULGH
7KH
DQDO
\VLV
EDVHG FHQ
WH
RQ
UV
RI
FRVW
$QDOL]D ILQDQFLDUD LQYHVWDSURLHFWHORU
L
WLL GH
)LQDQF
LDO DQDO\VH
RI
LQ
YHVWHPHQW
SURMHFWV
,QGLFDWRUL
GHDSUHFLHUH HILF LHQ W
HL HFRQRPLF
DL H D SURL HF WHOR U GHLQY HVWLWLL
LQGLFDWR
%DQN
UVIRUDV
LELOLW\
IHVWXGLHVQGE
DX VQH LVV SODQV DFFRUGLQJ WKH WR
FRQIRUP PHWRGRO
RJLLORU%O5 ' %( 5' VL
21 8',
O%5
'
(%5
'DQG 81'2
&DSLWROXO
&KDSWHU
62)7:$5( 3(1758 0$1$*(0(178/ 352,(&7 '( 352*5$0 8/
6
2)7:$5( ) 25352-(&7 0$1$*(0(17 0,&5262)7
7+( 352-(&7 0,&5262)7 352-(&7
62)7 3UH]H QWDUHD SURJUDPXOXL 3URMHFW 0LFURVRIW
6KRUW GHVFULSWLRQ RI 0LFURVRIW 3UR M HFW 0RGX OGH XWLOL]DUH DSURJUDPXOXL 3URMH FWO 0LFURVRIW
7KH SUDFWLFDO RI XVLQJ 0L FURVRIW ZD\
3URMHFWO O
3UHJDWHVWH FRP H Q]LOH GH SURLHFWX
LQLWLHUHO XL D
O3UHSDUH LQLWLD O VH
WKHWWLQJ V RI WKH SURMHF W 3RUQHVWH SODQ LILF D UHD D FWLYLW DWL FX
O RU
6WDUW WKH SURMHFW VFKHGXOOLQJ
&XP VDDFWL Y LWDWL
JUXSDP
OH GLQ V WD SH D
OL FWLYLWDW LS U LQ FLS D OH VXEVL
+RZ WR DUUDQJH WD VNV WKH DQG
VXE WDVNV
WDVN OLVW 7KH LQ
:%6 LQ DFWLYLWDWL LQ 0LFURVRIW :%6
3UR M HFW
0LFURVRIW 3URMHFW
&XP VH LQWHUUHODWLRQDP D FWLYLWDWLOH
LQWHUUH
+RZ O DWH WRWDVNV
WKH
$VVLJQLQJ DQG WHFKQLFDO KXPDQ UHVRXUFHV
UH O
DWH
+RZWDVNV WR U DQG
H V HUYHV DGG WLPH $ORFDUHD UHV XUVHL XP DQH VL WHKQLFH DFWLY LWDWLSH
5H ODWLRQDUHD DFWLYLWDWL OR U V L DGDXJDUHD U H]HUYH O RU GH WLPS
$O RFDUHD UHVXUVH ORU ILQDQFLDUH
$VV LJQ LJQILQ DQ F LD O U HVRXUF H V
&R QFOX] L
L &DW HYD VIDWX ULSH QWUX XWLOL ]DUHD 0L FURV RIW 3UR MHF W VLS UH]HQ W
DUHD
&RQFOX VLR QV
6RPH DG YLFHIRU 0L F UR V RIW 3URM HF W X VHDQG U NV SU HVHQZRW
DWL
RQV
SURLHFWHORU
&DV H6WXG \3URM H FWPDQ DJHP H Q W IRU DEXLOGLQ J SURMH F W
XV LQ J WK H 0LFURV
RIW 6
WXGLX FD]0GH
DQD JH PHQ W GHSURLHFW UHD OL ]DUHD SHQWUX
X QH LF DVHF XDMXWRUX O
3URMHF WVRIWZD UH
SURJU DPXOXL 0LFUR V
RIW 3URMHFW
&KD OOHQJH V
IR UUHDGHU V
6WXG L
X GH S FD]
URSXV S HQWU X UH]RO YDUH
*ORVVDU\
*ORVDU
%LEOLRJUDSK\ %LEOLRJUDILH
PREFACE PREFATA
W
GHS
H
QG LQWKH EDVLFVKDSHVRQ
RI
WKH
WKHVL]H
0DQDJHPHQWXO GH SURLHFW QX
GH
GLPHQVLXQHD
GHSLQGH L
RUJDQLVDWLRQ RUJDQL]DWLHL
3URMHFW
PDQDJHPHQW
D
SUDFWLFDO
DSSURDFK
3UHIDFH
-DPH
V
.
0F&ROOXP
aL
&ULVWLDQ
6LOYLX
%DQDFX 0DQD
JHPHQW
GH
SURL
HFW
3UH
I
DWD
-D
PHV
.
0F&ROOX
PaL
&ULV
WLDQ
6LOYL
X%DQ
DFX 23
ILYH EDWWHULHVRI
ZKLFK
VXEXQLWV
DPPXQL
KDGW
LRQWUXFNV
WKD
DOO
W
QHHGHG DO
EDW
HU
LLORUGHWXQXUL
D
WUHEX
LWVDUH]ROYHSUREOHPD
,XFU
DULL
L
QWU
XQ
WHUPHQ
FDW
WR EH VDIH DQG VHFXUH
RI
WKHEDWWDOLRQ
ZLWKLQ
VPRWRUWKHSDUN
FRQILQHV
PDL
VFXUW
(ODYHD
LQVXERUGLQHXQVHUJHQWSULPD
F
ODVD
IRDUWH
FRPSHW
HQW
GLQWUR
7KHRUJDQL]DWLRQ
V WRSPDQDJHUV GHFLGHG WKDW DQHVSHFLDOO\ VHFXUH
DOWDEDWHULHVLVDVHVROGDWLGLQFHO XWL
OL]
D DUHDI
WRD
WH
WKHDPPXQLWLRQ
QHHGHG
7KH\RXQJ
ZDV RIILFHULQWKH+HDGTXDUWHUV %DWWHU\
PDWHULDOHOHGLVSRQLELOHDOH
EDWDOLRQXOXL
KDG WRILQGRXWKRZ WRGRWKLV ZLWKLQ DVKRUWWLPH +HKDG DNQRZOHGJHDEO
6HUJHDQW )LUVW &ODVV IURP DGLIIHUHQW EDWWHU\ VL[VROGLHUV IURP HDFK RI
ILYH
EDWWHULHV
DQGSHUPLVVLRQ WRXVHDQ\PDWHULDOV
EDWWDOLRQ
/RFRWHQHQWXO
DYDLODEOHLQVSHFWDW
VL
WRWKHVHUJHQWXO
PDL
LQWDL
ORFXODX GHGHSR
DPXQLWLHLSHFDUHXUPDVDVHDIOHD
7KH/LHXWHQDQW DQG6HUJHDQWILUVWVXUYH\HGWKHVLWHIRUWKH
DPPXQLW
LRQ SHQWUX IHUHVWUH VLSRUWL 3URLHFWXO
VWRUDJHSLFNL
Q
DUHD
JSRVLWLRQV
SRV
WV IRU
DQGIHQFH
WKH
WK
HQ EURXJKW
JDWH UDSRUW FRPDQGDQWXO
EDW
DOLRQXOXL OHD VSXV FHORU
RQ WKH ZRUN
LQVWD
OO
WKH
IRUFH
IHQFH
WR SRVWV UXQ WKHGHEDWHULL
EDUEHG $PWZLUH
UDVDW EHWZHHQ
VDUFLQD
FDWUH GXPQHDYRDVW 6D
WKH SRVWV DQG WR EXLOG WKH JDWH DQG LQVWDOO LW 7KH SURMHFW ZDV FRPSOH
UHDOL]DP XQV FD
GHSR]LW
D VSXV
LQILYH GD\V$WWKHQH[W FRPPDQGHU
V FDOOWKHEDWWDOLRQ FRPPDQGHU FKLGH
GXUHD]D
LQ VLPL
FDWHYD OXQL
KLV ILYH EDWWHU\
,
YH
EHHQ
FRPPDQGHUV
WU\LQJ WR JHW \RX VDUFLQD
FDSWDLQV XQXL
WRORFRWHQHQW
JHW VL
]LOH
DFHVWD
D
WKLV DPPXQLWLRQ VWRUDJH JDYH
,DUHD WKH
EXLOWMREIRU
WR PRQWKV
D 1RZ
OLHXWHQDQW DQG KH GLG LW LQ ILYH GD\V 'HFHDIRVWDFHDVWDVLWXDWLH
SRVLELOD
&DSLWDQLLFRPDQGDQEDWHU
L
L
GHVIDVXUDXDFWLYLWDWLFRPSOH[HFDUH
:K\ ZDV WKLV SRVVLEOH" 7KH FDSWDLQV EDWWHU\ FRPPDQGHUV KDG
GRUHDVDVLLDXQDQJDMDPHQWLQSOXV DFH
VWGHSR]LW
FRPSOH[ RQJRLQJMREV WLPH
1R
WKDW
RQH
RI
WKHP
RFFXSLHG
ZDQWHG WKHLU
WR
GH
PXQLWLL
$VD FDLQ PRPHQWXO
LVDRUGRQDW FDQGORFRWHQ
VWHS IRUZDUG
,
OO
WDNH
DQG
RI
FDUH
EXLOGLQJ
VD\ WKLV DPPXQLWLRQ VWRUDJH
DFHVW
OXFUX
HOVLDGHGLFDWWRWWLPSXOSHQW DVD
FD
D
DUHD 6R ZKHQ LWZDV JLYHQ WR WKH OLHXWHQDQW KH GHYRWHG KLV IXOO WLPH
DFFRPSOLVKLQJ WKH SURMHFW DQG MXVW
DQ UHDOL]DW
DFFRPSOLVKHGUDSLG$FHVWDHVWHGRDUXQH[HPSOXD
LW TXLFNO\ 7KLV LV
H[DPSOH
RI XQXLVLQJXUPDQDJHUFDSDELOFXUHVSR
ZKDW FDQ EHGRQH ZKHQ VLQJOH PDQDJHU UHVSRQVLELOLW\ LV ORF
LQ GH
D
R
JLYHQGDODPDL
WR DFDSDEOH SHUVRQ ZKHUH FRXOGQ
W
ILYH
GRWKH PXOWL
HYHQPRUH FDUH QX
FDSDEOH DUSHQWUX
SHUVRQV SXWHD
SODQLILFDUH
VD
RUJDQL]DUH
DORFH WL
VDPHEHFWDVN
DXVH ZRXOGQ
W
WKH\GHYRWH WKH QHFHVVDU\
SODQ
WLPH WR
LPSOHPHQWDUHDSURLHFWXOXL$FHVWDHV PDQDJHP H
QWXO
RUJDQL]H
DQG LPSOHPHQW
D
SURMHFW 7KLV LV RI
KRZ
D FODVVLFDO H[DPSOH
GHSURLHFWSRDWHIL
XWLOL
]DWYLDWDUHDOD
LQ
SURMHFW PDQDJHPHQW VLWXDWLRQ
FDQ EH XVHG LQ UHDO OLIH
!
, , ,
, , U , ,
,
,
(QJ
LQH )X
VOD
HJH $SS
HQGDJH $9,21,&6 352-(&7
0$1$ *(56 0DQDJH
U 0DQDJH
U 0DQDJH
UL 0$1$*(5
'(
352,(&
7
37
$
9,2
1,&$
SURM
HFW SURM
HFW SURM
HF
W GH GH
SURL
HFWGH
SURLH
FW
PDQD
JH
UV PDQD
JH
UV PD
QDJHUV &R SUR
LHFW S
QWURO (OHF
WU
RQL
F +\GU
D
XOL
F $XWRPDWLF HQWUX SHQ
WUX 0DQDJU0DQ
H DJHU
L 0DQD
JHUL0DQDJ
HUL
6XU
ID
FH &RQW
URO
V &RQWURO
V 3LORW SH
QWUX IX HODMDPS
V H
QDM GHSURLHFW
SURL
HFW
DSD
GHSURLHFW
GH
SUR
LH
FW
SURMHFW DQG,7
SURMHF
W SURMHFW DSDUDWH
UDWXUD
FRQWURO
FRQWURO SLORW
PDQDJHUV SURMHFW
PDQDJ
HU
V PDQDJH
UV FRQWURO
VRO
VL ,7 KLGUDXOLFDXWRPD
W
I
I
a
I I
I I I
I
I
I
a
I I I I
I
)L
J$
EULHI
H[
DPSO
H
RI
SURMHFW LQ
PDQDJHPH
QW
DQ
RU )LJ
JDQL]DWLRQ IURPDLUFUDIW H[H
8Q
PSOXGH
RU
JD
LQGXVWU\QL]DUHSHQWUX
PDQD
JH
PHQWXO
GH
SURL
H
FWGLQ
LQGXVWUL
D
DH
URQ
D
XWLFD
3URMHFW
PDQDJHPHQW
D
SUDFWLFDO
DSSURDFK
3UHIDFH
-DP
HV
.0F&ROOXP
aL
&ULVWLDQ
6LOYLX
%DQDFX 0DQDJHPHQW
GHSURL
HF
W
3U
HI
DWD
-DPH
V.0F&ROOXP
aL
&UL
VWLDQ
6LO
YLX%DQ
DFX
,Q WKLV
ERRN
ZH ZLOO KLJKOLJKW
RI
WKH IHDWXUHV
RI
PDQ\
SURMHFW LQ DFHDVWD
FDU
WH
YRP VXEOLQLD DVSHFWH PDQDJHPHQWX
LPSRU
PDQDJHPHQW DQG VKRZ KRZ SURMHF
WKH\KDYH
WV
RI
WKHSDVW
EHHQ
GH DSSOLHG
SURLHFW
DSRL YRPLQ DUDWDDSOLFDW
H
FXP
WUHFXW
LQ DX
VL FXP
IRVW
IL
SRW
DSOLFDWH YLL
LQ
WRDUH
SURLHFWH
9RP GLVFXWD
DQG KRZ WKH\ PD\ EH DSSOLHG LQ IXWXUH SURMHFWV :H ZLOO GLVFXVV WKHLPSRUW
DQ
GHVSUH
W
DXQX
L
VLQJXU
LPSRUWDQFH
RI PDQD
JHUGH
SURLHFW
D VLQJOH SURMHFW PDQDJHU ZLWK UHVSRQVLELOLW\ UHVSRQVDE
FX
LOLWDWH VLDXWRULWDWHD
DQG DXWKRULW\ ILQDOL]
D
WR FRPSOHWH
SURMHFW
WKH
DW\SHV
RI XQ
SURLHFW
WLSXUL
RUJDQL]DWLRQDO VWUXFWXUHV WKDW PD\ EH GH VWUXFWXUL XWLOL]DWH
IL RUJDQL]DWLR
SURLHFW
LQ
SURFHVXO GHSODQLILFDUH SHQWUX PDQDJ
XVHG IRU WKH SURMHFW WKH SODQQLQJ SURFHVV IRU SURMHFW PDQDJHPHQW WKH
DSODQDUH DFRQIOLFWHORU LQ HYD
OXDUH
PDQDJH D
ZD\V
RI
KDQGOLQJ FRQIOLFWV LQ SURMHFW PDQDJHPHQW
SURSXQHULORU WKHGH ZD\V WR HYDOXDWH
SURLHFWH VXQ
SHQWUX
W
FHOH PDLD G
SURSRVHG SURMHFWV WR GHWHUPLQH ZKLFK SURMHFWV SHQWUX
YDORURDVH DUH PRVW YDOXDEOH WR
RUJDQL]DWLH WKH
EXJHW
RU
JDQL
]DWLR
Q
EXGJHWLQJ WR JHW WKH DYDLODEO
PRVW
H DGYDQWDJH
GLQ
UHV
XUV
HOH
GL
VIURP
SRQLELO
H WKH
VL
PD QDJHPHQWXO
GH
D
OXQ
JXO LQWUHJXOXL
FLFOX
GH
UHVRXUFHV
YLD
DQG PDQDJLQJ WKURXJKRXW WKH SURMHFW W
D DO SURLHFWXOXL
OLIHF\FOH
3URM
HFW PDQDJHPHQW
D
SUDFWLFDO
DSSURDFK
3UHIDF
H-DPHV
.
0FFROOXP
aL
&ULVWLDQ
6LOYLX
%DQDFX 0DQD
JHPHQW
GHURL
SHFW
3UH
IDW
D-D
PHV
.
0F&
ROOX
PaL&UL
VW
LDQ6L
OYL
X%DQDFX
&KDSWHU
&DSLWROXO
29(59,(:352-(&7
2) 0$1$*(0(17 35,9,5(
*(1(5$/$ $6835$
0$1$*(0(178/8,
352,(&7
'(
3URMHFW 'HILQLWLRQ
5ROH
RI
3URMHFW 0DQDJHU
'HILQWLDSURLHFWXOXL
*HQHUDOLWLHV DERXW 3URMHFW0DQDJHPHQW
5ROXO PDQDJHUXOXL GHSURLHFW
+LVWRU\
RI
3URMHFW 0DQDJHPHQW
*HQHUDOLWDWL GHVSUHPDQDJHPHQWX
,QLWLDO 6XPPDU\
,VWRULDPDQDJHPHQWXOXL GHSURLH
3URMHFW ([DPSOH &((73 6XPDULQLWLDO
&((73
([HPSOXGH SURLHFW &((73
&((73
&((73
&((73
&((73
,QWHUQ 5HXQLRQ
&((73
3URMHFW $VVHVVPHQW
5 HXQLXQHDLQWHPLORU
&DVH
6WXG\
'DWD&RUSRUDWLRQ (YDOXDUHD
SURLHFWXOXL
6WXGLXGH FD] &RUSRUDWLD 'DWD
3URMHFW'HILQLWLRQ
'HILQWLD
SUR
LHFWXOXL
:HEHJLQRI
RXU
SURMHFW
VWXG\ PDQDJHPHQW
RI
DZLWK D GHILQLWLRQ
,QFHSHPVWXGLXOPDQDJHPHQWXOXLG
SURMHFW $SURMHFWLVDJURXS
RI
UHODWHG WDVNVRUJDQL]HGWR
DFKL
H
YH DJRDO
8Q SURLHFW UHSUH]LQWD GH IDSW XQ
0RVW SURMHFWV KDYH D VSHFLILF REMHFWLYH WR EH
RUJDQL]DW FRPSOHWHG
SHQWUX
VFRS ZLWKLQ
0XOWH
LQGHSOLQLUHDGHILQ
SURLHFWH
XQXL
DX
VSHFLILFDWLRQVKDYHVWDUWDQGHQG
GDWHV
KDYHIXQGLQJOLPLWVDQGFRQVXPH
VSHFLILFFHWUHEXLHVWHDILUHDOL]D
UHVRXUFHLQWHUPV
RI
PRQH\ODERUHTXLSPHQW
DQGPDWHULDOV 7KHSURMHFW
GHLQFHSXW VL GHWHUPLQDUH
VL FRQVXPXOGH
OLPLWD
PD\ HPHUJH RI
DV
D SURSRVDO
D UHVXOW WHUPHQLGHEDQLHFKLSDPHQWHVLPDW
WKDW KDV EHHQ IXQGHG RU E\ WKH
H[HFXWLYHV LQ DQRUJDQL]DWLRQD
GHFLVLRQ
RI XQHL
WKDW SURSXQHUL
VRPHWKLQJ SHQWUX ILQDQWDUH
LPSRUWDQWPXVW
RUJDQL]DWLLSHQWUXDUHDOL]D
EH DFFRPSOLVKHG WR NHHS WKH RUJDQL]DWLRQ FH
YDLPSRUWDQWSHQWUXEXQ
SHUIRUPLQJ DFWLYLWDW
DQG
VXFFHVVIXOO\
3RDWHILGHDVHPHQHD
XUPDUHDXQRURSRUWXQLWDWL
VPRRWKO\7KH\PD\DOVRFRPHIRUWKDVDQDQVZHUWRDWKUHDWRUDQRSS
WXQLW\ WKDWXSSHU
SHUFHLYHG
PDQDJHUVKDYH FRQFXUHQWHLSHUFHSXWH GHFDWUH FRQ
3HPDVXUDFHSURLHFWXOFDSDWDFR
$V WKH SHUFHSWLRQV
RI
WKH SURMHFW EHJLQ WR WDNH VKDSH KLJK OHYHO
LDXGHFL]LLLQFHHDFHSULYHVWHFRQ
PDQDJHUV PDNH GHFLVLRQVWKDWD VSHFLDOSURMHFW WHDP PXVWEH
GHUHVXUVHSHQWUX GHVLJQDWH
D VXVWLQHGHPDUD
DQG JLYHQ UHVRXUFHV WR2I
JUHDWHVW
KDQGOH WKH
LPSRU
HPHUJLQJSURMHFW
HVWHDOHJHUHDXQXLPDQDJHUGHSURLH
WDQFH LV WKDW D VWURQJSURMHFW
WR EHJLQ WKH
PDQDJHU
LQWH
PXVWEH
LQWHJUD FKRVHQ
DUPRQLRVUHVXUVHOH XPDQH V
JUDWLRQ
RI
WKH KXPDQ DQG SK\VLFDO UHVRXUFHV WR DFFRPSOLVK WKH SURMHFW
$FHVWXLPDQDJHUGHVHPQDWSHQWUXUHD
L
VHGHD
3URMHFW
PDQDJHPHQW
D
SUDFWLFDODSSURDFK&KDSWHU
2YHUYLHZ
RI
3URMHFW
0DQDJHPHQW 0DQ
DJHPHQW
GH
SURLH
FW
R
DE
RGUDU
H
SUD
FW
LFD&DSLWRO
XO
3ULYLUH
JHQHUDOD
DVXSUD
PDQDJHP
HQWX
OXL
GH
SURL
HFW
3URMHFWPDQDJHPHQWFRQVWUDLQWV
&RQVWUILQJHULOH
PDQDJHPHQWXOXL
GH
SURLHFW
0RQH\ %DQLL
aL
VDX
DOWH
5HVXUVH
6SHFLILFDWLRQ
6SHFLILFLWDWHD
RI
5HVXOWV UH]XOWDWHORU
)LJ
3URMHFW PDQDJHPHQW
FRQ
VWUDLQWV )LJ
&RQ
V
WUDQ
JHULOH PDQDJHPHQWXOXL
GH
SURL
H
FW
NQRZOHGJH
WKH
WHFKQRORJ\
RI EHLQJ
WKH
SURMHFW
XVHG
LV LQ GH
SUR
XQOHVVLH
FWWUHEXLHVDDLED
DSWLWXG
L
QLGHFRQPQLFDUH
LQWHUSHUVR
QDOD
SXWHPLFH
UHVHDUFK DQG GHYHORSPHQW RI
WKH
5 ' VD
WHFKQRORJ\ ILH IDPLOLDUL]DW
ZKHUH NQRZOHGJHDF
W
LYLWD
W
LOH IL
HFDUH
GLQ FXVHFWLH
GHS
DUWDPHQW
V
L
VDX
PD\ EH PRUH LPSRUWDQW WKDQ JHQHUDO WUHEXLHVDSRVHGHFXQRVWLQWHJHQHUD
XQGHUVWDQGLQJ :KDWHYHU XW
L
OL]DW
D
FXH[
FHSWL
D
WKH
FD]XOXLLQFDUHSURLHFWXOHVWHGLQ
F
HUFHWDULL
VLWXDWLRQ WKH SURMHFW PDQDJHU VKRXOG QRW JHW GLUHFWO\ LQYROYHG LQ W GH]YROWD
U
LL
& '
LQ
FDUH FXQRDVWHUHD WHKQRORJLHL
WHFKQRORJLFDODFWLYLWLHVEHFDXVHWKLVLVOLNHO\WROHDGLQWRVLWXDWLRQ GH
LQ
W
HOHJHUH
WUHEX
JHQHUDOD 2ULFDUH
PDQDJHUXO
DU ILGHSURLHFW
VLWXDWLD
WUHEXL
HVD VH
KH RU VKHFHDVHV EHLQJ D PDQDJHUDQG LV DQRWKHU WHFKQRORJLVW
LPSOLFHGLUHFW LQ DFWLYLWDWLOH PDL
IL PDQDJH WHK
GHYHQLQGXQ DOW WHKQLFLDQ
,
QWK
H
SURM
H
FW
HQYLURQP
HQW HYHU\WKLQJVHHPVWRUHYROYH
DURXQ
G
WKH
SURMHFW$OWKR
PDQDJHU
XJK
WKH SURMHFW RUJDQL]DWLRQ ,Q LV D
PHGLX
O VSHFLDOL]HG
SURLHFWXOXLWRWXOSDUHVDJ
WDVN
RULHQWHG
HQW
LW\LWFDQQRWFXW
LWVHOI
RIIIURPWKHWUDGLWLRQDOVWUXFWXUH
RI SURLHFW &X WRDWH
SURLHFWXOX
LHVWH
FD RUJDQL]DWLD
VSHFLDOL]DW
WKHSDUHQW
RUJDQL]DW
L
RQ7KHSURMHFWPDQDJHUPXVWZDONWKHIHQFHEHWZHHQ
RULHQWDWD VSUH
DFWLYLWDWL
O
RU
UHDOL]DUHD
HD QX VH SRDWH UXS
WKHWZRRUJDQL]DWLRQVLQWHUIDFLQJZLWKXSSHUPDQDJHPHQWIXQFWLRQDOP
RUJDQL]DWLRQDOD D RUJDQL]DWLHL PDP
DJHUV FXVWRPHUV VXSSOLHUV
JURXSV
UHDOL]H]HLQWHUIDWDLQWUHFHOHGRX
DQGPDQ\ RWKHU RUJDQL]DWLL
FRODERUDQGFXPD
VXSHULRU
PDQDJHPHQWXO IXQFWLRQDO FOLHQ
,QLWLDOO\ LQVWDJH
W
WKH
KH SURMHFW
SODQQLQJ PDQDJHU ZLOO GHYHORS D
6WDWHPHQW
RI
:RUNWKDWFDQEHVKRZQWRSURMHFW ,QFHSDQG GLQ ID]D GH SODQLILFDUH
WHDPPHPEHUVDQGIXQF YD
WUHEXLVDVWDELOHDVFDR'HFODUDWL
HGH/XFUXSHFDUH
WLRQDOPDQDJHUVVRWKH\FDQXQGHUVWDQGZKDWWKHSURMHFWLVDOODERXW RYD
SUH]HQWDPHP
HFKLSHLSURLHFWXOXL DVWIHOLQFDW L
QDQVDPEOX D
ZLOO WKHQ EH D EDVLV IRU D :RUN %UHDNGRZQ 6WUXFWXUH ZKLFK VKRZV WKH
VDX
$FHVWDVH
YDFRQVWLWXLLQED]DSHQWUX
6WUXFWXU
D
GH6HSDUDUHSH
YLWDWL
GLIIHUHQW ZRUN SDFNDJHV WKDW PXVW EH DFFRPSOLVKHG WR DGYDQFH WRZDUG
ZRUNEUHDNGRZQVWUXFWXUHSULQFDU H
SURMHFW FRPSOHWLRQ $GGLWLRQDOO\ DQ 2UJDQL]DWLRQ
SDFKHWHW %UHDNGRZQ
GHOXFUXFH 6WUXFWXUH
UHEXLHVF D IL ILQDOL]DWH
SURLHFWXO
ZLOOEHGHYHORSHGWRVKRZZKRLVSURYLGLQJWKHZRUNWREHDFFRPSOLVKH
,
Q FRPSOHWDUH
6WUXFWXUD GH DFWL
YL
WDWL
6HSDUDUH
YD
:%6
VFRDW
HL
SH
Q
LQWKHGLIIHUHQWZRUNSDFNDJHV
FKDQJHVDUHPDGHE\WKHFXVWRPHU
,I
WKHVH H
YLGHQWD FHFDWHJRULLGHVSHFLDOLVW
SHQWUX
ILHFD
U
HDFWLYLW
SODQQLQJWRROVZLOOKDYHWREHFKDQJHGWRDFFRPPRGDWHWKHFKDQJHG6WDW
'DFD VXQWVROLFLWDWHPRGLILFDUL HD GH
PHQW
RI
:RUN 'HFODUDWLHL GH/XFUX
O!
2I
JUHDWLPSRUWDQFHDOVRLVWKHSURMHFW
PDQDJHU
V 'HRPDUHLPSRUWDQWDHVWHVLUROX
UROHDVWHDPEXLOGHU HFK
LSD
(DF
K
SURMHFW UHTXLUHV D WHDP N
WR
RQFRPH )LHFDUHSURLHFWQHFHVLWDRHFKLSD
WKH LQWR EHLQJ WR GR WKH ]
HDZRU
FWLYLWDWLOH
SURLHFWXO
XL
SURMHFW 7KHSURMHFW
RU
L
HQW DOOWHDP
PDQDJHUPXVW 0DQDJHUXOGHSURLHFW
PHPEHUVWRZDUGZKDW WUHEXL
H
VD
FRRUG
RQH
]HWRDWD SH
QWUX
UHDOL
HFKLSD
]
DUHD
WKHLUUROH LV LQ DFFRPSOLVKLQJ WKHWRWDO LQWUHJXOXL SURLHFW
SURMHFW FRQVW
(FKLSD
L
WXLWD
7KH LQLWLDO GHPDUDUHD
LQLWLDO
OD EX
WHDP
SURLHFWXOXL GR
DU
L
QFHSX
UHSUH]LWD
W
XO
3HPDVX
UDSURLH
FH FWX
O
DYDQV
HD]D
DW WKH L
QJ
RI
EHJLQQ
D SURMHFW
MXVW
WKDW
RQO\
LV EHJLQQLQJ
D
$V WKH
XQLL PHPEULLDLHFKLSHLLaLYRUIL
]D DFWLYLWDWLOHVLQQH
YRLH
SURMHFW PRYHV DORQJWRZDUG
VRPH WHDPHUVPHPE
FRPSOHWLRQ
ZLOO FRP
GH
HL
7RWXVL
QRLLSDUWLFLSDQWLFHYRUILL YRUILLQGUX
SOHWH WKHLUUHTXLUHPHQWV +RZHYHU
QHZ
DQGQR
SDUWLFL
ORQJHUEHQHHGHG
FD VD VDVL
SRDWD
LQGHSOLQHDVD UROXO FH OH
SDQWV ZLOO EH EURXJKW
RUL
HQWHG LQ
DV DQG
WR PXVW
WKHLU
EH
UROH LQ WKH
UHIRUPDUHD HFKLSHL VXQW WUXHYHQLPHQWH
PDQDJHUX
SURMHFW
7HDPEXL
OG
L
QJ
D
QGUHEXLOGLQJDUHHYHU\GD\HYHQWVIRUWKH
SUR
M
HFW SUR
L
HFW 8QLL HFKL
PHPEULL
S
HLSRW SDUWLFLSD
DL
LQWUHDJD
GXUDWD
SH D
PDQDJHU
6RPHWHDPPHPEHUVZLOOVWD\RQIRUWKHGXUDWLRQ
RI
WKHSURMHFW
SURLHFWXOXL
GDU
WRW
L
PHPEULL HFKLSHLSURLHFWXOX
VLL
ILHFDSDEL
EXWDOOPHPEHUVPXVWEHUHRULHQWHGDVVRPH
PHPEH
UVOHD
YHDQGRWKHUV
DUH VH
DGDSWH
]
HGLQ
PHU
V
HYROXWL
HL SURLHFWXOXL
FKLD
U
GDFDXQLL
UQHPE
UL
L
SO
HDFD
DGGHG
VLY DOWLL
LQ
3URMHFW
PDQDJHPHQW
D
SUDFWLFDO
DSSURDFK&KDSWHU
2YHUYLHZ
RI
3URMHFW
0DQDJHPHQW 0DQDJ
HPHQW
GH
SURLHFW
RDERUGDUH
SUDFWL
FD
&DSLWROXO
3ULYLUH
JHQHUDOD
DVXSUD
PDQDJ
HPHQW
XOXL
GH
SUR
LHFW
*HQHUDOLWLHV$ERXW3URMHFW0DQDJHPHQW
*HQ
H
UDO
L
WDWL
GHVSUH
0DQDJ
H
PHQWXO
GH
3URL
HF
W
$VYLHZHG
E\.HU]QHU
$VD FXPDUDWD .HU]QHUIXQFWLD G
WKHVWDIILQJIXQFWLRQLVDFFRPSOLVKHGE\IXQF
IXQFWLRQDODGHPDQDJHULFDUHFRQWU
FHUX
W
H
WLRQDO OLQH PDQDJHUV ZKR FRQWURO ZRUNHUV ZKRVH VSHFLDOWLHV PD\ EH
LQ PRGWHPSRUDUGH PDQDJHULLGHSU
UHTXLUHG WHPSRUDULO\ E\ SURMHFW PDQDJHUV 7KHVH SURMHFW PDQDJHUVKDYH
DX QHYRLH SHUPDQHQWD GH PDQDJHULL
ILQDOL]D
QRSHUPDQHQWQHHGIRUDQ\
RI
WKHIXQFWLRQDOPDQDJHU
V SHUVRQQHOEHFDXVH
U ,Q
PDQDJHULLGHSURLHFWQXPDLDXQHY
SH
VRQDO
SOXV
RQFHWKHSURMHFWKDV EHHQFRPSOHWHGWKHSURMHFW PDQDJHUVKDYHQRQHH
PXOWLVSHFLDOLVWLYRULQGHSOLQLVD,Q
IRU DQ\ SHUVRQQHO )XUWKHUPRUH PDQ\ IXQFWLRQDO VSHFLDOLVW ZLOO DFFR
WHUPHQGH]LOHVDXVDSWDPDQLFD
DSR
L
VDVHDGUHVH]HPDQD
SOLVKZKDWWKHSURMHFWPDQDJHUQHHGVLQDPDWWHU
RI
GD\VRUZHHNVDQGFDQ
ILQDOL]DUHDSURLHFWXOXL0DQDJHPHQ
āaEH UHWXUQHGWRWKHIXQFWLRQDOPDQDJHU3URMHFWPDQDJHPHQWLVDQHIILF
LQ XWLOL]DUHD SHUVRQDOXOXL VSHFLDO
ZD\
RI
SXWWLQJ VSHFLDOL]HGSHUVRQQHORQDSURMHFWRQO\IRUWKHWLPHWKHD
FDUHVHUHDOL]HD]D
SUR
LHFWXO FDGXSDILQDOL]DUHD
QHHGHG DQG UHWXUQLQJ WKHP WR WKHLU IXQFWLRQDO
VHIXOORU
IXQF
W ERVV ZKHQ WKH
LRQDO FDQGPDQDJHUXO SURMHF
GH SURL
PDQDJHU QR ORQJHU QHHGV WKHP
3URLHFWHOHSHWHUPHQVFXUWSRWQ
PXOW
%\ VKRUWWHUP
SURMHFW
ZH PD\ EH
VL
[
UHTXLULQJ
PRQWKV
RQH
\HDU
GDULQGDWDFHSURLHFWXOHVWH
ILQDOL]
D
W
RUJ
D
QL]
D
WLDSURLHFWXOXL
YDIL
GL
]R
OYDWD
HYHQ PRUH WLPH EXW HYHQWXDOO\ WKH SURMHFW ZLOO EH FRPSOHWHG
'DFDXQSURLHFWSHWHUPHQOXQJUHDODQG
G WK
U
,I
SURMHFW RUJDQL]DWLRQ
D ORQJ
ZLOOEH
WHUPSURMHFW
GLVVROYHG
SURGXFHV
D
SHQWUXFRPSDQLH
FHFRQVXPDUHVXUVHWRWWLPS
RUJDQL]DWLDSUR
SURGXFWWKDWEHFRPHVDFRPSDQ\VWDQGDUGFRQVXPLQJUHVRXUFHV
IXOO
WLPH YDWUDQVIRUPDLQWURGLYL]LHDFRP
WKH SURMHFW
LRQ ZLOO
RUJDQL]DW
EH FKDQJHGWR D FRPSDQ\ GLYLVLRQ ZLWK LWV
,QIDSWDFHDVWDHVWHGLIHUHQWDIX
RZQ IXQFWLRQDO
KLHUDUFK\
VL0DQDJ
H
PHQWXO )LUPHL
+DUROG
]QHUProject
.HU Management: A Systems Approach to Planning,
+DUROG.HU]QHU Project Management: A Systems Approach to Planning,
Scheduling, and Controlling, KHG
1HZ <RUN-RKQ
:LOH\ 6RQV
,QF Scheduling, and Controlling, K
HG
1HZ <RUN-RKQ \
6RQV
,Q
:LOH
F
38 3URMHFW
PDQDJHPHQW
D
SUDFWLFDODSSURDFK
&KDSWHU
2YHUYLHZ
RI
3URMHFW
0DQDJHPHQW 0DQ
DJHPHQW
GH
SURLHFW
R
DE
RUG
DUH
SUDFWL
FD
&DSLWROXO
3ULYLU
H
JHQ
HUDOD
DVXS
UD
PDQDJ
HPHQ
WXO
XL
GH
SURLHFW
+LVWRU\
RI
3URMHFW0DQDJHPHQW
,VW
RUL
D
0DQDJH
PHQ
W
XOXL
GH
3URLHF
W
,QWKH SODQQLQJ
LQLWLDO
WKHFRVW HVWLPDWHV
RI
EHWZHHQ ELOOLRQ
ZHUH LQ
SODQLILFDUHD
LQ
LW
L
DOV
FRVWXULOH
HV
WLPDW
HHUDXLQWUH
PLOLD
UGHVL
PLOLDUGH 86'
DQG ELOOLRQ $IWHU WKH SURJUDP ZDV ILUPO\ HVWDEOLVKHG WKH HVWLPDW'XSD FH SURJUDPXO
HVWLP
D
ULOHHUDX D
ZHUH FORVHU 2I
WR
WKH
ELOOLRQ
PRQH\ VSHQW DSSUR[LPDWHO\ D
SURDSH GH PLOLDUGH
SHUFHQW FKHOWXLWH
D86'
SUR[LPDWL
Y
'LQ DX
VXP
IRV
W
F KHOWXLWH
GH
LQGXVWULD
GLQ
ZDV VSHQW E\ SULYDWH LQGXVWU\ DQG SHUFHQW LQ *RYHUQPHQW RSHUDWLRQV GRPHQLXO
SULYD
WVL
GL
QIRQGXUL
$WKH
WKH
L
JKW
RI
WKH GHYHORSPHQW WKHUH HPSOR\ZHUH
JXYHPDPHQWDOH
JRYHUQPHQW SURJUDPXOXL
/D
HDSRJHXO
UDX DQJDMD
HH
V
DQG SULYDWH LQGXVWU\ $SR
OOR
3ULYDWH PHQWDOL VL
SHUVRQQHO ZRUNLQJ RQ DQJDMDWL GLQGRPHQ
FRQWUDFWRUV LQGLYLGXD
ZRUNLQJ
O
SURMHFWV
UHSRUWHG
RQ WRJRYHUQPHQW PXO $SROOR
SURMHFW &RQWUDFWRUL GLQ GRPHQLX
GXDOH
UDSRUWDX
PDQDJHUV ZKLOH WKH $SROOR 3URJUDP RIILFH KHDGHG E\ 'U :HUQHU PDQDJHULORU GHSURLHFW
YRQ
%UDXQ LQWHJUDWHG
RI
WKH SURMHFWV
DOO WRJHWKHU WR EULQJ GH &RRUGRQDUH
DERXW WKH DO 3URJUDPXOXL
XOWLPDWH %UDXQ
$SROOR
UHVXOW
RI
6DWXUQ
6DWXUQ O%DQGRI 6DWXUQ
ZKLFK DXLQWHJUDW
96DWXUQ
IOLJKWV WRDWH DFHVWHSURLHFWH
UHDOL
]DUHD DGH DY
FXUDFKHWH
9V ODQGHG PHQ RQ WKH PRRQ DQG EURXJKW WKHP KRPH VDIHO\ % VL6DWXUQ
6DWXUQ
9
DVHOHQL]DUHD RPXOXLS
'U 5HHV FRQFOXGHG KLV SUHVHQWDWLRQ DFHVWRUD
ZLWK D LQ VLJXUDQWD SH
GHFODUDWLRQ SDPDQW
DERXW WKH
DSSURSULDWH VWUXFWXUH IRU VXFK D ODUJH SURJUDP 'U 5HHV FRQFOX]LRQHD]D SUH]HQWDU
SULYLQG
:KLOH FHQWUDOL]HG SURJUDP RI
SULPH
PDQDJHPHQWVWUXFWXUD DGHFYDWD
KDV PDQ\ YDOXHV XQXL SURJUDP DVD
XQGHUJLUGLQJ LPSRUWDQFH RI
DOO UHVSRQVLELOLW\
LV WKH DVVLJQPHQW -QWLPS FHPDQDJHPHQWXO
WR VLQJOH D U
H
SURJUDPHORU
PXOWH
YDOR
UL
RUJDQL]DWLRQDOPDQDJHPHQW VWUXFWXUHVS\UDPLGLQJ
SHUVR FDUH
LQ FHD PDL PDUH LPSRUWDQWD
LQWRDVLQJOHVWURQJ R DUH
QDOLW\SUHY
HQWV
7KLV IUDJPHQWLQJ YLWDO UHVSRQVLELOLW\ R VLQJXUD PDQDJHULDODRUJDQL]
VWUXFWXUD
DPRQJ DWLRQDODGH WLS
QXPHURXV LQWH
SLU
LQGLYLGXDOV ZLWK RI
WLPH
PDWWHQGDQW
RQH\
PDQSRZHUORVV JUHD]D
DQG WHFKQLFDO WRWXO VXE
SHUVRQDOLW
FRPDQGD
D
WL
SXWHUQLFH
$FHDVWD
XQHL
SUH YLQH
SURJ
UHVV
2I
FRXUVH UHVSRQVLELOLW\
ZLWKWKH PDQDJHU PXVW KDYH IUDJPHQWD
U
HDUHVSRQVDELOLWDWLORU
FRP YLWDOH
EDQL F
PHQVXUDWH DXWKRULW\
WHFKQLFDO
ILQDQFLDO
WR
SURGXFWLRQ
UHVROYH IRUWDGH
PXQFD
DQG RWKHU
VDXSURJUHV WHKQLF PDQDJHUX
'HVLJXU
O
WU
HEXLHDLED
VD
R
DXWRULWDWH
DGHYDWD
F SHQWUX
D
UH
]RO
YDSUREOHPH
WHKQLF
H
SUREOHPV WKDW UHTXLUH V FRRUGLQDWLRQ
HSDUDWH FKDQQHOV DQG DSSURYDO
DW LQ
ILQDQFLDUH
SURGXFWLH
SUHFXP
VLGH VLDOWHSUREOHPH
GLIIHUHQW
HFKHORQV
$QG KHPXVW
FOHDU
FRQFLVH
KDYH RIFRPPX
FKDQQHOV
V
L DSUREDUHD SH FDQDOH7U VHSDUDWH
HEXLH
VD DLED
GH OD
QLFDWLRQV IORZLQJ LQ DOO GLUHFWLRQV
D
VHPHQHD FDQDOH GH RULHQWDWH
FRPXQLFDWLL
GLUHFWLLOH
LQ WRDWH
FODUH
a :LWK WKHVH WRROV SURJUDP D
OO
PDQDJHPHQW
WKH FDQ EULQJ WR EHDU
&X DVWIHO
LQVWUXPHQWH
GH
PDQDJHPHQWXO
SURJUDP
SRDWH
GH VD EH
FDSDE
L
OLWLHV
WHFKQRORJLFDO
VRFLRORJLFDO
HFRQRPLF RU ZKDWHYHU XSRQ DQ\
ILFLH]HGHWRDWHFDSDELOLWDWLOH
WHKQRORJLF
H
VRFLRORJLF
H
HFRQRPLFH
LQGLIHUHQ
W
SURMHFW DQG V\VWHPV SUREOHPEH KRZHYHU
ODUJH
GH
SURLHF
W RU
VDX FRPSOH[
SUREOHPH
V
LVWHP
RU
L
FLWLW
GH PLJKW
GHFRPSOH
PDUL
[HD
UIL
VL
$SROOR
6XPPDU\
5H]XPDW
$SROO
R
ZRXOG EH HQX
,W GLIILFXOW
QFLDWHVXPP
DEHWWHU
WR
DWLRQ
W
KDQ WKDW SUR
$U IL GLILFLO
GHF
VDHQXQWL
DW FHHD
F
HDILUPDW
D 'U
PDL
(EH
UKD
UG
ELQH
YLGHG E\ 'U
5HHV
EXW
(EHUKDUG
ZH ZLOO WU\ WR DGG5HHV
VRPH
GDU
Y LGHDV
RP FDXWD
D WR WKH
GDXJDP
VD FDWHYD
OD FHOH
PHQW
L
RLGHL
QDWH
DQW
HU
LRU
DERYH
WKRXJKWV
:H ZDQW WR HPSKDVL]H WKDW SURMHFW PDQDJHPHQW
FD
'RULP VDVXEOLQLHP HQFRP
PDQDJHPHQWXO
IDSWXO
LPS
O
LFD
GHSURLHFW
RDFWLY
SDVVHV DQ DFWLYLW\
XQLTXH
LPSRUWDQW
DQG
WKDW
ILQLWH
LV XVX
LQ
GXUDWLRQ ,W
FHHVWHXQLFD LPSRUWDQWD VLILQLWD
DOO\LVFKDUDFWHUL]HG
RI
WLPHE\WKHFRQVWUDLQWV
IRUDFFRPSOLVKPHQW DPRXQW
GHFRQVWUDQJHUL GHWLPS
SURLHFWXOXL
FDQWLWDWHD
SHQWUX UHDOGH
RI
UHVRXUFHV DYDLODEOH DQG VSHFLILFDWLRQV IRU LWV RXWFRPH
GLVSRQLELOH VL VSHFLILFLWDWHD UH]XO
2
'U (EHUKDUG
3URMHFW
5HHV
6\VW
H
PV
DQG
0DQDJHPHQW
&,
26
0DQ
DJHPHQ
W 'U (EHUKDUG
5HHV
3URMHF
W
D
QG
6\VWHP
V
0DQDJH
PHQW
&,26
0D
QDJHPHQW
&RQJU
HVV
;9,
0XQLFK
&RQJUH
VV
;9,
0XQLFK
3URM
HFW
PDQDJHP
HQW
D
SUDFWLFDO
DSSURD
FK
&KDSW
HU
2YHUYLHZ
RI
3URMHFW
0DQDJHPHQW 0DQDJHPH
QW
GH
SURL
HFW
R
DE
RUG
DUH
SUD
FWLFD
&DSLWROXO
3ULYLU
H
JHQHUDO
D
DVXS
UD
PDQDJHPH
QWX
OXL
GH
SURLHFW
&((73
&((73
V SH
GD
/HQHVQD $PDQGD
/HQHV
GH OD ,QVWLWXWXO (VW 9HV
(DVW
:HVW LQVWLWXWH
LI
6RURV ZRXOG
WR SURMHF
VHHW
IXQGWKH
0V/HQHV ZDV DFHDVWD GDWDSURSXQHUHD
VD GRYHGLW SUL
PLWD
DILELQH
)XQGDWLD
6RURV
ILL
QG
LQWHUHVWHG
DVNH
G WKDW
DQG DSURSRVDO EH VHQW WR GH DFRUG
KHU VD
7KH VXSRUWH
QHZ aL
DVLJ
SURSRVDO XFRVWXULOH
UDUHDWKH PHGLFDOD
SHQ
WUX
FDODW
SURMHFW PDQDJHU ZURWH ZDV VXFFHVVIXO LQWHUQL
DQG 6RURV DJUHHG WRSURYLGH DLUIDU
$W WKDW
WL
PH
WKH
SUR
MHFW
PDQDJH
U
ZHQW EDFN WR +XQWVYLOOH WR
,Q DUUDQJH
DFHHDVL
SH
ULRDGD
PDQDJ
HUXO GH V
D
SURLHFW
LQWRUV OD +
ORGJLQJ
JURXQGWUD
QVSR
UWDWLRQ
FQRIL
UPDWLRQ
FRPSDQL
WR
HV
W
KDWL
QWHUQV SH
QWUXD
IDF
HDUDQMDPHQ
W
HO
HGH
FD]D
UH
WUDQVSRUWXO
VXSUDIDWD
FRQILUPD
GH
UH
D
ZRXOGEHLQ
WKH
LU
FRPSDQLHVLQ
)HEUXD
U\
WR
RUJDQL
]
HDRQ
HZHHN
RUL
HQWDW
LRQ
SUL
PLULL
L
QFR
PSDQL
L
LQ)HE
UXDULH
SH
RGXUD
W
DGH
RVDSWDPD
Q
D VL
DQG
DUUD
WR
QJHVHY
HUD
O
VRFL
DO
IXQ
FWL
RQV
0HDQZ
KLO
H WKH IRXQ6RURV
GDWLRQ DUDQ
MDPHQWHDFWLY
SHQWUX
LWDW
L LQ
VRFLD
O
H DF
HODVL
W
LPS
)XQGDWLD 6RU
DUUDQJHG IRUY WKH
LVDV LQWHUQV
WR FRPH
86
DQG
WR
WRWREX\
JHW
WK
HWKH
LU IDFXW GHPHUVXULOH YL] HLQHFHVDUH
GHLQWUDUH
V
LF
XPSD
REWLQHULL
U
DUHD
LQ68
DLUOLQH WLFNHWV ELOH
W
HORU
3URMHFW
PDQDJHPHQW
D
SUDFWLFDO
DSSURDFK
&KDSWHU
2YHUYL
HZ
RI
3URM
HFW 0DQDJHPHQW 0DQD
JHPH
QW
GH
SURL
HFW
R
DE
RUG
DUH
SUDFW
LFD
&DSLW
ROXO
3ULY
LUH
JHQ
HUDOD
DVXS
UD
PDQDJH
PHQWXO
XLGH
SUR
LHF
W
VDSSURYDO
WKHSURMHFW PDQDJHU WRJH
W
KHUEHJDQSURSXQHUH
SH
QWUXXQSURJUDP&((73FXDFHO
SXWWLQJ
D
SURSRVDO &((73 IRU
ZKLFK KDG DERXW UH
TXLUHPHQWV
WKH VDPH
DV L
D
(O
WHOHIRQDW $PDQGHL
YDGD GDFD
)XQGD
/HQHVV
WLD 6RURV
GRUHVW
VD
H
&((73+H SKRQHG $PDQGD LI
6RURV
/HQHVV ZRXOG
WR VHH VD
GHYL QD
DJDLQ EH D GLQ
SDUWHQ
HU
QRX
( DD
DFFHSWDW FRQGLWL
L
FX
LQWUH
LQWH
UQL
VD
ILH
V
LSURIHVRUL
GHDIDFHUL
V
LQXPDUXO LQWHPLORU
ILH 'RXD ]
HFL VD
VL
SDUWQHU
6KH DJUHHG
EXW
ZLWK WZR VWLSXODWLRQV
WKDW WKH LQWHUQV ZRXOG
SDWUX 0DQDJHUXO GH V
HSDQLFKH
SURLHFW
]H
6D FRQGXFL
DXQ
LQFHS
LQFOXGH EXVLQVRPH
H
VV HGXFDWRUV
D QG
WKDW QXPWKH
EHUR
I
LQWH
UQ
VZRXOG SURL HFWFX
RDPHQ
LD IRVWJUHD R
VDUFLQD
FXPSXWHYRLDVD
FRQGXF XQ
EH 7ZHQW\IRXU PDQDJHU
VWDUWHG
7KH
SDQLF
SURMHFW
+DQGOLQJ
WR ILYH
SURLHFW
FX
GH
RUL PX
PDL
OWLRDPHQL"
$SRL
HO
V
DJDQGLW GD F
DD
FD
DYXW
ZDV DODUJH
WDVN
KRZ FDQ,KDQGOH PDQ\ "
7KHQ
ILYHWLPHV
KHUHDVRQHG DV
VXFFHV XQSURJUDP
FX SDUWLFLSDQWL
FX
YD IL FDSDELO PDL VD
WKDW VLQFH KH KDG VXFFHVVIXOO\ ILYH
KH JRQH WKURXJK
PXOWL (O WKH
LL YD SURJUDP
SXWHD ZLWK
DGXFH
LQ GRXD
VKRXOG EH DEOH WR KDQGOH PRUH RI
+HFRXOG EULQJ WKHP LQ WZR FRKRUWV
HDFK 3HQWUX DFHVW OXFUXPDQDJHUXO GHS
FRPSDQLL FDUHVDDFFHSWHSDUWLFLSDUH
+HWKU
HZRXW QHW
WKHWR JHW IU
RP
DFFHSWDQFH
PRUH
FRPSDQLH
V
:LWK SH
FDUHDDYXWR
GDW
RUL
WD
Y HFKLXOXL
SUR
L
HFW
HOD
IRV
WFDSDELOVD
JDVHDVFD
WKH JRRG SXEOLFLW\ JRWWHQ WKH
KH
SUHYLRXV
ZDV DEOH SURMHFW
HQWLFH
FRPSDQLLKDG FDUH VD SULPHDVFDLQ
W
HUQL DIDFHUL
LQ
L
DU
SHQWUX
GH VW
3URMHFW
PDQDJHPHQW
D
SUDF
WL
FDO
DSSURDFK
&KDSWHU
2YHUYLHZ
RI
3URMHFW
0DQDJHPHQW 0DQD
JHPHQW
GH
SUR
LHF
W
R
DER
UGDUH
SUDFWL
FD
&DSLWROXO
3UL
YLUH
JHQHUDOD
DVXSU
DPD
QDJ
HPHQWX
OXL
GH
SUR
LHF
W
WZHOYHFRPSDQLHVWRWDNHEXVLQHVVLQWHUQVZKLOHIRXUEXVLQHVVHGXFD
FHLSDW
UX
SURIHVR
U
LGH
DIDFHU
L
GLQ 5RPDQLD
V
D
VDE
WLL
W
O VD ILH SUL
ZRXOG LQWHUQ
8$+7KLV
DWSURSRVDO ZDV IXQGHG
E\
FDWU
H$+86,$
8$FHDVWD
IRU QHUH
SURSX
SUR
GH
LHFW D IRVWGH 86,$
ILQDQW
F
ZKLFKLQFOXGHG RYHUKHDGIRU8$+ 86' FDUH LQFOXGHDX
7KDWPDGH8$+KDSSLHU6RURV SHQWUX
8$+
FKHOW
DJDLQ SURYLGHG DLUIDUH DQG PHGLFDO$FHD V
WD DIDFXW
LQVXUDQFH VLL
ILHPDLIHULFLWD
IRU FD8$+
WKH )XQGDWL
D
6RURVD
LQWHUQVDVLJXUDW GH
DVHPHQHD
FKHOWXLHOLOHFXWUDQVSRUWXO
DHUL
D
QVLDVLJXUDUHDP
FDOD
SHQWUX
LQWHUQL
:LWKVRPDQ\ LQWHUQVWREHFKRVHQWKHSURMHFW PDQDJHUKDGZULWWHQ
LQWRWKHSURSRVDOWKDWWKHLQWHUQVZRXOGEHVHOHFWHGLQDFRPSHWLWLYH
)UHH
0DUNHW 0DQDJHPHQW:RUNVKRSLQ%XFKDUHVW &XDWDWGHPXOWLLQWHUQLGHVHOH
6RURV DGYHUWLVHG WKHSUR
JUDP DQGDORQJZ
L
WK WZR 5RPDQLDQEXVLQHVV GHSURLHFWDVFULV
R
RIHUWDSULQFDUHLQFDGUXO
FDQ HGXFDWRUVVHOHFWHGWKH
PHQWSHQWUX OLEHUD
OD
SLDWD
GLGDWHVWRSDUWLFLSDWHLQWKHZRUNVKRS7KHSURMHFWPDQDJHUDQGWZRR FDUH VD IDFXWSXEOL
8$+ SURIHVVRUV ZHQW WR
%XFKDUHVW
WR FRQGXFW 6RURV
LQ
WKH
W LQXWOD
%XFXUHVWL
'HFHPEHU
D XIRVWFKHPDWLFDQGLGDW
JHUXO
ZRUNVKRSDQG VHOHFW WKH PDQDJHUVDQGEXVLQHVV GH SURLHFW VL DOWL GRL SURI
HGXFDWRUVWREHFRPH
LQWHUQV
7KH\ KHOGWKH FODVVZLWKWKHP
VHOHFWHG 'HFHPEULHSHQWUXDFRQGXFHZR
FDQGLGDWHV DQGIURP
VLSURIHVRULGLQDIDFHULSHQWUXD
WKHWRFRPHWR+XQWVYLOOH7KLVWLPH
KDOIRI
WKHFDQGLGDWHVZHUHPDOH
GHFDQGLGDWLGLQWUHFDUHDXVHOHFW
KDOI
IHPDOH
+DOIRI
WKH FDQGLGDWHVZHUHIURP%XFKDUHVW
KDOI
IURPRWKHU
GDWDMXPDWDWH GLQ FDQGLGDWL IHPHL
-XPDWDWH
HUDX E
FLWLHV
GLQ FDQGLGDWL %XFXUHVWL
HUDXGLQ
MXPDWDWH GLQ DOWH HU
,Q 0DUFK
5RPDQLDQ PDQDJHUV DQG EXVLQHVV ,Q
0DUWLH
HGXFDWRUV
PDQDJHUL URPDQL DIDF
H
ULDX
VL
IOHZWR
7
+XQWVYLOOH
KHSURJUDP WKH\ IROORZHGZDVWKH ]EXUDW ODVDPH
DVWKDWXQ
3URJUDPXO
+XQWVYLOOH SH FDUH DXXU
GHUWDNHQ SUHYLRXV
E\
\HDU
V
WKH
LQWHUQV RI
RQH
RULHQWDWLRQ
ZHHN W
L IRXU
QXW LQ DQXO SUHFHGHQW VDSWDPLQD
GHSUHGDUH
FHLODOWL
GH
ZHHNV LQ FRPSDQLHV RU ZLWK 8$+ 8SRQ WKHLU GHSDUWXUH LQ $SULO
VDSWDPDQLODFRPSDQLLVDXOD8 DSULOLH
WKH\
HLDXIR $+
ZHUHUHSODFHGE\
PRUHPDQDJHUV DQG PRUH EXVLQHVV L HGXFDWRUV$OO
QORFXLWL GHV L
DOWL
D
OWL GRLSURIHVRUL
PDQDJHUL GH
ZHQW VPRRWKO\XQWLO GHSDUWXUH WLPH ZKHQ LW ZDV UHYHDOHG WKDW RQH OD
EXVLQHVVPDQDJHULQWHUQKDG
MXVW
PDUULHGDQ$PHULFDQ+LJK6FKRROWHDFKHU
7RWXOD GHFXUVIRDUWH
ELQH
SDQDOD WLPSXOSOHFDU
DQG UHIXVHG WR JR
7KLVEDFN
HQWDLOHG
WR 5RPDQLD
86,$
UHSRUWV WR WKH
RGRDPQDPDQDJHUWRFPDLVDPDULWD
86
,PPLJUDWLRQ 6HUYLFH
DQG
DQG
6RURV
1DWXUDOL]DWLRQ
1RWKLQJ PRUHUHIX]D VDVH LQWRDUFD
$FHDVWD D LQ LQVHPQDWU
5RPDQLD
86,$
FRXOG EH GRQH DQG VKH LV VWLOO OLYLQJ LQ +XQWVYLOOH
6HUYLFLXOGH1DWXUDOL]DUH
,PLJUD
U
H DOWKRXJK
VL)XQGDWLD
6RURV VKH GLG
1X VDPDL
VL
KRPH
W
R ODVL WR 3K
'
FRPSOHWH
VKH KDGD DOPRVW ILQLVKHG
IDFH EHIRUH
QLPLF
WKH
HDLQFDORFXLHVWH
LQ
+XQWVYLOOH
FXWRDWH LQWRU
V
SHQWUX
FDVDR
LQWHUQVKLS
SHULRDGDDFDVDOD,DVLSHQWUX
SH FDUHDVL
LL
LQFHSXVHLQDLQWH GH 68$VWDGLXOGH
VWD
$VLGH IURP WKLV
WKH
XQIRUHVHHQ
LQWHUQVKLSV
YH
U\ KDG3H
DFWLRQ ODQJD DFHVW HYHQLPHQWQHSUHYD
EHHQ UH
VXFFHV
VXFFHVVIXOZHQ DQG
W
EDFN
WRLQWHUQV
5RPDQLD WR XVH VL
LQ
GH
WHUQL
V
DX LQWRUV
WKHLUQHZ L
Q5RPD
IRXQG QL
D SHQWUX
D
VLXWLOL]
D
FXQRVWLLQ
W
HOH
NQRZOHGJH
RIIUHHPDUNHW PDQDJHPHQW GHVSUH
PDQDJHP
H
QWXO LQ
LD
GH
HFRQRP
SLDWD
:LWK OLWWOHKRSH
RI
JHWWLQJ DQRWKHUSURMHFW
WKHSURMHFW
PDQ
&XSXWLQHVSHUDQWHLQREWLQHUHDX
IXQGHG ILQDQWDU
L
PDQDJHUXOGH
DJHUVZHQWWKURXJKWKH
RI DUHOXDWSURFHGXUDFRQWDFWDULLFRPS
FRQWDFWLQJFRPSDQLHVWRWDNHLQWHUQVDQG
ULWXDO
8$+
8QL
YH
UV
LW\
L RI
$ODEDPD
+XQWV
YLOOH
8QLYHUVLWDWHD
$O
D
EDPD
+XQWV
GLQ
YLOOH 8$+8QLYHULVL
W\
RI
$ODE
D
PD
+XQW
VY
LOOH8QL
YH
U
VLWDWH
D
GLQ
$ODE
DPD
+XQW
VYLOOH
3URMHFW
PDQDJHPHQW
D
SUDFWL
FDO
DSSURDFK
&KDSW
HU
2YHUYLHZ
RI
3URMHFW
0DQDJHPHQW 0DQ
DJHPHQ
WGH
SUR
LHFW
R
DERUGDUH
SUDF
WLF
D
DSL
&W
ROXO
3UL
YLU
H
JHQH
UDOD
DVXSU
D
PDQDJ
HPHQWX
OXL
GH
SUR
LHFW
JHWWLQJRI
DFFHSWDQFH
OHWWHUV V
FUL
IURP WKHP WR DSSHQG VRUL
D
WRFF
GH
HSWDUH
KLV GH
OD
HL
SHQWUX
&((73D
VXV
W
LQH
RIH
SURUWD
GHSUR
JUDP &((73
SRVDO :RXOG WKH 86,$ RI
GHQ\
WKH
GHIHFWLRQ 9D
KLVSURSRVDO
"GLG
,W UHVSLQJH
86,$ SURSXQHUHD
EHFDXVH FDX]
D
HYHQLPHQWXOXL
GLQF
XPDU
LWLV
XO
QRW
IDFW
LQ
LW DZDUGHG WKH
SURSRVDO
ZKLFK ZDV
GRDPQHL PDQDJHU
PRUH WKDQ KDG GLQ5RPDQLD"
D
UHVSLQV
ED
PDL
PXOW
D
YD
,QIDSW
O LGD
W
ILQDQWDUHD
RTRGH
86'PD
FDUH
L
PXOWHUD
VGHFDW
D
FHUX
W
EHHQ UHTXHVWHG
'LQQRX
)XQGDWLD 6RURV D IDFXW V
LPDQDJHUXO
UHFODP
$JDLQ
6RURV DGYHUWLVHG WKH SURJUDP DQG WKH SURMHFW
GHSURLHFW PDQDJHU WRRN
DVROLFLWDW SURIHVRUL
XQ
ZRUNVKRS
WZR 8$+ SURIHVVRUV WR FRQGXFW D IUHH PDUNHW
GH PDQDJHPHQW
PDQDJHPHQW
%XFXUHVWL
OD ZRUNVKRS LQ
%XF KDUHVW
7KH\ DJDLQ VHOHFWHG LQWHUQV IURP WKH FDQGLGDWHV ZKR
DWWHQGHG WKH $JDLQ
ZRUNVKRS
KDO
IZHUH
PDOH
KDOI
IHPDOH
KDOI
IURP (LDX
UH
XVLW VHOHFWLRQH]
VD H GH DVHPHQHD GH LQ
%XFKDUHVW
KDOI
IURPRWKHUFLWLHV 7KH ILUVWJURXS FDQGLGDWL FDUH
FDPH HDUO\ZRUNVKRS
DX
'SDUWLFLSDW
LQ QRX HUDXMXPDW
LQ6HSWHPEHU OD
MXPDWDWH MXPDWDWH
IHPHL GLQ %XFXUHVWLHUDVH
3ULPXO
MXPDW
WKH VHFRQG LQ PLG2FWREHU
JUXS D YHQLW OD LQFHSXWXO OXL 6HSWH
2FWRPEULH
$W WKHRI
RULHQWDWLRQ
HQG ZHHN D VHYHUH EORZ IHOO XSRQ WKH SURMHFW
PDQDJHU RI
WKH
2QH
FRPSDQLHV WKDW KDG DJUHHG/DVIDUVLWXO
WR WDNH WZRVWDJLXOXL
LQWHUQV
VDSWDPDQD
GHSUHJDWLU PDQ
0RWRUROD LQIRUPHGLW WKH
FRXOG
SURMHFW
QRW WDNH GHLQWHUQV
PDQDJHU
DQ\ SURLHFW DSULPLW
WKDW FRPSDQLL
RYHVWH
0RWRUROD UHDD8Q
U
VD SULPHDVFD
FDVHU
LQWHUQL
YLFLXO
GHVSLWH WKH SOHGJH WR GR VR 7KH ORFDO KXPDQ UHVRXUFH PDQDJHU FODLPHG GH
SHFRPSDQLH
SHUVRQDO
PRWLY
LD
WKDW WKH FRPSDQ\ ZDV XQGHUWDNLQJ DUHGXFWLRQ DUDWDW FD QX
LQ SRDWH
IRUFH SULPL
DQG LQWHUQL
FRXOG SHULRDG
D GL
QRWWDNH
LQ FDUH
WULP
L
WDQJDMDWL 3UREOHP
LQDD
VRUQDM
IRVW UH]ROYDWD
DWUDJHUH
D
LQWHUQV ZDV
ZKHQ
FXWWLQJ
LW RXWUHJXODU ZRUNHUV 7KHSUREOHP ZDV KDQGOHG
D GRXD QRL FRPSDQLL
DSULPL
LQWHUQ
L
GDU
SHQWUX
DIRVW XQ VRF
E\ JHWW
L
QJ WZR RWKHU FRPSDQLHV
LQWHUQV
EXW
LW
ZDVWR
DVKRFN
WDNH WR WKH
VLVWHPXO PDQDJHUXOXL GH SURLHFW
SURMHFW PDQDJHU
V V\VWHP
7RWL FHL LQWRUV
GHLQ
5RPDQLD
LQWHUQL OD VDX
VWDJLXO
WHUPLQD
XL
$OO LQWHUQV UHWXUQHG WR5RPDQLD VL DX PHQWLRQDW
DIWHU H
YDOXD
U
WKHLUHD F
ORU
DDX
LQIRVW
IRDUW
LQWHUQVKLSV H
VDWVIDFX
W
L
GHH[
DQGSHULH
QWD L
VDLG
WKHLU HYDOXDWLRQ WKDW WKH\ ZHUH YHU\ FDSDWDWD
VDWLVILHG ZLWK WKH H[SHULHQFH $W
SRLQW
WKH SURMHFW KDG WUDLQHG 5RPDQLDQ PDQDJHPHQW LQWHUQV
5HXQLXQHDLQWHUQLORU
,QWHUQ5HXQLRQ
LQ
WLPS FH VFULD DFHVWDFWL
YLWDWH
UDSRUW
PDQDJHUXO
GH GX
D
SULPLW GRXD UHD
VL
YHVWL
XQD EXQDXQD
UHD
HUD
9HVWHD
LQ
FD
YLLWRUXO
:KLOH ZULWLQJ UHSRUW
KLV
WKHSURMHFW
DIWHUDFWLRQ PDQDJHU DZDVJUHHWHG
SURSLDW
&RQJUHVXO 68$QX YD ILQDQDWD SUR
ZLWK WZRRI
QHZV
SLHFHV
7KH EDG WKDW
QHZV
WKH ZDV
&RQJUHVV ZRXOG
PDLQRW
SXWHD GHUXOD QLFL 86,$
XQ
9HVWHD
SURJUDP
EXQ
DHUD FX
IXQG
&((73
D SURJUDP
VR WKHUH ZRXOG EH QR IXUWKHU FD DULQWHUQ
DPDV
PDL
V R SURJUDPV
XPD GH FDWHYD PLL LQ
SURJ
GHUDPXO
86' QH
IURP 86,$ 7KH JRRG QHZV ZDV QR
WKDW
W VHYHUDO
&((73
(OWKRXVDQG
VD JUDELW GROODUV
VDYDGD KDG
SRW
IL
GDFD
XWLOL
]DW
HIRQG
EHHQ VSHQW&(( LQ
73
H[HFXWLQJ
+H VZXQJ LQWR VHH
LI
WK
DFWLRQ
H SHQWUX
WR ILQDQWDUHD
D
XQHL UHXQLXQL
DWLQHULORU
SDUWLFLSDQW
L
O
DSURJUDPH
OH
XQVSHQW IXQGV FRXOG RI
WKH
EH XVHG
&((73IRU &((73
LQWHUQV
D UHXQLRQ SHQWUX D YHGHD FXP D HYROXDW
WR VHH
KRZ WKHLUZHUH
FDUHHUV
JRLQJ DQG WR FRPSDUH WKHP FDUH
ZLWKQX
DDXSURJUDP
EHQHILFLDW
VLPLODU5HVSRQVDELOLL
JURXS GH GH OD
PDQDJHUXOXLGHSURLHFWVDWULPLWDR
RI
PD
QDJHUV ZKR KDG QRW KDG DQ LQWHUQVKLS +LV FRQWDFW
GH SURLHFW DW86,$
D LQWRFPLW UHSOLHG
RSURSXQHUH X
, WKLQN
VR
VHQGSURSRVDO
PH D
,Q WZR
ZHHNV
KH IRUZDUGHG DSURSRVDO
VWDJLDULLQ OD
0DL
%XFXUHVWL
SURSXQHUH
HODERUDW
RLQ
GRXD
SH FDU
WR EULQJ
W
KH
LQW
H
UQV WRJHWKHU 0D\
LQ
%XFKDUHVW
7KH EXGJHW
LQZDV
VDSWDPDQL %XJHWXOIRVW
FXR
PLFD
DORFDW
GLIHUHQWD
VXPD
D
UDPDVD
IR
U
MXVW
IHZDGROODUV OHVV DPRXQW
WKDQ
QHFKHOWXLWD&((73
WKH XQVSHQW GLQ 3URJUDPXO
3URMHFW
PDQDJHPHQW
D
SUDFWLFDO
DSSURDFK
&K
DSW
HU
2YHUYLHZ
RI
3URMHFW
0DQDJHPHQW 0DQDJ
HPHQW
GH
SUR
LHFW
R
DERU
GDUH
SU
DFWFD
L&D
SLWROXO
3ULYLUH
JH
QHUDOD
DVXSUD
PDQ
DJHPH
QW
XOXL
GH
SUR
LHF
W
$W
WKHW
L
PHRI
KLV
UHWLU
HPHQ W
LQ
KHZDV
DZDU
GHG
W
KH
SU
HVWLJ
LRX
V /D
PRPHQWXO SHQVLRQDULL
LQ
HO D IRVW
SUHVWLJ
L
RVXO
SUHPL
W
LWO
H
RI3URIHV
V
RU
(PH UL
WX
V +H
KDVKHOG WZR
PRUH LQWHUQ
UH
XQLR
QVLQ WLWOX GH3URIHVVRU
(PHULWXV
(O
D
PDL
RUJDQ
L]DW
GRXDUHXQLXQL FX
%XF
KDUHVW
DLQ
G
Q
$JDLQWKH
GDW
DFROOHFW
HG
L
QGL
FDWHG
WKDW
W
KH LQ
VLLQ
'LQ QRX GDWHOH FD
FROHFWDWH
SDUWLFLSDQG
IRUPH
ULQW
HUQV
ZHUH
VWLOO
GR L
QJ EHWWH
UWKD
Q
WKH
L
UFR
QHPSRUD
W UL
HV$OO OD
V
WDJLL
O
H GHLQWHPL GREDQGHDX PDL PXOWH
LQGLFDW
L
RQV W
KDUH
DWWKH
LQWHUQ SURJUDP ZDV VXFFHVVIXO DQG SURYLGHG
ORU7RDWH VRPH D
LQGLFDWLLOH XIRVW
DUDWDGHVXFFH
FDSUR
LPS
URYHPHQWRI
W
KH
NQRZOHGJHRI
IUHH PDUNHW PDQDJHPHQW WR 5RPDQLDQ
GXV ODLPEXQDWDWLUHD QLYHOXOXL GH F
PDQDJ
HUV PDQDJH
U
LLGLQ
5RPDQLD
&DVH 6WXG\ '$7$&25325$7,21
6WXGLX
FD]
&GH
25325$7,$ '$7$
'DWD &RUSRUDWLRQ LV D VPDOO ILUP WKDW KDV EHHQ GHYHORSLQJ HOHFWULFDO
'DWD &RUSRUDWLRQ FD
U HGHSHVWH
HVWH R DQL
ILUPD
SURGXFH
GH
PLF
FRPSRQHQWV WHVWLQJ
DQG
FRPSRQHQWH
HOHFWULF
HVLHFKLSDPHQWH
WHVW
DUH FRPDQG
OD D
GH
FOLHQWXOXL
$UH
(TXLSPHQW WR WKH RI
FXVWRPHUV
VSHFLILFDWLRQV XQJUXS
IRU PRUH WKDQ ILIW\ ELQH
YDQ]
DWRUL
VWDELOLW
P DMRULWDWHD GH
F
DUH UHSXWDWL
LQJLQHUL
DX D
GH
\HDUV
,W KDV D ZHOO RI
HVWDEOLVKHG
VDOHVSHRSOH
PRVWO\
HQJLQHH
U
FRUSV
V EXQL VSHFLDOLVWL
ZKR FDOOLQGXVWULDO
RQ
VFLHQWLILF
DQG JRYHUQPHQW
DFFRXQWV
,WV PDMRU
UHSXWDWLRQ
L
V LQSURYLGLQJTXDOLW\
LQQRYDWLYH
KLJK FRPSRQHQWV6L WR
RULJLQDO
D FUHDW R UHSXWDWLH
FDIXUQ
L]R
UGH
FRPSRQHQWH
EXQD FD
HTXLSPHQW PDQXIDFWXUHUV 7KH SURGXFWLRQ
ILUP
KDV VHSDUDWH
FDWRULL RULJLQDOL GLYLVLRQV
HFKLSDPHQWH
)LUPD GH IRU
DUH GHSDUWDPHQW
VH
SDUDWH SHQ
VDOHV
UHVHDUFK DQG HQJLQHHULQJ VHUYLFHV 6HH
SURGXFWLH 2UJDQL]DWLRQ
YDQ]DUL
FHUFHWDUH
LQJLQHUL
H
'VL
LU
H &KDUW
FWRUXO
GHSDUW
D 7KH
PHQWXOXL
GH
āa
'LUHFWRU
RI
(QJLQHHULQJ 6HUYLFHV)RUEXV
DOVR KROGV
)UDQN
RIWKHLQJLQHULH
WLWOH
)UDQN
)RUEXV
WUHEXLH VD FRRUGRQH]H DFW
'LUHFWRU
RI
(QJLQHHULQJ
ZKLFKLVVXSSRVHGWRLQGLFDWH WKDWKHFRRUGLQDWHV
PHQWXO GH FHUFHWDUH L VLLQ
QJLQHULH GHSDUWDPHQWX
SUDFWLFD
DFHDVW
D
WKH DFWLYLWLHV EHWZHHQ WKH VHUYLFH UHVHDUFK
V GLYLVLRQ DQG WKH HQJLQHHULQJ
GLYLVLRQ
,Q
SUDFWLFH
WKH
FR RUGLQDWLRQ LV GLIILFXOW RI FRRUGRQDUH GHRD
HVWHGLILFLOD
U
EHFDXVH WKH 'LUHFWRUHFHVHIXOGHSDUWDPHQWXOX
FHUFHW
DUH
'RF
5HVHDUFK
'RF
5HHYHV
LV D KLJKO\ FUHDWLYH LQGLYLGXDO 5HHYHV HVWH ZKRQ YHQWLY
XQ D
LV RP
IRDUW
H
IRDUWH
EXQ
VL SULHWHQ
YHU\ SU
LHVHGLQWHO
H
FX
JRRG IULHQG
RI
WKHSUHVLGHQW
+XQW
DQG LV
%LOO
DEOH WKLQJ
WR FRPSDQLHL
GR KLV RZQ $VWD LQVHDPQD FD QX SUHD
ZKLFKPRIWHQ
HDQW WKDW
GLGQ
W
FRRSHUDWH
KH LQ
NH
HSLQJDZR
WR
UN VFKHGXOH GH
OXFUX
DXQXL
SODQ
VL
DGHVHD
YLQH
FX
LQRYDWLL
SHQWUX
FRPSRQHQWHO
H
DQG LQYHQWV LPSURYHPHQWV WKDW
JR EH\RQG
IRU FRPSRQHQWV
ZKDW
FRPDQGDWH
WKH FKLDU
L
PEXQDWDWLU
GDFD
L
QX DXIRVW
DFHVWH FO FHUXWH
LHQW
FXVWRPH
U
ZDQWHG KDGQ
W
DQG
UHTXHVWHG WKHKLJKHU
RI
SHUIRUPDQFH LQ
OHYHO,Q
FHOH
OXQL GH FDQG )UDQN )RUEXV HVWH
WKH HLJKW PRQWKV
)RU EXVE KDG
HHQ
)UDQN
'LUHFWRU
RI
(QJLQHHULQJ LQJL WKHUH
QHULH
VD LQWDPSODW
PXOW
HRUL SUR
GH
GXVHOH
FDL QWUH
VLLFXLQWDU]
KDG
EHH
QQXPHURXV
LQ
VWDQFHVL
QZKLF
KQHZ
SURG
XFWVKDG EHHQ GHOD\HG
ID]D SU LQ
RGXFWLH
GH GDWRU
LW
D
DFHV
WRUVFKLPEDUL
WKH
WUD
QV
LWLRQ
EHWZHHQ
GH VL
JQ DQ
GSURG
XFWL
RQ
)RU
H
[DPSOHUHF
H
QW
RQRUGHU
D ZLGH
EDQG
IRU
PRGX
O
D
DWRU
)UDQN 'H
H[H
PSOX
OD R FRPDQGD
SHQW
UX
XQ
UHFHQWD
PRGX
O
DWRU GH ED
)RUEXVFRRUGLQD
KDG
W
HG
WK
H
GHVLJQ DQGVFKHGXO
SURGXFWLRQ
HV
WR PHHW
W
KH ODUJD
UD
Q
N)R)
U
EXV
DRUJDQL]DW
DFWL
YLWDWLOH GHSURLHFWDU
IDEUL
FDUH