• No results found

Laser surface cladding: a literature survey

N/A
N/A
Protected

Academic year: 2022

Share "Laser surface cladding: a literature survey"

Copied!
39
0
0

Loading.... (view fulltext now)

Full text

(1)

Hans Gedda

Laser surface cladding a literature survey

2000:07

TECHNICAL REPORT

Teknisk rapport

Institutionen för Material- och produktionsteknik Avdelningen för Bearbetningsteknik

(2)

7(&+1,&$/5(3257

Laser Surface Cladding

+DQV*HGGD

'HSDUWPHQWRI0DWHULDOVDQG0DQXIDFWXULQJ(QJLQHHULQJ 'LYLVLRQRI0DWHULDOV3URFHVVLQJ

(3)

L

3URMHFW

.0(

)LQDQFLQJ 3XEOLFDWLRQGDWH

(OIRUVN 

5HVHDUFK&RPPLWWHH

+DQV*HGGD +DQV(QJVWU|P

-RKQ3RZHOO

&ODHV0DJQXVVRQ

*|UDQ:DKOVWU|P

7LWOH

/DVHU6XUIDFH&ODGGLQJ$

/LWHUDWXUH6XUYH\

$XWKRUV +DQV*HGGD

1R

&ODVV

'LVWULEXWLRQ

5HVDUFK&RPPLWWHH

'HSDUWPHQW 1XPEHURISDJHV 1XPEHURIFRSLHV

0DWHULDOVDQG0DQXIDFWXULQJ (QJLQHHULQJ

'LYLVLRQ 7\SHGE\+DQV*HGGD )LOH1R

0DWHULDOVSURFHVVLQJ

'LYLVLRQKHDG $SSURYHG&ODHV0DJQXVVRQ

(4)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

LL

$EVWUDFW

7KLVZRUNFRQVLVWVRIDOLWHUDWXUHVXUYH\RQWKHVXEMHFWRIODVHUVXUIDFHFODGGLQJ

7KHDLPVRIWKHVXUYH\DUHWRJHWDQLQVLJKWLQWKHDUHDRIODVHUVXUIDFHFRDWLQJFODGGLQJ

WHFKQRORJ\DQGWRZRUNRXWVXJJHVWLRQVIRUH[SHULPHQWVRIODVHUVXUIDFHWUHDWPHQWRQVWHHOIRU KLJKWHPSHUDWXUHXVH7KHUHLVDQLQWHUHVWLQGHYHORSLQJWKHODVHUFODGGLQJSURFHVVZLWKDQ H[WHUQDOHQHUJ\VRXUFH HJLQGXFWLRQKHDWLQJ WRLPSURYHWKHSURFHVVHIILFLHQF\7KH WHFKQRORJ\IRUFRDWLQJODUJHVXUIDFHVKDVQRW\HWEHHQGHYHORSHGDQGLVWKHUHIRUHRIJUHDW LQWHUHVW7KHUHDVRQIRUWKLVLVWRPDNHWKHSURFHVVPRUHDEOHWRFRPSHWHZLWKWUDGLWLRQDO VXUIDFHFRDWLQJFODGGLQJSURFHVVHV

$PRQJDOOODVHUSURFHVVHVODVHUFODGGLQJRIIHUVWKHZLGHVWYDULHW\RISRVVLELOLWLHVWRDOWHUD FRPSRQHQWDWLWVVXUIDFH/DVHUFODGGLQJLVHJFRVWHIIHFWLYHZD\RIUHGXFLQJPDWHULDOVORVVE\

VXUIDFHGHJUDGDWLRQLHFRUURVLRQDQGZHDU

/DVHUFODGGLQJFDQEHGRQHLQDVLQJOHRUWZRVWDJHSURFHVV7KHPRVWIUHTXHQWO\XVHGFODGGLQJ PDWHULDOLVSRZGHUWRJHWKHUZLWKDVLQJOHVWDJHSURFHVV7KHWZRVWHSSURFHVVDGYDQWDJHLVYHU\

ORZGLOXWLRQEXWWKLVSURFHVVLVOLPLWHGWRDOPRVWIODWVXUIDFHV7KHEORZQSRZGHUSURFHVVLV PRUHXVHGE\LQGXVWU\EHFDXVHLWKDVEHWWHUIOH[LELOLW\ZLWKUHVSHFWWRWKHVXUIDFHJHRPHWU\DQG LWVDOVRHDVLHUWREOHQGSRZGHUVZLWKGHVLUHGFRPSRVLWLRQV

7KHODVHUFODGGLQJSDUDPHWHUVDUHQXPHURXVLHODVHUEHDPSURSHUWLHVSRZGHUVXSSO\GLVWDQFH EHWZHHQWZRWUDFNVYHORFLW\IRUWKHVFDQQLQJODVHUEHDPHWF,WLVWKHUHIRUHQHFHVVDU\WR RSWLPLVHDJRRGEDODQFHRIWKHODVHUHQHUJ\DYDLODEOHIRUSUHKHDWLQJWKHSRZGHUDQGWKH HQHUJ\DYDLODEOHWRPHOWWKHVXEVWUDWH0RGHOVLQWKHDUHDRIODVHUFODGGLQJKDYHEHHQGHYHORSHG DQGDUHXVHIXOWRROVWRDQDO\VHWKHFODGGLQJSURFHVVWRDYRLGXQGHVLUHGFUDFNVHWF

7KHODVHUFODGGLQJSURFHVVKDVVRPHGLVDGYDQWDJHVZKLFKOLPLWZLGHVSUHDGLQGXVWULDO

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

(5)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

LLL

7DEOHRIFRQWHQWV

$%675$&7  ,,

,1752'8&7,21

 %DFNJURXQG 

 /$6(5685)$&(75($70(17

 6XUIDFHWUHDWPHQW

 (QHUJ\GHQVLW\

 +DUGHQLQJ 

 6XUIDFH0HOWLQJ 

6XUIDFH,PSUHJQDWLRQ

 $OOR\LQJ

 &/$'',1*

 ,QWURGXFWLRQ

 /DVHUFODGGLQJZLWKSUHSODFHGSRZGHU 

 %ORZQSRZGHUODVHUFODGGLQJ 

 &ODGGLQJZLWKSDVWHERXQGSRZGHUV

/DVHUFODGGLQJE\ZLUHIHHGLQJ 

 /DVHUVHOHFWLRQ 

 /$6(5&/$'',1*352&(663$5$0(7(56

 ,QWURGXFWLRQ

 0RGHOOLQJ

 (QHUJ\,QSXWWR$Q\3DUWLFOH (D 

 0RGHO5HVXOW 

 ,QIOXHQFHRISURFHVVSDUDPHWHUVRQWKHFODGGLQJSURFHVV

 7HPSHUDWXUH)LHOG 

 675(66(6 

 5HVLGXDOVWUHVVHVLQODVHUFODGGLQJ

 $'',7,21$/32:(56285&(6

 ,QGXFWLRQ

 'LOXWLRQRIWKHVXEVWUDWH 

 &ODGGLQJUDWHV 

 &21&/86,21

 68**(67,216)25)857+(5:25.

 5()(5(1&(6 

(6)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



,QWURGXFWLRQ

7KHDLPRIWKLVOLWHUDWXUHVXUYH\LVWRJHWDQLQVLJKWLQWKHDUHDRIODVHUVXUIDFHFRDWLQJFODGGLQJ WHFKQRORJ\$QGWRZRUNRXWVXJJHVWLRQVIRUH[SHULPHQWVRQODVHUVXUIDFHWUHDWPHQWRIVWHHOIRU KLJKWHPSHUDWXUHXVH7KHUHDUHLQWHUHVWLQGHYHORSLQJWKHODVHUFODGGLQJSURFHVVZLWKDQ H[WHUQDOHQHUJ\VRXUFHHJLQGXFWLRQKHDWLQJWRLPSURYHWKHSURFHVVHIILFLHQF\7KH WHFKQRORJ\IRUFRDWLQJODUJHVXUIDFHVKDVQRW\HWEHHQGHYHORSHGDQGLVWKHUHIRURIJUHDW LQWHUHVW7KHUHDVRQIRUWKLVLVWRPDNHWKHSURFHVVPRUHFRPSHWLWLYHZLWKWUDGLWLRQDOVXUIDFH FRDWLQJFODGGLQJSURFHVVHV

 %DFNJURXQG

,QGXVWULDODSSOLFDWLRQVUHTXLUHSDUWVZLWKVSHFLDOVXUIDFHSURSHUWLHVVXFKDVJRRGFRUURVLRQ UHVLVWDQFHZHDUUHVLVWDQFHDQGKDUGQHVV$OOR\VZLWKWKRVHSURSHUWLHVDUHXVXDOO\YHU\H[SHQVLYH DQGLWLVRIJUHDWLQWHUHVWWRUHGXFHWKHFRVWRISDUWVZLWKWKHVHSURSHUWLHV>@/DVHUVXUIDFH WUHDWPHQWLQFOXGHVVHYHUDOGLIIHUHQWVXUIDFLQJWHFKQLTXHVXVLQJWKHKHDWRIWKHODVHUEHDPWR PRGLI\WKHVWUXFWXUHDQGSK\VLFDOFKDUDFWHULVWLFVRIWKHVXUIDFHRIDPDWHULDO/DVHUVXUIDFH WUHDWPHQWFDQEHGLYLGHGLQWRDOOR\LQJFODGGLQJGLVSHUVLQJLPSUHJQDWLRQDQGKDUGHQLQJ>@

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

(DUOLHULQYHVWLJDWLRQVLQWKHDUHDZLWKSUHKHDWHGZLUH>@VKRZHGWKDWWKHSURFHVVYHORFLW\FDQ EHLQFUHDVHGWKUHHRUIRXUWLPHVFRPSDUHGZLWKQRQSUHKHDWHGZLUH,IODVHUFODGGLQJZDV FRPELQHGZLWKSODVPD7,*0,*HWFWKHSURFHVVVKRZHGVLPLODUUHVXOWV

/DVHUFODGGLQJFDQEHFDUULHGRXWLQDVLQJOHRUDWZRVWDJHSURFHVV,QDVLQJOHVWDJHSURFHVV

WKHSRZGHULVEORZQLQWRWKHLQWHUDFWLRQ]RQHEHWZHHQWKHODVHUEHDPDQGZRUNSLHFH,QWKH WZRVWDJHSURFHVVWKHFODGGLQJPDWHULDOLVSUHGHSRVLWHGRQWKHVXEVWUDWH%RWKWHFKQLTXHVKDYH WKHDGYDQWDJHRIWKHSRVVLEOHGHSRVLWLRQRIDZLGHUDQJHRIDOOR\VHLWKHUXVLQJDFKRVHQDOOR\LQ SRZGHUIRUPRUE\DEOHQGRISRZGHUVZLWKWKHUHTXLUHGFRPSRVLWLRQ

(7)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



 /DVHU6XUIDFH7UHDWPHQW

 6XUIDFHWUHDWPHQW

7KHPRWLYDWLRQIRUVXUIDFHWUHDWPHQWVLQJHQHUDOLVWKHJHQHUDWLRQRIFRPSRQHQWVZLWK LPSURYHGVHUYLFHOLIHRUZLWKHQKDQFHGWULERORJLFDOSURSHUWLHVRUZLWKEHWWHUFRUURVLRQ EHKDYLRXU7KURXJKRXWKLVWRU\HQJLQHHUVKDYHPRGLILHGVXUIDFHVE\PHDQVRIPHFKDQLFDO

WKHUPDODQGFKHPLFDOWUHDWPHQWVWRKHOSFRPSRQHQWVZLWKVWDQGVXUURXQGLQJFRQGLWLRQV,QWKH ODVWWZHQW\\HDUVWKHXVHRIODVHUHQHUJ\IRUVXUIDFHWUHDWPHQWKDVEHHQGHYHORSHG

 (QHUJ\GHQVLW\

,QODVHUVXUIDFHWUHDWPHQWWKHODVHUKHDWVDQGRUPHOWVWKHPDWHULDOVXUIDFH7KHGHSWKRIKHDW DIIHFWHG]RQH +$= RURIWKHPHOWGHSHQGVRQWKHODVHUPDWHULDOLQWHUDFWLRQWLPHDQGWKH SRZHUGHQVLW\RIWKHODVHU,IWKHVHYDULDEOHVDUHLQFUHDVHGWKHGHSWKRIDQ\UHTXLUHGHIIHFWDOVR LQFUHDVHV+HQFHIRUDQ\JLYHQSRZHUGHQVLW\PHOWLQJZLOORFFXUDIWHUDFULWLFDOLQWHUDFWLRQ WLPH$VXLWDEOHZD\RIH[SUHVVLQJWKHLQWHUDFWLRQWLPHDVDIXQFWLRQRIWKHSRZHUGHQVLW\

DFFRUGLQJWR(QJVWU|P>@LVLQWKHIRUPRIDFRPSRXQGYDULDEOHZKLFKPD\EHUHIHUUHGWR WKHHQHUJ\GHQVLW\ (ρ 

(ρ=PVD 

:KHUHP /DVHUSRZHU

9 /DVHUPDWHULDOUHODWLYHYHORFLW\

' 'LDPHWHURIWKHODVHUVSRW

,WLVREYLRXVIURPWKHH[SUHVVLRQDERYHWKDWWKHGHSWKRIVXUIDFHWUHDWPHQWZLOOLQFUHDVHLI 39'LVLQFUHDVHGE\

 ,QFUHDVHGODVHUSRZHU 3 

 'HFUHDVHGSURFHVVVSHHG 9 

 'HFUHDVHGODVHUVSRWGLDPHWHU ' 

7KLVVLPSOHIRUPXODJLYHVDJXLGHOLQHIRUDQXPEHURIODVHUVXUIDFHWUHDWPHQWV%XWLWKDVWREH ERUQLQPLQGWKDWLWVKRXOGQRWEHXVHGDVDQH[DFWPHDVXUHRIODVHUVXUIDFHLQWHUDFWLRQ7KLVLV EHFDXVHWKHHIILFLHQF\RIWKHSURFHVVLQJPHFKDQLVPVLVQRWFRQVWDQW

(8)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



 +DUGHQLQJ

/DVHUVXUIDFHKDUGHQLQJRILURQEDVHDOOR\VXVHVWKHODVHUHQHUJ\WRKHDWWKHVXUIDFHDERYHWKH DXVWHQLWHWUDQVIRUPDWLRQWHPSHUDWXUHZKLFKFDQEHVHHQLQ )LJ ,IWKHPDWHULDOLVWKHQ TXHQFKHGUDSLGO\HQRXJKIURPWKHDXVWHQLWHWKHQWKHVXUIDFHPLFURVWUXFWXUHZLOOFKDQJHWR PDUWHQVLWH7KHIDVWTXHQFKLQJUDWHLVWKHUHVXOWRIWKHFRQGXFWLRQRIWKHKHDWWRWKHFROG VXUURXQGLQJEXONPDWHULDO,QODVHUKDUGHQLQJKHDWLQJUDWHVRI3°&VDUHFRPPRQZLWKKLJK FRROLQJUDWHVRIDURXQG4°&V>@7KHFULWLFDOSDUDPHWHUVIRUODVHUVXUIDFHKDUGHQLQJDUH

• /DVHUSRZHUGHQVLW\

• (QHUJ\GLVWULEXWLRQ

• &RROLQJUDWH

• 6XEVWUDWHPDWHULDO

)LJXU,VRWKHUPDOWUDQVIRUPDWLRQGLDJUDPIRUVWHHO>@

$XVWHQLWHWUDQVIRUP WHPSHUDWXUH

(9)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



7KHSULQFLSOHRIODVHUKDUGHQLQJRIVWHHOLVVLPSOH:KHQVWHHOLVKHDWHGWR°&WKHIHUULW

SHUOLWLFVWUXFWXUHZLOOFKDQJHIURPDERG\FHQWUHGFXELF EFF VWUXFWXUHWRDIDFHFHQWUHGFXELF IFF VWUXFWXUH7KHIFFVWUXFWXUHKDVPRUHVSDFHIRUH[WUDDWRPVWKDQEFFVRWKHIFFFU\VWDO VWUXFWXUHFDQDFFHSWVPDOOFDUERQDWRPVLQWHUVWLWLDOO\,IWKHVWHHOLVFRROHGUDSLGO\HQRXJKWKH FDUERQDWRPVFDQQRWGLIIXVHRXWRILWVODWWLFHDQGWKHFU\VWDOLVGLVWRUWHGWRDWHWUDJRQDOVKDSH

>@7KLVSURGXFHVDVWUDLQHGODWWLFHZLWKDKLJKKDUGQHVV,QODVHUVXUIDFHKDUGHQLQJDGHIRFXVHG RUUDVWHUHGODVHUEHDPLVXVHGRQDVXUIDFHFRDWHGZLWKDQDEVRUELQJOD\HUWRLQFUHDVHWKH

FRHIILFLHQWRIDEVRUSWLRQ,IDGHIRFXVHGODVHUEHDPKLWVWKHVKLQ\PHWDOVXUIDFHWKHQPRUHWKDQ

RIWKHLQFRPLQJODVHUOLJKWLVUHIOHFWHG$VXUIDFHFRDWLQJRIVRRWHWFLQFUHDVHVWKH DEVRUSWLRQWREHWZHHQGHSHQGLQJRQWKHVXUIDFHFRDWLQJ>@7KHGHIRFXVHGODVHU EHDPFDQEHSURGXFHGYLDDOHQVNDOHLGRVFRSHRVFLOODWLQJPLUURUHWF)LJXUHVKRZVWKH SULQFLSOHRIODVHUKHDWWUHDWPHQW

)LJXUH7KHSULQFLSOHRIODVHUKHDWWUHDWPHQW>@

7KHODVHUKDUGHQLQJSURFHVVKDVVHYHUDODGYDQWDJHVFRPSDUHGZLWKWUDGLWLRQDOPHWKRGV>@

• 7KHWRWDOO\HQHUJ\LQSXWWRWKHPDWHULDOLVOHVV

• %XFNOLQJDVDUHVXOWRIWKHUPDOGLVWRUWLRQLVDYRLGHG

• 3URFHVVWLPHVDUHPLQLPLVHG

• 1ROLTXLGTXHQFKLQJPHGLXPLVQHFHVVDU\

• 6PDOOIXOO\PDFKLQHGDUHDVFDQEHWUHDWHG

• +DUGHQLQJFDQEHSHUIRUPHGDVWKHODVWVWHSLQWKHPDQXIDFWXULQJSURFHVV

7KHPDLQGLVDGYDQWDJHRIWKHSURFHVVLVLWVJHQHUDOO\KLJKFRVW

/DVHUEHDP

6XEVWUDWH

(10)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



 6XUIDFH0HOWLQJ

:KHQDOLTXLGPHWDOLVYHU\UDSLGO\FRROHGDQDPRUSKRXVVWUXFWXUH´PHWDOOLFJODVVµLV SURGXFHG0HWDOOLFJODVVHVDUHRQO\SURGXFHGDWFRROLQJUDWHVRI°&VDQGLIWKH

PHWDOOLFOLTXLGLVRIDFHUWDLQW\SHRIFRPSRVLWLRQZKLFKRIWHQLQFOXGHVWUDQVLWLRQHOHPHQWV HJ

%&16LDQG3 >@7KHFRPSRVLWLRQPXVWEHQHDUO\HXWHFWLFEHFDXVHWKHPHOWWHPSHUDWXUH LVORZHULQDHXWHFWLFFRPSRVLWLRQFRPSDUHGZLWKSXUHPHWDO$QDOPRVWDPRUSKRXV´JODVV OLNHµVXUIDFHOD\HUFDQEHSURGXFHGRQFHUWDLQDOOR\VE\VXUIDFHPHOWLQJ7KLVSURFHVVLVNQRZQ DV´VXUIDFHJOD]LQJµ

,IDOLTXLGPHWDOLVUDSLGO\VROLGLILHGWKHQWKHSKDVHWUDQVIRUPDWLRQVREWDLQHGZKHQWKHPDWHULDO LVVORZO\FRROHGDUHVXSSUHVVHGDQGPHWDVWDEOHSKDVHVDUHIRUPHG)RUFDVWLURQDILQH

OHGHEXULWLFVWUXFWXUHFRQWDLQLQJFHPHQWLWHPDUWHQVLWHDQGUHWDLQHGDXVWHQLWHLVJHQHUDWHGZLWK H[FHOOHQWSURSHUWLHVUHJDUGLQJZHDUUHVLVWDQWDQGKLJKORDGFDSDFLW\>@

6XUIDFHPHOWLQJLVHYHQXVHGWRVKDSHPHWDO7KHPHWKRGLVEDVHGRQKHDWLQJWKHPDWHULDOZLWK KLJKSRZHUODVHUEHDPVLQDSUHGHILQHGSDWWHUQ7KLVYHU\IDVWKHDWLQJFRROLQJF\FOHLQGXFHV VWUHVVHVLQWKHPDWHULDOZKLFKFDXVHEHQGLQJDQGIRUPLQJ>@,IIRUH[DPSOHGLDJRQDOPHOW WUDFHVDUHPDGHRQDWKLQVKHHWWKHUHVLGXDOVWUHVVHVLQWKHPDWHULDOEHQGWKHSODWHLQWRDGLVKHG RUFRQFDYHIRUP

 6XUIDFH,PSUHJQDWLRQ

/DVHUVXUIDFHLPSUHJQDWLRQLVDPHWKRGGHYHORSHGE\WKH1DYDO5HVHDUFK/DERUDWRU\86$

>@7KHVXUIDFHRIWKHPDWHULDOLVPHOWHGE\DODVHUEHDPDQGDWWKHVDPHWLPHKDUGZHDU UHVLVWDQWSDUWLFOHVVXFKDVFDUELGHVDUHDGGHGWRWKHPHOWSRRO7KHLQWHUDFWLRQWLPHLVVKRUWWR DYRLGPHOWLQJRIWKHDGGHGFDUELGHV0L[WXUHVRIFDUELGHVLQDFRQWLQXRXVPDWUL[DUHIRUPHG ZLWKRXWDQ\ELQGLQJ]RQHEHWZHHQWKHVXEVWUDWHDQGVXUIDFHOD\HU7KHPHWKRGLVVXLWDEOHIRU LPSUHJQDWLRQRIPDWHULDOZKLFKKDVSRRUZHDUUHVLVWDQFHHJDOXPLQLXPDQGWLWDQLXPDOOR\V

&DUELGHYROXPHVRIWRJLYHLPSURYHGZHDUUHVLVWDQWE\DIDFWRURIDERXWWRWLPHV IRUDOXPLQLXP>@

 $OOR\LQJ

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

LQFOXGHVSUHGHSRVLWLQJDOD\HURIWKHGHVLUHGDOOR\LQJPDWHULDORQWKHVXEVWUDWHIROORZHGE\

ODVHUKHDWWUHDWPHQW,QWKHVLQJOHVWDJHSURFHVVWKHDOOR\LQJPDWHULDOLVWUDQVSRUWHGGLUHFWO\WR WKH]RQHRILQWHUDFWLRQEHWZHHQWKHODVHUEHDPDQGVXEVWUDWH

(11)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



 &ODGGLQJ

 ,QWURGXFWLRQ

2IDOOWKHODVHUSURFHVVHVFODGGLQJRIIHUVWKHZLGHVWYDULHW\RISRVVLELOLWLHVWRDOWHUDFRPSRQHQW DWLWVVXUIDFH/DVHUFODGGLQJLVDFRVWHIIHFWLYHZD\RIUHGXFLQJPDWHULDOORVVE\FRUURVLRQZHDU RURWKHUIRUPVRIVXUIDFHGHJUDGDWLRQ/DVHUFODGGLQJLVWKHIXVLRQRIDQDOOR\OD\HUWRD

VXEVWUDWHVXUIDFHZLWKDPLQLPXPPHOWLQJRIWKHVXEVWUDWH7KHDLPRIPRVWFODGGLQJ RSHUDWLRQVLVWRRYHUOD\RQHPHWDOZLWKDQRWKHUSURGXFLQJDVRXQGLQWHUIDFLDOERXQG/DVHU FODGGLQJHQDEOHVDORZGLOXWLRQRIWKHFODGOD\HUZLWKWKHEXONPDWHULDOFRPELQHGZLWKD PHWDOOXUJLFDOERQGLQJEHWZHHQWKHOD\HUDQGWKHVXEVWUDWH>@$FFRUGLQJWR6WHHQ>@WKH WZRPRVWFRPPRQPHWKRGVRIVXSSO\LQJFODGGLQJPDWHULDODUH

• 3UHSODFHPHQWRIFODGGLQJPDWHULDOSRZGHURQWKHVXEVWUDWH

• ,QHUWJDVSURSXOVLRQRIPDWHULDOSRZGHULQWRDODVHUJHQHUDWHGPROWHQSRRO

&ODGGLQJPDWHULDO

 D

E

D3UHSODFHGSRZGHUEEORZQSRZGHUFODGGLQJ

)LJXU6FKHPDWLFGLDJUDPVRIODVHUFODGGLQJSURFHVVHV>@

5HODWLYHPRWLRQEHWZHHQWKHODVHUSRZGHUVXSSO\DQGWKHVXEVWUDWHFDQEHXVHGWR

FRQWLQXRXVO\DSSO\DVXUIDFHFRDWLQJ7RFRYHUODUJHUVXUIDFHVRYHUODSSLQJWUDFNVDUHPDGH

(12)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



)LJXU6FKHPDWLFRIWKHRYHUODSSLQJFODGGLQJSURFHVV>@

$FFRUGLQJWR9LODU>@WKHSRZGHUIHHGUDWHPXVWEHKLJKHQRXJKWREXLOGDOD\HURID FRDWLQJPDWHULDORQWKHVXEVWUDWH7KHHIIHFWRIWKHODVHUUDGLDWLRQRQWKHPDWHULDOGHSHQGVRQ WKHHQHUJ\GHQVLW\ 39' PHQWLRQHGHDUOLHU/DVHUFODGGLQJUHTXLUHVWKHIXVLRQRIDVXUIDFH OD\HURIPDWHULDOEHWZHHQPPWKLFNZKLOHDYRLGLQJHYDSRUDWLRQ7KHFKRLFHRIODVHU DQGSURFHVVLQJSDUDPHWHUVDIIHFWVWKHPLFURVWUXFWXUHDQGSURSHUWLHVRIWKHODVHUWUHDWHGPDWHULDO

&RPPRQSRZHUGHQVLWLHVLQODVHUFODGGLQJDUH:PPWRJHWKHUZLWKDQLQWHUDFWLRQ WLPHDURXQGV5DSLGVROLGLILFDWLRQVWDUWVDIWHUWKHODVHUEHDPKDVVFDQQHGWKHVXUIDFH

7KHVROLGLILFDWLRQVWDUWVLQWKHERWWRPLQWKHPHOWSRRODQGSURJUHVVHVWRZDUGVWKHVXUIDFH7KH PLFURVWUXFWXUHRIWKHODVHUFODGDOOR\FRQVLVWVPDLQO\RIDQDVFDVWUHJLRQRIGHQGULWHVDQG+$=

DGMDFHQWWRWKHIXVLRQOLQH7KHPLFURVWUXFWXUHFDQEHDIIHFWHGE\WKHGHJUHHRIGLOXWLRQRIWKH VXEVWUDWH>@

 /DVHUFODGGLQJZLWKSUHSODFHGSRZGHU

&ODGGLQJZLWKSUHSODFHGSRZGHULVWKHVLPSOHVWPHWKRGSURYLGHGWKHSRZGHUFDQEHPDGHWR UHPDLQLQSODFHXQWLOPHOWHGZKLOHWKHDUHDLVEHLQJVKURXGHGE\DQLQHUWJDV6RPHIRUPRI ELQGHULVXVXDOO\XVHGRIWHQWKLVLVDQDOFRKRO>@7KHSUHSODFHGSRZGHUPHWKRGLQYROYHV VFDQQLQJWKHODVHUEHDPRYHUWKHSRZGHUEHG7KHJHQHUDOWKHRU\IRUFODGGLQJRISUHSODFHG SRZGHUPD\EHXQGHUVWRRGRQWKHEDVLVRIWKHWKHRU\GHYHORSHGE\3RZHOOHWDO>@

 $OD\HURIVROLGPHWDOSRZGHUUHVWVRQDVXEVWUDWHZLWKQRODVHULUUDGLDWLRQ7KHSRZGHU RINQRZQGHSWKGHQVLW\DQGFRPSRVLWLRQ DQGWKHVXEVWUDWH RINQRZQFRPSRVLWLRQ HWF DUHERWKDWDPELHQWWHPSHUDWXUH

 /DVHULUUDGLDWLRQEHJLQVDQGWKHVXUIDFHSRZGHUSDUWLFOHVKHDWXSEXWDUHDVVXPHGQRWWR FRQGXFWKHDWWRWKHSDUWLFOHVEHORZWKHPEHFDXVHRIORZOHYHORILQWHUSDUWLFOHFRQWDFW LHWKHEXONRIWKHSRZGHUDVVXPHGWREHDQLQVXODWRU 

(13)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



 7KHLQVXODWHGLUUDGLDWHGSDUWLFOHVPHOWDQGLQWKHPROWHQVWDWHFDQFRQGXFWKHDWEXW RQO\WRQHLJKERXULQJSDUWLFOHVH[SHULHQFLQJZHWFRQWDFW LHWKHSRZGHUOD\HU>5S GLVWDQFHIURPWKHPROWHQIURQWLVDQLQVXODWRUZKHUH5SLVWKHSDUWLFOHVUDGLXV 

 7KHPROWHQIURQWSURJUHVVHVWURXJKWKHLQVXODWLQJSRZGHUOD\HU7KLVSURFHVVLVIDVWHULQ WKHYHUWLFDOGLUHFWLRQWKDQLQWKHKRUL]RQWDOGLUHFWLRQEHFDXVHWKHOLTXLGIORZLVJUDYLW\

DVVLVWHG

 &RQWDFWLVHVWDEOLVKHGEHWZHHQWKHPROWHQIURQWDQGWKHVXEVWUDWH

$FFRUGLQJWR6WHHQ>@WKHPHOWIURQWPRYHVTXLFNO\WURXJKWKHWKHUPDOO\LVRODWHGSRZGHU EHGXQWLOLWUHDFKHVWKHLQWHUIDFHZLWKWKHVXEVWUDWH$WWKLVSRLQWWKHWKHUPDOORDGLQFUHDVHV GXHWRWKHJRRGWKHUPDOFRQWDFWZLWKWKHKLJKWKHUPDOFRQGXFWLYLW\VXEVWUDWHFDXVLQJ UHVROLGLILFDWLRQ7KHUHVXOWVDUHVKRZQLQILJXUH

)LJXU7KHRUHWLFDOFDOFXODWLRQRIWKHSRVLWLRQRIWKHPHOWIURQWGXULQJSUHSODFHGSRZGHU>@

7KHILJXUHLOOXVWUDWHVZK\DODUJHRSHUDWLQJUHJLRQIRUDFKLHYLQJORZGLOXWLRQVH[LVWV2QH SUREOHPZLWKWKHWHFKQLTXHLVSUREOHPZLWKWKHELQGHUPDWHULDOVVXFKDVFRQWDPLQDWLRQDQG JDVSRURVLW\LQWKHOD\HU3UHIRUPHGVODEVFDQEHXVHGDVDFODGGLQJPDWHULDOEXWWKH\DUH OLPLWHGWRIODWVXUIDFHV6RPHRIWKHGUDZEDFNVRIFODGGLQJZLWKSUHSODFHGSRZGHUGLVDSSHDULI WKHSUHFRDWLQJLVGRQHZLWK39'HOHFWURSODWLQJRUWKHUPDOVSUD\LQJ

7LPHV

(14)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



 %ORZQSRZGHUODVHUFODGGLQJ

7KHILUVWUHIHUHQFHVWKDWGHVFULEHWKHODVHUFODGGLQJSURFHVVE\EORZQSRZGHULVDSDWHQWIURP 5ROOV5R\FH/WGLQWKHHDUO\HLJKWLHV>@%ORZQSRZGHUODVHUFODGGLQJFDQSURGXFHDKLJK TXDOLW\FODGGLQJOD\HUZLWKORZGLOXWLRQ7KHSRZGHULVWUDQVSRUWHGLQWRWKHPHOWSRROE\D FDUULHUJDVDQGGLUHFWHGDWDQDQJOHLQWKHUDQJH°WRZDUGVWKHVXEVWUDWH VHHILJXUH  7KHSRZGHUSDUWLFOHVDUHKHDWHGZKHQWKH\SDVVWURXJKWKHODVHUEHDP0HOWLQJVWDUWVDWWKH LQWHUIDFHDQGWKHPROWHQSDUWLFOHVDUHWUDSSHGLQWKHPHOWSRRO7KHHQHUJ\PXVWEHKLJK HQRXJKWRPHOWWKHSRZGHUZLWKRXWWRRPXFKVXEVWUDWHPHOWLQJ>@7KHSRZGHUVWULNLQJWKH VXEVWUDWHULFRFKHWVEXWWKHSRZGHUVWULNLQJWKHPHOWSRROLVFRPSOHWHO\PHOWHG:LWKVLGH EORZQSRZGHUWKHUHLVDGLUHFWLRQDOHIIHFWRQWKHFODGEHDGVKDSH>@DQGWKHSRZGHU

XWLOLVDWLRQHIILFLHQF\LVORZFRPSDUHGZLWKFRD[LDOSRZGHUQR]]OHIHHG>@7KHFRD[LDOV\VWHP LQILJXUHFDQDYRLGWKLVSUREOHPLQVRPHH[WHQW

)LJXU$VFKHPDWLFRIWKHWUDQVYHUVHVHFWLRQRIDFRD[LDOQR]]OH>@

7KHUHDUHDOVRRWKHUSRZGHUGHOLYHU\V\VWHPV VHHILJXUH $GHWDLOHGGHVFULSWLRQLVQRW QHFHVVDU\KHUHEHFDXVHHDFKSURFHVVDQGDSSOLFDWLRQPD\UHTXLUHVSHFLDOHQJLQHHULQJ FRQVLGHUDWLRQV>@

)LJXU3RZGHUGHOLYHULQJV\VWHP>@

(15)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



7KHSRZGHUFODGGLQJSURFHVVRIIHUVDQXPEHUVRIDGYDQWDJHVFRPSDUHGWRRWKHUODVHUVXUIDFH WUHDWPHQW

• :HOOGHILQHGKHDWHGUHJLRQ

• /RZGLOXWLRQ

• $GDSWDEOHWRDXWRPDWLFSURFHVVLQJ

• *RRGIXVLRQERQG

• (DV\WREOHQGSRZGHUZLWKGHVLUHGFRPSRVLWLRQ

• 7KHSURFHVVZLQGRZLVODUJH

• +LJKUHSURGXFLELOLW\

 &ODGGLQJZLWKSDVWHERXQGSRZGHUV

,QWKHRQHVWHSFODGGLQJSURFHVVZLWKSDVWHERXQGPDWHULDOVWKHFODGPDWHULDOLVIHGGLUHFWO\LQWR WKHLQWHUDFWLRQ]RQHEHWZHHQWKHODVHUDQGVXEVWUDWH7KHODVHUPHOWVWKHSDVWHDQGSURGXFHVD OD\HURQWKHVXEVWUDWH7KHPDLQGLVDGYDQWDJHRIWKLVWHFKQLTXHDUHSUREOHPVZLWKWKHELQGHU PDWHULDOVVXFKDVFRQWDPLQDWLRQDQGJDVSRURVLW\LQWKHOD\HU7KLVLVEHFDXVHWKHELQGHUPXVW EHDEOHWRGU\IDVWHYDSRUDWHDQGLQVDPHWLPHNHHSWKHFODGGLQJPDWHULDOLQFRPSDFWIRUP

 /DVHUFODGGLQJE\ZLUHIHHGLQJ

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

(16)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



/DVHUEHDP

:LUH1R]]OH6XEVWUDWH

)LJXU/DVHURSWLFFRPELQHGZLWKZLUHIHHGHUQR]]OH

,QYHVWLJDWLRQVZLWKSUHKHDWHGZLUH>°&VKRZLPSURYHGHIILFLHQF\RIWKHFODGGLQJ SURFHVV>@7KHPDWHULDOXVHHIILFLHQF\LVDERXWDQGPHOWUDWHVDVKLJKDVNJKDUH REWDLQHGEXWZLWKDQXQZDQWHGGLOXWLRQDVDUHVXOW:LNOXQGHWDO>@KDVVKRZQWKDWZKHQ ODVHUFODGGLQJZLUHLVFRPELQHGZLWKD0,*SRZHUVXSSO\WKHDPRXQWRIDGGLWLYHPDWHULDOFDQ EHLQFUHDVHGRYHUWLPHVLQFODGZHOGVXSWRPPWKLFNZLWKORZGLOXWLRQEHWZHHQWKH VXEVWUDWHDQGFODGGLQJPDWHULDO7KHFODGZHOGLQJUDWHFDQEHWKUHHWLPHVKLJKHULIWKH ODVHU0,*LVXVHGFRPSDUHGWRWKHODVHUDORQH

 /DVHUVHOHFWLRQ

7KHODVHUFODGGLQJSURFHVVUHTXLUHVKLJKDYHUDJHODVHUSRZHU:LWKRQO\DIHZH[FHSWLRQVWKH PLQLPXPSRZHUOHYHOIRUSUDFWLFDOXVHLVN:>@7KHRQO\UHOLDEOHODVHUVWKDWKDYH

VXIILFLHQWSRZHUIRUODVHUFODGGLQJDUH&2ODVHUDQG1G<$*>@7KH&2ODVHULVSRZHUIXO HQRXJKWRSURGXFHDWKLFNOD\HULQDVLQJOHUXQDQGLVWKHPRVWFRPPRQO\XVHGODVHUIRU FODGGLQJ+RZHYHUIRUFODGGLQJVPDOODUHDVRQFRPSRQHQWVWKHSXOVHG1G<$*ODVHULVD EHWWHUFKRLFHGXHWRVXSHULRUFRQWURORIWKHKHDWLQSXW)XUWKHUWKHZDYHOHQJWKRIWKH 1G<$*ODVHULVPRUHDSSURSULDWHIRUPHWDOSURFHVVLQJ

7KHFKRLFHRI&2ODVHURU1G<$*ODVHULVXVXDOO\GHWHUPLQHGE\WKHEHDPGHOLYHU\V\VWHP DQGWKHFRVWSHUZDWW>@7KH&2ODVHUEHDPGHOLYHU\FRQVLVWVRIDVHWRIPLUURUVWKDW UHIOHFWWKHEHDPWRWKHZRUNSLHFH7KH1G<$*ODVHUEHDPFDQEHGHOLYHUHGLQWKHVDPHZD\

EXWDOVRE\DILEUHRSWLFFDEOHZKLFKFDQGHOLYHUWKHODVHUHQHUJ\WRUHPRWHDUHDVWKDWZRXOGEH GLIILFXOWRULPSRVVLEOHWRUHDFKE\PLUURUV\VWHPV

(17)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



 /DVHUFODGGLQJSURFHVVSDUDPHWHUV

 ,QWURGXFWLRQ

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

VKRZHGWKDWLWLVSRVVLEOHWRPL[GLIIHUHQWHOHPHQWDOSRZGHUVDQGLQFRUSRUDWHWKHPLQWRWKH PHOWSRROSURGXFHGE\&2ODVHULQVXFKZD\WKDWWKHFRPSRVLWLRQRIWKHUHVXOWLQJFODGOD\HU FDQEHDFFXUDWHO\FRQWUROOHGDQGYDULHG

/DVHUFODGGLQJLVDGLIILFXOWSURFHVVWRFRQWUROZKHUHSRZGHULVLQMHFWHGWRWKHLQWHUDFWLRQ]RQH EHWZHHQWKHODVHUEHDPDQGWKHVXEVWUDWH7KHSRZGHUSDUWLFOHVZLOOEHSUHKHDWHGRQWKHLUZD\

IURPWKHSRZGHUQR]]OHWKURXJKWKHODVHUEHDPWRWKHPHOWSRRO3RZHOO>@KDVVKRZQWKDW WHPSHUDWXUHVRI°&PD\EHUHDFKHGLIQLFNHOLVXVHGDVDFODGGLQJPDWHULDO/LHWDO>@

VWDWHWKDWWKHUHDUHWZRZD\VWKDWWKHHQHUJ\DUULYHVWKHPHOWSRROQDPHO\

• 'LUHFWODVHUUDGLDWLRQ

• (QHUJ\FRQWDLQHGLQWKHSUHKHDWHGSRZGHUSDUWLFOHVZKHQWKH\KLWWKHPHOWSRRO

7KHPHWDOOXUJLFDOUHDFWLRQVDUHQXPHURXV7KH\FRQFHUQWKHODVHUEHDPSURSHUWLHVDQG

YHORFLW\UHODWLYHWKHVXEVWUDWHWKHSRZGHUIHHGLQJWKHGLVWDQFHEHWZHHQWZRVXFFHVVLYHWUDFNV

WKHJHRPHWU\RIWKHQR]]OHHWF,WLVWKHUHIRUHQHFHVVDU\WRDFKLHYHDFRUUHFWEDODQFHRIWKH HQHUJ\XVHGIRUSUHKHDWLQJDQGPHOWLQJWKHSRZGHUDQGWRPHOWWKHVXEVWUDWHIRUDJRRG FODGGLQJUHVXOW>@

6WHHQ>@VWDWHVWKDWWKUHHGLIIHUHQWVKDSHVFDQRFFXUVRIDVLQJOHODVHUFODGGLQJWUDFNGHSHQGLQJ RQWKHSRZGHUIORZUDWH VHHILJXUHEHORZ

D  E  F

(18)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



)RUFODGGLQJZLWKORZSRZGHUIHHGUDWHVLQILJXUH D WKHFODGKHLJKWDQGαDUHORZZLWK KLJKDGKHUHQFHDQGGLOXWLRQEHWZHHQWKHVXEVWUDWHDQGFODGGLQJPDWHULDO:KHQWKHSRZGHU IHHGLQFUHDVHVILJXUH E WKHHQHUJ\DYDLODEOHWRPHOWWKHVXEVWUDWHGHFUHDVHV7KHFODG KHLJKWDQGαLQFUHDVHZKLOHWKHGLOXWLRQGHFUHDVHV$QGILQDOO\LIWKHSRZGHUIHHGUDWHLVIDVW HQRXJKILJXUH F WKHUHLVYHU\OLWWOHHQHUJ\DYDLODEOHWRPHOWWKHVXEVWUDWHZLWKPLQLPDO GLOXWLRQEHWZHHQWKHFODGDQGVXEVWUDWH

 0RGHOOLQJ

$FFRUGLQJWR6WHHQ>@WKHUHLVDUHDVRQDEO\ODUJHRSHUDWLQJZLQGRZIRUVXFFHVVIXOORZ GLOXWLRQIXVLRQERQGHGFODGGLQJDVLOOXVWUDWHGLQILJXUHEHORZ7KLVSURFHVVZLQGRZLQ ILJXUHLVOLPLWHGE\WKUHHERXQGDULHVQDPHO\

 7KHGLOXWLRQOLPLWZKLFKFRUUHVSRQGVWRWKHODVHUEHDPSRZHU 3 QHHGHGWRPHOWWKH SRZGHUDQGDWKLQOD\HURIWKHVXEVWUDWHZLWKDIL[HGSRZGHUIORZUDWH P 7KLVFDQEH H[SUHVVHGE\-≥3'PZKHUH'LVWKHEHDPGLDPHWHU)RUFREDOWDOOR\VWKHDXWKRUV HVWLPDWHGWKDW-≈-JPP

 7KHDVSHFWUDWLROLPLWFRUUHVSRQGVWRWKHSRZGHUIHHGUDWHDWIL[HGDEVRUEHGODVHUEHDP SRZHUWKDWOHDGVWRFODGWUDFNVZKLFKFDQEHRYHUODSSHGZLWKRXWGHIHFWV7RDYRLG

SRURVLW\LQRYHUODSSHGWUDFNVWKHDVSHFWUDWLRVKRXOGEHZK>ZKHUHZLVWKHZLGWKDQGK LVWKHKHLJKWRIDVLQJOHWUDFN

 7KHSRZHUOLPLWFRUUHVSRQGVWRWKHDEVRUEHGODVHUEHDPZKLFKPHOWVWKHVXEVWUDWH7KLV OLPLWLVJLYHQE\WKHHTXDWLRQO 3 ²U²V '9ZKHUHULVWKHUHIOHFWLYLW\DQGVLVWKH VKDGRZFRHIILFLHQW)RUH[DPSOHPRUHWKDQ-PPLVUHTXLUHGIRUFRQWLQXRVFODGGLQJ

,WKDVEHHQVXJJHVWHGWKDWWKHH[WHQVLYHORZGLOXWLRQUHJLRQLVGXHWRWKHVROLGLILFDWLRQIURQW ULVLQJVZLIWO\ZLWKWKHJURZWKRIWKHFODG7KHH[SODQDWLRQRIWKLVLVWKDWWKHLQWHUIDFHIUHH]HV DOPRVWDVVRRQDVLWIRUPVHYHQLIWKHUHLVPHOWDERYH

(19)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



)LJXU2SHUDWLQJZLQGRZIRUEORZQSRZGHUODVHUFODGGLQJ>@

,QWKHHDUO\QLQHWLHV3LFDVVRDQG+RDGOH\SUHVHQWHGDWZRGLPHQVLRQDO)LQLWH(OHPHQWPRGHO IRUWKHFODGGLQJSURFHVV>@7KH\XVHGDYHU\VLPSOHJDVSRZGHUIORZPRGHOWKHKHDWDQG 1DYLHU6WRNHVHTXDWLRQVDUHVROYHGLQWKHPDWHULDOZLWKWKHFRUUHVSRQGLQJERXQGDU\

FRQGLWLRQV/DWHU/LHWDO>@GHYHORSHGDPDWKHPDWLFDOPRGHORIWKHFODGGLQJSURFHVV7KH DLPRIWKHPRGHOZDVWRJHWDEHWWHUFRQWURORIWKHFODGGLQJTXDOLW\DQGWRRSWLPLVHWKH FODGGLQJSURFHVV7RGRWKLVFHUWDLQVLPSOLI\LQJDVVXPSWLRQVKDGWREHPDGH7KH\DUH VXPPDULVHGDVIROORZV

 7KHODVHUEHDPDQGWKHLQMHFWLQJSRZGHUVWUHDPDUHERWKDVVXPHGWREHF\OLQGULFDO7KH WZR´F\OLQGHUVµFRQYHUJHLQWKHFODGGLQJ]RQH VHHILJ

 7KHFODGGLQJSDUWLFOHVDUHVSKHUHVRIXQLIRUPVL]H

 7KHWHPSHUDWXUHGHSHQGHQFHRISK\VLFDOSURSHUWLHVVXFKDVGHQVLW\VSHFLILFKHDWDQGWKH DEVRUSWLRQFRHIILFLHQWRIWKHSDUWLFOHPDWHULDODUHQHJOHFWHG

 (QHUJ\UHIOHFWHGEHWZHHQSDUWLFOHVRUIURPWKHZRUNSLHFHWRWKHSDUWLFOHVLVLJQRUHG

3RZHUVSRWGLDPHWHU:PP

3RZGHUIHHGUDWHJV

(20)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



)LJXUHVKRZVDYLHZRIWKHSRZGHUFODGGLQJSURFHVV7KHSRZGHULVEORZQLQWRWKHPHOW SRRORQWKHPRYLQJVXEVWUDWH

)LJXU7KHJHRPHWU\RIWKHODVHUFODGGLQJSURFHVV>@

/LHWDO>@VWDWHGWKDWWKHEDVLFFRQVLGHUDWLRQIRUFDOFXODWLQJWKHWHPSHUDWXUHRIDQ\SDUWLFOHLV WKHODZRIHQHUJ\FRQVHUYDWLRQLH

( (D(5(UF(W 

:KHUH(LVHQHUJ\LQFLGHQWRQWKHSDUWLFOH(DLVWKHHQHUJ\DEVRUEHG(5LVHQHUJ\UHIOHFWHG IURPWKHSDUWLFOHVXUIDFH(UFWKHUDGLDQWDQGFRQYHFWHGORVVHVDQG(WLVWKHHQHUJ\WUDQVPLWWHG WKURXJKWKHSDUWLFOH

,IWKHUDGLDWLRQDQGFRQYHFWHGORVVHVWRJHWKHUZLWKWKHHQHUJ\WUDQVPLWWHGWKURXJKDSDUWLFOH DUHQHJOHFWHGZHKDYH

((5 (D 

7KHHQHUJ\WUDQVPLWWHGWKURXJKDSDUWLFOHFDQEHQHJOHFWHGEHFDXVHWKHSHQHWUDWLRQGHSWKRI WKH&2ODVHUOLJKWLVDERXWP7KHSRZGHUSDUWLFOHVDUHXVXDOO\WHQVRIPLFURQVLQ GLDPHWHUDQGWKHUHIRUHWKHSDUWLFOHVFDQEHDVVXPHGWREHRSDTXH

(21)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



 (QHUJ\,QSXWWR$Q\3DUWLFOH (D

7KHDLPRIWKHPRGHOZDVWRFDOFXODWHWKHWHPSHUDWXUHRIDSDUWLFOHZKLFKLPSDFWVWDQ\SRLQW 3∗GHILQHGE\ D∗E∗ LQ;∗2∗<∗FRRUGLQDWHSODQHRUE\3 DE LQWKHFRRUGLQDWHVRI;2<

VHHILJXUH )URPILJXUHLWFDQEHVHHQWKDW[∗ [FRVαDQG\∗ \

&RQVLGHULQJDSDUWLFOHDWDORFDWLRQ%RQLWVSDWKRILQMHFWLRQWKHHQHUJ\LQSXWWRWKHSDUWLFOHLV GHSHQGHQWRQLWVGHSWKLQWKHSRZGHUVWUHDPEHFDXVHWKHVKLHOGLQJHIIHFWVRIWKHSDUWLFOHV DERYH7KHUHIRUHLJQRULQJUDGLDWLYHFRQYHFWLYHDQGWUDQVPLWWHGORVVHVWKHHQHUJ\DEVRUEHGE\

WKHSDUWLFOHIRUDVPDOOWLPHLQWHUYDO∆W(DFDQEHH[SUHVVHGDV

Ea (1−D),(x,y)π U2p e Bfv lz W 

:KHUH'LVWKHUHIOHFWLRQFRHIILFLHQWRIWKHSDUWLFOHrpWKHSDUWLFOHUDGLXV B WKHDEVRUSWLRQ FRHIILFLHQWRIWKHSDUWLFOHPDWHULDO fvWKHYROXPHIUDFWLRQRIWKHSDUWLFOHVLQWKHSRZGHU FORXG, [\ WKHGLVWULEXWLRQIXQFWLRQRIWKHLQWHQVLW\RIWKHODVHUEHDPDQGIzWKHSHQHWUDWLRQ GHSWKRIWKHODVHUOLJKWWKURXJKWKHSRZGHUFORXGWRUHDFKWKHSDUWLFOHFRQFHUQHG,QWKLV ZRUNGHVFULEHGLQPRUHGHWDLOHOVHZKHUH>@WKHHTXDWLRQDERYHLVUHZULWWHQDQG VXEVWLWXWHGWRUHVXOWLQWKHILQDOHTXDWLRQEHORZ

T − T0

θ pCvCos r

D 4 p

) 1 (

3 − 

2 2

) , (

b r

a

b

e b x

I Bfv lz W 

7KLVLVWKHHTXDWLRQIRUFDOFXODWLQJWKHWHPSHUDWXUHRIWKHSDUWLFOHLPSDFWLQJRQWKHPHOWSRRO DWWKHSRLQW D∗E∗ LQWKH;∗2∗<∗SODQHRUDW DE LQWKH;2<SODQH7KHHTXDWLRQUHODWHV WKHWHPSHUDWXUHWRDQXPEHURIYDULDEOHVZKLFKLQFOXGHWKHEHDPSDUDPHWHUV ,UE4 

JHRPHWULFDOSDUDPHWHUV θαO DQGWKHSDUWLFOHSDUDPHWHUV P,v,rp,B, fv 7KHHIIHFWRIWKHVH YDULDEOHVFDQEHSUHGLFWHGVHSDUDWHO\E\FDOFXODWLRQ

(22)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



7HP S ' HJ

D P

)LJXU3UHKHDWLQJRISRZGHUSDUWLFOHVIRU GLIIHUHQWVSHHG>@

7HP S G HJ

D P

)LJXU3UHKHDWLQJWHPSHUDWXUHRISRZGHUSDUWLFOHV>@

 0RGHO5HVXOW 3RZHU

5HVXOWIURPWKHPRGHOVKRZHGZKDWZDVH[SHFWHGLHWKHUHH[LVWVDOLQHDUUHODWLRQVKLS EHWZHHQODVHUSRZHUDQGSDUWLFOHKHDWLQJ

/DVHU%HDP5DGLXV

7KHUHODWLRQVKLSEHWZHHQWKHSUHKHDWWHPSHUDWXUHDQGEHDPGLDPHWHUDOVRVKRZHGDOLQHDU UHODWLRQVKLS

3DUWLFOH6L]H

)LJXUHVKRZVWKDWWKHDPRXQW RISUHKHDWLQJH[SHULHQFHGE\DSDUWLFOHLV LQYHUVHO\SURSRUWLRQDOWRSDUWLFOHVL]H>P@

IRUSDUWLFOHVWUDYHOOLQJDORQJWKHFHQWUHOLQH E LQILJXUH 7KLVLVEHFDXVHWKHPDVV

RIWKHSDUWLFOHLQFUHDVHVLQSURSRUWLRQWRU U UDGLXV DQGWKHDEVRUELQJVXUIDFHLQFUHDVHV RQO\LQSURSRUWLRQWRU

3RZGHU)ORZ5DWH

7KHSRZGHUIORZUDWHLVDQRWKHULPSRUWDQWSDUDPHWHULQWKHFODGGLQJSURFHVVUHSUHVHQWHGE\

WKHYROXPHIUDFWLRQRISRZGHUIY/RZIORZUDWHVRIWHQJLYHKLJKGLOXWLRQZKLOVWKLJKIORZ UDWHVFUHDWHSRURVLW\DQGGHIHFWVLQWKHELQGLQJ]RQH7KHPRGHOVKRZHGWKDWWKHVKDGRZLQJ HIIHFWRIWKHWRSPRVWSDUWLFOHVLQFUHDVHGGUDPDWLFDOO\ZLWKLQFUHDVHGSRZGHUIUDFWLRQ

3DUWLFOHVSHHG

)LJXUHGHPRQVWUDWHVWKDWWKH SUHKHDWLQJLVLQYHUVHO\SURSRUWLRQDO

WRWKHSRZGHUYHORFLW\7KLVUHVXOWGHSHQGVRQ WKHUHGXFHGODVHUSDUWLFOHLQWHUDFWLRQWLPHDW KLJKHUYHORFLWLHV

7KHSDUWLFOHVLPSDFWLQJDORQJWKHOLQH GHILQHGE\E IRUGLIIHUHQWSRZGHU SDUWLFOHVSHHG>PV@

(23)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



'LVWDQFH)URPWKH/DVHU%HDP&HQWUH

7KHSDUWLFOHSUHKHDWWHPSHUDWXUHGHFUHDVHVLIWKHSDUWLFOHSDWKLVPRYHGDZD\IURPWKHFHQWUH OLQH LHDVELQFUHDVHV 3DUWLFOHVWUDYHOOLQJDORQJWKHFHQWUHOLQHRIWKHEHDPDUHH[SRVHGWR ODVHUOLJKWIRUDORQJHUWLPHWKDQWKRVHZKLFKDUHRIIFHQWUH)LJXUHEHORZVKRZVWKH SUHKHDWLQJWHPSHUDWXUHRISRZGHUSDUWLFOHVLPSDFWLQJDORQJOLQHVGHILQHGE\E 

DQGPPIRU*DXVVLDQEHDPLQWHQVLW\GLVWULEXWLRQ,IWKHEHDPKDVD*DXVVLDQHQHUJ\

GLVWULEXWLRQWKHSDUWLFOHWUDYHOOLQJFORVHUWRWKHEHDPFHQWUHOLQHDUHH[SRVHGWRKLJKHUEHDP LQWHQVLWLHV

9DULRXVPRGHOVKDYHEHHQSXEOLVKHGUHODWLQJWRQXPHULFDOVLPXODWLRQVRIWKHSK\VLFDOSURFHVVHV LQYROYHGLQODVHUFODGGLQJ2OOLHUHWDO>@SUHVHQWVDWZRGLPHQVLRQDOPRGHOIRUGHWHUPLQJ WKHWHPSHUDWXUHDQGWKHGLVWULEXWLRQRIYHORFLWLHVLQWKHZRUNSLHFHWDNLQJGXHDFFRXQWRIWKH UHVXOWVREWDLQHGLQH[SHULPHQWV2OOLHUVWDWHWKDWWKHLQWHUDFWLRQEHWZHHQK\GURG\QDPLFV

WKHUPDOFRQGXFWLRQDQGSRZGHUJDVIORZGHWHUPLQHWKHSK\VLFDOSURFHVVHVLQYROYHGLQ FODGGLQJRSHUDWLRQVDQGWKHSURFHVVLQJUHVXOWV

 ,QIOXHQFHRISURFHVVSDUDPHWHUVRQWKHFODGGLQJSURFHVV

3RZGHUIHHGUDWHDQGVFDQQLQJVSHHGLQIOXHQFHWKHJHRPHWU\RIWKHFODGOD\HU&ODGGLQJ WKLFNQHVVGHSHQGVRQWKHDPRXQWRISRZGHULQMHFWHGWRWKHPHOWSRRO,WLVXVXDOWRFRPELQH WKHSRZGHUIHHGUDWHPDQGWKHVFDQQLQJVSHHGYWRDSRZGHUIHHGUDWHPY>JP@WRFDOFXODWH WKHDPRXQWRISRZGHUWUDQVSRUWHGRQWRWKHVDPSOHSHUXQLWOHQJWK>@$OLQHDUUHODWLRQ VKLSH[LVWVEHWZHHQWKHSRZGHUIHHGUDWHDQGWKHHQHUJ\UHTXLUHGLIVXIILFLHQWHQHUJ\LV DYDLODEOHWRPHOWDOODUULYLQJSRZGHU([FHVVLYHO\KLJKODVHUHQHUJ\LQSXWOHDGVWRGLOXWLRQZLWK XQGHVLUDEOHPHFKDQLFDOSURSHUWLHVLQWKHPDWHULDOHJGHFUHDVHLQZHDUUHVLVWDQFH7KHVXUIDFH RIWKHVXEVWUDWHVKRXOGEHPHOWHGVOLJKWO\DQGDJRRGERQGZLWKWKHVXEVWUDWHDQGFODGGLQJ PDWHULDODUHSURGXFHG$VOLJKWO\ODUJHUODVHUEHDPGLDPHWHUWKDQWKHSRZGHUVXSSO\QR]]OH

LPSURYHVWKHFRDWLQJHIILFLHQF\LQWHUPVRIUHGXFHGSRZGHUORVVGXULQJWKHFRDWLQJSURFHVV

7HP S ' HJ

% %>

D P

)LJXU3UHKHDWLQJWHPSHUDWXUHRISDUWLFOHV IRU*DXVVLDQEHDPLQWHQVLW\GLVWULEXWLRQ>@

(24)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



/XJVFKHLGHU>@VWDWHVWKDWZKHQFRDWLQJODUJHUDUHDVE\OD\LQJVLQJOHWUDFNVQH[WWRHDFKRWKHU

WKHRYHUODSRIWUDFNVLVDGGHGDVDQRWKHUSURFHVVSDUDPHWHU,IWKHRYHUODSRIWKHWUDFNVLVWRR VPDOOSRRUFODGGLQJLVSURGXFHG:LWKLQFUHDVLQJRYHUODSWKHVXUIDFHSURILOHEHFRPHV VPRRWKHUEXWHYHU\WUDFNSURGXFHVDKHDWWUHDWPHQWLQWKHSUHFHGLQJWUDFN%HWZHHQWZR RYHUODSSLQJWUDFNVDKHDWDIIHFWHG]RQH +$= GHYHORSVLQWKHFODGOD\HU7KLV+$=VKRZVD FRDUVHQHGPLFURVWUXFWXUHZLWKLQIHULRUSURSHUWLHVRIKDUGQHVVDQGFRUURVLRQUHVLVWDQFH

7KHUHIRUHIRUFRDWLQJODUJHUDUHDVDEURDGWUDFNZLGWKLVDGYDQWDJHRXVZLWKIHZHURYHUODSVDV DUHVXOW

7KHFODGGLQJPLFURVWUXFWXUHLVSDUWO\LQIOXHQFHGE\WKHVWUXFWXUHDQGVL]HRIWKHSRZGHU SDUWLFOHEXWLVPDLQO\DIIHFWHGE\WKHVROLGLILFDWLRQUDWHZKLFKGHSHQGVRQSURFHVVSDUDPHWHUV VXFKDVSRZHUGHQVLW\DEVRUSWLRQRIODVHUHQHUJ\DQGVFDQQLQJVSHHG>@%\FKDQJLQJWKHVH SDUDPHWHUVGLIIHUHQWVROLGLILFDWLRQUDWHVDUHDFKLHYHGDQGIDVWHUVROLGLILFDWLRQUDWHVOHDGWRDILQH VWUXFWXUH3RZGHUVXVHGLQWKHFODGGLQJSURFHVVFRQWDLQPDLQO\&R1L)HDQG&U7KHLU WKHUPRSK\VLFDOSURSHUWLHVDUHVLPLODUDQGDYHUDJHYDOXHVDUHDVIROORZVρ JFPF -J

∆+P -JDQG7P °&)RUP JWKHHQHUJ\UHTXLUHGIRUPHOWLQJLV( NMDQG IRUDIHHGUDWHRIJPLQ JV WKHDEVRUEHGSRZHUQHHGHGLV:>@7KHSRZHU QHFHVVDU\IRUPHOWLQJGHSHQGVDOVRRQWKHDEVRUSWLRQFRHIILFLHQW $ RIWKHSRZGHUSDUWLFOHV,W LVNQRZQWKDWWKDWWKLVFRHIILFLHQW$LVVPDOOIRUPHWDOOLFVXUIDFHVDWλ µP &2ODVHU ZDYHOHQJWK %XWIRUSRZGHUSDUWLFOHVWZRDGGLWLYHVSKHQRPHQDKDYHWREHWDNHQLQWR DFFRXQW>@

• 6XUIDFHR[LGHVLQFUHDVHWKHDEVRUSWLRQFRHIILFLHQW

• 7KHDEVRUSWLRQFRHIILFLHQWLVPXFKKLJKHUIRUOLTXLGVWKDQIRUVROLGV$VVRRQDVPHOWLQJ RFFXUVWKHDEVRUSWLYLW\ULVHVVLJQLILFDQWO\

7KHDEVRUSWLRQRIODVHUUDGLDWLRQLVDOVRDIXQFWLRQRIDQJOHRILQFLGHQFHRIWKHEHDPZLWK UHVSHFWWRWKHPDWHULDOVXUIDFH>@7KLVLVFOHDUO\DFRPSOH[YDULDEOHZKHQVPDOOSRZGHU SDUWLFOHVDUHFRQVLGHUHG7KHSRODULVDWLRQRIWKHEHDPLVDQRWKHUIDFWRUZKLFKDIIHFWV DEVRUSWLYLW\([SHULPHQWDOZRUN>@KDVVKRZQWKDWWKHEHVWSURFHVVHIILFLHQF\FDQEH DFKLHYHGZKHQXVLQJDOLQHDUO\SRODULVHG&2ODVHUDWDQDQJOHRI°WRWKHGLUHFWLRQRI PDWHULDOVXUIDFH

 7HPSHUDWXUH)LHOG

7KHODVHUEHDPSURGXFHVDPHOWSRRORQWKHPRYLQJVXEVWUDWH$WWKHVDPHWLPHWKHLQMHFWLRQ RISRZGHUE\PHDQVRIDFDUULHUJDVLQWRWKHPHOWUHJLRQDOORZVPL[LQJDQGPHOWLQJLQWKH OLTXLG*RRGFODGGLQJLVDFKLHYHGZKHQRQO\DVPDOOSDUWRIWKHVXEVWUDWHLVUHPHOWHG:KHQ WKHVXEVWUDWHPL[HVZLWKWKHFODGGLQJPDWHULDOWKHFODGFRPSRVLWLRQLVGLOXWHGZLWKD

GHJUDGDWLRQRIWKHZRUNSLHFHVXUIDFHSURSHUWLHVDVDUHVXOW1XPHULFDOPRGHOOLQJRIWKH WHPSHUDWXUHILHOGFDQWKHUHIRUHEHDXVHIXOWRROWRDYRLGXQGHVLUHGGLOXWLRQDQGXQGHUVWDQGLQJ RIWKHSKHQRPHQDLQWKHLQWHUDFWLRQ]RQH3LFDVVRHWDO>@+RDGOH\HWDO>@DQGODWHU 2OOLHUSUHVHQWHGDWZRGLPHQVLRQDOPRGHOIRUWHPSHUDWXUHHWFLQWKHZRUNSLHFH

(25)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



2OOLHUFRQVLGHUHGWKHORFDODEVRUEHGLQWHQVLW\DORQJWKHFODGGLQJEHDGZKHUHDSSRODULVHG ODVHUEHDPLVLQFOLQHGDWDQDQJOHαLQUHODWLRQRQWKHVXUIDFH7KHHOOLSWLFDOPROWHQEDWKVXUIDFH ZDVHVWDEOLVKHGIURPDKLJKVSHHGYLGHRUHFRUGLQJ VHHILJXUH

)LJXU6FKHPDWLFUHSUHVHQWDWLRQRIWKHKLJKVSHHGYLGHRUHFRUGLQJ>@

7KHQXPHULFDOVLPXODWLRQZDVFDUULHGRXWZLWKSSRODULVHGUHFWDQJXODUUDGLDWLRQRIFRQVWDQW LQWHQVLW\LQWKHIHHGGLUHFWLRQ$*DXVVLDQODVHUEHDPZDVDVVXPHG7KHIORZFRQGLWLRQV JHRPHWU\DQGYHORFLW\ RIWKHSRZGHU²JDVIORZLQWKHWDQJHQWLDOGLUHFWLRQLVQHJOLJLEOHZKHQ FRPSDUHGZLWKWKHVXUIDFHWHQVLRQJUDGLHQWV$IXUWKHUDVVXPSWLRQZDVWKDWWKHSRZGHU SDUWLFOHVDUHKHDWHGVXIILFLHQWO\TXLFNO\LQWKHPROWHQEDWKWRJXDUDQWHHWKHFRQGLWLRQRIDKHDW VLQNDORQJWKHOLTXLGJDVSKDVHERXQGDU\DQGWKHGHYHORSPHQWRI0DUDQJRQLFRQYHFWLRQ7KH ILJXUHEHORZVKRZVWKHFDOFXODWHGWHPSHUDWXUHILHOGIRUWKHFRPPRQFODGGLQJPDWHULDO6WHOOLWH

ZLWK7P °&DQGDFODGGLQJYHORFLW\RIPPPLQDWDODVHUSRZHUGHQVLW\RI

N:FP D ZLWKRXWDQG E ZLWK0DUDQJRQLFRQYHFWLRQ >@

)LJXU&DOFXODWHGWHPSHUDWXUHILHOGULJKWDQGYHORFLW\ILHOGOHIWVLGH>@

<D[LLVPP<$[LVPP

;D[LVPP

9PD[≈FPVHF

D

E

(26)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



3LFDVVRDQG+RGOH\VPRGHOVKRZHGVLPLODUUHVXOWLQWKHLUQXPHULFDOSUHVHQWDWLRQRIWKH WHPSHUDWXUHILHOG

)LJXU3LFDVVRDQG+RGOH\VPRGHO>@

)LJXUHVKRZVWKHLVRWKHUPVRQWKHZKROHFDOFXODWLRQGRPDLQIURP°&XSWR°&

DWLQWHUYDOVRI°&)LJXUHFRQFHQWUDWHVRQWKHSKHQRPHQDKDSSHQLQJFORVHWRWKHPHOW UHJLRQ

D E F

)LJXU(IIHFWVRIWKHPHOWLQJRQWKHPHOWSRROVKDSH>@

D LQVWDQWDQHRXVPHOWLQJRQWKHLQWHUIDFHZLWKIRUFHGFRQYHFWLRQ

E LQVWDQWDQHRXVPL[LQJDQGPHOWLQJLQWKHOLTXLGZLWKIRUFHGFRQYHFWLRQ

F ,QVWDQWDQHRXVPHOWLQJRQWKHLQWHUIDFHZLWKIUHHFRQYHFWLRQ

(27)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



3LFDVVRHWDOVWDWHVWKDWLIIUHHFRQYHFWLRQLVQRWWDNHQLQWRDFFRXQWGLIIXVLRQLVWKHPDLQ SKHQRPHQRQLQYROYHGLQWKHKHDWWUDQVIHU7KHFRQFOXVLRQIURPWKLVZRUNZDV

D &RQYHFWLRQLQWKHOLTXLGFOHDUO\LQIOXHQFHVWKHVKDSHRIWKHPHOWSRRO

E 3RZGHULPSDFWXQGHUWKHVWXGLHGFRQGLWLRQVKDVDVLJQLILFDQWHIIHFWRQIORZ SDWWHUQVDQGWKHOLTXLGJDVIUHHVXUIDFHFXUYDWXUHLVFORVHWRDFRQVWDQW

F 7KHSRZGHUFDUULHUJDVIORZVHHPVWRKDYHDVLJQLILFDQWHIIHFWRQYHORFLW\DQG WHPSHUDWXUHILHOGV

7KHSURFHVVFDQWKHUHIRUHJHQHUDOO\EHGLYLGHGLQWRSURFHVVDQGSRZGHUSDUDPHWHUV UHVSHFWLYHO\

3RZGHUSDUDPHWHUVDUH

• 6L]HDQGGLVWULEXWLRQRIWKHSRZGHU

• 3RZGHUIHHGUDWH

• 7\SHDQGDPRXQWRISURWHFWLRQDQGWUDQVSRUWJDV

• 0HOWLQJWHPSHUDWXUH

• 7KHSRLQWRILQMHFWLRQ

• $EVRUSWLRQFRHIILFLHQW

3URFHVVSDUDPHWHUVDUH

• /DVHUSRZHUDQGSRZHUGHQVLW\

• $QJOHDQGSRVLWLRQRIWKHSRZGHUQR]]OHUHODWLYHO\WKHVXEVWUDWH

• 6FDQQLQJVSHHG

(28)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



 6WUHVVHV

 5HVLGXDOVWUHVVHVLQODVHUFODGGLQJ

:KHQDKHDWVRXUFHWUDYHOVDORQJDVKHHWRUDSODWHHJLQZHOGLQJRUODVHUSURFHVVLQJWKH PDWHULDOZLOOXQGHUJRWKHUPDOVWUHVVDQGVWUDLQ$HDV\ZD\WRXQGHUVWDQGZKDWKDSSHQVWRWKH PDWHULDOLVWRFRQVLGHUDEXWWZHOGDVVKRZQLQWKHILJXUHEHORZ$VHFWLRQRIPDWHULDOLQ WKHYLFLQLW\RIWKHZHOGH[SHULHQFHVGLIIHUHQWUDWHVRIH[SDQVLRQDQGFRQWUDFWLRQFRPSDUHG ZLWKWKHVXUURXQGHGVHFWLRQV,QWUDFLQJWKHEHKDYLRXURIWKLVVHFWLRQGXULQJDZHOGWKHUPDO F\FOHFKDQJHVLQWKHVHFWLRQVPHFKDQLFDOSURSHUWLHVDVDIXQFWLRQRIWHPSHUDWXUHHJ\LHOG VWUHQJWKHODVWLFPRGXOXV3RLVVRQ·VUDWLRHWFPXVWDOVREHWDNHQLQWRDFFRXQW7KHVHSURSHUWLHV FDQEHFKDQJHGDWWHPSHUDWXUHVDVORZDV°&LQVWHHO>@)LJXUHLVDVFKHPDWLF UHSUHVHQWDWLRQRIFKDQJHVLQWHPSHUDWXUHDQGVWUHVVLQWKHZHOGLQJGLUHFWLRQ LHσ[ GXULQJ ZHOGLQJ7KHKDWFKHGDUHD00LVWKHUHJLRQZKHUHSODVWLFGHIRUPDWLRQRFFXUV6HFWLRQ$$

LVDKHDGRIWKHKHDWVRXUFHDQGLVQRW\HWVLJQLILFDQWO\DIIHFWHGE\WKHKHDWLQSXW7KH

WHPSHUDWXUHFKDQJHGXHWRZHOGLQJ∆7LVHVVHQWLDOO\]HUR$ORQJVHFWLRQ%%ZKLFKFURVVHV WKHKHDWVRXUFHWKHWHPSHUDWXUHGLVWULEXWLRQLVUDWKHUVWHHS7KLVWHPSHUDWXUHGLVWULEXWLRQ EHFRPHVOHVVVWHHSDWVRPHGLVWDQFHEHKLQGWKHKHDWVRXUFH LHDORQJVHFWLRQ&& DQG HYHQWXDOO\EHFRPHVXQLIRUPYHU\IDUDZD\IURPWKHKHDWVRXUFHDORQJVHFWLRQ''6LQFH VHFWLRQ$$LVQRWDIIHFWHGE\WKHKHDWLQSXWWKHWKHUPDOLQGXFHGVWUHVVσ[LV]HUR$ORQJ VHFWLRQ%%σ[LVFORVHWR]HURLQWKHUHJLRQXQGHUQHDWKWKHKHDWVRXUFHVLQFHWKHZHOGSRRO GRHVQRWVXSSRUWORDGV,QWKHUHJLRQVVRPHZKDWDZD\IURPWKHKHDWVRXUFHWKHVWUHVVHVDUH FRPSUHVVLYH LHσ[LVQHJDWLYH EHFDXVHWKHH[SDQVLRQRIWKHVHDUHDVLVUHVWUDLQHGE\WKH VXUURXQGLQJPHWDORIORZHUWHPSHUDWXUHV%HFDXVHRIWKHORZ\LHOGVWUHQJWKRIWKHKHDWHG PHWDOLQWKHVHDUHDVσ[UHDFKHVWKH\LHOGVWUHQJWKRIWKHEDVHPHWDODWFRUUHVSRQGLQJ

WHPSHUDWXUHV,QDUHDVIDUWKHUDZD\IURPWKHZHOGσ[DUHWHQVLOHDQGEDODQFHZLWKFRPSUHVVLYH VWUHVVHVLQDUHDVQHDUWKHZHOG

)LJXU6FKHPDWLFLOOXVWUDWLRQRIFKDQJHVLQWHPSHUDWXUHDQGVWUHVVHVGXULQJZHOGLQJ>@

(29)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



$ORQJVHFWLRQ&&WKHZHOGPHWDODQGWKHDGMDFHQWEDVHPHWDOKDYHFRROHGDQGKHQFHKDYHD WHQGHQF\WRVKULQNDQGSURGXFHWHQVLOHVWUHVVHV σ[SRVLWLYH $VWKHGLVWDQFHIURPWKHZHOG LQFUHDVHVσ[ILUVWFKDQJHVWRFRPSUHVVLYHDQGWKHQEHFRPHVWHQVLOH)LQDOO\DORQJVHFWLRQ'

'KLJKWHQVLOHVWUHVVHVDUHSURGXFHGLQDUHDVQHDUWKHZHOGDQGFRPSUHVVLYHVWUHVVHVDUH SURGXFHGLQUHJLRQVDZD\IURPWKHZHOG6LQFHVHFWLRQ''LVZHOOEHKLQGWKHKHDWVRXUFH

WKHVWUHVVGLVWULEXWLRQGRHVVLJQLILFDQWO\EH\RQGLWDQGWKLVVWUHVVGLVWULEXWLRQLVWKHUHIRUHWKH UHVLGXDOVWUHVVGLVWULEXWLRQ>@*U\JRULQWV>@VWDWHWKDW·VSRVVLEOHLQVLPLODUPDQQHUWR FRQVWUXFWGLDJUDPVIRUDQDO\VLVRIODVHUVXUIDFHKDUGHQLQJRUODVHUFODGGLQJ

;LDQJOLQJHWDO>@VWDWHVWKDWLQODVHUFODGGLQJSURFHVVLQJUHVLGXDOVWUHVVHVDUHJHQHUDWHG EHWZHHQWKHVXEVWUDWHDQGWKHFODGGLQJPDWHULDO7KRVHVWUHVVHVDUHJHQHUDWHGE\WKHGLIIHUHQFH RIWKHUPDOH[SDQVLRQFRHIILFLHQWEHWZHHQWKHVXEVWUDWHDQGFODGGLQJPDWHULDOWRJHWKHUZLWKWKH WHPSHUDWXUHJUDGLHQWH[SHULHQFHGGXULQJUDSLGVROLGLILFDWLRQ,WLVZHOONQRZQWKDWUHVLGXDO VWUHVVHVSOD\DQLPSRUWDQWUROHLQWKHVHUYLFHSURSHUWLHVRIODVHUFODGGHGFRDWLQJV6WUDLQJDXJH

QXPHULFDOPHWKRGVDQG;UD\WHFKQLTXHVKDYHEHHQXVHGWRDQDO\VHGUHVLGXDOVWUHVVHVLQODVHU FODGGLQJV

;LDQJOLQJHWDOKDVVWXGLHGWKHWKUHH]RQHVVKRZQLQILJXUH&RDWLQJVXEVWUDWHDQG+$=

DUHWDNHQWREHLVRWURSLFZLWK<RXQJ·VHODVWLFPRGXOL3RLVVRQUDWLRDQGWKHUPDOH[SDQVLRQ FRHIILFLHQW(&µ&α&DQG(+µ++UHVSHFWLYHO\%HFDXVHWKHFRDWLQJDQG+$=DUHYHU\WKLQ DQGQDUURZRQO\WKHVWUHVVSDUDOOHOWRGLUHFWLRQRIODVHUEHDPWUDYHUVHLVFRQVLGHUHG7KH VWUHVVHVLQWKHVXEVWUDWHZHUHQHJOHFWHG

7KH\IRXQGWKDWWKHFRDWLQJPDWHULDOLVH[SRVHGWRFRPSUHVVLYHVWUHVV σ& DQGWKDWLQ+$=LV XQGHUWHQVLOHVWUHVV σ+ &RPSUHVVLYHVWUHVVDWWKHVXUIDFHLVIDYRXUDEOHEXWWHQVLOHVWUHVVHV UHVXOWLQSUHPDWXUHIDLOXUHσ&DQGσ+FDQEHDGMXVWHGE\FRQWUROOLQJWKHSRZHULQSXW 3 DQG WKHWUDFNLQJYHORFLW\ 9 RIWKHODVHUEHDPRYHUWKHVXEVWUDWH

)LJXU7KHWKUHH]RQHDQGWKHLUPHDVXUHPHQWVDIWHUODVHU WUHDWPHQW>@

(30)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



(DUOLHU5RVVHOHW>@DQDO\VHGWKHVXEMHFWE\VWDWLQJWKDWLWLVDYHU\ORFDOWUHDWPHQWLQZKLFK SRZGHULVLQMHFWHGLQWRDPHOWLQJSRROSURGXFHGE\DODVHUEHDPWUDFNLQJRYHUWKHVXUIDFHRID PRYLQJZRUNSLHFH$VDWKLQOD\HURIWKHVXEVWUDWHLVPHOWHGDSHUIHFWLQWHUIDFHLVDFKLHYHG

'XULQJWKHSURFHVVKLJKWHPSHUDWXUHJUDGLHQWVDUHSURGXFHGEHFDXVHRIWKHYHU\ORFDOLVHG PHOWLQJSRRO7KLVOHDGVWRKLJKVWUHVVHVGXULQJWKHSURFHVVLWVHOIEXWDOVRKLJKUHVLGXDOVWUHVVHV DQGGHIRUPDWLRQZKLFKFDQDIIHFWWKHVHUYLFHEHKDYLRXURIWKHZRUNSLHFH6LPXODWLRQRIWKH PHFKDQLFDOEHKDYLRXUGXULQJWKHFODGGLQJSURFHVVLVLPSRUWDQWEHFDXVHLWSHUPLWV

XQGHUVWDQGLQJRIWKHEXLOGLQJXSRIWKHVWUHVVHVDQGDQRSWLPLVDWLRQRIWKHSURFHVVLQUHODWLRQ WRWKHUHVLGXDOVWUHVVVWDWH2QHGLIILFXOW\LQPRGHOOLQJWKHVWUHVVKLVWRU\LVWKDWLWLVQHFHVVDU\WR NQRZWKHPHFKDQLFDOEHKDYLRXURIWKHPDWHULDOVXVHGLQWKHWHPSHUDWXUHUDQJHIURPURRP WHPSHUDWXUHXSWRWKHLUPHOWLQJSRLQWV

%DVHGRQDRQHGLPHQVLRQDOPRGHOIRUWKHWHPSHUDWXUHGLVWULEXWLRQLQWKHGHSWKRIWKHSODWH RQWKHD[LVRIWKHODVHUEHDPPRWLRQFDOFXODWLRQRIWKHVWUHVVKDVEHHQPDGHFRQVLGHULQJ PHFKDQLFDOHTXLOLEULXPRIWKHVWUHVVHVDQGPRPHQW VHHILJXUHEHORZ 

7KHDLPRIWKH5RVVHOHWPRGHOZDVWRFRPSDUHWKHUHVLGXDOVWUHVVFDOFXODWLRQZLWK

PHDVXUHPHQWVIRUODVHUFODGWHVWSLHFHVRIDDXVWHQLWLFYDOYHVWHHODQGD&UPDUWHQVLWLFVWHHO IRUKLJKWHPSHUDWXUHXVH7KHDJUHHPHQWEHWZHHQWKHPHDVXUHGDQGWKHFDOFXODWHGUHVLGXDO VWUHVVHVLVJRRGLQVSLWHRIWKHIDFWWKDWWKHVLPXODWLRQPRGHOXVHGZDVYHU\VLPSOH5HVLGXDO VWUHVVHVDUHXQZDQWHGLQWKHFODGGLQJSURFHVVEHFDXVHVWUHVVHVFDQJLYHUDLVHWRFUDFNVLQWKH PDWHULDO>@

)LJXU6KHPDWLFUHSUHVHQWDWLRQRIWKHODVHUFODGGLQJ>@

(31)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



)LJXUD &RLOZLWKPDJQHWLFILHOGE ,QGXFWLRQKHDWLQJRIDPHWDOSLHFHV>@

 $GGLWLRQDOSRZHUVRXUFHV

 ,QGXFWLRQ

7KHODVHUFODGGLQJSURFHVVKDVVRPHGLVDGYDQWDJHVHJIDLUO\ORZGHSRVLWLRQUDWHVZKLFKOLPLWV WKHFODGGLQJUDWHVDQGWKXVPDNHWKHSURFHVVUDWKHUH[SHQVLYHIRUFODGGLQJRIODUJHDUHDV

%HFDXVHRIWKHKLJKORFDOKHDWLQSXWFDXVHGE\WKHKLJKSRZHUGHQVLW\RIWKHODVHUVWUHVVHVDUH LQGXFHGLQWKHFODGGLQJSURFHVV7KHUPDOVWUHVVHVFDQOHDGWRFUDFNIRUPDWLRQLQWKHFODGOD\HU ZLWKORZWRXJKQHVVRUKLJKKDUGQHVV2QHZD\WRDYRLGWKLVNLQGRISUREOHPLVE\SUHKHDWLQJ WKHFRPSRQHQWVLQDQRYHQRUE\JDVIODPH%XWWKLVNLQGRIKHDWLQJFDQLQVRPHFDVHVJLYHULVH WRFUDFNVDQGZLWKJDVKHDWLQJWKHVXUURXQGLQJHTXLSPHQWLVDIIHFWHG

7RDYRLGWKHVHGLVDGYDQWDJHVDQDGGLWLRQDOSRZHUVRXUFHZKLFKLVVXLWDEOHIRUWKHODVHU FODGGLQJSURFHVVLVQHHGHG7KHDLPRIWKLVDGGLWLRQDOSRZHUVRXUFHLVWRUHGXFHWKH

WHPSHUDWXUHJUDGLHQWZLWKLQWKHFODGDQGEDVHPDWHULDOZKLOHFRROLQJDQGWRLPSURYHPHOWLQJ DQGGHSRVLWLRQUDWHV,QGXFWLRQKHDWLQJLVDJRRGHDVLO\DGMXVWHGDQGDGDSWDEOHWHFKQLTXHIRU WKLVSXUSRVH>@$FFRUGLQJWR:HW]LJHWDO>@

WKHSURFHVVZKLFKFRPELQHVODVHUFODGGLQJZLWK

LQGXFWLRQKHDWLQJLVFDOOHG´LQGXFWLRQDVVLVWHGODVHUFODGGLQJµ

,IDQDOWHUQDWLQJFXUUHQWLVFRQGXFWHGWKURXJKDFRLOD

PDJQHWLFILHOGLVSURGXFHG7KHPDJQHWLFILHOGLVD E FRQFHQWUDWHGLQWRWKHPLGGOHRIWKHFRLO VHHILJXUHD

,IDSLHFHRIHOHFWULFDOO\FRQGXFWLYHPDWHULDOLVSODFHG LQWKHFRLOHGG\FXUUHQWVDULVHZLWKORFDOVXEVHTXHQW KHDWLQJLQWKHPDWHULDO ILJXUHE 7KHKHDWLQJLV DIIHFWHGE\WKHPDWHULDOVPDJQHWLFSURSHUWLHVDQGWKH LQWHQVLW\RIILHOG>@

(32)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



)LJXU6FKHPDWLFSUHVHQWDWLRQRI LQGXFWLRQDVVLVWHGODVHUFODGGLQJ>@

>@

)LJXU/HIWVLGHVKRZVWKHFUDFNIRUPDWLRQLQ 1LFURERUDQGULJKWVLGHIRU'HORURLQ

GHSHQGHQWRIWKHSUHKHDWLQJWHPSHUDWXUHDQGWKH FODGGLQJIHHGUDWH>@

$FFRUGLQJWR:HW]LJHWDOKDYHLQYHVWLJDWHGWZRVWHHOVZLWKLQGXFWLRQDVVLVWHGODVHUFODGGLQJ VHHILJXUH 7KHVWHHOVZHUH$,6,DQG$,6,2%RWKVWHHODUHQRWQRUPDOO\FODG FUDFNIUHHZLWKRXWSUHKHDWLQJ7KHFODGGLQJPDWHULDOVZHUH1LDOOR\V1LFURERUDQG'HORUR

IRU$,6,DQG$,6,2UHVSHFWLYHO\)LJXUHDVKRZVWKHFUDFNIRUPDWLRQLQ

1LFURERUFODGVDQGEIRU'HORURDVDIXQFWLRQRIWKHSUHKHDWLQJWHPSHUDWXUHDQGWKH FODGGLQJIHHGUDWH7KHILJXUHVKRZVWKDWLWLVLPSRVVLEOHWRSURGXFHFUDFNIUHHOD\HUVIRUIHHG UDWHVDURXQGPPPLQZLWKRXWSUHKHDWLQJ,IWKHVXEVWUDWHLVSUHKHDWHGWR°&WKH VWUHVVHVRFFXUULQJGXULQJFRROLQJFDQEHUHGXFHGDQGFUDFNVDUHDYRLGHGIRUHYHU\IHHGUDWHIRU ERWKVXEVWUDWHV%H\HUHWDO>@KDVDOVRVWDWHGWKDWWKHQXPEHURIFUDFNVGHFUHDVHVE\LQGXFWLRQ KHDWLQJ7KHUHLVDOVRDSDWHQWLQWKHDUHDRILQGXFWLRQDVVLVWHGODVHUFODGGLQJ 8QLWHG6WDWHV 3DWHQWIURP-XO>@ 

7KHEHKDYLRXURIWKHVLQJOHWUDFNVLVQRWFRPSOHWHO\WUDQVIHUDEOHWRWKHLQGXFWLRQDVVLVWHG FODGGLQJRIRYHUODSSLQJWUDFNV%XWLWZDVSRVVLEOHWRSURGXFHFUDFNIUHHRYHUODSSLQJWUDFNV ZLWKDWKLFNQHVVRIDERXWPPIRUERWKPDWHULDOVLQFRPELQDWLRQZLWKDFODGGLQJVSHHGRI

PPPLQ>@

(33)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



 'LOXWLRQRIWKHVXEVWUDWH

$KLJKHUGLOXWLRQRIWKHEDVHPDWHULDOLQWRWKHFRDWLQJOD\HUFDQEHH[SHFWHGZLWKLQGXFWLRQ DVVLVWHGFODGGLQJ7KLVLVGXHWRWKHKLJKHUKHDWLQSXW7KLVGLVDGYDQWDJHLVHDVLO\FRPSHQVDWHG IRUWKHLQFUHDVHGFODGGLQJVSHHGVDYDLODEOH

 &ODGGLQJUDWHV

7KHWHFKQRORJ\RILQGXFWLRQDVVLVWHGODVHUFODGGLQJOHDGVWRPXFKKLJKHUFODGGLQJVSHHGVZLWK JRRGTXDOLW\RIWKHFODGGHGOD\HU&ODGGHGUDWHVDURXQGPPPLQFDQEHUHDFKHGIRU RYHUODSFODGGLQJ7KLVFODGGLQJUDWHVUHVXOWVDVDPPZLGWKDQGPPKHLJKWDQGIRUD

RYHUODSSLQJLQGHSRVLWLRQUDWHVRIPK7KHGHSRVLWLRQUDWHVFDQEHPRUHWKHQWHQWLPHV IDVWHUFRPSDUHGZLWKFRQYHQWLRQDOODVHUFODGGLQJWHFKQRORJ\>@:LNOXQGDQG0DJQXVVRQ

>@KDYHDOVRVKRZQWKDWLQGXFWLRQKHDWLQJLVHDVLO\FRQWUROOHGIDVWDQGHIIHFWLYH7KH\

VKRZHGWKDWZKHQKHDWLQJODUJHSLHFHV HJSLVWRQULQJV WKHQLWFDQEHPRUHVXLWDEOHWRXVH PRUHWKDQRQHLQGXFWLRQKHDWLQJSRLQW(YHQODVHUZHOGLQJFRPELQHGZLWKWXQJVWHQLQHUWJDV ZHOGLQJ>@KDVVKRZQVLPLODUDGYDQWDJHVIRUKLJKHUSURFHVVLQJUDWHV$VPHQWLRQHGHDUOLHUWKH FRPELQDWLRQRIODVHUDQG0,*SURGXFHGFODGZHOGLQJUDWHVXSWRWKUHHWLPHVKLJKHUWKHQZLWK ODVHUDORQH>@

(34)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



 &RQFOXVLRQ

,QGXVWULDODSSOLFDWLRQVUHTXLUHSDUWVZLWKJRRGZHDUFRUURVLRQDQGKDUGQHVVSURSHUWLHV/DVHU VXUIDFHWUHDWPHQWLVDSURFHVVZKLFKFDQFRPSHWHZLWKWUDGLWLRQDOVXUIDFHWUHDWPHQWPHWKRGV

/DVHUVXUIDFHWUHDWPHQWVDUHGLYLGHGLQKDUGHQLQJGLVSHUVLQJLPSUHJQDWLRQDOOR\LQJDQG FODGGLQJ,QWKLVOLWHUDWXUHVXUYH\ODVHUFODGGLQJWHFKQRORJ\KDVEHHQWKHPDLQREMHFWRIVWXG\

DQGWKHJHQHUDOFRQFOXVLRQVDUHVXPPDULVHGDVIROORZV

• 6LQJOHVWDJHODVHUFODGGLQJWHFKQRORJ\RIIHUVVRPHDGYDQWDJHVFRPSDUHGZLWKWKHWZRVWDJH FODGGLQJSURFHVVDVDQ\VXEVWUDWHJHRPHWU\FDQEHFODG

• /DVHUFODGGLQJZLWKZLUHEDQGRUSDVWHLVDPDWHULDOHIILFLHQWSURFHVVFRPSDUHGWREORZQ SRZGHUFODGGLQJ,IZLUHFODGGLQJLVFRPELQHGZLWKD0,*SRZHUVXSSO\WKHFODGGLQJUDWH LQFUHDVHVPRUHWKHQIRXUWLPHVFRPSDUHGZLWKWKHODVHUDORQH

• 7KHWHFKQLTXHEDVHGRQGLUHFWSRZGHULQMHFWLRQLQWRWKHPHOWSRROKDVWKHDGYDQWDJHRI SRVVLEOHGHSRVLWLRQRIDZLGHUDQJHRIDDOOR\VHLWKHUE\XVLQJDFKRVHQDOOR\DVSRZGHURU E\DEOHQGRISRZGHUVZLWKWKHUHTXLUHGFRPSRVLWLRQ$VOLJKWO\ODUJHUODVHUEHDPGLDPHWHU WKHQWKHSRZGHUQR]]OHLPSURYHVWKHSRZGHUXWLOLVDWLRQ

• $FRD[LDOQR]]OHSRZGHUIHHGHUVKRZHGVRPHDGYDQWDJHFRPSDUHGZLWKVLGHEORZQ SRZGHUWHFKQRORJ\FRQFHUQLQJWKHSRZGHUXWLOLVDWLRQDQGGLUHFWLRQDOHIIHFWV

• /DVHUFODGGLQJLVYHU\FRPSOH[EHFDXVHWKHSURFHVVLQJSDUDPHWHUVDUHQXPHURXV

• 0RGHOVRIWKHODVHUFODGGLQJSURFHVVDUHDXVHIXOWRROWRDYRLGXQGHVLUHGGLOXWLRQDQGDQ XQGHUVWDQGLQJRIWKHSKHQRPHQDLQWKHLQWHUDFWLRQ]RQH

• )RUFRDWLQJODUJHUDUHDVDEURDGWUDFNZLGWKLVDGYDQWDJHRXVZLWKIHZHURYHUODSVDQG WKHUPDOWUHDWPHQWLQWKHPDWHULDO

• $SURFHVVZKLFKFRPELQHVODVHUFODGGLQJDQGLQGXFWLRQKHDWLQJVHHPVDGYDQWDJHRXV

%HFDXVHFUDFNVDUHHOLPLQDWHGDQGWKHFODGGLQJUDWHLVLQFUHDVHGXSWRWHQWLPHVFRPSDUHG ZLWKODVHUFODGGLQJSURFHVVDORQH

• $EVRUELQJFRDWLQJOD\HUVRUVDQGEODVWLQJRIWKHVXEVWUDWHLQFUHDVHVWKHFODGGLQJUDWH

(35)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



 6XJJHVWLRQVIRUIXUWKHUZRUN

,QLWLDOWHVWVPXVWEHGRQHWRLGHQWLW\UHIHUHQFHPDWHULDOVIRUFRPSDULQJWHVWVLQWKHIXWXUH

7KHWHVWVPXVWEHGRQHLQWKHVDPHZD\HYHU\WLPHZLWKWKHVDPHODVHUHWFDQGWKHWHVWVPXVW EHFDUULHGRXWLQDQH[SHULPHQWDOPRGHO7KHUHVXOWVRIWKHZRUNZLOOEHUHSRUWHGLQVFLHQWLILF SXEOLFDWLRQV

)URPWKHOLWHUDWXUHVXUYH\LWLVREYLRXVWKDWLQGXFWLRQODVHUDVVLVWHGFODGGLQJLVYHU\LQWHUHVWLQJ IRULPSURYHGFODGGLQJHIILFLHQF\WRJHWKHUZLWKWKHV\QHUJLVWLFHIIHFWRIORZHUFUDFNIRUPDWLRQ

,WZRXOGEHLQWHUHVWLQJWRLQYHVWLJDWHHIIHFWVRIFRDWLQJWKHVXEVWUDWHPDWHULDO

,QWKHFDVHRIXVLQJSRZGHUEDQGZLUHHWFWKHVLQJOHVWDJHSRZGHUIHHGLQJPHWKRGVHHPV DGYDQWDJHRXV7KHSRZGHUWHFKQRORJ\LVDOVRHDVLHUWRDSSO\WRRWKHUVXEVWUDWHVWKDWFRXOGEH RILQWHUHVWLQWKLVFDVH

7KHFRD[LDOQR]]OHV\VWHPVHHPVDGYDQWDJHRXVIRUEHWWHUSRZGHUXWLOLVDWLRQDQGWRDYRLG GLUHFWLRQDOHIIHFWVDQGVKRXOGEHDFDQGLGDWHIRUWHVWVLQWKLVFDVH

%URDGFODGGLQJWUDFNVSURGXFHGE\DSRZHUIXOODVHUDUHDGYDQWDJHRXVLQPDNLQJWKHFODGGLQJ SURFHVVPRUHHIILFLHQWZLWKDPLQLPXPRIWKHUPDOWUHDWPHQWLQWKHPDWHULDO

(36)

+DQV*HGGD 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



 5()(5(1&(6

 5LDENLQD)LVKPDQ0=DKDYL-/DVHUDOOR\LQJDQGFODGGLQJIRULPSURYLQJ VXUIDFHSURSHUWLHV$SSOLHG6XUIDFH6FLHQFH 1HWKHUODQGV YROQRSS

2FW

 .|QLJ:5R]VQRNL.LUQHUS/DVHU7UHDWPHQWRI0DWHULDOV&RQIHUHQFH SDSHU (&/$7 ,6%1SS

 <HOOXS-0/DVHU&ODGGLQJXVLQJWKHSRZGHUEORZLQJWHFKQLTXH6XUIDFH

&RDWLQJ7HFKQRORJ\ 6ZLW]HUODQG YROQRSS0DU

 (QJWU|P+7KHRUHWLFDODQGSUDFWLFDODVSHFWVRIODVHUFODGGLQJ/LFHQWLDWH7KHVLV

/XHOODXQLYHUVLW\RIWHFKQRORJ\,661²

 0LJOLRUH//DVHUPDWHULDOSURFHVVLQJ+HDW7UHDWPHQW,6%1SS

86$

 *LOOPDQ--0HWDOOLFJODVVHV3K\VLFVWRGD\0D\SS

 %HUJPDQ+:0XOOHU'(QGUHVV7'DPDVFKHFN5'RPHV-%UDQGVHQ

$6,QGXVWULDODSSOLFDWLRQVRIVXUIDFHWUHDWPHQWVZLWKKLJKSRZHUODVHUV0DWHULDOV VFLHQFHIRUXPYRO3DUWSS

 3ULGKDP07KRPVRQ*$0DQXIDFWXULQJ(QJLQHHU/DVHU)RUPLQJY-XQH

YROSS

 *UXQHZDOG%%LVFKRII-6KHQ-'DXVLQJHU)/DVHUVXUIDFHDOOR\LQJRIFDVH KDUGHQLQJVWHHOZLWKWXQJVWHQFDUELGHDQGFDUERQ0DWHULDOVVLHQFHDQG

WHFKQRORJ\8.YROQRSSMXOL

 3RZHOO-+HQU\366WHHQ:0/DVHUFODGGLQJZLWKSUHSODFHGSRZGHU

$QDO\VLVRIWKHUPDOF\FOLQJDQGGLOXWLRQHIIHFWV6XUIDFHHQJLQHHULQJ9RO

1R

 6WHHQ:0/DVHU0DWHULDO3URFHVVLQJ/DVHUVXUIDFHWUHDWPHQW6HFRQGHGGLWLRQ

,6%1

 )UHQN$9DQG\RXVVHIL0:DJQQqUH-'=U\G$.XU]:$QDO\VLVRIWKH ODVHUFODGGLQJ>ODVHUVXUIDFLQJ@SURFHVVIRUVWHOOLWHRQVWHHO0HWDOOXUJLFDODQG 0DWHULDO7UDQVDFWLRQV%YRO%-XQH3S

 9LODU5/DVHU&ODGGLQJ-RXUQDORIODVHUDSSOLFDWLRQV9ROXPHQXPEHU

,661;$SULO

 3HOOHWLHU-0)RXTHW)'H]HUW'5REELQ09DQQHV$%,PSURYHPHQWRI PHFKDQLFDOSURSHUWLHVRIVWHHOVE\DGGLWLRQRIWXQJVWHQFDUELGHV'*0

,QIRUPDWLRQVJHVHOOVFKDIWPEK *HUPDQ\ SS

References

Related documents

We tried to in- clud all the possible questions which we need to know from him which includes their busi- ness procedures and processes, standardization of raw material, their way

[r]

[r]

[r]

[r]

[r]

This bachelor’s thesis aims to discover how a IT-company can work with security management within the Internet of Things, this is done by looking into how a IT-company can

7FDHKGJVNmLnMVKRNopqQE_JLFMrFmQLMPVaRURUPGKLFCGTRUPGLTRUMP_FsFaSDQNL_C`_rNIQ`SCGTRUPGLn MnmNt