PDF

Communicative Language Teaching Today

Formát
PDF
Veľkosť
178 kB
Pridané
Stiahnutí
2 706
Hodnotenie
4,0/5
Stiahnuť PDF · 178 kB

Preber si túto poznámku so svojou AI

Skopíruj pripravený podklad a vlož ho do ChatGPT, Claude alebo inej AI — bude ťa učiť alebo skúšať len z tejto poznámky.

Otvoriť AI: ChatGPT · Claude · Gemini

Náhľad poznámky

&RPPXQLFDWLYH/DQJXDJH7HDFKLQJ7RGD\

-DFN&5LFKDUGV

,QWURGXFWLRQ

7KHHYHUJURZLQJQHHGIRUJRRGFRPPXQLFDWLRQVNLOOVLQ(QJOLVKKDVFUHDWHGDKXJH

GHPDQGIRU(QJOLVKWHDFKLQJDURXQGWKHZRUOG0LOOLRQVRISHRSOHWRGD\ZDQWWR

LPSURYHWKHLUFRPPDQGRI(QJOLVKRUWRHQVXUHWKDWWKHLUFKLOGUHQDFKLHYHDJRRG

FRPPDQGRI(QJOLVK$QGRSSRUWXQLWLHVWROHDUQ(QJOLVKDUHSURYLGHGLQPDQ\

GLIIHUHQWZD\VVXFKDVWKURXJKIRUPDOLQVWUXFWLRQWUDYHOVWXG\DEURDGDVZHOODV

WKURXJKWKHPHGLDDQGWKHLQWHUQHW7KHZRUOGZLGHGHPDQGIRU(QJOLVKKDVFUHDWHG

DQHQRUPRXVGHPDQGIRUTXDOLW\ODQJXDJHWHDFKLQJDQGODQJXDJHWHDFKLQJPDWHULDOV

DQGUHVRXUFHV/HDUQHUVVHWWKHPVHOYHVGHPDQGLQJJRDOV7KH\ZDQWWREHDEOHWR

PDVWHU(QJOLVKWRDKLJKOHYHORIDFFXUDF\DQGIOXHQF\(PSOR\HUVWRRLQVLVWWKDWWKHLU

HPSOR\HHVKDYHJRRG(QJOLVKODQJXDJHVNLOOVDQGIOXHQF\LQ(QJOLVKLVDSUH

UHTXLVLWHIRUVXFFHVVDQGDGYDQFHPHQWLQPDQ\ILHOGVRIHPSOR\PHQWLQWRGD\V

ZRUOG7KHGHPDQGIRUDQDSSURSULDWHWHDFKLQJPHWKRGRORJ\LVWKHUHIRUHDVVWURQJ

DVHYHU

,QWKLVERRNOHWZHZLOOH[DPLQHWKHPHWKRGRORJ\NQRZQDV&RPPXQLFDWLYH/DQJXDJH

7HDFKLQJRU&/7DQGH[SORUHWKHDVVXPSWLRQVLWLVEDVHGRQLWVRULJLQVDQGHYROXWLRQ

VLQFHLWZDVILUVWSURSRVHGLQWKHVDQGKRZLWKDVLQIOXHQFHGDSSURDFKHVWR

ODQJXDJHWHDFKLQJWRGD\6LQFHLWVLQFHSWLRQLQWKHV&/7KDVVHUYHGDVDPDMRU

VRXUFHRILQIOXHQFHRQODQJXDJHWHDFKLQJSUDFWLFHDURXQGWKHZRUOG0DQ\RIWKH

LVVXHVUDLVHGE\DFRPPXQLFDWLYHWHDFKLQJPHWKRGRORJ\DUHVWLOOUHOHYDQWWRGD\

WKRXJKWHDFKHUVZKRDUHUHODWLYHO\QHZWRWKHSURIHVVLRQPD\QRWEHIDPLOLDUZLWK

WKHP7KLVERRNOHWWKHUHIRUHVHUYHVWRUHYLHZZKDWZHKDYHOHDUQHGIURP&/7DQG

ZKDWLWVUHOHYDQFHLVWRGD\

&KDSWHU:KDWLV&RPPXQLFDWLYH/DQJXDJH7HDFKLQJ"

3HUKDSVWKHPDMRULW\RIODQJXDJHWHDFKHUVWRGD\ZKHQDVNHGWRLGHQWLI\WKH

PHWKRGRORJ\WKH\HPSOR\LQWKHLUFODVVURRPVLGHQWLI\³FRPPXQLFDWLYH´DVWKH

PHWKRGRORJ\RIFKRLFH+RZHYHUZKHQSUHVVHGWRJLYHDGHWDLOHGDFFRXQWRIZKDW

WKH\PHDQE\³FRPPXQLFDWLYH´H[SODQDWLRQVYDU\ZLGHO\'RHV&RPPXQLFDWLYH

/DQJXDJH7HDFKLQJRU&/7PHDQWHDFKLQJFRQYHUVDWLRQDQDEVHQFHRIJUDPPDULQD

FRXUVHRUDQHPSKDVLVRQRSHQHQGHGGLVFXVVLRQDFWLYLWLHVDVWKHPDLQIHDWXUHVRID

FRXUVH":KDWGR\RXXQGHUVWDQGE\FRPPXQLFDWLYHODQJXDJHWHDFKLQJ"

7DVN

:KLFKRIWKHVWDWHPHQWVEHORZGR\RXWKLQNFKDUDFWHUL]HFRPPXQLFDWLYH

ODQJXDJHWHDFKLQJ"

3HRSOHOHDUQDODQJXDJHEHVWZKHQXVLQJLWWRGRWKLQJVUDWKHUWKDQ
WKURXJKVWXG\LQJKRZODQJXDJHZRUNVDQGSUDFWLFLQJUXOHVBBB
*UDPPDULVQRORQJHULPSRUWDQWLQODQJXDJHWHDFKLQJBBB
3HRSOHOHDUQDODQJXDJHWKURXJKFRPPXQLFDWLQJLQLWBBB
(UURUVDUHQRWLPSRUWDQWLQVSHDNLQJDODQJXDJHBBB
&/7LVRQO\FRQFHUQHGZLWKWHDFKLQJVSHDNLQJBBB
&ODVVURRPDFWLYLWLHVVKRXOGEHPHDQLQJIXODQGLQYROYHUHDO
FRPPXQLFDWLRQBBB
'LDORJVDUHQRWXVHGLQ&/7BBB
%RWKDFFXUDF\DQGIOXHQF\DUHJRDOVLQ&/7BBB
&/7LVXVXDOO\GHVFULEHGDVDPHWKRGRIWHDFKLQJBB

&/7FDQEHXQGHUVWRRGDVDVHWRISULQFLSOHVDERXWWKHJRDOVRIODQJXDJHWHDFKLQJ

KRZOHDUQHUVOHDUQDODQJXDJHWKHNLQGVRIFODVVURRPDFWLYLWLHVWKDWEHVWIDFLOLWDWH

OHDUQLQJDQGWKHUROHVRIWHDFKHUVDQGOHDUQHUVLQWKHFODVVURRP/HWXVH[DPLQH

HDFKRIWKHVHLVVXHVLQWXUQ

7KHJRDOVRIODQJXDJHWHDFKLQJ

&/7VHWVDVLWVJRDOVWKHWHDFKLQJRIFRPPXQLFDWLYHFRPSHWHQFH:KDWGRHVWKLV

WHUPPHDQ"3HUKDSVZHFDQFODULI\WKLVWHUPE\ILUVWFRPSDULQJLWZLWKWKHFRQFHSWRI

JUDPPDWLFDOFRPSHWHQFH*UDPPDWLFDOFRPSHWHQFHUHIHUVWRWKHNQRZOHGJHZHKDYH

RIDODQJXDJHWKDWDFFRXQWVIRURXUDELOLW\WRSURGXFHVHQWHQFHVLQDODQJXDJH,W

UHIHUVWRNQRZOHGJHRIWKHEXLOGLQJEORFNVRIVHQWHQFHVHJSDUWVRIVSHHFKWHQVHV

SKUDVHVFODXVHVVHQWHQFHSDWWHUQVDQGKRZVHQWHQFHVDUHIRUPHG*UDPPDWLFDO

FRPSHWHQFHLVWKHIRFXVRIPDQ\JUDPPDUSUDFWLFHERRNVZKLFKW\SLFDOO\SUHVHQWD

UXOHRIJUDPPDURQRQHSDJHDQGSURYLGHH[HUFLVHVWRSUDFWLFHXVLQJWKHUXOHRQWKH

RWKHUSDJH7KHXQLWRIDQDO\VLVDQGSUDFWLFHLVW\SLFDOO\WKHVHQWHQFH:KLOH

JUDPPDWLFDOFRPSHWHQFHLVDQLPSRUWDQWGLPHQVLRQRIODQJXDJHOHDUQLQJLWLVFOHDUO\

QRWDOOWKDWLVLQYROYHGLQOHDUQLQJDODQJXDJHVLQFHRQHFDQPDVWHUWKHUXOHVRI

VHQWHQFHIRUPDWLRQLQDODQJXDJHDQGVWLOOQRWEHYHU\VXFFHVVIXODWEHLQJDEOHWRXVH

WKHODQJXDJHIRUPHDQLQJIXOFRPPXQLFDWLRQ,WLVWKHODWWHUFDSDFLW\ZKLFKLV

XQGHUVWRRGE\WKHWHUPFRPPXQLFDWLYHFRPSHWHQFH

&RPPXQLFDWLYHFRPSHWHQFHLQFOXGHVWKHIROORZLQJDVSHFWVRIODQJXDJHNQRZOHGJH

x

NQRZLQJKRZWRXVHODQJXDJHIRUDUDQJHRIGLIIHUHQWSXUSRVHVDQGIXQFWLRQV

x

NQRZLQJKRZWRYDU\RXUXVHRIODQJXDJHDFFRUGLQJWRWKHVHWWLQJDQGWKH

SDUWLFLSDQWVHJNQRZLQJZKHQWRXVHIRUPDODQGLQIRUPDOVSHHFKRUZKHQWR

XVHODQJXDJHDSSURSULDWHO\IRUZULWWHQDVRSSRVHGWRVSRNHQFRPPXQLFDWLRQ

x

NQRZLQJKRZWRSURGXFHDQGXQGHUVWDQGGLIIHUHQWW\SHVRIWH[WVHJ

QDUUDWLYHVUHSRUWVLQWHUYLHZVFRQYHUVDWLRQV

x

NQRZLQJKRZWRPDLQWDLQFRPPXQLFDWLRQGHVSLWHKDYLQJOLPLWDWLRQVLQRQH¶V

ODQJXDJHNQRZOHGJHHJWKURXJKXVLQJGLIIHUHQWNLQGVRIFRPPXQLFDWLRQ

VWUDWHJLHV

7DVN

&RQVLGHUWKHIROORZLQJVHQWHQFHVWKDWDUHDOOUHTXHVWVIRUVRPHRQHWRRSHQD
GRRU,PDJLQHWKDWWKHFRQWH[WLVQRUPDOFRPPXQLFDWLRQEHWZHHQWZRIULHQGV
&KHFNLI\RXWKLQNWKH\FRQIRUPWRWKHUXOHVRIJUDPPDWLFDOFRPSHWHQFH*&
FRPPXQLFDWLYHFRPSHWHQFH&&RUERWK

*&&&

3OHDVHWRRSHQVGRRU
,ZDQWWKHGRRUWREHRSHQHGE\\RX
:RXOG\RXEHVRWHUULEO\NLQGDVWRRSHQ
WKHGRRUIRUPH
&RXOG\RXRSHQWKHGRRU
7RRSHQLQJWKHGRRUIRUPH
:RXOG\RXPLQGRSHQLQJWKHGRRU
7KHRSHQLQJRIWKHGRRULVZKDW,UHTXHVW


+RZOHDUQHUVOHDUQDODQJXDJH

2XUXQGHUVWDQGLQJRIWKHSURFHVVHVRIVHFRQGODQJXDJHOHDUQLQJKDYHFKDQJHG

FRQVLGHUDEO\LQWKHODVW\HDUVDQG&/7LVSDUWO\DUHVSRQVHWRWKHVHFKDQJHVLQ

XQGHUVWDQGLQJ(DUOLHUYLHZVRIODQJXDJHOHDUQLQJIRFXVHGSULPDU\RQWKHPDVWHU\RI

JUDPPDWLFDOFRPSHWHQFH/DQJXDJHOHDUQLQJZDVYLHZHGDVDSURFHVVRIPHFKDQLFDO

KDELWIRUPDWLRQ*RRGKDELWVDUHIRUPHGE\KDYLQJVWXGHQWVSURGXFHFRUUHFW

VHQWHQFHVDQGQRWWKURXJKPDNLQJPLVWDNHV(UURUVZHUHWREHDYRLGHGWKURXJK

FRQWUROOHGRSSRUWXQLWLHVIRUSURGXFWLRQHLWKHUZULWWHQRUVSRNHQ%\PHPRUL]LQJ

GLDORJVDQGSHUIRUPLQJGULOOVWKHFKDQFHVRIPDNLQJPLVWDNHVZHUHPLQLPL]HG

/HDUQLQJZDVYHU\PXFKVHHQDVXQGHUWKHFRQWURORIWKHWHDFKHU

,QUHFHQW\HDUVODQJXDJHOHDUQLQJKDVEHHQYLHZHGIURPDYHU\GLIIHUHQWSHUVSHFWLYH

,WLVVHHQDVUHVXOWLQJIURPSURFHVVHVRIWKHIROORZLQJNLQG

x

,QWHUDFWLRQEHWZHHQWKHOHDUQHUDQGXVHUVRIWKHODQJXDJH

x

&ROODERUDWLYHFUHDWLRQRIPHDQLQJ

x

&UHDWLQJPHDQLQJIXODQGSXUSRVHIXOLQWHUDFWLRQWKURXJKODQJXDJH

x

1HJRWLDWLRQRIPHDQLQJDVWKHOHDUQHUDQGKLVRUKHULQWHUORFXWRUDUULYHDW

XQGHUVWDQGLQJ

x

/HDUQLQJWKURXJKDWWHQGLQJWRWKHIHHGEDFNOHDUQHUVJHWZKHQWKH\XVHWKH

ODQJXDJH

x

3D\LQJDWWHQWLRQWRWKHODQJXDJHRQHKHDUVWKHLQSXWDQGWU\LQJWR

LQFRUSRUDWHQHZIRUPVLQWRRQH¶VGHYHORSLQJFRPPXQLFDWLYHFRPSHWHQFH

x

7U\LQJRXWDQGH[SHULPHQWLQJZLWKGLIIHUHQWZD\VRIVD\LQJWKLQJV

7KHNLQGVRIFODVVURRPDFWLYLWLHVWKDWEHVWIDFLOLWDWHOHDUQLQJ

:LWK&/7EHJDQDPRYHPHQWDZD\IURPWUDGLWLRQDOOHVVRQIRUPDWVZKHUHWKHIRFXV

ZDVRQPDVWHU\RIGLIIHUHQWLWHPVRIJUDPPDUDQGSUDFWLFHWKURXJKFRQWUROOHG

DFWLYLWLHVVXFKDVPHPRUL]DWLRQRIGLDORJVDQGGULOOVWRZDUGVWKHXVHRISDLUZRUN

DFWLYLWLHVUROHSOD\VJURXSZRUNDFWLYLWLHVDQGSURMHFWZRUN7KHVHDUHGLVFXVVHGLQ

FKDSWHUWKUHH

7DVN

([DPLQHDFODVVURRPWH[WHLWKHUDVSHDNLQJWH[WRUDJHQHUDO(QJOLVKFRXUVH
ERRN&DQ\RXILQGH[DPSOHRIH[HUFLVHVWKDWSUDFWLFHJUDPPDWLFDO
FRPSHWHQFHDQGWKRVHWKDWSUDFWLFHFRPPXQLFDWLYHFRPSHWHQFH":KLFKNLQGV
RIDFWLYLWLHVSUHGRPLQDWH"

7KHUROHVRIWHDFKHUVDQGOHDUQHUVLQWKHFODVVURRP

7KHW\SHRIFODVVURRPDFWLYLWLHVSURSRVHGLQ&/7DOVRLPSOLHGQHZUROHVLQWKH

FODVVURRPIRUWHDFKHUVDQGOHDUQHUV/HDUQHUVQRZKDGWRSDUWLFLSDWHLQFODVVURRP

DFWLYLWLHVWKDWZHUHEDVHGRQDFRRSHUDWLYHUDWKHUWKDQLQGLYLGXDOLVWLFDSSURDFKWR

OHDUQLQJ6WXGHQWVKDGWREHFRPHFRPIRUWDEOHZLWKOLVWHQLQJWRWKHLUSHHUVLQJURXS

ZRUNRUSDLUZRUNWDVNVUDWKHUWKDQUHO\LQJRQWKHWHDFKHUIRUDPRGHO7KH\ZHUH

H[SHFWHGWRWDNHRQDJUHDWHUGHJUHHRIUHVSRQVLELOLW\IRUWKHLURZQOHDUQLQJ$QG

WHDFKHUVQRZKDGWRDVVXPHWKHUROHRIIDFLOLWDWRUDQGPRQLWRU5DWKHUWKDQEHLQJD

PRGHOIRUFRUUHFWVSHHFKDQGZULWLQJDQGRQHZLWKWKHSULPDU\UHVSRQVLELOLW\RI

PDNLQJVWXGHQWVSURGXFHSOHQW\RIHUURUIUHHVHQWHQFHVWKHWHDFKHUKDGWRGHYHORS

DGLIIHUHQWYLHZRIOHDUQHUV¶HUURUVDQGRIKHUKLVRZQUROHLQIDFLOLWDWLQJODQJXDJH

OHDUQLQJ

7DVN

:KDWGLIILFXOWLHVPLJKWVWXGHQWVDQGWHDFKHUVIDFHEHFDXVHRIFKDQJHVLQWKHLU

UROHVLQXVLQJDFRPPXQLFDWLYHPHWKRGRORJ\"

&KDSWHU7KHEDFNJURXQGWR&/7

,QSODQQLQJDODQJXDJHFRXUVHGHFLVLRQVKDYHWREHPDGHDERXWWKHFRQWHQWRIWKH

FRXUVHLQFOXGLQJGHFLVLRQVDERXWZKDWYRFDEXODU\DQGJUDPPDUWRWHDFKDWWKH

EHJLQQLQJLQWHUPHGLDWHDQGDGYDQFHGOHYHOVDQGZKLFKVNLOOVDQGPLFURVNLOOVWRWHDFK

DQGLQZKDWVHTXHQFH'HFLVLRQVDERXWWKHVHLVVXHVEHORQJWRWKHILHOGRIV\OODEXV

GHVLJQRUFRXUVHGHVLJQ'HFLVLRQVDERXWKRZEHVWWRWHDFKWKHFRQWHQWVRID

V\OODEXVEHORQJWRWKHILHOGRIPHWKRGRORJ\

/DQJXDJHWHDFKLQJKDVVHHQPDQ\FKDQJHVLQLGHDVDERXWV\OODEXVGHVLJQDQG

PHWKRGRORJ\LQWKHODVW\HDUVDQG&/7SURPSWHGDUHWKLQNLQJRIDSSURDFKHVWR

V\OODEXVGHVLJQDQGPHWKRGRORJ\:HPD\FRQYHQLHQWO\JURXSWUHQGVLQODQJXDJH

WHDFKLQJLQWKHODVW\HDUVLQWRWKUHHSKDVHV

3KDVHWUDGLWLRQDODSSURDFKHVXSWRWKHODWHV

3KDVHFODVVLFFRPPXQLFDWLYHODQJXDJHWHDFKLQJVWRV

3KDVHFXUUHQWFRPPXQLFDWLYHODQJXDJHWHDFKLQJODWHVWRWKHSUHVHQW

/HWXVILUVWFRQVLGHUWKHWUDQVLWLRQIURPWUDGLWLRQDODSSURDFKHVWRZKDWZHFDQUHIHU

WRDVFODVVLFFRPPXQLFDWLYHODQJXDJHWHDFKLQJ

3KDVHWUDGLWLRQDODSSURDFKHVXSWRWKHODWHV

$VZHVDZLQFKDSWHURQHWUDGLWLRQDODSSURDFKHVWRODQJXDJHWHDFKLQJJDYHSULRULW\

WRJUDPPDWLFDOFRPSHWHQFHDVWKHEDVLVRIODQJXDJHSURILFLHQF\7KH\ZHUHEDVHGRQ

WKHEHOLHIWKDWJUDPPDUFRXOGEHOHDUQHGWKURXJKGLUHFWLQVWUXFWLRQDQGWKURXJKD

PHWKRGRORJ\WKDWPDGHPXFKXVHRIUHSHWLWLYHSUDFWLFHDQGGULOOLQJ7KHDSSURDFKWR

WKHWHDFKLQJRIJUDPPDUZDVDGHGXFWLYHRQHVWXGHQWVDUHSUHVHQWHGZLWKJUDPPDU

UXOHVDQGWKHQJLYHQRSSRUWXQLWLHVWRSUDFWLFHXVLQJWKHPDVRSSRVHGWRDQLQGXFWLYH

DSSURDFKLQZKLFKVWXGHQWVDUHJLYHQH[DPSOHVRIVHQWHQFHVFRQWDLQLQJDJUDPPDU

UXOHDQGDVNHGWRZRUNRXWWKHUXOHIRUWKHPVHOYHV,WZDVDVVXPHGWKDWODQJXDJH

OHDUQLQJPHDQWEXLOGLQJXSDODUJHUHSHUWRLUHRIVHQWHQFHVDQGJUDPPDWLFDOSDWWHUQV

DQGOHDUQLQJWRSURGXFHWKHVHDFFXUDWHO\DQGTXLFNO\LQWKHDSSURSULDWHVLWXDWLRQ

2QFHDEDVLFFRPPDQGRIWKHODQJXDJHZDVHVWDEOLVKHGWKURXJKRUDOGULOOLQJDQG

FRQWUROOHGSUDFWLFHWKHIRXUVNLOOVZHUHLQWURGXFHGXVXDOO\LQWKHVHTXHQFHRI

VSHDNLQJOLVWHQLQJUHDGLQJDQGZULWLQJ

7HFKQLTXHVWKDWZHUHRIWHQHPSOR\HGLQFOXGHGPHPRUL]DWLRQRIGLDORJVTXHVWLRQDQG

DQVZHUSUDFWLFHVXEVWLWXWLRQGULOOVDQGYDULRXVIRUPVRIJXLGHGVSHDNLQJDQGZULWLQJ

SUDFWLFH*UHDWDWWHQWLRQWRDFFXUDWHSURQXQFLDWLRQDQGDFFXUDWHPDVWHU\RIJUDPPDU

ZDVVWUHVVHGIURPWKHYHU\EHJLQQLQJVWDJHVRIODQJXDJHOHDUQLQJVLQFHLWZDV

DVVXPHGWKDWLIVWXGHQWVPDGHHUURUVWKHVHZRXOGTXLFNO\EHFRPHDSHUPDQHQWSDUW

RIWKHOHDUQHUVVSHHFK

7DVN

'R\RXWKLQNGULOOVRURWKHUIRUPVRIUHSHWLWLYHSUDFWLFHVKRXOGSOD\DQ\UROHLQ

ODQJXDJHWHDFKLQJ"

0HWKRGRORJLHVEDVHGRQWKHVHDVVXPSWLRQVLQFOXGH$XGLROLQJXDOLVPLQQRUWK

$PHULFDDOVRNQRZQDVWKH$XUDO2UDO0HWKRGDQGWKH6WUXFWXUDO6LWXDWLRQDO

$SSURDFKLQWKH8.DOVRNQRZQDV6LWXDWLRQDO/DQJXDJH7HDFKLQJ6\OODEXVHV

GXULQJWKLVSHULRGFRQVLVWHGRIZRUGOLVWVDQGJUDPPDUOLVWVJUDGHGDFURVVOHYHOV

,QDW\SLFDODXGLROLQJXDOOHVVRQWKHIROORZLQJSURFHGXUHVZRXOGEHREVHUYHG

6WXGHQWVILUVWKHDUDPRGHOGLDORJXHHLWKHUUHDGE\WKHWHDFKHURURQWDSH

FRQWDLQLQJNH\VWUXFWXUHVWKDWDUHWKHIRFXVRIWKHOHVVRQ7KH\UHSHDWHDFKOLQHRI

WKHGLDORJXHLQGLYLGXDOO\DQGLQFKRUXV7KHWHDFKHUSD\VDWWHQWLRQWRSURQXQFLDWLRQ

LQWRQDWLRQDQGIOXHQF\&RUUHFWLRQRIPLVWDNHVRISURQXQFLDWLRQRUJUDPPDULVGLUHFW

DQGLPPHGLDWH7KHGLDORJXHLVPHPRUL]HGJUDGXDOO\OLQHE\OLQH$OLQHPD\EH

EURNHQGRZQLQWRVHYHUDOSKDVHVLIQHFHVVDU\7KHGLDORJXHLVUHDGDORXGLQFKRUXV

RQHKDOIVD\LQJRQHVSHDNHUVSDUWDQGWKHRWKHUKDOIUHVSRQGLQJ7KHVWXGHQWVGR

QRWFRQVXOWWKHLUERRNWKURXJKRXWWKLVSKDVH

7KHGLDORJXHLVDGDSWHGWRWKHVWXGHQWVLQWHUHVWRUVLWXDWLRQWKURXJKFKDQJLQJ

FHUWDLQNH\ZRUGVRUSKUDVHV7KLVLVDFWHGRXWE\WKHVWXGHQWV

&HUWDLQNH\VWUXFWXUHVIURPWKHGLDORJXHDUHVHOHFWHGDQGXVHGDVWKHEDVLVIRU

SDWWHUQGULOOVRIGLIIHUHQWNLQGV7KHVHDUHILUVWSUDFWLFHGLQFKRUXVDQGWKHQ

LQGLYLGXDOO\6RPHJUDPPDWLFDOH[SODQDWLRQPD\EHRIIHUHGDWWKLVSRLQWEXWWKLVLV

NHSWWRDQDEVROXWHPLQLPXP

7KHVWXGHQWVPD\UHIHUWRWKHLUWH[WERRNDQGIROORZXSUHDGLQJZULWLQJRU

YRFDEXODU\DFWLYLWLHVEDVHGRQWKHGLDORJXHPD\EHLQWURGXFHG

)ROORZXSDFWLYLWLHVPD\WDNHSODFHLQWKHODQJXDJHODERUDWRU\ZKHUHIXUWKHU

GLDORJXHDQGGULOOZRUNLVFDUULHGRXW

5LFKDUGVDQG5RGJHUV

,QDVW\SLFDOOHVVRQDFFRUGLQJWRWKHVLWXDWLRQDODSSURDFKDWKUHHSKDVHVHTXHQFH

ZDVRIWHQHPSOR\HGNQRZQDVWKH333F\FOH3UHVHQWDWLRQ3UDFWLFH3URGXFWLRQ

3UHVHQWDWLRQWKHQHZJUDPPDUVWUXFWXUHLVSUHVHQWHGRIWHQE\PHDQVRID

FRQYHUVDWLRQRUVKRUWWH[W7KHWHDFKHUH[SODLQVWKHQHZVWUXFWXUHDQGFKHFNV

VWXGHQWV¶FRPSUHKHQVLRQRILW

3UDFWLFH6WXGHQWVSUDFWLFHXVLQJWKHQHZVWUXFWXUHLQDFRQWUROOHGFRQWH[WWKRXJK

GULOOVRUVXEVWLWXWLRQH[HUFLVHV

3URGXFWLRQ6WXGHQWVSUDFWLFHXVLQJWKHQHZVWUXFWXUHLQGLIIHUHQWFRQWH[WVRIWHQ

XVLQJWKHLURZQFRQWHQWRULQIRUPDWLRQLQRUGHUWRGHYHORSIOXHQF\ZLWKWKHQHZ

SDWWHUQ

7KH333OHVVRQVWUXFWXUHKDVEHHQZLGHO\XVHGLQODQJXDJHWHDFKLQJPDWHULDOVDQG

FRQWLQXHVLQPRGLILHGIRUPWREHXVHGWRGD\0DQ\VSHDNLQJRUJUDPPDUEDVHG

OHVVRQVLQFRQWHPSRUDU\PDWHULDOVIRUH[DPSOHEHJLQZLWKDQLQWURGXFWRU\SKDVHLQ

ZKLFKQHZWHDFKLQJSRLQWVDUHSUHVHQWHGDQGLOOXVWUDWHGLQVRPHZD\DQGZKHUHWKH

IRFXVLVRQFRPSUHKHQVLRQDQGUHFRJQLWLRQ([DPSOHVRIWKHQHZWHDFKLQJSRLQWDUH

JLYHQLQGLIIHUHQWFRQWH[WV7KLVLVRIWHQIROORZHGE\DVHFRQGSKDVHZKHUHWKH

VWXGHQWVSUDFWLFHXVLQJWKHQHZWHDFKLQJSRLQWLQDFRQWUROOHGFRQWH[WXVLQJFRQWHQW

RIWHQSURYLGHGE\WKHWHDFKHU7KHWKLUGSKDVHLVDIUHHSUDFWLFHSHULRGGXULQJZKLFK

VWXGHQWVWU\RXWWKHWHDFKLQJSRLQWLQDIUHHFRQWH[WDQGLQZKLFKUHDORUVLPXODWHG

FRPPXQLFDWLRQLVWKHIRFXV

7KH333OHVVRQIRUPDWDQGWKHDVVXPSWLRQVRQZKLFKLWLVEDVHGKDYHEHHQ

VWURQJO\FULWLFL]HGLQUHFHQW\HDUVKRZHYHU6NHKDQSIRUH[DPSOH

FRPPHQWV

7KHXQGHUO\LQJWKHRU\IRUD333DSSURDFKKDVQRZEHHQGLVFUHGLWHG7KH
EHOLHIWKDWDSUHFLVHIRFXVRQDSDUWLFXODUIRUPOHDGVWROHDUQLQJDQG
DXWRPDWL]DWLRQWKDWOHDUQHUVZLOOOHDUQZKDWLVWDXJKWLQWKHRUGHULQZKLFKLW
LVWDXJKWQRORQJHUFDUULHVPXFKFUHGLELOLW\LQOLQJXLVWLFVRUSV\FKRORJ\


8QGHUWKHLQIOXHQFHRI&/7WKHRU\JUDPPDUEDVHGPHWKRGRORJLHVVXFKDVWKH333

KDYHJLYHQZD\WRIXQFWLRQDODQGVNLOOEDVHGWHDFKLQJDQGDFFXUDF\DFWLYLWLHVVXFK

DVGULOODQGJUDPPDUSUDFWLFHKDYHEHHQUHSODFHGE\IOXHQF\DFWLYLWLHVEDVHGRQ

LQWHUDFWLYHVPDOOJURXSZRUN7KLVOHGWRWKHHPHUJHQFHRIDµIOXHQF\ILUVW¶SHGDJRJ\

%UXPILWLQZKLFKVWXGHQWV¶JUDPPDUQHHGVDUHGHWHUPLQHGRQWKHEDVLVRI

SHUIRUPDQFHRQIOXHQF\WDVNVUDWKHUWKDQSUHGHWHUPLQHGE\DJUDPPDWLFDOV\OODEXV

:HFDQGLVWLQJXLVKWZRSKDVHVLQWKLVGHYHORSPHQWZKLFKZHZLOOFDOOFODVVLF

FRPPXQLFDWLYHODQJXDJHWHDFKLQJDQGFXUUHQWFRPPXQLFDWLYHODQJXDJHWHDFKLQJ



3KDVHFODVVLFFRPPXQLFDWLYHODQJXDJHWHDFKLQJVWRV

,QWKHVDUHDFWLRQWRWUDGLWLRQDOODQJXDJHWHDFKLQJDSSURDFKHVEHJDQDQGVRRQ

VSUHDGDURXQGWKHZRUOGDVROGHUPHWKRGVVXFKDV$XGLROLQJXDOLVPDQG6LWXDWLRQDO

/DQJXDJH7HDFKLQJIHOORXWRIIDVKLRQ7KHFHQWUDOLW\RIJUDPPDULQODQJXDJH

WHDFKLQJDQGOHDUQLQJZDVTXHVWLRQHGVLQFHLWZDVDUJXHGWKDWODQJXDJHDELOLW\

LQYROYHGPXFKPRUHWKDQJUDPPDWLFDOFRPSHWHQFH:KLOHJUDPPDWLFDOFRPSHWHQFH

ZDVQHHGHGWRSURGXFHJUDPPDWLFDOO\FRUUHFWVHQWHQFHVDWWHQWLRQVKLIWHGWRWKH

NQRZOHGJHDQGVNLOOVQHHGHGWRXVHJUDPPDUDQGRWKHUDVSHFWVRIODQJXDJH

DSSURSULDWHO\IRUGLIIHUHQWFRPPXQLFDWLYHSXUSRVHVVXFKDVPDNLQJUHTXHVWVJLYLQJ

DGYLFHPDNLQJVXJJHVWLRQVGHVFULELQJZLVKHVDQGQHHGVDQGVRRQ:KDWZDV

QHHGHGLQRUGHUWRXVHODQJXDJHFRPPXQLFDWLYHO\ZDVFRPPXQLFDWLYHFRPSHWHQFH

7KLVZDVDEURDGHUFRQFHSWWKDWWKDWRIJUDPPDWLFDOFRPSHWHQFHDQGDVZHVDZLQ

FKDSWHURQHLQFOXGHGNQRZLQJZKDWWRVD\DQGKRZWRVD\LWDSSURSULDWHO\EDVHGRQ

WKHVLWXDWLRQWKHSDUWLFLSDQWVDQGWKHLUUROHVDQGLQWHQWLRQV7UDGLWLRQDOJUDPPDWLFDO

DQGYRFDEXODU\V\OODEXVHVDQGWHDFKLQJPHWKRGVGLGQRWLQFOXGHLQIRUPDWLRQRIWKLV

NLQG,WZDVDVVXPHGWKDWWKLVNLQGRINQRZOHGJHZRXOGEHSLFNHGXSLQIRUPDOO\

7KHQRWLRQRIFRPPXQLFDWLYHFRPSHWHQFHZDVGHYHORSHGZLWKLQWKHGLVFLSOLQHRI

OLQJXLVWLFVRUPRUHDFFXUDWHO\WKHVXEGLVFLSOLQHRIVRFLROLQJXLVWLFVDQGDSSHDOHGWR

PDQ\ZLWKLQWKHODQJXDJHWHDFKLQJSURIHVVLRQZKRDUJXHGWKDWFRPPXQLFDWLYH

FRPSHWHQFHDQGQRWVLPSO\JUDPPDWLFDOFRPSHWHQFHVKRXOGEHWKHJRDORI

ODQJXDJHWHDFKLQJ7KHQH[WTXHVWLRQWREHVROYHGZDVZKDWZRXOGDV\OODEXVORRN

OLNHWKDWUHIOHFWHGWKHQRWLRQRIFRPPXQLFDWLYHFRPSHWHQFHDQGZKDWLPSOLFDWLRQV

ZRXOGLWKDYHIRUODQJXDJHWHDFKLQJPHWKRGRORJ\"7KHUHVXOWZDV&RPPXQLFDWLYH

/DQJXDJH7HDFKLQJ&/7FUHDWHGDJUHDWGHDORIHQWKXVLDVPDQGH[FLWHPHQWZKHQLW

ILUVWDSSHDUHGDVDQHZDSSURDFKWRODQJXDJHWHDFKLQJLQWKHVDQGVDQG

ODQJXDJHWHDFKHUVDQGWHDFKLQJLQVWLWXWLRQVDOODURXQGWKHZRUOGVRRQEHJDQWR

UHWKLQNWKHLUWHDFKLQJV\OODEXVHVDQGFODVVURRPPDWHULDOV,QSODQQLQJODQJXDJH

FRXUVHVZLWKLQDFRPPXQLFDWLYHDSSURDFKJUDPPDUZDVQRORQJHUWKHVWDUWLQJ

SRLQW1HZDSSURDFKHVWRODQJXDJHWHDFKLQJZHUHQHHGHG

5DWKHUWKDQVLPSO\VSHFLI\LQJWKHJUDPPDUDQGYRFDEXODU\OHDUQHUVQHHGHGWR

PDVWHULWZDVDUJXHGWKDWDV\OODEXVVKRXOGLGHQWLI\WKHIROORZLQJDVSHFWVRI

ODQJXDJHXVHLQRUGHUWREHDEOHWRGHYHORSWKHOHDUQHU¶VFRPPXQLFDWLYH

FRPSHWHQFH

DVGHWDLOHGDFRQVLGHUDWLRQDVSRVVLEOHRIWKHSXUSRVHVIRUZKLFKWKHOHDUQHU

ZLVKHVWRDFTXLUHWKHWDUJHWODQJXDJH)RUH[DPSOHXVLQJ(QJOLVKIRUEXVLQHVV

SXUSRVHVLQWKHKRWHOLQGXVWU\RUIRUWUDYHO

VRPHLGHDRIWKHVHWWLQJLQZKLFKWKH\ZLOOZDQWWRXVHWKHWDUJHWODQJXDJH)RU

H[DPSOHLQDQRIILFHRQDQDLUSODQHRULQDVWRUH

WKHVRFLDOO\GHILQHGUROHWKHOHDUQHUVZLOODVVXPHLQWKHWDUJHWODQJXDJHDVZHOO

DVWKHUROHRIWKHLULQWHUORFXWRUV)RUH[DPSOHDVDWUDYHOHUDVDVDOHVSHUVRQWDONLQJ

WRFOLHQWVRUDVDVWXGHQWLQDVFKRROVHWWLQJ

WKHFRPPXQLFDWLYHHYHQWVLQZKLFKWKHOHDUQHUVZLOOSDUWLFLSDWHHYHU\GD\

VLWXDWLRQVYRFDWLRQDORUSURIHVVLRQDOVLWXDWLRQVDFDGHPLFVLWXDWLRQVDQGVRRQ)RU

H[DPSOHPDNLQJWHOHSKRQHFDOOVHQJDJLQJLQFDVXDOFRQYHUVDWLRQRUWDNLQJSDUWLQD

PHHWLQJ

WKHODQJXDJHIXQFWLRQVLQYROYHGLQWKRVHHYHQWVRUZKDWWKHOHDUQHUZLOOEHDEOH

WRGRZLWKRUWKURXJKWKHODQJXDJH)RUH[DPSOHPDNLQJLQWURGXFWLRQVJLYLQJ

H[SODQDWLRQVRUGHVFULELQJSODQV

WKHQRWLRQVRUFRQFHSWVLQYROYHGRUZKDWWKHOHDUQHUZLOOQHHGWREHDEOHWRWDON

DERXW)RUH[DPSOHOHLVXUHILQDQFHKLVWRU\UHOLJLRQ

WKHVNLOOVLQYROYHGLQWKHNQLWWLQJWRJHWKHURIGLVFRXUVHGLVFRXUVHDQG

UKHWRULFDOVNLOOV)RUH[DPSOHVWRU\WHOOLQJJLYLQJDQHIIHFWLYHEXVLQHVV

SUHVHQWDWLRQ

WKHYDULHW\RUYDULHWLHVRIWKHWDUJHWODQJXDJHWKDWZLOOEHQHHGHGVXFKDV

$PHULFDQ$XVWUDOLDQRU%ULWLVK(QJOLVKDQGWKHOHYHOVLQWKHVSRNHQDQGZULWWHQ

ODQJXDJHZKLFKWKHOHDUQHUVZLOOQHHGWRUHDFK

WKHJUDPPDWLFDOFRQWHQWWKDWZLOOEHQHHGHG

WKHOH[LFDOFRQWHQWRUYRFDEXODU\WKDWZLOOEHQHHGHG

YDQ(NDQG$OH[DQGHU

7KLVOHGWRWZRLPSRUWDQWQHZGLUHFWLRQVLQWKHVDQGV±SURSRVDOVIRUD

FRPPXQLFDWLYHV\OODEXVDQGWKH(63PRYHPHQW

3URSRVDOVIRUDFRPPXQLFDWLYHV\OODEXV

7UDGLWLRQDOODQJXDJHV\OODEXVXVXDOO\VSHFLILHGWKHYRFDEXODU\VWXGHQWVQHHGHGWR

OHDUQDQGWKHJUDPPDWLFDOLWHPVWKH\VKRXOGPDVWHUQRUPDOO\JUDGHGDFURVVOHYHOV

IURPEHJLQQHUWRDGYDQFHGOHYHOV%XWZKDWZRXOGDFRPPXQLFDWLYHV\OODEXVORRN

OLNH"

6HYHUDOQHZV\OODEXVW\SHVZHUHSURSRVHGE\DGYRFDWHVRI&/77KHVHLQFOXGHG

$VNLOOVEDVHGV\OODEXVWKLVIRFXVHVRQWKHIRXUVNLOOVRIUHDGLQJZULWLQJOLVWHQLQJ

DQGVSHDNLQJDQGEUHDNVHDFKVNLOOGRZQLQWRLWVFRPSRQHQWPLFURVNLOOV)RU

H[DPSOHWKHVNLOORIOLVWHQLQJPLJKWEHIXUWKHUGHVFULEHGLQWHUPVRIWKHIROORZLQJ

PLFURVNLOOV

x

5HFRJQL]LQJNH\ZRUGVLQFRQYHUVDWLRQV

x

5HFRJQL]LQJWRSLFRIDFRQYHUVDWLRQ

x

5HFRJQL]LQJVSHDNHUVDWWLWXGHWRZDUGVDWRSLF

x

5HFRJQL]LQJWLPHUHIHUHQFHRIDQXWWHUDQFH

x

)ROORZLQJVSHHFKDWGLIIHUHQWUDWHVRIVSHHG

x

,GHQWLI\LQJNH\LQIRUPDWLRQLQDSDVVDJH

$GYRFDWHVRI&/7KRZHYHUVWUHVVHGDQLQWHJUDWHGVNLOOVDSSURDFKWRWKHWHDFKLQJRI

WKHVNLOOV6LQFHLQUHDOOLIHWKHVNLOOVRIWHQRFFXUWRJHWKHUWKH\VKRXOGDOVREHOLQNHG

LQWHDFKLQJLWZDVDUJXHG

$IXQFWLRQDOV\OODEXVWKLVLVRUJDQL]HGDFFRUGLQJWRWKHIXQFWLRQVWKHOHDUQHU

VKRXOGEHDEOHWRFDUU\RXWLQ(QJOLVKVXFKDVH[SUHVVLQJOLNHVDQGGLVOLNHVRIIHULQJ

DQGDFFHSWLQJDSRORJLHVLQWURGXFLQJVRPHRQHDQGJLYLQJH[SODQDWLRQV

&RPPXQLFDWLYHFRPSHWHQFHLVYLHZHGDVPDVWHU\RIIXQFWLRQVQHHGHGIRU

FRPPXQLFDWLRQDFURVVDZLGHUDQJHRIVLWXDWLRQV9RFDEXODU\DQGJUDPPDULVWKHQ

FKRVHQDFFRUGLQJWRWKHIXQFWLRQVEHLQJWDXJKW$VHTXHQFHRIDFWLYLWLHVVLPLODUWR

WKH333OHVVRQF\FOHLVWKHQXVHGWRSUHVHQWDQGSUDFWLFHWKHIXQFWLRQ)XQFWLRQDO

V\OODEXVZHUHRIWHQXVHGDVWKHEDVLVIRUVSHDNLQJDQGOLVWHQLQJFRXUVHV

7DVN

:KDWDUHVRPHDGYDQWDJHVDQGGLVDGYDQWDJHVRIDVNLOOVEDVHGV\OODEXVDQGD

IXQFWLRQDOV\OODEXV"

2WKHUV\OODEXVW\SHVZHUHDOVRSURSRVHGDWWKLVWLPH$QRWLRQDOV\OODEXVZDVRQH

EDVHGDURXQGWKHFRQWHQWDQGQRWLRQVDOHDUQHUZRXOGQHHGWRH[SUHVVDQGDWDVN

V\OODEXVVSHFLILHGWKHWDVNVDQGDFWLYLWLHVVWXGHQWVVKRXOGFDUU\RXWLQWKHFODVVURRP

:HZLOOH[DPLQHWKLVLQPRUHGHWDLOLQFKDSWHU,WZDVVRRQUHDOL]HGKRZHYHUWKDW

DV\OODEXVQHHGVWRLGHQWLI\DOOWKHUHOHYDQWFRPSRQHQWVRIDODQJXDJHDQGWKHILUVW

ZLGHO\DGRSWHGFRPPXQLFDWLYHV\OODEXVGHYHORSHGZLWKLQWKHIUDPHZRUNRIFODVVLF

&/7ZDVWHUPHG7KUHVKROG/HYHOYDQ(NDQG$OH[DQGHU,WGHVFULEHGWKHOHYHO

RISURILFLHQF\OHDUQHUVQHHGHGWRDWWDLQWRFURVVWKHWKUHVKROGDQGEHJLQUHDO

FRPPXQLFDWLRQ7KH7KUHVKROGV\OODEXVKHQFHVSHFLILHVWRSLFVIXQFWLRQVQRWLRQV

VLWXDWLRQVDVZHOODVJUDPPDUDQGYRFDEXODU\

(QJOLVKIRU6SHFLILF3XUSRVHV

$GYRFDWHVRI&/7DOVRUHFRJQL]HGWKDWPDQ\OHDUQHUVQHHGHG(QJOLVKLQRUGHUWRXVH

LWLQVSHFLILFRFFXSDWLRQDORUHGXFDWLRQDOVHWWLQJV)RUWKHPLWZRXOGEHPRUHHIILFLHQW

WRWHDFKWKHPWKHVSHFLILFNLQGVRIODQJXDJHDQGFRPPXQLFDWLYHVNLOOVQHHGHGIRU

SDUWLFXODUUROHVHJWKDWRIQXUVHHQJLQHHUIOLJKWDWWHQGDQWSLORWELRORJLVWHWF

UDWKHUWKDQMXVWWRFRQFHQWUDWHRQPRUHDQGPRUHJHQHUDO(QJOLVK7KLVOHGWRWKH

GLVFLSOLQHRIQHHGVDQDO\VLV±WKHXVHRIREVHUYDWLRQVXUYH\VLQWHUYLHZVVLWXDWLRQ

DQDO\VLVDQDO\VLVRIODQJXDJHVDPSOHVFROOHFWHGLQGLIIHUHQWVHWWLQJV±LQRUGHUWR

GHWHUPLQHWKHNLQGVRIFRPPXQLFDWLRQOHDUQHUVZRXOGQHHGWRPDVWHULIWKH\ZHUHLQ

VSHFLILFRFFXSDWLRQDORUHGXFDWLRQDOUROHVDQGWKHODQJXDJHIHDWXUHVRISDUWLFXODU

VHWWLQJV7KHIRFXVRIQHHGVDQDO\VLVZDVWRGHWHUPLQHWKHVSHFLILFFKDUDFWHULVWLFVRI

DODQJXDJHZKHQLWLVXVHGIRUVSHFLILFUDWKHUWKDQJHQHUDOSXUSRVHV6XFK

GLIIHUHQFHVPLJKWLQFOXGH

x

'LIIHUHQFHVLQYRFDEXODU\FKRLFH

x

'LIIHUHQFHVLQJUDPPDU

x

'LIIHUHQFHVLQWKHNLQGVRIWH[WVFRPPRQO\RFFXUULQJ

x

'LIIHUHQFHVLQIXQFWLRQV

x

'LIIHUHQFHVLQWKHQHHGIRUSDUWLFXODUVNLOOV

(63FRXUVHVVRRQEHJDQWRDSSHDUDGGUHVVLQJWKHODQJXDJHQHHGVRIXQLYHUVLW\

VWXGHQWVQXUVHVHQJLQHHUVUHVWDXUDQWVWDIIGRFWRUVKRWHOVWDIIDLUOLQHSLORWVDQG

VRRQ

7DVN

,PDJLQH\RXZHUHGHYHORSLQJDFRXUVHLQ(QJOLVKIRUWRXUJXLGHV,QRUGHUWR
FDUU\RXWDQHHGVDQDO\VLVDVSDUWRIWKHFRXUVHSUHSDUDWLRQ

x

ZKRZRXOG\RXFRQWDFW"

x

ZKDWNLQGVRILQIRUPDWLRQZRXOG\RXVHHNWRREWDLQIURPHDFKFRQWDFWJURXS"

x

KRZZRXOG\RXFROOHFWLQIRUPDWLRQIURPWKHP"

,PSOLFDWLRQVIRUPHWKRGRORJ\

$VZHOODVUHWKLQNLQJWKHQDWXUHRIDV\OODEXVWKHQHZFRPPXQLFDWLYHDSSURDFKWR

WHDFKLQJSURPSWHGDUHWKLQNLQJRIFODVVURRPWHDFKLQJPHWKRGRORJ\,WZDVDUJXHG

WKDWOHDUQHUVOHDUQDODQJXDJHWKURXJKWKHSURFHVVRIFRPPXQLFDWLQJLQLWDQGWKDW

FRPPXQLFDWLRQWKDWLVPHDQLQJIXOWRWKHOHDUQHUSURYLGHVDEHWWHURSSRUWXQLW\IRU

OHDUQLQJWKDQWKURXJKDJUDPPDUEDVHGDSSURDFK7KHRYHUDUFKLQJSULQFLSOHVRI

FRPPXQLFDWLYHODQJXDJHWHDFKLQJPHWKRGRORJ\DWWKLVWLPHFDQEHVXPPDUL]HGDV

IROORZV

x

PDNHUHDOFRPPXQLFDWLRQWKHIRFXVRIODQJXDJHOHDUQLQJ

x

SURYLGHRSSRUWXQLWLHVIRUOHDUQHUVWRH[SHULPHQWDQGWU\RXWZKDWWKH\NQRZ

x

EHWROHUDQWRIOHDUQHUVHUURUVDVWKH\LQGLFDWHWKDWWKHOHDUQHULVEXLOGLQJXS

KLVRUKHUFRPPXQLFDWLYHFRPSHWHQFH

x

SURYLGHRSSRUWXQLWLHVIRUOHDUQHUVWRGHYHORSERWKDFFXUDF\DQGIOXHQF\

x

OLQNWKHGLIIHUHQWVNLOOVVXFKDVVSHDNLQJUHDGLQJDQGOLVWHQLQJWRJHWKHUVLQFH

WKH\XVXDOO\RFFXUWRJHWKHULQWKHUHDOZRUOG

x

OHWVWXGHQWVLQGXFHRUGLVFRYHUJUDPPDUUXOHV

,QDSSO\LQJWKHVHSULQFLSOHVLQWKHFODVVURRPQHZFODVVURRPWHFKQLTXHVDQG

DFWLYLWLHVZHUHQHHGHGDQGDVZHVDZDERYHQHZUROHVIRUWHDFKHUVDQGOHDUQHUVLQ

WKHFODVVURRP,QVWHDGRIPDNLQJXVHRIDFWLYLWLHVWKDWGHPDQGHGDFFXUDWHUHSHWLWLRQ

DQGPHPRUL]DWLRQRIVHQWHQFHVDQGJUDPPDWLFDOSDWWHUQVDFWLYLWLHVWKDWUHTXLUHG

OHDUQHUVWRQHJRWLDWHPHDQLQJDQGWRLQWHUDFWPHDQLQJIXOO\ZHUHUHTXLUHG7KHVH

DFWLYLWLHVIRUPWKHIRFXVRIWKHQH[WFKDSWHU

&KDSWHU&ODVVURRPDFWLYLWLHVLQ&RPPXQLFDWLYH/DQJXDJH

7HDFKLQJ

6LQFHWKHDGYHQWRI&/7WHDFKHUVDQGPDWHULDOV¶ZULWHUVKDYHVRXJKWWRILQGZD\VRI

GHYHORSLQJFODVVURRPDFWLYLWLHVWKDWUHIOHFWHGWKHSULQFLSOHVRIDFRPPXQLFDWLYH

PHWKRGRORJ\7KLVTXHVWKDVFRQWLQXHGXSWRWKHSUHVHQWGD\DVZHVKDOOVHHODWHU

LQWKHERRNOHW7KHSULQFLSOHVRQZKLFKWKHILUVWJHQHUDWLRQRI&/7PDWHULDOVDUHVWLOO

UHOHYDQWWRODQJXDJHWHDFKLQJWRGD\VRLQWKLVFKDSWHUZHZLOOEULHIO\UHYLHZWKH

PDLQDFWLYLW\W\SHVWKDWZHUHRQHRIWKHRXWFRPHVRI&/7

$FFXUDF\YHUVXVIOXHQF\DFWLYLWLHV

2QHRIWKHJRDOVRI&/7LVWRGHYHORSIOXHQF\LQODQJXDJHXVH)OXHQF\LVQDWXUDO

ODQJXDJHXVHRFFXUULQJZKHQDVSHDNHUHQJDJHVLQPHDQLQJIXOLQWHUDFWLRQDQG

PDLQWDLQVFRPSUHKHQVLEOHDQGRQJRLQJFRPPXQLFDWLRQGHVSLWHOLPLWDWLRQVLQKLVRU

KHUFRPPXQLFDWLYHFRPSHWHQFH)OXHQF\LVGHYHORSHGE\FUHDWLQJFODVVURRP

DFWLYLWLHVLQZKLFKVWXGHQWVPXVWQHJRWLDWHPHDQLQJXVHFRPPXQLFDWLRQVWUDWHJLHV

FRUUHFWPLVXQGHUVWDQGLQJVDQGZRUNWRDYRLGFRPPXQLFDWLRQEUHDNGRZQV

)OXHQF\SUDFWLFHFDQEHFRQWUDVWHGZLWKDFFXUDF\SUDFWLFHZKLFKIRFXVHVRQFUHDWLQJ

FRUUHFWH[DPSOHVRIODQJXDJHXVH'LIIHUHQFHVEHWZHHQDFWLYLWLHVWKDWIRFXVRQ

IOXHQF\DQGWKRVHWKDWIRFXVRQDFFXUDF\FDQEHVXPPDUL]HGDVIROORZV

$FWLYLWLHVIRFXVLQJRQIOXHQF\

x

5HIOHFWQDWXUDOXVHRIODQJXDJH

x

)RFXVRQDFKLHYLQJFRPPXQLFDWLRQ

x

5HTXLUHPHDQLQJIXOXVHRIODQJXDJH

x

5HTXLUHWKHXVHRIFRPPXQLFDWLRQVWUDWHJLHV

x

3URGXFHODQJXDJHWKDWPD\QRWEHSUHGLFWDEOH

x

6HHNWROLQNODQJXDJHXVHWRFRQWH[W


$FWLYLWLHVIRFXVLQJRQDFFXUDF\

x

5HIOHFWFODVVURRPXVHRIODQJXDJH

x

)RFXVRQWKHIRUPDWLRQRIFRUUHFWH[DPSOHVRIODQJXDJH

x

3UDFWLFHODQJXDJHRXWRIFRQWH[W

x

3UDFWLFHVPDOOVDPSOHVRIODQJXDJH

x

'RQRWUHTXLUHPHDQLQJIXOFRPPXQLFDWLRQ

x

&KRLFHRIODQJXDJHLVFRQWUROOHG

7DVN

&DQ\RXJLYHH[DPSOHVRIIOXHQF\DFWLYLWLHVDQGDFFXUDF\DFWLYLWLHVWKDW\RX

XVHLQ\RXUWHDFKLQJ"

7KHIROORZLQJDUHH[DPSOHRIIOXHQF\DFWLYLWLHVDQGDFFXUDF\DFWLYLWLHV%RWKPDNH

XVHRIJURXSZRUNUHPLQGLQJXVWKDWJURXSZRUNLVQRWQHFHVVDULO\DIOXHQF\WDVN

6HH%UXPILW

)OXHQF\WDVNV

$JURXSRIVWXGHQWVRIPL[HGODQJXDJHDELOLW\FDUU\RXWDUROHSOD\LQZKLFK
WKH\KDYHWRDGRSWVSHFLILHGUROHVDQGSHUVRQDOLWLHVSURYLGHGIRUWKHPRQFXH
FDUGV7KHVHUROHVLQYROYHWKHGULYHUVZLWQHVVHVDQGWKHSROLFHDWDFROOLVLRQ
EHWZHHQWZRFDUV7KHODQJXDJHLVHQWLUHO\LPSURYLVHGE\WKHVWXGHQWV
WKRXJKWKH\DUHKHDYLO\FRQVWUDLQHGE\WKHVSHFLILHGVLWXDWLRQDQGFKDUDFWHUV

7KHWHDFKHUDQGDVWXGHQWDFWRXWDGLDORJLQZKLFKDFXVWRPHUUHWXUQVD
IDXOW\REMHFWVKHKDVSXUFKDVHGWRDGHSDUWPHQWVWRUH7KHFOHUNDVNVZKDW
WKHSUREOHPLVDQGSURPLVHVWRJHWDUHIXQGIRUWKHFXVWRPHURUWRUHSODFH
WKHLWHP,QJURXSVVWXGHQWVQRZWU\WRUHFUHDWHWKHGLDORJXVLQJODQJXDJH
LWHPVRIWKHLUFKRLFH7KH\DUHDVNHGWRUHFUHDWHZKDWKDSSHQHGSUHVHUYLQJ
WKHPHDQLQJEXWQRWQHFHVVDULO\WKHH[DFWODQJXDJH7KH\ODWHUDFWRXWWKHLU
GLDORJVLQIURQWRIWKHFODVV


$FFXUDF\WDVNV

6WXGHQWVDUHSUDFWLFLQJGLDORJV7KHGLDORJVFRQWDLQH[DPSOHVRIIDOOLQJ
LQWRQDWLRQLQ:KTXHVWLRQV7KHFODVVLVRUJDQL]HGLQJURXSVRIWKUHHWZR
VWXGHQWVSUDFWLFLQJWKHGLDORJDQGWKHWKLUGSOD\LQJWKHUROHRIPRQLWRU7KH
PRQLWRUFKHFNVWKDWWKHRWKHUVDUHXVLQJWKHFRUUHFWLQWRQDWLRQSDWWHU

nDQG

FRUUHFWWKHPZKHUHQHFHVVDU\7KHVWXGHQWVURWDWHWKHLUUROHVEHWZHHQWKRVH
UHDGLQJWKHGLDORJDQGWKRVHPRQLWRULQJ7KHWHDFKHUPRYHVDURXQGOLVWHQLQJ
WRWKHJURXSVDQGFRUUHFWLQJWKHLUODQJXDJHZKHUHQHFHVVDU\

6WXGHQWVLQJURXSVRIWKUHHRUIRXUFRPSOHWHDQH[HUFLVHRQDJUDPPDWLFDO
LWHPVXFKDVFKRRVLQJEHWZHHQWKHSDVWWHQVHDQGWKHSUHVHQWSHUIHFWDQ
LWHPZKLFKWKHWHDFKHUKDVSUHYLRXVO\SUHVHQWHGDQGSUDFWLFHGDVDZKROH
FODVVDFWLYLW\7RJHWKHUVWXGHQWVGHFLGHZKLFKJUDPPDWLFDOIRUPLVFRUUHFW
DQGWKH\FRPSOHWHWKHH[HUFLVH*URXSVWDNHWXUQVUHDGLQJRXWWKHLUDQVZHUV

7HDFKHVZHUHUHFRPPHQGHGWRXVHDEDODQFHRIIOXHQF\DFWLYLWLHVDQGDFFXUDF\DQG

WRXVHDFFXUDF\DFWLYLWLHVWRVXSSRUWIOXHQF\DFWLYLWLHV$FFXUDF\ZRUNFRXOGHLWKHU

FRPHEHIRUHRUDIWHUIOXHQF\ZRUN)RUH[DPSOHEDVHGRQVWXGHQWV¶SHUIRUPDQFHRQ

DIOXHQF\WDVNWKHWHDFKHUFRXOGDVVLJQDFFXUDF\ZRUNWRGHDOZLWKJUDPPDWLFDORU

SURQXQFLDWLRQSUREOHPVWKHWHDFKHUREVHUYHGZKLOHVWXGHQWVZHUHFDUU\LQJRXWWKH

WDVN$QLVVXHWKDWDULVHVZLWKIOXHQF\ZRUNKRZHYHULVZKHWKHUIOXHQF\ZRUN

GHYHORSVIOXHQF\DWWKHH[SHQVHRIDFFXUDF\,QGRLQJIOXHQF\WDVNVWKHIRFXVLVRQ

JHWWLQJPHDQLQJVDFURVVXVLQJDQ\DYDLODEOHFRPPXQLFDWLYHUHVRXUFHV7KLVRIWHQ

LQYROYHVDKHDY\GHSHQGHQFHRQYRFDEXODU\DQGFRPPXQLFDWLRQVWUDWHJLHVDQGWKHUH

LVOLWWOHPRWLYDWLRQWRXVHDFFXUDWHJUDPPDURUSURQXQFLDWLRQ)OXHQF\ZRUNWKXV

UHTXLUHVH[WUDDWWHQWLRQRQWKHSDUWRIWKHWHDFKHULQWHUPVRISUHSDULQJVWXGHQWVIRU

DIOXHQF\WDVNRUIROORZXSDFWLYLWLHVWKDWSURYLGHIHHGEDFNRQODQJXDJHXVH

:KLOHGLDORJVJUDPPDUDQGSURQXQFLDWLRQGULOOVGLGQRWXVXDOO\GLVDSSHDUIURP

WH[WERRNVDQGFODVVURRPPDWHULDOVDWWKLVWLPHWKH\QRZDSSHDUHGDVSDUWRID

VHTXHQFHRIDFWLYLWLHVWKDWPRYHGEDFNDQGIRUWKEHWZHHQDFFXUDF\DFWLYLWLHVDQG

IOXHQF\DFWLYLWLHV

$QGWKHG\QDPLFVRIFODVVURRPVDOVRFKDQJHG,QVWHDGRIDSUHGRPLQDQFHRI

WHDFKHUIURQWHGWHDFKLQJWHDFKHUVZHUHHQFRXUDJHGWRPDNHJUHDWHUXVHRIVPDOO

JURXSZRUN3DLUDQGJURXSDFWLYLWLHVJDYHOHDUQHUVJUHDWHURSSRUWXQLWLHVWRXVHWKH

ODQJXDJHDQGWRGHYHORSIOXHQF\

0HFKDQLFDOPHDQLQJIXODQGFRPPXQLFDWLYHSUDFWLFH

$QRWKHUXVHIXOGLVWLQFWLRQWKDWVRPHDGYRFDWHVRI&/7SURSRVHGZDVWKHGLVWLQFWLRQ

EHWZHHQWKUHHGLIIHUHQWNLQGVRISUDFWLFH±PHFKDQLFDOPHDQLQJIXODQG

FRPPXQLFDWLYH

0HFKDQLFDOSUDFWLFHUHIHUVWRDFRQWUROOHGSUDFWLFHDFWLYLW\ZKLFKVWXGHQWVFDQ

VXFFHVVIXOO\FDUU\RXWZLWKRXWQHFHVVDULO\XQGHUVWDQGLQJWKHODQJXDJHWKH\DUH

XVLQJ([DPSOHVRIWKLVNLQGRIDFWLYLW\ZRXOGEHUHSHWLWLRQGULOOVDQGVXEVWLWXWLRQ

GULOOVGHVLJQHGWRSUDFWLFHXVHRISDUWLFXODUJUDPPDWLFDORURWKHULWHPV

0HDQLQJIXOSUDFWLFHUHIHUVWRDQDFWLYLW\ZKHUHODQJXDJHFRQWUROLVVWLOOSURYLGHGEXW

ZKHUHVWXGHQWVDUHUHTXLUHGWRPDNHPHDQLQJIXOFKRLFHVZKHQFDUU\LQJRXWSUDFWLFH

)RUH[DPSOHLQRUGHUWRSUDFWLFHWKHXVHRISUHSRVLWLRQVWRGHVFULEHORFDWLRQVRI

SODFHVVWXGHQWVPLJKWEHJLYHQDVWUHHWPDSZLWKYDULRXVEXLOGLQJVLGHQWLILHGLQ

GLIIHUHQWORFDWLRQV7KH\DUHDOVRJLYHQDOLVWRISUHSRVLWLRQVVXFKDVDFURVVIURPRQ

WKHFRUQHURIQHDURQQH[WWR7KH\WKHQKDYHWRDQVZHUTXHVWLRQVVXFKDV³:KHUH

LVWKHERRNVKRS":KHUHLVWKHFDIp"´(WF7KHSUDFWLFHLVQRZPHDQLQJIXOEHFDXVH

WKH\KDYHWRUHVSRQGDFFRUGLQJWRWKHORFDWLRQRISODFHVRQWKHPDS

&RPPXQLFDWLYHSUDFWLFHUHIHUVWRDFWLYLWLHVZKHUHSUDFWLFHLQXVLQJODQJXDJHZLWKLQD

UHDOFRPPXQLFDWLYHFRQWH[WLVWKHIRFXVZKHUHUHDOLQIRUPDWLRQLVH[FKDQJHGDQG

ZKHUHWKHODQJXDJHXVHGLVQRWWRWDOO\SUHGLFWDEOH)RUH[DPSOHVWXGHQWVPLJKWKDYH

WRGUDZDPDSRIWKHLUQHLJKERUKRRGDQGDQVZHUTXHVWLRQVDERXWWKHORFDWLRQRI

GLIIHUHQWSODFHVLQWKHLUQHLJKERUKRRGVXFKDVWKHQHDUHVWEXVVWRSWKHQHDUHVW

FDIpHWF

([HUFLVHVHTXHQFHVLQPDQ\&/7FRXUVHERRNWDNHVWXGHQWVIURPPHFKDQLFDOWR

PHDQLQJIXOWRFRPPXQLFDWLYHSUDFWLFH7KHIROORZLQJH[HUFLVHIRUH[DPSOHLVIRXQG

LQ3DVVDJHV5LFKDUGVDQG6DQG\

6XSHUODWLYHDGMHFWLYHV

6XSHUODWLYHDGMHFWLYHVXVXDOO\DSSHDUEHIRUHWKHQRXQWKH\PRGLI\

7KHIXQQLHVWSHUVRQ,NQRZLVP\IULHQG%RE
7KHPRVWFDULQJLQGLYLGXDOLQRXUVFKRROLVWKHFXVWRGLDQ

7KH\FDQDOVRRFFXUZLWKWKHQRXQWKH\PRGLI\

2IDOOWKHSHRSOHLQP\IDPLO\P\$XQW5XWKLVWKHNLQGHVW
2IDOOP\SURIHVVRUV'U/RSH]LVWKHPRVWLQVSLULQJ

6XSHUODWLYHVDUHRIWHQIROORZHGE\UHODWLYHFODXVHVLQWKHSUHVHQW
SHUIHFW

0\FRXVLQ$QLWDLVWKHPRVWJHQHURXVSHUVRQ,¶YHHYHUPHW
7KHFORVHVWIULHQG,¶YHHYHUKDGLVVRPHRQH,PHWLQHOHPHQWDU\
VFKRRO

$&RPSOHWHWKHVHVHQWHQFHVZLWK\RXURZQLQIRUPDWLRQDQGDGGPRUHGHWDLOV7KHQ

FRPSDUHZLWKDSDUWQHU

2QHRIWKHPRVWLQVSLULQJSHRSOH,¶YHHYHUNQRZQLV«

2QHRIWKHPRVWLQVSLULQJSHRSOH,¶YHHYHUNQRZQLVP\PDWKWHDFKHU6KH
HQFRXUDJHVVWXGHQWVWRWKLQNUDWKHUWKDQMXVWPHPRUL]HIRUPXODVDQGUXOHV

7KHPRVWVXFFHVVIXOLQGLYLGXDO,NQRZLV«
2IDOOWKHSHRSOH,NQRZ«LVWKHOHDVWVHOIFHQWHUHG
7KH\RXQJHVWSHUVRQZKR,FRQVLGHUWREHDKHURLV«
7KHPRVWPRYLQJVSHDNHU,KDYHHYHUKHDUGLV«
7KHPRVWLPSRUWDQWUROHPRGHO,¶YHHYHUKDGLV«
2IDOOWKHIULHQGV,¶YHHYHUKDG«LVWKHPRVWXQGHUVWDQGLQJ
2QHRIWKHEUDYHVWWKLQJV,¶YHHYHGRQHLV«

%8VHWKHVXSHUODWLYHIRUPRIWKHVHDGMHFWLYHVWRGHVFULEHSHRSOH\RXNQRZ:ULWHDW

OHDVWILYHVHQWHQFHV

EUDYHKRQHVWLQWHUHVWLQJVPDUWJHQHURXVLQVSLULQJNLQGVPDUWZLWW\

&*URXSZRUN'LVFXVVWKHVHQWHQFHV\RXUZURWHLQ([HUFLVHV$DQG%$VNHDFK

RWKHUIROORZXSTXHVWLRQV

$ 0\QH[WGRRUQHLJKERULVWKHEUDYHVWSHUVRQ,¶YHHYHUPHW

% :KDWGLG\RXUQHLJKERUGRH[DFWO\"

$6KH¶VDILUHILJKWHUDQGRQFHVKHVDYHGDFKLOGIURPDEXUQLQJEXLOGLQJ«

,IVWXGHQWVUHDGDQGSUDFWLFHDORXGWKHVHQWHQFHVLQWKHJUDPPDUER[WKLV

FRQVWLWXWHVPHFKDQLFDOSUDFWLFH([HUFLVHV$DQG%FDQEHUHJDUGHGDVPHDQLQJIXO

SUDFWLFHVLQFHVWXGHQWVQRZFRPSOHWHWKHVHQWHQFHVZLWKWKHLURZQLQIRUPDWLRQ

([HUFLVH&LVDQH[DPSOHRIFRPPXQLFDWLYHSUDFWLFHVLQFHLWLVDQRSHQHGHQGHG

GLVFXVVLRQDFWLYLW\

7DVN

([DPLQHWKHDFWLYLWLHVLQRQHXQLWRIDFRXUVHERRN&DQ\RXILQGH[DPSOHVRI

DFWLYLWLHVWKDWSURYLGHPHFKDQLFDOPHDQLQJIXODQGFRPPXQLFDWLYHSUDFWLFH"

:KDWW\SHRIDFWLYLWLHVSUHGRPLQDWH"

7KHGLVWLQFWLRQEHWZHHQPHFKDQLFDOPHDQLQJIXODQGFRPPXQLFDWLYHDFWLYLWLHVLV

VLPLODUWRWKDWJLYHQE\/LWWOHZRRGZKRJURXSVDFWLYLWLHVLQWRWZRNLQGV

3UHFRPPXQLFDWLYHDFWLYLWLHV

&RPPXQLFDWLYHDFWLYLWLHV

6WUXFWXUDODFWLYLWLHV

4XDVLFRPPXQLFDWLYHDFWLYLWLHV

)XQFWLRQDOFRPPXQLFDWLRQDFWLYLWLHV

6RFLDOLQWHUDFWLRQDFWLYLWLHV

)XQFWLRQDOFRPPXQLFDWLRQDFWLYLWLHVUHTXLUHVWXGHQWVWRXVHWKHLUODQJXDJHUHVRXUFHV

WRRYHUFRPHDQLQIRUPDWLRQJDSRUVROYHDSUREOHPVHHEHORZ6RFLDOLQWHUDFWLRQDO

DFWLYLWLHVUHTXLUHWKHOHDUQHUWRSD\DWWHQWLRQWRWKHFRQWH[WDQGWKHUROHVRIWKH

SHRSOHLQYROYHGDQGWRDWWHQGWRVXFKWKLQJVDVIRUPDOYHUVXVLQIRUPDOODQJXDJH

,QIRUPDWLRQJDSDFWLYLWLHV

$QLPSRUWDQWDVSHFWRIFRPPXQLFDWLRQLQ&/7LVWKHQRWLRQRILQIRUPDWLRQJDS7KLV

UHIHUVWRWKHIDFWWKDWLQUHDOFRPPXQLFDWLRQSHRSOHQRUPDOO\FRPPXQLFDWHLQRUGHU

WRJHWLQIRUPDWLRQWKH\GRQRWSRVVHVV7KLVLVNQRZQDVDQLQIRUPDWLRQJDS0RUH

DXWKHQWLFFRPPXQLFDWLRQLVOLNHO\WRRFFXULQWKHFODVVURRPLIVWXGHQWVJREH\RQG

SUDFWLFHRIODQJXDJHIRUPVIRUWKHLURZQVDNHDQGXVHWKHLUOLQJXLVWLFDQG

FRPPXQLFDWLYHUHVRXUFHVLQRUGHUWRREWDLQLQIRUPDWLRQ,QVRGRLQJWKH\ZLOOGUDZ

DYDLODEOHYRFDEXODU\JUDPPDUDQGFRPPXQLFDWLRQVWUDWHJLHVWRFRPSOHWHDWDVN

7KHIROORZLQJH[HUFLVHVPDNHXVHRIWKHLQIRUPDWLRQJDSSULQFLSOH

6WXGHQWVDUHGLYLGHGLQWR$%SDLUV7KHWHDFKHUKDVFRSLHGWZRVHWVRI
SLFWXUHV2QHVHWIRU$VWXGHQWVFRQWDLQVDSLFWXUHRIDJURXSRISHRSOH7KH
RWKHUVHWIRU%VWXGHQWVFRQWDLQVDVLPLODUSLFWXUHEXWLWFRQWDLQVDQXPEHU
RIVOLJKWGLIIHUHQFHVIURPWKH$SLFWXUH6WXGHQWVPXVWVLWEDFNWREDFNDQG
DVNTXHVWLRQVWRWU\WRILQGRXWKRZPDQ\GLIIHUHQFHVWKHUHDUHEHWZHHQWKH
WZRSLFWXUHV

6WXGHQWVSUDFWLFHDUROHSOD\LQSDLUV2QHVWXGHQWLVJLYHQWKHLQIRUPDWLRQ
VKHKHQHHGVWRSD\WKHSDUWRIDFOHUNLQWKHUDLOZD\VWDWLRQLQIRUPDWLRQ
ERRWKDQGKDVLQIRUPDWLRQRQWUDLQGHSDUWXUHSULFHVHWF7KHRWKHUQHHGWR
REWDLQLQIRUPDWLRQRQGHSDUWXUHWLPHVSULFHVHWF7KH\UROHSOD\WKH
LQWHUDFWLRQZLWKRXWORRNLQJDWHDFKRWKHU¶VFXHFDUGV

-LJVDZDFWLYLWLHV

7KHVHDUHDOVREDVHGRQWKHLQIRUPDWLRQJDSSULQFLSOH7\SLFDOO\WKHFODVVLVGLYLGHG

LQWRJURXSVDQGHDFKJURXSKDVSDUWRIWKHLQIRUPDWLRQQHHGHGWRFRPSOHWHDQ

DFWLYLW\7KHFODVVPXVWILWWKHSLHFHVWRJHWKHUWRFRPSOHWHWKHZKROH,QVRGRLQJ

WKH\PXVWXVHWKHLUODQJXDJHUHVRXUFHVWRFRPPXQLFDWHPHDQLQJIXOO\DQGVRWDNH

SDUWLQPHDQLQJIXOFRPPXQLFDWLRQSUDFWLFH

7KHIROORZLQJDUHH[DPSOHVRIMLJVDZDFWLYLWLHV

7KHWHDFKHUSOD\VDUHFRUGLQJLQZKLFKWKUHHSHRSOHZLWKGLIIHUHQWSRLQWVRI
YLHZGLVFXVVWKHLURSLQLRQVRQDWRSLFRILQWHUHVW7KHWHDFKHUSUHSDUHVWKUHH
GLIIHUHQWOLVWHQLQJWDVNVRQHIRFXVLQJRQHDFKRIWKHWKUHHVSHDNHU¶VSRLQWVRI
YLHZ6WXGHQWVDUHGLYLGHGLQWRWKUHHJURXSVDQGHDFKJURXSOLVWHQVDQGWDNHV
QRWHVRQRQHRIWKHWKUHHVSHDNHU¶VRSLQLRQV6WXGHQWVDUHWKHQUHDUUDQJHG
LQWRJURXSVFRQWDLQLQJDVWXGHQWIURPJURXSV$%DQG&7KH\QRZUROHSOD\
WKHGLVFXVVLRQXVLQJWKHLQIRUPDWLRQWKH\REWDLQHG

7KHWHDFKHUWDNHVDQDUUDWLYHDQGGLYLGHVLWLQWRWZHQW\VHFWLRQVRUDVPDQ\
VHFWLRQVDVWKHUHDUHVWXGHQWVLQWKHFODVV(DFKVWXGHQWJHWVRQHVHFWLRQRI
WKHVWRU\6WXGHQWVPXVWWKHQPRYHDURXQGWKHFODVVDQGE\OLVWHQLQJWR
HDFKVHFWLRQUHDGDORXGGHFLGHZKHUHLQWKHVWRU\WKHLUVHFWLRQEHORQJV
(YHQWXDOO\WKHVWXGHQWVKDYHWRSXWWKHHQWLUHVWRU\WRJHWKHULQWKHFRUUHFW
VHTXHQFH

2WKHUDFWLYLW\W\SHVLQ&/7

0DQ\RWKHUDFWLYLW\W\SHVKDYHEHHQXVHGLQ&/7DPRQJZKLFKDUHWKHIROORZLQJ

WDVNFRPSOHWLRQDFWLYLWLHVSX]]OHVJDPHVPDSUHDGLQJDQGRWKHUNLQGVRI

FODVVURRPWDVNVLQZKLFKWKHIRFXVZDVRQXVLQJRQH¶VODQJXDJHUHVRXUFHVWR

FRPSOHWHDWDVN

LQIRUPDWLRQJDWKHULQJDFWLYLWLHVVWXGHQWFRQGXFWHGVXUYH\VLQWHUYLHZVDQG

VHDUFKHVLQZKLFKVWXGHQWVZHUHUHTXLUHGWRXVHWKHLUOLQJXLVWLFUHVRXUFHVWRFROOHFW

LQIRUPDWLRQ

RSLQLRQVKDULQJDFWLYLWLHVDFWLYLWLHVZKHUHVWXGHQWVFRPSDUHYDOXHVRSLQLRQV

EHOLHIV

VXFKDVDUDQNLQJWDVNLQZKLFKVWXGHQWVOLVWVL[TXDOLWLHVLQRUGHURILPSRUWDQFH

ZKLFKWKH\PLJKWFRQVLGHULQFKRRVLQJDGDWHRUVSRXVH

LQIRUPDWLRQWUDQVIHUDFWLYLWLHVWKHVHUHTXLUHOHDUQHUVWRWDNHLQIRUPDWLRQWKDWLV

SUHVHQWHGLQRQHIRUPDQGUHSUHVHQWLWLQDGLIIHUHQWIRUP)RUH[DPSOHWKH\PD\

UHDGLQVWUXFWLRQVRQKRZWRJHWIURP$WR%DQGWKHQGUDZDPDSVKRZLQJWKH

VHTXHQFHRUWKH\PD\UHDGLQIRUPDWLRQDERXWDVXEMHFWDQGWKHQUHSUHVHQWLWDVD

JUDSK

UHDVRQLQJJDSDFWLYLWLHVWKHVHLQYROYHGHULYLQJVRPHQHZLQIRUPDWLRQIURPJLYHQ

LQIRUPDWLRQWKURXJKWKHSURFHVVRILQIHUHQFHSUDFWLFDOUHDVRQLQJHWF)RUH[DPSOH

ZRUNLQJRXWDWHDFKHU¶VWLPHWDEOHRQWKHEDVLVRIJLYHQFODVVWLPHWDEOHV

UROHSOD\VDFWLYLWLHVLQZKLFKVWXGHQWVDUHDVVLJQHGUROHVDQGLPSURYLVHDVFHQHRU

H[FKDQJHEDVHGRQJLYHQLQIRUPDWLRQRUFOXHV

(PSKDVLVRQSDLUZRUNDQGJURXSZRUN

0RVWRIWKHDFWLYLWLHVGLVFXVVHGDERYHUHIOHFWDQLPSRUWDQWDVSHFWRIFODVVURRPWDVNV

LQ&/7QDPHO\WKDWWKH\DUHGHVLJQHGWREHFDUULHGRXWLQSDLUVRUVPDOOJURXSV

7KURXJKFRPSOHWLQJDFWLYLWLHVLQWKLVZD\LWLVDUJXHGOHDUQHUVZLOOREWDLQVHYHUDO

EHQHILWV

x

WKH\FDQOHDUQIURPKHDULQJWKHODQJXDJHXVHGE\RWKHUPHPEHUVRIWKH
JURXS

x

WKH\ZLOOSURGXFHDJUHDWHUDPRXQWRIODQJXDJHWKDQWKH\ZRXOGXVHLQ
WHDFKHUIURQWHGDFWLYLWLHV

x

WKHLUPRWLYDWLRQDOOHYHOLVOLNHO\WRLQFUHDVH

x

WKH\ZLOOKDYHWKHFKDQFHWRGHYHORSIOXHQF\

7HDFKLQJDQGFODVVURRPPDWHULDOVWRGD\FRQVHTXHQWO\PDNHXVHRIDZLGHYDULHW\RI

VPDOOJURXSDFWLYLWLHV

7DVN

:KDWDUHVRPHDGYDQWDJHVDQGOLPLWDWLRQVRISDLUDQGJURXSZRUNLQWKH

ODQJXDJHFODVVURRP"

7KHSXVKIRUDXWKHQWLFLW\

6LQFHWKHODQJXDJHFODVVURRPLVLQWHQGHGDVDSUHSDUDWLRQIRUVXUYLYDOLQWKHUHDO

ZRUOGDQGVLQFHUHDOFRPPXQLFDWLRQLVDGHILQLQJFKDUDFWHULVWLFVRI&/7DQLVVXH

ZKLFKVRRQHPHUJHGZDVWKHUHODWLRQVKLSEHWZHHQFODVVURRPDFWLYLWLHVDQGUHDOOLIH

6RPHDUJXHGWKDWFODVVURRPDFWLYLWLHVVKRXOGDVIDUDVSRVVLEOHPLUURUWKHUHDOZRUOG

DQGXVHUHDOZRUOGRU³DXWKHQWLFVRXUFHV´DVWKHEDVLVIRUFODVVURRPOHDUQLQJ&ODUNH

DQG6LOEHUWVWHLQWKXVDUJXHG

&ODVVURRPDFWLYLWLHVVKRXOGSDUDOOHOWKHµUHDOZRUOG¶DVFORVHO\DVSRVVLEOH
6LQFHODQJXDJHLVDWRRORIFRPPXQLFDWLRQPHWKRGVDQGPDWHULDOVVKRXOG
FRQFHQWUDWHRQWKHPHVVDJHDQGQRWWKHPHGLXP7KHSXUSRVHVRIUHDGLQJ
VKRXOGEHWKHVDPHLQFODVVDVWKH\DUHLQUHDOOLIH

$UJXPHQWVLQIDYRURIWKHXVHRIDXWKHQWLFPDWHULDOVLQFOXGH

x

7KH\SURYLGHFXOWXUDOLQIRUPDWLRQDERXWWKHWDUJHWODQJXDJH

x

7KH\SURYLGHH[SRVXUHWRUHDOODQJXDJH

x

7KH\UHODWHPRUHFORVHO\WROHDUQHUV¶QHHGV

x

7KH\VXSSRUWDPRUHFUHDWLYHDSSURDFKWRWHDFKLQJ

2WKHUVHJ:LGGRZVRQDUJXHGWKDWLWLVQRWLPSRUWDQWLIFODVVURRPPDWHULDOV

WKHPVHOYHVDUHGHULYHGIURPDXWKHQWLFWH[WVDQGRWKHUIRUPVRILQSXWDVORQJDVWKH

OHDUQLQJSURFHVVHVWKH\IDFLOLWDWHGZHUHDXWKHQWLF&ULWLFVRIWKHFDVHIRUDXWKHQWLF

PDWHULDOVSRLQWRXWWKDW

x

&UHDWHGPDWHULDOVFDQDOVREHPRWLYDWLQJIRUOHDUQHUV

x

&UHDWHGPDWHULDOVPD\EHVXSHULRUWRDXWKHQWLFPDWHULDOVEHFDXVHWKH\DUH

JHQHUDOO\EXLOWDURXQGDJUDGHGV\OODEXV

x

$XWKHQWLFPDWHULDOVRIWHQFRQWDLQGLIILFXOWDQGLUUHOHYDQWODQJXDJH

x

8VLQJDXWKHQWLFPDWHULDOVLVDEXUGHQIRUWHDFKHUV

+RZHYHUVLQFHWKHDGYHQWRI&/7WH[WERRNVDQGRWKHUWHDFKLQJPDWHULDOVKDYHWDNHQ

RQDPXFKPRUH³DXWKHQWLF´ORRNUHDGLQJSDVVDJHVDUHGHVLJQHGWRORRNOLNH

PDJD]LQHDUWLFOHVLIWKH\DUHQRWLQIDFWDGDSWHGIURPPDJD]LQHDUWLFOHVDQG

WH[WERRNVDUHGHVLJQHGWRVLPLODUVWDQGDUGRISURGXFWLRQDVUHDOZRUOGVRXUFHVVXFK

DVSRSXODUPDJD]LQHV

7DVN

+RZXVHIXOGR\RXWKLQNDXWKHQWLFPDWHULDOVDUHLQWKHFODVVURRP":KDW

GLIILFXOWLHVDULVHLQXVLQJDXWKHQWLFPDWHULDOV"

&KDSWHUFXUUHQWWUHQGVLQFRPPXQLFDWLYHODQJXDJH

WHDFKLQJ

6LQFHWKHVWKHFRPPXQLFDWLYHDSSURDFKKDVEHHQZLGHO\LPSOHPHQWHG%HFDXVH

LWGHVFULEHVDVHWRIYHU\JHQHUDOSULQFLSOHVJURXQGHGLQWKHQRWLRQRIFRPPXQLFDWLYH

FRPSHWHQFHDVWKHJRDORIVHFRQGDQGIRUHLJQODQJXDJHWHDFKLQJDQGD

FRPPXQLFDWLYHV\OODEXVDQGPHWKRGRORJ\DVWKHZD\RIDFKLHYLQJWKLVJRDO

FRPPXQLFDWLYHODQJXDJHWHDFKLQJKDVFRQWLQXHGWRHYROYHDVRXUXQGHUVWDQGLQJRI

WKHSURFHVVHVRIVHFRQGODQJXDJHOHDUQLQJKDVGHYHORSHG&XUUHQWFRPPXQLFDWLYH

ODQJXDJHWHDFKLQJWKHRU\DQGSUDFWLFHWKXVGUDZVRQDQXPEHURIGLIIHUHQW

HGXFDWLRQDOSDUDGLJPVDQGWUDGLWLRQV$QGVLQFHLWGUDZVRQDQXPEHURIGLYHUVH

VRXUFHVWKHUHLVQRVLQJOHRUDJUHHGXSRQVHWRISUDFWLFHVWKDWFKDUDFWHUL]HFXUUHQW

FRPPXQLFDWLYHODQJXDJHWHDFKLQJ5DWKHUFRPPXQLFDWLYHODQJXDJHWHDFKLQJWRGD\

UHIHUVWRDVHWRIJHQHUDOO\DJUHHGXSRQSULQFLSOHVWKDWFDQEHDSSOLHGLQGLIIHUHQW

ZD\VGHSHQGLQJRQWKHWHDFKLQJFRQWH[WWKHDJHRIWKHOHDUQHUVWKHLUOHYHOWKHLU

OHDUQLQJJRDOVDQGVRRQ7KHIROORZLQJFRUHDVVXPSWLRQVRUYDULDQWVRIWKHP

XQGHUOLHFXUUHQWSUDFWLFHVLQFRPPXQLFDWLYHODQJXDJHWHDFKLQJ

7HQFRUHDVVXPSWLRQVRIFXUUHQWFRPPXQLFDWLYHODQJXDJHWHDFKLQJ

6HFRQGODQJXDJHOHDUQLQJLVIDFLOLWDWHGZKHQOHDUQHUVDUHHQJDJHGLQ

LQWHUDFWLRQDQGPHDQLQJIXOFRPPXQLFDWLRQ

(IIHFWLYHFODVVURRPOHDUQLQJWDVNVDQGH[HUFLVHVSURYLGHRSSRUWXQLWLHVIRU

VWXGHQWVWRQHJRWLDWHPHDQLQJH[SDQGWKHLUODQJXDJHUHVRXUFHVQRWLFHKRZ

ODQJXDJHLVXVHGDQGWDNHSDUWLQPHDQLQJIXOLQWUDSHUVRQDOH[FKDQJH

0HDQLQJIXOFRPPXQLFDWLRQUHVXOWVIURPVWXGHQWVSURFHVVLQJFRQWHQWWKDWLV

UHOHYDQWSXUSRVHIXOLQWHUHVWLQJDQGHQJDJLQJ

&RPPXQLFDWLRQLVDKROLVWLFSURFHVVWKDWRIWHQFDOOVXSRQWKHXVHRIVHYHUDO

ODQJXDJHVNLOOVRUPRGDOLWLHV

/DQJXDJHOHDUQLQJLVIDFLOLWDWHGERWKE\DFWLYLWLHVWKDWLQYROYHLQGXFWLYHRU

GLVFRYHU\OHDUQLQJRIXQGHUO\LQJUXOHVRIODQJXDJHXVHDQGRUJDQL]DWLRQDV

ZHOODVE\WKRVHLQYROYLQJODQJXDJHDQDO\VLVDQGUHIOHFWLRQ

/DQJXDJHOHDUQLQJLVDJUDGXDOSURFHVVWKDWLQYROYHVFUHDWLYHXVHRIODQJXDJH

DQGWULDODQGHUURU$OWKRXJKHUURUVDUHDQRUPDOSURGXFWRIOHDUQLQJWKH

XOWLPDWHJRDORIOHDUQLQJLVWREHDEOHWRXVHWKHQHZODQJXDJHERWK

DFFXUDWHO\DQGIOXHQWO\

/HDUQHUVGHYHORSWKHLURZQURXWHVWRODQJXDJHOHDUQLQJSURJUHVVDWGLIIHUHQW

UDWHVDQGKDYHGLIIHUHQWQHHGVDQGPRWLYDWLRQVIRUODQJXDJHOHDUQLQJ

6XFFHVVIXOODQJXDJHOHDUQLQJLQYROYHVWKHXVHRIHIIHFWLYHOHDUQLQJDQG

FRPPXQLFDWLRQVWUDWHJLHV

7KHUROHRIWKHWHDFKHULQWKHODQJXDJHFODVVURRPLVWKDWRIDIDFLOLWDWRUZKR

FUHDWHVDFODVVURRPFOLPDWHFRQGXFLYHWRODQJXDJHOHDUQLQJDQGSURYLGHV

RSSRUWXQLWLHVIRUVWXGHQWVWRXVHDQGSUDFWLFHWKHODQJXDJHDQGWRUHIOHFWRQ

ODQJXDJHXVHDQGODQJXDJHOHDUQLQJ

7KHFODVVURRPLVDFRPPXQLW\ZKHUHOHDUQHUVOHDUQWKURXJKFROODERUDWLRQDQG

VKDULQJ

7DVN

:KDWDUHWKHLPSOLFDWLRQVRIWKHSULQFLSOHVDERYHIRUWHDFKLQJLQ\RXUWHDFKLQJ

FRQWH[W"'R\RXKDYHRWKHUSULQFLSOHVWKDWVXSSRUW\RXUWHDFKLQJ"

&XUUHQWDSSURDFKHVWRPHWKRGRORJ\GUDZRQHDUOLHUWUDGLWLRQVLQFRPPXQLFDWLYH

ODQJXDJHWHDFKLQJDQGFRQWLQXHWRPDNHUHIHUHQFHWRVRPHH[WHQWWRWUDGLWLRQDO

DSSURDFKHV7KXVFODVVURRPDFWLYLWLHVW\SLFDOO\KDYHVRPHRIWKHIROORZLQJ

FKDUDFWHULVWLFV

x

7KH\VHHNWRGHYHORSVWXGHQWVFRPPXQLFDWLYHFRPSHWHQFHWKURXJKOLQNLQJ

JUDPPDWLFDOGHYHORSPHQWWRWKHDELOLW\WRFRPPXQLFDWH+HQFHJUDPPDULV

QRWWDXJKWLQLVRODWLRQEXWRIWHQDULVHVRXWRIDFRPPXQLFDWLYHWDVNWKXV

FUHDWLQJDQHHGIRUVSHFLILFLWHPVRIJUDPPDU6WXGHQWVPLJKWFDUU\RXWD

WDVNDQGWKHQUHIOHFWRQVRPHRIWKHOLQJXLVWLFFKDUDFWHULVWLFVRIWKHLU

SHUIRUPDQFH

x

7KH\FUHDWHWKHQHHGIRUFRPPXQLFDWLRQLQWHUDFWLRQDQGQHJRWLDWLRQRI

PHDQLQJWKURXJKWKHXVHRIDFWLYLWLHVVXFKDVSUREOHPVROYLQJLQIRUPDWLRQ

VKDULQJDQGUROHSOD\

x

7KH\SURYLGHRSSRUWXQLWLHVIRUERWKLQGXFWLYHDVZHOODVGHGXFWLYHOHDUQLQJRI

JUDPPDU

x

7KH\PDNHXVHRIFRQWHQWWKDWFRQQHFWVWRVWXGHQWVOLYHVDQGLQWHUHVWV

x

7KH\DOORZVWXGHQWVWRSHUVRQDOL]HOHDUQLQJE\DSSO\LQJZKDWWKH\KDYH

OHDUQHGWRWKHLURZQOLYHV

x

&ODVVURRPPDWHULDOVW\SLFDOO\PDNHXVHRIDXWKHQWLFWH[WVWRFUHDWHLQWHUHVW

DQGWRSURYLGHYDOLGPRGHOVRIODQJXDJH

$SSURDFKHVWRODQJXDJHWHDFKLQJWRGD\VHHNWRFDSWXUHWKHULFKYLHZRIODQJXDJH

DQGODQJXDJHOHDUQLQJDVVXPHGE\DFRPPXQLFDWLYHYLHZRIODQJXDJH-DFREVDQG

)DUUHOOVHHWKHVKLIWWRZDUGV&/7DVPDUNLQJDSDUDGLJPVKLIWLQRXUWKLQNLQJ

DERXWWHDFKHUVOHDUQLQJDQGWHDFKLQJ7KH\LGHQWLI\NH\FRPSRQHQWVRIWKLVVKLIWDV

IROORZV

)RFXVLQJJUHDWHUDWWHQWLRQRQWKHUROHRIOHDUQHUVUDWKHUWKDQWKHH[WHUQDO
VWLPXOLOHDUQHUVDUHUHFHLYLQJIURPWKHLUHQYLURQPHQW7KXVWKHFHQWHURI
DWWHQWLRQVKLIWVIURPWKHWHDFKHUWRWKHVWXGHQW7KLVVKLIWLVJHQHUDOO\NQRZQ
DVWKHPRYHIURPWHDFKHUFHQWHUHGLQVWUXFWLRQWROHDUQHUFHQWHUHG
LQVWUXFWLRQ
)RFXVLQJJUHDWHUDWWHQWLRQRQWKHOHDUQLQJSURFHVVUDWKHUWKDQWKHSURGXFWV
WKDWOHDUQHUVSURGXFH7KLVVKLIWLVNQRZQDVPRYHIURPSURGXFWRULHQWHGWR
SURFHVVRULHQWHGLQVWUXFWLRQ
)RFXVLQJJUHDWHUDWWHQWLRQRQWKHVRFLDOQDWXUHRIOHDUQLQJUDWKHUWKDQRQ
VWXGHQWVDVVHSDUDWHGHFRQWH[WXDOL]HGLQGLYLGXDOV
)RFXVLQJJUHDWHUDWWHQWLRQRQGLYHUVLW\DPRQJOHDUQHUVDQGYLHZLQJWKHVH
GLIIHUHQFHQRWDVLPSHGLPHQWVWROHDUQLQJEXWDVUHVRXUFHVWREHUHFRJQL]HG
FDWHUHGWRDQGDSSUHFLDWHG7KLVVKLIWLVNQRZQDVWKHVWXG\RILQGLYLGXDO
GLIIHUHQFHV
,QUHVHDUFKDQGWKHRU\EXLOGLQJIRFXVLQJJUHDWHUDWWHQWLRQRQWKHYLHZVRI
WKRVHLQWHUQDOWRWKHFODVVURRPUDWKHUWKDQVROHO\YDOXLQJWKHYLHZVRIWKRVH
ZKRFRPHIURPRXWVLGHWRVWXG\FODVVURRPVLQYHVWLJDWHDQGHYDOXDWHZKDW
JRHVRQWKHUHDQGHQJDJHLQWKHRUL]LQJDERXWLW7KLVVKLIWLVDVVRFLDWHGZLWK
VXFKLQQRYDWLRQVDVTXDOLWDWLYHUHVHDUFKZKLFKKLJKOLJKWVWKHVXEMHFWLYHDQG
DIIHFWLYHWKHSDUWLFLSDQWV¶LQVLGHUYLHZVDQGWKHXQLTXHQHVVRIHDFKFRQWH[W
$ORQJZLWKWKLVHPSKDVLVRQFRQWH[WFRPHVWKHLGHDRIFRQQHFWLQJWKH
VFKRROZLWKWKHZRUOGEH\RQGDVPHDQVRISURPRWLQJKROLVWLFOHDUQLQJ
+HOSLQJVWXGHQWVWRXQGHUVWDQGWKHSXUSRVHRIOHDUQLQJDQGGHYHORSWKHLU
RZQSXUSRVH
$:KROHWRSDUWRULHQWDWLRQLQVWHDGRIDSDUWWRZKROHDSSURDFK7KLV
LQYROYHVVXFKDSSURDFKHVDVEHJLQQLQJZLWKPHDQLQJIXOZKROHWH[WDQGWKHQ
KHOSLQJVWXGHQWVXQGHUVWDQGWKHYDULRXVIHDWXUHVWKDWHQDEOHWH[WVWR
IXQFWLRQHJWKHFKRLFHRIZRUGVDQGWKHWH[W¶VRUJDQL]DWLRQDOVWUXFWXUH
$QHPSKDVLVRQWKHLPSRUWDQFHRIPHDQLQJUDWKHUWKDQGULOOVDQGRWKHU
IRUPVRIURWHOHDUQLQJ
$YLHZRIOHDUQLQJDVDOLIHORQJSURFHVVUDWKHUWKDQVRPHWKLQJGRQHWR
SUHSDUHVWXGHQWVIRUDQH[DP

-DFREVDQG)DUUHOOVXJJHVWWKDWWKH&/7SDUDGLJPVKLIWRXWOLQHGDERYHKDVOHGWR

HLJKWPDMRUFKDQJHVLQDSSURDFKHVWRODQJXDJHWHDFKLQJ7KHVHFKDQJHVDUH

/HDUQHUDXWRQRP\JLYLQJOHDUQHUVJUHDWHUFKRLFHRYHUWKHLURZQOHDUQLQJ

ERWKLQWHUPVRIWKHFRQWHQWRIOHDUQLQJDVZHOODVSURFHVVHVWKH\PLJKW

HPSOR\7KHXVHRIVPDOOJURXSVLVRQHH[DPSOHRIWKLVDVZHOODVWKHXVHRI

VHOIDVVHVVPHQW

7KHVRFLDOQDWXUHRIOHDUQLQJOHDUQLQJLVQRWDQLQGLYLGXDOSULYDWHDFWLYLW\

EXWDVRFLDORQHWKDWGHSHQGVXSRQLQWHUDFWLRQZLWKRWKHUV7KHPRYHPHQW

NQRZQDVFRRSHUDWLYHOHDUQLQJUHIOHFWVWKLVYLHZSRLQW

&XUULFXODULQWHJUDWLRQWKHFRQQHFWLRQEHWZHHQGLIIHUHQWVWUDQGVRIWKH

FXUULFXOXPLVHPSKDVL]HGVRWKDW(QJOLVKLVQRWVHHQDVDVWDQGDORQHVXEMHFW

EXWLVOLQNHGWRRWKHUVXEMHFWVLQWKHFXUULFXOXP7H[WEDVHGOHDUQLQJVHH

EHORZUHIOHFWWKLVDSSURDFKDQGVHHNVWRGHYHORSIOXHQF\LQWH[WW\SHVWKDW

FDQEHXVHGDFURVVWKHFXUULFXOXP3URMHFWZRUNLQODQJXDJHWHDFKLQJDOVR

UHTXLUHVVWXGHQWVWRH[SORUHLVVXHVRXWVLGHRIWKHODQJXDJHFODVVURRP

)RFXVRQPHDQLQJPHDQLQJLVYLHZHGDVWKHGULYLQJIRUFHRIOHDUQLQJ

&RQWHQWEDVHGWHDFKLQJUHIOHFWVWKLVYLHZDQGVHHNVWRPDNHWKHH[SORUDWLRQ

RIPHDQLQJWKURXJKFRQWHQWWKHFRUHRIODQJXDJHOHDUQLQJDFWLYLWLHVVHH

FKDSWHU

'LYHUVLW\OHDUQHUVOHDUQLQGLIIHUHQWZD\VDQGKDYHGLIIHUHQWVWUHQJWKV

7HDFKLQJQHHGVWRWDNHWKHVHGLIIHUHQFHVLQWRDFFRXQWUDWKHUWKDQWU\WRIRUFH

VWXGHQWVLQWRDVLQJOHPRXOG,QODQJXDJHWHDFKLQJWKLVKDVOHGWRHQ

HPSKDVLVRQGHYHORSLQJVWXGHQWV¶XVHDQGDZDUHQHVVRIOHDUQLQJVWUDWHJLHV

7KLQNLQJVNLOOVODQJXDJHVKRXOGVHUYHDVDPHDQVRIGHYHORSLQJKLJKHU

RUGHUWKLQNLQJVNLOOVDOVRNQRZQDVFULWLFDODQGFUHDWLYHWKLQNLQJ,QODQJXDJH

WHDFKLQJWKLVPHDQVWKDWVWXGHQWVGRQRWOHDUQODQJXDJHIRULWVRZQVDNHEXW

LQRUGHUWRGHYHORSDQGDSSO\WKHLUWKLQNLQJVNLOOVLQVLWXDWLRQVWKDWJREH\RQG

WKHODQJXDJHFODVVURRP

$OWHUQDWLYHDVVHVVPHQWQHZIRUPVRIDVVHVVPHQWDUHQHHGHGWRUHSODFH

WUDGLWLRQDOPXOWLSOHFKRLFHDQGRWKHULWHPVWKDWWHVWORZHURUGHUVNLOOV

0XOWLSOHIRUPVRIDVVHVVPHQWHJREVHUYDWLRQLQWHUYLHZVMRXUQDOV

SRUWIROLRVFDQEHXVHGWREXLOGXSDFRPSUHKHQVLYHSLFWXUHRIZKDWVWXGHQWV

FDQGRLQDVHFRQGODQJXDJH

7HDFKHUVDVFROHDUQHUVWKHWHDFKHULVYLHZHGDVDIDFLOLWDWRUZKRLV

FRQVWDQWO\WU\LQJRXWGLIIHUHQWDOWHUQDWLYH

sLHOHDUQLQJWKURXJKGRLQJ,Q

ODQJXDJHWHDFKLQJWKLVKDVOHGWRDQLQWHUHVWLQDFWLRQUHVHDUFKDQGRWKHU

IRUPVRIFODVVURRPLQYHVWLJDWLRQ

7KHVHFKDQJHVLQWKLQNLQJKDYHQRWWRWKHGHYHORSPHQWRIDVLQJOHPRGHORI&/7WKDW

FDQEHDSSOLHGLQDOOVHWWLQJ5DWKHUDQXPEHURIGLIIHUHQWODQJXDJHWHDFKLQJ

DSSURDFKHVKDYHHPHUJHGZKLFKUHIOHFWGLIIHUHQWUHVSRQVHWRWKHLVVXHVLGHQWLILHG

DERYH:KLOHWKHUHLVQRVLQJOHV\OODEXVPRGHOWKDWKDVEHHQXQLYHUVDOO\DFFHSWHGD

ODQJXDJHV\OODEXVWRGD\QHHGVWRLQFOXGHV\VWHPDWLFFRYHUDJHRIWKHPDQ\GLIIHUHQW

FRPSRQHQWVRIFRPPXQLFDWLYHFRPSHWHQFHLQFOXGLQJODQJXDJHVNLOOVFRQWHQW

JUDPPDUYRFDEXODU\DQGIXQFWLRQV

'LIIHUHQWV\OODEXVW\SHVZLWKLQDFRPPXQLFDWLYHRULHQWDWLRQWRODQJXDJHWHDFKLQJ

HPSOR\GLIIHUHQWURXWHVWRGHYHORSLQJFRPPXQLFDWLYHFRPSHWHQFH:HZLOOQRZ

H[DPLQHVRPHRIWKHGLIIHUHQWDSSURDFKHVWKDWDUHFXUUHQWO\LQXVHDURXQGWKHZRUOG

DQGZKLFKFDQEHYLHZHGDVIDOOLQJZLWKLQWKHJHQHUDOIUDPHZRUNRIFRPPXQLFDWLYH

ODQJXDJHWHDFKLQJ

7DVN

+RZKDYHWKHFKDQJHVGLVFXVVHGE\)DUUHOODQG-DFREVLQIOXHQFHGODQJXDJH

WHDFKLQJSUDFWLFHVLQ\RXUVFKRRORUGLVWULFW"

&KDSWHUSURFHVVEDVHG&/7DSSURDFKHV±FRQWHQWEDVHG

LQVWUXFWLRQDQGWDVNEDVHGLQVWUXFWLRQ


,QWKLVFKDSWHUZHZLOOH[DPLQHWZRFXUUHQWPHWKRGRORJLHVWKDWFDQEHGHVFULEHGD

s

H[WHQVLRQVRIWKH&/7PRYHPHQWEXWZKLFKWDNHGLIIHUHQWURXWHVWRDFKLHYHWKHJRDOV

RIFRPPXQLFDWLYHODQJXDJHWHDFKLQJ±WRGHYHORSOHDUQHUV¶FRPPXQLFDWLYH

FRPSHWHQFH:HUHIHUWRWKHPDVSURFHVVEDVHGPHWKRGRORJLHVVLQFHWKH\VKDUHDVD

FRPPRQVWDUWLQJSRLQWDIRFXVRQFUHDWLQJFODVVURRPSURFHVVHVWKDWDUHEHOLHYHGWR

EHVWIDFLOLWDWHODQJXDJHOHDUQLQJ7KHVHPHWKRGRORJLHVDUHFRQWHQWEDVHGLQVWUXFWLRQ

&%,DQGWDVNEDVHGLQVWUXFWLRQ7%,

&RQWHQWEDVHGLQVWUXFWLRQ

:HQRWHGDERYHWKDWFRQWHPSRUDU\YLHZVRIODQJXDJHOHDUQLQJDUJXHWKDWLWLVVHHQ

DVUHVXOWLQJIURPSURFHVVHVVXFKDVWKHIROORZLQJ

x

,QWHUDFWLRQEHWZHHQWKHOHDUQHUDQGXVHUVRIWKHODQJXDJH

x

&ROODERUDWLYHFUHDWLRQRIPHDQLQJ

x

&UHDWLQJPHDQLQJIXODQGSXUSRVHIXOLQWHUDFWLRQWKURXJKODQJXDJH

x

1HJRWLDWLRQRIPHDQLQJDVWKHOHDUQHUDQGKLVRUKHULQWHUORFXWRUDUULYHDW
XQGHUVWDQGLQJ

x

/HDUQLQJWKURXJKDWWHQGLQJWRWKHIHHGEDFNOHDUQHUVJHWZKHQWKH\XVHWKH
ODQJXDJH

x

3D\LQJDWWHQWLRQWRWKHODQJXDJHRQHKHDUVWKHLQSXWDQGWU\LQJWR
LQFRUSRUDWHQHZIRUPVLQWRRQH¶VGHYHORSLQJFRPPXQLFDWLYHFRPSHWHQFH

x

7U\LQJRXWDQGH[SHULPHQWLQJZLWKGLIIHUHQWZD\VRIVD\LQJWKLQJV


%XWKRZFDQWKHVHSURFHVVHVEHVWEHFUHDWHGLQWKHFODVVURRP"$GYRFDWHVRI&%,

EHOLHYHWKDWWKHEHVWZD\WRGRVRLVE\XVLQJFRQWHQWDVWKHGULYLQJIRUFHRI

FODVVURRPDFWLYLWLHVDQGWROLQNDOOWKHGLIIHUHQWGLPHQVLRQVRIFRPPXQLFDWLYH

FRPSHWHQFHLQFOXGLQJJUDPPDWLFDOFRPSHWHQFHWRFRQWHQW.UDKQNH

GHILQHV&%,DV

,WLVWKHWHDFKLQJRIFRQWHQWRULQIRUPDWLRQLQWKHODQJXDJHEHLQJOHDUQHGZLWK
OLWWOHRUQRGLUHFWRUH[SOLFLWHIIRUWWRWHDFKLQJWKHODQJXDJHLWVHOIVHSDUDWHO\
IURPWKHFRQWHQWEHLQJWDXJKW

7DVN

+RZLPSRUWDQWLVFRQWHQWLQDODQJXDJHOHVVRQ":KDWNLQGVRIFRQWHQWGR\RX

WKLQNDUHRIJUHDWHVWLQWHUHVWWR\RXUOHDUQHUV"

&RQWHQWUHIHUVWRWKHLQIRUPDWLRQRUVXEMHFWPDWWHUWKDWZHOHDUQRUFRPPXQLFDWH

WKURXJKODQJXDJHUDWKHUWKDQWKHODQJXDJHXVHGWRFRQYH\LW2IFRXUVHDQ\

ODQJXDJHOHVVRQLQYROYHVFRQWHQWZKHWKHULWEHDJUDPPDUOHVVRQDUHDGLQJOHVVRQ

RUDQ\RWKHUNLQGRIOHVVRQ&RQWHQWRIVRPHVRUWKDVWREHWKHYHKLFOHZKLFKKROGV

WKHOHVVRQRUWKHH[HUFLVHWRJHWKHUEXWLQWUDGLWLRQDODSSURDFKHVWRODQJXDJH

WHDFKLQJFRQWHQWLVVHOHFWHGDIWHURWKHUGHFLVLRQVKDYHEHHQPDGH,QRWKHUZRUGV

JUDPPDUWH[WVVNLOOVIXQFWLRQVHWFDUHWKHVWDUWLQJSRLQWLQSODQQLQJWKHOHVVRQRU

WKHFRXUVHERRNDQGDIWHUWKHVHGHFLVLRQVKDYHEHHQPDGHFRQWHQWLVVHOHFWHG)RU

H[DPSOHDOHVVRQPD\EHSODQQHGDURXQGWKHSUHVHQWSHUIHFWWHQVH2QFHWKLV

GHFLVLRQKDVEHHQPDGHGHFLVLRQVDERXWWKHFRQWH[WRUFRQWHQWIRUSUDFWLFLQJWKH

IRUPZLOOEHGHFLGHG&RQWHQWEDVHGWHDFKLQJVWDUWVIURPDGLIIHUHQWVWDUWLQJSRLQW

'HFLVLRQVDERXWFRQWHQWDUHPDGHILUVWDQGRWKHUNLQGVRIGHFLVLRQVFRQFHUQLQJ

JUDPPDUVNLOOVIXQFWLRQVHWFDUHPDGHODWHU

&%,LVEDVHGRQWKHIROORZLQJDVVXPSWLRQVDERXWODQJXDJHOHDUQLQJ

x

3HRSOHOHDUQDODQJXDJHPRUHVXFFHVVIXOO\ZKHQWKH\XVHWKHODQJXDJHDVD
PHDQVRIDFTXLULQJLQIRUPDWLRQUDWKHUWKDQDVDQHQGLQLWVHOI

x

&%,EHWWHUUHIOHFWVOHDUQHUV¶QHHGVIRUOHDUQLQJDVHFRQGODQJXDJH

x

&RQWHQWSURYLGHVDFRKHUHQWIUDPHZRUNWKDWFDQEHXVHGWROLQNDQGGHYHORS
DOORIWKHODQJXDJHVNLOOV

&%,FDQEHXVHGDVWKHIUDPHZRUNIRUDXQLWRIZRUNDVWKHJXLGLQJSULQFLSOHIRUDQ

HQWLUHFRXUVHDVDFRXUVHWKDWSUHSDUHVVWXGHQWVIRUPDLQVWUHDPLQJDVWKHUDWLRQDOH

IRUWKHXVHRI(QJOLVKDVPHGLXPWRWHDFKLQJVRPHVFKRROVXEMHFWVLQDQ()/VHWWLQJ

DVWKHIUDPHZRUNIRUFRPPHUFLDO()/(6/PDWHULDOV

DVWKHIUDPHZRUNIRUDXQLWRIZRUN&%,QHHGQRWQHFHVVDULO\EHWKHIUDPHZRUN

IRUDQHQWLUHFXUULFXOXPEXWFDQEHXVHGLQFRQMXQFWLRQZLWKDQ\W\SHRIFXUULFXOXP

)RUH[DPSOHLQDEXVLQHVVFRPPXQLFDWLRQVFRXUVHDWHDFKHUPD\SUHSDUHDXQLWRI

ZRUNRQWKHWKHPHRIVDOHVDQGPDUNHWLQJ7KHWHDFKHULQFRQMXQFWLRQZLWKDVDOHV

DQGPDUNHWLQJVSHFLDOLVWILUVWLGHQWLILHVNH\WRSLFVDQGLVVXHVLQWKHDUHDRIVDOHVDQG

PDUNHWLQJWRSURYLGHWKHIUDPHZRUNIRUWKHFRXUVH$YDULHW\RIOHVVRQVDUHWKHQ

GHYHORSHGIRFXVLQJRQUHDGLQJRUDOSUHVHQWDWLRQVNLOOVJURXSGLVFXVVLRQJUDPPDU

DQGUHSRUWZULWLQJDOORIZKLFKDUHGHYHORSHGRXWRIWKHWKHPHVDQGWRSLFVZKLFK

IRUPWKHEDVLVRIWKHFRXUVH

DVWKHJXLGLQJSULQFLSOHIRUDQHQWLUHFRXUVHPDQ\XQLYHUVLW\VWXGHQWVLQDQ()/

FRQWH[WDUHUHTXLUHGWRWDNHRQHRUWZRVHPHVWHUVRI(QJOLVKLQWKHLUILUVW\HDUDW

XQLYHUVLW\7\SLFDOO\DPDLQVWUHDPPXOWLVNLOOHGFRXUVHERRNLVFKRVHQDVWKHEDVLV

IRUVXFKDFRXUVHDQGWKHFRXUVHVFRYHUVWKHWRSLFVWKDWRFFXULQWKHERRN$Q\

WRSLFVWKDWRFFXUDUHVLPSO\LQFLGHQWDOWRSUDFWLFLQJWKHIRXUVNLOOVHWFRIWKH

FRXUVHERRN6XFKFRXUVHVKRZHYHUDUHVRPHWLPHVRUJDQL]HGDURXQGFRQWHQW,QRQH

(XURSHDQXQLYHUVLW\IRUH[DPSOHWKHILUVW\HDU(QJOLVKFRXUVHFRQVLVWRIDVHTXHQFH

RIPRGXOHVVSUHDGRYHUWKHDFDGHPLF\HDU7KHWRSLFVFRYHUHGDUH

GUXJV

PLFURFKLSWHFKQRORJ\

UHOLJLRXVSHUVXDVLRQ

HFRORJ\

DGYHUWLVLQJ

DOWHUQDWLYHHQHUJ\

$,'6

QXFOHDUHQHUJ\

LPPLJUDWLRQ

'UDFXODLQQRYHOVDQGILOPV

QDWLYH$PHULFDQV

SURIHVVLRQDOHWKLFV

PRGHUQDUFKLWHFWXUH

7KHWRSLFVDUHFKRVHQVRWKDWWKH\SURYLGHDIUDPHZRUNDURXQGZKLFKODQJXDJH

VNLOOVYRFDEXODU\DQGJUDPPDUFDQEHGHYHORSHGLQSDUDOOHO

DVDFRXUVHWKDWSUHSDUHVVWXGHQWVIRUPDLQVWUHDPLQJ

0DQ\FRXUVHVIRULPPLJUDQWFKLOGUHQLQ(QJOLVKVSHDNLQJFRXQWULHVDUHRUJDQL]HG

DURXQGD&%,IUDPHZRUN)RUH[DPSOHQRQ(QJOLVKEDFNJURXQGFKLOGUHQLQVFKRROVLQ

$XVWUDOLDDQG1HZ=HDODQGDUHXVXDOO\RIIHUHGDQLQWHQVLYHODQJXDJHFRXUVHWR

SUHSDUHWKHPWRIROORZWKHUHJXODUVFKRROFXUULFXOXPZLWKRWKHUFKLOGUHQ6XFKD

FRXUVHPLJKWEHRUJDQL]HGDURXQGD&%,DSSURDFK$QH[DPSOHRIWKLVDSSURDFKLV

GHVFULEHGE\:XLQDSURJUDPSUHSDUHGIRU(6/VWXGHQWVLQDQ$XVWUDOLDQ

KLJKVFKRRO7RSLFVIURPDUDQJHRIPDLQVWUHDPVXEMHFWVZHUHFKRVHQDVWKHEDVLV

IRUWKHFRXUVHDQGWRSURYLGHDWUDQVLWLRQWRPDLQVWUHDPFODVVHV7RSLFVZHUHFKRVHQ

SULPDULO\WRFDWHUWRWKHZLGHVWYDULHW\RIVWXGHQWV¶QHHGVDQGLQWHUHVWV/LQJXLVWLF

DSSURSULDWHQHVVZDVDQRWKHUIDFWRUWDNHQLQWRDFFRXQW7RSLFVWKDWIXOILOOHGWKHVH

FULWHULDLQFOXGHPXOWLFXOWXUDOLVPWKHQXFOHDUDJHVSRUWVWKH*UHHQPRYHPHQW

VWUHHWNLGVDQGWHHQDJHVPRNLQJ

DVWKHUDWLRQDOHIRUWKHXVHRI(QJOLVKDVPHGLXPWRWHDFKLQJVRPHVFKRRO

VXEMHFWV

$ORJLFDOH[WHQVLRQRIWKH&%,SKLORVRSK\LVWRWHDFKVRPHVFKRROVXEMHFWVHQWLUHO\LQ

(QJOLVK)RUH[DPSOHLQ0DOD\VLDZKHUHWKHPHGLXPRILQVWUXFWLRQLV%DKDVD

0DOD\VLDLH0DOD\DGHFLVLRQZDVUHFHQWO\WDNHQWRXVH(QJOLVKDVWKHPHGLXPRI

LQVWUXFWLRQIRUPDWKDQGVFLHQFHLQSULPDU\VFKRRODQGDOVRIRUVRPHFRXUVHVDW

XQLYHUVLW\:KHQWKHHQWLUHVFKRROFXUULFXOXPLVWDXJKWWKURXJKDIRUHLJQODQJXDJH

WKLVLVVRPHWLPHVNQRZQDVLPPHUVLRQHGXFDWLRQDQDSSURDFKWKDWKDVEHHQXVHG

IRUPDQ\\HDUVLQSDUWRI(QJOLVKVSHDNLQJ&DQDGD3DUHQWVIURP(QJOLVKVSHDNLQJ

IDPLOLHVLQVRPHSDUWVRI&DQDGDFDQWKXVRSWWRVHQGWKHLUFKLOGUHQWRVFKRROVZKHUH

)UHQFKLVWKHPHGLXPRILQVWUXFWLRQ7KLVDSSURDFKVHHNVWRSURGXFHFKLOGUHQZKR

DUHELOLQJXDOLQ)UHQFKDQG(QJOLVKVLQFHWKH\DFTXLUH(QJOLVKERWKDWKRPHDQGLQ

WKHFRPPXQLW\

DVWKHIUDPHZRUNIRUFRPPHUFLDO()/(6/PDWHULDOV

7KHVHULHV&DPEULGJH(QJOLVK)RU6FKRROV/LWWOHMRKQDQG+LFNVLVWKHILUVW()/

VHULHVLQZKLFKFRQWHQWIURPDFURVVWKHFXUULFXOXPSURYLGHVWKHIUDPHZRUNIRUWKH

FRXUVH0\RZQFRQYHUVDWLRQFRXUVH6SULQJERDUG5LFKDUGVLVDOVRDFRQWHQW

EDVHGFRXUVHZLWKWKHPHVDQGWRSLFVVHUYLQJDVWKHIUDPHZRUN7KHWRSLFDOV\OODEXV

ZDVFKRVHQWKURXJKVXUYH\VRIWKHLQWHUHVWVRI$VLDQFROOHJHVWXGHQWV

7DVN

:KDWSUREOHPVGRHV&%,SRVHIRUWHDFKHUV":KDWDUHVRPHDGYDQWDJHVDQG

OLPLWDWLRQVRIWKLVDSSURDFKLQ\RXURSLQLRQ"

,VVXHVLQLPSOHPHQWLQJD&%,DSSURDFK

&%,UDLVHVDQXPEHURILVVXHV$FHQWUDOLVVXHLVWKHH[WHQWWRZKLFKIRFXVLQJRQ

FRQWHQWSURYLGHVDVXIILFLHQWEDVLVIRUWKHGHYHORSPHQWRIWKHODQJXDJHVNLOOV,WKDV

EHHQSRLQWHGRXWIRUH[DPSOHWKDWZKHQ(QJOLVKLVXVHGDVWKHEDVLVIRUWHDFKLQJ

VFKRROVXEMHFWVOHDUQHUVRIWHQELSDVVJUDPPDWLFDODFFXUDF\VLQFHWKHLUSULPDU\

FRQFHUQLVPDVWHU\RIFRQWHQWUDWKHUWKDQGHYHORSPHQWRIDFFXUDWHODQJXDJHXVH

7KLVKDVEHHQDFRPPRQFRPSODLQWLQSODFHVOLNH+RQJ.RQJZKHUH(QJOLVKKDV

WUDGLWLRQDOO\EHHQWKHPDLQPHGLXPIRUWHDFKLQJVFKRROVXEMHFWVLQPDQ\VFKRROV

$QRWKHULVVXHFRQFHUQVZKHWKHUODQJXDJHWHDFKHUVKDYHWKHQHFHVVDU\VXEMHFW

PDWWHUH[SHUWLVHWRWHDFKVSHFLDOL]HGFRQWHQWDUHDVVXFKDVPDUNHWLQJPHGLFLQH

HFRORJ\HWFDQGWKHLQHYLWDEOH³GXPELQJGRZQ´RIFRQWHQWLQVXFKFDVHV/DVWO\DNH\

LVVXHLVWKDWRIDVVHVVPHQW:LOOOHDUQHUVEHDVVHVHGDFFRUGLQJWRFRQWHQWNQRZOHGJH

ODQJXDJHXVHRUERWK"

7DVNEDVHGLQVWUXFWLRQ

7DVN%DVHGLQVWUXFWLRQRU7%,DOVRNQRZQDVWDVNEDVHGWHDFKLQJLVDQRWKHU

PHWKRGRORJ\WKDWFDQEHUHJDUGHGDVGHYHORSLQJIURPDIRFXVRQFODVVURRP

SURFHVVHV,QWKHFDVHRI7%,WKHFODLPLVWKDWODQJXDJHOHDUQLQJZLOOUHVXOWIURP

FUHDWLQJWKHULJKWNLQGVRILQWHUDFWLRQDOSURFHVVHVLQWKHFODVVURRPDQGWKHEHVWZD\

WRFUHDWHWKHVHLVWRXVHVSHFLDOO\GHVLJQHGLQVWUXFWLRQDOWDVNV5DWKHUWKDQHPSOR\D

FRQYHQWLRQDOV\OODEXVSDUWLFXODUO\DJUDPPDUEDVHGRQHDGYRFDWHVRI7%,DUJXH

WKDWJUDPPDUDQGRWKHUGLPHQVLRQVRIFRPPXQLFDWLYHFRPSHWHQFHFDQEHGHYHORSHG

DVDELSURGXFWRIHQJDJLQJOHDUQHUVLQLQWHUDFWLYHWDVNV2IFRXUVHPRVWWHDFKHUV

PDNHXVHRIGLIIHUHQWNLQGVRIWDVNVDVSDUWRIWKHLUUHJXODUWHDFKLQJ7%,KRZHYHU

PDNHVVWURQJFODLPVIRUWKHXVHRIWDVNVDQGVHHVWKHPDVWKHSULPDU\XQLWWREH

XVHGERWKLQSODQQLQJWHDFKLQJLHLQGHYHORSLQJDV\OODEXVDQGDOVRLQFODVVURRP

WHDFKLQJ%XWZKDWH[DFWO\LVDWDVN"$QGZKDWLVQRWDWDVN"

7KHQRWLRQRIWDVNLVDVRPHZKDWIX]]\RQHWKRXJKYDULRXVDWWHPSWVKDYHEHHQ

PDGHWRGHILQHLW6RPHRIWKHNH\FKDUDFWHULVWLFVRIDWDVNDUH

x

,WLVVRPHWKLQJWKDWOHDUQHUVGRRUFDUU\RXWXVLQJWKHLUH[LVWLQJODQJXDJH
UHVRXUFHV

x

,WKDVDQRXWFRPHZKLFKLVQRWVLPSO\OLQNHGWROHDUQLQJODQJXDJHWKRXJK
ODQJXDJHDFTXLVLWLRQPD\RFFXUDVWKHOHDUQHUFDUULHVRXWWKHWDVN

x

,WLQYROYHVDIRFXVRQPHDQLQJ

x

,QWKHFDVHRIWDVNVLQYROYLQJWZRRUPRUHOHDUQHUVLWFDOOVXSRQWKHOHDUQHUV
XVHRIFRPPXQLFDWLRQVWUDWHJLHVDQGLQWHUDFWLRQDOVNLOOV

7DVN
'R\RXPDNHXVHRIFODVVURRPDFWLYLWLHVWKDWFDQEHGHVFULEHGDVWDVNVLQWKH
VHQVHGHVFULEHGDERYH":KDWGR\RXWKLQNDUHWKHFKDUDFWHULVWLFVRIDJRRG
WDVN"


0DQ\RIWKHDFWLYLWLHVSURSRVHGLQWKHHDUO\GD\VRI&/7FDQEHGHVFULEHGDVWDVNV

DFFRUGLQJWRWKHGHILQLWLRQDERYHLHLQIRUPDWLRQJDSDQGLQIRUPDWLRQVKDULQJ

DFWLYLWLHVWKDWZHILQGLQPDQ\FRXUVHERRNVDQG(/7PDWHULDOV)URPWKHSRLQWRI

YLHZRI7%,WZRNLQGVRIWDVNVFDQXVHIXOO\EHGLVWLQJXLVKHG

3HGDJRJLFDOWDVNVDUHVSHFLDOO\GHVLJQHGFODVVURRPWDVNVWKDWDUHLQWHQGHGWR

UHTXLUHWKHXVHRIVSHFLILFLQWUHUDFWLRQDOVWUDWHJLHVDQGPD\DOVRUHTXLUHWKHXVHRI

VSHFLILFW\SHVRIODQJXDJHVNLOOVJUDPPDUYRFDEXODU\$WDVNLQZKLFKWZROHDUQHUV

KDYHWRWU\WRILQGWKHQXPEHURIGLIIHUHQFHVEHWZHHQWZRVLPLODUSLFWXUHVLVDQ

H[DPSOHRIDSHGDJRJLFDOWDVN7KHWDVNLWVHOILVQRWVRPHWKLQJRQHZRXOGQRUPDOO\

HQFRXQWHULQWKHUHDOZRUG+RZHYHUWKHLQWHUDFWLRQDOSURFHVVHVLWUHTXLUHVSURYLGHV

XVHIXOLQSXWWRODQJXDJHGHYHORSPHQW

5HDOZRUOGWDVNVDUHWDVNVWKDWUHIOHFWUHDOZRUOGXVHVRIODQJXDJHDQGZKLFK

PLJKWEHFRQVLGHUHGDUHKHDUVDOIRUUHDOZRUOGWDVNV$UROHSOD\LQZKLFKVWXGHQWV

SUDFWLFHDMRELQWHUYLHZZRXOGEHDWDVNRIWKLVNLQG

:LOOLVSURSRVHVVL[W\SHVRIWDVNVDVWKHEDVLVIRU7%,

/LVWLQJWDVNV)RUH[DPSOHVWXGHQWVPLJKWKDYHWRPDNHXSDOLVWRIWKLQJV

WKH\ZRXOGSDFNLIWKH\ZHUHJRLQJRQDEHDFKYDFDWLRQ

6RUWLQJDQGRUGHULQJ6WXGHQWVZRUNLQSDLUVDQGPDNHXSDOLVWRIWKHPRVW

LPSRUWDQWFKDUDFWHULVWLFVRIDQLGHDOYDFDWLRQ

&RPSDULQJ6WXGHQWVFRPSDUHDGVIRUWZRGLIIHUHQWVXSHUPDUNHWV

3UREOHPVROYLQJ6WXGHQWVUHDGDOHWWHUWRDQDGYLFHFROXPQLVWDQGVXJJHVW

DVROXWLRQWRWKHZULWHU¶VSUREOHPV

6KDULQJSHUVRQDOH[SHULHQFH6WXGHQWVGLVFXVVWKHLUUHDFWLRQVWRDQHWKLFDO

RUPRUDOGLOHPPD

&UHDWLYHWDVNV6WXGHQWVSUHSDUHSODQVIRUUHGHFRUDWLQJDKRXVH

7DVN

&DQ\RXJLYHRWKHUH[DPSOHVRIHDFKRIWKHVL[W\SHVRIWDVNVDERYH"

7KHUHDUHPDQ\RWKHUWD[RQRPLHVRIWDVNVEDVHGRQSDUWLFXODUIHDWXUHVRIWDVNV

VXFKDVZKHWKHUWKH\DUHRQHZD\WZRZD\VLPSOHRUFRPSOH[0DQ\FODVVURRP

DFWLYLWLHVGRQRWVKDUHWKHFKDUDFWHULVWLFVRIWDVNVDVLOOXVWUDWHGDERYHDQGDUH

WKHUHIRUHQRWWDVNVDQGDUHQRWUHFRPPHQGHGWHDFKLQJDFWLYLWLHVLQ7%,7KHVH

LQFOXGHGULOOVFOR]HDFWLYLWLHVFRQWUROOHGZULWLQJDFWLYLWLHVHWFDQGPDQ\RIWKH

WUDGLWLRQDOWHFKQLTXHVWKDWDUHIDPLOLDUWRPDQ\WHDFKHUV'HVSLWHWKHH[WHQVLYH

UHFHQWOLWHUDWXUHRQWDVNVKRZHYHUWKHUHDUHYLUWXDOO\QRSXEOLVKHGWHDFKHU

UHVRXUFHVFRQWDLQLQJWDVNVWKDWPHHWWKHFULWHULDSURSRVHGLQ7%,$SSDUHQWO\

WHDFKHUVDUHVXSSRVHGWRDEDQGRQWKHLUWH[WERRNVDQGFUHDWHWKHLURZQEDQNVRI

WDVN


+RZGRHV7%,LQSUDFWLFHGLIIHUIURPPRUHWUDGLWLRQDOWHDFKLQJDSSURDFKHV"5HFDOORXU

HDUOLHUGLVFXVVLRQDERYHRIWKHSULQFLSOHVRID333OHVVRQRUWHDFKLQJIRUPDW

3UHVHQWDWLRQWKHQHZJUDPPDUVWUXFWXUHLVSUHVHQWHGRIWHQE\PHDQVRID
FRQYHUVDWLRQRUVKRUWWH[W7KHWHDFKHUH[SODLQVWKHQHZVWUXFWXUHDQGFKHFNV
VWXGHQWV¶FRPSUHKHQVLRQRILW
3UDFWLFH6WXGHQWVSUDFWLFHXVLQJWKHQHZVWUXFWXUHLQDFRQWUROOHGFRQWH[WWKURXJK
GULOOVRUVXEVWLWXWLRQH[HUFLVHV
3URGXFWLRQ6WXGHQWVSUDFWLFHXVLQJWKHQHZVWUXFWXUHLQGLIIHUHQWFRQWH[WVRIWHQ
XVLQJWKHLURZQFRQWHQWRULQIRUPDWLRQLQRUGHUWRGHYHORSIOXHQF\ZLWKWKHQHZ
SDWWHUQ

$GYRFDWHVRI7%,UHMHFWWKLVPRGHOFODLPLQJWKDWDLWGRHVQ¶WZRUNDQGELWGRHVQ¶W

UHIOHFWFXUUHQWXQGHUVWDQGLQJRIVHFRQGODQJXDJHDFTXLVLWLRQ7KH\FODLPWKDW

VWXGHQWVGRQRWGHYHORSIOXHQF\RUSURJUHVVLQWKHLUJUDPPDWLFDOGHYHORSPHQW

WKURXJKD333PHWKRGRORJ\7KH\DOVRDUJXHWKDWVHFRQGODQJXDJHOHDUQLQJUHVHDUFK

KDVVKRZQWKDWODQJXDJHOHDUQLQJUHVXOWVIURPPHDQLQJIXOLQWHUDFWLRQXVLQJWKH

ODQJXDJHDQGQRWIURPFRQWUROOHGSUDFWLFH2WKHUVKDYHSRLQWHGRXWWKDWZKLOHLWLV

IDVKLRQDEOHWRFULWLFL]H333DUJXPHQWVDJDLQVWLWDUHXVXDOO\EDVHGRQDVLPSOLVWLF

YLHZRI333DQGWKDWQRFRQYLQFLQJHYLGHQFHKDVEHHQSURGXFHGWRGHPRQVWUDWH

WKHHIIHFWLYHQHVVRIDOWHUQDWLYHV:LWK7%,WKHIRFXVVKLIWVWRXVLQJWDVNVWRFUHDWH

LQWHUDFWLRQDQGWKHQEXLOGLQJODQJXDJHDZDUHQHVVDQGODQJXDJHGHYHORSPHQWDURXQG

WDVNSHUIRUPDQFH+RZGRHVWKLVZRUNLQSUDFWLFH"

:LOOLVSURSRVHVWKHIROORZLQJVHTXHQFHRIDFWLYLWLHV

3UHWDVNDFWLYLWLHV

,QWURGXFWLRQWRWRSLFDQGWDVN

R 7KHOSV6VWRXQGHUVWDQGWKHWKHPHDQGREMHFWLYHVRIWKHWDVNIRUH[DPSOH

EUDLQVWRUPLQJLGHDVZLWKWKHFODVVXVLQJSLFWXUHVPLPHRUSHUVRQDO
H[SHULHQFHWRLQWURGXFHWKHWRSLF

R 6VPD\GRDSUHWDVNIRUH[DPSOHWRSLFEDVHGRGGZRUGRXWJDPHV7PD\

KLJKOLJKWXVHIXOZRUGVDQGSKUDVHVEXWZRXOGQRWSUHWHDFKQHZVWUXFWXUHV

R 6VFDQEHJLYHQSUHSDUDWLRQWLPHWRWKLQNDERXWKRZWRGRWKHWDVN
R 6VFDQKHDUDUHFRUGLQJRIDSDUDOOHOWDVNEHLQJGRQHVRORQJDVWKLVGRHVQRW

JLYHDZD\WKHVROXWLRQWRWKHSUREOHP

R ,IWKHWDVNLVEDVHGRQDWH[W6VUHDGDSDUWRILW


7KHWDVNF\FOH

7DVN

R 7KHWDVNLVGRQHE\6VLQSDLUVRUJURXSVDQGJLYHV6VDFKDQFHWRXVH

ZKDWHYHUODQJXDJHWKH\DOUHDG\KDYHWRH[SUHVVWKHPVHOYHVDQGVD\
ZKDWHYHUWKH\ZDQWWRVD\7KLVPD\EHLQUHVSRQVHWRUHDGLQJDWH[WRU
KHDULQJDUHFRUGLQJ

R 7ZDONVURXQGDQGPRQLWRUVHQFRXUDJLQJLQDVXSSRUWLYHZD\HYHU\RQH¶V

DWWHPSWDWFRPPXQLFDWLRQLQWKHWDUJHWODQJXDJH

R 7KHOSV6VWRIRUPXODWHZKDWWKH\ZDQWWRVD\EXWZLOOQRWLQWHUYHQHWR

FRUUHFWHUURUVRIIRUP

R 7KHHPSKDVLVLVRQVSRQWDQHRXVH[SORUDWRU\WDONDQGFRQILGHQFHEXLOGLQJ

ZLWKLQWKHSULYDF\RIWKHVPDOOJURXS

R 6XFFHVVLQDFKLHYLQJWKHJRDOVRIWKHWDVNVKHOS6V¶PRWLYDWLRQ

3ODQQLQJ

R 3ODQQLQJSUHSDUHVIRUWKHQH[WVWDJHZKHUH6VDUHDVNHGWRUHSRUWEULHIO\WR

WKHZKROHFODVVKRZWKH\GLGWKHWDVNDQGZKDWWKHRXWFRPHZDV

R 6VGUDIWDQGUHKHDUVHZKDWWKH\ZDQWWRVD\RUZULWH

R 7JRHVURXQGWRDGYLVHVWXGHQWVRQODQJXDJHVXJJHVWLQJSKUDVHVDQGKHOSLQJ

6VWRSROLVKDQGFRUUHFWWKHLUODQJXDJH

R ,IWKHUHSRUWVDUHLQZULWLQJ7FDQHQFRXUDJHSHHUHGLWLQJDQGXVHRI

GLFWLRQDULHV

R 7KHHPSKDVLVLVRQFODULW\RUJDQL]DWLRQDQGDFFXUDF\DVDSSURSULDWHIRUD

SXEOLFSUHVHQWDWLRQ

R ,QGLYLGXDOVWXGHQWVRIWHQWDNHWKLVFKDQFHWRDVNTXHVWLRQVDERXWVSHFLILF

ODQJXDJHLWHPV


5HSRUW

R 7DVNVVRPHSDLUVWRUHSRUWEULHIO\WRWKHZKROHFODVVVRHYHU\RQHFDQ

FRPSDUHILQGLQJVRUEHJLQDVXUYH\1%7KHUHPXVWEHDSXUSRVHIRU
RWKHUVWROLVWHQ6RPHWLPHVRQO\RQHRUWZRJURXSVUHSRUWLQIXOORWKHUV
FRPPHQWDQGDGGH[WUDSRLQWV7KHFODVVPD\WDNHQRWHV

R 7FKDLUVFRPPHQWVRQWKHFRQWHQWRIWKHLUUHSRUWVUHSKUDVHVSHUKDSVEXW

JLYHVQRRYHUWSXEOLFFRUUHFWLRQ


7KHODQJXDJHIRFXV

$QDO\VLV

R 7VHWVVRPHODQJXDJHIRFXVVHGWDVNVEDVHGRQWKHWH[WVVWXGHQWUHDGRURQ

WKHWUDQVFULSWVRIWKH\UHFRUGLQJVWKH\KHDUG([DPSOHVLQFOXGHWKHIROORZLQJ

)LQGZRUGVDQGSKUDVHVUHODWHGWRSWKHWRSLFRUWH[W

5HDGWKHWUDQVFULSWILQGZRUGVHQGLQJLQ³V´DQGVD\ZKDWWKHVPHDQV
)LQGDOOWKHZRUGVLQWKHVLPSOHSDVWIRUP6D\ZKLFKUHIHUWRSDVWWLPHDQG
ZKLFKGRQRW

8QGHUOLQHDQGFODVVLI\WKHTXHVWLRQVLQWKHWUDQVFULSW

R 7VWDUWV6VRIIWKHQVWXGHQWVFRQWLQXHRIWHQLQSDLUV
R 7JRHVURXQGWRKHOS6VFDQDVNLQGLYLGXDOTXHVWLRQV
R ,QSOHQDU\WKHQUHYLHZVWKHDQDO\VLVSRVVLEO\ZULWLQJUHOHYDQWODQJXDJHXS

RQWKHERDUGLQOLVWIRUP6VPD\PDNHQRWHV

3UDFWLFH

R 7FRQGXFWVSUDFWLFHDFWLYLWLHVDVQHHGHGEDVHGRQWKHODQJXDJHDQDO\VLVZRUN

DOUHDG\RQWKHERDUGRUXVLQJH[DPSOHVIURPWKHWH[WRUWUDQVFULSW

3UDFWLFHDFWLYLWLHVFDQLQFOXGH

&KRUDOUHSHWLWLRQRIWKHSKUDVHVLGHQWLILHGDQGFODVVLILHG
0HPRU\FKDOOHQJHJDPHVEDVHGRQSDUWLDOO\HUDVHGH[DPSOHVRUXVLQJ
OLVWVDOUHDG\RQEODFNERDUGIRUSURJUHVVLYHGHOHWLRQ
6HQWHQFHFRPSOHWLRQVHWE\RQHWHDPIRUDQRWKHU
0DWFKLQJWKHSDVWWHQVHYHUEVMXPEOHGZLWKWKHVXEMHFWRUREMHFWV
WKH\KDGLQWKHWH[W
'LFWLRQDU\UHIHUHQFHZLWKZRUGVIURPWH[WRUWUDQVFULSW

7DVN

+RZSUDFWLFDOGR\RXWKLQN:LOOLV¶VSURSRVDOLV":KDWLVVXHVGRHVLWUDLVHIRU

WHDFKHUV"

7%,FDQLQWKHRU\EHDSSOLHGLQDQXPEHURIGLIIHUHQWZD\VLQODQJXDJHWHDFKLQJ

$VWKHVROHIUDPHZRUNIRUFRXUVHSODQQLQJDQGGHOLYHU\WKLVDSSHDUVWREHWKH

VWUDWHJ\SURSRVHGE\:LOOLV6XFKDVDSSURDFKZDVXVHGLQDSURJUDPGHVFULEHGE\

3UDEKXLQZKLFKDJUDPPDUEDVHGFXUULFXOXPZDVUHSODFHGE\DWDVNEDVHG

RQHLQDVWDWHVFKRROV\VWHPDOEHLWRQO\IRUDVKRUWSHULRG

$VRQHFRPSRQHQWRIDFRXUVHDWDVNVWUDQGFDQDOVRVHUYHDVRQHFRPSRQHQWRI

DFRXUVHZKHUHLWZRXOGVHHNWRGHYHORSJHQHUDOFRPPXQLFDWLRQVNLOOV7KLVLVWKH

DSSURDFKGHVFULEHGE\%HJODUDQG+XQWDZHHNFRXUVHIRUVHFRQG\HDU

-DSDQHVHXQLYHUVLW\VWXGHQW7KHWDVNVWUDQGZDVEDVHGRQDVXUYH\6WXGHQWV

GHVLJQHGDVXUYH\IRUPWKHQFROOHFWHGGDWDDQDO\]HGLWDQGSUHVHQWHGWKHUHVXOWV,Q

WKLVFDVH³WDVN´LVEHLQJXVHGLQZD\VRWKHUVZRXOGXVHWKHWHUP³SURMHFW´$WWKH

VDPHWLPHVWXGHQWVZHUHDOVRLQYROYHGLQFODVVURRPZRUNUHODWHGWRDGLUHFW

DSSURDFKWRWHDFKLQJVSHDNLQJVNLOOVUHFHLYLQJH[SOLFLWLQVWUXFWLRQLQVRPHRIWKH

VSHFLILFVWUDWHJLHVDQGPLFURVNLOOVUHTXLUHGIRUFRQYHUVDWLRQ+HQFHWKH³VWXG\´IDLOHG

WRGHPRQVWUDWHWKHUROHRIWDVNVLQODQJXDJHOHDUQLQJ

$VDWHFKQLTXHWHDFKHUVZKRILQGWKHSURFHGXUHVRXWOLQHGE\:LOOLVXQUHDOLVWLFDQG

XQPDQDJHDEOHRYHUDORQJSHULRGFRXOGVWLOOXVHWDVNZRUNIURPWLPHWRWLPHDVRQH

WHFKQLTXHIURPWKHLUWHDFKLQJUHSHUWRLUH

,VVXHVLQLPSOHPHQWLQJDWDVNEDVHGDSSURDFK

0DQ\LVVXHVDULVHLQLPSOHPHQWLQJDWDVNEDVHGDSSURDFK7REHJLQZLWKWKHUHLV

OLWWOHHYLGHQFHWKDWLWZRUNVDQ\PRUHHIIHFWLYHO\WKDQWKH333DSSURDFKLWVHHNVWR

UHSODFH&ULWHULDIRUVHOHFWLQJDQGVHTXHQFLQJWDVNVDUHDOVRSUREOHPDWLFDVLVWKH

SUREOHPRIODQJXDJHDFFXUDF\7DVNZRUNPD\ZHOOVHUYHWRGHYHORSIOXHQF\DWWKH

H[SHQVHRIDFFXUDF\DVZLWKVRPHRIWKHRWKHUDFWLYLWLHVVXJJHVWHGZLWKLQD&/7

IUDPHZRUN&RQWHQWLVVXHVDUHDOVRRIVHFRQGDU\LPSRUWDQFHLQ7%,PDNLQJLWRIOLWWOH

UHOHYDQFHWRWKRVHFRQFHUQHGZLWK&%,RUPDLQVWUHDPLQJ7KHIDFWWKDW7%,

DGGUHVVHVFODVVURRPSURFHVVHVUDWKHUWKDQOHDUQLQJRXWFRPHVLVDOVRDQLVVXH,Q

FRXUVHVWKDWKDYHVSHFLILFLQVWUXFWLRQDORXWFRPHVWRDWWDLQHJH[DPLQDWLRQWDUJHWV

DQGZKHUHVSHFLILFODQJXDJHQHHGVKDYHWREHDGGUHVVHGUDWKHUWKDQWKHJHQHUDO

FRPPXQLFDWLRQVNLOOVWDUJHWHGLQWDVNZRUN7%,PD\VHHPWRRYDJXHDVD

PHWKRGRORJ\WREHZLGHO\DGRSWHGDQGVHHPVUDSLGO\WREHDVVXPLQJWKHVWDWXVRI

DQRWKHU(/77(62/EDQGZDJRQ

&KDSWHUSURGXFWEDVHG&/7DSSURDFKHV±WH[WEDVHG

LQVWUXFWLRQDQGFRPSHWHQF\EDVHGLQVWUXFWLRQ

,QWKLVFKDSWHUZHZLOOH[DPLQHWZRDSSURDFKHVZKLFKIRFXVPRUHRQWKHRXWFRPHV

RUSURGXFWVRIOHDUQLQJDVWKHVWDUWLQJSRLQWLQFRXUVHGHVLJQWKDQRQFODVVURRP

SURFHVVHV7KH\VWDUWE\LGHQWLI\LQJWKHNLQGVRIXVHVRIODQJXDJHWKHOHDUQHULV

H[SHFWHGWREHDEOHWRPDVWHUDWWKHHQGRIDJLYHQSHULRGRILQVWUXFWLRQ7HDFKLQJ

VWUDWHJLHVDUHWKHQVHOHFWHGWRKHOSDFKLHYHWKHVHJRDOV

7H[WEDVHGLQVWUXFWLRQ

7H[WEDVHGLQVWUXFWLRQDOVRNQRZQDVDJHQUHEDVHGDSSURDFKVHHVFRPPXQLFDWLYH

FRPSHWHQFHDVLQYROYLQJWKHPDVWHU\RIGLIIHUHQWW\SHVRIWH[WV7H[WKHUHLVXVHGLQ

DVSHFLDOVHQVHWRUHIHUWRVWUXFWXUHGVHTXHQFHVRIODQJXDJHWKDWDUHXVHGLQVSHFLILF

FRQWH[WVLQVSHFLILFZD\V)RUH[DPSOHLQWKHFRXUVHRIDGD\DVSHDNHURI(QJOLVK

PD\XVHVSRNHQ(QJOLVKLQPDQ\GLIIHUHQWZD\VLQFOXGLQJWKHIROORZLQJ

&DVXDOFRQYHUVDWLRQDOH[FKDQJHZLWKDIULHQG
&RQYHUVDWLRQDOH[FKDQJHZLWKDVWUDQJHULQDOLIW
7HOHSKRQHFDOOWRDUUDQJHDQDSSRLQWPHQWDWDKDLUVDORQ
$QDFFRXQWWRIULHQGVRIDQXQXVXDOH[SHULHQFH
'LVFXVVLRQRIDSHUVRQDOSUREOHPZLWKDIULHQGWRVHHNDGYLFH

(DFKRIWKHVHXVHVRIODQJXDJHFDQEHUHJDUGHGDVDWH[WLQWKDWLWH[LVWVDVDXQLILHG

ZKROHZLWKDEHJLQQLQJPLGGOHDQGHQGLWFRQILUPVWRQRUPVRIRUJDQL]DWLRQDQG

FRQWHQWDQGLWGUDZVRQDSSURSULDWHJUDPPDUDQGYRFDEXODU\&RPPXQLFDWLYH

FRPSHWHQFHWKXVLQYROYHVEHLQJDEOHWRXVHGLIIHUHQWNLQGVRIVSRNHQDQGZULWWHQ

WH[WVLQWKHVSHFLILFFRQWH[WVRIWKHLUXVH7KLVYLHZRIODQJXDJHRZHVPXFKWRWKH

ZRUNRIWKHOLQJXLVW0LFKDHO+DOOLGD\$FFRUGLQJWR)HH]DQG-R\FHY7%,LV

WKXVEDVHGRQDQDSSURDFKWRWHDFKLQJODQJXDJHZKLFKLQYROYHV

x

7HDFKLQJH[SOLFLWO\DERXWWKHVWUXFWXUHVDQGJUDPPDWLFDOIHDWXUHVRIVSRNHQ

DQGZULWWHQWH[WV

x

/LQNLQJVSRNHQDQGZULWWHQWH[WVWRWKHFXOWXUDOFRQWH[WRIWKHLUXVH

x

'HVLJQLQJXQLWVRIZRUNZKLFKIRFXVRQGHYHORSLQJVNLOOVLQUHODWLRQWRZKROH

WH[WV

x

3URYLGLQJVWXGHQWVZLWKJXLGHGSUDFWLFHDVWKH\GHYHORSODQJXDJHVNLOOVIRU

PHDQLQJIXOFRPPXQLFDWLRQWKURXJKZKROHWH[WV

$FFRUGLQJWRWKLVYLHZOHDUQHUVLQGLIIHUHQWFRQWH[WVKDYHWRPDVWHUWKHXVHRIWKH

WH[WW\SHVRFFXUULQJPRVWIUHTXHQWO\LQVSHFLILFFRQWH[WV7KHVHFRQWH[WVPLJKW

LQFOXGHVWXG\LQJLQDQ(QJOLVKPHGLXPXQLYHUVLW\VWXG\LQJLQDQ(QJOLVKPHGLXP

SULPDU\RUVHFRQGDU\VFKRROZRUNLQJLQDUHVWDXUDQWZRUNLQJLQDQRIILFHZRUNLQJ

LQDVWRUHVRFLDOL]LQJZLWKQHLJKERUVLQDKRXVLQJFRPSOH[

7DVN

:KDWNLQGVRIWH[WVGR\RXUVWXGHQWVHQFRXQWHU":KDWNLQGRIWH[WVGRWKH\

QHHGWROHDUQWRXVH"

&RQWHQWVRIDWH[WEDVHGV\OODEXV

$VLWVQDPHLPSOLHVWKHFRUHXQLWVRISODQQLQJLQ7%,DUHWH[WW\SHV7KHVHDUH

LGHQWLILHGWKURXJKQHHGVDQDO\VLVDQGWKURXJKWKHDQDO\VLVRIODQJXDJHDVLWLVXVHG

LQGLIIHUHQWVHWWLQJV7H[WEDVHGWHDFKLQJWKXVKDVPXFKLQFRPPRQZLWKDQ(63

DSSURDFKWRODQJXDJHWHDFKLQJGLVFXVVHGDERYH+RZHYHUWKHV\OODEXVDOVRXVXDOO\

VSHFLILHVRWKHUFRPSRQHQWVRIWH[WVVXFKDVJUDPPDUYRFDEXODU\WRSLFVDQG

IXQFWLRQVKHQFHLWLVW\SHRIPL[HGV\OODEXVRQHZKLFKLQWHJUDWHVUHDGLQJZULWLQJ

DQGRUDOFRPPXQLFDWLRQDQGZKLFKWHDFKHVJUDPPDUWKURXJKWKHPDVWHU\RIWH[WV

UDWKHUWKDQLQLVRODWLRQ

7KHIROORZLQJWH[WW\SHVDUHLQFOXGHGLQWKH&HUWLILFDWHVLQ6SRNHQDQG:ULWWHQ

(QJOLVKZKLFKDUHZLGHO\WDXJKWODQJXDJHTXDOLILFDWLRQVLQ$XVWUDOLD

([FKDQJHV

6LPSOHH[FKDQJHVUHODWLQJWRLQIRUPDWLRQDQGJRRGVDQG
VHUYLFHV

&RPSOH[RUSUREOHPDWLFH[FKDQJHV

&DVXDOFRQYHUVDWLRQ

)RUPV

6LPSOHIRUPDWWHGWH[WV

&RPSOH[IRUPDWWHGWH[WV

3URFHGXUHV

,QVWUXFWLRQV

3URFHGXUHV

3URWRFROV

,QIRUPDWLRQWH[WV

GHVFULSWLRQV

([SODQDWLRQV

5HSRUWV

'LUHFWLYHV

7H[WVZKLFKFRPELQHRQHRUPRUHRIWKHVHWH[WW\SHV

6WRU\WH[WV

5HFRXQWV

1DUUDWLYHV

3HUVXDVLYHWH[WV

2SLQLRQWH[WV

([SRVLWLRQV

'LVFXVVLRQV

$WH[WEDVHGDSSURDFKKDVEHHQDGRSWHGLQ6LQJDSRUHDQGIRUPVWKHIUDPHZRUNIRU

WKHV\OODEXVIRUSULPDU\DQGVHFRQGDU\VFKRROV,QWKH6LQJDSRUHFRQWH[WWKH

WH[WW\SHVWKDWDUHLGHQWLILHGFDQEHXQGHUVWRRGDVIRUPLQJWKHFRPPXQLFDWLYH

EXLOGLQJEORFNV6LQJDSRUHFKLOGUHQQHHGLQRUGHUWRSHUIRUPLQDQ(QJOLVKPHGLXP

VFKRROVHWWLQJ7KHWH[WW\SHVLQWKHV\OODEXVDUH

3URFHGXUHV

HJSURFHGXUHVXVHGLQFDUU\LQJRXWDWDVN

([SODQDWLRQV

HJH[SODLQLQJKRZDQGZK\WKLQJVKDSSHQ

([SRVLWLRQV

HJUHYLHZVDUJXPHQWVGHEDWHV

)DFWXDOUHFRXQWV

HJPDJD]LQHDUWLFOHV

3HUVRQDOUHFRXQWV

HJDQHFGRWHVGLDU\MRXUQDOHQWULHVELRJUDSKLHV

DXWRELRJUDSKLHV
,QIRUPDWLRQUHSRUWV HJIDFWVKHHWV
1DUUDWLYHV

HJVWRULHVIDEOHV

&RQYHUVDWLRQVDQG HJGLDORJXHVIRUPDOLQIRUPDOOHWWHUVSRVWFDUGVHPDLO
QRWLFHV
6KRUWIXQFWLRQDOWH[WV

7DVN
+RZPDQ\RIWKHWH[WW\SHVDERYHDUHUHOHYDQWWR\RXUOHDUQHUVQHHGV"


7KH6LQJDSRUHV\OODEXVDOVRLGHQWLILHVWKHJUDPPDWLFDOLWHPVWKDWDUHQHHGHGLQ

RUGHUWRPDVWHUGLIIHUHQWWH[WW\SHV)RUH[DPSOHWKHIROORZLQJLWHPVDUHLGHQWLILHGLQ

UHODWLRQWRWKHWH[WW\SHVRIQDUUDWLYHVDQGSHUVRQDOUHFRXQWVDW6HFRQGDU\OHYHO

$GMHFWLYHVDGMHFWLYDOSKUDVHVDQGFODXVHV
$GYHUEVDQGDGYHUELDOV
&RQQHFWRUVWRGRZLWKWLPHDQGVHTXHQFH
'LUHFWDQGLQGLUHFWVSHHFK
1RXQVQRXQSKUDVHVDQGFODXVHV
3UHSRVLWLRQVDQGSUHSRVLWLRQDOSKUDVHV
3URQRXQV
7HQVHVWRH[SUHVVSDVWWLPH
9HUEVDQGYHUESKUDVHV

,PSOHPHQWLQJDWH[WEDVHGDSSURDFK

)HH]DQG-R\FHJLYHWKHIROORZLQJGHVFULSWLRQRIKRZDWH[WEDVHG

3KDVH%XLOGLQJWKHFRQWH[W

,QWKLVVWDJHVWXGHQWV

x

$UHLQWURGXFHGWRWKHVRFLDOFRQWH[WRIDQDXWKHQWLFPRGHORIWKHWH[WW\SH
EHLQJVWXGLHG

x

([SORUHIHDWXUHVRIWKHJHQHUDOFXOWXUDOFRQWH[WLQZKLFKWKHWH[WW\SHLVXVHG
DQGWKHVRFLDOSXUSRVHVWKHWH[WW\SHDFKLHYHV

x

([SORUHWKHLPPHGLDWHFRQWH[WRIVLWXDWLRQE\LQYHVWLJDWLQJWKHUHJLVWHURID
PRGHOWH[WZKLFKKDVEHHQVHOHFWHGRQWKHEDVLVRIWKHFRXUVHREMHFWLYHVDQG
OHDUQHUQHHG

x

$QH[SORUDWLRQRIUHJLVWHULQYROYHV

%XLOGLQJNQRZOHGJHRIWKHWRSLFRIWKHPRGHOWH[WDQGNQRZOHGJHRIWKH
VRFLDODFWLYLW\LQZKLFKWKHWH[WLVXVHGHJVXFKDVMREVHHNLQJ
8QGHUVWDQGLQJWKHUROHVDQGUHODWLRQVKLSVRIWKHSHRSOHXVLQJWKHWH[WDQG
KRZWKHVHDUHHVWDEOLVKHGDQGPDLQWDLQHGHJWKHUHODWLRQVKLSEHWZHHQD
MREVHHNHUDQGDSURVSHFWLYHHPSOR\HU
8QGHUVWDQGLQJWKHFKDQQHORIFRPPXQLFDWLRQEHLQJXVHGHJXVLQJWKH
WHOHSKRQHVSHDNLQJIDFHWRIDFHZLWKPHPEHUVRIDQLQWHUYLHZSDQHO

&RQWH[WEXLOGLQJDFWLYLWLHVLQFOXGH

x

3UHVHQWLQJWKHFRQWH[WWKURXJKSLFWXUHVDXGLRYLVXDOPDWHULDOVUHDOLD
H[FXUVLRQVILHOGWULSVJXHVWVSHDNHUVHWF

x

(VWDEOLVKLQJWKHVRFLDOSXUSRVHWKURXJKGLVFXVVLRQVRUVXUYH\VHWF

x

&URVVFXOWXUDODFWLYLWLHVVXFKDVFRPSDULQJGLIIHUHQFHVLQWKHXVHRIWKHWH[WLQ
WZRFXOWXUHV

x

&RPSDULQJWKHPRGHOWH[WZLWKRWKHUWH[WVRIWKHVDPHRUFRQWUDVWLQJW\SH
HJFRPSDULQJDMRELQWHUYLHZZLWKDFRPSOH[VSRNHQH[FKDQJHLQYROYLQJ
FORVHIULHQGVDZRUNFROOHDJXHRUDVWUDQJHULQDVHUYLFHHQFRXQWHU

3KDVH0RGHOOLQJDQGGHFRQVWUXFWLQJWKHWH[W

,QWKLVVWDJHVWXGHQWV

x

,QYHVWLJDWHWKHVWUXFWXUDOSDWWHUQDQGODQJXDJHIHDWXUHVRIWKHPRGHO

x

&RPSDUHWKHPRGHOZLWKRWKHUH[DPSOHVRIWKHVDPHWH[WW\SH

)HH]DQG-R\FHFRPPHQWWKDW³PRGHOLQJDQGGHFRQVWUXFWLRQDUH

XQGHUWDNHQDWERWKWKHZKROHWH[WFODXVHDQGH[SUHVVLRQOHYHOV,WLVDWWKLVVWDJH

WKDWPDQ\WUDGLWLRQDO(6/ODQJXDJHWHDFKLQJDFWLYLWLHVFRPHLQWRWKHLURZQ´

3KDVH-RLQWFRQVWUXFWLRQRIWKHWH[W

,QWKLVVWDJH

x

6WXGHQWVEHJLQWRFRQWULEXWHWRWKHFRQVWUXFWLRQRIZKROHH[DPSOHVRIWKH
WH[WW\SH

x

7KHWHDFKHUJUDGXDOO\UHGXFHVWKHFRQWULEXWLRQWRWH[WFRQVWUXFWLRQDVWKH
VWXGHQWVPRYHFORVHUWREHLQJDEOHWRFRQWUROWH[WW\SHLQGHSHQGHQWO\


-RLQWFRQVWUXFWLRQDFWLYLWLHVLQFOXGH

x

7HDFKHUTXHVWLRQLQJGLVFXVVLQJDQGHGLWLQJZKROHFODVVFRQVWUXFWLRQWKHQ
VFULELQJRQWRERDUGRU2+7

x

6NHOHWRQWH[WV

x

-LJVDZDQGLQIRUPDWLRQJDSDFWLYLWLHV

x

6PDOOJURXSFRQVWUXFWLRQRIWHVWV

x

'LFWRJORVV

x

6HOIDVVHVVPHQWDQGSHHUDVVHVVPHQWDFWLYLWLHV

3KDVH,QGHSHQGHQWFRQVWUXFWLRQRIWKHWH[W

,QWKLVVWDJH

x

6WXGHQWVZRUNLQGHSHQGHQWO\ZLWKWKHWH[W

x

/HDUQHUSHUIRUPDQFHVDUHXVHGIRUDFKLHYHPHQWDVVHVVPHQW

,QGHSHQGHQWFRQVWUXFWLRQDFWLYLWLHVLQFOXGH

x

/LVWHQLQJWDVNVHJFRPSUHKHQVLRQDFWLYLWLHVLQUHVSRQVHWROLYHRUUHFRUGHG
PDWHULDOVXFKDVSHUIRUPLQJDWDVNVHTXHQFLQJSLFWXUHVQXPEHULQJWLFNLQJ
RUXQGHUOLQLQJPDWHULDORQDZRUNVKHHWDQVZHULQJTXHVWLRQV

x

/LVWHQLQJDQGVSHDNLQJWDVNVHJUROHSOD\VVLPXODWHGRUDXWKHQWLFGLDORJXHV

x

6SHDNLQJWDVNVHJVSRNHQSUHVHQWDWLRQWRFODVVFRPPXQLW\RUJDQL]DWLRQ
ZRUNSODFH

x

5HDGLQJWDVNVHJFRPSUHKHQVLRQDFWLYLWLHVLQUHVSRQVHWRZULWWHQPDWHULDO
VXFKDVSHUIRUPLQJDWDVNVVHTXHQFLQJSLFWXUHVQXPEHULQJWLFNLQJRU
XQGHUOLQLQJPDWHULDORQDZRUNVKHHWDQVZHULQJTXHVWLRQV

x

:ULWLQJWDVNVZKLFKGHPDQGWKDWVWXGHQWVGUDIWDQGSUHVHQWZKROHWH[WV


3KDVH/LQNLQJWRUHODWHGWH[WV

,QWKLVVWDJHVWXGHQWVLQYHVWLJDWHKRZZKDWWKH\KDYHOHDUQWLQWKLVWHDFKLQJOHDUQLQJ

F\FOHFDQEHUHODWHGWR

x

2WKHUWH[WVLQWKHVDPHRUVLPLODUFRQWH[W

x

)XWXUHRUSDVWF\FOHVRIWHDFKLQJDQGOHDUQLQJ

x

$FWLYLWLHVZKLFKOLQNWKHWH[WW\SHWRUHODWHGWH[WVLQFOXGH

x

&RPSDULQJWKHXVHRIWKHWH[WW\SHDFURVVGLIIHUHQWILHOGV

x

5HVHDUFKLQJRWKHUWH[WW\SHVXVHGLQWKHVDPHILHOG

x

5ROHSOD\LQJZKDWKDSSHQVLIWKHVDPHWH[WW\SHLVVXHGE\SHRSOHZLWK
GLIIHUHQWUROHVDQGUHODWLRQVKLSV

x

&RPSDULQJVSOHHQDQGZULWWHQPRGHVRIWKHVDPHWH[WW\SH

x

5HVHDUFKLQJKRZDNH\ODQJXDJHIHDWXUHXVHGLQWKLVWH[WW\SHLVXVHGLQ
RWKHUWH[WW\SHV


7DVN

:KDWFKDOOHQJHVGRHVWKHPHWKRGRORJ\GLVFXVVHGDERYHSRVHIRUWHDFKHUV"



3UREOHPVZLWKLPSOHPHQWLQJDWH[WEDVHGDSSURDFK

$VFDQEHVHHQIURPWKHDERYHVXPPDU\DWH[WEDVHGDSSURDFKIRFXVHVRQWKH

SURGXFWVRIOHDUQLQJUDWKHUWKDQWKHSURFHVVHVLQYROYHG&ULWLFVKDYHSRLQWHGRXWWKDW

DQHPSKDVLVRQLQGLYLGXDOFUHDWLYLW\DQGSHUVRQDOH[SUHVVLRQLVPLVVLQJIURPWKH7%,

PRGHOZKLFKLVKHDYLO\ZHGGHGWRDPHWKRGRORJ\EDVHGRQWKHVWXG\RIPRGHOWH[WV

DQGWKHFUHDWLRQRIWH[WVEDVHGRQPRGHOV/LNHZLVHFULWLFVSRLQWRXWWKDWWKHUHLVD

GDQJHUWKDWWKHDSSURDFKEHFRPHVUHSHWLWLYHDQGERULQJRYHUWLPHVLQFHWKHILYH

SKDVHF\FOHGHVFULEHGDERYHLVDSSOLHGWRWKHWHDFKLQJRIDOOIRXUVNLOOV

&RPSHWHQF\EDVHGLQVWUXFWLRQ

&RPSHWHQF\EDVHGLQVWUXFWLRQLVDQDSSURDFKWRWKHSODQQLQJDQGGHOLYHU\RIFRXUVHV

WKDWKDVEHHQLQZLGHVSUHDGXVHVLQFHWKHV7KHDSSOLFDWLRQRILWVSULQFLSOHVWR

ODQJXDJHWHDFKLQJLVFDOOHG&RPSHWHQF\%DVHG/DQJXDJH7HDFKLQJDQDSSURDFK

WKDWKDVEHHQZLGHO\XVHGDVWKHEDVLVIRUWKHGHVLJQRIZRUNUHODWHGDQGVXUYLYDO

RULHQWHGODQJXDJHWHDFKLQJSURJUDPVIRUDGXOWV,WVHHNVWRWHDFKVWXGHQWVWKHEDVLF

VNLOOVWKH\QHHGLQRUGHUWRSUHSDUHWKHPIRUVLWXDWLRQVWKH\FRPPRQO\HQFRXQWHULQ

HYHU\GD\OLIH5HFHQWO\FRPSHWHQF\EDVHGIUDPHZRUNVKDYHEHFRPHDGRSWHGLQ

PDQ\FRXQWULHVSDUWLFXODUO\IRUYRFDWLRQDODQGWHFKQLFDOHGXFDWLRQ7KH\DUHDOVR

LQFUHDVLQJO\EHLQJDGRSWHGLQQDWLRQDOODQJXDJHFXUULFXOXPDVKDVKDSSHQHG

UHFHQWO\LQFRXQWULHVVXFKDV,QGRQHVLD7KDLODQGDQGWKH3KLOLSSLQHV

7DVN

:KDWVSHFLILFVNLOOVRUFRPSHWHQFLHVGRHVDODQJXDJHWHDFKHUQHHGWRSRVVHV

LQRUGHUWREHDJRRGWHDFKHU"7KLQNRIWKLQJVWKDWDUHVSHFLILFWRODQJXDJH

WHDFKLQJDQGQRWTXDOLWLHVVXFKDVJRRGFODVVURRPPDQDJHPHQWVNLOOVWKDW

DUHWUXHRIDWHDFKHURIDQ\VXEMHFW

:KDWFKDUDFWHUL]HVDFRPSHWHQF\EDVHGDSSURDFKLVWKHIRFXVRQWKHRXWFRPHVRI

OHDUQLQJDVWKHGULYLQJIRUFHRIWHDFKLQJDQGWKHFXUULFXOXP$XHUEDFK

LGHQWLILHVHLJKWIHDWXUHVLQYROYHGLQWKHLPSOHPHQWDWLRQRI&%,SURJUDPVLQODQJXDJH

WHDFKLQJ

$IRFXVRQVXFFHVVIXOIXQFWLRQLQJLQVRFLHW\7KHJRDOLVWRHQDEOHVWXGHQWVWR

EHFRPHDXWRQRPRXVLQGLYLGXDOVFDSDEOHRIFRSLQJZLWKWKHGHPDQGVRIWKH
ZRUOG


$IRFXVRQOLIHVNLOOV5DWKHUWKDQWHDFKLQJODQJXDJHLQLVRODWLRQ&%/7WHDFKHV

ODQJXDJHDVDIXQFWLRQRIFRPPXQLFDWLRQDERXWFRQFUHWHWDVNV6WXGHQWVDUH
WDXJKWMXVWWKRVHODQJXDJHIRUPVVNLOOVUHTXLUHGE\WKHVLWXDWLRQVLQZKLFK
WKH\ZLOOIXQFWLRQ7KHVHIRUPVDUHQRUPDOO\GHWHUPLQHGE\QHHGVDQDO\VLV

7DVNRUSHUIRUPDQFHRULHQWHGLQVWUXFWLRQ:KDWFRXQWVLVZKDWVWXGHQWVFDQ

GRDVDUHVXOWRILQVWUXFWLRQ7KHHPSKDVLVLVRQRYHUWEHKDYLRUVUDWKHUWKDQ
RQNQRZOHGJHRUWKHDELOLW\WRWDONDERXWODQJXDJHDQGVNLOOV

0RGXODUL]HGLQVWUXFWLRQ/DQJXDJHOHDUQLQJLVEURNHQGRZQLQWRPHDQLQJIXO

FKXQNV2EMHFWLYHVDUHEURNHQLQWRQDUURZO\IRFXVHGVXEREMHFWLYHVVRWKDW
ERWKWHDFKHUVDQGVWXGHQWVFDQJHWDFOHDUVHQVHRISURJUHVV

2XWFRPHVDUHPDGHH[SOLFLW2XWFRPHVDUHSXEOLFNQRZOHGJHNQRZQDQG

DJUHHGXSRQE\ERWKOHDUQHUDQGWHDFKHU7KH\DUHVSHFLILHGLQWHUPVRI
EHKDYLRUDOREMHFWLYHVVRWKDWVWXGHQWVNQRZZKDWEHKDYLRUVDUHH[SHFWHGRI
WKHP

&RQWLQXRXVDQGRQJRLQJDVVHVVPHQW6WXGHQWVDUHSUHWHVWHGWRGHWHUPLQH

ZKDWVNLOOVWKH\ODFNDQGSRVWWHVWHGDIWHULQVWUXFWLRQRQWKDWVNLOO,IWKH\GR
QRWDFKLHYHWKHGHVLUHGOHYHORIPDVWHU\WKH\FRQWLQXHWRZRUNRQWKH
REMHFWLYHDQGDUHUHWHVWHG

'HPRQVWUDWHGPDVWHU\RISHUIRUPDQFHREMHFWLYHV5DWKHUWKDQWKHWUDGLWLRQDO

SDSHUDQGSHQFLOWHVWVDVVHVVPHQWLVEDVHGRQWKHDELOLW\WRGHPRQVWUDWH
SUHVSHFLILHGEHKDYLRUV

,QGLYLGXDOL]HGVWXGHQWFHQWHUHGLQVWUXFWLRQ,QFRQWHQWOHYHODQGSDFH

REMHFWLYHVDUHGHILQHGLQWHUPVRILQGLYLGXDOQHHGVSULRUOHDUQLQJDQG
DFKLHYHPHQWDUHWDNHQLQWRDFFRXQWLQGHYHORSLQJFXUULFXOD,QVWUXFWLRQLVQRW
WLPHEDVHGVWXGHQWVSURJUHVVDWWKHLURZQUDWHVDQGFRQFHQWUDWHRQMXVW
WKRVHDUHDVLQZKLFKWKH\ODFNFRPSHWHQFH


7KHUHDUHWZRWKLQJVWRQRWHDERXWFRPSHWHQF\EDVHGLQVWUXFWLRQ)LUVWLWVHHNVWR

EXLOGPRUHDFFRXQWDELOLW\LQWRHGXFDWLRQE\GHVFULELQJZKDWDFRXUVHRILQVWUXFWLRQ

VHHNVWRDFFRPSOLVK6HFRQGO\LWVKLIWVDWWHQWLRQDZD\IURPPHWKRGRORJ\RU

FODVVURRPSURFHVVHVWROHDUQLQJRXWFRPHV,QDVHQVHRQHFDQVD\WKDWZLWKWKLV

DSSURDFKLWGRHVQ¶WPDWWHUZKDWPHWKRGRORJ\LVHPSOR\HGDVORQJDVLWGHOLYHUVWKH

OHDUQLQJRXWFRPHV

7DVN

:KDWDUHVRPHDGYDQWDJHVRIDFRPSHWHQF\EDVHGDSSURDFK",QZKDW

VLWXDWLRQVZRXOGLWEHXVHIXO":KHQPLJKWLWQRWZRUNVRZHOO"

,PSOHPHQWLQJDFRPSHWHQF\EDVHGDSSURDFK

$VZHVDZDERYH&%,LVRIWHQXVHGLQSURJUDPVWKDWIRFXVRQOHDUQHUVZLWKYHU\

VSHFLILFODQJXDJHQHHGV,QVXFKFDVHVUDWKHUWKDQVHHNLQJWRWHDFKJHQHUDO(QJOLVK

WKHVSHFLILFODQJXDJHVNLOOVQHHGWRIXQFWLRQLQDVSHFLILFFRQWH[WLVWKHIRFXV7KLVLV

VLPLODUWKHQWRDQ(63DSSURDFKDQGLQGHHGWRVRPHYHUVLRQVRIDWDVNEDVHG

DSSURDFK7KHVWDUWLQJSRLQWLQFRXUVHSODQQLQJLVWKHUHIRUHDQLGHQWLILFDWLRQRIWKH

WDVNVWKHOHDUQHUZLOOQHHGWRFDUU\RXWZLWKLQDVSHFLILFVHWWLQJHJVXFKDVLQWKH

UROHRIIDFWRU\ZRUNHUUHVWDXUDQWHPSOR\HHRUQXUVHDQGWKHODQJXDJHGHPDQGVRI

WKRVHWDVNV7KHFRPSHWHQFLHVQHHGIRUVXFFHVVIXOWDVNSHUIRUPDQFHDUHWKHQ

LGHQWLILHGDQGXVHGDVWKHEDVLVIRUFRXUVHSODQQLQJ)RUH[DPSOHSDUWRID

VSHFLILFDWLRQRIFRPSHWHQFLHVIRUDMREWUDLQLQJFRXUVHLQFOXGHVWKHIROORZLQJ

7KHVWXGHQWZLOOEHDEOHWR

x

,GHQWLI\GLIIHUHQWNLQGVRIMREVXVLQJVLPSOHKHOSZDQWHGDGV

x

'HVFULEHSHUVRQDOZRUNH[SHULHQFHDQGVNLOOV

x

'HPRQVWUDWHDELOLW\WRILOORXWDVLPSOHMREDSSOLFDWLRQZLWKDVVLVWDQFH

x

3URGXFHUHTXLUHGIRUPVRILGHQWLILFDWLRQIRUHPSOR\PHQW

x

,GHQWLI\VRFLDOVHFXULW\LQFRPHWD[GHGXFWLRQVDQGWD[IRUPV

x

'HPRQVWUDWHXQGHUVWDQGLQJRIHPSOR\PHQWH[SHFWDWLRQVUXOHVUHJXODWLRQV
DQGVDIHW\

x

'HPRQVWUDWHXQGHUVWDQGLQJRIEDVLFLQVWUXFWLRQDQGDVNIRUFODULILFDWLRQRQWKH
MRE

x

'HPRQVWUDWHDSSURSULDWHWUHDWPHQWRIFRZRUNHUVSROLWHQHVVDQGUHVSHFW


0DWHULDOV¶ZULWHUVZRXOGWKHQKDYHWRSODQODQJXDJHOHVVRQDURXQGWKHVH
FRPSHWHQFLHV

7DVN

'HVFULEHVRPHRIWKHFRPSHWHQFLHVDOHDUQHUZRXOGQHHGWRPDVWHULQRUGHU
WRZRUNHIIHFWLYHO\DVDZDLWSHUVRQLQDUHVWDXUDQW


3UREOHPVZLWKLPSOHPHQWLQJDFRPSHWHQF\EDVHGDSSURDFK

&ULWLFVRI&%/7KDYHDUJXHGWKDWWKLVDSSURDFKORRNVHDVLHUDQGQHDWHUWKDQLWLV

7KH\SRLQWRXWWKDWDQDO\]LQJVLWXDWLRQVLQWRWDVNVDQGXQGHUO\LQJFRPSHWHQFLHVLV

QRWDOZD\VIHDVLEOHRUSRVVLEOHDQGWKDWRIWHQOLWWOHPRUHWKDQLQWXLWLRQLVLQYROYHG

7KH\DOVRVXJJHVWWKDWWKLVLVDUHGXFWLRQLVWDSSURDFK/DQJXDJHOHDUQLQJLVUHGXFHG

WRDVHWRIOLVWVDQGVXFKWKLQJVDVWKLQNLQJVNLOOVDUHLJQRUHG

&KDSWHU

&RQFOXVLRQV

6LQFHLWVLQFHSWLRQLQWKHVFRPPXQLFDWLYHODQJXDJHWHDFKLQJKDVSDVVHG

WKURXJKDQXPEHURIGLIIHUHQWSKDVHV,QLWVILUVWSKDVHDSULPDU\FRQFHUQZDVWKH

QHHGWRGHYHORSDV\OODEXVDQGWHDFKLQJDSSURDFKWKDWZDVFRPSDWLEOHZLWKHDUO\

FRQFHSWLRQVRIFRPPXQLFDWLYHFRPSHWHQFH7KLVOHGWRSURSRVDOIRUWKHRUJDQL]DWLRQ

RIV\OODEXVHVLQWHUPVRIIXQFWLRQVDQGQRWLRQVUDWKHUWKDQJUDPPDWLFDOVWUXFWXUHV

/DWHUWKHIRFXVVKLIWHGWRSURFHGXUHVIRULGHQWLI\LQJOHDUQHUV¶FRPPXQLFDWLYHQHHGV

DQGWKLVUHVXOWHGLQSURSRVDOVWRPDNHQHHGVDQDO\VLVDQHVVHQWLDOFRPSRQHQWRI

FRPPXQLFDWLYHPHWKRGRORJ\$WWKHVDPHWLPHPHWKRGRORJLVWVIRFXVHGRQWKHNLQGV

RIFODVVURRPDFWLYLWLHVWKDWFRXOGEHXVHGWRLPSOHPHQWDFRPPXQLFDWLYHDSSURDFK

VXFKDVJURXSZRUNWDVNZRUNDQGLQIRUPDWLRQJDSDFWLYLWLHV

7RGD\&/7FDQEHVHHQDVGHVFULELQJDVHWRIFRUHSULQFLSOHVDERXWODQJXDJHOHDUQLQJ

DQGWHDFKLQJDVZHGLVFXVVHGDVVXPSWLRQVZKLFKFDQEHDSSOLHGLQGLIIHUHQWZD\V

DQGZKLFKDGGUHVVGLIIHUHQWDVSHFWVRIWKHSURFHVVHVRIWHDFKLQJDQGOHDUQLQJ

6RPHIRFXVFHQWUDOO\RQWKHLQSXWWRWKHOHDUQLQJSURFHVV7KXVFRQWHQWEDVHG

WHDFKLQJVWUHVVHVWKDWWKHFRQWHQWRUVXEMHFWPDWWHURIWHDFKLQJGULYHVWKHZKROH

ODQJXDJHOHDUQLQJSURFHVV6RPHWHDFKLQJSURSRVDOVIRFXVPRUHGLUHFWO\RQ

LQVWUXFWLRQDOSURFHVVHV7DVNEDVHGLQVWUXFWLRQIRUH[DPSOHDGYRFDWHVWKHXVHRI

VSHFLDOO\GHVLJQHGLQVWUXFWLRQDOWDVNVDVWKHEDVLVRIOHDUQLQJ2WKHUVVXFKDV

FRPSHWHQF\EDVHGLQVWUXFWLRQDQGWH[WEDVHGWHDFKLQJIRFXVRQWKHRXWFRPHVRI

OHDUQLQJDQGXVHRXWFRPHVRUSURGXFWVDVWKHVWDUWLQJSRLQWLQSODQQLQJWHDFKLQJ

7RGD\&/7FRQWLQXHVLQLWVFODVVLFIRUPDVVHHQLQWKHKXJHUDQJHRIFRXUVHERRNV

DQGRWKHUWHDFKLQJUHVRXUFHVWKDWFLWH&/7DVWKHVRXUFHRIWKHLUPHWKRGRORJ\,Q

DGGLWLRQLWKDVLQIOXHQFHGPDQ\RWKHUODQJXDJHWHDFKLQJDSSURDFKHVWKDWVXEVFULEH

WRDVLPLODUSKLORVRSK\RIODQJXDJHWHDFKLQJ

3HUKDSVLWLVDSSURSULDWHWRDVNWKHUHIRUHGRHVFRPPXQLFDWLYHODQJXDJHWHDFKLQJ

KDYHDQ\IXWXUH"$VDQLQVWUXFWLRQDOSKLORVRSK\ZLWKLWVRZQWKHRUHWLFDOEDVLVDQG

UHODWHGLQVWUXFWLRQDOSULQFLSOHV,VXJJHVWWKDW&/7ZLOOFRQWLQXHWREHWKHPDMRU

JHQHUDOODQJXDJHWHDFKLQJPHWKRGRORJ\IRUVRPH\HDUVWRFRPHVLQFHLWVSULQFLSOHV

DUHJHQHUDOO\VXSSRUWHGE\WKH(QJOLVKODQJXDJHWHDFKLQJSURIHVVLRQDQGE\

(/77(62/VSHFLDOLVWVDQGDSSOLHGOLQJXLVWV)HZZRXOGDUJXHZLWKWKHFODLPVRI&/7

FRQFHUQLQJWKHUROHRIFRPPXQLFDWLRQLQODQJXDJHOHDUQLQJDQGWHDFKLQJ+RZHYHU

ODQJXDJHWHDFKLQJLVDOVRFRQVWDQWO\LQIOXHQFHGE\RWKHUIDFWRUV)RUH[DPSOH

PLQLVWULHVRIHGXFDWLRQFRQVWDQWO\UHYLHZWKHUHVXOWVRIVFKRROEDVHGOHDUQLQJ

SURJUDPVUHVXOWLQJLQPRGLILFDWLRQVWRV\OODEXVHVH[DPLQDWLRQVDQGWHDFKLQJ

PHWKRGV(PSOR\HUVDQGWKRVHLQYROYHGLQWHUWLDU\

HGXFDWLRQOLNHZLVHRIWHQH[SUHVVFRQFHUQVDERXWWKHOHYHOVRIODQJXDJHOHDUQLQJ

DFKLHYHGLQVFKRROSURJUDPVFRPSODLQWVWKDWRIWHQOHDGWRFDOOVIRUUHYLHZRI

WHDFKLQJPHWKRGVDQGV\OODEL&RQWHQWEDVHGWH[WEDVHGDQGFRPSHWHQF\EDVHG

SURJUDPVDUHUHVSRQVHVWRVXFKFRQFHUQV7KHDFDGHPLFGLVFLSOLQHVDOVRFRQWULEXWH

WRFKDQJHVLQWHDFKLQJSUDFWLFH$SSOLHGOLQJXLVWVDUHHQJDJHGLQDWWHPSWVWRDSSO\

WKHILQGLQJVRIUHVHDUFKDQGWKHRU\WRWHDFKLQJDQGWDVNEDVHGWHDFKLQJLVDQ

H[DPSOHRIDQDFDGHPLFDOO\LQLWLDWHGPHWKRGRORJ\7UHQGVLQRWKHUILHOGVFDQDOVR

KDYHDFURVVRYHUHIIHFWRQODQJXDJHWHDFKLQJ7KHWKHRU\RIPXOWLSOHLQWHOOLJHQFHV

IRUH[DPSOHLVDQH[DPSOHRIDQLQQRYDWLRQIURPJHQHUDOHGXFDWLRQWKDWVRPHIHHO

KDVUHOHYDQFHWRODQJXDJHWHDFKLQJ

7KHVHDQGRWKHUVRXUFHVRILQIOXHQFHZLOOGRXEWOHVVFRQWLQXHWRVKDSHDSSURDFKHVWR

ODQJXDJHWHDFKLQJLQWKHIXWXUH7KHH[WHQWWRZKLFKDSDUWLFXODUHGXFDWLRQDO

SKLORVRSK\JDLQVDQGPDLQWDLQVZLGHVSUHDGDFFHSWDQFHKRZHYHUDVKDVEHHQWKH

FDVHZLWKFRPPXQLFDWLYHODQJXDJHWHDFKLQJGHSHQGVXOWLPDWHO\RQWKHH[WHQWWR

ZKLFKPDMRUVWDNHKROGHUVLQWKHODQJXDJHWHDFKLQJHQWHUSULVHIHHOWKDWLVVXFFHVVIXO

LQDFKLHYLQJWKHJRDOVVHWIRUODQJXDJHWHDFKLQJSURJUDPVLQWKHLUFRQWH[WV

5HIHUHQFHV

%HJODU'DYLGDQG$ODQ+XQW,PSOHPHQWLQJWDVNEDVHGODQJXDJHWHDFKLQJ,Q

-DFN5LFKDUGVDQG:LOO\5HQDQG\DHGV0HWKRGRORJ\LQ/DQJXDJH7HDFKLQJDQ

$QWKRORJ\RI&XUUHQW3UDFWLFH1HZ<RUN&DPEULGJH8QLYHUVLW\3UHVV

%UXPILW&KULVWRSKHU&RPPXQLFDWLYH0HWKRGRORJ\LQ/DQJXDJHWHDFKLQJ

&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV

&ODUNH0DQG66LOEHUVWHLQ7RZDUGDUHDOL]DWLRQRISV\FKROLQJXLVWLF

SULQFLSOHVLQWKH(6/UHDGLQJFODVV/DQJXDJH/HDUQLQJ

-DFREV*HRUJHDQG7RP)DUUHOO8QGHUVWDQGLQJDQGLPSOHPHQWLQJWKH&/7

SDUDGLJP5(/&-RXUQDO

/LWWOHMRKQ$DQG'+LFNV&DPEULGJH(QJOLVKIRU6FKRROV&DPEULGJH

&DPEULGJH8QLYHUVLW\3UHVV

/LWWOHZRRG:&RPPXQLFDWLYH/DQJXDJH7HDFKLQJ1HZ<RUN&DPEULGJH

8QLYHUVLW\3UHVV

3UDEKX166HFRQG/DQJXDJH3HGDJRJ\2[IRUG2[IRUG8QLYHUVLW\3UHVV

5LFKDUGV-DFN&DQG7KHRGRUH5RGJHUV$SSURDFKHVDQG0HWKRGVLQ/DQJXDJH

WHDFKLQJ6HFRQG(GLWLRQ1HZ<RUN&DPEULGJH8QLYHUVLW\3UHVV

5LFKDUGV-DFN&DQG&KDUOHV6DQG\3DVVDJHV1HZ<RUN&DPEULGJH

8QLYHUVLW\3UHVV

6NHKDQ6HFRQGODQJXDJHDFTXLVLWLRQUHVHDUFKDQGWDVNEDVHGLQVWUXFWLRQ,Q

-:LOOLVDQG':LOOLVHGV&KDOOHQJHDQG&KDQJHLQ/DQJXDJH7HDFKLQJ2[IRUG

+HLQHPDQQ

9DQ(N-DQG/*$OH[DQGHU7KUHVKROG/HYHO(QJOLVK2[IRUG3HUJDPRQ

:LGGRZVRQ+$VSHFWVRIV\OODEXVGHVLJQ,Q07LFNRRHG/DQJXDJH

6\OODEXVHV6WDWHRIWKH$UW6LQJDSRUH5HJLRQDO/DQJXDJH&HQWUH

:LOOLV-DQH$)UDPHZRUNIRU7DVN%DVHG/HDUQLQJ+DUORZ/RQJPDQ

Automaticky vygenerovaný textový náhľad. Pre plné formátovanie si stiahnite súbor.