Beruflich Dokumente
Kultur Dokumente
2YHUYLHZ &RRSHUDWLYH &RPSXWLQJ &RRSHUDWLRQ $ZDUHQHVV *URXS &RPPXQLFDWLRQ $UFKLWHFWXUH $SSOLFDWLRQ 6KDULQJ $SSURDFK $UFKLWHFWXUH $XGLR9LGHR &RQIHUHQFLQJ &RQWURO 6HVVLRQ 0DQDJHPHQW 7UDQVSRUW 6XEV\VWHPV 4XDOLW\ RI 6HUYLFH 5HVRXUFH 0DQDJHPHQW 4R6 1HJRWLDWLRQ 7UDQVODWLRQ 6FDOLQJ 5HVRXUFH $GPLVVLRQ &RQWURO 5HVHUYDWLRQ 0RGHO 5HVRXUFH 0DQDJHPHQW 6FKHGXOLQJ 7UDIILF 6KDSLQJ (QGWR(QG (UURU &RQWURO 5HVRXUFH 0RQLWRULQJ DQG $GDSWDWLRQ $UFKLWHFWXUH
2YHUYLHZ
,Q WKLV FKDSWHU ZH GLVFXVV LVVXHV UHODWHG WR PXOWLPHGLD FRPPXQLFDWLRQ V\VWHPV DERYH WKH GDWD OLQN OD\HU $SSOLFDWLRQ 3UHVHQWDWLRQ 6HVVLRQ 7UDQVSRUW 1HW /LQN 3K\VLFDO 7UDQVS $SSO
)RU WKLV ZH VXEGLYLGH WKH KLJKHU OD\HUV RI WKH 0XOWLPHGLD &RPPXQLFDWLRQ 6\VWHP LQWR WZR VXEV\WHPV $SSOLFDWLRQ 6XEV\VWHP ZKLFK LV UHVSRQVLEOH IRU PDQDJHPHQW DQG VHUYLFH LVVXHV IRU JURXS FRRSHUDWLRQ DQG VHVVLRQ RUFKHVWUDWLRQ VXSSRUWLQJ D ODUJH VFDOH RI PXOWLPHGLD DSSOLFDWLRQV 7UDQVSRUW 6XEV\WVHPV KHUH WUDQVSRUW DQG QHWZRUN OD\HU SURWRFROV IRU PXOWLPHGLD DSSOLFDWLRQV DUH SUHVHQWHG
2YHUYLHZ
6RPH PXOWLPHGLD DSSOLFDWLRQV 0XOWLPHGLD 0DLO 9LUWXDO 5HDOLW\ $SSOLFDWLRQV 9LGHR &RQIHUHQFLQJ &6&: &RPSXWHU 6XSSRUWHG &RRSHUDWLYH :RUN &RPPXQLFDWLRQ 5HTXLUHPHQWV +LJKVSHHG QHWZRUNV ZLWK KLJK WUDQVIHU UDWHV HJ )'', 6ZLWFKHG (WKHUQHW )DVW (WKHUQHW *LJDELW (WKHUQHW '4'% $70 +LJK SHUIRUPDQFH WUDQVSRUW SURWRFROV HJ 7&3 ;73 573
$SSOLFDWLRQ 6XEV\VWHPV
7UDQVSRUW 6XEV\VWHPV
&RRSHUDWLRQWUDQVSDUHQW V\VWHPV ([LVWLQJ DSSOLFDWLRQ H[WHQGHG IRU FRRSHUDWLRQ 6LQJOH XVHU GRFXPHQW HGLWRUV H[SDQGHG IRU VLPXOWDQHRXV HGLWLQJ RI D VKDUHG GRFXPHQW DPRQJ VHYHUDO XVHUV HJ VRPH WH[W SURFHVVRUV &RRSHUDWLRQDZDUH V\VWHPV 'HGLFDWHG VRIWZDUH DSSOLFDWLRQ IRU &6&: HJ /RWXV 1RWHV FRQIHUHQFLQJ V\VWHPV
&RQIHUHQFLQJ &RPPXQLFDWLRQ 7UDQVSRUW 6XSSRUW *URXS &RPPXQLFDWLRQ $JHQW 0XOWLFDVW &RPPXQLFDWLRQ 1HWZRUN $SSOLFDWLRQ 6KDULQJ *URXS 5HQGH]YRXV
'LUHFWRU\ VHUYHU IRU JURXS UHQGH]YRXV VHUYLFHV $SSOLFDWLRQ VKDULQJ VHUYHU &RQIHUHQFH VHUYHU 0XOWLPHGLD VHUYHU IRU LQWHUPHGLD V\QFKURQL]DWLRQ
8VHU 3URWRFROV %HWZHHQ WKH FOLHQWV HJ 2SHQ FORVH G\QDPLFDOO\ MRLQ RU OHDYH D PHHWLQJ )ORRU SDVVLQJ
*URXS :RUN 0DQDJHPHQW 3URWRFROV %HWZHHQ WKH FOLHQWV DQG WKH VHUYHUV HJ 5HJLVWUDWLRQ RI PHHWLQJV 4XHULHV IRU LQIRUPDWLRQ DERXW PHHWLQJV
2XWSXW
6KDUHG $SSOLFDWLRQ
&6&: &RQWURO
&6&: &RQWURO
&6&: &RQWURO
,QSXW
,QSXW
,QSXW
6KDUHG 3URJUDP
6KDUHG 3URJUDP
6KDUHG 3URJUDP
'LVSOD\
'LVSOD\
'LVSOD\
/RFDO IXQFWLRQDOLWLHV 0HPEHUVKLS FRQWURO PDQDJHPHQW SDUWLFLSDQW DXWKHQWLFDWLRQ &RQWURO PDQDJHPHQW IRU VKDUHG ZRUNVSDFH VXFK DV IORRU FRQWURO 0HGLD FRQWURO PDQDJHPHQW FRPPXQLFDWLRQ DPRQJ PHGLD DJHQWV &RQILJXUDWLRQ PDQDJHPHQW H[FKDQJH RI LQWHUUHODWHG 4R6 SDUDPHWHUV RU VHOHFWLRQ RI DSSURSULDWH VHUYLFHV DFFRUGLQJ WR 4R6 &RQIHUHQFH FRQWURO PDQDJHPHQW HVWDEOLVKPHQW PRGLILFDWLRQ DQG FORVLQJ RI D FRQIHUHQFH
5HOLDEOH 7UDQVSRUW 3URWRFRO 9LGHR $JHQW 5HDO7LPH 3URWRFRO $XGLR $JHQW 5HDO7LPH 3URWRFRO 6HQVRU\ 'DWD $JHQW 5HDO7LPH 3URWRFRO
)LEHU
GDWD UDWH
,I DOORFDWHG FDSDFLW\ LV WRR ORZ DW D JLYHQ WLPH 0D\EH EXIIHULQJ ZLOO KHOS *UDFHIXO GHJUDGDWLRQ RI TXDOLW\ HJ VNLS RQ PRUH %IUDPHV LQ DQ 03(* VWUHDP UHGXFH QXPEHU RI FRORXUV UHGXFH QXPEHU RI IUDPHV
5HVRXUFH 0DQDJHPHQW
6\VWHP
/HYHO
6\VWHP
5HVRXUFH 0DQDJHPHQW
/HYHO
00 'HYLFH /HYHO
1HWZRUN /HYHO
1HWZRUN /HYHO
00 'HYLFH /HYHO
1HWZRUN /HYHO
5HVRXUFH 0DQDJHPHQW
1HWZRUN
1HWZRUN
&DOOHU
&DOOHH
5HTXHVWHG 4R6 9DOXH &KDQJHG 4R6 9DOXH &RQQHFW &RQILUP &RQQHFW &RQQHFW 5HTXHVW ,QGLFDWLRQ &RQQHFW 5HVSRQVH
%LODWHUDO 3HHUWR3HHU1HJRWLDWLRQ WDNHV SODFH EHWZHHQ WZR VHUYLFH XVHUV VHUYLFH SURYLGHU LV QRW DOORZHG WR PRGLI\ SURSRVHG YDOXHV &DOOHH PD\ PRGLI\ SURSRVHG 4R6 YDOXHV %LODWHUDO /D\HUWR/D\HU1HJRWLDWLRQ WDNHV SODFH EHWZHHQ VHUYLFH XVHU DQG VHUYLFH SURYLGHU &DOOHH PD\ PRGLI\ SURSRVHG 4R6 YDOXHV 8QLODWHUDO 1HJRWLDLWRQ 6HUYLFH XVHU RU VHUYLFH SURYLGHU LV QRW DOORZHG WR PRGLI\ SURSRVHG YDOXHV 3ULQFLSOH: WDNH LW RU OHDYH LW (GLFWDWRUVKLS
W
W 6HUYLFH 3URYLGHU
W
W
&DOOHU
&DOOHH
7ULDQJXODU 1HJRWLDWLRQ IRU D %RXQGHG 7DUJHW 4R6 UHSUHVHQWHG WKURXJK WZR ERXQGV WDUJHW DYHUDJH YDOXH ORZHVW TXDOLW\ DYDLODEOH PLQLPDO YDOXH *RDO QHJRWLDWH WDUJHW YDOXH 7ULDQJXODU 1HJRWLDWLRQ IRU &RQWUDFWXDO 9DOXH 4R6 UHSUHVHQWHG WKURXJK WZR ERXQGV PLQLPDO UHTXHVWHG YDOXH ERXQG RI VWUHQJWKHQLQJ *RDO DJUHH RQ D FRQWUDFWXDO YDOXH &DOOLQJ 8VHU &DOOHG 8VHU
3URYLGHU
4R6 SDUDPHWHUV UHODWHG WR HUURU FRQWURO DUH QRW QHJRWLDWHG % 5693 5HVHUYDWLRQ 3URWRFRO 5&$3 5HDO 7LPH &KDQQHO $GPLQLVWUDWLRQ 3URWRFRO 4R6 SDUDPHWHUV DUH QHJRWLDWHG E\ WULDQJXODU QHJRWLDWLRQ
1RGH
6HUYHU 7HVWV
1RGH Q
5HFHLYHU
$'0B5
(4
'HVWLQDWLRQ 7HVWV
$GMXVW 5HVRXUFHV
&21) B 0 ' $
8VHU
1HWZRUN
8VHU 5RXWHU 8VHU
8VHU
$GPLVVLRQ FRQWURO &DQ WKH XVHU UHTXLUHPHQW EH DFFHSWHG" 7UDIILF VKDSLQJ +RZ WR DYRLG WKDW WKH QHWZRUN LV RYHUORDGHG" 6FKHGXOLQJ VWUDWHJLHV LQ WKH URXWHUV +RZ WR KDQGOH GLIIHUHQW FRQQHFWLRQV VXFK WKDW GHDGOLQHV DUH VDWLVILHG"
LQSXWV
RXWSXWV
KRZ WR GR D VFKHGXOLQJ"
7RNHQ %XFNHW
'DWD
1HWZRUN
5HVRXUFH 0DQDJHPHQW 7UDIILF 6KDSLQJ 7RNHQ %XFNHW ZLWK /HDN\ %XFNHW
7RNHQ %XFNHW SHUPLWV EXUVWLQHVV ZKLFK LV VPRRWKHG E\ D VXEVHTXHQW OHDN\ EXFNHW & ! U ERWK EXFNHWV KDYH D VL]H E EXUVW\ WUDIILF LV SHUPLWWHG EXW WKH VFKHPH UHJXODWH LW PD[LPXP WUDQVPLVVLRQ UDWH & ORQJ WHUP DYHUDJH UDWH ERXQGHG E\ U &
'DWD
&
/HDN\ %XFNHW
FRQQHFWLRQV
1. Nagle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
UL
L GHQRWHV WKH IORZ 'L GHQRWHV WKH GHOD\ IORZ L L GHQRWHV WKH WRNHQ EXFNHW VL]H JL GHQRWHV WKH ZHLJKWHG IORZ UDWH JLL OL GHQRWHV WKH PD[LPXP SDFNHW VL]H RI IORZ L OD GHQRWHV WKH PD[LPXP SDFNHW VL]H RI WKH QHWZRUN KL GHQRWHV WKH WRWDO QXPEHU RI KRSV RI IORZ L UP GHQRWHV WKH RXWERXQG EDQGZLGWK DW KRS P
L (KL ) OL K OD + 'L + JL JL P = UP
L
GHOD\ LI HDFK RWKHU URXWHU LQ WKH QHWZRUN LV IXOO\ ORDGHG LQ WKLV FDVH WKH WRNHQ EXFNHW VL]H EL LV VHUYHG ZLWK D UDWH JL JLtUL 7KLV ODVWV ELUL VHFRQGV VRPHZKDW P\VWHULRXV WHUP GHOD\ GXH WR SDFNHWLVDWLRQ HIIHFWV $ SDFNHW PD\ EH GHOD\HG LQ HDFK KRS E\ OD ELW WLPHV OD PD[LPXP SDFNHW OHQJWK 6LQFH KRS P VHUYHV UDWH UP WKLV QHHGV ODUP VHFRQGV
'HILQH WKH OLQN EDQGZLGWK U U U 0ELWV $70 VSHHG WKH PD[LPXP SDFNHW VL]H RI HDFK IORZ DQG RI WKH QHWZRUN O O OD %LW $70 FHOO WKH ZHLJKWHG IORZ UDWH J 0ELWV DQG J 0ELWV WKH WRNHQ EXFNHW VL]H 0ELW IORZ LV WUDQVPLWWHG RYHU KRSV K IORZ RYHU KRSV K 7KH GHOD\ ERXQGV DUH
5HVRXUFH 0DQDJHPHQW 6FKHGXOLQJ 'HOD\ (DUOLHVW 'XH 'DWH ('' ,QFRPLQJ SDFNHWV DUH WLPHVWDPSHG GHDGOLQH LV FRPSXWHG DFFRUGLQJ WR DYHUDJH UDWH RU SHDN UDWH SDFNHW LV LQVHUWHG LQ FDOHQGDU WLPH RUGHUHG TXHXH 6FKHGXOHU VHUYHV SDFNHW ZLWK GHDGOLQH VDPH DV DFWXDO VHUYLQJ WLPH QRQ ZRUNFRQVHUYLQJ '('' SURYLGHV GHWHUPLQLVWLF GHOD\ ERXQG ZLWK JUDQXODULW\ ERXQGHG E\ WKH WLPHU JUDQXODULW\
),)2RUGHUHG
WLPH RUGHUHG
7 ,QSXW IUDPHV 2XWSXW IUDPHV PLQ GHOD\ PD[LPXP GHOD\ K KRSV GHOD\ ERXQGV K7 ' K 7
,I WKH IUDPH HQWHUV WKH QHWZRUN DW WKH HQG RI D IUDPH EXW OHDYHV LW DW WKH EHJLQQLQJ RI D IUDPH
&KDQQHO
(DFK FKDQQHO KDV LVW RZQ UDWH FRQWUROOHU GHOD\HG SDFNHW LV LQVHUWHG LQ )&)6 TXHXHV )&)6 TXHXHV DUH VHUYHG ZLWK SULRULWLHV QRQSUHHPSWLYH Q GHOD\ ERXQGV DUH VXSSRUWHG FRPSXWDWLRQ GHSHQGV RQ WUDIILF VSHFLILFDWLRQ GHOD\ ERXQGV IRU 7(1(7 WUDIILF VSHFLILFDWLRQ H[LVWV =KDQJ VFKHGXOHU LV QRQZRUNFRQVHUYLQJ ILUVW LPSOHPHQWDWLRQ LQ KDUGZDUH H[LVWV
&KDQQHO P
&KDQQHO &KDQQHO P
$ KRS KDV D TXHXHLQJ EXGJHW E 7UDQVPLVVLRQ RI D SDFNHW PD\ EH VWDUWHG DW DW WLPH D MLWWHU ERXQG M LQ WKH LQWHUYDO >EM E@
7HFKQLFDO SUREOHP 7KH DFWXDO YDOXH W KDV WR EH ILOOHG LQ LQWR WKH SDFNHWV KHDGHU
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
5HFHLYHU VWDUWV WKH 7LPHU 7LPHU HQGV DQG WKH UHFHLYHU QRWLFH WKH PLVVLQJ RI SDFNHW 7KHVH SDFNHWV DUH ORVW
$IWHU UHFHLYLQJ WKH SDFNHW WKH UHFHLYHU QRWLFH WKH PLVVLQJ RI SDFNHW
W
7LPHU FRQWUROOHG PD\ OHDG WR JDS LQWURGXFWLRQ DQG YLRODWLRQ RI WKURXJKSXW SDUDPHWHUV
W
8VDJH RI VSHFLDO QHWZRUN SURSHUWLHV OLNH VHTXHQFH RUGHULQJ LQ $70
5HFHLYHU VWDUWV WKH 7LPHU 7LPHU HQGV DQG WKH UHFHLYHU QRWLFH WKH PLVVLQJ RI SDFNHW 7KH SDFNHWV DUH QRW ORVW 2QO\ WKH SDFNHW KDV WR EH UHWUDQVPLW
$IWHU UHFHLYLQJ WKH SDFNHW WKH UHFHLYHU QRWLFH WKH PLVVLQJ RI SDFNHW
W
7LPHU FRQWUROOHG
W
8VDJH RI VSHFLDO QHWZRUN SURSHUWLHV OLNH VHTXHQFH RUGHULQJ LQ $70
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
3DUWLDO UHWUDQVPLVVLRQ VFKHPHV ODFN WKH SRVVLELOLW\ RI LQWURGXFLQJ D GLVFRQWLQXLW\ RU ODUJH HQGWRHQG GHOD\V ZLWK ODUJH EXIIHUV SUHYHQWLYH VFKHPHV VKRXOG EH XVHG
8 [ = ZL [ L
L =
* [ = J L [ L J L { } L J = J N =
L=
[ N 8 [ 5 [ = 5H P * [
) [
8 [ = 3 [ * [ + 5 [
[ N 8 [ 5 [ + H [ 3 [ * [ H [ H [ = + = 5H 9 [ = 5H P 5H P P * [ * [ * [ * [
,I 9[ z HL ! LQ WKH GDWD SDUW VHULRXV WUDVQPLVVLRQ HUURU HL ! LQ WKH UHPDLQGHU SDUW FDQW EH GLVWLQJXLVKHG IURP VHULRXV HUURUV ,I 9[ DQ XQGHWHFWDEOH HUURU PD\ EH RFFXUHG LI H[ D[*[ UDWKHU XQOLNHO\ HYHQW
[ [ [ [ [
(UURU
5HFHLYHU JHWV 7KXV H[ [ 9[ z VHULRXV WUDQVPLVVLRQ HUURU (UURU GHWHFWLRQ LV RIWHQ UHDOL]HG LQ KDUGZDUH HJ $70 (UURU FRUUHFWLRQ ZLWK &5& LV PRUH FRPSOLFDWHG 0D[LPXP/LNHOLKRRG PHWKRG ([DPSOH $70 KHDGHUV DUH SURWHFWHG ZLWK *[ [ [ [ FDQ EH XVHG WR FRUUHFW D VLQJOH HUURU
$GPLQLVWUDWLRQ 3URWRFRO PD\ EH SDUW RI WKH WUDQVPLVVLRQ SURWRFRO OLNH 67,, RU OLNH 5&$3 ZKLFK LV GHFRXSOHG IURP 57,3 5HDO 7LPH ,QWHUQHW 3URWRFRO