Sie sind auf Seite 1von 7



















$$&(,QWHUQDWLRQDO5HFRPPHQGHG3UDFWLFH1R5


&267(67,0$7(&/$66,),&$7,216<67(0


&RS\ULJKW$$&(,QF

$$&(,QWHUQDWLRQDO5HFRPPHQGHG3UDFWLFHV

5HFRPPHQGHG3UDFWLFH1R5
&RVW(VWLPDWH&ODVVLILFDWLRQ6\VWHP

$XJXVW
385326(

$VDUHFRPPHQGHGSUDFWLFHRI$$&(,QWHUQDWLRQDOWKH&RVW(VWLPDWH&ODVVLILFDWLRQ6\VWHPSURYLGHV
JXLGHOLQHVIRUDSSO\LQJWKHJHQHUDOSULQFLSOHVRIHVWLPDWHFODVVLILFDWLRQWRDVVHWSURMHFWFRVWHVWLPDWHV
$VVHWSURMHFWFRVWHVWLPDWHVW\SLFDOO\LQYROYHHVWLPDWHVIRUFDSLWDOLQYHVWPHQWDQGH[FOXGHRSHUDWLQJDQG
OLIHF\FOHHYDOXDWLRQV7KH&RVW(VWLPDWH&ODVVLILFDWLRQ6\VWHPPDSVWKHSKDVHVDQGVWDJHVRIDVVHWFRVW
HVWLPDWLQJWRJHWKHUZLWKDJHQHULFPDWXULW\DQGTXDOLW\PDWUL[WKDWFDQEHDSSOLHGDFURVVDZLGHYDULHW\RI
LQGXVWULHV
7KLVJXLGHOLQHDQGLWVDGGHQGDKDYHEHHQGHYHORSHGLQDZD\WKDW

 SURYLGHVFRPPRQXQGHUVWDQGLQJRIWKHFRQFHSWVLQYROYHGZLWKFODVVLI\LQJSURMHFWFRVWHVWLPDWHV
UHJDUGOHVVRIWKHW\SHRIHQWHUSULVHRULQGXVWU\WKHHVWLPDWHVUHODWHWR
 IXOO\GHILQHVDQGFRUUHODWHVWKHPDMRUFKDUDFWHULVWLFVXVHGLQFODVVLI\LQJFRVWHVWLPDWHVVRWKDW
HQWHUSULVHVPD\XQDPELJXRXVO\GHWHUPLQHKRZWKHLUSUDFWLFHVFRPSDUHWRWKHJXLGHOLQHV
 XVHVGHJUHHRISURMHFWGHILQLWLRQDVWKHSULPDU\FKDUDFWHULVWLFWRFDWHJRUL]HHVWLPDWHFODVVHVDQG
 UHIOHFWVJHQHUDOO\DFFHSWHGSUDFWLFHVLQWKHFRVWHQJLQHHULQJSURIHVVLRQ

$QLQWHQWRIWKHJXLGHOLQHVLVWRLPSURYHFRPPXQLFDWLRQDPRQJDOORIWKHVWDNHKROGHUVLQYROYHGZLWK
SUHSDULQJHYDOXDWLQJDQGXVLQJSURMHFWFRVWHVWLPDWHV7KHYDULRXVSDUWLHVWKDWXVHSURMHFW
FRVWHVWLPDWHVRIWHQPLVLQWHUSUHWWKHTXDOLW\DQGYDOXHRIWKHLQIRUPDWLRQDYDLODEOHWRSUHSDUHFRVW
HVWLPDWHVWKHYDULRXVPHWKRGVHPSOR\HGGXULQJWKHHVWLPDWLQJSURFHVVWKHDFFXUDF\OHYHOH[SHFWHG
IURPHVWLPDWHVDQGWKHOHYHORIULVNDVVRFLDWHGZLWKHVWLPDWHV
7KLVFODVVLILFDWLRQJXLGHOLQHLVLQWHQGHGWRKHOSWKRVHLQYROYHGZLWKSURMHFWHVWLPDWHVWRDYRLG
PLVLQWHUSUHWDWLRQRIWKHYDULRXVFODVVHVRIFRVWHVWLPDWHVDQGWRDYRLGWKHLUPLVDSSOLFDWLRQDQG
PLVUHSUHVHQWDWLRQ,PSURYLQJFRPPXQLFDWLRQVDERXWHVWLPDWHFODVVLILFDWLRQVUHGXFHVEXVLQHVVFRVWVDQG
SURMHFWF\FOHWLPHVE\DYRLGLQJLQDSSURSULDWHEXVLQHVVDQGILQDQFLDOGHFLVLRQVDFWLRQVGHOD\VRU
GLVSXWHVFDXVHGE\PLVXQGHUVWDQGLQJVRIFRVWHVWLPDWHVDQGZKDWWKH\DUHH[SHFWHGWRUHSUHVHQW
7KLVGRFXPHQWLVLQWHQGHGWRSURYLGHDJXLGHOLQHQRWDVWDQGDUG,WLVXQGHUVWRRGWKDWHDFKHQWHUSULVH
PD\KDYHLWVRZQSURMHFWDQGHVWLPDWLQJSURFHVVHVDQGWHUPLQRORJ\DQGPD\FODVVLI\HVWLPDWHVLQ
SDUWLFXODUZD\V7KLVJXLGHOLQHSURYLGHVDJHQHULFDQGJHQHUDOO\DFFHSWDEOHFODVVLILFDWLRQV\VWHPWKDWFDQ
EHXVHGDVDEDVLVWRFRPSDUHDJDLQVW,IDQHQWHUSULVHRURUJDQL]DWLRQKDVQRW\HWIRUPDOO\GRFXPHQWHG
LWVRZQHVWLPDWHFODVVLILFDWLRQVFKHPHWKHQWKLVJXLGHOLQHPD\SURYLGHDQDFFHSWDEOHVWDUWLQJSRLQW


,1752'8&7,21

$Q$$&(,QWHUQDWLRQDOJXLGHOLQHIRUFRVWHVWLPDWHFODVVLILFDWLRQIRUWKHSURFHVVLQGXVWULHVZDV
GHYHORSHGLQWKHODWHVRUHDUO\VDQGDVLPSOLILHGYHUVLRQZDVDGRSWHGDVDQ$16,
6WDQGDUG=LQ7KRVHJXLGHOLQHVDQGVWDQGDUGVHQMR\UHDVRQDEO\EURDGDFFHSWDQFHZLWKLQWKH
HQJLQHHULQJDQGFRQVWUXFWLRQFRPPXQLWLHVDQGZLWKLQWKHSURFHVVLQGXVWULHV7KLV
UHFRPPHQGHGSUDFWLFHJXLGHDQGLWVDGGHQGDLPSURYHVXSRQWKHVHVWDQGDUGVE\

 SURYLGLQJDFODVVLILFDWLRQPHWKRGDSSOLFDEOHDFURVVDOOLQGXVWULHVDQG
 XQDPELJXRXVO\LGHQWLI\LQJFURVVUHIHUHQFLQJEHQFKPDUNLQJDQGHPSLULFDOO\HYDOXDWLQJWKHPXOWLSOH
FKDUDFWHULVWLFVUHODWHGWRWKHFODVVRIFRVWHVWLPDWH

7KLVJXLGHOLQHLVLQWHQGHGWRSURYLGHDJHQHULFPHWKRGRORJ\IRUWKHFODVVLILFDWLRQRISURMHFWFRVW
HVWLPDWHVLQDQ\LQGXVWU\DQGZLOOEHVXSSOHPHQWHGZLWKDGGHQGDWKDWZLOOSURYLGHH[WHQVLRQVDQG
DGGLWLRQDOGHWDLOIRUVSHFLILFLQGXVWULHV



&RS\ULJKW$$&(,QF

$$&(,QWHUQDWLRQDO5HFRPPHQGHG3UDFWLFHV


&RVW(VWLPDWH&ODVVLILFDWLRQ6\VWHP

RI






$XJXVW

&/$66,),&$7,210(7+2'2/2*<

7KHUHDUHQXPHURXVFKDUDFWHULVWLFVWKDWFDQEHXVHGWRFDWHJRUL]HFRVWHVWLPDWHW\SHV7KHPRVW
VLJQLILFDQWRIWKHVHDUHGHJUHHRISURMHFWGHILQLWLRQHQGXVDJHRIWKHHVWLPDWHHVWLPDWLQJPHWKRGRORJ\
DQGWKHHIIRUWDQGWLPHQHHGHGWRSUHSDUHWKHHVWLPDWH7KHSULPDU\FKDUDFWHULVWLFXVHGLQWKLVJXLGHOLQH
WRGHILQHWKHFODVVLILFDWLRQFDWHJRU\LVWKHGHJUHHRISURMHFWGHILQLWLRQ7KHRWKHUFKDUDFWHULVWLFVDUH
VHFRQGDU\
&DWHJRUL]LQJFRVWHVWLPDWHVE\GHJUHHRISURMHFWGHILQLWLRQLVLQNHHSLQJZLWKWKH$$&(,QWHUQDWLRQDO
SKLORVRSK\RI7RWDO&RVW0DQDJHPHQWZKLFKLVDTXDOLW\GULYHQSURFHVVDSSOLHGGXULQJWKHHQWLUHSURMHFW
OLIHF\FOH7KHGLVFUHWHOHYHOVRISURMHFWGHILQLWLRQXVHGIRUFODVVLI\LQJHVWLPDWHVFRUUHVSRQGWRWKHW\SLFDO
SKDVHVDQGJDWHVRIHYDOXDWLRQDXWKRUL]DWLRQDQGH[HFXWLRQRIWHQXVHGE\SURMHFWVWDNHKROGHUVGXULQJD
SURMHFWOLIHF\FOH
)LYHFRVWHVWLPDWHFODVVHVKDYHEHHQHVWDEOLVKHG:KLOHWKHOHYHORISURMHFWGHILQLWLRQLVDFRQWLQXRXV
VSHFWUXPLWZDVGHWHUPLQHGIURPEHQFKPDUNLQJLQGXVWU\SUDFWLFHVWKDWWKUHHWRILYHGLVFUHWHFDWHJRULHV
DUHFRPPRQO\XVHG)LYHFDWHJRULHVDUHHVWDEOLVKHGLQWKLVJXLGHOLQHDVLWLVHDVLHUWRVLPSOLI\E\
FRPELQLQJFDWHJRULHVWKDQLWLVWRDUELWUDULO\VSOLWDVWDQGDUG
7KHHVWLPDWHFODVVGHVLJQDWLRQVDUHODEHOHG&ODVVDQG$&ODVVHVWLPDWHLVEDVHGXSRQ
WKHORZHVWOHYHORISURMHFWGHILQLWLRQDQGD&ODVVHVWLPDWHLVFORVHVWWRIXOOSURMHFWGHILQLWLRQDQG
PDWXULW\7KLVDUELWUDU\FRXQWGRZQDSSURDFKFRQVLGHUVWKDWHVWLPDWLQJLVDSURFHVVZKHUHE\VXFFHVVLYH
HVWLPDWHVDUHSUHSDUHGXQWLODILQDOHVWLPDWHFORVHVWKHSURFHVV

3ULPDU\
&KDUDFWHULVWLF

(67,0$7(
&/$66


1RWHV

6HFRQGDU\&KDUDFWHULVWLF

/(9(/2)
(1'86$*(
352-(&7
7\SLFDOSXUSRVH
'(),1,7,21
([SUHVVHGDVRI RIHVWLPDWH
FRPSOHWHGHILQLWLRQ

0(7+2'2/2*<
7\SLFDOHVWLPDWLQJ
PHWKRG

(;3(&7('
$&&85$&<
5$1*(
7\SLFDOUDQJH
UHODWLYHWREHVW
LQGH[RI>D@

35(3$5$7,21
())257
7\SLFDOGHJUHH
RIHIIRUWUHODWLYH
WROHDVWFRVW
LQGH[RI>E@

&ODVV

WR

6FUHHQLQJRU
)HDVLELOLW\

6WRFKDVWLFRU
-XGJPHQW

WR

&ODVV

WR

&RQFHSW6WXG\RU
)HDVLELOLW\

3ULPDULO\
6WRFKDVWLF

WR

WR

&ODVV

WR

%XGJHW
$XWKRUL]DWLRQRU
&RQWURO

0L[HGEXW
3ULPDULO\
6WRFKDVWLF

WR

WR

&ODVV

WR

&RQWURORU%LG
7HQGHU

3ULPDULO\
'HWHUPLQLVWLF

WR

WR

&ODVV

WR

&KHFN(VWLPDWHRU
%LG7HQGHU

'HWHUPLQLVWLF

WR

>D@,IWKHUDQJHLQGH[YDOXHRIUHSUHVHQWVWKHQDQLQGH[YDOXHRIUHSUHVHQWV
>E@,IWKHFRVWLQGH[YDOXHRIUHSUHVHQWVRISURMHFWFRVWVWKHQDQLQGH[YDOXHRIUHSUHVHQWV


)LJXUH*HQHULF&RVW(VWLPDWH&ODVVLILFDWLRQ0DWUL[


&RS\ULJKW$$&(,QF

$$&(,QWHUQDWLRQDO5HFRPPHQGHG3UDFWLFHV


&RVW(VWLPDWH&ODVVLILFDWLRQ6\VWHP





RI
$XJXVW

'(),1,7,2162)&267(67,0$7(&+$5$&7(5,67,&6

7KHIROORZLQJDUHEULHIGLVFXVVLRQVRIWKHYDULRXVHVWLPDWHFKDUDFWHULVWLFVXVHGLQWKHHVWLPDWH
FODVVLILFDWLRQPDWUL[)RUWKHVHFRQGDU\FKDUDFWHULVWLFVWKHRYHUDOOWUHQGRIKRZHDFKFKDUDFWHULVWLFYDULHV
ZLWKWKHGHJUHHRISURMHFWGHILQLWLRQ WKHSULPDU\FKDUDFWHULVWLF LVSURYLGHG

/HYHORI3URMHFW'HILQLWLRQ 3ULPDU\&KDUDFWHULVWLF 
7KLVFKDUDFWHULVWLFLVEDVHGXSRQSHUFHQWFRPSOHWHRISURMHFWGHILQLWLRQ URXJKO\FRUUHVSRQGLQJWR
SHUFHQWFRPSOHWHRIHQJLQHHULQJ 7KHOHYHORISURMHFWGHILQLWLRQGHILQHVPDWXULW\RUWKHH[WHQWDQGW\SHV
RILQSXWLQIRUPDWLRQDYDLODEOHWRWKHHVWLPDWLQJSURFHVV6XFKLQSXWVLQFOXGHSURMHFWVFRSHGHILQLWLRQ
UHTXLUHPHQWVGRFXPHQWVVSHFLILFDWLRQVSURMHFWSODQVGUDZLQJVFDOFXODWLRQVOHDUQLQJVIURPSDVW
SURMHFWVUHFRQQDLVVDQFHGDWDDQGRWKHULQIRUPDWLRQWKDWPXVWEHGHYHORSHGWRGHILQHWKHSURMHFW(DFK
LQGXVWU\ZLOOKDYHDW\SLFDOVHWRIGHOLYHUDEOHVWKDWDUHXVHGWRVXSSRUWWKHW\SHRIHVWLPDWHVXVHGLQWKDW
LQGXVWU\7KHVHWRIGHOLYHUDEOHVEHFRPHVPRUHGHILQLWLYHDQGFRPSOHWHDVWKHOHYHORISURMHFWGHILQLWLRQ
LHSURMHFWHQJLQHHULQJ SURJUHVVHV

(QG8VDJH 6HFRQGDU\&KDUDFWHULVWLF 
7KHYDULRXVFODVVHV RUSKDVHV RIFRVWHVWLPDWHVSUHSDUHGIRUDSURMHFWW\SLFDOO\KDYHGLIIHUHQWHQG
XVHVRUSXUSRVHV$VWKHOHYHORISURMHFWGHILQLWLRQLQFUHDVHVWKHHQGXVDJHRIDQHVWLPDWH
W\SLFDOO\SURJUHVVHVIURPVWUDWHJLFHYDOXDWLRQDQGIHDVLELOLW\VWXGLHVWRIXQGLQJDXWKRUL]DWLRQDQGEXGJHWV
WRSURMHFWFRQWUROSXUSRVHV

(VWLPDWLQJ0HWKRGRORJ\ 6HFRQGDU\&KDUDFWHULVWLF 
(VWLPDWLQJPHWKRGRORJLHVIDOOLQWRWZREURDGFDWHJRULHVVWRFKDVWLFDQGGHWHUPLQLVWLF,QVWRFKDVWLF
PHWKRGVWKHLQGHSHQGHQWYDULDEOH V XVHGLQWKHFRVWHVWLPDWLQJDOJRULWKPVDUHJHQHUDOO\VRPHWKLQJ
RWKHUWKDQDGLUHFWPHDVXUHRIWKHXQLWVRIWKHLWHPEHLQJHVWLPDWHG7KHFRVWHVWLPDWLQJUHODWLRQVKLSV
XVHGLQVWRFKDVWLFPHWKRGVRIWHQDUHVRPHZKDWVXEMHFWWRFRQMHFWXUH:LWKGHWHUPLQLVWLFPHWKRGVWKH
LQGHSHQGHQWYDULDEOH V DUHPRUHRUOHVVDGHILQLWLYHPHDVXUHRIWKHLWHPEHLQJHVWLPDWHG$GHWHUPLQLVWLF
PHWKRGRORJ\LVQRWVXEMHFWWRVLJQLILFDQWFRQMHFWXUH$VWKHOHYHORISURMHFWGHILQLWLRQLQFUHDVHVWKH
HVWLPDWLQJPHWKRGRORJ\WHQGVWRSURJUHVVIURPVWRFKDVWLFWRGHWHUPLQLVWLFPHWKRGV

([SHFWHG$FFXUDF\5DQJH 6HFRQGDU\&KDUDFWHULVWLF 
(VWLPDWHDFFXUDF\UDQJHLVLQLQGLFDWLRQRIWKHGHJUHHWRZKLFKWKHILQDOFRVWRXWFRPHIRUDJLYHQ
SURMHFWZLOOYDU\IURPWKHHVWLPDWHGFRVW$FFXUDF\LVWUDGLWLRQDOO\H[SUHVVHGDVDSHUFHQWDJHUDQJH
DURXQGWKHSRLQWHVWLPDWHDIWHUDSSOLFDWLRQRIFRQWLQJHQF\ZLWKDVWDWHGOHYHORIFRQILGHQFHWKDWWKHDFWXDO
FRVWRXWFRPHZRXOGIDOOZLWKLQWKLVUDQJH PHDVXUHVDUHDXVHIXOVLPSOLILFDWLRQJLYHQWKDWDFWXDOFRVW
RXWFRPHVKDYHGLIIHUHQWIUHTXHQF\GLVWULEXWLRQVIRUGLIIHUHQWW\SHVRISURMHFWV $VWKHOHYHORISURMHFW
GHILQLWLRQLQFUHDVHVWKHH[SHFWHGDFFXUDF\RIWKHHVWLPDWHWHQGVWRLPSURYHDVLQGLFDWHGE\DWLJKWHU
UDQJH
1RWHWKDWLQILJXUHWKHYDOXHVLQWKHDFFXUDF\UDQJHFROXPQGRQRWUHSUHVHQWRUSHUFHQWDJHV
EXWLQVWHDGUHSUHVHQWDQLQGH[YDOXHUHODWLYHWRDEHVWUDQJHLQGH[YDOXHRI,IIRUDSDUWLFXODULQGXVWU\
D&ODVVHVWLPDWHKDVDQDFFXUDF\UDQJHRISHUFHQWWKHQD&ODVVHVWLPDWHLQWKDWVDPH
LQGXVWU\PD\KDYHDQDFFXUDF\UDQJHRISHUFHQW

(IIRUWWR3UHSDUH(VWLPDWH 6HFRQGDU\&KDUDFWHULVWLF 
7KHOHYHORIHIIRUWQHHGHGWRSUHSDUHDJLYHQHVWLPDWHLVDQLQGLFDWLRQRIWKHFRVWWLPHDQGUHVRXUFHV
UHTXLUHG7KHFRVWPHDVXUHRIWKDWHIIRUWLVW\SLFDOO\H[SUHVVHGDVDSHUFHQWDJHRIWKHWRWDOSURMHFWFRVWV
IRUDJLYHQSURMHFWVL]H$VWKHOHYHORISURMHFWGHILQLWLRQLQFUHDVHVWKHDPRXQWRIHIIRUWWRSUHSDUHDQ
HVWLPDWHLQFUHDVHVDVGRHVLWVFRVWUHODWLYHWRWKHWRWDOSURMHFWFRVW7KHHIIRUWWRGHYHORSWKHSURMHFW
GHOLYHUDEOHVLVQRWLQFOXGHGLQWKHHIIRUWPHWULFVWKH\RQO\FRYHUWKHFRVWWRSUHSDUHWKHFRVWHVWLPDWH
LWVHOI



&KDUDFWHULVWLFV

&RS\ULJKW$$&(,QF

$$&(,QWHUQDWLRQDO5HFRPPHQGHG3UDFWLFHV


&RVW(VWLPDWH&ODVVLILFDWLRQ6\VWHP





RI
$XJXVW

5(/$7,216+,36$1'9$5,$7,2162)&+$5$&7(5,67,&6

7KHUHDUHDP\ULDGRIFRPSOH[UHODWLRQVKLSVWKDWPD\EHH[KLELWHGDPRQJWKHHVWLPDWHFKDUDFWHULVWLFV
ZLWKLQWKHHVWLPDWHFODVVLILFDWLRQV7KHRYHUDOOWUHQGRIKRZWKHVHFRQGDU\FKDUDFWHULVWLFVYDU\ZLWKWKH
OHYHORISURMHFWGHILQLWLRQZDVSURYLGHGDERYH7KLVVHFWLRQH[SORUHVWKRVHWUHQGVLQPRUHGHWDLO7\SLFDOO\
WKHUHDUHFRPPRQDOWLHVLQWKHVHFRQGDU\FKDUDFWHULVWLFVEHWZHHQRQHHVWLPDWHDQGWKHQH[WEXWLQDQ\
JLYHQVLWXDWLRQWKHUHPD\EHZLGHYDULDWLRQVLQXVDJHPHWKRGRORJ\DFFXUDF\DQGHIIRUW
7KHOHYHORISURMHFWGHILQLWLRQLVWKHGULYHURIWKHRWKHUFKDUDFWHULVWLFV7\SLFDOO\DOORIWKHVHFRQGDU\
FKDUDFWHULVWLFVKDYHWKHOHYHORISURMHFWGHILQLWLRQDVDSULPDU\GHWHUPLQDQW:KLOHWKHRWKHUFKDUDFWHULVWLFV
DUHLPSRUWDQWWRFDWHJRUL]DWLRQWKH\ODFNFRPSOHWHFRQVHQVXV)RUH[DPSOHRQHHVWLPDWRUVELGPLJKW
EHDQRWKHUVEXGJHW&KDUDFWHULVWLFVVXFKDVDFFXUDF\DQGPHWKRGRORJ\FDQYDU\PDUNHGO\IURP
RQHLQGXVWU\WRDQRWKHUDQGHYHQIURPHVWLPDWRUWRHVWLPDWRUZLWKLQDJLYHQLQGXVWU\

/HYHORI3URMHFW'HILQLWLRQ
(DFKSURMHFW RULQGXVWU\JURXSLQJ ZLOOKDYHDW\SLFDOVHWRIGHOLYHUDEOHVWKDWDUHXVHGWRVXSSRUWD
JLYHQFODVVRIHVWLPDWH7KHDYDLODELOLW\RIWKHVHGHOLYHUDEOHVLVGLUHFWO\UHODWHGWRWKHOHYHORISURMHFW
GHILQLWLRQDFKLHYHG7KHYDULDWLRQVLQWKHGHOLYHUDEOHVUHTXLUHGIRUDQHVWLPDWHDUHWRREURDGWRFRYHULQ
GHWDLOKHUHKRZHYHULWLVLPSRUWDQWWRXQGHUVWDQGZKDWGULYHVWKHYDULDWLRQV(DFKLQGXVWU\JURXSWHQGVWR
IRFXVRQDGHILQLQJSURMHFWHOHPHQWWKDWGULYHVWKHHVWLPDWHPDWXULW\OHYHO)RULQVWDQFHFKHPLFDO
LQGXVWU\SURMHFWVDUHSURFHVVHTXLSPHQWFHQWULFLHWKHOHYHORISURMHFWGHILQLWLRQDQGVXEVHTXHQW
HVWLPDWHPDWXULW\OHYHOLVVLJQLILFDQWO\GHWHUPLQHGE\KRZZHOOWKHHTXLSPHQWLVGHILQHG$UFKLWHFWXUDO
SURMHFWVWHQGWREHVWUXFWXUHFHQWULFVRIWZDUHSURMHFWVWHQGWREHIXQFWLRQFHQWULFDQGVRRQ
8QGHUVWDQGLQJWKHVHGULYHUVSXWVWKHGLIIHUHQFHVWKDWPD\DSSHDULQWKHPRUHGHWDLOHGLQGXVWU\DGGHQGD
LQWRSHUVSHFWLYH

(QG8VDJH
:KLOHWKHUHDUHFRPPRQHQGXVDJHVRIDQHVWLPDWHDPRQJGLIIHUHQWVWDNHKROGHUVXVDJHLVRIWHQ
UHODWLYHWRWKHVWDNHKROGHUVLGHQWLW\)RULQVWDQFHDQRZQHUFRPSDQ\PD\XVHDJLYHQFODVV
RIHVWLPDWHWRVXSSRUWSURMHFWIXQGLQJZKLOHDFRQWUDFWRUPD\XVHWKHVDPHFODVVRIHVWLPDWHWRVXSSRUWD
FRQWUDFWELGRUWHQGHU,WLVQRWDWDOOXQFRPPRQWRILQGVWDNHKROGHUVFDWHJRUL]LQJWKHLUHVWLPDWHVE\
XVDJHUHODWHGKHDGLQJVVXFKDVEXGJHWVWXG\RUELG'HSHQGLQJRQWKHVWDNHKROGHUVSHUVSHFWLYH
DQGQHHGVLWLVLPSRUWDQWWRXQGHUVWDQGWKDWWKHVHPD\DFWXDOO\EHDOOWKHVDPHFODVVRIHVWLPDWH EDVHG
RQWKHSULPDU\FKDUDFWHULVWLFRIOHYHORISURMHFWGHILQLWLRQDFKLHYHG 

(VWLPDWLQJ0HWKRGRORJ\
$VVWDWHGSUHYLRXVO\HVWLPDWLQJPHWKRGRORJLHVIDOOLQWRWZREURDGFDWHJRULHVVWRFKDVWLFDQG
GHWHUPLQLVWLF7KHVHEURDGFDWHJRULHVHQFRPSDVVVFRUHVRILQGLYLGXDOPHWKRGRORJLHV6WRFKDVWLF
PHWKRGVRIWHQLQYROYHVLPSOHRUFRPSOH[PRGHOLQJEDVHGRQLQIHUUHGRUVWDWLVWLFDOUHODWLRQVKLSVEHWZHHQ
FRVWVDQGSURJUDPPDWLFDQGRUWHFKQLFDOSDUDPHWHUV'HWHUPLQLVWLFPHWKRGVWHQGWREHVWUDLJKWIRUZDUG
FRXQWVRUPHDVXUHVRIXQLWVRILWHPVPXOWLSOLHGE\NQRZQXQLWFRVWVRUIDFWRUV,WLVLPSRUWDQWWRUHDOL]H
WKDWDQ\FRPELQDWLRQRIPHWKRGVPD\EHIRXQGLQDQ\JLYHQFODVVRIHVWLPDWH)RUH[DPSOHLID
VWRFKDVWLFPHWKRGLVNQRZQWREHVXLWDEO\DFFXUDWHLWPD\EHXVHGLQSODFHRIDGHWHUPLQLVWLFPHWKRG
HYHQZKHQWKHUHLVVXIILFLHQWLQSXWLQIRUPDWLRQEDVHGRQWKHOHYHORISURMHFWGHILQLWLRQWRVXSSRUWD
GHWHUPLQLVWLFPHWKRG7KLVPD\EHGXHWRWKHORZHUOHYHORIHIIRUWUHTXLUHGWRSUHSDUHDQHVWLPDWHXVLQJ
VWRFKDVWLFPHWKRGV

([SHFWHG$FFXUDF\5DQJH
7KHDFFXUDF\UDQJHRIDQHVWLPDWHLVGHSHQGHQWXSRQDQXPEHURIFKDUDFWHULVWLFVRIWKHHVWLPDWH
LQSXWLQIRUPDWLRQDQGWKHHVWLPDWLQJSURFHVV7KHH[WHQWDQGWKHPDWXULW\RIWKHLQSXWLQIRUPDWLRQDV
PHDVXUHGE\SHUFHQWDJHFRPSOHWLRQ DQGUHODWHGWROHYHORISURMHFWGHILQLWLRQ LVDKLJKO\LPSRUWDQW
GHWHUPLQDQWRIDFFXUDF\+RZHYHUWKHUHDUHIDFWRUVEHVLGHVWKHDYDLODEOHLQSXWLQIRUPDWLRQWKDWDOVR
JUHDWO\DIIHFWHVWLPDWHDFFXUDF\PHDVXUHV3ULPDU\DPRQJWKHVHDUHWKHVWDWHRIWHFKQRORJ\LQWKH
SURMHFWDQGWKHTXDOLW\RIUHIHUHQFHFRVWHVWLPDWLQJGDWD



&RS\ULJKW$$&(,QF

$$&(,QWHUQDWLRQDO5HFRPPHQGHG3UDFWLFHV


&RVW(VWLPDWH&ODVVLILFDWLRQ6\VWHP





RI
$XJXVW

6WDWHRIWHFKQRORJ\WHFKQRORJ\YDULHVFRQVLGHUDEO\EHWZHHQLQGXVWULHVDQGWKXVDIIHFWVHVWLPDWH
DFFXUDF\7KHVWDWHRIWHFKQRORJ\XVHGKHUHUHIHUVSULPDULO\WRWKHSURJUDPPDWLFRUWHFKQLFDOXQLTXHQHVV
DQGFRPSOH[LW\RIWKHSURMHFW3URFHGXUDOO\KDYLQJIXOOH[WHQWDQGPDWXULW\LQWKHHVWLPDWHEDVLV
GHOLYHUDEOHVLVGHFHSWLYHLIWKHGHOLYHUDEOHVDUHEDVHGXSRQDVVXPSWLRQVUHJDUGLQJXQFHUWDLQWHFKQRORJ\
)RUDILUVWRIDNLQGSURMHFWWKHUHLVDORZHUOHYHORIFRQILGHQFHWKDWWKHH[HFXWLRQRIWKHSURMHFWZLOOEH
VXFFHVVIXO DOOHOVHEHLQJHTXDO 7KHUHLVJHQHUDOO\DKLJKHUFRQILGHQFHIRUSURMHFWVWKDWUHSHDWSDVW
SUDFWLFHV3URMHFWVIRUZKLFKUHVHDUFKDQGGHYHORSPHQWDUHVWLOOXQGHUZD\DWWKHWLPHWKDWWKHHVWLPDWHLV
SUHSDUHGDUHSDUWLFXODUO\VXEMHFWWRORZDFFXUDF\H[SHFWDWLRQV7KHVWDWHRIWHFKQRORJ\PD\KDYHDQ
RUGHURIPDJQLWXGH WR HIIHFWRQWKHDFFXUDF\UDQJH

4XDOLW\RIUHIHUHQFHFRVWHVWLPDWLQJGDWDDFFXUDF\LVDOVRGHSHQGHQWRQWKHTXDOLW\RIUHIHUHQFHFRVW
GDWDDQGKLVWRU\,WLVSRVVLEOHWRKDYHDSURMHFWZLWKFRPPRQSUDFWLFHLQWHFKQRORJ\EXWZLWKOLWWOHFRVW
KLVWRU\DYDLODEOHFRQFHUQLQJSURMHFWVXVLQJWKDWWHFKQRORJ\,QDGGLWLRQWKHHVWLPDWLQJSURFHVVW\SLFDOO\
HPSOR\VDQXPEHURIIDFWRUVWRDGMXVWIRUPDUNHWFRQGLWLRQVSURMHFWORFDWLRQHQYLURQPHQWDO
FRQVLGHUDWLRQVDQGRWKHUHVWLPDWHVSHFLILFFRQGLWLRQVWKDWDUHRIWHQXQFHUWDLQDQGGLIILFXOWWRDVVHVV7KH
DFFXUDF\RIWKHHVWLPDWHZLOOEHEHWWHUZKHQYHULILHGHPSLULFDOGDWDDQGVWDWLVWLFVDUHHPSOR\HGDVDEDVLV
IRUWKHHVWLPDWLQJSURFHVVUDWKHUWKDQDVVXPSWLRQV

,QVXPPDU\HVWLPDWHDFFXUDF\ZLOOJHQHUDOO\EHFRUUHODWHGZLWKHVWLPDWHFODVVLILFDWLRQ DQGWKHUHIRUH
WKHOHYHORISURMHFWGHILQLWLRQ DOOHOVHEHLQJHTXDO+RZHYHUVSHFLILFDFFXUDF\UDQJHVZLOOW\SLFDOO\YDU\
E\LQGXVWU\$OVRWKHDFFXUDF\RIDQ\JLYHQHVWLPDWHLVQRWIL[HGRUGHWHUPLQHGE\LWVFODVVLILFDWLRQ
FDWHJRU\6LJQLILFDQWYDULDWLRQVLQDFFXUDF\IURPHVWLPDWHWRHVWLPDWHDUHSRVVLEOHLIDQ\RIWKH
GHWHUPLQDQWVRIDFFXUDF\VXFKDVWHFKQRORJ\TXDOLW\RIUHIHUHQFHFRVWGDWDTXDOLW\RIWKHHVWLPDWLQJ
SURFHVVDQGVNLOODQGNQRZOHGJHRIWKHHVWLPDWRUYDU\$FFXUDF\LVDOVRQRWQHFHVVDULO\GHWHUPLQHGE\
WKHPHWKRGRORJ\XVHGRUWKHHIIRUWH[SHQGHG(VWLPDWHDFFXUDF\PXVWEHHYDOXDWHGRQDQHVWLPDWHE\
HVWLPDWHEDVLVXVXDOO\LQFRQMXQFWLRQZLWKVRPHIRUPRIULVNDQDO\VLVSURFHVV

(IIRUWWR3UHSDUH(VWLPDWH
7KHHIIRUWWRSUHSDUHDQHVWLPDWHLVXVXDOO\GHWHUPLQHGE\WKHH[WHQWRIWKHLQSXWLQIRUPDWLRQ
DYDLODEOH7KHHIIRUWZLOOQRUPDOO\LQFUHDVHDVWKHQXPEHUDQGFRPSOH[LW\RIWKHSURMHFWGHILQLWLRQ
GHOLYHUDEOHVWKDWDUHSURGXFHGDQGDVVHVVHGLQFUHDVH+RZHYHUZLWKDQHIILFLHQWHVWLPDWLQJPHWKRGRORJ\
RQUHSHWLWLYHSURMHFWVWKLVUHODWLRQVKLSPD\EHOHVVGHILQHG)RULQVWDQFHWKHUHDUHFRPELQDWLRQ
GHVLJQHVWLPDWLQJWRROVLQWKHSURFHVVLQGXVWULHVWKDWFDQRIWHQDXWRPDWHPXFKRIWKHGHVLJQDQG
HVWLPDWLQJSURFHVV7KHVHWRROVFDQRIWHQJHQHUDWH&ODVVGHOLYHUDEOHVDQGHVWLPDWHVIURPWKHPRVW
EDVLFLQSXWSDUDPHWHUVIRUUHSHWLWLYHW\SHSURMHFWV7KHUHPD\EHVLPLODUWRROVLQRWKHULQGXVWU\JURXSLQJV
,WDOVRVKRXOGEHQRWHGWKDWWKHHVWLPDWHSUHSDUDWLRQFRVWVDVDSHUFHQWDJHRIWRWDOSURMHFWFRVWVZLOO
YDU\LQYHUVHO\ZLWKSURMHFWVL]HLQDQRQOLQHDUIDVKLRQ)RUDJLYHQFODVVRIHVWLPDWHWKHSUHSDUDWLRQFRVW
SHUFHQWDJHZLOOGHFUHDVHDVWKHWRWDOSURMHFWFRVWVLQFUHDVH$OVRDWHDFKFODVVRIHVWLPDWHWKH
SUHSDUDWLRQFRVWVLQGLIIHUHQWLQGXVWULHVZLOOYDU\PDUNHGO\0HWULFVRIHVWLPDWHSUHSDUDWLRQFRVWVQRUPDOO\
H[FOXGHWKHHIIRUWWRSUHSDUHWKHGHILQLQJSURMHFWGHOLYHUDEOHV


(67,0$7(&/$66,),&$7,210$75,;

7KHILYHHVWLPDWHFODVVHVDUHSUHVHQWHGLQILJXUHLQUHODWLRQVKLSWRWKHLGHQWLILHGFKDUDFWHULVWLFV
2QO\WKHOHYHORISURMHFWGHILQLWLRQGHWHUPLQHVWKHHVWLPDWHFODVV7KHRWKHUIRXUFKDUDFWHULVWLFVDUH
VHFRQGDU\FKDUDFWHULVWLFVWKDWDUHJHQHUDOO\FRUUHODWHGZLWKWKHOHYHORISURMHFWGHILQLWLRQDVGLVFXVVHG
DERYH
7KLVJHQHULFPDWUL[DQGJXLGHOLQHSURYLGHDKLJKOHYHOHVWLPDWHFODVVLILFDWLRQV\VWHPWKDWLV
QRQLQGXVWU\VSHFLILF5HIHUWRVXEVHTXHQWDGGHQGDIRUIXUWKHUJXLGHOLQHVWKDWZLOOSURYLGHPRUHGHWDLOHG
LQIRUPDWLRQIRUDSSOLFDWLRQLQVSHFLILFLQGXVWULHV7KHVHZLOOSURYLGHDGGLWLRQDOLQIRUPDWLRQVXFKDVLQSXW
GHOLYHUDEOHFKHFNOLVWVWRDOORZPHDQLQJIXOFDWHJRUL]DWLRQLQWKDWLQGXVWU\




&RS\ULJKW$$&(,QF

$$&(,QWHUQDWLRQDO5HFRPPHQGHG3UDFWLFHV


&RVW(VWLPDWH&ODVVLILFDWLRQ6\VWHP





RI
$XJXVW

5()(5(1&(6

$16,6WDQGDUG=,QGXVWULDO(QJLQHHULQJ7HUPLQRORJ\&RVW(QJLQHHULQJ


&RS\ULJKW$$&(,QF

$$&(,QWHUQDWLRQDO5HFRPPHQGHG3UDFWLFHV

Das könnte Ihnen auch gefallen