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(VJEFMJOFT .FUIPET BOE 5PPMT
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5IF &.108&34 "QQSPBDI UP 8BUFS (PWFSOBODF
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1BSUJDJQBUPSZ SVSBM BQQSBJTBM 13" UPPMT DBO CF VTFE EVSJOH XPSLTIPQT GPS QSJPSJUJTJOH BOE QMBOOJOH 1SPCMFN USFFT DBO BMTP CF VTFE UP IFMQ JEFOUJGZ HPBMT PCKFDUJWFT BOE FYBDU BSFBT PG JOUFSWFOUJPO BOE UP PVUMJOF UIF TDPQF PG QSPQPTFE BDUJWJUJFT &YJTUJOH QSPCMFN USFFT DBO CF SFGJOFE PS OFX POFT EFWFMPQFE GPS TQFDJGJD BDUJWJUJFT 4805 BOBMZTJT TUSFOHUIT XFBLOFTTFT
5IF &.108&34 "QQSPBDI UP 8BUFS (PWFSOBODF
PQQPSUVOJUJFT UISFBUT DBO CF WFSZ VTFGVM JO JEFOUJGZJOH SJTLT m BOE GPDVTJOH PO UIF QPUFOUJBM XJUIJO DPNNVOJUJFT BOE PUIFS TUBLFIPMEFST 'VOEJOH QSPQPTBMT BOE BDUJPO QMBOT IBWF UP CF ESBGUFE BT PVUQVUT PG UIJT QIBTF 8IJMF NBUFSJBMT GPS UIFTF XJMM DPNF GSPN XPSLTIPQT UIF BDUVBM ESBGUJOH TIPVME CF EPOF CZ B TNBMM UFBN 1MBOOJOH QSPDFTT 5IF BDUJWJUJFT MJTUFE BCPWF OFFE UP CFDPNF QBSU PG B CSPBEFS QSPDFTT UP SFBDI BHSFFNFOU PO QMBOT BOE QSJPSJUJFT " OVNCFS PG TUFQT DBO CF JEFOUJGJFE UP BDIJFWF UIJT r 8PSLJOH XJUI UIF TUBLFIPMEFST JO B QSJPSJUJTBUJPO XPSLTIPQ UP EFWFMPQ B SBOLFE BOE QIBTFE MJTU PG BMM UIF BDUJWJUJFT UPHFUIFS XJUI UIFJS BTTPDJBUFE TUBLFIPMEFS HSPVQT UIBU UPHFUIFS NBLF VQ UIF QSFGFSSFE TUSBUFHZ $SJUFSJB BOE KVTUJGJDBUJPOT GPS TFMFDUJOH UIF QSFGFSSFE TUSBUFHZ IBWF UP CF DPNNVOJDBUFE UP UIF XJEFS DPNNVOJUZ BGGFDUFE CZ TVDI DIPJDFT 5SBOTQBSFODZ BOE PQFOOFTT BSF DSVDJBM UP NBJOUBJO CVZ JO UP UIF QSPDFTT CZ BMM SFMFWBOU HSPVQT r %FQFOEJOH PO UIF OVNCFS PG TUBLFIPMEFST BOE JOEJWJEVBMT JOWPMWFE UIJT NBZ SFRVJSF B OVNCFS PG XPSLTIPQT UP DPWFS BMM UIF TUBLFIPMEFST TFDUPST PS VTFS HSPVQT JEFOUJGJFE JO QSFWJPVT QIBTFT &BDI XPSLTIPQ JEFOUJGJFT QPUFOUJBM QSPKFDUT r 5IJT JT GPMMPXFE CZ B TZOUIFTJT XPSLTIPQ UP CSJOH UPHFUIFS BMM HSPVQT BOE JEFOUJGZ QSJPSJUZ QSPKFDUT r 0ODF QSJPSJUJFT IBWF CFFO BHSFFE QMBOOJOH XPSLTIPQT DBO CF DBSSJFE PVU XJUI UIF TUBLFIPMEFST XIP XJMM CF JOWPMWFE JO FBDI BDUJWJUZ PS HSPVQ PG BDUJWJUJFT 1BSUJDJQBOUT JEFOUJGZ CBDLHSPVOE JEFBT BOE NBUFSJBMT GPS EFUBJMFE QMBOT BT XFMM BT EFUBJMFE QSPKFDU EFTDSJQUPST 5IFTF JODMVEF QSPKFDU TQFDJGJD HPBMT PCKFDUJWFT BDUJWJUJFT FYQFDUFE PVUQVUT LFZ TUBLFIPMEFST SPMFT BOE SFTQPOTJCJMJUJFT CVEHFUT BOE GVOEJOH SFRVJSFNFOUT 1SPCMFN USFFT 13" UPPMT BOE 4805 BOBMZTJT BSF BMM VTFGVM UPPMT GPS UIFTF XPSLTIPQT r $PTU CFOFGJU BOBMZTJT PG EJGGFSFOU JOUFSWFOUJPOT JT B DSVDJBM UPPM UP IFMQ JO EFDJTJPO NBLJOH *U JT JNQPSUBOU UP FOTVSF UIBU UIFTF BOBMZTFT BOE TVCTFRVFOU EFDJTJPOT EP OPU OFHBUJWFMZ JNQBDU PO NBSHJOBMJTFE HSPVQT r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
(VJEFMJOFT .FUIPET BOE 5PPMT
5IF QMBOOJOH QSPDFTT TIPVME DPOTJEFS SFRVJSFNFOUT GPS DBQBDJUZ EFWFMPQNFOU GPS JOEJWJEVBMT PS JOTUJUVUJPOT UIBU NBZ IBWF UP UBLF PO OFX SPMFT BOE PS SFTQPOTJCJMJUJFT $POUJOVFE FNQIBTJT JT OFFEFE PO DPNNVOJDBUJPO EJBMPHVF BOE JOGPSNBUJPO TIBSJOH XJUI UIF XJEFS TUBLFIPMEFS HSPVQ JOWPMWFE JO EFWFMPQJOH QMBOT UP BDIJFWF UIF WJTJPO 5IJT TIPVME CF JOTUJUVUJPOBMJTFE JOUP BO POHPJOH QSPDFTT DMPTFMZ MJOLFE UP UIF MFBSOJOH QSPDFTT JO UIF SFGMFDUJOH QIBTF
5IF &.108&34 "QQSPBDI UP 8BUFS (PWFSOBODF
1SPDFTT GPS UIF QMBOOJOH QIBTF 1SJPSJUJTBUJPO XPSLTIPQ T 0CKFDUJWFT r 5P EFWFMPQ B QSJPSJUZ MJTU PG BDUJWJUJFT SFMBUFE UP UIF DIPTFO TUSBUFHZ r 5P JEFOUJGZ TUBLFIPMEFST GPS FBDI BDUJWJUZ "DUJWJUJFT r 1SJPSJUJTBUJPO XPSLTIPQ T XJUI EJGGFSFOU TUBLFIPMEFST BOE XBUFS VTFST 5JQT r 5IFTF XPSLTIPQT XJMM UZQJDBMMZ MBTU GPS POF EBZ FBDI r %FWFMPQJOH B TDIFEVMF PG BDUJWJUJFT IFMQT UP TIPX QFPQMF UIBU UIFJS JOUFSFTUT XJMM CF BEESFTTFE FWFOUVBMMZ FWFO JG UIFZ IBWF OPU CFFO HJWFO QSJPSJUZ GPS JNNFEJBUF JNQMFNFOUBUJPO 1MBOOJOH XPSLTIPQ T 0CKFDUJWFT r 5P JEFOUJGZ UIF PVUMJOFT PG QSPKFDU BDUJWJUJFT HPBMT PCKFDUJWFT BDUJWJUJFT PVUQVUT TUBLFIPMEFST r 5P JEFOUJGZ NFNCFST UP KPJO UIF QSPKFDU QSPQPTBM XSJUJOH UFBN "DUJWJUJFT r 1SPCMFN USFF TQFDJGJD GPS BDUJWJUZ
r %FWFMPQ MJTU PG TQFDJGJD HPBMT PCKFDUJWFT BDUJWJUJFT m QSPCMFN TUBUFNFOU r "OBMZTF QPXFS BOE LOPXMFEHF PG TUBLFIPMEFST r 4805 BOBMZTJT m GPDVTFE PO PCKFDUJWFT GPS SJTL BTTFTTNFOU BOE UP JEFOUJGZ TUBLFIPMEFST PXO QPUFOUJBMT r %FWFMPQ BO BDUJPO QMBO GPS QSPQPTFE QSPKFDUT %FWFMPQNFOU PG BDUJPO QMBOT BOE GVOEJOH QSPQPTBMT 0CKFDUJWFT r 5P IBWF B DMFBS XFMM XSJUUFO QSPKFDU BDUJPO QMBO BOE PS GVOEJOH QSPQPTBM "DUJWJUJFT r 8SJUF BDUJPO QMBO BOE XIFSF OFDFTTBSZ B GVOEJOH QSPQPTBM r $PNNVOJDBUF XJUI XJEFS HSPVQ PG JOWPMWFE TUBLFIPMEFST QBSUJDVMBSMZ XIFSF EFDJTJPO NBLJOH JT SFRVJSFE 5JQT r $POTJEFSBCMF UJNF NBZ CF OFFEFE UP XSJUF BOE OFHPUJBUF QBSUJDVMBSMZ JO MBSHF PS DPNQMFY QSPQPTBMT *U JT JNQPSUBOU UP LFFQ TUBLFIPMEFST VQ UP EBUF PO UIF MBUFTU EFWFMPQNFOUT JO B QSP BDUJWF NBOOFS 5FOEFSJOH BOE BXBSEJOH DPOUSBDUT GPS BDUJWJUJFT 0CKFDUJWFT r 5P JEFOUJGZ JO B USBOTQBSFOU NBOOFS B QSFGFSSFE DPOUSBDUPS UP DBSSZ PVU XPSL "DUJWJUJFT r &TUBCMJTI B UFOEFSJOH QSPDFEVSF m FOTVSF B MFHBM BOE USBOTQBSFOU QSPDFTT BOOPVODFNFOUT JO OFXTQBQFST FUD m VOEFS UIF DPOUSPM PG UIF SFDJQJFOUT XJUIJO UIF SVMFT PG GVOEJOH BHFODJFT
(VJEFMJOFT .FUIPET BOE 5PPMT
0HASE )MPLEMENTING
7JTJPOJOH
$MBSJñDBUJPO PG SPMFT "TTFTTJOH
3FGMFDUJOH
.BJOUBJOJOH DPNNVOJDBUJPOT
8PSLT JNQMFNFOUBUJPO
*NQMFNFOUJOH 4USBUFHJTJOH
*NQMFNFOUJOH
5SPVCMF TIPPUJOH
2VBMJUZ DPOUSPM
1MBOOJOH
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r 5P NBOBHF UIF JNQMFNFOUBUJPO PG UIF BDUJWJUJFT JEFOUJGJFE BOE QMBOOFE GPS JO QSFWJPVT QIBTFT JO BO FGGFDUJWF DPTU FGGJDJFOU BOE IJHI RVBMJUZ XBZ r 5P FOTVSF UIBU OFX JOGSBTUSVDUVSF OFX JOTUJUVUJPOT BOE OFX TPVSDFT PG XBUFS BSF TVTUBJOBCMF JO FWFSZ SFTQFDU r 5P FOTVSF UIBU BOZ VOGPSFTFFO DPOGMJDUT UIBU NJHIU BSJTF EVSJOH UIJT TUBHF BSF SFTPMWFE r 5P FOTVSF USBOTQBSFODZ XJUI SFHBSE UP GJOBODFT r 5P FOTVSF UIBU QPUFOUJBM CFOFGJUT BSF OPU DBQUVSFE CZ FMJUFT BU UIF FYQFOTF PG QPPSFS TPDJBM HSPVQT
5IF &.108&34 "QQSPBDI UP 8BUFS (PWFSOBODF
(FUUJOH TUBSUFE " OVNCFS PG BDUJPOT OFFE UP CF UBLFO CFGPSF XPSL DBO CFHJO UP JNQMFNFOU UIF EFUBJMFE BDUJPO QMBO 5IFTF JODMVEF r 4DIFEVMJOH BDUJWJUJFT BOE JEFOUJGZJOH QPUFOUJBM CPUUMFOFDLT r &OTVSJOH UIBU NFDIBOJTNT FYJTU UP IBOEMF VOGPSFTFFO QSPCMFNT PS DPOGMJDUT r &TUBCMJTIJOH B NPOJUPSJOH BOE FWBMVBUJPO . & GSBNFXPSL MJOLFE UP UIF SFGMFDUJOH QIBTF 5IF GBDJMJUBUJPO UFBN JT VOMJLFMZ UP MFBE UIFTF BDUJWJUJFT BMUIPVHI UIFZ TIPVME SFNBJO JOWPMWFE BOE TVQQPSU UIF PWFSBMM QSPDFTT ,FZ BDUJWJUJFT BOE UPPMT " OVNCFS PG UPPMT IBWF CFFO JODMVEFE JO $IBQUFS )PXFWFS UIFTF PGGFS POMZ B CSJFG JOUSPEVDUJPO UP DPNQMFY QSPDFTTFT XIJDI NVTU CF DBSSJFE PVU XJUIJO UIF OPSNT BOE MFHBM GSBNFXPSLT PG UIF DPVOUSZ ,FZ EFDJTJPOT BDUJWJUJFT BOE UPPMT GPS UIJT QIBTF JODMVEF r %FDJEJOH UIF FYUFOU UP XIJDI QMBOT BSF UP CF JNQMFNFOUFE CZ TUBLFIPMEFST BOE PS VTFST $PTUT DBO CF NJOJNJTFE BOE PXOFSTIJQ DBO CF FOIBODFE JG TUBLFIPMEFST BOE PS VTFST UBLF B IJHI MFWFM PG SFTQPOTJCJMJUZ GPS JNQMFNFOUJOH B QMBO r "DUJWJUJFT XIJDI CZ UIFJS OBUVSF BSF POF PGG PS TIPSU UFSN TVDI BT DPOTUSVDUJOH JOGSBTUSVDUVSF PS TUSFOHUIFOJOH UIF DBQBDJUZ PG BO JOTUJUVUJPO XIJDI BSF EJGGFSFOU JO OBUVSF UP DPOUJOVPVT PS MPOH UFSN BDUJWJUJFT TVDI BT PQFSBUJPO BOE NBJOUFOBODF BSF CFTU IBOEMFE VTJOH NFUIPET BOE UPPMT UIBU DBO CF GPVOE JO QSPKFDU NBOBHFNFOU NBOVBMT r .POJUPSJOH BOE FWBMVBUJPO BOE RVBMJUZ DPOUSPM BSF JNQPSUBOU DPNQPOFOUT PG JNQMFNFOUJOH B QMBO 8IFO XPSL JT EPOF CZ TUBLFIPMEFST BOE PS VTFST BHSFFE RVBMJUZ TUBOEBSET NVTU CF NFU 8IFO XPSL JT EPOF VOEFS DPOUSBDU RVBMJUZ TUBOEBSET TIPVME CF TQFDJGJFE EVSJOH UIF UFOEFSJOH QSPDFTT BOE JO TVCTFRVFOU DPOUSBDUT *O TPNF DBTFT UIFSF XJMM CF NJOJNVN MFHBM TUBOEBSET 5PPMT VTFGVM JO UIF JNQMFNFOUJOH QIBTF r "DUPS BOE UBTL BOBMZTJT Q r 2VBMJUZ BTTVSBODF BOE DPOUSPM Q r $BQBDJUZ EFWFMPQNFOU Q r $POGMJDU NBOBHFNFOU Q r .POJUPSJOH BOE FWBMVBUJPO Q r 1SPDFTT EPDVNFOUBUJPO Q
1SPDFTT GPS UIF JNQMFNFOUJOH QIBTF 5ZQJDBM BDUJWJUJFT GPS UIF GBDJMJUBUJPO BOE DBQBDJUZ EFWFMPQNFOU UFBN JODMVEF r &OTVSJOH DMBSJUZ PG SPMFT BOE SFTQPOTJCJMJUJFT PG TUBLFIPMEFST r .BJOUBJOJOH UIF XJEFS EJBMPHVF SFMBUFE UP UIF WJTJPO BOE FOTVSJOH UIBU UIF BDUJWJUJFT VOEFSUBLFO JO UIJT TUFQ GFFE JOUP JU 5IFSF JT OP JOEJDBUJWF UJNF GSBNF GPS UIJT TUFQ BT JU JT FOUJSFMZ DPOUFYU TQFDJGJD
(VJEFMJOFT .FUIPET BOE 5PPMT
*NQMFNFOUJOH QSPDFTT 5IFSF BSF OP MBSHF XPSLTIPQ UZQF BDUJWJUJFT GPS JNQMFNFOUBUJPO FYQFDU XIFSF UIFTF BSF QBSU PG BDUJWJUJFT TVDI BT DBQBDJUZ EFWFMPQNFOU PS BXBSFOFTT SBJTJOH " TNBMM SFQSFTFOUBUJWF JNQMFNFOUBUJPO UFBN TIPVME CF JEFOUJGJFE GSPN TUBLFIPMEFS HSPVQT EJSFDUMZ JOWPMWFE JO UIF XPSL 0VUQVUT GSPN UIF JNQMFNFOUJOH QIBTF 5IF NBJO PVUQVUT PG JNQMFNFOUBUJPO BSF r 1SPKFDUT DBSSJFE PVU XJUIJO CVEHFU UP B IJHI RVBMJUZ BOE JO BDDPSEBODF XJUI BHSFFE QMBOT r $MFBS BHSFFNFOUT BOE VOEFSTUBOEJOHT BCPVU SPMFT SFTQPOTJCJMJUJFT BOE PXOFSTIJQ PG QSPKFDUT r 3FTVMUT GSPN . & UIBU TVQQPSU SFGMFDUJPO BOE MFBSOJOH
5IJT HSPVQ TIPVME CF TNBMM FOPVHI UP FOBCMF FGGFDUJWF EFDJTJPO NBLJOH CVU MBSHF FOPVHI UP FOTVSF UIBU BGGFDUFE TUBLFIPMEFST BSF LFQU VQ UP EBUF PO QSPHSFTT 5IJT JT QBSUJDVMBSMZ JNQPSUBOU JO BEESFTTJOH QSPCMFNT BOE NBLJOH SFNFEJBM EFDJTJPOT "DUJWJUJFT XIFSF TUBLFIPMEFS JOWPMWFNFOU JT QBSUJDVMBSMZ BQQSPQSJBUF JODMVEF r .POJUPSJOH BOE FWBMVBUJPO RVBMJUZ DPOUSPM DBQBDJUZ EFWFMPQNFOU UP FOTVSF TVTUBJOBCJMJUZ r &OTVSJOH UIBU SFMFWBOU PVUQVUT PG . & BSF GFE JOUP MFBSOJOH BOE SFGMFDUJPO XJUIJO UIF XJEFS QSPDFTT PG BDIJFWJOH UIF WJTJPO r 5SPVCMFTIPPUJOH BOE DPOGMJDU SFTPMVUJPO XIFSF OFDFTTBSZ r $PNNVOJDBUJPO BOE BXBSFOFTT SBJTJOH BCPVU BDUJWJUJFT BOE BCPVU UIF MJOLT CFUXFFO BDUJWJUJFT BOE UIF XJEFS WJTJPO
5IF &.108&34 "QQSPBDI UP 8BUFS (PWFSOBODF
0HASE 2EFLECTING
7JTJPOJOH
%FWFMPQNFOU PG JOEJDBUPST "TTFTTJOH
3FรณFDUJOH
"XBSFOFTT SBJTJOH
4USBUFHJTJOH
*NQMFNFOUJOH
3FรณFDUJOH
4IBSJOH BOE MFBSOJOH
1SPHSFTT NPOJUPSJOH
"OBMZTJT BOE SFQPSUJOH
1MBOOJOH
5IF BJN 5P UBLF UJNF PVU PG QSPDFTTFT GPS FYQMJDJU MFBSOJOH BOE TIBSJOH 5IF BJN PG UIF SFGMFDUJOH QIBTF JT UP CVJME BO FGGFDUJWF QSPDFTT PG DPOUJOVPVT SFGMFDUJPO BOE MFBSOJOH GSPN FYQFSJFODF JOUP UIF NBOBHFNFOU DZDMF m BOE IFODF JOUP UIF EBZ UP EBZ BQQMJDBUJPO PG XBUFS HPWFSOBODF 5IF DIBMMFOHF 3FGMFDUJPO JT JMMVTUSBUFE XJUIJO UIF NBOBHFNFOU DZDMF BT B TQFDJGJD QIBTF CFUXFFO JNQMFNFOUBUJPO BOE WJTJPOJOH m VOEFSMJOJOH UIF PCKFDUJWF PG JOTUJUVUJPOBMJTFE MFBSOJOH BOE BEBQUJWF NBOBHFNFOU )PXFWFS JO QSBDUJDF SFGMFDUJPO JT BMTP B DSPTT DVUUJOH UIFNF BU FWFSZ TUBHF PG UIF DZDMF 5IF DIBMMFOHF JT UP CVJME B IBCJU PG SFGMFDUJPO MFBSOJOH BOE BEBQUBUJPO JOUP BMM BDUJWJUJFT JO UIF NBOBHFNFOU DZDMF 5IJT NFBOT 0CKFDUJWFT PG UIF SFGMFDUJOH QIBTF r 5P CVJME DBQBDJUZ GPS SFGMFDUJPO BOE MFBSOJOH JOUP TUBLFIPMEFS QMBUGPSNT BOE JOUP JOUFSBDUJPOT CFUXFFO QMBUGPSNT BU MPDBM BOE JOUFSNFEJBUF MFWFMT r 5P JOTUJUVUF QSPDFTT EPDVNFOUBUJPO BDUJWJUJFT UP TVQQPSU MFBSOJOH r 5P DSFBUF B GSBNFXPSL GPS JOGPSNBUJPO BOE LOPXMFEHF NBOBHFNFOU BOE GPS DPNNVOJDBUJPOT UIBU TVQQPSU MFBSOJOH
r r
1FSTVBEJOH CVTZ QFPQMF UP UBLF UJNF PVU GSPN UIFJS EBZ UP EBZ UBTLT UP SFGMFDU JO B TUSVDUVSFE XBZ CBTFE VQPO UIFJS FYQFSJFODFT BOE &OTVSJOH UIBU UIJT SFGMFDUJPO MFBET UP SFBM DIBOHFT JO IPX UIJOHT BSF EPOF
(VJEFMJOFT .FUIPET BOE 5PPMT
(FUUJOH TUBSUFE .POJUPSJOH BOE MFBSOJOH GSBNFXPSLT BSF BMNPTU BMXBZT TFFO BT B iHPPE JEFBu CVU BSF PGUFO JHOPSFE PS EPXOHSBEFE JO JNQPSUBODF BT SFTPVSDFT BOE GPDVT TIJGU UP iEPJOH UIJOHTu 5IF NPTU JNQPSUBOU JTTVF JT UIFSFGPSF UP DSFBUF B EFTJSF GPS MFBSOJOH BOE B GFFMJOH BNPOH TUBLFIPMEFST UIBU CZ DSFBUJOH NFDIBOJTNT GPS MFBSOJOH BOE TIBSJOH MFTTPOT UIFZ DBO JNQSPWF UIFJS PXO MJWFT m CF JU BT TFSWJDF VTFST PS QSPWJEFST -FBSOJOH JT BO JNQPSUBOU QBSU PG UIF XJEFS FNQPXFSNFOU BOE TVTUBJOBCJMJUZ BHFOEB TFU CZ UIJT GSBNFXPSL PG HVJEFMJOFT *OWPMWJOH QPPS BOE NBSHJOBMJTFE QFPQMF JO UIJT QSPDFTT JT QBSUJDVMBSMZ DIBMMFOHJOH BT UIFZ PGUFO IBWF UIF MFBTU UJNF BOE SFTPVSDFT UP BUUFOE NFFUJOHT BOE UBLF QBSU JO UIF OFDFTTBSZ QSPDFTTFT GPS SFGMFDUJPO BOE MFBSOJOH 5PPMT VTFGVM JO UIF SFGMFDUJOH QIBTF r *OGPSNBUJPO NBOBHFNFOU Q r 1SPDFTT EPDVNFOUBUJPO Q r .POJUPSJOH BOE FWBMVBUJPO Q r #FODINBSLJOH Q r 4FNJ TUSVDUVSFE EJTDVTTJPO Q
,FZ BDUJWJUJFT BOE UPPMT 5IF NBJO FMFNFOU SFRVJSFE GPS SFGMFDUJPO BOE MFBSOJOH JT B TUBLFIPMEFS QMBUGPSN $SFBUJOH BXBSFOFTT PG UIF JNQPSUBODF PG TUSVDUVSFE MFBSOJOH BOE BEBQUBUJPO JO TVDI QMBUGPSNT TIPVME CFHJO BU UIF TUBSU PG UIF XIPMF QSPDFTT BT QBSU PG UIF WJTJPOJOH QIBTF " SBOHF PG JOGPSNBUJPO NBOBHFNFOU UPPMT FYJTUT UP TVQQPSU MFBSOJOH BOE SFGMFDUJPO JODMVEJOH QSPDFTT EPDVNFOUBUJPO NPOJUPSJOH GSBNFXPSLT CFODINBSLJOH JOGPSNBUJPO NBOBHFNFOU )PXFWFS JU JT JNQPSUBOU UIBU UIF QMBUGPSNT BSF OPU PWFSXIFMNFE CZ JOBQQSPQSJBUFMZ DPNQMFY JOGPSNBUJPO " LFZ SPMF PG UIF GBDJMJUBUJPO UFBN JT UP NFEJBUF UIF GMPX PG JOGPSNBUJPO CFUXFFO TUBLFIPMEFST BU EJGGFSFOU MFWFMT UP FOTVSF UIBU JU JT BQQSPQSJBUF BOE BDDFTTJCMF 5IJT JT USVF CPUI JO UIF JOJUJBM QIBTFT BOE JO MPOH UFSN NBJOUFOBODF XPSL 3FGMFDUJOH QSPDFTT 3FGMFDUJPO UBLFT QMBDF XIFOFWFS B HSPVQ PG QFPQMF EFDJEFT UP MPPL PCKFDUJWFMZ BU UIJOHT UIBU IBQQFOFE BOE UP VOEFSTUBOE XIZ UIFZ IBQQFOFE BOE UIF NBOOFS JO XIJDI UIFZ DBNF BCPVU "MMPXJOH TQBDF GPS TUSVDUVSFE BOE VOTUSVDUVSFE MFBSOJOH UISPVHIPVU UIF XIPMF NBOBHFNFOU DZDMF JT FTTFOUJBM 5IJT DBO CF DSFBUFE JO UIF GPSN PG CSJFG SFGMFDUJPO QFSJPET BU UIF FOE PG FBDI NBKPS BDUJWJUZ XPSLTIPQT FUD BJEFE CZ QSPDFTT EPDVNFOUBUJPO IJHIMJHIUJOH DIBOHFT BOE FYQMPSJOH TPNF PG UIF SFBTPOT CFIJOE UIFN -FBSOJOH TIPVME CF TVQQPSUFE CZ NPOJUPSJOH LFZ JOEJDBUPST )PXFWFS DBSF TIPVME CF UBLFO UP FOTVSF UIBU NPOJUPSJOH JT MJHIU BOE BQQSPQSJBUF UP UIF OFFET PG UIF MPDBM TUBLFIPMEFST SBUIFS UIBO EFTJHOFE UP NFFU UIF OFFET PG PVUTJEF BHFODJFT 4IBSJOH BOE DPNQBSJOH FYQFSJFODFT CFUXFFO TUBLFIPMEFST XJUI TJNJMBS JOUFSFTUT BOE BDUJWJUJFT GPS FYBNQMF CFUXFFO WJMMBHF $#0T DBO CF B QPXFSGVM UPPM GPS SFGMFDUJPO BOE DBO CF TVQQPSUFE CZ CFODINBSLJOH 4IBSJOH FYQFSJFODFT BOE TUSVDUVSFE MFBSOJOH CFUXFFO TUBLFIPMEFST BU EJGGFSFOU MFWFMT J F WJMMBHF BOE HPWFSOPSBUF JT BMTP FTTFOUJBM 5IJT OFFET UP CF NBJOTUSFBNFE JOUP UIF XJEFS QSPDFTT PG DPNNVOJDBUJPO BOE JOGPSNBUJPO GMPX CFUXFFO QMBUGPSNT BU EJGGFSFOU MFWFMT
5IF &.108&34 "QQSPBDI UP 8BUFS (PWFSOBODF
0VUQVUT GSPN UIF SFGMFDUJOH QIBTF r "DUJWF QBSUJDJQBUJPO PG TUBLFIPMEFST JO MFBSOJOH BOE SFGMFDUJPO r 0OHPJOH QSPDFTT PG JOGPSNBUJPO FYDIBOHF CFUXFFO LFZ TUBLFIPMEFST r 'SBNFXPSL TIPXJOH QSPHSFTT UPXBSET BDIJFWFNFOU PG UIF WJTJPO JODMVEJOH RVBOUJUBUJWF BOE RVBMJUBUJWF JOEJDBUJPOT
*U JT JNQPSUBOU JG UIF MFBSOJOH QSPDFTT JT UP CF FGGFDUJWF UIBU UIPTF XIP UBLF QBSU JO SFGMFDUJOH BOE MFBSOJOH BDUJWJUJFT IBWF B TVGGJDJFOUMZ QPXFSGVM SFQSFTFOUBUJWF GVODUJPO XJUIJO UIF TUBLFIPMEFS JOTUJUVUJPO GSPN XIJDI UIFZ BSF ESBXO TP UIBU SFTVMUT BOE DPODMVTJPOT BSF GFE CBDL BDUFE PO BOE MFBE UP DIBOHF *O UIF BCTFODF PG TVDI BO JOUFSOBM JOTUJUVUJPOBM QSPDFTT MFBSOJOH JT MJLFMZ UP SFNBJO BU UIF MFWFM PG JOEJWJEVBMT POMZ
1SPDFTT GPS UIF SFGMFDUJOH QIBTF 0CKFDUJWFT r "DUJWF JOWPMWFNFOU PG TUBLFIPMEFST JO MFBSOJOH BOE SFGMFDUJPO r 0OHPJOH QSPDFTT PG JOGPSNBUJPO FYDIBOHF CFUXFFO LFZ TUBLFIPMEFST "DUJWJUJFT r 3BJTF BXBSFOFTT PG MFBSOJOH BOE SFGMFDUJPO XJUIJO NVMUJ TUBLFIPMEFS QMBUGPSNT r 4VQQPSU MFBSOJOH PCKFDUJWFT XJUIJO XJEFS JOGPSNBUJPO NBOBHFNFOU TZTUFNT J F NPOJUPS LFZ JOEJDBUPST
r .BLF JOGPSNBUJPO QSPEVDUT BOE PVUQVUT PG QSPDFTT EPDVNFOUBUJPO BWBJMBCMF UP TUBLFIPMEFST JO BO BQQSPQSJBUF GPSNBU r *EFOUJGZ BOE EFWFMPQ JOGPSNBUJPO BOE LOPXMFEHF NBOBHFNFOU QSPDFTTFT BOE QSPDFEVSFT JODMVEJOH HPPE BOE GSFRVFOU DPNNVOJDBUJPO CFUXFFO MFWFMT 5JQT r 5IF SFTPVSDFT XIJDI DBO CF QVU UPXBSET SFGMFDUJPO BOE MFBSOJOH WBSZ HSFBUMZ CFUXFFO TUBLFIPMEFST BOE MFWFMT "U JOUFSNFEJBUF MFWFM SFGMFDUJPO XJMM OFFE UP CF VOEFSQJOOFE CZ GPSNBM JOGPSNBUJPO NBOBHFNFOU TZTUFNT BOE DPNNVOJDBUJPO TUSBUFHJFT "U MPDBM MFWFM JU DBO CF NPSF JOGPSNBM BMUIPVHI JU TIPVME BT NVDI BT QPTTJCMF CF CBTFE PO UIF PVUQVUT PG B MPDBMMZ PXOFE NPOJUPSJOH QSPHSBNNF r *U JT JNQPSUBOU UP FOTVSF UIBU EJBMPHVF DPOUJOVFT CFUXFFO MFWFMT BT XFMM BT XJUIJO FBDI MFWFM BT JU JT IFSF UIBU UIF JOUFSQMBZ CFUXFFO QPMJDZ BOE QSBDUJDF JT PCTFSWFE NPTU DMPTFMZ
#HAPTER
(VJEFMJOFT .FUIPET BOE 5PPMT
#HAPTER -ETHODS AND TOOLS FOR THE %-0/7%23 APPROACH 5IF UPPMT BOE NFUIPEPMPHJFT EFTDSJCFE IFSF IFMQ UP HJWF TIBQF UP UIF GJSTU GPVS QIBTFT PG UIF BQQSPBDI MFBEJOH GSPN UIF EFWFMPQNFOU PG BO JOJUJBM WJTJPO UISPVHI UIF BTTFTTJOH BOE TUSBUFHJTJOH QIBTFT BOE POUP UIF EFWFMPQNFOU PG EFUBJMFE JNQMFNFOUBUJPO QMBOT 5IJT DIBQUFS DPOUBJOT B TFU PG NFUIPET BOE UPPMT GPS BDUJWJUJFT JEFOUJGJFE JO UIF EFTDSJQUJPOT PG EJGGFSFOU QIBTFT PG UIF DZDMF *O TPNF DBTFT UIF UFYU EFTDSJCFT NFUIPET GPS JNQMFNFOUJOH QIBTFT PG UIF NBOBHFNFOU DZDMF TVDI BT WJTJPOJOH BOE QMBOOJOH *O PUIFS DBTFT XIBU ZPV XJMM GJOE IFSF JT B EFTDSJQUJPO PG B UPPM UP CF VTFE XJUIJO POF PS NPSF PG UIF NBOBHFNFOU QIBTFT 'PS B NPSF EFUBJMFE EJTDVTTJPO PG UIF BJNT BOE DIBMMFOHFT PG FBDI QBSU PG UIF NBOBHFNFOU DZDMF UIF SFBEFS TIPVME MPPL CBDL UP $IBQUFS 5PPMT BOE NFUIPEPMPHJFT BSF HSPVQFE BDDPSEJOH UP UIFJS VTF BOE QMBDF XJUIJO UIF PWFSBMM NBOBHFNFOU DZDMF 5IF VTFS JT PG DPVSTF GSFF UP FYQFSJNFOU BOE JOOPWBUF XJUI EJGGFSFOU DPNCJOBUJPOT BOE TFRVFODFT BOE UP VTF UPPMT XIFSFWFS UIFZ TFFN UP CF VTFGVM "T UIF PWFSBMM NBOBHFNFOU DZDMF JT BO JUFSBUJWF QSPDFTT UPPMT NBZ CF VTFE NPSF UIBO PODF
5IF &.108&34 "QQSPBDI UP 8BUFS (PWFSOBODF
6ISIONING " WJTJPOJOH QSPDFTT JT VTFE UP EFWFMPQ B QSFDJTF BOE TIBSFE EFTDSJQUJPO PG IPX BO JOEJWJEVBM PS B HSPVQ PG TUBLFIPMEFST XPVME MJLF UIF XBUFS SFTPVSDFT BOE XBUFS TFSWJDFT UP CF JO UIFJS BSFB PG JOUFSFTU BU TPNF GVUVSF UJNF 0CKFDUJWFT r 5P EFWFMPQ B QSFDJTF BOE TIBSFE EFTDSJQUJPO PG IPX B HSPVQ PG TUBLFIPMEFST XPVME MJLF UIF XBUFS SFTPVSDFT BOE XBUFS TFSWJDFT UP CF JO UIFJS BSFB PG JOUFSFTU UP CF BU TPNF GVUVSF UJNF r 'PS B HSPVQ PG TUBLFIPMEFST UP SFBDI B DPOTFOTVT PO UIFJS WJTJPO r 5P QSPEVDF B WJTJPO UIBU DBO QSPWJEF B DPNNPO GPDVT BOE UBSHFU GPS TUSBUFHJFT BOE QMBOT BJNFE BU NBOBHJOH BOE JNQSPWJOH XBUFS TFSWJDFT
.BUFSJBMT BOE SFTPVSDFT 5IF NBJO BDUJWJUJFT SFMBUFE UP WJTJPOJOH VTVBMMZ UBLF QMBDF EVSJOH XPSLTIPQT BOE B SBOHF PG XPSLTIPQ NBUFSJBMT XJMM CF SFRVJSFE 5IFTF JODMVEF DBSET GMJQ DIBSUT BOE QFOT 4QFDJBMJTU TVQQPSU NBZ BMTP CF OFDFTTBSZ EVSJOH XPSLTIPQT UP FOTVSF UIBU WJTJPOT BSF SFBMJTUJD BOE BDIJFWBCMF 4QFDJBMJTU TVQQPSU NBZ BMTP CF SFRVJSFE XIFO TUSBUFHJFT GPS BDIJFWJOH WJTJPOT BSF FWBMVBUFE BOE XIFO WJTJPOT IBWF UP CF SFWJTFE CFDBVTF OPOF PG UIF TUSBUFHJFT JEFOUJGJFE IBWF UIF QPUFOUJBM UP BDIJFWF UIF QSPWJTJPOBM WJTJPO %FQFOEJOH PO UIF TDBMF BOE DPNQMFYJUZ PG UIF BSFB PG JOUFSFTU UIF OVNCFS PG TUBLFIPMEFST BOE UIF QSPDFTT UP CF GPMMPXFE UIF WJTJPOJOH DBO UBLF QMBDF JO B TJOHMF PS B TFSJFT PG XPSLTIPQT )PXFWFS UP BDIJFWF B SFBMJTUJD WJTJPO UIFSF JT BMXBZT HPJOH UP CF B OFFE GPS TPNF GPSN PG JUFSBUJPO CFUXFFO WJTJPOJOH JOGPSNBUJPO DPMMFDUJPO BOE BOBMZTJT BOE TUSBUFHJTJOH .FUIPET *O UIF NBOBHFNFOU DZDMF BO JOJUJBM WJTJPO JT QSPEVDFE EVSJOH UIF WJTJPOJOH QIBTF 5IJT JT UIFO JNQSPWFE BOE GJOBMJTFE EVSJOH UIF TUSBUFHJTJOH QIBTF 5IF WJTJPOJOH QSPDFTT QSPWJEFT BO FYDFMMFOU NFBOT PG QSPNPUJOH EJBMPHVF CFUXFFO TUBLFIPMEFST BOE CSFBLJOH EPXO BOZ JOIJCJUJPOT PS EFFQ TFBUFE BOUBHPOJTNT UIBU NJHIU FYJTU *U JT BMTP OPUBCMF UIBU TUBLFIPMEFST PGUFO HFU DPOTJEFSBCMF QMFBTVSF BOE B TUSPOH TFOTF PG BDIJFWFNFOU GSPN B XFMM GBDJMJUBUFE WJTJPOJOH QSPDFTT (FOFSJD TUFQT UIBU DBO CF VTFE GPS EFWFMPQJOH B DPNNPO WJTJPO BSF 4UFQ 3FBDI BHSFFNFOU PO UIF BSFB PG JOUFSFTU BOE UIF UJNFGSBNF GPS XIJDI UIF WJTJPOJOH JT UP UBLF QMBDF &OTVSF UIBU BMM TUBLFIPMEFST BSF BEFRVBUFMZ SFQSFTFOUFE JO UIF QSPDFTT 4UFQ *EFOUJGZ UIF NBJO JTTVFT UIBU BSF UP CF JODMVEFE JO UIF WJTJPO *TTVFT DBO CF JEFOUJGJFE BOE HSPVQFE VTJOH B DPNCJOBUJPO PG UFDIOJRVFT UIBU JODMVEF QSPCMFN USFF BOBMZTJT BOE CSBJOTUPSNJOH VTJOH DBSET BOE PS B DIFDL MJTU QSPWJEFE CZ UIF GBDJMJUBUPST 4QFDJBMJTU LOPXMFEHF PS FYJTUJOH WJTJPOT DBO BMTP CF IFMQGVM EVSJOH UIJT TUFQ 4UFQ %FWFMPQ BO PVUMJOF WJTJPO GPS UIF BSFB PG JOUFSFTU PWFS UIF BHSFFE UJNFGSBNF 5IF WJTJPO JT CFTU EFTDSJCFE VTJOH B DPODJTF NJYUVSF PG EFTDSJQUJWF OBSSBUJWF BOE OVNFSJDBM UBSHFUT 4UBLFIPMEFST TIPVME BMTP CF BTLFE UP VTF UIF BDSPOZN 4."35 TQFDJGJD NFBTVSBCMF BDIJFWBCMF
(VJEFMJOFT .FUIPET BOE 5PPMT
SFBMJTUJD UJNF CPVOE BT B DIFDLMJTU PG BUUSJCVUFT GPS XFMM XSJUUFO WJTJPOT BOE UP IFMQ BWPJE UIF WJTJPO CFDPNJOH OPUIJOH NPSF UIBO B iXJTI MJTUu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
5JQT BOE USJDLT #FOFGJUT PG WJTJPOJOH 5IF QSPDFTT BOE PVUDPNFT PG WJTJPOJOH NBZ TFFN WBHVF BOE TVQFSGMVPVT 5IF MPOH UFSN CFOFGJUT BSF TVCTUBOUJBM IPXFWFS BT WJTJPOJOH r &ODPVSBHFT TUBLFIPMEFS EJBMPHVF r *EFOUJGJFT EJSFDUJPO BOE QVSQPTF r )FMQT UP MPPL GPSXBSE SBUIFS UIBO UP SFNBJO CPHHFE EPXO JO DVSSFOU QSPCMFNT r "MFSUT TUBLFIPMEFST UP OFFEFE DIBOHF r 1SPNPUFT JOUFSFTU BOE DPNNJUNFOU r &ODPVSBHFT PQFOOFTT UP VOJRVF BOE DSFBUJWF TPMVUJPOT r &ODPVSBHFT BOE CVJMET USVTU BOE DPOGJEFODF r #VJMET MPZBMUZ UISPVHI JOWPMWFNFOU PXOFSTIJQ
7JTJPO LJMMFST "T ZPV FOHBHF JO UIF WJTJPOJOH QSPDFTT CF BMFSU UP UIF GPMMPXJOH WJTJPO LJMMFST r 5SBEJUJPO r 'FBS PG SJEJDVMF r 4UFSFPUZQFT PG QFPQMF DPOEJUJPOT SPMFT BOE HPWFSOJOH DPVODJMT r $PNQMBDFODZ PG TPNF TUBLFIPMEFST r 'BUJHVFE MFBEFST r 4IPSU UFSN UIJOLJOH r 1FPQMF XIPTF PVUMPPL JT QFSTJTUFOUMZ OFHBUJWF
5IF &.108&34 "QQSPBDI UP 8BUFS (PWFSOBODF
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r 'PS B HSPVQ PG TUBLFIPMEFST UP CVJME GPVS PS GJWF TDFOBSJPT GPS BO BSFB PG JOUFSFTU r 5P QSPWJEF B CBTJT GPS EFWFMPQJOH TUSBUFHJFT UIBU UBLF HPPE BDDPVOU PG JOIFSFOU VODFSUBJOUJFT DPOTUSBJOUT BOE SJTLT
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(VJEFMJOFT .FUIPET BOE 5PPMT
3EMI STRUCTURED DISCUSSION " TFNJ TUSVDUVSFE JOUFSWJFX JT BO PQFO EJTDVTTJPO CFUXFFO BO JOUFSWJFXFS BOE B TJOHMF JOUFSWJFXFF TPNFUJNFT B TNBMM HSPVQ JO XIJDI UIF JOUFSWJFXFS JT HVJEFE CZ B DIFDLMJTU PG LFZ RVFTUJPOT 5IJT TUSVDUVSF FOTVSFT UIBU UIF JOUFSWJFX DPWFST FTTFOUJBM BSFBT CVU IBT UIF GMFYJCJMJUZ UP GPMMPX VQ JOUFSFTUJOH BSFBT UIBU NBZ OPU IBWF CFFO JODMVEFE JO UIF MJTU PG UPQJDT " TFNJ TUSVDUVSFE JOUFSWJFX IBT BEWBOUBHFT PWFS B NPSF GPSNBMMZ TUSVDUVSFE JOUFSWJFX UIBU HFOFSBMMZ POMZ BEESFTTFT JTTVFT GSPN UIF QFSTQFDUJWF PG UIF JOUFSWJFXFS BOE EPFT OPU FYQMPSF PUIFS BSFBT JNQPSUBOU UP UIF JOUFSWJFXFF *U IBT BEWBOUBHFT PWFS BO VOTUSVDUVSFE EJTDVTTJPO CFDBVTF UIF DIFDLMJTU PG LFZ RVFTUJPOT FMJDJUT JOGPSNBUJPO UIBU DBO CF DPNQBSFE CFUXFFO JOUFSWJFXT 0CKFDUJWFT r 5P TVQQPSU TZTUFNBUJD BOBMZTJT PG B TJUVBUJPO JO B XBZ UIBU IFMQT UP JEFOUJGZ QPUFOUJBM XBZT GPSXBSE
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
5IF &.108&34 "QQSPBDI UP 8BUFS (PWFSOBODF
8IP JT JOWPMWFE 5IF JOUFSWJFXFS XJMM UZQJDBMMZ CF B NFNCFS PG UIF GBDJMJUBUJPO UFBN )PXFWFS BT QBSU PG DBQBDJUZ CVJMEJOH BOE JOTUJUVUJPOBMJTBUJPO PG UIF BQQSPBDI SFMFWBOU TUBLFIPMEFST TIPVME CF JOWPMWFE XIFSFWFS QPTTJCMF
5JQT BOE USJDLT r *OEJWJEVBM JOUFSWJFXT NBZ CF NPSF VTFGVM UIBO JOUFSWJFXT JO HSPVQT 5IF HSFBUFS GSFFEPN PG EJTDVTTJPO NBZ SFWFBM NPSF BCPVU EJGGJDVMU JTTVFT r *OUFSWJFXT TIPVME UBLF JOUP BDDPVOU DVMUVSBM TFOTJCJMJUJFT 0GUFO UIJT NFBOT UIBU NFO TIPVME JOUFSWJFX NFO BOE XPNFO TIPVME JOUFSWJFX XPNFO .JYFE HSPVQT DBO CF JOUFSWJFXFE CZ B TNBMM NJYFE UFBN PG NFO BOE XPNFO r "TL JOUFSWJFXFFT BCPVU UIFJS PXO CFIBWJPVS BOE LOPXMFEHF SBUIFS UIBO UIF CFIBWJPVS BOE LOPXMFEHF PG PUIFST VOMFTT ZPV TQFDJGJDBMMZ XBOU UP LOPX UIFJS QFSDFQUJPOT PG PUIFST r "WPJE MFBEJOH RVFTUJPOT i4VSFMZ ZPV XBTI ZPVS IBOETwu i%P GBSNFST XBTUF XBUFS u TJODF UIFZ QVTI UIF JOUFSWJFXFF JO B DFSUBJO EJSFDUJPO r 0QFO RVFTUJPOT i8IBU EP ZPV EP OFYU u PS i%PFT BOZPOF JO ZPVS DPNNVOJUZ XBTUF XBUFS u QSPWJEF NPSF SFMJBCMF JOGPSNBUJPO r 4LJQ RVFTUJPOT UIBU TFFN JSSFMFWBOU r "TL BEEJUJPOBM RVFTUJPOT JG UIFZ TFFN SFMFWBOU JO SFTQPOTF UP SFQMJFT GSPN UIF JOUFSWJFXFF r 0GUFO QFPQMF TBZ XIBU UIFZ UIJOL JT iDPSSFDUu PS XIBU UIFZ UIJOL ZPV XBOU UP IFBS "TL RVFTUJPOT JO NPSF UIBO POF XBZ BU EJGGFSFOU QPJOUT JO UIF JOUFSWJFX USJBOHVMBUJPO UP DIFDL GPS DPOTJTUFODZ r 4JMFODF JT B VTFGVM UPPM 1FPQMF PGUFO BEE XIBU UIFZ SFBMMZ UIJOL BGUFS UIFZ IBWF HJWFO UIFJS iGPSNBMu BOTXFST " TJMFOU TNJMF PS OPE DBO FODPVSBHF UIFN UP TBZ NPSF r .FNPSZ JT VOSFMJBCMF 8SJUF VQ UIF JOUFSWJFX BT TPPO BT QPTTJCMF QSFGFSBCMZ UIF TBNF EBZ
(VJEFMJOFT .FUIPET BOE 5PPMT
37/4 ANALYSIS 4805 TUBOET GPS TUSFOHUIT XFBLOFTTFT PQQPSUVOJUJFT BOE UISFBUT "O BOBMZTJT PG UIFTF GPVS FMFNFOUT HJWFT B HPPE QPJOUFS UP UIF EJSFDUJPO BDUJWJUJFT TIPVME UBLF 5IJT UPPM SFDPHOJTFT UIBU UIFSF BSF VTVBMMZ UXP TJEFT QPTJUJWF BOE OFHBUJWF UP BOZ HJWFO TJUVBUJPO BOE FODPVSBHFT EJTDVTTJPO PG CPUI *NQPSUBOUMZ JU BMTP SFDPHOJTFT BOE NBLFT FYQMJDJU UIF EJGGFSFODF CFUXFFO JOUFSOBM GBDUPST TUSFOHUIT BOE XFBLOFTTFT BOE FYUFSOBM GBDUPST PQQPSUVOJUJFT BOE UISFBUT 0CKFDUJWFT r 5P TVQQPSU TZTUFNBUJD BOBMZTJT PG B TJUVBUJPO JO B XBZ UIBU IFMQT UP JEFOUJGZ QPUFOUJBM XBZT GPSXBSE
(PPE GBDJMJUBUJPO PG PQFO JO EFQUI BOE GPDVTFE EJTDVTTJPOT JT SFRVJSFE CFDBVTF BHSFFNFOU NVTU CF SFBDIFE UP JEFOUJGZ TUSFOHUIT BOE XFBLOFTTFT XIFSF XF GJOE PQQPSUVOJUJFT BOE XIBU UISFBUT XF IBWF UP EFBM XJUI *OGPSNBUJPO PCUBJOFE UISPVHI PUIFS UPPMT TVDI BT B QSPCMFN USFF IFMQ JO B 4805 BOBMZTJT .BUFSJBMT BOE SFTPVSDFT 5IF NPTU JNQPSUBOU SFTPVSDF JT B HPPE GBDJMJUBUPS XIP VOEFSTUBOET UIF LFZ EJGGFSFODFT CFUXFFO UIF EJGGFSFOU 4805 FMFNFOUT BOE QBSUJDVMBSMZ UIF JNQPSUBODF PG TFQBSBUJOH JOUFSOBM GBDUPST UIPTF UIBU TUBLFIPMEFST UIFNTFMWFT DBO DIBOHF BOE FYUFSOBM GBDUPST UIBU UIFZ IBWF OP EJSFDU DPOUSPM PWFS " 4805 DBO CF DBSSJFE PVU JO B XPSLTIPQ TFUUJOH PS XJUI JOEJWJEVBMT " 4805 UZQJDBMMZ QSPWJEFT JUT SFTVMUT PO POF PS UXP TIFFUT PG QBQFS #FDBVTF PG JUT TVDDJODU OBUVSF B 4805 JT JEFBMMZ TVJUFE UP QSPDFTT EPDVNFOUBUJPO .FUIPET 5IFTF CBTJD TUFQT BSF EFTDSJCFE GPS B XPSLTIPQ m BOE TIPVME CF BEBQUFE BT SFMFWBOU GPS PUIFS TFUUJOHT 4UFQ 0O B MBSHF QJFDF PG QBQFS DSFBUF B NBUSJY XJUI GPVS EJWJTJPOT TUSFOHUIT XFBLOFTTFT PQQPSUVOJUJFT UISFBUT 4UFQ $MBSJGZ UIF PCKFDUJWF 4805 JT NPTU VTFGVM XIFO SFMBUFE UP B TQFDJGJD PCKFDUJWF PS BDUJWJUZ TVDI BT JNQSPWJOH UIF QPXFST PG B XBUFS VTFS BTTPDJBUJPO PS JNQSPWJOH UIF PQFSBUJPO BOE NBJOUFOBODF QFSGPSNBODF PG B EFQBSUNFOU 4UFQ *EFOUJGZ UIF TUSFOHUIT XFBLOFTTFT PQQPSUVOJUJFT BOE UISFBUT BGGFDUJOH UIF PCKFDUJWF r 4USFOHUIT BSF JOUFSOBM GBDUPST IFMQGVM UP BDIJFWJOH UIF PCKFDUJWF F H XFMM USBJOFE TUBGG r 8FBLOFTTFT BSF JOUFSOBM GBDUPST IBSNGVM UP BDIJFWJOH UIF PCKFDUJWF F H QPPSMZ NPUJWBUFE TUBGG r 0QQPSUVOJUJFT BSF FYUFSOBM GBDUPST IFMQGVM UP BDIJFWJOH UIF PCKFDUJWF F H HPWFSONFOU TVQQPSU
5IF &.108&34 "QQSPBDI UP 8BUFS (PWFSOBODF
r
5ISFBUT BSF FYUFSOBM GBDUPST UIBU BSF IBSNGVM UP BDIJFWJOH UIF PCKFDUJWF F H JOTVGGJDJFOU GVOEJOH
4UFQ 6TF UIF 4805 UP BTTFTT UIF MJLFMJIPPE PG BDIJFWJOH UIF PCKFDUJWF "TTFTT XIFUIFS UIF PCKFDUJWF JT SFBMJTUJD CZ BTLJOH r )PX DBO XF VTF FBDI TUSFOHUI r )PX DBO XF TUPQ FBDI XFBLOFTT r )PX DBO XF FYQMPJU FBDI PQQPSUVOJUZ r )PX DBO XF EFBM XJUI FBDI UISFBU #FBS JO NJOE UIBU UIF 4805 BOBMZTJT NBZ TIPX UIBU UIF PCKFDUJWF JT VOSFBMJTUJD BOE TIPVME CF NPEJGJFE PS BCBOEPOFE 8IP JT JOWPMWFE 4805 JT VTFGVM JO B WBSJFUZ PG EJGGFSFOU TFUUJOHT BOE DBO CF VTFE XJUI BMM TUBLFIPMEFST TP MPOH BT TLJMMFE GBDJMJUBUJPO JT BWBJMBCMF
5JQT BOE USJDLT r 5IF TVDDFTT PS GBJMVSF PG 4805 SFTUT PO UIF TLJMMT PG UIF GBDJMJUBUPS BOE UIF XJMMJOHOFTT PG TUBLFIPMEFST UP GPMMPX BOE BDDFQU UIF MPHJD m FWFO JG UIJT TVHHFTUT BCBOEPOJOH BO PCKFDUJWF PS BDUJWJUZ r 8IFSF NBOZ 4805 FMFNFOUT BSF JEFOUJGJFE JU JT VTFGVM UP SFEVDF UIFN CZ HSPVQJOH PS SBOLJOH .PSF JOGPSNBUJPO IUUQ FO XJLJQFEJB PSH XJLJ 4805@"OBMZTJT
(VJEFMJOFT .FUIPET BOE 5PPMT
0RIORITISATION AND RANKING $IPJDF BOE EFDJTJPO NBLJOH MJF BU UIF IFBSU PG JNQSPWFE XBUFS HPWFSOBODF .BJOUBJOJOH DPOGJEFODF JO IPX DIPJDFT BSF NBEF m QBSUJDVMBSMZ JO UIF PCKFDUJWJUZ BOE USBOTQBSFODZ PG EFDJTJPO NBLJOH m JT DSJUJDBM UP NBJOUBJOJOH IJHI MFWFMT PG TUBLFIPMEFS CVZ JO (JWFO UIF JOIFSFOUMZ QPMJUJDBM OBUVSF PG XBUFS NBOBHFNFOU UPPMT BOE NFUIPET UIBU IFMQ TUBLFIPMEFST NBLF UIF QSPDFTT DMFBSFS BOE MFTT TVCKFDUJWF DBO CF WFSZ VTFGVM JO JODSFBTJOH USBOTQBSFODZ BOE BDDFQUBCJMJUZ 5IF SBOLJOH UPPM JT B SFMBUJWFMZ TJNQMF ZFU QPXFSGVM NFUIPE GPS NBLJOH DIPJDFT QBSUJDVMBSMZ CFUXFFO B SBOHF PG QPTTJCMF PQUJPOT FNFSHJOH GPS FYBNQMF GSPN B TUSBUFHZ EFWFMPQNFOU QSPDFTT 0CKFDUJWFT r 5P TUJNVMBUF EJTDVTTJPO BCPVU EJGGFSFOU PQUJPOT MFBEJOH UP XFMM DPOTJEFSFE EFDJTJPOT r 5P SBOL QPTTJCMF PQUJPOT TZTUFNBUJDBMMZ PCKFDUJWFMZ BOE USBOTQBSFOUMZ BDDPSEJOH UP DSJUFSJB FTUBCMJTIFE CZ TUBLFIPMEFST
" SBOLJOH FYFSDJTF DBO SBOHF GSPN WFSZ TJNQMF UP RVJUF DPNQMFY 5IF NFUIPE EFTDSJCFE IFSF TUBSUT TJNQMZ CVU PODF XFJHIUJOH JT CSPVHIU JO CFDPNFT NPSF DPNQMJDBUFE 8IJMF PGGFSJOH UIF QPUFOUJBM UP NBLF EFDJTJPOT NPSF PQFO BOE USBOTQBSFOU SBOLJOH MJLF PUIFS UPPMT JT PG DPVSTF TUJMM PQFO UP NBOJQVMBUJPO QBSUJDVMBSMZ CZ UIF QFSTPO GBDJMJUBUJOH UIF FYFSDJTF PS CZ EPNJOFFSJOH NFNCFST PG B HSPVQ .BUFSJBMT BOE SFTPVSDFT 5IF NBJO SFTPVSDF SFRVJSFE GPS SBOLJOH JT B TLJMMFE GBDJMJUBUPS 3BOLJOH DBO CF VTFE JO NBOZ TFUUJOHT GSPN XPSLJOH XJUI JOEJWJEVBMT UP MBSHF XPSLTIPQT 8JUIJO B XPSLTIPQ TFUUJOH TUBOEBSE XPSLTIPQ NBUFSJBMT BSF VTFE GMJQ DIBSU DBSET QFOT FUD
.FUIPET 5IF TUFQT TFU PVU IFSF BSF HFOFSJD UP NPTU SBOLJOH FYFSDJTFT m UIFZ DBO CF BEBQUFE UP B XJEF WBSJFUZ PG TFUUJOHT 4UFQ %FWFMPQ B DMFBS BOE VOBNCJHVPVT MJTU PG UIF FMFNFOUT UP CF SBOLFE 5IFTF DBO CF QSPCMFNT PS TPMVUJPOT UP QSPCMFNT 4UFQ %FWFMPQ B MJTU PG LFZ DSJUFSJB CZ XIJDI UP SBOL UIF FMFNFOUT GPS FYBNQMF UIF DPTU BOE MJLFMZ JNQBDU PG TPMVUJPOT UP QSPCMFNT PS UIF JNQBDU PG QSPCMFNT PO UIF QPPSFTU BOE NPTU NBSHJOBMJTFE 4UFQ %SBX VQ B NBUSJY QVUUJOH TFMFDUFE FMFNFOUT PO UIF IPSJ[POUBM BYJT BOE UIF TFMFDUJPO DSJUFSJB PO UIF WFSUJDBM BYJT &OTVSF UIBU EFTDSJQUJPOT BSF DMFBS UP BMM TUBLFIPMEFST
5IF &.108&34 "QQSPBDI UP 8BUFS (PWFSOBODF
4UFQ "TL QBSUJDJQBOUT UP HJWF FBDI FMFNFOU B TDPSF BDDPSEJOH UP UIF DSJUFSJB " OVNCFS PG WBSJBUJPOT GPS TDPSJOH BSF QPTTJCMF 5XP PG UIF NPTU DPNNPO BSF r 'PS FBDI DSJUFSJB EFDJEF XIJDI QPTTJCMF TPMVUJPO JT CFTU XIJDI POF JT TFDPOE CFTU FUD (JWF UIF CFTU B TDPSF FRVBM UP UIF OVNCFS PG DIPJDFT BOE UIF HJWF OFYU CFTU B TDPSF POF MFTT UIBO UIF OVNCFS FUD *G UIF OVNCFS PG QPTTJCMF TPMVUJPOT JT HJWF UIF CFTU B TDPSF PG UIF OFYU CFTU FUD 5IJT LJOE PG TDPSJOH IBT UIF BEWBOUBHF PG TJNQMJDJUZ m CVU EPFT OPU BMMPX HSFBU EJGGFSFOUJBUJPO CFUXFFO CFTU BOE XPSTU PQUJPOT r "MMPDBUF B MJNJUFE TFU OVNCFS PG iWPUFTu UP FBDI QBSUJDJQBOU BOE BMMPX UIFN UP BMMPDBUF UIFN XIFSFWFS UIFZ MJLF JO UIF NBUSJY 5IJT XJMM JEFOUJGZ UIF iCFTUu TPMVUJPOT BOE BU UIF TBNF UJNF IJHIMJHIU UIF FMFNFOUT BOE DSJUFSJB KVEHFE UP CF NPTU JNQPSUBOU "MMPDBUF B iXFJHIUu PS iTDPSFu UP FBDI PG UIF DSJUFSJB UP FNQIBTJTF UIFJS SFMBUJWF JNQPSUBODF 5IFO NVMUJQMZ UIJT XFJHIU CZ UIF TDPSF HJWFO UP FBDI FMFNFOU 4UFQ 0ODF BMM UIF TPMVUJPOT IBWF CFFO SBOLFE BHBJOTU BMM DSJUFSJB BEE VQ UIF TDPSFT BOE EJTDVTT UIF SFTVMUT "MMPX QFPQMF UP WPJDF EPVCUT BOE FYQMPSF UIFTF 5IF BJN TIPVME CF UP BSSJWF BU DPOTFOTVT PO UIF SBOLJOH m PS BT OFBS BT QPTTJCMF "MMPX QFPQMF UP DIBOHF UIFJS NJOET JG UIFZ GFFM UIF GJOBM TDPSF EPFT OPU DPSSFTQPOE UP UIFJS GFFMJOHT 8IP JT JOWPMWFE 3BOLJOH JT VTFGVM JO B WBSJFUZ PG EJGGFSFOU TFUUJOHT BOE DBO CF VTFE XJUI BMM TUBLFIPMEFST 5IF NPTU JNQPSUBOU FMFNFOU JT TLJMMFE GBDJMJUBUJPO
5JQT BOE USJDLT r .BUSJY SBOLJOH XPSLT CFTU JG UIF OVNCFS PG FMFNFOUT CFJOH DPNQBSFE JT SFMBUJWFMZ TNBMM JEFBMMZ OP NPSF UIBO BOE UIFSF BSF DMFBS EJGGFSFODFT CFUXFFO UIFN r %JTDVTTJPO PG UIF TDPSJOH DSJUFSJB JT FYUSFNFMZ JNQPSUBOU %JGGFSFODFT PG PQJOJPO GPS FYBNQMF BNPOH XFMM UP EP BOE QPPS QFPQMF PS BNPOH NFO BOE XPNFO BSF B HPPE PQQPSUVOJUZ UP EJTDPWFS UIBU QFPQMF NBZ IBWF EJGGFSFOU OPSNT BOE WBMVFT %JGGFSFODFT PG PQJOJPO TIPVME OPU CF DPWFSFE PWFS BOE EP OPU OFDFTTBSJMZ IBWF UP CF iSFTPMWFEu *U JT NPSF JNQPSUBOU UIBU UIFZ BSF BDDFQUFE TJODF UIJT BMMPXT UIFN UP CF EFBMU XJUI r 'PS TFOTJUJWF JTTVFT JOEJWJEVBM PS TFDSFU TDPSJOH DBO CF VTFGVM #F BXBSF UIBU JG ZPV BMMPX FBDI QFSTPO UP IBWF B IJHI OVNCFS PG WPUFT UP BXBSE UIFSF XJMM CF B UFOEFODZ UP BXBSE B TDPSF UP FWFSZ PQUJPO NJOJNJTJOH UIF EJGGFSFODFT *G ZPV MJNJU UIF UPUBM OVNCFS PG WPUFT FBDI QFSTPO IBT UIFZ IBWF UP NBLF IBSEFS DIPJDFT :PV NBZ GJOE UIF MBUUFS NPSF VTFGVM JO TPSUJOH PVU UIF SFBM XJOOFST BOE MPTFST
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(VJEFMJOFT .FUIPET BOE 5PPMT
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5IF &.108&34 "QQSPBDI UP 8BUFS (PWFSOBODF
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(VJEFMJOFT .FUIPET BOE 5PPMT
1UALITY ASSURANCE AND CONTROL 2VBMJUZ DPOUSPM PG JOGPSNBUJPO JT B DSVDJBM FMFNFOU PG TVDDFTTGVM QMBOOJOH 1MBOT CBTFE PO QPPS RVBMJUZ JOGPSNBUJPO IBWF B IJHI SJTL PG GBJMVSF )PXFWFS NBOZ QMBOOJOH QSPDFTTFT TUBMM PS CFDPNF VOBDDFQUBCMZ FYQFOTJWF CFDBVTF FYDFTTJWF UJNF BOE SFTPVSDFT BSF TQFOU USZJOH UP JNQSPWF QSFDJTJPO UP MFWFMT UIBU BSF OPU BQQSPQSJBUF PS XBSSBOUFE 5IF RVBMJUZ PG XBUFS SFMBUFE JOGPSNBUJPO DBO CF IJHIMZ WBSJBCMF *OGPSNBUJPO JT PGUFO PVU PG EBUF BOE NBZ BMTP CF DPNQMFUFMZ JOBDDVSBUF 3FBTPOT GPS UIJT JODMVEF VTF PG QPPS TBNQMJOH UFDIOJRVFT VTF PG NFBTVSJOH BOE NPOJUPSJOH FRVJQNFOU UIBU JT JOBQQSPQSJBUF PS OPU XFMM NBJOUBJOFE PVUEBUFE PS GBMTF BTTVNQUJPOT BCPVU XIP VTFT XIBU XBUFS JOWPMWFNFOU PG QFPQMF XIP BSF QPPSMZ USBJOFE BOE QPPSMZ NPUJWBUFE NBOJQVMBUJPO PG JOGPSNBUJPO CZ QFPQMF XJUI WFTUFE JOUFSFTUT JO TIPXJOH TJUVBUJPOT UIBU BSF CFUUFS PS XPSTF UIBO SFBMJUZ 0CKFDUJWFT r 5P FOTVSF UIBU JOGPSNBUJPO VTFE JO UIF QMBOOJOH QSPDFTT JT PG BO BQQSPQSJBUF BDDFQUBCMF BOE DPOTJTUFOU RVBMJUZ
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5IF &.108&34 "QQSPBDI UP 8BUFS (PWFSOBODF
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r $PNQVUFS CBTFE UFDIOJRVFT GPS DIFDLJOH GPS FSSPST JO OVNFSJDBM EBUB GJMUFSJOH TJNQMF DPSSFMBUJPOT TDBUUFS EJBHSBNT FUD r 5SJBOHVMBUJPO CZ DPNQBSJOH EJGGFSFOU JOEFQFOEFOU TPVSDFT JEFBMMZ UISFF PS NPSF UP FTUBCMJTI BDDVSBDZ BOE SFMJBCJMJUZ PG JOGPSNBUJPO r #FODINBSLJOH TUSVDUVSFE DPNQBSJTPO XJUI JOGPSNBUJPO GSPN PUIFS TFUUJOHT r $IFDLJOH TFDPOEBSZ JOGPSNBUJPO CZ DPMMFDUJOH OFX EBUB GSPN B SFQSFTFOUBUJWF TBNQMF 8IP JT JOWPMWFE "MNPTU FWFSZPOF CFDPNFT JOWPMWFE JO TPNF BTQFDUT PG RVBMJUZ DPOUSPM XIFO BXBSFOFTT JT SBJTFE PG UIF WBMVF PG HPPE RVBMJUZ JOGPSNBUJPO 4QFDJGJD SFTQPOTJCJMJUZ GPS DPNQVUFS CBTFE RVBMJUZ DPOUSPM TIPVME CF HJWFO UP TQFDJBMJTUT XIP IBWF B HPPE LOPXMFEHF PG UIF BSFB JO XIJDI UIF JOGPSNBUJPO PSJHJOBUFE
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(VJEFMJOFT .FUIPET BOE 5PPMT
7ATER BALANCE ESTIMATION *O UIF OBUVSBM FOWJSPONFOU XBUFS JT JO BMNPTU DPOTUBOU NPUJPO BOE JT BCMF UP DIBOHF TUBUF GSPN MJRVJE UP B TPMJE PS B WBQPVS VOEFS BQQSPQSJBUF DPOEJUJPOT $POTFSWBUJPO PG NBTT SFRVJSFT UIBU XJUIJO B TQFDJGJD BSFB PWFS B TQFDJGJFE QFSJPE PG UJNF XBUFS JOGMPXT BSF FRVBM UP XBUFS PVUGMPXT QMVT PS NJOVT BOZ DIBOHF PG TUPSBHF XJUIJO UIF BSFB PG JOUFSFTU 1VU NPSF TJNQMZ UIF XBUFS FOUFSJOH BO BSFB IBT UP MFBWF UIF BSFB PS CF TUPSFE XJUIJO UIF BSFB 5IF TJNQMFTU GPSN PG UIF XBUFS CBMBODF FRVBUJPO JT BT GPMMPXT 1 2 & ™ ƀ4 8IFSF 1 JT QSFDJQJUBUJPO 2 JT SVOPGG & JT FWBQPSBUJPO BOE ƀ4 JT UIF DIBOHF JO TUPSBHF JO UIF TPJM BRVJGFST PS SFTFSWPJST *O XBUFS CBMBODF BOBMZTJT JU JT PGUFO VTFGVM UP QBSUJUJPO XBUFS GMPXT BOE TUPSBHF JOUP iHSFFOu BOE iCMVFu XBUFS i#MVFu XBUFS JT UIF TVSGBDF BOE HSPVOEXBUFS UIBU JT BWBJMBCMF GPS JSSJHBUJPO VSCBO BOE JOEVTUSJBM VTF BOE FOWJSPONFOUBM GMPXT i(SFFOu XBUFS JT XBUFS UIBU IBT CFFO TUPSFE JO UIF TPJM BOE UIBU FWBQPSBUFT JOUP UIF BUNPTQIFSF 5IF TPVSDF PG iHSFFOu XBUFS JT SBJOGBMM PS iCMVFu XBUFS UIBU IBT CFFO VTFE GPS JSSJHBUJPO 0CKFDUJWFT 8BUFS CBMBODF BOBMZTJT DBO CF VTFE UP r "TTFTT UIF DVSSFOU TUBUVT BOE USFOET JO XBUFS SFTPVSDF BWBJMBCJMJUZ JO BO BSFB PWFS B TQFDJGJFE QFSJPE PG UJNF r 4USFOHUIFO XBUFS NBOBHFNFOU EFDJTJPO NBLJOH CZ BTTFTTJOH BOE JNQSPWJOH UIF WBMJEJUZ PG WJTJPOT TDFOBSJPT BOE TUSBUFHJFT
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5IF &.108&34 "QQSPBDI UP 8BUFS (PWFSOBODF
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(VJEFMJOFT .FUIPET BOE 5PPMT
8IP JT JOWPMWFE "MNPTU FWFSZPOF JT JOGMVFODFE CZ XBUFS CBMBODF FTUJNBUFT CFDBVTF UIFZ BSF PGUFO DFOUSBM FMFNFOUT PG BXBSFOFTT SBJTJOH DBNQBJHOT 4UBLFIPMEFST EJSFDUMZ JOWPMWFE JO EFDJTJPO NBLJOH NBZ SFRVJSF NPSF EFUBJMFE JOGPSNBUJPO (JWFO UIBU XBUFS CBMBODF BOBMZTJT TIPVME CF CBTFE PO B OFFET BTTFTT NFOU FWFSZPOF JT JOWPMWFE JO EFUFSNJOJOH UIF PVUQVUT UIBU BSF OFFEFE 5IF QSPDFTT PG QSPEVDJOH XBUFS FTUJNBUFT JT CFTU VOEFSUBLFO CZ FYQFSJFODFE TQFDJBMJTUT PS CZ TUBGG XIP IBWF VOEFSHPOF USBJOJOH BOE IBWF BDDFTT UP TQFDJBMJTU TVQQPSU
5JQT BOE USJDLT r #F BXBSF UIBU QVCMJTIFE XBUFS CBMBODF FTUJNBUFT BSF PGUFO JODPSSFDU GPS UIF NBOZ SFBTPOT MJTUFE BCPWF r 5PP PGUFO NJOJNBM PS OP BDDPVOU JT UBLFO PG VODFSUBJOUZ XIFO FTUJNBUFT BSF NBEF BOE QSFTFOUFE 2VBMJUZ BTTVSBODF BOE DPOUSPM PG UIF FTUJNBUFT TIPVME BMXBZT CF CVJMU JO UP B XBUFS CBMBODF FTUJNBUJPO QSPDFEVSF r 8IFO EBUB BSF VODFSUBJO JU JT PGUFO QPTTJCMF UP PNJU DPNQPOFOUT UIBU EP OPU BGGFDU DIBOHFT 'PS FYBNQMF JU JT QPTTJCMF UP PNJU TUPSBHF GSPN BO BOOVBM XBUFS CBMBODF JG ZFBS PO ZFBS DIBOHFT JO TUPSBHF TVDI BT B SFTFSWPJS BSF OFHMJHJCMF
5IF &.108&34 "QQSPBDI UP 8BUFS (PWFSOBODF
4IME SERIES ANALYSIS 4PNF GBDUPST UIBU JOGMVFODF GVUVSF XBUFS TVQQMZ BOE EFNBOE BSF NPSF QSFEJDUBCMF F H QPQVMBUJPO JODSFBTF UIBO PUIFST F H DMJNBUF DIBOHF 5JNF TFSJFT BOBMZTJT DBO CF VTFE UP QSFEJDU SBUFT PG DIBOHF PS UIF QSPCBCJMJUZ PG GVUVSF FWFOUT CBTFE PO BO BOBMZTJT PG QBTU USFOET BOE FWFOUT 5JNF TFSJFT BOBMZTJT JT BO JNQPSUBOU UPPM UIBU DBO CF VTFE UP TVQQPSU BOE JNQSPWF TDFOBSJP CVJMEJOH TUSBUFHZ EFWFMPQNFOU BOE QMBOOJOH 0CKFDUJWFT r 5P GPSFDBTU PS QSFEJDU UIF QSPCBCJMJUZ PG GVUVSF DIBOHFT PS FWFOUT VTJOH LOPXMFEHF PG IJTUPSJD USFOET BOE FWFOUT
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(VJEFMJOFT .FUIPET BOE 5PPMT
BWBJMBCMF NPEFMMJOH TPGUXBSF 4VDI NPEFMT DBO CF VTFE GPS SFMBUJWFMZ TPQIJTUJDBUFE USFOE FTUJNBUJPO +VEHNFOUBM GPSFDBTUJOH NFUIPET BSF BT UIF OBNF TVHHFTUT CBTFE PO KVEHFNFOU SBUIFS UIBO OVNCFST 4VDI NFUIPET JODMVEF r 4DFOBSJP CVJMEJOH BT EFTDSJCFE FBSMJFS JO UIJT DIBQUFS r %FMQIJ UFDIOJRVF m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5IF &.108&34 "QQSPBDI UP 8BUFS (PWFSOBODF
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.PEFMT IBWF UXP NBKPS GVODUJPOT 'JSTUMZ UIFZ DBO CF VTFE UP JOWFTUJHBUF SFMBUJPOTIJQT CFUXFFO WBSJBCMFT JO B TZTUFN BOE TFDPOEMZ UIFZ DBO CF VTFE UP NBLF QSFEJDUJPOT DPODFSOJOH UIF GVUVSF CFIBWJPVS PG UIBU TZTUFN PS JOEJWJEVBM WBSJBCMFT UIBU BSF QBSU PG UIF TZTUFN *G B NPEFM JT UP CF VTFE UP NBLF QSFEJDUJPOT UIFO JU NVTU QSPWJEF B SFQSFTFOUBUJPO PG UIF QSPDFTT PS TZTUFN XJUIJO BDDFQUBCMF MFWFMT PG VODFSUBJOUZ .PEFMT JOWBSJBCMZ TJNQMJGZ TZTUFNT PS QSPDFTTFT BOE JOFWJUBCMZ QSPWF JOBEFRVBUF JO TPNF SFTQFDUT .PSFPWFS BMNPTU BMM NPEFMT BSF CBTFE UP TPNF FYUFOU PO FNQJSJDBM SFMBUJPOTIJQT BOE UIFJS BDDVSBDZ JT EFQFOEFOU PO UIF RVBMJUZ PG JOGPSNBUJPO UIBU XBT VTFE UP EFSJWF UIF SFMBUJPOTIJQT " HSFBU EFBM PG DBSF BOE BUUFOUJPO JT OFFEFE JO TFUUJOH VQ VTJOH BOE DBMJCSBUJOH NPEFMT 8IFO VTFE DPSSFDUMZ BOE KVEJDJPVTMZ NPEFMT QSPWJEF CFOFGJUT UIBU XPVME PUIFSXJTF CF VOPCUBJOBCMF "O FGGFDUJWF NPEFM NFFUT UIF QVSQPTF GPS XIJDI IBT CFFO EFTJHOFE BOE JT EFWFMPQFE XJUIJO BO BHSFFE UJNFTDBMF BOE DPTU .BOZ FGGFDUJWF NPEFMT DBO BMTP CF BEBQUFE UP UBLF BDDPVOU PG OFX JOGPSNBUJPO PS UP NFFU VOBOUJDJQBUFE SFRVJSFNFOUT .BUFSJBMT BOE SFTPVSDFT &GGFDUJWF NPEFMMJOH JT POMZ QPTTJCMF JG UIPTF EPJOH UIF NPEFMMJOH IBWF BDDFTT UP B RVBMJUZ DPOUSPMMFE JOGPSNBUJPO CBTF *OEJWJEVBMT PS HSPVQT XJUI SFTQPOTJCJMJUZ GPS NPEFMMJOH SFRVJSF HPPE DPNQVUJOH BOE NBUIFNBUJDBM TLJMMT 5IF MFWFM PG TLJMMT SFRVJSFE EFQFOET PO GBDUPST UIBU JODMVEF r 8IFUIFS NPEFMMJOH JODMVEFT UIF EFWFMPQNFOU PG OFX NPEFMT PS BEBQUBUJPO PG FYJTUJOH NPEFMT BOE r 5IF DPNQMFYJUZ PG UIF NPEFM BOE XIFUIFS PS OPU JU JT CFJOH EFWFMPQFE VTJOH DPNNFSDJBMMZ BWBJMBCMF NPEFMMJOH QBDLBHFT *U JT DSVDJBM UIBU UIPTF EFWFMPQJOH BOE VTJOH NPEFMT IBWF BO FYDFMMFOU VOEFSTUBOEJOH PG UIF TZTUFN PS QSPDFTT UIBU UIFZ BSF NPEFMMJOH
(VJEFMJOFT .FUIPET BOE 5PPMT
.FUIPET 4UFQ /FFET BTTFTTNFOU 5IF TUBSUJOH QPJOU JT B OFFET BTTFTTNFOU PG UIF QVSQPTF BOE PS TQFDJGJD OFFET GPS PVUQVUT BOE B SFWJFX PG FYJTUJOH NPEFMMJOH BOE PS EBUB BOBMZTJT QSPDFEVSFT 4UFQ .PEFM TQFDJGJDBUJPO 6TJOH UIF OFFET BTTFTTNFOU BT B TUBSUJOH QPJOU B NPEFM TQFDJGJDBUJPO TIPVME CF ESBXO VQ TQFDJGZJOH B EFTDSJQUJPO PG UIF QSPDFTT PS TZTUFN UP CF NPEFMMFE UIF TQBUJBM TDBMF BOE UJNF JOUFSWBMT BU XIJDI UIF NPEFM JT UP GVODUJPO UIF NBJO JOQVU BOE PVUQVU WBSJBCMFT BOE SFMBUJPOTIJQT UIF UZQF PG NPEFM BOE SFRVJSFE MFWFMT PG BDDVSBDZ PS QSFDJTJPO PG PVUQVUT 4UFQ ,OPXMFEHF BTTFTTNFOU *U JT TFOTJCMF UP BTTFTT UIF DVSSFOU TUBUF PG LOPXMFEHF BOE VOEFSTUBOEJOH PG UIF TZTUFN PS QSPDFTT *O NPTU DBTFT JU JT QPTTJCMF UP NBLF VTF PG PS MFBSO GSPN QSFWJPVT BUUFNQUT UP NPEFM UIF TZTUFN PS QSPDFTT 4UFQ "WBJMBCJMJUZ PG JOGPSNBUJPO "TTFTT XIFUIFS UIF JOGPSNBUJPO JEFOUJGJFE JO 4UFQT JT SFBEJMZ BWBJMBCMF PS DBO CF DPMMFDUFE XJUIJO BO BDDFQUBCMF UJNFTDBMF BOE DPTU 4UFQ %FWFMPQ UFTU BOE WBMJEBUF B QSPUPUZQF NPEFM "T UIFSF JT B IJHI SJTL UIBU NPEFMMJOH XJMM UBLF MPOHFS UIBO BOUJDJQBUFE PS GBJM UP QSPEVDF VTFGVM PVUQVUT JU JT TFOTJCMF UP QSPEVDF B QSPUPUZQF NPEFM RVJDLMZ 5IF QSPUPUZQF JT WBMJEBUFE CZ DPNQBSJOH NPEFM QSFEJDUJPOT PS TJNVMBUJPOT UP JOGPSNBUJPO JOEFQFOEFOUMZ PCUBJOFE 5P CF BDDFQUBCMF UIF NPEFM NVTU BDIJFWF EFTJSFE MFWFMT PG BDDVSBDZ PS QSFDJTJPO 4UFQ $POWFSU UIF QSPUPUZQF JOUP UIF GJOBM NPEFM 0ODF UIF QSPUPUZQF JT XPSLJOH BDDFQUBCMZ XFMM JU TIPVME CF VQHSBEFE UP NFFU BMM UIF TQFDJGJDBUJPOT *U NBZ CF OFDFTTBSZ UP SFWBMJEBUF UIF NPEFM 6TFST NBZ OFFE USBJOJOH JO IPX UP VTF UIF NPEFM 4UFQ 1SFEJDUJPOT BOE TJNVMBUJPOT 6TF UIF NPEFM UP QSPEVDF QSFEJDUJPOT BOE TJNVMBUJPOT SFRVJSFE UP TVQQPSU WJTJPOJOH TDFOBSJP CVJMEJOH PS TUSBUFHJTJOH 8IP JT JOWPMWFE "MNPTU FWFSZPOF XJMM CF JOWPMWFE JO JEFOUJGZJOH UIF JOGPSNBUJPO SFRVJSFE GSPN NPEFMMJOH BOE JO VTJOH UIF PVUQVUT GSPN NPEFMMJOH )PXFWFS JO NPTU DBTFT SFTQPOTJCJMJUZ GPS UIF BDUVBM NPEFMMJOH XJMM CF EFMFHBUFE UP TQFDJBMJTUT XJUI HPPE DPNQVUJOH BOE OVNFSJDBM TLJMMT BOE NPEFMMJOH FYQFSJFODF
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5IF &.108&34 "QQSPBDI UP 8BUFS (PWFSOBODF
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5IF &.108&34 "QQSPBDI UP 8BUFS (PWFSOBODF
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(VJEFMJOFT .FUIPET BOE 5PPMT
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5IF &.108&34 "QQSPBDI UP 8BUFS (PWFSOBODF
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(VJEFMJOFT .FUIPET BOE 5PPMT
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(VJEFMJOFT .FUIPET BOE 5PPMT
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(VJEFMJOFT .FUIPET BOE 5PPMT
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