FTTH Implementation and Migration
FTTH Implementation and Migration
net/publication/349620536
CITATIONS READS
0 755
2 authors:
All content following this page was uploaded by Babu R. Dawadi on 09 April 2021.
EVWUDFW
7KH LQFUHDVLQJ GHPDQG RI KLJK VSHHG GDWD UHVXOWV LQWR H[WHQVLYH HQKDQFHPHQW RQ GLIIHUHQW
WHOHFRPPXQLFDWLRQ WHFKQRORJLHV WKURXJK ZLUHOLQH DQG ZLUHOHVV WHFKQRORJLHV 2SWLFDO )LEHU
WHFKQRORJ LV EHLQJ SRSXODU IRU IL[HG EURDGEDQG WHFKQRORJLHV DQG IRU EDFNKDXO QHWZRUN GDWD
IRU QHWZRUN FRQYHUJHQFH DQG PHGLD GHYLFH LQWHUDFWLRQ )LEHU WR WKH KRPH )77+ LV JDLQLQJ
PRPHQWXP RI GHSOR PHQWV LQ PDQ FRXQWULHV DOO DURXQG WKH ZRUOG 3DVVLYH RSWLFDO QHWZRUN
321 XWLOL]HV SRLQW WR PXOWLSRLQW 3 03 WRSRORJ DQG LV EHFRPLQJ VXLWDEOH FRVW HIIHFWLYH DQG
SURPLVLQJ VROXWLRQV DV FRPSDUHG WR H[LVWLQJ FRSSHU EDVHG WHOHFRPPXQLFDWLRQ LQIUDVWUXFWXUH 321
DUFKLWHFWXUH LV FKHDSHU WKDQ RWKHU DUFKLWHFWXUHV GXH WR G QDPLF EDQGZLGWK DOORFDWLRQ DQG FRPPRQ
UHVRXUFHV WKDW FDQ EH XVHG E GLIIHUHQW VXEVFULEHUV DQG HVSHFLDOO IRU KRPH VXEVFULEHUV 7KLV SDSHU
SUHVHQWV D VWXG RQ WKH HIIHFWLYH GHSOR PHQW RI 321 EDVHG )77+ QHWZRUN DW 1HSDO E UHIHUULQJ
WKH GHSOR PHQW VFHQDULR RI 1HSDO 7HOHFRP 17 ZKLOH WKLV QHWZRUN GHVLJQ GHSOR PHQW DQG
LPSOHPHQWDWLRQ SURYLGHV D OHVVRQ OHDUQ IRU FRVW HIIHFWLYH GHSOR PHQW RI VXFK QHWZRUN WR RWKHU
VWDNHKROGHUV RI GHYHORSLQJ FRXQWULHV KDYLQJ VLPLODU WHUULWRU DQG LPSOHPHQWDWLRQ FKDOOHQJHV
Keywords: URDGEDQG )77+ QHWZRUN GHSOR PHQW 321 WHOHFRPPXQLFDWLRQ
,QWURGXFWLRQ
,QIRUPDWLRQ DQG FRPPXQLFDWLRQ WHFKQRORJ ,&7 HQDEOHV XV WR H[FKDQJH LQIRUPDWLRQ LQVWDQWO IURP DQ
SDUW RI WKH ZRUOG +RZHYHU WKHUH DUH VHYHUDO FKDOOHQJHV IRU D GHYHORSLQJ FRXQWU OLNH 1HSDO WR KDYH UREXVW
DQG KLJK FDSDFLW WHOHFRPPXQLFDWLRQ VHUYLFHV IRU LWV SHRSOH GXH WR SRRU WHOHFRPPXQLFDWLRQ LQIUDVWUXFWXUH
ZKHUH OHVV WKDQ WKUHH SHUFHQWDJH SHRSOH RI WRWDO SRSXODWLRQ KDYH DFFHVV RI ODQGOLQH LQIUDVWUXFWXUH
17$ 7KHUH LV OLPLWHG DYDLODELOLW RI EURDGEDQG VHUYLFHV LQ PRVW RI WKH DUHDV RI WKH FRXQWU 0RELOH
FRPPXQLFDWLRQ LV DYDLODEOH WR DOPRVW DOO WKH FLWL]HQV EXW RQO WKH YRLFH FRPPXQLFDWLRQ VHUYLFH LV DYDLODEOH
0RELOH EURDGEDQG * /7( * LV EHLQJ H[SDQGHG UDSLGO LQ WKH FRXQWU EXW LW LV QRW HQRXJK IRU DOO
FLWL]HQV DQG IRU DOO SDUWV RI WKH FRXQWU
KD DD D D - D I( J J D 6
,Q 1HSDO WKHUH LV ZHOO SODQQHG IL[HG WHOHSKRQH QHWZRUN LQ OLPLWHG DUHD RQO DQG PRVW SDUWV RI WKH FRXQWU
KDYH SRRU WHOHFRPPXQLFDWLRQ LQIUDVWUXFWXUH %XW WKH JRYHUQPHQW RZQHG RUJDQL]DWLRQ VXFK DV 1HSDO 7HOHFRP
17 DQG RWKHU SULYDWH LQWHUQHW VHUYLFH SURYLGHUV ,63V DUH ZRUNLQJ PDVVLYHO WR H[SDQG )77+ VHUYLFH
DQG EXLOGLQJ )77+ LQIUDVWUXFWXUH $ERXW VXEVFULEHUV DUH XVLQJ FRSSHU EDVHG WHOHSKRQH OLQHV DQG
VWLOO WLPH GLYLVLRQ PXOWLSOH[LQJ 7'0 VZLWFKHV DUH LQ RSHUDWLRQ 17$ 17 LV WKH VHUYLFH SURYLGHU IRU
ODQGOLQH SKRQH LQ 1HSDO ,W LV ZRUNLQJ DJJUHVVLYHO WR UHSODFH WKH 7'0 RU OHJDF VZLWFKHV DQG FRSSHU EDVHG
QHWZRUNV E WKH QH[W JHQHUDWLRQ QHWZRUN 1*1 ,3 VZLWFKHV DQG RSWLFDO ILEHU QHWZRUN EDVLFDOO )77+
QHWZRUN
,W LV D JUHDW FKDOOHQJH WR H[SDQG WHOHFRPPXQLFDWLRQ IDFLOLWLHV LQ DOO SDUWV RI WKH FRXQWU EHFDXVH WKHUH LV
GLIILFXOW DQG DGYHUVH WHUULWRULDO VWUXFWXUH VXFK DV PRXQWDLQV KLOOV ODFN RI SK VLFDO LQIUDVWUXFWXUH VXFK DV
URDGV HOHFWULFLW DQG ODFN RI SURSHU SODQQHG UHVLGHQWLDO VWUXFWXUH 'DZDGL HW DO )L[HG ODQGOLQH LV
OLPLWHG WR XUEDQ DQG VRPH SDUWV RI WKH VXE XUEDQ DUHD DQG GLVWULFW KHDGTXDUWHUV ZLWK OLPLWHG SODFHV LQ
UXUDO DUHDV 'LJLWDO GLYLGH LV D SUHYDOHQW LQ WKH FRXQWU ,Q WKLV SDSHU GHVLJQ DQG LPSOHPHQWDWLRQ RI )77+
WHFKQRORJ LV GLVFXVVHG DQG FRVW HIIHFWLYH LPSOHPHQWDWLRQ RI )77+ DQG PLJUDWLRQ RI )77+ IURP FRSSHU
EDVHG QHWZRUN LV DQDO ]HG DQG GLIIHUHQW PRGHOV IRU GLIIHUHQW WHUULWRULHV DUH GLVFXVVHG DQG UHFRPPHQGHG
7KLV GHVLJQ DQG LPSOHPHQWDWLRQ PHWKRG WR GHSOR )77+ QHWZRUN ZRXOG SURYLGH D OHVVRQ OHDUQ IRU WKH FRVW
HIIHFWLYH GHSOR PHQW RI VXFK QHWZRUN LQ WKH GHYHORSLQJ FRXQWULHV 7KH )77+ QHWZRUN DUFKLWHFWXUH FDQ EH
PRGLILHG LQ GLIIHUHQW FDSDFLWLHV ZLWK VOLJKW PRGLILFDWLRQ RI )LEHU GLVWULEXWLRQ FDELQHW )'& DQG )LEHU DFFHVV
SRLQW )$3 DQG FDQ EH XVHG DW GLIIHUHQW VLWHV GHSHQGLQJ RQ WKH SRSXODWLRQ GLVWULEXWLRQV
7KH UHVW RI WKH SDSHU LV RUJDQL]HG DV IROORZV ,Q VHFWLRQ WKH EDFNJURXQG RI )77+ WHFKQRORJ DQG
LWV EHQHILWV ZLWK UHODWHG ZRUN RQ QHWZRUN GHSOR PHQW DUH GLVFXVVHG 6HFWLRQ SUHVHQWV PHWKRGRORJ RI
321 EDVHG )77+ GHSOR PHQW FRQVLGHULQJ QHWZRUN GHSOR PHQW RI 17 6HFWLRQ SUHVHQWV WKH UHVXOWV DQG
DQDO VLV RI LPSOHPHQWDWLRQ LQFOXGLQJ FDSLWDO DQG RSHUDWLRQDO H[SHQGLWXUH &$3(; DQG 23(; FDOFXODWLRQ
RI QHWZRUN GHSOR PHQW 6HFWLRQ SURYLGHV GLVFXVVLRQ ZLWK SRVVLEOH UHFRPPHQGDWLRQV ZKLOH VHFWLRQ
FRQFOXGHV WKH SDSHU
7KH FRSSHU EDVHG WHOHFRPPXQLFDWLRQ QHWZRUN LV QRW FDSDEOH WR FRSH XS ZLWK WKH KXJH GHPDQG RI GDWD
- D I( J J D 6 KD DD D D
WUDQVPLVVLRQ UHTXLUHG IRU WKH UHOLDEOH GDWD VHUYLFH 7KH HYROXWLRQ RI DGYDQFHG WHOHFRPPXQLFDWLRQ WHFKQRORJLHV
DQG WKH UDSLG LQFUHDVH LQ GDWD XVDJH LQ GLIIHUHQW ILHOGV UHVXOWHG LQWR D KXJH GHPDQG RI GDWD VSHHG 2QOLQH
FODVVHV H OHDUQLQJ WHOHPHGLFLQH RQOLQH YLGHR FRQIHUHQFH RQOLQH EXVLQHVV RQOLQH SD PHQW RQOLQH VKRSSLQJ
DQG OLYH VWUHDPLQJ QHHG UHOLDEOH DQG KLJK VSHHG ,QWHUQHW VHUYLFH )77+ LV WKH RQO FRPSOHWH VROXWLRQ IRU
VXFK W SH RI DSSOLFDWLRQV 7KH FRPELQDWLRQ RI )LEHU DQG FRSSHU QHWZRUN DV D K EULG WHFKQRORJ LV DOVR
SRVVLEOH 17 LV DOVR XVLQJ WKHVH K EULG FRPELQDWLRQV XVLQJ ,3 VZLWFKHV DQG FRSSHU EDVHG DFFHVV QHWZRUN %XW
WKLV K EULG FRPELQDWLRQ LV DOVR QRW VXLWDEOH GXH WR OLPLWDWLRQV DQG SUREOHPV RI FRSSHU FDEOH DV FRPSDUHG WR
RSWLFDO )LEHU QHWZRUNV
,Q )77+ WKH )LEHU LV GLUHFWO FRQQHFWHG IURP DQ H[FKDQJH RU VZLWFKLQJ RIILFH WR WKH VXEVFULEHU V KRPH
*HQHUDOO WKH H[FKDQJH RIILFHV DUH FDOOHG FHQWUDO RIILFHV &2 DQG WKH )LEHUV IURP D &2 DUH FRQQHFWHG WR
GLIIHUHQW VXEVFULEHU V SUHPLVHV 7KH FRQQHFWLRQ PHFKDQLVPV DQG DSSURDFKHV DUH GLIIHUHQW EDVHG RQ WKH )77+
QHWZRUN GHVLJQ )77+ QHWZRUN GHVLJQ LV FDUULHG RXW GLIIHUHQWO EDVHG RQ WKH W SHV RI VXEVFULEHU V SUHPLVHV
L H WKH VL]H RI EXLOGLQJ QXPEHU RI UHVLGHQWV LQ WKH EXLOGLQJ QXPEHU RI EXLOGLQJ LQ D FRPPXQLW HWF 7KXV
JHQHUDO WHUP RI )77[ LV IUHTXHQWO XVHG ZKHUH WKH WHUP [ UHIHUV WR D QRGH FXUE KRPH SUHPLVH RU
EXVLQHVV 6DKX HW DO )LJ VKRZV WKH JHQHUDO DUFKLWHFWXUH RI )77+ 7KH PDMRU FRPSRQHQWV RI WKH
DUFKLWHFWXUH DUH EULHIO VXPPDUL]HG KHUH
2SWLFDO OLQH WHUPLQDO 2/7 2/7 LV ORFDWHG LQ &2 DQG LW LV WKH HQG SRLQW RI LQWHUQHW VHUYLFH SURYLGHUV ,W
FRQWUROV WKH ELGLUHFWLRQDO GDWD IORZ IURP VXEVFULEHUV HQG WR EDFNERQH WUDQVPLVVLRQ QHWZRUN DQG YLFH YHUVD
2/7 WDNHV YRLFH GDWD DQG YLGHR IURP EDFNERQH WUDQVPLVVLRQ QHWZRUN DQG EURDGFDVW WR DOO VXEVFULEHUV ZKLOH
WKHUH LV IORZ RI LQIRUPDWLRQ LQ WKH GRZQVWUHDP GLUHFWLRQ :KHQ XSVWUHDP LQIRUPDWLRQ IORZ WDNHV SODFH 2/7
DFFHSWV WKH WUDIILF IURP VXEVFULEHUV DQG IRUZDUGV WR WKH EDFNERQH WUDQVPLVVLRQ QHWZRUN
)LEHU WR WKH EXVLQHVV )77% )77% LV GHVLJQHG IRU HQWHUSULVHV VXEVFULEHUV RU EXVLQHVV KRXVHV 7KH )LEHU
LV GLUHFWO FRQQHFWHG IURP 2/7 WR WKH DFWLYH GHYLFHV ORFDWHG LQVLGH WKH HQWHUSULVHV DQG WKH KDYH DFFHVV
GHGLFDWHG UHVRXUFHV VXFK DV EDQGZLGWK
)LEHU WR WKH QRGH )771 $Q DFWLYH VZLWFKLQJ HTXLSPHQW L H QRGH VXFK DV GLJLWDO VXEVFULEHU OLQH DFFHVV
PXOWLSOH[HU '6/$0 LV SODFHG QHDU WKH VXEVFULEHUV SUHPLVHV &RSSHU DFFHVV QHWZRUN FDQ DOVR EH XVHG
)771 LV VXLWDEOH DW D GLVWDQFH RI DERXW .P
)LEHU WR WKH SUHPLVHV )773 )773 LV GHVLJQHG IRU ODUJHU QXPEHU RI VXEVFULEHUV LQ D VLQJOH EXLOGLQJ RU
SUHPLVHV 0XOWL GZHOOLQJ XQLW 0'8 DUH SODFHG DW WKH SUHPLVHV DQG WKH QHWZRUN LV FRQQHFWHG WR LQGLYLGXDO
VXEVFULEHUV WKURXJK WKH 0'8 7KH SUHPLVH FDQ EH D VLQJOH IDPLO KRXVH RU JURXS RI VLQJOH IDPLO KRXVH
ZLWKLQ D ODUJH EXLOGLQJ 5LJE
&ORXG 7KLV LV WKH QHWZRUN VWUXFWXUH WKDW FRQQHFWV DOO WKH QHWZRUN HOHPHQWV WKURXJK ,QWHUQHW SURWRFRO ,3
DQG PXOWL SURWRFRO OHYHO VZLWFKLQJ 03/6 ,W FRQQHFWV WKH VHUYHU UHODWHG WR YRLFH GDWD DQG 9LGHR
6/ 0 '6/$0 LV D VZLWFKLQJ HTXLSPHQW WKDW DJJUHJDWHV WUDIILF IURP GLIIHUHQW GLJLWDO VXEVFULEHU OLQH
'6/ DQG DJJUHJDWHV WKH WUDIILF XVLQJ PXOWLSOH[LQJ WHFKQLTXHV DQG VHQGV WR EDFNERQH WUDQVPLVVLRQ QHWZRUN
'H PXOWLSOH[LQJ LV FDUULHG RXW IRU WKH GRZQVWUHDP WUDIILF
6SOLWWHU &DELQHW LW LV D FDELQHW FRQWDLQLQJ RSWLFDO VSOLWWHU LQVLGH LW 2SWLFDO VSOLWWHUV DUH SDVVLYH GHYLFHV
ZKLFK GLYLGHV WKH RSWLFDO VLJQDO LQWR QXPHURXV RSWLFDO VLJQDOV 7KH VSOLW UDWLRV DUH DQG
DQG VR RQ 7KH VSOLWWHUV PDNH WKH GLIIHUHQW VXEVFULEHUV XVH WKH VDPH RSWLFDO UHVRXUFH IURP 2/7 WR VSOLWWHU
/RNKDQGH 6LQJK
6SOLWWHUV DUH FRQQHFWHG EHWZHHQ 217 DQG 2/7 DQG WKHUH PD EH PRUH WKDQ RQH VWDJH RI VSOLWWHU FRQQHFWLRQV
%DVLFDOO WKHUH LV RSWLFDO QHWZRUN XQLW 218 FRQQHFWHG DW FXVWRPHU V SUHPLVHV DQG LW FRPPXQLFDWHV RWKHU
217V EXW 218 DQG 2176 DUH FRQVLGHUHG WKH VDPH GHYLFH 7KH 217 KDV WKH LQWHUIDFHV WR FRQQHFW WULSOH
SOD GHYLFHV VXFK DV 5- LQWHUIDFHV IRU WHOHSKRQH VHW /$1 LQWHUIDFHV IRU GDWD DQG YLGHR 7KH 321 QHWZRUN
LV VXLWDEOH IRU WKH GLVWDQFH DW DURXQG NP IRU TXDOLW GDWD WUDQVPLVVLRQ DQG LW XVHV ZDYHOHQJWK UDQJH RI
QP IRU XSVWUHDP DW VSHHG RI *ESV QP DW *ESV IRU GRZQVWUHDP DQG QP IRU YLGHR
WUDQVPLVVLRQ +RUYDWK HW DO
KD DD D D - D I( J J D 6
$V HYHU V VWHP KDV ERWK EHQHILWV DQG VKRUWFRPLQJV $21 DQG 321 V VWHPV KDYH WKH VDPH 2Q WKH EDVLV
RI VRPH NH SDUDPHWHUV IRU H[DPSOH VLJQDO GLVWULEXWLRQ HTXLSPHQW FRVW DQG FRYHUDJH GLVWDQFH KHUH LV
FRPSDULVRQ EHWZHHQ WKHVH WZR V VWHPV 7DEOH VKRZV WKH GLIIHUHQFH EHWZHHQ WKHVH WZR V VWHPV /DUVHQ HW
DO 0DKORR HW DO
7DEOH &RPSDULVRQ EHWZHHQ $21 DQG 321
3DUDPHWHUV 21 321
&RYHUDJH GLVWDQFH .P .P
%DQGZLGWK 'HGLFDWHG VDPH DV EDQGZLGWK RI 2/7 SRUW 6KDULQJ
6LJQDO GLVWULEXWLRQ 8QLTXH VLJQDO 6DPH VLJQDO WR DOO
&RVW ([SHQVLYH GXH WR GHGLFDWHG UHVRXUFHV &KHDSHU
6 VWHP IDLOXUH DQG &RPSOH[ GXH WR DFWLYH FRPSRQHQWV LI WKHUH LV
6LPSOHU GXH WR SDVVLYH GHYLFHV
PDLQWHQDQFH IUHTXHQW SRZHU IDLOXUH
&RPSOH[ DV WKHUH DUH VKDUHG
1HWZRUN PRGLILFDWLRQ (DVLHU GXH WR GHGLFDWHG UHVRXUFHV
UHVRXUFHV
,Q $21 QHWZRUNV VXEVFULEHUV FDQ XVH GHGLFDWHG )LEHU RSWLF DQG EDQGZLGWK ZKLOH LQ 321 QHWZRUNV WKHUH LV
VKDULQJ RI RSWLFDO )LEHU DQG EDQGZLGWK E XVLQJ 321 VSOLWWHU 2SWLFDO )LEHUV IURP 2/7 DUH VKDUHG XVLQJ /
VSOLWWHU DQG IXUWKHU FDQ EH VKDUHG E XVLQJ / VSOLWWHU EHIRUH UHDFKLQJ WR FXVWRPHUV SUHPLVHV DV ZHOO 'XH WR
WKH GHGLFDWHG UHVRXUFHV WUDFLQJ RI SUREOHPV ZRXOG EH HDVLHU LQ $21 QHWZRUN ZKLOH LW LV VRPHZKDW GLIILFXOW
LQ 321 QHWZRUN 6LQFH WKHUH DUH SRZHUHG RU DFWLYH HTXLSPHQW LQ $21 QHWZRUN WKHUH PD EH PRUH LVVXHV
RI SRZHU LI VRPHZKHUH IDLOV WKH SRZHU ,Q 321 QHWZRUN QR VXFK LVVXHV WDNH SODFH GXH WR WKH SDVVLYH )LEHU
RSWLF H[FHSW LQ WZR HQG WHUPLQDOV $21 GHYLFHV DUH FRVWOLHU WKDQ 321 DQG $21 GHYLFHV WKDW QHHG IUHTXHQW
- D I( J J D 6 KD DD D D
PDLQWHQDQFH WKDQ 321 GHYLFHV GXH WR WKH QHFHVVLW RI SRZHU ,Q $21 V VWHP QHWZRUN FDQ EH H[WHQGHG
XS WR WR NP IURP 2/7 L H FHQWUDO RIILFH ZKLOH LQ 321 V VWHP LW LV XS WR NP RQO ,I WKHUH DUH
VXEVFULEHUV FORVHU WR WKH FHQWUDO VRXUFH RI WKH GDWD WKH GHSOR PHQW LV HDVLHU /DUVHQ HW DO $SDUW IURP
WKHVH UHDVRQV $21 QHWZRUNV DUH LQGXVWU VWDQGDUGV PRUH UHOLDEOH WKDQ 321 QHWZRUNV HDVLHU WR DGG QHZ
GHYLFHV DQG DUH VXLWDEOH IRU FRUSRUDWH FXVWRPHUV 'XH WR WKH VKDUHG EDQGZLGWK DQG UHVRXUFHV FDXVLQJ VORZ LQ
EXV KRXUV EXW DUH FKHDSHU WKDQ $21 QHWZRUN DQG VXLWDEOH IRU KRXVHKROG FXVWRPHUV
321 VWDQGDUGL]DWLRQ
321 QHWZRUN LV EDVLFDOO GHVLJQHG IRU VKDUHG XVDJH GXH WR WKLV LW LV FKHDSHU ,W XVHV PXOWLSOH[LQJ GH
PXOWLSOH[LQJ WHFKQLTXHV WR WUDQVPLW PDQ XVHU V GDWD WKURXJK WKH VDPH )LEHU 7KH PXOWLSOH[LQJ PHFKDQLVP
LV EDVHG RQ WLPH GLYLVLRQ PXOWLSOH DFFHVV DQG WLPH GLYLVLRQ PXOWLSOH[LQJ 7KH ,QVWLWXWH RI HOHFWULFDO DQG
HOHFWURQLFV HQJLQHHUV ,((( DQG WKH VWXG JURXSV RI ,78 V WHOHFRPPXQLFDWLRQ VWDQGDUGL]DWLRQ VHFWRU
,78 7 KDYH GHYHORSHG WKH GLIIHUHQW VHULHV RI 321 VWDQGDUGV 7KH IXOO VHUYLFHV DFFHVV QHWZRUN )6$1
JURXS KDV GHYHORSHG WHFKQLFDO VSHFLILFDWLRQV WKDW KDYH EHHQ WKH EDVLV IRU ,78 7 VWDQGDUGV 7DEOH VXPPDUL]HV
WKH GLIIHUHQW 321 VWDQGDUGV ,78 7 4 6WXG *URXS 0XFLDFFLD HW DO
7DEOH 321 VWDQGDUGV
WKH FRXQWU $V GLVFXVVHG HDUOLHU WKH VKDUH RI EDVLF WHOHSKRQ LV DERXW ,Q PRVW SDUW RI WKH FRXQWU
WKH IL[HG WHOHSKRQH RU ODQGOLQH QHWZRUN DYDLODELOLW LV OLPLWHG 17$
)LJ VKRZV WKH EURDGEDQG VKDUH LQ 1HSDO IRU GLIIHUHQW WHFKQRORJLHV %URDGEDQG SHQHWUDWLRQ LV PDLQO IURP
PRELOH QHWZRUN LW LV DURXQG UHPDLQLQJ DUH IURP ZLUHG DQG ZLUHOHVV IL[HG EURDGEDQG
JHWWLQJ ORZHU GXH WR PLJUDWLRQ SURFHVV )LJ VKRZV WKH SURSRUWLRQ RI $'6/ PLJUDWHG )77+ VXEVFULEHUV
IURP FRSSHU FDEOH QHWZRUN DQG QHZ )77+ VXEVFULEHUV LQ 17 7KH ILJXUH LV EDVHG RQ WKH GDWD RI 17 V
$'6/ )77+ VXEVFULEHUV DV RI DXJXVW
5HODWHG :RUNV
6RPH UHODWHG ZRUNV IRU WKH LPSOHPHQWDWLRQ RI 321 EDVHG )77+ DUFKLWHFWXUH DUH YHU IUXLWIXO DQG FDUULHG
RXW LQ 1HSDO DQG RWKHU FRXQWULHV )RU UHOLDEOH RSWLFDO )LEHU KLJK VSHHG GDWD FRPPXQLFDWLRQ WKHUH VKRXOG EH
UREXVW WHOHFRPPXQLFDWLRQ LQIUDVWUXFWXUH DYDLODEOH IRU WKH VHUYLFH %HFDXVH WKH H[LVWLQJ OHJDF V VWHP FDQQRW
VXSSRUW KLJK EDQGZLGWK GDWD WUDQVPLVVLRQ 7KHUH LV D SUHVVXUH IRU QHWZRUN VHUYLFH SURYLGHUV WR XSJUDGH WKH
QHWZRUN LQIUDVWUXFWXUH WR PHHW WKHLU GHPDQGV 7KH KLJK VSHHG GDWD WUDQVPLVVLRQ FDSDELOLW RI RSWLFDO )LEHU
LV LQVWUXPHQWDO IRU WKH ZRUOG WR UHDOL]H WKH FRQFHSW RI VPDUW FLW VPDUW SD PHQW VPDUW WUDQVSRUWDWLRQ
,QWHUQHW RI WKLQJV DQG VPDUW RI HYHU WKLQJ
$ FRVW HIIHFWLYH GHVLJQ DQG LPSOHPHQWDWLRQ RI *321 EDVHG QHWZRUN LV SUHVHQWHG IRU %DJKGDG $O *HKDG
FLW :DYHOHQJWK GLYLVLRQ PXOWLSOH[LQJ :'0 EDVHG )77+ VROXWLRQ UHVXOWV LQ PLQLPL]DWLRQ RI &$3(;
DQG DOORZV IRU IOH[LELOLW DQG DGDSWDELOLW .DGKLP +XVVDLQ D
$ *321 EDVHG DUFKLWHFWXUH LV SURSRVHG E WKH DXWKRUV IRU .RVRYR &DND +XODM 7KH FRQFUHWH
SRVVLELOLWLHV IRU SUDFWLFDO UHDOL]DWLRQ RI )77+ QHWZRUN DUH DQDO ]HG EDVHG RQ WKH WHUULWRULDO VWUXFWXUH RI
.RVRYR $ PRGHO QHWZRUN IRU WHQ KRXVHV ZHUH XVHG IRU DQDO VLV
KD DD D D - D I( J J D 6
,QQRYDWLYH LGHDV DUH GHYHORSHG LQ (XURSH IRU LQIUDVWUXFWXUH VKDULQJ ,Q )UDQFH UXOHV IRU GXFW VKDULQJ DUH
GHILQHG DQG DJUHHG LQ DQG GLIIHUHQW RSHUDWRUV VKDUHG WKH FRPPRQ GXFW LQIUDVWUXFWXUH RI )UDQFH WHOHFRP
7RROV IRU LQVWDOOLQJ RSWLFDO )LEHU LQ GRPHVWLF ZDWHU SLSH LV GHYHORSHG DQG XVHG LQ *HUPDQ )77+ &RXQFLO
(XURSH
)77+ FDQ EH D PLOHVWRQH IRU HIILFLHQW DQG IDVW KHDOWK FDUH V VWHP LQ UXUDO DUHDV + SRWKHWLFDO VWUXFWXULQJ
HTXDWLRQ PRGHOV KDYH EHHQ SURSRVHG DQG WKH WHVW KDV EHHQ FDUULHG RXW LQ ,QGLD %DJ HW DO ,W VKRZV WKH
LPSOHPHQWDWLRQ RI )77+ V VWHPV UHVXOWV LQ HQKDQFLQJ WKH HIILFLHQFLHV RI HPHUJHQF KHDOWK FDUH V VWHP
$XWKRUV RI .KDE]OL HW DO SURSRVHG D 321 EDVHG )77+ QHWZRUN DUFKLWHFWXUH IRU 3HNDQEDUX &LWUDODQG
KRXVLQJ LQ ,QGRQHVLD 7KH VLPXODWHG UHVXOWV VKRZ WKDW WKH OLQN EXGJHW YDOXH KDV PHW WKH ,((( VWDQGDUG
,Q WKLV SDSHU ZH SUHVHQW D GHVLJQ DQG LPSOHPHQWDWLRQ SURFHVV IRU 321 EDVHG )77+ IRU 1HSDO FRQVLGHULQJ
QHWZRUN GHSOR PHQW RI 17
,Q 1HSDO WKH SURMHFW IRU RSWLFDO )LEHU SURMHFW IRU EDFNKDXO GDWD WUDQVPLVVLRQ LV H[SDQGLQJ DOO RYHU WKH
FRXQWU 17 DQG RWKHU SULYDWH WHOHFRPPXQLFDWLRQ VHUYLFH SURYLGHUV DUH EXLOGLQJ )LEHU LQIUDVWUXFWXUH LQ WKH
7HUDL UHJLRQ DQG H[SDQGLQJ WRZDUGV KLOO UHJLRQ UDSLGO )LJ VKRZV WKH FRSSHU QHWZRUN DQG RSWLFDO )77+
QHWZRUN UHDFKDELOLW VWDWXV E 17 &RSSHU QHWZRUN LV H[SDQGHG WR DOO GLVWULFW KHDGTXDUWHUV EXW WKHUH LV
QR XQLIRUP H[SDQVLRQ WR RWKHU SODFHV 17$ LV DOVR EXLOGLQJ RSWLFDO )LEHU WUDQVPLVVLRQ QHWZRUN H[SDQVLRQ
XWLOL]LQJ WKH UXUDO WHOHFRPPXQLFDWLRQV GHYHORSPHQW IXQG 57') 17$
)LJXUH &RSSHU DQG RSWLFDO QHWZRUN UHDFKDELOLW E 17 PDS VRXUFH QFWKDNXU LWJR FRP
7KHUH DUH FKDOOHQJHV WR GHSOR RSWLFDO )LEHU DHULDO DV ZHOO DV XQGHUJURXQG 8* DQG DOO GLHOHFWULF VHOI
VXSSRUWLQJ $'66 $'66 LV WKH DHULDO RSWLFDO )LEHU XVHG IRU WUDQVPLWWLQJ GDWD WKDW DUH XVHG RQ HOHFWULF
XWLOLW SRZHU OLQHV RU KLJK YROWDJH WUDQVPLVVLRQ OLQHV (IILFLHQF 7HQVLOH HOHPHQW LV SURYLGHG ZLWK
QRQPHWDOOLF UHLQIRUFHPHQW DQG LW GRHV QRW QHHG PHVVHQJHU ZLUH
7KHUH VKRXOG EH D FORVH FRRUGLQDWLRQ DPRQJ YDULRXV W SHV RI SK VLFDO LQIUDVWUXFWXUH SURYLGLQJ DJHQFLHV VXFK
DV URDG GHSDUWPHQW GULQNLQJ ZDWHU VXSSO GHSDUWPHQW DQG HOHFWULFDO DXWKRULW 7KH FRRUGLQDWLRQ SURFHVV
LV KDSSHQLQJ IUHTXHQWO EXW ODFN RI SURSHU FRPPXQLFDWLRQ UHVXOWV LQ EUHDNGRZQ RI RSWLFDO )LEHU ZKLOH
FRQVWUXFWLRQ DQG PDLQWHQDQFH ZRUN RI URDG HOHFWULFLW DQG GULQNLQJ ZDWHU 6R FRPSOHWH V QFKURQL]DWLRQ
LV HW WR EH UHDOL]HG DQG WKHUH VKRXOG EH SURSHU SODQQLQJ WR H[SDQG WKH )LEHU WKURXJK EULGJHV RYHUKHDG
EULGJHV DQG SROHV
- D I( J J D 6 KD DD D D
0HWKRGRORJ
$ VWXG RI GHVLJQ DQG LPSOHPHQWDWLRQ RI 321 EDVHG )77+ IRU VXEVFULEHUV FDSDFLW LV FDUULHG RXW LQ
17 ,WV FDSLWDO H[SHQGLWXUH &$3(; DV ZHOO DV RSHUDWLRQDO H[SHQGLWXUH 23(; LV HVWLPDWHG DQG SRVVLEOH
SD EDFN SHULRG LV DOVR FDOFXODWHG
/HW XV GLVFXVV RQ ILUVW GHVLJQ DVSHFW RI 321 )77+ QHWZRUN 'DWD FROOHFWLRQV DQG DQDO VLV KDYH EHHQ FDUULHG
RXW IURP WKH ILHOG VXUYH 7KH ORFDWLRQ DQG FDSDFLW RI 2/7 2') WKH OHQJWK DQG W SHV RI IHHGHU FDEOHV WKH
)'& FDSDFLW WKH OHQJWK DQG W SHV RI DHULDO RU GLVWULEXWLRQ FDEOH DQG W SHV RI )$3V DUH FDOFXODWHG EDVHG RQ
SUHFLVHO FROOHFWHG VXUYH GDWD 7KH ORFDWLRQ RI )'& DQG )$3V DUH IL[HG DFFXUDWHO ZLWK SURSHU VXUYH GDWD
7KH UHVLGHQWLDO GHQVLW WKDW PD LQFOXGH WKH QXPEHU RI EXLOGLQJ FDSDFLW RI EXLOGLQJ WKH QXPEHU IODWV HWF
WKH SRVVLELOLW RI H[SDQVLRQ RI UHVLGHQWLDO DUHD DOVR FRQVLGHUHG SUHFLVHO 7KH VWUXFWXUH RI URDG KLJKZD V
GULQNLQJ ZDWHU DQG SROH VWUXFWXUH RI HOHFWULFLW ZKHUH LW LV WR EH VKDUHG DUH DQDO ]HG DQG FRRUGLQDWHG
SURSHUO 7KH SURSHU URXWH RI IHHGHU DHULDO FDEOH DFFRUGLQJ WR WKH UHVLGHQWLDO VWUXFWXUH DUH LGHQWLILHG 7KH
JHRJUDSKLF LQIRUPDWLRQ V VWHP *,6 DSSOLFDWLRQ EHFRPHV WKH HIIHFWLYH WRROV WR VROYH WKH SUREOHPV ZLWK ILHOG
VXUYH GDWD 7KH QHWZRUN ULQJ DOVR GHVLJQHG FRUUHFWO IRU UHGXQGDQF SXUSRVHV LQ FDVH RI PDLQ OLQN IDLOV
*HQHUDOO 2/7 DQG 2') VLWHV DUH LQ &2 )LJ VKRZV WKH VXPPDU RI GHVLJQ VWHSV RI )77+ QHWZRUN
XVLQJ ERWWRP XS DSSURDFK L H IURP VXEVFULEHU UHVLGHQWV WR &2
)LJ VKRZV )6$ &6$ DQG '6$ VHUYLFH DUH ERXQGDULHV LQ GHVLJQ DVSHFW /RNKDQGH 6LQJK
)HHGHU VHU LFH DUHD )6 GHVLJQ )6$ LV SODQQHG LQ VXFK D ZD WKDW LW FRYHUV WKH PD[LPXP KRPH FXVWRPHU
WR PHHW WKH NH SHUIRUPDQFH LQGLFDWRU .3, DQG GHVLJQ IURP 2/7 WR ILUVW VWDJH GHVLJQHU
&XVWRPHU VHU LFH DUHD &6 GHVLJQ 3ODQQLQJ WKH &6$ 6 VSOLWWHU FOXVWHU UHTXLUHV EXLOGLQJ LQIRUPDWLRQ
RSHQ SORWV XQGHU FRQVWUXFWLRQ EXLOGLQJ LQIRUPDWLRQ DQG ODQG EDVH GDWD ZKLFK FRQWDLQV EXLOGLQJ URDGV
VWUHHWV SDUNV SOD JURXQG HWF 'HVLJQ IURP QG OHYHO VSOLWWHU RQZDUGV FRYHUV VXEVFULEHUV
LVWULEXWLRQ VHU LFH DUHD 6 GHVLJQ )LEHU URXWH SODQQHG EHWZHHQ / VSOLWWHU WR / VSOLWWHU LV FDOOHG
DV GLVWULEXWLRQ URXWH 'LVWULEXWLRQ VHFWLRQV FRQQHFW QHLJKERULQJ EXLOGLQJV IURP / VSOLWWHU ORFDWLRQV LQ LWV
GHVLJQDWHG FOXVWHU
)HHGHU DQG GLVWULEXWLRQ )LEHU )HHGHU )LEHU LV XVHG WR FRQQHFW 2') DQG )'& $IWHU FRPSOHWLQJ WKH VLWH IRU
2/7 IHHGHU OD LQJ GHVLJQ LV FDUULHG RXW DQG SRVVLEOH ORFDWLRQV RI )'& DQG )$3 DUH GHVLJQHG DFFXUDWHO IURP
ILHOG VXUYH GDWD E XVLQJ *,6 WRROV *HQHUDOO FRUH )LEHU FDEOH LV XVHG ,W LV XQGHUJURXQG
8* )LEHU FDEOH DQG GHVLJQHG DFFRUGLQJO 'LVWULEXWLRQ )LEHUV DUH DHULDO )LEHU RI FRUH WKDW DUH
XVHG WR FRQQHFW )'& DQG )$3 GHSHQGLQJ XSRQ FKRLFH RI GLIIHUHQW WKHLU FDSDFLWLHV
URS )LEHU ) DQG 217 'URS )LEHU FDEOH LV XVHG EHWZHHQ )$3V DQG 217 ,W FDQ EH RQH RU WZR FRUH
)LEHU 7KH OHQJWK RI ') LV FDOFXODWHG DFFRUGLQJ WR WKH GLVWDQFH EHWZHHQ )$3 DQG VXEVFULEHU V KRPH 7KH )$3
LV SODFHG LQ D ORFDWLRQ VXFK WKDW WKH WRWDO OHQJWK RI ') FDQ EH PLQLPL]HG 217V DUH LQVWDOOHG LQVLGH WKH KRPH
SUHPLVHV RI WKH XVHUV ') ZLWK EXLOW LQ FRQQHFWRU LV XVHG DQG FRQQHFWRU FDQ EH PDGH DFFRUGLQJ WR WKH FKRLFH
RI WKH UHTXLUHG OHQJWK RI WKH ') *HQHUDOO WKH OHQJWK RI ') LV XS WR P DQG LI WKHUH LV ORQJHU GLVWDQFH
L H JUHDWHU WKDQ ILIW PHWHUV RXWGRRU WHUPLQDO ER[ FDQ DOVR EH XVHG IRU VLJQDO UHSHWLWLRQ DQG JHQHUDWLRQ
SXUSRVHV )LJ VKRZV WKH )77+ DUFKLWHFWXUH IRU FDSDFLW )'& RI 2'1 1HWZRUN ,Q WKLV QHWZRUN
/ VSOLWWHU RU )'& KDV VSOLW UDWLR UHVXOWLQJ )LEHU DFFHVV SRLQWV )$3V IURP FRUHV RI )LEHU (DFK
)$3 RU / VSOLWWHU KDV VSOLW UDWLR IXUWKHU WKXV UHVXOWLQJ FRQQHFWLRQ SRUW IRU VXEVFULEHUV )RU FRSSHU
EDVHG WHOHSKRQH PLJUDWLRQ H[FKDQJHV XS WR WKH FDSDFLW RI WR VXEVFULEHUV DQG VXFK W SH RI )'&
LV VXLWDEOH IRU FLWLHV VXFK DV ,WDKDUL 0DKHQGUDQDJDU DQG 6XUNKHW 7KH QHWZRUN DUFKLWHFWXUH IRU 2'1 VKRZQ
LQ )LJ FDQ EH PRGLILHG DQG DSSOLHG IRU )'&V ZLWK WKH FDSDFLWLHV RI DQG VXEVFULEHUV 7KH PDMRU
GLIIHUHQFHV DUH WKH QXPEHU RI IHHGHU FDEOH VSOLW UDWLR RI / DQG / VSOLWWHU 7DEOH VKRZV WKH FRPSDULVRQV
- D I( J J D 6 KD DD D D
RI WKH WKUHH W SHV RI 2'1 DUFKLWHFWXUH )LJ VXPPDUL]HV WKH LPSOHPHQWDWLRQ DQG GHSOR PHQW VWHSV RI
321 EDVHG )77+ QHWZRUN
DLU FRQGLWLRQLQJ DQG UHFWLILHUV &XVWRPHU SUHPLVHV HTXLSPHQW &3( FRVW LQFOXGHV WKH FRVW UHODWHG WR 217
H J &3(V WHOHSKRQH LQWHUIDFHV /$1 FDEOHV DQG LQWHUIDFHV UDGLR LQWHUIDFH DQG SRZHU EDFNXS IRU &3(V
5RNNDV HW DO :DQJ
)LJXUH ,PSOHPHQWDWLRQ DQG GHSOR PHQW VWHSV RI 321 EDVHG )77+ QHWZRUN
23(; LV WKH FRVW LQFXUUHG E EXVLQHVV LQ LWV GD WR GD EXVLQHVV IRU VPRRWK RSHUDWLRQ DQG PDLQWHQDQFH RI WKH
)77+ V VWHP 23(; LQFOXGHV ZDJHV DQG VDODULHV RI HPSOR HHV WUDYHOOLQJ H[SHQVHV SUHYHQWLYH DQG FRUUHFWLYH
PDLQWHQDQFH FRVW 7KH PDMRU 23(; IRU )77+ RSHUDWLRQ DQG PDLQWHQDQFH LV WKH VHUYLFH SURYLVLRQLQJ FRVW
7KLV LV DERXW SURYLVLRQLQJ RI VXEVFULEHUV VHUYLFHV VXFK DV DGGLWLRQ UHPRYDO DQG HGLWLQJ VHUYLFH SURILOH
RI WKH VXEVFULEHUV 6HUYLFH SURILOH LQFOXGHV GHWDLOV RI VXEVFULEHUV VXFK DV QDPH DGGUHVV GRFXPHQWV W SHV
RI VHUYLFH SDFNDJH HWF 6HUYLFH SURYLVLRQLQJ LV FDUULHG RXW E WKH QHWZRUN PDQDJHPHQW V VWHP 106 ,W
LQFOXGHV )LEHU PDQDJHPHQW VXFK DV VSOLFLQJ DQG SDWFK FRUG PDQDJHPHQW DQG IDXOW PDQDJHPHQW VXFK DV
IDLOXUH GHWHFWLRQ DQG UHFRYHU WKURXJK V VWHP FDUG DQG RWKHU FRPSRQHQWV UHSODFHPHQW DQG UHSDLU (QHUJ
FRQVXPSWLRQ FRVW FRYHUV WKH SRZHU FRQVXPSWLRQ E DFWLYH HTXLSPHQW DQG DLU FRQGLWLRQV 0DLQWHQDQFH FRVW
LQFOXGHV WKH PDLQWHQDQFH RI SK VLFDO LQIUDVWUXFWXUH SUHYHQWLYH DQG FRUUHFWLYH PDLQWHQDQFH FRVW )ORRU VSDFH
- D I( J J D 6 KD DD D D
PDQDJHPHQW FRVW LQFOXGHV PDLQO WKH FRVW DVVRFLDWHG ZLWK VSDFH OHDVLQJ IRU VHWWLQJ XS HTXLSPHQW .DGKLP
+XVVDLQ E .XONDUQL HW DO
• 3ODQQLQJ SKDVH
• ,PSOHPHQWDWLRQ SKDVH
• 0LJUDWLRQ SKDVH
• 6 VWHP SRZHU XS DQG UXQQLQJ SKDVH
• 'LVPDQWOH SKDVH
3ODQQLQJ SKDVH ,W LQFOXGHV DQDO VLV RI GHPRJUDSKLF DV ZHOO DV JHRJUDSKLFDO IDFWRUV ZKLFK DIIHFWV FRVWV IRU
GHSOR PHQW VWDJH 6XUYH RI HQWLUH QHWZRUN FDOFXODWLRQ RI QXPEHU DQG ORFDWLRQ RI QHWZRUN HTXLSPHQW
HVWLPDWLRQ RI &$3(; DQG 23(; GHYHORSLQJ EXVLQHVV PRGHO FKRLFH RI SURSHU WHFKQRORJ DQG FKRLFH RI
SURSHU ZRUN RUGHU DUH WR EH ILQDOL]HG LQ SODQQLQJ SKDVH
,PSOHPHQWDWLRQ SKDVH ,Q WKLV SKDVH WKH SURMHFW LV GHSOR HG )RU )77+ DOO FLYLO UHODWHG ZRUNV H J
WUHQFKLQJ GLJJLQJ DQG O LQJ RI GXFWLQJ FDQ EH FDUULHG RXW 7KH LQVWDOODWLRQ RI QHWZRUN HTXLSPHQW OD LQJ
GRZQ RI )LEHUV LQVWDOODWLRQ DQG WHVWLQJ RI 321 VSOLWWHU DQG WHVWLQJ RI DOO HTXLSPHQW VKRXOG EH FDUULHG RXW
LQ WKLV SKDVH /DUJHU DPRXQW RI FRVW DQG UHVRXUFHV DUH QHHGHG LQ WKLV SKDVH
0LJUDWLRQ SKDVH $IWHU WKH GHSOR PHQW SKDVH LV RYHU PLJUDWLRQ SKDVH VKRXOG EH FDUULHG RXW 'DWDEDVH
FROOHFWLRQ RI DOO VXEVFULEHUV WKHLU VHUYLFH VWDWXV DUH FROOHFWHG UHDUUDQJHG DQG XSGDWHG DFFRUGLQJ WR WKH
QHZ VHUYLFH ,I WKHUH LV D PLVPDWFK WKHQ SURSHU PLJUDWLRQ FDQQRW EH SHUIRUPHG 7KH FRVW LV UHODWHG WR
DFWLYLW EDVHG FRVW ,W LQFOXGHV EDVLFDOO FXVWRPHU V HTXLSPHQW FRVW VXFK DV FRVW RI &3(V DQG DFFHVVRULHV DQG
DGPLQLVWUDWLYH DQG &3( LQVWDOODWLRQ FRVW ZKLOH PLJUDWLQJ
6 VWHP SRZHU XS DQG UXQQLQJ SKDVH 7KLV SKDVH LQFOXGHV PDLQO RSHUDWLRQ DQG PDLQWHQDQFH 3URSHU
SUHYHQWLYH DQG FRUUHFWLYH PDLQWHQDQFH SURFHGXUH DUH DQDO ]HG DQG FDUULHG RXW 7KH PDLQ FRVW LQFOXGHV 23(;
FRVW OLNH HTXLSPHQW PDLQWHQDQFH VSOLFLQJ DQG SDWFKLQJ IRU RSHUDWLRQV DQG PDLQWHQDQFH SDUWV UHSDLUHG DQG
UHSODFHPHQW FRVWV 0DUNHWLQJ DQG SURPRWLRQV DQG FRQWLQXRXV IL[HG FRVWV DUH DOVR LQFOXGHG LQ WKLV SKDVH
LVPDQWOH SKDVH ,Q WKLV 3KDVH DOO WKH H[LVWLQJ VXEVFULEHUV DUH PLJUDWHG LQWR QHZ VHUYLFH DQG DOO WKH ROG
QHWZRUN HTXLSPHQW ZLOO EH GLVPDQWOHG &DVLHU HW DO
PDUNHW YDOXHV DQG FRQVLGHULQJ SUHYLRXV GLIIHUHQW TXRWDWLRQV DQG WHQGHU 7DEOH VKRZV WKH YDOXHV RI HDFK
SDUDPHWHUV 7KH FDOFXODWLRQ LV FDUULHG RXW XVLQJ WKH IROORZLQJ IRUPXOD
7KH WRWDO TXDQWLW LV VSHFLILHG IRU 8* IHHGHU )LEHU DHULDO GLVWULEXWLRQ )LEHU )'& DQG )$3 ,PSOHPHQWDWLRQ
FRVW LV MXVW HQRXJK IRU VXEVFULEHUV
Total cost =∑(Total cost for each parameter)+ Overhead cost (15% assumed)
7DEOH &$3(; FDOFXODWLRQ IRU 2'1
)LJ VKRZV WKH GLIIHUHQW FRVW DQG WKHLU FRQWULEXWLRQV LQ SHUFHQWDJH 7KH &$3(; ZRXOG LQFUHDVH LQ
VXEXUEDQ DQG UXUDO DUHD GXH WR WKH WUDQVSRUWDWLRQ FRVW DQG ODERU FRVW &$3(; LV HVWLPDWHG IRU XUEDQ VXE
XUEDQ DQG UXUDO DUHD )LJ VKRZV WKH &$3(; IRU XUEDQ VXE XUEDQ DQG UXUDO DUHDV &$3(; LQFUHDVHV LQ
UXUDO DUHD GXH WR KHDYLO LQFUHDVH LQ WUDQVSRUWDWLRQ FRVW
6LPLODUO 23(; LQFOXGHV RSHUDWLRQ DQG PDLQWHQDQFH FRVW FXVWRPHU FDUH FRVW ,QWHUQDWLRQDO EDQGZLGWK IRU
YRLFH ,379 GDWD DQG RWKHU 9$6 VHUYLFHV DQG LQWHUHVW RI LQYHVWPHQW $QDO ]LQJ DQG FDOFXODWLQJ 23(;
WKH 23(; SHU VXEVFULEHU SHU PRQWK LV HVWLPDWHG WR EH 135 7KH FDOFXODWLRQ LV FDUULHG RXW EDVHG
RQ FXUUHQW LQWHUQDWLRQDO EDQGZLGWK SULFH RSHUDWLRQ DQG PDLQWHQDQFH FRVW DV RI WRWDO UHYHQXH DQG
FRQVLGHULQJ LQWHUHVW RI LQYHVWPHQW DV ,QFRPH LV DVVXPHG EDVHG RQ WKH FXUUHQW DYHUDJH LQFRPH RI
- D I( J J D 6 KD DD D D
YRLFH GDWD DQG 79 VXEVFULSWLRQ UDWH )LJ VKRZV WKH GLIIHUHQW FRQWULEXWLRQ VKDUH IRU 23(; SHU PRQWK LQ
SHUFHQWDJH
RSHQQHVV RI VRIWZDUH 0DWURRG HW DO *,6 VRIWZDUH WRROV DUH YHU IUXLWIXO IRU HIIHFWLYH GHVLJQ RI )'&V
)$3 IHHGHU )LEHU DQG DHULDO )LEHU DQG IRU HVWLPDWLRQ RI GURS )LEHUV )LJ VKRZV QHWZRUN GHVLJQ IRU ERWK
IHHGHU )LEHU DQG )'& )$3V DQG DHULDO )LEHU )RU WKH DFFXUDWH )LEHU QHWZRUN SODQQLQJ IRU ERWK DHULDO DQG
IHHGHU )LEHU *,6 WRROV LV YHU HIIHFWLYH )LJ VKRZV D VDPSOH ILJXUH RI QHWZRUN GLDJUDP GUDZQ XVLQJ *,6
WRRO &DEOH&DG IRU DHULDO FDEOH DQG )'& ORFDWLRQ DQG D IHHGHU
7DEOH 3RZHU ORVV PHDVXUHPHQW IURP 2/7 WR / VSOLWWHU VRXUFH 17
3RUW 1R 6LJQDO 3RZHU ORVV 2/7 WR 2 ) G%P W LQSXW RI / VSOLWWHU ) & QR G%P
7DEOH VKRZV WKH PHDVXUHG YDOXHV RI RXWSXW RI / VSOLWWHU LQSXW DQG RXWSXW RI D SDUWLFXODU )$3 RU /
VSOLWWHU RI VSOLW UDWLR 7KH DYHUDJH YDOXH RI SRZHU ORVV LV G%P DQG G%P UHVSHFWLYHO 6R
WKH YDOXHV DUH VDWLVIDFWRU IRU QHWZRUN GHSOR PHQW 7KH YDOXH RI ORVV LV G%P DW LQSXW RI / VSOLWWHU
6LPLODUO WKH PD[LPXP YDOXH RI ORVV LV G%P DQG PLQLPXP YDOXH RI ORVV LV G%P DW RXWSXW RI /
VSOLWWHU 7KH DERYH YDOXHV VXJJHVW WKDW WKH QHWZRUN GHSOR PHQW LV VDWLVIDFWRU
/RVV 0HDVXUHPHQW
7KH SUDFWLFDO RSWLFDO )LEHU ORVV RI XS WR G%P IRU WKH ODVW PLOH RU HQG GHYLFHV IURP 2') LV FRQVLGHUHG WR
EH VXIILFLHQW 7KH SRZHU ORVV IURP 2/7 WR 2') LV G%P 7DEOH VKRZV WKH PHDVXUHG YDOXHV IURP 2/7 WR
2') 7KH DYHUDJH YDOXH LV G%P 6LPLODUO WKH SRZHU DW WKH LQSXW RI D VDPSOHG )'& RU / VSOLWWHU RI
KD DD D D - D I( J J D 6
VSOLW UDWLR LV DOVR PHDVXUHG DQG WKH DYHUDJH YDOXH WXUQ RXW WR EH G%P 7KLV PHDVXUHPHQW LV WDNHQ
RI IHHGHU FDEOH XS WR WKH OHQJWK RI NP WKH GLVWDQFH EHWZHHQ )'& DQG )$3 LV XS WR NP 2SWLFDO SRZHU
PHWHU 230 LV XVHG IRU ORVV PHDVXUHPHQW RSWLFDO WLPH GRPDLQ UHIOHFWRPHWHU 27'5 LV XVHG IRU ILQGLQJ
)LEHU FDEOH V IDXOW DQG VSOLFLQJ PDFKLQHV DUH XVHG WR VSOLFH WKH RSWLFDO )LEHU ZKHQHYHU WKHUH LV UHTXLUHPHQWV
WR HQVXUH TXDOLW RI RSWLFDO )LEHU
)LJXUH )'& DHULDO ILEHU DQG )$3 GHVLJQ PDS E *,6 WRROV &DEOH&DG VRXUFH 17
- D I( J J D 6 KD DD D D
• )RU FRUSRUDWH FXVWRPHU $21 LV VXLWDEOH 321 DUFKLWHFWXUH FDQ DOVR EH XVHG IRU WKDW SXUSRVH WRR
• )RU GHQVHO SRSXODWHG DUHD 321 KDYLQJ FDSDFLW RI DQG KLJKHU LV VXJJHVWHG WKDW UHGXFHV &$3(;
DQG 23(;
• )RU VXE XUEDQ DUHD 321 DUFKLWHFWXUH ZLWK FDSDFLW RI LV UHFRPPHQGHG
• )RU UXUDO DUHD ZKHUH WKHUH LV GLVSHUVHG LQKDELWDWLRQ DURXQG WR SRSXODWLRQ LQ VPDOO PDUNHW )RU
VXE XUEDQ DUHD 321 DUFKLWHFWXUH ZLWK FDSDFLW RI LV VXLWDEOH
)RU UHPRWH DUHD ZKHUH WKHUH PD QRW EH )LEHU WUDQVPLVVLRQ QHWZRUN WKHUH VKRXOG EH LPSURYHPHQW RI
PLFURZDYH WUDQVPLVVLRQ QHWZRUN DQG 321 KDYLQJ FDSDFLW RI RU LV UHFRPPHQGHG EXW LW LV WRR FRVWO
IRU LPSOHPHQWDWLRQ 57') IXQG FDQ EH XWLOL]HG IRU VXFK VFHQDULR DV *RYHUQPHQW RI 1HSDO KDV D SROLF WR XVH
WKH IXQG IRU WKH UXUDO DUHDV
&RQFOXVLRQV
,Q WKLV SDSHU WKH )77+ LPSOHPHQWDWLRQ VFHQDULR LQ WKH FRQWH[W RI 1HSDO LV SUHVHQWHG &RVW HIIHFWLYH
LPSOHPHQWDWLRQ DSSURDFK LV DOVR GLVFXVVHG DQG VRPH DUFKLWHFWXUDO DSSURDFKHV DUH UHFRPPHQGHG WKDW DUH
VXLWDEOH EDVHG RQ GHPRJUDSKLF FRQGLWLRQ RI 1HSDO %DFNKDXO WUDQVPLVVLRQ QHWZRUN ZLWK RSWLFDO OLQN LV
KD DD D D - D I( J J D 6
PDQGDWRU IRU EHWWHU TXDOLW VHUYLFH RI )77+ QHWZRUN %DVHG RQ WKH WHUULWRU WKH GLVFXVVHG DUFKLWHFWXUHV
FDQ EH PRGLILHG DQG GHVLJQHG LQ IXWXUH +LJK FDSDFLW )'&V DUH SURSRVHG IRU KLJK GHQVLW DUHD WR UHSODFH
FRSSHU QHWZRUN 0LFURZDYH OLQN VKRXOG EH XSJUDGHG WR DYRLG ERWWOHQHFN RI GDWD WUDIILF ,QWHJUDWHG SODQQLQJ
LV QHFHVVDU IRU EXLOGLQJ WHOHFRPPXQLFDWLRQ LQIUDVWUXFWXUH :KLOH SODQQLQJ IRU URDG LQIUDVWUXFWXUH SODQQLQJ
IRU HOHFWULF SROHV $'66 XQGHUJURXQG FDEOH )LEHU OD LQJ RQ WKH VLGH RI EULGJHV LV WR EH FDUULHG RXW MRLQWO
7KH GLVFXVVHG GHVLJQ DQG LPSOHPHQWDWLRQ PHWKRGRORJ ZRXOG EH D OHVVRQ OHDUQ WR RWKHU VWDNHKROGHUV RI WKH
GHYHORSLQJ QDWLRQV OLNH 1HSDO
FNQRZOHGJPHQWV
:H DUH JUDWHIXO WR 1HSDO 7HOHFRP IRU SURYLGLQJ UHODWHG IDFWV DQG ILJXUHV IRU DQDO VLV DQG YLVXDOL]DWLRQ RI WKH
ZRUN FDUULHG RXW :H DSSUHFLDWH QHFHVVDU IHHGEDFNV DQG VXJJHVWLRQV SURYLGHG IURP WKH SODQQLQJ SURMHFW
DQG RWKHU GHSDUWPHQWV RI 17
&RQIOLFW RI ,QWHUHVWV
$XWKRUV GHFODUH QR FRQIOLFW RI LQWHUHVWV
5HIHUHQFHV
$EGHO ( 6ROHLW $ 2ERXU $ 3URFHHGLQJV RI WKH WK ,&((1* &RQIHUHQFH SULO .REU (O .REEDK &DLUR
(J SW WK ,QWHUQDWLRQDO &RQIHUHQFH RQ (OHFWULFDO (QJLQHHULQJ ,&((1* 1HZ GDSWLYH &KDRWLF .H *HQHUDWRU SULO
%DEDQL 6 %DWXUH $ $ )DUXN 0 , 'DQNDGDL 1 . &RPSDUDWLYH 6WXG %HWZHHQ )LEHU 2SWLF DQG &RSSHU LQ
&RPPXQLFDWLRQ /LQN ,QWHUQDWLRQDO -RXUQDO RI 7HFKQLFDO 5HVHDUFK DQG SSOLFDWLRQV ²
%DJ 0 *LUL $ *DQJRSDGK D 6 0DMXPGHU - ,PSOHPHQWDWLRQ RI ILEHU WR WKH KRPH )77+ EDVHG WHFKQRORJLHV
2SHQLQJ D QHZ GLPHQVLRQ IRU KHDOWK FDUH LQGXVWU LQ ,QGLD ,QWHUQDWLRQDO -RXUQDO RI (QJLQHHULQJ DQG GYDQFHG 7HFKQRORJ
² KWWSV GRL RUJ LMHDW )
&DND 1 +XODM $ 2SWLPL]DWLRQ RI )77+ QHWZRUN LQ .RVRYR WKURXJK WKH LPSOHPHQWDWLRQ RI *321 DUFKLWHFWXUH
DQG DQDO VLV RI WKH FRVW RI WKH LPSOHPHQWDWLRQ ,QWHUQDWLRQDO -RXUQDO RI &RPPXQLFDWLRQV
&DVLHU . 9HUEUXJJH 6 0HHUVPDQ 5 &ROOH ' 3LFNDYHW 0 'HPHHVWHU 3 $ FOHDU DQG EDODQFHG YLHZ RQ )77+
GHSOR PHQW FRVWV -RXUQDO RI WKH ,QVWLWXWH RI 7HOHFRPPXQLFDWLRQV 3URIHVVLRQDOV ²
'DZDGL % 5 5DZDW ' % -RVKL 6 5 .HLWVFK 0 0 7RZDUGV HQHUJ HIILFLHQF DQG JUHHQ QHWZRUN LQIUDVWUXFWXUH
GHSOR PHQW LQ 1HSDO XVLQJ VRIWZDUH GHILQHG ,3Y QHWZRUN SDUDGLJP (OHFWURQLF -RXUQDO RI ,QIRUPDWLRQ 6 VWHPV LQ
'HYHORSLQJ &RXQWULHV KWWSV GRL RUJ LVG
(IILFLHQF ( ,78 7 5HF / 2SWLFDO )LEUH &DEOHV IRU $HULDO $SSOLFDWLRQ ,WX
)77+ &RXQFLO (XURSH :KLWH 3DSHU ,QQRYDWLYH )77+ 'HSOR PHQW 7HFKQRORJLHV ²
+RUYDWK 7 0XQVWHU 3 2XMH]VN 9 %DR 1 + 3DVVLYH RSWLFDO QHWZRUNV SURJUHVV $ WXWRULDO (OHFWURQLFV
6ZLW]HUODQG ² KWWSV GRL RUJ HOHFWURQLFV
,78 7 4 6WXG *URXS ,78 7 321 VWDQGDUGV SURJUHVV DQG UHFHQW DFWLYLWLHV 2IF 2VD
.DGKLP ' - +XVVDLQ 1 $ 5 D 'HVLJQ DQG ,PSOHPHQWDWLRQ RI D 3UDFWLFDO )77+ 1HWZRUN ,QWHUQDWLRQDO -RXUQDO
RI &RPSXWHU SSOLFDWLRQV ² KWWSV GRL RUJ
.DGKLP ' - +XVVDLQ 1 $ E /LQN DQG &RVW 2SWLPL]DWLRQ RI )77+ 1HWZRUN ,PSOHPHQWDWLRQ WKURXJK *321
7HFKQRORJ &RPPXQLFDWLRQV DQG 1HWZRUN ² KWWSV GRL RUJ FQ E
.KDE]OL : 'LRQR 0 +DVUL ( 1RSWLQ 3 'HVLJQ RI *LJDELW (WKHUQHW 3DVVLYH 2SWLFDO 1HWZRUN *(321 DVHG )LEHU
7R 7KH +RPH )77+ 1HWZRUN LQ 3HNDQEDUX &LWUDODQG +RXVLQJ ²
.KDWLPL + 6HW D :LMD D ( 5L]N %DVNDUD $ 6DUL < 3HUIRUPDQFH &RPSDULVRQ %HWZHHQ &RSSHU &DEOHV DQG )LEHU
2SWLF LQ 'DWD 7UDQVIHU RQ %DQMDUPDVLQ :HDWKHU 7HPSHUDWXUH &RQGLWLRQV 0 7(& :HE RI &RQIHUHQFHV
KWWSV GRL RUJ PDWHFFRQI
.XONDUQL 6 3RORQVN % (O 6D HG 0 )77+ QHWZRUN HFRQRPLFV .H SDUDPHWHUV LPSDFWLQJ WHFKQRORJ GHFLVLRQV
1(7:25.6 WK ,QWHUQDWLRQDO 7HOHFRPPXQLFDWLRQV 1HWZRUN 6WUDWHJ DQG 3ODQQLQJ 6 PSRVLXP ² KWWSV GRL
View publication stats
- D I( J J D 6 KD DD D D
RUJ 1(7:.6
/DUVHQ & 3 *DYOHU $ :DQJ . &RPSDULVRQ RI DFWLYH DQG SDVVLYH RSWLFDO DFFHVV QHWZRUNV WK &RQIHUHQFH RI
7HOHFRPPXQLFDWLRQ 0HGLD DQG ,QWHUQHW &77( -XQH KWWSV GRL RUJ &77(
/RNKDQGH 0 6LQJK $ 'HVLJQ DQG ,PSOHPHQWDWLRQ RI )77+ ,QWHUQDWLRQDO 5HVHDUFK -RXUQDO RI (QJLQHHULQJ DQG
7HFKQRORJ ²
0DKORR 0 &KHQ - :RVLQVND / 321 YHUVXV $21 ZKLFK LV WKH EHVW VROXWLRQ WR RIIORDG FRUH QHWZRUN E SHHU WR
SHHU WUDIILF ORFDOL]DWLRQ 2SWLFDO 6ZLWFKLQJ DQG 1HWZRUNLQJ ²
0DWD ( & GD 'HVLJQ RI D 1HWZRUN FFHVV DVHG RQ )77+ IRU 6DR 7RPH DQG 3ULQFLSH 9RO
0DWURRG = 0 *HRUJH / ( 0DKPRRG ) + $ 6LPSOH *,6 %DVHG 0HWKRG IRU 'HVLJQLQJ )LEHU 1HWZRUN
,QWHUQDWLRQDO -RXUQDO RI (QJLQHHULQJ DQG ,QQRYDWLYH 7HFKQRORJ ,-(,7 ²
0XFLDFFLD 7 *DUJDQR ) 3DVVDUR 9 3DVVLYH RSWLFDO DFFHVV QHWZRUNV VWDWH RI WKH DUW DQG IXWXUH HYROXWLRQ 3KRWRQLFV
²
17$ KWWS QWD JRY QS ZS FRQWHQW XSORDGV 7R5 RI &RQVXOWDQW IRU 0RQLWRULQJ DQG (YDOXDWLRQ URDGEDQG
GRF[
17$ 1HSDO 7HOHFRPPXQLFDWLRQV $XWKRULW 0,6 5HSRUW ,Q 1HSDO 7HOHFRPPXQLFDWLRQ XWKRULW 9RO ,VVXH
1 DUNR %RDWHQJ 2 ;HGDJEXL ) ( % $GHNR D $ ) :H RUL % $ )LEHU RSWLF GHSOR PHQW FKDOOHQJHV DQG WKHLU
PDQDJHPHQW LQ D GHYHORSLQJ FRXQWU $ WXWRULDO DQG FDVH VWXG LQ *KDQD (QJLQHHULQJ 5HSRUWV ² KWWSV GRL
RUJ HQJ
5LJE 3 )77+ +DQGERRN )77+ &RXQFLO (XURSH ²
5RNNDV 7 1HRNRVPLGLV , .DWVLDQLV ' 9DURXWDV ' &RVW DQDO VLV RI :'0 DQG 7'0 ILEHU WR WKH KRPH )77+
QHWZRUNV $ V VWHP RI V VWHPV DSSURDFK ,((( 7UDQVDFWLRQV RQ 6 VWHPV 0DQ DQG & EHUQHWLFV 3DUW & SSOLFDWLRQV DQG
5HYLHZV ² KWWSV GRL RUJ 760&&
6DKX 1 .KHU 6 6D[HQD 0 6DKX $ ,QWURGXFWLRQ RI )LEHU 7R 7KH +RPH 7HFKQRORJ 0DUFK KWWSV GRL RUJ
5*
6FKQHLU - ;LRQJ < &RVW DQDO VLV RI QHWZRUN VKDULQJ LQ )77+ 321V ,((( &RPPXQLFDWLRQV 0DJD]LQH
² KWWSV GRL RUJ 0&20
:DQJ . 0LJUDWLRQ 7RZDUGV 1H[W *HQHUDWLRQ 2SWLFDO FFHVV DQG 7UDQVSRUW 1HWZRUNV