6KRUW&LUFXLW$QDO\VLV

3iJLQDGH

6KRUW&LUFXLW$QDO\VLV

7KH(7$36KRUW&LUFXLW$QDO\VLVSURJUDPDQDO\]HVWKHHIIHFWRISKDVHOLQHWRJURXQGOLQHWROLQHDQGOLQHWROLQHWRJURXQGIDXOWVRQHOHFWULFDOGLVWULEXWLRQV\VWHPV7KH
SURJUDPFDOFXODWHVWKHWRWDOVKRUWFLUFXLWFXUUHQWVDVZHOODVWKHFRQWULEXWLRQVRILQGLYLGXDOPRWRUVJHQHUDWRUVDQGXWLOLW\WLHVLQWKHV\VWHP)DXOWGXWLHVDUHLQFRPSOLDQFHZLWK
WKHODWHVWHGLWLRQVRIWKH$16,,(((6WDQGDUGV&VHULHVDQG,(&6WDQGDUGV,(&DQGRWKHUV
7KLVFKDSWHUGHVFULEHVGHILQLWLRQVDQGXVDJHRIGLIIHUHQWWRROV\RXZLOOQHHGWRUXQVKRUWFLUFXLWVWXGLHV,QRUGHUWRJLYH\RXDEHWWHUXQGHUVWDQGLQJRIWKHVWDQGDUGVDSSOLHGWR
VKRUWFLUFXLWVWXGLHVDQGWRLQWHUSUHWRXWSXWUHVXOWVPRUHHDVLO\VRPHWKHRUHWLFDOEDFNJURXQGDQGVWDQGDUGLQIRUPDWLRQDUHDOVRLQFOXGHG
7KH$16,,(((6KRUW&LUFXLW7RROEDUDQG,(&6KRUW&LUFXLW7RROEDUVHFWLRQVH[SODLQKRZ\RXFDQODXQFKDVKRUWFLUFXLWFDOFXODWLRQRSHQDQGYLHZDQRXWSXWUHSRUWRU
VHOHFWGLVSOD\RSWLRQV7KH6KRUW&LUFXLW6WXG\&DVH(GLWRUVHFWLRQH[SODLQVKRZ\RXFDQFUHDWHDQHZVWXG\FDVHZKDWSDUDPHWHUVDUHUHTXLUHGWRVSHFLI\DVWXG\FDVHDQG
KRZWRVHWWKHP7KH'LVSOD\2SWLRQVVHFWLRQH[SODLQVZKDWRSWLRQVDUHDYDLODEOHIRUGLVSOD\LQJVRPHNH\V\VWHPSDUDPHWHUVDQGWKHRXWSXWUHVXOWVRQWKHRQHOLQHGLDJUDP
DQGKRZWRVHWWKHP
7KH$16,,((( &DOFXODWLRQ0HWKRGVVHFWLRQ OLVWV VWDQGDUG FRPSOLDQFHLQIRUPDWLRQ DQGERWK JHQHUDO DQGGHWDLOHGGHVFULSWLRQVRIFDOFXODWLRQPHWKRGVXVHG E\(7$3 ,Q
SDUWLFXODUGHILQLWLRQVDQGGLVFXVVLRQRIDQGF\FOHQHWZRUNVFDOFXODWLRQRI$16,PXOWLSO\LQJIDFWRUVDQGKLJKYROWDJHDQGORZYROWDJHFLUFXLWEUHDNHUPRPHQWDU\
DQG LQWHUUXSWLQJ GXWLHV DUH SURYLGHG 7KH 5HTXLUHG 'DWD VHFWLRQ GHVFULEHV ZKDW GDWD DUH QHFHVVDU\ WR SHUIRUP VKRUW FLUFXLW FDOFXODWLRQV DQG ZKHUH WR HQWHU WKHP ,I \RX
SHUIRUPVKRUWFLUFXLWVWXGLHVXVLQJ,(&6WDQGDUGVWKH,(&&DOFXODWLRQ0HWKRGVVHFWLRQSURYLGHVXVHIXOLQIRUPDWLRQRQVWDQGDUGFRPSOLDQFHGHILQLWLRQVRQPRVWFRPPRQO\
XVHG,(&WHFKQLFDOWHUPVDQGJHQHUDODQGGHWDLOHGGHVFULSWLRQVRIFDOFXODWLRQPHWKRGVIRUDOOLPSRUWDQWUHVXOWVLQFOXGLQJLQLWLDOV\PPHWULFDOVKRUWFLUFXLWFXUUHQWSHDNVKRUW
FLUFXLW FXUUHQW V\PPHWULFDO VKRUW FLUFXLW EUHDNLQJ FXUUHQW DQG VWHDG\VWDWH VKRUW FLUFXLW FXUUHQW )LQDOO\ WKH 6KRUW&LUFXLW 6WXG\ 2XWSXW 5HSRUW VHFWLRQ LOOXVWUDWHV DQG
H[SODLQVRXWSXWUHSRUWVDQGWKHLUIRUPDW
6KRUW&LUFXLW$QDO\VLV
$16,6KRUW&LUFXLW7RROEDU
,(&6KRUW&LUFXLW7RROEDU
*2676KRUW&LUFXLW7RROEDU
6WXG\&DVH(GLWRU6&
,QIR3DJH
6WDQGDUG3DJH
$)0HWKRG3DJH
$))&73DJH
$)'DWD3DJH
$GMXVWPHQW3DJH
$OHUW3DJH
'LVSOD\2SWLRQV6&
5HVXOWV3DJH
$16,,(((&DOFXODWLRQ0HWKRGV
,(&6KRUW&LUFXLW&DOFXODWLRQ0HWKRGV
6KRUW&LUFXLW5HTXLUHG'DWD
$&'&&RQYHUWHU0RGHOV
6KRUW&LUFXLW6WXG\2XWSXW5HSRUW
&U\VWDO5HSRUWV
$OHUW9LHZ6&

$16,6KRUW&LUFXLW7RROEDU

7KLVWRROEDULVDFWLYHZKHQ\RXDUHLQ6KRUW&LUFXLWPRGHDQGWKHVWDQGDUGLVVHWWR$16,LQWKH6KRUW&LUFXLW6WXG\&DVHHGLWRU

3KDVH)DXOWV'HYLFH'XW\
&OLFNRQWKLVEXWWRQWRSHUIRUPDSKDVHIDXOWVWXG\SHU$16,&6WDQGDUG7KLVVWXG\FDOFXODWHVPRPHQWDU\V\PPHWULFDODQGDV\PPHWULFDOUPVPRPHQWDU\DV\PPHWULFDO
FUHVW LQWHUUXSWLQJ V\PPHWULFDO UPV DQG LQWHUUXSWLQJ DGMXVWHG V\PPHWULFDO UPV VKRUW FLUFXLW FXUUHQWV DW IDXOWHG EXVHV (7$3 FKHFNV WKH SURWHFWLYH GHYLFH UDWHG FORVH DQG
ODWFKLQJDQGDGMXVWHGLQWHUUXSWLQJFDSDFLWLHVDJDLQVWWKHIDXOWFXUUHQWVDQGIODJVLQDGHTXDWHGHYLFHV
*HQHUDWRUVDQGPRWRUVDUHPRGHOHGE\WKHLUSRVLWLYHVHTXHQFHVXEWUDQVLHQWUHDFWDQFH

ILOH&8VHUVMGDGRVVDFDGL]$SS'DWD/RFDO7HPSaKK)KWP