6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

,QIOXHQFH /LQHV )RU 6WDWLFDOO\ 'HWHUPLQDWH 6WUXFWXUHV

,QIOXHQFH OLQHV DUH LPSRUWDQW LQ WKH GHVLJQ RI VWUXFWXUHV WKDW UHVLVW ODUJH OLYH ORDGV
,Q WKLV VHFWLRQ ZH ZLOO GLVFXVV KRZ WR FRQVWUXFW LQIOXHQFH OLQHV IRU VWDWLFDOO\ GHWHUPLQDWH
VWUXFWXUHV VXEMHFWHG WR GLVWULEXWHG DQG FRQFHQWUDWHG ORDGLQJV

,QIOXHQFH /LQHV

,Q RXU ZRUN XS WR WKLV SRLQW ZH KDYH GLVFXVVHG DQDO\VLV WHFKQLTXHV IRU VWUXFWXUHV
VXEMHFWHG WR GHDG RU IL[HG ORDGV :H OHDUQHG WKDW VKHDU DQG PRPHQW GLDJUDPV DUH LP
SRUWDQW LQ GHWHUPLQLQJ WKH PD[LPXP LQWHUQDO IRUFH LQ D VWUXFWXUH +RZHYHU LI D VWUXF
WXUH LV VXEMHFWHG WR D OLYH RU PRYLQJ ORDG WKH YDULDWLRQ LQ VKHDU DQG PRPHQW LV EHVW GH
VFULEHG XVLQJ LQIOXHQFH OLQHV $Q LQIOXHQFH OLQH UHSUHVHQWV WKH YDULDWLRQ RI WKH UHDFWLRQ
VKHDU PRPHQW RU GHIOHFWLRQ DW D VSHFLILF SRLQW LQ D PHPEHU DV D FRQFHQWUDWHG IRUFH
PRYHV RYHU WKH PHPEHU 2QFH WKH LQIOXHQFH OLQH LV GUDZQ WKH ORFDWLRQ RI WKH OLYH ORDG
ZKLFK ZLOO FDXVH WKH JUHDWHVW LQIOXHQFH RQ WKH VWUXFWXUH FDQ EH IRXQG YHU\ TXLFNO\
7KHUHIRUH LQIOXHQFH OLQHV DUH LPSRUWDQW LQ WKH GHVLJQ RI D VWUXFWXUH ZKHUH WKH ORDGV
PRYH DORQJ WKH VSDQ EULGJHV FUDQHV FRQYH\RUV HWF

$OWKRXJK WKH SURFHGXUH IRU FRQVWUXFWLQJ DQ LQIOXHQFH OLQH LV UDWKHU VLPSOH LW LV LP
SRUWDQW WR UHPHPEHU WKH GLIIHUHQFH EHWZHHQ FRQVWUXFWLQJ DQ LQIOXHQFH OLQH DQG FRQ
VWUXFWLQJ D VKHDU RU PRPHQW GLDJUDP ,QIOXHQFH OLQHV UHSUHVHQW WKH HIIHFW RI D PRYLQJ
ORDG RQO\ DW D VSHFLILHG SRLQW RQ D PHPEHU ZKHUHDV VKHDU DQG PRPHQW GLDJUDPV UHS
UHVHQW WKH HIIHFW RI IL[HG ORDGV DW DOO SRLQWV DORQJ WKH PHPEHU

3URFHGXUH IRU DQDO\VLV  HLWKHU RI WKH IROORZLQJ SURFHGXUHV PD\ EH XVHG IRU
GHWHUPLQLQJ WKH LQIOXHQFH OLQH DW D SRLQW 3 IRU DQ\ IXQFWLRQ UHDFWLRQ VKHDU RU
PRPHQW

: 7DEXODU 9DOXHV
 3ODFH D XQLW ORDG D ORDG ZKRVH PDJQLWXGH LV HTXDO WR RQH DW
D SRLQW [ DORQJ WKH PHPEHU
 8VH WKH HTXDWLRQV RI HTXLOLEULXP WR ILQG WKH YDOXH RI WKH IXQF
WLRQ UHDFWLRQ VKHDU RU PRPHQW DW D VSHFLILF SRLQW 3 GXH WKH
FRQFHQWUDWHG ORDG DW [
 5HSHDW VWHSV  DQG  IRU YDULRXV YDOXHV RI [ RYHU WKH ZKROH
EHDP
 3ORW WKH YDOXHV RI WKH UHDFWLRQ VKHDU RU PRPHQW IRU WKH PHP
EHU
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

: ,QIOXHQFH/LQH (TXDWLRQV
 3ODFH D XQLW ORDG D ORDG ZKRVH PDJQLWXGH LV HTXDO WR RQH DW
D SRLQW [ DORQJ WKH PHPEHU
 8VH WKH HTXDWLRQV RI HTXLOLEULXP WR ILQG WKH YDOXH RI WKH UHDF
WLRQ VKHDU RU PRPHQW DW D VSHFLILF SRLQW 3 GXH WKH FRQFHQ
WUDWHG ORDG DV D IXQFWLRQ RI [
 3ORW WKH YDOXHV RI WKH UHDFWLRQ VKHDU RU PRPHQW IRU WKH PHP
EHU

([DPSOH /HW·V GUDZ DQ LQIOXHQFH OLQH IRU WKH UHDFWLRQ VKHDU DQG PRPHQW IRU ERWK
SRLQWV $ DQG % XVLQJ WKH WDEXODU PHWKRG

)LUVW OHW·V FRQVWUXFW WKH LQIOXHQFH OLQH IRU WKH YHUWLFDO UHDFWLRQ DW SRLQW $


)\

$\   $\


$\
0RYLQJ WKH XQLW ORDG DORQJ WKH EHDP


)\

$\   $\


$\


)\

$\   $\


$\
$\
7KH LQIOXHQFH OLQH IRU WKH YHUWLFDO UHDFWLRQ
DW WKH IL[HGHQG LV FRQVWDQW 7KHUHIRUH WKH
YHUWLFDO UHDFWLRQ GRHV QRW YDU\ ZLWK WKH
[
ORFDWLRQ RI WKH FRQFHQWUDWHG ORDG
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

1H[W FRQVWUXFW WKH LQIOXHQFH OLQH IRU WKH VKHDU DW SRLQW $


0 9
)\

9   9


[
9$
 7KH LQIOXHQFH OLQH IRU WKH VKHDU DW WKH IL[HG
HQG LV FRQVWDQW 7KHUHIRUH WKH VKHDU GRHV
QRW YDU\ ZLWK WKH ORFDWLRQ RI WKH FRQFHQ
[
WUDWHG ORDG

1H[W FRQVWUXFW WKH LQIOXHQFH OLQH IRU WKH PRPHQW DW SRLQW $


0 9
0 $

 0   0


[



0 9
0 $

 0   0

[



0 9
0 $

 0   0
 

[


0$
7KH LQIOXHQFH OLQH IRU WKH PRPHQW DW WKH
[
IL[HGHQG LV OLQHDU 7KHUHIRUH WKH FULWLFDO
PRPHQW RFFXUV ZKHQ WKH OLYH ORDG LV DW WKH
IUHH HQG RI WKH EHDP


&RQVWUXFW WKH LQIOXHQFH OLQH IRU WKH VKHDU DW SRLQW %

 
)\

 9     9


[ 9

9
)\

9   9


[!
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

9%
 7KH LQIOXHQFH OLQH IRU WKH VKHDU DW SRLQW %
LV FRQVWDQW   [  
[

1H[W FRQVWUXFW WKH LQIOXHQFH OLQH IRU WKH PRPHQW DW SRLQW $



0 %

 0%   0%
 

0%   [  


0 %

 0%   0%
 

0%   [  

0 %

 0%   0%


0%   [  
0
[ 7KH LQIOXHQFH OLQH IRU WKH PRPHQW DW WKH
IL[HGHQG LV OLQHDU RYHU WKH LQWHUYDO
  [  


([DPSOH &RQVWUXFW WKH LQIOXHQFH OLQH IRU WKH YHUWLFDO UHDFWLRQ DW %

$ %

 IW  IW
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

([DPSOH 'UDZ WKH LQIOXHQFH OLQH IRU WKH UHDFWLRQ VKHDU DQG PRPHQW IRU ERWK SRLQWV
$ DQG %

&RQVWUXFW WKH LQIOXHQFH OLQH IRU WKH YHUWLFDO UHDFWLRQ DW SRLQW $


[ )\

$\   $\


$\
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

0RYLQJ WKH XQLW ORDG DORQJ WKH EHDP

$\
7KH LQIOXHQFH OLQH IRU WKH YHUWLFDO UHDFWLRQ
DW WKH IL[HGHQG LV FRQVWDQW
[

&RQVWUXFW WKH LQIOXHQFH OLQH IRU WKH VKHDU DW SRLQW $

9$ 
)\

9   9


[
9$
 7KH LQIOXHQFH OLQH IRU WKH VKHDU DW WKH IL[HG
HQG LV FRQVWDQW
[

&RQVWUXFW WKH LQIOXHQFH OLQH IRU WKH PRPHQW DW SRLQW $


0
0 $

 0  [ 0
[
[

0$
7KH LQIOXHQFH OLQH IRU WKH PRPHQW DW WKH
[
IL[HGHQG LV OLQHDU



&RQVWUXFW WKH LQIOXHQFH OLQH IRU WKH VKHDU DW SRLQW %

 
[ )\

 9     9


[ 9%

9%
[ )\

9   9


[!
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

9%
 7KH LQIOXHQFH OLQH IRU WKH VKHDU DW SRLQW %
LV FRQVWDQW   [  
[

1H[W FRQVWUXFW WKH LQIOXHQFH OLQH IRU WKH PRPHQW DW SRLQW %


[  
0 %

 0%  [   0%
  [

0%   [  


[ 0 %

0 %    [    [ 0%

0%
0$ [ [

0%
[ 7KH LQIOXHQFH OLQH IRU WKH PRPHQW DW WKH
IL[HGHQG LV D OLQHDU RYHU WKH LQWHUYDO
  [  


([DPSOH &RQVWUXFW WKH LQIOXHQFH OLQH IRU WKH VKHDU DW SRLQW &
$ & %

 IW  IW
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

([DPSOH &RQVWUXFW WKH LQIOXHQFH OLQH IRU WKH PRPHQW UHDFWLRQ DW &
$ & %

 IW  IW  IW
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

,QIOXHQFH /LQHV )RU %HDPV

6LQFH EHDPV RU JLUGHUV DUH XVXDOO\ PDMRU ORDGFDUU\LQJ PHPEHUV LQ ODUJH VWUXF
WXUHV LW LV LPSRUWDQW WR GUDZ LQIOXHQFH OLQHV IRU UHDFWLRQ VKHDU DQG PRPHQW DW VSHFL
ILHG SRLQWV 2QFH DQ LQIOXHQFH OLQH KDV EHHQ GUDZQ LW LV SRVVLEOH WR ORFDWH WKH OLYH ORDGV
RQ WKH EHDP VR WKDW WKH PD[LPXP YDOXH RI WKH UHDFWLRQ VKHDU RU PRPHQW LV SURGXFHG
7KLV LV YHU\ LPSRUWDQW LQ WKH GHVLJQ SURFHGXUH VLQFH VHOHFWLQJ DQ DSSURSULDWH EHDP IRU
D VWUXFWXUH LV XVXDOO\ EDVHG RQ WKH PD[LPXP YDOXH RI WKH EHQGLQJ PRPHQW

&RQFHQWUDWHG )RUFH  6LQFH ZH XVH D XQLW IRUFH D GLPHQVLRQOHVV ORDG WKH YDOXH RI
WKH IXQFWLRQ UHDFWLRQ VKHDU RU PRPHQW FDQ EH IRXQG E\ PXOWLSO\LQJ WKH RUGLQDWH RI WKH LQIOX
HQFH OLQH DW WKH SRVLWLRQ [ E\ WKH PDJQLWXGH RI WKH DFWXDO IRUFH 3

8QLIRUP 'LVWULEXWHG /RDG  FRQVLGHU WKH SRUWLRQ RI WKH EHDP D[

Z
Z
Z[

[
o[
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

/HW·V H[DPLQH WKH LQWHUYDO D[

,QIOXHQFH OLQH IRU SRLQW $

Z[ G)
Zo[

\ [

[ o[

@ G)\
Zo[\

o[
q Z\ G[
Z q \ G[
q \ G[ LV WKH DUHD XQGHU WKH LQIOXHQFH OLQH

7KH XQLIRUP ORDG FDQ EH VHSDUDWHG LQ D VHULHV RI FRQFHQWUDWHG ORDGV G) RI PDJQL

WXGH ZG[ %\ VXPPLQJ WKH HIIHFW RI HDFK G) WKH YDOXH RI WKH IXQFWLRQ FDXVHG E\ D XQLIRUP
GLVWULEXWHG ORDGLQJ LV VLPSO\ WKH DUHD XQGHU WKH LQIOXHQFH OLQH PXOWLSOLHG E\ WKH LQWHQVLW\ RI WKH
XQLIRUP ORDG

([DPSOH 7KH EHDP EHORZ LV VXEMHFW WR D GHDG ORDG RI  N1P DQG D VLQJOH OLYH ORDG
RI  N1 'HWHUPLQH WKH PD[LPXP QHJDWLYH PRPHQW FUHDWHG E\ WKHVH ORDGV DW SRLQW
$ DQG WKH PD[LPXP SRVLWLYH VKHDU DW SRLQW %

)LUVW OHW·V GHWHUPLQH WKH LQIOXHQFH OLQH IRU VKHDU DW SRLQW % )RU   [  

$\
[
%\ %\
  [   &\ [

0 %

& \ &\
 )\

$\  %\   $\


) \

&\  % \ % \

 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

)RU   [  

$\
[  
%\ %\
  [   &\ [

)\

$\  %\
0 %

& \  [   &\
[  

[   $\
 %\
) \

&\  % \   % \



7KHUHIRUH WKH LQIOXHQFH OLQH IRU WKH VKHDU DW SRLQW % LV

9% 
9 % 0D[
  
N1

[ 8QLIRUP /RDG
  &RQFHQWUDWHG /RDG

1H[W OHW·V GHWHUPLQH WKH LQIOXHQFH OLQH IRU PRPHQW DW SRLQW $ )RU   [  

$\
[
%\ %\
  [   &\ 0$ [

0 %

& \ &\
 0 $

 [  0 $ 0 $
 [

) \

&\  % \ % \


)RU   [  

$\
[  
%\ %\
  [   &\ 0$ [

0 $

 0 $  % \
0 %

& \  [   &\
[  

0$
[  
) \

& \  % \   % \
[   


7KHUHIRUH WKH LQIOXHQFH OLQH IRU WKH PRPHQW DW SRLQW $ LV

 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

0$ &RQFHQWUDWHG /RDG
  [
8QLIRUP /RDG

0 $ 0D[
      º  ½
 N1P
 

([DPSOH 'HWHUPLQH WKH PD[LPXP SRVLWLYH PRPHQW WKDW FDQ EH GHYHORSHG DW SRLQW &
RQ WKH EHDP VKRZQ EHORZ GXH WR D VLQJOH FRQFHQWUDWHG OLYH ORDG RI  N D XQLIRUP OLYH
ORDG RI  NIW DQG D EHDP ZHLJKW GHDG ORDG RI  NIW
$ & %

 IW  IW  IW
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

4XDOLWDWLYH ,QIOXHQFH /LQHV

,Q  +HLQULFK 0XOOHU%UHVODX GHYHORS D PHWKRG IRU UDSLGO\ FRQVWUXFWLQJ WKH

VKDSH RI DQ LQIOXHQFH OLQH 7KH 0XOOHU%UHVODX SULQFLSOH VWDWHV WKH LQIOXHQFH OLQH IRU D
IXQFWLRQ UHDFWLRQ VKHDU PRPHQW LV WR WKH VDPH VFDOH DV WKH GHIOHFWHG VKDSH RI WKH EHDP ZKHQ
WKH EHDP LV DFWHG RQ E\ WKH IXQFWLRQ 7R GUDZ WKH GHIOHFWHG VKDSH SURSHUO\ WKH DELOLW\ RI
WKH EHDP WR UHVLVW WKH DSSOLHG IXQFWLRQ PXVW EH UHPRYHG

([DPSOH )RU H[DPSOH FRQVLGHU WKH IROORZLQJ VLPSO\ VXSSRUWHG EHDP /HW·V WU\ WR
ILQG WKH VKDSH RI WKH LQIOXHQFH OLQH IRU WKH YHUWLFDO UHDFWLRQ DW $ 5HPRYH WKH DELOLW\ WR
UHVLVW PRYHPHQW LQ WKH YHUWLFDO GLUHFWLRQ DW $ E\ XVLQJ D JXLGHG UROOHU

$ %

,QIOXHQFH OLQH IRU $\

$ %
[

$\
7KH LQIOXHQFH OLQH IRU WKH VKHDU DW SRLQW & FDQ EH IRXQG E\ XVLQJ D JXLGHG UROOHU IRU
WKH LQWHUQDO IRUFH 9

$ %
&

9&
9&

[
$ %

9&

7KH LQIOXHQFH OLQH IRU WKH PRPHQW DW SRLQW & FDQ EH IRXQG E\ XVLQJ D KLQJH

$ %
&
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

0&

[
$ %
0& 0&

([DPSOH 6NHWFK WKH VKDSH RI WKH LQIOXHQFH OLQH IRU HDFK RI WKH EHDPV VKRZQ EHORZ

5%
5HDFWLRQ # %
$ %
[

5$
5HDFWLRQ # $

$ [

5%
5HDFWLRQ # %

$
% [

9$
6KHDU # $

$ [

9&
6KHDU # &

& [
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

0&
0RPHQW # &

& [

0&
0RPHQW # &

& [

9&
6KHDU # &

& [

([DPSOH 'UDZ WKH LQIOXHQFH OLQHV IRU WKH YHUWLFDO UHDFWLRQ DW ' DQG WKH VKHDU DW (

7R GHWHUPLQH WKH LQIOXHQFH OLQH RI WKH YHUWLFDO UHDFWLRQ DW SRLQW ' UHSODFH WKH WKH VXS
SRUW ZLWK D JXLGHG UROOHU


$ % & &[
'
· '\
&\

'\
0 &

' \   '\


'\


[
· ·
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

7R GHWHUPLQH WKH LQIOXHQFH OLQH IRU WKH VKHDU DW SRLQW ( FXW WKH PHPEHU DQG LQVHUW D
JXLGHG UROOHU
9( 9(

$ % & · · [

' ·
·

9(

3ODFH WKH XQLW ORDG DW SRLQW ( DQG VROYH IRU WKH VXSSRUW UHDFWLRQV
0 &

' \ '\


· ) \

&\  ' \ &\

&\ '\

 0 $

%\   %\

·

· · ) \

$\  %\   $ \

$\ %\ &\

&XW WKH EHDP VROYH IRU WKH VKHDU DW D SRLQW ( D ZKHQ WKH XQLW ORDG LV MXVW WR WKH ULJKW
RI ( )%'  DQG E ZKHQ WKH XQLW ORDG LV MXVW WR WKH OHIW RI ( )%' 
)%' 

 ) \

  9 ( 9(

9(
 
)%' 
) \

    9( 9(
 
· 9(


9( 
[ 9
 9

· · ·  
'
·

 
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

([DPSOH 'HWHUPLQH WKH PD[LPXP SRVLWLYH PRPHQW WKDW FDQ EH GHYHORSHG DW SRLQW '
LQ WKH EHDP VKRZQ EHORZ GXH WR D FRQFHQWUDWHG OLYH ORDG RI  N D XQLIRUP OLYH ORDG RI
 OEIW DQG D GHDG ORDG RI  OEIW
$ % & ' (

 IW  IW  IW  IW
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

,QIOXHQFH /LQHV )RU )ORRU *LUGHUV

)ORRU V\VWHPV DUH RIWHQ FRQVWUXFWHG WR VXSSRUW ORDGV WKDW DUH WUDQVPLWWHG IURP D VODE
WKHQ WR D IORRU EHDP WKHQ WR D VLGH JLUGHU DQG ILQDOO\ WR VXSSRUWLQJ FROXPQV 7KH SRLQWV
ZKHUH WKH IORRU VODEV DUH FRQQHFWHG ZLWK WKH IORRU EHDPV DUH FDOOHG SDQHO SRLQWV VKRZQ
EHORZ DV VHFWLRQ %&

([DPSOH 'UDZ WKH LQIOXHQFH OLQHV IRU WKH YHUWLFDO UHDFWLRQ DW SRLQW $ DQG '

$V WKH XQLW ORDG PRYHV DORQJ WKH VODE WKH ORDG LV WUDQVIHUUHG IURP RQH SDQHO WR
DQRWKHU 7KHUHIRUH WKH LQWHUQDO UHDFWLRQV RI WKH IORRU EHDPV RQ WKH JLUGHU FKDQJH DV WKH
ORDG PRYHV &RQVLGHU WKH DERYH IORRU JLUGHU V\VWHP

$[$V [ 
)$
[ 
03

)$ )%
93
$\

$\ '\
V $ [ $ V [ 
 )&
93

)% )&
03
V[
'\

$\ '\
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

V $ [ $ V [ 
)'

93

)& )'
03
V[
'\

$\ '\

$\ '\
 

[ [
V V V V V V

([DPSOH 'UDZ WKH LQIOXHQFH OLQHV IRU WKH PRPHQW DW SRLQW )

[
% & ' (
$
)
*
+
 IW  IW

 IW  IW  IW  IW  IW
6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

,QIOXHQFH /LQHV )RU 7UXVVHV

7UXVVHV DUH RIWHQ XVHG DV SULPDU\ ORDGFDUU\LQJ PHPEHUV 6LQFH WUXVVHV E\ GHILQL
WLRQ DUH ORDGHG RQO\ DW WKHLU MRLQWV WKH XQLW OLYH ORDG IRU FRQVWUXFWLQJ WKH LQIOXHQFH OLQH
LV DSSOLHG DW HDFK MRLQW VXSSRUWLQJ WKH EULGJH GHFN

([DPSOH &RQVLGHU WKH IROORZLQJ WUXVV 'UDZ WKH LQIOXHQFH OLQH IRU WKH IRUFH LQ PHP
EHU +* DQG WKHQ FRPSXWH WKH PD[LPXP OLYH IRUFH WHQVLRQ RU FRPSUHVVLRQ WKDW FDQ
EH GHYHORSHG LQ WKLV PHPEHU GXH WR D XQLIRUP OLYH ORDG RI  OEIW DFWLQJ RQ WKH EULGJH
GHFN DORQJ WKH ERWWRP FRUG RI WKH WUXVV

+ * )

 IW
(
$
% & '
 #  IW

:KHQ WKH XQLW OLYH ORDG LV DW SRLQW $

+ * )
 0 $

(\ (\


$[ (
) \

$\  (\   $\

% & '
$\ (\

* )
)+* 0 &

) +* ) +*

)&+
(

)%& & '

:KHQ WKH XQLW OLYH ORDG LV DW SRLQW %

+ * )
0 $

( \   (\


$[ (
% ) \
$<  )<   $\

& '
$\  (\
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

* )
)+* 0 &

) +*  (\
)&+
(
) +*
 
)%& & '
(\

:KHQ WKH XQLW OLYH ORDG LV DW SRLQW &

+ * )
0 $

( \   (\


$[ & ( ) \
$<  )<   $\

% '
$\  (\

* )
)+* 0 &

) +*  (\
)&+
(
& ) +*
 
)%& '
 (\

:KHQ WKH XQLW OLYH ORDG LV DW SRLQW '

+ * )
0 $

( \   (\


$[ (
' ) \
$<  )<   $\

% &
$\  (\

* )
)+* 0 &

) +*  (\  
)&+
(
' ) +*
 
)%& &
 (\
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

:KHQ WKH XQLW OLYH ORDG LV DW SRLQW (

+ * )
0 $

( \   (\


$[ ( ) \
$<  (<   $\

% & '
$\ (\

* )
)+* 0 &

) +*  (\  
)&+ 
( ) +*

)%& & '
(\

)+* 0D[LPXP )RUFH &

· · [

ÆÉ
)*+
  
 N &

0D[LPXP )RUFH 7
 )*+
 7

([DPSOH &RQVLGHU WKH IROORZLQJ WUXVV 'UDZ WKH LQIOXHQFH OLQH IRU WKH IRUFH LQ PHP
EHU %* DQG WKHQ FRPSXWH WKH PD[LPXP IRUFH WKDW FDQ EH GHYHORSHG LQ WKLV PHPEHU
GXH WR D XQLIRUP OLYH ORDG RI  OEIW DQG D XQLIRUP GHDG ORDG RI  OEIW DFWLQJ RQ WKH
EULGJH GHFN DORQJ WKH ERWWRP FRUG RI WKH WUXVV

+ * )

 IW
(
$
% & '
 #  IW
6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

/LYH /RDGV )RU %ULGJHV

,Q RXU SHUYLRXV GLVFXVVLRQV ZH PHQWLRQHG WKDW WKH SULPDU\ OLYH ORDGV RQ EULGJH
VSDQV DUH GXH WR WUDIILF 7KH KHDYLHVW ORDGV DUH WKRVH SURGXFHG E\ ODUJH WUDQVSRUW
WUXFNV 7KH $PHULFDQ $VVRFLDWLRQ RI 6WDWH DQG +LJKZD\ 7UDQVSRUWDWLRQ 2IILFLDOV
$$6+72 KDV D VHULHV RI VSHFLILFDWLRQV IRU WUXFN ORDGLQJV )RU WZRD[LDO WUXFNV
$$6+72 GHVLJQDWHV WKHVH YHKLFOHV DV + VHULHV WUXFNV )RU H[DPSOH D + LV D
WRQ WUXFN DV UHSRUWHG LQ WKH  VSHFLILFDWLRQV 7UXFNV WKDW SXOO WUDLOHUV DUH GHVLJ
QDWHG DV +6 IRU H[DPSOH +6  D WRQ VHPLWUDLOHU WUXFN ,Q JHQHUDO D WUXFN ORDG
LQJ GHSHQGV RQ WKH W\SH RI EULGJH LWV ORFDWLRQ DQG WKH W\SH RI WUDIILF DQWLFLSDWHG

7KH VL]H RI WKH ´VWDQGDUG WUXFNµ DQG WKH GLVWULEXWLRQ RI LWV ZHLJKW LV UHSRUWHG LQ WKH
$$6+72 FRGH )RU H[DPSOH D +6  WUXFN LV VKRZQ EHORZ

,Q VRPH FDVHV WKH VSHFLILFDWLRQV DOORZ \RX WR UHSUHVHQW WKH WUXFN DV D VLQJOH FRQFHQ
WUDWHG ORDG DQG DQ XQLIRUP ORDG <RX FDQ SUREDEO\ VHH WKDW RQFH WKH ORDGLQJ KDV EHHQ
VHOHFWHG \RX KDYH WR GHWHUPLQH WKH FULWLFDO SRVLWLRQ RI WKH WUXFN RQ WKH VWUXFWXUH
EULGJH 7KLV LV DQ H[FHOOHQW VLWXDWLRQ IRU LQIOXHQFH OLQHV

,Q PDQ\ FDVHV YHKLFOHV PD\ ERXQFH RU VZD\ DV WKH\ PRYH RYHU D EULGJH 7KLV PR
WLRQ SURGXFHV DQ LPSDFW ORDG RQ WKH EULGJH $$6+72 KDV GHYHORS DQ LPSDFW IDFWRU WR
LQFUHDVH WKH OLYH ORDG WR DFFRXQW IRU WKH ERXQFH DQG VZD\ RI YHKLFOHV

,
 EXW QRW ODUJHU WKDQ 
/  

ZKHUH / LV WKH OHQJWK RI WKH VSDQ LQ IHHW VXEMHFWHG WR WKH OLYH ORDG
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

([DPSOH )RU H[DPSOH FRQVLGHU WKH WUXVV SUREOHP ZH ZRUNHG D IHZ SDJHV EDFN
+ * )

 IW
(
$
% & '
 #  IW

5HFDOO WKH LQIOXHQFH OLQH IRU PHPEHU +*

)+* 0D[LPXP )RUFH &
· · [

ÆÉ
)*+
  
 N &

0D[LPXP )RUFH 7
 )*+
 7
7KH OLYH ORDG LV DSSOLHG RYHU WKH HQWLUH VSDQ LQ WKLV FDVH  IHHW 7KHUHIRUH WKH LPSDFW
IDFWRU LV

,

 
  

7KH DGGLWLRQDO ORDG LQ PHPEHU )*+ LV

,Æ) +*É
 N
 N

7KH PD[LPXP FRPSUHVVLYH ORDG LQ PHPEHU )*+ LV  N SOXV  N  N

0D[LPXP ,QIOXHQFH DW D 3RLQW 'XH WR D 6HULHV RI &RQFHQWUDWHG /RDGV

:H KDYH DOUHDG\ OHDUQHG WR FRQVWUXFW LQIOXHQFH OLQHV DQG XVH WKHP WR GHWHUPLQH WKH
PD[LPXP HIIHFW RI D OLYH ORDG RQ D VWUXFWXUH %\ PXOWLSO\LQJ WKH SHDN YDOXH RI WKH LQIOX
HQFH OLQH E\ WKH YDOXH RI WKH OLYH FRQFHQWUDWHG ORDG ZH FDQ GHWHUPLQH WKH PD[LPXP
HIIHFW RI WKH ORDG +RZHYHU LI WKH ORDG LV D UHVXOW RI D WUXFN RU WUDIILF D VHULHV RI ZKHHO
ORDGLQJV PXVW EH FRQVLGHUHG
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

([DPSOH &RQVLGHU RXU VWDQGDUG $$6+72 +  WUXFN WUDYHOLQJ RYHU WKH VSDQ RI
VRPH VWUXFWXUH

$ %

[  IW  IW

6KHDU  7R H[DPLQH KRZ D VHULHV RI FRQFHQWUDWHG ORDGV HIIHFW WKH VKHDU OHWV FRQVLGHU RXU
´VWDQGDUG WUXFNµ DQG LWV HIIHFW RQ WKH VKHDU DW SRLQW & RQ WKH EHDP VKRZQ DERYH )LUVW
ZH QHHG WKH LQIOXHQFH OLQH IRU WKH VKHDU DW SRLQW &

8VLQJ WKH 0XOOHU%UHVODX SULQFLSOH

$ %
& WKH LQIOXHQFH OLQH IRU WKH VKHDU DW
·
SRLQW & LV
9&
9& 
[
$ %

9&

/HW·V WU\ WR ILQG WKH PD[LPXP SRVLWLYH VKHDU DW SRLQW & 7KHUH DUH WKUHH FDVHV WR H[DPLQH
RQH IRU HDFK RI WKH WKUHH ZKHHO IRUFHV DV WKH\ SDVV RYHU WKH SRLQW & 
9&
&DVH 
 

[
$ %
&


Æ9&É
    
 N
&DVH
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

9&
&DVH 


[
$ %
&
 

Æ9&É
     
 N
&DVH
9&
&DVH 


 [
$ %
&  

Æ9&É
      
 N
&DVH

/HW·V UHZRUN WKH SUHYLRXV SUREOHP WR ILQG WKH PD[LPXP QHJDWLYH VKHDU DW SRLQW &
7KHUH DUH WKUHH FDVHV WR H[DPLQH RQH IRU HDFK RI WKH WKUHH ZKHHO IRUFHV DV WKH\ SDVV RYHU
WKH SRLQW & 
9&
&DVH 
 

[
$ %
&


Æ9&É
     
 N
&DVH
9&
&DVH 


[
$ %
&
 

Æ9&É
      
  N
&DVH
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

9&
&DVH 


 [
$ %
&  

Æ9&É
       
  N
&DVH

:KHQ PDQ\ ORDGV DFW RQ D VWUXFWXUH WKH ´WULDO DQG HUURUµ WHFKQLTXH XVHG LQ WKH SUH
FHGLQJ H[DPSOHV FDQ EH YHU\ WHGLRXV 7KH FULWLFDO ORFDWLRQ RI WKH ORDGV PD\ EH GHWHU
PLQHG LQ D PRUH GLUHFW PDQQHU E\ FRPSXWLQJ WKH FKDQJH LQ VKHDU D9 7KH FKDQJH LQ
SRVLWLYH VKHDU D9 LV FDOFXODWHG ZKHQ WKH ORDGV PRYH IURP &DVH  WR &DVH  WKHQ IURP
&DVH  WR &DVH  DQG VR RQ $V ORQJ DV D9 LV SRVLWLYH WKH QHZ SRVLWLRQ \LHOGV D ODUJHU
VKHDU LQ WKH VWUXFWXUH DW WKH SRLQW XQGHU FRQVLGHUDWLRQ :KHQ D QHJDWLYH D9 LV IRXQG
WKH FULWLFDO SRVLWLRQ IRU WKH PD[LPXP SRVLWLYH VKHDU LV DW WKH SUHYLRXV SRVLWLRQ

7KH FKDQJH LQ VKHDU D9 IRU D ORDG 3 WKDW PRYHV IURP SRVLWLRQ [ WR [ RYHU D EHDP
FDQ EH GHWHUPLQHG E\ PXOWLSO\LQJ WKH ORDG 3 E\ WKH FKDQJH LQ WKH YDOXHV RI WKH LQIOX
HQFH OLQH \  \

,I WKH VORSH RI WKH LQIOXHQFH OLQH LV V WKHQ \  \ V[  [ WKHUHIRUH D9 EHFRPHV

o9
3VÆ[   [ É DORQJ D VORSLQJ OLQH

,I WKH ORDG PRYHV SDVW D SRLQW ZKHUH WKH YDOXH LQ WKH LQIOXHQFH OLQH ´MXPSVµ WKHQ D9
EHFRPHV

o9
3Æ\   \ É DW D MXPS

&RQVLGHU RXU SUHYLRXV H[DPSOH IRU ILQGLQJ WKH SRVLWLYH VKHDU DW SRLQW &
9&
&DVH 
 

[
$ %
&

 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

9&
&DVH 


[
$ %
&
 

9&
&DVH 


 [
$ %
&  

&RQVLGHU WKH FKDQJH LQ VKHDU IURP &DVH  WR &DVH  7KH VORSH V LV   DQG
WKHUH LV D MXPS GRZQZDUG RI  DW SRLQW & 7KHUHIRUH D9 IURP &DVH  WR &DVH  LV
Æo9&É
       
 N

&DVH 

&RQVLGHU WKH FKDQJH LQ VKHDU IURP &DVH  WR &DVH  :H PXVW DFFRXQW IRU WKH GRZQZDUG
MXPS RI WKH ILUVW  N DQG WKH KRUL]RQWDO PRYHPHQW XS WKH VORSH RI WKH LQIOXHQFH OLQH
7KHUHIRUH D9 IURP &DVH  WR &DVH  LV
Æo9&É
       
  N

&DVH 

6LQFH D9&DVH LV QHJDWLYH WKH FULWLFDO SRVLWLRQ LV &DVH 

/HW·V UHSHDW WKLV SURFHGXUH IRU WKH QHJDWLYH VKHDU DW SRLQW &
9&
&DVH 
 

[
$ %
&


9&
&DVH 


[
$ %
&
 
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

9&
&DVH 


 [
$ %
&  

&RQVLGHU WKH FKDQJH LQ VKHDU IURP &DVH  WR &DVH  7KH VORSH V LV   DQG
WKHUH LV D MXPS GRZQZDUG RI  DW SRLQW & 7KHUHIRUH D9 IURP &DVH  WR &DVH  LV
Æo9&É
       
  N
&DVH 
6LQFH D9&DVH LV QHJDWLYH &DVH  LV PRUH FULWLFDO WKDQ SRVLWLRQ &DVH 

&RQVLGHU WKH FKDQJH LQ VKHDU IURP &DVH  WR &DVH  :H PXVW DFFRXQW IRU WKH GRZQZDUG
MXPS RI WKH ILUVW  N DQG WKH KRUL]RQWDO PRYHPHQW XS WKH VORSH RI WKH LQIOXHQFH OLQH
7KHUHIRUH D9 IURP &DVH  WR &DVH  LV
Æo9&É
       
  N
&DVH 
6LQFH D9&DVH LV QHJDWLYH WKH FULWLFDO SRVLWLRQ LV &DVH 

0RPHQW  :H FDQ XVH WKH VDPH PHWKRG IRU GHWHUPLQLQJ WKH FULWLFDO SRVLWLRQ IRU VKHDU
WR GHWHUPLQHG WKH FULWLFDO SRVLWLRQ IRU PRPHQW $V LQ DOO FDVHV ZLWK WKH ORFDWLRQ RI WKH
FULWLFDO SRVLWLRQ IRU OLYH ORDGV ZH QHHG WR GUDZ WKH LQIOXHQFH OLQH IRU PRPHQW DW WKH
SRLQW LQ TXHVWLRQ 7KH FKDQJH LQ PRPHQW D0 IRU RQH SRVLWLRQ WR DQRWKHU LV GHILQHG DV

o0
3VÆ[   [ É

/HWV ILQG WKH PD[LPXP PRPHQW DW SRLQW & GXH WR RXU ´VWDQGDUG WUXFNµ

8VLQJ WKH 0XOOHU%UHVODX SULQFLSOH

$ %
& WKH LQIOXHQFH OLQH IRU WKH PRPHQW
·
DW SRLQW & LV

0&


[
$ %
0& 0&
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

&DVH 
0&



$ % [
&

&DVH 
0&
 

$ % [
&

&DVH  0&



$ % [
&

&RQVLGHU WKH FKDQJH LQ PRPHQW IURP &DVH  WR &DVH  7KH VORSH V LV   7KHUH
IRUH D0 IURP &DVH  WR &DVH  LV
Æo0&É
     
 N IW

&DVH 

&RQVLGHU WKH FKDQJH LQ PRPHQW IURP &DVH  WR &DVH 

Æo0&É
     
  N IW

&DVH 

6LQFH D0&DVH LV QHJDWLYH WKH FULWLFDO SRVLWLRQ LV &DVH  7KH PD[LPXP PRPHQW FDQ
EH FDOFXODWHG IURP WKH ZKHHO SRVLWLRQ GHILQHG LQ &DVH 
&DVH 
0&
 

$ % [
&

0& PD[
    
  N IW
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

([DPSOH 'HWHUPLQH WKH PD[LPXP SRVLWLYH VKHDU DQG PRPHQW FUHDWHG DW SRLQW % LQ
WKH EHDP EHORZ GXH WR WKH ZKHHO ORDGV RI D PRYLQJ WUXFN 7KH WUXFN WUDYHOV IURP ULJKW
WR OHIW

N N N N

$ &

%
10 IW 10 IW
 IW  IW  IW
6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

$EVROXWH 0D[LPXP 6KHDU $QG 0RPHQW

:H QHHG WR GHYHORS D PHWKRG IRU FRPSXWLQJ WKH PD[LPXP VKHDU DQG PRPHQW RQ
D EHDP WKDW GHWHUPLQHV ERWK WKH ORFDWLRQ RI WKH SRLQW DQG DQG SRVLWLRQ RI WKH ORDGLQJ
,I WKH EHDP LV FDQWLOHYHUHG RU VLPSO\ VXSSRUWHG WKH SUREOHP LV QRW VR KDUG

6KHDU  )RU ERWK D FDQWLOHYHUHG DQG VLPSO\ VXSSRUWHG EHDP WKH PD[LPXP VKHDU ZLOO
RFFXU DW WKH VXSSRUW 7KH UHVXOWLQJ YDOXH RI WKH VKHDU FDQ EH HDVLO\ FDOFXODWHG ZLWK WKH
PHWKRG RI VHFWLRQV

$ %
9PD[ 9PD[

0RPHQW  )RU D FDQWLOHYHUHG EHDP WKH PD[LPXP PRPHQW ZLOO RFFXU DW WKH VXSSRUW
ZKHQ WKH ORDGLQJ LV DW WKH HQG RI WKH FDQWLOHYHUHG PHPEHU

0PD[

)RU D VLPSO\ VXSSRUWHG EHDP WKH PD[LPXP PRPHQW FDQQRW EH ORFDWHG E\ LQVSHFWLRQ
+RZHYHU LW FDQ EH SURYHG WKDW WKH DEVROXWH PD[LPXP PRPHQW LQ D VLPSO\VXSSRUWHG EHDP
RFFXUV XQGHU RQH RI WKH FRQFHQWUDWHG ORDGV VXFK WKDW WKLV IRUFH LV SRVLWLRQHG RQ WKH EHDP VR WKDW
LW DQG WKH UHVXOWDQW IRUFH RI WKH V\VWHP DUH HTXLGLVWDQFH IURP WKH EHDP·V FHQWHU OLQH %\ DSSO\LQJ
WKLV WHFKQLTXH WR HDFK RI WKH FRQFHQWUDWHG IRUFHV WKH DEVROXWH PD[LPXP PRPHQW FDQ
EH FDOFXODWHG

&DVH  &/
)5 6ROYH IRU WKH PRPHQW LQ
) ) ) WKH EHDP VXEMHFWHG WR WKH
OLYH ORDGV DV D IXQFWLRQ RI
$ % WKH SRVLWLRQ [
[· [·
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

&DVH  &/ &DVH  &/

)5 )5
) ) ) ) ) )

$ % $ %
[· [· [· [·

$ FRPSXWHU VROXWLRQ IRU WKLV SUREOHP LV GHVLUDEOH VLQFH WKH ZRUN FDQ EH YHU\ WHGLRXV
LI SHUIRUPHG E\ KDQG

([DPSOH 'HWHUPLQH WKH DEVROXWH PD[LPXP PRPHQW RQ WKH VLPSO\VXSSRUWHG EHDP

FDXVHG E\ WKH ZKHHO ORDGV VKRZQ 7KH YHKLFOH WUDYHOV IURP ULJKW WR OHIW

 OE  OE

$ %

 IW  IW
6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 
 6WUXFWXUDO $QDO\VLV ,  ,QIOXHQFH /LQHV 3DJH 

([DPSOH 'HWHUPLQH WKH DEVROXWH PD[LPXP PRPHQW RQ WKH VLPSO\VXSSRUWHG EHDP

FDXVHG E\ WKH ZKHHO ORDGV VKRZQ 7KH YHKLFOH WUDYHOV IURP ULJKW WR OHIW

N  N  N

$ %

 IW  IW 4 IW