Multidimensionality in Software Performance Measurement: the QEST ...

3 downloads 124 Views 255KB Size Report
geometry for the measurement of the software projects performances. In section 2, a proposal of three key .... (syntacti
/XLJL%XJOLRQH $ODLQ$EUDQ8QLYHUVLWqGX4XpEHFj0RQWUpDO 84¬0 &DQDGD

0XOWLGLPHQVLRQDOLW\LQ6RIWZDUH3HUIRUPDQFH 0HDVXUHPHQWWKH4(67/,0(PRGHOV

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

,QWURGXFWLRQ

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

,,

5HFRPPHQGHGYLHZSRLQWVIRUVRIWZDUHSURMHFWV

7KH ,62 VRIWZDUH HQJLQHHULQJ VWDQGDUGV RQ VRIWZDUH SURGXFWTXDOLW\,62,(&DQG>,62@>,62@ KDYH LGHQWLILHG WKUHH PDMRU W\SHV RI VWDNHKROGHUV LQYROYHG LQ VRIWZDUH GHYHORSPHQW SURMHFWV PDQDJHUV XVHUV DQG GHYHORSHUV (DFK W\SH RI VWDNHKROGHU UHSUHVHQWV D GLVWLQFW YLHZSRLQW IURP ZKLFK VRIWZDUH SHUIRUPDQFH FDQ EH HYDOXDWHGZHKDYHODEHOHGWKHVHYLHZSRLQWVDVIROORZV œ (FRQRPLFUHSUHVHQWHGE\WKHPDQDJHUV¶YLHZSRLQW œ 6RFLDOUHSUHVHQWHGE\WKHXVHUV¶YLHZSRLQW œ 7HFKQLFDOUHSUHVHQWHGE\WKHGHYHORSHUV¶YLHZSRLQW &XUUHQW SHUIRUPDQFH PRGHOV LQ WKH VRIWZDUH HQJLQHHULQJ OLWHUDWXUH KRZHYHU RQO\ WDNH LQWR FRQVLGHUDWLRQ HLWKHU WKH ILUVWRUWKLUGRUWKHILUVWDQGWKLUGRIWKHYLHZSRLQWVOLVWHG DERYH DQG HYHQ ZKHQ WZR YLHZSRLQWV DUH WDNHQ LQWR DFFRXQW WKH FXUUHQW SHUIRUPDQFH PRGHOV KDQGOH WKHP VHSDUDWHO\ ,Q WKLV SDSHU ZH SUHVHQW RXU SURSRVDO IRU D PXOWLGLPHQVLRQDO SHUIRUPDQFH PRGHO GHVLJQHG WR WDFNOH WKHVHWKUHHYLHZSRLQWVVLPXOWDQHRXVO\ ,,, UHDOLWLHV

+RZ *HRPHWU\ KHOSV LQ UHSUHVHQWLQJ FRPSOH[

$QDO\]LQJ D KXJH DPRXQW RI SURMHFW GDWD IURP VHYHUDO YLHZSRLQWV EXW D VLQJOH GLPHQVLRQ DW D WLPH PDNHV LW GLIILFXOW WR V\QWKHVL]H WKH LQIRUPDWLRQ LQWR DQ RYHUDOO DVVHVVPHQWIRUGHFLVLRQPDNLQJSXUSRVHV *UDSKLFDO UHSUHVHQWDWLRQ FDQ KHOS LQ VLPSOLI\LQJ DQG LQFUHDVLQJ GDWD UHDGDELOLW\ IRU PDQDJHUV ,Q LWV VLPSOHVW H[SUHVVLRQ WKH XVH RI KLVWRJUDPV EDUV RU SLH FKDUWV LV FXUUHQWO\ D ZHOONQRZQ PHDQV IRU UHSUHVHQWLQJ VRPH DVSHFWVRIPRUHFRPSOH[UHDOLWLHVWKURXJKWKHXVHRIVLPSOH VWDWLVWLFDO WRROV VXFK DV DYHUDJHV PHGLDQV RU TXDUWLOHV ,Q SDUWLFXODU LW LV QRZ PXFK HDVLHU WR XVH D VSUHDGVKHHW OLNH 06 ([FHO DQG VHOHFW WKH ³JUDSK´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

 $XWKRUV¶

UHIHUHQFHV

6RIWZDUH

(QJLQHHULQJ

0DQDJHPHQW

5HVHDUFK

/DERUDWRU\  8QLYHUVLWp GX 4XpEHF j 0RQWUpDO &3  6XFF &HQWUH 9LOOH

0RQWUpDO

4XpEHF

&DQDGD

/XLJL

%XJOLRQH



(PDLO





$ ZHOOEDODQFHG V\VWHP VKRXOG WKHQ SURGXFH D VWDUVKDSHG JUDSK

OXLJLEXJOLRQH#FRPSXWHURUJ 7HO    )D[   

$QRWKHULVVXHWRQRWHLVWKDWV\VWHPVWHQGWRSURGXFHFKDUDFWHULVWLFVKDSHV

 $ODLQ $EUDQ  (PDLO DEUDQDODLQ#XTDPFD 7HO  

DV VWUHVVHG E\ >)(55@ DQG D VNLOOHG V\VWHP PDQDJHU VKRXOG UHFRJQL]H

  )D[  

WKLVIDFWDSSO\LQJWKHSURSHUDGMXVWPHQWV

FRXUVH H[LVW WHFKQLTXHV WR DVVLJQ QXPHULFDO YDOXHV WR VXFK UHSUHVHQWDWLRQV WKURXJK JHRPHWU\ DQG XVLQJ WKH GLVWDQFH DQG DUHD FRQFHSWV )RU LQVWDQFH RYHUDOO SHUIRUPDQFH FDQ EH FDOFXODWHG XVLQJ WKH DUHD RI WKH SRO\JRQ LQ WKH .LYLDW GLDJUDP ,PSURYHPHQWV DFURVV PXOWLSOH SURMHFW SKDVHV FDQ EH PHDVXUHG JUDSKLFDOO\ E\ RYHUODSSLQJ WZR VXEVHTXHQW .LYLDW JUDSKV DQG QXPHULFDOO\ E\ FDOFXODWLQJ WKH UDWLR EHWZHHQWKHWZRDUHDVDVVKRZQLQWKHIROORZLQJILJXUH

)LJ±(J\SWLDQSDLQWLQJD'FRQFHSWILWWHGLQWRD'UHSUHVHQWDWLRQ

D  E

)LJ±.LYLDWJUDSKV D ZHOOEDODQFHGV\VWHP E XQWXQHGV\VWHP

:KLOH.LYLDWGLDJUDPVFRQWDLQULFKYLVXDOLQIRUPDWLRQWKH\ DOVR KDYH VRPH ZHDNQHVVHV LQ WHUPV RI FRPELQLQJ WKH LQIRUPDWLRQ LQWR VLQJOH QXPHULFDO YDOXHV IRU RYHUDOO DVVHVVPHQW SXUSRVHV )RU LQVWDQFH ZKLOH WKH\ DGGUHVV WKH PXOWLHOHPHQWFRQWH[WWKHLUUHSUHVHQWDWLRQLVVWLOOD'RQH IRU D VXFFHVVIXO XVH RI JHRPHWULFDO DQDO\VLV DQG WKH UHSUHVHQWDWLRQ RI SHUIRUPDQFH IURP PXOWLSOH YLHZSRLQWV WKHUHVKRXOGEHDGLUHFWUHODWLRQVKLSEHWZHHQWKHQXPEHURI HOHPHQWV RU SHUVSHFWLYHV  DQG WKH GLPHQVLRQV LQ D JHRPHWULFDOVSDFHIRUDSURSHUUHSUHVHQWDWLRQHOHPHQWVLQ D 'VSDFHHOHPHQWVLQD'VSDFHDQGVRRQ

3ULQFLSOH $ FRUUHVSRQGHQW UHODWLRQVKLS EHWZHHQ WKH QXPEHU RI HOHPHQWV WR UHSUHVHQW DQG WKH GLPHQVLRQ LQ ZKLFKWKHUHSUHVHQWDWLRQIRUPDWLVH[SUHVVHGPXVWH[LVW 7KHUHIRUH D UHSUHVHQWDWLRQ VXFK DV WKDW RI .LYLDW JUDSKV ZKLFKXVHVPRUHWKDQHOHPHQWVLQD'VSDFHUHSUHVHQWVD FRPSUHVVLRQ RI D PRUH FRPSOH[ UHDOLW\ $ TXLFN DQG LPPHGLDWHH[DPSOHRIWKLVFRQFHSWFDQEHSURYLGHGE\WKH DQFLHQW (J\SWLDQ SDLQWLQJ )LJXUH   WKH REVHUYHU UHDOL]HV WKDWVRPHWKLQJLVPLVVLQJ WKHGHSWKRIWKHLPDJH NQRZLQJ WKDWLWVVRXUFHZDVD'ILJXUH

7R WDFNOH DW OHDVW  WKUHH YLHZSRLQWV IRU D PRUH FRPSUHKHQVLYHHYDOXDWLRQRIWKHSHUIRUPDQFHRIDV\VWHP HFRQRPLF VRFLDO DQG WHFKQLFDO  ZH LQLWLDOO\ LGHQWLILHG WKUHH GLVWLQFW DSSURDFKHV LQ WKH VRIWZDUH HQJLQHHULQJ OLWHUDWXUH GHDOLQJ ZLWK PXOWLGLPHQVLRQDOLW\ LQ VRIWZDUH SHUIRUPDQFHPHDVXUHPHQW

œ

œ

œ



LQ +DWILHOG >+$7)@ WKH PHDVXUHPHQW RI SURGXFW SHUIRUPDQFHLVGHILQHGDVWKHVLQJOHYLHZSRLQWUHODWHG WR SURGXFW DVVHVVPHQW DVVHW  FXVWRPHUSURMHFW  VWUDWHJLF PDQDJHPHQW  DV D GLPHQVLRQ EXW LW UHSUHVHQWV WKH ' FRQFHSW E\ PHDQV RI D FXEH DQG XVHV RQO\ D VLQJOH QRQQRUPDOL]HG PHDVXUH SHU GLPHQVLRQ

LQ 'RQDOGVRQ  6LHJHO >'21$@ Q GLIIHUHQW QRUPDOL]HG PHDVXUHV DUH XVHG WR GHILQH WKH ³SURGXFW LQWHJULW\YDOXH´ DQGQRWWKHVLQJOHLQWHUHVWJURXS DVD GLPHQVLRQXVLQJDYHFWRULDODSSURDFKUHSUHVHQWLQJWKH FRQFHSW LQ D ' VSDFH WKURXJK WKH XVH RI .LYLDW JUDSKV

:KLOHHDFKDSSURDFKLVRILQWHUHVWQRQHIXOO\DGGUHVVHVWKH VLPXOWDQHLW\ RI WKH PXOWLGLPHQVLRQDO UHSUHVHQWDWLRQ RI SHUIRUPDQFH :H SUHVHQW QH[W RXU VROXWLRQ IRU D PXOWLGLPHQVLRQDO SHUIRUPDQFH PRGHO 4(67  DQG LWV H[WHQVLRQ WR WKH ZKROH VRIWZDUH OLIH F\FOH GHYHORSPHQW /,0( XVLQJDFODVVLFJHRPHWULFDODSSURDFK ,9



LQ *RQ]DOHV >*21=@ D YHFWRULDO DSSURDFK LV SURSRVHG WR PHDVXUH VRIWZDUH FRPSOH[LW\ LQ D ' VSDFHWKHWKUHHGLPHQVLRQVDUHJLYHQE\OHQJWKWLPH DQG OHYHO IRU HDFK RI WKH WKUHH FRPSOH[LW\ GRPDLQV V\QWDFWLFDO IXQFWLRQDO FRPSXWDWLRQDO  ZLWK D OLVW RI SUHGHILQHG DQG QRQQRUPDOL]HG FRPSOH[LW\ IDFWRUV DQGPHDVXUHV

7KH4(67/,0(PRGHOV

,Q WKLV VHFWLRQ ZH SUHVHQW RXU DSSURDFK IRU D PXOWLGLPHQVLRQDO UHSUHVHQWDWLRQ RI VRIWZDUH SURMHFW SHUIRUPDQFH7KH4(67 PRGHO DOORZV XV WR XVH D FHUWDLQ QXPEHURIPHDVXUHVQRWSUHGHWHUPLQHGE\WKHPRGHOLWVHOI )XUWKHUPRUH LW DOORZV IRU WKH XVH RI QRUPDOL]HG UDQJHV RI 

)RU LQVWDQFH DQ

HGXFDWLRQDO

SURMHFW

XVLQJ

SODQH

JHRPHWU\

ZDV

*HRPODQGKHDGHGE\WKH6WHYHQV,QVWLWXWHRI7HFKQRORJ\ 86$ DQGWKH %XOJDULDQ $FDGHP\ RI 6FLHQFHV >)5,(@ ZLWK WKH IROORZLQJ DLP WR SURYLGH RSSRUWXQLWLHV IRU VWXGHQWV WR H[SHULPHQW ZLWK JHRPHWULF REMHFWV DQGFRQFHSWV>7KLVVRIWZDUH@XVHVDQLPDWLRQRIJHRPHWULFFRQVWUXFWLRQLQ XQLTXH ZD\V WKDW PDNH LW SRVVLEOH WR FUHDWH VLPSOH YLVXDOL]DWLRQV RI FRPSOH[UHODWLRQVKLSVDQGLGHDV





4(674XDOLW\)DFWRU(FRQRPLF6RFLDODQG7HFKQLFDOYLHZSRLQWV

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

,QVXPPDU\

œ

WKH WKUHH GLPHQVLRQV ( 6 7  LQ WKH VSDFH FRUUHVSRQGWRWKHFRUQHUVRIWKHS\UDPLG¶VEDVHDQG WKH FRQYHUJHQFH RI WKH HGJHV WR WKH 3 YHUWH[ FRUUHVSRQGWRWKHPD[LPXPSHUIRUPDQFHOHYHO œ ZKHQ WKH WKUHH VLGHV DUH RI HTXDO OHQJWK WKH VROLG VKDSH WKDW UHSUHVHQWV WKLV WKUHHGLPHQVLRQDO FRQFHSW LV WKHUHIRUH D S\UDPLG ZLWK LWV WULDQJXODU EDVH DQG VLGHVRIHTXDOOHQJWK WHWUDKHGURQ  7KLV S\UDPLGW\SH UHSUHVHQWDWLRQ LPSRVHV WKH IROORZLQJ FRQVWUDLQW WKH VLGHV PXVW EH HTXDO ,Q SUDFWLFH WKLV FRQVWUDLQW LV PHW E\ JLYLQJ HTXDO ZHLJKW WR HDFK RI WKH WKUHH GLIIHUHQW GLPHQVLRQV FKRVHQ ± DQG ZLWK VLGHV RI OHQJWKH[DFWO\HTXDOWR UHJXODUWHWUDKHGURQ WKLVWKHQ DOORZV UHSUHVHQWDWLRQ RI WKH GLPHQVLRQV WKURXJK D QRUPDOL]HG VHW RI YDOXHV EHWZHHQ  DQG  IRU HDFK D[LV DQGRQDUDWLRVFDOHIRUHDVHRIXQGHUVWDQGLQJ

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œ 7KHRUHWLFDOFRQVLGHUDWLRQV>%8*/D@>%8*/E@ œ *HRPHWULFDODQGVWDWLVWLFDOIRXQGDWLRQV>%8*/F@ œ ,PSOHPHQWDWLRQRIWKHPRGHO>%8*/F@ œ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

)LJXUH4(67PRGHODQGLWVK\SHUSODQHVHFWLRQV

:LWK WKLV ' UHSUHVHQWDWLRQ LW LV SRVVLEOH WR GHWHUPLQH DQG UHSUHVHQW SHUIRUPDQFH XVLQJ WKH WKUHH FODVVLF JHRPHWULFDO FRQFHSWV RI GLVWDQFH DUHD DQG YROXPH IXUWKHUPRUH WKH UDWLR EHWZHHQ WKH YROXPH RI WKH ORZHU SDUWRIWKHWUXQFDWHGWHWUDKHGURQDQGWKH WRWDO YROXPH RI WKH WHWUDKHGURQ LWVHOI UHSUHVHQWV WKH QRUPDOL]HG SHUIRUPDQFH OHYHO RI D SURMHFW EHLQJ DVVHVVHG DJDLQVW LWV SHUIRUPDQFHWDUJHWDVGHPRQVWUDWHGLQ>%8*/F@

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

.H\IHDWXUHVRIWKH4(67PRGHO œ ,QWHJUDWHG TXDQWLWDWLYH DQG TXDOLWDWLYH HYDOXDWLRQ IURP WKUHH FRQFXUUHQW RUJDQL]DWLRQDO YLHZSRLQWV PDQDJHPHQW HFRQRPLF YLHZSRLQW  XVHUV VRFLDO

YLHZSRLQW  DQG WHFKQLFDO SHUVRQQHO WHFKQLFDO YLHZSRLQW  3HUIRUPDQFH LV QRW D VLQJOH RQH GLPHQVLRQDOFRQFHSW+HQFHLWLV QRWHQRXJKWR PHHWD VLQJOHVSHFLILFWDUJHWLQDQXQFRQVWUDLQHG HQYLURQPHQW 3HUIRUPDQFH LV D PXOWLGLPHQVLRQDO FRQFHSW LQ ZKLFK PXOWLSOH YLHZSRLQWV PXVW EH LQWHJUDWHG PRVW RI ZKLFK DUHSUHVHQWVLPXOWDQHRXVO\LQWKHVRIWZDUHGHYHORSPHQW SURFHVV 7KH RWKHU IXQGDPHQWDO UHTXLUHPHQW LV WKH LQWHJUDWLRQ RI TXDOLWDWLYH DQG TXDQWLWDWLYH HYDOXDWLRQV LQWHQGHGDVDVLGHGIDFHRIWKHVDPHSUREOHP2QO\LI WKHVH GLPHQVLRQV DUH PDQDJHG FRQFXUUHQWO\ LQ DQ LQWHJUDWHGPRGHOIRUSHUIRUPDQFHPHDVXUHPHQWFDQWKH\ EHDGHTXDWHO\DVVHVVHG œ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œ $ ' JHRPHWULFDO FRQVWUXFWLRQ  ±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

7KH LWHUDWLYH GHILQLWLRQ FROOHFWLRQ DQG DQDO\VLV RI PXOWLGLPHQVLRQDO PHDVXUHV DW HDFK OLIH F\FOH SKDVH WKHUHIRUHRIIHUVWKHIHHGEDFNUHTXLUHGWRPDNHDGMXVWPHQWV WR WKH SURMHFW SURFHVVHV LQ D WLPHO\ IDVKLRQ ERWK IRU WKH QH[W SKDVH DQG IRU GHVLJQLQJ IXWXUH LPSURYHPHQWV WR WKH SURFHVVRIWKHSUHFHGLQJSKDVH7KLVLVLOOXVWUDWHGLQ)LJXUH  ZLWK WKH IRXU SURFHVV LPSURYHPHQW VWHSV RI WKH 30$, 3ODQ ± 0HDVXUH ± $QDO\]H ± ,PSURYH  F\FOH IRU HDFK RI WKHVL[SKDVHVRIWKHZDWHUIDOOPRGHOFRQVLGHUHGLQFOXGHG LQHYHU\SKDVHRQDFRPSOHWH4(67DVVHVVPHQW  )LJ±7KH/,0(PRGHO





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

WK

WK

WK





:KLOHZRUNRQ,62>,62@LVXQGHUZD\DQGWKH)XQFWLRQDO6L]H

0HDVXUHPHQW 0HWKRG )60  LV EHLQJ VWDQGDUGL]HG E\ WKH ,QWHUQDWLRQDO 2UJDQL]DWLRQ

RQ

6WDQGDUGLVDWLRQ

KWWSZZZFRVPLFRPFRP 

LV

WKH

GHYHORSLQJ

DQG

JHQHUDWLRQRIIXQFWLRQDOVL]HPHDVXUHPHQWPHWKRGV

&260,& SURPRWLQJ

LQLWLDWLYH WKH

QH[W

7KXVSHUIRUPDQFHLVUHDVVHVVHGDWHDFKSURMHFWSKDVHDQG RYHUWKHFRXUVHRIDSURMHFWDVHULHVRIWHWUDKHGURQVZLOOEH GUDZQ DQG WKH VHTXHQFH RI YROXPHV ZLOO LQGLFDWH WKH SURJUHVVLRQ RI WKH SURMHFW SHUIRUPDQFH VWHS E\ VWHS DFFRUGLQJWRWKHWKUHHYLHZSRLQWV )LJ±/,0(PRGHODQG30$,F\FOH

(YROXWLRQRIWKH4(67/,0(PRGHO 2I FRXUVH RWKHU SURILOHV FRXOG EH LQFOXGHG LQ D 4(67/,0( PRGHO LQFOXGLQJ TXDOLW\ PRGHOV VXFK DV ()40RUWKH0DOFROP%DOGULGJHPRGHOVRURWKHUVOLNHWKH %DODQFHG 6FRUHFDUG RU WKH 6NDQGLD 1DYLJDWRU ZKHUH WKH QXPEHURIVWDNHKROGHUVFDQEHVLJQLILFDQWO\LQFUHDVHG +RZ FDQ ZH WKHQ SURSHUO\ DSSO\ WKH 4(67/,0( PRGHOV WRPRUHWKDQWKUHHYLHZSRLQWV"

7KH RQO\ ZD\ WR UHSUHVHQW DQG FDOFXODWH MRLQW DVVHVVPHQWV IURPPRUHWKDQWKUHHYLHZSRLQWVLVWKURXJKDOJHEUDDQGQRW E\ XVLQJ D JHRPHWULFDO DSSURDFK ,W ZDV GHPRQVWUDWHG LQ >%8*/E@ WKDW WKH PHFKDQLVP WR EH XVHG IRU Q GLPHQVLRQVLVDVLPSOH[ GHILQDEOHDVWKHFRQYH[KXOORIDQ\

GDIILQHO\ LQGHSHQGHQWSRLQWVLQVRPH § Q!G ZKHUH G UHSUHVHQWV WKH QXPEHU RI GLPHQVLRQV WDNHQ LQWR DFFRXQW 7KHUHDUHRIFRXUVHVRPHVWUHQJWKVDQGZHDNQHVVHVLQWKLV SURFHVV )RU LQVWDQFH E\ XVLQJ PDWUL[ FDOFXODWLRQ LW LV SRVVLEOH WR H[WHQG WKH XQGHUO\LQJ FRQFHSWV RI WKH 4(67/,0( PRGHOV WR Q GLPHQVLRQV DQG ZH KDYH GHPRQVWUDWHG WKH EDFNIRUZDUG YDOLGLW\ RI WKLV PHFKDQLVP IRUDQ\QXPEHURIGLPHQVLRQV7KHPRGHOVDUHWKXVDEOHWR WDNHLQWRDFFRXQWDJUHDWHUQXPEHURIVWDNHKROGHUV +RZHYHU IURP WKH IRXUWK GLPHQVLRQ RQ LW LV QR ORQJHU Q





)RUIXUWKHUGHWDLOVDERXWWKH30$,F\FOHLWVVWHSVDQGDFWLYLWLHVUHIHU

WR>%8*/E@

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³GLPHQVLRQDO´SULQFLSOH H[SUHVVHGLQVHFWLRQ 9

&RQFOXVLRQV

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



4XD















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

5HIHUHQFHV

>%8*/D@

%8*/,21( /  $ %5$1 $ 0XOWLGLPHQVLRQDO 6RIWZDUH 3HUIRUPDQFH 0HDVXUHPHQW 0RGHOV $ 7HWUDKHGURQEDVHG 'HVLJQ LQ 6RIWZDUH 0HDVXUHPHQW &XUUHQW 7UHQGV LQ 5HVHDUFK

DQG

3UDFWLFH

5

'XPNH$

$EUDQ

HGV 

'HXWVFKHU 8QLYHUVLWDWV 9HUODJ *PE+ SS   ,6%1; >%8*/E@

%8*/,21( / $ %5$1 $$4XDOLW\)DFWRUIRU6RIWZDUH

UG

3URFHHGLQJV RI 48$/,7$ 

 ,QWHUQDWLRQDO &RQIHUHQFH

RQ 4XDOLW\ DQG 5HOLDELOLW\ 3DULV )UDQFH  0DUFK SS >%8*/F@

%8*/,21( /  $ %5$1 $ *HRPHWULFDO DQG 6WDWLVWLFDO )RXQGDWLRQV

RI

3HUIRUPDQFH

³,QWHUQDWLRQDO

D

7KUHHGLPHQVLRQDO -RXUQDO

RI

0RGHO $GYDQFHV

RI LQ

(QJLQHHULQJ6RIWZDUH´(OVHYLHU3XEOLVKHU9RO1R

>%8*/G@

%8*/,21( / 0LVXUDUH LO VRIWZDUH 4XDQWLWj TXDOLWj VWDQGDUG H PLJOLRUDPHQWR GL SURFHVVR QHOO¶,QIRUPDWLRQ 7HFKQRORJ\)UDQFR$QJHOL,6%1

6LQJO

$OO



Q

6RIWZDUH 3HUIRUPDQFH 0HDVXUHPHQW 0RGHO IRU 3URMHFW

H

3KDV

GLP

GLP

0DQDJHPHQWQG:RUOG&RQIHUHQFH RQ 6RIWZDUH 4XDOLW\

SKDV

HV



6HSWHPEHU@

%8*/,21( /  $ %5$1 $ /,0( $ 7KUHH'LPHQVLRQDO

4XDO





>@

>%8*/@

>@



>@

œ

>@

QW



/,0(

4)

4) '

4(67Q'

4(67

>@

œ

MXVWWRDVLQJOHSURMHFWSKDVH >@$OOSKDVHV WKHVHOHFWHGPHWKRGKDVEHHQDSSOLHGWR DOOWKHSURMHFWSKDVHV >@  GLP WKH VHOHFWHG PHWKRG LV DSSOLFDEOH WR  YLHZSRLQWV >@QGLP WKHVHOHFWHGPHWKRGWHFKQLTXHLVDSSOLFDEOH WRQYLHZSRLQWV

'HFHPEHUSS

6FRSH 

œ

>%8*/D@



%8*/,21( /  $ %5$1 $ 4) ' D GLIIHUHQW ZD\ WR PHDVXUH 6RIWZDUH 4XDOLW\ LQFOXGHG LQ 1HZ $SSURDFKHV



7KH ³6FRSH´ FROXPQ KDV EHHQ VXEGLYLGHG LQWR  VXE FROXPQV œ >@4XDQW 4XDQWLWDWLYHDVVHVVPHQW œ >@4XDO 4XDOLWDWLYHDVVHVVPHQW œ >@6LQJOHSKDVH WKHVHOHFWHGPHWKRGKDVEHHQDSSOLHG

LQ6RIWZDUH0HDVXUHPHQWWK,QWHUQDWLRQDO:RUNVKRSRQ 6RIWZDUH 0HDVXUHPHQW ,:60  %HUOLQ *HUPDQ\ 2FWREHU   3URFHHGLQJV 'XPNH 5  $EUDQ $ (GV )HEUXDU\,6%1 >%8*/E@

%8*/,21( /  $ %5$1 $ 4(67 Q'  QGLPHQVLRQDO H[WHQVLRQ DQG JHQHUDOLVDWLRQ RI D 6RIWZDUH 3HUIRUPDQFH 0HDVXUHPHQW

0RGHO

VXEPLWWHG

³,QWHUQDWLRQDO

-RXUQDO

RI

IRU

$GYDQFHV

SXEOLFDWLRQ LQ

WR

(QJLQHHULQJ

6RIWZDUH´(OVHYLHU3XEOLVKHU >%8*/F@

%8*/,21(

/



0XOWLGLPHQVLRQDO

$ %5$1

$

6RIWZDUH

,PSOHPHQWDWLRQ 3HUIRUPDQFH

RI

D

0RGHO

8QLYHUVLWpGX4XpEHFj0RQWUpDO7HFKQLFDO5HSRUW WREH SXEOLVKHG  >'21$@

'21$/'621 6(  6,(*(/ 6* &XOWLYDWLQJ 6XFFHVVIXO 6RIWZDUH 'HYHORSPHQW  $ 3UDFWLWLRQHU¶V 9LHZ 3UHQWLFH +DOO

>)(55@

)(55$5,'6(5$==, * =(,*1(5 $0HDVXUHPHQWDQG 7XQLQJ RI &RPSXWHU 6\VWHPV 3UHQWLFH+DOO (QJOHZRRG &OLIIV1-

>)5,(@

)5,('0$1 (GXFDWLRQDO

(

%XOJDULDQ 3URMHFW

7UDQVIRUPDWLRQ 

*HRPHWU\ 85/

KWWSZZZEHVWSUDFHGXFRUJ'LVFRYHU\*UDQWV%XOJDU LDQ*HRPHWU\KWPO >*21=@

*21=$/(=

55

$

8QLILHG

0HWULF

RI

6RIWZDUH

&RPSOH[LW\  0HDVXULQJ 3URGXFWLYLW\ 4XDOLW\ DQG 9DOXH 7KH -RXUQDO RI 6\VWHPV DQG 6RIWZDUH (OVHYLHU 6FLHQFH 1RUWK+ROODQG9RO1R$SULO >+$7)@

+$7),(/' 0$ 0DQDJLQJ WR WKH &RUQHU 7XEH  7KUHH 'LPHQVLRQDO 0DQDJHPHQW LQ D 7KUHH'LPHQVLRQDO :RUOG ,((( (QJLQHHULQJ 0DQDJHPHQW 5HYLHZ ,((( &RPSXWHU 6RFLHW\9RO1R:LQWHU

>,62@

,62,(&

,QWHUQDWLRQDO

6WDQGDUG





,QIRUPDWLRQ

7HFKQRORJ\ ± 6RIWZDUH SURGXFW HYDOXDWLRQ ± 4XDOLW\ FKDUDFWHULVWLFVDQGJXLGHOLQHVIRUWKHLUXVH >,62@

,62,(&

-7&6&:*

,6



,QIRUPDWLRQ

7HFKQRORJ\ ± 6RIWZDUH 0HDVXUHPHQW  )XQFWLRQDO 6L]H 0HDVXUHPHQW ± 3DUW  )XQFWLRQDO 6L]H 0HDVXUHPHQW &RQFHSWV >,62@

,62,(&

-7&6&:*

,6



,QIRUPDWLRQ

7HFKQRORJ\ ± 6RIWZDUH SURGXFW HYDOXDWLRQ ± 3DUW  *HQHUDO2YHUYLHZ >.2/(@

.2/(1&( .:  . ,9,$7 3 - 6RIWZDUH 8QLW 3URILOHV DQG .LYLDW

)LJXUH

$&0

6,*0(75,&6

3HUIRUPDQFH

(YDOXDWLRQ5HYLHZ  6HSWHPEHUSS >5$',@

5$',&( 5 $  3+,//,36 5: 6RIWZDUH (QJLQHHULQJ $Q,QGXVWULDO$SSURDFK3UHQWLFH+DOO

>6:(%2.@ ,((($&0 *XLGH WR WKH 6RIWZDUH (QJLQHHULQJ %RG\ RI .QRZOHGJH

7ULDO

9HUVLRQ



0D\

0/





85/

KWWSZZZVZHERNRUJ >:,/6@

: ,/621

-:

)(51$1'(=

+$'$:$