Issuu on Google+

7KH0DJLF/HQV 7KLUG(GLWLRQ

0LFKDHO&OD\7KRPSVRQ

5R\DO)LUHZRUNV3UHVV 8QLRQYLOOH1HZ<RUN




&RS\ULJKWÂ&#x2039;5R\DO)LUHZRUNV3XEOLVKLQJ&RPSDQ\,QF 7KLUG(GLWLRQ $OO5LJKWV5HVHUYHG 5R\DO)LUHZRUNV3UHVV )LUVW$YHQXH32%R[ 8QLRQYLOOH1HZ<RUN 7HO )D[ HPDLOUISUHVV#IURQWLHUQHWQHW ,6%1 3ULQWHGDQGERXQGLQWKH8QLWHG6WDWHVRI$PHULFD RQUHF\FOHGSDSHUXVLQJYHJHWDEOHEDVHGLQNV DQGHQYLURQPHQWDOO\IULHQGO\FRYHUFRDWLQJV E\WKH5R\DO)LUHZRUNV3ULQWLQJ&RPSDQ\ RI8QLRQYLOOH1HZ<RUN 7H[WJUDSKLFVDQGGHVLJQ E\0LFKDHO&OD\7KRPSVRQ




7DEOHRI&RQWHQWV ,IRQO\ODQJXDJHZHUHVLPSOH 

/HYHO2QH7KH(LJKW3DUWVRI6SHHFK 

/HYHO7ZR7KH3DUWVRI6HQWHQFH 

/HYHO7KUHH3KUDVHV  

/HYHO)RXU&ODXVHV 

$SSHQGL[ 

)RUWKH,QVWUXFWRU 




)URPWKH)RUZDUGRIWKH)LUVW(GLWLRQ ,VKRXOGGHFODUHP\ELDVQRZEHFDXVH,GRQRWFRPHWREXU\JUDPPDU,FRPHWRSUDLVHLW7KLV ZLOOEHWRPDQ\HYLGHQFHRIP\QDLYHWp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Ã&#x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ÀUVW7KDWZRXOGEHWKHVLPSOHVWVWUXFWXUHRQHPDLQ ZRUGDERXWDQRWKHU0LQRUORJLFDQGVXSSRUWZRUGVFRXOGÀQLVKWKHMRE  6RPHWLPHVWKLQJVDFWLQV\VWHPVVRZHZRXOGQHHGZRUGVWRMRLQWRJHWKHUDQGDFWDVD XQLÀHGJURXSMXVWOLNHOLIH7KDWZRXOGKHOSXVGHVFULEHV\VWHPVDQGWKHOLWWOHVXEV\VWHPV LQVLGHWKHP  :HZRXOGDOVRZDQWWKHÁ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




)RXU/HYHO$QDO\VLV  *UDPPDUVKRZVXVWKHORJLFRIODQJXDJH,WOHWVXVWKLQNDERXWODQJXDJHLQIRXUGLIIHUHQW ZD\VZKLFKZHZLOOFDOOIRXUOHYHOV(DFKOHYHOLVVLPSOHLQQDWXUHHYHQWKRXJKLWPD\KDYH PDQ\GHWDLOVWRH[SORUH7KHIRXUOHYHOVDUH    

3DUWVRI6SHHFK7KHUHDUHRQO\HLJKWNLQGVRIZRUGVWZRPDLQNLQGVDQGVL[RWKHUV 3DUWVRI6HQWHQFH(DFKLGHDKDVRQO\WZRVLGHVWKHVXEMHFWDQGWKHSUHGLFDWH 3KUDVHV:RUGVFDQPDNHOLWWOHJURXSVDQGDFWDVDWHDPRUXQLW &ODXVHV:HFDQPDNHRQHLGHDSHUVHQWHQFHRUZHFDQJURXSLGHDVWRJHWKHU

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

 ,WV\ELWV\VSLGHUZHQWXSWKHZDWHUVSRXW

 3DUWVRI6SHHFK DGMDGMQYSUHSDGMDGMQ

   3DUWVRI6HQWHQFH    3KUDVHV    &ODXVHV 



BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB VXEM$93

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB SUHSSKUDVH

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB RQHLQGHSHQGHQWFODXVH

 DVLPSOHGHFODUDWLYHVHQWHQFH

 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

 (YHQZLWKRXWNQRZLQJQRZZKDWWKHVHDEEUHYLDWLRQVPHDQZHVHHWKDWWKHVHIRXUOHYHOV JLYHXVDFOHDUEXWGHHSYLHZRIDVHQWHQFH³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


ZKHWKHU\RXUYHUEDJUHHVZLWK\RXUVXEMHFW,WZLOOEHDIUXVWUDWLQJQLJKWPDUH*UDPPDULV WKHHDV\VROXWLRQ7KHUHDUHRQO\IRXUOHYHOVRIJUDPPDUVRLWLVPXFKHDVLHUWROHDUQWKHIRXU OHYHOVWKDQLWLVWRVSHQG\HDUVWU\LQJWRFRPSHQVDWHIRUQRWNQRZLQJJUDPPDU  2QFH \RX XQGHUVWDQG WKHVH IRXU OHYHOV RI RXU ODQJXDJH \RX FDQ GR WKLQJV WKDW ZHUH LPSRVVLEOHEHIRUH<RXFDQZULWHFOHDUVHQWHQFHV<RXFDQVD\WKLQJVLQIHZHUZRUGVZKLFK PDNHVLGHDVVWURQJHU<RXFDQDYRLGMXQNPRGLÃ&#x20AC;HUVWKDWPDNHVHQWHQFHVZRUG\DQGERULQJ <RX FDQ XQGHUVWDQG KRZ WR PDNH D VHQWHQFH PRUH EHDXWLIXO<RX FDQ DYRLG PLVWDNHV WKDW FDXVH\RXWRVD\WKLQJV\RXGLGQRWPHDQWRVD\  ,I\RXZDQWWREHJRRGDWDFDGHPLFVDQGPDNHJRRGJUDGHVLQFKDOOHQJLQJKLJKVFKRRO DQG FROOHJH FODVVHV \RX FDQ XVH IRXUOHYHO JUDPPDU WR ZULWH H[FHOOHQW SDSHUV <RX FDQ DYRLGJUDPPDUPLVWDNHVYRFDEXODU\SUREOHPVDQGSXQFWXDWLRQHUURUV<RXFDQHVFDSHWKH GHSHQGHQFHRQRWKHUVIRUZULWLQJDQGSURRIUHDGLQJ\RXFDQFKHFN\RXURZQZRUNW\SH\RXU RZQSDSHUVDQGHQMR\DFDGHPLFLQGHSHQGHQFH  $QRWKHUEHQHÃ&#x20AC;WLVVHOINQRZOHGJHJUDPPDUWHDFKHVXVDERXWRXURZQPLQGV5HPHPEHU VHQWHQFHV GR QRW DSSHDU LQ QDWXUH VHQWHQFHV HPHUJH IURP ZLWKLQ XV DQG WKH VKDSHV RI VHQWHQFHVFRPHIURPWKHQHHGVRIORJLFWKDWOLHGHHSLQVLGHRXUPLQGV6HQWHQFHVDUHWKH PLQG³LQODQJXDJH*UDPPDULVDPDJLFOHQVIRUVHOIH[SORUDWLRQLWUHDOO\GRHVWHDFK\RX KRZ\RXWKLQN  $OORIWKHVHEHQHÃ&#x20AC;WVFRPHGLUHFWO\IURPXQGHUVWDQGLQJWKHIRXUOHYHOVRIODQJXDJH




/(9(/21(





 



 





 




/(9(/21(





 



 

 



7KH(LJKW3DUWVRI6SHHFK 7KHUHDUHELOOLRQVRIREMHFWVHYHQWVDQGSURFHVVHVLQWKHZRUOGVR\RXZRXOGH[SHFWWKDW \RXZRXOGQHHGWKRXVDQGVRINLQGVRIZRUGVWRQDPHWKHPDOO7KHWUXWKLVWKHRSSRVLWH2XU ODQJXDJHVROYHVWKHSUREOHPRIQDPHVZLWKDVWUDWHJ\RIVLPSOLFLW\:HKDYHRQO\WZRPDLQ NLQGVRIZRUGVDQGVL[PLQRUZRUGVIRUHODERUDWLRQDQGÁH[LELOLW\,WLVJHQLXV

$QRXQLVWKHQDPH RIDSHUVRQSODFHRUWKLQJ 1RXQ Q 7KHÀUVWPDLQNLQGRIZRUGLQ(QJOLVKLVWKHQRXQ7KHZRUGQRXQFRPHVIURPWKH /DWLQQRPHQQDPHDQGWKDWLVZKDWDQRXQGRHVLWQDPHV$QRXQLVWKHQDPHRIDSHUVRQ SODFHRUWKLQJVXFKDV0R]DUW&KLFDJRHSLGHUPLVURFNIUHHGRPRUSXOFKULWXGH$QRXQ FDQEHWKHQDPHRIDSURFHVVVXFKDVWKHEHJLQQLQJ3URSHUQRXQV 0R]DUW DUHFDSLWDOL]HG DQGFRPPRQQRXQV HSLGHUPLV DUHQRW&RQFUHWHQRXQV URFN DUHQDPHVRIREMHFWVDQG DEVWUDFWQRXQV IUHHGRPSXOFKULWXGH DUHQDPHVRILGHDV:KHQZHFDOOVRPHRQHE\QDPH WKHSHUVRQ·VQDPHLVFDOOHGWKHQRXQRIGLUHFWDGGUHVV /LYLQJVWRQ,SUHVXPH $QRXQWKDW QDPHVDJURXSVXFKDVÁRFNLVNQRZQDVDFROOHFWLYHQRXQ1RXQVDUHVLQJXODU VLQJ LIWKH\ GHVFULEHLQGLYLGXDOWKLQJVRUSOXUDO SO LIWKH\GHVFULEHPXOWLSOHWKLQJVERDWERDWV  ,Q:DOW:KLWPDQ·VVHQWHQFHIURPKLVSRHPLQ/HDYHVRI*UDVV´2&DSWDLQP\FDSWDLQ ULVHXSDQGKHDUWKHEHOOVµ&DSWDLQLVDQRXQRIGLUHFWDGGUHVVDQGWKHVXEMHFWRIWKHYHUE ULVHLVXQGHUVWRRGWREHWKHVHFRQGSHUVRQSURQRXQ\RXEHFDXVHWKHVHQWHQFHLVLPSHUDWLYH  ,Q:LOOLDP6KDNHVSHDUH·V7KH7DPLQJRIWKH6KUHZ.DWKHULQHFDOOV3HWUXFKLR´DPDG EUDLQUXGHVE\IXOORIVSOHHQµ)HZRIXVZRXOGOLNHWREHQDPHGE\WKHQRXQUXGHVE\ 1RXQVRXQG:RUGVRIWHQKDYHVRXQGVWKDWHFKRZKDWWKH\QDPHQRXQVVXFKDVEDQJVOLPH FUDVKWULFNOHGURSIX]]DQGFUXQFK³VRPHRIZKLFKFDQDOVREHXVHGDVYHUEV³KDYHDQ DXGLEOHUHODWLRQVKLSWRWKHLUREMHFWV 1RXQVIURP5REHUW/RXLV6WHYHQVRQ·V7UHDVXUH,VODQG,QKLVPDVWHUSLHFH7UHDVXUH ,VODQG 5REHUW /RXLV 6WHYHQVRQ XVHG PDQ\ QRXQV HVSHFLDOO\ QDXWLFDO QRXQV VXFK DV IRUHFDVWOH SDOLVDGH GROGUXPV KXPPRFN PLVFUHDQW GRXEORRQ EXFFDQHHU FDSVWDQ TXD\ VZDUGJXQZDOHODQFHWURJXHERZVSULWKDZVHUVORXJKDQGWUXFXOHQFHWRJLYHDQH[RWLF VHQVHRIDGYHQWXUHDQGURPDQFHWRKLVVHDWDOH 


7KHDGYHUE LVQRW\RXUIULHQG 6WHSKHQ.LQJ 6RPHWLPHVZHKHDUWKDWZHVKRXOGXVHPDQ\DGMHFWLYHVDQGDGYHUEVLQRXUVHQWHQFHVEHFDXVH WKH\ PDNH VHQWHQFHV ULFK DQG ÁDYRUIXO EXW PRVW JUHDW ZULWHUV VD\ WKH RSSRVLWH EHFDXVH PRGLÀHUVRIWHQPDNHVHQWHQFHVZRUG\ZLWKRXWPDNLQJWKHPVWURQJHU0RGLÀHUVFDQFORJD VHQWHQFHDQGREVFXUHWKHPRVWLPSRUWDQWZRUGV,QWKHLUJUHDWERRN7KH(OHPHQWVRI6W\OH 6WUXQNDQG:KLWHVDLG´:ULWHZLWKQRXQVDQGYHUEVµ 9HU\YHU\YHU\ZHDN6RPHWLPHVDPRGLÀHUZLOOEDFNÀUHHVSHFLDOO\ZKHQLWLVRYHUXVHG 2QHH[DPSOHLVWKHDGYHUEYHU\3HRSOHXVHYHU\LQDQHIIRUWWRLQWHQVLI\DGMHFWLYHVHVSHFLDOO\ ZKHQWKH\VHQVHWKDWWKHDGMHFWLYHLVZHDN8QIRUWXQDWHO\WKHDGYHUEYHU\RIWHQKDVWKHHIIHFW RIZHDNHQLQJWKHVHQWHQFHE\ÀOOLQJLWZLWKWZRHPSW\V\OODEOHV2PLWWKHYHU\VDQGOHWWKH DGMHFWLYHVWDQGRXW:KLFKFRPPXQLFDWHVEHWWHU´+HZDVYHU\YHU\KXQJU\µRU´+HZDV UDYHQRXVµ" 9HU\VRRQWKHYHU\UHDVRQ/HWXVUHPLQGRXUVHOYHVWKDWWKHZRUGYHU\LVRQO\DQDGYHUELI LWLVPRGLI\LQJDYHUEDQDGMHFWLYHRUDQRWKHUDGYHUE,ILWLVPRGLI\LQJDQRXQDVLQDWWKH YHU\EHJLQQLQJRIWKHZDUWKHQYHU\LVDQDGMHFWLYH7KHZRUGVDGYHUEDQGDGMHFWLYHUHIHUWR IXQFWLRQVZKDWSDUWRIVSHHFKDZRUGLVGHSHQGVRQZKDWLWLVGRLQJ $GYHUEVLQ+HUPDQ0HOYLOOH·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

YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\ YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\ YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\  YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\ YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\YHU\


/(9(/7:2





     

 




/(9(/7:2

7KH3DUWVRI6HQWHQFH 6HQWHQFHVGRQRWRFFXULQQDWXUH :RUGVDORQHGRQRWPDNHDODQJXDJH,I,VD\´9HU\KLPNQXFNOHWRRODXJKLQJµZHNQRZWKH ZRUGVEXWWKHZRUGVFRPPXQLFDWHQRWKLQJ/DQJXDJHLVQRWUDQGRPZRUGVLWLVZRUGVDUUDQJHG LQDV\VWHPRIPHDQLQJ:KHQZRUGVIRUPPHDQLQJZHFDOOWKDWDVHQWHQFH$VHQWHQFHLVD JURXSRIZRUGVWKDWFRQWDLQVDVXEMHFWDQGLWVSUHGLFDWHDQGPDNHVDFRPSOHWHWKRXJKW7KH ZRUGVHQWHQFHFRPHVIURPWKH/DWLQVHQWHQWLDPHDQLQJ´ZD\RIWKLQNLQJµRU´RSLQLRQµ 6HQWHQFHVDUHELQDU\DVHQWHQFHLVDWZRSDUWWKRXJKW,WLVDJURXSRIZRUGVWKDWFRQWDLQVD SUHGLFDWHDERXWDVXEMHFWDQGLQWKLVJURXSRIZRUGVWKHWKRXJKWKDVEHHQFRPSOHWHG,QRWKHU ZRUGVDVHQWHQFHLVDÀQLVKHGLGHD,VKPDHOZDWFKHGLVDVHQWHQFHEXW,I,VKPDHOZDWFKHGLVQRW DVHQWHQFHEHFDXVHZHDUHVWLOOZDLWLQJIRUWKHWKRXJKWWREHFRPSOHWHG,I,VKPDHOZDWFKHGWKHQ ZKDW"/DWHUZHZLOOUHZRUGWKLVWRVD\WKDWDGHSHQGHQWFODXVHLVQRWDVHQWHQFH 3DUWVRI6HQWHQFH$VHQWHQFHKDVPDLQWHUPVDQGLWKDVPLQRUWHUPV7KHPHDQLQJÁRZV WKURXJKWKHPDLQWHUPV:HFDOOWKHVHPDLQWHUPVWKHSDUWVRIVHQWHQFH:KHQZHVWXG\WKH SDUWVRIWKHVHQWHQFHZHDUHVWXG\LQJWKHVWUXFWXUHRIWKRXJKWLWVHOI6HQWHQFHVGRQRWRFFXULQ QDWXUHWKH\DUHRXURZQWKRXJKWVH[SUHVVHG +LGGHQLQWKHVHQWHQFHLVRXUWKRXJKW·VVHFUHWSDWWHUQDQGXQGHUVWDQGLQJRXUWKRXJKWSDWWHUQ JLYHVXVLQVLJKWLQWRWKHQDWXUHRIFODULW\,QIDFWXQGHUVWDQGLQJKRZVHQWHQFHVDUHWKRXJKWVFDQ JLYHXVLQVLJKWLQWRVHYHUDOGLIIHUHQWOHYHOVRIFODULW\LQFOXGLQJFODULW\RIVHQWHQFHFODULW\RI SDUDJUDSKDQGFODULW\RIWKHVLV:KDWLVWKLVVHFUHWSDWWHUQ",WLVDQHOHJDQWRQH,QRUGHUWRVD\ DQ\WKLQJFOHDUO\ZHPXVWVD\WZRWKLQJV)LUVWZHPXVWVD\ZKDWZHDUHWDONLQJDERXWDQG VHFRQGZHPXVWVD\ZKDWZHDUHVD\LQJDERXWLW(DFKVHQWHQFHPXVWKDYHWKHVHWZRWKLQJV

 

VXEMHFW ³ SUHGLFDWH ZKDWZHDUHWDONLQJDERXW ³ ZKDWZHDUHVD\LQJDERXWLW 


&ODULW\ LV ELQDU\  %HLQJ FOHDU PHDQV H[SUHVVLQJ WZR WKLQJV  7KH SHUVRQ WR ZKRP ZH DUH WDONLQJRUZULWLQJQHHGVWRNQRZERWKWKHVXEMHFWDQGWKHSUHGLFDWHDQGLIHLWKHULVDEVHQW XQFOHDU RU RWKHUZLVH GLVUXSWHG WKHQ ZH IDLO WR FRPPXQLFDWH 7KH VHQWHQFH LV QRW DQ H[WUD KXPDQSKHQRPHQRQRIWKHZRUOG,WLVQRWDQDWXUDOSKHQRPHQRQOLNHURFNVRUZLQG,WLVPDGH E\WKHPLQGLWLVDQH[WHQVLRQRIWKHPLQGLWVHOI,QWKHVHQWHQFHWKHPLQGH[WHQGVLWVHOIRXWWR WKHZRUOGOLNHDQDPRHEDH[WHQGLQJDSVHXGRSRG7KHVHQWHQFHLVWKHPLQG³LQODQJXDJH6R ZHFDQVHHWKHVHQWHQFHERWKDVDPRGHORIKRZWKHPLQGH[SUHVVHVLWVRZQLGHDVWRLWVHOIDQG ZHFDQDOVRVHHWKHVHQWHQFHDVDPRGHORIKRZZHVKRXOGZULWHDQGVSHDNLIZHZDQWWREH XQGHUVWRRGE\VRPHRQHHOVH7KHPDLQWHUPVRIDVHQWHQFHWKHSDUWVRIVHQWHQFHDUHWKHVXEMHFW WKHVLPSOHSUHGLFDWHWKHGLUHFWREMHFWWKHLQGLUHFWREMHFWDQGWKHVXEMHFWFRPSOHPHQW





WZR


)URP:LOOLDP6KDNHVSHDUH·V-XOLXV&DHVDU$FW,96FHQH,,,  

 &DVVLXVLVDZHDU\RIWKHZRUOG 3DUWVRI6SHHFK QYDGMSUHSDGMQ

  BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  3DUWVRI6HQWHQFH VXEM/936&   BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  3KUDVHV SUHSSKUDVH   BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  &ODXVHV LQGHSHQGHQWFODXVH 



RQHLQGHSHQGHQWFODXVHDVLPSOHGHFODUDWLYHVHQWHQFH



 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 7KLVVHQWHQFHIURP$FW,9VFHQHLLLRI-XOLXV&DHVDULVDWZRSDUWWKRXJKW7KH Ã&#x20AC;UVW SDUW LV WKH VXEMHFW WKH SURSHU QRXQ &DVVLXV 7KH FRPSOHWH SUHGLFDWH JLYHV XVÃ&#x20AC;YHZRUGVDERXWWKHVXEMHFW7KHVLPSOHSUHGLFDWHLVWKHOLQNLQJYHUELV /93 VWDQGVIRUOLQNLQJYHUESUHGLFDWH DQGIURPWKHSUHGLFDWHZHOHDUQWKDW&DVVLXVLV DZHDU\RIWKHZRUOG,WLVDQHTXDWLRQEDVHGRQWKHOLQNLQJYHUE&DVVLXV DZHDU\ ,QWKLVFKDSWHUZHZLOOOHDUQWKDWLQWKLVVHQWHQFHDZHDU\LVDVXEMHFWFRPSOHPHQW



       

VLGHV

9HUELVHFWLRQ 5HJXODURULUUHJXODU LUUHJXODU $FWLRQOLQNLQJRUEHLQJ OLQNLQJ 7HQVH SUHVHQW 3HUVRQWKLUG 1XPEHUVLQJXODU 0RRG LQGLFDWLYH 7UDQVLWLYHRULQWUDQVLWLYH QD 9RLFHQD




7KH/RJLF RI6HQWHQFH$QDO\VLV )LUVWÃ&#x20AC;QGWKHVXEMHFWSUHGLFDWHVHWZKLFKLVWKHVLPSOHVXEMHFWDQGWKHVLPSOHSUHGLFDWH,I WKHVHQWHQFHLV$WRQFHWKHPHQZLWKWKHDUPRUPRYHGWKURXJKWKHWUHHVWKHVXEMHFWSUHGLFDWH VHWLVPHQPRYHG7KHVLPSOHSUHGLFDWHLVWKHYHUE$VVXPLQJWKHYHUELVQRWDWUXHEHLQJYHUE LQGLFDWLQJH[LVWHQFHDVN,VWKHYHUEDFWLRQRUOLQNLQJ"

DFWLRQ

,IWKHYHUELV WKHQ  'RQRWORRNIRUDVXEMHFWFRPSOHPHQW  /RRNIRUDGLUHFWREMHFW  ,I\RXÃ&#x20AC;QGDGLUHFWREMHFWWKHQ  ORRNIRUDQLQGLUHFWREMHFWEHWZHHQWKHDFWLRQYHUEDQGWKHGLUHFWREMHFW

OLQNLQJ

,IWKHYHUELV WKHQ  'RQRWORRNIRUDGLUHFWREMHFW  /RRNIRUDVXEMHFWFRPSOHPHQW ,IWKHUHLVDQRWKHUFODXVHLQWKHVHQWHQFHLWZLOOKDYHLWVRZQVXEMHFWSUHGLFDWHVHWVR\RXZLOO WKHQUHSHDWWKLVSURFHVV

6HQWHQFHVDUHELQDU\WKH\KDYHWZRVLGHVVD\LQJVRPHWKLQJDERXWVRPHWKLQJ0RVWVHQWHQFHV DUHHLWKHUDFWLRQLGHDVRUHTXDWLRQVEDVHGRQOLQNLQJYHUEV7KLVVKRZVXVKRZRXURZQPLQGV ZRUN 




 +RZGRWKHSOD\HUVSOD\WKHJDPH" ,QWHDPVSRUWVWKHUHLVQRJDPHXQWLOWKHSOD\HUVJHWLQIRUPDWLRQDQGUXQSOD\V,QJUDPPDU WKHSDUWVRIVSHHFKDUHWKHSOD\HUVDQGWKH\KDYHWRWDNHWKHLUSODFHVDVSDUWVRIVHQWHQFHLQ IRUPDWLRQLQRUGHUWRUXQSOD\V7KHWZRPDLQNLQGVRIJUDPPDUSOD\VDUHDFWLRQSOD\VDQG HTXDWLRQ OLQNLQJ SOD\V,IRQO\IRRWEDOODQGEDVNHWEDOOZHUHVRHDV\ 7KHUHDUHHLJKWNLQGVRIZRUGVEXWWKHUHDUHRQO\Ã&#x20AC;YHPDLQSDUWVRIVHQWHQFH2QO\IRXUSDUWV RIVSHHFK³QRXQVSURQRXQVYHUEVDQGDGMHFWLYHV³FDQEHFRPHSDUWVRIVHQWHQFH1RXQV FDQEHVXEMHFWVGLUHFWRULQGLUHFWREMHFWVRUVXEMHFWFRPSOHPHQWV6RFDQSURQRXQVEXWWKH REMHFWVPXVWEHREMHFWSURQRXQVDQGWKHVXEMHFWVPXVWEHVXEMHFWSURQRXQV$QDGMHFWLYHFDQ EHDVXEMHFWFRPSOHPHQW7KHYHUELVWKHVLPSOHSUHGLFDWH *UHDWZRUGVPDNHJUHDWVHQWHQFHV7KHRWKHUIRXUNLQGVRIZRUGVFDQEHSUHVHQWLQVHQWHQFHV EXWWKH\FDQQRWEHDSDUWRIVHQWHQFH7KH\FDQRQO\DWWHQGWKHPDLQSDUWVDVPRGLÃ&#x20AC;HUVDQG ORJLFDORSHUDWRUV,IZHQRZFRPSDUHWKHSRZHUSDUWVRIVSHHFK³WKHQRXQSURQRXQYHUEDQG DGMHFWLYH³ZHVHHDQHDUSHUIHFWDOLJQPHQWZLWKYRFDEXODU\:KHQ\RXVWXG\YRFDEXODU\\RX PRVWO\OHDUQQRXQVYHUEVDQGDGMHFWLYHV<RXOHDUQWKHYHU\NLQGVRIZRUGVWKDW\RXQHHGWR PDNHSRZHUIXOVHQWHQFHV,I\RXZDQWWREHDZULWHUOHDUQZRUGV YRFDEXODU\ DQGOHDUQZKDW WRGRZLWKWKHPLQVHQWHQFHV JUDPPDU *UDPPDULVDZD\RIWKLQNLQJDERXWODQJXDJH 


/(9(/7+5((













  







 







 




$SDUWLFLSOHLV DQ\YHUEIRUP XVHGDVDQDGMHFWLYH 3DUWLFLSLDOSKUDVH$SDUWLFLSOHLVDQDGMHFWLYHPDGHRXWRIDQ\YHUEIRUP1RWHWKDWJHUXQGV DOZD\VHQGLQLQJEXWSDUWLFLSOHVFDQHQGLQLQJHGHQRUDQ\YHUEIRUP3DUWLFLSOHVDOZD\V DFWDVDGMHFWLYHVWRPRGLI\QRXQVRUSURQRXQV$SDUWLFLSOHPLJKWEHE\LWVHOIRULWPLJKWMRLQ ZLWKRWKHUZRUGVWRPDNHDSDUWLFLSLDOSKUDVH   

DSDUWLFLSOH DSDUWLFLSOH DSDUWLFLSOH

7KHURWWLQJIHQFHEDGO\QHHGHGUHSDLU 6KHVWDUHGWKURXJKWKHEURNHQVLGLQJ (YHQWKHFUDFNHGPLUURUVHHPHGFKHHUIXO

$SDUWLFLSLDOSKUDVHLVDSDUWLFLSOHWKDWKDVLWVRZQPRGLÀHUVRULWVRZQREMHFW   

DSDUWLFLSLDOSKUDVH DSDUWLFLSLDOSKUDVH DSDUWLFLSLDOSKUDVH

$SSURDFKLQJWKHFDPS(XJHQHPRYHGTXLHWO\ %HORZKHVDZWKHPREZDLWLQJSDWLHQWO\ 0DOFROPFOLPELQJUDSLGO\DVFHQGHGWKHFOLII

7KH LQWURGXFWRU\ SDUWLFLSLDO SKUDVH 7KHUH LV D VSHFLDO W\SH RI SDUWLFLSLDO SKUDVH WKDW ZH PXVWPDVWHUEHFDXVHZKHQXVHGFRUUHFWO\LWLVRQHRIWKHPRVWSRZHUIXOHOHPHQWVWKDWZHFDQ EULQJLQWRRXUZULWLQJDQGZKHQXVHGLQFRUUHFWO\LWPDNHVXVVRXQGIRROLVK7KHLQWURGXFWRU\ SDUWLFLSLDO SKUDVH LV D SDUWLFLSLDO SKUDVH WKDW FRPHV DW WKH EHJLQQLQJ RI WKH VHQWHQFH WKDW PRGLÀHVWKHVXEMHFWDQGWKDWLVVHWRIIE\DFRPPD 

/HDYLQJWKHPEHKLQG&URFNHWWWUXGJHGXSWKHSDWK *REEOLQJKLVELVFXLWV*ROOXPJURZOHGDW6DP

7KHLQWURGXFWRU\SDUWLFLSLDOSKUDVHOHWVXVLQMHFWHQHUJ\DQGSRZHULQWRWKHVHQWHQFHEXWLIZH EUHDNWKHUXOHVZHJHWGLVDVWHUDPLVSODFHGPRGLÀHU  

&KHZLQJKLVJXPDÁ\ÁHZSDVW5REHUW·VHDU 6ODWKHUHGLQEXWWHU*HRUJHHQMR\HGWKHSDQFDNHV




/(9(/)285



 




/(9(/)285

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ÀHUVDQGSKUDVHVWKDW VWLFNWRWKHP$VHQWHQFHPLJKWEHRQO\RQHFODXVHRULWPLJKWFRQWDLQVHYHUDOFODXVHVHDFK ZLWKLWVRZQVXEMHFWDQGSUHGLFDWH,QWKHVHQWHQFHEHORZWKHFODXVHLV0\ROGGRJQRZKDV VPDOOÁHDV7KHZKROHVHQWHQFHLVDQLQGHSHQGHQWFODXVH

&ODXVHVFDQEHLQGHSHQGHQWPDNLQJVHQVHE\WKHPVHOYHVRUWKH\FDQEHGHSHQGHQWDQGQHHG WREHFRQQHFWHGWRDQLQGHSHQGHQWFODXVHLQRUGHUWRPDNHVHQVH6RPHGHSHQGHQWFODXVHVDFW OLNHELJDGYHUEVRWKHUVDFWOLNHDGMHFWLYHVRUQRXQV  

,QGHSHQGHQW 'HSHQGHQW

'DPRQZHQWWRWKHVWRUH :KHQ'DPRQZHQWWRWKHVWRUH




%DVHG RQ FODXVHV WKHUH DUH IRXU VHQWHQFH VWUXFWXUHV VLPSOH FRPSRXQG FRPSOH[ DQG FRPSRXQGFRPSOH[  /HW , VWDQG IRU LQGHSHQGHQW ' VWDQG IRU GHSHQGHQW DQG FF VWDQG IRU FRRUGLQDWLQJFRQMXQFWLRQ 



 

6,03/( 

   

&203281' ,FF,  ,,

          

&203/(;    ,'   ',   

 203281'&203/(; &      



)2856(17(1&(6758&785(6 $RQHFODXVHVHQWHQFH 7KHURJXHHOHSKDQWFUDVKHGWKURXJKWKHIHQFH $VHQWHQFHZLWKWZRRUPRUHLQGHSHQGHQWFODXVHV 7KHURJXHHOHSKDQWFUDVKHGWKURXJKWKHIHQFHDQG ZHUDQWRWKHFRPSRXQGIRUVDIHW\ 1RRQHNQHZDQ\WKLQJZHFUHSWDZD\VLOHQWO\ $VHQWHQFHZLWKDQLQGHSHQGHQWFODXVHMRLQHGWRD GHSHQGHQWFODXVH7KHGHSHQGHQWFODXVHRIWHQEHJLQV ZLWKDVXERUGLQDWLQJFRQMXQFWLRQ LIDVVLQFHZKHQ  EHFDXVHDQGPDQ\RWKHUV  $FRPSOH[VHQWHQFHZLWKWKHLQGHSHQGHQWFODXVHÃ&#x20AC;UVW :HGRQRWSXWDFRPPDEHWZHHQWKHFODXVHVLQWKLVFDVH 7KHROGHUEURWKHUWXUQHGEDFNEHFDXVH-RVHSKODXJKHG $FRPSOH[VHQWHQFHZLWKWKHGHSHQGHQWFODXVHÃ&#x20AC;UVW 7KHUHPXVWEHDFRPPDDIWHUWKHLQWURGXFWRU\   GHSHQGHQWFODXVH %HFDXVH-RVHSKODXJKHGWKHROGHUEURWKHUWXUQHGEDFN &RPELQHVFRPSRXQGDQGFRPSOH[VWUXFWXUHV $WÃ&#x20AC;UVWWKHZDUQLQJVZHUHPLQRUDQGZHKDGEHJXQWR UHOD[ZKHQVXGGHQO\ZHKHDUGUXPEOLQJVIURPWKH JRUJH




&ODXVHV 3XQFWXDWLRQDQG*UDPPDU 1RZ OHW XV KLJKOLJKW LPSRUWDQW UXOHV WKDW SHUWDLQ WR FODXVHV :H KDYH DOUHDG\ H[DPLQHG PRVW XVDJHLVVXHVVRZHZLOOIRFXVRQO\RQSXQFWXDWLRQDQGJUDPPDUQRZ

381&78$7,21 FRPPD 

 DIWHULQWURGXFWRU\GHSHQGHQWFODXVHV ', $VKHOHIWZHEHJDQDJDLQ  DURXQGQRQHVVHQWLDO QRQUHVWULFWLYH FODXVHV 

'DU\O'DUUHOZKRLVP\XQFOHGHFLGHGWRGHPXU

 

EHIRUHFRRUGLQDWLQJFRQMXQFWLRQVLQ,FF,FRPSRXQGVHQWHQFHV 0DGHOLQHPDGHPRGHOVEXW+HGGDKDGKDP

VHPLFRORQ 

 EHWZHHQLQGHSHQGHQWFODXVHVZLWKQRFRRUGLQDWLQJFRQMXQFWLRQ,,  7KHWLPHLVRXWRIMRLQW,PXVWGHSDUWLPPHGLDWHO\  EHWZHHQLQGHSHQGHQWFODXVHVMRLQHGE\FRQMXQFWLYHDGYHUEVKRZHYHUHWF 

,OLWHUDOO\ODXJKHGKRZHYHU\RXODWHUDOO\ORDIHG

DSRVWURSKH ·

 PLVVLQJOHWWHU V LQDVXEMHFWYHUEFRQWUDFWLRQGRQ±W  LQWKHFRQWUDFWLRQRILWDQGLV,W±VDJRRGGD\WRGLHW TXHVWLRQPDUN "

 DWWKHHQGRIDQLQWHUURJDWLYHVHQWHQFH'R\RXKDYHUKXEDUE"  LQVLGHFORVLQJTXRWHVLISDUWRITXRWH+HDVNHG®+RZDERXWD»RZHU"¯  RXWVLGHTXRWHVLIQRWSDUWRITXRWH'LGKHVD\®,±OODOORZLWORXGHU¯" SHULRG 

 DWWKHHQGRIDGHFODUDWLYHVHQWHQFH,KDYHWKUHHZRUGV  DWWKHHQGRIDPLOGLPSHUDWLYHVHQWHQFH3OHDVHSXUVXHWKHSORW  LQVLGHFORVLQJTXRWDWLRQPDUNV+HVDLG®6WRSWKDWSDUURW¯ H[FODPDWLRQSRLQW 

 DIWHUDQH[FODPDWRU\VHQWHQFH7KHVN\LVIDOOLQJ  DIWHUDVWURQJLPSHUDWLYHVHQWHQFH(YHU\RQHVLWXS  127WREHFXWH:URQJ+L*XHVVZKDW 


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Ã&#x20AC;VKWKHVXQEHJDQWRVHW  5LJKW7KHROGPDQUHHOHGLQWKHÃ&#x20AC;VKDQGWKHVXQEHJDQWRVHW  5LJKW7KHROGPDQUHHOHGLQWKHÃ&#x20AC;VKWKHVXQEHJDQWRVHW 


Magic Lens 3ed edition student book sample pages