Project Management Excerpt

8/9/2019 Project Management Excerpt

1/17

SDWKWKURXJKWKHQHWZRUNRISURMHFWDFWLYLWLHVDVGHVFULEHGLQ&KDSWHU7KHGXUDWLRQRIWKHFULWLFDOSDWKUHSUHVHQWVWKHPLQLPXPWLPHUHTXLUHGWRFRPSOHWHDSURMHFW$Q\GHOD\VDORQJWKHFULWLFDOSDWKZRXOGLPSO\WKDWDGGLWLRQDOWLPHZRXOGEHUHTXLUHGWRFRPSOHWHWKHSURMHFW

7KHUHPD\EHPRUHWKDQRQHFULWLFDOSDWKDPRQJDOOWKHSURMHFWDFWLYLWLHVVRFRPSOHWLRQRIWKHHQWLUHSURMHFWFRXOGEHGHOD\HGE\GHOD\LQJDFWLYLWLHVDORQJDQ\RQHRIWKHFULWLFDOSDWKV)RUH[DPSOHDSURMHFWFRQVLVWLQJRIWZRDFWLYLWLHVSHUIRUPHGLQSDUDOOHOWKDWHDFKUHTXLUHWKUHHGD\VZRXOGKDYHHDFKDFWLYLW\FULWLFDOIRUDFRPSOHWLRQLQWKUHHGD\V

)RUPDOO\FULWLFDOSDWKVFKHGXOLQJDVVXPHVWKDWDSURMHFWKDVEHHQGLYLGHGLQWRDFWLYLWLHVRIIL[HGGXUDWLRQDQGZHOOGHILQHGSUHGHFHVVRUUHODWLRQVKLSV$SUHGHFHVVRUUHODWLRQVKLSLPSOLHVWKDWRQHDFWLYLW\PXVWFRPHEHIRUHDQRWKHULQWKHVFKHGXOH1RUHVRXUFHFRQVWUDLQWVRWKHU

WKDQWKRVHLPSOLHGE\SUHFHGHQFHUHODWLRQVKLSVDUHUHFRJQL]HGLQWKHVLPSOHVWIRUPRIFULWLFDOSDWKVFKHGXOLQJ

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

E\DQHWZRUNSODQLQZKLFKDFWLYLWLHVDSSHDUDVQRGHVLQDQHWZRUNDVLQ)LJXUH1RGHVDUHQXPEHUHGDQGQRWZRQRGHVFDQKDYHWKHVDPHQXPEHURUGHVLJQDWLRQ7ZRQRGHVDUHLQWURGXFHGWRUHSUHVHQWWKHVWDUWDQGFRPSOHWLRQRIWKHSURMHFWLWVHOI

7KHDFWXDOFRPSXWHUUHSUHVHQWDWLRQRIWKHSURMHFWVFKHGXOHJHQHUDOO\FRQVLVWVRIDOLVWRIDFWLYLWLHVDORQJZLWKWKHLUDVVRFLDWHGGXUDWLRQVUHTXLUHGUHVRXUFHVDQGSUHGHFHVVRUDFWLYLWLHV*UDSKLFDOQHWZRUNUHSUHVHQWDWLRQVUDWKHUWKDQDOLVWDUHKHOSIXOIRUYLVXDOL]DWLRQRIWKHSODQDQGWRLQVXUHWKDWPDWKHPDWLFDOUHTXLUHPHQWVDUHPHW7KHDFWXDOLQSXWRIWKHGDWDWRDFRPSXWHUSURJUDPPD\EHDFFRPSOLVKHGE\ILOOLQJLQ

EODQNVRQDVFUHHQPHQXUHDGLQJDQH[LVWLQJGDWDILOHRUW\SLQJGDWDGLUHFWO\WRWKHSURJUDPZLWKLGHQWLILHUVIRUWKHW\SHRILQIRUPDWLRQEHLQJSURYLGHG

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


2/17

0DQ\FRPSXWHUVFKHGXOLQJV\VWHPVVXSSRUWRQO\RQHQHWZRUNUHSUHVHQWDWLRQHLWKHUDFWLYLW\RQEUDQFKRUDFLWLYLW\RQQRGH$JRRGSURMHFWPDQDJHULVIDPLOLDUZLWKHLWKHUUHSUHVHQWDWLRQ

([DPSOH)RUPXODWLQJDQHWZRUNGLDJUDP

6XSSRVHWKDWZHZLVKWRIRUPDQDFWLYLW\QHWZRUNIRUDVHYHQDFWLYLW\QHWZRUNZLWKWKHIROORZLQJSUHFHGHQFHV

)RUPLQJDQDFWLYLW\RQEUDQFKQHWZRUNIRUWKLVVHWRIDFWLYLWLHVPLJKWEHJLQEHGUDZLQJDFWLYLWLHV$%DQG&DVVKRZQLQ)LJXUHD$WWKLVSRLQWZHQRWHWKDWWZRDFWLYLWLHV$DQG%OLHEHWZHHQWKHVDPHWZRHYHQWQRGHVIRUFODULW\ZHLQVHUWDGXPP\DFWLYLW\;DQGFRQWLQXHWRSODFHRWKHUDFWLYLWLHVDVLQ)LJXUHE3ODFLQJDFWLYLW\*LQWKHILJXUHSUHVHQWVDSUREOHPKRZHYHUVLQFHZHZLVKERWKDFWLYLW\'DQGDFWLYLW\(WREHSUHGHFHVVRUV,QVHUWLQJDQDGGLWLRQDOGXPP\DFWLYLW\


3/17

%DFNWRWRS

&DOFXODWLRQVIRU&ULWLFDO3DWK6FKHGXOLQJ

:LWKWKHEDFNJURXQGSURYLGHGE\WKHSUHYLRXVVHFWLRQVZHFDQIRUPXODWHWKHFULWLFDOSDWKVFKHGXOLQJPDWKHPDWLFDOO\:HVKDOOSUHVHQWDQDOJRULWKPRUVHWRILQVWUXFWLRQVIRUFULWLFDOSDWKVFKHGXOLQJDVVXPLQJDQDFWLYLW\RQEUDQFKSURMHFWQHWZRUN:HDOVRDVVXPHWKDWDOO

SUHFHGHQFHVDUHRIDILQLVKWRVWDUWQDWXUHVRWKDWDVXFFHHGLQJDFWLYLW\FDQQRWVWDUWXQWLOWKHFRPSOHWLRQRIDSUHFHGLQJDFWLYLW\,QDODWHUVHFWLRQZHSUHVHQWDFRPSDUDEOHDOJRULWKPIRUDFWLYLW\RQQRGHUHSUHVHQWDWLRQVZLWKPXOWLSOHSUHFHGHQFHW\SHV

6XSSRVHWKDWRXUSURMHFWQHWZRUNKDVQQRGHVWKHLQLWLDOHYHQWEHLQJDQGWKHODVWHYHQWEHLQJQ/HWWKHWLPHDWZKLFKQRGHHYHQWVRFFXUEH[[[QUHVSHFWLYHO\7KHVWDUWRIWKHSURMHFWDW[ZLOOEHGHILQHGDVWLPH1RGDOHYHQWWLPHVPXVWEHFRQVLVWHQWZLWKDFWLYLW\

GXUDWLRQVVRWKDWDQDFWLYLW\VVXFFHVVRUQRGHHYHQWWLPHPXVWEHODUJHUWKDQDQDFWLYLW\VSUHGHFHVVRUQRGHHYHQWWLPHSOXVLWVGXUDWLRQ)RUDQ

DFWLYLW\GHILQHGDVVWDUWLQJIURPHYHQWLDQGHQGLQJDWHYHQWMWKLVUHODWLRQVKLSFDQEHH[SUHVVHGDVWKHLQHTXDOLW\FRQVWUDLQW[M

[L'

LM

ZKHUH'LMLVWKHGXUDWLRQRIDFWLYLW\LM7KLVVDPHH[SUHVVLRQFDQEHZULWWHQIRUHYHU\DFWLYLW\DQGPXVWKROGWUXHLQDQ\IHDVLEOHVFKHGXOH

0DWKHPDWLFDOO\WKHQWKHFULWLFDOSDWKVFKHGXOLQJSUREOHPLVWRPLQLPL]HWKHWLPHRISURMHFWFRPSOHWLRQ[QVXEMHFWWRWKHFRQVWUDLQWVWKDW

HDFKQRGHFRPSOHWLRQHYHQWFDQQRWRFFXUXQWLOHDFKRIWKHSUHGHFHVVRUDFWLYLWLHVKDYHEHHQFRPSOHWHG

0LQLPL]H

VXEMHFWWR

7KLVLVDOLQHDUSURJUDPPLQJSUREOHPVLQFHWKHREMHFWLYHYDOXHWREHPLQLPL]HGDQGHDFKRIWKHFRQVWUDLQWVLVDOLQHDUHTXDWLRQ>@

5DWKHUWKDQVROYLQJWKHFULWLFDOSDWKVFKHGXOLQJSUREOHPZLWKDOLQHDUSURJUDPPLQJDOJRULWKPVXFKDVWKH6LPSOH[PHWKRGPRUHHIILFLHQWWHFKQLTXHVDUHDYDLODEOHWKDWWDNHDGYDQWDJHRIWKHQHWZRUNVWUXFWXUHRIWKHSUREOHP7KHVHVROXWLRQPHWKRGVDUHYHU\HIILFLHQWZLWKUHVSHFWWRWKHUHTXLUHGFRPSXWDWLRQVVRWKDWYHU\ODUJHQHWZRUNVFDQEHWUHDWHGHYHQZLWKSHUVRQDOFRPSXWHUV7KHVHPHWKRGVDOVRJLYHVRPHYHU\XVHIXOLQIRUPDWLRQDERXWSRVVLEOHDFWLYLW\VFKHGXOHV7KHSURJUDPVFDQFRPSXWHWKHHDUOLHVWDQGODWHVWSRVVLEOHVWDUWLQJWLPHVIRUHDFKDFWLYLW\

ZKLFKDUHFRQVLVWHQWZLWKFRPSOHWLQJWKHSURMHFWLQWKHVKRUWHVWSRVVLEOHWLPH7KLVFDOFXODWLRQLVRISDUWLFXODULQWHUHVWIRUDFWLYLWLHVZKLFKDUHQRWRQWKHFULWLFDOSDWKRUSDWKVVLQFHWKHVHDFWLYLWLHVPLJKWEHVOLJKWO\GHOD\HGRUUHVFKHGXOHGRYHUWLPHDVDPDQDJHUGHVLUHVZLWKRXWGHOD\LQJWKHHQWLUHSURMHFW

$QHIILFLHQWVROXWLRQSURFHVVIRUFULWLFDOSDWKVFKHGXOLQJEDVHGXSRQQRGHODEHOLQJLVVKRZQLQ7DEOH7KUHHDOJRULWKPVDSSHDULQWKHWDEOH7KHHYHQWQXPEHULQJDOJRULWKPQXPEHUVWKHQRGHVRUHYHQWVRIWKHSURMHFWVXFKWKDWWKHEHJLQQLQJHYHQWKDVDORZHUQXPEHUWKDQWKHHQGLQJHYHQWIRUHDFKDFWLYLW\7HFKQLFDOO\WKLVDOJRULWKPDFFRPSOLVKHVDWRSRORJLFDOVRUWRIWKHDFWLYLWLHV7KHSURMHFWVWDUWQRGHLVJLYHQQXPEHU$VORQJDVWKHSURMHFWDFWLYLWLHVIXOILOOWKHFRQGLWLRQVIRUDQDFWLYLW\RQEUDQFKQHWZRUNWKLVW\SHRIQXPEHULQJV\VWHPLVDOZD\V

SRVVLEOH6RPHVRIWZDUHSDFNDJHVIRUFULWLFDOSDWKVFKHGXOLQJGRQRWKDYHWKLVQXPEHULQJDOJRULWKPSURJUDPPHGVRWKDWWKHFRQVWUXFWLRQSURMHFWSODQQHUVPXVWLQVXUHWKDWDSSURSULDWHQXPEHULQJLVGRQH

7KHHDUOLHVWHYHQWWLPHDOJRULWKPFRPSXWHVWKHHDUOLHVWSRVVLEOHWLPH(LDWZKLFKHDFKHYHQWLLQWKHQHWZRUNFDQRFFXU(DUOLHVWHYHQWWLPHVDUHFRPSXWHGDVWKHPD[LPXPRIWKHHDUOLHVWVWDUWWLPHVSOXVDFWLYLW\GXUDWLRQVIRUHDFKRIWKHDFWLYLWLHVLPPHGLDWHO\SUHFHGLQJDQHYHQW7KHHDUOLHVWVWDUWWLPHIRUHDFKDFWLYLW\LMLVHTXDOWRWKHHDUOLHVWSRVVLEOHWLPHIRUWKHSUHFHGLQJHYHQW(L

7$%/(&ULWLFDO3DWK6FKHGXOLQJ$OJRULWKPV$FWLYLW\RQ%UDQFK5HSUHVHQWDWLRQ

(YHQW1XPEHULQJ$OJRULWKP

6WHS*LYHWKHVWDUWLQJHYHQWQXPEHU6WHS*LYHWKHQH[WQXPEHUWRDQ\XQQXPEHUHGHYHQWZKRVHSUHGHFHVVRUHYHQWV

DUHHDFKDOUHDG\QXPEHUHG5HSHDW6WHSXQWLODOOHYHQWVDUHQXPEHUHG

(DUOLHVW(YHQW7LPH$OJRULWKP

6WHS/HW(6WHS)RUMQZKHUHQLVWKHODVWHYHQWOHW(MPD[LPXP^(L'LM`

ZKHUHWKHPD[LPXPLVFRPSXWHGRYHUDOODFWLYLWLHVLMWKDWKDYHMDVWKHHQGLQJHYHQW

/DWHVW(YHQW7LPH$OJRULWKP

6WHS/HW/QHTXDOWKHUHTXLUHGFRPSOHWLRQWLPHRIWKHSURMHFW1RWH/QPXVWHTXDORUH[FHHG(Q6WHS)RULQQOHW/LPLQLPXP^/M'LM`

ZKHUHWKHPLQLPXPLVFRPSXWHGRYHUDOODFWLYLWLHVLMWKDWKDYHLDVWKHVWDUWLQJHYHQW

3DJHRI3URMHFW0DQDJHPHQWIRU&RQVWUXFWLRQ)XQGDPHQWDO6FKHGXOLQJ3URFHGXUHV

KWWSSPERRNFHFPXHGXB)XQGDPHQWDOB6FKHGXOLQJB3URFHGXUHVKWPO


4/17


5/17

2QFHWKHQRGHQXPEHUVDUHHVWDEOLVKHGDJRRGDLGIRUPDQXDOVFKHGXOLQJLVWRGUDZDVPDOOUHFWDQJOHQHDUHDFKQRGHZLWKWZRSRVVLEOHHQWULHV7KHOHIWKDQGVLGHZRXOGFRQWDLQWKHHDUOLHVWWLPHWKHHYHQWFRXOGRFFXUZKHUHDVWKHULJKWKDQGVLGHZRXOGFRQWDLQWKHODWHVWWLPHWKHHYHQWFRXOGRFFXUZLWKRXWGHOD\LQJWKHHQWLUHSURMHFW)LJXUHLOOXVWUDWHVDW\SLFDOER[

)LJXUH(LDQG/L'LVSOD\IRU+DQG&DOFXODWLRQRI&ULWLFDO3DWKIRU$FWLYLW\RQ%UDQFK5HSUHVHQWDWLRQ

)RUWKHQHWZRUNLQ)LJXUHZLWKDFWLYLW\GXUDWLRQVLQ7DEOHWKHHDUOLHVWHYHQWWLPHFDOFXODWLRQVSURFHHGDVIROORZV

7KXVWKHPLQLPXPWLPHUHTXLUHGWRFRPSOHWHWKHSURMHFWLVVLQFH(,QWKLVFDVHHDFKHYHQWKDGDWPRVWWZRSUHGHFHVVRUV

)RUWKHEDFNZDUGSDVVWKHODWHVWHYHQWWLPHFDOFXODWLRQVDUH

,QWKLVH[DPSOH(/(/(/(/DQG(/$VDUHVXOWDOOQRGHVEXWQRGHDUHLQWKHFULWLFDOSDWK$FWLYLWLHVRQWKHFULWLFDOSDWKLQFOXGH$&)DQG,DVVKRZQLQ7DEOH

7$%/(3UHFHGHQFH5HODWLRQVDQG'XUDWLRQVIRUD1LQH$FWLYLW\3URMHFW([DPSOH

$FWLYLW\ 'HVFULSWLRQ 3UHGHFHVVRUV 'XUDWLRQ

$%&'()*+

,

6LWHFOHDULQJ5HPRYDORIWUHHV*HQHUDOH[FDYDWLRQ*UDGLQJJHQHUDODUHD([FDYDWLRQIRUWUHQFKHV3ODFLQJIRUPZRUNDQGUHLQIRUFHPHQWIRUFRQFUHWH,QVWDOOLQJVHZHUOLQHV,QVWDOOLQJRWKHUXWLOLWLHV

3RXULQJFRQFUHWH

$$

%&%&'('(

)*

6WHS (

6WHS

M (0D[^('`0D[^`

M (0D[^('('`0D[^`

M (0D[^('('`0D[^`

M (0D[^('('`0D[^`

M (0D[^('('`0D[^`

6WHS /(

6WHS

M /0LQ^/'`0LQ^`

M /0LQ^/'/'`0LQ^`

M /0LQ^/'/'`0LQ^`

M /0LQ^/'/'`0LQ^`

M /0LQ^/'/'`0LQ^`

7$%/(,GHQWLILFDWLRQRI$FWLYLWLHVRQWKH&ULWLFDO3DWKIRUD1LQH$FWLYLW\3URMHFW

$FWLYLW\

'XUDWLRQ'

LM

(DUOLHVWVWDUWWLPH(L(6LM

/DWHVWILQLVKWLPH/M/)LM

/DWHVWVWDUWWLPH/6LM

$%&'(

)*+,




6/17

$FWLYLW\RQDFULWLFDOSDWKVLQFH(L'L-

/M

%DFNWRWRS

$FWLYLW\)ORDWDQG6FKHGXOHV

$QXPEHURIGLIIHUHQWDFWLYLW\VFKHGXOHVFDQEHGHYHORSHGIURPWKHFULWLFDOSDWKVFKHGXOLQJSURFHGXUHGHVFULEHGLQWKHSUHYLRXVVHFWLRQ$QHDUOLHVWWLPHVFKHGXOHZRXOGEHGHYHORSHGE\VWDUWLQJHDFKDFWLYLW\DVVRRQDVSRVVLEOHDW(6LM6LPLODUO\DODWHVWWLPHVFKHGXOHZRXOGGHOD\WKHVWDUWRIHDFKDFWLYLW\DVORQJDVSRVVLEOHEXWVWLOOILQLVKWKHSURMHFWLQWKHPLQLPXPSRVVLEOHWLPH7KLVODWHVFKHGXOHFDQEHGHYHORSHGE\VHWWLQJHDFKDFWLYLW\VVWDUWWLPHWR/6LM

$FWLYLWLHVWKDWKDYHGLIIHUHQWHDUO\DQGODWHVWDUWWLPHVLH(6LM/6LMFDQEHVFKHGXOHGWRVWDUWDQ\WLPHEHWZHHQ(6LMDQG/6LMDVVKRZQLQ)LJXUH7KHFRQFHSWRIIORDWLVWRXVHSDUWRUDOORIWKLVDOORZDEOHUDQJHWRVFKHGXOHDQDFWLYLW\ZLWKRXWGHOD\LQJWKHFRPSOHWLRQRIWKHSURMHFW$QDFWLYLW\WKDWKDVWKHHDUOLHVWWLPHIRULWVSUHGHFHVVRUDQGVXFFHVVRUQRGHVGLIIHULQJE\PRUHWKDQLWVGXUDWLRQSRVVHVVHVDZLQGRZLQZKLFKLWFDQEHVFKHGXOHG7KDWLVLI(L'

LM/MWKHQVRPHIORDWLVDYDLODEOHLQZKLFKWRVFKHGXOHWKLVDFWLYLW\

)LJXUH,OOXVWUDWLRQRI$FWLYLW\)ORDW

)ORDWLVDYHU\YDOXDEOHFRQFHSWVLQFHLWUHSUHVHQWVWKHVFKHGXOLQJIOH[LELOLW\RUPDQHXYHULQJURRPDYDLODEOHWRFRPSOHWHSDUWLFXODUWDVNV$FWLYLWLHVRQWKHFULWLFDOSDWKGRQRWSURYLGHDQ\IOH[LELOLW\IRUVFKHGXOLQJQRUOHHZD\LQFDVHRISUREOHPV)RUDFWLYLWLHVZLWKVRPHIORDWWKHDFWXDOVWDUWLQJWLPHPLJKWEHFKRVHQWREDODQFHZRUNORDGVRYHUWLPHWRFRUUHVSRQGZLWKPDWHULDOGHOLYHULHVRUWRLPSURYHWKHSURMHFWVFDVKIORZ

2IFRXUVHLIRQHDFWLYLW\LVDOORZHGWRIORDWRUFKDQJHLQWKHVFKHGXOHWKHQWKHDPRXQWRIIORDWDYDLODEOHIRURWKHUDFWLYLWLHVPD\GHFUHDVH7KUHHVHSDUDWHFDWHJRULHVRIIORDWDUHGHILQHGLQFULWLFDOSDWKVFKHGXOLQJ

)UHHIORDWLVWKHDPRXQWRIGHOD\ZKLFKFDQEHDVVLJQHGWRDQ\RQHDFWLYLW\ZLWKRXWGHOD\LQJVXEVHTXHQWDFWLYLWLHV7KHIUHHIORDW))LMDVVRFLDWHGZLWKDFWLYLW\LMLV

,QGHSHQGHQWIORDWLVWKHDPRXQWRIGHOD\ZKLFKFDQEHDVVLJQHGWRDQ\RQHDFWLYLW\ZLWKRXWGHOD\LQJVXEVHTXHQWDFWLYLWLHVRUUHVWULFWLQJWKHVFKHGXOLQJRISUHFHGLQJDFWLYLWLHV,QGHSHQGHQWIORDW,)LMIRUDFWLYLW\LMLVFDOFXODWHGDV

7RWDOIORDWLVWKHPD[LPXPDPRXQWRIGHOD\ZKLFKFDQEHDVVLJQHGWRDQ\DFWLYLW\ZLWKRXWGHOD\LQJWKHHQWLUHSURMHFW7KHWRWDOIORDW7)LMIRUDQ\DFWLYLW\LMLVFDOFXODWHGDV

(DFKRIWKHVHIORDWVLQGLFDWHVDQDPRXQWRIIOH[LELOLW\DVVRFLDWHGZLWKDQDFWLYLW\,QDOOFDVHVWRWDOIORDWHTXDOVRUH[FHHGVIUHHIORDWZKLOHLQGHSHQGHQWIORDWLVDOZD\VOHVVWKDQRUHTXDOWRIUHHIORDW$OVRDQ\DFWLYLW\RQDFULWLFDOSDWKKDVDOOWKUHHYDOXHVRIIORDWHTXDOWR]HUR7KH




7/17

FRQYHUVHRIWKLVVWDWHPHQWLVDOVRWUXHVRDQ\DFWLYLW\ZKLFKKDV]HURWRWDOIORDWFDQEHUHFRJQL]HGDVEHLQJRQDFULWLFDOSDWK

7KHYDULRXVFDWHJRULHVRIDFWLYLW\IORDWDUHLOOXVWUDWHGLQ)LJXUHLQZKLFKWKHDFWLYLW\LVUHSUHVHQWHGE\DEDUZKLFKFDQPRYHEDFNDQGIRUWKLQWLPHGHSHQGLQJXSRQLWVVFKHGXOLQJVWDUW7KUHHSRVVLEOHVFKHGXOHGVWDUWVDUHVKRZQFRUUHVSRQGLQJWRWKHFDVHVRIVWDUWLQJHDFKDFWLYLW\DWWKHHDUOLHVWHYHQWWLPH(LWKHODWHVWDFWLYLW\VWDUWWLPH/6LMDQGDWWKHODWHVWHYHQWWLPH/L7KHWKUHHFDWHJRULHVRIIORDWFDQEHIRXQGGLUHFWO\IURPWKLVILJXUH)LQDOO\DIRXUWKEDULVLQFOXGHGLQWKHILJXUHWRLOOXVWUDWHWKHSRVVLELOLW\WKDWDQDFWLYLW\PLJKWVWDUWEHWHPSRUDULO\KDOWHGDQGWKHQUHVWDUW,QWKLVFDVHWKHWHPSRUDU\KDOWZDVVXIILFLHQWO\VKRUWWKDWLWZDVOHVVWKDQWKHLQGHSHQGHQWIORDWWLPHDQGWKXVZRXOGQRWLQWHUIHUHZLWKRWKHUDFWLYLWLHV:KHWKHURUQRWVXFKZRUNVSOLWWLQJLVSRVVLEOHRUHFRQRPLFDOGHSHQGVXSRQWKHQDWXUHRIWKHDFWLYLW\

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

SURMHFWZRXOGQRWEHFKDQJHG

([DPSOH&ULWLFDOSDWKIRUDIDEULFDWLRQSURMHFW

$VDQRWKHUH[DPSOHRIFULWLFDOSDWKVFKHGXOLQJFRQVLGHUWKHVHYHQDFWLYLWLHVDVVRFLDWHGZLWKWKHIDEULFDWLRQRIDVWHHOFRPSRQHQWVKRZQLQ7DEOH)LJXUHVKRZVWKHQHWZRUNGLDJUDPDVVRFLDWHGZLWKWKHVHVHYHQDFWLYLWLHV1RWHWKDWDQDGGLWLRQDOGXPP\DFWLYLW\;KDVEHHQDGGHGWRLQVXUHWKDWWKHFRUUHFWSUHFHGHQFHUHODWLRQVKLSVDUHPDLQWDLQHGIRUDFWLYLW\($VLPSOHUXOHWRREVHUYHLVWKDWLIDQDFWLYLW\KDVPRUHWKDQRQHLPPHGLDWHSUHGHFHVVRUDQGDQRWKHUDFWLYLW\KDVDWOHDVWRQHEXWQRWDOORIWKHVH

SUHGHFHVVRUDFWLYLW\DVDSUHGHFHVVRUDGXPP\DFWLYLW\ZLOOEHUHTXLUHGWRPDLQWDLQSUHFHGHQFHUHODWLRQVKLSV7KXVLQWKHILJXUHDFWLYLW\(KDVDFWLYLWLHV%DQG&DVSUHGHFHVVRUVZKLOHDFWLYLW\'KDVRQO\DFWLYLW\&DVDSUHGHFHVVRU+HQFHDGXPP\DFWLYLW\

LVUHTXLUHG1RGHQXPEHUVKDYHDOVREHHQDGGHGWRWKLVILJXUHXVLQJWKHSURFHGXUHRXWOLQHGLQ7DEOH1RWHWKDWWKHQRGHQXPEHUVRQQRGHVDQGFRXOGKDYHEHHQH[FKDQJHGLQWKLVQXPEHULQJSURFHVVVLQFHDIWHUQXPEHULQJQRGHHLWKHUQRGHRUQRGHFRXOGEHQXPEHUHGQH[W

)LJXUH,OOXVWUDWLRQRID6HYHQ$FWLYLW\3URMHFW1HWZRUN

7KHUHVXOWVRIWKHHDUOLHVWDQGODWHVWHYHQWWLPHDOJRULWKPVDSSHDULQJLQ7DEOHDUHVKRZQLQ7DEOH7KHPLQLPXPFRPSOHWLRQWLPHIRUWKHSURMHFWLVGD\V,QWKLVVPDOOSURMHFWDOORIWKHHYHQWQRGHVH[FHSWQRGHDUHRQWKHFULWLFDOSDWK7DEOHVKRZVWKHHDUOLHVWDQGODWHVWVWDUWWLPHVIRUWKHYDULRXVDFWLYLWLHVLQFOXGLQJWKHGLIIHUHQWFDWHJRULHVRIIORDW$FWLYLWLHV&()*DQGWKHGXPP\DFWLYLW\;DUHVHHQWROLHRQWKHFULWLFDOSDWK

7$%/(3UHFHGHQFHVDQG'XUDWLRQVIRUD6HYHQ$FWLYLW\3URMHFW

$FWLYLW\ 'HVFULSWLRQ 3UHGHFHVVRUV 'XUDWLRQ

$%&'()*

3UHOLPLQDU\GHVLJQ(YDOXDWLRQRIGHVLJQ&RQWUDFWQHJRWLDWLRQ

3UHSDUDWLRQRIIDEULFDWLRQSODQW)LQDOGHVLJQ

)DEULFDWLRQRI3URGXFW6KLSPHQWRI3URGXFWWRRZQHU

$&

%&'(

)

7$%/((YHQW7LPHVIRUD6HYHQ$FWLYLW\3URMHFW

1RGH (DUOLHVW7LPH(L /DWHVW7LPH/M




8/17

%DFNWRWRS

3UHVHQWLQJ3URMHFW6FKHGXOHV

&RPPXQLFDWLQJWKHSURMHFWVFKHGXOHLVDYLWDOLQJUHGLHQWLQVXFFHVVIXOSURMHFWPDQDJHPHQW$JRRGSUHVHQWDWLRQZLOOJUHDWO\HDVHWKHPDQDJHUVSUREOHPRIXQGHUVWDQGLQJWKHPXOWLWXGHRIDFWLYLWLHVDQGWKHLULQWHUUHODWLRQVKLSV0RUHRYHUQXPHURXVLQGLYLGXDOVDQGSDUWLHVDUHLQYROYHGLQDQ\SURMHFWDQGWKH\KDYHWRXQGHUVWDQGWKHLUDVVLJQPHQWV*UDSKLFDOSUHVHQWDWLRQVRISURMHFWVFKHGXOHVDUHSDUWLFXODUO\XVHIXOVLQFHLWLVPXFKHDVLHUWRFRPSUHKHQGDJUDSKLFDOGLVSOD\RIQXPHURXVSLHFHVRILQIRUPDWLRQWKDQWRVLIWWKURXJKDODUJHWDEOHRIQXPEHUV

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

1HWZRUNGLDJUDPVIRUSURMHFWVKDYHDOUHDG\EHHQLQWURGXFHG7KHVHGLDJUDPVSURYLGHDSRZHUIXOYLVXDOL]DWLRQRIWKHSUHFHGHQFHVDQGUHODWLRQVKLSVDPRQJWKHYDULRXVSURMHFWDFWLYLWLHV7KH\DUHDEDVLFPHDQVRIFRPPXQLFDWLQJDSURMHFWSODQDPRQJWKHSDUWLFLSDWLQJSODQQHUVDQGSURMHFWPRQLWRUV3URMHFWSODQQLQJLVRIWHQFRQGXFWHGE\SURGXFLQJQHWZRUNUHSUHVHQWDWLRQVRIJUHDWHUDQGJUHDWHUUHILQHPHQWXQWLOWKH

SODQLVVDWLVIDFWRU\

$XVHIXOYDULDWLRQRQSURMHFWQHWZRUNGLDJUDPVLVWRGUDZDWLPHVFDOHGQHWZRUN7KHDFWLYLW\GLDJUDPVVKRZQLQWKHSUHYLRXVVHFWLRQZHUHWRSRORJLFDOQHWZRUNVLQWKDWRQO\WKHUHODWLRQVKLSEHWZHHQQRGHVDQGEUDQFKHVZHUHRILQWHUHVW7KHDFWXDOGLDJUDPFRXOGEHGLVWRUWHGLQDQ\ZD\GHVLUHGDVORQJDVWKHFRQQHFWLRQVEHWZHHQQRGHVZHUHQRWFKDQJHG,QWLPHVFDOHGQHWZRUNGLDJUDPVDFWLYLWLHVRQWKHQHWZRUNDUH

SORWWHGRQDKRUL]RQWDOD[LVPHDVXULQJWKHWLPHVLQFHSURMHFWFRPPHQFHPHQW)LJXUHJLYHVDQH[DPSOHRIDWLPHVFDOHGDFWLYLW\RQEUDQFKGLDJUDPIRUWKHQLQHDFWLYLW\SURMHFWLQ)LJXUH,QWKLVWLPHVFDOHGGLDJUDPHDFKQRGHLVVKRZQDWLWVHDUOLHVWSRVVLEOHWLPH%\ORRNLQJRYHUWKHKRUL]RQWDOD[LVWKHWLPHDWZKLFKDFWLYLW\FDQEHJLQFDQEHREVHUYHG2EYLRXVO\WKLVWLPHVFDOHGGLDJUDPLVSURGXFHGDVDGLVSOD\DIWHUDFWLYLWLHVDUHLQLWLDOO\VFKHGXOHGE\WKHFULWLFDOSDWKPHWKRG

)LJXUH,OOXVWUDWLRQRID7LPH6FDOHG1HWZRUN'LDJUDPZLWK1LQH$FWLYLWLHV

7$%/((DUOLHVW6WDUW/DWHVW6WDUWDQG$FWLYLW\)ORDWVIRUD6HYHQ$FWLYLW\3URMHFW

$FWLYLW\ (DUOLHVWVWDUWWLPH/DWHVWVWDUWWLPH

(6LM)UHHIORDW

/6LM ,QGHSHQGHQWIORDW 7RWDOIORDW

$%&

'()*;




9/17

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

)LJXUH$Q([DPSOH%DU&KDUWIRUD1LQH$FWLYLW\3URMHFW

%DUFKDUWVDUHSDUWLFXODUO\KHOSIXOIRUFRPPXQLFDWLQJWKHFXUUHQWVWDWHDQGVFKHGXOHRIDFWLYLWLHVRQDSURMHFW$VVXFKWKH\KDYHIRXQGZLGHDFFHSWDQFHDVDSURMHFWUHSUHVHQWDWLRQWRROLQWKHILHOG)RUSODQQLQJSXUSRVHVEDUFKDUWVDUHQRWDVXVHIXOVLQFHWKH\GRQRWLQGLFDWHWKH

SUHFHGHQFHUHODWLRQVKLSVDPRQJDFWLYLWLHV7KXVDSODQQHUPXVWUHPHPEHURUUHFRUGVHSDUDWHO\WKDWDFKDQJHLQRQHDFWLYLW\VVFKHGXOHPD\UHTXLUHFKDQJHVWRVXFFHVVRUDFWLYLWLHV7KHUHKDYHEHHQYDULRXVVFKHPHVIRUPHFKDQLFDOO\OLQNLQJDFWLYLW\EDUVWRUHSUHVHQWSUHFHGHQFHVEXWLWLVQRZHDVLHUWRXVHFRPSXWHUEDVHGWRROVWRUHSUHVHQWVXFKUHODWLRQVKLSV

2WKHUJUDSKLFDOUHSUHVHQWDWLRQVDUHDOVRXVHIXOLQSURMHFWPRQLWRULQJ7LPHDQGDFWLYLW\JUDSKVDUHH[WUHPHO\XVHIXOLQSRUWUD\LQJWKHFXUUHQWVWDWXVRIDSURMHFWDVZHOODVWKHH[LVWHQFHRIDFWLYLW\IORDW)RUH[DPSOH)LJXUHVKRZVWZRSRVVLEOHVFKHGXOHVIRUWKHQLQHDFWLYLW\

SURMHFWGHVFULEHGLQ7DEOHDQGVKRZQLQWKHSUHYLRXVILJXUHV7KHILUVWVFKHGXOHZRXOGRFFXULIHDFKDFWLYLW\ZDVVFKHGXOHGDWLWVHDUOLHVWVWDUWWLPH(6LMFRQVLVWHQWZLWKFRPSOHWLRQRIWKHSURMHFWLQWKHPLQLPXPSRVVLEOHWLPH:LWKWKLVVFKHGXOH)LJXUHVKRZVWKHSHUFHQWRISURMHFWDFWLYLW\FRPSOHWHGYHUVXVWLPH7KHVHFRQGVFKHGXOHLQ)LJXUHLVEDVHGRQODWHVWSRVVLEOHVWDUWWLPHVIRUHDFKDFWLYLW\/6LM7KHKRUL]RQWDOWLPHGLIIHUHQFHEHWZHHQWKHWZRIHDVLEOHVFKHGXOHVJLYHVDQLQGLFDWLRQRIWKHH[WHQWRISRVVLEOHIORDW,IWKHSURMHFWJRHV

DFFRUGLQJWRSODQWKHDFWXDOSHUFHQWDJHFRPSOHWLRQDWGLIIHUHQWWLPHVVKRXOGIDOOEHWZHHQWKHVHFXUYHV,QSUDFWLFHDYHUWLFDOD[LVUHSUHVHQWLQJFDVKH[SHQGLWXUHVUDWKHUWKDQSHUFHQWFRPSOHWHGLVRIWHQXVHGLQGHYHORSLQJDSURMHFWUHSUHVHQWDWLRQRIWKLVW\SH)RUWKLVSXUSRVHDFWLYLW\FRVWHVWLPDWHVDUHXVHGLQSUHSDULQJDWLPHYHUVXVFRPSOHWLRQJUDSK6HSDUDWH6FXUYHVPD\DOVREHSUHSDUHGIRUJURXSVRIDFWLYLWLHVRQWKHVDPHJUDSKVXFKDVVHSDUDWHFXUYHVIRUWKHGHVLJQSURFXUHPHQWIRXQGDWLRQRUSDUWLFXODUVXEFRQWUDFWRUDFWLYLWLHV




10/17

)LJXUH([DPSOHRI3HUFHQWDJH&RPSOHWLRQYHUVXV7LPHIRU$OWHUQDWLYH6FKHGXOHVZLWKD1LQH$FWLYLW\3URMHFW

7LPHYHUVXVFRPSOHWLRQFXUYHVDUHDOVRXVHIXOLQSURMHFWPRQLWRULQJ1RWRQO\WKHKLVWRU\RIWKHSURMHFWFDQEHLQGLFDWHGEXWWKHIXWXUH

SRVVLELOLWLHVIRUHDUOLHVWDQGODWHVWVWDUWWLPHV)RUH[DPSOH)LJXUHLOOXVWUDWHVDSURMHFWWKDWLVIRUW\SHUFHQWFRPSOHWHDIWHUHLJKWGD\VIRUWKHQLQHDFWLYLW\H[DPSOH,QWKLVFDVHWKHSURMHFWLVZHOODKHDGRIWKHRULJLQDOVFKHGXOHVRPHDFWLYLWLHVZHUHFRPSOHWHGLQOHVVWKDQWKHLUH[SHFWHGGXUDWLRQV7KHSRVVLEOHHDUOLHVWDQGODWHVWVWDUWWLPHVFKHGXOHVIURPWKHFXUUHQWSURMHFWVWDWXVDUHDOVRVKRZQRQWKHILJXUH

)LJXUH,OOXVWUDWLRQRI$FWXDO3HUFHQWDJH&RPSOHWLRQYHUVXV7LPHIRUD1LQH$FWLYLW\3URMHFW8QGHUZD\

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

WKURXJKWKHXVHRIDYDLODEOHDFWLYLW\IORDWVVRDVWROHYHORUVPRRWKRXWWKHGHPDQGIRUUHVRXUFHV5HVRXUFHJUDSKVVXFKDV)LJXUHSURYLGHDQLQYDOXDEOHLQGLFDWLRQRIWKHSRWHQWLDOWURXEOHVSRWVDQGWKHVXFFHVVWKDWDVFKHGXOHUKDVLQDYRLGLQJWKHP




11/17

)LJXUH,OOXVWUDWLRQRI5HVRXUFH8VHRYHU7LPHIRUD1LQH$FWLYLW\3URMHFW

$FRPPRQGLIILFXOW\ZLWKSURMHFWQHWZRUNGLDJUDPVLVWKDWWRRPXFKLQIRUPDWLRQLVDYDLODEOHIRUHDV\SUHVHQWDWLRQLQDQHWZRUN,QDSURMHFW

ZLWKVD\ILYHKXQGUHGDFWLYLWLHVGUDZLQJDFWLYLWLHVVRWKDWWKH\FDQEHVHHQZLWKRXWDPLFURVFRSHUHTXLUHVDFRQVLGHUDEOHH[SDQVHRISDSHU$ODUJHSURMHFWPLJKWUHTXLUHWKHZDOOVSDFHLQDURRPWRLQFOXGHWKHHQWLUHGLDJUDP2QDFRPSXWHUGLVSOD\DW\SLFDOUHVWULFWLRQLVWKDWOHVVWKDQWZHQW\DFWLYLWLHVFDQEHVXFFHVVIXOO\GLVSOD\HGDWWKHVDPHWLPH7KHSUREOHPRIGLVSOD\LQJQXPHURXVDFWLYLWLHVEHFRPHVSDUWLFXODUO\DFXWHZKHQDFFHVVRU\LQIRUPDWLRQVXFKDVDFWLYLW\LGHQWLI\LQJQXPEHUVRUSKUDVHVGXUDWLRQVDQGUHVRXUFHVDUHDGGHGWRWKHGLDJUDP

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

SUHSDUHGZLWKDOORWKHUDFWLYLWLHVHLWKHURPLWWHGRUVXPPDUL]HGLQODUJHUDJJUHJDWHDFWLYLW\UHSUHVHQWDWLRQV7KH&6,0$67(563(&DFWLYLW\GHILQLWLRQFRGHVGHVFULEHGLQ&KDSWHUSURYLGHDZLGHO\DGRSWHGH[DPSOHRIDKLHUDUFKLFDORUJDQL]DWLRQRIWKLVW\SH(YHQLIVXPPDU\UHSRUWVDQGGLDJUDPVDUHSUHSDUHGWKHDFWXDOVFKHGXOLQJZRXOGXVHGHWDLOHGDFWLYLW\FKDUDFWHULVWLFVRIFRXUVH

$QH[DPSOHILJXUHRIDVXEQHWZRUNDSSHDUVLQ)LJXUH6XPPDU\GLVSOD\VZRXOGLQFOXGHRQO\DVLQJOHQRGH$WRUHSUHVHQWWKHVHWRIDFWLYLWLHVLQWKHVXEQHWZRUN1RWHWKDWSUHFHGHQFHUHODWLRQVKLSVVKRZQLQWKHPDVWHUQHWZRUNZRXOGKDYHWREHLQWHUSUHWHGZLWKFDUHVLQFHD

SDUWLFXODUSUHFHGHQFHPLJKWEHGXHWRDQDFWLYLW\WKDWZRXOGQRWFRPPHQFHDWWKHVWDUWRIDFWLYLW\RQWKHVXEQHWZRUN

)LJXUH,OOXVWUDWLRQRID6XE1HWZRUNLQD6XPPDU\'LDJUDP

7KHXVHRIJUDSKLFDOSURMHFWUHSUHVHQWDWLRQVLVDQLPSRUWDQWDQGH[WUHPHO\XVHIXODLGWRSODQQHUVDQGPDQDJHUV2IFRXUVHGHWDLOHGQXPHULFDOUHSRUWVPD\DOVREHUHTXLUHGWRFKHFNWKHSHFXOLDULWLHVRISDUWLFXODUDFWLYLWLHV%XWJUDSKVDQGGLDJUDPVSURYLGHDQLQYDOXDEOHPHDQVRIUDSLGO\FRPPXQLFDWLQJRUXQGHUVWDQGLQJDSURMHFWVFKHGXOH:LWKFRPSXWHUEDVHGVWRUDJHRIEDVLFSURMHFWGDWDJUDSKLFDORXWSXWLVUHDGLO\REWDLQDEOHDQGVKRXOGEHXVHGZKHQHYHUSRVVLEOH

)LQDOO\WKHVFKHGXOLQJSURFHGXUHGHVFULEHGLQ6HFWLRQVLPSO\FRXQWHGGD\VIURPWKHLQLWLDOVWDUWLQJSRLQW3UDFWLFDOVFKHGXOLQJSURJUDPVLQFOXGHDFDOHQGDUFRQYHUVLRQWRSURYLGHFDOHQGDUGDWHVIRUVFKHGXOHGZRUNDVZHOODVWKHQXPEHURIGD\VIURPWKHLQLWLDWLRQRIWKHSURMHFW7KLVFRQYHUVLRQFDQEHDFFRPSOLVKHGE\HVWDEOLVKLQJDRQHWRRQHFRUUHVSRQGHQFHEHWZHHQSURMHFWGDWHVDQGFDOHQGDUGDWHV)RUH[DPSOH

SURMHFWGD\ZRXOGEH0D\LIWKHSURMHFWEHJDQDWWLPHRQ0D\DQGQRKROLGD\VLQWHUYHQHG,QWKLVFDOHQGDUFRQYHUVLRQZHHNHQGVDQG




12/17

KROLGD\VZRXOGEHH[FOXGHGIURPFRQVLGHUDWLRQIRUVFKHGXOLQJDOWKRXJKWKHSODQQHUPLJKWRYHUUXOHWKLVIHDWXUH$OVRWKHQXPEHURIZRUNVKLIWVRUZRUNLQJKRXUVLQHDFKGD\FRXOGEHGHILQHGWRSURYLGHFRQVLVWHQF\ZLWKWKHWLPHXQLWVXVHGLVHVWLPDWLQJDFWLYLW\GXUDWLRQV3URMHFWUHSRUWVDQGJUDSKVZRXOGW\SLFDOO\XVHDFWXDOFDOHQGDUGD\V

%DFNWRWRS

&ULWLFDO3DWK6FKHGXOLQJIRU$FWLYLW\RQ1RGHDQGZLWK/HDGV/DJVDQG:LQGRZV

3HUIRUPLQJWKHFULWLFDOSDWKVFKHGXOLQJDOJRULWKPIRUDFWLYLW\RQQRGHUHSUHVHQWDWLRQVLVRQO\DVPDOOYDULDWLRQIURPWKHDFWLYLW\RQEUDQFK

DOJRULWKPSUHVHQWHGDERYH$QH[DPSOHRIWKHDFWLYLW\RQQRGHGLDJUDPIRUDVHYHQDFWLYLW\QHWZRUNLVVKRZQLQ)LJXUH6RPHDGGLWLRQWHUPLQRORJ\LVQHHGHGWRDFFRXQWIRUWKHWLPHGHOD\DWDQRGHDVVRFLDWHGZLWKWKHWDVNDFWLYLW\$FFRUGLQJO\ZHGHILQH(6LDVWKHHDUOLHVWVWDUWWLPHIRUDFWLYLW\DQGQRGHL()LLVWKHHDUOLHVWILQLVKWLPHIRUDFWLYLW\DQGQRGHL/6LLVWKHODWHVWVWDUWDQG/)LLVWKHODWHVWILQLVKWLPHIRUDFWLYLW\DQGQRGHL7DEOHVKRZVWKHUHOHYDQWFDOFXODWLRQVIRUWKHQRGHQXPEHULQJDOJRULWKPWKHIRUZDUGSDVVDQGWKH

EDFNZDUGSDVVFDOFXODWLRQV

)RUPDQXDODSSOLFDWLRQRIWKHFULWLFDOSDWKDOJRULWKPVKRZQLQ7DEOHLWLVKHOSIXOWRGUDZDVTXDUHRIIRXUHQWULHVUHSUHVHQWLQJWKH(6L

()L/6LDQG/)LDVVKRZQLQ)LJXUH'XULQJWKHIRUZDUGSDVVWKHER[HVIRU(6LDQG()LDUHILOOHGLQ$VDQH[HUFLVHIRUWKHUHDGHUWKHVHYHQDFWLYLW\QHWZRUNLQ)LJXUHFDQEHVFKHGXOHG5HVXOWVVKRXOGEHLGHQWLFDOWRWKRVHREWDLQHGIRUWKHDFWLYLW\RQEUDQFKFDOFXODWLRQV

)LJXUH(6()/6DQG/)'LVSOD\IRU+DQG&DOFXODWLRQRI&ULWLFDO3DWKIRU$FWLYLW\RQ1RGH5HSUHVHQWDWLRQ

%XLOGLQJRQWKHFULWLFDOSDWKVFKHGXOLQJFDOFXODWLRQVGHVFULEHGLQWKHSUHYLRXVVHFWLRQVVRPHDGGLWLRQDOFDSDELOLWLHVDUHXVHIXO'HVLUDEOH

H[WHQVLRQVLQFOXGHWKHGHILQLWLRQRIDOORZDEOHZLQGRZVIRUDFWLYLWLHVDQGWKHLQWURGXFWLRQRIPRUHFRPSOLFDWHGSUHFHGHQFHUHODWLRQVKLSVDPRQJDFWLYLWLHV)RUH[DPSOHDSODQQHUPD\ZLVKWRKDYHDQDFWLYLW\RIUHPRYLQJIRUPZRUNIURPDQHZEXLOGLQJFRPSRQHQWIROORZWKHFRQFUHWHSRXUE\VRPHSUHGHILQHGODJSHULRGWRDOORZVHWWLQJ7KLVGHOD\ZRXOGUHSUHVHQWDUHTXLUHGJDSEHWZHHQWKHFRPSOHWLRQRID

SUHFHGLQJDFWLYLW\DQGWKHVWDUWRIDVXFFHVVRU7KHVFKHGXOLQJFDOFXODWLRQVWRDFFRPPRGDWHWKHVHFRPSOLFDWLRQVZLOOEHGHVFULEHGLQWKLVVHFWLRQ$JDLQWKHVWDQGDUGFULWLFDOSDWKVFKHGXOLQJDVVXPSWLRQVRIIL[HGDFWLYLW\GXUDWLRQVDQGXQOLPLWHGUHVRXUFHDYDLODELOLW\ZLOOEHPDGHKHUHDOWKRXJKWKHVHDVVXPSWLRQVZLOOEHUHOD[HGLQODWHUVHFWLRQV

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

z 'LUHFWRUILQLVKWRVWDUWOHDGV7KHVXFFHVVRUDFWLYLW\FDQQRWVWDUWXQWLOWKHSUHFHGLQJDFWLYLW\LVFRPSOHWHE\DWOHDVWWKHSUHVFULEHGOHDGWLPH)67KXVWKHVWDUWRIDVXFFHVVRUDFWLYLW\PXVWH[FHHGWKHILQLVKRIWKHSUHFHGLQJDFWLYLW\E\DWOHDVW)6

z 6WDUWWRVWDUWOHDGV7KHVXFFHVVRUDFWLYLW\FDQQRWVWDUWXQWLOZRUNRQWKHSUHFHGLQJDFWLYLW\KDVEHHQXQGHUZD\E\DWOHDVWWKHSUHVFULEHGOHDGWLPH66

7$%/(&ULWLFDO3DWK6FKHGXOLQJ$OJRULWKPV$FWLYLW\RQ1RGH5HSUHVHQWDWLRQ

$FWLYLW\1XPEHULQJ$OJRULWKP

6WHS*LYHWKHVWDUWLQJDFWLYLW\QXPEHU6WHS*LYHWKHQH[WQXPEHUWRDQ\XQQXPEHUHGDFWLYLW\ZKRVHSUHGHFHVVRUDFWLYLWLHVDUHHDFKDOUHDG\QXPEHUHG5HSHDW6WHSXQWLODOODFWLYLWLHVDUHQXPEHUHG

)RUZDUG3DVV

6WHS/HW(

6WHS)RUMQZKHUHQLVWKHODVWDFWLYLW\OHW(6MPD[LPXP^()L`ZKHUHWKHPD[LPXPLVFRPSXWHGRYHUDOODFWLYLWLHVLWKDWKDYHMDVWKHLUVXFFHVVRU6WHS()M(6M'M

%DFNZDUG3DVV

6WHS/HW/QHTXDOWKHUHTXLUHGFRPSOHWLRQWLPHRIWKHSURMHFW1RWH/QPXVWHTXDORUH[FHHG(Q6WHS)RULQQOHW/)LPLQLPXP^/6M`ZKHUHWKHPLQLPXPLVFRPSXWHGRYHUDOODFWLYLWLHVMWKDWKDYHLDVWKHLUSUHGHFHVVRU6WHS/6L/)L'L




13/17

z )LQLVKWRILQLVKOHDGVV7KHVXFFHVVRUDFWLYLW\PXVWKDYHDWOHDVW))SHULRGVRIZRUNUHPDLQLQJDWWKHFRPSOHWLRQRIWKHSUHFHGLQJDFWLYLW\

z 6WDUWWRILQLVKOHDGV7KHVXFFHVVRUDFWLYLW\PXVWKDYHDWOHDVW6)SHULRGVRIZRUNUHPDLQLQJDWWKHVWDUWRIWKHSUHFHGLQJDFWLYLW\

:KLOHWKHHLJKWSUHFHGHQFHUHODWLRQVKLSVLQ7DEOHDUHDOOSRVVLEOHWKHPRVWFRPPRQSUHFHGHQFHUHODWLRQVKLSLVWKHVWUDLJKWIRUZDUGGLUHFWSUHFHGHQFHEHWZHHQWKHILQLVKRIDSUHFHGLQJDFWLYLW\DQGWKHVWDUWRIWKHVXFFHVVRUDFWLYLW\ZLWKQRUHTXLUHGJDSVR)6

7KHFRPSXWDWLRQVZLWKWKHVHOHDGDQGODJFRQVWUDLQWVDUHVRPHZKDWPRUHFRPSOLFDWHGYDULDWLRQVRQWKHEDVLFFDOFXODWLRQVGHILQHGLQ7DEOHIRUFULWLFDOSDWKVFKHGXOLQJ)RUH[DPSOHDVWDUWWRVWDUWOHDGZRXOGPRGLI\WKHFDOFXODWLRQRIWKHHDUOLHVWVWDUWWLPHWRFRQVLGHUZKHWKHURUQRWWKHQHFHVVDU\OHDGFRQVWUDLQWZDVPHW

ZKHUH66LMUHSUHVHQWVDVWDUWWRVWDUWOHDGEHWZHHQDFWLYLW\LMDQGDQ\RIWKHDFWLYLWLHVVWDUWLQJDWHYHQWM

7KHSRVVLELOLW\RILQWHUUXSWLQJRUVSOLWWLQJDFWLYLWLHVLQWRWZRZRUNVHJPHQWVFDQEHSDUWLFXODUO\LPSRUWDQWWRLQVXUHIHDVLEOHVFKHGXOHVLQWKHFDVHRIQXPHURXVOHDGRUODJFRQVWUDLQWV:LWKDFWLYLW\VSOLWWLQJDQDFWLYLW\LVGLYLGHGLQWRWZRVXEDFWLYLWLHVZLWKDSRVVLEOHJDSRULGOHWLPH

EHWZHHQZRUNRQWKHWZRVXEDFWLYLWLHV7KHFRPSXWDWLRQVIRUVFKHGXOLQJWUHDWHDFKVXEDFWLYLW\VHSDUDWHO\DIWHUDVSOLWLVPDGH6SOLWWLQJLVSHUIRUPHGWRUHIOHFWDYDLODEOHVFKHGXOLQJIOH[LELOLW\RUWRDOORZWKHGHYHORSPHQWRIDIHDVLEOHVFKHGXOH)RUH[DPSOHVSOLWWLQJPD\SHUPLW

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

EHGHILQHGZLWKQRGXUDWLRQEXWDODWHVWSRVVLEOHFRPSOHWLRQWLPH$Q\DFWLYLWLHVSUHFHGLQJWKLVPLOHVWRQHDFWLYLW\FDQQRWEHVFKHGXOHGIRUFRPSOHWLRQDIWHUWKHPLOHVWRQHGDWH:LQGRZFRQVWUDLQWVDUHDFWXDOO\DVSHFLDOFDVHRIWKHRWKHUSUHFHGHQFHFRQVWUDLQWVVXPPDUL]HGDERYHZLQGRZVDUHFRQVWUDLQWVLQZKLFKWKHSUHFHGHFHVVRUDFWLYLW\LVWKHSURMHFWVWDUW7KXVDQHDUOLHVWSRVVLEOHVWDUWWLPHZLQGRZ:(6LVDVWDUWWRVWDUWOHDG

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

ERWKUHSUHVHQWDWLRQVDUHLQFRPPRQXVHSURMHFWPDQDJHUVVKRXOGEHIDPLOLDUZLWKHLWKHUQHWZRUNUHSUHVHQWDWLRQ

0DQ\FRPPHUFLDOO\DYDLODEOHFRPSXWHUVFKHGXOLQJSURJUDPVLQFOXGHWKHQHFHVVDU\FRPSXWDWLRQDOSURFHGXUHVWRLQFRUSRUDWHZLQGRZVDQGPDQ\RIWKHYDULRXVSUHFHGHQFHUHODWLRQVKLSVGHVFULEHGDERYH,QGHHGWKHWHUPSUHFHGHQFHGLDJUDPPLQJDQGWKHFDOFXODWLRQVDVVRFLDWHGZLWKWKHVHODJVVHHPVWRKDYHILUVWDSSHDUHGLQWKHXVHUVPDQXDOIRUDFRPSXWHUVFKHGXOLQJSURJUDP>@

7$%/((LJKW3RVVLEOH$FWLYLW\3UHFHGHQFH5HODWLRQVKLSV

5HODWLRQVKLS ([SODQDWLRQ

)LQLVKWRVWDUW/HDG /DWHVW)LQLVKRI3UHGHFHVVRU (DUOLHVW6WDUWRI6XFFHVVRU)6

)LQLVKWRVWDUW/DJ /DWHVW)LQLVKRI3UHGHFHVVRU (DUOLHVW6WDUWRI6XFFHVVRU)6

6WDUWWRVWDUW/HDG (DUOLHVW6WDUWRI3UHGHFHVVRU (DUOLHVW6WDUWRI6XFFHVVRU66

6WDUWWRVWDUW/DJ (DUOLHVW6WDUWRI3UHGHFHVVRU (DUOLHVW6WDUWRI6XFFHVVRU66

)LQLVKWRILQLVK/HDG /DWHVW)LQLVKRI3UHGHFHVVRU (DUOLHVW)LQLVKRI6XFFHVVRU))

)LQLVKWRILQLVK/DJ /DWHVW)LQLVKRI3UHGHFHVVRU (DUOLHVW)LQLVKRI6XFFHVVRU))

6WDUWWRILQLVK/HDG (DUOLHVW6WDUWRI3UHGHFHVVRU (DUOLHVW)LQLVKRI6XFFHVVRU6)

6WDUWWRILQLVK/DJ (DUOLHVW6WDUWRI3UHGHFHVVRU (DUOLHVW)LQLVKRI6XFFHVVRU6)




14/17

,IWKHFRQVWUXFWLRQSODQVXJJHVWVWKDWVXFKFRPSOLFDWHGODJVDUHLPSRUWDQWWKHQWKHVHVFKHGXOLQJDOJRULWKPVVKRXOGEHDGRSWHG,QWKHQH[WVHFWLRQWKHYDULRXVFRPSXWDWLRQVDVVRFLDWHGZLWKFULWLFDOSDWKVFKHGXOLQJZLWKVHYHUDOW\SHVRIOHDGVODJVDQGZLQGRZVDUHSUHVHQWHG

%DFNWRWRS

&DOFXODWLRQVIRU6FKHGXOLQJZLWK/HDGV/DJVDQG:LQGRZV

7DEOHFRQWDLQVDQDOJRULWKPLFGHVFULSWLRQRIWKHFDOFXODWLRQVUHTXLUHGIRUFULWLFDOSDWKVFKHGXOLQJZLWKOHDGVODJVDQGZLQGRZV7KLVGHVFULSWLRQDVVXPHVDQDFWLYLW\RQQRGH SURMHFWQHWZRUNUHSUHVHQWDWLRQVLQFHWKLVUHSUHVHQWDWLRQLVPXFKHDVLHUWRXVHZLWKFRPSOLFDWHG

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

7KHILUVWVWHSLQWKHVFKHGXOLQJDOJRULWKPLVWRVRUWDFWLYLWLHVVXFKWKDWQRKLJKHUQXPEHUHGDFWLYLW\SUHFHGHVDORZHUQXPEHUHGDFWLYLW\:LWKQXPEHUHGDFWLYLWLHVGXUDWLRQVFDQEHGHQRWHG'NZKHUHNLVWKHQXPEHURIDQDFWLYLW\2WKHUDFWLYLW\LQIRUPDWLRQFDQDOVREHUHIHUHQFHGE\WKHDFWLYLW\QXPEHU1RWHWKDWQRGHHYHQWVXVHGLQDFWLYLW\RQEUDQFKUHSUHVHQWDWLRQVDUHQRWUHTXLUHGLQWKLVFDVH

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

7KHUHVXOWRIWKHIRUZDUGDQGEDFNZDUGSDVVFDOFXODWLRQVDUHWKHHDUOLHVWVWDUWWLPHWKHODWHVWVWDUWWLPHWKHHDUOLHVWILQLVKWLPHDQGWKHODWHVWILQLVKWLPHIRUHDFKDFWLYLW\7KHDFWLYLW\IORDWLVFRPSXWHGDVWKHODWHVWVWDUWWLPHOHVVWKHHDUOLHVWVWDUWWLPH1RWHWKDWZLQGRZFRQVWUDLQWVPD\

EHLQVWUXPHQWDOLQVHWWLQJWKHDPRXQWRIIORDWVRWKDWDFWLYLWLHVZLWKRXWDQ\IORDWPD\HLWKHUOLHRQWKHFULWLFDOSDWKRUEHFRQVWUDLQHGE\DQDOORZDEOHZLQGRZ

7RFRQVLGHUWKHSRVVLELOLW\RIDFWLYLW\VSOLWWLQJWKHYDULRXVIRUPXODVIRUWKHIRUZDUGDQGEDFNZDUGSDVVHVLQ7DEOHPXVWEHPRGLILHG)RUH[DPSOHLQFRQVLGHULQJWKHSRVVLELOLW\RIDFWLYLW\VSOLWWLQJGXHWRVWDUWWRVWDUWOHDG66LWLVLPSRUWDQWWRHQVXUHWKDWWKHSUHFHGLQJDFWLYLW\KDVEHHQXQGHUZD\IRUDWOHDVWWKHUHTXLUHGOHDGSHULRG,IWKHSUHFHGLQJDFWLYLW\ZDVVSOLWDQGWKHILUVWVXEDFWLYLW\ZDVQRWXQGHUZD\IRUD

7$%/(&ULWLFDO3DWK6FKHGXOLQJ$OJRULWKPVZLWK/HDGV/DJVDQG:LQGRZV$FWLYLW\RQ1RGH5HSUHVHQWDWLRQV

$FWLYLW\1XPEHULQJ$OJRULWKP

6WHS*LYHWKHVWDUWLQJDFWLYLW\QXPEHU6WHS*LYHWKHQH[WQXPEHUWRDQ\XQQXPEHUHGDFWLYLW\ZKRVHSUHGHFHVVRUDFWLYLWLHVDUHHDFKDOUHDG\QXPEHUHG5HSHDW6WHSXQWLODOODFWLYLWLHVDUHQXPEHUHG

)RUZDUG3DVV&RPSXWDWLRQV

6WHS6HWWKHHDUOLHVWVWDUWDQGWKHHDUOLHVWILQLVKRIWKHLQLWLDODFWLYLW\WR]HUR

(6()5HSHDWWKHIROORZLQJVWHSVIRUHDFKDFWLYLW\NP6WHS&RPSXWHWKHHDUOLHVWVWDUWWLPH(6NRIDFWLYLW\N(6N0D[LPXP^:(6NIRUWKHHDUOLHVWVWDUWZLQGRZWLPH:()N'NIRUWKHHDUOLHVWILQLVKZLQGRZWLPH()L)6LNIRUHDFKSUHFHGLQJDFWLYLW\ZLWKD)6FRQVWUDLQW(6L66LNIRUHDFKSUHFHGLQJDFWLYLW\ZLWKD66FRQVWUDLQW()L))LN'NIRUHDFKSUHFHGLQJDFWLYLW\ZLWKD))FRQVWUDLQW(6L6)LN'NIRUHDFKSUHFHGLQJDFWLYLW\ZLWKD6)FRQVWUDLQW`6WHS&RPSXWHWKHHDUOLHVWILQLVKWLPH()NRIDFWLYLW\N()N(6N'N

%DFNZDUG3DVV&RPSXWDWLRQV

6WHS6HWWKHODWHVWILQLVKDQGODWHVWVWDUWRIWKHWHUPLQDODFWLYLW\WRWKHHDUO\VWDUWWLPH/)P/6P(6P()P5HSHDWWKHIROORZLQJVWHSVIRUHDFKDFWLYLW\LQUHYHUVHRUGHUNPP6WHS&RPSXWHWKHODWHVWILQLVKWLPHIRU

DFWLYLW\N/)N0LQ^/)P:/)NIRUWKHODWHVWILQLVKZLQGRZWLPH:/6N'NIRUWKHODWHVWVWDUWZLQGRZWLPH/6M)6NMIRUHDFKVXFFHHGLQJDFWLYLW\ZLWKD)6FRQVWUDLQW/)M))NMIRUHDFKVXFFHHGLQJDFWLYLW\ZLWKD))FRQVWUDLQW/6M66NM'NIRUHDFKVXFFHHGLQJDFWLYLW\ZLWKD66FRQVWUDLQW/)M6)NM'NIRUHDFKVXFFHHGLQJDFWLYLW\ZLWKD6)FRQVWUDLQW`6WHS&RPSXWHWKHODWHVWVWDUWWLPHIRUDFWLYLW\N/6N/)N'N




15/17

VXIILFLHQWO\ORQJSHULRGWKHQWKHIROORZLQJDFWLYLW\FDQQRWVWDUWXQWLOWKHILUVWSOXVWKHVHFRQGVXEDFWLYLWLHVKDYHEHHQXQGHUZD\IRUDSHULRGHTXDOWR66LN7KXVLQVHWWLQJWKHHDUOLHVWVWDUWWLPHIRUDQDFWLYLW\WKHFDOFXODWLRQWDNHVLQWRDFFRXQWWKHGXUDWLRQRIWKHILUVWVXEDFWLYLW\'$LIRUSUHFHGLQJDFWLYLWLHVLQYROYLQJDVWDUWWRVWDUWOHDG$OJHEUDLFDOO\WKHWHUPLQWKHHDUOLHVWVWDUWWLPHFDOFXODWLRQSHUWDLQLQJWRVWDUWWRVWDUWSUHFHGHQFHFRQVWUDLQWV(6L66LNKDVWZRSDUWVZLWKWKHSRVVLELOLW\RIDFWLYLW\VSOLWWLQJ

ZKHUH'$LLVWKHGXUDWLRQRIWKHILUVWVXEDFWLYLW\RIWKHSUHFHGLQJDFWLYLW\

7KHFRPSXWDWLRQRIHDUOLHVWILQLVKWLPHLQYROYHVVLPLODUFRQVLGHUDWLRQVH[FHSWWKDWWKHILQLVKWRILQLVKDQGVWDUWWRILQLVKODJFRQVWUDLQWVDUHLQYROYHG,QWKLVFDVHDPD[LPL]DWLRQRYHUWKHIROORZLQJWHUPVLVUHTXLUHG

)LQDOO\WKHQHFHVVLW\WRVSOLWDQDFWLYLW\LVDOVRFRQVLGHUHG,IWKHHDUOLHVWSRVVLEOHILQLVKWLPHLVJUHDWHUWKDQWKHHDUOLHVWVWDUWWLPHSOXVWKHDFWLYLW\GXUDWLRQWKHQWKHDFWLYLW\PXVWEHVSOLW

$QRWKHUSRVVLEOHH[WHQVLRQRIWKHVFKHGXOLQJFRPSXWDWLRQVLQ7DEOHZRXOGEHWRLQFOXGHDGXUDWLRQPRGLILFDWLRQFDSDELOLW\GXULQJWKHIRUZDUGDQGEDFNZDUGSDVVHV7KLVFDSDELOLW\ZRXOGSHUPLWDOWHUQDWLYHZRUNFDOHQGDUVIRUGLIIHUHQWDFWLYLWLHVRUIRUPRGLILFDWLRQVWRUHIOHFWHIIHFWVRIWLPHRIWKH\HDURQDFWLYLW\GXUDWLRQV)RUH[DPSOHWKHGXUDWLRQRIRXWVLGHZRUNGXULQJZLQWHUPRQWKVZRXOGEHLQFUHDVHG$VDQRWKHUH[DPSOHDFWLYLWLHVZLWKZHHNHQGZRUNSHUPLWWHGPLJKWKDYHWKHLUZHHNGD\GXUDWLRQVVKRUWHQHGWRUHIOHFWZHHNHQGZRUNDFFRPSOLVKPHQWV

([DPSOH,PSDFWVRISUHFHGHQFHUHODWLRQVKLSVDQGZLQGRZV

7RLOOXVWUDWHWKHLPSDFWVRIGLIIHUHQWSUHFHGHQFHUHODWLRQVKLSVFRQVLGHUDSURMHFWFRQVLVWLQJRIRQO\WZRDFWLYLWLHVLQDGGLWLRQWRWKHVWDUWDQGILQLVK7KHVWDUWLVQXPEHUHGDFWLYLW\WKHILUVWDFWLYLW\LVQXPEHUWKHVHFRQGDFWLYLW\LVQXPEHUDQGWKHILQLVKLVDFWLYLW\(DFKDFWLYLW\LVDVVXPHGWRKDYHDGXUDWLRQRIILYHGD\V:LWKDGLUHFWILQLVKWRVWDUWSUHFHGHQFHUHODWLRQVKLSZLWKRXWDODJWKHFULWLFDOSDWKFDOFXODWLRQVUHYHDO

(6(6()(6'(6())6()(6'

(6())6()

6RWKHHDUOLHVWSURMHFWFRPSOHWLRQWLPHLVWHQGD\V

:LWKDVWDUWWRVWDUWSUHFHGHQFHFRQVWUDLQWZLWKDWZRGD\OHDGWKHVFKHGXOLQJFDOFXODWLRQVDUH

(6(6()(6'(6(666()(6'(6())6

,QWKLVFDVHDFWLYLW\FDQEHJLQWZRGD\VDIWHUWKHVWDUWRIDFWLYLW\DQGSURFHHGLQSDUDOOHOZLWKDFWLYLW\7KHUHVXOWLVWKDWWKHSURMHFWFRPSOHWLRQGDWHGURSVIURPWHQGD\VWRVHYHQGD\V

)LQDOO\VXSSRVHWKDWDILQLVKWRILQLVKSUHFHGHQFHUHODWLRQVKLSH[LVWVEHWZHHQDFWLYLW\DQGDFWLYLW\ZLWKDWZRGD\ODJ7KHVFKHGXOLQJFDOFXODWLRQVDUH

(6()(6())6()(6'(6()))'()(6'(6())6()

,QWKLVFDVHWKHHDUOLHVWILQLVKIRUDFWLYLW\LVRQGD\VHYHQWRDOORZWKHQHFHVVDU\WZRGD\ODJIURPWKHFRPSOHWLRQRIDFWLYLW\7KHPLQLPXPSURMHFWFRPSOHWLRQWLPHLVDJDLQVHYHQGD\V

([DPSOH6FKHGXOLQJLQWKHSUHVHQFHRIOHDGVDQGZLQGRZV

$VDVHFRQGH[DPSOHRIWKHVFKHGXOLQJFRPSXWDWLRQVLQYROYHGLQWKHSUHVHQFHRIOHDGVODJVDQGZLQGRZVZHVKDOOSHUIRUPWKHFDOFXODWLRQVUHTXLUHGIRUWKHSURMHFWVKRZQLQ)LJXUH6WDUWDQGHQGDFWLYLWLHVDUHLQFOXGHGLQWKHSURMHFWGLDJUDPPDNLQJDWRWDORIHOHYHQDFWLYLWLHV7KHYDULRXVZLQGRZVDQGGXUDWLRQVIRUWKHDFWLYLWLHVDUHVXPPDUL]HGLQ7DEOHDQGWKHSUHFHGHQFHUHODWLRQVKLSVDSSHDULQ7DEOH2QO\HDUOLHVWVWDUW:(6DQGODWHVWILQLVK:/)ZLQGRZFRQVWUDLQWVDUHLQFOXGHGLQWKLVH[DPSOHSUREOHP$OOIRXUW\SHVRISUHFHGHQFHUHODWLRQVKLSVDUHLQFOXGHGLQWKLVSURMHFW1RWHWKDWWZRDFWLYLWLHVPD\KDYHPRUH

(6L66LN

()L'L66LN IRUVSOLWSUHFHGLQJDFWLYLWLHVZLWK'$L66LN

()N0D[LPXP^(6N'N()L))LNIRUHDFKSUHFHGLQJDFWLYLW\ZLWKD))SUHFHGHQFH(6L6)LNIRUHDFKSUHFHGLQJDFWLYLW\ZLWKD6)SUHFHGHQFHDQGZKLFKLVQRWVSOLW()L'L6)LNIRUHDFKSUHFHGLQJDFWLYLW\ZLWKD6)SUHFHGHQFHDQGZKLFKLVVSOLW`




16/17

WKDQRQHW\SHRISUHFHGHQFHUHODWLRQVKLSDWWKHVDPHWLPHLQWKLVFDVHDFWLYLWLHVDQGKDYHERWK66DQG))SUHFHGHQFHV,Q)LJXUHWKHGLIIHUHQWSUHFHGHQFHUHODWLRQVKLSVDUHVKRZQE\OLQNVFRQQHFWLQJWKHDFWLYLW\QRGHV7KHW\SHRISUHFHGHQFHUHODWLRQVKLSLVLQGLFDWHGE\WKHEHJLQQLQJRUHQGSRLQWRIHDFKDUURZ)RUH[DPSOHVWDUWWRVWDUWSUHFHGHQFHVJRIURPWKHOHIW

SRUWLRQRIWKHSUHFHGLQJDFWLYLW\WRWKHOHIWSRUWLRQRIWKHIROORZLQJDFWLYLW\$SSOLFDWLRQRIWKHDFWLYLW\VRUWLQJDOJRULWKP7DEOHUHYHDOVWKDWWKHH[LVWLQJDFWLYLW\QXPEHUVDUHDSSURSULDWHIRUWKHFULWLFDOSDWKDOJRULWKP7KHVHDFWLYLW\QXPEHUVZLOOEHXVHGLQWKHIRUZDUGDQGEDFNZDUGSDVVFDOFXODWLRQV

)LJXUH([DPSOH3URMHFW1HWZRUNZLWK/HDG3UHFHGHQFHV

'XULQJWKHIRUZDUGSDVVFDOFXODWLRQV7DEOHWKHHDUOLHVWVWDUWDQGHDUOLHVWILQLVKWLPHVDUHFRPSXWHGIRUHDFKDFWLYLW\7KHUHOHYDQWFDOFXODWLRQVDUH

(6()(60D[^())6`0D[^`

7$%/(3UHGHFHVVRUV6XFFHVVRUV:LQGRZVDQG'XUDWLRQVIRUDQ([DPSOH3URMHFW

$FWLYLW\1XPEHU 3UHGHFHVVRUV 6XFFHVVRUV (DUOLHVW6WDUW:LQGRZ /DWHVW)LQLVK:LQGRZ $FWLYLW\'XUDWLRQ

7$%/(3UHFHGHQFHVLQD(OHYHQ$FWLYLW\3URMHFW([DPSOH

3UHGHFHVVRU 6XFFHVVRU 7\SH /HDG

)6)6)666

6))666)))666)6)666)))6)6)6




17/17

()(6'(60D[^())6`0D[^`()(6'(60D[^:(6(666`0D[^`()(6'

1RWHWKDWLQWKHFDOFXODWLRQRIWKHHDUOLHVWVWDUWIRUDFWLYLW\WKHVWDUWZDVGHOD\HGWREHFRQVLVWHQWZLWKWKHHDUOLHVWVWDUWWLPHZLQGRZ

(60D[^(6)6(66)'`0D[^`()(6'(60D[^(666()))'`0D[^`()(6'(60D[^:(6())6())6`0D[^`()(6'(60D[^(666())6`0D[^`()(6'(60D[^())6(666`0D[^`()(6'(60D[^())6()))'`0D[^`()(6'(60D[^())6())6`0D[^`()(6'

$VWKHUHVXOWRIWKHVHFRPSXWDWLRQVWKHHDUOLHVWSURMHFWFRPSOHWLRQWLPHLVIRXQGWREHGD\V

7KHEDFNZDUGSDVVFRPSXWDWLRQVUHVXOWLQWKHODWHVWILQLVKDQGODWHVWVWDUWWLPHVIRUHDFKDFWLYLW\7KHVHFDOFXODWLRQVDUH

/)/6(6()/)0LQ^:/)/)/6)6`0LQ^`/6/)'/)0LQ^/)/6)6`0LQ^`/6/)'/)0LQ^/)/6)6`0LQ^`/6/)'/)0LQ^/):/)/)))`0LQ^`/6/)'/)0LQ^/):/)/6)6/666'`0LQ^`/6/)'/)0LQ^/)/6)6/666'`0LQ^`/6/)'/)0LQ^/)/6)6`0LQ^`/6/)'/)0LQ^/)/)))/666'`0LQ^`/6/)'/)0LQ^/)/6)6/666'/I6)'`/6/)'/)0LQ^/)/6)6/6)6/6)6`0LQ^`/6/)'

7KHHDUOLHVWDQGODWHVWVWDUWWLPHVIRUHDFKRIWKHDFWLYLWLHVDUHVXPPDUL]HGLQ7DEOH$FWLYLWLHVZLWKRXWIORDWDUHDQG7KHVHDFWLYLWLHVDOVRFRQVWLWXWHWKHFULWLFDOSDWKLQWKHSURMHFW1RWHWKDWDFWLYLWLHVDQGDUHUHODWHGE\DILQLVKWRILQLVK

SUHFHGHQFHZLWKDGD\ODJ'HFUHDVLQJWKLVODJZRXOGUHVXOWLQDUHGXFWLRQLQWKHRYHUDOOSURMHFWGXUDWLRQ

%DFNWRWRS

5HVRXUFH2ULHQWHG6FKHGXOLQJ

7$%/(6XPPDU\RI$FWLYLW\6WDUWDQG)LQLVK7LPHVIRUDQ([DPSOH

3UREOHP

$FWLYLW\ (DUOLHVW6WDUW /DWHVW6WDUW )ORDW


Documents

Project Management Excerpt