7,75$7,217+(25<
)LJXUH
)LJXUH
9LVXDOLQGLFDWRUVVXFKDV)HUULRQDUHDOVRDYDLODEOH7KHR[LGL]HGDQGUHGXFHGIRUPRIWKH
LQGLFDWRUZLOOKDYHGLIIHUHQWFRORUVDQGFDQEHXVHGWRGHWHUPLQHWKHHQGSRLQW
9DULRXV UHGXFWDQWV FDQ EH GHWHUPLQHG E\ WLWUDQWV ZLWK R[LGDQWV VXFK DV SRWDVVLXP
SHUPDQJDQDWHSRWDVVLXPFKURPDWHRULRGLQH&RPPRQO\XVHGUHGXFWDQWVWKDWDUHXVHGDV
WLWUDQWVLQFOXGHVRGLXPWKLRVXOIDWHDQGIHUURXVDPPRQLXPVXOIDWH
$VZLWK$FLG%DVHWLWUDWLRQVWKHSRWHQWLDOFKDQJHVGUDPDWLFDOO\DWWKHHTXLYDOHQFHSRLQW
7LWUDWLRQV $FFRUGLQJ WR7KH 7LWUDWLRQ 6HTXHQFH
%DFN7LWUDWLRQV
%DFNWLWUDWLRQVDUHJHQHUDOO\XVHGZKHQDUHDFWLRQLVWRRVORZWREHGLUHFWO\DFFRPSOLVKHG
GXULQJD³GLUHFW´WLWUDWLRQZKHUHWKHUHDFWLRQJRHVWRFRPSOHWLRQZLWKLQDIHZVHFRQGV,QD
EDFNWLWUDWLRQDODUJHH[FHVVRIDUHDJHQWLVDGGHGWRWKHVDPSOHVROXWLRQKHOSLQJDVORZ
UHDFWLRQWRJRWRFRPSOHWLRQ7KHXQUHDFWHGH[FHVVUHDJHQWLVWKHQWLWUDWHG7KHGLIIHUHQFH
LQWKHWRWDOYROXPHRIWKHILUVWUHDJHQWDGGHGDQGDPRXQWGHWHUPLQHG IURP WKH VHFRQG
WLWUDWLRQLVWKHTXDQWLW\RIUHDJHQWUHTXLUHGWRFRPSOHWHWKHILUVWUHDFWLRQ
0XOWLSOH(QG3RLQW7LWUDWLRQV
8QGHUFHUWDLQFRQGLWLRQVVRPHWLWUDWLRQVFDQH[KLELWPRUHWKDQRQHHTXLYDOHQFHSRLQWDQGEH
WLWUDWDEOH WR WKH LQGLYLGXDO HQG SRLQWV WR GHWHUPLQH WKH FRQFHQWUDWLRQ RI HDFK LQGLYLGXDO
FRPSRQHQW([DPSOHVRIWKHVHW\SHVRIWLWUDWLRQVLQFOXGHDFLGEDVHZKHUHGLIIHUHQWVWUHQJWK
DFLGRUEDVHVDUHLQDPL[WXUHUHGR[ZKHUHHDFKVSHFLHVKDVDGLIIHUHQWUHGXFWLRQSRWHQWLDO
FRPSOH[RPHWULF ZKHUH GLIIHUHQW VSHFLHV DUH VHSDUDWHO\ WLWUDWDEOH DQG DFLGEDVH XVLQJ
SRO\SURWLFDFLGVWKHS.
D
RIWKHGLIIHUHQWSURWRQVYDULHVHQRXJKWRVHSDUDWHWKHP
)LJXUHVKRZVWKUHHGLIIHUHQWW\SHVRIPXOWLSOHHQGSRLQWWLWUDWLRQV³$´VKRZVWKHWLWUDWLRQRI
DSRO\SURWLFDFLG7KHGLIIHUHQWDFLGVWUHQJWKVRIWKHILUVWDQGVHFRQGSURWRQFDQEHGHWHUPLQHG
³%´ LOOXVWUDWHV D PL[WXUH RI WZR GLIIHUHQW PHWDO UHGR[ VSHFLHV ZKHUH WKH GLIIHUHQW UHGR[
SRWHQWLDOV DOORZ WKH VSHFLHV WR EH VHSDUDWHG ³&´ LV WKH WLWUDWLRQ RI D VROXWLRQ FRQWDLQLQJ
VWURQJZHDNDQGYHU\ZHDNDFLGV