6DWLVIDomRGHFOLHQWHVVREUHFXLGDGRVGHHQIHUPDJHPQRFRQWH[WRKRVSLWDODU
-XOLDQDGH/LPD/RSHV0DULD/XFLD$OYHV3HUHLUD&DUGRVR9HUD/XFLDGH 6RX]D$OYHV0DULD'·,QQRFHQ]R
ABSTRACT
2EMHFWLYH7RGHVFULEHWKHPHWKRGRORJ\XVHGWRPHDVXUHRXWSDWLHQWVDWLVIDFWLRQZLWKQXUVLQJFDUHDQGWRUHSRUWWKHLUDFWXDOVDWLVIDFWLRQ VFRUHV0HWKRGV7KLVZDVDGHVFULSWLYHUHWURVSHFWLYHFURVVVHFWLRQDOVWXG\'DWDZHUHFROOHFWHGIURP'HFHPEHUWKURXJK2FWREHU IURPDGDWDEDVHSURYLGHGE\WKHGHSDUWPHQWRI PDUNHWLQJRI DODUJHKRVSLWDOLQ6mR3DXOR&LW\5HVXOWV7KHPDMRULW\RI RXWSDWLHQWV ZHUHVDWLVILHGZLWKQXUVLQJFDUH&RQFOXVLRQ2XWSDWLHQWVVDWLVIDFWLRQZDVGXHWRWKHLUH[SHFWDWLRQQHHGVDQGQXUVLQJFDUHUHFHLYHG .H\ZRUGV1XUVLQJFDUH4XDOLW\LQGLFDWRUV+HDOWKFDUH3UDFWLFHPDQDJHPHQW3DWLHQWVDWLVIDFWLRQ
RESUMO
2EMHWLYR'HVFUHYHUDPHWRGRORJLDXWLOL]DGDSDUDPHQVXUDUDVDWLVIDomRGRFOLHQWHH[WHUQRFRPUHODomRDRVFXLGDGRVGHHQIHUPDJHPH DSUHVHQWDURtQGLFHGHVDWLVIDomRGHVWHVFOLHQWHVTXDQWRDRVFXLGDGRVGHHQIHUPDJHP0pWRGRV(VWXGRGHVFULWLYRGHFRUWHWUDQVYHUVDO UHWURVSHFWLYR H DERUGDJHP TXDQWLWDWLYD UHDOL]DGR HP XPD LQVWLWXLomR KRVSLWDODU GH JUDQGH SRUWH ORFDOL]DGD QD FLGDGH GH 6mR 3DXOR QR SHUtRGRGHGH]HPEURGHDRXWXEURGH2HVWXGRIRLHODERUDGRDSDUWLUGHGDGRVIRUQHFLGRVSHOR'HSDUWDPHQWRGH0DUNHWLQJGD ,QVWLWXLomR5HVXOWDGRV2V UHVXOWDGRV GHPRQVWUDUDP TXH GRV FOLHQWHV SHVTXLVDGRV HVWmR VDWLVIHLWRV FRP RV FXLGDGRV GH HQIHUPDJHP&RQFOXVmR$VDWLVIDomRGRVFOLHQWHVpGHFRUUHQWHGRDWHQGLPHQWRjVH[SHFWDWLYDVHQHFHVVLGDGHVDWHQGLGDVSHORVFXLGDGRVGH HQIHUPDJHPUHFHELGRV
'HVFULWRUHV&XLGDGRVGHHQIHUPDJHP,QGLFDGRUHVGHTXDOLGDGHHPDVVLVWrQFLDjVD~GH*HUHQFLDPHQWRGHSUiWLFDSURILVVLRQDO6DWLVIDomR GRSDFLHQWH
RESUMEN
2EMHWLYR'HVFULELU OD PHWRGRORJtD XWLOL]DGD SDUD PHGLU OD VDWLVIDFFLyQ GHO FOLHQWH H[WHUQR FRQ UHODFLyQ D ORV FXLGDGRV GH HQIHUPHUtD \ SUHVHQWDUHOtQGLFHGHVDWLVIDFFLyQGHHVWRVFOLHQWHVHQFXDQWRDORVFXLGDGRVGHHQIHUPHUtD0pWRGRV6HWUDWDGHXQHVWXGLRGHVFULSWLYRGH FRUWHWUDQVYHUVDOUHWURVSHFWLYR\DERUGDMHFXDQWLWDWLYRUHDOL]DGRHQXQDLQVWLWXFLyQKRVSLWDODULDGHJUDQSRUWHORFDOL]DGDHQODFLXGDGGH6DR 3DXORHQHOSHUtRGRGHGLFLHPEUHGHODRFWXEUHGHO(OHVWXGLRIXHHODERUDGRDSDUWLUGHGDWRVSURSRUFLRQDGRVSRUHO'HSDUWDPHQWR GH0DUNHWLQJGHOD,QVWLWXFLyQ5HVXOWDGRV/RVUHVXOWDGRVGHPRVWUDURQTXHHOGHORVFOLHQWHVLQYHVWLJDGRVHVWiQVDWLVIHFKRVFRQ ORVFXLGDGRVGHHQIHUPHUtD&RQFOXVLyQ/DVDWLVIDFFLyQGHORVFOLHQWHVHVUHVXOWDQWHGHODDWHQFLyQDODVH[SHFWDWLYDV\QHFHVLGDGHVDWHQGLGDV SRUORVFXLGDGRVGHHQIHUPHUtDUHFLELGRV
'HVFULSWRUHV$WHQFLyQGHHQIHUPHUtD,QGLFDGRUHVGHFDOLGDGGHODDWHQFLyQGHVDOXG0DQHMRSUiFWLFR6DWLVIDFFLyQGHOSDFLHQWH
&RUUHVSRQGLQJ $XWKRU0DULD /XFLD $OYHV 3HUHLUD &DUGRVR 5HFHLYHG DUWLFOH DQG DFFHSWHG 6WXG\GHYHORSHGDWD+RVSLWDO,QVWLWXWLRQLQWKH&LW\RI 6mR3DXOR²6mR3DXOR63%UD]LO
0DVWHURI 6FLHQFHV$VVLVWDQW1XUVHRI WKH,QVWLWXWRGR&RUDomR²6mR3DXOR63%UD]LO
3RVWJUDGXDWLRQ3K'VWXGHQW$VVLVWDQWDWWKH5HVHDUFKDQG6WXGLHV*URXSIRU(YDOXDWLRQRI +HDOWKDQG1XUVLQJ²*(3$96(8QLYHUVLGDGH)HGHUDO GH6mR3DXOR²81,)(63²6mR3DXOR63%UD]LO
0DVWHURI 6FLHQFHVIURPWKH8QLYHUVLGDGH)HGHUDOGH6mR3DXOR²81,)(63²6mR3DXOR63%UD]LO
3K'/HDGHURI WKH5HVHDUFKDQG6WXGLHV*URXSIRU(YDOXDWLRQRI +HDOWKDQG1XUVLQJ²*(3$96($VVLVWDQW3URIHVVRUDWWKH1XUVLQJ'HSDUWPHQW 8QLYHUVLGDGH)HGHUDOGH6mR3DXOR²81,)(63²6mR3DXOR63%UD]LO
,1752'8&7,21
4XDOLW\3URJUDPVGHYHORSHGLQFRPSDQ\UHSUHVHQWD SURFHVVWKDWLQYROYHVSHRSOHDFWLYLWLHVDQGPHWKRGVDQG DUH V\QRQ\PV RI FRQWLQXRXV LPSURYHPHQW VHHNLQJ FRPSOLDQFHWRUHTXLUHPHQWVDQGDGHTXDF\RQLWVXVDJH DQGKDYHLQFUHDVLQJO\HYLGHQFHGIRFXVRQWKHKXPDQFDSLWDO RI RUJDQL]DWLRQV
:KLOH DQDO\]LQJ WKH TXDOLW\ UHODWHG WR KHDOWKFDUH 'RQDEHGLDQ HVWDEOLVKHV VHYHQ DWWULEXWHV HIILFDF\
HIIHFWLYHQHVV HIILFLHQF\ RSWLPL]DWLRQ DFFHSWDELOLW\ OHJLWLPDF\ DQG HTXLW\ :LWKLQ VXFK FRQFHSWV WKH DFFHSWDELOLW\DQGOHJLWLPDF\DUHWKHRQHVGLUHFWO\FRQQHFWHG WRSDWLHQWVDQGIDPLOLHV·H[SHFWDWLRQVDQGDVSLUDWLRQV7KH FRQFHSW RI DFFHSWDELOLW\ UHIHUV WR DGDSWLQJ KHDOWKFDUH VHUYLFHWRWKHSDWLHQWIDPLO\·VDVSLUDWLRQVH[SHFWDWLRQV DQGYDOXHV5HJDUGLQJOHJLWLPDF\LWLVWKHDFFHSWDQFHRI KHDOWKFDUHVHUYLFHDFFRUGLQJWRWKHZD\LWLVSHUFHLYHGE\ WKHFRPPXQLW\RUVRFLHW\LQJHQHUDO
0HDVXULQJTXDOLW\DQGTXDQWLW\RIKHDOWKFDUHSURJUDPV DQG VHUYLFHV LV FUXFLDO IRU SODQQLQJ RUJDQL]LQJ FRRUGLQDWLQJOHDGLQJ DQG HYDOXDWLQJFRQWUROOLQJ WKH GHYHORSHG DFWLYLWLHV ,Q RUGHU WR PHDVXUH KHDOWKFDUH
VHUYLFHV DQG SURJUDPV TXDOLW\ LQGLFDWRUV KDYH WR EH HODERUDWHGDQGPRQLWRUHG
,QGLFDWRULVWKHXQLWWRPHDVXUHDQDFWLYLW\RU\HWD TXDQWLWDWLYHPHDVXUHZKLFKFDQEHXVHGDVDJXLGDQFHWR PRQLWRUDQGHYDOXDWHWKHTXDOLW\RILPSRUWDQWKHDOWKFDUH VHUYLFHV SURYLGHG WR SDWLHQWV DQG DFWLYLWLHV IURP WKH VXSSRUWVHUYLFHV
7KH LQGLFDWRUV DGRSWHG E\ WKH $PHULFDQ 1XUVHV $VVRFLDWLRQ$1$ DUH EDVHG RQ 'RQDEHGLDQ·V PRGHO
DQGGHILQHGDV1XUVLQJVHQVLWLYHLQGLFDWRUVUHIOHFWLQJWKH VWUXFWXUHSURFHVVDQGUHVXOWVRIQXUVLQJFDUH$1$KDV WHQVHQVLWLYHLQGLFDWRUVEHLQJRQHRIWKHPWKHSDWLHQW VDWLVIDFWLRQUHODWHGWRQXUVLQJFDUH
7KHSDWLHQWVDWLVIDFWLRQLQGLFDWRURQQXUVLQJFDUHLV WKHRSLQLRQPHDVXUHUHODWHGWRWKHDWWHQWLRQSURYLGHGE\ WKHQXUVLQJWHDPGXULQJWKHWLPHDSDWLHQWLVDGPLWWHGLQ DKRVSLWDO0HDVXULQJFOLHQWVDWLVIDFWLRQOHYHORQKHDOWKFDUH
VHUYLFHV LV QRW DQ HDV\ WDVN JLYHQ VWXGLHV VWLOO KDYH OLPLWDWLRQVPDLQO\UHIHUULQJWRDSSURDFKLQJPHWKRGVDQG JDSVRQVWDQGDUGL]DWLRQRIWRROVIRUGDWDJDWKHULQJ$
JRRG PHDVXUHPHQW DQG PRQLWRULQJ V\VWHP RI FOLHQW VDWLVIDFWLRQFRQVLVWVRIDFRQWLQXRXVSURFHVVZKLFKDOORZV WKHRUJDQL]DWLRQWRLPSURYHDVVLVWDQFHWKURXJKDSHULRGLFDO VWXGLHV SURJUDP
&OLHQWVDWLVIDFWLRQDVDUHVXOWRI KHDOWKFDUHVHUYLFHVLV DQLPSRUWDQWLQGLFDWRURI DKRVSLWDOHQYLURQPHQWTXDOLW\ ,QWKDWFRQWH[WDWKHRUHWLFDOPRGHORIFOLHQWVDWLVIDFWLRQ VSHFLILFIRUQXUVLQJKDVEHHQSUHSDUHGSUHVHQWLQJWKUHH GLPHQVLRQVWKHQXUVHUHJDUGLQJSHUVRQDOLW\FKDUDFWHULVWLFV QXUVLQJ VHUYLFH DQG DELOLW\ WKH SDWLHQW UHIHUULQJ WR SDWLHQW·VRZQH[SHFWDWLRQVDQGRUJDQL]DWLRQDOLQVWDOODWLRQV
UHIHUULQJ WR IDFLOLWLHV DQG KRVSLWDO RUJDQL]DWLRQ $GGLWLRQDOO\LWLVHTXDOO\LPSRUWDQWWREHDZDUHRI WKH SDWLHQWH[SHFWDWLRQVIRUWKHSURFHVVRIPHDVXULQJWKHOHYHO RIVDWLVIDFWLRQZKLFKZLOOGHSHQGRQWKHLQWHUDFWLRQRI QXUVHVDQGSDWLHQWV
2WKHU DXWKRUV UHYLHZHG WKH QXUVLQJ OLWHUDWXUH UHJDUGLQJ WKLV PDWWHU DQG FRQFOXGHG WKDW WKH PRVW UHJXODUO\XVHGUHVXOWLVSDWLHQWVDWLVIDFWLRQEXWLQVSLWH RIEHLQJODUJHO\XVHGWKHUHLVQRFRQVHQVXVDERXWWKH FRQFHSWRISDWLHQWVDWLVIDFWLRQ)XUWKHUILYHRWKHUUHVXOW PHDVXUHPHQWV KDYH EHHQ LGHQWLILHG LQFOXGLQJ WKH SDWLHQWV·DELOLW\IRUWDNLQJFDUHRIWKHPVHOYHVZHOOEHLQJ DQGVWUHVVOHYHOVWKHSHULRGRIWLPHDVDQLQSDWLHQWDQG WKHOHYHORIFRPSOLFDWLRQV
*LYHQ WKRVH GHILQLWLRQV VRPH LVVXHV HPHUJH ZKDW PHWKRGRORJLHVKDYHEHHQDSSOLHGE\KHDOWKLQVWLWXWLRQV WR HYDOXDWH WKH OHYHO RI FOLHQW VDWLVIDFWLRQ DQG QXUVLQJ VHUYLFHV":KDWLVWKHFOLHQWVDWLVIDFWLRQGHJUHHUHODWHGWR WKHTXDOLW\RI QXUVLQJVHUYLFHV"
$WWHPSWLQJWRH[SODLQVRPHRIWKRVHTXHVWLRQVDQG WRGHPRQVWUDWHLWVSUDFWLFHVWKHLQWHQWLRQLVWRSUHVHQW WKHPRGHOXWLOL]HGE\LQVWLWXWLRQVVWXG\ILHOGWRPHDVXUH WKHFOLHQWVDWLVIDFWLRQUHODWHGWRQXUVLQJVHUYLFHV
7KHUHVHDUFKLVSHULRGLFDOO\PDGHE\WKH0DUNHWLQJ 'HSDUWPHQW ² &XVWRPHU 5HODWLRQVKLS 6HUYLFH XVLQJ D PHWKRGRORJ\WKDWSURSRVHVWRPHDVXUHDQGHYDOXDWHWKH OHYHORI FOLHQWVDWLVIDFWLRQRQVHUYLFHVUHQGHUHGZKLOHEHLQJ ERWKDQLQSDWLHQWDQGRXWSDWLHQWZKLOHXQGHUJRLQJH[DPV RUEHLQJUHFHLYHGLQHPHUJHQF\URRPV
&XVWRPHU5HODWLRQVKLS6HUYLFHDVVLVWDQWVWKURXJKD WDLORUHGVRIWZDUHJHQHUDWHDGDWDEDVHRQSDWLHQWVFOLHQWV ZKRKDYHEHHQGLVFKDUJHGGXULQJWKHSUHYLRXVGD\V IURPXQLWVVXFKDV0DWHUQLW\+RVSLWDO'LDJQRVLV&HQWHUV DQG (PHUJHQF\ 5RRPV 7KURXJK D UDQGRP SURFHVV SDWLHQWVDQGFOLHQWVDUHVHOHFWHGIURPWKHGDWDEDVHWREH FDOOHGE\WKH&XVWRPHU5HODWLRQVKLS6HUYLFHVVWDIIWKH VDPSOHEDVHUDQJHVIURPWRFOLHQWV
7KH&XVWRPHU5HODWLRQVKLS6HUYLFHDVVLVWDQWVPDNH SKRQHFDOOV²ZKLFKDUHUHFRUGHG²WRWKHVHOHFWHGFOLHQWV JLYLQJDSHUVRQDOLQWURGXFWLRQH[SODLQLQJWKHREMHFWRI WKHFDOODQGSURFHHGLQJZLWKWKHUHVHDUFKTXHVWLRQV,I WKHFOLHQWGRHVQRWDJUHHWRFROODERUDWHWKH&XVWRPHU 5HODWLRQVKLS6HUYLFH$VVLVWDQWZLOOEHWKDQNIXODQGZLOO UDQGRPO\VHOHFWDQHZFOLHQWIURPWKHGDWDEDVH
,IWKHFOLHQWGRHVQRWDJUHHWRSDUWLFLSDWHDWWKDWYHU\ PRPHQWDQHZVFKHGXOLQJWLPHLVVXJJHVWHG,QFDVHWKH FOLHQWDJUHHVWRFRQWULEXWHWKHDVVLVWDQWVWDUWVWKHUHVHDUFK E\DVNLQJTXHVWLRQVWKDWDUHEDVHGRQJUDGHVIURPWR ZKHUH YHU\EDG EDG UHJXODU JRRG H[FHOOHQWDFFRUGLQJWRWKHFOLHQW·VOHYHORIVDWLVIDFWLRQZLWK WKHVHUYLFHVUHQGHUHG
WKHHQGRIWKHUHVHDUFKWKHDVVLVWDQWDQDO\]HVLWVFRQWHQW DQGVHQGVLWWKURXJKWKHLQWUDQHWWRWKHUHVSRQVLEOHDUHD ZKLFKZLOODOVRDQDO\]HDQGUHWXUQLWWRWKH&XVWRPHU 5HODWLRQVKLS 6HUYLFHV DUHD ZLWK IROORZ XS DFWLRQV GHYHORSHGRUZLWKWKHSHUWLQHQWFRPPHQWV7KHDUHD LQYROYHGFRXOGVWLOOLI QHFHVVDU\FRQWDFWWKHFOLHQWRQFH PRUHZLWKWKHSXUSRVHRIJHWWLQJIXUWKHUH[SODQDWLRQV RQLQSXWVSURYLGHG
7KHFORVXUHDQGGLVVHPLQDWLRQRIWKHUHVHDUFKUHVXOWV ZLWKFOLHQWVDWLVIDFWLRQUDWHVDUHSUHVHQWHGQRWDIWHUWKH WKGD\RIHDFKPRQWK7KHILQDOUHSRUWLVGHOLYHUHG
WRWKHSUHVLGHQWGLUHFWRUVPDQDJHUVDQGVXSHUYLVRUV RI WKHDUHDVLQYROYHGLQWKHSURFHVV5HVXOWVUHSUHVHQW D TXDOLW\ LQGLFDWRU ZKLFK LV XVHG WR PHDVXUH DQG PRQLWRU WKH IXOILOOPHQW RI HDFK FOLHQW UHTXLVLWHV DQG H[SHFWDWLRQV
2%-(&7,9(
'HVFULEHDSSOLHGPHWKRGRORJ\WRPHDVXUHWKHOHYHO RIH[WHUQDOFOLHQWV·VDWLVIDFWLRQZLWKUHJDUGVWRQXUVLQJ VHUYLFHVDQGSUHVHQWDQLQGH[RI VDWLVIDFWLRQIRUWKRVH FOLHQWVUHIHUULQJWRQXUVLQJVHUYLFHV
0(7+2'6
,WLVDGHVFULSWLYHILHOGDQGUHWURVSHFWLYHVWXG\ZLWK DTXDQWLWDWLYHDSSURDFK
$V D GHVFULSWLYH UHVHDUFK ´WKH UHVHDUFKHU DFNQRZOHGJHV DQG WUDQVODWHV WKH UHDOLW\ ZLWKRXW LQWHUIHULQJRUFKDQJLQJLWVFRQWHQW'HVFULEHLVWRQDUUDWH ZKDWKDSSHQVDQGVRWKHGHVFULSWLYHUHVHDUFKLVGUDZQ WRGLVFRYHUDQGREVHUYHSKHQRPHQDLQWKHDWWHPSWWR GHVFULEHFODVVLI\DQGLQWHUSUHWWKHP%\VWXG\LQJWKH SKHQRPHQRQ WKH GHVFULSWLYH UHVHDUFK LV ZLOOLQJ WR DFNQRZOHGJH LWV QDWXUH FRPSRVLWLRQ DQG LQKHUHQW SURFHVVHVRIZKLFKLWLVFRPSULVHGµ
7KHILHOGVWXG\LVFKDUDFWHUL]HGDV´XQLTXHILHOGRU FRPPXQLW\LQWHUPVRI VRFLDOVWUXFWXUHWKDWLVRQHWKDW HPSKDVL]HV WKH LQWHUDFWLRQ ZLWKLQ WKHLU FRPSRQHQWV %DVLFDOO\ WKH UHVHDUFK LV GHYHORSHG WKURXJK GLUHFW REVHUYDWLRQRIWKHDFWLYLWLHVRI WKHJURXSEHLQJVWXGLHG DQGWKURXJKLQWHUYLHZVZLWKLQIRUPHUVWRFDSWXUHWKHLU LQVLJKWV DQG H[SODQDWLRQV RQ ZKDW KDSSHQV LQ WKH JURXSµ
)LQDOO\WKH´TXDQWLWDWLYHUHVHDUFKLQYHVWLJDWHVIDFWV WKURXJKSUHGHWHUPLQHGYDULDEOHVSUHYLRXVO\PHDVXUHG DQGWKHUHVXOWVREWDLQHGDUHQXPHULFDOO\H[SUHVVHG
7R H[SUHVV QXPHULFDO YDOXH UHVXOWV WKH UHODWLYH IUHTXHQF\ ZDV XVHG ,W LV ´WKH UHODWLRQ EHWZHHQ WKH QXPEHURILQGLYLGXDOVSUHVHQWLQJWKDWDWWULEXWHDQGWKH WRWDORILQGLYLGXDOVEHLQJFRQVLGHUHGUHPLQGLQJWKDWWKH HOHPHQWVRIWKHQXPHUDWRUDUHDOZD\VLQFOXGHGLQWKH GHQRPLQDWRUµ
7KH SURMHFW ZDV DSSURYHG E\ WKH &RPPLWWHH RI (WKLFVDQG5HVHDUFKIURPWKHUHIHUUHGLQVWLWXWLRQXQGHU WKHQXPEHU
7KH UHVHDUFK ZDV GHYHORSHG DW D ODUJH SULYDWHO\ RZQHGKRVSLWDOSURYLGLQJPHGLFDOKRVSLWDOVHUYLFHVLQ WKH6RXWKUHJLRQRI 6mR3DXORFLW\
7KHKRVSLWDOLQVWLWXWLRQEHLQJVWXGLHGLVRQHRID \HDUROGKLVWRULFDOKRVSLWDOFKDLQGHGLFDWHGWRHPHUJHQF\ DQGVSHFLDOL]HGVHUYLFHV6WDWLVWLFVFRQFHUQLQJWKHLUVHUYLFHV DUH UHSUHVHQWDWLYH ZLWK DQ DYHUDJH RI VXUJLFDO SURFHGXUHV SHU GD\ WRWDOLQJ DSSUR[LPDWHO\ PRQWK EHVLGHV (PHUJHQF\ 5RRP FDVHV DQG H[DPVLQWKH'LDJQRVLV&HQWHU
7KHUHDUHKRVSLWDOEHGVIRUSDWLHQWVUHFHLYLQJ KLJKDQGPHGLXPFRPSOH[LW\FDUHFXUUHQWO\HPSOR\LQJ SURIHVVLRQDOV IURP ZKLFK EHORQJ WR WKH QXUVLQJWHDP
7KH SRSXODWLRQ VWXGLHG ZDV FRPSULVHG RI FOLHQWVXVLQJWKHKRVSLWDOVHUYLFHVIURP'HFHPEHU WR 2FWREHU ZKR DJUHHG WR SDUWLFLSDWH LQ WKH UHVHDUFK EHLQJ PDGH E\ WKH &XVWRPHU 5HODWLRQVKLS 6HUYLFHV'DWDZHUHREWDLQHGIURPVRXUFHVGHGLFDWLQJ WRVDWLVIDFWLRQUHVHDUFKHVVHUYLFHV
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
5(68/76
&OLHQWVDWLVIDFWLRQUDWH
$WRWDORI FOLHQWVXVHGWKHKRVSLWDOVHUYLFHV IURP'HFHPEHUWR2FWREHUDQGIURPWKDW WRWDOSDUWLFLSDWHGLQWKHFOLHQWVDWLVIDFWLRQ UHVHDUFKLQWHUYLHZE\SKRQHIURPZKLFKSDWLHQWV KDG XVHG WKH 'LDJQRVWLFV &HQWHU KDG XVHG WKH 0DWHUQLW\ WKH *HQHUDO +RVSLWDO DQG WKH (PHUJHQF\ 5RRP
5HJDUGLQJ WKH FOLHQW VDWLVIDFWLRQ UDWH RQ QXUVLQJ VHUYLFHV WKH DYHUDJH RI SRLQWV UHDFKHG FRUUHVSRQGLQJ WR RI FOLHQWV VDWLVILHG 7DEOH VKRZV WKH DYHUDJH RI SRLQWV DQG WKH SHUFHQWDJH RI FOLHQWVVDWLVILHGLQHDFKDUHDRIWKHLQVWLWXWLRQ
7DEOH ² &OLHQW VDWLVIDFWLRQ DYHUDJH RI SRLQWV DQG SHUFHQWDJHZLWKUHJDUGVWRQXUVLQJVHUYLFHVDFURVVWKH LQVWLWXWLRQXQLWVIURP'HFWR2FW
WKHFOLHQWV·ZLOOWRDQVZHUWKHTXHVWLRQQDLUHDQGWKRVH ZKRDUHQRWLQWHUHVWHGDUHDXWRPDWLFDOO\H[FOXGHG7ZR RWKHUSRVLWLYHIDFWRUVLQWKHV\VWHPDUHWKHFOLHQWV·UDQGRP VHOHFWLRQZKLFKSUHYHQWVUHVXOWVIURPEHLQJQHJDWLYHO\ RU SRVLWLYHO\ LQIOXHQFHG FOLHQWV DUH LQWHUYLHZHG LQ D PD[LPXPRIGD\VDIWHUEHLQJGLVFKDUJHGIURPWKH KRVSLWDOVRWKDWWKH\FDQKDYHDQRYHUYLHZRIDOOVHUYLFHV UHQGHUHG
&RQFHUQLQJWKHPHWKRGRORJ\DSSOLHGWRLGHQWLI\WKH TXDQWLW\RI FOLHQWVLQWHUYLHZHGDVDPSOHPRGHORI LQWHUYLHZVLVXVHG7KLVPHWKRGFRXOGEHPRGLILHG E\XVLQJWKHSHUFHQWDJHPHWKRGIRUH[DPSOHRI SDWLHQWVIURPHDFKVHFWRU6XFKV\VWHPZRXOGLQFUHDVH WKHQXPEHURI FOLHQWVLQWHUYLHZHGDQGFRQVHTXHQWO\WKH UHVXOWVZRXOGEHPRUHDFFXUDWH
2QHRIWKHPDLQTXDOLWLHVRIWKLVV\VWHPLVWKHUHVXOWV LW JHQHUDWHV HLWKHU SRVLWLYH RU QHJDWLYH DUH FRPPXQLFDWHGWKURXJKRXWDOOVHFWRUVDQGVWDIIIURP ILHOGVWDIIWRWKHGLUHFWRUVRIVHUYLFHVWKDWZHUHHYDOXDWHG 7KDW V\VWHP DOORZV VXVWDLQDEOH LPSURYHPHQW IRU WKH LQVWLWXWLRQDVZHOODVVWDIIPRWLYDWLRQ
7KH IHHGEDFN WR WKH FOLHQW RQ VXJJHVWLRQV DQG FRPSODLQWVLVH[HFXWHGE\WKH&XVWRPHU5HODWLRQVKLS 6HUYLFHV GHSDUWPHQW WR DYRLG FRQIOLFWV ZLWK WKH VWDII IURPWKHVHFWRUXQGHUHYDOXDWLRQDQGWKLVLVH[WUHPHO\ SRVLWLYH VKRZLQJ FRQFHUQV ZLWK UHJDUGV WR VHUYLFH VXJJHVWLRQVDQGFRPSODLQWVDQGWKDWDFWLRQVKDYHEHHQ WDNHQWRNHHSFRQWLQXRXVLPSURYHPHQW
$ERXWWKHLQWHUYLHZVWKHVDPSOHYDULHGIURPWR LQWHUYLHZHHVDQGZDVPDGHDFURVVVHYHUDOXQLWV,Q DFRXSOHRI PRQWKVRQO\LQWHUYLHZVZHUHJHQHUDWHG GXHWRWKHQXPEHURISDWLHQWVWKDWZHUHQRWLQWHUHVWHG LQSDUWLFLSDWLQJ
&RQFHUQLQJWKHQXPEHURI FOLHQWVLQWHUYLHZHGRQ VDWLVIDFWLRQWKH0DWHUQLW\6HFWRULVUHVSRQVLEOHIRUPRUH WKDQ RI WKH WRWDO RI FOLHQWV DQG WKH ORZHU SDUWLFLSDWLRQUDWHJRHVWRWKH(PHUJHQF\5RRP FRQVLGHULQJWKDWWKHLQVWLWXWLRQJUHDWPDMRULW\RIFOLHQWV LVUHODWHGWRWKLVVHFWRU
7KH PDMRULW\ RI SDWLHQWV ZHUH VDWLVILHG ZLWK WKH QXUVLQJ VHUYLFHV OHYHO DQG WKH DYHUDJH RI FOLHQW VDWLVIDFWLRQ LV DERYH 7KH 6HFWRU UHJLVWHULQJ WKH ORZHUOHYHORIVDWLVIDFWLRQLVWKH0DWHUQLW\DQG ZKLOH DQDO\]LQJ WKH 6HFWRU LV LPSRUWDQW WR UHPHPEHU WKHPRWKHU FKLOGELQRPLDOLVEHLQJHYDOXDWHGDQGWKDW WKHPRWKHULVQRWDQLQSDWLHQWZLWKKHDOWKSUREOHPVEXW KHUFRQFHUQVOD\RQRWKHUQXUVLQJVHUYLFHVVXFKDVWKH UHVSRQVHZKHQWKHEHOOLVUDQJDQGWKHDWWHQWLRQJLYHQ WRKHUFKLOGDQGIDPLO\
,QUHODWLRQWRWKHHYDOXDWHGDWWULEXWHVWKHRQHFOLHQWV VFRUHGWKHKLJKHVWZDVWKHQXUVLQJVHUYLFHDWWKH,&8 VHFWRUZLWKRISDWLHQWVVDWLVILHG,WLVLPSRUWDQW WRHQKDQFHWKDWLQPDQ\RSSRUWXQLWLHVLQWHUYLHZVZHUH QRWPDGHE\WKHLQSDWLHQWVRIWKDW6HFWRUEXWE\WKHLU
8QLW $YHUDJH VDWLVIDFWLRQ
'LDJQRVLV&HQWHU
+RVSLWDO
0DWHUQLW\
(PHUJHQF\5RRP
7DEOH ² &OLHQW VDWLVIDFWLRQ DYHUDJH RI SRLQWV DQG SHUFHQWDJHZLWKUHJDUGVWRQXUVLQJVHUYLFHVJLYHQWKH (PHUJHQF\5RRP$WWULEXWHIURP'HFWR2FW
$WWULEXWHV $YHUDJH VDWLVIDFWLRQ
7ULDJH
1XUVLQJ7HDP6HUYLFHV
7DEOH ² &OLHQW VDWLVIDFWLRQ DYHUDJH RI SRLQWV DQG SHUFHQWDJHZLWKUHJDUGVWRQXUVLQJVHUYLFHVJLYHQWKH +RVSLWDO$WWULEXWHIURP'HFWR2FW
$WWULEXWHV $YHUDJH 6DWLVIDFWLRQ
(IILFLHQF\DW6XUJHU\
3UHSDUH
1XUVLQJ6HUYLFHVLQWKH
5RRP
1XUVLQJ6HUYLFHVLQ,&8
7DEOH ² &OLHQW VDWLVIDFWLRQ DYHUDJH RI SRLQWV DQG SHUFHQWDJHZLWKUHJDUGVWRQXUVLQJVHUYLFHVJLYHQWKH 'LDJQRVWLFV&HQWHU$WWULEXWHIURP'HFWR2FW
$WWULEXWH $YHUDJH 6DWLVIDFWLRQ
1XUVLQJ7HDP6HUYLFHV
7DEOH ² &OLHQW VDWLVIDFWLRQ DYHUDJH RI SRLQWV DQG SHUFHQWDJHZLWKUHJDUGVWRQXUVLQJVHUYLFHVJLYHQWKH 0DWHUQLW\$WWULEXWHVIURP'HFWR2FW
$WWULEXWHV $YHUDJH 6DWLVIDFWLRQ
3UHPDWHUQLW\VHUYLFHV
/DERUURRPVHUYLFHV
5RRPVHUYLFHV
1HZERUQQXUVHU\URRP
VHUYLFHV
',6&866®2
7KHLQWHUYLHZKHOGDWWKHVWXGLHGKRVSLWDOUHVSHFWV
6RXUFH&XVWRPHU5HODWLRQVKLS6HUYLFHV 6RXUFH&XVWRPHU5HODWLRQVKLS6HUYLFHV
6RXUFH&XVWRPHU5HODWLRQVKLS6HUYLFHV
6RXUFH&XVWRPHU5HODWLRQVKLS6HUYLFHV
5()(5(1&(6
'LRJR/34XDOLGDGHTXDOLGDGHWRWDO>,QWHUQHW@>FLWDGR 2XW@5+3RUWDOF'LVSRQtYHOHPKWWS ZZZUKSRUWDOFRPEUDUWLJRVZPYLHZSKS"LGFBFDG VYFT
'RQDEHGLDQ$7KHVHYHQSLOODUVRI TXDOLW\$UFK3DWKRO /DE0HG
%LWWDU2-19,QGLFDGRUHVGHTXDOLGDGHHTXDQWLGDGHHP VD~GH5HY$GP6D~GH
$PHULFDQ1XUVHV$VVRFLDWLRQ$1$4XDOLW\LQGLFDWRUV GHILQLWLRQVDQGLPSOLFDWLRQV:DVKLQJWRQ'&$PHULFDQ 1XUVHV$VVRFLDWLRQ
$PHULFDQ1XUVHV$VVRFLDWLRQ$1$1XUVLQJVHQVLWLYH TXDOLW\LQGLFDWRUVIRUDFXWHFDUHVHWWLQJVDQG$1$·VVDIHW\ TXDOLW\LQLWLDWLYH>,QWHUQHW@>FLWHG2XW@*HRUJLD 7KH$PHULFDQ1XUVHV$VVRFLDWLRQF$YDLODEOHIURP KWWSQXUVLQJZRUOGRUJ0DLQ0HQX&DWHJRULHV 7KH3UDFWLFHRI3URIHVVLRQDO1XUVLQJ3DWLHQW6DIHW\4XDOLW\ 1'14,5HVHDUFK4,IRU$FXWH&DUH6HWWLQJVDVS[ -HVXV3%5&DUYDOKR'93HUFHSomRGHXVXiULRVGHXQLGDGH
GH VD~GH GD IDPtOLD VREUH D DVVLVWrQFLD j VD~GH XPD FRQWULEXLomRGHHQIHUPDJHP5(0(5HY0LQ(QIHUP
*UHHQHLFK'7KHOLQNEHWZHHQQHZDQGUHWXUQEXVLQHVV DQGTXDOLW\RIFDUHSDWLHQWVDWLVIDFWLRQ$16$GY1XUV 6FL
7KRPDV/+%RQG62XWFRPHVRIQXUVLQJFDUHWKHFDVH RI SULPDU\QXUVLQJ,QW-1XUV6WXG 5XGLR)9,QWURGXomRDRSURMHWRGHSHVTXLVDFLHQWtILFD
DHG3HWUySROLV5-9R]HV
*LO$&&RPRHODERUDUSURMHWRVGHSHVTXLVDDHG6mR 3DXOR$WODV
$SSROLQiULR)'LFLRQiULRGHPHWRGRORJLDFLHQWtILFDXP JXLDSDUDDSURGXomRGRFRQKHFLPHQWRFLHQWtILFR6mR3DXOR $WODV
/DXUHQWL50HOOR-RUJH0+3/HEUmR0/*RWOLHE6/' (VWDWtVWLFDVGHVD~GHDHGUHYHDWXDO6mR3DXOR(38
0H]RPR-&*HVWmRGDTXDOLGDGHQDVD~GHSULQFtSLRV EiVLFRV%DUXHUL0DQROH
0DWVXGD/0eYRUD<'0%RDQ)62IRFRQRFOLHQWHQR SURFHVVR GH DWHQGLPHQWR GH HQIHUPDJHP YLVmR GRV HQIHUPHLURV1XUVLQJ6mR3DXOR .XUFJDQW37URQFKLQ'050HOOHLUR00$FRQVWUXomR
GHLQGLFDGRUHVGHTXDOLGDGHSDUDDDYDOLDomRGHUHFXUVRV KXPDQRV QRV VHUYLoRV GH HQIHUPDJHP SUHVVXSRVWRV WHyULFRV$FWD3DXO(QIHUP
6LOYD6+&RQWUROHGDTXDOLGDGHDVVLVWHQFLDOGHHQIHUPDJHP LPSOHPHQWDomRGHXPPRGHOR>WHVH@6mR3DXOR(VFROD GH(QIHUPDJHPGD8QLYHUVLGDGHGH6mR3DXOR /HLWH$35$OPHLGD67$HPSUHVDPDLVYROWDGDSDUDR
IDPLO\ PHPEHUV DQG WKRVH KDYH WKH SHUVSHFWLYH RI QXUVLQJ VHUYLFHV UHQGHUHG GXULQJ WKH WLPH WKH\ ZHUH YLVLWLQJWKHSDWLHQW
7KHHYDOXDWLRQSURFHVVZLWKIRFXVRQSDWLHQWVLVDQ HIILFLHQW VWUDWHJ\ EHFDXVH LW FRQFLOLDWHV HIIRUWV WR XQGHUVWDQG WKHLU QHHGV ZLWK V\VWHPV WR VXSSRUW FRQWLQXRXVLPSURYHPHQWRQTXDOLW\VHUYLFHVGHFUHDVLQJ WKHSK\VLFLDQV·KHJHPRQ\ZKLFKIUHTXHQWO\GHWHUPLQHV TXDOLW\FRXOGRQO\EHXQGHUVWRRGDQGGHILQHGE\WKLV
SURIHVVLRQDOV
7KHQXUVLQJVWDIIKDVWRKHDUWKHRSLQLRQRISDWLHQWV RQWKHTXDOLW\RI VHUYLFHVUHQGHUHGXVLQJWKDWVWUDWHJ\ DV D WRRO WR LPSOHPHQW QHZ PHWKRGVEHVW SUDFWLFHV ZKLFKDGDSWWRWKHLUWDVNVDQGUHVXOWLQKXPDQL]HGDQG TXDOLW\KHDOWKFDUH
7KHUHIRUHWKHFRQWLQXRXVXVHRILQGLFDWRUVFRXOG GULYH LQQRYDWLRQ DQG LPSURYHPHQW RQ HYDOXDWLRQ SURFHVVHVDQGFRQVHTXHQWO\RQSODQQLQJRUJDQL]DWLRQ DQGPDQDJHPHQWRI VHUYLFHV
$OWKRXJK SDWLHQWV DUH QRW SUHSDUHG WR HYDOXDWH VHUYLFHVUHODWHGWRWHFKQLFDODVSHFWVDQGSURIHVVLRQDO FRPSHWHQFH ZKHQ JLYHQ WKH RSSRUWXQLW\ WKH\ H[SUHVVRSLQLRQVZKLOHLQSDWLHQWVUHJDUGLQJWKHKHDOWK WHDP DQG WKH LPSDFW RI VHU YLFHV UHQGHUHG 0HDVXULQJ FOLHQW VDWLVIDFWLRQ LV DQ LPSRUWDQW FRPSRQHQW EXW LW HVWDEOLVKHV RQO\ RQH RI WKH LQGLFDWRUV XVHG IRU TXDOLW\ FRQWURO FRQVLGHULQJ TXDOLW\ FDQ RQO\ EH FRQIHUHG ZKHQ WKH DQDO\VLV FRQWHPSODWHVLWVJOREDODVSHFWV
4XDOLW\DQGVDWLVIDFWLRQFDQWKHUHIRUHGHPRQVWUDWH
ZKHQVHUYLFHVDQGUHVXOWVPHHWH[SHFWDWLRQVRQFHZKDW PDWWHUV LQ DQ\ DFWLYLW\ VHFWRU LV KRZ FOLHQWV SHUFHLYH VHUYLFHV
6DWLVIDFWLRQRQKHDOWKFDUHVHUYLFHVLVDVVRFLDWHGWRWKH UHVROXWLRQRIDSUREOHPWKDWPRWLYDWHVDFOLHQWWRORRN IRUVXFKVHUYLFHHYDOXDWHDQGFRPSDUHZKDWZDVGHVLUHG WRZKDWLVH[SHULHQFHGDQGUHIOHFWVZKDWLVH[SHFWHG DQGZKDWLVSHUFHLYHGDVDFFHSWDEOH
&21&/86,21
:KHQ VWXG\LQJ FOLHQW VDWLVIDFWLRQ UHODWHG WR VRPH DWWULEXWHVRI QXUVLQJVHUYLFHVUHQGHUHGWRFOLHQWVXVLQJ WKHWDUJHWHGKRVSLWDOUHVXOWVVKRZWKDWPRUHWKDQ RIWKHPZHUHVDWLVILHG
,WLVFRQVLGHUHGWKDWFOLHQWVDWLVIDFWLRQLVGULYHQE\ WKHSURFHVVRIIXOILOOLQJFOLHQWH[SHFWDWLRQVDQGQHHGV UHJDUGLQJQXUVLQJVHUYLFHV7KXVLWLVHYLGHQWWKDWWKH PHWKRGRORJ\XVHGFDQPHDVXUHVDWLVIDFWLRQUHVXOWVDQG FRQWULEXWH WR FRQWLQXRXV LPSURYHPHQWV 6XFK LPSURYHPHQWV DUH DFKLHYHG WKURXJK FKDQJHV WR WKH RUJDQL]DWLRQDOFXOWXUHYDOXHVDQGSULQFLSOHVJHQHUDWLQJ DFOLHQWEDVHZKREHFRPHVSURWDJRQLVWRIWKHTXDOLW\ DFKLHYHPHQWSURFHVVIRUKHDOWKFDUHVHUYLFHV
FOLHQWH²XPDIHUUDPHQWDGRSODQHMDPHQWRGHPDUNHWLQJ
