$6WXG\RI)DFLOLWLHV0DQDJHPHQW

3DUW,

$QGUHZ)OHPLQJ

8QLYHUVLW\RI6DOIRUG
5HVHDUFK8QLW
2FWREHU

)DFLOLWLHV0DQDJHPHQW3URFHVVSHUVSHFWLYH

)DFLOLWLHV0DQDJHPHQW$3URFHVV)RFXV


,QWURGXFWLRQ

7KLV UHSRUW LV DQ LQWURGXFWLRQ WR )DFLOLW\ 0DQDJHPHQW ,W JLYHV D EULHI
EDFNJURXQG WR WKH GLVFLSOLQH DQG KLJKOLJKWV WKH EXVLQHVV WUHQGV WKDW KDYH
GULYHQWKHPRYHWRZDUGVSODQQHGIDFLOLWLHVPDQDJHPHQW7HFKQLTXHVXVHGWR
EHQFKPDUNV\VWHPVDUHDOVRPHQWLRQHG7KHUHSRUWFRQFOXGHVZLWKH[DPSOHV
RISURFHVVHVWKDWKDYHDOUHDG\EHHQGHILQHGIRU)DFLOLWLHV0DQDJHPHQW


:KDWLV)DFLOLWLHV0DQDJHPHQW"

)DFLOLW\ 0DQDJHPHQW LV EDVHG RQ WKH SULQFLSOH WKDW DQ RUJDQLVDWLRQ FDQ EH
FRQVLGHUHG LQ WZR SDUWV 7KH ILUVW EHLQJ WKH FRUH EXVLQHVV DFWLYLWLHV DQG WKH
VHFRQG EHLQJ DFWLYLWLHV WKDW VXSSRUW WKH FRUH EXVLQHVV 7KLV LV WKH UHVXOW RI
RUJDQLVDWLRQDO VWXG\ GXULQJ WKH 
V LQ WKH 86$ '(*: $UFKLWHFWV DQG
63$&(25%,7 LQGLFDWLQJ WKDW RUJDQLVDWLRQDO HIIHFWLYHQHVV FDQ EH
LPSURYHGE\FUHDWLQJDWRWDOTXDOLW\HQYLURQPHQWWKDWXQGHUSLQVFRUHEXVLQHVV
DFWLYLWLHV
7KHPDQDJHPHQWRIIDFLOLWLHVLQLWVHOILVQRWDQHZFRQFHSW7KHDSSURDFKWR
)0DVGRFXPHQWHGLQWKLVUHSRUWLVDQHZFRQFHSW$WLWVPRVWHIIHFWLYHLWLV
HPEHGGHG LQWR WKH KLJKHVW OHYHO RI DQ RUJDQLVDWLRQV VWUDWHJLF SODQQLQJ DQG
RSHUDWLRQ
0DQ\ +HDOWK $XWKRULWLHV ZLWKLQ WKH 8QLWHG .LQJGRP KDYH RSWHG IRU D )0
DSSURDFK+HDOWK LV WKHLU
FRUH
 DFWLYLW\ DQG WUDQVSRUW FOHDQLQJ FDWHULQJ HWF
PD\ EH FRQVLGHUHG WKH VXSSRUW DFWLYLWLHV 7KH )DFLOLW\ 0DQDJHPHQW WHDP
FDUHIXOO\ VWXG\ WKH RSWLRQV DYDLODEOH LQ RUGHU WR SURYLGH WKH EHVW VXSSRUW
VHUYLFHVSRVVLEOH7KLVPD\LQYROYHWUDLQLQJH[LVWLQJVWDIIWRDKLJKHUOHYHORI
H[SHUWLVH RU FRQWUDFWLQJ WKH ZRUN WR H[WHUQDO VSHFLDOLVW FRPSDQLHV $OORZLQJ
WKHRUJDQLVDWLRQLQTXHVWLRQWRIRFXVPRUHVXFFLQFWO\RQWKHFRUHEXVLQHVVLQ
KDQG
7KH GLVFLSOLQH RI )0 FDQ HQFRPSDVV PHFKDQLFDO HQJLQHHULQJ DUFKLWHFWXUH
LQWHULRU GHVLJQ VSDFH SODQQLQJ KXPDQ IDFWRUV RUJDQLVDWLRQDO EHKDYLRXU
SV\FKRORJ\ KXPDQ UHVRXUFHV ILQDQFH WHOHFRPPXQLFDWLRQV &$'
FRQVWUXFWLRQDQGSURMHFWPDQDJHPHQWDFRXVWLFVDQGOLJKWLQJ7KLVOLVWLVQRW
H[KDXVWLYH DQG GHSHQGLQJ RQ WKH QDWXUH RI WKH IDFLOLW\ RWKHU VSHFLDOLVDWLRQV
PD\EHUHTXLUHG,QODUJHRUJDQLVDWLRQVLWLVPRUHFRPPRQIRU D'LUHFWRURI
$GPLQLVWUDWLRQWRPDQDJHDQGFRRUGLQDWHDWHDPRI)DFLOLW\0DQDJHUV$VLGH
IURP D EURDG WHFKQLFDO NQRZOHGJH EDVH )DFLOLW\ 0DQDJHUV DOVR QHHG WR KDYH
DQ XQGHUVWDQGLQJ RI EXVLQHVV PDQDJHPHQW )LJ  VKRZV WKH )DFLOLW\
0DQDJHPHQW VWUXFWXUH IRU (UQVW DQG <RXQJ 'H /XF\ - $SSURDFK WR 7RWDO
4XDOLW\)DFLOLWLHV0DQDJHPHQW(UQVWDQG<RXQJ8QGDWHG

)DFLOLWLHV0DQDJHPHQW3URFHVVSHUVSHFWLYH

/RQGRQ
Director of
Administration
Secretary

Estate
Management

Facilities
M anager

UK Telecomm
M anager

Premises
Manager
Building Services
Manager

7UDYHO
0DQDJHU

Switchboard/FaxM
anager

Travel
Assistant

7HOHFRP

Thomas Cook
Implant

&RQWUROOHU

Manager
Budgetary Control

General Services
Manager

Offices
Services
Manager
&DU6FKHP H
0DQD JHU

Telecom
Administratorm

Contracts
Manager

)LJ



Graphics
Manager

Director of Administrators responsibilities Ernst and Young

'H/XF\-$SSURDFKWR7RWDO4XDOLW\)DFLOLWLHV0DQDJHPHQW(UQVWDQG<RXQJ8QGDWHG

2UJDQLVDWLRQDO7UHQGV

%HFNHU  LGHQWLILHG WKH NH\ IDFWRUV HIIHFWLQJ WKH FKDQJHV ZLWKLQ
RUJDQLVDWLRQVWKDWDUHGULYLQJ)0IRUZDUGDVVKRZQLQ)LJ

Global Competition

High Cost of Space

Information
Technology

Facility
Management

Cost of mistakes

Employees
Expectations

Fig.2 Beckers Five Factors stimulating the growth of facilities management

,QIRUPDWLRQ7HFKQRORJ\

&RPSXWHUVXVHGWRUHVLGHLQDEDVHPHQW7KH\DUHQRZLQHYLGHQFHRQDOPRVW
HYHU\ GHVN LQ DQ RUJDQLVDWLRQ ,QYDULDEO\ WKH\ DUH OLQNHG WR D FRPSXWHU

)DFLOLWLHV0DQDJHPHQW3URFHVVSHUVSHFWLYH

QHWZRUN 7KXV SUHVHQWLQJ ZRUNSODFHV ZLWK D QHZ XELTXLWRXV LWHP WR

DFFRPPRGDWH,PDJLQHVSHQGLQJDPLOOLRQSRXQGVRQ,7DQGWKHQQRWKDYLQJ
DQ\ZKHUH WR LQVWDOO LW :RUNVWDWLRQV KDYH WR EH UHWUR ILWWHG LQWR H[LVWLQJ
EXLOGLQJVVTXHH]LQJFDEOHLQWRFUHYLFHVWKDWZHUHQ
WGHVLJQHGDVFDEOLQJGXFWV
6LPLODUO\PRGHUQEXLOGLQJVKDYHWREHGHVLJQHGWRDFFRPPRGDWHSUHVHQWDQG
IXWXUH,7UHTXLUHPHQWV7KLVDIIHFWVIORRUKHLJKWVKHDWLQJYHQWLODWLRQDQG DLU
FRQGLWLRQLQJ SODFHPHQW XQLQWHUUXSWHG SRZHU VXSSOLHV KDYH WR EH LQVWDOOHG
&RPSXWHUV DOVR SODFH UHTXLUHPHQWV RQ WKH YLVXDO DVSHFWV RI WKH EXLOGLQJ
ZRUNVWDWLRQV KDYH WR EH GHVLJQHG IRU HUJRQRPLF FRPIRUW DQG DZD\ IURP
JODUH WR UHGXFH UHIOHFWHG OLJKW ,QIRUPDWLRQ WHFKQRORJLHV KDYH EHFRPH DQ
LQWHJUDO SDUW RI WKH PRGHUQ RUJDQLVDWLRQ DQG WKHLU LPSOHPHQWDWLRQ DQG
LQVWDOODWLRQKDVEHFRPHDWHFKQLFDOGLVFLSOLQH$SSHQGL[FRQWDLQVDGLDJUDP
GUDZQE\-RKQ'H/XF\(UQVWDQG<RXQJVKRZLQJWKHGHPDQGVRQDPRGHUQ
RIILFHXQLW

*OREDOFRPSHWLWLRQ

7KLV IDFWRU ZDV KLJKOLJKWHG E\ -RKQ 1DLVEHWW 0HJDWUHQGV +H

UHFRJQLVHG WKH HQODUJHPHQW RI WKH PDUNHW SODFH 7KH ZRUOG KDV VKUXQN EXW
WKH EXVLQHVV DUHQD KDV JURZQ ,Q RUGHU IRU ILUPV WR VXUYLYH WKH\ QHHGHG WR
EHFRPHPRUHHIILFLHQWDQGXVHWKHLUUHVRXUFHVPRUHHIILFLHQWO\2UJDQLVDWLRQV
VWDUWHG WRIRFXVDWWHQWLRQWRWKHEXLOGLQJVIXUQLWXUH DQG EXLOGLQJ V\VWHPV WR
KHOSVXSSRUWXQSUHGLFWDEOHDQGFKDQJLQJEXVLQHVVSUDFWLFHV

+LJK&RVWRI6SDFH

7KHFRVWRIPRGHUQEXLOGLQJVSDFH%HFNHUKDV FRQWLQXDOO\ ULVHQ 2OG

EXLOGLQJV WKDW FDQQRW FRSH ZLWK WKH DGYDQFHV RI QHZ WHFKQRORJ\ SURYH
LQHIILFLHQW DQG EHFRPH D OLDELOLW\ 2UJDQLVDWLRQV KDYH GHFHQWUDOLVHG
WKHPVHOYHV LQWR VPDOO PDUNHW IRFXVVHG XQLWV WKDW VHUYH WKH LQGLYLGXDO
UHTXLUHPHQWV RI GLIIHUHQW GHSDUWPHQWV 2WKHU WHFKQLTXHV DUH EHLQJ DGDSWHG
E\ RUJDQLVDWLRQV WR WU\ DQG LQFUHDVH WKH HIILFLHQF\ RI WKH EXLOGLQJ VSDFH
1RUPDORFFXSDQF\RIDEXLOGLQJPD\RQO\EHVL[W\SHUFHQW'HVNVKDULQJDLPV
WR LQFUHDVH RFFXSDQF\ OHYHOV WR LPSURYH HIIHFWLYHQHVV 7DVN VSDFH SURYLGHV
VSDFHDFFRUGLQJWRWKHWDVN7HOHFRPPXWLQJLQUHDOWLPHRUEDWFK'LVSHUVHG
RIILFH QRGHV DUH UHPRWH RIILFH ORFDWLRQV WKDW FDQ EH VKDUHG HYHQ ZLWK RWKHU
RUJDQLVDWLRQV0HGLD6SDFHIRU9LGHRFRQIHUHQFLQJ

5LVLQJ(PSOR\HHH[SHFWDWLRQV

,QWKH
VSHRSOHZDQWFRPIRUWDEOHKLJKTXDOLW\ZRUNLQJFRQGLWLRQV6WXGLHV
KDYHVKRZQWKDWVNLOOHGHPSOR\HHVRIWHQFRQVLGHUWKHZRUNLQJHQYLURQPHQWDV
DPDMRUIDFWRUDIIHFWLQJZKHUHDQGZLWKZKRPWKH\FKRRVHWRZRUN

)DFLOLWLHV0DQDJHPHQW3URFHVVSHUVSHFWLYH

0LQLPLVLQJ(UURUV

2UJDQLVDWLRQV SUHIHU WR SUHYHQW PLVWDNHV WKURXJK IRUHWKRXJKW DQG QRW

GHWHFWLRQ0RGHUQIDFLOLWLHVSODQQLQJGHDOVZLWKSURMHFWVWKDWFDQFRVWPLOOLRQV
RI SRXQGV WKHUHIRUH PLQLPLVLQJ HUURUV VDYHV WLPH DQG PRQH\ &DUHIXO
DQDO\VLVDQGSODQQLQJDUHHVVHQWLDOWRFKDQQHOIXQGVLQWKHULJKWGLUHFWLRQ
7KH DERYH WUHQGV KDYH IRUFHG RUJDQLVDWLRQV WR VDWLVI\ WKH IROORZLQJ
UHTXLUHPHQWVZLWKLQPRGHUQZRUNVSDFHVLQVWLWXWHGWKHIROORZLQJUHTXLUHPHQWV
ZLWKLQPRGHUQZRUNVSDFHV7KH\DUHOLVWHGRQDQRUJDQLVDWLRQDOOHYHODJURXS
OHYHODQGDQLQGLYLGXDOOHYHO
2UJDQLVDWLRQDOOHYHO










6SDFHVWKDWDUHSXUSRVHEXLOW
$GDSWDEOHEXLOGLQJV
6XSSRUWVSDFHVIRUFDIHWHULDVFUqFKHVHWF
&DEOLQJGHPDQGV
(OHFWURQLFHTXLSPHQWFRQQHFWLRQV
3URWHFWLQJKDUGZDUHRSHUDWLRQV
0HHWLQJWKHLQFUHDVHGGHPDQGIRUDFRQVWDQWSXUHHOHFWULFDOSRZHUVXSSO\
,QWHUQDODQGH[WHUQDOVHFXULW\
7RFRQYH\DSRVLWLYHLPDJHIRUWKHFRPSDQ\

*URXSOHYHO
 6XSSRUWJURXSZRUN
 6RFLDOVSDFHIRULQWHUDFWLRQ
 7RDFFRPPRGDWHFKXUQRIILFHUHGHVLJQDQGWRDOORZIXUQLWXUHWRRSHUDWH
HIIHFWLYHO\
 3K\VLFDOFXHVUHLQIRUFLQJFRPSDQ\LGHQWLW\
 5HGLVWULEXWLRQRIVSDFH
,QGLYLGXDOOHYHO
'D\OLJKWDFFHVV
,QGLYLGXDOFRQWURO
0RUHVKDUHGVSDFH
7KHFRQVLGHUDWLRQRIKXPDQIDFWRUV
%HFNHU KDV DOVR LGHQWLILHG WKUHH VWDJHV RI IDFLOLWLHV GHYHORSPHQW ZLWKLQ DQ
RUJDQLVDWLRQ ORRVH ILW WLJKW ILW DQG HODVWLF ILW 7DEOH QXPEHU  LOOXVWUDWHV WKH
FKDUDFWHULVWLFV RI HDFK W\SH RI ILW VKRZLQJ KRZ )0 VWDUWV E\ KHOSLQJ DQ
RUJDQLVDWLRQWRVXUYLYHWKURXJKWRLWVHYHQWXDOSURVSHULW\

)DFLOLWLHV0DQDJHPHQW3URFHVVSHUVSHFWLYH

7DEOH7\SHVRI2UJDQLVDWLRQ
/RRVH)LW

7LJKW)LW

(ODVWLF)LW

$G+RF
0LQLPXP,QIRUPDWLRQ
6HUYLFH
5HDFWLYH
7DFWLFDO
8QSODQQHG'LYHUVLW\
1HJRWLDWHGGHFLVLRQV

&HQWUDO6WDQGDUG
0D[LPXP,QIRUPDWLRQ
&RVW
5HDFWLYH
7DFWLFDO
3ODQQHG8QLIRUPLW\
'LFWDWHG'HFLVLRQV

&HQWUDO*XLGHOLQHV
6HOHFWHG,QIRUPDWLRQ
&RVWDQG6HUYLFH
3URDFWLYH
6WUDWHJLF
3ODQQHG'LYHUVLW\
&RQVHQVXV'HFLVLRQV

6RXUFH%HFNHUD

/RRVH ILW FDWHJRU\ RUJDQLVDWLRQV DUH VPDOO VWDUW XS FRPSDQLHV RU PDWXUH
PHGLXPWRODUJHFRPSDQLHV7KH\DUHHLWKHUQRWFRQFHUQHGDERXWIDFLOLWLHVRU
WKH\KDYHQW\HWUHDFKHGWKHVWDJHZKHUHIDFLOLWLHVDUHDQLVVXH
7LJKWILWRUJDQLVDWLRQVDUHILUPVVWUXJJOLQJ WR VWD\ VROYHQW WKH\ ZLOO KDYH D
PDQDJHULQDFHQWUDOUROHWRORRNDIWHUPDLQWHQDQFHEXWQRGHILQHGIDFLOLWLHV
SROLF\
(ODVWLF ILW RUJDQLVDWLRQV DUH YLHZHG E\ %HFNHU  WR KDYH UHDFKHG D
GHVLUHG OHYHO RI )0 PDWXULW\ &HQWUDO FRQWURO WKDW DOORZV DQ HOHPHQW RI
GLYHUVLW\)RUH[DPSOHDQHODVWLF RUJDQLVDWLRQPD\KDYHVHOHFWHGDUDQJHRI
ILYH GLIIHUHQW ZRUNVWDWLRQV 7KH\ DOO PHHW WKH QHHGV RI WKH RUJDQLVDWLRQ DQG
WKHVWDIIDUHJLYHQWKHRSSRUWXQLW\WRFXVWRPLVHWKHLUZRUNVSDFH
-DQ5HJWHUVFKRWVXJJHVWVWKDWLWFDQWDNHDQRUJDQLVDWLRQXSWRVHYHQ
\HDUVWRUHDFKDPDWXUHOHYHORI)0)LJLOOXVWUDWHVWKHVWDJHVWRPDWXULW\
)0 $ZDUHQHVV OHYHO )0 LV LGHQWLILHG DV EHLQJ DEOH WR LPSURYH DQ
RUJDQLVDWLRQVFRPSHWLWLYHQHVV
([SORUDWLRQ $ )0 DXGLW DQG IHDVLELOLW\ VWXG\ DUH FDUULHG RXW SURGXFLQJ D
EOXHSULQWIRUDUHQHZHGLQWHJUDWHGRUJDQLVDWLRQ
$GPLQLVWUDWLYH LQWHJUDWLRQ 6WDII DUH WUDQVIHUUHG ZLWKLQ WKH RUJDQLVDWLRQ
QHZSRVLWLRQVDUHILOOHGDQGQHZRSHUDWLQJSURFHGXUHVDUHVHWXS

)DFLOLWLHV0DQDJHPHQW3URFHVVSHUVSHFWLYH

)0$ZDUHQHVV/HYHO

([SORUDWLRQ
Administrative
Integration

Positioning
Definition of policy
Instrumentation
Autonomy

1988

1986
)LJ

1989

1991

1992

1993

FM Life Cycle (Regterschot 1993)

3RVLWLRQLQJ 6WDII DUH HQFRXUDJHG WR DOWHU WKHLU ZRUNLQJ DWWLWXGHV WRZDUGV
VHUYLFHDQGFRRSHUDWLRQ
'HILQLWLRQRI3ROLF\6WDQGDUGVDQGSROLFLHVDUHGHILQHG7KHGHFLVLRQWRVXE
FRQWUDFWRUWRSHUIRUPIXQFWLRQVLQWHUQDOO\7REX\RUUHQWRIILFHVWRFHQWUDOLVH
RUGHFHQWUDOLVH
,QVWUXPHQWDWLRQ 7KH LQVWUXPHQWV WKDW KHOS WR VXSSRUW DQG VWHHU WKH
RUJDQLVDWLRQ,QIRUPDWLRQV\VWHPVKHOSGHVNVHWF
$XWRQRP\ (LWKHU DQ DXWRQRPRXV )DFLOLW\ GHSDUWPHQW IXQFWLRQLQJ RXWVLGH
WKH FRPSDQ\ RU DQ DXWRQRPRXV OLPLWHG FRPSDQ\ ZRUNLQJ ZLWKLQ WKH
RUJDQLVDWLRQ
,GHQWLI\LQJDQG,PSURYLQJ4XDOLW\
7R LGHQWLI\ WKH OHYHO RI PDWXULW\ RI DQ RUJDQLVDWLRQ DQG WKH VXFFHVV RI
IDFLOLWLHVLPSOHPHQWDWLRQEHQFKPDUNLQJDQGSHUIRUPDQFHLQGLFDWRUVDUHXVHG
7KHVH LQGLFDWH RUJDQLVDWLRQDO SHUIRUPDQFH FRPSHWLWRU FRPSDULVRQ DQG KHOS
LGHQWLI\ DUHDV ZKHUH LPSURYHPHQWV FDQ EH PDGH %HQFKPDUNV KDYH WR EH
FRQVLGHUHGFDUHIXOO\,QGXVWU\VWDQGDUGVDUHQRWDOZD\VKLJKDQGWRPDWFKDQ
H[LVWLQJORZVWDQGDUGZLOOQRWFUHDWHDFRPSHWLWLYHDGYDQWDJHDUHQRWDOZD\V
KLJK6$6DLUOLQHVXVHGSHUIRUPDQFHLQGLFDWRUVWRLPSURYHWKHLUEXVLQHVVDQG
IRXQGWKDWWKH\ZHUHDOUHDG\FODVVOHDGLQJ%HFNHUVXJJHVWVXVLQJWKH
25%,7DSSUDLVDOIRURUJDQLVDWLRQDODQDO\VLV,WVWDUWVE\DGGUHVVLQJNH\
IDFWRUV

)DFLOLWLHV0DQDJHPHQW3URFHVVSHUVSHFWLYH

2UJDQLVDWLRQDOLVVXHV










&KDQJHRI7RWDOVWDIIVL]H
$WWUDFWRUUHWDLQWKHZRUNIRUFH
&RPPXQLFDWLRQRIKLHUDUFK\VWDWXVDQGSRZHU
5HORFDWLRQRIVWDII
0D[LPLVLQJLQIRUPDOLQWHUDFWLRQ
+XPDQIDFWRUV
+LJKVWDWXVLPDJHWRWKHRXWVLGH
6HFXULW\WRWKHRXWVLGH
6HFXULW\WRWKHLQVLGH

,7LVVXHV
 &RQQHFWLQJDQGFKDQJLQJORFDWLRQRIFDEOHV
 $GGLQJRUUHORFDWLQJHQYLURQPHQWDOO\GHPDQGLQJHTXLSPHQW
 3URWHFWLQJKDUGZDUHRSHUDWLRQV
 'HPDQGIRUSRZHU
 7HOHFRPPXQLFDWLRQV
7KHVH  LVVXHV DUH VWXGLHG XVLQJ WKH 25%,7  IUDPHZRUN SURGXFLQJ D
FRPSUHKHQVLYHEXLOGLQJDSSUDLVDO
%HQFKPDUNLQJ LV DOVR XVHG DW DQ RSHUDWLRQDO OHYHO 2XWFRPHV UDWKHU WKDQ
WDVNV RU IXQFWLRQV VKRXOG HQJLQHHU DFWLYLWLHV 6HUYLFHV DQG SURGXFWV EHLQJ
RIIHUHG WR WKH FXVWRPHU VKRXOG EH EURNHQ GRZQ LQWR LGHQWLILDEOH DQG
PHDVXUDEOHVXESURFHVVHV
2SHUDWLRQDO EHQFKPDUNLQJ FDQ WDNH WKH IRUP RI SRVW RFFXSDQF\ HYDOXDWLRQ
FROOHFWLQJUHOHYDQWEXLOGLQJLQIRUPDWLRQIRUVWDWLVWLFDOVWXG\DQGKDYLQJD]HUR
GHIHFWSROLF\


)03URFHVVHV

6\PRQGV )0 3OF 3UHVHQWHG D SURFHVV IRU )DFLOLWLHV 0DQDJHPHQW

LPSOHPHQWDWLRQ VWUDWHJ\ DW D 5R\DO ,QVWLWXWLRQ RI &KDUWHUHG 6XUYH\RUV
&RQIHUHQFHLQ
0LVVLRQDQG2EMHFWLYHV






&ODULW\DERXWSXUSRVH
,GHQWLI\.H\7DUJHWV
(VWDEOLVK&RQVWUDLQWV
'HWHUPLQHPHDVXUHVRIVXFFHVV
%HVWSUDFWLFH

)DFLOLWLHV0DQDJHPHQW3URFHVVSHUVSHFWLYH

3URFHVV
 $JUHHVFRSH,GHQWLI\SOD\HUVDQGGHYHORSSODQDQGWLPHWDEOH
 3UHSDUHGRFXPHQWDWLRQLQVWUXFWLRQDQGEULHISOD\HUV
 7UDLQSOD\HUVDQGFXVWRPHUVHQFRXUDJHFURVVEUDQGLQSXW
 $JUHHPDLQVHUYLFHEORFNV
3URFHVV
'HILQHFXUUHQWVLWXDWLRQLQFOXGLQJDQ\FRQWUDFWXDOSURYLVLRQ
3URGXFHIORZFKDUWVWRVHHKRZVHUYLFHVOLQN
5HYLHZGDWDDQGLGHQWLI\RSSRUWXQLWLHV
5HILQHVHUYLFHOLQHVDQGHYDOXDWHRSWLRQVREWDLQLQJFXVWRPHULQSXW
3UHSDUHVHUYLFHOLQHUHFRPPHQGDWLRQV
3URFHVV
7HVWRSWLRQVZLWKFXVWRPHUUHYLHZSDQHO
$JUHHOHYHORIFRVW
(QGRUVHQHZOHYHOVDQGFRVW
,GHQWLI\PHFKDQLVPVIRUFKDQJH
3URFHVV
,PSOHPHQWGHFLVLRQVDQGDGYLVHFXVWRPHUV
,QSXWWREXGJHWLQJ
$JUHHXSGDWHUHYLHZSURFHVV
5HSRUWILQDOLVVXHVWRVWHHULQJJURXSV
*HQHULF0RGHOIRU)DFLOLWLHV0DQDJHPHQW6\VWHPV
$ JHQHULF PRGHO IRU D )0 V\VWHP KDV EHHQ GHYHORSHG )0 7RZDUGV EHVW
3UDFWLFHHGLWHGE\3%DUUHWW7KHPRGHOVHHDSSHQGL[FRQVLGHUVWKHWRWDO
HQYLURQPHQW DQG WKH )0 RUJDQLVDWLRQ :LWKLQ WKH WRWDO HQYLURQPHQW FXUUHQW
DQGIXWXUHLVVXHVDUHH[DPLQHG7KH)0RUJDQLVDWLRQLVEURNHQLQWRVWUDWHJLF
DQG RSHUDWLRQDO GHSDUWPHQWV WKDW UHODWH ZLWK WKH IXQFWLRQDO XQLWV LQWHULRU
SODQQLQJ PDLQWHQDQFH :KHQ , VSRNH WR 3HWHU %DUUHWW KH VXJJHVWHG WKDW
WKH VL[ LQWHUDFWLRQV QXPEHUHG RQ WKH PRGHO ZRXOG EH JRRG DUHDV WR VWXG\
7KH ILUVW WKUHH UHODWH WR RSHUDWLRQDO LQWHUDFWLRQ DQG WKH ODVW WKUHH UHODWH WR
VWUDWHJLFLQWHUDFWLRQ
2SHUDWLRQDO
 )0GHSDUWPHQWLQWHUDFWVZLWKRSHUDWLYHV
 )0GHSDUWPHQWFRPPXQLFDWHVZLWKFRUHEXVLQHVVWRLGHQWLI\UHTXLUHPHQWV
 )0GHSDUWPHQWEHQFKPDUNVH[LVWLQJIDFLOLWLHV
6WUDWHJLF
 )0LQWHUDFWVZLWKFRUHWRDVFHUWDLQIXWXUHWUHQGV
 )0LQWHUDFWVZLWK)0DUHQDWRVWXG\IXWXUHFKDQJHVZLWKLQ)0
)DFLOLWLHV0DQDJHPHQW3URFHVVSHUVSHFWLYH

 ,QWHUDFWLRQEHWZHHQVWUDWHJLFDQGRSHUDWLRQDOIDFLOLWLHV


&DVHVWXG\

$&DVHVWXG\SUHVHQWHGE\0DWWKHZ+DOORI35([FHOOGHVFULEHGWKHSUDFWLFDO
VWHSVRIDVXFFHVVIXO)0LPSOHPHQWDWLRQ
8QGHUVWDQGZRUNLQJVRIWKHRUJDQLVDWLRQ
+DYHDJRRGWHDPOHDGHU
6HFXUHUHVRXUFHEDFNXS
'HGLFDWHGWLPHDQGVXSSRUWDQGPDQDJHPHQW
6HWVHUYLFHDQGSHUIRUPDQFHOHYHOV
&DWDO\VWIRUFKDQJH
,QVWLOFRQILGHQFH
+H DOVR VXJJHVWHG WKDW WKHUH VKRXOG EH D SURYHQ FRQWUDFWXDO SURFHGXUH WR
HVWDEOLVKDVWDQGDUGIRUVXSSO\DQGPDLQWHQDQFHSURFHGXUH


6XPPDU\

,KRSHWRKDYHLOOXVWUDWHGWKHEUHYLW\RI)0,WDIIHFWVRUJDQLVDWLRQVIURPWKH
ORZHVWRSHUDWLRQDOOHYHOVWKURXJKWRKLJKOHYHOVWUDWHJLFSODQQLQJ'XHWRWKH
HQFRPSDVVLQJQDWXUHRI)0LQWHUIDFHVZLOOH[LVWZLWKWKHRWKHUDFWLYLW\]RQHV
RQ WKH SURFHVV SURWRFRO PRGHO ,GHQWLILFDWLRQ RI WKH SULPDU\ LQWHUIDFHV ZLOO
LQYROYH IXUWKHU VWXG\ , KDYH VXPPDULVHG WKH NH\ DUHDV RI )0 ZLWKLQ WKLV
UHSRUW$VRQHFDQLPDJLQHYDVWDPRXQWVKDYHEHHQZULWWHQRQHDFKRIWKHVH
NH\DUHDV,KDYHQRWDWWHPSWHGWRGHULYHDQ\WKLQJQHZIURPWKHVHDUHDVEXW
RQO\WRVXPPDULVHZKDW,IHHODUHWKHPDMRUSRLQWVRIWKHNH\LVVXHVWKDWDUH
UHOHYDQW WR WKLV SURMHFW 7KH SURFHVVHV GHVFULEHG LQ VHFWLRQ  DUH D
IRXQGDWLRQIURPZKLFKZHFDQSURGXFHDQLPSURYHGJHQHULFSURFHVV
$Q LPSRUWDQW FRQVLGHUDWLRQ WKDW ZLOO KDYH WR EH GLVFXVVHG LV ZKDW ZH DUH
JRLQJWRPDS)0FDQHLWKHUEHLPSOHPHQWHGIURPVFUDWFKRQDQHZEXLOGLQJ
SURMHFW LQ ZKLFK FDVH LW QHHGV WR EH FRQVLGHUHG DW WKH LQFHSWLRQ VWDJH DQG
WKURXJK WR GHPROLWLRQ $OVR )0 FDQ EH LPSOHPHQWHG RQ EXLOGLQJV WKDW DUH
DOUHDG\LQH[LVWHQFHLQZKLFKFDVHDVHULHVRIGLIIHUHQWSURFHVVHVDUHUHTXLUHG

)DFLOLWLHV0DQDJHPHQW3URFHVVSHUVSHFWLYH



5HIHUHQFHV
$OH[DQGHU.HLWK)DFLOLWLHV0DQDJHPHQW&HQWUHIRU)DFLOLWLHV
0DQDJHPHQW6WUDWKFO\GH8QLYHUVLW\+DVWLQJV+LOWRQ3XEOLVKHUV/WG
$OH[DQGHU.HLWK)07KH4XDOLW\&\FOH
$OH[DQGHU.HLWK7KH4XDOLW\-RXUQH\
$OH[DQGHU.HLWKDQG0XUSK\:D\QH7KH0DQDJHDELOLW\RI%XLOGLQJV
%DOGU\&DQG3LWW'%XLOGLQJIRUWKHQHZ2UJDQLVDWLRQ
%DUUHWW3HWHU)DFLOLWLHV0DQDJHPHQWWRZDUGVEHVWSUDFWLFH%ODFNZHOO
6FLHQFH,6%13
%HFNHU)7KH7RWDO:RUNSODFH)0DQGWKHHODVWLFRUJDQLVDWLRQ9DQ
1RVWUDQG5HLQKROG,6%1
&DVVHOOV6DP3RZHUDQG,PDJLQDWLRQ7KH%XVLQHVVRI)DFLOLWLHV
'H/XF\-RKQ$SSURDFKWR7RWDO4XDOLW\)DFLOLWLHV0DQDJHPHQW(UQVW
DQG<RXQJ
(QJHUW&$GYDQFHG)DFLOLWLHV0DQDJHPHQW7HFKQLTXHV
%HQFKPDUNLQJ5,&6&RQIHUHQFHV5R\DO6RFLHW\RI$UWV/RQGRQ
([FHOO3$GYDQFHG)DFLOLWLHV0DQDJHPHQW7HFKQLTXHV&DVH6WXG\
&KDVH)DUP+RVSLWDO5,&6&RQIHUHQFHV5R\DO6RFLHW\RI$UWV/RQGRQ
*ULPP0$GGHG9DOXH0DQDJHPHQW
/HLWFK0DUWLQ6SDFH0DQDJHPHQWDQG7KH)XWXUH:RUNSODFH
0DGHFRQWDFWZLWK3URI,I3ULFHRIVKHIILHOGKDOODPXQLYHUVLW\
1DLVEHWW-0HJDWUHQGV7HQ1HZ'LUHFWLRQV7UDQVIRUPLQJRXU/LYHV
1HZ<RUN:DUQHU%RRNV
5HJWHUVFKRW-DQ)0DQG2UJDQLVDWLRQDO3HUIRUPDQFH
3UDWW.HLWK$GYDQFHG)DFLOLWLHV0DQDJHPHQW7HFKQLTXHV6HUYLFH
$JUHHPHQWV)RU&RUH%XVLQHVV5,&6&RQIHUHQFHV5R\DO6RFLHW\RI$UWV
/RQGRQ
6FRWW3KLOLS8QOHDVKLQJWKHSRWHQWLDORIWKHZRUNSODFH
:LOOLDPV%HUQDUG7KH3UHPLVHV$XGLW

)DFLOLWLHV0DQDJHPHQW3URFHVVSHUVSHFWLYH



$WWHQGHG([SR1RUWK*0H[WK2FWREHU
0HW3URIHVVRU%DUUHWWVW6HSWHPEHU
3ODQQHG0HHWLQJ7UHYRU0ROH3URSHUW\7HFWRQLFV
'DYLV*%HFNHU)'XII\)6LPV25%,72UJDQLVDWLRQV%XLOGLQJV
DQG,QIRUPDWLRQ7HFKQRORJ\1RUZDOI&RQQ7KH+DUELQJHU

)DFLOLWLHV0DQDJHPHQW3URFHVVSHUVSHFWLYH



$SSHQGL[6RXUFHVRI,QIRUPDWLRQ

)DFLOLWLHV0DQDJHPHQW3URFHVVSHUVSHFWLYH



)DFLOLWLHV0DQDJHPHQW
6RXUFHVRILQIRUPDWLRQ
:HE6LWHV
ZZZ%XFNQDOOFRP
ZZZ6\PRQGVJURXSFRP
ZZZWQWFRXN
ZZZRFVJURXSFRP
ZZZZVDWNLQVFRXN
ZZZFE[FRXN
ZZZIPGFRXN
ZZZELIPRUJXN
ZZZIPDVVRFRUJ
ZZZFIPVWUDWKDFXN
ZZZEVULDFRXN
ZZZGHWUJRYXN
ZZZRSHQJRYXNKVHKVHKRPHKWP
ZZZPDLOEDVHDFXNOLVWVIDFLOLWLHVPDQDJHPHQW
ZZZPFEFRXN
ZZZIPFRQQH[FRP
ZZZFLRERUJXN
ZZZFLEVHRUJ
ZZZHXURIPFIPVWUDWKDFXN
ZZZIPGFRXN
ZZZIDFLOLWLHVQHWFRP
ZZZIPGDWDFRP
ZZZIPH[SRFRPH[SRKRPHKWP
ZZZIPH[SRFRPQRUWKKRPHKWP
ZZZIPOLQNFRP
ZZZLIPDRUJ
ZZZULFVRUJXN

-RXUQDOV
)DFLOLWLHV
(GLWRU(GZDUG)LQFK
0&%8QLYHUVLW\SUHVV

+HOGLQ&OLIIRUG:KLWZRUWK
3UHPLVHVDQG)DFLOLW\0DQDJHPHQW
(GLWRU5LFKDUG%\DWW
,0/*URXS


)DFLOLWLHV0DQDJHPHQW3URFHVVSHUVSHFWLYH



)0-RXUQDO
(GLWRU%ULDQ6KLOLEHHU

0DUNHW3ODFH3XEOLVKLQJ

)0;
(GLWRU0DUN(OWULQJKDP
(73OWG

)DFLOLWLHV0DQDJHPHQW
(GLWRU)UDQN%RRW\
(FOLSVH*URXS

)DFLOLWLHV0DQDJHPHQW8.
(GLWRU6LPRQ&KXUFKLOO
+HWKHULQJWRQ(QWHUSULVHV

3URSHUW\:HHN
(GLWRU3HQQ\*XHVW
0LOOHU)UHHPDQ


&RQWDFWV
&HQWUHIRU)DFLOLWLHV0DQDJHPHQW
&RQWDFW.HLWK$OH[DQGHU

%ULWLVK,QVWLWXWHRI)DFLOLWLHV0DQDJHPHQW

&KDUWHUHG,QVWLWXWHRI%XLOGLQJ6HUYLFHV(QJLQHHUV

&KDUWHUHG,QVWLWXWHRI%XLOGLQJ

(XURSHDQ)DFLOLW\0DQDJHPHQW1HWZRUN

)DFLOLWLHV0DQDJHPHQW$VVRFLDWLRQ


)DFLOLWLHV0DQDJHPHQW3URFHVVSHUVSHFWLYH



*OREDO)0
%,)0
+HDOWK(VWDWHV)DFLOLWLHV0DQDJHPHQW$VVRFLDWLRQ
&ROLQ+LOO\DUG

,QWHUQDWLRQDO)DFLOLW\0DQDJHUV$VVRFLDWLRQ,)0$
5RELQ/RNHUPDQ

5R\DO,QVWLWXWLRQRI&KDUWHUHG6XUYH\RUV
)06NLOOV3DQHO
)UHG*XVFRWW


(YHQWV

%,)0&RQIHUHQFH
$QQXDO$XWXPQ
9HQXH0LVFHOODQHRXV
&DPEULGJH6HS
RUJDQLVHGE\%,)0
(XUR)0,)0$&RQIHUHQFH
$QQXDO0D\-XQH
0DDVWULFKW-XQH
*LQD9DQ'LMN

)0([SR1RUWK
$QQXDO2FWREHU
*0H[0DQFKHVWHU

([SR
$QQXDO$SULO
2O\PSLD
,)0$&RQIHUHQFH
$QQXDO$XWXPQ86$
2UJDQLVHGE\,)0$

)01HZVOHWWHUV
%,)0-RXUQDO
0RQWKO\
/HV+XWWRQ
)DFLOLWLHV0DQDJHPHQW3URFHVVSHUVSHFWLYH




%5(1HZV
0RQWKO\

&)01HZVOHWWHU
4XDUWHUO\
&)0
(XUR)0QHZV
3HULRGLFDO
)01HZV
0RQWKO\
)0$

,)0$1HZV
0RQWKO\
,)0$
/DWLWXGHV
7KUHHD\HDU
*OREDO
,)0$

,QIRUPDWLRQ6HUYLFHV
)DFLOLWLHV0DQDJHPHQW,QIRUPDWLRQ6HUYLFH
&RQWDFW&)0
%DUERXU,QGH[)03URILOH

&URQHUV3UHPLVHV0DQDJHPHQW


)RUXPV
%ULWLVK&RXQFLOIRU2IILFHV

&)0$VVRFLDWH&RPSDQ\6FKHPH
&)0
&,%,QWHUQDWLRQDO&RXQFLOIRU%XLOGLQJ5HVHDUFKDQG'RFXPHQWDWLRQ
(FRQRPLF:

)DFLOLWLHV0DQDJHPHQW3URFHVVSHUVSHFWLYH



3HUIRUPDQFH:
2UJDQLVDWLRQDO:
0DLQWHQDQFH:
&,%5RWWHUGDP

'(*::RUNSODFH)RUXP
6WHSKHQ%UDGOH\

(XUR)P1HWZRUN
6HHDERYH
,'5&,QGXVWULDO'HYHORSPHQW5HVHDUFK&RXQFLO
6KLUDU2LFRRQRU
1HWKHUODQGV
1$&25(
,QWHUQDWLRQDO$VVRFLDWLRQRI5HDO(VWDWH3URIHVVLRQDOV
$OLVRQ6XWKHUODQG

5HWDLO%HQFKPDUNLQJ)RUXP
&)0

)DFLOLWLHV0DQDJHPHQW3URFHVVSHUVSHFWLYH



$SSHQGL[*HQHULF0RGHOIRU)03HWHU%DUUHWW

)DFLOLWLHV0DQDJHPHQW3URFHVVSHUVSHFWLYH



$SSHQGL[

6FKHPDWLFIRUDPRGHUQRIILFH

)DFLOLWLHV0DQDJHPHQW3URFHVVSHUVSHFWLYH



)DFLOLWLHV0DQDJHPHQW3URFHVVSHUVSHFWLYH