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· LVVXHV 6LQFH WKH HQHUJ\ VSHQW RQ WKHVH DQG VLPLODU SUREOHPV JHQHUDOO\ FRQVXPHV D ODUJH SDUW RI HYHU\ VRIWZDUH SURIHVVLRQDO·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www.intechopen.com 'PIKPGGTKPIVJG%QORWVGT5EKGPEGCPF+6 6TCPUKVKQPOCPCIGOGPVŌ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´JURZQµ LQ D JUDGXDO PDQQHU UHO\LQJ RQ IHHGEDFNDQGGHFHQWUDOL]HGGHFLVLRQPDNLQJ/DUU\ 7UDQVLWLRQVKHUHUHIHUWRLPSRUWDQWFKDQJHVLQIXQFWLRQDOV\VWHPV7KH\LQYROYHPXOWLOHYHO FKDQJHV WKURXJK ZKLFK DQ RUJDQL]DWLRQ IXQGDPHQWDOO\ FKDQJHV 7KH WUDQVLWLRQV DUH UHTXLUHGLQWKHDUHDVVXFKDV x (FRQRP\ x &XOWXUH x 0DQDJHPHQW x 7HFKQRORJ\ )RU D WUDQVLWLRQ WR RFFXU GLIIHUHQW GHYHORSPHQW KDYH WR FRPH WRJHWKHU FDXVLQJ D SDWK RI GHYHORSPHQWEDVHGRQQHZSUDFWLFHVNQRZOHGJHVRFLDORUJDQL]DWLRQDQGGLIIHUHQWJXLGLQJ SULQFLSOHV 9JCVGZCEVN[KUVTCPUKVKQPOCPCIGOGPV! 7UDQVLWLRQPDQDJHPHQWLVDQHZVWHHULQJFRQFHSWWKDWUHOLHVRQ¶GDUZLQLVWLVWLF·SURFHVVHVRI YDULDWLRQ DQG VHOHFWLRQ ,W PDNHV XVH RI ´ERWWRPXSµ GHYHORSPHQWV DQG ORQJWHUP JRDOV ERWK DW WKH RUJDQL]DWLRQDO DQG SURFHVV OHYHO *DUFLD /HDUQLQJ DQG LQVWLWXWLRQDO FKDQJHDUHNH\HOHPHQWVZKLFKPHDQVWKDWWUDQVLWLRQPDQDJHPHQWQRWVRPXFKFRQFHUQHG ZLWKVSHFLILFRXWFRPHVEXWUDWKHUZLWKPHFKDQLVPVIRUFKDQJH7KHEDVLFSKLORVRSK\LVWKDW RU JRDORULHQWHG PRGXODWLRQ WKH XWLOL]DWLRQ RI RQJRLQJ GHYHORSPHQWV IRU EXVLQHVV DQG RUJDQL]DWLRQDOJRDOV$QLPSRUWDQWTXHVWLRQWKHUHIRUHLVZKDWGRSHRSOHUHDOO\ZDQWERWK DVXVHUVDQGGHYHORSHUV" &ROOHFWLYHFKRLFHVDUHPDGH´DORQJWKHZD\µRQWKHEDVLVRIOHDUQLQJH[SHULHQFHVDWGLIIHUHQW OHYHOV'LIIHUHQWWUDMHFWRULHVDUHH[SORUHGDQGIOH[LELOLW\LVPDLQWDLQHGZKLFKLVH[DFWO\ZKDW DPDQDJHUZRXOGGRZKHQIDFHGZLWKJUHDWXQFHUWDLQW\DQGFRPSOH[LW\LQVWHDGRIGHILQLQJ HQG VWDWHV IRU GHYHORSPHQW KH VHWV RXW LQ D FHUWDLQ GLUHFWLRQ DQG LV FDUHIXO WR DYRLG SUHPDWXUHFKRLFHV www.intechopen.com 6TCPUKVKQP2CTCOGVGTU(QT5WEEGUUHWN4GWUG$WUKPGUU 'NGOGPVUQHVTCPUKVKQPOCPCIGOGPV 7UDQVLWLRQPDQDJHPHQWFRQVLVWVRIIROORZLQJHOHPHQWV 'HYHORSPHQWRIORQJWHUPYLVLRQV 2UJDQL]LQJDWUDQVLWLRQDUHQDIRUDWUDQVLWLRQWKHPH 0RQLWRULQJDQGHYDOXDWLRQRIH[SHULPHQWVDQGWUDQVLWLRQSURFHVVHV ,PSOHPHQWDWLRQDQG0RQLWRULQJRIWUDQVLWLRQPHFKDQLVPV /HDUQLQJDQGDGMXVWLQJWRVXSSRUWIRUIXWXUHWUDQVLWLRQV .H\HOHPHQWVRIWKHWUDQVLWLRQPDQDJHPHQWF\FOHDUHDQWLFLSDWLRQOHDUQLQJDQGDGDSWDWLRQ 7KH VWDUWLQJ SRLQW LV WKH VWUXFWXULQJ RI SUREOHPV ² WR DFKLHYH D FRPPRQ RXWORRN 7KLV LV IROORZHG E\ WKH GHYHORSPHQW RI ORQJWHUP YLVLRQV DQG JRDOV *RDOV DUH EHLQJ VHW YLD WKH SURFHVVDQGGHOLEHUDWLRQVLQWUDQVLWLRQVDUHQDV7KHPDQDJHPHQWDFWVDVDSURFHVVPDQDJHU GHDOLQJ ZLWK LVVXHV RI FROOHFWLYH RULHQWDWLRQ DQG DGDSWDWLRQ RI SROLF\ ,W DOVR KDV D UHVSRQVLELOLW\ IRU WKH XQGHUWDNLQJ RI VWUDWHJLF H[SHULPHQWV DQG SURJUDPPHV IRU V\VWHP LQQRYDWLRQ &RQWURO SROLFLHV DUH SDUW RI WUDQVLWLRQ PDQDJHPHQW 7UDQVLWLRQ PDQDJHPHQW DLPV IRU JHQHUDWLQJ ´PRPHQWXPµ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x /HDUQLQJDQGSURIHVVLRQDOGHYHORSPHQWDUHLPSRUWDQWWRRUJDQL]DWLRQVERWKEHIRUH DQGDIWHUWKHDGRSWLRQ x 7KHDGRSWLRQGHFLVLRQVKRXOGEHFRPPXQLFDWHGWRHYHU\GHYHORSHUDWDOOOHYHOV x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www.intechopen.com 'PIKPGGTKPIVJG%QORWVGT5EKGPEGCPF+6 KDSSHQLQJ WUDQVLWLRQ PDQDJHPHQW RSWV IRU D SRUWIROLR DSSURDFK DQG ¶HYROXWLRQDU\· VWHHULQJ 2TGRCTKPIHQT6TCPUKVKQPOCPCIGOGPV 7UDQVLWLRQPDQDJHPHQWLVZHOODFFHSWHGLQVRIWZDUHLQGXVWU\7KHPDQDJHPHQWLVUHDG\WR VXSSRUW LW 7KH WUDQVLWLRQ PDQDJHPHQW EXLOGV XSRQ LQWHUHVWV DQG ´PRYHPHQWVµ FKDQJH SURFHVVHV LQ GHYHORSPHQW PHWKRGRORJ\ 7UDQVLWLRQ PDQDJHPHQW KHOSV WR HVWDEOLVK D SDUWQHUVKLSZLWKEXVLQHVVDQGWRVWLPXODWHQHZEXVLQHVVEDVHGRQVXVWDLQDEOHLQQRYDWLRQ 7UDQVIRUPLQJ D EXVLQHVV DQG LWV FRUH SURFHVVHV WR FRPSHWH HIIHFWLYHO\ LV QRW MXVW D WHFKQRORJ\LVVXHKRZHYHU$VXFFHVVIXODSSURDFKZLOOUHTXLUHFDUHIXOFROODERUDWLRQEHWZHHQ *ULVVHWDO x 3HRSOHHJVWDNHKROGHUVDFFRXQWDELOLW\LQWHUQDOSROLWLFV x 7HFKQRORJ\ HJ VHUYLFH HQDEOHPHQW LQWHJUDWLRQ JRYHUQDQFH EXVLQHVV SURFHVV PDQDJHPHQWZRUNIORZDQDO\WLFV x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¶VHQVH RI XUJHQF\· OHDGHUVKLS FRPPLWPHQW ZLOOLQJQHVV WR FKDQJH SROLWLFDO FXOWXUH EDVHG RQ VKRUWWHUP JRDOV DFWLYH PDQDJHPHQW JXLGDQFH WUXVW DQGZLOOLQJQHVVWRLQYHVWWKHULJKWUHVRXUFHVDWULJKWWLPH*UDYHV www.intechopen.com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·V LQGXVWU\ UHDFKHV WKH PDWXULW\ H[KLELWHG E\ RWKHU FRPSRQHQW LQGXVWULHV 3UREOHPVVXFKDV WKH FRPSRQHQWVHOHFWLRQ E\WKHLULQWHJUDWRUVWKH FRPSRQHQW www.intechopen.com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x 7KH SURGXFW EHLQJ UHXVHG PXVW FORVHO\PDWFK WKH QHHG WKDW LW LV WU\LQJ WR VROYH 2WKHUZLVHWKHFRPSRQHQWVZLWKZKLFKLWLQWHUIDFHVZLOOEHFRPHPRUHFRPSOH[ x 7KHUHXVHGSURGXFWVKRXOGEHZHOOGRFXPHQWHGZLWKDZHOOXQGHUVWRRGLQWHUIDFH LQWKHSHUVSHFWLYHRIIXWXUHPDLQWHQDQFH x 7KH UHXVH SURGXFW VKRXOG KDYH EHHQ GHVLJQHG IRU D VFHQDULR VLPLODU WR WKDW IRU ZKLFKLWLVJRLQJWREHXVHG,IQRWH[WHQVLYHWHVWLQJVKRXOGEHFRQGXFWHGWRYHULI\ WKH FRUUHFWQHVV RI WKH SURGXFW &KDQJHV LQ WKH RSHUDWLRQDO HQYLURQPHQW PD\ UHTXLUHIXUWKHURYHUKHDGLQWHVWLQJ x 7KH UHXVH SURGXFW VKRXOG EH VWDEOH $Q\ FKDQJH WR WKH SURGXFW PXVW EH LQFRUSRUDWHGLQWRWKHFXUUHQWGHYHORSPHQW x 7KHNH\WRVXFFHVVIXOUHXVHLVGHWHUPLQLQJWKHFRPSRQHQWVDQGIXQFWLRQVWKDWDUH QHHGHGEHIRUHIRUFLQJDGHFLVLRQWRUHXVHSURGXFWV x 7KHTXDOLW\RIWKHFRPSRQHQWVDQGWKHLUXVDJHKDVLPSDFWRQWKHVRIWZDUHSURFHVV LWVHOI,QWURGXFLQJVRIWZDUHFRPSRQHQWVRIXQNQRZQTXDOLW\PD\KDYHFDWDVWURSKLF UHVXOWV x 7KH UHTXLUHPHQWV VKRXOG EH PDGH IOH[LEOH LQ RUGHU WR VXSSRUW WKH XVDJH RI FRPSRQHQWV x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www.intechopen.com 6TCPUKVKQP2CTCOGVGTU(QT5WEEGUUHWN4GWUG$WUKPGUU 4KUM#PCN[UKU ´5HXVHLVOLNHDVDYLQJVDFFRXQW%HIRUH\RXFROOHFWDQ\LQWHUHVW\RXKDYHWRPDNHDGHSRVLWDQGWKH PRUH\RXSXWLQWKHJUHDWHUWKHGLYLGHQGDWWULEXWHGWRµ7HG%LJJHUVWDII,775HXVHZRUNVKRS 7KHUH ZHUH WZR W\SHV RI DSSURDFKHV , FRXOG REVHUYH IURP WKH VXUYH\ IRU HVWDEOLVKLQJ D UHXVHSURJUDPFHQWUDOL]HGDQGGLVWULEXWHG )LJ3UHGLFWLRQUHJLRQIRUDFFHSWDEOHYDOXHV )LJWHOOVDERXWWKHSUHGLFWLRQUHJLRQIRUDFFHSWDEOHYDOXHV²WHQGWRJLYHJRRGLQIRUPDWLRQ DERXWYDOXH LQUHXVHFRQWH[W(DFKUHJLRQZLOOFRLQFLGHQWDOO\JLYH VRPHLQIRUPDWLRQDERXW WKHRWKHUUHJLRQVEXWQHLWKHULVVXIILFLHQWE\LWVHOI&RQFHQWUDWLQJRQWKHEDVLVRIH[SHFWDWLRQ ZLOOQRWWHOODVPXFKDVLQIRUPDWLRQQHHGVWRNQRZDERXWULVN7KHILJXUHJLYHVDQLQVLJKWRI VDYLQJVH[SHFWHGLQWHUPVRISHUFHQWDJHRIUHXVHXVHG &HQWUDOL]HG 'LVWULEXWHG 5LVN)DFWRUV &RVWRI PDLQWDLQLQJD GHGLFDWHGWHDP 'LIILFXOWWRFRRUGLQDWHDVVHW GHYHORSPHQWUHVSRQVLELOLWLHV &RVWRIWUDLQLQJ HPSOR\HHV 5HOXFWDQWWRPDNHWKHLURZQ LQYHVWPHQWIRURWKHUV 1HHGIRUVWURQJ PDQDJHPHQW FRPPLWPHQW 1HHGRIFRQYLQFLQJFRVW EHQHILWPRGHO 7DEOH5LVNIDFWRUVLGHQWLILHGIURPWKHVXUYH\ 1HZ SURIHVVLRQDO FRPSHWHQFHV LQ WKH GHYHORSPHQW WHDPV DUH UHTXLUHG WR GHDO ZLWK WKH LQWURGXFWLRQRIWKHFKDQJHVIRUUHXVHLQWKHVRIWZDUHSURFHVV7KHPDMRULW\RIWKHHVWLPDWLRQ PRGHOV SURGXFHG GXULQJ WKH ODVW GHFDGHV DUH IRXQG QRW VXLWDEOH IRU UHXVH SURGXFWV $ GLVFXVVLRQRQWKHUHVHDUFKGLIILFXOWLHVLQWKHVRIWZDUHPHDVXUHPHQWDUHDZKLFKLVRIFRXUVH FUXFLDOWRHVWLPDWLRQFDQEHIRXQGLQ3RXOLQ7KHVKLIWWRDQHZDSSURDFKWRVRIWZDUH GHYHORSPHQWUHTXLUHVQHZHVWLPDWLRQPRGHOVWREHWWHUFDSWXUHWKHHVVHQFHRI&%''XHWR WKHQRYHOW\RI&%'DQGUHODWHGHVWLPDWLRQPRGHOVWKHUHLVVWLOODODFNRISDVWH[SHULHQFHLQ ZKLFKRQHFDQVXSSRUWKLVHVWLPDWLRQHIIRUWV$QH[DPSOHRIDIDFHOLIWHGPRGHOWKDWDLPV www.intechopen.com 'PIKPGGTKPIVJG%QORWVGT5EKGPEGCPF+6 VXSSRUWLQJ FRVW HVWLPDWLRQ LQ &%6( LV WKH &2&276 $EWV HW DO DQ HYROXWLRQ IURP &2&202,,%RHKPHWDO ´5HXVHLVVRPHWKLQJWKDWLVIDUHDVLHUWRVD\WKDQWRGR'RLQJLWUHTXLUHVERWKJRRGGHVLJQDQGYHU\ JRRG GRFXPHQWDWLRQ(YHQZKHQZH VHH JRRG GHVLJQ ZKLFK LV VWLOOLQIUHTXHQWO\ZH ZRQW VHH WKH FRPSRQHQWV UHXVHG ZLWKRXW JRRG GRFXPHQWDWLRQµ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x 2UJDQLF SURMHFWV DUH UHODWLYHO\ VPDOO VLPSOH VRIWZDUH SURMHFWV LQ ZKLFK VPDOO WHDPV ZLWK JRRG DSSOLFDWLRQ H[SHULHQFH ZRUN WR D VHW RI OHVV WKDQ ULJLG UHTXLUHPHQWV x 6HPLGHWDFKHG SURMHFWV DUH LQWHUPHGLDWH LQ VL]H DQG FRPSOH[LW\ VRIWZDUH SURMHFWVLQZKLFKWHDPVZLWKPL[HGH[SHULHQFHOHYHOVPXVWPHHWDPL[RIULJLGDQG OHVVWKDQULJLGUHTXLUHPHQWV x (PEHGGHGSURMHFWVDUHVRIWZDUHSURMHFWVWKDWPXVWEHGHYHORSHGZLWKLQDVHWRI WLJKWKDUGZDUHVRIWZDUHDQGRSHUDWLRQDOFRQVWUDLQWV www.intechopen.com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x 3URGXFWDWWULEXWHV R 5HTXLUHGVRIWZDUHUHOLDELOLW\ R 6L]HRIDSSOLFDWLRQGDWDEDVH R &RPSOH[LW\RIWKHSURGXFW x +DUGZDUHDWWULEXWHV R 5XQWLPHSHUIRUPDQFHFRQVWUDLQWV R 0HPRU\FRQVWUDLQWV R 9RODWLOLW\RIWKHYLUWXDOPDFKLQHHQYLURQPHQW R 5HTXLUHGWXUQDERXWWLPH x 3HUVRQQHODWWULEXWHV R $QDO\VWFDSDELOLW\ R 6RIWZDUHHQJLQHHULQJFDSDELOLW\ R $SSOLFDWLRQVH[SHULHQFH R 9LUWXDOPDFKLQHH[SHULHQFH R 3URJUDPPLQJODQJXDJHH[SHULHQFH x 3URMHFWDWWULEXWHV R 8VHRIVRIWZDUHWRROV R $SSOLFDWLRQRIVRIWZDUHHQJLQHHULQJPHWKRGV R 5HTXLUHGGHYHORSPHQWVFKHGXOH www.intechopen.com 'PIKPGGTKPIVJG%QORWVGT5EKGPEGCPF+6 (DFKRIWKHDWWULEXWHVUHFHLYHVDUDWLQJRQDVL[SRLQWVFDOHWKDWUDQJHVIURPYHU\ORZWR H[WUDKLJKLQLPSRUWDQFH RUYDOXH$QHIIRUWPXOWLSOLHUIURPWKH WDEOHEHORZDSSOLHVWR WKH UDWLQJ 7KH SURGXFW RIDOOHIIRUW PXOWLSOLHUV UHVXOWV LQ DQHIIRUWDGMXVWPHQW IDFWRU ($) 7\SLFDOYDOXHVIRU($)UDQJHIURPWR &RVW'ULYHUV 5DWLQJV 9HU\ /RZ /RZ 1RPLQDO +LJK 9HU\ +LJK ([WUD +LJK 3URGXFWDWWULEXWHV 5HTXLUHGVRIWZDUHUHOLDELOLW\ 6L]HRIDSSOLFDWLRQGDWDEDVH &RPSOH[LW\RIWKHSURGXFW +DUGZDUHDWWULEXWHV 5XQWLPHSHUIRUPDQFHFRQVWUDLQWV 0HPRU\FRQVWUDLQWV 9RODWLOLW\RIWKHYLUWXDOPDFKLQHHQYLURQPHQW 5HTXLUHGWXUQDERXWWLPH 3HUVRQQHODWWULEXWHV $QDO\VWFDSDELOLW\ $SSOLFDWLRQVH[SHULHQFH 6RIWZDUHHQJLQHHUFDSDELOLW\ 9LUWXDOPDFKLQHH[SHULHQFH 3URJUDPPLQJODQJXDJHH[SHULHQFH 3URMHFWDWWULEXWHV 8VHRIVRIWZDUHWRROV $SSOLFDWLRQRIVRIWZDUHHQJLQHHULQJPHWKRGV 5HTXLUHGGHYHORSPHQWVFKHGXOH 7KH,QWHUPHGLDWH&2&202IRUPXODQRZWDNHVWKHIRUP ( D L ./2& E L ($) ZKHUH(LVWKHHIIRUWDSSOLHGLQSHUVRQPRQWKV./2&LVWKHHVWLPDWHGQXPEHURIWKRXVDQGV RI GHOLYHUHG OLQHV RI FRGH IRU WKH SURMHFW DQG ($) LV WKH IDFWRU FDOFXODWHG DERYH 7KH FRHIILFLHQWD L DQGWKHH[SRQHQWE L DUHJLYHQLQWKHQH[WWDEOH 6RIWZDUHSURMHFW D L E L 2UJDQLF 6HPLGHWDFKHG (PEHGGHG 7KH'HYHORSPHQWWLPH'FDOFXODWLRQXVHV(LQWKHVDPHZD\DVLQWKH%DVLF&2&202 www.intechopen.com [...]... DFKLHYLQJ WKH FRVW VDYLQJV SRWHQWLDO RI FRGH UHXVH 7R H[SORLW UHXVH WKH GHYHORSPHQW WHDP PXVW UHFRJQL]H WKH UHDOLWLHV RI UHXVHG SURGXFWV -DFREVRQ HWDO x x x x x x x x 7KH SURGXFW EHLQJ UHXVHG PXVW FORVHO\ PDWFK WKH QHHG WKDW LW LV WU\LQJ WR VROYH 2WKHUZLVH WKH FRPSRQHQWV ZLWK ZKLFK LW LQWHUIDFHV ZLOO EHFRPH PRUH FRPSOH[ 7KH UHXVHG SURGXFW VKRXOG EH ZHOO GRFXPHQWHG ZLWK D ZHOOXQGHUVWRRG LQWHUIDFH