VKDUHGꢀZLWKꢀ'$&ꢀ%ꢀLWꢀLVꢀQRWꢀSRVVLEOHꢀWRꢀVHQGꢀVHSDUDWHꢀGDWDꢀWRꢀ'$&
%ꢀDQGꢀDQꢀH[WHUQDOꢀGHYLꢅHꢆ
>8ꢈꢃ@ꢀ6\QWKꢀRXWSXWVꢀILOWHUHGꢀꢋV\QWKHWLꢅ-ꢀGDWDꢎꢀDWꢀWKHꢀHQGꢀRIꢀDOO
HQDEOHGꢀILOWHUꢀVWDJHVꢆ
,Iꢀ >3ꢆꢇ@ꢀ LVꢀ VHOHꢅWHGꢀ ꢋꢔꢄELWꢀ GDWDꢀ PRGH-ꢎꢀ 2%ꢕꢀ IUDPHVꢀ MXVWꢀ WKHꢀ VLQJOH
ꢔꢄELWꢀGDWDꢀHOHPHQWꢀꢅKRVHQꢀE\ꢀ6HWXSVꢀ>8ꢆ[@ꢀꢋ)LJXUHꢀꢐꢄꢉ-ꢆ
>8ꢈꢋ@ꢀꢓ6\QWKꢀUHWXUQVꢀWKHꢀSRVLWLYHꢀGLIIHUHQꢅHꢀEHWZHHQꢀWKHꢀꢅXUUHQW
ILOWHUHGꢀVLJQDOꢀDQGꢀWKHꢀꢅXUUHQWꢀUHIHUHQꢅHꢆꢀ,IꢀWKHꢀVLJQDOꢀGLSV
EHORZꢀWKHꢀUHIHUHQꢅHꢀOHYHOꢎꢀWKHꢀGDWDꢀLVꢀWUXQꢅDWHGꢀWRꢀ]HURꢆ
,Iꢀ>3ꢆꢁ@ꢀLVꢀVHOHꢅWHGꢀꢋꢁꢏꢄELWꢀGDWDꢀPRGHꢎꢀ)LJXUHꢀꢐꢄꢑ-ꢎꢀ2%ꢕꢀIUDPHVꢀILUVW
WKHꢀ GDWDꢀ HOHPHQWꢀ VSHꢅLILHGꢀ E\ꢀ >8ꢆ[@ꢀ DQGꢀ DOVRꢀ VHꢅRQGO\ꢀ Dꢀ E\WH
ꢅRQWDLQLQJꢀWKHꢀ6WDWXVꢀELWVꢀGHVꢅULEHGꢀLQꢀ7DEOHꢀꢍꢄꢍꢆꢀ1RWHꢀWKDWꢀRQO\ꢀWKH
ODVWꢀWZRꢀDUHꢀ IUDPHGꢀE\ꢀ2%ꢕꢌꢀWKHꢀ$'ꢃꢑꢇꢑꢀ UHꢅHLYHVꢀGDWDꢀIUDPHGꢀE\
WKHꢀ&6ꢀOLQHꢎꢀQDPHO\ꢀRQO\ꢀWKHꢀILUVWꢀWZRꢀE\WHVꢀRIꢀWKHꢀVHTXHQꢅHꢆꢀ
>8ꢈꢌ@ꢀꢊ6\QWKꢀUHWXUQVꢀWKHꢀQHJDWLYHꢀGLIIHUHQꢅHꢀEHWZHHQꢀWKHꢀꢅXUUHQW
ILOWHUHGꢀVLJQDOꢀDQGꢀWKHꢀꢅXUUHQWꢀUHIHUHQꢅHꢆꢀ,IꢀWKHꢀVLJQDOꢀULVHV
DERYHꢀWKHꢀUHIHUHQꢅHꢀOHYHOꢎꢀWKHꢀGDWDꢀLVꢀWUXQꢅDWHGꢀWRꢀ]HURꢆꢀ7KH
YDOXHꢀUHWXUQHGꢀLVꢀWKHꢀDEVROXWHꢀYDOXHꢀRIꢀWKHꢀGLIIHUHQꢅHꢆ
7KHꢀ2%ꢕꢀOLQHꢀPXVWꢀEHꢀSXOOHGꢀKLJKꢀ ZLWKꢀDꢀUHVLVWRUꢎꢀHꢆJꢆꢀꢉꢆꢉ.ꢀꢐꢊꢀWR
RSHUDWHꢀSURSHUO\ꢎꢀDQGꢀVKRXOGꢀQRWꢀEHꢀORDGHGꢀZLWKꢀH[WHUQDOꢀꢅDSDꢅLWDQꢅH
WRꢀ HQVXUHꢀ Dꢀ ꢅULVSꢀ ULVHWLPHꢆꢀ 7KHꢀGXDOꢄXVHꢀ RIꢀ 2%ꢕꢀ GRHVꢀ QRWꢀ LQWHUIHUH
ZLWKꢀ WKHꢀ QRUPDOꢀ IXQꢅWLRQLQJꢀ RIꢀ WKHꢀ 2%ꢕꢀ LQSXWꢀ OLQHꢎꢀ EXWꢀ DQꢀ H[WHUQDO
ꢅRQWDꢅWꢀꢅORVXUHꢀIURPꢀ2%ꢕꢀWRꢀJURXQGꢀ PD\ꢀSUHYHQWꢀDꢀVODYHꢀ63,ꢀSRUW
IURPꢀUHꢅHLYLQJꢀWKHꢀꢅRUUHꢅWꢀGDWDꢆ
>8ꢈꢍ@ꢀ_6\QWK_ꢀUHWXUQVꢀWKHꢀDEVROXWHꢀYDOXHꢀRIꢀWKHꢀGLIIHUHQꢅHꢀEHWZHHQ
WKHꢀꢅXUUHQWꢀILOWHUHGꢀVLJQDOꢀDQGꢀWKHꢀꢅXUUHQWꢀUHIHUHQꢅHꢎꢀZKHWKHU
DERYHꢀRUꢀEHORZꢀWKHꢀUHIHUHQꢅHꢀOHYHOꢆ
>8ꢈꢎ@ꢀ5HIHUHQꢄHꢀUHWXUQVꢀWKHꢀꢅXUUHQWꢀLQWHUQDOꢀUHIHUHQꢅHꢀYDOXHꢆꢀ7KLV
PD\ꢀEHꢀRIꢀYDOXHꢀDVꢀDꢀIRUPꢀRIꢀXOWUDꢄVORZꢀILOWHUHGꢀVLJQDOꢆ
>8ꢈꢏ@ꢀ',ꢀUHWXUQVꢀWKHꢀYDOXHꢀRIꢀWKHꢀ'HWHꢅWLRQꢀ,QWHJUDWRUꢆ
ꢉꢁꢃꢂ63,ꢂ'$7$ꢂ02'(6ꢂ>8@
>8ꢈꢐ@ꢀ6WDWXVꢀUHWXUQVꢀDꢀVWDWXVꢀE\WHꢀꢅRPSRVHGꢀRIꢀELWVꢀZLWKꢀPHDQLQJV
DVꢀVKRZQꢀLQꢀ7DEOHꢀꢍꢄꢍꢆ
6HWXSꢀ>8ꢆ[@ꢀVSHꢅLILHVꢀWKHꢀW\SHꢀRIꢀGDWDꢀEHLQJꢀRXWSXWꢀE\ꢀWKHꢀ63,ꢀSRUWꢀLQ
0RGHꢀꢉꢆꢀ$OOꢀGDWDꢀUHWXUQHGꢀLVꢀXQVLJQHGꢀꢔꢀELWVꢎꢀXQOHVVꢀPRGHꢀ>3ꢆꢁ@ꢀLV
VHOHꢅWHGꢀLQꢀZKLꢅKꢀꢅDVHꢀꢁꢏꢀELWVꢀDUHꢀWUDQVPLWWHGꢎꢀWKHꢀODVWꢀꢔꢀRIꢀZKLꢅK
DUHꢀ6WDWXVꢀ>8ꢆꢔ@ꢀꢋVHHꢀ6HꢅWLRQꢀꢐꢆꢁꢀDQGꢀ7DEOHꢀꢍꢄꢍ-ꢆ
6HULDOꢀ 63,ꢀGDWDꢀ LVꢀ XSGDWHGꢀDIWHUꢀ HDꢅKꢀ EXUVWꢆꢀ'DWDꢀ LVꢀ RXWSXWꢀDIWHUꢀ D
EXUVWꢀ DQGꢀ DIWHUꢀ WKHꢀ EXUVWꢀ GDWDꢀ LVꢀ IXOO\ꢀ ILOWHUHGꢀ ꢋLIꢀ DQ\ꢀ ILOWHULQJꢀ LV
HQDEOHG-ꢆ
>8ꢈꢁ@ꢀ5DZꢀRXWSXWVꢀGLUHꢅWO\ꢀDꢅTXLUHGꢎꢀXQILOWHUHGꢀGDWDꢎꢀUHJDUGOHVVꢀRI
DQ\ꢀLQWHUQDOꢀILOWHULQJꢀWKDWꢀPLJKWꢀEHꢀHQDEOHGꢆ
ꢀꢃ