Bon Old New Concrete

You might also like

Download as pdf or txt
Download as pdf or txt
You are on page 1of 15

$,&6*(  6WUXFWXUDO (QJLQHHULQJ 'HSW )DFXOW\ RI (QJLQHHULQJ $OH[DQGULD 8QLYHUVLW\

 'HF 

(9$/8$7,21 2) 1(:2/' &21&5(7( %21',1* $*(17 6<67(06 %< 6/$17 6+($5 7(67
6WUXFWXUDO (QJLQHHULQJ 'HSDUWPHQW )DFXOW\ RI (QJLQHHULQJ $OH[DQGULD 8QLYHUVLW\ (J\SW

$GHO (ONXUGL 6KDILN .KRXU\ DQG $ $OL $EGR

$%675$&7 3ODFLQJ IUHVKO\ PL[HG FRQFUHWH DJDLQVW ROG H[LVWLQJ FRQFUHWH LV D SRLQW RI LQWHUHVW LQ UHSDLU DSSOLFDWLRQV DQG FDQ EH VRPHWLPHV D YLWDO LVVXH 8QOHVV JRRG ERQG LV HQVXUHG DW WKH LQWHUIDFH WKH FRQFUHWH VHFWLRQ PD\ EHFRPH LPSURSHU DQG VRPHWLPHV XQVDIH $OWKRXJK ERQG GHSHQGV WR D ODUJH GHJUHH RQ WKH DSSURSULDWH FKRLFH RI WKH XVHG ERQGLQJ DJHQWV WKH VHOHFWLRQ LV JHQHUDOO\ EDVHG RQ SULFH QRW EHKDYLRU RI PDWHULDO 7KLV SDSHU SUHVHQWV DQ H[SHULPHQWDO VWXG\ WR HYDOXDWH WKH EHKDYLRU RI VRPH ORFDOO\ DYDLODEOH PDWHULDOV WKDW DUH XVHG IRU ERQGLQJ IUHVK WR KDUGHQHG FRQFUHWH %RQG VWUHQJWK LV HYDOXDWHG E\ SHUIRUPLQJ VODQW VKHDU WHVW DFFRUGLQJ WR $670 &   7ZHQW\ FDQGLGDWH FRPPHUFLDO PDWHULDOV LQFOXGLQJ HSR[\ UHVLQV VW\UHQH EXWDGLHQH UXEEHU 6%5 SRO\PHU ODWH[ DQG DFU\OLF HPXODWLRQ V\VWHPV WKDW DUH SURGXFHG E\ QLQH ORFDO FRPSDQLHV ZHUH VHOHFWHG $ FHPHQW SDVWH FRQWDLQLQJ HTXDO ZHLJKWV RI FHPHQW DQG ZDWHU ZDV XVHG DV D FRQWURO PDWHULDO 5HVXOWV VXJJHVW WKDW QR DSSUHKHQGHG DGYDQWDJHV H[LVW LQ XVLQJ WKH FRVWO\ ERQGLQJ DJHQWV LQFOXGLQJ PRVW HSR[\ UHVLQV RYHU FRQYHQWLRQDO FHPHQW +RZHYHU HSR[\ UHVLQV DUH LQ JHQHUDO WKH PRVW UHOLDEOH RI DOO RWKHU PDWHULDOV LQ SURYLGLQJ HIIHFWLYH ERQGLQJ RI QHZ WR ROG FRQFUHWH 2WKHU ERQGLQJ V\VWHPV UDWKHU WKDQ HSR[LHV JDYH XQVDWLVIDFWRU\ UHVXOWV HYHQ OHVV WKDQ WKDW DWWDLQHG LQ FRQWURO VSHFLPHQV 7KH DYHUDJH VODQW VKHDU VWUHQJWK RI HSR[\ V\VWHPV ZDV  03D DV FRPSDUHG WR   DQG  03D UHVSHFWLYHO\ IRU 6%5 DFU\OLFV DQG FHPHQW SDVWH 7KH KLJKHVW UHVXOW DWWDLQHG E\ RQH W\SH RI HSR[\ V\VWHP  03D LQGLFDWHV  LPSURYHPHQW ZKLOH DQRWKHU HSR[\ UHVLQ JDYH  03D LPSO\LQJ  UHGXFWLRQ WKDQ FHPHQW SDVWH ,W VHHPV WKDW DGHTXDWH HSR[\ VKRXOG JLYH VDWLVIDFWRU\ VODQW VKHDU VWUHQJWK RI DW OHDVW  03D 8QOHVV WKLV UHVXOW LV FRQILUPHG H[SHULPHQWDOO\ LW LV VWURQJO\ VXJJHVWHG WR XVH D FHPHQW SDVWH RQ WKH ZHWWHG VXUIDFH RI ROG FRQFUHWH EHIRUH SRXULQJ WKH QHZ IUHVK FRQFUHWH 7KLV FDQ OHDG WR JRRG ERQG DW ORZHU FRVW ,W LV DOVR UHFRPPHQGHG WR XVH VODQW VKHDU WHVW UHJXODUO\ WR VFUHHQ HSR[\ UHVLQ FRPSRXQGV IRU SURSHU FRQFUHWH DSSOLFDWLRQ


.H\ZRUGV %RQG )UHVK FRQFUHWH 6ODQW VKHDU WHVW (SR[\ UHVLQV $FU\OLF 6W\UHQH EXWDGLHQH UXEEHU

07

,1752'8&7,21

5HSDLU DQG VWUHQJWKHQLQJ DSSOLFDWLRQV DUH URXWLQH WDVNV LQ EXLOGLQJ FRQVWUXFWLRQ 7KH WUDQVIHU RI LQWHUQDO VWUHVVHV DFURVV WKH ERQG SODQH EHWZHHQ QHZ FRQFUHWH RU UHSDLU PDWHULDO DQG ROG FRQFUHWH LV D FULWLFDO DVSHFW LQ WKH GHVLJQ RI VXFK FRPSRVLWH FRQFUHWH HOHPHQWV 3RRU ERQG PD\ OHDG WR LPSURSHU DQG VRPHWLPHV XQVDIH VHFWLRQ HYHQ LI KLJKVWUHQJWK FRQFUHWH LV XWLOL]HG 7KH GHYHORSPHQW RI ROGWRQHZ FRQFUHWH ERQG LV WKHUHIRUH RI KLJKO\ LPSRUWDQFH ,W LV GHSHQGHQW WR D ODUJH GHJUHH RQ WKH SURSHUWLHV RI WKH ERQGHG OD\HU DQG KRZ LW ZHOO LQWHUDFWV ZLWK ROG FRQFUHWH 7R LQFUHDVH WKLV LQWHUDFWLRQ ERQGLQJ DJHQWV DUH IUHTXHQWO\ XVHG $SSURSULDWH FKRLFH DQG DSSOLFDWLRQ RI ERQGLQJ DJHQW SOD\V D PDMRU UROH RQ WKH GXUDELOLW\ RI UHSDLUHG RU VWUHQJWKHQHG FRQFUHWH HOHPHQWV 6HOHFWLRQ RI DQ HIIHFWLYH ERQGLQJ DJHQW LV RQH RI WKH FULWLFDO VWHSV LQ DFKLHYLQJ D UHOLDEOH UHSDLUHG RU VWUHQJWKHQHG VWUXFWXUH 3HUIRUPDQFH FULWHULRQ LV WKHUHIRUH QHFHVVDU\ DV D UDWLRQDO WRRO IRU VHOHFWLQJ D UHOLDEOH ROGQHZ FRQFUHWH ERQGLQJ PDWHULDO $ ZLGH UDQJH RI YDULHG PDWHULDOV GLIIHULQJ LQ FRVW DQG SHUIRUPDQFH DUH XVHG LQ WKH FRQVWUXFWLRQ LQGXVWU\ IRU FRQFUHWH UHSDLU 7KHVH LQFOXGH FHPHQWLWLRXV PDWHULDOV DQG SRO\PHU DGKHVLYHV ,Q IDFW DYDLODEOH FRPPHUFLDO ERQGLQJ DJHQWV DUH FRQWLQXRXVO\ XQGHU GHYHORSPHQW %\ WKH WLPH WKLV VWXG\ KDV EHHQ FRPSOHWHG PDWHULDOV KDYH DOUHDG\ EHHQ FKDQJHG DQG RWKHU PDWHULDOV KDYH EHHQ LQWURGXFHG +RZHYHU WKH IRXU PDLQ FDWHJRULHV RI PDWHULDOV DUH SUHVHQWHG EHORZ
 

&HPHQW 3DVWH DQG 0RUWDU

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


3RO\HVWHU $GKHVLYHV

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

07

UHODWLYHO\ KLJK VKULQNDJH ZKLOH FXULQJ SRO\HVWHUV KDYH IRXQG RQO\ OLPLWHG XVH DV DGKHVLYHV 


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
 

3RO\PHU /DWH[ $GKHVLYHV

)$&7256 $))(&7,1* 2/'1(: &21&5(7( %21'

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
      

07

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
 R  

%RQG 7HVW 0HWKRGV

07

5(6($5&+ 6,*1,),&$1&(

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
      R   R



07

ERQG VWUHQJWK RI UHSDLU PDWHULDOV WR WKH FRQFUHWH VXEVWUDWH E\ SHUIRUPLQJ VODQW VKHDU WHVW %DVHG RQ WKHLU UHVXOWV IRU VSHFLPHQV XQGHU ERWK VWDWLF DQG IDWLJXH ORDGV VODQW VKHDU WHVW KDV EHHQ UHFRJQL]HG DV D UHOLDEOH DQG VXLWDEOH DSSURDFK ,Q DGGLWLRQ WKH PRGH RI IDLOXUH REVHUYHG ZKLOH WHVWLQJ WKH VODQW VKHDU VSHFLPHQV LV D JRRG LQGLFDWLRQ IRU DFKLHYHG ERQGLQJ OHYHO $FFRUGLQJ WR 7DERU  WKH PRGH RI IDLOXUH RI WKH FRPSRVLWH VODQW VKHDU VSHFLPHQ PLJKW EH LQWHUSUHWHG DV IROORZV   'LDJRQDO IDLOXUH DW WKH ERQGLQJ MRLQW EHWZHHQ UHSDLU PDWHULDO DQG ROG FRQFUHWH DW D ORZHU ORDG WKDQ WKH FRQWURO VSHFLPHQ ZLWK QR FRQFUHWH IDLOXUH LQGLFDWHV SRRU ERQG  'LDJRQDO IDLOXUH DW WKH MRLQW DW D ORDG OLWWOH ORZHU WKDQ WKH FRQWURO ZLWK OLWWOH RU QR FRQFUHWH IDLOXUH LQGLFDWHV IDLUO\ JRRG ERQG DOWKRXJK WKH UHSDLU LV QRW  VXFFHVVIXO  'LDJRQDO IDLOXUH LQ WKH FRQFUHWH SDUDOOHO WR WKH MRLQW EXW DERXW  PP DZD\ IURP LW DW D IDLOXUH ORDG FRPSDUDEOH WR WKH FRQWURO LQGLFDWHV H[FHOOHQW ERQG DQG D VXFFHVVIXO UHSDLU  'RXEOHS\UDPLG IDLOXUH RI WKH VDPH W\SH DV RFFXUV LQ FRQWURO VSHFLPHQV IDLOXUH ORDG PD\ EH HTXDO WR RU VXSHULRU WR WKDW RI FRQWURO LQGLFDWHV D PRVW VXFFHVVIXO UHSDLU LQ ZKLFK PRQROLWKLF SHUIRUPDQFH KDV EHHQ DFKLHYHG EHWZHHQ UHSDLU PDWHULDO DQG SDUHQW FRQFUHWH %DVHG RQ WKH SURFHHGLQJ VHFWLRQ LW LV FOHDU WKDW QXPHURXV UHVHDUFKHUV DJUHHG DERXW WKH DGHTXDF\ RI VODQW VKHDU WHVW WR HYDOXDWH WKH HIILFLHQF\ RI ERQGLQJ DGKHVLYHV LQ LPSURYLQJ WKH ERQG EHWZHHQ UHSDLU PDWHULDO DQG ROG FRQFUHWH


(;3(5,0(17$/ 352*5$0

7KH ERQG VWUHQJWK ZDV H[SHULPHQWDOO\ HYDOXDWHG E\ SHUIRUPLQJ WKH VODQW VKHDU WHVW LQ DFFRUGDQFH ZLWK $670 &   7HVWV ZHUH SHUIRUPHG DW WKH PDWHULDO ODERUDWRU\ LQ WKH )DFXOW\ RI (QJLQHHULQJ $OH[DQGULD 8QLYHUVLW\ GXULQJ WKH PRQWKV IURP -DQXDU\ WR 0D\ 


0DWHULDOV DQG 0L[ 3URSRUWLRQV

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




07

7DEOH  /LVW RI  PDWHULDOV H[DPLQHG WKURXJKRXW WKH VWXG\ ZLWK PDQXIDFWXUHV FRPSDQLHV

1R

&KHPLFDO &RPSDQ\

 &RPSDQ\ $

&RPSDQ\ *

0DWHULDOV XVHG DQG VRPH LQIRUPDWLRQ IURP WHFKQLFDO GDWD VKHHW &RGHG 'HVFULSWLRQ 6RPH ,QIRUPDWLRQ 1DPH 3RW OLIH  KUV #  &  KUV #  & 0DWHULDO 7ZR&RPSRQHQW 0D[ RYHUOD\ WLPH  KUV #  & ;$ (SR[\ 5HVLQ  KUV #  & 6SHFLILF JUDYLW\  &RPS 6WU  1PP 0DWHULDO 7ZR&RPSRQHQW 0D[ RYHUOD\ WLPH  KU #  & 6SHFLILF JUDYLW\  ;* (SR[\ 5HVLQ 0DWHULDO 6W\UHQH %XWDGLHQH 6LQJOH FRPSRQHQW 6* 5XEEHU (PXOVLRQ 6SHFLILF JUDYLW\ 
R R R R  R

&RPSDQ\ (

0DWHULDO ;( 0DWHULDO 6(

7ZR&RPSRQHQW (SR[\ 5HVLQ


D

3RW OLIH

&RPSDQ\ )

7ZR&RPSRQHQW 0DWHULDO (SR[\ 5HVLQ ;) FRQWDLQV SLJPHQWV DQG ILQH ILOOHUV


D

&DUER[\ODWHG %XWDGLHQH 6W\UHQH &RSRO\PHU /DWH[


F

0DWHULDO 5) 0DWHULDO 6) 0DWHULDO ;' 0DWHULDO 5'

 &RPSDQ\ '

7KUHH&RPSRQHQW 1RUPDO 6HW (SR[\ %RQGLQJ $JHQW EDVH UHVLQ UHDFWRU  ILOOHU 0RGLILHG $FU\OLF 6LQJOH FRPSRQHQW 5HVLQV (PXOVLRQ &RORU 0LON\ ZKLWH OLTXLG
R R D

0RGLILHG 6W\UHQH %XWDGLHQH 5XEEHU (PXOVLRQ


I

0RGLILHG $FU\OLF (PXOVLRQ


H I

 KUV #  &    KUV #  & &RORU *UH\ OLTXLG PL[HG PDWHULDOV 6SHFLILF JUDYLW\  &RPS 6WU  1PP $670 & 6LQJOH FRPSRQHQW &RORU 0LON\ ZKLWH OLTXLG 6SHFLILF JUDYLW\  &RPS 6WU  1PP ZLWK PRUWDU 3RW OLIH   PLQ #  & 0D[ RYHUOD\ WLPH  PLQ #  &  PLQ #  & &RPS 6WU  1PP %6   6LQJOH OLTXLG FRPSRQHQW &RPS 6WU  1PP %6   ZLWK PRUWDU 6LQJOH FRPSRQHQW &RORU :KLWH OLTXLG &RPS 6WU  1PP %6   ZLWK PRUWDU 3RW OLIH  PLQ #  &  PLQ #  & 0D[ RYHUOD\ WLPH #  KUV  & #  KUV  &
R R   R R R    R R

07

7DEOH  FRQWLQXHG  /LVW RI  PDWHULDOV H[DPLQHG ZLWK WKHLU PDQXIDFWXUHV FRPSDQLHV

1R

&KHPLFDO &RPSDQ\

 &RPSDQ\ +

&RPSDQ\ %

&RPSDQ\ &

 &RPSDQ\ .

$FFRUGLQJ WR WHFKQLFDO GDWD VKHHW PDWHULDOV FRPSOLHV ZLWK WKH UHTXLUHPHQWV RI $670 & 7\SH ,, *UDGH  &ODVV % DQG & $670 &  $670 &  $6700 & $ $67070 &  %6 
D E F G H I

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
R R  R R I  I I  R R R R D  E E R 

07

6LHYHV

7DEOH  5HTXLUHPHQWV RI VWDQGDUG JUDGHG VDQG DFFRUGLQJ WR $670 & D



$FFRUGLQJ WR 'DYLG HW DO  EDVHG RQ VSOLWWLQJ SULVP WHVWV D PLQLPXP QXPEHU RI IRXU VSHFLPHQV IRU HDFK UHSDLU PDWHULDO ZDV UHFRPPHQGHG LQ RUGHU WR JHW D UHOLDEOH HVWLPDWH RI WKH PHDQ VSOLW SULVP VWUHQJWK 7KH DGHTXDWH VL]H RI VDPSOH Q PD\ EH GHWHUPLQHG E\ WKH IROORZLQJ H[SUHVVLRQ DVVXPLQJ WKDW WKH GDWD DUH QRUPDOO\ GLVWULEXWHG


6SHFLILHG 1XPEHU RI 6SHFLPHQV

 PP 1R   P 1R   P 1R   P 1R   P 1R 

5HTXLUHPHQW RI JUDGLQJ 6HOHFWHG UHWDLQHG ZHLJKW *UDGLQJ RI XVHG GLVWULEXWLRQ SDVVLQJ JP IRU HYHU\  JP VDQG SDVVLQJ     WR     WR     WR     WR   

ZKHUH

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


Q t ^= [ 9( `

6SHFLPHQV 3UHSDUDWLRQ DQG 7HVW 0HWKRG

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
R R

07

P
P P    

)LJ  7KH GXPP\ VHFWLRQ XVHG IRU FDVWLQJ KDOI F\OLQGHU

 PP

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
  

)LJ  7ZR YLHZV IRU RQH KDOIPRUWDU F\OLQGHU

 PP

 

P

07

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

7(67 5(68/76 $1' ',6&866,21

)LJ  &RPSRVLWH F\OLQGHU EHIRUH DQG DIWHU WHVWLQJ LQ FRPSUHVVLRQ

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
   

07

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
&

7DEOH  6XPPDU\ RI WHVW UHVXOWV

)DLOXUH 0RGHV

FRQFUHWH IDLOXUH %

GLVWLQFW ERQG SODQH IDLOXUH DQG $

ERWK W\SHV RI IDLOXUH

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

07

&RPSDUDWLYH %HKDYLRU

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
           6( 6% 6& 6* 6) 6+ 6%5 0DWHULDOV 6. 5' 5& 5) 5% $FU\OLF 0DWHULDOV  &HPHQW 3DVWH     %RQGLQJ 0DWHULDOV  

6ODQW 6KHDU 6WUHQJWK 03D





 







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

)LJ  5HVXOWV RI VODQW VKHDU WHVW IRU *URXSV 6 DQG 5

07

            



6ODQW 6KHDU 6WUHQJWK 03D









(SR[\ 0DWHULDOV  &HPHQW 3DVWH   





;$

;%

;&

;'

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


&21&/86,216

)LJ  5HVXOWV RI VODQW VKHDU WHVW IRU *URXS ;

(SR[\ 0DWHULDOV

;(

;)

;*

;+

;,

07

$&.12:/('*(0(17 7KH DXWKRUV ZRXOG OLNH WR WKDQN DOO FKHPLFDO FRPSDQLHV PHQWLRQHG LQ WKH SDSHU IRU VXSSO\LQJ WKH ERQGLQJ PDWHULDOV XVHG WKURXJKRXW WKLV SURJUDP *UHDW WKDQNV DUH DOVR JLYHQ WR WKH ODERUDWRU\V JURXS RI 0LVU 5HPRQG /DERUDWRU\ LQ $OH[DQGULD IRU WKHLU DVVLVWDQFH LQ WKH SUHSDUDWLRQ RI VWDQGDUG JUDGHG VDQG

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

You might also like