DZS@DK NC\CXDWDRDK \DBD ‖RK.

EZ―

BCKGDK JFOZC AXDNRSX NFDQINSFD

BCPRXD,

BI XSDKG CX HIEJ @OZ\IRDF

NSRD RDKGGDF 4< ONROHCX

8<49

Ibcktitds \dsick
 Kded = Rk.EZ
 Ko XE = 820432
Seur =:7 R d`uk
Mckis Ncfdeik = Fdni-fdni
\cncrmddk = Zwdstd
Dgded = N ristck
Rdkggdf Edsun XZ =4< Ontohcr
8<49 Mde Ncbdtdkgdk = 88.21 Witd
Mde \ckgndmidk = 88.21 Witd
Dfdsdk Edsun= \dsick bdtdkg nc Cecrgckjy Xooe HIEJ @ospitdf pdbd
tdkggdf 4< Ontohcr 8<49 punuf 88.21 Witd bckgdk bidktdr dehufdks.
\dsick eckgcfu` kycri pdbd nfdvinufd ndkdk sctcfd` tcrmdtu` eckgckbdrdi
eotor ndrckd mdfdk ydkg fijik dnihdt pdsir bi mdfdk. Bi CX
bifdnundk
 pcecrinsddk tdkbd-tdkbd vitdf yditu RB= 442/1: ee@g, K= 09
x/eckit, XX= 8< x/eckit, Z= :1,4 oJ bdk bihcrindk tcrdpi ohdt IQAB XF
NQO bdk
\rdkzd (\dktoprdzofc) 2< eg (IQ).

Ikitidf Zurvcy
D( dfcrtkcss) =+
Q ( vcrhdf) =-
\ (p dik) =-
S ( ukrcspoks) =-
Zurvcy \riecr bdk Xcsusitdsi

D. DIXWDY BDK NOKRXOF ZCXQINDF

4. Ncdbddk Mdfdk Kdads
Rikgndt Ncsdbdrdk = Joepos Ecktis
\crkdadsdk = R crdtur  
Spdyd H crkdads =-

c b d ds i k g bi
Hu k y i K d a d s t = Ribdn dbd
m dfd k K dads
d e h d ` dk
@cehusdk K dads =D
8. Edsdfd` Ncpcrdwdtdk bd
-
:. Iktcrvcksi / Iepfcecktdsi
-
2. Cvdfudsi
-
H. HXCDR@IKG
4. Aukgsi \crkdadsdk
Mckis \crkdadsdk = Cupkcd (pofd kdads
tcrdtur) Arcnwcksi \crkdadsdk = 8< x/eckit
Xctrdnsi Otot Hdktu Kdads = Ribdn dbd
Ncfdikdk Bikgbikg R`ordns = Ziectris, pcreunddk (-), mcmds (-), trdued (-)
Hukyi Kdads = Qcsinufcr  
@cehusdk Kdads = Dbd
8. Edsdfd` Ncpcrdwdtdk
-
:. Iktcrvcksi / Iepfcecktdsi
-
2. Cvdfudsi
-
J. JIXJSFDRIOK
4. Ncdbddk sirnufdsi
Rikgndt Ncsdbdrdk = Joepos Ecktis
\crbdrd`dk (iktcrkdf/cnstcrkdf)= Rcrbdpdt fund fcjct pdbd futut ndkdk bdk

n n i ndkdk
 Kdbi Xdbidf/jdrotis = Rc rd h d
Dnrdf \ criacr = @ dkgdt
Ndpifdri X caiff = 6 8 b ctin  
\ufsc = K oredf , 0 9x/eckit
Hfoob \rcdsurc = 442/1: e ee@g
 Kycri = \dsick eckgdtdndk kycri pdbd hd`u ndkdk
ndrckd ardntur nfdvinufd bcnstrd.
8. Edsdfd` Ncpcrdwdtdk =
 Kycri dnut
:. Iktcrvcksi / Iepfcecktdsi =
- Eokitorikg vitdf sigk
- Ibcktiaindsi fondsi, ndrdntcristin, burdsi, arcnucksi, nudfitds,

iktcksitds kycri
 - Ibcktiaindsi sndfd kycri
- Hcrindk tcnkin kok adrednofogis uktun eckgurdkgi rdsd kycri
- Hcrindk dkdfgctin mind pcrfu
2. Cvdfudsi =
Z = \dsick eckgdtdndk sdkgdt kycri sddt hd`u ndkdkkyd bigcrdnndk
O = \dsick tdepdn ecrikgis bdk eckd`dk sdnit, tdepdn hckgndn pdbd
 hd`u ndkdk pdsick, tdepdn fund pdbd futut bdk ndni ndkdk
pdsick D = Kycri dnut
\ = Fdkmutndk iktcrvcksi bckgdk ecepcrtd`dkndk ieohifisdsi pdbd hd`u
ndkdk pdsick, dmdrndk tcnkin rcfdnsdsi kdads bdfde bdk bistrdnsi.

B. BIZDHIFIRY
4. \cecrinsddk Kcurofogis
GJZ = C 2 Q 3 E1
Xcafcx Aisiofogis =
+ Xcafcx \dtofogis = -
Ncnudtdk Otot =
8. Edsdfd` Ncpcrdwdtdk ::: 333
@dehdtdk eohifitds aisin hcr`uhukgdk bckgdk progrde pcehdtdsdk gcrdn 
333 333
bdk kycri pdbd ardgeck tufdkg (ardntur)
:. Iktcrvcksi/Iepfcecktdsi
- Eokitorikg vitdf sigk
- Ndmi ncedepudk pdsick bdfde eohifisdsi
- Hdktu pcku`i nchutu`dk DBFs pdsick
2. Cvdfudsi
Z= -.
O= \dsick tdepdn gcfisd` bdk subd` hisd ecfdnundk DBF schdgidk
D= @dehdtdk eohifitds aisin 
\= Fdkmutndk iktcrvcksi pdsick bckgdk ecepcrtd`dkndk pcrgcrdndk hd`u
ndkdk pdsick

C. CP\OZSXC
Rcrbdpdt jfosc ardntur pdbd nfdvinufd bcxtrd, bdk tcrbdpdt fund fcjct
pdbd futut ndkdk bdk ndni ndkdk pdsick. Ncdbddk ceosiokdf pdsick
tdepdn ecrikgis bdk gcfisd`

\ckgndmidk Zcnukbcr / Zurvcy Zcnukbcr

4. Xiwdydt Ncsc`dtdk
d. Ncfu`dk Stded
\dsick eckgcfu` kycri pdbd hd`u ndkdk

 h. Xiwdydt Ncsc`dtdk Bd`ufu =

 \dsick eckgdtdndk schcfuekyd tibdn pcrkd` bi rdwdt bi
XZ schcfuekyd, bdk pdsick eckgdtdndk tibdn eceifini dfcrgi
tcr`dbdp edndkdk edupuk eikuedk, pdsick eckgdtdndk hd`wd
id pcrtded ndfikyd eckgdfdei ncjcfdnddk scpcrti scndrdkg iki. \dsick
eckgdtdndk tibdn eceifini riwdydt BE, `ipcrtcksi,pckydnit mdktukg,
dsed, bff
j. Xiwdydt Ncsc`dtdk Zcndrdkg =
\dsick bdtdkg nc Cecrgckjy Xooe HIEJ @ospitdf pdbd tdkggdf 4<
Ontohcr 8<49 punuf 88.21 Witd bckgdk bidktdr dehufdks.
\dsick eckgcfu` kycri pdbd nfdvinufd ndkdk sctcfd` tcrmdtu`
eckgckbdrdi eotor ndrckd mdfdk ydkg fijik dnihdt pdsir bi mdfdk.
\dsick eckgdtdndk kycrikyd birdsdndk scpcrti bitusun tusun, pdsick
eckgdtdndk kycrikyd
 pdbd tdkgdk nirikyd bdk tibdn eckmdfdr bckgdk sndfd kycri 3 (4-4<),
 pdsick eckgdtdndk kycrikyd tcrdsd tcrus eckcrus bdk scednik
 hcrtdehd` sddt hd`u ndkdkkyd bigcrdnndk. \dsick mugd eckgdtdndk

tdnut eckggcrdnndk hd`u ndkdkdkkyd ndrckd pdtd` tufdkg ydkg

bidfdeikyd bdk tcrdsd kycri sddt bigcrdnndk. \dsick tdepdn ecrikgis
bdk tdepdn eckd`dk sdnitkyd. Bdri fdsif pcecrinsddk P-rdy
binctd`ui
 pdsick eckgdfdei jfosc ardntur nfdvinufd bcnstrd.
b. Xiwdydt Ncsc`dtdk Ncfudrgd
Ncfudrgd pdsick eckgdtdndk bi bdfde ncfudrgdkyd tibdn dbd ydkg
eckbcritd pckydnit ncturukdk scpcrti BE, @ipcrtcksi, mdktukg bdk
 pckydnit eckufdr scpcrti RHJ, @IQ/DIBZ, bdk @cpdtitis.
8. Xiwdydt bdk Ecndkisec Rrdued
\dsick eckgdtdndk kycri pdbd hd`u ndkdkkyd sctcfd` eckgdfdei

ncjcfdnddk tcrmdtu` sddt eckgckbdrdi eotor dnihdt mdfdk fijik ndrckd pdsir.
Nceubidk pdsick eckcfcpok dehufdks bdk nceubidk pdsick fdkgsukg
birumun nc CX HIEJ @ospitdf Nutd pdbd punuf 88.21 Witd (4<
Ontohcr 8<49). Zctcfd` bifdnufdndk pcecrinsddk P-rdy binctd`ui pdsick
eckgdfdei jfosc ardntur nfdvinufd bcnstrd.
:. \cecrinsddk Aisin (@cdb to Roc)
d. Ncpdfd
Nufit N cpdfd =
Hcktun ncpdfd koreojcp`dfij, rdehut `itde, pckychdrdk rdehut
ecrdtd, nufit ncpdfd hcrsi`, uhuk-uhuk eckutup.
Edtd =
 Edtd fckgndp bdk siectris dktdrd ndkdk bdk niri, tibdn tcrbdpdt cbced
 pdbd pdfpchrd, nokmukgtivd tibdn dkceis, snfcrd tibdn intcrin.

Rcfikgd =

\osisi bduk tcfikgd siectris, tibdn dbd fcsi, tibdn dbd scrueck ,
tibdn dbd pckgcfudrdk bdrd` dtdu jdirdk, jdkdfis hcrsi`, pckbckgdrdk
hdin,
tibdn ecedndi dfdt hdktu pckbckgdrdk.
@ibukg =
Rufdkg `ibukg siectris ndkdk bdk niri, posisi scptue kdsi tcgdn bi
tckgd`, eunosd `ibukg fcehdh, tibdn bitceundk dbdkyd suehdtdk,
tibdn dbd pcrkdadsdk jupikg `ibukg.
Eufut bdk Gigi =
Gigi hcrsi`, ndrics gigi (-), pcrdbdkgdk (-), pdbd pcecrinsddk hihir,
Ncdbddk gusi bdk gigi hcrsi`, fibd` hcrsi` bdk pdbd oroadrikg tibdn 
tcrbdpdt pcrdbdkgdk bdk pcehcsdrdk toksif.
Wdmd` =
Ztruntur wdmd` siectris bdk fckgndp, wdrkd nufit puti`, tibdn intcrin 
bdk sidkosis
Fc`cr =
\dbd fc`cr posisi trdn`cd hcrdbd bi tckgd`, siectris bdk tibdn dbd
 pckyiepdkgdk. Riroib tibdn dbd pcehcsdrdk. \dsick bdpdt
hcrhijdrd, vckd mugufdris tibdn eckgdfdei pcehcsdrdk bdk bckyut
kdbi ndrotis tcrdhd.
 h. Bdbd/t`ordns
- \dru-pdru
Ikspcnsi =Ziectris ndkdk bdk niri, tibdn dbd ncfdikdk

 hcktun, tibdn tcrbdpdt mcmds, tibdn tcrbdpdt pckggukddk dfdt hdktu

 pcrkdadsdk.Irded pcrkdadsdk koredf bckgdk arcnucksi 40 x/eckit.
\dfpdsi =Ziectris, Ribdn dbd kycri tcndk, rctrdnsi
bikgbikg bdbd (-)
\crnusi =Zokor  
Dusnuftdsi = Rcrbckgdr hukyi kdads vcsinufcr 
- Mdktukg
Ikspcnsi = Ijtus jorbis tibdn tdepdn  
\dfpdsi = Ijtus jorbis tcrdhd
\crnusi = X cbup
Dusnuftdsi = Z4 Fup, Z8 Bup, tibdn dbd sudrd tdehd`dk.
j. Dhboeck
Ikspcnsi =Hcktun dhboeck bdtdr, tibdn dbd hckmofdk,
  tibdn tdepdn dbdkyd trdued.
\dfpdsi = Kycri tcndk tibdn dbd, hckmofdk dtdu
edssd tibdn dbd, tdkbd dsjitcs tibdn dbd
\crnusi = R iepdki
Dusnuftdsi = Hisikg usus (4< x/eckit)
b. \cfvis
Ikspcnsi = Ziectris, tibdn dbd hckmofdk
\dfpdsi = R ibdn d bd k ycri t cndk
c. \crikcue bdk Xcntue =Ribdn tcrndmi
a. Gckctdfid =Ribdn tcrpdsdkg ndtctcr  
g. Cnstrceitds Dtds =
Ztdtus Zirnufdsi = Kdbi rdbidfis tcrdhd 09 x/eckit, JXR 68
bctin, dnrdf `dkgdt
Ncdbddk Ikmury = Rcrbdpdt jfosc ardntur nfdvinufd bcnstrd
`. Kcurofogis
Aukgsi Zcksorin = Hdin  
Aukgsi Eotorin = Hdin  
2. @dsif Fdhordtoriue = Ribdn dbd
3. @dsif \cecrinsddk Bidgkostin 
d. \cecrinsddk P-rdy pdbd tdkggdf 4< Ontohcr 8<49
Rdepdn gdehdrdk joepfctc ardjturc oa rig`t jfdvijfc,
bispfdjcb 1. Rcrdpi Bontcr 
- IQAB XF 8< tpe ( IQ)
- \rdkzd (\dktoprdzofc) 2< eg (IQ)

DKDFIZIZ BDRD

Bdtd ao jus Dkdfisis Edsdfd`

BZ=  \dsick eckgdtdndk ecrdsd Rrdued fdkgsukg Kycri dnut

kycri pdbd hd`u ndkdk
BO = Ardntur
\= Kycri dnihdt ardntur nfdvinufd
sikistrd \crgcrscrdk ardgeck
tufdkg
T= Kycri scpcrti tcrtusun-
tusun X= \dbd bdcrd` nfdvinufd
sikistrd Z = Zndfd kycri 2 Kycri dnut
R = @ifdkg
tiehuf BO=
- \dsi
ck eckgdfdei jfosc ardntur
nfdvinufd bcnstrd
- \dsi
ck tdepdn ecrikgis sddt
eckggcrdnndk hd`ukyd.

BZ = Rrdued fdkgsukg Gdkggudk

- \dsi
eohifitds aisin 
ck eckgdtdndk tuhu` tcrdsd
Ardntur 
fceds
- \dsi
ck eckgdtdndk ncsufitdk Bisnoktikuitds tufdkg

eckggcrdnndk hd`u hdgidk

ndkdkkyd \cruhd`dk mdrikgdk
BO = scnitdr 
- \dsi
ck eckgdfdei jfosc ardntur \crgcscrdk ardgeck tufdkg

nfdvinufd bcnstrd
- Bcaoreitds
\dsi
ck tdepdn ncsufitdk
eckgdkgndt hd`u Gdkggudk eohifitds
aisin 
bdk cnstrceitds dtds

- Ncnudtdk otot

:::
  333

333
333

BIDGKOZD NC\CXDWDRDK BDK \XIOXIRDZ EDZDFD@

4. Kycri dnut hcr`uhukgdk bckgdk dgck pckjcbcrd aisin (trdued)
bitdkbdi bckgdk  pdsick eckgdtdndk ecrdsd kycri pdbd hd`u ndkdk,
kycri dnihdt
 ardntur nfdvinufd bcnstrd, nudfitds kycri scpcrti tcrtusun-tusun, pdbd
bdcrd` nfdvinufd bcnstrd, sndfd kycri 2, kycri `ifdkg tiehuf, pdsick
eckgdfdei jfosc ardntur nfdvinufd bcnstrd, pdsick tdepdn ecrikgis sddt
eckggcrdnndk
 hd`ukyd.
8. Gdkggudk eohifitds aisin hcr`uhukgdk bckgdk gdkggudk
eusnufosncfctdf bitdkbdi bckgdk pdsick eckgdtdndk tuhu` tcrdsd fceds,
pdsick eckgdtdndk ncsufitdk eckggcrdnndk hd`u hdgidk ndkdkkyd,
pdsick eckgdfdei jfosc ardntur nfdvinufd bcnstrd, pdsick tdepdn
ncsufitdk eckgdkgndt hd`u bdk cnstrceitds
::: 333 dtds, ncnudtdk otot

333 333

\CXCKJDKDDK  hcrufdkg eckuruk

Bidgkosd Rumudk bdk

Ko Nritcrid @dsif
Ncpcrdwdtdk
(ZFNI)
(ZBNI)
Zctcfd` bifdnundk dsu`dk
4 Kycri Dnut ncpcrdwdtdk scfded 4 x
8
\ckychdh =  mde bi`drdpndk kycri
 Dgck pckjcbcrd dnut hcrnurdkg bckgdk
aisiofogis ( eis = nritcrid `dsif =
ikafdedsi, isnceid, Rikgndt Kycri
kcopfdsed)  Ncfu`dk
 Dgck pckjcbcrd kycri
nieidwi (eis = eckuruk
tcrhdndr, hd`dk  Ecrikgis
nieid iritdk) eckuruk
 Dgck pckjcbcrd  Zindp protcntia
aisin (eis = dhscs, eckuruk
deputdsi, tcrhdndr,  Gcfisd` eckuruk
tcrpotokg,  Ncsufitdk tibur
eckgdkgndt hcrdt, eckuruk
 proscbur opcrdsi,  Eckdrin biri
trdued, fdti`dk eckuruk
aisin hcrfchi`dk)  Hcraonus pdbd
biri sckbiri
Gcmdfd bdk Rdkbd eckuruk
Edyor  Bidaorcsis
 Eckgcfu` kycri
eckuruk
 Rdepdn ecrikgis
 \crdsddk bcprcsi
 Hcrsindp protcntia (tcrtcndk)
(eis = wdspdbd, eckuruk
 posisi  \crdsddk tdnut

eckg`ikbdri eckgdfdei jibcrd

 Iktcrvcksi

(ZINI)
Edkdmceck Kycri
Ohscrvdsi
 Ibcktiaindsi fondsi,
ndrdntcristin, burdsi,
arcnucksi, nudfitds, iktcksitds
kycri
 Ibcktiaindsi sndfd kycri
 Ibcktiaindsi rcspok kycri
kok vcrhdf
 Ibcktiaindsi adntor ydkg
ecepcrhcrdt
bdk ecepcrikgdk kycri
 Ibcktiaindsi
 pckgctd`udk bdk ncydnikdk
tcktdkg kycri
 Ibcktiaindsi pckgdru`
 hubdyd tcr`dbdp rcpsok
kycri
 Ibcktiaindsi pckgdru` kycri
tcr`dbdp nudfitds
`ibup
 Eokitor nchcr`dsifdk tcrdpi

noepfcecktcr
 kycri)  Dkorcnsid ydkg subd` bihcrindk
 Gcfisd` eckuruk  Eokitor cacn sdepikg
 Arcnucksi  Arcnucksi  pckggukddk dkdfgctin 
kdbi kdbi ecehdin 
eckikgndt  \ofd kdads Rcrdpcutin 
 Zufit tibur  ecehdin   Hcrindk tcnkin kok
 adrednofogis uktun
Gcmdfd bdk tdkbd Reccnedkhdkin eckgurdkgi rdsd kycri
Eikor b  drd` (eis = RCKZ,
 Rcndkdk `ypkosis,
 \roscs hcrpinir
bdrd` ecehdin  dnuprcsurc, tcrdpi
eckikgndt  Aonus ecehdin 
eusij,
 \ofd kdads hcruhd`  hioaccbhdjn, tcrdpi
 Aukgsi
  Kdasu edndk  pimdt, droedtcrdpi,
hcrncei`
 hcruhd` tcnkin iedmikdsi
ecehdin 
 \roscs hcrainir tcrhiehikg, noeprcs
 \crifdnu ecehdin 
tcrgdkggu `dkgdt dtdu
  Kdasu edndk
 Eckdrin biri bikgik, tcrdpi
ecehdin 
 Hcraonus pdbd
hcredik)
 \ofd tibur
 Noktrof fikgnukgk
biri sckbiri ecehdin 
 Bidaorcsis
ydkg ecepcrhcrdt
rdsd kycri (eis = su`u
rudkgdk,
 pckjd`dyddk,
nchisikgdk)
 Adsifitdsi istird`dt bdk
tibur 
 \crtiehdkgndk
mckis bdk suehcr
kycri bdfde
pcecfi`drddk
strdtcgi ecrcbdndk
kycri

 Cbundsi
 Mcfdsndk pckychdh,

  p cr i o bc, bdk pceiju

k y cr i
 Mcfdsndk strdtcgi
ecrcbdndk kycri
 Dkmurndk
eceokitor kycri
scjdrd edkbiri
 Dkmurndk
eckggukdndk
dkdfgctin scjdrd tcpdt
 Dmdrndk tcnkin
kokadredndofogis
uktun eckgurdkgi
rdsd kycri
 Nofdhordsi
 Ecehcrindk dkdfgctin 
 mind pcrfu

\cehcridk Dkdfgctin 
Ohscrvdsi
 Ibcktiaindsi
ndrdntcristin kycri
(eis= pckjctus,
\crcbd, nudfitds,
fondsi, iktcksitds,
arcnucksi, burdsi)
 Ibcktiaindsi riwdydt
dfcrgi ohdt
 Ibcktiaindsi
ncscsudidk mckis
dkdfgctin (eis=
kdrnotind, kok
kdrnotin dtdu KZDIB)
bckgdk tikgndt
ncpdrd`dk kycri
 Eokitor tdkbd-tdkbd
vitdf schcfue bdk
scsubd` pcehcridk
dkdfgctin 
 Eokitor
cacntivitds
dkdfgctin 

Rcrdpcutin 
 Bisnusindk mckis
dkdfgctin ydkg bisundi
uktun eckjdpdi
dkdfgcsidf optiedf,
 mind pcrfu
 \crtiehdkgndk
 pckggukddk ikaus
joktikuc, dtdu hofus
opfoib uktun
ecepcrtd`dkndk
ndbdr bdfde scrue
 Rctdpndk tdrgct
cacntiaitds dkdfgctin
uktun
eckgoptiedfdndk
rcspok pdsick
 Bonuecktdsindk
rcspok tcr`dbdp cacn
 dkdfgctin bdk cacn
ydkg tibdn biikgikndk

 Cbundsi
 Mcfdsndk cacn tcrdpi
bdk cacn sdepikg
ohdt

 Nofdhordsi
 Nofdhordsi pcehcridk
bosis bdk dkdfgctin,
scsudi ikbindsi
8 Gdkggudk Zctcfd` bihcrindk Bunukgdk Dehufdsi
Eohifitds Aisin  dsu`dk ncpcrdwdtdk Ohscrvdsi
scfded … x  Ibcktiaindsi dbdkyd
… mde, kycri dtdu ncfu`dk
\ bi`drdpndk edsdfd`
ckychdh aisin fdikkyd
gdkggudk  Ibcktiaindsi tofcrdksi
 Ncrusdndk
eohifitds aisin aisin ecfdnundk
iktcgritds struntur
tcrdtdsi bckgdk nritcrid dehufdsi
tufdkg
`dsif=  Eokitor arcnucksi
 \cruhd`dk
Eohifitds Aisin   mdktukg bdk tcndkdk
ectdhofise
 \crgcrdndk bdrd` schcfue
 Nctibdnhugdrdk cnstrceitds
aisin  eceufdi dehufdsi
eckikgndt  Eokitor nokbisi
 \ckurukdk nckbdfi
 Ncnudtdk otot ueue scfded
otor 
eckikgndt ecfdnundk dehufdsi
 \ckurukdk edssd
 Xcktdkg gcrdn 
otot
(XOE) eckikgndt Rcrdpcutin 
 \ckurukdk
  Kycri eckuruk  Adsifitdsi dntivitds
ncnudtdk
 Ncjcedsdk dehufdsi bckgdk
otot
eckuruk dfdt
 Nctcrfdehdtdk
 Gcrdndk tibdn   hdktu (eis,
 pcrncehdkgdk
tcrnoorbikdsi tokgndt, nrun)
 Ncndnudk sckbi
eckuruk  Adsifitdsi ecfdnundk
 Noktrdntur 
 Gcrdndk tcrhdtds
 Edfkutrisi eohifisdsi aisin, mind
eckuruk  pcrfu
 Gdkggudk  Fihdtndk ncfudrgd
 Ncfced`dk
eusjufosncfctdf aisin  uktun ecehdktu
 Gdkggudk eckuruk
 pdsick bdfde
kcuroeusjufdr  eckikgndtndk
 Ikbcns edsd tuhu` dehufdsi
bidtds pcrscktif
nc- 73 scsudi  Cbundsi
usid  Mcfdsndk tumudk bdk
 Cacn dgck  proscbur dehufdsi
adrednofogis  Dkmurndk ecfdnundk
 \rogrde dehufdsi biki
 pcehdtdsdk gcrdn  
  Kycri Dmdrndk dehufdsi
 Nurdkg

tcrpdpdr
ikaoredsi tcktdkg
 dntivitds aisin  scbcr`dkd ydkg `drus
 Ncjcedsdk bifdnundk (eis,
 Gdkggudk nogkitia   hcrmdfdk bdri tcepdt
 Ncckggdkdk tibur nc nursi robd,
ecfdnundk  hcrmdfdk bdri tcepdt
 pcrgcrdndk tibur nc ndedr edkbi,
  hcrmdfdk scsudi
tofcrdksi)
 Gpcdrkscgpgsuidk
scksori
Bunukgdk Eohifisdsi
Gcmdfd bdk Rdkbd Ohscrvdsi
Edyor  Ibcktiaindsi dbdkyd
 Eckgcfu` sufit kycri dtdu ncfu`dk
eckggcrdnndk aisin fdikkyd
cnstrceitds  Ibcktiaindsi
 Ncnudtdk otot tofcrdksi aiisn
eckuruk ecfdnundk
 Xcktdkg gcrdn  pcrgcrdndk
XOE eckuruk  Eokitor arcnucksi
 mdktukg bdk tcndkkd
Gcmdfd bdk Rdkbd bdrd` schcfue
Eikor eceufdi eohifisdsi
  Kycri sddt  Eokitor nokbisi
hcrgcrdn  ueue scfded
 Ckggdk ecfdnundk ecfdnundk eohifisdsi
 pcrgcrdndk
 Ecrdsd jceds sddt Rcrdpcutin 
 hcrgcrdn   Adsifitdsi dntivitds
 Zckbi ndnu eohifisdsi bckgdk dfdt
 Gcrdndk  hdktu (eis,
tibdn pdgdr tcepdt
tcrnoorbikdsi tibur)
 Aisin fced`  Adsifitdsi ecfdnundk
 pcrgcrdndk, mind pcrfu
 Fihdtndk ncfudrgd

uktun ecehdktu
 pdsick bdfde
eckikgndtndk
 pcrgcrdndk

 Cbundsi
 Mcfdsndk tumudk bdk
 proscbur eohifisdsi
 Dkmurndk ecfdnundk
eohifisdsi biki
 Dmdrndk eohifisdsi
scbcr`dkd ydkg
`drus bifdnundk
(eis, bubun bi
tcepdt
tibur, bubun bi sisi tcepdt tibur, pikbd` bdri tcepdt tibur nc nursi)
 \CFDNZDKDDK

Bx Rgf/ Md e Iepfcecktd Xcspok \drda  

si
4 Ndeis, 4< - Eckgndmi NS pdsick BZ=

Ontohcr 8<49 eceokitorikg RRQ pdsick \dsick eckgdtdndk

\unuf - Eckgndmi ndrdntcristin
ecrdsd kycri pdbd hd`u
kycri
ndkdk, kycri dnihdt jfosc
88.21 Witd  pdsick bdk ecepcrtd`dkndk
ardntur nfdvinufd, nudfitds
ieohifisdsi pdbd hd`u ndkdk
kycri scpcrti tcrtusun- tusun,
 pdsick
rcgio nfdvinufd sikistrd,
sndfd kycri 8, kycri `ifdkg
tiehuf, pdsick eckgdtdndk
tuhu` tcrdsd fceds, pdsick
eckgdtdndk ncsufitdk
eckggcrdnndk hd`u hdgidk
ndkdkkyd.
BO=
\dsick eckgdfdei jfosc
ardntur nfdvinufd, pdsick
tdepdn ecrikgis sddt
eckggcrdnndk
 hd`ukyd, pdsick tdepdn 
ncsufitdk eckgdkgndt hd`u bdk
cnstrceitds dtds, ncnudtdk otot.

::: 333

333 333

8 \unuf Eckgohscrvdsi ncdbddk fund BZ =

88.3<
WIRD \dsick eckgdtdndk kycri pdbd
 hd`u ndkdkkyd.
BO =
\dsick tdepdn ecrikgis
bdk eckd`dk sdnit, pdsick
mugd tdepdn gcfisd`, tdepdn
dbdkyd
 hckgndn pdbd hd`u ndkdk
 pdsic
k,
tdepd
n fund
fcjct
pdbd
 kycrikyd scednik tcrdsd
BO =
\dsick tdepdn ecrikgid
sddt
 hd`ukyd bigcrdnndk.
Ncnudtdk otot =
: : : 333
333333
0 Muedt, 44 Ecehdtdsi XOE pdsick BZ = -
Ontohcr 8<49 BO =
\unuf <<.:< \dsick tdepdn tcrhdrikg bi
WIRD tcepdt tibur.
9 \unuf <<.21 Eckgcvdfudsi ncfu`dk ydkg BZ =

WIRD bidfdei pdsick bdk eceikiedfndk\dsick eckgdtdndk edsi`

adjtor ydkg eckychdhndk kycri ecrdsd kycri kdeuk subd`

 hcrnurdkg bckgdk sndfd 8 (<- 4<)

BO=

\dsick tdepdn fchi` tckdkg

CQDFSDZI
Ko
Bx Rgf/Mde Jdtdtdk \ crncehdkgdk \drda  

.
4 Muedt, Z = \dsick eckgdtdndk edsi` ecrdsd kycri kdeuk subd`
 hcrnurdkg bckgdk sndfd 8 (<-4<), kycrikyd edsi` tcrdsd
44 Ontohcr
 pdbd hd`u ndkdkkyd, kycrikyd scpcrti bitusun tusun bdk
8<49
tibdn eckmdfdr, kycrikyd tcrdsd tcrus eckcrus bdk
\unuf
scednik hcrtdehd` mind hd`u ndkdkkyd bigcrdnndk

<<.21 WIRD O = \dsick tdepdn fchi` tckdkg, RB = 442/1: ee@g , K =

09 x/eckit , XX = 8< x/eckit , Z = :1,4½ J
D= Kycri Dnut
\ = Fdkmutndk iktcrvcksi= Ndmi tikgndt kycri, eokitor RRQ,
ohscrvdsi NS bdk ncfu`dk pdsick, ecepcrtd`dkndk
ieohifisdsi pdbd hd`u ndkdk pdsick, dkmurndk rcfdnsdsi
 kdads bdfde sddt kycri
8 Muedt, Z=\dsick eckgdtdndk edsi` tdnut mind uktun hcrgcrdn,
 pdsick eckgdtdndk kycri pdbd hd`u ndkdkkyd mind bi
44 Ontohcr
gcrdnndk
8<49
O=\dsick tdepdn hcbrcst, posisi pdsick tibur tcrfcktdkg,
\unuf
 pdsick edsi` tdepdn fced`

<<.21 WIRD D=@dehdtdk eohifitds aisin 

\= Fdkmutndk iktcrvcksi = Ndmi ncedepudk pdsick
bdfde eohifisdsi, eikiedfndk kycri bdk eckjcgd` sdfd`
posisi,
 hdktu pdsick ececku`i DBF
 FCEHDX \CKGCZD@DK

Nutd, Ontohcr 8<49

Jfikijdf I kstrujturc/JI Ed`dsiswd

  Dyu Ikbd` Dgustiki

 KI\. KIE. \<748<:49<82

Jfikijdf Rcdj`cr/JR

 
 KI\.
 FCEHDX \CKGCZD@DK

Nutd, Ontohcr 8<49

Jfikijdf I kstrujturc/JR Ed`dsiswd

  Dyu Ikbd` Dgustiki

 KI\. KIE. \<748<:49<82