تقنيات دراسة الجدوي الإقتصادية

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@ @@òí…b–nÓüa@ôë†¦a@òa‰…@pbîäÔm@@@@@@@@@@@@@@@@@@@@@@@@@@
‫א‬،‫א‬،‫א‬،‫א‬،‫א‬‫א‬  J
‫א‬‫א‬‫א‬‫א‬‫א‬ J
 BOT‫א‬‫א‬‫א‬‫א‬ J
 
((1))
((2))
 
 
 
 
 
 ‫א‬‫א‬‫א‬
 
 
‫א‬،‫א‬،‫א‬،‫א‬،‫א‬‫א‬  J
‫א‬‫א‬‫א‬‫א‬‫א‬ J
 BOT‫א‬‫א‬‫א‬‫א‬ J
 
 
 
 ‫א‬
((3))
 ‫א‬‫א‬‫א‬
 
 KW
 ٢٠٠٩W‫א‬
 ١٠٠٠W‫א‬
 
 W‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬
 
 
‫ﲨﻴﻊ ﺍﳊﻘﻮﻕ ﳏﻔﻮﻇﺔ ﻟﺪﺍﺭ ﺭﺳﻼﻥ‬

 
 W‫א‬‫א‬‫א‬‫א‬
 
@ @@æý‰@òûßë@‰a…
 ‫א‬‫א‬
 
 ٠٠٩٦٣١١٥٦٢٧٠٦٠W
 ٠٠٩٦٣١١٥٦٣٢٨٦٠W
 ٢٥٩WK
((4))
      ‫א‬   ?
  ‫א‬  
 ?‫א‬‫א‬‫א‬
‫ﻣﻘﺪﻣـــﺔ‬
‫א‬‫א‬  ‫א‬‫א‬‫א‬
  ‫א‬‫א‬K ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ K ‫א‬ ‫א‬
‫א‬‫א‬‫א‬K ‫א‬
  ‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ K‫א‬‫א‬
‫א‬K
 ‫א‬‫א‬ 
 ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬KKK‫א‬‫א‬
‫א‬F‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬ KE‫א‬
 K‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬،  ‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬K ‫א‬‫א‬
((5))
 K‫א‬
‫א‬‫א‬ ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K  
‫א‬ K ‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬-١
 K‫א‬‫א‬-٢
 K?‫א‬‫א‬‫?א‬‫א‬‫א‬‫א‬-٣
 W‫א‬‫א‬‫א‬‫א‬-٤
 K‫א‬‫א‬‫א‬G
 K‫א‬‫א‬‫א‬‫א‬‫א‬G
 K‫א‬‫א‬‫א‬‫א‬G
 K‫א‬‫א‬‫א‬G
 K‫א‬‫א‬‫א‬‫א‬‫א‬G
 K‫א‬‫א‬‫א‬‫א‬‫א‬E‫א‬‫א‬‫א‬FG
 K‫א‬‫א‬‫א‬‫א‬G
W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
 
 
 
 
 
((6))
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
((7))
‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬،‫א‬
 ‫א‬ ‫א‬‫א‬‫א‬K 
 K‫א‬
‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬E‫א‬‫א‬F
‫א‬EProject CycleF ‫א‬‫א‬
 W
 KEPre-Investment PhaseF‫א‬ K١
KEInvestment PhaseF‫א‬ K٢
 EPost- Investment PhaseFE‫א‬F‫א‬ K٣
‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬
 K‫א‬
W‫א‬‫א‬‫א‬ J١
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K ‫א‬
 K‫א‬
 ‫א‬‫א‬ ‫א‬‫א‬
  ‫א‬‫א‬‫א‬‫א‬ ‫א‬
((8))
 W‫א‬‫א‬ 
‫א‬‫א‬K١
–‫א‬‫א‬–‫א‬، ‫א‬‫א‬
‫א‬‫א‬‫א‬ K ‫א‬
 W ‫א‬
 K‫א‬‫א‬‫א‬‫א‬-
‫א‬‫א‬‫א‬‫א‬-
 
 ،‫א‬
K‫א‬‫א‬
K‫א‬-
‫א‬‫א‬‫א‬‫א‬K٢

 ‫א‬‫א‬ ‫א‬
 K ‫א‬‫א‬
‫א‬‫א‬??‫א‬
K‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬ J٢
‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬K  ‫א‬‫א‬
‫א‬‫א‬ K 
‫א‬‫א‬‫א‬
 W‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬K١
‫א‬‫א‬‫א‬‫א‬،‫א‬ ‫א‬
‫א‬‫א‬،   
 
 K
((9))
‫א‬‫א‬ 
 ‫א‬K٢
 KKKK‫א‬‫א‬‫א‬‫א‬K‫א‬
‫א‬‫א‬‫א‬K٣
- ‫א‬‫א‬ ‫א‬
 K‫א‬‫א‬‫א‬
 ‫א‬
‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬K٤
‫א‬‫א‬ ‫א‬‫א‬‫א‬KKK‫א‬
K‫א‬‫א‬‫א‬
Pre- Feasibility Study

‫א‬، ‫א‬‫א‬‫א‬‫א‬‫א‬

 ‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬ K ‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬-١
 K‫א‬‫א‬-٢
 K‫א‬-٣
((10))
‫א‬‫א‬‫א‬ F  ‫א‬‫א‬‫א‬-٤
 KE‫א‬
 K‫א‬‫א‬‫א‬‫א‬-٥
 K‫א‬‫א‬‫א‬‫א‬-٦
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
 K‫؟‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬-
 K‫؟‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬-
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬-
 K‫؟‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬G
‫א‬‫א‬، ‫א‬‫א‬-١
‫א‬،‫א‬‫א‬ ‫א‬،‫א‬
 ‫א‬‫א‬
 KKK‫א‬
‫א‬‫א‬‫א‬، ‫א‬‫א‬‫א‬‫א‬-٢
‫א‬‫א‬K‫א‬‫א‬‫א‬
 KEKKK‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬-٣
 KEKKK‫א‬‫א‬‫א‬F‫א‬
 K‫א‬‫א‬‫א‬-٤
 K‫א‬‫א‬‫א‬‫א‬-٥
‫א‬‫א‬‫א‬،
  ‫א‬‫א‬‫א‬-٦
((11))
‫א‬ ‫א‬‫א‬‫א‬‫א‬K
 K‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬-٧
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
 W‫א‬‫א‬K‫א‬
 W‫א‬ J١
‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬
 K‫א‬KKK‫א‬‫א‬‫א‬‫א‬
 W J٢

 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬
 ‫א‬‫א‬‫א‬،
 ‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬،‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬-١
 K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬-٢
K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬-٣
K‫א‬
‫א‬‫א‬‫א‬‫א‬-٤
((12))
‫א‬‫א‬،‫א‬‫א‬
K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬-٥
K‫א‬‫א‬‫א‬،
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 -٦
K‫א‬‫א‬‫א‬‫א‬‫א‬
E F E
 ‫א‬F‫א‬،‫א‬-٧
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬E‫א‬F‫א‬
 K‫א‬‫א‬‫א‬‫א‬EF‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬
K‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬ •
‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬ •
KE‫א‬KKKKK‫א‬-‫א‬-‫א‬F
K‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬‫א‬ •
 W‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬  
‫א‬‫א‬‫א‬K ‫א‬‫א‬‫א‬
((13))
 K
 ‫א‬‫א‬
 
 
‫א‬‫א‬
 
١{٢{٣{٤{٥  
 
 
‫א‬‫א‬‫א‬
 
 K‫א‬‫א‬‫א‬ -
K‫א‬‫א‬‫א‬ -  
K‫א‬ -  
 
 ‫א‬‫א‬‫א‬‫א‬
١،٢،٣،٥  
 
 
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬ -  
KKKK،،‫א‬-‫א‬‫א‬ -  
K‫א‬-‫א‬‫א‬ -
 
K‫א‬‫א‬‫א‬‫א‬ -
 
 
 ٢،٣،٥ ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
 
((14))
 ‫א‬‫א‬  
 K‫א‬ -
 
K‫א‬ -
K‫א‬‫ א‬-  
 ‫א‬‫א‬‫א‬
 
  ٢،٥
 ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬
 ‫א‬،،‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬ 
 
‫א‬‫א‬‫א‬‫א‬
 
 
 
KKKKK‫א‬‫א‬‫א‬‫א‬KK‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬  ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬
 ‫א‬‫א‬  
 ‫א‬‫א‬‫א‬  
 K‫א‬‫א‬‫א‬‫א‬‫א‬  
((15))
‫א‬‫א‬E‫א‬F‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
F‫א‬‫א‬‫א‬‫א‬‫א‬E‫א‬F‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬E
 ‫א‬‫א‬
 K‫א‬‫א‬،‫א‬L‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬، ‫א‬‫א‬W ‫א‬K ‫א‬‫א‬
‫א‬،Price & Income Elasticity‫א‬‫א‬
 ‫א‬Time Series‫א‬‫א‬Analogical Comparisions ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬Econometric
‫א‬Linkages
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬Backward Linkages Forward Linkages
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ 
 ‫א‬‫א‬
W‫ א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
 (Market Structure) ‫א‬‫• א‬
. ‫א‬‫א‬‫א‬‫א‬
،W‫א‬ ‫א‬‫א‬ •
‫א‬‫א‬، ‫א‬‫א‬‫א‬،‫א‬
.…
‫א‬‫א‬‫א‬‫ א‬‫א‬ •
 .‫א‬‫א‬‫ א‬‫א‬‫א‬
((16))
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬
‫א‬‫א‬‫א‬ ،‫א‬ ‫א‬
‫א‬‫א‬‫א‬،E ‫א‬‫א‬‫א‬F‫א‬
 W‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬ J١
K‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬ •
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬
 W‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ •
‫א‬،‫א‬‫א‬‫א‬
K‫א‬
،‫א‬‫א‬W ‫א‬‫א‬‫א‬ •
‫א‬‫א‬،‫א‬،‫א‬‫א‬‫א‬
((17))
K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬
K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬

 ‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬

 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
W‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫• א‬
،‫א‬‫• א‬
((18))
K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫• א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬  ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K
‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬
 ‫א‬‫א‬‫א‬
 K‫א‬
‫א‬‫א‬‫א‬
،  ‫א‬‫א‬‫א‬‫א‬
  ، ‫א‬‫א‬  ‫א‬
 KK‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬EISOF‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
((19))
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K
 W‫א‬ J٢
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬K‫א‬‫א‬
 K‫א‬‫א‬ •
K‫א‬ •
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W
 
((20))
، ‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬‫א‬
 W‫א‬
K‫א‬‫א‬‫א‬ •
‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
K
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
 W‫א‬‫א‬‫א‬ J١
‫א‬‫א‬‫א‬‫א‬
، ‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K •
K •
‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬
‫א‬‫א‬ ‫א‬ •
K‫א‬
‫א‬ ‫א‬‫א‬ ‫א‬ •
K‫א‬
 W‫א‬‫א‬ J٢
‫א‬‫א‬‫א‬
((21))
‫א‬‫א‬‫א‬،‫א‬‫א‬،
،E ‫א‬‫א‬‫א‬- ‫א‬-
 F ‫א‬ 
‫א‬‫א‬،E ‫א‬‫א‬‫א‬‫א‬F‫א‬
‫א‬‫א‬‫א‬‫א‬،E ‫א‬- ‫א‬- ‫א‬-‫א‬F
‫א‬،‫א‬ ‫א‬‫א‬‫א‬
،‫א‬،  ،‫א‬،‫א‬‫א‬‫א‬
‫א‬K
 ‫א‬‫א‬‫א‬،
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬ J٣
‫א‬‫א‬،
 ‫א‬‫א‬‫א‬ 
 K‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬
 W‫א‬‫א‬ J٤
‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬‫א‬
 W‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬ •
-
‫א‬ -‫א‬‫א‬- ‫א‬‫א‬،‫א‬‫א‬-‫א‬
K
‫א‬‫א‬‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬
‫א‬‫ א‬‫א‬‫א‬
((22))
. ‫א‬‫ א‬‫א‬‫א‬‫א‬‫א‬‫א‬
FE‫א‬‫א‬F ‫א‬‫א‬
- ‫א‬ ‫א‬KE‫א‬‫א‬
: ‫א‬‫א‬‫א‬‫א‬‫א‬ -‫א‬‫א‬‫א‬
. ‫ א‬‫א‬ •
. ‫א‬‫א‬ ‫א‬‫א‬‫• א‬
. ‫א‬ ‫א‬‫א‬‫• א‬
. ‫ א‬‫א‬‫א‬‫• א‬
. ‫א‬‫ א‬‫א‬‫א‬‫• א‬
. ‫ א‬‫א‬‫א‬ •
. ‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬ •
‫א‬‫א‬  
 ‫א‬‫א‬
‫א‬‫א‬،‫ א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬  K ‫א‬
‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬
 . ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬  ‫א‬K ‫א‬‫א‬
‫א‬‫א‬  ‫א‬‫א‬‫א‬
 .  ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬

 ‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
((23))
 W‫א‬‫א‬‫א‬
‫א‬‫א‬W ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
،‫א‬،‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬ •
‫א‬‫א‬ ‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬
 K‫א‬‫א‬
Optimum Location‫א‬‫א‬،‫א‬‫א‬‫• א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫• א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬
 ،F ‫א‬‫א‬ •
‫א‬‫א‬ ،‫א‬ ‫א‬E
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬KKKKKK‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
((24))
Environmental FeasibilityW‫א‬‫א‬‫א‬ •
Marketing Feasibility W‫א‬‫א‬‫א‬ •
Technical Feasibility W‫א‬‫א‬‫א‬‫א‬ •
Financing Feasibility‫א‬‫א‬‫א‬ •
Financial FeasibilityW‫א‬‫א‬‫א‬ •
 
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬
‫א‬‫א‬K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬   ‫א‬‫א‬‫א‬ 
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬ J١
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬ ‫א‬،‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬
W‫א‬‫א‬
K‫א‬‫א‬‫• א‬
 K‫א‬‫א‬‫• א‬
 K‫א‬‫א‬ ‫א‬‫• א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫• א‬
((25))
 K‫א‬‫א‬‫א‬‫א‬‫• א‬
 K‫א‬‫א‬‫א‬‫• א‬
K‫א‬‫א‬‫א‬‫• א‬
‫א‬ J٢
 W‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 W‫א‬‫א‬ J٣
،‫א‬‫א‬‫א‬‫א‬‫א‬ •
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬ •
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬ •
W‫א‬ J٤
‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ •
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
((26))
‫א‬‫א‬‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬
 ‫א‬‫א‬  •
K‫א‬‫א‬ ‫א‬
 ‫א‬‫א‬ J٥
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬G
 W‫א‬‫א‬‫א‬‫א‬G
 K‫א‬‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫• א‬
 K‫א‬G
 K‫א‬G
 ‫א‬ J٦
 ‫א‬‫א‬
 W
 K‫א‬G
((27))
 K‫א‬‫א‬‫א‬G
 K‫א‬‫א‬  •
‫א‬‫א‬‫א‬‫• א‬
 K‫א‬‫א‬
‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬
‫א‬ •
 K‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬ ‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬، ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬ ، ‫א‬ ‫א‬‫א‬‫א‬‫א‬
W‫א‬
 K‫א‬‫א‬ •
 K‫א‬‫א‬ •
 K‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
 K‫א‬ •
 K‫א‬ •
 K‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬ •
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬
K‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
((28))
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬ ‫א‬‫א‬‫א‬‫א‬
‫א‬ ‫א‬ ‫א‬‫א‬‫א‬‫א‬،‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫• א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫• א‬
 K‫א‬‫א‬‫א‬،‫א‬W‫א‬،‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ ‫א‬ •
K‫א‬،‫א‬‫א‬‫א‬‫א‬
‫א‬W  ‫א‬‫א‬‫א‬‫א‬
W‫א‬   
 K‫א‬L‫א‬ •
 K‫א‬L‫א‬ •
 K‫א‬‫א‬ •
 K‫א‬‫א‬L‫א‬‫א‬ •
 K‫א‬L‫א‬‫א‬ •
 K‫א‬‫א‬L‫א‬‫א‬ •
 K‫א‬ •
((29))

 ‫א‬‫א‬‫א‬‫א‬‫א‬
W‫א‬‫א‬
 K‫א‬،‫א‬ •
 K‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬ •
K‫א‬‫א‬‫א‬ •
((30))
‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‬
@@ÊëŠ’½a@âìèÐß
 K‫؟‬‫א‬ •
 K‫؟‬‫א‬ •
‫א‬‫א‬‫א‬‫א‬‫א‬–‫א‬
 ‫א‬– •
 ‫؟‬‫א‬??
‫א‬‫א‬? ‫א‬‫א‬‫א‬‫?א‬
‫א‬KKKKK  ‫א‬‫א‬،‫א‬
،E‫א‬F‫א‬‫א‬‫א‬
 KKKKK‫א‬‫א‬
?،‫א‬‫א‬‫א‬‫א‬، E ‫א‬KF
‫א‬‫א‬‫א‬،‫א‬‫א‬
،‫א‬‫א‬?W?  ‫א‬
،، ‫א‬‫א‬‫א‬
 K?‫א‬‫א‬
 KK‫א‬W‫א‬
((31))
‫א‬‫א‬‫א‬‫א‬? ‫א‬‫א‬K١
?‫א‬
،‫א‬‫א‬? ‫א‬K٢
K?،،،،
‫א‬?‫א‬K٣
‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬ KKKKK?‫א‬
،‫א‬‫א‬‫א‬K ‫א‬‫א‬
،‫א‬
،‫א‬‫א‬‫א‬،‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬K‫א‬‫א‬
 ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬
K
،‫א‬‫?א‬،‫א‬‫א‬
L ‫א‬، ‫א‬LL
 ،‫א‬‫א‬K?  L،‫א‬
،‫א‬ ،‫א‬?‫א‬
K‫א‬‫א‬
‫א‬‫?א‬W ‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬E‫א‬F‫א‬‫א‬‫א‬
K?
 ‫א‬ ‫א‬
((32))
‫א‬‫א‬‫א‬،‫א‬‫א‬
‫א‬‫א‬K،

 ‫א‬‫א‬‫א‬K ‫א‬‫א‬‫א‬
، ‫א‬‫א‬،‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬،
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
W‫א‬‫א‬‫א‬‫א‬‫א‬،
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬ K١
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ K٢
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K٣
L‫א‬‫א‬‫א‬‫א‬‫א‬
  ‫א‬
 K‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬L‫א‬
 W‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬W‫א‬W
 
 W‫א‬
‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬K١
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬
((33))
‫א‬‫א‬ ‫א‬‫א‬W‫א‬‫א‬K٢
‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬ ‫א‬
KKKKKKKK‫א‬‫א‬
‫א‬‫א‬‫א‬W
 ‫א‬K٣
،‫א‬‫א‬،‫א‬F‫א‬‫א‬،‫א‬،‫א‬
KE‫א‬
‫א‬‫א‬W‫א‬‫א‬K٤
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬
‫א‬‫א‬W ‫א‬‫א‬K٥
K‫א‬
‫א‬‫א‬W ‫א‬‫א‬K٦
K‫א‬‫א‬
‫א‬W‫א‬W 
 W
،‫א‬K١
K‫א‬‫א‬
‫א‬،‫א‬K٢
‫א‬‫א‬،
K‫א‬
 WW‫א‬W 
‫א‬‫א‬‫א‬‫א‬‫א‬K١
K‫א‬
((34))
K‫א‬‫א‬K٢
‫א‬‫א‬‫א‬K٣
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
K‫א‬
‫א‬‫א‬ K٤
،‫א‬‫א‬‫א‬‫א‬
K‫א‬
 W‫א‬W‫א‬W ‫א‬
K‫א‬‫א‬K١
K‫א‬‫א‬‫א‬‫א‬K٢
‫א‬?،‫א‬‫א‬Giant‫א‬‫א‬K٣
K‫א‬‫א‬‫א‬K?
Multinational CorporationsW‫א‬‫א‬K٤
 ،‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬ ‫א‬
Project Classification
‫א‬‫א‬
 W 
Replacement – Maintenance of‫א‬–‫א‬‫א‬-١
 WBusiness
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
-٢‫؟‬‫א‬‫א‬-١‫א‬‫א‬
((35))
 ‫؟‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬، ‫א‬‫א‬
 K
 WReductionReplacement – Cost‫א‬–‫א‬‫א‬-٢
‫א‬‫א‬‫א‬‫א‬‫א‬
 EKKK‫א‬،‫א‬‫א‬،‫א‬‫א‬F
،‫א‬‫א‬‫א‬‫א‬‫א‬
 K
Expansion of Existing ‫א‬‫א‬‫א‬‫א‬-٣
 WMarketsProducts or
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬ ‫א‬‫א‬‫א‬‫א‬
Expansion Into New Product or‫א‬‫א‬-٤
 WMarkets
‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬
((36))
Board of‫א‬‫א‬K ‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬Directors
Safety ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬-٥
 WProjectsand/or Environmental
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬
 ‫א‬‫א‬‫א‬
 K‫א‬
 WOthers-٦
KKKKK‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬K ،،‫א‬
 W
،InputsCortesOutflows K
‫א‬‫א‬،‫א‬،Investments‫א‬‫א‬Resource‫א‬
K‫א‬‫א‬‫א‬?‫א‬‫?א‬
Benefits ‫א‬Inputflows ‫א‬K
K ‫א‬‫א‬‫א‬‫א‬KProductionoutput
K‫א‬‫א‬‫א‬?‫א‬‫א‬‫א‬?‫א‬‫א‬‫א‬
KLife span of project‫א‬K
KSpaceK
K ‫א‬‫א‬‫א‬‫א‬Management‫א‬‫א‬K
،
 ‫א‬‫א‬‫א‬
((37))
K‫א‬‫א‬‫א‬
‫א‬KKKK ‫א‬‫א‬‫א‬ ‫א‬

E
  ‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬
‫א‬K‫א‬Preliminary Screening
 WK‫א‬‫א‬‫א‬
F‫א‬‫א‬‫א‬‫א‬‫• א‬
KE‫א‬
F‫א‬‫א‬‫א‬‫• א‬
 KE
‫א‬F‫א‬‫א‬‫א‬‫• א‬
 KE‫א‬‫א‬
‫א‬F     ‫א‬‫א‬‫א‬‫• א‬
 KE‫א‬‫א‬
‫א‬‫א‬‫א‬F‫א‬‫א‬‫א‬ ‫א‬‫• א‬
 KE‫א‬‫א‬‫א‬
 KE‫א‬‫א‬F‫א‬‫א‬‫• א‬
 K‫א‬‫א‬ •

 ‫א‬‫א‬،‫א‬‫א‬
 WK‫א‬E‫א‬F
K‫א‬‫א‬‫א‬ •
 KE‫א‬‫א‬F‫א‬ •
 KE‫א‬‫א‬‫א‬F‫א‬ •
‫א‬‫א‬‫א‬F‫• א‬
((38))
 KE
 K‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬‫א‬‫א‬ •
feasibility Studiess‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬
Feasibility studiesE  ‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬،‫א‬
 KEProject AppraisalF‫א‬
‫א‬‫א‬‫א‬،‫א‬?
 ‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
 K?‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬
 ‫א‬
 W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬
((39))
‫א‬‫א‬ ‫א‬ 
 K‫א‬
?W
 ‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬
E ‫א‬F، ‫א‬‫א‬‫א‬
‫א‬ ‫א‬،‫א‬L ‫א‬
‫א‬
 K?‫א‬‫א‬‫א‬
،‫א‬
 ‫א‬‫א‬‫א‬
 W‫א‬‫א‬
K  •
K‫א‬ •
K‫א‬ •
K •
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬ •
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫• א‬
K‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
K
K‫א‬‫א‬‫א‬‫א‬‫• א‬
‫א‬‫א‬
 W،‫א‬‫א‬
((40))
K •
K‫א‬ •
K‫א‬ •
،‫א‬،‫א‬‫א‬‫א‬ •
K‫א‬
،‫א‬‫א‬‫א‬
 W
K‫א‬‫א‬‫• א‬
K‫• א‬
KE‫א‬F‫• א‬
 KKKK‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K
،‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬KKK 
‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬ ،‫א‬‫א‬‫א‬
KE  F
‫א‬ ‫א‬‫א‬‫א‬K
W‫א‬
K‫א‬‫א‬ •
 ‫א‬ ‫א‬ ‫א‬  ‫א‬ ‫א‬ ‫א‬   •
K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K
KKKKKKKK‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬
((41))
K ‫א‬‫א‬‫א‬‫א‬‫א‬ •
،‫א‬‫א‬‫א‬  ‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬-
 
K‫א‬‫א‬‫א‬
‫א‬ ‫א‬ ‫א‬ KKKK   ‫א‬ ‫א‬‫א‬     •
‫א‬‫א‬‫א‬‫א‬F‫א‬‫א‬ ‫א‬‫א‬‫א‬K‫א‬
K‫א‬‫א‬‫א‬E‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬ •
‫א‬  ، ‫א‬‫א‬‫א‬‫א‬‫א‬
K>،
 W‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬ K١
K‫א‬‫א‬‫א‬
K‫א‬ K٢
K‫א‬‫א‬‫ א‬K٣
K‫א‬‫א‬‫א‬ K٤
‫א‬ ‫א‬‫א‬‫א‬‫א‬
K ،E ‫א‬F
،‫א‬‫א‬‫א‬‫א‬E‫א‬‫א‬F
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬FK ‫א‬‫א‬‫א‬‫א‬
 KKKK‫א‬E ‫א‬‫א‬
((42))
‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻧﻲ‬
ð‰bàrnüa@ÊëŠ’½a@ñbîy@ñ‰ë…@
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬
‫א‬K ‫א‬E ‫א‬‫א‬F‫א‬
‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
KE‫א‬‫א‬F‫א‬ K١
KE‫א‬F‫א‬ K٢
KE‫א‬F‫א‬ K٣
K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬K ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،،،
 ‫א‬
 K
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬K ‫א‬‫א‬‫א‬ ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
((43))
‫א‬ ،
 ‫א‬
 ‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬E١F
،‫א‬،‫א‬،‫א‬‫א‬- ‫א‬‫א‬
 K‫א‬
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
‫א‬‫א‬‫א‬ ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
((44))
KE‫א‬‫א‬F‫א‬ J١
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬K ‫א‬‫א‬KKK
‫א‬K
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬ ‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K
K

 ‫א‬‫א‬‫א‬K
K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K
K‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K
‫א‬‫א‬‫א‬K
‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬
‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
KE‫א‬F‫א‬K
K‫א‬‫א‬‫א‬K
K‫א‬‫א‬‫א‬‫א‬‫א‬K
K‫א‬‫א‬‫א‬K
((45))
K‫א‬‫א‬،‫א‬K
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 WE‫א‬F‫א‬ J٢
‫א‬،‫א‬‫א‬‫א‬
‫א‬K‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬ •
‫א‬  ‫א‬    ‫א‬، ‫א‬ ‫א‬  •
K‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬ •
K‫א‬‫א‬،‫א‬‫א‬ •
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬
K‫א‬ •
K‫א‬‫א‬ •
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬K ‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬

 ‫א‬‫א‬‫א‬‫א‬
 ‫א‬K
 ‫א‬‫א‬‫א‬‫א‬
((46))
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬
 K‫א‬‫א‬
 W‫א‬ J٣
‫א‬‫א‬‫א‬
 KE٢F‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
K ‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬W
 ‫א‬‫א‬K١
K‫א‬
‫א‬‫א‬‫א‬W ‫א‬‫א‬K٢
K‫א‬‫א‬‫א‬‫א‬‫א‬
 W
‫א‬‫א‬‫א‬‫א‬‫א‬  K‫א‬
 K‫א‬
‫א‬ ‫א‬
 ‫א‬‫א‬‫א‬‫א‬
    ‫א‬      ‫א‬    K‫א‬‫א‬
 K
-
 ‫א‬‫א‬‫א‬
،‫א‬
 ‫א‬‫א‬‫א‬‫א‬
((47))
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬K ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K
‫א‬‫א‬ ‫א‬‫א‬‫א‬K
K‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬K
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K
K‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬K
K،‫א‬‫א‬K
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K
K‫א‬
((48))
‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‬
@@@òí…b–nÓüa@ôë†¦a@pba‰…@ÑíŠÈm
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K
 ‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬ ،‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
‫א‬ ‫א‬‫א‬‫א‬‫א‬K١
‫א‬‫א‬‫א‬‫א‬––‫א‬
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬،‫א‬‫א‬
‫א‬‫א‬K٢
‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
((49))
K‫א‬‫א‬‫א‬‫א‬
‫א‬ ‫א‬‫א‬‫א‬
 K‫א‬
‫א‬‫א‬‫א‬K٣
‫א‬‫א‬ ‫א‬ ‫א‬‫א‬‫א‬
K‫א‬
-‫א‬-----L‫א‬
،‫א‬‫א‬ ‫א‬L‫א‬
K
 ‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
 ‫؟‬‫א‬‫א‬‫א‬W‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
 ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K
 
‫א‬‫א‬‫א‬،‫א‬‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬،
 ‫א‬‫א‬K ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬،‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬ ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬
 K‫א‬
((50))
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K١
 K‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K٢
‫א‬‫א‬‫א‬‫א‬، ‫א‬
‫א‬‫א‬‫א‬،‫א‬
K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K٣
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K٤
‫א‬‫א‬‫א‬‫א‬ ،‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬  ‫א‬‫א‬‫א‬K٥
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K٦
K‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬‫א‬‫א‬K٧
K‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬
‫א‬، ‫א‬‫א‬‫א‬‫א‬‫א‬K٨
‫א‬‫א‬‫א‬
K‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬K٩
‫א‬
 ‫א‬‫א‬
K
((51))
‫א‬‫א‬،‫א‬‫א‬K١٠
K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬ 
 K١١
K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
  ‫א‬‫א‬‫א‬K١٢

 ‫א‬ ‫א‬ 
 ‫א‬‫א‬‫א‬‫א‬،‫ א‬ ‫א‬
K‫א‬‫א‬‫א‬
، ‫א‬ ‫א‬‫א‬‫א‬‫א‬K١٣
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K١٤
K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K١٥
KE‫א‬‫א‬‫א‬F‫א‬‫א‬
 ‫א‬  ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K١٦
K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K١٧
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬
 K‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬
 ‫א‬‫א‬G
W‫א‬‫א‬
 ‫؟‬‫א‬ •
 ‫؟‬‫א‬‫א‬‫א‬‫א‬ •
 ‫؟‬‫א‬ •
 ‫؟‬‫א‬ •
((52))
 ‫؟‬‫א‬‫א‬‫א‬ •
 ‫؟‬‫א‬ •
 ‫؟‬KKK‫א‬ •
 ‫؟‬‫א‬ •
 ‫؟‬  •
 ‫؟‬‫א‬ •
 ‫؟‬  •
 ‫؟‬‫א‬ ‫א‬ •
 ‫؟‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬ •
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬-
 K‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬K١
K‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬‫א‬K٢
W‫א‬-
K‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬K١
 K‫א‬‫א‬
K‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬ ‫א‬   ‫א‬  W   ‫א‬ ‫א‬  K٢
((53))
KE‫א‬،،‫א‬FK‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،‫א‬‫א‬K١
K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K٢
‫א‬‫א‬‫א‬‫א‬‫א‬K  ‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬K٣
K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬K٤

 ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬
، ‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬ ‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬
 ‫א‬‫א‬‫א‬
 K‫א‬‫א‬
((54))
 W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬K١
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬K٢
K‫א‬
 ‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬K١

‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K٢

  ‫א‬‫א‬‫א‬K ‫א‬‫א‬
K  ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬ 
‫א‬‫א‬  
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
((55))
K‫א‬‫א‬
W ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K٣
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K٤
‫א‬ ‫א‬‫א‬‫א‬‫א‬
K‫א‬
L‫א‬L‫א‬L‫א‬‫א‬K٥
‫א‬‫א‬‫א‬L‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬
 ‫א‬‫א‬‫א‬‫א‬K٦
‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K٧
K‫א‬‫א‬‫א‬
‫א‬
 ‫א‬‫א‬K٨
((56))
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫؟‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬K١
K
‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬K٢
K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K٣
K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K٤
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K٥
K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬ ‫א‬‫א‬ ‫א‬K٦
K‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬K٧
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K٨
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫ א‬K٩
((57))
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
K‫א‬‫• א‬
K‫א‬‫• א‬
 K‫א‬‫א‬‫א‬‫• א‬
W‫א‬ J١
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬
K
 ‫א‬‫א‬ ‫א‬‫א‬‫א‬
-  ‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬–‫א‬
K‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬ •
K‫א‬ •
K‫א‬‫א‬‫א‬ •
K‫א‬‫א‬ •
W‫א‬ J٢
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W
((58))
‫א‬‫א‬‫א‬‫א‬،‫א‬
‫א‬K  ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬
 K‫א‬‫א‬‫א‬‫א‬،‫א‬
W‫א‬‫א‬‫א‬‫א‬ J٣
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
-‫א‬‫א‬‫א‬Economic Price‫א‬‫א‬
‫א‬‫א‬‫א‬K ‫א‬
 W‫א‬‫א‬
‫א‬‫א‬ ‫א‬‫א‬،‫א‬‫א‬،‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬،‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬،‫א‬
‫א‬‫א‬‫א‬،‫א‬،‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬ ‫א‬‫א‬
‫א‬K ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬ K ‫א‬‫א‬ 
‫א‬‫א‬ K ‫א‬‫א‬‫א‬
((59))
 W
 ‫א‬F‫א‬‫א‬‫א‬ K١
K‫א‬E‫א‬
K‫א‬K٢
‫א‬‫א‬ ‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
W‫א‬‫א‬ J١
 ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬W
 ‫א‬‫א‬
 KKKKKKKKKK
W‫א‬‫א‬ J٢
‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬،
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
W‫א‬‫א‬ J٣
‫א‬‫א‬‫א‬‫א‬‫א‬ 
 K‫א‬‫א‬‫א‬‫א‬
((60))
 W‫א‬
‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬K
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K
K‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬K
‫א‬‫א‬
 ‫א‬‫א‬K
K‫א‬‫א‬‫א‬‫א‬‫א‬
((61))
((62))
 ‫א‬‫א‬‫א‬‫א‬
‫ﺍﻟﻔﺼﻞ ﺍﻟﺮﺍﺑﻊ‬
@@@òî÷îjÛa@ôë†¦a@òa‰…
@@Environmental Feasibility study
K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K ‫א‬‫א‬‫א‬
 ‫א‬‫א‬K ‫א‬‫א‬‫א‬
KKKK ‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬G
––‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬،‫א‬‫א‬
 W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K١
K‫א‬
((63))
‫א‬‫א‬‫א‬‫א‬‫א‬K٢
K‫א‬‫א‬
‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬K٣
K‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬ K٤
 ‫א‬‫א‬‫א‬‫א‬‫א‬K٥
K‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬G
 W‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K١
K‫א‬
‫א‬،‫א‬K٢
K‫א‬‫א‬‫א‬‫א‬ ‫א‬
‫א‬‫א‬‫א‬‫א‬K٣
K‫א‬
‫א‬K
 ‫א‬‫א‬K٤
K‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬
 K‫א‬‫א‬
((64))
 W‫א‬‫א‬W‫א‬‫א‬‫א‬G
 
 
 
((65))
((66))
‫ﺍﻟﻔﺼﻞ ﺍﻟﺨﺎﻣﺲ‬
@@òîÔíìnÛa@ôë†¦a@òa‰…
@@@Marketing Feasibility Study
‫א‬،E ‫א‬‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬ ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬ ‫א‬‫א‬
KK ‫א‬‫א‬‫א‬‫א‬
‫א‬F‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬E
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K
 ‫א‬
‫א‬‫א‬F‫א‬‫א‬‫א‬
‫א‬‫א‬K‫א‬‫א‬‫א‬‫א‬‫א‬E‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
((67))
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬،‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬
 W‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬ K١
‫؟‬،‫א‬K‫א‬‫א‬‫א‬‫א‬ K٢
K‫א‬‫א‬‫א‬‫א‬‫א‬ K٣
 ‫؟‬‫א‬‫א‬ K٤
((68))
‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
W‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬،‫א‬
K ‫א‬‫א‬‫א‬K‫א‬KKKK ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬ ‫א‬‫א‬‫א‬ ‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫؟‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
K‫ א‬K١
K‫א‬‫ א‬K٢
K‫ א‬K٣
K‫ א‬K٤
K‫א‬‫א‬‫ א‬K٥

 ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬
‫؟‬‫א‬‫א‬‫א‬‫א‬‫א‬K١
((69))
K‫א‬‫א‬‫א‬‫א‬‫א‬K٢
 K‫א‬‫• א‬
K‫• א‬
K‫א‬‫א‬‫א‬‫• א‬
‫؟‬‫א‬‫א‬‫א‬‫א‬‫؟‬‫א‬‫א‬‫א‬K٣
‫؟‬‫א‬‫א‬K٤
‫؟‬‫א‬‫א‬‫א‬‫א‬K٥
‫؟‬‫א‬‫א‬W‫א‬‫א‬‫א‬‫א‬K٦
 ‫א‬ ‫א‬ ‫א‬‫א‬  ‫א‬ ‫א‬‫א‬ ‫א‬  K٧
‫؟‬‫א‬‫א‬
‫א‬‫א‬‫א‬
‫א‬- ‫א‬‫א‬‫א‬
 W‫א‬‫א‬-‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬ •
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬ ‫א‬‫א‬ •

  ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
K
       ‫א‬‫א‬ ‫א‬ •
K‫א‬
 ‫א‬ ‫א‬‫א‬‫א‬‫א‬
‫א‬، ‫א‬،‫א‬
 KKKKK‫؟‬‫א‬‫א‬K‫א‬
((70))
EMarketing Feasibility StudyF ‫א‬‫א‬‫א‬
‫א‬‫א‬ ‫א‬،‫א‬‫א‬‫א‬‫א‬?
‫א‬،‫א‬‫א‬?Proposed Projects?‫א‬
‫א‬،‫א‬‫א‬‫א‬
 K?
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
  
KKKKK،‫א‬،‫א‬،‫א‬‫א‬،‫א‬‫א‬
‫א‬‫א‬E
 L‫א‬F‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
F‫א‬ ‫א‬‫א‬،‫א‬،‫א‬‫א‬
،‫א‬‫א‬ ‫א‬‫א‬،E
 L
  L
،‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
K‫א‬KKKKK‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬KKKK، ‫א‬،‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
W‫א‬‫א‬
K‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬ •
((71))
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬ K١
K‫א‬‫א‬‫א‬ K٢
 K‫א‬‫א‬‫א‬‫א‬‫א‬ K٣
W‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬ J 
 W‫א‬‫א‬
‫א‬‫א‬Government InterventionW ‫א‬‫א‬K١
K‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬
 ‫א‬‫א‬
‫א‬،‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬ ‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
W‫א‬‫א‬‫א‬٢
Perfect ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬?Monopoly? ‫א‬‫א‬Competition
?‫א‬‫א‬K ‫א‬‫א‬
((72))
?Oligopoly?  ‫א‬‫א‬Monopolistic Completion
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬EF ‫א‬
 K‫א‬
،‫א‬‫א‬‫א‬‫א‬K١
‫א‬،‫א‬‫א‬
،‫א‬‫א‬ ‫א‬
‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬،
E‫א‬‫א‬F ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬ ‫א‬ ‫א‬‫א‬ K
 K‫א‬‫א‬‫א‬
Monopolistic Competition‫א‬‫א‬K٢
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬، ‫א‬ 
‫א‬K
 ‫א‬‫א‬‫א‬
K ‫א‬‫א‬‫א‬
‫א‬‫א‬E  ‫א‬‫א‬F‫א‬
‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬
((73))
‫א‬‫א‬‫א‬‫א‬
 K‫א‬
E ‫א‬‫א‬‫א‬‫א‬F‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
W‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
 K‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬ •
K‫א‬L •
K‫א‬ •
K‫א‬‫א‬ •
K‫א‬‫א‬ •
K‫א‬ •
K‫א‬‫א‬ •
K‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬ •
 
((74))
‫א‬‫א‬‫א‬
‫א‬ ‫א‬ ‫א‬

‫א‬‫א‬G
            ‫א‬G       ‫א‬      ‫א‬G
   ‫א‬   ‫א‬   ‫א‬
 ‫א‬  
 K
 ‫א‬G  ‫א‬G
        ‫א‬    ‫א‬G
‫א‬‫א‬G        ‫א‬        G
 K
K‫א‬ K‫א‬‫א‬
‫ ﺍﳊﻜﻮﻣﻲ‬‫א‬G
 
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬G
K‫א‬‫א‬ •
K‫א‬‫א‬‫א‬ •
K‫א‬ •
K‫א‬ •
K‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬ •
K‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬G
 W‫א‬‫א‬‫א‬‫א‬
‫א‬K ‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
((75))
‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬

 ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬‫א‬EInformationFEDATAF
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬G
 W‫א‬
W‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬K
 ‫א‬ ‫א‬ ‫א‬ ‫א‬‫א‬ ‫א‬ ‫א‬‫א‬ ‫א‬ ‫א‬ •
 K‫א‬
‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬ •
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
K‫א‬
W‫א‬K
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬  ‫א‬ ‫א‬   ، ‫א‬   •
K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬ •
 ‫א‬       ‫א‬ ‫א‬‫א‬ ‫א‬
K‫א‬‫א‬
((76))
‫א‬‫א‬،‫א‬ •
  ‫א‬    K  ‫א‬ ‫א‬   
 ‫א‬ ‫א‬  ‫א‬ ‫א‬    
‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬
K‫א‬‫א‬
 ‫א‬ ‫א‬   ، ‫א‬ ‫א‬   ‫א‬  •
K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬ •
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
KKKKK‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬   ، ‫א‬ ‫א‬  ‫א‬  •
‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ ،‫א‬ •
K‫א‬‫א‬‫א‬KKKK‫א‬
W‫א‬K
   ‫א‬ ‫א‬، ‫א‬  ‫א‬   ‫א‬ ‫א‬ •
‫א‬K
 ‫א‬‫א‬W ‫א‬‫א‬،‫א‬
‫א‬‫א‬‫א‬ K ‫א‬‫א‬
    ‫א‬      ‫א‬ ‫א‬ 
K
 ‫א‬
‫א‬‫א‬ •
K
 ‫א‬‫א‬‫א‬
K ‫א‬‫א‬،‫א‬‫א‬ •
‫א‬‫א‬‫א‬‫א‬‫א‬ 
K‫א‬‫א‬
  ‫א‬   ‫א‬  ‫א‬، ‫א‬   ‫א‬  •
‫א‬‫א‬K ‫א‬‫א‬
((77))
K‫א‬‫א‬،‫א‬‫א‬
W‫א‬‫א‬K
‫א‬،‫א‬‫א‬،‫א‬ •
K‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬ •
W‫א‬‫א‬K
K‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬ •
‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬
W‫א‬‫א‬‫א‬K
   ‫א‬ ‫א‬ ،  ‫א‬ ‫א‬ ‫א‬  •
K‫א‬
K‫א‬‫א‬‫א‬‫א‬ •
W‫א‬‫א‬K
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬
‫א‬
  ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K
 ‫א‬‫א‬‫א‬‫א‬
K‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬
W‫א‬K
‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬ •
K‫א‬‫א‬ •
((78))
K‫א‬‫א‬ •
K •
K‫א‬‫א‬ •
K‫א‬‫א‬ •
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
،‫א‬‫א‬، ‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬
 ‫؟‬‫א‬‫א‬ •
‫؟‬‫א‬‫א‬‫א‬‫؟‬‫א‬ •
‫א‬  ‫א‬ ‫א‬‫א‬ ‫א‬ ‫א‬ ‫א‬  ‫א‬   •
‫؟‬‫א‬‫א‬
 ‫א‬ ‫א‬ ‫א‬  ‫א‬ ‫א‬ ‫א‬ F ‫א‬   •
‫؟‬E‫א‬
‫؟‬E‫א‬‫א‬‫א‬F‫א‬‫א‬‫א‬ •
‫؟‬‫א‬‫א‬ •
،‫א‬‫א‬‫א‬
‫א‬K ‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
((79))
 K‫א‬‫א‬ •
K‫א‬‫א‬ •
‫א‬‫א‬‫א‬،‫א‬‫א‬  •
K‫א‬،‫א‬
K‫א‬‫א‬ •
 W‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬
K،‫א‬‫א‬‫א‬‫א‬
K‫א‬
K‫א‬‫א‬‫א‬،‫א‬
 W
 W‫א‬‫א‬‫א‬
 ‫א‬‫א‬  ‫א‬
،،،، ،،،،   ‫א‬
 K‫א‬‫א‬،‫א‬‫א‬،‫א‬
، ‫א‬، ‫א‬ ، ‫א‬  ‫א‬ ، ‫א‬   ‫א‬
 K‫א‬
 KKKKK‫א‬‫א‬،‫א‬‫א‬،‫א‬،‫א‬   
K‫א‬‫א‬،‫א‬،‫א‬،‫א‬‫א‬   
((80))

 ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬K ‫א‬‫א‬‫א‬‫א‬،‫א‬
 W
W‫א‬‫א‬K١
 K‫א‬‫א‬‫א‬‫א‬K
W‫א‬K
 K‫א‬‫• א‬
K‫א‬‫• א‬
K •
 W‫א‬‫א‬‫א‬K
 K‫א‬‫• א‬
K‫א‬‫• א‬
‫• א‬
‫• א‬
K •
W‫א‬‫א‬‫א‬K
K‫א‬‫א‬K
K‫א‬‫א‬‫א‬K
K‫א‬K
K‫א‬‫א‬K
((81))
 W‫א‬‫א‬‫א‬ J١
 K‫א‬‫• א‬
K‫א‬‫א‬‫• א‬
K •
W‫א‬‫• א‬
 K،،‫א‬W •
KKKK •
KKKKKKKKKK •
 W‫א‬‫א‬ J١
 K-W‫א‬‫א‬
K-W‫א‬
K-W‫א‬
 W‫א‬‫א‬ J٢
 W
 K‫א‬G
KG
K‫א‬G
 W
 K‫א‬G
G
K‫א‬G
 KKKK
((82))
KKKK
 K‫א‬‫א‬‫א‬‫א‬ J٣
K‫א‬‫א‬‫א‬‫א‬‫א‬ J٤
 K‫א‬‫א‬
K‫א‬‫א‬
K‫א‬
K‫א‬
KE‫א‬‫א‬F‫א‬
 W‫א‬‫א‬‫א‬ J٥
 K‫א‬‫א‬‫א‬
 K‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬،‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
W‫א‬‫א‬
‫א‬‫א‬،‫א‬L ‫א‬‫א‬،‫א‬‫א‬
 K‫א‬‫א‬،‫א‬
 W‫א‬‫א‬‫א‬ J٦
 K‫א‬‫א‬‫א‬
W‫א‬‫א‬‫א‬
،‫א‬،‫א‬،‫א‬‫א‬،‫א‬‫א‬‫א‬
 K
 K‫א‬‫א‬‫א‬‫א‬
((83))
E‫א‬‫א‬F،‫א‬‫א‬،‫א‬‫א‬
 KKKK‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬ J
 W‫א‬‫א‬‫א‬‫א‬‫א‬
  ‫א‬‫א‬‫א‬‫א‬W‫א‬G
،
 ‫א‬،‫א‬ ‫א‬‫א‬،
 W‫א‬‫א‬‫א‬‫א‬K‫א‬‫א‬
‫א‬‫א‬W ‫א‬G
 KKKKKK‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬W ‫א‬‫א‬G
‫א‬‫א‬‫א‬
K‫א‬
‫א‬‫א‬‫א‬W ‫א‬‫א‬G
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬ ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬
‫א‬‫א‬‫א‬W‫א‬‫א‬G

 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬G
‫א‬‫א‬‫א‬‫א‬K ‫א‬‫א‬‫א‬
‫א‬K ‫א‬‫א‬E ‫א‬F‫א‬
((84))
‫א‬‫א‬‫א‬،‫א‬
‫א‬K ‫א‬‫א‬،‫א‬
‫א‬‫א‬‫א‬،‫א‬‫א‬
‫א‬‫א‬‫א‬
W‫א‬
 K‫א‬‫א‬‫א‬-
‫א‬‫א‬،‫א‬‫א‬-
K
 WE‫א‬F‫א‬
‫א‬‫א‬W‫א‬‫א‬‫א‬‫א‬G
‫א‬، ‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬W ‫א‬‫א‬‫א‬‫א‬G
‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬W ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
((85))
@@@ÉÓìn½a@kÜİÛbi@ûjänÛa@kîÛbc
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬EForecastF‫א‬
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 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K١
‫א‬‫א‬‫א‬‫א‬‫א‬
KKK‫א‬‫א‬‫א‬
‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬W ‫א‬‫א‬‫א‬
((86))
 K‫א‬،‫א‬‫א‬،‫א‬،‫א‬
 W‫א‬K٢
‫א‬‫א‬ ‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬ J٣
‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬
 W‫א‬
 K‫א‬‫• א‬
K‫א‬‫א‬‫א‬ •
 W‫א‬‫א‬‫א‬‫א‬‫א‬K٤
 W‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬١
‫א‬E‫א‬‫א‬F‫א‬‫א‬
 W‫א‬‫א‬‫א‬،
Yt = a + bt + Et
 t‫א‬‫א‬‫א‬ytW
 K‫א‬‫א‬‫א‬ :a
 K‫א‬‫א‬‫א‬‫א‬‫א‬:B
 K‫א‬‫א‬‫א‬ t‫א‬‫א‬‫א‬‫א‬:Et
 t yt‫א‬
‫א‬‫א‬
‫א‬bKb‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬Kt‫א‬yt
((87))
 W‫א‬‫א‬‫א‬‫א‬‫א‬
b>o
b=o
b<o
E٤F
 
 W‫א‬‫א‬ J
‫א‬‫א‬‫א‬
‫א‬‫א‬K ‫א‬yt
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
  yt , yt − 1, yt − 2, yt − 3, yt − 4
‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
yt + 1 = ( yt + yt − 1 + yt − 2 + yt − 3 + yt − 4)
  5
‫א‬‫א‬‫א‬
 W‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
 
((88))
‫א‬‫א‬  
Z‫א‬‫א‬
‫א‬‫א‬  
،‫א‬‫א‬‫א‬‫א‬
‫א‬E ‫א‬F‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬
 W‫א‬‫א‬‫א‬
-‫א‬ ‫א‬- ‫א‬ ‫א‬H ‫א‬  ‫א‬ ‫א‬Z ‫א‬ ‫א‬
 KE-F‫א‬‫א‬
،‫א‬‫א‬‫א‬-
،‫א‬‫א‬K
 ‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 ‫א‬C‫א‬Z‫א‬‫א‬‫א‬
‫א‬٢٠٠٧‫א‬‫א‬WG
 W‫א‬
 W،٢٠٠٨EF‫א‬‫א‬W‫א‬
 K٪٢‫א‬ E٣٠F٢٠٠٧‫א‬‫א‬
 K٦Z‫א‬‫א‬
 K١Z‫א‬‫א‬‫א‬
 K٢Z‫א‬‫א‬
 Z‫א‬
 K٥Z٢-١H٦Z‫א‬‫א‬W‫א‬
 
((89))
٥٠٠٠٠٠٠  
١٦٧Z٠{١٦٧Z Z‫א‬‫א‬
٣٠٠٠٠٠٠٠  
 ٣٠{٦Z٣٠H٠{٦Z١٠٠L٢C٣٠Z٢٠٠٨‫א‬
 K٥٠١١Z٠{١٦٧C٣٠{٦Z٢٠٠٨‫א‬‫א‬
 W‫א‬‫א‬‫א‬
‫א‬‫א‬K١
 K
K‫א‬‫א‬‫א‬‫א‬‫א‬K٢
،
 ‫א‬F‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K٣
 K‫א‬‫א‬‫א‬‫א‬E‫א‬
 Demands Elasticity'sW‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K ‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬K‫א‬‫א‬
‫א‬،‫א‬‫א‬ ،‫א‬، ‫א‬‫א‬F
 KE‫א‬‫א‬،‫א‬‫א‬،‫א‬
 W‫א‬‫א‬
K
 ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ 
‫א‬،‫א‬‫א‬
((90))
‫א‬‫א‬‫א‬،‫א‬
‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
Z‫א‬‫א‬  
‫א‬‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬
،
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬EMRF‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬  
Z‫א‬‫א‬‫א‬
‫א‬‫א‬  
∆ΤR
MR =
  ∆Ο      
 ‫א‬‫א‬‫א‬EEDPF ‫א‬‫א‬
EMRF
((91))
⎛ 1 ⎞
MR = Ρ⎜1 − ⎟
  ⎝ EDΡ ⎠ W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
-١ ‫ א‬Z‫א‬‫א‬‫א‬  
‫א‬‫א‬
 
‫א‬Z‫א‬‫א‬‫א‬EEDPF
  EDP = ∞ ‫א‬‫א‬
MR=P٠{٥EDR<١KMR=0EEDPZ١F
 W‫א‬‫א‬K
 
 
P ‫א‬
EDP>1
EDP=1
WDP<1


 MED=0

‫א‬
‫א‬

‫א‬‫א‬
 
 

‫א‬‫א‬‫א‬‫א‬
 
((92))
 W‫א‬
 ‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬K
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
Z‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬K
،‫א‬‫א‬ ‫א‬‫א‬‫א‬
K‫א‬
‫א‬‫א‬‫א‬١>‫א‬‫א‬K
K‫א‬‫א‬‫א‬‫א‬
،Z
  ‫א‬‫א‬‫א‬K
‫א‬،EF ‫א‬‫א‬‫א‬
KEF‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W
 ٢٠٠٢  ٢٠٠١  ٢٠٠٠  ‫א‬‫א‬
 ٥٥٠  ٥٠٠  ٦٠٠  ‫א‬
 ‫؟‬  ٥٠٠  ٤٠٠  ‫א‬
 W‫א‬
 K٥٥٠‫א‬‫א‬‫א‬٢٠٠٢‫א‬
‫א‬‫א‬
  ‫א‬‫א‬W‫א‬
 W‫א‬‫א‬٢٠٠١،٢٠٠٠‫א‬
500 − 400 500 − 600
EDP = ÷
400 − 500 500 + 600
100 1100
= × = −1.22
  900 − 100
‫א‬‫א‬‫א‬
((93))
 W‫א‬‫א‬٥٥٠‫א‬‫א‬٢٠٠٢‫א‬
Χ − 500 550 − 500
− 1.22 = ÷ = 445.050
  Χ + 500 550 + 500
  EPΧΥ ‫א‬‫א‬‫א‬٣
 KY‫א‬X‫א‬‫א‬
،
 ‫א‬ ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬  K 
 W
‫א‬EYF‫א‬EXF‫א‬‫א‬ ΕΡΧΥ > 0 -١
،‫א‬‫א‬K‫א‬‫א‬
‫א‬،‫א‬‫א‬،‫א‬‫א‬FW‫א‬‫א‬‫א‬‫א‬
 KE‫א‬‫א‬‫א‬،‫א‬‫א‬
EYF ‫א‬EXF‫א‬ ΕΡΧΥ < 0 -٢
‫א‬EXF‫א‬‫א‬‫א‬
‫א‬‫א‬F،EYF‫א‬ ‫א‬
 E‫א‬
‫א‬‫א‬ ΕΡΧΥ = 0 -٣
‫א‬ ΕΧΥ  EY،XFEXF‫א‬
 YI ‫א‬‫א‬‫א‬ X I ‫א‬‫א‬‫א‬
dxi p ( y i )
EXY = .
  dpy i xi
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬
((94))
 W‫א‬‫א‬‫א‬‫א‬-١
‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬K‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬ K١
‫א‬‫א‬ K٢
K‫א‬‫א‬‫ א‬K٣
 W‫א‬‫א‬‫א‬‫א‬
 
‫א‬‫א‬‫א‬
Z‫א‬‫א‬
 
‫א‬‫א‬‫א‬
 
‫א‬‫א‬ ‫א‬‫א‬
 W
 W‫א‬‫א‬
 K‫א‬‫א‬
‫א‬‫א‬‫א‬NORMAL GOOD‫א‬
‫א‬‫א‬‫א‬KEEDR>٠F‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬INFRIOR GOOD‫א‬‫א‬
‫א‬‫א‬EEDR>٠F‫א‬‫א‬
K
  ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ 
‫א‬‫א‬K
K
  ‫א‬‫א‬‫א‬
((95))
‫א‬K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
NECESSITIER‫א‬
K‫א‬‫א‬LUXWRY GOOD
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K ‫א‬
K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬،
K‫א‬
W‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬x ‫א‬‫א‬
Z Z  
‫א‬‫א‬ ‫א‬‫א‬
 
 W‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K
‫א‬‫א‬ ‫א‬‫א‬‫א‬
K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W
((96))
‫א‬
‫א‬‫א‬
‫א‬
 
 ‫א‬‫א‬‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬
 EF
‫א‬‫א‬E ‫א‬‫א‬‫א‬F‫א‬‫א‬‫א‬K
‫א‬ ‫א‬‫א‬‫א‬ K ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬W
 W‫א‬
‫א‬  ‫א‬‫א‬  ‫א‬‫א‬
 ١٦٠٠  ١٠  ٢٠٠٧
 ٢٠٠٠  ١٢  ٢٠٠٨
 W
((97))
 K٢٢٠٠٢٠٠٩‫א‬K
٪١٥‫א‬K
٪٨٠‫א‬‫א‬‫א‬K
 ‫؟‬٢٠٠٩‫א‬‫א‬‫א‬W‫א‬
 K٢٠٠٨٢٠٠٧‫א‬‫א‬‫א‬
١٠٨٨Z٪٨C٪٨٥C١٦٠٠Z٢٠٠٧‫א‬W‫א‬
 K
١٣٦٠Z٪٨C٪٨٥C٢٠٠٠Z٢٠٠٨‫א‬
 K
١٤٩٦Z٪٨C٪٨٥C٢٢٠٠Z٢٠٠٩‫א‬
 K
‫א‬  ‫א‬‫א‬  ‫א‬‫א‬
 ١٠٨٨  ١٠  ٢٠٠٧
 ١٣٦٠  ١٢  ٢٠٠٨
 
‫א‬‫א‬‫א‬
Z‫א‬‫א‬  
‫א‬‫א‬‫א‬
 
 ٠{٨Z٢٠٠٨،٢٠٠٧‫א‬‫א‬
12- 1360 - 1496  
12096 = ÷ = 0.8
12 1360  
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
((98))
‫א‬‫א‬‫א‬K ‫א‬‫א‬
‫א‬‫א‬
 ‫א‬

 K‫א‬‫א‬‫א‬‫א‬
Pricing Decisions W‫א‬‫א‬‫א‬‫א‬

‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ،‫א‬
 W‫א‬‫א‬
Pricing For Economic Theory‫א‬‫א‬‫א‬ •
Cost oriented pricing‫א‬‫א‬ •
Target pricing ‫א‬‫• א‬

Demand Oriented pricing ‫א‬‫א‬‫• א‬
Competition oriented pricing ‫א‬‫א‬ •
Pricing For Economic ‫א‬‫א‬‫א‬W

 ‫א‬‫א‬G
Theory
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W،‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬،  ‫א‬‫א‬
K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
K
‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬
((99))
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬،‫א‬‫א‬
K‫א‬‫א‬،‫א‬‫א‬،‫א‬
E ‫א‬F ‫א‬‫א‬‫א‬‫א‬
‫א‬K
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬F‫א‬‫א‬E ‫א‬‫א‬F‫א‬
 K‫א‬‫א‬E‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬ ‫א‬‫א‬‫א‬‫א‬K ‫א‬
 K‫א‬‫א‬‫א‬
E ‫א‬F‫א‬،‫א‬‫א‬
،‫א‬
 
‫א‬‫א‬‫א‬
 ،
 ‫א‬،‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
K‫א‬
 W‫א‬‫א‬‫א‬‫א‬G
،
 ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
‫א‬E ‫א‬F ‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
((100))
،Eplus Cost Pricing ‫א‬‫א‬‫א‬F، 
‫א‬‫א‬EAverage Cost PricingF‫א‬
EProfit MarginF ‫א‬‫א‬‫א‬
K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
H  W‫א‬‫א‬
Z   

Z ‫א‬‫א‬H ‫א‬ZW
 ١٠٠٠٠ZE٢٠٠٠H٨٠٠٠F
 ٪٢٠Z‫א‬Z
 ٢٠٠Z‫א‬‫א‬‫א‬،‫א‬Z
 ‫؟‬‫א‬W‫א‬
 E٪٢٠x١٠٠٠٠FH١٠٠٠٠  
٦٠ Z Z ‫א‬
 ٢٠٠  
 ‫א‬١٠Z٥٠-٦٠Z‫א‬‫א‬‫א‬
 K‫א‬E٥L١F‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬ ‫א‬
، ‫א‬‫א‬‫א‬‫א‬
 K،‫א‬‫א‬
 W‫א‬‫א‬W‫א‬‫א‬G
K٥٠٠٠٠‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬، ‫א‬‫א‬ ‫א‬‫א‬
((101))
‫א‬‫א‬‫א‬KE٨F‫א‬‫א‬‫א‬،K٧٠٠٠٠
 K ١٥٠٠٠‫א‬
 W‫א‬
 ‫؟‬‫א‬‫א‬‫א‬‫א‬
C‫א‬‫א‬‫א‬Z ‫א‬‫א‬C‫א‬‫א‬‫א‬
 K‫א‬‫א‬H‫א‬‫א‬H‫א‬‫א‬
 ٥٠٠٠H٧٠٠٠٠HE٨C١٥٠٠٠FZC١٥٠٠٠
 ١٢٠٠٠٠H١٢٠٠٠٠Z١٥٠٠٠
 ٢٤٠٠٠٠Z١٥٠٠٠٠
K 16 = 420000 = 
 ٥٠٠٠٠‫א‬‫א‬ 15000
 W‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬G
‫א‬،‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 W‫א‬‫א‬W‫א‬‫א‬G
‫א‬‫א‬ ‫א‬ ‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬K ‫א‬‫א‬
 K‫א‬‫א‬‫א‬
W
 K‫א‬‫א‬‫א‬-١
KE‫א‬‫א‬F‫א‬‫א‬-٢
K‫א‬‫א‬-٣
((102))
KE‫א‬‫א‬‫א‬F‫א‬‫א‬-٤
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
 K‫א‬ K١
K‫א‬‫ א‬K٢
K K٣
K‫א‬ K٤
K K٥
K K٦
K‫א‬‫א‬‫א‬‫א‬‫ א‬K٧
K‫א‬‫א‬‫א‬‫ א‬K٨
K‫א‬ K٩
K‫א‬ K١٠
W‫א‬
‫א‬F‫א‬،‫א‬‫א‬
‫א‬‫א‬F
 ‫א‬
 ‫א‬‫א‬‫א‬E‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬E‫א‬
‫א‬E ‫א‬F
 ، ‫א‬ 
‫א‬  ‫א‬Earning Capacity  ‫א‬‫א‬‫א‬‫א‬
 W،‫א‬‫א‬
 
٤٠٠٠ ‫א‬‫א‬
٪١٠ Z  Z ٪١٠٠ X  
Z ‫א‬
٤٠٠ ‫א‬
 
K ‫א‬‫א‬‫א‬
((103))
E٦٠F، E٥٠F
 ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬ E١٠F
 ‫א‬‫א‬، ‫א‬‫א‬
 KE٪٢٠F،‫א‬E٪١٧FK‫א‬‫א‬
 W‫א‬
٪١٠  ‫א‬  
KKK،‫א‬٪١٧  Z Z
٪٦٠ ‫א‬  
 
٪١٠  ‫א‬
 ‫א‬ ٪٢٠ Z Z  
٪٥٠ ‫א‬
 
Models equalitarian
 W
 WEDelphiF،‫א‬‫א‬‫א‬‫א‬١
‫א‬‫א‬
‫א‬، ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 KKKKKK‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬
،‫א‬ ‫א‬‫א‬
‫א‬‫א‬
‫א‬K ‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
((104))
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬٢
‫א‬‫א‬K ‫א‬
، ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K ‫א‬K  ‫א‬‫א‬‫א‬
 K‫א‬KKKKKK‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
 K،
 EMarket ResarchF‫א‬٣
‫א‬‫א‬‫א‬‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬
،‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
 KKKKKKKKKKK‫א‬
‫א‬،‫א‬‫א‬ ‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
 
((105))
‫א‬‫א‬
‫א‬١
‫א‬‫א‬٢
‫א‬‫א‬٣
‫א‬‫א‬‫א‬٢L٤ ‫א‬‫א‬‫א‬١L٤
 ‫א‬‫א‬٥
‫א‬٦
‫א‬‫א‬٢L٧ ‫א‬‫א‬١L٧
 ‫א‬٨
‫א‬‫א‬٩
‫א‬١٠
‫א‬‫א‬‫א‬١١
szjÛa@òîÜàÇ@ÝyaŠß
 
 W‫א‬‫א‬‫א‬٤
،‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
((106))
 W‫א‬‫א‬٥
‫א‬،‫א‬‫א‬‫א‬‫א‬
 K‫א‬
 W‫א‬٦
‫א‬‫א‬‫א‬
 K‫א‬
 W‫א‬٧
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬
 K‫א‬‫א‬
‫א‬
 ‫א‬‫א‬
 ‫א‬
‫א‬‫א‬ ‫א‬،‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬،‫א‬W ‫א‬‫א‬‫א‬ W‫א‬
K‫א‬‫א‬،‫א‬،‫א‬،E‫א‬F
،‫א‬،‫א‬‫א‬‫א‬،‫א‬‫א‬،‫א‬W
 ‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬W ‫א‬
‫א‬‫א‬‫א‬‫א‬K ،‫א‬
K‫א‬
، ‫א‬‫א‬‫א‬‫א‬W‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬ ‫א‬W ‫א‬
((107))
،‫א‬،‫א‬، ‫א‬‫א‬W ‫א‬‫א‬
KKKKKKKK‫א‬
K‫א‬‫א‬‫א‬‫א‬ W‫א‬
‫א‬
  ‫א‬‫א‬W‫א‬
K
،‫א‬‫א‬W‫א‬
K‫א‬
K‫א‬‫א‬‫א‬‫א‬W ‫א‬ ‫א‬
K‫א‬،‫א‬،‫א‬‫א‬،‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬
‫א‬‫א‬‫א‬‫א‬
W‫א‬‫א‬K‫א‬
 
 
 
 
 
 
 
 
 
 
((108))
 W‫א‬٨
،‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬
 ‫א‬‫א‬
 K‫א‬‫א‬
  q = Q − bQ = Q(1 − b )
 K‫א‬b
 W‫א‬‫א‬‫א‬‫א‬‫א‬
 
q

‫א‬
 ‫א‬
q
‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬،
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
  ‫א‬K‫א‬
‫א‬،‫א‬‫א‬
‫א‬K ‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
((109))
a
1=q
a
3
1
ao 2
t
T1
 
qt
،
=1   ‫א‬‫א‬Ea-hF‫א‬‫א‬
Q
‫א‬‫א‬t‫א‬‫א‬‫א‬
 K‫א‬‫א‬
ao‫א‬‫א‬‫א‬
‫א‬ E٣FE٢FE١FW  ‫א‬‫א‬‫א‬
 K‫א‬
 
 E١F‫א‬‫א‬
  WT = ao + a1T W‫א‬‫א‬
at
Q T‫א‬‫א‬ WT 
 ‫א‬‫א‬ ao  
 K‫א‬‫א‬ T  
‫א‬‫א‬‫א‬E٢٢F‫א‬
 W،‫א‬‫א‬‫א‬
  ao + a1T = 1
1 − ao
T=
  a1 W
((110))
W‫א‬E٢F‫א‬‫א‬‫א‬
 ٢٥KKKKKKKKKKKKKK Wt = ao + a1 + a 2T
2
‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
E٣F‫א‬‫א‬‫א‬ ao, a1 , a3 > o
 W‫א‬
1
qt = − ( ao + at )
 ٢٦KKKKKKKKKKKKKK 1+ e
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
q
h
a
ao 4
T
 
 ‫א‬‫א‬‫א‬‫א‬
 ٢٧KKKKKKKKKKKKKKKKKK qt = ao + a1t + a 2T2
 W‫א‬‫א‬‫א‬٩
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬K‫א‬‫א‬‫א‬
 W‫א‬
((111))
 ‫؟‬‫א‬‫א‬‫א‬،‫א‬‫א‬ •
K‫؟‬ ‫א‬ ‫א‬‫א‬ •
‫؟‬‫א‬‫א‬‫א‬
‫؟‬‫א‬ •
‫؟‬‫א‬‫א‬‫א‬ •
‫؟‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬ •
‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬K١
،‫א‬‫א‬‫א‬‫א‬‫א‬K ‫א‬‫א‬
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
 ‫؟‬‫א‬
−∞ .T
⎛ B⎞ B
Pt = ⎜ po − ⎟ e+
  ⎝ ∞⎠ ∞ 
 K‫א‬‫א‬PO
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬ 
 Wb‫א‬‫א‬ECTF‫א‬
  PT = CT + BCT = CT (1 + B ) 
،‫א‬‫א‬‫א‬‫א‬
‫א‬K‫א‬‫א‬‫א‬
،‫א‬‫א‬
 K‫א‬‫א‬
((112))
‫ﺍﻟﻔﺼﻞ ﺍﻟﺴﺎﺩﺱ‬
@@òî†äaë@òîäÐÛa@ôë†¦a@òa‰…
@@Technical Feasibility
‫א‬‫א‬?
 ?‫א‬‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬
،‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K
 ‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 ‫؟‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬
K  ‫א‬‫א‬ ‫א‬
((113))
 W‫א‬‫א‬‫א‬
  ‫א‬        
 
 ‫א‬‫א‬ ‫א‬‫א‬ ‫א‬ ‫א‬‫א‬
 ‫א‬‫א‬  ‫א‬ ‫א‬‫א‬
‫א‬ ‫א‬ ‫א‬ ‫א‬
 K‫א‬‫א‬ ‫א‬‫א‬  ‫א‬‫א‬
 ‫א‬‫א‬ ‫א‬‫א‬ Cost ‫א‬‫א‬
Volume Profit
In difference Analysis
Cost Point
W‫א‬‫א‬‫א‬ J
 W‫א‬‫א‬‫א‬
 ‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬ •
 ‫א‬‫א‬‫א‬
 K‫א‬‫א‬،
 W‫א‬‫א‬‫א‬‫א‬
 E‫א‬‫א‬F‫א‬-٢  ‫א‬-١
 ‫א‬‫א‬-٤  ‫א‬-٣
 ‫א‬-٦  ‫א‬‫א‬-٥
 ‫א‬‫א‬-٨  ‫א‬-٧
 ‫א‬‫א‬‫א‬-٩
‫א‬‫א‬‫א‬W ‫א‬‫א‬‫א‬
((114))
‫א‬‫א‬‫א‬،  ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K

 ‫א‬‫א‬‫א‬‫א‬‫א‬
–‫א‬‫א‬‫א‬
 K‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
C=Z.M
 K‫א‬‫א‬‫א‬‫א‬‫א‬WC
‫א‬‫א‬‫א‬‫א‬F‫א‬‫א‬‫א‬WZ
 K‫א‬‫א‬E ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬-‫א‬‫א‬WM
 K
‫א‬‫א‬‫א‬‫א‬
K
 ‫א‬‫א‬EF
 W‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬W ‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬W ‫א‬‫א‬
((115))
K‫א‬‫א‬‫א‬،‫א‬K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬
K‫א‬
K‫א‬‫א‬-‫א‬‫א‬Z‫א‬‫א‬
‫א‬‫א‬W‫א‬E‫א‬F ‫א‬

 ‫א‬‫א‬K ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬
 W‫א‬‫א‬
 K‫א‬‫א‬ K١
K‫א‬ K٢
K‫א‬‫א‬‫ א‬K٣
K‫א‬‫א‬‫א‬‫א‬‫ א‬K٤
K‫א‬ K٥
K‫א‬‫ א‬K٦
K‫א‬‫א‬،‫א‬‫א‬‫א‬،‫א‬‫א‬ K٧
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬ E ‫א‬ ‫א‬F  ‫א‬E ‫א‬F ‫א‬ G
Break even Analysis ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬ ‫א‬
‫א‬‫א‬‫א‬K 
 K‫א‬x‫א‬‫א‬z‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
((116))
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 ‫א‬‫א‬  
 Z ‫א‬‫א‬-١
‫א‬‫א‬-‫א‬  
 
 ‫א‬‫א‬ ‫א‬‫א‬-٢
Z  
‫א‬‫א‬– ‫א‬‫א‬‫א‬  ‫א‬‫א‬
 
 ‫א‬‫א‬  
 Z ‫א‬-٣
‫א‬‫א‬
 
‫א‬‫א‬‫א‬
Z ‫א‬‫א‬  
‫א‬‫א‬
 

 ‫א‬‫א‬‫א‬‫א‬‫א‬ W 
‫א‬‫א‬‫א‬،K ٤٠٠٠‫א‬‫א‬‫א‬
‫א‬‫א‬، ‫א‬ ‫א‬،
 K٢٠٠٠٠

 ‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬
 K‫א‬‫א‬
((117))
 W‫א‬‫א‬
HE ‫א‬‫א‬C ‫א‬FZ ‫א‬
 H‫א‬‫א‬
1
 + 4000 + .Χ = Χ
  2
 K 8000 = Χ
٨٠٠٠‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
‫א‬‫א‬‫א‬
 KKL٤٠٠٠٠٠LL٪١٠L
 W‫א‬
‫א‬‫؟‬‫א‬‫א‬‫א‬‫א‬
 ‫؟‬‫א‬‫א‬‫א‬‫א‬
HE‫א‬‫א‬C‫א‬FZ‫א‬
 KH‫א‬‫א‬
1
40000 + 4000 + Χ =Χ
  2
 K 88000Χ
 W
 K٨٨٠٠٠ZEK١C٨٨٠٠٠F‫א‬
KKE٤٤٠٠٠FZEK٠{٥C٨٨٠٠٠F
 KE٤٠٠٠FZ
 K٤٠٠٠٠     
((118))
‫א‬‫א‬
‫א‬ x ‫א‬‫א‬‫א‬
‫א‬K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
K  ‫א‬‫א‬‫א‬‫א‬ W ‫א‬

 W‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬
 ،‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬
‫א‬  ‫א‬‫א‬، ‫א‬‫א‬‫א‬‫א‬
 K
‫א‬‫א‬‫א‬ W ‫א‬‫א‬ ‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬W ‫א‬‫א‬
‫א‬‫א‬ ،‫א‬‫א‬،
 K‫א‬
‫א‬،‫א‬‫א‬W‫א‬

 K ‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬‫א‬W ‫א‬‫א‬
((119))
‫א‬‫א‬‫א‬‫א‬،‫א‬
‫א‬‫א‬K‫א‬
،‫א‬‫א‬،‫א‬‫א‬،‫א‬‫א‬‫א‬
‫א‬،‫א‬،‫א‬،‫א‬ 
 ‫א‬،‫א‬‫א‬،‫א‬
W
 K‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
 ‫א‬ ‫א‬ ‫א‬، ‫א‬  ‫א‬‫א‬  ‫א‬ ‫א‬‫א‬  •
K‫א‬‫א‬‫א‬
K‫א‬‫א‬ •
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬،‫א‬‫א‬
 K‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬W ‫א‬
، ‫א‬،
‫א‬،‫א‬‫א‬
 W‫א‬
 ‫א‬‫א‬‫א‬
 
 Z ‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬
 
 ‫א‬‫א‬‫א‬‫א‬‫א‬
Z  
 ‫א‬‫א‬‫א‬‫א‬
 
 K‫א‬١>‫א‬‫א‬
K‫א‬١<‫א‬‫א‬
K‫א‬ ١Z‫א‬‫א‬
،‫א‬‫א‬W
((120))
‫א‬ ،L٢٠٠٠٠٠ ‫א‬
١٠٠٠٠٠٠ ‫א‬‫א‬،L٢٠٠٠٠
 K٨٠٠٠٠‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬
 ‫؟‬‫א‬‫א‬
 W‫א‬
١٠٠٠٠٠٠ ٢٠٠٠٠  
١{٢٥Z ×  Z ‫א‬‫א‬
٨٠٠٠٠ ٢٠٠٠٠٠
 
‫א‬‫א‬‫א‬‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬K‫א‬
 W‫א‬‫א‬ J١
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬
 ‫א‬،‫א‬‫א‬،‫א‬‫א‬
 W‫א‬،‫א‬‫א‬،
W‫א‬‫א‬‫א‬-
 W‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
K
((121))
K‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬
K‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬
K‫א‬،‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬
‫א‬،‫א‬W
،‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬  ‫א‬  ‫א‬ ‫א‬ ‫א‬‫א‬‫א‬‫א‬
‫א‬  ‫א‬
C‫א‬ B‫א‬ A‫א‬
 ٥  ٢  ٢  ٠{١٠  ‫א‬‫א‬‫א‬‫א‬
 ٤  ٣  ٣  ٠{١٥  ‫א‬‫א‬
 ٤  ٢  ٢  ٠{٢٠  ‫א‬‫א‬‫א‬
 ٤  ٤  ١  ٠{٣٠ ‫א‬‫א‬
 ٥  ١  ١  ٠{٢٥  ‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
 ٦  ٥  ٤  ٣  ٢  ١
((122))
‫א‬‫א‬  ‫א‬ ‫א‬ ‫א‬ ‫א‬ ‫א‬
   ‫א‬
 K‫א‬‫א‬‫א‬W‫א‬
 W‫א‬
 K‫א‬‫א‬C‫א‬‫א‬Z‫א‬‫א‬-١
 C‫א‬  B‫א‬  A‫א‬ ‫א‬ ‫א‬‫א‬‫א‬
‫ א‬‫א‬‫א‬
‫א‬ ‫ א‬‫א‬ ‫ א‬‫ א‬‫א‬
‫א‬ ‫א‬ ‫א‬
 ٠{٥٠  ٥  ٠{٢٠  ٢  ٠{٢٠  ٢ ٠{١٠ ‫א‬‫א‬‫א‬‫א‬
 ٠{٦٠  ٤  ٠{٤٥  ٣  ٠{٤٥  ٣ ٠{١٥  ‫א‬‫א‬
 ٠{٨٠  ٤  ٠{٤٠  ٢  ٠{٤٠  ٢ ٠{٢٠  ‫א‬‫א‬‫א‬
 ١{٢٠  ٤  ١{٢  ٤  ٠{٣٠  ١ ٠{٣٠ ‫א‬
 ‫א‬
 ١{٢٥  ٥  ٠{٢٥  ١  ٠{٢٥  ١ ٠{٢٥ ‫א‬‫א‬
 ٤{٣٥    ٢{٧٠    ١{٦٠    ١  ‫א‬

 
 K٣{٥Z٦DE٦H٥H٤H٣H٢H١FZ‫א‬‫א‬-٢
 W‫א‬‫א‬‫א‬-٣
 KE‫א‬F٣{٥>١{٦٠Z‫א‬‫א‬‫א‬WA‫א‬
 E‫א‬F٣{٥>٢{٧٠Z‫א‬‫א‬‫א‬WB‫א‬
‫א‬‫א‬KE ‫א‬F٣{٥<٤{٣٥Z ‫א‬‫א‬‫א‬WC‫א‬
 K‫א‬
 W‫א‬-
‫א‬‫א‬‫א‬
((123))
 W
 ،‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬ •
 K٢‫א‬‫א‬‫א‬ •
 K٣‫א‬‫א‬‫א‬ •
 K٤‫א‬‫א‬‫א‬ •
 K٥‫א‬‫א‬‫א‬‫א‬ •
 K٦‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬ ‫א‬‫א‬‫א‬ ‫א‬‫א‬ ‫א‬  ‫א‬
 ‫א‬  ‫א‬
     ‫א‬   A
        B
        C
 K‫א‬W‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬        ‫א‬
 ٦  ٥  ٤  ٣  ٢  ١
 W‫א‬
 ‫א‬ ‫א‬ ‫א‬‫א‬‫א‬ ‫א‬ ‫א‬ ‫א‬
‫א‬  ‫א‬  ‫א‬
E‫א‬F١٦  ٤  ٣  ٥  ٤ A
 ١٠  ٢  ٣  ٣  ٢ B
 ١٢  ٣  ٢  ٤  ٣ C
((124))
 W‫א‬‫א‬ J٢
، ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬
 W‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،E‫א‬‫א‬F ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،
 K‫א‬‫א‬
 W‫א‬N‫א‬‫א‬
FC
N=
P − VC
 K‫א‬‫א‬FC
 K‫א‬P
 K‫א‬‫א‬VC
 W
 W‫א‬‫א‬‫א‬‫א‬
C‫א‬ B‫א‬ A ‫א‬  ‫א‬
 ١٠٠٠٠٠٠  ١٠٠٠٠٠٠  ١٠٠٠٠٠٠  ‫א‬‫א‬
 ٣٠٠  ٤٠٠  ٢٠٠ ‫א‬‫א‬
 ٨٠٠  ٥٠٠  ٤٠٠  ‫א‬
 K‫א‬‫א‬‫א‬‫א‬W‫א‬
 W‫א‬
((125))
1000000
NA = = 5000
400 − 200
1000000
NB = = 10000
500 − 400
1000000
NC = = 2000
800 − 300 (C)‫א‬
 W‫א‬‫א‬‫א‬‫א‬G
‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬
‫א‬‫א‬‫א‬‫א‬ 
 ‫א‬
‫א‬‫א‬K  ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬W‫א‬
‫א‬K ‫א‬‫א‬‫א‬
KK  ‫א‬‫א‬‫א‬KK ‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬W‫א‬
، ‫א‬‫א‬‫א‬‫א‬ ‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬ ‫א‬‫א‬
 ‫א‬‫א‬‫א‬W ‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬
‫א‬‫א‬K 
((126))
 K‫א‬،‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬ 
‫א‬‫א‬،‫א‬،‫א‬،‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬W ‫א‬‫א‬‫א‬‫א‬
 K،‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬W ‫א‬‫א‬ ‫א‬
 W‫א‬‫א‬،‫א‬
 K‫א‬‫א‬W‫א‬‫א‬
‫א‬‫א‬W
 ‫א‬‫א‬
 K
‫א‬ ‫א‬‫א‬W
 ‫א‬‫א‬
‫א‬‫א‬‫א‬، 
 K
 ،  W ‫א‬‫א‬‫א‬‫א‬
K ‫א‬
 ‫א‬ ،
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
‫א‬‫א‬
 ‫؟‬‫א‬‫א‬،‫א‬‫א‬
 K‫א‬‫א‬‫א‬
(in difference cart point)
 W
‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬،E‫א‬F
((127))
 KEFW‫א‬
 KEFW‫א‬
 W‫א‬‫א‬
 EF‫א‬‫א‬  E‫א‬F‫א‬‫א‬
 ٣٠٠٠٠‫א‬‫א‬  ٦٠٠٠٠‫א‬‫א‬
 K٦‫א‬‫א‬ K٣W‫א‬‫א‬
 W‫א‬
 K‫א‬‫א‬‫א‬
 W‫א‬‫א‬
 W‫א‬
‫א‬FH‫א‬‫א‬ZEC‫א‬‫א‬FH‫א‬‫א‬
 EC‫א‬
 ٦H٣٠٠٠٠Z٣H٦٠٠٠٠
 ١٠٠٠٠Z
 E‫א‬‫א‬F   
 
‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬
 ١٠٠٠٠  ١٠٠٠٠
  ٨٠٠٠  ١٥٠٠٠
       
 ٨٤٠٠٠  ٢٤٠٠٠  ٩٠٠٠٠  ٤٥٠٠٠
 ٣٠٠٠٠  ٦٠٠٠٠  ٣٠٠٠٠  ٦٠٠٠٠
E‫א‬F٧٨٠٠٠  ٨٤٠٠٠ K١٢٠٠٠٠  E‫א‬FK١٠٥٠٠٠
 W‫א‬
((128))
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬ 
  ‫א‬،‫א‬‫א‬
K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W
 K‫א‬ K١
K‫א‬‫א‬ K٢
 W‫א‬‫א‬
Indifference Point"&" Break-Even Point"
‫א‬‫א‬‫א‬‫א‬
 W
‫א‬‫א‬‫א‬Z‫א‬‫א‬‫א‬
‫א‬FH‫א‬‫א‬ZEC‫א‬‫א‬FH‫א‬‫א‬
 EC‫א‬
 ٦H٣٠٠٠٠Z٣H٦٠٠٠٠
 ١٠٠٠٠Z
‫א‬‫א‬‫א‬
  ١٠٠٠٠
 E١٠٠٠٠F٦H٣٠٠٠٠ZE١٠٠٠٠F٣H٦٠٠٠٠
 ٩٠٠٠٠Z٩٠٠٠٠

 ‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
 E‫א‬‫א‬C‫א‬‫א‬FH‫א‬‫א‬Z‫א‬‫א‬C
((129))
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W
 KE‫א‬١٠F‫א‬-
 W‫א‬‫א‬
 ٣H٦٠٠٠٠ZC١٠
 ٨٥٧١{٤٣Z
 W‫א‬‫א‬
 ٦H٣٠٠٠٠ZC١٠
 ٧٥٠٠Z
‫א‬‫א‬  
‫א‬، ‫א‬
 KE١٥٠٠٠F‫א‬‫א‬‫א‬K‫א‬‫א‬‫א‬‫א‬
 ‫א‬-‫א‬‫א‬Z‫א‬‫א‬
 ZE١٥٠٠٠F٣H٦٠٠٠٠-E١٥٠٠٠C١٠FZ
 K٤٥٠٠٠Z١٠٥٠٠٠–١٥٠٠٠٠Z
 ZE١٥٠٠٠F٦H٣٠٠٠٠-E١٥٠٠٠C١٠FZ‫א‬‫א‬
 KK٣٠٠٠٠Z١٢٠٠٠٠-١٥٠٠٠٠Z
E
 ‫א‬F‫א‬‫א‬ ‫א‬‫א‬
 KE‫א‬F‫א‬
‫א‬،‫א‬‫א‬‫א‬‫א‬
، ‫א‬‫א‬‫א‬‫א‬
 W
 
((130))
٨٥٧١{٤٣–١٥٠٠٠ ‫א‬–‫א‬‫א‬ ‫א‬
 
 ٪٤٢{٨٥Z١٠٠ X = Z ‫א‬‫א‬
١٥٠٠٠ ‫א‬‫א‬  
 
٧٥٠٠–١٥٠٠٠ ‫א‬–‫א‬‫א‬ ‫א‬
 ٪٥٠ Z١٠٠ X =  
Z ‫א‬‫א‬
١٥٠٠٠ ‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬ J
‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬K 
 K‫א‬‫א‬K‫א‬
 W‫א‬‫א‬
KE‫א‬‫א‬F‫א‬ K١
E F‫א‬‫א‬‫א‬‫ א‬K٢
K‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬ K٣
K‫א‬ K٤
K‫א‬‫א‬‫ א‬K٥
K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫ א‬K٦
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬
 ‫א‬
 
 Z ‫א‬  
‫א‬‫א‬‫א‬‫א‬‫א‬
 
((131))
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،
 ‫א‬‫א‬،‫א‬‫א‬

 ،‫א‬‫א‬‫א‬‫א‬‫א‬
E ‫א‬‫א‬‫א‬F‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
 ‫א‬‫א‬
 Z ‫א‬
 
‫א‬‫א‬‫א‬
 
 WE‫א‬‫א‬F
 D55 ‘ S55‫א‬‫א‬‫א‬‫א‬
D55 S55‫א‬  ‫א‬
 ٥٠٠٠٠  K٤٠٠٠٠  ‫א‬‫א‬
 ٧٠٠٠  ٨٠٠٠ ‫א‬‫א‬
 ‫א‬١٠  ‫א‬١٠  ‫א‬‫א‬
 ٩٠٠٠  K٤٠٠٠  ‫א‬
 W‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
 ‫א‬–‫א‬‫א‬H‫א‬‫א‬Z‫א‬‫א‬
 Z‫א‬١٠S55‫א‬‫א‬
 K١١٦٠٠٠Z٤٠٠٠-E١٠C٨٠٠٠FH٤٠٠٠٠
 D55‫א‬‫א‬
 K١١٠٠٠٠Z٩٠٠٠-E١٠C٧٠٠٠٠FH٥٠٠٠٠Z
((132))
 K‫א‬D55‫א‬‫א‬
 KE‫א‬‫א‬‫א‬FW
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
    ،D55‫א‬،S55‫א‬‫א‬ 
 W‫א‬
D55 S55‫א‬  
 ‫א‬١٠  ‫א‬٨  ‫א‬‫א‬
 ٢٠٠٠٠  ٤٠٠٠٠  ‫א‬‫א‬
 ١٤٠٠٠  ١٠٠٠٠  ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬W‫א‬
 K٪١٠‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
 WS55‫א‬
40000
‫ س‬.‫ = ل‬7499 = Z‫א‬‫א‬‫א‬
5.334 
 K‫א‬‫א‬‫א‬
 D55‫א‬
20000
‫ س‬.‫ = ل‬3255 Z‫א‬‫א‬‫א‬
  6.133   
 W‫א‬‫א‬
 W‫א‬‫א‬‫א‬
D55‫א‬ S55‫א‬
 ٣٢٥٥H١٤٠٠٠  Z٧٤٩٩H١٠٠٠٠
 E‫א‬F١٧٢٥٥  ١٧٤٩٩
 
((133))
 W
‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬
B‫א‬ A‫א‬  ‫א‬
 ١٣  ١٠  ‫א‬‫א‬
 $١٢٠٠٠٠  $٢٠٠٠٠٠  ‫א‬‫א‬
 $٥٠٠٠٠  $٣٠٠٠٠  ‫א‬‫א‬
 W‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K٪٧‫א‬‫א‬‫א‬
 W٪٧‫א‬‫א‬‫א‬
 ‫א‬‫א‬
      W‫א‬‫א‬
 ‫א‬‫א‬ ‫א‬‫א‬
 
Z
‫א‬
‫א‬‫א‬ EF ‫א‬‫א‬  
200000
28473.8 = =
  7.024
120000 ‫א‬‫א‬
1435750 = =
  8.358 
 ‫א‬‫א‬
 ‫א‬‫א‬‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬
 ٥٠٠٠٠H١٤٣٥٧{٥٠  ٣٠٠٠٠H٢٨٤٧٣{٨
 ٦٤٣٥٧{٥٠  ٥٨٤٧٣{٨
((134))
 K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
W ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬W‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،‫א‬ ‫א‬‫א‬
‫א‬،‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫؛‬‫א‬
K‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K١
KE‫א‬‫א‬F‫א‬
‫؟‬E‫א‬‫א‬F‫א‬‫א‬‫א‬K٢
‫א‬‫א‬‫א‬
K‫א‬
‫א‬‫א‬‫א‬‫ א‬‫א‬‫א‬‫א‬
: ‫ א‬‫א‬K‫א‬‫א‬
. ‫ א‬‫א‬ •
((135))
. ‫א‬ •
‫א‬‫ א‬
 W  ‫א‬  
‫א‬‫ א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫ א‬
 ‫א‬. ‫א‬‫א‬‫א‬
‫ א‬‫א‬‫א‬W‫א‬‫א‬‫א‬
‫א‬‫؟‬‫ א‬‫א‬‫א‬‫؟‬‫א‬‫א‬
‫א‬‫א‬‫ א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ،‫א‬‫א‬‫א‬
. ‫א‬‫א‬‫א‬E‫א‬F‫א‬‫א‬
‫ א‬‫• א‬
‫ א‬‫א‬ •
:‫א‬‫א‬ J
 
‫א‬‫א‬‫א‬‫א‬
K ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
W‫ א‬K
K  ‫א‬‫א‬‫א‬‫א‬K١
‫א‬‫א‬، ‫א‬‫א‬‫א‬‫א‬‫א‬
. KKKKKKKKKK‫א‬
‫א‬‫א‬،‫א‬‫א‬K٢
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬ ‫א‬‫א‬
((136))
‫א‬K
‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬W‫א‬‫א‬‫א‬‫א‬-
K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬E - ––‫א‬F‫א‬‫א‬
K
 ‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
 K‫א‬ K١
‫א‬ K٢
K‫א‬ K٣
W‫א‬‫א‬‫א‬‫א‬-
 K‫א‬‫א‬-‫א‬‫א‬Z‫א‬‫א‬G
W‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬K   ‫א‬‫א‬‫א‬‫א‬‫א‬ •
‫א‬‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬‫א‬‫א‬
. ‫א‬‫א‬
‫א‬‫א‬‫א‬   ‫א‬‫א‬‫א‬ •
. ‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬
 W‫א‬‫א‬G
‫א‬‫א‬‫א‬W‫א‬ ‫א‬ 
 K
‫א‬W
 ‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬
((137))
 K‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬G
‫א‬ ‫א‬‫א‬‫א‬‫א‬W‫א‬ ‫א‬‫א‬ ‫א‬ ‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ J
 K‫א‬
E ‫א‬‫א‬H‫א‬H
 ‫א‬‫א‬F‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬K ‫א‬ ‫א‬
 K‫א‬‫א‬،
 W‫א‬‫א‬‫א‬‫א‬‫א‬ J
 ‫א‬‫א‬‫א‬‫א‬ K١
K‫א‬ K٢
K K٣
 K‫א‬‫א‬ K٤
‫א‬‫א‬‫ א‬ W‫א‬K٢
‫א‬  ‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬
. …‫א‬
:‫א‬‫ א‬ J 


 ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ K‫א‬
. ‫א‬‫א‬‫א‬‫ א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
((138))
: ‫א‬‫א‬
‫א‬‫א‬‫א‬ ،‫א‬‫א‬‫א‬‫א‬(1)
‫א‬ ‫א‬‫א‬‫א‬
. ‫א‬‫א‬‫א‬
‫א‬‫א‬ ‫א‬‫א‬(2)
‫א‬‫ א‬
 K
 ‫א‬‫א‬
. ‫א‬‫א‬
‫ א‬
 ‫א‬‫א‬(3)
. ‫א‬‫א‬K‫א‬
-‫א‬ ‫א‬‫א‬(4)
K ‫א‬‫א‬‫א‬‫א‬‫א‬
‫ א‬
  ‫א‬‫א‬(5)
‫ א‬
 ‫א‬‫א‬K‫א‬‫א‬
. ‫א‬
‫א‬‫א‬، ‫א‬‫א‬‫א‬‫א‬(6)
‫א‬ ‫א‬ 
 ‫א‬‫א‬‫א‬K
  ‫א‬‫א‬‫א‬
‫א‬
 ‫ א‬ ‫א‬‫א‬‫א‬
. ‫ א‬‫א‬‫א‬‫א‬‫א‬
(Book  ‫א‬‫א‬ (Out of Pocket Costs) ‫א‬‫א‬(7)

 ‫א‬‫א‬‫א‬Costs)
. ‫א‬  ‫א‬‫א‬‫א‬
‫א‬‫א‬، 
‫א‬ 
 ‫א‬‫א‬‫א‬
  (Overhead Costs). 
((139))
 ‫א‬  ‫א‬ ‫א‬ ‫א‬‫א‬    ‫א‬ ‫א‬ 
 W‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬ K١
KL--L‫א‬‫א‬ K٢
KL--L‫א‬ K٣
‫א‬‫א‬ ‫א‬‫א‬‫א‬ ‫א‬ K٤
K‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ K٥
‫؟‬‫א‬‫א‬‫א‬‫א‬ K٦
K‫؟‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ K٧
K‫؟‬‫א‬‫א‬‫א‬ K٨
W‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬K
 K
K‫א‬‫א‬K
K‫א‬‫א‬‫א‬‫א‬K
K‫א‬‫א‬‫א‬‫א‬‫א‬K
K‫א‬‫א‬‫א‬K
‫א‬‫א‬‫א‬‫א‬‫א‬K
K‫א‬‫א‬‫א‬
((140))
‫ﺍﻟﻔﺼﻞ ﺍﻟﺴﺎﺑﻊ‬
@@@òîÜíìànÛa@ôë†¦a@òa‰…
@@Financing Feasibility
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K ‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 K‫א‬‫א‬ K١
K‫א‬‫א‬ K٢
K‫א‬‫א‬‫א‬ K٣
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬- 
 W
،‫א‬‫א‬،  ‫א‬‫א‬‫א‬K
((141))
K‫א‬
K‫א‬‫א‬‫א‬،‫א‬K
@ @@Þëþa@szj¾a
 ‫א‬
K
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W
‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬
 K‫א‬‫ א‬K١
K‫א‬‫ א‬K٢
K‫א‬‫ א‬K٣
 Retained Earning W‫א‬‫א‬ J١

K ‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬
‫א‬‫א‬K ‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬
‫א‬‫א‬K ‫א‬‫א‬
‫א‬‫א‬،‫א‬K 
((142))
‫א‬‫א‬‫א‬K ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ K 
 ‫א‬‫א‬
 K ‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬،‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬WRECW
 K‫א‬‫א‬‫א‬‫א‬ZDe 
 K‫א‬‫א‬ZT 
 K‫א‬‫א‬‫א‬ZMVC
‫א‬K ‫א‬‫א‬W
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬،K١٨٠‫א‬‫א‬
 KKE٢٠٠F‫א‬‫א‬KE٢٠F
 W‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 KE٪٤٠F
(%40 − 1)20
%6 = Z‫א‬‫א‬
  200 
 Common Stock W‫א‬‫א‬K٢
‫א‬، 
،‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
KKKKK ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬
((143))
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬،‫א‬‫א‬،‫א‬
K ‫א‬
‫א‬‫א‬‫א‬
‫א‬K
 ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬E ‫א‬‫א‬F‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
 K
‫א‬‫א‬‫א‬
 ‫א‬،‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬  
‫א‬
Z
 ‫א‬‫א‬
E‫א‬‫א‬F ‫א‬ H ‫א‬‫א‬‫א‬  
dΕ
ΚΕ = +g
  Μ VΕ
 K‫א‬‫א‬‫א‬KEW
 K‫א‬EgF 
‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
dE (1 − T )
ΚΕ = +g
Μ vΕ
 K‫א‬‫א‬T
((144))
 W
‫א‬K٢٠٠‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬KE٢٠F ‫א‬‫א‬‫א‬‫א‬
 K٪٤٠‫א‬
 W‫א‬
‫א‬ ‫א‬‫א‬‫א‬
 K٪٤٠‫א‬
10% = 4% ×
(%40 − 1)20
Z‫א‬‫א‬‫א‬
  200 
 Preferred Stocks‫א‬‫א‬K٣
‫א‬‫א‬‫א‬‫א‬ ،
‫א‬‫א‬
 ‫א‬‫א‬
Issued Value ‫א‬‫א‬‫א‬‫א‬‫א‬
K ‫א‬Nominal Value‫א‬‫א‬

 ‫א‬‫א‬K‫א‬‫א‬
Market Value ‫א‬‫א‬‫א‬
‫א‬‫א‬K‫א‬‫א‬Book Value
 K‫א‬‫א‬‫א‬K‫א‬‫א‬‫א‬‫א‬
‫א‬Cumulative Preferred Stocks
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 Participating Preferred Stocks‫א‬
‫א‬‫א‬‫א‬
 K‫א‬‫א‬
 ،‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬
((145))
‫א‬‫א‬‫א‬‫א‬K‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
   
١٠٠ X  Z 
–  
dp،‫א‬‫א‬‫א‬ Kp
 K‫א‬‫א‬ds،‫א‬‫א‬Vs،‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬K
 K‫א‬‫א‬
 W
،K١٠٠‫א‬‫א‬‫א‬
‫א‬٪٥‫א‬‫א‬،K١٠‫א‬‫א‬
 K‫א‬
 W‫א‬
 K‫א‬‫א‬‫א‬
 W‫א‬‫א‬W 
 W‫א‬‫א‬‫א‬‫א‬
 K‫א‬ •
K‫א‬ •
K‫א‬ •
((146))
 W‫א‬ J١
 W‫א‬‫א‬
 K‫א‬‫א‬K
W‫א‬‫א‬K
 W‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ K ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬،
 W‫א‬‫א‬‫א‬
H‫א‬‫א‬Z
 ‫א‬‫א‬‫א‬
 K‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬ ‫א‬
 ‫א‬x‫א‬  
 Z ‫א‬‫א‬
 ‫א‬– ‫א‬  
 W
٪١٠‫א‬‫א‬‫א‬KL١٠٠٠٠٠٠‫א‬‫א‬‫א‬
،٪١٨‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
180.000
%20 = =
  100000 − 1000000 
 ٪٣٨Z٪٢٠H٪١٨Z‫א‬‫א‬‫א‬
‫א‬  ‫א‬W
 ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
((147))
K‫א‬‫א‬‫א‬
 KE‫א‬‫א‬F‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 
‫א‬‫א‬‫א‬W‫א‬ ‫א‬
 ‫א‬‫א‬ K
 ‫א‬‫א‬‫א‬‫א‬
L٣٠L‫א‬‫א‬‫א‬
‫א‬‫א‬
 ‫א‬‫א‬‫א‬
 KKKKKKKKKKK
‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬ ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬،
 ‫א‬‫א‬
K‫א‬
‫א‬‫א‬W ‫א‬‫א‬
‫א‬،
‫א‬‫א‬‫א‬K  ‫א‬‫א‬‫א‬،
‫א‬‫א‬،‫א‬‫א‬،‫א‬
K‫א‬‫א‬‫א‬
‫א‬  
‫א‬
‫א‬ ‫א‬ ‫א‬
‫א‬  ‫א‬  ‫א‬   ‫א‬     
‫א‬ ‫א‬    
((148))
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
 KE‫א‬‫א‬F‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬،E‫א‬‫א‬‫א‬F
  ،‫א‬‫א‬‫א‬
 KE‫א‬F‫א‬،E‫א‬‫א‬F
‫א‬‫א‬ ‫א‬‫א‬‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬،K
 ‫א‬
K ‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
 K‫א‬،‫א‬‫א‬‫א‬
W‫א‬‫א‬‫א‬‫א‬G
WEF
،‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬ ‫א‬K
 ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬،
 K
 ‫א‬،
((149))
W‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬  ‫א‬‫א‬W ‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬،‫א‬
K ‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
W‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬K ‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
W‫א‬‫א‬G
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬-
‫א‬K ‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬،‫א‬
‫א‬C  ‫א‬‫א‬FZ ‫א‬
 ‫א‬‫א‬
‫א‬FHE ‫א‬‫א‬C ‫א‬‫א‬‫א‬FHE‫א‬
 KE‫א‬‫א‬C‫א‬‫א‬
((150))
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬-
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
 W
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫؟‬‫א‬‫א‬K٪٢٥‫א‬
 ‫א‬‫א‬  E٪F‫א‬  
 ٪١٢  ٪٢٠  ‫א‬
 ٪١٤  ٪١٠  
 ٪٢٠  ٪٧٠  
 Z‫א‬‫א‬‫א‬
% 17 .2 = 0 .172 = 0 .14 + 0 .014 + 0 .018 = (0 .20 * 0 .70 ) + (0 .14 * 0 .10 ) + [(0 .25 − 1)0 .12 * 0 .20 ]
 W‫א‬‫א‬‫א‬G
‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬،‫א‬WG
K ‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬K‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
 W‫א‬‫א‬‫א‬G
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬
((151))
،‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬K ‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
W‫א‬‫א‬‫א‬ J١
CF
KCP =
 H 
 K‫א‬‫א‬‫א‬‫א‬Wkcf
 K‫א‬‫א‬‫א‬WCf 
 K‫א‬‫א‬‫א‬‫א‬WH 
 W
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
W‫א‬‫א‬‫א‬‫א‬ J٢
Dt
Kd =
Dt = Rh 
K‫א‬‫א‬WDt
 K‫א‬Rh 
‫א‬‫א‬‫א‬‫א‬‫א‬W
‫א‬K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬،٪٥٠
W‫א‬ J٣
((152))
NP
Pm =
  PL 
 K‫א‬‫א‬Np
 K‫א‬WPL 
 W
‫א‬‫א‬‫א‬ ‫א‬ ‫א‬
 K‫א‬‫א‬‫א‬
@ @@ïãbrÛa@szj¾a
 ‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫ א‬K١
K‫א‬ K٢
 W‫א‬‫א‬ J١
K ‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
 W
K٨٠٠٠٠٠٠‫א‬‫א‬‫א‬
((153))
‫א‬KKL٢٠٠٠٠٠٠L‫א‬‫א‬‫א‬
2000000
%25 = =
 ‫א‬‫א‬‫א‬‫א‬ 8000000
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬E‫א‬‫א‬F‫א‬
‫א‬‫א‬‫א‬‫א‬
 W‫א‬
K‫א‬‫א‬‫א‬‫א‬K١
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K٢
K‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
، ‫א‬،‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬K
 K‫א‬‫א‬‫א‬
W‫א‬‫א‬ J٢
 W‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬K
K‫א‬‫א‬‫א‬K
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬

 K ‫א‬‫א‬‫א‬‫א‬
((154))
‫א‬ ‫א‬‫א‬E
  F‫א‬
 K
‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬
 K‫• א‬
K‫• א‬
‫• א‬
‫א‬‫א‬W‫א‬K
 K‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 K‫א‬‫א‬ K١
K‫א‬‫א‬ K٢
K‫א‬‫א‬‫א‬‫ א‬K٣
 W‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬ K١
K‫א‬‫א‬‫א‬‫א‬‫א‬ K٢
‫א‬K
 ‫א‬‫א‬‫א‬‫א‬W‫א‬K
K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬K ‫א‬‫א‬‫א‬ ‫א‬‫א‬
 K‫א‬‫א‬
E‫א‬‫א‬‫א‬F‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
((155))
- ‫א‬K ‫א‬‫א‬‫א‬‫א‬،
‫א‬‫א‬‫א‬‫א‬‫א‬K ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
 K‫א‬
W‫א‬K
‫א‬‫א‬‫א‬K ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬K ‫א‬‫א‬
،‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬KKKKKKKKK‫א‬
 W‫א‬‫א‬ J٣
‫א‬- ‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬،‫א‬‫א‬،‫א‬
 W‫א‬K‫א‬‫א‬
 K‫א‬K
K‫א‬‫א‬‫א‬K
‫א‬‫א‬‫א‬W‫א‬ 
 K‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬
K
 ‫א‬ ‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬
 W‫א‬‫א‬
‫א‬‫א‬‫א‬
 K
((156))
 ‫א‬‫א‬‫א‬  
 Z  E‫א‬‫א‬F‫א‬
‫א‬‫א‬‫א‬  
K  ‫א‬‫א‬  ‫א‬‫א‬
  ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
‫א‬H‫א‬‫א‬‫א‬H‫א‬  
 Z  ‫א‬‫א‬
‫א‬‫א‬‫א‬  
W‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
 W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬K‫א‬‫א‬
 W‫א‬‫א‬‫א‬ J٤
‫א‬K
 ‫א‬‫א‬‫א‬‫א‬‫א‬
K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬ J٥
،‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
((157))
‫א‬‫א‬
 K‫א‬‫א‬
 W‫א‬‫א‬ J٦
 W‫א‬‫א‬K‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬
 W‫א‬‫א‬‫א‬‫א‬
‫א‬K
 ‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬
‫א‬‫א‬ ‫א‬‫א‬
‫א‬K ‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬ K١
K‫א‬‫א‬‫א‬‫א‬K‫א‬‫א‬‫א‬‫א‬ K٢
K‫א‬‫א‬‫א‬‫א‬K‫א‬‫א‬‫א‬‫א‬‫ א‬K٣
 W‫א‬‫א‬‫א‬‫א‬G
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬ K١
 K‫א‬‫א‬ K٢
((158))
 W‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬  
 Z ‫א‬‫א‬
‫א‬‫א‬  
K‫א‬‫א‬‫א‬‫א‬ K٣
 K‫א‬‫א‬
W‫א‬‫א‬‫א‬‫א‬‫א‬ K٤
 K‫א‬‫א‬C‫א‬‫א‬Z‫א‬‫א‬‫א‬‫א‬
 E٢F‫א‬‫א‬CE٣F‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ K١
‫א‬‫א‬E٢F‫א‬‫א‬‫א‬‫א‬ ‫ א‬K٢
KE،F‫א‬‫א‬
 W‫א‬‫א‬W
   ‫א‬  ‫א‬‫א‬
 ٪١٢  ٩٠٠٠٠٠  
 ٪١٠  ٦٠٠٠٠٠  
 ٪١١  ٢٠٠٠٠٠  
 ٤{٥  ٣٠٠٠٠٠  
   ٢٠٠٠٠٠٠  
 W‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬
 W‫א‬‫א‬
 E‫א‬‫א‬F‫א‬‫א‬
 ‫א‬‫א‬  ‫א‬
 ٪٤٥  
 ٪٣٠  
 ٪١٠  
((159))
 ٪١٥  
 ٪١٠٠  
 W‫א‬‫א‬‫א‬
 ‫א‬‫א‬  CZ  ‫א‬
 ٪٥{٤Z٪٤٥  ٪١٢  ‫א‬‫א‬
 ٪٣Z٪٣٠  ٪١٠  ‫א‬‫א‬
 ٪١{١Z٪١٠  ٪١١  ‫א‬‫א‬
 ٪٠{٧Z٪١٥  ٤{٥  ‫א‬
 ٪١٠{١  ‫א‬‫א‬‫א‬‫א‬K٣
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬-- ٪١٠{١‫א‬‫א‬
 K٪٦‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
–‫א‬‫א‬‫א‬،E‫א‬‫א‬F
‫א‬K ‫א‬‫א‬‫א‬–‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
F‫א‬‫א‬‫א‬‫א‬‫א‬
 KE
‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬K ‫א‬‫א‬
‫א‬K‫א‬ ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،‫א‬‫؛‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬،‫א‬
‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
((160))
‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻣﻦ‬
@@ÊëŠ’½a@òî¡‰@Ší†Ôm
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬
  ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،‫א‬
‫א‬‫א‬‫א‬‫א‬ 
 K‫א‬‫א‬‫א‬‫א‬‫א‬،
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬
 WK‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K١
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬K‫א‬‫א‬‫א‬‫א‬،‫א‬
K‫א‬
((161))
‫א‬W  ‫א‬‫א‬K٢
K‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬

 ‫א‬‫א‬‫א‬
 K‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬Z‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬Z‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 W
٢٠٠٨{٢٠٠٧{٢٠٠٦‫א‬‫א‬‫א‬
 W‫א‬‫א‬
K‫א‬‫א‬١٠٠٠‫א‬‫א‬ K١
  ١٥٠٠‫א‬‫ א‬K٢
١٠٠٠ ‫א‬
‫א‬‫א‬‫א‬‫א‬
K‫א‬١٥٠‫א‬
K‫א‬‫א‬٪٥٠‫א‬‫א‬‫א‬ K٣
K٥٠٠‫א‬‫א‬ K٤
((162))
‫א‬‫א‬٪١٠٠‫א‬‫א‬٪٥٠‫א‬‫א‬ K٥
K‫א‬
٢٠٠‫א‬‫א‬ ٢٠٠‫א‬‫א‬ K٦
K
K‫א‬‫א‬‫ א‬K٧
 K‫א‬‫א‬W‫א‬
 E‫א‬F‫א‬
 ٢٠٠٨  ٢٠٠٧  ٢٠٠٦ ‫א‬‫א‬ ‫א‬
 ١٠٠٠  ١٠٠٠  ٥٠٠  ‫א‬‫א‬‫א‬

 ٥٠٠      ‫א‬‫א‬
 ٢٠٠٠  ١٠٠٠  ٥٠٠  ‫א‬
       ‫א‬
       
 ٥٠٠  ٥٠٠  ٢٥٠  
 ٢٠٠  ٢٠٠  ٢٠٠  
 ٢٠٠  ٢٠٠  ٢٠٠  ‫א‬
 ١٥٠  ١٥٠  ١٥٠
 
 ١٠٥٠  ١٠٥٠  ٨٠٠  ‫א‬
 ٩٥٠  E٥٠F  E٣٠٠F  E‫א‬F‫א‬–‫א‬‫א‬‫א‬
 -      ‫א‬‫א‬
 ٩٥٠  E٥٠F  E٣٠٠F  ‫א‬‫א‬‫א‬
 
((163))
((164))
‫ﺍﻟﻔﺼﻞ ﺍﻟﺘﺎﺳﻊ‬
@@ÊëŠ’½a@òî¡‰@Áîİ¥ë@ÝîÜ¤@pbîäÔm
K‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 K‫א‬ K١
KE‫א‬F‫א‬‫א‬‫א‬ K٢
K‫א‬‫א‬‫ א‬K٣
K‫א‬‫א‬ K٤
 
‫א‬‫א‬
‫א‬ ‫א‬‫א‬‫א‬ ‫א‬‫א‬ ‫א‬

E‫א‬F
((165))
Break- Evan
، ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K ‫א‬‫א‬
L ‫ א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
 W‫א‬
‫א‬‫א‬Break even point‫א‬‫א‬
‫א‬‫א‬‫א‬، K‫א‬‫א‬
K
 ‫א‬E ‫א‬F‫א‬W ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K
 
‫א‬Z‫א‬‫א‬‫א‬
 
 ‫א‬C‫א‬Z‫א‬‫א‬‫א‬
‫א‬‫א‬H‫א‬‫א‬Z‫א‬
‫א‬‫א‬C‫א‬Z‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 
E‫א‬‫א‬C‫א‬FH‫א‬‫א‬Z‫א‬C‫א‬
 
((166))
 W‫א‬‫א‬
E‫א‬F‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬Production
 K‫א‬
‫א‬‫א‬‫א‬
 ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬E‫א‬‫א‬F‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬،ECost-Volume- Profit AnalysisFK، ‫א‬
 ‫א‬‫א‬،E
 ‫א‬‫א‬F‫א‬
‫א‬‫א‬‫א‬‫א‬F‫א‬‫א‬
 KE‫א‬
 W‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬K ‫א‬
‫א‬ ‫א‬‫א‬‫א‬
 K‫א‬
 W‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ K١
K‫א‬
K‫א‬‫א‬‫א‬ K٢
‫א‬  ‫א‬‫א‬‫א‬ K٣
K‫א‬‫א‬
K،‫א‬‫א‬ K٤
((167))
W‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
W‫א‬‫א‬‫א‬
W ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬-
 
 K‫א‬،‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬-
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬-
‫א‬‫א‬K ‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬
 K‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K  ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬
 ‫א‬EVariable-DirectFKE F‫א‬
،EFixed-IndirectFECostFE  F‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
((168))
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬
 ‫א‬‫א‬  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬
 ‫א‬  ‫א‬‫א‬
   ‫א‬‫א‬
‫א‬‫א‬‫א‬
 K‫א‬‫א‬،‫א‬‫א‬
‫א‬‫א‬‫א‬Financial expenses
 Operating expense
 W‫א‬‫א‬‫א‬
WELong RUN Capacity CostF‫א‬‫א‬-١
K ‫א‬
 ‫א‬‫א‬
K‫א‬‫א‬
WEoperative fixed CartsF‫א‬‫א‬‫א‬-٢
‫א‬K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬
WEprogrammed fixed CartsF‫א‬‫א‬‫א‬-٣
‫א‬‫א‬K ‫א‬
K‫א‬
 WContribution marginW‫א‬
 ‫א‬K‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ W ‫א‬
((169))
 K‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫ א‬K١
K‫א‬‫א‬‫א‬‫א‬‫א‬‫ א‬K٢
KE‫א‬‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬‫א‬‫ א‬K٣
K‫א‬‫א‬‫א‬‫א‬‫ א‬K٤
KEF‫א‬‫א‬‫ א‬K٥
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫ א‬K٦
K‫א‬‫א‬‫א‬‫ א‬K٧
K‫א‬‫א‬‫א‬‫א‬ K٨
 W‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬ K١
K‫א‬‫א‬‫ א‬K٢
KE‫א‬F‫א‬‫ א‬K٣
 W‫א‬‫א‬
 ‫א‬‫א‬‫א‬
 K‫א‬‫א‬
 ‫א‬‫א‬
‫א‬ ‫א‬ ‫א‬‫ א‬‫א‬‫א‬ ‫א‬ ‫א‬‫א‬
‫א‬‫א‬  ‫א‬  ‫א‬
           
 KKKKKKKK  KKKKKKKKK  KKKKKKKKK  KKKKKKKK  KKKKKKKK  KKKKKKKKK
((170))
 W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬
K‫א‬ •
 ‫א‬  ، ‫א‬   ‫א‬    ‫א‬ ‫ א‬  •
K‫א‬‫א‬

 ‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬‫א‬ •
 
‫א‬
‫א‬‫א‬‫א‬ ‫א‬
‫א‬‫א‬‫א‬
١٦٠
١٤٠ 
١٢٠ ‫א‬
١٠٠
٨٠
٦٠
٤٠
‫א‬‫א‬ ‫א‬
٢٠
 ٢٠ ٤٠ ٦٠ ٨٠ ١٠٠ ١٢٠ ١٤٠ ١٦٠ ١٨٠ ٢٠٠
E‫א‬F
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬EF
((171))
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ K‫א‬
 W‫א‬‫א‬
SalesZTotal CostsW‫א‬ K١
Sales<Total CostsW‫א‬ K٢
Sales>Total CostsW‫א‬ K٣
 KH‫א‬‫א‬Z‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،E ‫א‬F 

 K‫א‬‫א‬‫א‬‫א‬
W‫א‬‫א‬‫א‬‫א‬
KEProfitF‫א‬HEVCF‫א‬‫א‬HEFF‫א‬‫א‬ZESF‫א‬
EVCF‫א‬‫א‬C‫א‬EQF‫א‬‫א‬ZEvF‫א‬‫א‬
KE‫א‬FZEPROFITF‫א‬
W‫א‬‫א‬Z‫א‬
P.Q=F+Q.VC+ZERO
F=P.Q-Q.VC
F=Q(P-VC)
F
Q=
 K‫א‬‫א‬‫א‬ (P − VC )
((172))
 ‫א‬‫א‬  
 Z ‫א‬‫א‬‫א‬-١
‫א‬‫א‬– ‫א‬  
 ‫א‬‫א‬
 
‫א‬-٢
Z  
‫א‬‫א‬– ‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬
 
 ‫א‬‫א‬  
 Z  ‫א‬-٣
‫א‬‫א‬  
E F - ١
‫א‬‫א‬  
Contribution Margin ‫א‬‫א‬ K١
Sales Volume ‫א‬ K٢
 WContribution Margin‫א‬‫א‬W 
W‫א‬‫א‬
K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
 K‫א‬‫א‬
 ‫א‬  
 Z ‫א‬‫א‬
‫א‬  
 
 ‫א‬‫א‬  
Z  EF‫א‬
‫א‬‫א‬  
 
((173))
 ‫א‬
 
‫א‬‫א‬‫א‬
Z
 ‫א‬‫א‬‫א‬    
 
 ‫א‬‫א‬  
 Z ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬  
 ‫א‬‫א‬–‫א‬Z‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،  ‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬  
Z ‫א‬‫א‬‫א‬
 ‫א‬‫א‬  
 WSales Volume‫א‬W 

‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
‫א‬
 ‫א‬‫א‬
‫א‬‫א‬K ‫א‬‫א‬‫א‬‫א‬‫א‬
S = F + VC
S − (VC + F ) = ZERO
S − (VC )S / S − F = ZERO
S − (S .VC ) / S ) = F
S − (1 − VC / S ) = F
S = F / (1 − VC / S ) W‫א‬
KBreak Even on Cash basisW‫א‬‫א‬G

K‫א‬‫א‬‫א‬‫א‬
((174))
f
vc − p Z‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬-١
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬-٢
‫א‬‫א‬
 K ‫א‬‫א‬،‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬-٣
‫א‬‫א‬‫א‬‫א‬،‫א‬ 
‫א‬‫א‬‫א‬
 K
 ‫א‬‫א‬
 W
‫א‬‫؟‬
  ‫א‬‫א‬‫؟‬‫א‬‫א‬
 K‫א‬
E٣٠٠٠٠٠٠F ‫א‬‫א‬‫א‬
،E١٠٠F  ‫א‬‫א‬‫א‬‫א‬
،E٦٠F‫א‬‫א‬‫א‬‫א‬
 W‫א‬KE٧٥٠٠٠٠F‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬‫א‬ •
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ •
((175))
 W‫א‬‫א‬G
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،
 K‫א‬،‫א‬E‫א‬F
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
،١٠٠٠Z‫א‬‫א‬‫א‬ W
 W‫א‬‫א‬
 ٪٢٠  Z٢  Z٢٠٠  Z‫א‬
 
 ٪٣٠  Z٣  Z٣٠٠  Z‫א‬
 
 ٪٥٠  Z٥  Z٥٠٠  Z‫א‬
 ٪١٠٠  Z١٠  Z١٠٠٠  Z‫א‬
‫א‬‫א‬‫א‬،٤٥٠٠Z  ‫א‬‫א‬‫א‬
 W
 ٩٠٠  Z٪٢٠  Z٤٥٠٠  Z‫א‬
 
 ١٣٥٠  Z٪٣٠  Z٤٥٠٠  Z‫א‬
 
 ٢٢٥٠  Z٪٥٠  Z٤٥٠٠  Z‫א‬
 ٤٥٠٠    Z‫א‬
 
((176))
 W‫א‬‫א‬‫א‬
   ١٠  Z‫א‬
   ٨  Z‫א‬
   ١٥  Z‫א‬
 W‫א‬‫א‬‫א‬‫א‬
   ٦  Z‫א‬
   ٥  Z‫א‬
   ١٠  Z‫א‬
 ZE‫א‬F‫א‬‫א‬‫א‬‫א‬G
W‫א‬‫א‬‫א‬‫א‬K
 ‫א‬٤  ٦-١٠  Z‫א‬
 ‫א‬٣  ٥-٨  Z‫א‬
 ‫א‬٥  ١٠-١٥  Z‫א‬
 WE‫א‬F‫א‬‫א‬‫א‬K
‫א‬‫א‬FZ ‫א‬‫א‬‫א‬
 E‫א‬C
 ١٤{٢Z٪٥٠C٥H٪٣٠C٣H٪٢٠C٤Z‫א‬‫א‬‫א‬
 ‫א‬‫א‬  
 Z ‫א‬‫א‬
 ‫א‬‫א‬‫א‬  
 W‫א‬G
 W‫א‬
‫א‬‫א‬WE‫א‬F‫א‬‫א‬
‫א‬‫א‬‫א‬K ‫א‬
((177))
‫א‬‫א‬،‫א‬،‫א‬
K‫א‬
،‫א‬‫א‬‫א‬W ‫א‬‫א‬
‫א‬‫א‬
‫א‬‫א‬K ،
K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬
‫א‬K ‫א‬‫א‬‫א‬W ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬EPrice Refractivity of DammedF
 W‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 K‫א‬‫א‬ K١
K‫א‬ K٢
K‫א‬‫א‬‫א‬ K٣
K ‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬‫א‬
   ‫א‬‫א‬
 ‫א‬  ‫א‬
 K  ‫א‬
 
((178))
‫א‬‫א‬‫א‬‫א‬
 K‫א‬
 E‫א‬F‫א‬‫א‬‫א‬W 
 OPERATIONAL LEVERAGE
‫א‬‫א‬‫א‬LEVERAGE‫א‬‫א‬‫א‬
K‫א‬
who have LEVERAGE ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬
K‫א‬
 W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬F
KE‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
Operating Leverage Can be defined as The Potential use of Fixed
Operating Cants to magnify The effect of Changer in Salver on
Craning beefier interest and Taxed.
‫א‬‫א‬‫א‬‫א‬ WE‫א‬F‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬K
 ‫א‬‫א‬
K‫א‬‫א‬
‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬
‫א‬‫א‬
 ،‫א‬‫א‬‫א‬
K‫א‬
 W‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬
((179))
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬،
 ‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
F
L=
  TC E١FE‫א‬F‫א‬‫א‬‫א‬ZL
 K‫א‬‫א‬ZF  
 K‫א‬‫א‬TC 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
 W
LC PC
L = 1+ =
  ATl ATl E٢FE‫א‬F‫א‬‫א‬ZLC
 KE‫א‬‫א‬F‫א‬‫א‬ZA
 K‫א‬‫א‬H‫א‬‫א‬‫א‬‫א‬‫א‬ZPC
K‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
  Tl = i + (r − i )L ‫א‬‫א‬
 
 K‫א‬‫א‬ZI
 K‫א‬‫א‬‫א‬‫א‬ZR
‫א‬‫א‬‫א‬‫א‬ E١F‫א‬
((180))
،‫א‬‫א‬‫א‬‫א‬
 KE‫א‬‫א‬-‫א‬F
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬EF‫א‬
 ‫א‬‫א‬‫א‬K
‫א‬K ‫א‬
 K‫א‬
،٥٠٠٠٠٠Z‫א‬‫א‬‫א‬W
، ‫א‬،٪٤٣Z‫א‬‫א‬‫א‬
 K‫א‬
 
50000  ‫א‬‫א‬
 87719 = =
  0.43 − 1 
‫א‬‫א‬
 
٪٥٧،E٨٧٧١٩F‫א‬‫א‬
‫א‬٪٥٧‫א‬K  
‫א‬E٪٤٣F،‫א‬E٪٥٧F‫א‬
 K‫א‬
K٢٥٠٠٠‫א‬‫א‬‫א‬‫א‬-
 ‫א‬E٪٧١F‫א‬‫א‬
25000
86206 = =
 KK 0.71 − 1 
‫א‬ ،‫א‬
‫א‬‫א‬‫א‬، E٪٢٩F‫א‬
 K‫א‬E٪٥٧FZ‫א‬
((181))
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬-
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬
 K‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬
 K‫א‬K‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬‫א‬K ‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬،‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K 
‫א‬ ‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬
 K‫א‬
 W‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
Z  
 ‫א‬‫א‬
 ‫א‬‫א‬  
((182))
‫א‬ ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬K‫א‬ 
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬W
 ‫א‬‫ א‬   ‫א‬     ‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬
 ‫א‬
 ٤٠٠٠٠  ١٦٠٠٠٠  ٢٠٠٠٠٠  ١٠٠٠٠٠
 ٤٠٠٠٠  ١٨٤٠٠٠  ٢٤٠٠٠٠  ١٢٠٠٠٠
 W‫א‬‫א‬W‫א‬
 W‫א‬
 ‫א‬‫א‬
Z  ‫א‬‫א‬ 
 ‫א‬‫א‬  
100 × 4000 − 56000
%40 40000
2= = =
%20 100 × 100000 − 120000
100000
‫א‬٪٢٠‫א‬‫א‬‫א‬
 KE٪٥٠F‫א‬‫א‬‫א‬‫א‬‫א‬
E١٠٠٠٠٠F ‫א‬‫א‬‫א‬
 W
‫א‬‫א‬–‫א‬F‫א‬‫א‬
 
 Z ‫א‬‫א‬
 ‫א‬‫א‬–E‫א‬‫א‬–‫א‬F‫א‬‫א‬
 
2=
80000
=
(1.2 − 2)100000 =
40000 40000 − (1.2 − 2).100000
((183))
 W‫א‬‫א‬‫א‬W
‫א‬،KE١٠F ‫א‬،E١٠٠٠F‫א‬‫א‬
‫א‬‫א‬KKE٢٥٠٠F‫א‬‫א‬،KE٥F ‫א‬
‫א‬KE٤{٥F‫א‬‫א‬‫א‬‫א‬
 KE٣٠٠٠F‫א‬‫א‬
 W
 W‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬G
2=
5000
=
(5 − 10)1000
2500 2500 − (5 − 10)100
 W‫א‬‫א‬‫א‬‫א‬G
2.2 =
5500
=
(4.5 − 1.0)1000
2500 3000 − (4.5 − 10)1000

 ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬F
 K‫א‬‫א‬KE‫א‬‫א‬
 ‫א‬‫א‬‫א‬W 
 W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬
 W‫א‬‫א‬
 K‫א‬‫א‬‫א‬ K١
K K٢
K‫א‬ K٣
 W‫א‬‫א‬‫א‬‫א‬
((184))
 ‫א‬‫א‬C‫א‬‫א‬‫א‬Z‫א‬‫א‬‫א‬
‫א‬  
٪Z١٠٠ C  Z ‫א‬
 
‫א‬
 
‫א‬  
 Z  Z ‫א‬‫א‬
 ‫א‬‫א‬  
 
 ‫א‬ ‫א‬ ‫א‬
Z١٠٠ C C  
 Z‫א‬‫א‬
 ‫א‬ ‫א‬ ‫א‬
 
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،‫א‬
‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬
 W‫א‬E‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
E‫א‬‫א‬‫א‬F ‫א‬
 Z ‫א‬
‫א‬
‫א‬ ‫א‬– ‫א‬

- ١ Z  Z ‫א‬
 ‫א‬ ‫א‬
((185))
((186))
،‫א‬‫א‬
 K
 W‫א‬‫א‬‫א‬‫א‬-
‫א‬  
 Z ‫א‬‫א‬
‫א‬‫א‬  
‫א‬‫א‬‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬ ‫א‬
‫א‬،‫א‬‫א‬‫א‬K ‫א‬
‫א‬ ‫א‬‫א‬K ‫א‬‫א‬‫א‬
F‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
E‫א‬‫א‬F‫א‬‫א‬‫א‬E‫א‬KKK  ‫א‬‫א‬‫א‬‫א‬
KE ‫א‬‫א‬،‫א‬‫א‬،‫א‬F
 WE١F‫א‬‫א‬
L١٠٠٠٠٠٠L ‫א‬W
L٨٠٠٠٠٠L‫א‬‫א‬‫א‬
 KL٦٠٠٠٠٠L‫א‬‫א‬
 W‫א‬
 K٪١٠‫א‬‫א‬‫א‬‫א‬‫ א‬K١
 ‫א‬‫א‬    ‫א‬‫א‬ ‫א‬  ‫א‬‫א‬ ‫א‬ ‫ א‬K٢
K‫א‬
‫א‬٪٥٠ ‫א‬‫א‬‫א‬‫א‬‫ א‬K٣
K٩٣٧٥٠٠‫א‬٪٢٥
 ٪٢٠ ‫א‬  ‫א‬‫א‬‫א‬‫ א‬K٤
K٥٠٠٠٠٠‫א‬‫א‬٪٣٠‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬،KW ‫א‬-1
K١١٧-٨٥،١٩٩٣،‫א‬
((187))
‫א‬٪٤٠‫א‬‫א‬‫א‬‫א‬‫ א‬K٥
٣٢٠٠٠٠‫א‬‫א‬‫א‬ ، ٧٠٠٠٠٠‫א‬
K
  ٪٥  ‫א‬    ‫א‬‫א‬ ‫א‬ ‫ א‬K٦
K٪٥‫א‬٪٢٠‫א‬
‫א‬٪٢٠‫א‬‫א‬‫א‬‫א‬‫ א‬K٧
K٪١٢{٥‫א‬٪١٥‫א‬
 W‫א‬
‫א‬‫א‬‫א‬–‫א‬Z‫א‬‫א‬K١
 K٢٠٠٠٠٠Z٨٠٠٠٠٠–١٠٠٠٠٠٠Z‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬C‫א‬‫א‬‫א‬Z‫א‬‫א‬‫א‬
‫א‬
 
 ١٠٠٠٠٠٠
١{٦ Z Z  Z  ‫א‬‫א‬‫א‬
 
 ٦٠٠٠٠٠ ‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬  
١٠٠C  Z ‫א‬‫א‬
‫א‬  
 ٢٠٠٠٠٠  
٪٢٠ Z ١٠٠ C Z
 ١٠٠٠٠٠٠  
 ٪٣٢Z١{٦C٪٢٠Z‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K٢
W‫א‬‫א‬‫א‬‫א‬
‫א‬  
١٠٠C  Z  ‫א‬‫א‬‫א‬
‫א‬‫א‬  
٢٠٠٠٠٠  
٪٣٣{٣Z١٠٠ C Z
٦٠٠٠٠٠
((188))
‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬،‫א‬
‫א‬‫א‬‫א‬٪٣٢‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K٪٣٣{٣
‫א‬‫א‬‫א‬‫א‬‫א‬K٣
 W‫א‬
  ‫א‬  ‫א‬ ‫א‬ ‫א‬
‫ א‬٪٥‫ א‬٪٤٠ ٪٢٠‫א‬ ٪٥٠ ‫א‬
٪٢٠  ٪٤٠‫א‬ ٧٠٠٠٠٠‫ א‬‫א‬ ٪٢٥‫א‬
‫א‬  ٪٣٠
 ٪١٥
١٢٠٠٠٠٠  ٩٥٠٠٠٠  ١٤٠٠٠٠٠ ٨٠٠٠٠٠ ١٥٠٠٠٠٠ ١٠٠٠٠٠٠ ‫א‬
٩٠٠٠٠٠  ٧٦٠٠٠٠  ١١٢٠٠٠٠ ٥٦٠٠٠٠ ١٠٠٠٠٠٠ ٨٠٠٠٠٠ ‫א‬
٣٠٠٠٠٠  ١٩٠٠٠٠  ٢٨٠٠٠٠ ٢٤٠٠٠٠  ٥٠٠٠٠٠ ٢٠٠٠٠٠ 
‫א‬
٦٩٠٠٠٠  ٤٨٠٠٠٠  ٧٠٠٠٠٠ ٥٠٠٠٠٠  ٩٣٧٥٠٠ ٦٠٠٠٠٠ ‫א‬
 ٪٢٥  ٪٢٠  ٪٢٠  ٪٣٠  ٪٣٣{٣  ٪٢٠ ‫א‬
 ١{٧٤  ١{٩٨  ٢  ١{٦  ١{٦  ١{٦ 
‫א‬‫א‬
٪٤٣{٥  ٪٤٥  ٪٤٠  ٪٤٨  ٪٥٣{٢٨  ٪٣٢ ‫א‬
‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 KE٪٥٣{٢٨F‫א‬
 ‫א‬‫א‬W ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬ 
 ‫א‬‫א‬‫א‬
((189))
‫א‬‫א‬‫א‬‫א‬،‫א‬
 K
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
 W‫א‬‫א‬‫א‬-
KEFW‫א‬‫א‬
‫א‬‫א‬‫א‬  ‫א‬
‫א‬
 E‫א‬F‫א‬                                     Z‫א‬‫א‬
 ‫א‬
‫א‬  ‫א‬
 K‫א‬‫א‬
                                        
 ‫א‬
 K‫א‬‫א‬  ‫א‬
                                
 ‫א‬
 
W‫א‬‫א‬W‫א‬
‫א‬‫א‬  ‫א‬
K‫א‬‫א‬
                             Z‫א‬
 ‫א‬
((190))
‫א‬‫א‬  ‫א‬
‫א‬‫א‬
                                      
  ‫א‬
W‫א‬W‫א‬
      ‫א‬      ‫א‬
 K‫א‬
                                 Z‫א‬
 ‫א‬
 
((191))
((192))
‫ﺍﻟﻔﺼﻞ ﺍﻟﻌﺎﺷﺮ‬
@pbÇëŠ’àÜÛ@òí†ÔäÛa@pbÔÏ†nÛa@ÝîÜ¤
@@òí‰bàrnüa
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬   ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ K ‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
KKK ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
((193))
‫א‬ ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
، ‫א‬‫א‬‫א‬‫א‬‫א‬
W‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ K١
K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ K٢
K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
 W‫א‬‫א‬
 WOut flowW‫א‬‫א‬‫א‬ J١
 W
 W‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬  ‫א‬
 ‫א‬‫א‬‫א‬ ‫א‬ ‫א‬L،‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬
K‫א‬KKKKK‫א‬
((194))
‫א‬‫א‬‫א‬ ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬
‫א‬‫א‬‫א‬
‫א‬K ‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬
 ،‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K
 ‫א‬‫א‬
 W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬ J٢
 W
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
KKKKKK‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
((195))
KKKK‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬   
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬ J٣
‫א‬‫א‬‫א‬‫א‬‫א‬
 W
 K‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬ •
K‫א‬‫א‬‫א‬ •
‫א‬‫א‬‫א‬‫א‬‫א‬ •
K‫א‬
 W‫א‬‫א‬‫א‬‫א‬G
 K‫א‬H‫א‬‫א‬‫א‬‫א‬Z‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
  ‫א‬
 ‫א‬
‫א‬‫א‬،‫א‬
،
  ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
((196))
‫א‬‫א‬‫א‬‫א‬
 K ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬

 ‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬–‫א‬‫א‬‫א‬‫א‬Z‫א‬‫א‬‫א‬
‫א‬،  ‫א‬K‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
 K‫א‬
 ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  
 ٥  ٤  ٣  ٢  ١  ٣  ٢ ١  ‫א‬
                 W١
 ‫א‬
  ‫א‬
 ‫א‬
 K
 K‫א‬‫א‬
 K
   ‫א‬ ‫א‬ 
((197))
 K‫א‬
                 ‫א‬‫א‬
                 E‫א‬F‫א‬‫א‬
 ‫א‬
 
 
 
 ‫א‬
 
 ‫א‬‫א‬
 K
 ‫א‬‫א‬
                 ‫א‬‫א‬
                 ‫א‬٢
 ‫א‬
 
 
 ‫א‬‫א‬
                 ‫א‬
                 E١F-E٢F‫א‬‫א‬
 W‫א‬‫א‬‫א‬٤
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
((198))
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K ‫א‬‫א‬
 ‫א‬، ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬K 
‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
  W‫א‬‫א‬-١-٤
‫א‬‫א‬‫א‬W ‫א‬-
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬W
 ‫א‬-
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬
 ‫א‬‫א‬‫א‬
  ‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬-٢-٤
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬G
W
‫א‬‫א‬‫א‬‫א‬‫א‬
((199))
 K
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬G
 W
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،  ‫א‬‫א‬
K‫א‬‫א‬
((200))
‫ﺍﻟﻔﺼﻞ ﺍﻟﺤﺎﺩﻱ ﻋﺸﺮ‬
@@ÊëŠ’ß@…bànÇü@‰aŠÔÛa@‡b¥a@pbîäÔm
‫א‬‫א‬‫א‬‫א‬،‫א‬
 EF،‫א‬
‫א‬،‫א‬‫א‬‫א‬
 W‫א‬،‫א‬‫א‬
 KBreak- Even PointW‫א‬-١
 K(Simple Rate of Return)‫א‬‫א‬ -٢
 E Payback PeriodF‫א‬‫א‬ -٣
 W‫א‬‫א‬-٤
 KENet Present Value (NPV)F‫א‬‫א‬ -٥
 KECost Benefit AnalysisF‫א‬‫ א‬-٦
(Internal Rate of Return – IRR)‫א‬‫ א‬‫א‬-٧
‫א‬‫א‬  
‫א‬‫א‬‫א‬‫א‬E  ‫א‬F‫א‬‫א‬
 W‫א‬‫א‬‫א‬،‫א‬
 
((201))
 
 
‫א‬ ‫א‬  
‫א‬‫א‬
‫א‬‫א‬  
‫א‬‫א‬    
‫א‬‫א‬
‫א‬‫א‬  
 
‫א‬‫א‬‫א‬ ‫א‬‫א‬
 
 

 
‫א‬‫א‬‫א‬  ‫א‬‫א‬‫א‬
‫א‬‫ א‬L
. ‫ א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬
‫א‬،‫ א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬  ‫א‬‫א‬K‫א‬‫א‬‫א‬
‫א‬‫א‬‫ א‬ ‫א‬K‫א‬‫א‬
‫ א‬‫א‬‫א‬‫א‬‫א‬
‫ א‬ ‫א‬‫א‬K
. ‫א‬‫א‬‫א‬
‫א‬E  ‫א‬‫א‬F‫א‬ 

 ‫א‬‫א‬
 ‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬
((202))
. 
: ‫א‬ ‫א‬
 ‫א‬‫א‬H‫א‬‫ = א‬ ‫א‬‫א‬

‫א‬‫א‬K‫ א‬‫א‬‫א‬
. ‫א‬‫א‬ ‫א‬
: ‫א‬‫א‬ ‫א‬
 ‫א‬‫א‬  
Z  ‫א‬
‫א‬‫א‬  
E F - ١
‫א‬  
٪٦٠‫א‬،٢٥ ‫א‬‫א‬‫א‬
:‫א‬، ١٠٠‫א‬‫א‬
⎡ ⎤
⎢ 25000 ⎥
  62500 = ⎢ ⎥
60000
⎢ − 1⎥
⎣ 100000 ⎦
:‫ א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬
 
Z  ‫א‬
 ‫א‬‫א‬-‫א‬  
١٠‫ א‬‫א‬‫א‬
: ‫א‬٦‫ א‬‫א‬‫א‬١٠‫א‬
 ٢٥٠٠٠
 
 Z١٠ × ٦٢٥٠٠ ،٦٢٥٠  Z Z  ‫א‬
٦ - ١٠  
٦٢٥٠٠‫א‬ ‫א‬
. 
((203))
‫א‬ ‫א‬‫א‬
- ‫א‬‫א‬‫א‬‫ א‬  
‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬
: ‫א‬‫א‬، ‫א‬
‫א‬‫א‬  ‫א‬‫א‬K١
: ‫א‬‫א‬‫א‬
 ‫א‬‫א‬
 
  ‫א‬‫א‬  Z ‫א‬‫א‬
 ‫א‬‫א‬-‫א‬
 
‫א‬‫ – א‬‫א‬‫א‬Z‫א‬
‫א‬‫א‬،‫א‬ ‫ א‬
 ‫א‬K٢
: ‫א‬‫א‬
 ‫א‬‫א‬H‫א‬‫א‬
 
 Z ‫א‬‫א‬‫א‬
‫א‬‫א‬
- ١  
 ‫א‬
 
‫א‬،‫א‬‫ א‬
 ‫א‬K٣
: ‫א‬‫א‬‫א‬
 ‫א‬
 
 Z ‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬
 
٥٠٠٠‫א‬‫א‬ ‫א‬‫א‬
‫א‬‫א‬‫ א‬٪٤٠‫א‬‫א‬‫א‬
 . ١٢٥٠٠
 K‫א‬‫א‬  J
  (Simple Rate of Return Model)
((204))
‫א‬K ‫א‬‫א‬‫א‬
‫א‬E‫א‬F‫א‬‫א‬‫א‬‫א‬
  ‫א‬‫א‬K‫א‬‫א‬‫א‬ ‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
. ‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬ ‫א‬G
 K‫א‬‫א‬W‫א‬‫א‬-
 ‫א‬‫א‬‫א‬W‫א‬‫א‬-
 K‫א‬‫א‬‫א‬
 W‫א‬W‫א‬‫א‬-
 ‫א‬
 
١٠٠C  Z ‫א‬‫א‬
‫א‬  
F‫א‬‫א‬‫א‬
‫א‬‫א‬E‫א‬
 K‫א‬‫א‬
 ‫א‬
١٠٠C  Z ‫א‬‫א‬‫א‬ 
‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬W ‫א‬‫א‬‫א‬-
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬‫א‬‫א‬
‫א‬‫א‬K‫א‬ ‫א‬‫א‬
K ‫א‬‫א‬‫ א‬ ‫א‬‫א‬
: ‫א‬‫א‬‫ א‬‫א‬‫א‬
((205))
. ‫ א‬‫א‬‫א‬‫א‬ K١
. ‫ א‬‫א‬ K٢
. ‫א‬‫א‬‫א‬ K٣
K‫א‬‫א‬ 
 ‫א‬‫א‬‫א‬‫א‬ K٤

 
 ‫ א‬
 ‫א‬‫א‬
‫א‬ 
 ‫א‬‫א‬‫א‬ K
. ‫א‬‫א‬‫א‬
 WE١F
 W‫א‬‫א‬‫א‬‫א‬‫א‬
٪٦٠،١٦٠٠٠٠‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K٢٠٠٠٠‫א‬‫א‬ ‫א‬‫א‬
K
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬،
 ‫א‬‫א‬F٪٩‫א‬‫א‬
 KE
 W‫א‬
 W‫א‬‫א‬‫א‬-
 ‫א‬  
١٠٠C  Z ‫א‬‫א‬
 
‫א‬
 
 ٢٠٠٠٠
 
 ٪١٢{٥Z ١٠٠C Z
١٦٠٠٠٠  
 W‫א‬‫א‬‫א‬‫א‬-
 
((206))
 ‫א‬  
١٠٠C  Z‫א‬‫א‬‫א‬
 ‫א‬‫א‬  
 
 ٢٠٠٠٠
 
 ٪٢١Z ١٠٠C Z
٩٦٠٠٠  
‫א‬،٪١٢{٥‫א‬‫א‬‫א‬
‫א‬ ، ‫א‬‫א‬٪٢١‫א‬ 
 K‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬

 ‫א‬‫א‬، ‫א‬‫א‬، ‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬،‫א‬‫א‬K
 
‫א‬‫א‬‫א‬‫א‬ K١
 K‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬ K٢
W‫א‬‫א‬ K٣
 ‫א‬‫א‬  
 
‫א‬  
 
 ‫א‬‫א‬  
 
‫א‬
 ‫א‬‫א‬
E‫א‬F ‫א‬‫א‬
((207))
‫א‬‫א‬‫א‬ K٤
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ K٥
K‫א‬‫א‬‫א‬
E Payback PeriodModelF‫א‬‫א‬ J٣
‫א‬‫א‬‫א‬‫א‬‫ א‬ ‫א‬‫א‬
K ‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬
 . ‫א‬‫א‬‫א‬‫ א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫ א‬ ‫א‬‫א‬‫א‬K ‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬
. ‫א‬‫ א‬
 W‫א‬‫א‬W‫א‬
K‫ א‬‫א‬W‫א‬‫א‬-
 ‫א‬‫א‬‫א‬W‫א‬‫א‬-
 W‫א‬‫א‬W‫א‬‫א‬-
 ‫א‬‫א‬
 
 Z  ‫א‬‫א‬
‫א‬‫א‬‫א‬  
‫א‬‫א‬‫א‬‫א‬‫א‬W ‫א‬‫א‬‫א‬-
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬‫א‬
((208))
 WE٢F
،١٠٠٠٠‫א‬ ‫א‬‫א‬‫א‬
 K٢٠٠٠‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬٥Z٢٠٠٠L١٠٠٠٠Z‫א‬‫א‬
 K‫א‬‫א‬‫א‬،‫א‬‫א‬
 ‫א‬‫א‬WE٣F
،١١٠٠٠ ‫א‬ ‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
‫א‬‫א‬  ‫א‬
 ١٠٠٠  ١
 ٢٠٠٠  ٢
 ٤٠٠٠  ٣
 ٤٠٠٠  ٤
 ٤٥٠٠  ٥
 W‫א‬‫א‬‫א‬،‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬‫א‬  ‫א‬
 ١٠٠٠  ١٠٠٠  ١
 ٣٠٠٠  ٢٠٠٠  ٢
 ٧٠٠٠  ٤٠٠٠  ٣
 ١١٠٠٠  ٤٠٠٠  ٤
 ١٥٥٠٠  ٤٥٠٠  ٥
‫א‬‫א‬‫א‬‫א‬٤‫א‬‫א‬
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬
‫א‬‫א‬‫א‬K
((209))
‫א‬‫א‬ K
 ‫א‬‫א‬‫א‬
‫א‬‫א‬  ‫א‬‫א‬‫א‬ ‫א‬ ‫א‬
 K ‫א‬‫א‬‫א‬
 : ‫א‬‫א‬
 K (Time Value of Money)  ‫א‬-١
 
 ‫א‬‫א‬-٢
‫א‬‫א‬‫א‬‫ א‬ ‫א‬‫א‬،‫א‬‫א‬
 . ‫א‬‫א‬‫א‬ ‫א‬‫א‬K‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ K١
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K ‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬ K٢
K‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ K٣
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬
 K?Pay back period Reciprocal?‫א‬‫א‬ J٤

‫א‬‫א‬‫א‬‫א‬‫א‬
E١FKE  ‫א‬‫א‬F
 KE‫א‬F‫א‬‫א‬‫א‬
pay Back ?‫א‬‫א‬‫א‬
?Reciprocal Characteristics
‫א‬‫א‬، ‫א‬‫א‬‫א‬
((210))
،‫א‬‫א‬‫א‬،‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
  (Net Present Value (NPV) Model‫א‬‫א‬  J٥

K
 ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬  ‫א‬‫א‬WNPV‫א‬
 K‫א‬ Discounted
 WNPV
Cash‫א‬‫א‬‫א‬‫א‬‫א‬-١
 OutflowCashE‫א‬F‫א‬‫א‬Inflow
 K‫א‬
‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬-٢
 KNPV
‫א‬‫א‬NPV‫א‬-٣
NPVMutually Exclusive‫א‬‫א‬K
 K‫א‬‫א‬
‫א‬ ‫א‬Outflow Cash‫א‬‫א‬‫א‬
 K ‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 KEF‫א‬‫א‬‫א‬
 WNPV
((211))
‫א‬‫א‬‫א‬‫א‬NPV
 KPV – IZNPV‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬WPV
 K‫א‬WI
‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬
‫א‬‫א‬K ‫א‬‫א‬
‫א‬ ٠ZNPV
 K?‫א‬?
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬NPV
 K
RateDiscount‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬ ، ‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬ ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K 
‫א‬
 ‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫ א‬‫א‬‫א‬
((212))
‫א‬KE ‫א‬‫א‬F  E‫א‬‫א‬‫א‬F
.‫ א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬ ‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬-
 K‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬-
‫א‬‫א‬ 
 W ‫א‬‫א‬-
 KEAtF‫א‬
WE (NPV‫א‬‫א‬W‫א‬‫א‬‫א‬-
⎡ A ⎤
NPV = ⎢ 1 + A 2 + ... + A n ⎥ − C
⎢⎣ (1+ i ) (1+ i )2 (1+ i )n ⎥⎦
 
 K‫א‬ WC،‫א‬ Wn ،‫א‬ Wi W
 ‫א‬ ‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬-
‫א‬ ‫א‬، ‫א‬‫א‬‫א‬
‫א‬K ‫א‬ ‫א‬
 K ‫א‬
 W‫א‬ 
 W‫א‬‫א‬
Net Earnings‫א‬FlowCash‫א‬‫א‬-١
 ‫א‬‫א‬‫א‬،E‫א‬H‫א‬Z‫א‬‫א‬F
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬K‫א‬‫א‬‫א‬-٢
 K‫א‬‫א‬‫א‬
‫א‬NPV‫א‬‫א‬‫א‬-٣
((213))
  ‫א‬NPV‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬
 W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ NPV‫א‬‫א‬-١
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬
 ‫א‬‫א‬‫א‬
‫א‬
 ،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬،NPV
، ‫א‬
 ‫א‬‫א‬‫א‬-٢
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬

  ‫א‬‫א‬‫א‬‫א‬
 K
NPV‫א‬EVA NPV‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬EVA‫א‬‫א‬
EVA‫א‬‫א‬‫א‬‫א‬ ‫א‬
 KMVA‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬NPVEVA
((214))
‫א‬، ٦٠٠٠٠‫א‬WE٤F
 W‫א‬‫א‬‫א‬‫א‬‫א‬٥
‫א‬‫א‬  ‫א‬
 ١٤٠٠٠  ١
 ١٦٠٠٠  ٢
 ١٨٠٠٠  ٣
 ٢٥٠٠٠  ٤
 ٢٦٠٠٠  ٥
 K٪١٤‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬
‫א‬‫א‬
‫א‬‫א‬  ‫א‬
‫א‬‫א‬
 ١٢٢٨١  ١٤٠٠٠  ١
 ١٢٣١١  ١٦٠٠٠  ٢
 ١٢١٤٩  ١٨٠٠٠  ٣
 ١٤٨٠٢  ٢٥٠٠٠  ٤
 ١٣٥٠٤  ٢٦٠٠٠  ٥
 ٦٥٠٤٧  ٩٩٠٠٠  ‫א‬
–‫א‬‫א‬‫א‬‫א‬Z‫א‬‫א‬
 ٥٠٤٧Z٦٠٠٠٠-٦٥٠٤٧Z‫א‬
 K ‫א‬ ‫א‬‫א‬‫א‬
 ‫א‬‫ א‬ J٦
KECost Benefit AnalysisModelF
 WEIndex-PIProfitability‫א‬)
E‫א‬ F‫א‬‫א‬
((215))
‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬   ‫א‬‫א‬
‫א‬‫א‬K  
 ‫א‬‫א‬‫א‬
‫א‬‫א‬
 ‫א‬ 
 ‫א‬‫א‬‫א‬‫א‬
 ‫א‬
 ‫ א‬  
 ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א א‬.  
PI‫א‬K   ‫א‬‫א‬‫א‬‫א‬
 ‫؟‬ ‫א‬NPV
PI‫א‬   NPVW‫א‬‫א‬
 K‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 ‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬-
KE‫א‬F
‫א‬‫א‬ ‫א‬‫א‬‫א‬W‫א‬‫א‬-
 KE‫א‬F
‫א‬‫א‬،PVBFF  ‫א‬‫א‬W  ‫א‬‫א‬-
 KE (PVC
 W‫א‬W‫א‬‫א‬‫א‬-
 ‫א‬‫א‬
 
 Z ‫א‬
‫א‬‫א‬  
 ‫א‬ ‫א‬‫א‬‫א‬W‫א‬‫א‬-
‫א‬‫א‬‫א‬،‫א‬‫א‬
 ‫א‬‫א‬K‫א‬‫א‬
((216))
 K
 KNPV‫א‬W‫א‬‫א‬
 ‫א‬،‫א‬‫א‬WE٥F
 ٦٥٠٤٧ZE‫א‬‫א‬‫א‬‫א‬F‫א‬‫א‬
 ٦٠٠٠٠Z‫א‬‫א‬
 ٦٥٠٤٧  ‫א‬‫א‬  
 ١{٠٨٤Z Z  Z  ‫א‬
٦٠٠٠٠ ‫א‬‫א‬  
 ‫א‬، ‫א‬‫א‬‫א‬‫א‬
 K ‫א‬
 ‫א‬‫א‬‫ א‬ J٧
 (Internal Rate of Return (IRR) Model)
 K ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬K ‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬ENPVF ‫א‬‫א‬‫א‬‫א‬
 K
  ‫א‬ ‫א‬‫א‬ ‫א‬‫ א‬‫א‬
 ‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 . ‫א‬‫א‬ ‫א‬
‫א‬‫א‬‫א‬  
‫א‬‫א‬K‫א‬‫א‬‫א‬‫א‬
((217))
‫א‬K‫ א‬
 ‫א‬‫א‬‫א‬
‫א‬‫ א‬‫א‬‫א‬‫א‬
‫ א‬ ‫א‬K‫א‬
W‫א‬‫א‬‫א‬K‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
KE (C‫א‬‫א‬ W‫א‬‫א‬-
‫א‬ ‫א‬
 W‫א‬‫א‬-
 KEAtF‫א‬
IRR) F‫א‬‫א‬‫ א‬W‫א‬‫א‬-
⎡ A ⎤
⎢ 1 + A 2 + ... + A n ⎥ − C = 0 ,
⎢⎣ (1+ i ) (1+ i )2 (1+ i )n ⎥⎦
  IRR = i.
 K‫א‬ WC،‫א‬ Wn ،‫א‬ Wi W
EIRRF‫א‬‫א‬‫ א‬ ‫א‬‫א‬W‫א‬‫א‬‫א‬-
 ‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
K ‫א‬‫א‬‫א‬ ‫א‬‫א‬‫ א‬ ‫א‬‫ א‬‫א‬
‫א‬‫א‬‫א‬ K  ‫א‬‫א‬
 K‫א‬‫א‬‫ א‬ ‫א‬‫א‬‫א‬
 WE٦F
٥‫א‬،٦٠٠٠٠‫א‬
‫א‬،٢٠٠٠٠‫א‬‫א‬
 W‫א‬‫א‬‫א‬
((218))
 
 ‫א‬‫א‬  ‫א‬
 ١٠٠٠٠  ١
 ١٠٠٠٠  ٢
 ١٠٠٠٠  ٣
 ١٠٠٠٠  ٤
 ١٠٠٠٠  ٥
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬
⎡ 10000 10000 10000 10000 30000 ⎤
⎢ + + + .+ ⎥ − 60000 = 0,
⎣⎢ (1 + i ) (1 + i ) (1 + i ) (1 + i ) (1 + i ) ⎦⎥
1 2 3 4 5
 K٪٤{٥Z‫א‬‫א‬‫א‬
 
K
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬
 W‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ K١
 K‫א‬‫א‬
‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬ K٢
KEBankF‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ K٣
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬-
((219))
 K‫א‬‫א‬Z‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
Conclusion
‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬‫א‬
 ‫א‬  PBP‫א‬‫א‬١
 ‫א‬  ≤PBP‫א‬
 ≥PBP‫א‬
 ‫א‬  ARR‫א‬‫א‬٢
 ‫א‬  ‫א‬≤ARR‫א‬
 ‫א‬≥ARR‫א‬
 ‫א‬ NPV‫א‬‫א‬٣
 ‫א‬  ≤NPV‫א‬
 ≥NPV‫א‬
 ‫א‬  IRR‫א‬‫א‬‫א‬٤
 ‫א‬  ‫א‬≤IRR‫א‬
 ‫א‬≥IRR‫א‬
 ‫א‬  PI.BCR‫א‬L‫א‬٥
 ‫א‬  I ≤BCR‫א‬
I≥BCR‫א‬
 
((220))
W
‫א‬‫א‬ ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K
‫א‬‫א‬‫ א‬‫א‬‫א‬‫א‬
. ‫א‬‫א‬
‫א‬‫ א‬‫א‬‫ א‬‫א‬‫א‬  ‫א‬
 ٦٠٠  ٤٠٠  ٢٧٠ EF‫א‬‫א‬
 ٥  ٤  ٣  ‫א‬‫א‬‫א‬
 ١٠٠  ٦٠  ٣٠ ‫א‬‫א‬‫א‬‫א‬
 EF
 ١٨٠  ١٤٥  ١٠٠ ‫א‬‫א‬‫א‬
F‫א‬‫א‬‫א‬
 E
: ‫א‬
.‫א‬‫א‬‫ א‬‫א‬‫א‬·
25%.‫א‬·
%. ١٠‫א‬‫א‬·
: ‫א‬
: ‫א‬‫א‬‫א‬‫ א‬‫א‬‫ א‬K١
. ‫א‬‫א‬ K٢
.  ‫א‬‫ א‬K٣
. ‫ א‬‫א‬ K٤
. ‫א‬‫א‬ K٥
. ‫א‬‫ א‬‫א‬ K٦
((221))
E‫א‬‫א‬F‫א‬‫א‬‫א‬K١
:‫ א‬‫א‬
‫א‬ ‫א‬‫א‬ ‫א‬‫א‬ ‫א‬‫א‬
‫א‬‫א‬ ٢٧٠ ٤٠٠ ٦٠٠
: ‫א‬‫א‬‫א‬
.‫א‬‫א‬‫א‬‫ א‬‫א‬‫א‬
‫א‬ ‫א‬‫א‬ ‫א‬‫א‬ ‫א‬‫א‬
‫א‬‫א‬‫א‬
١٠٠ ١٤٥ ١٨٠
‫א‬‫א‬
‫א‬ ٨٠ ٨٥ ١٠٠
‫א‬‫א‬‫א‬ ٢٠ ٦٠ ٨٠
‫א‬‫א‬ ٥ ١٥ ٢٠
‫א‬‫א‬‫א‬ ١٥ ٤٥ ٦٠
‫א‬H ٨٠ ٨٥ ١٠٠
‫א‬‫א‬‫א‬ ٩٥ ١٣٠ ١٦٠
W‫א‬‫א‬
‫א‬ ‫א‬‫ א‬‫א‬‫א‬ ‫א‬‫א‬
‫א‬‫א‬ ٢٧٠ ٤٠٠ ٦٠٠
F‫א‬‫א‬‫א‬
٩٥ ١٣٠ ١٦٠
E
‫א‬‫א‬Z ٢{٨ ٣{٠٧  ٣{٧٥
‫א‬ E١F E٢F E٣F
((222))
 ‫א‬‫א‬-٢
‫א‬‫א‬‫א‬‫א‬-
 W‫א‬‫א‬
‫א‬ ‫א‬‫ א‬‫א‬‫ א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
١٠٠ ١٤٥ ١٨٠
EF
‫א‬ ٨٠ ٨٥ ١٠٠
‫א‬‫א‬ ٢٠ ٦٠ ٨٠
E٪٢٥F‫א‬‫א‬ ٥ ١٥ ٢٠
‫א‬‫א‬ ١٥ ٤٥ ٦٠
 W‫א‬-
‫א‬ ‫א‬‫ א‬‫א‬‫ א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ ٢٧٠ ٤٠٠ ٦٠٠
‫א‬‫א‬ ٣٠ ٦٠ ١٠٠
Z ٣٠٠ ٤٦٠ ٧٠٠
‫א‬Z٢ ١٥٠ ٢٣٠ ٣٥٠
 W‫א‬‫א‬‫א‬-
‫א‬ ‫א‬‫ א‬‫א‬‫ א‬‫א‬‫א‬
‫א‬‫א‬ ١٥ ٤٥ ٦٠
‫א‬ ١٥٠ ٢٣٠ ٣٥٠
‫א‬‫א‬Z ٪١٠ ٪١٩{٦ ٪١٧{١
‫א‬‫א‬ E٣F E١F E٢F
((223))
‫א‬K ‫א‬‫א‬ ‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬-٣
‫א‬‫א‬ ‫א‬‫א‬ ‫א‬‫א‬ ‫א‬‫א‬
٪١٠      
  
‫א‬
1.000 (270) (270) (400) (400) (600) (600)
909. 95 86.355 130 118.17 160 145.44
826. 95 78.470 130 107.38 160 132.16
751. 125 92.875 130 97.63 160 120.16
683. - - 190 129.77 160 109.28
621. - - - - 260 161.46
‫א‬
-270 -400 -600
‫א‬
- +257.7 +452.95 +668.5
-12.3 +52.95 +68.5
‫א‬‫א‬‫א‬      
‫א‬ (2) (1)
.‫א‬‫א‬K٤
‫א‬ ‫א‬‫ א‬‫ א‬‫ א‬‫ א‬‫א‬
‫א‬‫א‬‫א‬
٢٥٨{٧ ٤٥٢{٩٥ ٦٦٨{٥
‫א‬‫א‬
‫א‬‫א‬‫א‬
٢٧٥ ٤٠٠ ٦٠٠
‫א‬
((224))
‫א‬L‫א‬ ٠{٩٦ ١{١٣ ١{١١
‫א‬‫א‬‫א‬   
‫א‬ E١F E٢F
 K‫א‬‫א‬‫א‬-٥
 ‫א‬‫א‬  ‫א‬‫א‬  ‫א‬‫א‬ ‫א‬
‫א‬ ‫ א‬‫ א‬‫א‬ ‫א‬ ‫א‬ ‫א‬ ‫א‬ ‫א‬
‫ א‬‫ א‬‫ א‬‫א‬ ‫ א‬‫ א‬‫א‬ ‫א‬ ‫א‬
     
‫ א‬‫א‬ ‫א‬ ‫א‬ ‫א‬ ‫א‬
     
٪١٥ ٪١٠ ٪١٦ ٪١٠ ٪١٠ ٪٦٠
 ٦٠٠  ٦٠٠ ٦٠٠  ٤٠٠  ٤٠٠  ٤٠٠  ٢٧٠  ٢٧٠  ٢٧٠  ٠
١٣٩{٢ ١٤٥{٤٤ ١٦٠ ١١٢{٠٦٠ ١١٨{١٧  ١٣٠ ٨٦{٣٥٥ ٨٩{٥٨٥  ٩٥  ١
١٢٠{٩٦ ١٣٢{١٦ ١٦٠ ٩٦{٥٩٠ ١٠٧{٣٨  ١٣٠ ٧٨{٤٧٠ ٨٤{٥٥  ٩٥  ٢
١٠٥{٢٨ ١٢٠{١٦ ١٦٠ ٨٣{٣٣٠ ٩٧{٦٢  ١٣٠ ٩٦{٨٧٥ ١٠٥{٠٠  ١٢٥  ٣
١٢٩{٢٢ ١٦١{٤٦ ٢٦٠ ١٠٤{٨٨ ١٢٩{٧٧  ١٩٠  ٠  ٠  ٠  ٤
١٢٩{٢٢ ١٦١{٤٦ ٢٦٠  ٠  ٠  ٠  ٠  ٠  ٠  ٥
٥٨٦{٨٢ ٦٦٨{٥٠   ٣٩٦{٨٦ ٤٥٣{٩٥   ٢٥٧{٧ ٢٧٩{١٣٥    
١٣{١٨- ٦٨{٥H   ٣{١٤- ٥٢{٩٥H   ١٢{٣- ٩{١٣٥H   ‫א‬
 ‫א‬
 ٪١٤{١٩    ٪١٥{٦٦    ٪٧{٧٩   ‫א‬
 ‫א‬‫א‬
‫א‬ ‫א‬
‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬ ‫א‬‫א‬،‫א‬‫א‬
‫א‬ K ‫א‬‫א‬
،‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫ א‬‫א‬‫א‬‫א‬‫א‬‫א‬
((225))
‫א‬ ‫א‬ ‫א‬‫א‬‫א‬‫א‬
 
 ‫א‬‫א‬‫א‬‫א‬‫א‬K
 .‫א‬‫א‬
((226))
‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻧﻲ ﻋﺸﺮ‬
@@ÒëŠÃ@¿@pbÇëŠ’½a@áîîÔm
@@†×dnÛa@â†Çë@ñŠb‚½a@
‫א‬‫א‬
‫א‬ ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬
 ، ‫א‬‫א‬‫א‬

 ‫א‬‫א‬  ‫א‬‫א‬‫א‬‫א‬
‫א‬، ‫א‬‫א‬‫א‬‫א‬‫ א‬
‫א‬،
 ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
 ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
((227))
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
‫א‬‫א‬
 ‫א‬‫א‬‫א‬
‫א‬‫א‬K
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
 KKKKKK‫א‬‫א‬

 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬E‫א‬F
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬EF‫א‬‫א‬‫א‬
EF‫א‬‫א‬‫א‬‫א‬EF
EF‫א‬EF‫א‬‫א‬ ‫א‬
EF‫א‬ EF‫א‬‫א‬
 KEF‫א‬‫א‬
‫א‬ ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
((228))
‫א‬‫א‬،‫א‬
‫א‬‫א‬‫א‬
 ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬ ،‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬  ‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 ،‫א‬
 W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬ W‫א‬
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬
  ، ‫א‬‫א‬
 ‫א‬‫א‬ ‫א‬
‫א‬ ‫א‬‫א‬‫א‬
((229))
‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬K١٠٠
٪٥٠K٣٠٪٥٠K٢٠
 Z‫א‬‫א‬‫א‬‫א‬
50 × 30 50 × 20
25 = + =
 KK 100 100
‫א‬١٠٠٠‫א‬‫א‬
 ‫א‬‫א‬
 
1000 1000
=
 ٪٥٠ 120 20 + 100
1000 1000
=
‫א‬‫א‬٪٥٠ 130 30 + 100
 W‫א‬‫א‬
50 × 1000 50 × 1000
8= + :
   100 × 130 100 × 120
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬ ‫א‬‫א‬‫א‬
‫س‬
25 =
K ‫ س‬+ 100 ٨Z١٠٠٠WEF‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
((230))
 K‫א‬‫א‬
–
‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
‫א‬‫א‬ ‫א‬‫א‬
‫א‬‫א‬K ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
E ‫א‬‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬‫א‬
 W
 ‫א‬‫א‬‫א‬ K١
K‫א‬ K٢
‫א‬‫א‬‫א‬ K٣
K‫א‬‫ א‬K٤
K‫א‬‫א‬ K٥
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
 K‫א‬
 W
 W‫א‬‫א‬‫א‬‫א‬‫א‬
((231))
 K٤٠٠٠٠٠ZQ‫א‬
 ٥ZP‫א‬
 ‫א‬٤ZC‫א‬‫א‬‫א‬
 ‫א‬٥ZT‫א‬‫א‬‫א‬
 ‫א‬٥٠٠٠٠٠ZIZ‫א‬‫א‬
 W‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬
 ‫א‬E٪٢٠F
‫א‬‫א‬–‫א‬E٪١٠F‫א‬
‫א‬،‫א‬‫א‬‫א‬E٪٥F
 KE٪٢٠F‫א‬‫א‬
 W‫א‬
‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬
 ‫א‬
 ECCQF–EPCQFZ
 ٤٠٠٠٠٠ZE٤C٤٠٠٠٠٠F-E٥C٤٠٠٠٠٠FZ
 K٪٢٠‫א‬‫א‬‫א‬‫א‬‫א‬
 ٨٨٠٠٠ZE٣{٨C١{١C٤٠٠٠٠٠F-E٤C١{١C٤٠٠٠٠٠FZ
‫א‬  ‫א‬ ‫א‬  ‫א‬
 ٪٢٠ ‫א‬٥ ‫א‬


٪٢٠
       ٠  ٠
((232))
 
 E٥٠٠F  E٥٠٠F  E٥٠٠F  E٥٠٠F  ١{٠٠٠  ٠
   ٨٨    ٤٠٠  ٠{٨٣٣  ١
   ٨٨    ٤٠٠  ٠{٦٩٤  ٢
 ٢٦٣{١٢  ٨٨  ١١٩٦  ٤٠٠  ٠{٥٧٩  ٣
   ٨٨    ٤٠٠  ٠{٤٨٢  ٤
   ٨٨    ٤٠٠  ٠{٤٠٢  ٥
٢٣٦{٨٨-  ٦  ٦٩٦H    ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
–
 ‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ W ‫א‬‫א‬K

‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬
 ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬
‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬E‫א‬
‫א‬‫א‬W‫א‬K
‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬
((233))
‫א‬‫א‬W ‫א‬K
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬
٪٢٥‫א‬K ١٠‫א‬‫א‬‫א‬W
٪٧٥‫א‬K ١٤‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
 K١٣Z٧٥C١٤H٢٥C١٠
 ١٠٠١٠٠
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K‫א‬‫א‬‫א‬
 K ‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬‫א‬
 W‫א‬
1
⎡N ⎤2
( )
6 = ⎢∑ abt − at− Pbt ⎥
  ⎣ P =t ⎦
 W
 t‫א‬b‫א‬‫א‬ZAbt
 K‫א‬‫א‬‫א‬ZPbt
N
∑ ab pbtt
  P =t Zt‫א‬‫א‬‫א‬‫א‬ZAt
‫א‬‫א‬‫א‬‫א‬W
 K
((234))
 ‫א‬‫א‬  ‫א‬‫א‬
 ٪‫א‬  ‫א‬‫א‬  ٪‫א‬  ‫א‬‫א‬
 ٢٠  ٤٠٠٠  ٢٠  ٥٠٠
 ١٠  ٣٠٠٠  ٣٠  ٥٥٠٠
 ١٥  ٥٠٠  ٢٥  ٦٠٠٠
 ٢٠  ٤٥٠٠  ١٠  ٧٠٠٠
 ١٠  ٥٠٠٠  ١٥  ٨٠٠٠
 ‫א‬‫א‬‫א‬W‫א‬‫א‬
  (%10 × 7000) + (%25 × 6000) + (%30 × 5500) + (%20 × 5000) + (%15 × 8000) = 6050
 Z‫א‬‫א‬‫א‬
[%20(6000− 5000) + %30(6000− 5500) + 25(6000− 6000) + %10(6000− 7000) + %15(6000− 8000 )] 12 = 724
2 2 2 2
 .5
2
 W‫א‬‫א‬‫א‬
  [%20(5500 − 4000) + %10(5500 − 3000) + %15(5500 − 500) − %20(5500 − 4500) + %10(5000 − 5000) ] = 1140
1
2 2 2 2 2 2
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬K
 ‫א‬
‫א‬K
 ‫א‬
 ‫א‬‫א‬ ‫א‬K‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬K١٠٠٠٠٠EAF‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬K١٢٠٠٠٠EBF‫א‬‫א‬‫א‬،٩٢٠‫א‬
 KA‫א‬،١٨١٥
920
0.0092 =
  100000 ZA‫א‬
((235))
1815
0.0151 =
  120000 ZB
 K‫א‬BA‫א‬‫א‬
‫א‬KB‫א‬‫א‬  ‫א‬‫א‬
 KA‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬ ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 ‫א‬ 
 ‫א‬‫א‬‫א‬E ‫א‬‫א‬F‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
، ‫א‬ ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
L‫א‬L‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬  ‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
((236))
‫א‬  ‫א‬‫א‬‫א‬،
 ‫א‬ 
‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫ א‬‫א‬
 W‫א‬‫א‬
‫א‬‫א‬  ‫א‬‫א‬‫א‬
‫א‬K
 ‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬
K ‫א‬‫א‬،‫א‬W ‫א‬
 W‫א‬‫א‬
‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬
K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 WE‫א‬‫א‬F
K‫א‬‫א‬‫א‬
E‫א‬‫א‬‫א‬F‫א‬‫א‬
 WEF‫א‬‫א‬‫א‬
 KE‫א‬‫א‬H١FZE‫א‬‫א‬H١FE‫א‬‫א‬H١F
((237))
 W‫א‬‫א‬
K‫א‬‫א‬
K‫א‬‫א‬
‫א‬W ‫א‬‫א‬‫א‬‫א‬
 K‫؟‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ K ‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬K ‫א‬‫א‬‫א‬ 
‫א‬E‫א‬F‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬
 K‫א‬‫א‬
‫א‬‫א‬،W 
‫א‬‫א‬K
 ‫א‬‫א‬‫א‬
  
 W
‫א‬‫א‬  ‫א‬
 E-F١٠٠٠  ٠
 ٨٠٠  ١
 ٦٠٠  ٢
((238))
‫א‬‫א‬٪١٥{٥‫א‬‫א‬‫א‬
‫א‬، ‫א‬K ‫א‬‫א‬‫א‬ 
 W‫א‬‫א‬٪٥‫א‬
‫א‬  ‫א‬‫א‬W‫א‬‫א‬
 W‫א‬
‫א‬‫א‬  Z٪١٥{٥‫א‬C ‫א‬‫ א‬‫א‬
 E-F١٠٠٠  Z١  E-F١٠٠٠  ٠
 ٦٩٢{٦٤  Z٠{٨٦٥٨  ٨٠٠  ١
 ٤٤٩{٧٦  Z٠{٧٤٩٦  ٦٠٠  ٢
 ١٤٢{٤٠  ZNPV  
     ‫א‬ ‫א‬ W  ‫א‬ ‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬  Z٪٥‫א‬C ‫א‬‫א‬ ‫א‬
 ‫א‬
 E-F١٠٠٠  Z١  E-F١٠٠٠  ٠
 ٧٦١{٩٢  Z٠{٩٥٢٤  ٨٠٠  ١
 ٥٤٤{٢٠  Z٠{٩٠٧٠  ٦٠٠  ٢
 ٣٠٦{١٢  ZNPV  
Fisher‫א‬‫א‬
0.10 = 1 −
(0.155 + 1)
  (0.05 + 1)
((239))
 
 ‫א‬‫א‬  Z٪١٥‫א‬C ‫א‬‫א‬ ‫א‬
 E-F١٠٠٠  Z١  E-F١٠٠٠  ٠
 ٦٩٢{٦٦  Z٠{٩٠٩١  ٧٦١{٩٢  ١
 ٤٤٩{٧٣  Z٠{٨٢٦٤  ٥٤٤{٢٠  ٢
 ١٤٢{٣٩  ZNPV  
 KKKKKKKKKK‫א‬‫א‬‫א‬
 W
 WE١F‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 EF‫א‬  EF‫א‬  
 ٤٠٠٠٠٠  ٦٠٠{٠٠٠  ‫א‬‫א‬
 ٤  ٥  EF‫א‬‫א‬
 ٦٠٠٠٠  ١٠٠{٠٠٠  
 ١٤٥٠٠٠  ١٨٠{٠٠٠  ‫א‬‫א‬
 W‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬
٪٢٥‫א‬‫א‬
‫א‬٪١٠‫א‬‫א‬
W
K‫א‬‫א‬٠{٦٢١-٠{٦٨٣-٠{٧٥١-٠{٨٢٦-٠{٩٠٩
 W‫א‬
‫א‬‫א‬،‫א‬
 ‫א‬‫א‬‫א‬،٢٠٠٣،‫א‬‫א‬-1
‫א‬‫א‬
((240))
 W‫א‬‫א‬‫א‬
 K‫א‬‫א‬-١
 K‫א‬‫א‬-٢
 K‫א‬-٣
 EF‫א‬  EF‫א‬
 ١٤٥{٠٠٠  ١٨٠{٠٠٠‫א‬‫א‬‫א‬‫א‬
⎡ 340 .000 60 .000 − 400 .000 ⎤ ⎡100.000 − 600000 ⎤
⎢⎣ − ⎥⎦85.000 ⎢ ⎥ = 100000
4 4  ⎣ 5 ⎦ ‫א‬
 ٦٠{٠٠٠  ٨٠{٠٠٠‫א‬‫א‬‫א‬‫א‬
 ١٥{٠٠٠  ٢٠{٠٠٠٪٢٥‫א‬‫א‬
  ٤٥{٠٠٠  ٦٠{٠٠٠ ‫א‬‫א‬‫א‬‫א‬
 ٨٥{٠٠٠  ١٠٠{٠٠٠‫א‬H
 ١٣٠{٠٠٠  ١٦٠{٠٠٠‫א‬‫א‬‫א‬‫א‬
 W‫א‬
 Z‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬D‫א‬‫א‬
 ٣{٧٥Z١٦٠{٠٠٠D٦٠٠{٠٠٠ZEF‫א‬
 ٣{٧٦Z١٣٠٠٠٠D٤٠٠{٠٠٠ZEF‫א‬
‫א‬EF‫א‬  ‫א‬‫א‬‫א‬EF‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 W‫א‬‫א‬
 K‫א‬
((241))
K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬
‫א‬‫א‬ ‫א‬ ‫א‬ ‫א‬ ‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬  ‫א‬
     ١  ٦٠٠{٠٠٠  ٠
 ١٤٥{٤٤٠  ١٦٠{٠٠٠  ٠{٩٠٩    ١
 ١٣٢{١٦٠  ١٦٠{٠٠٠  ٠{٨٢٦    ٢
 ١٢٠{١٦٠  ١٦٠{٠٠٠  ٠{٧٥١    ٣
 ١٠٩{٢٨٠  ١٦٠{٠٠٠  ٠{٦٨٣    ٤
 ١٦١{٤٦٠  ١٠٠{٠٠٠H١٦٠{٠٠٠  ٠{٦٢١    ٥
 ٦٦٨{٥٥٠  ‫א‬
‫א‬‫א‬  ‫א‬ ‫א‬  ‫א‬ ‫א‬‫א‬
‫א‬ ‫א‬
     ١  ٤٠٠٠٠٠  ٠
 ١١٨١٧٠  ١٣٠٠٠٠  ٠{٩٠٩    ١
 ١٠٧٣٨٠  ١٣٠٠٠٠  ٠{٨٢٦    ٢
 ٩٧٦٣٠  ١٣٠٠٠٠  ٠{٧٥١    ٣
 ١٢٩٧٧٠  ٦٠٠٠٠H١٣٠٠٠٠  ٠{٦٨٣    ٤
 ٤٥٢٩٥٠  ‫א‬
 ٦٨٥٠٠Z٦٠٠٠٠٠-٦٦٨٥٠٠ZEF‫א‬
68500
%11.42 = 100 ×
 E١F 600000 Z‫א‬‫א‬
 ٥٢٩٥٠Z٤٠٠٠٠٠-٤٥٢٩٥٠ZEF‫א‬
((242))
52950
%13.232 = 100 × =
  400000 ‫א‬‫א‬
٪١٠‫א‬
 K‫א‬EF‫א‬‫א‬‫א‬
 ‫א‬‫א‬  
 Z  ‫א‬  
‫א‬‫א‬‫א‬
 
668500
1.11 = =
  600000 EF‫א‬
452950
1.13 =
  400000 EF‫א‬
EF‫א‬‫؛‬‫א‬‫א‬ ‫א‬
 K‫א‬
((243))
((244))
‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ ﻋﺸﺮ‬
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@@ïßìÔÛa@…b–nÓüa@‰ìÄäß@åß@ÊëŠ’àÜÛ
‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬K ‫א‬‫א‬‫א‬
 K‫א‬
 ENPAF‫א‬‫א‬ (CPA)‫א‬‫א‬
‫א‬‫א‬-١ ‫א‬‫א‬‫א‬‫א‬-١
‫א‬F‫א‬‫א‬‫א‬  
 E‫א‬
‫א‬‫א‬‫א‬‫א‬ -٢ ‫א‬‫א‬‫א‬‫א‬-٢
 ‫א‬  K‫א‬
ELinkages‫א‬F‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬-٣  ‫א‬-٣
‫א‬Adjusted Prices‫א‬
Social Prices‫א‬
‫א‬-٤ Time   ‫א‬‫א‬-٤
((245))
Social Rate of Discount ‫א‬‫ א‬‫א‬‫א‬Preferences
 ‫א‬‫א‬
‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬-٥  W‫א‬‫א‬-٥
W‫א‬‫א‬‫א‬-  W‫א‬‫א‬-
 ‫א‬‫א‬‫א‬  E‫א‬F‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬
‫א‬،‫א‬ ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ ‫א‬
‫א‬‫א‬‫א‬‫א‬ ‫א‬
‫א‬‫א‬‫א‬‫א‬  E‫א‬F‫א‬‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬‫א‬ K١
‫א‬‫א‬ ‫א‬‫א‬ K٢
‫א‬‫א‬ ‫א‬ K٣
‫א‬‫א‬‫א‬‫א‬  W‫א‬‫א‬-
 K‫א‬  ‫א‬
W‫א‬‫א‬‫א‬-  ‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ ، 
 
 ‫א‬‫א‬‫א‬
K
 ‫א‬‫ א‬
 ‫א‬‫א‬‫א‬‫א‬
‫א‬‫ א‬‫א‬‫א‬‫א‬
((246))
‫א‬‫א‬  ‫א‬K  ‫א‬‫א‬
. ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬‫א‬
‫א‬  ‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬ ‫א‬‫א‬‫א‬
 ‫א‬?‫א‬‫א‬
‫א‬‫א‬ ‫א‬‫א‬‫א‬K?‫א‬‫א‬
‫א‬  ‫א‬‫א‬K
‫ א‬ ‫א‬‫א‬‫א‬
  K ‫א‬‫א‬‫א‬‫א‬‫א‬

 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
 ‫א‬K
 ‫א‬‫א‬‫א‬‫א‬‫ א‬‫א‬
 ‫א‬‫א‬
 ‫א‬‫א‬‫א‬
‫א‬‫א‬ (Shadow Prices)  ‫א‬‫א‬‫א‬‫א‬
. ‫א‬‫א‬‫א‬‫א‬‫ א‬
‫א‬
 ‫א‬‫א‬
 ‫א‬‫א‬-  ‫א‬‫א‬‫א‬
K
‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬
  ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬  ‫א‬‫א‬
  ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬ 
. ‫א‬
‫א‬‫א‬‫ א‬
((247))
‫א‬K
 ‫ א‬ ‫א‬‫א‬
‫א‬F‫א‬‫א‬‫ א‬‫א‬
 K‫א‬E  ‫א‬
‫א‬‫א‬ ‫א‬‫א‬
‫א‬K ‫א‬‫ א‬ ‫א‬‫א‬‫א‬‫א‬
‫א‬‫ א‬ ‫א‬‫א‬‫א‬‫א‬
 ‫א‬ 
 ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬  ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫ א‬‫א‬‫א‬‫א‬‫א‬ K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬
. ‫א‬‫א‬‫א‬
‫א‬‫א‬ ‫א‬
‫א‬‫א‬K‫א‬‫א‬‫ א‬‫א‬
‫א‬‫א‬‫ א‬ ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫ א‬،‫א‬‫א‬‫א‬
K ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫ א‬ ‫א‬‫א‬
K ‫א‬ ‫א‬‫א‬
‫א‬ 
 ‫א‬‫א‬‫א‬‫א‬
.‫ א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬
‫א‬‫א‬   ‫א‬‫א‬
‫א‬‫א‬ 
 ‫א‬‫א‬‫א‬
((248))
‫א‬‫א‬‫א‬‫א‬ K‫א‬‫א‬‫א‬
‫א‬‫א‬ ،‫א‬
‫א‬K
   
: ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ ، ‫א‬‫א‬
. ‫א‬‫א‬ ‫א‬‫א‬
K‫א‬‫א‬ ‫א‬‫א‬
. ‫א‬‫א‬‫א‬‫ א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬
. ‫א‬‫א‬ ‫א‬
‫א‬‫ א‬ ‫א‬

 ‫א‬K‫א‬‫א‬
: ‫א‬
‫א‬‫א‬‫א‬‫א‬ ‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬‫א‬K‫א‬
. ‫א‬
 ‫א‬  
‫א‬‫א‬‫א‬K
‫א‬K ‫ א‬ ‫א‬‫א‬‫א‬
‫ א‬ ‫א‬K‫א‬‫א‬
- ‫א‬  
 ‫א‬
K ‫ א‬ ‫א‬‫א‬‫א‬ ‫א‬
: ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬
 ‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬K‫א‬
‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬
((249))
‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬K
 ‫א‬‫ א‬‫א‬‫א‬‫א‬
‫א‬  ‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬
 
 ‫א‬‫א‬‫א‬
.‫ א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
‫א‬‫א‬‫ א‬ ‫א‬
: ‫א‬‫א‬‫א‬
‫א‬  ‫א‬‫א‬K١
،‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬
 K‫א‬‫ א‬‫א‬‫א‬‫א‬
K   ‫א‬‫א‬‫א‬‫א‬
‫א‬. ‫א‬‫א‬‫א‬‫א‬
K   ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
. ‫א‬‫א‬
‫א‬ ‫א‬‫א‬K٢
‫א‬‫א‬ ، ‫א‬‫א‬
-
 ‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬
‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬
.‫א‬ ‫א‬‫א‬‫א‬ ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬K٣
‫א‬‫א‬‫א‬  ،‫א‬
. ‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬ ‫א‬‫א‬K٤
((250))
‫א‬‫א‬‫א‬  ‫א‬‫א‬
‫א‬‫ א‬
 ‫א‬‫א‬‫א‬
.‫א‬ ‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ 
: ‫א‬‫א‬
‫א‬‫א‬  ‫א‬‫א‬‫א‬K١
 
 ‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
 
 ‫א‬‫א‬‫א‬‫א‬
‫ א‬‫א‬‫א‬‫א‬‫א‬
. ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬ ‫א‬‫א‬K٢
  ‫א‬‫א‬‫א‬‫א‬   ‫א‬‫א‬
‫א‬‫א‬‫א‬  ‫א‬‫א‬‫א‬
.  ‫א‬‫א‬‫א‬‫א‬‫א‬
: ‫א‬‫א‬ ‫א‬‫א‬‫א‬
 EF‫א‬  ‫א‬
 ٥٠٠  ‫א‬
   ‫א‬
 ١٥٠  ‫א‬
 ١٠٠  ‫א‬‫א‬
 ٢٠  
 ٥٠  
 ٣٠  ‫א‬
((251))
 ٥٠  ‫א‬
 ٤٠٠  ‫א‬
 ١٠٠  ‫א‬
: ‫א‬
.  ‫א‬‫א‬
%. ٤٠‫א‬‫א‬ ‫א‬‫א‬‫א‬
‫א‬‫א‬١٠٠  ‫א‬‫א‬‫א‬

. ‫א‬
%. ٢٥‫א‬‫א‬ ‫א‬‫א‬·
 ‫א‬ ‫א‬   ‫ א‬ ‫א‬  ‫א‬
. ٥٠٠‫א‬
‫א‬‫א‬
 ‫א‬‫א‬ ‫א‬

500 500 ‫א‬
:‫ א‬
190 150  ‫א‬
75 100  ‫א‬
20 20  
50 50 
30 30 ‫א‬
- 50 ‫א‬
365 400 ‫ א‬
((252))
335 100 ‫ א‬
 ١٠٠  
٪٢٠ Z  Z‫א‬‫א‬
 
٥٠٠
 
 ٣٣٥
 
Z‫א‬‫א‬‫א‬
٪٦٧Z
٥٠٠  
 W‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫ א‬
‫א‬‫א‬‫א‬K‫ א‬‫א‬
‫א‬K ‫ א‬ ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫ א‬‫א‬‫א‬‫א‬‫א‬
. ‫א‬‫א‬
‫א‬‫א‬W ‫א‬‫א‬‫א‬
‫א‬‫ א‬
 ‫א‬K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬ 
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫ א‬
 ‫א‬K‫א‬‫א‬
‫ א‬‫א‬K‫א‬‫א‬‫א‬
 ‫א‬‫א‬K‫א‬‫א‬
 ،‫א‬‫א‬
. ‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬
‫א‬‫א‬ ‫א‬‫א‬‫א‬،‫א‬
‫א‬،‫א‬‫ א‬ ‫א‬‫א‬
‫א‬  ‫א‬
 
 ‫א‬‫א‬‫א‬
((253))
. ‫א‬‫א‬
‫א‬‫א‬‫א‬
 ‫א‬‫א‬
‫א‬‫א‬ ‫א‬‫א‬‫א‬K‫א‬
،‫ א‬‫א‬‫א‬K‫א‬‫א‬
‫א‬‫ א‬‫א‬‫א‬،‫א‬‫א‬
  K ،‫א‬‫א‬
‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬،
. ‫א‬‫א‬‫א‬
‫א‬‫א‬
 ‫א‬‫א‬
L‫א‬‫א‬‫ א‬K‫א‬‫א‬

 ‫א‬‫ א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬ K
 ‫א‬‫א‬
 (CIF)‫א‬‫ א‬‫א‬،‫א‬‫א‬
.‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬(FOB)
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W 
‫ א‬‫א‬
‫ א‬

‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫ א‬‫א‬
‫א‬‫א‬‫א‬‫ א‬‫א‬
‫א‬‫א‬ ‫א‬‫א‬‫א‬
‫א‬‫א‬ 
 ‫א‬‫א‬‫א‬K 
. ‫א‬‫א‬
((254))
‫א‬‫א‬‫א‬ ‫א‬‫א‬
‫א‬‫א‬‫ א‬‫א‬K‫א‬
‫א‬‫א‬.  ‫א‬‫א‬‫א‬ 
‫א‬‫ א‬ ‫א‬‫א‬
‫א‬‫ א‬
 ‫א‬‫א‬K‫א‬
. ‫א‬
‫א‬‫א‬‫א‬‫א‬‫ א‬ ‫א‬

‫א‬ ‫א‬‫א‬
: ‫ א‬‫א‬‫א‬K‫א‬
:
‫א‬‫א‬  ‫א‬‫א‬‫=א‬
. ‫ א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬F‫א‬‫ א‬ ‫=א‬

. E
‫א‬‫א‬‫א‬‫א‬‫א‬‫ א‬‫=א‬
. ‫ א‬‫א‬
. ‫א‬‫א‬ ‫א‬‫א‬‫=א‬
. ‫א‬‫=א‬
‫א‬‫א‬‫א‬‫ א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬
‫א‬‫א‬‫א‬.  ‫א‬‫א‬‫א‬
‫א‬ ‫א‬‫א‬،
‫א‬‫א‬‫א‬K‫ א‬‫א‬
((255))
‫א‬‫א‬  ‫א‬‫א‬‫א‬
.‫א‬‫א‬‫א‬‫א‬‫ א‬‫א‬K‫א‬
W‫א‬
‫א‬‫א‬‫א‬‫א‬‫ א‬
 ‫א‬‫א‬
‫א‬K‫א‬ ‫א‬‫א‬‫א‬
‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫ א‬ ‫א‬‫א‬‫א‬ (SDR). ‫א‬
‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬
: ‫א‬‫א‬‫א‬‫א‬K‫א‬
‫א‬‫א‬   ‫א‬‫א‬‫א‬‫א‬K١
‫א‬‫א‬‫א‬‫א‬   ‫א‬‫א‬‫א‬‫א‬
. ‫א‬
‫א‬‫א‬  ‫א‬‫א‬K٢
‫ א‬‫א‬‫א‬K‫א‬
 ، ‫א‬‫א‬‫א‬‫א‬

 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
. ‫א‬
‫א‬  ‫א‬K٣
: 
‫א‬‫א‬‫א‬‫א‬   ‫א‬‫א‬

K‫א‬
. ‫ א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬F ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬
((256))
. ‫א‬‫ א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫ א‬
 ‫א‬‫א‬‫א‬K٤
: 
. ‫א‬
. ‫א‬‫א‬
 ‫א‬‫א‬ ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬
.  NDVA ‫א‬
،‫א‬‫א‬‫א‬‫ א‬‫א‬‫א‬ K٥

‫א‬‫ א‬
    ‫א‬‫א‬‫א‬
. ‫ א‬‫א‬ NDVA ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬‫א‬K٦
‫א‬‫ א‬ ‫א‬‫א‬
‫א‬‫א‬‫ א‬
 ‫א‬‫א‬‫א‬‫א‬K‫א‬
‫א‬‫א‬‫ א‬
 K ‫א‬‫א‬‫א‬‫א‬‫א‬
  ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫ א‬‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬
. ‫א‬‫א‬‫א‬
((257))
: ،‫א‬‫ א‬‫א‬‫א‬
K
 ‫א‬‫א‬‫ א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K ‫א‬‫ א‬‫א‬‫א‬‫א‬‫א‬
. ‫ א‬‫א‬‫א‬‫א‬
 -‫א‬-‫א א‬‫א‬

‫א‬‫א‬‫א‬‫א‬‫ א‬ ‫א‬‫א‬
. ‫ א‬‫א‬‫א‬
(W) ‫א‬‫א‬‫א‬‫א‬‫א‬‫ א‬‫א‬K٧

‫א‬‫א‬‫א‬‫א‬‫א‬  (SS) ‫א‬‫א‬
‫א‬‫א‬‫א‬‫ א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫ א‬ ‫א‬
: 
: 
‫א‬‫א‬ ‫א‬‫א‬‫=א‬
. ‫א‬E‫א‬F
((258))
‫א‬‫א‬‫ א‬‫א‬‫א‬‫=א‬
. ‫א‬‫א‬
‫א‬‫א‬‫ א‬‫א‬‫=א‬
. ‫א‬
‫א‬‫א‬‫א‬‫ א‬ ‫א‬‫א‬=

.
.‫ א‬‫א‬=
‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬
‫א‬‫א‬‫ א‬‫א‬‫א‬‫א‬
‫א‬  ‫א‬‫א‬‫א‬K  ‫א‬‫א‬
‫א‬  ‫א‬‫א‬
‫ א‬
 ‫א‬‫א‬K‫א‬‫א‬‫א‬
. …‫א‬،‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬

. ‫א‬‫א‬
‫א‬‫א‬ ‫א‬‫א‬‫א‬
K ‫א‬  ‫א‬‫א‬
‫א‬‫א‬‫א‬-
 ‫א‬‫ א‬‫א‬
.‫א‬‫א‬-‫א‬
 W
‫א‬‫א‬‫א‬‫א‬‫ א‬
‫א‬‫א‬‫א‬‫ א‬‫א‬‫א‬
. ‫א‬‫א‬
 
((259))
 ‫א‬‫א‬‫א‬  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  
     ‫א‬‫א‬‫א‬
 ٦٠  ٥٠  ‫א‬
 ٤٠ E‫א‬‫א‬F٥٠  
 ١٠٠  ١٠٠٠  
     ‫א‬
٢٠F٥٠  ٥٠  
‫א‬‫א‬
 E‫א‬
 ٥٠  ٦٠  
 ٥٠  ٤٠  ‫א‬
 ١٠  ١٠  
: ‫א‬
. ‫א‬‫ א‬٪٥٠‫א‬‫א‬‫א‬-١
‫א‬  ‫א‬‫א‬‫א‬‫א‬‫א‬-٢
%. ٥٠
: ‫א‬ ٢٠٠‫א‬‫א‬
‫א‬‫א‬‫ א‬‫א‬30
. ‫א‬
. ‫א‬ ‫א‬20 -٣
.  ‫א‬٥-٤
20%.‫א‬‫א‬-٥
((260))
W‫א‬‫א‬‫א‬W 
 ‫א‬‫א‬  ‫א‬‫א‬  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  
٥ ٤ ٣ ٢ ١ ٠ ٥ ٤ ٣ ٢ ١  ٠  
               ‫א‬
٦٠ ٦٠ ٦٠ ٦٠ ٦٠   ٥٠ ٥٠ ٥٠ ٥٠ ٥٠    ‫א‬
٤٠ ٤٠ ٤٠ ٤٠ ٤٠   ٥٠ ٥٠ ٥٠ ٥٠ ٥٠   
١٠ ١٠ ١٠ ١٠ ١٠   ١٠ ١٠ ١٠ ١٠ ١٠    
٠ ٠ ٠ ٠ ٠   ٠ ٠ ٠ ٠ ٠    
               ‫א‬
     ٢٠٠       ٢٠٠  ‫א‬‫א‬
٤٠ ٤٠ ٤٠ ٤٠ ٤٠   ٥٠ ٥٠ ٥٠ ٥٠ ٥٠   
٤٠ ٤٠ ٤٠ ٤٠ ٤٠ ٢٠٠ ٥٠ ٥٠ ٥٠ ٥٠ ٥٠  ٢٠٠  
٦٠ ٦٠ ٦٠ ٦٠ ٦٠   ٥٠ ٥٠ ٥٠ ٥٠ ٥٠ E٢٠٠F ‫א‬‫א‬
‫א‬‫א‬
١٠ ١٠ ١٠ ١٠ ١٠   ١٠ ١٠ ١٠ ١٠ ١٠   ‫א‬
 
٥٠ ٥٠ ٥٠ ٥٠ ٥٠   ٤٠ ٤٠ ٤٠ ٤٠ ٤٠ E٢٠٠F ‫א‬‫א‬
‫א‬‫א‬
١٠ ١٠ ١٠ ١٠ ١٠   ١٠ ١٠ ١٠ ١٠ ١٠    
٤٠ ٤٠ ٤٠ ٤٠ ٤٠   ٣٠ ٣٠ ٣٠ ٣٠ ٣٠   ‫א‬
 
((261))
 ‫א‬W 
 
 ‫א‬‫א‬  ‫א‬‫א‬  ‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  
٥ ٤ ٣ ٢ ١ ٠ ٥ ٤ ٣ ٢ ١ ٠  
               ‫א‬
٩٠ ٩٠ ٩٠ ٩٠ ٩٠   ٧٥ ٧٥ ٧٥ ٧٥ ٧٥    ‫א‬
٤٠ ٤٠ ٤٠ ٤٠ ٤٠   ٧٥ ٧٥ ٧٥ ٧٥ ٧٥   
١٣٠ ١٣٠ ١٣٠ ١٣٠ ١٣٠   ١٥٠ ١٥٠ ١٥٠ ١٥٠ ١٥٠    
٠ ٠ ٠ ٠ ٠   ٠ ٠ ٠ ٠ ٠    
               ‫א‬
     ٢١٠      ٢١٥  ‫א‬‫א‬
٥٠ ٥٠ ٥٠ ٥٠ ٥٠   ٥٠ ٥٠ ٥٠ ٥٠ ٥٠   
٥٠ ٥٠ ٥٠ ٥٠ ٥٠ ٢١٠ ٥٠ ٥٠ ٥٠ ٥٠ ٥٠ ٢١٥  
       ١٠٠ ١٠٠ ١٠٠ ١٠٠ ١٠٠ E٢١٥F ‫א‬‫א‬
‫א‬‫א‬
١٥ ١٥ ١٥ ١٥ ١٥   ١٥ ١٥ ١٥ ١٥ ١٥   ‫א‬
٦٥ ٦٥ ٦٥ ٦٥ ٦٥ E٢١٠F ٨٥ ٨٥ ٨٥ ٨٥ ٨٥ E٢١٥F ‫א‬‫א‬
‫א‬‫א‬
٥ ٥ ٥ ٥ ٥   ٥ ٥ ٥ ٥ ٥    
٦٠ ٦٠ ٦٠ ٦٠ ٦٠   ٨٠ ٨٠ ٨٠ ٨٠ ٨٠   ‫א‬
 
((262))
 W‫א‬‫א‬‫א‬W 
 
 ‫א‬‫א‬  ‫א‬‫א‬
 ‫א‬‫א‬  ‫א‬‫א‬  ‫א‬
٥ ٤ ٣ ٢ ١ ٠ ٥ ٤ ٣ ٢ ١ ٠
١٣٠ ١٣٠ ١٣٠ ١٣٠ ١٣٠   ١٥٠ ١٥٠ ١٥٠ ١٥٠ ١٥٠    ‫א‬
               ‫א‬
     ٢١٠     ٢١٥    ‫א‬‫א‬
٥٠ ٥٠ ٥٠ ٥٠ ٥٠   ٥٠ ٥٠ ٥٠ ٥٠ ٥٠    
١٥ ١٥ ١٥ ١٥ ١٥   ١٥ ١٥ ١٥ ١٥ ١٥    
٦٥ ٦٥ ٦٥ ٦٥ ٦٥ E٢١٠F ٨٥ ٨٥ ٨٥ ٨٥ ٨٥ E٢١٥F ‫א‬‫א‬
 ‫א‬
٠{٤٠٢ ٠{٤٨٢ ٠{٥٧٩ ٠{٦٩٤ ٠{٨٣٣ ١{٠٠٠ ٠{٤٠٢ ٠{٤٨٢ ٠{٥٧٩ ٠{٦٩٤ ٠{٨٣٣ ١{٠٠٠ ‫א‬‫א‬
٪٢٠‫א‬
‫א‬‫א‬‫א‬
 ١٥{٦٥-Z١٩٤{٣٥H٢١٠-  ٣٩{١٥٠Z٢٥٤{١٥H٢١٥- ‫א‬‫א‬
‫א‬‫א‬
 ‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬
 K‫א‬
K ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W
((263))
  Ε = O − [MI + I + RPJ ] > W
 ٥  ٤  ٣  ٢  ١ ‫א‬‫א‬
 ٥  ٥  ٥  ٥  ٥ ‫א‬
 ‫א‬‫א‬
 ٪٢٠‫א‬
39.15 > 14.95
‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬
‫א‬،‫א‬ ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K ‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
W‫א‬ J١
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
 Z ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
((264))
NPV (VA)
CE =
NPV (I )
WE‫א‬‫א‬F‫א‬‫א‬ J٢
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬
‫א‬‫א‬‫א‬
Z  
‫א‬‫א‬‫א‬‫א‬‫א‬
 

 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
W‫א‬‫א‬‫א‬ J٣
‫א‬‫א‬ ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
 
Z
 ‫א‬‫א‬‫א‬‫א‬‫א‬  
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬K‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
((265))
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K ‫א‬‫א‬‫א‬‫א‬
K ‫א‬‫א‬ ‫א‬‫א‬‫א‬‫ א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
((266))
‫ﺍﻟﻔﺼﻞ ﺍﻟﺮﺍﺑﻊ ﻋﺸﺮ‬
@@BòîßìÔÛa@òî¡ŠÜÛ@¿b™⁄a@ÝîÜznÛa@B
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬K
 ،‫א‬
 K‫א‬
 KE‫א‬F‫א‬‫א‬ •
K‫א‬‫א‬‫א‬ •
‫א‬‫א‬‫א‬‫א‬ •
K‫א‬‫א‬
Employment
 W‫א‬

 ‫א‬‫א‬‫א‬K
 K
KK
،‫א‬‫א‬
‫א‬‫א‬،‫א‬
((267))
 K
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬K‫א‬‫א‬‫א‬ K١
K‫א‬‫א‬‫א‬‫א‬ K٢
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ K٣
K‫א‬
K‫א‬‫א‬‫א‬‫א‬ K٤
K‫א‬‫א‬‫א‬‫א‬‫א‬ K٥
 W‫א‬‫א‬‫א‬‫א‬
  JOU JOJK١
 K‫א‬‫א‬‫א‬‫א‬JOTK
K‫א‬‫א‬‫א‬‫א‬JOUK
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬F
 ‫א‬
KE‫א‬‫א‬
E F ‫א‬ ‫א‬‫א‬K٢

t
 ‫א‬ ‫א‬ ‫א‬E 2 0 F ‫א‬

JOT
2t 0 =
t K‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬K٣
 K‫א‬
((268))
JOU
Ζu o =
I 
‫א‬K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬K‫א‬‫א‬‫א‬‫א‬،‫א‬
 K‫א‬‫א‬‫א‬K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
٥٠٠‫א‬ ‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬
 K٣٥٠٠‫א‬‫א‬
 W‫א‬‫א‬‫א‬
JOT 500
Ζ to = = = 0.00014
  It 3500000
E١٤F‫א‬‫א‬E١٠٠F‫א‬
 K
jod
Ζ od =
  Id ‫א‬‫א‬‫א‬
E٣٥٠F‫א‬‫א‬‫א‬
‫א‬،E F‫א‬‫א‬‫א‬‫א‬‫א‬
350
Ζ od = = 0.00017
2000000 K‫א‬‫א‬
E١٧F ‫א‬‫א‬‫א‬E١٠٠F
JOT
Ζ io =
  It W‫א‬‫א‬‫א‬،
‫א‬‫א‬،‫א‬‫א‬‫א‬
100
Ζ oI = = 0.0001
1000000 KE١٠٠F‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
((269))
K
 W‫א‬‫א‬‫א‬
 K‫א‬L‫א‬‫א‬‫א‬W‫א‬
 K‫א‬‫א‬‫א‬‫א‬W‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ W
 ‫א‬‫א‬-
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬
 K‫א‬‫א‬ •
K‫א‬‫א‬ •
‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 W‫א‬‫א‬
 K •
K •
‫א‬‫א‬‫א‬،‫א‬‫א‬ 
 K‫א‬
‫א‬‫א‬‫א‬‫א‬W ‫א‬‫א‬-
‫א‬‫א‬،‫א‬
  ‫א‬‫א‬،‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬W ‫א‬G
 K‫א‬E‫א‬F‫א‬E‫א‬F‫א‬
 E‫א‬F‫א‬‫א‬‫א‬ J١
((270))
VAW
BWH =
  VA
 W
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬WVAW
 K‫א‬‫א‬‫א‬‫א‬‫א‬ZVA
VAP
BPH =
  VA W‫א‬‫א‬ J٢
 K‫א‬‫א‬
 WG
،
 EVA=700F‫א‬‫א‬‫א‬‫א‬
 KE٣٠٠F‫א‬‫א‬‫א‬‫א‬‫א‬
KE٢٠٠FKE٩٠F‫א‬‫א‬‫א‬
 E١٥٠F‫א‬‫א‬‫א‬
 W‫א‬
 K‫א‬‫א‬‫א‬
300
BWH = = 42.8%
 700 W ‫א‬ ‫א‬K١
‫א‬‫א‬‫א‬‫א‬٪٤٣‫א‬‫א‬
K‫א‬
200
BG = = 28.6%
‫א‬ 700 W‫א‬‫א‬‫א‬K٢
‫א‬‫א‬‫א‬ E٪٢٩F‫א‬
K‫א‬
90
BP = = 12.85%
 700 E‫א‬F‫א‬K٣
((271))
150
BU = = 21.4
 700 ‫א‬‫א‬‫א‬K٤
‫א‬K ‫א‬‫א‬
،‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
‫א‬٣٤٠‫א‬‫א‬‫א‬
 K‫א‬
340
B.R = = 48.57%
‫א‬ 700 K‫א‬
‫א‬
 ‫א‬‫א‬٪٤٨{٥٧
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
 W‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫ א‬K١
K‫א‬‫א‬‫א‬‫ א‬K٢
W‫א‬‫א‬‫א‬ K٣
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬
 K‫א‬W‫א‬‫א‬
‫א‬،‫א‬‫א‬ ‫א‬‫א‬
((272))
 K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬EO-IF‫א‬‫א‬
 W‫א‬‫א‬
N
PV (F ) = Σ (I − O )t at
t =o
 W
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬WPv(f)
 KENF‫א‬
 T‫א‬‫א‬‫א‬‫א‬ZIT
 t‫א‬‫א‬‫א‬ZOt
 t‫א‬‫א‬ZAt
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
–
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬
 K‫א‬ESIFF‫א‬‫א‬‫א‬
((273))
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 KKKKKK‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
((274))
‫ﺍﻟﻔﺼﻞ ﺍﻟﺨﺎﻣﺲ ﻋﺸﺮ‬
@òí…b–nÓüa@ñõbÐØÛa@pba‰…
@@òí‰bàrnüa@pbÇëŠ’àÜÛ
‫א‬‫א‬‫א‬‫א‬
K ‫א‬‫א‬ ‫א‬‫א‬‫א‬
 W
 W‫א‬‫א‬١
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬،
‫א‬
 ‫א‬‫א‬‫א‬W  ‫א‬
،،‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬
((275))
 K‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬ K١
K‫א‬‫א‬‫א‬ K٢
K‫א‬‫א‬‫ א‬K٣
K‫א‬‫א‬‫ א‬K٤
K‫א‬ K٥
K‫א‬‫א‬‫א‬‫ א‬K٦
‫א‬،
  ‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K ‫א‬‫א‬‫א‬‫א‬‫א‬-١
 W‫א‬‫א‬
ELF
 ‫א‬‫א‬W
 ‫א‬‫א‬-
‫א‬‫א‬‫א‬‫א‬،E ٢٤ZF
  TK = N L (365 − OF ) W‫א‬،‫א‬
 W
 K‫א‬‫א‬ZTK
 K‫א‬ZNL
 K‫א‬‫א‬ZOF
 K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
E LF‫א‬‫א‬W
 ‫א‬‫א‬K
F
  ‫א‬‫א‬‫א‬‫א‬
((276))
  To = 3TK W‫א‬E‫א‬
 E٨Z‫א‬F‫א‬‫א‬‫א‬‫א‬TO
ELF
 ‫א‬‫א‬W
  ‫א‬‫א‬K
 K ΤR = TO(8 − TL ) W‫א‬،‫א‬‫א‬‫א‬
 KELF‫א‬‫א‬WTRW
 KELLF‫א‬‫א‬WTL  
 W‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬
KKKKKKKKKK،‫א‬،‫א‬‫א‬،‫א‬‫א‬
‫א‬E ‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬-
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬،‫א‬‫א‬
 W‫א‬‫א‬‫א‬٢
 W‫א‬‫א‬
‫א‬‫א‬W
 ‫א‬‫א‬‫א‬‫א‬K١
 KE٢٤F‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
TK
CTK = 100
TK W‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬CTK
 K‫א‬‫א‬‫א‬Tk 
‫א‬‫א‬W
  ‫א‬‫א‬‫א‬‫א‬K٢
to
Cto = .100
 TO W‫א‬،‫א‬‫א‬‫א‬‫א‬
E٨ZLF‫א‬‫א‬‫א‬‫א‬CtoW
((277))
 K‫א‬‫א‬‫א‬To
‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬‫א‬K٣
ELF‫א‬‫א‬K ‫א‬ ‫א‬‫א‬
 W‫א‬
Σtr
Ctr = .100
‫א‬‫א‬‫א‬‫א‬ ΣTR
Ci
Wci = .100
Σc.L W‫א‬‫א‬‫א‬‫א‬
 W
 K‫א‬‫א‬Wci
 i‫א‬‫א‬‫א‬Ci
 K‫א‬C.L
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬
‫א‬‫א‬‫א‬K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 
 ،‫א‬K
 
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬،
‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬،‫א‬
‫א‬‫א‬‫א‬K‫א‬
 K‫א‬‫א‬‫א‬‫א‬
((278))
 K‫א‬‫א‬‫א‬CtrW
 K‫א‬‫א‬Tr  
‫א‬‫א‬‫א‬‫א‬K ‫א‬‫א‬K٤
ΣΤe
Ctl = .100
ΣΤL W‫א‬
 K‫א‬‫א‬CTLW
 K‫א‬‫א‬‫א‬TL  
 K‫א‬‫א‬‫א‬Te  
W‫א‬‫א‬‫א‬‫א‬٢
 W‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
 K
‫א‬K ‫א‬‫א‬‫א‬K
K‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬١ J٢
،‫א‬‫א‬‫א‬
((279))
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬
  ‫א‬‫א‬K  ‫א‬
K‫א‬‫א‬‫א‬K‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬K ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬KKKKKK‫א‬
‫א‬‫א‬‫א‬K‫א‬‫א‬
‫א‬‫א‬‫א‬
K،
‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬
W
 ‫א‬‫א‬
∆ΡM
>1
 ∆CM
K‫א‬‫א‬‫א‬‫א‬∆PM
 K‫א‬‫א‬‫א‬‫א‬∆CM 
‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
∆Cd
>1
∆Cm W‫א‬‫א‬
((280))
 K‫א‬‫א‬‫א‬‫א‬‫א‬∆cdW
‫א‬‫א‬‫א‬
∆Ρr
>1
 ∆cm W‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬W∆pr
‫א‬F‫א‬‫א‬‫א‬‫א‬‫א‬٣
 KE‫א‬
K ‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K‫א‬‫א‬K١
‫א‬‫א‬KKKKKK‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬K٢
 W‫א‬‫א‬‫א‬‫א‬-
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬-
 W‫א‬
Σcv
Wv = .100
 ‫א‬‫א‬cv ΣCL
 ‫א‬Cl
K‫א‬‫א‬‫א‬‫א‬‫א‬-
ΣCV
WVF = .100
 K‫א‬‫א‬CF ΣCF
 W‫א‬‫א‬‫א‬‫א‬
((281))
‫א‬K‫א‬‫א‬‫א‬‫א‬W‫א‬
‫א‬‫א‬
 K‫א‬
‫א‬‫א‬‫א‬W W‫א‬
‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬W ‫א‬‫א‬‫א‬-
‫א‬‫א‬‫א‬‫א‬EF‫א‬‫א‬
W‫א‬EF
ΣSVI
Cuv = .100
  ΣSV
‫א‬‫א‬‫א‬‫א‬‫א‬SViW
 ‫א‬
 K‫א‬‫א‬EFSV 
W‫א‬‫א‬‫א‬‫א‬
sli
CLV = Σ 100
  sv
‫א‬F‫א‬‫א‬‫א‬SLi
 KE
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬-
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
Σcvi
Csv = .100
  Σai
 K‫א‬qi
 K‫א‬‫א‬‫א‬
((282))
Σcvi
Cvm =
  Σa، .. pi
 K‫א‬‫א‬pi
‫א‬‫א‬‫א‬‫א‬‫א‬W
 ‫א‬‫א‬-
‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬
∆Ci
Cvc =
  ∆αi W‫א‬
 K‫א‬‫א‬‫א‬‫א‬∆cviW
 K‫א‬‫א‬∆ai 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
∆Σcvi
CVce =
  ∆Σa. pi W‫א‬‫א‬
 W
 W‫א‬W‫א‬‫א‬
Tnp = Q 1. pi
 
 K‫א‬‫א‬‫א‬Tnp
 K‫א‬‫א‬‫א‬Qi 
 K‫א‬‫א‬Pi 
 K‫א‬‫א‬‫א‬‫א‬Cpb
 K‫א‬‫א‬‫א‬‫א‬Cpa
 K‫א‬‫א‬‫א‬‫א‬ab
((283))
 K‫א‬‫א‬‫א‬‫א‬Qa
‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬‫א‬
 ‫א‬‫א‬qbZqa
K Σcpb > Σcpa
‫א‬‫א‬ ΣCPB = ΣCPA
 Qb < Qa K‫א‬‫א‬
‫א‬‫א‬‫א‬ ΣCPB < CPA
∆cp ∆a
.100 < .100
‫א‬، cpb ab ‫א‬
K‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ K ‫א‬‫א‬
∆cp
Cfcm = .100
  C.L W‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬CfcmW
 K‫א‬‫א‬clK‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬K
 ‫א‬‫א‬‫א‬
 K‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
‫א‬K ‫א‬‫א‬ 
((284))
‫א‬‫א‬،
m
Ss = .100
v
M
Sp =
  Cav K‫א‬‫א‬‫א‬‫א‬‫א‬
 W
 K‫א‬‫א‬‫א‬Ss
 K‫א‬Sp
 K‫א‬‫א‬ZC
 K‫א‬V
 K‫א‬‫א‬M
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
،‫א‬K ‫א‬‫א‬
K
 ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
ΣCPB Σcpa
∆CP = −
  Qb Qa W‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬ ∆cp
K 
 W‫א‬‫א‬‫א‬
((285))
∆CP
CFCL = .100
  ∆CL
 K‫א‬‫א‬‫א‬‫א‬CFCL
 K‫א‬‫א‬∆CL 
‫א‬‫א‬‫א‬‫א‬‫א‬
 K
 W‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
Q
ΡL =
T
T
PL =
  Q W‫א‬‫א‬‫א‬‫א‬
K ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬K
 ‫א‬‫א‬‫א‬ ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K
 W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
  W‫א‬‫א‬‫א‬
ΣC.L
CNP =
NL
CLC
CNS =
  CLS
 K‫א‬‫א‬CNP
((286))
 K‫א‬‫א‬NL 
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬CNs 
 K‫א‬‫א‬‫א‬CLc 
 K‫א‬‫א‬‫א‬CLs 
‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
W‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ W‫א‬K١
‫א‬‫א‬‫א‬
K ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
NP
Rc L = .100
 ١KKKKKKKKKKKKKKKKKKKKKKKKK CL
NP
RCV = .100
 ٢KKKKKKKKKKKKKKKKKKKKKKKKKK mc + lc
K‫א‬‫א‬‫א‬‫א‬Rcl
 K‫א‬‫א‬‫א‬‫א‬Rcv
 K‫א‬‫א‬Mc 
 K‫א‬Lc 
‫א‬‫א‬‫א‬ 
 K‫א‬‫א‬‫א‬
((287))
‫א‬‫א‬ W  ‫א‬K٢
 W‫א‬‫א‬‫א‬K‫א‬‫א‬‫א‬
B
ΣcL = .100
CL
B
ΣcV =
MC + Lc
 W
 K‫א‬‫א‬‫א‬‫א‬WEcL
 K‫א‬‫א‬‫א‬‫א‬‫א‬EcV
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬B
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
 W‫א‬‫א‬ J٣
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬K‫א‬‫א‬
 ‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
CL
TcL =
  B
 K‫א‬‫א‬‫א‬TcLW
 K‫א‬‫א‬B 
‫א‬‫א‬
 ‫א‬‫א‬G
 K‫א‬‫א‬‫א‬
((288))
‫ﺍﻟﻔﺼﻞ ﺍﻟﺴﺎﺩﺱ ﻋﺸﺮ‬
@ôë†¦a@òa‰…@É™ë@òîÐî×
@ïybîÛa@ÊëŠ’àÜÛ@òí…b–nÓüa
@@HïÓ†äÐÛaI
 W‫א‬‫א‬
E ٥F‫א‬ ، ‫א‬
‫א‬KE١٠F ‫א‬E 
 ٢٠F‫א‬‫א‬٢٠٠
 K‫א‬E٩F
 W‫א‬‫א‬W‫א‬‫א‬
، ‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬
––‫א‬W‫א‬–١
 K‫א‬‫א‬‫א‬‫א‬
 K٢١٠٠––‫א‬W‫א‬–٢
((289))
––‫א‬W–٣
 KE٣F
 ‫א‬–٤
 K٣٠-
 K‫א‬-
 KE–F-
 K-
 K–‫א‬–-
 W‫א‬‫א‬‫א‬‫א‬–٥
 ١{٦‫א‬‫א‬-
 ١{٦‫א‬‫א‬-
 ‫א‬-
 ٧٠‫א‬W–٦
 E٧٠‫א‬F‫א‬-
 ‫א‬–٧
 ‫א‬‫א‬–٨
 KW–٩
 ‫א‬–١٠
 –١١
F‫א‬–١٢
 K‫א‬
 W‫א‬‫א‬W‫א‬‫א‬
‫א‬ ،
 ‫א‬‫א‬‫א‬ ‫א‬‫א‬
((290))
 W‫א‬
 ‫א‬‫א‬–١
 ‫א‬‫א‬–٢
 ‫א‬‫א‬W‫א‬‫א‬W
 
 ، ‫א‬‫א‬‫א‬ ، ،
 W
 ‫א‬-
–‫א‬-‫א‬‫א‬F‫א‬‫א‬ -
 E‫א‬–‫א‬
 ‫א‬-
 ‫א‬-
 -
‫א‬‫א‬W
 ‫א‬-
  ‫א‬  ‫א‬، ‫א‬ ‫א‬
 ‫א‬‫א‬‫א‬‫א‬
  ‫א‬‫א‬ ‫א‬W  ‫א‬‫א‬‫א‬‫א‬–
 K‫א‬
‫א‬‫א‬‫א‬WE ‫א‬F‫א‬–
 EKKKK‫א‬–‫א‬F‫א‬
 W‫א‬‫א‬W
E‫א‬KKK –‫א‬F‫א‬‫א‬‫א‬
  ‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
‫א‬‫א‬
 ‫א‬‫א‬
((291))
٪٢٠‫א‬‫א‬ 
  ‫א‬‫א‬
‫א‬‫א‬E‫א‬‫א‬‫א‬‫א‬‫א‬
 E‫א‬‫א‬‫א‬‫א‬‫א‬F‫א‬‫א‬
 W‫א‬‫א‬W‫א‬‫א‬W 
 ‫א‬‫א‬
‫א‬‫א‬
‫א‬‫א‬‫א‬
–‫א‬–‫א‬‫א‬‫א‬F‫א‬‫א‬‫א‬
E‫א‬–‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬W ‫א‬
 ‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬
 E‫א‬–‫א‬‫א‬‫א‬–‫א‬F‫א‬‫א‬‫א‬-
 ‫א‬‫א‬‫א‬‫א‬-
 ‫א‬‫א‬‫א‬‫א‬-
‫א‬‫א‬،
 ‫א‬‫א‬‫א‬‫א‬
 ‫א‬
 ‫א‬‫א‬W 
 E‫א‬‫א‬F‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ W ‫א‬‫א‬‫א‬-١
‫א‬، ‫א‬‫א‬‫א‬  ‫א‬‫א‬
 ‫א‬‫א‬ ‫א‬‫א‬‫א‬
((292))
‫א‬‫א‬‫א‬‫א‬‫א‬   ‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬W‫א‬-٢
E‫א‬‫א‬F
 W‫א‬
 ‫א‬‫א‬
 
١٠٠C  Z ‫א‬
‫א‬‫א‬  
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ W
 
 ‫א‬‫א‬‫א‬
 W‫א‬‫א‬–٣
 ‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 E‫א‬H١F‫א‬Z‫א‬‫א‬‫א‬

 ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬ ‫א‬‫א‬  ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬
((293))
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬ ‫א‬‫א‬، ‫א‬‫א‬‫א‬  ‫א‬
 K
 W‫א‬‫א‬‫א‬–٤
‫א‬‫א‬‫א‬‫א‬
 ‫א‬
 W،‫א‬‫א‬‫א‬‫א‬
 E٪٩F‫א‬‫א‬‫א‬-
  ‫א‬‫א‬-
 KE٪١٢F
‫א‬ ‫א‬‫א‬‫א‬‫א‬-
‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬-
 ١
 
× E١–٢FH١ Z ‫א‬‫א‬‫א‬
٢H١  
 ‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬Z١
 K‫א‬‫א‬‫א‬‫א‬Z٢
 K‫א‬‫א‬‫א‬‫א‬‫א‬Z١
 K‫א‬‫א‬‫א‬‫א‬‫א‬Z٢
‫א‬‫א‬‫א‬W ‫א‬–٥
((294))
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬
 ‫א‬‫א‬
‫א‬‫א‬‫א‬
 ، ‫א‬ ‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
 ‫א‬-
 ‫א‬-
 ‫א‬‫א‬‫א‬-
 K‫א‬‫א‬‫א‬Z‫א‬-
‫א‬ K ‫א‬‫א‬–‫א‬Z‫א‬-
‫א‬‫א‬Z‫א‬K ‫א‬
‫א‬‫א‬K ‫א‬ 
 K‫א‬‫א‬
‫א‬‫א‬  ‫א‬‫א‬‫א‬‫א‬‫א‬W ‫א‬–٦

‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
 W–٧
 ‫א‬‫א‬  
 Z ‫א‬‫א‬
‫א‬‫א‬‫א‬
 
 
١٠٠×‫א‬‫א‬  
 Z  ‫א‬  
 ‫א‬
 
((295))
 ‫א‬  
Z  ‫א‬
 ‫א‬
 
 
١٠٠×‫א‬‫א‬
 
 Z‫א‬‫א‬
 ‫א‬‫א‬  
‫א‬‫א‬  
 Z  ‫א‬  
 ‫א‬
 
E‫א‬F‫א‬‫א‬H‫א‬‫א‬  
 Z‫א‬‫א‬
 
‫א‬H‫א‬‫א‬
 
 
‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬، ٥‫א‬‫א‬‫א‬ W‫א‬
 K‫א‬٩،٢٠٠
W‫א‬
E
 ‫א‬F‫א‬‫א‬E
 F
K ‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
 ‫א‬
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
((296))
‫א‬‫א‬K ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،
،‫א‬،
 ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬،  ‫א‬‫א‬‫א‬
،E  ‫א‬‫א‬F‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬–‫א‬‫א‬–‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬،‫א‬‫א‬
،‫א‬‫א‬،‫א‬‫א‬،
‫א‬،‫א‬‫א‬
‫א‬‫א‬،‫א‬
،‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬K ‫א‬
 K‫א‬‫א‬
W‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬- ‫א‬‫א‬
 K‫א‬KKKK
K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬K ‫א‬‫א‬
KK
((297))
،K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬K
 ‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬ K‫א‬
 K‫א‬‫א‬‫א‬K ‫א‬
W‫א‬‫א‬‫א‬‫א‬
 K K١
  ‫א‬    ‫א‬‫א‬  ‫א‬ ‫א‬   K٢
K‫א‬‫א‬
‫א‬‫א‬‫א‬‫ א‬K٣
‫א‬‫א‬‫א‬KK‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬
K‫א‬
K‫א‬‫א‬ K٤
K‫א‬‫א‬ K٥
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ K٦
K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ K٧
 ‫א‬ ‫א‬ ‫א‬ ‫א‬ ، ‫א‬ ‫א‬ ‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬  ‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬ ‫א‬    ‫א‬ ‫א‬   K٨
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬ ‫א‬KKKKK‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
((298))
‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬-
‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬
 KE‫א‬F‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬-
‫א‬‫א‬
 ‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬‫א‬-
‫א‬‫א‬‫א‬،EKK
  ‫א‬‫א‬
‫א‬
 ‫א‬، ‫א‬،
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬-
‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬K
 ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬ E‫א‬F
  ‫א‬‫א‬‫א‬‫א‬
E ‫א‬F‫א‬‫א‬‫א‬‫א‬  ‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
 K 
W‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
((299))
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
W‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬W‫א‬
 W‫א‬‫א‬‫א‬ J
 ١٠٠٠٠٠٠٠W‫א‬
 W‫א‬‫א‬-١
 ٤٠٠٠٠٠٠٠٠  ‫א‬‫א‬‫א‬‫א‬
 ٢٠٠٠٠٠٠٠٠  ‫א‬‫א‬‫א‬‫א‬
 ١٢٠٠٠٠٠٠٠  ‫א‬‫א‬‫א‬
 ١٥٠٠٠٠٠٠  ‫א‬
 ١٠٠٠٠٠٠٠  
 ٧٤٥٠٠٠٠٠٠  ‫א‬
W‫א‬‫א‬‫א‬-٢
 ‫א‬  ‫א‬
 ١٤١٠٢٠٠٠  ‫א‬‫א‬‫א‬
 ٢٦٠٦٨٣٠٠٠  ‫א‬‫א‬
 ٧٦٠٤٧٧٥٠  ‫א‬‫א‬
 ٢٩٥٦٠٥٠٠  ‫א‬‫א‬
 ١٤٠٧٦٠٨٠٠  ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ٧٠٣٨٠٤٠٠  ‫א‬‫א‬‫א‬
 ٥٦٣٠٤٣٢٠  
 ٦٤٧٨٣٨٧٧٠  ‫א‬‫א‬‫א‬‫א‬
 ٦٤٧٨٣٨٧٧٠Z‫א‬‫א‬‫א‬
٪٢٥Z  ‫א‬‫א‬‫א‬
((300))
 ١٣٩٥٦٧٧٥٤Z٪٢٥C٦٤٧٨٣٨٧٧٠Z‫א‬‫א‬‫א‬
 ٥٢٠٠٠٠٠Z‫א‬
 W‫א‬‫א‬ J
 ‫א‬  ‫א‬
 ٧٤٥٠٠٠٠٠٠  ‫א‬‫א‬
 ١٣٩٥٦٧٧٥٤  ‫א‬‫א‬
 ٨٨٤٥٦٧٧٥٤  ‫א‬‫א‬
 ٥٢٠٠٠٠٠٠  ‫א‬
 W‫א‬
‫א‬٪٥‫א‬‫א‬‫א‬-١
 ١٥٠٠٠٠٠٠Z٪٥C٣٠٠٠٠٠٠٠٠W‫א‬
 W٪١٠‫א‬‫א‬‫א‬‫א‬‫א‬-٢
 ٢٠٠٠٠٠٠٠Z٪١٠C٢٠٠٠٠٠٠٠٠
 W٪١٠‫א‬‫א‬‫א‬‫א‬-٣
 ١٢٠٠٠٠٠٠Z٪١٠C١٢٠٠٠٠٠٠٠
 ٣٠٠٠٠٠٠Z٪٢٠C١٥٠٠٠٠٠٠W٪٢٠‫א‬-٤
 ٢٠٠٠٠٠٠Z٪٢٠C١٠٠٠٠٠٠٠W٪٢٠-٥
٥٢٠٠٠٠٠٠Z‫א‬
 ‫א‬‫א‬‫א‬‫א‬ ‫א‬
‫א‬،‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬ ‫א‬
 W‫א‬‫א‬
((301))
 
‫א‬‫א‬ ‫א‬‫א‬
‫א‬ ‫א‬  ‫א‬  ‫א‬
 ‫א‬ ‫א‬
‫א‬‫א‬
         
 ‫א‬
 ٨٤٠٠٠٠  ١٢  ٧٠٠٠٠  ١ ‫א‬-‫א‬  
 ٦٠٠٠٠٠  ١٢  ٥٠٠٠٠  ١ ‫א‬- 
‫א‬
 ٥٧٦٠٠٠  ١٢  ١٢٠٠٠  ٤ 
 ‫א‬

 ٢٤٠٠٠٠  ١٢  ١٠٠٠٠  ٢ 
 
 ٤٣٢٠٠٠  ١٢  ١٢٠٠٠  ٣   
 ٣٨٤٠٠٠  ١٢  ٨٠٠٠  ٤    
 ٢٨٨٠٠٠  ١٢  ٨٠٠٠  ٣    ‫א‬
‫א‬
 ٣٨٤٠٠٠  ١٢  ٨٠٠٠  ٤  
 

 ٣٨٤٠٠٠  ١٢  ٨٠٠٠  ٤   
 ‫א‬
 ١٤٤٠٠٠  ١٢  ١٢٠٠٠  ١  ‫א‬ ‫א‬
 ١٨٠٠٠٠  ١٢  ١٥٠٠٠  ١   
 ١٨٠٠٠٠  ١٢  ١٥٠٠٠  ١   
--
 ١٠٠٨٠٠٠  ١٢  ١٢٠٠٠  ٧  
 
‫א‬
 ١٨٠٠٠٠  ١٢  ١٥٠٠٠  ١ -
‫א‬‫א‬‫א‬
- ‫א‬
 ٧٢٠٠٠٠  ١٢  ١٠٠٠٠  ٦
 ‫א‬  
 ٢٨٨٠٠٠  ١٢  ٦٠٠٠  ٤   
((302))

 ١٤٤٠٠٠  ٤  ٦٠٠٠  ٦  ‫א‬
‫א‬
 ١٨٠٠٠٠  ١٢  ١٥٠٠٠  ١ - 
‫א‬
 ٩٣٨٤٠٠٠         ‫א‬‫א‬
 ‫א‬
           ‫א‬
‫א‬-
 ٩٠٠٠٠٠  ١٢  ١٥٠٠٠  ٥ ‫א‬
 
 ١٩٢٠٠٠
 ١٢  ٨٠٠٠  ٢   ‫א‬
 

 ٤٨٠٠٠٠  ٤  ٦٠٠٠  ٢٠  
 
‫א‬
 ١٥٧٢٠٠٠        
 ‫א‬
           ‫א‬
 ٦٠٠٠٠٠  ١٢  ٥٠٠٠٠  ١ ‫א‬ 


 ٣٦٠٠٠٠  ١٢  ٣٠٠٠٠  ١  
 
 ٤٨٠٠٠٠  ١٢  ١٠٠٠٠  ٤   ‫א‬
 ٤٨٠٠٠٠  ١٢  ١٠٠٠٠  ٤   ‫א‬

 ١٢٠٠٠٠  ١٢  ١٠٠٠٠  ١  
 ‫א‬

 ٢٠٠٠٠٠  ٤  ١٠٠٠٠  ٥  
 

 ١٦٠٠٠٠  ٤  ٨٠٠٠  ٥  
 
 ٣٢٠٠٠  ٤  ٨٠٠٠  ١  ‫א‬ 
((303))
 
          ‫א‬‫א‬
 ٢٤٣٢٠٠٠          ‫א‬
‫א‬
 ١٨٠٠٠٠  ١٢  ١٥٠٠٠  ١  ‫א‬
 ‫א‬

 ٢٨٨٠٠٠  ١٢  ٤٠٠٠  ٦  
 ‫א‬
 ١٨٠٠٠٠

 ١٢  ١٥٠٠٠  ١ -
 ‫א‬
 

 ٣٦٠٠٠  ٤  ٣٠٠٠  ٦  
 

 ٣٠٠٠٠  ٤  ٧٥٠٠  ١ 
 
‫א‬
 ٧١٤٠٠٠        
 ‫א‬
‫א‬‫א‬
 ١٤١٠٢٠٠٠     ١١٨  
 ‫א‬
           
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬،‫א‬
‫א‬E٥F‫א‬‫א‬‫א‬
 W‫א‬
 
((304))
 K‫א‬    
 ٢٥٠٠  ٢٠٠  
 ٤٠٠٠  ٢٠  
 ٣٥٠٠  ١٠  
٪٦٠‫א‬‫א‬٪٥٠‫א‬‫א‬
 K‫א‬٪٧٠‫א‬
K ‫א‬E٣٠٠F‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬  ‫א‬ ‫א‬‫א‬  ،  ‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬
KK٣٥٠‫א‬‫א‬‫א‬‫א‬‫א‬
KK٧٠٠‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
KK٤٠٠‫א‬‫א‬‫א‬‫א‬‫א‬
KK٢٠٠‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬ ٪٩٥
 K‫א‬‫א‬‫א‬‫א‬ ٪٦٠
 K‫א‬‫א‬‫א‬ ٪٧٥
 K‫א‬‫א‬‫א‬٪٣٠
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬
W
 K١٥٠
 K١٠٠
 K٢٠٠
 K٢٥٠
((305))
 K‫א‬٢٠٠
 K١٥٠
 K‫א‬‫א‬‫א‬٪١٠
 K‫א‬‫א‬‫א‬٪٣٠
 K‫א‬‫א‬‫א‬٪٤٠
 K‫א‬‫א‬‫א‬٪٦٠
 K‫א‬‫א‬‫א‬‫א‬‫א‬٪٥٠
 K‫א‬‫א‬٪٧٠
٣٠٠‫א‬،٢٠٠‫א‬‫א‬
 K ٪٣٠‫א‬K
‫א‬‫א‬K٣٠٠٠٠٠٠٠‫א‬‫א‬‫א‬‫א‬‫א‬
 K٥٠٠٠٠٠‫א‬‫א‬‫א‬‫א‬،K١٠٠٠٠٠٠‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬-١
 W‫א‬‫א‬G
 W‫א‬‫א‬‫א‬‫א‬
 K‫א‬C‫א‬C‫א‬‫א‬‫א‬C‫א‬
 KK١٢٧٧٥٠٠٠٠Z٪٧٠C٣٦٥C٢٥٠٠C٢٠٠
 W‫א‬‫א‬‫א‬G
 KK١٤٦٠٠٠٠٠Z٪٥٠C٣٦٥C٤٠٠٠C٢٠W‫א‬‫א‬
 KK٧٦٦٥٠٠٠Z٪٦٠C٣٦٥C٣٥٠٠C١٠W‫א‬‫א‬
 KK١٥٠٠١٥٠٠٠Z‫א‬‫א‬‫א‬
((306))
 
‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬ ‫א‬ ‫א‬   
 ‫א‬
 ١٢٧٧٥٠٠٠٠٠  ٠{٧  ٢٥٠٠ ٣٦٥ ٢٠٠  
 ١٤٦٠٠٠٠٠  ٠{٥  ٤٠٠٠ ٣٦٥ ٢٠ 
 
 ٧٦٦٥٠٠٠  ٠{٦  ٣٥٠٠ ٣٦٥ ١٠ 
 
 ١٥٠٠١٥٠٠٠         
 ‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬-٢
C ‫א‬C ‫א‬‫א‬C ‫א‬‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫ א‬   ‫א‬ ‫א‬  
 ‫א‬  ٪‫א‬  ‫א‬  ‫א‬
 ٣١٢٠٧٥٠٠  ٩٥  ٣٠٠  ٣٦٥  ٣٠٠ ‫א‬
 ٤٥٩٩٠٠٠٠  ٦٠  ٣٠٠  ٣٦٥  ٧٠٠ ‫א‬‫א‬
 ٣٢٨٥٠٠٠٠  ٧٥  ٣٠٠  ٣٦٥  ٤٠٠ ‫א‬
 ٦٥٧٠٠٠٠  ٣٠  ٣٠٠  ٣٦٥  ٢٠٠  ‫א‬
 ١١٦٦١٧٥٥٠٠          ‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬-٣
‫א‬‫א‬‫א‬   ‫א‬ ‫א‬  
‫א‬‫א‬  ٪‫א‬  ‫א‬  ‫א‬
 ١٦٤٢٥٠٠  ٠{١  ٣٠٠ ٣٦٥  ١٥٠ 
 ٣٢٨٥٠٠٠  ٠{٣  ٣٠٠ ٣٦٥  ١٠٠ 
 
 ٨٧٦٠٠٠٠  ٠{٤  ٣٠٠ ٣٦٥  ٢٠٠ 
((307))
 
 ١٦٤٢٥٠٠٠  ٠{٦  ٣٠٠ ٣٦٥  ٢٥٠ 
 ١٠٩٥٠٠٠٠  ٠{٥  ٣٠٠ ٣٦٥  ٢٠٠ ‫א‬
 
 ٣٢٨٥٠٠٠  ٠{٢  ٣٠٠ ٣٦٥  ١٥٠  
 ٤٤٣٤٧٥٠٠          ‫א‬
 W‫א‬‫א‬-٤
 K‫א‬‫א‬C‫א‬C‫א‬‫א‬C‫א‬‫א‬
 K٦٥٧٠٠٠٠Z٪٣٠C٣٠٠C٣٦٥C٢٠٠
H ‫א‬‫א‬‫א‬‫א‬‫א‬Z ‫א‬‫א‬‫א‬‫א‬‫א‬
H‫א‬‫א‬‫א‬H‫א‬‫א‬‫א‬‫א‬H‫א‬‫א‬‫א‬‫א‬
١٥٠٠Z
 ‫א‬‫א‬‫א‬‫א‬H
 ‫א‬‫א‬‫א‬ H ‫א‬‫א‬‫א‬
H١٠٠٠٠٠٠٠H٣٠٠٠٠٠٠٠H٦٥٧٠٠٠٠H٤٤٣٤٧٥٠٠H١١٦٦١٧٥٥٠٠H١٥٠٠٠H
K١٤٠٧٦٠٨٠٠٠Z٥٠٠٠٠٠
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ J 

W
W‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬٪٢٥
K‫א‬‫א‬‫א‬‫א‬٪٢٠
K‫א‬‫א‬‫א‬٪٢٠
W‫א‬
K‫א‬‫א‬‫א‬٪٧٠
K‫א‬‫א‬‫א‬‫א‬٪٦٠
K‫א‬‫א‬‫א‬٪٧٥
((308))
K‫א‬‫א‬‫א‬٪٣٠
W‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬٪٤٠
K‫א‬‫א‬‫א‬‫א‬٪٧٠
K‫א‬‫א‬‫א‬‫א‬٪٣٠
K‫א‬‫א‬‫א‬‫א‬٪٥٠
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬٪٦٠
K‫א‬‫א‬‫א‬٪٣٠
K‫א‬‫א‬‫א‬٪٣٠
K‫א‬‫א‬‫א‬٪٣٠
K‫א‬‫א‬‫א‬‫א‬٪٣٠
K‫א‬‫א‬‫א‬٪٤٠
W‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬٪١٠‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K
‫א‬‫א‬‫א‬‫א‬٪٥ ‫א‬‫א‬  ‫א‬
K
‫א‬‫א‬‫א‬٪٤ 
K‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
 E‫א‬F‫א‬‫א‬‫א‬‫א‬‫א‬
 ٢٥٥٥٠٠٠٠٠Z٪٢٠C١٢٧٧٥٠٠٠٠٠Z‫א‬
 ٣٦٥٠٠٠٠Z٪٢٥C١٤٦٠٠٠٠٠Z‫א‬‫א‬
((309))
 ١٥٣٣٠٠٠Z٪٢٠C٧٦٦٥٠٠٠Z‫א‬‫א‬
 ٢٦٠٦٨٣٠٠٠Z‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 ٢١٨٤٥٢٥٠Z٪٧٠C٣١٢٠٧٥٠٠Z‫א‬
 ٢٧٥٩٤٠٠٠Z٪٦٠C٤٥٩٩٠٠٠٠Z‫א‬‫א‬
 ٢٤٦٣٧٥٠٠Z٪٧٥C٣٢٨٥٠٠٠٠Z‫א‬
 ١٩٧١٠٠٠Z٪٣٠C٦٥٧٠٠٠٠Z‫א‬
 ٧٦٠٤٧٧٥٠Z‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
 ٦٥٧٠٠٠Z٪٤٠C١٦٤٢٥٠٠Z‫א‬‫א‬
 ٢٢٩٩٥٠٠Z٪٧٠C٣٢٨٥٠٠٠Z‫א‬‫א‬
 ٢٦٢٨٠٠٠Z٪٣٠C٨٧٦٠٠٠٠Z‫א‬‫א‬
 ٨٢١٢٥٠٠Z٪٥٠C١٦٤٢٥٠٠٠Z‫א‬‫א‬
 ٦٥٧٠٠٠Z٪٦٠C١٠٩٥٠٠٠Z‫א‬‫א‬‫א‬
 ٩٨٥٥٠٠Z٪٣٠C٣٢٨٥٠٠٠Z‫א‬
 ١٩٧١٠٠٠Z٪٣٠C٦٥٧٠٠٠٠Z‫א‬
 ٩٠٠٠٠٠٠Z٪٣٠C٣٠٠٠٠٠٠٠Z‫א‬
 ٣٠٠٠٠٠٠Z٪٣٠C١٠٠٠٠٠٠٠Z‫א‬
 ١٥٠٠٠٠Z٪٣٠C٥٠٠٠٠٠Z‫א‬‫א‬
٢٩٥٦٠٥٠٠Z‫א‬‫א‬
 W‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬٪١٠‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
١٤٠٧٦٠٨٠٠Z٪١٠C١٤٠٧٦٠٨٠٠٠Z
((310))
‫א‬‫א‬‫א‬‫א‬٪٥ ‫א‬‫א‬‫א‬
 K
٧٠٣٨٠٤٠٠Z٪٥C١٤٠٧٦٠٨٠٠٠Z
‫א‬‫א‬‫א‬٪٤ 
 K‫א‬
 ٥٦٣٠٤٣٢٠Z٪٤C١٤٠٧٦٠٨٠٠٠
 ٢٦٧٤٤٥٥٢٠Z‫א‬‫א‬
‫א‬‫א‬
E  ‫א‬‫א‬F‫א‬‫א‬‫א‬E  ‫א‬‫א‬F‫א‬‫א‬
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
 WE‫א‬F‫א‬‫א‬‫א‬‫א‬ JE
‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬‫א‬
  ‫א‬ 
‫א‬‫א‬‫א‬K
 ‫א‬‫א‬‫א‬
‫א‬، ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬، ‫א‬
 K‫א‬‫א‬‫א‬،
 WE‫א‬F‫א‬‫א‬‫א‬ JE
‫א‬، ‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
((311))
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
 ‫א‬‫א‬‫א‬ K١
K‫א‬‫א‬‫א‬ K٢
‫א‬‫א‬‫א‬‫א‬ K٣
K‫א‬‫א‬
٪٩‫א‬‫א‬‫א‬‫א‬‫א‬‫ א‬K٤
K
‫א‬‫א‬‫א‬‫א‬‫א‬‫ א‬K٥
 K‫א‬
 W‫א‬‫א‬‫א‬
 W‫א‬-١
،KE١٤٠٧٦٠٨٠٠٠F‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬

 ‫א‬‫א‬‫א‬،E٦٤٧٨٣٨٧٧٠F‫א‬‫א‬
 KKE٥٩٥٨٣٨٧٧٠F
،٪٤٢{٣٣Z‫א‬‫א‬‫א‬‫א‬‫א‬
 K ‫א‬
‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬-٢
K ‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬H‫א‬Z‫א‬‫א‬‫א‬
 ٦٤٧٨٣٨٧٧٠Z٥٢٠٠٠٠٠٠H٥٩٥٨٣٨٧٧٠Z
 ٨٨٤٥٦٧٧٥٤
 ‫א‬‫א‬  
١{٣٦Z Z
 ٦٤٧٨٣٨٧٧٠
((312))
 W‫א‬‫א‬-٣
 ‫א‬‫א‬ ‫ א‬‫א‬‫א‬ ‫א‬  ‫א‬
‫א‬‫א‬‫א‬ ‫א‬‫א‬  ‫א‬  ‫א‬
        ٨٨٤٥٦٧٧٥٤  
٦٤٧٨٣٨٧٧٠  ٦٤٧٨٣٨٧٧٠ ٥٢٠٠٠٠٠٠ ٥٩٥٨٣٨٧٧٠  -  ١
١٢٩٥٦٧٧٥٤٠  ٦٤٧٨٣٨٧٧٠ ٥٢٠٠٠٠٠٠ ٥٩٥٨٣٨٧٧٠    ٢
           ٣
           ٤
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 W‫א‬‫א‬-٤
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬  
٪٦٧ Z  Z ‫א‬‫א‬
 
 ‫א‬‫א‬
 
‫א‬‫א‬ 
 K٪٩‫א‬‫א‬
 W‫א‬‫א‬-٥
 ‫א‬‫א‬‫א‬
‫א‬‫א‬ ‫א‬‫א‬ ‫א‬‫א‬  ‫א‬‫א‬
 ‫א‬  ٪٩
 E٨٨٤٥٦٧٧٥٤F  ١  ٨٨٤٥٦٧٧٥٤  
 ٥٩٤٠٦٨١٥٢  ٠{٩١٧  ٦٤٧٨٣٨٧٧٠  ١
 ٥٤٥٤٨٠٢٤٤  ٠{٨٤٢  ٦٤٧٨٣٨٧٧٠  ٢
 ٥٠٠١٣١٥٣٠  ٠{٧٧٢  ٦٤٧٨٣٨٧٧٠  ٣
((313))
 ٤٥٨٦٦٩٨٤٩  ٠{٧٠٨  ٦٤٧٨٣٨٧٧٠  
 ٤٢١٠٩٥٢٠٠  ٠{٦٥٠  ٦٤٧٨٣٨٧٧٠  ٥
 ٣٨٦١١١٩٠٧  ٠{٥٩٦  ٦٤٧٨٣٨٧٧٠  ٦
 ٣٥٤٣٦٧٨٠٧  ٠{٥٤٧  ٦٤٧٨٣٨٧٧٠  ٧
 ٣٢٥٢١٥٠٦٣  ٠{٥٠٢  ٦٤٧٨٣٨٧٧٠  ٨
 ٢٩٨٠٠٥٨٣٤  ٠{٤٦٠  ٦٤٧٨٣٨٧٧٠  ٩
 ٣٣٢٢٨٥٥٥٤  ٠{٤٢٢  ٧٨٧٤٠٦٥٢٧  ١٠
 -٨٨٤٥٦٧٧٥٤  ‫א‬‫א‬‫א‬‫א‬
 ٢٤٣٠٦٣٥٣٢٩  ‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬
 H١٥٤٦٠٦٧٥٧٥
،‫א‬‫א‬‫א‬‫א‬
 K ‫א‬ ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
 
٢٤٣٠٦٣٥٣٢٩
٢{٧٥Z Z  Z ‫א‬
  -٥
٨٨٤٥٦٧٧٥٤ ‫א‬‫א‬‫א‬
 
‫א‬،‫א‬‫א‬‫א‬‫א‬
 K‫א‬
W‫א‬-٦
‫א‬‫א‬‫א‬‫א‬  ‫א‬‫א‬‫א‬
‫א‬‫א‬،
 K
‫א‬ ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬، ‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
((314))
K‫א‬‫א‬‫א‬
 ‫א‬‫א‬×‫א‬‫א‬‫א‬
 
 Z  ‫א‬
 ‫א‬‫א‬–‫א‬‫א‬‫א‬  
٪٢٠،‫א‬F‫א‬‫א‬
 EKK‫א‬‫א‬KK،‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 E٥٢٠٠٠٠٠٠H١٢٩٥٦٧٧٥٤F×١٤٠٧٦٠٠٨٠٠٠  
K٢٨٧٣٧٨٣٨٢ Z  Z ‫א‬
 ٥١٨٢٧١٠١٦-١٤٠٧٦٠٨٠٠٠  
،  ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬، ‫א‬‫א‬
 K‫א‬‫א‬
‫א‬، ‫א‬
 K
 W‫א‬-٧
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
٨٨٤٥٦٧٧٥٤  ‫א‬‫א‬  
K٧٤٩٦٣٣٧Z Z  Z ‫א‬‫א‬‫א‬
 ‫א‬
 
١١٨
 
‫א‬‫א‬‫א‬‫א‬W ‫א‬‫א‬‫א‬‫א‬K٨
‫א‬‫א‬‫א‬‫א‬،‫א‬
K  ‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
((315))
((316))
‫ﺍﻟﻔﺼﻞ ﺍﻟﺴﺎﺑﻊ ﻋﺸﺮ‬
@@ð†§a@ÝîÜznÛa
 K‫א‬
‫א‬ ‫א‬‫א‬W ‫א‬‫א‬K١

،‫א‬‫א‬‫א‬،‫א‬‫א‬
‫א‬K
 ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
‫א‬‫א‬، ‫א‬‫א‬K٢
‫א‬‫א‬‫א‬
K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬
‫א‬K٣
‫א‬‫א‬‫א‬‫א‬،‫א‬
‫א‬K ‫א‬‫א‬،‫א‬
،‫א‬‫א‬‫א‬،‫א‬‫א‬
((317))
K
‫א‬‫א‬EFEFW
 W
 EF  EF  
       
 ٨٠٠٠    ٨٠٠٠    ‫א‬‫א‬‫א‬
         ‫א‬E_F
   ٢٠٠٠    ٤٠٠٠  
   ٤٠٠٠    ٢٠٠٠  
 ٦٠٠٠    ٦٠٠٠    ‫א‬
 ٢٠٠٠    ٢٠٠٠    ‫א‬
 W
 K‫א‬‫א‬‫א‬‫א‬ K١
K‫א‬‫א‬ K٢
K‫א‬‫א‬ K٣
K‫א‬‫א‬‫א‬‫א‬ K٤
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬K٪٢٠‫א‬‫א‬‫א‬
‫א‬‫א‬ ‫א‬،
 ‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 K١٦٠٠Z٪٢٠C٨٠٠٠Z‫א‬‫א‬
 ٩٦٠٠Z١٦٠٠H٨٠٠٠Z‫א‬‫א‬‫א‬‫א‬
 K٨٠٠Z٪٢٠C٤٠٠٠WEF‫א‬‫א‬‫א‬
((318))
 ٤٨٠٠Z٨٠٠H٤٠٠٠Z‫א‬‫א‬‫א‬
 ٤٠٠Z٪٢٠C٢٠٠٠WEF‫א‬‫א‬‫א‬
 ٢٤٠٠Z٤٠٠H٢٠٠٠Z‫א‬‫א‬‫א‬
 W‫א‬‫א‬E٪٢٠‫א‬F‫א‬‫א‬
 EF  EF  
       
 ٩٦٠٠    ٩٦٠٠    ‫א‬‫א‬‫א‬
         ‫א‬E_F
   ٢٤٠٠    ٤٨٠٠  
   ٤٠٠٠    ٢٠٠٠  
 ٦٤٠٠    ٦٨٠٠    ‫א‬
 ٣٢٠٠    ٢٨٠٠    ‫א‬‫א‬
 ٢٠٠٠    ٢٠٠٠    ‫א‬‫א‬
 ٪٦٠    ٪٤٠   ‫א‬‫א‬
 ‫א‬
EF ‫א‬‫א‬٪٢٠‫א‬
‫א‬K٪٦٠EF‫א‬‫א‬٪٤٠
‫א‬K ‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
‫א‬،
  ‫א‬ ‫א‬‫א‬
،٪١٠٠ ‫א‬‫א‬،
‫א‬، ‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
((319))
 W‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K ‫א‬‫א‬‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬K ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬،
 ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
،
 ‫א‬‫א‬‫א‬‫א‬
 K‫א‬
،  ‫א‬‫א‬‫א‬‫א‬،
‫א‬‫א‬،
 ‫א‬‫א‬‫א‬ ‫א‬
 K
 W‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
،‫א‬‫א‬‫א‬،‫א‬‫א‬
K‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬
K‫א‬
‫א‬‫א‬‫א‬W
 K
((320))
‫א‬‫א‬،‫א‬‫א‬‫א‬ ‫א‬‫א‬
 K ١٠٠‫א‬‫א‬
K٨٠٠‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬٪٤٠‫א‬‫א‬‫א‬‫א‬
K
K٣٦٠٠٠‫א‬‫א‬‫א‬
 W‫א‬
 K ‫א‬
 K‫א‬C‫א‬‫א‬‫א‬‫א‬Z‫א‬‫א‬‫א‬
‫א‬‫א‬C‫א‬‫א‬‫א‬Z‫א‬‫א‬
 KE‫א‬‫א‬
 K١٠٠Z‫א‬‫א‬‫א‬‫א‬
 K٤٠Z٪٤٠C١٠٠Z‫א‬‫א‬‫א‬‫א‬
 K٦٠Z٤٠–١٠٠Z‫א‬‫א‬
 K٣٦٠٠٠Z‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬-
 ٣٦٠٠٠  ‫א‬‫א‬  
٦٠٠Z Z  Z  ‫א‬‫א‬
 
٦٠ ‫א‬‫א‬‫א‬‫א‬
 
 K٢٠٠Z٦٠٠-٨٠٠Z‫א‬-E‫א‬F‫א‬Z‫א‬
٨٠٠‫א‬‫א‬‫א‬ ‫א‬،
‫א‬٢٠٠،٦٠٠
 K
((321))
‫א‬‫א‬  ‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬K‫א‬
 K‫א‬‫א‬ K١
K‫א‬‫א‬ K٢
K‫א‬‫א‬‫א‬ K٣
K‫א‬‫א‬ K٤
‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬،‫א‬،‫א‬
 K‫א‬‫א‬‫א‬
 W‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬ 
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬H‫א‬‫א‬  
 Z  ‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬
 W
٣٠٠٠‫א‬‫א‬‫א‬‫א‬ 
١٥
 ‫א‬‫א‬ ‫א‬‫א‬‫א‬K 
 ‫א‬‫א‬٪٦٠‫א‬‫א‬‫א‬‫א‬
 K١٢٠٠‫א‬‫א‬
 W‫א‬
 ‫؟‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
((322))
 ٣٠٠٠H١٢٠٠
 W‫א‬
 ٧٠٠ Z  Z  ‫א‬‫א‬ 
 E٪٦٠×١٥F–١٥
 
٣٠٠٠‫א‬  ‫א‬‫א‬ 
 K٧٠٠‫א‬
 W‫א‬‫א‬
‫א‬‫א‬‫א‬
‫א‬‫א‬، ‫א‬‫א‬‫א‬
 K‫א‬
 W
،
 ‫א‬، ‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
 
‫א‬‫א‬  ‫א‬  ‫א‬  ‫א‬
 ٤٠٠٠  ٣٥٠٠  ٥٠٠٠  ‫א‬
 ٦  ٥  ٨ ‫א‬
 ‫א‬‫א‬‫א‬
 ٥  ٣  ٥ ‫א‬‫א‬
 ‫א‬
 K‫א‬‫א‬١٨٠٠٠‫א‬‫א‬
‫א‬E٢٠٠F ‫א‬‫א‬‫א‬
‫א‬
 ‫א‬‫א‬‫א‬‫א‬
 K٣٠٠٠‫א‬
 W‫א‬
((323))
‫א‬‫א‬ 
 K‫א‬
 W‫א‬
‫א‬‫א‬‫א‬ 
‫א‬‫א‬F ‫א‬‫א‬‫א‬
 KE‫א‬‫א‬
 W‫א‬‫א‬
 ‫א‬ ‫א‬‫ א‬ ‫א‬  ‫א‬  
 ١٢٥٠٠  ٤٠٠٠  ٣٥٠٠  ٥٠٠٠  ‫א‬
   ٦  ٥  ٨ ‫א‬
 ٨١٥٠٠  ٢٤٠٠٠  ١٧٥٠٠  ٤٠٠٠٠ ‫א‬‫א‬‫א‬
 ٥٥٥٠٠  ٢٠٠٠٠  ١٠٥٠٠  ٢٥٠٠٠ ‫א‬‫א‬
 ٢٦٠٠٠  ٤٠٠٠  ٧٠٠٠  ١٥٠٠٠  ‫א‬‫א‬
 ١٨٠٠٠  ٦٠٠٠  ٦٠٠٠  ٦٠٠٠ ‫א‬‫א‬
 ٨٠٠٠  E٢٠٠٠F  ١٠٠٠  ٩٠٠٠  ‫א‬
 W‫א‬‫א‬‫א‬
 ‫א‬  ‫א‬  ‫א‬  
 ٨٥٠٠  ٣٥٠٠  ٥٠٠٠  ‫א‬
   ٥  ٨  ‫א‬
 ٥٧٠٠٠  ١٧٥٠٠  ٤٠٠٠٠  ‫א‬‫א‬‫א‬
 ٣٥٥٠٠  ١٠٥٠٠  ٢٥٠٠٠ ‫א‬‫א‬
 ٢٢٠٠٠  ٧٠٠٠  ١٥٠٠٠  ‫א‬‫א‬
 ١٥٠٠٠  ٧٥٠٠  ٧٥٠٠  ‫א‬‫א‬
 ٧٠٠٠  E٥٠٠F  ٧٥٠٠  ‫א‬
W ‫א‬‫א‬‫א‬‫א‬،‫א‬
‫א‬‫א‬،‫א‬‫א‬ ،
 ‫א‬،‫א‬
((324))
‫א‬‫א‬E ٨٠٠٠F‫א‬‫א‬
 KE٧٠٠٠F
 W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬K ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬K ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬K ‫א‬‫א‬‫א‬
 K‫א‬،
 W‫א‬‫א‬-١
 ‫א‬‫א‬–‫א‬  
 Z ‫א‬‫א‬
 
 ‫א‬
 
 W‫א‬‫א‬-٢
 E×F‫א‬‫א‬‫א‬  
 Z ‫א‬‫א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬‫א‬-٣
((325))
C
 ‫א‬‫א‬Z
 ‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬‫א‬‫א‬-٤
 KE‫א‬‫א‬‫א‬F‫א‬
W‫א‬-٥
 
 ‫א‬‫א‬
 
 Z ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬  
((326))
‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻣﻦ ﻋﺸﺮ‬
@@òî¡ŠÛa@òîby@ÝîÜ¤
‫א‬‫א‬
K
 ‫א‬‫א‬key factors‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬،‫א‬‫א‬،‫א‬
Profit ‫א‬ ‫א‬ 

‫א‬‫א‬‫א‬‫א‬‫א‬multiplier
 W‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
‫א‬، ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬،KKK،‫א‬‫א‬،‫א‬‫א‬،‫א‬
‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
W
 ‫א‬‫א‬‫א‬
((327))
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬K‫א‬‫א‬

W‫א‬‫א‬‫א‬،  ‫א‬‫א‬
 ‫א‬‫א‬‫א‬D‫א‬‫א‬Z‫א‬
 W‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K
 K‫א‬
 W
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W
 ‫א‬‫א‬‫א‬      ٣٠٠٠٠٠
E١٠٠C٣٠٠٠F      
 ‫א‬‫א‬
       
 ‫א‬  ٨٠٠٠٠    
   ٢٠٠٠٠    
 ‫א‬‫א‬    ١٠٠٠٠٠  
       
 ‫א‬  ٨٠٠٠٠    
   ٧٠٠٠٠    
 ‫א‬‫א‬    ١٥٠٠٠٠  
 ‫א‬‫א‬      ٢٥٠٠٠٠
 ‫א‬      ٥٠٠٠٠
((328))
 K‫א‬‫א‬‫א‬‫א‬W‫א‬
 W‫א‬‫א‬‫א‬‫א‬٪١٠‫א‬‫א‬‫א‬W‫א‬
 W‫א‬٪١٠
 ‫א‬‫א‬‫א‬      ٣٣٠٠٠٠
E١٠٠C٣٣٠٠F      
 ‫א‬‫א‬
       
 ‫א‬  ٨٨٠٠٠    
   ٢٢٠٠٠    
 ‫א‬‫א‬    ١١٠٠٠٠  
       
 ‫א‬  ٨٠٠٠٠    
   ٧٠٠٠٠    
 ‫א‬‫א‬    ١٥٠٠٠٠  
 ‫א‬‫א‬      ٢٦٠٠٠٠
 ‫א‬      ٧٠٠٠٠
 ٢٠٠٠٠Z٥٠٠٠٠-٧٠٠٠٠
 ٪٤٠Z٥٠٠٠٠D٢٠٠٠٠
 ٤Z٠{١٠D٠{٤٠
W‫א‬‫א‬٪١٠
 ‫א‬‫א‬‫א‬      ٣٣٠٠٠٠
E١١٠C٣٠٠٠F      
 ‫א‬‫א‬
       
 ‫א‬  ٨٠٠٠٠    
   ٢٠٠٠٠    
((329))
 ‫א‬‫א‬    ١٠٠٠٠٠  
       
 ‫א‬  ٨٠٠٠٠    
   ٧٠٠٠٠    
 ‫א‬‫א‬    ١٥٠٠٠٠  
 ‫א‬‫א‬      ٢٥٠٠٠٠
 ‫א‬      ٨٠٠٠٠
 ٣٠٠٠Z٥٠٠٠-٨٠٠٠
 ٠{٦٠Z٥٠٠٠D٣٠٠٠
 ٦Z٠{١٠D٠{٦٠
W‫א‬‫א‬‫א‬٪١٠
 ‫א‬‫א‬‫א‬      ٣٠٠٠٠٠
E١٠٠C٣٠٠٠F      
 ‫א‬‫א‬
       
 ‫א‬  ٨٨٠٠٠    
   ٢٠٠٠٠    
 ‫א‬‫א‬    ١٠٨٠٠٠  
       
 ‫א‬  ٨٠٠٠٠    
   ٧٠٠٠٠    
 ‫א‬‫א‬    ١٥٠٠٠٠  
 ‫א‬‫א‬      ٢٥٨٠٠٠
 ‫א‬      ٤٢٠٠٠
 E‫א‬F٨٠٠٠Z٥٠٠٠٠-٤٢٠٠٠
 ٠{١٦Z٥٠٠٠٠D٨٠٠٠
 ١{٦Z٠{١٠D٠{١٦
((330))
 W‫א‬‫א‬٪١٠
 ‫א‬‫א‬‫א‬      ٣٠٠٠٠٠
E١٠٠C٣٠٠٠F      
 ‫א‬‫א‬
       
 ‫א‬  ٨٠٠٠٠    
   ٢٢٠٠٠    
 ‫א‬‫א‬    ١٠٢٠٠٠  
       
 ‫א‬  ٨٠٠٠٠    
   ٧٠٠٠٠    
 ‫א‬‫א‬    ١٥٠٠٠٠  
 ‫א‬‫א‬      ٢٥٢٠٠٠
 ‫א‬      ٤٨٠٠٠
 E‫א‬F٢٠٠٠Z٥٠٠٠٠-٤٨٠٠٠
 ٠{٠٤Z٥٠٠٠٠D٢٠٠٠
 ٠{٤Z٠{١٠D٠{٠٤
W‫א‬‫א‬‫א‬‫א‬٪١٠
 ‫א‬‫א‬‫א‬      ٣٠٠٠٠٠
E١٠٠C٣٠٠٠F      
 ‫א‬‫א‬
       
 ‫א‬  ٨٠٠٠٠    
   ٢٠٠٠٠    
 ‫א‬‫א‬    ١٠٠٠٠٠  
       
 ‫א‬  ٨٨٠٠٠    
((331))
   ٧٠٠٠٠    
 ‫א‬‫א‬    ١٥٨٠٠٠  
 ‫א‬‫א‬      ٢٥٨٠٠٠
 ‫א‬      ٤٢٠٠٠
 E‫א‬F٨٠٠٠Z٥٠٠٠٠-٤٢٠٠٠
 ٠{١٦Z٥٠٠٠٠D٨٠٠٠
١{٦Z٠{١٠D٠{١٦
W‫א‬‫א‬‫א‬٪١٠
 ‫א‬‫א‬‫א‬      ٣٠٠٠٠٠
E١٠٠C٣٠٠٠F      
 ‫א‬‫א‬
       
 ‫א‬  ٨٠٠٠٠    
   ٢٠٠٠٠    
 ‫א‬‫א‬    ١٠٠٠٠٠  
       
 ‫א‬  ٨٠٠٠٠    
   ٧٧٠٠٠    
 ‫א‬‫א‬    ١٥٧٠٠٠  
 ‫א‬‫א‬      ٢٥٧٠٠٠
 ‫א‬      ٤٣٠٠٠
 E‫א‬F٧٠٠٠Z٥٠٠٠٠-٢٣٠٠٠
 ٠{١٤Z٥٠٠٠٠D٧٠٠٠
 ١{٤Z٠{١٠D٠{١٤
((332))
 W‫א‬‫א‬‫א‬‫א‬W
 ‫א‬  ‫א‬  ‫א‬‫א‬
 ١  ٦  ‫א‬‫א‬
 ٢  ٤  ‫א‬
 ٣  ١{٦  ‫א‬
 ٣  ١{٦  ‫א‬
 ٥  ١{٤  
 ٦  ٠{٤  
 ‫؟‬‫א‬
‫א‬،‫א‬‫א‬٪١٠ 
 ٠{٦٠Z٦C٪١٠‫א‬
 ‫א‬‫א‬٣٠٠٠٠Z٥٠٠٠٠C٠{٦٠
 ‫א‬‫א‬٨٠٠٠٠Z٥٠٠٠٠H٣٠٠٠٠
‫א‬‫א‬‫א‬٪١٠
 ٠{٠٤Z٠{٤C٠{١٠
 ٢٠٠٠Z٥٠٠٠٠C٠{٠٤Z‫א‬‫א‬
 ٤٨٠٠٠Z٢٠٠٠-٥٠٠٠٠‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 W
‫א‬،٣٠٠٠٠‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬K ٥٠‫א‬
‫א‬K ١٠٠٠٠٠
 ‫א‬‫א‬٦٠٠٠٠
 K٦٠٠٠٠‫א‬‫א‬
 W‫א‬
((333))
‫א‬،  ‫א‬‫א‬‫א‬‫א‬‫א‬
 K٪١٠‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
 ٪٥٠‫א‬‫א‬‫א‬
٪٤٠‫א‬‫א‬‫א‬‫א‬‫א‬
 ٪٣٠‫א‬‫א‬‫א‬‫א‬
((334))
‫ﺍﻟﻔﺼﻞ ﺍﻟﺘﺎﺳﻊ ﻋﺸﺮ‬
@@käÛa@ÝîÜ¤
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K  ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬ ، ‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬W‫א‬
 K
 W‫א‬‫א‬‫א‬
Operating rates‫א‬‫ א‬K١
Accounting rates‫א‬‫ א‬K٢
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬
،‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬K
‫א‬‫א‬KKK،
 ‫א‬‫א‬‫א‬‫א‬،‫א‬
((335))
 K‫א‬‫א‬‫א‬‫א‬
‫א‬ ‫א‬‫א‬‫א‬‫א‬
 K‫א‬
 W‫א‬‫א‬W 
 Room Occupancy RateW‫א‬‫א‬
 ‫א‬‫א‬  
١٠٠ ×
‫א‬‫א‬
 
 W
١٨،‫א‬‫א‬‫א‬١٧٠‫א‬
 K‫א‬٩٠،‫א‬
 K‫א‬٢٠Z٢H١٨
 K١٥٠Z٢٠-١٧٠
 ٩٠  
٪٦٠Z٪١٠٠C  Z  ‫א‬
١٥٠  
 
 Bed Occupancy Rate ‫א‬

 ‫א‬‫א‬‫א‬
 ‫א‬‫א‬  
٪١٠٠C  Z ‫א‬‫א‬‫א‬
 ‫א‬‫א‬  
 W
٥٠ 
 ١٠٠‫א‬ 
 ‫؟‬٣٥،٨٠
((336))
 ٢٠٠ZE٢C٥٠FH١٠٠Z‫א‬‫א‬
 ١٥٠ZE٢C٣٥FH٨٠Z‫א‬‫א‬
 ٪٧٥Z٪١٠٠C٢٠٠D١٥٠Z‫א‬
 Double Occupancy Percentage‫א‬‫א‬

‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬check-out time‫א‬K
‫א‬‫א‬‫א‬‫א‬‫א‬١٠٥‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K  ‫א‬،‫א‬
 W‫א‬
‫א‬، ‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬–‫א‬  W
٪١٠٠C Z  ‫א‬‫א‬ 
 ‫א‬‫א‬
 
٢٠٠٢٥٠‫א‬‫א‬W
 K‫א‬‫א‬K٢٣٠
 ٢٠٠Z‫א‬
 ٢٠٠Z‫א‬‫א‬
 ٣٠Z٢٠٠-٢٣٠Z‫א‬‫א‬
 K٢٠٠٣٠‫א‬‫א‬
 ٪١٥Z٪١٠٠C٢٠٠D٣٠Z
((337))
 W‫א‬‫א‬‫א‬‫א‬
 ‫א‬  
٪١٠٠C Z  ‫א‬‫א‬
 
 ‫א‬‫א‬
 
 ٪١٢Z٪١٠٠CE٢٥٠DE٢٠٠–٢٣٠FFZ
 Daily occupancy‫א‬‫א‬
‫א‬H‫א‬‫א‬‫א‬‫א‬F‫א‬
 KE‫א‬‫א‬‫א‬‫א‬–‫א‬‫א‬‫א‬
 W
‫א‬
 ٨٠‫א‬‫א‬٣L١
‫א‬‫א‬W
 ‫א‬K ‫א‬
 ٣٠‫א‬
 ٦٠‫א‬
 ٣L١‫א‬
 ٨٠Z٣L١‫א‬
 ٦٠Z‫א‬‫א‬‫א‬
 ٣٠Z‫א‬‫א‬‫א‬
 K١١٠Z٣٠–٦٠H٨٠Z‫א‬‫א‬
 ‫א‬‫א‬  
٪١٠٠C Z  ‫א‬‫א‬
 
 ‫א‬‫א‬
 
 
 ‫א‬‫א‬
٪١٠٠C  Z ‫א‬  
E‫א‬‫א‬F‫א‬‫א‬
 
((338))
‫א‬‫א‬  
٪١٠٠C Z  ‫א‬
 ‫א‬‫א‬  
 
 W‫א‬W 
 ‫א‬‫א‬‫א‬
Z  ‫א‬‫א‬‫א‬  
 ‫א‬‫א‬
 
 ‫א‬‫א‬‫א‬
Z  ‫א‬  
 ‫א‬‫א‬
 
 ‫א‬‫א‬‫א‬
Z  ‫א‬‫א‬ 
 ‫א‬
 
 ‫א‬‫א‬‫א‬
 
 Z ‫א‬‫א‬‫א‬
 ‫א‬
 
 ‫א‬‫א‬‫א‬
 
Z ‫א‬‫א‬‫א‬‫א‬
 ‫א‬
 
 ‫א‬‫א‬
 
 ‫א‬‫א‬‫א‬
Z
 ‫א‬
 
 ‫א‬‫א‬‫א‬
 ‫א‬‫א‬
 
Z
 ‫א‬
 
((339))
 W‫א‬‫א‬‫א‬‫א‬W 
 ‫א‬‫א‬
 
٪١٠٠C Z ‫א‬‫א‬‫א‬
 ‫א‬  
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 
٪١٠٠C  Z ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬  
 W‫א‬‫א‬‫א‬ J ‫א‬

‫א‬‫א‬‫א‬
، ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬K
 ‫א‬
 W
 ‫א‬
٪١٠٠C Z  ‫א‬
 
‫א‬‫א‬‫א‬
 ‫א‬
 
٪١٠٠C Z  ‫א‬
 
‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬ J 
‫א‬‫א‬‫א‬
‫א‬K ‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬  
٪١٠٠C  Z  ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬  
((340))
 ‫א‬
 
 ‫א‬
٪١٠٠C Z
‫א‬‫א‬‫א‬
 
 ‫א‬‫א‬‫א‬
٪١٠٠C Z
 
 ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
 
 ‫א‬‫א‬
٪١٠٠C  
 Z  ‫א‬‫א‬
‫א‬‫א‬‫א‬
 
 W‫א‬‫א‬ J 

،‫א‬ 
 ‫א‬
‫א‬‫א‬‫א‬
 W‫א‬K‫א‬
‫א‬–‫א‬‫א‬‫א‬  
٪١٠٠C Z  ‫א‬
 
‫א‬
 
‫א‬–‫א‬‫א‬‫א‬
 
٪١٠٠C Z  ‫א‬
‫א‬  
‫א‬–‫א‬‫א‬‫א‬  
٪١٠٠C Z  ‫א‬
 
‫א‬
 
((341))
 WCurrent ratio‫א‬‫א‬ J١
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬
‫א‬‫א‬‫א‬Working Capital‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬
 
 Z  ‫א‬‫א‬
‫א‬‫א‬‫א‬  
‫א‬،٢W١
 ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
Acid Test Ratio:‫א‬‫א‬‫א‬

‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،‫א‬K‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬  K
 Z ‫א‬‫א‬  
‫א‬‫א‬‫א‬
 
 W‫א‬W‫א‬‫א‬‫א‬
 ‫א‬
 Z  ‫א‬‫א‬‫א‬
‫א‬‫א‬
((342))
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬
 W‫א‬‫א‬
‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬K
 
W‫א‬‫א‬‫א‬ ‫א‬
 ‫א‬‫א‬‫א‬  
 Z  ‫א‬‫א‬
 
‫א‬–‫א‬
 
 ٢
 
‫א‬‫א‬‫א‬
 ‫א‬‫א‬  W‫א‬
Z  ‫א‬  
‫א‬‫א‬
 
‫א‬
 ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬K ٤٠-٢٠
 K‫א‬١٥-١٢‫א‬‫א‬‫א‬
 W‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬K
 ‫א‬‫א‬
‫א‬‫א‬‫א‬K‫א‬
((343))
 ‫א‬‫א‬
 WK‫א‬
Z  ‫א‬  
‫א‬
 
‫א‬‫א‬،‫א‬، ‫א‬
 K‫א‬‫א‬‫א‬
 W‫א‬
 ،
 ‫א‬‫א‬‫א‬‫א‬
 W
 ‫א‬
Z  ‫א‬  
‫א‬
 
‫א‬K ‫א‬‫א‬‫א‬
‫א‬K ‫א‬‫א‬‫א‬
٪٢٥-٪٢٠‫א‬‫א‬
 K‫א‬
 W‫א‬‫א‬‫א‬
 ‫א‬‫א‬
Z  ‫א‬‫א‬  
‫א‬  
‫א‬ ‫א‬‫א‬
 K‫א‬‫א‬‫א‬
((344))
‫ﺍﻟﻔﺼﻞ ﺍﻟﻌﺸﺮﻭﻥ‬
@@B.O.T@pbÇëŠ’ß@
@ @Þëþa@kÜİ¾a
 B.O.T
Built operate 
 ‫ א‬ ‫א‬‫א‬/ BOT/  
‫א‬ / BOT/ ‫א‬‫א‬transfer
‫א‬‫ א‬،‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬
‫א‬  ‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 K‫؟‬BOT‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬ / BOT/ ‫א‬‫א‬‫א‬
‫א‬‫ א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
((345))
‫א‬‫א‬‫א‬‫ א‬‫א‬‫א‬‫א‬
‫א‬ ‫א‬‫א‬
K BOT ‫א‬‫א‬
‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬ / BOT/ ‫ א‬
 
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
. ‫א‬‫א‬‫ א‬‫א‬‫א‬‫א‬
،‫א‬   ‫ א‬‫ א‬    ‫א‬ ‫ א‬ 

 ، ‫א‬ ‫א‬‫א‬ ‫א‬ ‫ א‬
 ‫א‬‫ א‬      
‫ א‬‫ א‬  ‫ א‬ ‫ א‬ 
   
 ‫ א‬   ‫ א‬    
  
 ‫א‬ ‫ א‬ ‫ א‬
‫א‬K
 ‫ א‬
 ‫ א‬  ‫ א‬
 ‫א‬     
  ،‫א‬‫א‬‫א‬BOT
  ‫א‬  ‫ א‬ ‫ א‬‫ א‬  ‫א‬
      ‫א‬ ‫א‬        
 
   K ‫ א‬  ‫ א‬   ‫ א‬   ،‫א‬‫א‬
 ‫ א‬    ،‫א‬   ‫ א‬ ‫ א‬‫ א‬
W    ‫א‬‫ א‬    ،‫ א‬
‫ א‬ ،‫ א‬،‫ א‬،‫ א‬ BOOT
‫ א‬ ،‫ א‬،‫ א‬ ROT
‫ א‬ ،‫ א‬BT
‫ א‬‫א‬‫ א‬ ‫ א‬   ‫ א‬‫א‬‫ א‬ 
 K‫ א‬‫ א‬   
BOT
‫א‬‫א‬‫א‬BOT‫א‬
((346))
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K
‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
BOT
‫א‬‫א‬‫א‬‫א‬‫א‬ BOT 
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
E
 ‫א‬F‫א‬،‫א‬‫א‬
E‫א‬‫א‬F‫א‬‫א‬KBOT‫א‬‫א‬
E‫א‬‫א‬F‫א‬‫א‬
‫א‬ ،
 ‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
Operate and Transfer BOT
Build, Own and ،E ‫א‬‫א‬‫א‬WFBuild
‫א‬،E ‫א‬‫א‬‫א‬FTransfer
‫א‬‫א‬‫א‬K
 ‫א‬ ‫א‬‫א‬
 WBOT 
F ‫א‬‫א‬‫א‬WBOO
 KE‫א‬‫א‬
KE‫א‬‫א‬‫א‬‫א‬FWBOOT
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KE‫א‬‫א‬‫א‬‫א‬FWBLT
KE‫א‬‫א‬‫א‬‫א‬FBT
KE‫א‬‫א‬‫א‬FBTO
KE‫א‬‫א‬‫א‬‫א‬FDBFO
KE‫א‬‫א‬‫א‬‫א‬‫א‬FDCMF
KE‫א‬،‫א‬L‫א‬،‫א‬FMOT
KE‫א‬‫א‬‫א‬F ROO
‫א‬BOT‫א‬
، ‫א‬‫א‬‫א‬  ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬BOT
،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬ ‫א‬BOT،‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬
E
 ‫א‬‫א‬F ‫א‬
‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬
   ‫ א‬  ‫ א‬ ‫ א‬   W BOT  
    
 W
:
     ‫א‬ 
  
    ‫ א‬ ‫ א‬ •
 K‫א‬‫א‬‫א‬
   E‫א‬ ‫א‬F
  
 ‫ א‬ ‫ א‬ ‫ א‬   ‫ א‬  •
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 ‫א‬ ، ‫ א‬  
     ‫ א‬  ‫ א‬ ‫ א‬ 

   ‫א‬ ‫א‬ ‫ א‬  ‫ א‬ 
  ،‫ א‬   ‫א‬     
K  ‫ א‬‫א‬ ‫ א‬  
‫א‬ ‫ א‬‫ א‬  ‫ א‬ ‫ א‬ ‫ א‬ •
K‫א‬‫ א‬  ‫א‬‫ א‬ ‫ א‬
B.O.T
‫א‬‫א‬‫א‬B.O.T
‫א‬‫א‬‫א‬‫א‬
E‫א‬‫א‬F‫א‬‫א‬
 K‫א‬‫א‬
 W‫א‬‫א‬‫א‬
‫א‬‫א‬،
 ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K
 ‫א‬‫א‬‫א‬
‫א‬‫א‬
K‫א‬‫א‬ B.O.T
  ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬ ‫א‬
K
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
KE‫א‬‫א‬‫א‬F 
((349))
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬،E
 ‫א‬‫א‬‫א‬F‫א‬
K ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ 
K‫א‬
‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬

KEBenchmarking‫א‬‫א‬F‫א‬
 W‫ א‬ BOT ‫א‬ 

   ‫ א‬  
 ‫ א‬ ‫ א‬   ‫ א‬   -1
      ‫ א‬ ‫א‬      
   ،
 ‫ א‬ ‫א‬
K‫א‬ ‫ א‬‫א‬‫ א‬ ‫א‬
K‫ א‬‫ א‬‫ א‬  ‫ א‬‫ א‬ ‫ א‬‫א‬-2
 ‫א‬     ‫ א‬
   ‫ א‬
  ‫ א‬ -3
K‫ א‬‫ א‬ ‫א‬   ‫א‬
 ‫א‬    ‫ א‬  ‫ א‬‫ א‬‫א‬-4
K‫ א‬
  
  
 ‫ א‬ ‫ א‬     ‫ א‬‫ א‬  -5
K‫ א‬‫א‬‫ א‬  ‫ א‬  ‫א‬
((350))
  ‫ א‬‫ א‬   ‫ א‬     ‫ א‬   ‫א‬-6
K‫ א‬ ‫א‬

      ‫א‬ 
  
  
   ‫ א‬ ‫ א‬‫א‬ 
 -7
 KBOT   
‫ א‬    ‫ א‬     ‫ א‬ ‫ א‬ -8
K‫ א‬  ‫א‬
  
 ‫ א‬ ‫ א‬   
  ، ‫ א‬  ‫א‬ 
  -9
K‫ א‬ ‫ א‬     
5-3  
  
 ‫א‬ ‫ א‬   ،   -10
K‫ א‬‫ א‬      ‫א‬
B.O.T
K‫א‬‫א‬‫א‬‫א‬B.O.T K١
K‫א‬‫א‬‫א‬ K٢
K‫א‬‫א‬ K٣
‫א‬‫א‬‫א‬‫א‬ K٤
 ‫א‬B.O.T‫א‬‫א‬

K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ K٥
K‫א‬‫א‬
 ، ‫א‬‫א‬ K٦

 ‫א‬‫א‬‫א‬‫א‬
K‫א‬
((351))
‫א‬‫ א‬ ‫א‬ ‫א‬ ‫ א‬ (BOOT) W‫ א‬-١
    ‫א‬   
   ‫ א‬      
   ‫ א‬ 

 ‫א‬‫א‬  ‫ א‬   ‫ א‬‫ א‬   
   ‫ א‬  
 ‫א‬‫א א‬    ‫א‬  ‫ א‬
  
 
K‫א‬  BOT  ‫ א‬ 
‫ א‬   ‫א‬ 
 ‫ א‬  (ROT) W
 ‫ א‬ ‫ א‬ -٢
‫א‬ 
  ، ‫ א‬               
 K  ‫ א‬      ‫ א‬   ‫א‬
 ‫ א‬  ‫ א‬ (BT) W‫ א‬ ‫ א‬‫ א‬-٣
 ‫ א‬ ‫א‬‫ א‬
    ‫א א‬  ، ‫ א‬ 
   ‫ א‬   ‫ א‬‫ א‬‫ א‬  ‫ א‬   ‫א‬
.BOT    ‫א‬ ‫ א‬

  ، ‫ א‬ ‫ א‬        ‫א‬ 
 ‫ א‬ ‫ א‬  
 K‫ א‬ ‫ א‬   ‫א‬‫ א‬
BOT
K‫א‬  ‫ א‬‫א‬ ‫ א‬‫ א‬‫ א‬-1

  
 ‫א‬   ‫א‬F  ‫ א‬ F ‫ א‬‫ א‬‫ א‬-2
K
 ‫א‬‫א‬  ‫א‬‫ א‬
  
 ‫ א‬ ‫ א‬
   ‫ א‬  -3
K‫ א‬ 
((352))
 K ‫ א‬  ‫ א‬‫ א‬‫א‬‫ א‬-4
  ‫ א‬
  ‫א‬   
  ‫ א‬ ‫א‬-5
K‫ א‬
 W BOT  ‫ א‬‫ א‬‫א‬ - 6
K‫ א‬‫ א‬‫א‬-1
K ‫ א‬ ‫א‬‫ א‬‫א‬‫ א‬-2
K‫ א‬‫א‬‫ א‬ ‫ א‬ ‫ א‬‫ א‬-3
K‫א‬‫ א‬‫א‬‫ א‬‫א‬ ‫ א‬‫א‬‫ א‬ -4
 ‫ א‬ 
 ‫ א‬
 ‫א‬‫א‬‫ א‬    
 ‫א‬   
 ‫ א‬ ‫א‬-5
K‫ א‬‫א‬‫א‬‫ א‬ 
W‫א‬‫ א‬  ‫ א‬ -7
  
 ‫א‬   ‫ א‬ ‫ א‬   •
 ‫ א‬ ‫ א‬   ‫ א‬ ‫ א‬‫ א‬
. ‫ א‬  
‫ א‬‫ א‬    ‫ א‬ •

، ‫ א‬
   ‫ א‬    
 ‫ א‬ ‫ א‬  ‫ א‬   
K‫ א‬‫ א‬‫ א‬  ‫ א‬  ‫ א‬‫א א‬
WB.O.T‫א‬‫א‬-8
‫א‬B.O.T
‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬
 WE٢٠٠٦‫א‬FB.O.T
((353))
@ @ïãbrÛa@kÜİ¾a
 WB.O.T‫א‬‫א‬
.
 W‫א‬‫א‬W١
‫א‬‫א‬‫א‬‫א‬‫א‬
 WB.O.T
 ‫א‬‫א‬، ‫א‬‫א‬‫א‬‫א‬‫א‬
،
 ‫א‬، ‫א‬‫א‬‫א‬‫א‬ 
K‫א‬‫א‬،‫א‬،‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
، ‫א‬،‫א‬
 ‫א‬‫א‬‫א‬‫א‬،
K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
W‫א‬‫א‬W٢
‫א‬‫א‬B.O.T‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬، ‫א‬
((354))
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬K‫א‬
 K‫א‬‫א‬‫א‬‫א‬
.
‫א‬‫ א‬   ‫ א‬   ‫ א‬
 ‫ א‬    W ‫א‬-1
       ‫ א‬  ‫ א‬‫א‬  ‫א‬‫א‬
K ‫ א‬‫ א‬
 ‫א‬‫ א‬ ‫א‬      ‫ א‬   ‫ א‬‫ א‬ W‫א‬-2
K‫ א‬‫ א‬   ‫ א‬
K‫ א‬  ‫א‬‫ א‬ ‫ א‬ W‫א‬‫ א‬  -3
     ‫ א‬    ‫ א‬  W‫ א‬-4
K‫א‬  ‫ א‬ 
 
 ‫ א‬
    ‫ א‬  
 ‫ א‬  W‫ א‬-5
K‫א‬‫ א‬‫ א‬    
 ‫ א‬      ‫א‬ ‫ א‬W‫ א‬-6
K‫ א‬  ‫א‬ ‫א‬‫א‬
  
 ‫ א‬   ‫ א‬    W
 ‫א‬  ‫ א‬
 -7
 BOT  
 ‫ א‬ ‫ א‬
  
 ‫ א‬
 ‫א‬‫ א‬  W ‫א‬-8
K‫ א‬‫א‬‫ א‬ ‫א‬‫ א‬ ‫ א‬‫א‬
‫א‬‫א‬‫א‬‫א‬ 
 W‫א‬‫א‬
 K‫א‬- 
((355))
 K‫א‬‫א‬‫א‬- 
 K‫א‬‫א‬‫א‬- 
 K‫א‬‫א‬‫א‬- 
 K‫א‬- 
@ @sÛbrÛa@kÜİ¾a
 BOT‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
Sustainable  ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬Keconomic growth
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬،‫א‬‫א‬‫א‬،‫א‬‫א‬،‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬،‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
((356))
 W‫א‬‫א‬‫א‬‫א‬‫א‬
W‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬ ‫א‬K  ‫א‬‫א‬‫א‬
K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬ ‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬
‫א‬‫א‬ ‫א‬
، ‫א‬‫א‬‫א‬‫א‬
،
 ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬K ‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬
 ‫א‬‫א‬‫א‬
 K‫א‬‫א‬K‫א‬
 W‫א‬‫א‬‫א‬
‫א‬ ‫א‬‫א‬‫א‬
‫א‬‫א‬،
 ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬E
 ‫א‬F
 ‫א‬‫א‬
‫א‬‫א‬ ‫א‬،
((357))
‫א‬‫א‬‫א‬ K
 
‫א‬‫א‬‫א‬K ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
‫א‬‫א‬، ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬E ‫א‬‫א‬‫א‬F
‫א‬‫א‬‫א‬‫א‬‫א‬
 K
E‫א‬F ‫א‬‫א‬‫א‬ ‫א‬
‫א‬‫א‬‫א‬‫א‬E‫א‬F‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 KEB.O.TF‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬،‫א‬‫א‬
 K‫א‬‫א‬-EF
 K -EF
‫א‬Economic‫א‬‫א‬‫א‬‫א‬-EF
‫א‬‫א‬‫א‬Social
((358))
‫א‬ ‫א‬F‫א‬‫א‬
 KE‫א‬
F‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬-EF
‫א‬E ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬
 W‫א‬‫א‬K‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
K
‫א‬‫א‬‫א‬ ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬
K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬E‫א‬F
 ‫א‬‫א‬
‫א‬‫א‬ ‫א‬‫א‬‫א‬
‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K‫א‬
K
‫א‬ ‫א‬‫א‬‫א‬‫א‬
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-  ‫א‬‫א‬‫א‬‫א‬ ‫א‬–
‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬،
Types of Private Sector Involvement

‫א‬F ‫א‬ ‫א‬‫א‬‫א‬
 WEB.O.T
Contracting out or management W ‫א‬ ‫א‬‫א‬‫א‬
 contracts
‫א‬‫א‬،
 ‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 LeasingW‫א‬‫א‬
‫א‬ ‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
 WB.O.T‫א‬
‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 WB.O.O‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 WPrivatization W‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K
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‫א‬‫א‬B.O.T‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬F
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬E
 ‫א‬‫א‬
B.O.O‫א‬KE‫א‬B.O.T F‫א‬
B.O.T‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 KE‫א‬F
‫א‬‫א‬ B.O.T‫א‬
‫א‬‫א‬، ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬B.O.T‫א‬
 W‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
K
 Efficiency gains ‫א‬‫א‬‫א‬
K ‫א‬‫א‬
 ‫א‬‫א‬‫א‬
F
 ‫א‬‫א‬‫א‬  ‫א‬‫א‬
Benchmark  ‫א‬‫א‬E‫א‬
‫א‬‫א‬‫א‬

 ‫א‬‫א‬‫א‬‫א‬‫א‬
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KB.O.T
‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K
 W‫א‬‫א‬‫א‬BOT
‫א‬‫א‬‫א‬WBOT‫א‬-‫א‬-‫א‬
 K‫א‬‫א‬‫א‬
‫א‬‫א‬WB.O.O.T‫א‬–‫א‬-‫א‬-‫א‬
‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬EF
‫א‬‫א‬ ‫א‬،‫א‬
K ‫א‬
‫א‬‫א‬WB.O.O‫א‬-‫א‬- ‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬K ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
((362))
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬ WD.B.F.O‫א‬-‫א‬-‫א‬-‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ ‫א‬
‫א‬ ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬K‫א‬
‫א‬‫א‬‫א‬‫א‬
 K‫א‬
‫א‬‫א‬‫א‬WBTO ‫א‬- ‫א‬- ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬  ‫א‬
‫א‬K‫א‬‫א‬‫א‬‫א‬‫א‬
KBOT‫א‬‫א‬‫א‬
‫א‬‫א‬WB.L.T ‫א‬-
 ‫א‬- ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬
Transfer-operate--EM.O.OF‫א‬-‫א‬-‫א‬-
 ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬ WModernize-own
 ‫א‬‫א‬- ‫א‬‫א‬‫א‬
،‫א‬
‫א‬‫א‬‫א‬‫א‬، ‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬
((363))
K‫א‬

  ‫א‬‫א‬WER.O.OF‫א‬-‫א‬-  ‫א‬
‫א‬‫א‬‫א‬‫א‬

 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬K‫א‬

 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬EB.L.TF‫א‬-‫א‬-‫א‬-‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K
‫א‬‫א‬‫א‬EL.T.TF-
 ‫א‬-‫א‬-
 ‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬
 K‫א‬‫א‬
B.O.T:
Economic Benefits and Costs of (BOT) Projects 
،‫א‬E‫א‬F ‫א‬‫א‬‫א‬‫א‬B.O.T
 W
F ‫א‬‫א‬‫א‬‫א‬
((364))
 K‫א‬‫א‬‫א‬،E‫א‬‫א‬
‫א‬‫א‬ ‫א‬‫א‬‫א‬
‫א‬‫א‬F  ‫א‬‫א‬‫א‬
KE
‫א‬‫א‬F‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬،‫א‬‫א‬،‫א‬
،EKKK، ‫א‬‫א‬،‫א‬
K‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
KLearning by doing‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬F‫א‬‫א‬
EK‫א‬‫א‬
‫א‬‫א‬E ‫א‬F‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W B.O.T‫א‬‫א‬G
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬B.O.T
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬
W‫א‬‫א‬
- ‫א‬‫א‬L ‫א‬‫א‬‫א‬- ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
((365))
K‫א‬
F‫א‬‫א‬‫א‬‫א‬‫א‬
KE
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
BOT
 ‫א‬    W‫ א‬‫א‬-
‫א‬ ‫ א‬‫א‬‫ א‬ ‫ א‬‫א‬   W‫ א‬-
K‫א‬‫א‬
 ‫ א‬‫ א‬ ‫ א‬‫ א‬‫א‬-
K‫א‬
-‫א‬––‫א‬‫א‬‫א‬-‫א‬F‫א‬‫א‬-
EKKKKKK‫א‬
K‫ א‬ ‫ א‬‫ א‬-
 
 ‫א‬‫ א‬  
    
    ‫ א‬ ‫א‬-
  
  ‫ א‬
،
 ‫א‬   ‫א‬‫ א‬ ‫א‬‫א‬-
 ‫א‬‫א‬‫ א‬   ‫ א‬   W
 
 ‫ א‬ ‫א‬‫ א‬  ‫ א‬   ‫ א‬ ‫ א‬ ‫א‬ 
.‫ א‬‫א‬   ‫א‬‫ א‬‫א‬ ‫ א‬‫א‬
‫א‬‫א‬          W‫א‬-
K‫א‬‫א‬
 ‫ א‬ ‫א‬ ‫ א‬    W‫ א‬ -
K‫ א‬‫א‬‫ א‬ ‫ א‬‫א‬
((366))
K‫ א‬ ‫ א‬  ‫ א‬-

 ‫ א‬
  ‫א‬  ‫ א‬‫ א‬‫ א‬‫ א‬  
K    ‫א‬
@ @@Éia‹Ûa@kÜİ¾a
 B.O.T‫א‬
 W‫א‬‫א‬B.O.T
K‫א‬-١
 K‫א‬‫א‬‫א‬-٢
 K‫א‬‫א‬‫א‬-٣
 K‫א‬-٤
 K‫א‬-٥
 K‫א‬-٦
 K‫א‬-٧
 K‫א‬-٨
 W‫א‬‫א‬
 W‫א‬
،  ‫א‬B.O.T‫א‬‫א‬
‫א‬، ‫א‬‫א‬‫א‬
KKKK  ‫א‬-‫א‬‫א‬-‫א‬-‫א‬LB.O.T
((367))
 K‫א‬
 W‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬ ‫א‬
‫א‬‫א‬‫א‬‫א‬، ‫א‬
 KKKK‫א‬-‫א‬-L‫א‬‫א‬
 W‫א‬‫א‬‫א‬
 ‫א‬ ‫א‬‫א‬، ‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 W‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
 W‫א‬ J
‫א‬  ‫א‬‫א‬‫א‬‫א‬
– ‫א‬L ‫א‬
 KL‫א‬‫א‬-‫א‬
 W‫א‬ J
‫א‬،
 ‫א‬‫א‬‫א‬ ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬، ‫א‬‫א‬ ‫א‬
‫א‬‫א‬،‫א‬
 K‫א‬‫א‬‫א‬
 W‫א‬ J
،‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬، ‫א‬‫א‬
((368))
‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬ J
، ‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬ ‫א‬
 K‫א‬‫א‬
 BOT
‫א‬‫א‬،‫א‬‫א‬BOT
‫א‬،‫א‬،
 ‫א‬‫א‬٪٣٠-١٥
 W
‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬
‫א‬‫א‬‫א‬،‫א‬
 K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬،‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬‫א‬
،‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬
((369))
@ @ßb©a@kÜİ¾a
 ‫א‬
‫א‬‫א‬‫א‬W ‫א‬
 K‫א‬‫א‬‫א‬
‫א‬W ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬K
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬W ‫א‬
‫א‬F ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
L ‫א‬E 
K‫א‬
،B.O.T ‫א‬W
 ‫א‬‫א‬
‫א‬‫א‬‫א‬
K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W
 ‫א‬
،‫א‬‫א‬‫א‬،‫א‬‫א‬F‫א‬
EK،‫א‬،‫א‬،‫א‬
((370))
W ‫א‬‫א‬‫א‬‫א‬
، ‫א‬‫א‬
EK‫א‬،‫א‬، F ‫א‬
، ‫א‬F ‫א‬‫א‬‫א‬
EK،‫א‬
‫א‬‫א‬‫ א‬W
 ‫א‬
‫א‬‫א‬‫א‬- ‫א‬‫א‬‫א‬
KE‫א‬‫א‬F‫א‬‫א‬‫א‬‫א‬
Financial ‫א‬‫א‬FSequencing‫א‬
W‫א‬‫א‬EPackage
‫א‬‫א‬W ‫א‬‫א‬
‫א‬‫א‬E‫א‬‫א‬F‫א‬‫א‬
‫א‬‫א‬E ‫א‬‫א‬‫א‬‫א‬‫א‬ F
 K
‫א‬W   ‫א‬ ‫א‬ ‫א‬ 
‫א‬‫א‬‫א‬‫א‬F‫א‬
‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬
KE‫א‬‫א‬‫א‬
‫א‬‫א‬، W‫א‬‫א‬
W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬ ‫א‬‫א‬W 
K‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬،
 ‫א‬‫א‬‫א‬
((371))

 ‫א‬‫א‬‫א‬‫א‬
KE ‫א‬‫א‬‫א‬F
 ‫א‬‫א‬
‫א‬‫א‬
،‫א‬‫א‬‫א‬B.O.T
K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬B.O.T
F‫א‬‫א‬
KECost- benefit analysis‫א‬
،EKKK ‫א‬-
 F
 ‫א‬‫א‬
‫א‬‫א‬B.O.T
 ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
KE  ‫א‬F  ‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬
، ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬W
 ‫א‬
 W‫א‬‫א‬
‫א‬‫א‬‫א‬F
 ‫א‬‫א‬‫א‬‫א‬‫א‬
KE‫א‬
‫א‬Overdrafts
 ‫א‬ ‫א‬
K‫א‬
((372))
‫א‬‫א‬‫א‬‫א‬Third Parties ‫א‬‫א‬‫א‬
-‫א‬WF ‫א‬‫א‬‫א‬
KEKKK‫א‬-‫א‬
‫א‬‫א‬‫א‬‫א‬W ‫א‬
F‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
KE‫א‬‫א‬‫א‬
@ @‘†bÛa@kÜİ¾a
‫א‬‫א‬‫א‬
 WB.O.T
‫א‬‫א‬‫א‬‫א‬B.O.T
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 W،B.O.T
 KCommercial‫א‬‫א‬
K Technical‫א‬L‫א‬‫א‬
KEnvironmental‫א‬‫א‬
KFinancial‫א‬‫א‬
((373))
KEconomic‫א‬‫א‬
، ‫א‬‫א‬
‫א‬BOT
 ‫א‬‫א‬
 K
BOT
، ‫א‬‫א‬‫א‬
، ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬-
K ، ‫א‬‫א‬
 KL‫א‬‫א‬L

 ‫א‬‫א‬‫א‬‫א‬-
‫א‬L ، 
 ‫א‬
 KL‫א‬
‫א‬‫א‬‫א‬‫א‬-
، ‫א‬‫א‬‫א‬
L
  ‫א‬‫א‬‫א‬‫א‬ 
 KL‫א‬‫א‬
‫א‬L
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬-L‫א‬-‫א‬‫א‬‫א‬-‫א‬
BOT
،BOT‫א‬‫א‬‫א‬‫א‬
 W‫א‬
((374))
 K‫א‬‫א‬‫א‬‫א‬‫א‬
- ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
KL‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬
BOT
، ‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬ ‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬
 K‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬ K١
K‫א‬‫ א‬K٢
K‫א‬‫א‬‫א‬‫ א‬K٣
K‫א‬‫א‬‫א‬‫א‬‫א‬‫ א‬K٤
K‫א‬‫א‬‫א‬‫ א‬K٥
K‫א‬‫א‬‫א‬‫א‬‫ א‬K٦
K‫א‬‫א‬‫א‬‫א‬‫ א‬K٧
B.O.T
 ‫א‬‫א‬B.O.T
 ‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬L
((375))
 W،‫א‬‫א‬
‫א‬‫א‬L
 ‫א‬‫א‬
 K‫א‬
‫א‬‫א‬‫א‬‫א‬
K‫א‬
K
 ‫א‬‫א‬‫א‬‫א‬‫א‬
K
 ‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
- ‫א‬WF‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬- ‫א‬‫א‬-‫א‬
KE‫א‬KKK
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬
E ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬F‫א‬
Sensitivity Analysis‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬F‫א‬
 KEKK‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
  ‫א‬‫א‬
K ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬ B.O.T‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
((376))
B.O.T‫א‬‫א‬
 W‫א‬‫א‬
‫א‬F‫א‬‫א‬‫א‬‫א‬  K١
 ‫א‬ ‫א‬ ‫א‬ ‫א‬ ‫א‬ E   ‫א‬ 
 K‫א‬
E   ‫א‬ ‫א‬ ‫א‬F ‫א‬‫א‬‫א‬  ‫א‬  K٢
K ‫א‬
‫א‬‫א‬‫א‬F ‫א‬‫א‬‫א‬‫א‬‫א‬‫ א‬K٣
KE‫א‬
 ، ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ K٤
‫א‬‫א‬- ‫א‬F ‫א‬‫א‬ ‫א‬‫א‬
KE‫א‬
‫א‬‫א‬‫א‬‫א‬، ‫א‬‫א‬‫א‬‫א‬ K٥
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ K٦
K‫א‬‫א‬
‫א‬‫א‬‫א‬، ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ K٧
K‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬ K٨
K ‫א‬‫א‬‫א‬‫א‬ K٩
K‫א‬‫א‬‫א‬‫א‬ K١٠
‫א‬‫א‬‫א‬‫א‬ K١١
KE
 ‫א‬F
‫א‬ ‫א‬‫א‬B.O.T
 ‫א‬
K ‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬
((377))
B.O.T
 ‫א‬‫א‬‫א‬‫א‬
 W‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫ א‬K١
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ K٢
K‫א‬‫א‬‫א‬‫א‬
‫א‬ K٣
K‫א‬‫א‬‫א‬‫א‬ B.O.T
B.O.T
‫א‬،B.O.T‫א‬‫א‬‫א‬
B.O.T
 ‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬-
‫א‬‫א‬‫א‬L‫א‬،‫א‬‫א‬
KNet economic value،
‫א‬‫א‬‫א‬F‫א‬‫א‬‫א‬-
، ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬E‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 BOT‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬
‫א‬‫א‬F ‫א‬‫א‬‫א‬
‫א‬،EKK،  ‫א‬‫א‬،‫א‬
،‫א‬‫א‬‫א‬F ‫א‬‫א‬‫א‬‫א‬‫א‬
((378))
 KEK‫א‬،‫א‬،‫א‬
 ‫א‬NPV‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬Discount Rate
K‫א‬‫א‬‫א‬
‫א‬ ‫א‬‫א‬‫א‬‫א‬ 
‫א‬‫א‬‫א‬،‫א‬‫א‬
K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
KKK‫א‬–‫א‬–‫א‬‫א‬
‫א‬‫א‬
  ‫א‬‫א‬‫א‬‫א‬، ‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬،E ‫א‬‫א‬‫א‬‫א‬F
‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬
KNominal‫א‬‫א‬‫א‬‫א‬‫א‬
((379))
@ @ÉibÛa@kÜİ¾a
 ‫א‬
 B.O.T‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬
 W‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬ K١
K‫א‬‫א‬ K٢
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫ א‬K٣
‫א‬‫א‬‫א‬‫א‬‫א‬ K٤
K‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬
 W‫א‬
‫א‬‫א‬، ‫א‬ ‫א‬
 K
KL -L‫א‬
((380))
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬
K‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬LL
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬
 K‫א‬‫א‬‫א‬
BOT

 ‫א‬، ‫א‬ ‫ א‬ ‫ א‬‫ א‬‫ א‬ ‫ א‬-1
.   ‫א‬‫ א‬ ‫ א‬  ‫ א‬  

     ‫ א‬‫א‬  ‫ א‬ ‫ א‬  ‫ א‬ ‫ א‬ ‫ א‬   -2
K‫א‬
K‫ א‬ ‫ א‬‫ א‬‫ א‬-3
BOT
K(‫א‬‫ – א‬‫ – א‬‫א‬F W‫ א‬‫ א‬‫א‬‫ א‬-1
K‫ א‬‫א‬ ‫א‬ ‫ א‬-2
KE‫א‬‫ – א‬‫א‬‫ – א‬‫א‬‫ – א‬‫א‬F ‫א‬‫א‬ ‫ א‬-3
KE‫ א‬‫ – א‬‫ א‬‫א‬E‫א‬ ‫ א‬‫א‬-4
 KE‫ – א‬‫א‬‫א‬F‫ א‬‫א‬-5
 K‫א‬ ‫ א‬ -6
((381))
K‫ א‬‫ א‬ ‫ א‬‫א‬-7
KE‫ – א‬‫ – א‬‫א‬F ‫ א‬‫א‬-8
BOT
‫א‬‫ א‬‫א‬ ‫ א‬ ‫א‬ ‫א‬‫א‬ ‫ א‬  K١
E    F ‫ א‬   
K   ‫ א‬‫ א‬   ‫ א‬  K٢
‫א‬       ‫ א‬ ‫ א‬  K٣
‫א‬‫ א‬   ،‫ א‬
 ‫ א‬
    ‫ א‬ ‫ א‬ 
 ‫א‬ 
K‫א‬‫ א‬‫ א‬ ‫א‬‫א‬
  
   ‫ א‬ ‫א‬ ‫ א‬     ‫ א‬ ‫ א‬
   K٤
K‫א‬‫ א‬ 
  
 ‫א‬    ‫א‬     ‫ א‬   K٥
 K

   ‫א‬‫ א‬ ‫א‬ ‫ א‬‫א‬‫ א‬‫ א‬ K٦
     ‫ א‬ ‫ א‬ ‫ א‬
 ‫א‬‫א‬‫ א‬
      
 
K‫ א‬  ‫א‬  ‫ א‬  ‫א‬ ،‫ א‬
 K‫א‬‫א‬‫א‬‫א‬ K٧
‫א‬‫א‬‫א‬‫א‬‫א‬ K٨
 K‫א‬‫א‬
 K‫א‬ K٩
‫א‬‫א‬‫א‬‫א‬‫א‬ K١٠
 K
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫ א‬K١١
‫א‬ ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ K١٢
 K‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫ א‬K١٣
((382))
‫א‬‫א‬‫א‬‫א‬‫א‬  K١٤
 K‫א‬
‫א‬ ، ‫א‬‫א‬ K١٥
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬ K١٦
 K‫א‬
‫א‬‫א‬‫א‬ K١٧
 K
((383))
((384))
…
EBOTF‫א‬‫א‬‫א‬‫א‬EBOTF‫א‬
  ‫א‬       ‫א‬ ‫ א‬‫א‬
 ‫א‬    ‫ א‬ ‫ א‬
       ، ‫א‬ ‫ א‬     
، ‫ א‬    ‫ א‬           
  K ‫ א‬ ‫א‬‫ א‬
  ‫ א‬ ‫ א‬
        ،         ‫א‬
     
 ‫ א‬E ‫א‬F
 ‫ א‬ ‫ א‬ ‫א‬  ‫ א‬ ،‫א‬
 ‫א‬ 
   ‫א‬‫ א‬
      ، ‫ א‬   ‫ א‬ ‫א‬  ‫א‬ 
 ‫א‬
 ‫ א‬‫א‬     ‫א‬ K ‫ א‬ ‫א‬ ‫א‬
 ‫א‬ 
    ، ‫ א‬        ‫ א‬ ‫ א‬ 
 ‫ א‬
     ‫ א‬ ‫ א‬  
 ‫ א‬     
   ‫ א‬ ‫א‬

  ، ‫א‬  ‫ א‬
 ‫ א‬  ‫א‬‫ א‬     
  K‫ א‬‫א‬
 K
      ‫א‬‫ א‬  ‫ א‬‫ א‬ ‫א‬‫ א‬‫ א‬  

  ‫א‬ 
 ‫ א‬‫ א‬‫א‬EBOTF   ‫א‬‫ א‬  
      ‫ א‬ ‫ א‬‫ א‬ ‫א‬‫א‬‫ א‬ ‫ א‬ 
 ‫ א‬ K   ‫ א‬
 ‫א‬ 
      
   ‫א‬ 
 ‫א‬
.(WROLD TRADE ORGANIZATION E ‫ א‬ ‫ א‬ FE(EUROPEAN UNION

 
 ‫ א‬    
 WORLD BANK) F‫ א‬
 ‫א‬،EWTO)
‫א‬   ‫ א‬‫ א‬  K‫ א‬‫ א‬  ‫א‬
 K‫א‬‫א‬‫א‬‫א‬
 EBOTF‫א‬       
 
1996 UNITED NATION INDUSTRIAL DEVOLOPMENT
EBOTF ‫א‬‫א‬            ٣٨      
 
K‫א‬‫ א‬‫ א‬‫א‬ ‫א‬‫א‬ ‫א‬

   ‫ א‬ ‫ א‬   ‫א‬‫א‬‫ א‬
    
 ‫א‬ ‫ א‬    ‫א‬
K‫א‬  ‫ א‬‫ א‬    
B.O.T
‫א‬‫א‬ WE--F B.O.T‫א‬
((385))
 W‫א‬
    ‫א‬   ‫א‬ ‫א‬   ‫א‬ -١
 K٢٠‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬-٢
‫א‬‫א‬‫א‬‫א‬-٣
 K‫א‬‫א‬‫א‬Profit Sharing‫א‬
W‫א‬‫א‬‫א‬‫א‬‫א‬
  ‫א‬‫א‬ ‫א‬ ‫א‬     W ‫א‬ W
 
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬W 
 W‫א‬‫א‬‫א‬W 
 KE-‫א‬F‫א‬‫א‬
 K‫א‬‫א‬‫א‬
 K‫א‬‫א‬
 W‫א‬‫א‬W ‫א‬
‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬
 WE F‫א‬W 
K‫א‬‫א‬‫א‬
K‫א‬
 K‫א‬‫א‬‫א‬
 W‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬W 
‫א‬‫א‬‫א‬E٦-٤F‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬
K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
((386))
 W‫א‬‫א‬W 
 K‫א‬‫א‬‫א‬‫א‬-١
 K‫א‬‫א‬-٢
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬-٣
 K‫א‬‫א‬‫א‬‫א‬-٤
 K‫א‬‫א‬-٥
 W‫א‬‫א‬‫א‬W 
 K‫א‬‫א‬‫א‬-١
 K‫א‬‫א‬‫א‬‫א‬-٢
 ‫א‬‫א‬‫א‬-٣
 W‫א‬‫א‬‫א‬W 
 K‫א‬‫א‬‫א‬‫א‬-‫א‬‫א‬-١
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬-٢
 W‫א‬‫א‬W‫א‬
‫א‬‫א‬‫א‬‫א‬-١
 K‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬-٢
- ‫א‬- ‫א‬F‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬-٣
 KE‫א‬-‫א‬‫א‬-‫א‬-‫א‬
 K‫א‬‫א‬‫א‬-٤
 WE‫א‬‫א‬FW‫א‬W‫א‬
 K‫א‬‫א‬-١
 K‫א‬‫א‬‫א‬-٢
 K‫א‬‫א‬‫א‬‫א‬‫א‬-٣
K‫א‬‫א‬‫א‬‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬
((387))
 W‫א‬W‫א‬
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬-١
 K‫א‬‫א‬‫א‬‫א‬-٢
 K‫א‬‫א‬‫א‬‫א‬‫א‬-٣
 K‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬-٤
 ‫א‬‫א‬‫א‬‫א‬‫א‬-٥
 K‫א‬
  ‫א‬ ‫א‬ ‫א‬  ‫א‬ ‫א‬  ‫א‬ -٦
 KE‫א‬‫א‬–‫א‬‫א‬F‫א‬‫א‬‫א‬
 W‫א‬W‫א‬
 K‫א‬‫א‬‫א‬‫א‬-١
 K‫א‬‫א‬‫א‬‫א‬‫א‬-٢
‫א‬‫א‬‫א‬‫א‬-٣
 K‫א‬‫א‬‫א‬‫א‬‫א‬K‫א‬‫א‬‫א‬
 
((388))
،،‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬، ‫א‬‫א‬K K١
K٢٠٠٤‫א‬‫א‬،‫א‬
  ‫א‬ ‫א‬ ،   KK-
  ‫א‬  K K٢
K٢٠٠٧-٢٠٠٦،‫א‬‫א‬‫א‬‫א‬‫א‬، BOT
‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬KK- K K٣
٢٠٠٥‫א‬‫א‬،‫א‬–،‫א‬
‫א‬ ‫א‬، ‫א‬‫א‬، ‫א‬ ‫א‬، ‫א‬  ‫א‬ ‫א‬،   K K٤
K٢٠٠٠
  ‫א‬‫א‬  -‫א‬،  ‫א‬  ‫א‬  ،  ‫א‬  ‫א‬  ،     K K٥
K٢٠٠٥،
 ‫א‬، -   ‫א‬  ‫א‬، ‫א‬ ‫א‬ ،  ‫א‬   K٦
K٢٠٠٥،‫א‬
‫א‬،‫א‬،، ‫א‬‫א‬،K K٧
K٢٠٠٨-٢٠٠٧،‫א‬،‫א‬
 ‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬،٢٠٠٣،‫א‬‫א‬ K٨
‫א‬
K‫א‬،‫א‬‫א‬‫א‬، ٢٠٠٠‫א‬ K٩
K٢٠٠٣--‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬،‫א‬K K١٠
‫א‬‫א‬‫א‬‫א‬،K K١١
،‫א‬‫א‬  ‫א‬‫א‬‫א‬‫א‬،١٩٩٥K K١٢
K‫א‬
K٢٠٠٦،‫א‬،،‫א‬‫א‬‫א‬‫א‬،K K١٣
K٢٠٠٤-،‫א‬‫א‬‫א‬،‫א‬‫א‬،‫א‬ K١٤
K٢٠٠٠-١،‫א‬‫א‬‫א‬-‫א‬‫א‬،‫א‬ K١٥
K٢٠٠٤–‫א‬‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬، K١٦
K‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬ K١٧
‫א‬ ‫א‬، ‫א‬‫א‬  ‫א‬ ‫א‬ ‫א‬،  ‫א‬   ‫א‬ K K١٨
K٢٠٠٥–‫א‬
٢٠٠٢-‫א‬،‫א‬‫א‬،‫א‬K K١٩
‫א‬‫א‬– - ‫א‬‫א‬‫א‬‫א‬،‫א‬K،،K K٢٠
((389))
K١٩٩٣–-‫א‬
K٢٠٠٢–،‫א‬‫א‬‫א‬،،‫א‬‫א‬‫א‬ K٢١
‫א‬‫א‬،‫א‬‫א‬،‫א‬‫א‬،‫א‬ K٢٢
K١٩٨١–‫א‬،
K١٩٧٩،،‫א‬‫א‬،٣،‫א‬‫א‬،‫א‬K K٢٣
-
 ‫א‬،‫א‬ ،‫א‬‫א‬‫א‬‫א‬، ‫א‬
 K K٢٤
K١٩٧٩
،‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬‫א‬‫א‬،‫א‬ K٢٥
K١٩٩٧،‫א‬
K١٩٧٦–،‫א‬‫א‬‫א‬،‫א‬‫א‬ K٢٦
K‫א‬‫א‬‫א‬،‫א‬‫א‬‫א‬K K٢٧
K١٩٨٢،‫א‬‫א‬‫א‬،‫א‬‫א‬،‫א‬‫א‬ K٢٨
 ‫א‬-‫א‬‫א‬‫א‬،‫א‬‫א‬ K٢٩
. Arab-api.org/course2/c2-2htmhttp://www
((390))
 ‫א‬
 
 ٥  K K K K K K K K K K K K K K K K K K K K K K K K K K  
 ٣١  K K K K K K K K K K K K K K K K K K K K ‫א‬W‫א‬‫א‬
 ٤٣  K K K K K K K K K K K K K K K ‫א‬‫א‬W‫א‬‫א‬
 ٤٩  K K K K K K K K K K K K K ‫א‬‫א‬‫א‬W‫א‬‫א‬
 ٦٣  K K K K K K K K K K K K K K K K K ‫א‬‫א‬‫א‬W‫א‬‫א‬‫א‬
 ٦٧  K K K K K K K K K K K K K K K ‫א‬‫א‬‫א‬W‫א‬‫א‬
 ١١٣  K K K K K K K K K K K K ‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬
 ١٤١  K K K K K K K K K K K K K K K ‫א‬‫א‬‫א‬W‫א‬‫א‬
 ١٤٢  K K K K K K K K K K K K K K ‫א‬W‫א‬‫א‬
 ١٥٣  K K K K K K K K K K K K ‫א‬‫א‬‫א‬W‫א‬‫א‬
 ١٦١  K K K K K K K K K K K K K K K K ‫א‬W‫א‬‫א‬
 ١٦٥  K K K K K K K K K K K ‫א‬W‫א‬‫א‬
 ١٩٣  K K K K K K K ‫א‬‫א‬‫א‬W‫א‬‫א‬
 ٢٠١  K K K K K K K K K K ‫א‬‫א‬‫א‬W‫א‬‫א‬
 ٢٢٧  K K K K K K ‫א‬‫א‬‫א‬W‫א‬‫א‬
 W‫א‬‫א‬
 ٢٤٥  K K K K K ‫א‬‫א‬‫א‬‫א‬‫א‬‫א‬
 ٢٦٧  K K K K K K K K K K ?‫א‬‫א‬‫א‬?W‫א‬‫א‬‫א‬
 ٢٧٥  K K K K K‫א‬‫א‬‫א‬‫א‬W‫א‬‫א‬
 W‫א‬‫א‬
 ٢٨٩  K K K K K K E‫א‬F‫א‬‫א‬‫א‬‫א‬
 ٣١٧  K K K K K K K K K K K K K K K K ‫א‬‫א‬W‫א‬‫א‬
 ٣٢٧  K K K K K K K K K K K K K K ‫א‬W‫א‬‫א‬
((391))
 ٣٣٥  K K K K K K K K K K K K K K K K K ‫א‬W‫א‬‫א‬
 ٣٤٥  K K K K K K K K K K K K K K K K K B.O.TW‫א‬‫א‬
 ٣٤٥  K K K K K K K K K K K K KB.O.TW‫א‬‫א‬
 ٣٥٤  K K K K K K K K K K WB.O.T‫א‬‫א‬W‫א‬‫א‬
 ٣٥٦  K K K K K K K K K K K BOT‫א‬‫א‬W‫א‬‫א‬
 ٣٦٧  K K K K K K K K K K K K K K B.O.T‫א‬W‫א‬‫א‬‫א‬
 ٣٧٠  K K K K K K K K K K K K K K ‫א‬W‫א‬‫א‬
 ٣٧٣  K K K K K K K WB.O.T‫א‬‫א‬‫א‬W‫א‬‫א‬
 ٣٨٠  K K K K K K K K K K K K K K K K ‫א‬W‫א‬‫א‬
 ٣٨٥  K K K K K K K K K K K K K K K K K K K K K K K K …‫א‬
 ٣٨٩  K K K K K K K K K K K K K K K K K K K K ‫א‬‫א‬‫א‬
 
((392))

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‫ﲨﻴﻊ ﺍﳊﻘﻮﻕ ﳏﻔﻮﻇﺔ ﻟﺪﺍﺭ ﺭﺳﻼﻥ‬

Pre- Feasibility Study

‫א‬KKKK ‫א‬‫א‬‫א‬ ‫א‬

 ‫א‬‫א‬ ‫א‬‫א‬‫א‬‫א‬K١

‫א‬ ‫א‬ ‫א‬

Pricing Decisions W‫א‬‫א‬‫א‬‫א‬

Cost oriented pricing‫א‬‫א‬ •

Target pricing ‫א‬‫• א‬

Pricing For Economic ‫א‬‫א‬‫א‬W

K  ‫א‬‫א‬‫א‬‫א‬ W ‫א‬

 ٤{٣٥    ٢{٧٠    ١{٦٠    ١  ‫א‬

:‫א‬‫ א‬ J 

(Book  ‫א‬‫א‬ (Out of Pocket Costs) ‫א‬‫א‬(7)

 Retained Earning W‫א‬‫א‬ J١

‫א‬ ‫א‬ ‫א‬

 ١٠٠٠  ١٠٠٠  ٥٠٠  ‫א‬‫א‬‫א‬

‫א‬ ‫א‬‫א‬‫א‬ ‫א‬‫א‬ ‫א‬

 ٢٠ ٤٠ ٦٠ ٨٠ ١٠٠ ١٢٠ ١٤٠ ١٦٠ ١٨٠ ٢٠٠

‫א‬‫א‬‫א‬،E ‫א‬F 

Contribution Margin ‫א‬‫א‬ K١

Sales Volume ‫א‬ K٢

 WSales Volume‫א‬W 

KBreak Even on Cash basisW‫א‬‫א‬G

‫א‬ ‫א‬– ‫א‬

‫א‬E  ‫א‬‫א‬F‫א‬ 

 ‫א‬‫א‬H‫א‬‫ = א‬ ‫א‬‫א‬

 K?Pay back period Reciprocal?‫א‬‫א‬ J٤

  (Net Present Value (NPV) Model‫א‬‫א‬  J٥

: ‫א‬‫א‬‫א‬‫ א‬‫א‬‫ א‬K١

.  ‫א‬‫ א‬K٣

‫א‬ ‫א‬‫א‬ ‫א‬‫א‬ ‫א‬‫א‬

‫א‬‫א‬ ٢٧٠ ٤٠٠ ٦٠٠

‫א‬ ‫א‬‫א‬ ‫א‬‫א‬ ‫א‬‫א‬

‫א‬‫א‬‫א‬ ٩٥ ١٣٠ ١٦٠

‫א‬‫א‬ ٢٧٠ ٤٠٠ ٦٠٠

‫א‬‫א‬Z ٢{٨ ٣{٠٧  ٣{٧٥

‫א‬ E١F E٢F E٣F

‫א‬‫א‬‫א‬ ٢٧٠ ٤٠٠ ٦٠٠

Z ٣٠٠ ٤٦٠ ٧٠٠

‫א‬Z٢ ١٥٠ ٢٣٠ ٣٥٠

‫א‬ ١٥٠ ٢٣٠ ٣٥٠

‫א‬‫א‬Z ٪١٠ ٪١٩{٦ ٪١٧{١

‫א‬‫א‬ E٣F E١F E٢F

‫א‬‫א‬‫א‬      

‫א‬ (2) (1)

‫א‬ ‫א‬‫ א‬‫ א‬‫ א‬‫ א‬‫א‬

‫א‬‫א‬‫א‬   

‫א‬ E١F E٢F

‫א‬‫א‬‫א‬‫א‬ W ‫א‬‫א‬K

‫א‬‫ א‬ ‫א‬

‫א‬‫א‬١٠٠  ‫א‬‫א‬‫א‬

500 500 ‫א‬

190 150  ‫א‬

75 100  ‫א‬

365 400 ‫ א‬

‫א‬‫א‬‫א‬‫א‬‫ א‬ ‫א‬

‫א‬‫א‬‫א‬F‫א‬‫ א‬ ‫=א‬

‫א‬‫א‬‫א‬‫א‬   ‫א‬‫א‬

،‫א‬‫א‬‫א‬‫ א‬‫א‬‫א‬ K٥

 -‫א‬-‫א א‬‫א‬

(W) ‫א‬‫א‬‫א‬‫א‬‫א‬‫ א‬‫א‬K٧

‫א‬‫א‬‫א‬‫ א‬ ‫א‬‫א‬=

 ‫א‬‫א‬‫א‬‫א‬ ‫א‬‫א‬‫א‬