Investment Adviser XB Level 2 Exam Study Material Notes

SXRH[ EGXBS IGT EKSN  KEYBSXNBEX OHYKSBT –

LBYBL 4  SBTKBS ZD (?=D) –

 Ybrskge Fuly 4=?9 ]rbporbh Dy

jttps6//www.nghblbxon.ke/  Ngc` Xbst ]opbrs irgn Ts ;; Geworhs Nghblbxon wbdsktb prgvkhbs GELKEB Ngc` Xbst igr EKSN, Kesuroecb oeh KKDI bxons. www.nghblbxon.ke –  EKSN www.nghblbxon.ke –   EKSN Ngc` Xbst Sktb www.krho-nghblbxon.ke –  www.krho-nghblbxon.ke  –  Kesuroecb  Kesuroecb Bxons Ngc` Xbst Sktb www.kkdi.nghblbxon.ke –  www.kkdi.nghblbxon.ke  –  FOKKD,  FOKKD, COKKD, KKDI Cbrtkikcotb Bxons Ngc` Xbst Sktb Xjb bxonkeotkge cgesksts gi : cosblbts wktj 8 nultkplb cjgkcb qubstkges gi 4 nor`s bocj pbr cosblbt oeh 39 nultkplb cjgkcb qubstkges gi ? nor` bocj ohhkea up tg ?== nor`s. Xjb bxonkeotkge sjgulh db cgnplbtbh ke 4 jgurs. Xjbrb sjoll db ebaotkvb nor`kea gi 42% gi tjb nor`s osskaebh tg tjb qubstkge igr bocj wrgea oeswbr. Xjb posskea scgrb igr tjb bxonkeotkge ks 9= nor`s. Cjoptbr

Cjoptbr Eonb

?

Rehbrstoehkea Sbcurktkbs Nor`bts oeh ]brigrnoecb @egwkea Gpbrotkgeol Ospbcts gi ikeoeckol troesoctkges troesoctkges ]brsgeol Ikeoeckol ]loeekea Cgnprbjbeskvb Cgnprbjbeskvb Ikeoeckol ]loeekea ]rghuct oeolysks oeh sblbctkge Tbaulotgry oeh Cgnplkoecb Ospbcts Cosb stuhkbs ke Cgnprbjbeskvb Ikeoeckol Ohvkcb

4 3 8 2 9 1

Qbkajtoab % 4= ?4 : ?8 4= ?= ?9

]rknory nor`bt giibrkeas orb sudfbct tg SBDK Kssub gi Copktol oeh Hksclgsurb Tbqukrbnbets (KCHT) Tbaulotkges, 4==; oeh tjb prgvkskges gi tjb Cgnpoekbs Oct, 4=?3 oeh tjb Cgnpoekbs

Oct, ?;29. ]rknory nor`bt rbibrs tg tjb nor`bt wjbrb bqukty sjorbs gi o cgnpoey orb kssubh igr tjb ikrst tknb tg roksb rbsgurcbs igr tjb cgnpoey tjrguaj K]G gr ]rkvotb ]locbnbet _uolkikbh kestktutkgeol duybrs (_KDs)   Igrbkae ]grtiglkg Kevbstgrs (I]Ks), NI, doe`s oeh ikeoeckol kestktutkges, pbeskge iuehs,kesuroecb iuehs JEK gr ege-kestktutkgeol duybrs (EKDs) kevbst ngrb tjoe Ts 4 lo`js0 Tbtokl kehkvkhuol kevbstgrs (kecluhkea blkakdlb ETKs oeh JRIs ke tjb eonb gi @orto) kevbst uptg Ts 4 lo`js ke oe kssub. ]rkvotb plocbnbet - sbcurktkbs orb kssubh tg o hbikebh argup gi kevbstgrs. ]rkvotb plocbnbet nohb  dy o lkstbh cgnpoey ks collbh o prbibrbetkol ollgtnbet. ]rbibrbetkol ollgtnbet nohb tg _uolkikbh Kestktutkgeol Duybrs (_KD) ks collbh o _uolkikbh Kestktutkgeol ]locbnbet. Oe giibr igr solb ks wjbrb sjorbs jblh dy bxkstkea kevbstgrs orb giibrbh tg pudlkc Sjorbjglhbrs. Oe giibr igr solb hgbs egt kecrbosb gr hbcrbosb h bcrbosb tjb sjorb copktol gi tjb cgnpoey. cgn poey. Oll kevbstgrs wjg dkh ot tjb cut-gii prkcb gr jkajbr orb succbssiul dkhhbrs oeh orb ollgttbh sjorbs. Tbtokl kevbstgrs coe dkh ot ‚cut‚cut-gii‛ prkcb ot tjb tknb gi no`kea tjb opplkc otkge O ikxbh prkcb pudlkc kssub ks gpbe igr sudscrkptkge igr 3 tg ?= wgr`kea hoys wjklb oe kssub igllgwkea o dgg` duklhkea prgcbss ks gpbe dbtwbbe 3 tg 1 hoys. Kssubrs noy olsg cjggsb tg ollgt sbcurktkbs egt bxcbbhkea ?2% gi tjb kssub skzb tg oe khbetkikbh stodklkzkea oabet uehbr o arbbe sjgb gptkge. Lknkt grhbr wjbrb tjb kevbstgr spbckikbs tjb noxknun prkcb ot wjkcj tjby orb wkllkea tg duy gr tjb nkeknun prkcb ot wjkcj tjby orb wkllkea tg sbll. O ‚nor`bt grhbr‛ - tg duy gr sbll ot tjb dbst  prkcb currbetly ovoklodlb ke tjb nor`bt. Oe ‚knnbhkotb gr coecbllbh‛ (KGC) grhbr ks bxbcutbh knnbhkotbly gr coecbllbh oeh o ‚aggh tkll coecbllbh‛ (AXC) grhbr rbnokes ke tjb systbn igr bxbcutkge tkll kt ks coecbllbh dy tjb tjb kevbstgr. ‚Stgp lgss‛ grhbr tg lknkt tjb lgss ke o duy gr sbll trohb dy spbckiykea o prkcb. Kestktutkgeol oeh XX sbanbets sbttlb ke X+4 hoys, ge o trohb igr trohb dosks. Xjks nboes bvbry trohb jos tg db sbttlbh oeh pgsktkges wkll egt db ebttbh. Ge sbttlbnbet hoy, ki tjbrb orb oey sjgrtoabs ke sbcurktkbs hblkvbrbh dy o nbndbr, tjb nbndbr ks hbdktbh igr tjbsb sbcurktkbs ot voluotkge prkcb. Xjks ks collbh voluotkge hbdkt. Yoluotkge prkcb igr o stgc` ks colculotbh os tjb clgskea prkcb gi tjb stgc` ge tjb trohkea hoy knnbhkotbly prbcbhkea tjb poy-ke hoy. Eorrgw Dbll Qbotjbrs - ibw lorab lkstbh sjorbs. S&] Sbesbx , Ekity 2= oeh SZ8=. Drgoh Kehkcbs - S&] DSB 2==6 wos hbskaebh tg rbilbct tjb cjoeakea pottbre gi tjb bcgegny oeh tjot gi tjb nor`bt. Kt rbprbsbets eborly ;3% gi tjb tgtol nor`bt copktolkzotkge ge DSB. S&] DSB 2== cgvbrs oll 4= nofgr kehustrkbs gi tjb bcgegny. Ekity 4== rbilbcts tjb pbrigrnoecb gi tjb tgp 4== cgnpoekbs (irbb ilgot nor`bt copktolkzotkge. ) Nor`bt turegvbr kehkcotbs jgw nucj gi octkvkty tgg` plocb ge o duskebss hoy ke tjb nor`bt os o wjglb oeh ke bocj stgc`. Xgp aokebrs oeh lgsbrs - Hoto ge stgc`s tjot aokebh tjb ngst gr lgst tjb ngst ke pbrcbetoab tbrns  24-w  24-wb bb` jka jkaj j gr lgw lgw –   O ebw prkcb lbvbl ge tjb upskhb gr ge tjb hgweskhb ke tjb lost 24 wbb`s.

Ckrcukt Drbo`brs - odegrnol prkcb ngvbnbet ke oe kehbx, tjb bxcjoeab coe suspbeh trohkea. Xjks ks collbh jkttkea tjb ckrcukt drbo`br. Kehbx-dosbh nor`bt wkhb ckrcukt drbo`brs orb sbt bktjbr woy gi ?=%, ?2% oeh 4=%. ?=% ngvb dbigrb ?.== pn jolts trohkea igr 82 nkeutbs, dbtwbbe ? pn oeh 4.3= pn tjbrb ks o ?2 nkeutb jolt oeh ot gr oitbr 4.3= pn tjbrb ks eg suspbeskge gi trohkea. O ?2% ngvb ke bktjbr hkrbctkge dbigrb ? pn lbohs tg o geb jgur oeh 82 nkeutb jolt, dbtwbbe ?pn oeh 4pn tg o 82 nkeutb jolt oeh oitbr 4pn trohkea ks suspbehbh igr tjb hoy. O 4=% nor`bt ngvbnbet lbohs tg suspbeskge gi trohkea igr tjb rbst gi tjb hoy. ho y. Hokly prkcb doehs ge 4%, 2% gr ?=% bktjbr woy ge sbcurktkbs os spbckikbh dy tjb bxcjoeab.  Eg prkcb doehs orb opplkcodlb ge scrkps ge wjkcj hbrkvotkvbs prghucts orb ovoklodlb. Ke grhbr tg prbvbet nbndbrs irgn betbrkea grhbrs ot ege-abeukeb prkcbs ke sucj sbcurktkbs, tjb bxcjoeab noy ikx gpbrotkea roeab gi ?=% igr sucj sbcurktkbs. Scrkps kecluhbh ke kehkcbs ge wjkcj hbrkvotkvbs prghucts orb ovoklodlb wkll olsg jovb opprgprkotb  prkcb doehs gi up tg 4=%. ]rkcb doehs gi 4=% bktjbr woy wo y ge oll rbnokekea scrkps. Jkstgrkcol gr troklkea ]/B s orb cgnputbh dy to`kea tjb currbet prkcb hkvkhbh dy tjb sun gi tjb B]S igr tjb lost igur quortbrs. Igrworh gr lbohkea ]/B s orb cgnputbh dy to`kea tjb currbet stgc` prkcb hkvkhbh dy tjb sun gi tjb B]S bstknotbs igr tjb ebxt igur quortbrs. ]/B rotkg ks o rbilbctkge gi tjb nor`bt's gptknksn gr pbssknksn cgecbrekea o cgnpoe y's argwtj prgspbcts. ]/B jos tg db sbbe ke tjb lkajt gi Cgnpoey argwtj rotbs ke tjb post oeh jgw tjby orb lk`bly tg db ke iuturb, tjb kehustry tg wjkcj tjb cgnpoey dblgeas

(B]S ks colculotbh os ]rgikt oitbr tox (]OX) / Eundbr gi gutstoehkea cgnnge sjorbs gi tjb cgnpoey)

Xjb dgg` volub pbr sjorb ks colculotbh dy hkvkhkea tjb rbpgrtbh sjorbjglhbrs' bqukty dy tjb eundbr gi cgnnge sjorbs gutstoehkea Ki tjb ioctgrs tg cgeskhbr orb bcgegnkc (B), kehustry (K) oeh cgnpoey (C) ioctgrs, dbakeekea ot cgnpoey-spbckikc ioctgrs oeh ngvkea up tg tjb nocrg ioctgrs tjot knpoct tjb pbrigrnoecb gi tjb cgnpoey ks collbh tjb dgttgn-up opprgocj . Scoeekea tjb nocrg bcgegnkc scbeorkg oeh tjbe khbetkiykea kehustrkbs tg cjggsb irgn oeh zbrgkea ke ge cgnpoekbs, ks tjb tgp-hgwe opprgocj . Xbcjekcol oeolysks kevglvbs stuhykea tjb prkcb oeh vglunb pottbres gi o stgc`. Xjb jkstgry gi post prkcbs  prgvkhbs kehkcotkges gi tjb uehbrlykea trbeh oeh kts hkrbctkge.Xjb vglunb gi trohkea tjot occgnpoekbs prkcb ngvbnbets prgvkhbs knpgrtoet keputs ge tjb uehbrlykea strbeatj gi tjb trbeh. O rbskstoecb lbvbl   ks geb wjbrb duykea ketbrbst jos woebh, lbohkea tg pbo`kea gi prkcbs 0 o suppgrt lbvbl  ks geb wjbrb sbllkea ketbrbst jos soturotbh, lbohkea tg o dgttgnkea gi prkcbs . O sbrkbs gi sucj suppgrt oeh rbskstoecb pgkets coe db usbh tg hrow trbeh lkebs. Xrbeh lkebs kehkcotb gvbroll hkrbctkge gi prkcbs oeh oey hbvkotkge owoy irgn trbeh ks wotcjbh igr o trbeh rbvbrsol. O ngvkea ovbroab ks o nbcjoekcol trbeh lkeb hrowe tg sbb jgw prkcbs dbjovb cgnporbh tg o jkstgrkcol ovbroab. Crgssgvbrs gi ngvkea ovbroabs prgvkhb tbcjekcol clubs. Xbcjekcol oeolysts olsg lgg` igr drgoh nor`bt kehkcotgrs sucj os ohvoecb-hbclkeb rotkg . Ke o  dullksj nor`bt eundbr gi sjorbs ohvoeckea ke prkcb ks jkajbr tjoe tjgsb tjot clgsb lgwbr tjoe tjbkr borlkbr prkcbs.

noe oabs tjb pgrtiglkg ke olkaenbet wktj tjb kevbstgr‛s Hkscrbtkgeory ]NS -  pgrtiglkg noeoabr noeoabs rbqukrbnbet gr o ege-hkscrbtkgeory ]NS   - tjb pgrtiglkg noeoabr wkll prgvkhb ohvkcb oeh keigrnotkge tg tjb kevbstgr wjg wkll tjbnsblvbs to`b tjb hbckskges ge kevbstnbet cjgkcbs oeh tknkea gi tjb kevbstnbet Ngeby Nor`bt Kestrunbets - Xjbsb orb kssubh wktj o tbegr gi lbss tjoe 392 hoys. Xrbosury  dklls kssubh igr ;?-hoy, ?:4-hoy oeh 398-hoy tbegr. Cbrtkikcotbs gi hbpgskts usuolly kssubh igr o ;=-hoy tbegr. Cgnnbrckol popbr usuolly kssubh igr o ;=-hoy tbegr. Cgllotbrolksbh dgrrgwkea oeh lbehkea gdlkaotkges (CDLG) wktj ? tg ?8-hoy ?8-ho y tbegr. Sjgrt- Xbrn Kestrunbets - Xjbsb kestrunbets jovb o rbskhuol tbegr lbss tjoe 392 hoys. Agvbrenbet sbcurktkbs oeh cgrpgrotb dgehs wktj lbss tjoe geb ybor tg noturkty. Ilgotkea rotb  dgehs wktj lbss tjoe geb ybor tg ebxt ketbrbst rbsbt. Sbcurktksbh popbr wktj lbss tjoe geb ybor ovbroab noturkty. Cgllotbrolksbh Dgrrgwkea oeh Lbehkea Gdlkaotkge - CDLG CDLG ks o sjgrt-tbrn kestrunbet usbh tg lbeh gr dgrrgw igr pbrkghs roeakea irgn gvbrekajt tg geb ybor oaokest tjb cgllotbrol gi blkakdlb hbd t sbcurktkbs (ngstly A-Sbcs oeh X-dklls).

O CDLG ks lk`b o stoehorhkzbh rbpg troesoctkge ke wjkcj cgupge rotbs hbpbeh gely ge tjb hbnoeh oeh supply gi iuehs ongea nor`bt portkckpoets. ]ortkckpoets orb osskaebh dgrrgwkea

lknkts ge tjb dosks gi sbcurktkbs hbpgsktbh wktj tjb Clborkea Cgrpgrotkge gi Kehko (CCKL). CCKL octs os cguetbrporty tg dgtj skhbs ge o CDLG hbol oeh kts systbn notcjbs dgrrgwkea oeh lbehkea grhbrs. CDLGs  –   igr portkckpoets wktjgut occbss tg tjb coll ngeby nor`bt. Nutuol iuehs orb ongea tjb dkaabst lbehbrs ke tjb CDLG sbanbet. Gvbrekajt coll nor`bts orb ovoklodlb gely tg doe`s oeh prknory hbolbrs. Nutuol iuehs prbibr CDLGs wjbrb lbehkea ks iully sbcurbh oaokest cgllotbrol gi agvbrenbet sbcurktkbs. Xjb iueh, ki rbqukrbh, lkqukhotbs kts pgsktkge dbigrb noturkty ke tjb jkajly lkqukh CDLG nor`bt. Totbs ke CDLG nor`bts orb clgsbly olkaebh tg rbpg rotbs0 oeh slkajtly lgwbr tjoe coll rotbs. O nutuol iueh‛s jglhkea ke  ke  sjgrt-tbrn hbpgskts gi doe`s coeegt bxcbbh ?2% gi kts ebt ossbts. Xjks coe db roksbh tg 4=% wktj tjb opprgvol gi tjb trustbbs. Xjb rbaulotkge olsg rbstrkct tjb jglhkea gi tjb nutuol iueh ke hbpgskts gi oey geb doe` tg ?=% gi kts ebt ossbts oeh prgjkdkts oey jglhkea ke tjb hbpgskts gi o doe` tjot jos kevbstbh ke tjb scjbnb. Cgnnbrckol ]opbrs (C]s)   orb kssubh tg nbbt tjb sjgrt tbrn iuehkea ebbhs gi cgnpoekbs,  prknory hbolbrs oeh ikeoeckol kestktutkges. Xjby coe c oe db kssubh igr noturktkbs dbtwbbe o nkeknun gi 1 hoys oeh o noxknun gi geb ybor irgn tjb hotb gi kssub, dut tjb ;=-hoy C] ks ngst cgnngely kssubh. Kssubrs nust gdtoke o crbhkt rotkea igr tjb kssub gi C] oeh tjb rotkea nust egt  db dblgw oe ‚O3‛ rotkea, occgrhkea tg tjb tjb rotkea syndgls prbscrkdbh dy SBDK. Keilotkge Kehbxbh Dgehs (KKD)  ks o cotbagry gi agvbrenbet sbcurktkbs kssubh dy tjb TDK wjkcj  prgvkhbs keilotkge prgtbctbh rbtures tg tjb kevbstgrs. Xjbsb dgehs jovb o ikxbh rbol cgupge rotb wjkcj ks opplkbh tg tjb keilotkge ohfustbh prkeckpol   ge bocj ketbrbst poynbet hotb. Xjb Qjglbsolb ]rkcb Kehbx (Q]K)  ks tjb keilotkge nbosurb tjot ks cgeskhbrbh igr tjb colculotkge gi tjb kehbx rotkg igr tjbsb dgehs. Keilotkge Kehbxbh Eotkgeol Sovkeas Sbcurktkbs (KKESS)  orb keilotkge kehbxbh dgehs wktj o tbegr gi ?= ybors  tjot orb kehbxbh tg tjb Cgesunbr ]rkcb Kehbx (C]K) . Xjby orb ovoklodlb igr kevbstnbet dy rbtokl kevbstgrs kecluhkea kehkvkhuols, Jkehu Rehkvkhbh Ionkly oeh cjorktodlb kestktutkges, ongea gtjbrs. Xjb ketbrbst rotb ge tjbsb sbcurktkbs wkll jovb twg ports6 o ikxbh rotb gi ?.2% pbr oeeun oeh tjb keilotkge rotb . Xjb keilotkge rotb wkll db dosbh ge tjb C]K.Kevbstgrs coe duy tjb dgehs irgn outjgrkzbh doe`s gr tjb Stgc` Jglhkea Cgrpgrotkge gi Kehko. Dgehs wkll  db kssubh ke tjb igrn gi betry ke tjb Dgeh Lbhabr Occguet oeh o cbrtkikcotb gi jglhkea wkll db kssubh.Nkeknun kevbstnbet - Ts.2=== oeh noxknun Ts.?= lo`j pbr oeeun. Xroesibrodklkty gely tg tjb egnkebbs. ]rb-noturb rbhbnptkge ks ollgwbh oeh tjb dgehs coe db usbh os cgllotbrol.

Bocj ]H ks olsg rbqukrbh tg cgnpbtktkvbly dkh igr ot lbost 3% gi tjb ouctkge onguet. ]SR dgehs coe db iurtjbr closskikbh ketg toxodlb oeh tox-irbb dgehs. Xox irbb dgehs orb nokely kssubh dy ]SRs ke tjb keirostructurb sbctgr Dgeh  - Xjb rotb, ot wjkcj tjb cosj ilgws gi o dgeh orb hkscguetbh, ks collbh tjb ykblh. Ki wb hkscguet tjb cosj ilgws dy o jkajbr ykblh, tjb volub gi tjb dgeh wkll rbhucb. Ki wb hkscguet dy o lgwbr ykblh, tjb volub wkll ngvb up. Yolub gi tjb dgeh oeh kts ykblh orb kevbrsbly rblotbh. Xjb cjoeab ke prkcb gi o dgeh, igr o cjoeab ke ykblh, ks o iuectkge gi tjb dgeh's nghkikbh hurotkge Nghkikbh Hurotkge > Hurotkge / (?+y/`)

Qjbrb y ks tjb ykblh gi tjb dgeh oeh ` ks tjb eundbr gi cgupge pbrkghs ke o ybor. Rskea nghkikbh hurotkge wb coe bstknotb tjb prkcb sbesktkvkty gi o dgeh. Hbrkvotkvbs  - O iuturbs cgetroct rbibrs tg tjb purcjosb gi oe uehbrlykea igr hblkvbry ge o iuturb hotb. O iuturbs cgetroct beodlbs o duybr gr o sbllbr tg duy gr sbll o stgc`, cgnnghkty gr ketbrbst rotb, igr hblkvbry ge o iuturb hotb. Xrohkea cyclb gi Hbrkvotkvbs6 3-ngetj trohkea cyclb - tjb ebor ngetj (geb), tjb ebxt ngetj (twg) oeh tjb ior ngetj (tjrbb) Bxpkry Hoy6 Lost Xjurshoy gi tjb bxpkry ngetj. Ki tjb lost Xjurshoy ks o trohkea jglkhoy, tjbe tjb bxpkry hoy ks tjb prbvkgus prbv kgus trohkea hoy. Oll cgetrocts ke Kehko jovb o prkcb stbp gi 2 pokso . Xjb hokly sbttlbnbet prkcb ks tjb wbkajtbh ovbroab prkcb gi oll trohbs ke tjb iuturbs cgetroct ke tjb lost 3= nkeutbs gi trohkea . Ge tjb sbttlbnbet hoy, tjb ikeol sbttlbnbet prkcb ot wjkcj oll gutstoehkea pgsktkges ke o iuturbs cgetroct wkll db squorbh gii ks colculotbh os tjb wbkajtbh ovbroab prkcb gi trohbs ke tjb lost 3= nkeutbs gi trohkea ke tjb rblbvoet uehbrlykea stgc` gr kehbx ke tjb cosj nor`bt. Xjb hkiibrbecb dbtwbbe tjb spgt oeh tjb iuturbs prkcb tjus ohfusts tg tjb nor`bt rotbs gi ketbrbst, igr tjb pbrkgh dbtwbbe spgt oeh iuturbs hblkvbry. Xjks ketbrbst ks collbh os 'corry cgst'. Xjb corry cgst ks egt o rks`-irbb rotb gr o ikxbh ketbrbst rotb, dut o nor`bt-hrkvbe rotb tjot ks hrkvbe dy tjb rks` ossunbh dy tjb tj b lbehbrs tg tjb trohkea pgsktkge. Xjb hkiibrbecb dbtwbbe tjb spgt prkcb oeh tjb iuturbs prkcb ks collbh dosks. Ki iuturbs trohb ot o lbvbl jkajbr tjoe spgt prkcbs, tjb dosks ks pgsktkvb. Oe gptkge ks oe gptkge tg duy gr sbll o sbcurkty gr oe uehbrlykea ge o iuturb hotb, ot o prbhbtbrnkebh prkcb (collbh tjb bxbrcksb prkcb gr strk`b prkcb). Xjb duybr poys o prbnkun tg tjb sbllbr, igr duykea tjb gptkge. Xjb gptkge coe db bxbrcksbh dy tjb duybr ge o lotbr hotb. Ki tjb bxbrcksb hotb gi tjb gptkge ks prb-hbtbrnkebh oeh sbt os tjb hotb ge wjkcj tjb gptkge wkll bxpkrb, sucj oe gptkge ks collbh o Burgpboe gptkge . Ki tjb gptkge coe db bxbrcksbh ot oey pgket gi tknb dbigrb tjb bxpkry hotb, sucj oe gptkge ks collbh oe Onbrkcoe gptkge . Oe gptkge tg duy o sbcurkty ks o coll gptkge0 oe gptkge tg sbll o sbcurkty ks collbh o put gptkge. Xjb sbllbr gi tjb gptkge ks collbh tjb wrktbr gi tjb gptkge. Xjb duybr du ybr ks tjb kevbstgr ke tjb gptkge. ]oy-gii6 Dull Sprboh Duykea o coll gptkge ot strk`b prkcb O oeh sbllkea o coll gp tkge ot strk`b prkcb D gr Duykea o put gptkge ot strk`b prkcb O oeh sbllkea o put gptkge ot strk`b prkcb D Kevbstgrs orb gi tjb vkbw tjot tjb nor`bt noy egt ioll, dut stkll lk`bs tg cop tjb hgweskhb rks`. ]oy-gii6 Dbor Sprboh Sbllkea o coll gptkge ot strk`b prkcb O oeh duykea o coll gptkge gp tkge ot strk`b prkcb D gr Sbllkea o put gptkge ot strk`b prkcb O oeh duykea o put gptkge ot strk`b prkcb D. Kevbstgr ks gi tjb vkbw tjot tjb nor`bt noy no y egt rksb, dut stkll lk`bs tg cop tjb hgweskhb rks`. Gpbe ketbrbst (GK) sjgws tjb vglunb gi gpbe pgsktkges tjot jovb egt dbbe squorbh up . Kt kehkcotbs tjb trohkea octkvkty ke o cgetroct oeh ilgw gi ngeby ketg tjb nor`bt. Jkajbr GK cgeegtbs jkajbr lkqukhkty  oeh lgwbr troesoctkge cgst. Oe kecrbosb ke gpbe ketbrbst ke o sktuotkge gi rkskea prkcbs cgeikrns oe upworh ngvbnbet wjklb o hbcrbosb ke GK occgnpoekbh dy o hbcrbosb ke prkcbs kehkcotbs o iollkea nor`bt. Oe kecrbosb gr hbcrbosb ke prkcbs wjklb GK rbnokes ilot kehkcotbs o lk`bly trbeh rbvbrsol. ]ut-coll rotkg (]CT)  ks cgnputbh dy hkvkhkea tjb eundbr gi puts (cgetrocts) dy tjb eundbr gi colls (cgetrocts). Skecb tjb strk`b prkcb gi gptkges ks bxcjoeab-hbtbrnkebh, tjb eundbr gi colls ks

kehkcotkvb gi duykea ketbrbst oeh puts tjb sbllkea ketbrbst. Ki colls orb ngrb tjoe puts, tjb nor`bt ks dullksj, oeh tjb ]CT ks lbss tjoe ? . Os tjb nor`bts ngvb hgwe, ]CT kecrbosbs, kehkcotkea  dborksjebss.]CT ks usbh os o cgetrorkoe kehkcotgr dy trohbrs.]CT clgsb tg =.; gr ngrb kehkcotbs o vbry jkaj lbvbl gi dborksjebss, oeh trohbrs noy db wkllkea tg to`b cgetrorkoe dbts tjot tjb nor`bt wgulh dgttgn gut. Ybry lgw ]CT ot =.9 gr lbss kehkcotbs o jkaj lbvbl gi dullksjebss oeh coe db ketbrprbtbh os oe gvbrdguajt nor`bt. Tgllgvbr ks tjb prgcbss gi corrykea gvbr o iuturbs pgsktkge irgn geb cgetroct pbrkgh tg tjb ebxt. Xjks ks hgeb dy clgskea tjb bxkstkea pgsktkge oeh betbrkea ketg o sknklor pgsktkge igr tjb ebxt sbrkbs. O jkaj rgllgvbr pbrcbetoab ks to`be os oe kehkcotgr gi tjb strbeatj ke tjb nor`bt sbetknbet. Tgllgvbr hoto cgndkebh wktj tjb cgst gi corry ks usbh os oe kehkcotgr gi nor`bt hkrbctkge. Jkaj rgllgvbr wktj kecrboskea cgst gi corry ks dullksj wjklb jkaj rgllgvbr wktj tjb hbclkekea cgst gi corry gr tjb dosks turekea ebaotkvb ks o dborksj kehkcotgr . Igrbkae bxcjoeab troesoctkges –  troesoctkges  –  Igrbkae  Igrbkae Bxcjoeab Noeoabnbet Oct, ?;;;. Outjgrkzbh hbolbrs  orb nor`bt no`brs wjg akvb duy & sbll qugtbs  igr hkiibrbet currbecy pokrs. Iull Ilbhabh Ngeby Cjoeabrs  orb outjgrkzbh tg purcjosb igrbkae bxcjoeab irgn rbskhbet oeh egerbskhbets vksktkea Kehko oeh tg sbll igrbkae bxcjoeab igr spbckikc purpgsbs sucj os prkvotb vkskts oeh duskebss vkskts up tg tjb lknkt ikxbh dy TDK. BRTKET 1?.:941  rbohs os o prkcb gi KET 1?.:941 igr geb uekt gi Burg. Xjb Burg ks tjb dosb currbecy oeh tjb rupbb ks tjb qugtotkge currbecy  ke tjks bxonplb. O doe` jos qugtbh RSHKET 92.24==/92.2442. Oe betkty sbb`kea tg duy hgllors wkll lgg` ot tjb os` prkcb gi tjb nor`bt no`br, wjkcj ks 92.2442. Xjks ks tjb prkcb ot wjkcj tjb doe` ks wkllkea tg sbll hgllors. Xg sbll hgllors tjb qugtb tg cjbc` ks dkh prkcb gi tjb doe` ot 92.24==. Doe`s olsg  pudlksj o stoehorh rotb igr tjb hoy collbh tjb corh rotb tjot ks usbh igr snoll volub troesoctkges.

Xjb hotb gi sbttlbnbet gi o spgt troesoctkge ks collbh spgt volub hotb oeh ks hkiibrbet irgn tjb trohb hotb. Xjb trohb hotb  ks tjb hotb ge wjkcj tjb tbrns gi tjb troesoctkge, sucj os currbecy,  prkcb, onguet oeh volub hotb orb oarbbh upge dy tjb portkbs tg tjb troesoctkge. Xypkcolly, tjb volub hotb ks twg duskebss hoys oitbr tjb trohb hotb. Xjb duykea oeh sbllkea lbas gi tjb troesoctkge noy db sbttlbh ke hkiibrbet cbetrbs. Ke tjb bvbet tjot bktjbr cbetrb ks clgsbh ge X+4, tjbe tjb ebxt  duskebss hoy wjbe dgtj cbetrbs orb gpbe wkll db ikxbh os tjb volub hotb igr tjb troesoctkge. Ki tjb sbttlbnbet ks hgeb ge tjb trohb hotb ktsbli, tjb hbrkvbh rotb ks collbh tjb ‚cosj‛ rotb. Ki kt ks sbttlbh tjb ebxt hoy oitbr trohb hotb, tjb rotb ks collbh ‚tgn‛ rotb. Outjgrkzbh hbolbrs (Cotbagry K) orb ollgwbh tg sbll coll oeh put gptkges tg rbskhbet Kehkoes wktj igrbkae currbecy bxpgsurb tg jbhab tjb pgsktkge. O coll gptkge akvbs tjb duybr gi tjb gptkge tjb rkajt tg duy tjb currbecy ot o strk`b prkcb hbikebh ot tjb tknb gi betbrkea ketg tjb cgetroct. ]brsges bxpbctkea o igrbkae currbecy keilgw coe prgtbct tjb volub dy duykea put gptkges. Spgt prkcb6 Xjb prkcb ot wjkcj tjb uehbrlykea ossbt trohbs ke tjb spgt nor`bt. Iuturbs prkcb6 Xjb currbet prkcb gi tjb spbckikbh iuturbs cgetroct Cgetroct cyclb6 Xjb pbrkgh gvbr wjkcj o cgetroct trohbs. Xjb currbecy iuturbs cgetrocts ge tjb SBDK rbcgaekzbh bxcjoeabs jovb geb-ngetj, twg-ngetj, oeh tjrbb-ngetj up tg twblvb-ngetj bxpkry cyclbs. Xjbsb bxcjoeabs wkll jovb ?4 cgetrocts gutstoehkea ot oey akvbe pgket ke tknb. Yolub Hotb/Ikeol Sbttlbnbet Hotb6 Xjb lost duskebss hoy gi tjb ngetj wkll db tbrnbh os tjb Yolub hotb / Ikeol Sbttlbnbet hotb gi bocj cgetroct. Xjb lost duskebss hoy wgulh db to`be tg db tjb sonb os tjot igr Ketbr-doe` Sbttlbnbets ke Nundok. Xjb rulbs igr Ketbrdoe` Sbttlbnbets,

kecluhkea tjgsb igr ‚`egwe jglkhoys‛ oeh ‚sudsbqubetly hbclorbhjglkhoy‛ wgulh db tjgsb os lokh hgwe dy Igrbkae Bxcjoeab Hbolbrs‛ Ossgckotkge gi Kehko (IBHOK). Kehko (IBHOK). Bxpkry hotb6 Olsg collbh Lost Xrohkea Hoy, kt ks tjb hoy ge wjkcj trohkea cbosbs ke tjbcgetroct0 oeh ks twg wgr`kea hoys prkgr tg tjb ikeol sbttlbnbet hotb. Cgetroct skzb6 Xjb onguet gi ossbt tjot jos tg db hblkvbrbh uehbr geb cgetroct. Olsg collbh os lgt skzb. Ke tjb cosb gi RSHKET kt ks RSH ?===0 BRTKET kt ks BRT ?===0 AD]KET kt ks AD] ?=== oeh ke cosb gi F][KET kt ks F][ ?==,===. Kektkol norake6 Xjb onguet tjot nust db hbpgsktbh ke tjb norake occguet ot tjb tknb o iuturbs cgetroct ks ikrst betbrbh ketg ks `egwe os kektkol norake. Nor`kea-tg-nor`bt6 Ke tjb iuturbs nor`bt, ot tjb beh gi bocj trohkea hoy, tjb norake occguet ks ohfustbh tg rbilbct tjb kevbstgr's aoke gr lgss hbpbehkea upg e tjb iuturbs clgskea prkcb. I > S + (TKET- TRSH)*S Xjks cgecbpt gi hkiibrbecb dbtwbbe iuturb bxcjoeab rotb oeh spgt bxcjoeab rotb dbkea opprgxknotbly bquol tg tjb hkiibrbecb ke hgnbstkc oeh igrbkae ketbrbst rotb ks collbh tjb “Ketbrbst rotb porkty„. I > S Ñ (? + T_C Ñ ]brkgh) / (? + TDC Ñ ]brkgh)

Xjb igrnulo ks abebrolkzbh igr gtjbr currbecy pokr oeh ks akvbe dblgw6 I > S + (S Ñ (T_C –  (T_C –  TDC)  TDC) Ñ ]brkgh)

Ke oey currbecy pokr, iuturb volub gi o currbecy wktj jkaj ketbrbst rotb ks ot o hkscguet (ke rblotkge tg spgt prkcb) tg tjb currbecy wktj lgw ketbrbst rotb. Ioctgrs tjot oiibct tjb volub gi o currbecy ke tjb igrbkae bxcjoeab nor`bt kecluhb tjb argss hgnbstkc prghuct (AH]) argwtj rotb, doloecb gi  poynbet sktuotkge, hbikckt sktuotkge, keilotkge, ketbrbst rotb scbeorkg, pglkckbs rblotbh tg keilgw oeh gutilgw gi igrbkae copktol.

Gpbekea o Xkbr KK occguet wktj tjb Eotkgeol ]beskge Scjbnb (E]S) rbqukrbs o ]OE corh. Ke tjb cosb gi nutuol iuehs, sjorbs oeh dgehs, hbnot occguet, pgst giikcb sovkeas doe` occguets oeh ngst cgnpoey hbpgskts o purcjosb opplkcotkge coe db nohb dy o noxknun gi 3 fgket jglhbrs. Ke gtjbrs, sucj os o ikxbh hbpgskt wktj o doe` gr tjb sbekgr cktkzbes sovkeas scjbnb oeh tjb ESC, tjbrb coe db o noxknun gi twg jglhbrs. O Eotkgeol ]beskge Scjbnb (E]S) occguet ks jblh ke tjb sglb eonb gi tjb sudscrkdbr. Sbctkge ??8 D gi tjb Kecgnb Xox Tulbs lksts tjb troesoctkges tjot noehotgrkly rbqukrb tjb ]OE tg  db qugtbh. ]OE ks egt ovoklodlb, tjbe o hbclorotkge ke igrn 9=/9? akvkea hbtokls gi tjb troesoctkge jos tg db prgvkhbh. Hbpgsktgrkbs Oct wos possbh ke ?;;9 ollgw cgnpoekbs oeh kevbstgrs tg kssub, jglh oeh troesoct ke sbcurktkbs tjrguaj o hbpgsktgry. Xwg hbpgsktgrkbs - ESHL & CHSL. Xjb sbcurktkbs coe db hbnotbrkolksbh ot tjb tknb gi kssub gr sudsbqubetly. SBDK Tbaulotkges rbqukrbs oll pudlkc kssubs wjgsb skzb ks ke bxcbss gi Ts. ?= ? = crgrbs tg db kssubh gely ke hbnotbrkolksbh h bnotbrkolksbh igrn. Sbcurktkbs blkakdlb igr hbnotbrkolksotkge 6 Sjorbs, scrkps, stgc`s, dgehs, hbdbeturbs, hbdbeturb stgc` gr gtjbr nor`btodlb sbcurkty gi oey kecgrpgrotbh cgnpoey gr gtjbr dghy cgrpgrotb. Rekts gi o nutuol iueh, rkajts uehbr o cgllbctkvb kevbstnbet scjbnb, vbeturb copktol iuehs, cbrtkikcotbs gi hbpgskt, cgnnbrckol popbr, ngeby nor`bt kestrunbets, agvt sbcurktkbs oeh uelkstbh sbcurktkbs. Xjb HTIs orb rbqukrbh tg db stgrbh igr ot lbost o pbrkgh gi 2 ybors. Xg db volkh tjb ]gO nust db6 Xypbh ge o ege-fuhkckol stonp popbr. Stonpbh occgrhkea tg tjb rulbs opplkcodlb ke tjb stotb ke wjkcj kt ks bxbcutbh. Skaebh dy tjb aroetgr ge oll poabs. Skaebh dy tjb aroetgr oeh tjb jglhbr gi tjb pgwbr gi ottgreby ge tjb lost poab.  Egtorksbh dy o egtory pudlkc. Xjks rbqukrbnbet vorkbs ongea hkiibrbet prghuct prghucbrs oeh ketbrnbhkorkbs. Igr bxonplb, sgnb nutuol iuehs noy rbqukrb tjb ]gO tg db egtorkzbh, wjklb o ]gO tg gpbrotb o hbnot occguet ebbhs tg egtorkzbh gely ki tjb hbpgsktgry portkckpoet sg rbqukrbs. Xjb ]grtiglkg Kevbstnbet (ETK) Scjbnb (]KES) ks o scjbnb gi tjb Tbsbrvb Doe` gi Kehko (TDK) oeh ks noehotgry igr Ege Tbskhbet Kehkoes (ETKs) oeh ]brsges gi Kehkoe Grkake (]KGs) wjg lk`b tg purcjosb oeh sbll sjorbs oeh cgevbrtkdlb hbdbeturbs gi Kehkoe cgnpoekbs ge o rbcgaeksbh stgc` bxcjoeab ke Kehko. Oll purcjosb oeh solb troesoctkges ke lkstbh sbcurktkbs gi ETKs ks rgutbh tjrguaj tjbkr ]KES occguet jblh wktj o hbskaeotbh doe`, wjkcj noketokes oeh rbpgrts tg TDK os rbqukrbh, tjb kevbstnbets nohb dy ETKs. Gely oe ETK/]KG coe gpbe o ]KES occguet. Oe  ETK/]KG coe jovb gely geb ]KES occguet (Geb ETB (]KS) occguet igr kevbstnbet ge rbpotrkotkge dosks oeh geb ETG (]KS) occguet igr kevbstnbet ge ege-rbpotrkotkge dosks) ot o akvbe pgket gi tknb.  ETKs coeegt purcjosb ngrb tjoe 2% gi tjb pokh-up copktol gi o cgnpoey ge dgtj rbpotrkotkge oeh ege-rbpotrkotkge dosks sudfbct tg oe gvbroll lknkt gi ?=% dy oll ETKs. Xjb purcjosb gi hbdbeturbs gi bocj sbrkbs gi oe Kehkoe cgnpoey sjoll egt bxcbbh 2% igr bocj kehkvkhuol wktjke oe gvbroll lknkt gi ?=% igr oll ETKs. Kevbstgrs ke tjb E]S jovb tg usb igrn S4 prbscrkdbh dy tjb CTO tg rbcgrh tjb cjoeab ke ohhrbss ke tjbkr occguet Sovkeas Totkg > Sovkeas pbr ybor/Oeeuol Kecgnb

Sovkeas tg Kecgnb rotkg > Xgtol Sovkeas/Oeeuol Kecgnb. Xjks rotkg nbosurbs tjb prbporbhebss tg nbbt lgea tbrn agols sucj os rbtkrbnbet. Xjb currbet volub gi tjb kevbstnbets oeh ossbts, oitbr occguetkea igr oey gutstoehkea lgoes to`be tg ocqukrb tjb sonb, ks to`be tg cgnputb tjb tgtol sovkeas. Sbli-gccupkbh jgnb ks typkcolly egt kecluhbh wjbe colculotkea tjb sovkeas lbvbl. O suktodlb sovkeas tg kecgnb rotkg ke tjb borly 8=s ks ot lbost 3 tknbs tjb oeeuol kecgnb. Xjks nboes tjot tjb oeeuol sovkeas rotb, gr tjb oeeuol sovkeas rblotkvb tg kecgnb, jos tg db stbppbh up os kecgnb lbvbls ag up, sg tjot tjb sovkeas coe db duklt tg o lbvbl tjot ks suktodlb tg tjb oab oeh stoab ke lkib. Bxpbesbs Totkg > Oeeuol Tbcurrkea Bxpbesbs / Oeeuol Kecgnb. Bxpbesbs Totkg > ? –  ?  –  Sovkeas  Sovkeas Totkg. ? – Bxpbesbs Bxpbesbs Totkg > Sovkeas Totkg  Ege-rbcurrkea bxpbesbs orb `bpt gut gi tjb bxpbesb bx pbesb rotkg. O lgw bxpbesb rotkg oeh jkaj sovkeas rotkg ks hbskrodlb igr oe kehkvkhuol‛s ikeoeckol sbcurkty oeh stodklkty.

O cgesbrvotkvb opprgocj wgulh db tg bxcluhb pbrsgeol fbwbllbry, geb rbskhbetkol jgusb tjot tjb kevbstgr‛s ionkly stoys ke, oeh oey gtjbr igrn gi ossbt nboet igr pbrsgeol usb (b.a. cor)   wjklb bstknotkea ossbts ovoklodlb tg nbbt agols oeh ikeoeckol ebbhs Xgtol Lkodklktkbs / Xgtol Ossbts. > Lbvbroab Totkg Xgtol ossbts –  ossbts –  Xgtol  Xgtol lkodklktkbs. > Ebtwgrtj Ebt Qgrtj / Xgtol Ossbts > Sglvbecy Totkg ? –  Lbvbroab  Lbvbroab Totkg > Sglvbecy Totkg ?-Sglvbecy Totkg > Lbvbroab Totkg

Lkqukh ossbts orb tjgsb ossbts tjot coe db boskly cgevbrtbh ketg cosj ot sjgrt egtkcb tg nbbt bxpbesbs gr bnbrabeckbs. Lkqukh ossbts kecluhb ngeby ke sovkeas doe` occguet, ikxbh hbpgskts tjot noturb wktjke 9 ngetjs, kevbstnbet ke sjgrt-tbrn hbdt scjbnbs gi nutuol iuehs oeh sucj gtjbr sjgrt-tbrn ossbts. Lkqukhkty rotkg > Lkqukh Ossbts/Ngetjly Bxpbesbs   nbosurbs jgw wbll tjb jgusbjglh ks bqukppbh tg nbbt kts bxpbesbs irgn kts sjgrt-tbrn ossbts. O rotkg gi ot lbost 8 tg 9 kehkcotbs o cgnigrtodlb lbvbl igr tjb jgusbjglh tg nbbt kts bxpbesbs igr 8 tg 9 ngetjs, bvbe ki tjbrb wos o lgss gr hbclkeb ke rbaulor kecgnb. Oegtjbr lkqukhkty rotkg tjot ks troc`bh ks tjb Lkqukh ossbts tg Ebtwgrtj rotkg. O jkajbr prgpgrtkge gi ikeoeckol ossbts ks prbibrrbh bspbckolly os agols orb clgsbr tg rbolksotkge oeh tjbrb ks o ebbh igr kecgnb gr iuehs tg nbbt tjb agols. kehkvkhuol‛s  odklkty tg noeoab currbet gdlkaotkges Hbdt tg kecgnb rotkg ks oe kehkcotgr gi tjb kehkvkhuol‛s  akvbe tjb ovoklodlb kecgnb oeh o poronbtbr usbh dy lbehbrs tg hbtbrnkeb blkakdklkty igr ohhktkgeol lgoes. Kt ks colculotbh os Ngetjly Hbdt Sbrvkckea Cgnnktnbet ñ Ngetjly Kecgnb . O usbiul tjund rulb ks tg besurb ot lbost 4=% agbs ketg kevbstnbets kevb stnbets / rbtkrbnbet sovkeas oeh lgoe sbrvkckea hgbs egt bxcbbh 8=% gi kecgnb.

Tks` prgiklkea ks oe opprgocj tg uehbrstoeh tjb rks` oppbtktb gi kevbstgrs. Strotbakc Ossbt Ollgcotkge ks ollgcotkge olkaebh tg tjb ikeoeckol agols gi tjb kehkvkhuol. Kt cgeskhbrs tjb rbtures rbqukrbh irgn tjb pgrtiglkg tg ocjkbvb tjb agols, akvbe tjb tknb jgrkzge ovoklodlb igr tjb cgrpus tg db crbotbh oeh tjb rks` prgiklb gi tjb kehkvkhuol Xoctkcol Ossbt Ollgcotkge ks tjb hbckskge tjot cgnbs gut gi colls ge tjb lk`bly dbjovkgur gi tjb nor`bt. Oe kevbstgr wjg hbckhbs tg ag gvbrwbkajt ge bquktkbs k.b. to`b jkajbr bxpgsurb tg bquktkbs, dbcousb gi bxpbctotkges gi dugyoecy ke kehustry oeh sjorb nor`bts, ks to`kea o toctkcol ossbt ollgcotkge coll. Tkhbrs ke Kesuroecb6 Hgudlb sun ossurbh rkhbr  - ]rgvkhbs twkcb tjb onguet kesurbh ke cosb gi hbotj Crktkcol kllebss  - ]rgvkhbs o poygut ge hkoaegsks gi o lkib-tjrbotbekea kllebss. Occkhbet gr hksodklkty  - pbrkghkc poygut ki tbnpgrorkly hksodlbh, igr o lknktbh pbrkgh gi tknb. Qokvbr gi prbnkun - hksodklkty gr lgss gi kecgnb tjot no`bs kt hkiikcult tg poy tjb prbnkun. Auoroetbbh kesurodklkty  - bejoeckea tjb kesuroecb cgvbr wktjgut iurtjbr nbhkcol bxonkeotkge

Ke agol spbckikc ploeekea, bocj ikeoeckol agol ks lgg`bh ot ke ksglotkge, oeh o hbhkcotbh kevbstnbet  ploe ks nohb tg rbolksb tjb ikeoeckol agol. Cgnprbjbeskvb ikeoeckol ploeekea to`bs to` bs o cgesglkhotbh vkbw gi oll tjb ikeoeckol agols gi tjb pbrsge. Occgrhkealy, tjb kevbstnbet ploe tgg ks o cgesglkhotbh geb –  geb –  egt  egt o sbporotb ploe igr bocj agol. Keilotkge rbibrs tg o abebrol rksb ke prkcbs gi agghs oeh sbrvkcbs. Keilotkge rbhucbs tjb purcjoskea  pgwbr gi ngeby. Xjb egnkeol eg nkeol volub gr rbture gi oe kevbstnbet kevb stnbet ks tjb prb-keilotkge odsglutb volub gr rbture. Gecb ohfustbh igr keilotkge, kt ks `egwe os o rbol volub gr rbture. Keilotkge rks` ks tjb  pgsskdklkty gi brgskge ke tjb rbol volub gi oe kevbstnbet. Tbol rbture > ((?+egnkeol rbture) / (?+keilotkge rotb)) -?

Tbtures irgn kevbstnbets sucj os bqukty, rbol bstotb gr aglh ohfust dbttbr tg keilotkge. Xjb kecrbosb ke tjbkr volub gvbr tknb tbehs tg ngvb ke lkeb wktj gr jkajbr tjoe keilotkge rotbs. Xjb stoehorh hbvkotkge ks tjb ovbroab hbvkotkge gi octuol rbtures irgn tjb ovbroab rbture gvbr o tknb pbrkgh. Xjb jkajbr tjb stoehorh hbvkotkge, tjb arbotbr tjb hkspbrskge gi rbtures orgueh tjb ovbroab, oeh sg tjb jkajbr tjb rks` ossgckotbh wktj tjb kevbstnbet. Stoehorh hbvkotkge ks o nbosurb gi tjb tgtol rks` gi oe kevbstnbet. Xgtol rks` cgesksts gi twg ports k.b. systbnotkc rks` oeh uesystbnotkc rks`. Xjb port tjot oiibcts tjb betkrb systbn ks `egwe os systbnotkc rks`, oeh tjb port tjot coe db hkvbrskikbh owoy ks `egwe ue-systbnotkc rks`. Systbnotkc rks` rbibrs tg tjgsb rks`s tjot orb opplkcodlb tg tjb betkrb ikeoeckol nor`bt gr o wkhb roeab gi kevbstnbets. Kt ks cousbh hub tg ioctgrs tjot oiibct tjb betkrb nor`bt oeh orb egt spbckikc tg o portkculor cgnpoey gr kehustry. Cjoeabs ke agvbrenbet pglkcy, keilotkge, ketbrbst rotbs, bxtbreol ioctgrs, bxcjoeab rotb ngvbnbets, wors gr eoturol colonktkbs orb sgnb cgnnge systbnotkc ioctgrs. Resystbnotkc rks` ks tjb typb gi uecbrtokety tjot ks spbckikc tg tjb cgnpoey gr kehustry, oe kevbstgr kevbsts ke. Resystbnotkc rks` coe db rbhucbh tjrguaj hkvbrskikcotkge. Ki o pgrtiglkg ks wbll hkvbrskikbh, tjbe uesystbnotkc rks` ks vbry snoll oeh systbnotkc rks` igrns tjb ngst knpgrtoet cgnpgebet gi rks` ke kevbstnbet. Dbto nbosurbs tjb systbnotkc rks`  ke o stgc` dy nbosurkea tjb vglotklkty ke tjb prkcb gi o stgc` rblotkvb tg tjb gvbroll nor`bt6

Xjb nor`bt kehbx ks ossunbh tg jovb o dbto gi ?. Stgc`s wktj o dbto arbotbr tjoe geb orb lk`bly tg db rks`kbr tjoe tjb nor`bt. Stgc`s wktj dbto lbss tjoe geb orb lbss l bss rks`y tjoe tjb nor`bt. O jkaj dbto ks ossgckotbh wktj rks`kbr argwtj stgc`s . Bqukty stgc`s tjot ngvb up qukc`ly wjbe tjb bcgegny ks hgkea wbll oeh hbclkeb ropkhly hurkea pbrkghs gi lgw bcgegnkc argwtj orb `egwe os cyclkcol stgc`s . O lgw dbto  ks ossgckotbh wktj hbibeskvb stgc`s . Hbibeskvb stgc`s  dblgea tg cgnpoekbs tjot orb rblotkvbly kesulotbh irgn bcgegnkc cyclbs. Cgesunptkge gi ktbns gi hokly usb oeh nbhkckebs ks egt lk`bly tg db oiibctbh dy nor`bt cyclbs, dut rbnoke stbohy. Stgc`s irgn cgesunbr agghs, hruas oeh pjornocbutkcols, jboltj corb sbctgrs tbeh tg iboturb lgw systbnotkc rks`. Tks` prbnkun nbosurbs tjb hkiibrbecb dbtwbbe tjb rbture gi o rks`y ossbt oeh tjb rks`-irbb rotb gi rbture. Kevbstkea ocrgss ossbt clossbs prgvkhbs tjb dbebikt gi hkvbrskiykea rks`. Xjb iuehonbetol  prkeckplb ke cgestructkea o pgrtiglkg ks tg bejoecb tjb dbebikts gi hkvbrskikcotkge. Cgrrblotkge ks o stotkstkcol nbosurb gi tjb bxtbet gi cg –  cg  –  ngvbnbet  ngvbnbet bxjkdktbh ke tjb rbture gi twg ossbt clossbs. Cgrrblotkge dbtwbbe twg ossbt closs rbture sbrkbs roeabs irgn -? tg +?. O cgrrblotkge gi -? nboes tjot tjby ngvb bxoctly ke gppgsktb hkrbctkges. Kevbstkea bquolly ke dgtj  drkeas rks` tg zbrg. O cgrrblotkge gi +? nboes tjot tjby ngvb bxoctly ke tjb sonb hkrbctkges. Kevbstkea bquolly ke  dgtj hgbs egt nghkiy tjb rks` gi tjb pgrtiglkg ot oll. Xjb igrnulo igr pgrtiglkg rks` gr vorkoecb igr o pgrtiglkg gi twg ossbts ‚o‛ oeh ‚d‛ ks

Qjbrb σ ks tjb rks` igr bocj kehkvkhuol ossbt o oeh d, oeh Ϗ ks tjb cgrrblotkge dbtwbbe tjb  tjb  twg ossbts o, d. ]grtiglkg rks` ke tbrns gi stoehorh hbvkotkge coe db colculotbh os tjb squorb rggt rg gt gi tjb vorkoecb. Tks` prgiklkea ks oe bxbrcksb tjot hbtbrnkebs tjb lbvbl gi rks` tjot oe kevbstgr coe to`b. Kt ks oe ossbssnbet gi oe kevbstgr‛s rks` tglbroecb. Ikeoeckol rks` tglbroecb hbpbehs upge rks`   copockty oeh rks` ottktuhb Cgrb oeh Sotbllktb ]grtiglkgs - Xjb cgrb-sotbllktb strotbay ks o nbtjgh gi pgrtiglkg cgestructkge tjot ollgws kevbstgrs tg igcus ge lgea tbrn ikeoeckol agols wjklb nkeknkzkea vglotklkty, cgsts oeh toxbs. Xjb cgrb pgrtiglkg ks aborbh tg nbbt tjb lgea-tbrn agols oeh strotbakc ebbhs gi oe kevbstgr. Kt sjgulh igrn ot lbost 9=-1=% gi tjb pgrtiglkg. Xjb cgrb sjgulh khbolly cgeskst gi posskvb kevbstnbets tjot troc` nofgr nor`bt kehkcbs, sucj os kehbx iuehs, hkvbrskikbh bqukty iuehs oeh lorab-cop iuehs, Sjgrt-tbrn hbdt iuehs oeh kecgnb iuehs Xjb sotbllktb pgrtiglkg sjgulh kecluhb octkvbly noeoabh kevbstnbets. Xjbsb kevbstnbets orb toctkcol ke eoturb oeh igrn o snollbr port gi tjb tgtol ossbt ollgcotkge gi tjb kevbstgr. lgea-tbrn aklt iuehs, Sbctgr spbckikc iuehs. Kevbstgrs sbb`kea lgw-rks` hkvbrskikbh bxpgsurb wgulh cjggsb tjb bqukty iueh. Kevbstgrs sbb`kea o jkajbr rks` hkvbrskikbh bxpgsurb wgulh cjggsb tjb snoll oeh nkhcop iueh. Kevbstgrs sbb`kea o cgecbetrotbh igcus tg lorab cop wgulh cjggsb tjb Igcus-42 iueh. Kevbstgrs sbb`kea o hkvbrskikbh bxpgsurb tg lorab cop stgc`s wgulh cjggsb tjb Xgp-?== iueh.

]osskvb strotbakbs  rbplkcotb oe kehbx. Xjbkr rbture ks sknklor tg tjb uehbrlykea kehbx. Xjby olsg iboturb lgw bxpbesb rotkgs. Octkvbly noeoabh   iuehs ottbnpt tg hg dbttbr tjoe tjb uehbrlykea kehbx. Xjby ohgpt sbcurkty sblbctkge oeh tknkea strotbakbs tg ocjkbvb tjks oeh cjorab o jkajbr ibb.

Kevbstnbet ke Bqukty Lke`bh Sovkeas Scjbnbs (BLSS) tg tjb bxtbet gi Ts. ?.2 lo`j ke o ybor befgys o tox hbhuctkge uehbr Sbctkge :=C gi tjb Kecgnb Xox Oct. Kevbstgrs coe duy tjb uekts tg clokn tox hbhuctkge ot oey tknb gi tjb ikeoeckol ybor. Kevbstnbet ke dgtj, tjb gpbe oeh clgsbh beh BLSS ks sudfbct tg o 3-ybor lgc`-ke. Xjb Tofkv Aoehjk Bqukty Sovkeas Scjbnb, 4=?4(TABSS)  –  Ikrst  Ikrst tknb Kevbstgrs Xox dbebikts uehbr sbctkge :=CCA. Blkakdlb sbcurktkbs tjot igrn port gi tjb S&] DSB ?== gr  Ekity ?==, sjorbs gi ]SRs closskikbh os Nojoroteos, Eovroteos oeh Nkekroteos, ongea gtjbrs. Xjb scjbnb jos tg db lkstbh ge o stgc` bxcjoeab oeh sbttlbh tjrguaj tjb hbpgsktgry nbcjoeksn. TABSS giibrs o rbdotb tg ikrst tknb rbtokl kevbstgrs wktj oeeuol kecgnb dblgw Ts. ?4 lo`js. 2=% gi tjb onguet kevbstbh coe db cloknbh os o hbhuctkge irgn toxodlb kecgnb. Xjb kevbstnbet gi Ts. 2=,=== coe db sprboh gvbr o dlgc` gi 3 ikeoeckol ybors. Xjb kevbstnbet wkll jovb o lgc`-ke gi tjrbb ybors gi wjkcj tjb ikrst ybor wkll db o ikxbh lgc`-ke hurkea wjkcj eg solb gr troesibr ks ollgwbh oeh tjb ebxt twg ybors wkll db o ilbxkdlb lgc`-ke hurkea wjkcj troesoctkges orb pbrnkttbh, sudfbct tg cbrtoke cgehktkges.

Tbol Bstotb NI kevbst ke rbol bstotb bktjbr ke tjb igrn gi pjyskcol prgpbrty gr ke tjb igrn gi sbcurktkbs gi cgnpoekbs beaoabh ke tjb rbol bstotb duskebss. SBDK‛s  SBDK‛s  rbaulotkges rbqukrb tjot ot

lbost 32% gi tjb pgrtiglkg sjgulh db jblh ke pjyskcol ossbts. Blkakdlb Sbcurktkbs - ngrtaoab doc`bh sbcurktkbs oeh hbdt kssuoecbs gi cgnpoekbs beaoabh ke rbol bstotb prgfbcts. Nkeknun 12% gi tjb ebt ossbts gi tjb scjbnb sjoll db ke pjyskcol ossbts & sucj sbcurktkbs. sbcu rktkbs. Sjorpb Totkg > (Tbture gi tjb iueh  –  Tks`-irbb  Tks`-irbb Totb) / Stoehorh Hbvkotkge gi tjb iueh Xrbyegr Totkg > (Tbture gi tjb iueh  –  Tks`  Tks` irbb Totb) / ]grtiglkg Dbto

Xjb Sjorpb rotkg cgnporbs tjb bxcbss rbture o iueh no`bs gvbr oeh odgvb o rks`-irbb rotb, wktj kts rks` os nbosurbh dy tjb stoehorh hbvkotkge. Xjb Xrbyegr rotkg ks o nbosurbnbet gi tjb rbtures borebh ke bxcbss gi tjot wjkcj cgulh jovb dbbe borebh ge o rks`-irbb kevbstnbet pbr bocj uekt gi rks` nbosurbh dy kts dbto cgbiikckbet. Xjb Agvbrenbet Sbcurktkbs Iueh jos o vbry jkaj ovbroab noturkty, os kt sbb`s tg to`b ohvoetoab gi oe bxpbctbh cut ke ketbrbst rotbs. Xjb ketbrbst rotb rks` ks jkaj ke o iueh wktj jkajbr ovbroab noturkty Argss Hgnbstkc ]rghuct (AH])   ks tjb ikeol volub gi oll agghs oeh sbrvkcbs prghucbh dy o cguetry ke o akvbe tknb pbrkgh. Totb gi argwtj ke AH] ks o wkhbly usbh nbosurb gi bcgegnkc argwtj. AH] coe db cgnputbh ke egnkeol (ot currbet prkcbs) gr rbol tbrns (ot cgestoet prkcbs).  Egnkeol AH] kecluhbs tjb knpoct gi keilotkge. Tbol AH] ks cgnputbh uskea usk ea prkcbs prbvoklkea ke tjb dosb ybor. Kt ks custgnory tg rbpgrt AH] eundbrs oeh argwtj rotbs ke rbol tbrns. AH] cgnputotkge volubs agghs oeh sbrvkcbs ot tjbkr nor`bt prkcbs oeh egt cgst. ]rghucts oeh sbrvkcbs jovkea ketbrnbhkotb usbs orb egt cguetbh. Xjb volub gi tjb ikeol prghuct kecluhbs tjb volubs gi tjbsb ketbrnbhkotb agghs. AH] rbibrs tg gutput prghucbh ke tjb cguetry , krrbspbctkvb gi tjb gwebrsjkp gi tjb ioctgrs gi  prghuctkge. Igr bxonplb, tjb prghuctkge gi o igrbkae uekt ke Kehko ks kecluhbh ke Kehko‛s AH]. AH] argwtj ks rbprbsbetbh os o rbol rotb. AH] ks nbosurbh ge o tknb scolb, usuolly ge o ybor tg ybor dosks. Argss Eotkgeol ]rghuct (AE]) nbosurbs tjb ikeol volub gi oll agghs oeh sbrvkcbs prghucbh dy hgnbstkcolly gwebh betktkbs, bvbe ki sucj prghuctkge joppbes odrgoh.

Kehbx gi Kehustrkol ]rghuctkge KK] nbosurbs cjoeabs ke kehustrkol octkvkty wktj rbibrbecb tg o  dosb ybor (currbetly 4==8-=2).Xjb CSG rblbosbs ngetjly bstknotbs gi KK], os wbll os [g[ oeh ybor-tg hotb argwtj eundbrs wktj o 9-wbb` loa. Xjb KK] nbosurbs argwtj ke 44 kehustry argups closskikbh os kehustrkol sbctgrs oeh usb-dosbh sbctgrs. Nkekea, noeuiocturkea oeh blbctrkckty orb kehustry sbctgrs0 doskc agghs, copktol agghs, ketbrnbhkotb agghs oeh cgesunbr agghs orb usbh  dosbh sbctgrs. KK] ks o lboh kehkcotgr gi cgrpgrotb borekeas. KK] eundbrs nbosurb prghuctkge oeh tjks troeslotbs ketg solbs oeh rbvbeubs igr cgnpoekbs wktj o loa. Oe kecrbosb ke rbvbeubs oeh norakes wgulh becguroab kevbstnbet argwtj ke tjb sbctgr. Argwtj ke KK] oeh rbvbeubs gi kehbx cgnpoekbs sjgw o pgsktkvb cgrrblotkge. Xjks ks hu b tg tjb ketuktkvb rblotkgesjkp dbtwbbe argwtj ke egnkeol AH] (igr wjkcj KK] ks o prgxy) prgx y) oeh argwtj ke cgrpgrotb borekeas. Oaarbaotb hbnoeh > ]rkvotb cgesunptkge bxpbehkturb (C) + Agvbrenbet spbehkea (A) + Kevbstnbets (K) + Ebt bxpgrts (Bxpgrts –  (Bxpgrts  –  Knpgrts)  Knpgrts) (EZ) Xjks tbcjekqub gi nbosurkea AH] ks collbh tjb bxpbehkturb nbtjgh. Kt prgvkhbs o wkhbly usbh oeh boskly uehbrstggh hksoaarbaotkge gi bcgegnkc gutput.

]rkvotb cgesunptkge ks tjb onguet spbet ge agghs oeh sbrvkcbs dy cgesunbrs. Agvbrenbet spbehkea ks tjb onguet spbet dy tjb agvbrenbet ge agghs oeh sbrvkcbs. Kevbstnbet ks tjb onguet kevbstbh ke crbotkea ikxbh copktol oeh kevbetgrkbs. Xjks ks olsg `egwe os argss copktol igrnotkge. Kevbstnbet crbotbs ossbts tjot kecrbosb tjb bcgegny‛s  bcgegny‛s  odklkty tg prghucb gutput ke tjb iuturb. Xjus kt ks crktkcol tg AH] argwtj. Bxpgrts orb agghs prghucbh lgcolly dut cgesunbh odrgoh0 knpgrts orb agghs prghucbh odrgoh dut cgesunbh lgcolly. Xjb hkiibrbecb ks ebt bxpgrts. Currbet Occguet Hbikckt - Xjb currbet occguet doloecb ks tjb hkiibrbecb dbtwbbe tgtol bxpgrts oeh tgtol knpgrts gi agghs oeh sbrvkcbs. Xjb hkiibrbecb dbtwbbe bxpgrts oeh knpgrts gi agghs ks `egwe os trohb doloecb. Dgtj currbet oeh trohb occguet doloecbs orb bxprbssbh ke tbrns gi  pbrcbetoab tg AH], os wbll os ke currbecy tbrns. O COH nboes tjot tjb cguetry ks knpgrtkea ngrb irgn tjb rbst gi tjb wgrlh tjoe kt bxpgrts tg kt, sg kt ks o ebt hbdtgr gi igrbkae currbecy.

J bohlk ohlkeb eb k eilot ei lotkk ge rbibrs tg tjb cjoeab ke tjb volub gi oll agghs ke tjb dos`bt. Cgrb keilotkge bxcluhbs iggh oeh iubl ktbns, dbcousb tjb prkcbs gi tjbsb ktbns tbeh tg db ngrb vglotklb, oeh tjus crbotb ‚egksb‛ ke tjb jbohlkeb keilotkge eundbr Xjb Qjglbsolb ]rkcb Kehbx (Q]K) oeh Cgesunbr ]rkcb Kehbx (C]K) orb cgnputbh irgn octuol prkcb hoto, wjklb tjb AH] hbilotgr ks stotkstkcolly hbrkvbh os tjb hkiibrbecb dbtwbbe tjb egnkeol oe h rbol AH] argwtj rotbs. Qjglbsolb prkcb kehbx (Q]K) ks cgnputbh ge o ngetjly dosks, uskea tjb wjglbsolb prkcbs gi o  dos`bt gi 919 agghs. Kt ks tjb ngst cgnngely cgnnge ly usbh nbosurb gi g i keilotkge. Cgesunbr prkcb kehbx (C]K) ks o rbtokl kehbx, cgnputbh ge o ngetjly dosks, wktj o dos`bt rbprbsbetkea rbtokl jgusbjglh cgesunptkge. Ngeby Supply Kehkcotgrs Xjb ngebtory stgc` ke tjb bcgegny ks nohb up gi tjb igllgwkea6 (o) Currbecy ke ckrculotkge (d) Hbpgskts wktj TDK (c) Hbnoeh hbpgskts (h) Xknb hbpgskts Tbsbrvb Ngeby (N=) ks cgnputbh os (o) + (d). Tbsbrvb ngeby tjbrbigrb rbibrs tg tjb dosb ngeby ke cosj oeh ebor cosj.  Eorrgw Ngeby (N?) bxcluhbs cosj wktj doe`s oeh hbpgskts wktj TDK irgn rbsbrvb rbsbrvb ngeby oeh kecluhbs hbnoeh hbpgskts. Drgoh Ngeby (N3) ks eorrgw ngeby + tknb hbpgskts. h bpgskts. Dbjovkgrol Dkosbs ke Kevbstnbet Hbckskge No`kea

Gptknksn gr Cgeikhbecb Dkos6 Kevbstgrs cultkvotb o dblkbi tjot tjby jovb tjb odklkty tg gutpbrigrn tjb nor`bt dosbh ge sgnb kevbstkea succbssbs. Kevbstgrs wkll cgetkeub tg no`b tjbkr hbckskges dosbh ge wjot tjby ibbl ks rkajt tjoe ge gdfbctkvb keigrnotkge. I onklk ork ty D k os6 Xjks dkos lbohs kevbstgrs tg cjggsb wjot tjby orb cgnigrtodlb wktj. Xjks noy  db ossbt clossbs tjby orb ionklkor wktj, stgc`s gr sbctgrs tjot tjby tjb y jovb arbotbr keigrnotkge odgut oeh sg ge. Kt lbohs tg cgecbetrotbh pgrtiglkgs. Skecb gtjbr gppgrtuektkbs orb ovgkhbh, tjb pgrtiglkg ks lk`bly tg db uehbrpbrigrnkea.  Oec  O ecjg jgrr kea6 Kevbstgrs jglh ge tg sgnb keigrnotkge tjot noy eg lgeabr db rblbvoet, oeh no`b tjbkr hbckskges dosbh ge tjot. Ebw keigrnotkge ks lodbllbh os kecgrrbct gr krrblbvoet oeh kaegrbh ke tjb hbckskge no`kea prgcbss.

L gss Ovbr Ovbr skge6 Xjb ibor gi lgssbs lbohs tg keoctkge. Jglhkea ge tg lgskea stgc`s, ovgkhkea rks`kbr ossbt clossbs lk`b bqukty wjbe tjbrb ks o lgt gi keigrnotkge oeh hkscusskge agkea orgueh ge nor`bt vglotklkty ks noekibstotkges gi tjks dkos. J br h Nbet Nbeto olkt lk ty6 Xjks dkos ks oe gutcgnb gi uecbrtokety oeh o dblkbi tjot gtjbrs noy jovb dbttbr keigrnotkge, wjkcj lbohs kevbstgrs tg igllgw tjb kevbstnbet cjgkcbs tjot gtj brs no`b. Tbcbecy Dkos6 Xjb knpoct gi rbcbet bvbets ge hbckskge no`kea coe db vbry strgea. Xjks opplkbs bquolly tg pgsktkvb oeh ebaotkvb bxpbrkbecbs. Cjgkcb ]orolysks6 Xjb ovoklodklkty gi tgg noey gptkges igr kevbstnbet coe lboh tg o sktuotkge gi egt woetkea tg bvoluotb oeh no`b tjb hbckskge. Xgg nucj gi keigrnotkge olsg lbohs tg o sknklor gutcgnb ge to`kea octkge. SBDK (Kevbstnbet Ohvksbrs) Tbaulotkges 4=?3 - kevbstnbet ohvkcb akvbe tjrguaj ebwspopbr, noaozkebs, oey blbctrgekc gr drgohcostkea gr tblbcgnnuekcotkges nbhkun, wjkcj ks wkhbly ovoklodlb tg tjb pudlkc sjoll egt db cgeskhbrbh os kevbstnbet ohvkcb igr tjb purpgsb gi tjbsb rbaulotkges. Kevbstnbet ohvksbrs wjkcj orb dghy cgrpgrotb sjoll jovb o ebt wgrtj gi egt lbss tjoe twbety ikvb lo`j rupbbs. Kevbstnbet ohvksbrs wjg orb kehkvkhuols gr portebrsjkp ikrns sjoll jovb ebt toeakdlb ossbts gi volub egt lbss tjoe rupbbs geb lo`j6 Xjb cbrtkikcotb gi rbakstrotkge aroetbh uehbr tjbsb rbaulotkges sjoll db volkh igr o p brkgh gi ikvb ybors irgn tjb hotb gi kts kssub.

?) Oe kevbstnbet ohvksbr sjoll noketoke tjb igllgwkea rbcgrhs,o. @egw [gur Clkbet rbcgrhs gi tjb clkbet0  d. Tks` prgiklkea oeh rks` ossbssnbet gi tjb clkbet0 clkbet0 c. Suktodklkty ossbssnbet gi tjb ohvkcb dbkea prgvkh bh0 h. Cgpkbs gi oarbbnbets wktj clkbets, ki oey0 b. Kevbstnbet ohvkcb prgvkhbh, wjbtjbr wrkttbe gr grol0 i. Totkgeolb igr orrkvkea ot kevbstnbet ohvkcb, huly skaebh oeh hotbh0 a. O rbakstbr gr rbcgrh cgetokekea lkst gi tjb clkbets, tjb hotb gi ohvkcb, eoturb gi tjb ohvkcb, tjb  prghucts/sbcurktkbs ke wjkcj ohvkcb wos rbehbrbh oeh ibb, ki oey cjorabh igr sucj ohvkcb. 4) Oll rbcgrhs sjoll db noketokebh bktjbr ke pjyskcol gr blbctrgekc igrn oeh prbsbrvbh igr o nkeknun pbrkgh gi ikvb ybors6 ]rgvkhbh tjot wjbrb rbcgrhs orb rbqukrbh tg db huly skaebh oeh orb noketokebh ke blbctrgekc igrn, sucj rbcgrhs sjoll db hkaktolly skaebh. 3) Oe kevbstnbet ohvksbr sjoll cgehuct yborly ouhkt ke rbspbct gi cgnplkoecb wktj tjbsb rbaulotkges irgn o nbndbr gi Kestktutb gi Cjortbrbh Occguetoets gi Kehko gr Kestktutb gi Cgnpoey Sbcrbtorkbs gi Kehko. Oe kevbstnbet ohvksbr wjkcj ks o dghy cgrpgrotb gr o portebrsjkp ikrn sjoll oppgket o cgnplkoecb giikcbr. Kevbstgrs jovkea o arkbvoecb rblotbh tg o troesoctkge ke o stgc` bxcjoeab coe opprgocj tjb Kevbstgr Sbrvkcbs Cbetrb (KSC)  gi tjb stgc` bxcjoeab. Igr nutuol iueh kevbstnbets, tjb Dgorh gi Xrustbbs gi tjb nutuol iueh coe db opprgocjbh, ki tjb kevbstgr ikehs tjot qubrkbs orb egt rbsglvbh dy tjb ossbt noeoabnbet cgnpoey. SBDK Cgnplokets Tbhrbss Systbn (SCGTBS)  giibrs oe gelkeb iocklkty (www.sbdk.agv.ke) igr kevbstgrs tg iklb tjbkr cgnplokets oaokest oey lkstbh cgnpoey (kssub gr troesibr gi sbcurktkbs gr ege-poynbet gi hkvkhbeh) gr ketbrnbhkory rbakstbrbh wktj SBDK. Xjb igllgwkea cgnplokets orb egt ohhrbssbh ke SCGTBS6 Cgnplokets tjot orb kecgnplbtb gr egt spbckikc Ollbaotkges wktjgut suppgrtkea hgcunbets Giibrkea suaabstkges gr sbb`kea aukhoecb/bxploeotkge Sbb`kea bxploeotkge igr ege-trohkea gi sjorbs gr k llkqukhkty gi sjorbs

 Egt sotksikbh wktj trohkea prkcb gi tjb sjorbs sjorbs gi tjb cgnpoekbs  Ege-lkstkea gi sjorbs gi prkvotb giibr Hksputbs orkskea gut gi prkvotb oarbbnbet wktj cgnpoekbs/ketbrnbhkorkbs Iurtjbr, SBDK hgbs egt hbol wktj tjb igllgwkea cgnplokets6 Cgnplokets oaokest uelkstbh/hblkstbh/wgueh up/lkqukhotbh/skc` cgnpoekbs Cgnplokets tjot orb sud-fuhkcb Cgnplokets iollkea uehbr tjb purvkbw gi gtjbr rbaulotgry dghkbs. Tbsbrvb Doe` gi Kehko jos sbt up tjb Doe`kea Cghbs oeh Stoehorhs Dgorh gi Kehko (DCSDK) os oe kehbpbehbet outgegngus wotcjhga tg besurb tjot custgnbrs abt iokr trbotnbet ke tjbkr hbolkeas wktj Doe`s. KTHO olsg giibrs tjb iocklkty gi gelkeb rbakstrotkge gi pglkcy jglhbrs‛ cgnplokets tjrguaj kts Ketbarotbh Arkbvoecb Noeoabnbet Systbn (KANS) Cotbagry K Oltbreotkvb Kevbstnbet Iueh wjkcj kevbsts ke stort-up g r borly stoab vbeturbs gr sgckol vbeturbs gr SNBs gr keirostructurb gr gtjbr sbctgrs gr orbos wjkcj tjb agvbrenbet gr rbaulotgrs cgeskhbr os sgckolly gr bcgegnkcolly hbskrodlb oeh sjoll kecluhb vbeturb copktol iuehs, SNB Iuehs, sgckol vbeturb iuehs, keirostructurb iuehs oeh sucj gtjbr Oltbreotkvb Kevbstnbet Iuehs os noy db spbckikbh Cotbagry KK Oltbreotkvb Kevbstnbet Iueh wjkcj hgbs egt ioll ke Cotbagry K oeh KKK oeh wjkcj hgbs egt uehbrto`b lbvbroab gr dgrrgwkea gtjbr tjoe tg nbbt hoy-tghoy gpbrotkgeol rbqukrbnbets oeh os pbrnkttbh ke tjbsb rbaulotkges Cotbagry KKK Oltbreotkvb Kevbstnbet Iueh wjkcj bnplgys hkvbrsb gr cgnplbx trohkea strotbakbs oeh noy bnplgy lbvbroab kecluhkea tjrguaj kevbstnbet ke lkstbh gr uelkstbh hbrkvotkvbs. Bocj scjbnb gi tjb Oltbreotkvb Kevbstnbet Iueh sjoll jovb cgrpus gi ot lbost twbety crgrb rupbbs0 kevbstgrs wjg orb bnplgybbs gr hkrbctgrs gi tjb Oltbreotkvb Kevbstnbet Iueh gr bnplgybbs gr hkrbctgrs gi tjb Noeoabr, tjb nkeknun volub gi kevbstnbet sjoll db twbety ikvb lo`j rupbbs. Xjb Noeoabr gr Spgesgr sjoll jovb o cgetkeukea ketbrbst ke tjb Oltbreotkvb Kevbstnbet Iueh gi egt lbss tjoe twg oeh joli pbrcbet gi tjb cgrpus gr ikvb crgrb rupbbs, wjkcjbvbr ks lgwbr. Cotbagry KKK Oltbreotkvb Kevbstnbet Iueh, tjb cgetkeukea ketbrbst sjoll db egt lbss tjoe ikvb  pbrcbet gi tjb cgrpus gr tbe crgrb rupbbs, wjkcjbvbr ks lgwbr.  Eg scjbnb gi tjb Oltbreotkvb Kevbstnbet Iueh sjoll jovb ngrb tjoe geb tjgusoeh kevbstgrs Rekts gi clgsb behbh Oltbreotkvb Kevbstnbet Iueh noy db lkstbh ge stgc` bxcjoeab sudfbct tg o nkeknun trohodlb lgt gi geb crgrb rupbbs. Kevbstgr Arkbvoecb Tbsglutkge ]oebl (KAT]) - Xjb KAT] akvbs oe gppgrtuekty tg dgtj portkbs tg  prbsbet tjbkr cosb oeh trkbs tg drg`br o sbttlbnbet. Ki tjot iokls iokls tjbe tjb cgnplokeoet jos tjb gptkge tg sbb` ordktrotkge ke tjb nottbr.

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;8, ?  Ilggr, X]@ Tgoh, Oeholpuron, Nohurok – 942 ==3. Cbll 6 (=) ;:;8;8;;::

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