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@hct`hr Wmfercncrcf`m cob Ehmt` Vcvcrb
GAKJCA
KTTKZRXOMR]
MOBHP
Cttrcftmog Ikrhmgo MovhstnhotVhfkob Hbmtmko
Luoh :438
8/20/2019 2015 Global Opportunity Index Milken Institute
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@hct`hr Wmfercncrcf`m cob Ehmt` Vcvcrb
GAKJCA
KTTKZRXOMR]
MOBHP
Cttrcftmog Ikrhmgo MovhstnhotVhfkob Hbmtmko
Luoh :438
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Cfeokwahbgnhots
R`h cut`krs wms` tk t`coe Vhomkr Hbmtkr Hbwcrb Vmavhr ikr mnprkvmog t`h ncousfrmpt. R`hy wkuab cask ameh tk t`coe
Ncocgmog Bmrhftkr Nmoby Vmavhrsthmo ikr `hr fkotmouhb suppkrt ki t`h Mobhx.
Cjkut t`h Nmaeho Mostmtuth R`h Nmaeho Mostmtuth ms c okoprkffit, okopcrtmsco t`moe tcoe bhthrnmohb tk mofrhcsh gakjca prksphr mty jy cbvcofmog
fkaacjkrctmvh skautmkos t`ct wmbho cffhss tk fcpmtca, frhcth lkjs cob mnprkvh `hcat`. Wh bk t`ms t`rkug` mobhphobhot,
bctc-brmvho rhshcrf`, cftmko-krmhothb nhhtmogs cob nhcomogiua pkamfy momtmctmvhs.
©:438 Nmaeho Mostmtuth
R`ms wkre ms ncbh cvcmacjah uobhr t`h thrns ki t`h Frhctmvh Fknnkos Cttrmjutmko-OkoFknnhrfmca-OkBhrmvs 6.4 Xopkrthb
Amfhosh, cvcmacjah ct ̀ ttp
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Fkothots
Hxhfutmvh Vunncry ............................................................................................... 3
Motrkbuftmko............................................................................................................ 6
Mobhx Kvhrvmhw< R`h Ycauh ki Imocofmca Bhhphomog ................................................8
Mobhx Fkostruftmko cob Zhsuats ..............................................................................7
Zcoemogs ikr :438 ....................................................................................................=
Zhgmkoca Csshssnhots ..........................................................................................37
Fknpksmth Vfkrh F`cogh< :44= R`rkug` :438.....................................................:6
Fkrrhactmog t`h Gakjca Kppkrtuomty Mobhxtk Ikrhmgo Movhstnhot .......................................................................................... :8
Fkofausmko..............................................................................................................:7
Cpphobmxhs ........................................................................................................... :=
Cjkut t`h Cut`krs ................................................................................................ 22
8/20/2019 2015 Global Opportunity Index Milken Institute
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Gakjca Kppkrtuomty Mobhx< Cttrcftmog Ikrhmgo Movhstnhot
KO R@H WHJ
Bctc ikr hcf` octmko cob mothrcftmvh tkkas
fco jh ikuob ct www.gakjcakppkrtuomtymobhx.krg
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Hxhfutmvh Vunncry
Cs t`h gakjca hfkokny fkotmouhs tk rhgcmo mts ikktmog ikaakwmog t`h ffiocofmca frmsms cob Grhct
Zhfhssmko, t`h Gakjca Kppkrtuomty Mobhx coswhrs c prhssmog ohhb ikr moikrnctmko t`ct”s vmtca
tk movhstkrs cob pkamfyncehrs. W`ct pkamfmhs fco gkvhronhots pursuh tk cttrcft ikrhmgo bmrhft
movhstnhot (IBM), hxpcob t`hmr hfkoknmhs cob cffhahrcth lkj frhctmko; W`ct bk nuatmoctmkoca
fknpcomhs, kt`hr movhstkrs, cob bhvhakpnhot cghofmhs ohhb tk eokw jhikrh ncemog acrgh-
sfcah, frkss-jkrbhr fknnmtnhots ki fcpmtca cob kt`hr rhskurfhs;
Octurca hobkwnhots cob `crbwkremog phkpah ncy okt jh hokug`, okr hvho c skp`mstmfcthb
jcoemog systhn cob mobustrmca jcsh, mi t`h fksts cob fkobmtmkos ki bkmog jusmohss prknpt
movhstkrs tk akke hashw`hrh. Mo c wkrab mo w`mf` bmstcofhs bmnmoms` hvhry bcy, t`ct”s hcsmhr tk
bk t`co hvhr jhikrh. Amehwmsh, fkuotrmhs t`ct movhst mo t`hmr moircstrufturh, supprhss fkrruptmko,
cob ncmotcmo skuob rhguactmkos s`kuab jh eokwo cob rhwcrbhb ikr t`ksh fknpcrctmvh
cbvcotcghs. Mo ncoy fcshs, t`h wcy octmkos phrikrn ko t`hsh mnpkrtcot stcobcrbs ncy
fkotrcbmft hxphftctmkos, mofaubmog t`ksh ki t`h fknpcomhs t`hnshavhs t`ct shhe ohw thrrcmo.
R`h Kppkrtuomty Mobhx ms bhsmgohb tk cssmst fknpcomhs cob fkuotrmhs cs t`hy hxpakrh
IBM kppkrtuomtmhs. Mt ffiaas gcps mo moikrnctmko t`ct irhquhotay bmsfkurcgh nutucaay jhohffifmca
trcoscftmkos t`ct spur bhvhakpnhot cob lkj grkwt`. Nkrhkvhr, t`h mobhx prkvmbhs c jcshamoh
csshssnhot ikr fkuotrmhs shhemog tk mnprkvh t`hmr jusmohss hovmrkonhots cob cttrcft ikrhmgo
movhstkrs, t`h emob t`ct fknnmt fcpmtca tk strcthgmf prklhfts rct`hr t`co nkvh mt crkuob cs c
hhtmog pkrtikamk tcftmf.
Kur mobhx stcobs kut cnkog t`h ncoy t`ct frkwb t`h mothroctmkoca movhstnhot spcfh.
Mt okt koay fkosmbhrs jcsmf hfkoknmf vcrmcjahs t`ct mouhofh movhstnhot cftmvmty, jut cask
hxcnmohs ehy jusmohss, ahgca, cob rhguactkry pkamfmhs t`ct gkvhronhots fco nkbmiy tk
suppkrt cob kitho brmvh IBM. Mt ms jumat ko c skamb ikuobctmko, wmt` strkog t`hkrhtmfca cob
hnpmrmfcaay thsthb uobhrpmoomogs jcshb ko ounhrkus stubmhs.
Ikr :438, t`h mobhx rcoes 369 fkuotrmhs ko smx fkotmohots ikr w`mf` bctc ms cvcmacjah.
Vmxty-koh vcrmcjahs crh csshsshb cfrkss ikur fcthgkrmhs rhacthb tk octmkoca hfkoknmhs cob
suppkrtmog moircstrufturh.
Cs mo kur prhvmkus rhahcsh ki t`h Mobhx, Vmogcpkrh cob @kog Ekog ahcb t`h rcoemogs, wmt`
Ohw \hcacob, Fcocbc, Okrwcy, Ncacysmc, cob ikur fkuotrmhs irkn t`h Hurkphco Xomko
rkuobmog kut t`h tkp 34. Hcf` ki t`h tkp ikur ms c ahcbhr mo koh fcthgkry< Vmogcpkrh ahcbs
mo Bkmog Jusmohss, @kog Ekog ahcbs mo Hfkoknmf Iuobcnhotcas, Imoacob ahcbs mo Sucamty
ki Zhguactmkos, cob Ohw \hcacob ahcbs mo t`h Zuah ki Acw. Mobhhb, mo Bkmog Jusmohss,
Vmogcpkrh sfkrhb mo t`h `mg`hst phrfhotmah ikr hmg`t ki t`h 3= vcrmcjahs, mofaubmog hcsh ki
stcrtmog c jusmohss, fkotrcft hoikrfhnhot, rhskavmog moskavhofy, cob c thosmko-irhh movhstnhot
famncth. R`us mt ms okt surprmsmog t`ct IBM `cs fkotmoucaay jhho c skurfh ki fcpmtca ikr
Vmogcpkrh, hvho w`mah tcemog c `mt burmog t`h gakjca ffiocofmca frmsms.
8/20/2019 2015 Global Opportunity Index Milken Institute
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Gakjca Kppkrtuomty Mobhx< Cttrcftmog Ikrhmgo Movhstnhot
Cat`kug` t`h nclkrmty ki fkuotrmhs mo t`h rcoes ki t`h tkp :4 nmg`t jh prhbmftcjah (phr`cps
wmt` t`h hxfhptmko ki Ncacysmc), t`h mobhx ms nkst ushiua ikr t`h rhncmomog fkuotrmhs‒w`hrh
movhstnhot ms ohhbhb nkst. R`us, koh s`kuab rhnhnjhr t`ct t`hsh rcoemogs crh sujlhft
tk f`cogh. Thrikrncofh ko t`h mobmfctkrs t`ct nceh up t`h mobhx fco jh nkbmffihb jy
gkvhronhot pkamfy. Mobhhb, f`cogh ms hvmbhot t`rkug`kut t`h :44=-38 phrmkb. Wh shh c
ghohrca, jut rhactmvhay sncaa, bhfamoh mo sfkrhs cnkog bhvhakphb fkuotrmhs cob ghohrcaay
pksmtmvh f`coghs mo t`h bhvhakpmog wkrab, `mg`amg`tmog t`h `mt t`ct bhvhakphb ncrehts tkke
burmog t`h gakjca ffiocofmca frmsms cs whaa cs fkotmoumog rhikrns mo c ounjhr ki hnhrgmog
ncreht octmkos.
R`hrh ms c rkjust rhactmkos`mp jhtwhho t`h Gakjca Kppkrtuomty Mobhx cob ikrhmgo bmrhft
movhstnhot5 t`h `mg`hr t`h sfkrh, t`h grhcthr t`h mokws. R`h mobhx fco hxpacmo nkrh t`co
87 phrfhot ki t`h vcrmctmko mo IBM phr fcpmtc cfrkss cbvcofhb, hnhrgmog, cob irkotmhr octmkos.
Jcshb ko t`ms hstmncthb rhactmkos`mp, hcf` koh-uomt mofrhcsh mo t`h mobhx ms csskfmcthb wmt` c
2: phrfhot mofrhcsh mo IBM phr fcpmtc.
Ikr fkuotrmhs tk jkkst t`hmr sfkrhs cob jhfknh jhohffifmcrmhs ki IBM, t`hy wmaa ohhb tk
mnprkvh t`hmr hfkoknmf iuobcnhotcas cob hcsh ki bkmog jusmohss cakog wmt` qucamty kirhguactmkos cob ruah ki acw. R`h Gakjca Kppkrtuomty Mobhx ms c skamb rhnmobhr cob gumbh tk
t`h pkamfmhs cob phrikrncofh ohhbhb tk suffhhb cnmb t`h mohvmtcjah f`caahoghs.
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Motrkbuftmko
Mo rhfhot bhfcbhs ffiocofmca gakjcamzctmko `cs fkotrmjuthb tk co mnprhssmvh rmsh mo mothroctmkoca
trcbh cob prkbuftmko, w`mah cask prknktmog gakjca grkwt` cob rmsmog stcobcrbs ki amvmog.
Vmofh t`h ffiocofmca frmsms cob Grhct Zhfhssmko, t`h pcfh ki gakjcamzctmko cob ncoy ki mts
cofmaacry ihcturhs `cvh hxphrmhofhb s`crp shtjcfes. Cat`kug` X.V. hqumtmhs cob ffixhb-
mofknh shfurmtmhs phrikrnhb whaa burmog t`h Ihbhrca Zhshrvh”s hiikrts tk fknjct t`h frmsms
t`rkug` qucotmtctmvh hcsmog, t`h scnh fcookt jh scmb ikr ncoy kt`hr csshts gakjcaay.
C grhct bhca ki uofhrtcmoty hxmsts cs t`h gakjca hfkokny ms fkoirkothb wmt` jmiurfcthb
grkwt` prksphfts. R`h Xomthb Vtcths, Xomthb Emogbkn cob c nmokrmty ki kt`hr fkuotrmhs,
pcrtmfuacray mo hnhrgmog Csmc, shhn pkmshb tk cf`mhvh sustcmocjah hfkoknmf grkwt` ct,
kr cjkvh, t`hmr pkthotmca. Mo fkotrcst, Hurkphco fkuotrmhs, Lcpco cob c ounjhr ki smgomffifcot
hnhrgmog fkuotrmhs crh struggamog tk rhgcmo grkwt` nknhotun w`mah jcttamog bhctmko.
R`ms `cs fkotrmjuthb tk pkamfy bmvhrghofh, rhsuat mog mo surghs cob puaajcfes ki fcpmtca
kws, hsphfmcaay burmog s`mits mo G6 nkohtcry pkamfy. Fcpmtca kws cask `cvh jhho mouhofhb
jy s`mits mo t`h bhgrhh ki rmse cpphtmth cob phrfhmvhb vuaohrcjmamtmhs cnkog hnhrgmog
ncreht fkuotrmhs.
W`mah nuf` ctthotmko `cs jhho pcmb tk t`h hxtrckrbmocry nkohtcry nhcsurhs ushb tk jkkst
gakjca amqumbmty ikaakwmog t`h ffiocofmca frmsms, mt ohvhrt`hahss ms t`h fcsh t`ct t`h stkfe ki gakjca
hxthroca csshts `cs stcgocthb smofh t`h frmsms, cs grkss gakjca fcpmtca kws `cvh fkotrcfthb
s`crpay, cffkrbmog tk t`h MNI. Gakjca fcpmtca kws whrh $0.8 trmaamko mo :447, jut t`h coouca
cvhrcgh burmog t`h pcst t`rhh yhcrs `cs jhho lust $6 trmaamko. Ncturh ncrehts `cvh hxphrmhofhb
c smgomffifcot brkp-kii mo kws, w`mah fcpmtca kws tk hnhrgmog ncrehts `cvh jhho jhtthr
sustcmohb ct rkug`ay $3 trmaamko phr yhcr. Okoht`hahss, t`hsh kws `cvh bhfamohb ncrehbay mo
rhactmko tk GBT.
Wmt` fcpmtca kws jhfknmog nkrh vkactmah, pkamfyncehrs `cvh struggahb tk bhca wmt` t`h
smtuctmko. Vknh fkuotrmhs `cvh rhskrthb tk usmog fcpmtca fkotrkas, bcnphomog t`h mnpuash
tkwcrb nkrh gakjca fcpmtca nkjmamty. Mo fkotrcst tk t`h sknhtmnhs cbvhrsh hovmrkonhot
csskfmcthb wmt` pkrtikamk kws, t`ct surrkuobmog gakjca ikrhmgo bmrhft movhstnhot (IBM) kws
`cs jhho nuf` nkrh fkostcot. IBM kws burmog t`h phrmkb :434-36 cvhrcghb crkuob$3.8 trmaamko, smnmacr tk t`hmr :448-47 cvhrcgh, wmt` t`hmr s`crh mo tktca prmvcth fcpmtca kws
t`us mofrhcsmog. R`ms stcjmamty rhhfts okt koay frkss-jkrbhr movhstnhot cftmvmty ki ncturh
hfkoknmhs, jut cask t`ct ki hnhrgmog hfkoknmhs, mofaubmog vmc skut`-tk-skut` IBM kws,
w`mf` `cvh jhfknh nkrh mnpkrtcot tk t`ms grkup ki hfkoknmhs.
Kur shfkob hbmtmko ki t`h Gakjca Kppkrtuomty Mobhx fco `hap movhstkrs cs t`hy ocvmgcth
t`rkug` c wkrab ki s`mitmog fcpmtca kws, f`cogmog phrfhptmkos ki fkuotrmhs” hfkoknmf cob
ffiocofmca skuobohss, bmvhrgmog ncfrkhfkoknmf pkamfmhs, cob uftuctmog rmse cpphtmth.
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Gakjca Kppkrtuomty Mobhx< Cttrcftmog Ikrhmgo Movhstnhot
R`h Mobhx ms c ushr-irmhobay tkka ikr t`ksh jusmohss-bhfmsmko ncehrs akkemog tk movhst jhykob
t`hmr `knh ncreht. Ikr pkamfyncehrs, t`h mobhx kiihrs c gumbh tk icftkrs t`ct `hap frhcth c
strkog ikuobctmko ikr bmrhft movhstnhot. Ncoy ki t`h mobhx mobmfctkrs cask crh cppamfcjah tk
gcugmog t`h strhogt` ki vcrmkus hahnhots t`ct fkuab ciihft pkrtikamk movhstnhot bhfmsmkos.
Jy wkremog tk rcmsh mobhx sfkrhs, pkamfyncehrs fco cttrcft fknnmtthb fcpmtca cob movhstnhot
t`rkug` mnprkvmog t`hmr jusmohss cob hfkoknmf famncths. Mo cbbmtmko, t`ms fco jrmog pksmtmvh
spmaakvhr motk prkbuftmko thf`okakgy kr ncocghrmca jhst prcftmfhs ct t`h ffirn ahvha.
W`mah t`h Gakjca Kppkrtuomty Mobhx fco jh c ushiua tkka tk movhstkrs cob pkamfyncehrs cameh,
t`h wcy ikrwcrb tk hofkurcgmog grhcthr mothrfkoohfthbohss cnkog jkt` ffiocofmca cob oko-
ffiocofmca ffirns fkuab jh c bmiffifuat koh. R`h hvhotuca okrncamzctmko ki nkohtcry pkamfy shttmogs
mo ncturh hfkoknmhs fkuab frhcth smgomffifcot `hcbwmobs‒hsphfmcaay mi ncreht pcrtmfmpcots
crh surprmshb jy t`h tmnmog cob pcfh ki t`h wmt`brcwca ki nkohtcry suppkrt cob t`h pkssmjah
iurt`hr cpprhfmctmko ki t`h X.V. bkaacr. Hnhrgmog hfkoknmhs, mo pcrtmfuacr, fkuab icfh grhcthr
prhssurh tk rhay nkrh ko ikrhmgo bmrhft movhstnhot. Nkrhkvhr, ohw rhguactmkos ko fcpmtca cob
amqumbmty cs prhshothb mo t`h Jcsha MMM ircnhwkre fkuab ahcb jcoes mo ncturh hfkoknmhs tk
sfcah bkwo hvho nkrh t`h ghkgrcp`mhs cob jusmohss amohs mo w`mf` t`hy kphrcth.
Rk kvhrfknh t`hsh kjstcfahs fkuotrmhs wmaa ohhb tk mnprkvh t`hmr hfkoknmf iuobcnhotcas
cob hcsh ki bkmog jusmohss cakog wmt` t`h qucamty ki rhguactmkos cob ruah ki acw. R`h Gakjca
Kppkrtuomty Mobhx ms c skamb rhnmobhr cob gumbh ki t`h pkamfmhs cob phrikrncofh ohhbhb tk
fkph wmt` t`h f`caahoghs c`hcb.
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Mobhx Kvhrvmhw< R`h Ycauh ki Imocofmca Bhhphomog
Cffhss tk fcpmtca, w`ht`hr t`ct mofaubhs ikrhmgo bmrhft/pkrtikamk movhstnhot, jcoe ahobmog,
cob/kr fcpmtca ncreht bhvhakpnhot, ms hsshotmca ikr sustcmocjah bhvhakpnhot, grkwt` cob
hfkoknmf stcjmamty. Ikrhmgo bmrhft movhstnhot (IBM) `cs jhfknh co mnpkrtcot skurfh ki
iuobmog ikr bhvhakpmog hfkoknmhs, jkt` mo thrns ki fcpmtca cffhss cob hfkoknmf grkwt`.
Mt ms bmiihrhot irkn kt`hr skurfhs ki hxthroca fcpmtca kws mo t`ct mt ms ncmoay nktmvcthb jy
movhstkrs” akog-thrn movhstnhot strcthgy cob bhsmrh ikr prkffits.
Irkn t`h cfcbhnmf phrsphftmvh, c ounjhr ki smgomffifcot stubmhs `cvh bhnkostrcthb t`h
jhohffits ki IBM cob hxcnmohb t`h mouhofhs t`ct mofrhcsh mts kw. Ikr hxcnpah, Jussh
cob Grkmzcrb (:440) pkmot kut t`ct shvhrca stubmhs ‑ffiob t`ct fkuotrmhs wmt` jhtthr ffiocofmca
systhns cob ffiocofmca ncreht rhguactmkos fco hxpakmt IBM nkrh hiffifmhotay cob cf`mhvh c
`mg`hr grkwt` rcth.„ Mo cbbmtmko tk t`h mnpkrtcofh ki ffiocofmca systhns, Burjco (:442) ikuob
t`ct fkuotrmhs wmt` nkrh bhvhakphb mostmtutmkoca ircnhwkres fco `crohss IBM kws tkwcrb
rhca kutput hxpcosmko. Bujjc-Okrrms ht ca. (:434) ikuob t`ct ikr akw-mofknh fkuotrmhs,
t`h jhohffits ki IBM whrh cffhotucthb jy jhtthr moircstrufturh cob mostmtutmkoca qucamty.
R`us, pkamfy f`kmfhs cob mostmtutmkoca fkobmtmkos wmt`mo c fkuotry fco `cvh bmrhft mnpcft
ko ikrhmgo movhstnhot cob hfkoknmf grkwt`. Mobhhb, c grkwmog jkby ki amthrcturh `cs
`mg`amg`thb w`y t`h qucamty ki mostmtutmkos nctthrs ikr cttrcftmog IBM.3 Imrst, pkkr mostmtutmkos
fco jrmog cbbmtmkoca fksts tk IBM, cs mo t`h fcsh ki fkrruptmko (Whm, :444). Ikrhmgo bmrhft
movhstnhot ms cask vuaohrcjah tk uofhrtcmoty, mofaubmog hxprkprmctmko rmse cob c whce prkphrty
rmg`ts rhgmnh (F`cog, :4465 Ohmnco cob R`mhs, :43:), whce movhstkr prkthftmko (Ahh cob
Tcre, :436), cob t`h ahgca hovmrkonhot (Vtccts cob Gmjacmshr, :43:). Jhocssy-Suhrh ht ca.
(:447), mo csshssmog jmacthrca IBM kws jhtwhho `kst cob skurfh fkuotrmhs, ffiob t`ct t`h
qucamty ki mostmtutmkos mo c `kst fkuotry `cs c smzcjah mnpcft ko mowcrb IBM.
R`h Gakjca Kppkrtuomty Mobhx ikfushs ko t`hsh mostmtutmkoca bhthrnmocots. Ikr movhstkrs,
t`h mobhx cfts cs c gumbh tk icftkrs t`ct mouhofh t`h bhpakynhot ki fcpmtca. Ikr t`h
fkuotrmhs rcoehb `hrh, hiikrts tk rcmsh t`h qucamty ki mostmtutmkos fco `hap t`hn fkovhrgh
tkwcrb t`ksh ki skurfh fkuotrmhs, w`mf` ncy brcw nkrh IBM tk bhvhakpmog fkuotrmhs cob
spur hfkoknmf grkwt`.:
3. Vhh Jakomgho (:448) ikr c fknprh`hosmvh rhvmhw ki t`h amthrcturh ko t`h bhthrnmocots ki IBM.
:. Rms pkmot wcs nkst rhfhotay brmvho `knh mo ‑W`y Octmkos Icma„ (:43:) jy hfkoknmst Bcrko Cfhnkgau cob pkamtmfca sfmhotmst LcnhsZkjmosko. Rhy crguh t`ct t`h ehy bmfflhrhotmctkr jhtwhho ‑strkog„ cob ‑whce„ stcths crh mostmtutmkos< Rksh t`ct bhvhakp mofausmvh hfkoknmfcob pkamtmfca mostmtutmkos t`rmvh, w`mah t`ksh t`ct icma tk bk sk, kr frhcth whce kohs, bk okt iuaay bhvhakp hfkoknmfcaay cob pkamtmfcaay.
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Gakjca Kppkrtuomty Mobhx< Cttrcftmog Ikrhmgo Movhstnhot
Cbbmtmkoca Bhthrnmocots ki IBM Iakws
W`mah t`h ikfus mo t`ms shftmko `cs jhho t`h mostmtutmkoca bhthrnmocots ki ikrhmgo bmrhft movhstnhot, kt`hr icftkrs fco
mouhofh akfctmko bhfmsmkos. Sucotmtctmvhay, t`hy crh nhcsurcjah koay ct t`h jmacthrca kr ffirn ahvhas, w`mf` ms kutsmbh
t`h sfkph ki t`ms mobhx.6
Ncreht smzh Ncreht smzh ncy kr ncy okt jh c smgomffifcot puaa ikr IBM. Mi mt ms
ncreht-shhemog movhstnhot, t`ho ncreht smzh, cs nhcsurhb jy
pkpuactmko kr GBT, wmaa nctthr. @kwhvhr, mi mt ms hiffifmhofy-shhemog
IBM, t`ho pkpuactmko ncy nctthr ahss t`co akw-fkst cob/kr semaahb
acjkr cs whaa cs kt`hr prkbuftmko icftkrs.
Rcx mofhotmvhs Rcx mofhotmvhs‒w`ho `kst fkuotrmhs nceh tcx fkofhssmkos
tk ffirns tk mouhofh t`hmr movhstnhot bhfmsmkos‒ncy `cvh co
mnpcft ko w`hrh ffirns movhst. W`mah t`ms ncy jh c icftkr mo c
ounjhr ki fcshs, rhfhot rhshcrf` `cs s`kwo t`ct tcx mofhotmvhs
crh koay koh ki ncoy bhthrnmocots w`ho t`hy nctthr ct caa.
R`h prhshofh ki jmacthrca movhstnhot trhctmhs (JMR)cob/kr bkujah tcxctmko trhctmhs (BRR) jhtwhhoskurfh cob ̀ kst fkuotrmhs
Jmacthrca movhstnhot trhctmhs kiihr prkthftmkos cob rmg`ts ikr movhstkrski koh stcth w`k movhst mo cokt`hr. R`h cmn ki t`h JMR ms kitho
tk kvhrrmbh mostmtutmkoca bhffifmhofmhs, suf` cs mo fkuotrmhs w`hrh
prkphrty rmg`ts cob movhstkr prkthftmkos crh acfemog, jy prkvmbmog
mothroctmkocaay hoikrfhcjah prkthftmkos. BRRs hamnmocth kr rhbufh
t`h tcxctmko ki ffirn hcromogs mo jkt` t`h skurfh cob `kst fkuotry,
usucaay sk t`ct t`h movhstnhot wmaa jh tcxhb koay ct `knh.
Bmstcofh, motrcrhgmkoca byocnmfs, cobohmg`jkr`kkb hiihfts
Bmstcofh ncy jh co mnpkrtcot bhthrnmocot ki fcpmtca kws,pcrtmfuacray ikr hiffifmhofy-shhemog IBM. Movhstmog fakshr tk ykur
ncmo ncreht ncy rhbufh t`h hxpamfmt cob mnpamfmt fksts ki suppay
f`cmo akgmstmfs cob trcospkrt. Bmstcofh ms cask mnpkrtcot ikr
motrcrhgmkoca IBM cnkog bhvhakpmog fkuotrmhs. ‑Ohmg`jkr`kkbhiihfts„ nctthr, cs smnmacr mostmtutmkoca ncehup ncy nceh
mostmtutmkoca mostcjmamty mofkoshquhotmca.
6. Vhh Jhocssy-Suhrh, ht ca., ikr co cocaysms ki jmacthrca IBM bhthrnmoc.
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R`h Gakjca Kppkrtuomty Mobhx jhof`ncres cob trcfes fkuotrmhs” prkgrhss ko 93 vcrmcjahs
cggrhgcthb mo ikur fcthgkrmhs< Hfkoknmf Iuobcnhotcas, Hcsh ki Bkmog Jusmohss,
Zhguactkry Sucamty, cob Zuah ki Acw (shh Cpphobmx 3 ikr c amst ki vcrmcjahs ikr hcf` fcthgkry).
Hcf` fcthgkry nhcsurhs co csphft ki t`h pkwhr ki hfkoknmf cob mostmtutmkoca icftkrs tk
cttrcft ikrhmgo bmrhft movhstnhot. R`h cssmgohb fknpksmth mobhx vcauh ms t`h cvhrcgh sfkrh
ki t`h ikur fcthgkrmhs (fcaahb fknpkohot sfkrhs). Hcf` vcrmcjah ms okrncamzhb irkn 4 tk 3.
Wmt`mo hcf` fcthgkry, t`h okrncamzhb vcrmcjahs crh t`ho gmvho hquca whmg`t cob cggrhgcthb,
rhsuatmog mo c okrncamzhb fcthgkry sfkrh jhtwhho 34, mobmfctmog t`h nkst icvkrcjahfkobmtmkos ikr movhstnhot, cob 4, smgocamog t`h ahcst icvkrcjah.2
R`h :438 mobhx fkvhrs 369 fkuotrmhs, w`mf` crh rcoehb mo Rcjah 3. Ikr rhihrhofh,
Cpphobmx 6 ̀ cs rcoemogs irkn :44= t r̀kug` :436.8 Cs stcthb mo t`h :436 mocugurca rhahcsh
ki t`h Gakjca Kppkrtuomty Mobhx, mobhx nht`kbkakgy ms rhvmhwhb ikr hcf` pujamfctmko tk rhhft
f`coghs mo bctc skurfhs kr kt`hr cblustnhots. Ikr t`ms rhpkrt wh rhbufhb t`h ounjhr ki
vcrmcjahs cob fcthgkrmhs ko t`h jcsms ki t`hkrhtmfca fkosmbhrctmkos cob bctc cvcmacjmamty.
HFKOKNMF IXOBCNHORCAV (HI)
Hfkoknmf Iuobcnhotcas nhcsurhs t`h hxthot tk w`mf` c fkuotry”s ncfrkhfkoknmf
hovmrkonhot ms fkobufmvh tk ikrhmgo bmrhft movhstnhot. C vcauh ki 34 mobmfcths vhrystrkog hfkoknmf iuobcnhotcas, w`mah c vcauh ki 4 mobmfcths rhactmvhay whce fkobmtmkos.
R`h sujfknpkohots<
Ncfrkphrikrncofh
Kphoohss tk trcbh cob IBM
Sucamty cob strufturh ki t`h acjkr ikrfh
T`ysmfca moircstrufturh
2. Hquca whmg`ts crh ushb mo t`h frhctmko ki t`h fknpksmth mobhx sfkrhs/rcoemogs mo t`h pcghs t`ct ikaakw. Wh cask ush hquca whmg`tmog ikr t`hfkrrhactmko cob rhgrhssmko rhsuats mo t`h ncmo jkby ki t`ms rhpkrt. Zhcbhrs crh cask hofkurcghb tk whmg`t t`h fknpkohot sfkrhs cffkrbmogtk t`hmr prhihrhofh ct t`h Gakjca Kppkrtuomty Mobhx whjsmth.
8. Rh yhcrs sphfmffihb rhihr tk t`h yhcrs w`ho t`h prhvmkus mobhx wcs rhahcshb, kr yhcrs w`ho t`hy wkuab `cvh jhho. Hcf` yhcr ms fkostrufthbirkn t`h nkst rhfhot cvcmacjah bctc, w`mf` ms usucaay c yhcr kr twk jhikrh t`h rhahcsh bcth. Ikr mostcofh, t`h :44= mobhx, rhahcshb t`ct yhcr,wcs fkostrufthb wmt` bctc prmncrmay irkn :447.
Mobhx Fkostruftmko cob Zhsuats
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Gakjca Kppkrtuomty Mobhx< Cttrcftmog Ikrhmgo Movhstnhot
HCVH KI BKMOG JXVMOHVV (BJ)
Hcsh ki Bkmog Jusmohss nhcsurhs hxpamfmt cob mnpamfmt fksts csskfmcthb wmt` jusmohss
kphrctmkos. C vcauh ki 34 mobmfcths vhry akw fksts ki bkmog jusmohss mo c fkuotry, w`mah c
vcauh ki 4 mobmfcths vhry `mg` fksts. R`h sujfknpkohots<
Cffkuotmog cob bmsfaksurh rhqumrhnhots
Fksts ki thrrkrmsn cob frmnh
Rcx jurbho
Fksts ki stcrtmog c jusmohss 9
Fksts ki hoikrfmog fkotrcfts
Fksts ki rhskavmog moskavhofy
SXCAMR] KI ZHGXACRMKOV/ZHGXACRKZ] JCZZMHZV RK MOYHVRNHOR (SZ)
Sucamty ki Zhguactmkos/Zhguactkry Jcrrmhrs tk Movhstnhot csshsshs t`h hiihftmvhohss kipkamfyncemog cob hoikrfhnhot mo c fkuotry cob smnmacray rhhfts t`h hxthot tk w`mf` c
fkuotry”s acws cob rhguactmkos prhvhot t`h irhh kw ki trcbh cob movhstnhot. C vcauh ki
34 mobmfcths hiffifmhot hoikrfhnhot ki pkamfmhs cob nmomnca jcrrmhrs tk fcpmtca kws, w`mah c
vcauh ki 4 mobmfcths t`h kppksmth. R`h sujfknpkohots<
Hxthot cob jurbho ki rhguactmko
Fkrruptmko
Rrcospcrhofy
Hxthot ki fkotrkas ko fcpmtca
ZXAH KI ACW (ZA)
Zuah ki Acw rhhfts t`h hxthot tk w`mf` c fkuotry”s ahgca systhn prkthfts movhstkrs cob
prkphrty rmg`ts tk suppkrt cob ho`cofh jusmohss movhstnhot. C vcauh ki 34 mobmfcths
fknnmtnhot tk t`h ruah ki acw, w`mah c vcauh ki 4 mobmfcths t`h kppksmth. R`h sujfknpkohots<
Ahgca moircstrufturh
Trkthftmko ki prkphrty rmg`ts
Trkthftmko ki movhstkr rmg`ts
9. Rh bctc ikr t`ms sujfknpkohot fknh irkn t`h Wkrab Jcoe”s ‑Bkmog Jusmohss„ rhpkrt cob bctcjcsh, w`mf` ms upbcthb cooucaay. Okth t`ctmts vcrmcjahs (fkst ki stcrtmog c jusmohss, ounjhr ki prkfhburhs, cob ounjhr ki bcys) trcfe t`h mnpamfmt cob hxpamfmt fksts ikr bknhstmfffirns koay. Ikr t`h fkst tk ikrhmgo ffirns, t`h Wkrab Jcoe `cs frhcthb t`h Movhstmog Cfrkss Jkrbhrs (MCJ) bctcjcsh. Jkt` skurfhs crhmnpkrtcot ikr IBM. @kwhvhr, wh `cvh okt mofaubhb t`h MCJ bctcjcsh buh tk t`h amnmthb ounjhr ki fkuotrmhs trcfehb (07 vhrsus 30= ikr‑BJ„) cob t`ct t`h pujamf bctc ms cvcmacjah ikr koay koh yhcr, prhvhotmog fknpcrmsko. Mo stctmstmfca cocaysms, t`h twk bctcjcshs crh `mg`ayfkrrhacthb. Iurt`hr, t`h MCJ mobhx mofaubhs nhcsurhnhot ikr shvhrca vcrmcjahs trcfehb mo t`h mobhx, mofaubmog fcpmtca fkotrka rhguactmkos.Rus, wh ihha fkoffibhot mofaubmog t`h koh bctc skurfh ikr jusmohss fksts.
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Zcoemogs ikr :438
Rcjah 3 (shh pcgh 33) s`kws t`h :438 Gakjca Kppkrtuomty Mobhx sfkrhs cob rcoemogs.
Vmogcpkrh cob @kog Ekog ahcb t`h rcoemogs, cs mo kur prhvmkus rhahcsh, wmt` Ohw \hcacob,
Fcocbc, Okrwcy, Ncacysmc, cob ikur fkuotrmhs irkn t`h Hurkphco Xomko rkuobmog kut t`h
tkp 34. Hcf` ki t`h tkp ikur ms c ahcbhr mo koh fcthgkry< Vmogcpkrh ahcbs mo Bkmog Jusmohss,
@kog Ekog ahcbs mo Hfkoknmf Iuobcnhotcas, Imoacob ahcbs mo Sucamty ki Zhguactmkos,
cob Ohw \hcacob ahcbs mo t`h Zuah ki Acw. Mobhhb, mo Bkmog Jusmohss, Vmogcpkrh sfkrhb
mo t`h `mg`hst phrfhotmah ikr hmg`t ki t`h 3= vcrmcjahs, mofaubmog hcsh ki stcrtmog c jusmohss,
fkotrcft hoikrfhnhot, rhskavmog moskavhofy, cob c thosmko-irhh movhstnhot famncth. R`us mtms okt surprmsmog t`ct IBM `cs fkotmoucaay jhho c skurfh ki fcpmtca ikr Vmogcpkrh, hvho w`mah
tcemog c `mt burmog t`h gakjca ffiocofmca frmsms. (Vhh Imgurh 3.)
4
34,444
:4,444
64,444
24,444
84,444
94,444
74,444
XV$ nmaamko
3 = = 4
3 = = 3
3 = = :
3 = = 2
3 = = 8
3 = = 7
3 = = =
: 4 4 4
: 4 4 :
: 4 4 2
: 4 4 8
: 4 4 7
: 4 4 =
: 4 3 4
: 4 3 :
: 4 3 6
: 4 3 3
: 4 4 0
: 4 4 9
: 4 4 6
: 4 4 3
3 = = 0
3 = = 9
3 = = 6
IBM Rktca Moiakws tk Vmogcpkrh 3==4-:436
Vkurfh< Xomthb Octmkos Fkoihrhofh ko Rrcbh cob Bhvhakpnhot.
I M G X Z H < 3
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Gakjca Kppkrtuomty Mobhx< Cttrcftmog Ikrhmgo Movhstnhot
@kog Ekog”s tkp s`kwmog mo Hfkoknmf Iuobcnhotcas ms cof`krhb jy c strkog ncfrkhfkoknmf
hovmrkonhot, mofaubmog ncreht fcpmtcamzctmko, jcoe csshts, bknhstmf frhbmt tk t`h prmvcth
shftkr, cob kphoohss tk trcbh cob movhstnhot. IBM `cs mofrhcshb smofh :44:, rhfkvhrmog
irkn c pkst-‑Csmco IBM jkkn„ saunp7 (shh Imgurh :)5 `kwhvhr, mt rhncmos tk jh shho w`ct
mnpcft mofrhcsmog ncmoacob F`mohsh fkotrka wmaa `cvh ko t`h ikrnhr Jrmtms` thrrmtkry.
4
:4,444
24,444
94,444
04,444
344,444
3:4,444
XV$ nmaamko
3 = = 4
3 = = 3
3 = = :
3 = = 2
3 = = 8
3 = = 7
3 = = =
: 4 4 4
: 4 4 :
: 4 4 2
: 4 4 8
: 4 4 7
: 4 4 =
: 4 3 4
: 4 3 :
: 4 3 6
: 4 3 3
: 4 4 0
: 4 4 9
: 4 4 6
: 4 4 3
3 = = 0
3 = = 9
3 = = 6
IBM Rktca Moiakws tk @kog Ekog 3==4-:436
Vkurfh< XOFRCB.
I M G X Z H < :
R`h akwhst rcoes ki t`h mobhx, w`hrh Yhohzuhac, ]hnho, @cmtm, cob shvho suj-Vc`crco Cirmfcofkuotrmhs fknprmsh t`h jkttkn 34, rhprhshot fkuotrmhs wmt` shvhrh mostmtutmkoca bhffifmhofmhs.
@kwhvhr, cob nkrh kptmnmstmfcaay, t`hy cask rhprhshot fkuotrmhs wmt` t`h nkst kppkrtuomty ikr
cbvcofhnhot. Mobhhb, w`mah Juruobm ms rcoehb 368 kut ki 369, lust cjkvh acst-pacfh Gumohc,
mt ̀ cb t`h ̀ mg`hst phrfhotcgh mofrhcsh mo fknpksmth sfkrh smofh :436, rmsmog cankst 68 phrfhot.
R`ms sujstcotmca mnprkvhnhot `mg`amg`ts t`h mnpkrtcofh ki mostmtutmkos cob rhguactmkos t`ct
prknkth ikrhmgo movhstnhot.0
Cat`kug` t`h nclkrmty ki fkuotrmhs mo t`h rcoes ki t`h tkp :4 nmg`t jh prhbmftcjah (phr`cps
wmt` t`h hxfhptmko ki Ncacysmc), t`h mobhx ms nkst ushiua ikr t`h rhncmomog fkuotrmhs‒w`hrh
movhstnhot ms ohhbhb nkst. R`us, koh s`kuab rhnhnjhr t`ct t`hsh rcoemogs crh sujlhft
tk f`cogh. Thrikrncofh ko t`h mobmfctkrs t`ct nceh up t`h mobhx fco jh nkbmffihb jy
gkvhronhot pkamfy.
7. Rh Xomthb Octmkos Fkoihrhofh ko rcbh cob Bhvhakpnhot (XOFCB) `cs prkpkshb shvhrca rhcskos ikr t`h IBM jkkn mo @kog Ekog mo:444, w`mf` fco `hap tk hxpacmo t`h sujshquhot bhfamoh mo mokws< ‑Imrst, mt rhhfts c rhfkvhry irkn t`h hfkoknmf turnkma ki t`h rhfhotpcst. Vhfkob, Utrcosoctmkoca fkrpkrctmkos^ pacoomog tk movhst mo ncmoacob F`moc `cvh jhho ‐pcremog” iuobs mo @kog Ekog, mo cotmfmpctmkoki F`moc²s hxphfthb hotry motk t`h WK. Rmrb, t`h mofrhcsh rhhfts c nclkr frkss-jkrbhr nhrghr cob cfqumsmtmko (N&C) mo thahfknnuomfctmkos,w`mf` cakoh cffkuothb ikr ohcray koh-t`mrb ki @kog Ekog²s tktca IBM mokws. Ikurt`, t`hrh ms co hahnhot ki mofrhcshb ‐trcosmt IBM” motk,cob kut ki, @kog Ekog.„ XOFCB Wkrab Movhstnhot rhpkrt, :443.
0. Vmofh :44=, Juruobm ̀ cs hstcjams`hb co movhstnhot prknktmko paco tk hcsh t`h hotry ki ikrhmgo fcpmtca. Mo hsshofh, mt frhcthb c ‑koh-stkps`kp„ ikr movhstnhot moikrnctmko cob prkfhburhs.
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Zcoemogs ikr :438
Fkuotry F k n p k s m t h
V f k r h
Z c o e
H f k o k n m f
I u o b c n h o
t c a s
H c s h k i
B k m o g J u s m o h s s
S u c a m t y k i
Z h g u a c t m k o
s
Z u a h k i A c w
Vmogcpkrh 0.74 3 7.92 0.70 =.:4 =.:4
@kog Ekog VCZ, F`moc 0.27 : 7.09 0.8: 0.64 =.:4
Imoacob 7.00 6 9.4= 0.63 =.64 7.04
Ohw \hcacob 7.03 2 2.=8 0.:3 0.84 =.94
Vwhbho 7.7= 8 9.77 7.90 0.94 0.34
Fcocbc 7.76 9 9.32 0.44 0.44 0.04
Okrwcy 7.92 7 8.92 7.02 0.04 0.64
Xomthb Emogbkn 7.92 7 9.82 7.8: 7.94 0.=4
Mrhacob 7.93 = 9.84 7.=2 7.:4 0.04
Ncacysmc 7.87 34 7.6: 7.90 7.:4 0.34
Oht`hracobs 7.84 33 7.42 7.02 0.24 9.74
Hstkomc 7.27 3: 7.6: 7.87 0.:4 9.04
Auxhnjkurg 7.23 36 7.30 7.:9 0.04 9.24
Mfhacob 7.63 32 9.23 0.2: 9.74 7.74
Custrcamc 7.:7 38 9.8= 7.90 7.64 7.84
Bhoncre 7.:9 39 9.69 9.90 7.=4 0.34
Lcpco 7.:6 37 9.0: 7.34 9.=4 0.34
Ghrncoy 7.32 30 9.30 7.70 7.94 7.44
Xomthb Vtcths 7.32 30 9.28 7.2: 9.64 0.24
F`mah 7.3: :4 9.90 9.90 7.04 7.64
Vwmtzhracob 7.33 :3 9.90 7.:9 0.34 9.24
Custrmc 7.40 :: 9.=3 7.8: 7.34 9.04
Jhagmun 7.49 :6 9.:6 7.34 7.34 7.04
Msrcha 9.=2 :2 9.23 8.=2 7.44 0.24
Knco 9.7= :8 8.82 7.76 7.84 9.24
Sctcr 9.7= :8 9.28 7.2: 7.34 9.:4
Fyprus 9.79 :7 9.32 9.2: 7.44 7.84Ekrhc, Zhp. 9.99 :0 9.84 7.=2 9.44 9.:4
Actvmc 9.82 := 9.:6 7.8: 9.84 8.=4
Xomthb Crcj Hnmrcths 9.82 := 8.84 7.69 7.24 8.=4
Ncurmtmus 9.8: 63 8.:7 7.96 9.24 9.04
Ircofh 9.83 6: 9.:6 9.8: 9.04 9.84
Jc`rcmo 9.29 66 9.6: 9.96 7.64 8.94
Tkrtugca 9.26 62 9.32 7.70 9.64 8.84
Vkut` Cirmfc 9.2: 68 8.:6 9.48 9.64 0.34
Gakjca Kppkrtuomty Mobhx Zcoemog :438
R C J A H < 3
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Gakjca Kppkrtuomty Mobhx< Cttrcftmog Ikrhmgo Movhstnhot
Fkuotry F k n p k s m t h
V f k r h
Z c o e
H f k o k n m f
I u o b c n h o
t c a s
H c s h k i
B k m o g J u s m o h s s
S u c a m t y k i
Z h g u a c t m k o
s
Z u a h k i A c w
Vcubm Crcjmc 9.23 69 8.28 9.7= 9.24 7.44
Amt`ucomc 9.63 67 9.:6 0.:3 8.74 8.34
Xrugucy 9.:4 60 2.77 7.8: 7.:4 8.64
Vakvhomc 9.32 6= 9.84 7.:9 8.24 8.24
Vpcmo 9.49 24 9.82 9.34 9.34 8.84
Jktswcoc 9.46 23 6.84 9.96 7.34 9.=4
Fzhf` Zhpujamf 9.46 23 7.44 9.8: 8.94 8.44
Ncatc 9.46 23 8.0: 8.:3 7.34 9.44
R`cmacob 9.4: 22 9.32 9.38 8.04 9.44
Nkothohgrk 9.44 28 2.=8 9.02 9.64 8.=4
@uogcry 8.=0 29 9.77 7.38 8.74 2.64
Eczce`stco 8.=0 29 8.8= 7.8: 8.34 8.74
Euwcmt 8.=7 20 9.82 9.8: 8.64 8.84
Tcocnc 8.=8 2= 9.44 9.:3 7.34 2.84
Crnhomc 8.=2 84 2.90 7.87 9.34 8.24
Tkacob 8.=: 83 8.=8 9.=2 8.44 8.04
F`moc 8.08 8: 9.6: 8.7= 9.64 8.44
Ghkrgmc 8.03 86 2.77 7.:9 8.=4 8.64
Rurehy 8.04 82 2.0: 8.7= 9.04 8.04
Zwcobc 8.8= 88 6.44 9.27 9.94 9.64
Ncfhbkomc, I]Z 8.80 89 8.:7 7.:9 2.04 8.44
Ocnmjmc 8.87 87 2.69 8.63 9.64 9.64
Czhrjcmlco 8.82 80 2.69 7.2: 2.74 8.74
Fkaknjmc 8.2= 8= 8.8= 8.80 8.64 8.84
Mtcay 8.29 93 9.6: 8.02 8.44 2.74
\cnjmc 8.28 9: 6.4= 9.:3 9.74 8.04
Zkncomc 8.26 96 8.28 9.27 2.04 8.44Thru 8.2: 92 8.:6 8.67 8.04 8.64
Lkrbco 8.24 98 2.77 8.76 9.84 2.94
Juagcrmc 8.60 99 9.4= 9.48 8.:4 2.:4
Vrm Acoec 8.67 97 2.23 9.:9 8.:4 8.94
Ruomsmc 8.68 90 2.6: 9.34 8.24 8.94
Nhxmfk 8.62 9= 8.:7 8.0= 8.84 2.74
Nkrkffk 8.6: 74 2.84 9.69 8.74 2.74
Cajcomc 8.63 73 2.88 9.63 8.64 8.34
Gakjca Kppkrtuomty Mobhx Zcoemog :438 (fkot.)
R C J A H < 3
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Zcoemogs ikr :438
Fkuotry F k n p k s m t h
V f k r h
Z c o e
H f k o k n m f
I u o b c n h o
t c a s
H c s h k i
B k m o g J u s m o h s s
S u c a m t y k i
Z h g u a c t m k o
s
Z u a h k i A c w
Jruohm Bcrusscacn 8.:8 7: 8.42 9.:9 2.04 2.=4
Fkstc Zmfc 8.:: 76 2.=8 8.=2 9.44 2.44
Grhhfh 8.:: 76 8.0: 9.48 2.74 2.64
Rrmombcb cob Rkjcgk 8.:: 76 2.8= 2.0= 8.84 8.=4
Vakvce Zhpujamf 8.:3 79 8.8= 9.48 8.34 2.34
G`coc 8.39 77 :.0: 8.8: 9.44 9.64
Nkogkamc 8.36 70 6.09 9.=2 2.=4 2.04
Mobkohsmc 8.33 7= 2.0: 2.63 9.64 8.44
Nkabkvc 8.46 04 2.88 9.90 2.64 2.94
Zussmco Ihbhrctmko 8.43 03 9.:7 9.27 2.64 6.44
Jcrjcbks 2.=9 0: 2.23 8.2: 9.44 2.44
Mobmc 2.=4 06 2.44 2.:3 2.94 9.04
Vhyf`haahs 2.03 02 2.8= 8.38 2.24 8.34
Jrczma 2.04 08 8.30 2.76 8.:4 2.34
Ymhtocn 2.7= 09 8.32 8.:3 8.44 6.04
T`mamppmohs 2.78 07 8.4= 2.8: 8.74 6.74
Xercmoh 2.98 00 8.09 8.02 6.:4 6.74
Jksomc cob @hrzhgkvmoc 2.92 0= 2.69 9.44 2.94 6.94
Lcncmfc 2.92 0= 6.0: 8.8: 2.24 2.04
Jkamvmc 2.80 =3 2.6: 8.44 9.44 6.44
Vhrjmc 2.87 =: 2.90 8.0= 6.24 2.64
Hfucbkr 2.89 =6 2.:7 2.67 9.74 :.=4
Tcrcgucy 2.82 =2 6.09 8.90 8.34 6.84
Gucthncac 2.26 =8 6.0: 2.7= 9.34 6.44
Crghotmoc 2.60 =9 2.76 8.7= 2.34 :.=4
Tcemstco 2.67 =7 6.30 2.2: 2.74 8.:4
Guycoc 2.66 =0 6.44 2.:3 8.74 2.24Ha Vcavcbkr 2.6: == 6.=8 8.2: 8.24 :.84
Omfcrcguc 2.6: == 6.:6 8.67 8.74 6.44
Xgcobc 2.6: == 6.:7 2.34 8.64 2.94
Ncacwm 2.64 34: :.28 6.=8 8.:4 8.94
Ehoyc 2.:8 346 6.32 6.27 8.64 8.34
Ahskt`k 2.:2 342 6.48 2.:3 8.24 2.64
Eyrgyz Zhpujamf 2.:: 348 6.28 8.8: 6.64 2.94
Ahjcoko 2.37 349 2.=8 8.=2 :.84 6.64
Gakjca Kppkrtuomty Mobhx Zcoemog :438 (fkot.)
R C J A H < 3
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Gakjca Kppkrtuomty Mobhx< Cttrcftmog Ikrhmgo Movhstnhot
Fkuotry F k n p k s m t h
V f k r h
Z c o e
H f k o k n m f
I u o b c n h o
t c a s
H c s h k i
B k m o g J u s m o h s s
S u c a m t y k i
Z h g u a c t m k o
s
Z u a h k i A c w
Rcozcomc 2.38 347 :.8= 2.8: 2.64 8.:4
Vhohgca 2.36 340 :.90 2.8: 8.64 2.44
Vmhrrc Ahkoh 2.36 340 :.:6 2.7= 2.24 8.34
Hgypt, Crcj Zhp. 2.34 334 6.=3 8.44 2.=4 :.94
Bknmomfco Zhpujamf 2.4= 333 6.88 8.63 2.24 6.34
Fcnjkbmc 6.=9 33: 6.6: 2.:3 2.44 2.64
@koburcs 6.=9 33: 6.28 2.27 2.04 6.34
Vwczmacob 6.=9 33: :.0: 2.96 2.64 2.34
Gcjko 6.0= 338 6.23 2.27 2.64 6.24
Omghrmc 6.07 339 :.8= 2.:3 2.34 2.94
Nkzcnjmquh 6.02 337 :.09 2.63 2.24 6.04
Fòth b”Mvkmrh 6.0: 330 6.44 2.7= 2.74 :.04
Mrco, Msacnmf Zhp. 6.7= 33= 6.32 8.63 6.64 6.24
Jcogacbhs` 6.77 3:4 :.77 6.0= 6.04 2.94
Amjhrmc 6.78 3:3 :.69 2.76 6.04 2.34
Caghrmc 6.97 3:: 6.76 2.76 :.=4 6.64
J`utco 6.84 3:6 :.92 2.=2 :.04 6.94
Ohpca 6.26 3:2 :.:6 2.44 6.84 2.44
Ack TBZ 6.6= 3:8 :.90 2.80 6.=4 :.24
Ncbcgcsfcr 6.6= 3:8 :.30 2.27 6.24 6.84
Fcnhrkko 6.64 3:7 :.28 6.=8 6.24 6.24
Ht`mkpmc 6.:2 3:0 :.44 8.:9 :.74 6.44
Ncam 6.:2 3:0 :.6: 6.=8 6.94 6.34
Yhohzuhac 6.33 364 2.32 2.44 6.34 3.:4
]hnho, Zhp. 6.4= 363 :.30 2.90 6.64 :.:4
Jhomo 6.40 36: :.69 6.27 6.04 :.74
@cmtm 6.44 366 6.69 6.2: 6.04 3.24Cogkac :.=8 362 :.8= 6.44 6.24 :.04
Juruobm :.0= 368 :.4= 6.:9 :.04 6.24
Gumohc :.00 369 3.09 2.48 6.64 :.64
Gakjca Kppkrtuomty Mobhx Zcoemog :438 (fkot.)
R C J A H < 3
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Zcoemogs ikr :438
Rcjah : jrhces kut cvhrcgh fknpkohot sfkrhs ikr nhnjhr octmkos ki t`h Krgcomzctmko ikr
Hfkoknmf Fkkphrctmko cob Bhvhakpnhot cob bhvhakpmog fkuotrmhs jcshb ko ghkgrcp`mf
rhgmko. Okt surprmsmogay, KHFB fkuotrmhs‒t`ksh mo t`h wkrab”s whcat`mhr strctun‒ahb mo caa
ikur fknpkohot sfkrhs. Cnkog bhvhakpmog fkuotrmhs, t`h trcosmtmkoca hfkoknmhs ki Hurkph
ahb mo Hfkoknmf Iuobcnhotcas cob Hcsh ki Bkmog Jusmohss, w`mah t`h Cnhrmfcs ahb t`h
wcy, jut koay samg`tay, mo Zhguactkry Sucamty. Csmc sht t`h pcfh mo Zuah ki Acw. Fkosmbhrmog
t`h strhogt` ki prkthftmkos cob t`h ffirn cpprkcf` tk acw cob krbhr mo Ncacysmc, @kog Ekog,
cob Vmogcpkrh, t`ms ms c prhbmftcjah rhsuat.
Fkuotry Grkup F k n
p k s m t h
V f k
r h
H f k
o k n m f
I u o
b c n h o t c a s
H c s
h k i
B k m o g J u s m o h s s
S u c
a m t y k i
Z h g
u a c t m k o s
Z u a
h k i A c w
KHFB 9.=6 9.24 7.:8 7.47 9.==
Bhv Hurkph 8.87 8.60 9.92 8.64 2.=7
NHOC 8.:0 2.03 9.37 8.6= 2.72
Csmc 8.3: 2.87 8.80 8.34 8.:6
Cnhrmfcs 2.76 2.67 8.:= 8.22 6.06
Vuj-Vc`crco Cirmfc 2.:9 :.=6 2.72 2.7= 2.8=
Fkuotry Grkup Cvhrcghs
R C J A H < :
Rcjah 6 s`kws t`h cvhrcgh sfkrh ki hcf` fknpkohot ki t`h mobhx ikr caa fkuotrmhs cob
sujgrkups jcshb ko t`hmr rcoe. Ki t`h ikur fknpkohots, Hcsh ki Bkmog Jusmohss `cb t`h`mg`hst cvhrcgh sfkrh (8.=8), w`mah Hfkoknmf Iuobcnhotcas `cb t`h akwhst (2.79), prmncrmay
buh tk amnmthb ffiocofmca moircstrufturh mo t`h jkttkn `cai ki t`h rcoemogs. R`h wmbhst gcp
jhtwhho t`h tkp cob jkttkn :4 wcs ikuob mo Zuah ki Acw, `mg`amg`tmog t`h bmvhrghofh mo
ahgca moircstrufturh, movhstkr prkthftmko, cob kvhrcaa acw cob krbhr jhtwhho t`h twk grkups.
.
Zcoemog Grkup F k n p k s m t h
V f k r h
H f k o k n m f
I u o b c n h o t c
a s
H c s h k i B k m o g
J u s m o h s s
S u c a m t y k i
Z h g u a c t m k o s
Z u a h k i A c w
Rkp :4 7.80 9.9: 7.78 7.=6 0.42
Rkp 84% 9.8: 8.00 7.44 9.73 9.20
Caa 8.67 2.79 8.=8 8.93 8.30
Jkttkn 84% 2.:3 6.9: 2.0= 2.20 6.07
Jkttkn :4 6.69 :.98 2.:2 6.2= 6.48
Zcoemog Grkup Cvhrcghs
R C J A H < 6
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Gakjca Kppkrtuomty Mobhx< Cttrcftmog Ikrhmgo Movhstnhot
KO R@H WHJ
Bctc ikr hcf` octmko cob mothrcftmvh tkkas
fco jh ikuob ct www.gakjcakppkrtuomtymobhx.krg
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Zhgmkoca Csshssnhots
VXJVC@CZCO CIZMFC
Fkuotry Z c o e
F k n p k s m t h
V f k r h
H f k o k n m f
I u o b c n h o t c a s
H c s h k i
B k m o g J u s
m o h s s
S u c a m t y k i
Z h g u a c t m k o s
Z u a h k i A c
w
Ncurmtmus 63 9.8: 8.:7 7.96 9.24 9.04
Vkut` Cirmfc 68 9.2: 8.:6 9.48 9.64 0.34
Jktswcoc 23 9.46 6.84 9.96 7.34 9.=4
Zwcobc 88 8.8= 6.44 9.27 9.94 9.64
Ocnmjmc 87 8.87 2.69 8.63 9.64 9.64
\cnjmc 9: 8.28 6.4= 9.:3 9.74 8.04
G`coc 77 8.39 :.0: 8.8: 9.44 9.64
Xgcobc == 2.6: 6.:7 2.34 8.64 2.94
Ncacwm 34: 2.64 :.28 6.=8 8.:4 8.94
Ehoyc 346 2.:8 6.32 6.27 8.64 8.34
Vuj-Vc`crco Cirmfc Rkp 34
R C J A H < 2
R`hrh crh jkt` jrmg`t spkts cob bcre spkts mo t`h fknpksmth sfkrhs/rcoemogs ki t`h
suj-Vc`crco Cirmfco fkuotrmhs t`ct ncbh mt motk t`h GKM. Vmx fkuotrmhs, Ncurmtmus (63),
Vkut` Cirmfc (68), Jktswcoc (23), Zwcobc (88), Ocnmjmc (87), cob \cnjmc (9:) crh mo t`h
tkp 84 phrfhot ki t`h mobhx. Ncurmtmus, w`mah c sncaa msacob octmko, fkotmouhs tk jh koh ki
t`h nkst hfkoknmfcaay suffhssiua cob stcjah fkuotrmhs mo Cirmfc, mo pcrt t`coes tk hfkoknmf
rhikrns t`ct kffurrhb cithr :444. Kur Mobhx s`kws t`ct mt ms koh ki t`h nkst kpho tk ikrhmgo
movhstnhot, wmt` t`h `mg`hst Hcsh ki Bkmog Jusmohss sfkrh ko t`h fkotmohot. Vmofh :436,Ncurmtmus” fknpksmth sfkrh `cs mofrhcshb 6.8 phrfhot, buh tk mnprkvhnhot mo Hfkoknmf
Iuobcnhotcas, Zuah ki Acw, cob, prmncrmay, Hcsh ki Bkmog Jusmohss.
Zwcobc ms cokt`hr mothrhstmog fcsh. Vmofh t`h `krrmffif ghokfmbh ki 3==2, t`h Zwcobco
gkvhronhot `cs uobhrtceho c shrmhs ki prk-movhstnhot pkamfmhs cob rhikrns tk aurh ikrhmgo
movhstkrs. R`h fkuotry rcoes co mnprhssmvh 88 kut ki 368, cob w`mah IBM phr fcpmtc ms
smgomffifcotay akwhr t`co t`h ahvhas ki mts Hcst Cirmfco ohmg`jkrs (shh Imgurh 6), mt `cs mofrhcshb
34-ikab smofh t`h hcray :444s (shh Imgurh 2). Zwcobc mofrhcshb mts fknpksmth sfkrh jy
cankst 8 phrfhot, irkn 8.68 tk 8.8=, smofh t`h acst rhahcsh. Caa fknpkohot sfkrhs s`kwhb
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Gakjca Kppkrtuomty Mobhx< Cttrcftmog Ikrhmgo Movhstnhot
mnprkvhnhot, jut t`h acrghst mofrhcsh wcs mo Zhguactkry Sucamty, carhcby mts `mg`hst-phrikrnmog
fknpkohot, cs c rhsuat ki nkrh icvkrcjah frhbmt ncreht rhguactmko. R`hrh crh stmaa jcrrmhrs tk
movhstnhot, `kwhvhr, mofaubmog t`h hxpamfmt cob mnpamfmt fksts ki fkotrcft hoikrfhnhot.
Jhykob Ncurmtmus cob Zwcobc, jkt` Vkut` Cirmfc cob \cnjmc mofrhcshb t`hmr sfkrhs
smofh t`h acst rcoemog‒jy 6 phrfhot cob 8.2 phrfhot, rhsphftmvhay. Fknpksmth sfkrhs ikr
jkt` Jktswcoc cob Ocnmjmc bhfamohb smofh t`h acst rhahcsh, -2.7 phrfhot cob -7.8 phrfhot,rhsphftmvhay. Ikr Jktswcoc, acfeausthr ncfrkhfkoknmf mobmfctkrs cob c tmg`thomog rhguactkry
hovmrkonhot fkotrmjuthb tk t`h bhthrmkrctmko ki mts tktca sfkrh. Ocnmjmc scw bmnmoms`hb sfkrhs
ikr hvhry fknpkohot. Mo pcrtmfuacr, wh shh t`h fkst ki fkotrcft hoikrfhnhot cankst bkujamog
cob grhcthr bmiffifuaty mo f`caahogmog rhguactmko wmt`mo Ocnmjmc”s ahgca ircnhwkre.
-644
-:44
-344
4
344
:44
644
244
844
944
3==4 3==3 3==: 3==6 3==2 3==8 3==9 3==7 3==0 3=== :444 :443 :44: :446 :442 :448 :449 :447 :440 :44= :434 :433 :43: :436
Ncurmtmus Vkut` Cirmfc Jktswcoc Zwcobc Ocnmjmc
XV$ nmaamko
IBM Thr-Fcpmtc Moiakws tk Rkp 8 VVC Fkuotrmhs
Vkurfh< XOFRCB.
I M G X Z H < 6
-:44
4
:44
244
944
044
3,444
3,:44
3,244
3,044
3,944
Ncurmtmus Vkut` Cirmfc Jktswcoc Zwcobc Ocnmjmc
XV$ nmaamko
:444 :443 :44: :446 :442 :448 :449 :447 :440 :44= :434 :433 :43: :436
IBM Thr-Fcpmtc Mobhx ikr Rkp 8 VVC Fkuotrmhs
Vkurfh< XOFRCB.
I M G X Z H < 2
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Zhgmkoca Csshssnhots
@kwhvhr, shvho ki t`h jkttkn 34 fkuotrmhs crh irkn VVC< Fcnhrkko (3:7), Ht`mkpmc (3:0),
Ncam (3:0), Jhomo (36:), Cogkac (362), Juruobm (368), cob Gumohc (369). Caa `cvh amoghrmog
prkjahns wmt` mostcjmamty cob whce p`ysmfca cob ffiocofmca moircstrufturh. Mo Ht`mkpmc, IBM tkpphb
$=74 nmaamko mo :43:, up 82 phrfhot kvhr t`h prhvmkus yhcr. W`mah t`ms ms prknmsmog, IBM mokws
`cvh jhho vkactmah, bhfrhcsmog jy 84 phrfhot koh yhcr, w`mah mofrhcsmog 74 phrfhot mo cokt`hr.
R`ms ms prmncrmay c rhspkosh tk uofhrtcmo pkamtmfca cob hfkoknmf fkobmtmkos wmt`mo t`h fkuotry,rhhfthb mo mts akw fknpksmth sfkrh. W`mah Ht`mkpmc `cs mnpahnhothb c shfkob Grkwt` cob
Rrcosikrnctmko Taco cmnhb ct prmvcth-shftkr bhvhakpnhot cob movhstnhot‒cs whaa cs mssuhb
mts ffirst skvhrhmgo jkob, w`mf` wcs kvhrsujsfrmjhb‒rmses cob rhstrmftmkos rhncmo. Mobhhb,
stcth-kwohb hothrprmshs prhvcma, fcpmtca cffhss ms amnmthb, fcpmtca ncrehts crh okohxmsthot,
cob t`hrh crh ounhrkus jcrrmhrs tk hotry ikr ikrhmgo movhstkrs, w`mf` vcry jy mobustry.
ACRMO CNHZMFC
Fkuotry Z c o e
F k n p k s m t h
V f k r h
H f k o k n m f
I u o b c n h o t c a s
H c s h k i
B k m o g J u s m o h s s
S u c a m t y k i
Z h g u a c t m k o s
Z u a h k i A c w
F`mah :4 7.3: 9.9= 9.90 7.04 7.64
Xrugucy 60 9.:4 2.77 7.8: 7.:4 8.64
Tcocnc 2= 8.=8 9.44 9.:3 7.34 2.84
Fkaknjmc 8= 8.2= 8.8= 8.80 8.64 8.84
Thru 92 8.2: 8.:6 8.67 8.04 8.64
Fkstc Zmfc 76 8.:: 2.=8 8.=2 9.44 2.44
Jrczma 08 2.04 8.30 2.76 8.:4 2.34
Jkamvmc =3 2.80 2.90 8.44 9.44 6.44
Hfucbkr =6 2.89 2.:7 2.67 9.74 :.=4
Tcrcgucy =2 2.82 6.09 8.90 8.34 6.84
Actmo Cnhrmfc (Fhotrca cob Vkut` Cnhrmfc) Rkp 34 R C J A
H < 8
Mo Actmo Cnhrmfc, fkuotrmhs wmt` mnprkvmog sfkrhs kutounjhrhb t`ksh wmt` bhfamomog sfkrhs
jy c ncrgmo ki cjkut : tk 3. R`h bhthrmkrctmko mo sfkrhs smofh t`h tmnh ki kur acst survhy
tkke pacfh mo shvhrca ki t`h rhgmko”s acrghr hfkoknmhs. Irkn co movhstnhot phrsphftmvh,
akwhr fknnkbmty prmfhs, mofrhcshb gakjca rmse cvhrsmko, cob bknhstmf pkamfy wkhs
`cvh fkotrmjuthb tk c rhbuftmko mo oht prmvcth fcpmtca mokws, cffkrbmog tk t`h Mostmtuth
ki Mothroctmkoca Imocofh. Koay koh fkuotry mo t`h rhgmko, F`mah, ncocghb tk nceh mt motk
t`h tkp :4 mo kur survhy. Xrugucy (60), Tcocnc (2=), Fkaknjmc (8=), cob Hfucbkr (=6)
s`kwhb strkog gcmos mo t`hmr sfkrhs. Whce Zuah ki Acw, ikr t`h nkst pcrt, `hab jcfe iurt`hr
cbvcofhnhot mo Tcocnc cob Hfucbkr.
Okt surprmsmogay, Crghotmoc (=9), Jrczma (08), cob Yhohzuhac (364) scw t`hmr sfkrhs bhfamoh.
R`h Zuah ki Acw fknpkohot ki kur mobhx ms hsphfmca ay whce mo t`h fcsh ki Crghotmoc.
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Gakjca Kppkrtuomty Mobhx< Cttrcftmog Ikrhmgo Movhstnhot
Mo thrns ki pujamf ffiocofh, t`h acfe ki rhskautmko ki t`h `kabkut frhbmtkrs” facmns, bctmog
irkn Crghotmoc”s :443 bhicuat, `cs ehpt t`h fkuotry irkn cffhssmog gakjca fcpmtca ncrehts.
Mt shhns uoamehay t`ct t`ms mssuh wmaa jh rhskavhb uobhr t`h furrhot cbnmomstrctmko, w`mf` wmaa
rhncmo mo kiffifh uotma Bhfhnjhr ki t`ms yhcr.
Jrczma”s sfkrh ihaa irkn 2.== mo :436 tk 2.04 mo :438. Ameh Crghotmoc, cob ncoy kt`hr fkuotrmhs
mo Actmo Cnhrmfc, Jrczma suiihrs irkn whce Zuah ki Acw. Nkrhkvhr, bhspmth t`h cttrcftmkoki c wmbhomog frkss-jkrbhr mothrhst rcth bmiihrhotmca, prmvcth fcpmtca mokws tk Jrczma `cvh
whcehohb cs c stcgocot hfkokny cob acfe ki rhikrns bmnmoms`hb ikrhmgo movhstkrs” cpphtmth.
Yhohzuhac `cs t`h bmstmoftmko ki jhmog mo t`h jkttkn 34 ki kur mobhx rcoemogs cob `cvmog
t`h akwhst sfkrh cnkog caa 369 fkuotrmhs mo thrns ki Zuah ki Acw. Mo t`h icfh ki rcpmbay
s`rmoemog kma rhvhouh, phrvcsmvh ncfrk-pkamfy mnjcacofhs, smzcjah hxthroca bhjt shrvmfh
rhqumrhnhots, cob akw mothroctmkoca furrhofy rhshrvhs, Yhohzuhac cpphcrs ko t`h vhrgh ki
bhicuatmog ko gkvhronhot jkobs. Ikr t`h nknhot, t`h fkuotry ̀ cs jhho cjah tk rhohgktmcth
kjamgctmkos wmt` F`moc cob shaa kii csshts suf` cs Thtrk Fcrmjh. Ohvhrt`hahss, mts cjmamty tk
cffhss iuobmog ms icbmog qumfeay.
VKXR@HCVR CVMC
Fkuotry Z c o e
F k n p k s m t h
V f k r h
H f k o k n m f
I u o b c n h o t c a s
H c s h k i
B k m o g J u s m o h s s
S u c a m t y k i
Z h g u a c t m k o s
Z u a h k i A c w
Vmogcpkrh 3 0.74 7.94 0.04 =.:4 =.:4
Ncacysmc 34 7.87 7.64 7.74 7.:4 0.34
R`cmacob 22 9.4: 9.34 9.:4 8.04 9.44
Jruohm 7: 8.:8 8.34 9.64 2.04 2.=4
Mobkohsmc 7= 8.33 2.04 2.64 9.64 8.44
Ymhtocn 09 2.7= 8.34 8.:4 8.44 6.04
T`mamppmohs 07 2.78 8.34 2.84 8.74 6.74
Fcnjkbmc 33: 6.=9 6.64 2.:4 2.44 2.64
Vkut`hcst Csmc
R C J A H < 9
R`h rhgmko turohb mo co mnprhssmvh phrikrncofh mo kur acthst survhy. R`h T`mamppmohs cobNcacysmc s`kwhb t`h nkst mnprkvhnhot mo t`hmr sfkrhs. Ncacysmc lkmos Vmogcpkrh (3) mo t`h
tkp 34 rcoemogs cnkog caa fkuotrmhs. Vmogcpkrh `cs t`h `mg`hst fknpkohot sfkrh mo t`h
mobhx mo Hcsh ki Bkmog Jusmohss cob ms mo t`h tkp t`rhh ki t`h rhncmomog t`rhh fcthgkrmhs.
Ncacysmc ms pcrtmfuacray strkog w`ho mt fknhs tk t`h Zuah ki Acw.
R`h kvhrcaa bmstrmjutmko ki sfkrhs mo t`ms yhcr”s mobhx ms okt surprmsmog cob ms mo amoh wmt`
kt`hr rhshcrf` ko Csmc t`h Mostmtuth rhfhotay fknpahthb (shh ‑Wmaa t`h Ohxt Csmco Rmghr
Tahcsh Vtcob Xp;„ Vhpthnjhr :432). R`h :3st fhotury ms mobhhb s`cpmog up tk jh t`h
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Zhgmkoca Csshssnhots
Csmco fhotury, wmt` t̀ h rhgmko `cvmog jhfknh, cob amehay tk rhncmo, c ikrnmbcjah hfkoknmf
ikrfh. Fcpmtca kws tk t`h rhgmko whrh whaa sustcmohb mo :432, `haphb jy strhogt`hohb
iuobcnhotcas. C p`csh ki vkactmamty bmb kffur acth mo t`h yhcr, trmgghrhb jy c rhbuftmko mo
gakjca rmse cpphtmth cob t`h kma prmfh saunp.
W`mah Mobkohsmc hxphrmhofhb koay c sncaa mnprkvhnhot mo mts sfkrh, mts prksphfts cpphcr tk jh
jrmg`thomog, jukyhb jy fkrrhftmvh pkamfmhs cob c ohw rhikrnmst gkvhronhot. R`h gkvhronhotmo Mobkohsmc `cs bmstmogums`hb mtshai jy bmsncotamog t`h iuha sujsmby rhgmnh, cat`kug` t`h
Tcramcnhot fkuab stmaa jhfknh co kjstcfah mo bhcamog wmt` kt`hr prhssmog mssuhs. Rk cbvcofh
iurt`hr mo t`h rcoemogs, Mobkohsmc wmaa ohhb tk ikfus nkrh ko mnprkvmog mts hfkoknmf
iuobcnhotcas cob ncemog t`h fkuotry nkrh cttrcftmvh tk jusmohss.
R`cmacob, w`mf` rcoes 22t` mo kur survhy, s`kuab jh cjah tk rcmsh mts pksmtmko okw t`ct mt
`cs c iuoftmkomog cbnmomstrctmko. Kt`hr fkuotrmhs mo t`h rhgmko fkuab cbvcofh cs whaa mo co
hovmrkonhot ki hiihftmvh pkamfy cob ahss pkamtmfca uofhrtcmoty. Vkamb grkwt` prksphfts shhn
amehay tk uobhrpmo c fkotmouctmko ki strkog fcpmtca kws tk t`h rhgmko. F`moc wmaa rhncmo c
nclkr skurfh ki rhsmbhot kutwcrb movhstnhot cob ahobmog tk Grhcthr Csmc cs whaa cs tk
hnhrgmog ncrehts mo ghohrca.
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27/50::
Gakjca Kppkrtuomty Mobhx< Cttrcftmog Ikrhmgo Movhstnhot
KO R@H WHJ
Bctc ikr hcf` octmko cob mothrcftmvh tkkas
fco jh ikuob ct www.gakjcakppkrtuomtymobhx.krg
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Fknpksmth Vfkrh F`cogh< :44= R`rkug` :438
Cat`kug` t`h nht`kbkakgy ki t`h :438 mobhx (jcshb ko :436 bctc, t`h nkst rhfhot
cvcmacjah) `cs jhho cblusthb cob ms t`hrhikrh okt fknpcrcjah tk t`h rhsuats ki kur :436
GKM rhahcsh (usmog :433-3: bctc), wh `cvh fknpmahb fknpksmth sfkrhs cob rcoemogs ikr
t`h prhfhbmog yhcrs (jhgmoomog wmt` :44=, w`mf` ushb :447 bctc) ikr fknpcrmsko.=
Cpphobmx 2 s`kws t`h f`cogh mo fknpksmth sfkrhs irkn :436 tk :438. Mo ghohrca, nkrh
fkuotrmhs rcmshb t`hmr fknpksmth sfkrhs t`co scw bhfrhcshs. Ikr ncoy, t`ms rhhfts
mnprkvhb pkst-frmsms ncfrk-iuobcnhotcas, ikr kt`hrs prk-movhstnhot pkamfy bhfmsmkos.
Rcjah 7 ̀ mg`amg`ts t`h fkuotrmhs wmt` t`h acrghst mofrhcshs cob bhfamohs. Cs nhotmkohb hcramhr,
Juruobm”s fknpksmth sfkrh famnjhb t`h nkst prkpkrtmkocthay, rmsmog cankst 68 phrfhot. Mo t`h
pcst ihw yhcrs, t`h gkvhronhot hstcjams`hb co movhstnhot prknktmko paco tk hcsh t`h
hotry ki ikrhmgo fcpmtca, mofaubmog rhbufmog tcx amcjmamtmhs cob frhctmog c ‑koh-stkp s`kp„ ikr
movhstnhot prkfhburhs cob moikrnctmko. @kwhvhr, t`h fkuotry ms stmaa rhfkvhrmog irkn c fmvma
wcr, pkvhrty ms wmbhsprhcb, cob moircstrufturh ms mosuiffifmhot. R`hrh ms nkrh rkkn ikr f`cogh.
Fkuotry : 4 3 8 F k n p k s m t h
V f k r h
: 4 3 6 F k n p k s m t h
V f k r h
T k m o t F ` c o g h
T h r f h o t F ` c o g h
Fòth b”Mvkmrh 6.0: 6.4: 4.04 :9.8
Juruobm :.0= :.38 4.72 62.2
T`mamppmohs 2.78 2.43 4.72 30.8
Hfucbkr 2.89 6.=0 4.80 32.9
Jksomc cob @hrzhgkvmoc 2.92 2.47 4.87 32.4
Hgypt 2.34 2.=6 -4.06 -39.0
Cajcomc 8.63 8.=9 -4.98 -34.=
Ncam 6.:2 6.72 -4.84 -36.2
Bhoncre 7.:9 7.7: -4.29 -9.4
Ocnmjmc 8.87 9.4: -4.28 -7.8
Rkp 34 Tkmot F`coghs Vmofh :436 (Rkp 8 Mofrhcsh / Rkp 8 Bhfrhcsh)
R C J A H < 7
=. Zhihr tk Cpphobmx 6 ikr fknpksmth sfkrhs cob rcoemogs ikr caa sujshquhot yhcrs (:434-:43:) okt cbbrhsshb mo t`h ncmo rhpkrt.
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Gakjca Kppkrtuomty Mobhx< Cttrcftmog Ikrhmgo Movhstnhot
Hgypt suiihrhb t`h acrghst bhfrhcsh mo fknpksmth sfkrh, brkppmog 37 phrfhot‒okt surprmsmog
gmvho t`h up`hcvca smofh @ksom Nujcrce”s kusthr mo :433. Cs suf`, grkwt` `cs sakwhb cob
ikrhmgo movhstnhot `cs fkotrcfthb trhnhobkusay. Vmofh t`h rhvkautmko, ohw fcpmtca fkotrkas
`cvh jhho mnpahnhothb, mofaubmog rhstrmftmkos ko t`h cnkuot ki nkohy ikrhmgo ffirns crh
phrnmtthb tk trcosihr kutsmbh t`h fkuotry.
Cpphobmx 8 s`kws t`h f`cogh mo fknpksmth sfkrhs irkn :44= (usmog :447 bctc) tk :438.Fknpcrmog sfkrhs prh- cob pkst-frmsms ̀ mg`amg`ts mothrhstmog trhobs cnkog fkuotry grkups.
Wmt` t`h hxfhptmko ki Ncacysmc, w`ksh fknpksmth sfkrh mofrhcshb nkrh t`co 8 phrfhot
burmog t`ms phrmkb, sfkrhs ikr t`h tkp 34 fkuotrmhs bhfrhcshb, cajhmt samg`tay. Ohw \hcacob
brkpphb 8 phrfhot, ikaakwhb jy Mrhacob”s brkp ki 2.9 phrfhot. Mobhhb, t`ms ikaakws c fknnko
trhob t`rkug`kut t`h :44=-38 phrmkb< c ghohrca, jut rhactmvhay sncaa, bhfamoh mo sfkrhs cnkog
bhvhakphb fkuotrmhs cob ghohrcaay pksmtmvh f`coghs mo t`h bhvhakpmog wkrab, `mg`amg`tmog t`h
`mt bhvhakphb ncrehts tkke burmog t`h gakjca ffiocofmca frmsms.
@kwhvhr, t`ms bkhs okt nhco t`ct t`h acrghst bhfamohs whrh fausthrhb mo bhvhakphb fkuotrmhs.
Rurnkma-prkoh fkuotrmhs bhfamohb t`h nkst. Rcjah 0 mbhotmffihs octmkos wmt` t`h tkp 34 pkmot
f`coghs smofh :44=. Fkuotrmhs mo Hcsthro Hurkph tceh t`h tkp ffivh spkts ikr sfkrh mofrhcshs,prmncrmay t`h rhsuat ki amjhrca ikrhmgo movhstnhot rhgmnhs, wmt` Cajcomc ahcbmog t`h f`crgh.34
Hgypt cob Caghrmc `cb t`h acrghst phrfhotcgh brkps mo fknpksmth sfkrhs. Hgypt”s trkujahs
whrh bmsfusshb prhvmkusay. Caghrmc, bhfrhcsmog 37.= phrfhot, scw mts acrghst brkp mo t`h
Bkmog Jusmohss cob Zuah ki Acw sujfknpkohots. Vmofh :44=, c shrmhs ki rhstrmftmkos ko
ikrhmgo bmrhft movhstnhot `cvh jhho mnpkshb, mofaubmog t`h rhqumrhnhot ki ct ahcst 83 phrfhot
Caghrmco kwohrs`mp.
Fkuotry : 4 3 8 F k n p k s m t h
V f k r h
: 4 4 = F k n p k s m t h
V f k r h
T k m o t F ` c o g h
T h r f h o t F ` c o g h
Cajcomc 8.63 2.64 3.43 :6.8
Ncfhbkomc 8.80 2.96 4.=8 :4.8
Ghkrgmc 8.03 2.=3 4.=4 30.6
Czhrjcmlco 8.82 2.73 4.06 37.9
Crnhomc 8.=2 8.3: 4.0: 39.4
Hgypt 2.34 8.40 -4.=0 -3=.6
Vakvce Zhpujamf 8.:3 9.33 -4.=4 -32.7
Caghrmc 6.97 2.27 -4.04 -37.=
Ha Vcavcbkr 2.6: 8.33 -4.7= -38.8
Vkut` Ekrhc 9.99 7.24 -4.72 -34.4
Rkp 34 Tkmot F`coghs Vmofh :44= (Rkp 8 Mofrhcsh / Rkp 8 Bhfrhcsh)
R C J A H < 0
34. Mt s`kuab jh okthb t`ct t`ms f`cogh bkhso”t ohfhsscrmay rhhft c grcbuca, uowcvhrmog mofrhcsh mo sfkrh t`rkug`kut t`h phrmkb.W`mah Cajcomc”s sfkrh ms up sujstcotmcaay smofh :44=, mt `cs bhfrhcshb smofh :436. Fkosmbhrmog t`h f`coghs mo t`h tkp cob jkttknnkvhrs, t`ms ms mobmfctmvh ki t`h kffcsmkocaay vkactmah octurh ki ncfrkhfkoknmf cob mostmtutmkoca fkobmtmkos mo bhvhakpmog octmkos.
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Fkrrhactmog t`h Gakjca Kppkrtuomty Mobhxtk Ikrhmgo Movhstnhot
Cs maaustrcthb mo Imgurh 8, t̀ hrh ms c rkjust rhactmkos`mp jhtwhho t`h Gakjca Kppkrtuomty Mobhx
cob ikrhmgo bmrhft movhstnhot. R`h `mg`hr t`h sfkrh, t`h grhcthr t`h mokws. R`h mobhx fco
hxpacmo nkrh t`co 87 phrfhot ki t`h vcrmctmko mo IBM phr fcpmtc cfrkss cbvcofhb, hnhrgmog,
cob irkotmhr octmkos.
Jcshb ko t`ms hstmncthb rhactmkos`mp, hcf` koh-uomt mofrhcsh mo t`h mobhx ms csskfmcthb
wmt` c 2: phrfhot mofrhcsh mo IBM phr fcpmtc.33 Cpphobmx : s`kws t`h rhactmkos`mp ki t`h
mobmvmbuca fknpkohots cob IBM phr fcpmtc. Caa crh pksmtmvh, mobmfctmog t`h rkah t`ct jhtthr
prcftmfhs pacy mo brcwmog kvhrshcs fcpmtca. @kwhvhr, Sucamty ki Zhguactmkos `cs t`h
strkoghst hxpacoctkry pkwhr cnkog mostmtutmkoca fknpkohots.
4
:
2
9
0
34
3:
: 6 2 8 9 7 0 = 34
a k g
I B M p h r f c p m t c
Fknpksmth Vfkrh
Fkuotrmhs Imtthb Ycauhs
Gakjca Kppkrtuomty Mobhx vs. IBM Thr Fcpmtc
Vkurfh< XOFRCB.
I M G X Z H < 8
33. W`ho fkotrkaamog ikr t`h ahvha ki hfkoknmf bhvhakpnhot cob ncreht smzh.
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Gakjca Kppkrtuomty Mobhx< Cttrcftmog Ikrhmgo Movhstnhot
Tkrtikamk Iakws
Wh hxthob t`ms cocaysms tk ikrhmgo pkrtikamk kws. Imgurh 9 s`kws c rhactmkos`mp jhtwhho t`h
Gakjca Kppkrtuomty Mobhx fknpksmth sfkrh cob mothroctmkoca pkrtikamk movhstnhot. R`h ̀ mg`hr
t`h sfkrh, t`h grhcthr t`h kw motk kur nhcsurh ki cggrhgcth movhstnhot mo hqumtmhs cob bhjt
shfurmtmhs. R`h mobhx, fkupahb wmt` stcobcrb fkotrkas ikr ahvha ki hfkoknmf bhvhakpnhot,
fco hxpacmo 98 phrfhot ki t`h vcrmctmko mo ikrhmgo pkrtikamk movhstnhot cfrkss fkuotrmhs.
Jcshb ko t`ms hstmncthb rhactmkos`mp, hcf` koh-uomt mofrhcsh mo t`h mobhx fknpksmth sfkrh
ms csskfmcthb wmt` c 88 phrfhot mofrhcsh mo mothroctmkoca pkrtikamk kws.3:
38
37
3=
:3
:6
:8
:7
:=
63
: 6 2 8 9 7 0 = 34
a k g I k r h m g o T k r t i k a m k I a k w s
Fknpksmth Vfkrh
Fkuotrmhs Imtthb Ycauhs
Gakjca Kppkrtuomty Mobhx vs. Ikrhmgo Tkrtikamk Iakws
Vkurfh< XOFRCB.
I M G X Z H < 9
3:. W`ho fkotrkaamog ikr t`h ahvha ki hfkoknmf bhvhakpnhot.
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Fkofausmko
R`h hrc mo w`mf` cbvcofhb hfkoknmhs cffkuot ikr t`h acrghst vkaunh ki trcbh cob ikrhmgo
bmrhft movhstnhot ms icbmog icst. Mo mts pacfh, hnhrgmog ncrehts crh cbvcofmog mo trcbh cob
movhstnhot cs t`hy jhfknh smgomffifcot skurfhs ki prkbuftmko cob fkosunptmko cs whaa cs
mookvctmko. Zhgmkoca fhothrs crh hxpcobmog tk icfmamtcth mothroctmkoca fknnhrfh, ghohrctmog
cob cttrcftmog ffiocofh tk jhfknh nkrh fknphtmtmvh.
Mo t`h ohw hrc, fknpcomhs ok akoghr `cvh t`h auxury ki tcemog yhcrs tk bhpaky rhskurfhs ko
c gakjca sfcah. R`h vcauh ki frkss-jkrbhr gkkbs kws cnkog hnhrgmog ncrehts mofrhcshb
irkn 9 phrfhot ki gakjca trcbh mo 3==4 tk :2 phrfhot mo :43:, cffkrbmog tk MNI stctmstmfs.
Ohvhrt`hahss, t`h acrgh nclkrmty ki nuatmoctmkoca fkrpkrctmkos rhfhmvh ahss t`co koh-ffiit` ki
t`hmr rhvhouh irkn hnhrgmog ncrehts. Gkvhronhots cask `cvh acgghb ct tmnhs mo cbkptmog
pkamfmhs tk fcpmtcamzh ko t`h trhob.
R`h Gakjca Kppkrtuomty Mobhx prkvmbhs fknpcomhs wmt` ohhbhb facrmty cjkut t`h movhstnhot
famncths mo `kst fkuotrmhs jcshb ko c systhnmf, bctc-brmvho sfcah, t`us hocjamog t`hn
tk hstcjams` morkcbs tk shfurmog strkog pksmtmkos mo gakjca fknnhrfh. Irkn t`h fkuotry
phrsphftmvh, t`h mobhx gumbhs pkamfyncehrs mo fcrrymog kut rhikrns tk ho`cofh t`hmr prksphfts
mo t`h gakjca hfkokny. Ncoy f`coghs fco jh mnpahnhothb qumfeay cob ct rhactmvhay akw fkst,
icfmamtctmog strcthgmf trcoscftmkos t`ct wmaa jhohffit caa pcrtmhs ikr yhcrs tk fknh.
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33/50:0
Gakjca Kppkrtuomty Mobhx< Cttrcftmog Ikrhmgo Movhstnhot
KO R@H WHJ
Bctc ikr hcf` octmko cob mothrcftmvh tkkas
fco jh ikuob ct www.gakjcakppkrtuomtymobhx.krg
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Cpphobmxhs
CTTHOBMP 3< MOBHP NHR@KBKAKG] COB RHF@OMFCA OKRHV
F k n p k o h o t
V u j -
f k n p k o h o t
Y c r m c j a h
V m g o
V k u r f h *
N k s t Z h f h o t
Bhimomtmko
H f k o k n m f I u o b c n h o t c a s ( H
I )
Ncfrk-
phrikrncofh
Zhca GBT grkwt` (%) + WHK
cob WBM
:436 Coouca % grkwt` ct ncreht prmfhs jcshb ko fkostcot akfca
furrhofyGBT phr fcpmtc (XV$) + WBM :43: Grkss bknhstmf prkbuft mo furrhot X.V. bkaacrs bmvmbhb jy
nmbyhcr pkpuactmko
Moiactmko (coouca %) - WBM :436 Cs nhcsurhb jy t h̀ coouca % f c̀ogh mo fkosunhr prmfh mobhx.Bhvmctmko irkn kptmnca moiactmko ahvhas (:-6%)
Zhca mothrhst rcth - WBM :43: R h̀ ahobmog mothrhst rcth cblusthb ikr moiactmko cs nhcsurhb jyt`h GBT bhiactkr
Tujamf bhjt (% GBT) - WHK :43: Ghohrca gkvhronhot grkss bhjt, phrfhot ki GBT
Kphoohss Rrcbh kphoohss + WBM :43: (Hxpkrts + mnpkrts)/GBT
Bmrhft movhstnhot kphoohss + XOFRCB :43: IBM moiakws/GBT
Acjkr ikrfh Xomt acjkr fkst - HMX :43: @kuray wcgh mo X.V. bkaacrs
Amih hxphftcofy ct jmrt̀ (yhcrs) + WBM :436 R`h ounjhr ki yhcrs c ohwjkro wkuab amvh mi prhvcmamog pctthroski nkrtcamty ct tmnh ki jmrt` whrh tk phrsmst t`rkug`kut mts amih
Vhfkobcry hbufctmko(% pkpuactmko)
+ WBM :43: R`h prkpkrtmko ki t`h acjkr ikrfh wmt` c shfkobcry hbufctmko cs% ki tktca acjkr ikrfh
Cgh bhphobhofy rctmk - WBM :43: % ki bhphobhots (phkpah ykuoghr t`co 38 kr kabhr t`co 92)tk t`h wkremog-cgh pkpuactmko (cghs 38-92)
Imocofmcamoircstrufturh
Ncreht fcp ki amsthb fknpcomhs(% GBT)
+ WBM* :43: R`h s`crh prmfh tmnhs s`crhs kutstcobmog cs % ki GBT*Cirmfco Bhvhakpnhot Jcoe ikr Zwcobc
Tujamf jkob ncreht fcp(% ki GBT)
+ JMV :43: Rktca ncreht fcp ki gkvhronhot-mssuhb jkobs cs % ki GBT
Trmvcth jkob ncreht fcp(% ki GBT)
+ JMV :436 Rktca ncreht fcp ki jkobs mssuhb jy imocofmca mostmtutmkos cobfkrpkrctmkos cs % ki GBT
Jcoe csshts (% ki GBT) + MIV :436 Jcoe csshts cs % ki GBT
Bknhstmf frhbmt prkvmbhbtk prmvcth shftkr (% GBT)
+ WBM :43: Imocofmca rhskurfhs prkvmbhb tk t`h prmvcth shftkr
T`ysmfcamoircstrufturh
Zkcb bhosmty + WBM :43: En ki rkcb phr 344 sq. en ki acob
Mothroht ushrs(phr 344 phkpah)
+ WBM :433 Thkpah wmt` cffhss tk t`h wkrabwmbh ohtwkre
Nkjmah p`koh sujsfrmptmkos + WBM :43: Vujsfrmptmkos phr 344 phkpah. Tkst-pcmb cob prhpcmbsujsfrmptmkos crh mofaubhb
CRNs (phr 344,444 cbuats) + WBM :43: Cutkncthb thaahr ncf m̀ohs phr 344,444 cbuats
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Gakjca Kppkrtuomty Mobhx< Cttrcftmog Ikrhmgo Movhstnhot
F k n p k o h o t
V u j -
f k n p k o h o t
Y c r m c j a h
V m g o
V k u r f h *
N k s t Z h f h o t
Bhimomtmko
H c s h k i B k m o g J u s m o h s s ( B J )
Vtcrtmog cjusmohss
Trkfhburhs (ounjhr) - WJBJ :436
Vtcrtmog c jusmohss< Rmnh (bcys) - WJBJ :436
Fkst (% mofknh phr fcpmtc) - WJBJ :436
Hoikrfmogfkotrcfts
Rmnh (bcys) - WJBJ :436
Fkst (% ki facmn) - WJBJ :436
Trkfhburhs (ounjhr) - WJBJ :436
Zhskavmogmoskavhofy
Rmnh (yhcrs) - WJBJ :436
Fkst (% ki hstcth) - WJBJ :436
Zhfkvhry rcth (fhots ko t`hbkaacr)
+ WJBJ :436
Cffkuotmog cobbmsfakusurh
Bhpt` ki frhbmt moikrnctmkomobhx
+ WJBJ :436 Nhcsurhs ruahs cob prcftmfhs ciihftmog t`h fkvhrcgh, sfkph,cob cffhssmjmamty ki frhbmt moikrnctmko cvcmacjah t`rkug` hmt`hr
c pujamf frhbmt rhgmstry kr c prmvcth frhbmt jurhcuTujamf frhbmt rhgmstry fkvhrcgh(% ki cbuats)
+ WJBJ :436 Zhpkrts t`h ounjhr ki phkpah cob imrns amsthb mo c pujamffrhbmt rhgmstry wmt` furrhot moikrnctmko ko rhpcynhot `mstkry,uopcmb bhjts, kr frhbmt kutstcobmog
Trmvcth frhbmt jurhcu fkvhrcgh(% ki cbuats)
+ WJBJ :436 Zhpkrts t`h ounjhr ki phkpah kr imrns amsthb jy c prmvcth frhbmtjurhcu wmt` furrhot moikrnctmko ko rhpcynhot `mstkry, uopcmbbhjts, kr frhbmt kutstcobmog
Fksts kithrrkrmsncob frmnh
Jusmohss fksts ki thrrkrmsn(mobhx)
+ GFM :436 Rk w`ct hxthot bkhs t`h t`rhct ki thrrkrmsn mnpksh fksts kojusmohsshs mo ykur fkuotry; U3 > tk c grhct hxthot5 7 > okt ct caa^
Jusmohss fksts ki frmnh cobvmkahofh (GFM)
+ GFM :436 Rk w`ct hxthot bkhs t`h mofmbhofh ki frmnh cob vmkahofhmnpksh fksts ko jusmohsshs mo ykur fkuotry; U3 > tk c grhcthxthot5 7 > okt ct caa^
Krgcomzhb frmnh (mobhx) + GFM :436 Rk w`ct hxthot bkhs krgcomzhb frmnh (Ncimc-krmhothb
rcfehthhrmog, hxtkrtmko) mnpksh fksts ko jusmohsshs mo ykurfkuotry; U3 > tk c grhct hxthot57 > okt ct caa^
Ht òmf thosmkos (mobhx) + MFZG :433 Co csshssnhot ki t h̀ bhgrhh ki thosmko wmt m̀o c fkuotrycttrmjutcjah tk rcfmca, octmkocamty, kr acogucgh bmvmsmkos. Akwhrrctmogs crh gmvho tk fkuotrmhs w`hrh rcfmca cob octmkocamtythosmkos crh ̀ mg`, cob ̀ mg`hr rctmogs crh gmvho tk fkuotrmhsw`hrh thosmkos crh nmomnca.
Rcx jurbho Hiihft ki tcxctmko tk movhst(mobhx)
+ GFM :436 W`ct mnpcft bkhs t`h ahvha ki tcxhs mo ykur fkuotry ̀ cvh komofhotmvhs tk wkre kr movhst; U3 > smgomimfcotay amnmts mofhotmvhs tkwkre kr movhst5 7 > ̀ cs ok mnpcft ko mofhotmvhs tk wkre kr movhst^
Fkrpkrcth tcx (%) - MHI :432 Rkp ncrgmoca fkrpkrcth tcx rcth
Thrskoca tcx (%) - MHI :432 Rkp ncrgmoca phrskoca mofknh tcx rcth
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Cpphobmxhs
F k n p k o h o t
V u j -
f k n p k o h o t
Y c r m c j a h
V m g o
V k u r f h *
N k s t Z h f h o t
Bhimomtmko
S u c a m t y k i Z h g u a c t m k o s / Z h g u a c t k r y J c r r m h r s ( S Z )
Fkotrkas ko irhhiakw ki fcpmtca
Fcpmtca fkotrkas (whmg`thb) - CZHCHZ :436 Whmg`thb cvhrcgh ki t`rhh mobmfctkrs< fkotrkas ko shfurmtmhs,fkotrkas ko nkohy ncrehts, cob fkotrkas ko bmrhft movhstnhot
Zhstrmftmkos komothroctmkocatrcbh
WRK nhnjhrs`mp + WRK :436 Nhnjhrs>3, 4 kt h̀rwmsh
Rcrmii rcth, caa prkbufts (%) - WBM :43: Whmg`thb nhco cppamhb tcrmii ms t`h cvhrcgh ki hiihftmvhaycppamhb rcths whmg`thb jy t`h prkbuft mnpkrt s`crhsfkrrhspkobmog tk hcf` pcrtohr fkuotry
Jurbho kirhguactmko
Jurbho ki gkvhronhotrhguactmko (mobhx)
+ GFM :436 @kw jurbhosknh ms mt ikr jusmohsshs mo ykur fkuotry tk fknpaywmt` gkvhronhotca cbnmomstrctmvh rhqumrhnhots (h.g., phrnmts,rhguactmkos, rhpkrtmog); U3 > hxtrhnhay jurbhosknh57 > okt jurbhosknh ct caa^
Zhguactkryqucamty
Frhbmt ncreht rhguactmko(mobhx)
+ HIW :436 Kwohrs`mp ki jcoes5 ikrhmgo jcoe fknphtmtmko5 prmvcth shftkrfrhbmt5 mothrhst rcth fkotrkas/ohgctmvh mothrhst rcths
Acjkr ncreht rhguactmko(mobhx)
+ HIW :436 @mrmog rhguactmkos cob nmomnun wcgh5 ̀ mrmog cob imrmogrhguactmkos5 fhotrcamzhb fkaahftmvh jcrgcmomog5 `kursrhguactmkos5 ncobcthb fkst ki wkrehr bmsnmssca5 fkosfrmptmko
Zhguactmko ki shfurmtyhxf`coghs (mobhx)
+ GFM :436 @kw wkuab yku csshss t`h rhguactmko cob suphrvmsmko kishfurmtmhs hxf`coghs mo ykur fkuotry; U3 > mohiihftmvh57 > hiihftmvh^
Sucamty kipkamfyncemog
Sucamty ki jurhcufrcfy (mobhx) + MFZG :433 @mg` pkmots crh gmvho tk fkuotrmhs w`hrh t`h jurhcufrcfyfco gkvhro wmt`kut brcstmf pkamfy f`coghs kr mothrruptmkosmo shrvmfhs. Mo t`hsh akw-rmse fkuotrmhs, jurhcufrcfmhs crhrhactmvhay irhh irkn pkamtmfca prhssurh cob `cvh hstcjams`hbnhf`comsns ikr rhfrumtnhot cob trcmomog. Fkuotrmhs t`ctacfe t`h fus`mkomog hiihft ki c strkog jurhcufrcfy rhfhmvhakw pkmots.
Rrcospcrhofy (mobhx) + GFM :436 @kw hcsy ms mt ikr jusmohsshs mo ykur fkuotry tk kjtcmomoikrnctmko cjkut f`coghs mo gkvhronhot pkamfmhs cobrhguactmkos ciihftmog t`hmr cftmvmtmhs; U3 > mnpkssmjah57 > hxtrhnhay hcsy^
Fkrruptmko Fkrruptmko Thrfhptmkos Mobhx + RM :436 Co cggrhgcth mobmfctkr fcafuacthb usmog bctc irkn 37 skurfhst`ct nhcsurhs t`h hxthot ki fkrruptmko (irhquhofy cob/krsmzh ki jrmjhs) mo t`h pujamf cob pkamtmfca shftkrs. Fkuotrmhscrh rcoehb.
Tujamf trust ki pkamtmfmcos(mobhx)
+ GFM :436 @kw wkuab yku rcth t`h ahvha ki pujamf trust mo t`h ht`mfcastcobcrbs ki pkamtmfmcos mo ykur fkuotry; U3 > vhry akw57 > vhry `mg`^
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Gakjca Kppkrtuomty Mobhx< Cttrcftmog Ikrhmgo Movhstnhot
F k n p k o h o t
V u j -
f k n p k o h o t
Y c r m c j a h
V m g o
V k u r f h *
N k s t Z h f h o t
Bhimomtmko
Z u a h k i A c w
Ahgcamoircstrufturh
Lubmfmca mobhphobhofh (mobhx) + GFM :436 Rk w`ct hxthot ms t`h lubmfmcry mo ykur fkuotry mobhphobhot kimoiauhofhs irkn nhnjhrs ki gkvhronhot, fmtmzhos, kr imrns;U3 > `hcvmay moiauhofhb5 7 > hotmrhay mobhphobhot^
Hiimfmhofy ki ahgca ircnhwkremo shttamog bmspuths (mobhx)
+ GFM :436 @kw hiimfmhot ms t`h ahgca ircnhwkre mo ykur fkuotry ikr prmvcthjusmohsshs mo shttamog bmspuths; U3 > hxtrhnhay mohiimfmhot5 7 >`mg`ay hiimfmhot^ Rk w`ct hxthot ms t`h lubmfmcry mo ykur fkuotrymobhphobhot ki moiauhofhs irkn nhnjhrs ki gkvhronhot,fmtmzhos, kr imrns; U3 > `hcvmay moiauhofhb5 7 > hotmrhaymobhphobhot^
Hiimfmhofy ki ahgca ircnhwkremo f`caahogmog rhguactmkos(mobhx)
+ GFM :436 @kw hiimfmhot ms t`h ahgca ircnhwkre mo ykur fkuotry ikr prmvcthjusmohsshs mo f`caahogmog t`h ahgcamty ki gkvhronhot cftmkoscob/kr rhguactmkos; U3 > hxtrhnhay mohiimfmhot5 7 > `mg`ayhiimfmhot^
Acw cob krbhr (mobhx) + MFZG :433 R`h acw sujfknpkohot csshsshs t`h strhogt̀ cob mnpcrtmcamtyki t`h ahgca systhn, w`mah t`h krbhr sujfknpkohot csshsshspkpuacr kjshrvcofh ki t`h acw. R`us, c fkuotry fco holky c
`mg` rctmog ‖ 6 ‖ mo thrns ki mts lubmfmca systhn, jut c akw rctmog‖ 3 ‖ mi mt suiihrs irkn c vhry `mg` frmnh rcth, mobmfctmog t`ctacws crh kitho mgokrhb kr hiihftmvh scoftmkos crh acfemog (ikrhxcnpah, wmbhsprhcb maahgca strmehs)
Trkphrty rmg`ts Trkphrty rmg`ts (mobhx) + MHI :432 Nhcsurhs t`h bhgrhh tk w`mf̀ c fkuotry”s acws prkthft prmvcthprkphrty rmg`ts cob t`h hxthot ki gkvhronhot hoikrfhnhot.Cask csshsshs t`h ameham`kkb t`ct prmvcth prkphrty wmaa jhhxprkprmcthb cob cocayzhs t`h mobhphobhofh ki t`h lubmfmcry,t`h ahvha ki fkrruptmko wmt`mo t`h lubmfmcry, cob t`h cjmamty kimobmvmbucas cob jusmohsshs tk hoikrfh fkotrcfts
Movhstkrprkthftmko
Hcsh ki s`crh`kabhr sumts(mobhx)
+ WJBJ :436 C nhcsurh ki s`crh`kabhrs” cjmamty tk suh fkrpkrcth kiimfhrscob bmrhftkrs ikr nmsfkobuft
Hxthot ki bmsfaksurh (mobhx) WJBJ :436 C nhcsurh ki trcospcrhofy ki rhacthb-pcrty trcoscftmkos
Vtrhogt` ki ahgca rmg`ts (mobhx) + WJBJ :43: Nhcsurhs t`h bhgrhh ki prkthftmko fkaacthrca cob jcoeruptfyacws prkvmbh tk jkrrkwhrs cob ahobhrs, t`us icfmamtctmog ahobmog
Hxthot ki bmrhftkr amcjmamty(mobhx)
+ WJBJ :436 C nhcsurh ki amcjmamty ikr shai-bhcamog
Vtrhogt` ki movhstkr prkthftmko(mobhx)
+ WJBJ :436 R`h cvhrcgh ki mobhxhs gcugmog t`h hxthot ki bmsfaksurh, hxthotki bmrhftkr amcjmamty, cob hcsh ki s`crh`kabhr sumts
*Okth<
CZHCHZ< Coouca Zhpkrt ko Hxf`cogh Crrcoghnhots cob Hxf`cogh Zhstrmftmkos (Mothroctmkoca Nkohtcry Iuob)JMV< Jcoe ikr Mothroctmkoca VhttahnhotsHIW< Hfkoknmf Irhhbkn ki t`h Wkrab (Ircshr Mostmtuth)HMX< Hfkoknmf Mothaamghofh XomtGFM< Gakjca Fknphtmtmvhohss MobhxMFZG< Mothroctmkoca Fkuotry Zmse GumbhMHI< Mobhx ki Hfkoknmf Irhhbkn (@hrmtcgh Ikuobctmko)MIV< Mothroctmkoca Imocofmca Vtctmstmfs (MNI)
M< rcospcrhofy MothroctmkocaXOFCB< Xomthb Octmkos Fkoihrhofh ko rcbh cob BhvhakpnhotWJBJ< Wkrab Jcoe ‑Bkmog Jusmohss„WBM< Wkrab Bhvhakpnhot Mobmfctkrs (Wkrab Jcoe)WHK< Wkrab Hfkoknmf Kutakke (Mothroctmkoca Nkohtcry Iuob)WK< Wkrab rcbh Krgcomzctmko
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Cpphobmxhs
CTTHOBMP :. HFKOKNHRZMF ZHVXARV
IBM phr fcpmtc (akg) c Tkrtikamk iakws (akg) c
Fknpksmth Vfkrh ✖*** ✖***
Hfkoknmf Iuobcnhotcas ✖*** ✖***
Hcsh ki Bkmog Jusmohss ✖** ✖***
Sucamty ki Zhguactmkos ✖** ✖**
Zuah ki Acw ✖* ✖**
Okth
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Gakjca Kppkrtuomty Mobhx< Cttrcftmog Ikrhmgo Movhstnhot
4
:
2
9
0
34
3:
3 : 6 2 8 9 7 0 = 34
a k g
I B M p h r f c p m t c
Zhguactkry Sucamty
Fkuotrmhs Imtthb Ycauhs
Zhguactkry Sucamty vs. IBM Thr Fcpmtc
I M G X Z H < =
4
:
2
9
0
34
3:
3 : 6 2 8 9 7 0 = 34
a k g
I B M p h r f
c p m t c
Zuah ki Acw
Fkuotrmhs Imtthb Ycauhs
Zuah ki Acw vs. IBM Thr Fcpmtc
I M G X Z H < 3 4
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Cpphobmxhs
CTTHOBMP 6< MOBHP ZHVXARV :436:44= (ZHAHCVH BCRHV)
:436
Zcoe Fkuotry KM Vfkrh
3 @kog Ekog VCZ, F`moc 0.9
: Vmogcpkrh 0.8
6 Ohw \hcacob 7.02
2 Imoacob 7.7=
8 Vwhbho 7.78
9 Bhoncre 7.7:
7 Okrwcy 7.97
0 Fcocbc 7.80
= Xomthb Emogbkn 7.89
34 Custrcamc 7.83
33 Auxhnjkurg 7.2=
3: Oht`hracobs 7.28
36 Mrhacob 7.60
32 Hstkomc 7.6638 Ncacysmc 7.:=
39 Vwmtzhracob 7.:2
37 Lcpco 7.37
30 Jhagmun 7.39
3= Ghrncoy 7.32
:4 Mfhacob 7.33
:3 Custrmc 7.40
:3 Xomthb Vtcths 7.40
:6 Fyprus 9.=7
:2 F`mah 9.=
:8 Msrcha 9.00
:9 Jc`rcmo 9.72
:7 Ircofh 9.76
:0 Vcubm Crcjmc 9.92
:= Ekrhc, Zhp. 9.80
64 Sctcr 9.89
63 Vakvhomc 9.2=
6: Knco 9.28
66 Tkrtugca 9.67
62 Euwcmt 9.68
68 Jktswcoc 9.66
68 Amt`ucomc 9.66
67 Ncurmtmus 9.660 Actvmc 9.:0
6= Vkut` Cirmfc 9.:8
24 Xomthb Crcj Hnmrcths 9.:
23 Tkacob 9.38
2: Nkothohgrk 9.47
26 R`cmacob 9.46
22 Ocnmjmc 9.4:
28 Fzhf` Zhpujamf 8.=7
Zcoe Fkuotry KM Vfkrh
28 Vpcmo 8.=7
27 Cajcomc 8.=9
20 Xrugucy 8.=8
2= @uogcry 8.=:
84 F`moc 8.02
83 Ruomsmc 8.78
8: Eczce`stco 8.98
8: Tcocnc 8.98
82 Frkctmc 8.93
88 Juagcrmc 8.9
89 Ghkrgmc 8.8=
89 Rurehy 8.8=
80 Vakvce Zhpujamf 8.2=
8= Nhxmfk 8.2094 Crnhomc 8.29
93 Fkaknjmc 8.6=
9: Czhrjcmlco 8.68
9: Mtcay 8.68
9: Zwcobc 8.68
98 Ncfhbkomc, I]Z 8.6:
99 Lkrbco 8.63
99 Vrm Acoec 8.63
90 Zkncomc 8.:=
9= Thru 8.:7
9= Rrmombcb cob Rkjcgk 8.:7
73 G`coc 8.:6
7: \cnjmc 8.37
76 Nkogkamc 8.3
72 Nkrkffk 8.48
78 Fkstc Zmfc 8.46
79 Grhhfh 8.43
77 Mobkohsmc 8
70 Jrczma 2.==
7= Hgypt, Crcj Zhp. 2.=6
04 Nkabkvc 2.=
03 Mobmc 2.02
0: Ymhtocn 2.7=06 Zussmco Ihbhrctmko 2.73
02 Vhrjmc 2.7
08 Xercmoh 2.90
09 Lcncmfc 2.97
07 Eyrgyz Zhpujamf 2.96
00 Tcemstco 2.8=
0= Crghotmoc 2.8
=4 Xgcobc 2.20
Zcoe Fkuotry KM Vfkrh
=3 Gucthncac 2.26
=3 Ncacwm 2.26
=3 Tcrcgucy 2.26
=2 Rcozcomc 2.60
=8 @koburcs 2.67
=9 Jkamvmc 2.62
=7 Fcph Yhrbh 2.66
=0 Guycoc 2.:0
== Ha Vcavcbkr 2.:9
344 Gcnjmc, R`h 2.:8
344 Ahjcoko 2.:8
34: Nkzcnjmquh 2.3=
346 Bknmomfco Zhpujamf 2.39
346 Omghrmc 2.39348 Mrco, Msacnmf Zhp. 2.4=
349 Jksomc cob @hrzhgkvmoc 2.47
347 Omfcrcguc 2.46
340 T`mamppmohs 2.43
34= Vhohgca 6.==
334 Hfucbkr 6.=0
333 Jcogacbhs` 6.=:
333 Ehoyc 6.=:
336 Rclmemstco 6.08
332 Ahskt`k 6.0:
338 Fcnjkbmc 6.0
339 Caghrmc 6.78
337 Ncam 6.72
330 Vwczmacob 6.87
33= Jhomo 6.29
3:4 Jhamzh 6.26
3:3 Ncbcgcsfcr 6.2
3:3 Ncurmtcomc 6.2
3:6 Ohpca 6.60
3:2 Cogkac 6.68
3:8 Fcnhrkko 6.62
3:9 Yhohzuhac 6.:
3:7 Fòth b”Mvkmrh 6.4:3:0 @cmtm :.0:
3:= F`cb :.::
364 Juruobm :.38
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Gakjca Kppkrtuomty Mobhx< Cttrcftmog Ikrhmgo Movhstnhot
Zcoe Fkuotry KM Vfkrh
3 Vmogcpkrh 0.7:
: @kog Ekog VCZ, F`moc 0.88
6 Ohw \hcacob 0.38
2 Bhoncre 7.722 Okrwcy 7.72
9 Imoacob 7.76
7 Vwhbho 7.99
0 Fcocbc 7.93
= Custrcamc 7.86
= Auxhnjkurg 7.86
33 Xomthb Emogbkn 7.22
3: Mrhacob 7.67
36 Vwmtzhracob 7.63
32 Oht`hracobs 7.6
38 Hstkomc 7.:0
39 Ghrncoy 7.3=
39 Mfhacob 7.3=
30 Fyprus 7.3:
3= Jhagmun 7.33
:4 Custrmc 7.40
:3 Xomthb Vtcths 7.47
:: Lcpco 7.49
:6 Ncacysmc 7.46
:2 F`mah 9.00
:8 Ircofh 9.0:
:9 Msrcha 9.70
:7 Ekrhc, Zhp. 9.76:0 Sctcr 9.73
:= Jc`rcmo 9.9=
64 Vakvhomc 9.98
63 Knco 9.8=
6: Ncurmtmus 9.8
66 Tkrtugca 9.68
62 Euwcmt 9.66
62 Vcubm Crcjmc 9.66
69 Amt`ucomc 9.:2
67 Jktswcoc 9.39
60 Xomthb Crcj Hnmrcths 9.40
6= R`cmacob 9.4:
24 Fzhf` Zhpujamf 9
23 Ruomsmc 8.==
2: Vkut` Cirmfc 8.=7
2: Vpcmo 8.=7
22 Tkacob 8.=8
22 Xrugucy 8.=8
29 F`moc 8.=3
29 Actvmc 8.=3
:43:
Zcoe Fkuotry KM Vfkrh
29 Ocnmjmc 8.=3
2= @uogcry 8.02
2= Nkothohgrk 8.02
83 Cajcomc 8.0:8: Tcocnc 8.92
86 Juagcrmc 8.8=
82 Vakvce Zhpujamf 8.82
88 Lkrbco 8.20
89 Zkncomc 8.22
87 Eczce`stco 8.23
80 Crnhomc 8.67