\u0625\u0630\u0627 \u0628\u062d\u062b\u062a \u0639\u0646 CAPM \u0639\u0644\u0649 \u0627\u0644\u0625\u0646\u062a\u0631\u0646\u062a\u060c \u0641\u0647\u064a \u062a\u0639\u0646\u064a \u0646\u0645\u0648\u0630\u062c \u062a\u0633\u0639\u064a\u0631 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0631\u0623\u0633\u0645\u0627\u0644\u064a\u0629. \u0648\u0647\u0630\u0627 \u064a\u062e\u062a\u0644\u0641 \u0639\u0645\u0627 \u0633\u0646\u062a\u062d\u062f\u062b \u0639\u0646\u0647 \u0627\u0644\u064a\u0648\u0645 \u0641\u064a \u0633\u064a\u0627\u0642 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639. \u0641\u064a \u0645\u0646\u0634\u0648\u0631 \u0645\u062f\u0648\u0646\u0629 591Cert \u0647\u0630\u0627\u060c \u0633\u0623\u062c\u064a\u0628 \u0639\u0644\u0649 \u0627\u0644\u0633\u0624\u0627\u0644: \u0645\u0627 \u0647\u0648 CAPM \u0627\u0644\u062e\u0627\u0635 \u0628\u0645\u0639\u0647\u062f \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639\u061f
\nCAPM:
\n\u0634\u0647\u0627\u062f\u0629 \u0645\u0633\u0627\u0639\u062f \u0645\u0639\u062a\u0645\u062f \u0641\u064a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639 \u0647\u064a \u0634\u0647\u0627\u062f\u0629 \u0627\u0644\u062a\u0623\u0647\u064a\u0644 \u0644\u0644\u0645\u0628\u062a\u062f\u0626\u064a\u0646 \u0641\u064a \u0645\u0639\u0647\u062f \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639 \u0644\u0645\u062f\u064a\u0631\u064a \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639. \u0644\u0646\u0641\u062a\u0631\u0636 \u0623\u0646\u0643 \u062a\u0631\u063a\u0628 \u0641\u064a \u0628\u062f\u0621 \u0645\u0633\u064a\u0631\u0629 \u0645\u0647\u0646\u064a\u0629 \u0641\u064a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639 \u0648\u0627\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u0645\u0624\u0647\u0644 \u0645\u0645\u062a\u0627\u0632 \u0641\u064a \u0648\u0642\u062a \u0645\u0628\u0643\u0631 \u0645\u0639 \u0627\u0644\u062d\u062f \u0627\u0644\u0623\u062f\u0646\u0649 \u0645\u0646 \u0627\u0644\u062e\u0628\u0631\u0629 \u0648\u0644\u0643\u0646 \u0645\u0639 \u0628\u0639\u0636 \u0627\u0644\u062a\u0639\u0644\u0645 \u0627\u0644\u062a\u0623\u0633\u064a\u0633\u064a \u0627\u0644\u0642\u0648\u064a. \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u062d\u0627\u0644\u0629\u060c \u0641\u0625\u0646 \u0634\u0647\u0627\u062f\u0629 CAPM \u0647\u064a \u0627\u0644\u0645\u0624\u0647\u0644 \u0627\u0644\u0645\u0646\u0627\u0633\u0628 \u0644\u0643. \u062a\u0645 \u062a\u0635\u0645\u064a\u0645 \u0647\u0630\u0627 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u0644\u0625\u062b\u0628\u0627\u062a \u0623\u0646 \u062d\u0627\u0645\u0644\u064a\u0647 \u064a\u0645\u062a\u0644\u0643\u0648\u0646 \u0627\u0644\u0645\u0639\u0631\u0641\u0629 \u0648\u0627\u0644\u0641\u0647\u0645 \u0648\u0627\u0644\u0645\u0647\u0627\u0631\u0627\u062a \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0627\u0644\u0645\u062a\u0648\u0642\u0639\u0629 \u0641\u064a \u0645\u0647\u0646\u0629 “\u0645\u062f\u064a\u0631 \u0645\u0634\u0631\u0648\u0639 \u0645\u0628\u062a\u062f\u0626”.
\n\u0627\u062e\u062a\u0628\u0627\u0631 CAPM:
\n\u064a\u062a\u0645 \u0627\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u0634\u0647\u0627\u062f\u0629 \u0627\u0644\u0640 CAPM \u0639\u0646 \u0637\u0631\u064a\u0642 \u0627\u0644\u0627\u0645\u062a\u062d\u0627\u0646 \u0639\u0644\u0649 \u0623\u0633\u0627\u0633 \u0645\u0627 \u064a\u0644\u064a:
\n1. \u0645\u062c\u0645\u0648\u0639\u0629 \u0645\u0639\u0627\u0631\u0641 \u0645\u0639\u0647\u062f \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639 \u0641\u064a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639\u060c \u062f\u0644\u064a\u0644 PMBOK \u0627\u0644\u062e\u0627\u0635 \u0628\u0645\u0639\u0647\u062f \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639
\n2. \u062a\u0633\u062a\u0645\u0631 \u0627\u0644\u0634\u0647\u0627\u062f\u0629 \u0644\u0645\u062f\u0629 \u062e\u0645\u0633 \u0633\u0646\u0648\u0627\u062a.
\n\u0628\u0639\u062f \u0645\u0631\u0648\u0631 \u062e\u0645\u0633 \u0633\u0646\u0648\u0627\u062a\u060c \u064a\u0645\u0643\u0646\u0643 \u0625\u0645\u0627 \u0623\u0646 \u062a\u062d\u0635\u0644 \u0639\u0644\u0649 \u0627\u0644\u0634\u0647\u0627\u062f\u0629 \u0645\u0646 \u062c\u062f\u064a\u062f \u0639\u0646 \u0637\u0631\u064a\u0642 \u0625\u0639\u0627\u062f\u0629 \u0627\u062c\u062a\u064a\u0627\u0632 \u0627\u0644\u0627\u0645\u062a\u062d\u0627\u0646\u060c \u0623\u0648 \u0625\u0630\u0627 \u0643\u0646\u062a \u0642\u062f \u0628\u0642\u064a\u062a \u0641\u064a \u0645\u062c\u0627\u0644 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639\u060c \u0641\u0642\u062f \u062a\u0643\u0648\u0646 \u0644\u062f\u064a\u0643 \u0627\u0644\u062e\u0628\u0631\u0629 \u0627\u0644\u0644\u0627\u0632\u0645\u0629 \u0644\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u0645\u0624\u0647\u0644\u0647\u0627 \u0627\u0644\u0623\u0648\u0644\u060c \u0648\u0647\u0648 \u0634\u0647\u0627\u062f\u0629 PMP (\u0645\u062d\u062a\u0631\u0641 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639).
\n\u0627\u0644\u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0642\u0628\u0644 \u0627\u0644\u062a\u0642\u062f\u0645 \u0644\u0627\u062e\u062a\u0628\u0627\u0631 CAPM \u062e\u0641\u064a\u0641\u0629 \u0646\u0633\u0628\u064a\u0627\u064b. \u0648\u062a\u0634\u0645\u0644 \u0627\u0644\u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0627\u0644\u062e\u0644\u0641\u064a\u0627\u062a \u0627\u0644\u062a\u0639\u0644\u064a\u0645\u064a\u0629:
\n1. \u0627\u0644\u062a\u0639\u0644\u064a\u0645 \u0627\u0644\u062b\u0627\u0646\u0648\u064a \u0623\u0648 \u0627\u0644\u062a\u0639\u0644\u064a\u0645 \u0639\u0644\u0649 \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u062f\u0628\u0644\u0648\u0645 \u0623\u0648 \u0645\u0627 \u064a\u0639\u0627\u062f\u0644\u0647 \u0641\u064a \u0628\u0644\u062f\u0643.
\n2. 23 \u0633\u0627\u0639\u0629 \u0645\u0646 \u0627\u0644\u062a\u0639\u0644\u064a\u0645 \u0627\u0644\u0645\u0639\u062a\u0645\u062f \u0641\u064a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639
\n\u0628\u0627\u0644\u0637\u0628\u0639\u060c \u0636\u0639 \u0641\u064a \u0627\u0639\u062a\u0628\u0627\u0631\u0643 \u0627\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u062e\u062f\u0645\u0627\u062a \u062a\u0641\u0631\u064a\u063a \u0627\u062e\u062a\u0628\u0627\u0631 CAPM \u0645\u0646 591cert \u0623\u0648 SPOTO\u060c \u062d\u064a\u062b \u0625\u0646\u0647\u0627 \u0645\u0648\u062b\u0648\u0642\u0629 \u062c\u062f\u064b\u0627 \u0648\u0627\u0644\u0639\u0644\u0627\u0645\u0629 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629 \u0631\u0642\u0645 1 \u0641\u064a \u0627\u0644\u0635\u064a\u0646.
\n\u0648\u064a\u0633\u062a\u062e\u062f\u0645 CAPM \u062f\u0644\u064a\u0644 PMBOK \u0643\u0643\u062a\u0627\u0628 \u0631\u0633\u0645\u064a\u060c \u0648\u0647\u0648 \u0639\u0628\u0627\u0631\u0629 \u0639\u0646 \u0645\u062c\u0645\u0648\u0639\u0629 \u0645\u0639\u0627\u0631\u0641 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639\u060c \u0648\u062e\u0627\u0635\u0629\u064b \u0645\u062c\u0627\u0644\u0627\u062a \u0627\u0644\u0645\u0639\u0631\u0641\u0629 \u0627\u0644\u0647\u0627\u0645\u0629 \u0641\u064a \u0627\u0644\u0641\u0635\u0648\u0644 \u0645\u0646 1 \u0625\u0644\u0649 13 \u0645\u0646 \u0627\u0644\u0625\u0635\u062f\u0627\u0631 \u0627\u0644\u0633\u0627\u062f\u0633 \u0645\u0646 \u062f\u0644\u064a\u0644 PMBOK \u0623\u0648 \u0627\u0644\u0645\u0646\u0647\u062c \u0627\u0644\u062d\u0627\u0644\u064a.
\n1. \u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0639\u0628\u0627\u0631\u0629 \u0639\u0646 \u0623\u0633\u0626\u0644\u0629 \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a
\n2. \u0647\u0646\u0627\u0643 150 \u0633\u0624\u0627\u0644\u0627\u064b – 135 \u062f\u0631\u062c\u0629
\n3. 3 \u0633\u0627\u0639\u0627\u062a \u0627\u0645\u062a\u062d\u0627\u0646 \u0628\u062f\u0648\u0646 \u0627\u0633\u062a\u0631\u0627\u062d\u0629
\n4. \u0627\u0644\u0627\u0645\u062a\u062d\u0627\u0646 \u0645\u062a\u0627\u062d \u0639\u0628\u0631 \u0627\u0644\u0625\u0646\u062a\u0631\u0646\u062a
\n5. \u0644\u0627 \u062a\u0648\u062c\u062f \u0639\u0644\u0627\u0645\u0629 \u0646\u062c\u0627\u062d \u0645\u062a\u0627\u062d\u0629
\n6. \u0627\u0644\u0627\u0645\u062a\u062d\u0627\u0646 \u0645\u062a\u0627\u062d \u0628\u0640 13 \u0644\u063a\u0629.
\n\u0645\u0646 \u0628\u064a\u0646 150 \u0633\u0624\u0627\u0644\u060c \u0647\u0646\u0627\u0643 15 \u0633\u0624\u0627\u0644\u0627\u064b “\u062a\u062c\u0631\u064a\u0628\u064a\u064b\u0627”\u060c \u0648\u0644\u0627 \u062a\u062d\u0645\u0644 \u0625\u062c\u0627\u0628\u0627\u062a\u0643 \u0623\u064a \u0646\u0642\u0627\u0637 \u0623\u0648 \u062a\u062e\u0635\u0645 \u0645\u0646 \u062f\u0631\u062c\u0627\u062a\u0643. \u0648\u0628\u0639\u0628\u0627\u0631\u0629 \u0623\u062e\u0631\u0649\u060c \u064a\u062c\u0628 \u0639\u0644\u064a\u0643 \u0625\u0643\u0645\u0627\u0644 135 \u0633\u0624\u0627\u0644\u0627\u064b \u0645\u0633\u062c\u0644\u0627\u064b \u0644\u0644\u0646\u0642\u0627\u0637\u060c \u0648\u0645\u062f\u0629 \u0627\u0644\u0627\u0645\u062a\u062d\u0627\u0646 \u062b\u0644\u0627\u062b \u0633\u0627\u0639\u0627\u062a\u060c \u0648\u0644\u0627 \u064a\u064f\u0633\u0645\u062d \u0644\u0643 \u0628\u0623\u062e\u0630 \u0627\u0633\u062a\u0631\u0627\u062d\u0629 \u062e\u0644\u0627\u0644 \u062a\u0644\u0643 \u0627\u0644\u0633\u0627\u0639\u0627\u062a \u0627\u0644\u062b\u0644\u0627\u062b. \u064a\u0645\u0643\u0646\u0643 \u0627\u0644\u0642\u064a\u0627\u0645 \u0628\u0630\u0644\u0643 \u0641\u0642\u0637 \u0641\u064a \u0627\u0644\u0627\u0645\u062a\u062d\u0627\u0646 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0625\u0630\u0627 \u0643\u0646\u062a \u0628\u062d\u0627\u062c\u0629 \u0625\u0644\u0649 \u0627\u0633\u062a\u0631\u0627\u062d\u0629. \u0648\u0645\u0639 \u0630\u0644\u0643\u060c \u0644\u0627 \u064a\u0645\u0643\u0646\u0643 \u0623\u062e\u0630 \u0627\u0633\u062a\u0631\u0627\u062d\u0629 \u0625\u0630\u0627 \u0627\u062e\u062a\u0631\u062a \u0637\u0631\u064a\u0642\u0629 \u0627\u0644\u0627\u0645\u062a\u062d\u0627\u0646 \u0639\u0628\u0631 \u0627\u0644\u0625\u0646\u062a\u0631\u0646\u062a (\u0627\u0644\u0627\u0645\u062a\u062d\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u0646\u0632\u0644\u064a\u0629 \u0639\u0646 \u0628\u064f\u0639\u062f).
\n\u0644\u0627 \u064a\u0642\u0648\u0645 \u0645\u0639\u0647\u062f \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639 \u0628\u0646\u0634\u0631 \u062f\u0631\u062c\u0629 \u0627\u0644\u0646\u062c\u0627\u062d \u0641\u064a \u0627\u0644\u0627\u0645\u062a\u062d\u0627\u0646\u060c \u0648\u0644\u0643\u0646 \u0645\u0639\u0647\u062f \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639 \u0633\u064a\u064f\u0639\u0644\u0645\u0643 \u0645\u0627 \u0625\u0630\u0627 \u0643\u0646\u062a \u0642\u062f \u0646\u062c\u062d\u062a \u0623\u0648 \u0631\u0633\u0628\u062a. \u0648\u0623\u062e\u064a\u0631\u0627\u064b\u060c \u062a\u062c\u062f\u0631 \u0627\u0644\u0625\u0634\u0627\u0631\u0629 \u0625\u0644\u0649 \u0623\u0646 \u0627\u0644\u0627\u0645\u062a\u062d\u0627\u0646 \u0645\u062a\u0627\u062d \u0628\u0640 13 \u0644\u063a\u0629.
\n\u0647\u0644 \u064a\u0633\u062a\u062d\u0642 \u0627\u062e\u062a\u0628\u0627\u0631 \u0627\u0644\u0640 CAPM \u0627\u0644\u0639\u0646\u0627\u0621
\n\u0625\u0630\u0627 \u0644\u0645 \u062a\u0643\u0646 \u0645\u0624\u0647\u0644\u0627\u064b \u0644\u0627\u0645\u062a\u062d\u0627\u0646 PMP\u060c \u0641\u0647\u0644 \u064a\u0633\u062a\u062d\u0642 \u0627\u0644\u0623\u0645\u0631 \u0627\u0644\u062e\u0636\u0648\u0639 \u0644\u0627\u0645\u062a\u062d\u0627\u0646 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0628\u0631\u0627\u0645\u062c \u0627\u0644\u062a\u062f\u0631\u064a\u0628\u064a\u0629 (CAPM)\u061f
\n\u0627\u0644\u0625\u062c\u0627\u0628\u0629 \u0639\u0644\u0649 \u0630\u0644\u0643 \u0631\u0628\u0645\u0627 \u062a\u0639\u062a\u0645\u062f \u0643\u0644\u064a\u0627\u064b \u0639\u0644\u0649 \u0627\u0644\u0645\u0639\u0627\u064a\u064a\u0631 \u0627\u0644\u062a\u0627\u0644\u064a\u0629:
\n1. \u0631\u063a\u0628\u062a\u0643 \u0641\u064a \u0627\u0644\u062a\u0639\u0644\u0645 \u0648\u0645\u0627 \u0625\u0630\u0627 \u0643\u0646\u062a \u062a\u0631\u0649 \u0623\u0646 \u0627\u0644\u062a\u0639\u0644\u0645 \u0627\u0644\u0630\u064a \u064a\u0645\u0646\u062d\u0643 \u0625\u064a\u0627\u0647 \u0633\u064a\u0623\u062e\u0630\u0643 \u0641\u064a \u0627\u0644\u0627\u062a\u062c\u0627\u0647 \u0627\u0644\u0635\u062d\u064a\u062d.
\n2. \u0645\u0646 \u0648\u062c\u0647\u0629 \u0646\u0638\u0631 \u0633\u0648\u0642 \u0627\u0644\u0639\u0645\u0644.
\nI. \u0623\u0648\u0644\u0627\u064b\u060c \u0627\u0644\u0645\u0643\u0627\u0646 \u0648\u0627\u0644\u0628\u0644\u062f \u0627\u0644\u0630\u064a \u062a\u0639\u0645\u0644 \u0641\u064a\u0647. \u0641\u0628\u0639\u0636 \u0627\u0644\u062f\u0648\u0644 \u062a\u0642\u062f\u0631 \u0645\u0624\u0647\u0644\u0627\u062a CAPM \u0643\u0634\u0647\u0627\u062f\u0629 \u0639\u0644\u064a\u0627.
\n\u062b\u0627\u0646\u064a\u0627\u064b. \u0623\u064a\u0636\u064b\u0627\u060c \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0630\u064a \u062a\u0639\u0645\u0644 \u0641\u064a\u0647. \u0628\u0639\u0636 \u0627\u0644\u0642\u0637\u0627\u0639\u0627\u062a \u062a\u0642\u062f\u0631 \u0645\u0624\u0647\u0644\u0627\u062a CAPM \u0628\u062f\u0631\u062c\u0629 \u0623\u0643\u0628\u0631 \u0623\u0648 \u0623\u0642\u0644. \u0625\u0630\u0627 \u0643\u0646\u062a \u062a\u0639\u0645\u0644 \u0641\u064a \u0627\u0644\u0648\u0644\u0627\u064a\u0629 \u0627\u0644\u0642\u0636\u0627\u0626\u064a\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0623\u0648 \u0641\u064a \u0634\u0631\u0643\u0629 \u062e\u0627\u0631\u062c\u064a\u0629 \u0644\u0647\u0627 \u0645\u0642\u0631\u0627\u062a \u0641\u064a \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629\u060c \u0641\u0625\u0646 \u0645\u0624\u0647\u0644 CAPM \u0633\u064a\u0643\u0648\u0646 \u0645\u0624\u0647\u0644\u0627\u064b \u0642\u064a\u0645\u0627\u064b \u0641\u064a \u0628\u062f\u0627\u064a\u0629 \u062d\u064a\u0627\u062a\u0643 \u0627\u0644\u0645\u0647\u0646\u064a\u0629.
\nCAPM \u0645\u0642\u0627\u0628\u0644 PMP:
\n\u0645\u0646 \u0627\u0644\u062d\u0645\u0627\u0642\u0629 \u0623\u0646 \u062a\u062e\u062a\u0627\u0631 \u0628\u064a\u0646 \u0627\u062e\u062a\u0628\u0627\u0631 CAPM \u0623\u0648 PMP \u0644\u0623\u0646\u0647\u0645\u0627 \u0644\u064a\u0633\u0627 \u0645\u0635\u0645\u0645\u064a\u0646 \u0644\u0623\u0646\u0648\u0627\u0639 \u0645\u062e\u062a\u0644\u0641\u0629 \u062c\u062f\u064b\u0627 \u0645\u0646 \u0627\u0644\u0623\u0634\u062e\u0627\u0635. CAPM \u0647\u0648 \u0645\u0624\u0647\u0644 \u0644\u0644\u0645\u0628\u062a\u062f\u0626\u064a\u0646\u060c \u0641\u0645\u0646 \u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0623\u0646 \u064a\u0643\u0648\u0646 \u0644\u062f\u0649 \u0627\u0644\u0623\u0634\u062e\u0627\u0635 \u0627\u0644\u0630\u064a\u0646 \u064a\u062d\u0635\u0644\u0648\u0646 \u0639\u0644\u0649 CAPM \u062e\u0628\u0631\u0629 \u0642\u0644\u064a\u0644\u0629 \u0623\u0648 \u062d\u062a\u0649 \u062e\u0628\u0631\u0629 \u062d\u0642\u064a\u0642\u064a\u0629 \u0641\u064a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639. \u0648\u0639\u0644\u0649 \u0627\u0644\u0646\u0642\u064a\u0636 \u0645\u0646 \u0630\u0644\u0643\u060c \u064a\u062c\u0628 \u0623\u0646 \u064a\u0643\u0648\u0646 \u0644\u062f\u0649 \u0627\u0644\u0645\u062a\u062e\u0635\u0635\u064a\u0646 \u0641\u064a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639 PMP \u062e\u0628\u0631\u0629 \u0645\u064a\u062f\u0627\u0646\u064a\u0629 \u0643\u0628\u064a\u0631\u0629 \u0648\u0623\u0646 \u064a\u062e\u0636\u0639\u0648\u0627 \u0644\u0627\u0645\u062a\u062d\u0627\u0646 \u0623\u0643\u062b\u0631 \u0635\u0639\u0648\u0628\u0629. \u0625\u0630\u0627 \u0643\u0646\u062a \u0641\u064a \u0628\u062f\u0627\u064a\u0629 \u062d\u064a\u0627\u062a\u0643 \u0627\u0644\u0645\u0647\u0646\u064a\u0629 \u0623\u0648 \u062a\u0631\u063a\u0628 \u0641\u064a \u0628\u0646\u0627\u0621 \u062d\u064a\u0627\u062a\u0643 \u0627\u0644\u0645\u0647\u0646\u064a\u0629 \u0641\u064a \u0645\u062c\u0627\u0644 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639\u060c \u0641\u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0643\u0648\u0646 \u0634\u0647\u0627\u062f\u0629 CAPM \u0646\u0642\u0637\u0629 \u0627\u0646\u0637\u0644\u0627\u0642 \u0631\u0627\u0626\u0639\u0629. \u0625\u0646\u0647 \u0637\u0631\u064a\u0642 \u0633\u0631\u064a\u0639 \u0644\u0627\u0643\u062a\u0633\u0627\u0628 \u0642\u062f\u0631 \u0643\u0628\u064a\u0631 \u0645\u0646 \u0627\u0644\u0645\u0639\u0631\u0641\u0629 \u0648\u0627\u062e\u062a\u0628\u0627\u0631 \u0627\u0643\u062a\u0633\u0627\u0628\u0643 \u0644\u062a\u0644\u0643 \u0627\u0644\u0645\u0639\u0631\u0641\u0629 \u0628\u0634\u0643\u0644 \u0635\u062d\u064a\u062d.
\n\u0641\u0648\u0627\u0626\u062f \u0634\u0647\u0627\u062f\u0629 CAPM:
\n\u0625\u0646\u0647\u0627 \u0639\u0644\u0627\u0645\u0629 \u0639\u0644\u0649 \u0623\u0646 \u0647\u064a\u0626\u0629 \u0645\u0647\u0646\u064a\u0629 \u0631\u0627\u0626\u062f\u0629 \u0645\u0639\u062a\u0631\u0641 \u0628\u0647\u0627 \u0639\u0627\u0644\u0645\u064a\u064b\u0627 \u0648\u0645\u0639\u062a\u0631\u0641 \u0628\u0647\u0627 \u0639\u0627\u0644\u0645\u064a\u064b\u0627 \u0642\u062f \u0627\u062e\u062a\u0628\u0631\u062a\u0643. \u0643\u0645\u0627 \u0623\u0646\u0647\u0627 \u062a\u0645\u0646\u062d\u0643 \u0623\u064a\u0636\u064b\u0627 \u0625\u0645\u0643\u0627\u0646\u064a\u0629 \u0627\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u0649 \u0639\u0636\u0648\u064a\u0629 \u0645\u0639\u0647\u062f \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639\u060c \u0648\u0647\u064a \u0645\u0633\u0627\u0639\u062f\u0629 \u0643\u0628\u064a\u0631\u0629 \u0628\u0633\u0628\u0628 \u062c\u0645\u064a\u0639 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0623\u062e\u0631\u0649 \u0627\u0644\u062a\u064a \u064a\u0642\u062f\u0645\u0647\u0627 \u0644\u0643 \u0645\u0639\u0647\u062f \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639. \u0625\u0630\u0627 \u0643\u0646\u062a \u062a\u062e\u0637\u0637 \u0644\u0644\u0627\u0646\u062a\u0642\u0627\u0644 \u0625\u0644\u0649 \u0645\u062d\u062a\u0631\u0641 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639 \u0639\u0646\u062f\u0645\u0627 \u062a\u0643\u0648\u0646 \u0644\u062f\u064a\u0643 \u062e\u0628\u0631\u0629 \u0643\u0627\u0641\u064a\u0629\u060c \u0641\u0625\u0646 \u062a\u062c\u0631\u0628\u0629 \u0627\u062c\u062a\u064a\u0627\u0632 \u0627\u062e\u062a\u0628\u0627\u0631 CAPM \u0645\u0641\u064a\u062f\u0629. \u0648\u0646\u0638\u0631\u0627\u064b \u0644\u0623\u0646 \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u0645\u062a\u0634\u0627\u0628\u0647\u0629 \u0625\u0644\u0649 \u062d\u062f \u0643\u0628\u064a\u0631\u060c \u0641\u0633\u062a\u0643\u062a\u0633\u0628 \u0623\u064a\u0636\u0627\u064b \u062e\u0628\u0631\u0629 \u0627\u0644\u062f\u0631\u0627\u0633\u0629 \u0648\u0642\u062f\u0631\u0627\u064b \u062c\u064a\u062f\u0627\u064b \u0645\u0646 \u0627\u0644\u0645\u0639\u0631\u0641\u0629 \u0627\u0644\u062a\u064a \u064a\u0642\u0648\u0645 \u0639\u0644\u064a\u0647\u0627 \u0627\u062e\u062a\u0628\u0627\u0631 PMP. \u0648\u0628\u0641\u0636\u0644 \u0627\u0644\u0642\u0627\u0639\u062f\u0629 \u0627\u0644\u0645\u0639\u0631\u0641\u064a\u0629 \u0627\u0644\u062a\u064a \u0627\u0643\u062a\u0633\u0628\u062a\u0647\u0627 \u0645\u0646 \u0627\u062e\u062a\u0628\u0627\u0631 CAPM\u060c \u064a\u0645\u0643\u0646\u0643 \u0625\u0639\u0627\u062f\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647\u0627 \u0639\u0646\u062f\u0645\u0627 \u062a\u0643\u0648\u0646 \u0645\u0633\u062a\u0639\u062f\u064b\u0627 \u0644\u0625\u062c\u0631\u0627\u0621 \u0627\u062e\u062a\u0628\u0627\u0631 PMP.
\n\u0644\u0630\u0627\u060c \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0643\u0648\u0646 \u0634\u0647\u0627\u062f\u0629 CAPM \u0645\u0624\u0647\u0644\u0627\u064b \u0623\u0648 \u0634\u0647\u0627\u062f\u0629 \u0642\u064a\u0651\u0645\u0629 \u0644\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0645\u0647\u0646\u064a\u064a\u0646 \u0641\u064a \u0628\u062f\u0627\u064a\u0629 \u062d\u064a\u0627\u062a\u0647\u0645 \u0627\u0644\u0645\u0647\u0646\u064a\u0629. \u0627\u0641\u0647\u0645 \u0633\u0648\u0642 \u0627\u0644\u0639\u0645\u0644 \u0641\u064a \u0627\u0644\u0645\u0643\u0627\u0646 \u0627\u0644\u0630\u064a \u062a\u062a\u0648\u0627\u062c\u062f \u0641\u064a\u0647 \u0648\u0627\u0644\u0645\u0643\u0627\u0646 \u0627\u0644\u0630\u064a \u062a\u0637\u0645\u062d \u0623\u0646 \u062a\u0643\u0648\u0646 \u0641\u064a\u0647\u060c \u0648\u0646\u0642\u0627\u0637 \u0627\u0644\u0642\u0648\u0629 \u0648\u0627\u0644\u0636\u0639\u0641 \u0641\u064a\u0647 \u0644\u0646\u0648\u0639 \u0627\u0644\u0645\u0647\u0646\u0629 \u0627\u0644\u062a\u064a \u062a\u0631\u064a\u062f\u0647\u0627. \u0625\u0630\u0627 \u0642\u0631\u0631\u062a \u0623\u0646 \u062a\u062d\u0635\u0644 \u0639\u0644\u0649 \u0647\u0630\u0647 \u0627\u0644\u0634\u0647\u0627\u062f\u0629\u060c \u0641\u0633\u062a\u0643\u0648\u0646 \u0634\u0647\u0627\u062f\u0629 CAPM \u0631\u0635\u064a\u062f\u064b\u0627 \u0645\u0645\u062a\u0627\u0632\u064b\u0627 \u0644\u0643 \u0643\u0645\u062d\u062a\u0631\u0641 \u0648\u0641\u064a \u0628\u0646\u0627\u0621 \u062d\u064a\u0627\u062a\u0643 \u0627\u0644\u0645\u0647\u0646\u064a\u0629.
\n\u0647\u0644 \u062a\u062a\u0637\u0644\u0639 \u0625\u0644\u0649 \u0627\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u0634\u0647\u0627\u062f\u0629 \u0645\u0633\u0627\u0639\u062f \u0645\u0639\u062a\u0645\u062f \u0641\u064a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639 (CAPM)\u061f \u0634\u0647\u0627\u062f\u0629 CAPM \u0645\u0646 \u0645\u0639\u0647\u062f \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639 (PMI) \u0647\u064a \u0648\u0627\u062d\u062f\u0629 \u0645\u0646 \u0623\u0643\u062b\u0631 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631\u0627\u062a \u0634\u0647\u0631\u0629 \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0644\u0645\u0628\u062a\u062f\u0626\u064a\u0646 \u0641\u064a \u0645\u062c\u0627\u0644 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639\u060c \u0648\u064a\u0645\u0643\u0646\u0647\u0627 \u0623\u0646 \u062a\u0639\u0632\u0632 \u0645\u0646 \u0641\u0631\u0635\u0643 \u0627\u0644\u0645\u0647\u0646\u064a\u0629.
\n\u0644\u0627 \u062a\u0646\u0638\u0631 \u0623\u0628\u0639\u062f \u0645\u0646 591Cert \u0648Spoto \u0644\u0645\u0633\u0627\u0639\u062f\u062a\u0643 \u0641\u064a \u0627\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u0627\u0644\u0634\u0647\u0627\u062f\u0629 \u0627\u0644\u062a\u064a \u062a\u0631\u064a\u062f\u0647\u0627.
\n\u0641\u0631\u064a\u0642\u0646\u0627 \u0645\u0646 \u0627\u0644\u0645\u062d\u062a\u0631\u0641\u064a\u0646 \u0630\u0648\u064a \u0627\u0644\u062e\u0628\u0631\u0629 \u0645\u062a\u0648\u0627\u062c\u062f \u062f\u0627\u0626\u0645\u064b\u0627 \u0644\u062a\u0642\u062f\u064a\u0645 \u0627\u0644\u062a\u0648\u062c\u064a\u0647 \u0648\u0627\u0644\u062f\u0639\u0645 \u0637\u0648\u0627\u0644 \u0627\u0644\u0639\u0645\u0644\u064a\u0629.
\n\u0646\u062d\u0646 \u0646\u062a\u0637\u0644\u0639 \u0625\u0644\u0649 \u0645\u0633\u0627\u0639\u062f\u062a\u0643 \u0641\u064a \u062a\u062d\u0642\u064a\u0642 \u0623\u0647\u062f\u0627\u0641 \u0634\u0647\u0627\u062f\u0629 CAPM \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0643!<\/p>\n","protected":false},"excerpt":{"rendered":"
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