{"id":10881,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-perf-lm1\/"},"modified":"2026-09-22T07:44:48","modified_gmt":"2026-09-21T22:44:48","slug":"cfa-l3-perf-lm1","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-perf-lm1\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L3 Performance Measurement LM1\u3011Portfolio Performance Evaluation \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u8981\u56e0\u5206\u6790\u30fb\u30ea\u30b9\u30af\u5206\u6790\u30fb\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u8cea\u30fb\u30bd\u30eb\u30c6\u30a3\u30ce\u30fb\u30ec\u30b7\u30aa\u30fb\u904b\u7528\u8005\u306e\u30b9\u30ad\u30eb"},"content":{"rendered":"<style>\n.cfalm-los{counter-reset:los;list-style:none;padding:0!important;margin:1em 0!important}\n.cfalm-los li{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em!important;margin:0 0 .8em!important;background:#fff}\n.cfalm-los li::before{display:none!important;content:none!important}\n.cfalm-los .ja{display:block;font-weight:bold;color:#172152;line-height:1.6}\n.cfalm-los .en{display:block;font-size:.85em;color:#667;margin-top:.3em;line-height:1.5;word-break:normal!important;overflow-wrap:anywhere}\n.cfalm-sum{background:#f6f7fb;border-radius:6px;padding:1em 1.2em!important;margin:1em 0!important;list-style:none!important}\n.cfalm-sum li{position:relative;margin:.4em 0!important;padding:0 0 0 1.1em!important;line-height:1.7;list-style:none!important}.cfalm-sum li::before{content:\"\"!important;display:block!important;position:absolute!important;left:0!important;top:.7em!important;width:6px!important;height:6px!important;border-radius:50%!important;background:#172152!important;border:none!important;transform:none!important}\n.cfalm-f{background:#f6f7fb;border-left:4px solid #172152;padding:.7em 1em;margin:.8em 0;font-family:\"Menlo\",\"Consolas\",monospace;font-size:.95em;overflow-x:auto}\n.cfalm-nav{background:#f6f7fb;padding:1em 1.2em;border-radius:6px;margin:1em 0;word-break:normal;overflow-wrap:anywhere}\n<\/style>\n<div class=\"box05\">\n<p>Learning Module 1\u300cPortfolio Performance Evaluation\uff08\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u8a55\u4fa1\uff09\u300d\u306f\u3001\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306e\u6e2c\u5b9a\u30fb\u8981\u56e0\u5206\u6790\u30fb\u8a55\u4fa1\u306e\u95a2\u4fc2\u3001\u52b9\u679c\u7684\u306a\u8981\u56e0\u5206\u6790\u306e\u6761\u4ef6\u3001\u30ea\u30bf\u30fc\u30f3\u8981\u56e0\u5206\u6790\u3068\u30ea\u30b9\u30af\u8981\u56e0\u5206\u6790\u3001\u682a\u5f0f\u30fb\u50b5\u5238\u306e\u8981\u56e0\u5206\u6790\u3001\u8cc7\u7523\u4fdd\u6709\u8005\u3068\u904b\u7528\u8005\u306e\u8ca2\u732e\u306e\u533a\u5225\u3001\u8ca0\u50b5\u30d9\u30fc\u30b9\u3068\u8cc7\u7523\u30d9\u30fc\u30b9\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u8cea\u3001\u5404\u7a2e\u8a55\u4fa1\u6307\u6a19\u3001\u904b\u7528\u8005\u306e\u30b9\u30ad\u30eb\u8a55\u4fa1\u3092\u6271\u3046\u5358\u5143\u3067\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306eLOS\uff08Learning Outcome Statement\uff09\u3068\u3001\u3053\u306e\u5358\u5143\u306e\u91cd\u8981\u8ad6\u70b9\u3092\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/div>\n<h2>LM1\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09<\/h2>\n<p>LOS\u306f\u3001\u3053\u306e\u5358\u5143\u3067\u300c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3079\u304d\u3053\u3068\u300d\u3068\u3057\u3066\u793a\u3055\u308c\u3066\u3044\u308b\u5b66\u7fd2\u76ee\u6a19\u3067\u3059\u3002LM1\u306b\u306f16\u500b\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u8a55\u4fa1\u306e\u69cb\u6210\u8981\u7d20\u3067\u3042\u308b\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u6e2c\u5b9a\u3001\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u8981\u56e0\u5206\u6790\u3001\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u8a55\u4fa1\uff08\u30a2\u30d7\u30ec\u30a4\u30b6\u30eb\uff09\u3068\u3001\u305d\u306e\u76f8\u4e92\u95a2\u4fc2\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the following components of portfolio evaluation and their interrelationships: performance measurement, performance attribution, and performance appraisal<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u52b9\u679c\u7684\u306a\u8981\u56e0\u5206\u6790\u30d7\u30ed\u30bb\u30b9\u306e\u7279\u6027\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe attributes of an effective attribution process<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u30ea\u30bf\u30fc\u30f3\u8981\u56e0\u5206\u6790\u3068\u30ea\u30b9\u30af\u8981\u56e0\u5206\u6790\u3092\u5bfe\u6bd4\u3057\u3001\u30de\u30af\u30ed\u3068\u30df\u30af\u30ed\u306e\u30ea\u30bf\u30fc\u30f3\u8981\u56e0\u5206\u6790\u3092\u5bfe\u6bd4\u3059\u308b<\/span><span class=\"en\">contrast return attribution and risk attribution; contrast macro and micro return attribution<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u30ea\u30bf\u30fc\u30f3\u30fb\u30d9\u30fc\u30b9\u3001\u4fdd\u6709\u9298\u67c4\u30d9\u30fc\u30b9\u3001\u53d6\u5f15\u30d9\u30fc\u30b9\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u8981\u56e0\u5206\u6790\u3092\u3001\u305d\u308c\u305e\u308c\u306e\u9577\u6240\u30fb\u77ed\u6240\u3092\u542b\u3081\u3066\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe returns-based, holdings-based, and transactions-based performance attribution, including advantages and disadvantages of each<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u7279\u5b9a\u306e\u8981\u56e0\u5206\u6790\u624b\u6cd5\u3092\u7528\u3044\u3066\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30ea\u30bf\u30fc\u30f3\u306e\u6e90\u6cc9\u3092\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">interpret the sources of portfolio returns using a specified attribution approach<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u50b5\u5238\u306e\u8981\u56e0\u5206\u6790\u306e\u7d50\u679c\u3092\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">interpret the output from fixed-income attribution analyses<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u30ea\u30b9\u30af\u8981\u56e0\u5206\u6790\u306e\u624b\u6cd5\u3092\u9078\u3076\u969b\u306e\u8003\u616e\u4e8b\u9805\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss considerations in selecting a risk attribution approach<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1a\u8cc7\u7523\u4fdd\u6709\u8005\u306b\u5e30\u5c5e\u3059\u308b\u6295\u8cc7\u6210\u679c\u3068\u3001\u904b\u7528\u8005\u306b\u5e30\u5c5e\u3059\u308b\u6295\u8cc7\u6210\u679c\u3092\u7279\u5b9a\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">identify and interpret investment results attributable to the asset owner versus those attributable to the investment manager<\/span><\/li>\n<li><span class=\"ja\">LOS 9\uff1a\u8ca0\u50b5\u30d9\u30fc\u30b9\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u7528\u9014\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss uses of liability-based benchmarks<\/span><\/li>\n<li><span class=\"ja\">LOS 10\uff1a\u8cc7\u7523\u30d9\u30fc\u30b9\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u7a2e\u985e\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe types of asset-based benchmarks<\/span><\/li>\n<li><span class=\"ja\">LOS 11\uff1a\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u8cea\u306e\u691c\u8a3c\u65b9\u6cd5\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss tests of benchmark quality<\/span><\/li>\n<li><span class=\"ja\">LOS 12\uff1a\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u8a2d\u5b9a\u306e\u8aa4\u308a\u304c\u8981\u56e0\u5206\u6790\u3068\u8a55\u4fa1\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe the impact of benchmark misspecification on attribution and appraisal analysis<\/span><\/li>\n<li><span class=\"ja\">LOS 13\uff1a\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u8a2d\u5b9a\u3067\u751f\u3058\u308b\u554f\u984c\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe problems that arise in benchmarking alternative investments<\/span><\/li>\n<li><span class=\"ja\">LOS 14\uff1a\u30bd\u30eb\u30c6\u30a3\u30ce\u30fb\u30ec\u30b7\u30aa\u3001\u30a2\u30d7\u30ec\u30a4\u30b6\u30eb\u30fb\u30ec\u30b7\u30aa\u3001\u4e0a\u6607\u30fb\u4e0b\u843d\u6355\u6349\u7387\u3001\u6700\u5927\u30c9\u30ed\u30fc\u30c0\u30a6\u30f3\u3001\u30c9\u30ed\u30fc\u30c0\u30a6\u30f3\u671f\u9593\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret the Sortino ratio, the appraisal ratio, upside\/downside capture ratios, maximum drawdown, and drawdown duration<\/span><\/li>\n<li><span class=\"ja\">LOS 15\uff1a\u8a55\u4fa1\u6307\u6a19\u3068\u305d\u306e\u95a2\u9023\u6307\u6a19\u306e\u9650\u754c\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe limitations of appraisal measures and related metrics<\/span><\/li>\n<li><span class=\"ja\">LOS 16\uff1a\u904b\u7528\u8005\u306e\u30b9\u30ad\u30eb\u3092\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">evaluate the skill of an investment manager<\/span><\/li>\n<\/ol>\n<h2>LM1\u306e\u307e\u3068\u3081<\/h2>\n<p>\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<ul class=\"cfalm-sum\">\n<li>\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u6e2c\u5b9a\u306f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u6210\u679c\u306e\u5168\u4f53\u50cf\u3092\u793a\u3057\u3001\u8981\u56e0\u5206\u6790\u306f\u305d\u306e\u6210\u679c\u304c\u3069\u306e\u3088\u3046\u306b\u9054\u6210\u3055\u308c\u305f\u304b\u3092\u8aac\u660e\u3057\u3001\u8a55\u4fa1\u306f\u30ea\u30bf\u30fc\u30f3\u3068\u8981\u56e0\u5206\u6790\u3092\u4f7f\u3063\u3066\u6295\u8cc7\u30d7\u30ed\u30bb\u30b9\u306e\u8cea\u3092\u63a8\u3057\u91cf\u308b<\/li>\n<li>\u52b9\u679c\u7684\u306a\u8981\u56e0\u5206\u6790\u306f\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u306e\u30ea\u30bf\u30fc\u30f3\u30fb\u30ea\u30b9\u30af\u3068\u6574\u5408\u3057\u3001\u6295\u8cc7\u306e\u610f\u601d\u6c7a\u5b9a\u30d7\u30ed\u30bb\u30b9\u3092\u53cd\u6620\u3057\u3001\u30a2\u30af\u30c6\u30a3\u30d6\u306a\u5224\u65ad\u3092\u5b9a\u91cf\u5316\u3057\u3001\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u30fb\u30ea\u30b9\u30af\u3092\u5b8c\u5168\u306b\u8aac\u660e\u3059\u308b<\/li>\n<li>\u30ea\u30bf\u30fc\u30f3\u8981\u56e0\u5206\u6790\u306f\u610f\u601d\u6c7a\u5b9a\u304c\u30ea\u30bf\u30fc\u30f3\u306b\u4e0e\u3048\u305f\u5f71\u97ff\u3092\u3001\u30ea\u30b9\u30af\u8981\u56e0\u5206\u6790\u306f\u30ea\u30b9\u30af\u3078\u306e\u5f71\u97ff\u3092\u5206\u6790\u3059\u308b\u3002\u30de\u30af\u30ed\u306f\u30d5\u30a1\u30f3\u30c9\u30fb\u30b9\u30dd\u30f3\u30b5\u30fc\u306e\u5224\u65ad\u3001\u30df\u30af\u30ed\u306f\u500b\u3005\u306e\u904b\u7528\u8005\u306e\u5224\u65ad\u304c\u5bfe\u8c61<\/li>\n<li>\u30ea\u30bf\u30fc\u30f3\u30fb\u30d9\u30fc\u30b9\u306f\u30ea\u30bf\u30fc\u30f3\u7cfb\u5217\u306e\u307f\u3001\u4fdd\u6709\u9298\u67c4\u30d9\u30fc\u30b9\u306f\u4fdd\u6709\u72b6\u6cc1\u3001\u53d6\u5f15\u30d9\u30fc\u30b9\u306f\u4fdd\u6709\u3068\u53d6\u5f15\u306e\u4e21\u65b9\u3092\u4f7f\u3044\u3001\u5f8c\u8005\u307b\u3069\u6b63\u78ba\u3060\u304c\u30c7\u30fc\u30bf\u306e\u8ca0\u62c5\u304c\u5927\u304d\u3044<\/li>\n<li>\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306b\u306f\u8ca0\u50b5\u30d9\u30fc\u30b9\u3068\u8cc7\u7523\u30d9\u30fc\u30b9\u304c\u3042\u308a\u3001\u826f\u3044\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306f\u660e\u78ba\u3067\u6295\u8cc7\u53ef\u80fd\u3001\u6e2c\u5b9a\u53ef\u80fd\u3067\u3001\u904b\u7528\u8005\u306e\u6295\u8cc7\u30b9\u30bf\u30a4\u30eb\u3092\u53cd\u6620\u3059\u308b<\/li>\n<li>\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u8a2d\u5b9a\u3092\u8aa4\u308b\u3068\u3001\u30b9\u30bf\u30a4\u30eb\u306e\u5f71\u97ff\u304c\u904b\u7528\u8005\u306e\u30b9\u30ad\u30eb\u3068\u8aa4\u8a8d\u3055\u308c\u308b<\/li>\n<li>\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u306f\u6d41\u52d5\u6027\u306e\u4f4e\u3055\u3084\u8a55\u4fa1\u306e\u5e73\u6ed1\u5316\u306a\u3069\u306b\u3088\u308a\u3001\u9069\u5207\u306a\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u8a2d\u5b9a\u304c\u96e3\u3057\u3044<\/li>\n<li>\u30bd\u30eb\u30c6\u30a3\u30ce\u30fb\u30ec\u30b7\u30aa\u3001\u30a2\u30d7\u30ec\u30a4\u30b6\u30eb\u30fb\u30ec\u30b7\u30aa\u3001\u6355\u6349\u7387\u3001\u30c9\u30ed\u30fc\u30c0\u30a6\u30f3\u306a\u3069\u306e\u6307\u6a19\u3092\u7d44\u307f\u5408\u308f\u305b\u3001\u5b9a\u91cf\u30fb\u5b9a\u6027\u306e\u4e21\u9762\u304b\u3089\u904b\u7528\u8005\u306e\u30b9\u30ad\u30eb\u3092\u8a55\u4fa1\u3059\u308b<\/li>\n<\/ul>\n<p>\u4ee5\u4e0b\u3001LOS\u3054\u3068\u306b\u91cd\u8981\u8ad6\u70b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h3>LOS 1\uff1a\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u6e2c\u5b9a\u30fb\u8981\u56e0\u5206\u6790\u30fb\u8a55\u4fa1\u306e\u95a2\u4fc2<\/h3>\n<p>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u8a55\u4fa1\u306f\u3001<strong>\u6e2c\u5b9a\uff08\u4f55\u304c\u8d77\u304d\u305f\u304b\uff09\u2192\u8981\u56e0\u5206\u6790\uff08\u306a\u305c\u8d77\u304d\u305f\u304b\uff09\u2192\u8a55\u4fa1\uff08\u30b9\u30ad\u30eb\u304b\u904b\u304b\uff09<\/strong>\u306e3\u6bb5\u968e\u3067\u9032\u307f\u307e\u3059\u3002\u5f8c\u306e\u6bb5\u968e\u306f\u524d\u306e\u6bb5\u968e\u306e\u7d50\u679c\u306e\u4e0a\u306b\u6210\u308a\u7acb\u3061\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u6e2c\u5b9a\uff1a\u30ea\u30bf\u30fc\u30f3\u3068\u30ea\u30b9\u30af\u306e\u8a08\u7b97<\/li>\n<li>\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u8981\u56e0\u5206\u6790\uff08attribution\uff09\uff1a\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u306e\u6e90\u6cc9\u3092\u5206\u89e3<\/li>\n<li>\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u8a55\u4fa1\uff08appraisal\uff09\uff1a\u6295\u8cc7\u30d7\u30ed\u30bb\u30b9\u306e\u8cea\u3068\u30b9\u30ad\u30eb\u3092\u5224\u65ad<\/li>\n<li>3\u3064\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u904b\u7528\u8005\u306e\u8a55\u4fa1\u3068\u610f\u601d\u6c7a\u5b9a\u306b\u4f7f\u3046<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u52b9\u679c\u7684\u306a\u8981\u56e0\u5206\u6790\u306e\u7279\u6027<\/h3>\n<p>\u52b9\u679c\u7684\u306a\u8981\u56e0\u5206\u6790\u306f\u3001<strong>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u306e\u30ea\u30bf\u30fc\u30f3\uff08\u30ea\u30b9\u30af\uff09\u3068\u4e00\u81f4<\/strong>\u3057\u3001<strong>\u5b9f\u969b\u306e\u6295\u8cc7\u610f\u601d\u6c7a\u5b9a\u30d7\u30ed\u30bb\u30b9\u3092\u53cd\u6620<\/strong>\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30bf\u30fc\u30f3\u30fb\u30ea\u30b9\u30af\u3068\u5408\u8a08\u304c\u4e00\u81f4\u3059\u308b\uff08\u8aac\u660e\u3057\u304d\u308c\u306a\u3044\u6b8b\u5dee\u304c\u306a\u3044\uff09<\/li>\n<li>\u6295\u8cc7\u306e\u610f\u601d\u6c7a\u5b9a\u30d7\u30ed\u30bb\u30b9\u3092\u53cd\u6620\u3057\u3066\u3044\u308b<\/li>\n<li>\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e\u5224\u65ad\u3092\u5b9a\u91cf\u5316\u3067\u304d\u308b<\/li>\n<li>\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\uff08\u30ea\u30b9\u30af\uff09\u306e\u5168\u4f53\u50cf\u3092\u7406\u89e3\u3067\u304d\u308b<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u30ea\u30bf\u30fc\u30f3\u8981\u56e0\u5206\u6790\u3068\u30ea\u30b9\u30af\u8981\u56e0\u5206\u6790\u3001\u30de\u30af\u30ed\u3068\u30df\u30af\u30ed<\/h3>\n<p><strong>\u30ea\u30bf\u30fc\u30f3\u8981\u56e0\u5206\u6790<\/strong>\u306f\u5224\u65ad\u304c\u30ea\u30bf\u30fc\u30f3\u306b\u4e0e\u3048\u305f\u5f71\u97ff\u3001<strong>\u30ea\u30b9\u30af\u8981\u56e0\u5206\u6790<\/strong>\u306f\u5224\u65ad\u304c\u30ea\u30b9\u30af\u306b\u4e0e\u3048\u305f\u5f71\u97ff\u3092\u5206\u6790\u3057\u307e\u3059\u3002<strong>\u30de\u30af\u30ed<\/strong>\u306f\u30d5\u30a1\u30f3\u30c9\u30fb\u30b9\u30dd\u30f3\u30b5\u30fc\uff08\u8cc7\u7523\u4fdd\u6709\u8005\uff09\u3001<strong>\u30df\u30af\u30ed<\/strong>\u306f\u500b\u3005\u306e\u904b\u7528\u8005\u306e\u5224\u65ad\u304c\u5bfe\u8c61\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30ea\u30bf\u30fc\u30f3\u8981\u56e0\u5206\u6790\uff1a\u4e8b\u5f8c\u306e\u6210\u679c\u306e\u5206\u89e3<\/li>\n<li>\u30ea\u30b9\u30af\u8981\u56e0\u5206\u6790\uff1a\u30ea\u30b9\u30af\u306e\u6e90\u6cc9\u3068\u5927\u304d\u3055\u306e\u5206\u89e3<\/li>\n<li>\u30de\u30af\u30ed\uff1a\u8cc7\u7523\u914d\u5206\u3084\u904b\u7528\u8005\u306e\u9078\u629e\u306a\u3069\u3001\u30b9\u30dd\u30f3\u30b5\u30fc\u306e\u5224\u65ad\u3092\u8a55\u4fa1<\/li>\n<li>\u30df\u30af\u30ed\uff1a\u9298\u67c4\u9078\u629e\u3084\u30bb\u30af\u30bf\u30fc\u914d\u5206\u306a\u3069\u3001\u904b\u7528\u8005\u306e\u5224\u65ad\u3092\u8a55\u4fa1<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u30ea\u30bf\u30fc\u30f3\u30fb\u30d9\u30fc\u30b9\u3001\u4fdd\u6709\u9298\u67c4\u30d9\u30fc\u30b9\u3001\u53d6\u5f15\u30d9\u30fc\u30b9\u306e\u8981\u56e0\u5206\u6790<\/h3>\n<p>\u8981\u56e0\u5206\u6790\u306b\u306f\u3001\u4f7f\u3046\u30c7\u30fc\u30bf\u306e\u7d30\u304b\u3055\u306b\u5fdc\u3058\u30663\u3064\u306e\u65b9\u6cd5\u304c\u3042\u308a\u307e\u3059\u3002<strong>\u53d6\u5f15\u30d9\u30fc\u30b9\u304c\u6700\u3082\u6b63\u78ba<\/strong>\u3067\u3059\u304c\u3001\u30c7\u30fc\u30bf\u306e\u5165\u624b\u3068\u51e6\u7406\u306e\u8ca0\u62c5\u304c\u6700\u3082\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30ea\u30bf\u30fc\u30f3\u30fb\u30d9\u30fc\u30b9\uff1a\u30ea\u30bf\u30fc\u30f3\u7cfb\u5217\u3060\u3051\u3067\u5b9f\u65bd\u3067\u304d\u7c21\u4fbf\u30013\u3064\u306e\u4e2d\u3067\u6700\u3082\u7cbe\u5ea6\u304c\u4f4e\u3044<\/li>\n<li>\u4fdd\u6709\u9298\u67c4\u30d9\u30fc\u30b9\uff1a\u671f\u4e2d\u306e\u53d6\u5f15\u3092\u53cd\u6620\u3057\u306a\u3044\u305f\u3081\u6b8b\u5dee\u304c\u751f\u3058\u3001\u4fdd\u6709\u8a55\u4fa1\u306e\u983b\u5ea6\u304c\u91cd\u8981<\/li>\n<li>\u53d6\u5f15\u30d9\u30fc\u30b9\uff1a\u4fdd\u6709\u3068\u53d6\u5f15\u306e\u4e21\u65b9\u3092\u4f7f\u3044\u3001\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u3092\u5b8c\u5168\u306b\u8aac\u660e\u3067\u304d\u308b<\/li>\n<li>\u30c7\u30fc\u30bf\u306e\u8cea\u3068\u5165\u624b\u53ef\u80fd\u6027\u304c\u9078\u629e\u3092\u5de6\u53f3<\/li>\n<\/ul>\n<h3>LOS 5\uff1a\u8981\u56e0\u5206\u6790\u306b\u3088\u308b\u30ea\u30bf\u30fc\u30f3\u306e\u6e90\u6cc9\u306e\u89e3\u91c8<\/h3>\n<p>\u682a\u5f0f\u3067\u306f\u30d6\u30ea\u30f3\u30bd\u30f3\u578b\u306e\u5206\u6790\u3067\u3001\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u3092<strong>\u914d\u5206\u52b9\u679c\u3001\u9298\u67c4\u9078\u629e\u52b9\u679c\u3001\u4ea4\u4e92\u4f5c\u7528\u52b9\u679c<\/strong>\u306b\u5206\u89e3\u3057\u307e\u3059\u3002\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306b\u3088\u308b\u8981\u56e0\u5206\u6790\u3067\u306f\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3068\u305d\u306e\u4ed6\u306e\u90e8\u5206\u306b\u5206\u3051\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u914d\u5206\u52b9\u679c\uff1a\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u306e\u30bb\u30af\u30bf\u30fc\u30fb\u30a6\u30a7\u30a4\u30c8\u306e\u5dee\u306b\u3088\u308b\u52b9\u679c<\/li>\n<li>\u9298\u67c4\u9078\u629e\u52b9\u679c\uff1a\u30bb\u30af\u30bf\u30fc\u5185\u3067\u306e\u30ea\u30bf\u30fc\u30f3\u306e\u5dee\u306b\u3088\u308b\u52b9\u679c<\/li>\n<li>\u4ea4\u4e92\u4f5c\u7528\u52b9\u679c\uff1a\u30a6\u30a7\u30a4\u30c8\u306e\u5dee\u3068\u30ea\u30bf\u30fc\u30f3\u306e\u5dee\u306e\u7d44\u307f\u5408\u308f\u305b<\/li>\n<li>\u30d6\u30ea\u30f3\u30bd\u30f3\u30fb\u30d5\u30a1\u30af\u30e9\u30fc\u578b\u306f\u3001\u914d\u5206\u52b9\u679c\u3092\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u5168\u4f53\u3068\u306e\u76f8\u5bfe\u30ea\u30bf\u30fc\u30f3\u3067\u6e2c\u308b<\/li>\n<li>\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30d9\u30fc\u30b9\uff1a\u5e02\u5834\u3001\u898f\u6a21\u3001\u30b9\u30bf\u30a4\u30eb\u306a\u3069\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u3078\u306e\u8ced\u3051\u3068\u3001\u305d\u308c\u4ee5\u5916\u306e\u9078\u629e\u52b9\u679c<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u914d\u5206\u52b9\u679c = (w\u1d62 \u2212 W\u1d62)(B\u1d62 \u2212 B)\u3001\u9298\u67c4\u9078\u629e\u52b9\u679c = W\u1d62(R\u1d62 \u2212 B\u1d62)\u3001\u4ea4\u4e92\u4f5c\u7528 = (w\u1d62 \u2212 W\u1d62)(R\u1d62 \u2212 B\u1d62)<\/div>\n<h3>LOS 6\uff1a\u50b5\u5238\u306e\u8981\u56e0\u5206\u6790\u306e\u89e3\u91c8<\/h3>\n<p>\u50b5\u5238\u306e\u8981\u56e0\u5206\u6790\u306f\u3001<strong>\u5229\u56de\u308a\u66f2\u7dda\u306e\u5909\u5316\uff08\u6c34\u6e96\u30fb\u5f62\u72b6\uff09\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u5909\u5316\u3001\u9298\u67c4\u9078\u629e<\/strong>\u306a\u3069\u306e\u8981\u56e0\u306b\u30ea\u30bf\u30fc\u30f3\u3092\u5206\u89e3\u3057\u307e\u3059\u3002\u4e3b\u306a\u624b\u6cd5\u306f\u3001\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u5206\u89e3\u3001\u5229\u56de\u308a\u66f2\u7dda\u5206\u89e3\u3001\u30d5\u30eb\u30fb\u30ea\u30d7\u30e9\u30a4\u30b7\u30f3\u30b0\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u5206\u89e3\uff08\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u30fb\u30d9\u30fc\u30b9\uff09\uff1a\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u578b\u3001\u5206\u304b\u308a\u3084\u3059\u3044<\/li>\n<li>\u5229\u56de\u308a\u66f2\u7dda\u5206\u89e3\uff1a\u30ad\u30e3\u30ea\u30fc\u3001\u30ed\u30fc\u30eb\u30c0\u30a6\u30f3\u3001\u66f2\u7dda\u306e\u5e73\u884c\u79fb\u52d5\u30fb\u5f62\u72b6\u5909\u5316\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u5909\u5316\u306a\u3069\u306b\u5206\u89e3<\/li>\n<li>\u30d5\u30eb\u30fb\u30ea\u30d7\u30e9\u30a4\u30b7\u30f3\u30b0\uff1a\u5404\u50b5\u5238\u3092\u518d\u8a55\u4fa1\u3057\u3001\u6700\u3082\u6b63\u78ba\u3060\u304c\u30c7\u30fc\u30bf\u8ca0\u62c5\u304c\u5927\u304d\u3044<\/li>\n<li>\u904b\u7528\u8005\u306e\u6295\u8cc7\u30d7\u30ed\u30bb\u30b9\u306b\u5408\u3063\u305f\u624b\u6cd5\u3092\u9078\u3076<\/li>\n<\/ul>\n<h3>LOS 7\uff1a\u30ea\u30b9\u30af\u8981\u56e0\u5206\u6790\u306e\u624b\u6cd5\u306e\u9078\u629e<\/h3>\n<p>\u30ea\u30b9\u30af\u8981\u56e0\u5206\u6790\u306e\u624b\u6cd5\u306f\u3001<strong>\u6295\u8cc7\u306e\u610f\u601d\u6c7a\u5b9a\u30d7\u30ed\u30bb\u30b9\u306b\u5408\u308f\u305b\u3066<\/strong>\u9078\u3073\u307e\u3059\u3002\u7d76\u5bfe\u30ea\u30b9\u30af\u304b\u76f8\u5bfe\u30ea\u30b9\u30af\uff08\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\uff09\u304b\u3001\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\u304b\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u304b\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30d9\u30fc\u30b9\u304b\u304c\u5224\u65ad\u8ef8\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u7d76\u5bfe\u30ea\u30bf\u30fc\u30f3\u76ee\u6a19\uff1a\u30c8\u30fc\u30bf\u30eb\u30fb\u30ea\u30b9\u30af\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u3078\u306e\u5bc4\u4e0e<\/li>\n<li>\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u76f8\u5bfe\uff1a\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30ea\u30b9\u30af\u3078\u306e\u5bc4\u4e0e<\/li>\n<li>\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\uff08\u9298\u67c4\u9078\u629e\u4e2d\u5fc3\uff09\uff1a\u9298\u67c4\u3054\u3068\u306e\u30ea\u30b9\u30af\u5bc4\u4e0e<\/li>\n<li>\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\uff08\u914d\u5206\u4e2d\u5fc3\uff09\uff1a\u914d\u5206\u5224\u65ad\u3054\u3068\u306e\u30ea\u30b9\u30af\u5bc4\u4e0e<\/li>\n<li>\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30d9\u30fc\u30b9\uff1a\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3054\u3068\u306e\u30ea\u30b9\u30af\u5bc4\u4e0e<\/li>\n<\/ul>\n<h3>LOS 8\uff1a\u8cc7\u7523\u4fdd\u6709\u8005\u3068\u904b\u7528\u8005\u306b\u5e30\u5c5e\u3059\u308b\u6210\u679c<\/h3>\n<p>\u30de\u30af\u30ed\u8981\u56e0\u5206\u6790\u3067\u306f\u3001\u30d5\u30a1\u30f3\u30c9\u5168\u4f53\u306e\u6210\u679c\u3092\u3001<strong>\u8cc7\u7523\u4fdd\u6709\u8005\uff08\u30b9\u30dd\u30f3\u30b5\u30fc\uff09\u306e\u5224\u65ad<\/strong>\u306b\u3088\u308b\u90e8\u5206\u3068<strong>\u904b\u7528\u8005\u306e\u5224\u65ad<\/strong>\u306b\u3088\u308b\u90e8\u5206\u306b\u5206\u3051\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u8cc7\u7523\u4fdd\u6709\u8005\u306e\u5224\u65ad\uff1a\u6226\u7565\u7684\u8cc7\u7523\u914d\u5206\u3001\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u9078\u629e\u3001\u904b\u7528\u8005\u306e\u9078\u5b9a<\/li>\n<li>\u904b\u7528\u8005\u306e\u5224\u65ad\uff1a\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306b\u5bfe\u3059\u308b\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528<\/li>\n<li>\u6bb5\u968e\uff1a\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u8cc7\u7523\u2192\u8cc7\u7523\u30af\u30e9\u30b9\u2192\u30b9\u30bf\u30a4\u30eb\uff08\u30d9\u30f3\u30c1\u30de\u30fc\u30af\uff09\u2192\u904b\u7528\u8005\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528<\/li>\n<li>\u5404\u6bb5\u968e\u306e\u4ed8\u52a0\u4fa1\u5024\u3092\u9806\u306b\u6e2c\u308b<\/li>\n<\/ul>\n<h3>LOS 9\uff1a\u8ca0\u50b5\u30d9\u30fc\u30b9\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u7528\u9014<\/h3>\n<p>\u76ee\u7684\u304c\u5c06\u6765\u306e\u8ca0\u50b5\u306e\u652f\u6255\u3044\u306b\u3042\u308b\u6295\u8cc7\u5bb6\uff08\u5e74\u91d1\u57fa\u91d1\u306a\u3069\uff09\u306b\u306f\u3001<strong>\u8ca0\u50b5\u306e\u7279\u6027\u3092\u53cd\u6620\u3057\u305f\u30d9\u30f3\u30c1\u30de\u30fc\u30af<\/strong>\u304c\u9069\u3057\u3066\u3044\u307e\u3059\u3002\u8cc7\u7523\u306e\u6210\u679c\u3092\u8ca0\u50b5\u306e\u5909\u5316\u3068\u6bd4\u3079\u3066\u8a55\u4fa1\u3067\u304d\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5e74\u91d1\u57fa\u91d1\u3001\u4fdd\u967a\u4f1a\u793e\u306a\u3069\u306e\u8ca0\u50b5\u3092\u6301\u3064\u6295\u8cc7\u5bb6\u3067\u91cd\u8981<\/li>\n<li>\u8ca0\u50b5\u306e\u91d1\u5229\u611f\u5fdc\u5ea6\u3084\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u53cd\u6620<\/li>\n<li>\u8cc7\u7523\u3068\u8ca0\u50b5\u306e\u6210\u679c\u306e\u5dee\uff08\u7a4d\u7acb\u72b6\u6cc1\u306e\u5909\u5316\uff09\u3092\u8a55\u4fa1<\/li>\n<li>\u8cc7\u7523\u30d9\u30fc\u30b9\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3060\u3051\u3067\u306f\u76ee\u7684\u306e\u9054\u6210\u5ea6\u3092\u6e2c\u308c\u306a\u3044<\/li>\n<\/ul>\n<h3>LOS 10\uff1a\u8cc7\u7523\u30d9\u30fc\u30b9\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u7a2e\u985e<\/h3>\n<p>\u8cc7\u7523\u30d9\u30fc\u30b9\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306b\u306f\u3001<strong>\u7d76\u5bfe\u30ea\u30bf\u30fc\u30f3\u3001\u904b\u7528\u8005\u30e6\u30cb\u30d0\u30fc\u30b9\uff08\u30d4\u30a2\u30fb\u30b0\u30eb\u30fc\u30d7\uff09\u3001\u5e02\u5834\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u3001\u30b9\u30bf\u30a4\u30eb\u30fb\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u30fb\u30d9\u30fc\u30b9\u3001\u30ea\u30bf\u30fc\u30f3\u30fb\u30d9\u30fc\u30b9\u3001\u30ab\u30b9\u30bf\u30e0\u30fb\u30bb\u30ad\u30e5\u30ea\u30c6\u30a3\u30fb\u30d9\u30fc\u30b9<\/strong>\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u7d76\u5bfe\u30ea\u30bf\u30fc\u30f3\uff1a\u76ee\u6a19\u30ea\u30bf\u30fc\u30f3\u3001\u6295\u8cc7\u53ef\u80fd\u3067\u306a\u3044<\/li>\n<li>\u904b\u7528\u8005\u30e6\u30cb\u30d0\u30fc\u30b9\uff1a\u4e2d\u592e\u5024\u3068\u306e\u6bd4\u8f03\u3001\u4e8b\u524d\u306b\u7279\u5b9a\u3067\u304d\u305a\u751f\u5b58\u8005\u30d0\u30a4\u30a2\u30b9\u3042\u308a<\/li>\n<li>\u5e02\u5834\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\uff1a\u5206\u304b\u308a\u3084\u3059\u3044\u304c\u904b\u7528\u30b9\u30bf\u30a4\u30eb\u3068\u5408\u308f\u306a\u3044\u3053\u3068\u304c\u3042\u308b<\/li>\n<li>\u30b9\u30bf\u30a4\u30eb\u30fb\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\uff1a\u30b9\u30bf\u30a4\u30eb\u3092\u53cd\u6620\u3059\u308b\u304c\u5b9a\u7fa9\u304c\u63d0\u4f9b\u8005\u3054\u3068\u306b\u7570\u306a\u308b<\/li>\n<li>\u30ea\u30bf\u30fc\u30f3\u30fb\u30d9\u30fc\u30b9\uff08\u30b7\u30e3\u30fc\u30d7\u306e\u30b9\u30bf\u30a4\u30eb\u5206\u6790\uff09\u3001\u30ab\u30b9\u30bf\u30e0\u30fb\u30bb\u30ad\u30e5\u30ea\u30c6\u30a3\u30fb\u30d9\u30fc\u30b9\uff08\u904b\u7528\u8005\u306e\u6295\u8cc7\u30e6\u30cb\u30d0\u30fc\u30b9\u304b\u3089\u69cb\u7bc9\uff09<\/li>\n<\/ul>\n<h3>LOS 11\uff1a\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u8cea\u306e\u691c\u8a3c<\/h3>\n<p>\u826f\u3044\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306f\u3001<strong>\u660e\u78ba\u3001\u6295\u8cc7\u53ef\u80fd\u3001\u6e2c\u5b9a\u53ef\u80fd\u3001\u9069\u5207\u3001\u904b\u7528\u8005\u306e\u6295\u8cc7\u89b3\u3092\u53cd\u6620\u3001\u4e8b\u524d\u306b\u7279\u5b9a\u3001\u8cac\u4efb\u306e\u6240\u5728\u304c\u660e\u78ba<\/strong>\u3068\u3044\u3046\u7279\u6027\u3092\u6301\u3061\u307e\u3059\u3002\u7d71\u8a08\u7684\u306a\u691c\u8a3c\u3067\u3082\u8cea\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u7279\u6027\uff1a\u660e\u78ba\uff08unambiguous\uff09\u3001\u6295\u8cc7\u53ef\u80fd\u3001\u6e2c\u5b9a\u53ef\u80fd\u3001\u9069\u5207\u3001\u73fe\u5728\u306e\u6295\u8cc7\u89b3\u3092\u53cd\u6620\u3001\u4e8b\u524d\u306b\u7279\u5b9a\u3001\u904b\u7528\u8005\u304c\u53d7\u3051\u5165\u308c\u3066\u3044\u308b<\/li>\n<li>\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30d0\u30a4\u30a2\u30b9\uff1a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u95a2\u4fc2\u304c\u5e02\u5834\u5168\u4f53\u306b\u5bfe\u3057\u3066\u504f\u3089\u306a\u3044<\/li>\n<li>\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u304c\u5e02\u5834\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u3088\u308a\u5c0f\u3055\u3044\u3053\u3068<\/li>\n<li>\u30ea\u30b9\u30af\u7279\u6027\u306e\u985e\u4f3c\u6027\u3001\u30ab\u30d0\u30fc\u7387\u3001\u56de\u8ee2\u7387\u306e\u4f4e\u3055<\/li>\n<li>\u904b\u7528\u8005\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30dd\u30b8\u30b7\u30e7\u30f3\uff08\u4e3b\u306b\u6b63\u306e\u30a6\u30a7\u30a4\u30c8\uff09<\/li>\n<\/ul>\n<h3>LOS 12\uff1a\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u8a2d\u5b9a\u306e\u8aa4\u308a\u306e\u5f71\u97ff<\/h3>\n<p>\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u304c\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30b9\u30bf\u30a4\u30eb\u3092\u53cd\u6620\u3057\u3066\u3044\u306a\u3044\u3068\u3001<strong>\u30b9\u30bf\u30a4\u30eb\u306e\u5f71\u97ff\u304c\u904b\u7528\u8005\u306e\u30b9\u30ad\u30eb\uff08\u307e\u305f\u306f\u5931\u6557\uff09\u3068\u3057\u3066\u8aa4\u3063\u3066\u8a08\u4e0a<\/strong>\u3055\u308c\u307e\u3059\u3002\u305d\u306e\u7d50\u679c\u3001\u8981\u56e0\u5206\u6790\u3068\u8a55\u4fa1\u306e\u7d50\u8ad6\u304c\u3086\u304c\u307f\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b9\u30bf\u30a4\u30eb\u306b\u3088\u308b\u30ea\u30bf\u30fc\u30f3\u304c\u9298\u67c4\u9078\u629e\u52b9\u679c\u306b\u7d1b\u308c\u8fbc\u3080<\/li>\n<li>\u904b\u7528\u8005\u306e\u63a1\u7528\u30fb\u89e3\u7d04\u306e\u5224\u65ad\u3092\u8aa4\u308b<\/li>\n<li>\u30ea\u30b9\u30af\u306e\u8a55\u4fa1\uff08\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u306a\u3069\uff09\u3082\u3086\u304c\u3080<\/li>\n<\/ul>\n<h3>LOS 13\uff1a\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u8a2d\u5b9a\u306e\u554f\u984c<\/h3>\n<p>\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u306f\u3001<strong>\u6d41\u52d5\u6027\u306e\u4f4e\u3055\u3001\u8a55\u4fa1\u306e\u983b\u5ea6\u306e\u4f4e\u3055\u3068\u5e73\u6ed1\u5316\u3001\u6295\u8cc7\u53ef\u80fd\u306a\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306e\u4e0d\u5728<\/strong>\u306a\u3069\u306b\u3088\u308a\u3001\u9069\u5207\u306a\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3092\u4f5c\u308a\u306b\u304f\u3044\u8cc7\u7523\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u4e0d\u52d5\u7523\u30fb\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\uff1a\u8a55\u4fa1\u306e\u5e73\u6ed1\u5316\u3067\u30ea\u30b9\u30af\u304c\u904e\u5c0f\u8a55\u4fa1<\/li>\n<li>\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\uff1a\u6226\u7565\u304c\u591a\u69d8\u3067\u30d4\u30a2\u30fb\u30b0\u30eb\u30fc\u30d7\u6307\u6570\u306b\u751f\u5b58\u8005\u30d0\u30a4\u30a2\u30b9<\/li>\n<li>\u6295\u8cc7\u53ef\u80fd\u306a\u6307\u6570\u304c\u5c11\u306a\u3044<\/li>\n<li>\u30ec\u30d0\u30ec\u30c3\u30b8\u3084\u7a7a\u58f2\u308a\u306b\u3088\u308a\u30ea\u30b9\u30af\u7279\u6027\u304c\u4f1d\u7d71\u7684\u6307\u6570\u3068\u7570\u306a\u308b<\/li>\n<li>\u7d76\u5bfe\u30ea\u30bf\u30fc\u30f3\u76ee\u6a19\u3084\u516c\u958b\u5e02\u5834\u3068\u306e\u6bd4\u8f03\uff08PME\uff09\u306a\u3069\u3082\u7528\u3044\u308b<\/li>\n<\/ul>\n<h3>LOS 14\uff1a\u30bd\u30eb\u30c6\u30a3\u30ce\u30fb\u30ec\u30b7\u30aa\u3001\u30a2\u30d7\u30ec\u30a4\u30b6\u30eb\u30fb\u30ec\u30b7\u30aa\u3001\u6355\u6349\u7387\u3001\u30c9\u30ed\u30fc\u30c0\u30a6\u30f3<\/h3>\n<p><strong>\u30bd\u30eb\u30c6\u30a3\u30ce\u30fb\u30ec\u30b7\u30aa<\/strong>\u306f\u4e0b\u65b9\u30ea\u30b9\u30af\u5f53\u305f\u308a\u306e\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u3001<strong>\u30a2\u30d7\u30ec\u30a4\u30b6\u30eb\u30fb\u30ec\u30b7\u30aa<\/strong>\u306f\u30a2\u30eb\u30d5\u30a1\u3092\u6b8b\u5dee\u30ea\u30b9\u30af\u3067\u5272\u3063\u305f\u5024\u3067\u3059\u3002\u6355\u6349\u7387\u3068\u30c9\u30ed\u30fc\u30c0\u30a6\u30f3\u306f\u4e0a\u6607\u30fb\u4e0b\u843d\u5c40\u9762\u3067\u306e\u6210\u679c\u306e\u975e\u5bfe\u79f0\u6027\u3068\u640d\u5931\u306e\u5927\u304d\u3055\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30bd\u30eb\u30c6\u30a3\u30ce\uff1a\u6700\u4f4e\u8a31\u5bb9\u30ea\u30bf\u30fc\u30f3\uff08MAR\uff09\u3092\u4e0a\u56de\u308b\u30ea\u30bf\u30fc\u30f3\u00f7\u4e0b\u65b9\u504f\u5dee<\/li>\n<li>\u30a2\u30d7\u30ec\u30a4\u30b6\u30eb\u30fb\u30ec\u30b7\u30aa\uff1a\u03b1 \u00f7 \u6b8b\u5dee\u30ea\u30b9\u30af\uff08\u03c3\u03b5\uff09<\/li>\n<li>\u4e0a\u6607\u6355\u6349\u7387\uff1a\u5e02\u5834\u4e0a\u6607\u6642\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30ea\u30bf\u30fc\u30f3\u00f7\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u30fb\u30ea\u30bf\u30fc\u30f3\u3001\u4e0b\u843d\u6355\u6349\u7387\u3082\u540c\u69d8<\/li>\n<li>\u6700\u5927\u30c9\u30ed\u30fc\u30c0\u30a6\u30f3\uff1a\u30d4\u30fc\u30af\u304b\u3089\u8c37\u307e\u3067\u306e\u6700\u5927\u306e\u4e0b\u843d\u7387<\/li>\n<li>\u30c9\u30ed\u30fc\u30c0\u30a6\u30f3\u671f\u9593\uff1a\u30d4\u30fc\u30af\u304b\u3089\u5143\u306e\u6c34\u6e96\u306b\u56de\u5fa9\u3059\u308b\u307e\u3067\u306e\u671f\u9593<\/li>\n<\/ul>\n<div class=\"cfalm-f\">Sortino = (R_p \u2212 R_MAR) \/ \u03c3_D\u3001Appraisal ratio = \u03b1 \/ \u03c3_\u03b5<\/div>\n<h3>LOS 15\uff1a\u8a55\u4fa1\u6307\u6a19\u306e\u9650\u754c<\/h3>\n<p>\u8a55\u4fa1\u6307\u6a19\u306f<strong>\u904e\u53bb\u306e\u30c7\u30fc\u30bf\u306b\u57fa\u3065\u304f\u63a8\u5b9a\u5024<\/strong>\u3067\u3042\u308a\u3001\u6e2c\u5b9a\u671f\u9593\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3001\u30ea\u30bf\u30fc\u30f3\u5206\u5e03\u306e\u4eee\u5b9a\u306b\u5de6\u53f3\u3055\u308c\u307e\u3059\u3002\u5358\u4e00\u306e\u6307\u6a19\u3060\u3051\u3067\u904b\u7528\u8005\u3092\u5224\u65ad\u3059\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n<ul>\n<li>\u5341\u5206\u306a\u9577\u3055\u306e\u5b9f\u7e3e\u304c\u306a\u3044\u3068\u7d71\u8a08\u7684\u306b\u6709\u610f\u306a\u5224\u65ad\u304c\u3067\u304d\u306a\u3044<\/li>\n<li>\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa\u306f\u6b63\u898f\u5206\u5e03\u3092\u524d\u63d0\u3068\u3057\u3001\u975e\u5bfe\u79f0\u306a\u30ea\u30bf\u30fc\u30f3\u306b\u5411\u304b\u306a\u3044<\/li>\n<li>\u30bd\u30eb\u30c6\u30a3\u30ce\u306e\u4e0b\u65b9\u504f\u5dee\u306f\u4e0b\u843d\u5c40\u9762\u306e\u30c7\u30fc\u30bf\u304c\u5c11\u306a\u3044\u3068\u4e0d\u5b89\u5b9a<\/li>\n<li>\u30a2\u30eb\u30d5\u30a1\u3084\u30a2\u30d7\u30ec\u30a4\u30b6\u30eb\u30fb\u30ec\u30b7\u30aa\u306f\u30d9\u30f3\u30c1\u30de\u30fc\u30af\uff08\u30e2\u30c7\u30eb\uff09\u306e\u9078\u629e\u306b\u4f9d\u5b58<\/li>\n<li>\u30c9\u30ed\u30fc\u30c0\u30a6\u30f3\u6307\u6a19\u306f\u671f\u9593\u3084\u983b\u5ea6\u3067\u7d50\u679c\u304c\u5909\u308f\u308b<\/li>\n<\/ul>\n<h3>LOS 16\uff1a\u904b\u7528\u8005\u306e\u30b9\u30ad\u30eb\u306e\u8a55\u4fa1<\/h3>\n<p>\u30b9\u30ad\u30eb\u306e\u8a55\u4fa1\u306b\u306f\u3001<strong>\u5b9a\u91cf\u7684\u306a\u8a55\u4fa1<\/strong>\uff08\u8981\u56e0\u5206\u6790\u3001\u8a55\u4fa1\u6307\u6a19\uff09\u3068<strong>\u5b9a\u6027\u7684\u306a\u8a55\u4fa1<\/strong>\uff08\u6295\u8cc7\u30d7\u30ed\u30bb\u30b9\u3001\u7d44\u7e54\uff09\u3092\u7d44\u307f\u5408\u308f\u305b\u307e\u3059\u3002\u6210\u679c\u304c\u904b\u7528\u8005\u306e\u8aac\u660e\u3059\u308b\u6295\u8cc7\u30d7\u30ed\u30bb\u30b9\u3068\u6574\u5408\u3057\u3066\u3044\u308b\u304b\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u8981\u56e0\u5206\u6790\u306e\u7d50\u679c\u304c\u8868\u660e\u3055\u308c\u305f\u6295\u8cc7\u30d7\u30ed\u30bb\u30b9\u3068\u4e00\u81f4\u3059\u308b\u304b<\/li>\n<li>\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u306e\u6301\u7d9a\u6027\u3068\u7d71\u8a08\u7684\u6709\u610f\u6027<\/li>\n<li>\u904b\u306e\u3088\u3055\u3068\u30b9\u30ad\u30eb\u306e\u533a\u5225<\/li>\n<li>\u6295\u8cc7\u30d7\u30ed\u30bb\u30b9\u3001\u4eba\u6750\u3001\u7d44\u7e54\u306e\u5b89\u5b9a\u6027<\/li>\n<\/ul>\n<h2>\u52b9\u7387\u3088\u304f\u5b66\u3076\u306b\u306f FA-Academy<\/h2>\n<p>CFA\u00ae\ufe0e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u306f\u82f1\u8a9e\u3067\u5206\u91cf\u3082\u591a\u304f\u30011\u3064\u3072\u3068\u3064\u306e\u5358\u5143\u3092\u82f1\u8a9e\u3060\u3051\u3067\u7406\u89e3\u3057\u3066\u3044\u304f\u306e\u306f\u5927\u304d\u306a\u8ca0\u62c5\u3067\u3059\u3002<\/p>\n<p>FA-Academy\uff08Financial Analyst Academy\uff09\u306f\u3001<strong>\u65e5\u672c\u8a9e\u3067\u5b66\u3079\u308b\u6570\u5c11\u306a\u3044CFA\u00ae\ufe0e\u8a66\u9a13\u30b5\u30dd\u30fc\u30c8<\/strong>\u3067\u3059\u3002\u3053\u308c\u307e\u3067 Level 1 \u304b\u3089 Level 3 \u307e\u3067\u591a\u304f\u306e\u5408\u683c\u8005\u3092\u8f29\u51fa\u3057\u3066\u304a\u308a\u3001\u5408\u683c\u8005\u306e\u65b9\u3005\u3068\u306e\u5bfe\u8ac7\u3082\u6570\u591a\u304f\u516c\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u3069\u3093\u306a\u65b9\u304c\u3001\u3069\u306e\u3088\u3046\u306b\u5408\u683c\u3055\u308c\u305f\u306e\u304b\u306f<a href=\"https:\/\/triumphmind.com\/cfa\/category\/gokaku\/\" target=\"_blank\" rel=\"noopener\">\u5408\u683c\u8005\u5bfe\u8ac7\u30fb\u5408\u683c\u4f53\u9a13\u8ac7\u306e\u4e00\u89a7<\/a>\u304b\u3089\u3054\u89a7\u3044\u305f\u3060\u3051\u307e\u3059\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/level3-mail\/\" target=\"_blank\" rel=\"noopener\">Level 3 \u65e5\u672c\u8a9e\u8981\u70b9\u96c6\u306e\u7121\u6599\u30b5\u30f3\u30d7\u30eb\u3092\u53d7\u3051\u53d6\u308b\uff087\u65e5\u9593\u30e1\u30fc\u30eb\u8b1b\u5ea7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/timerex.net\/s\/cfa.tips.slack_2a23\/e72e883e\/\" target=\"_blank\" rel=\"noopener\">\u7121\u6599\u500b\u5225\u9762\u8ac7\u3092\u4e88\u7d04\u3059\u308b\uff08\u5b66\u7fd2\u8a08\u753b\u306e\u3054\u76f8\u8ac7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/course\/\" target=\"_blank\" rel=\"noopener\">\u53d7\u8b1b\u6848\u5185\uff08\u30b3\u30fc\u30b9\u4e00\u89a7\u30fb\u53d7\u8b1b\u6599\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n<div class=\"cfalm-nav\">\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-perf-lm2\/\">LM2 Investment Manager Selection\uff08\u904b\u7528\u4f1a\u793e\u306e\u9078\u5b9a\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l3-perf\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 3 Performance Measurement\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 3 Performance Measurement LM1\u300cPortfolio Performance Evaluation\uff08\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u8a55\u4fa1\uff09\u300d\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09\u3068\u91cd\u8981\u8ad6\u70b9\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306b\u57fa\u3065\u3044\u3066\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n","protected":false},"author":1,"featured_media":11227,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[100],"tags":[],"class_list":["post-10881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level3-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/comments?post=10881"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10881\/revisions"}],"predecessor-version":[{"id":11382,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10881\/revisions\/11382"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11227"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}