Documentos de Académico
Documentos de Profesional
Documentos de Cultura
AUTOCAD 2010 Avanzado 1-90
AUTOCAD 2010 Avanzado 1-90
$872&$'
$XWRGHVN
$XWR&$'
,QWURGXFFLyQ
1XHVWUR PXQGR UHDO HV HQWHUDPHQWH WULGLPHQVLRQDO \D TXH SRGHPRV REVHUYDU ODV FRVDV GHVGH GLIHUHQWHV SXQWRV GH YLVWDV iQJXORV R SHUVSHFWLYDV H LQFOXVR SRGHPRV WRPDU PHGLGDV \ SHVR GH ODV PLVPDV (QWHQGHU XQ REMHWR SRU PiV FRPSOLFDGR TXH SDUH]FD HQ HO PXQGR WULGLPHQVLRQDO HV PXFKR PiV VHQFLOOR \D TXH SRGUHPRV WHQHU PD\RUHV FULWHULRV GH DQiOLVLV
/D UHSUHVHQWDFLyQ ELGLPHQVLRQDO HQ OD TXH KD WUDEDMDGR KDVWD HO PRPHQWR VLHPSUH SUHVHQWD OLPLWDFLRQHV SRUTXH XQ GLEXMR ' QHFHVLWD GH LPDJLQDFLyQ SDUD YLVXDOL]DUOR HQ WUHV GLPHQVLRQHV 6LQ HPEDUJR FUHDU GLEXMRV ' HOLPLQD OD QHFHVLGDG GH LPDJLQDUOR FRPR WDO \D TXH HVWDUi WUDEDMDQGR HQ HO DPELHQWH ' SURSLDPHQWH GLFKR HO GLEXMR GH YRO~PHQHV HV PiV YHQWDMRVR SRUTXH VH SXHGH FDPELDU OD XELFDFLyQ GH REVHUYDFLyQ GH PRGR TXH D\XGH D IRUPDU HO REMHWR
$GLFLRQDOPHQWH SXHGHQ XWLOL]DUVH FRPDQGRV GH VRPEUHDGR \ UHQGHUL]DGR ORV TXH QRV SUHVHQWDUiQ XQD LPDJHQ GH JUDQ FDOLGDG FDVL IRWRJUiILFD $GLFLRQDOPHQWH XQ GLEXMR HQ ' QRV EULQGD LQIRUPDFLyQ FRPR YROXPHQ SHVR FHQWUR GH JUDYHGDG PRPHQWRV GH LQHUFLD SURGXFWRV GH LQHUFLD HWF WLOHV SDUD HO GLVHxR
(MHV (Q GLEXMRV ' XVWHG YH VyOR XQ SODQR (VWH SODQR WLHQH GRV HMHV ; SDUD OD KRUL]RQWDO H < SDUD OD YHUWLFDO (Q GLEXMRV ' GRV SODQRV DGLFLRQDOHV VH DJUHJDQ (VWRV GRV SODQRV VH GHILQHQ SRU XQ HMH DGLFLRQDO OODPDGR HMH = /D GLUHFFLyQ GHO HMH = SRVLWLYR EiVLFDPHQWH VDOH GH OD SDQWDOOD KDFLD XVWHG \ GD OD DOWXUD GHO REMHWR 3DUD GLEXMDU XQ REMHWR ' GHEH LQWURGXFLU HQ OD FRPSXWDGRUD ORV WUHV HMHV FRRUGHQDGRV ; < H =
,QJ )HUQDQGR )ORUHV -iXUHJXL
$XWRGHVN
8QD PDQHUD VHQFLOOD GH YLVXDOL]DU HVWRV HMHV HV FRQVLGHUDU ORV HMHV ; H < FRPR HO VXHOR \ HO HMH = FRPR XQ UERO TXH FUHFH HMH = SRVLWLYR GHVGH HO VXHOR R ODV UDtFHV TXH FUHFHQ KDFLD DEDMR HMH = QHJDWLYR HQ OD WLHUUD
$872&$'
0RGHORV GH HVWUXFWXUD DOiPEULFD 6H UHILHUH DO HVTXHOHWR GHO REMHWR HQ ' QR FRQWLHQH VXSHUILFLHV \ FRQVWD GH SXQWRV OtQHDV \ FXUYDV TXH IRUPDQ ODV DULVWDV GHO REMHWR
0RGHORV GH VXSHUILFLH 'HILQHQ ORV FRQWRUQRV \ ODV VXSHUILFLHV GH XQ REMHWR VH FUHDQ SRU PHGLR GH PDOODV SROLJRQDOHV TXH SXHGHQ VHU SODQDV R FXUYDV
0RGHORV VyOLGRV 5HSUHVHQWD WRGR HO YROXPHQ GHO REMHWR 6H SXHGHQ FUHDU VyOLGRV FRPSOHMRV PHGLDQWH ODV RSHUDFLRQHV ERROHDQDV GH VXVWUDFFLyQ XQLyQ H LQWHUVHFFLyQ GH ORV PLVPRV
$XWRGHVN
$XWR&$'
HO
HVSDFLR
GH
WUDEDMR
'
6HOHFFLRQH OD KHUUPLHQWD 1(: 18(92 \ VHOHFFLRQH XQR GH ORV VLJXLHQWHV DFDG'GZW SDUD XQLGDGHV ,PSHULDOHV $FDGLVR'GZW SDUD PpWULFR
&XUVRU
3DOHWD GH KHUUDPLHQWDV
1RWH TXH OD DSDULHQFLD GHO 2ULJHQ \ HO &XUVRU KDQ FDPELDGR (OORV PXHVWUDQ DKRUD HO HMH = /DV IOHFKDV VLHPSUH HVWiQ DSXQWDQGR HQ OD GLUHFFLyQ SRVLWLYD
$XWRGHVN
$872&$'
/D SDOHWD GH KHUUDPLHQWDV PXHVWUD PXFKDV KHUUDPLHQWDV 6L SUHILHUH DPSOLDU HO iUHD GH GLEXMR \ QR PRVWUDU OD SDOHWD GH KHUUDPLHQWDV VLJD ODV LQVWUXFFLRQHV D FRQWLQXDFLyQ (V VX HOHFFLyQ 3XHGH IiFLOPHQWH DFWLYDU R GHVDFWLYDU OD SDOHWD GH KHUUDPLHQWDV KDFLHQGR FOLF HQ OD KHUUDPLHQWD 7RRO 3DOHWWH 3DOHWD GH +HUUDPLHQWDV (Q OD FLQWD GH RSFLRQHV HQ OD ILFKD 9LHZ SDQHO 3DOHWWHV
2 HVFULED HQ OD OtQHD GH FRPDQGR 7RROSDOHWWHV SDUD DFWLYDU 7RROSDOHWWHVFORVH SDUD GHVDFWLYDU /D VLJXLHQWH ILJXUD PXHVWUD VLQ OD YLVXDOL]DFLyQ GH OD 3DOHWD GH +HUUDPLHQWDV
3DUD FRQILJXUDU OD YHQWDQD JUiILFD VLJD ORV VLJXLHQWHV SDVRV 3DVR +DJD FOLF GHUHFKR HQ OD YHQWDQD JUiILFD 6HOHFFLRQH 2SWLRQV 2SFLRQHV GHO PHQ~ FRQWH[WXDO
$XWRGHVN
$XWR&$'
3DVR $SDUHFH HO FXDGUR GH GLiORJR 2SWLRQV VHOHFFLRQH OD ILFKD 'LVSOD\ 9LVXDOL]DFLyQ /XHJR VHOHFFLRQH HO ERWyQ &RORUV GHO FXDGUR :LQGRZ (OHPHQWV (OHPHQWRV GH YHQWDQD
3DVR $SDUHFH HO FXDGUR GH GLiORJR 'UDZLQJ :LQGRZ &RORUV &RORUHV GH YHQWDQD GH GLEXMR FRQILJXUDU VHJ~Q VH PXHVWUDQ HQ ORV UHFXDGURV D FRQWLQXDFLyQ
,QJ )HUQDQGR )ORUHV -iXUHJXL
$XWRGHVN
&RQWH[W &RQWH[WR
$872&$'
%ODFN
%ODFN
$
:KLWH
&RQWH[W &RQWH[WR
,QWHUIDFH HOHPHQW (OHPHQWR GH LQWHUID] 8QLIRUP EDFNJURXQG &URVVKDLUV *ULG PDMRU OLQHV *ULG PLQRU OLQHV *ULG D[LV OLQHV )RQGR XQLIRUPH /tQHDV SULQFLSDOHV GH UHMLOOD /tQHDV GH HMHV GH UHMLOOD &XUVRU HQ FUX]
&RORU
&RORU
:KLWH
:KLWH
:KLWH
&RORU
$XWRGHVN
$XWR&$'
&RQWH[W &RQWH[WR
,QWHUIDFH HOHPHQW (OHPHQWR GH LQWHUID] 7RS RI VN\ EDFNJURXQG %DFNJURXQG VN\ KRUL]RQ 3DUWH VXSHULRU GH IRQGR FHOHVWH +RUL]RQWH FHOHVWH GH IRQGR 2ULJHQ WHUUHVWUH GH IRQGR
%ODFN %ODFN %ODFN %ODFN %ODFN %ODFN &RORU
%DFNJURXQG JURXQG KRUL]RQ %DFNJURXQG HDUWK KRUL]RQ &URVVKDLUV *ULG PDMRU OLQHV *ULG PLQRU OLQHV *ULG D[LV OLQHV
3DUWH LQIHULRU GH OD 7LHUUD GH IRQGR +RUL]RQWH GH OD 7LHUUD GH IRQGR &XUVRU HQ FUX] /tQHDV SULQFLSDOHV GH UHMLOOD /tQHDV GH HMHV GH UHMLOOD
&RORU
$XWRGHVN
$872&$'
3DVR 3DUD ILQDOL]DU VHOHFFLRQDU HO ERWyQ $SSO\ &ORVH $SOLFDU \ FHUUDU 3DVR 6H YXHOYH DO FXDGUR GH GLiORJR 2SWLRQV VHOHFFLRQH HO ERWyQ 2. $FHSWDU SDUD ILQDOL]DU OD FRQILJXUDFLyQ
$XWRGHVN
$XWR&$'
$XWRGHVN
$872&$'
9LHZ&XEH HV XQD KHUUDPLHQWD GH QDYHJDFLyQ ' TXH DSDUHFH FXDQGR VH DFWLYD HO VLVWHPD GH JUiILFRV ' &RQ 9LHZ&XEH SXHGH FDPELDU HQWUH YLVWDV HVWiQGDU H LVRPpWULFDV 9LHZ&XEH DSDUHFH HQ XQD GH ODV HVTXLQDV GH OD YHQWDQD GH GLEXMR VREUH HO PRGHOR HQ HVWDGR LQDFWLYR 0LHQWUDV 9LHZ&XEH HVWi LQDFWLYR PXHVWUD HO SXQWR GH YLVWD DFWXDO GHO PRGHOR EDViQGRVH HQ HO 8&6 DFWXDO \ OD GLUHFFLyQ 1RUWH GHILQLGD SRU HO :&6 GHO PRGHOR 6H DFWLYD DO FRORFDU HO FXUVRU VREUH 9LHZ&XEH 3XHGH FDPELDU D XQD GH ODV YLVWDV SUHILMDGDV GLVSRQLEOHV KDFHU URGDU OD YLVWD DFWXDO R FDPELDU OD YLVWD GH LQLFLR GHO PRGHOR
9LHZ&XEH DSDUHFH HQ XQR GH GRV HVWDGRV DFWLYR H LQDFWLYR &XDQGR 9LHZ&XEH HVWi LQDFWLYR DSDUHFH WUDQVSDUHQWH SRU GHIHFWR VREUH HO YHQWDQD GH GLEXMR SDUD QR WDSDU SRU FRPSOHWR OD YLVWD GHO PRGHOR 6L 9LHZ&XEH HVWi DFWLYR DSDUHFH RSDFR \ WDSD OD YLVWD GH ORV REMHWRV GHO PRGHOR $GHPiV GH FRQWURODU HO QLYHO GH RSDFLGDG GH 9LHZ&XEH FXDQGR HVWi LQDFWLYR WDPELpQ SXHGH
$XWRGHVN
FRQWURODU VX WDPDxR OD SRVLFLyQ HQ SDQWDOOD \ OD YLVXDOL]DFLyQ GHO PHQ~ 6&3 \ OD EU~MXOD /RV SDUiPHWURV TXH VH XWLOL]DQ SDUD FRQWURODU HO DVSHFWR GH 9LHZ&XEH VH HQFXHQWUDQ HQ HO FXDQGR GH GLiORJR 3DUiPHWURV GH 9LHZ&XEH 8VR GH OD EU~MXOD /D EU~MXOD GH 9LHZ&XEH LQGLFD TXp GLUHFFLyQ 1RUWH HVWi GHILQLGD SDUD HO PRGHOR /D GLUHFFLyQ 1RUWH TXH LQGLFD OD EU~MXOD VH EDVD HQ ODV GLUHFFLRQHV 1RUWH \ $UULED GHILQLGDV SRU HO 6&8 GHO PRGHOR (O FXDGUR GH GLiORJR 8ELFDFLyQ JHRJUiILFD VH XWLOL]D SDUD GHILQLU ODV GLUHFFLRQHV 1RUWH \ $UULED GH XQ PRGHOR /D YLVXDOL]DFLyQ GH OD EU~MXOD EDMR 9LHZ&XEH VH FRQWUROD SRU PHGLR GHO FXDGUR GH GLiORJR 3DUiPHWURV GH 9LHZ&XEH 0HQ~ 9LHZ&XEH (O PHQ~ 9LHZ&XEH SURSRUFLRQD RSFLRQHV SDUD GHILQLU OD RULHQWDFLyQ GH 9LHZ&XEH FDPELDU HQWUH OD SUR\HFFLyQ SDUDOHOD \ HQ SHUVSHFWLYD GHILQLU ODV YLVWDV GH LQLFLR GHO PRGHOR \ FRQWURODU HO DVSHFWR GH 9LHZ&XEH +DJD FOLF GHUHFKR VREUH OD YLVWD GH FXER \ DSDUHFHUi HO VLJXLHQWH PHQ~ FRQWH[WXDO
$XWR&$'
3DUDOOHO 3DUDOHOR&DPELD OD YLVWD DFWXDO SRU XQD SUR\HFFLyQ SDUDOHOD 3HUVSHFWLYH ZLWK 2UWKR )DFHV 3HUVSHFWLYD FRQ FDUDV RUWRJRQDOHV&DPELD OD YLVWD DFWXDO SRU XQD SUR\HFFLyQ HQ SHUVSHFWLYD D PHQRV TXH OD YLVWD DFWXDO VH DOLQHH FRQ OD YLVWD GH FDUD GHILQLGD HQ 9LHZ&XEH
6HW &XUUHQW 9LHZ DV +RPH 'HILQLU YLVWD DFWXDO FRPR LQLFLR'HILQH OD YLVWD GH LQLFLR GHO PRGHOR EDViQGRVH HQ OD YLVWD DFWXDO 2ULHQWD OD FiPDUD SDUD KDFHU FRLQFLGLU HO iQJXOR GH YLVXDOL]DFLyQ GH OD YLVWD VHOHFFLRQDGD XQ SODQR HOHYDFLyQ VHFFLyQ R YLVWD ' 9LHZ&XEH 6HWWLQJV 3DUiPHWURV GH 9LVWD GH FXER0XHVWUD HO FXDGUR GH GLiORJR HQ HO TXH VH SXHGH DMXVWDU HO DVSHFWR \ HO FRPSRUWDPLHQWR GH 9LHZ&XEH +HOS$\XGD,QLFLD HO VLVWHPD GH D\XGD HQ OtQHD \ PXHVWUD HO WHPD HQ 9LHZ&XEH
3XHGH FDPELDU OD YLVWD DFWXDO GH XQ PRGHOR KDFLHQGR FOLF HQ iUHDV SUHGHILQLGDV GH 9LHZ&XEH R DUUDVWUDQGR 9LHZ&XEH
9LHZ&XEH LQFOX\H YHLQWLVpLV iUHDV SUHGHILQLGDV HQ ODV TXH SXHGH KDFHU FOLF SDUD FDPELDU OD YLVWD DFWXDO GH XQ PRGHOR /DV YHLQWLVpLV iUHDV SUHGHILQLGDV VH FODVLILFDQ HQ WUHV JUXSRV HVTXLQD ERUGH \ FDUD 'H HVWDV YHLQWLVpLV iUHDV GHILQLGDV VHLV GH HOODV UHSUHVHQWDQ YLVWDV RUWRJRQDOHV HVWiQGDU GH XQ PRGHOR DUULED DEDMR IUHQWH DWUiV L]TXLHUGD \ GHUHFKD /DV YLVWDV RUWRJRQDOHV VH HVWDEOHFHQ KDFLHQGR FOLF HQ XQD GH ODV FDUDV GH 9LHZ&XEH
/DV RWUDV YHLQWH iUHDV GHILQLGDV VH XWLOL]DQ SDUD DFFHGHU D YLVWDV HQ iQJXOR GH XQ PRGHOR $O KDFHU FOLF HQ XQD GH ODV HVTXLQDV GH 9LHZ&XEH pVWH FDPELD OD YLVWD DFWXDO GHO PRGHOR SRU XQD YLVWD GH WUHV FXDUWRV EDVDGD HQ XQ SXQWR GH YLVWD GHILQLGR SRU WUHV ODGRV GHO PRGHOR $O KDFHU FOLF HQ XQR GH ORV ERUGHV VH FDPELD OD YLVWD GHO PRGHOR SRU XQD YLVWD GH WUHV FXDUWRV EDVDGD HQ GRV ODGRV GHO PRGHOR
$XWRGHVN
%RUGH
&DUD
$872&$'
(VTXLQD +DFHU FOLF HQ XQ iUHD GHILQLGD GH 9LHZ&XEH QR HV OD ~QLFD IRUPD GH FDPELDU OD YLVWD GH XQ PRGHOR FRQ 9LHZ&XEH SXHGH KDFHU FOLF \ DUUDVWUDU 9LHZ&XEH $O KDFHU FOLF \ DUUDVWUDU VREUH 9LHZ&XEH SXHGH FDPELDU OD YLVWD GH XQ PRGHOR SRU XQ SXQWR GH YLVWD SHUVRQDOL]DGR TXH QR VHD XQR GH ORV YHLQWLVpLV SXQWRV GH YLVWD SUHGHILQLGRV TXH HVWiQ GLVSRQLEOHV
$O YHU XQ PRGHOR GHVGH XQD GH ODV YLVWDV GH FDUD DSDUHFHQ GRV LFRQRV DGLFLRQDOHV FHUFD GH 9LHZ&XEH 6H WUDWD GH ODV IOHFKDV GH URWDFLyQ /DV IOHFKDV GH URWDFLyQ VLUYHQ SDUD KDFHU URGDU R URWDU JUDGRV OD YLVWD DFWXDO HQ GLUHFFLyQ SRVLWLYD R QHJDWLYD DOUHGHGRU GHO FHQWUR GH OD YLVWD
$XWRGHVN
$XWR&$'
$O YHU XQ PRGHOR GHVGH XQD GH ODV YLVWDV GH FDUD SXHGH XWLOL]DU 9LHZ&XEH SDUD FDPELDU D XQD GH ODV YLVWDV GH FDUD DG\DFHQWHV VLQ FDPELDU DQWHV OD YLVWD GHO PRGHOR FRQ HO ILQ GH YHU OD YLVWD DG\DFHQWH &XDQGR 9LHZ&XEH HVWi DFWLYR \ KD\ XQD YLVWD GH FDUD GHILQLGD FRPR DFWXDO VH YHQ FXDWUR WULiQJXORV XQR D FDGD ODGR GH 9LHZ&XEH &RQ ORV WULiQJXORV SXHGH URWDU OD YLVWD DFWXDO SDUD YHU OD YLVWD GH FDUD TXH LQGLFD HO WULiQJXOR
9LHZ&XEH DGPLWH GRV SUR\HFFLRQHV GH YLVWDV GLIHUHQWHV HQ SHUVSHFWLYD \ RUWRJRQDO /DV YLVWDV SUR\HFWDGDV HQ SHUVSHFWLYD VH FDOFXODQ HQ IXQFLyQ GH OD GLVWDQFLD HQWUH XQD FiPDUD WHyULFD \ XQ SXQWR GH GHVWLQR &XDQWR PiV FRUWD VHD OD GLVWDQFLD HQWUH OD FiPDUD \ HO SXQWR GH GHVWLQR PiV SURQXQFLDGR VHUi HO HIHFWR HQ SHUVSHFWLYD ODV GLVWDQFLDV PD\RUHV SURGXFHQ HIHFWRV PHQRV SURQXQFLDGRV HQ HO PRGHOR /DV YLVWDV SUR\HFWDGDV SDUDOHODV PXHVWUDQ WRGRV ORV
,QJ )HUQDQGR )ORUHV -iXUHJXL
$XWRGHVN
/D VLJXLHQWH LOXVWUDFLyQ PXHVWUD HO PLVPR PRGHOR YLVWR GHVGH OD PLVPD GLUHFFLyQ GH YLVXDOL]DFLyQ SHUR FRQ GLIHUHQWHV SUR\HFFLRQHV GH YLVWD
PHQRV TXH HO PRGHOR VH HVWp YLVXDOL]DQGR GHVGH XQD GH ODV YLVWDV GH OD FDUD VXSHULRU LQIHULRU IURQWDO SRVWHULRU L]TXLHUGD R GHUHFKD $O FHUUDU 9LHZ&XEH OD YLVWD DFWXDO FRQVHUYD HO PRGR GH SUR\HFFLyQ XWLOL]DGR SDUD YHU HO PRGHOR D PHQRV TXH 3HUVSHFWLYD FRQ FDUDV RUWRJRQDOHV VHD HO ~OWLPR PRGR 6L 3HUVSHFWLYD FRQ FDUDV RUWRJRQDOHV IXH HO ~OWLPR PRGR XWLOL]DGR D OD YLVWD VH OH DVLJQD XQD SUR\HFFLyQ HQ SHUVSHFWLYD X RUWRJRQDO $O UHLQLFLDU 9LHZ&XEH VH UHVWLWX\H OD SUR\HFFLyQ GH YLVWD JXDUGDGD 'HILQLFLyQ GH OD YLVWD GH LQLFLR 3XHGH GHILQLU OD YLVWD GH LQLFLR GH XQ PRGHOR SDUD SRGHU UHVWLWXLU XQD YLVWD IDPLOLDU FXDQGR XWLOLFH ODV KHUUDPLHQWDV GH QDYHJDFLyQ
$872&$'
3UR\HFFLyQ SDUDOHOD
/D YLVWD GH LQLFLR HV XQD YLVWD HVSHFLDO GHO PRGHOR /DV H[WHQVLRQHV GH XQ PRGHOR VH XWLOL]DQ FRPR YLVWD SRU GHIHFWR GH OD YLVWD GH LQLFLR GH ORV PRGHORV TXH VH KDQ FUHDGR DQWHV GH $XWR&$' PLHQWUDV TXH SDUD WRGRV ORV PRGHORV QXHYRV VH XWLOL]D XQD YLVWD GH WUHV FXDWURV GHO PRGHOR GHILQLGD D SDUWLU GH OD RULHQWDFLyQ VXSHULRUL]TXLHUGDIURQWDO 7DPELpQ SXHGH GHILQLU XQD YLVWD GHO PRGHOR FRPR YLVWD GH LQLFLR SDUD SRGHU UHVWDEOHFHU IiFLOPHQWH OD YLVWD IDPLOLDU KDFLHQGR FOLF HQ HO LFRQR ,QLFLR R KDFLHQGR FOLF HQ ,QLFLR HQ HO PHQ~ FRQWH[WXDO
$XQTXH SXHGH XWLOL]DU OD YLVWD GH LQLFLR SDUD YROYHU D GHVSOD]DUVH D XQD YLVWD IDPLOLDU WDPELpQ SXHGH XWLOL]DUOD SDUD JHQHUDU OD YLVWD SUHOLPLQDU HQ PLQLDWXUD FXDQGR VH JXDUGD HO PRGHOR HQ OXJDU GH XWLOL]DU OD ~OWLPD YLVWD JXDUGDGD (O FXDGUR GH GLiORJR 3DUiPHWURV GH YLVWD SUHOLPLQDU HQ PLQLDWXUD GHO FXDGUR GH GLiORJR 2SFLRQHV VH XWLOL]D SDUD FRQWURODU VL OD YLVWD GH LQLFLR R OD ~OWLPD YLVWD JXDUGDGD GH XQ PRGHOR VH XWLOL]DQ SDUD JHQHUDU OD YLVWD SUHOLPLQDU HQ PLQLDWXUD DO JXDUGDU $GHPiV GH GHILQLU TXp YLVWD VH XWLOL]D SDUD OD YLVWD SUHOLPLQDU HQ PLQLDWXUD FXDQGR VH JXDUGD XQ PRGHOR WDPELpQ SXHGH UHVWDEOHFHU OD YLVWD SRU GHIHFWR GH OD YLVWD GH LQLFLR PHGLDQWH HO FXDGUR GH GLiORJR 3DUiPHWURV GH YLVWD SUHOLPLQDU HQ PLQLDWXUD 3UR\HFFLyQ HQ SHUVSHFWLYD &XDQGR FDPELD OD YLVWD GH XQ PRGHOR HVD YLVWD VH DFWXDOL]D FRQ HO ~OWLPR PRGR GH SUR\HFFLyQ D PHQRV TXH HO PRGR GH SUR\HFFLyQ DFWXDO HVWDEOHFLGR SDUD 9LHZ&XEH VHD 3HUVSHFWLYD FRQ FDUDV RUWRJRQDOHV (O PRGR 3HUVSHFWLYD FRQ FDUDV RUWRJRQDOHV REOLJD D TXH WRGDV ODV YLVWDV DSDUH]FDQ HQ OD SUR\HFFLyQ HQ SHUVSHFWLYD D
,QJ )HUQDQGR )ORUHV -iXUHJXL
([DPLQDQGR 9LHZ&XEH
REMHWRV
LQGLYLGXDOHV
FRQ
&RQ 9LHZ&XEH SXHGH GHILQLU HO FHQWUR GH XQD YLVWD EDViQGRVH HQ XQR R YDULRV REMHWRV VHOHFFLRQDGRV
$XWRGHVN
'HVSXpV GH VHOHFFLRQDU XQR R YDULRV REMHWRV \ SURGXFLUVH XQ FDPELR GH GHVGH 9LHZ&XEH HO PRGHOR URWD DOUHGHGRU GHO FHQWUR GH OD YLVWD OR FXDO VH FDOFXOD SRU PHGLR GH ODV H[WHQVLRQHV GH ORV REMHWRV VHOHFFLRQDGRV &DPELR GHO 8&6 FRQ 9LHZ&XEH &RQ 9LHZ&XEH SXHGH FDPELDU HO 8&6 DFWXDO TXH VH XWLOL]D SDUD HO PRGHOR SRU XQR GH ORV 8&6 JXDUGDGRV FRQ HO PRGHOR R ELHQ GHILQLU XQ 8&6 QXHYR
$XWR&$'
(O PHQ~ 8&6 VLWXDGR EDMR 9LHZ&XEH PXHVWUD HO QRPEUH GHO 8&6 DFWXDO HQ HO PRGHOR (Q HO PHQ~ SXHGH UHVWLWXLU XQR GH ORV 8&6 JXDUGDGRV FRQ HO PRGHOR R FDPELDU D 8&6 R ELHQ GHILQLU XQ QXHYR 8&6 &RQ OD RSFLyQ :&6 GHO PHQ~ SXHGH FDPELDU HO VLVWHPD GH FRRUGHQDGRV GHO 8&6 DFWXDO D :&6 &RQ HO QXHYR 8&6 SXHGH URWDU HO 8&6 DFWXDO EDViQGRVH HQ XQR GRV R WUHV SXQWRV SDUD GHILQLU XQ QXHYR 8&6 $O KDFHU FOLF HQ 1XHYR 8&6 VH GHILQH XQ QXHYR 8&6 FRQ HO QRPEUH SRU GHIHFWR 8QQDPHG 6LQ QRPEUH 3DUD JXDUGDU HO 8&6 FRQ XQ QRPEUH SDUD SRGHU UHVWLWXLUOR PiV DGHODQWH XWLOLFH OD RSFLyQ 1DPHG FRQ QRPEUH 3XHGH RULHQWDU 9LHZ&XEH FRQ HO 8&6 R :&6 DFWXDO 6L RULHQWD 9LHZ&XEH FRQ HO 8&6 DFWXDO VDEUi HQ TXp GLUHFFLyQ HVWi PRGHODQGR 6L RULHQWD 9LHZ&XEH FRQ HO :&6 SXHGH GHVSOD]DUVH SRU HO PRGHOR EDViQGRVH HQ ODV GLUHFFLRQHV 1RUWH \ $UULED GHO PRGHOR
/RV SDUiPHWURV TXH VH XWLOL]DQ SDUD FRQWURODU OD RULHQWDFLyQ GH 9LHZ&XEH VH HQFXHQWUDQ HQ HO FXDGUR GH GLiORJR 9LHZ&XEH 6HWWLQJV 3DUiPHWURV GH 9LHZ&XEH
$XWRGHVN
$872&$'
$XWRGHVN
$XWR&$'
$XWRGHVN
%$55$ '( +(55$0,(17$6 9,(: ([LVWH XQD PDQHUD PiV IiFLO GH SRGHU FRQWURODU ORV SXQWRV GH YLVXDOL]DFLyQ VLQ WHQHU TXH UHFXUULU D OD YHQWDQD GH FRPDQGRV OD EDUUD GH KHUUDPLHQWDV 9,(: WHQGUi HVWH FRPHWLGR 7DPELpQ SRGHPRV HQFRQWUDU XQ DFFHVR UiSLGR PHGLDQWH OD EDUUD GH PHQ~V 9LHZ 'YLHZV D 'HVGH OD EDUUD GH KHUUDPLHQWDV
$872&$'
9LVWD SUHYLD &UHDU FiPDUD ,VRPpWULFR 12 1RUWKZHVW ,VRPHWULF ,VRPpWULFR 1( 1RUWKHDVW ,VRPHWULF ,VRPpWULFR 6( 6RXWKHDVW ,VRPHWULF ,VRPpWULFR 62 6RXWKZHVW ,VRPHWULF 3RVWHULRU %DFN )URQWDO )URQW 'HUHFKD 5LJKW ,]TXLHUGD /HIW ,QIHULRU %RWWRP 6XSHULRU 7RS 9LVWDV JXDUGDGDV E 'HVGH HO SDQHO 9LHZ GH OD ILFKD +RPH
$XWRGHVN
$XWR&$'
(VSHFLILFDU YDORUHV GH FRRUGHQDGDV FDUWHVLDQDV ' ;<= HV VLPLODU D HVSHFLILFDU YDORUHV GH FRRUGHQDGDV ' ;< $GHPiV GH LQGLFDU ORV YDORUHV ; H < VH GHEH HVSHFLILFDU WDPELpQ HO YDORU = XWLOL]DQGR HO IRUPDWR VLJXLHQWH ;<= (Q OD ILJXUD VLJXLHQWH ORV YDORUHV GH FRRUGHQDGD LQGLFDQ XQ SXQWR VLWXDGR D WUHV XQLGDGHV D OR ODUJR GHO HMH ; SRVLWLYR D XQLGDGHV D OR ODUJR GHO HMH < SRVLWLYR \ D XQLGDGHV GHO HMH = SRVLWLYR
$O LQWURGXFLU FRRUGHQDGDV FRQ HO IRUPDWR ;< HO YDORU = VH FRSLD GHO ~OWLPR SXQWR LQWURGXFLGR &RPR UHVXOWDGR SXHGH LQWURGXFLU XQD XELFDFLyQ FRQ HO IRUPDWR ;<= H LQWURGXFLU ODV XELFDFLRQHV SRVWHULRUHV XWLOL]DQGR HO IRUPDWR ;< FRQ HO YDORU = FRQVWDQWH 3RU HMHPSOR VL LQWURGXFH ODV FRRUGHQDGDV VLJXLHQWHV SDUD XQD OtQHD GDGD 'HVGH HO SXQWR +DVWD HO SXQWR
DPERV H[WUHPRV GH OD OtQHD WHQGUiQ XQ YDORU= GH $O FRPHQ]DU R DEULU FXDOTXLHU GLEXMR HO YDORU LQLFLDO SRU GHIHFWR GH = HV PD\RU TXH 8VR GH FRRUGHQDGDV DEVROXWDV \ UHODWLYDV
&RPR HQ HO FDVR GH ODV FRRUGHQDGDV ELGLPHQVLRQDOHV VH SXHGHQ LQWURGXFLU YDORUHV GH FRRUGHQDGD DEVROXWD EDVDGRV HQ HO RULJHQ R YDORUHV GH FRRUGHQDGD UHODWLYD EDVDGRV HQ HO ~OWLPR SXQWR LQWURGXFLGR 3DUD LQWURGXFLU FRRUGHQDGDV UHODWLYDV XWLOLFH XQD DUURED # FRPR SUHILMR 3RU HMHPSOR XWLOLFH # SDUD LQWURGXFLU XQ SXQWR VLWXDGR D XQD XQLGDG HQ OD GLUHFFLyQ ; SRVLWLYD GHVGH HO SXQWR DQWHULRU 3DUD LQWURGXFLU FRRUGHQDGDV DEVROXWDV HQ OD VROLFLWXG GH FRPDQGRV QR VH QHFHVLWDQ SUHILMRV
,QJ )HUQDQGR )ORUHV -iXUHJXL
$XWRGHVN
&RRUGHQDGDV FLOtQGULFDV
$872&$'
(Q OD LOXVWUDFLyQ VLJXLHQWH LQGLFD XQ SXQWR VLWXDGR D XQLGDGHV GHO RULJHQ GHO 6&3 DFWXDO D JUDGRV GHO HMH ; HQ HO SODQR ;< \ D XQLGDGHV HQ HO HMH =
/D LQWURGXFFLyQ GH FRRUGHQDGDV FLOtQGULFDV HV HO HTXLYDOHQWH HQ ' D OD LQWURGXFFLyQ GH FRRUGHQDGDV SRODUHV HQ ' (VSHFLILFD XQD FRRUGHQDGD DGLFLRQDO HQ XQ HMH SHUSHQGLFXODU DO SODQR ;< /DV FRRUGHQDGDV FLOtQGULFDV GHILQHQ SXQWRV PHGLDQWH OD GLVWDQFLD GHVGH HO RULJHQ 6&3 HQ HO SODQR ;< HO iQJXOR GHVGH HO HMH ; HQ HO SODQR ;< \ HO YDORU = 3UHFLVH XQ SXQWR PHGLDQWH ODV FRRUGHQDGDV FLOtQGULFDV DEVROXWDV FRQ OD VLJXLHQWH VLQWD[LV ;>iQJXOR GHVGH HO HMH ;@=
/DV FRRUGHQDGDV FLOtQGULFDV ' GHVFULEHQ XQD XELFDFLyQ SUHFLVD PHGLDQWH XQD GLVWDQFLD GHVGH HO RULJHQ GHO 6&3 HQ HO SODQR ;< XQ iQJXOR GHVGH HO HMH ; HQ HO SODQR ;< \ XQ YDORU =
6L QHFHVLWD GHILQLU XQ SXQWR HQ IXQFLyQ GH XQ SXQWR DQWHULRU HQ OXJDU GHO RULJHQ 6&3 SXHGH LQWURGXFLU ORV YDORUHV GH ODV FRRUGHQDGDV FLOtQGULFDV UHODWLYDV FRQ HO SUHILMR # 3RU HMHPSOR # LQGLFD XQ SXQWR VLWXDGR D XQLGDGHV HQ HO SODQR ;< GHVGH HO ~OWLPR SXQWR LQWURGXFLGR D XQ iQJXOR GH JUDGRV GH OD GLUHFFLyQ SRVLWLYD ; \ TXH VH H[WLHQGH XQLGDGHV HQ OD GLUHFFLyQ =
&RRUGHQDGDV HVIpULFDV
/D IRUPD GH LQWURGXFLU FRRUGHQDGDV HVIpULFDV HQ ' HV PX\ SDUHFLGD DO SURFHVR HPSOHDGR FRQ ODV FRRUGHQDGDV SRODUHV HQ ' 3DUD ORFDOL]DU XQ SXQWR HV SUHFLVR HVSHFLILFDU OD GLVWDQFLD GHVGH HO RULJHQ GHO VLVWHPD 6&3 DFWXDO HO iQJXOR GHVGH HO HMH ; HQ HO SODQR ;< \ HO iQJXOR D SDUWLU GHO SODQR ;< FDGD XQR VHSDUDGR SRU XQ FRUFKHWH GH DSHUWXUD FRQ HO VLJXLHQWH IRUPDWR ;>iQJXOR GHVGH HO HMH ;@>iQJXOR GHVGH HO SODQR ;<@
/DV FRRUGHQDGDV HVIpULFDV ' HVSHFLILFDQ XQD XELFDFLyQ PHGLDQWH XQD GLVWDQFLD D SDUWLU GHO RULJHQ GHO 6&3 DFWXDO XQ iQJXOR GHVGH HO HMH ; HQ HO SODQR ;< \ XQ iQJXOR GHVGH HO SODQR ;<
(Q OD LOXVWUDFLyQ VLJXLHQWH KDFH UHIHUHQFLD D XQ SXQWR VLWXDGR D XQLGDGHV GHO RULJHQ GHO 6&3 DFWXDO HQ HO SODQR ;< D JUDGRV GHO HMH ; HQ HO SODQR ;< \ D JUDGRV KDFLD DUULED GHO HMH = GHVGH HO SODQR ;< LQGLFD XQ SXQWR VLWXDGR D XQLGDGHV GHO RULJHQ D JUDGRV GHO HMH ; HQ HO SODQR ;< \ D JUDGRV KDFLD DUULED GHO SODQR ;<
$XWRGHVN
$XWR&$'
6L GHVHD GHILQLU XQ SXQWR D SDUWLU GH XQ SXQWR DQWHULRU LQWURGX]FD YDORUHV GH FRRUGHQDGDV HVIpULFDV UHODWLYRV SUHFHGLHQGR ODV FRRUGHQDGDV GH XQD DUURED # 0HGLDQWH HO XVR GH HVWRV ILOWURV HV SRVLEOH H[WUDHU FRRUGHQDGDV GH SXQWRV GHVLJQDGRV \ REWHQHU XQ QXHYR SXQWR FRQ D\XGD GH HVDV FRRUGHQDGDV 8WLOL]DQGR HVWH PpWRGR \ SRGUi XELFDU XQ SXQWR GHVFRQRFLGR D SDUWLU GH ORV SXQWRV TXH \D HVWiQ GHILQLGRV HQ HO GLEXMR 7HQHPRV GRV IRUPDV GH DFFHGHU D HVWRV ILOWURV o $ WUDYpV GHO PHQ~ 261$3 o $ WUDYpV GH OD OtQHD GH FRPDQGR
3DUD DFFHGHU DO PHQ~ 261$3 DFWLYH FXDOTXLHU FRPDQGR PDQWHQJD SXOVDGR &75/ PiV FOLF GHUHFKR HQ OD YHQWDQD JUiILFD \ DSDUHFHUi HO PHQ~ 261$3 VHOHFFLRQH HO ILOWUR VHJ~Q QHFHVLWH
(Q OD OtQHD GH FRPDQGR LQWURGX]FD XQ SXQWR VHJXLGR GH XQR R YDULRV GH ORV HMHV ; < H = ODV VLJXLHQWHV H[SUHVLRQHV VRQ DFHSWDGDV FRPR ILOWUR [ \ ] [\ [] \]
$XWRGHVN
$872&$'
8Q PRGHOR LQiODPEULFR GH XQD FDMD HV EiVLFDPHQWH SLH]DV GH DODPEUH OtQHDV &DGD DODPEUH UHSUHVHQWD XQD DULVWD GHO REMHWR 8VWHG SXHGH YHU D WUDYpV GHO REMHWR SRUTXH QR KD\ QLQJXQD VXSHUILFLH SDUD EORTXHDU OD YLVLyQ GH VX YLVWD (VWH WLSR GH PRGHOR QR D\XGD HQ OD YLVXDOL]DFLyQ GHO REMHWR ' /RV PRGHORV LQiODPEULFRV QR WLHQHQ YROXPHQ R PDVD &yPR GLEXMDU XQD FDMD LQiODPEULFD ,QLFLH XQ QXHYR DUFKLYR XWLOL]DQGR OD SODQWLOOD DFDGLVRGGZW 'LEXMH XQ UHFWiQJXOR DO LJXDO TXH HQ ' 3ULPHUD HVTXLQD VHJXQGD HVTXLQD $PSOLp VL HO UHFWiQJXOR DSDUHFH GHPDVLDGR SHTXHxR
&$3,78/2
&RSLH
HO UHFWiQJXOR D PP VREUH HO UHFWiQJXOR RULJLQDO GH OD VLJXLHQWH PDQHUD 6HOHFFLRQH HO FRPDQGR FRS\ +DJD FOLF HQ HO UHFWiQJXOR OXHJR SXOVH (17(5 6HOHFFLRQH HO SXQWR EDVH FRPR VH PXHVWUD D FRQWLQXDFLyQ ,QJUHVH ODV FRRUGHQDGDV ; < = SDUD OD QXHYD XELFDFLyQ # HQWHU! HQWHU! /D FRSLD
$KRUD SLHQVH VREUH ODV FRRUGHQDGDV LQWURGXFLGDV /DV FRRUGHQDGDV VLJQLILFD TXH QR TXLHUH HO QXHYR UHFWiQJXOR VH XELTXH PRYLHQGR HQ OD GLUHFFLyQ GHO HMH ; R < 3HUR VL GHVHD TXH OD QXHYD XELFDFLyQ GHO UHFWiQJXOR VH PXHYD PP HQ OD GLUHFFLyQ GHO HMH = SRVLWLYR
$KRUD XWLOL]DQGR HO FRPDQGR /LQH GLEXMDU ODV OtQHDV GH ODV HVTXLQDV GHO UHFWiQJXOR LQIHULRU DO UHFWiQJXOR VXSHULRU
$XWRGHVN
$XWR&$'
3DVR (VFULED HQ OD OtQHD GH FRPDQGR 8&60$1 VHOHFFLRQH IURQWDO )URQW GHILQD FRPR DFWXDO 6HW &XUUHQW \ SXOVH 2. $FHSWDU
$XWRGHVN
$872&$'
3DVR (VFULED HQ OD OtQHD GH FRPDQGR 8&60$1 VHOHFFLRQH GHUHFKD 5LJKW GHILQD FRPR DFWXDO 6HW &XUUHQW \ SXOVH 2. $FHSWDU
$XWRGHVN
$XWR&$'
3DVR (VFULED HQ OD OtQHD GH FRPDQGR 8&60$1 VHOHFFLRQH KRUL]RQWDO 7RS GHILQD FRPR DFWXDO 6HW &XUUHQW \ SXOVH 2. $FHSWDU
$XWRGHVN
$872&$'
+D\ YHFHV OD UHMLOOD QR FDPELD FRQ HO 8&6 GHELGR TXH QR HVWD VHOHFFLRQDGR OD RSFLyQ )ROORZ '\QDPLF 8&6 6HJXLU 8&6 GLQiPLFR SDUD OR FXDO SURFHGD GHO VLJXLHQWH PRGR 3DVR
3DVR 6HOHFFLRQH OD ILFKD 6QDS DQG *ULG \ OXHJR HQ OD FDVLOOD *ULG %HKDYLRU &RPSRUWDPLHQWR GH UHMLOOD VHOHFFLRQH )ROORZ '\QDPLF 8&6 6HJXLU 8&6 GLQiPLFR 3RU ~OWLPR VHOHFFLRQH 2. $FHSWDU
$XWRGHVN
$XWR&$'
7DPELpQ VH SXHGH FDPELDU FRQ OD YDULDEOH GH VLVWHPD 8&6)2//2: TXH FRQWUROD HO FDPELR GH YLVXDOL]DFLyQ GHO GLEXMR DO SDVDU GH XQ VLVWHPD 8&6 D RWUR VL VH HQFXHQWUD GHVDFWLYDGD QR FDPELD HO SXQWR GH YLVWD GHO GLEXMR DO FDPELDU HO VLVWHPD GH 8&6
$XWRGHVN
$872&$'
'LEXMDU HO DUFR VHJ~Q ODV PHGLGDV TXH VH PXHVWUDQ HQ FDGD ]RQD TXH FRUUHVSRQGD
3UREOHPD 3DUD GLEXMDU HO VRSRUWH FROJDQWH SULPHUR GHEHPRV GLEXMDU ORV VLJXLHQWHV SHUILOHV \ OXHJR XELFDUORV FRPR VH PXHVWUD HQ OD ILJXUDV
$XWRGHVN
$XWR&$'
$XWRGHVN
$872&$'
623257( &2/*$17(
$XWRGHVN
$XWR&$'
$XWRGHVN
$872&$'
$XWRGHVN
$XWR&$'
&$3,78/2
8&6 6LVWHPD GH FRRUGHQDGDV SHUVRQDOHV HO VLVWHPD GH WUDEDMR &DGD XVXDULR HVSHFLILFD VX 8&6 SDUD IDFLOLWDU ODV WDUHDV GH GLEXMR 7RGRV ORV SXQWRV TXH VH WUDQVPLWHQ D ORV FRPDQGRV GH $XWR&$' HVWiQ HQ HO VLVWHPD 8&6 DFWXDO 0HGLDQWH HO 8&6 VH GHWHUPLQD HO VLVWHPD GH FRRUGHQDGDV HQ HO TXH YDPRV D WUDEDMDU 3DUD WUDEDMDU FRQ 6LVWHPDV GH FRRUGHQDGDV SRGHPRV KDFHUOR PHGLDQWH OtQHDV GH FRPDQGR R SRU PHQ~V \ ERWRQHV
8&6 6&3
8QLYHUVDO :RUOG
2EMHWR 2EMHFW
9LVWD 9LHZ
2ULJHQ 2ULJLQ
SXQWRV SRLQW
<
$SOLFDU $SSO\
$XWRGHVN
8&6
$872&$'
6&3
(O VLVWHPD GH FRRUGHQDGDV XQLYHUVDO :&6 HV HO VLVWHPD GH FRRUGHQDGDV GH UHIHUHQFLD (V HO TXH DSDUHFH FXDQGR VH FUHD XQ DUFKLYR QXHYR
&XUUHQW XFV QDPH :25/' 6SHFLI\ RULJLQ RI 8&6 RU >)DFH1$PHG2%MHFW3UHYLRXV9LHZ:RUOG;<==$[LV@ :RUOG! &RPDQGR 6&3 1RPEUH GH VFS DFWXDO 81,9(56$/ ,QGLTXH RULJHQ GH 6&3 R >&DUDJ8$UGDGRR%MHWR35HY9LVWD8QLY;<=HM(=@ 8QLY!
&RPPDQG 8&6
(O 8&6 FRQVLVWH HQ XQ QXHYR VLVWHPD GH FRRUGHQDGDV R OR TXH HV OR PLVPR XQ QXHYR SODQR ;< GH WUDEDMR 6H HPSOHD SDUD UHDOL]DU RSHUDFLRQHV SXQWXDOHV YROYLHQGR SRVWHULRUPHQWH DO VLVWHPD GH FRRUGHQDGDV XQLYHUVDO :&6
3URFHGLPLHQWR x (MHFXWDU HO FRPDQGR x (Q OD OtQHD GH FRPDQGR DSDUHFH o 6SHFLI\ RULJLQ RI 8&6 RU >)DFH1$PHG2%MHFW3UHYLRXV9LHZ:RUOG;<==$[LV@ :RUOG! 2SFLyQ SRU GHIHFWR 3HUPLWH GHILQLU XQ QXHYR 8&6 PHGLDQWH XQR GRV R WUHV SXQWRV 6L VH HVSHFLILFD XQ VyOR SXQWR HO RULJHQ GHO 8&6 DFWXDO FDPELDUi VLQ PRGLILFDU OD RULHQWDFLyQ GH ORV HMHV ; < H =
(Q OD OtQHD GH FRPDQGR DSDUHFH o 6SHFLI\ SRLQW RQ ;D[LV RU $FFHSW! ,QGLTXH XQ VHJXQGR SXQWR R SXOVH (17(5 SDUD OLPLWDU OD HQWUDGD D XQ VROR SXQWR 6L VH SUHFLVD XQ VHJXQGR SXQWR HO 8&6 JLUDUi HQ WRUQR DO SXQWR GH RULJHQ SUHFLVDGR DQWHULRUPHQWH GH PDQHUD TXH HO HMH ; SRVLWLYR GHO 8&6 SDVH SRU GLFKR SXQWR
(Q OD OtQHD GH FRPDQGR DSDUHFH o 6SHFLI\ SRLQW RQ WKH ;< SODQH RU $FFHSW! 3UHFLVH XQ WHUFHU SXQWR R SXOVH (17(5 SDUD OLPLWDU OD HQWUDGD D GRV SXQWRV 6L VH SUHFLVD XQ WHUFHU SXQWR HO 8&6 JLUDUi HQ WRUQR DO HMH ; GH PDQHUD TXH HO SXQWR TXHGH FRQWHQLGR HQ OD PLWDG SRVLWLYD GHO HMH < GHO SODQR ;< GHO 8&6
,QJ )HUQDQGR )ORUHV -iXUHJXL
$XWRGHVN
$XWR&$'
2SFLRQHV )DFH &DUD o 3HUPLWH GHILQHU XQ QXHYR 8&6 GHVLJQDQGR OD FDUD GH XQ VyOLGR ' 1DPHG J8$UGDGR o 3HUPLWH JXDUGDU \ UHVWDEOHFHU ODV RULHQWDFLRQHV GHO 8&6 XWLOL]DGDV QRUPDOPHQWH SRU VX QRPEUH 2EMHFW R%MHWR o 3HUPLWH GHILQLU XQ QXHYR 8&6 GHVLJQDQGR XQ REMHWR H[LVWHQWH o o
3UHYLRXV 35HY o 3HUPLWH UHVWDEOHFHU HO 8&6 SUHYLR o (VWD RSFLyQ SHUPLWH UHFXSHUDU KDVWD ORV GLH] ~OWLPRV 8&6 o 9LHZ 9LVWD o 3HUPLWH GHILQLU XQ QXHYR 8&6 GH WDO IRUPD TXH HO SODQR ;< VHD SHUSHQGLFXODU D OD GLUHFFLyQ GH OD YLVWD DFWXDO o
$XWRGHVN
$872&$'
;<= o
3HUPLWH GHILQLU XQ QXHYR 8&6 PHGLDQWH OD URWDFLyQ GHO VLVWHPD GH FRRUGHQDGDV UHVSHFWR DO HMH ;<=
=$[LV HM(= o
3HUPLWH GHILQLU XQ QXHYR 8&6 PHGLDQWH SXQWRV 8QR SDUD GHILQLU HO RULJHQ 2WUR SDUD GHILQLU OD GLUHFFLyQ SRVLWLYD GHO HMH =
$XWRGHVN
B S o
$XWR&$'
3HUPLWH GHILQLU XQ QXHYR 8&6 PHGLDQWH SXQWRV 8QR SDUD GHILQLU HO RULJHQ 2WUR SDUD GHILQLU OD GLUHFFLyQ SRVLWLYD GHO HMH ;
' DQWHULRU
' SRVWHULRU
/D UHJOD GH OD PDQR GHUHFKD GHWHUPLQD OD GLUHFFLyQ GHO HMH SRVLWLYR GHO HMH = VLHPSUH \ FXDQGR VH FRQR]FD OD GLUHFFLyQ GH ORV HMHV ; H < HQ XQ VLVWHPD GH FRRUGHQDGDV ' *UDFLDV D HVWH PpWRGR VH SXHGH GHWHUPLQDU OD GLUHFFLyQ GH OD URWDFLyQ SRVLWLYD DOUHGHGRU GH XQ HMH HQ HVSDFLR WULGLPHQVLRQDO 3DUD GHWHUPLQDU OD RULHQWDFLyQ SRVLWLYD GH ORV HMHV ; < \ = VLWXDPRV HO GRUVR GH OD PDQR GHUHFKD FHUFD GH OD SDQWDOOD 6H VHxDOD FRQ HO GHGR SXOJDU HQ OD PLVPD GLUHFFLyQ TXH PDUFD HO HMH ; SRVLWLYR $ FRQWLQXDFLyQ VH H[WLHQGH HO tQGLFH \ HO FRUD]yQ WDO \ FRPR VH DSUHFLD HQ HO GLEXMR \ VH GLULJH HO tQGLFH HQ HO PLVPR VHQWLGR TXH HO HMH < SRVLWLYR 6H VHxDOD FRQ HO GHGR FRUD]yQ HQ OD PLVPD GLUHFFLyQ TXH PDUFD HO HMH = SRVLWLYR 6L TXHUHPRV FRPSUREDU OD GLUHFFLyQ GH URWDFLyQ SRVLWLYD DOUHGHGRU GH XQ HMH VHxDODPRV FRQ HO SXOJDU KDFLD OD GLUHFFLyQ SRVLWLYD GHO HMH \ GREOH ORV GHPiV GHGRV WDO \ FRPR VH LQGLFD HQ HO GLEXMR /RV GHGRV GREODGRV LQGLFDQ OD GLUHFFLyQ GH URWDFLyQ SRVLWLYD DOUHGHGRU GHO HMH
$XWRGHVN
$872&$'
&$3,78/2
35(6638//
/RIW 6ROHYDFLyQ 5HYROYH 5HYROXFLyQ 6ZHHS %DUULGR 3UHVVSXOO 3XOVDUWLUDU ([WUXGH ([WUXVLyQ
38/6$57,5$5
'HILQLFLyQ 3XHGH SXOVDU R WLUDU GHO iUHD GHOLPLWDGD KDFLHQGR FOLF GHQWUR GHO iUHD R ELHQ SXOVDQGR &75/ $/7 \ D FRQWLQXDFLyQ KDFLHQGR FOLF HQ HO iUHD &RQIRUPH PXHYH HO FXUVRU HO iUHD TXH GHVHD SXOVDU R WLUDU FDPELD GLQiPLFDPHQWH \ FUHD XQ VyOLGR ' QXHYR
&XDOTXLHU iUHD TXH SXHGH VHU VRPEUHDGD GHVLJQDQGR XQ SXQWR FRQ WROHUDQFLD D KXHFRV FHUR UHDV HQFHUUDGDV SRU JHRPHWUtD OLQHDO \ FRSODQDU LQWHUVHFDQWH LQFOX\HQGR DULVWDV \ JHRPHWUtD HQ EORTXHV 3ROLOtQHDV FHUUDGDV UHJLRQHV FDUDV ' \ VyOLGRV ' TXH FRQWHQJDQ YpUWLFHV FRSODQDUHV UHDV FUHDGDV SRU JHRPHWUtD FRSODQDU GLEXMDGD HQ FXDOTXLHU FDUD GH XQ VyOLGR ' LQFOX\HQGR ODV SURSLDV DULVWDV GH ODV FDUDV
&RPPDQG 35(6638//
&OLFN LQVLGH ERXQGHG DUHDV WR SUHVV RU SXOO ORRS H[WUDFWHG 5HJLRQ FUHDWHG &RPDQGR 38/6$57,5$5 +DJD FOLF GHQWUR GH ODV iUHDV GHOLPLWDGDV SDUD SXOVDU R WLUDU EXFOH H[WUDtGRV UHJLyQ FUHDGDV
3URFHGLPLHQWR x (MHFXWDU HO FRPDQGR x (Q OD OtQHD GH FRPDQGR DSDUHFH o &OLFN LQVLGH ERXQGHG DUHDV WR SUHVV RU SXOO +DJD FOLF HQ XQ iUHD GHOLPLWDGD SRU OtQHDV R DULVWDV FRSODQDUHV
,QJ )HUQDQGR )ORUHV -iXUHJXL
$XWRGHVN
$UUDVWUH HO UDWyQ SDUD SXOVDU R WLUDU GHO iUHD GHOLPLWDGD +DJD FOLF R LQWURGX]FD XQ YDORU SDUD SUHFLVDU OD DOWXUD 3UREOHPD 'LEXMDU OD VLJXLHQWH ILJXUD
$XWR&$'
3DVR 'LEXMH HO UHFWiQJXOR GH [ PP /XHJR FRQ OD KHUUDPLHQWD 35(6638// KDJD FOLF GHQWUR GHO UHFWiQJXOR &RQIRUPH PXHYH HO FXUVRU HO iUHD VHOHFFLRQDGD FDPELD GLQiPLFDPHQWH \ FUHD XQ VyOLGR ' ,QWURGX]FD SDUD OD DOWXUD
3DVR &DPELH DO SODQR GH WUDEDMR GHUHFKR \ GLEXMH HO FtUFXOR GH UDGLR HQ HO SXQWR PHGLR GH OD DULVWD WDO FRPR VH PXHVWUD HQ OD ILJXUD
3DVR $FWLYH OD KHUUDPLHQWD 35(6638// DO SDVDU HO FXUVRU GHQWUR FDGD VXSHUILFLH VH UHVDOWD LQPHGLDWDPHQWH
$XWRGHVN
3DVR 3DVR &XDQGR HOLJH XQD VXSHUILFLH QRWDUi TXH VH SXHGH (Q HVWDV RSHUDFLRQHV OD LQWHUDFFLyQ HQWUH OD H[WUXLU SHUSHQGLFXODU D VX SODQR HQWLGDG SULQFLSDO \ OD QXHYD HQWLGDG FUHDGD VH DVXPH FRPR OD RSHUDFLyQ ERROHDQD GH UHVWD (O PRGHOR ILQDO UHVXWDQWH HV FRPR VH PXHVWUD HQ DO VLJXLHQWH ILJXUD %RUUH HO FtUFXOR
$872&$'
$XWRGHVN
$XWR&$'
$XWRGHVN
$872&$'
/D RFXOWDFLyQ GH ODV OtQHDV PHMRUD HO GLEXMR \ VLPSOLILFD HO GLVHxR (O VRPEUHDGR SURGXFH XQD LPDJHQ PiV UHDOLVWD GHO PRGHOR 8Q HVWLOR YLVXDO HV XQ JUXSR GH SDUiPHWURV TXH FRQWURODQ OD YLVXDOL]DFLyQ GH DULVWDV \ GH VRPEUHDGRV HQ OD YHQWDQD JUiILFD (Q OXJDU GH XWLOL]DU FRPDQGRV \ GH FRQILJXUDU YDULDEOHV GH VLVWHPD SXHGH FDPELDU ODV SURSLHGDGHV GHO HVWLOR YLVXDO (Q FXDQWR DSOLTXH XQ HVWLOR YLVXDO R FDPELH ORV SDUiPHWURV SRGUi YHU HO HIHFWR HQ OD YHQWDQD JUiILFD $GPLQLVWUDGRU GH HVWLORV YLVXDOHV RIUHFH LPiJHQHV GH PXHVWUD GH ORV HVWLORV YLVXDOHV GLVSRQLEOHV HQ HO GLEXMR (O HVWLOR YLVXDO VHOHFFLRQDGR VH LQGLFD PHGLDQWH XQ ERUGH DPDULOOR \ VXV SDUiPHWURV VH PXHVWUDQ HQ HO SDQHO TXH DSDUHFH GHEDMR GH ODV LPiJHQHV GH PXHVWUD 3XHGH FDPELDU OD YLVXDOL]DFLyQ GH DULVWDV \ GH VRPEUHDGRV XWLOL]DQGR ORV SDUiPHWURV GH HVWLORV YLVXDOHV
(O SDQHO 9LVXDO 6W\OH VH ORFDOL]D HQ OD ILFKD 5HQGHU GH OD FLQWD GH RSFLRQHV (VWLORV YLVXDOHV (VWLOR GH FDUD
5D\RV ;
&RPPDQG 6+$'(02'( 96&855(17 (QWHU DQ RSWLRQ >GZLUHIUDPHGZLUHIUDPHG+LGGHQ5HDOLVWLF&RQFHSWXDO2WKHU@ GZLUHIUDPH ! &RPDQGR 02'2620%5$ 96&855(17 ,QGLTXH XQD RSFLyQ >HVWUXFWXUDDOiPEULFDGHVWUXFWXUDDOiPEULFDGRF8OWRG5HDOLVWD&RQFHSWXDO2WUR@ HVWUXFWXUDDOiPEULFDG!
,QJ )HUQDQGR )ORUHV -iXUHJXL
$XWRGHVN
$XWR&$'
$GPLQLVWUDU HVWLORV YLVXDOHV 0DQDJH 9LVXDO 6W\OHV (VWLOR YLVXDO FRQFHSWXDO &RQFHSWXDO 9LVXDO 6W\OH (VWLOR YLVXDO UHDOLVWD 5HDOLVWLF 9LVXDO 6W\OH (VWLOR YLVXDO RFXOWR ' ' +LGGHQ 9LVXDO 6W\OH (VWLOR YLVXDO GH HVWUXFWXUD DOiPEULFD ' ' :LUHIUDPH 9LVXDO 6W\OH (VWUXFWXUD DOiPEULFD ' ' :LUHIUDPH 6H VXPLQLVWUDQ FLQFR HVWLORV YLVXDOHV SRU GHIHFWR FRQ HO SURGXFWR
' :LUHIUDPH (VWUXFWXUD DOiPEULFD ' 0XHVWUD ORV REMHWRV XWLOL]DQGR OtQHDV \ FXUYDV SDUD UHSUHVHQWDU ORV FRQWRUQRV /RV REMHWRV UiVWHU \ 2/( \ ORV WLSRV \ JURVRUHV GH OtQHD HVWiQ YLVLEOHV (O 8&6 DGRSWD VX IRUPD WUDGLFLRQDO IRUPD SODQD
' +LGGHQ 2FXOWR ' 0XHVWUD ORV REMHWRV PHGLDQWH XQD UHSUHVHQWDFLyQ GH HVWUXFWXUD DOiPEULFD ' \ RFXOWD ODV OtQHDV TXH UHSUHVHQWDQ ODV FDUDV SRVWHULRUHV
$XWRGHVN
$872&$'
' :LUHIUDPH (VWUXFWXUD DOiPEULFD ' 0XHVWUD ORV REMHWRV XWLOL]DQGR OtQHDV \ FXUYDV SDUD UHSUHVHQWDU ORV FRQWRUQRV (O 8&6 DGRSWD OD IRUPD WULGLPHQVLRQDO IOHFKDV D FRORUHV LQGLFDQGR ORV HMHV ; < H =
&RQFHSWXDO 6RPEUHD ORV REMHWRV \ VXDYL]D ORV ERUGHV HQWUH ODV FDUDV SROLJRQDOHV (O VRPEUHDGR XWLOL]D HO HVWLOR GH FDUD *RRFK XQD WUDQVLFLyQ HQWUH FRORUHV IUtRV \ FiOLGRV HQ YH] GH FRORUHV RVFXURV D FODURV (O HIHFWR HV PHQRV UHDOLVWD SHUR KDFH TXH UHVXOWH PiV IiFLO YHU ORV GHWDOOHV GHO PRGHOR
5HDOLVWLF 5HDOLVWD 6RPEUHD ORV REMHWRV \ VXDYL]D ORV ERUGHV HQWUH ODV FDUDV SROLJRQDOHV 6H PXHVWUDQ ORV PDWHULDOHV TXH KD\D DVRFLDGR D ORV REMHWRV
$XWRGHVN
([WUXGH
/D YDULDEOH GH VLVWHPD +,'(35(&,6,21 FRQWUROD OD SUHFLVLyQ GH RFXOWDFLRQHV \ VRPEUHDGRV /DV RFXOWDFLRQHV VH SXHGHQ FDOFXODU HQ SUHFLVLyQ GREOH \ VLPSOH 6L VH HVWDEOHFH HO YDORU GH +,'(35(&,6,21 HQ SURGXFLUi RFXOWDFLRQHV PiV SUHFLVDV PHGLDQWH OD GREOH SUHFLVLyQ VLQ HPEDUJR HVWH SDUiPHWUR WDPELpQ XWLOL]D PiV PHPRULD \ SXHGH DIHFWDU DO UHQGLPLHQWR HVSHFLDOPHQWH DO RFXOWDU VyOLGRV 3UHFLVLyQ VLPSOH 8WLOL]D PHQRV PHPRULD 3UHFLVLyQ GREOH 8WLOL]D PiV PHPRULD (;7
$XWR&$'
'HILQLFLyQ &UHD XQD VXSHUILFLH R XQ VyOLGR ' PHGLDQWH OD H[WUXVLyQ GH XQ REMHWR ' 6L H[WUX\H XQ REMHWR FHUUDGR HO REMHWR UHVXOWDQWH VHUi XQ VyOLGR ' 6L H[WUX\H XQ REMHWR DELHUWR HO REMHWR UHVXOWDQWH VHUi XQD VXSHUILFLH 3XHGH H[WUXLU ORV VLJXLHQWHV REMHWRV \ VXEREMHWRV o /tQHDV o $UFRV o $UFRV HOtSWLFRV o 3ROLOtQHDV ' o 6SOLQHV ' o &tUFXORV o (OLSVHV o &DUDV ' o 6yOLGRV ' o 7UD]RV o 5HJLRQHV o 6XSHUILFLHV SODQDV o 6XSHUILFLHV SODQDV GH VyOLGRV
(V SRVLEOH VHOHFFLRQDU FDUDV GH VyOLGRV R VXSHUILFLHV PDQWHQLHQGR SXOVDGD OD WHFOD &75/ \ GHVLJQDQGR XQD R YDULDV FDUDV 1R HV SRVLEOH H[WUXLU ORV VLJXLHQWHV REMHWRV 3ROLOtQHDV FRQ VHJPHQWRV TXH VH FUXFHQ R VH LQWHUVHTXHQ 2EMHWRV FRQWHQLGRV HQ XQ EORTXH
([WUXVLyQ
6L XQD SROLOtQHD VHOHFFLRQDGD WLHQH JURVRU pVWH VH LJQRUD \ OD SROLOtQHD VH H[WUX\H GHVGH HO FHQWUR GH VX WUD\HFWRULD 6L XQ REMHWR VHOHFFLRQDGR WLHQH JURVRU pVWH VH LJQRUD 6L GHVHD FUHDU XQ VyOLGR D SDUWLU GH XQ SHUILO PHGLDQWH OtQHDV R DUFRV XWLOLFH OD RSFLyQ -XQWDU GHO FRPDQGR 3(',7 SDUD FRQYHUWLU pVWDV HQ XQ VROR REMHWR GH SROLOtQHD 7DPELpQ SXHGH FRQYHUWLU ORV REMHWRV GH XQD UHJLyQ DQWHV GH XVDU HO FRPDQGR (;7586,21 &RPPDQG (;758'( &XUUHQW ZLUH IUDPH GHQVLW\ ,62/,1(6 6HOHFW REMHFWV WR H[WUXGH 6SHFLI\ KHLJKW RI H[WUXVLRQ RU >'LUHFWLRQ3DWK7DSHU DQJOH@ &RPDQGR (;7586,21 'HQVLGDG GH HVWUXFWXUD DOiPEULFD DFWXDO ,62/,1(6 'HVLJQH REMHWRV SDUD H[WUXLU 3UHFLVH DOWXUD GH H[WUXVLyQ R >'LUHFFLyQ7UD\HFWRULDiQJXOR ,QFOLQDFLyQ@
3URFHGLPLHQWR (MHFXWDU HO FRPDQGR (Q OD OtQHD GH FRPDQGR DSDUHFH o 6HOHFW REMHFWV WR H[WUXGH 6HOHFFLRQDU HO REMHWR D H[WUXLU +DFHU FOLF HQ HO ERWyQ GHUHFKR GHO PRXVH R SXOVDU (17(5 (Q OD OtQHD GH FRPDQGR DSDUHFH
$XWRGHVN
6SHFLI\ KHLJKW RI H[WUXVLRQ RU >'LUHFWLRQ3DWK7DSHU DQJOH@ ,QWURGXFLU HO YDORU GH OD DOWXUD GH H[WUXVLyQ HMH = 3XOVDU (17(5 2SFLRQHV o
$872&$'
'LUHFWLRQ 'LUHFFLyQ o 3UHFLVD OD ORQJLWXG \ OD GLUHFFLyQ GH OD H[WUXVLyQ FRQ GRV SXQWRV GHVLJQDGRV SRU HO XVXDULR SXGLHQGR JHQHUDU XQD H[WUXVLyQ QR SHUSHQGLFXODU DO SODQR TXH FRQWLHQH DO REMHWR LQLFLDOPHQWH GHVLJQDGR
3DWK 7UD\HFWRULD o 3HUPLWH VHOHFFLRQDU OD WUD\HFWRULD GH H[WUXVLyQ EDViQGRVH HQ XQ REMHWR GHWHUPLQDGR (VWD WUD\HFWRULD SXHGH VHU DELHUWD R FHUUDGD \ QR WLHQH TXH HVWDU IRU]RVDPHQWH HQ XQ SODQR /D WUD\HFWRULD VH GHVSOD]D DO FHQWUR GH JUDYHGDG GHO SHUILO $ FRQWLQXDFLyQ HO SHUILO GHO REMHWR GHVLJQDGR VH H[WUX\H D OR ODUJR GH OD WUD\HFWRULD VHOHFFLRQDGD SDUD FUHDU VyOLGRV R VXSHUILFLHV 3XHGHQ VHU WUD\HFWRULDV ORV VLJXLHQWHV REMHWRV OtQHDV FtUFXORV DUFRV HOLSVHV DUFRV HOtSWLFRV SROLOtQHDV ' SROLOtQHDV ' VSOLQHV ' VSOLQHV ' DULVWDV GH VyOLGRV ODGRV GH VXSHUILFLHV \ KpOLFHV 7DSHU DQJOH QJXOR GH LQFOLQDFLyQ o 3HUPLWH GHILQLU HO iQJXOR GH LQFOLQDFLyQ GH OD H[WUXVLyQ /RV iQJXORV SRVLWLYRV VH LQFOLQDQ KDFLD GHQWUR GHVGH HO REMHWR EDVH /RV iQJXORV QHJDWLYRV VH LQFOLQDQ KDFLD IXHUD (O iQJXOR SRU GHIHFWR H[WUX\H XQ REMHWR ' GH IRUPD SHUSHQGLFXODU D VX SODQR ' /D YDULDEOH GH VLVWHPD '(/2%- GHWHUPLQD VL OD JHRPHWUtD XWLOL]DGD SDUD FUHDU REMHWRV ' VH UHWLHQH R VH VXSULPH 6H PDQWLHQH WRGD OD JHRPHWUtD GH GHILQLFLyQ 6H VXSULPHQ ODV FXUYDV GH SHUILO LQFOXLGDV ODV TXH VH XWLOL]DQ FRQ ORV FRPDQGRV (;758'( (;7586,21 6:((3 %$55,'2 5(92/9( 5(92/8&,21 \ /2)7 62/(9$&,21 7DPELpQ VH VXSULPHQ ODV VHFFLRQHV WUDQVYHUVDOHV XWLOL]DGDV FRQ HO FRPDQGR /2)7 6H VXSULPH WRGD OD JHRPHWUtD GH GHILQLFLyQ LQFOXLGDV ODV WUD\HFWRULDV \ FXUYDV JXtD XWLOL]DGDV FRQ ORV FRPDQGRV 6:((3 \ /2)7 6H VROLFLWD OD VXSUHVLyQ GH FXUYDV GH SHUILO LQFOXLGDV ODV XWLOL]DGDV FRQ ORV FRPDQGRV (;758' 6:((3 5(92/9( \ /2)7 7DPELpQ VH VXSULPHQ ODV VHFFLRQHV WUDQVYHUVDOHV XWLOL]DGDV FRQ HO FRPDQGR /2)7 6H VROLFLWD OD VXSUHVLyQ GH WRGD OD JHRPHWUtD GH GHILQLFLyQ LQFOXLGDV ODV WUD\HFWRULDV \ FXUYDV JXtD XWLOL]DGDV FRQ ORV FRPDQGRV 6:((3 \ /2)7
$XWRGHVN
$XWR&$'
&LOLQGUR $OWXUD
$XWRGHVN
$872&$'
6yOLGR ([WUXLU
/XHJR PRYHU HO SHUILO D XQ SODQR QRUPDO DO FDPLQR )LQDOPHQWH H[WUXLU HO SHUILO VHJ~Q HO FDPLQR
,QJ )HUQDQGR )ORUHV -iXUHJXL
$XWRGHVN
$XWR&$'
3UREOHPD ([WUXLU HO SHQWiJRQR UHJXODU GH GH ODGR HQ OD GLUHFFLyQ PRVWUDGD /D GLUHFFLyQ VH HQFXHQWUD XELFDGD HQ XQ SODQR SHUSHQGLFXODU DO SHQWiJRQR
9LVWD KRUL]RQWDO
$XWRGHVN
$872&$'
9LVWD KRUL]RQWDO
5(92/9(
5(9
'HILQLFLyQ &UHD XQ VyOLGR PHGLDQWH OD UHYROXFLyQ GH XQ FRQWRUQR DOUHGHGRU GH XQ HMH (O FRQWRUQR GHEH VHU /tQHDV $UFRV $UFRV HOtSWLFRV 3ROLOtQHDV ' 6SOLQHV ' &tUFXORV (OLSVHV &DUDV ' SODQDV VyOLGRV ' 7UD]RV 5HJLRQHV FDUDV SODQDUHV HQ VyOLGRV R VXSHUILFLHV
5(92/8&,21
&RPPDQG 5(92/9(
&XUUHQW ZLUH IUDPH GHQVLW\ ,62/,1(6 6HOHFW REMHFWV WR UHYROYH 6SHFLI\ D[LV VWDUW SRLQW RU GHILQH D[LV E\ >2EMHFW;<=@ 2EMHFW! 6SHFLI\ D[LV HQGSRLQW 6SHFLI\ DQJOH RI UHYROXWLRQ RU >67DUW DQJOH@ ! &RPDQGR 5(92/8&,21 'HQVLGDG GH HVWUXFWXUD DOiPEULFD DFWXDO ,62/,1(6 'HVLJQH REMHWRV SDUD UHYROXFLyQ HQFRQWUDGRV 'HVLJQH REMHWRV SDUD UHYROXFLyQ 3UHFLVH SXQWR LQLFLDO GHO HMH R GHILQD HO HMH PHGLDQWH >2EMHWR;<=@ 2EMHWR! 3UHFLVH SXQWR ILQDO GHO HMH 3UHFLVH iQJXOR GH UHYROXFLyQ R >iQJXOR ,QLFLDO@ !
3URFHGLPLHQWR x (MHFXWDU HO FRPDQGR x (Q OD OtQHD GH FRPDQGR DSDUHFH o 6HOHFW REMHFWV WR UHYROYH 6HOHFFLRQDU HO REMHWR SDUD UHYROXFLyQ +DFHU FOLF HQ HO ERWyQ GHUHFKR GHO PRXVH R SXOVDU (17(5 (Q OD OtQHD GH FRPDQGR DSDUHFH o 6SHFLI\ D[LV VWDUW SRLQW RU GHILQH D[LV E\ >2EMHFW;<=@ 2EMHFW! 3UHFLVH XQ SXQWR LQLFLDO SDUD GHILQLU HO HMH /XHJR OH SHGLUi XQ VHJXQGR SXQWR SDUD GHILQLU HO SXQWR ILQDO GHO HMH (Q OD OtQHD GH FRPDQGR DSDUHFH
,QJ )HUQDQGR )ORUHV -iXUHJXL
$XWRGHVN
6SHFLI\ DQJOH RI UHYROXWLRQ RU >67DUW DQJOH@ ! ,QWURGXFLU HO YDORU GHO iQJXOR GH UHYROXFLyQ 3XOVDU (17(5 2SFLRQHV 2EMHFW 2EMHWR o 3HUPLWH GHILQLU HO HMH GH UHYROXFLyQ PHGLDQWH OD VHOHFFLyQ GH XQ REMHWR H[LVWHQWH (O REMHWR GHEH VHU /tQHDV VHJPHQWRV GH SROLOtQHD OLQHDOHV DULVWDV OLQHDOHV GH VyOLGRV R VXSHUILFLHV o
$XWR&$'
3XHGH VHOHFFLRQDU XQD DULVWD GH XQ VyOLGR PDQWHQLHQGR SXOVDGD OD WHFOD &75/ \ VHOHFFLRQDQGR GLFKD DULVWD
<
; o o o
(MHPSOR &RQ HO ILQ GH FUHDU HVWH PRGHOR VyOLGR ' TXH VH PXHVWUD HQ OD ILJXUD $ XQ EXHQ FRQRFLPLHQWR GHO GLEXMR HQ GLPHQVLRQHV HV VXILFLHQWH 3RUTXH QRVRWURV QR LQLFLDPRV HO PRGHODGR ' WRGDYtD 1RV HQFRQWUDPRV HQ HO QLYHO GH FRQYHUWLU HQWLGDGHV GH GLPHQVLRQHV HQ VyOLGRV GH GLPHQVLRQHV PHGLDQWH HO XVR GH KHUUDPLHQWDV EiVLFDV GH PRGHODGR
3HUPLWH GHILQLU HO HMH < GHO 8&6 DFWXDO FRPR HO HMH GH UHYROXFLyQ
3DUD GLEXMDU HO VyOLGR TXH VH PXHVWUD HQ ILJXUD $ SULPHUR WLHQH TXH GLEXMDU OD HQWLGDG GH SROLOtQHD 32/</,1( TXH VH PXHVWUD HQ OD ILJXUD % GH FRORU URMR
$XWRGHVN
$872&$'
)LJXUD %
&RPPDQG UHYROYH
&XUUHQW ZLUH IUDPH GHQVLW\ ,62/,1(6 6HOHFW REMHFWV WR UHYROYH IRXQG 6HOHFW REMHFWV WR UHYROYH
6SHFLI\ D[LV VWDUW SRLQW RU GHILQH D[LV E\ >2EMHFW;<=@ 2EMHFW! [ 6SHFLI\ DQJOH RI UHYROXWLRQ RU >67DUW DQJOH@ !
,QJ )HUQDQGR )ORUHV -iXUHJXL
$XWRGHVN
+D\ GRV SXQWRV SULQFLSDOHV FRQ HO FRPDQGR 5(92/9( 3ULPHUR HV GHWHUPLQDU OD HQWLGDG TXH VH JLUDUi \ VHJXQGR HV GHWHUPLQDU HMH GH URWDFLyQ DOUHGHGRU D OD FXDO OD DFFLyQ URWDWLYD VH KDUi 3XHGH VHOHFFLRQDU OD HQWLGDG TXH VH JLUDUi HQWUH ODV HQWLGDGHV GH GLPHQVLRQDOHV FRPR /,1($ $5&2 $5&2 (/37,&2 32/,/,1($ ' 63/,1( ' &5&8/2 (/,36( &$5$ ' 3/$1$5 6/,'2 ' 75$=2 75$&( R 5(*,1 &RPR HMH GH URWDFLyQ SXHGH VHOHFFLRQDU FXDOTXLHUD GH ORV ; < = R FXDOTXLHU HMH DUELWUDULR TXH XVWHG GHWHUPLQDUi SRU GRV SXQWRV 3XHGH YHU FyPR XQD HQWLGDG GH 32/,/,1($ DELHUWD \ XQD HQWLGDG GH 32/,/,1($ FHUUDGD VH JLUDUiQ DOUHGHGRU GH XQ HMH
$XWR&$'
&UHD HO VyOLGR )LQDOPHQWH VH H[SOLFDUD VREUH HO iQJXOR GH URWDFLyQ (Q HO SULPHU HMHPSOR GH URWDFLyQ VH KDFH SRU FRPSOHWR \ HQ HO RWUR HMHPSOR VH JLUDUi OD PLWDG
$XWRGHVN
$872&$'
3UREOHPD 5HYROXFLRQDU HO SHUILO PRVWUDGR DOUHGHGRU GHO HMH XQ iQJXOR GH SDUD REWHQHU OD FRSD
(MH
$XWRGHVN
$XWR&$'
6H H[SOLFDUD DOJXQRV SDUiPHWURV TXH DIHFWDQ OD YLVXDOL]DFLyQ GH OD SDQWDOOD GH PRGHORV VyOLGRV ' \ VX LPSUHVLyQ &RQ HO ILQ GH KDFHU UHQGHUL]DGR IRWRUUHDOLVWD XVWHG WLHQH TXH SUHSDUDU ODV VXSHUILFLHV VXDYL]DGDV $GHPiV HQ OD LQGXVWULD DQWHV GH SDVDU D OD IDVH GH SURGXFFLyQ HQ PDVD VH IDEULFDQ SURWRWLSRV (Q $XWR&$' HVWiQ GLVSRQLEOHV GRV WLSRV GH PRGRV GH YLVXDOL]DFLyQ 9LVXDOL]DFLyQ GH HVWUXFWXUD DOiPEULFD :LUHIUDPH (Q HVWH PRGR GH YLVWD HV XQ PRGR GH YLVXDOL]DFLyQ LGHDO SDUD YHU OD LQWHUVHFFLyQ GH DULVWDV GH VXSHUILFLHV TXH QR HVWiQ HQ HO PLVPR SODQR
0RGR 6yOLGR ' &XDQGR XVWHG XWLOL]D ORV FRPDQGRV +,'( R 5(1'(5 $XWR&$' FRQVWUX\H XQD PDOOD GH VXSHUILFLH 32/<0(6+ SDUD ODV HQWLGDGHV VyOLGDV /D UD]yQ SRU OD FXDO VH FRQVWUX\H HVWD VXSHUILFLH HV RFXOWDU ODV OtQHDV GH OD VHSDUDFLyQ GH HQWLGDGHV GHO IRQGR \ FDOFXODU OD OX]VRPEUD DO UHQGHUL]DU 'HVSXpV GH UHJHQHUDU HO GLEXMR FRQ HO FRPDQGR 5(*(1 ORV PRGHORV VyOLGRV UHWRUQDQ DO PRGR GH HVWUXFWXUD DOiPEULFD HV GHFLU D VX YLVWD DQWHULRU
9DULDEOH GHO VLVWHPD ',636,/+ &RQWUROD OD YLVXDOL]DFLyQ GH ODV DULVWDV GH VLOXHWD GH REMHWRV VyOLGRV ' HQ XQ HVWLOR YLVXDO GH HVWUXFWXUD DOiPEULFD ' R ' 3XHGH XWLOL]DU HO FRPDQGR 5(*(1 SDUD DFWXDOL]DU OD YLVWD ',636,/+ WDPELpQ VXSULPH OD PDOOD YLVXDOL]DGD DO XWLOL]DU HO FRPDQGR +,'( 2&8/7$ HQ HO HVWLOR YLVXDO GH HVWUXFWXUD DOiPEULFD ' (Q HO HVWLOR YLVXDO GH HVWUXFWXUD DOiPEULFD ' ' :LUHIUDPH
9LVXDOL]DFLyQ GH OD SDQWDOOD \ OD LPSUHVLyQ GH PRGHORV ' VRQ GHWHUPLQDGRV SRU HVWDV YDULDEOHV GHO VLVWHPD ',636,/+ ,62/,1(6 )$&(75(6 )$&(75$7,2 (VWDV FXDWUR YDULDEOHV LPSRUWDQWHV QR WLHQHQ QLQJ~Q HIHFWR HQ HO FRPDQGR 96&855(17
$XWRGHVN
$872&$'
)RUPD RFXOWD
9DULDEOH GHO VLVWHPD ,62/,1(6 'HWHUPLQD HO Q~PHUR GH OtQHDV TXH VH XVDQ SDUD PRVWUDU ODV VXSHUILFLHV FXUYDV GH VyOLGRV HQ OD UHSUHVHQWDFLyQ DOiPEULFD /D YDULDEOH GHO VLVWHPD ,62/,1(6 DFHSWD VyOR YDORUHV HQWHURV HQ HO UDQJR GH FHUR \ (O YDORU SRU GHIHFWR HV 3XHGH XWLOL]DU HO FRPDQGR 5(*(1 SDUD DFWXDOL]DU OD YLVWD &LOLQGUR ' HVWLOR YLVXDO GH HVWUXFWXUD DOiPEULFD ' ' :LUHIUDPH
,62/,1(6
,62/,1(6
,62/,1(6
/D YDULDEOH GHO VLVWHPD ,62/,1(6 VyOR DIHFWD D ODV VXSHUILFLHV FXUYDV GH FLOLQGUR FRQR \ HVIHUD (V SRVLEOH DMXVWDU OD YLVXDOL]DFLyQ GH YLVWD GH OD PDOOD GH HQWLGDGHV VyOLGDV FRQ VXSHUILFLHV SODQDV XWLOL]DQGR ODV YDULDEOHV GHO VLVWHPD 685)8 \ 685)9 3XHGH YHU OD GLIHUHQFLD IiFLOPHQWH DVLJQDQGR YDORUHV GLIHUHQWHV D HVWDV YDULDEOHV TXH GHWHUPLQDQ OD UHVROXFLyQ GH OD PDOOD HQ ODV GLUHFFLRQHV 0 \ 1 DQWHV GH XWLOL]DU HO FRPDQGR 3/$1(685) 9DULDEOH GHO VLVWHPD )$&(75(6 /D YDULDEOH GHO VLVWHPD )$&(75(6 GHWHUPLQD OD FDOLGDG GH YLVXDOL]DFLyQ GH HQWLGDGHV VyOLGDV 3XHGHQ DVLJQDUVH YDORUHV HQ HO UDQJR GH D D HVWD YDULDEOH GHO VLVWHPD HO YDORU SRU GHIHFWR HV 6H XWLOL]D SDUD DMXVWDU OD FDOLGDG GH YLVXDOL]DFLyQ PHGLDQWH OD DVLJQDFLyQ GH YDORUHV DOWRV GHVSXpV GH ORV FRPDQGRV +,'( 6+$'( 6+$'(02'( \ 5(1'(5 KDVWD IRUPDU VXSHUILFLHV VXDYHV 'H HVWD PDQHUD $XWR&$' FRQVWUX\H XQD PDOOD GH VXSHUILFLH PiV GHQVD 32/<0(6+ $QWHV GH H[SRUWDU VXV PRGHORV VyOLGRV DO SURJUDPD '6 0$; XVWHG SXHGH REWHQHU ORV UHVXOWDGRV PXFKR PHMRU SDUD ODV HQWLGDGHV D VHU VXDYL]DGDV
,QJ )HUQDQGR )ORUHV -iXUHJXL
$XWRGHVN
6L DVLJQD YDORU GH XQR D OD YDULDEOH GHO VLVWHPD ',636,/+ ODV VXSHUILFLHV GH PDOODGR QR DSDUHFHQ VLQ HPEDUJR WRGDYtD DIHFWD D OD VXDYLGDG GH FtUFXORV \ DUFRV (VWD GLIHUHQFLD VH YH FODUDPHQWH DO LPSULPLU &LOLQGUR ' PRGR GH YLVWD +,'( 2FXOWR 0DOODGR HVWLOR YLVXDO GH HVWUXFWXUD DOiPEULFD ' ' :LUHIUDPH
$XWR&$'
)$&(75(6
)$&(75(6
)$&(75(6
9DULDEOH GHO VLVWHPD )$&(75$7,2 &RQWUROD OD GLVWULEXFLyQ GHO PDOODGR SROLJRQDO $O DVLJQDU HO YDORU GH XQR HO PDOODGR SROLJRQDO QR VyOR DIHFWD HO UDGLR GHO FLOLQGUR VLQR WDPELpQ D VX DOWXUD /D GLVWULEXFLyQ GH PDOODGR SROLJRQDO D OR ODUJR GH OD VXSHUILFLH HVWi UHODFLRQDGR FRQ OD UD]yQ GH UDGLR \ DOWXUD (O YDORU SRU GHIHFWR GH HVWD YDULDEOH GHO VLVWHPD HV FHUR &LOLQGUR ' PRGR GH YLVWD +,'( 2FXOWR 0DOODGR HVWLOR YLVXDO GH HVWUXFWXUD DOiPEULFD ' ' :LUHIUDPH
)$&(75$7,2 ',636,/+
)$&(75$7,2 ',636,/+
0HFDQLVPR GH FRQWURO /D YDULDEOH GHO VLVWHPD 6ROLG&KHFN (V SRVLEOH XWLOL]DU ORV YDORUHV HVSHFLILFDGRV D FRQWLQXDFLyQ SDUD HVWD YDULDEOH HO YDORU SRU GHIHFWR HV XQR XQR 'HVSXpV GH UHDOL]DU FDPELRV HQ ORV PRGHORV VyOLGRV FRQ HO FRPDQGR 62/,'(',7 VH LQLFLD HO SURFHVR GH GHSXUDFLyQ DXWRPiWLFD GH $XWR&$' 'HVSXpV GH LQWURGXFLU HO FRPDQGR 62/,'(',7 VH PXHVWUD XQ PHQVDMH TXp UHFXHUGD HO YDORU DFWXDO GH YDULDEOH GHO VLVWHPD &RPPDQG B62/,'(',7 6ROLGV HGLWLQJ DXWRPDWLF FKHFNLQJ 62/,'&+(&. &RPDQGR B62/,'(',7 &RPSUREDFLyQ DXWRPiWLFD GH HGLFLyQ GH VyOLGRV 62/,'&+(&. FHUR
)$&(75$7,2 ',636,/+
$XWRGHVN
9,(:5(6 (O FRPDQGR 9,(:5(6 HV RWUR SDUiPHWUR TXH VyOR DIHFWD D OD YLVXDOL]DFLyQ GH FtUFXORV \ DUFRV HQ OD SDQWDOOD PLHQWUDV VH DPSOLD $XPHQWH VX YDORU D 3XHGH YHU ORV RWURV SDUDPHWURV TXH VH PHQFLRQDURQ DQWHULRUPHQWH HQ HO FXDGUR GH GLiORJR GH 237,216 GH $XWR&$' &RQILJXUDFLyQ 0XHYD HO FXUVRU VREUH OD YHQWDQD GH FRPDQGRV \ KDJD FOLF HQ HO ERWyQ GHUHFKR GHO PRXVH GH HVWD PDQHUD REWHQGUi OD FDSDFLGDG GH HOHJLU HO FRPDQGR 237,216 GHO PHQ~ FRQWH[WXDO
$872&$'
,62/,1(6
9,(:5(6
)$&(75(6
',636,/+
$XWRGHVN
$XWR&$'
81,
81,21
3URFHGLPLHQWR x (MHFXWDU HO FRPDQGR x (Q OD OtQHD GH FRPDQGR DSDUHFH o 6HOHFW REMHFWV 6HOHFFLRQDU ORV VyOLGRV R UHJLRQHV D XQLU +DFHU FOLF HQ HO ERWyQ GHUHFKR GHO PRXVH R SXOVDU (17(5
68%75$&7
68
'HILQLFLyQ 2EWLHQH HO VyOLGR R UHJLyQ UHVXOWDQWH GH UHVWDU XQ FRQMXQWR GH VyOLGRV R UHJLRQHV D RWUR FRQMXQWR VHxDODGR HQ SULPHU OXJDU
',)(5(1&,$
VROLGV DQG UHJLRQV WR VXEWUDFW IURP REMHFWV VROLGV DQG UHJLRQV WR VXEWUDFW REMHFWV VyOLGRV \ UHJLRQHV GH ODV TXH VXVWUDHU REMHWRV VyOLGRV \ UHJLRQHV D VXVWUDHU REMHWRV
$XWRGHVN
3URFHGLPLHQWR x (MHFXWDU HO FRPDQGR x (Q OD OtQHD GH FRPDQGR DSDUHFH o 6HOHFW VROLGV DQG UHJLRQV WR VXEWUDFW IURP o 6HOHFW REMHFWV 6HOHFFLRQDU ORV VyOLGRV R UHJLRQHV GH ODV TXH VXVWUDHU +DFHU FOLF HQ HO ERWyQ GHUHFKR GHO PRXVH R SXOVDU (17(5 (Q OD OtQHD GH FRPDQGR DSDUHFH o 6HOHFW VROLGV DQG UHJLRQV WR VXEWUDFW o 6HOHFW REMHFWV 6HOHFFLRQDU ORV VyOLGRV R UHJLRQHV D VXVWUDHU +DFHU FOLF HQ HO ERWyQ GHUHFKR GHO PRXVH R SXOVDU (17(5
$872&$'
,17(56(&7
,1
'HILQLFLyQ 2EWLHQH XQ QXHYR VyOLGR R UHJLyQ VyOR FRQ OD SDUWH FRP~Q R LQWHUVHFFLyQ GH ORV VyOLGRV R UHJLRQHV VHxDODGRV
,17(56(&
3URFHGLPLHQWR x (MHFXWDU HO FRPDQGR x (Q OD OtQHD GH FRPDQGR DSDUHFH o 6HOHFW REMHFWV 6HOHFFLRQH ORV VyOLGRV R UHJLRQHV GH OR TXH REWHQHU OD LQWHUVHFFLyQ +DFHU FOLF HQ HO ERWyQ GHUHFKR GHO PRXVH R SXOVDU (17(5
3UREOHPD 'LEXMDU HO VLJXLHQWH SHUILO \ FUHDU GRV FRSLDV PiV (QVHJXLGD H[WUXLU ORV VHLV REMHWRV XQD DOWXUD GH /XHJR DSOLFDU ODV RSHUDFLRQHV ERROHDQDV
$XWRGHVN
$XWR&$'
,QWHUVHFFLyQ
%ORTXH GH HVTXLQD
%ORTXH GH SDUR
$XWRGHVN
$872&$'
%ORTXH GH DSR\R
%ORTXH GH ORFDOL]DFLyQ
%ORTXH GH DMXVWH
,QJ )HUQDQGR )ORUHV -iXUHJXL
$XWRGHVN
$XWR&$'
%ORTXH GH VHJXULGDG
%ORTXH HQ iQJXOR
,QJ )HUQDQGR )ORUHV -iXUHJXL
$XWRGHVN
$872&$'
&UX] GH SDUR
$XWRGHVN
$XWR&$'
$XWRGHVN
$872&$'
3UREOHPD
$XWRGHVN
$XWR&$'
+(/,;
'HILQLFLyQ &UHD XQD HVSLUDO ' R XQ PXHOOH '3XHGH XWLOL]DU XQD KpOLFH SDUD FUHDU REMHWRV FRPR PXHOOHV R WRUQLOORV &RPPDQG +(/,; 1XPEHU RI WXUQV 7ZLVW &&: 6SHFLI\ FHQWHU SRLQW RI EDVH 6SHFLI\ EDVH UDGLXV RU >'LDPHWHU@ 6SHFLI\ WRS UDGLXV RU >'LDPHWHU@ 6SHFLI\ KHOL[ KHLJKW RU >$[LV HQGSRLQW7XUQVWXUQ +HLJKWW:LVW@ &RPDQGR +(/,&( 1~PHUR GH JLURV 7RUVLyQ $QWLKRUDULD 3UHFLVH FHQWUR GH EDVH 3UHFLVH UDGLR GH EDVH R >'LiPHWUR@ 3UHFLVH UDGLR VXSHULRU R >'LiPHWUR@ 3UHFLVH DOWXUD GH KpOLFH R >SXQWR ILQDO (MH*LURV$OWXUD JLUR7RUVLyQ@
+e/,&(
3DUD GLEXMDU XQD KpOLFH KDJD FOLF HQ HO ERWyQ +pOLFH GHO SDQHO 'UDZ 'LEXMR
$XWRGHVN
$872&$'
3URFHGLPLHQWR
x x
(MHFXWDU HO FRPDQGR
$KRUD SXHGH HVSHFLILFDU HO UDGLR VXSHULRU R SXOVDU (17(5 SDUD LQGLFDU HO PLVPR YDORU TXH HO UDGLR GH EDVH
2SFLRQHV
$[LV HQGSRLQW SXQWR ILQDO (MH o 3HUPLWH HVSHFLILFDU OD XELFDFLyQ GHO SXQWR ILQDO GHO HMH GH OD KpOLFH (VWR SHUPLWH GLEXMDU KpOLFHV HQ FXDOTXLHU GLUHFFLyQ QR SHUSHQGLFXODU DO SODQR ;< (O SXQWR ILQDO GH OD KpOLFH GHILQH OD ORQJLWXG \ RULHQWDFLyQ GH OD KpOLFH
7XUQV *LURV o 3HUPLWH HVSHFLILFDU HO Q~PHUR GH JLURV UHYROXFLRQHV GH OD KpOLFH (O Q~PHUR GH JLURV GH OD KpOLFH QR SXHGH VHU PD\RU TXH (V SRVLEOH HVSHFLILFDU XQ Q~PHUR QR HQWHUR GH YXHOWDV ,QLFLDOPHQWH HO YDORU SRU GHIHFWR GHO Q~PHUR GH JLURV HV WUHV 'XUDQWH XQD VHVLyQ GH GLEXMR HO YDORU SRU GHIHFWR GHO Q~PHUR GH JLURV HV VLHPSUH HO YDORU GH Q~PHUR GH JLURV LQGLFDGR DQWHULRUPHQWH WXUQ +HLJKW $OWXUD JLUR o 3HUPLWH HVSHFLILFDU OD DOWXUD HQWUH JLURV OODPDGD WDPELpQ SDVR GH OD KpOLFH W:LVW 7RUVLyQ o 3HUPLWH LQGLFDU HO VHQWLGR GH JLUR GH OD KpOLFH KRUDULD R DQWLKRUDULD (O YDORU SRU GHIHFWR GH OD WRUVLyQ GH OD KpOLFH HV $QWLKRUDULD
$XWRGHVN
$XWR&$'
&RPPDQG B+HOL[ 1XPEHU RI WXUQV 7ZLVW &&: 6SHFLI\ FHQWHU SRLQW RI EDVH 3
6SHFLI\ EDVH UDGLXV RU >'LDPHWHU@ ! 6SHFLI\ WRS UDGLXV RU >'LDPHWHU@ ! !
&RPPDQG B+HOL[ 1XPEHU RI WXUQV 7ZLVW &&: 6SHFLI\ FHQWHU SRLQW RI EDVH 3
&RPPDQG B+HOL[ 1XPEHU RI WXUQV 7ZLVW &&: 6SHFLI\ FHQWHU SRLQW RI EDVH 3
8QD KpOLFH SODQD &RPPDQG B+HOL[ 1XPEHU RI WXUQV 7ZLVW &&: 6SHFLI\ FHQWHU SRLQW RI EDVH 3
6SHFLI\ KHOL[ KHLJKW RU >$[LV HQGSRLQW7XUQVWXUQ +HLJKWW:LVW@ ! W 6SHFLI\ KHOL[ KHLJKW RU >$[LV HQGSRLQW7XUQVWXUQ +HLJKWW:LVW@ !
$XWRGHVN
$872&$'
6L XQD KpOLFH VH GLEXMD FRQ HO PLVPR GLiPHWUR EDVH \ VXSHULRU IRUPD XQD KpOLFH FLOtQGULFD /D KpOLFH SRU GHIHFWR XWLOL]D HO PLVPR GLiPHWUR EDVH \ VXSHULRU 3XHGH UHGXFLU ORV GLiPHWURV EDVH R VXSHULRU GH OD KpOLFH SDUD IRUPDU XQ FRQR KHOLFRLGDO
$XWRGHVN
6:((3
$XWR&$'
'HILQLFLyQ &UHD XQD VXSHUILFLH R XQ VyOLGR ' PHGLDQWH HO EDUULGR GH XQ REMHWR ' D OR ODUJR GH XQD WUD\HFWRULD R FDPLQR
%$55,'2
&RPPDQG 6:((3
&XUUHQW ZLUH IUDPH GHQVLW\ ,62/,1(6 6HOHFW REMHFWV WR VZHHS IRXQG 6HOHFW REMHFWV WR VZHHS &RPDQGR %$55,'2 6HOHFW VZHHS SDWK RU >$OLJQPHQW%DVH SRLQW6FDOH7ZLVW@
'HQVLGDG GH HVWUXFWXUD DOiPEULFD DFWXDO ,62/,1(6 'HVLJQH REMHWRV SDUD EDUUHU HQFRQWUDGRV 'HVLJQH WUD\HFWRULD GH EDUULGR R >$OLQHDFLyQS8QWR EDVH(VFDODWRUVLy1@ 'HVLJQH REMHWRV SDUD EDUUHU
3URFHGLPLHQWR x (MHFXWDU HO FRPDQGR x (Q OD OtQHD GH FRPDQGR DSDUHFH o 6HOHFW REMHFWV WR VZHHS 6HOHFFLRQDU HO REMHWR D EDUUHU +DFHU FOLF HQ HO ERWyQ GHUHFKR GHO PRXVH R SXOVDU (17(5 (Q OD OtQHD GH FRPDQGR DSDUHFH o 6HOHFW VZHHS SDWK RU >$OLJQPHQW%DVH SRLQW6FDOH7ZLVW@ 6HOHFFLRQH OD WUD\HFWRULD GH EDUULGR 2SFLRQHV $OLJQPHQW $OLQHDFLyQ o 3HUPLWH HVSHFLILFDU VL HO SHUILO HO REMHWR D EDUUHU VH DOLQHD VLHPSUH SHUSHQGLFXODU D OD WUD\HFWRULD %DVH SRLQW S8QWR EDVH o 3HUPLWH SUHFLVDU XQ SXQWR EDVH SDUD ORV REMHWRV TXH VH EDUUHUiQ 6L HO SXQWR GHVLJQDGR QR VH HQFXHQWUD HQ HO SODQR GH ORV REMHWRV VHOHFFLRQDGRV VH SUR\HFWDUi VREUH HO PLVPR 6FDOH (VFDOD o 3HUPLWH GHILQLU XQ IDFWRU GH HVFDOD SDUD XQD RSHUDFLyQ GH EDUULGR 6L VH LQGLFD XQD HVFDOD PHQRU TXH HO SHUILO GLVPLQXLUi SURJUHVLYDPHQWH GH WDPDxR KDVWD HO ILQDO GH OD WUD\HFWRULD 6L VH LQGLFD XQD HVFDOD PD\RU TXH DXPHQWDUi GH WDPDxR 7ZLVW WRUVLy1 o 3HUPLWH HVWDEOHFHU XQ iQJXOR GH WRUVLyQ SDUD ORV REMHWRV TXH VH EDUUHQ (O SHUILO LUi JLUDQGR R UHWRUFLpQGRVH SURJUHVLYDPHQWH D OR ODUJR GH OD WUD\HFWRULD KDVWD DOFDQ]DU GLFKR iQJXOR ILQDO
(O FRPDQGR 6:((3 TXH HV XQR GH ODV QXHYDV RSHUDFLRQHV TXH YLQLHURQ FRQ $XWR&$' SXHGH FRQVLGHUDUVH FRPR XQD YHUVLyQ DYDQ]DGD GHO FRPDQGR (;758'( H[WUXVLyQ $PERV FRPDQGRV (;758'( \ 6:((3 VH XWLOL]DQ SDUD FUHDU XQ VyOLGR ' DUUDVWUDQGR XQ SHUILO D OR ODUJR GH XQ FDPLQR
,QJ )HUQDQGR )ORUHV -iXUHJXL
$XWRGHVN
/D SULQFLSDO GLIHUHQFLD HQWUH ORV GRV FRPDQGRV HV TXH HQ HO FRPDQGR 6:((3 SXHGH KDFHU DXWRPiWLFDPHQWH HO SHUILO SHUSHQGLFXODU DO FDPLQR SXHGH HVFDODU HO SHUILO D OR ODUJR GHO FDPLQR \ SXHGH JLUDUOR 3RU RWUR ODGR OD RSFLyQ WDSHU DQJOH iQJXOR GH LQFOLQDFLyQ GHO FRPDQGR (;758'( ([WUXVLyQ QR H[LVWH HQ HO FRPDQGR 6:((3 %$55,'2
$872&$'
9HDPRV HO FRPDQGR 6:((3 (O SULPHU HMHPSOR HV XQ UHVRUWH HVSLUDO (VWH HMHPSOR HV PX\ SRSXODU SRUTXH H[SOLFD PX\ ELHQ HO XVR IXQGDPHQWDO GH HVWH FRPDQGR &UHDU XQ VyOLGR PHGLDQWH EDUULGR 3XHGH FUHDU XQ QXHYR VyOLGR R VXSHUILFLH PHGLDQWH HO EDUULGR GH XQD FXUYD SODQD DELHUWD R FHUUDGD SHUILO D OR ODUJR GH XQD WUD\HFWRULD ' R ' DELHUWD R FHUUDGD 'LEXMH HQ SULPHU OXJDU XQ SHTXHxR FtUFXOR GHO PLVPR JURVRU TXH GHVHD DSOLFDU D ORV JLURV GH OD KpOLFH 6L GLEXMD XQ REMHWR FLUFXODU HO REMHWR TXH EDUUH WHQGUi XQD FRWD FLUFXODU 6L GLEXMD XQ REMHWR UHFWDQJXODU HO REMHWR TXH EDUUH WHQGUi XQD FRWD UHFWDQJXODU
(Q HO SDQHO 0RGHOLQJ 0RGHODGR KDJD FOLF HQ HO ERWyQ 6ZHHS %DUULGR 6HOHFFLRQH HO FtUFXOR \ D FRQWLQXDFLyQ OD KpOLFH (O FtUFXOR VH EDUUH D OR ODUJR GH OD KpOLFH FUHDQGR XQ REMHWR VyOLGR ' VLPLODU D XQ PXHOOH R XQD HVSLUDO
&RPR SXHGH YHU pVWD HV OD PDQHUD PiV EiVLFD GH PRVWUDU FyPR IXQFLRQD HO FRPDQGR 6:((3 4Xp HV VLPSOHPHQWH DUUDVWUDQGR XQD HQWLGDG HQ WRUQR D XQ FDPLQR /D HQWLGDG DXWRPiWLFDPHQWH VH FRORFD SHUSHQGLFXODU DO FDPLQR \ FHQWUDGD HQ pO
$XWRGHVN
$XWR&$'
$XWRGHVN
$872&$'
$OLJQPHQW $OLQHDFLyQ $ PHQRV TXH PHQFLRQH OR FRQWUDULR VH DOLQHD HO SHUILO SHUSHQGLFXODU DO FDPLQR 6L VH HVSHFLILFD TXH 1R VH PDQWLHQH HO iQJXOR GHO SHUILO LQLFLDO UHVSHFWR D OD WUD\HFWRULD DXQTXH GHVSXpV HO SHUILO LUi EXVFDQGR OD SRVLFLyQ SHUSHQGLFXODU D OD WUD\HFWRULD (Q OD ILJXUD HO SHUILO HVWD GLEXMDGR HQ XQ SODQR TXH KDFH FRQ HO SODQR ;<
&RPPDQG VZHHS
&XUUHQW ZLUH IUDPH GHQVLW\ ,62/,1(6 6HOHFW REMHFWV WR VZHHS 6HOHFW REMHFWV WR VZHHS SRLQW6FDOH7ZLVW@ $
$OLJQ VZHHS REMHFW SHUSHQGLFXODU WR SDWK EHIRUH VZHHS ><HV1R@<HV! 6HOHFW VZHHS SDWK RU >$OLJQPHQW%DVH SRLQW6FDOH7ZLVW@
<HV
$XWRGHVN
$XWR&$'
&RPPDQG VZHHS
&XUUHQW ZLUH IUDPH GHQVLW\ ,62/,1(6 6HOHFW REMHFWV WR VZHHS 6HOHFW REMHFWV WR VZHHS SRLQW6FDOH7ZLVW@ $
6HOHFW VZHHS SDWK RU >$OLJQPHQW%DVH $OLJQ VZHHS REMHFW SHUSHQGLFXODU WR SDWK EHIRUH VZHHS ><HV1R@<HV! 1 6HOHFW VZHHS SDWK RU >$OLJQPHQW%DVH
1R SRLQW6FDOH7ZLVW@ %DVH SRLQW 3XQWR EDVH $ PHQRV TXH PHQFLRQH OR FRQWUDULR VH DOLQHD DO FDPLQR HQ VX FHQWUR GH JUDYHGDG GHO SHUILO
&RPPDQG 6:((3
&XUUHQW ZLUH IUDPH GHQVLW\ ,62/,1(6 6HOHFW REMHFWV WR VZHHS 6HOHFW REMHFWV WR VZHHS
$XWRGHVN
$872&$'
&RPPDQG 6:((3
&XUUHQW ZLUH IUDPH GHQVLW\ ,62/,1(6 6HOHFW REMHFWV WR VZHHS 6HOHFW REMHFWV WR VZHHS
6HOHFW VZHHS SDWK RU >$OLJQPHQW%DVH SRLQW6FDOH7ZLVW@ % 6SHFLI\ EDVH SRLQW 6HOHFW VZHHS SDWK RU >$OLJQPHQW%DVH SRLQW6FDOH7ZLVW@ 6FDOH (VFDOD 3XHGH HVFDODU HO SHUILO D OR ODUJR GHO FDPLQR
$XWRGHVN
$XWR&$'
&RPPDQG 6:((3
&XUUHQW ZLUH IUDPH GHQVLW\ ,62/,1(6 6HOHFW REMHFWV WR VZHHS 6HOHFW REMHFWV WR VZHHS SRLQW6FDOH7ZLVW@ 6
6HOHFW VZHHS SDWK RU >$OLJQPHQW%DVH (QWHU VFDOH IDFWRU RU >5HIHUHQFH@! 6HOHFW VZHHS SDWK RU >$OLJQPHQW%DVH SRLQW6FDOH7ZLVW@
7ZLVW 7RUVLyQ 6H LQGLFD HO iQJXOR GH JLUR SDUD HO SHUILO DO ILQDO GH OD WUD\HFWRULD (O iQJXOR GH WRUVLyQ SUHFLVD OD FDQWLGDG GH URWDFLyQ D OR ODUJR GH WRGD OD ORQJLWXG GH OD WUD\HFWRULD GH EDUULGR
&RPPDQG 6:((3
&XUUHQW ZLUH IUDPH GHQVLW\ ,62/,1(6 6HOHFW REMHFWV WR VZHHS 6HOHFW REMHFWV WR VZHHS SRLQW6FDOH7ZLVW@ 7
6HOHFW VZHHS SDWK RU >$OLJQPHQW%DVH (QWHU WZLVW DQJOH RU DOORZ EDQNLQJ IRU D QRQ SODQDU VZHHS SDWK >%DQN@! 6HOHFW VZHHS SDWK RU >$OLJQPHQW%DVH SRLQW6FDOH7ZLVW@
,QJ )HUQDQGR )ORUHV -iXUHJXL
$XWRGHVN
/2)7
$872&$'
'HILQLFLyQ &UHD XQD VXSHUILFLH R XQ VyOLGR ' SRU LQWHUSRODFLyQ HQWUH YDULDV FXUYDV R VHFFLRQHV WUDQVYHUVDOHV
62/(9$&,1
/DV VHFFLRQHV WUDQVYHUVDOHV SXHGHQ VHU REMHWRV ' DELHUWRV R FHUUDGRV WDOHV FRPR FtUFXORV DUFRV R VSOLQHV
&RPPDQG /2)7
6HOHFW FURVV VHFWLRQV LQ ORIWLQJ RUGHU (QWHU DQ RSWLRQ >*XLGHV3DWK&URVV VHFWLRQV RQO\@ &URVV VHFWLRQV RQO\! &RPDQGR 62/(9$&,21 'HVLJQH VHFFLRQHV WUDQVYHUVDOHV HQ RUGHQ GH VROHYDGR ,QGLTXH XQD RSFLyQ >*XtDV7UD\HFWRULDVyOR 6HFFLRQHV WUDQVYHUVDOHV@ VyOR 6HFFLRQHV WUDQVYHUVDOHV!
3URFHGLPLHQWR x (MHFXWDU HO FRPDQGR x (Q OD OtQHD GH FRPDQGR DSDUHFH o 6HOHFW FURVV VHFWLRQV LQ ORIWLQJ RUGHU 6HOHFFLRQH ODV FXUYDV DELHUWDV R FHUUDGDV HQ HO RUGHQ HQ TXH ODV DWUDYHVDUiQ OD VXSHUILFLH R HO VyOLGR +DFHU FOLF HQ HO ERWyQ GHUHFKR GHO PRXVH R SXOVDU (17(5 (Q OD OtQHD GH FRPDQGR DSDUHFH o (QWHU DQ RSWLRQ >*XLGHV3DWK&URVV VHFWLRQV RQO\@ &URVV VHFWLRQV RQO\! 3XOVH (17(5 SDUD XWLOL]DU ODV VHFFLRQHV WUDQVYHUVDOHV VHOHFFLRQDGDV \ PRVWUDU HO FXDGUR GH GLiORJR /RIW 6HWWLQJV 3DUiPHWURV GH VROHYDFLyQ R LQGLTXH XQD RSFLyQ
$XWRGHVN
2SFLRQHV *XLGHV *XtDV o 3HUPLWH VHOHFFLRQDU FXUYDV JXtD TXH FRQWURODQ OD IRUPD GHO VyOLGR R OD VXSHUILFLH VROHYDGRV
$XWR&$'
6HFFLRQHV WUDQVYHUVDOHV FRQ FXUYDV JXtD 6yOLGR VROHYDGR 3DWK 7UD\HFWRULD o 3HUPLWH VHOHFFLRQDU XQD ~QLFD WUD\HFWRULD SDUD HO VyOLGR R OD VXSHUILFLH VROHYDGRV /D FXUYD GH WUD\HFWRULD GHEH LQWHUVHFDU WRGRV ORV SODQRV GH ODV VHFFLRQHV WUDQVYHUVDOHV
6yOLGR VROHYDGR 6HFFLRQHV WUDQVYHUVDOHV FRQ FXUYD GH WUD\HFWRULD &URVV VHFWLRQV RQO\ VyOR 6HFFLRQHV WUDQVYHUVDOHV o 0XHVWUD HO FXDGUR GH GLiORJR /RIW 6HWWLQJV 3DUiPHWURV GH VROHYDFLyQ
$XWRGHVN
3DVR
$872&$'
'LEXMDU XQ UHFWiQJXOR LQFOLQDGR GH ORQJLWXG LJXDO D OD FXHUGD \ GH DQFKR LJXDO D )LOHWHDU GRV HVTXLQDV
3DVR
3DVR
$XWRGHVN
3DVR
$XWR&$'
3DVR 8ELFDU ORV SHUILOHV VHJ~Q VHD HO FDVR FRPR VH PXHVWUD HQ OD VLJXLHQWH ILJXUD
$XWRGHVN
$872&$'
)LOOHW 5
3DVR &UHDU XQD UHYROXFLyQ GH GH OD UHJLyQ VRPEUHDGD FRQ HO FRPDQGR 5HYROYH
$XWRGHVN
3DVR &UHDU OD VROHYDFLyQ /RIW FRQ ODV VHFFLRQHV \ ODV GRV JXtDV 3HUR DQWHV SDVDU ORV VyOLGRV FUHDGRV D OD FDSD DX[ \ OXHJR DSDJDU HVD FDSD /tQHDV JXtD 6HFFLyQ 6HFFLyQ
$XWR&$'
6HFFLyQ 6HFFLyQ 6HFFLyQ 3DVR 3UHQGHU OD FDSD DX[ &UHDU XQD VLPHWUtD GHO VyOLGR HQ HO SODQR IURQWDO FRQ HO FRPDQGR 0LUURU 8QLU ORV VyOLGRV FRQ HO FRPDQGR 81,21
$XWRGHVN
32/<62/,'
362/,'
$872&$'
32/,62/,'2
'HILQLFLyQ &UHD XQ SROLVyOLGR VLPLODU D XQ PXUR ' 3XHGH FUHDU PXURV FRQ VHJPHQWRV UHFWRV R FXUYRV GH DOWXUD \ JURVRU FRQVWDQWHV
&RPPDQG 32/<62/,' +HLJKW 6SHFLI\ 6SHFLI\ 6SHFLI\ 6SHFLI\ $OWXUD 3UHFLVH 3UHFLVH 3UHFLVH 3UHFLVH
&RPDQGR 32/,62/,'2
:LGWK -XVWLILFDWLRQ 5LJKW VWDUW SRLQW RU >2EMHFW+HLJKW:LGWK-XVWLI\@ 2EMHFW! QH[W SRLQW RU >$UF8QGR@ QH[W SRLQW RU >$UF8QGR@ QH[W SRLQW RU >$UF&ORVH8QGR@
3URFHGLPLHQWR (MHFXWDU HO FRPDQGR (Q OD OtQHD GH FRPDQGR DSDUHFH o 6SHFLI\ VWDUW SRLQW RU >2EMHFW+HLJKW:LGWK-XVWLI\@ 2EMHFW! ,QWURGXFLU XQ SXQWR LQLFLDO GHO SHUILO GHO VyOLGR KDFLHQGR FOLF VREUH HO iUHD JUiILFD R LQWURGXFLHQGR ODV FRRUGHQDGDV GHO SXQWR (Q OD OtQHD GH FRPDQGR DSDUHFH o 6SHFLI\ QH[W SRLQW RU >$UF8QGR@ ,QWURGXFLU HO VLJXLHQWH SXQWR GHO SHUILO GHO VyOLGR 3XOVH (17(5 SDUD ILQDOL]DU HO FRPDQGR 2SFLRQHV 2EMHFW 2EMHWR o &RQYLHUWH XQ REMHWR HQ VyOLGR 6H SXHGHQ FRQYHUWLU ORV HOHPHQWRV VLJXLHQWHV /tQHD DUFR SROLOtQHD ' \ FtUFXOR +HLJKW $OWXUD o 3HUPLWH HVSHFLILFDU OD DOWXUD GHO VyOLGR /D DOWXUD SRU GHIHFWR VH GHILQH HQ HO SDUiPHWUR DFWXDO GH 362/+(,*+7 :LGWK $QFKXUD o 3HUPLWH HVSHFLILFD OD DQFKXUD GHO VyOLGR /D DQFKXUD SRU GHIHFWR VH GHILQH HQ HO SDUiPHWUR DFWXDO GH 362/:,'7+ -XVWLI\ -XVWLILFDU o 3HUPLWH HVWDEOHFHU KDFLD TXp ODGR VH DSOLFD OD DQFKXUD GHO VyOLGR KDFLD OD L]TXLHUGD KDFLD OD GHUHFKD R GHVGH HO FHQWUR KDFLD DPERV ODGRV /D MXVWLILFDFLyQ VH EDVD HQ OD GLUHFFLyQ LQLFLDO GHO SULPHU VHJPHQWR GHO SHUILO
$QFKXUD -XVWLILFDFLyQ 'HUHFKD SXQWR LQLFLDO X >2EMHWR$OWXUDD1FKXUD-XVWLILFDU@ 2EMHWR! SXQWR VLJXLHQWH R >$UFR'HVKDFHU@ SXQWR VLJXLHQWH R >$UFR'HVKDFHU@ SXQWR VLJXLHQWH R >$UFR&HUUDU'HVKDFHU@
$XWRGHVN
$XWR&$'
3DVR $SDJDU ODV FDSDV SXHUWDV YHQWDQDV \ 3DVR $FWLYDU HO FRPDQGR 32/<62/,' \ FDPELDU GLPHQVLRQDGR &DPELDU D XQD YLVWD 6( ORV SDUiPHWURV GH DOWXUD +HLJKW HVSHVRU ,VRPpWULFD +DFHU OD FDSD GBPXURV DFWLYD GHO PXUR :LGWK \ OD MXVWLILFDFLyQ GHO PXUR -XVWLILFDWLRQ 5LJKW 3XOVDU HQ FDGD HVTXLQD GH OD FDVD
3DVR $FWLYDU HO FRPDQGR 32/<62/,' &RPPDQG 3RO\VROLG +HLJKW :LGWK -XVWLILFDWLRQ 5LJKW 6SHFLI\ VWDUW SRLQW RU >2EMHFW+HLJKW:LGWK-XVWLI\@ 2EMHFW! + 6SHFLI\ KHLJKW ! +HLJKW :LGWK -XVWLILFDWLRQ 5LJKW
,QJ )HUQDQGR )ORUHV -iXUHJXL
$XWRGHVN
6SHFLI\ VWDUW SRLQW RU >2EMHFW+HLJKW:LGWK-XVWLI\@ 2EMHFW! 3 6SHFLI\ QH[W SRLQW RU >$UF8QGR@ 3 6SHFLI\ QH[W SRLQW RU >$UF8QGR@
$872&$'
$XWRGHVN
3DVR 0HGLDQWH OD RSHUDFLyQ ERROHDQD 3DVR 3UHQGHU OD FDSD YHQWDQDV $FWLYDU HO 68%75$&7 UHVWDU DO PXUR ODV DEHUWXUDV GH ODV FRPDQGR 32/<62/,' \ FDPELDU HO SDUiPHWUR SXHUWDV DOWXUD +HLJKW 3XOVH VREUH 3 \ 3
$XWR&$'
3
3
3DVR &RQ HO FRPDQGR 029( GHVSOD]DU WRGDV ODV YHQWDQDV GHVGH HO SXQWR EDVH D 'RQGH HV HO DOIHL]HU GH FDGD YHQWDQD &RPPDQG 029( 6HOHFW REMHFWV IRXQG 6HOHFW REMHFWV IRXQG WRWDO 6HOHFW REMHFWV IRXQG WRWDO 6HOHFW REMHFWV IRXQG WRWDO 6HOHFW REMHFWV IRXQG WRWDO 6HOHFW REMHFWV IRXQG WRWDO
,QJ )HUQDQGR )ORUHV -iXUHJXL
$XWRGHVN
6HOHFW REMHFWV IRXQG WRWDO 6HOHFW REMHFWV IRXQG WRWDO 6HOHFW REMHFWV 6SHFLI\ EDVH SRLQW RU >'LVSODFHPHQW@ 'LVSODFHPHQW!
$872&$'
3DVR 3RU ~OWLPR PHGLDQWH OD RSHUDFLyQ ERROHDQD 68%75$&7 UHVWDU DO PXUR ODV DEHUWXUDV GH ODV YHQWDQDV
$XWRGHVN
/DV IRUPDV EiVLFDV GH VyOLGRV D YHFHV GHQRPLQDGDV VyOLGR SULPLWLYR VRQ IXQFLRQHV TXH SHUPLWHQ OD JHQHUDFLyQ GH VyOLGRV FRQ IRUPDV JHRPpWULFDV VHQFLOODV SDUDOHOHStSHGRV FRQRV FLOLQGURV HVIHUDV HWF 1R UHTXLHUHQ TXH VH GLEXMH SUHYLDPHQWH XQ FRQWRUQR R SHUILO VLQR TXH VROLFLWDQ VLPSOHPHQWH GDWRV JHRPpWULFRV /RV VyOLGRV PiV FRPSOHMRV HQ PXFKDV RFDVLRQHV SXHGHQ FRQVWUXLUVH D SDUWLU GH HVWDV IRUPDV EiVLFDV UHDOL]DQGR GHVSXpV RSHUDFLRQHV ERROHDQDV \ GH HGLFLyQ GH VyOLGRV ([LVWHQ ILJXUDV GLIHUHQWHV HQWUH ODV FXDOHV HVFRJHU %R[ 3ULVPD UHFWDQJXODU &LOLQGUR &RQR (VIHUD 3LUiPLGH &XxD 7RURLGH
$XWR&$'
%R[
'HILQLFLyQ &UHD XQ SULVPD UHFWDQJXODU VyOLGR ' /D EDVH GHO SULVPD UHFWDQJXODU VH GLEXMD VLHPSUH SDUDOHOD DO SODQR ;< GHO VLVWHPD 6&3 DFWXDO /D DOWXUD GHO SULVPD VH HVSHFLILFD HQ OD GLUHFFLyQ GHO HMH = 3XHGH LQWURGXFLU YDORUHV SRVLWLYRV \ QHJDWLYRV SDUD OD DOWXUD
35,60$5(&7
&RPPDQG %2;
6SHFLI\ ILUVW FRUQHU RU >&HQWHU@ 6SHFLI\ RWKHU FRUQHU RU >&XEH/HQJWK@ 6SHFLI\ KHLJKW RU >3RLQW@ &RPDQGR 35,60$5(&7 3UHFLVH SULPHUD HVTXLQD R >&HQWUR@ 3UHFLVH RWUD HVTXLQD R >&XER/RQJLWXG@ 3UHFLVH DOWXUD R >3XQWRV@
,QJ )HUQDQGR )ORUHV -iXUHJXL