Está en la página 1de 90

$XWRGHVN

$XWR&$'   $YDQ]DGR

$872&$' 

,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

$XWR&$' 

&$3,78/2  &RQFHSWRV EiVLFRV GH '

,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

$872&$' 

7LSRV EiVLFRV GH PRGHORV '


eVWRV VRQ  WLSRV EiVLFRV GH PRGHORV ' 0RGHORV GH HVWUXFWXUD DOiPEULFD 0RGHORV GH VXSHUILFLH 0RGHORV VyOLGRV

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

,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

,QJUHVDQGR DO HVSDFLR GH WUDEDMR GH $XWR&$' '


 6HOHFFLRQH HO HVSDFLR GH WUDEDMR ' 0RGHOLQJ 0RGHODGR ' D 6HOHFFLRQH OD KHUUDPLHQWD GH HVSDFLR GH E 6HOHFFLRQH WUDEDMR ORFDOL]DGD HQ OD HVTXLQD LQIHULRU 0RGHOLQJ GHUHFKD

$XWR&$' 

HO

HVSDFLR

GH

WUDEDMR

'

$KRUD VX SDQWDOOD GHEH DSDUHFHU FRPR HO HMHPSOR TXH VH PXHVWUD D FRQWLQXDFLyQ

 6HOHFFLRQH OD KHUUPLHQWD 1(: 18(92 \ VHOHFFLRQH XQR GH ORV VLJXLHQWHV DFDG'GZW SDUD XQLGDGHV ,PSHULDOHV $FDGLVR'GZW SDUD PpWULFR

&XER GH YLVWD 2ULJHQ

&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

,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

9LVXDOL]DU OD SDOHWD GH KHUUDPLHQWDV

$872&$' 

/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

&RQILJXUDFLyQ GH OD YHQWDQD JUiILFD

3DUD FRQILJXUDU OD YHQWDQD JUiILFD VLJD ORV VLJXLHQWHV SDVRV 3DVR  +DJD FOLF GHUHFKR HQ OD YHQWDQD JUiILFD 6HOHFFLRQH 2SWLRQV 2SFLRQHV GHO PHQ~ FRQWH[WXDO

,QJ )HUQDQGR )ORUHV -iXUHJXL

$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

,QWHUIDFH HOHPHQW (OHPHQWR GH LQWHUID] )RQGR XQLIRUPH &XUVRU HQ FUX]

' PRGHO VSDFH (VSDFLR PRGHOR ' &DPELDU 'H

$872&$' 

8QLIRUP EDFNJURXQG &URVVKDLUV

 %ODFN

%ODFN

$

:KLWH

&RQWH[W &RQWH[WR

' SDUDOOHO SURMHFWLRQ 3UR\HFFLyQ SDUDOHOD ' 'H &DPELDU %ODFN $

,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 

/tQHDV VHFXQGDULDV GH UHMLOOD

 :KLWH



 :KLWH

:KLWH

&RORU 

,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

$XWR&$' 

&RQWH[W &RQWH[WR

' SHUVSHFWLYH SURMHFWLRQ 3UR\HFFLyQ (Q SHUVSHFWLYD ' 'H &DPELDU $

,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 RULJLQ

%DFNJURXQG JURXQG KRUL]RQ %DFNJURXQG HDUWK KRUL]RQ &URVVKDLUV *ULG PDMRU OLQHV *ULG PLQRU OLQHV *ULG D[LV OLQHV

%RWWRP RI HDUWK EDFNJURXQG

+RUL]RQWH WHUUHVWUH GH IRQGR

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

/tQHDV VHFXQGDULDV GH UHMLOOD

 :KLWH :KLWH :KLWH

&RORU 

 

,QJ )HUQDQGR )ORUHV -iXUHJXL

$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

(Q OD VLJXLHQWH ILJXUD DSDUHFH OD YHQWDQD JUiILFD GH DXWR&$'  FRQILJXUDGD


,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

$XWR&$' 



,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

$872&$' 

&$3,78/2  9LVXDOL]DFLyQ '


9,68$/,=$&,21 '( 2%-(726 (1 ' $XWR&$' SHUPLWH REVHUYDU XQ REMHWR HQ FXDOTXLHU SRVLFLyQ HQ HO HVSDFLR \ PRGHOR (O SXQWR GHVGH HO TXH VH REVHUYD HO GLEXMR VH FRQRFH FRPR SXQWR GH YLVWD SRGHPRV GHILQLU HO SXQWR GH YLVWD HQ OD YHQWDQD DFWXDO FRQ HO FRPDQGR 1DYYFXEH

9LHZ&XEH &XER GH YLVWD

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

&RQWURO GHO DVSHFWR GH 9LHZ&XEH

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


,QJ )HUQDQGR )ORUHV -iXUHJXL

$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

+RPH LQLFLR 5HVWLWX\H OD YLVWD GH LQLFLR JXDUGDGD FRQ HO PRGHOR

$XWR&$' 

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

3HUVSHFWLYH 3HUVSHFWLYD &DPELD OD YLVWD DFWXDO D XQD SUR\HFFLyQ HQ SHUVSHFWLYD

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 FXER 0XHVWUD 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

&DPELR GH OD YLVWD DFWXDO

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 VLJXLHQWHV RSFLRQHV VH HQFXHQWUDQ HQ HO PHQ~ FRQWH[WXDO 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

,QJ )HUQDQGR )ORUHV -iXUHJXL

$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

5RGDPLHQWR GH XQD YLVWD GH FDUD

$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

,QJ )HUQDQGR )ORUHV -iXUHJXL



$XWRGHVN

$XWR&$' 

&DPELR D XQD FDUD DG\DFHQWH

$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

(VWDEOHFLPLHQWR GHO PRGR GH SUR\HFFLyQ GH OD YLVWD

/D SUR\HFFLyQ GH OD YLVWD SURGXFH HIHFWRV YLVXDOHV UHDOLVWDV GH XQ PRGHOR

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

SXQWRV GH XQ PRGHOR TXH VH SUR\HFWD HQ SDUDOHOR D OD SDQWDOOD

/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

3XHGH H[DPLQDU REMHWRV LQGLYLGXDOHV GH XQ PRGHOR FRQ 9LHZ&XEH

&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 



,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

$872&$' 

,QJ )HUQDQGR )ORUHV -iXUHJXL



$XWRGHVN

$XWR&$' 



,QJ )HUQDQGR )ORUHV -iXUHJXL

$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

,QJ )HUQDQGR )ORUHV -iXUHJXL



$XWRGHVN

$XWR&$' 

&$3,78/2  6LVWHPD GH FRRUGHQDGDV


&RRUGHQDGDV FDUWHVLDQDV '
/DV FRRUGHQDGDV FDUWHVLDQDV ' HVSHFLILFDQ XQD XELFDFLyQ SUHFLVD PHGLDQWH HO XVR GH WUHV YDORUHV GH FRRUGHQDGDV;< \ =

(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 

8VR GH ORV YDORUHV = SRU GHIHFWR

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 ;<

,QJ )HUQDQGR )ORUHV -iXUHJXL



$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

8VR GH ILOWURV SDUD SXQWRV ;<=

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 [ \ ] [\ [] \]



,QJ )HUQDQGR )ORUHV -iXUHJXL

$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

&UHDFLyQ GH PRGHORV DOiPEULFRV

&$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

6HOHFFLRQH HO SXQWR EDVH EDVHSRLQW

 $KRUD XWLOL]DQGR HO FRPDQGR /LQH GLEXMDU ODV OtQHDV GH ODV HVTXLQDV GHO UHFWiQJXOR LQIHULRU DO UHFWiQJXOR VXSHULRU

,QJ )HUQDQGR )ORUHV -iXUHJXL



$XWRGHVN

3DVR  ,QLFLH XQ QXHYR DUFKLYR XWLOL]DQGR OD SODQWLOOD DFDGLVRGGZW

9LVWDV RUWRJRQDOHV SULQFLSDOHV

$XWR&$' 

3DVR  (VFULED HQ OD OtQHD GH FRPDQGR 8&60$1 VHOHFFLRQH IURQWDO )URQW  GHILQD FRPR DFWXDO 6HW &XUUHQW \ SXOVH 2. $FHSWDU 



,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

$872&$' 

(O LFRQR GHO 8&6 FDPELD D

3DVR  (VFULED HQ OD OtQHD GH FRPDQGR 8&60$1 VHOHFFLRQH GHUHFKD 5LJKW  GHILQD FRPR DFWXDO 6HW &XUUHQW \ SXOVH 2. $FHSWDU 

,QJ )HUQDQGR )ORUHV -iXUHJXL



$XWRGHVN

$XWR&$' 

(O LFRQR GHO 8&6 FDPELD

3DVR  (VFULED HQ OD OtQHD GH FRPDQGR 8&60$1 VHOHFFLRQH KRUL]RQWDO 7RS  GHILQD FRPR DFWXDO 6HW &XUUHQW \ SXOVH 2. $FHSWDU 



,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

(O LFRQR GHO 8&6 FDPELD

$872&$' 

+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 

3XOVH FOLF GHUHFKR VREUH HO LFRQR

*ULG \ VHOHFFLRQH 6HWWLQJV 3DUiPHWURV

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 

,QJ )HUQDQGR )ORUHV -iXUHJXL



$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



,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

$872&$' 

3UREOHPD  $EULU HO DUFKLYR (VWDGLRGZJ

'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

,QJ )HUQDQGR )ORUHV -iXUHJXL



$XWRGHVN

$XWR&$' 



,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

$872&$' 

623257( &2/*$17(

,QJ )HUQDQGR )ORUHV -iXUHJXL



$XWRGHVN

$XWR&$' 



,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

'LEXMR ILQDO GRQGH HVWiQ XELFDGRV ORV SHUILOHV HQ HO HVSDFLR

$872&$' 

9LVWD KRUL]RQWDO GH ORV SHUILOHV

9LVWD HQ SHUVSHFWLYD GH ORV SHUILOHV

9LVWD IURQWDO GH ORV SHUILOHV

9LVWD ODWHUDO GHUHFKD GH ORV SHUILOHV

,QJ )HUQDQGR )ORUHV -iXUHJXL



$XWRGHVN

$XWR&$' 

6LVWHPDV GH FRRUGHQDGDV SHUVRQDOHV 8&6


&202 75$%$-$5 &21 6,67(0$6 '( &225'(1$'$6
3DUD SRGHU HPSH]DU D WUDEDMDU HQ ' HV QHFHVDULR KDFHU XQD H[SOLFDFLyQ GH XQD VHULH GH FRQFHSWRV LPSUHVFLQGLEOHV (VWDPRV KDEODQGR GH ORV VLVWHPDV GH FRRUGHQDGDV :&6 6LVWHPD GH FRRUGHQDGDV XQLYHUVDOHV HO VLVWHPD GH UHIHUHQFLD  (V HO VLVWHPD LQYDULDEOH HQ IXQFLyQ GHO FXDO VH GHILQHQ WRGRV ORV GHPiV (VWH VLVWHPD HV VLHPSUH HO PLVPR SRU OR TXH ORV YDORUHV PHGLGRV FRQ UHVSHFWR D pO SHUPDQHFHQ FRQVWDQWHV FXDQGR VH SDVDQ D RWURV VLVWHPDV

&$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

3UHYLR 8&6 3UHYLRXV

&DUD )DFH 8&6

2EMHWR 2EMHFW

9LVWD 9LHZ

2ULJHQ 2ULJLQ

9HFWRU = = $[LV 9HFWRU

 SXQWRV  SRLQW

<

$SOLFDU $SSO\



,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

8&6

$872&$' 

'HILQLFLyQ *HVWLRQD ORV VLVWHPDV GH FRRUGHQDGDV SHUVRQDOHV o o

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

:RUOG 8QLY  o 3HUPLWH UHVWDEOHFHU HO 8&6 o



,QJ )HUQDQGR )ORUHV -iXUHJXL

$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 =

,QJ )HUQDQGR )ORUHV -iXUHJXL



$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 ;

(O ~OWLPR SDUD GHILQLU OD GLUHFFLyQ SRVLWLYD GHO HMH <

5(*/$ '( /$ 0$12 '(5(&+$

' 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



,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

$872&$' 

&UHDFLyQ GH PRGHORV VyOLGRV

&$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

3XHGH SXOVDU R WLUDU GH ORV VLJXLHQWHV WLSRV GH iUHDV GHOLPLWDGDV

&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[WUDtGR V   UHJLyQ FUHDGD V 

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



,QJ )HUQDQGR )ORUHV -iXUHJXL

$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

$872&$' 

3UREOHPD  &UHDU HO PRGHOR TXH VH PXHVWUD

3UREOHPD  &UHDU HO PRGHOR TXH VH PXHVWUD


,QJ )HUQDQGR )ORUHV -iXUHJXL



$XWRGHVN

$XWR&$' 



,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

6RPEUHDGR GH XQ PRGHOR \ XWLOL]DFLyQ GH HIHFWRV GH DULVWD


8WLOL]DFLyQ GH XQ HVWLOR YLVXDO SDUD PRVWUDU HO PRGHOR

$872&$' 

/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

(VWLORV YLVXDOHV 9LVXDO 6W\OHV

'H OD FLQWD GH RSFLRQHV

(O SDQHO 9LVXDO 6W\OH VH ORFDOL]D HQ OD ILFKD 5HQGHU GH OD FLQWD GH RSFLRQHV (VWLORV YLVXDOHV (VWLOR GH FDUD

5D\RV ;

'HO SDQHO 9LHZ GH OD ILFKD +RPH

'H OD OtQHD GH FRPDQGR

&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

'H OD EDUUD GH KHUUDPLHQWDV 9LVXDO 6W\OHV

$XWR&$' 

$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



,QJ )HUQDQGR )ORUHV -iXUHJXL

$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

,QJ )HUQDQGR )ORUHV -iXUHJXL



$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


,QJ )HUQDQGR )ORUHV -iXUHJXL

$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

,QJ )HUQDQGR )ORUHV -iXUHJXL



$XWRGHVN

3UREOHPD  ([WUXLU VHJ~Q VHD HO FDVR

$XWR&$' 

&LOLQGUR $OWXUD 

7URQFR GH FLOLQGUR $OWXUD  $QJXOR GH LQFOLQDFLyQ 

7URQFR GH FLOLQGUR $OWXUD  $QJXOR GH LQFOLQDFLyQ 

3UREOHPD  ([WUXLU VHJ~Q HO FDVR

7URQFR GH SULVPD UHFWR $OWXUD  $QJXOR GH LQFOLQDFLyQ  3ULVPD UHFWR $OWXUD 

7URQFR GH SULVPD UHFWR $OWXUD  $QJXOR GH LQFOLQDFLyQ 



,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

3UREOHPD  ([WUXLU VHJ~Q VHD HO FDVR

$872&$' 

6yOLGR  ([WUXLU 

6yOLGR  ([WUXLU  $QJXOR GH LQFOLQDFLyQ 

6yOLGR  ([WUXLU  $QJXOR GH LQFOLQDFLyQ 

3UREOHPD  'LEXMDU HO VLJXLHQWH SHUILO \ HO FDPLQR

/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

3UREOHPD  ([WUXLU ODV VLJXLHQWHV ILJXUDV XQD DOWXUD GH 

9LVWD KRUL]RQWDO


9LVWD LVRPpWULFD VXU HVWH


,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

$872&$' 

9LVWD KRUL]RQWDO

5(92/9(

5(9

9LVWD LVRPpWULFD VXU HVWH

'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

3HUPLWH GHILQLU HO HMH < GHO 8&6 DFWXDO FRPR HO HMH GH UHYROXFLyQ

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

)LJXUD $ (V PX\ VLPSOH SDUD FUHDU HVWH PRGHOR



,QJ )HUQDQGR )ORUHV -iXUHJXL

$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

$XWR&$' 

/D SROLOtQHD QR WRFD OD OtQHD GH HMH &UHD OD VXSHUILFLH

&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 

/D SROLOtQHD FHUUDGD QR WRFD OD OtQHD GH HMH



,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

$872&$' 

3UREOHPD  5HYROXFLRQDU HO SHUILO PRVWUDGR DOUHGHGRU GHO HMH XQ iQJXOR GH  SDUD REWHQHU OD FRSD

(MH

,QJ )HUQDQGR )ORUHV -iXUHJXL



$XWRGHVN

9DULDEOHV GHO VLVWHPD TXH DIHFWDQ OD YLVXDOL]DFLyQ GH PRGHORV VyOLGRV '

$XWR&$' 

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

(O FRPDQGR +,'( 2&8/7$ QR HVWD DSOLFDGR ,62/,1(6 )$&(75(6 ',636,/+   

(O FRPDQGR +,'( 2&8/7$ QR HVWD DSOLFDGR ,62/,1(6 )$&(75(6 ',636,/+   



,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

$872&$' 

)RUPD RFXOWD

(O FRPDQGR +,'( 2&8/7$ HVWD DSOLFDGR ,62/,1(6 )$&(75(6 ',636,/+   

(O FRPDQGR +,'( 2&8/7$ HVWD DSOLFDGR ,62/,1(6 )$&(75(6 ',636,/+   

 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,/+

 

6H GHVDFWLYD HO SURFHVR GH GHSXUDFLyQ DXWRPiWLFD GH $XWR&$'

,QJ )HUQDQGR )ORUHV -iXUHJXL

$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,/+

,QJ )HUQDQGR )ORUHV -iXUHJXL



$XWRGHVN

23(5$&,21(6 %22/($1$6 81,21

$XWR&$' 

81,

'HILQLFLyQ 8QH GRV R PiV VyOLGRV R UHJLRQHV HQ XQ ~QLFR VyOLGR R UHJLyQ

81,21

&RPPDQG 81,21 6HOHFW REMHFWV &RPDQGR 81,21 'HVLJQH REMHWRV

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&,$

&RPPDQG 68%75$&7 6HOHFW 6HOHFW 6HOHFW 6HOHFW

&RPDQGR ',)(5(1&,$ 'HVLJQH 'HVLJQH 'HVLJQH 'HVLJQH




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

,QJ )HUQDQGR )ORUHV -iXUHJXL

$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(&

&RPPDQG ,17(56(&7 6HOHFW REMHFWV &RPDQGR ,17(56(& 'HVLJQH REMHWRV

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

,QJ )HUQDQGR )ORUHV -iXUHJXL



$XWRGHVN

(O UHVXOWDGR GHEH VHU

$XWR&$' 

8QLyQ 3UREOHPD  'LEXMH ORV VyOLGRV D FRQWLQXDFLyQ

6XVWUDFFLyQ 0,6&(/$1($ '( 352%/(0$6

,QWHUVHFFLyQ

%ORTXH GH HVTXLQD



%ORTXH GH SDUR

,QJ )HUQDQGR )ORUHV -iXUHJXL

$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

$872&$' 

3UREOHPD  'LEXMDU OD PHVD ODV PHGLGDV VH PXHVWUDQ D FRQWLQXDFLyQ

&UX] GH SDUR

,QJ )HUQDQGR )ORUHV -iXUHJXL



$XWRGHVN

$XWR&$' 

3UREOHPD  'LEXMDU OD VLOOD ODV PHGLGDV VH PXHVWUDQ D FRQWLQXDFLyQ



,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

$872&$' 

3UREOHPD 

'LEXMDU OD VLOOD GH FRPHGRU ODV PHGLGDV VH PXHVWUDQ D FRQWLQXDFLyQ

,QJ )HUQDQGR )ORUHV -iXUHJXL



$XWRGHVN

3UREOHPD  'LEXMDU HO PDUFR GH OD SXHUWD GH GLPHQVLRQHV  P [  P /D VHFFLyQ VH PXHVWUD D FRQWLQXDFLyQ

$XWR&$' 

+(/,;

'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 



,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

$872&$' 

3URFHGLPLHQWR

x x

(MHFXWDU HO FRPDQGR

(Q OD OtQHD GH FRPDQGR DSDUHFH o

6SHFLI\ FHQWHU SRLQW RI EDVH

(Q OD OtQHD GH FRPDQGR DSDUHFH o

(VSHFLILTXH HO FHQWUR GH OD EDVH GH OD KpOLFH

6SHFLI\ EDVH UDGLXV RU >'LDPHWHU@

(Q OD OtQHD GH FRPDQGR DSDUHFH o

(VSHFLILTXH HO UDGLR GH OD EDVH

6SHFLI\ WRS UDGLXV RU >'LDPHWHU@

(Q OD OtQHD GH FRPDQGR DSDUHFH o

$KRUD SXHGH HVSHFLILFDU HO UDGLR VXSHULRU R SXOVDU (17(5 SDUD LQGLFDU HO PLVPR YDORU TXH HO UDGLR GH EDVH

6SHFLI\ KHOL[ KHLJKW RU >$[LV HQGSRLQW7XUQVWXUQ +HLJKWW:LVW@ ,QGLTXH OD DOWXUD GH OD KpOLFH

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

,QJ )HUQDQGR )ORUHV -iXUHJXL



$XWRGHVN

8QD KpOLFH UHFWD

$XWR&$' 

&RPPDQG B+HOL[ 1XPEHU RI WXUQV  7ZLVW &&: 6SHFLI\ FHQWHU SRLQW RI EDVH 3

6SHFLI\ EDVH UDGLXV RU >'LDPHWHU@ !  6SHFLI\ WRS UDGLXV RU >'LDPHWHU@ ! ! 

6SHFLI\ KHOL[ KHLJKW RU >$[LV HQGSRLQW7XUQVWXUQ +HLJKWW:LVW@

8QD KpOLFH FyQLFD

&RPPDQG B+HOL[ 1XPEHU RI WXUQV  7ZLVW &&: 6SHFLI\ FHQWHU SRLQW RI EDVH 3

6SHFLI\ EDVH UDGLXV RU >'LDPHWHU@ ! 

6SHFLI\ WRS UDGLXV RU >'LDPHWHU@ ! 


! 

6SHFLI\ KHOL[ KHLJKW RU >$[LV HQGSRLQW7XUQVWXUQ +HLJKWW:LVW@

&RPPDQG B+HOL[ 1XPEHU RI WXUQV  7ZLVW &&: 6SHFLI\ FHQWHU SRLQW RI EDVH 3

6SHFLI\ EDVH UDGLXV RU >'LDPHWHU@ ! 

6SHFLI\ WRS UDGLXV RU >'LDPHWHU@ ! 


! 

6SHFLI\ KHOL[ KHLJKW RU >$[LV HQGSRLQW7XUQVWXUQ +HLJKWW:LVW@

8QD KpOLFH SODQD &RPPDQG B+HOL[ 1XPEHU RI WXUQV  7ZLVW &&: 6SHFLI\ FHQWHU SRLQW RI EDVH 3

6SHFLI\ EDVH UDGLXV RU >'LDPHWHU@ ! 

6SHFLI\ WRS UDGLXV RU >'LDPHWHU@ ! 


(QWHU QXPEHU RI WXUQV ! 

6SHFLI\ KHOL[ KHLJKW RU >$[LV HQGSRLQW7XUQVWXUQ +HLJKWW:LVW@ ! W 6SHFLI\ KHOL[ KHLJKW RU >$[LV HQGSRLQW7XUQVWXUQ +HLJKWW:LVW@ ! 


,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

$872&$' 

3XHGH PRGLILFDU XQD KpOLFH PHGLDQWH ORV QRGRV R OD SDOHWD 3URSLHGDGHV

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

7DPELpQ SXHGH VHOHFFLRQDU HO QRGR EDVH GH OD KpOLFH SDUD GHVSOD]DUOD \ XELFDUOD

,QJ )HUQDQGR )ORUHV -iXUHJXL



$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

,QJ )HUQDQGR )ORUHV -iXUHJXL



$XWRGHVN

$XWR&$' 

3UREOHPD  5HSUHVHQWH HO FOLS LQGLFDGR HQ HO SODQR DGMXQWR



,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

$KRUD YHDPRV ODV RSFLRQHV GHO FRPDQGR 6ZHHS

$872&$' 

$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@ $

6HOHFW VZHHS SDWK RU >$OLJQPHQW%DVH

$OLJQ VZHHS REMHFW SHUSHQGLFXODU WR SDWK EHIRUH VZHHS ><HV1R@<HV! 6HOHFW VZHHS SDWK RU >$OLJQPHQW%DVH SRLQW6FDOH7ZLVW@

<HV

,QJ )HUQDQGR )ORUHV -iXUHJXL



$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


,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

$872&$' 

6HOHFW VZHHS SDWK RU >$OLJQPHQW%DVH SRLQW6FDOH7ZLVW@

&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

,QJ )HUQDQGR )ORUHV -iXUHJXL



$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

,QJ )HUQDQGR )ORUHV -iXUHJXL



$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 

3UREOHPD  'LEXMDU HO VLJXLHQWH JDQFKR 3DVR  'LEXMDU HO VLJXLHQWH SHUILO



,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

3DVR  3XQWR ILQDO GHO DUFR

3DVR 

$872&$' 

'LEXMDU XQ UHFWiQJXOR LQFOLQDGR GH ORQJLWXG LJXDO D OD FXHUGD \ GH DQFKR LJXDO D  )LOHWHDU GRV HVTXLQDV

'LEXMDU VHPLFtUFXOR GH UDGLR 5

3DVR 

3DVR 

,QJ )HUQDQGR )ORUHV -iXUHJXL



$XWRGHVN

3DVR 

$XWR&$' 

3DVR  8ELFDU ORV SHUILOHV VHJ~Q VHD HO FDVR FRPR VH PXHVWUD HQ OD VLJXLHQWH ILJXUD



,QJ )HUQDQGR )ORUHV -iXUHJXL

$XWRGHVN

3DVR  ([WUXLU OD UHJLyQ VRPEUHDGD XQD GLVWDQFLD GH  FRQ HO FRPDQGR 3UHVVSXOO

$872&$' 

3DVR  )LOHWHDU ODV HVTXLQDV FRQ XQ UDGLR GH  )LOOHW 5

)LOOHW 5

3DVR  &UHDU XQD UHYROXFLyQ GH  GH OD UHJLyQ VRPEUHDGD FRQ HO FRPDQGR 5HYROYH

,QJ )HUQDQGR )ORUHV -iXUHJXL



$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



,QJ )HUQDQGR )ORUHV -iXUHJXL

$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@

3UREOHPD  3DVR  $EULU HO DUFKLYR FDVDBDXWRFDGBDYDQ]DGRGZJ


,QJ )HUQDQGR )ORUHV -iXUHJXL

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@

$872&$' 

3 3 3DVR  'HO PLVPR SURFHGHU SDUD OD RWUD SXHUWD SXOVDQGR 3 \ 3 3 3

,QJ )HUQDQGR )ORUHV -iXUHJXL



$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

$XWR&$' 

3DVR  3URFHGD GHO PLVPR PRGR FRQ ODV GHPiV YHQWDQDV

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! 

$872&$' 

6SHFLI\ VHFRQG SRLQW RU XVH ILUVW SRLQW DV GLVSODFHPHQW! 

3DVR  3RU ~OWLPR PHGLDQWH OD RSHUDFLyQ ERROHDQD 68%75$&7 UHVWDU DO PXUR ODV DEHUWXUDV GH ODV YHQWDQDV

,QJ )HUQDQGR )ORUHV -iXUHJXL



$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

&5($&,21 '( 62/,'26 '( )250$6 %6,&$6

$XWR&$' 

&\OLQGHU &RQH 6SKHUH 3\UDPLG :HGJH 7RUXV

%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

También podría gustarte