Está en la página 1de 16

/,03,(=$<'(&$3$'2'(3,(=$60(7$/,&$6&$3,78/2,

&$3,78/2,

/,03,(=$<'(&$3$'2'(3,(=$60(7/,&$6

 ,1752'8&&,21
3DUDTXHXQVLVWHPDGHUHFXEULPLHQWRHOHFWURHVWiWLFRWHQJDp[LWRHVHVHQFLDO
XQDSUHSDUDFLyQDGHFXDGDGHODVXSHUILFLH1XQFDVHLQVLVWLUiVXILFLHQWHPHQWHVREUH
OD LPSRUWDQFLD TXH WLHQH OD HOLPLQDFLyQ GHO DFHLWH OD JUDVD ORV UHFXEULPLHQWRV
DQWLJXRV\ORVFRQWDPLQDQWHVVXSHUILFLDOHV FRPRUHVWRVGHODPLQDFLyQ\y[LGR 
(O UHQGLPLHQWR GH FXDOTXLHU UHFXEULPLHQWR GH SLQWXUD GHSHQGH GLUHFWDPHQWH
GHODSUHSDUDFLyQFRUUHFWD\FXLGDGRVDGHODVXSHUILFLHDQWHVGHVXDSOLFDFLyQ6LOD
SUHSDUDFLyQ GH OD VXSHUILFLH HV LQFRUUHFWD R LQFRPSOHWD LQFOXVR HO VLVWHPD GH
SURWHFFLyQPiVFDUR\WHFQROyJLFDPHQWHPiVDYDQ]DGRIUDFDVDUi
(QFXDOTXLHUSURFHVRSURGXFWLYRODFDOLGDGGHOELHQHVHVHQFLDOSRUORWDQWRHV
PHQHVWHUWHQHUODVKHUUDPLHQWDVQHFHVDULDVSDUDSRGHUFRQVHJXLUXQDFDEDGRORPiV
FHUFDQRSRVLEOHDODSHUIHFFLyQSDUDODSUHSDUDFLyQGHVXSHUILFLHVDVHUSLQWDGDVHQ
XQ VLVWHPD GH SLQWXUD HOHFWURHVWiWLFR H[LVWHQ GLIHUHQWHV PpWRGRV \ SURFHVRV TXH VH
SXHGHQVHJXLUDFRQWLQXDFLyQQRPEUDUHPRVDOJXQRVGHHOORV
(O 'HFDSDGR (O GHFDSDGR FRQVLVWH HQ EDxDU HO HOHPHQWR D VHU GHFDSDGR
UHWLUDGR GH R[LGR  HQ XQD VROXFLyQ GHFDSDQWH SULQFLSDOPHQWH FRQVWLWXLGD SRU XQ
DFLGR \ DJXD HO WLHPSR GHO EDxR GHSHQGH GH IDFWRUHV FRPR OD FRQFHQWUDFLyQ GHO
iFLGRHOYROXPHQGHODSLH]D
(O )RVIDWL]DGR &RQVLVWH HQ FXEULU OD VXSHUILFLH D VHU SLQWDGD FRQ XQD
VROXFLyQGHIRVIDWRHVXQSURFHVRTXHUHTXLHUHXQDGRVLILFDFLyQFRUUHFWDFXDQGROD
FRQFHQWUDFLyQHVEDMDODSLH]DVHR[LGDUDUiSLGDPHQWH\ORFRQWUDULRHOXWLOL]DUXQD
VROXFLyQDOWDPHQWHFRQFHQWUDGDGHULYDHQXQJDVWRGHUHFXUVRVLQQHFHVDULR\DTXHHO
UHVXOWDGRILQDOHVHOPLVPR



/,03,(=$<'(&$3$'2'(3,(=$60(7$/,&$6&$3,78/2,

(O'HVFDVFDULOODGR'HVFDVFDULOODGRHVODHOLPLQDFLyQGHXQDJUXHVDFDSDGH
y[LGR YLVLEOH HQ OD VXSHUILFLH (VWH SURFHVR VH KDFH UXWLQDULDPHQWH HQ OD SODQWD
VLGHU~UJLFDDQWHVGHHQWUHJDUHOPDWHULDODOFRQVXPLGRUILQDO(OGHVFDVFDULOODGRHVXQ
SURFHVR TXH VXHOH FRQVWDU GH GRV IDVHV XQD SDUD GHVSUHQGHU PHFiQLFDPHQWH OD
FDVFDULOOD GH ODPLQDFLyQ OD VHJXQGD SDUD UHWLUDU OD FDVFDULOOD VXHOWD GH ODVXSHUILFLH
PHWiOLFD
(O 3DVLYDGR (O SDVLYDGR VH VXHOH SURGXFLU GH PRGR HVSRQWiQHR HQ ODV
VXSHUILFLHV GH DFHUR LQR[LGDEOH VLQ HPEDUJR FRQ HO WRO HV QHFHVDULR IDYRUHFHU HO
SURFHVR FRQ WUDWDPLHQWRV GH iFLGR R[LGDQWH $ GLIHUHQFLD GHO GHFDSDGR GXUDQWH HO
SDVLYDGR PHGLDQWH iFLGR QR VHHOLPLQD PHWDO DOJXQR GHOD VXSHUILFLH HQ FDPELR OD
FDOLGDG\HOHVSHVRUGHODFDSDSDVLYDFUHFHQUiSLGDPHQWH
/D/LPSLH]D1RSXHGHGHSHQGHUVHVRODPHQWHGHORVWUDWDPLHQWRVSRUiFLGR
SDUD OD HOLPLQDFLyQ GH DFHLWHV JUDVDV R FRQWDPLQDQWHV LQRUJiQLFRV SXHGH VHU
QHFHVDULD OD FRPELQDFLyQ GH WUDWDPLHQWRV GH GHVHQJUDVDGR OLPSLH]D GHFDSDGR \
SDVLYDGR SDUD SUHSDUDU DGHFXDGDPHQWH ODV VXSHUILFLHV GH PHWDO PHFDQL]DGDV R
PDQXIDFWXUDGDV SDUD ODV FRQGLFLRQHV GH WUDEDMR SUHYLVWDV 6L ODV SLH]DV HVWXYLHVHQ
VHQVLEOHPHQWH FXELHUWDVGH JUDVD R DFHLWHHQWRQFHV GHEHUi UHDOL]DUVH XQDRSHUDFLyQ
GHOLPSLH]DDQWHVGHOWUDWDPLHQWRSRUiFLGR
/DHPSUHVDFXHQWDFRQXQDLQIUDHVWUXFWXUDDGTXLULGDDOJXQRVDxRVDWUiVSHUR
TXH QR KD VLGR XWLOL]DGD KDVWD DKRUD GLFKD LQIUDHVWUXFWXUD FRQVWD GH XQRV WDQTXHV
PHWiOLFRVFRQUHFXEULPLHQWRGHILEUDGHYLGULRWUHVHQWRWDO\DSWRVSDUDOOHYDUDFDER
XQSURFHVRGHGHVHQJUDVHGHFDSDGR\HQMXDJXH

 '(6(1*5$6$'2
1RUPDOPHQWH HV QHFHVDULR UHDOL]DU XQ WUDWDPLHQWR GH GHVHQJUDVDGR SDUD
HOLPLQDU ORV UHVLGXRV GH DFHLWHV \ JUDVDV GH OD VXSHUILFLH GH OD SLH]D 3DUD HOOR VH
LQWURGXFHQ ODV SLH]DV HQ EDxRV GHVHQJUDVDQWHV TXH FRQWLHQHQ DJHQWHV WHQVRDFWLYRV



/,03,(=$<'(&$3$'2'(3,(=$60(7$/,&$6&$3,78/2,

FX\DHILFDFLDGHSHQGHGHODFRQFHQWUDFLyQGHOGHVHQJUDVDQWHODWHPSHUDWXUDGHOEDxR
\ODGXUDFLyQGHOWUDWDPLHQWR
8Q EXHQ GHVHQJUDVDGR HYLWD HO DUUDVWUH GH DFHLWHV \ JUDVDV D ODV IDVHV GH
WUDWDPLHQWR SRVWHULRUHV IDFLOLWDQGR DGHPiV OD YDORUL]DFLyQ GH ORV UHVLGXRV \
VXESURGXFWRVREWHQLGRV
/DHIHFWLYLGDGHQODOLPSLH]D\HOGHVHQJUDVHGHPHWDOHVHVYLWDOSDUDWRGDVODV
LQGXVWULDVHQODVTXHHOSURFHVRGHSURGXFFLyQLQFOX\HODIDEULFDFLyQRHOPRQWDMHGH
SLH]DV PHWiOLFDV SULQFLSDOPHQWH ODV LQGXVWULDV GH DXWRPRFLyQ DYLDFLyQ
HOHFWURGRPpVWLFRV\PHWDOPHFiQLFD
'XUDQWH ORV GLYHUVRV SDVRV GHO SURFHVR GH SURGXFFLyQ GHEHQ OLPSLDUVH HO
DFHLWH IOXLGRV \ JUDVDV GH ODV SLH]DV PHWiOLFDV VH SXHGHQ XWLOL]DU GLVROYHQWHV
FORUDGRV SDUD HVWH SURFHVR VLQ HPEDUJR FRPR DOWHUQDWLYD VHJXUD HFRQyPLFD \
HFROyJLFD VH SXHGH VXVWLWXLU HO XVR GH GLVROYHQWHV SRU HO GH GHWHUJHQWHV VLQ IRVIDWR
GHWHUJHQWH FRP~Q \ FRUULHQWH  HVWDV VROXFLRQHV VRQ GLVSDUDGDV HQ IRUPD GH VSUD\
VREUHODVSLH]DVUHFXSHUDQGR\UHXWLOL]DQGRHOH[FHVR/RVVLVWHPDVFHUUDGRVSXHGHQ
UHFXSHUDU\GHSXUDUODVVROXFLRQHVVHSDUDQGRDFHLWHV\SDUWtFXODVSDUDVXUHXWLOL]DFLyQ
GHIRUPDFRQWLQXDGXUDQWHXQWLHPSRFRQVyORDxDGLUDOJRGHGLVROXFLyQIUHVFDSDUD
UHSRQHUODVSpUGLGDVGHHYDSRUDFLyQ\OtTXLGRUHVLGXDO
(O GHVHQJUDVH HV GH JUDQ LPSRUWDQFLD DQWHV GH SURFHGHU DO GHFDSDGR
IRVIDWL]DGRRSLQWDGR\DTXHVLHPSUHSXHGHTXHGDUDGKHULGDXQDILQtVLPDSHOtFXODGH
JUDVD OR TXH SXHGH JHQHUDU UHFXEULPLHQWRV GH SRFD DGKHUHQFLD H LQFOXVR SRGUtD
OOHJDUDLPSHGLUODIRUPDFLyQGHODSHOtFXOD
(O HVWDGR \ WDPDxR GH ODV SLH]DV HV OR TXH GHWHUPLQD HO SURFHGLPLHQWR D
HPSOHDU FRPR DVt WDPELpQ HO WLSR GH LQVWDODFLyQ D XWLOL]DU SRU HMHPSOR SDUD SLH]DV
TXH IXHURQ UHFLpQ PHFDQL]DGDV VLQ y[LGRV R FDVFDULOODV \ VyOR OLJHUDPHQWH
HQJUDVDGDVVHUiVXILFLHQWHFRQXQGHVHQJUDVHOLJHURRXQGHVHQJUDVHDOFDOLQRVXDYH
HQ HO FDVR FRQWUDULR VH KDUi QHFHVDULR XQ GHVHQJUDVH HQpUJLFR DOFDOLQR R SRU
HPXOVLyQ



/,03,(=$<'(&$3$'2'(3,(=$60(7$/,&$6&$3,78/2,

 'HVHQJUDVHFRQVROYHQWHV
$OJXQRVVROYHQWHVFRPRHOVROYHQWHLQGXVWULDOHOWROXHQRHWFKDQOOHJDGRD
WHQHUJUDQDFHSWDFLyQGDGRVXVHQFLOORPDQHMR\HOEXHQUHVXOWDGRTXHVHREWLHQHORV
GLVROYHQWHV FORUDGRV WULFORURHWLOHQR SHUFORURHWLOHQR  VRQ WDPELpQ HVSHFLDOPHQWH
HIHFWLYRV SDUD GLVROYHU JUDVDV DFHLWHV \ FHUDV WLHQHQ FDUDFWHUtVWLFDV LQWHUHVDQWHV
FRPR OD SRVLELOLGDG GH GHMDU VHFDU ODV SLH]DV OXHJR GH WUDWDGDV OD FDSDFLGDG GH
IRUPDU SHOtFXODV UHVLGXDOHV \ DGHPiV VRQ IiFLOPHQWH UHFXSHUDEOHV (Q HO PLVPR
HTXLSRGHVHQJUDVDQWHSXHGHQVHUXWLOL]DGRVHQHEXOOLFLyQSRULQPHUVLyQHQOtTXLGRR
YDSRU (O WULFORURHWLOHQR VH GHVFRPSRQH SRU DFFLyQ GHO DOXPLQLR SRU OR TXH VH
UHFRPLHQGDSHUFORURHWLOHQR
(OGHVHQJUDVHFRQGLVROYHQWHVVHSXHGHUHDOL]DUGHWUHVPDQHUDVEiVLFDV
 'HVHQJUDVHOtTXLGRHQIUtRRHQFDOLHQWH
&RQVLVWH HQ OD LQPHUVLyQ GH ODV SLH]DV HQ HO GLVROYHQWH HQ XQ UHFLSLHQWH
DGHFXDGR (O GLVROYHQWH GHEH VHU XWLOL]DGR XQ Q~PHUR OLPLWDGR GH YHFHV \D TXH OD
JUDVD \ DFHLWH TXH VH GHVSUHQGHQ GH ODV SLH]DV SXHGHQ OOHJDU D HVSDUFLUVH HQ ODV
QXHYDVSLH]DVDGHVHQJUDVDU\DQXODUHOHIHFWRGHOGLVROYHQWH
 'HVHQJUDVHSRUYDSRUGHVROYHQWHV
*HQHUDOPHQWHVHHPSOHDQVROYHQWHVFORUDGRV(OPpWRGRTXHQRUPDOPHQWHVH
XWLOL]DFRQVLVWHHQH[SRQHUODSLH]DDOYDSRUGHOVROYHQWHTXHVHJHQHUDHQXQDFXED
GRQGH VH FDOLHQWD HO OtTXLGR \ VH SURGXFH XQD QXEH TXH DO WRFDU OD SLH]D IUtD VH
FRQGHQVD \ DUUDVWUD OD JUDVD DO IRQGR GH OD FXED GHMDQGR OD SLH]D WRWDOPHQWH
GHVHQJUDVDGD
 'HVHQJUDVHSRUWUDSHR
(VXQPpWRGRXWLOL]DGRSDUDGHVHQJUDVDUSLH]DVGHIRUPDUHJXODU\HQQ~PHUR
QRPX\DEXQGDQWHFRQVLVWHHQTXLWDUGHODSLH]DFRQXQWUDSRHPEHELGRHQVROYHQWH
ORVPDWHULDOHVTXHSXGLHUDQSHUMXGLFDUODDGKHUHQFLD(OOLHQ]R\HOGLVROYHQWHGHEHQ



/,03,(=$<'(&$3$'2'(3,(=$60(7$/,&$6&$3,78/2,

VHU FDPELDGRV D PHQXGR SDUD HYLWDU HVSDUFLU OD FRQWDPLQDFLyQ 1R SXHGH
FRQVLGHUDUVHFRPRXQPpWRGRLQGXVWULDOUHFRPHQGDEOH

 'HVHQJUDVHDOFDOLQR 
'H ORV SURFHGLPLHQWRV SUHYLRV DO IRVIDWL]DGR HO GHVHQJUDVH DOFDOLQR VH
FRQVLGHUDHOPiVXWLOL]DGRGDGRVXEXHQUHVXOWDGR(VWHWLSRGHGHVHQJUDVHVHUHDOL]D
HQ FDOLHQWH D WHPSHUDWXUDVHQWUH & \  & \ JHQHUDOPHQWHFRQ DJLWDFLyQ SDUD
DFHOHUDUHOSURFHVRHOHTXLSRQHFHVDULRSDUDHVWHWLSRGHGHVHQJUDVHSXHGHVHUPX\
YDULDGRGHVGHXQDVLPSOHFXEDGHLQPHUVLyQKDVWDXQDLQVWDODFLyQDXWRPDWL]DGD
(VWH SURFHVR VH HIHFW~D HQ HO SULPHU WDQTXH GH OD OtQHD GH OLPSLH]D GHO
PDWHULDOHQHOPLVPRVHSUHSDUDUDDJXDFRQGHWHUJHQWHFRP~Q\HVWDUiGRWDGRGHXQ
VLVWHPDGHERPEHRSDUDUHFLUFXODFLyQGHOIOXLGRODYLGD~WLOGHOIOXLGRGHSHQGHUiGH
OD FDQWLGDG GH PDWHULDO TXH VH SURFHVH \ OD IUHFXHQFLD GH XWLOL]DFLyQ \ REYLDPHQWH
WDPELpQ GH FXDQ VXFLR VHD HO PDWHULDO TXH SDVH SRU DKt FXDQGR HO PDWHULDO HV
LQVHUWDGRHQHVWHWDQTXHHOVLVWHPDGHERPEHRWRPDUDHOOLTXLGRFRQWHQLGRHQHO\D
FRQWLQXDFLyQ OR H[SXOVDUD D SUHVLyQ SRU OD SDUWH VXSHULRU GHO WDQTXH ORJUDQGR OD
UHFLUFXODFLyQ GHO IOXLGR GHVHQJUDVDQWH \ TXH HO PDWHULDO VH OLEUH GH JUDVD
FRPSOHWDPHQWH

 '(&$3$'2

 'HILQLFLyQ
(O SURFHVR GH GHFDSDGR WLHQH FRPR REMHWR HOLPLQDU ORV y[LGRV PHWiOLFRV OD
FDVFDULOOD GH IDEULFDFLyQ HO y[LGR GH UHFRFLGR \ HO RUtQ GH ODV SLH]DV SDUD TXH VH
TXHGHQTXtPLFDPHQWHOLPSLDV



/,03,(=$<'(&$3$'2'(3,(=$60(7$/,&$6&$3,78/2,

/RVIDFWRUHVPiVLPSRUWDQWHVTXHLQIOX\HQDODKRUDGHPDQWHQHUHOEDxRGH
GHFDSDGRVRQODFRQFHQWUDFLyQGHiFLGRODWHPSHUDWXUDGHOEDxR\ODGXUDFLyQGHO
WUDWDPLHQWR
/DFRQFHQWUDFLyQGHOEDxRGHGHFDSDGRHVGHXQHQSHVRHQFDVRGH
XWLOL]DUiFLGRFORUKtGULFR\GHXQHQSHVRSDUDHOiFLGRVXOI~ULFRVLHQGROD
WHPSHUDWXUDGHWUDEDMRGH&
&RPR FRQVHFXHQFLD VH XWLOL]D OD LQVSHFFLyQ YLVXDO FRPR PpWRGR PiV
DGHFXDGRSDUDFRQWURODUHOHVWDGRGHGHFDSDGRGHORVPDWHULDOHV
(QODVFXEDVGHGHFDSDGRVHYDQLQWURGXFLHQGRXWLOODMHV\GHPiVPDWHULDOHV
HQIXQFLyQGHODFRQFHQWUDFLyQGHiFLGRH[LVWHQWHHQFDGDFXED(QFDVRGHTXHHO
GHFDSDGRGHOPDWHULDOQRVHDFRUUHFWRVHYROYHUiDVXPHUJLUHOPDWHULDOHQODFXED
KDVWDTXHVHHQFXHQWUHOLPSLR
(O SUHWUDWDPLHQWR GH XQD VXSHUILFLH VH SXHGH GHILQLU FRPR XQD SUHSDUDFLyQ
SDUDGHMDUODHQFRQGLFLRQHVGHUHFLELUXQDFDSDGHSLQWXUD DFDEDGRRUJiQLFR TXHOD
SURWHMD\ODHPEHOOH]FD
/D VXSHUILFLHDFXEULU GHEH HVWDU OLEUH GH HOHPHQWRV H[WUDxRV JUDVDV SROYR
KXPHGDGSLQWXUDDQWHULRUR[LGRFHUDVHWF \SDUDORJUDUORHVQHFHVDULRSURFHGHUD
XQSUHWUDWDPLHQWRLQGLFDGRSDUDFDGDFDVR
/DV SLH]DV D SLQWDU KDELWXDOPHQWH SUHVHQWDQ KXHOODV GH PHFDQL]DGRHV GHFLU
GH KDEHU VXIULGR XQD WUDQVIRUPDFLyQ H[WHULRU SRU PHGLRV PHFiQLFRV ODPLQDGR
HVWDPSDGR FHSLOODGR WRUQHDGR HWF  \ HV PX\ SUREDEOH TXH ODV SDUWHV VRPHWLGDV D
HVWRVSURFHVRVSUHVHQWHQXQDFDSDGHDFHLWHRJUDVD/RVRWURVVHFWRUHVGHODVSLH]DV
QRWRFDGRVHQODHODERUDFLyQVXHOHQSUHVHQWDUVHUHFXELHUWRVGHXQDSHOtFXODGHy[LGR
QDWXUDORGHFDVFDULOOD
3DUD ORJUDU TXH HO iFLGR DWDTXH ~QLFDPHQWH HO y[LGR \ QR DO PHWDO HQ Vt VH
HPSOHDQLQKLELGRUHVTXHDWDFDQDOy[LGRVLQDIHFWDUDODYHORFLGDGGHGHFDSDGR/RV
LQKLELGRUHVDXPHQWDQODYLGDGHOEDxR\OLPLWDQODVHPLVLRQHVGHYDSRUHViFLGRVDOD
DWPyVIHUD\DTXHHVWiQIRUPDGRVSRUFRPSXHVWRVTXHHYLWDQHVWDVHPLVLRQHV6RQXQ



/,03,(=$<'(&$3$'2'(3,(=$60(7$/,&$6&$3,78/2,

IDFWRULPSRUWDQWHHQHODFDEDGRGHOPDWHULDO\DTXHSHUPLWHQREWHQHUXQDVXSHUILFLH
PiVOLVD
([LVWHQ YDULDV IRUPDV GH UHDOL]DUHO GHFDSDGR GHSLH]DV PHWiOLFDV DVtFRPR
GLIHUHQWHV SURGXFWRV GHVWLQDGRV D HVWH ILQ HQ ORV DUWtFXORV VXEVLJXLHQWHV VH SRGUi
DSUHFLDUDOJXQRVGHHOORV

 0pWRGRVGHGHFDSDGR
6LODVSLH]DVDSUHWUDWDUHVWXYLHUDQFXELHUWDVGHy[LGRRFDVFDULOODVHSXHGHQ
HPSOHDU VLVWHPDV PHFiQLFRV R TXtPLFRV VLHQGR FRP~QPHQWH XWLOL]DGRV HO iFLGR
TXtPLFR RHODUHQDGR PHFiQLFR 
(O GHFDSDGR PHFiQLFR HVWi EDVDGR HQ SUR\HFWDU HQpUJLFDPHQWH FRQWUD ODV
SLH]DV D OLPSLDU SDUWtFXODV VLPLODUHV HQ WDPDxR HQ XQD DFFLyQ FRQVWDQWH TXH
GHWHUPLQD OD UHPRFLyQ GH y[LGRV R FDVFDULOODV &RQ PiTXLQDV D EDVH GH DLUH
FRPSULPLGRVHSXHGHQSUR\HFWDUSDUWtFXODVGHVtOLFHFRULQGyQRJUDQDOODVIpUUHDV
'DGRVXEDMRFRVWRHOGHFDSDGRFRQiFLGRVHVHOPiVXWLOL]DGRHQODLQGXVWULD
VLHQGR ORV PiV FRPXQHV ORV iFLGRV VXOI~ULFRV FORUKtGULFRV \ IRVIyULFRV /RV
SULQFLSDOHV PpWRGRV HPSOHDGRV SRU ORV HVSHFLDOLVWDV HQ HO GHFDSDGR GH HOHPHQWRV
HQWHURV R JUDQGHV VXSHUILFLHV VRQ (O GHFDSDGR SRU LQPHUVLyQ HQ WDQTXH \ HO
GHFDSDGRSRUDVSHUVLyQ
 'HFDSDGRSRULQPHUVLyQHQWDQTXH
/D LQPHUVLyQ HQ WDQTXH QRUPDOPHQWH FRQOOHYD HO GHFDSDGR HQ ODV
LQVWDODFLRQHVGHOIDEULFDQWH(OGHFDSDGRSRUDVSHUVLyQSXHGHUHDOL]DUVHHQFXDOTXLHU
SDUWH SHUR GHEH VHU HMHFXWDGR SRU HVSHFLDOLVWDV FRQ ORV SURFHGLPLHQWRV \ HTXLSRV
DGHFXDGRVGHVHJXULGDG\HOLPLQDFLyQGHiFLGR
/D LQPHUVLyQ HQ WDQTXH WLHQH OD YHQWDMD GH WUDWDU WRGDV ODV VXSHUILFLHV GHO
HOHPHQWRSDUDORJUDUXQDySWLPDUHVLVWHQFLDDODFRUURVLyQ\XQDFDEDGRXQLIRUPHHV
WDPELpQ OD PHMRU RSFLyQ HQ DVSHFWRV GH VDOXG \ VHJXULGDG SXHVWR TXH VLHPSUH VH



/,03,(=$<'(&$3$'2'(3,(=$60(7$/,&$6&$3,78/2,

UHDOL]DHQHOOXJDUGHIDEULFDFLyQ(OGHFDSDGROOHYDGRDFDERHQODVLQVWDODFLRQHVGH
XQ IDEULFDQWH R PLQRULVWD GH SURGXFWRV PHWiOLFRV GRQGH HO SURFHVR SXHGH VHU
PLQXFLRVDPHQWH FRQWURODGR PLQLPL]D DGHPiV HO LPSDFWR PHGLRDPELHQWDO GHO
SURFHVR
(V LPSRUWDQWH TXH WRGRV ORV UDVWURV GH SURGXFWRV UHVLGXRV \ GHVHFKRV GH
GHFDSDGR VH  HOLPLQHQ FRPSOHWDPHQWH GH OD VXSHUILFLH GH ODV SLH]DV GHPHWDO SDUD
FRQVHJXLUXQDVXSHUILFLHFRPSOHWDPHQWHUHVLVWHQWHDODFRUURVLyQ\VLQPDQFKDVGH
y[LGR


)LJXUD'HFDSDGRSRULQPHUVLyQHQWDQTXH

 'HFDSDGRSRUDVSHUVLyQ
(OGHFDSDGRSRUDVSHUVLyQSXHGHDSOLFDUVHHQHOVLWLRGRQGHILQDOPHQWHVHUiQ
LQVWDODGDVODVSLH]DV\QRUHTXLHUHQFRQRFLPLHQWRVHVSHFLDOL]DGRVSDUDVXHMHFXFLyQ
HIHFWLYD \ VHJXUD (V LPSRUWDQWH GLVSRQHU GH XQD H[SHULHQFLD \ VXSHUYLVLyQ
DGHFXDGDV SDUD PLQLPL]DU ORV ULHVJRV D OD VDOXG VHJXULGDG \ PHGLR DPELHQWH DO
WLHPSRTXHVHREWLHQHXQDVXSHUILFLHFRUUHFWDPHQWHGHFDSDGD
3XHGH SURGXFLUVH FRUURVLyQ HQ ODV ]RQDV WUDWDGDV VL ORV WLHPSRV GH FRQWDFWR
FRQ HO iFLGR \ ORV SURFHGLPLHQWRV GH DFODUDGR ILQDO QR IXHVHQ FRQWURODGRV
DGHFXDGDPHQWHFRQIRUPHDODVLQVWUXFFLRQHVGHOSURYHHGRU/RVWLHPSRVGHFRQWDFWR
SDUD ORV GLIHUHQWHV PHWDOHV SXHGHQ YDULDU (V LPSRUWDQWH TXH ORV RSHUDULRV VHDQ

/,03,(=$<'(&$3$'2'(3,(=$60(7$/,&$6&$3,78/2,

FRQVFLHQWHV GHO WLSR SDUWLFXODU GH PHWDO TXH VH HVWi GHFDSDQGR \ ORV ULHVJRV GH ORV
SURGXFWRVHPSOHDGRVGHIRUPDTXHVHREWHQJDQUHVXOWDGRVVHJXURV\VDWLVIDFWRULRV


)LJXUD'HFDSDGRSRUDVSHUVLyQ

(O GHFDSDGR SRU DVSHUVLyQ VH DSOLFDUtD FXDQGR WHQHPRV SLH]DV VXPDPHQWH
JUDQGHV FRPR SDUD SRGHU VHU GHVDUPDGDV SDUD GHFDSDUODV SRU LQPHUVLyQ HQ XQ
WDQTXH
 'HFDSDGRFRQGLVROXFLRQHVGHDFLGRVXOI~ULFR
8WLOL]DGR IXQGDPHQWDOPHQWH SDUD KLHUUR \ DFHUR QR LQR[LGDEOH \ HQ PHQRU
JUDGR SDUD HO DOXPLQLR (O FLGR 6XOI~ULFR GH IyUPXOD +62 D WHPSHUDWXUD
DPELHQWH HV XQ OtTXLGR FRUURVLYR HV PiV SHVDGR TXH HO DJXD H LQFRORUR D
WHPSHUDWXUD \ SUHVLyQ DPELHQWH  (O yOHXP WLHQH XQ RORU SLFDQWH \ SHQHWUDQWH 6XV
QRPEUHVTXtPLFRVVRQiFLGRVXOI~ULFR\iFLGRVXOI~ULFRIXPDQWHWDPELpQHVOODPDGR
DFHLWHGHYLWULRORiFLGRGHEDWHUtDV\iFLGRGHIHUWLOL]DQWHV
8WLOL]DGR IXQGDPHQWDOPHQWH SDUD KLHUUR \ DFHUR QR LQR[LGDEOH \ HQ PHQRU
JUDGRSDUDHODOXPLQLR
&RP~QPHQWH VH XWLOL]D XQD VROXFLyQ GH iFLGR VXOI~ULFR HQ FRQFHQWUDFLRQHV
TXHYDUtDQHQWUHXQ\\WHPSHUDWXUDVTXHRVFLODQHQWUHORV&\ORV&
HO WLHPSR GHO WUDWDPLHQWR HVWi UHJXODGR SRU GLVWLQWRV IDFWRUHV VLHQGR ORV PiV

/,03,(=$<'(&$3$'2'(3,(=$60(7$/,&$6&$3,78/2,

LPSRUWDQWHV OD FRPSRVLFLyQ GHO PHWDO D GHFDSDU OD SURSRUFLyQ GHO iFLGR \ OD
WHPSHUDWXUDGHOEDxRDXPHQWDQGRODYHORFLGDGGHDWDTXHFRQODFRQFHQWUDFLyQ
9HQWDMDV

%DMRFRVWHGHOOtTXLGRGHFDSDQWH

0HQRUGHVSUHQGLPLHQWRGHYDSRUHVTXHFRQRWURViFLGRV

1RHVQHFHVDULRPDQHMDUJUDQGHVYRO~PHQHVGHiFLGRV

'HVYHQWDMDV

/DSURGXFFLyQGHVXSHUILFLHVREVFXUDVVREUHHODFHURGHDOWRFRQWHQLGR
HQFDUERQR

(O JUDQ HIHFWR LQKLELGRU VREUH HO DFLGR GH ODV VDOHV GHO KLHUUR HQ HO
EDxR

(ODOWRFRVWHHQHUJpWLFR\DTXHVHQHFHVLWDRSHUDUDDOWDVWHPSHUDWXUDV


 'HFDSDGRFRQGLVROXFLRQHVGHDFLGRFORUKtGULFR
8WLOL]DGR IXQGDPHQWDOPHQWH SDUD GHFDSDGR GH KLHUUR \ DFHUR LQR[LGDEOH (O
iFLGRFORUKtGULFRHVXQOtTXLGRWUDQVSDUHQWH\Wy[LFR(VDOWDPHQWHFRUURVLYRORTXH
VLJQLILFD TXH LQPHGLDWDPHQWH RFDVLRQD GDxR VHYHUR FRPR TXHPDGXUDV DO FRQWDFWR
LQWHUYLQH HQ HO GHFDSDGR GH ORV PHWDOHV IpUUHRV FRQ JUDQ HIHFWLYLGDG HQ UD]yQ GH
REWHQHU YHORFLGDGHV GH UHDFFLyQ UHODWLYDPHQWH DOWDV VH DSOLFD HQ IUtR \ D HOHYDGD
FRQFHQWUDFLyQ QR VH UHFRPLHQGD VX XVR HQ FDOLHQWH \D TXH D PDV GH  & VH
GHVSUHQGHFORUXURGHKLGUyJHQRJDVHRVRTXHDGHPiVGHVHUWy[LFRHVFRUURVLYR
/DVGLVROXFLRQHVGHODFLGRFORUKtGULFRVHXWLOL]DQHQWRGRVORVFDVRVHQTXHHO
VXOI~ULFRHVSRFRHIHFWLYRFRPRHVHOFDVRGHODIRUPDFLyQGHy[LGRVHQDWPRVIHUDV
FRUURVLYDVVLKDQVXIULGRDOJ~QWLSRGHGHVKLGUDWDFLyQSUHYLDDOGHFDSDGRRFXDQGRVH
GHVDUUROODQSURGXFWRVGHFRUURVLyQVREUHVXSHUILFLHVUHFXELHUWDVFRQDFHLWHVRJUDVDV
DQWLFRUURVLYDVGHSURWHFFLyQWHPSRUDOFRQXQDODUJDH[SRVLFLyQDODLQWHPSHULH




/,03,(=$<'(&$3$'2'(3,(=$60(7$/,&$6&$3,78/2,

9HQWDMDV

3URSRUFLRQDVXSHUILFLHVEULOODQWHV\OLVDV

([LVWH PHQRU SRVLELOLGDG GH FRUURVLyQ ORFDOL]DGD SLFDGR  FRQ RWURV


iFLGRV

/DVVDOHVGHOFORUXURIHUURVRQRDFW~DQFRPRLQKLELGRUDVGHOSURFHVR
KDVWDFRQFHQWUDFLRQHVKDVWDHO

)iFLOHVODYDGRVGHELGRDODDOWDVROXELOLGDGGHORVFORUXURV

/DV FDSDV JDOYDQL]DGDV VH DGKLHUHQ PHMRU DO PHWDO FRQ PD\RU
IDFLOLGDG\VRQPDVXQLIRUPHV

0HQRVFRVWHHQHUJpWLFRGHELGRDTXHODVWHPSHUDWXUDVVRQPiVEDMDV

'HVYHQWDMDV

$OFRVWRGHODGLVROXFLyQ

1HFHVLGDGGHFRQWUROGHYDSRUHV

9RODWLOLGDG


 'HFDSDGRFRQGLVROXFLRQHVGHDFLGRIRVIyULFR
6H XWLOL]D SDUD KLHUUR \ DFHUR \ GD OXJDU D H[FHOHQWHV VXSHUILFLHV SDVLYDGDV
SURWHJLGDV \ DSWDV SDUD UHFXEULPLHQWRV FRPR SLQWXUDV (VWH WLSR GH GLVROXFLyQ VH
XWLOL]D SDUD HO WUDWDPLHQWR GH SLH]DV PRGHUDGDPHQWH R[LGDGDV VLQ FDVFDULOOD VX
HIHFWLYLGDG DQWHV GHO IRVIDWL]DGR HV QRWDEOH 3XHGH HPSOHDUVH HO iFLGR D XQD
FRQFHQWUDFLyQHQWUHHO\HO\DXQDWHPSHUDWXUDHQWUH&\&/RPiV
DSUHFLDEOHHV TXH HO ODYDGR SRVWHULRU QR WLHQH TXHVHU WDQPHWLFXORVRFRPR FRQ ORV
RWURViFLGRV3RVHHXQDYHQWDMDDGLFLRQDOSXHVVLHQGRTXHHOiFLGRWLHQHSURSLHGDGHV
LQKLELWRULDV GH OD FRUURVLyQ FXDQGR VH XVD HQ SURSRUFLRQHV GHEDMR GHO  TXHGD
VREUH OD VXSHUILFLH XQD SHOtFXOD GHIRVIDWR TXH ODSURWHJH\HVWDEOHFH XQD H[FHOHQWH
EDVH SDUD ODV SLQWXUDV (VWD FXDOLGDG VH PHMRUD QRWDEOHPHQWH SDVLYDQGR ODV SLH]DV
FRQXQDVROXFLyQGHiFLGRFUyPLFRDO



/,03,(=$<'(&$3$'2'(3,(=$60(7$/,&$6&$3,78/2,

6HWUDWDGHXQDFLGRUHODWLYDPHQWHGpELOVLVHFRPSDUDFRQHODFLGRVXOI~ULFR
R HO DFLGR FORUKtGULFR SHUR WLHQH  OD YHQWDMD GH QR GHMDU UHVLGXRV SRWHQFLDOPHQWH
SHOLJURVRVVREUHHOPHWDO\DTXHHQORVKXHFRV\SRURVVHVXHOHGHSRVLWDUXQDFDSDGH
IRVIDWRV GH KLHUUR FRPSOHMRV TXH QR WLHQHQ LQIOXHQFLD VREUH OD SHOtFXOD GH
UHFXEULPLHQWRGHELGRDVXJUDQHVWDELOLGDG
'H ORV WUHV iFLGRV FRQVLGHUDGRV HV HO TXH WLHQH PHQRU WHQGHQFLD D SURGXFLU
FRUURVLyQORFDOL]DGD
 &RPSDUDFLyQHQWUHiFLGRVGHFDSDQWHV
'HORVWUHVWLSRVGHiFLGRVPHQFLRQDGRVDQWHULRUPHQWHHOiFLGRIRVIyULFRHVHO
PDV YHQWDMRVR FRQ UHVSHFWR DO iFLGR VXOI~ULFR  \ HO iFLGR FORUKtGULFR HVWH WLSR GH
GLVROXFLyQ WLHQH VXV YHQWDMDV FRQ UHVSHFWR D ODV PHQFLRQDGDV FRPR VRQ HO GH QR
QHFHVLWDUXQFRQWUROGHHPDQDFLyQGHJDVHV\QRVHQHFHVLWDWUDEDMDUFRQWHPSHUDWXUDV
HOHYDGDV SRU ORFXDO HOFRVWRHQHUJpWLFR HV PHQRU DGHPiVHV PHQRV SURSHQVR D OD
FRUURVLyQHLGHDOFXDQGRVHWLHQHPDWHULDOLJHUDPHQWHR[LGDGR
5HVXOWDPDVVHJXURSDUDORVRSHUDGRUHV\ODVLQVWDODFLRQHVSHVHDWUDWDUVHGH
XQiFLGRHVPHQRVYROiWLOPHQRVWR[LFR\PHQRVDJUHVLYRTXHHODFLGRVXOI~ULFRRHO
DFLGRFORUKtGULFRHQFDVRGHFRQWDFWRFRQODSLHOEDVWDHQMDJXDUFRQDEXQGDQWHDJXD
SDUD TXH QR FDXVH GDxR SRU QR HPDQDU JDVHV QRFLYRV QR VROR TXH VH DKRUUD HQ HO
VLVWHPD GH PDQHMR GH JDVHV VLQR TXH QR UHVXOWD SHUMXGLFLDO SDUD OD VDOXG GH ORV
WUDEDMDGRUHV
$GHPiV HO iFLGR IRVIyULFR VH OR SXHGH FRPSUDU OLEUHPHQWH HQ ODV
FRQFHQWUDFLRQHV DGHFXDGDV EDMR QRPEUHV FRPHUFLDOHV HQ HPSUHVDV SURGXFWRUDV GH
TXtPLFRVSDUDODLQGXVWULDGHQWURGHOSDtV

 (1-8$*8(6
8QD GH ODV RSHUDFLRQHV PiV FUtWLFDV HQ HO SURFHVR GH  PHWDOIRUPDGR HV OD
SUHSDUDFLyQ GH OD SLH]D PHWiOLFD IRUPDGD SDUD XQD RSHUDFLyQ ILQDO 6L OD SODFD HV



/,03,(=$<'(&$3$'2'(3,(=$60(7$/,&$6&$3,78/2,

IRUPDGD SLQWDGD FURPDGD R UHFXELHUWDHOHFWURVWiWLFDPHQWHOD FDOLGDG GHODFDEDGR


ILQDO GHSHQGH GHO HVIXHU]R H[SDQGLGR SDUD DOFDQ]DU XQD OLPSLH]D DSURSLDGD TXH HV
FRPSDWLEOHFRQORVSURFHVRVILQDOHV
/D LPSRUWDQFLD GH XQ HQMXDJXH DEXQGDQWH GHVSXpV GHO GHVHQJUDVH  \ HO
GHFDSDGR QR GHEH VHU VXEHVWLPDGD (O HQMXDJXH HV XQ SURFHVR GH GLOXFLyQ \ VX
IXQFLyQHVUHPRYHUHOPDWHULDOVROXEOHHQDJXDGHODVXSHUILFLHGHODSLH]DGHVSXpVGH
OD OLPSLH]D /D PD\RUtD GH ODV HVWDFLRQHV GH HQMXDJXH LQFOX\HQ DOJ~Q WLSR GH
LQKLELGRUGHODR[LGDFLyQSDUDSURWHJHUODSLH]DPHWiOLFDHQWUHRSHUDFLRQHV
&XDOTXLHU DGKHUHQFLD GH UHVLGXR WHQGUi XQ HIHFWR QHJDWLYR HQ RSHUDFLRQHV
VLJXLHQWHV
7RGRV ORV IDFWRUHV SDUWLFLSDQWHV GHEHQ VHU EDODQFHDGRV SDUD RSWLPL]DU OD
FDOLGDG GHO UHFXEULPLHQWR GH OD SLH]D WHUPLQDGD HVWRV IDFWRUHV LQFOX\HQ ODV
FDUDFWHUtVWLFDV PHFiQLFDV GHO VLVWHPD GH OLPSLH]D HO WLSR \ FRPSRVLFLyQ GHO
OLPSLDGRUVXVSDUiPHWURVGHRSHUDFLyQHWF
/RV OLPSLDGRUHV DOFDOLQRV VRQ IRUPXODGRV LQLFLDOPHQWH SDUD VHU FRPSDWLEOHV
FRQ WRGRV ORV WLSRV GH DFHLWHV \ OXEULFDQWHV VLQWpWLFRV \ VHPLVLQWpWLFRV VROXEOHV HQ
DJXD8QPHWDOSXHGHXWLOL]DUXQOXEULFDQWHGLVSRQLEOHHQHOPHUFDGRORVSUREOHPDV
GH UHFXEULPLHQWR \ SLQWDGR VLQ HPEDUJR SXHGHQ VHU HYLWDGRV VL VH VLJXHQ
FRUUHFWDPHQWHORVSULQFLSLRVEiVLFRVGHOLPSLH]D
(Q HO WDQTXH GH HQMXJXH DO LJXDO TXH HQ WDQTXH GH GHVHQJUDVDGR VH WLHQH
WDPELpQ XQ VLVWHPD GH UHFLUFXODFLyQ GH DJXD D EDVH GH XQD ERPED FHQWULIXJD HVWR
ORJUDGRVSURSyVLWRVXQRHVR[LJHQDUHODJXDHQUHSRVRSDUDTXHHVWDQRSXHGDWRPDU
PDORVRORUHVRFRQYHUWLUVHHQXQIRFRLQIHFFLRVR\HOVHJXQGRHVHOGHDJLWDUJROSHDU
ODVSLH]DVTXHVHHQFXHQWUDQHQODMDXODFRQXQFKRUURGHDJXDDSUHVLyQSDUDTXHVHD
UHPRYLGR FXDOTXLHU UHVWR GH FRPSXHVWRV TXH SXGLHURQ TXHGDU DGKHULGRV GH ORV
SURFHVRVDQWHULRUHV
&LHUWDPHQWHHVWHWDQTXHVHUiHOTXHQHFHVLWHPD\RUUHSRVLFLyQGHFRQWHQLGRR
TXH HVWD VH KDJD FRQ PiV IUHFXHQFLD GHELGR D ODV SHUGLGDV SRU HYDSRUDFLyQ R



/,03,(=$<'(&$3$'2'(3,(=$60(7$/,&$6&$3,78/2,

FRQGHQVDFLyQ DGHPiV SRU TXH HVWH VHUi FRQWDPLQDGR PDV UiSLGDPHQWH SRU DJHQWHV
H[WHUQRVSURYHQLHQWHVGHORVGRVSULPHURVWDQTXHV\SDUDORJUDUXQEXHQHQMXDJXHVH
QHFHVLWDDJXDORPDVOLPSLDSRVLEOH
$KRUD PRVWUHPRV FRPR VH KD GHWHUPLQDGR ORV GLIHUHQWHV SURFHVRV D
XWLOL]DUVHSDUWLHQGRGHODLQIUDHVWUXFWXUDTXHSRVHHODSODQWDVXDVSHFWRDOLQLFLRGH
HVWHWUDEDMRHUDHOVLJXLHQWH


)LJXUD(VWDGRRULJLQDOGHODSODQWD

6H GLVSRQH GH OD HVWUXFWXUD HO WHFOH HOpFWULFR FRQ PRYLPLHQWR KRUL]RQWDO \
YHUWLFDO OD MDXOD FRQWHQHGRUD GH PDWHULDO WUHV FXEDV HQ HOODV VH HIHFW~DQ ORV
SURFHVRVHQHVWHRUGHQ

'HVHQJUDVH

'HFDSDGR

(QMXDJXH

&DGDFXEDSXHGHFRQWHQHUPGHOtTXLGRVLQHPEDUJRQLQJXQDVHUiOOHQDGD
PiVDOOiGHXQSDUDHYLWDUGHUUDPDPLHQWRHOSURFHVRFRQVWDGHWUHVPRGRVGH
IXQFLRQDPLHQWR

0RGRPDQXDO

0RGRPDQXDO

0RGRDXWRPiWLFR

/,03,(=$<'(&$3$'2'(3,(=$60(7$/,&$6&$3,78/2,

(OPRGRPDQXDOHVDWUDYpVGHXQD3&TXHIXQFLRQDFRPRWHUPLQDOUHPRWR
HVWH PRGR GH IXQFLRQDPLHQWR VH XWLOL]D SULQFLSDOPHQWH SDUD XELFDU OD MDXOD HQ OD
SRVLFLyQ GH RULJHQ R HQ FXDOTXLHU RWUD SRVLFLyQ VL VH GHVHD HO PRGR PDQXDO  VH
HIHFW~DFRQXQFRQWUROH[WHUQRTXHSXHGHVHUHQFKXIDGRDOWDEOHURGHFRQWUROHVWHHV
XQ FRQWURO GH PDQR GH HPHUJHQFLD \ GHEHUi WUDEDMDUVH HQ HVWH PRGR GH
IXQFLRQDPLHQWR~QLFDPHQWHVLHOWHUPLQDOUHPRWRQRSXHGHKDFHUORHOPRGRPDQXDO
\SHUPLWHQHOPRYLPLHQWRGHODMDXODHQFXDOTXLHUGLUHFFLyQGHQWURGHORVOLPLWHV
GH OD HVWUXFWXUD HO PRGR DXWRPiWLFR HV HO PRGR SUHHVWDEOHFLGR SDUD WUDEDMDU HVWH
PRGRLQLFLDHQODSRVLFLyQGHRULJHQODMDXODVHHOHYDDVXDOWXUDPi[LPDSHUPLWLGD
OXHJRVHPXHYHKRUL]RQWDOPHQWHKDVWDXELFDUVHVREUHHOSULPHUWDQTXHGHVFLHQGH\
VHVXPHUJHHQHVWHSRUXQWLHPSRSUHHVWDEOHFLGRVHJ~QODFDQWLGDGGHPDWHULDOTXHVH
HQFXHQWUD HQ OD MDXOD OD HYDOXDFLyQ GH OD FDQWLGDG GH PDWHULDO VH OD UHDOL]D FRQ XQD
FHOGDGHFDUJDTXHSHVDHOFRQWHQLGRGHODMDXODHQODSRVLFLyQGHRULJHQHVWHSURFHVR
VHUHSLWH SDUD ORV WDQTXHV  \  XQD YH] TXH ODMDXOD VDOHGHO WHUFHU WDQTXH UHJUHVD
KDVWD XELFDUVH VREUH OD SRVLFLyQ GH RULJHQ GRQGH ILQDOPHQWH EDMD SDUD WHUPLQDU HO
SURFHVR
/DVLJXLHQWHILJXUDLQGLFDODVGLIHUHQWHVSRVLFLRQHVGHOVLVWHPD


)LJXUD8ELFDFLRQHVGHORVFRPSRQHQWHVGHOSURFHVRGHGHFDSDGR

&RQVLGHUDQGRORVDQWHFHGHQWHVODLQVWDODFLyQTXHVHSRVHH\ODH[SHULHQFLDGH
ODHPSUHVDHQODHODERUDFLyQGHVXVSURGXFWRVHOSURFHVRVHUHDOL]DHQWUHVHWDSDVELHQ

/,03,(=$<'(&$3$'2'(3,(=$60(7$/,&$6&$3,78/2,

GHILQLGDVODSULPHUDHVHOGHVHQJUDVHGRQGHVHXWLOL]DGHWHUJHQWHGLVXHOWRHQDJXDD
WHPSHUDWXUD DPELHQWH FRQ VLVWHPD GH UHFLUFXODFLyQ GH DJXD HO VHJXQGR SDVR HV HO
GHFDSDGR FRQ DFLGR IRVIyULFR HQ FRQFHQWUDFLyQ GHO  GRQGH VH PDQWLHQH XQD
WHPSHUDWXUDGHWUDEDMRGHHQWUH\JUDGRVFHQWtJUDGRV\ILQDOPHQWHHOHQMXDJXH
HQ DJXD OLPSLD D WHPSHUDWXUD DPELHQWH HVWH WDQTXH WDPELpQ WLHQH XQ VLVWHPD GH
UHFLUFXODFLyQ
/DHWDSDGHFRQWUROVHGHVDUUROODHQHO&DSLWXOR,,VHXWLOL]DXQ3/&GHJDPD
EDMDSDUDPDQHMDUWRGRVORVLQGLFDGRUHV\DFWXDGRUHVWDPELpQODVHQWUDGDVGLJLWDOHV\
DQDOyJLFDV HO FRQWURO GH PDQR GH HPHUJHQFLD HV XQDFFHVRULR RULJLQDO GHO WHFOH HO
WHUPLQDO UHPRWR FRUUH XQ SURJUDPD GHVDUUROODGR EDMR /DEYLHZ OD FRPXQLFDFLyQ
HQWUH HO 3/& \ HO WHUPLQDO UHPRWR VH UHDOL]D PHGLDQWH HO SURWRFROR LQGXVWULDO GH
FRPXQLFDFLyQ 02'%86 VREUH XQD LQWHUIDFH VHULDO 56 GH GRV KLORV WRGR OR
UHIHUHQWHDOSURJUDPD\ODFRPXQLFDFLyQHQWUHORVGRVGLVSRVLWLYRVVHHQFXHQWUDHQHO
&DSLWXOR,,,ILQDOPHQWHHOEDODQFHILQDOGHOVLVWHPDHVWDGHVWLQDGRDO&DSLWXOR,9










También podría gustarte