Está en la página 1de 404

6LVyOR

WLHPSR
WLHQH
SDUD ODV UHVSXHVWDV

OHFFLRQHVHQODVTXH LQYHUWLU
XQD KRUD
SRU
OHFFLyQ

-RVHSK
6FKPXOOHU

O



WL


5HVXPHQ
FRQWHQLG
GH
,QWURGXFFLyQ
3$57(
 3$5$ ,1,&,$5

+RUD
O,QWURGXFFLyQDO80/
2ULHQWDFLyQDREMHWRV






 8VRGHODRULHQWDFLyQDREMHWRV
 8VRGHUHODFLRQHV



$JUHJDFLyQFRPSRVLFLyQLQWHUID

\
UHDOL]DFLyQ


 ,QWURGXFFLyQDORVFDVRVGHXVR
'LDJUDPDVGHFDVRVGHXVR



'LDJUDPDVGHHVWDGRV



'LDJUDPDVGHVHFXHQFLDV




'LDJUDPDVGHFRODERUDFLRQHV O
'LDJUDPDVGHDFWLYLGDGHV



'LDJUDPDVGHFRPSRQHQWHV



'LDJUDPDVGHGLVWULEXFLyQ




1RFLRQHVGHORVIXQGDPHQWRVGHO


$GDSWDFLyQGHO80/HQXQSURFHVR
3$57(
(678',2
'(
81 &$62




+RUD
3UHVHQWDFLyQGHOFDVRSRUHVWXGL


(ODERUDFLyQGHXQDQiOLVLVGHGR


5HFRSLODFLyQGHODVQHFHVLGDGHV


'HVDUUROORGHORVFDVRVGHXVR


 2ULHQWDFLyQDODVLQWHUDFFLRQHV
\
FDPELRVGHHVWDGR


'LVHxRGHODVSHFWRVHQVDFLyQ
\
GLVWULEXFLyQ


 1RFLyQGHORVSDWURQHVGHGLVHx

3$57(

9,6,1
'(/
)87852

+RUD0RGH

O
D
GR
G
H VLVWHPDV
LQFUXV
W
D
GRV
 IXW
(O
XUR
GH
O
80/
3$57(
,9
$3a1',&(6







$Sp
QGLFH5HVS
$
XHVWDV D ORV FXHVWLRQDULRV




L
HQ
W
DVPR
GH
G
HODGR
H
O
8
SDUD
0/
$SpQGLFH
% +HUUDP



8Q
UHV
XP
H
Q
JU
iILFR
$Sp
QGLF
H &



Q
GLFH



&RQWHQLGR
,1752'8&&
,1

3$57(
 3$5$,1,&,$5
+25$
,1752'8&&,1
80/
$/

3RU
TX
pH

V
QHFHVDULR
H
O
80/
/D
FR
QFH
S
F
L
y
Q
G
H
O
80/







'LDJUDPDV
GH
O
80/
'LDJUD
PD GH
FO
DV
H
V
'L
DJUDPD GH REMHWRV
'LDJUDPD
FDVR
V
G
GH
H
XV
R
'LDJ
U
D
PD GH
H
V
WDGR
V
'L
DJUDPD
G
H
VHFXHQFL
DV
'LDJUD
PD
G
H
DFWLYLGDGH
V
'LDJUD
PD
G
H
FR
O
D
ERUDFLRQH
V
'LDJUD
PD
G
H FRPSRQHQWHV
'LDJ
U
DPD
GH
GLVWUL
EX
F
Ly
Q
2WUDV
FDUDF
W
HUtVWLFDV
3D
TX
HWHV
1RWDV






(VWHUHRWL
S
RV
3DUD
TX
pW

DQWRV
G
LDJUDPDV
5HVX
PH
Q
3UHJ
XQWDV
\
UHVS
XHVWD
V
7DOOH
U
&XHVWLR
QDULR
(MH
U
FLFLRV









+25$

25,(17$&,1 $ 2%-(726







2








2E
M
H
W
RV
R
EM
HWRV
GRT
SRU
XLH
U



$O
JXQR
V
F
RQ
FS
H
WRV
$E
V
WU
DFFLy
Q
+H
U
H
QFLD
3R
OLP
RUILVPR
(QFD
SV
XO
DP
L
HQWR
(Q
YtR
GH
PH
QVDMHV
$VRFLDFLR
QHV
$JUHJDFLyQ





/D
UHFR
PS
H
QVD





5HV
XPHQ
3U
HJ
XQ
WDV
\
UV
H
SXH
VWDV

7DOO
H
U
&X
HVWLR
QDUL
R
(MHUFL
F
LRV
+25$
8VR
'(
/$ 25,(17$&,1
$
2%-(726

&R
QFH
SFL
yQ
GH
XQ
DFODVH
$WUL
EXWR
V
2SHUDFLRQH
V
$WULEXWR
V
RSH
UD
FLRQH
V
\
FQ
RH
F
SF
LQ
y
5H
V
SRQ
VD
ELOLG
D
GHV
\
UV
H
W
ULFF
LRQ
HV
1RWDV
D
GMXQ
WDV
4X
pHV
OR
TX
HK

DF
HQ
ODV
FO
D
VHV
\
FP
yR
H
QFR
QW
UDUO
DV
5HV
XPHQ
3U
HJ
XQWD
V
\
UV
H
SXH
VWDV
7DOO
H
U
&XH
V
W
LR
QDUL
R
(M
HU
FLF
LR
V
+25$


8VR
'(
5(/$&,21(6

$VRF
LDFL
RQHV
5HVWUL
F
FLRQ
HV
HQ
OD
V
D
VRF
LD
FLR
QH
V
&ODV
HV
GH
DVRFLDFLy
Q
9t
QF
XO
RV
0XOW
LSO
LFL
GD
G
$VRF
LD
FL
RQHV
FD
OLIL
FD
GDV
$VRF
LDFLRQHV
L
YDV
UHIOH[
+HU
H
QFLD
\
JHQHUDOL
]DFLy
Q
'HVFXEULP
LH
QWR
GH
OD
KH
UHQ
FL
D
&O
D
V
HV
DE
V
WUDFW
DV
'H
SH
QG
H
QF
LDV
5HV
XPH
Q
3UH
JXQWD
V
\
UV
H
SXH
VWDV
7DOO
H
U
&XHVWL
RQDUL
RV
(MH
U
FLF
LR
V
+25$
$*5(*$&,1

&20326,&,1 ,17(5)$&(6 < 5($/,=$&,1

$JU
HJDF
LRQ
HV
5HVWUL
FF
LRQ
HV
HQ
ODV
DJU
HJ
D
FLR
QH
V
&RPSR
VLFL
RQH
V
&RQWH[W
RV
















































,Q
WH
UI
D
FHV
\
UD
H
O
L]
DF
LRQH
V

9L
VELOLGDG
L
PELW
R
5HV
XPH
Q
3U
H
JXQWD
V
\
UV
H
SX
HW
V
DV
7D
OOHU
&XHVWLRQDULR
(MHUFLFLRV
+25$

,1752'8&&,1$
/26
&$626
'(
862

4XpVRQORVFDVRVGHXVR
,PSRUWDQFLDGHORV
FD
V
RVGH
XV
R
8QHMHPSORODPiTXLQ
D
GH
JDVH
RVD
V
(O
F
DV
R GHXVR&RPSUDU
JDV
HR
VD
&D
V
RV
GH
XVR
D
GLFLR
QD
OH
V
,QFOX
V
LyQ
GH
ORVFDV
RV
GH
XVR
([W
H
QV
L
yQ
GH
ORV
FD
VRV
GH
XVR
,
QLFLRDQiOL
GHO
V
LV
GHXQ
FDVR
GH
XV
R
5H
V
XPHQ
3UHJXQWDV
\
UHVSXHVWDV
7DOOHU
&XHVWLRQDULR
(MHUFLFLRV
+25$

',$*5$0$6
'(
&$626
'(
862




















5HSUH
V
HQWDFLyQ GHXQPRGHOR
G
H
FD
V
R
GHXVR
8Q
D
QX
H
YD
YL
V
LWD
D
OD
Pi
TXLQ
D
GH
JD
V
H
RVDV

6H
FXHQFL
D
GH
SDV
RV
H
Q
OV
RH
VFH
QDULRV

&RQFH
SFLyQ
GH
O
DV
UHOD
F
LRQHV
H
QWUH
F
D
VRV
GH
XV
R

,QFOX
V
LyQ

([WHQVLyQ
*HQHUDOL]DFLyQ
$JUXSDPLHQWR

'LDJUDPDVGHFDVRVGHXVRHQHOSUR

$SOLFDFLyQGHORVPRGHORVGHFDVRG

&RPSUHQVLyQGHO
GRPLQ
LR

&RPSUHQVLyQGHORV
XV
XDUL
RV

&RPSUHQVLyQGH
OR
V
FD
V
RV
GHXVR
3URIXQGL]DFLyQ

'yQGH
H
VWD
PR
V

(O
H
PH
QW
RV
HWUX
VF
WXU
D
OH
V

5H
ODFLRQH
V

$JUXSDPLHQWR

$Q
RWD
FL
yQ
([WHQ
V
Ly
Q
\
Pi
V

(O
3DQRUDPD
5HVXPHQ
3UHJXQWD
V
\
UV
H
SX
HW
V
D
V
7D
OOHU
&XH
V
W
L
RQDULR
(MHUFLFLRV
+25$

',$*5$0$6
'(
(67$'26

4X
p
H
V
XQ
GLDJUDP
D
GH
H
V
W
D
GR
V
6LPERORJtD
$G
L
FLy
Q
GH
GH
WOOH
DV
D
O
LF
RQRG
H
HVWD
GR
6XFH
V
RV
\
DFF
LRQH
V
&RQGLFLRQH
V
GH
V
H
JXUL
GD
G
6XEHVWDGRV
6XEHVWDGRV
V
H
F
XH
QF
L
D
OHV
6XEHVWDGR
V
FR
QF
XUUHQWH
V
(V
W
D
GR
VKL
V
W
yUL
F
RV
0HQ
VD
MHV
\
V
HxDOH
V
3RUTXpVRQ
LPSRUWDQW
H
V
O
RV
GL
D
JUDP
DV
GH
H
V
WDGR
V
$GLFLRQHVDO
SDQRUDP
D
5H
V
XPHQ
3UH
JXQWDV
\
UV
H
SXH
V
WDV
7D
OO
HU
&XH
V
WLRQDULR
V
(MHUFLFLRV
+25$

',$*5$0$6
'(
6(&8(1&,$6

4Xp
H
V
XQ
GLDJ
UD
PD
GH
V
HFXHQ
F
LD
V
2EMHWR
V
0HQ
V
D
M
H
7LHPS
R
/D*8,
/D
VHFXHQFL
D
(O
GLDJUDP
D
GH
V
H
F
XH
QFL
DV
(O
F
DV
RGH
XVR
,Q
VWD
QF
LD
V
\JHQ
 p
ULF
RV
8QGLDJUDPDGH
V
H
F
XH
QFL
D
V
GH
LQ
VWDQFLD
V
8QGLDJUDPDGH
VHF
XHQF
L
D
V
JHQ
p
ULFR
&U
HDFLyQ
REM
H
GHXQ
W
R
H
Q
O
D
V
H
F
XHQ
F
LD
&y
PR
UHSUH
V
HQW
DU
O
D
U
HF
XU
VL
YL
GD
G

























2

2























$GLF
LRQHV
SDQ
R
DO
UDP
D
5H
V
XPHQ
3UHJXQW
DV
\
UV
H
SX
HWD
VV
7D
OO
H
U
&XH
V
WLRQDULR
(MHUFLFLR
V
+25$

',$*5$0$6
'(
&2/$%25$&,21(6

4XpHVXQGLDJUDPDGH
F
ROD
ERUD
F
LRQHV
/D*8,
&DPELRVGH
H
VWDG
R
/D
Pi
TXLQDGH
JD
VR
H
VDV
&UHDFLyQGHXQ
REMHW
R
$OJXQR
V
FRQF
H
SW
RV
PiV
9DULRV
REMHW
RV
U
HF
HS
WU
R
HV
H
Q
XQD
FO
DV
H
5H
SUHVHQW
D
FL
yQ
GH
ORV
U
HV
XO
WD
GR
V
2EMHWR
V
DFWLYR
V
6LQFURQL]DFLyQ
$GLFLRQHVDO
SDQRUDP
D
5H
V
XPHQ
3UHJXQWDV
\
UHVSXH
V
WD
V
7DOOHU
&XHVWLRQDULR
(MHUFLFLR
V
+25$

',$*5$0$6
'(
$&7,9,'$'(6

2EMHWLYR
V
4Xp
H
V
XQ
GL
DJ
UDP
D
GH
DF
WLYLG
D
GH
V
'HFL
V
LRQHV

GHFL
V
LRQH
V
GHFL
V
LR
QHV
5XWDV
FRQFXUU
H
QW
HV
,QG
LF
DFLRQH
V
$SOLF
D
FLyQGH
OR
V
GL
D
JUD
PDV
GH
D
F
W
L
YLGDGH
V
8QD
RSHUDFL
yQ)LE
V
3URFHVRGH
F
UHDFL
yQ
GHXQGRFXPHQWR
0DUFRVGHUHVSRQVDELOLGDG
'LDJUDPDV
KtEULGR
V 
$GLFLRQHVDOSDQRUDPD
5H
V
XPHQ
3UHJXQWDV
\
UHVSXHVWD
V
7D
OOHU
&XH
V
WLRQDULR
(M
HU
FLF
LR
V












































+25$

',$*5$0$6
'(
&20321(17(6



4Xp
H
V
XQFRPSRQHQWH
&RPSRQHQWHVHLQWHUIDFH
V

6XVWLWXFLyQ\UHXWLOL]DFLyQ

7LSRVGHFRPSRQHQWHV

4XpHVXQGLDJUDPDGHFRPSRQHQWHV

5HSUHV
H
QWD
F
LyQ GHXQFRPSRQHQWH

&yPR UHSUH
V
HQWDU
OD
V
LQWHUI
DF
H
V

$SOLFDFLyQGHORVGLDJUDPDVGHFRPSR
8QDSiJLQD:HEFRQXQVXESURJUDPD
8QDSiJLQD:HEFRQFRQWUROHV$FWLYH

3RZHU7R\V

'LDJUDP
DV
GH
FRPSRQHQWH
V
HQHO
SD
QRUDPD

5H
V
XPHQ

3UHJXQWDV\UHVSXHVWDV
7DOOHU
&XHVWLRQDULR
(MHUFLFLRV
+25$

',$*5$0$6
'(
',675,%8&,1



4XpHVXQGLDJUDPDGHGLVWULEXFLyQ

$SOLFDFLyQGHORVGLDJUDPDVGHGLVWU

8QHTXLSRGRPpVWLFR
8QDUHGWRNHQULQJ
$5&QHW

7KLQ
H
W
KHPHW


5HGLQDOiPEULFD5LFRFKHW
GH0HWULFRP

/RVGLDJUDPDVGHGLVWULEXFLyQ
H
Q
HO
SDQRUDPD
5HVXPHQ


3UHJXQWDV\UHVSXHVWDV


7DOOHU
&X
HV
W
L
RQ
DUL
R

(MHUFLFLRV
+25$

12&,21(6
'(
/26
)81'$0(1726
'(/
80/

(VWUXFWXUDGHO80/
&DSDGHO
PHWDPRGHODGR

FU
H
FDQR
\
SHUVRQDO
(O
SDTX
H
WHGH
)XQGDPHQWR
V
(OSDTXHWHGH
OR
V
HOHPHQWR
V
GH
FRPSRUWDPLHQWR
$GPLQLVWUDFLyQGHPRGHORV
a
([WHQVLyQGHO80/









(V
WHUHRWLSRV
'H
SHQGHQF
LD
&O
D
V
LILFD
GRU
&OD
VH
*H
QHUDOL]
D
FL
yQ
3DTXHWH
&RPSRQHQWH
$OJXQRV RWURV HVWHUHRWLSRV
(VWHUHRWLSRV JUiILFRV
5HVWULFFLRQHV
9DORUHV HWLTXHWDGRV
5HVXPHQ
3UHJXQWDV
\
UHVSXHVWDV
7DOOHU
&XHVWLRQDULR
+25$

$'$37$&,1
80O
'(/
(1 81 352&(62 '( '(6$552//2















0HW
RGRORJtDV
D
QWLJXDV
\
UF
H
LHQWH
V

(OPpWRGRDQWLJXR
(OPpWRGRUHFLHQWH
/RTXHGHEHKDFHUXQSURFHVRGHGHVD
*5$33/(

5$'
ODHVWUXFWXUDGH*5$33/(
5HFRSLODFLyQGHQHFH
VLGDGH
V

$QiOLVLV

'L
V
HxR

'H
VDUU
ROOR


'L
VWULE
XF
L
yQ


5HV
XP
H
Q
GH
*5$33/(

5HV
XPHQ

3UHJXQWD
V
\
UHVSXH
V
WD
V

7DOOHU
&XHVWLRQDULR
3$57(
(678',2
'(
81 &$62
+25$

35(6(17$&,1 '(/ &$62 325 (678',$5

$SOLFDFLyQGH*5$33/(DO
SUR
EOHPD
'HV
FXEULUORV
SUR
F
HVR
V
GH
O
QHJ
RFL
R

6HUYL
U
D
XQ
FOLH
QW
H
3U
H
SDU
D
FLyQ
GH
SO
D
WLOOR
V
/L
PSLH]D
PH
V
D
GHOD
/HF
FLRQ
HV
DSUHQGLGD
V












5HV
XPHQ



3U
HJ
XQ
WDV
\
UHV
SXH
VWDV









7DOO
H
U
&XH
V
WLRQ
DULR

(MHUF
L
FLR
V
+25$

(/$%25$&,1
'(
81 $1/,6,6
'(
'20,1,2

$Qi
OLV
LV
GH
O
D
H
QWUHY
LVWD
GH
O
SRFHVR
U GH
O
QH
JRF
L
R
'HV
DUUROORGHO
GL
D
JUDP
D
GH
FOD
V
H
V
LQLFL
DO
$JUXSDFLyQ
OD
V
FOD
VHV
GH
&RQ
IRUPDFLyQGH
D
VRFLDFLR
QH
V
$V
RF
L
DFLRQ
HV
FR
QH
 O
FOLH
QWH
$VRFLDFL
RQ
H
V
FQ
RH

O
0HVHUR
$V
RF
LDFLR
QHV
F
RQ
H
O
&KHI
$VRFL
D
F
LRQ
H
V
FQ
RH

O
0R]R
GH
SLVR
$V
RFLD
FLR
QH
VF
Q
RH

O
*HUH
QW
H
8QDGLJUHVL
yQ
)RUPDFLyQGH
D
JU
HJD
GRV
\
REM
HW
RV
FRPSXHVWR
V
/O
H
QDGRGH
O
DVFODVHV
(O
&OLHQW
H
(O
(PSOHDGR
/D
&XHQWD
'HWDOOH
V
JHQHUDOH
V
GH
ORV
PRGHOR
V
'L
FLRQDULR
F
GH
O
PRG
H
OR
2UJ
DQL
]DFLy
Q
GH
O
GLDJUDPD
/H
FFLR
QH
VD
SU
H
QG
LGD
V
5HV
XPHQ
3U
H
JXQWDV
\
UV
H
SXH
VWDV
7DOOHU
&XHVWLRQDULR
(MHUF
LF
LR
V
+25$

5(&23,/$&,1
'(
/$6 1(&(6,'$'(6
6,
67(0$
'(/

'H
V
DUU
ROOR
GH
OD
L
GH
D
3UHSDUDFLyQ
SDU
D
O
D
U
HFRSLO
D
F
Ly
Q
GH
OD
V
QHFH
V
LGDGH
V
/D
V
H
VL
yQ
$'
GH
QHF
H
V
LGD
GH
V
(O
UH
V
XOW
D
GR
$K
RUD
TX
p"
5H
V
XPHQ
3U
H
JXQWDV
\
UV
H
SX
HW
V
DV
7D
OOHU
&XHVWLRQDUL
R
(MH
U
FLFLR













































+25$

'(6$552//2
'(
/26
&$626
'(
862



&XLG
D
GR
\
SURYLV
L
yQ GHORV
FD
VRV
GH
XV
R

(O
D
Qi
OLVL
V
GH
OR
V
FDV
RV
GH
XVR

(O
SDTXHW
H
0H
V
HUR

7RPDUXQDRUGHQ

7UDQVPLWLUODRUGHQD
-D
FRFLQD

&DPELDUXQDRUGHQ
6RQGHRGHOSURJUHVRGHODRUGHQ
1RWLILFDU
DO
FKHIGHOSURJUHVRGHORVFOLHQ
7RWDOL]DUXQDFXHQWD
,PSULPLUXQD&XHQWD
/ODPDUDXQ$VLVWHQWH
&DVRVGHXVRUHVWDQWH
V

&RPSRQHQWHV
VLVWHPD
GHO

5H
V
XPHQ

3UHJXQW
DV
\
UV
H
SXHVW
DV

7DOOHU

&XHVWLRQDULR
(MHUFLFLRV
+25$

25,(17$&,1
/$6
,17(5$&&,21(6
$
<
&$0%,26
'(
(67$'2



/DVSDUWHVIXQFLRQDOHVGHOVLVWHPD
(OSDTXHWH0HVHUR
(OSDTXHWH&KHI
(OSDTXHWH0R]R'H
3L
VR

(OSDTXHWH$VLVWHQWH
0H
V
HUR


(O
SDTXHW
H
$VL
VWHQWH &KHI
(O
SD
TXHWH
&D
QWLQ
H
UR

(OSDTXHWH
(Q
F
DUJDGR
DU
GDUURSD
'HO*X

&RODERUDFLyQHQHO
V
LVWHP
D

7RPDUXQDRUGHQ
&DPELDUXQDRUGHQ
6RQGHRGHOSURJUHVRGHODRUGHQ
,PSOLFDFLRQHV
5HVXPHQ

3UHJXQWDV
\
UHVSXHVWDV

7DOOHU
&XHVWLRQDULR
(MHUFLF
L
RV


+25$

',6(f2
'(/
$63(&72 6(16$&,1
<
',675%8&,1

$OJXQR
V
SULQF
L
SLRV
JHQHUDO
HV
HQ
H
O
GL
V
HxR
OD
V
GH
*8,
/DVHVLyQ-$'SDUD
O
D
*8,
'HORVFDVRVGHXVRD
OD
V
LQWHUI
D
FHVGHXVXDULR
'LDJUDPDV80/SDU
D
HO
GL
VH
xR GHOD*8,
(VER]RVGH
O
D
GLVWULE
XFLy
Q
GH
O
V
LVWHPD
/DUHG
/RV
QRGRV
\
HO
GLDJU
DPD
GH
GL
V
WULEX
F
LyQ
6LJXLHQWHVSDVRV


<DKRUDXQDV
SDODEU
DV
GH
QXH
V
WUR
V
SDWURFLQDGRUHV
0HMRUDUHOWUDEDMRGH
OD
IXHU]DGHYHQWDV
([SDQVLRQH
V
HQ
HO
PXQGR
UH
VWDX
UD
QWHUR
5H
V
XP
H
Q
3U
H
JXQWD
V
\
UV
H
SXH
V
WD
V
7D
OOHU
&XHVWLRQDULR
(MHUFLFLRV
+25$

12&,1
'(
/26
3$7521(6
'(
',6(f2
















3DU
D
PHWUL
]D
FL
yQ

2
3D
WURQH
V
GHGLVHxR
&DGHQDGHUHVSRQVDELOLGDG
&DGHQDGH
UHVSRQ
V
DELOLGDG
GRPLQLR5H
V
WDXUDQWH
&DGHQ
D
GH
UH
V
SRQ
VD
ELOLGDG
0RGHORVGH
HYHQWR
V
GH
OR
V
H
[SO
RUD
GRUH
V
:HE

1XHV
WUR
V
SURS
LRV
SD
WURQ
HV
GH
GL
V
Hx
R

9H
QW
D
M
DV
GH
OR
V
SD
WURQH
V
GH
GL
VH
xR

5H
VXPHQ

3UHJXQWDV
\
UHVSXHVWD
V

7DOOHU
&XHVWLRQDULR
(MHUFLFLRV
3$57(

9,6,1 '(/)87852
+25$

02'(/$'2
'(
6,67(0$6 ,1&5867$'26

/DPDGUHGHOD
LQ
YHQ
F
LyQ
&UHDFLyQ
GH
7H
FQR$SU
H
W
yQ
4X
p
H
V
XQ
V
LVWHP
D
LQFUX
V
WDG
R"
&RQF
HSWRV
VLVW
GHORV
H
PDV
LQF
UX
V
W
D
GRV
7LHPSR
6XESURFHVRV
,QWHUUXSFLRQH
V
6LVWHPD
RSHU
D
W
LYR














0RGH
ODGR
7H
FQ
GH
R$SU
H
W
yQ
&OD
V
HV
&DVRV
GH
XV
R






,QWHU
DFF
LRQH
V
&DPELR
VGH
HV
W
D
GR
JHQH
UD
OH
V
'L
VWULEXFLyQ
)OH
[LRQHV
VX
V
PHQ
~
V
FXO
RV
5HVXPHQ
3UHJXQWDV
\
UHVSXH
VWD
V









7DOOHU
&XHVWLRQDULR
(MHUFLFLRV
+25$

(/
)87852 80/
'(/

([W
H
QVLR
QH
V
SDU
D
OR
V
QHJRF
LRV
/HFF
LRQHV
GH
ODV
H
[W
H
QVLRQHV
GH
QHJRFLR
V
,QWHUI
DF
H
V
Ji
U
ILF
DV
GH
XV
XDUL
R
&RQH[LRQ
HVDFDVRV
GH
XVR
0RGHODGRGH
O
D
*8,
6L
V
WHPDVV
H[SHUWR
&RPSRQHQWHVGHXQ
V
LV
W
H
PD
H
[SHUWR
8QHMHPSOR
0RGHODGRGHOD
ED
VH
GH
F
RQR
FLPLHQWRV
(VR
H
V
WRGR
DPLJ
RV
5H
V
XPHQ
3U
HJXQW
DV
\
UV
H
SXH
V
W
DV
7D
OOHU
&XH
V
W
L
RQDULR
3$57(
,9
$3e1',&(6

























$3e1',&(
$5(638(67$6
$
/26 &8(67,21$5,26



$3e1',&(
%+(55$0,(17$6 '( 02'(/$'2
(/
80/
3$5$



&DU
D
FWHUt
V
WL
F
D
V
HQ
F
RP~Q
5D
W
L
RQDO 5RVH
6(/(&7(QWHUSULVH
9LV
XDO 80/
/D
KHUUDPLHQWDLGHDO
SDU
D
HO
PRG
H
OD
GR







$3a1',&(
 81
5(680(1 *5),&2



'LDJUD
PDGH
D
F
WLYLGDG
H
V
'LD
JUDP
D
GHFOD
V
H
V
'L
D
JUDPD
F
RODER
GH
UDF
LRQH
V
'L
D
JUDPD
FRPSRQ
GH
H
QWH
V
'L
D
JUDP
D
GH
GL
V
WULEX
FLyQ
'LDJ
U
D
PD
GH
VH
FX
H
QF
LD
V
'L
DU
JDPD
H
V
W
D
G
GH
RV
'L
DU
JDPD
FD
V
RV
GH
XVR
GH












1',&(



$FHUFDGHO
DXWRU

-RVHSK 6FKPXOOHU
HVYLFHSUHVLGHQWH GHODGLYLV
GHO %DQNRI$PHULFD'H

D

IXHHGLWRUHQMHIH GH
GLYHUVR
V
DUWtFXORV
\
UHVHxDVGHWHFQRORJtDVDYDQ]D
\
HVDXWRU
$FWLYH; 1R H[SHULHQFH
\
'\QDPLF UHTXLUHG
+70/0DVWHU
7LHQHX
WKH
GRFWRUDGR GHOD8QLYHUVLGDGGH:LVFRQ
\
HVSURIHVRUDGMXQWR
1RUWHGH)ORULGD

'HGLFDWRULD

$PLPDUDYLOORVD
PDGUH

6DUD5LED6FKPXOOHU
TXLHQPHHQVHxyDDSUHQGHUSRUPt

5HFRQRFLPLHQWRV

(VFULELUXQOLEURHVXQSURFHVRDUGXR
&RPSXWHU3XEOLVKLQJORKDKHFKRPiVIi
7DQWRHOHGLWRUGHDGTXLVLFLRQHV&KULV
HO
GH'HVDUUROOR0
D\XGDURQ
D
FRQYHUWLUPLVSHQVDPLHQWRVHQDOJR
JUDQH[SH
FLD
HGLWRULDO

OV
HDJUDGH]FR
VXVDOLFLHQWH
V
SDFLHQFLD
\
D
SR\R
/RV
UHYLVRUH
V
WpFQLFR
V
%LOO
5RZH
\
0LFKDHO7REOHUVHDVHJXUDURQGHTXH
HO
FRQWHQLGRIXHUDWpF
\
VHORVDJUDGH]FR/DHGLWRUD6XVDQ0R

ORVGHVWDFDGRVDUWLV
\
HO
SHUVRQDOGHSURGXFFLyQFRQYLUWLHURQHO
\
VXVGLYHUVRVGLDJ
TXHDKRUD
H
V
Wi OH\HQGR

'DYLG)XJDWHGH:DWHUVLGH3URGXFWLRQ
V
FRQMXJyWRGR
HO
SURFH
VR/H
JUDGH
D ]
FR KDEHU
KHFKRFRLQFLGLUFRQ0DFPLOODQ
\
KDEHUPHFRORFDGRHQRWUR

7HQJRHOSULYLOHJLRGHWUDEDMDUWRGRVO
HQODGLYLVLyQGH&RQVXPHU)LQDQFH7HFK
FRPRPLHPEURGHOJUXSRGH2EMHWRV
\
FRPSRQHQWHVUHXWLOL]DEO
DPLVFROHJDVSRU
VX
DSR\R
\
FRRSHUDFLyQ
(Q
SDUWLFXODU

ODVFRQYHUVDFLR
%DUUHW
\
5RE:DUQHUPHD\XGDURQD
FO
D
ULILFDU
PL
VL
 GHD
V
VREUHGLYHUVRVS
V
3RUGHV
JUDFLD7RP:LOOLDPVRQQXHVWUR'LUHFWRU
eOHUDHOFRUD]yQ
\
HODOPDGH&)I
\
IXHXQDVHVRUWXWRUF
\
DPLJR

$JUDGH]FRDPLVTXHULGRVDPLJRVORV6S
ULRHVWDEDGHFDVXDOLGDGFXDQGRHPSHFp
\
QXHYDPHQWHD
$JUDGH]FR
D
PLPDGUH
\
DPLKHUPDQR'DYLGSRUVXDPRU

\
SRUVLHPSUHHV
F
HUFDG
Pt
\
D.DWKU\QSRUVHUSRUVLHPSUH

WRGRSDUDPt

3HDUVRQ (GXFDFLyQ
/DWLQRDPpULFD

(O
SH
U
V
RQ
D
O
GH3HDUVRQ
(GX
FD
FLyQ
/DWLQRDP
pULFD
HV
W
i
FRPSURP
H
WLGRHQ
SUH
V
HQWDUOH
PHMRUHQ
PD
WHULDO
GH
FRQ
V
XOW
D
V
REUH
FRPSXWD
FL
yQ&DGD
O
L
EUR
GH
3H
DU
VRQ
(GX
FD
FLyQ
/DWLQ
RD
PpUL
FD
HV
H
O
UHVXOW
D
GRGH
PH
V
H
V
GHWUDEDMR
GH
QX
H
VWUR
SHU
V
RQDOTXH
LQYH
V
WL
JD
\
UHILQ
D
ODLQIRUP
D
FLyQTXHVH
RIUHFH


&RPR
SDUW
H
GHHVWHFRPSURPLVRFRQXVWHGHO
/DWLQRDP
p
ULFDORLQYLWDDGDUVXRSLQLyQ
VL
GLVIUXWDH
VL
WLHQHDOJXQDGLILFXOWDGFRQODLQIRUPD
\
ORVHMHPSORVTXHVH
SUHVHQWDQ

RVL
WLHQH
DOJXQD
V
XJHUHQFLDSDUDODSUy[LPDHGLFLyQ

6LQHPEDUJRUHFXHUGHTXHHOSHUVRQDO
DFWXDUFRPR
V
RSRUWH WpFQLFRRQLUHVSRQGHUSU
FRQHO
V
RIWZDUHRHOKDUGZDUH

6L
XV
WHG
WL
H
QH
DOJXQ
DS
UHJXQWDR
FRPHQWD
UL
R
DFHUF
D
GHFXDOTXLHUOLEU
3H
D
U
V
RQ
(GX
FDF
LyQ
/DW
LQRD
Pp
UL
FD
H[L
V
WHQ
PXFK
DV
IRUP
DV
GH
HQWUD
U
HQ
FRQW
D
FW
R
FQ
RQ
RVR
WUR
V

5H
VSRQG
H
U
HPR
V
DWRGRV
OR
V
OHFWRUH
V
TX
HS

RGDPR
V
6XQRPEUH

GLUHFFL
yQQ~PHURW
\
IyQ
LFR
MDPi
V
IRUPDUiQSDUWHGHQLQJXQD
OL
V
WD
GH
RUUHRV
F
QLVHUiQXV
ILQ

Pi
V
TXHHOGHD\XGDPRVDVHJXLUOHOOHYDQ
HVFULELPRV
GLUHFFLyQ
DODVLJXLHQWH

3HDUVRQ(GXFDFLyQ/DWLQRDPpULFD
$WWQ(GLWRULDO 'LYLVLyQ&RPSXWDFLyQ
&DOOH&XDWUR1R3LVR
&RO
)UDF
F$OFH%ODQFR
1D
XF
D
OS
D
QH
G
-XiU
H]

(GR
GH
0p
[L
FR
&3



6LORSUHILHUH

SXHGHPDQGDUXQID[D
3HDU
V
RQ(GXFDFLyQ/DWLQRD
DO




7DPELpQSXHGHSRQHUVHHQFRQWDFWRFRQ
QXHVWUDSiJLQD:HEKWWSZZZ
SHDUVRQ
FRP
P[

QWURG
XFFLyQ

7RGR
JLUDHQWRPRGHXQD
YL
V
LyQ8Q
V
LV
WHPD FRPSOHMRWRPDIR
WL
H
QH
OD
YL
V
LyQ
GH
F
yPRWHFQRORJt
OD D
SXHG
H
PHMRUDU
OD
V
FRVD
V
/R
V
GH
V
DUUROODGRUH
V
WLHQHQ
HQWHQGHUFRPSOHWDPHQWH
\
PD
QWHQHUODHQPHQWH
PLHQWUD
ODLGHD
V
F
UH
D
Q
H
OVLVWHPD
Gp
IRUQ
D


(O
p
[LWRGHORVSUR\HFWRVGH
GH
V
DUU
ROO
R
GHDSOLFDFLRQHVRVLVW
VHGHEHDT
F
RPR
H
QODFH
H
QWUHTXLHQWLHQHOD
LG
HD
\
HO
GH
V
DUUROODGRU(O80/
/HQJXDMH 8QLI
0RG
HODGR 
H
V
XQDKHUUDPLHQWDTX
H
FXPSO
H
FRQ
H
V
WD IXQFLyQ\DTX
OD
LGH
D
GHXQ
V
LV
WHPD
FRPXQL
SDUD
FD
UO
D
SRVWHULRUPHQWHDTXLHQ
H
V
W
p
LQYROXFUDG
SUR
F
H
VR
GH
GH
VUUROOR
D 
H
V
WR
V
H
OOH
YDD
F
D
ER PHGL
D
QWH
FRQMXQW
XQ
R
GH
Vt
PERORV
\
GLDJU

PDV
&DGD
GLD
JUDPDWLHQH
ILQH
V
GL
V
WLQWR
V
GHQWUR
GH
O
SURFH
V
RGHG
HVD
UUROOR

(O
REM
H
WL
YR H
GH
V
WH OLEUR
H
V
GD
UOH

HQ

KRUD
V
GH
HV
WXGLR
ODV
EDV
H
V
V
REUHHO80
KRUD
OH
SUH
V
HQWD
Ui
H
MHPSOR
V
SD
UD
PHM
RUDU
F
RPSU
OD
H
QVLyQ
LQFOXLU
H
i
H
MHU
F
LFLRVTX
SH
U

PLWLU
i
Q
SUD
FWL
FD
U
V
XV
UHFLpQ
D
GTXLULG
RV
F
RQ
RL
FPL
H
QWR
V

'LYLGt
HV
W
H
OLEUR
H
Q
WUHV
SDUWHV
ODSULPHUDSDUWHOHGDXQ
SDQRUDP
D
GHO80/
\
OHH[S
OD
RULHQW
DF
LyQ
DREMHWRVPLVPDTXHFRQIRUPDOR
IXQG
D
PHQW
D
OH
V
GHODG
PDF
LyQ
GH
REMHWR
V
\
FODVHV
([DPLQDUHPRVORVFDVRVGH
H
V
WUXFWXUD S
OD
IRUP
D
HQTXHXQVLVWHPDOXFLUiDQWHHO
XV
XDULR

SDUDOXHJRPR
V
WUDU FyPRK
GLD

JUDPD
V
GH
HVWDHVWUXFWXUD /DV
KRUD
V
UH
V
WDQWH
V
GH
O
D
SULPHUD
SD
UWH
SH
UPLWLUiQ
OH
FRQ
H
O
U
HV
WRGHORV
GLDJUDPD
V
80/

/DVHJ
XQGDSDUWHOHPXHVWUD
XQ
DP

H
WRGRORJtD
SD
VLPSOLILFDGD
UD
H
O
GV
HUUROOR
D
HQULTX
F
LGD
F
RQ
H
O
HWXGLRGHXQ
V
F
D
V
RF
WL
IL
FLR
$V
t

OV
D
KRUD
V
GHOD
V
HJXQG
D
SDUWHOHPR
V
WUDUiQ
IR
UP
D
HQTXHHO80/
V
H
D
GD
SW
D
D
O
F
RQW
H
[WRGHXQSUR\HFWRGH
GHVDUUROOR
9HUiOD
H
Q
TH
XOR
V
H
O
H
PHQWRV
GH
O
80/
IXQFL
RQDQHQ
FRQMXQW
R
SD
UD
PRGHO
DU
XQ
V
L
V
W
H
PD

3RU~OW
L
PR

HQ
O
D
WHUFHUDSDUWH
DSOLF
D
UHP
RV
H
O
80/SDUDGLVHxDU
SDWURQH
V
\
V
L
V
W
H
PD
V
LQ
F
UX
V
W
D
GRV
\
H[DPLQDUHPRVVXFDPSRG
H
DSOLFDFLyQHQGRV
iUHD
V
PiV

([L
V
W
H
Q
GLYHU
V
RV
IDEUL
F
DQWHVTXH
F
XH
QWDQ
F
RQ
SD
TXHWHV
SHUPLWLU
TXHOH
i
Q
JHQHUDU
GLDJU

PD
V
80/
\
FRRUGLQDUOR
V
HQXQ
PRGHOR

/R
V
PiV
QRWDEOH
V
V
RQ
5DWLRQ
D
O
5R
V
H
\
6(/(&
(QWHUSUL
V
H

D
XQTXH FDEHPHQFLRQDU
TX
H9LVXDO80/HVRWURGL

FRQWHQGLHQ

0LFUR
V
RIWHVWiDXWRUL]DGRSDUDXWLOL
]
DUODWHFQRORJtDGH
5DWLRQ
D
O
\
D
V
tFRPHUFLD
0RGHO
HU

XQVXEFRQMXQWRGH
5DWLRQ
D
O
5R
V
H
1RREVWDQWHHQ
H
V
WH OLEURWRG
W
DUi
V
HU
i
XQOiSL]
\
SDSHO
SDU
D
GLEXMDUORVGLDJUDPDV
\
XQD
VD
QD
FXULR
V
LGDGUHVS
HV
WDGR
DF
WXDOGHOGLVHxRGH
V
LV
WHPD
V

>,QL
F
LHPR
V

&RQYHQFLRQHV
XWLOL]DGDV
HQ HVWH
OLEUR

(QORVGLDJUDPDVLQFOXLGRVHQHVWHOL
(VWRGHELGRDTXHHODOIDEHWRLQJOpV
SURJUDPDFLyQQRORVLQFOX\H
\
HOHPSOHRGHHVRVFDUDFWH
DFDUUHDUOHSUREOHPDVWDQWRHQHO80/
HO
OHQJXDMHGHSURJU

8QD1RWDSUHVHQWDLQWHUHVDQWHVVHFFLR
WHPDTXH
VH
WUDWH


LK#L+LL
(OLFRQR7pUPLQR1XHYRUHVDOWDOD
\
HVHQ

+


FLDOHV(OYRFDEORHQVtDSDUHF
FXUVLYD



3$57(


3DUD
LQLFLDU
+RUD
 ,QWURGXFFLyQ DO 80/
2ULHQWDFLyQ
D
REMHWRV
8VRGH
OD
RULHQWDFLyQ
D
REMHWRV
 8VRGH UHODFLRQHV

$JUHJDFLyQ FRPSRVLFLy
\
UHDO

,QWURGXFFLyQ
D
ORVFDVRVGH XV

'LDJUDPDV GH FDVRVGH


'LDJUDPDV GH HVWDGRV

'LDJUDPDV GHVHFXHQFLD

2 'LDJUDPDV GH FRODERUDF

'LDJUDPDV GH DFWLYLGDG


'LDJUDPDVGH FRPSRQHQW


'LDJUDPDVGH GLVWULEXF


1RFLRQHVGH ORVIXQGDP


$GDSWDFLyQ GHO 80/HQ



+25$

,QWURGXFFLyQDO
(O80/

/HQJXDMH 8QLILFDGRGH
0RGHODGR  HVXQDGHODV
KHUU
DPL
HQW
DV
PiV
HPRF
LRQ
DQWH
V
HQHOPXQGR
D
FWX
DO
GH
O
GV
H
DUUROOR
VL
VWHPDV
GH
(V
WR
VH
GHEH D
TX
HS

HUPLWH
D
ORV
FUHDGRUH
V
GH
VLVWH
PDV
JH
QHUDU
GLVHxR
V
TXH
FD
SWXU
H
Q
V
XV
LGHDV
HQ
XQ
DI
RUPD
FRQYHQ
FLR
QD
O
\I
iF
LO
GHFRPSUHQGHU
SD
UD
FRPXQL
F
DUOD
V
D
RW
UDV
SH
U
V
RQD
V
(Q
HW
V
D
KRUD
WU
DWDUiQ
VH
O
RV
V
LJXL
H
QW
HV
WHPD
V

3RU
TX
pHV
QHF
HV
DULR
HO
80/

/D
FR
QFH
SFLyQ
GHO
80/

'LDJ
UDPD
V
GHO80/

3DUD
TXpWDQWRV
GLDJUDP
DV

(Q
HOFRQWH[WR GHHVWHOLEUR
D
XQ
VLVWHPD
FRPR
FRQVLGHUH
XQD

QP"W
OWI
I

FRPELQDFLyQ \
GHVRIWZDUH
KDUGZDUH TXH GD
D
XQ
XQDVROXFLy

SUREOHPD GH
(O
GHVDUUROOR
QHJRFLRV
GH
VLVWHPDV
HV
OD
FUHDFLyQ GH XQ SURJUDPD
SDUD
FOLHQWH
XQHVWH~OWLPR
HV
TXLHQ WLHQH HO SUREOHPD
UHVXHOWR
8QTXH GHEH
DQDOLVWD
HV
HO TXH GRFXPHQWD HO
\
SUREOHPD
OR FRPXQLFD
D
ORV
GHVDUUR
GHO FOLHQWH
OODGRUHV
TXH VRQ ORVSURJUDPDGRUHV
SURJ
U
DPD
TXH
TXH
JHQHUDUiQ
UHVROYHUi
HO
HO
SUREOHPD
\
OR GLVWULEXLUiQ
FRPSXWDFLyQ
HQHTXLSRV

GH

/D FRPXQLFDFLyQ GH


LPSRUWDQFLD
OD$QWHV
LGHD HV
GHO
GHDGYHQLP
VXPD
HO
GHVDUUROOR
VLVWHPDV

GH
FRQ
HUD
IUHFXHQFLD XQD
DQDOL
SURSXHVW
VWD
VGH
VL
V
WHPDV LQWHQWDEDQ
OR
V
UHTXHULPLHQWR
HYDOXDU
VGH VXV
V
JHQHUDU
FOLHQWH XQ DQi
UHTXHULPLHQWRV HQ DOJ~Q WLSR
VFRPSUHQGLHUDQ
GH QRWDFLyQ
FOLHQWH
FRPSUHQGLHUD
QR OR
GDU WDO DQiOLVLV D XQR
\
HVSHUDU
R YD
HO SURGXFWR ILQDO FXPSOLHVH FRQ OR TXH

'DGR TXH
GH
V
DUUROOR
HO
VLVWHPD
V
GH
H
V
XQD DFWLYLGDG
KXPDQD
KD\ PXFKD
V
SR
VLELOLGD
GH FRPHWHU HUURUHV HQ
FHVR
FXDOTXLHU
SRU HMHPSOR
HWDSD HO
G
PDOHQWHQGLGR DO FOLHQWH HV GHFLU SURED
SXGR
FRPSUHQGHU
7DO YH] HVH GRFXPHQWR WDPSRFR I
GRUHV TXLHQHV SRU HQGH SXGLHURQ
\
QR
JHQHUD
JHQH
XQD VROXFLyQ DO SUREOHPD RULJLQDO GHO F

$OJXLHQ VH SUHJXQWDUi


PXFKR
V
GH
OR
VLVWHPDV
V SRU TXp
HQ XVR
VHQJRU
VRQ
VRV
\
GLItFLOH
V
GH XWLOL]DU"

3RUTXp HVQHFHVDULRHO

(Q
OR
V
SULQFLSLRVGHODFRPSXWDFLyQ
OR
V
SURJUDPDGRUHVQRUHDO
DQiOL
V
LV PX\
IXQGR
V
VREUHHOSUREOHPD
VROYHU
6L
DFD
V
R
JDUDEDWHDEDQ
SRUUH
DOJR
&RQIUHFXHQFLDFRPHQ]DEDQDHVFULELU
\
HOFyGLJ
VDULRVH
H
VFULEtDVH
FRQIRUPH
UHTXHUtD
$XQTXHDQWHULRUPHQWH
DYHQWXUD
\
DWUHYLPLHQWR
DO
SURFHVRHQODDFWXDOLGDGH
ULHVJR


+R\HQGtD
H
V
QHFHVDULRFRQWDUFRQXQSODQELH
DQ
D
OL]DGR8QFOLHQW
GHUTXp
HV
ORTXHKDUiXQHTXLSRGH
GH
VDUUROO
D
GRUHV
DGHPi
V
WLHQHTXH
VH
U FDSD]
VHxDODUFDPELRVVLQRVHKDQFDSWDGR
FODUDP
HQWH
QHFH
VXV
VLGDGHV
VL
FDPELDGH
R
GXUDQWHHOSURFHVR $VXYH]HOGHV
FDGDXQRGHVXVPLHPEURVWLHQHTXHVD
DVtFRPRVDEHUFXiOHVODVROXFLyQH


&RQIRUPHDXPHQWDODFRPSOHMLGDGGHO
PXQGR

OV
RL
VWHPDV
V
LQIRUPiWLFR
V
WDPELpQG
FUHFHUHQFRPSOHMLGDG(QHOORVVHHQ
\
VRIWZDUH
VHFRPXQLFDQDJUDQGHVGLVWDQFLDVPHG
GDWRVTXHD
VX
YH]FRQWLHQHQHQRUPHVFDQWLGDG
6L
GHVHDFUHD
TXHORLQYROXFUHQFRQHVWHQXHYRPLOHQ
FyPRPDQHMDUiWDQWD

/DFODYH
HVWi HQRUJDQL]DUHOSURFHVRGH
GL
V
HxR GHWDO
IRUP
D
TXH
OR
V
DQDOL
VWDV
FOLHQW
GHVDUUROODGRUH
V
\
RWUDV
SHUVRQD
V
LQYROXFUDGDVHQHOGHVDU
VL
VWHPD ORFR
\
FRQYHQJDQFRQpO(O80/SURSRUFLRQD
RUJDQL]DFLyQ


8QDUTXLWHFWRQRSRGUtDFUHDUXQDFRP
VLQFUHDUSULPHURXQDQWHSUR\HFWRGHW
XVWHG WDPSRFRSR
FRPSOHMR
VLVWHPD HQXQHGLILFLRGH
RILFLQD
V
VLQFUHDUXQSODQG

H
V
TXH
D
V
t
FRPR XQ DUTXLWHFWR
PXH
V
WUD XQ DQWHSUR\HFWR
OH
O
D
SHU
V
RQ
D
TXH
FRQWUDW
OR
D

XV
WHG
GH
EHUi
PR
V
WUDUOH
V
X
SO
D
Q
GH
GL
V
HxR
DO
FOLHQWHGL
7DO
V
HxRSODQ
GHEH
V
HU
UH
V
HO
XO
GH
W
D
GR GH
F
XLG
D
GR
XQ
V
R
DQiOLVL
V
GH
OD
V
QHFH
V
LGDGH
VGHO
FOLHQWH


2WUD
FD
UDFW
H
Ut
V
WLF
DGHO
GH
V
DUUROOR
V
LV
WHP
DV
GH
FRQW
H
PS
RUiQHR
HV
UHGXFLU HO S
GHV
DUUROOR
 &XDQGR
SOD]R
ORV
VH
V
HQFXHQWUDQ PX\ FHUFD
H
V
DEV
ROXWDPHQW
XQR G
QH
FHVD
UL
R
FRQWDU GL
FRQ
V
HxR
Vy
OLGR
XQ


+D\ RWUR DVSHFWR


PRG
HUQ
D
TXH
GH GHPDQGD
OD YLGD
V
yOLGR
XQ
OD
V
D
GLVHxR
GTXLVLFL
FRUSRUDWLYDV V
D
&XDQGR
DGTXLHUH
XQD
D
HPSUH
RWUD OD QXHYD
SR
V
LELOLGDG GH
DVSHFWR
PRGLILFDU
V
LPSRUWDQWHV GH
GH
V
DUUROOR
XQ SUR\HFWR
TXH
SURJU
HV
R OD KHUUDPLHQWD
GH
V
DUUROOR
GH
HO
FRGLILFDFLyQ
OHQJXDMH
\
RWUDV
GH
8Q
FRVD
DQW
HSUR
\HF
WR ELHQID
GLVHxDGR
FLOLWDU
i
OD FRQYHUVLyQ
6L
GL
V
HO
HxR
HV
V
yOLGR XQ F
OD
LPSO
HPHQW
DF
LyQ SURFHGHUi
V
LQ
SUREOHP
DV


/D
QHFHV
LG
D
GGH
GL
V
HxRV
V
yOLGR
V
KD
WUDtG
R
FRQ
V
LJR OD FUHDFLyQ
GH
XQD
QRW
D
FL
yQGH
GL
V
HxR
TX
H
OV
RDD
Q
OL
V
W
DV
GH
VDUUROODGRUH
V\
FOLHQWH
V
DFHSWHQ FRPRR
SDXWD
OD QRWDF
HQ
WD
OR
V
GDJ
LUDP
DV
HV
TX
HPi
WLFRV
V
LUYHS
FRPR
DXW
D
SD
UD
OR
V
WUDEDMDGRUHV
HV
SHFL
D
OL]DGR
VHQ
HOHFWUyQL
F
D 
(O 80/
HVD
PL
HV
V
PD
QRW
DF
LyQ

/D
FRQFHSFLyQ
GHO 80/

(O80/
HV
ODFUHDFLyQGH*UDG\%RRFK-DPHV
-DFRE
V
RQ(VWR
FDE
D
OOHUR
V
DSRGDGRVUHFLHQWHPHQWH

/R
V
WUHV
DPLJRV

WUDEDMDEDQHQH
GXUDQWHOD
Gp
FD
GD GHORV
DxR
V
RFK
H
QWD
\
SULQFLSLRVGH
OR
V
QRYHQWD
\
FDGDXQRGL
V
X
SURSLD
PH
WRGRORJtD
DQiOL
VL
V
SDUDHO
\
GL
VHxR RULHQWDGR
D
REMHWR
V
6X
VP
H
WRGRORJt
V
SU
H
GRPLQ
D
URQ
V
REUHODVGHVXV
FRPSHWLGRUH
V
$
PHGLDGRVGHORV
DxR
V
QR
YQ
HD
WHPSH]DU
LQWHU
FD
PELDULGHD
V
HQWUHVt
\
GHFLGL
HURQ
GH
VUUROODU
D
VXWUDEDMRH
FRQMXQWR


/DV
KRUDV


2ULHQWDFLyQ
D
REMHWRV
\
8VRGHUHODFLRQ
WUDWDQ
GHOD
RULHQWDFLyQ
D
REMHWRV

/RV
FRQFHSWRVGHRULHQWDFLyQ
D
REMHWRVWLHQHQ
IXQGDPHQWDO
HQHOGHVDUUROORGHHVWH
OLEUR


(Q 5XPEDXJKLQJUHVyD5DWLRQDO6
ZDUH&RUSRUDWLRQ
GRQG
H
\DWUDEDMD

-DFRE
VRQ LQJUHVyD5DWLRQDOXQDxR
GH
V
SXpV

HOUHVWRFRPR
GLF
H
Q
HV
KV
L
WRULD

/R
V
D
QWHSUR\HFWRVGHO80/HPSH
]DURQ
D
FLUFXODUHQODLQGXVW
V
RIWZDUH\
FLRQH
V
UH
V
XOWDQWHV WUDMHURQFRQVLJRFRQ
V
LGHUDEOHV
PRGLILFDFLRQHV

&RQIRUPHGL
SRUDWL
YRV
YLHURQTXHHO80/HUD~WLO
D
V
XV
SURSyVLWR
V

VHFRQIRUPyXQ
FR
QVRUFLR
80/
(QWU
H
OR
V
PL
HPEUR
V
H
HQFX
V H
QWUDQ
'(&
+
 HZO
HWW3
DFNDUG
,QW
H
OOL
F
RUS
VRI
0LF
W
2UDFO
H
7H
[D
V,Q
VWUXPHQW
V
\5
D
WLRQDO(Q
FRQ
VRUFLR
HO
OD
SURGXMR
YHU
V
LyQ

GH
O
80/
\
OR
SX
V
RFRQVLGHUDFL
D
yQ
GH
O
20*
*UXSR GHDGPLQL
V
WUD
FL
yQ
GHREMHWR
V 
FRPR
U
HV
SXH
V
W
D
DV

X
SURSXHVWDSDUDXQ
OHQJXDMH GHPRGHODGRHVW
i
QGDU

(O
F
RQVR
UFLR DXPHQWy
\
JHQHUy
YHU
VLyQ
OD
 PL
VPD TXH
SX
VR
QX
VH
HYD
PHQW
H FRQ
D
V
L
GHUDF
L
yQ
GH
O
20*
(O JUXSR
HVWD
Y
DGRSWy
H
U
VLy
Q
D
ILQ
D
OH
V
GH

(O 20*
V
H
HQFDU
Jy
GH
OD
FRQ
VHUYD
FLyQ GHO
\
SURGXMR
80/
UDV
GRV
RW UHYLVLRQHV

(O 80/
HQ
OO
HJ
DKD
GR
D
VHU
HVW
i
HO
QGDU GH IDFWR V
HQ
RIWZDUH
OD
\
VX
LQGXVWULD
HYROXFLyQ
FRQWLQ~D
 GHO

'LDJUDPDV
GHO
80/

(O80/
HV
W
i
FRPSXHVWRSRU
GLY
H
U
VRV
H
O
H
PH
QWR
V
JU
i
ILFRV
VH
FRPELQDQ
TXH
SDU
D
FRQIRU

PDU
GL
D
JUDPD
V
'HELGRDTXHHO80/
H
V
XQ
O
H
QJXDMH FXHQWDFRQ
V
SDUDFRPE
WDOHVHOHPHQWRV(QOXJDUGHLQGLFDUOH
D
XV
W
HG FXiOHVVRQORVHOH
\
OD
V
UHJODV

YHDPR
V
GLUHFWDPHQWHORVGLDJUDPDV\D
TX
HORVXWLOL]DUiSDUDKD

DQiOL
V
LV GHOV

(VWHHQIRTXH
HV
VLPLODU
D
DSUHQGHU XQLGLRPD H[WUDQM
PLVPRHQOXJDUGHDSUHQGHU
VXV
UHJODVJUDPDWLFDOHV
\
OD
FRQMXJDFLyQ
VXV
YHUERV'HVSXpV
WLHPSR
GHKDEODU
GHXQ
RWUR
LGLRPD
VH
OH
IDFLOLWDUi
ODFRQMX
JDFLyQGHYHUERV
\
OD
FRPSUHQV
LyQ ODV
GH
UHJODVJUDPDWLFDOHV



 /DILQDOLGDGGHORV
GLDJUDPD
V
H
V
SUHVHQWDUGLYHUVDV
SHUVSHFWL
YDV GHXQ

PPS



DODVFXDOHVVHOHVFRQRFHFRPR
PRGHOR
(OPRGHOR80/GH
V
L
V
WHPD HV

VLPLO
DU
XQPRGHORDHVFDODGHXQ
D
H
GLIL
F
LR
MXQWR FRQODLQWHUSU
yQ
GO
H
D
UWL
VWD
GHOH
GL
ILFL
R(V
LPSRUW
DQW
H
GH
VW
D
FDU
TX
HXQ
 PRGHO
R
80/
GHVFUL
EH
O
R
TX
HV

XSX
HV
W
D
PH
QW
H
KD
U
i
XQ
VLV
W
H
PD
SHUR
QR
GL
FH
Fy
PR
L
PSOHP
H
QW
DU
GLF
KR
VLV
W
HPD


$
FRQWLQXD
FL
yQ
VH
GHVFULELUiQ
EUH
YHPHQW
H
OR
V
GLD
JUDPDV PiVFRPXQH
V
GH
O
80/
\
ORV
FRQFHSWR
V
TXHUHSUHVHQWDQ
3RVWHULRUPHQW
H
HQODSDUWH
YHUiFDGDXQR
OR
V
GLDJUD
PD
V
F
RQ\RUGHWHQLPLHQWR5HFXHUGHTXHHV
PD
SR
V
LEOH JHQHUDUKtEUL
V
GH
H
V
WR
V
GLD
JUDP
DV
TXHHO80/
\
RWRUJ
D
IRUP
DV
GH
RU
JD
QL]
DUOR
V
\H

[WHQG
H
UOR
V

'LDJUDPD GH FODVHV

3L
H
QVH OD
HQ
V
FRVDVTXHOHURGHDQ
XQ
D
LGH
D
GHPDVLDGRDPSOLDSH
FXDOTX
L
HU IRUPD (VSUREDEOHTXH
PX
F
KD
VG
 HHVDVFRVDVWHQJDQ

SURSLHGD
\
TXH
UHDOL
F
HQ GHWHUPLQDGDVDFFLRQH
V3RGUt
D
PR
V
LPDJLQDUFDGDXQD
HVDV
D
F
FLRQHV
FRPR
F
R
XQ
QMXQWR
GH
WDUHD
V
7D
PE
Lp
Q
VH
HQFRQWU
DU
i
FR
Q
TXH
OD
V
FRVDV
QDW
XUDOPHQWH
VH
D
OEHU
JD
QH

Q
FDW
H

+:IOI
8
 DXWRPyYLOHV
 PRE
 ODYD

JRQDV
L
OLDULR
GRUDV
 
$WDOHV
FDWHJRQD
V
OD
V
OODPDU

PRVFOD
V
H
V8QD
FODVH
HVXQDFDWHJRUtDRJUXSRGHF
V
\
DFFLRQ
VLPLODUH
V
+HDTXtXQHMHPSORFXDOTXLHUFR
VD GHQWURGHODFODVH
V
WL
H
QH DWUL
WRVFRPR
VRQODPDUFDHOPRGHOR

HO
Q~P
H
UR
GH
VHULH
\
ODFDSDFLG
D
G(QWUH
O
DV
DFFLRQ
HV

GH ODV FRVDV GH HVWD FODVH VH HQFXHQWUDQ


\

VDFDU
URSD


/D ILJXUD

OH PXHVWUD XQ HMHPSOR GH OD QRWDFL
\
DFFLRQH
V
GH XQD ODYDGRUD
H
V
HO
VtPEROR
8Q UHFWiQJXOR
TXH
D
OD
UHSUHVHQ
FODVH
\
VH

GLYLGHHQWUHViUHDV(OiUHDVXSHULRU
DWULEXWRV
\
HOiUHDLQIHULRUODVDFFLRQHV
8QGLDJUDPDGHFODVHV
UHFWiQJXORVGHHVWHWLSRFRQHFWDGRVSR
VHUHODFLRQDQHQWUH
Vt
),*85$


/DYDGRUD

(OVtPEROR 80/
PDUFD
PRGHOR
GHXQD
FODVH


QXPHURGHVHULH
FDSDFLGDG
DJUHJDUURSD 
DJUHJDUGHWHUJHQWH 
VDFDUURSD 

4XpREMHWLYRWLHQHSHQVDUHQODVFODV

DVtFRPRVXVDWULEXWR
\
DFFLRQHV
"
3DUDLQ
WXDUFRQQXHVWURFRPSOHMRPXQGRODPD
GHOPXQGR'pFDGDVGHH[SHULHQFLDVXJL
TXHVLPXOHQDOJ~QDVSHFWRGHOPXQGRFX
UHDOHV
/RVGLDJUDPDVGHFODVHVIDFLOLWDQO
GHVDUUROODGRUHV
WUDEDMDU

SRGUiQ

$VXYH]ORVGLDJUDPDVGHFODVHVFROD
3HUPLWHQ
DQDOL
V
WD KDEODUOHDORVFOLHQWHVHQVXSU
OR
V
FOLHQWHVLQGLTXHQLPSRUWDQWHVGHWDOOHV
UH
VXHOWRV


'LDJUDPD
REMHWRV
GH

8QREMHWRHVXQDLQVWDQFLD GHFOD

P
OI

I
W
IW

FRVGHORVDWULEXWRV \DFFLRQHV 

PDUFD/DXQGDWRULXUQ HOPRGHOR:DVKPH
FDSDFLGDG

.JGH

/DILJXUD

OHPXHVWUDODIRUPDHQTXHHO80
ERORHVXQUHFWiQJXORFRPRHQXQDFOD
VXEUD\DGR
(OQRPEU
ODLQVWDQFLDHVSHFtILFDVHHQFXHQWUDD
SXQWRV
 
HOQRPEU
\
FODVHDOD
GHUHFKD


),*85$


0L
/DYDGRUD

/DYDGRUD

(O
VtP
ERO
R
80/
G
H
O
REM
H
WR

'LDJUDPD GH FDVRVGH XVR


8Q
FD
V
R GHXVRHV
XQ
DGH
V
FULSF
Ly
Q
GH
O
DV
DF
FLRQH
V
GHXQ
V
L
V
WHP
D
GHV
GH
HO

QP>
OOI
I

SXQWR
GH
YL
V
W
D
GHO
XV
XD
U
L
R3D
UD
ORV
GHVD
UU
ROO
D
GRUH
V
GHO
VL
VW
HPD
pV
WD
HV
XQ
D

KHUUDPL
H
QWD
YDOLRVD

\DTXHHVXQDWpFQLF
D
GHDFLHUWRV
\
HUURUHVSDUDREW
OR
V
UHTX
H
ULPLHQWR
V
GHOVLVWHPDGHVGHHOSXQWRGH
YLV
W
D
GHOXVXDULR(VWRHV
V
L
ODILQ
GDGHVFUHDUXQVLVWHPDTXHSXHGDVHU
XWLOL]
D
GRSRUODJHQWHHQJ
H[SHUWR
V
HQFRPSXWDFLyQ 

3RV
W
HULR
UP
H
QW
H
W
UD
W
D
U
HPR
V
HV
WH
W
HPD
FQ
R
PD\RU
GHW
DOO
H
SRU
DKRUD
O
H
PR
VWU
D
U
p
XQ
HMH
P
SOR
V
HQ
FLOOR
8V
W
HG
XWLOL
]D
XQDODYDGR
UD
REYL
D
PHQWH

SDUD
ODYDU
V
X
URSD
/D
IL
JXUD

O
H
PXHVWUDFyPRUHSUHVHQWDUtDHVWRHQXQ
GLDJUDP
D
GHFDVRVGHXVR80/
),*85$


'L
DJ
U
DPD
G
H
FD
V
RV
G
H
XVR 80/

/D
YDU
U
RSD

8VXDULRGHODODYDGRUD

$
OD
IL
JXU
D
FRUUHVSRQGLHQWH
D
O
8V
XDUL
R O
GH
D
O
D
YD
GRUD
VH
OH
FR
QRF
HFR
PR
DWR
FU

+:IOI

"


   HO
/DHKSVH
UHSUHVHQWDHOFDVRGH
XV
R 9HDTXHHODFWRU
PLFUD

FDVRGHXVR SXHGHVHUXQDSHUVRQDXR
V
LVWHPD

'LDJUDPD GH HVWDGRV

(Q
FXD
OTXLHU PRPHQWRXQ
REM
HWR
V
H
HQFX
H
QWUD HQXQHVWDGR
H
QSDUW
L
FXO
D
U
8Q
D
SHU
VR
QD
SXHGHVHUUHFLpQQDFLGDLQIDQWH
DGROHVFHQWH

MRYHQR
D
GXOWD
8QHOHYDGRU
V
H PRYHUi
KDFLD
DUULED

HV
WDUi HQHVWDGRGHUHSRVRR
V
HPRYHUiKDFLDDEDMR
HVWDUHQODIDVHGHUHPRMRODYDGR
HQMXDJXH

FHQWULIXJDGRRDSDJD

(OGLDJUDPD GHHVWDGRV80/TXHDSDUHF

FDSWXUDHVWDS
GDG/DILJXUDPXHVWUDODVWUDQVLFLRQH
RWUR


(OVtPERORTXH
HV
W
i
HQODSDUWH
V
XSHULRUGH
O
D
ILJX
UD
UHS
U
HVHQWDHOHVWDGR
L
QLFL
D
O
\H
 OGH
SDUWHLQIHULRUHOHVWDGRILQDO

),*85$


'LD
JUDP
D
G
H
HV
WD
GRV
80/

'LDJUDPD GH VHFXHQFLDV

/R
V
GD
L
JUDPD
V
GHFODVHV
\
-V
RGHREMHWR

UHSUH
VHQWDQ LQIRUPDFLyQ
HVWiWL
FD
1R
REVWDQW

HQXQ
V
LV
WHP
D
IXQFLRQDO
-R
VREMHWRVLQWHUDFW~DQHQWUHV

\
W
D
OH
V
LQWHUD
F
FL
RQHV
VXFHGHQ
FRQHO
WLHPS
R(O
GLDJUDPD
GH
V
H
F
XHQFLD
V
80/PXHVWUDOD
PH
Fi
QL
F
D
GH
-D
LQWHUDFFL
ED
VH
HQWLHPSR
V

&RQWLQXDQGR
FRQHOHMHPSOR
GH
OD
ODYDGRUD

H
QWUH ORVFRPSRQHQWHV
-D
ODYDGRUD
VH
HF
Q
XHQWUDQ
XQDPDQJXHUDGH
D
JXD

SDUD
REWHQHUDJXD
IUH
VFD

XQWDPERU G
VH
F
RORFD
URSD

\
OD
XQVLVWHPDGHGUHQDMH3RU
VXSXHVWR
HVWR
V
W
D
PELpQ
V
RQ
REM
H
WR
V
FRPR
YHU
i
XQ
REMHW
R
SXHGH
H
VWDU
FRQ
IUPDGR
R
RWUR
V
SRU
REMHWR
V 

4X
p
VXFHG
H
U
i
FXDQGR
LQYRTXH
D
O
FDV
R
GH
XVR
/D
YDU
URSD
"
6L
GDPR
V
SRU
KHFK
R
TXH
FRP
SOHWy
OD
V
RSHUD
FLRQ
HV

D
JUHJDU


DJ
U
URSD
HJDU GHWHUJHQWH
\
DFWLYDU

OD
VHFXHQFL
D
VH
UtD
PiV
RPHQR
V
DVt
(O
D
JX
DH

PSH
]
DUi
OO
H
QDU
D
HOWDPE
RU
PH
GLDQWH
XQ
DP
D
QJXHUD



(OWDPERU
SHUPDQHFHU
i
LQDFWLYRGXU
D
QWH
F
LQFRV
PLQXWR

/DPDQJXHUDGHMDUiGHDEDVWHFHUDJXD


 (OWDPERUJLUDUiGHXQODGRDRWUR
(O
DJX
D
M
D
ERQRVD
i
SRUHO
VDOGU
GUHQDMH


&RPHQ
]DUi
QXHYDPHQW
H
HODEDVWHFLPLHQWRGH
DJXD

(OWDPERU
FRQWLQXDUiJLUDQGR


 (O
DEDVWHFLPLHQWR
DJX
D
VH
GHWHQGU
iGH
 (O DJXD GHO
VDOGUi
HQMXDJXH
GUHQ
SRU
D
MH
HO

(O WDPERU
JLUDU
i
HQ XQD VROD
\
VH
LQFU
GLUHFFLyQ
H
PHQWDUi
VX
YO
HRFLG
D
G SRU
FLQ
FR

PLQXWR
V

(O
WDPERUGHMDUiGHJLUDU
\
HO
SURFH
VR
GH
ODYDG
R
KDEUi
ILQ
D
OL]DGR


/D
ILJXUD

SUH
VHQWD
GL
D
JUDPD
XQ VHFX
H
GH
QFLD
V
TXH
FD
SWXUD
OD
V
LQWHU
DFF
LRQH
V
TXH
VH
UHDOL
]DQ
WUDYp
D
V
GHOWLHPSRHQWUHHO
D
EDVWH
FLPLHQWR GHDJXDHO
\
HO
GU
HQDM
H
U
H
SUH
VHQWDGR
V
FRPRUHFWiQJXORVHQODSDUWH
VXSHULRU
GLDJUDPD
GHO
(QHVWH
GL
DJ
UDPD
HO
WLHPSRVHGDGHDUULED
KD
F
LDDEDMR

),*85$


'LDJ
UDPD
G
H
VHF
XH
QFLDV
80/


0DQJX
HU
D
GH
DJXD

7D
a
ER
U

W
W
HFL
PLH
QW
RGHDJXD
a

XBBB-

'HW
HQHUVH

3HUPDQHFH
U
LQP
RYLO





*LUDU
GH
XQ
ODGR
DR
W
UR

-

9DFLD
U
HO
DJ
XD
MDERQ
RVD


5HDE
DV
W
HF
HU
GH
DJ
XD
*LUDUGHXQ
ODGRD
RWUR

 9DF
LDU
HO
DJXD
GH
HQ
MXD
JXH
^@
'HW
HQHUVH


*LU
DU
HQXQ
VROR
VH
QWLG
R

S

'HWHQHUVH

3RUFLHUWR

YR
O
YLHQGR
OD
V
LGHD
V
D
DFHUFD
OR
V
H
GH
VWDGR
V
SRGUtDPR
V
FDUDFWHUL]D
OR
V
SDVRV

\
F

RPRHO
H
VWDGR GHUHPRMR

\

F
RPRHOHVWDGRGH
ODYDGR

D


F
RPRHOHV
HQMXDJXH
\
GHO

DO

FRPRHO
H
VWDGR
FHQWULIXJDG
GHR

'LDJUDPDGHDFWLYLGDGHV

/D
VDFWLYLGDGH

V
TXHRFXUUHQGHQWURGHXQ
FD
V
R GHXVRRGHQWURG
REMHWRVH
GDQ

QRUPDOPHQWH

HQ
VH
FXHQFLD

FRPRHQ
OR
V
RQFH
SD
VRV
GHOD
VH
FFLyQ
D
QWHU

/DILJXUD

PXHVWUDODIRUPDHQTXHHOGLDJU
D
FWLYLGDGH
V
80/
U
H
SUHVHQW
OR
V
SD
VRV
GHODOGHWDO
VHFXHQFL
D

),*85$


*LUDU HOWDPERUGH
XQ
ODGR
D
RWURPLQXWRV

'LD
JU
DPD
G
H
DF
W
L
YLGDG
HV
80/

9DFLDUHODJXDMDERQRVD

5HLQLFLDUHODEDVWHFLPLHQWRGHDJXD

'LDJUDPD GH FRODERUDFLRQHV

/RV
HOHPHQW
RV
GHXQVLVWHPDWUDEDMDQHQFRQMX
OR
V
REMHWLYRV
VL
V
WHPD

\X
 QOHQJXDMHGHPRGHODGRGHEHUiFRQ
XQ
DIRUPDGH

UHSUH
VHQWDU
H
VWR
(O
GLDJUDP
D
GH
FR
ODERUDFLRQ
H
V
80/

GL
VHx
D
GR
FRQ
H
VW
H
ILQ

VHPXHVWUDHQO


(VWH
H
MHPSOR
DJ
UHJDXQFURQyPHWURLQWHUQR
D
O
FRQMXQWRGH
FOD
VHV
TXH
FRQ
VWLWX
\HQ DX
OD
YD
GRUD
/XH
JRGH
FLHUWR
WL
H
PSR
FURQ
y
HO
PHWUR
GHWHQGU
i
HO
IOX
M
RGHDJXD
\
HOWDPE
FRPHQ]DUi
D
JLUDUGHXQODGR
D
RWUR

),*85$


&URQ
RPHWUR
LQW
HUQ
R

'L
DJUDPD GH
FR
ODERUDFLRQH
V
80/




a
UVH

*LUDU
ODG
GHRQ
R

RWU
R

a


 




'LDJUDPD GH FRPSRQHQWHV

(VWH
GLDJUDP
D
\
H
O
VLJXLHQWH
GHMDU
i
QHO
PXQG
R
GH
OD
V
ODYDGRUD
V
GDGRTXH
H
VWiQ
tQWLP
D

PHQWH
O
L
JDGR
V
F
RQ
OR
V
L
V
WHPD
V V
LQIRUPiWLF
RV


(OPRGHUQR
GH
VDUUROOR
VRIWZDUH
V
GH
HUHDOL]DPHGLDQWH
F
RPSRQHQWHV

ORTXHHV
PHQWHLPSRUWDQWHHQORV
SURFHVR
V
GHGHVDUUROORHQ
HTXLSR
6LQH[WHQGHUPH
H
VWH
SXQWROH
PR
VWUDUp HQODILJXUD ODPDQH
GH
VRIWZDUH

),*85$


'LD
JUDP
D
G
H
FR
PS
RQH
QW
HV
80/

&RPSRQHQWH

'LDJUDPD
GLVWULEXFLyQ
GH

(O
GL
DJ
UDPD
GL
VWULEXFLyQ
GH
PXH
VWU
D
O
80/
DDU
TXLW
HF
WXUDIt
VLFDV
GHXQ
L
VW
H
PD
LQIRU

PiWLFR
3X
H
GH UHSUHVHQWDU
OR
V
HTXLSRV
\
GLV
SR
VLWLYRV
PR
VWUDU
LQWH
UF
VXV
RQH[LRQHV
\
HO
VRIW
ZDUH TXHVHHQFRQWUDUiHQ
FDGD
PiTXLQD

&DGD
FRPSXW
D
GRUDHVWi
U
H
SUH
VHQWDGD
F
XER
\
OV
D
LQWH
UDF
FLRQHVHQWUH
OD
V
FRPSXW
D
GRUDVHVWiQ
UHS
U
HVHQWDGD
V
SRU
OtQ
HD
V
TXH
FRQH
FWDQ
OR
V
FXER
DV/D
ILJX
UD

SUH
VHQ
WD
XQHMHPSO
R
),*85$


3URFHVDGR
U
3HTXHxRVHUYLGRU4XEH:*
GH&REDOW
1HWZRUN
V

'LDJU
DPDGH
G
L
V
W
UL
EX
F
L
yQ 80/

3URFHVDGRU


9HFWUD
9O
6HULH


3URFH
V
DGRU


'HOO'LPHQVLRQ;3

2WUDV FDUDFWHUtVWLFDV

$QWHULRUPHQWHPHQFLRQ
p
TX
HHO80/

SUR
SRU
FLRQD
FDUDF
WHUt
VWL
FDV
TXH
O
H
SHUPLWHQ
RU
JD

QL]DU
\
H
[WHQGHU
OR
V
GL
D
JUDP
DV


3DTXHWHV

(Q
DO
JXQDV
RFD
VL
RQH
V
H
HQ
VF
RQWUDUi FRQODQHFHVLG
RUJDQL
]DU ORVH

]P-I

I
0=
WR
V
GHXQGLDJUDPDHQXQJUXSR7
D
O
YH]TXLHUD
PR
V
WUDU
FLHUWD
TXH
V
FOD
VHV
R

FRPSRQ
H
QW
HV
V
RQSDUWHGHXQ
VXE
VL
VWHP
D
HQSDUWLFXODU
3DU
D
HOOR

OV
R
D
JUXSDU
i
HQXQ
SDTXHW
H
TXH
VH
U
HSUH
VHQWDU
i
SRUXQD
FDUSHW
D
WDEXODU

FRPR
PXH
VH
VWUD HQOD

),*85$


(O
S
DT
XH
W
H
80/
O
H
S
H
UPLW
H
DJUXS
DU
O
RV
H
O
H
PH
QWR
V
GHXQ
GL
DJ
UDP
D

3DTXHWH


%




&ODVH &ODVH

1RWDV

T
,8L
(VIUHFXHQWHTXHDOJXQDSDUWHGHO

GHOSRUTXpHVWi
DOO
t
R
-D
PDQHUD
H
QTXHWUDEDMD&XDQG
p
V
WH
V
HDHO
FDV
R OD
QRWD
80/
V
HU
i
~WLO,PDJLQHD
XQ
DQRWDFRPRHOHTXLYDOHQWH

VLYR
/D
QRWD
HV
XQUHFWiQJXORFRQXQD
H
V
TXLQD GREODGD
\
GHQWURGHOUHF
FRORFDODH[SOLFDFLyQ8VWHGDGMXQWD
-D
QRWDDOHOHPHQWRGHOG
PHGLDQWHXQDOtQHDGLVFRQWLQXD


  

),*85$


(Q
F
XDOTXL
H
U
GLDJUDPD
S
RGUi
DJU
H
JDU
FR
PH
QWD
UL
RV
DFODUDWRULR
V
PH
GLDQW
H
XQ
DQ

RWD


7H[WRH[SOLFDWLYR
UHVSHFWRDOD&ODVH


a

(VWHUHRWLSRV


(O80/RWRUJDYDULRV
HOHPHQWR
V
GHXWLOLGDGSHURQR

PUPU

IOO
,(
FLRVRGHHOORV'HYH]HQFXDQGRG

HOHPHQWRVKHFKRVDODPHGLGD/RV
HVWHUHRWLSRV
RFOLVpVOHSHUPLWH
SURSLRVGHO80/
\
FRQYHUWLUORVHQRWURV(VFRPR
V
WUDGRU
\
PRGLILFDUORSDUDTXHVHDMXVWHDVXVP
PHQWHQXHYR ,PDJLQHDXQHVWHUHRWLSR
FRPRXQQRPEUH
HQWU
H
GR
VSDUH
 V
GH
SDU
p
QWH
V
L
V
DQJXODUH
V
\
GV
H
SXpV
-RV
D
SOLFDUi
FRUU
H
FWD
PHQWH


I

(OFRQFHSWR GHXQDLQWHUID] SURYH




I
Q



 \
QRWLHQH


FODVHTXHUHDK]D
TXH
RSHUDFLRQHV
DWQEXWRV

DFFLRQHV TXHWDOYH]TXLHUD
\
RWUDYH]HQVXPRGHOR
XWLOL]DU X
XQQXHYRHOHPHQWRSDUDUHSUHVHQWDU XQD
FRQ
,QWHUID]

VLWXDGDMXVWR VREUHHOQRPEUH G


),*85$


8Q
HV
W
HU
H
RWLSR
O
H
X
,QWHUID]

S
H
UPLWH
FU
HD
UQ

XHYRV &ODVH

H
O
H
PH
QW
RV
D
SDU
W
LU
G
H
RWUR
V
H[L
V
WHQWH
V


3DUD
TXpWDQWRV GLDJUDPDV

&RPRSXHGHYHUORVGLDJUDPDVGHO80/
WRVSXQWRVGHYLVWD(VLPSRUWDQWHUH
DSDUH]FDQWRGRVORVGLDJUDPDV'HKHF
VXEFRQMXQWRGHORVGLDJUDPDVTXHKH
LQGLFDGR


3RU TXpHVQHFHVDULRFRQWDUFRQ

ULOII
8I,

JHQHUDOXQVLVWHPDFXHQWDFRQGL
OD
V
FXDOHV

HQIRTXHVSDUWLFXODUHVHQGLYHUVRVDVS
ODYDGRUD
6L
GLVHxDUDHOPRWRUGHXQDODYDGRU
HVFULELHUD ODVLQVWUXFFLRQHVGHRSHUD
6L
GLVHxDUD
JHQHUDOGHODODYDGRUDYHUtDDOVLVWH
D
VL
WDQ
VyORWUDWDUDGHODYDUVXURSD

(OHVFUXSXORVRGLVHxRGHXQVLVWHPDL
\
HOGL
JUDPD80/OHGDXQDIRUPDGHLQFRUSRU
VDWLVIDFHU
D
FDGDSHUVRQDLPSOLFDGD

5HVXPHQ

(O
GH
V
DUUROOR GHVLVWHPDVHVXQDDFWLYLGD
KXPDQD
6LQXQVLVWHPDG
FRPSUHQGHUHOSURFHVRGHGHVDUUROOR

(O80/HVXQVLVWHPDGHQRWDFLyQTXH
GHVDUUROOR GHVLVWHPDV(VHOUHVXOWD
5XPEDXJK
H
OYDU-DFREVRQ(O80/
H
V
Wi FRQVWLWXLGRSRUXQ
\
SURSRUFLRQDXQHVWiQGDUTXHSHUPLWHD
YDULDVIDFHWDVTXHVHDQFRPSUHQVLEOHV
\
WRGRVD
TXHHVWpQLQYROXFUDGRVHQHOSURFHVR
GLDJUDPDVGDGRTXHFDGDXQRVHGLULJH

8QPRGHOR80/LQGLFD
TXp
HVORTXHVXSXHVWDPHQWHK

PDVQR
FyPR
OR
KDUi


3UHJXQWDV
\
UHVSXHVWDV

3 +HYLVWRTXH VHUHILHUH DO/HQJXD


FRPR HO 80/ &XiO HVHOFRUUHFW

5 /RVFUHDGRUHVGHOOHQJXDMHSUHILHU
80/

3 +D LQGLFDGR TXH
SDUD
HO80/
ORVDQDOLVWDV
HVDGHFXDG
1
GLDJUDPD
GHGLVWULEXFLyQ QRSDUHFH VHU
HQ HOGHVDUUROOR GHXQ
DSURSLDGRSDUD
VLVWHPD
IDVH
1
SRVWHULRU"

5 (Q UHDOLGDG QXQFD VHUi GHPDVLDGR SURQ


X RWUDV FXHVWLRQHV TXH WUDGLFLRQDOPHQ
UUROOR  $XQTXH HV FLHUWR TXH HO DQDOL
\
XVXDULRV HQ ODV IDVHV WHPSUDQDV GHO S
HTXLSRV
\
FRPSRQHQWHV TXH
HO
KDUGZDUH
FRQVWLWXLUtDQ
GHO VLVWHPD
VLRQHV HO FOLHQWH
RWUDV

HO GLFWD
FOLHQWH
HVWR
GHVHD
HQ
XQD U
HTXLSR GH
&LHUWDPHQWH
GHVDUUROOR
XQ DUTXLWHFWR GH VLVWHP
JUDPD GH GLVWULEXFLyQ

3 +D PHQFLRQDGR TXH HV SRVLEOH



80/
KDFHU
SHUGyQ
HO G

80/ LPSRQH OLPLWDFLRQHV UHVSHFWR D


GLDJUDPD"

5 1R(O80/QRHVWDEOHFHOtPLWHVQR
XQGLDJUDPDFRQWHQJDXQWLSRGHHOHP
GLDJUDPDGHGLVWULEXFLyQSHURHOOR

7DOOHU

<D
VHKDLQLFLDGRHQHO80/$KRUDGHEHU
KHUUDPLHQWDDOUHVSRQGHUDOJXQDVSUHJX
\
UHDOL]DUORVHMHUFLF
DSDUHFHUiQHQHO$SpQGLFH$5HVSXHVW

&XHVWLRQDULR

O
3RUTXpHVQHFHVDULRFRQWDUFRQGLYH

&XiOHVGLDJUDPDVOHGDQXQDSHUVSHF


&XiOHVGLDJUDPDVOHGDQXQDSHUVSHF
HV

PXHV
WUDQHOFDPELRSURJUHVLYR "

(MHUFLFLRV


6XSRQJDTXHFUHDUiXQVLVWHPDLQIRUP
&XiOHVGLDJUDPDV80/VHUtDQ~WLOHV

3DUDHOVLVWHPDGHOHMHUFLFLRTXHKD
DXQXVXDULRSRWHQFLDO\SRUTXpODV



+25$

2ULHQWDFLyQ
D
REMHWRV

(VIXQGDPHQWDOTXHFRPSUHQGDWRGROR
UH
ODFLRQDGR DODRULHQWD
REMHWRVSDUDHOSURFHVRTXHUHDOL]DUi
HVSHFtILFDPH
QWHHVLPSRUWDQWH
TXH
FRQR]FDDOJXQRVFRQFHSWRVVREUHODRUL
REMHWRV


(QHVWDKRUDVHWUDWDUiQORVVLJXLHQWH
WHPDV


$EVWUDFFLyQ

+HUHQFLD

3ROLPRUILVPR

(QFD
SVXODPLHQWRR
HQFD
SVX
O
DFLy
Q

(QYtRGH
PH
QVDMH
V

$VRFLDFLRQHV

$JUHJDFLyQ

/DRULHQWDFLyQD
RE
M
HWRVKDWRPDGRSRUDVD
O
WR
\
HQIRUPDOHJtWLPD
GHOVRIWZDUH&RPRPHGLRSDUDODJHQHU
WDMDV
)R
PHQWD XQDPHWRGRORJtDEDVDGDHQ
FRPSR
QHQWHVSDUDHO
GHVDUUR
OO
R

GH VRIWZDUH GH PDQHUD TXH SULPHUR VH J


WRV

OXHJR SRGUi DPSOLDU HO VLVWHPD
D
ORV FRPSRQHQ
DJUHJiQ
KDEtD JHQHUDGR R DJUHJiQGROH
\
ILQDOPHQWH
QXHYRV
SRGUi
FRPS
ORV REMHWRV TXH JHQHUy SDUD HO VLVWHPD
WDQFLDOPHQWH HO WLHPSR GH GHVDUUROOR GH

/D RULHQWDFLyQ D REMHWRV HV WDQ LPSRUWD


*UXSR GH DGPLQLVWUDFLyQ
REMHWRV
XQD FRUSRUDFLyQ
GH
QR OXF
ODV QRUPDV SDUD HO GHVDUUROOR RULHQWDGR
SRU HO VRIWZDUH RULHQWDGR

PLOODUGRV
D REMHWRV
GH GyODUH
VHU
WUHV D FLQFR DxRV (O 80/ LQIOX\H HQ HV
IiFLOHV
\
FGH
RPSUHQGHU
XVDU
SDUD TXH ORV GHVDUURO
HQ VRIWZDUH

/D RULHQWDFLyQ D REMHWRV HV XQ SDUDGLJPD


SLRV
IXQGDPHQWDOHV
 (Q HVWD KRUD FRPSUHQGHUi
\
YHUi TXp
GLFKR
H
KDFH IXQFLRQDU
\
FyPR
D ORV
XWLOL]DUORV
REMHWRV
\
GLVHxR

HQ
(QV
HO
LJXLHQW
ODDQi
KRUD HPSH]DUi D DSOLFDU HO 80/ D WDOHV

2EMHWRV
REMHWRVSRUGRTXLH

/RVREMHWRVFRQFUHWRV
\
YLUWXDOHVHVWiQDQXHVWUR
PXQGR&RPRLQGLTXpHQODKRUDDQWHUL
PHQWRGHpO 
\
ORVSURJUDPDVSRUORJHQHUDO
SUHQGHDOJXQDVFXHVWLRQHVEiVLFDVGH
HQODVUHSUHVHQWDFLRQHV GHVRIWZDUH



$QWHVTXHQDGDXQRELHWRHVODL
FDWHJRUtD
8VWHG
\

PUPUW
LU2
\R
S
 RUHMHPSORVRPRVLQVWDQFLDVG
3HUVRQD
8QREMHWRF

XQD
HVWUXFWXUD
HVGHFLUDWULEXWRV SURSLHGDGHV
DFWLYLGDGHV
TXHHOREMHWRHVFDSD]GH
UHDOL]DU

/RVDWULEXWRV
\
DFFLRQHVHQ
FRQRFHQFRPR
FDUDFWHUtVWLFDV
R
UDVJRV

&RPRREMHWRVGHODFODVH3HUVRQDXVW
\
\RFRQWDPRVFRQORV
DOWXUDSHVR
\
HGDG SXHGHLPDJLQDUPXFKRVPiV
VLJXLHQ
V
WDUHDVFRPHUGRUPLUOHHUHVFULELU
XQVLVWHPDTXHPDQHMDUDLQIRUPDFLyQD
VLVWHPDSDUDHOGHSDUWDPHQWRGHUHFXU
UiUDPRVDOJXQRVGHVXVDWULEXWRV
\
DFFLRQHVHQQXHVWURVRI

(QHOPXQGRGHODRULHQWDFLyQ
D
REMHWRVXQDFODVHWLHQH
DGHPi
V
GHOD
FDWHJRUL]DFLyQ(QUHDOLGDGHVXQDSO
PROGHGHJDOOHWDVTXHSURGXFHPXFKDV
TXHODFDWHJRUL]DFLyQSHURHYLWHPRV

5H
JUH
V
HPRV DO HMHPSOR
ODYDGRUD
 6L
GH
HQ
OD
OD FODVH /DYDGRUD
PRGHOR
HO Q~PHUR
\
OD
GH
FDSDFLGDG
VHULH
MXQWR
V
GH DJUHJDU
FRQ
URSD
 ODV
DJUH
JDU GHWHUJHQWH
VD
F
DU 
URSD
WHQGUi
\ PHF
D
QLVPR
XQ
SDUD IDEULFDU
LQVWDQFL
V
D SDUWLU
VX
FODVH
H
GH
V
GHFLU SRGUi
QXHYR
V
REMHWRV
FUHDU YHD

O

 OD ILJX

(Q
ODKRUD

8VR
OD
GH
RULHQWDFLyQ
D
REMHWRV
YHUi TXH ORVQRPE
FODVHVFRPR
ODYDGRUD
VH
HVFULELUiQ FRPR
\
VL
FRQVWDUD
/DYDGRUD
GHG
EUDV
VH
HVFULELUtD FRPR /DYDGRUDOQGXVWULDO
\
ODVFDUDFWHUtVWLFDV
Q~PHUR
GHVHULH
VH
HVFULELUiQ FRPR QXPHUR6HULH

(VWR HVSDUWLFXODUPHQWH LPSRUWDQWHHQH


REMHWRV

$XQTXHHVWH
V
HHQIRFDDODSURJUDPDFLyQO
OLEURQR
RULHQ

WDFLyQD
REMHWR
V
L
V
V
DEHTXHODVFOD
V
HVHQORVSURJUDPDVRUL
FUHDU
QXHYD
V
LQ
VWDQFLDV
),*85$


/DYDGRUD

/DFODVH/DYDGRUD
PDUFD
P
RGHOR
RUL
JLQDO  PRGHOR
HV
XQD
SO
DQWLOOD QXPHUR6HULH
FDSDFLGDG
SDUDJHQ
H
UDU
QX
HDV
Y LQ
V
W
DQF
LDV
DJUHJDU5RSD 
G
H
/DYDG
RUD
V


DJUHJDU'HWHUJHQWH 
VDFDU5RSD 

(VLPSRUWDQWH
TX
HUHFXHUGHTXHHO

SURSy
V
LWRGHODRULHQWDFLyQ
GH
V
DUUROOD
VRIWZDUHTXHUHIOHMHSDUWLFXODUPHQWH
(QWUHPiVDWULEXWRV
\
DFFLRQHVWRPHHQFXHQWDPD\R
ODUHDOLGDG(QHOHMHPSORGHODODYDG
Pi
V
H[DFWRVLLQ
-RV
VLJXLHQWHVDWULEXWRVYROXPHQGHO
WDPERU

FURQyPHWURLQWHUQRW
YHORFL
D
G
GHOPRWRU3RGUtDKDFHUORPiVSUHFLVR
EODQTXHD

FURQRPHWUDUHOUHPRMRFURQRPHWUDUHO
ODYDGR

FURQRPHWUDUHOHQMX
\
FURQRPHW
HOFHQWULIXJDGR YHD
-D
ILJXUD



),*85$


/DYDGRUD

/D
DGLFLyQGH
PDUFD
DWULEXWRV
\
DFFLRQHV
PRGHOR

DOPRGHORORDFHUFD
QXPHUR6HULH
FDSDFLGDG
DOD
UHDOLGDG


YROXPHQ7DPERU
FURQRPHWUROQWHUQR
WUDPSD
PRWRU
YHORFLGDG0RWRU
DJUHJDU5RSD 
DJUHJDU'HWHUJHQWH 
VDFDU5URSD 
DJUHJDU%ODQTXHDGRU 
FURQRPHWUDU5HPRMR 
FURQRPHWUDUODYDGR 
FURQRPHWUDU(QMXDJXH 
FURQRPHWUDU&HQWULIXJDGR 

$OJXQRV
FRQFHSWRV

/DRULHQWDFLyQ
D
REMHWRVVHUHILHUHDDOJRPiV
DFFLRQHV
WDPEL
FRQ
V
LGHUD RWURVDVSHFWRV
'LFKRV
D
V
SHFWRV VHFRQRFHQFRPR
DE
V
WUDFFLyQ

KHUHQFLD

SROLPRUILVP
R
\
HQFDS
V
XODPLHQWR
R
HQFDSVXODFLyQ

2WURVDVSHFWRVLP
RULHQWDFLyQ
D
REMHWRVVRQHO
HQYtRGHPHQVDMHV
ODV
DVRFLDFLRQHV
\
OD
DJUHJDFLy
([DPLQHPRVFDGDXQRGHHVWRVFRQFHSWR

$EVWUDFFLyQ

/DDEVWUDFFLyQVHUHILHUHDTXLWD
\
DFFLRQH
V
GHXQRE

:=+I
0

SDUDGHMDUVyORDTXHOODVTXHVHD
H
V
WR ~OWL

'LIHUHQWHVWLSRVGHSUREOHPDVUHTXLHU
VL
HVW
SUREOHPDVSHUWHQHFHQDXQiUHDHQFRP
/DYDGRUDVHSRGUtDQDJUHJDUPiVDWUL
V
H9DO
SHQD
"

9DOGUtDODSHQDVLXVWHGSHUWHQHFHDO
DSOLFDFLyQTXHVLPXOHFRQH[DFWLWXGO
8QSURJUDPD
TXHSRGUtDVHUPX\~WLOSDUDORVLQJ
HQHOGLVHxRGHXQDODYDGRUD GHEHUi
H[DFWDVUHVSHFWRDORTXHRFXUULUtDF
-D
ODYDGRUDIXQF
D
WRGDV
FDSDFLGDG
\
ODYHODURSD
'HKHFKRSDUDHVWHFDVRSR
VHULHGDGRTXHSRVLEOHPHQWHQRVHUi

3RURWUDSDUWHVLYDDJHQHUDUXQVR
HQXQDODYDQGHUtDTXHFXHQWHFRQGLYH

(QHVWHSURJUDPDQRQHFHVLWDUiWRGRV
DQWHULRUQR
RE
VWDQWH
QHFH
V
TXL]i
LWH LQFOXLUHOQ~PHURGH


(Q FXDOTXLHU FDVR FRQ OR TXH VH TXHGDUi


LQFOXLUi
R
GHVHFKDUi VHUi XQD DEVWUDFFLyQ GH X

+HUHQFLD

$L

&RPR\DVHPHQFLRQyDQWHULRUPHQWH

PW
PU
IWO

\HQHOPXQGRGHOVRIWZDUHXQD

REMHWR
H
V
XQDLQVWDQFLDGHXQDFODVH(VWD
L
GHDWLHQHXQDFRQVHFX
LQVWDQFLDGHXQDFODVHXQREMHWRWLHQ
YLHQH$HVWR
KHUHQFLD
VHOHFRQRFHFRPR

1RLPSRUWDTXpDWULEX
\
DFF
L
RQHV GHF
XVDUGHODFODVH/DYDGRUDFDGDREMHWR

8QREMHWRQRVyORKHUHGDGHXQD
FODVH

VLQRTXHXQDFODVHWDP

/DVODYDGRUDVUHIULJHUDGRUHVKRUQRV
OLFXDGRUDV
\
SODQFKDVVRQFODVHV
\
IRUPDQSDUWHGHXQDFODV
OODPDGD

(OHFWURGRPH
V
WLFRV 8QHOHFWURGRPpVWLFRFXHQWD
\
FDEOH
HOpFWULFR
\
O
DV
RSHUDFLRQHVGHHQFHQGLGR\DSDJD
&DGDXQDGH
OD
V
FOD
VHV (OHFW
PHVWLFRKHUHGDUiORVPLVPRVDWULEXWRV
VL
VDEHTXHDOJRHV
GHLQPHGLDWRVDEUiTXHFXHQWDFRQORV
\
DFFLRQHVGHODFOD

$

2WUDIRUPDGHH[SOLFDUORHVTXHO


3"U


GDV
\
FRVDVSRUHOHVWLORVRQ
VXEFODVHV
GHODFODVH(OHFWU

GHFLUTXHODFODVH(OHFWURGRPHVWLFRHV
VXSHUFODVH
GHWRGDVODVGHP
/DILJXU
OHPXHVWUDODUHODFLyQGHVXSHUFODVH
\
VXEFODVH
),*85$


/RV
HO
HF
WURGRP
pV
WL
F
RV
KH
U
H
GD
Q
OR
V
DWULEXW
RV
\
DF
FLR
QHV
G
H
O
D
FOD
VH
(O
HF
WURG
RPHV
WL
FR

&DGD
HO
HF
WU
R
G
R
Pp
VWL
F
R
HV XQD VXEFODVH GH
OD FODVH
(OH
F
WUR
GRPHVWLFR
FODV
H /D
(OHFWURGRPHVWLFR HV
XQD VXSHUFODVH GH
FDGD
VXEFODVH


(OHFWURGRPHVWLFR

/D KHUHQFLD QR WLHQH SRU TXp WHUPLQDU DT


FODVH GH $UWLFXORV GHO KRJDU FRPR OH PX
$UWLFXORV GHO KRJDU SRGUtD VHU 0RELOLDULR
),*85$


/DVVXSHUFODVHV
$UWtFXORVGHOKRJDU
WDPELpQSXHGHQ VHU
VXEFODVHV
\
KHUHGDU
GHRWUDVVXSHUHDVHV

(OHFWURGRPHVWLFR

0RELOLDULR

3ROLPRUILVPR

(QRFDVLRQHVXQDRSHUDFLyQWLHQH

PP

I+



HMHPSORSRGUiDEULUXQDSXHUWD
SHULyGLFR

XQUHJDOR

FXHQWDGHEDQFR

HQFDGDXQRGHHVWRVFDVRVUHD
GLIHUHQWH
(QOD
RULHQWDFLyQ DREMHWRVFDGDFODVHVDE
SROLPR
ILVPR
YHDODILJXUD 
),*85$



(QHOSROLPRUILVPR
XQDRSHUDFLyQSXHGH
WHQHUHOPLVPRQRPEUH
HQGLYHUVDVFODVHV
\
IXQFLRQDU GLVWLQWR
HQFDGDXQD

(QSULPHUDLQVWDQFLDSDUHFHUtDTXHHV
GRUHVGHVRIWZDUHTXHSDUDORVPRGHODG
VRIWZDUHTXHLPSOHPHQWHWDOHVPpWRGRV
FRPSXWDFLyQ

\GHEHQ
FRQVFLHQWHVGHGLIHUHQFLDVLPSRUWDQWHV
QRPEUH<SRGUiQJHQHUDUFODVHVGHVRI

1RREVWDQWHHOSROLPRUILVPRWDPELpQH
-RV
PRGHODGRUHV\
SHUPLWHKDEODUFRQHOFOLHQWH TXLHQH
-D
VHFFLyQGHOP
PRGHODGD HQODVSURSLDVSDODEUDV\WH
\
WHUPLQRORJtDGHOFOLHQWHQRVFRQGXFHQ

WHQHU
Pi
V
GHVLJQLILFDGR
XQ  (O SROLPRUIL
V
PR SHUPLWH DO PRGHODGR
QRORJtD
V
LQ WHQHU TXH
DUWLILFLDOH
FUHDU
V
SDUD
SDODEUDV
VXVWHQWDU XQD X
GHWpUPLQR
ORV
V

(QFDSVXODPLHQWR

(QFLHUWRFRPHUFLDO
WHOHYL
VLYRGRVSHUVRQDV
GL
V
FXWHQ DFHUFDGHWR
UtDQVLPDUFDUDQXQSUHILMRWHOHIyQLFR
GLVWDQFLD

8QRGH
HOOR
V
SUHJXQWDFRQLQFUHGXOLGDG

&yPRIXQFLRQD"

<HORWURUHVSRQGH
&yPRKDFHQTXHODVURVHWDVG
LPSRU
"

$-

/DHVHQFLDGHO
HQFDS
V
XODPLHQWR
RHQFDSVXODFLyQ HV

BIK


3


FRQVLJR
VX
IXQFLRQ
D
OLGDG

HVWD~OWLPDVHRFXOWD
  3RU

UDO

ODPD\RUtDGHODJHQWHTXHYHODWHO
GDGHOHFWUyQLFDTXHKD\
GHWUi
V
GHODSDQWDOODQLGHWRGD
V
ODVRSHUDFLRQHV
RFXUULUSDUD
PR
VWUDU XQDLPDJHQHQODSDQWDOOD
/D
WHOHYLVLyQKDFHO
VLQPRVWUDUQRVHO
SURFH
VR QHFHVDULRSDUDHOOR
\
SRUVXHUWHODPD\R
OR
V
HOHFWUR
WLFRVIXQFLRQDQDVt
),*85$


/RVREMHWRV
HQFDSVX

ODQ
O
R
TX
HKD
F
HQ

H
V
GHFLU
RF
XOWDQ
IXQ
OD
FL
RQDOLGDGLQWHUQD
G
H
VX
V
RS
H
UD
F
LRQ
HV

G
H
RWUR
V
REMHWRV
\
G
H
O
PXQG
R
H[W
H
ULRU

/DWHOHYLVLRQRFXOW
VXVRSHUDFLRQHV
GHODSHUVRQD
TXH
OD
YH


&XiO HVODLPSRUWDQFLDGHHVWR"(QHO
UHGXFLUHOSRWHQFLDOGHHUURUHVTXHSX

pV
WR
V
GHSHQGHQXQRVGHRWUR
V
HQ
GLYHUVD
V
IRUPD
V
6L
XQRGH
HOOR
V
IDOOD
\
OV
R
HVSH
F
LDOL
VWD
V
GHVRIWZDUHWLHQHQTXHPRGLILFDUORGH
V
REMHWR
V
LJQLIL
V F
DUi TXHWDOYH]QRVHUiQHFHVDUL
GHPi
V
REMHWR
V

(Q HOUHDO
PXQGR

WDPELpQ YHUi OD LPSRUWDQFLD
OR
V
REMHWRV
GHO
ORVWUDEDMH
TXH
3RU HMHPSOR F
HO
RPSXWDGRUD
PRQLWRU GH
HQ
VX
FLHU
RSHUDFLRQHV GH
V
L
OD
DOJR
&38
IDOOD
HV GHFLU
HQ VX PRQLWRU
UHHPSOD

SHUR HV PX\ SUREDEOH TXH QR WHQJD
PL
VPR
TXH
WLHP
U
TXH HO PRQLWRU

<D
TXH HVWDPRV
H[L
VWH
HQ HO
XQWHPD
FRQFHSWR
UHOD
FLRQDGR 8Q R

L
O

I

0


ORTXHKDFHDRWUR
V
REMHWR
V
\
DO
PXQGR
H[WHULRU

SRUOR
F
XDO DOHQF
VXO
D


PLHQWRWDPELpQ
V
H
OHFRQRFHFRPR
RFXOWDPLHQWRGHODLQIR
F
L
yQ
3HURXQR
WLHQHTXH
SUH
V
HQWDU XQURVWURDOPXQGRH[WH
RSHUDFLR
V
3RU
HMHPSOR

ODWHOHYLVLyQWLHQHGLYHUVRVERW
\
SHULOODVHQVtP
UHPRWR
8QDODYDGRUDWLHQHGLYHUVD
V
SHULOODVTXHOHSHUPLW
OR
V
QLYHOHV
WHPSHUDWXUD
\
DJXD
/RVERWRQH
V
\
SHULOOD
V
GHODWHOHYLVLyQ
\
GHODODYDGR
FRPR
LQWHUIDF
HV


(QYtR GH PHQVDMHV

0HQFLRQpTXHHQXQVLVWHPDORVREMHWR
FRQMXQWR
(VWR VHORJUD
HOHQYtRGHPHQVDMHVHQWUH
HOOR
V8QREMHWRHQYtDDRWURX
PHQ
VDMH SDUDUH
RSHUDFLyQ
\
HOREMHWRUHFHSWRUHMHFXWDUiOD

8QD
WHOHYL
VLyQ
\
VX
FRQWUROUHPRWRSXHGHQ
VHU XQHMHPSORPX\L
TXHQRVURGHD
&XDQGRGHVHDYHUXQSURJUDPDGH
WHOHYL
VLyQ
EX
VF
D
HO
F
RQWURO
 U
VHVLHQWDHQVXVLOODIDYRULWD
\
SU
HV
LRQDHOERWyQGHHQFHQG
UHPRWROHHQYtDOLWHUDOPHQWHXQPHQ
VH
HQFLHQGD
(O
WHOHY
V
RU
UHFLEHHO
PHQVDMH

ORLGHQWLILFDFRPRXQDSHWLFL
HQFHQGHU
VH
\
DVtORKD

&XDQ
GH
VHD YHURWURFDQDO

SUHVLRQDHOERWyQFRUUHVSRQG

PLVPRT
HQYtDRWURPHQVDMHDODWHOHYLVLyQ F
FRPXQLFDURWUR
V
PHQVDMHVFRPR
DMX
VWDU HOYROXPHQVLOHQF
\
DFWLYDU
OR
V
XEWtWXO
V V

9ROYDPRVDODVLQWHUIDFHV0XFKDVGH
WDPELpQODVSRGUiKDFHUVLVHOHYDQWD
V
LOOD

YDDODWHOHYLVLy
FRUUHVSRQGLHQWH
V
DOJXQDYH]ORKDEUiKHFKR
\D
/DLQWHUID]TXH
WHOHYL
VLyQ OH
VHQWD HOFRQMXQWRGHERWRQHV
\
SHULOODV QRHVREYLDPH
PL
VPD
TXHOH
PXH
VWUD
FRQWUROUHPRWR XQUHFHSWRUGHUD\R
V
LQIUDUURMRV
/DILJXUDOH
H
V
WR


$VRFLDFLRQHV

2WURDFRQWHFLPLHQWRFRP~QHVTXHORV
REMHWR
V
VHUHODFLRQDQHQWU
3RU
HMHPSOR

FXDQGRHQFLHQGH
VX
WHOHYLVRU

HQ
WpUPLQR
V
GHRULHQWDFLyQ
D
REMHWRV

XV
WHG
D
V
RFLD
V
X
W
FRQ
HOHYLVRU


/D
D
VRFLDFLyQ HQFHQGLGRYtD
HVHQXQDVROD

HVWRXV
HV
WHG HQFL
WHOHYLVLyQFRPRVHYHHQODILJXUD

1R
REVWDQWH

DPHQRVTXHYHD
YLVLyQ

HOODQROHGHYROYHUiHO
IDYR
U
+D\RWUDVDVRFLDFLRQHV
GLUHFFL

FRPR

FDVDPLHQWR



),*85$

(MH
PS
ORGH
XQ
PH
QVD
M
H
HQY
LDG
R
G
H
XQ
REM
HWR
D
RWUR

H
O
REM
H
W
R
F
RQWURO
U
H
PRW
R
H
QYtDXQ
PHQVDM
H
DO
REMHW
R
WH
O
HY
L
V
L
yQ
SDUD
HQ
F
HQG
HU
VH

(O
REM
H
WR
W
H
O
HYL
V
Ly
Q
UHFLEH
H
O
PHQ
V
DMH
PHGLDQW
H
V
X
LQW
H
UID
]
XQ
UH
FH
SWRU
LQIUDUU
RMR


),*85$


&-


&RQ
I
U
H
F
XH
QFL
D
OR
V
REMHW
RV
VH
U
H
OD
F
LRQDQ
HQWUHVtGH
DO
JXQD
IRUPD &XDQGRXVWHG
(QFHQGHU
H
QFLHQGH
V
X
WH
OHYL
V
L
yQ
WH
QGUiXQD
DVRF
LD
F
L
yQ
HQXQD
VR
OD
G
L
U
HFF
L
yQ
F
RQ
HOO
D



(Q
RF
D
VLRQH
V
XQREMHWRSRGUtD
D
VRFLDU
VH FRQRWURHQPi
V
GHXQD
IRUPD
6L
XVWHG
\
VX
FRODERUDGRU
V
RQDPLJR
V

HOOR
VHUY
L
U
i
GHHMHPSOR8VWHGWHQGU

HVDPL
GH

D
Vt FRPR

H
V
FRODERUDGRUGHFRPR
VHDSUHFLDHQODILJXU

),*85$


(Q
RFD
V
LRQH
V

O
RV
REMHWR
V
SXHG
H
Q
DV
RFLDU
VH
HQ
PiV
G
H
XQD
I
RUPD


HVFRODERUDGRUGH
HV
DP
L
JRGH

7RP

%LOO