2.a. Chiavenato, I. (2008) El Sistema de ARH (Parte 2) - Administración de Recursos Humanos

$GPLQLVWUDFLyQGHUHFXUVRVKXPDQRVWK(GLWLRQ
3DUWH,, (OVLVWHPDGHDGPLQLVWUDFLQGHUHFXUVRVKXPDQRV
/DDGPLQLVWUDFLQFRQVWLWX\HODPDQHUDGHKDFHUTXHODVFRVDVVHKDJDQGHODPHMRU
IRUPDSRVLEOHPHGLDQWHORVUHFXUVRVGLVSRQLEOHVDILQGHDOFDQ]DUORVREMHWLYRV/D
DGPLQLVWUDFLQLQFOX\HODFRRUGLQDFLQGHUHFXUVRVKXPDQRV\PDWHULDOHVSDUDORJUDU

ORVREMHWLYRV(QHVWDFRQFHSFLQHVWQFRQILJXUDGRVFXDWURHOHPHQWRVEVLFRV
$OFDQFHGHORVREMHWLYRV
3RUPHGLRGHSHUVRQDV
$WUDYVGHWFQLFDV
(QXQDRUJDQL]DFLQ
3UFWLFDPHQWHODWDUHDGHODDGPLQLVWUDFLQHVLQWHJUDU\FRRUGLQDUUHFXUVRV
RUJDQL]DFLRQDOHVPXFKDVYHFHVFRRSHUDWLYRVRWUDVYHFHVHQFRQIOLFWRWDOHVFRPR
SHUVRQDVPDWHULDOHVGLQHURWLHPSRRHVSDFLRHWFKDFLDORVREMHWLYRVGHILQLGRVGH
PDQHUDWDQHILFD]\HILFLHQWHFRPRVHDSRVLEOH
/265(&8562625*$1,=$&,21$/(6
/DRUJDQL]DFLQFRQVWLWX\HHOSXQWRGHFRQYHUJHQFLDGHLQQXPHUDEOHVIDFWRUHVGH
SURGXFFLyQHVGHFLUGHUHFXUVRVSURGXFWLYRVTXHGHEHQVHUHPSOHDGRVFRQHILFLHQFLD
\HILFDFLD
7UDGLFLRQDOPHQWHORVIDFWRUHVGHSURGXFFLQFRQVLGHUDGRVHQWRGRSURFHVR
SURGXFWLYRVRQQDWXUDOH]DFDSLWDO\WUDEDMR/DQDWXUDOH]DSURYHHORVPDWHULDOHV\ODV
PDWHULDVSULPDVTXHVHUQWUDQVIRUPDGRVHQSURGXFWRVRHQVHUYLFLRVSUHVWDGRV(O
FDSLWDOSURSRUFLRQDORVPHGLRVGHSDJRSDUDODDGTXLVLFLQXREWHQFLQGHORV
PDWHULDOHV\PDWHULDVSULPDVQHFHVDULRV\SDUDODUHPXQHUDFLQGHODPDQRGHREUD(O
WUDEDMRUHSUHVHQWDODLQWHUYHQFLQKXPDQDRIVLFDUHDOL]DGDVREUHORVPDWHULDOHVR
PDWHULDVSULPDVSDUDFRQYHUWLUORVHQSURGXFWRVWHUPLQDGRVRVHUYLFLRVSUHVWDGRV
2EYLDPHQWHHVWDSUHVHQWDFLQSHFDGHXQVLPSOLVPRH[DJHUDGR\GHVXSHUILFLDOLGDG
SXHVHOSURFHVRSURGXFWLYRHVPXFKRPVFRPSOHMR\FRPSUHQGHXQDJUDQFDQWLGDGGH
YDULDEOHV$GHPVHVWDSUHVHQWDFLQVHFHQWUDHQHOSURFHVRSURGXFWLYRVORYLVWR
$GPLQLVWUDFLyQGHUHFXUVRVKXPDQRV
3DJHRI
FRPRXQVLVWHPDFHUUDGRPLHQWUDVTXHHQODUHDOLGDGHVWHSURFHVRSUHVHQWD
FDUDFWHUVWLFDVGHXQVLVWHPDDELHUWRGHELGRDOLQWHQVRLQWHUFDPELRFRQHODPELHQWH
1RWDLQWHUHVDQWH5HFXUVRVRUJDQL]DFLRQDOHV
$QWLJXDPHQWHORVSURGXFWRV\VHUYLFLRVVHSURGXFDQFRQHOHPSOHRGHFDSLWDO
PDWHULDOHV\WHFQRORJD(QODHUDGHODLQIRUPDFLQHVWRVIDFWRUHVWUDGLFLRQDOHV
VRQGHVSOD]DGRVSRUXQIDFWRUQXHYR\GLIHUHQWHHOFRQRFLPLHQWR$FWXDOPHQWH
SURGXFWRV\VHUYLFLRVVRQJHQHUDGRVPHGLDQWHFDSLWDOPDWHULDOHVWHFQRORJD
SHUVRQDV\FRQRFLPLHQWR'HHVWRVFLQFRFRPSRQHQWHVVORSHUVRQDV\
FRQRFLPLHQWRFUHDQXQDYHQWDMDFRPSHWLWLYDGXUDGHUD(OFRQRFLPLHQWRHVXQ
DFWLYRLQWDQJLEOHHLQYLVLEOHTXHVHHQFXHQWUDHQODVFDEH]DVGHODVSHUVRQDVRHQ
DOJXQRVFDVRVDUFKLYDGRHQVLVWHPDVGHLQIRUPDFLQDGPLQLVWUDGRVPHGLDQWH
LQIRUPHVSHUILOGHSURGXFWRVRVHUYLFLRVGLDJUDPDVGHIOXMRHWF/DPD\RUSDUWH
GHODVRUJDQL]DFLRQHVQRVHKDGDGRFXHQWDGHHVWRQLGHTXHODVRUJDQL]DFLRQHV
FRQ[LWRVRQODVTXHVDEHQDGPLQLVWUDUHOFRQRFLPLHQWR\FRQYHUWLUORHQ
SURGXFWRV\VHUYLFLRVDOWDPHQWHFRPSHWLWLYRV(QRWUDVSDODEUDVVDEHQLQYHUWLU\
REWHQHUJDQDQFLDVGHOFRQRFLPLHQWRFRUSRUDWLYRc7RGRHVWRDWUDYVGHODV
SHUVRQDV
/DRUJDQL]DFLQHVXQDHPSUHVDVRFLDODWUDYVGHODFXDOVHUHQHQUHFXUVRVGLYHUVRV
SDUDORJUDUGHWHUPLQDGRVREMHWLYRV6LQUHFXUVRVQRKD\PDQHUDGHDOFDQ]DUORV/RV
UHFXUVRVVRQORVPHGLRVFRQORVTXHFXHQWDQODVRUJDQL]DFLRQHVSDUDUHDOL]DUVXV
WDUHDV\ORJUDUVXVREMHWLYRVHVWRHVORVELHQHVRVHUYLFLRVTXHVHFRQVXPHQSDUDOD
UHDOL]DFLQGHODVDFWLYLGDGHVRUJDQL]DFLRQDOHV3XHGHQYHUVHFRPRORVLQVXPRV
QHFHVDULRVSDUDREWHQHUHOSURGXFWRILQDORVHUYLFLRSUHVWDGRSRUODRUJDQL]DFLQ
*HQHUDOPHQWHFXDQGRVHKDEODGHUHFXUVRVVXUJHODLPDJHQVLPSOLILFDGDGHGLQHUR
HTXLSRPDWHULDOHVSHUVRQDO6LQHPEDUJRORVUHFXUVRVRUJDQL]DFLRQDOHVVRQ
H[WUHPDGDPHQWHGLYHUVRV\FRPSOHMRV
/RVUHFXUVRVRUJDQL]DFLRQDOHVVHSXHGHQFODVLILFDUGHPDQHUDJHQHUDOHQFLQFR
JUXSRV
5HFXUVRVItVLFRV\PDWHULDOHV
6RQORVUHFXUVRVQHFHVDULRVSDUDODVRSHUDFLRQHVEVLFDVGHODRUJDQL]DFLQ\DVHDGDU
VHUYLFLRVHVSHFLDOL]DGRVRSURGXFLUELHQHV\SURGXFWRV/RVUHFXUVRVPDWHULDOHVHVWQ
3DJHRI
FRQVWLWXLGRVSRUHOPLVPRHVSDFLRIVLFRORVORFDOHVHGLILFLRV\WHUUHQRVHOSURFHVR
SURGXFWLYRODWHFQRORJDTXHORRULHQWDORVPWRGRV\SURFHVRVGHWUDEDMRRULHQWDGRV
DODSURGXFFLQGHORVELHQHV\GHORVVHUYLFLRVSURGXFLGRVSRUODRUJDQL]DFLQ%XHQD
SDUWHGHORTXHVHYHUVREUHWHFQRORJDHVDSOLFDEOHDOUHDGHORVUHFXUVRVPDWHULDOHV
\IVLFRVGHODRUJDQL]DFLQ6LQHPEDUJRODWHFQRORJDQRVHOLPLWDDORVUHFXUVRV
IVLFRV\PDWHULDOHV
5HFXUVRVILQDQFLHURV
6HUHILHUHDOGLQHURHQIRUPDGHFDSLWDOIOXMRGHFDMDHQWUDGDV\VDOLGDVSUVWDPRV
ILQDQFLDPLHQWRVFUGLWRVHWFGHORVTXHVHSXHGHGLVSRQHUGHPDQHUDLQPHGLDWDR
PHGLDWDSDUDKDFHUIUHQWHDORVFRPSURPLVRVGHODRUJDQL]DFLQ&RPSUHQGHWDPELQ
HOLQJUHVRGHULYDGRGHODVRSHUDFLRQHVGHODHPSUHVDLQYHUVLRQHVGHWHUFHURV\WRGD
IRUPDGHHIHFWLYRTXHSDVDSRUODFDMDGHODRUJDQL]DFLQ
/RVUHFXUVRVILQDQFLHURVJDUDQWL]DQORVPHGLRVSDUDODDGTXLVLFLQXREWHQFLQGHORV
GHPVUHFXUVRVTXHUHTXLHUHODRUJDQL]DFLQ+DVWDFLHUWRSXQWRORVUHFXUVRV
ILQDQFLHURVVRQORVTXHHQEXHQDSDUWHGHILQHQODHILFDFLDGHODRUJDQL]DFLQHQHO
ORJURGHVXVREMHWLYRV\DTXHOHSURSRUFLRQDQODFDSDFLGDGQHFHVDULDSDUDDGTXLULUHQ
YROXPHQDGHFXDGRORVUHFXUVRVTXHUHTXLHUHSDUDVXRSHUDFLQ(VPX\FRPQ
H[SUHVDUHOGHVHPSHRGHODRUJDQL]DFLQHQOHQJXDMHILQDQFLHURHQWUPLQRVGH
XWLOLGDGHVHQYDORUHVPRQHWDULRVRGHOLTXLGH]HQVXVDFFLRQHV7DPELQHVPX\
FRPQPHGLUORVUHFXUVRVIVLFRVRPDWHULDOHVHQWUPLQRVILQDQFLHURVFRPRHOYDORU
GHODPDTXLQDULD\HTXLSRGHODRUJDQL]DFLQHOYDORUGHPDWHULDVSULPDV\SURGXFWRV
DFDEDGRVHQDOPDFQHWFWHUD
5HFXUVRVKXPDQRV
6RQODVSHUVRQDVTXHLQJUHVDQSHUPDQHFHQ\SDUWLFLSDQHQODRUJDQL]DFLQVHDFXDO
VHDVXQLYHOMHUUTXLFRRVXWDUHD/RVUHFXUVRVKXPDQRVVHGLVWULEX\HQHQQLYHOHV
GLVWLQWRVHQHOQLYHOLQVWLWXFLRQDOGHODRUJDQL]DFLQGLUHFFLQHQHOQLYHO
LQWHUPHGLRJHUHQFLD\DVHVRUD\HQHOQLYHORSHUDFLRQDOWFQLFRVHPSOHDGRV\
REUHURVMXQWRFRQORVVXSHUYLVRUHVGHSULPHUDOQHD&RQVWLWX\HQHOQLFRUHFXUVR
YLYR\GLQPLFRGHODRUJDQL]DFLQDGHPVGHVHUHOTXHGHFLGHFPRPDQLSXODUORV
GHPVUHFXUVRVTXHVRQGHSRUVLQHUWHV\HVWWLFRV$GHPVFRQIRUPDQXQWLSRGH
UHFXUVRGRWDGRGHXQDYRFDFLQHQFDPLQDGDDOFUHFLPLHQWR\DOGHVDUUROOR
3DJHRI
/DVSHUVRQDVDSRUWDQDODVRUJDQL]DFLRQHVVXVKDELOLGDGHVFRQRFLPLHQWRVDFWLWXGHV
FRQGXFWDSHUFHSFLRQHVHWF<DVHDQGLUHFWRUHVJHUHQWHVHPSOHDGRVREUHURVR
WFQLFRVODVSHUVRQDVGHVHPSHDQSDSHOHVPX\GLVWLQWRVVWRVVRQORVSXHVWRV
GHQWURGHODMHUDUTXDGHDXWRULGDG\UHVSRQVDELOLGDGTXHH[LVWHHQODRUJDQL]DFLQ
$GHPVODVSHUVRQDVVRQH[WUHPDGDPHQWHGLVWLQWDVHQWUHVSRUORTXHFRQVWLWX\HQXQ
UHFXUVRPX\GLYHUVLILFDGRGHELGRDODVGLIHUHQFLDVLQGLYLGXDOHVGHSHUVRQDOLGDG
H[SHULHQFLDPRWLYDFLQHWF(QUHDOLGDGODSDODEUDUHFXUVRUHSUHVHQWDXQFRQFHSWR
GHPDVLDGRUHVWULQJLGRFRPRSDUDDEDUFDUDODVSHUVRQDVSXHVWRTXHVRQPVTXHXQ
UHFXUVRVRQFRSDUWFLSHVGHODRUJDQL]DFLQ
5HFXUVRVPHUFDGROyJLFRV
&RQVWLWX\HORVPHGLRVSRUORVFXDOHVODRUJDQL]DFLQORFDOL]DHQWUDHQFRQWDFWRH
LQIOX\HHQVXVFOLHQWHV\XVXDULRV(QHVWHVHQWLGRORVUHFXUVRVPHUFDGROJLFRV
FRPSUHQGHQWDPELQHOSURSLRPHUFDGRGHFRQVXPLGRUHVRFOLHQWHVGHORVSURGXFWRVR
VHUYLFLRVTXHRIUHFHODRUJDQL]DFLQ$VORVUHFXUVRVPHUFDGROJLFRVLQWHJUDQWRGDV
ODVDFWLYLGDGHVGHLQYHVWLJDFLQ\DQOLVLVGHPHUFDGRVREUHFRQVXPLGRUHV\
FRPSHWLGRUHVWRGDODRUJDQL]DFLQGHYHQWDVTXHLQFOX\HSUHYLVLQGHYHQWDV
HMHFXFLQ\FRQWUROSURPRFLQSURSDJDQGDGLVWULEXFLQGHORVSURGXFWRVDWUDYVGH
ORVFDQDOHVDGHFXDGRVGHVDUUROORGHQXHYRVSURGXFWRVQHFHVDULRVSDUDVDWLVIDFHUODV
GHPDQGDVGHOPHUFDGRGHILQLFLQGHSUHFLRVDVLVWHQFLDWFQLFDDOFRQVXPLGRUHWF
6LQORVUHFXUVRVPHUFDGROJLFRVGHQDGDVLUYHQORVGHPVUHFXUVRVGHOD
RUJDQL]DFLQSXHVVLVWDHVGHVSRMDGDGHVXVFOLHQWHVFRQVXPLGRUHVRXVXDULRV
SHUGHUDIDWDOPHQWHODSURSLDUD]QGHH[LVWLU$ORVUHFXUVRVPHUFDGROJLFRVVHOHV
OODPDWDPELQUHFXUVRVFRPHUFLDOHVFRPRGHQRPLQDFLQUHVWULFWLYDSDUDGLVWLQJXLU
VORDODVDFWLYLGDGHVGLUHFWDPHQWHUHODFLRQDGDVFRQODVRSHUDFLRQHVGHYHQWDVTXH
FRUUHVSRQGHQDOWUPLQRGHPDUNHWLQJHPSOHDGRSRUORVDXWRUHVHVWDGRXQLGHQVHV
5HFXUVRVDGPLQLVWUDWLYRV
(VWQFRQVWLWXLGRVSRUWRGRVORVPHGLRVFRQORVFXDOHVVHSODQHDQRUJDQL]DQGLULJHQ
\FRQWURODQODVDFWLYLGDGHVGHODRUJDQL]DFLQ&RPSUHQGHQWRGRVORVSURFHVRVGH
WRPDGHGHFLVLRQHV\GLVWULEXFLQGHODLQIRUPDFLQQHFHVDULDPVDOOGHORV
HVTXHPDVGHFRRUGLQDFLQHLQWHJUDFLQXWLOL]DGRVSRUODRUJDQL]DFLQ
/RVFLQFRJUXSRVGHUHFXUVRVVHSXHGHQHVTXHPDWL]DUGHODPDQHUDVLJXLHQWH
3DJHRI
)LJXUD,, &ODVLILFDFLyQGHORVUHFXUVRVRUJDQL]DFLRQDOHV
(QWRGDRUJDQL]DFLQVHSUHVHQWDHOIHQPHQRGHODGLYLVLQGHOWUDEDMR\GHOD
HVSHFLDOL]DFLQTXHJHQHUDODGLIHUHQFLDFLQJUDFLDVDODFXDOWRGRFRQMXQWRGH
UHFXUVRVVLPLODUHVVHDGPLQLVWUDGHQWURGHXQHVTXHPDGHGLYLVLQGHOWUDEDMR\GH
HVSHFLDOL]DFLQGHODVDFWLYLGDGHVDOTXHOHKHPRVGDGRHOQRPEUHGHGLIHUHQFLDFLyQ
$FDGDUHDGHUHFXUVRVOHFRUUHVSRQGHXQDHVSHFLDOLGDGDGPLQLVWUDWLYDDVDEHU
3DJHRI
)LJXUD,, 5HFXUVRVRUJDQL]DFLRQDOHV\HVSHFLDOLGDGHV
DGPLQLVWUDWLYDV
3RUHVWDUD]QODDGPLQLVWUDFLQUHTXLHUHGLYHUVDVHVSHFLDOLGDGHVFDGDXQRGHORV
UHFXUVRVH[LJHXQDHVSHFLDOL]DFLQ(QJHQHUDOODVLWXDFLQGHHVWDVHVSHFLDOLGDGHVHQ
ODRUJDQL]DFLQVHSXHGHPRVWUDUWHULFDPHQWHPHGLDQWHXQHVTXHPDVLPSOLILFDGR
FRPRHOTXHVHPXHVWUDDFRQWLQXDFLQ
)LJXUD,, (VSHFLDOLGDGHVGHODDGPLQLVWUDFLyQ\UHFXUVRV
LQYROXFUDGRV
3DJHRI
&DGDXQRGHORVUHFXUVRVHVDGPLQLVWUDGRSRUXQVXEVLVWHPDHVSHFILFRTXHVHRFXSD
GHORVDVSHFWRVGLUHFWDPHQWHUHODFLRQDGRVFRQOFRPRVHPXHVWUDHQODILJXUD,,
&RQHOHPSOHRGHODWHUPLQRORJDFRQYHQFLRQDOWHQHPRV
)LJXUD,, /RVUHFXUVRV\VXDGPLQLVWUDFLyQ
/RVUHFXUVRVRUJDQL]DFLRQDOHVVHDQPDWHULDOHVILQDQFLHURVKXPDQRVR
PHUFDGROyJLFRVUHTXLHUHQSURFHVRVGHDGPLQLVWUDFLQFRPSOHMRV7RGRVGHEHQVHU
3DJHRI
FDSWDGRVGHODPELHQWHDSOLFDGRVLQWHUQDPHQWHDOVLVWHPDFRQVHUYDGRVGHVDUUROODGRV
\FRQWURODGRVSDUDTXHHOVLVWHPDVHDHILFLHQWH\HILFD]
&HQWUDUHPRVODDWHQFLQHQORVUHFXUVRVKXPDQRV$ORODUJRGHORVFDSWXORVLQLFLDOHV
KHPRVYHULILFDGRTXHQRKD\RUJDQL]DFLQVLQSHUVRQDVVLQHPEDUJRODV
RUJDQL]DFLRQHVQRH[LVWHQVORSDUDWHQHUSHUVRQDV(VGHFLUWHQHUSHUVRQDVQR
FRQVWLWX\HXQREMHWLYRGHODVRUJDQL]DFLRQHV/DVSHUVRQDVVRQPHGLRVUHFXUVRVSDUD
TXHODVRUJDQL]DFLRQHVORJUHQVXVREMHWLYRV3RURWURODGRODVSHUVRQDVQRVRQORV
QLFRVUHFXUVRVFRPR\DYLPRVDQWHULRUPHQWH6LQHPEDUJRVVRQORVQLFRV
UHFXUVRVYLYRVFDSDFHVGHSURFHVDUORVGHPVUHFXUVRVLQHUPHVHLQHUWHV$GHPV
FRQVWLWX\HQORVUHFXUVRVPVFRPSOHMRVGHORVTXHGLVSRQHXQDRUJDQL]DFLQORV
UHFXUVRVKXPDQRV'HHVWDPDQHUDWRGRVORVGHPVUHFXUVRVH[LJHQODSUHVHQFLDGH
ORVUHFXUVRVKXPDQRVSDUDSRGHUVHUSURFHVDGRV(VWRVLJQLILFDTXHORVHMHFXWLYRVGH
ODDGPLQLVWUDFLyQGHODSURGXFFLyQDGPLQLVWUDFLyQILQDQFLHUDDGPLQLVWUDFLyQ
PHUFDGROyJLFDHLQFOXVRGHODDGPLQLVWUDFLyQGHUHFXUVRVKXPDQRVQHFHVLWDQGH
SHUVRQDVSDUDSURFHVDUVXVUHFXUVRVEVLFRV&RPRPXHVWUDODILJXUD,,ODVSHUVRQDV
VRQORVQLFRVUHFXUVRVTXHSHUPHDQODRUJDQL]DFLQHQWRGRVVXVDVSHFWRVUHDV\
QLYHOHV
1RWDLQWHUHVDQWH4XLQHVHOUHVSRQVDEOH"
'HDFXHUGRFRQHVWHFRQFHSWRDGPLQLVWUDUSHUVRQDVHVXQDWDUHDFRPQDWRGDV
ODVUHDV\QLYHOHVGHODRUJDQL]DFLQ$GPLQLVWUDUSHUVRQDVQRHVXQDWDUHD
H[FOXVLYDGHOSURIHVLRQDOGH$5+VLQRXQDUHVSRQVDELOLGDGSUHVHQWHHQWRGDVODV
UHDV\QLYHOHVGHODRUJDQL]DFLQ&DGDXQRGHORVGLUHFWRUHVJHUHQWHVRMHIHV
DGHPVGHVXVUHVSRQVDELOLGDGHVHVSHFILFDVDGPLQLVWUDSHUVRQDVTXHOHHVWQ
VXERUGLQDGDVGLUHFWDHLQGLUHFWDPHQWH
&XiOHVHOYDORUHQHOPHUFDGRGHXQDRUJDQL]DFLyQ"
+DFRQVLGHUDGRFXQWRYDOHXQDHPSUHVD"&XOHVHOYDORUTXHDOFDQ]DHQHO
PHUFDGR"6LVXYDORUHVQLFDPHQWHHOSDWULPRQLDOTXHHOFRQWDGRUDWULEX\HDORV
DFWLYRVWDQJLEOHVFRPRORFDOHVPTXLQDVHTXLSRLQVWDODFLRQHVPDWHULDVSULPDV
DUWFXORVHQDOPDFQHWFODHPSUHVDHVVORXQSXDGRGHFRVDVIVLFDV\
PDWHULDOHV8QDVLPSOHVXPDGHSLH]DV\FRVDVXVDGDV6LIXHUDDVODHPSUHVDQR
LQFUHPHQWDUDHOFDSLWDOILQDQFLHURLQYHUWLGR7RGRORKHFKRDORODUJRGHOWLHPSRQROH
DJUHJDUDYDORUQLVLTXLHUDDOWHUDUDODLQYHUVLQLQLFLDO$OFRQWUDULRVLVHFRQWDELOL]D
3DJHRI
HOGHVJDVWHGHODVPTXLQDV\GHOHTXLSRRODGHSUHFLDFLQGHODVPTXLQDV\GHO
PRELOLDULRHQWRQFHVODVLWXDFLQVHUDDQSHRUKDEUDXQDUHGXFFLQGHOFDSLWDO
ILQDQFLHURLQLFLDO(VWDUDPRVDQWHXQDHPSUHVDTXHFDGDGDTXHSDVDSLHUGH\FX\R
YDORUGHPHUFDGRVHUHGXFHSDXODWLQDPHQWHKDVWDOOHJDUDOSXQWRFHUR$OSXQWRHQHO
TXHQRYDOHQDGD
)LJXUD,, /DVSHUVRQDVFRPRUHFXUVRVTXHSHUPHDQWRGDVODV
iUHDVGHODDGPLQLVWUDFLyQ
/RVUHFXUVRVIVLFRVPTXLQDVHTXLSRVHGLILFLRVPDWHULDVSULPDVWHFQRORJDHWF\

ILQDQFLHURVFDSLWDOLQLFLDO\FDSLWDOGHFLUFXODFLQVRQLQHUWHVHVWWLFRV\SDVLYRVQR
KDFHQQDGDSRUFXHQWDSURSLDQHFHVLWDQGHODDFFLQGHOKRPEUHSDUDVXHPSOHR\
UHQWDELOLGDG$GHPVGHHVWRORVUHFXUVRVIVLFRVHVWQVXMHWRVDODHQWURSD&XDQGR
ODHPSUHVDORVYHFRPRSULRULGDG\FRPRSXQWRIXQGDPHQWDOHOUHVXOWDGRHV
JHQHUDOPHQWHGHFHSFLRQDQWH/DVHPSUHVDVTXHSRQHQDWHQFLQH[FOXVLYDPHQWHDORV
UHFXUVRVILQDQFLHURVGHMDQGHVHUXQEXHQQHJRFLR(VWRVHGHEHDTXHHOFDSLWDO
ILQDQFLHURFHGHVXOXJDUDOFDSLWDOLQWHOHFWXDO(OFRQRFLPLHQWRPVTXHHOGLQHUR
VHHVWFRQYLUWLHQGRHQHOUHFXUVRPVYDOLRVRGHODHUDGHODLQIRUPDFLQ(O
FRQRFLPLHQWRSURGXFHLQQRYDFLQ\ULTXH]D(OFRQRFLPLHQWRQRRFXSDOXJDUQRHV
ILQLWRQLHVVXVWUDEOH(VHOQLFRUHFXUVRLOLPLWDGR\HOQLFRDFWLYRTXHDXPHQWD
SURJUHVLYDPHQWHFRQHOXVROHVHOFRPEXVWLEOHSULQFLSDOHQODHUDGLJLWDO
3DJHRI
1RWDLQWHUHVDQWH/RVDFWLYRVLQWDQJLEOHV
([LVWHDFWXDOPHQWHXQDPLJUDFLQGHORVDFWLYRVWDQJLEOHV\IVLFRVKDFLDORV
DFWLYRVLQWDQJLEOHV\DEVWUDFWRV/DVHPSUHVDVHVWQRFXSDGDVHQKDOODU
LQGLFDGRUHVSDUDVXVDFWLYRVLQWDQJLEOHVFRPRHOFDSLWDOKXPDQRKDELOLGDGHV\
FRPSHWHQFLDVGHVXVHPSOHDGRV\HOFDSLWDOHVWUXFWXUDOLQWHUQRVLVWHPDV
LQWHUQRV\H[WHUQRDSR\RHLQWHUVGHVXVFOLHQWHVHLGRQHLGDG\UDSLGH]GHVXV
SURYHHGRUHV/DVSHUVRQDVVHFRQYLHUWHQHQODSULRULGDGIXQGDPHQWDOGHODV
HPSUHVDV
&RPSHWHQFLDVRUJDQL]DFLRQDOHV
1REDVWDWHQHUUHFXUVRVHVQHFHVDULRVDEHUHPSOHDUORVUHQWDEOHPHQWH/RVUHFXUVRV
HVWQFRQVWLWXLGRVSRUDFWLYRV\FDSDFLGDGHVRUJDQL]DFLRQDOHV(QHOSULPHUFDVRORV
DFWLYRVRUJDQL]DFLRQDOHVVRQELHQHVTXHDFXPXODODRUJDQL]DFLQFRPRUHVXOWDGRGHOD
LQYHUVLQHQHVFDODSODQWDVORFDOL]DFLQ\YDORUGHODPDUFDEUDQGHTXLW\(QHO
VHJXQGRFDVRODVFDSDFLGDGHVUHIOHMDQODVLQHUJLDHQWUHHVWRVUHFXUVRVORTXH
SRVLELOLWDVXDSOLFDFLQHQODFRQVWUXFFLQGHXQDYHQWDMDFRPSHWLWLYD/DV
FDSDFLGDGHVVRQFRQMXQWRVFRPSOHMRVGHKDELOLGDGHV\DSUHQGL]DMHFROHFWLYRHOFXDO
DVHJXUDODHMHFXFLQGHDFWLYLGDGHVIXQFLRQDOHVPHGLDQWHSURFHVRVRUJDQL]DFLRQDOHV
/DDGPLQLVWUDFLQGHOFRQRFLPLHQWRHVODDFWLYLGDGGHWHUPLQDQWHGHODRUJDQL]DFLQ
SDUDHIHFWRVGHODREWHQFLQGHXQDYHQWDMDFRPSHWLWLYD

/RVDFWLYRVRUJDQL]DFLRQDOHVSXHGHQVHUWDQJLEOHVRLQWDQJLEOHV\FRPSUHQGHQ
$FWLYRVItVLFRVFRPRWHUUHQRVHGLILFLRVPDTXLQDULD\HTXLSRPDWHULDOHVH
LQVWDODFLRQHVTXHODHPSUHVDSRVHHRFRQWUROD
$FWLYRVILQDQFLHURVHQIRUPDWDQJLEOHGHGLQHURHQFDMDHLQWDQJLEOHFRPR
FUGLWR
$FWLYRVGHRSHUDFLyQODIEULFDLQVWDODFLRQHV\PDTXLQDULDWDQJLEOHVSDUDOD
REWHQFLQGHSURGXFWRV\VHUYLFLRVHLQWDQJLEOHVFRPRVLVWHPDV\SURFHVRV
$FWLYRVOHJDOHVFRPRSDWHQWHV\FRS\ULJKWVGHODRUJDQL]DFLQ0F'RQDOV\
9LUJHQWLHQHQODUHSXWDFLQGHDFXGLUVLHPSUHDODMXVWLFLDSDUDSURWHJHUR
GHIHQGHUVXVGHUHFKRV(VRSXHGHDKX\HQWDUDODFRPSHWHQFLD
3DJHRI
$FWLYRVKXPDQRVHOSHUVRQDOHPSOHDGRSRUODRUJDQL]DFLQWDQJLEOH\VXV
FRQRFLPLHQWRVKDELOLGDGHV\FRPSHWHQFLDVLQWDQJLEOHV
$FWLYRVGHPDUNHWLQJVRQEVLFDPHQWHDFWLYRVLQWDQJLEOHVFRPRODVUHODFLRQHV
FRQFRQVXPLGRUHV\GLVWULEXLGRUHVLQWHUPHGLDULRVHOQRPEUHGHODPDUFD\
UHSXWDFLQODOHDOWDGGHOFOLHQWH\HOSRVLFLRQDPLHQWRDFWXDOHQHOPHUFDGR
/DVFDSDFLGDGHVGHODRUJDQL]DFLyQVHUHILHUHQDOSRWHQFLDOGHVWDSDUDRUJDQL]DU
DGPLQLVWUDUFRRUGLQDURHPSUHQGHUXQFRQMXQWRHVSHFILFRGHDFWLYLGDGHV\
KDELOLGDGHV/DVFXDOHVSXHGHQVHU

&DSDFLGDGHVHVWUDWpJLFDVIXQFLRQDQFRPRJXDGHRULHQWDFLQTXH
LQIOXLU)XHUWHPHQWHHQHOUXPERHVWUDWJLFR\VHUHILHUHQDODKDELOLGDGGHOD
RUJDQL]DFLQSDUDDSUHQGHUDGTXLULUDVLPLODUODLQIRUPDFLQ\DODKDELOLGDG
GHORVDOWRVIXQFLRQDULRVSDUDDGPLQLVWUDUODLPSOHPHQWDFLQGHODHVWUDWHJLD
,QFOX\HDGHPVODFDSDFLGDGGHHYDOXDFLQ\MXLFLRTXHHVODDSWLWXGSDUD
LGHQWLILFDURSRUWXQLGDGHVDOWHUQDWLYDV\DVVHOHFFLRQDUPHUFDGRVREMHWLYR
DGHFXDGRVHQORVTXHORVUHFXUVRV\FDSDFLGDGHVGHODRUJDQL]DFLQVHHPSOHHQ
GHODPHMRUPDQHUDPHGLDQWHODFRQFRUGDQFLDGHORVUHFXUVRVDFWXDOHV\
FDSDFLGDGHVFRQORVPHUFDGRVHQWUDQVLFLQDEDUFDQGRGLYHUVDVIXQFLRQHV
FRPRRSHUDFLRQHVILQDQ]DVH,\'DVFRPRPDUNHWLQJ
&DSDFLGDGHVIXQFLRQDOHVHQHOODVVHLQFOX\HQODVFDSDFLGDGHVGHPDUNHWLQJ
DGPLQLVWUDFLQILQDQFLHUD\GHJHVWLQGHRSHUDFLRQHV(VODFDSDFLGDGGH
HQWHQGHUORTXHRFXUUHHQHODPELHQWHH[WHUQRFRQORVFOLHQWHVFRPSHWLGRUHV
DGHPVGHORVFDPELRVGHOPDFURDPELHQWH
&DSDFLGDGHVRSHUDFLRQDOHVVRQODVWDUHDVLQGLYLGXDOHVLPSRUWDQWHVFRPROD
RSHUDFLQGHPDTXLQDULDODDSOLFDFLQGHVLVWHPDVGHRSHUDFLQRFRQFOXVLQ
GHOSURFHVRGHUGHQHV
/DVFDSDFLGDGHVSXHGHQHVWDUHQORVLQGLYLGXRVHQORVJUXSRVRHQHOQLYHO
FRUSRUDWLYR

&DSDFLGDGHVLQGLYLGXDOHVVRQODVKDELOLGDGHV\HVSHFLDOL]DFLRQHVGHORV
LQGLYLGXRVGHQWURGHXQDRUJDQL]DFLQ&RPSUHQGHODKDELOLGDGGHOLQGLYLGXR
GHDQDOL]DUFUWLFDPHQWH\HYDOXDUODVLWXDFLQ\DVHDXQSUHVLGHQWHDOHYDOXDU
XQSUREOHPDHVWUDWJLFRRXQREUHURDOHYDOXDUHOHIHFWRGHXQDIDOODPHFQLFD
3DJHRI
&DSDFLGDGHVFROHFWLYDVVRQDTXHOODVTXHUHQHQKDELOLGDGHVLQGLYLGXDOHVSDUD
ODIRUPDFLQGHHTXLSRVDGKRF
&DSDFLGDGHVDQLYHOFRUSRUDWLYRVRQODVKDELOLGDGHVGHODRUJDQL]DFLQFRPR
XQWRGRSDUDHPSUHQGHUXQDWDUHDHVWUDWJLFDIXQFLRQDOXRSHUDFLRQDO(VWR
LQWHJUDODKDELOLGDGGHODRUJDQL]DFLQSDUDHPSDSDUVHLQWHUQDPHQWHGHOR
DSUHQGLGRGHPRGRTXHODVLQIRUPDFLRQHVQRVHDQVORSDUDXQRVFXDQWRV
LQGLYLGXRVVLQRSDUDWRGDODRUJDQL]DFLQ
1RWDLQWHUHVDQWH/RVDFWLYRVLQWDQJLEOHV
(OSUREOHPDDFWXDOQRHVVORFRQJUHJDUUJDQRVSHUVRQDVUHFXUVRVWDUHDV\
DFWLYLGDGHVSDUDGLULJLUORVKDFLDHOORJURGHORVREMHWLYRVRUJDQL]DFLRQDOHV
PHGLDQWHXQDHVWUDWHJLD$FWXDOPHQWHHOSUREOHPDVHKDYXHOWRPVJUDQGHDKRUD
SXHVVHWUDWDGHGHILQLUREMHWLYRVRUJDQL]DFLRQDOHVSDUDIRUPDUFRPSHWHQFLDV
HVHQFLDOHVSDUDHOQHJRFLR/DDUTXLWHFWXUDHVWUDWJLFDUHSUHVHQWDXQSXHQWHKDFLD
HOIXWXUR\GHEHHVWDUEDVDGDHQODLGHQWLILFDFLQGHODVFRPSHWHQFLDVHVHQFLDOHV
TXHGHEHQVHUFUHDGDV\IRUPDGDVSDUDODFRQWLQXLGDGGHO[LWRGHODHPSUHVD
&PRGHEHVHUHVDDUTXLWHFWXUDRUJDQL]DFLRQDO"(VFODURTXHODUHVSXHVWDHV
GLIHUHQWHSDUDFDGDHPSUHVD6LODHPSUHVDSLHQVDRUJDQL]DUVHHQWRUQRD
SURGXFWRV\VHUYLFLRVODUHVSXHVWDHVXQD\VLSUHWHQGHSULYLOHJLDUODV
FRPSHWHQFLDVHVHQFLDOHVODUHVSXHVWDHVRWUDPX\GLVWLQWD/DDUTXLWHFWXUDQHFHVLWD
KDFHUODXELFDFLQGHUHFXUVRVWUDQVSDUHQWHDODRUJDQL]DFLQHQWHUD<QHFHVLWD
UHVSRQGHUDSUHJXQWDVIXQGDPHQWDOHVFRPR

&XQWRWLHPSRSXHGHSUHVHUYDUODFRPSHWLWLYLGDGGHVXQHJRFLRVLQR
GHVDUUROODHVDFRPSHWHQFLDHVHQFLDOHVSHFILFD"
(QTXPHGLGDHVIXQGDPHQWDOHVDFRPSHWHQFLDHVHQFLDOSDUDORV
EHQHILFLRVTXHSHUFLEHHOFOLHQWH"
4X)XWXUDVRSRUWXQLGDGHVSHUGHUDODHPSUHVDVLGHMDUDHVDFRPSHWHQFLD
HVSHFILFD"

3UDKDODG\+DPHO FUHDGRUHVGHOFRQFHSWRGHFRPSHWHQFLDVHVHQFLDOHVGHOD
RUJDQL]DFLQPDQLILHVWDQTXHODDUTXLWHFWXUDRUJDQL]DFLRQDOQHFHVLWDSURSRUFLRQDU
3DJHRI
FRKHUHQFLDHQODXELFDFLQGHUHFXUVRV\HQHOGHVDUUROORGHXQDHVWUXFWXUD
DGPLQLVWUDWLYDDGHFXDGDDHVDXELFDFLQDILQGHFUHDUXQDFXOWXUDDGPLQLVWUDWLYD
GLQPLFDWUDEDMRHQHTXLSRFDSDFLGDGGHFDPELR\GLVSRQLELOLGDGSDUDFRPSDUWLU
UHFXUVRVSDUDSURWHJHUKDELOLGDGHVVLQJXODUHV\SDUDSHQVDUDODUJRSOD]R'HELGRD
WRGDVHVWDVUD]RQHVXQDDUTXLWHFWXUDHVSHFILFDQRSXHGHVHUFRSLDGDIFLOPHQWHSRU
ORVFRPSHWLGRUHV'HEHVHUXQDKHUUDPLHQWDSDUDFRPXQLFDUVHFRQORVFOLHQWHV\FRQ
RWURVJUXSRVGHLQWHUVVWDNHKROGHUV3RUHVWDUD]QQRGHEHKDEHUIURQWHUDVH[WHUQDV
QLLQWHUQDV
6LQHPEDUJRVLODVFRPSHWHQFLDVHVHQFLDOHVGHODHPSUHVDVRQVXVUHFXUVRVFUWLFRV\
VLODDOWDGLUHFFLQWLHQHTXHJDUDQWL]DUTXHORVSRUWDGRUHVGHHVDVFRPSHWHQFLDVQR
TXHGHQDSULVLRQDGRV\SDUDOL]DGRVHQDOJXQRVGHORVQHJRFLRVHQSDUWLFXODUHQWRQFHV
ODVXQLGDGHVHVWUWHJLFDVGHQHJRFLRV8(1GHEHQVROLFLWDUFRPSHWHQFLDVHVHQFLDOHV
GHODPLVPDPDQHUDTXHVROLFLWDQFDSLWDO8QDYH]TXHODGLUHFFLQLGHQWLILFD
FRPSHWHQFLDVLQWHUQDVGHEHDSRUWDUORVSUR\HFWRV\SHUVRQDVQWLPDPHQWH
UHODFLRQDGRVFRQHOODV(VRGDDODHPSUHVDXQDQXHYDLGHQWLGDGODVFRPSHWHQFLDV
HVHQFLDOHVVRQUHFXUVRVGHODFRUSRUDFLQ\QRGHFDGDXQDGHVXV8(1\SXHGHQ
VHUUHXELFDGDVFRQWLQXDPHQWH(VROOHYDDORVJHUHQWHVGHXQLGDGHVDWHQHUTXH
MXVWLILFDUSRUTXPDQWLHQHQDVXVHUYLFLRSHUVRQDVTXHVRQSRUWDGRUDVGH
FRPSHWHQFLDVHVHQFLDOHV/DVFRPSHWHQFLDVHVHQFLDOHVVRQODIXHQWHJHQHUDGRUDGH
QXHYRVQHJRFLRV
&PRUHXQLUDORVSRUWDGRUHVGHFRPSHWHQFLDV
HVHQFLDOHV"
(Q&DQRQORVSRUWDGRUHVGHFRPSHWHQFLDVHVHQFLDOHVHQSWLFDHVWQGLVWULEXLGRV
SRUWRGRVORVQHJRFLRVFPDUDVFRSLDGRUDV\HTXLSRVOLWRJUILFRVGH
VHPLFRQGXFWRUHV&XDQGR&DQRQUHFRQRFLXQDRSRUWXQLGDGHQLPSUHVRUDV
GLJLWDOHVOVHUOHVGLRDORVJHUHQWHVGHODV8(1HOGHUHFKRGHEXVFDUWDOHQWRVHQ
RWUDV8(1\VDFDUORVGHDKSDUDIRUPDUHOJUXSRGHWDOHQWRVQHFHVDULRSDUDHVD
WDUHD(VWRVHUHSLWHFDGDYH]TXHVHLGHQWLILFDXQDQXHYDFRPSHWHQFLD/D
DUTXLWHFWXUDRUJDQL]DFLRQDOGHODHPSUHVDHVIOXLGD\PDOHDEOH/RVJHUHQWHVVH
UHQHQSDUDLGHQWLILFDUODVFRPSHWHQFLDVGHODSU[LPDJHQHUDFLQGHFLGLUOD
LQYHUVLQTXHKD\TXHKDFHUSDUDFUHDUFDGDFRPSHWHQFLDIXWXUD\FXOHVOD
FRQWULEXFLQHQIRUPDGHDSR\RGHFDSLWDO\HTXLSRTXHFDGDGLYLVLQWLHQHTXH
KDFHU(VWROOHYDDXQVHQWLGRGHLQWHUFDPELRHTXLWDWLYR/RVSRUWDGRUHVGHODV
3DJHRI
FRPSHWHQFLDVVHUHQHQUHJXODUPHQWHGHVGHWRGRVORVSXQWRVGHODFRUSRUDFLQ
SDUDLQWHUFDPELDULGHDV\REVHUYDFLRQHVFRQHOILQGHFUHDUXQDVHQWLPLHQWRGH
FRPXQLGDGHQWUHHOORV
$OKDEODUGHFRPSHWHQFLDVHVHQFLDOHVHVLQGLVSHQVDEOHKDEODUGHORVFRQFHSWRVGH

3UDKDODG\+DPHO 6HJQHOORVODPDQHUDPVSRGHURVDGHWULXQIDUHQOD
FRPSHWHQFLDJOREDOFRQWLQDVLHQGRLQYLVLEOHSDUDPXFKDVSHUVRQDV(QODGFDGDGH
VHFDOLILFDEDDORVDOWRVHMHFXWLYRVSRUVXFDSDFLGDGGHUHHVWUXFWXUDUFRUUHJLU
FRQIXVLRQHV\HOLPLQDUHVWUDWRVMHUUTXLFRVHQODVRUJDQL]DFLRQHV$SDUWLUGHOD
GFDGDGHVHOHVFDOLILFDSRUVXFDSDFLGDGGHLGHQWLILFDUFXOWLYDU\H[SORUDUODV
FRPSHWHQFLDVHVHQFLDOHVTXHKDFHQSRVLEOHHOFUHFLPLHQWRHPSUHVDULDO(QHOSDVDGR
ODFRUSRUDFLQGLYHUVLILFDGDSRGDILMDUVXVXQLGDGHVGHQHJRFLRVHQPHUFDGRV
HVSHFILFRVGHSURGXFWRVSDUDTXHVHFRQYLUWLHUDQHQOGHUHVPXQGLDOHV6LQHPEDUJR
GDGRTXHODVIURQWHUDVGHOPHUFDGRFDPELDQFDGDYH]PVUSLGRORVREMHWLYRVVRQ
HQJDRVRV\IXJDFHVODFDFHUDHVFDVLVLHPSUHWHPSRUDO+DQVLGRSRFDVODVHPSUHVDV
FDSDFHVGHLQYHQWDUQXHYRVPHUFDGRVDOLQWURGXFLUVHHQPHUFDGRVHPHUJHQWHV\
PRGLILFDUGUVWLFDPHQWHODSUHIHUHQFLDGHOFOLHQWHHQPHUFDGRVHVWDEOHFLGRVVH
SDUHFHVHUHOFDPLQRKDFLDHOIXWXUR+D\PXFKRTXHDSUHQGHU
1RWDLQWHUHVDQWH&RPSHWHQFLDVHVHQFLDOHV
/RVUHFXUVRVVRQLPSRUWDQWHVSHURHO[LWRRUJDQL]DFLRQDOHVWHQIXQFLQGHODV
KDELOLGDGHV\FRPSHWHQFLDVTXHSRVHHROOHJDDSRVHHUODRUJDQL]DFLQSDUD
FRQFUHWDUVXPLVLQ\YLVLQ8QDFRPSHWHQFLDHVXQFRQMXQWRGHKDELOLGDGHV\
WHFQRORJDVDSOLFDGDVGHIRUPDLQWHJUDGD\FRQYHUJHQWH$VODFRPSHWHQFLDSDUD
TXHXQDRUJDQL]DFLQSURGX]FDHQXQFLFORUSLGRGHWLHPSRVHEDVDHQXQ
FRQMXQWRGHKDELOLGDGHVLQWHJUDGDVHQWUHODVTXHVHHQFXHQWUDQODKDELOLGDGGH
PD[LPL]DUSURFHVRVFRPXQHVHQXQDOQHDGHSURGXFFLQODIOH[LELOLGDGSDUD
DOWHUDUODSODQHDFLQ\HMHFXFLQGHODSURGXFFLQODHMHFXFLQGHVLVWHPDV
VRILVWLFDGRVGHLQIRUPDFLQDGPLQLVWUDFLQGHODVH[LVWHQFLDV\GHVDUUROORGHXQ
FRPSURPLVRGHFDOLGDGGHORVSURYHHGRUHV
6LXQDFRPSHWHQFLDDIHFWDGLUHFWDPHQWHODDWHQFLQGHODVGHPDQGDVGHGRVGLIHUHQWHV
JUXSRVGHLQWHUVVHGLFHTXHHVXQDFRPSHWHQFLDHVHQFLDORFHQWUDOFRUH
FRPSHWHQFH(OHIHFWRGHXQDFRPSHWHQFLDHVHQFLDOVHPDQLILHVWDHQWUHVDVSHFWRVGH
ODRUJDQL]DFLQ

3DJHRI
9DORUSHUFLELGR/DVFRPSHWHQFLDVHVHQFLDOHVVRQDTXHOODVTXHSHUPLWHQRIUHFHU
EHQHILFLRVIXQGDPHQWDOHVSDUDORVFOLHQWHV$OJXQDVYHFHVHVWRVEHQHILFLRVQR
VRQSHUFLELGRVFRPRIXQGDPHQWDOHVGHELGRDTXHHOFOLHQWHWLHQHODDWHQFLQ
SXHVWDHQEHQHILFLRVDGLFLRQDOHVFRPRGHVFXHQWRVRSURSDJDQGDOODPDWLYD/D
RUJDQL]DFLQWLHQHTXHH[DPLQDUFXOHVVRQORVHOHPHQWRVGHYDORUGHOSURGXFWR
RVHUYLFLRHVGHFLUSRUORVTXHHOFRPSUDGRUUHDOPHQWHSDJDFXQWRHVW
GLVSXHVWRDSDJDUSDUDWHQHUDFFHVRDHVRVEHQHILFLRVFXOHVODMHUDUTXDGH
YDORUGHOFOLHQWHHQUHODFLQFRQORVEHQHILFLRV
'LIHUHQFLDFLyQGHORVFRPSHWLGRUHV/DFRPSHWHQFLDVLQJXODUHQUHODFLQFRQ
ORVFRPSHWLGRUHVVHFRQVLGHUDFRPRXQDFRPSHWHQFLDHVHQFLDO(QHVWD
FDWHJRUDH[LVWHQPXFKDVKDELOLGDGHVRUHFXUVRVQLFRVGHODRUJDQL]DFLQFRPR
VXPDUFDWUDGLFLQFXUYDGHDSUHQGL]DMHDFFHVRVQLFRVRDGPLQLVWUDFLQPV
DOOGHORVSDUPHWURVGHOVHFWRU
&DSDFLGDGGHH[SDQVLyQ/DVFRPSHWHQFLDVTXHDEUHQODVSXHUWDVGHOD
RUJDQL]DFLQKDFLDQXHYRVVHJPHQWRVVHFRQVLGHUDQFRPSHWHQFLDVHVHQFLDOHV
TXHDODEULUOHQXHYDVRSRUWXQLGDGHVDODRUJDQL]DFLQWLHQHQXQDIXHU]D
FRPSHWLWLYDPX\JUDQGHSXHVKDFHQSRVLEOHRIUHFHUQXHYRVSURGXFWRV\
VHUYLFLRVJHQHUDGRVDSDUWLUGHHOOD
&RPSHWHQFLDVDVRFLDGDV
/RVSURIHVLRQDOHVGHEHQUHIOH[LRQDUVREUHODVFRPSHWHQFLDVDVRFLDGDVFRQORV
SURGXFWRV\VHUYLFLRVRIUHFLGRVHQHOPRPHQWR\YHULILFDUFPRVHSRGUDDSOLFDU
ODFRPSHWHQFLDUHODFLRQDGDDGLIHUHQWHVFDWHJRUDVGHSURGXFWRV\VHUYLFLRV1LNH
IDEULFDQWHGHWHQLV\URSDGHSRUWLYDFUHXQPRGHORGHQHJRFLREDVDGRHQOD
WHUFLDUL]DFLQGHODVRSHUDFLRQHVGHIDEULFDFLQQRHVHQHVWRGRQGHFRPSLWH
1LNHDSOLFDPDUDYLOORVDPHQWHVXVFRPSHWHQFLDVHVHQFLDOHVGHVLJQORJVWLFD\
PDUNHWLQJ
&DVLVLHPSUHODVHPSUHVDVSDUWHQGHXQDFDUWHUDGHQHJRFLRV\QRGHXQDFDUWHUDGH
FRPSHWHQFLDV(VRKDFHTXHDFRUWRSOD]RODFRPSHWLWLYLGDGGHODHPSUHVDGHULYHGH
VXVDWULEXWRVGHSUHFLR\GHVHPSHRHQSURGXFWRVTXHORVFRPSHWLGRUHVLPLWDQ\
USLGDPHQWHFRQYHUJHQDSDWURQHVVLPLODUHV\IRUPLGDEOHVHQFRVWRGHSURGXFFLQ\
FDOLGDGTXHVRQEDUUHUDVPQLPDVSDUDXQDFRPSHWHQFLDFRQWLQXDSHURSDUDFDGDYH]
3DJHRI
PHQRVIXHQWHVGHYHQWDMDGLIHUHQFLDGD(QHVWRVWUPLQRVHVDFRPSHWHQFLDHVSDVDMHUD

\IXJD]
(OHIHFWRGHODVFRPSHWHQFLDVHVHQFLDOHV
8QDFRPSHWHQFLDHVHQFLDOGDDFFHVRSRWHQFLDODXQDDPSOLDYDULHGDGGH
PHUFDGRV(VXQHOHPHQWRGHWHUPLQDQWH\VLJQLILFDWLYRSDUDODVDWLVIDFFLQ\
EHQHILFLRGHOFOLHQWHTXHGHEHVHUGLIFLOGHFRSLDUSRUORVFRPSHWLGRUHV'DGDV
HVWDVWUHVFDUDFWHUVWLFDVREVHUYDGDVSRU3UDKDODG\+DPHODFFHVRVDWLVIDFFLQ
GHOFOLHQWH\GLILFXOWDGSDUDVHUFRSLDGDHVLPSRUWDQWHYHULILFDUVLODFRPSHWHQFLD
SXHGHVHUFRPELQDGDFRQRWUDVFDSDFLGDGHVSDUDFUHDUXQDYHQWDMDQLFDSDUDORV
FOLHQWHV3XHGHVHUTXHODSURSLDFRPSHWHQFLDQRVDWLVIDJDHVWRVFULWHULRVSHURTXH
FRPELQDGDFRQRWUDVFRPSHWHQFLDVVHFRQYLHUWDHQXQLQJUHGLHQWHHVHQFLDOSDUD
GHILQLUODVLQJXODULGDGGHODRUJDQL]DFLQ(QHOIXWXURODKDELOLGDGFUWLFDGHOD
DGPLQLVWUDFLQVHULGHQWLILFDUFXOWLYDU\H[SORUDUODVFRPSHWHQFLDVHVHQFLDOHV
TXHKDFHQSRVLEOHHOFUHFLPLHQWR/DVFRPSHWHQFLDVWLHQHQTXHVHUQXWULGDV\
GLIXQGLGDVDPSOLDPHQWHHQODRUJDQL]DFLQFRPREDVHSDUDODHVWUDWHJLD
DVLPLVPRSUHFLVDTXHODGLUHFFLQHVWGHDFXHUGRFRQHOODVSDUDDFWXDUGHOD
PLVPDIRUPD
/DVFRPSHWHQFLDVHVHQFLDOHVGHXQDHPSUHVDVHSXHGHQLGHQWLILFDUSRUPHGLRGH

FXDWURFULWHULRVGHHOHFFLQ
&DSDFLGDGHVYDOLRVDVVRQODVTXHD\XGDQDODHPSUHVDDQHXWUDOL]DU
DPHQD]DVDPELHQWDOHVRDH[SORUDURSRUWXQLGDGHVWDPELQDPELHQWDOHV
(VWDVFDSDFLGDGHVJHQHUDQYDORUSDUDODHPSUHVD\DTXHH[SORUDQ
RSRUWXQLGDGHVRQHXWUDOL]DQDPHQD]DVH[WHUQDV\SHUPLWHQTXHIRUPXOHR
LPSODQWHHVWUDWHJLDVFDSDFHVGHJHQHUDUYDORUSDUDORVFOLHQWHV
&DSDFLGDGHVUDUDVVRQDTXHOODVTXHQLQJQRWURRSRFRVFRPSHWLGRUHV
DFWXDOHVRSRWHQFLDOHVSRVHHQ6LXQDFDSDFLGDGHVFRPQDPXFKDV
HPSUHVDVHVSRFRSUREDEOHTXHFRQVWLWX\DXQDIXHQWHGHYHQWDMD
FRPSHWLWLYDSDUDFXDOTXLHUDGHHOODV/DYHQWDMDFRPSHWLWLYDVHGDFXDQGR
XQDHPSUHVDGHVDUUROOD\H[SORUDFDSDFLGDGHVGLIHUHQWHVDODVGHORV
FRPSHWLGRUHV
3DJHRI
&DSDFLGDGHVGLItFLOHVGHLPLWDUVRQODVTXHRWUDVHPSUHVDVQRSXHGHQ
GHVDUUROODUFRQIDFLOLGDG\UDSLGH]8QDFDSDFLGDGSXHGHVHUGLIFLOGH
LPLWDUSRUWUHVPRWLYRV\DVHDQDLVODGRVRSRUXQDFRPELQDFLQGHHOORV
&DSDFLGDGHVLQVXVWLWXLEOHVVRQFDSDFLGDGHVTXHQRSRVHHQHTXLYDOHQWHV
HVWUDWJLFRV\TXHQRVHSXHGHQVXVWLWXLUIFLOPHQWH&XDQWRPVGLIFLOHV
GHVXVWLWXLUWDQWRPD\RUHVVXYDORUHVWUDWJLFR&XDQWRPHQRVYLVLEOHV
WDQWRPVGLIFLOHVHQFRQWUDUXQVXVWLWXWRSRUORTXHHVPD\RUHOGHVDIR
SDUDORVFRPSHWLGRUHVTXHWUDWHQGHLPLWDUODV(OFRQRFLPLHQWRFRUSRUDWLYR
\ODVUHODFLRQHVGHWUDEDMREDVDGDVHQODFRQILDQ]DVRQFDSDFLGDGHVGLIFLOHV
GHLGHQWLILFDU\GHLPLWDU
/DVFRPSHWHQFLDVHVHQFLDOHVVRQODEDVHGHODFRPSHWLWLYLGDGRUJDQL]DFLRQDO\FDVL
VLHPSUHGHSHQGHQGHOWDOHQWRGHODVSHUVRQDV
(67,/26'($'0,1,675$&,1'(5(&85626+80$126
)LJXUD,, &RPSRQHQWHVGHOGLDJQyVWLFRHVWUDWpJLFRGHOD

RUJDQL]DFLyQ
6LODHVWUXFWXUDRUJDQL]DFLRQDOHVLPSRUWDQWHODFXOWXUDRUJDQL]DFLRQDOQRORHV
PHQRV/DVVXSRVLFLRQHVUHLQDQWHVHQODRUJDQL]DFLQUHVSHFWRGHODQDWXUDOH]D
3DJHRI
KXPDQDLQIOX\HQSRGHURVDPHQWHHQOD$5+'HLJXDOIRUPDODVRUJDQL]DFLRQHVVH
GLVHDQ\VHDGPLQLVWUDQGHDFXHUGRFRQODVWHRUDVGRPLQDQWHVFRQHOHPSOHRGH
YDULRVSULQFLSLRV\VXSRVLFLRQHVTXHGHWHUPLQDQODPDQHUDHQTXHVXVUHFXUVRVVRQ
DGPLQLVWUDGRV/DDSOLFDFLQGHHVRVSULQFLSLRV\SUHVXSRVLFLRQHVGHWHUPLQDORV
FRQGLFLRQDPLHQWRVSDUDHOFRPSRUWDPLHQWRKXPDQRTXHGHEHLPSHUDUHQODV
RUJDQL]DFLRQHV$VHVLPSUHVFLQGLEOHFRQRFHUDOJXQDVWHRUDVTXHOLPLWDQ\RULHQWDQ
ODYLVLQGHODVSHUVRQDVHQODRUJDQL]DFLQ
/DWHRUtD;\ODWHRUtD<GH0F*UHJRU
'RXJODV0F*UHJRUGLVWLQJXHGRVFRQFHSFLRQHVRSXHVWDVGHDGPLQLVWUDFLQEDVDGDVHQ
SUHVXSRVLFLRQHVDFHUFDGHODQDWXUDOH]DKXPDQDODWUDGLFLRQDOWHRUtD;\ODPRGHUQD
WHRUtD<9HDPRVFDGDXQDGHHOODV
&RQFHSFLyQWUDGLFLRQDOGHODDGPLQLVWUDFLyQWHRUtD;
6HEDVDEDHQFRQFHSWRV\SUHPLVDVLQFRUUHFWDV\GLVWRUFLRQDGDVVREUHODQDWXUDOH]D
KXPDQDODFXDOSUHGRPLQGXUDQWHGFDGDVHQHOSDVDGRDVDEHU
(OKRPEUHVHPRWLYDSULQFLSDOPHQWHSRULQFHQWLYRVHFRQPLFRVVDODULR
&RPRHVRVLQFHQWLYRVVRQFRQWURODGRVSRUODRUJDQL]DFLQHOKRPEUHHVXQ
DJHQWHSDVLYRTXHGHEHVHUDGPLQLVWUDGRPRWLYDGR\FRQWURODGRSRUOD
RUJDQL]DFLQ
/DVHPRFLRQHVKXPDQDVVRQLUUDFLRQDOHV\QRGHEHQLQWHUIHULUHQHOLQWHUV
SURSLRGHOLQGLYLGXR
/DVRUJDQL]DFLRQHVGHEHQ\SXHGHQSODQHDUVHGHPDQHUDTXHHOVHQWLPLHQWR\
VXVFDUDFWHUVWLFDVLPSUHYLVLEOHVSXHGDQQHXWUDOL]DUVH\FRQWURODUVH
(OKRPEUHHVSHUH]RVRSRUQDWXUDOH]D\GHEHVHUHVWLPXODGRPHGLDQWH
LQFHQWLYRVH[WHUQRV
3RUORJHQHUDOORVREMHWLYRVLQGLYLGXDOHVVHRSRQHQDORVREMHWLYRVGHOD
RUJDQL]DFLQSRUORTXHHVQHFHVDULRXQFRQWUROPVUJLGR
(QYLUWXGGHVXLUUDFLRQDOLGDGLQWUQVHFDHOKRPEUHHVEVLFDPHQWHLQFDSD]GH

FRQWURODUVH\GHDXWRGLVFLSOLQDUVH
3DJHRI
'HQWURGHHVWHFRQFHSWRWUDGLFLRQDOGHOKRPEUHODWDUHDGHODDGPLQLVWUDFLQVH
UHVWULQJHDODDSOLFDFLQ\FRQWUROGHODHQHUJDKXPDQDQLFDPHQWHHQGLUHFFLQGH
ORVREMHWLYRVGHODRUJDQL]DFLQ(OFRQFHSWRGHDGPLQLVWUDFLQHVHQWRQFHVHO
VLJXLHQWH
/DDGPLQLVWUDFLQHVODUHVSRQVDEOHGHODRUJDQL]DFLQSURGXFWLYDGHORV
HOHPHQWRVGHODHPSUHVDGLQHURPDWHULDOHVHTXLSRV\SHUVRQDVFX\DILQDOLGDG
VRQVXVLQWHUHVHVHFRQPLFRV
/DDGPLQLVWUDFLQWDPELQHVXQSURFHVRTXHFRQVLVWHHQGLULJLUORVHVIXHU]RV
GHODVSHUVRQDVPRWLYDUODVFRQWURODUVXVDFFLRQHV\PRGLILFDUVX
FRPSRUWDPLHQWRSDUDDWHQGHUDODVQHFHVLGDGHVGHODRUJDQL]DFLQ
6LQHVWDLQWHUYHQFLQDFWLYDGHODDGPLQLVWUDFLQODVSHUVRQDVVHUDQSDVLYDV
DQWHODVQHFHVLGDGHVGHODRUJDQL]DFLQRLQFOXVRVHUHVLVWLUDQDHOODV3RUOR
WDQWRQHFHVLWDQVHUSHUVXDGLGDVUHFRPSHQVDGDVVDQFLRQDGDVREOLJDGDV
FRQWURODGDVVHQHFHVLWDGLULJLUVXVDFWLYLGDGHVVWDHVODWDUHDGHOD
DGPLQLVWUDFLQ*HQHUDOPHQWHVHVXHOHDILUPDUTXHDGPLQLVWUDUHVORJUDUTXHODV
FRVDVVHDQKHFKDVSRUPHGLRGHODVSHUVRQDV
1RWDLQWHUHVDQWH7HRUD;
'HWUVGHHVWDWHRUDWUDGLFLRQDOKD\GLYHUVDVFUHHQFLDVDGLFLRQDOHVPHQRV
H[SOFLWDVSHURDPSOLDPHQWHGLIXQGLGDVFRPR
D (OKRPEUHHVSHUH]RVRSRUQDWXUDOH]DHYLWDHOWUDEDMRRWUDEDMDORPHQRV
SRVLEOH\SUHILHUHVHUGLULJLGR
E /HIDOWDDPELFLQQROHJXVWDODUHVSRQVDELOLGDG\SUHILHUHVHUOLEHUDGRGH
VXVUHVSRQVDELOLGDGHV
F (VIXQGDPHQWDOPHQWHDMHQRDODVQHFHVLGDGHVGHODRUJDQL]DFLQ
G (VLQJHQXRQRHVPX\EULOODQWH\VLHPSUHHVWGLVSXHVWRDFUHHUHQ
FKDUODWDQHV\GHPDJRJRV
H 6XSURSLDQDWXUDOH]DOROOHYDDUHVLVWLUVHDORVFDPELRV\DTXHEXVFDOD

VHJXULGDG
3DJHRI
6HJQ0F*UHJRUHVWDVSUHVXSRVLFLRQHV\FUHHQFLDVDQSUHGRPLQDQHQPXFKDV
RUJDQL]DFLRQHVTXHFUHHQTXHODVSHUVRQDVWLHQGHQDFRPSRUWDUVHGHDFXHUGRFRQODV
H[SHFWDWLYDVGHODWHRUtD;FRQLQGROHQFLDSDVLYLGDGUHVLVWHQFLDDOFDPELRIDOWDGH
UHVSRQVDELOLGDGWHQGHQFLDDFUHHUHQODGHPDJRJLDGHPDQGDH[FHVLYDGHEHQHILFLRV
1XHYDFRQFHSFLyQGHODDGPLQLVWUDFLyQWHRUtD<
6HEDVDHQXQFRQMXQWRGHVXSRVLFLRQHVGHODWHRUDGHODPRWLYDFLQKXPDQD
(OHPSOHRGHOHVIXHU]RIVLFRRPHQWDOHQXQWUDEDMRHVWDQQDWXUDOFRPRMXJDUR
GHVFDQVDU$OKRPEUHSURPHGLRQROHGLVJXVWDGHPDQHUDLQQDWDHOWUDEDMR'H
DFXHUGRFRQFLHUWDVFRQGLFLRQHVFRQWURODEOHVHOWUDEDMRSXHGHVHUXQDIXHQWHGH
VDWLVIDFFLQ\GHEHVHUGHVHPSHDGRYROXQWDULDPHQWHRXQDIXHQWHGHVDQFLQ
TXHVLHVSRVLEOHGHEHVHUHYLWDGD
(OFRQWUROH[WHUQR\ODDPHQD]DGHVDQFLRQHVQRVRQORVQLFRVPHGLRVSDUD
REWHQHUODFRRSHUDFLQSDUDORJUDUORVREMHWLYRVRUJDQL]DFLRQDOHV(OKRPEUH
WLHQHTXHFRQGXFLUVH\FRQWURODUVHDVPLVPRSDUDSRQHUVHDOVHUYLFLRGHORV
REMHWLYRVTXHOHVRQFRQILDGRV
&RQILDUREMHWLYRVHVXQDPDQHUDGHSUHPLDUTXHVHUHODFLRQDFRQVXDOFDQFH
HIHFWLYR/DVUHFRPSHQVDVPVVLJQLILFDWLYDVFRPRODVDWLVIDFFLQGHODV
QHFHVLGDGHVGHOHJRRGHDXWRUUHDOL]DFLQVRQUHVXOWDGRVGLUHFWRVGHORV
HVIXHU]RVHQFDPLQDGRVDORVREMHWLYRVRUJDQL]DFLRQDOHV
%DMRFLHUWDVFRQGLFLRQHVHOKRPEUHSURPHGLRQRVORDSUHQGHDDFHSWDUVLQR
WDPELQDEXVFDUUHVSRQVDELOLGDGHV/DHYDVLQGHODUHVSRQVDELOLGDGODIDOWDGH
DPELFLQ\ODLPSRUWDQFLDSXHVWDHQODVHJXULGDGSHUVRQDOSRUORJHQHUDOVRQ
FRQVHFXHQFLDVGHODH[SHULHQFLDGHFDGDXQR\QRFDUDFWHUVWLFDVLQKHUHQWHV\
XQLYHUVDOHVGHOVHUKXPDQR
/DFDSDFLGDGGHHPSOHDUXQDOWRJUDGRGHLPDJLQDFLQHLQJHQLRSDUDOD
VROXFLQGHORVSUREOHPDVRUJDQL]DFLRQDOHVQRHVHVFDVDVLQRTXHVHHQFXHQWUD
DPSOLDPHQWHGLVWULEXLGDHQWUHODSREODFLQ
(QODVFRQGLFLRQHVGHYLGDLQGXVWULDOPRGHUQDODVSRWHQFLDOLGDGHVLQWHOHFWXDOHV

GHOKRPEUHVHXWLOL]DQDSHQDVGHPDQHUDSDUFLDO
(QRWUDVSDODEUDV
3DJHRI
(OKRPEUHQRHVSDVLYRQLFRQWUDULRDORVREMHWLYRVGHODRUJDQL]DFLQ
/DVSHUVRQDVWLHQHQPRWLYDFLQEVLFDSRWHQFLDOSDUDGHVDUUROODUVHSDWURQHVGH
FRPSRUWDPLHQWRDGHFXDGRV\HVWQSOHQDPHQWHFDSDFLWDGRVSDUDDVXPLU

UHVSRQVDELOLGDGHV
(QHOPDUFRGHHVWDFRQFHSFLQPRGHUQDGHOKRPEUHGHQWURGHODWHRUD<ODWDUHDGH
ODDGPLQLVWUDFLQUHVXOWDPXFKRPVDPSOLD
/DDGPLQLVWUDFLQHVODUHVSRQVDEOHGHODRUJDQL]DFLQGHORVHOHPHQWRV
SURGXFWLYRVGHODHPSUHVDGLQHURPDWHULDOHVHTXLSRVSHUVRQDVSDUDOD
REWHQFLQGHVXVILQHVHFRQPLFRV
/DVSHUVRQDVQRVRQSRUQDWXUDOH]DSDVLYDVRFRQWUDULDVDODVQHFHVLGDGHVGHOD
RUJDQL]DFLQ6HSXHGHQYROYHUDVHQFRQVHFXHQFLDGHVXH[SHULHQFLDHQRWUDV
RUJDQL]DFLRQHV
/DPRWLYDFLQHOSRWHQFLDOGHGHVDUUROORODFDSDFLGDGGHDVXPLU
UHVSRQVDELOLGDGHVGHRULHQWDUVXFRPSRUWDPLHQWRKDFLDORVREMHWLYRV
RUJDQL]DFLRQDOHVVRQFDUDFWHUVWLFDVTXHHVWQSUHVHQWHVHQWRGDVODVSHUVRQDV
/DDGPLQLVWUDFLQQRODVJHQHUDHQHOODV/DDGPLQLVWUDFLQWLHQHOD
UHVSRQVDELOLGDGGHSURSRUFLRQDUODVFRQGLFLRQHVSDUDTXHODVSHUVRQDV
UHFRQR]FDQ\GHVDUUROOHQSRUVPLVPDVHVWDVFDUDFWHUVWLFDV
/DWDUHDHVHQFLDOGHODDGPLQLVWUDFLQHVFUHDUODVFRQGLFLRQHVRUJDQL]DFLRQDOHV
\ORVPWRGRVGHRSHUDFLQPHGLDQWHORVFXDOHVODVSHUVRQDVSXHGDQORJUDU
PHMRUVXVREMHWLYRVSHUVRQDOHV\HQFDPLQDUVXVSURSLRVHVIXHU]RVKDFLDHOORJUR

GHORVREMHWLYRVRUJDQL]DFLRQDOHV
'HQWURGHHVWDFRQFHSFLQDGPLQLVWUDUHVXQSURFHVRTXHFRQVLVWHHQFUHDU
RSRUWXQLGDGHVOLEHUDUSRWHQFLDOLGDGHVHOLPLQDUREVWFXORVLPSXOVDUHOFUHFLPLHQWR
SURSRUFLRQDURULHQWDFLQ(VXQDDGPLQLVWUDFLQSRUREMHWLYRVHQOXJDUGHXQD
DGPLQLVWUDFLQSRUFRQWUROHV
3DJHRI
1RWDLQWHUHVDQWH7HRUD<
/DWHRUtD<VHUHILHUHDXQHVWLORGHDGPLQLVWUDFLQSDUWLFLSDWLYR\GHPRFUWLFR
EDVDGRHQYDORUHVKXPDQRVWDOHVFRPR

'HVFHQWUDOL]DFLyQ\GHOHJDFLyQ&RQVLVWHHQGHOHJDUGHFLVLRQHVDORV
QLYHOHVPVEDMRVGHODRUJDQL]DFLQFRQHOILQGHKDFHUTXHWRGDVODV
SHUVRQDVVHLQYROXFUHQPVHQVXVDFWLYLGDGHVWUDFHQORVFDPLQRVTXH
MX]JXHQPHMRUHV\DVXPDQODUHVSRQVDELOLGDGGHODVFRQVHFXHQFLDV<FRQ
HVRVDWLVIDJDQVXVQHFHVLGDGHVLQGLYLGXDOHVPVHOHYDGDVUHODFLRQDGDVFRQ
ODDXWRUUHDOL]DFLQSHUVRQDO
$PSOLDFLyQGHOSXHVWR\PD\RUVLJQLILFDGRGHOWUDEDMR/DUHRUJDQL]DFLQR
UHGLVHR\ODDPSOLDFLQGHOSXHVWRDSRUWDQDODVSHUVRQDVDFWLYLGDGHV
DGLFLRQDOHVFRQHOORSURYRFDQODLQQRYDFLQ\PRWLYDQODDFHSWDFLQGH
UHVSRQVDELOLGDGHQODEDVHGHODSLUPLGHRUJDQL]DFLRQDO$VVH
SURSRUFLRQDQRSRUWXQLGDGHVGHVDWLVIDFFLQGHODVQHFHVLGDGHVVRFLDOHV\GH
DXWRHVWLPD
3DUWLFLSDFLyQ\DGPLQLVWUDFLyQFRQVXOWLYD/DSDUWLFLSDFLQHQODV
GHFLVLRQHVTXHDIHFWDQDODVSHUVRQDVDVFRPRODFRQVXOWDFRQYLVWDD
REWHQHUVXVRSLQLRQHVSHUVRQDOHVWLHQHFRPRILQDOLGDGPRWLYDUDODV
SHUVRQDVSDUDTXHGLULMDQVXHQHUJDFUHDWLYDKDFLDORVREMHWLYRVGHOD
RUJDQL]DFLQ(VWRSURSRUFLRQDRSRUWXQLGDGHVVLJQLILFDWLYDVSDUDOD
VDWLVIDFFLQGHODVQHFHVLGDGHVVRFLDOHV\GHHVWLPD
$XWRHYDOXDFLyQGHOGHVHPSHxR/RVSURJUDPDVWUDGLFLRQDOHVGHHYDOXDFLQ
GHOGHVHPSHRHVWDEDQRULHQWDGRVKDFLDODFRQFHSFLQWUDGLFLRQDOWHRUtD
;\DTXHODPD\RUDGHHVRVSURJUDPDVWLHQGHQDWUDWDUDODVSHUVRQDV
FRPRVLIXHUDQXQSURGXFWRTXHVHLQVSHFFLRQDHQODOQHDGHSURGXFFLQ
$OJXQDVRUJDQL]DFLRQHVH[SHULPHQWDQFRPR[LWRODIRUPXODFLQKHFKD
SRUODVSHUVRQDVGHVXVSURSLRVREMHWLYRV\XQDDXWRHYDOXDFLQSHULGLFD
GHVXGHVHPSHRHQFRPSDUDFLQFRQHVRVREMHWLYRVHVWDEOHFLGRV(O
VXSHULRUMHUUTXLFRWLHQHXQDHQRUPHLPSRUWDQFLDHQHVWHSURFHVR\DTXH
IXQFLRQDFRPRRULHQWDGRU\HVWLPXODGRUGHOGHVHPSHRIXWXUR\QRFRPR
MXH]RLQVSHFWRUGHOGHVHPSHRSDVDGR$GHPVODVSHUVRQDVVHYHQ
3DJHRI
PRWLYDGDVDDVXPLUODUHVSRQVDELOLGDGGHSODQHDU\HYDOXDUVXFRQWULEXFLQ
DOORJURGHORVREMHWLYRVGHODRUJDQL]DFLQ<HVWRWLHQHHIHFWRVSRVLWLYRV
HQODVQHFHVLGDGHVGHHVWLPD\DXWRUUHDOL]DFLQ
6LLGHDVFRPRVWDVQRSURGXFHQORVUHVXOWDGRVHVSHUDGRVSXHGHVHUTXHOD
DGPLQLVWUDFLQKD\DFRPSUDGRODLGHDSHURODKD\DDSOLFDGRGHQWURGHODV
FRQFHSFLRQHVWUDGLFLRQDOHV
$FWXDOPHQWHODVWHRUtDV;\<VHFRQVLGHUDQFRPRORVSXQWRVH[WUHPRV\DQWDJQLFRV
GHXQFRQWLQXXPGHFRQFHSFLRQHVTXHSRVHHQYDULRVJUDGRVLQWHUPHGLDULRV(QRWUDV
SDODEUDVHQWUHODWHRUtD;DXWRFUWLFDLPSRVLWLYD\DXWRULWDULD\ODWHRUtD<
GHPRFUWLFDFRQVXOWLYD\SDUWLFLSDWLYDH[LVWHQJUDGRVFRQWLQXRV\VXFHVLYRV
)LJXUD,, 7HRUtD;\WHRUtD<FRQFHSFLRQHVGLIHUHQWHVGHOD
QDWXUDOH]DKXPDQD
7HRUtD=

5HFLHQWHPHQWH2XFKL SXEOLFXQOLEURVREUHODFRQFHSFLQMDSRQHVDGH
DGPLQLVWUDFLQ\VXDSOLFDFLQFRQ[LWRHQHPSUHVDVHVWDGRXQLGHQVHV$HVWD
FRQFHSFLQRULHQWDOOHGLRHOQRPEUHGHWHRUD=SDUDIUDVHDQGRODFRQWULEXFLQGH
0F*UHJRU$OUHWUDWDUHOFXDGURFXOWXUDOGH-DSQYDORUHVHVWLORV\FRVWXPEUHV
WSLFRV2XFKLPXHVWUDTXHODSURGXFWLYLGDGHVPXFKRPVXQDVXQWRGH
DGPLQLVWUDFLQGHSHUVRQDVTXHGHWHFQRORJDGHDGPLQLVWUDFLQKXPDQDIXQGDGDHQ
ILORVRID\FXOWXUDRUJDQL]DFLRQDODGHFXDGDVTXHGHSHUVSHFWLYDVWUDGLFLRQDOHV
IXQGDGDVHQODRUJDQL]DFLQ
3DJHRI
1RWDLQWHUHVDQWH7HRUD=
(QODVHPSUHVDVMDSRQHVDVHOSURFHVRGHWRPDGHGHFLVLRQHVHVSDUWLFLSDWLYR\
FRQVHQVXDOVHFRQVXOWDDWRGRHOHTXLSRSDUDOOHJDUDXQFRQVHQVRUHVXOWDGRGH
XQDODUJDWUDGLFLQGHSDUWLFLSDFLQ\FRPSURPLVRGHVXVPLHPEURVHQODYLGD
RUJDQL]DFLRQDO(Q-DSQHOHPSOHRHVYLWDOLFLRH[LVWHHVWDELOLGDGHQHOHPSOHR\
ODHPSUHVDIXQFLRQDFRPRXQDFRPXQLGDGKXPDQDHQHVWUHFKDYLQFXODFLQ\
SDUWLFLSDFLQPHGLDQWHHOWUDEDMRHQHTXLSR'HHVWDPDQHUDODSURGXFWLYLGDGHV
XQDFXHVWLQGHRUJDQL]DFLyQVRFLDOODPD\RUSURGXFWLYLGDGQRSURYLHQHGHXQ
WUDEDMRPVDUGXRVLQRGHXQDYLVLQFRRSHUDWLYDDVRFLDGDDODFRQILDQ]D$
GLIHUHQFLDGHRWURVSDVHVGRQGHH[LVWHXQDUHODFLQGHGHVFRQILDQ]DHQWUHHO
VLQGLFDWRHOJRELHUQR\ODDGPLQLVWUDFLQGHODVRUJDQL]DFLRQHVODWHRUtD=UHDO]D
HOVHQWLGRGHUHVSRQVDELOLGDGFRPXQLWDULDFRPREDVHSDUDODFXOWXUD
RUJDQL]DFLRQDO
/RVVLVWHPDVGHDGPLQLVWUDFLyQGHODVRUJDQL]DFLRQHVKXPDQDV
3DUDDQDOL]DU\FRPSDUDUODVGLVWLQWDVIRUPDVFRQODVTXHODVRUJDQL]DFLRQHV
DGPLQLVWUDQDVXVSDUWLFLSDQWHV/LNHUWDGRSWXQLQWHUHVDQWHPRGHORFRPSDUDWLYRDO

TXHOHGLRHOQRPEUHGHVLVWHPDVGHDGPLQLVWUDFLyQ /DDFFLQDGPLQLVWUDWLYDSXHGH
DVXPLUGLVWLQWDVFDUDFWHUVWLFDVTXHGHSHQGHQGHODVFRQGLFLRQHVLQWHUQDV\H[WHUQDVGH
ODHPSUHVD(VWRVLJQLILFDTXHODDFFLQDGPLQLVWUDWLYDQXQFDHVLJXDOHQWRGDVODV
HPSUHVDVVLQRTXHYDUDGHDFXHUGRFRQXQDLQILQLGDGGHYDULDEOHV3DUD/LNHUWQR
H[LVWHXQDSROWLFDGHDGPLQLVWUDFLQYOLGDSDUDWRGDVODVVLWXDFLRQHV\RFDVLRQHV
SRVLEOHV3DUDVLPSOLILFDUODPHWRGRORJDGH/LNHUWXWLOL]DUHPRVQLFDPHQWHFXDWUR
YDULDEOHVRUJDQL]DFLRQDOHVDVDEHUHOSURFHVRGHWRPDGHGHFLVLRQHVHOVLVWHPDGH
FRPXQLFDFLRQHVODUHODFLQLQWHUSHUVRQDO\ORVVLVWHPDVGHUHFRPSHQVDV\GH
VDQFLRQHVFRPRPHGLRVSDUDODPRWLYDFLQGHOSHUVRQDO(OFRQWHQLGRGHFDGDXQDGH
HVWDVFXDWURYDULDEOHVRUJDQL]DFLRQDOHVHVHOVLJXLHQWH
D 3URFHVRGHWRPDGHGHFLVLRQHVGHILQHFPRVHWRPDQODVGHFLVLRQHVHQOD
HPSUHVD\TXLQODVWRPD6LODVGHFLVLRQHVVRQFHQWUDOL]DGDVR
GHVFHQWUDOL]DGDVFRQFHQWUDGDVHQODFVSLGHGHODMHUDUTXDRGLVSHUVDVHQOD
SHULIHULDGHODRUJDQL]DFLQ
3DJHRI
E 6LVWHPDGHFRPXQLFDFLRQHVGHILQHFPRVHWUDQVPLWHQ\UHFLEHQODV
FRPXQLFDFLRQHVGHQWURGHODRUJDQL]DFLQ6LHOIOXMRGHODVGHFLVLRQHVHV
YHUWLFDO\GHVFHQGHQWHVLHVYHUWLFDOHQGRVGLUHFFLRQHV\WDPELQVLHV
KRUL]RQWDO
F 5HODFLyQLQWHUSHUVRQDOGHILQHFPRVHUHODFLRQDQHQWUHVODVSHUVRQDVGHQWUR
GHODRUJDQL]DFLQ\HOJUDGRGHOLEHUWDGHQHVDVUHODFLRQHVKXPDQDV6LODV
SHUVRQDVWUDEDMDQDLVODGDVRHQHTXLSRVGHWUDEDMRPHGLDQWHXQDLQWHQVD
LQWHUDFFLQKXPDQD
G 6LVWHPDGHUHFRPSHQVDV\GHVDQFLRQHVGHILQHFPRPRWLYDODHPSUHVDDODV
SHUVRQDVSDUDTXHVHFRPSRUWHQGHFLHUWDPDQHUDVLHVDPRWLYDFLQHVSRVLWLYD
\PRWLYDGRUDRQHJDWLYDHLQKLELGRUD
/DVFXDWURYDULDEOHVVHSUHVHQWDQGHPDQHUDGLIHUHQWHHQFDGDHPSUHVD(QVX
FRQMXQWRSXHGHQFRQVWLWXLUFXDWURRSFLRQHVTXHUHFLEHQHOQRPEUHGHVLVWHPDV
DGPLQLVWUDWLYRV9HDPRVFXOHVVRQORVFXDWURVLVWHPDVDGPLQLVWUDWLYRVGHDFXHUGR

FRQODVFXDWURYDULDEOHVGH/LNHUW
D6LVWHPD$XWRULWDULRFRHUFLWLYR
(VXQVLVWHPDDGPLQLVWUDWLYRDXWRFUWLFR\IXHUWHFHQWUDOL]DGRFRHUFLWLYRDUELWUDULR\
TXHFRQWURODUJLGDPHQWHWRGRORTXHRFXUUHGHQWURGHODHPSUHVD(VHOVLVWHPDPV
GXUR\FHUUDGR6XVFDUDFWHUVWLFDVSULQFLSDOHVVRQ
3URFHVRVGHWRPDGHGHFLVLRQHVWRWDOPHQWHFHQWUDOL]DGRHQODFSXODGHOD
HPSUHVDODFXDOVHFRQJHVWLRQD\VREUHFDUJDFRQODWDUHDGHWRPDGHGHFLVLRQHV
PLHQWUDVORVQLYHOHVPVEDMRVLJQRUDQWRWDOPHQWHODVGHFLVLRQHVWRPDGDV
6LVWHPDGHFRPXQLFDFLRQHVEDVWDQWHSUHFDULR\REVWLQDGR/DVFRPXQLFDFLRQHV
VHGDQYHUWLFDOPHQWHHQVHQWLGRGHVFHQGHQWHOOHYDQQLFDPHQWHUGHQHV\UDUD
YH]RULHQWDFLRQHVRH[SOLFDFLRQHV1RH[LVWHQFRPXQLFDFLRQHVDVFHQGHQWHV\
PXFKRPHQRVODWHUDOHV
5HODFLyQLQWHUSHUVRQDOODVUHODFLRQHVHQWUHODVSHUVRQDVVHFRQVLGHUD
SHUMXGLFLDOSDUDORVLQWHUHVHVGHODHPSUHVD\SDUDHOEXHQGHVDUUROORGHORV
WUDEDMRV/DRUJDQL]DFLQYHFRQHQRUPHGHVFRQILDQ]DODVFRQYHUVDFLRQHV
LQIRUPDOHVHQWUHODVSHUVRQDV\SURFXUDUHSULPLUODVDOP[LPR/D
3DJHRI
FRPXQLFDFLQLQIRUPDOHVVLPSOHPHQWHSURKLELGD3DUDHYLWDUODVUHODFLRQHV
KXPDQDVORVSXHVWRV\ODVWDUHDVHVWQGLVHDGRVGHPDQHUDTXHDVOHQDODV
SHUVRQDV
6LVWHPDGHUHFRPSHQVDV\GHVDQFLRQHVVHFHQWUDHQODVVDQFLRQHV\ODV
PHGLGDVGLVFLSOLQDULDVORTXHJHQHUDXQDPELHQWHGHWHPRU\GHVFRQILDQ]D/DV
SHUVRQDVGHEHQREHGHFHUODVUHJODV\UHJODPHQWRVLQWHUQRV\HMHFXWDUVXVWDUHDV
GHDFXHUGRFRQORVPWRGRV\SURFHGLPLHQWRVHQYLJRU
E6LVWHPD$XWRULWDULREHQHYROHQWH
(VXQVLVWHPDDGPLQLVWUDWLYRDXWRULWDULRVLQHPEDUJRPHQRVGXUR\FHUUDGRTXHHO
VLVWHPDPVFRQGHVFHQGLHQWH\PHQRVUJLGR6XVFDUDFWHUVWLFDVSULQFLSDOHVVRQ
3URFHVRGHWRPDGHGHFLVLRQHVFHQWUDOL]DGRHQODFSXODGHODRUJDQL]DFLQ
SHURTXHSHUPLWHXQDUHGXFLGDGHOHJDFLQGHGHFLVLRQHVGHSHTXHDLPSRUWDQFLD
\GHFDUFWHUPHUDPHQWHUHSHWLWLYR\EXURFUWLFREDVDGDVHQUXWLQDV\
SUHVFULSFLRQHVVLPSOHVVXMHWDVDVXDSUREDFLQSRVWHULRUDVORTXHSUHYDOHFH
VLHPSUHHVHODVSHFWRFHQWUDOL]DGR
6LVWHPDGHFRPXQLFDFLRQHVUHODWLYDPHQWHSUHFDULREDVDGRHQFRPXQLFDFLQ
GHVFHQGHQWHDXQTXHODFSXODVHRULHQWDFRQFRPXQLFDFLRQHVDVFHQGHQWHVTXH
SURYLHQHQGHORVQLYHOHVPVEDMRV
5HODFLyQLQWHUSHUVRQDOODRUJDQL]DFLQWROHUDTXHODVSHUVRQDVVHUHODFLRQHQ
HQWUHVHQXQFOLPDGHUHODWLYDFRQGHVFHQGHQFLD$SHVDUGHWRGRODLQWHUDFFLQ
KXPDQDHVDQUHGXFLGD\ODLQFLSLHQWHRUJDQL]DFLQLQIRUPDOVLJXH
FRQVLGHUQGRVHFRPRXQDDPHQD]DSDUDORVLQWHUHVHV\REMHWLYRVGHODHPSUHVD
6LVWHPDGHUHFRPSHQVDV\GHVDQFLRQHVFHQWUDGRHQODVPHGLGDVGLVFLSOLQDULDV
DXQTXHHOVLVWHPDHVPHQRVDUELWUDULR\RIUHFHUHFRPSHQVDVPDWHULDOHV\
VDODULDOHVFRQPVIUHFXHQFLD\PHQRVUHFRPSHQVDVGHWLSRVLPEOLFRRVRFLDO
F6LVWHPD&RQVXOWLYR
(VXQVLVWHPDDGPLQLVWUDWLYRTXHVHLQFOLQDPVKDFLDHOODGRSDUWLFLSDWLYRTXHKDFLD
HOODGRDXWRFUWLFRHLPSRVLWLYR5HSUHVHQWDXQDJUDGXDOGLVPLQXFLQGHOD
DUELWUDULHGDGRUJDQL]DFLRQDO6XVFDUDFWHUVWLFDVSULQFLSDOHVVRQ
3DJHRI
3URFHVRGHWRPDGHGHFLVLRQHVHVSDUWLFLSDWLYR\FRQVXOWLYR(VSDUWLFLSDWLYR
SRUTXHODVGHFLVLRQHVVRQUHODWLYDPHQWHGHOHJDGDVDORVGLYHUVRVQLYHOHV
MHUUTXLFRVSHURGHEHQRULHQWDUVHSRUODVSROWLFDV\GLUHFWULFHVGHILQLGDVSRUOD
GLUHFFLQGHODHPSUHVDSDUDGHPDUFDUWRGDVODVGHFLVLRQHV\DFFLRQHVGH
TXLHQHVODVWRPDQ(VFRQVXOWLYRSRUTXHODRSLQLQGHORVQLYHOHVLQIHULRUHVHV
FRQVLGHUDGDHQODGHILQLFLQGHODVSROWLFDV\GLUHFWULFHVTXHORVDIHFWDQ/DV
GHFLVLRQHVVRQVRPHWLGDVDODDSUREDFLQGHODFSXODHPSUHVDULDO
6LVWHPDGHFRPXQLFDFLRQHVODVFRPXQLFDFLRQHVVRQYHUWLFDOHVHQVHQWLGR
GHVFHQGHQWHHQFDPLQDGDVDODRULHQWDFLQJHQHUDO\QRDUGHQHVHVSHFILFDV\
DVFHQGHQWH\VRQODWHUDOHVKRUL]RQWDOHVHQWUHORVSDUHV/DHPSUHVDGHVDUUROOD
VLVWHPDVGHFRPXQLFDFLQSDUDIDFLOLWDUHOIOXMRGHLQIRUPDFLQ\FRPREDVH
SDUDHOORJURGHVXVREMHWLYRV
5HODFLyQLQWHUSHUVRQDOODHPSUHVDFUHDFRQGLFLRQHVIDYRUDEOHVSDUDXQD
RUJDQL]DFLQLQIRUPDOVDQD\SRVLWLYD/DFRQILDQ]DHQODVSHUVRQDVHVPXFKR
PVHOHYDGDDXQFXDQGRQRVHDFRPSOHWD\GHILQLWLYD(OWUDEDMRSHUPLWHOD
IRUPDFLQGHHTXLSRV\JUXSRVWUDQVLWRULRVTXHSULYLOHJLDQODVUHODFLRQHV
KXPDQDV
6LVWHPDGHUHFRPSHQVDV\GHVDQFLRQHVVHFHQWUDHQODVUHFRPSHQVDV
PDWHULDOHVFRPRLQFHQWLYRVVDODULDOHV\RSRUWXQLGDGHVGHSURPRFLQ\GH
GHVDUUROORSURIHVLRQDO\VLPEOLFDVFRPRSUHVWLJLR\HVWDWXVDXQFXDQGR
RFDVLRQDOPHQWHVHSXHGDQSUHVHQWDUVDQFLRQHVOHYHV\HVSRUGLFDV
G6LVWHPD3DUWLFLSDWLYR
(VHOVLVWHPDDGPLQLVWUDWLYRGHPRFUWLFR\SDUWLFLSDWLYR(VHOPVDELHUWRGHWRGRV
ORVVLVWHPDV6XVFDUDFWHUVWLFDVSULQFLSDOHVVRQ
3URFHVRGHWRPDGHGHFLVLRQHVVHGHOHJDQFRPSOHWDPHQWHODVGHFLVLRQHVDORV
QLYHOHVMHUUTXLFRVPVEDMRVGHODVRUJDQL]DFLRQHV/DFSXODHPSUHVDULDO
GHILQHSROWLFDV\GLUHFWULFHVDVHJXLUDVFRQWURODQVORORVUHVXOWDGRV\GHMDQ
ODVGHFLVLRQHV\DFFLRQHVDFDUJRGHORVGLYHUVRVQLYHOHVMHUUTXLFRV(O
FRQVHQVRHQWUHODVSHUVRQDVHVHOFRQFHSWRPVLPSRUWDQWHHQHOSURFHVRGH
WRPDGHGHFLVLRQHV
3DJHRI
6LVWHPDGHFRPXQLFDFLRQHVODVFRPXQLFDFLRQHVIOX\HQHQWRGDVGLUHFFLRQHV
YHUWLFDOKRUL]RQWDO\ODWHUDO\ODHPSUHVDKDFHJUDQGHVLQYHUVLRQHVHQVLVWHPDV
GHLQIRUPDFLQ\DTXHVRQLQGLVSHQVDEOHVSDUDVXIOH[LELOLGDGHILFLHQFLD\
HILFDFLD/DLQIRUPDFLQHVXQRGHORVUHFXUVRVPVLPSRUWDQWHVGHODHPSUHVD\
GHEHVHUFRPSDUWLGDSRUWRGRVORVPLHPEURVTXHODQHFHVLWHQSDUDWUDEDMDUDILQ
GHREWHQHUODVLQHUJLDQHFHVDULD
5HODFLyQLQWHUSHUVRQDOFHQWUDGDHQHOWUDEDMRHQHTXLSR/DIRUPDFLQGH
JUXSRVHVSRQWQHRVHVLPSRUWDQWHSDUDODVUHODFLRQHVHQWUHODVSHUVRQDV/DV
UHODFLRQHVLQWHUSHUVRQDOHVVHEDVDQHQODFRQILDQ]DPXWXDHQWUHODVSHUVRQDV\
QRHQHVTXHPDVIRUPDOHVFRPRGHVFULSFLRQHVGHSXHVWRVUHODFLRQHVIRUPDOHV
SUHYLVWDVHQHORUJDQLJUDPDHWF(OVLVWHPDHVWLPXODODSDUWLFLSDFLQ\HO
FRPSURPLVRJUXSDOGHPDQHUDTXHODVSHUVRQDVVHVLHQWDQUHVSRQVDEOHVGHOR
TXHGHFLGHQ\GHORTXHKDFHQHQWRGRVORVQLYHOHVRUJDQL]DFLRQDOHV
6LVWHPDGHUHFRPSHQVDV\VDQFLRQHVIXHUWHLPSRUWDQFLDSXHVWDHQODV
UHFRPSHQVDVVLPEOLFDV\VRFLDOHVVLELHQQRVHRPLWHQODVUHFRPSHQVDV
VDODULDOHV\PDWHULDOHV5DUDYH]KD\VDQFLRQHVODVFXDOHVVLHPSUHVRQGHILQLGDV
\GHFLGLGDVSRUORVJUXSRVLQYROXFUDGRV
)LJXUD,, (OFRQWLQXXPDXWRULWDULRSDUWLFLSDWLYRHQORV
FXDWURVLVWHPDV\VXUHODFLyQFRQODVWHRUtDV;\<
3DJHRI
)LJXUD,, /RVFXDWURVLVWHPDVDGPLQLVWUDWLYRV
/RVFXDWURVLVWHPDVDGPLQLVWUDWLYRVQRVRQLUUHJXODUHVQLGLVFRQWLQXRV1RWLHQHQ
IURQWHUDVFODUDV\HQWUHHOORVH[LVWHQYDULDFLRQHVLQWHUPHGLDV$PHGLGDTXHXQD
DGPLQLVWUDFLQVHDSUR[LPDDOVLVWHPDWLHQGHDVHUGHOWLSRWUDGLFLRQDOFHUUDGR
EXURFUWLFRLPSHUVRQDO\DXWRFUWLFR6LVHDSUR[LPDDOVLVWHPDHVXQD
DGPLQLVWUDFLQGHWLSRDELHUWRRUJQLFRSDUWLFLSDWLYR\GHPRFUWLFR
(OVLVWHPDVHHQFXHQWUDHQRUJDQL]DFLRQHVTXHHPSOHDQPDQRGHREUD
LQWHQVLYD\TXHDGRSWDQWHFQRORJDUXGLPHQWDULDHQODVTXHHOSHUVRQDOWLHQH
FDOLILFDFLQSURIHVLRQDOEDMD\EDMRQLYHOGHHGXFDFLQ(VHOVLVWHPDTXHVH
HPSOHDSRUHMHPSORHQHOUHDGHSURGXFFLQGHODVHPSUHVDVGHFRQVWUXFFLQ
FLYLORGHFRQVWUXFFLQLQGXVWULDO
(OVLVWHPDVHHQFXHQWUDHQHPSUHVDVLQGXVWULDOHVTXHHPSOHDQXQDPHMRU
WHFQRORJD\PDQRGHREUDPVHVSHFLDOL]DGDSHURTXHFRQVHUYDQDOJXQDIRUPD
GHFRHUFLQSDUDQRSHUGHUHOFRQWUROVREUHHOFRPSRUWDPLHQWRGHODVSHUVRQDV
(VHOTXHVHREVHUYDHQHOUHDGHSURGXFFLQ\GHPRQWDMHGHODPD\RUDGHODV
HPSUHVDVLQGXVWULDOHV\HQODVRILFLQDVGHFLHUWDVIEULFDV
3DJHRI
(OVLVWHPDVHHPSOHDHQHPSUHVDVGHVHUYLFLRVFRPRORVEDQFRVH
LQVWLWXFLRQHVILQDQFLHUDVRHQHPSUHVDVLQGXVWULDOHVFRQWHFQRORJDVDYDQ]DGDV\
FRQSROWLFDVGHSHUVRQDOPVDELHUWDV
(OVLVWHPDWRGDYDQRVHHQFXHQWUDPXFKRHQODSUFWLFDSUHGRPLQDHQ
RUJDQL]DFLRQHVTXHXWLOL]DQWHFQRORJDVRILVWLFDGD\HQODVTXHHOSHUVRQDOHV
HVSHFLDOL]DGR\GHVDUUROODGRFRPRHQODVDJHQFLDVGHSXEOLFLGDGHQODV
RUJDQL]DFLRQHVGHFRQVXOWRUDHQLQJHQLHUDDGPLQLVWUDFLQDXGLWRUDR
SURFHVDPLHQWRGHGDWRVHWFWHUD
1RWDLQWHUHVDQWH6LVWHPDVDGPLQLVWUDWLYRV
3DUHFHKDEHUXQDHVWUHFKDUHODFLQHQWUHODWHFQRORJDXWLOL]DGDHQODRUJDQL]DFLQ
\ODVFDUDFWHUVWLFDVGHODVSHUVRQDVLQYROXFUDGDVDVFRPRGHORVVLVWHPDV
DGPLQLVWUDWLYRV(QWUHPVGHVDUUROODGD\VRILVWLFDGDHVODWHFQRORJDWDQWRPD\RU
ODSUHSDUDFLQKXPDQD\PD\RUODQHFHVLGDGGHXWLOL]DUHOVLVWHPD
/RVFXDWURVLVWHPDVDGPLQLVWUDWLYRVSHUPLWHQLGHQWLILFDUODVGLIHUHQWHVRSFLRQHV
TXHH[LVWHQSDUDDGPLQLVWUDUDODVSHUVRQDVGHQWURGHODVRUJDQL]DFLRQHV(QXQR
GHORVH[WUHPRVHVWHOVLVWHPDTXHVHUHILHUHDOFRPSRUWDPLHQWRRUJDQL]DFLRQDO
DUELWUDULRDXWRULWDULRDXWRFUWLFRTXHUHFXHUGDHQPXFKRVVHQWLGRVDORHVWXGLDGR
VREUHODWHRUtD;(QHORWURH[WUHPRHOVLVWHPDVHUHILHUHDOFRPSRUWDPLHQWR
RUJDQL]DFLRQDOGHPRFUWLFR\SDUWLFLSDWLYRTXHUHFXHUGDDODWHRUtD<(QHVWD
JDPDGHSRVLELOLGDGHVHVGRQGHVLWXDPRVODPDQHUDFRQODFXDOODVSHUVRQDVVRQ
DGPLQLVWUDGDVHQODVRUJDQL]DFLRQHV(OGHVDIRHVGHVSOD]DUODVFDUDFWHUVWLFDV
FRQWLQXDHLQFHVDQWHPHQWHKDFLDHOODGRGHUHFKRGHODJUILFDHVGHFLUKDFLDHO
VLVWHPD<KDFLDDOOVHRULHQWDODEUMXODGHODDGPLQLVWUDFLQPRGHUQDGH
SHUVRQDV
1RVHWUDWDGHFDPELDUWRGRDEVROXWDPHQWHPVELHQVHWUDWDGHGHVDUUROODUXQD
HVSHFLHGHUHYROXFLQVLOHQFLRVDSHURH[WUHPDGDPHQWHSRGHURVDXQFDPELRHQOD
PDQHUDGHWUDWDUDODVSHUVRQDVWUDQVPLWLQGROHVDPSOLDOLEHUWDGGHDFFLQGH
SHQVDPLHQWRGHIRUPDFLQGHUHODFLRQHVKXPDQDVGHHOHFFLQGHORVPWRGRV\
SURFHGLPLHQWRVGHWUDEDMR
(1)248(6,67(07,&2<6,78$&,21$/'(/$$'0,1,675$&,1
3DJHRI
/DVLGHDVGH0F*UHJRU\GH/LNHUWHVWQPX\HQIRFDGDVDOFRPSRUWDPLHQWR
RUJDQL]DFLRQDODOWUDWDUGHFRPSDUDUHOHVWLORWUDGLFLRQDOGHDGPLQLVWUDFLQFRQHO
HVWLORPRGHUQREDVDGRHQODFRPSUHQVLQGHORVFRQFHSWRVFRQGXFWXDOHV\
PRWLYDFLRQDOHV/RVFRQGXFWLVWDVHVWXGLDQODRUJDQL]DFLQEDMRHOSULVPDGHXQ
VLVWHPDGHLQWHUFDPELRVGHDOLFLHQWHV\FRQWULEXFLRQHVGHQWURGHXQDFRPSOHMDUHGGH
GHFLVLRQHV(OHQIRTXHGHHVWRVDXWRUHVDQHVWPX\GLULJLGRDOLQWHULRUGHODV
RUJDQL]DFLRQHVFRPRVLVWDVIXHUDQXQLGDGHVDEVROXWDVWRWDOHV\QLFDV&RQOD
WHRUtDGHVLVWHPDVVHLQLFLDXQDSUHRFXSDFLQIXQGDPHQWDOSRUODFRQVWUXFFLQGH
PRGHORVDELHUWRVPVRPHQRVGHILQLGRVTXHLQWHJUHQGLQPLFDPHQWHDODPELHQWH\
FX\RVVXEVLVWHPDVRSHUHQHQXQDFRPSOHMDLQWHUDFFLQWDQWRLQWHUQDFRPRH[WHUQD
/RVVXEVLVWHPDVTXHIRUPDQXQDRUJDQL]DFLQHVWQLQWHUFRQHFWDGRVH
LQWHUUHODFLRQDGRVHQFXDQWRHOVXSUDVLVWHPDDPELHQWDOLQWHUDFWDFRQORVVXEVLVWHPDV
\FRQODRUJDQL]DFLQFRPRXQWRGR(QODWHRUtDGHODFRQWLQJHQFLDVHGDXQ
GHVSOD]DPLHQWRGHGHQWURKDFLDIXHUDGHODRUJDQL]DFLQ\ODLPSRUWDQFLDVHSRQHHQ
HODPELHQWH\HQODVGHPDQGDVDPELHQWDOHVVREUHODGLQPLFDRUJDQL]DFLRQDO/D
SHUVSHFWLYDVLWXDFLRQDOGHVWDFDTXHODVFDUDFWHUVWLFDVDPELHQWDOHVVRQODVTXH
FRQGLFLRQDQODVFDUDFWHUVWLFDVGHODVRUJDQL]DFLRQHV1RH[LVWHODPHMRUPDQHUDWKH
EHVWZD\GHRUJDQL]DURGHDGPLQLVWUDUXQDRUJDQL]DFLQ7RGRGHSHQGHLWGHSHQGV
GHODVFDUDFWHUVWLFDVDPELHQWDOHVUHOHYDQWHVSDUDODRUJDQL]DFLQ/RVVLVWHPDV
FXOWXUDOHVSROWLFRVHFRQPLFRVHWFDIHFWDQLQWHQVD\FRQWLQXDPHQWHDODV
RUJDQL]DFLRQHVDOPLVPRWLHPSRTXHVHHQFXHQWUDQHQLQWHUDFFLQGLQPLFD
LQIOX\QGRVHGHPDQHUDUHFSURFD/DVFDUDFWHUVWLFDVRUJDQL]DFLRQDOHVVORVHSXHGHQ
DWHQGHUSRUPHGLRGHODQOLVLVGHODVFDUDFWHUVWLFDVDPELHQWDOHVDODVTXHWUDWDQGH
DGHFXDUVH/DWHRUtDGHODFRQWLQJHQFLDHVEVLFDPHQWHVLWXDFLRQDOFLUFXQVWDQFLDO\
FRQGLFLRQDOQLHQODVRUJDQL]DFLRQHVQLHQVXDGPLQLVWUDFLQH[LVWHQDGDDEVROXWR
7RGRHVUHODWLYR/DPDQHUDHQTXHVHDGPLQLVWUHXQDRUJDQL]DFLQGLILHUHHQHO
WLHPSR\HQHOHVSDFLRDPELHQWH

/ DDGPLQLVWUDFLQGHUHFXUVRVKXPDQRV
3DUWH,,, 6XEVLVWHPDGHLQWHJUDFLQGHUHFXUVRVKXPDQRV
/RVSURFHVRVGHLQWHJUDFLQVHUHODFLRQDQFRQHOVXPLQLVWURGHSHUVRQDVDOD
RUJDQL]DFLQ6RQORVSURFHVRVUHVSRQVDEOHVGHORVLQVXPRVKXPDQRV\FRPSUHQGHQ
WRGDVODVDFWLYLGDGHVUHODFLRQDGDVFRQODLQYHVWLJDFLQGHPHUFDGRUHFOXWDPLHQWR\
3DJHRI
ERROR: syntaxerror
OFFENDING COMMAND: --nostringval-STACK:
/Title
()
/Subject
(D:20100818003253-0400)
/ModDate
()
/Keywords
(PDFCreator Version 0.9.5)
/Creator
(D:20100818003253-0400)
/CreationDate
(varancibia)
/Author
-mark-

2.a. Chiavenato, I. (2008) El Sistema de ARH (Parte 2) - Administración de Recursos Humanos

Cargado por

Información del documento

Título original

Derechos de autor

Formatos disponibles

Compartir este documento

Compartir o incrustar documentos

Opciones para compartir

¿Le pareció útil este documento?

¿Este contenido es inapropiado?

Copyright:

Formatos disponibles

2.a. Chiavenato, I. (2008) El Sistema de ARH (Parte 2) - Administración de Recursos Humanos

Cargado por

Copyright:

Formatos disponibles

$GPLQLVWUDFLyQGHUHFXUVRVKXPDQRVWK(GLWLRQ

/RVUHFXUVRVIVLFRVPTXLQDVHTXLSRVHGLILFLRVPDWHULDVSULPDVWHFQRORJDHWF\

También podría gustarte

2.a. Chiavenato, I. (2008) El Sistema de ARH (Parte 2) - Administración de Recursos Humanos

Cargado por

Información del documento

Título original

Derechos de autor

Formatos disponibles

Compartir este documento

Compartir o incrustar documentos

Opciones para compartir

¿Le pareció útil este documento?

¿Este contenido es inapropiado?

Copyright:

Formatos disponibles

2.a. Chiavenato, I. (2008) El Sistema de ARH (Parte 2) - Administración de Recursos Humanos

Cargado por

Copyright:

Formatos disponibles

$GPLQLVWUDFLyQGHUHFXUVRVKXPDQRVWK(GLWLRQ

/RVUHFXUVRVIVLFRV PTXLQDVHTXLSRVHGLILFLRVPDWHULDVSULPDVWHFQRORJDHWF \

También podría gustarte

$GPLQLVWUDFLyQGHUHFXUVRVKXPDQRVWK(GLWLRQ

/RVUHFXUVRVIVLFRVPTXLQDVHTXLSRVHGLILFLRVPDWHULDVSULPDVWHFQRORJDHWF\