Está en la página 1de 22

3VZZPZ[LTHZ07;=

\UHHTLUHaHPUTPULU[LWHYHSVZHJ[\HSLZ
TLKPVZKL[LSLKPM\ZP}U&

$UH,379V\VWHPVDQLPPLQHQWWKUHDWWRWKHFXUUHQWEURDGFDVWPHGLD"

5,&$5'2$/2162)(552%2/9$5
,QJHQLHUR(OHFWUyQLFRFDQGLGDWRD0DJtVWHUHQ&LHQFLDVGHOD,QIRUPDFLyQ\&RPXQLFD
FLRQHV,QJHQLHURGH0DQWHQLPLHQWRHQ5DGLR\7HOHYLVLyQGH579&%RJRWi&RORPELD
ULIHU#JPDLOFRP

&(6$5+(511'(=
,QJHQLHUR (OHFWUyQLFR (VSHFLDOLVWD HQ 6HUYLFLRV7HOHPiWLFRV H ,QWHUFRQH[LyQ GH 5HGHV
0DJtVWHUHQ&LHQFLDVGHOD,QIRUPDFLyQ\&RPXQLFDFLRQHV'RFHQWHHLQYHVWLJDGRUGHOD8QL
YHUVLGDG'LVWULWDO)UDQFLVFR-RVpGH&DOGDV%RJRWi&RORPELDFDKHUQDQGH]V#XGLVWULWDOHGXFR
$MBTJGJDBDJwOEFMBSUrDVMPSFWJTJwO 3FDSFBDJPOFT

'FDIBEFSFDFQDJwOBHPTUPEF 'FDIBEFBDFQUBDJwOGFCSFSPEF

3DODEUDVFODYH'LIXVLyQ,3794R(4R6

.H\ZRUGV0XOWLFDVW,3794R(4R6

5(680(1 &DOLGDG'H6HUYLFLR 4R6 DSURSLDGDEDVDGDHQXQD


(QHVWHGRFXPHQWRVHSUHWHQGHPRVWUDUODVFDUDFWHUtV PtQLPD&DOLGDG'H([SHULHQFLDGHOXVXDULR 4R( 
WLFDV\YHQWDMDVTXHWLHQHQORVVLVWHPDV,379VREUHODV (QORVVLVWHPDV,379DOJXQDVYHFHVHVGLItFLORIUH
DFWXDOHVSODWDIRUPDVGHWHOHYLVLyQ 79 WHQLHQGRHQ FHUXQDH[FHOHQWH4R6DOXVXDULRQDOGHELGRDOD
FXHQWDORVVHUYLFLRV\DSOLFDFLRQHVTXHSXHGHQEULQGDU KHWHURJHQHLGDGGHODVWHFQRORJtDV\DUTXLWHFWXUDV
XWLOL]DQGRODPLVPDLQIUDHVWUXFWXUDGHUHG0XFKDV TXHVHLPSOHPHQWDQHQHVWHWLSRGHWUDQVPLVLyQ\D
HPSUHVDVSURYHHGRUDVGHVHUYLFLRVGH,QWHUQHWEDVDQ VXYH]DXQDVHULHGHSDUiPHWURVTXHLQWHUYLHQHQHQ
VXVHVWUDWHJLDVHQRIUHFHUXQDLQWHJUDFLyQGHVHUYLFLRV JDUDQWL]DUXQD4R6GHVHDEOHFRPRODOLPLWDFLyQGH
HQXQVRORSDTXHWHFRPRHVYLGHRYR]GDWRV\DVt DQFKRGHEDQGDTXHVHUHTXLHUHHOUHWDUGRODSpUGLGD
HQWUDQDFRPSHWLUFRQODWHOHYLVLyQVDWHOLWDO\OD7HOH GHSDTXHWHV\RWURVIDFWRUHVTXHJHQHUDQDXQDVHULH
YLVLyQ'LJLWDO7HUUHVWUH 7'7 ODVFXDOHVFRQODLP GHSUREOHPDVTXHVHSUHVHQWDQHQODVWUDQVPLVLRQHV
SOHPHQWDFLyQGHQXHYDVWHFQRORJtDVKDQGHVSOD]DGR GH79\TXHFRQOOHYDQDXQDEDMD4R(FRPRVRQ
GHDOJXQDIRUPDDODWHOHYLVLyQDQDOyJLFD HOSL[HODGRODFRQJHODFLyQGHODLPDJHQHWFpWHUD

'HQWURGHORVVLVWHPDVGH79VREUH,3H[LVWHQXQD
VHULHGHSDUiPHWURVUHTXHULGRVTXHJDUDQWL]DQXQD

9L]PZ[H;LJU\YH=VS\TLU5\TLYVWHNPUHZ,ULYV1\UPVKL 
RE CREACIONES
$%675$&7 RIVHUYLFH 4R6 DSSURSULDWHEDVHGRQDPLQLPXP
7KLVSDSHUDLPVWRVKRZWKHIHDWXUHVDQGDGYDQWDJHV TXDOLW\RIXVHUH[SHULHQFH 4R( ,Q,379V\VWHPV
WKDW,379V\VWHPVRQH[LVWLQJ79SODWIRUPVWDNLQJ LVVRPHWLPHVGLIFXOWWRSURYLGHDQH[FHOOHQWTXD
LQWRDFFRXQWWKHVHUYLFHVDQGDSSOLFDWLRQVWKDWFDQ OLW\RIVHUYLFH 4R6 WRWKHHQGXVHUEHFDXVHRIWKH
SURYLGHXVLQJWKHVDPHQHWZRUNLQIUDVWUXFWXUH,QWKLV KHWHURJHQHLW\RIWHFKQRORJLHVDQGDUFKLWHFWXUHVWKDW
ZD\PDQ\FRPSDQLHVSURYLGLQJ,QWHUQHWVHUYLFHV DUHLPSOHPHQWHGLQWKLVW\SHRIWUDQVPLVVLRQDQGLQ
EDVHWKHLUVWUDWHJLHVRQSURYLGLQJDQLQWHJUDWLRQRI WXUQWRDQXPEHURISDUDPHWHUVLQYROYHGLQHQVXULQJ
VHUYLFHVLQRQHSDFNDJHVXFKDVYLGHRYRLFHGDWD 4XDOLW\RI6HUYLFH 4R6 GHVLUDEOHDVDUHWKHOLPLWHG
$QG VR WR FRPSHWH ZLWK VDWHOOLWH 79 DQG GLJLWDO EDQGZLGWKWKDWLVUHTXLUHGGHOD\SDFNHWORVVDQG
WHUUHVWULDOWHOHYLVLRQ 7'7 ZKLFKKDYHVKLIWHGLQ RWKHUIDFWRUVWKDWOHDGWRDVHULHVRISUREOHPVWKDW
VRPHZD\ZLWKWKHLPSOHPHQWDWLRQRIQHZWHFKQR DULVHLQWKHWUDQVPLVVLRQRI79DQGLQYROYHWRORZ
ORJLHVIRUDQDORJ79:LWKLQWKH,379V\VWHPVWKHUH 4R(VXFKDVSL[HODWLRQSLFWXUHIUHH]HHWF
DUHDQXPEHURISDUDPHWHUVUHTXLUHGWRHQVXUHTXDOLW\

 

,QWURGXFFLyQ (QORVVLVWHPDV,379H[LVWHXQDVHULHGHDSOLFDFLRQHV
\GHVHUYLFLRVTXHKDFHQGHHVWDWHFQRORJtDXQDKH
(QHOiPELWRGHODVFRPXQLFDFLRQHVODVWUDQVPLVLRQHV
UUDPLHQWDPiVLQWHUDFWLYDSDUDHOXVXDULRFRPRVRQ
GHYLGHRUHSUHVHQWDQXQRGHORVIDFWRUHVGHWUiFRFRQ
ODWHOHYLVLyQSRUGHPDQGDSDJRSRUYHUJUDEDGRUGH
PiVLQXHQFLDGHELGRDODVH[LJHQFLDVGHDQFKRGH
YLGHRSHUVRQDOHQWUHRWUDV(VGHJUDQLPSRUWDQFLD
EDQGD\IXQFLRQDPLHQWRHQWLHPSRUHDO3DUDPHMRUDU
DQDOL]DU OD DUTXLWHFWXUD \ WHFQRORJtD TXH IDFLOLWD OD
ODFDOLGDGGHVHUYLFLRHQXQDWUDQVPLVLyQGHYLGHRHV
HQWUHJDGHHVWHVHUYLFLRDORVXVXDULRVGHHVWRGHSHQGH
IXQGDPHQWDOFRQRFHU\HYDOXDUVXFRPSRUWDPLHQWRD
SURYHHUDORVFOLHQWHVFRQVHxDOHVGHySWLPDFDOLGDG\
WUDYpVGHODUHG\GHHVWDIRUPDSRGHUDSOLFDUHVTXH
ODDFRJLGDTXHWHQJDHVWHVHUYLFLRHQHOPHUFDGR>@
PDVGHPRGHODPLHQWRTXHSHUPLWDQHYDOXDUGHXQD
PDQHUDPiVSUHFLVDHOFRPSRUWDPLHQWRGHOYLGHR>@
/RV VHUYLFLRV GH HQWUHWHQLPLHQWR WUDQVPLVLyQ GH
GDWRV \ WHOHIRQtD HVWiQ WUDQVLWDQGR XQD HWDSD GH
(OGHVDUUROORHYROXWLYRGHODVWHOHFRPXQLFDFLRQHV\
WUDQVIRUPDFLyQ UDGLFDO TXH VH LGHQWLFD FRPR XQ
HODXJHGHODQHFHVLGDGGHPRVWUDUQXHYDVDSOLFDFLR
IHQyPHQRGHQRPLQDGRFRQYHUJHQFLDTXHHVWiFDP
QHVWHFQROyJLFDVKDQKHFKRTXHORVDFWXDOHVPHGLRV
ELDQGRQXHVWUDVQHFHVLGDGHV\DPELHQWHVGHFRPX
GHFRPXQLFDFLyQSODQWHHQSURSXHVWDVLQQRYDGRUDV
QLFDFLyQ+DVWDKDFHSRFRORVSURYHHGRUHVSDUDFDGD
TXHSHUPLWDQFDGDYH]PiVXQDIiFLODGTXLVLFLyQ
XQRGHHVWRVVHUYLFLRVHVWDEDQELHQGLIHUHQFLDGRV
GH OD LQIRUPDFLyQ /RV VLVWHPDV GH 79 VREUH ,3
SHUR DKRUD JUDFLDV D OD GLJLWDOL]DFLyQ HVWiQ PL
KDQPRVWUDGRXQFUHFLPLHQWRJOREDOGHVDUUROODQGR
JUDQGRKDFLDXQDSODWDIRUPDGHEDQGDDQFKDFDSD]
HVWiQGDUHVGLJLWDOHVGHYLGHRTXHSHUPLWHQPHMRUDU
GHWUDQVSRUWDUVHUYLFLRGHWHOHIRQtD YR] WHOHYLVLyQ
OD HFLHQFLD HQ ORV VLVWHPDV GH WUDQVPLVLyQ /DV
YLGHR VHUYLFLRGH,QWHUQHW GDWRV SDUDGDUOXJDU
HPSUHVDVSURYHHGRUDVGH,QWHUQHWR,63VKDQYHQLGR
DORTXHFRQRFHPRVFRPRWULSOHSOD\>@>@>@
HVWDEOHFLHQGRXQFRQMXQWRGHDSOLFDFLRQHVVREUHOD
PLVPDLQIUDHVWUXFWXUDGHUHGSURSRUFLRQDQGRDVtXQ
PD\RUDSURYHFKDPLHQWR\UHQWDELOLGDGDODUHG\D
GHVSOHJDGD\FUHDQGRODRSFLyQGHHQWUDUDFRPSHWLU
FRQOD79GLJLWDOWHUUHVWUH\ODWHOHYLVLyQVDWHOLWDO

 ;LJU\YH=VS5V,ULYV1\UPVKL
RE CREACIONES
&RPSDUDFLyQHQWUHORVVLVWHPDV,379 (OWLSRGHHPLVLyQSDUDVLVWHPDVSRUFDEOHHVHQ
\RWUDVWHFQRORJtDVGHGLIXVLyQ EURDGFDVW \ WRGRV ORV FDQDOHV HQ GLVWLQWDV IUH
FXHQFLDV HVWiQ SUHVHQWHV SDUD HO XVXDULR DXQTXH
/DYHQWDMDTXHWLHQH,379VREUHORVRWURVPHGLRV
QXHYDVDSOLFDFLRQHVSXHGHQEULQGDUHOVHUYLFLRGH
GH GLIXVLyQ HV OD PXOWLSOLFLGDG GH VHUYLFLRV \ OD
DFFHVRFRQGLFLRQDOSHUPLWLHQGRFUHDUSDTXHWHVGH
SHUVRQDOL]DFLyQGHODSURJUDPDFLyQ~QLFDHQHVWH
SURJUDPDFLyQDOJXVWRGHOVXVFULSWRU3RUORJHQH
WLSRGHPHGLRVJUDFLDVDODVUHGHV,3
UDOODWUDQVPLVLyQHVXQLGLUHFFLRQDO\YDGHVGHHO
KHDGHQGDOXVXDULR3RUHOFRQWUDULRORVVLVWHPDV
,379VRQDSOLFDFLRQHVGLQiPLFDVTXHJUDFLDVDODV
5%5F*157 WpFQLFDVPXOWLFDVWSHUPLWHQEULQGDUVHUYLFLRVSHU
/D SULQFLSDO GLIHUHQFLD HQWUH HVWRV GRV VLVWHPDV VRQDOL]DGRVFRPRYLGHRSRUGHPDQGD\DGHPiVVX
HVHOS~EOLFRGHFDGDXQR7'7HVWiGLULJLGRDXQ WUDQVPLVLyQHVELGLUHFFLRQDOORTXHSHUPLWHPD\RU
S~EOLFRHQJHQHUDO\HO~QLFRUHTXHULPLHQWRSDUD LQWHUDFWLYLGDG>@>@>@
HOXVXDULRHVWHQHUXQVLQWRQL]DGRUGH79GLJLWDO
FRQHFWDGR D XQ WHOHYLVRU R D XQ GHFRGLFDGRU \
WLHQHODUHVWULFFLyQGHHVWDUVXMHWRDODSURJUDPDFLyQ 8FC57F*157
TXHLPSRQJDHORSHUDGRU3RURWUDSDUWH,379HVWi
RULHQWDGRDXQS~EOLFRTXHGHVHDGLVIUXWDUGHXQD
7DEOD&RPSDUDFLyQ:HE79H,379>@
SURJUDPDFLyQPiVSHUVRQDOL]DGD\TXLHUHREWHQHU
XQDVHULHGHVHUYLFLRVGHXQVLVWHPDFRQXQDDSOL :HE79 ,379
FDFLyQ PiV LQWHUDFWLYD 2WUD GLIHUHQFLD EiVLFD HV  1R VH UHVWULQJH D XQ WHUUL  5HVWULQJLGR D XQD ]RQD
OD IRUPD GH WUDQVPLWLU OD SURJUDPDFLyQ OD 7'7 WRULR VLQR TXH HV GH DOFDQFH HVSHFtFD
PXQGLDO
XWLOL]DXQPHGLRDpUHR9+)8+)SDUDVXGLIXVLyQ
 &DOLGDG'H6HUYLFLR
H LQFRUSRUD XQ FDQDO GH UHWRUQR SDUD SHUPLWLU OD  1R JDUDQWL]D &DOLGDG 'H
LQWHUDFWLYLGDGSRURWURODGR,379XWLOL]DUHGHVFD 6HUYLFLR 4R6   (VRULHQWDGRDOWHOHYLVRU\
UHTXLHUH XQ GHFRGLFDGRU
EOHDGDVSULYDGDVGHRSHUDGRUHVTXHFXHQWDQFRQXQ  (OVHUYLFLRHVRULHQWDGRDO3& 6HS7RS%R[ 
FDQDOItVLFRGHGLFDGRDODLQWHUDFWLYLGDG>@>@>@
 0RGHOR DELHUWR D FXDOTXLHU  8WLOL]D XQ VLVWHPD FHUUDGR
LQWHUHVDGRHQVXELUFRQWHQLGR FRQWURODGRSRUHORSHUDGRU

 1DYHJDFLyQSRU,QWHUQHWSDUD  (ORSHUDGRUXWLOL]DXQDLQ
4JTUFNBTEFDBCMFF*157 REWHQHU FRQWHQLGR GH DXGLR IUDHVWUXFWXUDGHUHGFHUUDGD
\YLGHR
/D GLIHUHQFLD HQWUH HVWRV GRV VLVWHPDV VH SXHGH  $QFKR GH EDQGD GHGLFDGR
YHU GHVGH XQ SXQWR GH YLVWD DUTXLWHFWyQLFR \ GH  $QFKR GH EDQGD FRPSDUWLGR SDUDFDGDXVXDULR
VHUYLFLRV(VLPSRUWDQWHPHQFLRQDUTXHXQVLVWH FRQRWURVXVXDULRV6HSURGXFH
FRQJHVWLyQHQODUHGDOWUDWDU
PDGH79SRUFDEOHEDVDGRHQFREUHVyORSXHGH GH LQJUHVDU PXFKRV XVXDULRV
WUDQVSRUWDULQIRUPDFLyQDQDOyJLFDGHHVWDIRUPDODV DOPLVPRYLGHR
UHGHVWURQFDOHV\GHGLVWULEXFLyQXWLOL]DQWHFQRORJtD
DQDOyJLFDDH[FHSFLyQGHXQDWURQFDO+)&ODFXDO
XWLOL]DWHFQRORJtDPL[WD\DTXHDOXWLOL]DUHQODFHVGH
EUDySWLFDREOLJDDKDFHUXQDFRQYHUVLyQHOHFWUR 6HUYLFLRV\DSOLFDFLRQHV,379
ySWLFD\DGLJLWDOL]DUODLQIRUPDFLyQ3RURWURODGR
ODV UHGHV ,3 TXH VH LPSOHPHQWDQ HQ ORV VLVWHPDV (QORVVLVWHPDVGH79VREUH,3H[LVWHXQDVHULHGH
,379VRQFRPSOHWDPHQWHGLJLWDOHV VHUYLFLRV \ DSOLFDFLRQHV ODV FXDOHV KDFHQ TXH VH
GHVSOLHJXHXQDLQWHUDFWLYLGDGPiVGLUHFWDHQWUHORV
FRQWHQLGRVSURJUDPiWLFRV\HOXVXDULRQDO(VWRV

3VZZPZ[LTHZ07;=\UHHTLUHaHPUTPULU[LWHYHSVZHJ[\HSLZTLKPVZKL[LSLKPM\ZP}U&
5,&$5'2$/2162)(552%2/9$5&(6$5+(511'(= 
RE CREACIONES
VHUYLFLRVVRQFRQWURODGRVSRUHORSHUDGRUGHUHG
SHUPLWLHQGRTXHHOSURYHHGRUSXHGDLQWHUYHQLUHQ
HODFFHVRDORVFRQWHQLGRV\DVXYH]HQODFDOLGDG
GH OD LPDJHQ TXH HV WUDQVPLWLGD 'HQWUR GH ODV
DSOLFDFLRQHV,379HQFRQWUDPRV

)LJXUD(MHPSORVHUYLFLRWULSOHSOD\

(OVHUYLFLRWULSOHSOD\HVHOIXWXURFHUFDQRSDUDHO
GHVDUUROORLQWHJUDOGHODFRPXQLFDFLyQHQWUHKRJD
UHV(OGHVDUUROORDFWXDOGHODVHPSUHVDVSURYHHGR
)LJXUD6HUYLFLRV,379 UDVGHVHUYLFLRV HPSUHVDVGHWHOHFRPXQLFDFLRQHV
WHOHYLVLyQSRUFDEOHWHOHYLVLyQVDWHOLWDOHOpFWULFDV
HWFpWHUD FRQOOHYDDXQDVROXFLyQ~QLFDSDUDYDULRV
SUREOHPDVVHUYLFLRWHOHIyQLFRWHOHYLVLyQLQWHUDFWL
5SJQMFQMBZ
YD\DFFHVRD,QWHUQHWWRGRHQXQPLVPRVHUYLFLR
6LXQSURYHHGRUGHVHUYLFLRVRIUHFHWHOHIRQtDSRUXQ /DGLIHUHQFLDGLVWLQWLYDGHHVWDQXHYDFDWHJRUL]D
SDUGHKLORVWHOHYLVLyQSRUFDEOHDFFHVRD,QWHUQHW FLyQGHWHFQRORJtDFRQVLVWHHQTXHWRGRVORVVHUYL
PHGLDQWHXQPyGHP$'6/\SURPHWHFREUDUXQ FLRVVHVLUYHQSRUXQ~QLFRVRSRUWHItVLFR\DVHD
~QLFRSDJRPHQVXDOSRUHVWRVWUHVVHUYLFLRVHVWR FDEOHFRD[LDOEUDySWLFDUHGHOpFWULFDPLFURRQGDV
QRHVXQVHUYLFLRWULSOHSOD\VLPSOHPHQWHHVWiRIUH RFDEOHSDUWUHQ]DGRFRPRVHYHHQHOHMHPSORGH
FLHQGRXQD~QLFDIDFWXUDSRUORVWUHVVHUYLFLRVHQ OD)LJXUD>@>@>@>@
OXJDUGHWUHV$KRUDVLHOPLVPRSURYHHGRURIUHFH
HVWRVWUHVVHUYLFLRVSHURLPSOHPHQWDQGRXQDVROD
LQIUDHVWUXFWXUDGHUHG\FRQH[LyQGHEDQGDDQFKDVH
5FMFWJTJONWJM
KDEODGHWULSOHSOD\6XQDOLGDGQRHVVyORRIUHFHU
VHUYLFLRVGHWHOHIRQtDWHOHYLVLyQH,QWHUQHWFRQXQD &RQHOQGHDFHUFDUVHUiSLGDPHQWHDOWULSOHSOD\
~QLFDIDFWXUDFLyQVLQRGHDSURYHFKDUORVUHFXUVRV ORV RSHUDGRUHV QHFHVLWDQ DxDGLU VHUYLFLRV TXH VH
GHUHGSDUDFRPELQDUORVLQWHOLJHQWHPHQWHSDUDSUR SXHGDQLQFOXLUHQXQSDTXHWH\ODPRYLOLGDGHVPX\
YHHUPXFKDVDSOLFDFLRQHVSRUHMHPSORPLHQWUDVVH DWUDFWLYDSDUDHOORV8QDDPSOLDFLyQGHXQVHUYLFLR
PLUDWHOHYLVLyQXQRWDPELpQSRGUtDFRQWHVWDUXQD GHWHOHYLVLyQGH,379VHUtDODGHSHUPLWLUTXHHO
OODPDGDHQWUDQWHRDFHSWDUXQDLQYLWDFLyQDFKDWHDU VXVFULSWRUGLJLWDOSXHGDGHVFDUJDU\GHFRGLFDUHO
HQHOPLVPRWHUPLQDOGRQGHVHPLUDODWHOHYLVLyQ FRQWHQLGRGHDXGLR\YLGHRRVyORHOFRQWHQLGRGH
H LQFOXVR WDPELpQ VH SRGUtDQ UHDOL]DU FRQVXOWDV DXGLRHQXQIRUPDWRSRUWiWLODGHFXDGRSDUDUHSUR
HQ,QWHUQHWXVDQGRHOPLVPRWHUPLQDO>@>@>@ GXFWRUHVSRUWiWLOHV FRPRSRUHMHPSORORVUHSUR
GXFWRUHVGH03 /DGHVFDUJD\GHFRGLFDFLyQGHO
FRQWHQLGRHVXQWUDEDMRTXHKDFHHOUHFHSWRU67%
pVWHQRVRODPHQWHWLHQHTXHWUDQVFRGLFDUVLQRTXH
SRVLEOHPHQWHWHQJDTXHYROYHUDFRGLFDUHOFRQWH
QLGRFRQXQVLVWHPDGHSURWHFFLyQ\GHEDJXDUGDUOR
HQXQDXQLGDGGHGLVFRGXUR)LQDOPHQWHHO67%
SXHGHWUDQVIHULUHOFRQWHQLGRDXQGLVSRVLWLYRSRU

 ;LJU\YH=VS5V,ULYV1\UPVKL
RE CREACIONES
WiWLODWUDYpVGHXQDLQWHUIDFHGHDOWDYHORFLGDGFRQ 1FSTPOBM7JEFP3FDPSEFS 173

LQWHUIDFH86%>@>@ (O JUDEDGRU GH YLGHR SHUVRQDO HV XQD DSOLFDFLyQ


LQWHUDFWLYDGHJUDEDFLyQGHWHOHYLVLyQHQIRUPDWR
GLJLWDO)tVLFDPHQWHHVWiFRPSXHVWRSRUXQGLVFR
1BZ1FS7JFX 117
GXUR FRQ JUDQ FDSDFLGDG GH DOPDFHQDPLHQWR \
XQVRIWZDUHSDUDHOFRQWURO\FRQJXUDFLyQGHORV
7DPELpQFRQRFLGRFRPRWHOHYLVLyQDODFDUWDRSDJR
FRQWHQLGRVFRPRDSOLFDFLRQHVGHE~VTXHGDDYDQ
SRUHYHQWR(VXQDDSOLFDFLyQHQODFXDOHOXVXDULR
]DGD(QWUHODVIXQFLRQHVGHORV395HQFRQWUDPRV
SXHGHVROLFLWDUDVXSURYHHGRUGHVHUYLFLRDWUDYpV
ODJUDEDFLyQUHWURDFWLYDJUDEDFLyQDX[LOLDUDUFKLYR
GHXQFRVWRHVSHFtFRHODFFHVRDORVFRQWHQLGRVGH
HQFDSHWDVOLVWDGHSUHIHUHQFLDV\RWUDVDSOLFDFLRQHV
HYHQWRVHQYLYRFRQFLHUWRVPXVLFDOHVSURJUDPDV
TXH KDFHQ GH HVWH VHUYLFLR XQD KHUUDPLHQWD PiV
GHSRUWLYRVRVLORUHTXLHUHHOFRQWHQLGRSURJUD
LQWHUDFWLYDSDUDORVXVXDULRVGH79>@>@>@
PiWLFRGHXQFDQDOFRPSOHWR$GLIHUHQFLDGHORV
VLVWHPDV GH YLGHR D OD FDUWD YLGHR RQGHPDQG  OD
VHxDOVHWUDQVPLWHGHIRUPDVLPXOWiQHDSDUDWRGRV
ORVFRPSUDGRUHV(OFDQDOHPSOHDGRSXHGHVHUWDQWR 4XJUDIFE%JHJUBM#SPBEDBTU 4%#

GLJLWDOFRPRDQDOyJLFR\HOXVXDULRQRUHFLEHVHxDO
(VODGLIXVLyQGHORVFRQWHQLGRVGHODIRUPDFRQ
RODUHFLEHGLVWRUVLRQDGDHQWDQWRTXHQRHIHFW~DOD YHQFLRQDO GRQGH ORV XVXDULRV SXHGHQ DFFHGHU D
FRPSUDeVWDVHSXHGHUHDOL]DUGHIRUPDDXWRPiWLFD WRGRVORVSURJUDPDVGH79(QORVVLVWHPDV,379
FRQHOPDQGRDGLVWDQFLDDWUDYpVGHOSURSLRHTXLSR IXQFLRQDHQPXOWLFDVWJDUDQWL]DQGRXQDRSWLPL]D
GHFRGLFDGRUFRQHFWDGRDXQDOtQHDWHOHIyQLFDRSRU
FLyQHQODPXOWLGLIXVLyQGHORVFRQWHQLGRV
HOSURSLRFDEOHVLVHWUDWDGHWHOHYLVLyQSRUFDEOHWDP
ELpQGHIRUPDPDQXDODWUDYpVGHXQGLVWULEXLGRUR 1RWLHQHVHQWLGRGLIXQGLUHQWRGDODUHGHOSURJUD
UHDOL]DQGRXQDOODPDGDWHOHIyQLFD>@>@>@>@ PDTXHVyORTXLHUHYHUXQFOLHQWH QDUURZFDVW 1L
WDPSRFRWLHQHVHQWLGRWUDQVPLWLUGHQWURGHOJUXSR
GH VHUYLFLR WRGRV ORV FDQDOHV FXDQGR H[LVWHQ DO
7JEFP0O%FNBOE 7P%
JXQRVFRQXQDEDMDGHPDQGD DKRUURGHDQFKRGH
EDQGD /DLGHDGHOVHUYLFLR6'%HVGLIXQGLUVyOR
(VXQVHUYLFLRTXHGHIRUPDLQWHUDFWLYDOHSHUPLWH
ODSURJUDPDFLyQTXHHOXVXDULRTXLHUHYHU
DOXVXDULRVROLFLWDUFXDOTXLHUWLSRGHFRQWHQLGR\D
VHDQSHOtFXODVHYHQWRVRFXDOTXLHUDFRQWHFLPLHQWR
\GHHVWDIRUPDGLVIUXWDUORHQHOKRUDULRTXHGHVHD
WHQLHQGRXQPD\RUFRQWUROVREUHHOFRQWHQLGR/D
UHSURGXFFLyQHVHQYLDGDGHVGHORVVHUYLGRUHVDOXVXD
ULRQDOHQIRUPDLQGLYLGXDOWHQLHQGRODRSFLyQGH
SDXVDUUHERELQDURUHSURGXFLUDVXYROXQWDG>@>@

([LVWHQ GRV PDQHUDV GH GLVWULEXFLyQ GH 9R'  D )LJXUD(VTXHPDGHUHG6'%


WUDYpVGH /$1VHSXHGHUHDOL]DUXQDGLVWULEXFLyQ
PXFKR PiV UiSLGD D ORV XVXDULRV (Q FDPELR D
WUDYpV GH :$1 OD UHVSXHVWD HV PiV OHQWD SHUR HO
DOFDQFHHVPXFKRPiVDPSOLR>@>@ $BSBDUFSTUJDBT
 6'%HVXQUHFXUVRFRPSOHPHQWDULRSDUDOLEHUDU
DQFKRGHEDQGD

3VZZPZ[LTHZ07;=\UHHTLUHaHPUTPULU[LWHYHSVZHJ[\HSLZTLKPVZKL[LSLKPM\ZP}U&
5,&$5'2$/2162)(552%2/9$5&(6$5+(511'(= 
RE CREACIONES
 6yORSXHGHDSOLFDUVHVREUHVHxDOHVGLJLWDOHV 'HVFULSFLyQGHORVVLVWHPDV,379
(O SURFHVR GH WUDQVPLVLyQ GH OD WHOHYLVLyQ VREUH
 6'%VRSRUWDFXDOTXLHUFyGHFGHYLGHRGHVGH
,3SXHGHFRPHQ]DUGHVGHXQVHUYLGRUGRQGHHVWp
03(*KDVWD+
DOPDFHQDGR HO YLGHR GHVGH XQD WUDQVPLVLyQ HQ
YLYRRSXHGHVHUXQDVHxDOVDWHOLWDO3DUDFRQYHUWLU
 6'%PDQHMDXQWLSRGHWUDQVPLVLyQQDUURZFDVW
ODVHxDOGHODIXHQWHHQGDWRVGLJLWDOHVGHEHSDVDU
TXHXWLOL]DPRGXODFLyQHGJH4$0
SRUXQFRGLFDGRUOXHJRHVWRVGDWRVGLJLWDOHVVRQ
HQFDSVXODGRVHQSDTXHWHV,3$QWHVGHVHUGLVWUL
 5HTXLHUHXQ8SVWUHDP YHORFLGDGGHVXELGD UR
EXLGRVDOXVXDULRQDOODVHxDOGH,379GHEHVHU
EXVWRSDUDLQWHUDFWXDUFRQORV67%>@>@>@
HQFULSWDGDOXHJRHVWUDQVPLWLGDSDUDOOHJDUDXQ
6HS7RS%R[TXHFRQYLHUWHORVGDWRVGLJLWDOHVHQ

VHxDODQDOyJLFDSDUDTXHSXHGDVHULQWHUSUHWDGDSRU
&MFDUSPOJD1SPHSBN(VJEF &1(
HOWHOHYLVRU>@>@
(VXQDDSOLFDFLyQGHOD79GLJLWDOGRQGHVHSXHGH
,379HVXQVLVWHPDFRPSOHWRPHGLDQWHHOFXDOOD
HQFRQWUDUGHPDQHUDUiSLGD\RUJDQL]DGDWRGRVORV
VHxDOGHWHOHYLVLyQHVHQWUHJDGDDORVXVXDULRVVREUH
FDQDOHV \ XQ PHQ~ GH RSFLRQHV SDUD IDFLOLWDU OD
HOSURWRFROR,3 ,QWHUQHW3URWRFRO (VWHVLVWHPDHVWi
E~VTXHGDSRUSDUWHGHOVXVFULSWRUGHOVHUYLFLR$Vt
IRUPDGRSRUORVVHUYLGRUHVGHOFRQWHQLGRHQFDUJD
HOXVXDULRSXHGHHOHJLUORTXHGHVHDVLQQHFHVLGDG
GRVGHFRGLFDUODVHxDO\IUDJPHQWDUODHQFDSVX
GHDFXGLUDOKDELWXDOFKDQQHOKRSSLQJUHFXUVRTXH
ODQGRORVSDTXHWHVSDUDRIUHFHUORVHQODUHG,3FRUH
UHVXOWDPROHVWRGHELGRDODJUDQFDQWLGDGGHFDQD
PHGLDQWHPXOWLFDVWRXQLFDV  8QDGHODVYHQWDMDV
OHVTXHPDQHMDOD79GLJLWDO(QXQ(3*DGHPiV
GHORVVLVWHPDVGH79VREUH,3HVODJHVWLyQTXH
SRGHPRV UHDOL]DU E~VTXHGDV H[KDXVWLYDV VHOHF
VHHMHUFHVREUHHOWUiFRSDUDJDUDQWL]DUQLYHOHVGH
FLRQDQGR GLIHUHQWHV WHPiWLFDV R LQFOXVR FXDQGR
4R6PiVHOHYDGRVGRQGHSRGHPRVVHxDODUDOJXQRV
VHWUDWDGHODUJRPHWUDMHVQRVPXHVWUDXQDVLQRSVLV
SDUiPHWURVTXHGHQHQOD4R6WDQWRSDUDHODXGLR
GHOPLVPR>@>@>@
FRPRSDUDHOYLGHRHQWUHORVTXHPHQFLRQDPRVHO
UHWDUGRODSpUGLGDGHSDTXHWHVHOMLWWHUSURPHGLR
HQWUH RWURV 'H HVWD IRUPD VH HVWDEOHFHQ XQDV
5JNF4IJGUJOH PpWULFDVFRPRVRQHOWLHPSRGHUHWDUGRDOHIHFWXDU
(VHODOPDFHQDPLHQWRHQXQODSVRFRUWRGHWLHPSR XQFDPELRGHFDQDOODGLVSRQLELOLGDGTXHWLHQHHO
GHODSURJUDPDFLyQWUDQVPLWLGDUHFLHQWHPHQWHFRQ FDQDOIDOORVHQHOFDPELRGHFDQDOHWFpWHUD>@>@
HVWDDSOLFDFLyQHOXVXDULRSXHGHDFFHGHUHQVXWRWD
OLGDGDXQFRQWHQLGRTXH\DKDLQLFLDGR>@>@>@
$BSBDUFSTUJDBTUDOJDBT
(OWUiFRSDUD,379FUHFHGHELGRDTXHHOYLGHRVH
&MFBSOJOH HQWUHJDHQXMRVFRQVWDQWHVHQHO6HW7RS%R[/D
(VXQVHUYLFLRTXHWLHQHQORVVLVWHPDV,379HQHO FDOLGDGGHODLPDJHQHVFRQWURODGDSRUHOSURYHHGRU
FXDOVHGHVDUUROODXQDVHULHGHFXUVRVTXHIRPHQWDQ GHOVHUYLFLRHOFXDOGHWHUPLQDODWDULIDGHFRGLFD
HODSUHQGL]DMHHQGLIHUHQWHVJUXSRVGHXVXDULRVFRPR FLyQ FDQWLGDGGHELWVSRUWUDPD >@
SRUHMHPSORFXUVRVLQIDQWLOHVSDUDQLxRV>@
,379 WLHQH FDUDFWHUtVWLFDV TXH OR GLIHUHQFLDQ GH
RWURV VHUYLFLRV GH GLIXVLyQ FRPR  FRQVXPLU XQ
PD\RUDQFKRGHEDQGD\GHHVWDIRUPDUHTXHULU
XQD FRQH[LyQ GH DOWD YHORFLGDG HQ HO WUDPR GH

 ;LJU\YH=VS5V,ULYV1\UPVKL
RE CREACIONES
DFFHVR 'HQWUR GH ODV FDUDFWHUtVWLFDV SULQFLSDOHV LPiJHQHVGHQRPLQDGDVIRWRJUDPDVVHUHSUHVHQWDQ
GH XQ VLVWHPD GH 79 VREUH ,3 SDUD VX DGHFXDGR GHPDQHUDGLJLWDOGHELGRDTXHHVWDLQIRUPDFLyQ
IXQFLRQDPLHQWRHQFRQWUDPRVODVVLJXLHQWHV RFXSDXQJUDQDQFKRGHEDQGDHVQHFHVDULRFRGL
FDUOD>@>@>@
 8WLOL]D UHGHV GH DFFHVR GH DOWD YHORFLGDG
$'6/$'6/ )77+ 9'6/ &DUULHU
*UDGH(WKHUQHWHQWUHRWUDV
'PSNBUP.1(&
 'LVWULEXFLyQGHORVFRQWHQLGRVDWUDYpVGHXQD 03(*EiVLFDPHQWHHVLPSOHPHQWDGRSDUDFRGL
UHGGHDOWDYHORFLGDGFRQIXQFLRQHVPXOWLFDVW FDUDXGLR\YLGHRHQVHxDOHVGHWUDQVPLVLyQTXH
GHUHG\FDOLGDGGHVHUYLFLRJDUDQWL]DGD LQFOX\HQWHOHYLVLyQGLJLWDOWHUUHVWUHSRUVDWpOLWHR
FDEOH 03(* FRQ DOJXQDV PRGLFDFLRQHV HV
 6HLPSOHPHQWDEUDySWLFDHQODUHGWURQFDO\ WDPELpQHOIRUPDWRGHFRGLFDFLyQXVDGRSRUORV
VHXWLOL]DFRPRQ~FOHRGHODUHGSDUDUHDOL]DU GLVFRV69&'V\'9'VFRPHUFLDOHVGHSHOtFXODV
PXOWLFDVW /RJUDUHODFLRQHVGHFRPSUHVLyQGHPiVGH
SHURPDQWLHQHODFDOLGDGYLVXDOGHOYLGHRRULJLQDO
 8WLOL]DXQVLVWHPDGHGHFRGLFDFLyQ6HS7RS D GLIHUHQFLD GH 03(* 03(* HV VLPLODU D
%R[FRPRGLVSRVLWLYRGHUHFHSFLyQGHOXVXDULR 03(*SHURWDPELpQSURSRUFLRQDVRSRUWHSDUD
YLGHRHQWUHOD]DGR HOIRUPDWRXWLOL]DGRSRUODVWH
 /D79YDUtDGH0ESVD0ESVGHSHQGLHQGR OHYLVLRQHV 03(*QRHVWiRSWLPL]DGRSDUDEDMDV
GHODWDULIDGHFRGLFDFLyQ WDVDVGHELWV PHQRUHVTXH0ELWV SHURVXSHUDHQ
GHVHPSHxRD03(*D0ELWV\VXSHULRUHV>@
 6HOHFFLyQGHFDQDODOPDFHQDPLHQWRORFDOSDUD
IXQFLRQDOLGDGHVGHDYDQFHUiSLGRUHERELQDGR (O HVWiQGDU GH FRPSUHVLyQ 03(* D WUDYpV GH
HWFpWHUDa0ESVSDUDGHQLFLyQHVWiQGDU\ XQDWUDPDGHYLGHRFRPSDUDGDFRQVXVVXFHVLYDV
a0ESVSDUD+'79>@>@ SHUPLWHTXHVHDOPDFHQHVyORODLQIRUPDFLyQGHORV
FDPELRVHQWUHODVWUDPDVJHQHUDQGRUHGXQGDQFLD
HQODLQIRUPDFLyQTXHWUDQVSRUWDODSULPHUDWUDPD
\WHQLHQGRFRPRYHQWDMDODUHGXFFLyQHQHODQFKR
'PSNBUPTEFWJEFPFOTJTUFNBT*157
GH EDQGD \D TXH YD H[LVWLU LQIRUPDFLyQ RULJLQDO
(OHPSOHRGHXQHVWiQGDUDELHUWRFRPRSRUHMHPSOR TXHYDDGHMDUGHVHUWUDQVPLWLGD3UHVHQWDQGRHO
+IRPHQWDODFRPSHWLWLYLGDGHQHOGHVDUUROOR LQFRQYHQLHQWHTXHHOPtQLPRFRP~QGHQRPLQDGRU
GHGLVSRVLWLYRVGHFRGLFDFLyQ\DVXYH]UHGXFHHO GHXQDWUDPDVLJXHVLHQGRFRQVLGHUDEOH>@>@
FRVWRGHORVPLVPRVSURPRYLHQGRHLQFHQWLYDQGR
DOFRQVXPLGRUDJHVWLRQDUPiVFRQWHQLGRV(QWUHORV
FyGHFGHYLGHRVLPSOHPHQWDGRVHQVLVWHPDVGH79
'PSNBUP.1(&
VREUH,3HQFRQWUDPRV03(*03(*+
03(* 0RYLQJ3LFWXUHV([SHUWV*URXS HVXQ
03(* VRQ ODV LQLFLDOHV GHO JUXSR GH LQJHQLHUtD HVWiQGDUGHVDUUROODGRSRU03(*HOPLVPRJUXSR
H[SHUWRHQODVLPiJHQHVHQPRYLPLHQWReVWHHVWi TXHGHVDUUROOyORVHVWiQGDUHV03(*\03(*
HQFDUJDGRGHHVWDEOHFHUORVHVWiQGDUHVSDUDODFR 6XSULQFLSDOIXQFLyQHVRIUHFHUXQPD\RUJUDGRGH
GLFDFLyQ\WUDQVPLVLyQGHDXGLR\YLGHR(OYLGHR LQWHUDFWLYLGDG \ FRQWURO GH ORV FRQWHQLGRV PXOWL
VHSXHGHGHQLUFRPRXQDUHSURGXFFLyQVHFXHQFLDO PHGLD DO XVXDULR (VWH IRUPDWR PDQHMD XQD VHULH
GHLPiJHQHVDXQDGHWHUPLQDGDYHORFLGDGSDUDGDU GH FyGHFV \ HVWiQGDUHV LQWHUQDFLRQDOHV GH YLGHR
XQDVHQVDFLyQGHPRYLPLHQWRDORMRKXPDQR(VWDV DXGLR\GDWRVFUHDGRVHVSHFLDOPHQWHSDUDODZHE

3VZZPZ[LTHZ07;=\UHHTLUHaHPUTPULU[LWHYHSVZHJ[\HSLZTLKPVZKL[LSLKPM\ZP}U&
5,&$5'2$/2162)(552%2/9$5&(6$5+(511'(= 
RE CREACIONES
(VWi IRUPDGR SRU DOJRULWPRV GH FRPSUHVLyQ TXH DGRSWD XQ DOJRULWPR KtEULGR GH SUHGLFFLyQ \ GH
FRGLFDQ GDWRV DXGLR \ YLGHR RSWLPL]DQGR VX WUDQVIRUPDFLyQSDUDODUHGXFFLyQGHODFRUUHODFLyQ
FDOLGDGGHDOPDFHQDPLHQWRFRGLFDFLyQ\GLVWUL HVSDFLDO\GHODVHxDOUHVLGXDOFRQWUROGHODYHORFLGDG
EXFLyQ HQ UHGHV (V XQ FRGLFDGRU GH YLGHR TXH ELQDULDRELWUDWHSUHGLFFLyQSRUFRPSHQVDFLyQGH
WUDEDMDWDVDVGHELWPX\EDMDVSDUDFRPXQLFDFLRQHV PRYLPLHQWRSDUDUHGXFLUODUHGXQGDQFLDWHPSRUDO
LQDOiPEULFDVKDVWDWDVDVGHELWHQ+'79(QWUHVXV DVtFRPRODFRGLFDFLyQGHODHQWURStDSDUDUHGXFLU
XVRVVHHQFXHQWUDHOXMRGHPHGLRVDXGLRYLVXDOHV ODFRUUHODFLyQHVWDGtVWLFD6LQHPEDUJRORTXHKDFH
\HPLVLyQGH79>@>@>@ TXHHVWHHVWiQGDUSURSRUFLRQHPD\RUHFLHQFLDGH
FRGLFDFLyQHVODPDQHUDFRPRRSHUDFDGDEORTXH
03(* UHFRQRFH ORV REMHWRV LQGLYLGXDOPHQWH IXQFLRQDO3RUHMHPSORHO+LQFOX\HSUHGLFFLyQ
GHQWURGHFDGDWUDPD\SXHGHPDQLSXODUFDGDREMHWR LQWUDFXDGUR ,175$ FDUDFWHUtVWLFD~QLFDGHHVWH
GHIRUPDLQGLYLGXDO(VWHIRUPDWRPDQHMDQLYHOHVGH HVWiQGDU +XDQJ WUDQVIRUPDFLyQSRUEORTXHV
FRPSUHVLyQGHRFKRDGRFHYHFHVPiVTXH03(* GH[PXHVWUDVFX\RVFRHFLHQWHVWUDQVIRUPDGRV
3RUHMHPSORHOHVWiQGDUGHODFRPSUHVLyQ03(* UHVXOWDQ HQWHURV :LHQ   DQWHULRUPHQWH VH
FRQVXPHDSUR[LPDGDPHQWH0ESVHOQXHYR LQFOXtDWUDQVIRUPDFLyQGH[PXHVWUDVUHIHUHQFLD
HVWiQGDUGHFRPSUHVLyQ03(*FRQVXPHVROD P~OWLSOHSDUDSUHGLFFLyQWHPSRUDOWDPDxRYDULDEOH
PHQWH0ESVPLHQWUDVTXHSURSRUFLRQDODPLVPD GHORVPDFUREORTXHVDFRPSULPLUSUHFLVLyQGHXQ
LPDJHQGHDOWDFDOLGDG FXDUWRGHSt[HOSDUDODFRPSHQVDFLyQGHPRYLPLHQ
WROWURGHGHVEORTXHR /LVW \FRGLFDGRU
03(*SHUPLWHLQWHJUDUORVFRQWHQLGRVQDWXUDOHV GHHQWURStDPHMRUDGR7RGDVHVWDVPHMRUDVYLHQHQ
\VLQWpWLFRVHQIRUPDGHREMHWRVRIUHFLHQGRPD\RU DFRPSDxDGDVGHXQDXPHQWRHQODFRPSOHMLGDGGH
YHUVDWLOLGDGHQFXDQWRDUHODFLRQHVGHXMRGHVGH ODLPSOHPHQWDFLyQ>@>@
.ESVKDVWD0ESVSDUDYLGHR$JUHJDQGRTXH
03(*RIUHFHXQDDGPLQLVWUDFLyQ\SURWHFFLyQ
PHMRUDGDGHODSURSLHGDGLQWHOHFWXDO'XUDQWHOD
1SPUPDPMPTJNQMFNFOUBEPTFOVO
GHFRGLFDFLyQ03(*UHFXSHUDODLQIRUPDFLyQ
TJTUFNB*157
GHFDGDREMHWRRIUHFLHQGRDOXVXDULRODSRVLELOLGDG
GHPRGLFDUFXDOTXLHUSDUiPHWURGLVSRQLEOHVLQOD (QORVVHUYLFLRV,379H[LVWHQXQDVHULHGHSURWRFR
QHFHVLGDGGHQXHYDVGHFRGLFDFLRQHV>@>@>@ ORVGHQWURGHORVTXHVHHQFXHQWUDQORVSURWRFRORV
SDUDHOWUDQVSRUWHHOFRQWUROGHVHxDOHVGHYLGHRHQ
WLHPSRUHDODWUDYpVGHXQDUHG,3\ORVSURWRFRORV
SDUDXQDWUDQVPLVLyQPXOWLFDVWGHUHG$FRQWL
'PSNBUP) QXDFLyQ PHQFLRQDUHPRV DOJXQRV SURWRFRORV TXH
(O QXHYR HVWiQGDU GH YLGHR + QR VyOR HV H[SOLFDQ HO WUDQVSRUWH \ FRPSRUWDPLHQWR HQ XQD
HFLHQWH SDUD HO DOPDFHQDPLHQWR GH YLGHR VLQR WUDQVPLVLyQGHYLGHRDWUDYpVGHODUHG
TXH WDPELpQ SURSRUFLRQD XQ DOWR UHQGLPLHQWR HQ
FRPSUHVLyQ \ HV PiV UREXVWR D HUURUHV GH WUDQV
PLVLyQ TXH VXV DQWHFHVRUHV 03(* + \
1SPUPDPMPTEFUSBOTQPSUFZEFDPOUSPM
03(*SDUWH/DVFRPSDUDFLRQHVGHPXHVWUDQ
TXHHO+WLHQHXQDHFLHQFLDGHFRGLFDFLyQ (QODVWUDQVPLVLRQHVGHYLGHRH[LVWHQSURWRFRORVEi
GHDSUR[LPDGDPHQWHYHFHVPD\RUHQFDGDVH VLFRVXWLOL]DGRVSDUDRIUHFHUVHUYLFLRV,379GHQWUR
FXHQFLDGHSUXHEDFRQUHODFLyQDRWURVHVWiQGDUHV GHORVFXDOHVHQFRQWUDPRVSURWRFRORVGHWUDQVSRUWH
FRPR7&38'357357&3\SURWRFRORVGHFRQ
(O+FXHQWDFRQORVPLVPRVHOHPHQWRVREORTXHV WUROGHODVHVLyQFRPR5763<6'3>@
IXQFLRQDOHV TXH VXV DQWHFHVRUHV \D TXH WDPELpQ

 ;LJU\YH=VS5V,ULYV1\UPVKL
RE CREACIONES
o 5$1Z6%1 HQYtRGHLQIRUPDFLyQHQWLHPSRUHDO/RVPHQVDMHV
/RVSURWRFRORV7&3<8'3VXPLQLVWUDQODVIXQ GHOSURWRFRORLQFOX\HQORVPpWRGRVGHVFULEHSOD\
FLRQHV EiVLFDV GH WUDQVSRUWH D WUDYpV GH XQD UHG SDXVH \ UHFRUG HQWUH RWURV D WUDYpV GH pVWRV VH
,3(VWRVWDPELpQUHDOL]DQODVIXQFLRQHVGHPXOWL FRQWURODOD HQWUHJDGH SDTXHWHVPXOWLPHGLD>@
SOH[DGRFRQWUROGHXMR\HUURUHV'HELGRDOUHWUDVR (QODPD\RUtDGHORVFDVRV5763XWLOL]D7&3SDUD
TXHJHQHUDODLPSOHPHQWDFLyQGH7&3HQFXDQWRD GDWRVGHFRQWUROGHUHSURGXFWRU\8'3SDUDDXGLR
SURFHVRGHFRQWURO\WUDQVSRUWHODVWUDQVPLVLRQHV \YLGHR7DPELpQ5763SHUPLWHODHOHFFLyQGHORV
GHYLGHRHQWLHPSRUHDOXWLOL]DQPiVHOSURWRFROR FDQDOHVGHHQYtR\ORVPHFDQLVPRVGHHQYtRED
8'3SHURLJXDOPHQWHGDGRTXHHVWHSURWRFRORQR VDGRVHQ573\57&3IXQFLRQDQWDQWRHQXQLFDVW
JDUDQWL]DODHQWUHJDHOUHFHSWRUGHEHLPSOHPHQWDU FRPRHQPXOWLFDVW>@>@>>@
XQD FDSD VXSHULRU 573  SDUD SRGHU GHWHFWDU OD
SpUGLGDGHORVSDTXHWHV>@>@>@
o 4%1 4FTTJPO%FTDSJQUJPO1SPUPDPM

eVWHGHVFULEHORVSDUiPHWURVGHLQLFLDOL]DFLyQGHORV
o 351 3FBM5JNF5SBOTQPSU1SPUPDPM
XMRVPXOWLPHGLD(QWUHVXVIXQFLRQHVHVWiGHVFULELU
(VXQSURWRFRORGHQLYHOGHVHVLyQXWLOL]DGRSDUD ODVVHVLRQHVGHFRPXQLFDFLyQPXOWLPHGLDFXEULHQ
ODWUDQVPLVLyQGHLQIRUPDFLyQHQWLHPSRUHDO/D GRDVSHFWRVFRPRDQXQFLRGHVHVLyQLQYLWDFLyQD
IXQFLyQGH573HVEULQGDUXQPHGLRPiVHVWDEOHDOD VHVLyQ\QHJRFLDFLyQGHSDUiPHWURV>@>@>@
UHG,3HQHOWUDQVSRUWHGHLQIRUPDFLyQFRPRYLGHR
YR]\GDWRVWHQLHQGRHQFXHQWDODVOLPLWDFLRQHVHQ
WLHPSRUHDOTXHpVWHJHQHUD'HQWURGHVXVIXQFLR 1SPUPDPMPTNVMUJDBTU
QHVHQFRQWUDPRVPDUFDGRUWHPSRUDOQXPHUDFLyQ
/DGLVWULEXFLyQPXOWLFDVWHVWiEDVDGDHQODFDSDFL
GH VHFXHQFLDV LGHQWLFDFLyQ GHO WLSR GH FDUJD H
GDGGHORVURXWHUVGHKDFHUPXOWLSOH[DFLyQGHXMR
LGHQWLFDFLyQGHIXHQWH>@>@>@
GHGDWRVDWUDYpVGHGLYHUVRVGRPLQLRV\VLVWHPDV
DXWyQRPRVWHQLHQGRODYHQWDMDGHJHQHUDUXQDUH
GXFFLyQHQODFDQWLGDGGHGDWRVTXHFLUFXODQDWUDYpV
o 35$1 351$POUSPM1SPUPDPM
GH,QWHUQHWDVtFRPRXQDGLVPLQXFLyQHQODFDUJD
57&3HVXQSURWRFRORTXHVHXWLOL]DSDUDWUDQVPLWLU GHODVIXHQWHVGHGDWRV\VHUYLGRUHV&RPRHMHPSOR
SDTXHWHVGHFRQWUROKDFLDWRGRVORVPLHPEURVGH PiVVLJQLFDWLYRVHWLHQHODGLVWULEXFLyQGHFDQDOHV
XQDVHVLyQLPSOHPHQWDQGRORVPLVPRVPHFDQLV GH WHOHYLVLyQ HQ LPSOHPHQWDFLRQHV ,379 GHQWUR
PRVGHGLVWULEXFLyQGHGDWRVTXHHOSURWRFROR573 GHODVRIHUWDVGHVHUYLFLRVWULSOHSOD\&RPRFDGD
6XIXQFLyQSULQFLSDOHVSURSRUFLRQDUXQDUHDOLPHQ FDQDOVXSRQHXQXMRGHYLGHRVLPLODUSDUDWRGRV
WDFLyQ GH FDOLGDG GH VHUYLFLR HQ OD LQIRUPDFLyQ ORVDERQDGRVTXHORHVWpQYLHQGRHQXQPRPHQWR
UHFLELGD eVWH UHFRJH HVWDGtVWLFDV GH FRQH[LyQ GDGRODHQWUHJDPHGLDQWHPXOWLFDVWOLEHUDPXFKD
WDVD\DFXPXODGRGHSDTXHWHVSHUGLGRVSDTXHWHV FDUJDWDQWRHQHOQ~FOHRGHODUHG\ODVHFFLyQGH
HQYLDGRVMLWWHU\UHWDUGRGHVGHHO~OWLPRSDTXHWH GLVWULEXFLyQFRPRHQHOERUGH\OD]RQDGHDFFHVR
HQYLDGR>@>@>@>@ 6XGLVWULEXFLyQJHQHUDXQiUEROFX\DVUDPDVVH
YDQELIXUFDQGRDPHGLGDTXHHOXMRDWUDYLHVDOD
UHGHVWDVELIXUFDFLRQHVOOHJDQKDVWDFDGDXVXDULR
QDO'HHVWHPRGRODFDSDFLGDGFRQVXPLGDHQOD
o 3541 3FBM5JNF4USFBNJOH1SPUPDPM
UHGVREUHWRGRHQHOQ~FOHRHVPXFKtVLPRPHQRU
(VXQSURWRFRORGHQLYHOGHDSOLFDFLyQTXHVLUYH TXHODFDSDFLGDGDJUHJDGDH[LVWHQWHFXDQGRHOQ~
SDUD FRQWURODU OD HQWUHJD GH GDWRV TXH UHTXLHUDQ PHURGHXVXDULRVTXHYHQHOFDQDOHVVLJQLFDWLYR

3VZZPZ[LTHZ07;=\UHHTLUHaHPUTPULU[LWHYHSVZHJ[\HSLZTLKPVZKL[LSLKPM\ZP}U&
5,&$5'2$/2162)(552%2/9$5&(6$5+(511'(= 
RE CREACIONES
(QOD)LJXUDVHREVHUYDODGLVWULEXFLyQPXOWLFDVW ODV LQWHUIDFHV HPLVRUDV KDVWD TXH VH SURGXFH
JHQHUDGDHQXQVLVWHPDGH79VREUH,3>@>@>@ WUXQFDPLHQWR>@>@>@>@

*(.1 *OUFSOFU(SPVQJOH  
.BOBHFNFOU1SPUPDPM

(VXQSURWRFRORTXHRSHUDHQODFDSDWUHVGHOPRGHOR
26,6HLPSOHPHQWDFXDQGRHOHQYtRGHGDWRVDXQD
GLUHFFLyQ,3SXHGHDOFDQ]DUP~OWLSOHVVHUYLGRUHV\
)LJXUD6LVWHPDPXOWLFDVW DWRGRVORVGLVSRVLWLYRVGHXQDVXEUHG  ,*03HV
XVDGRHQWUHORVKRVW\HQUXWDGRUHVORFDOHV&XDQGR
XQPLHPEURSRWHQFLDOGHVHDXQLUVHDXQJUXSRPXO
3DUDODUHDOL]DFLyQGHPXOWLFDVWHQXQDUHGHVQHFHVD WLFDVWKDGHHQYLDUXQDSHWLFLyQGHXQLyQDOURXWHU
ULRXQVRSRUWHSRUSDUWHGHORVVLVWHPDVQDOHV\ORV GHVLJQDGRGHVXVXEUHGHOFXDOVHHQFDUJDGHH[WUDHU
HTXLSRVLQWHUPHGLRVGHpVWD(QFRQFUHWRORVURXWHUV ODLQIRUPDFLyQUHOHYDQWH\JHQHUDUXQPHQVDMHGH
GHODUHGKDQGHVHUFDSDFHVGHHMHFXWDUXQDVHULHGH XQLyQHVSHFtFRGHOSURWRFRORGHHQFDPLQDPLHQWR
SURWRFRORVXQRSULQFLSDOSDUDUHDOL]DUHOHQFDPLQD PXOWLFDVW>@>@>@
PLHQWRFRQUHSOLFDFLyQGHXMRV\YDULRVDX[LOLDUHV
SDUDPDQWHQHUEDVHVGHGDWRVGHUXWDVPHFDQLVPRV
GHVHJXULGDGLQWHUDFFLyQFRQORVPLHPEURVGHORV #(.1 #PSEFS(BUFXBZ  
JUXSRV FRQWURO GH DGPLVLyQ GHVFXEULPLHQWR GH .VMUJDBTU1SPUPDPM

IXHQWHVGHGDWRV\PDQWHQLPLHQWRGHUHGXQGDQFLD
HQ SUHYLVLyQ GH IDOORV 'HQWUR GH ORV SURWRFRORV $SHVDUGHTXHHQSULQFLSLRUHVXOWyYiOLGRSDUDOD
PXOWLFDVWHQFRQWUDPRVORVVLJXLHQWHV>@ UHDOL]DFLyQGHPXOWLFDVWLQWHUGRPLQLRHVGHVHVWL
PDGRGHELGRDTXHSRUVXFRPSOHMLGDGIXHUHFKD
]DGRSRUORVRSHUDGRUHVGHUHG\SURYHHGRUHVGH
VHUYLFLRVGH,QWHUQHWSDUDVXLPSOHPHQWDFLyQDJUDQ
1*. 1SPUPDPM*OEFQFOEFOU.VMUJDBTU
HVFDOD$FWXDOPHQWHQRH[LVWHQGHVSOLHJXHVGHUHG
(V XQ SURWRFROR TXH RSHUD GH IRUPD 6RIW6WDWH FRQHVWHSURWRFROR
HVWDGRYROiWLO HOFXDOHVWDEOHFHHOHVWDGRGHHQ
UXWDPLHQWRPXOWLFDVWEDViQGRVHHQODLQIRUPDFLyQ
FRQWHQLGDHQODVWDEODVGHHQUXWDPLHQWRXQLFDVW(V %7.31 %JTUBODF7FDUPS.VMUJDBTU 
XQSURWRFRORGHHQUXWDPLHQWRXQLFDVWLQGHSHQGLHQWH 3PVUJOH1SPUPDPM

\VHSXHGHRSHUDUHQGRVPRGRV
(VWHSURWRFRORIXHHOSULPHURGLVHxDGRSDUDUHDOL]DU
HQUXWDPLHQWRPXOWLFDVW$FWXDOPHQWHVyORVHXVDHQ
 3,060 3,066SDUVH0RGH HVHOSURWRFROR
ODSHULIHULDGHUHGHVGHRSHUDGRUTXHFRQWLHQHQVLV
GHHQUXWDPLHQWRPXOWLFDVWPiVXVDGR\DTXH
WHPDVKHUHGDGRVFRPRFRUWDIXHJRVTXHQRVRSRUWDQ
HVLQGHSHQGLHQWHGHOSURWRFRORXQLFDVWHQHO
RWURVSURWRFRORVPiVHFLHQWHV>@>@
FXDOVHEDVDVXIXQFLRQDPLHQWReVWHOLPLWDOD
GLVWULEXFLyQGHGDWRVGHPDQHUDTXHXQDFDQ
WLGDGPtQLPDGHURXWHUVGHODUHGORVUHFLEDQ

 3,0'0  3,0 'HQVH 0RGH  HQ HO PRGR


GHQVRORVSDTXHWHVVHHQYtDQDWUDYpVGHWRGDV

 ;LJU\YH=VS5V,ULYV1\UPVKL
RE CREACIONES
.041' .VMUJDBTU0QFO   HQUXWDPLHQWRGHOSURWRFRORXQLFDVWTXHRSHUDHQORV
4IPSUFTU1BUI'JSTU
SXQWRVGHUDPLFDFLyQ
(VXQSURWRFRORGHHQUXWDPLHQWRPXOWLFDVWEDVDGR
HQHOFDPLQRGHHQUXWDPLHQWRPiVFRUWR(VXQD
H[WHQVLyQGH263)HOFXDOIXQFLRQDDGHFXDGDPHQWH 2P4.*$ 2VBMJUZPG4FSWJDF4FOTJUJWF 
HQUHGHVSHTXHxDV\PHGLDQDVSHURQRHQHVFDOD .VMUJDBTU*OUFSOFUQSPUPDPM

GHSODWDIRUPDVLQWHUGRPLQLR
eVWHSHUPLWHHOHVWDEOHFLPLHQWRGHFDPLQRVHQHO
iUEROGHGLVWULEXFLyQPXOWLFDVWTXHFXHQWHQFRQ
XQDVFDUDFWHUtVWLFDVGHWHUPLQDGDVGH4R6eVWDVVH
(.31 (MPCBM.VMUJDBTU   HVWDEOHFHQHQEDVHDODVPpWULFDVREWHQLGDVHVWiWLFD
3PVUJOH1SPUPDPM
\GLQiPLFDPHQWHHQODUHG\DORVUHTXLVLWRVGH
*053UHDOL]DXQHQUXWDPLHQWRPXOWLFDVWEDVDGRHQ PDQGDGRVSRUODVDSOLFDFLRQHVTXHVHHMHFXWDQHQ
XQDGLYLVLyQMHUiUTXLFDGHODUHGHQpVWDORVQRGRV ORV SRWHQFLDOHV PLHPEURV$OJXQRV GH ORV QRGRV
GHFDGDQLYHOUHSUHVHQWDQORELVQRGRVSDVDUHODGH GHO iUERO PiV SUy[LPRV DO SRWHQFLDO PLHPEUR
ORVQLYHOHVLQIHULRUHVeVWRVVRQORVHQFDUJDGRVGHO HQYtDQ LQIRUPDFLyQ FRQ DOWHUQDWLYDV GH FDPLQRV
HQYtR\UHFHSFLyQGHSDTXHWHVPXOWLFDVWGHPRGR SDUDODXQLyQ\HOPLHPEURHOLJHODPHMRUGHWRGDV
GHTXHQRFLUFXOHQGXSOLFDGRVHQWUHQLYHOHVDOWHQHU HOODV>@>@>@>@
VyORXQSXQWRGHHQWUDGD

*OGSBFTUSVDUVSBEFSFE
%$. %PNBJO$POTUSBJOFE.VMUJDBTU
(OWUiFR,379SXHGHVHUSURWHJLGRGHRWURVWUiFRV
'&0UHDOL]DXQHQUXWDPLHQWRPXOWLFDVWHQWUHGR GHGDWRVSDUDJDUDQWL]DUXQQLYHODSURSLDGRGH4R6
PLQLRVGHUHGEDVDGRHQODVWDEODVGHHQUXWDPLHQWR (O~OWLPRHQODFHKDVWDODUHGGHOKRJDUHQFDUJDGR
XQLFDVW \ HQ XQ IRUPDWR HVSHFLDO GH GLUHFFLRQHV GHGLVWULEXLUGDWRVYR]\YtGHRSXHGHVHUKHFKRD
TXHUHVXOWDGHODPRGLFDFLyQGHODVGLUHFFLRQHV WUDYpVGHGLVWLQWDVWHFQRORJtDVItVLFDV ))7[['6/
PXOWLFDVW ,3Y /RV URXWHUV IURQWHUD GH GRPLQLR :/$1:,0$;HWFpWHUD 3RU~OWLPRORV6HW7RS
HMHFXWDQHQWLGDGHVGHOSURWRFROR'&0SDUDUHHQ %R[HVXRWURVGLVSRVLWLYRVPXOWLPHGLDVHHQFDUJDQGH
YLDUORVSDTXHWHVPXOWLFDVWDXQGRPLQLRGHVWLQRHQ GHFRGLFDUODLQIRUPDFLyQ\SUHVHQWDUODDOXVXDULR
FRQFUHWRUHDOL]iQGRVHHOHQYtRHQWUHGRPLQLRVGH (VWDHVXQDDEVWUDFFLyQVLPSOLFDGDGHODVGLVWLQWDV
PRGRXQLFDVW/RVGHVWLQRVVRQWRGRVORVGRPLQLRV DUTXLWHFWXUDVUHDOHVTXHSRGHPRVHQFRQWUDUHQEDVH
HQORVTXHKD\DXQDFRUUHVSRQGHQFLDHQODVWDEODV DWRGDVODVWHFQRORJtDV,3KHWHURJpQHDVTXHH[LVWHQ
GHHVWDGRGHODHQWLGDG'&0HVGHFLUTXHFXHQWHQ
FRQIXHQWHVUHFHSWRUDVSDUDHOJUXSRFRQGLUHFFLyQ
PXOWLFDVWODGHGHVWLQRGHOGDWDJUDPD>@>@>@

/#. /FYU#SBODI.VMUJDBTU

(VXQSURWRFROREDVDGRHQQRGRVGHUDPLFDFLyQ
VLHQGR HVWRV SXQWRV  GHWHUPLQDGRV URXWHUV GH OD
UHG TXH HMHFXWDQ HQWLGDGHV GHO SURWRFROR 1%0
3XHGHQIRUPDUSDUWHGHOiUEROPXOWLFDVWURXWHUV
XQLFDVW(OHQYtRGHSDTXHWHVVHEDVDHQODWDEODGH

3VZZPZ[LTHZ07;=\UHHTLUHaHPUTPULU[LWHYHSVZHJ[\HSLZTLKPVZKL[LSLKPM\ZP}U&
5,&$5'2$/2162)(552%2/9$5&(6$5+(511'(= 
RE CREACIONES
3FEEFBDDFTP
/DUHGGHDFFHVRSURYHHHOHQODFHHQWUHHOFRUHGH
ODUHG\ORVFRQVXPLGRUHVHQORVKRJDUHVeVWDVX
PLQLVWUDXQDWUDVODFLyQGHODUHGFRQPXWDGDKDFLD
ORVHTXLSRGHDFFHVRTXHWHQJDHOSURYHHGRUSDUD
OOHJDUKDFLDODUHGGHORVKRJDUHV/DUHGGHDFFHVR
SRUORJHQHUDOHVOODPDGD~OWLPDPLOOD(O~OWLPR
HQODFHKDVWDODUHGGHOKRJDUHQFDUJDGRGHGLVWULEXLU
GDWRV YR] \ YtGHR SXHGH VHU KHFKR D WUDYpV GH
GLVWLQWDVWHFQRORJtDVItVLFDV ))7[['6/:/$1
)LJXUD$UTXLWHFWXUDJHQpULFD,379 :,0$;HWFpWHUD /DVWHFQRORJtDVGHDFFHVRTXH
VHSXHGHQXWLOL]DUVRQ

/DVWHFQRORJtDVGHUHGGHWHUPLQDQODVFDSDVItVLFDV
\GHHQODFHHQHOPRGHOR26,HQGHQLWLYDODVFDSDV o "DDFTPQPSDPCSF
PiVEDMDV(QJHQHUDOSRGUtDPRVYHUHVWDFRQMXQ /DPD\RUtDGHRSHUDGRUHVGHWHOHFRPXQLFDFLRQHV
FLyQGHUHGHVFRPRXQDVRODXQDUHGJOREDO,3>@ XWLOL]DQ WHFQRORJtDV '6/ /tQHD GH 6XEVFULSWRU
'LJLWDO SDUDHQWUHJDUORVVHUYLFLRVGHEDQGDDQFKD
H,379DORVKRJDUHVHQVXUHGGHDFFHVR(OORVSXH
&MDPSFEFMBSFE GHQHOHJLUHQWUHYDULDVWHFQRORJtDV'6/FRPRORV
VRQ$'6/ '6/DVLPpWULFR R'6/'6/'6/
(OFRUHGHODUHGFRQVLVWHHQXQEDFNERQHGHEUD 9'6/ '6/GHDOWDYHORFLGDG \*6+'6//RV
ySWLFD :$1 TXHLQWHUFRQHFWDYDULDVFHQWUDOHVGH PXOWLSOH[RUHV GH DFFHVR D OtQHDV GH VXVFULSFLyQ
GLVWULEXFLyQ \ TXH UHFLEH ORV GDWRV GHO KHDGHQG GLJLWDO '6/$0V  WUDQVHUHQ OD VHxDOHV SURYH
IXHQWHV GH FRQWHQLGR  WUDQVSRUWiQGRORV KDFLD OD QLHQWHVGHODySWLFDKDFLDORVFDEOHVGHFREUHSDUD
UHGGHDFFHVR(OREMHWLYRSULQFLSDOGHO&RUHHVSUR ODHQWUHJDGH'6/HQORVKRJDUHVGHORVFOLHQWHV
SRUFLRQDUVXFLHQWHDQFKRGHEDQGDSDUDHOWUDQV '6/ HV XQD HYROXFLyQ GHO$'6/ TXH SHUPLWH
SRUWHGHGDWRV\YLGHR\GHHVWDIRUPDPDQWHQHU PD\RUHVDQFKRVGHEDQGD\PHQRUHVLQWHUIHUHQFLDV
HOWUiFRGHUHGHQWUHYDULDViUHDVGHVHUYLFLR\HO (QWUHPD\RUVHDHODQFKRGHEDQGDODSRVLELOLGDG
KHDGHQGeVWHWDPELpQSURSRUFLRQDODFDSDFLGDGGH GHDFFHGHUDVHUYLFLRVPXOWLPHGLDDXPHQWDFRPR
LQVHUWDUFRQWHQLGRVORFDOHV LQFOX\HQGRORVVLVWHPDV SRUHMHPSORMXHJRVYLGHREDMRGHPDQGDHWFpWHUD
GHDODUPDVGHHPHUJHQFLD HQFDGDiUHDGHVHUYLFLR 'HHVWDIRUPDDOH[LVWLUPHQRULQWHUIHUHQFLDODV
DVXYH]GHEHWHQHUODFDSDFLGDGGHWUDQVSRUWDUPiV HPSUHVDVSURYHHGRUDVSRGUiQRIUHFHUXQDPD\RU
WUiFRVLHOVLVWHPDFUHFHHQFOLHQWHV\FRQWHQLGR FDOLGDGGHOVHUYLFLR>@>@>@>@
HVWRVHORJUDDXPHQWDQGRHODQFKRGHEDQGDHQWUH
ODVFRQH[LRQHVGHOFRUH>@>@>@

/DVUHGHVFRUHLQFRUSRUDQODVIXQFLRQHVGHWUDQVSRU o "DDFTPQPSGJCSBQUJDB
WH\GHLQWHOLJHQFLDGHVGHHOVHUYLGRUKDVWDXQSXQWR /D LQWURGXFFLyQ GH OD EUD ySWLFD HQ HO QRGR GH
LQWHUPHGLR DQWHV GH VHU GLVWULEXLGDV DO XVXDULR DFFHVRSHUPLWHGLVSRQHUGHXQPHGLRGHWUDQVPLVLyQ
QDO(Q,379HVWiQSULQFLSDOPHQWHEDVDGDVHQORV GHJUDQDQFKRGHEDQGDSDUDHOVRSRUWHGHVHUYLFLRV
PHFDQLVPRV03/6*03/6\PXOWLFDVW GHEDQGDDQFKDWDQWRDFWXDOFRPRIXWXUR(QHVWH
FDVRODWpFQLFDGHWUDQVPLVLyQPiVXWLOL]DGDHVOD
PXOWLSOH[DFLyQ SRU GLYLVLyQ HQ ORQJLWXG GH RQGD

 ;LJU\YH=VS5V,ULYV1\UPVKL
RE CREACIONES
:'0 :DYHOHQJWK 'LYLVLRQ 0XOWLSOH[LQJ  \ OD .PHQpVWDWDPELpQSRGHPRVHQFRQWUDUWRGDVODV
FRQJXUDFLyQSXQWRDSXQWR WHFQRORJtDVGHFRPXQLFDFLRQHVFHOXODUHVPyYLOHV

/RVRSHUDGRUHVXWLOL]DQHOGHVSOLHJXHGHEUDySWLFD *60 *OREDO6\VWHPIRU0RELOH&RPPXQLFDWLRQV 
KDVWD HO GRPLFLOLR GHO FOLHQWH )77+  (O VLVWHPD WHQtDFRPRSULQFLSDOFDUDFWHUtVWLFDODFDSDFLGDGGH
)77+SURYHHXQJUDQDQFKRGHEDQGDSDUDHOFRQVX WUDQVPLWLU GDWRV DGHPiV GH YR] D XQD YHORFLGDG
PLGRU\VHSXHGHQWHQHUYDULRVVHUYLFLRVVLPXOWiQHD GH.ELWV(QVXUJHOD*ODWHFQRORJtD
PHQWHSHURXWLOL]DUEUDySWLFDKDVWDORVKRJDUHVGH PiVQRWRULDGHHVWDJHQHUDFLyQHVHO*356 *HQHUDO
ORVFRQVXPLGRUHVHVVXPDPHQWHFDUR>@>@ 3DFNHW5DGLR6\VWHP FDSD]GHFRH[LVWLUFRQ*60
SHURRIUHFLHQGRXQVHUYLFLRSRUWDGRUPiVHFLHQWH
SDUDHODFFHVRDUHGHV,3FRPR,QWHUQHW/DYHORFLGDG
Pi[LPDGH*356HVGH.ELWVDXQTXHHQOD
o "DDFTPQPSDBCMFDPBYJBM
SUiFWLFDQRVXHOHSDVDUGH.ELWVGHEDMDGD\GH
/DV UHGHV GH DFFHVR SRU XQ RSHUDGRU GH FDEOH .ELWVGHVXELGD0iVWDUGHVXUJLHURQODVWHFQRORJtDV
XWLOL]DQ 0RGXODFLyQ GH$PSOLWXG HQ &XDGUDWXUD *\8076 8QLYHUVDO0RELOH7HOHFRPPXQLFDWLRQV
4$0 SDUDPRGXODUODVHxDOGH5)DWUDYpVGHO 6\VWHP DODFDEH]DFRQXQDYHORFLGDGPi[LPDGH
FDEOHFRD[LDO$VtFRPRODWHFQRORJtD'6/GHEDQGD 0ELWVHQFRQGLFLRQHVySWLPDVTXHSHUPLWHQGHV
DQFKDSHUPLWHWUDQVPLWLUGDWRV\YLGHRDWUDYpVGH SOHJDUVHUYLFLRVPXOWLPHGLDPiVQRYHGRVRVeVWDV
ORV FDEOHV GH FREUH GH SDU WUHQ]DGR OtQHDV WHOH SHUPLWHQFRQHFWLYLGDGXELFXDDXQTXHDWDVDVPiV
IyQLFDV  OD '2&6,6 'DWD 2YHU &DEOH 6HUYLFH EDMDVTXHRWUDV\DH[SOLFDGDV>@>@
,QWHUIDFH 6SHFLFDWLRQ  SHUPLWH D ORV RSHUDGRUHV
GHFDEOHWUDQVPLWLUGDWRVGHEDQGDDQFKDDWUDYpV
GHFDEOHVFRD[LDOHV(Q'2&6,6XQDSDUWHGHODUHG
GHFDEOHVHFRQYLHUWHHQXQDUHG,3TXHSHUPLWHOD &DOLGDGGH6HUYLFLR 4R6 HQ
GHVFDUJD\WUDQVPLVLyQGHYLGHR,3 VLVWHPDV,379
3DUDSRGHUGHVSOHJDUVDWLVIDFWRULDPHQWHVHUYLFLRV
,379HVQHFHVDULRGLVSRQHUGHEXHQD4R6WDQWR
SDUDHOYLGHRFRPRORVGDWRV\YR]/DLPSODQWDFLyQ
o 5FDOPMPHBJOBMNCSJDB
GH4R6HQHOEDFNERQHHVHVHQFLDOSDUDHOp[LWRGH
(Q FXDQWR D OD WHFQRORJtD LQDOiPEULFD SRGHPRV DSOLFDFLRQHV DYDQ]DGDV FRPR YLGHRFRQIHUHQFLDV
FRQVLGHUDUHOHVWiQGDUQROODPDGR:/$1V WHOHPHGLFLQD\HQpVWHFDVRVHUYLFLRV,379
TXHHVSHFLFDUDWLRVGHFRPXQLFDFLyQGHKDVWD
0EVHQXQDOFDQFHGHPHWURVHQODVEDQGDVOL (QORVVLVWHPDV,379OD4R6HVWiUHODFLRQDGDGH
EUHVGH\*+]$VtXQ~QLFR$3SXHGHFXEULU IRUPDGLUHFWDFRQODJHVWLyQHFLHQWHGHOWUiFR
XQDFDVDHQWHUDSHURWDPELpQHVWiPiVH[SXHVWRD 'HQWUR GH ORV SDUiPHWURV GH FDOLGDG GH VHUYLFLR
LQWHUIHUHQFLDVGHELGRDOLQFUHPHQWRHQODGLVWDQFLD SDUDXQVLVWHPDGH79VREUH,3SRGHPRVHQFRQWUDU
GHFRPXQLFDFLyQ(OHVWiQGDU:,0$;VH ODGLVSRQLELOLGDGGHOFDQDOHOWLHPSRGHFRPLHQ]R
SUHVHQWDFRPRXQDDOWHUQDWLYDSDUDGDUVHUYLFLRVGH GHO YLVLRQDGR IDOORV \ UHWDUGRV HQ HO FDPELR GHO
EDQGDDQFKDHQ]RQDVGRQGHHOGHVSOLHJXHGHFREUH FDQDOWHQLHQGRHQFXHQWDTXHSDUDXQDWUDQVPLVLyQ
FDEOH R EUD SRU OD EDMD GHQVLGDG GH SREODFLyQ GHDXGLR\YLGHRH[LVWHXQDVHULHGHPpWULFDVSDUD
SUHVHQWD XQRV FRVWHV SRU XVXDULR PX\ HOHYDGRV HOYLGHRVHLQFOX\HQHOMLWWHUHOUHWDUGRODSURED
]RQDVUXUDOHV ([LVWHXQDEDQGDOLFHQFLDGDHQWUH ELOLGDGGHSpUGLGDGHSDTXHWHVODSUREDELOLGDGGH
ORV\*+]\RWUDOLEUHGH*+](QFR HUURUGHOFDQDOHWFpWHUD3DUDODYR]HQFRQWUDPRV
PXQLFDFLRQHVHVWiWLFDVVHKDQREWHQLGRUDWLRVUHDOHV HOUDWLRGHSpUGLGDGHSDTXHWHVGHYR]HOMLWWHUHO
GHKDVWD0ESVFRQUDGLRVGHFpOXODGHKDVWD UHWDUGR HQWUH RWURV 3DUD HO WUiFR GH EDMDGD VH

3VZZPZ[LTHZ07;=\UHHTLUHaHPUTPULU[LWHYHSVZHJ[\HSLZTLKPVZKL[LSLKPM\ZP}U&
5,&$5'2$/2162)(552%2/9$5&(6$5+(511'(= 
RE CREACIONES
RIUHFHQVHUYLFLRVGLIHUHQFLDGRVSDUDORVXVXDULRV $PODFQUVBMJ[BDJOEFQBSNFUSPT
SDUDHOWUiFRGHVXELGDHOWUiFRGHOXVXDULRHV 3DUDSRGHUHVWLPDUORVSDUiPHWURVDHYDOXDUVHWUDWD
PRQLWRUL]DGRGHIRUPDTXHVHSXHGDFRQWURODUHO XQGRFXPHQWRGHODDVRFLDFLyQLQWHUQDFLRQDO9LGHR
DFFHVR SDUD JDUDQWL]DU OD 4R6 (Q ORV VHUYLFLRV 6HUYLFHV)RUXPHOFXDOHVWiFRPSXHVWRSRUXVXD
,379FXDQGRXQXVXDULRVROLFLWDDOVLVWHPDFDPELDU ULRV\IDEULFDQWHVGHGLFDGRVDODLQWHURSHUDELOLGDG
GHFDQDOOHHQYtDGHQXHYRXQDSHWLFLyQ&XDQGR PpWULFDVGHFDOLGDG\HQVHxDQ]DUHODFLRQDGDVFRQ
HOVLVWHPDDFHSWDODSHWLFLyQPHGLDQWHHOFRQWURO WHFQRORJtDVGHUHGSDUDGLIXVLyQGHYLGHR(QpVWH
GHDGPLVLyQFRQVWUX\HXQiUEROPXOWLFDVWSDUD VHUHDOL]DXQDVHOHFFLyQ\XQDQiOLVLVGHODVPpWULFDV
HQYLDUODYR]\HOYLGHRDOXVXDULR>@>@>@>@ TXHSHUPLWHQFDUDFWHUL]DUFRQPiVH[DFWLWXGUHGHV
,3SDUDODUHDOL]DFLyQGHVWUHDPLQJGHYLGHR'HQWUR
GHORVSDUiPHWURVDHYDOXDUHQFRQWUDPRV>@
$BMJEBEEF&YQFSJFODJBEFM 
6TVBSJP 2P&

/D FDOLGDG GH H[SHULHQFLD GHO XVXDULR 4R(  HV +JUUFSBDVNVMBEP


XQ SDUiPHWUR TXH HVWi UHODFLRQDGR GLUHFWDPHQWH
(OMLWWHUVHGHQHWpFQLFDPHQWHFRPRODYDULDFLyQHQ
FRQHOVHUYLFLRSUHVWDGR\HOXVXDULRQDOHOFXDO
HOWLHPSRHQODOOHJDGDGHORVSDTXHWHVFDXVDGDSRU
FXDQWLFDHOIXQFLRQDPLHQWRGHOVHUYLFLRSHURGH
JHVWLyQGHODUHGSpUGLGDGHVLQFURQL]DFLyQRSRUODV
IRUPDVXEMHWLYD\DXQDOWRQLYHOPLHQWUDVTXHOD
GLIHUHQWHVUXWDVVHJXLGDVGHORVSDTXHWHVSDUDOOHJDU
4R6VHHQFDUJDGHGHWHUPLQDUSDUiPHWURVFRPRHO
DOGHVWLQR(OMLWWHUHVXQHIHFWRGHODVUHGHVGHGDWRV
MLWWHURHOUHWDUGR/D4R(DIHFWDHQIRUPDGLUHFWD
QRRULHQWDGDVDFRQH[LyQ\EDVDGDVHQFRQPXWDFLyQ
ORTXHHOXVXDULRSXHGHDSUHFLDUGLUHFWDPHQWHHQOD
GHSDTXHWHVFRPRODLQIRUPDFLyQVHGLVFUHWLFDHQ
UHFHSFLyQFRPRHOSL[HODGR\FRQJHODFLyQGHOD
SDTXHWHVFDGDXQRGHpVWRVSXHGHVHJXLUXQDUXWD
LPDJHQDQXODFLyQGHODXGLRGHVIDVHHQWUHHOYLGHR
GLVWLQWDSDUDOOHJDUDOGHVWLQR>@>@>@
\HODXGLR IXHUDGHOLSVLQJ 
(OMLWWHUVHPLGHDSDUWLUGHODVXPDGHODYDULDFLyQ
3DUDHYLWDUODFRQJHODFLyQGHODLPDJHQRODLQWH
GHOUHWDUGRHQXQLQWHUYDORGHWLHPSRQRUPDOPHQWH
UUXSFLyQGHOVHUYLFLRVHSXHGHGLVSRQHUGHVWUHDPV
GHXQVHJXQGR/RVSXQWRVGHPHGLGDVHWRPDQHQODV
GHYLGHRGHGLVWLQWDVFDOLGDGHVSDUDHOPLVPRFRQ
LQWHUIDFHVGHUHGGRQGHVHGHVHHQGHWHFWDUFRQJHVWLR
WHQLGRDVtHQYLUWXGGHOHVWDGRGHODUHGVHSRGUtD
QHVWUDQVLWRULDV8QLQFUHPHQWRGHVXYDORUUHHMDHO
FDPELDUDXQDFDOLGDGLQIHULRUHQFDVRGHVDWXUD
FUHFLPLHQWRGHFRODVHQORVURXWHUVHYHQWRSUHFXUVRU
FLyQRDXQDFDOLGDGVXSHULRUHQFDVRFRQWUDULR(Q
GHXQDSRVLEOHSpUGLGDGHSDTXHWHV>@>@>@
HVWHVHQWLGRWDPELpQH[LVWHODDOWHUQDWLYDGHXVDU
FRGLFDFLyQ GH YLGHR HVFDODEOH  69& 6FDODEOH
9LGHR&RGLQJ DVtVHRIUHFHUtDQVWUHDPVGHYLGHR
FRPSOHPHQWDULRVTXHXQLGRVGDUtDQXQDVHxDOGH 3FUBSEPFYUSFNPBFYUSFNP MBUFODJB

DOWDFDOLGDGPLHQWUDVTXHGHIRUPDVHSDUDGDODFD
6HGHQHFRPRODODWHQFLDRODVXPDGHORVUHWDUGRV
OLGDGVHUtDVXFLHQWHSDUDVXYLVLRQDGR(VWDRSFLyQ
WHPSRUDOHV GHQWUR GH OD UHG /RV UHWDUGRV HVWiQ
UHTXLHUH PD\RU SURFHVDPLHQWR \ FRPSOHMLGDG GH
FRQVWLWXLGRV SRU HO UHWDUGR GH SURSDJDFLyQ \ GH
FRGLFDFLyQGHFRGLFDFLyQWDQWRHQRULJHQFRPR
WUDQVPLVLyQGHOSDTXHWH%iVLFDPHQWHVHGLFHTXH
HQGHVWLQRSRUORTXHD~QQRHVWiPX\H[WHQGLGD
HV OD ODWHQFLD PHGLD FDOFXODGD VREUH XQ SHUtRGR
\D TXH GLFXOWD OD JHQHUDFLyQ \ GLVWULEXFLyQ GH
GH WLHPSR TXH SUHVHQWD OD UXWD HQWUH GRV SXQWRV
FRQWHQLGRVHQYLYR>@>@
GHPHGLGD8QDPDQHUDGHPHGLFLyQHVFXDQGRVH
WUDQVPLWHQSDTXHWHVFRQPDUFDVGHWLHPSRVLQFUR
QL]DGDV\HQHOH[WUHPRUHFHSWRUVHFRPSDUDGLFKR

 ;LJU\YH=VS5V,ULYV1\UPVKL
RE CREACIONES
YDORUFRQHOWLHPSRLQVWDQWiQHRREWHQLHQGRDVtOD SDUiPHWURVGH4R6GHUHGSDUDVHUYLFLRVGHYLGHR
GLIHUHQFLD>@>@>@ VREUHUHGHV,3/DVGRVFODVHVDGLFLRQDOHVVRQXQD
UHYLVLyQGHODV\DH[LVWHQWHVSDUDYLGHRGHQLGDV
SRU,787ODFODVHKDFHUHIHUHQFLDDVHUYLFLRV
TXHLPSOLTXHQLQWHUDFWLYLGDGWDOHVFRPRYLGHRFRQ
5JFNQPEFWJODVMBDJO
IHUHQFLD\ODFODVHHVHVSHFtFDSDUD,379/DV
(VHOWLHPSRGHODWHQFLDHQWUHXQDRUGHQGHHQYtR FRWDVPRVWUDGDVHQHO&XDGURVRQPX\ULJXURVDV
PXOWLFDVWRXQ,*03-RLQSRUSDUWHGHXQPLHPEUR DO HVWDU GHQLGDV HQ HO iPELWR GH XQ RUJDQLVPR
\ OD UHFHSFLyQ GHO SULPHU SDTXHWH PXOWLFDVW SRU LQWHUQDFLRQDOGHHVWDQGDUL]DFLyQ>@>@>@
GLFKRPLHPEUR6HPLGHFRPRODGLIHUHQFLDHQWUH
HOLQVWDQWHGHWLHPSRGHWUDQVPLVLyQGHOSULPHUELW
GHO,*03-RLQ\HOLQVWDQWHGHOOHJDGDGHOSULPHU 7DEOD5HTXLVLWRVGH4R6SDUDDSOLFDFLRQHVGHYLGHR
ELW GHO SULPHU SDTXHWH PXOWLFDVW SDUD HO JUXSR &ODVHGH4R6
3DUiPHWUR
VXVFULWR>@>@ &ODVH &ODVH

5HWDUGR PV PV

-LWWHU PV
1SEJEBEFQBRVFUFT
3UREDELOLGDGSpUGLGDGH
/D SpUGLGD GH SDTXHWHV ,3 VH SXHGH JHQHUDU SRU [(
SDTXHWHV
YDULDVUD]RQHVFRQJHVWLyQGHODUHGOLPLWDFLyQGH
DQFKRGHEDQGDHUURUHVHQORVHQODFHV\HQODWUDQV 7DVDGHHUURUHVHQSDTXHWHV
[(
PLVLyQ'HSHQGLHQGRGHOSURWRFRORGHWUDQVSRUWH UHFLELGRV

LPSOHPHQWDGR OD SpUGLGD GH SDTXHWHV SXHGH VHU 7DVDGHIDOORVHQ


[(
DSUHFLDGDSRUHOXVXDULRGHGLIHUHQWHVPDQHUDV6LHO UHRUGHQDFLyQGHSDTXHWHV
WUDQVSRUWHGHLQIRUPDFLyQVHHIHFW~DPHGLDQWH8'3
ODFDOLGDGGHOYLGHRYDVHUDIHFWDGDGHIRUPDGLUHFWD
GHELGRDTXHORVSDTXHWHVSHUGLGRVQRSRGUiQVHU 3RURWURODGRVHKDQGHVDUUROODGRHVWXGLRVVREUHOD
UHFXSHUDGRVSURGXFLHQGRXQDLPDJHQFRUUXSWDR VXSHUYLVLyQGHODFDOLGDGSHUFLELGDHQSODWDIRUPDV
SL[HODGD 'H RWUD IRUPD VL VH LPSOHPHQWD 7&3 GH79VREUH,38QFDVRSDUWLFXODUHVXQDSXEOLFD
XQDSpUGLGDGHSDTXHWHVJHQHUDXQDUHWUDQVPLVLyQ FLyQGH7HOHIyQLFD,'GH0DGULGGRQGHVHUHDOL]y
OD FXDO SXHGH SURGXFLU XQ GHVERUGDPLHQWR HQ HO XQUHJLVWURGHODFDOLGDGGHORVVHUYLFLRVPXOWLPH
EXIIHUTXHDIHFWDODFDOLGDGGHOYLGHRSURGXFLHQGR GLD/DSURSXHVWDSUHVHQWDGDHQHVWHDUWtFXORVHKD
FRQJHODPLHQWRHQODLPDJHQ>@ DSOLFDGRVREUHXQDUHGGH,379UHDOHQFRQFUHWR
ODVPHGLGDVGHFDOLGDGSHUFLELGDVHKDQUHDOL]DGR
VREUHXQDUHGPyYLOGHWHUFHUDJHQHUDFLyQ * SDUD
&RPSDUDFLyQGHGLIHUHQWHVIDFWRUHV XQVHUYLFLRGHYLGHRVWUHDPLQJHQPRGRPXOWLFDVW
TXHLQWHUYLHQHQHQXQDWUDQVPLVLyQ $FRQWLQXDFLyQVHPXHVWUDXQFXDGURFRQORVSD
,379 UiPHWURV DQDOL]DGRV \ VXV UHVXOWDGRV SRQGHUDGRV
REWHQLGRV>@>@>@
/RVYDORUHVFRQFUHWRVGHUHWDUGRMLWWHU\SpUGLGDV
GH SDTXHWHV SDUD VHUYLFLRV GH YLGHR VREUH ,3 ORV
SRGHPRVREWHQHUHQXQDSULPHUDUHIHUHQFLDGHOD
UHFRPHQGDFLyQ GH ,787 5HF< DSpQGLFH
9,,, >@ (Q pVWH VH GHQHQ GRV QXHYDV FODVHV
GH VHUYLFLR TXH FDUDFWHUL]DQ ORV REMHWLYRV GH ORV

3VZZPZ[LTHZ07;=\UHHTLUHaHPUTPULU[LWHYHSVZHJ[\HSLZTLKPVZKL[LSLKPM\ZP}U&
5,&$5'2$/2162)(552%2/9$5&(6$5+(511'(= 
RE CREACIONES
7DEOD(MHPSORGHORVYDORUHVHVWLPDGRVGHFDOLGDGGHVHUYLFLRHQ,379

)XQFLRQDOLGDG
3DUiPHWUR 0HGLR &DUDFWHUtVWLFD4R(
&RUUHFWR 5HJXODU 3REUH

9LGHR -PV - -!(


-LWWHUPHGLR 3RVHHHVFDVD
(
UHSHUFXVLyQHQHVWH
$XGLR -PV - -!( WLSRGHVHUYLFLRV
(
9LGHR /S /S /S!
3pUGLGDGHSDTXHWHV 3ULQFLSDOFDXVDQWH

GHSL[HODGRHQOD
$XGLR /S /S /S!
LPDJHQ

9LGHR !NESV !7K! NESV 3URGXFHFRQJHODGR
7KURXJKSXW
HQODLPDJHQ\
$XGLR !NESV !7K! NESV SpUGLGDHQHOVRQLGR

(OJUXSRGH,QJHQLHUtD\'HVDUUROORGHOD8QLYHU UHODWLYDV D OD FRQJHVWLyQ WHQLHQGR HQ FXHQWD OD


VLGDGGHO1RUWHHQ%DUUDQTXLOODKDGHVDUUROODGRXQ YDULDFLyQGHSDUiPHWURVFRPRODSODWDIRUPDWHF
DQiOLVLVGHORVGLIHUHQWHVSDUiPHWURV4R6GHVSOH QROyJLFDHOFyGHFGHYLGHRODWDVDGHWUDQVPLVLyQ
JDGRVHQWUHVSODWDIRUPDVWHFQROyJLFDVGLIHUHQWHV \ODDSOLFDFLyQGH4R6$FRQWLQXDFLyQVHPXHVWUD
YDULDQGRODWDVDGHWUDQVPLVLyQHOFyGHFGHYLGHR\ HOUHVXOWDGRGHODVSUXHEDVUHDOL]DGDVVREUHFDGD
ODDSOLFDFLyQGHFDOLGDGGHVHUYLFLR3DUDUHDOL]DUHO SODWDIRUPDWHFQROyJLFD>@>@>@
HVWXGLRVHFRQVLGHUyODHYDOXDFLyQGHODVYDULDEOHV

7DEOD5HVXOWDGRGHSDUiPHWURVVREUHODSODWDIRUPD$'6/

3DUiPHWUR
7DVDGHWUDQVPLVLyQ &yGHF &DOLGDGGH
6HUYLFLR 5HWDUGR -LWWHU
3pUGLGDGHSDTXHWHV
Pi[LPR 3URPHGLR

6t  PV PV


0SHJ
1R  PV PV
NESV
6t  PV PV
0SHJ
1R  PV PV
6t  PV PV
0SHJ
1R  PV PV
NESV
6t  PV PV
0SHJ
1R  PV PV
6t  PV PV
0SHJ
1R  PV PV
NESV
6t  PV PV
0SHJ
1R  PV PV

 ;LJU\YH=VS5V,ULYV1\UPVKL
RE CREACIONES
7DEOD5HVXOWDGRGHSDUiPHWURVVREUHODSODWDIRUPD:,),
3DUiPHWUR
&DOLGDGGH
7DVDGHWUDQVPLVLyQ &yGHF 5HWDUGR -LWWHU
6HUYLFLR
3pUGLGDGHSDTXHWHV
Pi[LPR SURPHGLR
6t  PV PV
0SHJ
1R  PV PV
NESV
6t  PV PV
0SHJ
1R  PV PV
6t  PV PV
0SHJ
1R  PV PV
NESV
6t  PV PV
0SHJ
1R  PV PV
6t  PV PV
0SHJ
1R  PV PV
NESV
6t  PV PV
0SHJ
1R  PV PV

/$1([WHQGHG

7DEOD5HVXOWDGRVGHSDUiPHWURVVREUHODSODWDIRUPD/$1([WHQGHG

7DVDGHWUDQVPLVLyQ &yGHF &DOLGDGGH 3DUiPHWUR


6HUYLFLR
3pUGLGDGHSDTXHWHV 5HWDUGR -LWWHU
Pi[LPR SURPHGLR

NESV 0SHJ 6t  PV PV


1R  PV PV
0SHJ 6t  PV PV
1R  PV PV
NESV 0SHJ 6t  PV PV
1R  PV PV

0SHJ 6t  PV PV


1R  PV PV
NESV 0SHJ 6t  PV PV
1R  PV PV
0SHJ 6t  PV PV
1R  PV PV

"OMJTJTEFSFTVMUBEPT
 /RVVHUYLFLRV,379VREUHXQDSODWDIRUPD$'6/
6HJ~QORVHVWXGLRVUHDOL]DGRVSRUSDUWHGHOJUXSR SUHVHQWDQ XQD SpUGLGD GH SDTXHWHV PHQRU
GHLQYHVWLJDFLyQGHOD8QLYHUVLGDGGHO1RUWHGH%D FXDQGRVHLPSOHPHQWDHOFyGHF03(*TXH
UUDQTXLOOD\ORVUHVXOWDGRVREWHQLGRVHQORVFXDGURV FRQ03(*/DLPSOHPHQWDFLyQGHOD4R6
DQWHULRUHVVHSXHGHDQDOL]DUORVLJXLHQWH QRPHMRUDQRWDEOHPHQWHHOVHUYLFLRHQFXDQWR

3VZZPZ[LTHZ07;=\UHHTLUHaHPUTPULU[LWHYHSVZHJ[\HSLZTLKPVZKL[LSLKPM\ZP}U&
5,&$5'2$/2162)(552%2/9$5&(6$5+(511'(= 
RE CREACIONES
DODSpUGLGDGHSDTXHWHV(QUHODFLyQDOUHWDUGR XQD JUDQ VXSHULRULGDG 3RU WDOHV UD]RQHV VH
Pi[LPRHOFyGHFGHYLGHRLPSOHPHQWDGR\ FRQFOX\HTXHODDSOLFDFLyQGH4R6\GHOFyGHF
OD FDOLGDG GH VHUYLFLR VRQ LQGLIHUHQWHV D HVWH GH YLGHR VRQ LQGHSHQGLHQWHV SDUD HO UHWDUGR
SDUiPHWUR0LHQWUDVTXHODFDOLGDGGHVHUYLFLR GHSDTXHWHVHQ/$1([WHQGHG(QFXDQWRDO
VtLQX\HEDVWDQWHHQHOUHVXOWDGRGHOMLWWHUH MLWWHUSURPHGLRVHDSUHFLDXQFRPSRUWDPLHQWR
LJXDOPHQWHTXHFRQHOUHWDUGRHOFyGHFXWLOL]D DSUR[LPDGDPHQWHFRQVWDQWHHQWRGDVODVFRQ
GRHVGHVSUHFLDEOHHQHVWHSDUiPHWUR6HJ~QORV GLFLRQHVSRUORTXHVHHQWLHQGHTXHWDPSRFR
FiOFXORVREWHQLGRVODPHMRUWDVDGHWUDQVPLVLyQ GHSHQGHGHODDSOLFDFLyQGH4R6RGHOFyGHF
SDUDLPSOHPHQWDU,379VREUH$'6/HV GHYLGHR>@>@>@>@
NESV>@>@>@>@>@

 /DLPSOHPHQWDFLyQGH,379VREUHXQDSODWDIRU $YDQFHVIXWXURV
PD:,),QRVPXHVWUDTXHHVQRWRULDODPHMRUD
HQSpUGLGDGHSDTXHWHVFXDQGRVHLPSOHPHQWD (OSULQFLSDOUHTXHULPLHQWRIXWXURGHORVVLVWHPDV
&DOLGDGGH6HUYLFLR7DPELpQVHSXHGHDSUHFLDU GH79HVTXHHOFOLHQWHSXHGDYHUHOSURJUDPDTXH
XQDPHMRUDDOXWLOL]DUHOFyGHF03(*VLQR TXLHUHHQHOKRUDULRTXHPiVOHFRQYHQJD'HHVWD
VH LPSOHPHQWD FDOLGDG GH VHUYLFLR PLHQWUDV IRUPDGHEHUiH[LVWLUXQDJUDQJXtDSURJUDPiWLFD
TXH VL VH LPSOHPHQWD HO  FyGHF XWLOL]DGR HV GHQWUR GH OD FXDO FDGD FOLHQWH SRGUi HVFRJHU OD
LQGLIHUHQWH (O UHWDUGR WDPELpQ SUHVHQWD XQD SURJUDPDFLyQTXHGHVHDYHU
JUDQ PHMRUD HQ OD LPSOHPHQWDFLyQ FRQ &DOL
GDGGH6HUYLFLR\DOFRQWUDULRGHODSpUGLGDGH 8QRGHORVGHVDItRVSULPRUGLDOHVGHORVVLVWHPDV
SDTXHWHVHOFyGHFTXHPHMRUVHFRPSRUWDHV ,379HVHOGHORJUDURIUHFHU4R6\DTXHHOKHFKR
03(*HLJXDOPHQWHTXHHQHOSDUiPHWURDQ GHTXHORVVHUYLFLRVVHDQRIUHFLGRVDWUDYpVGHODUHG
WHULRUDOLPSOHPHQWDU4R6HOFyGHFXWLOL]DGRHV LPSOLFDTXHODVFRQGLFLRQHVGHWUiFRDXPHQWHQ
LQGLIHUHQWH(QFXDQWRDOMLWWHUVHREVHUYDXQD 2WURSDVRLPSRUWDQWHHVHOGHORJUDUHVWDQGDUL]DU
OHYHVXSHULRULGDGGHOFyGHF03(*VREUHHO ,379DXQTXHHQHVWRVPRPHQWRVQRHVWiFRQWHP
03(*6LQHPEDUJRFXDQGRVHDSOLFD4R6QR SODGR\QRHVREOLJDWRULRLQYHVWLJDUVREUHpOSHUR
SUHGRPLQDQLQJXQRGHORVGRV6HUHFRPLHQGD HVWRFDXVDTXHHQRFDVLRQHVKD\DLQYHUVLRQHVLQQH
LPSOHPHQWDUHOVHUYLFLRFRQXQDWDVDGH FHVDULDV\QXHYRVVHUYLFLRVTXHQRSXHGHQYHUODOX]
NESV\DTXHHVXQSXQWRHQHOTXHODLPDJHQ 3DUDREWHQHUPHMRUHVFRQGLFLRQHVXQDYDQFHVHUtD
VH YH EDVWDQWH ELHQ SRU DSUHFLDFLyQ YLVXDO \ ORJUDUHVWDELOL]DUODVOtQHDV'6/\FRQVHJXLUPHMR
DGHPiVQRFRQVXPHXQDQFKRGHEDQGDEDVWDQWH UHVKHUUDPLHQWDVSDUDXQLIRUPL]DUODVFRQH[LRQHV
DOWRFRPRVtORKDUtDXQDWDVDGHWUDQVPLVLyQ \GLVWULEXLUGHPDQHUDPiVHFLHQWHORVSDTXHWHV
PiVDOWD>@>@>@>@ LQWURGXFLHQGRSRUHMHPSORDOJ~QFRPSRQHQWHGH
ORFDOL]DFLyQHQORVGDWRV\QRGRV>@>@>@
 (Q/$1([WHQGHGODSpUGLGDGHSDTXHWHVWLHQH
XQ PHMRU FRPSRUWDPLHQWR FXDQGR VH DSOLFD 'HQWURGHORVHVWXGLRVDHYDOXDUHQORVVLVWHPDV,379
&DOLGDGGH6HUYLFLR$GHPiVHOUHQGLPLHQWR HVWiODVLQFURQL]DFLyQGHUHSURGXFFLyQHQORVFOLHQ
GHOVHUYLFLRUHVSHFWRDHVWHSDUiPHWURHVPD WHVGRQGHSRUHMHPSORHQHYHQWRVHQYLYRSXHGH
\RUHQHOFyGHF03(*TXHHQHO03(*(Q VXFHGHUTXHORVGDWRVOOHJXHQFRQGLVWLQWRVUHWDUGRV
FXDQWRDOUHWDUGRGHORVSDTXHWHVQRSUHVHQWD DORVXVXDULRVSRUORTXHSXHGHRFXUULUTXHFXDQGR
JUDQ PHMRUD FRQ OD DSOLFDFLyQ GH &DOLGDG GH LQWHUDFW~DQHVWURSHHQODH[SHULHQFLD3DUDVROXFLR
6HUYLFLR&RQUHVSHFWRDORVFyGHFHQDOJXQRV QDUORVHSXHGHQXVDUWpFQLFDVRYHUOD\\HVTXHPDV
FDVRVVHREVHUYDXQDOHYHPHMRUtDFRQ03(* PiVHFLHQWHVGHSURJUDPDFLyQGHORVFRQWHQLGRV
\HQRWURVFRQ03(*SHURQLQJXQDDOFDQ]D

 ;LJU\YH=VS5V,ULYV1\UPVKL
RE CREACIONES
2WURJUDQGHVDItRGHOD79VREUH,3HVSRGHUGDU HQXQDOLPLWDQWHDODKRUDGHH[SDQGLU\JOREDOL]DU
VRSRUWHDODFDQWLGDGGHFOLHQWHVKHWHURJpQHRVGH HVWDWHFQRORJtDSRUORVKRJDUHV
ELGRDODJUDQGLYHUVLGDGGHWHFQRORJtDVGHDFFHVR
TXH H[LVWHQ SURYRFDQGR GHVFRPSHQVDFLyQ HQ HO /RVVLVWHPDV,379LPSOLFDQODGLJLWDOL]DFLyQGHORV
VLVWHPD\KDFLHQGRTXHXQVWUHDPGHYLGHRSXHGD VLVWHPDVGHFDEOH\DTXH,379HVSXUDPHQWHGLJLWDO
VDWXUDUQRGRVFRQUHFXUVRVOLPLWDGRV\DVtGHJUDGDU \HOSURWRFROR,3VLUYHSDUDXQDSHUVRQDOL]DFLyQGH
ODFDOLGDGHQQRGRVPiVSRWHQWHVGHSHQGLHQWHVGH ORVFRQWHQLGRV\PHMRUDGPLQLVWUDFLyQGHORVVHU
ORV SULPHURV &RQ EDVH HQ HVWDV QHFHVLGDGHV VH YLFLRVSRUODYHUVDWLOLGDGGHODUHG'HHVWDIRUPD
KDQUHDOL]DGRHVWXGLRVGRQGHVHFRGLFDHOYLGHRD VHSXHGHYHUDORVVLVWHPDV,379FRPRXQDRSFLyQ
GLVWLQWDVFDOLGDGHVHQSDUDOHORSDUDVHUHQWUHJDGRV SDUDGLJLWDOL]DUORVVLVWHPDVGHFDEOH\RSWLPL]DUOD
FRQEDVHHQODFDSDFLGDGGHORVQRGRV WUDQVLFLyQGHOD79DQDOyJLFDDODGLJLWDO

+HPRVFRPSUREDGRFyPRODWHFQRORJtD,379HVWi /RVUHTXLVLWRVGHUHWDUGR\MLWWHUQRVRQGHPDVLDGR
PX\DYDQ]DGDH[LVWHQGLYHUVDVDUTXLWHFWXUDV\SUR DOWRVSHURORVUHTXLVLWRVGHSpUGLGDGHSDTXHWHVVtOR
SXHVWDVSHURVHSXHGHFRQVLGHUDUTXHD~QQRHVWi VRQ(VWRVHGHEHDTXHODVWHFQRORJtDVDFWXDOHVGH
PDGXUD7RGDYtD KD\ PXFKR WUDEDMR TXH UHDOL]DU FRGLFDFLyQGHYLGHRVRQLQWROHUDQWHVDSpUGLGDV/D
DOUHGHGRUGHHOODLQWHQWDQGRVROYHQWDUSRUHMHPSOR SpUGLGDGHXQ~QLFRSDTXHWHGHOXMRGHYLGHRSXH
DOJXQDGHODVFDUHQFLDVUHODFLRQDGDVFRQODVUHGHV GHDIHFWDUGHIRUPDDSUHFLDEOHODLPDJHQPRVWUDGD
GHQXHYDJHQHUDFLyQ HQHOGLVSRVLWLYRGHSUHVHQWDFLyQ'HSHQGLHQGRGHO
WLSRGHFRGLFDFLyQ\GHODLPSRUWDQFLDGHOSDTXHWH
SHUGLGRGHQWURGHODWUDPDGHYLGHRHOIDOORSXHGH
LUGHVGHODSL[HODFLyQGXUDQWHDOJXQRVFXDGURVKDVWD
&RQFOXVLRQHV ODFRQJHODFLyQGHODLPDJHQGXUDQWHXQVHJXQGR
/RVVHUYLFLRV,379FDGDYH]VRQPiVLPSOHPHQ
WDGRV VDFDQGR YHQWDMD GH OD DUTXLWHFWXUD GH UHG /RVVLVWHPDV,379SRUVXVFDUDFWHUtVWLFDVItVLFDV
\DH[LVWHQWH\GHHVWDIRUPDGHVSOHJDQGRQXHYDV \WpFQLFDVSHUPLWHQDORVXVXDULRVGLVIUXWDUGHXQD
SRVLELOLGDGHVGHOD79PXOWLPHGLD$VtPLVPRODV VHULHGHYHQWDMDVUHVSHFWRDORVXVXDULRVGH79SRU
H[LJHQFLDVGHDQFKRGHEDQGDSXHGHQFRQYHUWLUVH FDEOHFRQYHQFLRQDO

5HIHUHQFLDVELEOLRJUiFDV

>@ $ 6DQWRV (VWDGR GHO DUWH HQ ,379 8QL HO VRSRUWH GH VHUYLFLRV GH YLGHR 0DGULG
YHUVLGDG 'H 9LJR PXOWLPHGLD H LQWHUQHW (VSDxD  8QLYHUVLGDG 7pFQLFD GH 0DGULG
MXQLRGH (VSDxD 

>@ &9LORULD - )UHMD< 'RQRVR $QiOLVLV GH >@ - 9HOiVTXH]  5LYHUD (VWXGLR GH XQD
UHQGLPLHQWRGHODWUDQVPLVLyQGH,379VREUH UHG ,303/6 SDUD DJUHJDU VHUYLFLRV GH
$'6/ :LIL \ /$1 H[WHQGHG %DUUDQTXLOOD WHOHYLVLyQ,3HQRSHUDGRUDVWHOHIyQLFDVMDV
&RORPELD 8QLYHUVLGDGGHOQRUWHMXQLR WUDGLFLRQDOHV SDUD XVXDULRV UHVLGHQFLDOHV
PHGLDQWHWHFQRORJtDV;'6/SDUDODFLXGDG
>@ -$ &DFKLQHUR 3R]XHOR 'RQRVR $QiOLVLV GH4XLW4XLWR(VFXHOD3ROLWpFQLFD1DFLRQDO
\ PRGHODGR PXOWLFDVW LQWHUGRPLQLR SDUD PD\R

3VZZPZ[LTHZ07;=\UHHTLUHaHPUTPULU[LWHYHSVZHJ[\HSLZTLKPVZKL[LSLKPM\ZP}U&
5,&$5'2$/2162)(552%2/9$5&(6$5+(511'(= 
RE CREACIONES
>@ (6iQFKH],PSOHPHQWDFLyQGH,379DWUDYpV )RUXP,QF 96) 7HVWDQG0HDVXUHPHQWV
GHHQODFHVGHLQWHUQHWEDQGDDQFKD 7HOHYLVLyQ $FWLYLW\*URXSGLFLHPEUH
VREUH ,3 *XDWHPDOD 8QLYHUVLGDG 'H 6DQ
&DUORV'H*XDWHPDODQRYLHPEUH >@ --RVNRZLF]56RWHOR0HGLGDGHODFDOLGDG
GHYR]HQUHGHV,30RQWHYLGHR 8UXJXD\ 
>@ 6$UpYDOR3UR\HFWRGHWHVLVVREUHVLVWHPDV ,,(),1*8'(/$5),80
,3794XLWR(VFXHOD3ROLWpFQLFD1DFLRQDO
PD\R >@ 7&ORRQDQ(YROXWLRQRIWKH+)&1HWZRUN
DQGWKH'RFVLV&076$UULV
>@ &2UEH(VWXGLRVGHPLJUDFLyQGHVLVWHPDV
GH DXGLR \ YLGHR SRU VXVFULSFLyQ EDMR OD >@ 3*ODEHU&KDOOHQJHVDQG'HVLJQ&RQVLGH
PRGDOLGDG GH FDEOH ItVLFR D ,379 FRQ UDWLRQVIRU'HSOR\LQJ69'&RPFDVW
VXJHUHQFLDVHQHOiPELWRUHJXODGRU4XLWR
(VFXHOD3ROLWpFQLFD1DFLRQDODEULO
>@ 4XDOLW\RI6HUYLFHDQG1HWZRUN3HUIRUPDQFH
>@ - 9HJD * 6DERJDO $QiOLVLV GH WUD]DV 2EMHFWLYHVIRU,3%DVHV6HUYLFH,785HF
GH YLGHR 03(* %RJRWi )XQGDFLyQ <
8QLYHUVLWDULD0DQXHOD%HOWUiQ
>@  ( &DVLODUL$ 5H\HV$ 'tD](VWUHOOD )
>@ &0DUWtQH]06DUD\7pFQLFDVGHFRGLFDFLyQ 6DQGRYDO$QiOLVLVHQFRODGHODQDWXUDOH]D
GHYLGHRSDUDODWUDQVPLVLyQLQDOiPEULFDGH GHOWUDFRGHOYLGHR9%50iODJD (VSDxD 
WHOHYLVLyQSDTXHWL]DGD7LMXDQD%&,QVWLWXWR 'SWR7HFQRORJtD(OHFWUyQLFD8QLYHUVLGDG
3ROLWpFQLFR1DFLRQDO &LWHGL  GH0iODJD

>@ $'tD]30HULQR8QHVWXGLRSUiFWLFRGHO >@  * 6DERJDO - 9HJD $QiOLVLV GH WUD]DV GH
UHQGLPLHQWR GHO VHUYLFLR GH 6WUHDPLQJ GH YLGHR 03(* 8PEUDO FLHQWtFR 1 
9LGHR VREUH UHGHV PyYLOHV *3568076 %RJRWi )XQGDFLyQ 8QLYHUVLWDULD 0DQXHOD
0iODJD (VSDxD 8QLYHUVLGDG'H0iODJD %HOWUiQ

>@ )0RXPWDGL0(VFREDU$UJRWD5/ySH] >@ 0&URYHOOD$%HVWUDYRV6HOIW6LPLODULW\


0RUHQR6/DQGHURV$\DOD5HGXFFLyQGHO LQ ZZZ 7UDIILF HYLGHQFH DQG SRVVLEOH
UHWDUGRHQHOFDPELRGHFDQDOHQVHUYLFLRV FDXVHV ,((($&0 7UDQV RQ QHWZRUNLQJ
,3790p[LFR81$0 YROQR

>@ $&XDGUD6XSHUYLVLyQGHODFDOLGDGSHUFLELGD >@ 2 5RVH 6LPSOH DQG HIILFLHQW PRGHOV


HQ SODWDIRUPDV GH ,379 0DGULG (VSDxD  IRU YDULDEOH ELW UDWH 03(* YLGHR WUDIF
7HOHIyQLFD,' 3HUIRUPDQFH(YDOXDWLRQYROSS

>@ *3RYHGD'5DPRV/DHGXFDFLyQYLUWXDOHQ
DPELHQWHV,379EDVDGDHQVHUYLFLRV'HWHUFHUD >@ 25RVH03(*YtGHRWUDFHV>S~EOLFDPHQWH
JHQHUDFLyQ%RJRWi &RORPELD 8QLYHUVLGDG YtD)73@'LVSRQLEOHHQZZZLQIRUPDWLN
'LVWULWDO)UDQFLVFR-RVp'H&DOGDV XQLZXHU]EXUJGH03(*

>@ 9LGHR 6HUYLFHV )RUXP 5HFRPPHQGHG >@ -0'tH]9&DVDUHV0RGHORGH7UiFR


9LGHRRYHU,30HWULFVHQ9LGHR6HUYLFHV SDUD 9tGHR 03(* 9%5 (VFDODEOH \ QR

 ;LJU\YH=VS5V,ULYV1\UPVKL
RE CREACIONES
(VFDODEOH,HHH/DWLQ$PHULFD7UDQVDFWLRQV DxR;,9QR8QLYHUVLGDG7HFQROyJLFDGH
YROQRMXOLR 3HUHLUD,MXQLR

>@ 0: *DUUHWW : :LOOLQJHU $QDO\VLV >@ - :RQ - :RQ.L 0 &KRL & +ZDQJ
0RGHOLQJ DQG *HQHUDWLRQ RI 6HOI6LPLODU - <RR 0HDVXUHPHQW RI 'RZQORDG DQG
9%59LGHR7UDIF/RQGUHV3URFHHGLQJVGH 3OD\ DQG 6WUHDPLQJ ,379 7UDIF ,(((
$&06LJFRPPSS &RPPXQLFDWLRQV0DJD]LQHRFWXEUH

>@ *3DJDQ - 0DWD 6 6DOOHQW $QiOLVLV \ >@ ; =KDQJ - /LX % /L 7<XP 'RQHW
PRGHODGR GHO WUDILFR DJUHJDGR GH YLGHR FRROVWUHDPLQJ$GDWDGULYHQRYHUOD\QHWZRUN
03(*HQUHGHV07$%DUFHORQD (VSDxD  IRUOLYHPHGLDVWUHDPLQJ,(((,1)2&20
'HSDUWDPHQWR GH 0DWHPiWLFD $SOLFDGD YROSSPDU]R
\ 7HOHPiWLFD 8QLYHUVLGDG 3ROLWpFQLFD GH
&DWDOXxD >@ 69DQKDVWHO5+HUQDQGH](QDEOLQJ,379
:KDWV 1HHGHG LQ WKH$FFHVV 1HWZRUN
>@ ' +H\PDQ 7 /DNVKPDQ :KDW DUH WKH ,((( &RPPXQLFDWLRQ 0DJD]LQH DJRVWR
LPSOLFDWLRQV RI /RQJ5DQJH GHSHQGDQFH 
IRU9%5YtGHRWUDIFHQJLQHHULQJ",(((
$&07UDQVRQ1HWZRUNLQJYROQRSS >@ '0DQ]DWR1)RQVHFD3HHUWR3HHU,379
MXQLR 6HUYLFHV,(((

>@ '+H\PDQ7/DNVKPDQ6RXUFHPRGHOV >@ :HE 2FLDO 'H ,PDJHQLR 'LVSRQLEOH HQ


IRU 9%5 %URDGFDVW YtGHR WUDIF ,((( KWWSZZZWHOHIRQLFDHVLPDJHQLRWHOHYLVLRQ
$&07UDQVRQ1HWZRUNLQJYROQRSS
IHEUHUR
>@ 4XDOLW\RI6HUYLFHDQG1HWZRUN3HUIRUPDQFH
>@ 0$O]DWH0RGHORVGHWUiFRHQDQiOLVLV 2EMHFWLYHVIRU,3%DVHV6HUYLFH,787
\ FRQWURO GH UHGHV GH FRPXQLFDFLRQHV 5HF<
5HYLVWD GH ,QJHQLHUtD GH OD 8QLYHUVLGDG
'LVWULWDO)UDQFLVFR-RVpGH&DOGDV%RJRWi >@ 1H[W %UDQFK 0XOWLFDVW 1%0  5RXWLQJ
&RORPELD MXQLR 3URWRFRO,UiQ8QLYHUVLW\RI7HKUDQIHEUHUR

>@ 03DSDGRSRXOL+6KHQJ(5DIWRSXXORV
0 3ORXPLGLV ) +HUQDQGH] 6KRUWWHUP >@ <;LDR;'XMLQJ\XDQ=)HL+X6*XL]DQL
WUDIF IRUHFDVWLQJ FDPSXVZLGH ZLUHOHVV ,QWHUQHW 3URWRFRO 7HOHYLVLRQ ,379  7KH
QHWZRUN .LOOHU$SOLFDWLRQ IRU WKH 1H[W *HQHUDWLRQ
,QWHUQHW ,((( &RPXQLFDWLRQV 0DJD]LQH
>@ /)LOODWUH'0DUDNRY69DWRQ)RUHFDVWLQJ 8QLYHUVLW\RI$ODEDPD7XVFDORRVD
VHDVRQDO WUDIILF IORZV 3DUtV )UDQFLD 
&RPSXWHU 6FLHQFH 'HSDUWPHQW (167 >@ -/LX6*5DR%+XL=KDQJ2SSRUWXQLWLHV
%UHWDJQH DQG&KDOOHQJHVRISHHUWRSHHU,QWHUQHW9LGHR
%URDGFDVW 3URFHHGLQJV LQ WKH ,((( YRO
>@ &+HUQiQGH]/3HGUD]D$SOLFDFLRQHVGH QRHQHUR
ODVVHULHVGHWLHPSRHQPRGHORVGHWUDFR
SDUDXQDUHGGHGDWRV6FLHQWLDHW7HFKQLFD

3VZZPZ[LTHZ07;=\UHHTLUHaHPUTPULU[LWHYHSVZHJ[\HSLZTLKPVZKL[LSLKPM\ZP}U&
5,&$5'2$/2162)(552%2/9$5&(6$5+(511'(= 
RE CREACIONES
>@ -:HEHU,379&UDVK&RXUVH0F*UDZ+LOO >@ ' +H\PDQ 7 /DNVKPDQ :KDW DUH WKH
 LPSOLFDWLRQV RI /RQJ5DQJH GHSHQGDQFH
IRU9%5YtGHRWUDIFHQJLQHHULQJ",(((
>@ + +HOG 8QGHUVWDQGLQJ ,379$XHUEDFK $&07UDQVRQ1HWZRUNLQJYROQRSS
3XEOLFDWLRQV MXQLR

>@ + 6FKXO]ULQQH 6 &DVQHU HW DO 573 >@ ;+HL&/LDQJ-/LDQJ</LX:5RVV
$ 7UDQVSRUW 3URWRFRO IRU 5HDO7LPH $ PHDVXUHPHQW VWXG\ RI D ODUJHVFDOH
$SSOLFDWLRQV 5)&   ,(7) (VWDGRV SS ,379 V\VWHP ,((( 7UDQVDFWLRQV RQ
8QLGRVMXQLR 0XOWLPHGLDQRYLHPEUH

>@ $ &DVWUR$ &XDGUD 6LVWHPD GH FDUDF >@ - /LX % /L< =KDQJ $GDSWLYH YLGHR
WHUL]DFLyQ GH XVR GH OD UHG 0DGULG ;9 PXOWLFDVWRYHUWKH,QWHUQHW,(((0XOWL0HGLD
-RUQDGDV7HOHFRP,'QRYLHPEUH YROQRSS

>@ /$OGHDQ ' 0DULYHO 'LVHxR GH XQD UHG >@ $6HQWLQHOOL*0DUD0*HUOD/.OHLQURFN
SDUD SURYHHU HO VHUYLFLR GH YLGHR EDMR 67HZDUL:LOO,3795LGH7KH3HHU7R3HHU
GHPDQGD 9R' VREUH,34XLWR (FXDGRU  6WUHDP",(((&RPPXQLFDWLRQV0DJD]LQH
(VFXHOD3ROLWpFQLFD1DFLRQDO MXQLR

 ;LJU\YH=VS5V,ULYV1\UPVKL

También podría gustarte