Está en la página 1de 31

6HVLyQ

7UDLQLQJ6PDUW&RQWURO
48e9,026$<(5
5HSDVHPRVORTXHKHPRVYLVWR


/RVSULQFLSDOHVSUREOHPDVGHXQDHPSUHVDHQFUHFLPLHQWRSRU
TXpPXFKRVQHJRFLRVTXHFUHFHQPXHUHQGHp[LWR

¢4XpVLJQLILFDUHDOPHQWHOOHYDUXQQHJRFLR"OOHYDUXQQHJRFLR
 KDFLDHOFUHFLPLHQWRHVPXFKRPiVGHORTXHHVWiVKDFLHQGR
KDVWDDKRUD

 ¢&yPRORKDJR\R"&yPRKHOOHJDGRGRQGHHVWR\\TXpKDJR
SDUDLPSODQWDUSURFHVRVGHFRQWURO

1HJRFLRVWUDQVIRUPDGRV\DKD\SHUVRQDVTXHYLYHQPHMRUJUDFLDV

DHVWDIRUPDGHWUDEDMDU7HKHFRQWDGRFyPR

 'yQGHSRQHUWXIRFRHQTXpWLHQHVTXHFHQWUDUWHHQORVVLJXLHQWHV
PHVHV

7UDLQLQJ60$57&21752/
6LWHTXHGDVKDVWDHOILQDO

'Ð1'(321(578)2&23$5$$&78$5
¢(QTXpWLHQHVTXHFHQWUDUWHHQORVVLJXLHQWHVPHVHV"

121(&(6,7$6720$5127$6+HFUHDGRXQDSiJLQDSDUD
WLSDUDGHVFDUJDUWHWRGDODLQIR

7UDLQLQJ60$57&21752/
$*(1'$
'HTXpYDDLUHVWDVHVLyQ  

(148e1(&(6,7$6(1)2&$57(3$5$720$5(/&21752/
 4XpWHVXFHGH\TXpOHVXFHGHDWXQHJRFLR

 (QTXpQHFHVLWDVHQIRFDUWHSDUDUHFXSHUDUHOFRQWURO

 &XiOHVVRQORVQLYHOHVVREUHORVTXHDFWXDUSDUDHYROXFLRQDU\
WUDQVIRUPDUWXQHJRFLRHQXQDHPSUHVD

 4XpLPSDFWRSXHGHVFRQVHJXLUHQWXQHJRFLR

 (OFDPLQRPiVDGHFXDGRSDUDWXQHJRFLR

7UDLQLQJ60$57&21752/
785($/,'$'
'LPHVLWHVXHQD

0LQHJRFLRWLHQHXQJUDQSRWHQFLDOSHURDKRUDPLVPRHVWi
GHVFRQWURODGR

¢&yPRSXHGHVHUTXHWUDEDMHWDQWR\QRORYHDUHIOHMDGRHQPL
FXHQWDEDQFDULD"

9HRTXHPLQHJRFLRHVWiFUHFLHQGRSHURHVWR\EDVWDQWH
GHVERUGDGD'LDULDPHQWHVXUJHQIXHJRV\HOWLHPSRQRPHGD

¢*DQRGLQHURUHDOPHQWHFRQORVSURGXFWRVTXHYHQGR"¢&XiQWR"

9R\ FRPRXQSROORVLQFDEH]D0XFKDVYHFHVSRUODQRFKHSLHQVRHQ
HQ PLGtD\FUHRTXHKHSHUGLGRHOWLHPSR

1HFHVLWRDODUPDVTXHDQWLFLSHQSUREOHPDV\PHGLJDQTXpGHER
VROXFLRQDUDKRUD\TXpGHVSXpV$VtWHQGUtDPiVWLHPSR

¢4XLpQHVPLFOLHQWHPiVUHQWDEOH"¢0HVDOHDFXHQWDWHQHUHVWH
FOLHQWH"

7UDLQLQJ60$57&21752/
32548e7(6,(17(6$6Ì
'LPHVLWHVXHQD

(OFXHQWRGHOODJR\HOYDVR

7UDLQLQJ60$57&21752/
)$/7$'(&/$5,'$'
3RUTXpWDQWRVQHJRFLRVVXIUHQGHVFRQWURO

(148e1(&(6,7$6(1)2&$57(3$5$720$5(/&21752/
)DOWDGH
$EDQGRQR
FODULGDG

%~VTXHGDGH
,QIHOLFLGDG
SHUIHFFLyQ

3URFUDVWLQDFLyQ $JRELR

7UDLQLQJ60$57&21752/
3(3(<-8$1
([LVWHQGRVPRGHORVDODKRUDGHJHVWLRQDUWXQHJRFLR
8UJHQFLD VHDFW~DHQIXQFLyQGHODXUJHQFLD 3ODQLILFDFLyQ VHWLHQHQGHILQLGRVQLYHOHVGHVHUYLFLR
´+D]\DHOHQFDUJRGH-DYLHUTXHPHKD \SOD]RVSDUDODVFDWHJRUtDVGHFOLHQWHVHQIXQFLyQ
OODPDGRYHFHVµ GHVXVHJPHQWR´-DYLHUHVXQFOLHQWHPHQRV
LPSRUWDQWHTXHORTXHWHQHPRVSODQLILFDGRSDUD
HVWDVHPDQDDXQTXHOODPHYHFHVµ

&RUWRSOD]RVHSLHQVDVRORHQORTXHYDDSDVDU /DUJRSOD]RVHSODQLILFDDODUJR\HMHFXWDDFRUWR
\D´(VWDVHPDQDWHQHPRVHVWRVWUDEDMRVOD ´(VWDVHPDQDWHQHPRVHVWRVWUDEDMRVODVHPDQD
VHPDQDTXHYLHQH\DYHUHPRV\QRPHKDEOHV TXHYLHQHHVWRVRWURVFDVLFHUUDGRV\PHGLR
GHOPHVTXHYLHQHµ DJHQGDGRV\ODVLJXLHQWHVHJXUDPHQWHHVWRVµ

5HDFFLyQ VHUHVSRQGHDORVHVWtPXORVH[WHUQRV 3URDFFLyQ VHFXHQWDFRQTXHODVFRVDVIDOODUiQ\


GHIRUPDFRQWLQXD´/RVLHQWR/XLVQRKH VHSODQLILFDQFROFKRQHV´7UDQTXLOR/XLVDXQTXHVH
SRGLGRHQWUHJDUWHDWLHPSRSRUTXHVHKXQGLy KXQGDHO8QLYHUVRHQWUHJRµ
HO8QLYHUVRµ

6LQREMHWLYRVGHILQLGRVQRVHGHILQHTXpHVOR &RQREMHWLYRV60$57VDEHPRVTXpTXHUHPRV
TXHVHTXLHUHORJUDUDQXDOPHQWH´4XpFXiOHV DOFDQ]DUILQDQFLHUDPHQWH´0LUHVXOWDGRQHWR
PLFLIUDGHUHVXOWDGRQHWRHVWHDxREDVWDQWH HVSHUDGRHVWHDxRHVGHNXQPiVTXHHO
WHQJRFRQVDEHUTXpWHQJRTXHKDFHU DxRSDVDGRµ
PDxDQDµ

6LQSURFHGLPLHQWRV\UHVSRQVDELOLGDGHV &RQSURFHGLPLHQWRV\UHVSRQVDELOLGDGHVGHILQLGDV
GHILQLGDV´$TXtKDFHPRVWRGRVGHWRGR ´&DGDXQRVDEHPRVORTXHWHQHPRVTXHKDFHU\
VRPRVPX\SHTXHxRVµ WHQHPRVEDFNXSVGHILQLGRVµ

7UDLQLQJ60$57&21752/
$'(%$7(
¢4XpPRGHORTXLHUHVOOHYDUW~HOGH3HSHRHOGH-XDQ"

7UDLQLQJ60$57&21752/
(O0pWRGR&(E&
QLYHOHVSDUDUHFXSHUDUHOFRQWUROGHWXQHJRFLR

+DFHUTXHWXQHJRFLRWUDVFLHQGDPiVDOOiGHWL\
7UDVFHQGHQFLD VHFRQYLHUWDHQXQDHPSUHVD

2SRVLFLyQ (QIUHQWDUWHDORVREVWiFXORV TXHVHLQWHUSRQGUiQHQ


WXFDPLQR

7UDQVIRUPDU WXQHJRFLRDFWXDQGRVREUHVXV
7UDQVIRUPDFLyQ FXDWURSHUVSHFWLYDV

'LVHxDU\DOFDQ]DUWXVREMHWLYRVPLQLPL]DQGR
(VSHUDQ]D ULHVJRVSDUD\JDUDQWL]DUWXVHJXULGDGIXWXUD

'LDJQyVWLFR GHWXVLWXDFLyQLQLFLDO
'LDJQyVWLFR TXHWHSHUPLWDGHWHUPLQDUWXV
SUREOHPDVDFWXDOHV

7UDLQLQJ60$57&21752/
(O0pWRGR&(E&
1LYHO'LDJQyVWLFR

(OSULPHUSUREOHPDHO
HQHPLJRRFXOWR

7UDLQLQJ60$57&21752/
(O0pWRGR&(E&
1LYHO'LDJQyVWLFRÉPELWRILQDQFLHUR

&XHQWD
%DODQFH )OXMRV
GH3\*
(O0pWRGR&(E&
4XpGHEHVFRQRFHUVtRVtGHWX&XHQWDGH5HVXOWDGRV
9HQWDV
*DVWRV9DULDEOHV DVRFLDGRVDODV9HQWDV 
0DUJHQGH&RQWULEXFLyQ
 *DVWRV)LMRV ORVWHQHPRVVLRVL 
 *DVWRV([WUDRUGLQDULRV UDURUDUR 
,QJUHVRV([WUDRUGLQDULRV UDURUDUR 

%HQHILFLRDQWHVGH,QWHUHVHV,PSXHVWRV$PRUW'HSUHF (OREMHWLYRHVTXLWDUHOHPHQWRV
(DUQLQJ%HIRUH,QWHUHVW7D['HSUHFLDWLRQDQG$PRUWL]DWLRQ ILQDQFLHURVSDUDTXHVHYHDHO
UHVXOWDGRRSHUDWLYR

 'HSUHFLDFLyQ\$PRUWL]DFLyQ

%HQHILFLR$QWHVGH,QWHUHVHVH,PSXHVWRV
%$,, (DUQLQJ %HIRUH,QWHUHVW 7D[

 ,QWHUHVHVH,PSXHVWRV

4XHSXHGHGHMDUVHHQOD(PSUHVD
%HQHILFLR1HWR REHQHILFLRGHVSXpVGHLPSXHVWRV 5HVHUYDV RDO$FFLRQLVWD GLYLGHQGRV
(O0pWRGR&(E&
1LYHO'LDJQyVWLFRÉPELWRGHJHVWLyQ
(O0pWRGR&(E&
1LYHO'LDJQyVWLFRÉPELWRGHYHQWDVPDUNHWLQJ\FOLHQWHV
(O0pWRGR&(E&
1LYHO(VSHUDQ]D

/DSULPHUDYHQWDQD
GHVGHODFXDO
HPSH]DPRVDPLUDUD
ODVROXFLyQ

7UDLQLQJ60$57&21752/
(O0pWRGR&(E&
1LYHO(VSHUDQ]D

0LVLyQ (VWUDWHJLD 0HWDV 2EMHWLYRV

7UDLQLQJ60$57&21752/
(O0pWRGR&(E&
1LYHO(VSHUDQ]D

8QDPLVLyQGHOWLSR´VHUHOEORJJHU
GHPiVp[LWRµHVWiPX\ELHQFRPR
GHFODUDFLyQGHLQWHQFLRQHV

12QRVGLFHFyPR
WHQHPRVTXHWUDEDMDU
FDGDGtD
7UDLQLQJ60$57&21752/
(O0pWRGR&(E&
1LYHO7UDQVIRUPDFLyQ

/DVGLPHQVLRQHVGHWX
HPSUHVD

7UDLQLQJ60$57&21752/
(O0pWRGR&(E&
1LYHO7UDQVIRUPDFLyQ
6LUYHGHHQIRTXHSDUDHO
UHVWRGHSHUVSHFWLYDV(V
,GHQWLILFDORVFOLHQWHV\ HOFXOPHQGHOD
VHJPHQWRVHQORVTXHOD &ŝŶĂŶĐŝĞƌĂ DFWXDFLyQVREUHHOUHVWR
HPSUHVDKDGHFLGLGR GHSHUVSHFWLYDV
DFWXDU

ůŝĞŶƚĞƐ D/ WƌŽĐĞƐŽƐ


/ŶƚĞƌŶŽƐ

,PSXOVDORVSURFHVRV
FUtWLFRVVREUHORVTXH
DFWXDU

&ŽƌŵĂĐŝſŶΘ
,PSXOVDHODSUHQGL]DMH\
ƌĞĐŝŵŝĞŶƚŽ
FUHFLPLHQWRGHOD
RUJDQL]DFLyQ
7UDLQLQJ60$57&21752/
(O0pWRGR&(E&
1LYHO2SRVLFLyQ

¢4XpQHFHVLWDVSDUD
VXSHUDUODRSRVLFLyQ"

7UDLQLQJ60$57&21752/
(O0pWRGR&(E&
1LYHO2SRVLFLyQ

)RUPDFLyQ 9ROXQWDG $FRPSDxDPLHQWR

7UDLQLQJ60$57&21752/
(O0pWRGR&(E&
1LYHO7UDVFHQGHQFLD

$GTXLHUHHO&21752/
727$/VREUHWXQHJRFLR

7UDLQLQJ60$57&21752/
(O0pWRGR&(E&
1LYHO7UDVFHQGHQFLD

8QRVSURFHVRVTXH
SXHGHQVHU
HQVHxDGRVSDUD
)OXMRVGHFDMD
YHQGHUXQ
SRVLWLYRV 1XODGHSHQGHQFLD
SURGXFWRRVHUYLFLR
JHQHUDGRVSRU GHXQVRORRGH
GHFRPSUD
XQRVHTXLSRVGH SRFRVFOLHQWHV
UHFXUUHQWHTXH
YHQWDVSRWHQWHV
DGHPiVHV
YDORUDGRSRUORV
FOLHQWHV

7UDLQLQJ60$57&21752/
$'(%$7(
¢+DTXHGDGRFODUR"

7UDLQLQJ60$57&21752/
,03$&72'(/0e72'2&(%&
¢&yPRLPSDFWDHQ½"

WLHQHXQRVUHVXOWDGRVILQDQFLHURVHQHOWHUFLRVXSHULRUGHOVHFWRU 

FRQVLGHUDGDVOtGHUHVSRUVXVKRPyQLPRV

SLRQHUDVROtGHUHVGHOFDPELRHQVXVHFWRU

)XHQWH5HVXOWDGR(PSUHVDVFRQ&0,(VWXGLR*UXSR0HWUXV,QF(QFXHVWDRUJDQL]DFLRQHV0HWUXV *URXSKDVSDUWQHUHGZLWKWKHPRVWVXFFHVVIXODQG
FKDOOHQJLQJRUJDQL]DWLRQVLQWKHZRUOGWRKHOSWKHPDFKLHYHVXSHULRUPHDVXUDEOHUHVXOWVWKURXJKWKHGHYHORSPHQWRI 3HRSOH(TXLW\² $OLJQPHQW
&DSDELOLWLHVDQG(QJDJHPHQW
7UDLQLQJ60$57&21752/
,03$&72'(/0e72'2&(%&
¢&yPRLPSDFWDHQ½"

8QDxRWLHQHKRUDVODERUDOHV$SUR[LPDGDPHQWH
&RQHVWHPpWRGRHVUHODWLYDPHQWHVHQFLOORREWHQHUPHMRUDVGHO
LQFOXVRHQFDVRVKHREWHQLGRHQWUHGHSHQGLHQGRGHOJHUHQWH 

9DPRVDGHILQLUSUHFLRVKRUD

½KRUD ½KRUD ½KRUD

½ ½ ½


7UDLQLQJ60$57&21752/
7(67,021,26
4XpGLFHQPLVDOXPQRVGHPL

6XVDQD
(PSHFpDQRWDUORVSULPHURVFDPELRVGHVGHOD
VHJXQGDVHPDQD\DKRUDTXH\DKHPRVWHUPLQDGR
SXHGRGHFLUTXHPL

)UDQFLVFR
6LJXLHQGRVXVGLUHFWULFHV\XWLOL]DQGRVXV &ULVWLQD
KHUUDPLHQWDV EHQGLWRH[FHO ODVLWXDFLyQFDPELy (VXQFXUVRPX\GLQiPLFRTXHWHPDQWLHQHDWHQWR
QRWDEOHPHQWH&DGDWUDEDMRWLHQHFODURGHVGHHO HVIiFLOGHVHJXLU\FRPSUHQGHU$GHPiV
PLQXWRVXSDUWLGDGHFRVWHV\HQEDVHDOEHQHILFLR SURSRUFLRQDKHUUDPLHQWDVTXHVHSXHGHQXWLOL]DU
TXHTXHUDPRVWHQHUORVSUHVXSXHVWRVQRIDOODQ GHVGHHOPRPHQWRHQTXHORKDFHV

,VDEHO
/DXUD /DFRPXQLFDFLyQHVHVWXSHQGD\HOLQWHQVRWUDEDMR
/RTXHPiVPHKDJXVWDGRHVODFHUFDQtDGH-RVH KDPHUHFLGRPXFKRODSHQD$KRUDWHQHPRVXQD
&DUORVSDUDGHEDWLURFRPHQWDUFXDOTXLHUSXQWRGH YLVLyQPXFKRPiVFODUDGHQXHVWURQHJRFLRTXHQRV
ODVFODVHV SHUPLWHWRPDUGHFLVLRQHVPiVDFHUWDGDV

7UDLQLQJ60$57&21752/
'26)250$6'(+$&(5/$6&26$6
¢&XiOHOLJHVW~"

 &RPSUDUXQGLSORPDRXQD  'HVFXEULUORTXHUHDOPHQWH


FHUWLILFDFLyQ PXHYHWXQHJRFLR
 'HWHUPLQDUWXVSUHFLRVPLUDQGR  'HWHUPLQDUWXVSUHFLRVHQ
DODFRPSHWHQFLD IXQFLyQGHOYDORUTXHJHQHUDV
 &RQWDUFRQHOGHVWLQRSDUD  *HVWLRQDUFRQXQPpWRGR
JHVWLRQDU  7UDEDMDUFRQFOLHQWHV
 7UDEDMDUFRQWRGRVORVFOLHQWHV LPSRUWDQWHVHVWUDWpJLFRV\
LJXDOLQGHSHQGLHQWHPHQWHGHVX UHQWDEOHV
LPSRUWDQFLD  6HUFDSD]GHHOHJLUFyPR
 $FHSWDUTXHWLHQHVTXHLUFRPR FRQVXPLUWXWLHPSR
XQSROORVLQFDEH]D  3DVDUXQJUDQGRPLQJRVLQ
 $JRELDUWHORVGRPLQJRVSRUOD SUHRFXSDUWHSRUHOOXQHV \
WDUGHSHQVDQGRHQHOOXQHV \ GLVIUXWDUGHOViEDGR
WDPELpQORVViEDGRV  9ROYHUDDSDVLRQDUWHSRUWX
 4XHPDUWH QHJRFLR

7UDLQLQJ60$57&21752/
$'(%$7(
¢&XiOFDPLQRFRQVLGHUDVTXHGDUiPiVUHVXOWDGR"

7UDLQLQJ60$57&21752/
48e+(0269,672
+R\KHPRVKDEODGRGH VHVLyQ6PDUW&RQWURO 

(148e1(&(6,7$6(1)2&$57(3$5$720$5(/&21752/
 4XpWHVXFHGH\TXpOHVXFHGHDWXQHJRFLR

 (QTXpQHFHVLWDVHQIRFDUWHSDUDUHFXSHUDUHOFRQWURO

 &XiOHVVRQORVQLYHOHVVREUHORVTXHDFWXDUSDUDHYROXFLRQDU\
WUDQVIRUPDUWXQHJRFLRHQXQDHPSUHVD

 4XpLPSDFWRSXHGHVFRQVHJXLUHQWXQHJRFLR

 (OFDPLQRPiVDGHFXDGRSDUDWXQHJRFLR

7UDLQLQJ60$57&21752/

También podría gustarte