Secagem e armazenamento cap5
•
0 likes•95 views
Secagem de produtos agricolas
![$3Ë78/2
6($*(0(6($'25(6
-XDUH]GH6RXVDH6LOYD
$GULDQR'LYLQR/LPD$IRQVR
6pUJLR0DXUtFLR/RSHV'RQ]HOOHV
'(),1,d2(,03257Æ1,$
$VHFDJHPpXPDGDVHWDSDVGRSUpSURFHVVDPHQWRGRVSURGXWRVDJUtFRODV
TXHWHPSRUILQDOLGDGHUHWLUDUSDUWHGDiJXDQHOHVFRQWLGDeGHILQLGDFRPRXP
SURFHVVRVLPXOWkQHRGHWUDQVIHUrQFLDGHFDORUHPDVVDXPLGDGH](https://image.slidesharecdn.com/secagemearmazenamentocap5-170417103602/85/secagem-e-armazenamento-cap5-1-320.jpg)
![HQWUHRSURGXWRH
RDUGHVHFDJHP$UHPRomRGD XPLGDGH GHYH VHU IHLWD HP XP QtYHO WDO TXH R
SURGXWRILTXHHPHTXLOtEULRFRPRDUGRDPELHQWHRQGHVHUiDUPD]HQDGRHGHYH
VHUIHLWDGHPRGRDSUHVHUYDUDDSDUrQFLDDVTXDOLGDGHVQXWULWLYDVHQRFDVRGH
JUmRVDYLDELOLGDGHFRPRVHPHQWH
3DUD HQWHQGHU DGHTXDGDPHQWH RV IXQGDPHQWRV GD VHFDJHP GH JUmRV H R
FRQWUROH GDV WpFQLFDV R OHLWRU GHYH SULPHLUDPHQWH WHU FRQKHFLPHQWR GRV
SULQFtSLRVGHSVLFURPHWULDFDStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
Recommended
More Related Content
What's hot
What's hot (17)
Similar to Secagem e armazenamento cap5
Similar to Secagem e armazenamento cap5 (20)
Recently uploaded
Recently uploaded (20)
Secagem e armazenamento cap5
- 2. HQWUHRSURGXWRH RDUGHVHFDJHP$UHPRomRGD XPLGDGH GHYH VHU IHLWD HP XP QtYHO WDO TXH R SURGXWRILTXHHPHTXLOtEULRFRPRDUGRDPELHQWHRQGHVHUiDUPD]HQDGRHGHYH VHUIHLWDGHPRGRDSUHVHUYDUDDSDUrQFLDDVTXDOLGDGHVQXWULWLYDVHQRFDVRGH JUmRVDYLDELOLGDGHFRPRVHPHQWH 3DUD HQWHQGHU DGHTXDGDPHQWH RV IXQGDPHQWRV GD VHFDJHP GH JUmRV H R FRQWUROH GDV WpFQLFDV R OHLWRU GHYH SULPHLUDPHQWH WHU FRQKHFLPHQWR GRV SULQFtSLRVGHSVLFURPHWULDFDStWXOR3ULQFtSLRV%iVLFRVGH3VLFURPHWULD
- 5. $LPSRUWkQFLDGDVHFDJHPGH SURGXWRV DJUtFRODVDXPHQWD j PHGLGDTXH FUHVFHDSURGXomRGHYLGRjVVHJXLQWHVYDQWDJHQV SHUPLWH DQWHFLSDU D FROKHLWD GLVSRQLELOL]DQGR D iUHD SDUD QRYRV FXOWLYRV PLQLPL]DDSHUGDGRSURGXWRQRFDPSR SHUPLWHDUPD]HQDJHPSRUSHUtRGRVPDLVORQJRVVHPRSHULJR GHGHWHULRUDomRGRSURGXWR RSRGHUJHUPLQDWLYRpPDQWLGRSRUORQJRVSHUtRGRVH LPSHGHRGHVHQYROYLPHQWRGHPLFURUJDQLVPRVHLQVHWRV 35,1Ë3,26*(5$,6'$6($*(0 'XUDQWHDVHFDJHPDUHWLUDGDGDXPLGDGHpREWLGDSHODPRYLPHQWDomRGD iJXDGHFRUUHQWHGHXPDGLIHUHQoDGHSUHVVmRGHYDSRUG iJXDHQWUHDVXSHUItFLH GRSURGXWRDVHUVHFDGRHRDUTXHRHQYROYH)LJXUD
- 8. $VVHJXLQWHVREVHUYDo}HVSRGHPVHUIHLWDV VHSJ !SDURFRUUHUiVHFDJHPGRSURGXWR VHSJ SDURFRUUHUiXPHGHFLPHQWRGRSURGXWRH VHSJ SDURFRUUHUiRHTXLOtEULRKLJURVFySLFR $YHORFLGDGHGHVHFDJHPGHXPSURGXWRGHSHQGHDOpPGRVLVWHPDGH
- 9. DStWXOR 6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV VHFDJHPXWLOL]DGR GDVFDUDFWHUtVWLFDV GH VHFDJHPGR JUmR LQGLYLGXDOPHQWH(P JHUDOSDUDRVJUmRVSHTXHQRVDYHORFLGDGHGHVHFDJHPpPDLRUTXHSDUDJUmRVGH JUDQGHV GLPHQV}HV *UmRV GHVSURYLGRV GDV FDPDGDV SURWHWRUDV VHPHQWHV QXDV
- 11. TXHDSUHVHQWHVHFDJHPKRPRJrQHDHPHVPR SRQWRGHWRUUD 3DUD HIHLWR GH FRPSDUDomR DSUHVHQWDPVH QD )LJXUD DV YHORFLGDGHV UHODWLYDVGHVHFDJHPGHGRLVWLSRVGHJUmRVVXEPHWLGRVjGHWHUPLQDGDFRQGLomR GHVHFDJHP*UmRVFRPPHQRUHVWDPDQKRVH FRP PHQRU FRQWH~GRGH XPLGDGH GLPLQXHPDV YHORFLGDGHV UHODWLYDV GH VHFDJHP 2XWUR IHQ{PHQR YHULILFDGR QRV SURGXWRVDJUtFRODVpD YHORFLGDGHGDDEVRUomRGHiJXDSHORJUmRTXHpPXLWRPDLV OHQWDGRTXHQDGHVVRUomR )LJXUD5HSUHVHQWDomRGDPRYLPHQWDomRGDiJXDGXUDQWHDVHFDJHP )LJXUD9HORFLGDGHVUHODWLYDVGHVHFDJHPSDUDPLOKRHWULJR 8PLGDGH 9HOUHODWLYDGHVHFDJHP PLOKR WULJR
- 14. 3HUtRGR GH UD]mR FRQVWDQWH TXDQGR R SURGXWR VH HQFRQWUD FRPSOHWDPHQWH ~PLGR QR LQtFLR GD VHFDJHP D iJXD HVFRD QD IDVH OtTXLGD VRE XP JUDGLHQWH KLGUiXOLFR )LJXUD
- 15. H HP FRQGLo}HV QDWXUDLVjWHPSHUDWXUDGRSURGXWRVHLJXDOD DWHPSHUDWXUDGH EXOER PROKDGRRPDUHWLUDGDGDXPLGDGHRFRUUHGHFUpVFLPRQRGLkPHWUR GRVSRURVHFDSLODUHVHFRQVHTHQWHPHQWHGHFUpVFLPRGHYROXPHGR SURGXWR DSUR[LPDGDPHQWH LJXDO DR YROXPH GD iJXD HYDSRUDGD $ HQHUJLDXWLOL]DGDSDUDDVHFDJHPQHVVHSHUtRGRpSUDWLFDPHQWHLJXDOj QHFHVViULD SDUD HYDSRUDomR GD iJXD HP XPD VXSHUItFLH OLYUH RP H[FHomR GRV FDIpV FHUHMDV H YHUGHV
- 16. UHFpPVDtGRV GR ODYDGRU HVWH SHUtRGRQmRpREVHUYiYHOHPSURGXWRVDJUtFRODVFRPRJUmRVSRUTXH DR VHUHP FROKLGRV HVWH SHUtRGR Mi RFRUUHX QR FDPSR HVWDQGR SRUWDQWRDVHFDJHPQRSHUtRGRGHUD]mRGHFUHVFHQWH )LJXUD ± 5HSUHVHQWDomR GD PRYLPHQWDomR GD iJXD GH XP SURGXWR QR SHUtRGRGHUD]mRFRQVWDQWH E
- 17. 3ULPHLUR SHUtRGR GH UD]mR GHFUHVFHQWH j PHGLGD TXH D VHFDJHP SURVVHJXH H WHQKD SDVVDGR SHOR SRQWR GH XPLGDGH FUtWLFD WHRU GH XPLGDGHHPTXHDiJXDGHL[DGHFRPSRUWDUVHFRPRiJXDOLYUHRWHRU GHXPLGDGHGHFUHVFHH DiJXDQDIDVHOtTXLGDID]DOLJDomRHQWUHDV SDUWtFXODVVyOLGDVSURGXWR
- 19. $ WHPSHUDWXUD GR SURGXWR DWLQJHYDORUHVVXSHULRUHVjWHPSHUDWXUDGHEXOERPROKDGR
- 20. DStWXOR 6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV )LJXUD 0RYLPHQWDomR GD iJXD GXUDQWH R SULPHLUR SHUtRGR GH UD]mR GHFUHVFHQWH F
- 21. 6HJXQGR SHUtRGR GH UD]mR GHFUHVFHQWH D iJXD H[LVWHQWH QRV JDUJDORV GRVSRURV SRGH PLJUDUDUUDVWDQGRVH DR ORQJRGDVSDUHGHV FDSLODUHV RX HYDSRUDQGR H FRQGHQVDQGR VXFHVVLYDPHQWH HQWUH DV SRQWHV OtTXLGDV )LJXUD
- 22. $ SUHVVmR SDUFLDO GH YDSRU GHFUHVFH H D FRQWUDomR GH YROXPH GR SURGXWR FRQWLQXD SRUpP HP PHQRU LQWHQVLGDGH )LJXUD 0RYLPHQWDomR GD iJXD GXUDQWH R VHJXQGR SHUtRGR GH UD]mR GHFUHVFHQWH G
- 23. 7HUFHLURSHUtRGRGHUD]mRGHFUHVFHQWHDVHFDJHPRFRUUHQRLQWHULRU GR SURGXWR 2 WHRU GH XPLGDGH GH HTXLOtEULR p DWLQJLGR TXDQGR D TXDQWLGDGH GH iJXD HYDSRUDGD VH LJXDOD j TXDQWLGDGH FRQGHQVDGD )LJXUD
- 24. )LJXUD 0RYLPHQWDomR GD iJXD GXUDQWH R WHUFHLUR SHUtRGR GH UD]mR GHFUHVFHQWHRXGXUDQWHRHTXLOtEULRKLJURVFySLFR
- 25. DStWXOR6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 6,67(0$6'(6($*(0 'HYLGRjLQH[LVWrQFLDGHXPDFODVVLILFDomRRILFLDOHDSHQDVSRUTXHVW}HV GLGiWLFDV RV PpWRGRV GH VHFDJHP VHUmR FODVVLILFDGRV H HVWXGDGRV VHJXQGR D VHTrQFLDDVHJXLU 1DWXUDO±QRFDPSRQDSUySULDSODQWD 7HUUHLURVHSDLyLV 6HFDJHP6RODU9HQWLODomR 1DWXUDO 2XWURV $U1DWXUDO DPDGDIL[D UX]DGRV RQFRUUHQWHV RQWUDFRUUHQWHV DVFDWD 5RWDWLYR )OXLGL]DGR 4XDQWR DRVIOX[RV 6RODUKtEULGR ,QWHUPLWHQWHV $OWDV 7HPSHUDWXUDV 4XDQWR j RSHUDomR RQWtQXRV %DL[DV7HPSHUDWXUDV 6LVWHPDVRPELQDGRV 9HQWLODomR )RUoDGD 6HFDDHUDomR 6LVWHPDV GH VHFDJHP $UWLILFLDO RQYHFomR $VHFDJHPQDWXUDOpFDUDFWHUL]DGDSHODVHFDJHPGRSURGXWRQRFDPSRQD SUySULDSODQWDVHPDLQWHUIHUrQFLDGRKRPHP $VHFDJHPDUWLILFLDOpFDUDFWHUL]DGDSHODXWLOL]DomRGHSURFHVVRVPDQXDLV RXPHFkQLFRVWDQWRQRPDQHMRGRSURGXWRTXDQWRQDSDVVDJHPGRDUDWUDYpVGD PDVVDGHJUmRV1RFDVRGRWHUUHLURHGRSDLRODVHFDJHPRFRUUHSHODYHQWLODomR QDWXUDODomRGRVYHQWRV
- 26. PDVQDPDLRULDGRVFDVRVRDUpIRUoDGRSRUPHLRGH YHQWLODGRUHV(PDOJXQVVHFDGRUHVRDUGHVHFDJHPpPRYLPHQWDGRSRUPHLRGH FRUUHQWHVFRQYHFWLYDV 1D VHFDJHP FRP YHQWLODomR IRUoDGD SRGHPVH HPSUHJDU EDL[D WHPSHUDWXUDDOWDWHPSHUDWXUDVHFDJHPFRPELQDGDHRXWURV 6HFDJHPHPEDL[DVWHPSHUDWXUDVpXPPpWRGRDUWLILFLDOGHVHFDJHPHP TXHVHXWLOL]DDUQDWXUDORXDUOHYHPHQWHDTXHFLGRDWpR DFLPDGDWHPSHUDWXUD DPELHQWH
- 27. $ VHFDJHP FRP DOWD WHPSHUDWXUD p DTXHOD HP TXH R DU GH VHFDJHP p DTXHFLGR D XPD WHPSHUDWXUD VXSHULRU D R DFLPD GD WHPSHUDWXUD DPELHQWH 1DWXUDOPHQWHHVWHOLPLWHQmRpUtJLGRPDVHVWDpDGLIHUHQoDTXHFDUDFWHUL]DR SURFHVVRFRPRQmRVHQGRPDLVGHEDL[DWHPSHUDWXUD $ VHFDJHP FRPELQDGD FRQVLVWH HP XWLOL]DU VHFDGRUHV HP DOWDV
- 28. DStWXOR 6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV WHPSHUDWXUDVQDIDVHHPTXHRSURGXWRDSUHVHQWDDOWRWHRUGHXPLGDGH$SDUWLUGH XPWHRUGHXPLGDGHSUHHVWDEHOHFLGR TXH p IXQomR GDV FRQGLo}HVDPELHQWDLV R SURGXWRpWUDQVIHULGRDLQGDTXHQWHSDUDXPVLVWHPDGHEDL[DWHPSHUDWXUDRQGHD VHFDJHPVHUiFRPSOHWDGD $ VHFDJHP SRU FRQYHFomR QDWXUDO XWLOL]D DOWD WHPSHUDWXUD VHQGR QHFHVViULRVWURFDGRUHVGHFDORUHQWUHRDUGHFRPEXVWmRHRDUGHVHFDJHP1RV VHFDGRUHVSRUFRQYHFomRQmRVmRXVDGRVYHQWLODGRUHV2DUDWUDYHVVDDPDVVDGH JUmRVSRUGLIHUHQoDGHGHQVLGDGHYHU6HFDJHPGHDFDXQRFDStWXOR
- 29. 6($*(01$785$/ $VHFDJHPQDWXUDOpXPPpWRGRDPSODPHQWHXWLOL]DGRHPUHJL}HVWURSLFDLV VXEGHVHQYROYLGDV HRX HP GHVHQYROYLPHQWR 9iULDV UD]}HV MXVWLILFDP HVVD XWLOL]DomRFRPRRGHVFRQKHFLPHQWRGHWpFQLFDVPDLVPRGHUQDVSHODPDLRULDGRV DJULFXOWRUHV 1RUPDOPHQWH DV FRQGLo}HV FOLPiWLFDV QHVWDV UHJL}HV SHUPLWHP D VHFDJHPQDWXUDODOpPGLVVRRVLQYHVWLPHQWRVSDUDUHDOL]iODVmRPtQLPRV 2LQtFLRGRSURFHVVRGHVHFDJHPRFRUUHORJRDSyVDPDWXUDomRILVLROyJLFD GRSURGXWRTXDQGRHVWHDSUHVHQWDHOHYDGRWHRUGHXPLGDGH$PRYLPHQWDomRGR DUpIHLWDSHODDomRGRYHQWRHD HQHUJLDSDUDHYDSRUDomRGHXPLGDGHSURYpPGR SRWHQFLDOGHVHFDJHPGRDUHGDLQFLGrQFLDGLUHWDGDHQHUJLDVRODU (PERUDFRPRSDVVDUGRWHPSRDOFDQFHXPWHRUGHXPLGDGHDGHTXDGR SDUDDUPD]HQDJHPRSURGXWRILFDVXMHLWRDRDWDTXHGHSUDJDVDRWRPEDPHQWRGH SODQWDVHjVLQWHPSpULHVTXHFRQWULEXHPSDUDDFDUUHWDUJUDQGHVSHUGDVHTXDOLGDGH GRSURGXWR8PDJUDQGHGHVYDQWDJHPGDVHFDJHPQDWXUDOQRFDPSRpTXHRHVWH ILFDRFXSDGRSRUPXLWRWHPSRUHWDUGDQGRDVRSHUDo}HVGHSUHSDURGRVRORSDUD QRYRFXOWLYR1RFDVRGHFXOWXUDVSHUHQHVFRPRRFDIpRUHWDUGDPHQWRGDFROKHLWD SURYRFDXPFLFORELDQXDOGHSURGXWLYLGDGH$OpPGHIDFLOLWDURGHVHQYROYLPHQWRH DWDTXHGHSUDJDVRWUDEDOKRGH FROKHLWDILFD GLILFXOWDGR H QR FDVRGH FROKHLWD PHFkQLFDREDL[RWHRUGHXPLGDGHGRSURGXWRID]FRPTXHGXUDQWHDFROKHLWDHD GHEXOKDDSDUHoDPJUDQGHVTXDQWLGDGHVGHGDQRVPHFkQLFRVHSHUGDVQRFDPSR RPRQmRpWpFQLFDDFRQVHOKiYHOHSRXFRXWLOL]DGDQDSURGXomRFRPHUFLDO GDPDLRULDGRVJUmRVQmRVHUiREMHWRGHHVWXGRQHVWHOLYUR 6($*(0$57,),,$/ 1D VHFDJHP DUWLILFLDO H[LVWH D LQWHUIHUrQFLD GR KRPHP DFHOHUDQGR H PHOKRUDQGR R SURFHVVR (OD SRGH VHU IHLWD FRP YHQWLODomR QDWXUDO YHQWLODomR IRUoDGDHFRQYHFomRQDWXUDO 9HQWLODomR1DWXUDO D
- 30. 6HFDJHPHPWHUUHLURGLIHUHGDVHFDJHPQDWXUDOVLPSOHVPHQWHSHORIDWR GH R SURGXWR VHU UHWLUDGR GD SODQWD H HVSDOKDGR HP FDPDGDV GH HVSHVVXUD JHUDOPHQWHLQIHULRUDFPHPXPSiWLRSUHYLDPHQWHSUHSDUDGRTXHSRGHVHUGH FRQFUHWR DVIDOWR DOYHQDULD RX GH WHUUD EDWLGD GHQRPLQDGR WHUUHLUR $ HQHUJLD XWLOL]DGDSDUDDUHPRomRGDXPLGDGHpSURYHQLHQWHGDUDGLDomRVRODUHGDHQWDOSLD
- 31. DStWXOR6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV GR DU 1R %UDVLO DOpP GR FDIp R SURGXWR GH PDLRU H[SUHVVmR TXH XWLOL]D HVVH PpWRGRGHVHFDJHPpRFDFDX 0DLRUHVGHWDOKHVVREUHDVHFDJHPHPWHUUHLURVHVXDVYDULDo}HVVHUmRYLVWRV QRV FDStWXORV H 6HFDJHP GH *UmRV FRP (QHUJLD 6RODU H 6HFDJHP H $UPD]HQDJHPGH3URGXWRV$JUtFRODVUHVSHFWLYDPHQWH
- 32. $VHFDJHPHPWHUUHLURVDSUHVHQWDDGHVYDQWDJHPGDGHSHQGrQFLDGRVIDWRUHV FOLPiWLFRV TXH VH IRUHP GHVIDYRUiYHLV UHWDUGDP R SURFHVVR H SURSLFLDP D LQIHFomRGRSURGXWRSRUPLFURUJDQLVPRVTXHFDXVDPDGHWHULRUDomRHGHSUHFLDPR SURGXWR 9HQWLODomR)RUoDGD $VHFDJHPGHJUmRVHPVLORVFRPYHQWLODomRIRUoDGDXWLOL]DQGRDSHQDVDU QDWXUDO RX FRP EDL[D WHPSHUDWXUD p XP SURFHVVR OHQWR $ EDL[D YHORFLGDGH GH VHFDJHP p GHYLGD DR SHTXHQR IOX[R GH DU LQVXIODGR QD PDVVD GH JUmRV H j GHSHQGrQFLDGDFDSDFLGDGHGHVHFDJHPGRDUHPHVWDGRQDWXUDO3RUVHUUHDOL]DGD HPVLORpWDPEpPHQWHQGLGDFRPRVHFDJHPGXUDQWHRDUPD]HQDPHQWRSRLVDSyV DVHFDJHPRSURGXWRSRGHSHUPDQHFHUDUPD]HQDGRQRPHVPRVLOR 2 VLOR VHFDGRUDUPD]HQDGRU )LJXUD
- 33. DSUHVHQWD DOJXPDV FDUDFWHUtVWLFDV HVSHFLDLV TXH QmR VmR H[LJLGDV SDUD RV VLORV HPSUHJDGRV DSHQDV SDUD D DUPD]HQDJHP R SLVR GHYH VHU WRGR GH FKDSDV PHWiOLFDV SHUIXUDGDV FRP QR PtQLPRGHiUHDSHUIXUDGDSDUDSURPRYHUDGLVWULEXLomRXQLIRUPHGRDUHR YHQWLODGRUGHYHIRUQHFHUTXDQWLGDGHGH DUVXILFLHQWHSDUDUHDOL]DUDVHFDJHPGH WRGD D PDVVD GH JUmRV VHP TXH RFRUUD D GHWHULRUDomR H DV GLPHQV}HV GR VLOR GLkPHWUR H DOWXUD
- 34. H R SURGXWR D VHU DUPD]HQDGR GHWHUPLQDP D SRWrQFLD GR YHQWLODGRUDVHUXVDGR RPRDSHTXHQDTXDQWLGDGHGHDUSRUXQLGDGHGHPDVVDGHJUmRWRUQDR SURFHVVROHQWRHEDL[DVWHPSHUDWXUDVGRDUGLPLQXHPDFDSDFLGDGHGHHYDSRUDUD iJXD GR SURGXWR R SURFHVVR p GLILFXOWDGR HP UHJL}HV GH DOWD XPLGDGH UHODWLYD $OJXPDV YH]HV XWLOL]DPVH IRQWHV VXSOHPHQWDUHV GH DTXHFLPHQWR UHVLVWrQFLD HOpWULFDIRUQDOKDHQHUJLDVRODUHQWUHRXWUDV
- 35. SDUDFRQWRUQDUHVWHSUREOHPDTXH SRGH QR HQWDQWR SURYRFDU XPD VXSHUVHFDJHP TXH UHVXOWD HP SUHMXt]R SDUD R XVXiULR(VWHSUREOHPDSRGHVHUVROXFLRQDGRSHODDGDSWDomRGHXPXPLGLVWDWRH GH XP WHUPRVWDWR DR SOHQXP SDUD FRQWURODU R IXQFLRQDPHQWR GD IRQWH GH DTXHFLPHQWR 1RUPDOPHQWHQDVHFDJHPFRPDUQDWXUDORSRWHQFLDOGHVHFDJHPGRDU DPELHQWH H R SHTXHQR DTXHFLPHQWR SURYRFDGR SHOR YHQWLODGRU D R
- 36. VmR VXILFLHQWHVSDUDSURSLFLDUDREWHQomRGRWHRUGHXPLGDGHILQDOUHFRPHQGDGRSDUD XP DUPD]HQDPHQWR VHJXUR 6LVWHPDV GH VHFDJHP FRP DU QDWXUDO H HP EDL[DV WHPSHUDWXUDV GHYLGDPHQWH SURMHWDGRV H PDQHMDGRV VmR PpWRGRV HFRQ{PLFRV H WHFQLFDPHQWHHILFLHQWHV $VHFDJHPFRPDUQDWXUDORXFRPEDL[DWHPSHUDWXUDLQLFLDVHQDFDPDGD LQIHULRUGRVLORHYDLSURJUHGLQGRDWpDWLQJLUD~OWLPDFDPDGDQDSDUWHVXSHULRU 'XUDQWHHVWHSHUtRGRGLVWLQJXHPVHWUrVFDPDGDVGHXPLGDGH)LJXUD
- 37. DStWXOR 6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 1D SULPHLUD FDPDGD IRUPDGD SHORV JUmRV VHFRV R SURGXWR Mi DWLQJLX R HTXLOtEULR KLJURVFySLFR FRP R DU 1D VHJXQGD GHQRPLQDGD IUHQWH GH VHFDJHP HVWiRFRUUHQGRDWUDQVIHUrQFLDGHXPLGDGHGRSURGXWRSDUDRDU$HVSHVVXUDGHVWD IDL[DYDULDJHUDOPHQWHGHDFP $WHUFHLUDIDL[DpIRUPDGDSRUJUmRV~PLGRVFXMRWHRUGHXPLGDGHHVWi SUy[LPRDRLQLFLDOSRLVDRSDVVDUSRUHVVDFDPDGDRDUHVWiFRPVXDFDSDFLGDGH GH VHFDJHP HVJRWDGD $ WHPSHUDWXUD QHVWD FDPDGD QRUPDOPHQWH p LQIHULRU j WHPSHUDWXUDGRSOHQXPXPDYH]TXHRDUpUHVIULDGRGHYLGRjWURFDGHFDORUFRP RSURGXWRQDIUHQWHGHVHFDJHP 2FiOFXORGDYD]mRGRDUGHVHFDJHPHD HVFROKDGRVHTXLSDPHQWRVGHYHP VHU IHLWRV FRP PXLWR FXLGDGR $ YD]mR GHYH VHU WDO TXH SHUPLWD j IUHQWH GH VHFDJHPDOFDQoDUDVFDPDGDVVXSHULRUHVVHPRFRUUrQFLDGHGHWHULRUDomR$)LJXUD PRVWUD R WHPSR SHUPLVVtYHO GH DUPD]HQDPHQWR 73$
- 38. SDUD TXH R SURGXWR PLOKR
- 39. FRP GLIHUHQWHV WHRUHV GH XPLGDGH SHUPDQHoD QR SURFHVVR j EDL[D WHPSHUDWXUDVHPDRFRUUrQFLDGHGHWHULRUDomR )LJXUD±6LORSDUDVHFDJHPFRPDUQDWXUDORXFRPEDL[DWHPSHUDWXUD PRVWUDQGRDIUHQWHGHVHFDJHP)6
- 41. 8WLOL]DU XP YHQWLODGRU FRP IOX[R GH DU GH DFRUGR FRP R WHRU GH XPLGDGHLQLFLDOGRVJUmRVFRQIRUPH7DEHOD E
- 42. 3DUD R FDUUHJDPHQWR DGHTXDGR GH XP VLOR FRP PLOKR RX FDIp GHVSROSDGRFRPWHRUGHXPLGDGHGHRXEXRULHQWHVHSHOD 7DEHOD
- 45. 0LOKRIHLMmRHDUUR] DIpFRFR DIpGHVSROSDGR )LJXUD±'LDJUDPDGH6WHHOHH6DXOSDUDFRQVHUYDomRGRPLOKR )RUPDVGHDUUHJDPHQWRGR6LOR 2FDUUHJDPHQWRGRVLORGXUDQWHDVHFDJHPFRPDUQDWXUDORXFRPEDL[D WHPSHUDWXUD SRGH VHU FRQGX]LGR GH WUrVPRGRV FRQIRUPH D GLVSRQLELOLGDGH GR VLVWHPDRSHUDFLRQDOLPSODQWDGR D
- 46. (QFKLPHQWRHPXPDHWDSDFRQVLVWHHPFDUUHJDURVLORHPDWpFLQFR GLDV WHPSR UHODWLYDPHQWH FXUWR XPD YH] TXH GHSHQGHQGR GDV FRQGLo}HV DWPRVIpULFDVHVWHPpWRGRGHPDQGDSHUtRGRVVXSHULRUHVDGLDVSDUDRWpUPLQR GDVHFDJHP 9DQWDJHQV SRXFD H[SRVLomR DRV GDQRV SUySULRV GD PDQLSXODomR GDQRV PHFkQLFRV
- 47. GHYLGRjSRXFDPRYLPHQWDomRGRSURGXWR FXVWRVRSHUDFLRQDLVUHGX]LGRVHPUHJL}HVGHEDL[DXPLGDGHUHODWLYD GHPDQGDGHSRXFDPmRGHREUDH R UHFHELPHQWR GR SURGXWR QmR ILFD FRQGLFLRQDGR DR DQGDPHQWR GD VHFDJHPGRPDWHULDOH[LVWHQWHQRVLOR 'HVYDQWDJHQV GHYLGR DR ORQJR SHUtRGR GH VHFDJHP DV FDPDGDV VXSHULRUHVFRUUHP R
- 48. DStWXOR 6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV ULVFRGH GHWHULRUDomR TXDQGR PDQWLGDVFRP DOWRVWHRUHVGH XPLGDGH 7DEHOD
- 50. (QFKLPHQWR SRU FDPDGDV p FRQGLFLRQDGR DR WHRU GH XPLGDGH GR SURGXWR 8PD QRYD FDPDGD Vy p DGLFLRQDGD VH D ~OWLPD FDPDGD Mi HVWLYHU SDUFLDOPHQWH VHFD 3URFHGHVH GHVWD PDQHLUD DWp DWLQJLU D DOWXUDOLPLWH HVWDEHOHFLGD SHOD FDSDFLGDGH GR VLOR H SHOR IOX[R GR DU GH VHFDJHP 7DEHODV H
- 51. $VVLP DV SULPHLUDV FDPDGDV FRORFDGDV QD FpOXOD TXH JHUDOPHQWH WrP PDLRU WHRU GH XPLGDGHUHFHEHUmRPDLRUHVIOX[RVGHDUGHVHFDJHPGHYLGRjSHTXHQDHVSHVVXUD GD FDPDGD $ ~OWLPD FDPDGD DGLFLRQDGD QRUPDOPHQWH WHUi R PHQRU WHRU GH XPLGDGHLQLFLDOHUHFHEHUiRPHQRUIOX[RGHDUGHVHFDJHP$TXDQWLGDGHGHJUmRV DVHUFRORFDGDGHFDGDYH]GHSHQGHUiGDYHORFLGDGHGDIUHQWHGHVHFDJHPGRWHRU GHXPLGDGHLQLFLDOGRVJUmRVHGDWHPSHUDWXUDGRDUTXHVDLGD]RQDGHVHFDJHP (VWHPpWRGRH[LJHPDLVGHXPVLORVHFDGRUSDUDRERPDQGDPHQWRGDFROKHLWD 9DQWDJHQV VHFDJHPPDLVUiSLGDTXDQGRFRPSDUDGDDRPpWRGRGHHQFKLPHQWRHP XPDHWDSD PHQRUHVULVFRVGHGHWHULRUDomR RIOX[RPtQLPRQHFHVViULRpLQIHULRUDRGRPpWRGRGHHQFKLPHQWRHP XPDHWDSDH RSURGXWRHPFHUWRVFDVRVHQWUDQRVLORFRPWHRUGHXPLGDGHLQIHULRU GHYLGRjSUpVHFDJHPQRFDPSR 'HVYDQWDJHP UHTXHUPDLRUDWHQomRQRFRQWUROHGRSURFHVVRGHVHFDJHP F
- 52. DPDGD~QLFDFRQVLVWHHPFDUUHJDURVLORFRPFDPDGD~QLFDGHDWp P GH HVSHVVXUD H UHDOL]DU D VHFDJHP $ GLIHUHQoD HQWUH HVWH H R PpWRGR DQWHULRUpTXHQRPpWRGRGHFDPDGD~QLFDUHWLUDVHDFDPDGDVHFDSDUDGHSRLV SURFHGHUDRQRYRFDUUHJDPHQWR(VWHPpWRGRpPDLVXWLOL]DGRSDUDSURGXWRVGH HOHYDGRYDORUFRPHUFLDORXSURGXWRVTXHQmRVXSRUWDPDSUHVVmRGHYLGRDRSHVR GDFDPDGD 9DQWDJHQV VHFDJHPUiSLGDGHFDGDXPDGDVFDPDGDV PHQRUHVULVFRVGHGHWHULRUDomRGXUDQWHDRSHUDomRGHVHFDJHPH PDLRUHVIOX[RVGHDUSRUWRQHODGDGHSURGXWRGRTXHRVPpWRGRV DQWHULRUHV
- 57. 3RWrQFLD FY
- 58. DUJD P
- 60. 3RWrQFLD FY
- 61. P P P P P P P P P 3DUD SRWrQFLDV VXSHULRUHV D FY UHFRPHQGDVH D XWLOL]DomR GH YHQWLODGRUHV FHQWUtIXJRV 5HFRPHQGDVHDWLQJLUDDOWXUDHVWDEHOHFLGDHPQRPi[LPRWUrVGLDV 7DEHOD1~PHURVGHGLDVSHUPLWLGRVSDUDVHFDJHPVHPGHWHULRUDomRGRPLOKR 8PLGDGHGRSURGXWREX
- 62. 7HPSHUDWXUD R
- 63. 0RYLPHQWDomRGR3URGXWRQR6LOR RQIRUPH D PRYLPHQWDomR GR SURGXWR SRGHVH GLYLGLU R SURFHVVR GH VHFDJHPFRPEDL[DVWHPSHUDWXUDVFRPFDPDGDHVWiWLFDRXFRPUHYROYLPHQWRGD FDPDGD
- 64. DStWXOR 6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV D
- 65. 3URFHVVR HVWiWLFR QHVWD RSHUDomR R SURGXWR QmR p PRYLPHQWDGR GXUDQWHRSURFHVVRHREVHUYDPVHDVWUrVUHJL}HVGLVWLQWDVQDPDVVDGH JUmRVFRQIRUPHYLVWRQD)LJXUD E
- 66. 5HYROYLPHQWR GR SURGXWR HVWD RSHUDomR JHUDOPHQWH p DVVRFLDGD j VHFDJHPHPUHJL}HVGHXPLGDGHUHODWLYDPpGLDLQIHULRUDRXRQGH Ki QHFHVVLGDGH GH DTXHFHU R DU GH VHFDJHP 1HVVDV FRQGLo}HV RV JUDGLHQWHVGHXPLGDGHHWHPSHUDWXUDHVWDEHOHFLGRVQDPDVVDGHJUmRV VmRPDLRUHVSRGHQGRRFRUUHUVXSHUVHFDJHPGDPDVVDGHJUmRV3DUD VROXFLRQDURSUREOHPDDIUHQWHGHVHFDJHPGHYHVHUGHVWUXtGDSRUXPD URVFD WUDQVSRUWDGRUD QXD TXH ID] R UHYROYLPHQWR GR SURGXWR QR LQWHULRU GR VLOR KRPRJHQHL]DQGR H HOHYDQGR DV FDPDGDV LQIHULRUHV VHFDV SDUD D SDUWH VXSHULRU GR VLOR 2 HVTXHPD GH XP HTXLSDPHQWR UHYROYHGRU³VWLUULQJGHYLFH´ pDSUHVHQWDGRQD)LJXUD2HTXLSDPHQWR PLVWXUDGRU p IRUPDGR SRU XPD URVFD YHUWLFDO TXH VH PRYLPHQWD UDGLDOPHQWHGRFHQWURSDUDDSDUHGHGRVLORHYLFHYHUVDPLVWXUDQGRR SURGXWRYHUWLFDOPHQWH )LJXUD±6LORFRPHTXLSDPHQWRSDUDUHYROYLPHQWRGRSURGXWR 2XWUD PDQHLUD GH REWHU R UHYROYLPHQWR GR SURGXWR FRQVLVWH QR XVR GH UHFLUFXODGRUHVGHJUmRV )LJXUD
- 67. (VVHVHTXLSDPHQWRVUHPRYHPRVJUmRVGDV FDPDGDVSUy[LPDVDRSLVRHRVFRORFDPQRWRSRGDPDVVD2WHRUGHXPLGDGHGD FDPDGD D VHU UHPRYLGD p IXQomR GH VXD WHPSHUDWXUD $ FDPDGD GH JUmRV p UHPRYLGD j PHGLGDTXH D IUHQWH GH VHFDJHP p SDUFLDOPHQWH IRUPDGD $VVLP D IUHQWHGHVHFDJHPQmRVHHVWDEHOHFHFRPSOHWDPHQWHMXQWRjVXDVXSHUItFLHLQIHULRU H R JUmR QmR DWLQJH R HTXLOtEULR FRP R DU GH VHFDJHP $ ]RQD GH VHFDJHP SHUPDQHFHHVWDFLRQiULDFRPRVJUmRV~PLGRVPRYLPHQWDQGRVHSDUDEDL[R(VWH VLVWHPDVHUiPDLVEHPGHWDOKDGRHPVLVWHPDVDDOWDVWHPSHUDWXUDV
- 68. DStWXOR6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV )LJXUD±6LORHTXLSDGRFRPUHFLUFXODGRUGHJUmRV 9DQWDJHQV PDLRUUHQGLPHQWRSDUDRPHVPRYROXPHGHSURGXWRHIOX[RGHDU GRTXHRPpWRGRGHHQFKLPHQWRHPXPDHWDSD PHQRUULVFRGHGHWHULRUDomRGRTXHRVPpWRGRVDQWHULRUHVH HOLPLQDomRGRJUDGLHQWHGHXPLGDGH 'HVYDQWDJHQV PDLRU PDQLSXODomR GR SURGXWR GR TXH HP WRGRV RV PpWRGRV HVWiWLFRVRTXHSRGHSURYRFDUPDLRUtQGLFHGHSURGXWRFRPGDQRV PHFkQLFRV PDLRU LQYHVWLPHQWR LQLFLDO H PDLRU FXVWR RSHUDFLRQDO GR TXH QR PpWRGRHVWiWLFR VREUHFDUJDGRHTXLSDPHQWRVREUHDVSDUHGHVHRSLVRGRVLORH DF~PXORGHPDWHULDLVILQRVQRFHQWURGRVLOR 2SHUDomRH0RQLWRUDPHQWRGD6HFDJHP 2WHPSRGHIXQFLRQDPHQWRGRYHQWLODGRUGXUDQWHRSURFHVVRGHVHFDJHP GHSHQGH GR WHRU GH XPLGDGH GR SURGXWR QR VLOR H GR FOLPD GD UHJLmR e UHFRPHQGiYHOPDQWHURYHQWLODGRUOLJDGRFRQWLQXDPHQWHTXDQGRRSURGXWRHVWLYHU FRPWHRUGHXPLGDGHLQLFLDOVXSHULRUDPHVPRjQRLWH(PERUDDXPLGDGH UHODWLYD VHMD DOWDR IDWR GH D WHPSHUDWXUDVHUEDL[D SURPRYH R UHVIULDPHQWR GD PDVVDGHJUmRV2DUDRUHWLUDUFDORUGRVJUmRVHOHYDVXDWHPSHUDWXUDHGLPLQXLD XPLGDGHUHODWLYDHGHSHQGHQGRGHVWDSRGHSURPRYHUDVHFDJHPGRVJUmRVPDLV ~PLGRV DVR D XPLGDGH GRV JUmRV VHMD LQIHULRU D R YHQWLODGRU GHYHUi SHUPDQHFHUOLJDGRDWpRILQDOGDVHFDJHPGHVGH TXH D XPLGDGH UHODWLYD PpGLD VHMDLQIHULRUD 1R FDVR GH UHJL}HV PDLV ~PLGDV 85!
- 69. R YHQWLODGRU GHYHUi SHUPDQHFHUOLJDGRVRPHQWHGXUDQWHDVKRUDVHPTXHDXPLGDGHUHODWLYDIRUEDL[D SHUtRGRGLXUQR
- 70. DStWXOR 6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 2PRQLWRUDPHQWRGRSURFHVVRGHVHFDJHPFRQVLVWHQDLQVSHomRGLiULDGD WHPSHUDWXUDHXPLGDGHGDPDVVDGHJUmRVSDUDYHULILFDUVHRSURGXWRHVWiVHFR HRXHPSURFHVVRGHGHWHULRUDomR 1R FDVR GD VHFDJHP FRP DU OHYHPHQWH DTXHFLGR VHFDJHP FRP EDL[DV WHPSHUDWXUDV
- 71. GHYHVH DR ILQDO GR SURFHVVR LQVXIODU DU QDWXUDO SDUD REWHU R UHVIULDPHQWRGDPDVVDGHJUmRV 'XUDomRGD6HFDJHP 2WHPSRGHVHFDJHPSRGHVHUUHGX]LGRHOHYDQGRVHDWHPSHUDWXUDGRDUGH VHFDJHPRXVXDYD]mR2DTXHFLPHQWRGRDUSUDWLFDPHQWHQmRDOWHUDDYHORFLGDGH GH GHVORFDPHQWR GD IUHQWH GH VHFDJHP SRGHQGR DLQGD JHUDU GRLV SUREOHPDV VXSHUVHFDJHP QDV FDPDGDV LQIHULRUHV H DFHOHUDomR GR SURFHVVR GH GHWHULRUDomR QDVFDPDGDVVXSHULRUHV(PJHUDORDTXHFLPHQWRGRDUVypUHFRPHQGDGRSDUD UHJL}HVRQGHRSRWHQFLDOGHVHFDJHPGRDUQDWXUDOpLQVXILFLHQWHSDUDDWLQJLURWHRU GHXPLGDGHILQDOGHVHMDGR RP XPD DQiOLVH PDLV GHWDOKDGD GD 7DEHOD SRGHVH YHULILFDU TXH R DXPHQWRGDYD]mRGRDUH[HUFHPDLRULQIOXrQFLDVREUHRWHPSRGHVHFDJHP6DEH VH TXH D YHORFLGDGH GH GHVORFDPHQWR GD IUHQWH GH VHFDJHP p GLUHWDPHQWH SURSRUFLRQDOjYD]mRHVSHFtILFD(QWUHWDQWRHPORFDLVFRPDOWDXPLGDGHUHODWLYD RDXPHQWRGDYD]mRQmRpVXILFLHQWHSDUDRVXFHVVRGDVHFDJHPSRLVHVVDYDULiYHO QmRWHPLQIOXrQFLDVREUHRSRWHQFLDOGHVHFDJHPGRDU RQVLGHUDo}HV RPR VHUi YLVWR PDLV DGLDQWH XP VLVWHPD GH VHFDJHP FRP EDL[D WHPSHUDWXUD RX FRP DU QDWXUDO GHYLGDPHQWH SURMHWDGR FRQVWLWXL XP PpWRGR HFRQ{PLFRHILFLHQWHHDSUHVHQWDDOWDDSOLFDELOLGDGHHPID]HQGDVGHYLGRDRPHQRU LQYHVWLPHQWR LQLFLDO TXDQGR FRPSDUDGR DRV VLVWHPDV TXH HPSUHJDP DOWDV WHPSHUDWXUDV (PVHFDJHPGHVHPHQWHVRVPpWRGRVTXHXVDPEDL[DVWHPSHUDWXUDVVmR HPSUHJDGRVHPVXEVWLWXLomRDRVPpWRGRVFRPDOWDVWHPSHUDWXUDVSRUUHVXOWDUHP PHOKRUTXDOLGDGHILQDOGRSURGXWR$)LJXUDLOXVWUDXPVHFDGRUSDUDVHPHQWHV FRPPRGLILFDomRGRVLVWHPDGHGLVWULEXLomRGRDUGHVHFDJHP1HVWHVLVWHPDRDU pLQVXIODGRUDGLDOPHQWHDWUDYpVGDPDVVDGHJUmRV$VSULQFLSDLVOLPLWDo}HVGRV PpWRGRV GH VHFDJHP FRP DU QDWXUDO H FRP EDL[DV WHPSHUDWXUDV VmR R WHRU GH XPLGDGH LQLFLDO GR SURGXWR H DV FRQGLo}HV FOLPiWLFDV ORFDLV $OWRV WHRUHV GH XPLGDGH LQLFLDO DXPHQWDULDP D VXVFHSWLELOLGDGH GR SURGXWR j GHWHULRUDomR HQTXDQWR FRQGLo}HV DWPRVIpULFDV GHVIDYRUiYHLV LPSOLFDULDP D XWLOL]DomR GH YHQWLODGRUHV H DTXHFHGRUHV PDLV SRWHQWHV LQYLDELOL]DQGR HFRQRPLFDPHQWH R PpWRGR
- 72. DStWXOR6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV )LJXUD±6LORVHFDGRUSDUDVHPHQWHVPRVWUDQGRDGLVWULEXLomRUDGLDOGR IOX[RGHDU 6($*(020$/7$67(03(5$785$6 $ VHFDJHP SRU HVWH SURFHVVR EDVHLDVH QD SURSULHGDGH SHOD TXDO DXPHQWDQGRVH D WHPSHUDWXUD GR DU ~PLGR D XPLGDGH UHODWLYD GLPLQXL H FRQVHTHQWHPHQWH D FDSDFLGDGH GR DU HP DEVRUYHU XPLGDGH DXPHQWD *HUDOPHQWHRDUpIRUoDGRDSDVVDUDWUDYpVGRVHFDGRUSRUPHLRGHXPYHQWLODGRU 'HSRLVGHWHUHQWUDGRHPFRQWDWRFRPRSURGXWRRDUGHL[DRVHFDGRUFRPXPD WHPSHUDWXUDPDLVEDL[DHXPDXPLGDGHUHODWLYDPDLVHOHYDGD $VHFDJHPDUWLILFLDOFRPDOWDVWHPSHUDWXUDVpXPDWpFQLFDPXLWRXWLOL]DGD HP ID]HQGDV LQG~VWULDV GH WUDQVIRUPDomR XQLGDGHV DUPD]HQDGRUDVFROHWRUDV H LQWHUPHGLiULDVGRPXQGRLQWHLUR(QWUHWDQWRRXVRGHVHFDGRUHVPHFkQLFRVDDOWDV WHPSHUDWXUDV WHP ILFDGR UHVWULWR jV UHJL}HV GH PDLRU GHVHQYROYLPHQWR DJUtFROD YLVWRTXHRLQYHVWLPHQWRLQLFLDOHPDOJXQVGHVVHVHTXLSDPHQWRVpSURLELWLYRSDUD SHTXHQRVSURGXWRUHV 'HQWUH RV PpWRGRV GH VHFDJHP DUWLILFLDO D VHFDJHP FRP DOWDV WHPSHUDWXUDV p D PDLV UiSLGD H LQGHSHQGHQWH GDV FRQGLo}HV FOLPiWLFDV ORFDLV 1RUPDOPHQWH R IOX[R GH DU XWLOL]DGR GHSHQGH GR WLSR GH VHFDGRU VHQGR JHUDOPHQWHVXSHULRUDP 0LQ W RPRHPRXWURVVLVWHPDVGHVHFDJHPRV VHJXLQWHVSDUkPHWURVSRGHPLQIOXHQFLDUDWD[DGHVHFDJHP WHPSHUDWXUDHXPLGDGHUHODWLYDGRDUDPELHQWH WHPSHUDWXUDHIOX[RGHDUGHVHFDJHP XPLGDGHLQLFLDOGRSURGXWR IOX[RGRSURGXWRQRVHFDGRUHRXWURV (VWHVSDUkPHWURVLQIOXHQFLDPGLUHWDPHQWHDYHORFLGDGHGHVHFDJHPFRPR XPFRQMXQWRGHIDWRUHVLQWHUGHSHQGHQWHVHRERPPDQHMRSHUPLWHGLPHQVLRQDUH JHUHQFLDUDVFRQGLo}HVHVSHFtILFDVGHVHFDJHP
- 73. DStWXOR 6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV ODVVLILFDomRGRV6HFDGRUHV 1RVVLVWHPDVGHVHFDJHPFRPDOWDWHPSHUDWXUDRVVHFDGRUHVSRGHPVHU FODVVLILFDGRVTXDQWRDRVIOX[RVGRSURGXWRHGRDUHP D
- 74. 6HFDGRUGHDPDGD)L[D+RUL]RQWDOQDVHFDJHPHPFDPDGDIL[DR SURGXWRSHUPDQHFHQXPFRPSDUWLPHQWRGHIXQGRSHUIXUDGRSRURQGHSDVVDRDU GHVHFDJHPLQVXIODGRSRUXPYHQWLODGRU1RUPDOPHQWHDVHFDJHPHPOHLWRIL[Rp IHLWDHPVLORVPHWiOLFRVFLOtQGULFRVSURYLGRVGHSLVRSHUIXUDGR VHPHOKDQWHVDRV XVDGRV QD VHFDJHP FRP EDL[DV WHPSHUDWXUDV 1D VHFDJHP HP FDPDGD IL[D D WHPSHUDWXUDGRDUpPXLWRVXSHULRUjWHPSHUDWXUDGRDPELHQWHDFLPDGHR
- 75. H D FDPDGD GH SURGXWR p JHUDOPHQWH LQIHULRU D P 8P YHQWLODGRU GH DOWD FDSDFLGDGHDFRSODGRDXPDIRQWHGHDTXHFLPHQWRID]SDUWHGHVWHVLVWHPD RPRREMHWLYRGHGLPLQXLURFXVWRGHLPSODQWDomRGHVVHVLVWHPDRVLOR PHWiOLFRSRGHVHUVXEVWLWXtGRSRUXPDFRQVWUXomRHPDOYHQDULD)LJXUD
- 76. RTXH R WRUQD DFHVVtYHO D JUDQGH Q~PHUR GH DJULFXOWRUHV 2XWUR DVSHFWR LQWHUHVVDQWH GHVVHVHFDGRUpVXDYHUVDWLOLGDGH$OpPGHVHUXVDGRSDUDVHFDUJUmRVHVHPHQWHV HPJHUDOPLOKRHPHVSLJDFDIpGHODYRXUDIHLMmRHPUDPDUDVSDGHPDQGLRFD HWFpWDPEpPXVDGRSDUDDSURGXomRGH IHQR$ DOWXUDGD FDPDGD GH SURGXWR SRGHYDULDUSDUDJUmRVHPJHUDOGHYHQGRVLWXDUVHHQWUHHP$OWXUDDFLPD GHVWDIDL[DSRGHUiDFDUUHWDUSUREOHPDVFRPRRDOWRJUDGLHQWHGHXPLGDGH $ RSHUDomR GR VHFDGRU GH FDPDGD IL[D p VLPSOHV HPERUD H[LMD DOJXQV FXLGDGRV$PRYLPHQWDomRGRSURGXWRHPLQWHUYDORVGHWHPSRUHJXODUHVpXPD RSHUDomRLPSRUWDQWHSDUDHYLWDUDGHVXQLIRUPLGDGHQDXPLGDGHILQDOGRSURGXWR )LJXUD9LVWDJHUDOGHXPVHFDGRUGHFDPDGDIL[DPRGHOR8)9
- 77. 9DQWDJHQV PHQRUFXVWRRSHUDFLRQDO EDL[RLQYHVWLPHQWRLQLFLDO RDUPD]HQDPHQWRSRGHUVHUIHLWRQRSUySULRVLORVHFDGRUTXDQGRVH XWLOL]DRVLORFRQYHQFLRQDODGDSWDGRFRPRVHFDGRUGHFDPDGDIL[D H IiFLOFRQVWUXomR
- 78. DStWXOR6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 'HVYDQWDJHQV DOWRJUDGLHQWHGHXPLGDGHDRORQJRGDFDPDGDGHJUmRVH EDL[DFDSDFLGDGHGHSURFHVVDPHQWRGHYLGRDRIDWRGHD HVSHVVXUD GDFDPDGDVHULQIHULRUDP F
- 80. H6HFDGRUGH)OX[RV UX]DGRVQHVWHVVHFDGRUHVRSURGXWRSHUPDQHFHHPFROXQDVYHUWLFDLV FRQVWUXtGDVHPFKDSDVSHUIXUDGDVHVmRVXEPHWLGRVDXPIOX[RGHDU TXHpSHUSHQGLFXODUjFDPDGDGRSURGXWR4XDQGRRVJUmRVHVWmRHP PRYLPHQWR R VHFDGRU p FKDPDGR GH IOX[RV FUX]DGRV $ )LJXUD PRVWUDRHVTXHPDGHIXQFLRQDPHQWRGRVVHFDGRUHVGHIOX[RVFUX]DGRV D
- 82. $ )LJXUDPRVWUDXPFRQMXQWR GH VHFDGRUHV GH IOX[RV FUX]DGRV FRP UHFLUFXODomRGRSURGXWRPXLWRXWLOL]DGRSDUDFDIp$SDUWHGRVHFDGRU DFLPDGRWHOKDGRFRQVWLWXLDFkPDUDGHUHSRXVR )LJXUD±(VTXHPDVGHIXQFLRQDPHQWRGHXPVHFDGRUGHIOX[RVFUX]DGRV TXHSRGHRSHUDUGHIRUPDFRQWtQXD
- 83. DStWXOR 6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV )LJXUD±RQMXQWRGHVHFDGRUHVGHIOX[RVFUX]DGRVFRPUHFLUFXODomRGR SURGXWR 9DQWDJHQV DOWDFDSDFLGDGHGHVHFDJHP IDFLOLGDGHGHPDQXVHLRHRSHUDomRH EDL[RFXVWRLQLFLDO 'HVYDQWDJHQV PDLRUULVFRGHVXSHUDTXHFLPHQWRGRSURGXWR DOWRFRQVXPRGHHQHUJLD GHVXQLIRUPLGDGH GH VHFDJHP TXDQGR WUDEDOKDQGR GH IRUPD FRQWtQXDRXHPFDPDGDIL[DH EDL[DHILFLrQFLDGHVHFDJHP F
- 84. 6HFDGRUGH)OX[RVRQWUDFRUUHQWHV DVHFDJHPHPIOX[RVFRQWUDFRUUHQWHVp UHDOL]DGD HP VLORV VHFDGRUHV )LJXUDV H
- 85. HP TXH JUmRV H DU GH VHFDJHP PRYLPHQWDPVH HP VHQWLGR FRQWUiULR 1HVWH VHFDGRU D IUHQWH GH VHFDJHP SHUPDQHFHVHPSUHSUy[LPDDRIXQGRSHUIXUDGR¬PHGLGDTXHRFRUUHDVHFDJHP R SURGXWR VHFR p FRQGX]LGR SDUD R FHQWUR SRU XP WUDQVSRUWDGRU KHOLFRLGDO TXH YDUUH WRGD D VHomR WUDQVYHUVDO GR VLOR 8PD VHJXQGD URVFD UHWLUD R SURGXWR FRQGX]LQGRRSDUDDSDUWHVXSHULRURXHQWmRSDUDXPVLORDUPD]HQDGRUSDVVDQGRD IXQFLRQDUGHIRUPDFRQWtQXD$VVLPDPDVVDGHSURGXWRWHPVHQWLGRGHVFHQGHQWH HQTXDQWR R DU p LQVXIODGR HP VHQWLGR DVFHQGHQWH $ DWLYDomR GR VLVWHPD GH PRYLPHQWDomR GR SURGXWR p FRRUGHQDGD SRU XP WHUPRVWDWR FRORFDGR D P DFLPD GD FKDSD SHUIXUDGD $ HVFROKD GD WHPSHUDWXUD GH DFLRQDPHQWR GR WHUPRVWDWRpIXQomRGDXPLGDGHILQDOGHVHMDGD 1RVVLORVVHFDGRUHVGHIOX[RVFRQWUDFRUUHQWHVjPHGLGDTXH DPDVVDGH SURGXWR YDL GHVFHQGR VXD WHPSHUDWXUD p DXPHQWDGD DWLQJLQGR YDORUHV PXLWR
- 86. DStWXOR6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV SUy[LPRVDRVGDWHPSHUDWXUDGRDUGHVHFDJHP3DUDHYLWDUGDQRVDRSURGXWRD WHPSHUDWXUDGHVHFDJHPQmRGHYHXOWUDSDVVDUR )LJXUD ± 6LVWHPD GH DUPD]HQDJHP FRP VLORVHFDGRU HP IOX[RV FRQWUDFRUUHQWHV 2 VHFDGRU HP IOX[RV FRQWUDFRUUHQWHV HP WRUUH XWLOL]D R VLVWHPD GH DTXHFLPHQWRHYHQWLODomRDEDL[RGRVWXERVGHVDtGDGRDUGHVHFDJHP)LJXUD
- 87. )LJXUD±6HFDGRUGHIOX[RVFRQWUDFRUUHQWHVPRGHOR8)9 9DQWDJHQV DOWDHILFLrQFLDHQHUJpWLFD PHQRUWHPSRGHH[SRVLomRDRDUGHVHFDJHPH PHQRUVXVFHSWLELOLGDGHDGDQRVPHFkQLFRV 'HVYDQWDJHP PDLRU FXVWR GH PDQXWHQomR TXDQGR VH XWLOL]D XP VLVWHPD FRP VLORVHFDGRU
- 88. DStWXOR 6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV G
- 89. 6HFDGRU GH )OX[RV RQFRUUHQWHV QR VHFDGRU GH IOX[RV FRQFRUUHQWHV DU H SURGXWRIOXHPQRPHVPRVHQWLGRGHQWURGRVHFDGRU)LJXUDVH
- 90. $OWDVWD[DV GH HYDSRUDomR RFRUUHP QD SDUWH VXSHULRU GD FDPDGD XPD YH] TXH R DU PDLV TXHQWH HQFRQWUD R SURGXWR PDLV ~PLGR $V WURFDV LQWHQVDV H VLPXOWkQHDV GH HQHUJLD H PDVVD QD HQWUDGD GR VHFDGRU DUSURGXWR
- 91. FDXVDP UiSLGD UHGXomR QD WHPSHUDWXUDLQLFLDOGRDUGHVHFDJHPDVVLPFRPRQRWHRUGHXPLGDGHGRSURGXWR 3RUHVWDUD]mRDWHPSHUDWXUDGRSURGXWRSHUPDQHFHFRQVLGHUDYHOPHQWHDEDL[RGD WHPSHUDWXUD LQLFLDO GR DU GH VHFDJHP )LJXUD
- 92. (VWHV VHFDGRUHV VmR FDUDFWHUL]DGRV SHOD DOWD HILFLrQFLD HQHUJpWLFD H SHOD ERD TXDOLGDGH ILQDO GR SURGXWR$~QLFDGLIHUHQoDGRPRGHORDQWHULRUHVWiQRSRVLFLRQDPHQWRGRVGXWRV GHH[DXVWmR )LJXUD±6HFDGRUGHIOX[RVFRQFRUUHQWHVPRGHOR8)9 )LJXUD±6HFDGRUGHIOX[RVFRQFRUUHQWHV(3$0,*3RQWH1RYD±0*
- 93. DStWXOR6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV )LJXUD ± XUYDV GDV WHPSHUDWXUDV GR DU GH VHFDJHP H GR SURGXWR HP IXQomRGDSURIXQGLGDGHHPVHFDGRUGHIOX[RVFRQFRUUHQWHV 9DQWDJHQV PHOKRUTXDOLGDGHILQDOGRSURGXWR PDLRUFDSDFLGDGHGHVHFDJHP DOWDHILFLrQFLDHQHUJpWLFDH EDL[R FXVWR GH LQVWDODomR H PDQXWHQomR TXDQGR p XWLOL]DGR DSHQDVXPHVWiGLR 'HVYDQWDJHQV DOWRFXVWRGHFRQVWUXomRTXDQGRVHRSHUD FRPPDLVGHXP HVWiGLRH PDLRU ULVFR GH LQFrQGLR GHYLGR j XWLOL]DomR GH DOWDV WHPSHUDWXUDV H
- 94. 6HFDGRU HP DVFDWD RX GH )OX[RV 0LVWRV p FRQVWLWXtGR SRU XPD VpULH GH FDOKDV LQYHUWLGDV HP IRUPD GH 9 GLVSRVWDV HP OLQKDV DOWHUQDGDV SDUDOHOD RX WUDQVYHUVDOPHQWHGHQWURGD HVWUXWXUDGRVHFDGRU )LJXUDD
- 95. 1HVWH VHFDGRUR SURGXWRPRYLPHQWDVHSDUDEDL[RHHQWUHDVFDOKDVVREDomRGDJUDYLGDGH 2DUGHVHFDJHPHQWUDQXPDOLQKDGHFDOKDVHVDLQDVRXWUDVLPHGLDWDPHQWH DGMDFHQWHVVXSHULRUHVRXLQIHULRUHVRPLVVRDRGHVFHUSHORVHFDGRURSURGXWRp VXEPHWLGR j DomR GR PRYLPHQWR GR DU GH VHFDJHP HP VHQWLGR FRQWUDFRUUHQWH FUX]DGRHFRQFRUUHQWH0XLWRGLIXQGLGRQR%UDVLOHVWHVVHFDGRUHV)LJXUDE
- 96. TXDQGREHPSURMHWDGRVXWLOL]DPIOX[RVGHDUPHQRUHVTXH DTXHOHVHPSUHJDGRV HPVHFDGRUHVFRQWtQXRVGHIOX[RVFUX]DGRV (P XP RXWUR PRGHOR GH VHFDGRU GH IOX[RV PLVWRV PXLWR XVDGR SDUD VHFDJHP GH DUUR] DV FDOKDV TXH SRGHP VHU UHWDV RX FLUFXODUHV VmR DEHUWDV H GLVSRVWDVXPDVREUHDVRXWUDV1HVWHFDVRRSURGXWRSDVVDSRUGHQWURGDVFDOKDV )LJXUDVDHE
- 98. DStWXOR 6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 9DQWDJHQV DOWDHILFLrQFLDHQHUJpWLFDH DOWDFDSDFLGDGH 'HVYDQWDJHQV DOWRFXVWRLQLFLDOH SRGHPSROXLURPHLRDPELHQWH )LJXUD D 6HFDGRU GH IOX[RV PLVWRV RX HP FDVFDWD FRP FDOKDV DOWHUQDV WUDQVYHUVDOPHQWH
- 100. DStWXOR 6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV )LJXUDE±6HFDGRUFRPHUFLDOWLSRFDVFDWDFRPFDOKDVFLUFXODUHV I
- 101. 6HFDGRU5RWDWLYRHVWHVHFDGRUpIRUPDGRSRUXPFLOLQGURWXEXODUKRUL]RQWDO RX OLJHLUDPHQWH LQFOLQDGR TXH JLUD HP WRUQR GH VHX HL[R ORQJLWXGLQDO D XPD YHORFLGDGHFRPSUHHQGLGDHQWUHHUSP1RFDVRGHXPVHFDGRUFRQWtQXRR SURGXWR~PLGRFKHJDjSDUWHPDLVHOHYDGDGRWDPERUDWUDYpVGHXPWUDQVSRUWDGRU HVDLQDSDUWHPDLVEDL[DSRUJUDYLGDGH2DUGHVHFDJHPpLQWURGX]LGRQRWDPERU QR PHVPR VHQWLGR RX QR VHQWLGR FRQWUiULR j WUDMHWyULD GR SURGXWR HP FDVR GH VHFDGRUHVLQFOLQDGRV 8PWLSRPXLWRFRPXPHXWLOL]DGRFRPRSUpVHFDGRURXVHFDGRUSDUDFDIp FRQVWLWXLVHGHXPWDPERUKRUL]RQWDOQmRLQFOLQDGRFRPRDUGHVHFDJHPVHQGR LQMHWDGRQXPDFkPDUDVLWXDGDQRFHQWURGHVWHWDPERURTXDODWUDYHVVDDPDVVDGR SURGXWRHPVHQWLGRSHUSHQGLFXODUDRHL[RGRVHFDGRU)LJXUD
- 103. DStWXOR6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 9DQWDJHQV SDUD DOJXQV SURGXWRV FRPR R FDIp HP FRFR IDYRUHFH D OLPSH]D GR SURGXWR XQLIRUPLGDGHGHVHFDJHP 'HVYDQWDJHQV EDL[DHILFLrQFLDHQHUJpWLFD DOWRFXVWRGHLQYHVWLPHQWRH RSURGXWRILFDVXMHLWRDGDQRVQDFDPDGDSURWHWRUD J
- 104. 6HFDGRU SRU RQYHFomR 1DWXUDO R DU PRYLPHQWDQGRVH SRU FRQYHFomR QDWXUDO SRGH VHU XPD DOWHUQDWLYD SDUD VROXFLRQDU RV SUREOHPDV GH VHFDJHP GR SHTXHQRSURGXWRUSRLVHVWHWLSRGHVHFDGRUGLVSHQVDRXVRGHYHQWLODGRUHVHSRGH VHU FRQVWUXtGR FRP PDWHULDLV UHJLRQDLV H PmRGHREUD SRXFR HVSHFLDOL]DGD $ )LJXUDPRVWUDXPVHFDGRUSRUFRQYHFomR(VWHVVHFDGRUHVXWLOL]DPWURFDGRUHV GHFDORUTXHWUDQVIHUHPRFDORUUHFHELGRGRVJDVHVGHFRPEXVWmRGHXPDIRUQDOKD SDUD R DU GH VHFDJHP TXH HQWUD ODWHUDOPHQWH SRU PHLR GH DEHUWXUDV QD SDUWH LQIHULRU GDV SDUHGHVGR VHFDGRU 2 PRYLPHQWR GR DU TXH DWUDYHVVD D PDVVD GH SURGXWR p GHYLGR DRV JUDGLHQWHV GH SUHVVmR SURGX]LGRV SHOD GLIHUHQoD GH WHPSHUDWXUDHQWUHRDUGHVHFDJHPHRDUDPELHQWH )LJXUD±RUWHORQJLWXGLQDOGHXPVHFDGRUSRUFRQYHFomRQDWXUDO 9DQWDJHQV GLVSHQVDRXVRGHYHQWLODGRUHV EDL[RFXVWRLQLFLDOH PmRGHREUDSRXFRHVSHFLDOL]DGD 'HVYDQWDJHQV EDL[DHILFLrQFLDWpUPLFD GHVXQLIRUPLGDGHGHWHPSHUDWXUDHIOX[RGHDUH ULVFRV GH FRQWDPLQDomR GR SURGXWR SHOD IXPDoD FDVR KDMD SHUIXUDo}HVQRWURFDGRUGHFDORU
- 105. DStWXOR 6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV K
- 106. 6HFDGRUGH/HLWR)OXLGL]DGRQHVWHVHFDGRURDUGHVHFDJHPDWUDYHVVDXPD SODFD SHUIXUDGD SURYRFDQGR WXUEXOrQFLD QR SURGXWR TXH VH HQFRQWUD VREUH HOD 4XDQGRRSURGXWRFRPHoDHFRQWLQXDDIOXWXDUVREUHDSODFDRFRQMXQWRSDVVDD VHUGHQRPLQDGROHLWRIOXLGL]DGR)LJXUD
- 107. $LQWHQVLGDGHGRIOX[RGHDUGHYHVHUWDOTXHVXSHUHDYHORFLGDGHWHUPLQDO GR SURGXWR SURYRFDQGR WXUEXOrQFLD H FDUUHDQGR HVWH 1mR p XP VHFDGRU FRPXPHQWH XWLOL]DGR QD VHFDJHP GH SURGXWRV DJUtFRODV GHYLGR j EDL[D FDSDFLGDGHGHVHFDJHPHj HOHYDGDSRWrQFLDH[LJLGDSHORYHQWLODGRU )LJXUD±'HWDOKHVGHXPVHFDGRUGHOHLWRIOXLGL]DGR ODVVLILFDomR4XDQWRj2SHUDomR D
- 108. 6HFDGRUHVRQWtQXRVQHVWHVRJUmRILFDFRQVWDQWHPHQWHVREDDomRGR FDORUDWpTXHVHXWHRUGHXPLGDGHDWLQMDXPYDORUGHVHMDGR'HVVDIRUPDKiXP IOX[R FRQVWDQWHGHSURGXWRQRLQWHULRUGRVHFDGRUHVLPXOWDQHDPHQWHKi JUmRV ~PLGRV HQWUDQGR JUmRV HP IDVH GH VHFDJHP H JUmRV VHFRV H IULRV VHQGR GHVFDUUHJDGRV)LJXUDE
- 109. $VHFDJHPRFRUUHJHUDOPHQWHHPGXDVHWDSDVEHP GHILQLGDV1DSULPHLUDHWDSDDPDVVDGHJUmRVpDWUDYHVVDGDSRUXPIOX[RGHDU TXHQWH TXH WHP SRU ILQDOLGDGH D VHFDJHP SURSULDPHQWH GLWD H QD VHJXQGD R SURGXWR p DWUDYHVVDGR SRU XP IOX[R GH DU FRP WHPSHUDWXUD DPELHQWH TXH WHP FRPRILQDOLGDGHUHVIULiOR 2 SURGXWR SDVVD SRU XP PHFDQLVPR GH UHJXODJHP GH IOX[R TXH GHWHUPLQDUiRWHPSRGHH[SRVLomRDRDUGHVHFDJHPWDPEpPGHQRPLQDGRWHPSR GHUHVLGrQFLD$VHFDJHPFRQWtQXDpLQGLFDGDSDUDJUDQGHTXDQWLGDGHGHSURGXWRH WHPFRPRYDQWDJHPDUHGXomRGRWHPSRWRWDOGHVHFDJHPGHYLGRjHOLPLQDomRGD RSHUDomRGHFDUJDHGHVFDUJDGRVHFDGRU3RURXWURODGRGXUDQWHDVHFDJHPHP IOX[RFRQWtQXRRFRUUHXPDGLIHUHQoDHQWUHDXPLGDGHORFDOL]DGDQDVXSHUItFLHH DTXHODQRLQWHULRUGRJUmR$VXSHUItFLHTXHHVWiHPFRQWDWRGLUHWRFRPRDUVHFD PDLVGRTXHDSDUWHFHQWUDO3DUDRDUUR]SRUH[HPSORVHHVVDGLIHUHQoDIRUPXLWR JUDQGH SRGHUiSURYRFDU WULQFDVQR JUmR H UHVXOWDUHP JUDQGH Q~PHUR GH JUmRV TXHEUDGRV
- 110. DStWXOR6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV 1R FDVR GD VHFDJHP GH VHPHQWHV HP JHUDO WRUQDVH GLItFLO RSHUDU RV VHFDGRUHVFRQWtQXRVXPDYH]TXHDWHPSHUDWXUDGRDUGHVHFDJHPGHYHVHUPHQRU GRTXHDTXHODXWLOL]DGDSDUDJUmRV E
- 111. 6HFDGRUHV ,QWHUPLWHQWHV QHVWHV R SURGXWR SDVVD YiULDV YH]HV SHOR LQWHULRUGRVHFDGRUDQWHVGHFRPSOHWDUDVHFDJHP$VVLPRJUmRVRIUHDDomRGR FDORUGXUDQWHSHTXHQRVLQWHUYDORVGHWHPSRLQWHUFDODGRVSRUSHUtRGRVGHUHSRXVR RXVHMDDPDVVDGHJUmRVQmRHQWUDHPFRQWDWRFRPRDUDTXHFLGRGXUDQWHHVVH SHUtRGR 1HVWHVVHFDGRUHVDTXDQWLGDGHGHiJXDUHPRYLGDSRUXQLGDGHGHWHPSRGH VHFDJHP p FRQVLGHUDYHOPHQWH PDLRU GR TXH TXDQGR D VHFDJHP p FRQWtQXD 2 UHQGLPHQWRGDVHFDJHPDXPHQWDSRUTXHRDUTXHQWHHQFRQWUDDSHULIHULDGRVJUmRV FRPWHRUGHXPLGDGHPDLVHOHYDGRHPYLUWXGHGDPLJUDomRGHVWDGRFHQWURSDUDD SHULIHULDGXUDQWHRGHVFDQVRGRSURGXWR(VWDUHGLVWULEXLomRGHXPLGDGHDOpPGH IDFLOLWDU D VHFDJHP GLPLQXL D SRVVLELOLGDGH GH RFRUUrQFLD GH WULQFDV GHYLGR j GLPLQXLomRGDVWHQV}HVLQWHUQDVQRJUmR 4XDQGRRQ~PHURGHSDVVDJHQVGRSURGXWRSHORVHFDGRUpPXLWRJUDQGHD FDSDFLGDGH QRPLQDO GR VHFDGRU GLPLQXL SURSRUFLRQDOPHQWH (QWUHWDQWR HVWD FDSDFLGDGHSRGHVHUDXPHQWDGDTXDQGRRVHFDGRUpFDUUHJDGRFRPRXWURORWHGH JUmRV GXUDQWH R SHUtRGR GH GHVFDQVR *HUDOPHQWH HVWHV VHFDGRUHV VmR FRQVWLWXtGRV SRU GXDV FROXQDV GH VHFDJHP H SRU XP GHSyVLWR FRORFDGR DFLPD GHVWDVFROXQDV$DOWXUDGDFROXQDHRIOX[RGHJUmRVQmRSHUPLWHPDVHFDJHPGR SURGXWRVHHVWHSDVVDUDSHQDVXPDYH]SHORVHFDGRU2GHSyVLWRSRVVLELOLWDTXHR SURGXWRILTXHHPUHSRXVR DQWHVGH FDGDSDVVDJHPSHOD FROXQD GH VHFDJHP 2V VHFDGRUHVGHIOX[RVFRQWUDFRUUHQWHVHFRQFRUUHQWHV)LJXUDVH
- 112. SURMHWDGRVQD 8)9VmRFODVVLILFDGRVFRPRVHFDGRUHVLQWHUPLWHQWHV3RGHPHQWUHWDQWRWUDEDOKDU GH IRUPD FRQWtQXD TXDQGR R WHRU GH XPLGDGH LQLFLDO IRU VXILFLHQWHPHQWH EDL[R SDUDVHFDUHPXPD~QLFDSDVVDJHPSHODFkPDUDGHVHFDJHP ODVVLILFDomR4XDQWRj8WLOL]DomR D
- 113. 6HFDJHP RPELQDGDHVWDWpFQLFDFRQVLVWH HPXWLOL]DUVHFDGRUHV HP DOWDVWHPSHUDWXUDVHQTXDQWRRSURGXWRDSUHVHQWDWHRUGHXPLGDGHPDLVHOHYDGRH D SDUWLU GHVVH SRQWR WUDQVIHULU R SURGXWR TXHQWH SDUD XP VLVWHPD GH EDL[D WHPSHUDWXUD RQGH D VHFDJHP VHUi FRPSOHWDGD$OpP GD UHGXomR VXEVWDQFLDO GH HQHUJLD UHTXHULGD SDUD D VHFDJHP R VLVWHPD HP FRPELQDomR SRGH GREUDU D FDSDFLGDGHGLQkPLFDGRVVHFDGRUHVHDXPHQWDUDHILFLrQFLDWpUPLFDGHVHFDJHP $VSULQFLSDLVUD]}HVSDUDHVWHDXPHQWRGHHILFLrQFLDVmR RVVHFDGRUHVRSHUDPFRPSURGXWRVQXPDIDL[DGHXPLGDGHHPTXHD UHWLUDGDGHiJXDGRVJUmRVpPDLVIiFLOH RVUHVIULDGRUHVJHUDOPHQWHQmRVmRXWLOL]DGRVSRUTXHRSURGXWRFKHJD DRVLVWHPDGHVHFDJHPjEDL[DWHPSHUDWXUDDLQGDDTXHFLGR 1HVWDWpFQLFDDVFkPDUDVGHUHVIULDPHQWRGRVVHFDGRUHVJHUDOPHQWHVmR FRQYHUWLGDVHPFkPDUDVGHVHFDJHPRTXHDXPHQWDDFDSDFLGDGHGRVVHFDGRUHV
- 114. DStWXOR 6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV GHDOWDVWHPSHUDWXUDV2SURFHVVRGHVHFDJHPHPFRPELQDomRUHGX]HPDWpD HQHUJLD WRWDO UHTXHULGD SHORV PpWRGRV FRQYHQFLRQDLV GH VHFDJHP H SRGHP IDFLOPHQWHGREUDUDFDSDFLGDGHGRVVHFDGRUHVGHDOWDVWHPSHUDWXUDV E
- 115. 6HFDDHUDomRpXPDPRGLILFDomRGRVLVWHPDFRQYHQFLRQDOGHVHFDJHP HPDOWDWHPSHUDWXUDFRPDILQDOLGDGHGHUHGX]LURFRQVXPRGHHQHUJLDDXPHQWDU DFDSDFLGDGHGHVHFDJHPHUHGX]LURVGDQRVWpUPLFRVFDXVDGRVSHODH[SRVLomRGR SURGXWRSRUORQJRVSHUtRGRVGHWHPSRDDOWDVWHPSHUDWXUDV 1RSURFHVVRGHVHFDDHUDomRLOXVWUDGRQD)LJXUDRSURGXWRpVHFDGR DWp SRQWRV SHUFHQWXDLV DFLPD GR WHRU GH XPLGDGH UHFRPHQGDGR SDUD R DUPD]HQDPHQWR1mRXWLOL]DQGRDFkPDUDGHUHVIULDPHQWRRSURGXWRDLQGDTXHQWH pWUDQVIHULGRSDUDXPVLORDX[LOLDUVLORWrPSHUD
- 116. RQGHSHUPDQHFHHPGHVFDQVR SDUD TXH R FDORU UHVLGXDO UHGLVWULEXD D XPLGDGH HP WRGR R LQWHULRU GR JUmR IDFLOLWDQGRDUHWLUDGDGD XPLGDGH HP H[FHVVR TXDQGR IRU DSOLFDGD XPD DHUDomR FRPEDL[RVIOX[RVGHDU 2VXFHVVRGHVWHVLVWHPDGHSHQGHUiPXLWRGRSHUtRGRGHWHPSRHPTXHR SURGXWRIRUGHL[DGRHPUHSRXVRHGDWHPSHUDWXUDGHVWHGXUDQWHRSHUtRGRHPTXH SHUPDQHFHUQHVVDFRQGLomR8PUHSRXVRGHVHLVDRLWRKRUDVpUHFRPHQGDGRSDUD XPD WHPSHUDWXUD GR SURGXWR VXSHULRU D R RPR GLWR DQWHULRUPHQWH R UHVIULDPHQWRGDPDVVDGHJUmRVpIHLWRSRUDHUDomRDSyVRSHUtRGRGHUHSRXVRVy WHUPLQDQGRTXDQGRWRGRRSURGXWRDWLQJLUDWHPSHUDWXUDGRDUDPELHQWHDQWHVGH VHU WUDQVIHULGR SDUD R DUPD]HQDPHQWR (VWH PpWRGR GH VHFDJHP WHP D GHVYDQWDJHP GH UHTXHUHU PDLRU LQYHVWLPHQWR LQLFLDO TXDQGR VH XWLOL]D R VLOR WrPSHUDHPDLRUPDQXVHLRGRSURGXWR 3DUD VLVWHPDV GH VHFDJHP H DUPD]HQDPHQWR HP ID]HQGDV R VLOR FRQYHQFLRQDOSRGHUiVHUDGDSWDGRSDUDVHFDDHUDomRQmRVHQGRQHFHVViULRXWLOL]DU XPVLORWrPSHUD 1XP VLVWHPD GH VHFDDHUDomR FRUUHWDPHQWH SURMHWDGR SDUD PLOKR D UHGXomRGHSDUDEX
- 119. 6HFDJHP HP 6LOR FRP 6LVWHPD RQWUDFRUUHQWH QHVWH HTXLSDPHQWR RFRUUHPHQRUFRQVXPRGHHQHUJLDSRLVQmRVHSHUPLWHTXHRSURGXWRDWLQMDRWHRU GHXPLGDGHGHHTXLOtEULRQHPDWHPSHUDWXUDGRDUGHVHFDJHP 0XLWR XWLOL]DGR QRV (VWDGRV 8QLGRV GD $PpULFD R VLVWHPD 6KLYYHUV )LJXUD
- 120. pFRQVWLWXtGRSRUXPVLORVHFDGRUQRTXDOpDGDSWDGRXPVLVWHPDGH URVFD KRUL]RQWDO TXH YDUUH RV JUmRV VHFRV ORFDOL]DGRV LPHGLDWDPHQWH DFLPD GD FKDSDSHUIXUDGDHRVHQWUHJDDXPDRXWUDURVFDYHUWLFDORXKRUL]RQWDOTXHSRUVXD YH]OHYDRSURGXWRDWpRVLORGHDUPD]HQDJHPRQGHSRGHVHUSURFHVVDGDDVHFD DHUDomR 'HYLGR j SRVVLELOLGDGH GH RFRUUrQFLD GH FRQGHQVDomR QDV FDPDGDV VXSHULRUHV HVWH VHFDGRU QmR p UHFRPHQGDGR SDUD D VHFDJHP GH SURGXWRV FRPR IHLMmRSULQFLSDOPHQWHVHDVHFDJHPIRUIHLWDHPFDPDGDVXSHULRUDXPPHWUR $ OLPSH]D GD PDVVD GR SURGXWR H R QLYHODPHQWR GD FDUJD YLVDQGR j GLVWULEXLomRXQLIRUPHGRIOX[RGHDUSURSLFLDUmRXPDVHFDJHPXQLIRUPH E
- 121. 6LVWHPD FRP 5HFLUFXODomR GR $U GH 6HFDJHP JHUDOPHQWH RV VHFDGRUHV GH IOX[R FUX]DGR DSUHVHQWDP JUDGLHQWH GH WHPSHUDWXUD H XPLGDGH DR ORQJRGDHVSHVVXUDGDPDVVDGHSURGXWRRXVHMDRFRUUHXPDVXSHUVHFDJHPGR SURGXWR VLWXDGR QD SDUHGH SRU RQGH R DU HQWUD QD FkPDUD GH VHFDJHP 3DUD PLQLPL]DUHVWHSUREOHPDpQHFHVViULRHPSUHJDUDOWRIOX[RGHDURXXPDFDPDGD PHQRV SURIXQGD GH SURGXWR (QWUHWDQWR HVWHV SURFHGLPHQWRV DFDUUHWDP EDL[D HILFLrQFLDHQHUJpWLFDSRLVRDUVDLGRVHFDGRUFRPDOWDFDSDFLGDGHGHVHFDJHP 3DUD PHOKRUDU D HILFLrQFLD WpUPLFD H D TXDOLGDGH ILQDO GR SURGXWR VDtGR GHVWHVVHFDGRUHVDOJXPDVPRGLILFDo}HVQRVPRGHORVRULJLQDLVWrPVLGRSURSRVWDV 8PD GHVWDV PRGLILFDo}HV FRQVLVWH QD UHFLUFXODomR GH SDUWH GR DU GH H[DXVWmR SURPRYHQGRSUpDTXHFLPHQWRHSUpVHFDJHPGRSURGXWRPDLV~PLGR $ UHYHUVmR GR IOX[R GH DU GHQWUR GR VHFDGRU RSHUDQGR GH PRGR LQWHUPLWHQWHWDPEpPDXPHQWD D HILFLrQFLD GD VHFDJHP 2 VHFDGRU PRVWUDGR QD
- 122. DStWXOR 6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV )LJXUDpFRQVWLWXtGRSRUGXDVFkPDUDVGHVHFDJHPHGXDVFkPDUDVSOHQXP2 DULQVXIODGRSHORYHQWLODGRUDWUDYHVVDDVFkPDUDVHPIOX[RFUX]DGRHPVHQWLGR LQYHUVRHPFDGDXPDGDVFkPDUDVGHVHFDJHP2DUpLQVXIODGRSDUDDFkPDUD SOHQXP LQIHULRU DWUDYHVVDQGR LQLFLDOPHQWH HP IOX[R FUX]DGR D FkPDUD GH VHFDJHP LQIHULRU LQGR SRVWHULRUPHQWH SDUD D FkPDUD SOHQXP VXSHULRU (P VHJXLGDRDUSDVVDHPIOX[RVFUX]DGRVDWUDYpVGDFkPDUDGHVHFDJHPVXSHULRUHP VHQWLGRLQYHUVRVDLQGRSDUDRH[WHULRUGRVHFDGRU )LJXUD±6HFDGRUGHIOX[RVFUX]DGRVFRPUHYHUVmRGRIOX[RGHDU F
- 123. (OLPLQDomRGH,PSXUH]DVQRV3URGXWRVDQWHVGDVHFDJHPRPDWHULDO YLQGRGRFDPSRGHYHSDVVDUSRUXPDSUpOLPSH]D8PSURGXWRFRQWHQGRPXLWDV LPSXUH]DV DXPHQWDUi D UHVLVWrQFLD j SDVVDJHP GR DU DXPHQWDQGR R WHPSR GH VHFDJHP H FRQVHTHQWHPHQWH D HQHUJLD FRQVXPLGD QR SURFHVVR $OpP GLVVR IDYRUHFH R GHVHQYROYLPHQWR GH IXQJRV SULQFLSDOPHQWH HP VHFDJHP FRP EDL[D WHPSHUDWXUDHPTXHRWHPSRGHVHFDJHPpPDLVSURORQJDGR G
- 125. 2V UHYROYHGRUHV HP PRYLPHQWR SURPRYHP D PLVWXUD GR SURGXWR HOLPLQDQGRDIUHQWHGHVHFDJHPHSRVVLELOLWDQGRPHOKRUGLVWULEXLomRGRIOX[RGH DUXPDYH]TXHDV]RQDVGHFRQFHQWUDomRGHPDWHULDLVILQRVHD FRPSDFWDomRGR
- 126. DStWXOR6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV SURGXWR VmR HOLPLQDGDV RPR FRQVHTrQFLD R IOX[R GH DU DWUDYpV GD PDVVD DXPHQWDHPDWp $1È/,6('2216802(1(5*e7,2 (ILFLrQFLDHQHUJpWLFDpDUD]mRHQWUHDHQHUJLDUHTXHULGDSDUDHYDSRUDUD iJXDGRSURGXWRHD TXDQWLGDGHGHHQHUJLDIRUQHFLGDDRSURFHVVRGHVHFDJHP$ TXDQWLGDGHGHHQHUJLDIRUQHFLGDLQFOXLDHQHUJLDSDUDDTXHFLPHQWRGRDUDOpPGD SRWrQFLD HOpWULFD XWLOL]DGD QR VLVWHPD YHMD FDStWXOR ± (QHUJLD QR 3Up 3URFHVVDPHQWRGH3URGXWRV$JUtFRODV
- 127. (VWXGRVUHDOL]DGRVQRLQtFLRGDGpFDGDGHHVWDEHOHFHUDPTXHRFXVWRGR FRPEXVWtYHO XVDGR QD RSHUDomR GH VHFDJHP QmR RQHUDYD VLJQLILFDWLYDPHQWH R FXVWRWRWDOGDVHFDJHPPHVPRFRQVLGHUDQGRRVSUREOHPDVGHHQHUJLDGDpSRFD 1R HQWDQWR RV SUHoRV H D GLVSRQLELOLGDGH GRV YiULRV FRPEXVWtYHLV YrPVH DOWHUDQGR WmR UDSLGDPHQWH TXH TXDOTXHU SUHYLVmR D UHVSHLWR GHVWHV FXVWRV p DOWDPHQWHLQFRQVLVWHQWH1RFDVRGR%UDVLOTXHQmRSRVVXLXPDSROtWLFDHQHUJpWLFD GHILQLGD WRUQDVH GLItFLO RSWDU SRU XPD IRQWH GH HQHUJLD FRQILiYHO SDUD DOLPHQWDomR GRV VHFDGRUHV e QHFHVViULR PHQFLRQDU WDPEpP TXH SRU GHWHUPLQDomR GR RQVHOKR 1DFLRQDO GR 3HWUyOHR HP IRL SURLELGD D XWLOL]DomR GH TXDOTXHU GHULYDGR GR SHWUyOHR QD VHFDJHP GH FHUHDLV PDGHLUD H IXPRIRUoDQGRRVVHWRUHVGHDUPD]HQDPHQWRHVHFDJHPGHSURGXWRVDJUtFRODVD HQFRQWUDU DOWHUQDWLYDV HQHUJpWLFDV TXH VXEVWLWXtVVHP RV FRPEXVWtYHLV IyVVHLV $ XWLOL]DomRLQGLVFULPLQDGDGHiUHDVIORUHVWDLVQDWLYDVFDXVDQGRJUDQGHSUHMXt]RDR HFRVVLVWHPDIORUHVWDOpXPDGDVFRQVHTrQFLDVGHVWDPHGLGDHRVXSULPHQWRGH PDGHLUDSDUDDVIRUQDOKDVGHYHYLUGHiUHDVUHIORUHVWDGDVSDUDHVWHILPRXVHMDGH IORUHVWDVHQHUJpWLFDV RQVLGHUDQGR TXH D VHFDJHP HP WHPSHUDWXUDV HOHYDGDV SRGH FRQVXPLU RX PDLV GR WRWDO GH HQHUJLD XVDGD QD SURGXomR GRV SURGXWRV DJUtFRODV p QHFHVViULRSURFXUDUVROXo}HVTXHDXPHQWHPDHILFLrQFLDHQHUJpWLFDGRVVHFDGRUHV /,7(5$785$2168/7$'$ %$..(5$5.(0$ ): 6,/9$ -6 0:$85$ (1 52'5,*8(6- %522.57HVWLQJRI$OWHUQDWLYHRQ)DUP *UDLQ'ULQJ6VWHPV3DSHU1ž$6$( %522.(5 '% %$..(5$5.(0$ ): +$//: 'ULQJ DQGVWRUDJHRIJUDLQDQGRLOVHHGV7KH$9, 3XEOLVKLQJ1HZ RUN S /$66(5$1 - $HUDomR GH *UmRV 9LoRVD (175(,1$5 OOS 0(/2 ( 5HQGLPHQWR 7pUPLFR GH XPD )RUQDOKD D /HQKD GH )OX[RV 'HVFHQGHQWHV ,PSUHQVD 8QLYHUVLWiULD 8)9 9LoRVD0* S'LVVHUWDomRGH0HVWUDGR
- 128. 025( 59 /28' +$ /8(6+(1 :( 3UDFWLFHV IRU WKH
- 129. DStWXOR 6HFDJHPH6HFDGRUHV 6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV (IILFLHQW 8WLOL]DWLRQ RI (QHUJ IRU 'ULQJ RUQ 7UDQVDFWLRQ RI WKH $6$(
- 130. 48(,52= '0 3(5(,5$ -$0 6HFDJHP GH *UmRV HP %DL[D 7HPSHUDWXUD(175(,1$59LoRVD0*S 6,/9$-6$Q(QJLQHHULQJ(FRQRPLFRPSDULVLRQRI)LYH'ULQJ 7HFKQLTXHVIRUWKH6KHOOHGRUQRQ0LFKLJDQ)DUPV0LFKLJDQ 6WDWH8QLYHUVLWOS7HVH3K'
- 131. 6,/9$ -6 $)2162 '/ *8,0$5(6 $ (VWXGR GRV 0pWRGRV GH 6HFDJHP ,Q 3Up3URFHVVDPHQWR GH 3URGXWRV $JUtFRODV -XL]GH)RUD,QVWLWXWR0DULDS 6,/9$ / 'HVHQYROYLPHQWR H $YDOLDomR GH XP 6HFDGRU GH DIp RIIHDDUDELFD/