SlideShare a Scribd company logo
1 of 97
Download to read offline
!      
      
     !    #   
    $             
                
#       %    
 ! '      (    ( 
 )*++,!)-  ./ 
0   1 -./0              
             
    #         #  
         ( 
  !
2 -   3 !
   ' (4
!2 2 5
$2  3 
6!-30'789/3-/:4- (
 85-!
   
    


Polo Industrial de Motocicletas de Manaus
2º edição revista e atualizada
!
!
%  ' (! 
%  ' (! 
Polo Industrial de Motocicletas de Manaus
!     
        #     
$  !%  !        $  
'   '  ($  
' # % %)   %*   %
'   $  '     
+       %         
'  !#       $,
 ( $ 
  -. /            
         -.   
       /         .  0  
  ! 
1           . ( 2
         -.      .      
         / 1     %
%   %    % -3  %
             -3 %   
 !  4        
     5         -.  -.     %
 %   4 4 
6    $$$   
7 8 
 8-3  9
 5   
1 )*:6 +)
    ;=%???  %   @
8 6A  B !  
*   
 (  C /
 
6@ 6 DE?1 )*:6 +)
F   G        E?
ŝǀ
$*5$'(,0(1726
0DQLIHVWR VDWLVIDWRULDPHQWH R PHX DJUDGHFLPHQWR SULPHLUDPHQWH D 'HXV SHOD
6DEHGRULDH6D~GHFRQFHELGDVDPLP(DJUDGHoRWDPEpPDWRGRVTXHGHDOJXPD
IRUPD PH DSRLDUDP H WUDQVPLWLUDP FRQILDQoD SDUD UHDOL]DomR GHVWH WUDEDOKR (P
HVSHFLDOD R 
 'U 3DXOR 6DPSDLR SHOD SDFLrQFLD GLVSRVLomR RULHQWDomR FUtWLFD H DSRLR
IRUQHFLGRV
$WRGRVRVSURIHVVRUHV DV 0HVWUHVH'RXWRUHVGD8QLYHUVLGDGHGR0LQKRSHOR
DSRLRHFRQKHFLPHQWRFLHQWtILFRWUDQVPLWLGRV
¬PLQKDHVSRVD6XHOHQ$UDXMRSHORDSRLRPRWLYDomRFRQVHOKRVHFRPSUHHQVmR
GXUDQWHWRGDVDVIDVHVGRSURMHWR
¬PLQKDIDPtOLDHPHVSHFLDODRVPHXVSDLVHPLQKDDYySHORLQYHVWLPHQWRDPRU
HGXFDomR H DSRLR LQFRQGLFLRQDLV D PLP IRUQHFLGRV GXUDQWH PHX GHVHQYROYLPHQWR
FRPRFLGDGmR
$R6U%HUQDUGLQR-RVp0DUTXHV-UH0DJLFOHDQSHORDSRLRHFRQILDQoDQRPHX
GHVHQYROYLPHQWRSURILVVLRQDOSDUDUHDOL]DomRGHVWHSURMHWR
$RVPHXVLUPmRVHPHVSHFLDOR'UHZQLFN0HUFXUTXHDSHVDUGHHVWDUORQJHGH
PLPPDVSUHVHQWHHPPLQKDVOHPEUDQoDVWHPVLGRPLQKDPRWLYDomRHPFUHVFHUH
YHQFHUWRGDVDVGLILFXOGDGHVSDUDFRQFOXVmRGHVWHSURMHWR
$RVPHXVFROHJDVHDPLJRVGHPHVWUDGR)DEULFLR*ODXFLYDQH$OWLQLUSHORDSRLRH
PRWLYDomRSDUDFRQFOXVmRGHVWHSURMHWR
 $ WRGDV DV RUJDQL]Do}HV H LQVWLWXLo}HV TXH FRODERUDUDP GH DOJXPD IRUPD QHVWH
HVWXGR
 $ WRGRV DTXHOHV TXH HPERUD QmR PHQFLRQDGRV GH DOJXPD IRUPD FRQWULEXtUDP
SDUDUHDOL]DomRGHVWHSURMHWR
)LFDQGRDTXLUHJLVWUDGRPHXVDJUDGHFLPHQWRV
0XLWR2EULJDGR
ǀ
$YDOLDomRGDTXDOLGDGHGRVHUYLoRQDFDGHLDGHDEDVWHFLPHQWRGDV
VWULDOGH0DQDXVHVWXGRGHFDVRQD
LQG~VWULDGHPRWRFLFOHWDV
5(6802
(VWHHVWXGRWHYHFRPRREMHWLYRSULQFLSDOPHQVXUDURQtYHOGHTXDOLGDGHGRVHUYLoR
RIHUHFLGR SRU IRUQHFHGRUHV TXH FRPS}H D FDGHLD GH DEDVWHFLPHQWR GR VHWRU GH
DOLGDGHGRVHUYLoR
RIHUHFLGR SRU IRUQHFHGRUHV FHUWLILFDGRV p RX QmR VXSHULRU DRV IRUQHFHGRUHV QmR
FHUWLILFDGRV2VHWRUGHVHUYLoRVYHPFUHVFHQGRDFDGDDQRHRFXSDQGRSRVLomRGH
GHVWDTXH QD HFRQRPLD GH WRGRV RV SDtVHV GHVHQYROYLGRV 3RUpP SDUD VDWLVID]HU
DRVFOLHQWHVGHVHUYLoRVpQHFHVViULRTXHDVHPSUHVDVJHUHPXPSDFRWHGHYDORU
TXH JDUDQWD D VDWLVIDomR GRV FOLHQWHV R TXH VLJQLILFD TXH R VHUYLoR GHYH VHU
UHDOL]DGRGDPDQHLUDFRUUHWDHTXHDWHQGDjVH[SHFWDWLYDVGRVFRQVXPLGRUHV8PD
GDVQRUPDVPDLVFRQKHFLGDVHUHFRQKHFLGDVPXQGLDOPHQWHpD,626HJXQGR
D $VVRFLDomR %UDVLOHLUD GH 1RUPDV 7pFQLFDV ± $%17 D LPSOHPHQWDomR GH XP
VLVWHPD GH JHVWmR GD TXDOLGDGH UHSUHVHQWD D REWHQomR GH XPD LPSRUWDQWH
IHUUDPHQWDTXHSRVVLELOLWDDRWLPL]DomRGHGLYHUVRVSURFHVVRVGHQWURGDRUJDQL]DomR
H HYLGHQFLD WDPEpP D SUHRFXSDomR FRP D PHOKRULD FRQWtQXD GRV SURGXWRV H
VHUYLoRV IRUQHFLGRV 2 PHUFDGR IRUQHFHGRU GD FDGHLD GH VXSULPHQ
,QGXVWULDOGH0DQDXVpFRPSRVWRSRUHPSUHVDVHSHVVRDVTXHIRUQHFHPSURGXWRV
RX VHUYLoRV TXH VH DJUHJDP DR SURGXWR SULQFLSDO GR IDEULFDQWH G
3RUpP SDUD VDWLVID]HU RV IDEULFDQWHV p QHFHVViULR TXH RV IRUQHFHGRUHV
DFUHVFHQWHP YDORU H WUDQVPLWDP FRQILDELOLGDGH DR FOLHQWH H JDUDQWDP D VDWLVIDomR
GHVWHVRTXHVLJQLILFDTXHRVHUYLoRGHYHVHUUHDOL]DGRGDPDQHLUDFRUUHWDHTXH
DWHQGDjVH[SHFWDWLYDVGDVQHFHVVLGDGHVFRQWUDWDGDV$SHUFHSomRGRFOLHQWHVREUH
GHWHUPLQDGR VHUYLoR p R UHVXOWDGR GDV VXDV H[SHFWDWLYDV H GR GHVHPSHQKR
SHUFHELGR GR VHUYLoR 3DUD D FROHWD GH LQIRUPDo}HV GR SURMHWR IRL XWLOL]DGR XP
TXHVWLRQiULR TXH WHP FRPR EDVH D IHUUDPHQWD 6(5948$/ 2 TXHVWLRQiULR
GHVHQYROYLGR DYDOLRX D TXDOLGDGH GR VHUYLoR QDV FLQFR GLPHQV}HV WDQJLELOLGDGH
FRQILDELOLGDGHUHVSRQVDELOLGDGHJDUDQWLDHHPSDWLD TXHFRQWHPSODRVLQGLFDGRUHV
GH VDWLVIDomR GR FOLHQWH H LQGLFDGRUHV GD TXDOLGDGH GR SURFHVVR 1R ILQDO IRL
SURSRVWRXPFRQMXQWRGHDo}HVGHPHOKRULDQRVHQWLGRGHPHOKRUDUDTXDOLGDGHGR
VHUYLoR
empresas do Polo indu
motocicletas do Polo Industrial de Manaus, investigando se a qu
tos do Polo
o Polo Industrial.
ǀŝ
$SULQFLSDOFRQFOXVmRGHVWHSURMHWRpQRVHQWLGRGHTXHRQtYHOGHVHUYLoRGDFDGHLD
 0DQDXV GH
IRUQHFHGRUHVFHUWLILFDGRVpVXSHULRUDRGRVIRUQHFHGRUHVQmRFHUWLILFDGRVGHL[DQGR
FODURTXHDVRUJDQL]Do}HVTXHLPSOHPHQWDPHFHUWLILFDPVHXVLVWHPDFRPEDVHQD
QRUPD,62REWrPPDLRUHVHPDLVLPSRUWDQWHVUHVXOWDGRVQDVFLQFRGLPHQV}HV
GRVHUYLoRGHILQLGDVQR6(5948$/
3DODYUDV±KDYH,626DWLVIDomR6(5948$/H0DQDXV
de abastecimento do setor de motocicletas do Polo Industrial de
ǀŝŝ
$VVHVVPHQWRITXDOLWRIVHUYLFHLQWKHVXSSOFKDLQRIFRPSDQLHV
LQWKH,QGXVWULDO3ROHRI0DQDXVDFDVHVWXGRQPRWRUFFOH
LQGXVWU
$%675$7
7KLVVWXGDLPHGWRPHDVXUHWKHOHYHORITXDOLWRIVHUYLFHRIIHUHGESURYLGHUVWKDW
FRPSULVH WKH VXSSO FKDLQ RI PRWRUFFOHV ,QGXVWULDO 3ROH RI 0DQDXV VHFWRU
LQYHVWLJDWLQJZKHWKHURUTXDOLWRIVHUYLFHSURYLGHGEFHUWLILHGVXSSOLHUVLVQRWEHVWWR
QRQFHUWLILHG VXSSOLHUV 7KH VHUYLFH VHFWRU LV JURZLQJ HYHU HDU DQG RFFXSLQJ D
SURPLQHQW SRVLWLRQ LQ DOO GHYHORSHG FRXQWULHV HFRQRP +RZHYHU WR VDWLVI WKH
FXVWRPHU VHUYLFH LV QHFHVVDU IRU FRPSDQLHV WR JHQHUDWH D SDFNDJH RI YDOXH WKDW
HQVXUHVFXVWRPHUVDWLVIDFWLRQZKLFKPHDQVWKDWWKHVHUYLFHVKRXOGEHGRQHWKHULJKW
ZDDQGWKDWPHHWVFRQVXPHUH[SHFWDWLRQV2QHRIWKHPRVWZHOONQRZQDQGJOREDOO
UHFRJQL]HG 6WDQGDUGV LV ,62  $FFRUGLQJ WR 7KH %UD]LOLDQ $VVRFLDWLRQ RI
7HFKQLFDO6WDQGDUGV±³$%17´WKHLPSOHPHQWDWLRQRIDTXDOLWPDQDJHPHQWVVWHP
UHSUHVHQWV WKH DFKLHYHPHQW RI DQ LPSRUWDQW WRRO WKDW HQDEOHV WKH RSWLPL]DWLRQ RI
VHYHUDO SURFHVVHV ZLWKLQ WKH RUJDQL]DWLRQ DQG DOVR KLJKOLJKWV WKH FRQFHUQ DERXW
FRQWLQXRXVLPSURYHPHQWRISURGXFWVDQGSURYLGHGVHUYLFHV7KH6XSSOLHU0DUNHWV
VXSSOFKDLQRI0DQDXV,QGXVWULDO3DUNLVPDGHRIFRPSDQLHVDQGLQGLYLGXDOVWKDW
SURYLGH SURGXFWV RU VHUYLFHV WKDW DUH DGGHG WR WKH LQGXVWULDO SDUN PDQXIDFWXUHUV
PDLQ SURGXFW +RZHYHU WR SOHDVH WKH PDQXIDFWXUHUV ,WV QHFHVVDU WKDW VXSSOLHUV
DGGYDOXHDQGUHOLDELOLWWRWKHFOLHQWDQGHQVXUHWKHLUVDWLVIDFWLRQZKLFKPHDQVWKDW
WKHVHUYLFHPXVWEHSHUIRUPHGLQWKHFRUUHFWPDQQHUDFKLHYLQJH[SHFWDWLRQVRIWKH
FRQWUDFWHGQHHGV7KHFXVWRPHUVSHUFHSWLRQRIDSULYDWHVHUYLFHLVWKHUHVXOWRIWKHLU
H[SHFWDWLRQV DQG WKH SHUFHLYHG SHUIRUPDQFH RI WKH VHUYLFH:LWK WKLV 3URMHFW LW LV
LQWHQGHGWRPHDVXUHWKHTXDOLWOHYHORIVHUYLFHRIIHUHGEVXSSOLHUVWKDWFRPSRVHWKH
PRWRUFFOHVVHFWRUV VXSSOFKDLQRI0DQDXV,QGXVWULDO3DUNVHHNLQJWRFRQFOXGH
ZKHWKHUWKHVHUYLFHRIIHUHGEFHUWLILHGVXSSOLHUVLVVXSHULRU RUQRWWRQRQFHUWLILHG
VXSSOLHUV )RU WKLV PHDVXUHPHQW D JHQHUDO DQDOVLV RI WKH TXDOLW GHJUHH RI ,62
FHUWLILHGVHUYLFHSURYLGHUVDQGQRQFHUWLILHGSURYLGHUVWKHGHJUHHRILPSRUWDQFH
RI ,62  6WDQGDUGV WR VHOHFW WKRVH SURYLGHUV DQG D GHJUHH DQDOVLV RI WKH
DWWULEXWHVTXDOLWRIWKHVHUYLFHRIIHUHGE,62FHUWLILHGVHUYLFHSURYLGHUVDQG
QRQFHUWLILHGSURYLGHUV7RFROOHFWSURMHFWLQIRUPDWLRQZHXVHGDTXHVWLRQQDLUHWKDWLV
EDVHGRQWKHWROO6(5948$/LQZKLFKWKHGHYHORSHGTXHVWLRQQDLUHHYDOXDWHGWKH
ǀŝŝŝ
VHUYLFH TXDOLW LQ ILYH GLPHQVLRQ WDQJLELOLW UHOLDELOLW UHVSRQVLELOLW ZDUUDQW DQG
HPSDWK ZKLFKLQFOXGHVFOLHQWVDWLVIDFWLRQLQGLFDWRUVDQGSURFHVVTXDOLWLQGLFDWRUV
$IWHUFRPSOHWHGDOOWKHVWHSVRIWKLV3URMHFWLPSURYHPHQWDFWLRQVZLOOEHSURSRVHG
7KHPDLQFRQFOXVLRQRIWKLVSURMHFWLVWRWKHHIIHFWWKDWWKHVHUYLFHOHYHORIWKHVXSSO
FKDLQRIWKHPRWRUFFOHVHFWRURIWKH,QGXVWULDO3ROHRI0DQDXVIURPFHUWLILHGYHQGRUV
LV KLJKHU WKDQ QRQFHUWLILHG VXSSOLHUV PDNLQJ LW FOHDU WKDW RUJDQL]DWLRQV WKDW
LPSOHPHQWDQGFHUWLIRXUVVWHPZLWKEDVHGRQ,62JHWWKHELJJHVWDQGPRVW
LPSRUWDQWUHVXOWVLQWKHILYHGLPHQVLRQVRIVHUYLFHGHILQHGLQ6(5948$/
.HZRUGV ,62  6DWLVIDFWLRQ 6HUYTXDO OLHQW 3HUVSHFWLYH DQG 0DQDXV
,QGXVWULDO3DUN
ŝdž
Ë1',(
5(6802
Y
$%675$7
YLL
Ë1',(
L[
$3Ë78/2,QWURGXomR 

2EMHWLYR

0HWRGRORJLD

2UJDQL]DomRGDGLVVHUWDomR
 

$3Ë78/2±6DWLVIDomRGROLHQWH 

6(5948$/


±4XDOLGDGHHPVHUYLoRV 

$3Ë78/2±6LVWHPDVGH*HVWmRGD4XDOLGDGH 

HUWLILFDomRGHTXDOLGDGH,62

 
$3Ë78/2±)RUQHFHGRUHVHDDGHLDGH6XSULPHQWRV


$3Ë78/2±0HWRGRORJLDGH3HVTXLVD$SOLFDGD

4XHVWLRQiULR

(VFDOD/LNHUW

$3Ë78/2±$QiOLVHH'LVFXVVmRGH5HVXOWDGRV 

DUDFWHUtVWLFDVGDDPRVWUD
dž
*UDXGHLPSRUWkQFLDGD1RUPD,62SDUDVHOHFLRQDUIRUQHFHGRUHV
 
$QiOLVHJHUDOGRJUDXGHTXDOLGDGHGRVVHUYLoRVGHIRUQHFHGRUHVHUWLILFDGRVH
1mRHUWLILFDGRVQD,62 
 
$QiOLVHGDTXDOLGDGHGRVHUYLoRRIHUHFLGRSRU)RUQHFHGRUHVHUWLILFDGRVH1mR
HUWLILFDGRVQD,62 
 
$QiOLVHPRGDOGDTXDOLGDGHGHVHMDGD
 

$QiOLVHPRGDOGDTXDOLGDGHPtQLPDDFHLWiYHO 

$QiOLVHPRGDOGRVHUYLoRSHUFHELGR
 

$QiOLVHGDVFLQFRGLPHQV}HVGHIRUQHFHGRUHVFHUWLILFDGRVVHJXQGRD
QRUPD,62 
 
$QiOLVHGDVFLQFRGLPHQV}HVGHIRUQHFHGRUHVQmRFHUWLILFDGRV
([SHFWDWLYDV['LPHQV}HVGRV)RUQHFHGRUHVHUWLILFDGRVH1mRHUWLILFD
GRV

$3Ë78/2±RQFOXV}HV
 

)RUQHFHGRUHVHUWLILFDGRV 
 
RQFOXVmRGD4XDOLGDGH'HVHMDGD 
 
RQFOXVmRGDTXDOLGDGHPtQLPDDFHLWiYHO 
 
RQFOXVmRGRVHUYLoRSHUFHELGR  
)RUQHFHGRUHV1mRHUWLILFDGRV  
RQFOXVmRGDTXDOLGDGHGHVHMDGD  
RQFOXVmRGDTXDOLGDGHPtQLPDDFHLWiYHO  
RQFOXVmRGRVHUYLoRSHUFHELGR  
6XJHVW}HVH5HFRPHQGDo}HVGH0HOKRULD  
(TXLSDPHQWRVDGHTXDGRVDRVHUYLoR  
0iTXLQDVDGHTXDGDVDRVHUYLoR
  
XPSULPHQWRGDVSURSULHGDGHVGRVHUYLoR
  
,QRYDomRHWHFQRORJLD  
)DUGDPHQWRVGRVIXQFLRQiULRV 

(3,VDRVIXQFLRQiULRV 

3UD]RVHVWDEHOHFLGRV 

0mRGHREUDTXDOLILFDGD
džŝ
(ILFLrQFLDHHILFiFLDQDSUHVWDomRGRVHUYLoR 
'RPtQLRQDH[HFXomRGRVVHUYLoRV
 

RUGLDOLGDGHQDSUHVWDomRGRVHUYLoR 

(GXFDomRQDSUHVWDomRGRVHUYLoR 

6LPSDWLDHFDOPDQRDWHQGLPHQWRDRFOLHQWH
  

RUUHVSRQGHUjVG~YLGDVGRFOLHQWH  

'LVSRVLomRGHFDQDOGHFRPXQLFDomRDRFOLHQWH  

/LPLWDo}HVGHLQYHVWLJDomRHWUDEDOKRIXWXURDGHVHQYROYHU 

5()(5Ç1,$6%,%/,2*5È),$6
  

5()(5Ç1,$2168/7$'$ 

$1(;26
džŝŝ
/,67$'(),*85$6
)LJXUD2V*$3¶VGD4XDOLGDGHHP6HUYLoRV %DQHWDO   

)LJXUD0RWLYRVSDUDWHUFHLUL]DHVHXVEHQHItFLRV +$6(HWDO   

)LJXUDHUWLILFDomRVHJXQGRD,62±(QWUHYLVWDGRV   
)LJXUD2XWURVWLSRVGHFHUWLILFDomR   
)LJXUDRPSDUDWLYRGRSDGUmRGHTXDOLGDGHGHIRUQHFHGRUHVFHUWLILFDGRV96
QmRFHUWLILFDGRV  
)LJXUD5HVXOWDGRGD3HVTXLVDQD'LPHQVmR7DQJLELOLGDGH 
)LJXUD5HVXOWDGRGD3HVTXLVDQD'LPHQVmRRQILDELOLGDGH   
)LJXUD5HVXOWDGRGD3HVTXLVDQD'LPHQVmR(PSDWLD 
)LJXUD5HVXOWDGRGD3HVTXLVDQD'LPHQVmRRPSUHHQVmR 
)LJXUD5HVXOWDGRGD3HVTXLVDQD'LPHQVmR6HJXUDQoD 
)LJXUD5HVXOWDGRGD3HVTXLVDQD'LPHQVmR7DQJLELOLGDGH 
)LJXUD5HVXOWDGRGD3HVTXLVDQD'LPHQVmRRQILDELOLGDGH   
)LJXUD5HVXOWDGRGD3HVTXLVDQD'LPHQVmR(PSDWLD   
)LJXUD5HVXOWDGRGD3HVTXLVDQD'LPHQVmRRPSUHHQVmR  
)LJXUD5HVXOWDGRGD3HVTXLVDQD'LPHQVmR6HJXUDQoD
džŝŝŝ
/,67$'(7$%(/$6
7DEHOD(VFDOD$
7DEHOD(VFDOD%

7DEHOD   *UDX GH ,PSRUWkQFLD GD QRUPD ,62  SDUD VHOHFLRQDU
IRUQHFHGRUHV  
7DEHOD7DEHODGHGLVWULEXLomRGHIUHTXrQFLDPRGDO  
7DEHOD   $YDOLDomR FULWHULRVD UHDOL]DGD FRP RV HQWUHYLVWDGRV GRV DWULEXWRV
RIHUHFLGRV SRU I RUQHFHGRUHV(57,),$'26VHJXQGRD,62HIRUQHFHGRUHV
1­2(57,),$'26
7DEHOD   $YDOLDomR FULWHULRVD UHDOL]DGD FRP RV HQWUHYLVWDGRV GRV DWULEXWRV
RIHUHFLGRV SRU I RUQHFHGRUHV(57,),$'26VHJXQGRD,62HIRUQHFHGRUHV
1­2(57,),$'26
7DEHOD   $YDOLDomR FULWHULRVD UHDOL]DGD FRP RV HQWUHYLVWDGRV GRV DWULEXWRV
RIHUHFLGRV SRU I RUQHFHGRUHV(57,),$'26VHJXQGRD,62HIRUQHFHGRUHV
1­2(57,),$'26
7DEHOD9DORUHVQXPpULFRVGDVFODVVLILFDo}HVGDFULWLFLGDGH 
7DEHOD([SHFWDWLYDV[3HUFHSo}HV)RUQHFHGRUHVHUWLILFDGRV 
7DEHODODVVLILFDomRGHFULWLFLGDGHGDVGLPHQV}HVFRPEDVHQR*DS  
7DEHOD([SHFWDWLYDV[3HUFHSo}HV)RUQHFHGRUHV1mRHUWLILFDGRV 
 ODVVLILFDomRGHFULWLFLGDGHGDVGLPHQV}HVFRPEDVHQR*DS
džŝǀ
/,67$'(6,*/$6
$%17±$VVRFLDomR%UDVLOHLUDGH1RUPDV7pFQLFDV
(3,V±(TXLSDPHQWRVGH3URWHomR,QGLYLGXDO
,62,QWHUQDWLRQDO2UJDQL]DWLRQIRU6WDQGDUGL]DWLRQ
1%5±1RUPD%UDVLOHLUD $EUHYLDWXUDGH$%17 
6*4±6LVWHPDGH*HVWmRGD4XDOLGDGH
7407RWDO4XDOLW0DQDJHPHQW
PIM - Polo Industrial de Manaus
$3Ë78/2,QWURGXomR
(VWH DStWXOR FRUUHVSRQGH j FRQWH[WXDOL]DomR GR SURMHWR GH LQYHVWLJDomR TXH p
FRPSRVWDSRUPRWLYRVTXHLQIOXHQFLDUDPDUHDOL]DomRGHVWHHVWXGRHPHWRGRORJLDH
IHUUDPHQWDVXWLOL]DGDVSDUDDOFDQoDUVHXVREMHWLYRVJHUDLVHHVSHFtILFRV
$RORQJRGRWHPSRDHYROXomRGDHFRQRPLDPXQGLDOWHPRULJLQDGRXPDVpULHGH
GHVDILRV DRV VHWRUHV SURGXWLYRV GH GLYHUVDV iUHDV 2 DXPHQWR GD FRQFRUUrQFLD
PXQGLDO QXP PHUFDGR JOREDOL]DGR FDGD YH] PDLV DEHUWR DIHWD GLUHWDPHQWH DV
HPSUHVDV $VVLP D DGRomR GH XPD SUiWLFD GD TXDOLGDGH QRPHDGDPHQWH GH
VLVWHPDVGHJHVWmRGDTXDOLGDGHVHJXQGRDQRUPD,62SRGHVHUHQWHQGLGD
FRPRXPGLIHUHQFLDOXPDHVWUDWpJLDXPDYDQWDJHPFRPSHWLWLYDHXPDQHFHVVLGDGH
GHPHUFDGRSDUDDVREUHYLYrQFLDGDVRUJDQL]Do}HVRXDH[SDQVmRGHVVDV
8PD GDV QRUPDV PDLV FRQKHFLGDV H UHFRQKHFLGDV PXQGLDOPHQWH p D ,62 
6HJXQGR$VVRFLDomR%UDVLOHLUDGH1RUPDV7pFQLFDV±$%17DLPSOHPHQWDomRGH
XP VLVWHPD GH JHVWmR GD TXDOLGDGH UHSUHVHQWD D REWHQomR GH XPD LPSRUWDQWH
IHUUDPHQWDTXHSRVVLELOLWDDRWLPL]DomRGHGLYHUVRVSURFHVVRVGHQWURGDRUJDQL]DomR
H HYLGHQFLD WDPEpP D SUHRFXSDomR FRP D PHOKRULD FRQWtQXD GRV SURGXWRV H
VHUYLoRVIRUQHFLGRV
6HJXQGR D OLWHUDWXUD VREUH R WHPD DV HPSUHVDV RSWDP SHOD QRUPD ,62 
SRUTXH YLVOXPEUDP LQ~PHUDV SRVVLELOLGDGHV SDUD UHGX]LU FXVWRV LQWHUQRV DOpP GH
VDWLVID]HUHPDVH[LJrQFLDVGRVFOLHQWHVSRUVHUXPGLIHUHQFLDOGHPDUNHWLQJHXPD
HILFD]IHUUDPHQWDGHJHVWmR /XFLQGD 
¬ VHPHOKDQoD GH WRGDV DV RUJDQL]Do}HV PXQGLDLV p QHVWH FRQWH[WR TXH DV
XVWULDOGH0DQDXV
3,0 SURFXUDPGHVHQYROYHUVXDVFRPSHWrQFLDV
pFRPSRVWRSRU
HPSUHVDVHSHVVRDVTXHIRUQHFHPSURGXWRVRXVHUYLoRVTXHVHDJUHJDPDRSURGXWR
]HU RV IDEULFDQWHV p
QHFHVViULRTXHRVIRUQHFHGRUHVDFUHVFHQWHPYDORUHWUDQVPLWDPFRQILDELOLGDGHDR
O mercado fornecedor das empresas do Polo Industrial de Manaus
organizações brasileiras, nas quais se enquadram as do Polo Ind
principal do fabricante do polo industrial. Porém, para satisfa
FOLHQWH H JDUDQWDP D VDWLVIDomR GHVWHV R TXH VLJQLILFD TXH R VHUYLoR GHYH VHU
UHDOL]DGR GD PDQHLUD FRUUHWD H TXH DWHQGD jV H[SHFWDWLYDV GDV QHFHVVLGDGHV
FRQWUDWDGDV 3DUD )LW]VLPPRQV   FRQILDELOLGDGH p D FDSDFLGDGH GH SUHVWDU R
VHUYLoRSURPHWLGRFRPFRQILDQoDHH[DWLGmR2GHVHPSHQKRGHXPVHUYLoRFRQILiYHO
p XPD H[SHFWDWLYD GR FOLHQWH H VLJQLILFD XP VHUYLoR UHDOL]DGR QR SUD]R VHP
PRGLILFDo}HVHHUURV
$ TXDOLGDGH R SUHoR H D UHJXODULGDGH VmR SRQWRV IXQGDPHQWDLV SDUD JDUDQWLU R
VXFHVVR GRV IDEULFDQWHV 6H R IRUQHFHGRU HQWUHJDU IRUD GR SUD]R RX QmR WLYHU
FDSDFLGDGH GH HQWUHJDU R SURGXWR RX VHUYLoR FRQWUDWDGR D SURGXomR IDEULO VHUi
SUHMXGLFDGD $V TXDWUR GLPHQV}HV WUDGLFLRQDLV GH DWHQGLPHQWR DR FOLHQWH GH XPD
SHUVSHFWLYD ORJtVWLFD VmR R WHPSR D FRQILDELOLGDGH D FRQYHQLrQFLD H D
FRPXQLFDomRVHQGRDVSHFWRVHVVHQFLDLVQRGHVHQYROYLPHQWRGHXPSURJUDPDGH
VHUYLoRSHUIHLWRHHILFD]DRFOLHQWH(VWDVVmRDVGLPHQV}HVGRGHVHPSHQKRSDUD
DWHQGLPHQWR DR FOLHQWH QD iUHD GH ORJtVWLFD ROH HW DO   1R HQWDQWR p
LPSRUWDQWHPHGLUVXDTXDOLGDGHSDUDVDEHUVHRVHUYLoRFRQWUDWDGRHVWiGHDFRUGR
FRPDVH[SHFWDWLYDVGRFOLHQWH$SHUFHSomRGRFOLHQWHVREUHGHWHUPLQDGRVHUYLoRp
RUHVXOWDGRGDVVXDVH[SHFWDWLYDVHGRGHVHPSHQKRSHUFHELGR DURHWDO 
RPSUHHQGHU D YDULDELOLGDGH GDV FDUDFWHUtVWLFDV GH TXDOLGDGH GR VHUYLoR p
LPSRUWDQWHSDUDRFRQWUROHHPHOKRULDGDTXDOLGDGHGRPHVPR 0LWUD 
$SULPHLUDPRWRFLFOHWDIDEULFDGDQR%UDVLOIRLD0RQDUN DLQGDFRPPRWRULQJOrV%6$
GH  FP
 HP  'HSRLV D IiEULFD ODQoRX WUrV PRGHORV PDLRUHV FRP
SURSXOVRUHV = H -DZD GD KHFRVORYiTXLD H XP FLFORPRWRU 0RQDUHWD  HTXLSDGR
FRPPRWRU168DOHPmR6RPHQWHQDGpFDGDGHRPRWRFLFOLVPRUHVVXUJLXFRP
IRUoDYHULILFDQGRVHDLPSRUWDomRGHPRWRVMDSRQHVDV +RQGDDPDKDH6X]XNL H
LWDOLDQDV6XUJLUDPWDPEpPDVEUDVLOHLUDV)%0HD$9/1RILQDOGRVDQRVHLQtFLR
GRV DQRV  VXUJLUDP RXWURV IDEULFDQWHV GH UHQRPH LQWHUQDFLRQDO FRPR D +RQGD
DPDKD3LDJJLR%UXPDQD0RWRYL QRPHXVDGRSHOD+DUOH'DYLGVRQQDIiEULFDGR
%UDVLO $OSLQDHWF
VUHSUHVHQWRXHP
GRYROXPHWRWDOGHIDWXUDPHQWRGR3yOR 6XIUDPD 
O setor de produção de motocicletas do Polo Industrial de Manau 2012,
2EMHWLYR
2SUHVHQWHSURMHWRWHPFRPRREMHWLYRJHUDOPHQVXUDURQtYHOGHTXDOLGDGHGRVHUYLoR
RIHUHFLGR SRU IRUQHFHGRUHV TXH FRPS}H D FDGHLD GH DEDVWHFLPHQWR GR VHWRU GH
DOLGDGHGRVHUYLoR
RIHUHFLGR SRU IRUQHFHGRUHV FHUWLILFDGRV p RX QmR VXSHULRU DRV IRUQHFHGRUHV QmR
FHUWLILFDGRV
'HVWHPRGRIRUDPGHILQLGRVRVVHJXLQWHVREMHWLYRVHVSHFtILFRVGHLQYHVWLJDomR
 $QDOLVDU R JUDX GH TXDOLGDGH GRV VHUYLoRV GH IRUQHFHGRUHV FHUWLILFDGRV H QmR
FHUWLILFDGRVVHJXQGRDQRUPD,62
$QDOLVDURJUDXGHLPSRUWkQFLDGDQRUPD,62SDUDVHOHFLRQDUIRUQHFHGRUHV
 $QDOLVDU R VLVWHPD GH JHVWmR GD TXDOLGDGH GR IRUQHFHGRU FHUWLILFDGR VHJXQGR D
QRUPD,62
'HVFUHYHURXWURVWLSRVGHFHUWLILFDomRSRVVXtGRVSHODHPSUHVD
$GLFLRQDOPHQWH VmR DSUHVHQWDGDV Do}HV GH PHOKRULDV TXH SRGHUmR HVWDU
DXPHQWDQGRRtQGLFHGHTXDOLGDGHGDFDGHLDGHDEDVWHFLPHQWR
0HWRGRORJLD
(VWDGLVVHUWDomRXWLOL]RXRPpWRGRELEOLRJUiILFRH[SORUDWyULRHGHVFULWLYR3DUDFROHWD
GHGDGRVGXUDQWHRWUDEDOKRGHLQYHVWLJDomRIRLDSOLFDGRRXVRGHTXHVWLRQiULR
2 PHVPR WHYH VXD HVWUXWXUD GLYLGD HP GXDV SDUWHV GH LQYHVWLJDomR 1D SULPHLUD
SDUWH SURFXURXVH FDUDFWHUL]DU DV RUJDQL]Do}HV HQWUHYLVWDGDV H VH HVWD SRVVXL
VLVWHPDGHJHVWmRFRPEDVHQDQRUPD,62HVHSRVVXLRXWUDVFHUWLILFDo}HV1D
VHJXQGDSDUWHVmRLQYHVWLJDGDVDLPSRUWkQFLDGHVHOHFLRQDUIRUQHFHGRUHVFRPEDVH
QDQRUPD,62HDTXDOLGDGHGRVHUYLoRRIHUHFLGRSRUIRUQHFHGRUHVFHUWLILFDGRV
VHJXQGRDQRUPD,62HIRUQHFHGRUHVQmRFHUWLILFDGRV
motocicletas do Polo Industrial de Manaus, investigando se a qu
2UJDQL]DomRGDGLVVHUWDomR
3DUDPHOKRUHQWHQGLPHQWRHDSUHVHQWDomRGRSUHVHQWHSURMHWRRPHVPRHQFRQWUD
VH HVWUXWXUDGR GD VHJXLQWH IRUPD FDStWXOR  TXH FRUUHVSRQGH j LQWURGXomR TXH p
FRPSRVWD SRU PRWLYRV TXH LQIOXHQFLDUDP D UHDOL]DomR GHVWH HVWXGR REMHWLYRV H
PHWRGRORJLDXWLOL]DGDSDUDDOFDQoDUVHXVREMHWLYRVJHUDLVHHVSHFtILFRVFDStWXOR
DERUGD D VDWLVIDomR GR FOLHQWH H DSUHVHQWD R PRGHOR 6(5948$/ FDStWXOR 
FRUUHVSRQGHDXPDEUHYHLQWURGXomRDRVLVWHPDGHJHVWmRGDTXDOLGDGHFDStWXOR
FRUUHVSRQGHDXPDEUHYHLQWURGXomRDRVIRUQHFHGRUHVHDFDGHLDGHVXSULPHQWRVQR
kPELWR FLHQWtILFR FDStWXOR  DERUGD D PHWRGRORJLD DSOLFDGD QHVWD GLVVHUWDomR
FDStWXORDSUHVHQWDDDQiOLVHHGLVFXVVmRGHUHVXOWDGRVFDStWXORGHVFUHYHWRGDV
DV FRQFOXV}HV DVVLP GHILQLGDV DSyV WRGR GHVHQYROYLPHQWR GHVWD GLVVHUWDomR H
FDStWXORDSUHVHQWDDVUHIHUrQFLDVELEOLRJUiILFDVXWLOL]DGDVSDUDRGHVHQYROYLPHQWR
GHVWDGLVVHUWDomR
$3Ë78/26DWLVIDomRGRFOLHQWH
1HVWH FDSLWXOR p DSUHVHQWDGR j UHYLVmR ELEOLRJUiILFD HIHWXDGD QR kPELWR GHVWD
GLVVHUWDomR 1R GHFRUUHU GHVWH FDStWXOR p FRQWH[WXDOL]DGR R VLVWHPDGH JHVWmR GD
TXDOLGDGHHDTXDOLGDGHHPVHUYLoRVTXHIXQGDPHQWDHVWHSURMHWRGHSHVTXLVDWDLV
FRPRVXDVFDUDFWHUtVWLFDVHSDGU}HVSDUWLFXODULGDGHVHVHXVPpWRGRVGHTXDOLGDGH
XWLOL]DGRV
$VDWLVIDomRGRFOLHQWHUHSUHVHQWDXPDJUDQGHSDUWHGDHTXDomRGDSDUWLFLSDomRGH
PHUFDGR 8P FOLHQWH VDWLVIHLWR FRQWD DRV RXWURV VREUH R VHUYLoR H YROWD SDUD
FRQWUDWDUPDLV KDUDQ 
2 SURGXWR RX R VHUYLoR RIHUHFLGR SRU XPD HPSUHVD FRQVLVWH HP XP Q~PHUR GH
IDWRUHVLQGLYLGXDLVFRQKHFLGRVFRPRFRPSRQHQWHVTXHVHSDUDGRVHFROHWLYDPHQWH
LQIOXHQFLDP GLUHWDPHQWH D VDWLVIDomR GR FOLHQWH (QWUH HOHV VHLV FRPSRQHQWHV
FRQKHFLGRV FRPR FRPSRQHQWHV GD VDWLVIDomR TXH UHSUHVHQWDP FDGD DVSHFWR GD
GHFLVmR GH FRPSUD GRV FOLHQWHV 2V VHLV FRPSRQHQWHV GD VDWLVIDomR VmR RV
VHJXLQWHV VHUYLoR YHQGDV SyVYHQGD ORFDOL]DomR WHPSR H FXOWXUD DGD
FRPSRQHQWH SRGH VHU VXEGLYLGR HP IDWRUHV H FRQVLGHUDo}HV TXH FDUDFWHUL]DP R
DOFDQFH GH FDGD FRPSRQHQWH H DV FRQVLGHUDo}HV TXH RV FOLHQWHV WrP HP PHQWH
TXDQGRHVWmRHVFROKHQGRXPVHUYLoRRXIRUQHFHGRUHPUHODomRDRXWUR :HOOLQJWRQ
 
$ PHGLGD GH VDWLVIDomR GR FOLHQWH WHYH VXDV RULJHQV QR PRYLPHQWR 740 7RWDO
4XDOLW 0DQDJHPHQW  PDV IRL WDPEpP H[SORUDGD DQWHULRUPHQWH VRE XPD
SHUVSHFWLYDSVLFRVVRFLDOSHORVSURILVVLRQDLVGHPDUNHWLQJ 9DYUD 
3HUFHSomRDEVWUDWDHLQWDQJtYHODVDWLVIDomRGRFOLHQWHSRVVXLVHXVDQWHFHGHQWHVH
FRQVHTXHQWHV RFXSDQGR D SRVLomR FHQWUDO0XLWDV HPSUHVDV RULHQWDGDV DR FOLHQWH
HVFROKHP VDWLVIDomR GR FOLHQWH FRPR SULQFLSDO LQGLFDGRU GH GHVHPSHQKR PHVPR
SHUFHEHQGR R TXDQWR p GLItFLO PDQWHU XPD FRPSDQKLD LQWHLUD PRWLYDGD SRU DOJR
LQWDQJtYHO0RGHORVHPpWRGRVVXUJHPSDUDWUDGX]LUDVDWLVIDomRGRFOLHQWHDWUDYpV
GH PHGLGDV H SDUkPHWURV DR GHOLQHDU H RSHUDFLRQDOL]DU FRQVWUXWRV ODWHQWHV TXH
SRGHPOHYDUDRDSUHQGL]DGRHPHOKRULDVDRORQJRGRWHPSR
$ VDWLVIDomR GR FOLHQWH WHP VLGR GHILQLGD WDQWR FRPR XP UHVXOWDGR FRPR XP
SURFHVVR $ GHILQLomR GH UHVXOWDGR FDUDFWHUL]D VDWLVIDomR FRPR XP HVWDGR ILQDO
UHVXOWDGRGHXPDH[SHULrQFLDGHFRQVXPRRXVHMDRHVWDGRFRJQLWLYRGRFRPSUDGRU
GHVHUDGHTXDGDPHQWHRXLQDGHTXDGDPHQWHUHFRPSHQVDGRSHORVDFULItFLRTXHHOH
WHQKDH[SHULPHQWDGR$OWHUQDWLYDPHQWHVDWLVIDomRWHPVLGRFRQVLGHUDGDFRPRXP
SURFHVVRHQIDWL]DQGRDSHUFHSomRSURFHVVRSVLFROyJLFRHDYDOLDWyULRTXHFRQWULEXL
SDUDDVDWLVIDomR 9DYUD 
'HDFRUGRFRP%DWDOKD  RVFOLHQWHVMXOJDPDTXDOLGDGHGHXPVHUYLoRDSDUWLU
GHXPSDGUmRLQWHUQRH[LVWHQWHDQWHVGHVXDH[SHULrQFLDFRPRVHUYLoRSUHVWDGR
(VWHSDGUmRpIRUPDGRFRPEDVHHPVXDVH[SHULrQFLDVDQWHULRUHVHpDEDVHSDUDD
IRUPDomRGHVXDVH[SHFWDWLYDV
0DLVUHFHQWHPHQWH%RZHUVR[HWDO  DILUPDUDPTXH³DQRomRGDTXDOLGDGHGH
VHUYLoRpXPDWHQWDWLYDGHHQWHQGHUDVDWLVIDomRGRFOLHQWHDSDUWLUGDSHUVSHFWLYD
GDVGLIHUHQoDVHQWUHVXDVSHUFHSo}HVHRVHUYLoRHPTXHVWmRVREYiULRVDWULEXWRV´
6HUYTXDO
8PDFRQWULEXLomRLPSRUWDQWHSDUDDTXDOLGDGHGRVHUYLoRpRPRGHOR6(5948$/
TXH IRUQHFH XPD DERUGDJHP SDUD GHILQLU H PHGLU D TXDOLGDGH GR VHUYLoR (VWH
PpWRGRWRUQRXVH LQVWLWXFLRQDOL]DGR QDVXDXWLOL]DomRDSHVDUGHYiULDVFUtWLFDVGH
DOJXQV DXWRUHV VHJXQGR D VXD PHWRGRORJLD (P HVVrQFLD HVWH LQVWUXPHQWR p
SURMHWDGRSDUDPHGLUQRFOLHQWHVXDVH[SHFWDWLYDVHSHUFHSo}HVVREUHXPVHUYLoR
RIHUHFLGR DQ0F/DUHQ 
6(5948$/ RX 5DWHU p XP TXDGUR GH TXDOLGDGH GH VHUYLoR 2 6(5948$/ IRL
GHVHQYROYLGR HP PHDGRV GRV DQRV RLWHQWD SRU 3DUDVXUDPDQ HW DO   H TXH
REMHWLYDYD GHVHQYROYHU XPD IHUUDPHQWD FDSD] GH PHGLU D TXDOLGDGH GRV VHUYLoRV
DWUDYpV GDV SHUFHSo}HV GRV FOLHQWHV (OHXWpULR 6RX]D   6(5948$/ IRL
RULJLQDOPHQWH PHGLGR HP  DVSHFWRV GD TXDOLGDGH GR VHUYLoR FRQILDELOLGDGH
UHVSRQVDELOLGDGH FRPSHWrQFLD DFHVVR FRUWHVLD FRPXQLFDomR FUHGLELOLGDGH
VHJXUDQoD FRPSUHHQVmR GR FOLHQWH H WDQJtYHLV (OH PHGH D GLIHUHQoD HQWUH DV
H[SHFWDWLYDVGRVFOLHQWHVHDH[SHULrQFLD
'H DFRUGR FRP )DULDV   HVWD IHUUDPHQWD EXVFD YHULILFDU D H[WHQVmR GDV
H[SHFWDWLYDV H SHUFHSo}HV GRV FOLHQWHV FRP UHODomR DRV VHUYLoRV SUHVWDGRV $
SHUFHSomRSRGH SRVVXLU XPD GLPHQVmR LQIHULRU RX VXSHULRUPRVWUDGDDWUDYpV GRV
PRGHORVGRVJDSVHQWUHRHVSHUDGRHRUHFHELGRSHORFOLHQWH
$V H[SHFWDWLYDV VmR DSUHVHQWDGDV FRPR VHQGR SUHGLo}HV IRUPDGDV SHORV
FRQVXPLGRUHV DQWHV GR PRPHQWR GD FRPSUD H DR XWLOL]DU R SURGXWR R FOLHQWH LUi
FRPSDUDU VXDV H[SHFWDWLYDV FRP R GHVHPSHQKR GR SURGXWR $V H[SHFWDWLYDV VmR
WDPEpP XWLOL]DGDV SHORV FOLHQWHV FRPR EDVH GH DYDOLDomR GR GHVHPSHQKR GH XP
VHUYLoRDQWHFHGHQGRDVVLPDUHVSRVWDGHVDWLVIDomR )DULDV 
'HDFRUGRFRPRDXWRU3DUDVXUDPDQHWDO  DVH[SHFWDWLYDVHQHFHVVLGDGHV
GRV FOLHQWHV VmR IRUPDGDV FRP EDVH HP VHXV GHVHMRV H[SHULrQFLDV SDVVDGDV
FRPXQLFDomRERFDDERFDHH[WHUQD
2LQVWUXPHQWRpFRPSRVWRSRUGRLVFRQMXQWRVGHTXHVWLRQiULRV8PGHYHDYDOLDUFRP
RVFOLHQWHVVXDVH[SHFWDWLYDVGRVHUYLoRHRRXWURpRGHDYDOLDUFRPRVFOLHQWHVVXD
SHUFHSomRGRGHVHPSHQKRUHDOGRVHUYLoR 6KHQJWDR-XQ 
$ TXDOLGDGH GR VHUYLoR p DYDOLDGD SHOR FiOFXOR GD GLIHUHQoD JDS  HQWUH R TXH R
FOLHQWHHVSHUDHRTXHUHDOPHQWHSHUFHEH DQ0F/DUHQ 
%DVHDGR QR PRGHOR GH VDWLVIDomR SDUD PHGLomR GD TXDOLGDGH HP VHUYLoRV
GHQRPLQDGR 0RGHORGH *DS¶V RQGH D TXDOLGDGH GH XP VHUYLoR p XPDIXQomR GD
GLIHUHQoDHQWUHDH[SHFWDWLYDGRFOLHQWHHRGHVHPSHQKRGRVHUYLoR DQ0F/DUHQ
 'HVVDIRUPDDDYDOLDomRGDTXDOLGDGH L
4 GHXPVHUYLoRHPUHODomRDXPD
GLPHQVmR L  p WUDGX]LGD SHOD GLIHUHQoD HQWUH D H[SHFWDWLYD GRV FOLHQWHV L
(  H D
SHUFHSomR L
' GRVPHVPRVVREUHRGHVHPSHQKRGRVHUYLoRFRQIRUPHGHVFULWRQD
HTXDomR
(T L L L
4 ' (


(VVD GLIHUHQoD RX *DS  HQWUH D H[SHFWDWLYD H D SHUFHSomR GH GHVHPSHQKR GR
VHUYLoRpXPDPHGLGDGDTXDOLGDGHGHXPVHUYLoRHPUHODomRjGLPHQVmR L (VVDV
GLPHQV}HVVmRFDUDFWHUtVWLFDVJHQpULFDVGRVVHUYLoRVTXHDRVHUHPDYDOLDGDVVRED
SHUVSHFWLYD GRV FOLHQWHV H HP FRQMXQWR UHVXOWDP QD DYDOLDomR GD TXDOLGDGH GR
VHUYLoR FRPR XP WRGR (VVH PRGHOR GHVWDFD DV FLQFR ODFXQDV RX *DS¶V GD
TXDOLGDGHQDSUHVWDomRGRVHUYLoRFRQIRUPHDSUHVHQWDGRQD)LJXUD













)LJXUD2V*DS¶VGD4XDOLGDGHHP6HUYLoRV DQ0F/DUHQ 
6HJXQGR%DWDOKD  RPRGHORGHTXDOLGDGHQRVHWRUGHVHUYLoRVPDLVGLIXQGLGR
p R PRGHOR GR *$3V RX ODFXQDV (VVH PRGHOR SHUPLWH LGHQWLILFDU GH IRUPD
VLVWHPiWLFD FRPR p IRUPDGD D SHUFHSomR GR FOLHQWH DMXGDQGR D LGHQWLILFDU RQGH
HVWmRDVFDXVDVGHXPHYHQWXDOSUREOHPDGHTXDOLGDGH2VFLQFRV*DS¶VRXODFXQDV
GRPRGHORVmRGLVFXWLGRVDVHJXLU
 *DS  GLIHUHQoD HQWUH DV H[SHFWDWLYDV GR XVXiULR H D SHUFHSomR JHUHQFLDO TXH
WUDWDVHGDODFXQDH[LVWHQWHHQWUHDSHUFHSomRGRVJHVWRUHVHDVUHDLVH[SHFWDWLYDV
GRV FRQVXPLGRUHV 5HVXOWD GH XPD FRPSUHHQVmR LQDGHTXDGD SRU SDUWH GRV
JHVWRUHVVREUHFRPRRVFOLHQWHVIRUPDPVXDVH[SHFWDWLYDVGHYLGRD
x)DOWDGHLQIRUPDo}HVYLQGDVGDOLQKDGHIUHQWHSDUDRVJHVWRUHV
x,QWHUSUHWDomRHTXtYRFDGDVH[SHFWDWLYDVGRVFOLHQWHV
x3HUGDGHLQIRUPDo}HVSHORVQtYHLVKLHUiUTXLFRV
x,QH[LVWrQFLDRXLPSUHFLVmRQDVLQIRUPDo}HVREWLGDVGHDQiOLVHVGHGHPDQGDHRX
SHVTXLVDVGHPHUFDGR
*DSGLIHUHQoDHQWUHDSHUFHSomRJHUHQFLDOGDVH[SHFWDWLYDVGRVXVXiULRVHDV
HVSHFLILFDo}HVGDTXDOLGDGHGRVHUYLoRTXHUDWDVHGDQmRLQFOXVmRSHORVJHVWRUHV
GH WRGRV RV HOHPHQWRV FDSD]HV GH DWHQGHU DV H[SHFWDWLYDV GRV FOLHQWHV QDV
HVSHFLILFDo}HVGDTXDOLGDGHGRVHUYLoRUHVXOWDQGRQXPHQWHQGLPHQWRLQFRUUHWRGDV
H[SHFWDWLYDVGRVFOLHQWHV$VSULQFLSDLVFDXVDVGHVWDIDOKDVmR
x(UURVQDHODERUDomRGDVHVSHFLILFDo}HVHGHSODQHMDPHQWR
x)DOWDGHFRPSURPLVVRGRVJHVWRUHV
x)DOWDGRHVWDEHOHFLPHQWRGHPHWDVFODUDV
*DSGLIHUHQoDHQWUHDVHVSHFLILFDo}HVGDTXDOLGDGHGRVHUYLoRHDSUHVWDomRGR
VHUYLoR PHVPR TXH DV HVSHFLILFDo}HV GR VHUYLoR VHMDP DGHTXDGDV RV
FRODERUDGRUHV SRGHP FRPHWHU HUURV H FRPSURPHWHU D TXDOLGDGH ILQDO GR VHUYLoR
$VVLP HVVH *DS WUDWD GD GLIHUHQoD HQWUH RV SURFHGLPHQWRV HVSHFLILFDGRV H R
GHVHPSHQKRUHDOQDSUHVWDomRGRVHUYLoR
*DSGLIHUHQoDHQWUHDSHUFHSomRGRVHUYLoRHDVFRPXQLFDo}HVH[WHUQDVFRPR
XVXiULR 7UDWDVH GD GLIHUHQoD HQWUH R VHUYLoR SURPHWLGR H R VHUYLoR SUHVWDGR DR
XVXiULR $WUDYpV GD SURSDJDGD HRX GLYHUVDV RXWUDV IRUPDV GH FRPXQLFDomR VmR
UHDOL]DGDVSURPHVVDVSDUDRFOLHQWHVREUHRQtYHOGHGHVHPSHQKRQDSUHVWDomRGR
VHUYLoR3RUVXD YH] HVVDVSURPHVVDVDXPHQWDPDVH[SHFWDWLYDV GRVFOLHQWHVH
FDVRQmRIRUHPFXPSULGDVJHUDPLQVDWLVIDomRQRVFOLHQWHV
 *DS  ODFXQD HQWUH R VHUYLoR HVSHUDGR H R VHUYLoR SHUFHELGR 7UDWDVH GR
UHVXOWDGRGRV*DS¶VDQWHULRUHVHRFRUUHTXDQGRXPRXPDLVGRVDQWHULRUHVRFRUUHP
(VVH *DS TXH FRUUHVSRQGH j GLIHUHQoD HQWUH R VHUYLoR HVSHUDGR H D TXDOLGDGH
SHUFHELGDSHORFRQVXPLGRUpXPDIXQomRGRV*DS¶VDQWHULRUHV
(T
        
*DS I *DS *DS *DS *DS

$ SDUWLU GR 0RGHOR GH *DS¶V IRL GHVHQYROYLGR R LQVWUXPHQWR 6(5948$/ SDUD D
DYDOLDomR GD TXDOLGDGH SHUFHELGD SHORV FOLHQWHV DQ 0F/DUHQ   (VWH
LQVWUXPHQWR WDPEpP FRQKHFLGR FRPR PRGHOR IHUUDPHQWD RX HVFDOD 6(5948$/
XWLOL]D R *DS  GR 0RGHOR GH *DS¶V SDUD DYDOLDU D TXDOLGDGH SHUFHELGD SHORV
FOLHQWHVDWUDYpVGHLWHQVTXHDERUGDPFULWpULRVUHODWLYRVDFLQFRGLPHQV}HVGD
TXDOLGDGHTXHVmR
RQILDELOLGDGHFDSDFLGDGHSDUDUHDOL]DUXPVHUYLoRGHIRUPDFRQILiYHO
3UHVWH]DFDSDFLGDGHGHSURYHUDWHQGLPHQWRLPHGLDWRHDMXGDURFOLHQWH
 6HJXUDQoD FDSDFLGDGH GH WUDQVPLWLU VHJXUDQoD FRQILDQoD FRUWHVLD H
FRQKHFLPHQWR
(PSDWLDFDSDFLGDGHGHIRUQHFHUDWHQomRLQGLYLGXDOL]DGDDRVFOLHQWHV
$VSHFWRVWDQJtYHLVDGHTXDomRGHHTXLSDPHQWRVLQVWDODo}HVSHVVRDOHQYROYLGRH
PDWHULDLV
2 HPSUHJR GHVWH LQVWUXPHQWR p UHDOL]DGR FRP D FDSWDomR GDV H[SHFWDWLYDV H
SHUFHSo}HVGRVFOLHQWHVSDUDFDGDLWHPDWUDYpVGDXWLOL]DomRGHXPD(VFDOD/LNHUW
GH  SRQWRV FRP RV H[WUHPRV PDUFDGRV FRP ³0XLWR %RP´ ³%RP´ ³5D]RiYHO´
³5XLP´H³0XLWR5XLP´$SyVDFROHWDGHGDGRVpREWLGDXPDSRQWXDomRILQDODWUDYpV
GDGLIHUHQoDHQWUHDVSHUFHSo}HVHDVH[SHFWDWLYDV 
*DS 3 (
 
8PD SRQWXDomR SRVLWLYD QR *DS  LQGLFD TXH R VHUYLoR SUHVWDGR VXSHUD D
H[SHFWDWLYD R TXH JHUD VDWLVIDomR SDUD R FOLHQWH 8PD SRQWXDomR QHJDWLYD LQGLFD
TXH R GHVHPSHQKR GR VHUYLoR HVWi DEDL[R GR HVSHUDGR UHYHODQGR TXDLV FULWpULRV
JHUDPLQVDWLVIDomRSDUDRVFOLHQWHVHSRVVLELOLWDQGRDLQWHUYHQomRGRVJHVWRUHVSDUD
DPHOKRULDGDTXDOLGDGH
6HJXQGRDQ0F/DUHQ  DIHUUDPHQWD6(5948$/SRGHVHUXWLOL]DGDSRUXPD
JUDQGH YDULHGDGH GH HPSUHVDV GH VHUYLoRV VHQGR QHFHVViULD D DGDSWDomR GR
LQVWUXPHQWR GH SHVTXLVD DMXVWDQGR RV  LWHQV DR FRQWH[WR HVSHFtILFR GR VHUYLoR
DYDOLDGR
$SHVDU GH DOJXPDV FUtWLFDV HPStULFDV FRQVWUXWLYDV IHLWDV ILFRX FRQFOXtGR TXH R
6(5948$/pXPLQVWUXPHQWR~WLOSDUDDSHVTXLVDGHTXDOLGDGHGHVHUYLoR /DGKDUL
 
'HDFRUGRFRP%HUU3DUDVXUDPDQ  DRDYDOLDUDTXDOLGDGHGRVHUYLoRGHXPD
HPSUHVD D FRQILDELOLGDGH p R SULQFLSDO IDWRU TXH RV FOLHQWHV FRQVLGHUDP 8PD
HPSUHVDLUiDEDODUVXDUHODomRGHFRQILDQoDFRPRFOLHQWHTXDQGRVHGHVFXLGDUDR
SUHVWDU R VHUYLoR FRPHWHU SHTXHQRV HUURV HYLWiYHLV RX DR GHL[DU GH FXPSULU R
SURPHWLGRFRPRFOLHQWH
4XDOLGDGHHPVHUYLoRV
$V SHVTXLVDV VREUH D DYDOLDomR GD TXDOLGDGH HP VHUYLoRV LQLFLDUDPVH DSyV D
SUHRFXSDomR FRP D PHOKRULD GD TXDOLGDGH HP SURGXWRV 2V PHVPRV DXWRUHV
GHILQHPDTXDOLGDGHGHXPVHUYLoRFRPRRJUDXGHFXPSULPHQWRGRVUHTXLVLWRVH
H[SHFWDWLYDVGHXPFOLHQWHHDILUPDPTXHHODpPDLVGLItFLOGHVHUPHQVXUDGDGRTXH
D TXDOLGDGH GH EHQV ItVLFRV GHYLGR jV FDUDFWHUtVWLFDV GRV VHUYLoRV TXH VmR
FRPSRVWRVHPJUDQGHSDUWHSRUH[SHULrQFLDV
(P VHUYLoRV D TXDOLGDGH VyDFRQWHFHGXUDQWH R FRQWDWR HQWUH FOLHQWHH SUHVWDGRU
)LW]VLPPRQV )LW]VLPPRQV   (OD VHUi DFHLWiYHO TXDQGR DV H[SHFWDWLYDV GRV
FRQVXPLGRUHV VH LJXDODUHP FRP VXDV SHUFHSo}HV VREUH R TXH UHFHEHX 6ODFN
 
3RUpP QmR VH SRGH FRORFDU D UHVSRQVDELOLGDGH DSHQDV QR SHVVRDO GD OLQKD GH
IUHQWH p SUHFLVR TXH KDMD LQWHUDomR HQWUH HTXLSHV 2V IXQFLRQiULRV GD UHWDJXDUGD
GHYHP GDU WRGR R DSRLR QHFHVViULR SDUD RV GR DWHQGLPHQWR H HVWHV QmR SRGHP
SURPHWHUFRLVDVTXHDTXHOHVQmRSRGHUmRFXPSULU2UHFRQKHFLPHQWRGDTXDOLGDGH
GRVVHUYLoRVQRPXQGRLQGXVWULDOL]DGRHPTXHDVHPSUHVDVVHHQFRQWUDPVHWRUQD
FDGD YH] PDLV FRPSOLFDGR 3RU HVWD TXHVWmR SDUD D PHOKRULD GD TXDOLGDGH p
QHFHVViULRHVWDEHOHFHUYiULRVUHTXLVLWRVGHJDUDQWLDTXHGHYHPVHUFXPSULGRVSHORV
IRUQHFHGRUHV +DUJUHDYHVHWDO 
1HVWH VHQWLGR IRUDP DSUHVHQWDGDV DV WUrV FDUDFWHUtVWLFDV GRV VHUYLoRV DQ
0F/DUHQ RQIRUPHDEDL[R
6LPXOWDQHLGDGHVHUYLoRVVmRSURGX]LGRVHFRQVXPLGRVVLPXOWDQHDPHQWH
 ,QWDQJLELOLGDGH VHUYLoRV UHSUHVHQWDP XP SURGXWR QmR ItVLFR QmR SRGHQGR VHU
WUDQVSRUWDGRVHRXDUPD]HQDGRV
+HWHURJHQHLGDGHDSUHVWDomRGHGHWHUPLQDGRVHUYLoRYDULDGHSHQGHQGRGHTXHP
R H[HFXWDHGHRQGHpSUHVWDGRPXGDQGRGHFOLHQWHSDUDFOLHQWHHGHXPPRPHQWR
SDUDRRXWUR
$VFDUDFWHUtVWLFDVOLVWDGDVDFLPDLPSOLFDPHPXPDVpULHGHFRQVHTXrQFLDVHQWUHDV
TXDLVFRQYpPPHQFLRQDUTXHRFOLHQWHpDIHWDGRLPHGLDWDPHQWHSRUTXDOTXHUIDOKD
QRVLVWHPDGHSUHVWDomR MiTXHpXPHOHPHQWRSUHVHQWHQHVWH RTXHWRUQDGLItFLO
RXTXDVHLPSRVVtYHOGHWHFWDUHFRUULJLUHYHQWXDLVIDOKDVDQWHV TXHHODVRFRUUDPH
DIHWHPRFOLHQWH$OpPGLVVRQmRpSRVVtYHOFULDUVWRFNVGHVHJXUDQoDSDUDDEVRUYHU
DV YDULDo}HV QD SURFXUD H D KHWHURJHQHLGDGH GRV VHUYLoRV GLILFXOWD RX PHVPR
LPSRVVLELOLWD VXD SDGURQL]DomR Mi TXH R VHUYLoR p UHDOL]DGR FRP GLIHUHQWHV
SHUIRUPDQFHVHPPRPHQWRVGLIHUHQWHV
(VVDV H[SHFWDWLYDV FRUUHVSRQGHP DRV GHVHMRV GRV FOLHQWHV HP UHODomR D FRPR D
SUHVWDomR GH XP VHUYLoR GHYHULD VHU 6KHQJWDR -XQ   1RV VHUYLoRV R
FRQVXPLGRU TXH SURYDYHOPHQWH SDUWLFLSD GD RSHUDomR VLPXOWDQHLGDGH  QmR MXOJD
DSHQDV R VHX UHVXOWDGR PDV WDPEpP RV DVSHFWRV GH VXD SURGXomR 3RUWDQWR D
TXDOLGDGHGRVHUYLoRSRGHVHUUHVXOWDQWHGDSHUFHSomRTXHRFOLHQWHWHYHGRVHUYLoR
FRQIURQWDGDFRPRVHUYLoRHVSHUDGR %DWDOKD 
(VWD~OWLPDDILUPDomRHVWiEDVHDGDQRPpWRGRPDLVVLPSOHVHPDLVDFHLWHGHGHILQLU
D VDWLVIDomR GR FOLHQWH TXH p D ³GHVFRQIRUPLGDGH GH H[SHFWDWLYD´ SURSRVWR SRU
%RZHUVR[HWDO  TXHDILUPDPTXHDTXDOLGDGHGHXPVHUYLoRpXPDIXQomRGD
GLIHUHQoD HQWUH R VHUYLoR SHUFHELGR H R VHUYLoR HVSHUDGR 1HVWH VHQWLGR SRGHP
RFRUUHUWUrVWLSRVGHGHVFRQILUPDomR
'HVFRQILUPDomRQHJDWLYDTXDQGRRGHVHPSHQKRGHXPVHUYLoRpSLRUGRTXHDV
H[SHFWDWLYDV
'HVFRQILUPDomRSRVLWLYDTXDQGRRVHUYLoRDSUHVHQWDXPGHVHPSHQKRPHOKRUGR
TXHDVH[SHFWDWLYDV
'HVFRQILUPDomR]HURTXDQGRRGHVHPSHQKRGRVHUYLoRpLJXDOjVH[SHFWDWLYDV
$3Ë78/26LVWHPDVGH*HVWmRGD4XDOLGDGH
4XDOTXHU RUJDQL]DomR JRVWDULD GH PHOKRUDU D IRUPD QD TXDO RSHUD TXHU LVWR
VLJQLILTXH PHOKRUDU D VXD SDUWLFLSDomR QRPHUFDGR UHGX]LU RV FXVWRV JHUHQFLDU R
ULVFRPDLVHILFD]PHQWHRXPHOKRUDUDVDWLVIDomRGRVFOLHQWHV8PVLVWHPDGHJHVWmR
SURPRYH D HVWUXWXUD QHFHVViULD SDUD PD[LPL]DU H PHOKRUDU R GHVHPSHQKR HP
TXDOTXHUiUHDGHVHXLQWHUHVVH
8P 6LVWHPD GH *HVWmR GH 4XDOLGDGH 6*4  p GHILQLGR FRPR WRGD D HVWUXWXUD
RUJDQL]DFLRQDOGHXPDHPSUHVDVXDVUHVSRQVDELOLGDGHVSURFHGLPHQWRVHWRGRR
FRQMXQWRGHSURFHVVRVHUHFXUVRVTXHLPSOHPHQWDPDJHVWmRGHTXDOLGDGH HXQJ
KDQ 
2ULJLQDOPHQWH RV 6*4 IRUDP GHVHQYROYLGRV SDUD D LQG~VWULD GD SURGXomR FRPR
IRUPDGHIRUQHFHUUHJUDVHUHJXODPHQWRVSDUDDSUiWLFDGDTXDOLGDGH+RMHHPGLDD
SUiWLFDGDJHVWmRGHTXDOLGDGHHVWiODUJDPHQWHGHIHQGLGDHPTXDOTXHURUJDQL]DomR
OLJDGD j VD~GH $OJXPDV GDV SULQFLSDLV UD]}HV SDUD HVWHIDWR VmR R DXPHQWR GDV
LQVWLWXLo}HV GH VD~GH H D VXD FRPSOH[LGDGH R IRFR QD HILFLrQFLD H HILFiFLD H D
SUHVVmRGHTXHUHUUHGX]LUFXVWRV 9DQ+DUWHQHWDO 
1mR p SRU DFDVR TXH D DYDOLDomR GH XP 6*4 WHP FRPR IRFR SULQFLSDO D VXD
HVWUXWXUDRUJDQL]DFLRQDODVDWLVIDomRGRVIXQFLRQiULRVHGRVFOLHQWHV$LPSODQWDomR
GHXP6*4UHTXHUXPDSROtWLFDGHJHVWmRDSURSULDGDHIRUPDomRDGHTXDGDSDUDRV
WUDEDOKDGRUHV 3RU FRQVHJXLQWH R HVIRUoR UHTXHULGR SDUD LQWHJUDU R 6*4 QDV
RSHUDo}HV GR GLD D GLD FRP XP DPELHQWH RQGH RV WUDEDOKDGRUHV VH HQTXDGUDP
HVWHMDPPRWLYDGRVHVHVLQWDPEHPDWUDEDOKDUpPXLWRLPSRUWDQWH HXQJKDQ
 
2 6LVWHPD GH *HVWmR GD 4XDOLGDGH FRPR IHUUDPHQWD TXH WUD] SDGURQL]DomR GH
SURFHVVRV H FRQWUROH VREUH RV PHVPRV YLDELOL]D PHGLU D HILFLrQFLD H YHULILFDU D
HILFiFLD GDV Do}HV WRPDGDV FRP IRFR HVSHFtILFR QD VDWLVIDomR GR FOLHQWH H QD
PHOKRULD FRQWLQXD GRV SURFHVVRV (VVH VLVWHPD SURSRUFLRQD VHJXUDQoD j DOWD
GLUHomR QDV WRPDGDV GH GHFLVmR SRLV SRVVLELOLWD D OHLWXUD GH LQGLFDGRUHV GH
GHVHPSHQKRSUHFLVRVHFRQILiYHLV
2 6*4 p FRQVLGHUDGR XPD GDV IHUUDPHQWDV PDLV HILFLHQWHV TXH DV HPSUHVDV
SRVVXHPSDUDDXPHQWDUDFRPSHWLWLYLGDGH*DUDQWHVHDFRQVLVWrQFLDGHXPSURGXWR
DWUDYpVGHXPDDERUGDJHPULJRURVDDRSURFHVVRGHJHVWmRTXHLQFOXLDYDOLGDomR
FRQWUROH GH GRFXPHQWRV UDVWUHDELOLGDGH GRV ORWHV TXDOLILFDomR GRV RSHUDGRUHV
DWUDYpVGDVXDIRUPDomR HFRQWUROHGRSURGXWRILQDO +XJKHV 
8P6*4HILFD]SHUPLWHjHPSUHVDWHUDJDUDQWLDGHRVVHXVSURGXWRVHVHUYLoRVVH
HQFRQWUDPGHIRUPDFRQVLVWHQWHHHPFRQIRUPLGDGHFRPRVUHTXLVLWRVGRVFOLHQWHV
*LQJHOHHWDO 
$TXDOLGDGHSDVVRXDVHUPXLWRLPSRUWDQWHSDUDDVRUJDQL]Do}HVDSDUWLUGRDGYHQWR
GD SURGXomR HP ODUJD HVFDOD SURGXomR HP PDVVD  $ SDUWLU GD GpFDGD GH  D
TXDOLGDGHSDVVDDVHUYLVWDFRPRXPDIXQomRJHUHQFLDOGLVWLQWDGDVRXWUDVIXQo}HV
GDRUJDQL]DomR /XFLQGD 
HUWLILFDomRGH4XDOLGDGH,62
2 ILQDO GD GpFDGD GH  IRL PDUFDGR SRU GLYHUVDV PXGDQoDV SROtWLFDV H
HFRQ{PLFDV SULQFLSDOPHQWH HP UHODomR j DEHUWXUD GRV PHUFDGRV 1RYDV
RUJDQL]Do}HVGHRULJHPHVWUDQJHLUDFRPHOHYDGRDYDQoRWHFQROyJLFRLQJUHVVDUDP
QR %UDVLO (VWD DEHUWXUD SURSRUFLRQRX jV HPSUHVDV EUDVLOHLUDV H[SRUWDUHP VHXV
SURGXWRV VHQGR TXH SDUD LVVR RFRUUHU IRL QHFHVViULR TXH DV FRQIRUPLGDGHV GH
TXDOLGDGHGHVVHVVHJXLVVHPXPDFHUWLILFDomRLQWHUQDFLRQDO
1R LQtFLR GD GpFDGD GH  D FHUWLILFDomR ,62 VXUJLX QR %UDVLO FRPR XPD
UHYROXomR HP WHUPRV GH TXDOLGDGH 3HUWHQFHQWH D XPD RUJDQL]DomR QmR
JRYHUQDPHQWDO HXURSpLD D ,QWHUQDWLRQDO 2UJDQL]DWLRQ IRU 6WDQGDUGL]DWLRQ ,62 
VHGLDGD HP *HQHEUD QD 6XtoD SRVVXL D PLVVmR GH DSULPRUDU R GHVHPSHQKR GD
QRUPDOL]DomR H GDV DWLYLGDGHV UHODFLRQDGDV QR PXQGR LQWHLUR FRP REMHWLYR GH
IDFLOLWDUDWURFDLQWHUQDFLRQDOGHEHQVHVHUYLoRVHRGHVHQYROYLPHQWRGDFRRSHUDomR
QDVHVIHUDVLQWHOHFWXDOFLHQWtILFDHWHFQROyJLFD
2WHUPR,62SRVVXLRULJHPJUHJDVHQGRRULXQGRGDSDODYUD³LJXDO´GHYLGRDVXD
LGHLDGHXQLIRUPLGDGHSDGU}HVFRUUHWRVGHTXDOLGDGHWDPEpPWHQGRFRPRREMHWLYR
DVXDSURQ~QFLDLGrQWLFDHPWUrVOtQJXDVGLIHUHQWHVRLQJOrVRIUDQFrVHRUXVVR
2REMHWLYRGD,62pGHVHQYROYHUHGLIXQGLUQRUPDVTXHSRVVDPVHUXWLOL]DGDVSRU
WRGRVRVSDtVHVGRPXQGRHUFDGHSDtVHVID]HPSDUWHGD,62(VVHVSDtVHV
VmR UHSUHVHQWDGRV QD RUJDQL]DomR SRU VXDV HQWLGDGHV QRUPDWLYDV 1R FDVR GR
%UDVLO HVVD UHSUHVHQWDomR HVWi D FDUJR GD $VVRFLDomR %UDVLOHLUD GH 1RUPDV
7pFQLFDV±$%17 /XFLQGD 
'XUDQWHDLPSODQWDomRGRVLVWHPDGHJHVWmRDRUJDQL]DomRpVXEPHWLGDjVGLYHUVDV
DXGLWRULDVRQGHVHYHULILFDPYiULRVDVSHFWRVWDLVFRPROHYDQWDPHQWRVGHGDGRVQD
RUJDQL]DomRSDGURQL]DomRGRVSURFHGLPHQWRVHODERUDomRGHPDQXDLVRFRUUrQFLD
GHDXGLWRULDVLQWHUQDVHFRUUHo}HVGRVSUREOHPDVDSRQWDGRVSRUHOD3RUILPRFRUUH
DFHUWLILFDomREDVHDGDHPGLYHUVDVSUpDXGLWRULDVHDDXGLWRULDILQDO
5HVVDOWDVH WDPEpP TXH PHVPR DSyV D FHUWLILFDomR GHYHP VHU UHDOL]DGDV
SHULRGLFDPHQWHGLYHUVDVDXGLWRULDVRQGHpYHULILFDGRVHWRGRVRVSURFHVVRVHVWmR
HPFRQIRUPLGDGHDVRFRQWUiULRDFHUWLILFDGRUDSRGHUiVXVSHQGHURXDWpPHVPR
FDVVDUDFHUWLILFDomRGDRUJDQL]DomRDXGLWDGD
6HJXQGR D 1%5 ,62  D RUJDQL]DomR GHYH H[HFXWDU DXGLWRULDV LQWHUQDV HP
LQWHUYDORVSODQHMDGRVSDUDGHWHUPLQDUVHRVLVWHPDGHJHVWmRGDTXDOLGDGHD HVWi
FRQIRUPH DV GLVSRVLo}HV SODQHMDGDV FRP RV UHTXLVLWRV GHVVD QRUPD H FRP RV
UHTXLVLWRV GR VLVWHPD GH JHVWmR GD TXDOLGDGH HVWDEHOHFLGRV SHOD RUJDQL]DomR E 
HVWiPDQWLGRHLPSOHPHQWDGRHILFD]PHQWH
$3Ë78/2)RUQHFHGRUHVHDDGHLDGH6XSULPHQWRV
(VWHFDStWXORFRUUHVSRQGHDXPDEUHYHLQWURGXomRDRVIRUQHFHGRUHVHDVXDFDGHLD
GH VXSULPHQWRV QR kPELWR FLHQWLILFR WDLV FRPR R JHUHQFLDPHQWR GHVVHV
IRUQHFHGRUHVVXDTXDOLILFDomRHDWHUFHLUL]DomRGDFDGHLDGHVXSULPHQWRV
6XEFRQWUDWDomRGHJUDQGHSDUWHGDVRSHUDo}HVYHPWRUQDQGRRGHVHPSHQKRGDV
GHQWH GRV VHXV
IRUQHFHGRUHV 6H D VXEFRQWUDWDomR QmR IRU UHDOL]DGD GH IRUPD DGHTXDGD SRGH
SUHMXGLFDU FRQVLGHUDYHOPHQWH D SURGXWLYLGDGH GD HPSUHVD XPD YH] TXH D
FDSDFLGDGH GH UHVSRVWD D LPSUHYLVWRV UHGX] SUREOHPDV GH TXDOLGDGH DWUDVRV GRV
IRUQHFHGRUHVHHWF
$ TXDOLGDGH R SUHoR H D UHJXODULGDGH VmR SRQWRV IXQGDPHQWDLV SDUD JDUDQWLU R
VXFHVVR GRV IDEULFDQWHV 6H R IRUQHFHGRU HQWUHJDU IRUD GR SUD]R RX QmR WLYHU
FDSDFLGDGH GH HQWUHJDU R SURGXWR RX VHUYLoR FRQWUDWDGR D SURGXomR IDEULO VHUi
SUHMXGLFDGD $V TXDWUR GLPHQV}HV WUDGLFLRQDLV GH DWHQGLPHQWR DR FOLHQWH GH XPD
SHUVSHFWLYD ORJtVWLFD VmR R WHPSR D FRQILDELOLGDGH D FRQYHQLrQFLD H D
FRPXQLFDomRVHQGRDVSHFWRVHVVHQFLDLVQRGHVHQYROYLPHQWRGHXPSURJUDPDGH
VHUYLoRSHUIHLWRHHILFD]DRFOLHQWH(VWDVVmRDVGLPHQV}HVGRGHVHPSHQKRSDUD
DWHQGLPHQWRDRFOLHQWHQDiUHDGHORJtVWLFD ROHHWDO 
$UHODomRGRIRUQHFHGRUFRPRFOLHQWHGHYHVHUPXWXDPHQWHEHQpILFRVDILPGHTXH
VHDOFDQFHDTXDOLGDGHHVSHUDGDSRUDPEDVDVSDUWHV$FRPSUDpSODQHMDGDMXQWR
FRPRIRUQHFHGRUSDUDTXHHOHVDLEDRTXHWHUiGHSURGX]LUFRUUHWDPHQWHHTXDQGR
HQWUHJDU /XFLQGD 
2 JHUHQFLDPHQWR GD FDGHLD GH VXSULPHQWRV p XP FRQMXQWR GH PpWRGRV TXH VmR
XVDGRVSDUDSURSRUFLRQDUXPDPHOKRULQWHJUDomRHXPDPHOKRUJHVWmRGHWRGRVRV
SDUkPHWURV GD UHGH WUDQVSRUWHV HVWRTXHV FXVWRV HWF (VVHV SDUkPHWURV HVWmR
SUHVHQWHV QRV IRUQHFHGRUHV QD VXD SUySULD HPSUHVD H ILQDOPHQWH QRV FOLHQWHV $
JHVWmRDGHTXDGDGDUHGHSHUPLWHXPDSURGXomRRWLPL]DGDSDUDRIHUHFHUDRFOLHQWH
ILQDO R SURGXWR FHUWR QD TXDQWLGDGH FHUWD 2 REMHWLYR p REYLDPHQWH UHGX]LU RV
fábricas do polo industrial de motocicletas cadas vez mais depen
FXVWRVDRORQJRGDFDGHLDWHQGRHPFRQWDDVH[LJrQFLDVGRFOLHQWH±DILQDOLVVRp
TXDOLGDGHHQWUHJDURTXHRFOLHQWHTXHUQRSUHoRHQDVFRQGLo}HVTXHHOHHVSHUD
$JHVWmRGDFDGHLDGHVXSULPHQWRVSRGHVHUYLVWDFRPRXPJDVRGXWRRXFDQDOSDUD
RIOX[RHILFLHQWHHHILFD]GHSURGXWRVPDWHULDLVVHUYLoRVLQIRUPDo}HVHILQDQoDVGH
IRUQHFHGRUHV GR IRUQHFHGRU DWUDYpV GDV YiULDV RUJDQL]Do}HV LQWHUPHGLiULDV RX
HPSUHVDV DRV FOLHQWHV GR FOLHQWH RX XP VLVWHPD GH OLJDomR HQWUH UHGH GH
IRUQHFHGRUHVRULJLQDLVHRFRQVXPLGRUILQDO$SHUVSHFWLYDGDHPSUHVDHVWHQGLGDGH
JHVWmR GD FDGHLD GH VXSULPHQWRV UHSUHVHQWD XPD H[WHQVmR OyJLFD GR FRQFHLWR GH
ORJtVWLFD RIHUHFHQGR D RSRUWXQLGDGH GH YHU R VLVWHPD WRWDO GH HPSUHVDV LQWHU
UHODFLRQDGDVSDUDDXPHQWDUDHILFLrQFLDHHILFiFLD ROHHWDO 
$ 4XDOLILFDomR GH )RUQHFHGRUHV YLVD GLPLQXLU RV ULVFRV QDV UHODo}HV HQWUH
FRQWUDWDQWHHFRQWUDWDGRDOpPGHDVVHJXUDURIRUQHFLPHQWRGHLQVXPRVGHQWURGH
XPSDGUmRGHTXDOLGDGHHVWDEHOHFLGRFRPRPtQLPRHVIRUoRHPDo}HVFRUUHWLYDV
8P IRUQHFHGRU TXH DSUHVHQWD RV PHQRUHV SUHoRV SRGH VH UHYHODU LQFDSD] GH
H[HUFLWDU RV VHUYLoRV SUHYLVWRV GHQWUR GH SUD]RV HVWDEHOHFLGRV HRX DWHQGHU DRV
SDUkPHWURV GH TXDOLGDGH GHVHMDGRV (P FRQWUDSDUWLGD XP IRUQHFHGRU YLWRULRVR p
DTXHOHTXHHVWiPDLVSUHSDUDGRSDUDDUHGXomRGHFXVWRVHIRUQHFHVHUYLoRVTXH
DJUHJDPYDORUDRFOLHQWH'HVVDIRUPDDRTXDOLILFDUXPIRUQHFHGRUEXVFDVHREWHU
D XQLIRUPLGDGH GD TXDOLGDGH VHJXUDQoD H HILFiFLD GRV SURGXWRV H VHUYLoRV
DGTXLULGRVDOPHMDQGRDPHOKRUDFRQWtQXDGRVSURFHVVRVRUJDQL]DFLRQDLV
eLPSRUWDQWHOHPEUDUPRVTXHRIRUQHFHGRUYDLDOpPGHXPVLPSOHVIRUQHFLPHQWRR
PHVPRHVWiWDPEpPLQVHULGRQRSURFHVVRGHWHUFHLUL]DomRTXHLQHJDYHOPHQWHWHP
FRQWULEXtGRSDUDDH[SDQVmRFDGDYH]PDLRUGDVSHTXHQDVHJUDQGHVIiEULFDVGR
R DR PHUFDGR GH
WUDEDOKRFRPRQRDJUHJDGRGHSURGXomRGRVHWRULQGXVWULDO
$ WHUFHLUL]DomR GR WUDEDOKR H[SUHVVD XPD GDV PDLRUHV DOWHUDo}HV QR PRGR GH
SURGXomRHGLVWULEXLomRGHEHQVHVHUYLoRVYHULILFDGRVGXUDQWHDSDVVDJHPSDUDR
VpFXOR ;;, QDV HFRQRPLDV FDSLWDOLVWDV 0HVPR DVVLP SUHSRQGHUDP GLIHUHQoDV
LPSRUWDQWHV H LQHJiYHLV QR PRYLPHQWR JHUDO GH WHUFHLUL]DomR GR WUDEDOKR HQWUH
SDtVHV
Polo Industrial de Manaus, tanto que se refere ao seu peso junt
1DV HFRQRPLDV GHVHQYROYLGDV SRU H[HPSOR D WHUFHLUL]DomR GR WUDEDOKR UHVXOWD
PXLWDVYH]HVGDRSomRSDWURQDOSHODDPSOLDomRGRVJDQKRVGHSURGXWLYLGDGHV$
SDUWLU GD DGRomR GH QRYRV PHLRV GH JHVWmR GD PmR GH REUD H LQFRUSRUDomR
WHFQROyJLFDRSURFHVVRSURGXWLYRSDVVRXDVHUFUHVFHQWHPHQWHFRPSDUWLOKDGRSRU
XPFRQMXQWRGHGLYHUVDVHPSUHVDVTXHVXEFRQWUDWDPVHXVHPSUHJDGRV1RVSDtVHV
QmR GHVHQYROYLGRV D WHUFHLUL]DomR GR WUDEDOKR H[SDQGLXVH PDLV UHFHQWHPHQWH $
SULQFLSDO PRWLYDomR GR SURFHVVR GHWHUFHLUL]DomR WHP VLGR JHUDOPHQWH D EXVFD GD
UHGXomR GR FXVWR GR WUDEDOKR FRPR PHFDQLVPR GH PDLRU FRPSHWLWLYLGDGH H
DPSOLDomR GD PDUJHP GH OXFUR GLDQWH GD H[SRVLomR GR VHWRU SURGXWLYR j
FRQFRUUrQFLD LQWHUQDFLRQDO (P IXQomR GLVVR D WHUFHLUL]DomR DSUHVHQWD
SUHGRPLQDQWHPHQWH D PRGDOLGDGH GH FRQWUDWDo}HV GH WUDEDOKDGRUHV FRP
UHPXQHUDomR H FRQGLo}HV GH WUDEDOKR LQIHULRUHV DRV SRVWRV GH WUDEDOKR
DQWHULRUPHQWH H[LVWHQWHV H DRV HTXLYDOHQWHV QmR VXEPHWLGRV j VXEFRQWUDWDomR GD
PmRGHREUD
3DUDKDVHHWDO  WHUFHLUL]DomRpRDWRGHWUDQVIHULUDOJXPDVGDVDWLYLGDGHV
LQWHUQDV H D UHVSRQVDELOLGDGH GH GHFLV}HV GH XPD HPSUHVD SDUD XP IRUQHFHGRU
H[WHUQR2VWHUPRVGRDFRUGRVmRHVWDEHOHFLGRVHPXPFRQWUDWR2VFRQWUDWRVGH
WHUFHLUL]DomR YmR DOpP GRV FRQWUDWRV FRPXQV GH FRPSUD H FRQVXOWRULD SRUTXH DV
DWLYLGDGHV QmR VmR DSHQDV WUDQVIHULGDV PDV RV UHFXUVRV TXH ID]HP D DWLYLGDGH
RFRUUHU LQFOXLQGR SHVVRDV LQVWDODo}HV HTXLSDPHQWRV WHFQRORJLD H RXWURV DWLYRV
WDPEpP VmR WUDQVIHULGRV $V UHVSRQVDELOLGDGHV SDUD WRPDU GHFLV}HV VREUH FHUWRV
HOHPHQWRVGDVDWLYLGDGHVWDPEpPVmRWUDQVIHULGDV$HVSHFLDOLGDGHGRVIDEULFDQWHV
FRQWUDWDGRV p DVVXPLU WRWDO UHVSRQVDELOLGDGH SHOD WHUFHLUL]DomR 1D LQG~VWULD GH
HOHWU{QLFRV SRU H[HPSOR  GD PDQXIDWXUD VmR GHVHPSHQKDGDV SRU HVVHV
IDEULFDQWHV FRQWUDWDGRV VHQGR TXH PXLWRV GHOHV DGPLQLVWUDP WRGD D FDGHLD GH
VXSULPHQWRVLQFOXLQGRGLVWULEXLomRHFRQVHUWRV
2V PRWLYRV TXH OHYDP XPD HPSUHVD D GHFLGLU SHOD WHUFHLUL]DomR YDULDP PXLWR $
)LJXUD  VHJXQGR KDVH HW DO   OLVWD  H[HPSORV GH PRWLYRV SDUD
WHUFHLUL]DUHVHXVEHQHItFLRV
0RWLYRVSDUD7HUFHLUL]DUH6HXV%HQHItFLRV
0RWLYRV2UJDQL]DFLRQDLV
x
0HOKRULDQDHILFiFLDDWUDYpVGRIRFRQDTXLORTXHDHPSUHVDID]GHPHOKRU
x
$XPHQWRGDIOH[LELOLGDGHSDUDDWHQGHUDVFRQGLo}HVGHPXGDQoDVQRQHJyFLRGHPDQGDSRUSURGXWRVHPHUFDGRVHWHFQRORJLDV
x
7UDQVIRUPDomRGDRUJDQL]DomR
%XVFDGH0HOKRULDV
x
0HOKRULDQRGHVHPSHQKRRSHUDFLRQDO
DXPHQWRGDSURGXWLYLGDGHHTXDOLGDGHWHPSRVGHFLFORPDLVFXUWRVHDVVLPSRUGLDQWH

x
2EWHQomRGHH[SHUWLVHKDELOLGDGHVHWHFQRORJLDVTXHQmRHVWmRGLVSRQtYHLVGHRXWUDPDQHLUD
x
0HOKRULDQRFRQWUROHHJHUHQFLDPHQWR
x
0HOKRULDQRJHUHQFLDPHQWRGHULVFR
x
$TXLVLomRGHLGHLDVLQRYDGRUDV
x
0HOKRULDGDLPDJHPHFUHGLELOLGDGHDWUDYpVGDDVVRFLDomRFRPWHUFHLURVVXSHULRUHV
0RWLYRV)LQDQFHLURV
x
5HGXomRQRLQYHVWLPHQWRHPDWLYRVHOLEHUDomRGHVVHVUHFXUVRVSDUDRXWURVSURSyVLWRV
x
*HUDomRGHFDL[DDWUDYpVGDWUDQVIHUrQFLDGHDWLYRSDUDWHUFHLUR
%XVFDGH5HFHLWD
x
*DQKRGHDFHVVRDRPHUFDGRHRSRUWXQLGDGHVGHQHJyFLRVDWUDYpVGDUHGHGRWHUFHLUR
x
$FHOHUDomRGDH[SDQVmRDWUDYpVGRGHVHQYROYLPHQWRGDFDSDFLGDGHGRVSURFHVVRVHVLVWHPDVGRWHUFHLUR
x
([SDQVmRGDVYHQGDVHFDSDFLGDGHGHSURGXomRGXUDQWHRVSHUtRGRVTXDQGRWDOH[SDQVmRQmRSRGHVHUILQDQFLDGD
x
([SORUDomRGDVKDELOLGDGHVH[LVWHQWHVFRPHUFLDOPHQWH
5HGXomRGHXVWRV
x
5HGXomRGHFXVWRVDWUDYpVGRGHVHPSHQKRVXSHULRUGRWHUFHLURHDPHQRUHVWUXWXUDGHFXVWRVGRPHVPR
x
7UDQVIRUPDUFXVWRVIL[RVHPFXVWRVYDULiYHLV
(VWtPXORVDRV)XQFLRQiULRV
x
3URSRUFLRQDUXPDFDUUHLUDSURILVVLRQDOFRPPDLVSHUVSHFWLYDVDRVIXQFLRQiULRV
x
$XPHQWDURFRPSURPHWLPHQWRHHQHUJLDGDViUHDVQmRFHQWUDLVGDHPSUHVD
)LJXUD0RWLYRVSDUDWHUFHLUL]DHVHXVEHQHItFLRV
+$6(HWDO

)RQWH5HLPSUHVVRGHVWUDWHJLFRXWVRXUWLQJRSULJKW0DXULFH)*UHDYHU,,5HLPSUHVVRFRPSHUPLVVmRGD$0$21XPDGLYLVmRGD$PHULFDQ
0DQDJHPHQW$VVRFLDWLRQ,QWHUQDFLRQDO1RYDRUN7RGRVRVGLUHLWRVUHVHUYDGRVKWWSZZZDPDQHWRUJ
$3Ë78/20HWRGRORJLDGH3HVTXLVD$SOLFDGD
1HVWH FDSLWXOR p DERUGDGD j PHWRGRORJLD XWLOL]DGD GXUDQWH R WUDEDOKR GH
LQYHVWLJDomRGHVGHRGHVHQYROYLPHQWRGRTXHVWLRQiULRDWpDFROHWDGRVGDGRVWDLV
FRPR D PHWRGRORJLD GH SHVTXLVD DSOLFDGD QHVWD GLVVHUWDomR H IXQGDPHQWDomR
WHyULFDGDVIHUUDPHQWDVXVDGDVSDUDREWHQomRGHGDGRV
4XHVWLRQiULR
2 TXHVWLRQiULR GHVHQYROYLGR WHYH VXD HVWUXWXUD GLYLGLGD HP GXDV SDUWHV GH
LQYHVWLJDomR 1D SULPHLUD SDUWH SURFXURXVH FDUDFWHUL]DU DV RUJDQL]Do}HV
HQWUHYLVWDGDV 1D VHJXQGD SDUWH VmR LQYHVWLJDGDV D LPSRUWkQFLD GH VHOHFLRQDU
IRUQHFHGRUHVFRPEDVHQDQRUPD,62HDTXDOLGDGHGRVHUYLoRRIHUHFLGRSRU
IRUQHFHGRUHV FHUWLILFDGRV VHJXQGR D QRUPD ,62  H IRUQHFHGRUHV QmR
FHUWLILFDGRV $VVHJXUDQGR D XWLOL]DomR GH XPD HVFDOD FRUUHWD TXH WUDQVPLWD XPD
PDLRUFRQILDELOLGDGHQRVUHVXOWDGRVGDDQiOLVHGDTXDOLGDGHGRVHUYLoRIRLDSOLFDGD
D HVFDOD GR WLSR /LNHUW 2 TXHVWLRQiULR GHVHQYROYLGR SDUD DYDOLDU D TXDOLGDGH GR
VHUYLoRpFRPSRVWRGHTXHVW}HVGHP~OWLSODHVFROKDGHUHVSRVWDVIHFKDGDVVLPSOHV
iJHLVHGHIiFLOHQWHQGLPHQWRSDUDRXVXiULR3RUpPRTXHRVGLIHUHpDYDULDomRQD
HVFDODGHUHVSRVWDV
(VFDOD/LNHUW
1HVWHWUDEDOKRGH3HVTXLVDIRLXWLOL]DGDDHVFDOD/LNHUWSDUDREWHQomRGDVUHVSRVWDV
SUHWHQGLGDV
3DUDFRQFHEHUXPDHVFDODGHPHGLGDSDUDXPIHQ{PHQRTXDOLWDWLYRRSHVTXLVDGRU
GHYHFRQVLGHUDURUHIHUHQFLDOWHyULFRUHODWLYRjPHQVXUDomRGHHYHQWRVTXDOLWDWLYRVH
DVFDUDFWHUtVWLFDVGHVHXREMHWLYRGHHVWXGR$UHSUHVHQWDomRQXPpULFDGHYHVXJHULU
R TXH VHMDP DV PDQLIHVWDo}HV HVSHUDGDV GHVVH REMHWR VHJXQGR R XQLYHUVR GH
FRQKHFLPHQWRVGLVSRQtYHLVVREUHHOH(P/LNHUWSURS{VXPDHVFDODGHFLQFR
SRQWRVDPHVPDXWLOL]DGDQHVWHWUDEDOKRGHSHVTXLVDFRPXPSRQWRPpGLRSDUD
UHJLVWURGDPDQLIHVWDomRGHVLWXDomRLQWHUPHGLiULDGHLQGLIHUHQoDRXGHQXOLGDGHGR
WLSR ³yWLPR´ ³ERP´ ³UHJXODU´ ³UXLP´ H ³SpVVLPR´ (VVD HVFDOD WRUQRXVH XP
SDUDGLJPDGDPHQVXUDomRTXDOLWDWLYDHGHVGHHQWmRWHPVLGRODUJDPHQWHDSOLFDGD
TXHU QD IRUPD RULJLQDO TXHU HP DGDSWDo}HV SDUD GLIHUHQWHV REMHWRV GH HVWXGR
3HUHLUD 
%DWL]DGDHPKRPHQDJHPDRVHXFULDGRU5HQVLV/LNHUWDHVFDOD/LNHUWpXPDHVFDOD
DPSODPHQWH XWLOL]DGD TXH H[LJH TXH RV HQWUHYLVWDGRV LQGLTXHP XP JUDX GH
FRQFRUGkQFLD RX GLVFRUGkQFLD FRP FDGD XPD GH XPD VpULH GH DILUPDo}HV VREUH
REMHWLYRVGHHVWtPXORV 0DOKRWUD 
3DUDVHUFRQVLGHUDGDXPDHVFDOD/LNHUWQRHQWDQWRpSUHFLVRTXHFDGDLWHPVHMD
DSUHVHQWDGRVREDIRUPDGHXPDSHUJXQWDFRPFDGDJUDGDomRFRPRXPDUHVSRVWD
SRVVtYHO DOpP GH FDGD JUDGDomR VH PRVWUDU QXPD RUGHP GHVFHQGHQWH RQGH R
SULPHLUR LWHP LQGLFD R PDLRU JUDX GH FRQFRUGkQFLD R ~OWLPR R PDLRU JUDX GH
GLVFRUGkQFLDHRLWHPGRPHLRQHXWURVHQGRELYDOHQWHVHVLPpWULFRV
3DUDDQDOLVDURVUHVXOWDGRVFROHWDGRVSRUXPDHVFDOD/LNHUWDWULEXtVHYDORUHVSDUD
FDGD XP GRV LWHQV FRPHoDQGR HP ]HUR SDUD R LWHP QHXWUR H DXPHQWDQGR RX
GLPLQXLQGRHPSDUDFDGDLWHPDFLPDRXDEDL[RUHVSHFWLYDPHQWHSDUDHPVHJXLGD
REWHUVHDPpGLDGRVYDORUHVWRWDLVDYDOLDGRV
3HVR 'HVFULomR
 1mR(VVHQFLDO
 3RXFR(VVHQFLDO
 5D]RDYHOPHQWH(VVHQFLDO
 (VVHQFLDO
 0XLWR(VVHQFLDO
7DEHOD±(VFDOD$
3HVR 'HVFULomR
 0XLWR5XLP
 5XLP
 5D]RiYHO
 %RP
 0XLWR%RP
7DEHOD±(VFDOD%
2 IRUPXOiULR GHVHQYROYLGR SDUD DYDOLDU D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU
IRUQHFHGRUHV FHUWLILFDGRV H QmR FHUWLILFDGRV WHP VXD HVWUXWXUD EDVHDGD QD HVFDOD
6(5948$/TXHpXPTXHVWLRQiULRGHVHQYROYLGRSDUDDYDOLDUDTXDOLGDGHGHXP
VHUYLoRHPFLQFRGLPHQV}HV WDQJLELOLGDGHFRQILDELOLGDGHUHVSRQVDELOLGDGHJDUDQWLD
HHPSDWLD HFRQWHPSODLQGLFDGRUHVGDTXDOLGDGHMXQWRGHFOLHQWHVHLQGLFDGRUHVGD
TXDOLGDGHGRSURFHVVR DQ0F/DUHQ 
'H DFRUGR FRP DQ 0F/DUHQ   R TXHVWLRQiULR GHVHQYROYLGR SRGH FRP
SHTXHQDVDOWHUDo}HVVHUXWLOL]DGRHPTXDOTXHURUJDQL]DomRGHVHUYLoRV DQHWDO
  $ OLWHUDWXUD VREUH R WHPD VXJHUH LQ~PHUDV DSOLFDo}HV SDUD R 6(5948$/
PDV D VXD IXQomR PDLV LPSRUWDQWH p LGHQWLILFDU DV WHQGrQFLDV GD TXDOLGDGH HP
VHUYLoRVDWUDYpVGRVFOLHQWHV
2 6(5948$/ SRGH VHU XWLOL]DGR HP HVWXGRV GH PDUNHWLQJ SDUD FRPSDUDU XP
VHUYLoR FRP RV VHUYLoRV GH FRQFRUUHQWHV H DGLFLRQDOPHQWH SDUD LGHQWLILFDU DV
GLPHQV}HV GD TXDOLGDGH HP VHUYLoRV TXH VH HQFRQWUDP HP QtYHO VXSHULRU RX
LQDGHTXDGR )LW]VLPRQV 
3DUD REWHU RV GDGRV GH LQYHVWLJDomR D SDUWLU GRV HQWUHYLVWDGRV IRL XWLOL]DGR R
6XUYH0RQNH 4XHVWLRQiULRRQOLQH 
)RUDP UHDOL]DGRV YiULRV WHVWHV GH HQYLR GR IRUPXOiULR TXH DWHQGHX WRGRV RV
SDUkPHWURV H[LJLGRV TXDQWR DR HQYLR H UHFROKD GDV LQIRUPDo}HV DWHQGHQGR DV
QHFHVVLGDGHVGHLQYHVWLJDomR
2VIRUPXOiULRVIRUDPGLVWULEXtGRVHGLYXOJDGRVDRVHQWUHYLVWDGRVDWUDYpVGHFRUUHLR
HOHWU{QLFR HPDLO 
2 TXHVWLRQiULR GH SHVTXLVD IRL GHVHQYROYLGR WHVWDGR H HQYLDGR QR SHUtRGR GH
'H]HPEUR D 0DUoR )RL HQYLDGR SRU HPDLO XP WRWDO GH WULQWD H WUrV
TXHVWLRQiULRV WHQGR VLGR UHVSRQGLGRV XP WRWDO GH WULQWD TXHVWLRQiULRV R TXH
UHSUHVHQWDXPDWD[DGHUHVSRVWDVGHGHTXHVWLRQiULRVUHVSRQGLGRV
$3Ë78/2$QiOLVHH'LVFXVVmRGH5HVXOWDGRV
1R GHFRUUHU GR FDSLWXOR  VHUi DSUHVHQWD D DQiOLVH H GLVFXVVmR GH UHVXOWDGRV
GHVHQYROYLGRVWDLVFRPRUHVXOWDGRVREWLGRV
DUDFWHUtVWLFDVGDDPRVWUD
$ DPRVWUD XWLOL]DGD QHVWD LQYHVWLJDomR p FRQVWLWXtGD SRU IiEULFDV GH PRWRFLFOHWDV
)RLHQYLDGRSRUHPDLOXPWRWDOGHWULQWDHWUrVTXHVWLRQiULRVWHQGRVLGRUHVSRQGLGRV
XPWRWDOGHWULQWDTXHVWLRQiULRVRTXHUHSUHVHQWDXPDWD[DGHUHVSRVWDVGH
'DVWULQWDRUJDQL]Do}HVHQWUHYLVWDGDVTXDQGRSHUJXQWDGRVHSRVVXHPVHXVLVWHPD
FHUWLILFDGR VHJXQGR D QRUPD ,62  YLQWH H TXDWUR RUJDQL]Do}HV UHVSRQGHUDP
TXH VLP R TXH UHSUHVHQWD  GR WRWDO GH HQWUHYLVWDGRV HQTXDQWR TXH VHLV
RUJDQL]Do}HV UHVSRQGHUDP TXH QmR SRVVXHP FHUWLILFDomR VHJXQGR D QRUPD ,62
 )LJXUD 
)LJXUDHUWLILFDomRVHJXQGRD,62±(QWUHYLVWDGRV
localizadas no Polo Industrial de Manaus, certificadas e não certificadas com base na nor-
ma ISO 9001.
(P UHODomR D RXWURV VLVWHPDV GH FHUWLILFDomR GR]H   RUJDQL]Do}HV HVWmR
FHUWLILFDGDV VHJXQGR D QRUPD ,62  FLQFR   RUJDQL]Do}HV HVWmR
FHUWLILFDGDV VHJXQGR D QRUPD 2+6$6  RQ]H   RUJDQL]Do}HV QmR
SRVVXHPTXDOTXHUWLSRGHFHUWLILFDomR )LJXUD 








)LJXUD2XWURVWLSRVGHFHUWLILFDomR
*UDXGHLPSRUWkQFLDGD1RUPD,62SDUDVHOHFLRQDUIRUQHFHGRUHV
2 JUDX GH LPSRUWkQFLD GD QRUPD ,62  SDUD VHOHFLRQDU IRUQHFHGRUHV p
FODUDPHQWH FLWDGR FRP EDVH QRV SULQFtSLRV GD JHVWmR GD TXDOLGDGH 8PD
RUJDQL]DomR H RV VHXV IRUQHFHGRUHV VmR LQWHUGHSHQGHQWHV H XPD UHODomR GH
EHQHItFLRV P~WXRV DXPHQWD D FDSDFLGDGH GH DPERV HP DJUHJDU YDORU 1%5 ,62
 
$QRUPDGHL[DFODURWDPEpPTXHFRQYpPTXHDVHQWUDGDVSDUDDYDOLDUDHILFiFLDGR
VLVWHPDGHJHVWmRGDTXDOLGDGHFRQVLGHUHPRFOLHQWHHRXWUDVSDUWHVLQWHUHVVDGDVH
LQFOXDPRGHVHPSHQKRGRVIRUQHFHGRUHV 1%5,62 
1DWDEHODHQFRQWUDPVHRVUHVXOWDGRVREWLGRV
,WHQV RQWDJHPGHUHVSRVWDV 
$EVROXWDPHQWH,PSRUWDQWH
0XLWR,PSRUWDQWH
3RXFRLPSRUWDQWH
1DGDLPSRUWDQWH
727$/










7DEHOD*UDXGH,PSRUWkQFLDGDQRUPD,62SDUDVHOHFLRQDUIRUQHFHGRUHV
RQIRUPH D 7DEHOD  D QRUPD ,62  SDUD VHOHFLRQDU RV IRUQHFHGRUHV IRL
FRQVLGHUDGD FRPR DEVROXWDPHQWH ,PSRUWDQWH  R PXLWR LPSRUWDQWH REWHYH D
PHVPD TXDQWLGDGH GH UHVSRVWDV REWHQGR WDPEpP  VRPHQWH  UHVSRQGHUDP
FRPR SRXFR LPSRUWDQWH VHQGR HVWH SHUFHQWXDO  FRPR QDGD LPSRUWDQWH
REWHYHXPDUHVSRVWDRXVHMDGRVTXHUHVSRQGHUDPRTXHVWLRQiULR
$QiOLVHJHUDOGRJUDXGHTXDOLGDGHGRVVHUYLoRVGHIRUQHFHGRUHV
FHUWLILFDGRVHQmRFHUWLILFDGRVQD,62
$DQiOLVHGRQtYHOGDTXDOLGDGHGRVHUYLoRSUHVWDGRSRUIRUQHFHGRUHVFHUWLILFDGRVH
QmRFHUWLILFDGRVVHJXQGRDQRUPD,62SHUPLWLXFRQFOXLUTXHRVHUYLoRRIHUHFLGR
SRUIRUQHFHGRUHVFHUWLILFDGRVpVXSHULRUFRPSDUDWLYDPHQWHDRVHUYLoRSUHVWDGRSRU
IRUQHFHGRUHV QmR FHUWLILFDGRV 6HJXQGR D OLWHUDWXUD VREUH R WHPD DV HPSUHVDV
RSWDP SHOD QRUPD ,62  SRUTXH YLVOXPEUDP LQ~PHUDV SRVVLELOLGDGHV SDUD
UHGX]LUFXVWRVLQWHUQRVDOpPGHVDWLVID]HUHPDVH[LJrQFLDVGRVFOLHQWHVSRUVHUXP
GLIHUHQFLDOGHPDUNHWLQJHXPDHILFD]IHUUDPHQWDGHJHVWmR /XFLQGD 
3HOD DQiOLVH GD )LJXUD  SRGHVH YHULILFDU TXH SDUD DV HPSUHVDV LQTXLULGDV R
QtYHO GD TXDOLGDGH GR VHUYLoR SUHVWDGR SRU XPD HPSUHVD FHUWLILFDGD p PHOKRU
DYDOLDGRGRTXHRVHUYLoRSUHVWDGRSRUXPDHPSUHVDQmRFHUWLILFDGD
)LJXUDRPSDUDWLYRGRSDGUmRGHTXDOLGDGHGHIRUQHFHGRUHVFHUWLILFDGRV96QmR
FHUWLILFDGRV
9HMDPRV TXH R IRUQHFHGRU FHUWLILFDGR RIHUHFH XP VHUYLoR PXLWR ERP REWHYH 
GR]H  UHVSRVWDV FRP XP tQGLFH GH  ERP  GH]HVVHLV  VHQGR R tQGLFH GH
 H UD]RiYHO  GRLV  tQGLFH GH  (QTXDQWR TXH R IRUQHFHGRU QmR
FHUWLILFDGR RIHUHFH DSHQDV XP VHUYLoR ERP  WUrV  FRP XP tQGLFH GH 
UD]RiYHO QRYH HRtQGLFHGHHUXLP GH]HVVHWH HtQGLFHGHH
PXLWRUXLP XP WHQGRFRPRtQGLFH
$QiOLVHGDTXDOLGDGHGRVHUYLoRRIHUHFLGRSRUIRUQHFHGRUHVFHUWLILFDGRVH
QmRFHUWLILFDGRVQD,62
$ TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU IRUQHFHGRUHV FHUWLILFDGRV H QmR FHUWLILFDGRV
VHJXQGRDQRUPD,62SRGHVHUPHGLGRFULWHULRVDPHQWHDWUDYpVGRVDWULEXWRV
TXH FRPS}H VHX VHUYLoR 3DUD PHGLU R JUDX GH TXDOLGDGH GHVVHV DWULEXWRV RV
PHVPRV IRUDP GLYLGLGRV HP FLQFR GLPHQV}HV WDQJLELOLGDGH FRQILDELOLGDGH
FRPSUHHQVmRVHJXUDQoDHHPSDWLD FRQIRUPHR6(5948$/
1D 7DEHOD  SRGHPRV YHU XP H[HPSOR GH FRPR IRL UHDOL]DGD D GLVWULEXLomR GH
IUHTXrQFLD0RGDO
7DEHOD7DEHODGHGLVWULEXLomRGHIUHTXrQFLDPRGDO
1DWDEHODSRGHPRVYHUFODUDPHQWHTXHDTXDOLILFDomR³PXLWRERP´REWHYHXPD
IUHTXrQFLDGH³ERP´REWHYHXPDIUHTXrQFLDGH$VVLPSRGHVHFRQFOXLU
TXH R DWULEXWR 'LVSRVLomR GH HTXLSDPHQWRV DGHTXDGRV DR VHUYLoR p FRQVLGHUDGR
SHODV HPSUHVDV FRPR XP VHUYLoR ³PXLWR ERP´ GR SRQWR GH YLVWD GH IUHTXrQFLD
PRGDO

$PSOLWXGH 5HVSRVWD9iOLGD )UHTXrQFLD 3RUFHQWDJHP
0i[LPR 0XLWR%RP  
 %RP  
 5D]RiYHO  
 5XLP  
0tQLPR 0XLWR5XLP
$QiOLVHPRGDOGDTXDOLGDGHGHVHMDGD


7DEHOD


$YDOLDomR
FULWHULRVD
UHDOL]DGD
FRP
RV
HQWUHYLVWDGRV
GRV
DWULEXWRV
RIHUHFLGRV
SRU
IRUQHFHGRUHV
(57,),$'26
VHJXQGR
D
,62

H
IRUQHFHGRUHV1­2(57,),$'26


)RUQHFHGRUHUWLILFDGR,62
)RUQHFHGRU1mRHUWLILFDGR
,WHP
4XDOLGDGH'HVHMDGD
0DLRU)UHTXrQFLD
5HVSRVWD9iOLGD
0DLRU)UHTXrQFLD
5HVSRVWD9iOLGD

'LVS}HGH(TXLSDPHQWRV$GHTXDGRVDR

0XLWR%RP

%RP

'LVS}HGH)DUGDPHQWRVDRV)XQFLRQiULRV

0XLWR%RP

%RP

'LVS}HGH(3,VDRV)XQFLRQiULRV

0XLWR%RP

%RP

'LVS}HGH0iTXLQDV$GHTXDGDVDR6HUYLoR

0XLWR%RP

%RP

XPSULPHQWRFRP3UD]RV(VWDEHOHFLGRV

0XLWR%RP

5D]RiYHO

(ILFLrQFLDQD3UHVWDomRGR6HUYLoR

0XLWR%RP

%RP

(ILFiFLDQD3UHVWDomRGR6HUYLoR

0XLWR%RP

%RP

XPSULPHQWRGDV3URSULHGDGHVGR6HUYLoR

0XLWR%RP

%RP

'LVS}HGHDQDOGHRPXQLFDomRDROLHQWH

0XLWR%RP

%RP

RUGLDOLGDGHQD3UHVWDomRGR6HUYLoR

0XLWR%RP

%RP

(GXFDomRQD3UHVWDomRGR6HUYLoR

0XLWR%RP

%RP

6LPSDWLDHDOPDQR$WHQGLPHQWRDROLHQWH

0XLWR%RP

%RP

'LVS}HGH0mRGHREUD4XDOLILFDGD

0XLWR%RP

%RP

'LVS}HGH,QRYDomRH7HFQRORJLD

0XLWR%RP

%RP

'RPtQLRQDH[HFXomRGRV6HUYLoRV

0XLWR%RP

%RP

RUUHVSRQGHDV'~YLGDVGROLHQWH

0XLWR%RP

%RP
$WDEHODDSUHVHQWDXPDDYDOLDomRFULWHULRVDUHDOL]DGDFRPRVHQWUHYLVWDGRVGRV
DWULEXWRV RIHUHFLGRV SRU IRUQHFHGRUHV FHUWLILFDGRV VHJXQGR D ,62  VREUH D
DQiOLVH PRGDO GD TXDOLGDGH GHVHMDGD VHQGR REVHUYDGR TXH R PXLWR ERP IRL
XQkQLPHQDIUHTrQFLDGHUHVSRVWDYDOLGDGD
-iDDQiOLVHGRPRGDOTXDOLGDGHGHVHMDGDGRV)RUQHFHGRUHVQmRFHUWLILFDGRVFRP
,62  R ERP REWHYH XPD IUHTrQFLD GH  GRV DWULEXWRV H R UD]RiYHO
REWHYHGHIUHTrQFLDQHVWHPRGDO
$QiOLVHPRGDOGDTXDOLGDGHPtQLPDDFHLWiYHO
7DEHOD$YDOLDomRFULWHULRVDUHDOL]DGDFRPRVHQWUHYLVWDGRVGRVDWULEXWRVRIHUHFLGRVSRUIRUQHFHGRUHV(57,),$'26VHJXQGRD,62H
IRUQHFHGRUHV1­2(57,),$'26
)RUQHFHGRUHUWLILFDGR,62
)RUQHFHGRU1mRHUWLILFDGR
,WHP
4XDOLGDGH'HVHMDGD
0DLRU)UHTXrQFLD
5HVSRVWD9iOLGD
0DLRU)UHTXrQFLD
5HVSRVWD9iOLGD

'LVS}HGH(TXLSDPHQWRV$GHTXDGRVDR6HUYLoR

%RP

5D]RiYHO

'LVS}HGH)DUGDPHQWRVDRV)XQFLRQiULRV

%RP

5D]RiYHO

'LVS}HGH(3,VDRV)XQFLRQiULRV

5D]RiYHO

5D]RiYHO

'LVS}HGH0iTXLQDV$GHTXDGDVDR6HUYLoR

%RP

5D]RiYHO

XPSULPHQWRFRP3UD]RV(VWDEHOHFLGRV

5D]RiYHO

5D]RiYHO

(ILFLrQFLDQD3UHVWDomRGR6HUYLoR

%RP

5D]RiYHO

(ILFiFLDQD3UHVWDomRGR6HUYLoR

%RP

5D]RiYHO

XPSULPHQWRGDV3URSULHGDGHVGR6HUYLoR

%RP

5D]RiYHO

'LVS}HGHDQDOGHRPXQLFDomRDROLHQWH

5D]RiYHO

5D]RiYHO

RUGLDOLGDGHQD3UHVWDomRGR6HUYLoR

5D]RiYHO

5D]RiYHO

(GXFDomRQD3UHVWDomRGR6HUYLoR

5D]RiYHO

5D]RiYHO

6LPSDWLDHDOPDQR$WHQGLPHQWRDROLHQWH

5D]RiYHO

5D]RiYHO

'LVS}HGH0mRGHREUD4XDOLILFDGD

%RP

5D]RiYHO

'LVS}HGH,QRYDomRH7HFQRORJLD

5D]RiYHO

5D]RiYHO

'RPtQLRQDH[HFXomRGRV6HUYLoRV

%RP

5D]RiYHO

RUUHVSRQGHDV'~YLGDVGROLHQWH

5D]RiYHO

5D]RiYHO
1DWDEHODDSUHVHQWDDDQiOLVHPRGDOGDTXDOLGDGHPtQLPDDFHLWiYHOUHDOL]DGD
FRP RV HQWUHYLVWDGRV GRV DWULEXWRV RIHUHFLGRV SRU IRUQHFHGRUHV FHUWLILFDGRV
VHJXQGR D ,62  3RUWDQWR p REVHUYDGR FODUDPHQWH TXH R ERP REWHYH XPD
IUHTrQFLDGHUHVSRVWDYDOLGDGDGHGRVDWULEXWRVHRUD]RiYHOWDPEpPREWHYH
 GH IUHTXrQFLD GDV UHVSRVWDV YDOLGDGDV -i D DQDOLVH GD TXDOLGDGH PtQLPD
DFHLWiYHOGRVIRUQHFHGRUHVQmRFHUWLILFDGRVFRP,62WRGRVRVDWULEXWRV
WLYHUDPXPDFRQVWkQFLDGHUHVSRVWDYDOLGDGDFRPRUD]RiYHOQHVWHPRGDO
$QiOLVHPRGDOGRVHUYLoRSHUFHELGR


7DEHOD±$YDOLDomRFULWHULRVDUHDOL]DGDFRPRVHQWUHYLVWDGRVGRVDWULEXWRVRIHUHFLGRVSRUIRUQHFHGRUHV(57,),$'26VHJXQGRD,62H
IRUQHFHGRUHV1­2(57,),$'26


)RUQHFHGRUHUWLILFDGR,62
)RUQHFHGRU1mRHUWLILFDGR
,WHP
4XDOLGDGH'HVHMDGD
0DLRU)UHTXrQFLD
5HVSRVWD9iOLGD
0DLRU)UHTXrQFLD
5HVSRVWD9iOLGD

'LVS}HGH(TXLSDPHQWRV$GHTXDGRVDR6HUYLoR

%RP

5D]RiYHO

'LVS}HGH)DUGDPHQWRVDRV)XQFLRQiULRV

%RP

5D]RiYHO

'LVS}HGH(3,VDRV)XQFLRQiULRV

%RP

5D]RiYHO

'LVS}HGH0iTXLQDV$GHTXDGDVDR6HUYLoR

%RP

5D]RiYHO

XPSULPHQWRFRP3UD]RV(VWDEHOHFLGRV

%RP

5D]RiYHO

(ILFLrQFLDQD3UHVWDomRGR6HUYLoR

%RP

5D]RiYHO

(ILFiFLDQD3UHVWDomRGR6HUYLoR

%RP

5D]RiYHO

XPSULPHQWRGDV3URSULHGDGHVGR6HUYLoR

0XLWR%RP

5D]RiYHO

'LVS}HGHDQDOGHRPXQLFDomRDROLHQWH

%RP

5XLP

RUGLDOLGDGHQD3UHVWDomRGR6HUYLoR

%RP

5XLP

(GXFDomRQD3UHVWDomRGR6HUYLoR

0XLWR%RP

%RP

6LPSDWLDHDOPDQR$WHQGLPHQWRDROLHQWH

%RP

5XLP

'LVS}HGH0mRGHREUD4XDOLILFDGD

%RP

5D]RiYHO

'LVS}HGH,QRYDomRH7HFQRORJLD

5D]RiYHO

5XLP

'RPtQLRQDH[HFXomRGRV6HUYLoRV

%RP

5XLP

RUUHVSRQGHDV'~YLGDVGROLHQWH

%RP

5D]RiYHO
$7DEHODDSUHVHQWDDDYDOLDomRFULWHULRVDUHDOL]DGDFRPRVHQWUHYLVWDGRVGRV
DWULEXWRVRIHUHFLGRVSRUIRUQHFHGRUHVFHUWLILFDGRVVHJXQGRD,62pREVHUYDGR
FODUDPHQWHTXHRPXLWRERPREWHYHXPDIUHTrQFLDGHUHVSRVWDYDOLGDGDGH
ERPREWHYHHRUD]RiYHOREWHYH'HVWHPRGRSRGHPRVFRQFOXLUTXHD
TXDOLGDGHGHVHMDGDGRVDWULEXWRV³'LVS}HGHHTXLSDPHQWRVDGHTXDGRVDRVHUYLoR´
³'LVS}H GH IDUGDPHQWRV DRV IXQFLRQiULRV´ ³'LVS}H GH (3,V DRV IXQFLRQiULRV´
³'LVS}H GH PiTXLQDV DGHTXDGDV DR VHUYLoR´ ³XPSULPHQWR FRP SUD]RV
HVWDEHOHFLGRV´ ³(ILFLrQFLD QD SUHVWDomR GR VHUYLoR´ ³(ILFiFLD QD SUHVWDomR GR
VHUYLoR´³'LVS}HGHFDQDOGHFRPXQLFDomRDRFOLHQWH´³DQDOGHFRPXQLFDomRDR
FOLHQWH´ ³6LPSDWLD H FDOPD QR DWHQGLPHQWR DR FOLHQWH´ ³'LVS}H GH PmR GH REUD
TXDOLILFDGD´ ³'RPtQLR QD H[HFXomR GRV 6HUYLoRV´ H ³RUUHVSRQGH DV G~YLGDV GR
FOLHQWH´IRUDP FRQVLGHUDGRV SHODV HPSUHVDV FRPR XP VHUYLoR ³ERP´ 2V DWULEXWRV
³XPSULPHQWRGDVSURSULHGDGHVGRVHUYLoR´H³(GXFDomRQDSUHVWDomRGRVHUYLoR´
IRUDP FRQVLGHUDGRV ³PXLWR ERP´ H VRPHQWH H VRPHQWH R DWULEXWR VH ³'LVS}H GH
LQRYDomR H WHFQRORJLD´ IRL FRQVLGHUDGR GH TXDOLGDGH ³UD]RiYHO´ GR SRQWR GH YLVWD
PRGDOGRVHUYLoRSHUFHELGR
-i RV IRUQHFHGRUHV QmR FHUWLILFDGRV FRP ,62  RV DWULEXWRV ³'LVS}H GH
HTXLSDPHQWRV DGHTXDGRV DR VHUYLoR´ ³'LVS}H GH IDUGDPHQWRV DRV IXQFLRQiULRV´
³'LVS}H GH HSLV DRV IXQFLRQiULRV´ ³'LVS}H GH PiTXLQDV DGHTXDGDV DR VHUYLoR´
³XPSULPHQWR FRP SUD]RV HVWDEHOHFLGRV´ ³(ILFLrQFLD QD SUHVWDomR GR VHUYLoR´
³(ILFiFLD QD SUHVWDomR GR VHUYLoR´ ³XPSULPHQWR GDV SURSULHGDGHV GR VHUYLoR´
³'LVS}HGHPmRGHREUDTXDOLILFDGD´H³RUUHVSRQGHDVG~YLGDVGRFOLHQWH´IRUDP
REVHUYDGRVFRPRUD]RiYHOREWHQGRXPDIUHTrQFLDGH6RPHQWHRDWULEXWR
(GXFDomR QD SUHVWDomR GR VHUYLoR IRL FRQVLGHUDGR FRPR ERP REWHQGR XPD
FRQVWkQFLDGH2EVHUYDGRVFRPRGHTXDOLGDGHUXLPREWHQGRXPDIUHTrQFLD
GHRVDWULEXWRV³'LVS}HGHFDQDOGHFRPXQLFDomRDRFOLHQWH´³RUGLDOLGDGH
QDSUHVWDomRGRVHUYLoR´³6LPSDWLDHFDOPDQRDWHQGLPHQWRDRFOLHQWH´³'LVS}HGH
LQRYDomRHWHFQRORJLD´H³'RPtQLRQDH[HFXomRGRVVHUYLoRV´
$QiOLVH GDV FLQFR GLPHQV}HV GH IRUQHFHGRUHV FHUWLILFDGRV H QmR
FHUWLILFDGRVVHJXQGRDQRUPD,62
3DUD DOFDQoDU R REMHWLYR GR PRGHOR 6(5948$/ D DQiOLVH H D DSUHVHQWDomR GRV
GDGRV SURFXUDUDP VHJXLU DV FLQFR GLPHQV}HV DEUDQJLGDV QR TXHVWLRQiULR 6HQGR
TXHDVILJXUDVDSUHVHQWDPDPHGLGDGHSRVLomRPRGDOTXHpRYDORUTXHRFRUUH
FRP PDLRU IUHTXrQFLD QRV UHVXOWDGRV GDV SHUJXQWDV (VWD IRUPD IDFLOLWD D
LQWHUSUHWDomRHDQiOLVHGDVUHVSRVWDVRTXHSURSRUFLRQDSRVVLELOLGDGHGHPHOKRULD
GH FDGD DWULEXWR TXH LUi PHOKRUDU D TXDOLGDGH GRV VHUYLoRV RIHUHFLGRV SHORV
IRUQHFHGRUHVFHUWLILFDGRVVHJXQGRDQRUPD,62
)LJXUD±5HVXOWDGRGD3HVTXLVDQD'LPHQVmR7DQJLELOLGDGH
$)LJXUDDSUHVHQWDRVUHVXOWDGRVUHIHUHQWHVjWDQJLELOLGDGHGRVHUYLoRRIHUHFLGR
SRUIRUQHFHGRUHVFHUWLILFDGRV
4XDQWRDRLWHPGD)LJXUDTXHDERUGDGLVSRVLomRGHHTXLSDPHQWRVDGHTXDGRV
DR VHUYLoR DV HPSUHVDV GHVHMDP TXH D TXDOLGDGH GHVWH VHUYLoR RIHUHFLGR WHQKD
XPDTXDOLGDGHPXLWRERD SHVR HWROHUDPQRPtQLPRXPDTXDOLGDGHERD SHVR 
H DYDOLDP D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV WDPEpP FRP
XPD TXDOLGDGH ERD SHVR   6DEHQGR GD LPSRUWkQFLD HP DWHQGHU D TXDOLGDGH
GHVHMDGD SHOR FOLHQWH GLVSRQGR GH HTXLSDPHQWRV FRP XPD TXDOLGDGH PXLWR ERD
SHVR   SDUD H[HFXomR GH VXDV DWLYLGDGHV UHFRPHQGDVH TXH VH UHDOL]H D
PDQXWHQomR SUHYHQWLYD GH WRGRV RV HTXLSDPHQWRV PDQXWHQomR FRUUHWLYD H VH
QHFHVViULR UHDOL]H D DTXLVLomR GH QRYRV HTXLSDPHQWRV SDUD TXH VH DOFDQFH XPD
TXDOLGDGHPXLWRERD SHVR VHJXQGRDSHUFHSomRGRFOLHQWHQRTXHGL]UHVSHLWR
GD³TXDOLGDGHGHVHMDGD´
4XDQWR DR LWHP  GD )LJXUD  TXH DERUGD D GLVSRVLomR GH IDUGDPHQWRV DRV
IXQFLRQiULRVDVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKD
XPDTXDOLGDGHPXLWRERD SHVR WROHUDPQRPtQLPRXPDTXDOLGDGHERD SHVR H
DYDOLDPDTXDOLGDGHGRVHUYLoRRIHUHFLGRSRUHVVHVIRUQHFHGRUHVWDPEpPFRPXPD
TXDOLGDGHERD SHVR 6DEHQGRGDLPSRUWkQFLDHPDWHQGHUDTXDOLGDGHGHVHMDGD
SHORFOLHQWHGLVSRQGRGHIDUGDPHQWRVFRPXPDTXDOLGDGHPXLWRERD SHVR SDUD
H[HFXomRGHVXDVDWLYLGDGHVUHFRPHQGDVHTXHUHQRYHRIDUGDPHQWRGHWRGRVRV
IXQFLRQiULRV HP XP LQWHUYDOR GH SHUtRGR DGHTXDGR DR VHX GHVJDVWH IRUQHoD
IDUGDPHQWRDGHTXDGRDH[HFXomRGHVXDVDWLYLGDGHV
4XDQWRDRLWHPGD)LJXUDTXHDERUGDDGLVSRVLomRGH(3,VDRVIXQFLRQiULRV
DVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKDXPDTXDOLGDGH
PXLWRERD SHVR WROHUDPQRPtQLPRXPDTXDOLGDGHUD]RiYHO SHVR HDYDOLDPD
TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD TXDOLGDGH ERD
SHVR   6DEHQGR GD LPSRUWkQFLD HP DWHQGHU D TXDOLGDGH GHVHMDGD SHOR FOLHQWH
GLVSRQGR GH (3,V DGHTXDGRV H FRP XPD TXDOLGDGH PXLWR ERD SHVR   SDUD
H[HFXomRGHVXDVDWLYLGDGHVUHFRPHQGDVHTXHVHMDIRUQHFLGR(3,VDGHTXDGRVD
H[HFXomRGDVDWLYLGDGHVGRVIXQFLRQiULRVTXHWRGRVRV(3,VHVWHMDPFDGDVWURQR
PLQLVWpULR GR WUDEDOKR H TXH D TXDQWLGDGH IRUQHFLGD VHMD DGHTXDGD DR FRQVXPR
UHDOL]DGRSHORVIXQFLRQiULRVHPXPGHWHUPLQDGRSHUtRGR
4XDQWRDRLWHPGD)LJXUDTXHDERUGDDGLVSRVLomRGHPiTXLQDVDGHTXDGDVDR
VHUYLoRDVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKDXPD
TXDOLGDGH PXLWR ERD SHVR   WROHUDP QR PtQLPR XPD TXDOLGDGH ERD SHVR   H
DYDOLDP D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD
TXDOLGDGHERD SHVR 6DEHQGRGDLPSRUWkQFLDHPDWHQGHUDTXDOLGDGHGHVHMDGD
SHOR FOLHQWH GLVSRQGR GH PiTXLQDV DGHTXDGDV H FRP XPD TXDOLGDGH PXLWR ERD
SHVR   SDUD H[HFXomR GR VHUYLoR UHFRPHQGDVH TXH UHDOL]H D PDQXWHQomR
SUHYHQWLYDGHWRGDVDVPiTXLQDVPDQXWHQomRFRUUHWLYDHVHQHFHVViULRUHDOL]HD
DTXLVLomRGHQRYDVPiTXLQDVSDUDTXHVHDOFDQFHXPDTXDOLGDGHPXLWRERD SHVR
 VHJXQGRDSHUFHSomRGRFOLHQWHQRTXHGL]UHVSHLWRD³TXDOLGDGHGHVHMDGD´













)LJXUD±5HVXOWDGRGD3HVTXLVDQD'LPHQVmRRQILDELOLGDGH
$)LJXUDDSUHVHQWDRVUHVXOWDGRVUHIHUHQWHVjFRQILDELOLGDGHGRVHUYLoRRIHUHFLGR
SRUIRUQHFHGRUHVFHUWLILFDGRV
4XDQWR DR LWHP  GD )LJXUD  TXH DERUGD R FXPSULPHQWR FRP SUD]RV
HVWDEHOHFLGRVDVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKD
XPD TXDOLGDGH PXLWR ERD SHVR   WROHUDP QR PtQLPR XPD TXDOLGDGH UD]RiYHO
SHVR DYDOLDPDTXDOLGDGHGRVHUYLoRRIHUHFLGRSRUHVVHVIRUQHFHGRUHVFRPXPD
TXDOLGDGHERD SHVR 6DEHQGRGDLPSRUWkQFLDHPDWHQGHUDTXDOLGDGHGHVHMDGD
SHOR FXPSULPHQWR GH SUD]RV HVWDEHOHFLGRV UHFRPHQGDVH TXH VHMDP HODERUDGRV
SURFHGLPHQWRV SDGU}HV TXH GHWHUPLQHP SUD]RV HVSHFtILFRV SDUD FDGD VHUYLoR
RIHUHFLGRDRFOLHQWHHTXHHVVHVSUD]RVVHMDPPRQLWRUL]DGRVVLVWHPDWLFDPHQWH1R
FDVRGRQmRFXPSULPHQWRGHDOJXPSUD]RHVSHFtILFRUHFRPHQGDVHWDPEpPTXHXP
SODQRGHDomRVHMDUHJLVWUDGRSDUDTXHRRFRUULGRVHMDDQDOLVDGRFULWLFDPHQWHHXPD
IXWXUDRFRUUrQFLDHYLWDGD
4XDQWRDRLWHPGD)LJXUDTXHDERUGDDHILFLrQFLDQDSUHVWDomRGRVHUYLoRDV
HPSUHVDV GHVHMDP TXH D TXDOLGDGH GHVWH VHUYLoR RIHUHFLGR WHQKD XPD TXDOLGDGH
PXLWR ERD SHVR   WROHUDP QR PtQLPR XPD TXDOLGDGH ERD SHVR   H DYDOLDP D
TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD TXDOLGDGH ERD
SHVR   6DEHQGR GD LPSRUWkQFLD HP DWHQGHU D TXDOLGDGH GHVHMDGD SHOR FOLHQWH
TXDQWR j HILFLrQFLD QD SUHVWDomR GR VHUYLoR UHFRPHQGDVH TXH QD H[HFXomR GR
VHUYLoR DV SHVVRDV PDWHULDLV PiTXLQDV H HTXLSDPHQWRV VHMDP XVDGDV H
DGPLQLVWUDGDV GD PHOKRU IRUPD SRVVtYHO FRP R XVR GH EDODQFHDPHQWR GH
SURGXWLYLGDGHGHWRGDVDVDWLYLGDGHVGHXPDIRUPDTXHVHDWLQMDRUHVXOWDGRFRPXP
PtQLPRGHSHUGDGHUHFXUVRVSRVVtYHO
4XDQWRDRLWHPGD)LJXUDTXHDERUGDDHILFiFLDQDSUHVWDomRGRVHUYLoRDV
HPSUHVDV GHVHMDP TXH D TXDOLGDGH GHVWH VHUYLoR RIHUHFLGR WHQKD XPD TXDOLGDGH
PXLWR ERD SHVR   WROHUDP QR PtQLPR XPD TXDOLGDGH ERD SHVR   DYDOLDP D
TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD TXDOLGDGH ERD
SHVR   6DEHQGR GD LPSRUWkQFLD HP DWHQGHU D TXDOLGDGH GHVHMDGD SHOR FOLHQWH
TXDQWR j HILFiFLD QD SUHVWDomR GR VHUYLoR UHFRPHQGDVH TXH QD H[HFXomR GR
VHUYLoR RV IRUQHFHGRUHV WHQKDP REMHWLYRV H PHWDV GHILQLGDV EHP FRPR TXH VH
PRQLWRUHVHHVWHVREMHWLYRVHPHWDVIRUDPDOFDQoDGRV
4XDQWR DR LWHP  GD )LJXUD  TXH DERUGD R FXPSULPHQWR GDV SURSULHGDGHV GR
VHUYLoRDVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKDXPD
TXDOLGDGH PXLWR ERD SHVR   WROHUDP QR PtQLPR XPD TXDOLGDGH ERD SHVR  
DYDOLDP D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD
TXDOLGDGH PXLWR ERD SHVR   6DEHQGR TXH p LPSRUWDQWH DWHQGHU D TXDOLGDGH
GHVHMDGDSHORFOLHQWHTXDQWRDRFXPSULPHQWRGDVSURSULHGDGHVGRVHUYLoR6HQGR
HVWD DYDOLDGD FLHQWH H REWLGR XP QtYHO GH TXDOLGDGH PXLWR ERP 3RUWDQWR p
LPSRUWDQWH TXH R QtYHO GH TXDOLGDGH VHMD PDQWLGR GHPRQVWUDQGR DR FOLHQWH
FRPSURPHWLPHQWRFRPRPHVPR
)LJXUD±5HVXOWDGRGD3HVTXLVDQD'LPHQVmR(PSDWLD
$)LJXUDDSUHVHQWDRVUHVXOWDGRVUHIHUHQWHVj(PSDWLDGRVHUYLoRRIHUHFLGRSRU
IRUQHFHGRUHVFHUWLILFDGRV
4XDQWRDRLWHPGD)LJXUDTXHDERUGDDGLVSRVLomRGHFDQDOGHFRPXQLFDomR
DRFOLHQWHDVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKDXPD
TXDOLGDGHPXLWRERD SHVR HWROHUDPQRPtQLPRXPDTXDOLGDGHUD]RiYHO SHVR 
H DYDOLDP D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD
TXDOLGDGHERD SHVR 6DEHQGRGDLPSRUWkQFLDHPDWHQGHUDTXDOLGDGHGHVHMDGD
SHOR FOLHQWH TXDQWR j GLVSRVLomR GH FDQDO GH FRPXQLFDomR FRP R FOLHQWH
UHFRPHQGDVHTXHRVIRUQHFHGRUHVGLVSRQLELOL]HPHGLYXOJXHPDRVVHXVFOLHQWHVRV
PHLRVGHFRPXQLFDomRGLVSRQtYHLV
4XDQWRDRLWHPGD)LJXUDTXHDERUGDDFRUGLDOLGDGHQDSUHVWDomRGRVHUYLoR
DVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKDXPDTXDOLGDGH
PXLWRERD SHVR WROHUDPQRPtQLPRXPDTXDOLGDGHUD]RiYHO SHVR HDYDOLDPD
TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD TXDOLGDGH ERD
SHVR   6DEHQGR GD LPSRUWkQFLD HP DWHQGHU D TXDOLGDGH GHVHMDGD SHOR FOLHQWH
TXDQWRjFRUGLDOLGDGHQDSUHVWDomRGRVHUYLoRUHFRPHQGDVHTXHRVIRUQHFHGRUHV
SUHSDUHP RV VHXV FRODERUDGRUHV GH WDO IRUPD TXH HVWHV WUDWHP RV FOLHQWHV FRP
IUDQTXH]DDPHQLGDGHHFRPSUHHQVmRUHVSHLWDQGRHVROXFLRQDQGRFRQIOLWRV
)LJXUD±5HVXOWDGRGD3HVTXLVDQD'LPHQVmRRPSUHHQVmR
$)LJXUDDSUHVHQWDRVUHVXOWDGRVUHIHUHQWHVjRPSUHHQVmRGRVHUYLoRRIHUHFLGR
SRUIRUQHFHGRUHVFHUWLILFDGRV
4XDQWRDRLWHPGD)LJXUDTXHDERUGDDHGXFDomRQDSUHVWDomRGRVHUYLoRDV
HPSUHVDV GHVHMDP TXH D TXDOLGDGH GHVWH VHUYLoR RIHUHFLGR WHQKD XPD TXDOLGDGH
PXLWRERD SHVR WROHUDPQRPtQLPRXPDTXDOLGDGHUD]RiYHO SHVR DYDOLDPD
TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD TXDOLGDGH PXLWR
ERD SHVR 6DEHQGRGDLPSRUWkQFLDHPDWHQGHUDTXDOLGDGHGHVHMDGDSHORFOLHQWH
TXDQWRjHGXFDomRQDSUHVWDomRGRVHUYLoRRPHVPRIRLDYDOLDGRSHORFOLHQWHFRP
XP QtYHO GH TXDOLGDGH PXLWR ERP 1R HQWDQWR p LPSRUWDQWH PDQWHU HVVH QtYHO GH
TXDOLGDGHGHPRQVWUDQGRDRFOLHQWHFRPSURPHWLPHQWRFRPRPHVPR
4XDQWRDRLWHPGD)LJXUDTXHDERUGDDVLPSDWLDHFDOPDQRDWHQGLPHQWRDR
FOLHQWHDVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKDXPD
TXDOLGDGHPXLWRERD SHVR WROHUDPQRPtQLPRXPDTXDOLGDGHUD]RiYHO SHVR H
DYDOLDP D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD
TXDOLGDGHERD SHVR 6DEHQGRGDLPSRUWkQFLDHPDWHQGHUDTXDOLGDGHGHVHMDGD
SHOR FOLHQWH TXDQWR j VLPSDWLD H FDOPD QR DWHQGLPHQWR DR FOLHQWH UHFRPHQGDVH
TXHRVIRUQHFHGRUHVSUHSDUHPVHXVFRODERUDGRUHVFRPDWLWXGHVHPRGRVGHDJLUD
HVWHV WHUHP XPD SRVWXUD GH DWHQGLPHQWR VDWLVIDWyULD 2V FRODERUDGRUHV SUHFLVDP
HQWHQGHUTXHRVHXYHUGDGHLURSDSHOpFRPSUHHQGHUHDWHQGHUDVQHFHVVLGDGHVGRV
FOLHQWHVPDQWHQGRXPHVWDGRGHHVStULWRSRVLWLYRSURILVVLRQDOVLPSOHVKXPLOGHH
EHPKXPRUDGR

)LJXUD±5HVXOWDGRGD3HVTXLVDQD'LPHQVmR6HJXUDQoD
$)LJXUDDSUHVHQWDRVUHVXOWDGRVUHIHUHQWHVj6HJXUDQoDGRVHUYLoRRIHUHFLGR
SRUIRUQHFHGRUHVFHUWLILFDGRV
4XDQWR DR LWHP  GD )LJXUD  TXH DERUGD D GLVSRVLomR GH PmR GH REUD
TXDOLILFDGD DV HPSUHVDV GHVHMDP TXH D TXDOLGDGH GHVWH VHUYLoR RIHUHFLGR WHQKD
XPDTXDOLGDGHPXLWRERD SHVR WROHUDPQRPtQLPRXPDTXDOLGDGHERD SHVR H
DYDOLDP D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV 6DEHQGR GD
LPSRUWkQFLDHPDWHQGHUDTXDOLGDGHGHVHMDGDSHORFOLHQWHTXDQWRjGLVSRVLomRGH
PmR GH REUD TXDOLILFDGD UHFRPHQGDVH TXH VH GHWHUPLQH FRPR REMHWLYR GD
RUJDQL]DomRDTXDOLILFDomRGHVXDPmRGHREUDSHULyGLFDVXJHULVHWDPEpPTXHD
PmRGHREUDVyHVWHMDGLVSRQtYHODRFOLHQWHTXDQGRHVWDHVWLYHUGHYLGDPHQWHFRP
LQVWUXo}HVGHWUDEDOKRHGHPDLVGRFXPHQWRVTXHRULHQWHPVHXVFRODERUDGRUHVSRLV
pPXLWRLPSRUWDQWHSDUDREWHQomRGHXPERPUHVXOWDGR
4XDQWRDRLWHPGD)LJXUDTXHDERUGDDGLVSRVLomRGHLQRYDomRHWHFQRORJLD
DVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKDXPDTXDOLGDGH
PXLWRERD SHVR WROHUDPQRPtQLPRXPDTXDOLGDGHUD]RiYHO SHVR HDYDOLDPD
TXDOLGDGHGRVHUYLoRRIHUHFLGRSRUHVVHVIRUQHFHGRUHVFRPXPDTXDOLGDGHUD]RiYHO
SHVR   6DEHQGR GD LPSRUWkQFLD HP DWHQGHU D TXDOLGDGH GHVHMDGD SHOR FOLHQWH
TXDQWRjGLVSRVLomRGHLQRYDomRHWHFQRORJLDUHFRPHQGDVHTXHRVIRUQHFHGRUHV
LQRYHP FDGD YH] PDLV VHXV SURFHVVRV DSOLFDQGR H GHVHQYROYHQGR QRYDV
PHWRGRORJLDV GH PHOKRULD FRQWtQXD H LQYLVWDP FDGD YH] PDLV HP WHFQRORJLD GH
PiTXLQDVHHTXLSDPHQWRVTXHRULJLQHPUHVXOWDGRVFDGDYH]PDLVVDWLVIDWyULRVSDUD
VHXV FOLHQWHV 5HFRPHQGDVH WDPEpP DRV IRUQHFHGRUHV TXH PXLWR PDLV GR TXH
ID]HUDVFRLVDVGHPDQHLUDGLIHUHQWHLQRYHPSDUDFULDUXPQHJyFLRVXVWHQWiYHOSDUD
RWLPL]DUHP VHXV SURFHVVRV H ID]HUHP R PHVPR JDVWDQGR PHQRV H FRP PDLV
TXDOLGDGH
4XDQWRDRLWHPGD)LJXUDTXHDERUGDRGRPtQLRQDH[HFXomRGRVVHUYLoRVDV
HPSUHVDV GHVHMDP TXH D TXDOLGDGH GHVWH VHUYLoR RIHUHFLGR WHQKD XPD TXDOLGDGH
PXLWR ERD SHVR   WROHUDP QR PtQLPR XPD TXDOLGDGH ERD SHVR   DYDOLDP D
TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD TXDOLGDGH ERD
SHVR   6DEHQGR GD LPSRUWkQFLD HP DWHQGHU D TXDOLGDGH GHVHMDGD SHOR FOLHQWH
TXDQWRDRGRPtQLRQDH[HFXomRGRVVHUYLoRVUHFRPHQGDVHTXHRVIRUQHFHGRUHVVH
HVSHFLDOL]HPFDGDYH]PDLVQDVXDiUHDGHDWXDomR
4XDQWRDRLWHPGD)LJXUDTXHDERUGDRIDWRGHFRUUHVSRQGHUDVG~YLGDVGR
FOLHQWHDVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKDXPD
TXDOLGDGHPXLWRERD SHVR WROHUDPQRPtQLPRXPDTXDOLGDGHUD]RiYHO SHVR 
DYDOLDP D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD
TXDOLGDGHERD SHVR 6DEHQGRGDLPSRUWkQFLDHPDWHQGHUDTXDOLGDGHGHVHMDGD
SHOR FOLHQWH TXDQWRDRIDWR GH FRUUHVSRQGHU DV G~YLGDV GR FOLHQWH UHFRPHQGDVH
TXHDRUJDQL]DomRSDGURQL]HHGRFXPHQWHWRGDVDVVXDVDWLYLGDGHVHVHXVUHJLVWURV
VHMDPPDQWLGRVDVVLPFRPRDVSURSULHGDGHVGRSURGXWRRXVHUYLoRRIHUHFLGRVDR
FOLHQWHHVWHMDPEHPGHILQLGDVHVXDVLQIRUPDo}HVGLVSRQtYHLV
$QiOLVHGDVFLQFRGLPHQV}HVGHIRUQHFHGRUHVQmRFHUWLILFDGRV
)LJXUD±5HVXOWDGRGD3HVTXLVDQD'LPHQVmR7DQJLELOLGDGH
$)LJXUDDSUHVHQWDRVUHVXOWDGRVUHIHUHQWHVjWDQJLELOLGDGHGRVHUYLoRRIHUHFLGR
SRUIRUQHFHGRUHVQmRFHUWLILFDGRV
4XDQWRDRLWHPGD)LJXUDTXHDERUGDGLVSRVLomRGHHTXLSDPHQWRVDGHTXDGRV
DR VHUYLoR DV HPSUHVDV GHVHMDP TXH D TXDOLGDGH GHVWH VHUYLoR RIHUHFLGR WHQKD
XPDTXDOLGDGHERD SHVR WROHUDPQRPtQLPRXPDTXDOLGDGHUD]RiYHO SHVR H
DYDOLDP D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD
TXDOLGDGH UD]RiYHO SHVR   6DEHQGR GD LPSRUWkQFLD HP DWHQGHU D TXDOLGDGH
GHVHMDGDSHORFOLHQWHGLVSRQGRGHHTXLSDPHQWRVFRPXPDTXDOLGDGHERD SHVR H
SDUD H[HFXomR GH VXDV DWLYLGDGHV UHFRPHQGDVH TXH VH UHDOL]H D PDQXWHQomR
SUHYHQWLYDGHWRGRVRVHTXLSDPHQWRVPDQXWHQomRFRUUHWLYDHVHQHFHVViULRUHDOL]H
DDTXLVLomRGHQRYRVHTXLSDPHQWRVSDUDTXHVHDOFDQFHXPDTXDOLGDGHERD SHVR
 VHJXQGRDSHUFHSomRGRFOLHQWHQRTXHGL]UHVSHLWRD³TXDOLGDGHGHVHMDGD´
4XDQWR DR LWHP  GD )LJXUD  TXH DERUGD D GLVSRVLomR GH IDUGDPHQWRV DRV
IXQFLRQiULRVDVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKD
XPDTXDOLGDGHERD SHVR WROHUDPQRPtQLPRXPDTXDOLGDGHUD]RiYHO SHVR H
DYDOLDPDTXDOLGDGHGRVHUYLoRRIHUHFLGRSRUHVVHVIRUQHFHGRUHVWDPEpPFRPXPD
TXDOLGDGH UD]RiYHO SHVR   6DEHQGR GD LPSRUWkQFLD HP DWHQGHU D TXDOLGDGH
GHVHMDGDSHORFOLHQWHGLVSRQGRGHIDUGDPHQWRVFRPXPDTXDOLGDGHERD SHVR 
SDUDH[HFXomRGHVXDVDWLYLGDGHVUHFRPHQGDVHTXHVHUHQRYHRIDUGDPHQWRGH
WRGRV RV IXQFLRQiULRV HP XP LQWHUYDOR GH SHUtRGR DGHTXDGR DR VHX GHVJDVWH
IRUQHoDIDUGDPHQWRDGHTXDGRjH[HFXomRGHVXDVDWLYLGDGHV
4XDQWRDRLWHPGD)LJXUDTXHDERUGDDGLVSRVLomRGH(3,VDRVIXQFLRQiULRV
DVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKDXPDTXDOLGDGH
ERD SHVR   WROHUDP QR PtQLPR XPD TXDOLGDGH UD]RiYHO SHVR   H DYDOLDP D
TXDOLGDGHGRVHUYLoRRIHUHFLGRSRUHVVHVIRUQHFHGRUHVFRPXPDTXDOLGDGHUD]RiYHO
SHVR   6DEHQGR GD LPSRUWkQFLD HP DWHQGHU D TXDOLGDGH GHVHMDGD SHOR FOLHQWH
GLVSRQGRGH(3,VDGHTXDGRVHFRPXPDTXDOLGDGHERD SHVR SDUDH[HFXomRGH
VXDVDWLYLGDGHVUHFRPHQGDVHTXHVHMDIRUQHFLGR(3,VDGHTXDGRVDH[HFXomRGDV
DWLYLGDGHV GRV IXQFLRQiULRV TXH WRGRV RV (3,V HVWHMDP FDGDVWUR QR PLQLVWpULR GR
WUDEDOKRHTXHDTXDQWLGDGHIRUQHFLGDVHMDDGHTXDGDDRFRQVXPRUHDOL]DGRSHORV
IXQFLRQiULRVHPXPGHWHUPLQDGRSHUtRGR
4XDQWRDRLWHPGD)LJXUDTXHDERUGDDGLVSRVLomRGHPiTXLQDVDGHTXDGDVDR
VHUYLoRDVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKDXPD
TXDOLGDGH ERD SHVR   WROHUDP QR PtQLPR XPD TXDOLGDGH UD]RiYHO SHVR   H
DYDOLDP D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD
TXDOLGDGH UD]RiYHO SHVR   6DEHQGR GD LPSRUWkQFLD HP DWHQGHU D TXDOLGDGH
GHVHMDGDSHORFOLHQWHGLVSRQGRGHPiTXLQDVDGHTXDGDVHFRPXPDTXDOLGDGHERD
SHVR   SDUD H[HFXomR GR VHUYLoR UHFRPHQGDVH TXH UHDOL]H D PDQXWHQomR
SUHYHQWLYDGHWRGDVDVPiTXLQDVPDQXWHQomRFRUUHWLYDHVHQHFHVViULRUHDOL]HD
DTXLVLomR GH QRYDV PiTXLQDV SDUD TXH VH DOFDQFH XPD TXDOLGDGH ERD SHVR  
VHJXQGRDSHUFHSomRGRFOLHQWHQRTXHGL]UHVSHLWRD³TXDOLGDGHGHVHMDGD´
)LJXUD±5HVXOWDGRGD3HVTXLVDQD'LPHQVmRRQILDELOLGDGH
$ )LJXUD  DSUHVHQWD RV UHVXOWDGRV UHIHUHQWHV j FRQILDELOLGDGH GR VHUYLoR
RIHUHFLGRSRUIRUQHFHGRUHVQmRFHUWLILFDGRV
4XDQWR DR LWHP  GD )LJXUD  TXH DERUGD R FXPSULPHQWR FRP SUD]RV
HVWDEHOHFLGRVDVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKD
XPDTXDOLGDGHUD]RiYHO SHVR WROHUDPQRPtQLPRXPDTXDOLGDGHUD]RiYHO SHVR
  H DYDOLDP D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf
Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf

More Related Content

Similar to Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf

Presentazione telefoniche
Presentazione telefonichePresentazione telefoniche
Presentazione telefonicheLazzaro Picardi
 
How marketing can be your secret sauce to fundraising and growth with bandwidth
How marketing can be your secret sauce to fundraising and growth with bandwidthHow marketing can be your secret sauce to fundraising and growth with bandwidth
How marketing can be your secret sauce to fundraising and growth with bandwidthsaastr
 
Social Business Training Facilitators - Handbook
Social Business Training Facilitators - HandbookSocial Business Training Facilitators - Handbook
Social Business Training Facilitators - Handbookbondiu
 
Gráficos diario del ibex, eurostoxx, s&p, dax y euro dolar 16 de septiembre
Gráficos diario del ibex, eurostoxx, s&p, dax y euro dolar 16 de septiembreGráficos diario del ibex, eurostoxx, s&p, dax y euro dolar 16 de septiembre
Gráficos diario del ibex, eurostoxx, s&p, dax y euro dolar 16 de septiembreExperiencia Trading
 
Gk power capsule_ibps_po_2014_hindi
Gk power capsule_ibps_po_2014_hindiGk power capsule_ibps_po_2014_hindi
Gk power capsule_ibps_po_2014_hindiAnkita Sahu
 
شرح ثلاثة الأصول وأدلتها الشيخ عبد الرزاق بن عبد المحسن البدر.pdf
شرح ثلاثة الأصول وأدلتها الشيخ عبد الرزاق بن عبد المحسن البدر.pdfشرح ثلاثة الأصول وأدلتها الشيخ عبد الرزاق بن عبد المحسن البدر.pdf
شرح ثلاثة الأصول وأدلتها الشيخ عبد الرزاق بن عبد المحسن البدر.pdfArdi Haitsam
 
Reinvent Your Event Marketing for Higher ROI
Reinvent Your Event Marketing for Higher ROIReinvent Your Event Marketing for Higher ROI
Reinvent Your Event Marketing for Higher ROIARTILLERY LLC
 
Climate change on agriculture, water and environment
Climate change on agriculture, water and environment Climate change on agriculture, water and environment
Climate change on agriculture, water and environment ICARDA
 
IProx Datasheet - [FR]
IProx Datasheet - [FR]IProx Datasheet - [FR]
IProx Datasheet - [FR]ProximaSystems
 
Code des assurances MAROCAIN
Code des assurances MAROCAINCode des assurances MAROCAIN
Code des assurances MAROCAINZouhair Aitelhaj
 
DOLOR FISIOLOGIA.pdf
DOLOR FISIOLOGIA.pdfDOLOR FISIOLOGIA.pdf
DOLOR FISIOLOGIA.pdfCarlosAchulla
 
Detection des mutations au niveau des marqueurs génétiques de la résistance
Detection des mutations au niveau des marqueurs génétiques de la résistanceDetection des mutations au niveau des marqueurs génétiques de la résistance
Detection des mutations au niveau des marqueurs génétiques de la résistanceInstitut Pasteur de Madagascar
 

Similar to Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf (20)

Improbidade
ImprobidadeImprobidade
Improbidade
 
Evidence of impact and return on investment
Evidence of impact and return on investmentEvidence of impact and return on investment
Evidence of impact and return on investment
 
Presentazione telefoniche
Presentazione telefonichePresentazione telefoniche
Presentazione telefoniche
 
How marketing can be your secret sauce to fundraising and growth with bandwidth
How marketing can be your secret sauce to fundraising and growth with bandwidthHow marketing can be your secret sauce to fundraising and growth with bandwidth
How marketing can be your secret sauce to fundraising and growth with bandwidth
 
Social Business Training Facilitators - Handbook
Social Business Training Facilitators - HandbookSocial Business Training Facilitators - Handbook
Social Business Training Facilitators - Handbook
 
#651 Trans Fat Consumption Trends in India - Strategic Insight
#651 Trans Fat Consumption Trends in India - Strategic Insight#651 Trans Fat Consumption Trends in India - Strategic Insight
#651 Trans Fat Consumption Trends in India - Strategic Insight
 
estatistica unicamp
 estatistica unicamp estatistica unicamp
estatistica unicamp
 
Gráficos diario del ibex, eurostoxx, s&p, dax y euro dolar 16 de septiembre
Gráficos diario del ibex, eurostoxx, s&p, dax y euro dolar 16 de septiembreGráficos diario del ibex, eurostoxx, s&p, dax y euro dolar 16 de septiembre
Gráficos diario del ibex, eurostoxx, s&p, dax y euro dolar 16 de septiembre
 
Gk power capsule_ibps_po_2014_hindi
Gk power capsule_ibps_po_2014_hindiGk power capsule_ibps_po_2014_hindi
Gk power capsule_ibps_po_2014_hindi
 
شرح ثلاثة الأصول وأدلتها الشيخ عبد الرزاق بن عبد المحسن البدر.pdf
شرح ثلاثة الأصول وأدلتها الشيخ عبد الرزاق بن عبد المحسن البدر.pdfشرح ثلاثة الأصول وأدلتها الشيخ عبد الرزاق بن عبد المحسن البدر.pdf
شرح ثلاثة الأصول وأدلتها الشيخ عبد الرزاق بن عبد المحسن البدر.pdf
 
Reinvent Your Event Marketing for Higher ROI
Reinvent Your Event Marketing for Higher ROIReinvent Your Event Marketing for Higher ROI
Reinvent Your Event Marketing for Higher ROI
 
Hack x Crack20
Hack x Crack20Hack x Crack20
Hack x Crack20
 
Climate change on agriculture, water and environment
Climate change on agriculture, water and environment Climate change on agriculture, water and environment
Climate change on agriculture, water and environment
 
IProx Datasheet - [FR]
IProx Datasheet - [FR]IProx Datasheet - [FR]
IProx Datasheet - [FR]
 
Code des assurances
Code des assurancesCode des assurances
Code des assurances
 
Code des assurances MAROCAIN
Code des assurances MAROCAINCode des assurances MAROCAIN
Code des assurances MAROCAIN
 
1682117403
16821174031682117403
1682117403
 
Clasificaciones absolutas de I Ultra Trail Macizo de Ubiña #utmu2014
Clasificaciones absolutas de I Ultra Trail Macizo de Ubiña #utmu2014Clasificaciones absolutas de I Ultra Trail Macizo de Ubiña #utmu2014
Clasificaciones absolutas de I Ultra Trail Macizo de Ubiña #utmu2014
 
DOLOR FISIOLOGIA.pdf
DOLOR FISIOLOGIA.pdfDOLOR FISIOLOGIA.pdf
DOLOR FISIOLOGIA.pdf
 
Detection des mutations au niveau des marqueurs génétiques de la résistance
Detection des mutations au niveau des marqueurs génétiques de la résistanceDetection des mutations au niveau des marqueurs génétiques de la résistance
Detection des mutations au niveau des marqueurs génétiques de la résistance
 

More from LuizFelipe925640

Livro Projeto-de-Produto-Guia-pratico-para-o-design-de-novos-produtos-Mike-Ba...
Livro Projeto-de-Produto-Guia-pratico-para-o-design-de-novos-produtos-Mike-Ba...Livro Projeto-de-Produto-Guia-pratico-para-o-design-de-novos-produtos-Mike-Ba...
Livro Projeto-de-Produto-Guia-pratico-para-o-design-de-novos-produtos-Mike-Ba...LuizFelipe925640
 
Introdução a Engenharia de Produção - Mario Batalha.pdf
Introdução a Engenharia de Produção - Mario Batalha.pdfIntrodução a Engenharia de Produção - Mario Batalha.pdf
Introdução a Engenharia de Produção - Mario Batalha.pdfLuizFelipe925640
 
Administracao-de-marketing-kotler-keller-12a-edicaopdf.pdf
Administracao-de-marketing-kotler-keller-12a-edicaopdf.pdfAdministracao-de-marketing-kotler-keller-12a-edicaopdf.pdf
Administracao-de-marketing-kotler-keller-12a-edicaopdf.pdfLuizFelipe925640
 
Teoria Geral da Administração Chiavenato.pdf
Teoria Geral da Administração Chiavenato.pdfTeoria Geral da Administração Chiavenato.pdf
Teoria Geral da Administração Chiavenato.pdfLuizFelipe925640
 
Adm Materiais e Rec Patrimoniais - 3 Ed.pdf
Adm Materiais e Rec Patrimoniais - 3 Ed.pdfAdm Materiais e Rec Patrimoniais - 3 Ed.pdf
Adm Materiais e Rec Patrimoniais - 3 Ed.pdfLuizFelipe925640
 
Planejamento Estratégico na Prática.pdf
Planejamento Estratégico na Prática.pdfPlanejamento Estratégico na Prática.pdf
Planejamento Estratégico na Prática.pdfLuizFelipe925640
 
Respostas do livro Almoxarifado e Gestão de Estoques - Bruno Paoleshi.pdf
Respostas do livro Almoxarifado e Gestão de Estoques - Bruno Paoleshi.pdfRespostas do livro Almoxarifado e Gestão de Estoques - Bruno Paoleshi.pdf
Respostas do livro Almoxarifado e Gestão de Estoques - Bruno Paoleshi.pdfLuizFelipe925640
 
METODOLOGIAS INOVADORAS ULTIMA VERSÃO.pdf
METODOLOGIAS INOVADORAS ULTIMA VERSÃO.pdfMETODOLOGIAS INOVADORAS ULTIMA VERSÃO.pdf
METODOLOGIAS INOVADORAS ULTIMA VERSÃO.pdfLuizFelipe925640
 
Metodologia do Trabalho Cientifico.pdf
Metodologia do Trabalho Cientifico.pdfMetodologia do Trabalho Cientifico.pdf
Metodologia do Trabalho Cientifico.pdfLuizFelipe925640
 
Manual para elaboração de Questões word.pdf
Manual para elaboração de Questões word.pdfManual para elaboração de Questões word.pdf
Manual para elaboração de Questões word.pdfLuizFelipe925640
 
Livro Qualidade - Gestão e Métodos José Carlos Toledo.pdf
Livro Qualidade - Gestão e Métodos José Carlos Toledo.pdfLivro Qualidade - Gestão e Métodos José Carlos Toledo.pdf
Livro Qualidade - Gestão e Métodos José Carlos Toledo.pdfLuizFelipe925640
 
Livro Administração de Materiais - Idalberto Chiavenato 2005.pdf
Livro Administração de Materiais - Idalberto Chiavenato 2005.pdfLivro Administração de Materiais - Idalberto Chiavenato 2005.pdf
Livro Administração de Materiais - Idalberto Chiavenato 2005.pdfLuizFelipe925640
 
Livro - Gerenciamento da Cadeia de Suprimentos 1ed 2002 Sunil Chopra e Peter ...
Livro - Gerenciamento da Cadeia de Suprimentos 1ed 2002 Sunil Chopra e Peter ...Livro - Gerenciamento da Cadeia de Suprimentos 1ed 2002 Sunil Chopra e Peter ...
Livro - Gerenciamento da Cadeia de Suprimentos 1ed 2002 Sunil Chopra e Peter ...LuizFelipe925640
 
Administração Da Produção - Petronio G Martins, Fernando P Laugeni.pdf
Administração Da Produção - Petronio G Martins, Fernando P Laugeni.pdfAdministração Da Produção - Petronio G Martins, Fernando P Laugeni.pdf
Administração Da Produção - Petronio G Martins, Fernando P Laugeni.pdfLuizFelipe925640
 
Material de Apoio - Identificação de Materiais.pdf
Material de Apoio - Identificação de Materiais.pdfMaterial de Apoio - Identificação de Materiais.pdf
Material de Apoio - Identificação de Materiais.pdfLuizFelipe925640
 
Livro Gestão da Qualidade- Carlos Henrique Pereira Mello.pdf
Livro Gestão da Qualidade- Carlos Henrique Pereira Mello.pdfLivro Gestão da Qualidade- Carlos Henrique Pereira Mello.pdf
Livro Gestão da Qualidade- Carlos Henrique Pereira Mello.pdfLuizFelipe925640
 
Metodologia do Trabalho Cientifico - EDITADO.pdf
Metodologia do Trabalho Cientifico - EDITADO.pdfMetodologia do Trabalho Cientifico - EDITADO.pdf
Metodologia do Trabalho Cientifico - EDITADO.pdfLuizFelipe925640
 
Gestao_estrategica_de_fornecedores_e_con.pdf
Gestao_estrategica_de_fornecedores_e_con.pdfGestao_estrategica_de_fornecedores_e_con.pdf
Gestao_estrategica_de_fornecedores_e_con.pdfLuizFelipe925640
 

More from LuizFelipe925640 (20)

Cap 2.pdf
Cap 2.pdfCap 2.pdf
Cap 2.pdf
 
Cap 1.pdf
Cap 1.pdfCap 1.pdf
Cap 1.pdf
 
Livro Projeto-de-Produto-Guia-pratico-para-o-design-de-novos-produtos-Mike-Ba...
Livro Projeto-de-Produto-Guia-pratico-para-o-design-de-novos-produtos-Mike-Ba...Livro Projeto-de-Produto-Guia-pratico-para-o-design-de-novos-produtos-Mike-Ba...
Livro Projeto-de-Produto-Guia-pratico-para-o-design-de-novos-produtos-Mike-Ba...
 
Introdução a Engenharia de Produção - Mario Batalha.pdf
Introdução a Engenharia de Produção - Mario Batalha.pdfIntrodução a Engenharia de Produção - Mario Batalha.pdf
Introdução a Engenharia de Produção - Mario Batalha.pdf
 
Administracao-de-marketing-kotler-keller-12a-edicaopdf.pdf
Administracao-de-marketing-kotler-keller-12a-edicaopdf.pdfAdministracao-de-marketing-kotler-keller-12a-edicaopdf.pdf
Administracao-de-marketing-kotler-keller-12a-edicaopdf.pdf
 
Teoria Geral da Administração Chiavenato.pdf
Teoria Geral da Administração Chiavenato.pdfTeoria Geral da Administração Chiavenato.pdf
Teoria Geral da Administração Chiavenato.pdf
 
Adm Materiais e Rec Patrimoniais - 3 Ed.pdf
Adm Materiais e Rec Patrimoniais - 3 Ed.pdfAdm Materiais e Rec Patrimoniais - 3 Ed.pdf
Adm Materiais e Rec Patrimoniais - 3 Ed.pdf
 
Planejamento Estratégico na Prática.pdf
Planejamento Estratégico na Prática.pdfPlanejamento Estratégico na Prática.pdf
Planejamento Estratégico na Prática.pdf
 
Respostas do livro Almoxarifado e Gestão de Estoques - Bruno Paoleshi.pdf
Respostas do livro Almoxarifado e Gestão de Estoques - Bruno Paoleshi.pdfRespostas do livro Almoxarifado e Gestão de Estoques - Bruno Paoleshi.pdf
Respostas do livro Almoxarifado e Gestão de Estoques - Bruno Paoleshi.pdf
 
METODOLOGIAS INOVADORAS ULTIMA VERSÃO.pdf
METODOLOGIAS INOVADORAS ULTIMA VERSÃO.pdfMETODOLOGIAS INOVADORAS ULTIMA VERSÃO.pdf
METODOLOGIAS INOVADORAS ULTIMA VERSÃO.pdf
 
Metodologia do Trabalho Cientifico.pdf
Metodologia do Trabalho Cientifico.pdfMetodologia do Trabalho Cientifico.pdf
Metodologia do Trabalho Cientifico.pdf
 
Manual para elaboração de Questões word.pdf
Manual para elaboração de Questões word.pdfManual para elaboração de Questões word.pdf
Manual para elaboração de Questões word.pdf
 
Livro Qualidade - Gestão e Métodos José Carlos Toledo.pdf
Livro Qualidade - Gestão e Métodos José Carlos Toledo.pdfLivro Qualidade - Gestão e Métodos José Carlos Toledo.pdf
Livro Qualidade - Gestão e Métodos José Carlos Toledo.pdf
 
Livro Administração de Materiais - Idalberto Chiavenato 2005.pdf
Livro Administração de Materiais - Idalberto Chiavenato 2005.pdfLivro Administração de Materiais - Idalberto Chiavenato 2005.pdf
Livro Administração de Materiais - Idalberto Chiavenato 2005.pdf
 
Livro - Gerenciamento da Cadeia de Suprimentos 1ed 2002 Sunil Chopra e Peter ...
Livro - Gerenciamento da Cadeia de Suprimentos 1ed 2002 Sunil Chopra e Peter ...Livro - Gerenciamento da Cadeia de Suprimentos 1ed 2002 Sunil Chopra e Peter ...
Livro - Gerenciamento da Cadeia de Suprimentos 1ed 2002 Sunil Chopra e Peter ...
 
Administração Da Produção - Petronio G Martins, Fernando P Laugeni.pdf
Administração Da Produção - Petronio G Martins, Fernando P Laugeni.pdfAdministração Da Produção - Petronio G Martins, Fernando P Laugeni.pdf
Administração Da Produção - Petronio G Martins, Fernando P Laugeni.pdf
 
Material de Apoio - Identificação de Materiais.pdf
Material de Apoio - Identificação de Materiais.pdfMaterial de Apoio - Identificação de Materiais.pdf
Material de Apoio - Identificação de Materiais.pdf
 
Livro Gestão da Qualidade- Carlos Henrique Pereira Mello.pdf
Livro Gestão da Qualidade- Carlos Henrique Pereira Mello.pdfLivro Gestão da Qualidade- Carlos Henrique Pereira Mello.pdf
Livro Gestão da Qualidade- Carlos Henrique Pereira Mello.pdf
 
Metodologia do Trabalho Cientifico - EDITADO.pdf
Metodologia do Trabalho Cientifico - EDITADO.pdfMetodologia do Trabalho Cientifico - EDITADO.pdf
Metodologia do Trabalho Cientifico - EDITADO.pdf
 
Gestao_estrategica_de_fornecedores_e_con.pdf
Gestao_estrategica_de_fornecedores_e_con.pdfGestao_estrategica_de_fornecedores_e_con.pdf
Gestao_estrategica_de_fornecedores_e_con.pdf
 

Livro Qualidade do Serviço na Cadeia de Abastecimento Autor Luiz Felipe A. Costa.pdf

  • 1. ! ! # $ # % ! ' ( ( )*++,!)- ./ 0 1 -./0 # # ( ! 2 - 3 ! ' (4 !2 2 5 $2 3 6!-30'789/3-/:4- ( 85-! Polo Industrial de Motocicletas de Manaus 2º edição revista e atualizada
  • 2. !
  • 3.
  • 4. ! % ' (! % ' (! Polo Industrial de Motocicletas de Manaus
  • 5. ! # $ !% ! $ ' ' ($ ' # % %) %* % ' $ ' + % ' !# $, ( $ -. / -. / . 0 ! 1 . ( 2 -. . / 1 % % % % -3 % -3 % ! 4 5 -. -. % % 4 4 6 $$$ 7 8 8-3 9 5 1 )*:6 +) ;=%??? % @ 8 6A B ! * ( C / 6@ 6 DE?1 )*:6 +) F G E?
  • 6.
  • 7. ŝǀ $*5$'(,0(1726 0DQLIHVWR VDWLVIDWRULDPHQWH R PHX DJUDGHFLPHQWR SULPHLUDPHQWH D 'HXV SHOD 6DEHGRULDH6D~GHFRQFHELGDVDPLP(DJUDGHoRWDPEpPDWRGRVTXHGHDOJXPD IRUPD PH DSRLDUDP H WUDQVPLWLUDP FRQILDQoD SDUD UHDOL]DomR GHVWH WUDEDOKR (P HVSHFLDOD R 'U 3DXOR 6DPSDLR SHOD SDFLrQFLD GLVSRVLomR RULHQWDomR FUtWLFD H DSRLR IRUQHFLGRV $WRGRVRVSURIHVVRUHV DV 0HVWUHVH'RXWRUHVGD8QLYHUVLGDGHGR0LQKRSHOR DSRLRHFRQKHFLPHQWRFLHQWtILFRWUDQVPLWLGRV ¬PLQKDHVSRVD6XHOHQ$UDXMRSHORDSRLRPRWLYDomRFRQVHOKRVHFRPSUHHQVmR GXUDQWHWRGDVDVIDVHVGRSURMHWR ¬PLQKDIDPtOLDHPHVSHFLDODRVPHXVSDLVHPLQKDDYySHORLQYHVWLPHQWRDPRU HGXFDomR H DSRLR LQFRQGLFLRQDLV D PLP IRUQHFLGRV GXUDQWH PHX GHVHQYROYLPHQWR FRPRFLGDGmR $R6U%HUQDUGLQR-RVp0DUTXHV-UH0DJLFOHDQSHORDSRLRHFRQILDQoDQRPHX GHVHQYROYLPHQWRSURILVVLRQDOSDUDUHDOL]DomRGHVWHSURMHWR $RVPHXVLUPmRVHPHVSHFLDOR'UHZQLFN0HUFXUTXHDSHVDUGHHVWDUORQJHGH PLPPDVSUHVHQWHHPPLQKDVOHPEUDQoDVWHPVLGRPLQKDPRWLYDomRHPFUHVFHUH YHQFHUWRGDVDVGLILFXOGDGHVSDUDFRQFOXVmRGHVWHSURMHWR $RVPHXVFROHJDVHDPLJRVGHPHVWUDGR)DEULFLR*ODXFLYDQH$OWLQLUSHORDSRLRH PRWLYDomRSDUDFRQFOXVmRGHVWHSURMHWR $ WRGDV DV RUJDQL]Do}HV H LQVWLWXLo}HV TXH FRODERUDUDP GH DOJXPD IRUPD QHVWH HVWXGR $ WRGRV DTXHOHV TXH HPERUD QmR PHQFLRQDGRV GH DOJXPD IRUPD FRQWULEXtUDP SDUDUHDOL]DomRGHVWHSURMHWR )LFDQGRDTXLUHJLVWUDGRPHXVDJUDGHFLPHQWRV 0XLWR2EULJDGR
  • 8. ǀ $YDOLDomRGDTXDOLGDGHGRVHUYLoRQDFDGHLDGHDEDVWHFLPHQWRGDV VWULDOGH0DQDXVHVWXGRGHFDVRQD LQG~VWULDGHPRWRFLFOHWDV 5(6802 (VWHHVWXGRWHYHFRPRREMHWLYRSULQFLSDOPHQVXUDURQtYHOGHTXDOLGDGHGRVHUYLoR RIHUHFLGR SRU IRUQHFHGRUHV TXH FRPS}H D FDGHLD GH DEDVWHFLPHQWR GR VHWRU GH DOLGDGHGRVHUYLoR RIHUHFLGR SRU IRUQHFHGRUHV FHUWLILFDGRV p RX QmR VXSHULRU DRV IRUQHFHGRUHV QmR FHUWLILFDGRV2VHWRUGHVHUYLoRVYHPFUHVFHQGRDFDGDDQRHRFXSDQGRSRVLomRGH GHVWDTXH QD HFRQRPLD GH WRGRV RV SDtVHV GHVHQYROYLGRV 3RUpP SDUD VDWLVID]HU DRVFOLHQWHVGHVHUYLoRVpQHFHVViULRTXHDVHPSUHVDVJHUHPXPSDFRWHGHYDORU TXH JDUDQWD D VDWLVIDomR GRV FOLHQWHV R TXH VLJQLILFD TXH R VHUYLoR GHYH VHU UHDOL]DGRGDPDQHLUDFRUUHWDHTXHDWHQGDjVH[SHFWDWLYDVGRVFRQVXPLGRUHV8PD GDVQRUPDVPDLVFRQKHFLGDVHUHFRQKHFLGDVPXQGLDOPHQWHpD,626HJXQGR D $VVRFLDomR %UDVLOHLUD GH 1RUPDV 7pFQLFDV ± $%17 D LPSOHPHQWDomR GH XP VLVWHPD GH JHVWmR GD TXDOLGDGH UHSUHVHQWD D REWHQomR GH XPD LPSRUWDQWH IHUUDPHQWDTXHSRVVLELOLWDDRWLPL]DomRGHGLYHUVRVSURFHVVRVGHQWURGDRUJDQL]DomR H HYLGHQFLD WDPEpP D SUHRFXSDomR FRP D PHOKRULD FRQWtQXD GRV SURGXWRV H VHUYLoRV IRUQHFLGRV 2 PHUFDGR IRUQHFHGRU GD FDGHLD GH VXSULPHQ ,QGXVWULDOGH0DQDXVpFRPSRVWRSRUHPSUHVDVHSHVVRDVTXHIRUQHFHPSURGXWRV RX VHUYLoRV TXH VH DJUHJDP DR SURGXWR SULQFLSDO GR IDEULFDQWH G 3RUpP SDUD VDWLVID]HU RV IDEULFDQWHV p QHFHVViULR TXH RV IRUQHFHGRUHV DFUHVFHQWHP YDORU H WUDQVPLWDP FRQILDELOLGDGH DR FOLHQWH H JDUDQWDP D VDWLVIDomR GHVWHVRTXHVLJQLILFDTXHRVHUYLoRGHYHVHUUHDOL]DGRGDPDQHLUDFRUUHWDHTXH DWHQGDjVH[SHFWDWLYDVGDVQHFHVVLGDGHVFRQWUDWDGDV$SHUFHSomRGRFOLHQWHVREUH GHWHUPLQDGR VHUYLoR p R UHVXOWDGR GDV VXDV H[SHFWDWLYDV H GR GHVHPSHQKR SHUFHELGR GR VHUYLoR 3DUD D FROHWD GH LQIRUPDo}HV GR SURMHWR IRL XWLOL]DGR XP TXHVWLRQiULR TXH WHP FRPR EDVH D IHUUDPHQWD 6(5948$/ 2 TXHVWLRQiULR GHVHQYROYLGR DYDOLRX D TXDOLGDGH GR VHUYLoR QDV FLQFR GLPHQV}HV WDQJLELOLGDGH FRQILDELOLGDGHUHVSRQVDELOLGDGHJDUDQWLDHHPSDWLD TXHFRQWHPSODRVLQGLFDGRUHV GH VDWLVIDomR GR FOLHQWH H LQGLFDGRUHV GD TXDOLGDGH GR SURFHVVR 1R ILQDO IRL SURSRVWRXPFRQMXQWRGHDo}HVGHPHOKRULDQRVHQWLGRGHPHOKRUDUDTXDOLGDGHGR VHUYLoR empresas do Polo indu motocicletas do Polo Industrial de Manaus, investigando se a qu tos do Polo o Polo Industrial.
  • 10. ǀŝŝ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±³$%17´WKHLPSOHPHQWDWLRQRIDTXDOLWPDQDJHPHQWVVWHP UHSUHVHQWV WKH DFKLHYHPHQW RI DQ LPSRUWDQW WRRO WKDW HQDEOHV WKH RSWLPL]DWLRQ RI VHYHUDO SURFHVVHV ZLWKLQ WKH RUJDQL]DWLRQ DQG DOVR KLJKOLJKWV WKH FRQFHUQ DERXW FRQWLQXRXVLPSURYHPHQWRISURGXFWVDQGSURYLGHGVHUYLFHV7KH6XSSOLHU0DUNHWV VXSSOFKDLQRI0DQDXV,QGXVWULDO3DUNLVPDGHRIFRPSDQLHVDQGLQGLYLGXDOVWKDW SURYLGH SURGXFWV RU VHUYLFHV WKDW DUH DGGHG WR WKH LQGXVWULDO SDUN PDQXIDFWXUHUV PDLQ SURGXFW +RZHYHU WR SOHDVH WKH PDQXIDFWXUHUV ,WV QHFHVVDU WKDW VXSSOLHUV DGGYDOXHDQGUHOLDELOLWWRWKHFOLHQWDQGHQVXUHWKHLUVDWLVIDFWLRQZKLFKPHDQVWKDW WKHVHUYLFHPXVWEHSHUIRUPHGLQWKHFRUUHFWPDQQHUDFKLHYLQJH[SHFWDWLRQVRIWKH FRQWUDFWHGQHHGV7KHFXVWRPHUVSHUFHSWLRQRIDSULYDWHVHUYLFHLVWKHUHVXOWRIWKHLU H[SHFWDWLRQV DQG WKH SHUFHLYHG SHUIRUPDQFH RI WKH VHUYLFH:LWK WKLV 3URMHFW LW LV LQWHQGHGWRPHDVXUHWKHTXDOLWOHYHORIVHUYLFHRIIHUHGEVXSSOLHUVWKDWFRPSRVHWKH PRWRUFFOHVVHFWRUV VXSSOFKDLQRI0DQDXV,QGXVWULDO3DUNVHHNLQJWRFRQFOXGH ZKHWKHUWKHVHUYLFHRIIHUHGEFHUWLILHGVXSSOLHUVLVVXSHULRU RUQRWWRQRQFHUWLILHG VXSSOLHUV )RU WKLV PHDVXUHPHQW D JHQHUDO DQDOVLV RI WKH TXDOLW GHJUHH RI ,62 FHUWLILHGVHUYLFHSURYLGHUVDQGQRQFHUWLILHGSURYLGHUVWKHGHJUHHRILPSRUWDQFH RI ,62 6WDQGDUGV WR VHOHFW WKRVH SURYLGHUV DQG D GHJUHH DQDOVLV RI WKH DWWULEXWHVTXDOLWRIWKHVHUYLFHRIIHUHGE,62FHUWLILHGVHUYLFHSURYLGHUVDQG QRQFHUWLILHGSURYLGHUV7RFROOHFWSURMHFWLQIRUPDWLRQZHXVHGDTXHVWLRQQDLUHWKDWLV EDVHGRQWKHWROO6(5948$/LQZKLFKWKHGHYHORSHGTXHVWLRQQDLUHHYDOXDWHGWKH
  • 11. ǀŝŝŝ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 ,QGXVWULDO3DUN
  • 12. ŝdž Ë1',( 5(6802 Y $%675$7 YLL Ë1',( L[ $3Ë78/2,QWURGXomR 2EMHWLYR 0HWRGRORJLD 2UJDQL]DomRGDGLVVHUWDomR $3Ë78/2±6DWLVIDomRGROLHQWH 6(5948$/ ±4XDOLGDGHHPVHUYLoRV $3Ë78/2±6LVWHPDVGH*HVWmRGD4XDOLGDGH HUWLILFDomRGHTXDOLGDGH,62 $3Ë78/2±)RUQHFHGRUHVHDDGHLDGH6XSULPHQWRV $3Ë78/2±0HWRGRORJLDGH3HVTXLVD$SOLFDGD 4XHVWLRQiULR (VFDOD/LNHUW $3Ë78/2±$QiOLVHH'LVFXVVmRGH5HVXOWDGRV DUDFWHUtVWLFDVGDDPRVWUD
  • 13. dž *UDXGHLPSRUWkQFLDGD1RUPD,62SDUDVHOHFLRQDUIRUQHFHGRUHV $QiOLVHJHUDOGRJUDXGHTXDOLGDGHGRVVHUYLoRVGHIRUQHFHGRUHVHUWLILFDGRVH 1mRHUWLILFDGRVQD,62 $QiOLVHGDTXDOLGDGHGRVHUYLoRRIHUHFLGRSRU)RUQHFHGRUHVHUWLILFDGRVH1mR HUWLILFDGRVQD,62 $QiOLVHPRGDOGDTXDOLGDGHGHVHMDGD $QiOLVHPRGDOGDTXDOLGDGHPtQLPDDFHLWiYHO $QiOLVHPRGDOGRVHUYLoRSHUFHELGR $QiOLVHGDVFLQFRGLPHQV}HVGHIRUQHFHGRUHVFHUWLILFDGRVVHJXQGRD QRUPD,62 $QiOLVHGDVFLQFRGLPHQV}HVGHIRUQHFHGRUHVQmRFHUWLILFDGRV ([SHFWDWLYDV['LPHQV}HVGRV)RUQHFHGRUHVHUWLILFDGRVH1mRHUWLILFD GRV $3Ë78/2±RQFOXV}HV )RUQHFHGRUHVHUWLILFDGRV RQFOXVmRGD4XDOLGDGH'HVHMDGD RQFOXVmRGDTXDOLGDGHPtQLPDDFHLWiYHO RQFOXVmRGRVHUYLoRSHUFHELGR )RUQHFHGRUHV1mRHUWLILFDGRV RQFOXVmRGDTXDOLGDGHGHVHMDGD RQFOXVmRGDTXDOLGDGHPtQLPDDFHLWiYHO RQFOXVmRGRVHUYLoRSHUFHELGR 6XJHVW}HVH5HFRPHQGDo}HVGH0HOKRULD (TXLSDPHQWRVDGHTXDGRVDRVHUYLoR 0iTXLQDVDGHTXDGDVDRVHUYLoR XPSULPHQWRGDVSURSULHGDGHVGRVHUYLoR ,QRYDomRHWHFQRORJLD )DUGDPHQWRVGRVIXQFLRQiULRV (3,VDRVIXQFLRQiULRV 3UD]RVHVWDEHOHFLGRV 0mRGHREUDTXDOLILFDGD
  • 14. džŝ (ILFLrQFLDHHILFiFLDQDSUHVWDomRGRVHUYLoR 'RPtQLRQDH[HFXomRGRVVHUYLoRV RUGLDOLGDGHQDSUHVWDomRGRVHUYLoR (GXFDomRQDSUHVWDomRGRVHUYLoR 6LPSDWLDHFDOPDQRDWHQGLPHQWRDRFOLHQWH RUUHVSRQGHUjVG~YLGDVGRFOLHQWH 'LVSRVLomRGHFDQDOGHFRPXQLFDomRDRFOLHQWH /LPLWDo}HVGHLQYHVWLJDomRHWUDEDOKRIXWXURDGHVHQYROYHU 5()(5Ç1,$6%,%/,2*5È),$6 5()(5Ç1,$2168/7$'$ $1(;26
  • 15. džŝŝ /,67$'(),*85$6 )LJXUD2V*$3¶VGD4XDOLGDGHHP6HUYLoRV %DQHWDO )LJXUD0RWLYRVSDUDWHUFHLUL]DHVHXVEHQHItFLRV +$6(HWDO )LJXUDHUWLILFDomRVHJXQGRD,62±(QWUHYLVWDGRV )LJXUD2XWURVWLSRVGHFHUWLILFDomR )LJXUDRPSDUDWLYRGRSDGUmRGHTXDOLGDGHGHIRUQHFHGRUHVFHUWLILFDGRV96 QmRFHUWLILFDGRV )LJXUD5HVXOWDGRGD3HVTXLVDQD'LPHQVmR7DQJLELOLGDGH )LJXUD5HVXOWDGRGD3HVTXLVDQD'LPHQVmRRQILDELOLGDGH )LJXUD5HVXOWDGRGD3HVTXLVDQD'LPHQVmR(PSDWLD )LJXUD5HVXOWDGRGD3HVTXLVDQD'LPHQVmRRPSUHHQVmR )LJXUD5HVXOWDGRGD3HVTXLVDQD'LPHQVmR6HJXUDQoD )LJXUD5HVXOWDGRGD3HVTXLVDQD'LPHQVmR7DQJLELOLGDGH )LJXUD5HVXOWDGRGD3HVTXLVDQD'LPHQVmRRQILDELOLGDGH )LJXUD5HVXOWDGRGD3HVTXLVDQD'LPHQVmR(PSDWLD )LJXUD5HVXOWDGRGD3HVTXLVDQD'LPHQVmRRPSUHHQVmR )LJXUD5HVXOWDGRGD3HVTXLVDQD'LPHQVmR6HJXUDQoD
  • 16. džŝŝŝ /,67$'(7$%(/$6 7DEHOD(VFDOD$ 7DEHOD(VFDOD% 7DEHOD *UDX GH ,PSRUWkQFLD GD QRUPD ,62 SDUD VHOHFLRQDU IRUQHFHGRUHV 7DEHOD7DEHODGHGLVWULEXLomRGHIUHTXrQFLDPRGDO 7DEHOD $YDOLDomR FULWHULRVD UHDOL]DGD FRP RV HQWUHYLVWDGRV GRV DWULEXWRV RIHUHFLGRV SRU I RUQHFHGRUHV(57,),$'26VHJXQGRD,62HIRUQHFHGRUHV 1­2(57,),$'26 7DEHOD $YDOLDomR FULWHULRVD UHDOL]DGD FRP RV HQWUHYLVWDGRV GRV DWULEXWRV RIHUHFLGRV SRU I RUQHFHGRUHV(57,),$'26VHJXQGRD,62HIRUQHFHGRUHV 1­2(57,),$'26 7DEHOD $YDOLDomR FULWHULRVD UHDOL]DGD FRP RV HQWUHYLVWDGRV GRV DWULEXWRV RIHUHFLGRV SRU I RUQHFHGRUHV(57,),$'26VHJXQGRD,62HIRUQHFHGRUHV 1­2(57,),$'26 7DEHOD9DORUHVQXPpULFRVGDVFODVVLILFDo}HVGDFULWLFLGDGH 7DEHOD([SHFWDWLYDV[3HUFHSo}HV)RUQHFHGRUHVHUWLILFDGRV 7DEHODODVVLILFDomRGHFULWLFLGDGHGDVGLPHQV}HVFRPEDVHQR*DS 7DEHOD([SHFWDWLYDV[3HUFHSo}HV)RUQHFHGRUHV1mRHUWLILFDGRV ODVVLILFDomRGHFULWLFLGDGHGDVGLPHQV}HVFRPEDVHQR*DS
  • 18. $3Ë78/2,QWURGXomR (VWH DStWXOR FRUUHVSRQGH j FRQWH[WXDOL]DomR GR SURMHWR GH LQYHVWLJDomR TXH p FRPSRVWDSRUPRWLYRVTXHLQIOXHQFLDUDPDUHDOL]DomRGHVWHHVWXGRHPHWRGRORJLDH IHUUDPHQWDVXWLOL]DGDVSDUDDOFDQoDUVHXVREMHWLYRVJHUDLVHHVSHFtILFRV $RORQJRGRWHPSRDHYROXomRGDHFRQRPLDPXQGLDOWHPRULJLQDGRXPDVpULHGH GHVDILRV DRV VHWRUHV SURGXWLYRV GH GLYHUVDV iUHDV 2 DXPHQWR GD FRQFRUUrQFLD PXQGLDO QXP PHUFDGR JOREDOL]DGR FDGD YH] PDLV DEHUWR DIHWD GLUHWDPHQWH DV HPSUHVDV $VVLP D DGRomR GH XPD SUiWLFD GD TXDOLGDGH QRPHDGDPHQWH GH VLVWHPDVGHJHVWmRGDTXDOLGDGHVHJXQGRDQRUPD,62SRGHVHUHQWHQGLGD FRPRXPGLIHUHQFLDOXPDHVWUDWpJLDXPDYDQWDJHPFRPSHWLWLYDHXPDQHFHVVLGDGH GHPHUFDGRSDUDDVREUHYLYrQFLDGDVRUJDQL]Do}HVRXDH[SDQVmRGHVVDV 8PD GDV QRUPDV PDLV FRQKHFLGDV H UHFRQKHFLGDV PXQGLDOPHQWH p D ,62 6HJXQGR$VVRFLDomR%UDVLOHLUDGH1RUPDV7pFQLFDV±$%17DLPSOHPHQWDomRGH XP VLVWHPD GH JHVWmR GD TXDOLGDGH UHSUHVHQWD D REWHQomR GH XPD LPSRUWDQWH IHUUDPHQWDTXHSRVVLELOLWDDRWLPL]DomRGHGLYHUVRVSURFHVVRVGHQWURGDRUJDQL]DomR H HYLGHQFLD WDPEpP D SUHRFXSDomR FRP D PHOKRULD FRQWtQXD GRV SURGXWRV H VHUYLoRVIRUQHFLGRV 6HJXQGR D OLWHUDWXUD VREUH R WHPD DV HPSUHVDV RSWDP SHOD QRUPD ,62 SRUTXH YLVOXPEUDP LQ~PHUDV SRVVLELOLGDGHV SDUD UHGX]LU FXVWRV LQWHUQRV DOpP GH VDWLVID]HUHPDVH[LJrQFLDVGRVFOLHQWHVSRUVHUXPGLIHUHQFLDOGHPDUNHWLQJHXPD HILFD]IHUUDPHQWDGHJHVWmR /XFLQGD ¬ VHPHOKDQoD GH WRGDV DV RUJDQL]Do}HV PXQGLDLV p QHVWH FRQWH[WR TXH DV XVWULDOGH0DQDXV 3,0 SURFXUDPGHVHQYROYHUVXDVFRPSHWrQFLDV pFRPSRVWRSRU HPSUHVDVHSHVVRDVTXHIRUQHFHPSURGXWRVRXVHUYLoRVTXHVHDJUHJDPDRSURGXWR ]HU RV IDEULFDQWHV p QHFHVViULRTXHRVIRUQHFHGRUHVDFUHVFHQWHPYDORUHWUDQVPLWDPFRQILDELOLGDGHDR O mercado fornecedor das empresas do Polo Industrial de Manaus organizações brasileiras, nas quais se enquadram as do Polo Ind principal do fabricante do polo industrial. Porém, para satisfa
  • 19. FOLHQWH H JDUDQWDP D VDWLVIDomR GHVWHV R TXH VLJQLILFD TXH R VHUYLoR GHYH VHU UHDOL]DGR GD PDQHLUD FRUUHWD H TXH DWHQGD jV H[SHFWDWLYDV GDV QHFHVVLGDGHV FRQWUDWDGDV 3DUD )LW]VLPPRQV FRQILDELOLGDGH p D FDSDFLGDGH GH SUHVWDU R VHUYLoRSURPHWLGRFRPFRQILDQoDHH[DWLGmR2GHVHPSHQKRGHXPVHUYLoRFRQILiYHO p XPD H[SHFWDWLYD GR FOLHQWH H VLJQLILFD XP VHUYLoR UHDOL]DGR QR SUD]R VHP PRGLILFDo}HVHHUURV $ TXDOLGDGH R SUHoR H D UHJXODULGDGH VmR SRQWRV IXQGDPHQWDLV SDUD JDUDQWLU R VXFHVVR GRV IDEULFDQWHV 6H R IRUQHFHGRU HQWUHJDU IRUD GR SUD]R RX QmR WLYHU FDSDFLGDGH GH HQWUHJDU R SURGXWR RX VHUYLoR FRQWUDWDGR D SURGXomR IDEULO VHUi SUHMXGLFDGD $V TXDWUR GLPHQV}HV WUDGLFLRQDLV GH DWHQGLPHQWR DR FOLHQWH GH XPD SHUVSHFWLYD ORJtVWLFD VmR R WHPSR D FRQILDELOLGDGH D FRQYHQLrQFLD H D FRPXQLFDomRVHQGRDVSHFWRVHVVHQFLDLVQRGHVHQYROYLPHQWRGHXPSURJUDPDGH VHUYLoRSHUIHLWRHHILFD]DRFOLHQWH(VWDVVmRDVGLPHQV}HVGRGHVHPSHQKRSDUD DWHQGLPHQWR DR FOLHQWH QD iUHD GH ORJtVWLFD ROH HW DO 1R HQWDQWR p LPSRUWDQWHPHGLUVXDTXDOLGDGHSDUDVDEHUVHRVHUYLoRFRQWUDWDGRHVWiGHDFRUGR FRPDVH[SHFWDWLYDVGRFOLHQWH$SHUFHSomRGRFOLHQWHVREUHGHWHUPLQDGRVHUYLoRp RUHVXOWDGRGDVVXDVH[SHFWDWLYDVHGRGHVHPSHQKRSHUFHELGR DURHWDO RPSUHHQGHU D YDULDELOLGDGH GDV FDUDFWHUtVWLFDV GH TXDOLGDGH GR VHUYLoR p LPSRUWDQWHSDUDRFRQWUROHHPHOKRULDGDTXDOLGDGHGRPHVPR 0LWUD $SULPHLUDPRWRFLFOHWDIDEULFDGDQR%UDVLOIRLD0RQDUN DLQGDFRPPRWRULQJOrV%6$ GH FP HP 'HSRLV D IiEULFD ODQoRX WUrV PRGHORV PDLRUHV FRP SURSXOVRUHV = H -DZD GD KHFRVORYiTXLD H XP FLFORPRWRU 0RQDUHWD HTXLSDGR FRPPRWRU168DOHPmR6RPHQWHQDGpFDGDGHRPRWRFLFOLVPRUHVVXUJLXFRP IRUoDYHULILFDQGRVHDLPSRUWDomRGHPRWRVMDSRQHVDV +RQGDDPDKDH6X]XNL H LWDOLDQDV6XUJLUDPWDPEpPDVEUDVLOHLUDV)%0HD$9/1RILQDOGRVDQRVHLQtFLR GRV DQRV VXUJLUDP RXWURV IDEULFDQWHV GH UHQRPH LQWHUQDFLRQDO FRPR D +RQGD DPDKD3LDJJLR%UXPDQD0RWRYL QRPHXVDGRSHOD+DUOH'DYLGVRQQDIiEULFDGR %UDVLO $OSLQDHWF VUHSUHVHQWRXHP GRYROXPHWRWDOGHIDWXUDPHQWRGR3yOR 6XIUDPD O setor de produção de motocicletas do Polo Industrial de Manau 2012,
  • 20. 2EMHWLYR 2SUHVHQWHSURMHWRWHPFRPRREMHWLYRJHUDOPHQVXUDURQtYHOGHTXDOLGDGHGRVHUYLoR RIHUHFLGR SRU IRUQHFHGRUHV TXH FRPS}H D FDGHLD GH DEDVWHFLPHQWR GR VHWRU GH DOLGDGHGRVHUYLoR RIHUHFLGR SRU IRUQHFHGRUHV FHUWLILFDGRV p RX QmR VXSHULRU DRV IRUQHFHGRUHV QmR FHUWLILFDGRV 'HVWHPRGRIRUDPGHILQLGRVRVVHJXLQWHVREMHWLYRVHVSHFtILFRVGHLQYHVWLJDomR $QDOLVDU R JUDX GH TXDOLGDGH GRV VHUYLoRV GH IRUQHFHGRUHV FHUWLILFDGRV H QmR FHUWLILFDGRVVHJXQGRDQRUPD,62 $QDOLVDURJUDXGHLPSRUWkQFLDGDQRUPD,62SDUDVHOHFLRQDUIRUQHFHGRUHV $QDOLVDU R VLVWHPD GH JHVWmR GD TXDOLGDGH GR IRUQHFHGRU FHUWLILFDGR VHJXQGR D QRUPD,62 'HVFUHYHURXWURVWLSRVGHFHUWLILFDomRSRVVXtGRVSHODHPSUHVD $GLFLRQDOPHQWH VmR DSUHVHQWDGDV Do}HV GH PHOKRULDV TXH SRGHUmR HVWDU DXPHQWDQGRRtQGLFHGHTXDOLGDGHGDFDGHLDGHDEDVWHFLPHQWR 0HWRGRORJLD (VWDGLVVHUWDomRXWLOL]RXRPpWRGRELEOLRJUiILFRH[SORUDWyULRHGHVFULWLYR3DUDFROHWD GHGDGRVGXUDQWHRWUDEDOKRGHLQYHVWLJDomRIRLDSOLFDGRRXVRGHTXHVWLRQiULR 2 PHVPR WHYH VXD HVWUXWXUD GLYLGD HP GXDV SDUWHV GH LQYHVWLJDomR 1D SULPHLUD SDUWH SURFXURXVH FDUDFWHUL]DU DV RUJDQL]Do}HV HQWUHYLVWDGDV H VH HVWD SRVVXL VLVWHPDGHJHVWmRFRPEDVHQDQRUPD,62HVHSRVVXLRXWUDVFHUWLILFDo}HV1D VHJXQGDSDUWHVmRLQYHVWLJDGDVDLPSRUWkQFLDGHVHOHFLRQDUIRUQHFHGRUHVFRPEDVH QDQRUPD,62HDTXDOLGDGHGRVHUYLoRRIHUHFLGRSRUIRUQHFHGRUHVFHUWLILFDGRV VHJXQGRDQRUPD,62HIRUQHFHGRUHVQmRFHUWLILFDGRV motocicletas do Polo Industrial de Manaus, investigando se a qu
  • 21. 2UJDQL]DomRGDGLVVHUWDomR 3DUDPHOKRUHQWHQGLPHQWRHDSUHVHQWDomRGRSUHVHQWHSURMHWRRPHVPRHQFRQWUD VH HVWUXWXUDGR GD VHJXLQWH IRUPD FDStWXOR TXH FRUUHVSRQGH j LQWURGXomR TXH p FRPSRVWD SRU PRWLYRV TXH LQIOXHQFLDUDP D UHDOL]DomR GHVWH HVWXGR REMHWLYRV H PHWRGRORJLDXWLOL]DGDSDUDDOFDQoDUVHXVREMHWLYRVJHUDLVHHVSHFtILFRVFDStWXOR DERUGD D VDWLVIDomR GR FOLHQWH H DSUHVHQWD R PRGHOR 6(5948$/ FDStWXOR FRUUHVSRQGHDXPDEUHYHLQWURGXomRDRVLVWHPDGHJHVWmRGDTXDOLGDGHFDStWXOR FRUUHVSRQGHDXPDEUHYHLQWURGXomRDRVIRUQHFHGRUHVHDFDGHLDGHVXSULPHQWRVQR kPELWR FLHQWtILFR FDStWXOR DERUGD D PHWRGRORJLD DSOLFDGD QHVWD GLVVHUWDomR FDStWXORDSUHVHQWDDDQiOLVHHGLVFXVVmRGHUHVXOWDGRVFDStWXORGHVFUHYHWRGDV DV FRQFOXV}HV DVVLP GHILQLGDV DSyV WRGR GHVHQYROYLPHQWR GHVWD GLVVHUWDomR H FDStWXORDSUHVHQWDDVUHIHUrQFLDVELEOLRJUiILFDVXWLOL]DGDVSDUDRGHVHQYROYLPHQWR GHVWDGLVVHUWDomR
  • 22. $3Ë78/26DWLVIDomRGRFOLHQWH 1HVWH FDSLWXOR p DSUHVHQWDGR j UHYLVmR ELEOLRJUiILFD HIHWXDGD QR kPELWR GHVWD GLVVHUWDomR 1R GHFRUUHU GHVWH FDStWXOR p FRQWH[WXDOL]DGR R VLVWHPDGH JHVWmR GD TXDOLGDGHHDTXDOLGDGHHPVHUYLoRVTXHIXQGDPHQWDHVWHSURMHWRGHSHVTXLVDWDLV FRPRVXDVFDUDFWHUtVWLFDVHSDGU}HVSDUWLFXODULGDGHVHVHXVPpWRGRVGHTXDOLGDGH XWLOL]DGRV $VDWLVIDomRGRFOLHQWHUHSUHVHQWDXPDJUDQGHSDUWHGDHTXDomRGDSDUWLFLSDomRGH PHUFDGR 8P FOLHQWH VDWLVIHLWR FRQWD DRV RXWURV VREUH R VHUYLoR H YROWD SDUD FRQWUDWDUPDLV KDUDQ 2 SURGXWR RX R VHUYLoR RIHUHFLGR SRU XPD HPSUHVD FRQVLVWH HP XP Q~PHUR GH IDWRUHVLQGLYLGXDLVFRQKHFLGRVFRPRFRPSRQHQWHVTXHVHSDUDGRVHFROHWLYDPHQWH LQIOXHQFLDP GLUHWDPHQWH D VDWLVIDomR GR FOLHQWH (QWUH HOHV VHLV FRPSRQHQWHV FRQKHFLGRV FRPR FRPSRQHQWHV GD VDWLVIDomR TXH UHSUHVHQWDP FDGD DVSHFWR GD GHFLVmR GH FRPSUD GRV FOLHQWHV 2V VHLV FRPSRQHQWHV GD VDWLVIDomR VmR RV VHJXLQWHV VHUYLoR YHQGDV SyVYHQGD ORFDOL]DomR WHPSR H FXOWXUD DGD FRPSRQHQWH SRGH VHU VXEGLYLGR HP IDWRUHV H FRQVLGHUDo}HV TXH FDUDFWHUL]DP R DOFDQFH GH FDGD FRPSRQHQWH H DV FRQVLGHUDo}HV TXH RV FOLHQWHV WrP HP PHQWH TXDQGRHVWmRHVFROKHQGRXPVHUYLoRRXIRUQHFHGRUHPUHODomRDRXWUR :HOOLQJWRQ $ PHGLGD GH VDWLVIDomR GR FOLHQWH WHYH VXDV RULJHQV QR PRYLPHQWR 740 7RWDO 4XDOLW 0DQDJHPHQW PDV IRL WDPEpP H[SORUDGD DQWHULRUPHQWH VRE XPD SHUVSHFWLYDSVLFRVVRFLDOSHORVSURILVVLRQDLVGHPDUNHWLQJ 9DYUD 3HUFHSomRDEVWUDWDHLQWDQJtYHODVDWLVIDomRGRFOLHQWHSRVVXLVHXVDQWHFHGHQWHVH FRQVHTXHQWHV RFXSDQGR D SRVLomR FHQWUDO0XLWDV HPSUHVDV RULHQWDGDV DR FOLHQWH HVFROKHP VDWLVIDomR GR FOLHQWH FRPR SULQFLSDO LQGLFDGRU GH GHVHPSHQKR PHVPR SHUFHEHQGR R TXDQWR p GLItFLO PDQWHU XPD FRPSDQKLD LQWHLUD PRWLYDGD SRU DOJR LQWDQJtYHO0RGHORVHPpWRGRVVXUJHPSDUDWUDGX]LUDVDWLVIDomRGRFOLHQWHDWUDYpV GH PHGLGDV H SDUkPHWURV DR GHOLQHDU H RSHUDFLRQDOL]DU FRQVWUXWRV ODWHQWHV TXH SRGHPOHYDUDRDSUHQGL]DGRHPHOKRULDVDRORQJRGRWHPSR
  • 23. $ VDWLVIDomR GR FOLHQWH WHP VLGR GHILQLGD WDQWR FRPR XP UHVXOWDGR FRPR XP SURFHVVR $ GHILQLomR GH UHVXOWDGR FDUDFWHUL]D VDWLVIDomR FRPR XP HVWDGR ILQDO UHVXOWDGRGHXPDH[SHULrQFLDGHFRQVXPRRXVHMDRHVWDGRFRJQLWLYRGRFRPSUDGRU GHVHUDGHTXDGDPHQWHRXLQDGHTXDGDPHQWHUHFRPSHQVDGRSHORVDFULItFLRTXHHOH WHQKDH[SHULPHQWDGR$OWHUQDWLYDPHQWHVDWLVIDomRWHPVLGRFRQVLGHUDGDFRPRXP SURFHVVRHQIDWL]DQGRDSHUFHSomRSURFHVVRSVLFROyJLFRHDYDOLDWyULRTXHFRQWULEXL SDUDDVDWLVIDomR 9DYUD 'HDFRUGRFRP%DWDOKD RVFOLHQWHVMXOJDPDTXDOLGDGHGHXPVHUYLoRDSDUWLU GHXPSDGUmRLQWHUQRH[LVWHQWHDQWHVGHVXDH[SHULrQFLDFRPRVHUYLoRSUHVWDGR (VWHSDGUmRpIRUPDGRFRPEDVHHPVXDVH[SHULrQFLDVDQWHULRUHVHpDEDVHSDUDD IRUPDomRGHVXDVH[SHFWDWLYDV 0DLVUHFHQWHPHQWH%RZHUVR[HWDO DILUPDUDPTXH³DQRomRGDTXDOLGDGHGH VHUYLoRpXPDWHQWDWLYDGHHQWHQGHUDVDWLVIDomRGRFOLHQWHDSDUWLUGDSHUVSHFWLYD GDVGLIHUHQoDVHQWUHVXDVSHUFHSo}HVHRVHUYLoRHPTXHVWmRVREYiULRVDWULEXWRV´ 6HUYTXDO 8PDFRQWULEXLomRLPSRUWDQWHSDUDDTXDOLGDGHGRVHUYLoRpRPRGHOR6(5948$/ TXH IRUQHFH XPD DERUGDJHP SDUD GHILQLU H PHGLU D TXDOLGDGH GR VHUYLoR (VWH PpWRGRWRUQRXVH LQVWLWXFLRQDOL]DGR QDVXDXWLOL]DomRDSHVDUGHYiULDVFUtWLFDVGH DOJXQV DXWRUHV VHJXQGR D VXD PHWRGRORJLD (P HVVrQFLD HVWH LQVWUXPHQWR p SURMHWDGRSDUDPHGLUQRFOLHQWHVXDVH[SHFWDWLYDVHSHUFHSo}HVVREUHXPVHUYLoR RIHUHFLGR DQ0F/DUHQ 6(5948$/ RX 5DWHU p XP TXDGUR GH TXDOLGDGH GH VHUYLoR 2 6(5948$/ IRL GHVHQYROYLGR HP PHDGRV GRV DQRV RLWHQWD SRU 3DUDVXUDPDQ HW DO H TXH REMHWLYDYD GHVHQYROYHU XPD IHUUDPHQWD FDSD] GH PHGLU D TXDOLGDGH GRV VHUYLoRV DWUDYpV GDV SHUFHSo}HV GRV FOLHQWHV (OHXWpULR 6RX]D 6(5948$/ IRL RULJLQDOPHQWH PHGLGR HP DVSHFWRV GD TXDOLGDGH GR VHUYLoR FRQILDELOLGDGH UHVSRQVDELOLGDGH FRPSHWrQFLD DFHVVR FRUWHVLD FRPXQLFDomR FUHGLELOLGDGH VHJXUDQoD FRPSUHHQVmR GR FOLHQWH H WDQJtYHLV (OH PHGH D GLIHUHQoD HQWUH DV H[SHFWDWLYDVGRVFOLHQWHVHDH[SHULrQFLD
  • 24. 'H DFRUGR FRP )DULDV HVWD IHUUDPHQWD EXVFD YHULILFDU D H[WHQVmR GDV H[SHFWDWLYDV H SHUFHSo}HV GRV FOLHQWHV FRP UHODomR DRV VHUYLoRV SUHVWDGRV $ SHUFHSomRSRGH SRVVXLU XPD GLPHQVmR LQIHULRU RX VXSHULRUPRVWUDGDDWUDYpV GRV PRGHORVGRVJDSVHQWUHRHVSHUDGRHRUHFHELGRSHORFOLHQWH $V H[SHFWDWLYDV VmR DSUHVHQWDGDV FRPR VHQGR SUHGLo}HV IRUPDGDV SHORV FRQVXPLGRUHV DQWHV GR PRPHQWR GD FRPSUD H DR XWLOL]DU R SURGXWR R FOLHQWH LUi FRPSDUDU VXDV H[SHFWDWLYDV FRP R GHVHPSHQKR GR SURGXWR $V H[SHFWDWLYDV VmR WDPEpP XWLOL]DGDV SHORV FOLHQWHV FRPR EDVH GH DYDOLDomR GR GHVHPSHQKR GH XP VHUYLoRDQWHFHGHQGRDVVLPDUHVSRVWDGHVDWLVIDomR )DULDV 'HDFRUGRFRPRDXWRU3DUDVXUDPDQHWDO DVH[SHFWDWLYDVHQHFHVVLGDGHV GRV FOLHQWHV VmR IRUPDGDV FRP EDVH HP VHXV GHVHMRV H[SHULrQFLDV SDVVDGDV FRPXQLFDomRERFDDERFDHH[WHUQD 2LQVWUXPHQWRpFRPSRVWRSRUGRLVFRQMXQWRVGHTXHVWLRQiULRV8PGHYHDYDOLDUFRP RVFOLHQWHVVXDVH[SHFWDWLYDVGRVHUYLoRHRRXWURpRGHDYDOLDUFRPRVFOLHQWHVVXD SHUFHSomRGRGHVHPSHQKRUHDOGRVHUYLoR 6KHQJWDR-XQ $ TXDOLGDGH GR VHUYLoR p DYDOLDGD SHOR FiOFXOR GD GLIHUHQoD JDS HQWUH R TXH R FOLHQWHHVSHUDHRTXHUHDOPHQWHSHUFHEH DQ0F/DUHQ %DVHDGR QR PRGHOR GH VDWLVIDomR SDUD PHGLomR GD TXDOLGDGH HP VHUYLoRV GHQRPLQDGR 0RGHORGH *DS¶V RQGH D TXDOLGDGH GH XP VHUYLoR p XPDIXQomR GD GLIHUHQoDHQWUHDH[SHFWDWLYDGRFOLHQWHHRGHVHPSHQKRGRVHUYLoR DQ0F/DUHQ 'HVVDIRUPDDDYDOLDomRGDTXDOLGDGH L 4 GHXPVHUYLoRHPUHODomRDXPD GLPHQVmR L p WUDGX]LGD SHOD GLIHUHQoD HQWUH D H[SHFWDWLYD GRV FOLHQWHV L ( H D SHUFHSomR L ' GRVPHVPRVVREUHRGHVHPSHQKRGRVHUYLoRFRQIRUPHGHVFULWRQD HTXDomR (T L L L 4 ' ( (VVD GLIHUHQoD RX *DS HQWUH D H[SHFWDWLYD H D SHUFHSomR GH GHVHPSHQKR GR VHUYLoRpXPDPHGLGDGDTXDOLGDGHGHXPVHUYLoRHPUHODomRjGLPHQVmR L (VVDV
  • 25. GLPHQV}HVVmRFDUDFWHUtVWLFDVJHQpULFDVGRVVHUYLoRVTXHDRVHUHPDYDOLDGDVVRED SHUVSHFWLYD GRV FOLHQWHV H HP FRQMXQWR UHVXOWDP QD DYDOLDomR GD TXDOLGDGH GR VHUYLoR FRPR XP WRGR (VVH PRGHOR GHVWDFD DV FLQFR ODFXQDV RX *DS¶V GD TXDOLGDGHQDSUHVWDomRGRVHUYLoRFRQIRUPHDSUHVHQWDGRQD)LJXUD )LJXUD2V*DS¶VGD4XDOLGDGHHP6HUYLoRV DQ0F/DUHQ 6HJXQGR%DWDOKD RPRGHORGHTXDOLGDGHQRVHWRUGHVHUYLoRVPDLVGLIXQGLGR p R PRGHOR GR *$3V RX ODFXQDV (VVH PRGHOR SHUPLWH LGHQWLILFDU GH IRUPD VLVWHPiWLFD FRPR p IRUPDGD D SHUFHSomR GR FOLHQWH DMXGDQGR D LGHQWLILFDU RQGH HVWmRDVFDXVDVGHXPHYHQWXDOSUREOHPDGHTXDOLGDGH2VFLQFRV*DS¶VRXODFXQDV GRPRGHORVmRGLVFXWLGRVDVHJXLU *DS GLIHUHQoD HQWUH DV H[SHFWDWLYDV GR XVXiULR H D SHUFHSomR JHUHQFLDO TXH WUDWDVHGDODFXQDH[LVWHQWHHQWUHDSHUFHSomRGRVJHVWRUHVHDVUHDLVH[SHFWDWLYDV GRV FRQVXPLGRUHV 5HVXOWD GH XPD FRPSUHHQVmR LQDGHTXDGD SRU SDUWH GRV JHVWRUHVVREUHFRPRRVFOLHQWHVIRUPDPVXDVH[SHFWDWLYDVGHYLGRD x)DOWDGHLQIRUPDo}HVYLQGDVGDOLQKDGHIUHQWHSDUDRVJHVWRUHV x,QWHUSUHWDomRHTXtYRFDGDVH[SHFWDWLYDVGRVFOLHQWHV
  • 26. x3HUGDGHLQIRUPDo}HVSHORVQtYHLVKLHUiUTXLFRV x,QH[LVWrQFLDRXLPSUHFLVmRQDVLQIRUPDo}HVREWLGDVGHDQiOLVHVGHGHPDQGDHRX SHVTXLVDVGHPHUFDGR *DSGLIHUHQoDHQWUHDSHUFHSomRJHUHQFLDOGDVH[SHFWDWLYDVGRVXVXiULRVHDV HVSHFLILFDo}HVGDTXDOLGDGHGRVHUYLoRTXHUDWDVHGDQmRLQFOXVmRSHORVJHVWRUHV GH WRGRV RV HOHPHQWRV FDSD]HV GH DWHQGHU DV H[SHFWDWLYDV GRV FOLHQWHV QDV HVSHFLILFDo}HVGDTXDOLGDGHGRVHUYLoRUHVXOWDQGRQXPHQWHQGLPHQWRLQFRUUHWRGDV H[SHFWDWLYDVGRVFOLHQWHV$VSULQFLSDLVFDXVDVGHVWDIDOKDVmR x(UURVQDHODERUDomRGDVHVSHFLILFDo}HVHGHSODQHMDPHQWR x)DOWDGHFRPSURPLVVRGRVJHVWRUHV x)DOWDGRHVWDEHOHFLPHQWRGHPHWDVFODUDV *DSGLIHUHQoDHQWUHDVHVSHFLILFDo}HVGDTXDOLGDGHGRVHUYLoRHDSUHVWDomRGR VHUYLoR PHVPR TXH DV HVSHFLILFDo}HV GR VHUYLoR VHMDP DGHTXDGDV RV FRODERUDGRUHV SRGHP FRPHWHU HUURV H FRPSURPHWHU D TXDOLGDGH ILQDO GR VHUYLoR $VVLP HVVH *DS WUDWD GD GLIHUHQoD HQWUH RV SURFHGLPHQWRV HVSHFLILFDGRV H R GHVHPSHQKRUHDOQDSUHVWDomRGRVHUYLoR *DSGLIHUHQoDHQWUHDSHUFHSomRGRVHUYLoRHDVFRPXQLFDo}HVH[WHUQDVFRPR XVXiULR 7UDWDVH GD GLIHUHQoD HQWUH R VHUYLoR SURPHWLGR H R VHUYLoR SUHVWDGR DR XVXiULR $WUDYpV GD SURSDJDGD HRX GLYHUVDV RXWUDV IRUPDV GH FRPXQLFDomR VmR UHDOL]DGDVSURPHVVDVSDUDRFOLHQWHVREUHRQtYHOGHGHVHPSHQKRQDSUHVWDomRGR VHUYLoR3RUVXD YH] HVVDVSURPHVVDVDXPHQWDPDVH[SHFWDWLYDV GRVFOLHQWHVH FDVRQmRIRUHPFXPSULGDVJHUDPLQVDWLVIDomRQRVFOLHQWHV *DS ODFXQD HQWUH R VHUYLoR HVSHUDGR H R VHUYLoR SHUFHELGR 7UDWDVH GR UHVXOWDGRGRV*DS¶VDQWHULRUHVHRFRUUHTXDQGRXPRXPDLVGRVDQWHULRUHVRFRUUHP (VVH *DS TXH FRUUHVSRQGH j GLIHUHQoD HQWUH R VHUYLoR HVSHUDGR H D TXDOLGDGH SHUFHELGDSHORFRQVXPLGRUpXPDIXQomRGRV*DS¶VDQWHULRUHV
  • 27. (T *DS I *DS *DS *DS *DS $ SDUWLU GR 0RGHOR GH *DS¶V IRL GHVHQYROYLGR R LQVWUXPHQWR 6(5948$/ SDUD D DYDOLDomR GD TXDOLGDGH SHUFHELGD SHORV FOLHQWHV DQ 0F/DUHQ (VWH LQVWUXPHQWR WDPEpP FRQKHFLGR FRPR PRGHOR IHUUDPHQWD RX HVFDOD 6(5948$/ XWLOL]D R *DS GR 0RGHOR GH *DS¶V SDUD DYDOLDU D TXDOLGDGH SHUFHELGD SHORV FOLHQWHVDWUDYpVGHLWHQVTXHDERUGDPFULWpULRVUHODWLYRVDFLQFRGLPHQV}HVGD TXDOLGDGHTXHVmR RQILDELOLGDGHFDSDFLGDGHSDUDUHDOL]DUXPVHUYLoRGHIRUPDFRQILiYHO 3UHVWH]DFDSDFLGDGHGHSURYHUDWHQGLPHQWRLPHGLDWRHDMXGDURFOLHQWH 6HJXUDQoD FDSDFLGDGH GH WUDQVPLWLU VHJXUDQoD FRQILDQoD FRUWHVLD H FRQKHFLPHQWR (PSDWLDFDSDFLGDGHGHIRUQHFHUDWHQomRLQGLYLGXDOL]DGDDRVFOLHQWHV $VSHFWRVWDQJtYHLVDGHTXDomRGHHTXLSDPHQWRVLQVWDODo}HVSHVVRDOHQYROYLGRH PDWHULDLV 2 HPSUHJR GHVWH LQVWUXPHQWR p UHDOL]DGR FRP D FDSWDomR GDV H[SHFWDWLYDV H SHUFHSo}HVGRVFOLHQWHVSDUDFDGDLWHPDWUDYpVGDXWLOL]DomRGHXPD(VFDOD/LNHUW GH SRQWRV FRP RV H[WUHPRV PDUFDGRV FRP ³0XLWR %RP´ ³%RP´ ³5D]RiYHO´ ³5XLP´H³0XLWR5XLP´$SyVDFROHWDGHGDGRVpREWLGDXPDSRQWXDomRILQDODWUDYpV GDGLIHUHQoDHQWUHDVSHUFHSo}HVHDVH[SHFWDWLYDV *DS 3 ( 8PD SRQWXDomR SRVLWLYD QR *DS LQGLFD TXH R VHUYLoR SUHVWDGR VXSHUD D H[SHFWDWLYD R TXH JHUD VDWLVIDomR SDUD R FOLHQWH 8PD SRQWXDomR QHJDWLYD LQGLFD TXH R GHVHPSHQKR GR VHUYLoR HVWi DEDL[R GR HVSHUDGR UHYHODQGR TXDLV FULWpULRV JHUDPLQVDWLVIDomRSDUDRVFOLHQWHVHSRVVLELOLWDQGRDLQWHUYHQomRGRVJHVWRUHVSDUD DPHOKRULDGDTXDOLGDGH
  • 28. 6HJXQGRDQ0F/DUHQ DIHUUDPHQWD6(5948$/SRGHVHUXWLOL]DGDSRUXPD JUDQGH YDULHGDGH GH HPSUHVDV GH VHUYLoRV VHQGR QHFHVViULD D DGDSWDomR GR LQVWUXPHQWR GH SHVTXLVD DMXVWDQGR RV LWHQV DR FRQWH[WR HVSHFtILFR GR VHUYLoR DYDOLDGR $SHVDU GH DOJXPDV FUtWLFDV HPStULFDV FRQVWUXWLYDV IHLWDV ILFRX FRQFOXtGR TXH R 6(5948$/pXPLQVWUXPHQWR~WLOSDUDDSHVTXLVDGHTXDOLGDGHGHVHUYLoR /DGKDUL 'HDFRUGRFRP%HUU3DUDVXUDPDQ DRDYDOLDUDTXDOLGDGHGRVHUYLoRGHXPD HPSUHVD D FRQILDELOLGDGH p R SULQFLSDO IDWRU TXH RV FOLHQWHV FRQVLGHUDP 8PD HPSUHVDLUiDEDODUVXDUHODomRGHFRQILDQoDFRPRFOLHQWHTXDQGRVHGHVFXLGDUDR SUHVWDU R VHUYLoR FRPHWHU SHTXHQRV HUURV HYLWiYHLV RX DR GHL[DU GH FXPSULU R SURPHWLGRFRPRFOLHQWH 4XDOLGDGHHPVHUYLoRV $V SHVTXLVDV VREUH D DYDOLDomR GD TXDOLGDGH HP VHUYLoRV LQLFLDUDPVH DSyV D SUHRFXSDomR FRP D PHOKRULD GD TXDOLGDGH HP SURGXWRV 2V PHVPRV DXWRUHV GHILQHPDTXDOLGDGHGHXPVHUYLoRFRPRRJUDXGHFXPSULPHQWRGRVUHTXLVLWRVH H[SHFWDWLYDVGHXPFOLHQWHHDILUPDPTXHHODpPDLVGLItFLOGHVHUPHQVXUDGDGRTXH D TXDOLGDGH GH EHQV ItVLFRV GHYLGR jV FDUDFWHUtVWLFDV GRV VHUYLoRV TXH VmR FRPSRVWRVHPJUDQGHSDUWHSRUH[SHULrQFLDV (P VHUYLoRV D TXDOLGDGH VyDFRQWHFHGXUDQWH R FRQWDWR HQWUH FOLHQWHH SUHVWDGRU )LW]VLPPRQV )LW]VLPPRQV (OD VHUi DFHLWiYHO TXDQGR DV H[SHFWDWLYDV GRV FRQVXPLGRUHV VH LJXDODUHP FRP VXDV SHUFHSo}HV VREUH R TXH UHFHEHX 6ODFN 3RUpP QmR VH SRGH FRORFDU D UHVSRQVDELOLGDGH DSHQDV QR SHVVRDO GD OLQKD GH IUHQWH p SUHFLVR TXH KDMD LQWHUDomR HQWUH HTXLSHV 2V IXQFLRQiULRV GD UHWDJXDUGD GHYHP GDU WRGR R DSRLR QHFHVViULR SDUD RV GR DWHQGLPHQWR H HVWHV QmR SRGHP SURPHWHUFRLVDVTXHDTXHOHVQmRSRGHUmRFXPSULU2UHFRQKHFLPHQWRGDTXDOLGDGH GRVVHUYLoRVQRPXQGRLQGXVWULDOL]DGRHPTXHDVHPSUHVDVVHHQFRQWUDPVHWRUQD
  • 29. FDGD YH] PDLV FRPSOLFDGR 3RU HVWD TXHVWmR SDUD D PHOKRULD GD TXDOLGDGH p QHFHVViULRHVWDEHOHFHUYiULRVUHTXLVLWRVGHJDUDQWLDTXHGHYHPVHUFXPSULGRVSHORV IRUQHFHGRUHV +DUJUHDYHVHWDO 1HVWH VHQWLGR IRUDP DSUHVHQWDGDV DV WUrV FDUDFWHUtVWLFDV GRV VHUYLoRV DQ 0F/DUHQ RQIRUPHDEDL[R 6LPXOWDQHLGDGHVHUYLoRVVmRSURGX]LGRVHFRQVXPLGRVVLPXOWDQHDPHQWH ,QWDQJLELOLGDGH VHUYLoRV UHSUHVHQWDP XP SURGXWR QmR ItVLFR QmR SRGHQGR VHU WUDQVSRUWDGRVHRXDUPD]HQDGRV +HWHURJHQHLGDGHDSUHVWDomRGHGHWHUPLQDGRVHUYLoRYDULDGHSHQGHQGRGHTXHP R H[HFXWDHGHRQGHpSUHVWDGRPXGDQGRGHFOLHQWHSDUDFOLHQWHHGHXPPRPHQWR SDUDRRXWUR $VFDUDFWHUtVWLFDVOLVWDGDVDFLPDLPSOLFDPHPXPDVpULHGHFRQVHTXrQFLDVHQWUHDV TXDLVFRQYpPPHQFLRQDUTXHRFOLHQWHpDIHWDGRLPHGLDWDPHQWHSRUTXDOTXHUIDOKD QRVLVWHPDGHSUHVWDomR MiTXHpXPHOHPHQWRSUHVHQWHQHVWH RTXHWRUQDGLItFLO RXTXDVHLPSRVVtYHOGHWHFWDUHFRUULJLUHYHQWXDLVIDOKDVDQWHV TXHHODVRFRUUDPH DIHWHPRFOLHQWH$OpPGLVVRQmRpSRVVtYHOFULDUVWRFNVGHVHJXUDQoDSDUDDEVRUYHU DV YDULDo}HV QD SURFXUD H D KHWHURJHQHLGDGH GRV VHUYLoRV GLILFXOWD RX PHVPR LPSRVVLELOLWD VXD SDGURQL]DomR Mi TXH R VHUYLoR p UHDOL]DGR FRP GLIHUHQWHV SHUIRUPDQFHVHPPRPHQWRVGLIHUHQWHV (VVDV H[SHFWDWLYDV FRUUHVSRQGHP DRV GHVHMRV GRV FOLHQWHV HP UHODomR D FRPR D SUHVWDomR GH XP VHUYLoR GHYHULD VHU 6KHQJWDR -XQ 1RV VHUYLoRV R FRQVXPLGRU TXH SURYDYHOPHQWH SDUWLFLSD GD RSHUDomR VLPXOWDQHLGDGH QmR MXOJD DSHQDV R VHX UHVXOWDGR PDV WDPEpP RV DVSHFWRV GH VXD SURGXomR 3RUWDQWR D TXDOLGDGHGRVHUYLoRSRGHVHUUHVXOWDQWHGDSHUFHSomRTXHRFOLHQWHWHYHGRVHUYLoR FRQIURQWDGDFRPRVHUYLoRHVSHUDGR %DWDOKD (VWD~OWLPDDILUPDomRHVWiEDVHDGDQRPpWRGRPDLVVLPSOHVHPDLVDFHLWHGHGHILQLU D VDWLVIDomR GR FOLHQWH TXH p D ³GHVFRQIRUPLGDGH GH H[SHFWDWLYD´ SURSRVWR SRU %RZHUVR[HWDO TXHDILUPDPTXHDTXDOLGDGHGHXPVHUYLoRpXPDIXQomRGD
  • 30. GLIHUHQoD HQWUH R VHUYLoR SHUFHELGR H R VHUYLoR HVSHUDGR 1HVWH VHQWLGR SRGHP RFRUUHUWUrVWLSRVGHGHVFRQILUPDomR 'HVFRQILUPDomRQHJDWLYDTXDQGRRGHVHPSHQKRGHXPVHUYLoRpSLRUGRTXHDV H[SHFWDWLYDV 'HVFRQILUPDomRSRVLWLYDTXDQGRRVHUYLoRDSUHVHQWDXPGHVHPSHQKRPHOKRUGR TXHDVH[SHFWDWLYDV 'HVFRQILUPDomR]HURTXDQGRRGHVHPSHQKRGRVHUYLoRpLJXDOjVH[SHFWDWLYDV
  • 31. $3Ë78/26LVWHPDVGH*HVWmRGD4XDOLGDGH 4XDOTXHU RUJDQL]DomR JRVWDULD GH PHOKRUDU D IRUPD QD TXDO RSHUD TXHU LVWR VLJQLILTXH PHOKRUDU D VXD SDUWLFLSDomR QRPHUFDGR UHGX]LU RV FXVWRV JHUHQFLDU R ULVFRPDLVHILFD]PHQWHRXPHOKRUDUDVDWLVIDomRGRVFOLHQWHV8PVLVWHPDGHJHVWmR SURPRYH D HVWUXWXUD QHFHVViULD SDUD PD[LPL]DU H PHOKRUDU R GHVHPSHQKR HP TXDOTXHUiUHDGHVHXLQWHUHVVH 8P 6LVWHPD GH *HVWmR GH 4XDOLGDGH 6*4 p GHILQLGR FRPR WRGD D HVWUXWXUD RUJDQL]DFLRQDOGHXPDHPSUHVDVXDVUHVSRQVDELOLGDGHVSURFHGLPHQWRVHWRGRR FRQMXQWRGHSURFHVVRVHUHFXUVRVTXHLPSOHPHQWDPDJHVWmRGHTXDOLGDGH HXQJ KDQ 2ULJLQDOPHQWH RV 6*4 IRUDP GHVHQYROYLGRV SDUD D LQG~VWULD GD SURGXomR FRPR IRUPDGHIRUQHFHUUHJUDVHUHJXODPHQWRVSDUDDSUiWLFDGDTXDOLGDGH+RMHHPGLDD SUiWLFDGDJHVWmRGHTXDOLGDGHHVWiODUJDPHQWHGHIHQGLGDHPTXDOTXHURUJDQL]DomR OLJDGD j VD~GH $OJXPDV GDV SULQFLSDLV UD]}HV SDUD HVWHIDWR VmR R DXPHQWR GDV LQVWLWXLo}HV GH VD~GH H D VXD FRPSOH[LGDGH R IRFR QD HILFLrQFLD H HILFiFLD H D SUHVVmRGHTXHUHUUHGX]LUFXVWRV 9DQ+DUWHQHWDO 1mR p SRU DFDVR TXH D DYDOLDomR GH XP 6*4 WHP FRPR IRFR SULQFLSDO D VXD HVWUXWXUDRUJDQL]DFLRQDODVDWLVIDomRGRVIXQFLRQiULRVHGRVFOLHQWHV$LPSODQWDomR GHXP6*4UHTXHUXPDSROtWLFDGHJHVWmRDSURSULDGDHIRUPDomRDGHTXDGDSDUDRV WUDEDOKDGRUHV 3RU FRQVHJXLQWH R HVIRUoR UHTXHULGR SDUD LQWHJUDU R 6*4 QDV RSHUDo}HV GR GLD D GLD FRP XP DPELHQWH RQGH RV WUDEDOKDGRUHV VH HQTXDGUDP HVWHMDPPRWLYDGRVHVHVLQWDPEHPDWUDEDOKDUpPXLWRLPSRUWDQWH HXQJKDQ 2 6LVWHPD GH *HVWmR GD 4XDOLGDGH FRPR IHUUDPHQWD TXH WUD] SDGURQL]DomR GH SURFHVVRV H FRQWUROH VREUH RV PHVPRV YLDELOL]D PHGLU D HILFLrQFLD H YHULILFDU D HILFiFLD GDV Do}HV WRPDGDV FRP IRFR HVSHFtILFR QD VDWLVIDomR GR FOLHQWH H QD PHOKRULD FRQWLQXD GRV SURFHVVRV (VVH VLVWHPD SURSRUFLRQD VHJXUDQoD j DOWD GLUHomR QDV WRPDGDV GH GHFLVmR SRLV SRVVLELOLWD D OHLWXUD GH LQGLFDGRUHV GH GHVHPSHQKRSUHFLVRVHFRQILiYHLV
  • 32. 2 6*4 p FRQVLGHUDGR XPD GDV IHUUDPHQWDV PDLV HILFLHQWHV TXH DV HPSUHVDV SRVVXHPSDUDDXPHQWDUDFRPSHWLWLYLGDGH*DUDQWHVHDFRQVLVWrQFLDGHXPSURGXWR DWUDYpVGHXPDDERUGDJHPULJRURVDDRSURFHVVRGHJHVWmRTXHLQFOXLDYDOLGDomR FRQWUROH GH GRFXPHQWRV UDVWUHDELOLGDGH GRV ORWHV TXDOLILFDomR GRV RSHUDGRUHV DWUDYpVGDVXDIRUPDomR HFRQWUROHGRSURGXWRILQDO +XJKHV 8P6*4HILFD]SHUPLWHjHPSUHVDWHUDJDUDQWLDGHRVVHXVSURGXWRVHVHUYLoRVVH HQFRQWUDPGHIRUPDFRQVLVWHQWHHHPFRQIRUPLGDGHFRPRVUHTXLVLWRVGRVFOLHQWHV *LQJHOHHWDO $TXDOLGDGHSDVVRXDVHUPXLWRLPSRUWDQWHSDUDDVRUJDQL]Do}HVDSDUWLUGRDGYHQWR GD SURGXomR HP ODUJD HVFDOD SURGXomR HP PDVVD $ SDUWLU GD GpFDGD GH D TXDOLGDGHSDVVDDVHUYLVWDFRPRXPDIXQomRJHUHQFLDOGLVWLQWDGDVRXWUDVIXQo}HV GDRUJDQL]DomR /XFLQGD HUWLILFDomRGH4XDOLGDGH,62 2 ILQDO GD GpFDGD GH IRL PDUFDGR SRU GLYHUVDV PXGDQoDV SROtWLFDV H HFRQ{PLFDV SULQFLSDOPHQWH HP UHODomR j DEHUWXUD GRV PHUFDGRV 1RYDV RUJDQL]Do}HVGHRULJHPHVWUDQJHLUDFRPHOHYDGRDYDQoRWHFQROyJLFRLQJUHVVDUDP QR %UDVLO (VWD DEHUWXUD SURSRUFLRQRX jV HPSUHVDV EUDVLOHLUDV H[SRUWDUHP VHXV SURGXWRV VHQGR TXH SDUD LVVR RFRUUHU IRL QHFHVViULR TXH DV FRQIRUPLGDGHV GH TXDOLGDGHGHVVHVVHJXLVVHPXPDFHUWLILFDomRLQWHUQDFLRQDO 1R LQtFLR GD GpFDGD GH D FHUWLILFDomR ,62 VXUJLX QR %UDVLO FRPR XPD UHYROXomR HP WHUPRV GH TXDOLGDGH 3HUWHQFHQWH D XPD RUJDQL]DomR QmR JRYHUQDPHQWDO HXURSpLD D ,QWHUQDWLRQDO 2UJDQL]DWLRQ IRU 6WDQGDUGL]DWLRQ ,62 VHGLDGD HP *HQHEUD QD 6XtoD SRVVXL D PLVVmR GH DSULPRUDU R GHVHPSHQKR GD QRUPDOL]DomR H GDV DWLYLGDGHV UHODFLRQDGDV QR PXQGR LQWHLUR FRP REMHWLYR GH IDFLOLWDUDWURFDLQWHUQDFLRQDOGHEHQVHVHUYLoRVHRGHVHQYROYLPHQWRGDFRRSHUDomR QDVHVIHUDVLQWHOHFWXDOFLHQWtILFDHWHFQROyJLFD
  • 33. 2WHUPR,62SRVVXLRULJHPJUHJDVHQGRRULXQGRGDSDODYUD³LJXDO´GHYLGRDVXD LGHLDGHXQLIRUPLGDGHSDGU}HVFRUUHWRVGHTXDOLGDGHWDPEpPWHQGRFRPRREMHWLYR DVXDSURQ~QFLDLGrQWLFDHPWUrVOtQJXDVGLIHUHQWHVRLQJOrVRIUDQFrVHRUXVVR 2REMHWLYRGD,62pGHVHQYROYHUHGLIXQGLUQRUPDVTXHSRVVDPVHUXWLOL]DGDVSRU WRGRVRVSDtVHVGRPXQGRHUFDGHSDtVHVID]HPSDUWHGD,62(VVHVSDtVHV VmR UHSUHVHQWDGRV QD RUJDQL]DomR SRU VXDV HQWLGDGHV QRUPDWLYDV 1R FDVR GR %UDVLO HVVD UHSUHVHQWDomR HVWi D FDUJR GD $VVRFLDomR %UDVLOHLUD GH 1RUPDV 7pFQLFDV±$%17 /XFLQGD 'XUDQWHDLPSODQWDomRGRVLVWHPDGHJHVWmRDRUJDQL]DomRpVXEPHWLGDjVGLYHUVDV DXGLWRULDVRQGHVHYHULILFDPYiULRVDVSHFWRVWDLVFRPROHYDQWDPHQWRVGHGDGRVQD RUJDQL]DomRSDGURQL]DomRGRVSURFHGLPHQWRVHODERUDomRGHPDQXDLVRFRUUrQFLD GHDXGLWRULDVLQWHUQDVHFRUUHo}HVGRVSUREOHPDVDSRQWDGRVSRUHOD3RUILPRFRUUH DFHUWLILFDomREDVHDGDHPGLYHUVDVSUpDXGLWRULDVHDDXGLWRULDILQDO 5HVVDOWDVH WDPEpP TXH PHVPR DSyV D FHUWLILFDomR GHYHP VHU UHDOL]DGDV SHULRGLFDPHQWHGLYHUVDVDXGLWRULDVRQGHpYHULILFDGRVHWRGRVRVSURFHVVRVHVWmR HPFRQIRUPLGDGHDVRFRQWUiULRDFHUWLILFDGRUDSRGHUiVXVSHQGHURXDWpPHVPR FDVVDUDFHUWLILFDomRGDRUJDQL]DomRDXGLWDGD 6HJXQGR D 1%5 ,62 D RUJDQL]DomR GHYH H[HFXWDU DXGLWRULDV LQWHUQDV HP LQWHUYDORVSODQHMDGRVSDUDGHWHUPLQDUVHRVLVWHPDGHJHVWmRGDTXDOLGDGHD HVWi FRQIRUPH DV GLVSRVLo}HV SODQHMDGDV FRP RV UHTXLVLWRV GHVVD QRUPD H FRP RV UHTXLVLWRV GR VLVWHPD GH JHVWmR GD TXDOLGDGH HVWDEHOHFLGRV SHOD RUJDQL]DomR E HVWiPDQWLGRHLPSOHPHQWDGRHILFD]PHQWH
  • 34. $3Ë78/2)RUQHFHGRUHVHDDGHLDGH6XSULPHQWRV (VWHFDStWXORFRUUHVSRQGHDXPDEUHYHLQWURGXomRDRVIRUQHFHGRUHVHDVXDFDGHLD GH VXSULPHQWRV QR kPELWR FLHQWLILFR WDLV FRPR R JHUHQFLDPHQWR GHVVHV IRUQHFHGRUHVVXDTXDOLILFDomRHDWHUFHLUL]DomRGDFDGHLDGHVXSULPHQWRV 6XEFRQWUDWDomRGHJUDQGHSDUWHGDVRSHUDo}HVYHPWRUQDQGRRGHVHPSHQKRGDV GHQWH GRV VHXV IRUQHFHGRUHV 6H D VXEFRQWUDWDomR QmR IRU UHDOL]DGD GH IRUPD DGHTXDGD SRGH SUHMXGLFDU FRQVLGHUDYHOPHQWH D SURGXWLYLGDGH GD HPSUHVD XPD YH] TXH D FDSDFLGDGH GH UHVSRVWD D LPSUHYLVWRV UHGX] SUREOHPDV GH TXDOLGDGH DWUDVRV GRV IRUQHFHGRUHVHHWF $ TXDOLGDGH R SUHoR H D UHJXODULGDGH VmR SRQWRV IXQGDPHQWDLV SDUD JDUDQWLU R VXFHVVR GRV IDEULFDQWHV 6H R IRUQHFHGRU HQWUHJDU IRUD GR SUD]R RX QmR WLYHU FDSDFLGDGH GH HQWUHJDU R SURGXWR RX VHUYLoR FRQWUDWDGR D SURGXomR IDEULO VHUi SUHMXGLFDGD $V TXDWUR GLPHQV}HV WUDGLFLRQDLV GH DWHQGLPHQWR DR FOLHQWH GH XPD SHUVSHFWLYD ORJtVWLFD VmR R WHPSR D FRQILDELOLGDGH D FRQYHQLrQFLD H D FRPXQLFDomRVHQGRDVSHFWRVHVVHQFLDLVQRGHVHQYROYLPHQWRGHXPSURJUDPDGH VHUYLoRSHUIHLWRHHILFD]DRFOLHQWH(VWDVVmRDVGLPHQV}HVGRGHVHPSHQKRSDUD DWHQGLPHQWRDRFOLHQWHQDiUHDGHORJtVWLFD ROHHWDO $UHODomRGRIRUQHFHGRUFRPRFOLHQWHGHYHVHUPXWXDPHQWHEHQpILFRVDILPGHTXH VHDOFDQFHDTXDOLGDGHHVSHUDGDSRUDPEDVDVSDUWHV$FRPSUDpSODQHMDGDMXQWR FRPRIRUQHFHGRUSDUDTXHHOHVDLEDRTXHWHUiGHSURGX]LUFRUUHWDPHQWHHTXDQGR HQWUHJDU /XFLQGD 2 JHUHQFLDPHQWR GD FDGHLD GH VXSULPHQWRV p XP FRQMXQWR GH PpWRGRV TXH VmR XVDGRVSDUDSURSRUFLRQDUXPDPHOKRULQWHJUDomRHXPDPHOKRUJHVWmRGHWRGRVRV SDUkPHWURV GD UHGH WUDQVSRUWHV HVWRTXHV FXVWRV HWF (VVHV SDUkPHWURV HVWmR SUHVHQWHV QRV IRUQHFHGRUHV QD VXD SUySULD HPSUHVD H ILQDOPHQWH QRV FOLHQWHV $ JHVWmRDGHTXDGDGDUHGHSHUPLWHXPDSURGXomRRWLPL]DGDSDUDRIHUHFHUDRFOLHQWH ILQDO R SURGXWR FHUWR QD TXDQWLGDGH FHUWD 2 REMHWLYR p REYLDPHQWH UHGX]LU RV fábricas do polo industrial de motocicletas cadas vez mais depen
  • 35. FXVWRVDRORQJRGDFDGHLDWHQGRHPFRQWDDVH[LJrQFLDVGRFOLHQWH±DILQDOLVVRp TXDOLGDGHHQWUHJDURTXHRFOLHQWHTXHUQRSUHoRHQDVFRQGLo}HVTXHHOHHVSHUD $JHVWmRGDFDGHLDGHVXSULPHQWRVSRGHVHUYLVWDFRPRXPJDVRGXWRRXFDQDOSDUD RIOX[RHILFLHQWHHHILFD]GHSURGXWRVPDWHULDLVVHUYLoRVLQIRUPDo}HVHILQDQoDVGH IRUQHFHGRUHV GR IRUQHFHGRU DWUDYpV GDV YiULDV RUJDQL]Do}HV LQWHUPHGLiULDV RX HPSUHVDV DRV FOLHQWHV GR FOLHQWH RX XP VLVWHPD GH OLJDomR HQWUH UHGH GH IRUQHFHGRUHVRULJLQDLVHRFRQVXPLGRUILQDO$SHUVSHFWLYDGDHPSUHVDHVWHQGLGDGH JHVWmR GD FDGHLD GH VXSULPHQWRV UHSUHVHQWD XPD H[WHQVmR OyJLFD GR FRQFHLWR GH ORJtVWLFD RIHUHFHQGR D RSRUWXQLGDGH GH YHU R VLVWHPD WRWDO GH HPSUHVDV LQWHU UHODFLRQDGDVSDUDDXPHQWDUDHILFLrQFLDHHILFiFLD ROHHWDO $ 4XDOLILFDomR GH )RUQHFHGRUHV YLVD GLPLQXLU RV ULVFRV QDV UHODo}HV HQWUH FRQWUDWDQWHHFRQWUDWDGRDOpPGHDVVHJXUDURIRUQHFLPHQWRGHLQVXPRVGHQWURGH XPSDGUmRGHTXDOLGDGHHVWDEHOHFLGRFRPRPtQLPRHVIRUoRHPDo}HVFRUUHWLYDV 8P IRUQHFHGRU TXH DSUHVHQWD RV PHQRUHV SUHoRV SRGH VH UHYHODU LQFDSD] GH H[HUFLWDU RV VHUYLoRV SUHYLVWRV GHQWUR GH SUD]RV HVWDEHOHFLGRV HRX DWHQGHU DRV SDUkPHWURV GH TXDOLGDGH GHVHMDGRV (P FRQWUDSDUWLGD XP IRUQHFHGRU YLWRULRVR p DTXHOHTXHHVWiPDLVSUHSDUDGRSDUDDUHGXomRGHFXVWRVHIRUQHFHVHUYLoRVTXH DJUHJDPYDORUDRFOLHQWH'HVVDIRUPDDRTXDOLILFDUXPIRUQHFHGRUEXVFDVHREWHU D XQLIRUPLGDGH GD TXDOLGDGH VHJXUDQoD H HILFiFLD GRV SURGXWRV H VHUYLoRV DGTXLULGRVDOPHMDQGRDPHOKRUDFRQWtQXDGRVSURFHVVRVRUJDQL]DFLRQDLV eLPSRUWDQWHOHPEUDUPRVTXHRIRUQHFHGRUYDLDOpPGHXPVLPSOHVIRUQHFLPHQWRR PHVPRHVWiWDPEpPLQVHULGRQRSURFHVVRGHWHUFHLUL]DomRTXHLQHJDYHOPHQWHWHP FRQWULEXtGRSDUDDH[SDQVmRFDGDYH]PDLRUGDVSHTXHQDVHJUDQGHVIiEULFDVGR R DR PHUFDGR GH WUDEDOKRFRPRQRDJUHJDGRGHSURGXomRGRVHWRULQGXVWULDO $ WHUFHLUL]DomR GR WUDEDOKR H[SUHVVD XPD GDV PDLRUHV DOWHUDo}HV QR PRGR GH SURGXomRHGLVWULEXLomRGHEHQVHVHUYLoRVYHULILFDGRVGXUDQWHDSDVVDJHPSDUDR VpFXOR ;;, QDV HFRQRPLDV FDSLWDOLVWDV 0HVPR DVVLP SUHSRQGHUDP GLIHUHQoDV LPSRUWDQWHV H LQHJiYHLV QR PRYLPHQWR JHUDO GH WHUFHLUL]DomR GR WUDEDOKR HQWUH SDtVHV Polo Industrial de Manaus, tanto que se refere ao seu peso junt
  • 36. 1DV HFRQRPLDV GHVHQYROYLGDV SRU H[HPSOR D WHUFHLUL]DomR GR WUDEDOKR UHVXOWD PXLWDVYH]HVGDRSomRSDWURQDOSHODDPSOLDomRGRVJDQKRVGHSURGXWLYLGDGHV$ SDUWLU GD DGRomR GH QRYRV PHLRV GH JHVWmR GD PmR GH REUD H LQFRUSRUDomR WHFQROyJLFDRSURFHVVRSURGXWLYRSDVVRXDVHUFUHVFHQWHPHQWHFRPSDUWLOKDGRSRU XPFRQMXQWRGHGLYHUVDVHPSUHVDVTXHVXEFRQWUDWDPVHXVHPSUHJDGRV1RVSDtVHV QmR GHVHQYROYLGRV D WHUFHLUL]DomR GR WUDEDOKR H[SDQGLXVH PDLV UHFHQWHPHQWH $ SULQFLSDO PRWLYDomR GR SURFHVVR GHWHUFHLUL]DomR WHP VLGR JHUDOPHQWH D EXVFD GD UHGXomR GR FXVWR GR WUDEDOKR FRPR PHFDQLVPR GH PDLRU FRPSHWLWLYLGDGH H DPSOLDomR GD PDUJHP GH OXFUR GLDQWH GD H[SRVLomR GR VHWRU SURGXWLYR j FRQFRUUrQFLD LQWHUQDFLRQDO (P IXQomR GLVVR D WHUFHLUL]DomR DSUHVHQWD SUHGRPLQDQWHPHQWH D PRGDOLGDGH GH FRQWUDWDo}HV GH WUDEDOKDGRUHV FRP UHPXQHUDomR H FRQGLo}HV GH WUDEDOKR LQIHULRUHV DRV SRVWRV GH WUDEDOKR DQWHULRUPHQWH H[LVWHQWHV H DRV HTXLYDOHQWHV QmR VXEPHWLGRV j VXEFRQWUDWDomR GD PmRGHREUD 3DUDKDVHHWDO WHUFHLUL]DomRpRDWRGHWUDQVIHULUDOJXPDVGDVDWLYLGDGHV LQWHUQDV H D UHVSRQVDELOLGDGH GH GHFLV}HV GH XPD HPSUHVD SDUD XP IRUQHFHGRU H[WHUQR2VWHUPRVGRDFRUGRVmRHVWDEHOHFLGRVHPXPFRQWUDWR2VFRQWUDWRVGH WHUFHLUL]DomR YmR DOpP GRV FRQWUDWRV FRPXQV GH FRPSUD H FRQVXOWRULD SRUTXH DV DWLYLGDGHV QmR VmR DSHQDV WUDQVIHULGDV PDV RV UHFXUVRV TXH ID]HP D DWLYLGDGH RFRUUHU LQFOXLQGR SHVVRDV LQVWDODo}HV HTXLSDPHQWRV WHFQRORJLD H RXWURV DWLYRV WDPEpP VmR WUDQVIHULGRV $V UHVSRQVDELOLGDGHV SDUD WRPDU GHFLV}HV VREUH FHUWRV HOHPHQWRVGDVDWLYLGDGHVWDPEpPVmRWUDQVIHULGDV$HVSHFLDOLGDGHGRVIDEULFDQWHV FRQWUDWDGRV p DVVXPLU WRWDO UHVSRQVDELOLGDGH SHOD WHUFHLUL]DomR 1D LQG~VWULD GH HOHWU{QLFRV SRU H[HPSOR GD PDQXIDWXUD VmR GHVHPSHQKDGDV SRU HVVHV IDEULFDQWHV FRQWUDWDGRV VHQGR TXH PXLWRV GHOHV DGPLQLVWUDP WRGD D FDGHLD GH VXSULPHQWRVLQFOXLQGRGLVWULEXLomRHFRQVHUWRV 2V PRWLYRV TXH OHYDP XPD HPSUHVD D GHFLGLU SHOD WHUFHLUL]DomR YDULDP PXLWR $ )LJXUD VHJXQGR KDVH HW DO OLVWD H[HPSORV GH PRWLYRV SDUD WHUFHLUL]DUHVHXVEHQHItFLRV
  • 37. 0RWLYRVSDUD7HUFHLUL]DUH6HXV%HQHItFLRV 0RWLYRV2UJDQL]DFLRQDLV x 0HOKRULDQDHILFiFLDDWUDYpVGRIRFRQDTXLORTXHDHPSUHVDID]GHPHOKRU x $XPHQWRGDIOH[LELOLGDGHSDUDDWHQGHUDVFRQGLo}HVGHPXGDQoDVQRQHJyFLRGHPDQGDSRUSURGXWRVHPHUFDGRVHWHFQRORJLDV x 7UDQVIRUPDomRGDRUJDQL]DomR %XVFDGH0HOKRULDV x 0HOKRULDQRGHVHPSHQKRRSHUDFLRQDO DXPHQWRGDSURGXWLYLGDGHHTXDOLGDGHWHPSRVGHFLFORPDLVFXUWRVHDVVLPSRUGLDQWH x 2EWHQomRGHH[SHUWLVHKDELOLGDGHVHWHFQRORJLDVTXHQmRHVWmRGLVSRQtYHLVGHRXWUDPDQHLUD x 0HOKRULDQRFRQWUROHHJHUHQFLDPHQWR x 0HOKRULDQRJHUHQFLDPHQWRGHULVFR x $TXLVLomRGHLGHLDVLQRYDGRUDV x 0HOKRULDGDLPDJHPHFUHGLELOLGDGHDWUDYpVGDDVVRFLDomRFRPWHUFHLURVVXSHULRUHV 0RWLYRV)LQDQFHLURV x 5HGXomRQRLQYHVWLPHQWRHPDWLYRVHOLEHUDomRGHVVHVUHFXUVRVSDUDRXWURVSURSyVLWRV x *HUDomRGHFDL[DDWUDYpVGDWUDQVIHUrQFLDGHDWLYRSDUDWHUFHLUR %XVFDGH5HFHLWD x *DQKRGHDFHVVRDRPHUFDGRHRSRUWXQLGDGHVGHQHJyFLRVDWUDYpVGDUHGHGRWHUFHLUR x $FHOHUDomRGDH[SDQVmRDWUDYpVGRGHVHQYROYLPHQWRGDFDSDFLGDGHGRVSURFHVVRVHVLVWHPDVGRWHUFHLUR x ([SDQVmRGDVYHQGDVHFDSDFLGDGHGHSURGXomRGXUDQWHRVSHUtRGRVTXDQGRWDOH[SDQVmRQmRSRGHVHUILQDQFLDGD x ([SORUDomRGDVKDELOLGDGHVH[LVWHQWHVFRPHUFLDOPHQWH 5HGXomRGHXVWRV x 5HGXomRGHFXVWRVDWUDYpVGRGHVHPSHQKRVXSHULRUGRWHUFHLURHDPHQRUHVWUXWXUDGHFXVWRVGRPHVPR x 7UDQVIRUPDUFXVWRVIL[RVHPFXVWRVYDULiYHLV (VWtPXORVDRV)XQFLRQiULRV x 3URSRUFLRQDUXPDFDUUHLUDSURILVVLRQDOFRPPDLVSHUVSHFWLYDVDRVIXQFLRQiULRV x $XPHQWDURFRPSURPHWLPHQWRHHQHUJLDGDViUHDVQmRFHQWUDLVGDHPSUHVD )LJXUD0RWLYRVSDUDWHUFHLUL]DHVHXVEHQHItFLRV +$6(HWDO )RQWH5HLPSUHVVRGHVWUDWHJLFRXWVRXUWLQJRSULJKW0DXULFH)*UHDYHU,,5HLPSUHVVRFRPSHUPLVVmRGD$0$21XPDGLYLVmRGD$PHULFDQ 0DQDJHPHQW$VVRFLDWLRQ,QWHUQDFLRQDO1RYDRUN7RGRVRVGLUHLWRVUHVHUYDGRVKWWSZZZDPDQHWRUJ
  • 38. $3Ë78/20HWRGRORJLDGH3HVTXLVD$SOLFDGD 1HVWH FDSLWXOR p DERUGDGD j PHWRGRORJLD XWLOL]DGD GXUDQWH R WUDEDOKR GH LQYHVWLJDomRGHVGHRGHVHQYROYLPHQWRGRTXHVWLRQiULRDWpDFROHWDGRVGDGRVWDLV FRPR D PHWRGRORJLD GH SHVTXLVD DSOLFDGD QHVWD GLVVHUWDomR H IXQGDPHQWDomR WHyULFDGDVIHUUDPHQWDVXVDGDVSDUDREWHQomRGHGDGRV 4XHVWLRQiULR 2 TXHVWLRQiULR GHVHQYROYLGR WHYH VXD HVWUXWXUD GLYLGLGD HP GXDV SDUWHV GH LQYHVWLJDomR 1D SULPHLUD SDUWH SURFXURXVH FDUDFWHUL]DU DV RUJDQL]Do}HV HQWUHYLVWDGDV 1D VHJXQGD SDUWH VmR LQYHVWLJDGDV D LPSRUWkQFLD GH VHOHFLRQDU IRUQHFHGRUHVFRPEDVHQDQRUPD,62HDTXDOLGDGHGRVHUYLoRRIHUHFLGRSRU IRUQHFHGRUHV FHUWLILFDGRV VHJXQGR D QRUPD ,62 H IRUQHFHGRUHV QmR FHUWLILFDGRV $VVHJXUDQGR D XWLOL]DomR GH XPD HVFDOD FRUUHWD TXH WUDQVPLWD XPD PDLRUFRQILDELOLGDGHQRVUHVXOWDGRVGDDQiOLVHGDTXDOLGDGHGRVHUYLoRIRLDSOLFDGD D HVFDOD GR WLSR /LNHUW 2 TXHVWLRQiULR GHVHQYROYLGR SDUD DYDOLDU D TXDOLGDGH GR VHUYLoRpFRPSRVWRGHTXHVW}HVGHP~OWLSODHVFROKDGHUHVSRVWDVIHFKDGDVVLPSOHV iJHLVHGHIiFLOHQWHQGLPHQWRSDUDRXVXiULR3RUpPRTXHRVGLIHUHpDYDULDomRQD HVFDODGHUHVSRVWDV (VFDOD/LNHUW 1HVWHWUDEDOKRGH3HVTXLVDIRLXWLOL]DGDDHVFDOD/LNHUWSDUDREWHQomRGDVUHVSRVWDV SUHWHQGLGDV 3DUDFRQFHEHUXPDHVFDODGHPHGLGDSDUDXPIHQ{PHQRTXDOLWDWLYRRSHVTXLVDGRU GHYHFRQVLGHUDURUHIHUHQFLDOWHyULFRUHODWLYRjPHQVXUDomRGHHYHQWRVTXDOLWDWLYRVH DVFDUDFWHUtVWLFDVGHVHXREMHWLYRGHHVWXGR$UHSUHVHQWDomRQXPpULFDGHYHVXJHULU R TXH VHMDP DV PDQLIHVWDo}HV HVSHUDGDV GHVVH REMHWR VHJXQGR R XQLYHUVR GH FRQKHFLPHQWRVGLVSRQtYHLVVREUHHOH(P/LNHUWSURS{VXPDHVFDODGHFLQFR SRQWRVDPHVPDXWLOL]DGDQHVWHWUDEDOKRGHSHVTXLVDFRPXPSRQWRPpGLRSDUD UHJLVWURGDPDQLIHVWDomRGHVLWXDomRLQWHUPHGLiULDGHLQGLIHUHQoDRXGHQXOLGDGHGR
  • 39. WLSR ³yWLPR´ ³ERP´ ³UHJXODU´ ³UXLP´ H ³SpVVLPR´ (VVD HVFDOD WRUQRXVH XP SDUDGLJPDGDPHQVXUDomRTXDOLWDWLYDHGHVGHHQWmRWHPVLGRODUJDPHQWHDSOLFDGD TXHU QD IRUPD RULJLQDO TXHU HP DGDSWDo}HV SDUD GLIHUHQWHV REMHWRV GH HVWXGR 3HUHLUD %DWL]DGDHPKRPHQDJHPDRVHXFULDGRU5HQVLV/LNHUWDHVFDOD/LNHUWpXPDHVFDOD DPSODPHQWH XWLOL]DGD TXH H[LJH TXH RV HQWUHYLVWDGRV LQGLTXHP XP JUDX GH FRQFRUGkQFLD RX GLVFRUGkQFLD FRP FDGD XPD GH XPD VpULH GH DILUPDo}HV VREUH REMHWLYRVGHHVWtPXORV 0DOKRWUD 3DUDVHUFRQVLGHUDGDXPDHVFDOD/LNHUWQRHQWDQWRpSUHFLVRTXHFDGDLWHPVHMD DSUHVHQWDGRVREDIRUPDGHXPDSHUJXQWDFRPFDGDJUDGDomRFRPRXPDUHVSRVWD SRVVtYHO DOpP GH FDGD JUDGDomR VH PRVWUDU QXPD RUGHP GHVFHQGHQWH RQGH R SULPHLUR LWHP LQGLFD R PDLRU JUDX GH FRQFRUGkQFLD R ~OWLPR R PDLRU JUDX GH GLVFRUGkQFLDHRLWHPGRPHLRQHXWURVHQGRELYDOHQWHVHVLPpWULFRV 3DUDDQDOLVDURVUHVXOWDGRVFROHWDGRVSRUXPDHVFDOD/LNHUWDWULEXtVHYDORUHVSDUD FDGD XP GRV LWHQV FRPHoDQGR HP ]HUR SDUD R LWHP QHXWUR H DXPHQWDQGR RX GLPLQXLQGRHPSDUDFDGDLWHPDFLPDRXDEDL[RUHVSHFWLYDPHQWHSDUDHPVHJXLGD REWHUVHDPpGLDGRVYDORUHVWRWDLVDYDOLDGRV 3HVR 'HVFULomR 1mR(VVHQFLDO 3RXFR(VVHQFLDO 5D]RDYHOPHQWH(VVHQFLDO (VVHQFLDO 0XLWR(VVHQFLDO 7DEHOD±(VFDOD$
  • 40. 3HVR 'HVFULomR 0XLWR5XLP 5XLP 5D]RiYHO %RP 0XLWR%RP 7DEHOD±(VFDOD% 2 IRUPXOiULR GHVHQYROYLGR SDUD DYDOLDU D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU IRUQHFHGRUHV FHUWLILFDGRV H QmR FHUWLILFDGRV WHP VXD HVWUXWXUD EDVHDGD QD HVFDOD 6(5948$/TXHpXPTXHVWLRQiULRGHVHQYROYLGRSDUDDYDOLDUDTXDOLGDGHGHXP VHUYLoRHPFLQFRGLPHQV}HV WDQJLELOLGDGHFRQILDELOLGDGHUHVSRQVDELOLGDGHJDUDQWLD HHPSDWLD HFRQWHPSODLQGLFDGRUHVGDTXDOLGDGHMXQWRGHFOLHQWHVHLQGLFDGRUHVGD TXDOLGDGHGRSURFHVVR DQ0F/DUHQ 'H DFRUGR FRP DQ 0F/DUHQ R TXHVWLRQiULR GHVHQYROYLGR SRGH FRP SHTXHQDVDOWHUDo}HVVHUXWLOL]DGRHPTXDOTXHURUJDQL]DomRGHVHUYLoRV DQHWDO $ OLWHUDWXUD VREUH R WHPD VXJHUH LQ~PHUDV DSOLFDo}HV SDUD R 6(5948$/ PDV D VXD IXQomR PDLV LPSRUWDQWH p LGHQWLILFDU DV WHQGrQFLDV GD TXDOLGDGH HP VHUYLoRVDWUDYpVGRVFOLHQWHV 2 6(5948$/ SRGH VHU XWLOL]DGR HP HVWXGRV GH PDUNHWLQJ SDUD FRPSDUDU XP VHUYLoR FRP RV VHUYLoRV GH FRQFRUUHQWHV H DGLFLRQDOPHQWH SDUD LGHQWLILFDU DV GLPHQV}HV GD TXDOLGDGH HP VHUYLoRV TXH VH HQFRQWUDP HP QtYHO VXSHULRU RX LQDGHTXDGR )LW]VLPRQV 3DUD REWHU RV GDGRV GH LQYHVWLJDomR D SDUWLU GRV HQWUHYLVWDGRV IRL XWLOL]DGR R 6XUYH0RQNH 4XHVWLRQiULRRQOLQH )RUDP UHDOL]DGRV YiULRV WHVWHV GH HQYLR GR IRUPXOiULR TXH DWHQGHX WRGRV RV SDUkPHWURV H[LJLGRV TXDQWR DR HQYLR H UHFROKD GDV LQIRUPDo}HV DWHQGHQGR DV QHFHVVLGDGHVGHLQYHVWLJDomR
  • 41. 2VIRUPXOiULRVIRUDPGLVWULEXtGRVHGLYXOJDGRVDRVHQWUHYLVWDGRVDWUDYpVGHFRUUHLR HOHWU{QLFR HPDLO 2 TXHVWLRQiULR GH SHVTXLVD IRL GHVHQYROYLGR WHVWDGR H HQYLDGR QR SHUtRGR GH 'H]HPEUR D 0DUoR )RL HQYLDGR SRU HPDLO XP WRWDO GH WULQWD H WUrV TXHVWLRQiULRV WHQGR VLGR UHVSRQGLGRV XP WRWDO GH WULQWD TXHVWLRQiULRV R TXH UHSUHVHQWDXPDWD[DGHUHVSRVWDVGHGHTXHVWLRQiULRVUHVSRQGLGRV
  • 42. $3Ë78/2$QiOLVHH'LVFXVVmRGH5HVXOWDGRV 1R GHFRUUHU GR FDSLWXOR VHUi DSUHVHQWD D DQiOLVH H GLVFXVVmR GH UHVXOWDGRV GHVHQYROYLGRVWDLVFRPRUHVXOWDGRVREWLGRV DUDFWHUtVWLFDVGDDPRVWUD $ DPRVWUD XWLOL]DGD QHVWD LQYHVWLJDomR p FRQVWLWXtGD SRU IiEULFDV GH PRWRFLFOHWDV )RLHQYLDGRSRUHPDLOXPWRWDOGHWULQWDHWUrVTXHVWLRQiULRVWHQGRVLGRUHVSRQGLGRV XPWRWDOGHWULQWDTXHVWLRQiULRVRTXHUHSUHVHQWDXPDWD[DGHUHVSRVWDVGH 'DVWULQWDRUJDQL]Do}HVHQWUHYLVWDGDVTXDQGRSHUJXQWDGRVHSRVVXHPVHXVLVWHPD FHUWLILFDGR VHJXQGR D QRUPD ,62 YLQWH H TXDWUR RUJDQL]Do}HV UHVSRQGHUDP TXH VLP R TXH UHSUHVHQWD GR WRWDO GH HQWUHYLVWDGRV HQTXDQWR TXH VHLV RUJDQL]Do}HV UHVSRQGHUDP TXH QmR SRVVXHP FHUWLILFDomR VHJXQGR D QRUPD ,62 )LJXUD )LJXUDHUWLILFDomRVHJXQGRD,62±(QWUHYLVWDGRV localizadas no Polo Industrial de Manaus, certificadas e não certificadas com base na nor- ma ISO 9001.
  • 43. (P UHODomR D RXWURV VLVWHPDV GH FHUWLILFDomR GR]H RUJDQL]Do}HV HVWmR FHUWLILFDGDV VHJXQGR D QRUPD ,62 FLQFR RUJDQL]Do}HV HVWmR FHUWLILFDGDV VHJXQGR D QRUPD 2+6$6 RQ]H RUJDQL]Do}HV QmR SRVVXHPTXDOTXHUWLSRGHFHUWLILFDomR )LJXUD )LJXUD2XWURVWLSRVGHFHUWLILFDomR *UDXGHLPSRUWkQFLDGD1RUPD,62SDUDVHOHFLRQDUIRUQHFHGRUHV 2 JUDX GH LPSRUWkQFLD GD QRUPD ,62 SDUD VHOHFLRQDU IRUQHFHGRUHV p FODUDPHQWH FLWDGR FRP EDVH QRV SULQFtSLRV GD JHVWmR GD TXDOLGDGH 8PD RUJDQL]DomR H RV VHXV IRUQHFHGRUHV VmR LQWHUGHSHQGHQWHV H XPD UHODomR GH EHQHItFLRV P~WXRV DXPHQWD D FDSDFLGDGH GH DPERV HP DJUHJDU YDORU 1%5 ,62 $QRUPDGHL[DFODURWDPEpPTXHFRQYpPTXHDVHQWUDGDVSDUDDYDOLDUDHILFiFLDGR VLVWHPDGHJHVWmRGDTXDOLGDGHFRQVLGHUHPRFOLHQWHHRXWUDVSDUWHVLQWHUHVVDGDVH LQFOXDPRGHVHPSHQKRGRVIRUQHFHGRUHV 1%5,62 1DWDEHODHQFRQWUDPVHRVUHVXOWDGRVREWLGRV
  • 44. ,WHQV RQWDJHPGHUHVSRVWDV $EVROXWDPHQWH,PSRUWDQWH 0XLWR,PSRUWDQWH 3RXFRLPSRUWDQWH 1DGDLPSRUWDQWH 727$/ 7DEHOD*UDXGH,PSRUWkQFLDGDQRUPD,62SDUDVHOHFLRQDUIRUQHFHGRUHV RQIRUPH D 7DEHOD D QRUPD ,62 SDUD VHOHFLRQDU RV IRUQHFHGRUHV IRL FRQVLGHUDGD FRPR DEVROXWDPHQWH ,PSRUWDQWH R PXLWR LPSRUWDQWH REWHYH D PHVPD TXDQWLGDGH GH UHVSRVWDV REWHQGR WDPEpP VRPHQWH UHVSRQGHUDP FRPR SRXFR LPSRUWDQWH VHQGR HVWH SHUFHQWXDO FRPR QDGD LPSRUWDQWH REWHYHXPDUHVSRVWDRXVHMDGRVTXHUHVSRQGHUDPRTXHVWLRQiULR $QiOLVHJHUDOGRJUDXGHTXDOLGDGHGRVVHUYLoRVGHIRUQHFHGRUHV FHUWLILFDGRVHQmRFHUWLILFDGRVQD,62 $DQiOLVHGRQtYHOGDTXDOLGDGHGRVHUYLoRSUHVWDGRSRUIRUQHFHGRUHVFHUWLILFDGRVH QmRFHUWLILFDGRVVHJXQGRDQRUPD,62SHUPLWLXFRQFOXLUTXHRVHUYLoRRIHUHFLGR SRUIRUQHFHGRUHVFHUWLILFDGRVpVXSHULRUFRPSDUDWLYDPHQWHDRVHUYLoRSUHVWDGRSRU IRUQHFHGRUHV QmR FHUWLILFDGRV 6HJXQGR D OLWHUDWXUD VREUH R WHPD DV HPSUHVDV RSWDP SHOD QRUPD ,62 SRUTXH YLVOXPEUDP LQ~PHUDV SRVVLELOLGDGHV SDUD UHGX]LUFXVWRVLQWHUQRVDOpPGHVDWLVID]HUHPDVH[LJrQFLDVGRVFOLHQWHVSRUVHUXP GLIHUHQFLDOGHPDUNHWLQJHXPDHILFD]IHUUDPHQWDGHJHVWmR /XFLQGD 3HOD DQiOLVH GD )LJXUD SRGHVH YHULILFDU TXH SDUD DV HPSUHVDV LQTXLULGDV R QtYHO GD TXDOLGDGH GR VHUYLoR SUHVWDGR SRU XPD HPSUHVD FHUWLILFDGD p PHOKRU DYDOLDGRGRTXHRVHUYLoRSUHVWDGRSRUXPDHPSUHVDQmRFHUWLILFDGD
  • 45. )LJXUDRPSDUDWLYRGRSDGUmRGHTXDOLGDGHGHIRUQHFHGRUHVFHUWLILFDGRV96QmR FHUWLILFDGRV 9HMDPRV TXH R IRUQHFHGRU FHUWLILFDGR RIHUHFH XP VHUYLoR PXLWR ERP REWHYH GR]H UHVSRVWDV FRP XP tQGLFH GH ERP GH]HVVHLV VHQGR R tQGLFH GH H UD]RiYHO GRLV tQGLFH GH (QTXDQWR TXH R IRUQHFHGRU QmR FHUWLILFDGR RIHUHFH DSHQDV XP VHUYLoR ERP WUrV FRP XP tQGLFH GH UD]RiYHO QRYH HRtQGLFHGHHUXLP GH]HVVHWH HtQGLFHGHH PXLWRUXLP XP WHQGRFRPRtQGLFH $QiOLVHGDTXDOLGDGHGRVHUYLoRRIHUHFLGRSRUIRUQHFHGRUHVFHUWLILFDGRVH QmRFHUWLILFDGRVQD,62 $ TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU IRUQHFHGRUHV FHUWLILFDGRV H QmR FHUWLILFDGRV VHJXQGRDQRUPD,62SRGHVHUPHGLGRFULWHULRVDPHQWHDWUDYpVGRVDWULEXWRV TXH FRPS}H VHX VHUYLoR 3DUD PHGLU R JUDX GH TXDOLGDGH GHVVHV DWULEXWRV RV PHVPRV IRUDP GLYLGLGRV HP FLQFR GLPHQV}HV WDQJLELOLGDGH FRQILDELOLGDGH FRPSUHHQVmRVHJXUDQoDHHPSDWLD FRQIRUPHR6(5948$/ 1D 7DEHOD SRGHPRV YHU XP H[HPSOR GH FRPR IRL UHDOL]DGD D GLVWULEXLomR GH IUHTXrQFLD0RGDO
  • 46. 7DEHOD7DEHODGHGLVWULEXLomRGHIUHTXrQFLDPRGDO 1DWDEHODSRGHPRVYHUFODUDPHQWHTXHDTXDOLILFDomR³PXLWRERP´REWHYHXPD IUHTXrQFLDGH³ERP´REWHYHXPDIUHTXrQFLDGH$VVLPSRGHVHFRQFOXLU TXH R DWULEXWR 'LVSRVLomR GH HTXLSDPHQWRV DGHTXDGRV DR VHUYLoR p FRQVLGHUDGR SHODV HPSUHVDV FRPR XP VHUYLoR ³PXLWR ERP´ GR SRQWR GH YLVWD GH IUHTXrQFLD PRGDO $PSOLWXGH 5HVSRVWD9iOLGD )UHTXrQFLD 3RUFHQWDJHP 0i[LPR 0XLWR%RP %RP 5D]RiYHO 5XLP 0tQLPR 0XLWR5XLP
  • 47. $QiOLVHPRGDOGDTXDOLGDGHGHVHMDGD 7DEHOD $YDOLDomR FULWHULRVD UHDOL]DGD FRP RV HQWUHYLVWDGRV GRV DWULEXWRV RIHUHFLGRV SRU IRUQHFHGRUHV (57,),$'26 VHJXQGR D ,62 H IRUQHFHGRUHV1­2(57,),$'26 )RUQHFHGRUHUWLILFDGR,62 )RUQHFHGRU1mRHUWLILFDGR ,WHP 4XDOLGDGH'HVHMDGD 0DLRU)UHTXrQFLD 5HVSRVWD9iOLGD 0DLRU)UHTXrQFLD 5HVSRVWD9iOLGD 'LVS}HGH(TXLSDPHQWRV$GHTXDGRVDR 0XLWR%RP %RP 'LVS}HGH)DUGDPHQWRVDRV)XQFLRQiULRV 0XLWR%RP %RP 'LVS}HGH(3,VDRV)XQFLRQiULRV 0XLWR%RP %RP 'LVS}HGH0iTXLQDV$GHTXDGDVDR6HUYLoR 0XLWR%RP %RP XPSULPHQWRFRP3UD]RV(VWDEHOHFLGRV 0XLWR%RP 5D]RiYHO (ILFLrQFLDQD3UHVWDomRGR6HUYLoR 0XLWR%RP %RP (ILFiFLDQD3UHVWDomRGR6HUYLoR 0XLWR%RP %RP XPSULPHQWRGDV3URSULHGDGHVGR6HUYLoR 0XLWR%RP %RP 'LVS}HGHDQDOGHRPXQLFDomRDROLHQWH 0XLWR%RP %RP RUGLDOLGDGHQD3UHVWDomRGR6HUYLoR 0XLWR%RP %RP (GXFDomRQD3UHVWDomRGR6HUYLoR 0XLWR%RP %RP 6LPSDWLDHDOPDQR$WHQGLPHQWRDROLHQWH 0XLWR%RP %RP 'LVS}HGH0mRGHREUD4XDOLILFDGD 0XLWR%RP %RP 'LVS}HGH,QRYDomRH7HFQRORJLD 0XLWR%RP %RP 'RPtQLRQDH[HFXomRGRV6HUYLoRV 0XLWR%RP %RP RUUHVSRQGHDV'~YLGDVGROLHQWH 0XLWR%RP %RP
  • 48. $WDEHODDSUHVHQWDXPDDYDOLDomRFULWHULRVDUHDOL]DGDFRPRVHQWUHYLVWDGRVGRV DWULEXWRV RIHUHFLGRV SRU IRUQHFHGRUHV FHUWLILFDGRV VHJXQGR D ,62 VREUH D DQiOLVH PRGDO GD TXDOLGDGH GHVHMDGD VHQGR REVHUYDGR TXH R PXLWR ERP IRL XQkQLPHQDIUHTrQFLDGHUHVSRVWDYDOLGDGD -iDDQiOLVHGRPRGDOTXDOLGDGHGHVHMDGDGRV)RUQHFHGRUHVQmRFHUWLILFDGRVFRP ,62 R ERP REWHYH XPD IUHTrQFLD GH GRV DWULEXWRV H R UD]RiYHO REWHYHGHIUHTrQFLDQHVWHPRGDO
  • 49. $QiOLVHPRGDOGDTXDOLGDGHPtQLPDDFHLWiYHO 7DEHOD$YDOLDomRFULWHULRVDUHDOL]DGDFRPRVHQWUHYLVWDGRVGRVDWULEXWRVRIHUHFLGRVSRUIRUQHFHGRUHV(57,),$'26VHJXQGRD,62H IRUQHFHGRUHV1­2(57,),$'26 )RUQHFHGRUHUWLILFDGR,62 )RUQHFHGRU1mRHUWLILFDGR ,WHP 4XDOLGDGH'HVHMDGD 0DLRU)UHTXrQFLD 5HVSRVWD9iOLGD 0DLRU)UHTXrQFLD 5HVSRVWD9iOLGD 'LVS}HGH(TXLSDPHQWRV$GHTXDGRVDR6HUYLoR %RP 5D]RiYHO 'LVS}HGH)DUGDPHQWRVDRV)XQFLRQiULRV %RP 5D]RiYHO 'LVS}HGH(3,VDRV)XQFLRQiULRV 5D]RiYHO 5D]RiYHO 'LVS}HGH0iTXLQDV$GHTXDGDVDR6HUYLoR %RP 5D]RiYHO XPSULPHQWRFRP3UD]RV(VWDEHOHFLGRV 5D]RiYHO 5D]RiYHO (ILFLrQFLDQD3UHVWDomRGR6HUYLoR %RP 5D]RiYHO (ILFiFLDQD3UHVWDomRGR6HUYLoR %RP 5D]RiYHO XPSULPHQWRGDV3URSULHGDGHVGR6HUYLoR %RP 5D]RiYHO 'LVS}HGHDQDOGHRPXQLFDomRDROLHQWH 5D]RiYHO 5D]RiYHO RUGLDOLGDGHQD3UHVWDomRGR6HUYLoR 5D]RiYHO 5D]RiYHO (GXFDomRQD3UHVWDomRGR6HUYLoR 5D]RiYHO 5D]RiYHO 6LPSDWLDHDOPDQR$WHQGLPHQWRDROLHQWH 5D]RiYHO 5D]RiYHO 'LVS}HGH0mRGHREUD4XDOLILFDGD %RP 5D]RiYHO 'LVS}HGH,QRYDomRH7HFQRORJLD 5D]RiYHO 5D]RiYHO 'RPtQLRQDH[HFXomRGRV6HUYLoRV %RP 5D]RiYHO RUUHVSRQGHDV'~YLGDVGROLHQWH 5D]RiYHO 5D]RiYHO
  • 50. 1DWDEHODDSUHVHQWDDDQiOLVHPRGDOGDTXDOLGDGHPtQLPDDFHLWiYHOUHDOL]DGD FRP RV HQWUHYLVWDGRV GRV DWULEXWRV RIHUHFLGRV SRU IRUQHFHGRUHV FHUWLILFDGRV VHJXQGR D ,62 3RUWDQWR p REVHUYDGR FODUDPHQWH TXH R ERP REWHYH XPD IUHTrQFLDGHUHVSRVWDYDOLGDGDGHGRVDWULEXWRVHRUD]RiYHOWDPEpPREWHYH GH IUHTXrQFLD GDV UHVSRVWDV YDOLGDGDV -i D DQDOLVH GD TXDOLGDGH PtQLPD DFHLWiYHOGRVIRUQHFHGRUHVQmRFHUWLILFDGRVFRP,62WRGRVRVDWULEXWRV WLYHUDPXPDFRQVWkQFLDGHUHVSRVWDYDOLGDGDFRPRUD]RiYHOQHVWHPRGDO
  • 51. $QiOLVHPRGDOGRVHUYLoRSHUFHELGR 7DEHOD±$YDOLDomRFULWHULRVDUHDOL]DGDFRPRVHQWUHYLVWDGRVGRVDWULEXWRVRIHUHFLGRVSRUIRUQHFHGRUHV(57,),$'26VHJXQGRD,62H IRUQHFHGRUHV1­2(57,),$'26 )RUQHFHGRUHUWLILFDGR,62 )RUQHFHGRU1mRHUWLILFDGR ,WHP 4XDOLGDGH'HVHMDGD 0DLRU)UHTXrQFLD 5HVSRVWD9iOLGD 0DLRU)UHTXrQFLD 5HVSRVWD9iOLGD 'LVS}HGH(TXLSDPHQWRV$GHTXDGRVDR6HUYLoR %RP 5D]RiYHO 'LVS}HGH)DUGDPHQWRVDRV)XQFLRQiULRV %RP 5D]RiYHO 'LVS}HGH(3,VDRV)XQFLRQiULRV %RP 5D]RiYHO 'LVS}HGH0iTXLQDV$GHTXDGDVDR6HUYLoR %RP 5D]RiYHO XPSULPHQWRFRP3UD]RV(VWDEHOHFLGRV %RP 5D]RiYHO (ILFLrQFLDQD3UHVWDomRGR6HUYLoR %RP 5D]RiYHO (ILFiFLDQD3UHVWDomRGR6HUYLoR %RP 5D]RiYHO XPSULPHQWRGDV3URSULHGDGHVGR6HUYLoR 0XLWR%RP 5D]RiYHO 'LVS}HGHDQDOGHRPXQLFDomRDROLHQWH %RP 5XLP RUGLDOLGDGHQD3UHVWDomRGR6HUYLoR %RP 5XLP (GXFDomRQD3UHVWDomRGR6HUYLoR 0XLWR%RP %RP 6LPSDWLDHDOPDQR$WHQGLPHQWRDROLHQWH %RP 5XLP 'LVS}HGH0mRGHREUD4XDOLILFDGD %RP 5D]RiYHO 'LVS}HGH,QRYDomRH7HFQRORJLD 5D]RiYHO 5XLP 'RPtQLRQDH[HFXomRGRV6HUYLoRV %RP 5XLP RUUHVSRQGHDV'~YLGDVGROLHQWH %RP 5D]RiYHO
  • 52. $7DEHODDSUHVHQWDDDYDOLDomRFULWHULRVDUHDOL]DGDFRPRVHQWUHYLVWDGRVGRV DWULEXWRVRIHUHFLGRVSRUIRUQHFHGRUHVFHUWLILFDGRVVHJXQGRD,62pREVHUYDGR FODUDPHQWHTXHRPXLWRERPREWHYHXPDIUHTrQFLDGHUHVSRVWDYDOLGDGDGH ERPREWHYHHRUD]RiYHOREWHYH'HVWHPRGRSRGHPRVFRQFOXLUTXHD TXDOLGDGHGHVHMDGDGRVDWULEXWRV³'LVS}HGHHTXLSDPHQWRVDGHTXDGRVDRVHUYLoR´ ³'LVS}H GH IDUGDPHQWRV DRV IXQFLRQiULRV´ ³'LVS}H GH (3,V DRV IXQFLRQiULRV´ ³'LVS}H GH PiTXLQDV DGHTXDGDV DR VHUYLoR´ ³XPSULPHQWR FRP SUD]RV HVWDEHOHFLGRV´ ³(ILFLrQFLD QD SUHVWDomR GR VHUYLoR´ ³(ILFiFLD QD SUHVWDomR GR VHUYLoR´³'LVS}HGHFDQDOGHFRPXQLFDomRDRFOLHQWH´³DQDOGHFRPXQLFDomRDR FOLHQWH´ ³6LPSDWLD H FDOPD QR DWHQGLPHQWR DR FOLHQWH´ ³'LVS}H GH PmR GH REUD TXDOLILFDGD´ ³'RPtQLR QD H[HFXomR GRV 6HUYLoRV´ H ³RUUHVSRQGH DV G~YLGDV GR FOLHQWH´IRUDP FRQVLGHUDGRV SHODV HPSUHVDV FRPR XP VHUYLoR ³ERP´ 2V DWULEXWRV ³XPSULPHQWRGDVSURSULHGDGHVGRVHUYLoR´H³(GXFDomRQDSUHVWDomRGRVHUYLoR´ IRUDP FRQVLGHUDGRV ³PXLWR ERP´ H VRPHQWH H VRPHQWH R DWULEXWR VH ³'LVS}H GH LQRYDomR H WHFQRORJLD´ IRL FRQVLGHUDGR GH TXDOLGDGH ³UD]RiYHO´ GR SRQWR GH YLVWD PRGDOGRVHUYLoRSHUFHELGR -i RV IRUQHFHGRUHV QmR FHUWLILFDGRV FRP ,62 RV DWULEXWRV ³'LVS}H GH HTXLSDPHQWRV DGHTXDGRV DR VHUYLoR´ ³'LVS}H GH IDUGDPHQWRV DRV IXQFLRQiULRV´ ³'LVS}H GH HSLV DRV IXQFLRQiULRV´ ³'LVS}H GH PiTXLQDV DGHTXDGDV DR VHUYLoR´ ³XPSULPHQWR FRP SUD]RV HVWDEHOHFLGRV´ ³(ILFLrQFLD QD SUHVWDomR GR VHUYLoR´ ³(ILFiFLD QD SUHVWDomR GR VHUYLoR´ ³XPSULPHQWR GDV SURSULHGDGHV GR VHUYLoR´ ³'LVS}HGHPmRGHREUDTXDOLILFDGD´H³RUUHVSRQGHDVG~YLGDVGRFOLHQWH´IRUDP REVHUYDGRVFRPRUD]RiYHOREWHQGRXPDIUHTrQFLDGH6RPHQWHRDWULEXWR (GXFDomR QD SUHVWDomR GR VHUYLoR IRL FRQVLGHUDGR FRPR ERP REWHQGR XPD FRQVWkQFLDGH2EVHUYDGRVFRPRGHTXDOLGDGHUXLPREWHQGRXPDIUHTrQFLD GHRVDWULEXWRV³'LVS}HGHFDQDOGHFRPXQLFDomRDRFOLHQWH´³RUGLDOLGDGH QDSUHVWDomRGRVHUYLoR´³6LPSDWLDHFDOPDQRDWHQGLPHQWRDRFOLHQWH´³'LVS}HGH LQRYDomRHWHFQRORJLD´H³'RPtQLRQDH[HFXomRGRVVHUYLoRV´
  • 53. $QiOLVH GDV FLQFR GLPHQV}HV GH IRUQHFHGRUHV FHUWLILFDGRV H QmR FHUWLILFDGRVVHJXQGRDQRUPD,62 3DUD DOFDQoDU R REMHWLYR GR PRGHOR 6(5948$/ D DQiOLVH H D DSUHVHQWDomR GRV GDGRV SURFXUDUDP VHJXLU DV FLQFR GLPHQV}HV DEUDQJLGDV QR TXHVWLRQiULR 6HQGR TXHDVILJXUDVDSUHVHQWDPDPHGLGDGHSRVLomRPRGDOTXHpRYDORUTXHRFRUUH FRP PDLRU IUHTXrQFLD QRV UHVXOWDGRV GDV SHUJXQWDV (VWD IRUPD IDFLOLWD D LQWHUSUHWDomRHDQiOLVHGDVUHVSRVWDVRTXHSURSRUFLRQDSRVVLELOLGDGHGHPHOKRULD GH FDGD DWULEXWR TXH LUi PHOKRUDU D TXDOLGDGH GRV VHUYLoRV RIHUHFLGRV SHORV IRUQHFHGRUHVFHUWLILFDGRVVHJXQGRDQRUPD,62 )LJXUD±5HVXOWDGRGD3HVTXLVDQD'LPHQVmR7DQJLELOLGDGH $)LJXUDDSUHVHQWDRVUHVXOWDGRVUHIHUHQWHVjWDQJLELOLGDGHGRVHUYLoRRIHUHFLGR SRUIRUQHFHGRUHVFHUWLILFDGRV 4XDQWRDRLWHPGD)LJXUDTXHDERUGDGLVSRVLomRGHHTXLSDPHQWRVDGHTXDGRV DR VHUYLoR DV HPSUHVDV GHVHMDP TXH D TXDOLGDGH GHVWH VHUYLoR RIHUHFLGR WHQKD XPDTXDOLGDGHPXLWRERD SHVR HWROHUDPQRPtQLPRXPDTXDOLGDGHERD SHVR H DYDOLDP D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV WDPEpP FRP XPD TXDOLGDGH ERD SHVR 6DEHQGR GD LPSRUWkQFLD HP DWHQGHU D TXDOLGDGH
  • 54. GHVHMDGD SHOR FOLHQWH GLVSRQGR GH HTXLSDPHQWRV FRP XPD TXDOLGDGH PXLWR ERD SHVR SDUD H[HFXomR GH VXDV DWLYLGDGHV UHFRPHQGDVH TXH VH UHDOL]H D PDQXWHQomR SUHYHQWLYD GH WRGRV RV HTXLSDPHQWRV PDQXWHQomR FRUUHWLYD H VH QHFHVViULR UHDOL]H D DTXLVLomR GH QRYRV HTXLSDPHQWRV SDUD TXH VH DOFDQFH XPD TXDOLGDGHPXLWRERD SHVR VHJXQGRDSHUFHSomRGRFOLHQWHQRTXHGL]UHVSHLWR GD³TXDOLGDGHGHVHMDGD´ 4XDQWR DR LWHP GD )LJXUD TXH DERUGD D GLVSRVLomR GH IDUGDPHQWRV DRV IXQFLRQiULRVDVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKD XPDTXDOLGDGHPXLWRERD SHVR WROHUDPQRPtQLPRXPDTXDOLGDGHERD SHVR H DYDOLDPDTXDOLGDGHGRVHUYLoRRIHUHFLGRSRUHVVHVIRUQHFHGRUHVWDPEpPFRPXPD TXDOLGDGHERD SHVR 6DEHQGRGDLPSRUWkQFLDHPDWHQGHUDTXDOLGDGHGHVHMDGD SHORFOLHQWHGLVSRQGRGHIDUGDPHQWRVFRPXPDTXDOLGDGHPXLWRERD SHVR SDUD H[HFXomRGHVXDVDWLYLGDGHVUHFRPHQGDVHTXHUHQRYHRIDUGDPHQWRGHWRGRVRV IXQFLRQiULRV HP XP LQWHUYDOR GH SHUtRGR DGHTXDGR DR VHX GHVJDVWH IRUQHoD IDUGDPHQWRDGHTXDGRDH[HFXomRGHVXDVDWLYLGDGHV 4XDQWRDRLWHPGD)LJXUDTXHDERUGDDGLVSRVLomRGH(3,VDRVIXQFLRQiULRV DVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKDXPDTXDOLGDGH PXLWRERD SHVR WROHUDPQRPtQLPRXPDTXDOLGDGHUD]RiYHO SHVR HDYDOLDPD TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD TXDOLGDGH ERD SHVR 6DEHQGR GD LPSRUWkQFLD HP DWHQGHU D TXDOLGDGH GHVHMDGD SHOR FOLHQWH GLVSRQGR GH (3,V DGHTXDGRV H FRP XPD TXDOLGDGH PXLWR ERD SHVR SDUD H[HFXomRGHVXDVDWLYLGDGHVUHFRPHQGDVHTXHVHMDIRUQHFLGR(3,VDGHTXDGRVD H[HFXomRGDVDWLYLGDGHVGRVIXQFLRQiULRVTXHWRGRVRV(3,VHVWHMDPFDGDVWURQR PLQLVWpULR GR WUDEDOKR H TXH D TXDQWLGDGH IRUQHFLGD VHMD DGHTXDGD DR FRQVXPR UHDOL]DGRSHORVIXQFLRQiULRVHPXPGHWHUPLQDGRSHUtRGR 4XDQWRDRLWHPGD)LJXUDTXHDERUGDDGLVSRVLomRGHPiTXLQDVDGHTXDGDVDR VHUYLoRDVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKDXPD TXDOLGDGH PXLWR ERD SHVR WROHUDP QR PtQLPR XPD TXDOLGDGH ERD SHVR H DYDOLDP D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD TXDOLGDGHERD SHVR 6DEHQGRGDLPSRUWkQFLDHPDWHQGHUDTXDOLGDGHGHVHMDGD SHOR FOLHQWH GLVSRQGR GH PiTXLQDV DGHTXDGDV H FRP XPD TXDOLGDGH PXLWR ERD
  • 55. SHVR SDUD H[HFXomR GR VHUYLoR UHFRPHQGDVH TXH UHDOL]H D PDQXWHQomR SUHYHQWLYDGHWRGDVDVPiTXLQDVPDQXWHQomRFRUUHWLYDHVHQHFHVViULRUHDOL]HD DTXLVLomRGHQRYDVPiTXLQDVSDUDTXHVHDOFDQFHXPDTXDOLGDGHPXLWRERD SHVR VHJXQGRDSHUFHSomRGRFOLHQWHQRTXHGL]UHVSHLWRD³TXDOLGDGHGHVHMDGD´ )LJXUD±5HVXOWDGRGD3HVTXLVDQD'LPHQVmRRQILDELOLGDGH $)LJXUDDSUHVHQWDRVUHVXOWDGRVUHIHUHQWHVjFRQILDELOLGDGHGRVHUYLoRRIHUHFLGR SRUIRUQHFHGRUHVFHUWLILFDGRV 4XDQWR DR LWHP GD )LJXUD TXH DERUGD R FXPSULPHQWR FRP SUD]RV HVWDEHOHFLGRVDVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKD XPD TXDOLGDGH PXLWR ERD SHVR WROHUDP QR PtQLPR XPD TXDOLGDGH UD]RiYHO SHVR DYDOLDPDTXDOLGDGHGRVHUYLoRRIHUHFLGRSRUHVVHVIRUQHFHGRUHVFRPXPD TXDOLGDGHERD SHVR 6DEHQGRGDLPSRUWkQFLDHPDWHQGHUDTXDOLGDGHGHVHMDGD SHOR FXPSULPHQWR GH SUD]RV HVWDEHOHFLGRV UHFRPHQGDVH TXH VHMDP HODERUDGRV SURFHGLPHQWRV SDGU}HV TXH GHWHUPLQHP SUD]RV HVSHFtILFRV SDUD FDGD VHUYLoR RIHUHFLGRDRFOLHQWHHTXHHVVHVSUD]RVVHMDPPRQLWRUL]DGRVVLVWHPDWLFDPHQWH1R FDVRGRQmRFXPSULPHQWRGHDOJXPSUD]RHVSHFtILFRUHFRPHQGDVHWDPEpPTXHXP SODQRGHDomRVHMDUHJLVWUDGRSDUDTXHRRFRUULGRVHMDDQDOLVDGRFULWLFDPHQWHHXPD IXWXUDRFRUUrQFLDHYLWDGD
  • 56. 4XDQWRDRLWHPGD)LJXUDTXHDERUGDDHILFLrQFLDQDSUHVWDomRGRVHUYLoRDV HPSUHVDV GHVHMDP TXH D TXDOLGDGH GHVWH VHUYLoR RIHUHFLGR WHQKD XPD TXDOLGDGH PXLWR ERD SHVR WROHUDP QR PtQLPR XPD TXDOLGDGH ERD SHVR H DYDOLDP D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD TXDOLGDGH ERD SHVR 6DEHQGR GD LPSRUWkQFLD HP DWHQGHU D TXDOLGDGH GHVHMDGD SHOR FOLHQWH TXDQWR j HILFLrQFLD QD SUHVWDomR GR VHUYLoR UHFRPHQGDVH TXH QD H[HFXomR GR VHUYLoR DV SHVVRDV PDWHULDLV PiTXLQDV H HTXLSDPHQWRV VHMDP XVDGDV H DGPLQLVWUDGDV GD PHOKRU IRUPD SRVVtYHO FRP R XVR GH EDODQFHDPHQWR GH SURGXWLYLGDGHGHWRGDVDVDWLYLGDGHVGHXPDIRUPDTXHVHDWLQMDRUHVXOWDGRFRPXP PtQLPRGHSHUGDGHUHFXUVRVSRVVtYHO 4XDQWRDRLWHPGD)LJXUDTXHDERUGDDHILFiFLDQDSUHVWDomRGRVHUYLoRDV HPSUHVDV GHVHMDP TXH D TXDOLGDGH GHVWH VHUYLoR RIHUHFLGR WHQKD XPD TXDOLGDGH PXLWR ERD SHVR WROHUDP QR PtQLPR XPD TXDOLGDGH ERD SHVR DYDOLDP D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD TXDOLGDGH ERD SHVR 6DEHQGR GD LPSRUWkQFLD HP DWHQGHU D TXDOLGDGH GHVHMDGD SHOR FOLHQWH TXDQWR j HILFiFLD QD SUHVWDomR GR VHUYLoR UHFRPHQGDVH TXH QD H[HFXomR GR VHUYLoR RV IRUQHFHGRUHV WHQKDP REMHWLYRV H PHWDV GHILQLGDV EHP FRPR TXH VH PRQLWRUHVHHVWHVREMHWLYRVHPHWDVIRUDPDOFDQoDGRV 4XDQWR DR LWHP GD )LJXUD TXH DERUGD R FXPSULPHQWR GDV SURSULHGDGHV GR VHUYLoRDVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKDXPD TXDOLGDGH PXLWR ERD SHVR WROHUDP QR PtQLPR XPD TXDOLGDGH ERD SHVR DYDOLDP D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD TXDOLGDGH PXLWR ERD SHVR 6DEHQGR TXH p LPSRUWDQWH DWHQGHU D TXDOLGDGH GHVHMDGDSHORFOLHQWHTXDQWRDRFXPSULPHQWRGDVSURSULHGDGHVGRVHUYLoR6HQGR HVWD DYDOLDGD FLHQWH H REWLGR XP QtYHO GH TXDOLGDGH PXLWR ERP 3RUWDQWR p LPSRUWDQWH TXH R QtYHO GH TXDOLGDGH VHMD PDQWLGR GHPRQVWUDQGR DR FOLHQWH FRPSURPHWLPHQWRFRPRPHVPR
  • 57. )LJXUD±5HVXOWDGRGD3HVTXLVDQD'LPHQVmR(PSDWLD $)LJXUDDSUHVHQWDRVUHVXOWDGRVUHIHUHQWHVj(PSDWLDGRVHUYLoRRIHUHFLGRSRU IRUQHFHGRUHVFHUWLILFDGRV 4XDQWRDRLWHPGD)LJXUDTXHDERUGDDGLVSRVLomRGHFDQDOGHFRPXQLFDomR DRFOLHQWHDVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKDXPD TXDOLGDGHPXLWRERD SHVR HWROHUDPQRPtQLPRXPDTXDOLGDGHUD]RiYHO SHVR H DYDOLDP D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD TXDOLGDGHERD SHVR 6DEHQGRGDLPSRUWkQFLDHPDWHQGHUDTXDOLGDGHGHVHMDGD SHOR FOLHQWH TXDQWR j GLVSRVLomR GH FDQDO GH FRPXQLFDomR FRP R FOLHQWH UHFRPHQGDVHTXHRVIRUQHFHGRUHVGLVSRQLELOL]HPHGLYXOJXHPDRVVHXVFOLHQWHVRV PHLRVGHFRPXQLFDomRGLVSRQtYHLV
  • 58. 4XDQWRDRLWHPGD)LJXUDTXHDERUGDDFRUGLDOLGDGHQDSUHVWDomRGRVHUYLoR DVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKDXPDTXDOLGDGH PXLWRERD SHVR WROHUDPQRPtQLPRXPDTXDOLGDGHUD]RiYHO SHVR HDYDOLDPD TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD TXDOLGDGH ERD SHVR 6DEHQGR GD LPSRUWkQFLD HP DWHQGHU D TXDOLGDGH GHVHMDGD SHOR FOLHQWH TXDQWRjFRUGLDOLGDGHQDSUHVWDomRGRVHUYLoRUHFRPHQGDVHTXHRVIRUQHFHGRUHV SUHSDUHP RV VHXV FRODERUDGRUHV GH WDO IRUPD TXH HVWHV WUDWHP RV FOLHQWHV FRP IUDQTXH]DDPHQLGDGHHFRPSUHHQVmRUHVSHLWDQGRHVROXFLRQDQGRFRQIOLWRV )LJXUD±5HVXOWDGRGD3HVTXLVDQD'LPHQVmRRPSUHHQVmR $)LJXUDDSUHVHQWDRVUHVXOWDGRVUHIHUHQWHVjRPSUHHQVmRGRVHUYLoRRIHUHFLGR SRUIRUQHFHGRUHVFHUWLILFDGRV 4XDQWRDRLWHPGD)LJXUDTXHDERUGDDHGXFDomRQDSUHVWDomRGRVHUYLoRDV HPSUHVDV GHVHMDP TXH D TXDOLGDGH GHVWH VHUYLoR RIHUHFLGR WHQKD XPD TXDOLGDGH PXLWRERD SHVR WROHUDPQRPtQLPRXPDTXDOLGDGHUD]RiYHO SHVR DYDOLDPD TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD TXDOLGDGH PXLWR ERD SHVR 6DEHQGRGDLPSRUWkQFLDHPDWHQGHUDTXDOLGDGHGHVHMDGDSHORFOLHQWH TXDQWRjHGXFDomRQDSUHVWDomRGRVHUYLoRRPHVPRIRLDYDOLDGRSHORFOLHQWHFRP
  • 59. XP QtYHO GH TXDOLGDGH PXLWR ERP 1R HQWDQWR p LPSRUWDQWH PDQWHU HVVH QtYHO GH TXDOLGDGHGHPRQVWUDQGRDRFOLHQWHFRPSURPHWLPHQWRFRPRPHVPR 4XDQWRDRLWHPGD)LJXUDTXHDERUGDDVLPSDWLDHFDOPDQRDWHQGLPHQWRDR FOLHQWHDVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKDXPD TXDOLGDGHPXLWRERD SHVR WROHUDPQRPtQLPRXPDTXDOLGDGHUD]RiYHO SHVR H DYDOLDP D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD TXDOLGDGHERD SHVR 6DEHQGRGDLPSRUWkQFLDHPDWHQGHUDTXDOLGDGHGHVHMDGD SHOR FOLHQWH TXDQWR j VLPSDWLD H FDOPD QR DWHQGLPHQWR DR FOLHQWH UHFRPHQGDVH TXHRVIRUQHFHGRUHVSUHSDUHPVHXVFRODERUDGRUHVFRPDWLWXGHVHPRGRVGHDJLUD HVWHV WHUHP XPD SRVWXUD GH DWHQGLPHQWR VDWLVIDWyULD 2V FRODERUDGRUHV SUHFLVDP HQWHQGHUTXHRVHXYHUGDGHLURSDSHOpFRPSUHHQGHUHDWHQGHUDVQHFHVVLGDGHVGRV FOLHQWHVPDQWHQGRXPHVWDGRGHHVStULWRSRVLWLYRSURILVVLRQDOVLPSOHVKXPLOGHH EHPKXPRUDGR )LJXUD±5HVXOWDGRGD3HVTXLVDQD'LPHQVmR6HJXUDQoD $)LJXUDDSUHVHQWDRVUHVXOWDGRVUHIHUHQWHVj6HJXUDQoDGRVHUYLoRRIHUHFLGR SRUIRUQHFHGRUHVFHUWLILFDGRV
  • 60. 4XDQWR DR LWHP GD )LJXUD TXH DERUGD D GLVSRVLomR GH PmR GH REUD TXDOLILFDGD DV HPSUHVDV GHVHMDP TXH D TXDOLGDGH GHVWH VHUYLoR RIHUHFLGR WHQKD XPDTXDOLGDGHPXLWRERD SHVR WROHUDPQRPtQLPRXPDTXDOLGDGHERD SHVR H DYDOLDP D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV 6DEHQGR GD LPSRUWkQFLDHPDWHQGHUDTXDOLGDGHGHVHMDGDSHORFOLHQWHTXDQWRjGLVSRVLomRGH PmR GH REUD TXDOLILFDGD UHFRPHQGDVH TXH VH GHWHUPLQH FRPR REMHWLYR GD RUJDQL]DomRDTXDOLILFDomRGHVXDPmRGHREUDSHULyGLFDVXJHULVHWDPEpPTXHD PmRGHREUDVyHVWHMDGLVSRQtYHODRFOLHQWHTXDQGRHVWDHVWLYHUGHYLGDPHQWHFRP LQVWUXo}HVGHWUDEDOKRHGHPDLVGRFXPHQWRVTXHRULHQWHPVHXVFRODERUDGRUHVSRLV pPXLWRLPSRUWDQWHSDUDREWHQomRGHXPERPUHVXOWDGR 4XDQWRDRLWHPGD)LJXUDTXHDERUGDDGLVSRVLomRGHLQRYDomRHWHFQRORJLD DVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKDXPDTXDOLGDGH PXLWRERD SHVR WROHUDPQRPtQLPRXPDTXDOLGDGHUD]RiYHO SHVR HDYDOLDPD TXDOLGDGHGRVHUYLoRRIHUHFLGRSRUHVVHVIRUQHFHGRUHVFRPXPDTXDOLGDGHUD]RiYHO SHVR 6DEHQGR GD LPSRUWkQFLD HP DWHQGHU D TXDOLGDGH GHVHMDGD SHOR FOLHQWH TXDQWRjGLVSRVLomRGHLQRYDomRHWHFQRORJLDUHFRPHQGDVHTXHRVIRUQHFHGRUHV LQRYHP FDGD YH] PDLV VHXV SURFHVVRV DSOLFDQGR H GHVHQYROYHQGR QRYDV PHWRGRORJLDV GH PHOKRULD FRQWtQXD H LQYLVWDP FDGD YH] PDLV HP WHFQRORJLD GH PiTXLQDVHHTXLSDPHQWRVTXHRULJLQHPUHVXOWDGRVFDGDYH]PDLVVDWLVIDWyULRVSDUD VHXV FOLHQWHV 5HFRPHQGDVH WDPEpP DRV IRUQHFHGRUHV TXH PXLWR PDLV GR TXH ID]HUDVFRLVDVGHPDQHLUDGLIHUHQWHLQRYHPSDUDFULDUXPQHJyFLRVXVWHQWiYHOSDUD RWLPL]DUHP VHXV SURFHVVRV H ID]HUHP R PHVPR JDVWDQGR PHQRV H FRP PDLV TXDOLGDGH 4XDQWRDRLWHPGD)LJXUDTXHDERUGDRGRPtQLRQDH[HFXomRGRVVHUYLoRVDV HPSUHVDV GHVHMDP TXH D TXDOLGDGH GHVWH VHUYLoR RIHUHFLGR WHQKD XPD TXDOLGDGH PXLWR ERD SHVR WROHUDP QR PtQLPR XPD TXDOLGDGH ERD SHVR DYDOLDP D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD TXDOLGDGH ERD SHVR 6DEHQGR GD LPSRUWkQFLD HP DWHQGHU D TXDOLGDGH GHVHMDGD SHOR FOLHQWH TXDQWRDRGRPtQLRQDH[HFXomRGRVVHUYLoRVUHFRPHQGDVHTXHRVIRUQHFHGRUHVVH HVSHFLDOL]HPFDGDYH]PDLVQDVXDiUHDGHDWXDomR
  • 61. 4XDQWRDRLWHPGD)LJXUDTXHDERUGDRIDWRGHFRUUHVSRQGHUDVG~YLGDVGR FOLHQWHDVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKDXPD TXDOLGDGHPXLWRERD SHVR WROHUDPQRPtQLPRXPDTXDOLGDGHUD]RiYHO SHVR DYDOLDP D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD TXDOLGDGHERD SHVR 6DEHQGRGDLPSRUWkQFLDHPDWHQGHUDTXDOLGDGHGHVHMDGD SHOR FOLHQWH TXDQWRDRIDWR GH FRUUHVSRQGHU DV G~YLGDV GR FOLHQWH UHFRPHQGDVH TXHDRUJDQL]DomRSDGURQL]HHGRFXPHQWHWRGDVDVVXDVDWLYLGDGHVHVHXVUHJLVWURV VHMDPPDQWLGRVDVVLPFRPRDVSURSULHGDGHVGRSURGXWRRXVHUYLoRRIHUHFLGRVDR FOLHQWHHVWHMDPEHPGHILQLGDVHVXDVLQIRUPDo}HVGLVSRQtYHLV $QiOLVHGDVFLQFRGLPHQV}HVGHIRUQHFHGRUHVQmRFHUWLILFDGRV )LJXUD±5HVXOWDGRGD3HVTXLVDQD'LPHQVmR7DQJLELOLGDGH $)LJXUDDSUHVHQWDRVUHVXOWDGRVUHIHUHQWHVjWDQJLELOLGDGHGRVHUYLoRRIHUHFLGR SRUIRUQHFHGRUHVQmRFHUWLILFDGRV 4XDQWRDRLWHPGD)LJXUDTXHDERUGDGLVSRVLomRGHHTXLSDPHQWRVDGHTXDGRV DR VHUYLoR DV HPSUHVDV GHVHMDP TXH D TXDOLGDGH GHVWH VHUYLoR RIHUHFLGR WHQKD
  • 62. XPDTXDOLGDGHERD SHVR WROHUDPQRPtQLPRXPDTXDOLGDGHUD]RiYHO SHVR H DYDOLDP D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD TXDOLGDGH UD]RiYHO SHVR 6DEHQGR GD LPSRUWkQFLD HP DWHQGHU D TXDOLGDGH GHVHMDGDSHORFOLHQWHGLVSRQGRGHHTXLSDPHQWRVFRPXPDTXDOLGDGHERD SHVR H SDUD H[HFXomR GH VXDV DWLYLGDGHV UHFRPHQGDVH TXH VH UHDOL]H D PDQXWHQomR SUHYHQWLYDGHWRGRVRVHTXLSDPHQWRVPDQXWHQomRFRUUHWLYDHVHQHFHVViULRUHDOL]H DDTXLVLomRGHQRYRVHTXLSDPHQWRVSDUDTXHVHDOFDQFHXPDTXDOLGDGHERD SHVR VHJXQGRDSHUFHSomRGRFOLHQWHQRTXHGL]UHVSHLWRD³TXDOLGDGHGHVHMDGD´ 4XDQWR DR LWHP GD )LJXUD TXH DERUGD D GLVSRVLomR GH IDUGDPHQWRV DRV IXQFLRQiULRVDVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKD XPDTXDOLGDGHERD SHVR WROHUDPQRPtQLPRXPDTXDOLGDGHUD]RiYHO SHVR H DYDOLDPDTXDOLGDGHGRVHUYLoRRIHUHFLGRSRUHVVHVIRUQHFHGRUHVWDPEpPFRPXPD TXDOLGDGH UD]RiYHO SHVR 6DEHQGR GD LPSRUWkQFLD HP DWHQGHU D TXDOLGDGH GHVHMDGDSHORFOLHQWHGLVSRQGRGHIDUGDPHQWRVFRPXPDTXDOLGDGHERD SHVR SDUDH[HFXomRGHVXDVDWLYLGDGHVUHFRPHQGDVHTXHVHUHQRYHRIDUGDPHQWRGH WRGRV RV IXQFLRQiULRV HP XP LQWHUYDOR GH SHUtRGR DGHTXDGR DR VHX GHVJDVWH IRUQHoDIDUGDPHQWRDGHTXDGRjH[HFXomRGHVXDVDWLYLGDGHV 4XDQWRDRLWHPGD)LJXUDTXHDERUGDDGLVSRVLomRGH(3,VDRVIXQFLRQiULRV DVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKDXPDTXDOLGDGH ERD SHVR WROHUDP QR PtQLPR XPD TXDOLGDGH UD]RiYHO SHVR H DYDOLDP D TXDOLGDGHGRVHUYLoRRIHUHFLGRSRUHVVHVIRUQHFHGRUHVFRPXPDTXDOLGDGHUD]RiYHO SHVR 6DEHQGR GD LPSRUWkQFLD HP DWHQGHU D TXDOLGDGH GHVHMDGD SHOR FOLHQWH GLVSRQGRGH(3,VDGHTXDGRVHFRPXPDTXDOLGDGHERD SHVR SDUDH[HFXomRGH VXDVDWLYLGDGHVUHFRPHQGDVHTXHVHMDIRUQHFLGR(3,VDGHTXDGRVDH[HFXomRGDV DWLYLGDGHV GRV IXQFLRQiULRV TXH WRGRV RV (3,V HVWHMDP FDGDVWUR QR PLQLVWpULR GR WUDEDOKRHTXHDTXDQWLGDGHIRUQHFLGDVHMDDGHTXDGDDRFRQVXPRUHDOL]DGRSHORV IXQFLRQiULRVHPXPGHWHUPLQDGRSHUtRGR
  • 63. 4XDQWRDRLWHPGD)LJXUDTXHDERUGDDGLVSRVLomRGHPiTXLQDVDGHTXDGDVDR VHUYLoRDVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKDXPD TXDOLGDGH ERD SHVR WROHUDP QR PtQLPR XPD TXDOLGDGH UD]RiYHO SHVR H DYDOLDP D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD TXDOLGDGH UD]RiYHO SHVR 6DEHQGR GD LPSRUWkQFLD HP DWHQGHU D TXDOLGDGH GHVHMDGDSHORFOLHQWHGLVSRQGRGHPiTXLQDVDGHTXDGDVHFRPXPDTXDOLGDGHERD SHVR SDUD H[HFXomR GR VHUYLoR UHFRPHQGDVH TXH UHDOL]H D PDQXWHQomR SUHYHQWLYDGHWRGDVDVPiTXLQDVPDQXWHQomRFRUUHWLYDHVHQHFHVViULRUHDOL]HD DTXLVLomR GH QRYDV PiTXLQDV SDUD TXH VH DOFDQFH XPD TXDOLGDGH ERD SHVR VHJXQGRDSHUFHSomRGRFOLHQWHQRTXHGL]UHVSHLWRD³TXDOLGDGHGHVHMDGD´ )LJXUD±5HVXOWDGRGD3HVTXLVDQD'LPHQVmRRQILDELOLGDGH $ )LJXUD DSUHVHQWD RV UHVXOWDGRV UHIHUHQWHV j FRQILDELOLGDGH GR VHUYLoR RIHUHFLGRSRUIRUQHFHGRUHVQmRFHUWLILFDGRV 4XDQWR DR LWHP GD )LJXUD TXH DERUGD R FXPSULPHQWR FRP SUD]RV HVWDEHOHFLGRVDVHPSUHVDVGHVHMDPTXHDTXDOLGDGHGHVWHVHUYLoRRIHUHFLGRWHQKD XPDTXDOLGDGHUD]RiYHO SHVR WROHUDPQRPtQLPRXPDTXDOLGDGHUD]RiYHO SHVR H DYDOLDP D TXDOLGDGH GR VHUYLoR RIHUHFLGR SRU HVVHV IRUQHFHGRUHV FRP XPD