Fox
- 2. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
,QWURGXFFLyQ
9LVXDO)R[SURHVXQRGHORVJHVWRUHVGH%DVHVGH'DWRVUHODFLRQDOHVPiVUiSLGR
IOH[LEOH GHO PHUFDGR GLVSRQLHQGR GH XQ FRPSOHMR HQWRUQR GH GHVDUUROOR WRWDOPHQWH
RULHQWDGRDOREMHWRDOWDPHQWHLQWHJUDGRHQHOVLVWHPDRSHUDWLYR:LQGRZVRPR
FXDOTXLHU RWUD DSOLFDFLyQ :LQGRZV HVWiQGDU9LVXDO )R[SUR VRSRUWD LQWHUIDFHV 0',
,QWHUID] GH 'RFXPHQWR 0XOWLSOH
- 3. FRPR OD GH :RUG EDUUDV GH KHUUDPLHQWDV DXGD
VHQVLEOHDOFRQWH[WRP~OWLSOHVIXHQWHVDFFHVRDELEOLRWHFDVGHHQODFHGLQiPLFR'//
- 4. HWF
$SDUWH GHO DFFHVR D WDEODV HQ IRUPDWR QDWLYR GH9LVXDO )R[3UR VH SXHGH DFFHGHU
YLUWXDOPHQWHDFXDOTXLHUIXHQWHGHGDWRVFXRDFFHVRVHSXHGDKDFHUDWUDYpVGH2'%
2SHQ'DWDEDVHRQQHFWLYLW
- 6. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
3URJUDPDFLyQ2ULHQWDGDD(YHQWRV
(Q9LVXDO)R[3URFDGDDFFLyQTXHWXUHDOL]DVHVXQHYHQWRSRUHMHPSORHOPRYLPLHQWR
GHOPRXVHKDFHUFOLFNVREUHXQERWyQHVFULELUXQWH[WRHQXQFXDGURGHWH[WRHWF3RU
OR WDQWRFXDQGR VH SURJUDPD HQ 9LVXDO )R[3URTXHGDQDWUiVWRGRVHVDVIRUPDVTXH
WHQtDPRVGHSURJUDPDUHQ)R[3URSDUD:LQGRZV DTXtWRGRVHPDQHMDSRUHYHQWRVHV
GHFLUVRORSURJUDPDVHOHYHQWRTXHTXLHUHVTXHUHDOLFHXQDDFFLyQFXDQGRVXFHGDDTXt
HQ9LVXDO)R[3URQRWLHQHVTXHWHQHUSURFHGLPLHQWRVRUXWLQDVSDUDYDOLGDUSRUHMHPSOR
OD HQWUDGD HQ OD FODYH GHO DUWLFXOR VLPSOHPHQWH VH SURJUDPD HO HYHQWR UHVSHFWLYR
DGHPiVGHTXHQRHVWDQWHGLRVRHOPDQWHQLPLHQWRGHOVLVWHPD(VGHFLUQRWLHQHVTXH
UHFRUUHU WRGR WX DUFKLYR GH UXWLQDV SDUD HQFRQWUDU OD IDOOD QR WLHQHV TXH FRGLILFDU
SURFHGLPLHQWRV GH YDOLGDFLyQ 3RU HMHPSOR VXSRQJDPRV TXH HQ )R[3UR '26 R SDUD
:LQGRZVGHVHDVSRQHUXQRVERWRQHVTXHHMHFXWDQFLHUWDVLQVWUXFFLRQHVFXDQGRVH
KDFHHVRWLHQHVTXHFUHDUXQDIXQFLyQHQODFXDOSUHJXQWDVFXiOIXHHOTXHVHSUHVLRQR
VHJ~QHOYDORUHMHFXWDEDVODVLQVWUXFFLRQHVSDUDHVHERWyQHQ9LVXDO)R[3URQRHV
DVtVLPSOHPHQWHSURJUDPDVSDUDFDGDERWyQORTXHTXLHUHVLQGHSHQGLHQWHPHQWHGH
TXHVHSUHVLRQHRWURDVtQRWLHQHVTXHSUHJXQWDUFXDOIXHHOTXHSUHVLRQRSRUTXHFDGD
HYHQWRGHFDGDREMHWRHVLQGHSHQGLHQWHVRORSXHGHRFXUULUXQRHQHVHPRPHQWRHV
GHFLUTXHQRVHSXHGHQGHVHQFDGHQDUGRVHYHQWRVDOPLVPRWLHPSRRHV/,.RVH
029,2(/5$721RDOJ~QRWURHYHQWR
3URJUDPDFLyQ2ULHQWDGDD2EMHWRV
(Q9LVXDO)R[3URHQRWURVVHOHOODPDQREMHWRVDWRGRORTXHYHV HQSDQWDOODORV
REMHWRVVRQSRUHMHPSORXQERWyQXQDFDMDGHWH[WRXQDLPDJHQHQJHQHUDOWRGR
REMHWRYLVXDOTXHYHDVHQODSDQWDOOD
6HOHVOODPDQREMHWRVSRUTXHFDGDXQRWLHQHVXVSURSLHGDGHVSRUHMHPSORXQERWyQ
WLHQH VX SURSLHGDG GH WH[WR TXH HV OD TXH VH YH GHQWUR GHO ERWyQ WDPELpQ WLHQH XQ
DQFKRXQDOWRDVtSDUDFDGDXQRGHORVREMHWRVKHDTXtODYHQWDMDGH9LVXDO)R[3UR
VREUHOHQJXDMHVFRPR)R[3URSDUD:LQGRZVHQODFXDOVRQVRODPHQWHFDPSRVTXHQR
VHOHSXHGHQFDPELDUVXVFDUDFWHUtVWLFDVGLQiPLFDPHQWHSRUORWDQWRHVWRSURYRFDXQD
PDRUYHORFLGDGHQHOGHVDUUROOR
8QHMHPSORVHQFLOORLPDJtQHQVHTXHWLHQHQXQDSDQWDOODGHFDSWXUDHQODFXDOHQHO
FDPSRQHFHVLWDVHMHFXWDVXQDSRUFLyQGHFyGLJRTXHVHJ~QHOYDORUTXHWHGHYXHOYD
FRQWLQXDVFRQ HOFDPSRRUHJUHVDVSRUGHFLUDOFDPSRVLPSOHVHQFLOODPHQWHROR
KDFHVFRQXQ'R:KLOHRYXHOYHVDSHGLUHOFDPSRORPLVPRVXFHGHVLTXLHUHVTXH
XQFDPSRTXHWLHQHVHQSDQWDOODSRUDOJXQDUD]yQQHFHVLWDVFDPELDUORGHFRORUTXH
WLHQHVTXHKDFHUSXHVYROYHUDGHVSOHJDUORFRQVXQXHYRFRORUHQ9LVXDO)R[3URQR
HVDVtSRUTXHHVHFDPSRHVXQREMHWRHQSDQWDOODSXHGHVGHFLUOHDOSURJUDPDTXHVH
UHJUHVHDWDOREMHWRRFDPELDUOHHOFRORUDWDOREMHWRPXFKDVRWUDVFRVDVTXHFRQ
)R[3UR QR VH SXHGHQ OR TXH SURYRFDQ HV TXH HO SURJUDPDGRU SLHUGD WLHPSR
HVFULELHQGROtQHDVOtQHDVGHFyGLJR
- 8. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
(QWRUQRGH'HVDUUROOR
(O HQWRUQR GH GHVDUUROOR VRQ ODV SDUWHV YLVXDOHV GH ODV TXH HVWD FRPSXHVWR WRGR
OHQJXDMHGHSURJUDPDFLyQYLVXDOFRPRORVRQ9LVXDO)R[3UR9LVXDO%DVLF'HOSKLHWF
HQODVLJILJXUDVHPXHVWUDODSDQWDOODGHLQLFLRGH9LVXDO)R[3UR
%DUUDGH0HQ~V
3RUPHGLRGHHVWDEDUUDGHPHQ~VSRGUHPRVDFFHVDUDWRGDVODVRSFLRQHVTXH9LVXDO
)R[3URQRVRIUHFHFRPR$EULURUHDUXQD%DVHGH'DWRVXQ5HSRUWHHWFHWF
%DUUDGH+HUUDPLHQWDV
3RUPHGLRGHHVWDEDUUDGH+HUUDPLHQWDVSRGUHPRVDFFHVDUDWRGDVODVRSFLRQHVTXH
PiVVHXWLOL]DQVLQQHFHVLGDGGHLUDORVPHQ~VDEXVFDUVXVUHVSHFWLYDVRSFLRQHVHVWR
HVSDUDWHQHUXQDFFHVRPiVUiSLGR
%DUUDGH0HQ~V
%DUUDGH
+HUUDPLHQWDV
9HQWDQDGH
RPDQGRV
- 9. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
(O$GPLQLVWUDGRUGH3URHFWRV
¢4XHHVXQ3URHFWR
8QSURHFWRHQ9LVXDO)R[3URHVHOFRQMXQWRGHSDQWDOODVUHSRUWHV EDVHVGHGDWRVTXH
YDQDIRUPDUSDUWHGHO6LVWHPDTXHHVWpVGHVDUUROODQGR8QSURHFWRHVWDGLYLGLGRFRPR
DGLMHSRUFDWHJRUtDVSRUXQODGRODVSDQWDOODVUHSRUWHVGHWXVLVWHPDSRURWURODGR
ODVEDVHVGHGDWRVTXHODFRPSRQHQVXVPHQ~VHWF
/DVLJ)LJXUDPXHVWUDHODGPLQLVWUDGRUGHSURHFWRV
3DJHV7DEVR
3DJLQDV
- 11. FRQ 9LVXDO )R[3UR SDUD HIHFWXDU WDUHDV GH UHYLVLyQ PDQWHQLPLHQWR
DOJXQDVRWUDV(VWD HVXQRGHORVSXQWRVIXHUWHVGH9LVXDO)R[3URIUHQWHDOHQJXDMHV
FRPR9LVXDO%DVLF'HOSKLORVFXDOHVQRFXHQWDQFRQQLQJXQDRSFLyQSDUHFLGDSRUOR
FXDO ODV WDUHDV GH FRPSUREDFLyQ PDQWHQLPLHQWR VRQ PiV WHGLRVDV SRU OR WDQWR
SHUGLGDGHWLHPSR
/DVLJILJXUDPXHVWUDODYHQWDQDGHFRPDQGRV
6LHVWDYHQWDQDQRVHHQFXHQWUDHQODSDQWDOODSULQFLSDOVHSXHGHDFWLYDUGHVGHHOPHQ~
YHQWDQD!YHQWDQDGHFRPDQGRVRFRQODWHFODUiSLGDWUO)
%DVHVGH'DWRV7DEODV
¢4XHHVXQD%DVHGH'DWRV
(Q)R[3URSDUD'26:LQGRZVXQDEDVHGHGDWRVHUDXQDUFKLYR'%)HQHOFXDOVH
DOPDFHQDEDORVUHJLVWURVSRUHMHPSORGHFOLHQWHV
(Q 9LVXDO )R[3UR HVWH FRQFHSWR D FDPELDGR $KRUD XQD EDVH GH GDWRV HV XQ
FRQWHQHGRU GH WRGDV ODV WDEODV FOLHQWHVDUWtFXORVHWF
- 13. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
(MHPSORGH%DVHGH'DWRVFRQ7DEODVGRQGHVHDSUHFLDXQDUHODFLyQ
¢4XHHVXQD7DEOD
8QDWDEODHVXQDUFKLYRGRQGHVHDOPDFHQDODLQIRUPDFLyQHQROXPQDVUHQJORQHV
SRU HMHPSOR HO QRPEUH GH XQ OLHQWH VX GLUHFFLyQ VX WHOpIRQR HVDV VHUtDQ ODV
FROXPQDVORVUHQJORQHVVHULDWRGRVORVFOLHQWHVUHJLVWUDGRV
(Q9LVXDO)R[3URHVXQDUFKLYR'%)FRQRFLGRDQWHULRUPHQWHHQ)R[3URFRPREDVHGH
GDWRV(Q9LVXDO)R[3URODVWDEODVWLHQHQDKRUDPDVFDSDFLGDGHVFRPRQRPEUHVODUJRV
GHWDEODVGHFDPSRVUHJODVGHYDOLGDFLyQDQLYHOGHFDPSRDOJXQDVRWUDV
%DVHGH'DWRV
RQWHQHGRU
- 15. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
UHDUXQ3URHFWR
3DUD FUHDU XQ SURHFWR SDUD XQ VLVWHPD GRQGH DOPDFHQDUHPRV QXHVWUDV WDEODV
UHSRUWHVPHQ~VHWF+DTXHLUDOPHQ~$UFKLYR!1XHYRHQWRQFHVDSDUHFHUiODVLJ
3DQWDOOD
6HOHFFLRQDU 3URHFWR GDU OLFN HQ 1XHYR $UFKLYR HQWRQFHV DSDUHFHUi OD VLJ
3DQWDOODSDUDHOHJLUXQGLUHFWRULRGRQGHJXDUGDUQXHVWURSURHFWR
6HOHFFLRQDU
ODRSFLyQ
(VFULELUHO
1RPEUHGHO
3URHFWR
GHVSXpV
*XDUGDU
6HOHFFLRQDU
'LUHFWRULR
- 16. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
8QDYH]JXDUGDGRHOSURHFWRDSDUHFHUiODYHQWDQDGH3URHFWRVFRQHOQRPEUHTXH
QRVRWURVOHSXVLPRVFRPRVHPXHVWUDHQOD6LJ)LJXUD
UHDUXQD%DVHGH'DWRV
'HEHVVHOHFFLRQDUSULPHUROD3DJLQD'DWRV HQHO$GPLQLVWUDGRUGH3URHFWRVHOHJLUOD
2SFLyQ %DVHVGH'DWRVSRVWHULRUPHQWHKDFHUFOLFNVREUHHOERWyQ1XHYR
3DJLQD
'DWRV
UHDUQXHYD
%DVHGH
$JUHJDUXQD
%DVHGH'DWRV
TXHDH[LVWH
0RGLILFDU
XQD%DVH
GH'DWRV
- 17. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
$O KDFHU FOLFN VREUH HO ERWyQ1XHYD DSDUHFHUi OD YHQWDQD HQ OD FXDO QRV SHGLUi XQ
QRPEUHODXELFDFLyQGRQGHVHUiJXDUGDGDFRPRVHPXHVWUDHQODVLJ)LJXUD
8QD YH] FUHDGD QXHVWUD %DVH GH 'DWRV QRV GHEH DSDUHFHU OR TXH VH OODPD HO
FRQWHQHGRUGHOD%DVHGH'DWRVFRPRVHPXHVWUDDFRQWLQXDFLyQ
1RPEUHGHOD
%DVHGH
RQWHQHGRU
GH%DVHGH
'DWRV
%DUUDGH
+HUUDPLHQWDV
SDUD%DVHGH
'DWRV
- 18. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
%DUUDGH+HUUDPLHQWDV%DVHGH'DWRV
1XHYD7DEOD
UHDUXQDQXHYDWDEODSDUDOD%DVHGH'DWRV
$JUHJDU7DEOD
$JUHJDUXQD7DEODH[LVWHQWHDOD%DVHGH'DWRV
(OLPLQDU7DEOD
(OLPLQDUODWDEODVHOHFFLRQDGDGHOD%DVHGHGDWRV
1XHYD9LVWD5HPRWD
UHDUXQDYLVWDGHXQD7DEODFRQWHQLGDHQXQD%DVHGH'DWRV([WHUQD
1XHYD9LVWD/RFDO
UHDUXQDYLVWDGHXQDV
- 22. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
UHDUXQD7DEOD
3DUDFUHDUXQDWDEODGHEHVSULPHURLUODSDJLQD'DWRV VHOHFFLRQDUOD%DVHGH'DWRVD
OD FXDO OH TXLHUHV DJUHJDU OD WDEOD GiQGROH GREOH FOLFN VREUH HOOD SRVWHULRUPHQWH
VHOHFFLRQDUODRSFLyQ7DEODVSDUDGHVSXpVKDFHUFOLFNVREUHHOERWyQ1XHYRFRPRVH
PXHVWUDHQODVLJ)LJXUD
$OKDFHUFOLFNVREUHHOERWyQ1XHYR DSDUHFHUiODYHQWDQDHQODFXDOQRVSUHJXQWDVL
GHVHDPRV XQD 7DEOD HQ EODQFR R TXHUHPRV XVDU HO $VLVWHQWH SDUD 7DEODV
6HOHFFLRQDUHPRV7DEODHQ%ODQFRFRPRVHPXHVWUDHQODVLJ)LJXUD
3DJLQD
'DWRV
UHDUQXHYD
7DEOD
+DFHUFOLFN
HQ7DEOD
1XHYD
- 28. 5HJOD (V OD UHJOD GH YDOLGDFLyQ HMHPSOR LG ! VL TXHUHPRV TXH DFHSWH YDORUHV
SRVLWLYRV
0HQVDMH(VHOPHQVDMHSHUVRQDOL]DGRTXHTXHUHPRVTXHDSDUH]FDHQSDQWDOODDOD
KRUDGHYLRODUVHODUHJODGHYDOLGDFLyQGHOFDPSR(MHPSORµ6RORVHDFHSWDQQ~PHURV
SRVLWLYRV¶QRWDHOWH[WRGHEHHVFULELUVHHQWUHFRPLOODV
- 33. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
(MHPSORLGRVLVRQYDULRVFDPSRVLG OLQHD
1RWD VL ORV FDPSRV QR VRQ GHO PLVPR KD TXH IRU]DUORV DO WLSR GH GDWR GHVHDGR
HMHPSORVLLG HVFDUiFWHUOtQHDHQWRQFHVHOQRPEUHGHODH[SUHVLyQVHUtD
,G675OLQHD
- 37. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
$87+256'%)
1RPEUHGHODPSR 7LSRGH'DWR /RQJLWXG
DXWKRUBLG (QWHUR
)LUVWBQDPH DUiFWHU
/DVWBQDPH DUiFWHU
1RWHV 0HPR
$GGUHVV DUiFWHU
LW DUiFWHU
6WDWH DUiFWHU
=LS DUiFWHU
3KRQH DUiFWHU
)D[ DUiFWHU
(PDLO DUiFWHU
%22.6'%)
1RPEUHGHODPSR 7LSRGH'DWR /RQJLWXG
%RRNBLG (QWHUR
7LWOH DUiFWHU
7RSLFBLG (QWHUR
RSULJKWBHDU (QWHUR
,VEQBQXPEHU DUiFWHU
SXEOLVKHUBQDPH DUiFWHU
SXUFKDVHBSULFH 0RQHWDULR
FRYHUWSH DUiFWHU
GDWHBSXUFKDVHG )HFKD
3DJHV (QWHUR
1RWHV 0HPR
- 38. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
5HODFLRQHVHQWUH7DEODV
/DVUHODFLRQHVPiVFRPXQHVHQWUHWDEODVVHGHILQHQ
'HXQRDXQR (MHPSORGHXQDOODYHSULPDULDDRWUDOODYHSULPDULD
'HXQRDPXFKRV (MHPSORGHXQDOODYHSULPDULDDXQD5HJXODUR)RUiQHD
'HPXFKRVDPXFKRV$TXtFRPRQRVHSXHGHQHVWDEOHFHUUHODFLRQHVGHPXFKRVD
PXFKRVVHWLHQHTXHGLYLGLUHQGRVUHODFLRQHVGH8QRDPXFKRV(MHPSOR8Q$XWRU
SXHGHWHQHUYDULRVOLEURVSHURWDPELpQXQOLEURSXHGHWHQHUYDULRVDXWRUHV
/DVUHODFLRQHVHQWUHWDEODVVHFUHDQDUUDVWUDQGRODOODYHGHODWDEODDODOODYHGHRWUD
WDEOD
/DILJXUDPXHVWUDXQDUHODFLyQHQWUHODVWDEODV(PSOHDGRV'HSDUWDPHQWRODUHODFLyQ
VHOHHUtDDVt³8QD'HSDUWDPHQWRWLHQHPXFKRVHPSOHDGRV´
5HODFLyQHQWUHWDEODV
GHXQRDPXFKRV
- 41. FRQ HO FXDO YHUHPRV HO FRQWHQLGR GH OD 7DEOD
VHOHFFLRQDGDHQGRQGHSRGUHPRVDJUHJDUHOLPLQDUFDPELDULQIRUPDFLyQGHOD7DEOD
VLQQHFHVLGDGGH SURJUDPDFLyQ
%RWyQ([DPLQDU
$OKDFHUFOLFNVREUHHVWHERWyQQRVDSDUHFHUiODVLJ9HQWDQDFRP~QPHQWHOODPDGD
FRPR%URZVHFRPRVHPXHVWUDHQODVLJ)LJXUD
(QODILJXUDDQWHULRUVHSXHGHDSUHFLDUTXHXQUHJLVWURWLHQHXQDPDUFDQHJUDDXQODGR
HORWURQRHVWRTXLHUHGHFLUTXHXQRHVWDPDUFDGRFRPRERUUDGRHOGHODPDUFD
- 42. VLQ
HPEDUJR HVWR QR VLJQLILFD TXH QR H[LVWD 6L VH TXLVLHUDQ HOLPLQDU WRGRV ORV UHJLVWUR
PDUFDGRVFRPRERUUDGRVEDVWDUtDFRQHVFULELUODLQVWUXFFLyQ3$. HQOD9HQWDQDGH
RPDQGRV
3DUD*XDUGDU ORVFDPELRVKDTXHSUHVLRQDUODFRPELQDFLyQGHWHFODVWUO:
$KRUDFHUUDUORTXHHVODYHQWDQDGH([DPLQDUODYHQWDQDGH'LVHxDGRUGH%DVHVGH
'DWRV
9HQWDQDGH
([DPLQDU
0HQ~SDUDHO0DQHMR
GHOD7DEOD
- 43. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
'HQWURGHO$GPLQLVWUDGRUGH3URHFWRVVLVHOHFFLRQDVODWDEODGHVHDGDSXHGHV XWLOL]DU
ORVERWRQHV1XHYR$JUHJDU0RGLILFDU([DPLQDU4XLWDUTXHVHULDORPLVPRTXHVL
HQWUDUDVDOGLVHxDGRUGH%DVHVGH'DWRVVHOHFFLRQDUDVOD7DEODGHVSXpVKLFLHUDV
FOLFNVREUHHOERWyQFRUUHVSRQGLHQWHHQOD%DUUDGH+HUUDPLHQWDV
9LVWDV/RFDOHV
¢4XpHVXQDYLVWD
8QD YLVWD HV XQ REMHWR TXH VH FUHD HPSOHDQGROD LQVWUXFFLyQ6(/(7 GH 64/ SDUD
EDVHVGHGDWRVUHODFLRQDOHV/DVYLVWDVSXHGHQVHUORFDOHVR5HPRWDV
¢3DUDTXHQRVVLUYH
%XHQRQRVVLUYHSDUDFRPELQDUGDWRVGHGLIHUHQWHVWDEODVVLQWHQHUTXHSURJUDPDUOD
XQLyQGHHVWRVGDWRVSDUDSRGHUGHVSOHJDUORV3DUDSRGHUXVDUODVVHDEUHQFLHUUDQ
FRPRVLIXHUDQXQDWDEODODLQVWUXFFLyQVHULD86(VHOHGDHOPLVPRWUDWDPLHQWRTXH
DHVWDVHVGHFLUTXHWRGRVORVFRPDQGRVTXHVHXVDQFRQODVWDEODVVHSXHGHQXVDU
FRQODVYLVWDV
6(/(7 FDPSRV
)520 WDEODV
:+(5( FRQGLFLyQ
*5283 %FDPSRVGHDJUXSDPLHQWR
25'(5 %FDPSRVGHRUGHQDPLHQWR
(MHPSOR
6(/(7LGQDPH
)520VBUHJLRQ
25'(5%QDPH
- 44. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
UHDFLyQGHXQDYLVWDORFDO
3ULPHURGHEHVGHLUDOD3DJLQD'DWRV GHO$GPLQLVWUDGRUGHSURHFWRVVHOHFFLRQDUOD
%DVHGH'DWRVSRVWHULRUPHQWHVHOHFFLRQDUODRSFLyQ9LVWDV/RFDOHVKDFHUFOLFNHQHO
%RWyQ1XHYRRELHQHQWUDUDO'LVHxDGRUGH%DVHVGH'DWRVKDFHUFOLFNHQHOERWyQ
SDUDFUHDU9LVWDV/RFDOHV
UHDU9LVWD/RFDO
$O KDFHU FOLFN VREUH FXDOTXLHUD GH ODV RSFLRQHV DQWHULRUPHQWH PHQFLRQDGDV GHEHUi
DSDUHFHUODVLJ3DQWDOODGRQGHVHQRVSUHJXQWDVLHVXQD9LVWDHQ%ODQFRRGHVHDPRV
XWLOL]DUHO$VLVWHQWH+DJDQFOLFNVREUHOD9LVWDHQ%ODQFRFRPRVHPXHVWUDHQODVLJ
)LJXUD
/DYHQWDQDSDUDDJUHJDUODVWDEODVVHXWLOL]DSDUDDxDGLUWDEODVTXHVHYDQDRFXSDUHQ
OD LQVWUXFFLyQ 6(/(7 ± 64/ HQ HVWH FDVR HVWDUtDPRV VHOHFFLRQDQGR OD SDUWH GHO
7DEODV HQ OD EDVH GH GDWRV 6HOHFFLRQHPRV $XWKRUV OXHJR $JUHJDU /D WDEOD VH
DJUHJDUiOXHJROHGDPRVHUUDU
6HOHFFLRQDUOD
%DVHGH'DWRV
6HOHFFLRQDUOD
7DEODDXWLOL]DU
- 50. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
(MHUFLFLR6LPSOH
UHDUXQDYLVWDGRQGHDSDUH]FDQORVVLJDPSRV
'HOD7DEOD$XWKRUVWRGRVORVFDPSRV
'HOD7DEOD%RRNVWRGRVORVFDPSRV
/D7DEODLQWHUPHGLDGHUHODFLyQVHUiOD7DEOD%RRNDXWK
3DUD YHU HO UHVXOWDGR GH OD 9LVWD KD TXH KDFHU FOLFN HQ HO ERWyQ (MHFXWDU TXH VH
HQFXHQWUDVREUHODEDUUDGHKHUUDPLHQWDV(VWiQGDU
%RWyQ(MHFXWDU
8QDYH]KDFLHQGRFOLFNVREUHHVWHERWyQVHGHEHDSDUHFHUODYHQWDQDGH([DPLQDU
SDUDHVD9LVWDFRPRVHPXHVWUDHQODVLJ)LJXUD
- 51. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
RPDQGRVGH9LVXDO)R[3UR
/R VLJ RPDQGRV VH SXHGHQ XWLOL]DU HQ 9HQWDQD GH RPDQGRV R GHQWUR GH XQ
SURJUDPDFRPRVHPXHVWUDHQODVLJ)LJXUD
RPDQGRV
N 3DUDDPELDUGHGLUHFWRULRGH7UDEDMR
6(7'()$8/772587$'(',5(725,2
(MHPSOR
6(7'()$8/772?6,67(0$6?$-$
N /LPSLDUOD3DQWDOOD3ULQFLSDOGH9LVXDO)R[3UR
/($5
N 0RVWUDUORVDUFKLYRVGHOGLUHFWRULR
',5
(MHPSORV
',5
',5
7;7
',5?6,67(0$6?(175$/
N 3DUDDSDJDUOD³3ODWLFD´FRQ9LVXDO)R[3UR
6(77$/.2))
(VWRVHKDFHSRUTXHDOERUUDUFUHDUtQGLFHVHWF(QODSDQWDOODGH9LVXDO)R[3URVHYD
PRVWUDGRORVUHVXOWDGRVHVSRUHVRTXHHQXQSURJUDPDVHGHEHGHLQFOXLU
- 52. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
N 3DUDFDPELDUHO)RUPDWRGHOD)HFKD
6(7'$7(72 IRUPDWR
(MHPSORV
6(7'$7(72'0
6(7'$7(720'
6(7'$7(72%5,7,6+
N 3DUDVDOLUGH9LVXDO)R[3UR
48,7
N 3DUDFDQFHODUODHMHFXFLyQGHXQ3URJUDPD
$1(/
N 3DUD$EULUXQD%DVHGH'DWRV
23(1'$7$%$6(1RPEUHGH OD%DVHGH'DWRV
(MHPSOR
23(1'$7$%$6(120,1$
N 3DUDHUUDUXQD%DVHGH'DWRV
/26('$7$%$6(6
N 3DUD$EULUXQD7DEOD
86( 1RPEUHGHOD7DEOD
(MHPSOR
86( FOLHQWHV
86( FOLHQWHV25'(57$*QRPEUH
VHOHFFLRQDQGRHOtQGLFHDODEULUODWDEODSDUDQRXVDU VHWRUGHU
- 69. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
N 3DUDHVWDEOHFHU)LOWURVGHRQGLFLyQ
6(7),/7(572 RQGLFLyQGHO)LOWUR
(MHPSORV
6(7),/7(572VXHOGR!
6(7),/7(572VXHOGR! DQGVXHOGR
6(7),/7(572VXHOGR RUVXHOGR
6(7),/7(572GHSWR!³´DQGVXHOGR RUVXHOGR
- 79. $TXt VH SXHGHQ XWLOL]DU XQD PH]FOD GH WRGDV OD ~QLFD GHVYHQWDMD HV TXH VL VRQ
GHPDVLDGRVUHJLVWURVORVOLVWDSHURQRKDFHSDXVDSDUDTXHSXHGDVOHHUORVVLQRTXH
ORVGHVSOLHJDWRGRVUHFRUUHORVSULPHURUHJLVWURVKDFLDDUULEDDQRVHSXHGHQYHU
N /LVWDUUHJLVWURVKDFLDODLPSUHVRUD
,JXDOTXHODDQWHULRUVRORTXHDOILQDOGHODLQVWUXFFLyQVHOHDJUHJD7235,17
(MHPSOR
/,672))FODYHQRPEUHVXHOGR7235,17
N 'HVSOHJDUUHJLVWURVHQ3DQWDOOD
3DUDHVWRVRORVHVXVWLWXHODLQVWUXFFLyQ/,67 SRU',63/$
RQHVWRWLHQHVODYHQWDMDGHTXHFXDQGRVHOODPDODSDQWDOODGHUHJLVWURVHO9LVXDO
)R[3URKDFHXQD3DXVDSDUDTXHORVSXHGDVOHHUGHVSXpVFRQWLQXDU
N 0RGLILFDUOD(VWUXFWXUDGHXQD7DEOD
02',)6758
N 'HVSOHJDUHQ3DQWDOODR,PSUHVRUDOD(VWUXFWXUDGHXQD7DEOD
',63/$6758
2
',63/$67587235,17
- 80. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
2SHUDGRUHV$ULWPpWLFRV
6XPD
5HVWD
0XOWLSOLFDFLyQ
'LYLVLyQ
2SHUDGRUHV/yJLFRV
,JXDOGDG
! 0DRUTXH
0HQRUTXH
! 0DRUR,JXDOTXH
0HQRURLJXDOTXH
! 'LIHUHQWH
25 RQGLFLyQOyJLFD ³2´
$1'RQGLFLyQOyJLFD³´
127 RQGLFLyQOyJLFDGH1HJDFLyQ
- 81. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
UHDU5HSRUWHV
3DUD FUHDU XQ UHSRUWH SULPHUR GHEHV LU DO $GPLQLVWUDGRU GH 3URJUDPDV GHVSXpV
VHOHFFLRQD OD SDJLQD'RFXPHQWRV GHVSXpV VHOHFFLRQDU OD RSFLyQ,QIRUPHV GDU
OLFNHQHOERWyQ1XHYRFRPRVHPXHVWUDHQOD6LJ)LJXUD
'HVSXpVGHKDEHUGDGRFOLFNVREUHHOERWyQ1XHYRQRVGHEHDSDUHFHUODVLJ3DQWDOOD
GRQGH QRV SUHJXQWD TXH VL GHVHDPRV XVDU HO $VLVWHQWH R XQ 5HSRUWH HQ %ODQFR
(OHJLUHPRV %ODQFR 3DUD TXH GHVSXpV QRV DSDUH]FD OD 3DQWDOOD GHO 'LVHxDGRU GH
,QIRUPHVFRPRVHPXHVWUDHQODVLJ)LJXUD
'RFXPHQWRV
,QIRUPHV
- 82. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
/RVLQIRUPHVPXHVWUDQGDWRVUHVXPHQGDWRVHQXQIRUPXODULRLPSUHVRRHQSDQWDOOD
/RVGRVFRPSRQHQWHVSULQFLSDOHVGHORVLQIRUPHVVRQORVGDWRVHOIRUPDWR/DIXHQWH
GHGDWRVGHOLQIRUPHSXHGHVHUXQDWDEODGHEDVHGHGDWRXQDFRQVXOWDRXQDYLVWD
(OSULPHUSDVRSDUDGLVHxDUXQLQIRUPHHVGHWHUPLQDUORVGDWRVTXHVHYDQDPRVWUDU
HOVHJXQGRSDVRHVGHWHUPLQDUFXiOYDDVHUHOPHMRUIRUPDWRSDUDPRVWUDUHVHLQIRUPH
3XHGHFUHDUOLVWDGRVTXHVHEDVHQHQXQD~QLFDWDEODRHQLQIRUPHVFRPSOHMRV
(O*HQHUDGRUGH,QIRUPHVHVXQDKHUUDPLHQWDIOH[LEOHGHIiFLOXVRSDUDODFUHDFLyQ
GLVHxRPRGLILFDFLyQGHLQIRUPHV
(QWRUQRGH
'DWRV
'HWDOOH6H
HVSHFLILFDQORV
FDPSRVGHODWDEOD
6XPDULR$SDUHFH
HQODXOWLPD
3LHGH
3DJLQD
(QFDEH]DGR
GH3DJLQD
7LWXOR$SDUHFH
VRORHQOD
+HUUDPLHQWDV
SDUD,QIRUPHV
RQWUROHVGH
,QIRUPHV
- 83. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
3DVRVSDUDUHDFLyQGH,QIRUPHV
6HOHFFLyQGHORVGDWRV
(VWDHVODSDUWHPiVLPSRUWDQWHGHOLQIRUPHODVHOHFFLyQGHGDWRVKDTXHVDEHUTXp
HVORTXHTXLHUHHOXVXDULRRTXHHOXVXDULRPXHVWUHHOGLVHxRGHOLQIRUPHTXHGHVHD
SDUDFRPHQ]DUDWUDEDMDU
/RVGDWRVSXHGHQVHUVLPSOHVXWLOL]DQGRXQD VRODWDEOD
- 86. LG 'HVFULSFLyQ
1HJRFLRV
LHQFLD
)LFFLyQ
3DVRVSDUDFUHDUHO(QWRUQRGH'DWRV
6HOHFFLRQDU HO ERWyQ (QWRUQR GH 'DWRV GH OD EDUUD GH KHUUDPLHQWDV 'LVHxDGRU GH
,QIRUPHV R KDFHU FOLFN FRQ HO ERWyQ GHUHFKR GHO PRXVH VREUH FXDOTXLHU iUHD GHO
GLVHxDGRU GH UHSRUWHV VHOHFFLRQDU OD RSFLyQ (QWRUQR GH 'DWRV DO KDFHU HVWR
DSDUHFHUi OD YHQWDQD GH (QWRUQR GH 'DWRV GRQGH GHEHUi KDFHU FOLFN FRQ HO ERWyQ
GHUHFKR VREUH OD YHQWDQD GHO (QWRUQR GH 'DWRV VHOHFFLRQDU OD RSFLyQ DJUHJDU HV
HQWRQFHVFXDQGRDSDUHFHUiODYHQWDQDGRQGHVHOHFFLRQDUHPRVODV
- 91. KDELHQGR KHFKR FOLFN HQ HO ERWyQ DJUHJDU SDUD
FDGD XQD GH ODV WDEODV TXH YDPRV D XVDU HQ HO (QWRUQR GH 'DWRV DSDUHFHUi ODV
- 95. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
%DUUDGHRQWUROHVGH,QIRUPHV
6HOHFFLRQDU2EMHWR
6HOHFFLRQDUXQREMHWRGHQWURGHOUHSRUWHSDUDPRYHUORRPRGLILFDURWURVGDWRV
+HUUDPLHQWDSDUD7H[WR
6HOHFFLRQDUXQREMHWRFRORFDGRGHQWURGHO5HSRUWH
+HUUDPLHQWDDPSR
$JUHJDURPRGLILFDUFDPSRVGHXQDWDEODDXQUHSRUWH
+HUUDPLHQWDSDUD/LQHDV
'LEXMDUOLQHDV+RUL]RQWDOHVR9HUWLFDOHVGHQWURGHOUHSRUWH
+HUUDPLHQWDSDUDFXDGURV
'LEXMDUUHFWiQJXORVGHQWURGHOUHSRUWH
+HUUDPLHQWDSDUDtUFXORVR(OLSVHV
'LEXMDUtUFXORVR(OLSVHVGHQWURGHOUHSRUWH
+HUUDPLHQWDSDUDEORTXHDUORVREMHWRV
3DUD SHUPLWLU R QR SHUPLWLU TXH VH PRGLILTXH OD SRVLFLyQ GH ORV REMHWRV FRQWHQLGRV
GHQWURGHOUHSRUWH
- 96. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
RPRXVDUORVRQWUROHVGH,QIRUPHV
7H[WR 6HOHFFLRQDUODKHUUDPLHQWD7H[WRGHOD%DUUDGHKHUUDPLHQWDVGHVSXpVKDFHU
FOLFN HQ HO OXJDU VHFFLyQ GHO UHSRUWH TXH VH GHVHD HVFULELU HO WH[WR FRPR VH
PXHVWUDHQODVLJ)LJXUD
6LGHVHDVGDUIRUPDWRDHVWHWH[WRHVGHFLUSRQHUORHQQHJULWDVSRUHMHPSORGHEHV
VHOHFFLRQDUHOPHQ~)RUPDWR!)XHQWH
3DUDHGLWDUHOXQ7H[WRGHQWURGHXQUHSRUWHGHEHVVHOHFFLRQDUODKHUUDPLHQWD7H[WR
KDFHUFOLFNHQHOWH[WRDPRGLILFDU
$JUHJDU DPSR 6HOHFFLRQDU OD KHUUDPLHQWDDPSR GH OD EDUUD GH KHUUDPLHQWDV
GHVSXpVKDFHUFOLFNHQHOOXJDUGRQGHGHVHDVTXHDSDUH]FDHVHFDPSRXQDYH]GDQGR
FOLFNHQHOOXJDUGHVHDGRDSDUHFHUiODVLJ3DQWDOODGRQGHHOHJLUHPRVHOFDPSRTXH
GHVHDPRVGHOD7DEODFRPRVHPXHVWUDHQODVLJILJXUD
+HUUDPLHQWD
7H[WR
(VFULELUHO7H[WR
- 97. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
6LGHVHDVSRUHMHPSORSRQHUHQQHJULWDVXQFDPSRYHDOPHQ~)RUPDWR!)XHQWH
3DUDPRGLILFDUXQFDPSREDVWDFRQKDFHUGREOHFOLFNVREUHHOFDPSRDSDUHFHUiOD
YHQWDQDDQWHULRUPHQWHPRVWUDGD
$JUHJDUDPSR*HQHUDGRUGH([SUHVLRQHV
- 99. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
$JUHJDU DPSR DOFXODGR XDQGR WLHQHV OD QHFHVLGDG GH PRVWUDU SRU HMHPSOR
WRWDOHVDOILQDOGHOUHSRUWH3DUDDJUHJDUXQFDPSRFDOFXODGRGHEHVDJUHJDUXQFDPSR
QXHYRRVHOHFFLRQDUHOFDPSRTXHTXLHUHVTXHVHDFDOFXODGRDSDUHFHUiODYHQWDQD
GH([SUHVLRQHVGH,QIRUPHVGRQGHVHSRQtDHOQRPEUHGHOFDPSRHOIRUPDWRDOOtHQ
HVD YHQWDQD KD XQ ERWyQ TXH GLFH iOFXORV DO KDFHU FOLFN HQ HVH ERWyQ WH GHEH
DSDUHFHUODYHQWDQDDOFXODUDPSRFRPRVHPXHVWUDHQODVLJ)LJXUD
([SUHVLyQD
,PSULPLU
)XQFLRQHV
TXHSXHGHV
XWLOL]DU
9DULDEOHV
GHO6LVWHPD
DPSRV
GHOD7DEOD
XDQGRHPSLH]DD
FDOFXODUGHQXHYR
)XQFLyQD
5HDOL]DU
- 100. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
%DQGDGH5HVXPHQ/DEDQGDGHUHVXPHQHVODTXHVHXVDSDUDPRVWUDUWRWDOHVDO
ILQDOGHOUHSRUWHSRUORWDQWRVRORVHLPSULPHHQODXOWLPDKRMD3RUGHIDXOWFXDQGRVH
GLVHxDXQUHSRUWHHQ9LVXDO)R[3URQRDSDUHFHODEDQGDGHUHVXPHQHVWDVHDJUHJD
HQHOPHQ~,QIRUPH!7LWXOR5HVXPHQHQWRQFHVDSDUHFHODYHQWDQD7LWXOR5HVXPHQ
GRQGHGHEHVPDUFDUODEDQGDTXHGHVHDVTXHVHDJUHJXHDOUHSRUWHXQDYH]KDELHQGR
HOHJLGR OD EDQGD GH UHVXPHQ VH GHEH DJUHJDU D WX GLVHxDGRU GH UHSRUWHV FRPR VH
PXHVWUDHQODVLJ)LJXUD
*XDUGDUXQ5HSRUWH
3DUD JXDUGDU XQ UHSRUWH KD TXH KDFHU FOLFN VREUH HO ERWyQ GH *XDUGDU TXH VH
HQFXHQWUDHQODEDUUDGHKHUUDPLHQWDV(VWiQGDURLUDOPHQ~$UFKLYR!*XDUGDU8QD
YH]KHFKRHVWRDSDUHFHUiODSDQWDOODGHJXDUGDUDUFKLYR
/RV5HSRUWHVVHJXDUGDQFRQODH[WHQVLyQ)5;8QDYH]JXDUGDGRHOUHSRUWHHVWHVH
DJUHJDUDDO$GPLQLVWUDGRUGHSURHFWRVHQOD3DJLQD'RFXPHQWRVVHFFLyQ,QIRUPHV
3DUDYHUXQDYLVWD3UHOLPLQDUGHOUHSRUWHKDTXHKDFHUFOLFNVREUHHOERWyQ
$TXtYDQ
FDPSRV
FDOFXODGRV
- 101. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
9LVWD3UHOLPLQDU GHODEDUUDGHKHUUDPLHQWDV(VWiQGDURELHQLUDOPHQ~$UFKLYR!
9LVWD3UHYLDRHQRWURFDVRLUDO$GPLQLVWUDGRUGH3URHFWRVVHOHFFLRQDUHOUHSRUWH
KDFHU FOLFN HQ HO ERWyQ 9LVWD 3UHYLD (Q FXDOTXLHUD GH ORV FDVRV GHEH DSDUHFHU OD
9HQWDQDGH9LVWD3UHOLPLQDUSDUDHOUHSRUWHVHOHFFLRQDGRFRPRVHPXHVWUDHQODVLJ
)LJXUD
%RWRQ3UHOLPLQDU
(MHUFLFLR
N UHDU XQ UHSRUWH VHQFLOOR GH FDGD XQD GH ODV WDEODV GHO SURHFWR XWLOL]DQGR ODV
KHUUDPLHQWDVH[SOLFDGDVHQHVWHFDSLWXOR
1DYHJDFLyQ
GH3DJLQDV
$FHUFDPLHQWR
]RRP
- 103. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
$VLVWHQWHSDUD5HSRUWHV
(ODVLVWHQWHSDUDUHSRUWHVHVXQDRSFLyQODFXDOQRVSHUPLWHFUHDUXQUHSRUWHSRUPHGLR
GHODVLVWHQWHHOFXDOQRVJXtDDWUDYpVGHXQDVHULHGHSDVRV3DUDFUHDUXQUHSRUWHD
WUDYpVGHODVLVWHQWHORSXHGHVKDFHUKDFLHQGRFOLFNVREUHHOERWyQ,QIRUPHVHQODEDUUD
GH KHUUDPLHQWDV (VWiQGDU R VHOHFFLRQDQGR OD SDJLQD 'DWRV GHO $GPLQLVWUDGRU GH
3URHFWRVVHOHFFLRQDQGRODRSFLyQLQIRUPHVGHVSXpVGDQGRFOLFNHQHOERWyQ1XHYR
9LVXDO )R[3UR WH SUHJXQWDUD VL GHVHDV XQ UHSRUWH HQ EODQFR R TXLHUHV XWLOL]DU HO
DVLVWHQWH
(QFXDOTXLHUDGHORVGRVFDVRVDSDUHFHUiODYHQWDQDGRQGHVHOHFFLRQDUDQHO$VLVWHQWH
SDUDHO7LSRGH5HSRUWHTXHGHVHDQXWLOL]DUFRPRVHPXHVWUDHQODVLJILJXUD
$VLVWHQWHSDUD,QIRUPHVRQHVWHDVLVWHQWHVHSXHGHJHQHUDUXQUHSRUWHVHQFLOORGH
XQDVRODWDEODSRUHMHPSORGHODWDEODGH7HPDV7RSLFV
- 106. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
3DVRVSDUD8WLOL]DUHO$VLVWHQWHSDUD,QIRUPHV
DXQDYH]DFWLYDGRHO$VLVWHQWHKDELHQGRVHOHFFLRQDGRSRUHMHPSORODSULPHUDRSFLyQ
TXH HV $VLVWHQWH SDUD ,QIRUPHV GDQGR DFHSWDU QRV GHEH DSDUHFHUi XQD YHQWDQD
GRQGHVHOHFFLRQDUHPRVOD %DVHGH'DWRVOD7DEODORVFDPSRVTXHTXHUHPRVHQHO
UHSRUWHFRPRVHPXHVWUDHQODVLJILJXUD
8QDYH]KDELHQGRVHOHFFLRQDGROD%DVHGH'DWRVOD7DEODORVDPSRVTXHGHVHDV
TXHDSDUH]FDQHQHOUHSRUWHGHEHUiVKDFHUFOLFHQHOERWyQ6LJXLHQWHDSDUHFHUiXQD
YHQWDQDGRQGHHOHJLUHPRVHOHVWLORGHOUHSRUWHGRQGHWHQHPRVRSFLRQHVGLVSRQLEOHV
FRPRVHPXHVWUDHQODVLJILJXUD
6HOHFFLRQDU
%DVHGH
'DWRV
6HOHFFLRQDU
7DEOD
DPSRVGHOD
7DEOD
6HOHFFLRQDU
DPSRV
- 107. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
8QDYH]KDELHQGRVHOHFFLRQDGRHO(VWLORGHSUHVHQWDFLyQSDUDHO5HSRUWHGHEHVKDFHU
FOLFNHQHOERWyQ6LJXLHQWHHQWRQFHVQRVDSDUHFHUiXQDYHQWDQDGRQGHHOHJLUHPRVHO
'LVHxRSDUDHO5HSRUWHFRPRVHPXHVWUDHQODVLJILJXUD
8QDYH]KDELHQGRVHOHFFLRQDGRHO'LVHxRSDUDHOUHSRUWHGHEHVKDFHUFOLFNHQHOERWyQ
6LJXLHQWH HQWRQFHV QRV DSDUHFHUi XQD YHQWDQD GRQGH VH QRV SUHJXQWDUD SRUTXH
FDPSRVHTXLHUHRUGHQDUHOUHSRUWHFRPRVHPXHVWUDHQODVLJILJXUD
- 108. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
8QDYH]KDELHQGRVHOHFFLRQDGRHORORVFDPSRVSRUORVFXDOHVVHRUGHQDUDHOUHSRUWH
GHEHVKDFHUFOLFNVREUHHOERWyQ6LJXLHQWHDSDUHFHUiODYHQWDQDILQDOGHODVLVWHQWH
GRQGH QRV GD YDULDV RSFLRQHV SDUD JXDUGDU HO UHSRUWH FRPR VH PXHVWUD HQ OD VLJ
ILJXUD
8QDYH]VHOHFFLRQDGDODRSFLyQGHVHDGDSDUDJXDUGDUHOUHSRUWHKDTXHKDFHUFOLFNHQ
HOERWyQ)LQDOL]DU SDUDTXHJXDUGHHOUHSRUWHFRQHOQRPEUH TXHVHOHGLRORDJUHJXp
DODSDJLQD'RFXPHQWRVVHFFLyQLQIRUPHV
(MHUFLFLR
N UHDUUHSRUWHVGHFDGDXQDGHODVWDEODVGHOSURHFWRXWLOL]DQGRHO$VLVWHQWHSDUD
,QIRUPHVVLJXLHQGRORVSDVRVH[SOLFDGRVHQHVWHDSLWXOR
- 109. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
RPDQGRVSDUDPDQLSXODUORV5HSRUWHV
N 0RGLILFDUXQUHSRUWH
0RGLI5HSRUWQRPEUHGHOUHSRUWH
(MHPSOR
0RGLI5HSRUWDXWKRUV
N ,PSULPLUXQ5HSRUWH
5HSRUW)RUPQRPEUHGHOUHSRUWHWR3ULQW
(MHPSOR
5HSRUW)RUP DXWKRUV WRSULQW
N 9HUUHSRUWHHQ9LVWD3UHOLPLQDU
5HSRUW)RUPDXWKRUVSUHYLHZ
(MHPSOR
5HSRUW)RUPDXWKRUVSUHYLHZ
N ,PSULPLU5HSRUWH± TXHSUHJXQWHODVRSFLRQHVGHLPSUHVLyQ
5HSRUW)RUPQRPEUHGHOUHSRUWHSURPSW
(MHPSOR
5HSRUW)RUPDXWKRUVSURPSW
N 5HSRUWHFRQFRQGLFLyQ
5HSRUW)RUPQRPEUHGHOUHSRUWHIRUFRQGLFLyQ
(MHPSOR
5HSRUW)RUPHPSOHDGRIRUGHSWR ³´
- 110. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
UHDU9HQWDQDV
3DUD FUHDU XQD YHQWDQD SULPHUR GHEHV LU DO $GPLQLVWUDGRU GH 3URJUDPDV GHVSXpV
VHOHFFLRQDODSDJLQD'RFXPHQWRVGHVSXpVVHOHFFLRQDUODRSFLyQ)RUPXODULRV GDU
OLFNHQHOERWyQ1XHYRFRPRVHPXHVWUDHQOD6LJ)LJXUD
)RUPXODULRV6HQFLOORV
8Q)RUPXODULR6HQFLOORHVHOTXHHVUHDOL]DGRJHQHUDOPHQWHXWLOL]DQGRXQDVRODWDEOD
8Q HMHPSOR WtSLFR GH IRUPXODULRV VHQFLOORV VRQ ODV SDQWDOODV GH ORV FDWiORJRV GH XQ
6LVWHPD TXH VRODPHQWHWLHQHQ OD IXQFLyQ GHUHJLVWUDU PRGLILFDUHOLPLQDUFRQVXOWDU
GDWRVGHXQDWDEOD
3RUHMHPSORYDPRVDFRQVWUXLUXQDIRUPDVHQFLOODXWLOL]DQGRHO:L]DUGGH9LVXDO)R[SUR
)RUPXODULRV
'RFXPHQWRV
- 111. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
$VLVWHQWHSDUD)RUPXODULRV
3DUDFUHDUXQIRUPXODULRFRQHO$VLVWHQWHSDUD)RUPXODULRVSULPHURVHGHEHKDFHUFOLFN
VREUHHOERWyQ)RUPXODULRV TXHVHHQFXHQWUDHQODEDUUDGHKHUUDPLHQWDV(VWiQGDUR
VHOHFFLRQDU HQ HO $GPLQLVWUDGRU GH 3URHFWRV OD SDJLQD 'DWRV GHVSXpV OD RSFLyQ
)RUPXODULRVSRVWHULRUPHQWHKDFHUFOLFNHQHOERWyQ1XHYR 8QDYH]KHFKRHVWRQRV
GHEHDSDUHFHUODVLJ3DQWDOODGRQGHQRVSUHJXQWDTXHVLGHVHDPRVXVDUHO$VLVWHQWH
GH)RUPXODULRVRXQ)RUPXODULRHQ%ODQFR
8QDYH]HOLJLGRTXHVHXWLOL]DUDHO$VLVWHQWHDSDUHFHUDXQDYHQWDQDHQODFXDOGHEHPRV
HVFRJHUXQRWLSR GHDVLVWHQWHFRPRVHPXHVWUDHQODVLJILJXUD
$VLVWHQWH SDUD )RUPXODULRV RQ HVWH DVLVWHQWH VH SXHGH JHQHUDU XQ IRUPXODULR
VHQFLOORGHXQDVRODWDEODSRUHMHPSORGHODWDEODGH7HPDV7RSLFV
- 112. $VLVWHQWH SDUD )RUPXODULRV XQR D YDULRV RQ HVWH DVLVWHQWH SXHGHV FUHDU
IRUPXODULRVGHXQRDYDULRVHVGHFLUXQDUHODFLRQSRUHMHPSORORVOLEURVGHXQDXWRU
7LSRGH
$VLVWHQWH
- 113. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
3DVRVSDUD8WLOL]DUHO$VLVWHQWHSDUD)RUPXODULRV
DXQDYH]DFWLYDGRHO$VLVWHQWHKDELHQGRVHOHFFLRQDGRSRUHMHPSORODSULPHUDRSFLyQ
TXHHV$VLVWHQWHSDUDIRUPXODULRVGDQGRDFHSWDUGHEHDSDUHFHUXQDYHQWDQDGRQGH
VHVHOHFFLRQDOD%DVHGH'DWRVOD7DEODORVFDPSRVTXHVHGHVHDQHQHOIRUPXODULR
FRPRVHPXHVWUDHQODVLJILJXUD
8QDYH]KDELHQGRVHOHFFLRQDGROD%DVHGH'DWRVOD7DEODORVDPSRVTXHGHVHDV
TXHDSDUH]FDQHQHOUHSRUWHGHEHUiVKDFHUFOLFHQHOERWyQ6LJXLHQWHDSDUHFHUiXQD
YHQWDQDGRQGHVHHOLJHHOHVWLORGHOIRUPXODULRORVWLSRVGHERWRQHVFRPRVHPXHVWUD
HQODVLJILJXUD
6HOHFFLRQDU
%DVHGH
'DWRV
6HOHFFLRQDU
7DEOD
DPSRVGH
OD7DEOD
6HOHFFLRQDU
DPSRV
- 114. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
8QDYH]KDELHQGRVHOHFFLRQDGRHO(VWLORGHSUHVHQWDFLyQSDUDHO)RUPXODULRVHGHEH
KDFHUFOLFNHQHOERWyQ6LJXLHQWHHQWRQFHVDSDUHFHUiXQDYHQWDQDGRQGHVHHOLJHHO
FDPSRSRUHOFXDOVHTXLHUHRUGHQDUODLQIRUPDFLyQFRPRVHPXHVWUDHQODVLJILJXUD
8QD YH] KDELHQGR VHOHFFLRQDGR HO R ORV FDPSRV SRU ORV FXDOHV VH RUGHQDUD OD
LQIRUPDFLyQVHGHEHKDFHUFOLFNVREUHHOERWyQ6LJXLHQWHDSDUHFHUiODYHQWDQDILQDO
GHODVLVWHQWHGRQGHKDYDULDVRSFLRQHVSDUDJXDUGDUHO)RUPXODULRFRPRVHPXHVWUD
HQODVLJILJXUD
8QDYH]VHOHFFLRQDGDODRSFLyQGHVHDGDSDUDJXDUGDUHOIRUPXODULRKDTXHKDFHUFOLFN
HQHOERWyQ)LQDOL]DU SDUDTXHJXDUGHHOIRUPXODULRFRQHOQRPEUHTXHVHOHGLROR
DJUHJXpDODSDJLQD'RFXPHQWRVVHFFLyQ)RUPXODULRV
(MHUFLFLRUHDUXQIRUPXODULRSDUDODWDEODGH7RSLFVXWLOL]DQGRHO$VLVWHQWHVLJXLHQGR
ORVSDVRVH[SOLFDGRVHQHVWHDSLWXOR
- 115. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
(O'LVHxDGRUGH)RUPXODULRV
(O GLVHxDGRU GH IRUPXODULRV HV HO OXJDU GRQGH UHDOPHQWH VH OOHYD D FDER OD
SURJUDPDFLyQ FRPR D VH KD GLFKR DTXt HV GRQGH VH XWLOL]DQ ORV REMHWRV YLVXDOHV
FRQWUROHV
- 116. D ORV FXDOHV FDGD XQR WLHQH VXV SURSLHGDGHV FDUDFWHUtVWLFDV
- 120. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
+HUUDPLHQWDV GH )RUPXODULR (VWDV KHUUDPLHQWDV VH XWLOL]DQ SDUD DFWLYDU DOJXQDV
RSFLRQHV FXDQGRVHHVWDGLVHxDQGRHOIRUPXODULR6HXVDSDUDDFWLYDUODYHQWDQDGH
3URSLHGDGHVODYHQWDQDGHO(QWRUQRGH'DWRVRSDUDYHUHOFyGLJRGHDOJ~QREMHWR
)RUPXODULR$TXtHVGRQGHVHGLEXMDQWRGRVORVFRQWUROHVTXHVHYDXWLOL]DUDTXHHO
IRUPXODULR HQ VL HV XQ FRQWHQHGRU /D GLIHUHQFLD FRQ HO JHQHUDGRU GH SDQWDOODV GH
)R[3URSDUD'26R:LQGRZVHVTXHDTXtSXHGHVRQRSXHGHVOLJDUORVFRQWUROHVD
FDPSRVGHXQDWDEODGDQGRPDRUSRWHQFLDDGHPiVGHTXHVHSXHGHQFDPELDUODV
SURSLHGDGHVGHFDGDXQR
%DUUDGHRQWUROHV$TXtVHHQFXHQWUDQWRGRVORVFRQWUROHVGLVSRQLEOHVSDUDSRGHUVHU
XWLOL]DGRV HQ ORV IRUPXODULRV HQWUH HOORV VH HQFXHQWUDQORVVLJ%RWyQ/LVWDV/LVWDV
GHVSOHJDEOHV,PDJHQ(WLTXHWDVGH7H[WRDMDGH7H[WROtQHDVLPSOHDMDGHWH[WR
PXOWLOLQHDHWF
9HQWDQDGH3URSLHGDGHV$TXtHVGRQGHVHFDPELDQODVSURSLHGDGHVGHORVFRQWUROHV
HVWiQYDUtDQVHJ~QHOFRQWUROTXHVHHQFXHQWUHVHOHFFLRQDGRDOKDEODUGHSURSLHGDGHV
KD TXH GHFLUTXHWDPELpQVHSXHGHQFDPELDUSRUPHGLRGHSURJUDPDFLyQGDQGRDO
GHVDUUROODGRUPXFKLVLPDVYHQWDMDVFRQUHVSHFWRD)R[3UR
$OJXQDVSURSLHGDGHVPDVXWLOL]DGDVRPDVFRPXQHV
DSWLRQ(VWDVHULDHOWH[WRTXHDSDUHFHHQXQRQWURO
%DFNRORU(VWDVHUtDHOFRORUGHIRQGRGHOFRQWURO
)RUHRORU(VWDVHUtDHOFRORUGHODOHWUDGHOFRQWURO
9LVLEOH(VWDVHUtDSDUDPRVWUDUXRFXOWDUXQFRQWURO
(QDEOHG(VWDVHUtDSDUDDFWLYDURGHVDFWLYDUXQFRQWURO
1DPH(VWDVHULDHOQRPEUHTXHWHQGUtDHOFRQWUROSDUDKDFHUUHIHUHQFLDVDHO
9DOXH(VWDVHULDSDUDVDEHUHOYDORUTXHWLHQHXQFRQWUROSRUHMHPSORXQDFDQWLGDGHQ
XQDFDMDGHWH[WR
0DVDGHODQWHVHWUDWDUDQDOJXQDVSURSLHGDGHVHVSHFLILFDVGHFRQWUROHV
- 121. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
3DVRVSDUDGLVHxDUXQ)RUPXODULR
3DUDGLVHxDUXQIRUPXODULRSULPHURKDTXHFUHDUXQIRUPXODULRQXHYRDHVWDQGRHO
IRUPXODULRQXHYRKDTXHDJUHJDUORVFRQWUROHVTXHVHYDQDXWLOL]DUSDUDHVWRKDTXH
VHOHFFLRQDUHOFRQWUROGHVHDGRGHODEDUUDGHFRQWUROHVSRVWHULRUPHQWHGLEXMDUORHQHO
IRUPXODULR DVLJQiQGROH HO WDPDxR GHVHDGR DUUDVWUDQGR ORV ERUGHV GHO FRQWURO TXH VH
HVWDGLEXMDQGRFRPRVHPXHVWUDHQODVLJILJXUD
3DUDFDPELDUODVSURSLHGDGHVGHOFRQWUROVHOHFFLRQDGRVHGHEHUiXWLOL]DUODYHQWDQDGH
SURSLHGDGHVVLHVWDYHQWDQDQRVHHQFXHQWUDDFWLYDDEUDTXHDFWLYDUODKDFLHQGRFOLFN
HQHOERWyQ3URSLHGDGHVGHODEDUUDGHKHUUDPLHQWDVGHIRUPXODULRVFRPRVHPXHVWUD
HQODVLJILJXUD
6HOHFFLRQDU
RQWURO
$UUDVWUDU
ERUGHV
$FWLYDUYHQWDQD
3URSLHGDGHV
- 122. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
RQWUROHVSDUD)RUPXODULR
6HOHFFLRQDU
(VWD HV SDUD VHOHFFLRQDU XQ FRQWURO D VHD HQ OD EDUUD GH KHUUDPLHQWDV R HQ HO
IRUPXODULR
(WLTXHWD
(VWH VLUYH SDUD FRORFDU WH[WR GH LQIRUPDFLyQ HQ HO IRUPXODULR VROR HQ RFDVLRQHV
HVSHFLDOHVVHSRGUiFDPELDUHVGHFLUTXHDTXtQRVHSXHGHWHFOHDUWH[WRREVpUYHVHOD
VLJILJXUD
XDGURGH7H[WR
(VWHVLUYHSDUDFRORFDUXQDVFDMDVGHWH[WRHQODVFXDOHVVHYDDWHFOHDUODLQIRUPDFLyQ
HQXQDVRODOtQHDODGLIHUHQFLDFRQODVHWLTXHWDVHVTXHFRQHVWDVLVHSXHGHPRGLILFDU
HOWH[WRTXHVHHQFXHQWUDGHQWURGHHO2EVpUYHVHODVLJILJXUD
XDGURGH(GLFLyQ
(VWHFXPSOHODPLVPDIXQFLyQTXHHOFXDGURGHWH[WRFRQODGLIHUHQFLDGHTXHDTXtHV
SDUDHVFULELUHQP~OWLSOHVOtQHDV
XDGURGH
7H[WR
- 123. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
%RWyQGHRPDQGR
/RVERWRQHVGHFRPDQGRVXHOHQHPSOHDUVHSDUDLQLFLDUXQHYHQWRTXHOOHYDDFDERXQD
DFFLyQ FRPR FHUUDU XQ IRUPXODULR PRYHUVH D RWUR UHJLVWUR LPSULPLU XQ LQIRUPH HWF
2EVpUYHVHODVLJILJXUD
*UXSRGHFRPDQGRV
(VWHVHXWLOL]DSDUDFUHDUXQDVHULHGHERWRQHVGHFRPDQGRTXHSXHGHQPDQLSXODUVH
LQGLYLGXDOPHQWHRFRPRJUXSR2EVpUYHVHODVLJILJXUD
*UXSRGHRSFLRQHV
(VWH VH XWLOL]D SDUD TXH VH HOLMD XQD RSFLyQ HQWUH YDULDV SRVLEOHV GHQWUR GHO JUXSR
2EVpUYHVHODVLJILJXUD
- 124. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
DVLOODGH9HULILFDFLyQ
(VWHVHXWLOL]DSDUDDVLJQDUXQYDORUGHIDOVRRYHUGDGHUDGHSHQGLHQGRGHVLVHPDUFDR
QRVHPDUFDODFDVLOOD2EVpUYHVHODVLJILJXUD
XDGURFRPELQDGR
(VWHVHXWLOL]DSRQHU OLVWDGHVSOHJDEOHHQHOIRUPXODULRFRQXQDVHULHGHYDORUHVTXHDO
KDFHU FOLFN VREUH HO VH GHVSOHJDUDQ VREUH HO IRUPXODULR GH HVWRV YDORUHV VROR VH
HVFRJHUiXQRQRFRQIXQGLUVHFRQORVERWRQHVGHRSFLyQ2EVpUYHVHODVLJILJXUD
XDGURGH/LVWD
(VWHFXPSOHFRQODPLVPDIXQFLyQTXHHOFXDGURFRPELQDGRODGLIHUHQFLDGHHVWHHV
TXHQRVHWLHQHTXHKDFHUFOLFNVREUHHOSDUDTXHGHVSOLHJXHHOFRQWHQLGRVLQRTXH
VLHPSUHHVWDYLVLEOH
RQWUROQXPpULFR
(VWH HV FRPR XQ FXDGUR GH WH[WR FRQ OD GLIHUHQFLD GH TXH VROR DFHSWD YDORUHV
QXPpULFRVPXHVWUDGRVIOHFKDVSDUDDXPHQWDURGLVPLQXLUHOYDORU2EVpUYHVHODVLJ
ILJXUD
- 125. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
XDGULFXOD
(VWH VH XWLOL]D SDUD GHVSOHJDU OD LQIRUPDFLyQ GH WDEODV HQ FROXPQDV UHQJORQHV HV
FRPR HO FRPDQGR %URZVH VROR TXH PXFKR PDV SRWHQWH DGHPiV GH TXH GHEH LU
FRQWHQLGRHQXQIRUPXODULR2EVpUYHVHODVLJILJXUD
,PDJHQ
(VWHVRORVHXWLOL]DSDUDPRVWUDULPiJHQHVHQXQIRUPXODULR
- 133. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
RPRVHSURJUDPDHQ9LVXDO)R[3UR
(Q 9LVXDO )R[3UR QR KD XQD QRUPD GH SURJUDPDFLyQ D VHJXLU FRPR VH KDFH SRU
HMHPSORHQ'HOSKLRGRQGHHQXQDVHFFLyQVHGHFODUDQODVYDULDEOHVJOREDOHVHQ
XQDODVIXQFLRQHVDXWLOL]DUHQRWUDODVYDULDEOHVORFDOHVSDUDFDGDSURFHGLPLHQWRTXH
FDGDYDULDEOHTXHVHYDDXVDUGHELyKDEHUVLGRGHFODUDGDDQWHVGHVXXVRDGHPiV
TXH QR VH SXHGH FDPELDU VX WLSR GH GDWR VX ULJLGH] HQ OD HVWUXFWXUD GH OD
SURJUDPDFLyQ TXH DXQTXH HV OD PHMRU IRUPD GH SURJUDPDU SDUD QR KDFHU PDORV
KiELWRVGHSURJUDPDFLyQ/RPLVPRVXFHGHFRQOHQJXDMHVFRPR9LVXDO%DVLFGRQGHD
ODVYDULDEOHVTXHVHOHVSXHGHFDPELDUHOWLSRVHOHOODPDGHWLSR9DULDQWDXQTXHHQ9%
VH OH SXHGH GHFLU TXH WRGDV ODV YDULDEOHV TXH VH LQWHQWHQ XWLOL]DU KDOODQ VLGR
SUHYLDPHQWHGHFODUDGDV
(Q9LVXDO)R[3URODVLQVWUXFFLRQHVVHSXHGHQHVFULELUFRQVXVFXDWURSULPHUDVOHWUDVHV
GHFLUTXH9LVXDO )R[3URODVUHFRQRFHSRUTXHQRKDXQDVRODLQVWUXFFLyQTXHHPSLHFHQ
FRQODVPLVPDVOHWUDVHVWRSXHGHDXGDUPXFKRDODKRUDGHGHVDUUROODUXQVLVWHPD
SHURWDPELpQSXHGHKDFHUHOFyGLJRPiVGLItFLOGHOHHUSDUDTXLHQQRHVWHDFRVWXPEUDGR
DHVWHHVWLOR GHSURJUDPDFLyQ
7LSRV'DWRVSDUD9DULDEOHV
1XPpULFR 3DUDDOPDFHQDUYDORUHVQXPpULFRVFRPRHGDGHVRVXHOGR
6WULQJ 3DUDDOPDFHQDUYDORUHVDOIDQXPpULFRV
'DWH 3DUDDOPDFHQDUIHFKDVSRUHMHPSORODIHFKDGHQDFLPLHQWR
/RJLFDO 3DUDDOPDFHQDUYDORUHVEROHDQRVYHUGDGHURRIDOVR
- 135. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
'HFODUDFLyQGH7LSRVGH'DWRVSDUD9DULDEOHV
(Q9LVXDO)R[3URKDGRVIRUPDVGHGHFODUDUORVWLSRVGHGDWRVGHODVYDULDEOHV
(VWDEOHFLHQGRXQYDORUSDUDODYDULDEOHSRUHMHPSOR
38%/, QRPEUH
1RPEUH ³´
6H SXHGH DSUHFLDU TXH VH OH DVLJQR XQ FDUiFWHU HQ EODQFR D HVD YDULDEOH VLQ
HPEDUJRHVRQRTXLHUHGHFLUTXHQRSXHGHDOPDFHQDUFDUDFWHUHVGHORQJLWXG
8WLOL]DQGRODSDODEUDUHVHUYDGD6725(72SRUHMHPSOR
6725(VSDFH
- 136. 72QRPEUH
$TXt VH XWLOL]D OD SDODEUD UHVHUYDGD VWRUH TXH QRV VLUYH SDUD GHFODUDU YDULDEOHV
SRVWHULRUPHQWHVHXWLOL]DXQDIXQFLyQSDUDHVWDEOHFHUFXDQWRVFDUDFWHUHVGHORQJLWXG
WHQGUiHVDYDULDEOHHVRQRTXLHUHGHFLUTXHQRVHSXHGDPRGLILFDUVXORQJLWXGDO
ILQDOHOQRPEUHGHODYDULDEOH7DPELpQVHSXHGHQGHFODUDUYDULDVYDULDEOHVFRQXQD
ORQJLWXGHVSHFLILFDVHSDUDQGRODVYDULDEOHFRQFRPDVSRUHMHPSOR
6725(VSDFH
- 137. 72QRPEUHGLUHFFLRQ
6725(72 HGDGVXHOGR
/LEHUDUODPHPRULDXWLOL]DGDSRUODVYDULDEOHV
XDQGR VH GHFODUDQ YDULDEOHV VH XVDQ HQ XQ SURJUDPD SRU DOJXQD UD]yQ HVDV
YDULDEOHVDQRVRQQHFHVDULDVORPDVFRQYHQLHQWHHVERUUDUODVGHPHPRULDDTXHHQ
VL 9LVXDO )R[3UR FRQVXPH PHPRULD VH GHEH WUDWDU GH WHQHU HQ PHPRULD HO PHQRU
QXPHURGHYDULDEOHVDELHUWDV
5(/($6( YDULDEOHYDULDEOH
(MHPSOR
5(/($6(QRPEUHGLUHFFLRQ
8QHMHPSORVHULDSRUHMHPSORDOLQLFLDUXQSURJUDPDVHGHFODUDQYDULDEOHVSDUDUHDOL]DU
FLHUWRVSURFHVRVHQGRQGHVHDOPDFHQDQYDORUHVHQYDULDEOHVSHURHVDVYDULDEOHVVROR
ODVXVDPRVHQHVHPRPHQWRHQHVHSURJUDPDHMHFXWDPRVRWURSURJUDPDGHQXHVWUR
VLVWHPDHQHVHPRPHQWRVHGHFODUDQPDVYDULDEOHVDVtVXFHVLYDPHQWHHQWRQFHVVH
OOHJDDXQPRPHQWRGRQGHVHWLHQHQPXFKDVYDULDEOHVHQPHPRULDTXH DQRVHHVWiQ
XWLOL]DQGRSRUHVRHVFRQYHQLHQWHTXHDOGHWHFWDUTXHHVDVYDULDEOHVDQRWHQGUiQXQ
XVR~WLOSRVWHULRUPHQWHGHGRQGHIXHURQFUHDGDVGHEHUiQVHUERUUDGDVGHPHPRULD
SDUDDVtWHQHUXQPHMRUUHQGLPLHQWRHQHOVLVWHPD
- 138. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
6HQWHQFLDVGHFRQWURO
,)FRQGLFLyQ7+(1
(/6(
(1',)
6LUYHSDUDSUHJXQWDUSRUXQYDORUTXHFXPSODXQDFRQGLFLyQ
(MHPSOR
,)HGDG7+(1
:DLWZLQGRZ³(UHVPHQRUGH(GDG´
(/6(
:DLW:LQGRZ³(UHV0DRUGH(GDG´
(1',)
'2$6(
$6(FRQGLFLyQ
(1'$6(
6LUYH SDUD SUHJXQWDU SRU YDULRV SRVLEOHV YDORUHV SDUD XQD YDULDEOH R FDPSR HVWH
VXVWLWXHDO,)7+(1KDFLHQGRHOFyGLJRPDVOHJLEOH
(MHPSOR
'2$6(
$6(HGDG
:DLWZLQGRZ³(UHVXQQLxR´
$6(HGDG!DQGHGDG
:DLWZLQGRZ³(UHVXQDGROHFHQWH´
$6( HGDG!DQGHGDG
:DLWZLQGRZ³(UHVXQDGXOWR´
(1'$6(
- 139. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
)25 YDULDEOH YDORULQLFLDO72 YDORUILQDO
1(;7YDULDEOH
(MHPSOR
)25FRQWDGRU 72
,QVWUXFFLRQHVDSURFHVDU
1(;7FRQWDGRU
'2:+,/(FRQGLFLyQ
/223
(MHPSOR
'2:+,/( FRQWDGRU
,QVWUXFFLRQHVDSURFHVDU
/223
,QVWUXFFLRQHVEiVLFDVSDUDSURJUDPDU
,PSULPLUXQYDORUHQ3DQWDOOD
YDULDEOH
(MHPSOR
IHFKD
7LPH
- 142. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
RPHQWDULRV
/RVFRPHQWDULRVGHQWURGHXQSURJUDPDVHOHVDJUHJDXQ
DQWHVGHO
WH[WRLQIRUPDWLYRRFRQ DXQODGRGHODLQVWUXFFLyQDFRPHQWDU
$EULUODEDVHGHGDWRV
23(1'$7$%$6(GDWRV $EULUODEDVHGHGDWRV
- 143. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
'HVSOHJDUYHQWDQDGHDYLVR
/DVYHQWDQDVGHDYLVRVRQSDUWHLPSRUWDQWHGHQWURGHXQVLVWHPDDTXHJUDFLDVD
HVWDVVHSXHGHPDQWHQHULQIRUPDGRDOXVXDULRGHTXHHVORTXHRFXUUHHQFLHUWR
PRPHQWRSRUHMHPSORVLEXVFDXQHPSOHDGRHVWHQRH[LVWHHQHOVLVWHPDSDUD
HVRVLUYHQHVWDVYHQWDQDVHQGRQGHVHGHVSOLHJDXQWH[WRLQIRUPDWLYRHVWD
HVSHUDDTXHHOXVXDULRSXOVHFXDOTXLHUWHFODSDUDFRQWLQXDU
:DLW:LQGRZ PHQVDMH
(MHPSOR
:DLW:LQGRZ³(VWHHVXQPHQVDMHGHSUXHED(QWHU!SDUDRQWLQXDU´
2EWHQHUODIHFKDGHO6LVWHPD
'$7(
- 150. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
)XQFLRQHVSDUDODRQYHUVLyQGH7LSRVGH'DWRV
(VWDHVXQDSDUWHPXLPSRUWDQWHHQHOGHVDUUROORGHVLVWHPDVDTXHVLQRH[LVWLHUDQ
HVWDV IXQFLRQHV QR SRGUtDPRV PDQLSXODU ODLQIRUPDFLyQ D TXH FRPR VH GLMR QR VH
SXHGHQKDFHURSHUDFLRQHVHQWUHWLSRVGHGDWRVGLVWLQWRVHQODVLJ7DEODVHPXHVWUDQ
ODVIXQFLRQHVSDUDODFRQYHUVLyQGHORVWLSRVGHGDWRV
675QYDORU
- 155. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
UHDU0HQ~V
3DUD FUHDU XQ UHSRUWH SULPHUR GHEHV LU DO $GPLQLVWUDGRU GH 3URJUDPDV GHVSXpV
VHOHFFLRQDODSDJLQD2WURV GHVSXpVVHOHFFLRQDUODRSFLyQPHQ~V KDFHUOLFNHQHO
ERWyQ1XHYR'HVSXpVGHKDEHUGDGRFOLFNVREUHHOERWyQ1XHYRQRVGHEHDSDUHFHUOD
VLJ 3DQWDOOD GRQGH QRV SUHJXQWD TXH VL GHVHDPRV 8Q 0HQ~ QRUPDO
- 158. GHEH DSDUHFHU OD YHQWDQD GHO
'LVHxDGRUGH0HQ~VFRPRVHPXHVWUDHQODVLJ)LJXUD
,QGLFDGRU (VHOWH[WRTXHYDDSDUHFHUDODKRUDGHGHVSOHJDUVHODRSFLyQHQHOPHQ~
$FFLyQ(VODDFFLyQTXHVHUHDOL]DUDDOVHOHFFLRQDUHVDRSFLyQGHPHQ~HQWUHHOODV
HVWDVXEPHQ~ TXHVHULDSDUDPRVWUDUXQVXEPHQ~GHHVDRSFLyQFRPDQGR SDUD
HMHFXWDUXQDLQVWUXFFLyQFXDQGRVHVHOHFFLRQDHVDRSFLyQSURFHGLPLHQWR SDUDHMHFXWDU
XQDVHULDGHLQVWUXFFLRQHVFXDQGRVHVHOHFFLRQHHVDRSFLyQ
UHDU 6LUYHSDUDFUHDUODRSFLyQTXHVHVHOHFFLRQRHQ$FFLyQ
1LYHOGHPHQ~ 6LUYHSDUDGHVSOD]DUVHSRUORVGLIHUHQWHVQLYHOHVGHXQPHQ~
7H[WRSDUD
ODRSFLyQ
$FFLyQD
5HDOL]DU %RWyQ
SDUD
FUHDUOD
$FFLyQ
1LYHOSDUD
ODRSFLyQ
GHOPHQ~
- 159. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
3DVRVSDUDGLVHxDUXQ)RUPXODULR
3DUD GLVHxDU XQ 0HQ~ SULPHUR KD TXH FUHDU XQ PHQ~ QXHYR D HVWDQGR HO PHQ~
QXHYRKD TXHDJUHJDUODVRSFLRQHVGHOPHQ~TXHVHYDQDXWLOL]DUSDUDHVWRKDTXH
VHOHFFLRQDUODVHFFLyQ,QGLFDGRUHVFULELUHOWH[WRSDUDHOPHQ~SDUDFRQVHJXLUTXH
XQDOHWUDVHDODWHFODUiSLGDSDUDHVDRSFLyQ$OW$
- 161. 0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
3DUDYHUXQD9LVWD3UHYLDGHOPHQ~SDUDYHUFRPRVHYHUtDDHQHOVLVWHPDVHGHEH
KDFHUFOLFNHQHOERWyQ9LVWD3UHYLDGHO'LVHxDGRUGHPHQ~VHQWRQFHVDSDUHFHUiHQOD
YHQWDQDSULQFLSDOGH9LVXDO)R[3URHOPHQ~TXHVHKDGLVHxDGRFRPRVHPXHVWUDHQOD
VLJILJXUD
3DUDSRGHUXWLOL]DUXQPHQ~GHQWURGHXQVLVWHPDVHGHEHQVHJXLUORVVLJSDVRV
*HQHUDUHOFyGLJRFRUUHVSRQGLHQWH DOPHQ~SDUDHVWRVHXWLOL]DODRSFLyQGHOPHQ~
SULQFLSDO GH 9LVXDO )R[3UR 0HQ~ ± *HQHUDU HQWRQFHV DSDUHFHUi XQD YHQWDQD
GRQGHOHSRQGUHPRVXQQRPEUHFRQODH[WHQVLyQ035HOFXDOFRQWLHQHWRGRVORV
FRPDQGRVQHFHVDULRVSDUDFUHDUHOPHQ~(VLPSRUWDQWHGHFLUTXHFXDOTXLHUFDPELR
TXHVHUHDOLFHHQHOPHQ~VHGHEHUiYROYHUDJHQHUDUHOFyGLJR
DTXH9LVXDO)R[3URWLHQHVXPHQ~SULQFLSDODFWLYDGRHVWHVHGHEHGHVDFWLYDUSDUD
TXHVHSXHGDXVDUHOPHQ~TXHVHGLVHxRHVWRVHKDFHHPLWLHQGRODVLJLQVWUXFFLyQ
HQODYHQWDQDGHFRPDQGRVRGHQWURGHOSURJUDPD
6(7660(182))
3DUDSRGHUPRVWUDUHOPHQ~GLVHxDGRVHGHEHHMHFXWDUHODUFKLYRTXHFRQWLHQHHO
FyGLJRIXHQWHGHOPHQ~
'2FXUVRPSU
GHVSXpVGHHMHFXWDUHOPHQ~VHGHEHHPLWLUODLQVWUXFFLyQ 5($'(9(176SDUD
TXHHOSURJUDPDVHPDQWHQJDHQHMHFXFLyQ
SRU XOWLPR DO VDOLU GHO PHQ~ TXH VH GLVHxR KDEUi TXH UHVWDEOHFHU HO PHQ~ GH
9LVXDO)R[35R
6(7660(1872'()$/7
SDUDGDUSRUWHUPLQDGDODHMHFXFLyQGHOSURJUDPDKDEUiTXHDJUHJDUORVLJ
/($5(9(176
![$XWRU /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
HPDLO OHRBPH[#KRWPDLOFRP
3DJLQD ZZZVLVWHFFRPP[aOHRGDQ](https://image.slidesharecdn.com/fox-150115185301-conversion-gate01/85/Fox-1-320.jpg)
![0DQXDOGH9LVXDO )R[3UR /HRQDUGR'DQLHO9HOiVTXH] )XHQWHV
,QWURGXFFLyQ
9LVXDO)R[SURHVXQRGHORVJHVWRUHVGH%DVHVGH'DWRVUHODFLRQDOHVPiVUiSLGR
IOH[LEOH GHO PHUFDGR GLVSRQLHQGR GH XQ FRPSOHMR HQWRUQR GH GHVDUUROOR WRWDOPHQWH
RULHQWDGRDOREMHWRDOWDPHQWHLQWHJUDGRHQHOVLVWHPDRSHUDWLYR:LQGRZVRPR
FXDOTXLHU RWUD DSOLFDFLyQ :LQGRZV HVWiQGDU9LVXDO )R[SUR VRSRUWD LQWHUIDFHV 0',
,QWHUID] GH 'RFXPHQWR 0XOWLSOH](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)