Professional Documents
Culture Documents
,QWURGXz Fa DR
2 0$7/$% u H XPD OLQJXDJHP GH SURJUDPDz Fa DR H XPD IHUUDPHQWD GH Fu DOFXOR 7RGRV RV SURJUDPDV Va DR DEHUWRV LVWR u H R DOJRULWPR XVDGR QD VROXz Fa DR GH XP SUREOH PD u H FRQKHFLGR H SRGH VHU PRGLnFDGR (VWH IDWR u H WDOYH] D PDLRU YLUWXGH GR 0$7 /$% SRLV SRVVLELOLWRX TXH IRVVHP SUHSDUDGRV Yu DULRV DSOLFDWLYRV RV WRROER[HV XVDQGR D SODWDIRUPD 0$7/$% FRPR EDVH 7HPRV DSOLFDWLYRV HP u DUHDV FRPR FRQWUROH DQu DOLVH GH VLQDLV HTXDz Fa RHV GLIHUHQFLDLV SDUFLDLV UREu RWLFD DQu DOLVH PRGDO nQDQz FDV HVWDWu rVWLFD H Yu DULDV RXWUDV (QTXDQWR TXH R SURJUDPD SULQFLSDO GR 0$7/$% GHSHQGH GD SODWDIRUPD 8QL[ :LQGRZV 0DFLQWRVK RV DUTXLYRV P TXH FRQVWLWXHP RV DSOLFDWLYRV Va DR LQGHSHQGHQWHV GD SODWDIRUPD H SRGHP VHU IDFLOPHQWH FRQYHUWLGRV GH XPD SODWDIRUPD SDUD D RXWUD 2 0$7/$% u H PXLWR Iu DFLO GH DSUHQGHU Iu DFLO GH XWLOL]DU H TXDQGR EHP XWLOL]DGR u WDPEu DXPHQWD HP PXLWR D SURGXWLYLGDGH ( HP XPD IHUUDPHQWD SURnVVLRQDO XVDGD PXQGLDOPHQWH SULQFLSDOPHQWH SRU HQJHQKHLURV VREUHWXGR SHORV TXH WA HP FRQWDWR FRP WUDEDOKRV H[SHULPHQWDLV $ PHOKRU IRUPD GH DSUHQGHU R 0$7/$% u H XVDQGRR $ H[SHULA HQFLD PRVWUD TXH XPD YH] YHQFLGR R DFDQKDPHQWR LQLFLDO R PHGR GH HQIUHQWDU DOJR QRYR R WUDEDOKR VH WRUQD DJUu DGDYHO H QD YHUGDGH YLFLD 0DQXDLV FRPR HVWH TXH DJRUD YRFH OA H Va DR X uWHLV QR LQu rFLR GD DSUHQGL]DJHP SDUD TXH VH WRPH FRQVFLA HQFLD GRV SUREOHPDV H VH DGTXLUD XPD EDJDJHP GH FRQKHFLPHQWRV VXnFLHQWH SDUD TXH VH SURVVLJD VR]LQKR DSUHQGHQGR SRU WHQWDWLYDV HUUDQGR DWu H DFHUWDU 2 HVWu DJLR TXH JRVWDUu rDPRV TXH WRGRV DOFDQz FDVVHP u H DTXHOH HP TXH VH u H FDSD] GH FRQV WUXLU DSOLFDWLYRV ID]HQGR RV SURJUDPDV QD SODWDIRUPD 0$7/$% 2 TXH SURFXUDPRV ID]HU QHVWH PDQXDO IRL PRVWUDU FRPR HVWH SURFHVVR GH WHQWDWLYDV IXQFLRQD 7HQWDPRV GHVFUHYHU FRPR RV FRPDQGRV SRGHP VHU DSUHQGLGRV 1a DR DSHQDV D VLQWD[H TXH SRGH VHPSUH VHU EXVFDGD FRP RV FRPDQGRV KHOS ORRNIRU H RXWURV PDV WDPEu HP LQIRUPDz Fa DR GH FRPR DV YDUu rDYHLV Va DR DUPD]HQDGDV H GH FRPR ID]HU SDUD XVDU R 0$7/$% DFRSODGR D XP RXWUR SURJUDPD
5XEHQV 6DPSDLR (GVRQ &DWDOGR 5REHUWR 5LTXHOPH
38&5LR UVDPSDLR#PHFSXFULREU
u ,QGLFH
&RPDQGRV %u DVLFRV GR 0$7/$%
(QWUDQGR QR 0$7/$% 3ULPHLURV SDVVRV 2 &RPDQGR IRU ([HPSORV 2SHUDGRUHV UHODFLRQDLV H FRQHFWLYRV Ou RJLFRV 2 FRPDQGR ZKLOH ([HPSOR 2 FRPDQGR LI 2 FRPDQGR FOHDU ([HPSOR ([HPSOR 2 FRPDQGR SORW ([HPSOR 9DORU QXPu HULFR H ]HURV GH SROLQA RPLRV
3URJUDPDQGR HP 0$7/$%
3ULPHLURV SURJUDPDV 3URJUDPDV LQWHUDWLYRV =HURV GH IXQz Fa RHV &DOFXODQGR ,QWHJUDLV 5HJUD WUDSH]RLGDO 5HJUD GH 6LPSVRQ 'LIHUHQz FD HQWUH IXQz FD aR H URWHLUR 2 FRPDQGR JOREDO 5HVROYHQGR HTXDz FR aHV GLIHUHQFLDLV 3A HQGXOR VLPSOHV OLQHDUL]DGR 6LVWHPD PDVVDPRODDPRUWHFHGRU )D]HQGR PDLV GH XP JUu DnFR QD PHVPD WHOD *Uu DnFRV HP '
u ,1',&(
2XWURV FRPDQGRV
)RUPDWR GH VDu rGD &RPDQGR GLDU\ &RPDQGRV VDYH H ORDG &RPDQGR FSXWLPH 2 FRPDQGR ISULQWI ([HPSOR
$ 6LVWHPD FRP VROXz FD aR X uQLFD $ 6LVWHPD FRP LQnQLWDV VROXz FR aHV $ 6LVWHPD VHP VROXz Fa DR
4XDQGR YRFA H HQWUD SHOD SULPHLUD YH] QR 0$7/$%R Vu rPEROR !! DSDUHFH QD WHOD FKDPDGR GH SURPSW GR 0$7/$% (VWH Vu rPEROR LQGLFD TXH YRFA H SRGH HVFUHYHU XP FRPDQGR 2V FRPDQGRV HP 0$7/$% SRGHP WHUPLQDU FRP
RX Qa DR 4XDQGR XP FRPDQGR WHUPLQD FRP
HOH u H H[HFXWDGR PDV RV FRQWHu XGRV GDV YDULu DYHLV HQYROYLGDV Qa DR Va DR PRVWUDGRV QD WHOD 6H YRFA H GHVHMD ROKDU RV FRQWHu XGRV GDV YDULu DYHLV D t PHGLGD TXH R SURJUDPD HVWu D VHQGR H[HFXWDGR HQWa DR GHYH RPLWLU R
1HVWH FDSu rWXOR PRVWUDPRV RV FRPDQGRV Eu DVLFRV GR 0$7/$% 'LVFXWLPRV D IRUPD FRP TXH R 0$7/$% DUPD]HQD RV GDGRV H FRPR HOHV SRGHP VHU WUDEDOKDGRV
q &RP R FRPDQGR
!! W
3ULPHLURV SDVVRV
REWHPRV R Qu XPHUR
q &RP R FRPDQGR
!! 7 > @
REWHPRV
&$3u ,78/2
!! 7
RX
q &RP R FRPDQGR
!!ZKRV
WHPRV LQIRUPDz Fa DR VREUH R TXH HVWu D DUPD]HQDGR QD PHPu RULD UHODWLYR D t VHz FD aR TXH HVWDPRV WUDEDOKDQGR
1DPH 7 W
6L]H E\ E\
(OHPHQWV
%\WHV
&RPSOH[ 1R 1R
q &RP R FRPDQGR
!!7
DQV
q &RP R FRPDQGR
!![ VLQW
u ERP QRWDU TXH QHVWH FDVR FRPR Qa ( DR GHPRV XP QRPH SDUD D YDULu DYHO TXH DUPD]HQD D UHVSRVWD R 0$7/$% DWULEXL R QRPH
DQV
D HVWD YDULu DYHO
&$3u ,78/2
HP UDGLDQRV
q &RP R FRPDQGR
!!\ VLQ7
DVVRFLDPRV t D \ R YHWRU GH FRPSULPHQWR TXH FRUUHVSRQGH DR YDORU GR VHQR GH FDGD HOHPHQWR GR YHWRU 7
q &RP R FRPDQGR
!!D
7
FRQVWUXLPRV R YHWRU
D
IRUPDGR SRU WRGRV RV HOHPHQWR GR YHWRU 7 PXOWLSOLFDGR SRU
q &RP R FRPDQGR
!! T 7A
WHPRV
q 2 0$7/$% RSHUD FRP Qu XPHURV FRPSOH[RV GD PHVPD IRUPD TXH FRP Qu XPHURV
1RWDPRV TXH FRPR 7 u H XP YHWRU R SRQWR DQWHV GD RSHUDz Fa DR u H PXLWR LPSRUWDQWH (VWH WLSR GH RSHUDz Fa DR FKDPDVH SRQWXDO &RPR YHUHPRV PDLV DGLDQWH HVVDV RSHUDz Fa RHV WDPEu HP H[LVWHP SDUD PDWUL]HV
UHDLV RV VLQDLV GH RSHUDz FD aR Va DR RV PHVPRV &KDPDUHPRV DWHQz Fa DR DSHQDV GH DOJXQV FRPDQGRV &RQVLGHUHPRV RV FRPSOH[RV
&$3u ,78/2
!! D L !! E L
^
&RP R FRPDQGR
!! H DE
REWHPRV D VRPD GH
D
FRP
H
^
L
&RP R FRPDQGR
!! J D
E
REWHPRV R SURGXWR GH
D
SRU
J
^
L
&RP R FRPDQGR
!! I DE
REWHPRV D GLYLVa DR GH
D
SRU
I
^
L
&RP R FRPDQGR
!! K DEVE
REWHPRV R Pu RGXOR GH
E
K
^
&RP R FRPDQGR
!! G DQJOHD
REWHPRV R DUJXPHQWR GR Qu XPHUR FRPSOH[R YDOR > { {@
G
^
&RP R FRPDQGR
!! F FRQMD
REWHPRV R FRQMXJDGR GH
D
q 0RVWUDPRV D VHJXLU XPD WDEHOD FRP DV IXQz FR aHV PDLV FRPXQV TXH RSHUDP HVVHQ
FLDOPHQWH VREUH HVFDODUHV
L
&$3u ,78/2
q 0RVWUDPRV D VHJXLU XPD WDEHOD FRP DV IXQz FR aHV PDLV FRPXQV TXH RSHUDP HVVHQ FLDOPHQWH VREUH YHWRUHV OLQKD RX FROXQD 3RGHP DLQGD RSHUDU VREUH PDWUL]HV d w RSHUDQGR FROXQD D FROXQD
P Q P
OHQJWK DEV PD[ PLQ VXP SURG PHDQ VWG QRUP VRUW
Qu XPHUR GH FRPSRQHQWHV GH XP YHWRU Pu RGXOR GDV FRPSRQHQWHV GH XP YHWRU PDLRU FRPSRQHQWH GH XP YHWRU PHQRU FRPSRQHQWH GH XP YHWRU D VRPD GDV FRPSRQHQWHV GH XP YHWRU SURGXWR GDV FRPSRQHQWHV GH XP YHWRU Pu HGLD GDV FRPSRQHQWHV GH XP YHWRU GHVYLR SDGUa DR GDV FRPSRQHQWHV GH XP YHWRU FRP UHVSHLWR t D Pu HGLD QRUPD HXFOLGLDQD GR YHWRU RUGHQD R YHWRU HP RUGHP FUHVFHQWH
VRUW
q &RP R FRPDQGR
!!FOHDU
RSHUD VREUH
DEVD
q &RP R FRPDQGR
REWHPRV
OLPSDPRV D PHPu RULD GR 0$7/$% (VWH FRPDQGR u H WUDWDGR FRP PDLV GHWDOKH QD VHz Fa DR
!! $ > @
q 'DGDV DV PDWUL]HV
!! $ > @ !! % > @
&$3u ,78/2
&RP R FRPDQGR
!! $
OLVWDPRV D SULPHLUD FROXQD GD PDWUL] $
DQV
^
&RP R FRPDQGR
!! $
OLVWDPRV D VHJXQGD OLQKD GD PDWUL] $
DQV
^
&RP R FRPDQGR
!! $
REWHPRV R YDORU QD SRVLz Fa DR GD PDWUL] $
DQV
^
&RP R FRPDQGR
!! & $
%
REWHPRV R SURGXWR GH $ SRU %
&
q 3DUD ID]HU RSHUDz Fa RHV SRQWXDLV FRP PDWUL]HV HODV GHYHP WHU D PHVPD GLPHQVa DR
3RU H[HPSOR GDGDV DV PDWUL]HV
&RP R FRPDQGR
!! & $A
REWHPRV D PDWUL] IRUPDGD SHORV TXDGUDGRV GRV HOHPHQWRV
&
&RP R FRPDQGR
!! ' $ %
&$3u ,78/2
REWHPRV D PDWUL] IRUPDGD SHORV SURGXWRV GRV HOHPHQWRV TXH VH FRUUHVSRQ GHP
'
q 'DGD D PDWUL]
^
!! $ > @
&RP R FRPDQGR
!! I GHW$
REWHPRV R GHWHUPLQDQWH GH $
I
^
&RP R FRPDQGR
!! U UDQN$
REWHPRV R SRVWR GH $
U
^
7 $
&RP R FRPDQGR
!! 7
REWHPRV D WUDQVSRVWD GH $
2 FRPDQGR GH WUDQVSRVLz Fa DR
TXDQGR DSOLFDGR D XPD PDWUL] FRPSOH[D & x W 3DUD WURFDU IRUQHFH D DGMXQWD GH & LVWR u H D FRQMXJDGD GD WUDQVSRVWD & OLQKDV SRU FROXQDV GH XPD PDWUL] FRPSOH[D & WHPRV TXH GDU R FRPDQGR
!! FRQM&
3RU H[HPSOR FRP RV FRPDQGRV
&$3u ,78/2
!! ' &
REWHPRV
'
&RP R FRPDQGR
!! )
) LQY$
REWHPRV D LQYHUVD GH $
2 FRPDQGR
!!
>9'@ HLJ$
SURGX] XPD PDWUL] GLDJRQDO ' GH DXWRYDORUHV H XPD PDWUL] 9 FXMDV FROXQDV Va DR RV FRUUHVSRQGHQWHV DXWRYHWRUHV WDO TXH $ 9 9 '
9 L L L L L L ' L !! >869@ VYG$ L
2 FRPDQGR XVDGR SDUD SURGX]LU XPD GHFRPSRVLz Fa DR HP YDORUHV VLQJXODUHV u H 6u H XPD PDWUL] GLDJRQDO FRP D PHVPD GLPHQVa DR GH $ FRP HOHPHQWRV Qa DR QHJDWLYRV QD GLDJRQDO HP RUGHP GHFUHVFHQWHH 8 H 9 Va DR PDWUL]HV XQLWu DULDV WDO TXH $ 8
6
9
&$3u ,78/2
!! >/8@ OX$
u H XPD PDWUL] WULDQJXODU VXSHULRU H / u H XPD PDWUL] TXDVH WULDQJXODU LQIHULRULVWR u H VHULD XPD PDWUL] WULDQJXODU LQIHULRU VH $ IRVVH VXEVWLWXLGD SRU 3 $ RQGH 3 u H XPD PDWUL] GH SHUPXWDz Fa DR $ UD]a DR GLVWR WHP D YHU FRP D HVFROKD GR SLYA R H Qa DR VHUu D GLVFXWLGR DTXL 2XWUD IRUPD GHVWH FRPDQGR u H
8
!! >/83@ OX$
8
u H XPD PDWUL] WULDQJXODU VXSHULRU / XPD PDWUL] WULDQJXODU LQIHULRU H 3 XPD PDWUL] GH SHUPXWDz Fa DR WDO TXH 3 $ /8 &RQVLGHUHPRV RV VHJXLQWHV H[HPSORV
e &RP RV FRPDQGRV
2EWHPRV
&RP R FRPDQGR
!! >/83@ OX$
REWHPRV
/ 8 3
&$3u ,78/2
FRP R FRPDQGR
!! >/83@ OX$
REWHPRV
!! ; SLQY$
;u H XPD PDWUL] FRP D PHVPD GLPHQVa DR GH $W H WDO TXH L $ ; $ $ LL; $ ; ; H LLL $ ; H ; $ Va DR +HUPLWLDQDV &RP RV FRPDQGRV
e e e e e
&$3u ,78/2
4XDQGR D PDWUL] $ u H LQYHUVu rYHO D LQYHUVD JHQHUDOL]DGD FRLQFLGH FRP D LQYHUVD u GH $ ( ERP OHPEUDU TXH PDWUL]HV Qa DR LQYHUVu rYHLV RX Qa DR TXDGUDGDV WA HP LQYHUVD JHQHUDOL]DGD SRU H[HPSOR
!! % > @ % !! ;% SLQY% ;% !! & > @ & !! ;& SLQY& ;&
b b
!! $ > @ !! % > @ !! & >$ ]HURV ]HURV %@
REWHPRV
&$3u ,78/2
&
!! ' %
H REWHPRV
'
q $V VHJXLQWHV IXQz Fa RHV SDUD D FRQVWUXz Fa DR GH PDWUL]HV HVWa DR GLVSRQu rYHLV HP 0$7
/$%
^
!!H\H
REWHPRV
DQV
!! ]HURV
REWHPRV
DQV
!! RQHV
&$3u ,78/2
REWHPRV
DQV
!! UDQG
REWHPRV
DQV
6H $ u H XPD PDWUL] LQYHUVu rYHO H E u H XP YHWRU FROXQD UHVS OLQKD FRPSDWu rYHLV HQWa DR
u H D VROXz Fa DR GH $ u H D VROXz Fa DR GH [
e e
E E
H UHVSHFWLYDPHQWH
1D GLYLVa DR t D HVTXHUGD VH $ IRU TXDGUDGD [ u H FDOFXODGR ID]HQGR HOLPLQDz Fa DR JDXVVLDQD GH $ H UHWURVXEVWLWXLz Fa DR RX VHMD $ u H IDWRUDGD QD IRUPD /8 2 VLVWHPD nFD /8 [ E H SDUD UHVROYHU HVWH VLVWHPD FDOFXODPRV \ GR VLVWHPD /\ 3E H HQWa DR [ GR VLVWHPD 8 [ \ 6H D PDWUL] $ Qa DR IRU TXDGUDGDR 0$7/$% XWLOL]D D RUWRJRQDOL]Dz Fa DR GH +RXVHKROGHU FRP SLYRWDPHQWR GH FROXQDV 2 YDORU GH [ u H FDOFXODGR SHOR Pu HWRGR GRV Pu rQLPRV TXDGUDGRV $ GLYLVa DR t D GLUHLWD u H UHDOL]DGD D SDUWLU GD HVTXHUGD LVWR u H E $ $ E &RQVLGHUHPRV RV H[HPSORV D VHJXLU
&RQVLGHUHPRV R VLVWHPD [ \ ] [ \ ] [ \ ]
b b
$; E
&$3u ,78/2
3DUD DFKDU D
1HVWH FDVR D PDWUL] $ u H LQYHUVu rYHO H D VROXz Fa DR u H X u QLFD VROXz Fa DR SRGHPRV WDPEu HP ID]HU
!! ; LQY$
E
RX
!! ; SLQY$ E
&DEH UHVVDOWDU TXH VH D PDWUL] $ Qa DR IRU VLQJXODU HQWa DR DV RSHUDz Fa RHV ; $ E ; LQY$
E H ; SLQY$
E VH HTXLYDOHP
^
E
$;
1HVWH FDVR D PDWUL] $ u H VLQJXODU $Wu H DJRUD Qa DR VDEHPRV VH R VLVWHPD WHP RX Qa DR VROXz FD aR 3DUD VDEHU VH R VLVWHPD WHP RX Qa DR VROXz Fa DR XVDUHPRV D LQYHUVD JHQHUDOL]DGD H R FRQFHLWR GH HUUR L H GHnQLPRV
H E
W H H
$;
6H SDUD DOJXP ; R VLVWHPD WHP VROXz Fa DR 3DUD GHFLGLU VREUH D XQLFLGDGH GD VROXz FD aR u H SUHFLVR TXH IDz FDPRV XPD DQu DOLVH PDLV GHWDOKDGD 8P SURJUDPD JHUDO TXH ID] HVVD DQu DOLVH u H GDGR QR DSA HQGLFH $ 1R FDVR HP TXH R VLVWHPD Qa DR WHP VROXz Fa DR 3DUD DFKDU XPD UHVSRVWD R 0$7/$% PLQLPL]D D IRUPD TXDGUu DWLFD - XVDQGR Pu rQLPRV TXDGUDGRV 2 YHWRU VROXz Fa DR GHVWH SUREOHPD Qa DR OLQHDU GH PLQLPL]Dz Fa DR u H WRPDGR FRPR
VROXz Fa DR
GR SUREOHPD OLQHDU $; E 3DUD TXH SRVVDPRV HQWHQGHU HVVHV SUREOHPDV IDz FDPRV
!! ; SLQY$ E
&$3u ,78/2
REWHPRV
!! H E$
; !! - H
H
REWHPRV
b b
[ [
] \ ] \ ]
1HVWH FDVR
!! ; SLQY$
E
REWHPRV
!! H E$
; !! - H
H
REWHPRV
H
&$3u ,78/2
$ UHVSRVWD u H SUDFWLFDPHQWH ]HUR 3DUD WHUPRV FHUWH]D DEVROXWD GH TXH R VLVWHPD WHP LQnQLWDV VROXz Fa RHV u H SUHFLVR HVWXGDU R SRVWR 1R H[HPSOR DFLPD R VLVWHPD WHP LQnQLWDV VROXz Fa RHV
^
&RQVLGHUHPRV R VLVWHPD
b b
[ [
\
\ \
1HVWH FDVR
!! ; SLQY$
E
REWHPRV
!! H E$
; !! - H
H
REWHPRV
H
$ UHVSRVWD u H SUDFWLFDPHQWH ]HUR 3DUD WHUPRV FHUWH]D DEVROXWD GH TXH R VLVWHPD WHP XPD X u QLFD VROXz Fa DR u H SUHFLVR DQDOLVDU R SRVWR 1R H[HPSOR R VLVWHPD WHP VROXz Fa DR X u QLFD
^
&RQVLGHUHPRV R VLVWHPD
\ [ \ [ \
[
1HVWH FDVR
&$3u ,78/2
;
!! ; SLQY$
E
REWHPRV
;
H
!! H E$
; !! - H
H
REWHPRV
H
&RQVLGHUHPRV R VLVWHPD
H R VLVWHPD WHP LQnQLWDV VROXz FR aHV 'HYHPRV W $; H - HH WHPRV - H
\ [ \ [ \
[
1HVWH FDVR
WRO
H
!! ; SLQY$
E
REWHPRV
!! H E$
; !! - H
H
&$3u ,78/2
H REWHPRV
(VWH UHVXOWDGR PRVWUD FODUDPHQWH TXH R VLVWHPD Qa DR WHP VROXz Fa DR 8P ERP H[HUFu rFLR u H UHSHWLU RV Fu DOFXORV SDUD D GLYLVa DR t D GLUHLWD
2 &RPDQGR IRU
IRU
$ VLQWD[H GR FRPDQGR
HQG RQGH YL LQ YI Va DR YDORU LQLFLDO LQFUHPHQWR H YDORU nQDO GD YDULu DYHO HVFDODU L
([HPSORV
q FRP RV FRPDQGRV
!![ !! IRU L [ >[ LA@ HQG !! [
2EWHPRV
q 3RGHPRV ID]HU
&$3u ,78/2
1HVWH FDVR Q FRPHz FD HP u H GHFUHPHQWDGR GH DWu H FKHJDU D 'HYHPRV QRWDU TXH R LQFUHPHQWR SRGH VHU QHJDWLYR QHVWH FDVR GHFUHPHQWR H TXH R X u OWLPR YDORU TXH Q DVVXPH QHVWH H[HPSOR u H
1HVWH FDVR Z FRPHz FD HP u H LQFUHPHQWDGR GH DWu H FKHJDU D 4XDQGR R LQFUHPHQWR u H RPLWLGR R YDORU DVVXPLGR u H
z
2V FRQHFWLYRV Ou RJLFRV Va DR GDGRV SRU
PHQRU TXH PDLRU TXH PHQRU RX LJXDO D PDLRU RX LJXDO D LJXDO D GLIHUHQWH GH
M z
[RU
H RX Qa DR RX H[FOXGHQWH
ZKLOH
2V RSHUDGRUHV UHODFLRQDLV H RV FRQHFWLYRV Ou RJLFRV Va DR XVDGRV FRP RV FRPDQGRV H LI TXH YHUHPRV D VHJXLU
2 FRPDQGR ZKLOH
$ VLQWD[H GHVWH FRPDQGR u H ZKLOH HQG $V LQWUXz Fa RHV Va DR H[HFXWDGDV HQTXDQWR D UHODz FD aR IRU YHUGDGHLUD
UHODz Fa DR
LQVWUXz Fa RHV
&$3u ,78/2
([HPSOR
2 FRPDQGR LI
HQG
9UHODz Fa DR
LQVWUXz Fa RHV
) $V LQVWUXz Fa RHV Va DR H[HFXWDGDV VH D UHODz Fa DR IRU YHUGDGHLUD 2XWUDV IRUPDV GHVWH FRPDQGR Va DR SRVVu rYHLV 3RU H[HPSOR LI
UHODz Fa DR LQVWUXz Fa RHV
LQVWUXz Fa RHV
LQVWUXz Fa RHV
) 6H D UHODz Fa DR IRU YHUGDGHLUD DV FXWDGDV DV LQVWUXz FR aHV 2XWUD IRUPD GHVWH FRPDQGR u H
LQVWUXz Fa RHV
LQVWUXz Fa RHV
&$3u ,78/2
LI
UHODz Fa DR
9UHODz Fa DR
LQVWUXz Fa RHV
UHODz FD aR
9 -
LQVWUXz Fa RHV
LQVWUXz Fa RHV
1HVWH FDVR VH D UHODz Fa DR IRU IDOVD XPD QRYD FRQGLz Fa DR UHODz Fa DR u H YHULnFDGD VH IRU YHUGDGHLUD DV LQVWUXz Fa RHV Va DR H[HFXWDGDV H VH IRU IDOVD DV LQVWUXz Fa RHV Va DR H[HFXWDGDV 1RWHPRV TXH HVWH FRPDQGR DFHLWD PDLV GH XP HOVHLI
2 FRPDQGR FOHDU
(VWH FRPDQGR u H XVDGR SDUD DSDJDU YDULu DYHLV QR HVSDz FR GH WUDEDOKR ,VWR u H IHLWR TXDQGR GHVHMDPRV OLEHUDU PHPu RULD QR 0$7/$% H SDUD SRGHU PDQWHU XP FRQWUROH PDLV HIHWLYR GR WUDEDOKR TXH HVWLYHU VHQGR IHLWR 1RV H[HPSORV D VHJXLU PRVWUDPRV DOJXPDV GDV IRUPDV FRPR HVWH FRPDQGR u H XVDGR
([HPSOR
!! !! !! !!
D E F $
)D]HQGR
!! ZKRV
&$3u ,78/2
REWHPRV
1DPH 6L]H (OHPHQWV %\WHV $ E\ D E\ E E\ F E\ *UDQG WRWDO LV HOHPHQWV XVLQJ E\WHV !! FOHDU
&RPSOH[ 1R 1R 1R 1R
!! ZKRV
H YHULnFDPRV TXH Qa DR Ku D QDGD QD PHPu RULD GR 0$7/$%
([HPSOR
!! !! !! !!
D E F $
)D]HQGR
!! ZKRV
REWHPRV
LV
&RPSOH[ 1R 1R 1R 1R
!! FOHDU E
Vu R DSDJDPRV D YDULu DYHO E )D]HQGR
!! ZKRV
&$3u ,78/2
REWHPRV
&RPSOH[ 1R 1R 1R
2 FRPDQGR SORW
(VWH FRPDQGR u H XVDGR SDUD D FRQVWUXz Fa DR GH JUu DnFRV 3DUD LVVR GHYHPRV XWLOL]DU GRLV YHWRUHV GR PHVPR FRPSULPHQWR 1R H[HPSOR D VHJXLU PRVWUDPRV FRPR XVDPRV HVWH FRPDQGR
([HPSOR
q 'DGRV RV FRPDQGRV
!! W !! [
VLQW !! SORWW[
REWHPRV R JUu DnFR GD nJXUD
)LJXUD ([HPSOR GH XP JUu DnFR 0RVWUDPRV D VHJXLU XPD WDEHOD FRQWHQGR DOJXQV FRPDQGRV UHODFLRQDGRV D JUu DnFRV 1R FDSu rWXOR VHJXLQWH H[SORUDUHPRV PDLV HVVHV FRPDQGRV
&$3u ,78/2
&RPDQGRV UHODFLRQDGRV D JUu DnFRV SORW ORJORJ VHPLORJ[ VHPLORJ\ SRODU EDU VWDLUV KLVW WLWOH [ODEHO \ODEHO VXESORW WH[W JULG SORW PHVK D[HV D[LV KROG *Uu DnFR /LQHDU *Uu DnFR HP HVFDOD ORJORJ *Uu DnFR HP HVFDOD VHPLORJ *Uu DnFR HP HVFDOD VHPLORJ *Uu DnFR HP FRRUGHQDGDV SRODUHV *Uu DnFR GH EDUUDV *Uu DnFR HP IRUPD HVFDGD *Uu DnFR KLVWRJUDPD 7u rWXOR GR JUu DnFR 7u rWXOR GR HL[R GRV [ 7u rWXOR GR HL[R GRV \ 'LYLGH D WHOD HP Yu DULDV SDUWHV &RORFD WH[WR QXP JUu DnFR FRP DMXGD GR PRXVH /LQKDV GH JUHOKD *Uu DnFR HP ' 6XSHUIu rFLH HP ' &ULD HL[RV HP SRVLz Fa RHV DUELWUu DULDV &RQWUROD D HVFDOD GRV HL[RV 0DQWu HP R JUu DnFR FRUUHQWH
0XLWDV YH]HV SUHFLVDPRV FDOFXODU R YDORU QXPu HULFR GH XP SROLQA RPLR 3DUD LVWR R 0$7/$% WHP R FRPDQGR SRO\YDO 3DUD DFKDU DV UDu r]HV GH XP SROLQA RPLR Ku D R FR PDQGR URRWV &RPR H[HPSOR YDPRV FDOFXODU R YDORU QXPu HULFR H GHVFREULU RV ]HURV GR SROLQA RPLR S[ [ [ [ &DOFXODUHPRV VHX YDORU QXPu HULFR QRV [ SRQWRV [ 1R 0$7/$% D HQWUDGD GR SROLQA RPLR u H IHLWD DWUDYu HV GH XP YHWRU FRQWHQGR RV FRHn FLHQWHV 1R QRVVR FDVR S > @&RQVWUXu rPRV RXWUR YHWRU FRP RV YDORUHV GH [ $VVLP WHPRV
b b
b b
&$3u ,78/2
(VWH X u OWLPR YHWRU u H LQWHUSUHWDGR GD VHJXLQWH IRUPD R YDORU GH S SDUD R SULPHLUR HOHPHQWR GH [ u H R SULPHLUR HOHPHQWR GR YHWRU \ H DVVLP SRU GLDQWH 3DUD DFKDU DV UDu r]HV GH S ID]HPRV
!! \\ URRWVS
H REWHPRV
\\
&RPR SRGHPRV QRWDU R 0$7/$% IRUQHFH WRGDV DV UDu r]HV GR SROLQA RPLR 8VDQGR R SUu RSULR 0$7/$% SRGHPRV FRPSURYDU R UHVXOWDGR FDOFXODQGR R YDORU QXPu HULFR GR SROLQA RPLR QDV VXDV UDu r]HV
!! SRO\YDOS\\
H REWHPRV
DQV
$ QRWDz Fa DR H VLJQLnFD > 3DUD DFKDU RV FRHnFHQWHV GR SROLQA RPLR TXH WHP DV UDu r]HV U L XVDPRV R FRPDQGR SRO\
H L L L L
L
b b
L [ L [
L [
(P 0$7/$% H[LVWHP GRLV WLSRV GH SURJUDPD IXQz Fa DR IXQFWLRQ H URWHLUR VFULSW 0RVWUDUHPRV QHVWD VHz FD aR FRPR ID]HU HVWHV SURJUDPDV H GLVFXWLUHPRV D GLIHUHQz FD TXH H[LVWH HQWUH RV GRLV WLSRV QD VHz Fa DR 3RGHPRV ID]HU SURJUDPDV FRP 0$7/$% XVDQGR TXDOTXHU HGLWRU GH WH[WR GDQGR XP QRPH DR SURJUDPD FRP D H[WHQVa DR P 3RU H[HPSOR &RQVWUXu rPRV R SURJUDPD DSP FRP DV LQVWUXz Fa RHV
!! FG F?PDW
SDUD H[HFXWDU R SURJUDPD GHYHPRV HVFUHYHU QD WHOD R QRPH GR SURJUDPD
!! DS
H REWHPRV R JUu DnFR GD nJXUD
&$3u ,78/2
352*5$0$1'2 (0 0$7/$%
)LJXUD *Uu DnFR IHLWR XVDQGR 0$7/$% (VWH WLSR GH SURJUDPD u H R TXH FKDPDPRV GH URWHLUR (P JHUDO SDUD HVWH WLSR GH SURJUDPD u H FRQYHQLHQWH FRPHz FDU FRP R FRPDQGR FOHDU SDUD TXH D PHPu RULD nTXH OLPSD &RQVWUXu rPRV D IXQz Fa DR
!! DS
H WHPRV
(VWH WLSR GH SURJUDPD u H R TXH FKDPDPRV GH IXQFWLRQ 1HVWH WLSR GH SURJUDPD D SULPHLUD OLQKD VHPSUH WHP D VHJXLQWH HVWUXWXUD
6H Qa DR TXLVHUPRV D VDu rGD SRGHPRV RPLWu rOD MXQWR FRP R VLQDO 'HYHPRV UHVVDOWDU TXH R QRPH GR SURJUDPD ! Qa DR OHYD D H[WHQVa DR
P
1D HQWUDGD FRORFDPRV DV YDULu DYHLV TXH VHUYLUa DR FRPR HQWUDGD SDUD R SURJUDPD 2 SURJUDPD GHYH VHU JUDYDGR FRP D H[WHQVa DR
P
1R GHFRUUHU GHVWH FDSu rWXOR GLVFXWLUHPRV PDLV H[HPSORV
&$3u ,78/2
352*5$0$1'2 (0 0$7/$%
4XHUHPRV ID]HU XP SURJUDPD TXH QRV SHUPLWD FDOFXODU YDORUHV SDUD D IXQz Fa DR
I [
! [ ! b[
VH VH VH
[
[ !
b b
[
FOHDU Q IRU W Q Q [Q W \Q SW$TXL FKDPDPRV R SURJUDPD SP FRP HQWUDGD W H VDLGD \Q HQG SORW[\$TXL ID]HPRV R JUDILFR GH [ YHUVXV \
'HYHPRV REVHUYDU TXH QHVWH SURJUDPD IRUDP LQWURGX]LGRV FRPHQWu DULRV 3DUD LQVHULU FRPHQWu DULRV HP TXDOTXHU GRV GRLV WLSRV GH SURJUDPDV EDVWD SUHFHGHU R FRPHQWu DULR SHOR Vu rPEROR 3DUD H[HFXWDU HVWH SURJUDPD GHYHPRV HVFUHYHU QD WHOD GR 0$7/$% S H REWH PRV R JUu DnFR GD nJXUD 8P ERP H[HUFu rFLR u H WHQWDU ID]HU XP SURJUDPD VLPLODU D SP PDV RQGH [ u H XP YHWRU
3URJUDPDV LQWHUDWLYRV
0XLWDV YH]HV SUHFLVDPRV ID]HU XP SURJUDPD LQWHUDWLYR GH PRGR TXH DV HQWUDGDV SRVVDP VHU GDGDV YLD WHFODGR 3DUD LVVR XVDPRV RV FRPDQGRV LQSXW H GLVS 3RU H[HPSOR
&$3u ,78/2
352*5$0$1'2 (0 0$7/$%
)LJXUD *Uu DnFR IHLWR XVDQGR R SURJUDPD SP 4XHUHPRV FDOFXODU R YDORU GD IXQz Fa DR I [
DH
>
FOHDU GLVS
(VWH FRPDQGR ID] FRP TXH R WH[WR DSDUHFD QD WHOD GR 0$7/$%
D LQSXW
(QWUH FRP R YDORU GH D
E LQSXW
(QWUH FRP R YDORU GH E
[ LQSXW
(QWUH FRP R YDORU LQLFLDO GH [
[I LQSXW
(QWUH FRP R YDORU ILQDO GH [
[ [[I \ D
H[S
[E SORW[\
$R H[HFXWDU HVVH SURJUDPD VHUa DR SHGLGRV RV YDORUHV GDV YDULu DYHLV XPD D XPD L H SULPHLUDPHQWH DSDUHFHUu D QD WHOD
(VWH FRPDQGR ID] FRP TXH R WH[WR DSDUHFD QD WHOD GR 0$7/$% (QWUH FRP R YDORU GH D
DVVRFLDPRV XP YDORU SDUD D SRU H[HPSOR H ORJR DSDUHFHUu D QD WHOD
&$3u ,78/2
352*5$0$1'2 (0 0$7/$%
(VWH FRPDQGR (QWUH FRP R (QWUH FRP R (QWUH FRP R (QWUH FRP R
ID] TXH R WH[WR DSDUHFD QD WHOD GR 0$7/$% YDORU GH D YDORU GH E YDORU LQLFLDO GH [ YDORU ILQDO GH [
2 0$7/$% DFKD ]HURV GH IXQz FR aHV XVDQGR R FRPDQGR I]HUR 3DUD LVWR u H QHFHVVu DULR HVFUHYHU XP SURJUDPD DX[LOLDU TXH FRQWHQKD D IXQz Fa DR GD TXDO GHVHMDPRV HQFRQWUDU RV ]HURV 4XHUHPRV DFKDU XP ]HUR GD IXQz Fa DR I [ 3URJUDPD DX[LOLDU VLQ[
b FRV
[
!! I]HUR
DSR
2 QRPH DSR u H R QRPH GR SURJUDPD DX[LOLDU H R YDORU u H XPD DSUR[LPDz Fa DR GD UDL] $ UHVSRVWD GR 0$7/$% u H
&$3u ,78/2
352*5$0$1'2 (0 0$7/$%
DQV
[
[ VLQ[
I]HUR
DSR
2EWHPRV
DQV
&DOFXODQGR ,QWHJUDLV
=E
D
I [ G[
3RGHPRV FDOFXODU D LQWHJUDO XVDQGR D UHJUD GH 6LPSVRQ FRP R FRPDQGR TXDG RX XVDQGR D UHJUD WUDSH]RLGDO FRP R FRPDQGR WUDS] 'LVFXWLUHPRV SULPHLUR R Fu DOFXOR FRP R XVR GD UHJUD WUDSH]RLGDO $ VLQWD[H GR FRPDQGR u H WUDS][\
5HJUD WUDSH]RLGDO
3DUD XVDU WUDS] FRQVWUXu rPRV GRLV YHWRUHV [ TXH u H IRUPDGR SRU SRQWRV GH XPD SDU WLz Fa DR GR LQWHUYDOR >D E@ H \ FRP RV YDORUHV GD IXQz Fa DR QRV SRQWRV GD SDUWLz Fa DR GR LQWHUYDOR >D E@ 2V YHWRUHV [ H \ WA HP R PHVPR FRPSULPHQWR H [L \L UHSUHVHQWD XP SRQWR QD FXUYD &RPR H[HPSOR GHVHMDPRV FDOFXODU D LQWHJUDO
=
>
[
G[
$ VHJXLU PRVWUDPRV D VHTXA HQFLD GH FRPDQGRV SDUD UHDOL]DU HVVH Fu DOFXOR H WDPEu HP D UHVSRVWD REWLGD
&$3u ,78/2
352*5$0$1'2 (0 0$7/$%
5HJUD GH 6LPSVRQ
TXDG
TXDG
IF
DEWRO
TXH UHWRUQD XPD DSUR[LPDz Fa DR SDUD D LQWHJUDO GH I QR LQWHUYDOR >D E@ IF u H R QRPH GH XPD IXQz Fa DR SUu HGHnQLGD RX XP DUTXLYR P FRUUHVSRQGHQWH D t I 2 SDUA DPHWUR WRO UHIHUHVH t D WROHUA DQFLD GHVHMDGD &RPR H[HPSOR FDOFXOHPRV SDUD GLIHUHQWHV WROHUA DQFLDV 3ULPHLUR FULDPRV R SURJUDPD
=
[H>[
G[
LQWHJUP
!! TXDG
LQWHJU
2EWHPRV FRPR UHVXOWDGR
DQV
H
!! TXDG
LQWHJU
H
2EWHPRV FRPR UHVXOWDGR
DQV
H
8VDPRV R IRUPDWR ORQJ H TXH VHUu D GLVFXWLGR PDLV DGLDQWH QD VHz Fa DR 2 YDORU H[DWR GHVWD LQWHJUDO u H H> TXH FDOFXODQGR QR 0$7/$%
!! H[S
2EWHPRV FRPR UHVXOWDGR
DQV
H
1RWHPRV TXH TXDQWR PHQRU D WROHUA DQFLD PHOKRU D DSUR[LPDz Fa DR SDUD D VROXz Fa DR
&$3u ,78/2
352*5$0$1'2 (0 0$7/$%
'LIHUHQz FD HQWUH
IXQz FD aR
URWHLUR
$ SULQFLSDO GLIHUHQz FD HQWUH HVWHV WLSRV GH SURJUDPDV HVWu D QR DSURYHLWDPHQWR GH PHPu RULD GR 0$7/$% 1D IXQz Fa DR DV YDULu DYHLV XVDGDV QD H[HFXz Fa DR GR SURJUDPD Qa DR Va DR JXDUGDGDV QD PHPu RULD GR 0$7/$% DSu RV D H[HFXz Fa DR GR SURJUDPD HQTXDQWR TXH QR FDVR GR URWHLUR DV YDULu DYHLV Va DR JXDUGDGDV QD PHPu RULD GR 0$7/$% H nFDP SRUWDQWR GLVSRQu rYHLV SDUD VHUHP XVDGDV SRU RXWURV SURJUDPDV &RQVLGHUHPRV RV H[HPSORV D VHJXLU SDUD PRVWUDU HVWD GLIHUHQz FD )XQz FD aR IXQFWLRQ
!! H[
REWHPRV
DQV
DR H[HFXWDU R FRPDQGR
!! ZKRV
REWHPRV
1DPH 6L]H (OHPHQWV %\WHV DQV E\ *UDQG WRWDO LV HOHPHQWV XVLQJ E\WHV
'HQVLW\ )XOO
&RPSOH[ 1R
FOHDU W LQSXW
(QWUH FRP R YDORU GH W
D H[SW E FRVW [ D
E
&$3u ,78/2
352*5$0$1'2 (0 0$7/$%
)D]HQGR
!! ZKRV
REWHPRV
LV
&RPSOH[ 1R 1R 1R 1R
(VWH H[HPSOR PRVWUD QHVWH FDVR TXH DV YDULu DYHLV DX[LOLDUHV XVDGDV QR SURJUDPD nFDP QD PHPu RULD GR 0$7/$%
2 FRPDQGR JOREDO
(VWH FRPDQGR u H PXLWR LPSRUWDQWH TXDQGR WHPRV Yu DULRV SURJUDPDV LQWHUDJLQGR &RQ VLGHUHPRV R H[HPSOR
&$3u ,78/2
352*5$0$1'2 (0 0$7/$%
1D SODWDIRUPD Eu DVLFD GR 0$7/$% HQFRQWUDPRV DV Iu RUPXODV GH 5XQJH.XWWD SDUD UHVROYHU VLVWHPDV GH HTXDz Fa RHV GLIHUHQFLDLV RUGLQu DULDV GH SULPHLUD RUGHP 6a DR HODV RGH H RGH 2 SURJUDPD RGH UHVROYH VLVWHPDV GH HTXDz Fa RHV GLIHUHQFLDLV RUGLQu DULDV GH SULPHLUD RUGHP XVDQGR DV Iu RUPXODV GH 5XQJH.XWWD GH VHJXQGD H WHUFHLUD RUGHQV HQTXDQWR TXH RGH UHVROYH VLVWHPDV GH HTXDz Fa RHV GLIHUHQFLDLV RUGLQu DULDV GH SULPHLUD RUGHP XVDQGR DV Iu RUPXODV GH 5XQJH.XWWD GH TXDUWD H TXLQWD RUGHQV +u D WDPEu HP QD SODWDIRUPD Eu DVLFD GR 0$7/$% D IXQz Fa DR RGHS TXH DOu HP GH ID]HU R TXH D IXQz Fa DR RGH ID] WDPEu HP FDOFXOD R JUu DnFR GD HYROXz Fa DR QR WHPSR GDV SULPHLUDV GXDV RX WUA HV FRPSRQHQWHV GD VROXz Fa DR 2 0$7/$% GLVSa RH DLQGD GH RXWURV Pu HWRGRV SDUD UHVROYHU HTXDz Fa RHV GLIHUHQFLDLV TXH Qa DR HVWa DR QD SODWDIRUPD Eu DVLFD 8P GHVWDTXH HVSHFLDO GHYH VHU GDGR DR FRQMXQWR GH SURJUDPDV 2'(VXLWH TXH FRQWu HP Yu DULDV IXQz FR aHV SDUD UHVROYHU HTXDz Fa RHV GLIHUHQFLDLV
3A HQGXOR VLPSOHV OLQHDUL]DGR
J O
3DUD UHVROYHU HVWD HTXDz Fa DR SUHFLVDPRV GH XP SURJUDPD SULQFLSDO TXH H[SOLFLWH R Pu HWRGR GH VROXz Fa DR H GH XP SURJUDPD DX[LOLDU TXH GHnQD D HTXDz Fa DR D UHVROYHU 8VDUHPRV XP Pu HWRGR 5XQJH.XWWD HVFULWR SDUD UHVROYHU VLVWHPDV GH SULPHLUD RUGHP FRQYHQLHQWH HP SUREOHPDV GH GLQA DPLFD6H D HTXDz Fa DR Qa DR HVWLYHU QHVWD IRUPD SULPHLUD RUGHP GHYHPRV SULPHLUR WUDQVIRUPu DOD1R QRVVR H[HPSOR D HTXDz Fa DR u H GH VHJXQGD RUGHP 'HYHPRV HQWa DR ID]HU XPD PXGDQz FD GH YDULu DYHLV SDUD WUDQVIRUPDOD QXP VLVWHPD GH GXDV HTXDz Fa RHV GH SULPHLUD RUGHP $ PXGDQz FD u H IHLWD GD VHJXLQWH IRUPD
\ \
\ B
t t
B B
\ \ \
t t
b
\
J O
J O
\
J O
&$3u ,78/2
352*5$0$1'2 (0 0$7/$%
q \ > @ u H R YHWRU GH FRQGLz Fa RHV LQLFLDLV q W u H R WHPSR LQLFLDO q WI u H R WHPSR nQDO q >W <@ RGH
DS
WWI\ u H R FRPDQGR TXH FKDPD R SURJUDPD DX[LOLDU DSP q SORWW< FRQVWUXurPRVB R JUu DnFR d JUu DnFR d RX VHMD d
W W \ W t \
RQGH GHnQLPRV R VLVWHPD D UHVROYHU H DSOLFDPRV RGH (VWH FRPDQGR IRUQHFH FRPR VDu rGD XP YHWRU >W <@ RQGH W u H R WHPSR H < QHVWH FDVR u H XPD PDWUL] B SRU 1D SULPHLUD FROXQD HVWu D R YDORU GH \ t H QD VHJXQGD R YDORU GH \ t
!! DS
H REWHPRV R JUu DnFR GDGR QD nJXUD D 8P ERP H[HUFLFLR u H UHID]HU R TXH IRL IHLWR DFLPD XVDQGR
6LVWHPD PDVVDPRODDPRUWHFHGRU
RGH
RGHS
F[ B N[
DVLQ W
)DUHPRV XP SURJUDPD JHUDO SDUD UHVROYHU HVWD HTXDz FD aRLH XP SURJUDPD TXH UHVROYD HVWD HTXDz Fa DR SDUD TXDLVTXHU P F N D H FRQGLz Fa RHV LQLFLDLV GDGDV $ WURFD GH YDULu DYHLV
&$3u ,78/2
352*5$0$1'2 (0 0$7/$%
SDUD WUDQVIRUPDU HVWD HTXDz Fa DR QXP VLVWHPD GH GXDV HTXDz Fa RHV GH SULPHLUD RUGHP u H IHLWD GD VHJXLQWH IRUPD
\ \
[ [
B
B B
\ \
[ [
D P
VLQ W
F P
b
\
N P
D P
VLQ W
F P
N P
\
B
B
VLQ W
F P
N P
\
IXQFWLRQ DSPFNDSTWWI JOREDO P F N D P P F F N N D D \ >S T@ >W <@ RGH
DS
WWI\ SORWW< WLWOH
6LVWHPD 0$66$02/$$0257(&('25
[ODEHO
7(032
\ODEHO
'(6/2&$0(172
RQGH
q 2 FRPDQGR
q \ >S T@ u H R YHWRU GH FRQGLz Fa RHV LQLFLDLV q W u H R WHPSR LQLFLDO q WI u H R WHPSR nQDO q >W <@ RGH
DS
WWI\ u H R FRPDQGR TXH FKDPD D SURJUDPD DX[LOLDU DSP q SORWW< FRQVWUXurPRV R JUu DnFR d
W
SHUPLWH TXH HVVDV YDULu DYHLV VHMDP XVDGDV HP RXWURV SURJUDPDV VHP WHU TXH GHnQu rODV QRYDPHQWH (VWH FRPDQGR Mu D IRL WUDWDGR QD VHz Fa DR
JOREDO
RGH
&$3u ,78/2
352*5$0$1'2 (0 0$7/$%
!! DS
RQGH R SULPHLUR YDORU FRUUHVSRQGH DR PR VHJXQGR D FH RV RXWURV D N D [ [ B W H WI UHVSHFWLYDPHQWH $R H[HFXWDUPRV R SURJUDPD WHPRV R JUu DnFR GD nJXUD E
0XLWDV YH]HV SUHFLVDPRV GH PDLV GH XP JUu DnFR QD PHVPD WHOD 3DUD ID]HU LVWR GLYLGL PRV D WHOD JUu DnFD FRP R FRPDQGR VXESORWPQN(VWH FRPDQGR GLYLGH D WHOD HP P OLQKDV H Q FROXQDV TXH VHUa DR RFXSDGDV SHORV P [ Q JUu DnFRV H N u H D UHIHUA HQFLD GR JUu DnFR (VWH FRPDQGR LQGLFD TXH L D WHOD IRL GLYLGLGD HP P OLQKDV H Q FROXQDV LL HVWDPRV QR JUu DnFR N RQGH N P Q H LLL RV JUu DnFRV VHUa DR VHTXHQFLDOPHQWH GLVSRVWRV HP OLQKDV
&RPR H[HPSOR FRQVLGHUHPRV R FRPDQGR VXESORW &RP HVWH FRPDQGR R JUu DnFR VHUu D FRORFDGR QD SULPHLUD SRVLz Fa DR GD SULPHLUD OLQKD &RP VXESORW R JUu DnFR VHUu D FRORFDGR QD VHJXQGD SRVLz FD aR GD VHJXQGD OLQKD 2 SURJUDPD D VHJXLU SP PRVWUD FRPR ID]HU LVWR
&$3u ,78/2
352*5$0$1'2 (0 0$7/$%
!! S
7HPRV RV JUu DnFRV GD nJXUD 3RGHPRV WDPEu HP FRORFDU Yu DULRV JUu DnFRV QD PHVPD WHOD XVDQGR R PHVPR HL[R GH DEVFLVVDV2 SURJUDPD D VHJXLU PRVWUD FRPR ID]HU
&$3u ,78/2
352*5$0$1'2 (0 0$7/$%
)LJXUD 9u DULRV JUu DnFRV QD PHVPD WHOD 2 FRPDQGR SORW 2 SURJUDPD D VHJXLU DSP PRVWUD FRPR XVDU R FRPDQGR
&$3u ,78/2
352*5$0$1'2 (0 0$7/$%
FOHDU [ \ Q OHQJWK[ P OHQJWK\ IRU M Q IRU L P =LM VLQ[M
FRV\L HQG HQG VXESORW PHVK[\= WLWOH
8VDQGR 0(6+
[ODEHO
;
\ODEHO
<
]ODEHO
=
VXESORW VXUI[\= WLWOH
8VDQGR 685)
[ODEHO
;
\ODEHO
<
]ODEHO
=
VXESORW FRQWRXU[\= WLWOH
8VDQGR &217285 FRP OLQKDV
[ODEHO
;
\ODEHO
<
VXESORW FRQWRXU[\=
&$3u ,78/2
352*5$0$1'2 (0 0$7/$%
WLWOH
8VDQGR &217285 FRP OLQKDV
[ODEHO
D[H ;
\ODEHO
D[H <
2EWHPRV RV VHJXLQWHV JUu DnFRV ROKDU nJ
$LQGD TXH WRGRV RV Fu DOFXORV HP 0$7/$% VHMDP IHLWRV FRP SUHFLVa DR GXSOD R IRUPDWR GD VDu rGD QD WHOD SRGH VHU PRGLnFDGR FRP DV VHJXLQWHV LQVWUXz Fa RHV IRUPDW IRUPDW IRUPDW IRUPDW VKRUW ORQJ VKRUW H ORQJ H Gu D TXDWUR GHFLPDLV R XVXDO Gu D TXDWRU]H GHFLPDLV QRWDz Fa DR FLHQWu rnFD FRP GHFLPDLV QRWDz Fa DR FLHQWu rnFD FRP TXLQ]H GHFLPDLV
4XDQGR XP IRUPDWR u H SUHVFULWR HVWH u H PDQWLGR DWu H TXH VHMD SUHVFULWR RXWUR IRUPDWR &RPR H[HPSOR HVFUHYHUHPRV R Qu XPHUR { FRP RV TXDWUR IRUPDWRV GLVFXWLGRV VKRUW ORQJ H VKRUW H H ORQJ H
&RPDQGR GLDU\
2 FRPDQGR GLDU\ QRPH GH DUTXLYR! ID] FRP TXH WXGR R TXH DSDUHFHU QD WHOD GDTXHOH PRPHQWR HP GLDQWH H[FHWR JUu DnFRV VHMD JXDUGDGR QR DUTXLYR QRPH GH DUTXLYR! DWu H TXH RUGHQHPRV GLDU\ Rm 3DUD FRQWLQXDU JXDUGDQGR RV GDGRV HVFUHYHPRV GLDU\ RQ 3RU H[HPSOR
!! !! !! !!
&$3u ,78/2
287526 &20$1'26
!! F > @ F
!! G F
G
!! GLDU\ RII
1R DUTXLYR DVFLL VV nFDP JXDUGDGRV WRGRV HVWHV FRPDQGRV $EULQGR HVWH DUTXLYR FRP XP HGLWRU GH WH[WR WHPRV
F > @ F
G F
G
&$3u ,78/2
287526 &20$1'26
GLDU\ RII
)D]HQGR QD WHOD GR 0$7/$%
!! GLDU\ RII
R DUTXLYR nFD
F > @ F
G F
G
&$3u ,78/2
287526 &20$1'26
H LQYG H
GLDU\ RII
0XLWDV YH]HV TXDQGR URGDPRV XP SURJUDPD REWHPRV FRPR UHVSRVWD XP DUTXLYR GH GDGRV H u H GH QRVVR LQWHUHVVH JXDUGDU HVWHV GDGRV 2V GDGRV GR 0$7/$% SRGHP VHU JXDUGDGRV HP IRUPDWR DVFLL RX QR IRUPDWR PDW TXH u H XP IRUPDWR SUu RSULR GR 0$7 /$% 2V FRPDQGRV Va DR XVDGRV GD VHJXLQWH IRUPD
JXDUGD DV YDULu DYHLV $ % HP DUTXLYRGDW HP IRUPDWR DVFLL JXDUGD DV YDULu DYHLV $ % HP DUTXLYRPDW HP IRUPDWR PDW JXDUGD WRGDV DV YDULu DYHLV HP DUTXLYRPDW HP IRUPDWR PDW OA H R DUTXLYR SDUD VHU XVDGR QR 0$7/$%
&RP RV H[HPSORV D VHJXLU PRVWUDUHPRV FRPR Va DR XVDGRV HVWHV FRPDQGRV 3DUD IRUPDWR
PDW
!!W !!V > @ !!Z > @ !!ZKRV 1DPH V W Z *UDQG WRWDO LV 6L]H (OHPHQWV %\WHV E\ E\ E\ HOHPHQWV XVLQJ E\WHV 'HQVLW\ )XOO )XOO )XOO &RPSOH[ 1R 1R 1R
$Wu H DJRUD FULDPRV WUA HV YDULu DYHLV*XDUGHPRV HVWDV YDULu DYHLV GD VHJXLQWH IRUPD
&$3u ,78/2
287526 &20$1'26
!!FOHDU !!ORDG H[ !!ZKRV 1DPH 6L]H (OHPHQWV %\WHV Z E\ *UDQG WRWDO LV HOHPHQWV XVLQJ E\WHV 'HQVLW\ )XOO &RPSOH[ 1R
1HVWH H[HPSOR R QRPH GD YDULu DYHO JXDUGDGD u H PDQWLGR QR DUTXLYR H[PDW 3DUD OHU R DUTXLYR H[GDW ID]HPRV
!!FOHDU !!ORDG H[ !!ZKRV 1DPH V W Z *UDQG WRWDO LV 6L]H (OHPHQWV %\WHV E\ E\ E\ HOHPHQWV XVLQJ E\WHV 'HQVLW\ )XOO )XOO )XOO &RPSOH[ 1R 1R 1R
1HVWH H[HPSOR DLQGD PDQWHPRV RV QRPHV GDV YDULu DYHLV 2 IRUPDWR PDW u H XPD ERD DOWHUQDWLYD TXDQGR SUHWHQGHPRV Vu R WUDEDOKDU QR 0$7/$% 0XLWDV YH]HV QHFHVVLWDPRV DOWHUQDU FRP RXWUDV OLQJXDJHQV FRPR SRU H[HPSOR )RUWUDQ 1HVWH FDVR VXUJH D QHFHVVLGDGH GH JXDUGDUPRV DV VDu rGDV GR 0$7/$% HP IRUPDWR DVFLL 2V H[HPSORV D VHJXLU PRVWUDP FRPR ID]HPRV LVWR 2 IRUPDWR DVFLL &RQVLGHUHPRV DV VHJXLQWHV YDULu DYHLV
&$3u ,78/2
287526 &20$1'26
!! D !! E !! F !! $
@
@
DVFLL
!! !! !! !! !! !!
H[DGDW E DVFLL H[EGDW E F DVFLL H[GDW D DVFLL H[GDW $ DVFLL H[GDW $ % DVFLL H[GDW % I DVFLL
1R SULPHLUR FRPDQGR JXDUGDPRV R FRQWHu XGR GD YDULu DYHO E HP IRUPDWR DVFLL QR DUTXLYR H[DGDW 1R VHJXQGR FRPDQGR JXDUGDPRV RV FRQWHu XGRV GH E H F HP IRUPDWR DVFLL QR DUTXLYR H[EGDW 1R WHUFHLUR JXDUGDPRV R FRQWu XGR GH D HP IRUPDWR DVFLL QR DUTXLYR H[GDW 1R TXDUWR FRPDQGR JXDUGDPRV R FRQWHu XGR GH $ HP IRUPDWR DVFLL QR DUTXLYR H[GDW 1R TXLQWR FRPDQGR JXDUGDPRV RV FRQWHu XGRV GH $ H % HP IRUPDWR DVFLL QR DUTXLYR H[GDW )LQDOPHQWH FRP R X u OWLPR FRPDQGR JXDUGDPRV RV FRQWHu XGRV GH % H I HP IRUPDWR DVFLL QR DUTXLYR H[GDW 'HVHMDPRV DJRUD OHU HVVHV DUTXLYRV
(OHPHQWV
%\WHV
'HQVLW\
&RPSOH[
&$3u ,78/2
287526 &20$1'26
)XOO
1R
1RWHPRV TXH QRV DUTXLYRV DVFLL D YDULu DYHO SHUGH VHX QRPH H DVVXPH R QRPH GR DUTXLYR 9DPRV DEULU R DUTXLYR
H[DGDW
XVDQGR XP HGLWRU GH WH[WR
H
3DUD H[EGDW
!! FOHDU !! ORDG H[EGDW !! ZKRV 1DPH 6L]H (OHPHQWV %\WHV H[E E\ *UDQG WRWDO LV HOHPHQWV XVLQJ E\WHV
'HQVLW\ )XOO
&RPSOH[ 1R
1HVWH FDVR WHPRV Vu R XPD YDULDYHO FKDPDGD H[E 9DPRV DEULU R DUTXLYR
H[EGDW
XVDQGR XP HGLWRU GH WH[WR
H H
$V YDULu DYHLV Va DR DUPD]HQDGDV HP FROXQDV H VHJXHP D RUGHP HVWDEHOHFLGD TXDQGR JUDYDGDV QHVWH FDVR E H[E H F H[E 3DUD H[GDW
!! FOHDU !! ORDG H[GDW !! ZKRV 1DPH 6L]H (OHPHQWV %\WHV H[ E\ *UDQG WRWDO LV HOHPHQWV XVLQJ E\WHV
'HQVLW\ )XOO
&RPSOH[ 1R
$EULQGR R DUTXLYR
H[GDW
XVDQGR XP HGLWRU GH WH[WR WHPRV
&$3u ,78/2
287526 &20$1'26
!! FOHDU !! ORDG H[GDW !! ZKRV 1DPH 6L]H (OHPHQWV %\WHV H[ E\ *UDQG WRWDO LV HOHPHQWV XVLQJ E\WHV
2 DUTXLYR H[GDW
'HQVLW\ )XOO
&RPSOH[ 1R
!! FOHDU !! ORDG H[GDW !! ZKRV 1DPH 6L]H (OHPHQWV %\WHV H[ E\ *UDQG WRWDO LV HOHPHQWV XVLQJ E\WHV
2 DUTXLYR H[GDW
'HQVLW\ )XOO
&RPSOH[ 1R
&RPR QRV FDVRV DQWHULRUHV RV QRPHV GDV PDWUL]HV Va DR SHUGLGRV H DJRUD WHPRV XPD Vu R PDWUL] FKDPDGD H[GDW $V PDWUL]HV RULJLQDLV IRUDP DUPD]HQDGDV SRU FROX QDV 3DUD UHFXSHUDU DV PDWUL]HV RULJLQDLV GHYHPRV REVHUYDU TXH QDV WUA HV SULPHLUDV OLQKDV HVWu D D PDWUL] $ H QDV OLQKDV H HVWu D D PDWUL] % 3DUD UHFXSHUDUPRV DV PDWUL]HV ID]HPRV
!! $ H[ $
&$3u ,78/2
287526 &20$1'26
!! % H[ %
1HVWH H[HPSOR GHYHPRV WRPDU FXLGDGR SRLV DV PDWUL]HV DUPD]HQDGDV GHYHP WHU R PHVPR Qu XPHUR GH FROXQDV 3HOR TXH IRL GLWR DTXL REVHUYDPRV TXH R DUTXLYR H[GDW Qa DR IRL FULDGR FRUUHWD PHQWH
!! FOHDU !! ORDG H[GDW """ (UURU XVLQJ ! ORDG 1XPEHU RI FROXPQV RQ OLQH RI $6&,, ILOH H[ PXVW EH WKH VDPH DV SUHYLRXV OLQHV
2OKDQGR R DUTXLYR WHPRV
H H H H H H H H H H H H
1HVWH FDVR R DUTXLYR IRL FULDGR PDV R 0$7/$% Qa DR SRGH OA HOR
&RPDQGR FSXWLPH
2 FRPDQGR FSXWLPH Gu D R WHPSR GH &38 HP VHJXQGRV GRV SURFHVVRV GR 0$7/$% GHVGH R FRPHz FR GD VHz FD aR &RQVLGHUHPRV R SURJUDPD D VHJXLU W FSXWLPH RSHUDz FR aHV FSXWLPHW 'HVWD PDQHLUD REWHPRV R WHPSR GH &38 JDVWR SDUD H[HFXWDU DV RSHUDz Fa RHV HVSHFLnFDGDV (VWH FRPDQGR VHUYH SDUD WHVWDU D HnFLA HQFLD GH QRVVRV SURJUDPDV &RPR DSOLFDz Fa DR FRQVLGHUHPRV R SURJUDPD
&$3u ,78/2
287526 &20$1'26
FOHDU
W FSXWLPH D D D $ >D D D@ IRU L IRU M &LM $LMA HQG HQG FSXWLPHW
$R H[HFXWDU HVWH SURJUDPD REWHPRV R WHPSR GH &38 JDVWR TXH IRL GH VHJ
FOHDU W FSXWLPH D D D $ >D D D@ & $A FSXWLPHW
$ H[HFXWDU HVWH SURJUDPD REWHPRV R WHPSR GH &38 JDVWR TXH IRL GH VHJ
1RWHPRV TXH RV WHPSRV GHSHQGHP GD FRQnJXUDz Fa DR GH VHX FRPSXWDGRU PDV DV PDJQL WXGHV Va DR SURSRUFLRQDLV 2V GRLV SURJUDPDV ID]HP DV PHVPDV FRQWDV PDV GH PDQHLUDV GLIHUHQWHV 2EVHUYDPRV SRUu HP TXH D PDQHLUD XWLOL]DGD QR VHJXQGR SURJUDPD u H PDLV HnFLHQWH TXH QR SULPHLUR SRLV XWLOL]D D IRUPD PDWULFLDO GH WUDWDU RV GDGRV
2 FRPDQGR ISULQWI
(VWH FRPDQGR VHUYH SDUD PRVWUDU D VDu rGD GH XP SURJUDPD $ VLQWD[H GR FRPDQGR u H ISULQWI
IRUPDWR GH VDu rGD
YDULu DYHLV 2 IRUPDWR GH VDu rGD FRQWu HP R WH[WR H R IRUPDWR GHVHMDGR SDUD DV YDULu DYHLV HVSHFLnFDGDV HP YDULu DYHLV 8VDPRV H I H J SDUD IRU PDWDU D VDu rGD 6H H u H XVDGR RV FRQWHu XGRV GDV YDULu DYHLV D VHUHP LPSUHVVDV HVWDUa DR HP QRWDz Fa DR H[SRQHQFLDO H FRP I RV FRQWHu XGRV GDV YDULu DYHLV VHUa DR PRVWUDGRV QD QR WDz Fa DR FRPXP GH Qu XPHURV UHDLV &RP J u H XVDGD D QRWDz Fa DR H RX I GHSHQGHQGR GR FDVR 6H R FDUu DWHU Q DSDUHFHU QR IRUPDWR GH VDu rGD D LPSUHVa DR FRQWLQXDUu D QD OLQKD VHJXLQWH 2 IRUPDWR GH VDu rGD XVXDO GHYH WHUPLQDU FRP XP Q 3DUD HVFODUHFHU PHOKRU HVWH FRPDQGR FRQVLGHUHPRV R VHJXLQWH H[HPSOR
&$3u ,78/2
287526 &20$1'26
([HPSOR
$
&RQVLGHUHPRV DXWRYHWRUHV
?Q
LL
1HVWH SURJUDPD GLVS9L u H XVDGR SDUD HYLWDU QD VDu rGD GR YHWRU FROXQD D SDODYUD DQV 2 FRPDQGR SDXVH ID] FRP TXH R SURJUDPD HVSHUH GRLV VHJXQGRV SDUD H[HFXWDU R FRPDQGR VHJXLQWH 6H XVDPRV Vu R SDXVH D H[HFXz Fa DR u H LQWHUURPSLGD DWu H TXH VHMD SUHVVLRQDGD XPD WHFOD $ H[HFXz Fa DR H D VDu rGD GHVWH SURJUDPD Va DR PRVWUDGDV D VHJXLU
!! $ > !! SS$ 9DORU SURSULR 9HWRU SURSULR Y 9DORU SURSULR 9HWRU SURSULR Y 9DORU SURSULR 9HWRU SURSULR Y
&$3u ,78/2
287526 &20$1'26
9DORU SURSULR 9HWRU SURSULR Y 9DORU SURSULR 9HWRU SURSULR Y
$
&RQVLGHUHPRV R VLVWHPD
b b
!! $ > @ !! E >@ !! VLVW$E ?HQG^YHUEDWLP@ GH RQGH WHPRV ?EHJLQ^YHUEDWLP` 3RVWR GD PDWUL] $ 3RVWR GD PDWUL] >$E@
$
&RQVLGHUHPRV R VLVWHPD
3RVWR GD PDWUL] $ 3RVWR GD PDWUL] >$E@ 2 VLVWHPD WHP LQILQLWDV VROV 8VDQGR GLYLVDR D HVTXHUGD XPD VROX?F FDR H 8VDQGR LQYHUVD JHQHUDOL]DGD XPD VROX?F FDR H
$
&RQVLGHUHPRV R VLVWHPD
3RVWR GD PDWUL] $ 3RVWR GD PDWUL] >$E@ 2 VLVWHPD QDR WHP VRO 8VDQGR GLYLVDR D HVTXHUGD XPD DSUR[LPDFDR H (UUR GD GLYLVDR D HVTXHUGD 8VDQGR LQYHUVD JHQHUDOL]DGD XPD DSUR[LPDFDR H (UUR GD LQYHUVD JHQHUDOL]DGD