Silva 18 y 21 PDF

6(5,(

PDQXDOHV
RUPXODFLyQGHSURJUDPDV
FRQODPHWRGRORJtD
GHPDUFROyJLFR

(GXDUGR$OGXQDWH
-XOLR&yUGRED

,QVWLWXWR/DWLQRDPHULFDQR\GHO&DULEHGH
3ODQLILFDFLyQ(FRQyPLFD\6RFLDO,/3(6
6DQWLDJRGH&KLOHDEULOGH
(VWHGRFXPHQWRIXHSUHSDUDGRSRU(GXDUGR$OGXQDWH([SHUWRHQHOiUHDGH3ROtWLFDV3UHVXSXHVWDULDV\*HVWLyQ
3~EOLFDGHO,QVWLWXWR/DWLQRDPHULFDQR\GHO&DULEHGH3ODQLILFDFLyQ(FRQyPLFD\6RFLDO,/3(6GHOD&RPLVLyQ
(FRQyPLFDSDUD$PpULFD/DWLQD\HO&DULEH&(3$/HQFRQMXQWRFRQHOFRQVXOWRUGHO,/3(66U-XOLR&yUGRED
/DV RSLQLRQHV H[SUHVDGDV HQ HVWH GRFXPHQWR TXH QR KD VLGR VRPHWLGR D UHYLVLyQ HGLWRULDO VRQ GH H[FOXVLYD
UHVSRQVDELOLGDGGHORVDXWRUHV\SXHGHQQRFRLQFLGLUFRQODVGHOD2UJDQL]DFLyQ
3XEOLFDFLyQGHODV1DFLRQHV8QLGDV
,661;
,6%1
(,6%1
/&/3
/&,3/
1GHYHQWD6,,*
&RS\ULJKW1DFLRQHV8QLGDVDEULOGH7RGRVORVGHUHFKRVUHVHUYDGRV
,PSUHVRHQ1DFLRQHV8QLGDV6DQWLDJRGH&KLOH

/RV (VWDGRV PLHPEURV \VXVLQVWLWXFLRQHVJXEHUQDPHQWDOHVSXHGHQUHSURGXFLUHVWDREUDVLQDXWRUL]DFLyQSUHYLD6yORVH
OHVVROLFLWDTXHPHQFLRQHQODIXHQWHHLQIRUPHQDODV1DFLRQHV8QLGDVGHWDOUHSURGXFFLyQ
&(3$/6HULH0DQXDOHV1
)RUPXODFLyQGHSURJUDPDVFRQODPHWRGRORJtDGHPDUFROyJLFR
QGLFH
,QWURGXFFLyQ

&RQWH[WRFRQFHSWXDOGHO0pWRGRGHO0DUFR/yJLFR
6XVRUtJHQHV
)XQGDPHQWRVWHyULFRFRQFHSWXDOHV

(O0pWRGRGHO0DUFR/yJLFR

$SOLFDFLyQDSODQHV\SUR\HFWRV
/DVFDWHJRUtDVOyJLFDVGHO0DUFR/yJLFR
'HODVFDWHJRUtDVOyJLFDVDOD0DWUL]GHO0DUFR/yJLFR
)RUPDOL]DFLyQGHOD/yJLFD9HUWLFDO

/DDSOLFDFLyQGHOPpWRGR\VXVYHQWDMDV
&RQGLFLRQHVSDUDODDSOLFDFLyQGHOPpWRGR
8QDOFDQFHDFHUFDGHODSREODFLyQ
8WLOLGDGGHOPpWRGR

(OLQLFLRGHOPpWRGRLGHQWLILFDUFRQFODULGDGHOSUREOHPDTXHVH
EXVFDUHVROYHU
3ULPHUSDVRFRQVHQVXDUHQFXiOHVHOSUREOHPD
6HJXQGRSDVRLGHQWLILFDUORVHIHFWRVTXHWLHQHHOSUREOHPD
7HUFHUSDVR&RQVWUXLUXQPRGHORFDXVDOGHOSUREOHPD
&XDUWRSDVR$QDOL]DUODPDQHUDFRPRHOSUREOHPDDIHFWDD
GLVWLQWRVLQYROXFUDGRV
4XLQWRSDVRFRQVWUXLUHOUEROGHO3UREOHPD
6H[WRSDVR,GHQWLILFDFLyQGHHVWUDWHJLDVSRVLEOHVGHVROXFLyQ

&(3$/6HULH0DQXDOHV1

(OPRGHORVLVWHPiWLFRGHODVROXFLyQ
&RQVWUXFFLyQGHOUEROGHOD6ROXFLyQ
'HILQLFLyQGHDFFLRQHV
&RQILJXUDFLyQGHDOWHUQDWLYDVGHSURJUDPD
,QFRUSRUDFLyQGHOPDUFRLQVWLWXFLRQDO

'HOUEROGH2EMHWLYRVDOD0DWUL]GH0DUFR/yJLFR
(OSURFHVRGHWUDVSDVRGHLQIRUPDFLyQ
/DVLQWD[LVGHOD0DWUL]GHO0DUFR/yJLFR
0RUIRORJtDGHOD0DWUL]
5HVXPHQQDUUDWLYRGHOSURJUDPD

6tQWHVLV

,QFRUSRUDFLyQGHULHVJRV\UROGHORVVXSXHVWRV
7LSRVGHULHVJRV
5LHVJRV\VXSXHVWRV
8ELFDFLyQGHORVVXSXHVWRVHQODPDWUL]
6XSXHVWRVTXHOLJDQDODVDFWLYLGDGHVFRQORVFRPSRQHQWHVRVXSXHVWRV$&
6XSXHVWRVTXHOLJDQDORVFRPSRQHQWHVFRQHOSURSyVLWRRVXSXHVWRV&3

6XSXHVWRVTXHOLJDQHOSURSyVLWRFRQHOILQRVXSXHVWRV3)

/RVVXSXHVWRVDQLYHOGHILQ

/DOyJLFDYHUWLFDOHQHOGLVHxRGHSURJUDPDV
/DOyJLFDGHODVWUDQVIRUPDFLRQHV
/DOyJLFDYHUWLFDOHQODPDWUL]

/DLQFRUSRUDFLyQGHLQGLFDGRUHV

/RVLQGLFDGRUHVSURSLRVGHOPpWRGRGHO0DUFR/yJLFR
/RVLQGLFDGRUHVGHFRQYHQLHQFLD
3ULPHUSDVR4XpSUREOHPDWUDWDPRVGHUHVROYHU\DTXLpQ"
3URFHGLPLHQWRSDUDFRQVWUXLULQGLFDGRUHV

8WLOL]DFLyQGHORVLQGLFDGRUHV
/DVHPDIRUL]DFLyQGHORVLQGLFDGRUHV
,QGLFDGRUHVSDUDORVVXSXHVWRV

/yJLFDKRUL]RQWDOGHODPDWUL]

0HGLRVGHYHULILFDFLyQ
/DOyJLFDKRUL]RQWDO

8QPRGHORGHUHIHUHQFLDJHQHUDOSDUDODFRQVWUXFFLyQGHODPDWUL]GHO0DUFR/yJLFR

(OPRGHORJHQHUDO
'HOPRGHORJHQHUDODOD0DWUL]GHO0DUFR/yJLFR

'LVHxRLQYHUVRGHODPDWUL]GHOPDUFROyJLFRGHXQSURJUDPDH[LVWHQWH

&RQVLGHUDFLRQHVSUHYLDV
(OSURFHVRGHGLVHxRLQYHUVRGHPDWULFHVSDUDSURJUDPDVTXHDWLHQGHQGLUHFWDPHQWHDXQD
SREODFLyQREMHWLYR
3ULPHUSDVR4XpSUREOHPDWUDWDPRVGHUHVROYHU\DTXLpQ"
6HJXQGRSDVR&yPRHVSHUDPRVTXHVHUHVXHOYDHOSUREOHPD"

7HUFHUSDVR'HODHVWUDWHJLDDODPDWUL]

&XDUWRSDVR&RPSOHWDUODOyJLFDYHUWLFDOGHODPDWUL]

4XLQWRSDVR/LPSLDUORTXHVREUD

6H[WRSDVR\ILQDO$JUHJDUORVLQGLFDGRUHV

/DVPDWULFHVFDVFDGD

&(3$/6HULH0DQXDOHV1

&RQFOXVLyQ
%LEOLRJUDItD
6HULHPDQXDOHVQ~PHURVSXEOLFDGRV
QGLFHGHFXDGURV
&8$'52
&8$'52
&8$'52
&8$'52
&8$'52
&8$'52
&8$'52
&8$'52
&8$'52
&8$'52
&8$'52
&8$'52

&8$'52
&8$'52
&8$'52
&8$'52
&8$'52
&8$'52

&8$'52

&8$'52
&8$'52
&8$'52
&8$'52
&8$'52
&8$'52
&8$'52
&8$'52
&8$'52
&8$'52
&8$'52
&8$'52
&8$'52

&8$'52
&8$'52
&/$6,),&$&,1/*,&$'(2%-(7,926'(/(172512'(81352*5$0$
3%/,&2
(/35236,72&2022)(57$'(/26352*5$0$6
(/3523672&202'(0$1'$62&,$/
$/,1($0,(172'(/26352*5$0$6
0$5&2/*,&2<0$5&2/*,&2,167,78&,21$/
/*,&$9(57,&$/'(/$60$75,&(6'(,1',&$'25(648(
&255(6321'(1$810,6020$5&2/*,&2
/(&785$9(57,&$/'(/$0$75,=
(-(03/2'(/$$3/,&$&,1'(/$0(72'2/2*$'(',$*167,&2
&219(56,1'(/352%/(0$$62/8&,1
5(63216$%,/,'$'(6<35236,726'(/$6,17(59(1&,21(63255$0$
'(/5%2/'(/$62/8&,1
0$5&2'(5(63216$%,/,'$'(6'(/0,1,67(5,2'(),1$1=$6
0$5&2'(5(63216$%,/,'$'(6'(/352*5$0$'()20(172
352'8&7,92
0$5&2'(5(63216$%,/,'$''(/,167,7872'(75$16)(5(1&,$
7(&12/*,&$
0$5&2'(5(63216$%,/,'$''(/,167,7872'(&20(5&,$/,=$&,1
/$&$'(1$'(75$16)250$&,1<68/8*$5(1/$0$75,=
,1',&$'25(63$5$(/&21752/'(/$+,37(6,6
,1',&$'25(6'((),&$&,$6,03/(6
02'(/2*(1(5$/3$5$(67$%/(&(5/$0$75,='(/0$5&2/*,&2
'(81352*5$0$48($7,(1'(81$32%/$&,12%-(7,92
9,1&8/$&,1'(/02'(/2*(1(5$/&21/$0$75,='(/0$5&2
/*,&2
75(6&$626'((-(03/2
(675$7(*,$6'(5(62/8&,1'(352%/(0$3$5$/2675(6&$626
0(&$1,6026<$*(17(63$5$/$$3/,&$&,1'(/$(675$7(*,$
5(/$&,21(6'(&$86$()(&72
5(68/7$'2'(/$75$6326,&,1
,1&25325$&,1'(/$120(1&/$785$'(0$75,=
$',&,1'(/$6&21',&,21(61(&(6$5,$63$5$(/e;,72
/*,&$9(57,&$/'(/&$62$
/*,&$9(57,&$/'(/&$62%
/*,&$9(57,&$/'(/&$62&
7$%/$'('(6*/26($1$/7,&2'(2%-(7,926
2%-(7,926(1/$0$75,='(/352*5$0$'(6$/8'3%/,&$
2%-(7,926'(/352*5$0$'(35(9(1&,1$1,9(/'(
9,&(0,1,67(5,2
2%-(7,926'(/352*5$0$'(0(',&,1$&85$7,9$
2%-(7,926'(/352*5$0$'(9$&81$&,1$1,9(/'(',5(&725
*(1(5$/

&(3$/6HULH0DQXDOHV1
QGLFHGHUHFXDGURV
5(&8$'52 35,0(5&$62(/$86(17,602(6&2/$5(1/26*,5$62/(6
5(&8$'52 6(*81'2&$629$&81$&,1(19,//$(63(5$1=$
5(&8$'52 7(5&(5&$62(/&5e',72$0,&52(035(6$5,26
5(&8$'52 &8$572&$62/$6$/8''(9,//$(63(5$1=$
5(&8$'52 (5525(606&2081(6(1/$'(),1,&,1'(/),1
5(&8$'52 (5525(606&2081(6(1/$'(),1,&,1'(/35236,72
5(&8$'52 (5525(606&2081(6(1/$'(),1,&,1'(/26&20321(17(6
5(&8$'52 (5525(6)5(&8(17(6(1/$,'(17,),&$&,1'(6838(6726
5(&8$'52 48,172&$62/$&$3$&,7$&,1'(352)(625(6%6,&26(16(59,&,2
5(&8$'52 (5525(606&2081(6(1(/',6(f2'(,1',&$'25(6
5(&8$'52 6(;72&$62(/&2672'($7(1&,1'(81352*5$0$'(6$/8'3$5$
32%/$&,1(1(67$'2'(32%5(=$
5(&8$'52 (5525(606)5(&8(17(6(1/$'(),1,&,1'(02'(/26'(
9(5,),&$&,1
5(&8$'52 6e37,02&$62/$608-(5(6-()$6'(+2*$50-+
5(&8$'52 (5525(6)5(&8(17(6(1(/352&(62'(',6(f2,19(562
QGLFHGHGLDJUDPDV
',$*5$0$
',$*5$0$
',$*5$0$
',$*5$0$
'(6*/26($1$/7,&2'(/352%/(0$
0$75,='(/0$5&2/*,&2
(/0$5&2/*,&2
)2508/$&,1/*,&$6,03/(+,37(6,6'(/$9$&81$&,1,1)$17,/
(19,//$(63(5$1=$
',$*5$0$ )2508/&,1/*,&$&203/(7$+,37(6,6'(/$62/8&,1'(/
352%/(0$
',$*5$0$ /(&785$'(/$/*,&$9(57,&$/'(/$0$75,=/*,&$
',$*5$0$ 32%/$&,12%-(7,92'(81352*5$0$
',$*5$0$ ()(&726'(/352%/(0$
',$*5$0$ 5%2/'(&$86$6'(/352%/(0$
',$*5$0$ &$86$6'(/352%/(0$
',$*5$0$ 0$3$'(,192/8&5$'26
',$*5$0$ 5%2/'(/352%/(0$
',$*5$0$ 5%2/'(2%-(7,9263$5$/$62/8&,1
',$*5$0$ 5%2/'(2%-(7,926
',$*5$0$ $&&,21(6
',$*5$0$ &21),*85$&,1(1$/7(51$7,9$6
',$*5$0$75$6/$'2'(/5%2/'(/$0$75,=
',$*5$0$ '(&,6,1'(48e6838(6726,1&25325$5$/$0$75,='(/0$5&2

/*,&2
',$*5$0$ /(&785$'(/$/*,&$9(57,&$/'(/$0$75,=/*,&$
',$*5$0$ 0$5&2/*,&2352'8&72&20321(17('(/352*5$0$<68

,03$&72
',$*5$0$ 75$6326,&,1'(6'(/$(675$7(*,$$/$0$75,=

&(3$/6HULH0DQXDOHV1
,QWURGXFFLyQ
(O SUHVHQWH 0DQXDO EXVFD D\XGDU DO OHFWRU D HQWHQGHU \ PDQHMDU ORV
SULQFLSLRVEiVLFRVGHOHQIRTXHGHO0DUFR/yJLFR\VXIRUPDGHDSOLFDFLyQ
SDUDHOGLVHxR\SRVWHULRUHYDOXDFLyQGHSUR\HFWRV\SURJUDPDV
/DVUD]RQHVSDUDHVFULELUHO0DQXDO\SDUDGDUOHHOFRQWHQLGRTXH
pOWLHQHVHEDVDQHQODUHQRYDGDLQTXLHWXGSRUFRQWDUFRQXQLQVWUXPHQWR
D OD YH] YHUViWLO \ VXPDPHQWH SRWHQWH SDUD DSR\DU D OD OODPDGD *HVWLyQ
SDUD5HVXOWDGRVHQORVSURJUDPDV\SUR\HFWRVGHOVHFWRUS~EOLFR(OORQR
LPSOLFD TXH HO 0DQXDO QR VHD ~WLO SDUD SURJUDPDV\SUR\HFWRVGHOVHFWRU
SULYDGR VLQR TXH VX UHGDFFLyQ VH XELFD HQ XQ HVFHQDULR HQ TXH VXV
XVXDULRVHVSHUDGRVVRQIXQFLRQDULRV\FRQVXOWRUHVTXHWUDEDMDQHQRSDUD
HOVHFWRUS~EOLFR
/D *HVWLyQ SDUD 5HVXOWDGRV HV XQD LQTXLHWXG FRPSDUWLGD SRU ORV
JRELHUQRVGH$PpULFD/DWLQD\HO&DULEHDQWHODVXUJHQFLDVGHOGHVDUUROOR
HFRQyPLFR SROtWLFR \ VRFLDO GH WLSR VXVWHQWDEOH TXH QHFHVLWDQ ORV
KDELWDQWHV GH OD UHJLyQ SDUD PHMRUDU VX FDOLGDG GH YLGD(VXQHQIRTXH
TXHWLHQHDOJXQDVFDUDFWHUtVWLFDVTXHORGLIHUHQFLDGHODVIRUPDVGHJHVWLyQ
JXEHUQDPHQWDO PiV WUDGLFLRQDOHV FRPR OD JHVWLyQ SRU IXQFLRQHV
SUHHVWDEOHFLGDV

'HVGH VX LPSOHPHQWDFLyQ HQ 86$,' OD PHWRGRORJtD GHO 0DUFR /yJLFR KD VLGR DGRSWDGD D YHFHV FRQDOJXQDVYDULDFLRQHVSRU
QXPHURVDVRWUDVDJHQFLDVHLQVWLWXFLRQHV8QDGHODVSULPHUDVIXHOD*7=ODFXDOXWLOL]yHO0DUFR/yJLFRFRPRSDUWHGHVXPpWRGR
3ODQHDFLyQ GH SUR\HFWRV RULHQWDGD D REMHWLYRV =233 =LHO 2ULHQWLHUWH 3URMHFW 3ODQXQJ 0iV UHFLHQWHPHQWH HO %,' KD HVWDGR
LPSXOVDQGRIXHUWHPHQWHHQ/DWLQRDPpULFDHOXVRGHO0DUFR/yJLFR1DFLRQHV8QLGDVXWLOL]DXQDYDULDQWHGHO0DUFR/yJLFRSDUDOD
3ODQHDFLyQ \ FRQWURO GH VX SURJUDPD GH WUDEDMR HQ HO ,QWHJUDWHG 0RQLWRULQJ DQG 'RFXPHQWDWLRQ ,QIRUPDWLRQ 6\VWHP ,0',6
$VLPLVPRODPHWRGRORJtDGHO0DUFR/yJLFRHVXWLOL]DGDHQYDULRVSDtVHVODWLQRDPHULFDQRV

&(3$/6HULH0DQXDOHV1
(Q OD JHVWLyQ SRU IXQFLRQHV TXH HV OD PiV GLIXQGLGD HQ HO VHFWRU S~EOLFR FDGD IXQFLRQDULR
UHDOL]D XQ WUDEDMR GHWHUPLQDGR PRYLpQGRVH GHQWUR GH XQ HVSDFLR DGPLQLVWUDWLYR SUH HVWDEOHFLGR HQ
UHJODPHQWRV\PDQXDOHVGHRUJDQL]DFLyQ\VLQWHQHUQHFHVDULDPHQWHDODYLVWDHOUHVXOWDGRILQDODOFXDO
DSRUWD VX HVIXHU]R (Q HVWH UtJLGR FRQWH[WR HO UHVXOWDGR GHO WUDEDMR UXWLQDULR SXHGH SURJUHVDU HQ OD
PHGLGD TXH FDGD IXQFLRQDULR VH KDFH PiV KiELO \ ORJUD UHDOL]DUOR PiV UiSLGR \ FRQ PHQRV HUURUHV (O
HQIRTXHDOWHUQDWLYRGHODJHVWLyQSDUDUHVXOWDGRVHQFDPELRFRORFDVXpQIDVLVHQGHILQLUSDUDXQHTXLSR
GH WUDEDMR HO REMHWLYR HVSHUDGRGHOWUDEDMRDUHDOL]DUQRHVWDEOHFHIXQFLRQHVUtJLGDVVLQRTXHGHMDDOD
LQLFLDWLYDFUHDWLYLGDG\SURDFWLYLGDGGHOHTXLSRODGHFLVLyQGHFyPROOHYDUORDFDER(QHVWHFRQWH[WR
HO SURJUHVR HQ HO UHVXOWDGR GHO WUDEDMR VH EDVD QR VRODPHQWH HQ HO GHVDUUROOR GH OD H[SHUWLFLD GH FDGD
TXLHQ VLQR WDPELpQ \ PX\ IXHUWHPHQWH HQ OD HPHUJHQFLD GH LQQRYDFLRQHV HQ ORV SURFHGLPLHQWRV
FRQGXFHQWHVDOORJURGHOPLVPRREMHWLYR/DVGLIHUHQFLDVHQWUHXQR\RWURHQIRTXHSXHGHQVHUQRWDEOHV
/DWHRUtDGHODJHVWLyQGDXQDPSOLRUHVSDOGRDORVSULQFLSLRVGHODJHVWLyQSDUDUHVXOWDGRVDSDUWLU
GHO IXHUWH LPSXOVR WHyULFR TXH WXYR GHVGH PHGLDGRV GHO VLJOR ;; /RV HQIRTXHV VLVWpPLFRV TXH VH
SRSXODUL]DURQHQHVDpSRFDSHUPLWLHURQQRWDEOHVDYDQFHVWHyULFRVTXHOXHJRIXHURQFRUURERUDGRVSRUODV
H[SHULHQFLDV GH FDPSR 3RU XQD SDUWH OD LGHD GH TXH OD LQWHUDFFLyQ HQWUH FDXVDV \ HIHFWRV RFXUUtD
VLVWHPiWLFDPHQWH HQ HO PXQGR VRFLDO \ TXH SRGtD HVWXGLDUVH PHGLDQWH PRGHORV DEVWUDFWRV WDO FRPR OR
KDFHQODVGLVFLSOLQDVGHODVFLHQFLDVItVLFDVDQLPyDPXFKRVDODH[SORUDFLyQWHyULFDHQODVFLHQFLDVGHO
FRPSRUWDPLHQWR FRPR OD JHVWLyQ 3RU RWUD SDUWH ODV VXFHVLYDV WHRUtDV GH OD PRWLYDFLyQ TXH SRGtDQ
H[SOLFDU GLIHUHQFLDOHV GH FRPSRUWDPLHQWR GH GLVWLQWDV SHUVRQDV HQ LJXDOHV FLUFXQVWDQFLDV R GH LJXDOHV
SHUVRQDV HQ GLIHUHQWHV FRQGLFLRQHV FRQGXMHURQ D OD E~VTXHGD GH UHODFLRQDU FDUDFWHUtVWLFDV SHUVRQDOHV
FRQWLSRVGHHVWtPXORVTXHJHQHUDQPD\RUPRWLYDFLyQSDUDHOORV
(OOROOHYyDODIRUPXODFLyQGHPHWRGRORJtDVWpFQLFDVHLQVWUXPHQWRVTXHEXVFDQIRUWDOHFHUOD
JHVWLyQ HQ OD PHGLGD TXH VH DSOLTXHQ HQ IRUPD FRQVLVWHQWH \ GHQWUR GHO PDUFR R FRQWH[WR GRQGH
SXHGHQ GDU EXHQRV UHVXOWDGRV /D 0HWRGRORJtD GHO 0DUFR /yJLFR HV XQD GH HVDV PHWRGRORJtDV \
FRPR WDO SXHGH VHU ~WLO SHUR VyOR HQ OD PHGLGD TXH VH FXPSODQ ODV FRQGLFLRQHV TXH IRUPDQ VX
IXQGDPHQWRWHyULFR
/D0HWRGRORJtDGH0DUFR/yJLFRHVXQPpWRGRRULHQWDGRDODVROXFLyQGHSUREOHPDVHVSHFtILFRV
3RUHOORHOPpWRGRWLHQHWUHVJUDQGHVIDVHVHQODSULPHUDVHLGHQWLILFDHOSUREOHPDDUHVROYHUSRUPHGLR
GH XQ GLDJQyVWLFR VLVWpPLFR DPSOLR TXH SHUPLWD HVWDEOHFHU ODV FDXVDV GHO SUREOHPD \ SRU TXp QR KD
ORJUDGRVHUUHVXHOWRHQODVHJXQGDIDVHVHFRQVWUX\HXQPRGHORVLVWpPLFRTXHH[SUHVDODVFRQGLFLRQHV
OyJLFDV GH WRGD tQGROH TXH GHEHQ FXPSOLUVH SDUD TXH HO SUREOHPD VH UHVXHOYD \ HQ OD WHUFHUD IDVH VH
FRQVWUX\HXQLQVWUXPHQWRJHUHQFLDOTXHUHJLVWUDODHVWUDWHJLDGHVROXFLyQHQODIRUPDGHXQDPDWUL]GH
REMHWLYRV VHFXHQFLDOHV TXH GHEHQ DOFDQ]DUVH (Q HVWD WHUFHUD IDVH VH LQFRUSRUDQ ORV LQGLFDGRUHV
QHFHVDULRVSDUDPDQWHQHUHOVHJXLPLHQWR\FRQWUROVREUHODJHVWLyQGHODVROXFLyQ
(O PpWRGR GHO 0DUFR /yJLFR DO LJXDO TXH FXDOTXLHU RWUR PpWRGR GHEH DSOLFDUVH GHQWUR GH XQ
GHWHUPLQDGRFRQWH[WRTXHHVVXHVSDFLRGHYDOLGH]'HVJUDFLDGDPHQWHHVPX\IUHFXHQWHTXHVHROYLGH
HVWHSUHFHSWREiVLFR\TXHVHFRQVWUX\DGLUHFWDPHQWHXQDPDWUL]FRQFXDWURILODV\FXDWURFROXPQDVFRQ
ODGHQRPLQDFLyQSURSLDGHOD0DWUL]GH0DUFR/yJLFRVLQSDVDUSRUQLQJXQDGHODVIDVHVSUHYLDV/R
TXH UHVXOWH VHUi SRU FLHUWR XQD PDWUL] GH FXDWUR SRU FXDWUR SHUR QR QHFHVDULDPHQWH XQD 0DWUL] GH
0DUFR/yJLFRDXQTXHVHGHFLGDFRORFDUOHHVWHQRPEUH
/RTXHGHILQHDOD0HWRGRORJtDGH0DUFR/yJLFRQRHVHOSURGXFWRILQDOVLQRHOSURFHVRTXHGHEH
VHJXLUVHSDUDOOHJDUDOD0DWUL]GH0DUFR/yJLFR3RUHOORHOSUHVHQWHPDQXDOQRHVXQUHFHWDULRSDUD
OOHQDUPDWULFHVGHFXDWURILODV\FXDWURFROXPQDVVLQRTXHH[SOLFLWDDOJXQRVFDPLQRVPHWRGROyJLFRVSDUD
FRQFOXLUFRQXQ0DUFR/yJLFR\VXFRUUHVSRQGLHQWHPDWUL]

&(3$/6HULH0DQXDOHV1
3RU OR WDQWR WRGD OD SULPHUD SDUWH GH HVWH 0DQXDO VH GHGLFD D ORV WUDEDMRV SUHYLRV D OD
FRQVWUXFFLyQGHO0DUFR/yJLFR\VXIRUPDOL]DFLyQHQXQD0DWUL](QHOSULPHUFDStWXORVHSUHVHQWDHO
PDUFRGHGRFWULQDGHJHVWLyQLPSHUDQWHHQODVHJXQGDSDUWHGHOVLJOR;;TXHHVODpSRFD\FRQWH[WRHQ
TXHHOPpWRGRHVGHVDUUROODGR(OVHJXQGRFDStWXORPXHVWUDDJUDQGHVUDVJRVHOSURFHVRTXHYDGHVGH
ODLGHQWLILFDFLyQGHOSUREOHPDSRUUHVROYHUKDVWDODFRQVWUXFFLyQSULPDULDGHODKHUUDPLHQWDGHJHVWLyQ
GHO PpWRGR TXH HV OD OODPDGD 0DWUL] GHO 0DUFR /yJLFR (VWRV WHPDV VH UHWRPDQ PiV DGHODQWH HQ OD
VHJXQGD SDUWH FRQ PD\RU GHWDOOH (O WHUFHU \ ~OWLPR FDStWXOR GH HVWD SULPHUD SDUWH DERUGD ODV
FRQGLFLRQHVSUHYLDV\YHQWDMDVGHODDSOLFDFLyQGHOPpWRGR
/DVHJXQGDSDUWHGHO0DQXDOVHIRFDOL]DHQHO0pWRGRGHO0DUFR/yJLFR\ODFRQVWUXFFLyQGHOD
OyJLFD YHUWLFDO HQ OD 0DWUL] \ GH OD OyJLFD KRUL]RQWDO 6H GLVFXWH DPSOLDPHQWH HO WHPD GHO GLVHxR GH
LQGLFDGRUHVSDUDSRGHUGDUVHJXLPLHQWRDORVREMHWLYRVHVWDEOHFLGRVHQODOyJLFDYHUWLFDO\VHGLVFXWHOD
SRVLELOLGDG GH DJUHJDU RWURV LQGLFDGRUHV TXH SHUPLWHQ JHQHUDU PiV LQIRUPDFLyQ (VD LQIRUPDFLyQ
DGLFLRQDOHVODTXHSHUPLWHXWLOL]DUOD0DWUL]FRPREDVHSDUDWDUHDVDGLFLRQDOHVDDTXHOODVSDUDODVFXDOHV
IXH GLVHxDGD RULJLQDOPHQWH /DV WUHV IDVHV IXQGDPHQWDOHV GHO PpWRGR VH SXHGHQ GHVDUUROODU HQ GLH]
SDVRVVHFXHQFLDOHV
5HDOL]DUXQGLDJQyVWLFRSDUWLFLSDWLYRGHXQDVLWXDFLyQSUREOHPDTXHDTXHMDDXQDSREODFLyQ
&RQVWUXLU XQ PRGHOR GH ODV UHODFLRQHV FDXVDHIHFWR TXH GHWHUPLQDQ OD VLWXDFLyQSUREOHPD
UEROGHO3UREOHPD
8QDYH]YDOLGDGRORXWLOL]DSDUDFRQVWUXLUHOPRGHORGHODVROXFLyQUEROGH2EMHWLYRV
$VLJQDUUHVSRQVDELOLGDGHVLQVWLWXFLRQDOHVSDUDUHVROYHUODVLWXDFLyQSUREOHPD
7UDQVIHULU OD LQIRUPDFLyQ GHO UERO GH 2EMHWLYRV DO IRUPDWR GH 0DWUL] GH 0DUFR /yJLFR
XWLOL]DQGRWDQWDVPDWULFHVFRPRVHDQHFHVDULR
,GHQWLILFDUULHVJRVGHOSURJUDPDRSUR\HFWRPHGLDQWHHOFXDOVHEXVFDUHVROYHUHOSUREOHPD\
HVWDEOHFHUORVVXSXHVWRVEDMRORVFXDOHVSXHGHGDUUHVXOWDGRVHOSURJUDPDRSUR\HFWR
9DOLGDUODOyJLFDYHUWLFDOGHFDGDPDWUL]
'HILQLULQGLFDGRUHVSDUDGDUVHJXLPLHQWRDFDGDXQDGHODVKLSyWHVLVGHOPRGHORGHVROXFLyQ
(VWDEOHFHUORVPHGLRVSDUDYHULILFDUODFRQILDELOLGDGGHORVLQGLFDGRUHV\
5HYLVDUODOyJLFDKRUL]RQWDOGHODPDWUL]
(VWRVSDVRVVHH[SRQHQHQORVGLVWLQWRVFDStWXORVGHHVWDVHJXQGDSDUWH(OFDStWXORSUHVHQWDOD
PHWRGRORJtD GH UHVROXFLyQ GH SUREOHPDV \ OD IRUPD GH UHDOL]DU XQ GLDJQyVWLFR SDUWLFLSDWLYR KDVWD
FRQFOXLUHQXQUEROGHO3UREOHPD(OFDStWXORVHRFXSDGHOGLVHxRGHODVROXFLyQ\ODDVLJQDFLyQGH
UHVSRQVDELOLGDGHV LQVWLWXFLRQDOHV SDUD VX LPSOHPHQWDFLyQ (O FDStWXOR WUDWD HO WHPD FHQWUDO GH
WUDQVIRUPDUHOPRGHORVLVWpPLFRGHiUEROHQXQPRGHORGHPDWUL](OFDStWXORGLVFXWHORVULHJRV\HOURO
GHORVVXSXHVWRVHQHOGLVHxRGHODVROXFLyQ(OFDStWXORWUDWDGHODOyJLFDYHUWLFDOGHODPDWUL]XQDYH]
FRPSOHWDV ODV FROXPQDV SULPHUD \ FXDUWD GH OD PDWUL] (O FDStWXOR SUHVHQWD ORV LQGLFDGRUHV \
ILQDOPHQWHHOFDStWXORFRPSOHWDODPDWUL]FRQODGLVFXVLyQGHORVPHGLRVGHYHULILFDFLyQ\ODUHYLVLyQ
ILQDOGHODOyJLFDKRUL]RQWDO
3HUR QR VLHPSUH HV SRVLEOH DSOLFDU FRPSOHWDPHQWH HO 0pWRGR GHO 0DUFR /yJLFR \D VHD SRU
WUDWDUVH GH SURJUDPDV TXH \D HVWiQ HQ PDUFKD \ TXH UHTXLHUHQ XQD UHYLVLyQ \ SXHVWD DO GtD EDMR ORV
FRQFHSWRV GH HVWD PHWRGRORJtD R SRU VHU VLWXDFLRQHV GH PD\RU FRPSOHMLGDG TXH OD TXH HV SRVLEOH
PDQHMDUFRQVyORXQDPDWUL]GH;

&(3$/6HULH0DQXDOHV1
(Q FDVRV FRPR ORV VHxDODGRV HV SRVLEOH HPSOHDU DOJXQDV DSUR[LPDFLRQHV FRPR XQD HVSHFLH GH
VHFRQGEHVWTXHVLELHQQRGDQXQUHVXOWDGRLGpQWLFRDOTXHSXGLHUDREWHQHUVHPHGLDQWHODDSOLFDFLyQ
GHOPpWRGRHQIRUPDtQWHJUDDOPHQRVSURGXFHQXQUHVXOWDGRVXILFLHQWHPHQWHEXHQR\HQPDUFDGRHQORV
SULQFLSLRVJHQHUDOHVGHODPHWRGRORJtD
6L ELHQ SXHGH KDEHU PXFKRV GH HVWRV FDVRV HO PDQXDO VyOR WUDWDUi WUHV GH HOORV HQ FDStWXORV
VHSDUDGRV
8Q PRGHOR JHQHUDO GH UHIHUHQFLD TXH SXHGH XWLOL]DUVH FRPR XQD SULPHUD DSUR[LPDFLyQ R
HVTXHPDERUUDGRUGHORTXHVHUtDHO0DUFR/yJLFRGHXQSURJUDPDTXHDWLHQGHGLUHFWDPHQWH
DODSREODFLyQEHQHILFLDULD
8Q SURFHGLPLHQWR SDUD UHDOL]DU XQ GLVHxR LQYHUVR SDUDUHFXSHUDUODOyJLFDGHXQSURJUDPD\DHQ
IXQFLRQHV'HHVWHSURJUDPDFRQRFHPRVVXGLVHxRDFWXDOSHURLJQRUDPRVVXUEROGHO3UREOHPD
8Q PRGHOR GH PDWULFHV HQ FDVFDGDSDUDRUJDQL]DUODSUHVHQWDFLyQGHVLWXDFLRQHVFRPSOHMDV
TXHUHTXLHUHQPDWULFHVGHGLVWLQWRQLYHOGHDJUHJDFLyQSHURGHLGpQWLFDOyJLFD
)LQDOPHQWHHO0DQXDOSUHVHQWDDOJXQDVFRQFOXLVLRQHV\XQDELEOLRJUDItD

&(3$/6HULH0DQXDOHV1
&RQWH[WRFRQFHSWXDOGHO0pWRGR
GHO0DUFR/yJLFR
6XVRUtJHQHV
/D FUHDFLyQ GH pVWH \ RWURV LQVWUXPHQWRV YLQFXODGRV D OD JHVWLyQ GHO
GHVDUUROOR HFRQyPLFR \ VRFLDO VH HQWLHQGH PHMRU HQ OD SURJUHVLyQ GH ODV
WHPiWLFDV GRPLQDQWHV HQ ORV DxRV SRVWHULRUHV D OD ILQDOL]DFLyQ GH OD
VHJXQGD JXHUUD PXQGLDO &RPR HVVDELGRODJXHUUDWHUPLQDDPHGLDGRV
GH OD GpFDGD GHO GHMDQGR DWUiV PXFKD GHVWUXFFLyQ \ PXHUWH D OD YH]
TXH OD QRFLyQ GH TXH \D QR KDEtD HVFHQDULRV ORFDOHV VLQR TXH FXDOTXLHU
FRQIOLFWRUiSLGDPHQWHSRGtDHVFDODUDXQDGLPHQVLyQSODQHWDULD6HWRPDQ
HQWRQFHV DFXHUGRV HVWUDWpJLFRV GH JUDQ LPSRUWDQFLD SDUD UHRUGHQDU HO
PXQGRHLQWHQWDUHVWDELOL]DUORSRUPHGLRGHDFXHUGRVGHFRRSHUDFLyQHQWUH
WRGRV ORV SDtVHV 6H FUHDQ ODV 1DFLRQHV 8QLGDV \ HQ %UHWWRQ :RRGV VH
RUJDQL]D OD FRRSHUDFLyQ ILQDQFLHUD PHGLDQWH HO )RQGR 0RQHWDULR
,QWHUQDFLRQDO 'HQWUR GH 1DFLRQHV 8QLGDV VH IXQGD HO %DQFR
,QWHUQDFLRQDOGH)RPHQWR\5HFRQVWUXFFLyQPHMRUFRQRFLGRFRPR%DQFR
0XQGLDO7DPELpQVHFUHDOD&(3$/\PiVDGHODQWHHO%,'
8QDGHODVWDUHDVPiVLPSRUWDQWHVGH1DFLRQHV8QLGDVIXH\VLJXH
VLHQGRSUHRFXSDUVHSRULPSXOVDUHOGHVDUUROORHFRQyPLFR\VRFLDOHQORV
SDtVHV FRQ PD\RU UHWUDVR \R DTXHMDGRV SRU VLWXDFLRQHV JHRJUiILFDV R
VRFLDOHVPiVDOOiGHVXVSRVLELOLGDGHV1DFHDVtXQDVLWXDFLyQLQpGLWDHQHO
PXQGR GH SUH JXHUUD RUJDQLVPRV LQWHUQDFLRQDOHV SURSRUFLRQDQGR
UHFXUVRV ILQDQFLHURV \ WpFQLFRV SDUD TXH JRELHUQRV GH SDtVHV GH PHQRU
GHVDUUROORSXGLHUDQOOHYDUDFDERLQLFLDWLYDVSDUDPHMRUDUODVFRQGLFLRQHV
HFRQyPLFDV\VRFLDOHVGHVXVKDELWDQWHV

&(3$/6HULH0DQXDOHV1
(OSULPHUSUREOHPDTXHHQIUHQWyHVWHHVTXHPDIXHODDXVHQFLDGHSUR\HFWRVGHGHVDUUROORHQORV
FXDOHVLQYHUWLU'HDKtTXHORVSULPHURVLQVWUXPHQWRVTXHVHFUHDURQSRU1DFLRQHV8QLGDV\ODV$JHQFLDV
GH 'HVDUUROOR GH SDtVHV GLVSXHVWRV D EULQGDU DSR\R ELODWHUDO IXHVHQ 0DQXDOHV GH 3UHSDUDFLyQ GH
3UR\HFWRV RULHQWDGRV D FXEULU ODV FDUHQFLDV GH OD pSRFD 'HVWDFD DTXt HO FRQFHSWR GH &LFOR GH ORV
3UR\HFWRV FRPR ODV HWDSDV TXH GHEH VHJXLU OD SUHSDUDFLyQ GH HOORV 0iV DGHODQWH DXQTXH HQ IRUPD
GHVLJXDOHQYDULRVSDtVHVVHWXYRTXHSDVDUDRWUDHWDSDKDEtDQVXILFLHQWHVSUR\HFWRVSRVLEOHVGHPRGR
TXHVHQHFHVLWDEDQLQVWUXPHQWRVSDUDGHFLGLUFXiOHVLQYHUVLRQHVHUDQPHMRUHVTXHRWUDV6HGHVDUUROODURQ
ODVKHUUDPLHQWDVGH(YDOXDFLyQGH3UR\HFWRVFRQORFXDOVHEXVFDEDRSWLPL]DUHOSDTXHWHGHLQYHUVLRQHV
DWHQGLHQGR D FULWHULRV HVSHFtILFRV OR TXH SHUPLWLy GDUOH XQ IXHUWH LPSXOVR D OD PDWHULDOL]DFLyQ GH ORV
SURJUDPDVGHGHVDUUROOR'HDTXtVXUJHQORVFRQFHSWRV9DORU$FWXDOQHWR9$1\GH7DVD,QWHUQDGH
5HWRUQR7,5FRPRLQGLFDGRUHVGHWLSRILQDQFLHUR\HFRQyPLFR
(OVLJXLHQWHSUREOHPDVXUJLyDOFRQVWDWDUTXHORVSUR\HFWRVTXHSDUHFtDQPX\SURPLVRULRVHQHO
SDSHOVHHPSDQWDQDEDQDODKRUDGHLPSOHPHQWDUORV(VRVHGHEtDGLIHUHQWHVFDXVDVHQWUHODVFXiOHVVH
GHVWDFDEDQ
/D H[LVWHQFLD GH P~OWLSOHV REMHWLYRV HQ XQ SURJUDPD R SUR\HFWR \ OD LQFOXVLyQ HQ HOORV GH
DFWLYLGDGHVQRFRQGXFHQWHVDOORJURGHpVWRV
)UDFDVRVHQODHMHFXFLyQGHHVWRVSUR\HFWRV\SURJUDPDVSRUQRHVWDUFODUDPHQWHGHILQLGDVODV
UHVSRQVDELOLGDGHV\QRFRQWDUFRQPpWRGRVSDUDHODGHFXDGRVHJXLPLHQWR\FRQWURO
,QH[LVWHQFLD GH XQD EDVH REMHWLYD \ FRQVHQVXDGD SDUD FRPSDUDU OR SODQLILFDGR FRQ ORV
UHVXOWDGRVHIHFWLYRV
(V HQ HVWH FRQWH[WR TXH D PHGLDGRV GH ORV DxRV ODV $JHQFLDV GH )LQDQFLDPLHQWR DO
'HVDUUROORLPSXOVDURQODFUHDFLyQGHQXHYDVPHWRGRORJtDVSDUDFRQGXFLUODJHVWLyQGHLPSOHPHQWDFLyQ
GHSUR\HFWRV\SURJUDPDV(QWUHODVVROXFLRQHVSURSXHVWDVODTXHUHVXOWyPiVDWUDFWLYDIXHODOODPDGD
0DUFR /yJLFR /RJLFDO )UDPHZRUN R /RJIUDPH GHVDUUROODGD HQ (VWDGRV 8QLGRV SRU OD HPSUHVD
3UDFWLFDO&RQFHSWV,QF$SDUWLUGHSULQFLSLRVGHODGpFDGDGHORVOD86$JHQF\IRU,QWHUQDWLRQDO
'HYHORSPHQW 86$,' $JHQFLD GH ORV (VWDGRV 8QLGRV SDUD HO 'HVDUUROOR ,QWHUQDFLRQDO FRPHQ]y
IRUPDOPHQWH D XWLOL]DU HO 0DUFR /yJLFR HQ OD SODQHDFLyQ GH VXV SUR\HFWRV 'H DKt HQ DGHODQWH OD
PHWRGRORJtD VH H[SDQGLy SULPHUR HQWUH OD FRPXQLGDG GH DJHQFLDV SDUD HO GHVDUUROOR LQWHUQDFLRQDO \
OXHJRHQORVGLYHUVRViPELWRVDFDGpPLFRV\SURIHVLRQDOHVGHODJHVWLyQ
)XQGDPHQWRVWHyULFRFRQFHSWXDOHV
/RVIXQGDPHQWRVWHyULFRFRQFHSWXDOHVGHOD0HWRGRORJtDGHO0DUFR/yJLFRSXHGHQUDVWUHDUVHDOSXQWR
FRP~Q GHO GHVDUUROOR GH HQIRTXHV QRYHGRVRV \ PHWRGRORJtDV LQQRYDGRUDV HQ GLYHUVRV iPELWRV GH OD
FLHQFLDTXHVHSURGXFHFRQODIRUPXODFLyQGHODOODPDGD7HRUtD*HQHUDOGH6LVWHPDVDSULQFLSLRVGHOD
GpFDGD GH (Q SDUWLFXODU GH OD 7HRUtD GH OD 0RWLYDFLyQ WRPD HO FRQFHSWR GH TXH QR WRGDV ODV
SHUVRQDV WLHQHQ LJXDO FRQGXFWDVLQRTXHVHGDQGLIHUHQFLDVGHFRPSRUWDPLHQWRHQWUHHOODVEDVDGDVHQ
ODVGLVWLQWDVPRWLYDFLRQHVTXHWLHQHQHQXQPRPHQWRGHWHUPLQDGR/RTXHPRWLYDHOFRPSRUWDPLHQWRGH
XQDSHUVRQDHVODE~VTXHGDGHVDWLVIDFHUXQDQHFHVLGDGEiVLFDLQVXILFLHQWHPHQWHDWHQGLGD

9HU 3UDFWLFDO &RQFHSWV ,QF _ 86 $JHQF\ IRU ,QWHUQDWLRQDO 'HYHORSPHQW 86$,' /RJLFDO IUDPHZRUN -XQ
'LVSRQLEOH HQ KWWSSGIXVDLGJRYSGIBGRFV31$%,SGI \ %URZQ $OEHUW / 3URJUDP 'HVLJQ *XLGHOLQHV XVLQJ D /RJLFDO
)UDPHZRUN *RDO +LHUDUFK\ &RPELQDWLRQ 86 $JHQF\ IRU ,QWHUQDWLRQDO 'HYHORSPHQW 86$,' 'LVSRQLEOH HQ
KWWSSGIXVDLGJRYSGIBGRFV31$$.SGI

&(3$/6HULH0DQXDOHV1
3HUR D PHGLGD TXH ODV QHFHVLGDGHV VH YDQ DWHQGLHQGR VH DWHQ~DQ ODV XUJHQFLDV \ VXUJHQ
QHFHVLGDGHV GH RWUR WLSR TXH HPSLH]DQ D DFWXDU FRPR PRWLYDGRUDV HQ ODV SHUVRQDV TXH WLHQHQ VXV
QHFHVLGDGHV EiVLFDV \D FXELHUWDV ([LVWH HQ HVWH VHQWLGR XQD HVFDOD MHUiUTXLFD GH QHFHVLGDGHV TXHYD
GHVGH ODV EiVLFDV DOLPHQWDUVH YHVWLUVH HWF D ODV GH VHJXULGDG QR SHUGHUORDOFDQ]DGRODVDIHFWLYDV
UHFRQRFLPLHQWR\ILQDOPHQWHODVGHOHJRSUHVWLJLRILODQWURStDHWF
8QHQIRTXHFRPSOHPHQWDULRDHVWDWHRUtDHVODSURSXHVWDGH'RXJODV0F*UHJRUTXHHQDGLFLyQD
ORDQWHULRUSRVWXODTXHHQXQDRUJDQL]DFLyQFDGDSHUVRQDVHXELFDHQDOJ~QSXQWRGHXQFRQWLQXRTXH
YD GHVGH XQ H[WUHPR ; DO RWUR H[WUHPR < /DV SHUVRQDV HQ HO H[WUHPR ; VHUtDQ UHQXHQWHV D DVXPLU
ULHVJRVLQLFLDWLYDVRFRPSURPLVRVSUHILHUHQWUDEDMDUHQDPELHQWHVPX\ELHQFRQILJXUDGRVFRQXQMHIH
TXHOHVGLJDH[DFWDPHQWHTXpKDFHU\QRUPDVFODUDVGHFyPRKDFHUORVXPRWLYDFLyQHVHOVDODULR3RUHO
FRQWUDULRHQHOH[WUHPR<VHXELFDQSHUVRQDVDTXLHQHVOHVDEXUUHODUXWLQDEXVFDQLQQRYDFLRQHVHQVX
WUDEDMRVRQFUHDWLYRV\SUHILHUHQODVVLWXDFLRQHVQRWRWDOPHQWHHVWUXFWXUDGDVTXHOHVGDQHVSDFLRSDUDVX
UHDOL]DFLyQ SHUVRQDO VXV PRWLYDFLRQHV VRQ HO UHFRQRFLPLHQWR SRU OD UHVROXFLyQ GH SUREOHPDV SDUD
PHMRUDUHOWUDEDMR(OFRPHQWDULRGH0F*UHJRUHVTXHODVSHUVRQDVVHLQLFLDQFRQPXFKRGH<SHURTXH
ODVRUJDQL]DFLRQHVTXHQROHVRIUHFHQRSRUWXQLGDGHVORVYDQGHVSOD]DQGRKDFLDHOH[WUHPR;
'HDOOtQDFHOD*HVWLyQSRU2EMHWLYRVTXHVHDSR\DHQHVWDVWHRUtDV6XSODQWHDPLHQWRHVTXHXQD
RUJDQL]DFLyQ SXHGH GHVDUUROODU LQWHUHVDQWHV UHVHUYDV GH SURGXFWLYLGDG VL HQ YH] GH GHILQLU XQD VROD
IRUPDGHKDFHUHOWUDEDMRGHILQHORVUHVXOWDGRVHVSHUDGRVGHFDGDJUXSRGHWUDEDMR\OHVSHUPLWHLQQRYDU
HQODPDQHUDGHDOFDQ]DUHVRVUHVXOWDGRVXREMHWLYRV&RPRFRQWUDSDUWLGDORVUHVXOWDGRVDREWHQHUVRQ
SUHFLVDGRV FRQ JUDQ GHWDOOH PHGLDQWH LQGLFDGRUHV REMHWLYRV \ YHULILFDEOHV TXH VRQ ILMDGRV GH FRP~Q
DFXHUGRHQWUHTXLHQHVGHEHQUHFLELUHOSURGXFWRGHOWUDEDMR\TXLHQHVGHEHQSURYHHUHVHSURGXFWR
/D DSOLFDFLyQ SUiFWLFD GH ODV PHWRGRORJtDV EDVDGDV HQ HVWDV WHRUtDV WHQGLy D UDWLILFDU ODV
H[SHFWDWLYDVTXHVHKDEtDQIRUPDGRVREUHODFDSDFLGDGGHODPRWLYDFLyQSDUDPHMRUDUODJHVWLyQ\VXELU
OD SURGXFWLYLGDG GH ODV RUJDQL]DFLRQHV /D LQQRYDFLyQ \ GHVDUUROOR ,' VH FRQYLUWLy HQ SRGHURVR
PRWRU GH OD SURGXFWLYLGDG HQ HO VHFWRU SULYDGR D WRGR QLYHO (VWR ~OWLPR HV LPSRUWDQWH \D TXH OD
FUHDWLYLGDGGHODVSHUVRQDVQRGHSHQGHGHYDULDEOHVDVRFLDGDVDODULTXH]DFRPRODHGXFDFLyQVXSHULRU
VLQRTXHVHGDHQIRUPDPX\HTXLWDWLYDHQXQDVRFLHGDG
(O0DUFR/yJLFRUHFRJHORSURSXHVWRSRUOD(VFXHOD&RQGXFWXDOILMDUUHVXOWDGRV\GHMDUDFWXDU
\ OR FRPELQD FRQ RWUR DSRUWH GH OD YLVLyQ VLVWpPLFD HO GHVJORVH DQDOtWLFR GH REMHWLYRV (VWH GHVJORVH
DQDOtWLFR HV XQ PRGHOR VLVWpPLFR GH ODV FDGHQDV GH FDXVDHIHFWR TXH H[SOLFDQ OD GLQiPLFD GH XQD
WUDQVIRUPDFLyQ6XIRUPDPiVFRQRFLGDHVHOOODPDGRUEROGH3UREOHPDVTXHVHRFXSDDPSOLDPHQWH
HQODPHWRGRORJtDGHO0DUFR/yJLFR
',$*5$0$
'(6*/26($1$/7,&2'(/352%/(0$

)XHQWH(ODERUDFLyQSURSLD

&(3$/6HULH0DQXDOHV1
(Q VX HVHQFLD HO GHVJORVH DQDOtWLFR SODQWHD TXH SDUD OOHJDU DVROXFLRQDU XQ SUREOHPD VH GHEHQ
UHFRQRFHU WRGDV ODV FDXVDV LQPHGLDWDV TXH OR GHWHUPLQDQ FDXVD 1 D VX YH] FDGD XQD GH HVWDV
FDXVDVLQPHGLDWDVVRQFRQVHFXHQFLDGHFDXVDVGHXQVHJXQGRQLYHOMHUiUTXLFRFDXVDV10\
pVWDV VH RULJLQDQ HQ FDXVDV GH QLYHO PiV GHVDJUHJDGR FDXVDV \ \ DVt VXFHVLYDPHQWH
LQFRUSRUDQGR ORV QLYHOHV GH GHVJORVH TXH VHDQ QHFHVDULRV KDVWD OOHJDU D ORV IDFWRUHV GLUHFWRV VREUH ORV
FXiOHVSXHGHDFWXDUXQSUR\HFWRRSURJUDPD
(O GHVJORVH DQDOtWLFR H[SOLFD HO SUREOHPD HQ EDVH D ODV UHODFLRQHV FDXVDHIHFWR OR FXDO SHUPLWH
SDVDU DO GHVJORVH DQDOtWLFR GH OD VROXFLyQ HQ OD PLVPD IRUPD GH UHODFLRQHV FDXVDHIHFWR SHUR DKRUD
GHVHQFDGHQDGDVSRUODLQWHUYHQFLyQGHXQSURJUDPDRSUR\HFWRVREUHORVIDFWRUHVGLUHFWRVGHODVROXFLyQ
HVFRJLGDSDUDODVLWXDFLyQSUREOHPD
(O~OWLPRHOHPHQWRTXHWRPDHO0DUFR/yJLFRHVGHWLSRPiVPHWRGROyJLFRTXHFRQFHSWXDO\HVOD
FUHDFLyQGHXQLQVWUXPHQWRGHJHVWLyQPX\FRPSDFWR\TXHFDUDFWHUL]DDOPpWRGROD0DWUL]GHO0DUFR
/yJLFR 00/ (VWD PDWUL] FUX]D FXDWUR QLYHOHV GH REMHWLYRV FRQ FXDWUR iPELWRV GH DVRFLDGRV D OD
JHVWLyQSDUDSUHVHQWDUHQIRUPDPX\VLQWpWLFDODHVHQFLDGHODWUDQVIRUPDFLyQTXHVHHVSHUDORJUDUFRQHO
SURJUDPD RSUR\HFWRPiVORVHOHPHQWRVGHODPELHQWHGHFRQILDQ]D\FUHGLELOLGDGTXHGHEHJHQHUDUOD
JHVWLyQ
/DPDWUL]GHFXDWURILODVSRUFXDWURFROXPQDVVLQWHWL]DODLQIRUPDFLyQFODYHSDUDOOHYDUDGHODQWH
XQ SURJUDPD R XQ SUR\HFWR 6XV FXDWUR QLYHOHV GH REMHWLYRV VH HQWLHQGHQ PHMRU DO FRORFDUORV HQ HO
FRQWH[WRKDELWXDOHQTXHVHXWLOL]D\TXHHVHOHQIRTXHOODPDGRGHUHVROXFLyQGHSUREOHPDV$VtORV
FXDWURQLYHOHVGHREMHWLYRVVRQ
)LQ(OREMHWLYRDOFXDODSRUWDODUHVROXFLyQGHOSUREOHPD
3URSyVLWR/DVLWXDFLyQGHOSUREOHPDUHVXHOWR
&RPSRQHQWHV/RVSURGXFWRVRVHUYLFLRVTXHHOSURJUDPDRSUR\HFWRHQWUHJDSDUDUHVROYHUHO
SUREOHPD
$FWLYLGDGHV /DV DFFLRQHV QHFHVDULDV SDUD JHQHUDU ORV SURGXFWRV TXH HQWUHJD HO SUR\HFWR R
SURJUDPDHVGHFLUSDUDJHQHUDUORVFRPSRQHQWHV
3RUVXSDUWHORViPELWRVGHODJHVWLyQTXHKDELWXDOPHQWHVHLQFRUSRUDQHQODPDWUL]VRQ
&RPXQLFDFLyQ(VLPSRUWDQWHGHVFULELUHQOHQJXDMHVLPSOHORVREMHWLYRVDFDGDQLYHO(OORGD
OXJDUDODFROXPQDGH5HVXPHQ1DUUDWLYRRFROXPQDGH2EMHWLYRV
*HVWLyQ6HUHTXLHUHQLQGLFDGRUHVFDSDFHVGHUHIOHMDUHODYDQFHKDFLDHOORJURGHORVREMHWLYRV
HQFDGDQLYHO6HPDQLILHVWDHQODFROXPQDGH,QGLFDGRUHV
7UDQVSDUHQFLD8QLQYHVWLJDGRULQGHSHQGLHQWHGHEHSRGHUYHULILFDUHOYDORUGHORVLQGLFDGRUHV
3DUDHOORHVWiODFROXPQD0HGLRVGH9HULILFDFLyQ\
5LHVJRV D HQIUHQWDU &LUFXQVWDQFLDV H[WHUQDV D OD JHVWLyQ GHO SUR\HFWR R SURJUDPD SXHGHQ
LQFLGLUHQTXHpVWHORJUpVXVREMHWLYRV'HHVWRGDFXHQWDODFROXPQDGH6XSXHVWRV

&(3$/6HULH0DQXDOHV1
',$*5$0$
0$75,='(/0$5&2/*,&2

(VWRV QR VRQ ORV ~QLFRV QLYHOHV GH REMHWLYRV R iPELWRV GH OD JHVWLyQ TXH VH SXHGHQ LQFRUSRUDU HQ OD
0DWUL]GHO0DUFR/yJLFRVLQRTXHEDVDGRVHQORVIXQGDPHQWRVGHOPpWRGRKD\YHUVLRQHVGHOD00/
TXHQRVRQGH[VLQRTXHLQFRUSRUDQPiVRPHQRVQLYHOHVGHREMHWLYRV\iPELWRV
/D00/QRVyORHVXQDIRUPDGHSUHVHQWDULQIRUPDFLyQVLQRTXHFRQWULEX\HWDPELpQDDVHJXUDU
XQD EXHQD FRQFHSWXDOL]DFLyQ \ GLVHxR GH ODV LQLFLDWLYDV GH LQYHUVLyQ 6L OD 00/ KD VLGR SUHSDUDGD
FRUUHFWDPHQWH VH WHQGUi OD VHJXULGDG GH TXH QR VH HVWiQ HMHFXWDQGR DFWLYLGDGHV LQQHFHVDULDV FRPR
WDPELpQ GH TXH QR IDOWD QLQJXQD DFWLYLGDG SDUD FRPSOHWDU OD HQWUHJD GH ORV ELHQHV \ VHUYLFLRV GHO
SURJUDPD$VLPLVPRVHVDEUiTXHORVELHQHV\RVHUYLFLRVTXHJHQHUDHOSURJUDPDVRQORVQHFHVDULRV\
VXILFLHQWHV SDUD VROXFLRQDU HO SUREOHPD TXH OH GLR RULJHQ 7DPELpQ VH HVWDUiFRQVFLHQWHGHORVULHVJRV
TXH SRGUtDQ DIHFWDU HO GHVDUUROOR GHO SURJUDPD R ELHQ FRPSURPHWHU VX FRQWULEXFLyQ D REMHWLYRV GH
GHVDUUROORVXSHULRUHV

9HU SRU HMHPSOR HO PDQXDO GH OD $XVWUDOLDQ $JHQF\ IRU ,QWHUQDWLRQDO 'HYHORSPHQW $JHQFLD DXVWUDOLDQD SDUD HO GHVDUUROOR
LQWHUQDFLRQDO7KH/RJLFDO)UDPHZRUN$SSURDFK'LVSRQLEOHHQ
KWWSZZZDXVDLGJRYDXDXVJXLGHSGIDXVJXLGHOLQHSGI

&(3$/6HULH0DQXDOHV1
(O0pWRGRGHO0DUFR/yJLFR
(O0pWRGRGHO0DUFR/yJLFRFRQVWDGHGRVSDUWHVLQWHJUDQWHVHVWUHFKDPHQWH
YLQFXODGDVHQWUHVtLODOyJLFDYHUWLFDO\LLODOyJLFDKRUL]RQWDO/DSULPHUDGH
HOODVWUDWDGHDVHJXUDUTXHODVDFFLRQHVTXHVHHPSUHQGHQHQXQSURJUDPDRXQ
SUR\HFWRWHQJDQXQDFODUDFRUUHVSRQGHQFLDFRQODVUD]RQHVTXHVHWXYLHURQHQ
FXHQWDSDUDFUHDUHOSURJUDPDRHOSUR\HFWRVLQTXHVREUHQRIDOWHQDFFLRQHV
FRQGXFHQWHV D OD REWHQFLyQ GH XQD VROXFLyQ D XQ SUREOHPD /D OyJLFD
KRUL]RQWDO HQ FDPELR EXVFD SURSRUFLRQDU D ORV UHVSRQVDEOHV GHO SURJUDPD
XQDFDUWDGHQDYHJDFLyQGRQGHSXHGDQHQFRQWUDULQGLFDGRUHVSDUDGHWHUPLQDU
VLHQVXDFFLyQHOSURJUDPDVLJXHDOLQHDGRFRQVXVREMHWLYRV\DVHDHQFXDQWR
D UHVXOWDGRV HVSHUDGRV HQ FDQWLGDG \ FDOLGDG FRPR HQ HO XVR UDFLRQDO GH
UHFXUVRV
6LELHQODPDWUL]HVXQDVRODSRUUD]RQHVGHFODULGDGGHH[SRVLFLyQ
HVWH0DQXDOWUDWDUiSULPHUROD/yJLFD9HUWLFDO\OXHJROD+RUL]RQWDO

&(3$/6HULH0DQXDOHV1
$SOLFDFLyQDSODQHV\SUR\HFWRV
7UDVODDSOLFDFLyQGHOPpWRGRHQHOiPELWRGHORVSUR\HFWRVSRFRDSRFRHO0DUFR/yJLFRHPSH]yD
H[WHQGHU VXV FRQFHSWRV EiVLFRV DO WHUUHQR GH ORV SURJUDPDV TXH HQ JHQHUDO DGROHFtDQ GH ORV PLVPRV
SUREOHPDVTXHORVSUR\HFWRV3DUDHOORIXHQHFHVDULRPRGLILFDUDOJXQRVGHWDOOHV\GHILQLFLRQHVDILQGH
KDFHUSOHQDPHQWHIXQFLRQDOHOHQIRTXHFRQODVFDUDFWHUtVWLFDVTXHGLIHUHQFLDQSURJUDPDVGHSUR\HFWRV
(QHOiPELWRGHODJHVWLyQXQSUR\HFWRHVXQFRQMXQWRGHDFFLRQHVTXHVHUHDOL]DQEDMRXQPLVPR
PDQGRHQE~VTXHGDGHXQREMHWLYR~QLFRQRUHSHWLWLYR\ELHQGHILQLGR8QHMHPSORFOiVLFRGHSUR\HFWR
HV OD FRQVWUXFFLyQ GH XQ SXHQWH R XQ W~QHO (V ~QLFR SRUTXH QR VH UHTXLHUHQ GRV SXHQWHV LJXDOHV
FRORFDGRVHQODPLVPDSDUWHHVQRUHSHWLWLYRSRUTXHWLHQHXQDODUJDYLGD~WLOSRUGHODQWHDQWHVTXHVHD
QHFHVDULRUHHPSOD]DUORSRUXQRQXHYRHVELHQGHILQLGRSRUTXHHVWiHQXQOXJDUGHWHUPLQDGRWLHQHXQD
ORQJLWXG \ DQFKR GHWHUPLQDGRV +DELWXDOPHQWH WLHQH WDPELpQ XQ SUHVXSXHVWR \ XQ SOD]R GH HMHFXFLyQ
GHWHUPLQDGRV7LHQHXQLGDGGHPDQGRSRUTXHVHFRQWUDWDVyORDXQDHPSUHVDSDUDTXHORFRQVWUX\D
(Q FDPELR XQ SURJUDPD HVWi FRQVWLWXLGR SRU DFFLRQHV UHSHWLWLYDV VLPLODUHV TXH VH RIUHFHQ HQ
IRUPDPiVRPHQRVHVWiQGDUDXQJUDQFRQMXQWRGHSHUVRQDVItVLFDVRMXUtGLFDVFRQHOFRP~QLQWHUpVGH
D\XGDUODV D UHVROYHU QHFHVLGDGHV VLPLODUHV &DGD DFFLyQ LQGLYLGXDO SXHGH R QR VHU XQ SUR\HFWR XQ
SURJUDPDGHYLDOLGDGSRGUtDFRQWHQHUYDULRVSUR\HFWRVGHSXHQWHV\W~QHOHVPLHQWUDVTXHXQSURJUDPD
GHGHVD\XQRVHVFRODUHVQRFRQWHQGUiQLQJ~QSUR\HFWRVLQRTXHVyORDFFLRQHVUHSHWLWLYDV
/D GLIHUHQFLD SULQFLSDO SDUD ILQHV GHO 0DUFR /yJLFR HV TXH HQ HO FDVR GH ORV SUR\HFWRV HO
3URSyVLWRVHDOFDQ]DHQDOJ~QPRPHQWRGHOWLHPSRSRUHMHPSORHOSXHQWHFRQVWUXLGRHVLQDXJXUDGR\
SHUPLWHODFLUFXODFLyQGHYHKtFXORVVREUHpO(QHOFDVRGHORVSURJUDPDVHO3URSyVLWRHVSHUPDQHQWHDO
PHQRV SRU XQ WLHPSR PLHQWUDV VXEVLVWH XQSUREOHPDUHFXUUHQWHTXHSXHGHDIHFWDUDPXFKDVSHUVRQDV
3RUHMHPSORXQSURJUDPDGHGHVD\XQRVHVFRODUHVSXHGHUHVROYHUODVLWXDFLyQGHTXLHQHVDVLVWHQKR\DOD
HVFXHOD SHUR HO SUy[LPR DxR HJUHVDUiQ QLxRV TXH WHUPLQDQ HVWD HWDSD H LQJUHVDUiQ QXHYRV QLxRV TXH
QHFHVLWDUiQ GHO SURJUDPD (O 3URSyVLWR GHO SURJUDPD QLxRV ELHQ QXWULGRV SXHGH HVWDU YLJHQWH SRU
PXFKRVDxRVVLQDOFDQ]DUXQHVWDGRILQDOFRPRRFXUUHFRQORVSUR\HFWRV
(Q HO FDVR GH SUR\HFWRV HO )LQ GHO SUR\HFWR QR VH ORJUD GXUDQWH HO SHUtRGR GH HMHFXFLyQ GHO
PLVPRPLHQWUDVTXHHQORVSURJUDPDVHVSRVLEOHTXHVHDSRVLEOHPHGLUYDULDFLRQHVHQORVLQGLFDGRUHV
DVRVLDGRVDO)LQDQWHVTXHFRQFOX\DHOSURJUDPDVLHVTXHODGXUDFLyQGHOSURJUDPDHVPX\SURORQJDGD
3RU HVWD UD]yQ HQ ORV SURJUDPDV HV PiV LPSRUWDQWH TXH HQ ORV SUR\HFWRV FRQWDU FRQ LQGLFDGRUHV
DGHFXDGRVSDUDHOQLYHOGH)LQ
2WUDGLIHUHQFLDLPSRUWDQWHHVTXHHQHOFDVRGHSUR\HFWRVODVDFWLYLGDGHVWLHQGHQDVHU~QLFDV\
GHEHQHVWDUPX\ELHQVHFXHQFLDGDVSRUHMHPSORKDEUiTXHWHQHUSULPHURORVSLODUHVGHXQSXHQWHDQWHV
TXHFRORFDUODFDUSHWDGHURGDGR(QFDPELRHQORVSURJUDPDVODVDFWLYLGDGHVVRQUHSHWLWLYDV\FDEHOD
SRVLELOLGDGTXHVHGHVDUUROOHQVLPXOWiQHDPHQWHSRUHMHPSORHQXQSURJUDPDKRVSLWDODULRXQSDFLHQWH
SXHGHHVWDUUHFLELHQGRHODOWDPLHQWUDVRWURHQWUDDSDEHOOyQ\XQWHUFHURHVWiFRPSOHWDQGRODILFKDGH
LQJUHVR(VWRLPSOLFDTXHPLHQWUDVHQORVSUR\HFWRVHVPX\LPSRUWDQWHODVHFXHQFLDFLyQ\SRUORWDQWR
PHGLU ORV WLHPSRV GH LQLFLR \ WpUPLQR GH FDGD DFWLYLGDG HQ ORV SURJUDPDV VH SLHUGH GH YLVWD OD
VHFXHQFLDFLyQ\GLVPLQX\HODLPSRUWDQFLDGHPHGLUORVWLHPSRV

/DV GLIHUHQFLDV HQWUH XQ SUR\HFWR \ XQ SURJUDPD QR HVWiQ XQiQLPHPHQWH HVWDEOHFLGDV /R PiV IUHFXHQWH HV FRQVLGHUDU TXH XQ
SUR\HFWRHVXQKHFKRLQGLYLGXDO~QLFRTXHSRUORWDQWRVHDFRWDHQHOWLHPSR\HQHOXVRGHUHFXUVRVPLHQWUDVTXHXQSURJUDPDHV
XQLQVWUXPHQWRGHSROtWLFDFRPSXHVWRGHP~OWLSOHVLQWHUYHQFLRQHVLQGLYLGXDOHVVLPLODUHVFDGDXQDSRGUtDVHUXQSUR\HFWR(VWH
LQVWUXPHQWRSXHGHWHQHUXQSURSyVLWRTXHSHUPDQHFHHQHOWLHPSRORTXHLPSOLFDWDPELpQTXHQRVHHVWDEOHFHDSULRULXQDFRWDSDUD
VXVUHFXUVRV

&(3$/6HULH0DQXDOHV1
/DVFDWHJRUtDVOyJLFDVGHO0DUFR/yJLFR
/D0HWRGRORJtDGHO0DUFR/yJLFRDSOLFDGDDSURJUDPDVS~EOLFRVVHEDVDHQLGHQWLILFDUHQHOHQWRUQR
GHXQSUR\HFWRRSURJUDPDFXDWURWLSRVGHREMHWLYRVTXHFRUUHVSRQGHQDGLVWLQWDVFDWHJRUtDVOyJLFDVGRV
GH HOORV H[yJHQRV SHUWHQHFLHQWHV DO FRQWH[WR SROtWLFR HFRQyPLFR \ VRFLDO HQ TXH VH LQVHUWD HO
SURJUDPD\ORVRWURVGRVWLSRVGHREMHWLYRVHQGyJHQRVSHUWHQHFLHQWHVDOiPELWRGHODJHVWLyQJHUHQFLDO
GHOSURJUDPD
&8$'52
&/$6,),&$&,1/*,&$'(2%-(7,926'(/(172512'(81352*5$0$3%/,&2
PELWR
3UHJXQWDVFODYHV
3ROtWLFR
HFRQyPLFR\
VRFLDO
3RUTXpUHDOL]DUHO
SURJUDPD"
*HUHQFLDO
&yPRUHDOL]DUHO
SURJUDPD"
&DWHJRUtDVOyJLFDV
&RQWHQLGR
)LQ
3ROtWLFDS~EOLFD
3URSyVLWR
,PSDFWRHQSREODFLyQ
&RPSRQHQWHV
3URGXFWRVHQWUHJDGRV
*HQHUDFLyQGH
REMHWLYRV
([yJHQD
(QGyJHQD
$FWLYLGDGHV
$FFLRQHVHPSUHQGLGDV
/DV GRV FDWHJRUtDV H[yJHQDV UHIOHMDQ XQD 352326,72 HO LPSDFWR HQ OD SREODFLyQ TXH VH
HVSHUDGHODUHDOL]DFLyQGHOSURJUDPD\ODRWUD),1HOHQWRUQRGHSROtWLFDS~EOLFDHQTXHVHLQVHUWDHVWH
LPSDFWR HVSHUDGR (VWDV FDWHJRUtDV VRQ H[yJHQDV SXHV UHIOHMDQ VLWXDFLRQHV H[WHUQDV DO SURJUDPD \
DQWHULRUHV D pO 0iV SUHFLVDPHQWH HOODV FRQVWLWX\HQ OD UD]yQ SRU OD FXDO VH FUHD HO SURJUDPD GDU
UHVSXHVWDDQHFHVLGDGHVVRFLDOHVSROtWLFDVRHFRQyPLFDVGHWHFWDGDV\GLDJQRVWLFDGDVSUHYLDPHQWH
/DV GRV FDWHJRUtDV HQGyJHQDV GDQ FXHQWD GH OD JHUHQFLD GHO SURJUDPD 6RQ UHODFLRQHV GHO WLSR
LQVXPRSURGXFWR\DTXHGHWDOODQORTXHHOSURJUDPDSURGXFH&20321(17(6SDUDHQWUHJDUDVXV
EHQHILFLDULRV \ ODV $&7,9,'$'(6 SRU PHGLR GH ODV FXiOHV VH SURGXFHQ GLFKRV FRPSRQHQWHV /DV
FDWHJRUtDVVRQHQGyJHQDVSXHVVHFUHDQDOGLVHxDUHOSURJUDPDFRQODILQDOLGDGGHGDUUHVSXHVWDDODV
QHFHVLGDGHVVRFLDOHVSROtWLFDV\HFRQyPLFDVTXHVHH[SUHVDQHQODVFDWHJRUtDVH[yJHQDV
/DVFDWHJRUtDVSROtWLFDVH[SUHVDQSRUTXpHOSURJUDPDHVVRFLDOPHQWHQHFHVDULRPLHQWUDVTXHODV
FDWHJRUtDV JHUHQFLDOHV PXHVWUDQ FyPR VH JHQHUDQ ORV ELHQHV \ VHUYLFLRV TXH HO SURJUDPD SRQGUi D
GLVSRVLFLyQGHORVEHQHILFLDULRV
/D GLVWLQFLyQ HQWUH FDWHJRUtDV H[yJHQDV \ HQGyJHQDV HV HO QXGR FHQWUDO GHO PpWRGR GHO 0DUFR
/yJLFR$OVHUH[yJHQDVODVGRVSULPHUDVFDWHJRUtDVFRQVWLWX\HQXQDGHPDQGDVRFLDODODFXDOHOGLVHxR
GHO SURJUDPD UHVSRQGH FRQ XQD RIHUWD GH ELHQHV \ VHUYLFLRV &RPSRQHQWHV (O p[LWR GHO SURJUDPD VH
REWLHQHVyORVLORTXHRIUHFHHOGLVHxRGHOSURJUDPDVDWLVIDFHODGHPDQGDH[WHUQDDpO
(Q HVWH VHQWLGR OD FRUUHFWD DSOLFDFLyQ GHO PpWRGR LPSOLFD FRQVLGHUDU OD H[LVWHQFLD GH XQD
DUWLFXODFLyQHQWHGRVSODQRVODGHPDQGDVRFLDO\ODRIHUWDSURJUDPiWLFD(VDDUWLFXODFLyQHVHO3URSyVLWR
TXHVHSXHGHGHILQLUGHGRVPDQHUDVGLVWLQWDV
&RPR HVSHFLILFDFLyQ GH OD GHPDQGD VRFLDO OD VROXFLyQ D XQ SUREOHPD HVSHFtILFR GH XQD
SREODFLyQ TXH HVWi SHQGLHQWH GHVGHDQWHVGHGHFLGLUHOSURJUDPD\TXHGHEHUtDVHUUHVXHOWR
SRUYtDGHODDFFLyQGHOSURJUDPD\
&RPR SUR\HFFLyQ GHO UHVXOWDGR TXH GHELHUD SURGXFLU HQ OD SREODFLyQ OD GLVSRVLFLyQ GH ORV
ELHQHV\VHUYLFLRVTXHHIHFWLYDPHQWHJHQHUHHOSURJUDPD
(VWDV GRV GHILQLFLRQHV SXHGHQ HVWDU DOLQHDGDV R QR GHSHQGLHQGR GH VL HO GLVHxR OyJLFR GHO
SURJUDPDHVWiELHQDOLQHDGRFRQODVQHFHVLGDGHVTXHOHGLHURQVXRULJHQ

&(3$/6HULH0DQXDOHV1
8QHMHPSORD\XGDDYLVXDOL]DUPHMRUHVWDUHODFLyQ
5(&8$'52
35,0(5&$62 (/$86(17,602(6&2/$5(1/26*,5$62/(6
(QHOSXHEOR/RV*LUDVROHVVHKDREVHUYDGRXQDWDVDGHDXVHQWLVPRHVFRODUDQRUPDOPHQWHDOWD6LQSURIXQGL]DU
PD\RUPHQWHHQHOGLDJQyVWLFRODV6HFUHWDUtDVGH6DOXG\GH'HVDUUROOR6RFLDORIUHFHQORVVHUYLFLRVGHGRV3URJUDPDV
SUHH[LVWHQWHV \D HQ DSOLFDFLyQ HQ RWURV SREODGRV L OD 6HFUHWDUtD GH 6DOXG RIUHFH LQPXQL]DU D ORV HVFRODUHV FRQWUD
HQIHUPHGDGHVLQIHFFLRVDVDILQGHEDMDUORVGtDVGHDXVHQFLDSRUHQIHUPHGDG\LLOD6HFUHWDUtDGH'HVDUUROOR6RFLDO
RIUHFH FRQVWUXLU XQD HVSDFLR GHSRUWLYR PXOWLSURSyVLWR SDUD HVWLPXODU HO LQWHUpV HQWUH ORV HVFRODUHV SRU DVLVWLU D OD
HVFXHODSDUDKDFHUGHSRUWHV
/D VLWXDFLyQ GHVFULWD HQ HO HMHPSOR SXHGH VLVWHPDWL]DUVH HQ OD IRUPD HQ TXH PXHVWUD HO &XDGUR
VLJXLHQWH
&8$'52
(/35236,72&2022)(57$'(/26352*5$0$6
3URJUDPDGHVDOXG
3URJUDPDGHGHSRUWHV
6HUYLFLRVRIUHFLGRV
&RPSRQHQWHV
&DPSDxDGHYDFXQDFLyQ
,QVWDODFLyQGHHVSDFLRVSROLGHSRUWLYRVHQ
ODVHVFXHODV
5HVXOWDGRLQPHGLDWRGH
ORVVHUYLFLRVRIUHFLGRV
3URSyVLWR
1LxRVVHHQIHUPDQPHQRV
1LxRVDVLVWHQDDFWLYLGDGHVGHSRUWLYDV
HVFRODUHV
2EMHWLYRGHSROtWLFDDO
FXDOHOSURJUDPD
FRQWULEX\H)LQ
&RQWULEXLUDDEDWLUHODXVHQWLVPRHVFRODU
&RQWULEXLUDDEDWLUHODXVHQWLVPRHVFRODU
(Q WpUPLQRVWHyULFRVDPERVSURJUDPDVSXHGHQVHUFRUUHFWRV\DTXHVLQGXGDDPERVHVWiQHQ
FRQGLFLRQHVGHFRQWULEXLUDOREMHWLYRGHWHQHUPiVGtDVGHDVLVWHQFLDDODHVFXHOD(OSXQWRFODYHHVTXH
SDUD DFWXDU \ UHVROYHU HO SUREOHPD HVSHFtILFR GH OD FRPXQLGDG QR EDVWD FRQ WHQHU HQ FODUR VRODPHQWH
HVWHREMHWLYRILQDOVLQRTXHHVSUHFLVRFRPSOHWDUHOGLDJQyVWLFRGHSRUTXpKD\DXVHQWLVPRHVFRODUHQ
/RV*LUDVROHV"/DUHVSXHVWDSXGLHUDVHUHQHOHMHPSORDORVQLxRVVHHQIHUPDQPX\DPHQXGREORV
QLxRVVHDEXUUHQSRUQRWHQHUGRQGHMXJDUFORVQLxRVQRHQWLHQGHQORTXHGLFHHOSURIHVRU
&8$'52
(/35236,72&202'(0$1'$62&,$/
5HVXOWDGRVGHO
GLDJQyVWLFR3UREOHPD
HVSHFtILFRDUHVROYHU
D/RVQLxRVVH
HQIHUPDQPX\D
PHQXGR
E/RVQLxRVVHDEXUUHQSRU
QRWHQHUGRQGHMXJDU
F/RVQLxRVQRHQWLHQGHQORTXH
GLFHHOSURIHVRU
6ROXFLyQDOSUREOHPD
HVSHFtILFR3URSyVLWR
1LxRVVHHQIHUPDQ
PHQRV
1LxRVDVLVWHQDDFWLYLGDGHV
GHSRUWLYDVHVFRODUHV
1LxRVHQWLHQGHQORTXHGLFHHO
SURIHVRU
0HGLRVSDUDREWHQHUHO
3URSyVLWR
&RPSRQHQWHV
&DPSDxDGH
YDFXQDFLyQ
,QVWDODFLyQGHSROLGHSRUWLYR
'RWDFLyQGHQXHYRVPHGLRV
GLGiFWLFRV
&DSDFLWDFLyQGH3URIHVRUHV

$QRUPDOVLJQLILFDTXHH[FHGHORVUDQJRVGHDXVHQWLVPRREVHUYDGRVHQSXHEORVGHVLPLODUHVFDUDFWHUtVWLFDVVRFLRHFRQyPLFDVGHOD
YHFLQGDG

(QHOHMHPSORVXSRQGUHPRVTXHKD\XQDUHVSXHVWD~QLFDTXHUHIOHMDHOSUREOHPDFHQWUDO(QODUHDOLGDGODUHVSXHVWDHVFRPSOHMD
GHPRGRTXHSDUDUHVROYHUHOSUREOHPDKDEUtDTXHWUDEDMDUHQWUHVIUHQWHVVDOXGGHSRUWHV\FDOLGDGGRFHQWH

&(3$/6HULH0DQXDOHV1
6L OD UD]yQ SULQFLSDO TXH PXHVWUD HO GLDJQyVWLFR IXHVH OD D HO SURJUDPD GH LQPXQL]DFLRQHV
HVWDUtDELHQDOLQHDGRPLHQWUDVTXHHOSURJUDPDGHORVHVSDFLRVGHSRUWLYRVQRHVWDUtDELHQDOLQHDGR&DEH
DXQODSRVLELOLGDGGHTXHODUHVSXHVWDFRUUHFWDIXHVHODFHQFX\RFDVRODVRIHUWDVGHDPEDV6HFUHWDUtDV
HVWDUtDQ GHVDOLQHDGDV UHVSHFWR D OD GHPDQGD VRFLDO \ UHVXOWDUtDQ LQHILFDFHV SDUD UHVROYHU OD VLWXDFLyQ
SUREOHPDGHODFRPXQLGDGDXQTXHVLQGXGDVFRQWULEXLUtDQGHDOJ~QPRGRDPHMRUDUODFDOLGDGGHYLGD
GH OD SREODFLyQ 0HMRU FDOLGDG GH YLGD VLHPSUH HV GHVHDEOH SHUR HQ WpUPLQRV GHO 0DUFR /yJLFR GHO
SUREOHPDGH/RV*LUDVROHVQRHVHOREMHWLYREXVFDGR
3RGHPRVHVWDEOHFHUHVWDVLWXDFLyQHQIRUPDJUiILFDSDUDHOFDVRTXHHOGLDJQyVWLFRVHxDOHTXHHO
SUREOHPDFRQVLVWHHQTXHORVQLxRVQROHHQWLHQGHQDOSURIHVRU
&8$'52
$/,1($0,(172'(/26352*5$0$6
3URJUDPDGHVDOXG
3URJUDPDGHGHSRUWHV
3URJUDPDQHFHVDULR
)LQ
&RQWULEXLUDDEDWLUHO
DXVHQWLVPRHVFRODU
&RQWULEXLUDDEDWLUHO
DXVHQWLVPRHVFRODU
&RQWULEXLUDDEDWLUHO
DXVHQWLVPRHVFRODU
'HPDQGDVRFLDO
1LxRVHQWLHQGHQORTXH
GLFHHOSURIHVRU
1LxRVHQWLHQGHQORTXH
GLFHHOSURIHVRU
1LxRVHQWLHQGHQORTXH
GLFHHOSURIHVRU
,PSDFWRGHODRIHUWD
SURJUDPiWLFD
1LxRVVHHQIHUPDQPHQRV
1LxRVDVLVWHQDDFWLYLGDGHV
GHSRUWLYDVHVFRODUHV
1LxRVHQWLHQGHQORTXH
GLFHHOSURIHVRU
$OLQHDFLyQ
1RVHDOLQHD
1RVHDOLQHD
6HDOLQHD
(VWDQGRFRUUHFWDPHQWHDOLQHDGDVODVFXDWURFDWHJRUtDVVHRUGHQDQHQIRUPDVHFXHQFLDOFRPRWUHV
UHODFLRQHVGHFDXVDHIHFWRORTXHHQIRUPDJUiILFDVHGHVFULEHDVt
',$*5$0$
(/0$5&2/*,&2

/DOHFWXUDGHOJUiILFRHV
6LOD*HUHQFLDUHDOL]DODV$FWLYLGDGHVHQWRQFHVVHSURGXFHQORV&RPSRQHQWHV
6LHO3URJUDPDHQWUHJDORV&RPSRQHQWHVDODSREODFLyQHQWRQFHVVHSXHGHORJUDUHO3URSyVLWR
6LVHORJUDHO3URSyVLWRHQODSREODFLyQHQWRQFHVVHSXHGHFRQWULEXLUDDOFDQ]DUHO)LQ
'HODVFDWHJRUtDVOyJLFDVDOD0DWUL]GHO0DUFR/yJLFR
3DUD LQLFLDU HO WHPD YDOH OD SHQD DGHODQWDU DOJXQRV SDVRV \ HVWDEOHFHU XQD GLIHUHQFLD HQWUH OR TXH VH
OODPDHO0DUFR/yJLFRGHO3URJUDPD\OD0DWUL]GHO0DUFR/yJLFR

&(3$/6HULH0DQXDOHV1
(O 0DUFR /yJLFR HV XQ FRQMXQWR GH KLSyWHVLV OyJLFDV GH FDXVDHIHFWR GHO WLSR VL VXFHGH $
HQWRQFHVHVWRFDXVD%(VWDVUHODFLRQHVOyJLFDVVHGDQHQWpUPLQRVGHQHFHVLGDG\GHVXILFLHQFLD/D
UHODFLyQOyJLFDGHQHFHVLGDGRFXUUHFXDQGRODFDXVD$REOLJDWRULDPHQWHGHEHHVWDUSUHVHQWHSDUDTXHHO
HIHFWR%VHSURGX]FD(VWRSXHGHSODQWHDUVHOyJLFDPHQWHHQHOVHQWLGRLQYHUVR%QRSXHGHRFXUULUVL$
QRRFXUUHSULPHUR(OHMHPSORFOiVLFRHVDFFLRQDUHOLQWHUUXSWRUSDUDHQFHQGHUODOX]VLHOLQWHUUXSWRUQR
VH FRQHFWD HQWRQFHV OyJLFDPHQWH QR SXHGH HQFHQGHUVH OD OX] (Q HO HMHPSOR VH GLFH TXH DFFLRQDU HO
LQWHUUXSWRUHVXQDFRQGLFLyQQHFHVDULDSDUDTXHODOX]VHHQFLHQGD
+DELWXDOPHQWHKD\YDULDVFRQGLFLRQHVQHFHVDULDVTXHVRQFRQFXUUHQWHVHVGHFLUTXHGHEHQGDUVH
VLPXOWiQHDPHQWH SDUD TXH HO HIHFWR VH SURGX]FD (Q HO HMHPSOR FRQGLFLRQHV QHFHVDULDV VHUtDQ L TXH
KD\D HOHFWULFLGDG HQ OD UHG LL TXH HO IRFR HVWp HQ EXHQDV FRQGLFLRQHV \ LLL TXH VH DFFLRQH HO
LQWHUUXSWRU
/DVXILFLHQFLDRFXUUHFXDQGRGDGDODFDXVD$HOHIHFWR%QRSXHGHGHMDUGHRFXUULU(QHOFDVR
GHO HMHPSOR DFFLRQDU HQ VHQWLGR LQYHUVR HQ LQWHUUXSWRU FDXVD LQHYLWDEOHPHQWH TXH OD OX] VH DSDJXH
'HFLPRVHQWRQFHVTXHGHVFRQHFWDUHOLQWHUUXSWRUHVFRQGLFLyQVXILFLHQWHSDUDHOHIHFWRGHDSDJDUODOX]
2EYLDPHQWH OD QHJDFLyQ GH FXDOTXLHUD FRQGLFLyQ QHFHVDULD SDUD XQ HIHFWR SRVLWLYR HV FRQGLFLyQ
VXILFLHQWHSDUDHOHIHFWRLQYHUVR
/RV FRQFHSWRV HOHPHQWDOHV DQWHULRUHV QRV SHUPLWHQ LQWURGXFLU XQR DOJR PiV HODERUDGR HO GH
FRQMXQWRVXILFLHQWH'HFLPRVTXHXQFRQMXQWRGHFDXVDVQHFHVDULDVHVVXILFLHQWHSDUDREWHQHUXQHIHFWR
FXDQGRGDGRHVHFRQMXQWRGHFRQGLFLRQHVHVLQHYLWDEOHTXHHOHIHFWRVHORJUH(QRWUDVSDODEUDVTXHQR
IDOWDQLQJXQDFDXVDQHFHVDULDPiV
/D EUHYH LQFXUVLyQ SRU ODV UHODFLRQHV OyJLFDV HV GH VXPD XWLOLGDG SDUD OD IRUPXODFLyQ GH
SURJUDPDV-XVWDPHQWHODPHWRGRORJtDGHO0DUFR/yJLFRFRQVLVWHHQH[SOLFLWDUODVFRQGLFLRQHVOyJLFDV
TXH HQPDUFDQ OD VROXFLyQ GH XQ SUREOHPD /yJLFD 9HUWLFDO FRPR KLSyWHVLV GH FRPSRUWDPLHQWR H
LQFRUSRUDU LQGLFDGRUHV DFHUFD GHO FRPSRUWDPLHQWR UHDO SDUD YHULILFDU PRQLWRUHDU TXH HVDV KLSyWHVLV
VHDQODVFRUUHFWDV/yJLFD+RUL]RQWDO
9HDPRVXQHMHPSORGHDSOLFDFLyQGHORVFRQFHSWRV
5(&8$'52
6(*81'2&$629$&81$&,1(19,//$(63(5$1=$
(QHVWHSXHEORTXHQRWLHQHQLDJXDSRWDEOHQLDOFDQWDULOODGRKD\XQDPRUELOLGDGSRUHQIHUPHGDGHVLQIHFFLRVDVTXH
VXSHUDORVUDQJRVFRQVLGHUDGRVQRUPDOHV6HSODQWHDODSRVLELOLGDGGHXQDYDFXQDFLyQPDVLYDGHODSREODFLyQLQIDQWLO
3HURDODYH]VHEXVFDQVROXFLRQHVVXVWHQWDEOHVSDUDHOPHGLDQRSOD]R
$O HQIRFDU HVWD VLWXDFLyQSUREOHPD HQ EDVH D XQ DQiOLVLV OyJLFR XQD DSUR[LPDFLyQ VLPSOH HV
IRUPXODUODKLSyWHVLV6LYDFXQDPRVDQLxRVGHWDOHGDGHQWRQFHVFHWHULVSDULEXVGHEHEDMDUODWDVDGH
HQIHUPHGDGHV LQIHFFLRVDV GH HVWD SREODFLyQ (Q HVWH FDVR OR TXH HVWDPRV SODQWHDQGR HQ HO HVTXHPD
OyJLFRHVTXHKD\XQDUHODFLyQFDXVDOGHVXILFLHQFLD6LVHFXPSOH$YDFXQDUHQWRQFHVGHEHRFXUULU%
EDMDGHPRUELOLGDG

9HUGLDJUDPDHQODVHFFLyQDQWHULRU
/DVKLSyWHVLVOyJLFDVVRQ6LVHUHDOL]DQODVDFWLYLGDGHVHQWRQFHVVHSURGXFHQORVFRPSRQHQWHV\VLPLODUHVVHJ~QORLQGLFDGRHQ
HOGLDJUDPD\VXSUHVHQWDFLyQ\GLVFXVLyQ

&(3$/6HULH0DQXDOHV1
',$*5$0$
)2508/$&,1/*,&$+,37(6,66,03/('(/$9$&81$&,1,1)$17,/(19,//$(63(5$1=$

3HURKD\RFDVLRQHVHQTXHHVWDKLSyWHVLVGHVXILFLHQFLDQRHVHIHFWLYDSXHVDOJXQDVHQIHUPHGDGHV
SXHGHQ WHQHU XQ FXDGUR FDXVDO PiV FRPSOHMR WDO VHUtD HO FDVR GH TXH HQ HVD SREODFLyQ VH GLHVH XQD
HQIHUPHGDGLQIHFFLRVDFDXVDGDSRUDOJ~QDJHQWHTXHVHUHSURGXFHDQWHODDXVHQFLDGHDJXDSRWDEOH\OD
FDUHQFLDGHDOFDQWDULOODGR(QWDOFDVRODVUHODFLRQHVFDXVDOHVVRQFRQFXUUHQWHV\ODVFRUUHVSRQGLHQWHV
KLSyWHVLV OyJLFDV VRQ PiV FRPSOHMDV 6L VH YDFXQDQ ORV QLxRV FRQGLFLyQ D \ VH SRWDELOL]D HO DJXD
FRQGLFLyQ E \ VH GD WUDWDPLHQWR D ODV H[FUHWDV FRQGLFLyQ F HQWRQFHV GHEH EDMDU OD WDVD GH
HQIHUPHGDGHV LQIHFFLRVDV GH OD SREODFLyQ HIHFWR /R TXH WHQHPRV FRPR SODQWHDPLHQWR OyJLFR HV OD
KLSyWHVLVGHTXHODVFRQGLFLRQHVDEFIRUPDQXQFRQMXQWRVXILFLHQWHSDUDHOHIHFWRTXHEXVFDPRV(VR
HVORTXHOODPDPRV/yJLFD9HUWLFDOGHODIRUPXODFLyQ
',$*5$0$
)2508/$&,1/*,&$&203/(7$+,37(6,6'(/$62/8&,1'(/352%/(0$

(VWDV UHODFLRQHV FDXVDOHV GH RUGHQ VRODPHQWH OyJLFR VH SXHGHQ DGLFLRQDU FRQ IDFLOLGDG SDUD
GHFLU TXH OD SREODFLyQ WLHQH XQ SUREOHPD TXH VH UHVXHOYH FXDQGR VH FXPSOH OD WRWDOLGDG GH ODV
FRQGLFLRQHVTXHVHKD\DQHVSHFLILFDGR3HURSDUDSDVDUDODSUiFWLFD\IRUPXODUXQSODQGHDFFLyQTXH
HIHFWLYDPHQWH UHVXHOYD HO SUREOHPD QRV HQFRQWUDPRV SRU OR JHQHUDO FRQ TXH DSDUWH GHO PDUFR GH
UHODFLRQHVOyJLFDVH[LVWHXQPDUFRLQVWLWXFLRQDO(VGHFLUHQHOHMHPSORODVLQVWLWXFLRQHVTXHVHRFXSDQ
GHODYDFXQDFLyQQRSRWDELOL]DQDJXDQLLQVWDODQSODQWDVGHWUDWDPLHQWRGHH[FUHWDV
(QHOPDUFROyJLFRLQVWLWXFLRQDOODVXPDGHUHODFLRQHVFDXVDOHVQRHVVLPSOH6HOHHUtDDOJRDVtFRPR
6LHO6HUYLFLRGH6DOXG3UHYHQWLYDYDFXQDDORVQLxRV\OD(PSUHVDGH$JXDSRWDELOL]DHODJXD\HO0XQLFLSLR
LQVWDOD HO DOFDQWDULOODGR HQWRQFHV VH DEDWH OD WDVD GH HQIHUPHGDGHV LQIHFFLRVDV 3DUD SRGHU PDQHMDU HVWDV
UHODFLRQHVGHWLSROyJLFRLQVWLWXFLRQDOHVTXHVHFUHDXQLQVWUXPHQWRPiVRSHUDFLRQDOTXHHOVLPSOH0DUFR
/yJLFROD0DWUL]GHO0DUFR/yJLFRHQODFXDODSDUWHGHODVUHODFLRQHVOyJLFRLQVWLWXFLRQDOHVVHLQWURGXFHQ
LQGLFDGRUHVSDUDLQIRUPDUGHORVDYDQFHV\ORJURVGHOSURJUDPDXQDYH]HQHMHFXFLyQ

(OHMHPSORQRSUHWHQGHVHUUHDO

&(3$/6HULH0DQXDOHV1
8QD 0DWUL]GHO0DUFR/yJLFR00/UHFRJHODVUHODFLRQHVHKLSyWHVLVGHO0DUFR/yJLFRSHUR

ODVRUGHQDGHVGHXQSXQWRGHYLVWDLQVWLWXFLRQDOSDUWLFXODUGHVyORXQDGHODVLQVWLWXFLRQHVSDUWLFLSDQWHV
HQ OD VROXFLyQ (VWR LPSOLFD TXH SDUD HO PLVPR 0DUFR /yJLFR VH GHULYDQ WDQWDV 0DWULFHV GH 0DUFR
/yJLFRFRPRLQVWLWXFLRQHVSDUWLFLSDQHQODVROXFLyQ3DUDHOORODVFRQGLFLRQHVQHFHVDULDVLGHQWLILFDGDV
SDUD UHVROYHU XQ SUREOHPD GH OD SREODFLyQ VH GLYLGHQ HQ GRV VXEFRQMXQWRV L HO GH ODV FRQGLFLRQHV D
FDUJR GH HVD LQVWLWXFLyQ SURSLHWDULD GH OD 0DWUL] \ LL HO UHVWR GH FRQGLFLRQHV TXH HVWi EDMR OD
UHVSRQVDELOLGDG GH RWUDV LQVWLWXFLRQHV 3RU HMHPSOR VL VH PLUD EDMR HO SXQWR GH YLVWD GHO 6HUYLFLR GH
6DOXG 3UHYHQWLYD VH OHHUtD 6L \R YDFXQR D ORV QLxRV EDMDUtD OD WDVD GH HQIHUPHGDGHV LQIHFFLRVDV
VLHPSUH TXH OD (PSUHVD GH $JXD SRWDELOLFH HO DJXD \ HO 0XQLFLSLR UHVXHOYD HO SUREOHPD GH
DOFDQWDULOODGR
/D PLVPD SURSRVLFLyQ SXGLHUD YHUVH EDMR HO SXQWR GH YLVWD GH OD (PSUHVD GH $JXD 6L \R
SRWDELOL]R HO DJXD EDMDUtD OD WDVD GH HQIHUPHGDGHV LQIHFFLRVDV EDMR HO VXSXHVWR GH TXH HO 6HUYLFLR GH
6DOXGYDFXQHDORVQLxRV\TXHHO0XQLFLSLRUHVXHOYDHODOFDQWDULOODGR,GHPSDUDHO0XQLFLSLR
(Q FRQFHFXHQFLD OD 00/ VH GLIHUHQFLD GHO 0DUFR /yJLFR HQ TXH UHVDOWD TXH HO p[LWR GH ODV
UHODFLRQHVFDXVDHIHFWRTXHGHSHQGHQGHXQDLQVWLWXFLyQTXHGDFRQGLFLRQDGRDTXHVLPXOWiQHDPHQWHVH
FXPSODQ RWUDV FRQGLFLRQHV FRQFXUUHQWHV TXH QR GHSHQGHQ GLUHFWDPHQWH GH HOOD 3DUD IRUPDOL]DU HO
FRQFHSWRFDGDFRQGLFLyQGHEHVHUQHFHVDULD\HOFRQMXQWRGHFRQGLFLRQHVGHEHVHUVXILFLHQWH
8QHOHPHQWRTXHHVGHFLVLYRHQGLIHUHQFLDUHQWUHHO0DUFR/yJLFRGHODQiOLVLVLQLFLDO\OD00/
TXHFRUUHVSRQGHDOSODQGHDFFLyQHVTXHODVFRQGLFLRQHVOyJLFDVDFDUJRGHODLQVWLWXFLyQUHVSRQVDEOH
GHMDQ GH VHU KLSyWHVLV \ VH WUDQVIRUPDQ HQ SURGXFWRV FRQFUHWRV ELHQHV \ VHUYLFLRV TXH HO SURJUDPD
HQWUHJD D OD SREODFLyQ VRQ ORV OODPDGRV &RPSRQHQWHV (Q FDPELR ODV FRQGLFLRQHV QHFHVDULDV FX\R
FXPSOLPLHQWRTXHGyDFDUJRGHRWUDVLQVWLWXFLRQHVSHUPDQHFHQFRPRKLSyWHVLVGHFRPSRUWDPLHQWREDMR
HOQRPEUHGH6XSXHVWRV
/RV VLJXLHQWHV FXDGURV PXHVWUDQ SDUD HO HMHPSOR GH 9LOOD (VSHUDQ]D HO 0DUFR /yJLFR \ OD /yJLFD
9HUWLFDOGHODVWUHV0DWULFHVGH,QGLFDGRUHVGHWLSRLQVWLWXFLRQDOTXHVHGHULYDQGHODQiOLVLVOyJLFRLQVWLWXFLRQDO
&8$'52
0$5&2/*,&2<0$5&2/*,&2,167,78&,21$/
0DUFROyJLFR
0DUFR,QVWLWXFLRQDO
6LWXDFLyQSUREOHPD
6LWXDFLyQGHVHDGD
$OWDWDVDGHHQIHUPHGDGHV
7DVDGHHQIHUPHGDGHVUHGXFLGDDXQ
QLYHOVLPLODUDOUHVWRGHOSDtV
&DXVDV
6ROXFLRQHV
,QVWLWXFLRQHVUHVSRQVDEOHV
1LxRVYDFXQDGRV
6HUYLFLRGH6DOXG3UHYHQWLYD
1LxRVVHFRQWDJLDQHQODHVFXHOD
1RUPDVGHVDQLGDGFRPRSDUWHGHO
SURJUDPDHVFRODU
3REODFLyQFRQVXPHDJXDVDFDGD
GLUHFWDPHQWHGHOUtR
,QVWDODFLyQGHSODQWDSRWDELOL]DGRUD\
FRQVWUXFFLyQGHUHGHVGHGLVWULEXFLyQ
(PSUHVDGH$JXD
([FUHWDVVRQDUURMDGDVVLQ
WUDWDPLHQWRDOUtR
5HGGHDOFDQWDULOODGRLQVWDODGD\
SODQWDGHWUDWDPLHQWRGHH[FUHWDVHQ
RSHUDFLyQ
0XQLFLSLR

/RV 6XSXHVWRV DJUXSDQ WRGDV ODV FRQGLFLRQHV TXH GHEHQ FXPSOLUVH IXHUD GHO iPELWR GH OD LQVWLWXFLyQ UHVSRQVDEOH $OJXQRV
6XSXHVWRVDSDUHFHQVHLGHQWLILFDQ\DJUHJDQGHVSXpVGHODQiOLVLVOyJLFRLQLFLDO

&(3$/6HULH0DQXDOHV1
/DV UHODFLRQHV GHO FXDGUR DQWHULRU VH SXHGHQ SUHVHQWDU PHMRU HQ WpUPLQRV GH ODV 0DWULFHV GH
0DUFR/yJLFRFRPRPXHVWUDDFRQWLQXDFLyQHO&XDGUR
&8$'52
/*,&$9(57,&$/'(/$60$75,&(6'(,1',&$'25(648(&255(6321'(1$810,602
0$5&2/*,&2
0DWUL]6HUYLFLRGH6DOXG
3UHYHQWLYD
0DWUL](PSUHVDGH$JXD
0DWUL]0XQLFLSLR
2EMHWLYRVXSHULRU),1
3REODFLyQFRQPRUELOLGDG
VLPLODUDOUHVWRGHOSDtV
5HVXOWDGR3URSyVLWR
1LxRVLQPXQL]DGRVQRVH
FRQWDJLDQ
3REODFLyQFRQVXPHDJXD
SRWDEOH
5tRQRFRQWDPLQDGRFRQ
H[FUHWDV\RWURVUHVLGXRV
3ODQWDGHSRWDELOL]DFLyQ
LQVWDODGD\HQRSHUDFLyQ
,QVWDODFLRQHVGRPLFLOLDULDV
GHDOFDQWDULOODGRHQ
RSHUDFLyQ
%LHQHVRVHUYLFLRVD
HQWUHJDU&RPSRQHQWHV
$FWLYLGDGHV
&DPSDxDGHYDFXQDFLyQ
UHDOL]DGD
1RUPDVGHHGXFDFLyQ
VDQLWDULDGLIXQGLGDVFRQ
pQIDVLVHQODVHVFXHODV
5HGGHGLVWULEXFLyQHQ
RSHUDFLyQ\UHSDUDGD
/DVFRUUHVSRQGLHQWHVD
YDFXQDU\DGLIXQGLU
QRUPDVGHHGXFDFLyQ
VDQLWDULD
LQVWDODU\SRQHUHQ
RSHUDFLyQXQDSODQWD
SRWDELOL]DGRUD\UHSDUDUODV
UHGHVGHGLVWULEXFLyQ
LQVWDODGDSRUOD$JXDGRUD
\HQRSHUDFLyQ
6XSXHVWRV
DQLYHOGHSURSyVLWR
7XEHUtDVGRPLFLOLDULDVGH
DJXDUHSDUDGDVSRUOD
$JXDGRUD
GHDOFDQWDULOODGRDFDUJR
GHO0XQLFLSLRHQRSHUDFLyQ
3ODQWDPXQLFLSDOGH
WUDWDPLHQWRGHH[FUHWDVHQ
RSHUDFLyQ
&DPSDxDGHYDFXQDFLyQ
UHDOL]DGDSRUHOVHUYLFLRGH
6DOXG3UHYHQWLYD
1RUPDVGHHGXFDFLyQ
VDQLWDULDGLIXQGLGDVSRUHO
6HUYLFLRGH6DOXG
3UHYHQWLYDFRQpQIDVLVHQ
ODVHVFXHODV
GHDOFDQWDULOODGRDFDUJR
GHO0XQLFLSLRHQRSHUDFLyQ
3ODQWDPXQLFLSDOGH
WUDWDPLHQWRGHH[FUHWDVHQ
RSHUDFLyQ
3ODQWDGHWUDWDPLHQWRGH
H[FUHWDVHQRSHUDFLyQ
SRQHUHQVHUYLFLRHO
DOFDQWDULOODGR\HVWDEOHFHU
XQDSODQWDGHWUDWDPLHQWR
GHH[FUHWDV
&DPSDxDGHYDFXQDFLyQ
UHDOL]DGDSRUHOVHUYLFLRGH
6DOXG3UHYHQWLYD
1RUPDVGHHGXFDFLyQ
VDQLWDULDGLIXQGLGDVSRUHO
VHUYLFLRGH6DOXG
3UHYHQWLYDFRQpQIDVLVHQ
ODVHVFXHODV
LQVWDODGDSRUOD$JXDGRUD\
HQRSHUDFLyQ
7XEHUtDVGRPLFLOLDULDVGH
DJXDUHSDUDGDVSRUOD
$JXDGRUD
&DEHPHQFLRQDUTXHXQDDOWHUQDWLYDDODVLWXDFLyQDQWHVSUHVHQWDGDVRQORVSUR\HFWRVRSURJUDPDV
PXOWLLQVWLWXFLRQDOHV (V GHFLU SURJUDPDV HQ ORV FXDOHV YDULDV LQVWLWXFLRQHV DSRUWDQ DO ORJUR GH ORV
REMHWLYRVHQIRUPDPDQFRPXQDGDDVXPLHQGRFDGDXQDDOPHQRVXQFRPSRQHQWHEDMRODFRRUGLQDFLyQGH
XQDRILFLQDFUHDGDDHVWHDIHFWR(QWDOFDVRSXHGHXWLOL]DUVHXQDVROD00/SDUDWRGDVODVLQVWLWXFLRQHV
SDUWLFLSDQWHV8QHMHPSORGHHVHWLSRGHSURJUDPDVHVHOSURJUDPD2SRUWXQLGDGHVGH0p[LFR

/D DVSLUDFLyQ GH TXH OD PRUELOLGDG SRU HQIHUPHGDGHV LQIHFFLRVDV QR VHD PD\RU TXH HQ HO UHVWR GHO WHUULWRULR HV PX\ UHDOLVWD
3XGLHUDFRORFDUVHFXDOTXLHURWUDPHWDPiVDPELFLRVDRPiVFRQVHUYDGRUD

&(3$/6HULH0DQXDOHV1
)RUPDOL]DFLyQGHOD/yJLFD9HUWLFDO
/RVVXSXHVWRVLQWURGXFLGRVHQODVHFFLyQDQWHULRUFRPRVHGLMRFRUUHVSRQGHQDFRQGLFLRQHVOyJLFDVTXH
QRFXPSOHHOSURJUDPDGHQWURGHODLQVWLWXFLRQDOLGDGGHTXLHQKD\DVLGRGHVLJQDGRUHVSRQVDEOHVLQRTXH
VRQ ELHQHV R VHUYLFLRV FRPSOHPHQWDULRV JHQHUDGRV SRU RWUDV LQVWLWXFLRQHV SHUR LJXDOPHQWH QHFHVDULRV
SDUDODVROXFLyQGHOSUREOHPD\HOORJURGHO)LQ(VKDELWXDOHQWRQFHVTXHHVRVVXSXHVWRVVHSXHGDQ
UHIHULU D FXDOTXLHUD GH ODV FDWHJRUtDV GH OD OHFWXUD YHUWLFDO 3RU HOOR DKRUD HQ OD OHFWXUD YHUWLFDO VH
QHFHVLWDUiQ GRV FROXPQDV GLIHUHQWHV SDUD FDGD FDWHJRUtD L OD TXH FRUUHVSRQGH D OR TXH HVWi EDMR HO
iPELWRLQVWLWXFLRQDOGHODHQWLGDGUHVSRQVDEOH\LLODTXHFRUUHVSRQGHDODUHVSRQVDELOLGDGGHWHUFHURV
TXHHVWiQPiVDOOiGHORTXHOHFRUUHVSRQGHDODLQVWLWXFLyQUHVSRQVDEOH/DOHFWXUDYHUWLFDOVHPXHVWUD
DKRUDDVt
&8$'52
/(&785$9(57,&$/'(/$0$75,=
&RUUHVSRQGHDOD,QVWLWXFLyQ
UHVSRQVDEOH2EMHWLYRV
&RUUHVSRQGHD7HUFHURV6XSXHVWRV
)LQ
3URSyVLWR
&RPSRQHQWHV
$FWLYLGDGHV
(QHVWDIRUPDPDWULFLDOODOHFWXUDOyJLFDVHGDHQIRUPDDOWHUQDGDGHXQDFROXPQDDRWUDGHOD
VLJXLHQWHIRUPD
6L OD ,QVWLWXFLyQ 5HVSRQVDEOH HMHFXWD ODV $FWLYLGDGHV SUHYLVWDV \ VH FXPSOHQ ORV 6XSXHVWRV
UHVSHFWLYRVHQWRQFHVVHORJUDQORV&RPSRQHQWHV
6LVHREWLHQHQORV&RPSRQHQWHV\VHFXPSOHQORV6XSXHVWRVUHVSHFWLYRVHQWRQFHVVHDOFDQ]D
HO3URSyVLWR
6L VH DOFDQ]D HO 3URSyVLWR \ VH FXPSOHQ ORV 6XSXHVWRV UHVSHFWLYRV HQWRQFHV VH FRQWULEXLUi
HIHFWLYDPHQWHDOFDQ]DUHO)LQ
6LHOSURJUDPDHIHFWXyODFRQWULEXFLyQHVSHUDGD\VHFXPSOHQORVVXSXHVWRVDQLYHOGH)LQVH
PDQWHQGUiQHQHOWLHPSRORVLPSDFWRVSRVLWLYRVJHQHUDGRVSRUHOSUR\HFWRRSURJUDPD
3UHVHQWDGRHQIRUPDJUiILFDOD/yJLFD9HUWLFDOVLJXHHOFDPLQRVHxDODGRHQHOVLJXLHQWHGLDJUDPD

0iVDGHODQWHVHDQDOL]DODLQFRUSRUDFLyQGHVXSXHVWRVSRURWUDVFDXVDV

&(3$/6HULH0DQXDOHV1
',$*5$0$
/(&785$'(/$/*,&$9(57,&$/'(/$0$75,=/*,&$
&DEHQRWDUTXHHQODSUHVHQWDFLyQKDELWXDOGHOD0DWUL]/yJLFDODVFROXPQDVGH2EMHWLYRV\GH
6XSXHVWRV QR YDQ FRQWLJXDV VLQR TXH RFXSDQ HO SULPHU \ HO FXDUWR OXJDU GHMDQGR ODV FROXPQDV GHO
FHQWURSDUDUHIOHMDUOD/yJLFD+RUL]RQWDOTXHVHWUDWDUiPiVDGHODQWH

&(3$/6HULH0DQXDOHV1
/DDSOLFDFLyQGHOPpWRGR
\VXVYHQWDMDV
(O 0pWRGR GHO 0DUFR /yJLFR DO LJXDO TXH FXDOTXLHU RWUR PpWRGR GHEH
DSOLFDUVHGHQWURGHXQGHWHUPLQDGRFRQWH[WRTXHHVVXHVSDFLRGHYDOLGH]
'HVJUDFLDGDPHQWHHVPX\IUHFXHQWHTXHVHROYLGHHVWHSUHFHSWREiVLFR\
TXHVHFRQVWUX\DGLUHFWDPHQWHXQDPDWUL]GH;FRQILODV\FROXPQDVFRQ
OD GHQRPLQDFLyQ SURSLD GH OD 0DWUL] GH 0DUFR /yJLFR VLQ SDVDU SRU
QLQJXQDGHODVIDVHVSUHYLDV/RTXHUHVXOWHVHUiSRUFLHUWRXQDPDWUL]GH
; SHUR QR QHFHVDULDPHQWH XQD 0DWUL] GH 0DUFR /yJLFR DXQTXH VH
GHFLGDFRORFDUOHHVWHQRPEUH
/RTXHGHILQHDO0DUFR/yJLFRQRHVHOSURGXFWRILQDOVLQRHOSURFHVR
SDUDOOHJDUDODPDWUL]ILQDO3RUHOORHOSUHVHQWHPDQXDOQRHVXQUHFHWDULRSDUD
OOHQDU PDWULFHV GH ; VLQR TXH H[SOLFLWD HO FDPLQR PHWRGROyJLFR SDUD
FRQFOXLUFRQXQ0DUFR/yJLFR\VXFRUUHVSRQGLHQWHPDWUL]
&RQGLFLRQHVSDUDODDSOLFDFLyQGHOPpWRGR
3DUD SRGHU FXPSOLU FRQ ODV FDUDFWHUtVWLFDV UHVHxDGDV HQ HO FDStWXOR
DQWHULRUDQWHVGHSRGHUSUHSDUDUOD00/GHXQSURJUDPDRXQSUR\HFWR
HVLQGLVSHQVDEOHUHDOL]DUXQWUDEDMRSUHYLRGHSUHSDUDFLyQ\HYDOXDFLyQGH
OD LQLFLDWLYDSDUDORFXDOH[LVWHQQXPHURVDVPHWRGRORJtDV&XDQGRVHKD
UHDOL]DGRXQEXHQWUDEDMRGHSUHSDUDFLyQ\HYDOXDFLyQGHXQSURJUDPDORV
DQWHFHGHQWHVGLVSRQLEOHVGHEHUtDQLQFOXLU

&(3$/6HULH0DQXDOHV1
(OSURFHVRVHJXLGRSDUDODLGHQWLILFDFLyQGHOSUREOHPD
/DGHILQLFLyQGHODSREODFLyQREMHWLYRGHOSURJUDPD
(OHVWXGLRGHFDXVDV\HIHFWRVUEROGHO3UREOHPD
(OSODQWHDPLHQWRGHILQHV\GHWHUPLQDFLyQGHPHGLRVSDUDODVROXFLyQUEROGH2EMHWLYRV
(OGLDJQyVWLFRGHODVLWXDFLyQDFWXDOHQHOiUHDGHHVWXGLR
/DGHWHUPLQDFLyQGHOGpILFLWGHDWHQFLyQGHODSREODFLyQ
(ODQiOLVLVGHODVDOWHUQDWLYDVGHSURJUDPDVHxDODQGRFXDOIXHVHOHFFLRQDGD\SRUTXp
8Q GHWDOOH GH ORV FRVWRV \ EHQHILFLRV HVWLPDGRV SDUD HO SURJUDPD ORV LGHQWLILFDGRV \ ORV
YDORUDGRV
/DHYDOXDFLyQSULYDGDVRFLDOGHODLQLFLDWLYD
(O SUHVXSXHVWR SDUD VX HMHFXFLyQ LQGLFDQGR OD FRQWULEXFLyQ GH ODV GLVWLQWDV IXHQWHV GH
ILQDQFLDPLHQWR
(OFDOHQGDULRSDUDVXLPSOHPHQWDFLyQ
/RVPRGHORVRUJDQL]DFLRQDOHVTXHVHRFXSDUiQ
/DGRFXPHQWDFLyQTXHUHJLVWUDGLFKDLQIRUPDFLyQVHUYLUiGHUHIHUHQFLDDTXLHQHVGHEDQDFRPHWHU
OD HMHFXFLyQ GHO SURJUDPD FRQ IUHFXHQFLD QR VRQ ORV PLVPRV TXH OR SUHSDUDURQ \ HYDOXDURQ \
FRQVWLWXLUiXQHOHPHQWRIXQGDPHQWDOVLDOJ~QGtDVHGHVHDKDFHUXQDHYDOXDFLyQH[SRVW
8QDOFDQFHDFHUFDGHODSREODFLyQ
$ORODUJRGHO0DQXDOVHKDFHUHIHUHQFLDDODSREODFLyQTXHWLHQHXQSUREOHPD\DTXLpQHVHOSURJUDPD
WUDWD GH SURSRUFLRQDUOH PHGLRV SDUD TXH OR UHVXHOYDQ 6LHQGR XQ SURWDJRQLVWD WDQ LPSRUWDQWH HQ XQ
SURJUDPDHVQHFHVDULRSUHFLVDUODVFDUDFWHUtVWLFDVGHODSREODFLyQDIHFWDGDSRUHOSUREOHPDTXHDERUGDUi
HOSURJUDPD
'DGD ODV QHFHVLGDGHV LOLPLWDGDV \ ORVUHFXUVRVHVFDVRVFRUUHVSRQGHGHOLPLWDUDGHFXDGDPHQWHHO
FRQMXQWRGHSHUVRQDVRDIHFWDGRVTXHVHFRQVWLWXLUiQHQORVEHQHILFLDULRVSRWHQFLDOHVGHOSURJUDPD3DUD
HOORVHHVWDEOHFHQODVVLJXLHQWHVGHILQLFLRQHV
3REODFLyQGH5HIHUHQFLD&RUUHVSRQGHDODSREODFLyQJOREDOFRQ\VLQSUREOHPDTXHVHWRPD
FRPR UHIHUHQFLD SDUD HO FiOFXOR FRPSDUDFLyQ \ DQiOLVLV GH OD SREODFLyQ REMHWLYR /D
LPSRUWDQFLD GH GHILQLU OD SREODFLyQ GH UHIHUHQFLD HVWi HQ TXH SDUD pVWD VXHOH FRQRFHUVH FRQ
PD\RU SUHFLVLyQ VXV DWULEXWRV \ FDUDFWHUtVWLFDV PHGLDQWH HVWDGtVWLFDV WDVD GH FUHFLPLHQWR \
RWURVGDWRVDVRFLDGRVDiUHDVJHRJUiILFDV\JUXSRVHWiUHRVpWQLFRVODERUDOHVHWF
3REODFLyQ 3RWHQFLDO (V DTXHOOD SDUWH GH OD SREODFLyQ GH UHIHUHQFLD TXH HV DIHFWDGD SRU HO
SUREOHPD R VHUi DIHFWDGD SRU HO \ TXH SRU OR WDQWR UHTXLHUH GH ORV VHUYLFLRV R ELHQHV TXH
SURYHHUi HO SURJUDPD ,QGLFD OD PDJQLWXG WRWDO GH OD SREODFLyQ HQ ULHVJR 'LFKD HVWLPDFLyQ
SHUPLWLUi SUR\HFWDU D ODUJR SOD]R HO DXPHQWR GH GLFKD SREODFLyQ VL QR VH LQWHUYLHQH
DGHFXDGDPHQWH
3REODFLyQ 2EMHWLYR (V HO Q~PHUR GH EHQHILFLDULRV SRWHQFLDOHV GHO SURJUDPD SHUVRQDV
IDPLOLDV HPSUHVDV LQVWLWXFLRQHV (V DTXHOOD SDUWH GH OD SREODFLyQ SRWHQFLDO D OD TXH HO
SURJUDPD XQD YH] DQDOL]DGRV DOJXQRV FULWHULRV \ UHVWULFFLRQHV HVWDUi HQ FRQGLFLRQHV UHDOHV
GHDWHQGHU

&(3$/6HULH0DQXDOHV1
',$*5$0$
32%/$&,12%-(7,92'(81352*5$0$
/DSREODFLyQREMHWLYRVHUiODPHWDGHOSURJUDPD\FRQVWLWXLUiODEDVHGHVXGLPHQVLRQDPLHQWR
(QODPHGLGDTXHVHFRQR]FDQPHMRUODVSDUWLFXODULGDGHVGHODSREODFLyQDIHFWDGDSRUHOSUREOHPDPD\RU
VHUiQ ODV SRVLELOLGDGHV GH ORJUR GH ORV REMHWLYRV GH OD LQWHUYHQFLyQ GDGR TXH WHQGUiQ DEVROXWD
FRUUHVSRQGHQFLD FRQ ORV SURWDJRQLVWDV GH OD PLVPD 3RU HOOR OD SUHVHQWDFLyQ GH OD SREODFLyQ REMHWLYR
GHEH LQFOXLU XQD DFDEDGD FDUDFWHUL]DFLyQ TXH GHVFULED HO JUXSR DIHFWDGR \ VXV SDUWLFXODULGDGHV GH
DFXHUGRDOWLSRGHSUREOHPDDUHVROYHU
(Q SDUWLFXODU HV PX\ LPSRUWDQWH HVWDEOHFHU FRQ OD PD\RU FODULGDG ORV FULWHULRV SDUD OD
IRFDOL]DFLyQ HQ OD VHOHFFLyQ GH OD SREODFLyQ D DWHQGHU FRQ HO SURJUDPD SREODFLyQ REMHWLYR /D
IRFDOL]DFLyQVHSXHGHUHDOL]DUPHGLDQWHGLIHUHQWHVFULWHULRV3RUHMHPSOR
/LQHDPLHQWRVGHSROtWLFD
8ELFDFLyQHVSDFLDO
*UXSRVHWiUHRV
*pQHUR
1LYHOGHLQJUHVR
*UXSRVYXOQHUDEOHV
/tPLWHVDGPLQLVWUDWLYRV
/LPLWDFLRQHVWpFQLFDV

&(3$/6HULH0DQXDOHV1
8WLOLGDGGHOPpWRGR
/DSRSXODULGDGTXHKDDOFDQ]DGRHOXVRGHO0DUFR/yJLFRVHGHEHHQSDUWHDTXHSHUPLWHSUHVHQWDUHQ
IRUPDUHVXPLGD\HVWUXFWXUDGDFXDOTXLHULQLFLDWLYDGHLQWHUYHQFLyQ(QHVWHVHQWLGRXQDFRQWULEXFLyQGH
PpWRGR D OD JHVWLyQ GHO FLFOR GH YLGD GH ORV SURJUDPDV HV FRPXQLFDU LQIRUPDFLyQ EiVLFD \ HVHQFLDO
HVWUXFWXUDGDGHIRUPDWDOTXHSHUPLWHHQWHQGHUFRQIDFLOLGDGODOyJLFDGHODLQWHUYHQFLyQDUHDOL]DU(QHO
FDVR GH ORV SURJUDPDV VH GHVWDFD OD SRVLELOLGDG GH HQIDWL]DU HO YtQFXOR GH ODV DFFLRQHV HVSHFtILFDV GHO
SURJUDPDFRQHOFRQWH[WRGHSROtWLFDHQTXHVHLQVHUWDHOSURJUDPD
(OXVRGHODPHWRGRORJtDGHO0DUFR/yJLFRFRQWULEX\HDHYLWDUORVSUREOHPDVVHxDODGRVDOLQLFLR
DXQTXHQRJDUDQWL]DTXHQRRFXUUDQ$GHPiVFRQWULEX\HDXQDEXHQDJHVWLyQGHO&LFORGH9LGDGH
ORVSUR\HFWRV\SURJUDPDVHQORVVLJXLHQWHVDVSHFWRV
/DDPSOLDGLIXVLyQTXHKDWHQLGRVXDSOLFDFLyQDVtFRPRHOpQIDVLVSXHVWRHQTXHVXHVWUXFWXUD
VHD FRQVHQVXDGD FRQ ORV SULQFLSDOHV LQYROXFUDGRV SHUPLWH JHQHUDU XQ OHQJXDMH FRP~Q
IDFLOLWDQGRODFRPXQLFDFLyQ\HYLWDQGRDPELJHGDGHV\PDORVHQWHQGLGRV
$O UHVXPLU HQ XQ VROR FXDGUR OD LQIRUPDFLyQ PiV LPSRUWDQWH SDUD OD JHUHQFLD GHO SURJUDPD
SHUPLWHIRFDOL]DUODDWHQFLyQ\ORVHVIXHU]RVGHpVWD
3HUPLWHDOFDQ]DUDFXHUGRVSUHFLVRVDFHUFDGHORVREMHWLYRVPHWDVFRRUGLQDFLyQ\ULHVJRVGHO
SURJUDPDFRQWRGRVORVLQYROXFUDGRV
6LHQWDXQDEDVHSDUDHYDOXDUODHMHFXFLyQGHOSURJUDPD\VXVUHVXOWDGRVHLPSDFWRV
/DLQIRUPDFLyQFRQWHQLGDHQXQD00/HVXQDEXHQDEDVHSDUDODSODQHDFLyQGHODHMHFXFLyQ\HO
VHJXLPLHQWR\FRQWUROGHORVSURJUDPDVGXUDQWHVXHMHFXFLyQ$~QFXDQGRODLQIRUPDFLyQVHSUHVHQWDD
XQQLYHOGHPDVLDGRDJUHJDGRSDUDXQVHJXLPLHQWRGHWDOODGRGHODYDQFHGHOSURJUDPDSXHGHVHUXWLOL]DGD
FRPR SXQWR GH SDUWLGD SDUD OD GHVDJUHJDFLyQ HQ DFWLYLGDGHV PiV HVSHFtILFDV \ OD SUHSDUDFLyQ GHO
SURJUDPD GH HMHFXFLyQ $VLPLVPR OD 00/ FRQWLHQH WRGD OD LQIRUPDFLyQ QHFHVDULD SDUD SHUPLWLU XQ
VHJXLPLHQWR\FRQWURODQLYHODJUHJDGRGXUDQWHODIDVHGHHMHFXFLyQSRUHMHPSORSDUDHOVHJXLPLHQWRD
QLYHOJHUHQFLDOGHXQFRQMXQWRGHLQLFLDWLYDVGHLQYHUVLyQ
/DXWLOL]DFLyQGHOD00/HQFRQMXQWRFRQRWURVLQVWUXPHQWRVFRPROD3URJUDPDFLyQSRU5HGHV
\ OD *HUHQFLD SRU 5HVXOWDGRV VH YXHOYH XQ SRGHURVR LQVWUXPHQWR SDUD PDQHMDU D OD YH] ORV GHWDOOHV
RSHUDFLRQDOHVGHOGtDDGtDFRQODDSUHFLDFLyQGHODXELFDFLyQGHOSURJUDPDHQHOFRQWH[WRGHSROtWLFDGHO
TXH IRUPD SDUWH 7DPSRFR OD 00/ HV XQ LQVWUXPHQWR DGHFXDGR SDUD OD DVLJQDFLyQ SUHVXSXHVWDULD
HVSHFLDOPHQWH FXDQGR ORV VLVWHPDV SUHVXSXHVWDULRV HVWiQ RUJDQL]DGRV SRU OD QDWXUDOH]D GHO JDVWR
VDODULRVLQVXPRVHWF\QRSRUHOREMHWLYRGHOPLVPR
3RU~OWLPRODH[LVWHQFLDGHXQD00/IDFLOLWDPXFKRODHYDOXDFLyQGHXQSURJUDPDDOWpUPLQRGH
DOJ~QSHUtRGRSUHHVWDEOHFLGRFRPRODVHWDSDVGHHVWHRHOVLPSOHFRUWHDQXDOGHDOJ~QSUHVXSXHVWR6H
VDEUiTXpDQDOL]DU\FyPRKDFHUORSDUDSRGHUMX]JDUVLVHKDQSURGXFLGRORVELHQHVRVHUYLFLRVSUHYLVWRV
\VLHOORVHKDORJUDGRHQIRUPDHILFLHQWH\FRQODFDOLGDGHVSHUDGD'HLJXDOPRGRVLHQDOJ~QLQVWDQWH
GXUDQWH OD IDVH GH RSHUDFLyQ VH GHVHD HYDOXDU ORV UHVXOWDGRV TXH KD JHQHUDGR R HVWi JHQHUDQGR HO
SURJUDPDOD00/QRVSURYHHUiLQGLFDFLRQHVUHVSHFWRDTXpGHEHPRVREVHUYDU\FyPRKDFHUOR'HPiV
HVWi GHFLU TXH OD H[LVWHQFLD GH XQD 00/ HV WDPELpQ GH JUDQ D\XGD SDUD OD HYDOXDFLyQ H[SRVW GH
SURJUDPDV\SUR\HFWRV

&(3$/6HULH0DQXDOHV1
6LQ HPEDUJR OD 00/ QR HV DXWRVXILFLHQWH 1R VROXFLRQD SRU VL VROD WRGRV ORV SUREOHPDV GHOD
JHUHQFLDQLJDUDQWL]DHOp[LWRGHOSURJUDPD$VtSRUHMHPSOROD00/QRVLUYHSDUDHYDOXDUH[DQWHOD
FRQYHQLHQFLDVRFLRHFRQyPLFDQLODYLDELOLGDGILQDQFLHUDGHXQSURJUDPD3DUDHOORHVQHFHVDULRUHFXUULU
DRWUDVKHUUDPLHQWDV\DWpFQLFDVFRPSOHPHQWDULDVTXHSHUPLWHQVDEHUVLHOSURJUDPDHVFRQYHQLHQWHSDUD
HO SDtV HYDOXDFLyQ VRFLDO \ SDUD OD LQVWLWXFLyQ TXH OR HPSUHQGH HYDOXDFLyQ SULYDGD 0iV HV FDVL
LQFRQFHELEOHLQLFLDUXQHVWXGLRGHFRQYHQLHQFLDRGHYLDELOLGDGGHXQSURJUDPDVLQWHQHUUHVXHOWRVORV
WHPDVGHGLVHxRGHHVWHTXHVHH[SOLFLWDQHQVX0DUFR/yJLFR
7DPSRFR HV VXILFLHQWH VX XVR SDUD JDUDQWL]DU XQD EXHQD SURJUDPDFLyQ GH OD HMHFXFLyQ GHO
SUR\HFWR R SURJUDPD R XQ HIHFWLYR \ HILFLHQWH FRQWURO GH OD HMHFXFLyQ QL DVHJXUD TXH HO SURJUDPD
FRQWDUi FRQ HO DSR\R GH OD FRPXQLGDG \ GH ODV DXWRULGDGHV LQYROXFUDGDV 3RU HOOR OD 00/ VXHOH
HPSOHDUVH HQ FRQMXQWR FRQ RWURV PpWRGRV WpFQLFDV \ KHUUDPLHQWDV HQ PHWRGRORJtDV GH IRUPXODFLyQ \
JHVWLyQGHSURJUDPDV
(Q UHVXPHQ OD 00/ HV XQD KHUUDPLHQWD PX\ ~WLO \ UHFRPHQGDEOH SDUD OD JHVWLyQ GHO FLFOR GH
YLGDGHORVSURJUDPDVSHURGHEHVHUXWLOL]DGDHQFRQMXQWRFRQRWUDVWpFQLFDV\PpWRGRVHQODVGLVWLQWDV
IDVHVGHOFLFORGHYLGDGHHVWRV1RHV~QLFD\DTXHGLVWLQWDVDJHQFLDVKDQDGDSWDGRHOFRQFHSWREiVLFR
JHQHUiQGRVHDVtXQDVHULHGHGLVWLQWDVYHUVLRQHVGHORTXHGHEHVHUXQD00/

&(3$/6HULH0DQXDOHV1
(OLQLFLRGHOPpWRGRLGHQWLILFDU
FRQFODULGDGHOSUREOHPDTXHVH
EXVFDUHVROYHU
&RPR VH GLMR HO 0DUFR /yJLFR HV HVHQFLDOPHQWH XQ PpWRGR GH
UHVROXFLyQGHSUREOHPDV(OORLPSOLFDTXHVXSXQWRGHSDUWLGDVHDODFODUD
LGHQWLILFDFLyQGHFXiOHVHOSUREOHPDTXHVHEXVFDUHVROYHU\GHVGHOXHJR
DTXLHQKDEUtDGHUHVROYHUVHWDOSUREOHPD
(OHQIRTXHGHUHVROXFLyQGHSUREOHPDVVHFDUDFWHUL]DSRUUHIHULUVHD
XQDVLWXDFLyQFRQFUHWDHQODFXDOVHLGHQWLILFDQWUHVHOHPHQWRVFHQWUDOHV
8QD6LWXDFLyQ$FWXDORVLWXDFLyQSUREOHPDTXHFRUUHVSRQGH
DODUHDOLGDGSUHVHQWHHQTXHXQDSDUWHGHODSREODFLyQQRORJUD
DYDQ]DUHQDOJ~QDVSHFWRKDFLDXQHVWDGLRPHMRU
8QD 6LWXDFLyQ 3RWHQFLDO R VLWXDFLyQ GHVHDGD TXH HV HVH
HVWDGLRPHMRUTXHVHUtDYLDEOHDOFDQ]DU\
/DSUHVHQFLDGHGHWHUPLQDGRVWLSRVGHREVWiFXORVRGH%DUUHUDV
H[LVWHQWHVODVFXDOHVLPSLGHQTXHODVLWXDFLyQDFWXDOHYROXFLRQH
KDFLDODVLWXDFLyQSRWHQFLDOGHWHFWDGD
/DVROXFLyQDODVLWXDFLyQSUREOHPDFRQOOHYDDGHWHUPLQDUODPDQHUDGH
VREUHSDVDUODVEDUUHUDVGHPRGRTXHODVLWXDFLyQDFWXDOHPSLHFHDHYROXFLRQDU
KDFLD VX SRWHQFLDO HQ IRUPD QDWXUDO \ HVWDEOH /RV SURJUDPDV \ SUR\HFWRV
HVSHFtILFRV WLHQHQ HO SURSyVLWR MXVWDPHQWH GH DFWXDU VREUH HVDV EDUUHUDV GH
PRGRGHHOLPLQDUODVRDPLQRUDUODVSDUDDVtSRGHUVREUHSDVDUODV

&(3$/6HULH0DQXDOHV1
/DIRUPDPiVJHQHUDOGHSODQWHDUXQDVLWXDFLyQSUREOHPDHVGHILQLUORVFRPSRQHQWHVGHOSURFHVR
GH FDPELR TXH GHEH RSHUDU VREUH OD VLWXDFLyQ DFWXDO D ILQ GH ORJUDU WUDQVIRUPDUOD KDVWD OD VLWXDFLyQ
SRWHQFLDO
/DVROXFLyQTXHVHEXVFDDODVLWXDFLyQSUREOHPDFRQVWLWX\HHOFRQWHQLGRGHOSURJUDPDRSUR\HFWR
TXH VH HPSLH]D D IRUPXODU 'HEH UHFRUGDUVH TXH HO SURFHVR GH IRUPXODFLyQ HV XQ DYDQFH SURJUHVLYR
GHVGH OR TXH HQ XQ SULQFLSLR HV XQD VLPSOH LGHD KDVWD OR TXH DO ILQDO VHUi XQD SURSXHVWD GH DFFLyQ
SOHQDPHQWHMXVWLILFDGD\GLPHQVLRQDGDFRQHVSHFLILFDFLyQGHUHFXUVRV\IRUPDVRUJDQL]DWLYDVWDQWRSDUD
HMHFXWDUHOSUR\HFWRFRPRSDUDRSHUDUODVLQVWDQFLDVRUJDQL]DGDVSRUpO
/DSULPHUDWDUHDTXHHVQHFHVDULRUHDOL]DUDOSUHSDUDUXQSURJUDPDHVLGHQWLILFDUFRUUHFWDPHQWHHO
SUREOHPD TXH VH YD D DERUGDU VXV FDXVDV \ VXV HIHFWRV 3DUD HOOR VH XWLOL]D IUHFXHQWHPHQWH XQD
PHWRGRORJtD GHVDUUROODGD RULJLQDOPHQWH SRU OD $,' SHUIHFFLRQDGD SRU OD *7= HQ VX PpWRGR =233 \
DGRSWDGDSRUPXFKRVRWUDVHQWLGDGHVFRPRSDUWHGHOD0HWRGRORJtDGHO0DUFR/yJLFR
(VWD PHWRGRORJtD VH EDVD HQ OD FRQVWUXFFLyQ GH ORV OODPDGRV UERO GH 3UREOHPD \ UERO GH
2EMHWLYRV SDUD D SDUWLU GH HVWH ~OWLPR GHILQLU DFFLRQHV TXH SHUPLWDQ DWDFDU ODV FDXVDV GHO SUREOHPD
FRPELQiQGRODVHQDOWHUQDWLYDVGHSURJUDPD
/RVGLVWLQWRVSDVRVTXHFRQWHPSODHOPpWRGR\TXHVHH[DPLQDUiQHQGHWDOOHDFRQWLQXDFLyQVRQ
,GHQWLILFDUHOSUREOHPDSULQFLSDO
([DPLQDUORVHIHFWRVTXHSURYRFDHOSUREOHPD
,GHQWLILFDUODVFDXVDVGHOSUREOHPD
(VWDEOHFHUODVLWXDFLyQGHVHDGDREMHWLYR
,GHQWLILFDUPHGLRVSDUDODVROXFLyQ
'HILQLUDFFLRQHV
&RQILJXUDUDOWHUQDWLYDVGHSURJUDPD
(VWDEOHFHUHOPDUFRLQVWLWXFLRQDOSDUDLPSOHPHQWDUODVROXFLyQDOSUREOHPD
'HHVWRVSDVRVORVWUHVSULPHURVVHWUDWDUiQHQHVWHFDStWXORPLHQWUDVTXHHOUHVWRVHGLVFXWLUiQHQ
ORVFDStWXORVVLJXLHQWHV
3ULPHUSDVR&RQVHQVXDUHQFXiOHVHOSUREOHPD
/D LGHQWLILFDFLyQ GH OD VLWXDFLyQ SUREOHPD HV XQ SURFHVR GH DQiOLVLV TXH LPSOLFD OD KDELOLGDG SDUD
FRQVLGHUDUODVLWXDFLyQGHVGHGLVWLQWRVSXQWRVGHYLVWDTXHGHQXQDSHUVSHFWLYDHTXLOLEUDGDGHOFRQMXQWR
GHIDFWRUHVTXHHVWiQSUHVHQWHV\TXHKDQLPSHGLGRTXHHOODVHUHVXHOYD+DVLGRGHFRP~QRFXUUHQFLD
HVSHFLDOPHQWH HQ ORV SUREOHPDV UHFXUUHQWHV TXH OD IDOWD GH VROXFLyQ D HOORV KD HVWDGR YLQFXODGD D XQ
LQVXILFLHQWH GLDJQyVWLFR TXH KD UHVXOWDGR HQ XQD LGHQWLILFDFLyQ LQVXILFLHQWH R HUUyQHD GH ORV IDFWRUHV
FDXVDOHV&DEHVHxDODUTXHHVWHPpWRGRSXHGHVHUDSOLFDGRSRUXQDVRODSHUVRQDSHURVXVUHVXOWDGRVVRQ
PX\VXSHULRUHVFXDQGRVHWUDEDMDHQXQHTXLSRPXOWLGLVFLSOLQDULR$VLPLVPRSXHGHVHUGHVDUUROODGRHQ
FRQMXQWRFRQODFRPXQLGDGGRQGHVHUHDOL]DUiHOSURJUDPD
(QSULPHUOXJDUHOHTXLSRHQFDUJDGRGHGHVDUUROODUHOSURJUDPDGHEHUiOOHJDUDDFXHUGRUHVSHFWRD
FXiOHVHOSUREOHPDTXHVHYDDDERUGDU(OORSXHGHSDUHFHUVHQFLOORSHURSRUORJHQHUDOQRORHV3XHGH
VHUQHFHVDULRVRVWHQHUYDULDVUHXQLRQHVFRQHOHTXLSRGHOSURJUDPD\FRQORVLQYROXFUDGRVKDVWDDOFDQ]DU
FRQVHQVRUHVSHFWRDFXiOHVODPHMRUGHILQLFLyQSDUDHOSUREOHPDTXHVHTXLHUHVROXFLRQDU

&(3$/6HULH0DQXDOHV1
3DUD OD FRUUHFWD DSOLFDFLyQ GHO PpWRGR HVLPSRUWDQWHTXHHOSUREOHPDVHDIRUPXODGRFRPRXQD

VLWXDFLyQQHJDWLYDTXHGHEHVHUUHYHUWLGD$GHPiVHVQHFHVDULRFXLGDUGHQRFRQIXQGLUHOSUREOHPDFRQ
ODIDOWDGHXQDVROXFLyQ+DFHIDOWDXQFHQWURGHVDOXG6HUHTXLHUHXQSURJUDPDGHFDSDFLWDFLyQR
+D\TXHGLVWULEXLUDOLPHQWRVVRQIRUPXODFLRQHVLQFRUUHFWDVGHOSUREOHPD(QFDPELR([LVWHXQDDOWD
PRUELOLGDG1RKD\VXILFLHQWHVWUDEDMDGRUHVFDOLILFDGRV\/RVQLxRVHVWiQGHVQXWULGRVSRGUtDQVHU
IRUPXODFLRQHVFRUUHFWDVGHORVSUREOHPDV
(VWDWDUHDVHIDFLOLWDVLVHLQLFLDHOWUDEDMRUHDOL]DQGRXQDOOXYLDGHLGHDVVREUHSRVLEOHVHOHPHQWRV
FHQWUDOHV GHO SUREOHPD 3DUD HVWH DQiOLVLV HV FRQYHQLHQWH FRQYRFDU XQ 3DQHO GH JUDGRV 'LFKR
SDQHO GHEHUtD VHU XQ IRUR HQ HO FXDO VH FRQVXOWHQ ODV RSLQLRQHV \ SRVLFLRQHV GH SHUVRQDV TXH HVWiQ
LQYROXFUDGDVHQODVLWXDFLyQSUREOHPDGHVGHGLVWLQWDVSHUVSHFWLYDV\H[SHULHQFLDV'HDOOtVXQRPEUHGH
JUDGRV
(VWHSDQHOGHEHRULHQWDUVHDEXVFDUODVUHVSXHVWDVPiVFODUDV\SUHFLVDVSRVLEOHVDODVVLJXLHQWHV
SUHJXQWDVJXtDVLQLFLDOHV
(QTXpFRQVLVWHODVLWXDFLyQSUREOHPD"
&yPRVHPDQLILHVWD"&XiOHVVRQVXVVtQWRPDV"
&XiOHVVRQVXVFDXVDVLQPHGLDWDV"
4XpIDFWRUHVVLQVHUFDXVDVGLUHFWDVFRQWULEX\HQDDJUDYDUODVLWXDFLyQSUREOHPD"
/D LPSRUWDQFLD GH HVWDV LQWHUURJDQWHV HVWi GDGD SRU OD QHFHVLGDG GH VHSDUDU KDVWD GRQGH VHD
SRVLEOHORVIDFWRUHVTXHSXHGHQFRQVLGHUDUVHFRPRFDXVDOHVGHODVLWXDFLyQSUREOHPDGHDTXpOORVTXH
PHUDPHQWHFRQGLFLRQDQODLQWHQVLGDGFRQTXHpVWDVHPDQLILHVWD
/DIRUPDFOiVLFDGHLQLFLDUHOGLDJQyVWLFRSDUWLFLSDWLYRHVODGHUHXQLUItVLFDPHQWHDOSDQHOHQXQD
VHVLyQ GH OOXYLD GH LGHDV SUREOHPDV (Q HOOD ORV PLHPEURV GHO SDQHO VHxDODQ HQ IUDVHV FRUWDV
HOHPHQWRVGHODVLWXDFLyQSUREOHPDODOOXYLD\YDQFRQVHQVXDQGRHQODXELFDFLyQGHFDGDXQRGHHVWRV
HOHPHQWRVGHQWURGHOFRQWH[WRJHQHUDOWUDWDQGRGHGHWHUPLQDUUHODFLRQHVGHFDXVDHIHFWR&RQODD\XGD
GHOHTXLSRWpFQLFRTXHFRQGXFHODDSOLFDFLyQGHOPpWRGRODVJRWDVGHODOOXYLDVHYDQRUGHQDQGRSRU
WHPDV FRPSRQHQWHV \ pVWRV SRU FDXVDV \ HIHFWRV $O VHJXLUHVWHSURFHGLPLHQWRYDFRQIRUPiQGRVHXQD
HVWUXFWXUDOODPDGDGHUEROSRUODPDQHUDGHUDPLILFDUVHGHODVUHODFLRQHVFDXVDHIHFWR
(VWHSURFHGLPLHQWRSHUPLWHSRUXQODGRVHSDUDUORTXHVRQVtQWRPDVGHORVTXHVRQFDXVDV\SRU
RWUR IDFLOLWD OD LGHQWLILFDFLyQ GH WHPDV TXH FRQVWLWX\HQ QXGRV HQ WRUQR D ORV FXDOHV VH FRQFHQWUDQ
HOHPHQWRVGHOGLDJQyVWLFR
$FRQWLQXDFLyQFDGDXQRGHHVWRVQXGRVGHOSUREOHPDVHWUDWDSRUVHSDUDGR3DUDHOOR\DQRHV
QHFHVDULRFRQWLQXDUFRQHOPLVPRSDQHOVLQRTXHHVFRQYHQLHQWHFRQYRFDUDSDQHOHVGHJUDGRVDG
KRFVHJ~QHOQXGRGHSUREOHPDTXHVHYD\DDVHJXLUDQDOL]DQGR
&RQWDQGR \D FRQ XQ QXGR GH SUREOHPD PiV DFRWDGR HO QXHYR SDQHO GHEH FRQWLQXDUHOSURFHVR
SDUWLHQGR GHVGH HVH QXGR \ KDFLpQGRVH UHSHWLGDPHQWH OD SUHJXQWD JXtD SRU TXp" /DV UHVSXHVWDV
LQGLYLGXDOHV QXHYDPHQWH YDQ XELFiQGRVH HQ XQ FRQWH[WR GH UHODFLRQHV FDXVDHIHFWR HV GHFLU HQ XQD
HVWUXFWXUD GH iUERO (V SRVLEOH TXH HQ XQ SULPHU PRPHQWR HO iUERO DSDUH]FD DOJR LQYHUWLGR PXFKRV
VtQWRPDV HQ OD SULPHUD OtQHD TXH DO LU SUHJXQWiQGRVH ORV SRU TXp" YDQ HQFRQWUDQGR UHVSXHVWDV
FRPXQHVHQODVFDXVDVPiVLQPHGLDWDV

&(3$/6HULH0DQXDOHV1
3RU HMHPSOR DQDOL]DQGR XQWHPDGHGHVDUUROORUXUDOFRQVtQWRPDVFRPRORVFRPSUDGRUHVTXH

OOHJDQ DO SUHGLR SDJDQ PDORV SUHFLRV HO SXHEOR TXHGD PX\ OHMRV QRV HQJDxDQ DO SHVDU OD
SURGXFFLyQQRVDEHPRVFXiQWRSDJDQHQHOSXHEOR\RWURVVLPLODUHVFRUUHVSRQGHXQDFDXVDFRP~Q
ORVSURGXFWRUHVHVWiQDLVODGRVGHOPHUFDGRQDWXUDO\GHHVWDVLWXDFLyQVHDSURYHFKDQORVLQWHUPHGLDULRV
(Q HO SDVR VLJXLHQWH DO LU HOLPLQDQGR ORV VtQWRPDV \ TXHGiQGRVH VRODPHQWH FRQ ODV FDXVDV PiV
LQPHGLDWDVGHEHDSDUHFHUHQHOHMHPSORGHOGHVDUUROORUXUDOSRUTXpORVSURGXFWRUHVHVWiQDLVODGRVGHO
PHUFDGR QDWXUDO PDORV FDPLQRV FDUHQFLD GH XQ SXHQWH SUREOHPDV GH LGLRPD IDOWD GH PHGLRV GH
WUDQVSRUWHHWF
(VWDUHDGHORVDVHVRUHVPHWRGROyJLFRVSURSRQHUHOUHHPSOD]RGHORVVtQWRPDVSRUORVHOHPHQWRV
FDXVDOHV SHUR OD VXVWLWXFLyQ GHEH FRQWDU FRQ HO FRQVHQVR GH ORV SDUWLFLSDQWHV DQWHV GH SRGHU VHJXLU
DGHODQWH'HODKDELOLGDGGHORVWpFQLFRVSDUDFRQGXFLUXQDRYDULDVVHVLRQHVGHOOXYLDGHSUREOHPDV
GHSHQGHUiHOp[LWRGHOPpWRGR/RVEHQHILFLDULRVVRQORVTXHFRQWULEX\HQFRQORVVtQWRPDVLQLFLDOHVSHUR
DORVWpFQLFRVFRUUHVSRQGHODUHVSRQVDELOLGDGGHORJUDUTXHVHOOHJXHDXQDGHSXUDFLyQGHHOORV\VHYD\D
SURIXQGL]DQGRHQODVFDXVDVPiVLQPHGLDWDV
&RQHOWUDEDMRPXOWLGLVFLSOLQDULRDSDUHFHQGLVWLQWDVIRUPDVGHYHUHOSUREOHPDRIDFHWDVGHpVWH
,QFOXVR FRQ IUHFXHQFLD VXUJLUiQ GLVWLQWRV SUREOHPDV TXH DIHFWDQ D OD ORFDOLGDG /XHJR HVWDV SRVLEOHV
GHILQLFLRQHVGHOSUREOHPDVRQGLVFXWLGDVSRUHOHTXLSRKDVWDDOFDQ]DUXQDFXHUGRUHVSHFWRDFXiOHVHO
SUREOHPDSULQFLSDOTXHGHEHUiVHUVROXFLRQDGRPHGLDQWHHOSURJUDPD
(VIUHFXHQWHTXHHVWHSUREOHPDSULQFLSDOVHDXQRTXHQRHVWDEDFRQVLGHUDGRGHVGHXQSULQFLSLRVLQR
TXHVXUJLyDOFRQWUDSRQHUGLVWLQWDVYLVLRQHV&RPRHMHPSORHVWiQORVIDPRVRVH[SHULPHQWRVGH+DZWKRUQHHQ
TXHVHVHOHFFLRQyXQJUXSRGHWUDEDMDGRUHVSDUDFDSDFLWDUORVHQXQQXHYRSURFHGLPLHQWR\RWURJUXSRVLPLODU
SDUDTXHVLUYLHUDGHFRQWUROHVGHFLUVLQFDSDFLWDFLyQSHURVXMHWRVDODVPLVPDVPHGLFLRQHVGHSURGXFWLYLGDG
6RUSUHQGHQWHPHQWH ORV LQFUHPHQWRV LQPHGLDWRV GH SURGXFWLYLGDG IXHURQ VLPLODUHV HQ DPERV JUXSRV /D
LQWHUSUHWDFLyQFRQILUPDGDSRVWHULRUPHQWHIXHTXHHOVRORKHFKRGHGDUOHDWHQFLyQVLPLODUDDPERVJUXSRVHQ
FXDQWR D DWHQFLyQ SHUVRQDOL]DGD \ PHGLFLyQ GH SURGXFWLYLGDG JHQHUDED XQ PHMRU FOLPD ODERUDO \ TXH HVWH
IDFWRUHUDXQRGHORVGHWHUPLQDQWHVGHODSURGXFWLYLGDGJOREDO/DVROXFLyQGHOSUREOHPDDUHVROYHUHQWRQFHV
GHEtD LQFRUSRUDU FRPR SDUWH HVHQFLDO XQ PD\RU LQYROXFUDPLHQWR GH ORV WUDEDMDGRUHV HQ GHILQLU GHWDOOHV GHO
WUDEDMR\XQDPHGLFLyQLQGLYLGXDOGHODSURGXFWLYLGDG
(O GLDJQyVWLFR GH XQD VLWXDFLyQ SUREOHPD HV HVHQFLDO SDUD GDU FRQ XQD VROXFLyQ DGHFXDGD
5HDOL]DUHOGLDJQyVWLFRVLJQLILFDLGHQWLILFDUODVFDXVDVGHGLYHUVRRUGHQTXHGHWHUPLQDQODH[LVWHQFLDGH
ODVLWXDFLyQSUREOHPDRGHTXHpVWDQRVHKD\DVROXFLRQDGR(VWDVFDXVDVQRVLHPSUHVRQHYLGHQWHV\HV
IUHFXHQWHTXHODLGHQWLILFDFLyQGHHOODVGHSHQGDGHODH[SHULHQFLDSUHYLDGHFDGDSRVLEOHREVHUYDGRUGHO
SUREOHPD3RUHOORHVPX\FRQYHQLHQWHTXHODLGHQWLILFDFLyQGHODVLWXDFLyQSUREOHPDVHDUHDOL]DGDHQ
XQ DPELHQWH PXOWLGLVFLSOLQDULR HV GHFLU FRQ OD SDUWLFLSDFLyQ GH SHUVRQDV TXH WLHQHQ GLVWLQWDV
SHUVSHFWLYDV SDUDPLUDU\DQDOL]DUHOSUREOHPD(VWDSUiFWLFDSHUPLWHTXHQRVHH[FOX\DDOJXQDEXHQD
LGHDUHVSHFWRDODHVHQFLDGHODVLWXDFLyQSUREOHPDTXHHVORTXHHQGHILQLWLYDKDEUiTXHUHVROYHU
&RPRHMHPSORXQFDVRTXHVHPHQFLRQDUiQXHYDPHQWHPiVDGHODQWHHQHOPDQXDO

&(3$/6HULH0DQXDOHV1
5(&8$'52
7(5&(5&$62(/&5e',72$0,&52(035(6$5,26
(QXQSDtVODWLQRDPHULFDQRDOLJXDOTXHHQRWURVHQHOFRQWH[WRGHXQFRPSURPLVRJXEHUQDPHQWDOSDUDVXSHUDUOD
SREUH]DVHXELFyFRPRSDUWHGHXQDSRVLEOHVROXFLyQHVWLPXODUHOPD\RUGHVDUUROORGHODPLFURHPSUHVD(OSUREOHPD
HUDFyPRKDFHUOR"
/RVSUREOHPDVGHOLPLWDFLRQHVHQODWHFQRORJtDHOEDMRFRQRFLPLHQWRGHOPHUFDGR\ODVSUiFWLFDVGHYHQWDVWHQtDQ
VROXFLyQ PX\ GLUHFWD HQ SRVLEOHV FRPSRQHQWHV GH FDSDFLWDFLyQ \ DVLVWHQFLD WpFQLFD SHUR HO QXGR FHQWUDO GHO
ILQDQFLDPLHQWRVHJXtDSUHVHQWDQGRODVSUHJXQWDVUHFXUUHQWHVGHGyQGH\FyPRPRYLOL]DUUHFXUVRVKDFLDHVWHVHFWRU"
/DV UHVSXHVWDV PiV KDELWXDOHV GH LQYHUWLU IRQGRV S~EOLFRV HQ FUpGLWR D OD PLFURHPSUHVD WHQtDQ PDORV
DQWHFHGHQWHV GH SURJUDPDV DQWHULRUHV HQ TXH QR VH KDEtD HQFRQWUDGR OD LQVWLWXFLRQDOLGDG LGyQHD SDUD HQWUHJDU \
UHFXSHUDU SHTXHxRV FUpGLWRV (QWRQFHV YLQR OD UHIOH[LyQ PiV SURIXQGD FXiO HUD HQ WpUPLQRV OyJLFRV HO YHUGDGHUR
SUREOHPD TXH KDEtD TXH UHVROYHU" (Q RWUDV SDODEUDV TXLHQ GD FUpGLWR HQ IRUPD QRUPDO HVHOVLVWHPDEDQFDULR3RU
TXp HQWRQFHV HO VLVWHPD QR GDED HO FUpGLWR TXH UHTXHUtDQ ORV PLFURHPSUHVDULRV" /D LQYHVWLJDFLyQ GH GLDJQyVWLFR
VHxDOy TXH ORV EDQFRV QRFRQRFtDQDORVPLFURHPSUHVDULRV\DTXHSDUDHOORVLQYHUWLUUHFXUVRVHQOOHJDUDFRQRFHUDO
SRWHQFLDOFOLHQWHHUDFDUR\QRVHLQWHUHVDEDQHQFOLHQWHVGHSRFDPDJQLWXGGHQHJRFLRVLQGLYLGXDOHV(VWRWUDVODGyHO
SUREOHPD D UHVROYHU HQ YHU FyPR VH SRGtD ORJUDU TXH ORV EDQFRV DWHQGLHUDQ D ORV PLFURHPSUHVDULRV \ ORV HVWXGLDUDQ
FRPR D SRWHQFLDOHV FOLHQWHV /D UHVSXHVWD OD GLR HO SURSLR VLVWHPD EDQFDULR HVWDEDQ GLVSXHVWRV D FRQVLGHUDU FRPR
SRWHQFLDOHVFOLHQWHVDORVPLFURHPSUHVDULRVVLVHOHVVXEVLGLDEDHOFRVWRGHORVHVWXGLRVUHVSHFWLYRV0DQLIHVWDURQQR
WHQHU UHWLFHQFLDV HQ GDUOHV FUpGLWR VL HV TXH FXPSOtDQ FRQ ODV PLVPDV QRUPDV VREUH JDUDQWtDV TXH HO UHVWR GH VX
FDUWHUD
'HDOOtQDFLHURQGRVSURJUDPDVS~EOLFRVXQRGHVWLQDGRDOLFLWDUVXEVLGLRVGHDWHQFLyQGHPLFURHPSUHVDULRV\RWUR
GHVWLQDGRDHQWUHJDUJDUDQWtDVGHFUpGLWRSDUDORVPLVPRV/RVSURJUDPDVRSHUDURQORVEDQFRVUHFLELHURQHOVXEVLGLR
\ DWHQGLHURQ D HVWRV QXHYRV FOLHQWHV (Q HO FDPLQR GHVFXEULHURQ TXH HVWH VHJPHQWR GH FOLHQWHOD WHQtD PHMRUHV
SRUFHQWDMHVGHUHFXSHUDFLyQGHFUpGLWRVTXHHOUHVWRGHVXVFOLHQWHVORTXHOHVDEULyQXHYDVSHUVSHFWLYDVHLQWHUpVSRU
HOORV
$ ORV GRV DxRV GH IXQFLRQDPLHQWR HO SURJUDPD GH VXEVLGLRV VH FHUUy SRUTXH ORV EDQFRV \D QR QHFHVLWDURQ HO
HVWtPXOR DGLFLRQDO VLQR TXH HPSH]DURQ D DWHQGHU PDVLYDPHQWH D ORV PLFURHPSUHVDULRV SRU OR LPSRUWDQWH GH VXV
RSHUDFLRQHVHQIRUPDDJUHJDGD
(O FDVR PXHVWUD FyPR HO GLDJQyVWLFR PiV SURIXQGR VHxDOy FXiO HUD HO YHUGDGHUR SUREOHPD TXH
KDEtD TXH UHVROYHU OR FXDO SHUPLWLy FRQFHQWUDU ODV HQHUJtDV FUHDGRUDV HQ HQFRQWUDU UHVSXHVWDV D
SUHJXQWDVTXHDQWHULRUPHQWHQLVLTXLHUDVHKDEtDQSODQWHDGR
6LVWHPDWL]DQGR OD PHWRGRORJtD SDUD OOHYDU D FDER XQ GLDJQyVWLFR VH SXHGH PHQFLRQDU ORV
VLJXLHQWHVSXQWRVTXHQRVRQH[KDXVWLYRVQLREOLJDWRULRVHQWRGRGLDJQyVWLFR
(QHOGLDJQyVWLFRHVFRQYHQLHQWHTXHVHLQFRUSRUHQSHUVRQDVFRQGLVWLQWDVYLYHQFLDV\SXQWRV
GHYLVWDSDUDDPSOLDUHOFDPSRGHH[SORUDFLyQGHFDXVDV\VROXFLRQHVJUDGRV
/D SUHJXQWD EiVLFD TXH VH GHEH UHSHWLU XQD \ RWUD YH] HQ IRUPD UHLWHUDWLYD HV 3RU TXp"
&RQVXOWDGDVGLVWLQWDVSHUVRQDVFRQGLIHUHQWHVYLYHQFLDVSXHGHQGDUUHVSXHVWDVGLVWLQWDVDHVD
SUHJXQWD7RGDVHOODVVRQYiOLGDV
3DUD FDGD UHVSXHVWD YROYHU D SUHJXQWDU SRU TXp" WUDWDQGR GH DYHULJXDU ODV FDXVDV GH ODV
FDXVDVDQWHULRUHV
$QWH FDGD UHVSXHVWD SUHJXQWDUVH SRGHPRV DFWXDU SDUD FRUUHJLU HVR" 6L OD UHVSXHVWD IXHVH
DILUPDWLYDODFDGHQDVHGHWLHQHHQHVDUDPDSHURQRHQHOUHVWR\VHDQRWDODDFFLyQTXHVH
KDLGHQWLILFDGRTXHSXHGHWRPDUVH
6LODUHVSXHVWDIXHVHQHJDWLYDUHSHWLUHOSURFHGLPLHQWRKDVWDHOPRPHQWRHQTXHODVUHVSXHVWDV
DSXQWDQDIHQyPHQRVVREUHORVFXiOHVHVSRVLEOHDFWXDUHQIRUPDGLUHFWD

&(3$/6HULH0DQXDOHV1
$SOLFDQGRHVWDUHFRPHQGDFLyQDOHMHPSORGHO&DVRQRVHQFRQWUDPRVFRQXQHVTXHPDFRPRHO
VLJXLHQWH
&8$'52
(-(03/2'($3/,&$&,1'(/$0(72'2/2*$'(',$*167,&2
3RUTXp"
6ROXFLRQHV"
3RUTXp"
&DOLGDGEDMD
GHORV
SURGXFWRV
7HFQRORJtD
GHILFLHQWH
3URJUDPDGH
FDSDFLWDFLyQ
0HUFDGR
OLPLWDGR
6yORFRQRFHQVX
HQWRUQRLQPHGLDWR
3URJUDPDGH
DVLVWHQFLD
WpFQLFD
(OHYDGRFRVWR
GHHVWXGLDUORV
FRPRSRVLEOHV
FOLHQWHV
3URJUDPDGH
VXEVLGLRDO
HVWXGLRLQLFLDOGH
DQWHFHGHQWHV
3RVLEOH
LQVXILFLHQFLD
GHJDUDQWtDV
3URJUDPDGH
JDUDQWtDVDOD
PLFURHPSUHVD
&UHHQFLDHQ
TXHHOVHFWRU
HVSRFR
LQWHUHVDQWH
&DPSDxDSDUD
GLIXQGLUOD
LPSRUWDQFLD
HFRQyPLFDGHO
VHFWRU
0LFURHPSUHVDUL
RV
HVWDQFDGRV
3RFRFDSLWDO
9HQWDV
RFDVLRQDOHV
%DQFRVQRORV
DWLHQGHQ
3RFRWLHPSRSDUD
EXVFDUPiVFOLHQWHV
3URJUDPDGH
DVRFLDWLYLGDG
(OFXDGURPXHVWUDORVGRVHOHPHQWRVPHWRGROyJLFRVVHxDODGRVSUHYLDPHQWH(QSULPHUOXJDUOD
VHJXQGD FROXPQD WLHQH WDQWDV ILODV FRPR FDXVDV GLVWLQWDV KD\DQ VLGR LGHQWLILFDGDV SRU SHUVRQDV TXH
WLHQHQYLVLRQHVFRQSHUVSHFWLYDVGLIHUHQWHVHQHVWHFDVRVRQFXDWURODVFDXVDVLGHQWLILFDGDV(VFLHUWRTXH
HVWDV FDXVDV QR VRQ FRPSOHWDPHQWH LQGHSHQGLHQWHV HQWUH Vt GDGR TXH XQDV SXHGHQ LQYROXFUDU D RWUDV
(VWRQRHVWDQLPSRUWDQWH\DTXHDOILQDOKDEUiTXHDFWXDUVREUHWRGDVHOODV\HQORVSODQHVGHDFFLyQVH
SXHGHQ LGHQWLILFDU HYHQWXDOHV FRPSOHPHQWDULHGDGHV R VXSHUSRVLFLRQHV TXH HQ VX PRPHQWR GHEHUiQ
UHVROYHUVH /R UHDOPHQWH LPSRUWDQWH HV TXH WRGRV ORV HOHPHQWRV FDXVDOHV DSDUH]FDQ VLQ TXH VH TXHGH
QDGDUHOHYDQWHHQHOWLQWHUR
(Q VHJXQGR OXJDU VH GHWDOOD OD VHFXHQFLD GH ODV SUHJXQWDV FRQGXFWRUDV GLVWLQWDV FROXPQDV OD
FXDOGHEHFRQWLQXDUVHVyORKDVWDTXHVHORJUDOOHJDUDLGHQWLILFDUODVFDXVDVHVSHFtILFDVVREUHODVTXH\D
VH SXHGH IXQGDPHQWDU XQ SURJUDPD GH DFFLyQ (Q HO HMHPSOR HVWR VH ORJUy HQ XQD VHJXQGD YXHOWD GH
SUHJXQWDVSDUDHOFDVRGHORVFDXVDOHVGHWHFQRORJtDPHUFDGR\FRQGXFWDLQGLYLGXDOLVWDSHURUHTXLULy
XQDYXHOWDDGLFLRQDOSDUDHOFDVRGHODFDXVDGHOILQDQFLDPLHQWR'HSHQGLHQGRGHORFRPSOHMDTXHVHDOD
VLWXDFLyQHVWHHVTXHPDSXHGHWHQHUPiVILODV\RPiVFROXPQDV
/DVVHVLRQHVGHOOXYLDGHSUREOHPDVJHQHUDQXQQXGRGHUHODFLRQHVFDXVDOHVTXHDSULPHUDYLVWD
FRQWLHQH PXFKDV UHODFLRQHV FUX]DGDV 3RU HOOR HV QHFHVDULR VLPSOLILFDU HVWH FXDGUR \ TXHGDUVH FRQ
UHODFLRQHV SULQFLSDOHV\GHWLSRQRFLUFXODU(VWRLPSOLFDOOHJDUDGHILQLUXQVRORSUREOHPDFHQWUDOHQ
WRUQR DO FXDO VH RUGHQDQ ODV GHPiV UHODFLRQHV (O SUREOHPD FHQWUDO GHEH VHU PX\ HVSHFtILFR \D TXH
REYLDPHQWH WHPDV WDQ JHQpULFRV FRPR SREUH]D LQIHOLFLGDG IDOWD GH RSRUWXQLGDGHV X RWURV
VLPLODUHVQRWLHQHQVROXFLyQSRUODYtDGHSURJUDPDVRSUR\HFWRV~QLFRV

&(3$/6HULH0DQXDOHV1
2WURDVSHFWRTXHHVQHFHVDULRWHQHUHQFXHQWDHVTXHHOGLDJQyVWLFRHVHVSHFtILFRDXQDVLWXDFLyQ
SUREOHPDGHWHUPLQDGD(OPLVPRSURJUDPDGHO&DVRIXHUHSOLFDGRHQRWURSDtVODWLQRDPHULFDQRGDGR
HOp[LWRTXHKDEtDWHQLGRHQVXSDtVGHRULJHQ6LQHPEDUJRHQODUpSOLFDQRIXQFLRQy3RUTXp"3RUTXH
OD VLWXDFLyQ SUREOHPD HUD GLIHUHQWH ORV PLFURHPSUHVDULRV HVWDEDQ DFRVWXPEUDGRV D TXH ORV SURJUDPDV
S~EOLFRV OHV RWRUJDVHQ ILQDQFLDPLHQWR PX\ EODQGR \ QR UHVLVWLHURQ ODV FRQGLFLRQHV PiV H[LJHQWHV GHO
FUpGLWR QRUPDO HQ OD EDQFD FRPHUFLDO /RV EDQFRV QR VH LQWHUHVDURQ PD\RUPHQWH HQ WHQHUORV FRPR
FOLHQWHV\HOHVTXHPDDERUWy
(VWH~OWLPRKHFKRHVPX\FODURODVVROXFLRQHVVHYLQFXODQDORVSUREOHPDVHVSHFtILFRV\ORTXHHV
VROXFLyQHQXQiPELWRSXGLHUDQRVHUDSURSLDGRSDUDXQiPELWRGLIHUHQWH
6HJXQGRSDVRLGHQWLILFDUORVHIHFWRVTXHWLHQHHOSUREOHPD
8QDYH]GHILQLGRHOSUREOHPDFHQWUDOHOVLJXLHQWHSDVRFRQVLVWHHQRUGHQDUODVUHODFLRQHVFDXVDOHVTXHVH
OHYDQWDURQPHGLDQWHODOOXYLDGHSUREOHPDV(VWDVUHODFLRQHVVHSXHGHQGHILQLUHQIXQFLyQGHVXUHODFLyQ
FRQ HO SUREOHPD FHQWUDO HQ (IHFWRV \ HQ &DXVDV (Q OD SDUWH (IHFWRV DSDUHFHQ ODV FRQVHFXHQFLDV TXH
H[SHULPHQWDODSREODFLyQSRUHOKHFKRGHTXHHOSUREOHPDSULQFLSDOQRVHKD\DUHVXHOWR(QODSDUWHGH
ODV&DXVDVDSDUHFHQORVIDFWRUHVTXHGHWHUPLQDQTXHHOSUREOHPDFHQWUDOH[LVWD
(OUEROGH(IHFWRVUHSUHVHQWDHQIRUPDJUiILFDODVGLVWLQWDVFRQVHFXHQFLDVGHOSUREOHPD\FRPR
VHUHODFLRQDQFRQpVWH\HQWUHVt8QEXHQUHFXUVRSDUDGHVDUUROODUHVWDWDUHDVRQODVGLVWLQWDVLGHDVVREUH
GHILQLFLyQGHOSUREOHPDTXHVHFRQVLGHUDURQDQWHVGHGHFLGLUVHSRUXQDGHHOODV(VPX\SUREDEOHTXH
EXHQD SDUWH GH ORV HIHFWRV \D KD\DQ VLGR PHQFLRQDGRV DO KDFHU OD OOXYLD GH LGHDV GH SRVLEOHV
GHILQLFLRQHVGHOSUREOHPD
/D FRQVWUXFFLyQ GHO UERO GH (IHFWRV VH LQLFLD GLEXMDQGR XQ UHFXDGUR \ HVFULELHQGR HQ pO OD
GHILQLFLyQ DFRUGDGD SDUD HO SUREOHPD FHQWUDO /XHJR VH GLEXMDQ VREUH pVWH QXHYRV UHFXDGURV HQ ORV
FXDOHVVHDQRWDQODVFRQVHFXHQFLDVPiVGLUHFWDVTXHODH[LVWHQFLDGHOSUREOHPDHVWiFDXVDQGR(QVHJXLGD
VHH[DPLQDFDGDXQRGHORVHIHFWRVDQRWDGRV\VHHVWXGLDVLpVWHDVXYH]SURYRFDRWURVHIHFWRVVREUHHO
PHGLRODVSHUVRQDVRODHFRQRPtD6HFRQWLQ~DDVtKDVWDDOFDQ]DUXQQLYHOUD]RQDEOHGHGHWDOOHQROOHJDU
KDVWD HO MXLFLR ILQDO 'RV D FXDWUR QLYHOHV GH HIHFWRV HQFDGHQDGRV VXHOHQ VHU VXILFLHQWHV SDUD XQD
DGHFXDGDGHVFULSFLyQGHORVHIHFWRVJHQHUDGRVSRUHOSUREOHPD
5(&8$'52
&8$572&$62/$6$/8''(9,//$(63(5$1=$
9LOOD(VSHUDQ]DHVXQDORFDOLGDGUXUDOTXHWLHQHXQDSREODFLyQFHUFDQDDORVKDELWDQWHV6LQHPEDUJRFDUHFH
GHDOJXQRVVHUYLFLRVEiVLFRV\WLHQHGHILFLHQFLDVHQRWURV3DUWHGHODSREODFLyQDGXOWDWLHQHSUREOHPDVHQVXWUDEDMR
SRU ODV DXVHQFLDV UHLWHUDGDV FDXVDGDV SRU IUHFXHQWHV HQIHUPHGDGHV JDVWURLQWHVWLQDOHV \ RWUDV LQIHFFLRQHV $O SRGHU
WUDEDMDU PHQRV GtDV HQ HO DxR ORV WUDEDMDGRUHV DVDODULDGRV YHU PHUPDGRV VXV LQJUHVRV ,JXDO FRVD VXFHGH FRQ ORV
WUDEDMDGRUHVTXHVRQSURGXFWRUHV
(OGLDJQyVWLFRLQLFLDOGHOSUREOHPDLQGLFyTXHHOQXGRGHOSUREOHPDUDGLFDEDHQODVPDODVFRQGLFLRQHVVDQLWDULDVODV
FXDOHVVHPDQLIHVWDEDQWDPELpQHQODWDVDGHPRUELOLGDGGHOUHVWRGHODSREODFLyQ$OLQYHVWLJDUSRUTXpVHGDEDHVD
DOWDWDVDGHPRUELOLGDGVHFRQVWDWyTXHHQ9LOOD(VSHUDQ]DVHFRQVXPtDDJXDQRSRWDEOHVDFDGDGHXQUtRYHFLQRTXH
VXVDJXDVVHUYLGDVFRUUtDQDWDMRDELHUWR\TXHODSREODFLyQQRWHQtDSUiFWLFDVGHKLJLHQHHQODYLGDGLDULD
3DUDFRPSOLFDUPiVODVLWXDFLyQ9LOOD(VSHUDQ]DQRWLHQHKDELOLWDGRXQ3XHVWRGH6DOXGVLQRTXHGHEHUHVROYHUVXV
SUREOHPDV GH VDOXG HQ ORV SREODGRV SUy[LPRV (VWR ~OWLPR HV PX\ GLItFLO HQ DOJXQDV pSRFDV GHO DxR GHELGR DOPDO
HVWDGRGHORVFDPLQRV

&(3$/6HULH0DQXDOHV1
7UDV LGHQWLILFDU TXH HO SUREOHPD D UHVROYHU HUD OD DOWD WDVD GH HQIHUPHGDGHV HQ OD ORFDOLGDG VH
SXGRFRQVWUXLUHOVLJXLHQWHUEROGH(IHFWRV
',$*5$0$
()(&726'(/352%/(0$

(OSURFHVRQRHVWDQVHQFLOORFRPRSDUHFH\SXHGHUHTXHULUGHPXFKDVKRUDVGHWUDEDMRDOHTXLSR
GHO SURJUDPD DOFDQ]DU XQ DFXHUGR VREUH FRPR JUDILFDU ORV GLVWLQWRV HIHFWRV \ VXV UHODFLRQHV FRQ HO
SUREOHPD\HQWUHHOORV6LQHPEDUJRUHDOL]DUHVWHWUDEDMRHQIRUPDVHULD\GHWDOODGDVLHQWDODVEDVHVSDUD
XQDEXHQDLGHQWLILFDFLyQGHORVLPSDFWRV\SRUORWDQWRGHORVEHQHILFLRVHVSHUDGRVGHOSURJUDPD
6LORVHIHFWRVLGHQWLILFDGRVVRQVHULRV\DPHULWDQWUDEDMDUSDUDHYLWDUTXHRFXUUDQVHSURFHGHUiDO
DQiOLVLV GH HVWUDWHJLDV SDUD OD VROXFLyQ GHO SUREOHPD (Q FDVR FRQWUDULR HV GHFLU VL OD H[LVWHQFLD GHO
SUREOHPDQRJHQHUDQLSXHGHJHQHUDUHQHOFRUWRRPHGLDQRSOD]RHIHFWRVQHJDWLYRVLPSRUWDQWHVVH
SRGUiDEDQGRQDUDTXtODLQLFLDWLYD
7HUFHUSDVR&RQVWUXLUXQPRGHORFDXVDOGHOSUREOHPD
(O VLJXLHQWH SDVR FRQVLVWH HQ FRQVWUXLU XQ PRGHOR DQDOtWLFR GH ODV FDXVDV TXH KDQ GDGR RULJHQ DO
SUREOHPD TXH VH KD HVFRJLGR FRPR FHQWUDO (Q HVWD WDUHD SXHGH VHUQRV GH VXPD XWLOLGDG HO UHYLVDU ORV
UHVXOWDGRV GH OD OOXYLD GH LGHDV UHDOL]DGD SDUD GHILQLU HO SUREOHPD DXQTXH GHEH WHQHUVH SUHVHQWH TXH
DKRUD QRV LQWHUHVD TXHGDUQRV FRQ XQ FRQMXQWR HVFRJLGR GH UHODFLRQHV \ QR FRQ WRGDV DTXpOODV TXH
DSDUHFLHURQHQHOSDVR(VWDVLPSOLILFDFLyQGHODUHDOLGDGSDUDOOHJDUDXQLQVWUXPHQWRHVTXHPiWLFRHV
ORTXHVHGHQRPLQDFRQVWUXLUXQPRGHORTXHHQHVWHFDVRHVHOPRGHORGHOUEROGH&DXVDV

&(3$/6HULH0DQXDOHV1
3DUD HOOR VH SURFHGH HQ IRUPD VLPLODU VH GLEXMD XQ UHFXDGUR \ VH DQRWD HQ pVWH HO SUREOHPD
LGHQWLILFDGR 6H GLEXMDQ LQPHGLDWDPHQWH EDMR HO SUREOHPD ODV FDXVDV PiV GLUHFWDV SRU REYLDV TXH
SDUH]FDQXQLpQGRODVFRQIOHFKDVGHDEDMRKDFLDDUULEDVLJXLHQGRODUHODFLyQFDXVDHIHFWRDOSUREOHPD
/XHJRQRVSUHJXQWDPRVTXpKDOOHYDGRDODH[LVWHQFLDGHGLFKDVFDXVDVLGHQWLILFDQGRDVtODVFDXVDVGH
ODVFDXVDVODVFXDOHVVHGLEXMDUiQHQXQVHJXQGRQLYHOEDMRHOSUREOHPDXQLGDVSRUIOHFKDVDODVFDXVDV
PiVGLUHFWDVGHSULPHUQLYHO&RQWLQXDPRVFRQHOSURFHGLPLHQWRKDVWDGRQGHVHDUD]RQDEOH
8QDIRUPDSUiFWLFDGHRUGHQDUODLGHQWLILFDFLyQGHORVIDFWRUHVFDXVDOHVHVODJUDILFDFLyQGHHOORV
HQXQUEROGH&DXVDVHQHOFXDOVHHVWDEOHFHQORVIDFWRUHVSDUWLFLSDQWHV\ODVUHODFLRQHVHQWUHHOORV/D
IRUPDJHQHUDOGHXQUEROGH&DXVDVHVODTXHVHPXHVWUDHQODILJXUDVLJXLHQWH
',$*5$0$
5%2/'(&$86$6'(/352%/(0$
6L WRPDPRV FRPR FDVR GH VLWXDFLyQ SUREOHPD %DMR LQJUHVR GH SURGXFWRUHV UXUDOHV \
DYDQ]DPRV HQ VX iUERO GH UHODFLRQHV SRU HMHPSOR OD &DXVD $ SRGUtD VHU HO UpJLPHQ GH OOXYLDV HV
LQDGHFXDGROD&DXVD%SXHGHVHUSURGXFWRUHVDFW~DQHQIRUPDLQGLYLGXDOLVWDOD&DXVD&SXHGHVHU
FDUHQFLDGHFUpGLWRVHWF
&DGD XQR GH ORV IDFWRUHV FDXVDOHV GLUHFWRV $ % \D LGHQWLILFDGRV SXHGH VHU DKRUD DQDOL]DGR SDUD
GHVFXEULUVXVSURSLRVIDFWRUHVFDXVDOHVFRQORFXDOODILJXUDVHYDDEULHQGR\UDPLILFDQGRFDGDYH]PiV&DGD
XQD GH ODV FDXVDV GH GLVWLQWR RUGHQ SXHGH VHULGHQWLILFDGDPHGLDQWHODUHSHWLFLyQVLVWHPiWLFDGHODSUHJXQWD
3RUTXp"3RUTXpQRVHFRQVLJXHQFUpGLWRV"3RUTXpQRKD\DJUXSDPLHQWRGHSURGXFWRUHV"HWF
/DVUHVSXHVWDVGHORVUHVSHFWLYRVSDQHOHVDHVWDVSUHJXQWDVYDQGLEXMDQGRODVUDPDVGHOiUEROTXH
DSRFRDQGDUVHFRQYLHUWHHQXQFRPSOHMRGLDJUDPDGHUHODFLRQHVHQWUHFUX]DGDV\DTXHHVSRVLEOHTXH
DOJXQRVGHORVIDFWRUHVFDXVDOHVHQVHJXQGRRWHUFHUJUDGRFDXVDVGHODVFDXVDVPiVLQPHGLDWDVVHDQ
FRPXQHVDPiVGHXQDUDPDDODYH]GDQGRXQDFRQILJXUDFLyQPiVFRPSOHMD
3RUHMHPSORODFDUHQFLDGH&UpGLWRV&DXVD1HQODILJXUDSXHGHGHEHUVHDTXHQRKD\RILFLQDV
GHO%DQFRHQODPLFURUUHJLyQ1DTXHQRHVWiFODUDODWHQHQFLDGHODWLHUUD1DODSRFDFDQWLGDGGH
UHFXUVRVFRQTXHFXHQWDHO%DQFR1HWF1XHYDVSUHJXQWDVSXHGHQFRQWLQXDULQGDJDQGRDFHUFDGHORV
PRWLYRV SRU ORV FXiOHV VH GDQ Q Q HWF KDVWD REWHQHU XQ FXDGUR SRUPHQRUL]DGR GH ODV UDtFHV GH OD
VLWXDFLyQSUREOHPD
6LQ HPEDUJR QR HV QHFHVDULR OOHJDU WDQ OHMRV SDUD GHILQLU PHMRU ODV HVWUDWHJLDV D WUDYpV GH ODV
FXiOHV VH WUDWDUi GH GDU VROXFLyQ D OD VLWXDFLyQ SUREOHPD %DVWDUi FRQ LGHQWLILFDU OD SUHVHQFLD GH ORV
SULQFLSDOHV IDFWRUHV \ GHWHQHU HO GHVJORVH DQDOtWLFR HQ HO PRPHQWR HQ TXH pO UHIOHMH VLWXDFLRQHV \D
VXILFLHQWHPHQWHFRQRFLGDV(VWHSURFHVRVLVWHPiWLFRGHDQiOLVLVGHEHFRQGXFLUDXQDVtQWHVLVHQODFXDOVH
FRQIRUPHQODVHVWUDWHJLDVPiVHYLGHQWHVGHVROXFLyQ

&(3$/6HULH0DQXDOHV1
'HEHWHQHUVHSUHVHQWHTXHHVSRVLEOHTXHDSDUH]FDQUHODFLRQHVFDXVDOHVGHWLSRFLUFXODUFRPRSRU
HMHPSORQRKD\FUpGLWR !QRKD\SURGXFFLyQ !QRKD\GHSyVLWRV !QRKD\UHFXUVRVSDUDGDU
FUpGLWRV HQ WDOHV FDVRV HQ HO iUERO GHEH URPSHUVH HVWH FtUFXOR YLFLRVR GHWHUPLQDQGR XQ FLHUWR
RUGHQDPLHQWR FDXVDO YiOLGR VyOR SDUD HO HVTXHPD QR KD\FUpGLWRSRUHOSRFRLQWHUpVGHO%DQFRHQORV
YRO~PHQHVDFWXDOHVGHSURGXFFLyQSRUHMHPSOR
$FRQWLQXDFLyQVHSUHVHQWDXQSRVLEOHiUEROGHFDXVDVSDUDHOSUREOHPDLGHQWLILFDGRHQHO&DVR
',$*5$0$
&$86$6'(/352%/(0$

3RUORJHQHUDOHVPiVVHQFLOORLGHQWLILFDUORVHIHFWRVGHOSUREOHPDTXHVXVFDXVDV6LQHPEDUJRHV
HVSHFLDOPHQWHLPSRUWDQWHHOWUDEDMDUELHQHOiUEROGHFDXVDVLGHQWLILFDQGRWDQWDVFRPRVHDSRVLEOH(OOR
\DTXHVLQRVHGHWHFWDDOJXQDFDXVDLPSRUWDQWHHOSURJUDPDQRODDERUGDUiFRQORFXDOVHFRUUHHOULHVJR
GH QR VROXFLRQDU DGHFXDGDPHQWH HO SUREOHPD &DEH KDFHU OD LPSRUWDQWH DQRWDFLyQ TXH FXDQGR OD
H[SHULHQFLDPXHVWUDTXHHOSUREOHPDHVUHFXUUHQWHHVGHFLUTXH\DKDVLGRWUDWDGRSUHYLDPHQWH\TXHQR
VH KD ORJUDGR GDUOH XQD VROXFLyQ DGHFXDGD HO GLDJQyVWLFR FDXVDO QR GHEH FRQFHQWUDUVH VRODPHQWH ORV
SRUTXp"GHOSUREOHPDPLVPRVLQRTXHGHEHLQGDJDUHQSRUTXpQRVHVROXFLRQDGRODVYHFHVDQWHULRUHV

TXH VH LQWHQWy (VWH DQiOLVLV VXHOH VHU GHFLVLYR SDUD HQFRQWUDU DKRUD XQD VROXFLyQ TXH UHDOPHQWH
IXQFLRQHFRPRORGHPRVWUyHO&DVR
6L HOOR IXHVH SRVLEOH HQ HO DQiOLVLV FRQYHQGUtD DYDQ]DU KDVWD GHILQLU HO FDUiFWHU GH ORV IDFWRUHV
FDXVDOHV HQ WpUPLQRV GH VL VRQ QHFHVDULRV VX DXVHQFLD SHUPLWLUtD UHVROYHU OD VLWXDFLyQ R VL VRQ
VXILFLHQWHVVXVRODSUHVHQFLDGHWHUPLQDSRUVtODH[LVWHQFLDGHOSUREOHPD&RQHVWDPHMRUHVSHFLILFDFLyQ
VH SRGUtD DYDQ]DU FRQ PD\RU VHJXULGDG KDFLD HO GLVHxR GH XQD VROXFLyQ HIHFWLYD GH OD VLWXDFLyQ
SUREOHPD 3RU HMHPSOR HQ HO FDVR GHO GHVDUUROOR UXUDO IDFWRUHV FDXVDQWHV GH XQD VLWXDFLyQSUREOHPD
HVSHFtILFD GHO WLSR 3URGXFWRUHV UXUDOHV FRQ EDMRV LQJUHVRV SXGLHUDQ VHU L /RV EHQHILFLDULRV QR VRQ
FRQVLGHUDGRVFRPRVXMHWRVGHFUpGLWRSRUHOEDQFRLL(OUpJLPHQGHOOXYLDVKDFHPX\ULHVJRVRHOFXOWLYR
GH ORV UXEURV GH PD\RU YDORU FRPHUFLDO LLL /RV SURGXFWRUHV DFW~DQ HQ IRUPD LQGLYLGXDOLVWD 'H HVWRV
IDFWRUHV OD FDUHQFLD GH FUpGLWRV SXGLHVH VHU XQD FDXVD VXILFLHQWH SDUD OD VLWXDFLyQSUREOHPD PLHQWUDV
TXHHOLQGLYLGXDOLVPRSXGLHUDVHUXQDFRQGLFLyQQHFHVDULD

6REUHHVWHWHPHYROYHUHPRVHQODVHFFLyQVLJXLHQWH

&(3$/6HULH0DQXDOHV1
&XDUWRSDVR$QDOL]DUODPDQHUDFRPRHOSUREOHPDDIHFWDD
GLVWLQWRVLQYROXFUDGRV
8Q DVSHFWR GHVXPDLPSRUWDQFLDSDUDFRPSOHWDUHOGLDJQRVWLFRGHXQSUREOHPDXQDYH]GHILQLGRVVXV
HOHPHQWRV \ IDFWRUHV FDXVDOHV PiV REYLRV HV FRQVLGHUDU ORV LQWHUHVHV \ H[SHFWDWLYDV GH ODV SHUVRQDV
LQYROXFUDGDV HQ HVH SUREOHPD \ VX SRVLEOH VROXFLyQ 'LVWLQWDV RUJDQL]DFLRQHV HPSUHVDV JUXSRV H
LQGLYLGXRVSDUWLFLSDUiQRHVWDUiQLQWHUHVDGRVHQFXDOTXLHUSURJUDPDSRUSHTXHxR\VHQFLOORTXHpVWHVHD
6XVLQWHUHVHVSXHGHQVHUFRLQFLGHQWHVFRPSOHPHQWDULRVRLQFOXVRDQWDJyQLFRV
3RU HOOR HV PX\ LPSRUWDQWH SDUD HO EXHQ GHVDUUROOR GHO SURJUDPD LGHQWLILFDU D WRGRV ORV
LQYROXFUDGRV\DQDOL]DUVXVLQWHUHVHV\H[SHFWDWLYDVFRQHOSURSyVLWRGHDSURYHFKDU\SRWHQFLDUHODSR\R
GH LQYROXFUDGRV FRQ LQWHUHVHV FRLQFLGHQWHV R FRPSOHPHQWDULRV DO SURJUDPD GLVPLQXLU OD RSRVLFLyQ GH
LQYROXFUDGRVFRQLQWHUHVHVRSXHVWRVDOSURJUDPD\FRQVHJXLUHODSR\RGHORVLQGLIHUHQWHV
(MHPSORVGHSRVLEOHVLQYROXFUDGRVHQXQSURJUDPDVRQ
/RV EHQHILFLDULRVDV GHO SURJUDPD GLUHFWRV H LQGLUHFWRV TXLHQHV HVWDUiQ LQWHUHVDGRV HQ TXH
pVWHVHHMHFXWH
4XLHQHVVHUiQSHUMXGLFDGRVGLUHFWDRLQGLUHFWDPHQWHSRUHOSURJUDPDYtFWLPDVGHOSURJUDPD
\TXHVHRSRQGUiQDVXHMHFXFLyQ
/DFRPXQLGDGGHOD]RQDHQTXHVHORFDOL]DUiHOSURJUDPDFX\RDSR\RXRSRVLFLyQGHSHQGHUi
GHOWLSRGHSURJUDPD\VXVH[SHFWDWLYDVRDSUHQVLRQHV
(OSURPRWRUDGHOSURJUDPDSHUVRQDRHQWLGDGTXLpQGHEHUtDVHUSRUGHILQLFLyQHOSULQFLSDO
LPSXOVRUGHODHMHFXFLyQGHOSURJUDPDORFXDOQRVLHPSUHHVFLHUWR
(OILQDQFLVWDGHOSURJUDPDSHUVRQDRHQWLGDGFX\RSULQFLSDOLQWHUpVVHUiTXHORVUHFXUVRVVH
LQYLHUWDQELHQ\VLVHWUDWDGHXQFUpGLWRTXHpVWHVHDUHSDJDGRRSRUWXQDPHQWH
/DV DXWRULGDGHV GH JRELHUQR \D VHDQ FRPXQDOHV SURYLQFLDOHV UHJLRQDOHV R QDFLRQDOHV FX\D
SRVLFLyQ\UROUHVSHFWRDOSURJUDPDGHSHQGHUiGHODIXQFLyQTXHGHVHPSHxHQ
*UXSRV HFRORJLVWDV TXH VH RSRQGUiQ D FXDOTXLHU SURJUDPD TXHLPSDFWHQHJDWLYDPHQWHHQHO
PHGLR\DSR\DUDQDTXHOORVTXHSURWHJHQRPHMRUDQHODPELHQWH
*UXSRVpWQLFRVLQWHUHVDGRVHQGHIHQGHUVXVGHUHFKRV\VXFXOWXUDRHQEXVFDUFRPSHQVDFLRQHV
SRUDEXVRVSDVDGRVRGLVFULPLQDFLyQDFWXDO
2UJDQL]DFLRQHVQRJXEHUQDPHQWDOHV21*FX\DSRVLFLyQUHVSHFWRDOSURJUDPDGHSHQGHUiGH
VXPLVLyQLQVWLWXFLRQDO
(PSUHVDVSURYHHGRUDVGHLQVXPRVGHOSURJUDPDRXVXDULDVGHORVELHQHVRVHUYLFLRVTXHpVWH
SURGXFLUiDVtFRPRWDPELpQDTXHOODVTXHVHYHUiQDIHFWDGDVSRUHOSURJUDPD
(Q FLHUWRV FDVRV SDtVHV OLPtWURIHV R OD FRPXQLGDG LQWHUQDFLRQDO HQ JHQHUDO WDPELpQ SRGUiQ
WHQHULQWHUHVHVUHVSHFWRDOSURJUDPD
'LVWLQWDV LJOHVLDV R JUXSRV UHOLJLRVRV SXHGHQ HVWDU LQWHUHVDGRV HQ HO SURJUDPD VL VH VLHQWHQ
DIHFWDGRVPDWHULDOPHQWHRGRFWULQDULDPHQWH
$VLPLVPR SXHGHQ MXJDU XQ URO LPSRUWDQWH SDUD HO SURJUDPD RUJDQLVPRV UHJXODGRUHV WDOHV
FRPRVHUYLFLRVGHVDQLGDGDJUtFRODDPELHQWDOVXSHULQWHQGHQFLDVGHVHUYLFLRVGLUHFFLyQGH
DHURQiXWLFDDXWRULGDGHVSRUWXDULDVHWF

&(3$/6HULH0DQXDOHV1
'HSHQGLHQGRGHODWLSRORJtDGHOSURJUDPDRWUDVRUJDQL]DFLRQHVRJUXSRVLQWHUHVDGRVSXHGHQ
VHUODSROLFtDODVIXHU]DVDUPDGDVSDUWLGRVSROtWLFRVRJUHPLRV
8VXDULRVGHOD]RQDHQTXHVHORFDOL]DUiHOSURJUDPDSRUHMHPSORWXULVWDVWDPELpQSRGUiQVHU
FRQVLGHUDGRVFRPRLQYROXFUDGRV
(QHO$QiOLVLVGH,QYROXFUDGRVVHWUDWDGHOHYDQWDUXQPDSDGHODVSHUVRQDVTXHHVWiQLQYROXFUDGDVHQ
XQDVLWXDFLyQSUREOHPD\HQDOJXQDVROXFLyQHQSDUWLFXODU(VWDVSHUVRQDVVHSXHGHQXELFDUHQXQDHVFDODTXH
YDGHVGHORVTXHWLHQHQIXHUWHLQWHUpVRPRWLYDFLyQHQUHVROYHUODVLWXDFLyQSUREOHPDSDVDSRUDTXpOORVTXHVRQ
LQGLIHUHQWHV\FRQFOX\HFRQODVSHUVRQDVTXHWLHQHQDOJXQDRSRVLFLyQ\DVHDDTXHHOSUREOHPDVHUHVXHOYDR
ORPiVSUREDEOHTXHVHUHVXHOYDGHGHWHUPLQDGDPDQHUD
',$*5$0$
0$3$'(,192/8&5$'26

(VWDVSHUVRQDVVLJQLILFDQIXHU]DVFRQWUDSXHVWDVFX\DUHVXOWDQWHGHWHUPLQDUiHOFXUVRGHDFFLyQD
WRPDU\ODYHORFLGDGRLQWHQVLGDGFRQTXHHOORRFXUUD$VtVLODVSHUVRQDVTXHVHRSRQHQDXQSURJUDPD
ORJUDQPRYLOL]DULQIOXHQFLDVPD\RUHVTXHTXLHQHVDSR\DQHOSURJUDPDORJUDUiQTXHpVWHVHSRVSRQJDR
TXHDERUWH8QHMHPSORGHHVWRHVODDFFLyQGHORVHFRORJLVWDVTXHVHRSRQHQDGHWHUPLQDGRVSUR\HFWRV
TXHDVXMXLFLRSXGLHUDQDOWHUDUVLJQLILFDWLYDPHQWHHOPHGLRDPELHQWH
(VWH WLSR GH VLWXDFLRQHV SXHGH GDUVH D IDYRU R HQ FRQWUD GH DOJXQD LQLFLDWLYD /D VLWXDFLyQ
HVSHFtILFD GHEH UHIOHMDUVH HQ HO UERO GHO 3UREOHPD FRPR XQD FDGHQD FDXVDO PiV HQ HO FDVR GH OD
RSRVLFLyQ \ HO DQiOLVLV GHEH SURIXQGL]DUVH KDVWD HO SXQWR HQ TXH VH HQFXHQWUDQ DFFLRQHV HVSHFtILFDV
PHGLDQWH ODV FXDOHV UHVROYHU OD FDGHQD FDXVDO QHJDWLYD (OOR LPSOLFD DJUHJDU HOHPHQWRV FRPR
PRGLILFDFLRQHV GH WUD]DGRV GH YtDV PHGLGDV GH SUHYHQFLyQ GH GHWHUPLQDGRV ULHVJRV FDPELRV GH
WHFQRORJtDVLQFOXVLyQGHEHQHILFLRVDGLFLRQDOHVXRWUDVVLPLODUHVGHVWLQDGDVDFDPELDUODFRUUHODFLyQGH
ODVIXHU]DVFRQWUDSXHVWDV

&(3$/6HULH0DQXDOHV1
(QWpUPLQRVGHLQVWUXPHQWRVPHWRGROyJLFRVORKDELWXDOHVSUHSDUDUXQFXDGURFRQGRVVHJPHQWRV
HOGHTXLHQHVVHRSRQHQDXQSUR\HFWRRSURJUDPD\HOGHOUHVWRGHLQYROXFUDGRVHVGHFLUORVTXHORV
DSR\DQ\ORVLQGLIHUHQWHV3DUDFDGDVHJPHQWRHVQHFHVDULRLGHQWLILFDUORVDUJXPHQWRVTXHVHHVJULPHQ\
DVLJQDUDOJ~QYDORUDFDGDXQRGHHOORVVLODVXPDGHORVYDORUHVGHODVIXHU]DVRSXHVWDVHVPD\RUHO
SURJUDPD R SUR\HFWR QR SURVSHUDUi 6H WUDWD HQWRQFHV GH DQDOL]DU OD PDQHUD FyPR FDPELDU HVD
FRUUHODFLyQGHIXHU]DV3DUDHOORODHVWUDWHJLDHVWULSDUWLWDLLQFUHPHQWDUODVIXHU]DVGHTXLHQHVDSR\DQ
LLVXPDUHQVHQWLGRSRVLWLYRDTXLHQHVVHPDQLILHVWDQLQGLIHUHQWHV\LLLPRGLILFDUORVDVSHFWRVFUtWLFRV
TXH FXHVWLRQDQ ORV RSRVLWRUHV GH PDQHUD GH DPLQRUDU VX UHVLVWHQFLD 6L HVWD HVWUDWHJLD WLHQH p[LWR HQ
DOJ~QPRPHQWRVHSRGUiGHVWUDEDUODVLWXDFLyQ\DTXHODFRUUHODFLyQHQWUHODVIXHU]DVIDYRUDEOHV\ODV
RSXHVWDVVHKDEUiPRGLILFDGR
8Q HMHPSOR GH OR VHxDODGR HV OD SHQ~OWLPD ILOD GHO FXDGUR TXH VH UHILHUH D TXH XQR GH ORV
LQYROXFUDGRVHOVLVWHPDEDQFDULRQRFUHHTXHHOVHFWRUGHPLFURHPSUHVDVSXHGDOOHJDUDVHUDWUDFWLYR
/DPDQHUDGHHQIUHQWDUHVWDDFWLWXGVHUtDODGHILQDQFLDUODSUXHEDGHWUDWDUFRQHVWRVQXHYRVFOLHQWHV
/DVFRQFOXVLRQHVGHO$QiOLVLVGH,QYROXFUDGRVGHEHQLQFRUSRUDUVHDOUEROGHO3UREOHPD\PiV
DGHODQWHDOUEROGH2EMHWLYRV
/RVHOHPHQWRVPHWRGROyJLFRVPHQFLRQDGRVUEROGHO3UREOHPD\$QiOLVLVGH,QYROXFUDGRVQR
VRQ GH GLItFLO DSOLFDFLyQ HQ OD PHGLGD TXH QR UHTXLHUHQ GH ODUJRV HVWXGLRV QL FXDQWLRVRV GDWRV
HVWDGtVWLFRV6yORUHTXLHUHQODGHFLVLyQGHFRQYHUVDUFRQODVSHUVRQDVTXHVDEHQGHOSUREOHPDSRUTXHOR
YLYHQGLDULDPHQWHRSRUTXHORKDQHVWXGLDGRSUHYLDPHQWH(OGLDJQyVWLFRQRSXHGHVHUUHDOL]DGRQLSRU
XQD VROD SHUVRQD QL PXFKR PHQRV HQ HO LQWHULRU GH XQ JDELQHWH VLQ VDOLU D UHFRJHU ORV DSRUWHV
SDUWLFLSDWLYRV GH TXLHQHV WLHQHQ DOJR TXH GHFLU DFHUFD GHO SUREOHPD \ VXV SRVLEOHV YtDV GH VROXFLyQ
3UHFLVDPHQWH HVWD FRQVXOWD SDUWLFLSDWLYD HV XQD GH ODV KHUUDPLHQWDV SDUD FDPELDU OD FRUUHODFLyQ GH
IXHU]DVGHORVLQYROXFUDGRVKDFHUTXHTXLHQHVVRQSDUWHGHOSUREOHPDVHDQWDPELpQSDUWHGHODVROXFLyQ
3RUHOFRQWUDULRODDXVHQFLDGHXQGLDJQyVWLFRDGHFXDGRUHDOL]DGRHQIRUPDPXOWLGLVFLSOLQDULD\
SDUWLFLSDWLYD DEUH PXFKDV GXGDV DFHUFD GH OD SHUWLQHQFLD GH ORV SURJUDPDV TXH EXVFDQ UHVROYHU XQ
GHWHUPLQDGRSUREOHPD/DLQVSLUDFLyQGHDOJXLHQTXHGLVHxDXQSURJUDPDVLQFRQWDUFRQXQGLDJQyVWLFR
SXHGH GDU PX\ EXHQRV UHVXOWDGRV SHUR WDPELpQ SXHGH JHQHUDU IUDFDVRV R UHVXOWDGRV PHGLRFUHV /D
H[SHULHQFLDGHRUJDQLVPRVLQWHUQDFLRQDOHVDYDODHVWHMXLFLRHOIUDFDVRGHORVSURJUDPDVTXHQRORJUDQ
UHVROYHUORVSUREOHPDVHVGHFLUSUREOHPDVTXHSHUPDQHFHQHQHOWLHPSRDSHVDUGHORVSURJUDPDVTXH
VHSRQHQHQSUiFWLFDHVWiHVWUHFKDPHQWHYLQFXODGRDODFDUHQFLDGHGLDJQyVWLFRVLGyQHRVHVSHFtILFRV\
DOGLVHxRGHSURJUDPDVHQIRUPDYROXQWDULVWD\HQDOJXQRVFDVRVFRUUXSWD
3RU HVR HQ HVWH 0DQXDO VH LQVLVWLUi XQD \ RWUD YH] TXH QLQJXQD GH ODV KHUUDPLHQWDV
PHWRGROyJLFDV TXH VH GHWDOODQ HV XQ VXVWLWXWR GHO GLDJQyVWLFR 7RGDV HOODV VRQ R SDUD UHDOL]DU HO
GLDJQyVWLFRRSDUDLPSOHPHQWDUVROXFLRQHVIXQGDPHQWDGDVHQHVHGLDJQyVWLFR6LQGLDJQyVWLFRQRKD\
0DUFR/yJLFR
4XLQWRSDVRFRQVWUXLUHOUEROGHO3UREOHPD
8QDYH]FRPSOHWDGRHOUEROGH&DXVDVHVWHSXHGHVHUXQLGRDOUEROGH(IHFWRVFUHDQGRDVtHOUEROGH
&DXVDVHIHFWRV R UERO GHO 3UREOHPD (Q HVWD HWDSD HV FRQYHQLHQWH YHULILFDU TXH QR DSDUH]FD XQD PLVPD
VLWXDFLyQFRPRFDXVD\HIHFWRDODYH]VLWXDFLyQEDVWDQWHIUHFXHQWH(QWDOFDVRKDEUiTXHUHYLVDUELHQTXHVH
TXLVRGHFLUDOGHILQLUGLFKDVLWXDFLyQ\YHUVLVHFDPELDODUHGDFFLyQGHXQDGHHOODVRVLVHRSWDSRUGHMDUODVyOR
FRPRFDXVDRVyORFRPRHIHFWR$FRQWLQXDFLyQVHSUHVHQWDHOiUEROGHOSUREOHPDFRUUHVSRQGLHQWHDODXQLyQ
GHOUEROGH(IHFWRV\GHOUEROGH&DXVDVGHOFXDUWRFDVRUHFXDGUR

&(3$/6HULH0DQXDOHV1
',$*5$0$
5%2/'(/352%/(0$

&XDQGR HO HTXLSR ORJUD DOFDQ]DU FRQVHQVR UHVSHFWR DO iUERO GHO SUREOHPD KDEUi DYDQ]DGR
PXFKtVLPRHQODSUHSDUDFLyQGHOSURJUDPD(QHIHFWRORVIUXWRVGHHVWHiUEROVRQP~OWLSOHV\DOLPHQWDQ
WRGRHOUHVWRGHOSURFHVRGHIRUPXODFLyQ\HYDOXDFLyQGHOSURJUDPD

&(3$/6HULH0DQXDOHV1
6H[WRSDVR,GHQWLILFDFLyQGHHVWUDWHJLDVSODXVLEOHV
GHVROXFLyQ
8QD YH] LGHQWLILFDGR HO SUREOHPD \ VXV SULQFLSDOHV IDFWRUHV FDXVDOHV ORV GHVFULWRV HQ HO UERO HV SRVLEOH
SODQWHDUVH DOJXQDV HVWUDWHJLDV DOWHUQDWLYDV SDUD UHVROYHUOR SXHVWR TXH EDVWDUtD FRQ VXSULPLU DOJXQD GH ODV
FDXVDVQHFHVDULDV\GHVGHOXHJRWRGDVODVLGHQWLILFDGDVFRPRVXILFLHQWHVSDUDSURYHHU\DXQDYtDGHVROXFLyQ
GHODVLWXDFLyQ6LORTXHVHSUHWHQGHHVUHVROYHULQWHJUDOPHQWHODVLWXDFLyQKDEUiTXHDFWXDUVREUHORVIDFWRUHV
FDXVDOHV PLHQWUDV TXH VL OR TXH VH EXVFD HV VyOR DOLYLDU ORV VtQWRPDV YLVLEOHV GHO SUREOHPD HO FDPSR GH
DFFLRQHV SRVLEOHV HV REYLDPHQWH PXFKR PD\RU 6L KXELHVH YDULRV IDFWRUHV FDXVDOHV LGHQWLILFDGRV FRPR
QHFHVDULRVSDUDODH[LVWHQFLDGHODVLWXDFLyQSUREOHPDVHWHQGUtDQGLYHUVDVHVWUDWHJLDVSRVLEOHVFDGDXQDGH
HOODVYLQFXODGDDODUHPRFLyQGHDOJXQRVGHORVIDFWRUHVFDXVDOHV
&DGD XQD GH ODV HVWUDWHJLDV LGHQWLILFDGDV GHEH VHU FDSD] GH GDU XQD UHVSXHVWD LQWHJUDO D OD
VLWXDFLyQSUREOHPDKDVWDUHVROYHUOD3RUHOORHVTXHHOSULPHUSDVRHQHOSURFHVRGHLGHQWLILFDFLyQGH
ODV VROXFLRQHV FRQVLVWH HQ OOHJDU D XQD GHILQLFLyQ GH FXiO HV OD VLWXDFLyQ IXWXUD GHVHDGD TXH VHUi
FRQVLGHUDGDVREUHWRGRSRUODFRPXQLGDGFRPRXQDVROXFLyQDFHSWDEOHDODVLWXDFLyQSUREOHPD1RHV
ORPLVPRSRUHMHPSORHQXQDVLWXDFLyQGHSREUH]DUXUDOSODQWHDUXQDVROXFLyQWHFQRFUiWLFDHQODFXDO
DOJXQDLQVWLWXFLyQGHVDUUROODGHWHUPLQDGRSURJUDPDKDVWDORJUDUTXHORVUHQGLPLHQWRVGHODSURGXFFLyQ
VHDQPiVDGHFXDGRVDODVSRWHQFLDOLGDGHVGHOVXHORSDUDOXHJRHQWUHJDUHOSUR\HFWRWHUPLQDGROODYHHQ
PDQR D ORV EHQHILFLDULRV TXH XQD VROXFLyQ SDUWLFLSDWLYD HQ OD FXDO MXQWR FRQ PHMRUDU ORV QLYHOHV
SURGXFWLYRV VH SURSHQGD D OD LQFRUSRUDFLyQ GLUHFWD GH ORV EHQHILFLDULRV HQ ODV GLIHUHQWHV HWDSDV GH
GHVDUUROORGHOSUR\HFWR
(Q HO SULPHU FDVR OD VLWXDFLyQ ILQDO FRQVLGHUDGD FRPR GHVHDEOH FRQWHPSODUi VRODPHQWH ORV DVSHFWRV
SURGXFWLYRV \ VH FRQVLGHUDUi UHVXHOWD OD VLWXDFLyQSUREOHPD DFWXDO FXDQGR HIHFWLYDPHQWH ORV VXHORV HVWpQ
SOHQDPHQWHDSURYHFKDGRV(QHOVHJXQGRFDVRORTXHVHFRQVLGHUDFRPRGHVHDEOHDOILQDOGHOSUR\HFWRHVDOJR
PiVFRPSOHMR\DTXHLQFOX\HWDQWRHOXVRPiVHILFLHQWHGHOUHFXUVRVXHORFRPRHODYDQFHVLPXOWiQHRHQOD
VXSHUDFLyQGHODPDUJLQDOLGDGGHORVEHQHILFLDULRV$OHVWDEOHFHUFRQFODULGDGFXiOHVODVLWXDFLyQILQDOTXHVH
FRQVLGHUDFRPRDFHSWDEOHSDUDODVLWXDFLyQSUREOHPDTXHGDHQPDUFDGRHOFXDGURGHUHIHUHQFLDSDUDHOHVWXGLR
GHODVSRVLEOHVHVWUDWHJLDVGHVROXFLyQ7RGDVHOODVGHEHQSDUWLUGHOPLVPRGLDJQyVWLFRSULRUL]DUHODWDTXHDORV
IDFWRUHVGHWHFWDGRVFRPRFDXVDQWHVGHODVLWXDFLyQSUREOHPD\SURSRQHUXQDWUD\HFWRULDDWUDYpVGHODFXDOVH
ORJUHOOHJDUDXQDVLWXDFLyQDFHSWDEOHFRPRVROXFLyQ
3RUHMHPSORVLHOGLDJQyVWLFRGHXQDPLFURUUHJLyQVHxDODUDQLYHOHVDSUHFLDEOHVGHSREUH]DUXUDO
SHVH D TXH ODV FRQGLFLRQHV QDWXUDOHV GH ORV VXHORV VXVFHSWLEOHV GH VHU H[SORWDGRV ORV KDFHQ
SRWHQFLDOPHQWHDSWRVSDUDODH[SORWDFLyQGHIUXWDOHVQDUDQMDVSRUHMHPSORTXHSXGLHUDQVHUYHQGLGRVD
EXHQSUHFLRSRUKDEHUGHPDQGDSRVLEOHGHSURGXFWRVFtWULFRVVHSXGLHUDVHxDODUTXHXQDVLWXDFLyQILQDO
GHVHDGD GHELHUD FRPSUHQGHU DO PHQRV GRV HOHPHQWRV ODV WLHUUDV RFXSDGDV HIHFWLYDPHQWH HQ OD
SURGXFFLyQ GH QDUDQMDV \ ORV KDELWDQWHV GH OD PLFURUUHJLyQ GLVSRQLHQGR GH XQ LQJUHVR PHGLR
GHWHUPLQDGRFRPRFRWDPtQLPD
)UHQWHDHVWDHVSHFLILFDFLyQFDEHQGLYHUVDVHVWUDWHJLDVSDUDOOHJDUDODVLWXDFLyQILQDO$OJXQDVGH
HOODVQRWRGDVUHFRPHQGDEOHVSXGLHUDQVHUSRUHMHPSOR
(O(VWDGRLQVWDODXQSRGHUFRPSUDGRUGHQDUDQMDV\RIUHFHXQSUHFLRGHVRVWpQDWUDFWLYRSDUD
TXHFDGDSURGXFWRUVHGHFLGDLQGLYLGXDOPHQWHDFDPELDUVXHVWUXFWXUDGHSURGXFFLyQDFWXDO\
VHGHGLTXHDORVQDUDQMDOHV

&(3$/6HULH0DQXDOHV1
(O %DQFR GH 'HVDUUROOR $JURSHFXDULR RIUHFH FUpGLWRV D WDVDV GH LQWHUpV FRQFHVLRQDULDV SDUD
WRGRV DTXHOORV SURGXFWRUHV TXH VHDQ EXHQRV VXMHWRV GH FUpGLWR \ TXH VH GHFLGDQ D SODQWDU
QDUDQMDOHV
/D &RUSRUDFLyQ GH 'HVDUUROOR 5HJLRQDO HVWDEOHFH XQ SUR\HFWR SDUD DJUXSDU D ORV SHTXHxRV
SURGXFWRUHV HQ XQD FRRSHUDWLYD D OD FXDO RIUHFH FUpGLWR \ DVLVWHQFLD WpFQLFD SDUD H[SORWDU
FtWULFRV
(O (VWDGR HVWLPXOD D OD HPSUHVD SULYDGD SDUD TXH DGTXLHUD WLHUUDV HQ OD PLFURUUHJLyQ \ SDUD
TXHLQVWDOHXQDDJURLQGXVWULDTXHSURFHVHFtWULFRV\JHQHUHHPSOHRVHQWUHORVSURGXFWRUHVTXH
YHQGLHURQVXVWLHUUDV\QRHPLJUDURQ
7RGDV HVDV HVWUDWHJLDV FXPSOHQ HQ FLHUWD PHGLGD FRQ ODV FRQGLFLRQHV SUHHVWDEOHFLGDV
HVSHFLDOPHQWH FRQ OD GH SRQHU ORV VXHORV D SURGXFLU QDUDQMDV SHUR GLILHUHQ HQ FXDQWR DO SDSHO GH ORV
SHTXHxRV SURGXFWRUHV HQ DOJXQDV GH HOODV VyOR VRQ DSR\DGRV ORV SURGXFWRUHV TXH WLHQHQ \D FLHUWD
FDSDFLGDG HPSUHVDULDO PLHQWUDV TXH HQ RWUDV HVWUDWHJLDV VH WUDWD GH HQFRQWUDU XQD VROXFLyQ TXH ORV
HQJOREH D WRGRV \ HQ RWUD ORV SHTXHxRV SURGXFWRUHV GHMDQ GH VHU WDOHV \ VH IDFLOLWD HO WUDVSDVR GH
SURSLHGDGGHODWLHUUDKDFLDHPSUHVDULRVGHYRFDFLyQDJURLQGXVWULDO
(O HMHPSOR PXHVWUD OD LPSRUWDQFLD TXH WLHQH XQD DGHFXDGD HVSHFLILFDFLyQ GH OR TXH VRQ ODV
H[SHFWDWLYDVGHVLWXDFLyQILQDOTXHSXHGDVHUFRQVLGHUDGDFRPRXQDVROXFLyQDODVLWXDFLyQSUREOHPD
6LORTXHVHHVSHUDEDFRPRVROXFLyQDSDUWLUGHOGLDJQyVWLFRHUDXQPHMRUDPLHQWRGHODVFRQGLFLRQHVGH
YLGDGHORVSHTXHxRVSURGXFWRUHVPDQWHQLHQGRVXFRQGLFLyQGHWDOHVODHVWUDWHJLDGHPRGHUQL]DFLyQGH
ODSURGXFFLyQYtDFDPELRVHQODSURSLHGDGGHODWLHUUDQRHV\DYiOLGD
8QDYH]GHFLGLGDODHVWUDWHJLDGHVROXFLyQODIRUPDOL]DFLyQGHHOODVHSXHGHIDFLOLWDUPHGLDQWHOD
FRQVWUXFFLyQ GH XQ GLDJUDPD HQ HO FXDO VH GHVFULEHQ ORV SDVRV TXH KDEUtD TXH UHFRUUHU SDUD OOHJDU DO
HVWDGRILQDORVROXFLyQ(VWHGLDJUDPDWDPELpQWLHQHODIRUPDGHiUEROSRUODSURJUHVLYDUDPLILFDFLyQ
TXH VH YD SUHVHQWDQGR D PHGLGD TXH VH GHVJORVD PiV ILQDPHQWH OD HVWUDWHJLD 6H OR GHQRPLQD
KDELWXDOPHQWH'HVJORVH$QDOtWLFRRUEROGH2EMHWLYRVSDUDOD6ROXFLyQ
',$*5$0$
5%2/'(2%-(7,9263$5$/$62/8&,1

(QHOHMHPSORODVLWXDFLyQUHVXHOWDSXHGHVHU3URGXFWRUHVYHQGLHQGRQDUDQMDVOD&RQGLFLyQ
SXHGH VHU OD GH UHJXODU OD GLVSRQLELOLGDG GH DJXD SDUD UHJDGtR OD&RQGLFLyQGHREWHQHUFUpGLWRVOD
&RQGLFLyQODGHRUJDQL]DUDORVEHQHILFLDULRVHWF

&(3$/6HULH0DQXDOHV1
&DGDXQDGHODVFRQGLFLRQHVGHODHVWUDWHJLDGHVROXFLyQGHEHVHUFXPSOLGDSOHQDPHQWHVLHVTXH
VHGHVHDORJUDUHOHVWDGRILQDO3DUDREWHQHUHOFXPSOLPLHQWRGHFDGDFRQGLFLyQVHGLVHxDXQDVHULHGH
DFFLRQHV LQGLFDGDV FRQ Q~PHURV 3RU HMHPSOR SDUD UHJXODU OD GLVSRQLELOLGDG GH DJXD KDEUi TXH
FRQVWUXLUSUHVDV\FDQDOHV\WHQGUiTXHHVWDEOHFHUVHXQUHJODPHQWRSDUDHOXVRGHODJXDHQWUH
RWUDVPHGLGDV
/D SUHSDUDFLyQ GH HVWRV HVTXHPDV HV WRGDYtD SDUWH GH OD HWDSD GH LGHQWLILFDFLyQ GH OD VLWXDFLyQ
SUREOHPD SXHV HOORV PXHVWUDQ OD UHODFLyQ TXH VH YLVOXPEUD HQWUH ORV REMHWLYRV \ ODV DFFLRQHV TXH VRQ
SODXVLEOHV\DTXHVLVHSURSXVLHUDQREMHWLYRVSDUDORVFXiOHVQRHVWXYLHUDFODUDODPDQHUDJOREDOGHDERUGDUORV
pVWRVQRVHUtDQYiOLGRV\VHWHQGUtDTXHFRQWLQXDUSURIXQGL]DQGRHQORVIHQyPHQRVFDXVDOHVGHODVLWXDFLyQ
SUREOHPDKDVWDOOHJDUDXQDVtQWHVLVGHODFXDOVHSXGLHUDQFRQFOXLUODVHVWUDWHJLDVYiOLGDV
6yORXQDYH]TXHVHOOHJDDHQXQFLDUHVWUDWHJLDVSODXVLEOHVHVSRVLEOHGDUSRUFRQFOXLGDODIDVHGH
LGHQWLILFDFLyQ SDUD VHJXLU OXHJR FRQ HO WUDEDMR GH HVSHFLILFDU PiV SUHFLVDPHQWH FDGD XQD GH ODV
HYHQWXDOHV VROXFLRQHV D ILQ GH HVFRJHU OXHJR OD PHMRU GH HOODV \ FRPSHWLU SRU ORV UHFXUVRV QHFHVDULRV
SDUDOOHYDUODDFDER

&(3$/6HULH0DQXDOHV1
(OPRGHORVLVWpPLFRGH
ODVROXFLyQ
/DIRUPDOL]DFLyQGHOPRGHORVLVWpPLFRGHVROXFLyQDOSUREOHPDGLDJQRVWLFDGR
VLJXH PX\ GH FHUFD HO PpWRGR GHVFULWR HQ OD VHFFLyQ DQWHULRU /D IRUPD GH
SURFHGHUKDELWXDOHVFRQVWUXLUHOUEROGHOD6ROXFLyQ
&RQVWUXFFLyQGHOUEROGHOD6ROXFLyQ
3DUDFRQVWUXLUHOUEROGHOD6ROXFLyQRUEROGH2EMHWLYRVVHSDUWHGHOUERO
GHO 3UREOHPD EXVFDQGR SDUD FDGD XQR GH ORV UHFXDGURV GH GLFKR iUERO OD
PDQLIHVWDFLyQFRQWUDULDDODVDOOtLQGLFDGDV6LDOJRIDOWDEDDKRUDH[LVWLUiVLXQ
ELHQ HVWDED GHWHULRUDGR DKRUD HVWDUi HQ EXHQDV FRQGLFLRQHV VL OD SREODFLyQ
VXIUtD\DQRORKDUiPiV7RGRORQHJDWLYRVHYROYHUiSRVLWLYRFRPRWRFDGR
SRUXQDYDULWDPiJLFDFRPRVLVHUHYHODUDHOQHJDWLYRGHXQDIRWRJUDItD
$O UHDOL]DU HVWH FDPELR ORV HIHFWRV QHJDWLYRV TXH JHQHUDED OD
H[LVWHQFLD GHO SUREOHPD SDVDUiQ D VHU ORV ILQHV TXH SHUVHJXLPRV FRQ OD
VROXFLyQ GH pVWH SRU HMHPSOR DOWD GHOLQFXHQFLD VH FRQYHUWLUi HQ EDMD R
PHQRUGHOLQFXHQFLD3RUVXSDUWHODVFDXVDVVHFRQYHUWLUiQHQORVPHGLRV
FRQ TXH GHEHUHPRV FRQWDU SDUD SRGHU VROXFLRQDU HIHFWLYDPHQWH HO
SUREOHPD SRU HMHPSOR IDOWDQ FRPSXWDGRUDV VH WUDQVIRUPDUi HQ KD\
VXILFLHQWHVFRPSXWDGRUDV

&(3$/6HULH0DQXDOHV1
$Vt SRU HMHPSOR D OD H[SUHVLyQ 7HFQRORJtD GHILFLHQWH FRUUHVSRQGHUtD XQ SRVLWLYR GH
7HFQRORJtDDGHFXDGD$ODGRSWDUVHHOSURFHGLPLHQWRPHWRGROyJLFRVHxDODGRHOUEROGHO3UREOHPDVH
FRQYLHUWHHQHOUEROGHOD6ROXFLyQ/DSUHJXQWDFRQGXFWRUDDKRUDQRHV3RUTXp"VLQRTXH&yPR"
/DWDEODVLJXLHQWHPXHVWUDSDUDHOHMHPSORORTXHHVWDPRVH[SRQLHQGR
&8$'52
&219(56,1'(352%/(0$$62/8&,1
3URGXFWRVGHEXHQD
FDOLGDG
7HFQRORJtDDGHFXDGD
3URJUDPDGHDVLVWHQFLDWpFQLFD
0HUFDGRDPSOLR
$SURYHFKDQRSRUWXQLGDGHVGH
QXHYRVPHUFDGRV
3URJUDPDGHDVLVWHQFLDWpFQLFD
0LFURHPSUHVDULRV
&RVWRUD]RQDEOHGHHVWXGLDUORV
FRPRSRVLEOHVFOLHQWHV
GHVDUUROODGRV
)LQDQFLDPLHQWRVXILFLHQWH
%DQFRVORVDWLHQGHQ
*DUDQWtDVVXILFLHQWHV
&UHHQFLDHQTXHHOVHFWRUHV
SRWHQFLDOPHQWHLQWHUHVDQWH
9HQWDVUHJXODUHV
7LHPSRGLVSRQLEOHSDUDEXVFDU
FOLHQWHV
3URJUDPDGH9HQGHU-XQWRV
(VGHQRWDUTXHKD\YHFHVHQTXHQRHVSRVLEOHKDFHUHVWHSDVRHQIRUPDPHFiQLFD\DTXHSRGUtD
UHVXOWDU DOJR VLQ VHQWLGR 7DO VHUtD HO FDVR HQ TXH HQ HO iUERO GHO SUREOHPD DSDUHFLHUD DOJR DVt FRPR
PLFURHPSUHVDULRV GHPDVLDGR MyYHQHV OR TXH QR SRGUtD WUDVODGDUVH PHFiQLFDPHQWH D
PLFURHPSUHVDULRV QRMyYHQHV (Q HVWRV FDVRV OR TXH KDEUtD TXH KDFHU HV HQWHQGHU TXH OR TXH HV XQ
REVWiFXORSDUDDWHQGHUDXQPLFURHPSUHVDULRVHUtDXQDSROtWLFDGHORVEDQFRVDFHUFDGHODHGDGGHVXV
FOLHQWHV\ORTXHFRUUHVSRQGHUtDFRPRQHJDFLyQGHODQHJDFLyQVHUtDPiVELHQHGDGQRHVUHTXLVLWR
SDUDHOFUpGLWR
(Q HO FDVR GHO HMHPSOR WHQHPRV TXH OD SULPHUD FROXPQD QRV GLFH 0LFURHPSUHVDULRV
GHVDUUROODGRV TXH HV HTXLYDOHQWH D 3UREOHPD UHVXHOWR 6L HVWD FROXPQD OH DSOLFDPRV OD SUHJXQWD
FRQGXFWRUDFyPR"2EWHQHPRVHQODVHJXQGDFROXPQDODVUHVSXHVWDVHOORVVHGHVDUUROODQFXDQGRLVXV
SURGXFWRVVRQGHEXHQDFDOLGDGLLVXVPHUFDGRVVRQDPSOLRVLLLFXHQWDQFRQILQDQFLDPLHQWRVXILFLHQWH
\LYVXVYHQWDVVRQUHJXODUHV1yWHVHTXHODPDQHUDGHHVFULELUODVGLVWLQWDVFHOGDVHVODGHHVWDGRV\D
DOFDQ]DGRVSRUHMHPSORPLFURHPSUHVDULRVGHVDUUROODGRVRILQDQFLDPLHQWRVXILFLHQWH1RVHWUDWDGH
FRORFDU DFFLRQHV GHO WLSR RWRUJDU ILQDQFLDPLHQWR VLQR GH KDEHU ORJUDGR UHVROYHU OR TXH HUD XQ
LPSHGLPHQWRSDUDHOPLFURHPSUHVDULR
$HVWDVHJXQGDFROXPQDDSOLFDPRVQXHYDPHQWHODSUHJXQWDFRQGXFWRUDSDUDDYHULJXDUFyPRHV
TXH VH REWXYLHURQ ORV HVWDGRV IDYRUDEOHV GH OD FROXPQD DQWHULRU 3RU HMHPSOR OD EXHQD FDOLGDG GH ORV
SURGXFWRV VH ORJUy PHGLDQWH OD VXVWLWXFLyQ GH OD WHFQRORJtD GHILFLHQWH SRU XQD DGHFXDGD \ HO
ILQDQFLDPLHQWRVXILFLHQWHVHORJUyPHGLDQWHHOKHFKRGHTXHDKRUDORVEDQFRVORVDWLHQGHQ&DGDXQD
GH HVWDV VROXFLRQHV D VX YH] DPHULWDQ QXHYDV DSOLFDFLRQHV GH OD SUHJXQWD FRQGXFWRUD EXVFDQGR
HVWDEOHFHU HO FyPR IXH TXH VH SDVy GH XQD WHFQRORJtD D OD RWUD FyPR VH YHQFLy OD UHVLVWHQFLD GH ORV
EDQFRVHWF/DVUHVSXHVWDVSXHGHQVHUVXILFLHQWHVSDUDLGHQWLILFDUODVDFFLRQHVTXHHVSRVLEOHSRQHUHQ
PDUFKDRSXHGHVHUQHFHVDULRFRQWLQXDUHODQiOLVLVUHSLWLHQGRODVSUHJXQWDVFRQGXFWRUDVKDVWDHQFRQWUDU
ORV FyPRV GH ORV FyPRV DQWHULRUHV HQ XQ SURFHVR SURJUHVLYR TXH VyOR VH GHWLHQH DO HQFRQWUDU
UHVSXHVWDVVDWLVIDFWRULDVDWRGDVODVUDPDVGHOiUERO(OQXHYRUEROGHOD6ROXFLyQUHVXOWDHQWRQFHV
HQ XQD VXFHVLyQ GH HVWDGRV TXH VH YDQ DOFDQ]DQGR SURJUHVLYDPHQWH D PHGLGD TXH VH DFW~D VREUH ORV
FyPR PiV EiVLFRV 6H HVWDEOHFH DVt XQD FRQFDWHQDFLyQ GH ORJURV TXH HQ FRQMXQWR OOHYDQ D GDU
VROXFLyQ DO SUREOHPD FHQWUDO RULJLQDO /R TXH HV PX\ LPSRUWDQWH GHVWDFDU HV TXH QR VH WUDWD GH YtDV
DOWHUQDWLYDVSDUDUHVROYHUHOSUREOHPDVLQRGHYtDVFRQFXUUHQWHV(VWRTXLHUHGHFLUTXHHOSUREOHPDWLHQH
VROXFLyQ SHUR TXH HVD VROXFLyQ LPSOLFD REWHQHU WRGRV \ FDGD XQR GH ORV ORJURV SDUFLDOHV TXH VH
LGHQWLILFDQHQHOiUERO

&(3$/6HULH0DQXDOHV1
(Q HO FDVR GHO HMHPSOR VL ORV PLFURHPSUHVDULRV REWXYLHUDQ DFFHVR DO EDQFR SHUR QR ORJUDUDQ
UHVROYHU HO WHPD GH ODV JDUDQWtDV VLPSOHPHQWH QR ORJUDUtDQ HO HVWDGR GH ILQDQFLDPLHQWR VXILFLHQWH
,JXDOPHQWH VL ORJUDUDQ HO ILQDQFLDPLHQWR SHUR VXV SURGXFWRV IXHVHQ GHILFLHQWHV VHJXLUtDQ HVWDQFDGRV
SRUQRSRGHUYHQGHU
3DUD FRORFDUOR HQ RWUR OHJXDMH FDGD FHOGD GHO iUERO GH OD VROXFLyQ HV XQD FRQGLFLyQ QHFHVDULD
SDUDUHVROYHUHOSUREOHPD6LFXDOTXLHUDGHHOODVIDOODRVHDWUDVDODVROXFLyQLQWHJUDOQRVHDOFDQ]DHO
SUREOHPDSXHGHPHMRUDUWHPSRUDOPHQWHSHURWDUGHRWHPSUDQRUHEURWDUi
&XDQGR VH WUDEDMD FRQ HO UERO GHO 3UREOHPD FRPSOHWR HV GHFLU FRQ HIHFWRV \ FDXVDV HO
SURFHGLPLHQWRHVHOPLVPRFRPRPXHVWUDHOGLDJUDPDVLJXLHQWHTXHVHUHILHUHDO&DVR/DVFDXVDVVH
FRQYLHUWHQHQPHGLRV\ORVHIHFWRVHQILQHV6HFUHDDVtHOUEROGH2EMHWLYRVRUEROGHOD6ROXFLyQ
',$*5$0$
5%2/'(2%-(7,926


&(3$/6HULH0DQXDOHV1
(VWH SURFHVR TXH SXHGH SDUHFHU PHFiQLFR \ VLPSOH QR OR HV WDQWR (Q HIHFWR HV IUHFXHQWH
HQFRQWUDUFDXVDVRHIHFWRVSDUDORVFXDOHVQRHVSRVLEOHFRQFHELUXQDPDQLIHVWDFLyQRSXHVWD(OORSXHGH
GHEHUVHDTXHKD\XQSUREOHPDHQHOUERO&DXVDV(IHFWRVHQFX\RFDVRpVWHGHEHUiVHUUHYLVDGR3HUR
SXHGHQH[LVWLUWDPELpQVLWXDFLRQHVSDUDODVFXDOHVQRHVUD]RQDEOHFRQVLGHUDUODPDQLIHVWDFLyQRSXHVWD
SRU HMHPSOR SDUD FUHFLPLHQWR SREODFLRQDO R SDUD IXHUWH H[SDQVLyQ GHO FRPHUFLR (Q WDOHV FDVRV
KDEUiTXHOLPLWDUVHDFRQVLJQDUODVLWXDFLyQHQHOUEROGHO3UREOHPDSHURQRVHODUHIOHMDUiHQHOUERO
GH2EMHWLYRV
$GHPiVHVHOPRPHQWRGHYHULILFDUODOyJLFDGHOUEROGH2EMHWLYRVHVGHFLUVLVLJXHQWHQLHQGR
VHQWLGRHQpVWHODVUHODFLRQHVFDXVDHIHFWRTXHGLHURQRULJHQDODHVWUXFWXUDGHOUEROGHO3UREOHPD6L
HOOR QR RFXUUH HV GHFLU VL QR VH PDQWLHQH OD UHODFLyQ GH FDXVDOLGDG HQ HO UERO GH EMHWLYRV VHUi
QHFHVDULRYROYHUDWUiV\UHYLVDUODOyJLFDGHODVUHODFLRQHVHQHOUEROGHO3UREOHPD
7DPELpQVXHOHRFXUULUTXHDOFRQVWUXLUHOUEROGH2EMHWLYRVHOHTXLSRGHOSURJUDPDVHSHUFDWH
GHTXHQRDSDUHFHHQpVWHDOJ~QHIHFWRSRVLWLYRTXHVHHVSHUDJHQHUHODVROXFLyQGHOSUREOHPDRELHQQR
DSDUH]FDDOJ~QPHGLRTXHFODUDPHQWHSRGUtDDSRUWDUDODVROXFLyQGHOSUREOHPD(QWDOFDVRWDPELpQVHUi
QHFHVDULRYROYHUDUHYLVDUODHVWUXFWXUDGHOiUEROHOSUREOHPD
'HILQLFLyQGHDFFLRQHV
8QD YH] FRPSOHWDGD OD UHYLVLyQ HO iUERO HO SUREOHPD \ GHO iUERO GH REMHWLYRV HO HTXLSR SRGUi SURFHGHU D
HVWXGLDU FRPR PDWHULDOL]DU ORV PHGLRV FX\D H[LVWHQFLD JDUDQWL]DUtD OD VROXFLyQ GHO SUREOHPD 3DUD HOOR HV
QHFHVDULR HVWXGLDU ORV GLVWLQWRV PHGLRV DQRWDGRV HQ HO iUERO GH REMHWLYRV FRQFHQWUiQGRVH HQ ORV GH QLYHO
LQIHULRU
3DUDFDGDXQDGHpVWRVGHEHUHPRVFRQVLGHUDUXQDDFFLyQRPiVGHXQDTXHVHDIDFWLEOHUHDOL]DU
SDUD FRQWDU HIHFWLYDPHQWH FRQ GLFKR PHGLR 3RU HMHPSOR VL HO PHGLR IXHVH SXSLWUHV HQ EXHQDV
FRQGLFLRQHVODDFFLyQSRGUtDVHUUHSDUDFLyQGHSXSLWUHV(QHOFDVRGHVDUUROODGRSUHFHGHQWHPHQWHODV
DFFLRQHVSRGUtDQVHUODVTXHVHSUHVHQWDQHQODVLJXLHQWHILJXUD
',$*5$0$
$&&,21(6


&(3$/6HULH0DQXDOHV1
8QDYH]LGHQWLILFDGDVODVDFFLRQHVHVFRQYHQLHQWHDQDOL]DUHQIRUPDSUHOLPLQDU\PX\JHQpULFD
ODYLDELOLGDGGHUHDOL]DUFDGDXQDGHHOODV(OORSXHGHOOHYDUDGHVFDUWDUFLHUWDVDFFLRQHVTXHFODUDPHQWH
QRVHUiSRVLEOHPDWHULDOL]DU3RUHMHPSORHQHOFDVRDQWHVSUHVHQWDGRSXHGHVHULPSRVLEOHSRUSUREOHPDV
WRSRJUiILFRVODFRQVWUXFFLyQGHXQDUHGGHDOFDQWDULOODGR
/XHJR VH GHEH DQDOL]DU HO QLYHO GH LQFLGHQFLD GH FDGD DFFLyQ HQ OD VROXFLyQ GHO SUREOHPD (V
GHFLU KD\ TXH HVWLPDU HQ TXp PHGLGD FDGD XQD GH ODV DFFLRQHV FRQWULEXLUtD D VROXFLRQDU HO SUREOHPD
&RQEDVHHQHVWDHVWLPDFLyQVHSRGUiQSULRUL]DUODVDFFLRQHVGHPD\RULQFLGHQFLD
$GHPiV HV QHFHVDULR HVWDEOHFHU VL ODV GLVWLQWDV DFFLRQHV VRQ FRPSOHPHQWDULDV R VXVWLWXWDV 'RV
DFFLRQHV VHUiQ FRPSOHPHQWDULDVVLDOUHDOL]DUDPEDVVHORJUDVROXFLRQDUHQPD\RUPHGLGDHOSUREOHPD
TXHVLVHUHDOL]DVyORXQDGHHOODV6HUiQVXVWLWXWDVFXDQGRFRQWULEX\DQHQVLPLODUPHGLGDDODVROXFLyQ
GHOSUREOHPD\VXHMHFXFLyQFRQMXQWDQRWHQJDVHQWLGRRQRFRQWULEX\DDVROXFLRQDUHQPD\RUPHGLGDHO
SUREOHPD
&RQILJXUDFLyQGHDOWHUQDWLYDVGHSURJUDPD
3DUD FRQILJXUDU ODV GLVWLQWDV DOWHUQDWLYDV GH VROXFLyQ GHO SUREOHPD VH DJUXSDUiQ DFFLRQHV
FRPSOHPHQWDULDV &DGD DFFLyQ VXVWLWXWD MXQWR FRQ ODV TXH OH VHDQ FRPSOHPHQWDULDV GDUi RULJHQ DXQD
DOWHUQDWLYDGHSURJUDPD3DUDDOJXQDVGHODVDFFLRQHVDQWHVGHILQLGDVDOWHUQDWLYDVGHSUR\HFWRSRGUtDQ
JHQHUDUVHFRPRVHLQGLFDHQODILJXUDVLJXLHQWH
',$*5$0$
&21),*85$&,1'($/7(51$7,9$6

8QD YH] GHILQLGDV ODV DOWHUQDWLYDV GH VROXFLyQ VH GHEHUi DQDOL]DU HQ IRUPD SUHOLPLQDU OD
IDFWLELOLGDG GH FDGD XQD 3DUD HOOR HV FRQYHQLHQWH GLVFXWLU HQ HO HTXLSR GHO SURJUDPD FDGD DOWHUQDWLYD
FRQVLGHUDQGRORVVLJXLHQWHVDVSHFWRV
9LDELOLGDGWpFQLFDGHFRQVWUXLUODRLPSOHPHQWDUOD
$FHSWDELOLGDGGHODDOWHUQDWLYDSRUODFRPXQLGDG
)LQDQFLDPLHQWRUHTXHULGRYHUVXVGLVSRQLEOH
&DSDFLGDGLQVWLWXFLRQDOSDUDHMHFXWDU\DGPLQLVWUDUODDOWHUQDWLYDGHSURJUDPD
,PSDFWRDPELHQWDO

&(3$/6HULH0DQXDOHV1
(VWH SULPHU DQiOLVLV SHUPLWLUi GHVFDUWDU UiSLGDPHQWH DTXHOODV DOWHUQDWLYDV TXH SRU XQR X RWUR
PRWLYR VHDQ FODUDPHQWH QR YLDEOHV (OOR DKRUUDUi WUDEDMR DO HTXLSR FXDQGR ODVGLVWLQWDVDOWHUQDWLYDVGH
SURJUDPDGHEDQVHUDQDOL]DGDVHQGHWDOOH
5HFDSLWXODQGRHQWRQFHVLGHQWLILFDUODVROXFLyQDODVLWXDFLyQSUREOHPDHVXQSURFHVRTXHVLJXH
PX\GHFHUFDODPDQHUDFRPRVHH[SUHVDHOGLDJQyVWLFR6LQHVHGLDJQyVWLFRQRVHSXHGHFRQVWUXLUXQD
VROXFLyQUHDODOSUREOHPD/DVROXFLyQTXHVHLGHQWLILTXHGHEHVHUXQDVXFHVLyQGHHVWDGRVLQWHUPHGLRV
TXH VH ORJUDQ D SDUWLU GH XQD R PiV LQWHUYHQFLRQHV &DGD LQWHUYHQFLyQ SDUWLFXODU JHQHUD XQR R PiV
HIHFWRV ORV TXH D VX YH] JHQHUDQ QXHYRV HIHFWRV KDVWD TXH VH FRPSOHWD HO WRWDO GH FRQGLFLRQHV
QHFHVDULDVSDUDTXHHOSUREOHPDTXHGHUHVXHOWR
(OUEROGHOD6ROXFLyQHVHOGLDJUDPDPDHVWURGHOSODQGHDFFLyQSDUDUHVROYHUHOSUREOHPDOR
TXH FRQVWLWX\H HO PDUFR JOREDO SDUD TXH FDGD XQR GH ORV LQYROXFUDGRV HQ OD VROXFLyQ GHO SUREOHPD
FRQR]FD OD HVWUDWHJLD JHQHUDO GH VROXFLyQ UHFRQR]FD HQ HOOD VX SURSLR SDSHO \ FXHQWH FRQ OD FDUWD GH
QDYHJDFLyQSDUDGLVFXWLUFRQHOUHVWRHODYDQFH\ORVORJURVTXHVHYDQWHQLHQGRHQHOWLHPSRDPHGLGD
TXHVHYDQGDQGRODVLQWHUYHQFLRQHV
,QFRUSRUDFLyQGHOPDUFRLQVWLWXFLRQDO
8QD YH] ILQDOL]DGR HO SURFHVR GH LGHQWLILFDFLyQ GHO PRGHOR GH VROXFLyQ GHO SUREOHPD HO UERO GH
2EMHWLYRVSDUDOD6ROXFLyQORTXHFRUUHVSRQGHHVODFRQVWUXFFLyQGHXQDKHUUDPLHQWDGHJHVWLyQFDSD]
GH YLQFXODU OD YLVLyQ JOREDO VLVWpPLFD GH OD VROXFLyQ GHO SUREOHPD FRQ OD YLVLyQ JHUHQFLDO GH ORV
HQFDUJDGRVGHOOHYDUDGHODQWHFDGDXQDGHODVLQWHUYHQFLRQHVTXHVRQSDUWHGHODVROXFLyQ6yORXQDYH]
TXHVHKDDVLJQDGRODVUHVSRQVDELOLGDGHVGHFDGDLQWHUYHQFLyQHVSRVLEOHFRQWLQXDUHOSURFHVRJHQHUDO\
FRURQDUORFRQODLGHQWLILFDFLyQGHO0DUFR/yJLFRGHFDGDLQWHUYHQFLyQ\VXLQVWUXPHQWRGHJHVWLyQOD
0DWUL]GHO0DUFR/yJLFR
3DUD HOOR HO SULPHU SDVR HV YROYHU DO UERO GH 2EMHWLYRV SDUD DJUHJDU HO HOHPHQWR FODYH SDUD
LPSOHPHQWDU OD VROXFLyQ HQ HO PXQGR UHDOHOPRGHORLQVWLWXFLRQDO$TXtSDUDVHUFRQVHFXHQWHVFRQHO
HQIRTXH PHWRGROyJLFR TXH KHPRV HVWDGR GHVDUUROODQGR OD SUHJXQWD FRQGXFWRUD \D QR HV 3RU TXp" QL
&yPR"VLQR4XLpQ"/DDSOLFDFLyQGHHVWDSUHJXQWDFRQGXFWRUD\DQRWLHQHPXFKRVHQWLGRKDFHUODD
OR ODUJR GH WRGR HO UERO GH 2EMHWLYRV SDUD OD 6ROXFLyQ VLQR PiV ELHQ HQ OD SDUWH DOHGDxD D ODV
LQWHUYHQFLRQHVGLUHFWDV
/DVHOHFFLyQGHOPRGHORLQVWLWXFLRQDOHVXQDGHFLVLyQPX\GHOLFDGDGHODFXDOGHSHQGHHQJUDQ
PHGLGDHOp[LWRRHOIUDFDVRGHODVROXFLyQDOSUREOHPD8QDGHFLVLyQHUUyQHDHQHVWHiPELWRVXHOHWHQHU
GRORURVDV FRQVHFXHQFLDV 3HVH D OR LPSRUWDQWH GHO WHPD HVWH HV WDQ YDVWR TXH QR HVSRVLEOHWUDWDUORD
IRQGRHQHVWHPDQXDO
9ROYLHQGRDOHMHPSORVLHQHOUEROGH2EMHWLYRVKD\LQWHUYHQFLRQHVGLYHUVDVKDEUiTXHWRPDU
GHFLVLRQHVDFHUFDGHFXiOVHUiODHVWUDWHJLDLQVWLWXFLRQDOSDUDLPSOHPHQWDUODVROXFLyQ/DVRSFLRQHVGH
HVWUDWHJLDVSXHGHQVHUPXFKDV\YDULDGDV(QWpUPLQRVJHQHUDOHVHOODVVHXELFDQHQXQDUFRTXHYDGHVGH
HO H[WUHPR HQ TXH KD\ VyOR XQD LQVWLWXFLyQ TXH VH KDFH FDUJR GHO WRWDO GHO SDTXHWH GH LQWHUYHQFLRQHV
KDVWD HO RWUR H[WUHPR HQ TXH FDGD LQWHUYHQFLyQ VH DVLJQD D DOJXQD LQVWLWXFLyQ HVSHFLDOL]DGD HQ OD
PDWHULDTXHGDQGRRQRDOJXQDLQVWLWXFLyQDFDUJRGHODFRRUGLQDFLyQGHOFRQMXQWR
'HVSXpV GH DVLJQDGDV ODV UHVSRQVDELOLGDGHV SRU FDGD LQWHUYHQFLyQ VXSRQGUHPRV TXH D LQVWLWXFLRQHV
HVSHFLDOL]DGDVGLVWLQWDVODVROXFLyQGHOSUREOHPDLPSOLFDTXHFDGDUHVSRQVDEOHFXHQWHFRQXQLQVWUXPHQWRTXH
OHV UHFXHUGH FXiOHV VRQ VXV FRPSURPLVRV IUHQWH D OD VROXFLyQ GHO SUREOHPD D OD YH] TXH VHD FDSD] GH
PDQWHQHUORDOGtDHQHODYDQFHGHORVGHPiVLQYROXFUDGRVHQODVROXFLyQ3DUDHVRVILQHVYROYHPRVDOUEROGH
2EMHWLYRV HQ HO FXDO \D DSDUHFH OD DVLJQDFLyQ GH UHVSRQVDELOLGDGHV \ DLVODPRV HQ pO OD UDPD HQ OD FXDO VH
LQVHUWDODLQWHUYHQFLyQGHXQRGHORVUHVSRQVDEOHV

&(3$/6HULH0DQXDOHV1
(QHOFDVRGHOHMHPSORGHORVPLFURHPSUHVDULRVHOLMDPRVODUDPDGHODDVLVWHQFLDWpFQLFDGHWLSR
WHFQROyJLFRSULPHUDILODHQHOFXDGUR\HQHO6XSRQJDPRVTXHHVDUDPDVHDVLJQDDXQKLSRWpWLFR
,QVWLWXWRGH7UDQVIHUHQFLD7HFQROyJLFD,77&XiOHVHOFRPSURPLVRGHO,77"/ROHHPRVHQHOiUERO
GH OD VROXFLyQ /RV PLFURHPSUHVDULRV DGRSWDQ XQD WHFQRORJtD DGHFXDGD (VWH ORJUR FRQVWLWX\H HO
3URSyVLWR GH OD LQWHUYHQFLyQ TXH UHDOL]D HO ,77 \SDUDTXHHOSUREOHPDVHORJUHUHVROYHUHO,77GHEH
UHVSRQGHUSRUDOFDQ]DUOR
1yWHQVH GRV FRVDV PX\ LPSRUWDQWHV L TXH HO ,77 QR SXHGH HVFRJHU HO SURSyVLWR GH VX
LQWHUYHQFLyQ \D TXH pVWH TXHGD GDGR DQWHV GH TXH VH GHFLGLHUD VX SDUWLFLSDFLyQ \ LL TXH OD
UHVSRQVDELOLGDGGHO,77QRVHIRUPXODFRPRVXPLQLVWUDUDVLVWHQFLDWpFQLFD\DTXHHOYHUERGHQRWDXQD
DFFLyQ \ QR XQ HVWDGR DOFDQ]DGR 7DPSRFR VHUYLUtD PRGLILFDU OD IUDVH \ SUHVHQWDUOD FRPR DVLVWHQFLD
WpFQLFD VXPLQLVWUDGD \D TXH pVWD QR HV XQD FRQGLFLyQ SDUD OD UHVROXFLyQ GHO SUREOHPD /D
UHVSRQVDELOLGDGGHO,77OOHJDKDVWDTXHHIHFWLYDPHQWHORVPLFURHPSUHVDULRVDGRSWDQHLPSOHPHQWDQXQD
WHFQRORJtDDGHFXDGD
7RGRVORVHVIXHU]RVSDUDORJUDUHVWDLPSOHPHQWDFLyQVRQVyORHVRHVIXHU]RVSHURHOSUREOHPDQR
VHUHVXHOYHFRQSXURVHVIXHU]RVVLQRFRQHVIXHU]RVTXHREWLHQHQUHVXOWDGRVHOSURSyVLWRTXHHQHVWH
FDVRHVFRPRVHGLMRTXHORVPLFURHPSUHVDULRVUHDOPHQWHXWLOL]DQODWHFQRORJtDDGHFXDGD
(QODVGHPiVUDPDVODVLWXDFLyQGHUHVSRQVDELOLGDGHV\GHSURSyVLWRVHVVLPLODUFRPRORPXHVWUD
HOFXDGURVLJXLHQWH
&8$'52
5(63216$%,/,'$'(6<35236,726'(/$6,17(59(1&,21(63255$0$'(/5%2/
'(/$62/8&,1
5DPD
5HVSRQVDEOH
3URSyVLWR
&DOLGDGGHSURGXFWRV
,QVWLWXWRGHWUDQVIHUHQFLDGHWHFQRORJtD
,77
0LFURHPSUHVDULRVDSOLFDQWHFQRORJtD
DGHFXDGD
&RQRFLPLHQWRGHPHUFDGRV
,QVWLWXWRGHFRPHUFLDOL]DFLyQ,&
0LFURHPSUHVDULRVDSURYHFKDQ
RSRUWXQLGDGHVGHQXHYRVPHUFDGRV
$WHQFLyQEDQFDULD
0LQLVWHULRGHILQDQ]DV0,),1
%DQFRVILQDQFLDQUHJXODUPHQWHD
PLFURHPSUHVDULRV
9HQWDVUHJXODUHV
3URJUDPDGHIRPHQWRSURGXFWLYR3)3
0LFURHPSUHVDULRVFRPHUFLDOL]DQHQ
FRQMXQWR
(OFXDGURPXHVWUDHOPDUFRGHUHODFLRQHVHQWUHODVLQVWLWXFLRQHVTXHSDUWLFLSDQHQODVROXFLyQ
3RUORWDQWRHVXQDKHUUDPLHQWDTXHSXHGHXWLOL]DUVHSDUDILQHVGHFRRUGLQDFLyQ6LQHPEDUJRSDUDVX
PHMRU XVR HO FXDGUR VH DFRVWXPEUD PRGLILFDUOR SDUD GHMDUOR FRPR SDUWH GH XQD HVSHFLH GH DJHQGD
LQGLYLGXDO /D WUDQVIRUPDFLyQ OOHYD D XWLOL]DU GRV FROXPQDV XQD SDUD ODV UHVSRQVDELOLGDGHV SURSLDV \
RWUDSDUDODVH[SHFWDWLYDVRVXSXHVWRVTXHVHIRUPXODQDFHUFDGHORVDSRUWHVGHODVGHPiVLQVWLWXFLRQHV
6HDFRVWXPEUDWDPELpQDQRWDUHO)LQFRP~QTXHORVXQHTXHHQHOFDVRGHOHMHPSORHVORJUDUTXHORV
PLFURHPSUHVDULRVVHGHVDUUROOHQ
7RPDQGRHOFDVRGHO0LQLVWHULRGH)LQDQ]DVFRPRHMHPSORHOFXDGURGHUHVSRQVDELOLGDGHVWRPD
ODVLJXLHQWHIRUPD

&(3$/6HULH0DQXDOHV1
&8$'52
0$5&2'(5(63216$%,/,'$'(6'(/0,1,67(5,2'(),1$1=$6
2UJDQLVPRUHVSRQVDEOH
0LQLVWHULRGH)LQDQ]DV
)LQ
2EMHWLYRV
6XSXHVWRV
0LFURHPSUHVDULRVGHVDUUROODGRV

,77ORJUDTXH0LFURHPSUHVDULRVDSOLTXHQ
WHFQRORJtDDGHFXDGD
%DQFRVILQDQFLDQUHJXODUPHQWHD
PLFURHPSUHVDULRV
3URSyVLWR
,&ORJUDTXH0LFURHPSUHVDULRVDSURYHFKHQ
3)3ORJUDTXH0LFURHPSUHVDULRVFRPHUFLDOLFHQ
HQFRQMXQWR
,JXDO FRQVWUXFFLyQ SXHGH KDFHUVH SDUD FDGD XQDGHODVLQVWLWXFLRQHVLQYROXFUDGDVHQODVROXFLyQ

GHO SUREOHPD GH DFXHUGR FRQ HO UERO GH 2EMHWLYRV TXH VH FRQVWUX\y D SDUWLU GHO GLDJQyVWLFR 3RU
VLPSOLFLGDGVyORSUHVHQWDUHPRVHOPDUFRGHUHVSRQVDELOLGDGHVGHO3)3
&8$'52
0$5&2'(5(63216$%,/,'$'(6'(/352*5$0$'()20(172352'8&7,92
2UJDQLVPRUHVSRQVDEOH
3URJUDPDGH)RPHQWR
3URGXFWLYR
)LQ
2EMHWLYRV
6XSXHVWRV

WHFQRORJtDDGHFXDGD
3URSyVLWR
0LFURHPSUHVDULRVGHOPLVPRUXEUR\
UHJLyQFRPHUFLDOL]DQHQFRQMXQWR
0,),1ORJUDTXHORVEDQFRVILQDQFLHQ
UHJXODUPHQWHDPLFURHPSUHVDULRV
,QVWUXPHQWRVFRPRORVGHORVFXDGURVDQWHULRUHVVRQORVTXHSHUPLWHQPDQWHQHUODFRKHUHQFLDGH
ODV GLVWLQWDV LQVWLWXFLRQHV TXH SDUWLFLSDQ HQ OD VROXFLyQ SUREOHPD (O PLVPR WLSR GHFXDGURVVHXWLOL]D
DGHPiVSDUDFRPSOHWDUHOPDUFRGHODLQWHUYHQFLyQDJUHJDQGRLQIRUPDFLyQDFHUFDGHODPDQHUDFRPR
FDGD LQVWLWXFLyQ UHVSRQVDEOH SLHQVD FXPSOLU FRQ VX FRPSURPLVR R 3URSyVLWR 3DUD HOOR VHGHILQHQGRV
QXHYDVILODVTXHVHDJUHJDQGHEDMRGHO3URSyVLWR
(QODSULPHUDGHODVQXHYDVOtQHDVVHGHWDOODQORVELHQHVRVHUYLFLRVTXHHOUHVSRQVDEOHYDDSRQHU
DGLVSRVLFLyQGHODSREODFLyQTXHWLHQHHOSUREOHPD3RUFRQYHQFLyQHVWRVELHQHV\VHUYLFLRVUHFLEHQHO
QRPEUHFRP~QGH&RPSRQHQWHV(QOD~OWLPDOtQHDVHGHWDOODQODV$FWLYLGDGHVQHFHVDULDVSDUDSURGXFLU
HVRVELHQHVRVHUYLFLRV9HDPRVQXHYDPHQWHORVFDVRVGHO,77\GHO,&

&(3$/6HULH0DQXDOHV1
&8$'52
0$5&2'(5(63216$%,/,'$'(6'(/,167,7872'(75$16)(5(1&,$7(&12/*,&$
2UJDQLVPR
UHVSRQVDEOH,QVWLWXWR
GH7UDQVIHUHQFLD
7HFQROyJLFD
)LQ
2EMHWLYRV
6XSXHVWRV

WHFQRORJtDDGHFXDGD
3URSyVLWR
0,),1ORJUDTXHORV%DQFRVILQDQFLHQ
3)&ORJUDTXH0LFURHPSUHVDULRVGHOPLVPR
UXEUR\UHJLyQFRPHUFLDOLFHQHQFRQMXQWR
&DSDFLWDFLyQGHPLFURHPSUHVDULRV
&RPSRQHQWHV
$VLVWHQFLD7pFQLFDHQHOOXJDUGHWUDEDMR
/tQHDWHOHIyQLFDSDUDFRQVXOWDVXUJHQWHV
'LVHxRGHFRQWHQLGRGHORVFXUVRV
3UHSDUDFLyQGHPDWHULDOGHDSR\R
2UJDQL]DFLyQGHYLVLWDVJXLDGDVDXVXDULRV
HVWDEOHFLGRVGHODWHFQRORJtD
5HFOXWDPLHQWRGHPLFURHPSUHVDULRV
5HDOL]DFLyQGHORVFXUVRV
(YDOXDFLyQWUDVPHVHVGHKDEHUFRQFOXLGR
'LDJQyVWLFRGHOOXJDUGHWUDEDMRGHFDGD
PLFURHPSUHVDULR
$FWLYLGDGHV
(ODERUDFLyQGHSODQGHWUDEDMRSDUDFDGD
PLFURHPSUHVD
(MHFXFLyQGHOSODQGHWUDEDMR
(YDOXDFLyQGHOGRPLQLRGHODWHFQRORJtD
2UJDQL]DFLyQGHOVLVWHPDGHDWHQFLyQGHOD
OtQHDWHOHIyQLFD
3XHVWDHQPDUFKDGHODDVLVWHQFLDWHOHIyQLFD
&8$'52
0$5&2'(5(63216$%,/,'$'(6'(/,167,7872'(&20(5&,$/,=$&,1
2UJDQLVPR
UHVSRQVDEOH,QVWLWXWR
GH&RPHUFLDOL]DFLyQ
)LQ
2EMHWLYRV
6XSXHVWRV

WHFQRORJtDDGHFXDGD
3URSyVLWR
0LFURHPSUHVDULRVGHOPLVPRUXEUR\UHJLyQ
FRPHUFLDOL]DQHQFRQMXQWR
0,),1ORJUDTXHORV%DQFRVILQDQFLHQ
&RPSRQHQWHV
$FWLYLGDGHV

&DSDFLWDFLyQVREUHIRUPDVGHRUJDQL]DFLyQ
DVRFLDWLYD

$SR\ROHJDOSDUDODFRQVWLWXFLyQGHJUXSRV
DVRFLDGRV

$VLVWHQFLDWpFQLFDSDUDODRSHUDFLyQ
/DVQHFHVDULDVSDUDSURGXFLUFDGDFRPSRQHQWH

&(3$/6HULH0DQXDOHV1
(QHO~OWLPRFXDGURVHRPLWLyHOGHWDOOHODVDFWLYLGDGHVVRODPHQWHSDUDDOLJHUDUODH[SRVLFLyQ
/RV FXDGURV DQWHULRUHV IRUPDQ \D OD SDUWH PHGXODU GHO 0DUFR /yJLFR GH FDGD LQWHUYHQFLyQ
DXQTXH SDUD FRPSOHWDU HO PRGHOR IDOWD DJUHJDU PiV HOHPHQWRV TXH HQULTXHFHQ HO LQVWUXPHQWR FRPR
KHUUDPLHQWD GH JHVWLyQ TXH GHEHQ PDQHMDU TXLHQHV SDUWLFLSDQ HQ OD LQWHUYHQFLyQ GHQWUR GH FDGD
LQVWLWXFLyQUHVSRQVDEOH
(OSULPHUHOHPHQWRTXHVHGHEHDJUHJDUHVHOUHIHUHQWHDQXHYRVVXSXHVWRVVLORVKXELHUDTXH
FRQGLFLRQHQ OD UHODFLyQ HQWUH ORV &RPSRQHQWHV \ HO 3URSyVLWR (Q HO FXDGUR SRU HMHPSOR KD\ XQ
HOHPHQWR PX\ LPSRUWDQWH TXH QR DSDUHFH GH PDQHUD H[SOtFLWD HO LQWHUpV \ GLVSRVLFLyQ GH ORV
PLFURHPSUHVDULRVSDUDPRGLILFDUVXWHFQRORJtD'HHVWHLQWHUpVGHORVPLFURHPSUHVDULRVGHSHQGHTXHHO
SURJUDPD GHFDSDFLWDFLyQ\DVLVWHQFLDWpFQLFDTXHVHRIUHFHWHQJDFOLHQWHODGLVSXHVWDDWRPDUOR6LQR
H[LVWHVXILFLHQWHLQWHUpVRVLQRVHKXELHVHUHDOL]DGRXQDGLIXVLyQDGHFXDGDHOSURJUDPDQRWHQGUtDFRQ
TXLHQWUDEDMDU
(VWDVVRQGRVVLWXDFLRQHVGLIHUHQWHVDVLODGLIXVLyQGHOSURJUDPDQRTXHGyFODUDPHQWHDVLJQDGD
DDOJXQDLQVWLWXFLyQHOSXQWRGHEHVHUDFODUDGRRELHQVHDVLJQDDO,77HQFX\RFDVRODGLIXVLyQGHEH
LQFOXLUVHFRPRDFWLYLGDGRVHDVLJQDDDOJXLHQGLIHUHQWHHQFX\RFDVRGHEHDSDUHFHUFRPRVXSXHVWRHO
3URJUDPDGH'LIXVLyQ6RFLDOUHDOL]DODGLIXVLyQVXILFLHQWHE(OLQWHUpVGHORVPLFURHPSUHVDULRVQRHV
DVLJQDEOH D QDGLH \ GHEH SHUPDQHFHU FRPR XQ 6XSXHVWR DXQTXH FODUDPHQWH HO SURJUDPD GH GLIXVLyQ
SXHGHKDFHUPXFKRSRUHVWLPXODUHVWHLQWHUpV
7DO FRPR HQ ORV HMHPSORV TXH KHPRV GDGR HV QHFHVDULR HVSHFLILFDU WRGDV \ FDGD XQD GH ODV
FRQGLFLRQHVTXHVRQH[WHUQDVDODLQVWLWXFLyQUHVSRQVDEOH\TXHSXGLHUDQDIHFWDUODREWHQFLyQGHOp[LWR
GHOREMHWLYRTXHTXHGDHQODILODLQPHGLDWDPHQWHVXSHULRU(VWDVFRQGLFLRQHVVRQORVULHVJRVTXHWLHQHHO
SURJUDPD3DUDHYLWDUDPELJHGDGHVHQORV6XSXHVWRVVHFRORFDHOYDORUIDYRUDEOHGHODVFRQGLFLRQHV
(VGHFLUHQHOHMHPSORVLHOULHVJRHVTXHQRKD\DLQWHUpVHQVXILFLHQWHVPLFURHPSUHVDULRVHO6XSXHVWR
HVTXHKD\DVXILFLHQWHVPLFURHPSUHVDULRVLQWHUHVDGRVHQPRGLILFDUVXWHFQRORJtD
/DLGHQWLILFDFLyQGHWRGRV\FDGDXQRGHORVULHVJRVTXHWLHQHODVROXFLyQGHOSUREOHPDTXHVHKD
GLVHxDGRVHSXHGHUHDOL]DUGHPDQHUDVLVWHPiWLFDPHGLDQWHODSUHJXQWDFRQGXFWRUD6HREWHQGUi"(VWR
HVVXPDGRVWRGRVORVFRPSRQHQWHVVHREWHQGUiHOSURSyVLWR"RVXPDGDVWRGDVODVDFWLYLGDGHVTXHVH
UHODFLRQDQ FRQ XQ FRPSRQHQWH VH REWHQGUi HVH FRPSRQHQWH" $ PHQXGR HQ XQD SULPHUD YXHOWD ODV
UHVSXHVWDVVRQQHJDWLYDVFRPRVHxDODHOHMHPSORTXHRUJDQL]DUFXUVRVQRJDUDQWL]DTXHKD\DDOXPQRV
TXHDSUHQGDQ
7RGRORTXHIDOWDSDUDODDOFDQ]DUHOREMHWLYRGHEHLGHQWLILFDUVHHQXQSULPHUPRPHQWRFRPRXQ
VXSXHVWR 8QD YH] FRQWDQGR FRQ OD OLVWD GH VXSXHVWRV GHEH GHILQLUVH OD PDQHUD GH PDQHMDUORV /DV
SULQFLSDOHV RSFLRQHV VRQ D LQWHUQDOL]DU HO VXSXHVWR HQ HO SURJUDPD R SUR\HFWR HV GHFLU LQFRUSRUDU
DFFLRQHV TXH SHUPLWDQ JDUDQWL]DU TXH HO 6XSXHVWR RFXUUD E QR LQWHUQDOL]DU HO 6XSXHVWR SHUR WRPDU
DFFLRQHVSDUDPHMRUDUODSRVLELOLGDGGHTXHHOVXSXHVWRRFXUUD\FQRWRPDUDFFLRQHVSHURHVWDEOHFHU
XQ PRQLWRUHR FXLGDGRVR SDUD HVWDU LQIRUPDGRV DFHUFD GHO FRPSRUWDPLHQWR GHO 6XSXHVWR SDUD WRPDU
DFFLRQHV VL HV TXH ODV FRVDV QR VH GDQ HQ IRUPD IDYRUDEOH 6L XQ 6XSXHVWR LPSRUWDQWH QR VH SXHGH
FRQWURODU FRQ ODV RSFLRQHV D R E \ HV PX\ DOWD SUREDELOLGDG GH TXH RFXUUD HQ IRUPD GHVIDYRUDEOH
GHEHUHYLVDUVHHOGLVHxRRHQFDVRH[WUHPRDEDQGRQDUHOSURJUDPDRSUR\HFWR

&(3$/6HULH0DQXDOHV1
'HOUEROGH2EMHWLYRVDODV
0DWULFHVGH0DUFR/yJLFR
/DHVWUXFWXUDVLVWpPLFDGHWLSRiUEROHVPX\~WLOSDUDSURSyVLWRVDQDOtWLFRV
SHURUHVXOWDLQFyPRGDSDUDDJUHJDUPiVLQIRUPDFLyQHQIRUPDRUGHQDGD\
GH IiFLO DFFHVR \ FRPSUHQVLyQ 3RU HOOR WUDV OD LQFRUSRUDFLyQ GH OD
DVLJQDFLyQ GH UHVSRQVDELOLGDGHV LQVWLWXFLRQDOHV HQ OD JHVWLyQ GHO SURFHVR
GHLPSOHPHQWDFLyQGHODVROXFLyQODHVWUXFWXUDGHiUERODJRWDVXXWLOLGDG
SUiFWLFD3DUDVHJXLUDGHODQWHHOPpWRGRUHFXUUHDRWUDHVWUXFWXUDGHWLSR
VLVWpPLFROD0DWUL]GHO0DUFR/yJLFR
(VWD 0DWUL] HV XQ RUGHQDPLHQWR GH LQIRUPDFLyQ HQ XQD WDEOD GH
ILODV SRU FROXPQDV HQ TXH D FDGD ILOD VH DVRFLD GHWHUPLQDGR QLYHO GH
REMHWLYRV /D LQIRUPDFLyQ EiVLFD SDUD RUJDQL]DU OD PDWUL] SURYLHQH GHO
UERO GH 2EMHWLYRV TXHGDQGR HVSDFLR SDUD LQFRUSRUDU PiV LQIRUPDFLyQ
WDQWRSURSLDGHOPpWRGRFRPRDMHQDDpO
(OSURFHVRGHWUDVSDVRGHLQIRUPDFLyQ
7DO FRPR VH GLMR SUHYLDPHQWH XQD 0DWUL] GH 0DUFR /yJLFR H[SUHVD ODV
UHVSRQVDELOLGDGHV UHVSHFWR GH OD VROXFLyQ GHO SUREOHPD TXH FRUUHVSRQGHQ D
XQD GH ODV LQVWLWXFLRQHV SDUWLFLSDQWHV HQ OD VROXFLyQ WRWDO 3RU HOOR HV TXH VH
GHULYDQ GHO PLVPR iUERO DO PHQRV WDQWDV PDWULFHV FRPR LQVWLWXFLRQHV
SDUWLFLSDQ 3XHGH RFXUULU TXH XQD PLVPD LQVWLWXFLyQ WHQJD PiV GH XQD
UHVSRQVDELOLGDG REMHWLYR D DOFDQ]DU HQ FX\R FDVR SRGUtD WHQHU PiV GH XQD
PDWUL]

&(3$/6HULH0DQXDOHV1
/D PDWUL] FRUUHVSRQGLHQWH D OD SDUWLFLSDFLyQ GH XQD LQVWLWXFLyQ VH FRQVWUX\H HQ IRUPD FDVL
PHFiQLFD XQD YH] TXH HO iUERO GH REMHWLYRV HVWi FRPSOHWR 3DUD HOOR ODV UHVSRQVDELOLGDGHV GH HVD
LQVWLWXFLyQVHH[SUHVDQHQODSULPHUDFROXPQDGHMDQGRODFXDUWDFROXPQDSDUDUHJLVWUDUORVFRPSURPLVRV
LQVWLWXFLRQDOHVGHODVGHPiVLQVWLWXFLRQHVSDUWLFLSDQWHVFRPR6XSXHVWRV
(VUHFRPHQGDEOHTXHODSULPHUFHOGDHQOOHQDUVHVHDODGHO3URSyVLWRSULPHUDFROXPQDVHJXQGD
ILOD(O3URSyVLWRFRUUHVSRQGHDODVLWXDFLyQGHVHDGDUHSUHVHQWDGDHQHOUEROGH2EMHWLYRVSRUORFXDO
SXHGHWUDVODGDUVHGLUHFWDPHQWHVLQQHFHVLGDGGHPD\RUDQiOLVLV
$ FRQWLQXDFLyQGHEHQWUDVODGDUVHDODFHOGDGH&RPSRQHQWHVSULPHUDFROXPQDWHUFHUDILODODV
FDVLOODVGHOiUEROTXHVRQSURGXFWRVILQDOHVELHQHVRVHUYLFLRVTXHVHHQWUHJDQDODSREODFLyQREMHWLYR
EDMR OD UHVSRQVDELOLGDG GH OD LQVWLWXFLyQ SURSLHWDULD GH OD PDWUL] $ OD FHOGD GH $FWLYLGDGHV YDQ ODV
FDVLOODVGHOiUEROTXHFRQWLHQHQFRQGLFLRQHVSUHYLDVSDUDODJHQHUDFLyQGHORVSURGXFWRVTXHHQWUHJDQORV
FRPSRQHQWHVVLHPSUH\FXDQGRHVDVFRQGLFLRQHVVHDQGHODUHVSRQVDELOLGDGGHODLQVWLWXFLyQSURSLHWDULD
GHODPDWUL]
(O SDVR UHFLpQ GHVFULWR QR HV PHFiQLFR\DTXHUHTXLHUHGLVFULPLQDUVLODVFDVLOODVGHOiUEROVRQ
SURGXFWRVILQDOHVRLQVXPRVSDUDOOHJDUDHOORV(VWRQRHVGLItFLOSHURUHTXLHUHFLHUWDSUiFWLFDDQWHVGH
SRGHUKDFHUORVLQHUURUHV
3DUD FRPSOHWDU OD SULPHUD FROXPQD OD LQVWLWXFLyQ SURSLHWDULD GHEH VHxDODU XQ )LQ TXH
JHQHUDOPHQWH \D HVWi FRQWHQLGR HQ HO iUERO (VWH )LQ H[SUHVD OD UD]yQ SRU OD FXDO HVD LQVWLWXFLyQ HVWi
SDUWLFLSDQGRHQODVROXFLyQGHOSUREOHPD\GHEHHVWDUDOLQHDGRFRQORVREMHWLYRVLQVWLWXFLRQDOHV
/DVGHPiVFDVLOODVGHOiUEROVHWUDVSDVDQRQRDODPDWUL]GHDFXHUGRDVXSRVLFLyQUHODWLYDIUHQWH
DODLQIRUPDFLyQTXH\DHVWiHQODPDWUL]
/DV FDVLOODV GHO iUERO DVLJQDGDVDRWUDVLQVWLWXFLRQHVTXHHQHOiUEROFRQHFWDQFRQHVGHFLU
WLHQHQIOHFKDVTXHWHUPLQDQHQDTXHOODVFDVLOODVTXHVHWUDQVIRUPDURQHQ&RPSRQHQWHVYDQD
OD FHOGD GH ORV 6XSXHVWRV $& FXDUWD ILOD FXDUWD FROXPQD LGHQWLILFDQGR OD LQVWLWXFLyQ
UHVSRQVDEOHGHOUHVSHFWLYRREMHWLYR
/DV FDVLOODV GHO iUERO DVLJQDGDV D RWUDV LQVWLWXFLRQHV TXH VH FRQHFWDQ GLUHFWDPHQWH FRQ OD
6LWXDFLyQ 'HVHDGD YDQ D OD FHOGD GH ORV 6XSXHVWRV &3 WHUFHUD ILOD FXDUWD FROXPQD
LGHQWLILFDQGRDODLQVWLWXFLyQUHVSRQVDEOHGHFDGDXQRGHORVREMHWLYRVFRUUHVSRQGLHQWHV
/DV FDVLOODV GHO iUERO DVLJQDGDV D RWUDV LQVWLWXFLRQHV TXH VH FRQHFWDQ GLUHFWDPHQWH FRQ OD
FDVLOOD HVFRJLGD FRPR )LQ SRU OD LQVWLWXFLyQ SURSLHWDULD YDQ D OD FHOGD GH ORV 6XSXHVWRV 3)
VHJXQGD ILOD FXDUWD FROXPQD LGHQWLILFDQGR D OD LQVWLWXFLyQUHVSRQVDEOH GHFDGDXQRGHORV
REMHWLYRVFRUUHVSRQGLHQWHV
(OUHVWRGHOiUEROQRVHWUDQVILHUHDODPDWUL]
(OSURFHVRGHVFULWRSXHGHYHUVHJUiILFDPHQWHHQODVLJXLHQWHILJXUDUHIHULGDDOFDVRSDUDHOFXDO
KHPRVFRQVWUXLGRXQiUERO6HKDHVFRJLGRDOD6HFUHWDUtDGH6DOXGFRPRSURSLHWDULDGHOD0DWUL]OR
TXH GHWHUPLQD FXiOHV VRQ ODV FDVLOODV TXH GHEHQ WUDVODGDUVH D OD SULPHUD FROXPQD \ FXiOHV D OD FXDUWD
FROXPQD

&(3$/6HULH0DQXDOHV1
',$*5$0$
75$6/$'2'(/5%2/$/$0$75,=


&(3$/6HULH0DQXDOHV1
'HVSXpV GH HVWH WUDVODGR SULPDULR HV QHFHVDULR SDVDU D UHDOL]DU DOJXQDV PRGLILFDFLRQHV GH
OHQJXDMH\DTXHHOPRGHORGHOD0DWUL]WLHQHUHJODVGHVLQWD[LVPX\GHILQLGDVTXHHVQHFHVDULRUHVSHWDU
/DVLQWD[LVGHOD0DWUL]GHO0DUFR/yJLFR
3DUDHOWUDWDPLHQWRGHOWHPDUHWRPDUHPRVDOJXQDVGHILQLFLRQHVGHO0DUFR/yJLFR
0RUIRORJtDGHOD0DWUL]
&RPR\DIXHVHxDODGROD00/HVXQDVHQFLOODWDEODPDWUL]GHFXDWURILODVSRUFXDWURFROXPQDVHQOD
FXDO VH UHJLVWUD HQ IRUPD UHVXPLGD LQIRUPDFLyQ VREUH XQ SURJUDPD /DV ILODV GH OD PDWUL] SUHVHQWDQ
LQIRUPDFLyQ DFHUFD GH FXDWUR GLVWLQWRV QLYHOHV GH REMHWLYRV OODPDGRV )LQ 3URSyVLWR &RPSRQHQWHV \
$FWLYLGDGHV
/D SULPHUD ILOD FRUUHVSRQGH DO )LQ GHO SURJUDPD \ GHVFULEH XQ REMHWLYR GH GHVDUUROOR GH
QLYHO VXSHULRU H LPSRUWDQFLD QDFLRQDO VHFWRULDO R UHJLRQDO D FX\R ORJUR FRQWULEXLUi HO
SURJUDPDDPHGLDQRRODUJRSOD]R(VODUD]yQSDUDUHDOL]DUHOSURJUDPD
/D VHJXQGD ILOD FRUUHVSRQGH DO 3URSyVLWR \ SUHVHQWD OD VLWXDFLyQ HVSHUDGD HQ OD SREODFLyQ
REMHWLYR DO GLVSRQHUVH GH ORV ELHQHV \ VHUYLFLRV SURSRUFLRQDGRV SRU HO SURJUDPD
+DELWXDOPHQWHHVWDVLWXDFLyQVHH[SUHVDFRPRTXHODSREODFLyQREMHWLYRSXGRUHDOL]DUDOJRTXH
DQWHVGHODLQWHUYHQFLyQQRSRGtD
/D WHUFHUD ILOD FRUUHVSRQGH D ORV &RPSRQHQWHV GHO SURJUDPD HV GHFLU OR TXH GHEH VHU
HQWUHJDGRGXUDQWHODHMHFXFLyQGHOSURJUDPDRDOWpUPLQRGHHVWD
/DFXDUWDILODFRUUHVSRQGHDODV$FWLYLGDGHVTXHGHEHUiQVHUUHDOL]DGDVGXUDQWHODHMHFXFLyQ
GHOSURJUDPDSDUDSURGXFLUORV&RPSRQHQWHV
3RUVXSDUWHODVFROXPQDVGHHVWDWDEODVHXWLOL]DQSDUDUHJLVWUDUODVLJXLHQWHLQIRUPDFLyQ
/D SULPHUD FROXPQD OODPDGD 5HVXPHQ 1DUUDWLYR VLUYH SDUD UHJLVWUDU ORV REMHWLYRV GHO
SURJUDPD\ODVDFWLYLGDGHVTXHODLQVWLWXFLyQDFDUJRGHEHUiGHVDUUROODUSDUDHOORJURGHpVWRV
3RUHOORWDPELpQVHODGHQRPLQD&ROXPQDGH2EMHWLYRVRVLPSOHPHQWH2EMHWLYRV
/D VHJXQGD FROXPQD GHWDOOD ORV ,QGLFDGRUHV 2EMHWLYRV \ 9HULILFDEOHV R VLPSOHPHQWH
,QGLFDGRUHV TXH QRV SHUPLWLUiQ FRQWURODU HO DYDQFH GHO SURJUDPD \ HYDOXDU ORV ORJURV D
QLYHOGHFDGDILODGHODPDWUL]
/DWHUFHUDFROXPQDSUHVHQWDORV0HGLRVGH9HULILFDFLyQIXHQWHVGHLQIRUPDFLyQDORVTXH
VHSXHGHUHFXUULUSDUDREWHQHUORVGDWRVQHFHVDULRVSDUDTXHDOJXQDLQVWDQFLDLQWHUQDRH[WHUQD
SXHGDFDOFXODURYHULILFDUORVYDORUHVGHORVLQGLFDGRUHVGHILQLGRVHQODVHJXQGDFROXPQD
/DFXDUWDFROXPQDOODPDGD6XSXHVWRVVLUYHSDUDDQRWDUORVIDFWRUHVH[WHUQRVDODLQVWDQFLD
UHVSRQVDEOHFX\DRFXUUHQFLDHVLPSRUWDQWHSDUDHOORJURGHORVREMHWLYRVGHOSURJUDPD
5HVXPHQ1DUUDWLYRGHO3URJUDPD
/D SULPHUD FROXPQD GH OD PDWUL] GHQRPLQDGD 5HVXPHQ 1DUUDWLYR R VLPSOHPHQWH 2EMHWLYRV
SHUPLWHUHVSRQGHUDODVLQWHUURJDQWHV&XiOHVODILQDOLGDG~OWLPDGHOSURJUDPD"4XpLPSDFWRFRQFUHWRVH
HVSHUDORJUDUFRQHOSURJUDPD"4XpELHQHVRVHUYLFLRVGHEHUiQVHUSURGXFLGRVSRUODLQVWDQFLDUHVSRQVDEOH"\
&yPRVHYDDKDFHUSDUDSURGXFLUGLFKRVELHQHVRVHUYLFLRV"

(VWDHVODIRUPDPiVGLIXQGLGD\DTXHWDPELpQVHXWLOL]DQYHUVLRQHVGHFLQFRRVHLVILODV\FRQPiVRPHQRVFROXPQDV

&(3$/6HULH0DQXDOHV1
$FRQWLQXDFLyQVHDQDOL]DUiQFRQPD\RUGHWDOOHORVGLVWLQWRVQLYHOHVGHREMHWLYRV
)LQ
&RPR \D IXH VHxDODGR HO )LQ HV XQ REMHWLYR VXSHULRU D FX\R ORJUR HO SURJUDPD FRQWULEXLUi GH
PDQHUD VLJQLILFDWLYD 'LFKR REMHWLYR FRUUHVSRQGHUi D UHVROYHU R PHMRUDU FDUHQFLDV R LQHTXLGDGHV GH
GHVDUUROORTXHVHKDQGHWHFWDGR\TXHKDQVLGRFRQVLGHUDGDVHVWUDWpJLFDVSDUDODORFDOLGDGODUHJLyQHO
VHFWRUODLQVWLWXFLyQRODFRPXQLGDG&RQVLGpUHVHSRUHMHPSOROD\DPHQFLRQDGDORFDOLGDGGHO3XHEOR
/RV*LUDVROHVHQODFXDOEXHQDSDUWHGHODSREODFLyQHVWiHQFRQGLFLyQGHSREUH]D(QXQWUDEDMRFRQOD
FRPXQLGDGVHGHWHUPLQyTXHVRQYDULDVODVFDXVDVTXHFRQWULEX\HQDHOORVLHQGRXQDGHHVWDVTXHHQOD
]RQDKD\XQDDOWDWDVDGHHQIHUPHGDGHVFRQWDJLRVDV(OORDIHFWDHOUHQGLPLHQWRODERUDOGHORVDGXOWRV\HO
GHVHPSHxRHVFRODUGHORVQLxRVLQFUHPHQWDQGR\SHUSHWXDQGRODSREUH]D
/DVLQWD[LVSDUDHVFULELUHO)LQHPSLH]DFRQ&RQWULEXLUD$SRUWDUDXRWUDH[SUHVLyQVLPLODUFRPR
XQDPDQHUDGHHYLWDUVREUHFDUJDUODFHOGDGHVXSXHVWRVPHQFLRQDQGRORVGHPiVSURJUDPDVTXHFRQWULEX\HQDO
PLVPR)LQ$FRQWLQXDFLyQGHEHHVWLSXODUVHHOREMHWLYRGHSROtWLFDTXHVHEXVFDVDWLVIDFHUHVGHFLUHOREMHWLYR
GHEHHQXQFLDUVHFRPR>&RQWULEXLUD@>7HPDGHSROtWLFD@8QHMHPSORSDUDXQSURJUDPDTXHEXVFDTXHORVKLMRV
GH IDPLOLDV GH PHQRUHV UHFXUVRV DFFHGDQ D OD XQLYHUVLGDG HO )LQ SXHGH HVWDEOHFHUVH FRPR &RQWULEXLU D OD
HTXLGDGHQODHGXFDFLyQVXSHULRU$PHQXGRODIUDVHDSURSLDGDKDEUiTXHEXVFDUODHQORVGRFXPHQWRVTXH
HVWDEOHFHQORVOLQHDPLHQWRVGHSROtWLFD\DVHDSDUDHOSDtVRSDUDXQVHFWRUGHDFWLYLGDG
(V LPSRUWDQWH WHQHU SUHVHQWH TXH QR VH HVSHUD TXH OD HMHFXFLyQ GHO SURJUDPD VHD VXILFLHQWH SDUD
DOFDQ]DU HO )LQ SHUR VL GHEH KDFHU XQD FRQWULEXFLyQ VLJQLILFDWLYD D ORJUDUOR 3RU HMHPSOR PHMRUDU ODV
FRQGLFLRQHVGHVDOXGGHODSREODFLyQGH/RV*LUDVROHVVHJXUDPHQWHQRVHUiVXILFLHQWHSDUDHOLPLQDUODSREUH]D
SHURVLHOLPLQDUiXQRGHORVSUREOHPDVTXHFRQWULEX\HQDVXSHUVLVWHQFLDHQODORFDOLGDG
3RU OR JHQHUDO OD FRQWULEXFLyQ GHO SURJUDPD DO ORJUR GHO )LQ QR VH PDWHULDOL]DUi WDQ SURQWR
FRQFOX\DODHMHFXFLyQVLQRTXHVHUHTXHULUiTXHHVWHKD\DHVWDGRHQRSHUDFLyQGXUDQWHXQFLHUWRWLHPSR
6LJXLHQGRFRQHOHMHPSORDQWHULRUXQDGLVPLQXFLyQGHODPRUELOLGDGQRJHQHUDUiXQLQPHGLDWRDXPHQWR
HQ ODV UHPXQHUDFLRQHV GH ORV WUDEDMDGRUHV \ XQD PHMRU FDSDFLWDFLyQ ODERUDO GH ORV MyYHQHV \ SXHGH
UHTXHULUVH GH YDULRV DxRV KDVWD TXH FRPR UHVXOWDGR GHO SURJUDPD VH DSUHFLH XQD UHGXFFLyQ GH OD
SREUH]DHQODORFDOLGDG
5(&8$'52
(5525(606&2081(6(1/$'(),1,&,1'(/),1
(O )LQ OR GHILQH HO SURJUDPD (V XQ HUURU \D TXH HO )LQ HV H[yJHQR DO SURJUDPD (O )LQ HVWi HVFULWR HQ HO 3ODQ
1DFLRQDO R 6HFWRULDO GH 'HVDUUROOR (V XQ HUURU HQ SURJUDPDV PX\ PDFUR HVWR SXHGH VHU FLHUWR SHUR HQ SURJUDPDV
PX\ GHVDJUHJDGRV HO )LQ GHEH TXHGDU VRODPHQWH XQ HVFDOyQSRUHQFLPDGHO3URSyVLWRGHOSURJUDPDHQWpUPLQRVGH
MHUDUTXtDGHREMHWLYRV
3URSyVLWR
6LHOSURJUDPDHVWiDOLQHDGRFRQODGHPDQGDVRFLDOHO3URSyVLWRHVHOUHVXOWDGRHVSHUDGRFRPR
FRQVHFXHQFLDGHTXHODSREODFLyQREMHWLYRGLVSRQJDGHORVELHQHVRVHUYLFLRVTXHSURGXFLUiHOSURJUDPD
3RUVHUXQUHVXOWDGRKLSRWpWLFRTXHGHSHQGHWDQWRGHODFRUUHFWDXWLOL]DFLyQSRUSDUWHGHORVEHQHILFLDULRV
WDQWRGHORVSURGXFWRVGHOSURJUDPD&RPSRQHQWHVFRPRGHOFXPSOLPLHQWRGHDOJXQRV6XSXHVWRVVX
ORJURHVWiPiVDOOiGHOFRQWUROGLUHFWRLQPHGLDWRGHOHTXLSRUHVSRQVDEOHGHODHMHFXFLyQ3RUHMHPSORHO
HTXLSRGHOSURJUDPDSXHGHGHVDUUROODUPX\ELHQODVDFWLYLGDGHVGHFDSDFLWDFLyQHQKLJLHQHSURJUDPDGDV
SUHYLDPHQWHSHURTXHODSREODFLyQDSOLTXHFRQVLVWHQWHPHQWHORHQVHxDGRQRGHSHQGHGLUHFWDPHQWHGHO
HTXLSRDXQTXHVtGHSHQGHHQIRUPDPHGLDWD

3DUDVLPSOLFLGDGGHODH[SRVLFLyQHQORVHMHPSORVVXSRQGUHPRVTXHORVSURJUDPDV\DHVWiQDOLQHDGRVFRQODGHPDQGDVRFLDOGH
DFXHUGRDORGLVFXWLGRHQHO&DStWXOR

9HU5HFXDGUR,

&(3$/6HULH0DQXDOHV1
(O3URJUDPDGHEHFRQVWDWDUVLODSREODFLyQDSOLFDUHDOPHQWHORHQVHxDGRHQODFDSDFLWDFLyQDFWXDO
\VLQRORKLFLHUDHO3URJUDPDGHEHFDPELDUGHHVWUDWHJLDFRPXQLFDFLRQDORLQFRUSRUDURWUDVDFFLRQHV\D
VHDQ SURSLDV R DSRUWDGDV SRU RWURV VHUYLFLRV KDVWD ORJUDU TXH HIHFWLYDPHQWH OD SREODFLyQ FDPELH VXV
KiELWRV(VHQHVWHVHQWLGRTXHHOHTXLSRGHOSURJUDPDQXQFDSXHGHGHVOLJDUVHGHO3URSyVLWRVLQRTXH
VXGHEHUHVJDUDQWL]DUTXHVHDOFDQFH6LQRORJUDTXHVHFXPSODVX3URSyVLWRHOSURJUDPDIUDFDVD
&DGD SURJUDPD GHEH WHQHU XQ 3URSyVLWR ~QLFR \D TXH VL H[LVWH PiV GH XQR QR KDEUi FODULGDG
UHVSHFWRDTXpHVSHUDORJUDU(OORDIHFWDUtDODHMHFXFLyQGHOSURJUDPD\DTXHH[LVWLUtDFRPSHWHQFLDSRU
ORV UHFXUVRV HQWUH ORV REMHWLYRV SODQWHDGRV (O HMHFXWRU SXGLHUD SULRUL]DU HO REMHWLYR PiV VHQFLOOR GH
ORJUDURHOPHQRVFRVWRVRHOFXDOSXHGHQRVHUHOSULRULWDULRSDUDHOSDtVODFRPXQLGDGRODLQVWLWXFLyQ
$GHPiVVHFRPSOLFDUiODHYDOXDFLyQGHUHVXOWDGRVSXHVHOSURJUDPDSXHGHVHUPX\H[LWRVRUHVSHFWRD
XQ REMHWLYR \ PX\ PDOR IUHQWH D RWUR 3RU HMHPSOR QR VHUtD FRQYHQLHQWH GHILQLU HO 3URSyVLWR GH XQ
SURJUDPD FRPR /D SREODFLyQ FXHQWD FRQ DWHQFLyQ GH VDOXG \ XQD HVFXHOD 4XH VH SULRUL]DUtD" /D
HQWUHJDGHDWHQFLRQHVGHVDOXGRODFRQVWUXFFLyQGHODHVFXHOD"
6HDFRVWXPEUDH[SUHVDUHO3URSyVLWRFRPRXQDVLWXDFLyQDOFDQ]DGDSRUODSREODFLyQQRFRPRXQ
UHVXOWDGR GHVHDGR SRU HO SURJUDPD 6H HVWDEOHFH DVt XQD VLQWD[LV TXH WLHQH PXFKR VHQWLGR OyJLFR /D
VLQWD[LVHVWDEOHFLGDHV>3REODFLyQ2EMHWLYR@>VROXFLRQyVXSUREOHPD@
$VtGHILQLUHO3URSyVLWRGHOSURJUDPDFRPR5HGXFLUODWDVDGHPRUELOLGDGGHODSREODFLyQWLHQH
XQDVLQWD[LVLQFRUUHFWD(QSULPHUOXJDUHVLQFRUUHFWRLQLFLDUODGHILQLFLyQFRQXQYHUER\DTXHHOYHUER
GHQRWD DFFLyQ \ HO 3URSyVLWR HV XQ HVWDGR DOFDQ]DGR /R FRUUHFWR HV GHILQLUOR FRPR >3REODFLyQ GH OD
]RQD DWHQGLGD@> UHGXMR VX PRUELOLGDG@ (VWR HV DOJR PiV TXH XQD VLPSOH UHJOD GH VLQWD[LV \D TXH
LQGLFD TXH OR UHDOPHQWH LPSRUWDQWH HV TXH OD SREODFLyQ OOHJXH D UHVROYHU VX SUREOHPD PHQRU
PRUELOLGDG
(O 3URSyVLWR WLHQH VLHPSUH XQD HVWUHFKD UHODFLyQ FRQ HO QRPEUH TXH VH OH DVLJQD DO SURJUDPD
DXQTXHSXHGHKDEHUGLIHUHQFLDVHQODUHGDFFLyQ3RUHMHPSORHOSURJUDPDSURSXHVWRSRGUtDGHQRPLQDUVH
3URJUDPDGHPHMRUDPLHQWRGHODVDOXGGHORVKDELWDQWHVGHORFDOLGDGHVPHQRUHVDKDELWDQWHV
5(&8$'52
(5525(606&2081(6(1/$'(),1&,1'(/35236,72
(O3URSyVLWRORGHILQHHOSURJUDPD(VXQHUURU\DTXHHOSURSyVLWRHVH[yJHQR
(O3URSyVLWRGHEHTXHGDUFRPSUHQGLGRGHQWURGHODVDWULEXFLRQHVGHODLQVWLWXFLyQUHVSRQVDEOH(VXQHUURUSRUTXH
HO3URSyVLWRHVXQLPSDFWRTXHRFXUUHGHQWURGHODSREODFLyQDFRQVHFXHQFLDGHTXHHOSURJUDPDHQWUHJDVXVELHQHV\
VHUYLFLRV
(O 3URSyVLWR HV OD VXPD GH ORV &RPSRQHQWHV (V XQ HUURU SRUTXH ORV &RPSRQHQWHV VRQ ELHQHV \ VHUYLFLRV
SURGXFLGRVSRUHOSURJUDPD\HOSURSyVLWRHVHOTXHGLFKRVELHQHV\VHUYLFLRVJHQHUDQHQWUHODSREODFLyQ
1R UHVSHWDU HVWULFWDPHQWH OD VLQWD[LV GH OD GHILQLFLyQ (V XQ HUURU SRUTXH LQGXFH D XQD LQWHUSUHWDFLyQ DPELJXD R
HTXLYRFDGDGHORTXHSUHWHQGHDOFDQ]DUHOSURJUDPD

(VWDVDFFLRQHVGHWHUFHURVVHGHVFULEHQHQODFROXPQDGHVXSXHVWRV
6LELHQHOSURJUDPDQRHVUHVSRQVDEOHDGPLQLVWUDWLYRGHODSUiFWLFDGHKLJLHQHHVUHVSRQVDEOHOyJLFRHQHOVHQWLGRGHUHVSRQGHU
SRU XQD FRQGLFLyQ TXH HV QHFHVDULD SDUD UHVROYHU HO SUREOHPD 6L HO SURJUDPD QR FXPSOH D FDEDOLGDG VX IXQFLyQ OyJLFD GHEH
UHYLVDUVH\UHSODQWHDUVHVXTXHKDFHUDGPLQLVWUDWLYR

6LQ YLROHQWDU OD VLQWD[LV VH SXHGH PHMRUDU OD UHGDFFLyQ FRPR SRU HMHPSOR 0RUELOLGDG GH OD SREODFLyQ GH OD ]RQD DWHQGLGD
UHGXFLGD

&(3$/6HULH0DQXDOHV1
&RPSRQHQWHV
/RV&RPSRQHQWHVVRQORVSURGXFWRVRVHUYLFLRVTXHHOSURJUDPDGHEHSURGXFLU\SRQHUDGLVSRVLFLyQGH
ODSREODFLyQSDUDUHVROYHUHOSUREOHPDTXHGLRRULJHQDOSURJUDPD3XHGHWUDWDUVHGHLQIUDHVWUXFWXUDHGLILFLRV
YLYLHQGDVFDPLQRVWHQGLGRHOpFWULFRUHGGHFDxHUtDVHWFELHQHVPRELOLDULRHTXLSRVDJUtFRODVLQVWUXPHQWDO
\HTXLSRVPpGLFRVHWFRVHUYLFLRVFDSDFLWDFLyQYDFXQDFLyQQXWULFLyQHWF
&DGD &RPSRQHQWH GHEH VHU QHFHVDULR SDUD HO ORJUR GHO 3URSyVLWR GHO SURJUDPD 6L HV SRVLEOH
SUHVFLQGLU GH XQ &RPSRQHQWH VLQ TXH HOOR DIHFWH HO ORJUR GHO 3URSyVLWR HQ IRUPD DOJXQD SRU HMHPSOR
UHVSHFWRDOSOD]RRODFDOLGDGGLFKR&RPSRQHQWHVREUD\GHEHVHUHOLPLQDGRGHODPDWUL]
$VLPLVPRORV&RPSRQHQWHVHQFRQMXQWRGHEHQVHUORVQHFHVDULRVSDUDTXHVHDUD]RQDEOHHVSHUDU
TXHXQDYH]SURGXFLGRV\VLHPSUHTXHVHFXPSODQORV6XSXHVWRVVHORJUDUiHOUHVXOWDGRHVSHUDGRHQOD
SREODFLyQ TXH FRQVWLWX\H REMHWLYR GHO SURJUDPD 3RU HMHPSOR QR VH ORJUDUi HO REMHWLYR GH UHGXFLU OD
PRUELOLGDG GH OD SREODFLyQ GH /RV *LUDVROHV VL VH FRQVWUX\H HO FHQWUR GH VDOXG SHUR QR VH OR GRWD GHO
HTXLSDPLHQWRQHFHVDULR
$OLJXDOTXHSDUDHOFDVRGHO3URSyVLWRVHDFRVWXPEUDGHILQLUORV&RPSRQHQWHVFRQXQDVLQWD[LV
GH UHVXOWDGRV ORJUDGRV HV GHFLU REUDV FRQFOXLGDV FDSDFLWDFLyQ HQWUHJDGD HTXLSRV LQVWDODGRV HWF3RU
HMHPSORGHILQLUXQ&RPSRQHQWHFRPR&RQVWUXFFLyQGHXQFHQWURGHVDOXGRVXVLPLODU&RQVWUXLUXQ
FHQWURGHVDOXGHVLQFRUUHFWR\DTXHDPEDVIRUPXODFLRQHVH[SUHVDQDFFLRQHV/RFRUUHFWRHVGHILQLUOR
FRPR&HQWURGHVDOXGFRQVWUXLGRTXHHVXQHVWDGR\DDOFDQ]DGR
5(&8$'52
(5525(606&2081(6(1/$,'(17,),&$&,1'(&20321(17(6
&RQIXQGLU &RPSRQHQWHV FRQ $FWLYLGDGHV (V XQ HUURU \D TXH ORV &RPSRQHQWHV VRQ ELHQHV R VHUYLFLRV ILQDOHV
SXHVWRVDGLVSRVLFLyQGHOD&RPXQLGDGPLHQWUDVTXHODV$FWLYLGDGHVVRQDFFLRQHVLQWHUQDVGHOSURJUDPDSDUDOOHJDUD
SURGXFLUHVRV&RPSRQHQWHV
&RQVLGHUDUFRPR&RPSRQHQWHVDELHQHVRVHUYLFLRVSURGXFLGRVSRUWHUFHURV(VXQHUURUSRUTXHSDUDORVELHQHV\
VHUYLFLRVSURGXFLGRVSRUWHUFHURVH[LVWHODFROXPQDGH6XSXHVWRV
,QFOXLUFRPR&RPSRQHQWHDOJRTXHDFWXDOPHQWHKDFHHOSURJUDPDDXQTXHQRWHQJDUHODFLyQFRQHO3URSyVLWR(V
XQHUURUSRUTXHVLQRWLHQHUHODFLyQFRQHO3URSyVLWRHVHDOJRTXHGDIXHUDGHODOyJLFDYHUWLFDO
$FWLYLGDGHV
/DVDFWLYLGDGHVVRQODVWDUHDVDFFLRQHVTXHHOHTXLSRGHOSURJUDPDWLHQHTXHOOHYDUDFDERSDUD

SURGXFLUFDGD&RPSRQHQWH6HOLVWDQHQOD00/HQRUGHQFURQROyJLFRDJUXSDGDVSRU&RPSRQHQWH(V
FRQYHQLHQWH DVLJQDUOHV XQ Q~PHUR R FyGLJR HVWUXFWXUDGR TXH SHUPLWD LGHQWLILFDU FRQ IDFLOLGDG D TXH
&RPSRQHQWH FRUUHVSRQGH FDGD DFWLYLGDG 'HEHQ OLVWDUVH WRGDV ODV DFWLYLGDGHVUHTXHULGDVSDUDSURGXFLU
FDGD &RPSRQHQWH &DGD DFWLYLGDG LQFOXLGD GHEH VHU QHFHVDULD SDUD XQ &RPSRQHQWH HV GHFLU KD\ TXH
FXLGDUGHQRLQFOXLUDFWLYLGDGHVSUHVFLQGLEOHV
6LQ HPEDUJR GDGR TXH OD 00/ HV XQ UHVXPHQ GHO SURJUDPD QR HV UHFRPHQGDEOH KLODU PX\
ILQR DO OLVWDU ODV DFWLYLGDGHV (V SUHIHULEOH TXHGDUVH FRQ XQDV SRFDV PDFURDFWLYLGDGHV SDUD FDGD
&RPSRQHQWH/XHJRDOSUHSDUDUODHMHFXFLyQGHOSURJUDPDpVWDVSXHGHQVHUVXEGLYLGLGDVHQDFWLYLGDGHV
\VXEDFWLYLGDGHV3RUHMHPSORHO&RPSRQHQWH&HQWURGHVDOXGFRQVWUXLGRSRGUtDWHQHUDVRFLDGDVODV
PDFURDFWLYLGDGHV 3UHSDUDFLyQ GHO WHUUHQR &RQVWUXFFLyQ GH REUD JUXHVD \ 7HUPLQDFLRQHV GHO
FHQWUR 0iV WDUGH DO SUHSDUDU HO SURJUDPD GH HMHFXFLyQ SRGUtDPRV VXEGLYLGLU OD PDFURDFWLYLGDG
3UHSDUDFLyQ GHO WHUUHQR HQ ODV DFWLYLGDGHV /LPSLH]D \ GHVPDOH]DGR 5HWLUR GH HVFRPEURV
1LYHODFLyQGHOWHUUHQR&HUFDGR\&RQVWUXFFLyQGHGUHQHVKDFLHQGROXHJRORPLVPRFRQODVRWUDV
PDFURDFWLYLGDGHV

&(3$/6HULH0DQXDOHV1
1RREVWDQWHORDQWHULRUHVFRP~QHQFRQWUDUDFWLYLGDGHVGHWLSRWUDQVYHUVDOTXHDSRUWDQDPiVGH
XQ&RPSRQHQWH\DPHQXGRDWRGRVORV&RPSRQHQWHV(QWDOFDVRQRWLHQHPXFKRVHQWLGRUHSHWLUHQOD
OLVWD GH DFWLYLGDGHV YLQFXODGDV D FDGD &RPSRQHQWH ODV DFWLYLGDGHV TXH VRQ WUDQVYHUVDOHV GDGR HO
UHGXFLGR HVSDFLR TXH KD\ GLVSRQLEOH HQ ODV PDWULFHV 6H SUHILHUH HQ HVRV FDVRV OLVWDU SULPHUR ODV
DFWLYLGDGHVWUDQVYHUVDOHV\OXHJRDTXpOODVTXHVRQHVSHFtILFDVGHFDGDFRPSRQHQWH
6tQWHVLV
8QDYH]FRQFOXLGRHO5HVXPHQ1DUUDWLYRGHOSURJUDPDHVFRQYHQLHQWHUHYHULILFDUOD/yJLFD9HUWLFDO
&RPR\DIXHVHxDODGRHVWDH[LJHTXHH[LVWDXQDUHODFLyQGHFDXVDOLGDGGHVGHDEDMRKDFLDDUULEDHQWUH
ORVGLVWLQWRVQLYHOHVGHREMHWLYRV6LHOSURJUDPDKDVLGRELHQGLVHxDGRGHEHUiVHUFLHUWRTXH
/DV$FWLYLGDGHVGHWDOODGDVVRQODVQHFHVDULDV\HQFRQMXQWRFRQORV6XSXHVWRVVRQVXILFLHQWHV
SDUDSURGXFLUFDGD&RPSRQHQWH
/RV&RPSRQHQWHVVRQQHFHVDULRVSDUDORJUDUHO3URSyVLWRGHOSURJUDPD(QFRQMXQWRFRQORV
VXSXHVWRVDHVHQLYHOGHEHQVHUVXILFLHQWHVSDUDORJUDUHO3URSyVLWR
6L VH ORJUD HO 3URSyVLWR GHO SURJUDPD \ VH FXPSOHQ ORV 6XSXHVWRV D HVH QLYHO HOOR GHEHUtD
UHVXOWDUHQXQDFRQWULEXFLyQVLJQLILFDWLYDDOORJURGHO)LQ
$GHPiV GHEH YHULILFDUVH TXH HO )LQ HO 3URSyVLWR ORV &RPSRQHQWHV \ ODV $FWLYLGDGHV GHO
SURJUDPD HVWpQ FODUDPHQWH HVSHFLILFDGRV VLJXLHQGR ODV UHJODV GH VLQWD[LV TXH VH KDQ HVWDEOHFLGR 1R
GHEHQ H[LVWLU DPELJHGDGHV HQ OD IRUPD GH HQWHQGHU ORV GLVWLQWRV QLYHOHV GH REMHWLYRV &XDOTXLHU
LQYROXFUDGRGHEHHQWHQGHUORPLVPRSDUDFDGDREMHWLYRGHWDOODGR'HQRVHUDVtSXHGHQVXUJLUSUREOHPDV
GXUDQWHODHMHFXFLyQ\SXHGHVHUPX\GLItFLOORJUDUFRQVHQVRDFHUFDGHVLVHKDQDOFDQ]DGRORVREMHWLYRV
3RUHOORHQFDVRGHH[LVWLUDPELJHGDGHVGHEHUiEXVFDUVHXQDPHMRUIRUPDGHUHGDFWDUHOREMHWLYR

7DPELpQKDFHQSDUWHGHODOyJLFDYHUWLFDOORV6XSXHVWRV

&(3$/6HULH0DQXDOHV1
,QFRUSRUDFLyQGHULHVJRV\UROGH
ORVVXSXHVWRV
6H GHILQH FRPR ULHVJR SDUD HO SURJUDPD TXH EXVFD LPSOHPHQWDU OD
VROXFLyQDOSUREOHPDFXDOTXLHUKHFKRFX\DRFXUUHQFLDDFDUUHHGLILFXOWDGHV
R SHOLJURV SDUD OOHYDU DGHODQWH OR GLVHxDGR \ SRQJD GXGDV DFHUFD GH OD
SRVLELOLGDGGHORJUDUORVREMHWLYRVTXHVHKD\DQSODQWHDGR
$O SUHSDUDU XQ SURJUDPD DVt FRPR DO HYDOXDUOR \ DO SODQLILFDU VX
HMHFXFLyQ HV QHFHVDULR UHFXUULU D XQD VHULH GH VXSXHVWRV (OOR HV
FRQVHFXHQFLD GH TXH VH HVWi WUDEDMDQGR VREUH XQ IXWXUR KLSRWpWLFR H
LQFLHUWR $VRFLDGR D FDGD VXSXHVWR KD\ XQ ULHVJR TXHHO6XSXHVWRQRVH
FXPSOD 'HSHQGLHQGR GHO LPSDFWR TXH HO QR FXPSOLPLHQWR GHO 6XSXHVWR
WHQJD VREUH HO SURJUDPD HVWH SXHGH YHUVH GHPRUDGR SXHGH YHU
LQFUHPHQWDGR VX FRVWR SXHGH ORJUDU VyOR SDUWH GH VXV REMHWLYRV R SXHGH
IUDFDVDUGHOWRGR
8QDGHODVJUDQGHVFRQWULEXFLRQHVTXHOD00/KDFHDODJHVWLyQGH
SURJUDPDV HV REOLJDU DO HTXLSR TXH SUHSDUD HO SURJUDPD D LGHQWLILFDUORV
ULHVJRV HQ FDGD QLYHO GH REMHWLYRV $FWLYLGDG &RPSRQHQWH 3URSyVLWR \
)LQ(QSDUWLFXODUVHLGHQWLILFDQORVULHVJRVTXHFRPSURPHWDQHOORJURGH
XQ REMHWLYR GH QLYHO VXSHULRU DXQ FXDQGR VH KD\D ORJUDGR HO GH QLYHO
LQIHULRU3RUHOORHVWRVULHVJRVVHH[SUHVDQFRPRVXSXHVWRVTXHWLHQHQTXH
FXPSOLUVHSDUDTXHVHORJUHHOQLYHOVLJXLHQWHHQODMHUDUTXtDGHREMHWLYRV

&(3$/6HULH0DQXDOHV1
7LSRVGHULHVJRV
$ORODUJRGHORVFDStWXORVDQWHULRUHV\DKHPRVSODQWHDGRXQWLSRSDUWLFXODUGHULHVJRVTXHVRQDTXpOORV
TXH VH DVRFLDQ D TXH IDOOH OD FRRUGLQDFLyQ QHFHVDULD \ TXH DOJXQD GH ODV UHVWDQWHV LQVWLWXFLRQHV
LQYROXFUDGDVHQODVROXFLyQGHXQSUREOHPDQRTXLHUDRQRSXHGDFXPSOLUFDEDOPHQWHVXFRQWULEXFLyQ
HQHOWLHPSR\ODIRUPDFRPRHVWiFRQWHPSODGDHQHOGLVHxR6LHQGRpVWHXQULHVJRPX\LPSRUWDQWHQR
HVHO~QLFRWLSRGHSUREOHPDVTXHSXHGHWHQHUXQSURJUDPDRSUR\HFWR/RVULHVJRVTXHSXHGHHQIUHQWDU
XQSURJUDPD\TXHHVFDSDQDOiPELWRGHFRQWUROGHOHTXLSRGHOSURJUDPDVRQSRUORJHQHUDOP~OWLSOHV
3DUDVXLGHQWLILFDFLyQHVUHFRPHQGDEOHFRQVLGHUDUDOPHQRVODVVLJXLHQWHVSRVLEOHVIXHQWHVGHULHVJR
/D IDOWD GH DFFLyQ GH RWUDV LQVWLWXFLRQHV TXH GHEHQ JHQHUDU ELHQHV R VHUYLFLRV TXH VRQ
QHFHVDULRV SDUD TXH HO SURJUDPD ORJUH SURGXFLU VXV FRPSRQHQWHV R TXH VRQ QHFHVDULRV SDUD
TXHVHFXPSODHO3URSyVLWR
/D SRVLELOLGDG GH TXH RFXUUDQ FDPELRV HQ OD HVWUXFWXUD RUJDQL]DFLRQDO R HQ HO URO DVLJQDGR D ODV
HQWLGDGHVLQYROXFUDGDVGLUHFWDPHQWHHQODHMHFXFLyQGHOSURJUDPD3RUHMHPSORHOULHVJRGHTXHOD
HQWLGDGTXHDGPLQLVWUDODHMHFXFLyQGHOSURJUDPDVXIUDXQDIXHUWHUHGXFFLyQGHSHUVRQDO
/D RFXUUHQFLD GH XQD FULVLV HFRQyPLFD TXH DIHFWH HO GHVDUUROOR GHO SURJUDPD 3RU HMHPSOR
KDFLHQGRVXELUHOFRVWRGHORVLQVXPRVLPSRUWDGRVFRPRUHVXOWDGRGHXQDGHYDOXDFLyQPX\
SRUVREUHORSUHVXSXHVWDGR
,QHVWDELOLGDG SROtWLFD \D TXH FDPELRV GH DXWRULGDGHV SXHGHQ FRQOOHYDU FDPELRV HQ ODV
SULRULGDGHV6LHOSURJUDPDGHMDGHVHUSULRULWDULRHVSUREDEOHTXHQRFXHQWHFRQORVUHFXUVRV
UHTXHULGRVHQODFDQWLGDG\FRQODRSRUWXQLGDGQHFHVDULDSDUDFXPSOLUODVPHWDV
,QHVWDELOLGDGVRFLDOTXHSXHGDDIHFWDUDOSURJUDPD3RUHMHPSORFRPRUHVXOWDGRGHKXHOJDVR
GHODRFXUUHQFLDGHKHFKRVGHYLROHQFLD
3UREOHPDVSUHVXSXHVWDOHVHQODHQWLGDGTXHILQDQFLDHOSURJUDPDREOLJDQGRDHVWDDUHFRUWDU
ORV IRQGRV DVLJQDGRV 2 ELHQ DWUDVRV HQ OD HQWUHJD GH ORV UHFXUVRV FRPSURPHWLGRV OR TXH
VHJXUDPHQWHUHGXQGDUtDHQTXHVHDWUDVHODHMHFXFLyQGHOSURJUDPD
3UREOHPDV FRQ HO VXPLQLVWUR GH LQVXPRV SRU HMHPSOR FRPR UHVXOWDGR GH WUDEDMDU FRQ
SURYHHGRUHVGHVFRQRFLGRV
&RQIOLFWRVLQWHUQDFLRQDOHVTXHSXHGDQDIHFWDUORVLQVXPRVRHOILQDQFLDPLHQWRGHOSURJUDPD
3RU HMHPSOR XQ FRQIOLFWR HQ HO *ROIR 3pUVLFR SXHGH KDFHU VXELU HO FRVWR GHO SHWUyOHR \
DXPHQWDUHOFRVWRGHXQSURJUDPDGHWUDQVSRUWH
(O XVR HQ HO SURJUDPD GH QXHYRV PpWRGRV GH WUDEDMR HTXLSRV QRSUREDGRV RWHFQRORJtDVGH
UHFLHQWHGHVDUUROORVREUHODVFXDOHVQRKD\H[SHULHQFLD
(YHQWRVGHODQDWXUDOH]DWDOHVFRPROOXYLDVWRUUHQFLDOHVKXUDFDQHVVLVPRVVHTXtDSODJDVHWF
(O HTXLSR GH GLVHxR GHO SURJUDPD GHEH DQDOL]DU TXH SRGUtD LU PDO SRU DOJXQD GH ODV FDXVDV
VHxDODGDVXRWUDVHQFDGDQLYHOGHREMHWLYRV'HEHFXLGDUVHGHQRUHJLVWUDUFXDOTXLHUSRVLEOHULHVJRSRU
HMHPSOR HO ULHVJR GH TXH FDLJD VREUH OD VHGH GHO SURJUDPD XQ PHWHRULWR VLQR WDQ VyOR DTXHOORV TXH
WHQJDQXQDSUREDELOLGDGUD]RQDEOHGHRFXUUHQFLD

&(3$/6HULH0DQXDOHV1
5LHVJRV\VXSXHVWRV
8Q ULHVJR WLHQH XQD FRQQRWDFLyQ QHJDWLYD TXH FRUUHVSRQGHUtD DO UERO GH 3UREOHPDV VL HV TXH DXQ
HVWXYLpVHPRVWUDEDMDQGRFRQpO3DUDFRORFDUORHQWpUPLQRVSRVLWLYRVFRPRVHKL]RSDUDWUDQVIRUPDUHO
UEROGHO3UREOHPDHQHOUEROGH2EMHWLYRVORVULHVJRVVHH[SUHVDQFRPR6XSXHVWRVVLHQGRIRUPXODGR
FDGD VXSXHVWR FRPR TXH HO ULHVJR 12 RFXUUH 'H HVWH PRGR HQ OD FXDUWD FROXPQD GH OD 0DWUL] GHO
0DUFR/yJLFRORTXHYDQVRQORVVXSXHVWRV\QRORVULHVJRV
$OJXQDVFRQVLGHUDFLRQHVDGLFLRQDOHVDFHUFDGHORVVXSXHVWRV
&XDQGRH[LVWDDOJ~QVXSXHVWRFX\DRFXUUHQFLDHVFUtWLFDSDUDHOp[LWRGHOSURJUDPD\QRKD\
IRUPDGHFRQWURODUHOULHVJRFRQXQ&RPSRQHQWH\DFWLYLGDGHVDGLFLRQDOHVHOHTXLSRGHGLVHxR
\ OD HQWLGDG SURPRWRUD SXHGHQ GHFLGLU TXH HO ULHVJR HV GHPDVLDGR DOWR \ DEDQGRQDU OD
LQLFLDWLYDULHVJRIDWDO
'XUDQWH OD HMHFXFLyQ HO HTXLSR GHO SURJUDPD GHEH LGHQWLILFDU ORV IDFWRUHV DVRFLDGRV D ORV
VXSXHVWRV SDUD WUDWDU GH DQWLFLSDU VX RFXUUHQFLD LQIOXLU HQ LQYROXFUDGRV UHODFLRQDGRV \
SUHSDUDUSODQHVGHFRQWLQJHQFLDVLHOVXSXHVWRQRVHFXPSOH
/RV VXSXHVWRV WLHQHQ OD YLUWXG GH REOLJDU D TXLHQHV IRUPXODQ HO SURJUDPD D H[SOLFLWDU ORV
ULHVJRV\DTXLHQHVORHMHFXWDQDHVWDUSHQGLHQWHVGHHOORV
/DILJXUDVLJXLHQWHSUHVHQWDXQGLDJUDPDGHIOXMRGHODVSUHJXQWDVTXHVHGHEHKDFHUHOHTXLSRGHO
SURJUDPDDQWHVGHLQFRUSRUDUXQ6XSXHVWRDOD00/
',$*5$0$
'(&,6,1'(48e6838(6726,1&25325$5$/$0$75,='(/0$5&2/*,&2


&(3$/6HULH0DQXDOHV1
8ELFDFLyQGHORVVXSXHVWRVHQODPDWUL]
/RVVXSXHVWRVLQWURGXFLGRVHQODVHFFLyQDQWHULRUFRPRVHGLMRFRUUHVSRQGHQDFRQGLFLRQHVOyJLFDVTXH
QR VH FXPSOHQ SRU PHGLR GHO SURJUDPD GHQWUR GH OD LQVWLWXFLRQDOLGDG GH TXLHQ KD\D VLGR GHVLJQDGR
UHVSRQVDEOH VLQR TXH VRQ ELHQHV R VHUYLFLRV FRPSOHPHQWDULRV JHQHUDGRV SRU RWUDV LQVWLWXFLRQHV R
FRQGLFLRQHV H[WHQDV LJXDOPHQWH QHFHVDULDV SDUD OD VROXFLyQ GHO SUREOHPD (V KDELWXDO HQWRQFHV TXH
HVRVVXSXHVWRVVHSXHGDQUHIHULUDFXDOTXLHUDGHODVFDWHJRUtDVGHODOHFWXUDYHUWLFDO3RUHOORDKRUDHQOD
OHFWXUD YHUWLFDO VH QHFHVLWDUiQ GRV FROXPQDV GLIHUHQWHV SDUDFDGDFDWHJRUtDLODTXHFRUUHVSRQGHDOR
TXH HVWi EDMR HO iPELWR LQVWLWXFLRQDO GH OD HQWLGDG UHVSRQVDEOH \ LL OD TXH FRUUHVSRQGH D OD
UHVSRQVDELOLGDGGHWHUFHURVTXHHVWiQPiVDOOiGHORTXHOHFRUUHVSRQGHDODLQVWLWXFLyQUHVSRQVDEOH
'HSHQGLHQGRGHHQTXpOXJDUGHODPDWUL]VHHQFXHQWUHQVHGLVWLQJXHQFXDWURWLSRVGHVXSXHVWRV
ORVFXDOHVVHWUDWDQDFRQWLQXDFLyQ
5(&8$'52
(5525(6)5(&8(17(6(1/$,'(17,),&$&,1'(6838(6726
&RORFDUFRPR6XSXHVWRDOJRTXHSXHGHUHVROYHUODLQVWLWXFLyQUHVSRQVDEOH(VWRRFXUUHJHQHUDOPHQWHFXDQGRHOSURJUDPD
HVWiGHQWURGHXQDLQVWLWXFLyQDVLJQDGRDDOJ~Q'HSDUWDPHQWR\VHFRORFDFRPRVXSXHVWRWRGRDTXHOORTXHQRSXHGHKDFHUHO
'HSDUWDPHQWRGHQWURGHVXVDWULEXFLRQHVLQFOXVRORTXHSXHGHQUHVROYHURWURV'HSDUWDPHQWRVGHODPLVPDLQVWLWXFLyQ(VXQ
HUURUSRUTXHHOSURJUDPDTXHGDGHQWURGHXQDLQVWLWXFLyQ\QRGHQWURGHXQDVXEGLYLVLyQGHHOOD
&RORFDU 6XSXHVWRV LUUHOHYDQWHV(VXQHUURUSRUTXHXQVXSXHVWRHVXQDFRQGLFLyQQHFHVDULDTXHVHFXPSOHIXHUD
GHOFRQWUROGHOSURJUDPD6LQRFRUUHVSRQGHDDOJRQHFHVDULRODFRQGLFLyQHVLUUHOHYDQWH
(VFULELUHQODFROXPQDORVULHVJRVHQYH]GHORVVXSXHVWRV(VXQHUURU\DTXHHOVXSXHVWRVLHPSUHHVWiDVRFLDGRD
XQDVLWXDFLyQGHULHVJR/RTXHVHVXSRQHHVTXHHVHULHVJRQRVHYDDPDWHULDOL]DU
6XSXHVWRVTXHOLJDQODV$FWLYLGDGHVFRQORV&RPSRQHQWHV
RHQFRUWR6XSXHVWRV$&
(OORV VH UHILHUHQ D GHFLVLRQHV R D LQVXPRV TXH GHEHQ SURSRUFLRQDUVH R VLWXDFLRQHV TXH GHEHQ RFXUULU
IXHUD GHO iPELWR GHO SURJUDPD $ QLYHO GH ODV $FWLYLGDGHV ORV VXSXHVWRV FRUUHVSRQGHUiQ D
DFRQWHFLPLHQWRV FRQGLFLRQHV R GHFLVLRQHV TXH WLHQHQ TXH VXFHGHU SDUD TXH VHD SRVLEOH FRPSOHWDU ORV
&RPSRQHQWHVVHJ~QORSODQLILFDGR(VWRVVXSXHVWRVVHSXHGHQGHQRPLQDU6XSXHVWRVGH$FWLYLGDGHVD
&RPSRQHQWHVRPiVVLPSOHPHQWH6XSXHVWRV$&
3RUHMHPSORSRGHPRVSURJUDPDUXQFXUVRGHFDSDFLWDFLyQHQKLJLHQHSUHSDUDUPDWHULDOGHDSR\R
\ UHDOL]DU HO FXUVR SHUR VL VyOR DVLVWH XQ UHGXFLGR Q~PHUR GH DOXPQRV QR KDEUHPRV ORJUDGR HO
&RPSRQHQWH3REODFLyQFDSDFLWDGDHQKLJLHQH6LKD\XQDSUREDELOLGDGUD]RQDEOHGHTXHHOORRFXUUD
FRUUHVSRQGHUi LQFRUSRUDU HO VXSXHVWR /D SREODFLyQ DVLVWH D ORV FXUVRV GH FDSDFLWDFLyQ HQ KLJLHQH
1yWHVHTXHHOTXHODSREODFLyQDVLVWDDOFXUVRHVWiIXHUDGHOiPELWRGHFRQWUROLQPHGLDWRGHOJHUHQWHGHO
SURJUDPD (Q IRUPD LQPHGLDWDHVSRVLEOHPRWLYDUDORVSREODGRUHVSDUDTXHDVLVWDQSHURFRPRQRHV
SRVLEOHREOLJDUORVQDGDJDUDQWL]DTXHORKDUiQ6LQHPEDUJRHOJHUHQWHGHOSURJUDPDHVUHVSRQVDEOHGH
PRGLILFDU ODV DFFLRQHV \ HVWUDWHJLDV GHO SURJUDPD KDVWD ORJUDU XQD PRWLYDFLyQ VXILFLHQWH TXH FDXVH
ILQDOPHQWHODDVLVWHQFLDDODVMRUQDGDVGHFDSDFLWDFLyQ
2WUR HMHPSOR VHUtD HO %DQFR ,QWHUQDFLRQDO QR REMHWD ORV GRFXPHQWRV GH UHIHUHQFLD SDUD OD
/LFLWDFLyQ R ([LVWHQ VXILFLHQWHV 3URYHHGRUHV LQWHUHVDGRV HQ SDUWLFLSDU HQ OD OLFLWDFLyQ $PERV
VXSXHVWRV SHUPLWLUtDQ TXH GH OD $FWLYLGDG 3UHSDUDFLyQ GH OD GRFXPHQWDFLyQ SDUD OLFLWDU SXHGD
FRQWLQXDU RWUDV $FWLYLGDGHV FRPR &RPSUD GH HTXLSRV H ,QVWDODFLyQ GH HTXLSRV TXH OOHYDQ DO
&RPSRQHQWH (TXLSRV HQ RSHUDFLyQ (O HMHPSOR HV PX\ UHDO VRQ LQQXPHUDEOHV ORV SUR\HFWRV R
SURJUDPDVTXHVXIUHQVHYHURVDWUDVRVSRUHOQRFXPSOLPLHQWRGHHVRV6XSXHVWRV

&(3$/6HULH0DQXDOHV1
6XSXHVWRVTXHOLJDQORV&RPSRQHQWHFRQHO3URSyVLWRR
6XSXHVWRV&3
$TXtDSDUHFHQORVSURGXFWRVTXHGHEHQDSRUWDUSDUDODVROXFLyQRWUDVLQVWLWXFLRQHVFRQHOILQGHSRGHU
DOFDQ]DU HO SURSyVLWR $ QLYHO GH ORV &RPSRQHQWHV ORV VXSXHVWRV FRUUHVSRQGHQ D DFRQWHFLPLHQWRV
FRQGLFLRQHV R GHFLVLRQHV TXH WLHQHQ TXH RFXUULU SDUD TXH ORV &RPSRQHQWHV GHO SURJUDPD DOFDQFHQ HO
3URSyVLWR (VWRV VXSXHVWRV VH SXHGHQ GHQRPLQDU 6XSXHVWRV GH &RPSRQHQWHV D 3URSyVLWR R PiV
VLPSOHPHQWH6XSXHVWRV&33RUHMHPSORVLODSREODFLyQGHODORFDOLGDGQRDSOLFDHQVXYLGDGLDULDOR
TXHVHOHVHQVHxyHQHOFXUVRGHFDSDFLWDFLyQHQKLJLHQHQRVHORJUDUiHO3URSyVLWRGHOSURJUDPD6LKD\
XQD SUREDELOLGDG UD]RQDEOH GH TXH HOOR RFXUUD FRUUHVSRQGHUi LQFRUSRUDU HO VXSXHVWR /D SREODFLyQ
DSOLFD OR DSUHQGLGR VREUH KLJLHQH HQ VXV DFWLYLGDGHV GLDULDV 6LQ HPEDUJR VL QR VH FXPSOLHUD HO
VXSXHVWR HV UHVSRQVDELOLGDG GHO JHUHQWH GHO SURJUDPD LQFRUSRUDU QXHYDV DFFLRQHV \ HVWUDWHJLDV SDUD
LQGXFLU D OD SREODFLyQ D DSOLFDU OR DSUHQGLGR \D TXH OD QR REWHQFLyQ GHO 3URSyVLWR HV HO IUDFDVR GHO
SURJUDPD
2WURHMHPSORXQFDVRUHDO(OSURJUDPDWHQtDHOSURSyVLWRGHPDQWHQHUFRQWURODGDVFLHUWDVSODJDV
HQWHUUHQRIRUHVWDO/RVFRPSRQHQWHVWHQtDQTXHYHUFRQIXPLJDFLyQSUHYHQWLYD\FRQDWDTXHLQPHGLDWRD
IRFRV TXH VH REVHUYDUDQ 6H DQDOL]y HO FDVR \ VH GHVFXEULy TXH HO p[LWR GHO SURJUDPD GHSHQGtD GH XQ
IDFWRUH[WHUQRGHSULPHUDPDJQLWXGTXH$GXDQDVFRQWURODUDULJXURVDPHQWHODLPSRUWDFLyQSURKLELGD
GHSODQWDVYLYDV(OFRQWUROGHSODJDVLPSOLFDEDXQDDFFLyQUHVSRQVDEOHWDQWRGHOVHFWRUIRUHVWDOFRPR
GHOVHFWRUKDFHQGDULRGHTXLHQGHSHQGtD$GXDQDV
6XSXHVWRVTXHOLJDQHO3URSyVLWRFRQHO)LQR6XSXHVWRV3)
6RQSDUHFLGRVDORVDQWHULRUHVSHURHVWiQHQXQQLYHOPiVDJUHJDGR$QLYHOGH3URSyVLWRORVVXSXHVWRV
FRUUHVSRQGHUiQ D DFRQWHFLPLHQWRV FRQGLFLRQHV R GHFLVLRQHV TXH WLHQHQ TXH RFXUULU SDUD TXH HO
SURJUDPD FRQWULEX\D VLJQLILFDWLYDPHQWH DO ORJUR GHO )LQ (VWRV VXSXHVWRV VH SXHGHQ GHQRPLQDU
6XSXHVWRVGH3URSyVLWRD)LQRPiVVLPSOHPHQWH6XSXHVWRV3)3RUHMHPSORQRVHORJUDUiUHGXFLU
ODWDVDGHPRUELOLGDG\SRUORWDQWRFRQWULEXLUDUHGXFLUODSREUH]DFRPRUHVXOWDGRGHODH[LVWHQFLDGH
XQFHQWURGHVDOXGHQODORFDOLGDGVLODSREODFLyQQRXWLOL]DORVVHUYLFLRVTXHpVWHOHVEULQGD6LKD\XQD
SUREDELOLGDG UD]RQDEOH GH TXH HOOR RFXUUD FRUUHVSRQGHUi LQFRUSRUDU HO VXSXHVWR /D SREODFLyQ
FRQFXUUHUHJXODUPHQWHDDWHQGHUVH\DFRQWUROHVHQHOFHQWURGHVDOXG
8QFDVRWDPELpQUHDOHVHOGHXQSURJUDPDGHPRGHUQL]DFLyQGHWUiPLWHVHQXQSDtVTXHEXVFDED
LQFRUSRUDUHOXVRGHLQWHUQHWSDUDJUDQSDUWHGHORVWUiPLWHVS~EOLFRV&RPRHO)LQVHKDEtDHVWDEOHFLGR
HQ WpUPLQRV GH TXH OD SREODFLyQ SHUGLHUD PHQRV WLHPSR HQ WUiPLWHV VH GHELy DJUHJDU FRPR 6XSXHVWR
TXH RWURV SURJUDPDV L SURYH\HUDQ DFFHVR D WHUPLQDOHV S~EOLFRV GH LQWHUQHW &RPSXFHQWURV D OD
SREODFLyQ\LLTXHVHFDSDFLWDUDDORVXVXDULRVQRWUDGLFLRQDOHVHQHOXVRGHHVRVWHUPLQDOHV6LQHVWRV
VXSXHVWRVHOSURJUDPDGHLQWHUFRQHFWLYLGDGGHSRUWDOHVHOHFWUyQLFRVJXEHUQDPHQWDOHVQRSRGtDORJUDUVX
)LQ
/RV6XSXHVWRVDQLYHOGH)LQ
3RU ~OWLPR D QLYHO GH )LQ ORV VXSXHVWRV FRUUHVSRQGHUiQ D DFRQWHFLPLHQWRV FRQGLFLRQHV R GHFLVLRQHV
LPSRUWDQWHV SDUD OD VXVWHQWDELOLGDG GH ORV EHQHILFLRV JHQHUDGRV SRU HO SURJUDPD (V GHFLU VRQ
FRQGLFLRQHVTXHWLHQHQTXHHVWDUSUHVHQWHVDIXWXURSDUDTXHHOSURJUDPDSXHGDVHJXLUSURGXFLHQGRORV
EHQHILFLRV TXH MXVWLILFDURQ VX HMHFXFLyQ 3RU HMHPSOR VL OD SREODFLyQ FDSDFLWDGD QR WUDQVPLWH VXV
FRQRFLPLHQWRVVREUHKLJLHQHDVXIDPLOLDQRVHPDQWHQGUiQDIXWXURORVEXHQRVKiELWRVTXHUHVXOWDQHQ
XQDEDMDGHODWDVDGHPRUELOLGDG\SRUWDQWRHQPD\RUHVLQJUHVRV6LKD\XQDSUREDELOLGDGUD]RQDEOHGH
TXH HOOR RFXUUD FRUUHVSRQGHUi LQFRUSRUDU HO VXSXHVWR /D SREODFLyQ HQVHxD ORV KiELWRV GH KLJLHQH
DSUHQGLGRVDVXVKLMRVHKLMDV

&(3$/6HULH0DQXDOHV1
/D/yJLFD9HUWLFDOHQHOGLVHxR
GHSURJUDPDV
/D OODPDGD /yJLFD 9HUWLFDO HV DTXHOOD TXH DVHJXUD TXH KD\D FRPSOHWD
FRUUHVSRQGHQFLD HQWUH ODV DFFLRQHV HVSHFtILFDV TXH VH HPSUHQGHQ FRPR
SDUWH GH XQ SURJUDPD RULHQWDGR D UHVROYHU XQ SUREOHPD \ OD VHULH GH
REMHWLYRVFRQFDWHQDGRV
/DOyJLFDGHODVLQIRUPDFLRQHV
(Q HO FDStWXOR DQWHULRU FXDQGR SODQWHDPRV OD SUHSDUDFLyQ GHO UERO GH
2EMHWLYRV GLMLPRV TXH SURFHGtDPRV FRQ XQD YDULWD PiJLFD D
WUDQVIRUPDUORQHJDWLYRGHOiUEROGHSUREOHPDHQHOHPHQWRVSRVLWLYRVGHO
UERO GH 2EMHWLYRV (Q HO PXQGR UHDO WDO YDULWD PiJLFD QR H[LVWH VLQR
TXH OR TXH UHDOPHQWH RFXUUH HV XQ SURFHVR GH WUDQVIRUPDFLyQ GH OD
VLWXDFLyQ SUREOHPD HQ OD VLWXDFLyQ GHVHDGD (VWRV SURFHVRV VRQ ORV TXH
FRQVWLWX\HQHO0DUFR/yJLFR
/DWUDQVIRUPDFLyQGHXQDVLWXDFLyQLQLFLDOHQRWUDILQDOVHGDFRPR
XQD VXFHVLyQ GH HVWDGRV LQWHUPHGLRV R HVODERQHV GH OD FDGHQD GH
WUDQVIRUPDFLyQ(VHVWDFDGHQDHVODTXHGHEHKDFHUVHH[SOtFLWDPHGLDQWH
OD PDWUL] D ILQ GH SRGHU HVWDEOHFHU ORV LQGLFDGRUHV TXH PXHVWUHQ HO
SURJUHVRHQHOSURFHVRGHWUDQVIRUPDFLyQ3DUDHOORHVQHFHVDULRKDFHUXQ
GLDJUDPDDX[LOLDUFRQWRGRVORVSDVRVTXHOyJLFDPHQWHGHEHQGDUVH

&(3$/6HULH0DQXDOHV1
&RPRHMHPSORLQWURGXFLUHPRVHOVLJXLHQWHFDVRWRPDGRGHXQSURJUDPDUHDO
5(&8$'52
48,172&$62/$&$3$&,7$&,1'(352)(625(6%6,&26(16(59,&,2
(Q XQ SDtV ODWLQRDPHULFDQR SDUD PHMRUDU OD FDOLGDG GH OD HQVHxDQ]D EiVLFD RSHUD XQ SURJUDPD GH FDSDFLWDFLyQ
SDUD PDHVWURV HQ VHUYLFLR (O SURJUDPD HV YROXQWDULR /RV PDHVWURV TXH VH LQWHUHVDQ HQ HO SURJUDPD DVLVWHQ D ORV
FXUVRVOHFWLYRVTXHVRQRIUHFLGRV\SDUDJUDGXDUVHGHEHQVXSHUDUXQH[DPHQTXHVHWRPDDOILQDOGHORVFXUVRV
3DUDDVHJXUDUTXHHOSURJUDPDSXHGDWHQHUp[LWRORVPDHVWURVTXHVHJUDG~DQVRQYLVLWDGRVHQVXOXJDUGHWUDEDMR
GHQWUR GH ORV WUHV PHVHV VLJXLHQWHV D OD JUDGXDFLyQ D ILQ GH YHULILFDU VL HV TXH HVWiQ DSOLFDQGR ORV FRQRFLPLHQWRV R
WpFQLFDVHQVHxDGRVHQORVFXUVRV
(O p[LWR ILQDO GHO SURJUDPD R VLWXDFLyQ GHVHDGD VH HVWDEOHFLy FRPR HO PHMRUDPLHQWR GH ODV FDOLILFDFLRQHV HQ
SUXHEDVQDFLRQDOHVGHQLYHODFLyQTXHVHWRPDQDWRGRVORVDOXPQRVGHOPLVPRJUDGRHQHOSDtV
(QHOHMHPSORDQWHULRUHOSURFHVRGHWUDQVIRUPDFLyQGHVGHODVLWXDFLyQLQLFLDOEDMRUHQGLPLHQWR
GH DOXPQRV GH SURIHVRUHV QR FDSDFLWDGRV D OD VLWXDFLyQ ILQDO GHSHQGH GHO FXPSOLPLHQWR GH ODV
VLJXLHQWHVKLSyWHVLV
+D\VXILFLHQWHVPDHVWURVTXHVHLQWHUHVDQHQWRPDUHOSURJUDPD
(OSURJUDPDRIUHFHVXVFXUVRV\DFWLYLGDGHVFRQH[DV
/RVPDHVWURVLQVFULWRVDVLVWHQUHJXODUPHQWHDODVDFWLYLGDGHVGHOSURJUDPD
8QDSURSRUFLyQLPSRUWDQWHGHPDHVWURVLQVFULWRVVHJUDG~D
(QODVHVFXHODVH[LVWHQODVFRQGLFLRQHVPDWHULDOHVSDUDDSOLFDUODVQXHYDVWHFQRORJtDV
/RVPDHVWURVJUDGXDGRVDSOLFDQVXVFRQRFLPLHQWRVHQVXOXJDUGHWUDEDMR
/RV DOXPQRV GH ORV PDHVWURV TXH DSOLFDQ ORV QXHYRV FRQRFLPLHQWRV REWLHQHQ PHMRUHV
UHVXOWDGRVRWURVDOXPQRVFX\RVPDHVWURVQRVHKDQFDSDFLWDGRD~Q
(VWRVVLHWHHOHPHQWRVVRQORVHOHPHQWRVGHODFDGHQDOyJLFDGHODWUDQVIRUPDFLyQ(QHVWDFDGHQD
DOJXQRV HVODERQHV GHSHQGHQ GHO UHVSRQVDEOH GHO SURJUDPD FRPR HV HO FDVR GHO VHJXQGR HOHPHQWR
PLHQWUDVTXHKD\RWURVTXHHVFDSDQGHVXFRQWURODXQTXHHOSURJUDPDSXHGHWRPDUDFFLRQHVSDUDLQGXFLU
XQPHMRUQLYHOGHFXPSOLPLHQWR(QWUHHVWRV~OWLPRVVHHQFXHQWUDQHOSULPHUHVODEyQ(QRWURVHVODERQHV
HOSURJUDPDSXGLHUDQRWHQHUUHVSRQVDELOLGDGDOJXQDFRPRVHUtDHOFDVRGHOVpSWLPRHOHPHQWR
/D/yJLFD9HUWLFDOHQODPDWUL]
/DFDGHQDGHWUDQVIRUPDFLyQGHEHTXHGDUH[SOtFLWDHQODPDWUL]RFXSDQGRODVFROXPQDVGHORV2EMHWLYRV
\ODGHORV6XSXHVWRVFRPRPXHVWUDHO&XDGURVLJXLHQWH

&(3$/6HULH0DQXDOHV1
&8$'52
/$&$'(1$'(75$16)250$&,1<68/8*$5(1/$0$75,=
&DWHJRUtD
2EMHWLYRV
0HGLRVGH
YHULILFDFLyQ
,QGLFDGRUHV
6XSXHVWRV
)LQ
/RVDOXPQRVGHORVPDHVWURVTXH
DSOLFDQORVQXHYRVFRQRFLPLHQWRV
REWLHQHQPHMRUHVUHVXOWDGRVTXH
VXVFRPSDxHURVFX\RVPDHVWURV
QRVHKDQFDSDFLWDGRD~Q6pSWLPD
+LSyWHVLV
3URSyVLWR
/RVPDHVWURVJUDGXDGRVDSOLFDQ
VXVFRQRFLPLHQWRVHQVXOXJDUGH
WUDEDMR6H[WD+LSyWHVLV
6XSXHVWRV3)
6XSXHVWRV&3
&RPSRQHQW
HV
0DHVWURVJUDGXDGRV&XDUWD
+LSyWHVLV
6XSXHVWRV$&
,QVFULELU
$FWLYLGDGHV
5HDOL]DUFXUVRV6HJXQGD
+LSyWHVLV
(QODVHVFXHODVH[LVWHQODV
FRQGLFLRQHVPDWHULDOHVSDUD
DSOLFDUODVQXHYDVWHFQRORJtDV
4XLQWD+LSyWHVLV
0DHVWURVVHLQWHUHVDQHQVHU
FDSDFLWDGRV3ULPHUD+LSyWHVLV
0DHVWURVDVLVWHQUHJXODUPHQWH
DODVDFWLYLGDGHVGHOSURJUDPD
7HUFHUD+LSyWHVLV
7RPDUH[iPHQHV
9LVLWDUDORVJUDGXDGRV
/DOHFWXUDGHODPDWUL]VHUHDOL]DGHVGHDEDMRKDFLDDUULED\HVODVLJXLHQWH
6, HO SURJUDPD LPSDUWH UHJXODUPHQWH ORV FXUVRV \ VXILFLHQWHV PDHVWURV VH LQWHUHVDQ HQ VHU
FDSDFLWDGRV \ DVLVWHQ UHJXODUPHQWH D ODV DFWLYLGDGHV GHO SURJUDPD HQWRQFHV VH JUDGXDUiQ
VXILFLHQWHVGRFHQWHV
6, VH JUDG~DQ VXILFLHQWHVGRFHQWHV\H[LVWHQFRQGLFLRQHVPDWHULDOHVSDUDODDSOLFDFLyQGHODV
QXHYDVWHFQRORJtDVHQWRQFHVORVPDHVWURVJUDGXDGRVSRGUiQDSOLFDUVXVFRQRFLPLHQWRV
6, ORV PDHVWURV JUDGXDGRV DSOLFDQ ODV QXHYDV WHFQRORJtDV HQWRQFHV VXV DOXPQRV REWHQGUiQ
PHMRUHVUHVXOWDGRVTXHVXVFRPSDxHURVFX\RVPDHVWURVQRVHKDQFDSDFLWDGRDXQ
&RORFDQGRHVWRPLVPRHQODIRUPDJHQpULFDWHQHPRV
6LODLQVWLWXFLyQUHVSRQVDEOHHMHFXWDODV$FWLYLGDGHVSUHYLVWDV\VHFXPSOHQORV6XSXHVWRV$&
HQWRQFHVVHORJUDQORV&RPSRQHQWHV
6L VH REWLHQHQ ORV &RPSRQHQWHV \ VH FXPSOHQ ORV 6XSXHVWRV &3 HQWRQFHV VH DOFDQ]D HO
3URSyVLWR
6LVHDOFDQ]DHO3URSyVLWR\VHFXPSOHQORV6XSXHVWRV3)HQWRQFHVVHDOFDQ]DHO)LQ
3UHVHQWDGRHQIRUPDJUiILFDOD/yJLFD9HUWLFDOVLJXHHOFDPLQRVHxDODGRHQHOGLDJUDPDHQHO
VHJXQGRFDStWXORHOFXDOVHUHSLWHDFRQWLQXDFLyQSDUDFRPRGLGDGGHOOHFWRU

&(3$/6HULH0DQXDOHV1
',$*5$0$
/(&785$'(/$/*,&$9(57,&$/'(/$0$75,=/*,&$

&(3$/6HULH0DQXDOHV1
/DLQFRUSRUDFLyQGHLQGLFDGRUHV
/DV UHODFLRQHV OyJLFDV DO PRPHQWR GHO GLVHxR VRQ KLSyWHVLV GH
FRPSRUWDPLHQWRODVFXiOHVHQODSUiFWLFDSXHGHQRFXUULURQR3RUHOORHO
PpWRGR GHO 0DUFR /yJLFR VH FRPSOHWD FRQ OD LQWURGXFFLyQ GH RWUDV
GLPHQVLRQHV TXH EXVFDQ GDU D OD JHUHQFLD GHO SURJUDPD OD LQIRUPDFLyQ
QHFHVDULDSDUDGDUVHFXHQWDVLHVDVKLSyWHVLVVHHVWiQFXPSOLHQGRRQR6L
ODV KLSyWHVLV QR VH HVWXYLHVHQ FXPSOLHQGR VDWLVIDFWRULDPHQWH VHUtD
QHFHVDULRUHDOL]DUDFFLRQHVSDUDPRGLILFDU\DVHDHOWLSRGHSURGXFWRVRHO
GLVHxR JOREDOGHOSURJUDPDDILQGHREWHQHUORVSURSyVLWRVSROtWLFRVTXH
MXVWLILFDQVXH[LVWHQFLD
-XVWDPHQWHHOSUHVHQWHFDStWXORDERUGDODPDQHUDGHHVWDEOHFHUXQ
PDUFRSDUDFRQWURODUHOFXPSOLPLHQWRGHODVKLSyWHVLVWRPDGDVHQFXHQWD
GXUDQWH HO GLVHxR 3DUD HOOR HO PRGHOR GH OD 0DWUL] GHO 0DUFR /yJLFR
XWLOL]DODVGRVFROXPQDVFHQWUDOHV
/RV LQGLFDGRUHV TXH FRUUHVSRQGHQ D HVWH FULWHULR VH GHQRPLQDQ
LQGLFDGRUHVSURSLRVGHOPpWRGR(VKDELWXDOHQFRQWUDUTXHODV0DWULFHV
GH 0DUFR /yJLFR WDPELpQ VRQ RFXSDGDV FRPR PHGLR SDUD H[KLELU
LQIRUPDFLyQ DGLFLRQDO D OD TXH FRUUHVSRQGH D OD DSOLFDFLyQ GHO PpWRGR
FRQVWLWX\pQGRVHHQ0DWULFHVGH,QGLFDGRUHVEDVDGDVHQHO0DUFR/yJLFR
(VWR QR HV XQ SUREOHPD PD\RU HQ OD PHGLGD TXH ORV LQGLFDGRUHV GH
FRQYHQLHQFLDQRGHVSODFHQDORVLQGLFDGRUHVSURSLRV\TXHDPERVWLSRV
GH LQGLFDGRUHV VH ULMDQ SRU ODV PLVPDV UHJODV GH REMHWLYLGDG \
WUDQVSDUHQFLD
(Q ODV VLJXLHQWHV VHFFLRQHV GHO FDStWXOR WUDWDUHPRV DPERV WLSRV GH
LQGLFDGRUHV

&(3$/6HULH0DQXDOHV1
/RVLQGLFDGRUHVSURSLRVGHOPpWRGRGHO0DUFR/yJLFR
/D0DWUL]QRVLUYHVRODPHQWHSDUDGHVFULELUORVREMHWLYRVGHGLVWLQWRRUGHQTXHDSDUHFHQHQHOHQWRUQRGH
OD VROXFLyQ GH XQ SUREOHPD SROtWLFR HFRQyPLFR R VRFLDO GH DOJXQD SREODFLyQ 8QD YH] GHILQLGD OD
HVWUXFWXUD OyJLFD GH OD PDWUL]VHUi QHFHVDULR LQFRUSRUDUORVLQGLFDGRUHVTXHSHUPLWDQVHJXLUHQIRUPD
REMHWLYD HO FRPSRUWDPLHQWR GH FDGD KLSyWHVLV GH OD IRUPXODFLyQ OyJLFDLQVWLWXFLRQDO /RV LQGLFDGRUHV
GHEHQGLVHxDUVHGHWDOIRUPDTXHSHUPLWDQTXHVXVYDORUHVSXHGDQVHUPHGLGRVFDGDFLHUWRWLHPSR
$O HYDOXDU HO FRPSRUWDPLHQWR GH ORV LQGLFDGRUHV VHUi SRVLEOH GHILQLU ORV FXUVRV GH DFFLyQ TXH
GHEHUtDQVHJXLUVHGHDFXHUGRFRQORTXHH[SUHVHQORVLQGLFDGRUHV(VWDVDFFLRQHVFRUUHFWLYDVQRTXHGDQ
H[SUHVDGDVHQODSURSLDPDWUL]VLQRTXHUHTXLHUHQXQGRFXPHQWRDGLFLRQDOHOPDQXDOGHRSHUDFLyQGHO
SURJUDPDRSUR\HFWR(QHVWHPDQXDOGHEHGHILQLVHFRQSUHFLVLyQODPHWRGRORJtDGHPHGLFLyQGHFDGD
LQGLFDGRU\VHVHPDIRUL]DQVXVYDORUHV(VWR~OWLPRLPSOLFDTXHVHGHILQDTXpGHEHKDFHUVHHQHOFDVR
TXHORVYDORUHVGHFDGDLQGLFDGRUTXHGHQGHQWURGHGHWHUPLQDGRVUDQJRVQXPpULFRV
/DV DFFLRQHV FRUUHFWLYDV SXHGHQ VHU GH GRV WLSRV D DTXpOODV TXH VyOR EXVFDQ PDQWHQHU HO
SURJUDPDGHQWURGHORHVWDEOHFLGRHQVXGLVHxRHQFXDOTXLHUDGHVXVFDWHJRUtDVFRQWUROKRPHRVWiWLFR\
EDTXpOODVTXHFRUUHVSRQGHQDFDPELRVGHGLVHxRPRWLYDGRVSRUPRGLILFDFLRQHVHQODVFRQGLFLRQHVGH
H[SHFWDWLYDV H[WHUQDV DO SURJUDPD R SRU OD FRQYLFFLyQ GH OD QHFHVLGDG GH PRGLILFDU OD JHUHQFLD GHO
SURJUDPD/RVSURFHVRVFRQGXFHQWHVDOSULPHUWLSRGHGHFLVLRQHVVHGHQRPLQDQ0RQLWRUHRPLHQWUDV
TXH ORV SURFHVRV FRQGXFHQWHV DO VHJXQGR WLSR GH GHFLVLRQHV VH GHQRPLQDQ (YDOXDFLyQ /D 00/
IDFLOLWDORVSURFHVRVGH0RQLWRUHR\(YDOXDFLyQ0 (SRUPHGLRGHOFRQMXQWRGHLQGLFDGRUHVRUGHQDGR
GHPDQHUDOyJLFD
/RV LQGLFDGRUHV SURSLRV GHO PpWRGR VRQ PX\ SUHFLVRV \D TXH HVSHFtILFDPHQWH GHEHQ FRQWURODU
FDGDXQDGHODVKLSyWHVLVGHORVSURFHVRVGHWUDQVIRUPDFLyQGHVGHODVLWXDFLyQSUREOHPDDODVLWXDFLyQ
GHVHDGDWDOFRPRIXHGLVFXWLGRHQHOFDStWXORVREUHOD/yJLFD9HUWLFDOGHOD0DWUL]
&DGDHVODEyQGHODFDGHQDGHOSURFHVRGHWUDQVIRUPDFLyQHVXQDKLSyWHVLVTXHGHEHVHUDWHQGLGD
HQIRUPDFXLGDGRVDSDUDYHUHOJUDGRHQTXHVHHVWiFXPSOLHQGR(QHOFDVRTXHHOFRPSRUWDPLHQWRGH
OD KLSyWHVLV IXHVH GLVWLQWR DO HVSHUDGR HO SURJUDPD GHEHUi WRPDU DFFLRQHV FRUUHFWLYDV \D VHD SDUD
DFHOHUDUDOJXQDVDFFLRQHVUHIRU]DUDOJXQRVIUHQWHVGHWUDEDMRHVWLPXODUODVFRRUGLQDFLRQHVHWF
3DUD SRGHU H[SOLFDU WRGR HVWR FRQ PD\RU IDFLOLGDG UHFXUULUHPRV QXHYDPHQWH DO HMHPSOR TXH \D
PHQFLRQDPRV HQ HO FDStWXOR VREUH OD OyJLFD YHUWLFDO HO FDVR GH OD &DSDFLWDFLyQ GH 0DHVWURV GH
(GXFDFLyQ%iVLFDHQHMHUFLFLR
(Q HVH HMHPSOR KDEtDPRV UHFRQRFLGR TXH HO SURFHVR GH WUDQVIRUPDFLyQ GHSHQGH GHO
FXPSOLPLHQWRGHODVVLJXLHQWHVKLSyWHVLV
+D\VXILFLHQWHVPDHVWURVTXHVHLQWHUHVDQHQWRPDUHOSURJUDPD
(OSURJUDPDRIUHFHVXVFXUVRV\DFWLYLGDGHVFRQH[DV
/RVPDHVWURVLQVFULWRVDVLVWHQUHJXODUPHQWHDODVDFWLYLGDGHVGHOSURJUDPD
8QDSURSRUFLyQLPSRUWDQWHGHPDHVWURVLQVFULWRVVHJUDG~D
(QODVHVFXHODVH[LVWHQODVFRQGLFLRQHVPDWHULDOHVSDUDDSOLFDUODVQXHYDVWHFQRORJtDV
/RVPDHVWURVJUDGXDGRVDSOLFDQVXVFRQRFLPLHQWRVHQVXOXJDUGHWUDEDMR
/RV DOXPQRV GH ORV PDHVWURV TXH DSOLFDQ ORV QXHYRV FRQRFLPLHQWRV REWLHQHQ PHMRUHV
UHVXOWDGRVTXHVXVFRPSDxHURVFX\RVPDHVWURVQRVHKDQFDSDFLWDGRD~Q

&(3$/6HULH0DQXDOHV1
1XHVWUD SUHJXQWD DKRUD HV&yPRVDEHPRVVLODKLSyWHVLVVHHVWiFXPSOLHQGRDGHFXDGDPHQWH"

/DUHVSXHVWDDHVWDSUHJXQWDSXHGHWHQHUYDULDVUHVSXHVWDVGHSHQGLHQGRGHODVFLUFXQVWDQFLDVHVSHFtILFDV
HQTXHVHGHVDUUROODHOSURJUDPDUHVSHFWLYR&RPRHMHPSORWRPDUHPRVODVUHVSXHVWDVTXHDSDUHFHQHQOD
WDEODVLJXLHQWHDGYLUWLHQGRTXHQRVRQQHFHVDULDPHQWHQLODV~QLFDVQLODVPHMRUHV
&8$'52
,1',&$'25(63$5$(/&21752/'(/$6+,37(6,6
+LSyWHVLV
,QGLFDGRUHV
)RUPDGH0HGLFLyQ
+D\VXILFLHQWHVPDHVWURVTXHVH
LQWHUHVDQHQWRPDUHOSURJUDPD
1~PHURGHPDHVWURVLQVFULWRVHQHO
SURJUDPD
5HJLVWURVGHLQVFULSFLyQ
(OSURJUDPDRIUHFHVXVFXUVRV\
DFWLYLGDGHVFRQH[DV
)HFKDVGHLQLFLDFLyQ\WpUPLQRGH
FDGDFXUVR\DFWLYLGDG
5HJLVWURVGHOSURJUDPD
/RVPDHVWURVLQVFULWRVDVLVWHQ
UHJXODUPHQWHDODVDFWLYLGDGHVGHO
SURJUDPD
3RUFHQWDMHGHLQVFULWRVTXHOOHJDQDO
H[DPHQILQDO
8QDSURSRUFLyQLPSRUWDQWHGH
PDHVWURVLQVFULWRVVHJUDG~D
3RUFHQWDMHGHLQVFULWRVTXHDSUXHEDQ
ORVUHTXLVLWRVGHJUDGXDFLyQ
&RPXQLFDFLyQDO0LQLVWHULRGH
(GXFDFLyQ
(QODVHVFXHODVH[LVWHQODV
FRQGLFLRQHVPDWHULDOHVSDUDDSOLFDU
ODVQXHYDVWHFQRORJtDV
3RUFHQWDMHGHHVFXHODVTXHWLHQHQ
PDHVWURVHQHOSURJUDPD\TXH
FXHQWDQFRQLQVWDODFLRQHVDSURSLDGDV
&DUWDUHTXHULGDHQHOSURFHVRGH
LQVFULSFLyQ
/RVPDHVWURVJUDGXDGRVDSOLFDQ
VXVFRQRFLPLHQWRVHQVXOXJDUGH
WUDEDMR
3RUFHQWDMHGHPDHVWURVJUDGXDGRV
TXHDSOLFDQVXVFRQRFLPLHQWRV
9LVLWDSHUVRQDODFDGDPDHVWUR
GHQWURGHORVPHVHVVLJXLHQWHVDOD
JUDGXDFLyQ
/RVDOXPQRVGHORVPDHVWURVTXH
DSOLFDQORVQXHYRVFRQRFLPLHQWRV
REWLHQHQPHMRUHVUHVXOWDGRVTXH
VXVFRPSDxHURVFX\RVPDHVWURV
QRVHKDQFDSDFLWDGRD~Q
'LIHUHQFLDHQWUHFDOLILFDFLRQHV
PHGLDVHQSUXHEDVQDFLRQDOHVGH
DOXPQRVGHPDHVWURVTXHDSOLFDQ
FRQRFLPLHQWR\GHDOXPQRVGHRWURV
PDHVWURV
5HVXOWDGRVGHSUXHEDVQDFLRQDOHV
GHOPLVPRQLYHO
7RGDODOyJLFDGHOSURJUDPDVHSXHGHFRQWURODUSRUPHGLRGHORVLQGLFDGRUHVPHQFLRQDGRV2WURV
LQGLFDGRUHV FRPR SRU HMHPSOR FXiQWR FXHVWD FDGD FXUVR R FXDQWRV KRPEUHV \ FXDQWDV PXMHUHV VH
JUDG~DQQRIRUPDQSDUWHGHODOyJLFDSHURVtSXHGHQVHUPX\~WLOHVSDUDRWURVILQHV
1yWHVH TXH HO SURJUDPD SXHGH IUDFDVDU VL FXDOTXLHUD GH ORV HVODERQHV GH OD FDGHQD VH FRUWD
(VWRV HVODERQHV SXHGHQ HVWDU HQ OD SULPHUD FROXPQD GHO5HVXPHQ1DUUDWLYRGHORV2EMHWLYRVRHQOD
FXDUWDFROXPQDGHORV6XSXHVWRV6LQLPSRUWDUGRQGHVHXELFDQORVHVODERQHVODVHJXQGDFROXPQDGHEH
FRQWHQHU WRGRV ORV LQGLFDGRUHV UHVSHFWLYRV \D TXH WRGRV HOORV VRQ LJXDOPHQWH HVWUDWpJLFRV \ VX
VHJXLPLHQWRHVLJXDOPHQWHLPSRUWDQWH
7DOFRPRVHVHxDOySUHYLDPHQWHHVIUHFXHQWHTXHVHOHHQFRPLHQGHDOD0DWUL]GHO0DUFR/yJLFR
ODWDUHDGHIDFLOLWDUVXHVWUXFWXUDFRPRHVWDQWHSDUDH[KLELURWUDLQIRUPDFLyQGHLPSRUWDQFLDSDUDODV
DXWRULGDGHV TXH WLHQHQ UHVSRQVDELOLGDGHV DFHUFD GHO SURJUDPD VX ILQDQFLDPLHQWR R VX HMHFXFLyQ
FRQIRUPHDFLHUWDVQRUPDVDGPLQLVWUDWLYDV
&XDQGRHVWRRFXUUHDHVWRVLQGLFDGRUHVGHFRQYHQLHQFLDDOLJXDOTXHDORVLQGLFDGRUHVSURSLRVVH
OHVSLGHTXHFXPSODQFRQGHWHUPLQDGDVFDUDFWHUtVWLFDVTXHVHH[SRQHQDFRQWLQXDFLyQ

(QHVWHFDVRORVSRVWXODQWHVGHEtDQSUHVHQWDUXQDFDUWDGHO'LUHFWRUGHVXHVFXHODVHxDODQGRVL\DFRQWDEDQFRQODVIDFLOLGDGHV
ItVLFDVRVLHVSHUDEDQORJUDUODVHQXQSOD]RFRUWRRVLQRORWHQtDQHQHOKRUL]RQWHLQPHGLDWR

&(3$/6HULH0DQXDOHV1
/RVLQGLFDGRUHVGHFRQYHQLHQFLD
/RVLQGLFDGRUHVGHFRQYHQLHQFLDVRQIXQGDPHQWDOHVSDUDXQDEXHQDDGPLQLVWUDFLyQGHODHMHFXFLyQGHO
SURJUDPD\SDUDODHYDOXDFLyQGHVXVUHVXOWDGRVHLPSDFWRV3DUDHVWRVHGHILQHQPHWDVHVSHFtILFDVTXH
SRVLELOLWDQHVWLPDUHQTXpPHGLGDVHFXPSOHQORVREMHWLYRVHQFXDWURGLPHQVLRQHVHILFDFLDHILFLHQFLD
FDOLGDG\HFRQRPtD(OORSHUPLWHDQDOL]DUODHILFDFLDGHORVUHVXOWDGRVGHOSURJUDPD\ODHILFLHQFLDFRQ
TXHpVWHVHHMHFXWyRVHRSHUD
3DUDHOORHVWRVLQGLFDGRUHVHVWDEOHFHQXQDUHODFLyQHQWUHGRVYDULDEOHVXQDGHODVFXiOHVVHUHILHUH
HVSHFtILFDPHQWH DO SURJUDPD PLHQWUDV TXH OD RWUD HVWDEOHFH HO PDUFR GH UHIHUHQFLD FRQWUD HO FXDO VH
FRPSDUD HO GHVHPSHxR GHO SURJUDPD 3RU HMHPSOR XQ LQGLFDGRU SXHGH HVWDEOHFHU OD UHODFLyQ HQWUH OD
YDULDFLyQ SRUFHQWXDO GH ORV LQJUHVRV PHGLRV GH XQD FRPXQLGDG HQ XQ GHWHUPLQDGR SHULRGR GH WLHPSR
FRPSDUDGRFRQHOLQFUHPHQWRSRUFHQWXDOGHORVLQJUHVRVPHGLRVHQHOSDtV
&DUDFWHUtVWLFDVGHORVLQGLFDGRUHV
/DV YDULDEOHV SXHGHQ VHU GH WLSR FXDQWLWDWLYR PHGLEOHV QXPpULFDPHQWH R FXDOLWDWLYR H[SUHVDGDV HQ
FDOLILFDWLYRV 6LQ HPEDUJR SDUD HO FiOFXOR GH ORV YDORUHV GH ORV LQGLFDGRUHV ODV YDULDEOHV GH WLSR
FXDOLWDWLYR GHEHQ VHU FRQYHUWLGDV D XQD HVFDOD FXDQWLWDWLYD 3RU HMHPSOR OD RSLQLyQ GH ORV DOXPQRV
DFHUFD GH XQ SURJUDPD GH FDSDFLWDFLyQ SRGUtD REWHQHUVH DO WpUPLQR GH FDGD FXUVR PHGLDQWH XQD
HYDOXDFLyQHQTXHLQGLTXHQVLpVWHIXHH[FHOHQWHEXHQRUHJXODUPDORRPX\PDOR/XHJRSDUDFDOFXODU
XQ LQGLFDGRU EDVDGR HQ HVWD LQIRUPDFLyQ VHUi QHFHVDULR FRQYHUWLUOD D XQD HVFDOD FXDQWLWDWLYD 3RU
HMHPSORSRGUiDVLJQDUVHHOYDORUDPX\PDORDPDOR\DVtVXFHVLYDPHQWHSDUDFDOFXODUOXHJRHO
SURPHGLR GH WRGDV ODV RSLQLRQHV $Vt ORV LQGLFDGRUHV VLHPSUH QRV HQWUHJDUiQ LQIRUPDFLyQ GH WLSR
FXDQWLWDWLYRORFXDOWLHQHYHQWDMDVUHVSHFWRDODREMHWLYLGDGGHOLQGLFDGRU
(VUHFRPHQGDEOHTXHORVLQGLFDGRUHVVHGLVFXWDQ\FRQVHQVXHQFRQORVSULQFLSDOHVLQYROXFUDGRV
HQHOSURJUDPD(OORSHUPLWHTXHORVUHVXOWDGRVGHODVXSHUYLVLyQ\HYDOXDFLyQ\ODVUHFRPHQGDFLRQHV\
DFFLRQHVTXHVXUMDQGHGLFKRVSURFHVRVVHDQDFHSWDGRVFRQPD\RUIDFLOLGDGSRUWRGRVORVLQYROXFUDGRV
&RQIUHFXHQFLDSXHGHQGHILQLUVHPXFKRVLQGLFDGRUHVSDUDFDGDXQRGHORVQLYHOHVGHREMHWLYRVGH
XQSURJUDPD3HURHVUHFRPHQGDEOHXWLOL]DUHOPHQRUQ~PHURGHLQGLFDGRUHVTXHSHUPLWDHYDOXDUELHQHO
ORJURGHFDGDREMHWLYR8QH[FHVLYRQ~PHURGHLQGLFDGRUHVUHTXLHUHGHPXFKRHVIXHU]RSDUDUHFRSLODUOD
LQIRUPDFLyQQHFHVDULD\FDOFXODUORVGLVWUD\HQGRDVtODDWHQFLyQGHOHTXLSRGHORVREMHWLYRVGHOSURJUDPD
(Q DOJXQRV SURJUDPDV SXHGH VHU GLItFLO GHILQLU LQGLFDGRUHV DSURSLDGRV (Q WDOHV FDVRV HV
UHFRPHQGDEOH UHFXUULU D LQGLFDGRUHV LQGLUHFWRV SUR[\ $QWH OD LPSRVLELOLGDG GH PHGLU OR TXH
HIHFWLYDPHQWH QRV LQWHUHVD VH PLGH RWUD YDULDEOH TXH WHQJD XQD UHODFLyQ OR PiV GLUHFWD SRVLEOH FRQ HO
IHQyPHQR GH LQWHUpV 3RU HMHPSOR SXHGH VHU PX\ GLItFLO GHWHUPLQDU HO QLYHO UHDO GH LQJUHVRV GH XQD
FRPXQLGDG SRU OD WHQGHQFLD XVXDO D VXE GHFODUDUORV SHUR SRGHPRV REVHUYDU VXV FRQGLFLRQHV GH YLGD
YLYLHQGDHOHFWURGRPpVWLFRVHWFSDUDLQIHULUDSDUWLUGHHVWRVGDWRVVLORVLQJUHVRVKDQPHMRUDGR
8QEXHQLQGLFDGRUGHEHSRVHHUODVVLJXLHQWHVFDUDFWHUtVWLFDV
2EMHWLYLGDG OR FXDO TXLHUH GHFLU TXH GHEH VHU LQGHSHQGLHQWH GHO MXLFLR GH TXLHQ OR PLGH R
XWLOL]D3RUHMHPSORXWLOL]DUFRPRLQGLFDGRUGHOORJURGHXQREMHWLYRHOYDORUSURPHGLRGHXQ
SXQWDMHDVLJQDGRSRUORVPLHPEURVGHOHTXLSRGHOSURJUDPDQRVHUtDSDUDQDGDREMHWLYR6LOR
VHUtDXQLQGLFDGRUWDOFRPR,QFUHPHQWRSRUFHQWXDOPHQVXDOHQHOQ~PHURGHFDSDFLWDGRV
6HU PHGLEOH REMHWLYDPHQWH HV GHFLU WDPSRFR GHEH LQIOXLU HQ OD PHGLFLyQ GHO LQGLFDGRU HO
PRGRGHSHQVDU\ORVVHQWLPLHQWRVGHTXLHQKDFHODPHGLFLyQ3RUHMHPSOREDVDUXQLQGLFDGRU
HQORVUHVXOWDGRVGHXQDHQFXHVWDDSOLFDGDDXQJUXSRVHOHFFLRQDGRDGHGRDYROXQWDGSRU
XQLQWHJUDQWHGHOHTXLSRGHOSURJUDPDVHUtDLQFRUUHFWR3DUDTXHODPHGLFLyQIXHVHREMHWLYDOD
HQFXHVWDGHEHUtDDSOLFDUVHDXQJUXSRVHOHFFLRQDGRHQIRUPDDOHDWRULD

&(3$/6HULH0DQXDOHV1
5HOHYDQFLDHOLQGLFDGRUGHEHUiUHIOHMDUXQDGLPHQVLyQLPSRUWDQWHGHOORJURGHOREMHWLYR'H
QDGD VLUYH XQ EXHQ LQGLFDGRU TXH FXPSOD FRQ ODV GHPiV FRQGLFLRQHV DTXt GLVFXWLGDV VL OR
TXHPLGHQRHVLPSRUWDQWHUHVSHFWRDOREMHWLYR3RUHMHPSORVLVHTXLVLHUDPHGLUODHILFLHQFLD
FRQTXHVHUHDOL]DHODUPDGRGHXQDYLYLHQGDGHPDGHUDHOLQGLFDGRU1~PHURGHFODYRVELHQ
FODYDGRVYHUVXVQ~PHURGHFODYRVTXHVHGREODURQQRVHUtDSDUDQDGDUHOHYDQWH
$SRUWH PDUJLQDO HVWD FDUDFWHUtVWLFD UHODFLRQDGD FRQ OD DQWHULRU HVWDEOHFH TXH HQ HO FDVR GH
TXHH[LVWDPiVGHXQLQGLFDGRUSDUDPHGLUHOGHVHPSHxRHQGHWHUPLQDGRQLYHOGHREMHWLYRHO
LQGLFDGRU GHEH SURYHHU LQIRUPDFLyQ DGLFLRQDO LPSRUWDQWH HQ FRPSDUDFLyQ FRQ ORV RWURV
LQGLFDGRUHVSURSXHVWRVSDUDTXHVHMXVWLILTXHVXLQFRUSRUDFLyQDODPDWUL]
6HUSHUWLQHQWHFDUDFWHUtVWLFDTXHUHTXLHUHTXHHOLQGLFDGRUPLGDHIHFWLYDPHQWHORTXHVHTXLHUH
PHGLU 3RU HMHPSOR XQ LQGLFDGRU GHILQLGR FRPR ,QFUHPHQWR SRUFHQWXDO DQXDO HQ HO QLYHO
PHGLRGHLQJUHVRGHODFRPXQLGDGEHQHILFLDGDSRUHOSURJUDPDQRVHUtDSHUWLQHQWH\DTXHHO
LQFUHPHQWR GH ORV LQJUHVRV SRGUtD GHEHUVH WDPELpQ D IDFWRUHV H[WHUQRV DO SURJUDPD 8Q
LQGLFDGRU PiV SHUWLQHQWH SRGUtD VHU 'LIHUHQFLD HQ HO LQFUHPHQWR SRUFHQWXDO DQXDO GH ORV
LQJUHVRVPHGLRVGHORVEHQHILFLDGRVSRUHOSURJUDPDUHVSHFWRGHORVQREHQHILFLDGRV
(FRQRPtD OD LQIRUPDFLyQ QHFHVDULD SDUD JHQHUDU HO LQGLFDGRU GHEHUi HVWDU GLVSRQLEOH D XQ
FRVWRUD]RQDEOH3RUHMHPSORXQLQGLFDGRUFX\RFiOFXORUHTXLHUDKDFHUH[WHQVLYDVHQFXHVWDV\
ODFRQWUDWDFLyQGHXQHFRQRPHWULVWDSDUDDQDOL]DUORVUHVXOWDGRVQRVHUtDSUiFWLFRQLHFRQyPLFR
VLVHWUDWDGHXQSURJUDPDSHTXHxR
0RQLWRUHDEOHHOLQGLFDGRUGHEHSRGHUVXMHWDUVHDXQDYHULILFDFLyQLQGHSHQGLHQWH
3URFHGLPLHQWRVSDUDFRQVWUXLULQGLFDGRUHV
3DUDGHILQLUEXHQRVLQGLFDGRUHVHVUHFRPHQGDEOHSURFHGHUHQORVVLJXLHQWHVSDVRV
&RQVLGHUDU SULPHUR HO REMHWLYR FX\R ORJUR VH SUHWHQGH PHGLU D WUDYpV GHO LQGLFDGRU 3RU
HMHPSORDQLYHOGH3URSyVLWRHOREMHWLYRHV0RUELOLGDGHQ3XHEOR(VSHUDQ]DUHGXFLGD
6HOHFFLRQDUOXHJRTXHDVSHFWRGHOORJURGHOREMHWLYRVHTXLHUHPHGLU(VWRVSXHGHQWHQHUTXH
YHUFRQODHILFDFLDRFDOLGDGGHORVUHVXOWDGRVFRQHOFURQRJUDPDGHHMHFXFLyQFRQHOFRVWR
LQFXUULGR R FRQ OD HILFLHQFLD HQ OD HMHFXFLyQ R HQ OD RSHUDFLyQ 3RU HMHPSOR SXHGH
LQWHUHVDUQRVPHGLUODUHGXFFLyQHQODWDVDGHPRUELOLGDGHQODSREODFLyQGH3XHEOR(VSHUDQ]D
LQGLFDGRUGHHILFDFLD
'HFLGLU FRQ TXH SHULRGLFLGDG VHPHGLUiHOLQGLFDGRU$VtHOLQGLFDGRUSDUDHOREMHWLYRDQWHV
PHQFLRQDGRSRGUtDVHU5HGXFFLyQSRUFHQWXDODQXDOGHODWDVDGHPRUELOLGDGGHORVKDELWDQWHV
GH3XHEOR(VSHUDQ]D
$JUHJDUPHWDV(VFRQYHQLHQWHHVWDEOHFHUWDPELpQPHWDVSDUDFDGDLQGLFDGRUSDUDORFXDOKD\
TXHHVSHFLILFDUXQDFDQWLGDGPDJQLWXGRYDULDFLyQTXHVHHVSHUDORJUDUFRPRUHVXOWDGRGHOD
LQWHUYHQFLyQ \ VHxDODU HQ TXp SOD]R VH HVSHUD DOFDQ]DU OD PHWD 3RU HMHPSOR SRGUtD ILMDUVH
FRPRPHWD'LVPLQXLUDOFDERGHGRVDxRVHQXQODWDVDGHPRUELOLGDGGHORVKDELWDQWHV
GH3XHEOR(VSHUDQ]D

&(3$/6HULH0DQXDOHV1
5(&8$'52
(5525(606&2081(6(1(/',6(f2'(,1',&$'25(6
8WLOL]DUVyORLQGLFDGRUHVFDOFXODGRVSRUHOSURJUDPD(VXQHUURUSRUTXHODVGRVSULPHUDVFDWHJRUtDVVRQH[yJHQDV
DOSURJUDPD3RUHOORVXVLQGLFDGRUHVVHUHILHUHQDPDWHULDVTXHQRVRQFRQWURODGDVSRUHOSURJUDPDORFXDOLPSOLFDTXH
QRUPDOPHQWHVHJHQHUDQWDPELpQHQIRUPDH[WHUQDDOSURJUDPD
2PLWLU LQGLFDGRUHV SDUD DVSHFWRV VLJQLILFDWLYRV GHO 5HVXPHQ 1DUUDWLYR (V XQ HUURU SRUTXH ORV LQGLFDGRUHV GHEHQ
H[SUHVDUH[DFWDPHQWHORVPLVPRVFRQFHSWRVTXHHOUHVXPHQ1DUUDWLYRQRSXHGHQQLDJUHJDUFRQFHSWRVQLRPLWLUORV
'HMDUGHODGRORVLPSOHSRUORFRPSOHMR(VXQHUURUSHQVDUTXHORVLPSOHQRVLUYHFRPRLQGLFDGRU3RUHMHPSORXQ
LQGLFDGRUGHTXHVHFRQVWUX\yXQSXHQWHHVVLPSOHPHQWHYHUORHQIXQFLRQDPLHQWR
2FXSDULQGLFDGRUHVQRHVSHFtILFRVSDUDORVREMHWLYRVGHOSURJUDPD(VXQHUURUSRUTXHXQLQGLFDGRUQRHVSHFtILFR
SXHGH DGRSWDU YDORUHV TXH QR UHIOHMDQ HO DSRUWH GHO SURJUDPD 3RU HMHPSOR XQ tQGLFH GH FDOLGDG GH YLGD WLHQH WDQWRV
IDFWRUHVLQFRUSRUDGRVTXHHVFDVLLPSRVLEOHHVWDEOHFHUXQYtQFXORHVSHFtILFRGHDOJ~QSURJUDPDFRQpO
6HJ~Q HO DVSHFWR GHO ORJUR GH ORV REMHWLYRV TXH PLGHQ VH GLVWLQJXHQ ORV VLJXLHQWHV WLSRV GH
LQGLFDGRUHV
,QGLFDGRUHVGHHILFDFLDDSXQWDQDPHGLUHOQLYHOGHFXPSOLPLHQWRGHORVREMHWLYRVFRPRSRU
HMHPSOR,QFUHPHQWRSRUFHQWXDOHQODFREHUWXUDGHDWHQFLyQGHVDOXGHQODORFDOLGDG
,QGLFDGRUHV GH HILFLHQFLD EXVFDQ PHGLU TXH WDQ ELHQ VH KDQ XWLOL]DGR ORV UHFXUVRV HQ OD
SURGXFFLyQGHORVUHVXOWDGRV3DUDHOORHVWDEOHFHQXQDUHODFLyQHQWUHORVSURGXFWRVRVHUYLFLRV
JHQHUDGRV SRU HO SURJUDPD \ HO FRVWR LQFXUULGR R ORV LQVXPRV XWLOL]DGRV 3RU HMHPSOR XQ
LQGLFDGRUGHHILFLHQFLDVHUtD&RVWRSURPHGLRSRUSHUVRQDFDSDFLWDGDSRUVHPDQDGHFXUVR
,QGLFDGRUHV GH FDOLGDG EXVFDQ HYDOXDU DWULEXWRV GH ORV ELHQHV R VHUYLFLRV SURGXFLGRV SRU HO
SURJUDPDUHVSHFWRDQRUPDVRUHIHUHQFLDVH[WHUQDV6XHOHQVHUORVPiVGLItFLOHVGHGHILQLU\GH
PHGLU SHUR VRQ GH VXPD LPSRUWDQFLD SDUD XQD EXHQD JHVWLyQ GH ORV SURJUDPDV \ SDUD OD
HYDOXDFLyQ GH UHVXOWDGRV 3RU HMHPSOR HQ XQ SURJUDPD IUXWtFROD XQ LQGLFDGRU GH FDOLGDG
SRGUtD VHU 3RUFHQWDMH GH OD IUXWD FRVHFKDGD HQ XQD WHPSRUDGD TXH FDOLILFD SDUD H[SRUWDFLyQ
FDOLEUHFRORUHWF&RQIUHFXHQFLDVHXWLOL]DFRPRLQGLFDGRUHVGHFDOLGDGHQSURJUDPDVTXH
HQWUHJDQVHUYLFLRVDORVEHQHILFLDULRVHOQLYHOGHVDWLVIDFFLyQGHpVWRVVHJ~QORVUHVXOWDGRVGH
HQFXHVWDV
,QGLFDGRUHVGHHFRQRPtD0LGHQODFDSDFLGDGGHOSURJUDPDRGHODLQVWLWXFLyQTXHORHMHFXWD
JHVWLRQDUORVUHFXUVRVDVLJQDGRV
3DUDUHFXSHUDUORVFRVWRVLQFXUULGRV\DVHDGHLQYHUVLyQRGHRSHUDFLyQ'LFKDUHFXSHUDFLyQ
SXHGHVHUYtDDSRUWHVGHORVXVXDULRVFRQWULEXFLRQHVGHRWUDVHQWLGDGHVYHQWDGHVHUYLFLRVHWF
3RUHMHPSORXQLQGLFDGRUGHHFRQRPtDSRGUtDVHU3RUFHQWDMHGHUHFXSHUDFLyQGHOFRVWRGH
RSHUDFLyQDQXDOGHOFHQWURGHVDOXGGH3XHEOR(VSHUDQ]D
8WLOL]DFLyQGHORVLQGLFDGRUHV
6LELHQHVSRVLEOHGHILQLUGLVWLQWRVWLSRVGHLQGLFDGRUHVHVQHFHVDULRKDFHUXQDFODUDGLVWLQFLyQHQWUHORV
LQGLFDGRUHVGHHILFDFLD\HOUHVWR7DOFRPRVHGHILQLyHQODVHFFLyQDQWHULRUORVLQGLFDGRUHVGHHILFDFLD
VRQDTXpOORVTXHPLGHQVLVHFXPSOLyHOREMHWLYRRQR(VWDLQIRUPDFLyQGHEHHVWDUVLHPSUHSUHVHQWHHQ
OD0DWUL]\DTXHHVOD~QLFDTXHSHUPLWHDSUHFLDUVLVHHVWiFXPSOLHQGROD/yJLFD9HUWLFDO(OUHVWRGH
LQGLFDGRUHVHQWUHJDLQIRUPDFLyQTXHHVFRPSOHPHQWDULDDOGDWRGHVLHOREMHWLYRVHDOFDQ]DRQR
/RVLQGLFDGRUHVGHHILFDFLDGHEHQVHUPX\VLPSOHV\HVWDUEDVDGRVHQHOVHQWLGRFRP~QPiVTXH
HQ FXDOTXLHU RWUD FRQVLGHUDFLyQ &XULRVDPHQWH HV IUHFXHQWH TXH VH EXVTXHQ IRUPDV UHEXVFDGDV SDUD
HVWRVLQGLFDGRUHVHQYH]GHSUHIHULUORREYLR/RVVLJXLHQWHVHMHPSORVPXHVWUDQHMHPSORVLQGLFDGRUHVGH
HILFDFLDVLPSOHV

&(3$/6HULH0DQXDOHV1
&8$'52
,1',&$'25(6'((),&$&,$6,03/(6
2EMHWLYR
,QGLFDGRUGHHILFDFLD
3XHQWHHQWUDHQVHUYLFLR
9HKtFXORVFLUFXODQGRSRUHOSXHQWH6L1R
/LEURSXEOLFDGR
$ODYHQWDHQOLEUHUtDV6L1R
6HPLOODVFRPSUDGDV
6HPLOODVHQERGHJD6L1R
&UpGLWRFRQFHGLGR
$XPHQWRGHVDOGRHQFXHQWDFRUULHQWH
(V IUHFXHQWH TXH ORV LQGLFDGRUHV GH HILFDFLD GHEDQ UHIHULUVH D HOHPHQWRV FXDOLWDWLYRV TXH QR
DSDUHFHQLQWUtQVHFDPHQWHHQHOREMHWLYRFRPRHVHOFDVRGHOHMHPSORGHOSXHQWH
8Q HMHPSOR FOiVLFR HQ OD OLWHUDWXUD DFHUFD GH LQGLFDGRUHV HV HO TXH VH UHILHUH D OD FDSDFLWDFLyQ
FXiOVHUtDXQLQGLFDGRUGHHILFDFLDGHODFDSDFLWDFLyQ"/RPiVIUHFXHQWHHVTXHVHXWLOLFHQLQGLFDGRUHV
FRPRLFXUVRVUHDOL]DGRVLLDOXPQRVJUDGXDGRVLLLSURPHGLRGHFDOLILFDFLRQHVLYRSLQLRQHVDOILQDO
GHO FXUVR X RWURV VLPLODUHV 1LQJXQR GH HVWRV LQGLFDGRUHV HV FDSD] GH UHVSRQGHU DGHFXDGDPHQWH D OD
SUHJXQWD3DUDTXpVHKL]RODFDSDFLWDFLyQ"LORVFXUVRVKHFKRVVRQDFWLYLGDGHVSHURQRODUD]yQSDUD
JDVWDU GLQHUR HQ XQ SURJUDPD GH FDSDFLWDFLyQ LL OD JUDGXDFLyQ HVWi PX\ ELHQ \D TXH LQGLFD TXH VH
FXPSOLy FRQ ORV UHTXLVLWRV GH FDGD FXUVR SHUR HVWD QR HV UD]yQ VXILFLHQWH SDUD FDSDFLWDU LLL ODV
FDOLILFDFLRQHVVRQLQGLFDGRUHVGHTXHVHHVWiWHQLHQGRFRPSUHQVLyQGHODVPDWHULDVSHURHVWHWDPSRFRHV
HO REMHWLYR LY ODV RSLQLRQHV IDYRUDEOHV GH ORV DOXPQRV H[SUHVDQ VX VDWLVIDFFLyQ SRU HO SURJUDPD
VRODPHQWH
(QUHDOLGDGXQSURJUDPDGHFDSDFLWDFLyQVHMXVWLILFDSRUORVFDPELRVGHFRQGXFWDTXHVHHVSHUD
HQORVFDSDFLWDGRV\TXHVHSXHGHDWULEXLUDHVHSURJUDPD$VtVLVHFDSDFLWyDSHTXHxRVSURGXFWRUHV
HQHOPDQHMRGHVXFRQWDELOLGDGHOREMHWLYRDORJUDUVHUtDTXHHVRVSURGXFWRUHVWXYLHVHQVXFRQWDELOLGDG
DOGtD\VLQHUURUHVDOJXQRVPHVHVGHVSXpVGHILQDOL]DGDODFDSDFLWDFLyQ(OLQGLFDGRUGHHILFDFLDPiV
LGyQHR QR HV QLQJXQR GH ORV SURSXHVWRV HQ HO SiUUDIR DQWHULRU VLQR XQR GH WLSR SRUFHQWDMH GH
SURGXFWRUHVFRQFRQWDELOLGDGDOGtDDORVWUHVPHVHVGHFRPSOHWDGRHOFXUVR
/RV GHPiV WLSRV GH LQGLFDGRUHV WLHQHQ VHQWLGR HQ OD PHGLGD TXH HO LQGLFDGRU GH HILFDFLD VHD
IDYRUDEOH3RUHMHPSORFXDQGRVHFRPSXWHHOLQGLFDGRUGHHILFLHQFLDGHEHUiKDFHUVHFRPRHOFRVWRSRU
XQLGDG H[LWRVD OR TXH LPSOLFD WHQHU SULPHUR XQD PHGLFLyQ GH OD HILFDFLD 8Q HMHPSOR D\XGD D
HQWHQGHUHVWRVFRQFHSWRV
5(&8$'52
6(;72&$62(/&2672'($7(1&,1'(81352*5$0$'(6$/8'3$5$32%/$&,1(1
(67$'2'(32%5(=$
(QHOPRQLWRUHRGHXQSURJUDPDGHVDOXGIRFDOL]DGRHQSREODFLyQGHEDMRVLQJUHVRVVHREWXYLHURQODVVLJXLHQWHVFLIUDV
&RVWRGHOSURJUDPDGHXQLGDGHVPRQHWDULDV
3REODFLyQREMHWLYRSHUVRQDV
3REODFLyQDWHQGLGDSHUVRQDV
3RUFHQWDMHGHIRFDOL]DFLyQ
&XiOHVODHILFLHQFLDGHOSURJUDPD"
(QHOFDVRWHQHPRVTXHHOSRUFHQWDMHGHIRFDOL]DFLyQHVVyORGH(VWRTXLHUHGHFLUTXHVyOR
HOGHODVSHUVRQDVDWHQGLGDVSHUWHQHFtDQDODSREODFLyQREMHWLYRHOUHVWRVRQSHUVRQDVTXHORJUDURQ
SDVDUFRQp[LWRORVILOWURVGHIRFDOL]DFLyQ\TXHREWXYLHURQORVEHQHILFLRVGHOSURJUDPDVLQWHQHUGHUHFKR
D HOORV (VWH SRUFHQWDMH GH IRFDOL]DFLyQ HV \D XQR GH ORV LQGLFDGRUHV GH HILFDFLD GHO SURJUDPD R DO
PHQRVXQHOHPHQWRGHpVWH

&(3$/6HULH0DQXDOHV1
3DUD FDOFXODU OD HILFDFLD \ ODHILFLHQFLDWHQHPRVTXHGHVFRPSRQHUODSREODFLyQDWHQGLGDHQVXV

FRPSRQHQWHV L SHUVRQDV SHUWHQHFLHQWHV D OD SREODFLyQ REMHWLYR \ SHUVRQDV QR
SHUWHQHFLHQWHVDHVDSREODFLyQ/DHILFDFLDHQWRQFHVHVTXHVHDWHQGLyDGHODVSHUVRQDV
SDUD TXLHQHV VH GLVHxy HO SURJUDPD HVWR HV XQ /D HILFLHQFLD HV HO FRVWR SRU XQLGDG GH OD
SREODFLyQREMHWLYRDWHQGLGDHVGHFLU XQLGDGHVPRQHWDULDVSRUDWHQFLyQ
+HFKDV ODV DFODUDFLRQHV SUHYLDV SRGHPRV YHU FXiO VHUtD HQ WpUPLQRV JHQHUDOHV HO XVR GH ORV
LQGLFDGRUHVVHJ~QODVFDWHJRUtDVGHODPDWUL]1RVHXWLOL]DHOPLVPRWLSRGHLQGLFDGRUHVHQORVGLVWLQWRV
QLYHOHVGHREMHWLYRV\DTXHORTXHVHSUHWHQGHPHGLUHVGLIHUHQWH
$QLYHOGH)LQVHWUDWDGHPHGLUODFRQWULEXFLyQGHOSURJUDPDDOORJURGHO)LQVLWXDFLyQTXH
VyORVHUiSRVLEOHREVHUYDUDPHGLDQRRDODUJRSOD]R/RVLQGLFDGRUHVXWLOL]DGRVDQLYHOGH)LQ
PHGLUiQHILFDFLD3RUHMHPSORXQLQGLFDGRUGHHILFDFLDDQLYHOGH)LQSRGUtDVHU9DULDFLyQ
GHO SRUFHQWDMH GH OD SREODFLyQ GH 3XHEOR (VSHUDQ]D HQ VLWXDFLyQ GH SREUH]D UHVSHFWR D OD
YDULDFLyQSRUFHQWXDOGHODSREODFLyQHQVLWXDFLyQGHSREUH]DDQLYHOUHJLRQDO
$ QLYHO GH 3URSyVLWR VH LQWHQWD PHGLU HO UHVXOWDGR ORJUDGR DO WpUPLQR GH OD HMHFXFLyQ GHO
SURJUDPDRGXUDQWHVXHMHFXFLyQGHOSURJUDPDVHJ~QVHDHOFDVR$HVWHQLYHOVXHOHQXWLOL]DUVH
LQGLFDGRUHVGHHILFDFLD\HILFLHQFLD\HQFLHUWRVFDVRVGHFDOLGDGRGHHFRQRPtD3RUHMHPSOR
XQLQGLFDGRUGHHILFDFLDDQLYHOGH3URSyVLWRSRGUtDVHU9DULDFLyQHQHOQ~PHURSURPHGLRGH
GtDV GH DXVHQWLVPR HVFRODU HQ 3XHEOR (VSHUDQ]D 8Q LQGLFDGRU GH FDOLGDG SRGUtD VHU
9DULDFLyQ HQ HO tQGLFH GH VDWLVIDFFLyQ GH OD FRPXQLGDG FRQ ORV VHUYLFLRV GH VDOXG
GLVSRQLEOHVKDEUtDTXHGHILQLUHVWHtQGLFH\GHWHUPLQDUORDQWHVGHLQLFLDUHOSURJUDPD
$ QLYHO GH ORV &RPSRQHQWHV ORV LQGLFDGRUHV VXHOHQ PHGLU HILFDFLD HILFLHQFLD FDOLGDG \ HQ
FLHUWRVFDVRVHFRQRPtDHQODSURYLVLyQGHORVELHQHVRVHUYLFLRVSRUHOSURJUDPD3RUHMHPSOR
LQGLFDGRUHVDHVWHQLYHOSRGUtDQVHU3RUFHQWDMHGHODSREODFLyQREMHWLYRFDSDFLWDGDDOWpUPLQR
GHOSURJUDPDHILFDFLD1~PHURGHFDSDFLWDGRVSRUFDSDFLWDGRUSRUDxRHILFLHQFLD1LYHO
GHFRQRFLPLHQWRVGHORVFDSDFLWDGRVFDOLGDG\3RUFHQWDMHGHOFRVWRGHORVFXUVRVDSRUWDGR
HQELHQHVRVHUYLFLRVSRUODFRPXQLGDGHFRQRPtD
3RU~OWLPRDQLYHOGHODVDFWLYLGDGHVHOLQGLFDGRUHPSOHDGRFRQPD\RUIUHFXHQFLDVXHOHVHUHO
FRVWR SUHVXSXHVWDGR SRU DFWLYLGDG 7DPELpQ SXHGHQ DJUHJDUVH RWURV LQGLFDGRUHV SDUD FDGD
XQDXVXDOPHQWHGHHILFDFLDRGHHILFLHQFLD3RUHMHPSORSRGUtDLQGLFDUVHHOSOD]RSURJUDPDGR
SDUDODHMHFXFLyQGHFDGDDFWLYLGDG
8QD EXHQD GHILQLFLyQ GH LQGLFDGRUHV \ VX FDEDO FRPSUHQVLyQ SRU SDUWH GH ORV SULQFLSDOHV
LQYROXFUDGRVHQHOGHVDUUROORGHOSURJUDPDHVGHVXPDLPSRUWDQFLD3RUHOORDGHPiVGHODLQIRUPDFLyQ
TXH VH UHJLVWUD HQ OD 00/ HQ ODV FROXPQDV GH ,QGLFDGRUHV \ GH 0HGLRV GH 9HULILFDFLyQ HV
UHFRPHQGDEOHSUHSDUDUFRPRSDUWHGHODGRFXPHQWDFLyQGHOSURJUDPDXQUHVSDOGRWpFQLFRGHFDGDXQR
GHORVLQGLFDGRUHV
3RU~OWLPRHVFRQYHQLHQWHVHxDODUTXH

3DUD TXH HVWH LQGLFDGRU VHD SHUWLQHQWH QR GHEHUtDQ KDEHUVH UHDOL]DGR HQ HO SHUtRGR FRQVLGHUDGR RWUDV LQWHUYHQFLRQHV TXH
FRQWULEX\HVHQDODGLVPLQXFLyQGHODSREUH]DHQODORFDOLGDGVDOYRTXHHVWDVWXYLHVHQFREHUWXUDUHJLRQDO

&(3$/6HULH0DQXDOHV1
3XHGHQ UHTXHULUVH YDULRV LQGLFDGRUHV SRU REMHWLYR SDUD PHGLU GLVWLQWRV DVSHFWRV GH pVWH 3RU
HMHPSORDODQDOL]DUODGLVPLQXFLyQGHODPRUELOLGDGHQODSREODFLyQSXHGHVHU~WLOFRQWDUFRQ
LQGLFDGRUHVTXHQRVSHUPLWDQFRQRFHUSRUVHSDUDGRODGLVPLQXFLyQGHHQIHUPHGDGHVEURQFR
SXOPRQDUHV\ODGLVPLQXFLyQGHHQIHUPHGDGHVJiVWULFDV(QWRGRFDVRQRGHEHROYLGDUVHTXHOD
00/WLHQHTXHVHUXQEXHQUHVXPHQGHORVDVSHFWRVPiVLPSRUWDQWHVGHOSURJUDPDSRUORTXH
QR GHEH DEXVDUVH HQ FXDQWR DO Q~PHUR GH LQGLFDGRUHV GHILQLGRV SDUD FDGD REMHWLYR WUHV R
FXDWURSRUREMHWLYRVXHOHQVHUVXILFLHQWHV
(O HTXLSR UHVSRQVDEOH GH HMHFXWDU HO SURJUDPD SXHGH UHTXHULU GH XQ PD\RU Q~PHUR GH
LQGLFDGRUHV SDUD VX JHVWLyQ (VWRV VH WUDWDUiQ WDO FRPR VH KD GHVFULWR DQWHV SHUR QR VH
LQFRUSRUDUiQHQOD00/VLQRVRQUHOHYDQWHVSDUDRWURVLQYROXFUDGRV3RUHMHPSORDOMHIHGHO
HTXLSR SRGUtD LQWHUHVDUOH FRQRFHU HO Q~PHUR SURPHGLR GH KRUDV H[WUD UHTXHULGDV SRU ORV
PLHPEURVGHOHTXLSRSDUDFRPSOHWDUODVWDUHDVHQFRPHQGDGDV
6LORVLPSDFWRVVHSURGXFLUiQDPX\ODUJRSOD]RRVLHOFRVWRGHHVWLPDUHOLQGLFDGRUHVPX\
DOWR HV UHFRPHQGDEOH EXVFDU LQGLFDGRUHV LQGLUHFWRV SUR[\ (VWRV VRQ LQGLFDGRUHV TXH
PLGHQ DOJXQD FDUDFWHUtVWLFD GLVWLQWD GH OD GHVHDGD SHUR TXH VH VDEH HVWi DOWDPHQWH
FRUUHODFLRQDGD FRQ OD TXH TXHUHPRV PHGLU 3RU HMHPSOR VL QR H[LVWLHVHQ HVWDGtVWLFDV VREUH
PRUELOLGDG GH OD SREODFLyQ \ IXHVH PX\ FRVWRVR JHQHUDUODV XQ LQGLFDGRU LQGLUHFWR GH OD
GLVPLQXFLyQ GH OD WDVD GH PRUELOLGDG SRGUtD VHU 3RUFHQWDMH GH GLVPLQXFLyQ GH OD
LQDVLVWHQFLDHVFRODUSRUPHV
6LELHQGHQWURGHOD0DWUL]GHO0DUFR/yJLFRYDQORVQRPEUHVGHFDGDLQGLFDGRUFRQVXIyUPXODGH
FiOFXORIUHFXHQFLDGHPHGLFLyQ\IXHQWHVGHGDWRVpVWRVVRQVyORXQUHVXPHQGHODFRPSOHMDFRQVWUXFFLyQGH
LQGLFDGRUHVTXHGHEHGHKDFHUVHHQIRUPDFRPSOHPHQWDULDFRQODFRQVWUXFFLyQGHOD0DWUL]
/DVHPDIRUL]DFLyQGHLQGLFDGRUHV
'H SDUWLFXODU LPSRUWDQFLD HV VHxDODU TXH SDUD SRGHU XWLOL]DU FRUUHFWDPHQWH ORV LQGLFDGRUHV HV SUHFLVR
FRQWDUFRQDOJ~QPDUFRGHUHIHUHQFLDTXHSHUPLWDLQWHUSUHWDU\GDUVHQWLGRDORVYDORUHVTXHHOORVSXHGDQ
DGTXLULU HQ XQ PRPHQWR GHWHUPLQDGR 3RU HMHPSOR VDEHU TXH HO SURPHGLR GH DXVHQWLVPR HVFRODU HQ
3XHEOR(VSHUDQ]DHVGHGtDVDODxRHVVyORXQGDWR3DUDTXHDGTXLHUDVLJQLILFDGRKDEUtDTXHDJUHJDU
DOJXQDUHIHUHQFLDFRPRSXGLHUDVHUTXHDQWHVGHDSOLFDUHOSURJUDPDGHYDFXQDFLyQHVHDXVHQWLVPRHUD
GHGtDVDODxRRTXHHOSURPHGLRQDFLRQDOHVGHGtDVDODxR
$O FRQWUDVWDU ORV YDORUHV REVHUYDGRV FRQWUD HO PDUFR GH UHIHUHQFLD HV SRVLEOH GHULYDU
FRQFOXVLRQHV H LPSOHPHQWDU DFFLRQHV (Q HO HMHPSOR SXGLHUD VHPDIRUL]DUVH HO PDUFR GH UHIHUHQFLD \
GHFLU TXH VHUtD DFHSWDEOH XQ DXVHQWLVPR QR PD\RU GH GtDV DO DxR FRORU YHUGH \ TXH VH FRQVLGHUD
JUDYHXQDXVHQWLVPRLJXDORPD\RUDGtDVFRORUURMR(QWDOFDVR3XHEOR(VSHUDQ]DFRQVXVGtDV
HVWDUtD HQ OD ]RQD DPDULOOD GRQGH KDEUtD TXH WRPDU DFFLRQHV FRUUHFWLYDV SHUR DXQ QR GHFODUDU OD
VLWXDFLyQFRPRXQDHPHUJHQFLDFUtWLFD
/DLQFRUSRUDFLyQGHHVWHWLSRGHFyGLJRVVHGHEHKDFHUH[WUDPDWUL]SRUUD]RQHVGHHVSDFLRSHUR
VLHPSUH HV SRVLEOH SURJUDPDU HO VRIWZDUH SDUD TXH D OD VDOLGD GH OD EDVH GH GDWRV DXWRPiWLFDPHQWH
LPSULPD HQ SDQWDOOD R SDSHO FDGD YDORU GHO LQGLFDGRU HQ HO FRORU TXH FRUUHVSRQGH D VX VLWXDFLyQ
VHPDIRUL]DGD (VWH WLSR GH DGLFLRQHV SHUVRQDOL]D ODV PDWULFHV \ODFRQYLHUWHQHQLQVWUXPHQWRVDXQPiV
SRGHURVRVSDUDODJHVWLyQGHSURJUDPDV

'HEHUHFRUGDUVHTXHOD0DWUL]QRHVHO~QLFRLQVWUXPHQWRGHJHVWLyQ(VUHFRPHQGDEOHTXHKD\DDGLFLRQDODOD0DWUL]XQ3ODQGH
0RQLWRUHR\(YDOXDFLyQTXHHVWDEOH]FDWRGRVORVLQGLFDGRUHVTXHUHTXLHUHUHSRUWDUODGLUHFFLyQGHOSURJUDPDWRGRVORVGHOD0DWUL]
GHEHQ HVWDU DOOt ORV SURFHGLPLHQWRV SDUD UHFDEDU OD LQIRUPDFLyQ ORV VRIWZDUH GH SURFHVR ORV UHSRUWHV HWF WRGR OR FXDO HV PX\
H[WHQVRSDUDHVFULELUORFRPSOHWRHQOD0DWUL]

&(3$/6HULH0DQXDOHV1
,QGLFDGRUHVSDUDORVVXSXHVWRV
(Q ODV YHUVLRQHV KDELWXDOHV GH ODV PDWULFHV GH 0DUFR /yJLFR QR VH GHILQHQ LQGLFDGRUHV SDUD ORV
VXSXHVWRV 6LQ HPEDUJR GDGD OD LPSRUWDQFLD TXH HOORV WLHQHQ HV FRQYHQLHQWH TXH HQ HO 0DQXDO
RSHUDWLYR GHO 3URJUDPD R 3UR\HFWR GH TXH VH WUDWH VH HVSHFLILTXHQ HVWRV LQGLFDGRUHV \ VH ORV LQFOX\D
GHQWURGHORVSURJUDPDVUHJXODUHVGHPRQLWRUHRGHLQGLFDGRUHV

&(3$/6HULH0DQXDOHV1
/DOyJLFDKRUL]RQWDOGHODPDWUL]
3DUD FRPSOHWDU HO GLVHxR GH OD 0DWUL] GHO 0DUFR /yJLFR FRQ R VLQ
LQGLFDGRUHV GH FRQYHQLHQFLD TXHGD LQFRUSRUDU HO YDORU GH WUDQVSDUHQFLD
TXH VH H[SUHVD HQ OD GHILQLFLyQ GH ORV 0HGLRV GH 9HULILFDFLyQ TXH VH
GHFODUDQHQODWHUFHUDFROXPQD
0HGLRVGH9HULILFDFLyQ
/RV0HGLRVGH9HULILFDFLyQFRUUHVSRQGHQDODVIXHQWHVGHLQIRUPDFLyQGH
DFFHVRS~EOLFRGRQGHVHSXEOLFDHOYDORUGHORVLQGLFDGRUHVRDOPHQRV
ORVGDWRVQHFHVDULRVSDUDVXFiOFXOR
/D H[LVWHQFLD GH HVWD FROXPQD HQ OD 00/ WLHQH OD YHQWDMD GH
REOLJDUDTXLpQIRUPXODHOSURJUDPD\GHILQHORVLQGLFDGRUHVDLGHQWLILFDU
IXHQWHVH[LVWHQWHVGHLQIRUPDFLyQ2ELHQVLHVWDVQRHVWiQGLVSRQLEOHVD
LQFOXLU HQ HO GLVHxR GHO SURJUDPD DFWLYLGDGHV RULHQWDGDV D UHFRJHU OD
LQIRUPDFLyQUHTXHULGD

(OQRPEUHGH0HGLRVGH9HULILFDFLyQHQYH]GH)XHQWHVGHGDWRVSURYLHQHGHOHQIRTXHGHWUDVSDUHQFLDTXHWHQtDHOGLVHxR
PHWRGROyJLFRRULJLQDOGHOPpWRGRVLORVGDWRVSDUDHOFiOFXORGHORVLQGLFDGRUHVVRQGHDFFHVRS~EOLFRFXDOTXLHUDSXHGHYHULILFDU
TXHHOYDORUGHGLFKRVLQGLFDGRUHVHVHOFRUUHFWRHQFDPELRVLORVGDWRVQRVRQVXVFHSWLEOHVGHYHULILFDFLyQSURYLHQHQGHIXHQWHVQR
S~EOLFDV HV SRVLEOH TXH IXQFLRQDULRV LQHVFUXSXORVRVHQWUHJXHQXQDYHUVLyQGLVWRUVLRQDGDGHODYDQFHGHOSURJUDPD6yORDOJXQRV
VLVWHPDVQDFLRQDOHVVLJXHQH[LJLHQGRTXHORVGDWRVSDUDHOFiOFXORGHLQGLFDGRUHVVHDQPRQLWRUHDEOHV

&(3$/6HULH0DQXDOHV1
/RVPHGLRVGHYHULILFDFLyQSXHGHQLQFOXLU
(VWDGtVWLFDV H[LVWHQWHV R SUHSDUDGDV HVSHFtILFDPHQWH SDUD HO FiOFXOR GH ORV LQGLFDGRUHV GHO
SURJUDPD )XHQWHV SRVLEOHV GH HVWDGtVWLFDV VRQ ORV LQVWLWXWRV QDFLRQDOHV GH HVWDGtVWLFD ODV
GLVWLQWDV VHFUHWDUtDV VHUYLFLRV S~EOLFRV FLHUWRV RUJDQLVPRV LQWHUQDFLRQDOHV &(3$/ )$2
2,7 )0, HWF \ DOJXQDV 21* 3RU FLHUWR TXH WDPELpQ HQ OD SURSLD LQVWLWXFLyQ TXH OOHYD
DGHODQWHHOSURJUDPDSXHGHQH[LVWLUHVWDGtVWLFDV~WLOHVSDUDHOFiOFXORGHORVLQGLFDGRUHV
0DWHULDO SXEOLFDGR TXH FRQWHQJDLQIRUPDFLyQ~WLOSDUDYHULILFDUHOORJURGHORVREMHWLYRVGHO
SURJUDPD 3XHGH WUDWDUVH SRU HMHPSOR GH HVWXGLRV FX\R WHPD VH UHODFLRQH FRQ HO SURJUDPD
SXEOLFDFLRQHV HQ SHULyGLFRV R UHYLVWDV WHVLV XQLYHUVLWDULDV \ QRUPDV QDFLRQDOHV R
LQWHUQDFLRQDOHVHVSHFLDOPHQWHSDUDGHILQLUODVPHWDV8QDEXHQDIRUPDGHDFFHGHUDPDWHULDO
GHHVWHWLSRFRQUDSLGH]\DEDMRFRVWRHVEXVFDUORHQ,QWHUQHW
,QVSHFFLyQ YLVXDO SRU SDUWH GH DOJ~Q HVSHFLDOLVWD (Q SDUWLFXODU SDUD YHULILFDU HO ORJUR GH ORV
&RPSRQHQWHVWDQWRHQFDOLGDGFRPRHQFDQWLGDGSXHGHUHFXUULUVHPXFKDVYHFHVDODYLVLWDGH
XQH[SHUWRHQHOWLSRGHELHQHVRVHUYLFLRVTXHHOSURJUDPDJHQHUD
(OUHVXOWDGRGHHQFXHVWDVHVXQPHGLRGHYHULILFDFLyQGHXVRIUHFXHQWH(VWDVSXHGHQKDEHUVH
UHDOL]DGRFRQRWURILQRVHUHMHFXWDGDVHVSHFtILFDPHQWHFRPRXQDDFWLYLGDGGHOSURJUDPD6RQ
HVSHFLDOPHQWH ~WLOHV HQ HO FDVR GH LQGLFDGRUHV FX\R REMHWLYR VHD PHGLU FDOLGDG D WUDYpV GHO
QLYHOGHVDWLVIDFFLyQGHORVXVXDULRVGHORVELHQHVRVHUYLFLRVGHOSURJUDPD'HEHH[LVWLUOLEUH
DFFHVR D ORV GDWRV UHFRSLODGRV SRU OD HQFXHVWD SDUD TXH HVWD VHD UHDOPHQWH XQ PHGLR GH
YHULILFDFLyQ
/RVLQIRUPHVGHDXGLWRUtD\UHJLVWURVFRQWDEOHVGHOSURJUDPDVRQPHGLRVGHYHULILFDFLyQTXH
D\XGDQDOFiOFXORGHLQGLFDGRUHV\GHHILFLHQFLDRGHFRVWRGHODVDFWLYLGDGHV
(QOD00/VHUHJLVWUDUiHQODFROXPQDGH0HGLRVGH9HULILFDFLyQODIXHQWHDODTXHVHUHFXUULUi
SDUD REWHQHU OD LQIRUPDFLyQ QHFHVDULD SDUD HO FiOFXOR GHO LQGLFDGRU \ OD IUHFXHQFLD FRQ TXH VH
UHFRSLODUi 6LQ HPEDUJR SDUD HO WUDEDMR GHO HTXLSR GHO SURJUDPD HV FRQYHQLHQWH TXH VH GHWDOOH HQ XQ
GRFXPHQWRDQH[RODVLJXLHQWHLQIRUPDFLyQSDUDFDGD0HGLRGH9HULILFDFLyQ
/DLGHQWLILFDFLyQGHODIXHQWHGHLQIRUPDFLyQ6LVHWUDWDGHLQIRUPDFLyQHVWDGtVWLFDJHQHUDGD
SRUXQDLQVWLWXFLyQKDEUiTXHVHxDODUVXQRPEUHHOQRPEUHGHODHVWDGtVWLFDDHPSOHDUHOOXJDU
GRQGH VH SXEOLFD \ D TXp RILFLQD R SHUVRQD UHFXUULU SDUD PD\RUHV GHWDOOHV (Q HO FDVR GH
SXEOLFDFLRQHVGHEHUiLQGLFDUVHVXQRPEUHQ~PHUR\IHFKDGHSXEOLFDFLyQDVtFRPRGRQGHVH
ODFRQVLJXH3DUDLQVSHFFLyQGHH[SHUWRVVHUiFRQYHQLHQWHLGHQWLILFDUDpORORVH[SHUWRVRDO
PHQRV GHILQLUHOSHUILOSURIHVLRQDOTXHGHEHUiQWHQHU6LVHYDDDSOLFDUXQDHQFXHVWDGHEHUi
LQGLFDUVH HO WLSR GH HQFXHVWD D UHDOL]DU \ ORV WySLFRV D FRQVXOWDU SRU HMHPSOR 7HVW GH
SUHJXQWDVVREUHODVPDWHULDVWUDWDGDVHQODFDSDFLWDFLyQDVtFRPRVHSXEOLFDQVXVUHVXOWDGRV
(OPpWRGRTXHVHDSOLFDUiSDUDODUHFRSLODFLyQGHODLQIRUPDFLyQ$OJXQRVPpWRGRVSRVLEOHVVRQ
YLVLWD SHUVRQDO VROLFLWXG SRU WHOpIRQR FDUWD ID[ R HPDLO E~VTXHGD HQ ,QWHUQHW \ UHJLVWUR GH
VROLFLWXGHV UHFLELGDV (Q HO FDVR GH XQDHQFXHVWDGHEHUiHVSHFLILFDUVHFRPRVHUHDOL]DUiHVWDSRU
HMHPSOR6HOHFFLyQGHPXHVWUDDOHDWRULDGHSHUVRQDVFDSDFLWDGDVHQFXHVWDHQSHUVRQD
4XLpQVHUiHOUHVSRQVDEOHGHODUHFRSLODFLyQ(VXQDSHUVRQDDTXLHQVHSXHGDUHFXUULUSDUDDFODUDU
GXGDVDFHUFDGHODVPHWRGRORJtDV\SURFHGLPLHQWRVVHJXLGRVSDUDUHFRSLODUODLQIRUPDFLyQ
/D IUHFXHQFLD FRQTXHVHUHDOL]DUiODUHFRSLODFLyQSRUHMHPSOR6HHQFXHVWDUiSRUXQDVROD
YH]DORVWUHVPHVHVGHFRQFOXLGRHO~OWLPRHYHQWRGHFDSDFLWDFLyQ

&(3$/6HULH0DQXDOHV1
8QD H[SOLFDFLyQ GHWDOODGD GHO PpWRGR TXH VH XWLOL]DUi SDUD OD YHULILFDFLyQ \ HODQiOLVLVGHOD
LQIRUPDFLyQ UHFRSLODGD 3RU HMHPSOR SDUD ODHQFXHVWDSRGUtDLQGLFDUVHTXH&DGDUHVSXHVWD
FRUUHFWD GD XQ SXQWR (O SXQWDMH GH DSUREDFLyQ VHUi LJXDO R VXSHULRU D VLHWH 6H FDOFXODUi HO
SRUFHQWDMHGHDSUREDFLyQODPHGLDGHORVSXQWDMHV\VXGHVYLDFLyQHVWiQGDU
(OXVRTXHVHGDUiDODLQIRUPDFLyQUHFRSLODGDHVGHFLUHORORVLQGLFDGRUHVHQFX\RFiOFXORVH
HPSOHDUi3RUHMHPSOR&iOFXORGHOLQGLFDGRU3RUFHQWDMHGHODSREODFLyQTXHDSUXHEDWHVWGH
FRQRFLPLHQWRVVREUHKLJLHQH
(O PRGR GH GLVWULEXFLyQ TXH VH HPSOHDUi SDUD KDFHU OOHJDU OD LQIRUPDFLyQ D TXLHQHV OD
XWLOL]DUiQ SDUD HO FiOFXOR GHO LQGLFDGRU QR VyOR HO HTXLSR GHO SURJUDPD SXHGH FDOFXODU ORV
LQGLFDGRUHV WDPELpQ GHEH SRGHU KDFHUOR FXDOTXLHU LQYROXFUDGR TXH OR GHVHH 3RU HMHPSOR
SRGUtDLQGLFDUVHTXHODLQIRUPDFLyQVHSXEOLFDUiHQXQVLWLRZHE
4XLHQHV VHUiQ ORV XVXDULRV GH OD LQIRUPDFLyQ D TXLpQ VH OH HQYLDUi 3RU HMHPSOR SRGUtD
HVSHFLILFDUVH TXH OD LQIRUPDFLyQ VHUi HQYLDGD D OD 8QLGDG GH 3ODQHDFLyQ \ (YDOXDFLyQ DO
JHUHQWHGHOSURJUDPDDODVHQWLGDGHVFRRSHUDQWHV\DOSUHVLGHQWHGHODMXQWDGHYHFLQRV
$OJXQDVFRQVLGHUDFLRQHVILQDOHVDFHUFDGHORVPHGLRVGHYHULILFDFLyQ
6LQRHVSRVLEOHLGHQWLILFDUXQPHGLRGHYHULILFDFLyQH[LVWHQWHSDUDHOFiOFXORGHXQLQGLFDGRU
VHUi QHFHVDULR HVWXGLDU OD SRVLELOLGDG GH LQFRUSRUDU DO SURJUDPD DFWLYLGDGHV TXH SHUPLWDQ
REWHQHUORVGDWRVQHFHVDULRV
6LQRVHSXHGHFRQVHJXLUODLQIRUPDFLyQSXHVQRH[LVWHXQPHGLRGHYHULILFDFLyQQLVHSXHGHQ
LQFRUSRUDUDFWLYLGDGHVSDUDFRQVHJXLUODVHUiQHFHVDULRFDPELDUHOLQGLFDGRUXVDUXQLQGLFDGRU
LQGLUHFWRSUR[\
6LKD\PiVGHXQDIXHQWHGHLQIRUPDFLyQGLVSRQLEOHSDUDREWHQHUORVGDWRVQHFHVDULRVSXHGHQ
LQGLFDUVH WRGDV SHUR GHEHUi HVSHFLILFDUVH FXDO VH XWLOL]DUi GH SUHIHUHQFLD HPSOHDQGR ODV
GHPiVSDUDYHULILFDUODFRQVLVWHQFLDGHORVGDWRV
/RV PHGLRV GH YHULILFDFLyQ GHEHQ VHU DFRUGDGRV FRQ ORV LQYROXFUDGRV 6L HOOR QR VH KDFH
SXHGHQ SUHVHQWDUVH PiV WDUGH SUREOHPDV DFHUFD GH FXiO IXHQWH GH LQIRUPDFLyQ XWLOL]DU SDUD
FDOFXODUORVLQGLFDGRUHV3RUHMHPSORSXHGHKDEHUVHHVSHFLILFDGRFRPRXQRGHORVPHGLRVGH
YHULILFDFLyQSDUDLQGLFDGRUHVGHFRVWRVHOXVRGHXQtQGLFHSDUDOOHYDUORVYDORUHVDXQDPLVPD
IHFKD GH PRGR GH KDFHUORV FRPSDUDEOHV 6LQ HPEDUJR VL QR H[LVWLy XQ DFXHUGR SUHYLR OD
HQWLGDGTXHILQDQFLDHOSURJUDPDSRGUtDVHxDODUTXHGHEHXVDUVHSDUDGLFKRHIHFWRHOYDORUGHO
GyODUPLHQWUDVTXHODHQWLGDGHMHFXWRUDSUHILHUHXWLOL]DUHOtQGLFHGHSUHFLRVDOFRQVXPLGRU
5(&8$'52
(5525(606)5(&8(17(6(1/$'(),1,&,1'(0(',26'(9(5,),&$&,1
'HILQLUFRPR0HGLRVGH9HULILFDFLyQIXHQWHVLQWHUQDVGHORVSURJUDPDVDODVFXiOHVQRWLHQHQDFFHVRWHUFHURV(V
XQHUURUSXHVHOYDORUGHWUDQVSDUHQFLDDOFXDOVHDVRFLDODFROXPQDLPSOLFDTXHODLQIRUPDFLyQHVWpDODOFDQFHGHORV
LQWHUHVDGRVHQYHULILFDUOD6LVRQIXHQWHVVLQOLEUHDFFHVRGHWHUFHURVVHYLRODHOYDORUGHWUDQVSDUHQFLD
2PLWLUODLGHQWLILFDFLyQGHGyQGHODVIXHQWHVSXHGHQVHUFRQVXOWDGDVHQIRUPDLQGHSHQGLHQWHGHOSURJUDPD(VXQ
HUURU SXHV HO YDORU GH WUDQVSDUHQFLD DO FXDO VH DVRFLD OD FROXPQD LPSOLFD TXH OD LQIRUPDFLyQ HVWp DO DOFDQFH GH ORV
LQWHUHVDGRVHQYHULILFDUOD2PLWLUGyQGHVHHQFXHQWUDQODVIXHQWHVOLPLWDVXDFFHVLELOLGDG

&(3$/6HULH0DQXDOHV1
/D/yJLFD+RUL]RQWDO
(O FRQMXQWR 2EMHWLYR,QGLFDGRUHV0HGLRV GH YHULILFDFLyQ GHILQH OR TXH VH FRQRFH FRPR /yJLFD
+RUL]RQWDOHQOD00/(VWDSXHGHUHVXPLUVHHQORVVLJXLHQWHVSXQWRV
&DGDREMHWLYRGHWDOODGRHQHO5HVXPHQ1DUUDWLYR)LQ3URSyVLWR&RPSRQHQWHV$FWLYLGDGHV
GHEHFRQWDUFRQORVLQGLFDGRUHVQHFHVDULRV\VXILFLHQWHVSDUDSRGHUHYDOXDUDGHFXDGDPHQWHVX
ORJUR
/RVLQGLFDGRUHVGHEHQFXPSOLUFRQODVFDUDFWHUtVWLFDVGHWDOODGDVHQODVHFFLyQ\QRGHEHQ
DJUHJDUFRQGLFLRQDQWHVTXHDOWHUHQHOFRQWHQLGRGHODFROXPQDGHO5HVXPHQ1DUUDWLYR
'HEHQKDEHUVHHVSHFLILFDGRPHWDVDVRFLDGDVDSOD]RVSDUDWRGRVORVLQGLFDGRUHV
/RV PHGLRV GH YHULILFDFLyQ LGHQWLILFDGRV SDUD FDGD LQGLFDGRU GHEHQ VHU ORV QHFHVDULRV \
VXILFLHQWHVSDUDREWHQHUORVGDWRVUHTXHULGRVSDUDHOFiOFXORGHORVLQGLFDGRUHV\GHEHQVHUGH
DFFHVRS~EOLFR
'H QR FXPSOLUVH FRQ ODV FRQGLFLRQHV DQWHV VHxDODGDV OD PDWUL] HVWDUi LQFRPSOHWD \ QR VHUi
VXILFLHQWHSDUDXQDDGHFXDGDHYDOXDFLyQGHODJHVWLyQ\UHVXOWDGRVGHXQSUR\HFWRRSURJUDPD

&(3$/6HULH0DQXDOHV1
8QPRGHORGHUHIHUHQFLDJHQHUDO
SDUDODFRQVWUXFFLyQGHOD0DWUL]
GHO0DUFR/yJLFR
/D PHWRGRORJtD GH OD 0DWUL] GHO 0DUFR /yJLFR DSOLFDGD D SURJUDPDV
S~EOLFRVVHSXHGHH[SUHVDUHQEDVHDXQPRGHORJHQHUDOFX\DHVWUXFWXUD
FRQ ODV HVSHFLILFDFLRQHV GH FDGD VLWXDFLyQ HQ SDUWLFXODU VH HQFXHQWUD
SUHVHQWHHQFDGDSURJUDPDTXHDWLHQGHGLUHFWDPHQWHDDOJ~QVHJPHQWRGH
ODSREODFLyQ
(OPRGHORJHQHUDO
(OPRGHORJHQHUDOFXHQWDFRQORVVLJXLHQWHVHOHPHQWRV
([LVWHXQDSREODFLyQTXHWLHQHXQSUREOHPDELHQLGHQWLILFDGR
HQVXVFDXVDV\FRQVHFXHQFLDV
/DV FRQVHFXHQFLDV GHO SUREOHPD VRQ FRQVLGHUDGDV FRPR
VRFLDOPHQWH LPSRUWDQWHV SRU FRQWUDYHQLU XQD OtQHD GH SROtWLFD
S~EOLFDYLJHQWHGHWLSRHVWUDWpJLFR
/D LQVWLWXFLyQ UHVSRQVDEOH SURGXFH \ SURSRUFLRQD GLYHUVRV
ELHQHV \ VHUYLFLRV TXH SRQH D GLVSRVLFLyQ GH OD SREODFLyQ
DIHFWDGDSRUHOSUREOHPD

(VFRP~QHQFRQWUDUFRQODGHQRPLQDFLyQGHSURJUDPDVDDOJXQRVTXHQRHVWiQGLULJLGRVDODDWHQFLyQGLUHFWDGHS~EOLFRFRPR
SRUHMHPSORXQSURJUDPDGHFRPSUDVGHLQVWUXPHQWDOTXLU~UJLFR3DUDHOORVQRDSOLFDHOPRGHORJHQHUDO

/DSREODFLyQSXHGHQVHUSHUVRQDVHVORPiVKDELWXDOSHURWDPELpQSXHGHQVHUERVTXHVHVSHFLHVHQULHVJRXRWUDVVLPLODUHV

&(3$/6HULH0DQXDOHV1
3DUD UHDOL]DU OD SURGXFFLyQ GH ORV ELHQHV \ VHUYLFLRV OD LQVWLWXFLyQ UHVSRQVDEOH UHDOL]D XQ
FRQMXQWRGHDFWLYLGDGHVILQDQFLDGDVSRUXQSUHVXSXHVWR
/D LQVWLWXFLyQ UHVSRQVDEOH HVWi FRQVFLHQWH GH ORV ULHVJRV TXH WLHQH HO SURJUDPD \ WRPD ODV
PHGLGDVDGHFXDGDVSDUDHQIUHQWDUORV
3DUDHQIUHQWDUHOSUREOHPDGHODSREODFLyQDIHFWDGDVHGLVHxDXQSURJUDPDGHDFFLyQTXHVH
HQFRPLHQGDDXQDLQVWLWXFLyQUHVSRQVDEOHGHQWURGHVXVDWULEXFLRQHVHVWDEOHFLGDV
/DSREODFLyQDIHFWDGDORJUDUHVROYHUVXSUREOHPDFRPRFRQVHFXHQFLDGHORVELHQHV\VHUYLFLRV
SURYLVWRV SRU HO SURJUDPD DVt FRPR D FRQVHFXHQFLD GH RWURV ELHQHV \ VHUYLFLRV
FRPSOHPHQWDULRVSURYLVWRVSRURWUDVLQVWLWXFLRQHV
3DUDHMHPSOLILFDUGLUHFWDPHQWHPLHQWUDVH[SRQHPRVHOPRGHORXWLOL]DUHPRVHOFDVRVLJXLHQWH
5(&8$'52
6(37,02&$62/$608-(5(6-()$6'(+2*$50-+
(QXQSDtVKD\JUDQFDQWLGDGGH0XMHUHV-HIDVGH+RJDU0-+GHEDMRVUHFXUVRVTXHWLHQHQKLMRVSHTXHxRV/D
PD\RUtDGHORVKRJDUHVGHHVWDV0-+VRQQ~FOHRVIDPLOLDUHVLQFRPSOHWRVGHELGRDHOORHVWDVPXMHUHVQRFXHQWDQFRQ
HODSR\RGHRWURVIDPLOLDUHVTXHSXHGDQFXLGDUVXVKLMRVGXUDQWHHOGtD(QFRQVHFXHQFLDHVDV0-+QRSXHGHQDVSLUDU
HQ LJXDO IRUPD TXH RWUDVPXMHUHVGHLJXDOQLYHOGHSUHSDUDFLyQDLQJUHVRVPiVDOWRVSURYHQLHQWHVGHWUDEDMRUHJXODU
GHSHQGLHQWH \ TXHGDQ GHSHQGLHQGR GH LQJUHVRV GH WUDEDMRV KHFKRV HQ ORV HVSDFLRV GH WLHPSR TXH OHV GHMD OLEUH OD
DWHQFLyQGHOKRJDU\ORVKLMRV
/DV0-+TXHWUDEDMDQHQIRUPDLQIRUPDOWLHQHQHQSURPHGLRXQGHORVLQJUHVRVGHODVPXMHUHVGHLJXDOQLYHO
GH FDSDFLWDFLyQ TXH WUDEDMDQ HQ WUDEDMRV UHJXODUHV (VWD VLWXDFLyQ LPSOLFD TXH QR VH HVWi ORJUDQGR OD LJXDOGDG GH
RSRUWXQLGDGHVHQWUHODV0-+\HOUHVWRGHODSREODFLyQ
(O0LQLVWHULRGHOD0XMHURSHUDUiXQ3URJUDPDGH*XDUGHUtDV,QIDQWLOHVTXHUHFLEDDKLMRVGH0-+GXUDQWHODVKRUDV
GHODMRUQDGDGHWUDEDMRPiVXQWLHPSRSDUDGHVSOD]DPLHQWRTXHHVKDELWXDOHQHOSDtV(O3URJUDPDRSHUDJXDUGHUtDV
SURSLDVRFRQWUDWDFXSRVHQJXDUGHUtDVH[LVWHQWHV3DUDHOp[LWRGHOSURJUDPDHVLQGLVSHQVDEOHTXHHVWDVJXDUGHUtDV
FXLGHQORVQLxRVGXUDQWHODWRWDOLGDGGHODMRUQDGDODERUDOUHJXODU
(O 3URJUDPD GLVSRQGUi GH XQ SUHVXSXHVWR GH PLO PLOORQHV DQXDOHV &RQ HVWHSUHVXSXHVWRLRSHUDUiXQDUHGGH
JXDUGHUtDV SURSLDV \ LL HQ ORFDOLGDGHV GRQGH QR GLVSRQH GH FXSRV HQ OD FDQWLGDG VXILFLHQWH FRQWUDWDUi VHUYLFLRV D
JXDUGHUtDVH[LVWHQWHVSDUDRIUHFHUORVFXSRVQHFHVDULRVDODV0-+
(OPRGHORGHUHIHUHQFLDJHQHUDOSDUWHGHILQLHQGRFRQODPD\RUREMHWLYLGDGSRVLEOHFXiOHVOD
SREODFLyQ REMHWLYR TXH VHUtD DWHQGLGD SRU HO SURJUDPD \ FXiO HV HO SUREOHPD TXH WLHQH HVWD
SREODFLyQ(QHVWHFDVRHOSiUUDIRGHOFDVRGDFXHQWDGHFXiOHVODSREODFLyQ0-+GHEDMRV
UHFXUVRV FRQ KLMRV SHTXHxRV \ FXiO HV HO SUREOHPD TXH OOHYD D SHQVDU TXH GHEH KDEHU XQD
LQWHUYHQFLyQS~EOLFDSDUDD\XGDUDUHVROYHUOR
$ FRQWLQXDFLyQ HV SUHFLVR GHMDU HQ FODUR FXiOHV VRQ ODV FRQVHFXHQFLDV GH QR UHVROYHU
DGHFXDGDPHQWHHVWHSUREOHPDORTXHVHH[SUHVDHQHOVHJXQGRSiUUDIRGHOFDVRQRVHHVWDUtD
ORJUDQGRXQDLJXDOGDGGHRSRUWXQLGDGHVHQWUHPXMHUHVFRQKLMRVSHTXHxRV\PXMHUHVVLQKLMRV
SHTXHxRV
(OWHUFHUSiUUDIRGHVFULEHODHVWUDWHJLDGHVROXFLyQTXHKDDGRSWDGRHOSURJUDPDGHVSXpVGH
KDEHU UHDOL]DGR WRGR HO WUDEDMR D TXHVHUHILHUHQORVFDStWXORVDQWHULRUHVGHOPDQXDO(QHVWH
FDVRODHVWUDWHJLDHVOLEHUDUWLHPSRDODV0-+SRUODYtDGHRIUHFHUOHVJXDUGHUtDVTXHYHOHQ
SRUVXVKLMRVSHTXHxRVDODVKRUDVHQTXHH[LVWHQSXHVWRVGHWUDEDMRPHMRUUHPXQHUDGRV

/DV0XMHUHV-HIDVGH+RJDUFRUUHVSRQGHQDKRJDUHVHQORVFXiOHVHOSULQFLSDOLQJUHVRPRQHWDULRGHOFXDOYLYHQORVLQWHJUDQWHVGHO
KRJDUSURYLHQHGHXQDPXMHU

&(3$/6HULH0DQXDOHV1
$ FRQWLQXDFLyQ VH GHEH HVSHFLILFDU HO WLSR GH ELHQHV \ VHUYLFLRV TXH VH YDQ D RIUHFHU D OD
SREODFLyQ REMHWLYR SRU PHGLR GHO SURJUDPD FXSRV HQ JXDUGHUtDV GHO SURJUDPD \ FXSRV HQ
JXDUGHUtDV GH WHUFHURV ORV FXDOHV GHEHUiQ RSHUDU GXUDQWH OD WRWDOLGDG GH OD MRUQDGD ODERUDO
UHJXODU
(VWHPRGHOR\HOHMHPSORGHDSOLFDFLyQVHPXHVWUDQHQHOFXDGURVLJXLHQWH
&8$'52
02'(/2*(1(5$/3$5$(67$%/(&(5/$0$75,='(/0$5&2/*,&2'(81352*5$0$48(
$7,(1'(81$32%/$&,12%-(7,92
0RGHORJHQHUDO
([LVWHXQDSREODFLyQTXHWLHQHXQ
SUREOHPDELHQLGHQWLILFDGRHQVXV
FDXVDV\FRQVHFXHQFLDV
&DVRGHHMHPSOR
3UREOHPD(QXQSDtVKD\JUDQFDQWLGDGGH
0XMHUHV-HIDVGH+RJDU0-+GHEDMRV
UHFXUVRVTXHWLHQHQKLMRVSHTXHxRV/D
PD\RUtDGHORVKRJDUHVGHHVWDV0-+VRQ
Q~FOHRVIDPLOLDUHVLQFRPSOHWRVGHELGRDHOOR
HVWDVPXMHUHVQRFXHQWDQFRQHODSR\RGH
RWURVIDPLOLDUHVTXHSXHGDQFXLGDUVXVKLMRV
GXUDQWHHOGtD(QFRQVHFXHQFLDHVDV0-+QR
SXHGHQDVSLUDUHQLJXDOIRUPDTXHRWUDV
PXMHUHVGHLJXDOQLYHOGHSUHSDUDFLyQD
LQJUHVRVPiVDOWRVSURYHQLHQWHVGHWUDEDMR
UHJXODUGHSHQGLHQWH\TXHGDQGHSHQGLHQGRGH
LQJUHVRVGHWUDEDMRVKHFKRVHQORVHVSDFLRVGH
WLHPSRTXHOHVGHMDOLEUHODDWHQFLyQGHOKRJDU\
ORVKLMRV
/DVFRQVHFXHQFLDVGHOSUREOHPDVRQ
FRQVLGHUDGDVFRPRVRFLDOPHQWH
LPSRUWDQWHVSRUFRQWUDYHQLUXQDOtQHD
GHSROtWLFDS~EOLFDYLJHQWHGHWLSR
HVWUDWpJLFR
/DV0-+TXHWUDEDMDQHQIRUPDLQIRUPDOWLHQHQ
HQSURPHGLRXQGHORVLQJUHVRVGHODV
PXMHUHVGHLJXDOQLYHOGHFDSDFLWDFLyQTXH
WUDEDMDQHQWUDEDMRVUHJXODUHV(VWDVLWXDFLyQ
LPSOLFDTXHQRVHHVWiORJUDQGRODLJXDOGDGGH
RSRUWXQLGDGHVHQWUHODV0-+\HOUHVWRGHOD
SREODFLyQ
3DUDHQIUHQWDUHOSUREOHPDGHOD
SREODFLyQGHUHIHUHQFLDVHGLVHxDXQ
SURJUDPDGHDFFLyQTXHVH
HQFRPLHQGDDXQDLQVWLWXFLyQ
UHVSRQVDEOHGHQWURGHVXV
DWULEXFLRQHVHVWDEOHFLGDV
6ROXFLyQSURSXHVWD(O0LQLVWHULRGHOD0XMHU
RSHUDUiXQ3URJUDPDGH*XDUGHUtDV,QIDQWLOHV
TXHUHFLEDDKLMRVGH0-+GXUDQWHODVKRUDVGH
ODMRUQDGDGHWUDEDMRPiVXQWLHPSRSDUD
GHVSOD]DPLHQWR
/DSREODFLyQDIHFWDGDORJUDUHVROYHU
VXSUREOHPDFRPRFRQVHFXHQFLDGH
ORVELHQHV\VHUYLFLRVSURYLVWRVSRUHO
SURJUDPDDVtFRPRDFRQVHFXHQFLD
GHRWURVELHQHV\VHUYLFLRV
FRPSOHPHQWDULRVSURYLVWRVSRURWUDV
LQVWLWXFLRQHV
5HODFLyQFDXVDHIHFWRKLSyWHVLV6LQLxRVHQ

JXDUGHUtDHQWRQFHV0-+WLHQHQRSRUWXQLGDGGH
WUDEDMDUHQKRUDULRUHJXODU
,QVWLWXFLRQHVFRDG\XYDQWHV0XQLFLSDOLGDGHV
/DVPXQLFLSDOLGDGHVSURSRUFLRQDQOXJDUHVSDUD
HOIXQFLRQDPLHQWRGHODVJXDUGHUtDVGHHO
0LQLVWHULRGHOD0XMHU
(VSHFLILFDFLyQ
3REODFLyQ0-+GHEDMRV
UHFXUVRVFRQKLMRV
SHTXHxRV
3UREOHPD0-+QR
SXHGHQSRVWXODUD
WUDEDMRVHQKRUDULR
UHJXODU
&DXVDGLUHFWD1RWLHQHQ
FRQTXLpQGHMDUVXVKLMRV
&RQVHFXHQFLDVGHO
SUREOHPD1RDFFHGHQD
VDODULRVFRQLQJUHVRV
PiVDOWRVTXHORTXH
ORJUDQFRQHOWUDEDMR
LQIRUPDOHQODVKRUDV
GLVSRQLEOHV
9LQFXODFLyQFRQSROtWLFDV
S~EOLFDVHQXQFLDGDV
,JXDOGDGGH
RSRUWXQLGDGHVSDUD
DFFHVRDORVSXHVWRVGH
WUDEDMR
6ROXFLyQ&XLGDUDORV
QLxRVSHTXHxRVGXUDQWH
ODMRUQDGDGHWUDEDMR
UHJXODU
,QVWLWXFLyQUHVSRQVDEOH
6HFUHWDUtDGHOD0XMHU
3UREOHPDUHVXHOWR0-+
SXHGHQSRVWXODUD
WUDEDMRVHQKRUDV
UHJXODUHV
6HUYLFLRV
FRPSOHPHQWDULRV
/RFDOHVFHUFDGHOXJDUHV
GHWUDEDMR
FRQWLQ~D

(OFDVRQRSUHWHQGHVHUUHDOHQVXVGHWDOOHV
/DSREODFLyQSXHGHQVHUSHUVRQDVHVORPiVKDELWXDOSHURWDPELpQSXHGHQVHUERVTXHVHVSHFLHVHQULHVJRXRWUDVVLPLODUHV

&(3$/6HULH0DQXDOHV1

/DLQVWLWXFLyQUHVSRQVDEOHSURGXFH\
SURSRUFLRQDGLYHUVRVELHQHV\
VHUYLFLRVTXHSRQHDGLVSRVLFLyQGH
ODSREODFLyQDIHFWDGDSRUHOSUREOHPD
(O3URJUDPDRSHUDJXDUGHUtDVSURSLDVR
FRQWUDWDFXSRVHQJXDUGHUtDVH[LVWHQWHV
3DUDHOp[LWRGHOSURJUDPDHVLQGLVSHQVDEOH
TXHHVWDVJXDUGHUtDVFXLGHQORVQLxRVGXUDQWH
ODWRWDOLGDGGHODMRUQDGDODERUDOUHJXODU
6HUYLFLRVSURGXFLGRVSRU
HO0LQLVWHULRGHOD0XMHU
$WHQFLyQHQJXDUGHUtDV
SURSLDV
%HFDVSDUDJXDUGHUtDVGH
RWUDVLQVWLWXFLRQHV
2SHUDQGHD
3DUDUHDOL]DUODSURGXFFLyQGHORV
ELHQHV\VHUYLFLRVODLQVWLWXFLyQ
UHVSRQVDEOHUHDOL]DXQFRQMXQWRGH
DFWLYLGDGHVILQDQFLDGDVSRUXQ
SUHVXSXHVWR
(O3URJUDPDGLVSRQGUiGHXQSUHVXSXHVWRGH
PLOPLOORQHVDQXDOHV&RQHVWHSUHVXSXHVWRL
RSHUDUiXQDUHGGHJXDUGHUtDVSURSLDV\LLHQ
ORFDOLGDGHVGRQGHQRGLVSRQHGHFXSRVHQOD
FDQWLGDGVXILFLHQWHFRQWUDWDUiVHUYLFLRVD
JXDUGHUtDVH[LVWHQWHVSDUDRIUHFHUORVFXSRV
QHFHVDULRVDODV0-+
/DLQVWLWXFLyQUHVSRQVDEOHHVWi
FRQVFLHQWHGHORVULHVJRVTXH
WLHQHHOSURJUDPD\WRPDODV
PHGLGDVDGHFXDGDVSDUD
HQIUHQWDUORV
(OSURJUDPDSXHGHIUDFDVDUVLODVJXDUGHUtDVVH
LQVWDODQHQORFDOLGDGHVHQTXHQRKD\WUDEDMRV
GLVSRQLEOHVSDUDODFDSDFLGDGPHGLDGHODV0-+
7DPELpQSXHGHIUDFDVDUVLODDWHQFLyQGHODV
JXDUGHUtDVHVGHILFLHQWH
$FWLYLGDGHV/DV
QHFHVDULDVSDUDL2SHUDU
JXDUGHUtDVSURSLDVLL
&RQWUDWDUFXSRVHQRWUDV
JXDUGHUtDV
3UHVXSXHVWR0LOPLOORQHV
DODxR
5LHVJRVL(O3URJUDPD
VHLQVWDODHQORFDOLGDGHV
LQDSURSLDGDVLL0DGUHV
QRFRQItDQHQODV
JXDUGHUtDV
1yWHVH TXH OD OyJLFD FHQWUDO GHO SURJUDPD ELVDJUD VH EDVD HQ TXH KD\ XQ SUREOHPD HVSHFtILFR
LQPHGLDWRODV0-+QRWLHQHQGRQGHGHMDUORVKLMRV\XQLPSDFWRTXHVHGHVHDREWHQHUDOUHVROYHUHVWD
VLWXDFLyQHVSHFtILFD(VWRHVHQORPHGXODUGHODOyJLFDGHOSURJUDPDKD\XQDKLSyWHVLVGHXQDUHODFLyQ
FDXVDHIHFWRTXHHQHOFDVRGHHMHPSORHV
',$*5$0$
0$5&2/*,&2352'8&72&20321(17('(/352*5$0$<68,03$&72

'HOPRGHORJHQHUDODODPDWUL]GHOPDUFROyJLFR
(OPRGHORDQWHULRUTXHLQWHUUHODFLRQDORVFRQFHSWRVGHSREODFLyQSUREOHPDSROtWLFDS~EOLFDSURJUDPD
GH DFFLyQ LQVWLWXFLyQ UHVSRQVDEOH ELHQHV \ VHUYLFLRV SURGXFLGRV DFWLYLGDGHV SUHVXSXHVWRV ULHVJRV
VXSXHVWRVHVODEDVHSDUDRUJDQL]DUHOFRQWHQLGRTXHVHH[SUHVDOXHJRHQOD0DWUL]GHO0DUFR/yJLFRGHO
SURJUDPD

&(3$/6HULH0DQXDOHV1
&8$'52
9,1&8/$&,1'(/02'(/2*(1(5$/&21/$0$75,='(/0$5&2/*,&2
&DWHJRUtDVHQOD0DWUL]GHO0DUFR/yJLFR
$SOLFDFLyQHQHOHMHPSOR
/DSROtWLFDS~EOLFDPiVJHQHUDOHQTXHVHHQPDUFDODVROXFLyQ
DOSUREOHPDHVSHFtILFRGHODSREODFLyQGHUHIHUHQFLDVH
GHQRPLQD)LQ
)LQ&RQWULEXLUDODLJXDOGDGGHRSRUWXQLGDGHV
ODERUDOHVGHODV-HIDVGH+RJDUUHVSHFWRDODVGHPiV
PXMHUHVGHLJXDOSUHSDUDFLyQ
/DVROXFLyQGHOSUREOHPDHVSHFtILFRGHODSREODFLyQGH
UHIHUHQFLDVHGHQRPLQD3URSyVLWR$ODYH]HVHOFDPELR
HVSHUDGRHQODSREODFLyQWUDVODGLVSRQLELOLGDGGHORVELHQHV\
VHUYLFLRVSURSRUFLRQDGRVSRUHOSURJUDPD
3URSyVLWR0XMHUHV-HIDVGH+RJDUSDUWLFLSDQWHV
SRVWXODQDWUDEDMRVTXHVHUHDOL]DQHQKRUDV
UHJXODUHV
/RVELHQHV\VHUYLFLRVSURSRUFLRQDGRVSRUODLQVWLWXFLyQDFDUJR
GHOSURJUDPDVHGHQRPLQDQ&RPSRQHQWHV
&RPSRQHQWHV6HUYLFLRVRIUHFLGRVHQJXDUGHUtDV
SURSLDV%HFDVSDUDVHURFXSDGDVHQJXDUGHUtDV
H[LVWHQWHV
/DVDFWLYLGDGHVTXHUHDOL]DODLQVWLWXFLyQUHVSRQVDEOHSDUD
SURGXFLUORVFRPSRQHQWHVVHGHQRPLQDQ$FWLYLGDGHV
$FWLYLGDGHV'LIXVLyQGHOSURJUDPD(VWDEOHFLPLHQWR
GHJXDUGHUtDVSURSLDV/LFLWDFLyQ\FRQWUDWDFLyQGH
FXSRVHQJXDUGHUtDVH[LVWHQWHV,QVFULSFLyQGH
SRVWXODQWHV6HOHFFLyQGHSDUWLFLSDQWHV2SHUDFLyQGH
JXDUGHUtDVSURSLDV6XSHUYLVLyQGHFRQYHQLRVFRQ
JXDUGHUtDVH[LVWHQWHV0RQLWRUHRGHODVLWXDFLyQGH
ODV-HIDVGH+RJDUEHQHILFLDGDV(YDOXDFLyQGHO
3URJUDPD
/RVELHQHVVHUYLFLRV\RWUDVFRQGLFLRQHVQHFHVDULRVSDUD
UHVROYHUFDEDOPHQWHHOSUREOHPDSHURSURYLVWRVSRURWUDV
LQVWDQFLDVGLIHUHQWHVGHODLQVWLWXFLyQUHVSRQVDEOHIRUPDQ
SDUWHGHORV6XSXHVWRV
(QODVVLWXDFLRQHVGHULHVJRODH[SOLFLWDFLyQGHODVFRQGXFWDV
IDYRUDEOHVDOp[LWRGHOSURJUDPDIRUPDQSDUWHDGLFLRQDOGHORV
6XSXHVWRV
6XSXHVWRV
0XQLFLSLRVLGHQWLILFDQRSRUWXQLGDGHVGHWUDEDMRSDUD
EHQHILFLDULDVGHOSURJUDPD
0XQLFLSLRVSURSRUFLRQDQOXJDUHVGRQGHSXHGDQ
IXQFLRQDUODVJXDUGHUtDVRSHUDGDVSRUHO3URJUDPD
/DSUHYDOHQFLDGHHQIHUPHGDGHVLQIDQWLOHVVH
PDQWLHQHGHQWURGHUDQJRVQRUPDOHVHQODV]RQDVGH
DSOLFDFLyQGHOSURJUDPD
$VtFRQVWUXLGRHO0DUFR/yJLFR\VX0DWUL]GHO0DUFR/yJLFRHODQiOLVLVGHXQSURJUDPDSHUPLWH
UHVSRQGHUDODVVLJXLHQWHVSUHJXQWDV
&XiOHVODILQDOLGDGGHSROtWLFDTXHVHSHUVLJXHFRQVXHMHFXFLyQ"(O)LQ
4XpFDPELRPHMRUDVRFLDOFRQFUHWDVHHVSHUDDOFDQ]DUHQODSREODFLyQ"(O3URSyVLWR
4Xp ELHQHV R VHUYLFLRV GHEHUiQ VHU SURGXFLGRV SRU OD LQVWLWXFLyQ UHVSRQVDEOH" /RV
&RPSRQHQWHV
&yPRVHYDDKDFHUSDUDSURGXFLUGLFKRVELHQHVRVHUYLFLRV"/DV$FWLYLGDGHV
&XiOGHEHUtDVHUODFRQWULEXFLyQHVWUDWpJLFDGHRWUDVLQVWLWXFLRQHVUHOHYDQWHV"/RV6XSXHVWRV
4XpRWURVIDFWRUHVH[WHUQRVSXHGHQFRPSURPHWHUHOp[LWR"/RV6XSXHVWRV
7UDVFRPSOHWDUOD0DWUL]FRQLQGLFDGRUHVVHLQWURGXFHQORVHOHPHQWRVGHGLPHQVLRQDPLHQWRTXH
SHUPLWHQLQFRUSRUDULQIRUPDFLyQFXDQWLWDWLYDFRPRFDQWLGDGHVGHEHQHILFLDULRVFRVWRVSOD]RVHWF(VWH
GLPHQVLRQDPLHQWRDVXYH]HQWUHJDXQDEDVHREMHWLYDSDUDHYDOXDUHOFRPSRUWDPLHQWRGHOSURJUDPD
(VWHPRGHORGHUHIHUHQFLDJHQHUDOVHDSOLFDVRODPHQWHDSURJUDPDVTXHDWLHQGHQGLUHFWDPHQWHD
VXSREODFLyQREMHWLYR3DUDDSOLFDUORHQRWURVFRQWH[WRVVHQHFHVLWDQRWURVFRQFHSWRV3RUHMHPSORXQ
SURJUDPDTXHQRDWLHQGHHQIRUPDGLUHFWDFRPRVHUXQSURJUDPDGHDGTXLVLFLyQGHLQVXPRVPpGLFRV
WHQGUiGLILFXOWDGHVHQLGHQWLILFDUVXSREODFLyQREMHWLYR\FXiOHVHOSUREOHPDTXHGHEHUHVROYHU(QHVWRV
FDVRVVHEXVFDQHTXLYDOHQWHVSDUDORVFRQFHSWRVDQWHULRUHVSRUHMHPSORVHHPSLH]DDKDEODUGHOFOLHQWH
LQWHUQR\HOFOLHQWHH[WHUQR\VHDFRPRGDQODVFRQVHFXHQFLDVHQIRUPDFRQVLVWHQWH

&(3$/6HULH0DQXDOHV1
3RURWUDSDUWHODLPSRUWDQFLDGHOPRGHORJHQHUDOHVTXHSUHFLVDTXpHVORTXHVHQHFHVLWDFRPR
GLDJQyVWLFR \ TXp LQIRUPDFLyQ HQGyJHQD HV QHFHVDULD SDUD OD FRQVWUXFFLyQ GH OD 0DWUL] GHO 0DUFR
/yJLFR/DEUHYHGDGGHOFDVRPXHVWUDTXHORVSXQWRVFUXFLDOHVTXHGHEHQHVWDUHQFODURVRQSRFRVSHUR
PX\ LPSRUWDQWHV /HtGR HO FDVR \ HO PRGHOR JHQHUDO HQ IRUPD LQYHUVD VL QR VH WXYLHVHQ WRGRV ORV
HOHPHQWRVQHFHVDULRVSDUDFRPSRQHUXQFDVRHQIRUPDVLPLODUQRSRGUtDFRPSOHWDUVHHO0DUFR/yJLFR

&(3$/6HULH0DQXDOHV1
'LVHxRLQYHUVRGHOD0DWUL]
GHO0DUFR/yJLFRGH
XQSURJUDPDH[LVWHQWH
(Q VHFFLRQHV DQWHULRUHV GHO 0DQXDO VH KD WUDWDGR DFHUFD GH FyPR FRQVWUXLU
XQD0DWUL]GHO0DUFR/yJLFRFRPRSDUWHGHOSURFHVRGHGLVHxRGHXQQXHYR
SURJUDPDSHURpVWHQRHVVLHPSUHHOFDVRTXHVHHQFXHQWUDHQODSUiFWLFD0iV
ELHQSDtVHVTXHQRKDQXWLOL]DGRSUHYLDPHQWHHO0DUFR/yJLFRSDUDHOGLVHxR
GHVXVSURJUDPDV\TXHGHFLGHQLPSODQWDUHVWDPHWRGRORJtDFRPRHVWiQGDUVH
HQFXHQWUDQFRQXQWHPDGLIHUHQWH'DGRXQSURJUDPD\DHQIXQFLRQDPLHQWR
FXiOSRGUtDVHUVX0DWUL]GHO0DUFR/yJLFR"/DUHVSXHVWDDHVWDSUHJXQWDQR
HVIiFLOQLGLUHFWD(TXLYDOHDFRQVLGHUDUODGLIHUHQFLDTXHH[LVWHHQWUHVXPDU
"\WUDWDUGHGHWHUPLQDU "(QHOSULPHUFDVRVyORSXHGHQGDU
FRPRUHVSXHVWDSHURHQHOVHJXQGRFDVRODUHVSXHVWDSXHGHVHURR
HWF (Q HO GLVHxR OD FRUUHVSRQGHQFLD HQWUH HO 3URJUDPD \ HO 0DUFR
/yJLFR HV GLUHFWD \ VLPSOH SHUR HQ HO FDVR GH SURJUDPDV H[LVWHQWHV OD
UHVSXHVWDDODSUHJXQWDGHFXiOHVHO0DUFR/yJLFRGHOSURJUDPDQRHVVLPSOH
8QDFXHVWLyQSUHYLD
$QWHVGHSUHVHQWDUHOSURFHGLPLHQWRSDUDHOGLVHxRLQYHUVRYDOHODSHQD
KDFHUVHXQDSUHJXQWDFODYH5HFXSHUDUODOyJLFDGHOSURJUDPDRYDFLDUOR
TXHDFWXDOPHQWHKDFHODLQVWLWXFLyQHQXQIRUPDWRGLIHUHQWH"

&(3$/6HULH0DQXDOHV1
/D SUHJXQWD DQWHULRU HV WRWDOPHQWH YiOLGD SDUD HO FDVR GH LQFRUSRUDU OD PHWRGRORJtD GH 0DUFR
/yJLFRDSURJUDPDVSUHH[LVWHQWHV/RTXHVHSUHVHQWDHQODVHFFLyQVLJXLHQWHHVODPDQHUDGHUHFXSHUDU
ODOyJLFDGHOSURJUDPDFRPRXQGHEHUVHUGHDFXHUGRDORVREMHWLYRVTXHVHUHFRQRFHQFRPRSXQWRGH
SDUWLGD 6LQ HPEDUJR HV IUHFXHQWH TXH VH SODQWHH XQ WHPD GLVWLQWR GDGR OR TXH KDFH HO SURJUDPD
$FWLYLGDGHVXELFDUHVWRHQHOIRUPDWRGHOD0DWUL]
(VWD VHJXQGD YLVLyQ VXSRQH TXH OD 0DWUL] HV VyOR XQ IRUPDWR PiV SDUD YDFLDU HQ pO OD SUiFWLFD
FRWLGLDQD GH OD LQVWLWXFLyQ UHVSRQVDEOH 4XLHQHV YHQ DVt ODV FRVDV VH HQFXHQWUDQ FRQ TXH OD 0DWUL] HV
FRPSOLFDGD \ SRFR VDWLVIDFWRULDFRQ XQD VHULH GH ULJLGHFHV TXH QR SHUPLWHQ HO FDOFH IOXLGR GHQWUR GHO
FRQWH[WRGHFDWHJRUtDV\GHILQLFLRQHVGHORTXHVHKDFHUHDOPHQWHHQHOSURJUDPD%DMRHVWHSXQWRGH
YLVWD WLHQHQ UD]yQ /D 0DWUL] GH 0DUFR /yJLFR HV XQ IRUPDWR LQFyPRGR SDUD YDFLDU HQ pO XQ
RUJDQLJUDPD\XQPDQXDOGHIXQFLRQHVDPHQRVTXHpVWRVH[SUHVHQXQDFLHUWDOyJLFD
0iVDXQKD\SURJUDPDVTXHQRFDEHQHQXQD00/VLPSOHPHQWHSRUTXHWLHQHQLQFOXVLRQHVTXH
HVWiQHQXQDOyJLFDGLVWLQWD&RQVLGHUHPRVHOVLJXLHQWHFDVR6HLQVWDODXQREVHUYDWRULRDVWURQyPLFRHQ
XQDSHTXHxDFRPXQLGDGUXUDOXELFDGDHQODVPRQWDxDV7LHQHXQLQWHUHVDQWHSURJUDPDGHLQYHVWLJDFLyQ
JDOiFWLFDGHUHFRQRFLPLHQWRLQWHUQDFLRQDO$ODYH]FRPRSDUWHGHOSULQFLSLRGHUHVSRQVDELOLGDGVRFLDO
HPSUHVDULDO HO REVHUYDWRULR D\XGD DO GHVDUUROOR GHO PXQLFLSLR GRQGH VH XELFD JHQHUDQGR \
GLVWULEX\HQGRHQHUJtDHOpFWULFDSDUDHODOXPEUDGRS~EOLFR\HOFRQVXPRGRPLFLOLDULR
(Q HVWH FDVR VL KDFHPRV HO DQiOLVLV OyJLFR OOHJDPRV D TXH WHQHPRV GRV SURJUDPDV GLIHUHQWHV
,QYHVWLJDFLyQ*DOiFWLFD\$SR\RDO'HVDUUROOR0XQLFLSDOXELFDGRVGHQWURGHODPLVPDLQVWLWXFLyQ$
FDGD SURJUDPD FRUUHVSRQGH XQD 0DWUL] GLVWLQWD 3HUR VL WUDWDPRV GH FRQVWUXLU XQD 0DWUL] GH 0DUFR
/yJLFR D SDUWLU GH OD UHDOLGDG GH WRGR OR TXH KDFH OD LQVWLWXFLyQ QHFHVLWDPRV XQD PDWUL] TXH VXPH HO
FRPSRQHQWH ,QYHVWLJDFLyQ JDOiFWLFD PiV HO FRPSRQHQWH 'HVDUUROOR 0XQLFLSDO \ FDOFHQ FRQ XQ
3URSyVLWR\XQ)LQTXHOHVVHDQFRPXQHV2EYLDPHQWHHVXQDPLVLyQLPSRVLEOH
(QVtQWHVLVHO0DUFR/yJLFR\OD0DWUL]GH0DUFR/yJLFRTXHVHGHULYDGHpOVRQLQVWUXPHQWRV
SDUD H[SUHVDU OD OyJLFD GH ODV UHODFLRQHV FDXVDHIHFWR TXH VH FRQFDWHQHQ SDUD DOFDQ]DU FLHUWR REMHWLYR
1RVRQIRUPDWRVSDUDYDFLDUHQHOORVHOTXHKDFHUGHXQDLQVWLWXFLyQ
&XDQGR VH LQWHQWD OOHQDU XQ IRUPDWR HQ YH] GH HVWDEOHFHU OD OyJLFD VH DQXOD OD SRVLELOLGDG GH
HYDOXDFLyQTXHHVXQDGHORVPRWLYRVSRUORVFXiOHVVHHVWDEOHFLy\GHVDUUROOyODPHWRGRORJtDGHO0DUFR
/yJLFR'HSDUWLFXODULPSRUWDQFLDHVHOIUHFXHQWHHUURUGHWUDWDUGHFRQVWUXLUODOyJLFDSDUWLHQGRGHVGHHO
SURJUDPD \ QR GHVGH ODV QHFHVLGDGHV H[yJHQDV $Vt HO SXQWR GH SDUWLGD VRQ ORV &RPSRQHQWHV GH
GRQGH VH GHULYD FXiO HV HO LPSDFWR GH HOORV VREUH OD SREODFLyQ \ VH OR XELFD FRPR 3URSyVLWR (Q HVWD
VLWXDFLyQDOPRPHQWRGHHYDOXDUVLHPSUHYDDUHVXOWDUTXHKD\XQEXHQDOLQHDPLHQWRHQWUHODVHJXQGD\
WHUFHUDOtQHDGHODPDWUL]SHURORYDDKDEHUVyORHQIRUPDPHFiQLFD
(Q XQD PDWUL] FRQVWUXLGD HQ IRUPD OyJLFD OD VHJXQGD OtQHD 3URSyVLWR SHUWHQHFH DO PXQGR
SROtWLFR \ VRFLDO PLHQWUDV TXH OD WHUFHUD OtQHD &RPSRQHQWHV SHUWHQHFH DO PXQGR JHUHQFLDO
3UHFLVDPHQWH HO IRFR GH OD HYDOXDFLyQ HV YHULILFDU VL HVWRV PXQGRV VH DUWLFXODQ HILFD]PHQWH OR FXDO
H[LJH TXH OD VHJXQGD \ WHUFHUD OtQHD VHDQ GHILQLGDV HQ IRUPD LQGHSHQGLHQWH HQ HO FDVR GH PDWULFHV GH
SURJUDPDV\DH[LVWHQWHV6LUHVXOWDUDTXHORTXHFXDOLWDWLYD\FXDQWLWDWLYDPHQWHVHQHFHVLWDFRLQFLGLUFRQ
OR TXH VH RIUHFH HO SURJUDPD VHUi PX\ ELHQ HYDOXDGR 3HUR VL QR IXHVH DVt KDEUtD TXH HQWUDU D WRPDU
PHGLGDVFRUUHFWLYDV

&(3$/6HULH0DQXDOHV1
(OSURFHVRGHOGLVHxRLQYHUVRGHPDWULFHVSDUDSURJUDPDV
TXHDWLHQGHQGLUHFWDPHQWHDVXVEHQHILFLDULRV
(QHVWDVHFFLyQYHUHPRVODVWpFQLFDVSDUDHOGLVHxRLQYHUVRGHSURJUDPDVTXHDWLHQGHQGLUHFWDPHQWHD
VXV EHQHILFLDULRV 3RU GLVHxR LQYHUVR GHQRPLQDPRV DO SURFHVR GH WUDWDU GH HVWDEOHFHU OD 0DWUL] GH
0DUFR /yJLFR GH XQ SURJUDPD \D HQ IXQFLRQDPLHQWR (V XQ GLVHxR LQYHUVR SRUTXH HO SURFHVR OyJLFR
QRUPDO HV GLDJQRVWLFDU \ GLVHxDU DQWHV GH LPSOHPHQWDU HQ ORV SURJUDPDV \D HQ PDUFKD HVWH RUGHQ
QDWXUDOQRVHVLJXLyDOPHQRVQRFRQODVPHWRGRORJtDVGHPDUFROyJLFR\ORTXHVHWUDWDHVGHSDUWLU
GHOGLVHxR\DLPSOHPHQWDGRSDUDWUDWDUGHUHFXSHUDUHO0DUFR/yJLFRTXHORIXQGDPHQWD
(VWR QR VH SXHGH KDFHU HQ IRUPD PHFiQLFD \D TXH QDGD DVHJXUD TXH XQ SURJUDPD HQ
LPSOHPHQWDFLyQWHQJDXQGLVHxROyJLFRDGHFXDGR0iVELHQODH[SHULHQFLDDSXQWDDORFRQWUDULRTXHDO
LQWHQWDU HO GLVHxR LQYHUVR VH GHVFXEUHQ IDOODV OyJLFDV TXH H[SOLFDQ PXFKRV GH ORV SUREOHPDV TXH
H[SHULPHQWDQORVSURJUDPDV
+DFHPRVODGLVWLQFLyQGHTXHODVWpFQLFDVTXHSUHVHQWDPRVVHDSOLFDQDSURJUDPDVTXHDWLHQGHQ
GLUHFWDPHQWHDVXVEHQHILFLDULRV\DTXHHOODVVHEDVDQHQXQDDSOLFDFLyQGHORVFRQFHSWRVGHOPRGHORGH
UHIHUHQFLDJHQHUDOTXHSUHVHQWDPRVHQHOFDStWXORDQWHULRU
3DUDUHVROYHUHVWHGLVHxRLQYHUVRHVQHFHVDULRUHFXUULUDORVRUtJHQHVGHOSURJUDPDVXSRQLHQGR
TXHHVWpDGHFXDGDPHQWHGRFXPHQWDGR(QFDVRGHFDUHFHUVHGHODGRFXPHQWDFLyQGHUHVSDOGR\HQ
PXFKRV FDVRV DXQTXH VH WHQJD VHUi QHFHVDULR UHJUHVDU D ODOyJLFDPiVHOHPHQWDOGHOSURJUDPD\QR
HTXLYRFDUVHHQHOFDPLQR
(OGLVHxRLQYHUVRVHUHDOL]DVREUHOD/yJLFD9HUWLFDO8QDYH]TXHVHFRPSOHWDpVWDVHDJUHJDQ
ORV LQGLFDGRUHV FRUUHVSRQGLHQWHV /RV SDVRV D VHJXLU VRQ ORV TXH VH LQGLFDQ HQ XQD VHFXHQFLD TXH
UHFRPHQGDPRVQRDOWHUDU
5(&8$'52
(5525(6)5(&8(17(6(1(/352&(62'(',6(f2,19(562
8WLOL]DUFRPRSXQWRGHSDUWLGDORTXHKDFHDFWXDOPHQWHHOSURJUDPD(VXQHUURUSRUTXHHOORLPSOLFDSUHMX]JDUTXHHO
SURJUDPDDFWXDOHVWiELHQGLVHxDGR\DOLQHDGRORFXDOQRSXHGHVHUHVWDEOHFLGRDSULRUL
8WLOL]DUFRPRHVWUXFWXUDGHREMHWLYRVGHOSURJUDPDODHVWUXFWXUDRUJDQL]DWLYDRUJDQLJUDPD(VXQHUURUSRUFXDQWR
HORUJDQLJUDPDSXHGHFRUUHVSRQGHUDWDUHDVTXHQRHVWiQHQODOyJLFDGHOSURJUDPD
$MXVWDUORVREMHWLYRVDORVLQGLFDGRUHVTXHVHJHQHUDQHQODDFWXDOLGDG(VXQHUURUSXHVLPSOLFDSUHMX]JDUTXHHVRV
LQGLFDGRUHVUHIOHMDQODOyJLFDTXHGHEHWHQHUHOSURJUDPD
3ULPHUSDVR4XpSUREOHPDWUDWDPRVGHUHVROYHU\D
TXLpQ"
/DOyJLFDGHOGLVHxRGHXQSURJUDPDQXHYRSDUWHVLHPSUHGHODEDVHTXHH[LVWHXQDSREODFLyQTXHWLHQH
XQSUREOHPDSDUDORFXDOVHFUHDHOSURJUDPDFDSD]GHFRQWULEXLUDUHVROYHURDOLYLDUHVHSUREOHPD(Q
XQGLVHxRHVWDHWDSDHVPX\REYLD\DTXHHOSUREOHPDVDOWDDODYLVWDSHURHQXQSURJUDPDTXHYLHQH
RSHUDQGR YDULRV DxRV FRQ PRGLILFDFLRQHV HQ VX KLVWRULD OD SUHJXQWD GH FXiO HV HO SUREOHPD TXH
EXVFDPRVDWHQGHU\TXLpQHVORSDGHFHQQRVLHPSUHWLHQHXQDUHVSXHVWDIiFLO

8QHUURUIUHFXHQWHHQHVWHGLVHxRLQYHUVRHVSDUWLUGHVGHHORUJDQLJUDPD\IXQFLRQHVDFWXDOHVGHODLQVWLWXFLyQUHVSRQVDEOHSDUD
LQWHQWDUDFRPRGDUHOWRWDOGHHVWHFRQWHQLGRHQHOIRUPDWRGHOD0DWUL]

9HUHQHOFDStWXORDQWHULRUHOPRGHORGH5HIHUHQFLD*HQHUDO

&(3$/6HULH0DQXDOHV1
/D PDQHUD UHFRPHQGDGD GH SURFHGHU FRQ HVWH SULPHU SDVR HV FRQYRFDU D XQ SDQHO GH SHUVRQDV
LQYROXFUDGDVHQODRSHUDFLyQDFWXDOGHOSURJUDPDH[LVWHQWH$HVWHSDQHOVHOHKDFHODSUHJXQWDFODYH
4XpSUREOHPDWUDWDPRVGHUHVROYHU\DTXLpQ"DGYLUWLpQGROHVTXHQRLQWHUHVDXQDYLVLyQKLVWyULFDGH
FXDO HUDQ HO SUREOHPD \ HVDV SHUVRQDV HQ HO PRPHQWR HQ TXH VH LQLFLy HO SURJUDPD VLQR TXH OR TXH
LQWHUHVDHVODUHVSXHVWDGHODTXt\DKRUD7DPSRFRHVYiOLGRUHVSRQGHUHQEDVHDORTXHGLJDQDOJXQRV
GRFXPHQWRVH[LVWHQWHV\DTXHORTXHLPSRUWDHVUHFXSHUDUXQOyJLFDDFWXDOTXHGHEHWHQHUHOSURJUDPD
KDFLHQGRWRGDVODVPRGLILFDFLRQHVTXHVHDQGHOFDVRSDUDDMXVWDUHOSURJUDPDDODOyJLFDUHFXSHUDGD
(VWHSDQHOGHEHHVWDUFRPSXHVWRSRUSHUVRQDVFRQUHVSRQVDELOLGDGVXILFLHQWHFRPRSDUDDFRUGDU
LQWHUSUHWDFLRQHV\PRGLILFDFLRQHVTXHSXHGDQVHUUHVSDOGDGDVWRWDOPHQWHSRUODVDXWRULGDGHVVXSHULRUHV
(Q FDVR TXH HO SDQHO QR OOHJXH D FRQVHQVR HQ ODV UHVSXHVWDV FRUUHFWDV D ODV SUHJXQWDV JXtDV HO WHPD
GHEHUi VHU UHVXHOWR SRU ODV DXWRULGDGHV VXSHULRUHV PHQFLRQDGDV 6yOR GHVSXpV GH TXHGDU WRWDOPHQWH
]DQMDGRHOSXQWRVHUiSRVLEOHFRQWLQXDUFRQHOSDVRGHOSURFHVR
3DUD IDFLOLWDU OD H[SRVLFLyQ GH ORV SXQWRV FODYH GH HVWH SDVR YDPRV D FRQVLGHUDU WUHV FDVRV GH
HMHPSOR/RVFDVRVVRQUHDOHVDXQTXHORVGHWDOOHVGHHOORVVHKDQVLPSOLILFDGRSDUDSRGHUFRQFHQWUDUVH
HQ ORV HOHPHQWRV FODYH 'RV GH ORV FDVRV GH HMHPSOR \D IXHURQ LQWURGXFLGRV HQ FDStWXORV DQWHULRUHV
$KRUD DSDUHFHQ FRQ XQD QXHYD QRPHQFODWXUD \D TXH LQFRUSRUDQ RWUR HOHPHQWR ODV RSLQLRQHV TXH VH
UHJLVWUDURQDOPRPHQWRGHSRQHUDWUDEDMDUXQHTXLSRHQODFRQVWUXFFLyQGHODOyJLFDLQYHUVD
&8$'52
75(6&$626'((-(03/2
&DVR$$SR\RDORVFDPSHVLQRV
(O3URJUDPDRWRUJDDSR\RVHQ
GLQHURDORVFDPSHVLQRVTXH
FXPSOHQODHOHJLELOLGDGHVWDEOHFLGD
HQODV5HJODVGH2SHUDFLyQ(VWDV
GHILQHQTXLpQHVSXHGHQFREUDUHVRV
DSR\RVSHURQRGHILQHQODUD]yQ
SDUDHQWUHJDUHVHVXEVLGLR$OD
KRUDGHHVWDEOHFHUODOyJLFDGHO
SURJUDPDKXERWUHVRSLQLRQHV
GLVWLQWDV
(ODSR\RORHVWDEOHFHXQDOH\GH
PRGRTXHQRFDEHSUHJXQWDUVHODV
UD]RQHVTXHWXYLHURQORV
OHJLVODGRUHVSDUDHVWDEOHFHUOR6X
OyJLFDHVFXPSOLUFRQODOH\
/RVFDPSHVLQRVVRQSREUHV\VH
WUDWDGHD\XGDUORVDVDOLUGHOD
SREUH]D/DOyJLFDGHOSURJUDPD
HVWiHQODOXFKDFRQWUDODSREUH]D
(OVXEVLGLRHVKDFLDHOVXHOR\QR
KDFLDORVFDPSHVLQRV(OVXEVLGLR
VHSLHUGHVLHOVXHORTXHGD
LPSURGXFWLYR/DOyJLFDGHO
SURJUDPDHVPLWLJDUODWHQGHQFLDD
GHMDUHOVXHORLPSURGXFWLYR
&DVR%$SR\RDODV0XMHUHV-HIDV
GH+RJDU(O3URJUDPDRWRUJDXQ
VXEVLGLRDJXDUGHUtDVTXHUHFLEDQD
KLMRVGH0XMHUHV-HIDVGH+RJDU
GXUDQWHODVKRUDVGHOGtD/DV
JXDUGHUtDVSXHGHQVHUKRJDUHV
IDPLOLDUHVRLQVWLWXFLRQDOHV3DUD
UHFLELUHOVXEVLGLRWDQWRODV
JXDUGHUtDVFRPRODV-HIDVGH+RJDU
TXHGHMDQVXVKLMRVGHEHHVWDU
LQVFULWDVHQHOPXQLFLSLR\FXPSOLU
DOJXQDVFRQGLFLRQHVPtQLPDV/DV
RSLQLRQHVIXHURQ
/DVEHQHILFLDULDVGHOSURJUDPDVRQ
ODV0+-TXHQHFHVLWDQGHMDUDVXV
KLMRVDOFXLGDGRGHDOJXLHQSDUDVDOLU
DWUDEDMDUHQHPSOHRVIRUPDOHVTXH
VRQPHMRUSDJDGRV/DOyJLFDGHO
SURJUDPDHVODERUDO\DTXHEXVFD
LQFUHPHQWDUODGLVSRQLELOLGDGGHOD
IXHU]DGHWUDEDMR
/DVEHQHILFLDULDVVRQODVJXDUGHUtDV
\DTXHVRQTXLHQHVUHFLEHQHOGLQHUR
/DOyJLFDGHOSURJUDPDHVDVLVWHQFLDO
KDFLDODVSHUVRQDVTXHUHFLEHQDORV
QLxRV
&DVR&6XEVLGLRDORVEDQFRV(O
SURJUDPDHQWUHJDXQVXEVLGLRGH
DOUHGHGRUGHGyODUHVDORVEDQFRV
SRUFDGDQXHYRPLFURHPSUHVDULRSREUH
TXHDWLHQGHQ6LHOEDQFROXHJROHV
RWRUJDXQSUpVWDPRHVFRQVXV
UHFXUVRV\HQFRQGLFLRQHVWRWDOPHQWH
FRPHUFLDOHV
/DVRSLQLRQHVIXHURQ
/RVEHQHILFLDULRVVRQORVEDQFRV\D
TXHUHFLEHQGLQHURSRUKDFHUQHJRFLRV
QRUPDOHVSDUDHOORV6XOyJLFDHV
IDYRUHFHUDORVEDQTXHURV
/RVEHQHILFLDULRVVRQORV
PLFURHPSUHVDULRV\DTXHDQWHVORV
EDQFRVQRVHLQWHUHVDEDQHQHOORV
$KRUDSRUJDQDUVHORVGyODUHVORV
EDQFRVORVDWLHQGHQ\DOJXQRVSXHGHQ
REWHQHUFUpGLWRVHQPHMRUHV
FRQGLFLRQHVTXHHQHOPHUFDGR
LQIRUPDO/DOyJLFDGHOSURJUDPDHV
D\XGDUDVXSHUDUODSREUH]D
/RV FDVRV DQWHULRUHV JUDILFDQ OR GLItFLO TXH SXHGH OOHJDU D VHU SRQHUVH GH DFXHUGR HQ OD
IXQGDPHQWDFLyQ OyJLFD GH XQ SURJUDPD 3DUWLFXODUPHQWH FRPSOLFDGR VH SUHVHQWDHOFXDGURFXDQGRVH
HQIUHQWDDODVLWXDFLyQGHOFDVR$HQTXHVHDUJXPHQWDTXHODOHWUDGHODOH\HVOD~QLFDOyJLFDYiOLGD

&(3$/6HULH0DQXDOHV1
$XQTXHQRKD\XQDUHVSXHVWD~QLFDHOSDVRGHGHILQLUTXLpQHVVRQORVEHQHILFLDULRVGHOSURJUDPD
SDVDSRUGLVWLQJXLUHQWUHEHQHILFLDULRVLQPHGLDWRV\EHQHILFLDULRVILQDOHV(VWRV~OWLPRVGHEHQFRQVWLWXLU
XQDSREODFLyQFRQXQSUREOHPDFX\DVROXFLyQLQWHUHVDFRPRSDUWHGHXQDSROtWLFDVRFLDORHFRQyPLFD
(QORVFDVRV%\&HVWDOyJLFDVHSXHGHLGHQWLILFDUHQIRUPDQRDPELJXDQLORVGXHxRVGHJXDUGHUtDQL
ORVEDQFRVVRQSREODFLRQHVFRQSUREOHPDVTXHDPHULWHQXQDSULRULGDGVRFLDOSHURHQFDPELRODV0-+
\ORVPLFURHPSUHVDULRVORVRQDVtTXHSRGHPRVTXHGDUQRVFRQODUHVSXHVWDFRUUHFWDFRQFLHUWDIDFLOLGDG
(O FDVR $ HV DOJR PiV FRPSOLFDGR FRPR SDUD UHVROYHUOR D SULPHUD YLVWD GH PRGR TXH KD\TXH
WRPDUHQFXHQWDRWURVHOHPHQWRV$TXtORGHFLVLYRHVTXHHOEHQHILFLRQRHVSDUDWRGRVORVFDPSHVLQRV
VLQR TXH HVWi OLJDGR D TXH OD WLHUUD SHUPDQH]FD HQ SURGXFFLyQ DXQTXH HVWp DUUHQGDGD R HQ PHGLHUtD
(VWR GHVFDUWD OD KLSyWHVLV TXH VHD XQD PHGLGD GH SROtWLFD FRQ XQD OyJLFD DQWL SREUH]D \ UHIXHU]D OD
YLVLyQGHTXHHOSURJUDPDHVWiHQODOyJLFDSURGXFWLYD
6HJXQGRSDVR&yPRHVSHUDPRVTXHVHUHVXHOYDHO
SUREOHPD"
6HWUDWDGHWHQHUHQFODURODHVWUDWHJLDTXHVHEXVFDGHVDUUROODUSDUDTXHHOSUREOHPDVHDUHVXHOWR1R
VLHPSUHKD\XQDVRODHVWUDWHJLDSRVLEOHVLQRTXHORKDELWXDOHVTXHKD\DPiVGHXQDHVWUDWHJLD\TXHHO
SURJUDPDVLPSOHPHQWHHVFRJLyXQDGHHOODV
(VWHVHJXQGRSDVRVyORSURFHGHFXDQGRHOSDVRDQWHULRUKDTXHGDGRFRPSOHWDPHQWHUHVXHOWR
6H VXJLHUH TXH HVWH VHJXQGR SDVR VHD DERUGDGR SRU XQ SDQHO DOJR GLIHUHQWH TXH HO TXH WUDWy HO
SXQWRDQWHULRUDXQTXHHVPX\LPSRUWDQWHTXHHQHOQXHYRSDQHOKD\DDOPHQRVDOJXQRVLQWHJUDQWHVGHO
SULPHU SDQHO (O UHVWR GH SDQHOLVWDV VHUtDQ SHUVRQDV GH XQ iPELWR H[WUD LQVWLWXFLRQDO DFDGpPLFRV
VRFLHGDGFLYLOHYDOXDGRUHVH[WHUQRVHWF\XQDPLQRUtDGHSHUVRQDVYLQFXODGDVDODRSHUDFLyQDFWXDOGHO
SURJUDPD
/DLGHDVHUtDTXHHVWHSDQHOWUDEDMHEDMRGRVLQVWUXFFLRQHVLODVUHVSXHVWDVDOSXQWRDQWHULRUVRQ
LQDPRYLEOHV\LLODVUHVSXHVWDVD&yPRHVSHUDPRVTXHVHUHVXHOYDHOSUREOHPD"SXHGHQQRUHIOHMDUHO
SURJUDPDDFWXDO
3DUDFRQWLQXDUFRQHOHMHPSORHOFXDGURVLJXLHQWHPXHVWUDODVLWXDFLyQGHORVWUHVFDVRVFRQTXH
HVWDPRVWUDEDMDQGR
&8$'52
(675$7(*,$6'(5(62/8&,1'(352%/(0$63$5$/2675(6&$626

3REODFLyQGH
UHIHUHQFLD
&DVR$
&DVR%
7LHUUDVEDMRSURGXFFLyQ
FDPSHVLQD
0XMHUHV-HIDVGH+RJDU
0LFURHPSUHVDULRV
4XHODVWLHUUDVSHUPDQH]FDQ
HQSURGXFFLyQ
4XH0-+SXHGDQSRVWXODUD
WUDEDMRVUHJXODUHV
4XHPLFURHPSUHVDULRVSXHGDQ
VHUDWHQGLGRVSRUORVEDQFRV
(VWUDWHJLD
VHOHFFLRQDGD
6XEVLGLDUDVXVGXHxRV
PLHQWUDVODVWLHUUDV
SHUPDQH]FDQHQSURGXFFLyQ
5HVROYHUHOFXLGDGRGHORV
KLMRVPHQRUHVGXUDQWHOD
MRUQDGDODERUDOUHJXODU
,QFHQWLYDUDORVEDQFRVSDUD
TXHORVDWLHQGDQ
(VWUDWHJLDV
DOWHUQDWLYDV
VHOHFFLRQDGDV
&RPSUDUODVWLHUUDV\
YHQGHUODVDHPSUHVDV
SULYDGDV
'DUXQVXEVLGLRDODV0-+
HTXLYDOHQWHDODGLIHUHQFLD
GHGLQHURHQWUHVDODULRV
UHJXODUHVHLQJUHVRLQIRUPDO
HVWLPDGR
&UHDUXQ%DQFRGHOD
0LFURHPSUHVD
6LWXDFLyQGHVHDGD
3URSyVLWRGHO
3URJUDPD
&DVR&

&(3$/6HULH0DQXDOHV1
6HOHFFLRQDGD XQD GH ODV HVWUDWHJLDV SRVLEOHV OD VHJXQGD IDVH HV GHWHUPLQDU HO PHFDQLVPR GH
RSHUDFLyQ GHO SURJUDPD VL VH DSR\DUi GLUHFWDPHQWH D ORV EHQHILFLDULRV GHO SURJUDPD R VH XWLOL]DUiQ
LQWHUPHGLDULRVRDJHQWHLQWHUPHGLRSDUDORJUDUHOp[LWRGHODHVWUDWHJLD(OFXDGURVLJXLHQWHJUDILFDOD
VLWXDFLyQHQORVWUHVFDVRV
&8$'52
0(&$1,6026<$*(17(63$5$/$$3/,&$&,1'(/$(675$7(*,$
&DVR$
&DVR%
&DVR&
3REODFLyQGH
UHIHUHQFLD
7LHUUDVEDMRSURGXFFLyQ
FDPSHVLQD
0XMHUHV-HIDVGH+RJDU
0LFURHPSUHVDULRV
6LWXDFLyQGHVHDGD
4XHODVWLHUUDV
SHUPDQH]FDQHQ
SURGXFFLyQ
4XH0-+SXHGDQSRVWXODUDWUDEDMRV
UHJXODUHV
4XHPLFURHPSUHVDULRV
SXHGDQVHUDWHQGLGRVSRU
ORVEDQFRV
(VWUDWHJLD
6XEVLGLDUDVXVGXHxRV
PLHQWUDVODVWLHUUDV
SHUPDQH]FDQHQ
SURGXFFLyQ
5HVROYHUHOFXLGDGRGHORVKLMRV
PHQRUHVGXUDQWHODMRUQDGDODERUDO
UHJXODU
,QFHQWLYDUDORVEDQFRV
SDUDTXHORVDWLHQGDQ
0HFDQLVPRGHO
SURJUDPD
3DJRGLUHFWRDORV
GXHxRVGHODVWLHUUDV
HOHJLEOHV
3DJDUORVFRVWRVGHJXDUGHUtDV
IDPLOLDUHV
%RQLILFDFLyQDORVEDQFRV
SRUPLFURHPSUHVDULR
LQFRUSRUDGRFRPRFOLHQWH
$JHQWHLQWHUPHGLR
1RKD\
2SHUDGRUHVGHJXDUGHUtDV
%DQFRVSDUWLFLSDQWHV
+LSyWHVLVEiVLFDV
6LHODSR\RHVVXILFLHQWH
ODVWLHUUDVVHPDQWLHQHQ
SURGXFLHQGRSHVHDORV
SUREOHPDVGHPHUFDGR
0-+FRQItDQDVXVKLMRVSHTXHxRVD
ODVJXDUGHUtDV\VDOHQDEXVFDU
WUDEDMRHQKRUDULRUHJXODU
%DQFRVFXEUHQFRQHO
VXEVLGLRHOFRVWR
DGPLQLVWUDWLYRGHDWHQGHU
DXQFOLHQWHFRQEDMR
YROXPHQGHQHJRFLRV
3URSyVLWRGHO
3URJUDPD
6HSXHGHYHUTXHHQORVGRV~OWLPRVFDVRVKD\XQDJHQWHLQWHUPHGLRPLHQWUDVTXHHQHOSULPHU
FDVR QR OR KD\ /D XWLOL]DFLyQ GH DJHQWHV LQWHUPHGLRV HV XQD SUiFWLFD FRP~Q HQ ORV SURJUDPDV WDQWR
VRFLDOHV FRPR SURGXFWLYRV (VWR GHEH VHU UHFRQRFLGR HQ FDGD FDVR UHDO HQ TXH HVWHPRV WUDWDQGR GH
GHILQLUHO0DUFR/yJLFRGHXQSURJUDPD\DH[LVWHQWHGHOFXDOQRWHQJDPRVORVGRFXPHQWRVGHVXGLVHxR
+DEUi XQ DJHQWH LQWHUPHGLR FDGD YH]TXHHOUHFHSWRUGHORVELHQHVRVHUYLFLRVGHOSURJUDPDQR
VHDGLUHFWDPHQWHODSREODFLyQREMHWLYR/RTXHKDFHHOSURJUDPDHVLQGXFLUXQFRPSRUWDPLHQWRHQHVWH
DJHQWHLQWHUPHGLRTXHDVXYH]SXHGDVHUGHSURYHFKRSDUDODSREODFLyQREMHWLYR(QELOODUGLUtDPRVTXH
HV XQD FDUDPEROD OH GDPRV FRQ HO WDFR D XQD EROD SDUD TXH pVWD JROSHH D RWUD \ OD HQYtH D GRQGH
TXHUHPRVTXHOOHJXH
(VWRIRUPDXQDFDGHQDGHFDXVDVHIHFWRVTXHVHH[SUHVDDVt
&8$'52
5(/$&,21(6'(&$86$()(&72
6L
&DPSHVLQRV
UHFLEHQVXVLGLR
(QWRQFHV
&DPSHVLQRVPDQWLHQHQ
WLHUUDVHQSURGXFFLyQ
(QWRQFHV
'LVPLQX\HOD
PLJUDFLyQFDPSR
FLXGDG
6L
2SHUDGRUHVGH
JXDUGHUtDV
IDPLOLDUHVUHFLEHQ
DSR\R
(QWRQFHV
0-+GHMDQVXVKLMRVHQ
JXDUGHUtDV\SXHGHQWRPDU
WUDEDMRVHQKRUDULRUHJXODU
(QWRQFHV
0-+PHMRUDQVXV
LQJUHVRV
6L
%DQFRVUHFLEHQ
ERQLILFDFLyQ
(QWRQFHV
%DQFRVDWLHQGHQD
PLFURHPSUHVDULRV
(QWRQFHV
0LFURHPSUHVDULRV
IRUPDOL]DQVXV
QHJRFLRV

&(3$/6HULH0DQXDOHV1
7HUFHUSDVR'HODHVWUDWHJLDDOD0DWUL]
(VWHSDVRHVDKRUDPX\PHFiQLFREDVWDFRQWRPDUHOFXDGURDQWHULRU\JLUDUORHQJUDGRVHQHOVHQWLGR
FRQWUDULRDORVSXQWHURVGHOUHORMORTXHVHOODPDWUDVSRQHUODPDWUL]RHOYHFWRU
&RPRHVWHHVXQSDVRPX\PHFiQLFRSRGUiVHUHIHFWXDGRGLUHFWDPHQWHSRUTXLHQHVWpFRQGXFLHQGRHO
SURFHVRGHOGLVHxRLQYHUVRVLQQHFHVLGDGGHFRQWDUFRQXQSDQHOTXHJHQHUHODVLGHDVEiVLFDV
',$*5$0$
75$6326,&,1'(/$(675$7(*,$$/$0$75,=

(QQXHVWURVFDVRVHVWHJLURKDFHYHUODVFRVDVDVt
&8$'52
5(68/7$'2'(/$75$6326,&,1
&DVR$
'LVPLQX\HODPLJUDFLyQFDPSR
FLXGDG
(QWRQFHV
&DPSHVLQRVPDQWLHQHQWLHUUDVHQ
SURGXFFLyQ
(QWRQFHV
&DPSHVLQRVUHFLEHQVXVLGLR
6L
&DVR%
0-+PHMRUDQVXVLQJUHVRV
(QWRQFHV
0-+GHMDQVXVKLMRVHQJXDUGHUtDV\
SXHGHQWRPDUWUDEDMRVHQKRUDULR
UHJXODU
(QWRQFHV
2SHUDGRUHVGHJXDUGHUtDVIDPLOLDUHV
UHFLEHQDSR\R
6L
&DVR&
0LFURHPSUHVDULRVIRUPDOL]DQVXV
QHJRFLRV
(QWRQFHV
%DQFRVDWLHQGHQDPLFURHPSUHVDULRV
(QWRQFHV
%DQFRVUHFLEHQERQLILFDFLyQ
6L
&RPR HO JLUR VH KL]R FRQWUD ORV SXQWHURV GHO UHORM OD OHFWXUD OyJLFD GHEH KDFHUVH GHVGH DEDMR KDFLD
DUULED
/RTXHQRVTXHGyHVHQWRQFHVODSDUWHPHGXODUGHOD0DWUL]GHO0DUFR/yJLFR3DUDOOHJDUDHOOD
VLPSOHPHQWHTXLWDPRVORV6,\(1721&(6\DTXHVDEHPRVGyQGHYDQ\OHDJUHJDPRVWtWXORVGHOD
QRPHQFODWXUDGHOD00/

&(3$/6HULH0DQXDOHV1
&8$'52
,1&25325$&,1'(/$120(1&/$785$'(0$75,=
&DVR$
&DVR%
&DVR&
)LQ
&RQWULEXLUDOGLVPLQXLUOD
PLJUDFLyQFDPSRFLXGDG
$SRUWDUDTXH0-+PHMRUHQ
VXVLQJUHVRV
&RQWULEXLUDTXH
0LFURHPSUHVDULRVIRUPDOLFHQ
VXVQHJRFLRV
3URSyVLWR
&DPSHVLQRVPDQWLHQHQ
WLHUUDVHQSURGXFFLyQ
0-+GHMDQVXVKLMRVHQ
JXDUGHUtDV\WRPDUWUDEDMRV
HQKRUDULRUHJXODU
%DQFRVDWLHQGHQD
PLFURHPSUHVDULRV
&RPSRQHQWH
IDPLOLDUHVUHFLEHQDSR\R
$FWLYLGDGHV
/DVQHFHVDULDV
/DVQHFHVDULDV
/DVQHFHVDULDV
1DWXUDOPHQWH HQ FDVRV UHDOHV DVXPLGRV HQ WRGD VX FRPSOHMLGDG QRUPDOPHQWH KD\ PiV GH XQ
FRPSRQHQWH\FDGDFRPSRQHQWHUHTXLHUHGLYHUVDVDFWLYLGDGHVSDUDJHQHUDUVXSURGXFWR
&XDUWRSDVR&RPSOHWDUOD/yJLFD9HUWLFDOGHOD0DWUL]
(Q HVWH SDVR QRV SUHJXQWDPRV VL HO 3URSyVLWR VH ORJUD QHFHVDULDPHQWH VL VH GD HO &RPSRQHQWH
LGHQWLILFDGR KDVWD HO PRPHQWR *HQHUDOPHQWH QR HV DVt VLQR TXH HV QHFHVDULR H[SOLFLWDU PiV TXp
FRQGLFLRQHV GHEHQ FXPSOLUVH VLPXOWiQHDPHQWH FRQ OD SURGXFFLyQ GHO &RPSRQHQWH LGHQWLILFDGR SDUD
WHQHUVHJXULGDGGHTXHHO3URSyVLWRVHDOFDQFH
3DUD HVWH SDVR HV UHFRPHQGDEOH TXH SDUWLFLSHQ D OR PHQRV GRV PLHPEURV GH ORV SDQHOHV
DQWHULRUHVXQDGHODVSHUVRQDVTXHSDUWLFLSyHQHOSULPHUSDQHO\RWUDSHUVRQDGHODSDUWHRSHUDWLYDGHO
SURJUDPD
6LJXLHQGRFRQQXHVWURVFDVRVHVWHDQiOLVLVSXHGHOOHYDUQRVDORVLJXLHQWH
&8$'52
$',&,1'(/$6&21',&,21(61(&(6$5,$63$5$(/e;,72
&DVR$
&DVR%
3URSyVLWR
&DPSHVLQRVPDQWLHQHQ
WLHUUDVHQSURGXFFLyQ
0-+GHMDQVXVKLMRVHQ
JXDUGHUtDV\SXHGHQWRPDU
WUDEDMRVHQKRUDULRUHJXODU
&RPSRQHQWH
LGHQWLILFDGR
IDPLOLDUHVUHFLEHQDSR\R
&DPSHVLQRVUHFLEHQ
LQIRUPDFLyQVREUH
DOWHUQDWLYDVGHSURGXFFLyQ
&RQYHQLRVFRQJXDUGHUtDV
HVWDEOHFLGDVSRU0XQLFLSLRV\
SDUWLFXODUHVSDUDDPSOLDU
RIHUWDGHFXSRV
&RQGLFLRQHV
DGLFLRQDOHVTXH
SXHGHFXPSOLUHO
PLVPRSURJUDPD
([LVWHQWUDEDMRVHQKRUDULR
UHJXODUGHQWURGHODV
FRPSHWHQFLDVGHODV0-+
&RQGLFLRQHV
QHFHVDULDVIXHUD
GHODOFDQFHGHO
SURJUDPD
&DPSHVLQRVQRWLHQHQXQD
SUHGHFLVLyQGHPLJUDUGH
WRGDVIRUPDV
0DGUHV0-+FRQItDQHQORV
VHUYLFLRVSUHVWDGRVSRUODV
JXDUGHUtDV
([LVWHQVXILFLHQWHVFXSRVHQ
ODVJXDUGHUtDVHQODV
ORFDOLGDGHVGRQGHRSHUDHO
SURJUDPD

&DVR&
%DQFRVDWLHQGHQD
PLFURHPSUHVDULRV
0LFURHPSUHVDULRVUHFLEHQ
LQIRUPDFLyQGHOSURJUDPD
0LFURHPSUHVDULRVUHFLEHQ
FDSDFLWDFLyQVREUHFyPR
WUDEDMDUFRQORVEDQFRV\
FyPRIRUPDOL]DUVXQHJRFLR
0LFURHPSUHVDULRVGLVSXHVWRV
DWUDEDMDUHQXQDPELHQWH
IRUPDO
%DQFRVGHVWLQDQUHFXUVRV
WpFQLFRVKXPDQRV\
ILQDQFLHURVSDUDKDFHU
QHJRFLRVFRQ
PLFURHPSUHVDULRV
&(3$/6HULH0DQXDOHV1
8QDYH]FRPSOHWDGRHVWHHMHUFLFLRVHFRPSOHWDOD/yJLFD9HUWLFDOGHODPDWUL]GHILQLHQGRQXHYRV
&RPSRQHQWHVSDUDFXPSOLUODVFRQGLFLRQHVOyJLFDVTXHHVWiQHQHOiPELWRGHODLQVWLWXFLyQUHVSRQVDEOH
/DV FRQGLFLRQHV OyJLFDV TXH TXHGDQ IXHUD GHO DOFDQFH GHO SURJUDPD VH GHEHQ HVWDEOHFHU FRPR
6XSXHVWRV
(Q HVWDV FRQGLFLRQHV OD OyJLFD YHUWLFDO \D QR SXHGH H[SUHVDUVH VyOR HQ XQD FROXPQD VLQR TXH
UHTXLHUHGRV2EMHWLYRV\6XSXHVWRVTXHGDQGRDKRUDGHODVLJXLHQWHIRUPD
&8$'52
/*,&$9(57,&$/'(/&$62$
5HVXPHQQDUUDWLYR
6XSXHVWRV
)LQ
&RQWULEXLUDGLVPLQXLUODPLJUDFLyQFDPSR
FLXGDG
3URSyVLWR
&DPSHVLQRVPDQWLHQHQWLHUUDVHQ
SURGXFFLyQ
&RPSRQHQWHV
&DPSHVLQRVUHFLEHQLQIRUPDFLyQVREUH
DOWHUQDWLYDVGHSURGXFFLyQ
$FWLYLGDGHV
/DVQHFHVDULDV
&DPSHVLQRVQRWLHQHQXQDSUHGHFLVLyQ
GHPLJUDUGHWRGDVIRUPDV
&8$'52
/*,&$9(57,&$/'(/&$62%
5HVXPHQQDUUDWLYR
6XSXHVWRV
)LQ
$SRUWDUDTXH0-+PHMRUDQVXVLQJUHVRV
3URSyVLWR
0-+GHMDQVXVKLMRVHQJXDUGHUtDV\
SXHGHQWRPDUWUDEDMRVHQKRUDULRUHJXODU
2SHUDGRUHVGHJXDUGHUtDVIDPLOLDUHV
UHFLEHQDSR\R
&RPSRQHQWHV
$FWLYLGDGHV
&RQYHQLRVFRQJXDUGHUtDVHVWDEOHFLGDV
SRU0XQLFLSLRV\SDUWLFXODUHVSDUD
DPSOLDURIHUWDGHFXSRV
/DVQHFHVDULDV
([LVWHQWUDEDMRVHQKRUDULRUHJXODUGHQWUR
GHODVFRPSHWHQFLDVGHODV0-+
0DGUHV0-+FRQItDQHQORVVHUYLFLRV
SUHVWDGRVSRUODVJXDUGHUtDV
([LVWHQVXILFLHQWHVFXSRVHQODVJXDUGHUtDV
HQODVORFDOLGDGHVGRQGHRSHUDHOSURJUDPD
&8$'52
/*,&$9(57,&$/'(/&$62&
5HVXPHQQDUUDWLYR
)LQ
&RQWULEXLUDTXH0LFURHPSUHVDULRV
IRUPDOL]DQVXVQHJRFLRV
3URSyVLWR
%DQFRVDWLHQGHQDPLFURHPSUHVDULRV
&RPSRQHQWHV
0LFURHPSUHVDULRVUHFLEHQLQIRUPDFLyQGHO
SURJUDPD
0LFURHPSUHVDULRVUHFLEHQFDSDFLWDFLyQ
VREUHFyPRWUDEDMDUFRQORVEDQFRV\
FyPRIRUPDOL]DUVXQHJRFLR
$FWLYLGDGHV
/DVQHFHVDULDV
0LFURHPSUHVDULRVGLVSXHVWRVDWUDEDMDUHQ
XQDPELHQWHIRUPDO
%DQFRVGHVWLQDQUHFXUVRVWpFQLFRV
KXPDQRV\ILQDQFLHURVSDUDKDFHU
QHJRFLRVFRQPLFURHPSUHVDULRV
6XSXHVWRV

&(3$/6HULH0DQXDOHV1
4XLQWRSDVR/LPSLDUORTXHVREUD
(OHMHUFLFLRDQWHULRUGHEHKDFHUVHFRQWRWDOSUHVFLQGHQFLDGHORTXHDFWXDOPHQWHHVWiKDFLHQGRHOSURJUDPD
&RPR IXH VHxDODGR XQ HUURU IUHFXHQWH HQ HVWH GLVHxR LQYHUVR HV SDUWLU GHVGH HO RUJDQLJUDPD \ IXQFLRQHV
DFWXDOHV GH OD LQVWLWXFLyQ UHVSRQVDEOH SDUD LQWHQWDU DFRPRGDUHO WRWDO GHHVWHFRQWHQLGRHQHOIRUPDWRGHOD
PDWUL](VWRUHVXOWDELHQVyORVLHOGLVHxRRULJLQDOFRUUHVSRQGHH[DFWDPHQWHFRQODRUJDQL]DFLyQIXQFLRQDOGH
ODLQVWLWXFLyQUHVSRQVDEOH(VWDFRLQFLGHQFLDVyORVHGDHQFDVRVPX\H[FHSFLRQDOHVGHRUJDQL]DFLRQHVTXH
HMHFXWDQVyORXQSURJUDPDVLHQGRORPiVIUHFXHQWHTXHODLQVWLWXFLyQUHVSRQVDEOHUHDOLFHWDPELpQRWUDVWDUHDV
7DPELpQHVIUHFXHQWHHQSURJUDPDVTXHOOHYDQPXFKRWLHPSRIXQFLRQDQGRTXHHQDOJ~QPRPHQWRVHOHVKD\D
DGLFLRQDGRIXQFLRQHVIXHUDGHVXOyJLFDRTXHVHOHVKD\DUHVWDGRIXQFLRQHV
'HELGRDHVWDVLWXDFLyQHOTXLQWRSDVRHVHOLPLQDUWRGRORTXHVREUDGHOD/yJLFD9HUWLFDOORTXH
KDFH DFWXDOPHQWH HO SURJUDPD \ QR HVWi HQ VX HVWULFWD OyJLFD (VWR QR VLJQLILFD TXH GH LQPHGLDWR OD
LQVWLWXFLyQUHVSRQVDEOHGHMHGHKDFHUWRGRHVWHVREUDQWH6LQGXGDWHQGUiTXHVHJXLUKDFLpQGRORKDVWDTXH
VHGHFLGDTXpKDFHUFRQHVRVDJUHJDGRV'RQGHQRWLHQHFDELGDORVREUDQWHHVHQOD0DWUL]GHO0DUFR
/yJLFRTXHHVGHGRQGHGHEHVDFDUVHWRGRORTXHQRTXHGyLQFRUSRUDGRHQODOyJLFD
6H[WRSDVR\ILQDO$JUHJDUORVLQGLFDGRUHV
6yORFXDQGRHVWiFRPSOHWDOD/yJLFD9HUWLFDOGHOD0DWUL]\VHKDQHOLPLQDGRORVHOHPHQWRVVREUDQWHV
VH SDVD D HVWDEOHFHU ORV LQGLFDGRUHV SURSLRV FRUUHVSRQGLHQWHV D HVD OyJLFD \ SRVWHULRUPHQWH ORV
LQGLFDGRUHV GH FRQYHQLHQFLD 'HEH UHFDOFDUVH TXH DOJXQRV LQGLFDGRUHV TXH SXHGHQ KDEHU YHQLGR
XWLOL]iQGRVH SXHGHQ QR FDO]DU FRQ OD OyJLFD UHFRQVWUXLGD \ TXH SRU OR WDQWR GHEDQ VXVWLWXLUVH SRU
LQGLFDGRUHVLGyQHRVFRUUHVSRQGLHQWHVDODIRUPXODFLyQTXHVHDFDEDGHXWLOL]DU

&(3$/6HULH0DQXDOHV1
/DVPDWULFHVHQFDVFDGD
8QD VLWXDFLyQ GH RFXUUHQFLD FRP~Q HV REVHUYDU SURJUDPDV GH GLVWLQWR
WDPDxR \ FRPSOHMLGDG TXH UHVSRQGHQ REMHWLYRV GH GLVWLQWD PDJQLWXG \
FRPSOHMLGDG (VWD VLWXDFLyQ SXHGH PDQHMDUVH GHVDJUHJDQGR ORV REMHWLYRV
PiVFRPSOHMRVHQREMHWLYRVPiVVLPSOHVGHORQHFHVDULR\pVWRVHQRWURV
D~QPiVVLPSOHVHVWDEOHFLHQGRMXHJRVGHPDWULFHVFDSDFHVGHGDUFXHQWD
GHFDGDREMHWLYRGHVDJUHJDGRVLQSHUGHUGHYLVWDHOWRGRPiVFRPSOHMR
3RUHMHPSORHQHOVHFWRUVDOXGXQREMHWLYRPX\DJUHJDGRDQLYHO
QDFLRQDO SRGUtD VHU 0HMRUDU HO HVWDGR GH VDOXG GH OD SREODFLyQ HQ HO
SHUtRGRGHJRELHUQR$OJRWDQJHQHUDOFRPRHVRVHSXHGHGHVDJUHJDUHQ
REMHWLYRVGHSUHYHQFLyQ\REMHWLYRVGHFXUDFLyQ\DVXYH]SUHYHQFLyQVH
SXHGH GHVDJUHJDU HQ REMHWLYRV GH YDFXQDFLyQ \ REMHWLYRV GH HGXFDFLyQ
VDQLWDULD \ DVt VXFHVLYDPHQWH (O FXDGUR VLJXLHQWH PXHVWUD D PDQHUD GH
HMHPSORFyPRVHRUJDQL]DQHVWRVREMHWLYRV3DUDODOHFWXUDGHOFXDGURHO
REMHWLYRGHFDGDQLYHOVHORJUDSRUPHGLRGHODREWHQFLyQSUHYLDGHWRGRV
ORVREMHWLYRVTXHHVWiQHQORVQLYHOHVGHPiVDODGHUHFKD

&(3$/6HULH0DQXDOHV1
&8$'52
7$%/$'('(6*/26($1$/7,&2'(2%-(7,926
1LYHO
1LYHO
1LYHO
1LYHO
3URGXFLUYDFXQDV
9DFXQDFLyQ&XEULUDO;GHODSREODFLyQ
FRQYDFXQDVFRQWUD9999
&DSDFLWDUSHUVRQDO
'LIXVLyQ
$SOLFDFLyQ
'LVHxDUPyGXORV
3UHYHQFLyQ
0RUELOLGDGSRU
HQIHUPHGDGHV
FRQWDJLRVDV
GLVPLQXLGD
(GXFDFLyQ6DQLWDULD,QFRUSRUDUPyGXORVGH
HGXFDFLyQVDQLWDULDHQORVSULPHURVDxRV
GHHGXFDFLyQ
3URGXFLUPyGXORV
$SOLFDU
(VWDEOHFHUPHWRGRORJtDV
GHGHWHFFLyQSUHFR]
$OHUWDSUHFR]'HWHFWDUVtQWRPDV
SUHFXUVRUHVGHHQIHUPHGDGHVHQOD
SREODFLyQHVFRODU
3REODFLyQPHMRUD
VXHVWDGRGH
VDOXGHQHO
SHUtRGRGH
JRELHUQR
&DSDFLWDUGRFHQWHV
&DSDFLWDUGRFHQWHVSDUD
ODDSOLFDFLyQGHODV
PHWRGRORJtDV
$SOLFDFLyQ
)DFLOLGDGHVItVLFDV$OFDQ]DUXQHVWiQGDUGH
XQSXHVWRGHVDOXGFDGD;;KDELWDQWHVXQ
KRVSLWDOSHULIpULFRFDGD<<KDELWDQWHVXQ
KRVSLWDOUHJLRQDOFDGD555+DELWDQWHV
&XUDFLyQ
&REHUWXUDGH
VHUYLFLRVPpGLFRV
SRUPLO
KDELWDQWHV
DXPHQWDGD
'RWDFLyQGHUHFXUVRVKXPDQRVFDSDFLWDU\
FRQWUDWDU6PpGLFRVSRUSXHVWRGHVDOXG3
PpGLFRVSRUKRVSLWDOSHULIpULFRDPpGLFRV
SRUKRVSLWDOUHJLRQDO
5HSDUDUHGLILFLRV
$PSOLDUHGLILFLRV
&RQVWUXLUHGLILFLRV
)RUPDFLyQGHPpGLFRV
HQXQLYHUVLGDGHV
(VSHFLDOL]DFLyQGH
PpGLFRV
,GHPSDUDPpGLFRVHQIHUPHUDVDX[LOLDUHV
GHVDOXG
)RUPDFLyQGHSHUVRQDO
GHHQIHUPHUtD
WHFQRORJtDPpGLFD\
DX[LOLDUHV
3URGXFFLyQGHLQVXPRV
,QVWDODFLyQ\RSHUDFLyQ
GHODERUDWRULRVSURSLRV
3URGXFLURFRPSUDUUHPHGLRVELVWXUtHV
MHULQJDVHVWHWRVFRSLRVHWF
&RQWUROGHFDOLGDGGH
SURYHHGRUHV
$SDUWLUGHOFXDGURDQWHULRUHVSRVLEOHJHQHUDUXQFRQMXQWRGHPDWULFHVHQFDVFDGDTXHUHIOHMDQ
WDQWRHOSURJUDPDJHQHUDOFRPRORVVXESURJUDPDVGHGLVWLQWRRUGHQTXHVHLQVHUWDQEDMRHOSDUDJXDVGH
HVHSURJUDPDJHQHUDO
$QLYHOGHOD6HFUHWDUtDGH6DOXGHOFXDGURDQWHULRUWDOFRPRHVWiHV\DFDVLODHVWUXFWXUDGHOD
/yJLFD9HUWLFDOGHOD0DWUL]GHO0DUFR/yJLFRGHOSURJUDPDGHVDOXGS~EOLFDTXHOHHUtDDVt

$HVWHQLYHOYDPRVDSUHVFLQGLUGHODVUHJODVGHVLQWD[LV

&(3$/6HULH0DQXDOHV1
&8$'52
2%-(7,926(1/$0$75,='(/352*5$0$'(6$/8'3%/,&$$1,9(/'(0,1,6752
)LQ
&RQWULEXLUDFXPSOLUHOSURJUDPDGH*RELHUQRSDUDHOSHUtRGRGHJRELHUQR
3URSyVLWR
3REODFLyQPHMRUDVXHVWDGRGHVDOXGHQHOSHUtRGRGHJRELHUQR
3UHYHQFLyQ0RUELOLGDGSRUHQIHUPHGDGHVFRQWDJLRVDVGLVPLQXLGDHQXQ[
&RPSRQHQWHV
0HGLFLQD&XUDWLYD&REHUWXUDGHVHUYLFLRVPpGLFRVSRUPLOKDELWDQWHVDXPHQWDGDHQXQ
]
9DFXQDFLyQ
(GXFDFLyQ6DQLWDULD
$OHUWDSUHFR]
$FWLYLGDGHV
)DFLOLGDGHVItVLFDV
'RWDFLyQGH5HFXUVRV+XPDQRV
3URGXFFLyQGH,QVXPRV
(Q HVWD PDWUL] FDGD FRPSRQHQWH HV HQ Vt PLVPR XQ SURJUDPD TXH SXHGH WHQHU WDPELpQ VX
0DUFR/yJLFR\VX0DWUL]GHO0DUFR/yJLFR
$Vt HO 9LFHPLQLVWUR GH 3UHYHQFLyQ WDPELpQ SXHGH YLVXDOL]DU HO SURJUDPD D VX FDUJR FRPR XQD
0DWUL]VyORTXHDOJRGLVWLQWDDOD0DWUL]DQLYHOGHO0LQLVWURGH6DOXG
&8$'52
2%-(7,926'(/352*5$0$'(35(9(1&,1$1,9(/'(9,&(0,1,6752
)LQ
&RQWULEXLUDTXHODSREODFLyQPHMRUHVXHVWDGRGHVDOXGGXUDQWHHOSHUtRGRGHOJRELHUQR
3URSyVLWR
0RUELOLGDGSRUHQIHUPHGDGHVFRQWDJLRVDVGLVPLQXLGDHQXQ[
9DFXQDFLyQ&XEULUDO<GHODSREODFLyQFRQYDFXQDVFRQWUD9999
&RPSRQHQWHV
(GXFDFLyQ6DQLWDULD,QFRUSRUDUPyGXORVGHHGXFDFLyQVDQLWDULDHQORVSULPHURVDxRVGH
HGXFDFLyQ
$OHUWDSUHFR]'HWHFWDUVtQWRPDVSUHFXUVRUHVGHHQIHUPHGDGHVHQODSREODFLyQHVFRODU

3URGXFLUYDFXQDV
&DSDFLWDUSHUVRQDO
'LIXVLyQ
$SOLFDFLyQGHYDFXQDV
'LVHxDUPyGXORV
$FWLYLGDGHV
&DSDFLWDUGRFHQWHV
3URGXFLUPyGXORV
$SOLFDUPyGXORV
(VWDEOHFHUPHWRGRORJtDVGHGHWHFFLyQSUHFR]
&DSDFLWDUGRFHQWHVSDUDODDSOLFDFLyQGHODVPHWRGRORJtDV
$SOLFDFLyQGHPHWRGRORJtDVGHGHWHFFLyQSUHFR]
,JXDOFRVDSXHGHGHFLUVHGHOSURJUDPDGH0HGLFLQD&XUDWLYDDFDUJRGHRWUR9LFHPLQLVWUR

&(3$/6HULH0DQXDOHV1
&8$'52
2%-(7,926'(/352*5$0$'(0(',&,1$&85$7,9$$1,9(/'(9,&(0,1,6752
)LQ
&RQWULEXLUDTXHODSREODFLyQPHMRUHVXHVWDGRGHVDOXGGXUDQWHHOSHUtRGRGHJRELHUQR
3URSyVLWR
&REHUWXUDGHVHUYLFLRVPpGLFRVSRUPLOKDELWDQWHVDXPHQWDGDHQXQ]
)DFLOLGDGHVItVLFDV$OFDQ]DUXQHVWiQGDUGHXQSXHVWRGHVDOXGFDGD33KDELWDQWHVXQ
KRVSLWDOSHULIpULFRFDGD33KDELWDQWHVXQ+RVSLWDOUHJLRQDOFDGD555+DELWDQWHV
3URGXFFLyQGH,QVXPRV
&RPSRQHQWHV
'RWDFLyQGH5HFXUVRV+XPDQRVFDSDFLWDU\FRQWUDWDU6PpGLFRVSRUSXHVWRGHVDOXG3
PpGLFRVSRUKRVSLWDOSHULIpULFR5PpGLFRVSRUKRVSLWDOUHJLRQDO,GHPSDUDPpGLFRV
HQIHUPHUDVDX[LOLDUHVGHVDOXG
3URGXFFLyQGH,QVXPRV3URGXFLURFRPSUDUUHPHGLRVELVWXUtHVMHULQJDVHVWHWRVFRSLRV
HWF
5HSDUDUHGLILFLRV
$PSOLDUHGLILFLRV
&RQVWUXLUHGLILFLRV
$FWLYLGDGHV
)RUPDFLyQGHPpGLFRVHQXQLYHUVLGDGHV
(VSHFLDOL]DFLyQGHPpGLFRV
)RUPDFLyQGHSHUVRQDOGHHQIHUPHUtDWHFQRORJtDPpGLFD\DX[LOLDUHV
,QVWDODFLyQ\RSHUDFLyQGHODERUDWRULRVSURSLRV
&RQWUROGHFDOLGDGGHSURYHHGRUHV
$O QLYHO VLJXLHQWH GHO FXDGUR GH GHVJORVH GH REMHWLYRV WDPELpQ VH SXHGHQ GHILQLU 0DWULFHV GH
0DUFR/yJLFRTXHHVWiQLQVHUWDVHQODVPDWULFHVDQWHULRUHV3RUHMHPSORHO3URJUDPDGH9DFXQDFLyQD
&DUJRGHO'LUHFWRU*HQHUDOGH9DFXQDFLyQWHQGUtDSRUREMHWLYRV
&8$'52
2%-(7,926'(/352*5$0$'(9$&81$&,1$1,9(/'(',5(&725*(1(5$/
)LQ
&RQWULEXLUDUHGXFLUODPRUELOLGDGSRUHQIHUPHGDGHVFRQWDJLRVDV
3URSyVLWR
;GHODSREODFLyQLQPXQL]DGDFRQWUD9999
3URGXFLUYDFXQDV
&RPSRQHQWHV
&DSDFLWDUSHUVRQDO
'LIXVLyQ
$SOLFDFLyQGHYDFXQDV
$FWLYLGDGHV
/DV&RUUHVSRQGLHQWHVDFDGD&RPSRQHQWH
$VtVXFHVLYDPHQWHSXGLHVHKDEHUXQ3URJUDPDGH3URGXFFLyQGH9DFXQDV\RWURVGHHVHPLVPRQLYHO
(O HMHPSOR PRVWUDGR SHUPLWH UHFDSLWXODU HO PpWRGR GH WUDEDMR SDUD HO DQiOLVLV GH ORV SURJUDPDV
FRPSOHMRV
7RPDUHOSURJUDPDPiVJHQHUDO\SUHSDUDUOD7DEODGH'HVJORVH$QDOtWLFRGH2EMHWLYRV(VWD
WDEODSXHGHWHQHUWRGRVORVQLYHOHVTXHVHDQQHFHVDULDV
&RQ ORV SULPHURV QLYHOHV VH FRQVWUX\H RUGHQDGDPHQWH OD &ROXPQD GH 2EMHWLYRV GHO
SURJUDPDDQLYHOGHO0LQLVWUR1yWHVHTXHHO)LQGHHVWD0DWUL]QRHVWiGHILQLGRHQODWDEODGH
GHVJORVH(VWRVLJQLILFDTXHHOREMHWLYRGHQLYHOGHODWDEODVHFRQYLHUWHHQHO3URSyVLWRGHOD
0DWUL]ORVREMHWLYRVGHOQLYHOVRQVXV&RPSRQHQWHV\ORVREMHWLYRVGHOQLYHOSDVDQDVHU
ODV$FWLYLGDGHV

&(3$/6HULH0DQXDOHV1
3DUD FDGD &RPSRQHQWH DQWHULRU VH SXHGH FRQVWUXLU VX SURSLD 0DWUL] 3DUD HOOR QRV
GHVSOD]DPRV XQD FROXPQD D OD GHUHFKD GH OD WDEOD \ WUDVODGDPRV ORV REMHWLYRV
FRUUHVSRQGLHQWHV(OREMHWLYRGHOQLYHOVHWUDVODGDDO)LQXQREMHWLYRGHOQLYHOVHFRQYLHUWH
HQ3URSyVLWRORVREMHWLYRVGHOQLYHOTXHHVWiQOLJDGRVFRQHODQWHULRUVHWUDVODGDQDODILOD
&RPSRQHQWHV\VHDJUHJDQODVDFWLYLGDGHVFRUUHVSRQGLHQWHVDHVRVFRPSRQHQWHV
(VWDPLVPDPHFiQLFDRSHUDSDUDFRQVWUXLUODVPDWULFHVPiVGHVDJUHJDGDVVLKXELHVHQHFHVLGDG
GHHVSHFLILFDUODV
8QHOHPHQWRPX\LPSRUWDQWHTXHGHEHWHQHUVHHQFXHQWDHVTXHHQFDGDXQDGHODVPDWULFHVHO
)LQ FRUUHVSRQGH DO REMHWLYR GH RUGHQ LQPHGLDWDPHQWH VXSHULRU DO 3URSyVLWR 1R RSHUD DTXt HQ IRUPD
HVWULFWD TXH OD GHILQLFLyQ GH TXH HO )LQ VHD XQ REMHWLYR GH GHVDUUROOR GH QLYHO VXSHULRU H LPSRUWDQFLD
QDFLRQDO VHFWRULDO R UHJLRQDO D FX\R ORJUR FRQWULEXLUi HO SURJUDPD D PHGLDQR R ODUJR SOD]R 3DUD
PDQWHQHUODDUPRQtD\FRQVLVWHQFLDGHOFRQMXQWRGHPDWULFHVHO)LQGHXQDPDWUL]LQVHUWDHQDOJXQDSDUWH
GHODWDEODGHGHVJORVHGHEHFRUUHVSRQGHUDXQREMHWLYR\DGHILQLGRHQXQOXJDUSUHFLVRGHODWDEOD(VWH
)LQSXGLHUDQRWHQHUH[DFWDPHQWHORVDWULEXWRVHVWDEOHFLGRVHQODVGHILQLFLRQHVJHQpULFDV
(V IUHFXHQWH HQFRQWUDU TXH DOJXQDV PDWULFHV HQ FDVFDGD RSWDQ SRU FRORFDU HQ WRGDV HOODV HO
PLVPR )LQ TXH VHUtD HO )LQ LQVWLWXFLRQDO PiV DOWR (VWH HUURU SURYLHQH GH FLHUWDV FRQFHSFLRQHV
LQFRUUHFWDV TXH H[LJHQ TXH HO )LQ GH XQ SURJUDPD VHD XQ REMHWLYR HVWDEOHFLGRHQHO3ODQ1DFLRQDOGH
'HVDUUROOR
(O PpWRGR UHFRPHQGDGR HQ HVWH FDStWXOR UHVXHOYH PXFKDV VLWXDFLRQHV SUiFWLFDV (O FRQMXQWR GH
PDWULFHV HQ FDVFDGD YLQFXODGDV HQWUH Vt SRU OD WDEOD GH GHVJORVH DQDOtWLFR HV XQ LQVWUXPHQWR
YDOLRVtVLPRTXHSHUPLWHYHUHOWRGR\VXVSDUWHVHQEDVHDODPLVPDQRPHQFODWXUD2EYLDPHQWH\DQRVH
WUDWDGHXQDPDWUL]GH;VLQRGHXQFXDGHUQRGHPDWULFHVFDGDXQDGHODVFXiOHVHVGH;\PXHVWUD
FRPRHQXQ]RRPHOHQWRUQRLQPHGLDWRGHFDGDSURJUDPDLQVHUWRHQHOSURJUDPDJHQHUDO
/RLPSRUWDQWHHVTXHHQHVWHFRQWH[WRODVPDWULFHVQRVRQLQGHSHQGLHQWHVQLJR]DQGHJUDGRVGH
OLEHUWDG&XDOTXLHUDPRGLILFDFLyQTXHVHKDJDHQXQDGHODVPDWULFHVLQWHUQDVDOWHUDODVGHPiV3RUHOOR
HO HQWUDPDGR FRPSOHMR FRQWHQLGR HQ HO FXDGHUQR VH FRQYLHUWH HQ XQD HILFD] KHUUDPLHQWD SDUD OD
RUJDQL]DFLyQGHOWUDEDMRODGHOHJDFLyQGHIXQFLRQHV\ODFRRUGLQDFLyQ

&(3$/6HULH0DQXDOHV1
&RQFOXVLyQ
/D 0HWRGRORJtD GH 0DUFR /yJLFR KD JDQDGR DFHSWDFLyQ HQHOPXQGRHQ

ODV~OWLPDVGpFDGDVSRUVXVHQFLOOH]\DODYH]VROLGH]\SRUVXXWLOLGDG
SDUDODJHVWLyQ\HYDOXDFLyQGHSUR\HFWRV\SURJUDPDVS~EOLFRV&DGDGtD
PiVSDtVHV\RUJDQL]DFLRQHVODHPSOHDQFRPRSDUWHGHVXLQVWUXPHQWDOGH
JHVWLyQ HQ PXFKRV FDVRV KDFLHQGR YDULDFLRQHV DO HVTXHPD EiVLFR SDUD
DGDSWDUOR PHMRU D VXV QHFHVLGDGHV (OOR KD GDGR RULJHQ D YDULDQWHV GHO
PpWRGR TXH HPSOHDQ PDWULFHV FRQ PiV ILODV R PiV FROXPQDV 6LQ
HPEDUJR DO DQDOL]DU HVWDV YDULDQWHV VH REVHUYD TXH WRGDV PDQWLHQHQ ORV
HOHPHQWRVHVHQFLDOHVGHOPRGHORORVFXDOHVFRUUHVSRQGHQDORSUHVHQWDGR
HQHVWHGRFXPHQWR
([LVWHQ WDPELpQ GLVWLQWRV FULWHULRV DFHUFD GH FyPR GHILQLU ORV
LQGLFDGRUHV\ODVPHWDVDVRFLDGDVDHVWRV(QDOJXQRVFDVRVVHVXJLHUHTXH
ORV LQGLFDGRUHV VH HVSHFLILTXHQ DVRFLDQGR HQ VX GHILQLFLyQ HILFDFLD \
FDOLGDG(QRWURVVHLQFOX\HHQODGHILQLFLyQGHOLQGLFDGRUODPHWDRELHQ
VH VXPDQ DPERV UHTXHULPLHQWRV GDQGR RULJHQ D LQGLFDGRUHV GHO WLSR
$OFDQ]DUXQDSURGXFFLyQGH;WRQHODGDVGHWRPDWHVSRUKHFWiUHDFRQXQ
FDOLEUHPtQLPRGH<<(VWHWLSRGHLQGLFDGRUHVULJLGL]DHODQiOLVLV\QR
SHUPLWHXQDHYDOXDFLyQWDQGHWDOODGDFRPRSXHGHKDFHUVHFRQODHVWUXFWXUD
VXJHULGD HQ HO SUHVHQWH GRFXPHQWR HV GHFLU VHSDUDQGR OD GHILQLFLyQ GH
LQGLFDGRU GH OD PHWDV \ XWLOL]DQGR SRU VHSDUDGR LQGLFDGRUHV SDUD ODV
GLVWLQWDVGLPHQVLRQHVDHYDOXDUHQHVWHFDVRHILFDFLD\FDOLGDG

&(3$/6HULH0DQXDOHV1
3HURHOPD\RUULHVJRDOXWLOL]DUODPHWRGRORJtDGH0DUFR/yJLFRHVVXHPSOHRHQIRUPDPHFiQLFD
FRPRXQIRUPDWRHVWDQGDUL]DGRSDUDSUHVHQWDUSUR\HFWRVRSURJUDPDVVLQTXHODHVWUXFWXUDGHHVWRVHVWH
UHVSDOGDGDSRUXQEXHQDQiOLVLVGHODOyJLFDGHODLQWHUYHQFLyQDUHDOL]DU6HFRQYLHUWHDVtHQXQDFDPLVD
GHIXHU]DTXHGHEHFRORFDUVHDFXDOTXLHUSURJUDPDRSUR\HFWRVLQLPSRUWDUVLHVWHHVWiELHQHVWUXFWXUDGR
\DWLHQGHUHDOPHQWHODQHFHVLGDGGHWHFWDGD(OOROOHYDDFRQVLGHUDUODFRQIHFFLyQGHODPDWUL]FRPRXQ
WUiPLWHEXURFUiWLFRDFXPSOLUSDUDFRQVHJXLUILQDQFLDPLHQWR<FRPRFRQVHFXHQFLDGHTXHVHDMXVWyDOD
IXHU]D OD 0DWUL] DO SUR\HFWR R SURJUDPD ORV LQGLFDGRUHV QR VHUiQ GH PXFKD XWLOLGDG &RVWDUi PiV
GHILQLUORV\HVSUREDEOHTXHFRQHOORVHVWHPRVHYDOXDQGRREMHWLYRVLQFRUUHFWRV
2WURSUREOHPDXVXDOHQODDSOLFDFLyQGHODPHWRGRORJtDHVXQDPDODGHILQLFLyQGHORV6XSXHVWRV6XHOHQ
FRQIXQGLUVH ORV FRQFHSWRV GH ULHVJR \ VXSXHVWR DQRWDQGR HQ OD PDWUL] HO ULHVJR \ QR HO 6XSXHVWR GH QR
RFXUUHQFLDGHHVWH$VLPLVPRHVFRP~QHQFRQWUDU6XSXHVWRVUHVSHFWRVDULHVJRVFRQWURODEOHVSRUODJHUHQFLD
GHOSURJUDPDULHVJRVLQWHUQRV<SRU~OWLPRHVIUHFXHQWHTXHODJHUHQFLDGHOSURJUDPDDQDOLFHORVULHVJRVDO
WHUQHUTXHGHILQLUORVVXSXHVWRVSHURQXQFDPiVVHSUHRFXSHGHGDUVHJXLPLHQWRDHVWRV
$IRUWXQDGDPHQWH JUDFLDV D OD DPSOLD FDSDFLWDFLyQ UHDOL]DGD SRU GLVWLQWDV HQWLGDGHV D QLYHO
PXQGLDO \ HQ SDUWLFXODU HQ $PpULFD /DWLQD SRU ,/3(6&(3$/ODPHWRGRORJtDVHHPSOHDFDGDGtDGH
PHMRUIRUPDHQORVGLVWLQWRVSDtVHVTXHODKDQDGRSWDGRFRPRHVWDQGDUSDUDODJHVWLyQ\HYDOXDFLyQGH
VXV SURJUDPDV \ SUR\HFWRV $Vt GtD D GtD PiV SUR\HFWRV \ SURJUDPDV VRQ IRUPXODGRV FRQ XQD VyOLGD
/yJLFD9HUWLFDO\VHGHILQHQLQGLFDGRUHVSDUDHYDOXDUVXJHVWLyQ\UHVXOWDGRVGHVGHHVWDWHPSUDQDHWDSD
GHOFLFORGHYLGD
0iV H[LVWH D~Q GHELOLGDG HQ HO XVR GH OD 00/ HQ OD JHVWLyQ GH ORV SURJUDPDV S~EOLFRV /D
PHWRGRORJtD VH DSOLFD HQ OD HWDSD GH IRUPXODFLyQ \ OD 0DWUL] UHVXOWDQWH VH HPSOHD OXHJR HQ OD
HYDODXDFLyQ GH UHVXOWDGRV SHUR ODV JHUHQFLDV GH ORV SURJUDPDV UDUD YH] OD XWLOL]DQ HQ IRUPD LQWHQVLYD
FRPRLQVWUXPHQWRGHJHVWLyQGHORVSURFHVRVSURGXFWLYRVGHORVSURJUDPDV$FWLYLGDGHV4XHGDSXHV
DTXt XQ DPSOLR FDPSR SDUD VHJXLU WUDEDMDQGR HQ REWHQHU HO PD\RU SURYHFKR SRVLEOH GH HVWD YDOLRVD
PHWRGRORJtD

&(3$/6HULH0DQXDOHV1
%LEOLRJUDItD
$OGXQDWH (GXDUGR0HWRGRORJtDGHO0DUFR/yJLFR%ROHWLQ1R

GHO,/3(6
$VLDQ 'HYHORSPHQW %DQN 8VLQJ WKH /RJLFDO )UDPHZRUN IRU 6HFWRU
$QDO\VLVDQG3URMHFW'HVLJQ,6%1
$XVWUDOLDQ $JHQF\ IRU ,QWHUQDWLRQDO 'HYHORSPHQW $XV*XLGHOLQH
7KH/RJLFDO)UDPHZRUN$SSURDFK
&DQDGLDQ ,QWHUQDWLRQDO 'HYHORSPHQW $JHQF\ /RJLFDO )UDPHZRUN
0DNLQJLW5HVXOWV2ULHQWHG
&RPLVLyQ (XURSHD 2ILFLQD GH &RRSHUDFLyQ*XtD*HVWLyQ GHO&LFOR
GH3UR\HFWR9HUVLyQ
'HXWVFKH *HVHOOVFKDIW IU 7HFKQLVFKH =XVDPPHQDUEHLW *7=
3ODQLILFDFLyQGH3UR\HFWRV2ULHQWDGDD2EMHWLYRV=233
1RUDG 1RUZHJLDQ $JHQF\ IRU 'HYHORSPHQW &RRSHUDWLRQ /RJLFDO
)UDPHZRUN$SSURDFKKDQGERRNIRUREMHFWLYHVRULHQWHGSODQQLQJ,6%1

3UDFWLFDO &RQFHSWV,QF_86$JHQF\IRU,QWHUQDWLRQDO'HYHORSPHQW
/RJLFDOIUDPHZRUN
3UDFWLFDO &RQFHSWV,QF_86$JHQF\IRU,QWHUQDWLRQDO'HYHORSPHQW
7KH /RJLFDO IUDPHZRUN D 0DQDJHUV*XLGHWRD6FLHQWLILF$SSURDFKWR
'HVLJQDQG(YDOXDWLRQ
5RGXQHU 'DQLHO \ 6FKOlSSL :DOWHU /RJLFDO )UDPHZRUN $SSURDFK
DQG2XWFRPH0DSSLQJ$&RQVWUXFWLYH$WWHPSWRI6\QWKHVLV
6ROHP 5LFKDUG 5D\ 7KH /RJLFDO )UDPHZRUN $SSURDFK WR 3URMHFW
'HVLJQ5HYLHZDQG(YDOXDWLRQLQ$,'*HQHVLV,PSDFW3UREOHPVDQG
2SSRUWXQLWLHV

&(3$/6HULH0DQXDOHV1
6HULH

PDQXDOHV
1~PHURVSXEOLFDGRV
8QOLVWDGRFRPSOHWRDVtFRPRORVDUFKLYRVSGIHVWiQGLVSRQLEOHVHQ
ZZZFHSDORUJSXEOLFDFLRQHV
)RUPXODFLyQ GH SURJUDPDV FRQ OD PHWRGRORJtD GH PDUFR OyJLFR /&/3 1 GH YHQWD 6,,*
86
&RQWHRLQWHUFHQVDOGHSREODFLyQ\YLYLHQGD/&/31GHYHQWD6,,*86
0DQXDOGHOXVXDULRGHO2EVHUYDWRULRGH&RPHUFLRH,QWHJUDFLyQGH&HQWURDPpULFD-RVp'XUiQ/LPD$QGUpV<ixH]\
0DULDQROYDUH]/&/31GHYHQWD6,,*86
*DVWR VRFLDO PRGHOR GH PHGLFLyQ \ DQiOLVLV SDUD $PpULFD /DWLQD \ HO &DULEH /&/3 1 GH YHQWD
6,,*86
0HWDHYDOXDFLyQ HQ VLVWHPDV QDFLRQDOHV GH LQYHUVLyQ S~EOLFD -XDQ )UDQFLVFR 3DFKHFR /&/3 1 GH YHQWD
6,,*86
(YDOXDFLyQ GH LQYHUVLRQHV EDMR LQFHUWLGXPEUH WHRUtD \ DSOLFDFLRQHV D SUR\HFWRV HQ &KLOH (GXDUGR &RQWUHUDV
/&/31RGHYHQWD6,,*86
/DHFRQRPtDGHORVLQJUHVRVWULEXWDULRV8QPDQXDOGHHVWLPDFLRQHVWULEXWDULDV)HUQDQGR50DUWtQ/&/3
1RGHYHQWD6,,*86
*XtDPHWRGROyJLFDSDUDGHVDUUROODULQGLFDGRUHVDPELHQWDOHV\GHGHVDUUROORVRVWHQLEOHHQSDtVHVGH$PpULFD/DWLQD\
HO&DULEH5D\pQ4XLURJD0DUWtQH]/&/31RGHYHQWD6,,*86
'LUHFWULFHVSDUDODHODERUDFLyQGHPyGXORVVREUHHQYHMHFLPLHQWRHQODVHQFXHVWDVGHKRJDUHV&(/$'(/&/
31GHYHQWD6,,*86
7pFQLFDVGHDQiOLVLVUHJLRQDO/XLV/LUD%ROtYDU4XLURJD/&/31GHYHQWD6,,*86
0DQXDO PHWRGROyJLFR GH HYDOXDFLyQ PXOWLFULWHULR SDUD SURJUDPDV \ SUR\HFWRV -XDQ )UDQFLVFR 3DFKHFR (GXDUGR
&RQWUHUDV/&/31RGHYHQWD6,,*86
0DQXDOGHSUHVXSXHVWRSOXULDQXDO5REHUWR0DUWLUHQH/&/31RGHYHQWD6,,*86
,QGLFDGRUHVDPELHQWDOHV\GHGHVDUUROORVRVWHQLEOHDYDQFHVSDUD$PpULFD/DWLQD\HO&DULEH5D\pQ4XLURJD0DUWtQH]
/&/31RGHYHQWD6,,*86

(OOHFWRULQWHUHVDGRHQDGTXLULUQ~PHURVDQWHULRUHVGHHVWDVHULHSXHGHVROLFLWDUORVGLULJLHQGRVXFRUUHVSRQGHQFLDDOD8QLGDGGH
'LVWULEXFLyQ&(3$/&DVLOOD'6DQWLDJR&KLOH)D[FRUUHRHOHFWUyQLFRSXEOLFDWLRQV#FHSDORUJ
1RPEUH
$FWLYLGDG
'LUHFFLyQ
&yGLJRSRVWDOFLXGDGSDtV

7HO)D[(PDLO

Silva 18 y 21 PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Silva 18 y 21 PDF

Uploaded by

Copyright:

Available Formats

6(5,(

(O0pWRGRGHO0DUFR/yJLFR

/DLQFRUSRUDFLyQGHLQGLFDGRUHV

/yJLFDKRUL]RQWDOGHODPDWUL]

8QPRGHORGHUHIHUHQFLDJHQHUDOSDUDODFRQVWUXFFLyQGHODPDWUL]GHO0DUFR/yJLFR

'LVHxRLQYHUVRGHODPDWUL]GHOPDUFROyJLFRGHXQSURJUDPDH[LVWHQWH

/DVPDWULFHVFDVFDGD

&RQFOXVLyQ

8QD 0DWUL]GHO0DUFR/yJLFR00/UHFRJHODVUHODFLRQHVHKLSyWHVLVGHO0DUFR/yJLFRSHUR

3DUD OD FRUUHFWD DSOLFDFLyQ GHO PpWRGR HVLPSRUWDQWHTXHHOSUREOHPDVHDIRUPXODGRFRPRXQD

3RU HMHPSOR DQDOL]DQGR XQWHPDGHGHVDUUROORUXUDOFRQVtQWRPDVFRPRORVFRPSUDGRUHVTXH

,JXDO FRQVWUXFFLyQ SXHGH KDFHUVH SDUD FDGD XQDGHODVLQVWLWXFLRQHVLQYROXFUDGDVHQODVROXFLyQ

/DVDFWLYLGDGHVVRQODVWDUHDVDFFLRQHVTXHHOHTXLSRGHOSURJUDPDWLHQHTXHOOHYDUDFDERSDUD

1XHVWUD SUHJXQWD DKRUD HV&yPRVDEHPRVVLODKLSyWHVLVVHHVWiFXPSOLHQGRDGHFXDGDPHQWH"

3DUD FDOFXODU OD HILFDFLD \ ODHILFLHQFLDWHQHPRVTXHGHVFRPSRQHUODSREODFLyQDWHQGLGDHQVXV

5HODFLyQFDXVDHIHFWRKLSyWHVLV6LQLxRVHQ

/D 0HWRGRORJtD GH 0DUFR /yJLFR KD JDQDGR DFHSWDFLyQ HQHOPXQGRHQ

$OGXQDWH (GXDUGR0HWRGRORJtDGHO0DUFR/yJLFR%ROHWLQ1R

You might also like

Silva 18 y 21 PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Silva 18 y 21 PDF

Uploaded by

Copyright:

Available Formats

6(5,(

(O0pWRGRGHO0DUFR/yJLFR  

/DLQFRUSRUDFLyQGHLQGLFDGRUHV  

/yJLFDKRUL]RQWDOGHODPDWUL]  

8QPRGHORGHUHIHUHQFLDJHQHUDOSDUDODFRQVWUXFFLyQGHODPDWUL]GHO0DUFR/yJLFR  

'LVHxRLQYHUVRGHODPDWUL]GHOPDUFROyJLFRGHXQSURJUDPDH[LVWHQWH  

/DVPDWULFHVFDVFDGD  

&RQFOXVLyQ  

8QD 0DWUL]GHO0DUFR/yJLFR 00/ UHFRJHODVUHODFLRQHVHKLSyWHVLVGHO0DUFR/yJLFRSHUR

3DUD OD FRUUHFWD DSOLFDFLyQ GHO PpWRGR HVLPSRUWDQWHTXHHOSUREOHPDVHDIRUPXODGRFRPRXQD

3RU HMHPSOR DQDOL]DQGR XQWHPDGHGHVDUUROORUXUDOFRQVtQWRPDVFRPRORVFRPSUDGRUHVTXH

,JXDO FRQVWUXFFLyQ SXHGH KDFHUVH SDUD FDGD XQDGHODVLQVWLWXFLRQHVLQYROXFUDGDVHQODVROXFLyQ

/DVDFWLYLGDGHVVRQODVWDUHDV DFFLRQHV TXHHOHTXLSRGHOSURJUDPDWLHQHTXHOOHYDUDFDERSDUD

1XHVWUD SUHJXQWD DKRUD HV&yPRVDEHPRVVLODKLSyWHVLVVHHVWiFXPSOLHQGRDGHFXDGDPHQWH"

3DUD FDOFXODU OD HILFDFLD \ ODHILFLHQFLDWHQHPRVTXHGHVFRPSRQHUODSREODFLyQDWHQGLGDHQVXV

5HODFLyQFDXVDHIHFWR KLSyWHVLV 6LQLxRVHQ

/D 0HWRGRORJtD GH 0DUFR /yJLFR KD JDQDGR DFHSWDFLyQ HQHOPXQGRHQ

$OGXQDWH (GXDUGR  0HWRGRORJtDGHO0DUFR/yJLFR%ROHWLQ1R

You might also like

(O0pWRGRGHO0DUFR/yJLFR

/DLQFRUSRUDFLyQGHLQGLFDGRUHV

/yJLFDKRUL]RQWDOGHODPDWUL]

8QPRGHORGHUHIHUHQFLDJHQHUDOSDUDODFRQVWUXFFLyQGHODPDWUL]GHO0DUFR/yJLFR

'LVHxRLQYHUVRGHODPDWUL]GHOPDUFROyJLFRGHXQSURJUDPDH[LVWHQWH

/DVPDWULFHVFDVFDGD

&RQFOXVLyQ

8QD 0DWUL]GHO0DUFR/yJLFR00/UHFRJHODVUHODFLRQHVHKLSyWHVLVGHO0DUFR/yJLFRSHUR

3DUD OD FRUUHFWD DSOLFDFLyQ GHO PpWRGR HVLPSRUWDQWHTXHHOSUREOHPDVHDIRUPXODGRFRPRXQD

3RU HMHPSOR DQDOL]DQGR XQWHPDGHGHVDUUROORUXUDOFRQVtQWRPDVFRPRORVFRPSUDGRUHVTXH

/DVDFWLYLGDGHVVRQODVWDUHDVDFFLRQHVTXHHOHTXLSRGHOSURJUDPDWLHQHTXHOOHYDUDFDERSDUD

1XHVWUD SUHJXQWD DKRUD HV&yPRVDEHPRVVLODKLSyWHVLVVHHVWiFXPSOLHQGRDGHFXDGDPHQWH"

3DUD FDOFXODU OD HILFDFLD \ ODHILFLHQFLDWHQHPRVTXHGHVFRPSRQHUODSREODFLyQDWHQGLGDHQVXV

5HODFLyQFDXVDHIHFWRKLSyWHVLV6LQLxRVHQ

$OGXQDWH (GXDUGR0HWRGRORJtDGHO0DUFR/yJLFR%ROHWLQ1R