)81&,21(60$687,/,=$'$6&21&$'(1$6'(&$5$&7(5(6 )81&,21 '(6&5,3&,21 'HYXHOYHHOQ~PHURGHFDUDFWHUHVGHXQDFDGHQDVLQFRQWDUHO VWUOHQFDG ?ILQDO &RPSDUDOH[LFRJUiILFDPHQWHGLVWLQJXLHQGRHQWUHPLQ~VFXODV\ VWUFPSFDGFDG PD\~VFXODV GRV FDGHQDV TXH ILQDOL]DQ FRQ HO FDUiFWHU QXOR \ GHYXHOYHXQHQWHURTXHVHLQWHUSUHWDDVt • 0HQRUTXHFHURFDGHVPHQRUTXHFDG • &HURFDGHVLJXDODFDG • 0D\RUTXHFHURFDGHVPD\RUTXHFDG ,JXDOTXHVWUFPSSHURLJQRUDQGRPD\~VFXODV\PLQ~VFXODV VWULFPSFDGFDG VWUFPSLFDGFDG &RSLD HO FRQWHQLGR GH OD FDGHQD RULJ HQ OD FDGHQD GHVW /D VWUFS\GHVWRULJ IXQFLyQ GHYXHOYH GHVW 6H XVD SDUD DVLJQDU YDORUHV D XQD YDULDEOHFDGHQDSRUTXHODDVLJQDFLyQHQWUHFDGHQDQRH[LVWH &RSLD HQ OD FDGHQD GHVW WDQWRV FDUDFWHUHV GH OD FDGHQD RULJ VWUQFS\GHVWRULJLQWQ FRPRLQGLTXHQ6LODFDGHQDRULJHQWLHQHPHQRVFDUDFWHUHVGH ORV LQGLFDGRV VH UHOOHQD FRQ FDUDFWHUHV QXORV SHUR 2-2 VL OD FDGHQDGHVWLQRWLHQHPHQRVFDUDFWHUHVGHORVLQGLFDGRVSRUQ HQODFDGHQDGHVWLQRQRDSDUHFHUiHOFDUiFWHUQXOR &RQYLHUWHODFDGHQDDPLQ~FXODV VWUOZUFDG &RQYLHUWHODFDGHQDDPD\~VFXODV VWUXSUFDG &RQFDWHQDDxDGHDOILQDOXQDFRSLDGHFDGHQFDG\DxDGH VWUFDWFDGFDG DO ILQDO GH FDG HO FDUiFWHU QXOR ? (O FDUiFWHU QXOR TXH RULJLQDOPHQWHWHQtDFDGVHVXVWLWX\HSRUHOSULPHUFDUiFWHUGH FDG /D FDG QR VH PRGLILFD HQ HVWD RSHUDFLyQ /D IXQFLyQ GHYXHOYH OD FDG PRGLILFDGD SRU OD FRQFDWHQDFLyQ +D\ TXH WHQHU HQ FXHQWD TXH QR VH UHDOL]DQ RSHUDFLRQHV GH FRPSUREDFLyQ GH OtPLWHV GH FDG SRU OR TXH HO SURJUDPDGRU GHEHUiWHQHUFXLGDGRGHTXHODFDGHQDUHVXOWDQWHQRWHQJDXQD ORQJLWXGVXSHULRUDODHVWDEOHFLGDSDUDFDG &RQFDWHQDQFDUDFWHUHVGHFDGDOILQDOGHFDG(VWDIXQFLyQ VWUQFDWFDGFDGLQWQ GHYXHOYHFDG ,QYLHUWHWRGRVORVFDUDFWHUHVGHFDGVDOYRHOFDUiFWHUQXOR VWUUHYFDG 3RQHHOFDUiFWHUFDUHQWRGDVODVSRVLFLRQHVGHFDG VWUVHWFDGFKDUFDU 3RQHORVQSULPHURVFDUDFWHUHVGHFDGFRQHOFDUiFWHUFDU VWUQVHWFDGFKDUFDULQWQ )81&,21(60$687,/,=$'$6&21&$5$&7(5(6 )81&,21 '(6&5,3&,21 &RQYLHUWH XQD FDGHQD HQ XQ HQWHUR 'HYXHOYH HO HQWHUR DWRLFDG FRUUHVSRQGLHQWH\VLODFDGHQDQRHVXQHQWHUR &RQYLHUWH XQD FDGHQD HQ XQ GRXEOH 'HYXHOYH HO GRXEOH DWRIFDG FRUUHVSRQGLHQWH\VLODFDGHQDQRHVXQHQWHUR &RQYLHUWH XQD FDGHQD HQ XQ HQWHUR ODUJR 'HYXHOYH HO HQWHUR DWROFDG FRUUHVSRQGLHQWH\VLODFDGHQDQRHVXQHQWHUR 'HYXHOYHXQYDORUGLVWLQWRGHFHURYHUGDGHURVLHOFDUiFWHUHV LVDOSKDFDU XQDOHWUDGHODOIDEHWR\FHURIDOVRHQFXDOTXLHURWURFDVR3RU HMHPSOR LVDOSKDµD¶ GHYROYHUtD XQ YDORU GLVWLQWR GH YHUGDGHUR\LVDOSKDµ¶GHYROYHUtDIDOVR 'HYXHOYHXQYDORUGLVWLQWRGHFHURYHUGDGHURVLHOFDUiFWHUHV LVGLJLWFDU XQGtJLWR\FHURIDOVRHQRWURFDVR3RUHMHPSORLVGLJLWµ¶ GHYROYHUtD XQ YDORU GLVWLQWR GH YHUGDGHUR \ LVGLJLWµD¶ GHYROYHUtDIDOVR 'HYXHOYHXQYDORUGLVWLQWRGHFHURYHUGDGHURVLHOFDUiFWHUHV LVDOQXPFDU XQD OHWUD R XQ GtJLWR \ FHUR IDOVR HQ RWUR FDVR 3RU HMHPSOR LVDOQXPµ¶RLVDOQXPµD¶GHYROYHUtDQXQYDORUGLVWLQWRGH YHUGDGHUR\LVDOQXPµ¶GHYROYHUtDIDOVR 'HYXHOYHXQYDORUGLVWLQWRGHFHURYHUGDGHURVLHOFDUiFWHUHV LVORZHUFDU XQD OHWUD HQ PLQ~VFXOD \ FHUR IDOVR HQ FXDOTXLHU RWUR FDVR 3RU HMHPSOR LVORZHUµD¶ GHYROYHUtD XQ YDORU GLVWLQWR GH YHUGDGHUR\LVORZHUµ¶GHYROYHUtDIDOVR 'HYXHOYHXQYDORUGLVWLQWRGHFHURYHUGDGHURVLHOFDUiFWHUHV LVXSSHUFDU XQDOHWUDHQPD\~VFXODV\FHURIDOVRHQFXDOTXLHURWURFDVR 3RU HMHPSOR LVXSSHUµ$¶ GHYROYHUtD XQ YDORU GLVWLQWR GH YHUGDGHUR\LVXSSHUD¶GHYROYHUtDIDOVR 'HYXHOYH HO HTXLYDOHQWH HQ PLQ~VFXOD GHO FDUiFWHU 3RU WRORZHUFDU HMHPSORWRORZHUµ$¶GHYROYHUtDD6LHOFDUiFWHUQRHVXQD OHWUDGHODOIDEHWRQRVXIUHQLQJ~QFDPELR 'HYXHOYH HO HTXLYDOHQWH HQ PD\~VFXODV GHO FDUiFWHU 3RU WRXSSHUFDU HMHPSORWRXSSHUµD¶GHYROYHUtD$6LHOFDUiFWHUQRHVXQD OHWUDGHODOIDEHWRQRVXIUHQLQJ~QFDPELR