(VSDxRO &RQWDGRUGHDJXD8OWUDVyQLFR /D6ROXFLyQ'HILQLWLYD $GDSWDEOHDVLVWHPDVGHOHFWXUDDGLVWDQFLD 3UHSDUDGRSDUDSRGHUVHUFRQHFWDGRFRQWRGRVORV VLVWHPDVGHOHFWXUDH[LVWHQWHVHQHO0HUFDGR &RQWDGRUGH$JXD8OWUDVyQLFR 6LQSLH]DVPyYLOHV &RQWDGRUVLQGHVJDVWHVLQSpUGLGD GHSUHFLVLyQVLQVXEFRQWDMHVLQ 0$17(1,0,(172 (VODVROXFLyQGHILQLWLYD HOSURGXFWRTXHWRGDV ODVFRPSDxtDVGHDJXD HVWDEDQHVSHUDQGR3RUILQ XQHTXLSRGHPHGLGDFRUULJH ORVSUREOHPDVGHPHGLFLyQ GHOSDUTXHGHFRQWDGRUHVGH FXDOTXLHUFLXGDG (VODSULPHUDYH]TXHXQ FRQWDGRUGHJUDQWDPDxRFRQVLJXH PHGLUFDXGDOHVWtSLFRVGHHTXLSRV GRPpVWLFRVPDQWHQLHQGRHVWiSUHFLVLyQ HVWDEOHGXUDQWHWRGDVXYLGD\DTXHVH HOLPLQDFXDOTXLHUWLSRGHGHVJDVWHPHFiQLFR 1RKD\QDGDHQ2FWDYHHQPRYLPLHQWRVDOYRHODJXD &RQWDGRUGH$JXD8OWUDVyQLFR 3DQWDOODGLJLWDO P PK 8QLGDGGHPHGLFLRQGHYROXPHQ ,FRQRGHOVHQWLGRGHOIOXMR &DXGDOLQVWDQWiQHR ,FRQRGH$ODUPDHUURU 'HWHFWRUGHIXJDV 0RGRGHVDOLGD ,FRQRGHOHVWDGRGHODEDWHUtD &RPXQLFDFLRQHVDFWLYDGDV &RQWHQLGRPHFiQLFRUtJLGR &RQWDGRUSHQVDGRSDUDODVVLWXDFLRQHVGH LQVWDODFLyQPiVDGYHUVDV,3 (VSHFLILFDFLRQHVWpFQLFDV 3UHVLyQGHWUDEDMR EDU 7HPSHUDWXUDGHODJXD &D& &DUDFWHUtVWLFDVGHPHWURORJtD $FRUGHD0,'(& &RQILJXUDFLyQ &RPSDFWR/DSDQWDOODHVWiLQWHJUDGDDODXQLGDG %DWHUtDVGH/LWLRGHWDPDxR'FRQYLGD~WLOGH (QHUJtD DxRV 3URWHFFLyQDPELHQWDO 8QLGDGGHGLVSOD\ 6DOLGDV ,33DUDRSHUDFLyQHQWUHWHPSHUDWXUDVHQWUH ORV&\ORV& 'LVSOD\FRQLQGLFDFLyQGHYROXPHQFDXGDOSDVR GHDJXDHVWDGRGHODEDWHUtDHWF &RPSDWLEOHFRQFXDOTXLHUVLVWHPDGH FRPXQLFDFLRQHV6WDQGDUG 7HFQRORJtDHQFRQWDGRUHVGHDJXD 1RQHFHVLWDFRQH[LyQHOpFWULFD 8WLOL]DEDWHUtDVGHODUJDGXUDFLyQ 9LGD~WLODxRV 3ULQFL SLRVGHODPHGLFLyQ ,PDJtQHVH GRV QDGDGRUHV LGpQWLFRV TXH FUX]DQXQUtRDORODUJRGHOXQDPLVPDOtQHD GLDJRQDO XQR FRQ OD FRUULHQWH \ HO VHJXQGR FRQWUDODFRUULHQWH(OQDGDGRUTXHQDGDFRQOD FRUULHQWHUHTXLHUHGHPXFKRPHQRVWLHPSRSDUD OOHJDUDODRWUDRULOOD /DV RQGDV XOWUDVyQLFDV VH FRPSRUWDQ H[DFWDPHQWH GH OD PLVPD PDQHUD /D RQGD VyQLFD TXH IOX\H FRQ ODFRUULHQWHORKDFHDPD\RUYHORFLGDGTXHODRQGDHQ GLUHFFLyQFRQWUDODFRUULHQWH 7UDQVGXFWRUHV8OWUDVyQLFRV 6HQVRUHVXOWUDVyQLFRVGHGREOHUD\R TXHJDUDQWL]DQXQDWRWDOH[DFWLWXG\ OLQHDOLGDG /RVWLHPSRVGHFUXFH7$%WLHPSR TXHUHTXLHUHODVRQGDVXOWUDVyQLFDV SDUD DWUDYHVDU GHVGH HO VHQVRU$ KDVWD HOVHQVRU%\7%$GHVGHHOVHQVRU%KDVWDHO VHQVRU$VHPLGHQFRQWLQXDPHQWH/DGLIHUHQFLD HQ ORV WLHPSRV 7%$7$% HV GLUHFWDPHQWH SURSRUFLRQDODODPHGLDGHODYHORFLGDGGHOIOXMR 9PGHOIOXLGR /DWDVDGHIOXMRHVHOUHVXOWDGRGHODYHORFLGDGPXOWLSOLFDGDSRUHOiUHDGHOD VHFFLyQGHODWXEHUtDGHOIOXMR 5HTXHULPLHQWRVGHRSHUDFLyQ DFRUGHVFRQ,62 (VSHFLILFDFLRQHVGHRSHUDFLyQ 7DPDxRGHOPHGLGRU '1 ´H[WUHPRV '1 '1 URVFDGRV )OXMR0i[LPR3RUXQSHUtRGRGHWLHPSRFRUWR )OXMRLQVWDQWiQHR [V '1 4 4 4 )OXMRLQLFLDOGHPHGLFLyQ &XUYDGHSpUGLGDGHFDUJD +P 7DPDxRGHOPHGLGRU '1 '1 '1 4 4 4 4 544 4 &XUYDGHSUHFLVLyQ )OXMRLQVWDQWiQHR [V ( 2F 2FWD WD YH YH ´ ´ /tPLWHGHSUHFLVLyQ /tPLWHGHSUHFLVLyQ 2 ´ H DY FW ´ H WDY 2F (QWUHJDHQSDUD4PD[ 4 4 4 4 4PK 'LPHQVLRQHV 0RGHO 7DPDxR QRPLQDO 2FWDYH PP 3XOJDGDV H[WUHPRV URVFDGRV H[WUHPRV URVFDGRV + K %ă$QFKRPP +ă$OWXUDPP Kă$OWXUDPP 3HVRNJ / % + /ă/RQJLWXGPP K / 5HVROXFLyQGHVDOLGDHOpFWULFD&DQWLGDG3XOVRVGXUDFLyQGHOSXOVR 0 86* &XIW $) 3XOVR VHOHFFLRQDGR 0i[LPRDQFKR 0i[LPRDQFKR 0i[LPRDQFKR 0i[LPRDQFKR GHOSXOVR>PV@ GHOSXOVR>PV@ GHOSXOVR>PV@ GHOSXOVR>PV@ % 6R OXFLRQHV$05/HFWXUDUHPRWDGH$UDG (OVHUYLFLRGHJHVWLyQGHUHGHVGH$UDG7HFKQRORJLHV$786 FRPVXPLQLVWUDDODHPSUHVDGHVHUYLFLRVFRQXQDDPSOLDJDPDGH KHUUDPLHQWDVSDUDFRQWURODUVXVUHGHVGHDJXDJDV\HOHFWULFLGDG (OVLVWHPDLQFOX\HPyGXORVGHGHWHFFLyQWDOHVFRPR )XJDV (OPyGXORGHGHWHFFLyQGHIXJDVJHQHUDPDSDVGHODHVWUXFWXUDItVLFDGHODUHG GLYLGLGDHQJUXSRV8VDQGRXQDOJRULWPRLQWHOLJHQWHHVFDSD]GHFDOFXODUD~QOD PtQLPDSpUGLGDGHDJXDGHQWURGHXQJUXSRHVSHFtILFRRHQWUHJUXSRVSULQFLSDOHV \VXEJUXSRV 5RERV (OVLVWHPDVHSURJUDPDHVSHFLDOPHQWHSDUDFRQRFHUFRPRLGHQWLILFDUHOURER GHDJXDELHQVHDGLUHFWDPHQWHGHORVPHGLGRUHVRGHODOtQHDHQWUHPHGLGRUHV ,QPHGLDWDPHQWHDOHUWDDOFOLHQWHGHOVHUYLFLRSRUFRUUHRID[RDVXWHOpIRQRPyYLO 'DxRV (OVLVWHPDHVFDSD]WDPELpQGHLGHQWLILFDUGDxRVGHOLEHUDGRVDORVPHGLGRUHVH LQPHGLDWDPHQWHDOHUWDDOFOLHQWHGHOVHUYLFLRSRUFRUUHRID[RDVXWHOpIRQRPyYLO )OXMRVGHUHWRUQR (OVLVWHPDUHFRQRFHVLXQPHGLGRUKDVLGRLQVWDODGRGHPDQHUDLQFRUUHFWDHQ ODGLUHFFLyQRSXHVWDRKDVLGRGHOLEHUDGDPHQWHDOWHUDGRSRUHOXVXDULRILQDO(O PHGLGRUHQYtDXQDVHxDOGHDOHUWDLQGLFDQGRTXHHOFRQVXPRIOX\HHQODGLUHFFLyQ HTXLYRFDGD 2FWDYH0DU &RQWDGRUGH$JXD8OWUDVyQLFR ,QQRYDWLRQWKURXJKSUHFLVLRQ TXDOLW\DQGSHUIRUPDQFH $UDG /WG$VVRFLDWLRQ 'DOLD 5DPRW0HQDVKH 'DOLD ,65$(/ 7HO )D[ Z Z Z D U D G F R L O