FS2 Inst. Manual - Astro Electronic

Anuncio
)6
8QLGDGGHFRQWUROGH7HOHVFRSLRV
0DQXDOGH,QVWUXFFLRQHV
$6752(/(&7521,&'LSO,QJ0LFKDHO.RFK
5DDEHVWU'+HU]EHUJ*HUPDQ\
7HOIGHD87
VRORLQJOHV\DOHPiQSRUIDYRU
)D[VLHPSUH
FRUUHRHDVWURHOHFWURQLF#WRQOLQHGH
ZZZDVWURHOHFWURQLFGH
,QWURGXFFLyQ
(O6LVWHPDGH0HQ~V
(MHPSORV&DPELDUYDORUHVGHO6LVWHPDGH0HQ~V
&RQH[LyQGHOD&DMDGH&RQWURO
&RQH[LyQGHORVPRWRUHV
$OLPHQWDFLyQ
%RWRQHV\3DQWDOOD
2EMHWRVGHUHIHUHQFLD
/D)XQFLyQ,U$*RWR
&RUUHFFLyQGHO(UURU3HULyGLFR3(&
9HORFLGDGHVGHPRYLPLHQWRUiSLGR
6HJXLPLHQWRGHFRPHWDV
&DPELRGHOVHQWLGRGHORVERWRQHV
/DIXQFLyQGHWHPSRUL]DFLyQ
0RGRGHDKRUURGHHQHUJtD
&RQHFWRUSDUD$XWRJXLDGRU6HJXLPLHQWRFRQ&&'
&RQH[LyQVHULHFRQVX3&,QWHUIDVH
%~VTXHGDGHREMHWRVSRUUHFRUULGRHQIRUPDHVSLUDO
0RGR,QYLWDGR
/DPRQWXUD$OHPDQD
&RQH[LyQGHORVPRWRUHVSDVRDSDVR
$MXVWHGHORVSDUiPHWURVGHORVPRWRUHV
&RQH[LyQGHORVFRGLILFDGRUHV
$MXVWHGHODVGLUHFFLRQHVGHJLUR
(VWUHOODVGHUHIHUHQFLD
$OIDEHWR*ULHJR
(VWUHOODVFRQQRPEUHSURSLR
'DWRVWpFQLFRVGHDOJXQDVPRQWXUDV
(VWHPDQXDOFRUUHVSRQGHDODYHUVLyQGHSURJUDPD
,QWURGXFFLyQ
1RVHSUHRFXSHQRWLHQHTXHOHHUHOPDQXDO
GHLQVWUXFFLRQHVFRPSOHWRDKRUDPLVPR3DUD
HPSH]DUVyORWLHQHTXHOHHUORVFDStWXORV
\
(OSURJUDPD)6KDVLGRFXLGDGRVDPHQWH
FRPSUREDGRSRUYDULRVH[SHUWRV6LDXQDVt
HQFXHQWUDDOJ~QHUURUQHFHVLWDUtDTXHPH
HQYLDVHODVLJXLHQWHLQIRUPDFLyQ
(OQ~PHURGHODYHUVLyQGHOSURJUDPDTXH
VHYLVXDOL]DGXUDQWHXQPRPHQWRWUDV
HQFHQGHUHO)6
8QDOLVWDFRPSOHWDGHWRGRVORV
SDUiPHWURVDMXVWDGRV
8QDGHVFULSFLyQGHWDOODGDGHFyPR
UHSURGXFLUHOHUURU8QSUREOHPDVyOR
SXHGHVROXFLRQDUVHVLHVUHSURGXFLEOH
6LWLHQHDOJXQDSURSXHVWDSDUDPHMRUDUHO
)6SRUIDYRUKiJDPHORVDEHU
(VXQDEXHQDLGHDUHDOL]DUORVSULPHURV
SDVRVDODOX]GHOGtDDILQGH
IDPLOLDUL]DUVHFRQHOPDQHMRGHO)6
&RQH[LyQGHOD&DMDGH
&RQWURO
/DFDMDGHFRQWUROGHEHFRQHFWDUVHDO
FRQHFWRUGHSLQHV3XHGHDVHJXUDUHO
FRQHFWRUFRQORVGRVWRUQLOORVSDUDHYLWDU
GHVFRQH[LRQHVDFFLGHQWDOHV
&RQHFWRUHVGHODXWRJXLDGRU
&RGLILFDGRUHV
&DMDGH
&RQWURO
&RQH[LyQ6HULH
&RQH[LyQGHO0RWRU
6LKDFRPSUDGRORVFDEOHVGHOPRWRUGHVX
PRQWXUDGLUHFWDPHQWHD$VWUR(OHFWURQLF
VLPSOHPHQWHFRQpFWHORVDO)6\DVX
PRQWXUD(OMDFNL]TXLHUGRHVHOGH
$VFHQVLyQ5HFWD\HOGHUHFKRHOGH
'HFOLQDFLyQ3XHGHDVHJXUDUORVFRQHFWRUHV
FRQORVWRUQLOORV
6LWLHQHXQDPRQWXUDDXWRFRQVWUXLGDVLKD
KHFKRORVFDEOHVXVWHGPLVPRRVLWLHQH
FXDOTXLHUGXGDVREUHORVFDEOHVRORV
PRWRUHVOHDSRUIDYRUHOFDStWXORDQWHV
GHFRQHFWDUORVFDEOHVDO)66LQHPEDUJR
SXHGHSUREDUHO)6LQFOXVRVLQFRQHFWDUORV
PRWRUHV
1RWD,PSRUWDQWH
3RUIDYRUQRFRQHFWHRGHVFRQHFWHORV
FDEOHVGHORVPRWRUHVPLHQWUDVHO)6HVWp
HQFHQGLGR6LORKDFHFDVRODHOHFWUyQLFD
SRGUtDGDxDUVH3RUVXSXHVWRHVWDQRWDHV
YiOLGDWDPELpQSDUDORVFRQHFWRUHV\ORV
PRWRUHV
,QWHUUXSWRU\IXVLEOHV
&RQHFWRUHVGHORV
PRWRUHVSDVRDSDVR
$OLPHQWDFLRQ
YROWLRV
$OLPHQWDFLyQ
&RQHFWHORVFDEOHVURMR\QHJURDVXEDWHUtD
GHYROWLRVRDXQDIXHQWHDOLPHQWDFLyQGH
FRUULHQWHFRQWLQXD
52-2 326,7,921(*52 1(*$7,92
3UHFDXFLyQ£(OFKDVLVGHDOXPLQLRHVWi
FRQHFWDGRLQWHULRUPHQWHDOSRORQHJDWLYR
(OYROWDMHGHIXQFLRQDPLHQWRSXHGHYDULDUGH
DYROWLRV&&DYROWLRVSDUDOD
YHUVLyQGHY1RXVHIXHQWHVGH
DOLPHQWDFLyQQRHVWDELOL]DGDV\DTXHOD
VDOLGDGHWHQVLyQGHHVWDVIXHQWHVVXHOHVHU
VLJQLILFDWLYDPHQWHVXSHULRUDYROWLRV6L
XWLOL]DXQYROWDMHLQIHULRUDYROWLRVOD
YHORFLGDGPi[LPDSXHGHVHUPHQRU
6LVHFRQHFWDODIXHQWHGHDOLPHQWDFLyQGH
IRUPDLQFRUUHFWDSXHGHIXQGLUVHHOIXVLEOH
SHURQRODHOHFWUyQLFD
3XHGHQFRQVHJXLUVHIXVLEOHVGHUHSXHVWRHQ
WLHQGDVGHDFFHVRULRVSDUDFRFKHVRHQ
JDVROLQHUDV3RUIDYRUXVHVRODPHQWH
IXVLEOHVGHDPSHULRVRPHQRV
/DYHUVLyQ)6FRQFRQYHUVRUGHYROWDMH
LQFRUSRUDGRXWLOL]DXQIXVLEOHGH
DPSHULRV
(OFRQVXPRGHO)6YDUtDHQWUHDPSHULRV
\DPSHULRVGHSHQGLHQGRGHOFRQVXPRGH
ORVPRWRUHVHOYROWDMHGHDOLPHQWDFLyQOD
UHVLVWHQFLDGHODVERELQDV\HOEULOORGHO
GLVSOD\
1RWD
(QHO)6VHXWLOL]DQIXHQWHVUHJXODGRUDV
FRQPXWDGDVSDUDJHQHUDUODVVDOLGDVDODV
ERELQDVGHORVPRWRUHVSDVRDSDVR(VWR
LPSOLFDTXHODFRUULHQWHGHVGHODIXHQWHGH
DOLPHQWDFLyQDO)6SXHGHVHU
FRQVLGHUDEOHPHQWHPHQRUTXHODVXPDGHODV
FRUULHQWHVGHORVPRWRUHV8QDGLVPLQXFLyQ
GHOYROWDMHGHDOLPHQWDFLyQSXHGHFRQOOHYDU
XQDXPHQWRGHODLQWHQVLGDGGHFRUULHQWH1R
VRQQHFHVDULDVUHVLVWHQFLDVHQVHULHFRQORV
ERELQDGRVGHORVPRWRUHVLQFOXVRVLORV
ERELQDGRVOOHYDQUHVLVWHQFLDVPX\SHTXHxDV
6LQHPEDUJRVLXWLOL]DUHVLVWHQFLDVHQ
VHULHODYHORFLGDGPi[LPDVHUHGXFLUi
3DUDORVFOLHQWHVGH((88XQ
VXPLQLVWUDGRUEDUDWRGHIXHQWHVGH
DOLPHQWDFLyQHV+5
79'&$UHJXODGD
69'&$OLQHDO
SUHFLRVGH-XQLR
/RVERWRQHV\HOGLVSOD\
&RMDHOPDQGRGHFRQWURO
GHIRUPDTXHHOGLVSOD\
TXHGHHQODSDUWH
VXSHULRU(QFLHQGDHO
)6'XUDQWHXQPRPHQWR
VHYLVXDOL]DUiHOQ~PHUR
GHODYHUVLyQGHO
SURJUDPD$KRUDHO)6
HVWDHQFRQGLFLRQHVGH
IXQFLRQDU\HOPRWRUGH
$5GHEHUtDJLUDU
OHQWDPHQWH
(QHOYLVRUYHUiHQODOtQHDVXSHULRU
$VFHQVLyQ5HFWD+RUDVPLQXWRV\GpFLPDVGH
PLQXWRV
<HQODOtQHDLQIHULRU
'HFOLQDFLyQ *UDGRV\PLQXWRV
/RVVtPERORVGHODHVTXLQDLQIHULRUGHUHFKD
WLHQHQORVVLJXLHQWHVVLJQLILFDGRV
"
0
(
/DVFRRUGHQDGDVYLVXDOL]DGDVQRVRQ
YiOLGDV\DTXHHOWHOHVFRSLRQRKD
VLGRDOLQHDGRFRQQLQJ~QREMHWRGH
UHIHUHQFLDWRGDYtD
/DVFRRUGHQDGDVYLVXDOL]DGDVKDQVLGR
FDOFXODGDVXVDQGRODVSRVLFLRQHVGH
ORVPRWRUHVSDVRDSDVR
/DVFRRUGHQDGDVYLVXDOL]DGDVKDQVLGR
FDOFXODGDVXVDQGRORVFRGLILFDGRUHV
3UXHEHORVFXDWURSXOVDGRUHVGHODFDUD
IURQWDOGHOPDQGRGHFRQWURO(QHOWH[WR
TXHVLJXHHVWRVSXOVDGRUHVVHGHQRPLQDUiQ
ERWRQHVGHGLUHFFLyQ
1$UULED
6$EDMR
( L]GD
:GHUHFKD
(OWHOHVFRSLRJLUDDO1RUWH
DXPHQWRHQ'HFOLQDFLyQ
(OWHOHVFRSLRJLUDDO6XU
GLVPLQXFLyQHQ'HFOLQDFLyQ
(OWHOHVFRSLRJLUDDO(VWH
$XPHQWRHQ$VFHQVLyQ5HFWD
(OWHOHVFRSLRJLUDDOHVWH
'LVPLQXFLyQHQ$VFHQVLyQ5HFWD
3RUVXSXHVWRSXHGHPRYHUDPERVHMHV
VLPXOWiQHDPHQWHSXOVDQGRGRVSXOVDGRUHVDOD
YH]
(OSXOVDGRUGHOFRVWDGRL]TXLHUGRGHOPDQGR
GHFRQWUROHVHOERWyQGH&$0%,2>6+,)7@
x
x
6LSXOVDHOERWyQGH&$0%,2GXUDQWHXQ
VHJXQGRVLQSXOVDURWURERWyQDOPLVPR
WLHPSRDFWLYDUiODIXQFLyQIODVKOLJKW
OLQWHUQD3UXpEHOR
6L SXOVD HO ERWyQ &$0%,2 D OD YH] TXH
RWURVERWRQHVDFWLYDUiRWUDVIXQFLRQHV
6LSHMGLFHHQHOSUHVHQWHWH[WRSXOVH
&$0%,21VLJQLILFDUi3ULPHURSXOVHHO
ERWyQ&$0%,2\VLQVROWDUORSXOVHWDPELpQ
HOERWyQ1
&RQ&$0%,21´\³&$0%,26´SRGUiFDPELDUOD
YHORFLGDGGHVHJXLPLHQWR+D\FLQFR
YHORFLGDGHVGHVHJXLPLHQWRGLVSRQLEOHV
x
x
x
³&$0%,21´DUULED&DPELDDODVLJXLHQWH
YHORFLGDGPiVUiSLGD'XUDQWHXQLQVWDQWH
VHYLVXDOL]DUiODQXHYDYHORFLGDG
³&$0%,26´DEDMR&DPELDDODVLJXLHQWH
YHORFLGDGPiVOHQWD'XUDQWHXQLQVWDQWH
VHYLVXDOL]DUiODQXHYDYHORFLGDG
³&$0%,2(´ L]GD&DPELDFtFOLFDPHQWHD
RWUDVYHORFLGDGHVGHVHJXLPLHQWR(O
QXHYRPRGRVHYLVXDOL]DUiGXUDQWHXQ
EUHYHLQVWDQWH
0RRQ
6XQ
&RPHW
(DUWK
6WDUV
0RRQ
/XQD9HORFLGDGOXQDUPHGLDPLQ
VJSRUGtD
6RO9HORFLGDG6RODUPHGLDPLQ
VJSRUGtD
&RPHWD9HORFLGDGHVGHVHJXLPLHQWR
SURJUDPDEOHVSDUDDPERVHMHVYHU
FDStWXOR3XHGHXVDUVHWDPELpQ
SDUDXQDMXVWHILQRGHODYHORFLGDG
GHVHJXLPLHQWRHQ$5
7LHUUD6LQVHJXLPLHQWRSHM
3DUDDMXVWDUODySWLFDDODOX]GHO
GtD
(VWUHOODV9HORFLGDGGH
VHJXLPLHQWRVLGpUHDQRUPDO
HWF
$OHQFHQGHUHO)6VHVHOHFFLRQDSRU
GHIHFWRODYHORFLGDGGHVHJXLPLHQWRVLGpUHD
&RQ³&$0%,2:´ GHUHFKDSXHGHDFFHGHUDO
OODPDGRVLVWHPDGHPHQ~V$TXtHQFRQWUDUi
WRGDVODVGHPiVIXQFLRQHVTXHHVWiQ
GHVFULWDVHQHOFDStWXOR
0LHQWUDVHVWpHQHOVLVWHPDGHPHQ~VQR
SRGUiYHUODVFRRUGHQDGDVHQHOGLVSOD\
3RGUiDEDQGRQDUHOVLVWHPDGHPHQ~VHQ
FXDOTXLHUPRPHQWRSXOVDQGRHOERWyQ(XQD
RYDULDVYHFHV
7UDVVDOLUGHOVLVWHPDGHPHQ~VSRGUiYHUGH
QXHYRODVFRRUGHQDGDVHQHOGLVSOD\
(OVLVWHPDGH0HQ~V
1RWD
(QFDVRGHTXHWHQJDSUREOHPDVPLHQWUDV
SUXHEDODVIXQFLRQHVGHOPHQ~ORVHMHPSORV
GHOFDStWXORSRGUiQD\XGDUOH
(VWDQGRHQHOVLVWHPDGHPHQ~VODV
IXQFLRQHVVLJXLHQWHVHVWiQDVLJQDGDVDORV
FXDWURERWRQHVGHGLUHFFLyQ
1DUULED
0iVRVLJXLHQWHIXQFLyQ
6DEDMR
0HQRVRIXQFLyQDQWHULRU
(L]GD
(VFDEDQGRQDUODIXQFLyQVLQ
DOPDFHQDUYDORUHV
:GHUHFKD ,QWURFRQILUPDUODIXQFLyQ
DFWXDO\DOPDFHQDUHOQXHYR
YDORU
6LTXLHUHPRGLILFDUXQYDORUQXPpULFRGHEHUi
SXOVDUORVERWRQHV>1@R>6@8WLOL]DQGROD
IXQFLyQGHDXWRUHSHWLFLyQHOYDORUFDPELDUi
DXQDYHORFLGDGFDGDYH]PD\RU
7UDVSXOVDU³&$0%,2:´GHUHFKDHQWUDUiHQ
HOVLVWHPDGHPHQ~V\YHUi5HI2EMHQHO
GLVSOD\(VWDHVODSULPHUDIXQFLyQ
&RQORVERWRQHV³1´\³6´SRGUiQDYHJDUD
WUDYpVGHWRGDVODVGHPiVIXQFLRQHV
GLVSRQLEOHV
8WLOL]DQGRHOERWyQ1SDVDUiDOD
VLJXLHQWHIXQFLyQ\XVDQGRHOERWyQ6
FDPELDUiDODIXQFLyQDQWHULRU
'HVSXpVGHTXHKD\DHQFRQWUDGRODIXQFLyQ
TXHEXVFDEDFRQItUPHORSXOVDQGRHOERWyQ
:GHUHFKD
6LHPSUHSXHGHDEDQGRQDUHOVLVWHPDGHPHQ~V
SXOVDQGRXQDRYDULDVYHFHVHOERWyQ(
L]TXLHUGD
/DVVLJXLHQWHVIXQFLRQHVHVWiQGLVSRQLEOHV
HQHOVLVWHPDGHPHQ~V
5HI2EM
*RWR
,UD
3(&
%ULJKWQ
/DPS
6SLUDO
/RZ&XUU
5DWHV
0RWB5$
0RWB'H
0LVF
7UDVDOLQHDUHOWHOHVFRSLRFRQ
XQDHVWUHOODEULOODQWHRFRQXQ
REMHWRXWLOLFHHVWDIXQFLyQSDUD
DMXVWDUHOGLVSOD\GH
FRRUGHQDGDV9HUFDStWXOR
(VWDIXQFLyQRULHQWDHO
WHOHVFRSLRKDFLDXQREMHWR
0HVVLHU1*&,&HOVRO\ORV
SODQHWDVHVWUHOODV$5\
'HFO9HUFDStWXOR
&RUUHFFLyQGHOHUURUSHULyGLFR
9HUFDStWXOR
$MXVWHGHOEULOORGHOGLVSOD\
$MXVWHGHOEULOORGHODOLQWHUQD
%~VTXHGDGHXQREMHWRVLJXLHQGR
XQUHFRUULGRHVSLUDO9HU
FDSLWXOR
0RGRGHDKRUURGHHQHUJtD$PERV
PRWRUHV\HOGLVSOD\VH
GHVFRQHFWDQSHURODVFRRUGHQDGDV
SHUPDQHFHQYiOLGDV9HUFDStWXOR
$MXVWHGHODVFLQFRYHORFLGDGHV
GHVHJXLPLHQWR9HUFDStWXOR
(VWHPHQ~FRQWLHQHPXFKDV
VXEIXQFLRQHVSDUDHOPRWRUGH
$59HUFDStWXOR
(VWHPHQ~FRQWLHQHODVPLVPDV
IXQFLRQHVSDUDHOPRWRUGH
GHFOLQDFLyQ
(VWHPHQ~FRQWLHQHPXFKDVVXE
IXQFLRQHV
(QHOPHQ~³0LVF´(QFRQWUDUiODVVLJXLHQWHV
IXQFLRQHV
9HORFLGDGHQ$5SDUD
&RPHWB5$
VHJXLPLHQWRGHFRPHWDV
8QLGDGPLQXWRVSRUGtD
9HUFDStWXOR
9HORFLGDGHQ'HFOLQDFLyQSDUD
&RPHWB'H
VHJXLPLHQWRGHFRPHWDV8QLGDG
PLQXWRVGHDUFRSRUGtD9HU
FDStWXOR
$TXtSXHGHSURJUDPDUVLWLHQH
(QFRGHU
FRGLILFDGRUHVRQR9HUFDStWXOR
/tPLWHDFHSWDEOHGHODV
/LPLW
GLIHUHQFLDVHQWUHODSRVLFLyQGHO
FRGLILFDGRU\ODSRVLFLyQGHO
PRWRUHQJUDGRV
9HUFDStWXOR
1~PHURGHGLHQWHVGHOWRUQLOOR
7HHWK
VLQItQGH$5XWLOL]DGRSDUDOD
IXQFLyQ3(&
9HUFDStWXOR
&RUUHFFLRQHVGH3(&HQ
3(&B'HFO
GHFOLQDFLyQ6tR1R9HU
FDStWXOR
&DPELRGHOHIHFWRGHORVERWRQHV
%XWWRQV
GHGLUHFFLyQYHUFDStWXOR
)RUPDWRGHGDWRVGHFRRUGHQDGDV
/;
GHO/;
3XHGHHOHJLUHQWUHHOIRUPDWR
FRUWR++000RODUJR
++0066
(OIRUPDWRSXHGHFDPELDUVHFRQHO
FRPDQGR8GHO/;
(OHJLULGLRPD,QJOpVR$OHPiQ
/DQJXDJH
)XQFLyQFURQR6tR1R
7LPHU
9HUFDStWXOR
7LHPSRGHH[SRVLFLyQGHD
([SRVXUH
PLQXWRV9HUFDStWXOR
(ODMXVWHGHORVSDUiPHWURVVyORGHEH
UHDOL]DUVHXQDYH]7RGRVORVSDUiPHWURV
TXHGDQDOPDFHQDGRVSHUPDQHQWHPHQWHLQFOXVR
VLQDOLPHQWDFLyQ
1RWDDGLFLRQDOUHODWLYDDOEULOORGHO
GLVSOD\
1RUPDOPHQWHVHOHFFLRQDUiXQEULOOREDMRGHO
GLVSOD\SDUDODVREVHUYDFLRQHVQRFWXUQDV6L
HQFLHQGHHO)6DOGtDVLJXLHQWHDODOX]
GHOGtDQRYHUiSUiFWLFDPHQWHQDGDHQHO
GLVSOD\GHELGRDVXEDMREULOOR3XHGHVHU
GLItFLODMXVWDUHOEULOORGHOGLVSOD\DXQ
QLYHOPD\RU\DTXHQRSRGUiYHUORTXHHVWi
KDFLHQGR3DUDHVWDVLWXDFLyQH[LVWHXQD
IXQFLyQHVSHFLDO
0DQWHQJDSXOVDGRHOERWyQ1PLHQWUDV
HQFLHQGHHO)6FRQHOLQWHUUXSWRU
SULQFLSDO'HVSXpVVXHOWHHOERWyQ(VWR
DMXVWDUiHOGLVSOD\DVXEULOORPi[LPR
(MHPSORV0RGLILFDFLyQGH
YDORUHVGHOVLVWHPDGH
PHQ~V
(MHPSOR
6XSRQJDTXHTXLHUHFDPELDUHOEULOORGHO
GLVSOD\$OSULQFLSLRHOGLVSOD\HVWDUiHQ
VXSRVLFLyQQRUPDO3RGUiYHUODV
FRRUGHQDGDV6LQRSXOVHHOERWyQ(
KDVWDTXHYHDODVFRRUGHQDGDV
$KRUDSXOVH&$0%,2:GHUHFKD9HUi
5HI2EMHQODOtQHDVXSHULRUGHOGLVSOD\
3XOVH1WRS9HUi*RWRHQODOtQHD
VXSHULRUGHOGLVSOD\3XOVH1GHQXHYR
$KRUDYHUi%ULJKWQ(VWDHVODIXQFLyQ
TXHHVWDEDEXVFDQGR3XOVH:GHUHFKD
SDUDFRQILUPDUOR(QODOtQHDLQIHULRUGHO
GLVSOD\DSDUHFHUiXQQ~PHURHQWUH\(O
Q~PHURLQGLFDHOQLYHODFWXDOGHEULOOR
3XHGHPRGLILFDUHVWHYDORUSXOVDQGRHOERWyQ
1DUULEDR6DEDMR&XDQGRKD\D
HOHJLGRXQYDORUDGHFXDGRSXOVH:SDUD
FRQILUPDUODHOHFFLyQ(VWRDOPDFHQDUiHO
QXHYRYDORU\VDOGUiGHOVLVWHPDGHPHQ~V
(OGLVSOD\YROYHUiDVXHVWDGRQRUPDO
6LQRTXLHUHDOPDFHQDUHOQXHYRYDORUGHEH
ILQDOL]DUODIXQFLyQFRQHOERWyQ(HQYH]
GHFRQHOERWyQ:
(MHPSOR
6XSRQJDTXHTXLHUHDMXVWDUHOQ~PHURGH
GLHQWHVGHODFRURQDGH$5DXQQXHYR
YDORU$OSULQFLSLRHOGLVSOD\HVWDUiHQVX
HVWDGRQRUPDOSRGUiYHUODVFRRUGHQDGDV
3ULPHURSXOVH&$0%,2:GHUHFKDSDUD
HQWUDUHQHOVLVWHPDGHPHQ~V(QHOGLVSOD\
DSDUHFHUiODSULPHUDIXQFLyQ5HI2EM
3XOVHHOERWyQ1YDULDVYHFHVKDVWDTXH
YHD0LVFHQHOGLVSOD\'HVSXpVSXOVH:
SDUDFRQILUPDU
$SDUHFHUiODSULPHUDRSFLRQGHOPHQ~0LVF
&RPHWB5H
3HURpVWDQRHVODIXQFLyQTXHHVWDED
EXVFDQGR3XOVHGHQXHYRHOERWyQ1YDULDV
YHFHVKDVWDTXHYHD7HHWKHQHOGLVSOD\
(VWDHVODIXQFLyQTXHHVWDEDEXVFDQGR
3XOVH:GHUHFKDSDUDFRQILUPDU
(QODOtQHDLQIHULRUGHOGLVSOD\DSDUHFHUi
XQQ~PHURHQWUH\pVWHHVHOQ~PHUR
GHGLHQWHVGHODFRURQDTXHHVWiDOPDFHQDGR
DFWXDOPHQWHHQHO)6
$KRUDSXHGHPRGLILFDUHVWHYDORUSXOVDQGR
ORVERWRQHV1DUULEDR6DEDMRGH
DFXHUGRDVXVQHFHVLGDGHVHVSHFtILFDV
0DQWHQJDSXOVDGRHOERWyQ1R6SDUD
XWLOL]DUODIXQFLyQGHDXWRUHSHWLFLyQ
8QDYH]KD\DDMXVWDGRHOYDORUFRUUHFWR
SXOVH:GHUHFKDSDUDFRQILUPDUVX
HOHFFLyQ(OYDORUQXPpULFRGHODOtQHD
LQIHULRUGHVDSDUHFHUi
$KRUDHVWDUiGHQXHYRHQHOVLVWHPDGH
PHQ~VGHKHFKRHVWDUiWRGDYtDHQHOVXEPHQ~
0LVF7HQGUiDKRUDYDULDVRSFLRQHV
x
x
x
&RQORVERWRQHV³1´DUULED\³6´
DEDMRSXHGHVHOHFFLRQDURWUDV
IXQFLRQHV
&RQHOERWyQ³(´L]GDSXHGHYROYHUDO
PHQ~SULQFLSDO$TXtSRGUiVHOHFFLRQDU
RWUDVIXQFLRQHVXVDQGRORVERWRQHV³1´\
³6´
3XOVDQGRHOERWyQ³(´GHQXHYRDEDQGRQDUi
HOVLVWHPDGHPHQ~V\HO)6YROYHUiDVX
HVWDGRQRUPDO
/D)XQFLyQ5HI2EM
2EMHWRGHUHIHUHQFLD
3XHGHXVDUFRPRREMHWRVGHUHIHUHQFLD
FXDOHVTXLHUDGHODVHVWUHOODVGH
PDJQLWXGPiVEULOODQWHTXH(QFRQWUDUi
XQDOLVWDGHHVWDVHVWUHOODVHQHOFDStWXOR
%XVTXHHQODOLVWDXWLOL]DQGRORVERWRQHV
1DUULED\6DEDMRKDVWDHQFRQWUDU
HOREMHWRDGHFXDGR'HVSXpVSXOVHHOERWyQ
:GHUHFKD
7UDVHOORHO)6OHSUHJXQWDUiHQTXp
SRVLFLyQHVWiDFWXDOPHQWHODPRQWXUDDOHPDQD
YHUFDStWXOR/DVHOHFFLyQ(:
DSURSLDGDHVLPSRUWDQWH
$OILQDOGHODOLVWDGHHVWUHOODVKD\WUHV
IXQFLRQHVDGLFLRQDOHV
8VDQGRHOERWyQ6SXHGHPRYHUVHKDFLD
GHODQWHDORODUJRGHODOLVWD\SRUWDQWR
OOHJDUDHVWDVIXQFLRQHVPXFKRPiVUiSLGR
6XQ
5$'H
2EMHFW
62/'XUDQWHHOGtDHO~QLFR
REMHWR~WLOFRPRUHIHUHQFLD$O
XVDUHVWDIXQFLyQSRUSULPHUDYH]
GHVSXpVGHFRQHFWDUHO)6WHQGUi
TXHDMXVWDUODIHFKD\KRUD8787
70(±K87 7(09±K
,QWURGX]FDOD$VFHQVLyQ5HFWD\
'HFOLQDFLyQGHFXDOTXLHUREMHWRGH
UHIHUHQFLD
6HUHILHUHDODVFRRUGHQDGDVGHO
REMHWRTXHIXHHO~OWLPRXVDGRHQ
ODIXQFLyQ*RWR9HUFDStWXOR
8WLOLFHHVWDIXQFLyQSDUD
UHVLQFURQL]DUHOGLVSOD\GH
FRRUGHQDGDV
/DIXQFLyQ³*R7R´,UD
8WLOL]DQGRHVWDIXQFLyQSXHGHRULHQWDUHO
WHOHVFRSLRDXWRPiWLFDPHQWHDFLHUWRV
REMHWRV
$QWHVGHSRGHUXVDUHVWDIXQFLyQGHEHQ
FXPSOLUVHGRVUHTXLVLWRV
x /DPRQWXUDGHEHHVWDUELHQDOLQHDGD8QD
DOLQHDFLyQGHIHFWXRVDLQIOXLUiWDQWRPiV
FXDQWRPiVOHMRVHVWpHOREMHWRGH
UHIHUHQFLDGHOREMHWRGHVWLQR
x /DIXQFLyQ³5HI2EM´KDGHELGRXVDUVHDO
PHQRVXQDYH]DQWHV(VWRVHPRVWUDUiFRQ
ODVOHWUDV0R(HQODHVTXLQD
LQIHULRUGHUHFKDGHOGLVSOD\
&XDQGRXVHODIXQFLyQ³*RWR´DSDUHFHUiOD
SDODEUD³REMHFW´HQODSDUWHVXSHULRUGHO
GLVSOD\8VDQGRORVERWRQHV1R6SRGUi
HOHJLUHQWUHORVGLIHUHQWHVFDWiORJRV
0HVVLHU
1*&
,&
3ODQHW
5H'H
6WDU
&XDOTXLHUDGHORVREMHWRV
0HVVLHU
8QDVHOHFFLyQGHREMHWRV1*&
KDVWDODPDJQLWXG
8QDVHOHFFLyQGHREMHWRV,&
(O6RO\SODQHWDV
,QWURGXFFLyQGH$VFHQVLyQ5HFWD\
'HFOLQDFLyQ
HVWUHOODVPiVEULOODQWHVGH
PDJ
(VFRMDHOFDWiORJRDSURSLDGR\FRQILUPHVX
VHOHFFLyQFRQHOERWyQ:GHUHFKD
3RVWHULRUPHQWHHVFRMDHOQ~PHURGHGHO
REMHWR\FRQItUPHORQXHYDPHQWHSXOVDQGR:
GHUHFKD
(OWHOHVFRSLRVHRULHQWDUiDXWRPiWLFDPHQWH
KDFLDHOREMHWRHVFRJLGRDVXYHORFLGDGPiV
UiSLGD\SDUDUiDOOt
6LTXLHUHRULHQWDUORDORVSODQHWDV
DXWRPiWLFDPHQWHVHOHSHGLUiTXHLQWURGX]FD
ODIHFKD\ODKRUD87DQWHVGHXVDUHVWD
IXQFLyQ87 70(±K87 7(09±K
(OFiOFXORGHODVFRRUGHQDGDVSODQHWDULDV
HVWiEDVDGRHQyUELWDVQRGLVWRUVLRQDGDV\
QRHVSRUWDQWRXQFiOFXORSUHFLVR6LQ
HPEDUJRODSUHFLVLyQHVVXILFLHQWHPHQWH
DFHSWDEOHSDUDHQFRQWUDUORVSODQHWDV
1RWDLPSRUWDQWH
/DXQLGDGGHFRQWUROQRSXHGHSHUFLELUVLVX
WHOHVFRSLRSHJDFRQODPRQWXUDRFRQDOJ~Q
REMHWRFHUFDQGRDpO8VWHGGHEHHVWDU
SHQGLHQWHGHHOOR8VHIUHQRVGHVHJXULGDG
HQODVFRURQDVGHOPRWRU3RUIDYRU
DVHJ~UHVHWDPELpQGHTXHVXWHOHVFRSLRQR
DSXQWDHQVXPRYLPLHQWRDO6ROGXUDQWHHO
GtD6LHPSUHSXHGHLQWHUUXPSLUHOPRYLPLHQWR
DXWRPiWLFRSXOVDQGRFXDOTXLHUDGHORVFXDWUR
ERWRQHVGHGLUHFFLyQ
+D\GRVUD]RQHVSRUODVTXHHVFRQYHQLHQWH
TXHHOREMHWRGHUHIHUHQFLDHVFRJLGRVHDXQD
HVWUHOODQRGHPDVLDGRDOHMDGDGHOREMHWLYR
3ULPHURXQDDOLQHDFLyQSRODULQH[DFWDGHOD
PRQWXUDQRVHUiWDQHYLGHQWH\VHJXQGRHO
UHFRUULGRQRGXUDUiGHPDVLDGR
(QFDVRGHTXHYHDTXHHOREMHWRQRTXHGD
H[DFWDPHQWHHQHOFHQWURGHOFDPSRGHYLVLyQ
XQDYH]TXHHOSURFHVRGHRULHQWDFLyQVH
KD\DFRPSOHWDGRSRUIDYRUKDJDOR
VLJXLHQWH
3XOVDQGRORVFXDWURSXOVDGRUHVGHGLUHFFLyQ
FRORTXHHOREMHWRHQHOFHQWURGHOFDPSRGH
YLVLyQ'HVSXpVYD\DDODIXQFLyQ5HI2EM
\HOLMD2EMHFWFRPRVXREMHWRGH
UHIHUHQFLDpVWHHVHO~OWLPRHOHPHQWRGHOD
OLVWDVLEXVFDDORODUJRGHWRGDODOLVWD
KDFLDDWUiVORHQFRQWUDUiMXVWRDOILQDO
(VWHHOHPHQWRDOPDFHQDODVFRRUGHQDGDVGHO
~OWLPRREMHWRXWLOL]DGRFRPRJRWR
(VWDDFFLyQUHVLQFURQL]DUiODVFRRUGHQDGDV
GHOGLVSOD\\PRVWUDUiGHQXHYRORVYDORUHV
FRUUHFWRV
1RWD5RWDFLyQGHODFROXPQD
6LXQDPRQWXUDDOHPDQDJLUDGH(VWHD2HVWH
HOHMHGHGHFOLQDFLyQGHEHJLUDUVHPiVDOOi
GHODVPDUFDVGHR(OORQRHV
SRVLEOHXWLOL]DQGRODIXQFLyQ*RWR
3XOVHDOJ~QERWyQSDUDJLUDUODPRQWXUD\
GHVSXpVXVHHOJRWR
(QFDVRGHTXHWHQJDFRGLILFDGRUHVSXHGH
VROWDUORVIUHQRVGHORVHMHVDQWHVGHO
PRYLPLHQWRGHRULHQWDFLyQ\DSXQWDUHO
WHOHVFRSLRDSUR[LPDGDPHQWHHQODGLUHFFLyQ
DGHFXDGD'HVSXpVDSULHWHORVIUHQRV\
SHUPLWDDORVPRWRUHVGHOWHOHVFRSLR
UHDOL]DUORVDMXVWHVDSURSLDGRV
1RWDVSDUDODUHVROXFLRQGHSUREOHPDVHQHO
FDVRGHTXHODIXQFLyQ³*RWR´QRIXQFLRQH
FRPRVHHVSHUDED
x
x
x
x
x
x
¢(VWiODPRQWXUDDMXVWDGDFRUUHFWDPHQWH
HQGLUHFFLyQDOHMHSRODU"
¢(VWiVHJXURGHTXHKDLQWURGXFLGRHO
REMHWRGHUHIHUHQFLDFRUUHFWR"6LQR
LQWpQWHORFRQDOJXQDRWUDHVWUHOOD
¢&RQWHVWyFRUUHFWDPHQWHDODSUHJXQWD
UHODWLYDDODIXQFLyQ5HI2EM´"6LQR
HOPRWRUGHGHFOLQDFLyQVHPRYHUiHQOD
GLUHFFLyQHUUyQHD
¢(VWiQDMXVWDGRVWRGRVORVSDUiPHWURV
DGHFXDGDPHQWHSDUDVXPRQWXUD"
¢(VSRVLEOHTXHODUHODFLyQGHYHORFLGDG
VHDGHPDVLDGRUiSLGDSDUDVXVPRWRUHV
SDVRDSDVRRTXHVXPRQWXUDSDWLQHRQR
HVWpELHQHTXLOLEUDGD"
9HU
&RUUHFFLyQGHO(UURU
3HULyGLFR3(&
(OHUURUSHULyGLFRVHJHQHUDGHELGRDODV
LQH[DFWLWXGHVPHFiQLFDVGHOWRUQLOORVLQItQ
GHOVLVWHPDGHDUUDVWUHGH$56HUHSLWH
FRQWLQXDPHQWHFRQFDGDURWDFLyQFRPSOHWDGHO
WRUQLOOR(OSHULRGRSXHGHVHUFDOFXODGRD
SDUWLUGHOQ~PHURGHGLHQWHVGHODFRURQDGH
$VFHQVLyQ5HFWD
(MHPSOR
/DFRURQDWLHQHGLHQWHV8QDURWDFLyQ
GXUDXQGtDXQGtDVLGpUHRSDUDVHU
H[DFWRV3RUWDQWRODFRURQDVHPXHYHD
UD]yQGHXQGLHQWHFDGDPLQXWRV'XUDQWH
HVWHSHULRGRGHWLHPSRHOWRUQLOORVLQItQ
KDEUDFRPSOHWDGRXQDYXHOWD
(O)6WLHQHODFDSDFLGDGGHFRPSHQVDUHVWH
HUURUSHULyGLFR&RUUHFFLyQGH(UURU
3HULyGLFRR3(&&RQHOILQGHKDFHUOR
WRGDVODVFRUUHFFLRQHVGHVHJXLPLHQWRVH
JUDEDQ\VRQUHSURGXFLGDVDXWRPiWLFDPHQWHHQ
FDGDXQRGHORVVLJXLHQWHVSHULRGRV
/DIXQFLyQ3(&VyORSXHGHIXQFLRQDUVLORV
VLJXLHQWHVSDUiPHWURVKDQVLGRDMXVWDGRV
FRQYHQLHQWHPHQWH
7HHWK
0B*HDU
0B65HY
5DWH
1~PHURGHGLHQWHVGHODFRURQDGH
$5(OUDQJRDFHSWDGRHVHQWUH
\
5HODFLyQGH5HGXFFLyQGHOD
&RURQDGH$5
3DVRVFRPSOHWRVSRUUHYROXFLyQ
GHO0RWRUGHOPRWRUGH$5
9HORFLGDGGHVHJXLPLHQWRSDUDHO
3(&
$OHQFHQGHUHO)6ODIXQFLyQ3(&HVWi
GHVDFWLYDGD
3ULPHUREXVTXHXQDHVWUHOODJXtDDGHFXDGD\
VLW~HODHQHOFHQWURGHOUHWtFXORGHVX
RFXODURGHMHDVXDXWRJXLDGRUKDFHUHO
VHJXLPLHQWRGHGLFKDHVWUHOOD
'HVSXpVDFWLYHHO3(&\HQGRDODIXQFLyQ
3(&GHOVLVWHPDGHPHQ~V
$KRUDKD\WUHVSRVLELOLGDGHV
RII
(O3(&HVWiGHVDFWLYDGR
OHDUQ
(O(UURU3HULyGLFRVHJUDEDUi
GXUDQWHXQSHULRGR
RQ
/DVFRUUHFFLRQHVVHKDUiQ
DXWRPiWLFDPHQWH
(VFRMD³OHDUQ´\FRQILUPHVXHOHFFLyQ
SXOVDQGRHOERWyQ:GHUHFKD
9HUiGHQXHYRHQHOGLVSOD\ODVFRRUGHQDGDV
SHURDSDUHFHUiODOHWUD:HQODHVTXLQD
VXSHULRUL]TXLHUGD
³:´VLJQLILFDWLHPSRGHHVSHUDZDLWLQJ
WLPH7LHQHVHJXQGRVSDUDFRORFDUOD
HVWUHOODHQHOFHQWURGHORFXODU
'HVSXpVODOHWUDFDPELDUiD³/´
³/´VLJQLILFDIDVHGHDSUHQGL]DMHOHDUQLQJ
SKDVHLQGLFDQGRTXHVXVPHGLGDV
FRUUHFWLYDVRODVGHVXDXWRJXLDGRUHVWiQ
VLHQGRJUDEDGDVGXUDQWHXQSHULRGR/DV
FRUUHFFLRQHVHQ'HFOLQDFLyQWDPELpQVH
DOPDFHQDUiQ'HVSXpVODOHWUDFDPELDUiD
³3´
³3´VLJQLILFDTXHODIXQFLyQ3(&HVWiDFWLYD
\TXHUHDOL]DUiDXWRPiWLFDPHQWHODV
FRUUHFFLRQHVQHFHVDULDV3RUVXSXHVWR
WDPELpQXVWHGSXHGHUHDOL]DUFRUUHFFLRQHV
(QWDOFDVRDPEDVFRUUHFFLRQHVVHVXPDUiQR
VXVWUDHUiQ
(QHODSDUWDGR³0LVF3(&B'HFO´GHOVLVWHPD
GHPHQ~VSXHGHVHOHFFLRQDUVLGHEHQ
UHDOL]DUVHRQRODVFRUUHFFLRQHVDXWRPiWLFDV
HQHOHMHGH'HFOLQDFLyQPLHQWUDVODIXQFLyQ
3HFHVWpDFWLYDGD/DVRSFLRQHVSRVLEOHVVRQ
6ËR12<(612
8WLOL]DQGRHVWDRSFLyQSXHGHFRPSHQVDUOD
GHULYDGHGHFOLQDFLyQFDXVDGDSRUXQD
DOLQHDFLyQLQFRUUHFWDGHODPRQWXUD
/DGHULYDGHGHFOLQDFLyQGHOD/XQDSXHGH
FRPSHQVDUVHGHIRUPDVHQFLOODXWLOL]DQGR
HVWDIXQFLyQ
6LQHPEDUJRDGYLHUWDTXHKDEUiURWDFLyQGH
FDPSRGHODLPDJHQFXDQGRVHUHDOLFHQ
IUHFXHQWHVFRUUHFFLRQHVGHGHFOLQDFLyQHQHO
PLVPRVHQWLGRGXUDQWHXQSHULRGRODUJRGH
H[SRVLFLyQ(VWRVLJQLILFDTXHODVHVWUHOODV
GHOFHQWURGHODLPDJHQDSDUHFHUiQFRPR
SXQWRVPLHQWUDVTXHODVGHODV]RQDV
SHULIpULFDVDSDUHFHUiQFRPROtQHDV(QHVWH
FDVRGHEHUtDDOLQHDUPHMRUODPRQWXUD
$ILQGHHYLWDUPDOHQWHQGLGRV/D
XWLOL]DFLyQGH3(&B'HFOQRFRPSHQVDHO
HUURUSHULyGLFRGHOVHJXLPLHQWRHQ
'HFOLQDFLyQ6LQHPEDUJRHVWRQRWLHQH
LPSRUWDQFLD\DTXHHOWRUQLOORVLQItQJLUD
PX\OHQWDPHQWH6RORVHUHSURGXFLUiQODV
FRUUHFFLRQHVHQ'HFOLQDFLyQTXHKD\DQVLGR
JUDEDGDVGXUDQWHODIDVHGHDSUHQGL]DMH
6L\DQRQHFHVLWDODIXQFLyQ3(&SXHGH
VLPSOHPHQWHGHVDFWLYDUODIXQFLyQ³3(&´
³RII´
3XHGHYROYHUDDFWLYDUODHQFXDOTXLHU
PRPHQWRIXQFLyQ³3(&´³RQ´/DXQLGDG
GHFRQWUROUHFXHUGDODSRVLFLyQGHO
WRUQLOORWDPELpQDDOWDVYHORFLGDGHVH
LQFOXVRVLODIXQFLyQ3(&IXHGHVDFWLYDGDHQ
HOLQWHUPHGLR
3XHGHWDPELpQJUDEDUXQDQXHYDFXUYDGH
DSUHQGL]DMHIXQFLyQ³3(&´³OHDUQ´
1RWDV
6LDFWLYDODIXQFLyQ3(&VHVHOHFFLRQDUi
DXWRPiWLFDPHQWHODYHORFLGDG[[
0LHQWUDVVHHVWpJUDEDQGRODFXUYDGH
DSUHQGL]DMHQRGHEHFDPELDUODYHORFLGDG
(QFDVRGHTXHFDPELDUDDOJXQRGHORV
SDUiPHWURVUHOHYDQWHVSDUDODIXQFLyQ3(&
*HDU0B*HDU0B65HY5DWHQR
GHEHUtDXWLOL]DUODFXUYDGHDSUHQGL]DMH
JUDEDGDVLQRJUDEDUXQDQXHYD
$ODSDJDUODXQLGDGGHFRQWUROODFXUYDGH
FRUUHFFLyQJUDEDGDVHSLHUGH7UDVHQFHQGHU
HO)6ODFXUYDTXHGDHQEODQFR\GHEHUi
JUDEDUXQDQXHYDFXUYDGHDSUHQGL]DMHVL
TXLHUHXWLOL]DUODIXQFLyQ3(&
9HORFLGDGHV
&RQHO)6SXHGHPRYHUVXWHOHVFRSLR
XWLOL]DQGRORVERWRQHVGHGLUHFFLyQDFLQFR
YHORFLGDGHVGLVWLQWDVGHQRPLQDGDV
³9HORFLGDG´D³9HORFLGDG´HQHOWH[WR
3XHGHFDPELDUODVYHORFLGDGHVSXOVDQGR
&$0%,21´FDPELDUDODVLJXLHQWHYHORFLGDG
PiVUiSLGDR³&$0%,26´SDUDFDPELDUDOD
VLJXLHQWHYHORFLGDGPiVOHQWD
/DYHORFLGDGHVODPiVOHQWD3XHGHXVDUVH
SDUDUHDOL]DUFRUUHFFLRQHVPtQLPDVDOKDFHU
IRWRJUDItDV/D)XQFLyQ3(&\HODXWRJXLDGRU
IXQFLRQDQWDPELpQDHVWDYHORFLGDG
'HELGRDODIXQFLyQ3(&HOIDFWRUGHOD
YHORFLGDGQRSXHGHVHUPD\RUGH;
/DVYHORFLGDGHV\VRQYHORFLGDGHV
PHGLDVTXHSXHGHXWLOL]DUSDUDGLIHUHQWHV
SURSyVLWRVSHMSDUDPRYHUVHSRUOD/XQD
(OUDQJRGHYHORFLGDGHVGHVGH;DO
Pi[LPR
/DYHORFLGDGHVODPiVUiSLGD6HXWLOL]D
SDUDRULHQWDUHOWHOHVFRSLRKDFLDXQSXQWR
FRQFUHWRORPiVUiSLGDPHQWHSRVLEOH/D
IXQFLyQ*RWRXWLOL]DWDPELpQODYHORFLGDG
/DVFLQFRYHORFLGDGHVVRQDMXVWDEOHVGH
DFXHUGRDVXVSUHIHUHQFLDVHQHOVLVWHPDGH
PHQ~VHQODVHFFLyQ³5DWHV´³5DWH´D
³5DWH´
/RVQ~PHURVUHJLVWUDGRVGHEHQHQWHQGHUVH
FRPRIDFWRUHVUHODWLYRVDODYHORFLGDGGH
VHJXLPLHQWRQRUPDO
'RVHMHPSORV
5DWH
[
5DWH
[
5DWH
[
5DWH
[
5DWH
[
5DWH
[
5DWH
[
5DWH
[
5DWH
[
5DWH
[
(OIDFWRUPi[LPRGHODYHORFLGDG5DWH
GHSHQGHGHOWLSRGHPRWRUODUHODFLyQGH
WUDQVPLVLyQUHGXFFLyQODFDUJDPHFiQLFD
ODLQWHQVLGDGGHFRUULHQWH\ODWHQVLyQGH
DOLPHQWDFLyQ\VyORSXHGHGHWHUPLQDUVH
H[SHULPHQWDOPHQWH2LUiXQ]XPELGRDJXGR
SURFHGHQWHGHOPRWRUSDVRDSDVRVLpVWHQR
SXHGHVHJXLUODIUHFXHQFLDILMDGD$MXVWHOD
YHORFLGDGDXQYDORULQIHULRUGHIRUPD
TXHHVWRQRVXFHGDLQFOXVRFRQODWHQVLyQGH
DOLPHQWDFLyQEDMD
7DPELpQSXHGHGDUUHVXOWDGRDMXVWDUOD
DFHOHUDFLyQGHOPRWRUDXQYDORUEDMR
6LQRXWLOL]DFRGLILFDGRUHVODXQLGDGGH
FRQWUROQRSRGUiVDEHUVLHOPRWRUHVFDSD]
GHPDQWHQHUODYHORFLGDG3RUWDQWRODV
FRRUGHQDGDVYLVXDOL]DGDVQRVHUiQFRUUHFWDV
\GHEHUiQUHDMXVWDUVH
6HJXLPLHQWRGHFRPHWDV
&RQWUDULDPHQWHDODVHVWUHOODVORVFRPHWDV
WLHQHQPRYLPLHQWRSURSLRORTXHSXHGH
SURYRFDUSUREOHPDVGXUDQWHH[SRVLFLRQHV
IRWRJUiILFDVODUJDV
'HEHDMXVWDUHVWHPRYLPLHQWRHQHOVLVWHPD
GHPHQ~VXVDQGRODRSFLyQ³0LVF&RPHWB5H´\
³0LVF&RPHWB'H´
$MXVWHHQ$VFHQVLyQ5HFWD
PGPG
8QLGDG0LQXWRVSRUGtD
$MXVWHHQ'HFOLQDFLyQ
G
G
8QLGDG0LQXWRVGHDUFRSRUGtD
(MHPSOR
&RQRFLHQGRODVFRRUGHQDGDVGHXQFRPHWDHQ
GRVSXQWRVFRQGtDVGHGLIHUHQFLD
'tD$5'HFO
QRYKPƒ
QRYKPƒ
3ULPHURFDOFXOHHOPRYLPLHQWRSURSLRGHO
FRPHWDDORODUJRGHHVRVGLH]GtDV
KPKP P
ƒ
ƒ
ƒ
3DUDKDOODUHOPRYLPLHQWRGLDULRGHOFRPHWD
GLYLGDHVWRVYDORUHVSRU
P Pƒ
(VWRVYDORUHVVHJUDEDUiQHQ³&RPHWB5H´\
³&RPHWB'H´
3DUDDFWLYDUODIXQFLyQGHVHJXLPLHQWRGH
FRPHWDVSXOVHODFRPELQDFLyQ³&$0%,2(´
L]GDKDVWDTXHDSDUH]FD³&RPHW´HQHO
GLVSOD\
1RWD3XHGHXWLOL]DUODIXQFLyQGH
VHJXLPLHQWRGHFRPHWDVSDUDUHDOL]DUXQ
VHJXLPLHQWRH[DFWRGHO6ROROD/XQDRSDUD
YDULDUODYHORFLGDGGHVHJXLPLHQWRVLGpUHD
(OPRYLPLHQWRGHO6ROYDUtDHQIXQFLyQGH
ODpSRFDGHODxRHQ$VFHQVLyQ5HFWDHQWUH
\PLQXWRVSRUGtD\HQ'HFOLQDFLyQ
HQWUH\PLQXWRVGHDUFRSRUGtD
(OPRYLPLHQWRGHOD/XQDYDULDHQ$VFHQVLyQ
5HFWDHQWUH\PLQXWRVSRUGtD\HQ
'HFOLQDFLyQHQWUH\PLQXWRVGH
DUFRSRUGtD
7HQJDHQFXHQWDDGHPiVTXHODYHORFLGDG
DSDUHQWHGHOD/XQDVXIUHXQDYDULDFLyQ
PHQRUHQSHULRGRVGHKRUDV
(VWHHIHFWRHVFDXVDGRSRUHOSDUDODMHGDGR
TXHHOREVHUYDGRUVHPXHYHDOUHGHGRUGHO
FHQWURGHOD7LHUUD
3DUDFDOFXODUHOPRYLPLHQWRGLDULRH[DFWRGH
OD/XQDGHEHFDOFXODUODVFRRUGHQDGDV
OXQDUHVSDUDXQPRPHQWRGDGR\SDUD
PLQXWRVPiVWDUGHFRQXQSURJUDPDDGHFXDGR
SHM*XLGH\PXOWLSOLFDUODVGLIHUHQFLDV
SRU
([LVWHODSRVLELOLGDGPiVVHQFLOODSDUD
VHJXLUOD/XQDXWLOL]DQGRODIXQFLyQ3(&
TXHUHDOL]DUiXQVHJXLPLHQWRSUHFLVRHQ
DPERVHMHVWUDVFRPSOHWDUODIDVHGH
DSUHQGL]DMH
,QWHUFDPELRGHODV
'LUHFFLRQHVGHORV%RWRQHV
6LLQWHQWDPDQWHQHUILMDXQDHVWUHOODGH
UHIHUHQFLDHQHORFXODUPLHQWUDVUHDOL]DXQD
H[SRVLFLyQTXHUUiWHQHUXQDUHIHUHQFLD
VLPSOH\VLQDPELJHGDGHVHQWUHORVFXDWUR
SXOVDGRUHVGHGLUHFFLyQ\HOPRYLPLHQWRGH
ODHVWUHOODGHUHIHUHQFLD
$OJXQRVREVHUYDGRUHVSUHILHUHQTXHHOERWyQ
L]TXLHUGRGHVSODFHODHVWUHOODKDFLDOD
L]TXLHUGDPLHQWUDVRWURVSUHILHUHQTXHHO
UHWtFXORVHPXHYDDODL]TXLHUGDGHIRUPD
TXHODHVWUHOODVHPXHYDKDFLDODGHUHFKD
8QDVROXFLyQPX\VHQFLOODHVVXMHWDUHO
PDQGRGHFRQWUROJLUDGRJUDGRVGHIRUPD
TXHTXHGHLQYHUWLGR
6LQHPEDUJRVLVHXVDXQSULVPDHVWHPpWRGR
QRVLUYH1RLPSRUWDFRPRVHVXMHWHHO
PDQGRGRVGHORVERWRQHVVLHPSUHSDUHFHQ
IXQFLRQDUDOUHYpV
(VWDHVODUD]yQSRUODTXHH[LVWHOD
SRVLELOLGDGGHLQWHUFDPELDUORVERWRQHVGH
GLUHFFLyQGHO)6
(OLQWHUFDPELRVyORIXQFLRQDVLORVERWRQHV
GHGLUHFFLyQVHSXOVDQSDUDPRYHUHO
WHOHVFRSLR
3RUWDQWRHOLQWHUFDPELRQRLQIOX\HHQODV
IXQFLRQHVGHOPHQ~(VWDVSHUPDQHFHQVLHPSUH
GHOPRGRGHVFULWRHQHOPDQXDOGH
LQVWUXFFLRQHV
(QHODSDUWDGR³0LVF%XWWRQV´GHOVLVWHPD
GHPHQ~VKD\FXDWURDMXVWHVSRVLEOHV
$MXVWH
1RUPDO
(2
16
16(2
1RWD
%RWyQ
$UULED
1RUWH
1RUWH
6XU
6XU
%RWyQ
$EDMR
6XU
6XU
1RUWH
1RUWH
%RWyQ
,]GD
(VWH
2HVWH
(VWH
2HVWH
%RWyQ
'HUHFKD
2HVWH
(VWH
2HVWH
(VWH
8WLOLFHODSRVLELOLGDGGHFDPELDUORV
SXOVDGRUHVGHGLUHFFLyQVyORWUDV
DFRVWXPEUDUVHDOXVRGHO)6
(VSHFLDOPHQWHHQHOFDStWXOR$MXVWHGH
ODVGLUHFFLRQHVGHJLURODVLQVWUXFFLRQHV
VHGDQDVXPLHQGRTXHORVSXOVDGRUHVGH
GLUHFFLyQQRKDQVLGRLQWHUFDPELDGRV(Q
FDVRFRQWUDULRODVGLUHFFLRQHVDODVTXHVH
KDFHUHIHUHQFLDQRVHUiQODVFRUUHFWDV
/DIXQFLyQGHWHPSRUL]DGRU
&RPRDVWURIRWyJUDIRSUREDEOHPHQWHTXLHUD
VDEHUGXUDQWHFXiQWRWLHPSRKDHVWDGROD
FiPDUDHQH[SRVLFLyQGXUDQWHODWRPDGHXQD
IRWRJUDItD
'HELGRDHOORHO)6WLHQHXQDIXQFLyQTXH
PXHVWUDHOWLHPSRGHH[SRVLFLyQ
6LQHPEDUJRDILQGHQRFDXVDUOHFRQIXVLyQ
FRQWDQWDVIXQFLRQHVQDGDPDVHPSH]DUHVWD
IXQFLyQHVWiGHVDFWLYDGDSRUGHIHFWR
8QDYH]TXHVHKD\DDFRVWXPEUDGRDPDQHMDU
HO)6\TXHTXLHUDXWLOL]DUHOGLVSOD\GH
WLHPSRGHH[SRVLFLyQSXHGHDFWLYDUHVWD
IXQFLyQFRQODRSFLyQ³0LVF7LPHU´GHO
VLVWHPDGHPHQ~V&ROyTXHORHQ³\HV´
/DVLJXLHQWHIXQFLyQGHOVLVWHPDGHPHQ~VVH
OODPD³([S7LPH´&RQHOODSXHGHDMXVWDUHO
WLHPSRGHH[SRVLFLyQQHFHVDULRHQPLQXWRV
GHVGHPLQXWRKDVWDPLQXWRV
'HVSXpVVDOJDGHOVLVWHPDGHPHQ~V
3DUDYLVXDOL]DUHOWHPSRUL]DGRU\SRQHUORHQ
PDUFKDGHEHVHOHFFLRQDUODYHORFLGDGPHQRU
5DWHSXOVDQGR³&$0%,26´DEDMRYDULDV
YHFHV9HUiDKRUDHOGLVSOD\GHO
WHPSRUL]DGRUHQPLQXWRV\VHJXQGRV
6LVHKDFRPSOHWDGRHOWLHPSRGHH[SRVLFLyQ
VHOHFFLRQDGRSUHYLDPHQWHHOGLVSOD\
FRPHQ]DUiDSDUSDGHDUDXQTXHHOUHORM
FRQWLQXDUiHQPDUFKD
6LOHPROHVWDHOSDUSDGHRVLPSOHPHQWH
VHOHFFLRQHXQWLHPSRGHH[SRVLFLyQPD\RUFRQ
ODRSFLyQ³0LVF([S7LPH´
3XHGHGHVDFWLYDUHOGLVSOD\GHOWHPSRUL]DGRU
VHOHFFLRQDQGRODYHORFLGDGPHQRUVLQROR
KDKHFKRWRGDYtD\SXOVDQGRGHQXHYR
³&$0%,26´
&XDQGRDFWLYHHOWHPSRUL]DGRUGHQXHYRpVWH
FRPHQ]DUiGHVGH
0RGRGH$KRUURGH(QHUJtD
3XHGHUHGXFLUHOFRQVXPRGHHQHUJtDGHVX
)6DFWLYDQGRHOPRGRGHDKRUURGHHQHUJtD
8WLOL]DQGRHVWHPRGRORVPRWRUHV\HO
GLVSOD\VHGHVDFWLYDUiQSHURHOSURFHVDGRU
FRQWLQXDUiIXQFLRQDQGR
/DVFRRUGHQDGDVFRQWLQXDUiQVLHQGRYDOLGDV\
ORVFRGLILFDGRUHVSHUPDQHFHUiQDFWLYRV
(OFRQVXPRGHHQHUJtDVHUiGHXQRVP$
P$LQFOX\HQGRORVFRGLILFDGRUHV
8QSXQWRSDUSDGHDQWHHQHOGLVSOD\LQGLFDUi
TXHHOPRGRGHDKRUURGHHQHUJtDGHO)6
HVWiDFWLYDGR
3UHVLRQDGRFXDOTXLHUSXOVDGRUVDOGUiGH
HVWHPRGRORVPRWRUHVFRPHQ]DUiQD
IXQFLRQDU\SRGUiYHUGHQXHYRODV
FRRUGHQDGDVFRUUHFWDVHQHOGLVSOD\
3RUVXSXHVWRODVFRRUGHQDGDVKDEUiQ
FDPELDGRPLHQWUDVWDQWRGHELGRDO
PRYLPLHQWRGHODVHVWUHOODV
8QDYHQWDMD~WLOGHOPRGRGHDKRUURGH
HQHUJtD
3RUODQRFKHSXHGHDMXVWDUHOGLVSOD\GHODV
FRRUGHQDGDVXVDQGRXQDHVWUHOODGH
UHIHUHQFLD'HVSXpVDFWLYHHOPRGRGHDKRUUR
GHHQHUJtD\Yi\DVHDGRUPLU$OGtD
VLJXLHQWHGHVDFWLYHHVWHPRGR\SRGUiYHU
ODVHVWUHOODVEULOODQWHVRORVSODQHWDV
GXUDQWHHOGtD
&RQHFWRUGHODXWRJXLDGRU
6HJXLPLHQWRFRQ&&'
2SFLRQDOPHQWHHO)6SXHGHHTXLSDUVHFRQXQ
FRQHFWRUGHSLQHVSDUDOD67\FRQXQ
FRQHFWRUPRGXODUGHSLQHVSDUDODVFiPDUDV
0HDGH3LFWRU\6%,*3XHGHWDPELpQLQVWDODU
HOFRQHFWRUHQVX)6SRVWHULRUPHQWH
/D67GH6%,*GHEHFRQHFWDUVHDOFRQHFWRU
GHSLQHV(OFDEOHGHFRQH[LyQWLHQHXQ
FRQHFWRUKHPEUDGHSLQHVHQHOH[WUHPRGH
OD67\XQFRQHFWRUPDFKRGHSLQHVHQ
HOH[WUHPRGHO)6
7RGRVORVFDEOHVHVWiQFRQHFWDGRVSHURVyOR
VHXWLOL]DQORVSLQHV\
/D0HDGH3LFWRUSXHGHFRQHFWDUVHDOFRQHFWRU
GHFRQWDFWRV:HVWHUQ0RGXODUFHUFDQRDO
FRQHFWRUGHSLQHV(OFDEOHGHFRQH[LyQ
VHVXPLQLVWUDFRQODFiPDUD\WLHQHXQ
FRQHFWRU:HVWHUQ0RGXODUGHFRQWDFWRVHQ
DPERVH[WUHPRV
(OFDEOHDGRHVFRPRVLJXH3LQD3LQ
3LQD3LQHWF
(O)6QRQHFHVLWDQLQJ~QDMXVWH/D
FRQH[LyQGHJXLDGRHVWiVLHPSUHOLVWDSDUD
IXQFLRQDU
6LODFiPDUD&&'HQYtDXQDVHxDODO)6
pVWHUHDOL]DUiDXWRPiWLFDPHQWHHOPRYLPLHQWR
GHFRUUHFFLyQDSURSLDGR
'XUDQWHHOSURFHVRGHFRUUHFFLyQVH
XWLOL]DUiVLHPSUHODYHORFLGDGPD[
VLQLPSRUWDUFXDOKD\DHVWpVHOHFFLRQDGD
DQWHULRUPHQWH
&XDQGRHVWpHQPDUFKDXQDFRUUHFFLyQGH
JXLDGRSRGUiYHUORHQHOGLVSOD\SHM
³75$&.!´
6LQHPEDUJRQRVHYHUiFXDQGRODIXQFLyQ
GHWHPSRUL]DGRUHVWpDFWLYDGD
1RWD
/DHQWUDGDGHODXWRJXLDGRUHVFRPSOHWDPHQWH
LQGHSHQGLHQWHGHORVFXDWURSXOVDGRUHV1R
HVWiQFDEOHDGRVHQSDUDOHOR3RUWDQWR
SXHGHUHDOL]DUDMXVWHVHQHOVLVWHPDGH
PHQ~VPLHQWUDVVHUHDOL]DQODVFRUUHFFLRQHV
GHDXWRJXLDGRRPRYHUHOWHOHVFRSLRSDUD
FRPSUREDUORVDMXVWHVGHVHJXLPLHQWR
'HVFULSFLyQGHORVSLQHVGHOFRQHFWRUGHO
)6SDUDOD67
UHOp³;´QRUPDOPHQWHDELHUWR
UHOp³;´QRUPDOPHQWHDELHUWR
UHOp³<´QRUPDOPHQWHDELHUWR
UHOp³<´QRUPDOPHQWHDELHUWR
'HVFULSFLyQGHORVSLQHVGHOFRQHFWRUGHO
)6SDUDOD0HDGH3LFWRU
VLQFRQH[LRQ
PDVD
³L]TXLHUGD´
³DEDMR´
DUULED
³GHUHFKD´
+D\XQFDEOHHVSHFLDOGHFRQH[LyQSDUD
FRQHFWDUDOFRQHFWRUGH0HDGH3LFWRUODV
FiPDUDVWLSR6%,*67\67
3DUDXVDUODFiPDUD&RRERRN&&'FRPR
DXWRJXLDGRUSXHGHHQFDUJDUXQLQWHUIDFHD
$6752(/(&7521,&
&RQH[LyQVHULHFRQVX3&
3XHGHFRQHFWDUVX)6DVX3&\GHHVWHPRGR
GLVSRQHUGHODVVLJXLHQWHVSRVLELOLGDGHVFRQ
ORVSURJUDPDVSDUD3&³*8,'(´R
³7KH6N\´
x
x
x
3XHGHKDFHUTXHHOGLVSOD\OHPXHVWUHHO
VHFWRUGHOPDSDKDFLDHOTXHHO
WHOHVFRSLRHVWiDSXQWDQGRHQHVHPRPHQWR
3XHGHRULHQWDUHOWHOHVFRSLRKDFLD
FXDOTXLHUREMHWRTXHHVWpUHJLVWUDGRHQ
VXSURJUDPDGHO3&
3XHGHPRYHUHOWHOHVFRSLRHQFXDOTXLHU
GLUHFFLyQDYHORFLGDGHVVHOHFFLRQDEOHV
³6OHZ´FRUUHVSRQGHDODYHORFLGDG
³)LQG´FRUUHVSRQGHDODYHORFLGDG
³&HQWHU´FRUUHVSRQGHDODYHORFLGDG
³*XLGH´FRUUHVSRQGHDODYHORFLGDG
/DYHORFLGDGQRSXHGHVHOHFFLRQDUVH
GHVGHHO3&
'HVFULSFLyQGHORVSLQHVGHOFRQHFWRU56
GHO)6
(OFDEOHGHFRQH[LyQWLHQHXQFRQHFWRU'%
HQORVGRVH[WUHPRV\HVWiFDEOHDGRHQ
SDUDOHOR6RQVXILFLHQWHVORVSLQHV
\
$QWHVGHRULHQWDUHOWHOHVFRSLRDFXDOTXLHU
SXQWRXWLOL]DQGRVX3&GHEHOOHYDUDFDER
ODIXQFLyQ³5HI2EM´DOPHQRVXQDYH]
3RGUiFRPSUREDUORVLODVOHWUDV³0´R³(´
DSDUHFHQHQODHVTXLQDLQIHULRUGHUHFKDGHO
GLVSOD\
(QFDVRFRQWUDULRHO3&PRVWUDUiXQHUURU
1RWDUHODWLYDDOSURJUDPD³*XLGH´
3UHVWHDWHQFLyQDOSiUUDIR
FRUUHVSRQGLHQWHGHOPDQXDOGHO
³*8,'(´6HOHFFLRQHHOWLSRGH
WHOHVFRSLR³/;´\HOSXHUWRVHULH
XWLOL]DGRHQHOSURJUDPD³*8,'(´
1RWDUHODWLYDDOSURJUDPD³7KH6N\´
$UUDQTXHHOSURJUDPD7KH6N\\YD\DDO
PHQ~7HOHVFRSH6HWXS6HOHFFLRQHHO
WLSRGHWHOHVFRSLR³/;E\0HDGH´
$KRUDSXOVH6HWWLQJVLQWURGX]FDHO
SXHUWRXWLOL]DGRHQ&203RUW\DMXVWH
ODYHORFLGDG%DXGUDWHD(VWR
VyORHVQHFHVDULRXQDYH]\DTXHHO
SURJUDPD7KH6N\DOPDFHQDUiORV
SDUiPHWURVVHOHFFLRQDGRV
$SXQWHHOWHOHVFRSLRKDFLDXQDHVWUHOOD
GHUHIHUHQFLDFRQRFLGD\VHOHFFLRQHHVWH
REMHWRGHUHIHUHQFLDFRQHOPDQGRGH
FRQWUROGHO)6XWLOL]DQGRODIXQFLyQ
5HI2EM(QODHVTXLQDLQIHULRUGHUHFKD
GHOGLVSOD\GHEHDSDUHFHUXQD0RXQD
(
6HOHFFLRQH³7HOHVFRSH/LQN
(VWDEOLVK´$KRUDHOSURJUDPD7KH6N\
SUHVHQWDUiHOiUHDKDFLDODTXHHO
WHOHVFRSLRHVWiDSXQWDQGR
6LDSDUHFLHUDHOPHQVDMHGHHUURU/;
QRWUHVSRQGLQJFRPSUXHEHVLHVWi
XVDQGRHOSXHUWRVHULHFRUUHFWRVLHO
FDEOHHVWiFRQHFWDGRHQVXVGRVH[WUHPRV
VLHO)6HVWiHQFHQGLGR\VLODHVWUHOOD
GHUHIHUHQFLD\DKDVLGRLQWURGXFLGD
6LSLQFKDDKRUDHQXQREMHWRGHOD
SDQWDOODDSDUHFHUiXQDYHQWDQDGH
,QIRUPDFLyQGHO2EMHWR2EMHFW
LQIRUPDWLRQ6LSLQFKDHQHOLFRQRFRQ
ODILJXUDGHXQSHTXHxRWHOHVFRSLRHO
WHOHVFRSLRVHRULHQWDUiKDFLDGLFKR
REMHWR
6LTXLHUHFHQWUDUH[DFWDPHQWHHOREMHWR
SXHGHXWLOL]DUORVSXOVDGRUHVGHOPDQGR
GHFRQWURORSLQFKDUHQ7HOHVFRSH
0RWLRQFRQWUROV8WLOL]DQGRORV
SXOVDGRUHVGHODYHQWDQDSHTXHxDGH
0RWLRQ&RQWUROSXHGHPRYHUHO
WHOHVFRSLRHQWRGDVGLUHFFLRQHV
'HVSXpVGHDMXVWDUH[DFWDPHQWHHOREMHWR
HQHOFDPSRGHYLVLyQSXHGH
UHVLQFURQL]DUHO)6ELHQPHGLDQWHHO
PDQGRGHFRQWURO5HI2EM2EMHFWRELHQ
GHVGHHOSURJUDPD7KH6N\(QODYHQWDQD
GH2EMHFWLQIRUPDWLRQSLQFKHHQOD
OtQHDVXSHULRU\GHVSXpVSLQFKHHQ
6\QF
1RDMXVWHHOYDORUFURVVKDLUXSGDWH
SHULRGDXQYDORULQIHULRUDPV
1RWDUHODWLYDDOSURJUDPD³6N\PDS3UR´
6HOHFFLRQHHOWLSRGHWHOHVFRSLR³9L[HQ
6N\VHQVRU3&/;´HQHOPHQ~
7HOHVFRSH&RQILJXUH
1RWDUHODWLYDDWRGRVORVSURJUDPDV
'DGRTXHWRGRVORVIDEULFDQWHVGHSURJUDPDV
FDPELDQFRQWLQXDPHQWHODVYHUVLRQHVGHVXV
SURJUDPDVODFRPSDWLELOLGDGGHODVRSFLRQHV
SXHGHYDULDU3XHGHHQYLDULQIRUPDFLyQSRU
ID[D$VWUR(OHFWURQLFSDUDVROLFLWDUD\XGD
1RWDSDUDORVSURJUDPDGRUHV
(O)6DFHSWDHVWRVFRPDQGRVGHO/;
*5*'6U6G06
44Q4V4H4Z
0Q0V0H0Z
56505&5*
&08
7RGRVORVGHPiVFRPDQGRVVHLJQRUDUiQ
%~VTXHGDGHREMHWRV
VLJXLHQGRXQUHFRUULGRHQ
HVSLUDO
6XSRQJDTXHKDRULHQWDGRHOWHOHVFRSLRKDFLD
FLHUWRSXQWRGHOFLHORSHURTXHQRSXHGH
HQFRQWUDUHOREMHWRTXHHVWDEDEXVFDQGR
6DEHTXHHOREMHWRQRSXHGHHVWDUPX\OHMRV
SHURQRHVWiHQHOFDPSRGHYLVLyQ
(QHVWHFDVRODIXQFLyQ³6SLUDO´OHD\XGDUi
eVWDFDXVDTXHHOWHOHVFRSLRVHPXHYD
VLJXLHQGRXQUHFRUULGRHQIRUPDHVSLUDO
DOUHGHGRUGHODSRVLFLyQLQLFLDO'HHVWD
IRUPDHOiUHDFRPSOHWDVHUHYLVDUi
VLVWHPiWLFDPHQWH
6LTXLHUHXWLOL]DUODIXQFLyQ³6SLUDO´WLHQH
TXHGHWHUPLQDUODGLVWDQFLDHQWUHUHFRUULGRV
XWLOL]DQGRORVSXOVDGRUHV³1´\³6´eVWD
GHILQHODGLVWDQFLDGHXQFtUFXORGHOD
HVSLUDODOVLJXLHQWH/RDGHFXDGRHV
XWLOL]DUXQDGLVWDQFLDHQWUHUHFRUULGRV
HTXLYDOHQWHDODPLWDGGHOGLiPHWURGHOiUHD
GHODLPDJHQ&RQILUPHODGLVWDQFLDHQWUH
UHFRUULGRVFRQHOSXOVDGRU³:´GHUHFKD
$KRUDHOWHOHVFRSLRFRPHQ]DUiDPRYHUVHD
ORODUJRGHOUHFRUULGRFRQIRUPDGHHVSLUDO
/DYHORFLGDGVHDMXVWDUiDXWRPiWLFDPHQWH
GHSHQGLHQGRGHODGLVWDQFLDHQWUHUHFRUULGRV
HOHJLGD
0HGLDQWHHOSXOVDGRU:´GHUHFKDSXHGH
LQWHUUXPSLUODE~VTXHGDHQFXDOTXLHUPRPHQWR
FXDQGRYHDHOREMHWRTXHHVWDEDEXVFDQGR
6LXWLOL]DHOSXOVDGRU³(´L]TXLHUGDSDUD
LQWHUUXPSLUHOSURFHVRHOWHOHVFRSLR
YROYHUiDVXSRVLFLyQRULJLQDO
(QFDVRFRQWUDULRODE~VTXHGDVHGHWHQGUi
DXWRPiWLFDPHQWHFXDQGRVHKD\DQFRPSOHWDGR
FtUFXORVGHODHVSLUDO\HOWHOHVFRSLR
YROYHUiDVXSRVLFLyQRULJLQDO
1RWD
(VWDIXQFLyQVyORIXQFLRQDVLOD'HFOLQDFLyQ
HVWiHQWUH±ƒ\ƒ(QFDVRFRQWUDULR
HOGLVSOD\PRVWUDUiHOPHQVDMH³WRRFORVHWR
3ROH´'HPDVLDGRFHUFDGHO3ROR
0RGR,QYLWDGR*XHVW
,PDJLQHXQDVLWXDFLyQHQODTXHXVWHGHVWi
PRVWUDQGROD/XQDDXQJUDQJUXSRGH
LQYLWDGRV
&DGDLQYLWDGRGLVIUXWDUiHVSHFLDOPHQWH
RULHQWDQGRHOWHOHVFRSLRpOPLVPR
3DUDHVWHFDVRHO)6WLHQHHOPRGR
LQYLWDGR
3XOVHVLPXOWiQHDPHQWHORVFXDWURSXOVDGRUHV
SDUDDFWLYDU\GHVDFWLYDUHOPRGRLQYLWDGR
'pDVXVLQYLWDGRVODVVLJXLHQWHV
LQVWUXFFLRQHV
³&RQHVWRVFXDWURSXOVDGRUHVSRGUiPRYHUHO
WHOHVFRSLRKDFLDGHODQWH\KDFLDDWUiV´
7RGRVORHQWHQGHUiQDOPRPHQWR
/DYHQWDMDGHOPRGRLQYLWDGRHVWULEDHQHO
KHFKRGHTXHWRGDVODVIXQFLRQHVDSDUWHGH
ODVGHPRYLPLHQWRVHEORTXHDQWHPSRUDOPHQWH
/DYHORFLGDGQRSXHGHFDPELDUVHPLHQWUDVVH
HVWpHQPRGRLQYLWDGR6HOHFFLRQHSXpVOD
YHORFLGDGDGHFXDGDDQWHVGHDFWLYDUHVWH
PRGR(OSXOVDGRUGH&$0%,2VyORSHUPDQHFH
FRQODIXQFLyQGHOLQWHUQDDFWLYDGD7RGDV
ODVGHPiVIXQFLRQHVGHFDPELRQR
IXQFLRQDUiQ(OORSUHYLHQHUHDMXVWHV
DFFLGHQWDOHVGHO)6
/DPRQWXUDHFXDWRULDO
DOHPDQD
6XSRQJDTXHWLHQHXQDPRQWXUDHFXDWRULDO
DOHPDQDTXHHVWiELHQDOLQHDGDFRQOD
HVWUHOOD3RODU(OWHOHVFRSLRHVWiDSXQWDQGR
KDFLDHO6XUKDFLDXQDHVWUHOODFHUFDQDDO
HFXDGRUFHOHVWHSHMXQRVžVREUHHO
KRUL]RQWH
,PDJLQHTXHXVWHGHVWiGHSLHDO1RUWHGHO
WHOHVFRSLRPLUDQGRDO6XUKDFLDVX
WHOHVFRSLR6XWHOHVFRSLRSXHGHHVWDUHQGRV
SRVLEOHVSRVLFLRQHV
(OWHOHVFRSLRDODL]TXLHUGD\HO
FRQWUDSHVRDODGHUHFKD
(OWHOHVFRSLRDODGHUHFKD\HO
FRQWUDSHVRDODL]TXLHUGD
*HQHUDOPHQWHVHSXHGHDILUPDUTXHKD\
VLHPSUHGRVSRVLELOLGDGHVGHDSXQWDUXQD
PRQWXUDDOHPDQDKDFLDXQREMHWR6LQ
HPEDUJRHQODUHDOLGDGPX\DPHQXGRVyOR
KD\XQDSRVLFLyQSRVLEOHELHQSRUTXHHO
WHOHVFRSLRSHJXHFRQODPRQWXUDRFRQRWUR
REMHWRRELHQSRUTXHHORFXODUHVWpHQXQD
SRVLFLyQGLItFLOGHXWLOL]DU
9ROYLHQGRDORVFDVRV\
6LSUHVLRQDHOSXOVDGRU1SXHGHHVSHUDU
FLHUWDPHQWHTXHHOWHOHVFRSLRVHPXHYD
KDFLDHO1RUWHHVWRHVHQGLUHFFLyQDXQD
'HFOLQDFLyQPD\RU
6LQHPEDUJRHOSUREOHPDHVTXHHOPRWRUGH
'HFOLQDFLyQWLHQHTXHJLUDUHQVHQWLGRV
RSXHVWRVHQORVFDVRV\SDUDJLUDUHO
WHOHVFRSLRKDFLDHO1RUWH
¢&yPRVHVXSRQHTXHVDEHHOFRQWUROHQTXH
GLUHFFLyQWLHQHTXHJLUDUHOPRWRUGH
'HFOLQDFLyQ"
5HVSXHVWD1RORVDEH
+D\TXHGHFLUOHDOFRQWUROHQFXiOGHODV
GRVSRVLFLRQHVHVWiHOWHOHVFRSLR&DGDYH]
TXHDMXVWHXQDSRVLFLyQGHUHIHUHQFLD
XWLOL]DQGRODIXQFLyQ³5HI2EM´HOFRQWURO
OHSUHJXQWDUiODSRVLFLyQ
3RVLFLyQ
(:!
5HVSRQGDDODSUHJXQWDFRPRVLJXH
x
x
x
3XOVH³(´VLHOWHOHVFRSLRHVWiDSXQWDQGR
DO(VWH(OWHOHVFRSLRDUULEDHO
FRQWUDSHVRDEDMR
3XOVH³:´VLHOWHOHVFRSLRHVWiDSXQWDQGR
DO2HVWH(OWHOHVFRSLRDUULEDHO
FRQWUDSHVRDEDMR
(QORVFDVRVHQORVTXHQRVHDWDQREYLR
SLHQVHVLHOWHOHVFRSLRSRGUtDPRYHUVH
KDVWDXQDGHODVGRVSRVLFLRQHV
DQWHULRUHVVLQPRYHUHOHMHGH
'HFOLQDFLyQPiVDOOiGHODVPDUFDVGH
žRž1RKD\QHFHVLGDGGHPRYHU
UHDOPHQWHHOWHOHVFRSLRVLPSOHPHQWH
LPDJLQHVLVHULDSRVLEOH
(MHPSOR
(QHODQWHULRUFDVRHOWHOHVFRSLRHVWi
RULHQWDGRKDFLDHO6XU(OWHOHVFRSLRHVWiD
ODL]TXLHUGDHQHO(VWH\HOFRQWUDSHVR
HVWiDODGHUHFKDHQHO2HVWH$KRUDJLUH
VLPSOHPHQWHHOWHOHVFRSLRžKDFLDHO
2HVWH3RUWDQWRSXOVDUi:3DUDJLUDU
HOWHOHVFRSLRKDFLDHO(VWHWHQGUtDTXH
JLUDUHOHMHGHGHFOLQDFLyQžFRPSOHWRV
x
(QFDVRGHTXHKXELHUDGDGRODUHVSXHVWD
LQFRUUHFWDDODSUHJXQWDVHGDUiFXHQWD
GHTXHHOPRWRUGH'HFOLQDFLyQJLUDHQHO
VHQWLGRRSXHVWR\TXHOD'HFOLQDFLyQQR
VHPXHVWUDFRUUHFWDPHQWH(QHVWHFDVR
UHSLWDODIXQFLyQ³5HI2EM´
1RWD
3XHGHFRPXQLFDUDOFRQWUROHQTXpSRVLFLyQ
HVWiVXPRQWXUDPLHQWUDVHVWiJLUiQGROD
6LPSOHPHQWHSXOVH³(´R³:´PLHQWUDV
HQFLHQGHHO)6$SDUHFHUi³3RVLWLRQ(DVW´R
³3RVLWLRQ:HVW´'HVSXpVVXHOWHHO
SXOVDGRU
(QFDVRGHTXHSRVHDXQDPRQWXUDGH
KRUTXLOODHOHMHGHGHFOLQDFLyQQRURWDUi
PiVDOOiGHORVSXQWRVGHƒR±ƒR
VHDHORFXODUVLHPSUHHVWDUiHQHOPLVPR
ODGRGHODPRQWXUD(QHVWHFDVROD
GLUHFFLyQGHJLURGHOPRWRUGHGHFOLQDFLyQ
HVVLHPSUHLQHTXtYRFD&RQWHVWHVLHPSUHDOD
SUHJXQWDUHODWLYDDODSRVLFLyQGHO
WHOHVFRSLRXVDQGRHOSXOVDGRU(6LTXLHUH
SXHGHFRQWHVWDUVLHPSUHSXOVDQGRHOSXOVDGRU
³:´VLQHPEDUJRHVLPSRUWDQWHTXHVX
UHVSXHVWDVHDVLHPSUHODPLVPDRODVHQWLGR
GHJLURGHOPRWRUGH'HFOLQDFLyQVH
LQYHUWLUiGHIRUPDLPSUHYLVLEOH
&RQH[LyQGHORVPRWRUHV
SDVRDSDVR
(QFDVRGHTXHQRQRVKD\DFRPSUDGRORV
PRWRUHVRHOMXHJRGHFDEOHVGHORVPRWRUHV
UHDOLFHODVFRPSUREDFLRQHVVLJXLHQWHV
&RQHFWHHOFDEOHDOPRWRUSHURQRDO)6
&RPSUXHEHFRQXQRKPHWURRSROtPHWURHQ
HOFRQHFWRUGHSLQHV
(QWUHHOSLQ\HOSLQGHEHHVWDUXQR
GHORVERELQDGRVGHOPRWRUSDVRDSDVR
GDQGRXQYDORUGHHQWUH\RKPLRV
(QWUHHOSLQ\HOHVWDUiODVHJXQGD
ERELQDGHOPRWRUSDVRDSDVR/D
UHVLVWHQFLDGHEHVHUVLPLODUDODGHO
DQWHULRUERELQDGR
(QWUHHOSLQ\HOSLQHVGHFLU
HQWUHORVGRVERELQDGRVQRGHEHH[LVWLU
FRQH[LyQSRUWDQWRODUHVLVWHQFLDGHEHUi
VHULQILQLWD
(QWUHORVERELQDGRVGHORVSLQHV\
QRGHEHKDEHUFRQH[LyQ(VWRVFXDWUR
SLQHVHVWiQFRQHFWDGRVDOQHJDWLYRGHOD
DOLPHQWDFLyQGHO)6VyORHODSDQWDOODGR
GHORVFDEOHVGHEHHVWDUFRQHFWDGRD
HVWRV
5HSLWDORVSXQWRVDFRQHORWURPRWRU
\FDEOH
(QFDVRGHTXHORVUHVXOWDGRVGHHVWDV
SUXHEDVQRKD\DQVLGRFRUUHFWRVQRGHEH
FRQHFWDUEDMRQLQJXQDFLUFXQVWDQFLDORV
FDEOHVGHORVPRWRUHVDO)6$QWHV
EXVTXH\HQFXHQWUHODFDXVDGHOHUURU
6LQHPEDUJRSXHGHSUREDUHO)6VLQ
FRQHFWDUORDORVPRWRUHVDILQGH
DFRVWXPEUDUVHDVXPDQHMR
'LVWULEXFLyQGHORVSLQHVGHORVFRQHFWRUHV
GHORVPRWRUHVGHO)6
3LQ
3LQ
3LQ
3LQ
3LQ
3LQ
3LQ
3LQ
3LQ
%RELQDGRSULQFLSLR
%RELQDGRILQDO
6LQFRQH[LyQ
%RELQDGRSULQFLSLR
%RELQDGRILQDO
0DVDDSDQWDOODGR
0DVDDSDQWDOODGR
0DVDDSDQWDOODGR
0DVDDSDQWDOODGR
/DORQJLWXGGHORVFDEOHVGHORVPRWRUHVQR
GHEHVHUVXSHULRUDPHWURV\DTXHGHRWUD
IRUPDODVSpUGLGDVGHVHxDOSXHGHQVHU
HOHYDGDVGHELGRDOHIHFWRGHFDSDFLWDQFLD
GHOFDEOH
$MXVWHGHORVSDUiPHWURVGH
ORVPRWRUHV
'HELGRDTXHKD\PXFKRVWLSRVGHPRWRUHV
SDVRDSDVRVXXQLGDGGHFRQWUROGHEHVHU
DMXVWDGDSDUDVXVPRWRUHV(QUHODFLyQD
HVWRH[LVWHQORVDSDUWDGRV³0RWRUB5$´
³0RWRUB'H´\VXVVXEDSDUWDGRVHQHO
VLVWHPDGHPHQ~V
0B&XUU ,QWHQVLGDGGHSLFRSRUFDGDERELQDD
EDMDYHORFLGDGDMXVWDEOHHQWUH
$\$/DLQWHQVLGDG
SHUPLWLGDDSDUHFHUiHQODKRMDGH
HVSHFLILFDFLRQHVGHVXPRWRUSDVRD
SDVR£8QDLQWHQVLGDGGHPDVLDGRDOWD
VREUHFDOHQWDUi\GDxDUiORVPRWRUHV
0B&XUU ,QWHQVLGDGGHSLFRSRUFDGDERELQD
HQDOWDYHORFLGDGDMXVWDEOHGH
$D$/DPi[LPDLQWHQVLGDG
SHUPLWLGDSXHGHKDOODUVHHQODKRMD
GHHVSHFLILFDFLRQHVGHVXPRWRUSDVR
DSDVR£8QDLQWHQVLGDGGHPDVLDGR
HOHYDGDSXHGHVREUHFDOHQWDU\GDxDU
ORVPRWRUHV
0B)UHT /DIUHFXHQFLDHQKHUW]LRVDODTXH
ODLQWHQVLGDGVHFRQPXWDGHOPHQRU
YDORU&XUUDOYDORUPD\RU
&XUU6LDMXVWD)UHTDFHUR
OD&XUUVHXVDUiDYHORFLGDGFHUR
\OD&XUUVHXVDUiFXDQGRHO
PRWRUHVWpHQIXQFLRQDPLHQWR/RV
YDORUHVWtSLFRVVRQHQWUH\+]
0B)UHT /DIUHFXHQFLDHQKHUW]LRVDODTXH
ORVUHJXODGRUHVGHFRUULHQWHVH
FRQPXWDUiQDRWURPRGRGH
IXQFLRQDPLHQWR
3RUHQFLPDGHHVWDIUHFXHQFLDORV
PRWRUHVVHYROYHUiQPiVUXLGRVRV\
HOFRQVXPRGHFRUULHQWHVHYROYHUi
DOJRPD\RUSHURSXHGHDOFDQ]DUVH
XQDIUHFXHQFLDVXSHULRUPXFKRPiV
DOWD(OYDORUWtSLFRHVGH+]
6LHOPRWRUQRIXQFLRQDFRQVXDYLGDG
DEDMDYHORFLGDGHVSHFLDOPHQWHVL
ODDOLPHQWDFLyQHVVXSHULRUDY
DMXVWHHVWHSDUiPHWURD
0B65HY &RQVWDQWHGHOPRWRUQ~PHURGHSDVRV
FRPSOHWRVSRUFDGDUHYROXFLyQGHO
PRWRU/RVYDORUHVWtSLFRVVRQ
0LUHODKRMD
GHHVSHFLILFDFLRQHVGHVXPRWRUSDVR
DSDVR$OJXQDVKRMDVGH
FDUDFWHUtVWLFDVGDQVyORHOiQJXOR
GHFDGDSDVR(OQ~PHURGHSDVRVSRU
YXHOWDHVLJXDODƒiQJXORGH
SDVR
5HODFLyQGHWUDQVPLVLyQGHODFRURQD
0B*HDU
GHVGHHOPRWRUDOHMHGHO
WHOHVFRSLR¢&XDQWDVYHFHVURWDHO
PRWRUSDUDTXHHOHMHGHOWHOHVFRSLR
JLUHXQDYH]"
5DQJRGHDMXVWHD(QFDVR
GHTXHVXUHODFLyQGHWUDQVPLVLyQ
VHDPD\RUGHRQRVHDXQ
Q~PHURHQWHURGHEHUiPXOWLSOLFDUOD
UHODFLyQGHWUDQVPLVLyQSRUXQ
Q~PHURDGHFXDGR;\VLPXOWiQHDPHQWH
GLYLGLUHOYDORUGH0B65HYSRU;
)RUPDGHRQGDGHODFRUULHQWH+D\
0B:DYH
WUHVYDORUHVSRVLEOHVSDVRV
FRPSOHWRVPHGLRVSDVRVR
PLFURSDVRV(OYDORUPiVDGHFXDGR
SDUDFDVLWRGRVORVFDVRVHVHOGH
PLFURSDVRV
$OJXQRVPRWRUHVSDVRDSDVREDUDWRV
0B)
QRIXQFLRQDQFRQVXDYLGDGQL
VLTXLHUDVLODFRUULHQWHWLHQHIRUPD
VHQRLGDOSXUD(VWRVPRWRUHVSXHGHQ
IXQFLRQDUPiVVXDYHPHQWHVLODRQGD
0B$FFHO
0B&OHDU
0B)UHT
0B/5
0B(QF5
0B(QF'
VHQRLGDOVHPRGLILFDDxDGLHQGRXQD
LQWHQVLGDGGHYHFHVHOWLHPSRGH
ODIUHFXHQFLDGHODRQGDVHQRLGDO
(OYDORUWtSLFRHV
$FHOHUDFLyQYDORUHVWtSLFRVD
%XVTXHHOYDORUPiVDGHFXDGR
UHDOL]DQGRSUXHEDVDODPi[LPD
YHORFLGDG9HORFLGDG YDORU
PiVOHQWR YDORUPiVUiSLGR
7LHPSRHQVHJXQGRVQHFHVDULRSDUD
FRUUHJLUODKROJXUDGHODFRURQD
/DKROJXUDGHODFRURQDGHEH
FRUUHJLUVHVLHPSUHTXHFDPELHHO
VHQWLGRGHURWDFLyQGHORVPRWRUHV
6LQRHVQHFHVDULDODFRPSHQVDFLyQ
GHKROJXUDGHWUDQVPLVLyQDMXVWH
HVWHYDORUD
)UHFXHQFLDGHDMXVWHGHODKROJXUD
GHWUDQVPLVLyQHQKHUW]LRV9DORUHV
WtSLFRV+]D+]
(VWDIUHFXHQFLDGHWHUPLQDOD
YHORFLGDGFRQODTXHVHFRPSHQVDUi
ODKROJXUDGHWUDQVPLVLyQ
$WHQFLyQ(VWDIUHFXHQFLDVH
WUDQVPLWHDOPRWRUGHXQDYH]HV
GHFLUVLQUDPSDGHDFHOHUDFLyQ3RU
WDQWRODIUHFXHQFLDQRGHEHVHU
GHPDVLDGRHOHYDGD
/RVYDORUHVWtSLFRVVRQ+]D+]
6HQWLGRGHURWDFLyQGHOPRWRU
L]TXLHUGDRGHUHFKD9HDHOFDStWXOR
5HVROXFLyQGHORVFRGLILFDGRUHV
OtQHDVSRUYXHOWD[SHM
FRQXQFRGLILFDGRUGHOtQHDV
(QFDVRGHTXHHOFRGLILFDGRUQR
HVWpDFRSODGRGLUHFWDPHQWHDOHOHMH
GHOWHOHVFRSLRVLQRTXHHVWp
FRQHFWDGRSRUXQDFRUUHDRFRURQDGH
IULFFLyQGHEHUiWHQHUHQFXHQWDOD
UHODFLyQGHUHGXFFLyQH[DFWD9HUHO
FDStWXOR
6HQWLGRGHJLURGHOFRGLILFDGRU
L]TXLHUGDRGHUHFKD9HUHOFDStWXOR
(VWDVVRQDOJXQDVIyUPXODV~WLOHVSDUD
UHDOL]DUORVFiOFXORV
(VWDVIRUPXODVVRQYiOLGDVSDUDOD
YHORFLGDGGHVHJXLPLHQWRVLGpUHD
)UHFXHQFLDGHOPRWRU
I 0B65HY
0B*HDU
VJ
7LHPSRGHXQDUHYROXFLyQGHOPRWRU
W V
0B*HDU
&RQH[LyQGHORVFRGLILFDGRUHV
/DGLVSRVLFLyQGHORVSLQHVGHOFRQHFWRUGH
FRQWDFWRV:HVWHUQ0RGXODUHVSDUDDPERV
FRGLILFDGRUHVLGpQWLFDDODGLVSRVLFLyQGH
ORVSLQHVGHO³6N\&RPPDQGHU´GHO³1*&0$;´
\GHO1*&0,1,0$;
3RUWDQWRSRGUtDXVDUORVFRGLILFDGRUHVTXH
\DWXYLHUDWDPELpQFRQHO)6
$WHQFLyQ/RVFRGLILFDGRUHVGHO³6N\VHQVRU´
WLHQHQXQDGLVSRVLFLyQGHSLQHVGLVWLQWD\
SRUWDQWRQHFHVLWDUiXQFDEOHDGDSWDGRU
HVSHFLDO
(QFDVRGHTXHKDJDHOFDEOHDGRGHORV
FRGLILFDGRUHVXVWHGPLVPRWHQJDHQFXHQWD
TXHXQDFRQH[LyQHUUyQHDDFFLGHQWDOGHORV
FDEOHVSRGUtDFDXVDUGDxRVDORV
FRGLILFDGRUHV
'LVWULEXFLyQGHSLQHVGHOFRQHFWRUGHORV
FRGLILFDGRUHVGHO)6
$5FDQDO%
$59
$5FDQDO$
$5PDVD
'HFOFDQDO%
'HFO9
'HFOFDQDO$
'HFOPDVD
0LVF(QFRGHU
³\HV´
0RWB5$0B(QF5 1žGHOtQHDVGHO
FRGLILFDGRUGH$5[
0RWB'H0B(QF5 1žGHOtQHDVGHO
FRGLILFDGRUGH'HFO[
0RWB5$0B(QF' 6HQWLGRGHJLURGHO
FRGLILFDGRUGH$5
0RWB'H0B(QF' 6HQWLGRGHJLURGHO
FRGLILFDGRUGH'HFO
(QHOFDVRGHTXHORVFRGLILFDGRUHVQRHVWpQ
DFRSODGRVGLUHFWDPHQWHDOHOHMHGHO
WHOHVFRSLRVLQRTXHHVWpQFRQHFWDGRVD
WUDYpVGHDOJ~QWLSRGHHQJUDQDMHFRURQDV
FRUUHDVRGLVFRVGHIULFFLyQHVWRGHEH
WHQHUVHHQFXHQWDDODMXVWDUHOQ~PHURGH
OtQHDV$VtWLHQHTXHPXOWLSOLFDUHOQ~PHUR
GHOtQHDVGHORVFRGLILFDGRUHVSRUOD
UHODFLyQGHUHGXFFLyQ\SRUFXDWUR
ÈQJXOR GHO FRGLILFDGR U
ÈQJXOR GHO 7HOHVFRSLR
7HQJDHQFXHQWDTXHORVFRGLILFDGRUHVQR
SXHGHQURWDUDFXDOTXLHUYHORFLGDGTXHVH
GHVHH\DTXHSXHGHTXHHOiQJXORVHFDOFXOH
LQFRUUHFWDPHQWH/DPi[LPDYHORFLGDGGH
URWDFLyQGHO)6HVGHOtQHDVSRU
VHJXQGR(VWDYHORFLGDGQRGHEHVREUHSDVDUVH
QLVLTXLHUDGXUDQWHFRUWRVSHULRGRVGH
WLHPSR
(MHPSORV
x
x
/DUHVROXFLyQDQJXODUGHXQFRGLILFDGRUVH
FDOFXODGHODVLJXLHQWHPDQHUD
5HVRO DQJXODU ž
q
1ž GH /LQHDV [ 5HO 5HGXFFLRQ [ (MHPSORV
x
x
8QFRGLILFDGRUFRQOtQHDVSRU
YXHOWDPRQWDGRGLUHFWDPHQWHVREUHHO
HMHWLHQHXQDUHVROXFLyQDQJXODUGH
ƒ s
8QFRGLILFDGRUFRQOtQHDVJLUDQGRD
GREOHYHORFLGDGTXHHOHMHGHOWHOHVFRSLR
JUDFLDVDXQVLVWHPDGHWUDQVPLVLyQ
WHQGUiXQDUHVROXFLyQGHƒ s
&RPRVHSXHGHYHUODYHQWDMDGHXQDPD\RU
UHVROXFLyQHVWiUHODFLRQDGDFRQOD
GHVYHQWDMDGHXQDYHORFLGDGPi[LPDGH
URWDFLyQSHUPLWLGDPHQRU
2WURSDUiPHWURPX\LPSRUWDQWHHQUHODFLyQD
ORVFRGLILFDGRUHVHV³0LVF7ROHUDQFH´
7UDVFRQHFWDUORVFRGLILFDGRUHVWLHQHTXH
SURJUDPDUORVLJXLHQWHHQHOVLVWHPDGH
PHQ~V
UHODFLyQ UHGXFF
WHOHVFRSLRQRGHEHVREUHSDVDUPHGLD
UHYROXFLyQSRUVHJXQGR
8QFRGLILFDGRUGHOtQHDVPRQWDGR
GLUHFWDPHQWHVREUHHOHMHGHOWHOHVFRSLR
SXHGHJLUDUDXQDYHORFLGDGGH
UHYROXFLRQHVSRUVHJXQGR
8WLOL]DQGRXQFRGLILFDGRUGHOtQHDV
TXHJLUHDOGREOHGHYHORFLGDGTXHHOHMH
GHOWHOHVFRSLRJUDFLDVDXQVLVWHPDGH
WUDQVPLVLyQODYHORFLGDGGHOHMHGHO
&XDQGRORVFRGLILFDGRUHVHVWiQFRQHFWDGRV
HO)6WLHQHGRVPpWRGRVLQGHSHQGLHQWHVSDUD
FDOFXODUODSRVLFLyQGHORVHMHVGHO
WHOHVFRSLR
0HGLDQWHODSRVLFLyQGHORVPRWRUHVSDVR
DSDVR
9HQWDMD5HVROXFLyQPX\DOWD
'HVYHQWDMD(QHOPRPHQWRTXHDIORMHORV
EORTXHRVGHORVHMHVHOFiOFXORGHORV
iQJXORV\DQRVHUiYiOLGR
0HGLDQWHORVFRGLILFDGRUHV
9HQWDMD(OFiOFXORGHiQJXORVVHUi
YiOLGRDXQTXHVHVXHOWHQORVEORTXHRV
\DTXHORVFRGLILFDGRUHVYDQDFRSODGRV
GLUHFWDPHQWHDORVHMHVGHOWHOHVFRSLR
£eVWDHVODUD]yQSRUODTXHXQ
FRGLILFDGRUFRQHFWDGRDOPRWRUVHUtD
LQ~WLO
'HVYHQWDMD/DUHVROXFLyQQRHVWDQDOWD
FRPRODGHORVPRWRUHV
(O)6FDOFXODFRQWLQXDPHQWHDPERViQJXORV\
ORVFRPSDUD6LODGLIHUHQFLDHQWUHDPERV
YDORUHVFUHFHSRUHQFLPDGHGHWHUPLQDGR
YDORUHO)6VHFRQPXWDDXWRPiWLFDPHQWHGHO
FiOFXORPiVH[DFWRGHiQJXORVPRWRUHVSDVR
DSDVRDOFDOFXORPHQRVH[DFWR
FRGLILFDGRUHV
3XHGHDMXVWDUODWROHUDQFLDSHUPLWLGDHQHO
VLVWHPDGHPHQ~VHQODRSFLyQ
³0LVF7ROHUDQFH´/RVYDORUHVWtSLFRVVRQ
HQJHQHUDOGHƒDƒ
7UDVKDEHUDMXVWDGRXQDSRVLFLyQGH
UHIHUHQFLDXWLOL]DQGRODRSFLyQ³5HI2EM´
ODVFRRUGHQDGDVVLHPSUHVHFDOFXODQGH
DFXHUGRDODVSRVLFLRQHVGHORVPRWRUHV
HVWRHVKDVWDTXHODPi[LPDWROHUDQFLD
SHUPLWLGDVHUHEDVH6LORVEORTXHRVGHORV
HMHVQRHVWiQVXHOWRVODWROHUDQFLDQXQFD
GHEHUtDOOHJDUDVREUHSDVDUVH
$MXVWHGHORVVHQWLGRVGH
JLUR
$MXVWHWRGRVORVSDUiPHWURVGHOVLVWHPDGH
PHQ~VFRPRVHDQHFHVDULRSDUDVXPRQWXUDR
FRPSUXHEHTXHWRGRVORVSDUiPHWURVHVWiQ
DMXVWDGRVFRQYHQLHQWHPHQWH
1RWDLPSRUWDQWH
£/DIXQFLyQSDUDFDPELDUORVSXOVDGRUHVQR
GHEHHVWDUDFWLYDGDGXUDQWHORVDMXVWHV
VLJXLHQWHVHVGHFLUHOYDORUGHODRSFLyQ
³0LVF%XWWRQV´GHEHHVWDUHQ³QRUPDO´
7UDVHVWRSXHGHUHDOL]DUDOJXQDVSUXHEDV
LPSRUWDQWHVFRQVXPRQWXUD
3ULPHURHOPRWRUGH$5
*LUHHOWHOHVFRSLRKDFLDHO6XUVHOHFFLRQH
XQDYHORFLGDGDOWD\SUHVLRQHHOSXOVDGRU
GHUHFKR$5/DVFRRUGHQDGDV
YLVXDOL]DGDVHQHOGLVSOD\QRLPSRUWDQHQ
HVWHPRPHQWR(OWHOHVFRSLRGHEHUHDOL]DUHO
VHJXLPLHQWRKDFLDHO2HVWH(QFDVRGHTXH
JLUHKDFLDHOODGRFRQWUDULRFDPELHHO
DMXVWHGHOVHQWLGRGHJLURHQHOVLVWHPDGH
PHQ~V0B/5
$KRUDFRPSUXHEHHOVHQWLGRGHJLURGHOPRWRU
GHGHFOLQDFLyQ
$SXQWHDSUR[LPDGDPHQWHVXWHOHVFRSLRKDFLD
HO(VWH\YD\DDODRSFLyQ³5HI2EM´GHO
VLVWHPDGHPHQ~V8WLOLFHMXVWRODSULPHUD
HVWUHOOD$OID$QGURPHGDH\UHVSRQGDDOD
SUHJXQWDVREUHODSRVLFLyQSXOVDQGR³(´
SXOVDGRUL]TXLHUGR$KRUDHO)6³VDEH´
TXHVXPRQWXUDHVWiFRORFDGDKDFLDHO(VWH
$M~VWHODDXQDYHORFLGDGDOWD\SUHVLRQHHO
SXOVDGRUVXSHULRU'HFOLQDFLyQ7DPSRFR
DKRUDLPSRUWDQORVYDORUHVGHODV
FRRUGHQDGDVYLVXDOL]DGDVHQHOGLVSOD\(O
WHOHVFRSLRGHEHPRYHUVHKDFLDHO1RUWH
DUULED(QFDVRGHTXHVHPXHYDKDFLD
DEDMRFDPELHHODMXVWHGHVHQWLGRGHJLUR
HQHOVLVWHPDGHPHQ~V0B/5
(QFDVRGHTXHKD\DFRQHFWDGRORV
FRGLILFDGRUHVFRPSUXHEHDKRUDVXVVHQWLGRV
GHJLUR
6LHQODHVTXLQDLQIHULRUGHUHFKDGHO
GLVSOD\QRDSDUHFHXQD³(´HQFRGHUVDIORMH
HOEORTXHRGHXQRGHORVHMHV\JLUHDPDQR
HOWHOHVFRSLROLJHUDPHQWHDGHODQWH\DWUiV
$KRUDGHEHUtDYHUVHOD³(´
3ULPHURHOFRGLILFDGRUGH$5
$SXQWHDSUR[LPDGDPHQWHHOWHOHVFRSLRKDFLD
HO6XU\GHVSXpVJtUHORPDQXDOPHQWHKDFLDHO
2HVWHRVHDHQODGLUHFFLyQGH
VHJXLPLHQWRQRUPDO(OYDORUGH$5GHO
GLVSOD\GHEHGLVPLQXLU(QFDVRFRQWUDULR
FDPELHHOYDORUGHOVHQWLGRGHJLURGHO
FRGLILFDGRUHQHOVLVWHPDGH
PHQ~V0B(QF'
<SRUILQSHURQRPHQRVLPSRUWDQWHHO
GHFRGLILFDGRUGH'HFOLQDFLyQ
$SXQWHHOWHOHVFRSLRDSUR[LPDGDPHQWHKDFLD
HO(VWH\GHVSXpVYD\DDODIXQFLyQ
³5HI2EM´GHOVLVWHPDGHPHQ~V6HOHFFLRQH
ODSULPHUDHVWUHOOD$OID$QGURPHGDH\
FRQWHVWHDODSUHJXQWDVREUHODSRVLFLyQ
SXOVDQGROD³(´SXOVDGRUL]TXLHUGR$KRUD
VXXQLGDGGHFRQWUROVDEHTXHVXPRQWXUD
HVWiDMXVWDGDDO(VWH
$KRUDJLUHPDQXDOPHQWHHOWHOHVFRSLRKDFLD
DUULEDHVWRHVHQGLUHFFLyQDODHVWUHOOD
3RODU(OYDORUGHOD'HFOLQDFLyQHQHO
GLVSOD\GHEHDXPHQWDU(QFDVRFRQWUDULR
FDPELHHOYDORUGHOVHQWLGRGHJLURGHO
FRGLILFDGRUGHOVLVWHPDGHPHQ~V0B(QF'
(VWUHOODVGHUHIHUHQFLD
&RQVWHODFLyQ
$OWDU
$QGUyPHGD
6DJLWDULR
7DXUR
&DVLRSHD
&HQWDXUR
$EUY
(VWUHOODV
$UDDE
$QGDEJ
6JUJGHOSV
7DXDEK
&DVDEJG
&HQDEJGH]
K-L
&HIHR
&HSD
$XULJD
$XUDEH-L
*UXOOD
*UXD
&UX]GHO6
&UXDEJG
&RUYXV
&UYEJG
&ROXPEXV
&ROD
'UDFR
'UDEJK
$TXLOD
$TODJ]
(ULGDQXV
(ULDEJ0XVFD
0XVD
&DSULFRUQLR
&DSG
2VD0D\RU
8PDDEJH]K
&DQ0D\RU
&PDDEGHK
/HSXV
/HSDE
+HUFXOHV
+HUE]
%R\HUR
%RRDHK
&DQLV9HQDWLFL &9QD
&DULQD
&DUDEH-LX
&DQ0HQRU
&PLDE
/HR
/HRDEJGH
2VD0HQRU
8PLDE
/LUD
/\UD
&RU%RUHDOLV &U%D
+LGUD
+\DD
2ULRQ
2ULDEJGH]L
N
3DYR
3DYD
3HJDVR
3HJDEJHK
3HUVHR
3HUDEJH]
)pQL[
3KHD
3XSLV
3XS]SUW
$ULHV
$ULDE
9HOD
9HOJGNOP
/LEUD
/LEDE
(VFRUSLR
6FRDE GH-N
OSVWX
6HUSLHQWH
6HUD
2ILXFR
2SKDEG]K
3LVFLV$XVWU 3V$D
7ULDQJXOR$XV 7U$DEJ
+\GUD
+\LDE
&LVQH
&\JDE JGH
7XFiQ
7XFD
*pPLQLV
*HPDEJHP
9LUJR
9LUDJH
$FXDULR
$TUDE
&HWXV
&HWDE
/XSXV
/XSDEJ
$OIDEHWRJULHJR
D
E
J
G
H
9
K
L
N
O
P
$OID
%HWD
*DPPD
'HOWD
(SVLORQ
=HWD
(WD
7KHWD
,RWD
.DSSD
/DPEGD
0X
Q
[
R
S
U
V
W
X
M
F
\
Z
1X
;L
2PLFURQ
3L
5KR
6LJPD
7DX
8SVLORQ
3KL
&KL
3VL
2PHJD
(VWUHOODVFRQQRPEUHSURSLR
$OELUHR
$OGHEDUiQ
$OGHUDPtQ
$OJRO
$OLRWK
$OPDFK
$OSKDUG
$OSKHUDW]
$OWDLU
$QWDUHV
$UWXUR
%HOODWUL[
%HQHWQDVFK
%HWHOJHXVH
&DSHOOD
&DVWRU
'HQHE
'HQHEROD
'XEKH
)RPDOKDXW
*HPPD
+DPDO
.DXV$XVWUDOLV
.RFKDE
0DUNDE
0HUDN
0LUDFK
0LUIDN
0L]DU
3KHFGD
3RODU
3ROOX[
3URFLyQ
5DV$OKDJXH
5HJXOXV
5LJHO
6FKHDW
6FKHGDU
6LULR
6SLFD
9HJD
E
D
D
E
H
J
D
D
D
D
D
J
K
D
D
D
D
E
D
D
D
D
H
E
D
E
E
D
]
J
D
E
D
D
D
E
E
D
D
D
D
&\J
7DX
&HS
3HU
8PD
$QG
+\D
$QG
$TO
6FR
%RR
2UL
8PD
2UL
$XU
*HP
&\J
/HR
80D
3V$
&U%
$UL
6JU
8PL
3HJ
8PD
$QG
3HU
8PD
8PD
80L
*HP
&0L
2SK
/HR
2UL
3HJ
&DV
&0D
9LU
/\U
$2.:$0
PRYH
$2.:$0
9L[HQ$7/8;
9L[HQ$7/8;
PRGLILFDGD
9L[HQ63*3
9L[HQ63*3
PRGLILFDGD
&HOHVWURQ*
&HOHVWURQ*
PRGLILFDGD
0$03
0$03
0$03
0$03
$VWUR3K\VLFV
&1&
$'
$'
$'
$'
$'
$'
1LSSRQ
(6&$3
3+
1LSSRQ
(6&$3
3
+XUVW
63
(6&$3
3
1DQRWHF
+0
1DQRWHF
+/
1DQRWHF
+;
:
:
:
[:
:
:
:
%HUJHU
(6&$33
%HUJHU
(6&$33
%HUJHU
(6&$33
:
:
:
:
:
:
:
1~PHURGHGLHQWHVGH
ODFRURQDGH$5
[
[
[
1RWDV
[
9HORFLGDG0i[LPD
DSUR[
5HVROXFLyQGHORV
FRGLILFDGRUHV
"
$
$
[
$
:
:
XSWR
$
:
$
XSWR
$
[:
$
:
[:
1DQRWHF
;
"
,QWHQVLGDGGHO
ERELQDGRGHD
5HVLVWHQFLDGHO
%RELQDGR
:
$
$
$
$
$
$
$
$
5HODFLyQGH
UHGXFFLyQHQ
'HFOLQDFLyQ
$2.:$0
:
5HODFLyQGH
UHGXFFLyQHQ
$VFHQVLyQ5HFWD
$2.:$0
6$,$8)'
9
6$,$8)'
9
6$,$8)'
9
6$,$8)'
9
6$,$
8)%9
1~PHURGHSDVRVSRU
YXHOWDGHOPRWRU
$2.:$0
7LSRGH0RWRU
0RQWXUD
'DWRVWpFQLFRVGHDOJXQDVPRQWXUDV
$
XSWR
$
XSWR
$
$
PD[
$
$
PD[
$
$
$
$
$
$
$
$
y
y
y
y
y
y
y
y
P P P P /RVGDWRVWpFQLFRVGHODVPRQWXUDV$2.KDQVLGRSURSRUFLRQDGRVJHQWLOPHQWHSRU%HDW.RKOHUGH$2.6ZLVV
/RVGDWRVWpFQLFRVGHODVPRQWXUDV0$0KDQVLGRSURSRUFLRQDGRVJHQWLOPHQWHSRU0DQIUHG0DX]
[
[
FD
[
[
FD
[
FD
[
FD
[
FD
[
FD
[
FD
[
[
[
["
[
[
[
1RWDV
$OJXQDVDQWLJXDVPRQWXUDVWLHQHQPRWRUHVGHYROWLRVTXHGHEHQIXQFLRQDUDXQRV$PS0XFKDVPRQWXUDVFRQPRWRUHVGH
YROWLRVWLHQHQUHVLVWHQFLDVHQVHULHLQFRUSRUDGDVTXHVRQQHFHVDULDVFXDQGRVHXVDODIXQFLyQ³6LQXV´GHODXQLGDGGH
FRQWURO(VWDVUHVLVWHQFLDVQRVRQQHFHVDULDVFXDQGRVHXWLOL]DHO)6$SHWLFLyQGHOFOLHQWHODVPRQWXUDVVHFRQVWUX\HQ
WDPELpQFRQPRWRUHV(6&$3
/DFRQYHUVLyQDPRWRUHV(6&$3HVSRVLEOHSHURGLILFXOWRVD
/DFRQYHUVLyQDPRWRUHV(6&$3QRHVGLItFLO6yORWLHQHTXHFRQVWUXLUODVSLH]DVDGHFXDGDVSDUDDFRSODUORVQXHYRVPRWRUHV
DODPRQWXUD
(QDOJXQRVPRWRUHVDQWLJXRVORVGRVSXQWRVPHGLRVGHORVERELQDGRVHVWiQLQWHUFRQHFWDGRV(VWDFRQH[LyQGHEHFRUWDUVHVL
TXLHUHFRQWURODUORVPRWRUHVFRQHO)6(QFDVRFRQWUDULRORVPRWRUHVIXQFLRQDUiQGHIRUPDLPSUHYLVLEOHRQRORKDUiQHQ
DEVROXWR
3DUDODFRQYHUVLyQDORVPRWRUHV(6&$3QHFHVLWDUiORVDFRSODPLHQWRV\SLH]DVDGHFXDGDVSDUDDFRSODUORVQXHYRVPRWRUHV
8WLOL]DQGRODXQLGDGGHFRQWURORULJLQDO0$0FRQYROWLRV\ODPi[LPDLQWHQVLGDGHVSRVLEOHREWHQHUXQDYHORFLGDG
Pi[LPDGH[
'HELGRDTXHODUHODFLyQGHUHGXFFLyQGHGHFOLQDFLyQQRHVXQQ~PHURHQWHURDM~VWHODD\SRQJD65HYHQ
'HELGRDTXHODUHODFLyQGHUHGXFFLyQGHGHFOLQDFLyQQRHVXQQ~PHURHQWHURDM~VWHODD\SRQJD65HYHQ
Descargar