Escolar Documentos
Profissional Documentos
Cultura Documentos
(YDOXDUHDWHKQRORJLLORUPHGLFDOHJORVDU
+RPH
(YDOXDUHDWHKQRORJLLORUPHGLFDOH
*ORVDUGHWHUPHQLIRORVLWLLQHYDOXDUHDWHKQRORJLLORULQLQJULMLULOHGHVDQDWDWH
*ORVVDU\+HDOWK7HFKQRORJ\$VVHVVPHQWRQWKH1HW3URIHVVLRQDO'HYHORSPHQWE\'LVWDQFH
*ORVVDU\1DWLRQDO,QIRUPDWLRQ&HQWHURQ+HDOWK6HUYLFHV5HVHDUFKDQG+HDOWK&DUH7HFKQRORJ\
7UDGXFHUH'U&DUPHQ0RJD80)&DURO'DYLOD&DWHGUDGH6DQDWDWH3XEOLFDVL0DQDJHPHQW
&HUFHWDWRU3DXOD&RUDELDQ'HSDUWDPDQHWXOGH(YDOXDUHD7HKQRORJLLORU0HGLFDOH$OEHUWD+HULWDJH
)RXQGDWLRQRI0HGLFDO5HVHDUFK&DQDGD
$FXUDWHWHD DFFXUDF\ JUDGXO LQ FDUH R PDVXUDWRDUH HVWH DGHYDUDWD VDX FRUHFWD 2 PDVXUDWRDUH SRDWH VD DLED
DFXUDWHWHGDUVDQXILHSUHFLVDGDFDVHED]HD]DSHRPHWRGDFDUHQXSURGXFHHURULGDUFDUHIXUQL]HD]D REVHUYDWLL
FDUHDXYDULDWLLPDULFDUHQXVXQWDSURSLDWHFDPDJQLWXGLQH
$QDOL]DFRVWEHQHILFLX FRVW EHQHILW DQDO\VLV HYDOXDUH HFRQRPLFD FDUH FRPSDUD FRVWXULOH VL FRQVHFLQWHOH D
GRXDVDXPDLPXOWHDOWHUQDWLYHLQFDUHDWDWFRVWXULOHFDWVLFRQVHFLQWHOHVXQWFRQYHUWLWHLQYDORDUHPRQHWDUD
$QDOL]D FRVW FRQVHFLQWD FRVW FRQVHTXHQFH DQDO\VLV HYDOXDUH HFRQRPLFD FDUH FRPSDUD FRVWXULOH VL
FRQVHFLQWHOHDGRXDVDXPDLPXOWHDOWHUQDWLYHLQFDUHFRVWXULOHVLFRQVHFLQWHOHQXVXQWDJUHJDWHVLWRDWHUH]XOWDWHOH
VXQWH[SULPDWHLQXQLWDWLQDWXUDOH
$QDOL]D FRVW HILFDFLWDWH FRVW HIIHFWLYHQHVV DQDO\VLV HYDOXDUH HFRQRPLFD FDUH FRPSDUD FRVWXULOH VL
FRQVHFLQWHOHDGRXDVDXPDLPXOWHDOWHUQDWLYHLQFDUHXQXOGLQWUHUH]XOWDWHHVWHH[SULPDWLQXQLWDWLQDWXUDOH
$QDOL]DFRVWXWLOLWDWHFRVWXWLOLW\DQDO\VLVHYDOXDUHHFRQRPLFDFDUHFRPSDUDFRVWXULOHVLFRQVHFLQWHOHDGRXD
VDXPDLPXOWHDOWHUQDWLYHLQFDUHYDORDUHDFRQVHFLQWHORUHVWHHYDOXDWDSULQXQLWDWLVFRUXULGHXWLOLWDWH
$QDOL]D FRVWXOXL EROLL FRVW RI LOOQHVV DQDO\VLV GHWHUPLQDUHD LPSDFWXOXL HFRQRPLF DO EROLL VDX D VWDULL GH
VDQDWDWHLQFOX]DQGFRVWXOWUDWDPHQWXOXLDFHDVWDIRUPDGHDQDOL]DQXVHUHIHUDODEHQHILFLLVLUH]XOWDWH
$QDOL]D GH GHFL]LH GHFLVLRQ DQDO\VLV R DERUGDUH D OXDULL GHFL]LHL LQ VLWXDWLL GH LQFHUWLWXGLQH FDUH LPSOLFD
PRGHODUHDVHFYHQWHORUVDXDFDLORUSHFDUHOHSRWXUPDGLYHUVHVWUDWHJLLSHQWUXDLGHQWLILFDSHFHDFDUHHVWHRSWLPD
H[GLDJQRVWLFXOVLWUDWDPHQWXOLQWURSUREOHPDFOLQLFDSDUWLFXODUD6HED]HD]DSHHVWLPDULGLVSRQLELOHGLQOLWHUDWXUD
VDXFDUHDSDUWLQH[SHUWLORUDOHSUREDELOLWDWLORUFDDQXPLWHHYHQLPHQWHVLUH]XOWDWHYRUDSDUHDVLSHYDORULOHUH]XOWDWHORU
FDUH VH REWLQ SULQ DSOLFDUHD ILHFDUHL VWUDWHJLL 8Q DUERUH GHFL]LRQDO HVWH R UHSUH]HQWDUH JUDILFD D GUXPXULORU FDLORU
FOLQLFHDOWHUQDWLYH
$QDOL]DGHPLQLPL]DUHDFRVWXULORU(YDOXDUHHFRQRPLFDFDUHFRPSDUDFRVWXULOHVLFRQVHFLQWHOHDGRXD VDX PDL
PXOWHDOWHUQDWLYHFDUHGHWHUPLQDUH]XOWDWHLGHQWLFH
$QDOL]DGHVHQVLELOLWDWHVHQVLWLYLW\DQDO\VLV PHWRGD XWLOL]DWD GH HFRQRPLVWL VL QX QXPDL SHQWUX D WHVWD GDFD
YDULDWLLOHLQSUH]XPWLLOHSUHVXSXQHULOHIDFXWHLQIOXHQWHD]DFRQFOX]LLOHXQXLVWXGLXFRVWEHQHILFLXVDXDOHXQXL VWXGLX
VLPLODU
$QDOL]DHFRQRPLFDHFRQRPLFDQDO\VLVYH]LHYDOXDUHHFRQRPLFD
$QDOL]D XWLOL]DULL XWLOL]DWLRQ UHYLHZ SURFHGXUD RUJDQL]DWD FDUH XUPDUHVWH HYDOXDUHD LQWHUQDULORU D GXUDWHORU GH
VSLWDOL]DUH D VHUYLFLLORU PHGLFDOH IXUQL]DWH D QHFHVLWDWLL DFHVWRU VHUYLFLL VL FDUH SURPRYHD]D XWLOL]DUHD FHD PDL
HILFLHQWDDDFHVWRUVHUYLFLL
$QL GH YLDWD DMXVWDWL LQ IXQFWLH GH FDOLWDWH TXDOLW\ DGMXVWHG OLIH \HDU 4$/<V 4$/<V VH FDOFXOHD]D
PXOWLSOLFDQG QXPDUXO GH DQL GH YLDWD DGDXJDWL GH R LQWHUYHQWLH FX R YDORDUH VWDQGDUG FDUH UHIOHFWD FDOLWDWHD YLHWLL
GHDOXQJXOSHULRDGHLDGDXJDWH9DORDUHDDFRUGDWDUHSUH]LQWDGHFHVXOLDUYDORDUHDUHSUH]LQWDVWDUHDGH VDQDWDWH
SHUIHFWD 9DORUL VXEXQLWDUH VXQW SRVLELOH SHQWUX VWDUL GH VDQDWDWH FRQVLGHUDWH PDL QHIDYRUDELOH GHFDW GHFHVXO
9DORULOHVXQWREWLQXWHSULQLQWUHEDUHDSXVDXQRUSHUVRDQHUHOHYDQWHGHVSUHVWDUHDGHVDQDWDWHSUHIHUDWD
$QLLGHYLDWDDMXVWDWLLQIXQFWLHGHLQFDSDFLWDWH'$/<V'LVDELOLW\DGMXVWHG OLIH \HDUV R XQLWDWH D VWDWXVXOXL
LQJULMLULORU GH VDQDWDWH FDUH DMXVWHD]D VSHUDQWD GH YLDWD OD R YDUVWD VSHFLILFD FX SLHUGHUHD GH VDQDWDWH VL SLHUGHUHD
GH DQL GH YLDWD GDWRULWD LQFDSDFLWDWLL GDWH GH SUH]HQWD EROLL VDX D LQMXULLORU '$/< VH IRORVHVWH IUHFYHQW SHQWUX D
KWWSZZZFPEURKWDJORVDUKWPO
(YDOXDUHDWHKQRORJLLORUPHGLFDOHJORVDU
PDVXUDSRYDUDJOREDODDEROLL
%D]H GH GDWH GDWDEDVH RU UHJLVWHU LQPDJD]LQDUH GH GDWH IUHFYHQW LQ IRUPD FRPSXWHUL]DWD FDUH DMXWD OD
HIHFWXDUHD GH REVHUYDWLL VL REWLQHUH GH LQIRUPDWLL GHVSUH XQ JUXS GH SDFLHQWL H[ EDUEDWL DGXOWL FDUH WUDLHVF LQ
ORFDOLWDWHD ; VDX ERDOD H[ KLSHUWHQVLXQHD VDX R LQWHUYHQWLHH[ WHUDSLD PHGLFDPHQWRDVD DQLWLKLSHUWHQVLYD VDX
DOWHHYHQLPHQWHVLFDUDFWHULVWLFL,QIXQFWLHGHFULWHULLOHGHLQFOXGHUHLQED]DGHGDWHREVHUYDWLLOHSRWDYHDVLXQJUXS
FRQWURO 'HVL DFHVWHD SRW IL XWLOH SRW VD DSDUDW R PXOWLPH GH IDFWRUL GH FRQIX]LH H[ DEVHQWD UDQGRPL]DULL VL
SRVLELOLWDWHDGHLQUHJLVWUDUHDHURULORUGHVHOHFWLHLQSURFHVXOSULQFDUHSDFLHQWLL VDX HYHQLPHQWHOH VXQW LQUHJLVWUDWH
&D XUPDUH IRORVLUHD ED]HORU GH GDWH UHSUH]LQWD R PHWRGD VODED SHQWUX VWDELOLUHD UHODWLLORU GH FDX]DOLWDWH LQWUH R
LQWHUYHQWLHVLUH]XOWDWXODFHVWHLD
%D]H GH GDWH ELEOLRJUDILFH ELEOLRJUDSKLF GDWDEDVH XQ LQGH[ VDX R VXUVD GH UHIHULQWH FLWDWLL FRPSXWHUL]DWD
FDUH FXSULQGH DUWLFROH GH UHYLVWD VL DOWH UDSRDUWH GLQ OLWHUDWXUD 5HIHULQWHOH ELEOLRJUDILFH LQFOXG DXWRUXO WLWOXO VXUVD
GDWHORUDEVWUDFWXOVLVDXDOWHLQIRUPDWLLLQUXGLWHXQHRULWH[WHLQLQWUHJLPHH[0('/,1(VL(0%$6(
%HQHILFLX PDUJLQDO PDUJLQDO EHQHILW EHQHILFLXO DGLWLRQDO H[ LQ XQLWDWL GH UH]XOWDW DO VDQDWDWLL SURGXV GH
XWLOL]DUHDXQHLUHVXUVHDGLWLRQDOHH[RDOWDLQWHUYHQWLHGHLQJULMLUH
&DOLWDWHD YLHWLL DVRFLDWD FX VDQDWDWHD OHJDWD GH VDQDWDWH KHDOWK UHODWHG TXDOLW\ RI OLIH DVSHFWH DOH FDOLWDWLL
YLHWLL OHJDWD DVRFLDWD FX VDQDWDWHD VDX FX LQJULMLUHD VDQDWDWLL ([HPSOH LQFOXG VXSUDYLHWXLUHD FDSDFLWDWHD GH D
GHVIDVXUDDFWLYLWDWLVDUFLQLIL]LFHFRQVLGHUDWHQRUPDOHFXPDUILPHUVXOFRQGXFHUHDXQHLPDVLQLGHVIDVXUDUHD XQHL
DFWLYLWDWL SURGXFWLYH FDSDFLWDWHD GH DXWRLQJULMLUH VL GH LQJULMLUH D DOWRUD DEVHQWD GHSUHVLHL DEVHQWD GXUHULL
FDSDFLWDWHDGHDYHGHDDX]LYRUELVLGHDJDQGLQRUPDO
&HUFHWDUH VWUDWHJLFD D VHUYLFLLORU GH VDQDWDWH KHDOWK VHUYLFHV SROLF\ UHVHDUFK VLQRQLP SHQWUX FHUFHWDUHD
VHUYLFLLORU GH VDQDWDWH DGDXJDUHD FXYDQWXOXL SROLF\ VWUDWHJLH H[SOLFD IDSWXO FD FHUFHWDUHD LVL SURSXQH VD
LQIOXHQWH]H SROLWLFD VWDUDWHJLD LQ GRPHQLXO ILQDQFLDU DGPLQLVWDUWLY VDX FOLQLF LQ JHQHUDO PXOWH FHUFHWDUL
GHVIDVXUDWHLQGRPHQLXOVHUYLFLLORUGHVDQDWDWHDXDFHVWVFRSFKLDUGDFDQXLOIRUPXOHD]DH[SOLFLW
&HUFHWDUHD UH]XOWDWHORU RXWFRPHV UHVHDUFK HYDOXHD]D LPSDFWXO LQJULMLULORU GH VDQDWDWH DVXSUD UH]XOWDWHORU
VDQDWDWLLSDFLHQWLORUVLDSRSXODWLHL3RDWHLQFOXGHGHDVHPHQHDHYDOXDUHDLPSDFWXOXLHFRQRPLFOHJDWGHUH]XOWDWHOH
LQVDQDWDWHFXPDUILDQDOL]HOHGHFRVWHILFDFLWDWHVLFRVWXWLOLWDWH
&HUFHWDUHDVHUYLFLLORUGHVDQDWDWHKHDOWKVHUYLFHVUHVHDUFKLQWHJUDUHDHSLGHPLRORJLHLVRFLRORJLHLHFRQRPLHLVL
DDOWRUVWLLQWHDQDOLWLFHLQVWXGLHUHDVHUYLFLLORUGHVDQDWDWH&HUFHWDUHDVHUYLFLLORUGHVDQDWDWHVHIRFDOL]HD]D IUHFYHQW
DVXSUDUHODWLHLH[LVWHQWHLQWUHQHYRLHFHUHUHIXUQL]DUHXWLOL]DUHVLDVXSUDUH]XOWDWHORUVHUYLFLLORUGHVDQDWDWH6FRSXO
FHUFHWDULLSUHVXSXQHRHYDOXDUHLQPRGSDUWLFXODULQWHUPHQLGHVWUXFWXUDSURFHVUH]XOWDWLQWHUPHGLDUVLILQDO
&RPSOLDQWDFRPSOLDQFHRPDVXUDDJUDGXOXLLQFDUHSDFLHQWLLXUPHD]DXQWUDWDPHQWVDXUHJLPH[DGPLQLVWUDUHD
GH PHGLFDPHQWH HIHFWXDUHD XQRU SURFHGXUL PHGLFDOH FKLUXUJLFDOH HIHFWXDUHD XQRU H[HUFLWLL IL]LFH DEDQGRQDUHD
IXPDWXOXL
&RQWUROXOPDQDJHPHQWXOEROLLGLVHDVHPDQDJHPHQWSURFHVVLVWHPDWLFGHFRQWURODOLQJULMLULLSDFLHQWXOXLFDUH
SUH]LQWD R ERDOD VSHFLILFD VDX VH DIOD LQWUR DQXPLWD VWDUH ERDOD FURQLFD YLVDYLV GH VHUYLFLL H[WUDVSLWDOLFHVWL
LQWUDVSLWDOLFHVWL VL VHUYLFLL DX[LOLDUH 6FRSXO FRQWUROXOXL SRDWH LQFOXGH UHGXFHUHD HSLVRDGHORU DFXWH GH ERDOD
UHGXFHUHD VSLWDOL]DULORU UHGXFHUHD YDULDWLLORU GH LQJULMLUH LPEXQDWDWLUHD UH]XOWDWHORU LQJULMLULL VL UHGXFHUHD FRVWXULORU
&RQWUROXO EROLORU SRDWH LPSOLFD LPEXQDWDWLUHD FRQWLQXD D FDOLWDWLL VDX DOWH PRGHOH GH PDQDJHPHQW 3RDWH LQFOXGH VL
XQSURFHVFLFOLFGHXUPDUHDSURWRFRDOHORUGHSUDFWLFDSULQPDVXUDUHD UH]XOWDWHORU WULPLWHUHD UH]XOWDWHORU LQDSRL OD
FOLQLFLHQLIHHGEDFNVLUHYL]XLUHDSURWRFRDOHORUDWXQFLFDQGHVWHQHYRLH
&RVW PDUJLQDO PDUJLQDO FRVW FRVWXO DGLWLRQDO QHFHVDU SHQWUX D SURGXFH R XQLWDWH GH EHQHILFLX LQ SOXV H[ R
XQLWDWHGHUH]XOWDWDOVDQDWDWLL
&RVWXULGLUHFWH GLUHFW FRVWV FRVWXULOH IL[H VL YDULDELOH DOH WXWXURU UHVXUVHORU EXQXUL VHUYLFLL HWF FRQVXPDWH LQ
WLPSXO IXUQL]DULL XQHL LQWHUYHQWLL FD VL RULFH FRQVHFLQWD D LQWHUYHQWLHL FXP DU IL HIHFWHOH DGYHUVH VDX EXQXULOH VDX
VHUYLFLLOH LQGXVH GH LQWHUYHQWLH ,QFOXGH FRVWXULOH PHGLFDOH GLUHFWH VL FRVWXULOH QHPHGLFDOH GLUHFWH FXP DU IL
WUDQVSRUWXOXQXLSDFLHQWRULLQJULMLUHDFRSLOXOXLDFHVWXLDLQWLPSXOLQWHUYHQWLHL
&RVWXUL LQGLUHFWH LQGLUHFW FRVWV FRVWXO GDWRUDW SLHUGHULL GLQ WLPSXO GHGLFDW PXQFLL VL VFDGHULL SURGXFWLYLWDWLL
GDWRULWDEROLLLQFDSDFLWDWLLVDXPRUWLL,QDFWLYLWDWHD GH FRQWDELOLWDWH D FRVWXULORU DFHVW WHUPHQ VH UHIHUD OD FRVWXULOH
JHQHUDOHVDXIL[HGHSURGXFHUHDEXQXULORUVDXVHUYLFLLORU
&RVWXULOH LQWDQJLELOH LQWDQJLEOH FRVWV FRVWXO GXUHULL IL]LFH VL VXIHULQWHL UH]XOWDWH GLQ SUH]HQWD EROLL D XQHL
FRQGLWLLVDXDXQHLLQWHUYHQWLL
'H]YROWDUHD FRQVHQVXOXL FRQVHQVXV GHYHORSPHQW IRUPH YDULDWH GH MXGHFDWD LQ JUXS LQ FDUH XQ JUXS SDQHO
FRPLWHW MXULX GH H[SHUWL LQWHUDFWLRQHD]D LQ HYDOXDUHD XQHL LQWHUYHQWLL VL IRUPXODUHD GH GHFL]LL FRQVWDWDUL SULQ YRW
VDX DOWD PHWRGD GH REWLQHUH D FRQVHQVXOXL 3URFHVXO SRDWH IL IRUPDO VDX LQIRUPDO LPSOLFDQG WHKQLFL FXP DU IL
WHKQLFDJUXSXOXLQRPLQDOVL'HOSKL
'LPHQVLXQHDHVDQWLRQXOXLVDPSOHVL]HQXPDUXOGHSDFLHQWLVWXGLDWLFDUHLQFOXGHJUXSXOGHWUDWDPHQWVL JUXSXO
FRQWURO,QJHQHUDOXQORWPDUHVFDGHSUREDELOLWDWHDGHDSDULWLHDHURULORUVLFUHVWHSXWHUHDVWXGLXOXL7RWRGDWDORWXULOH
PDULVFDGHIHFWXOYDULDWLLORULQWDPSODWRDUHFDQGVHHVWLPHD]DHIHFWXOXQXLWUDWDPHQW
'LVHPLQDUHD GLVWULEXLUHD UDVSDQGLUHD GLVVHPLQDWLRQ RULFH SURFHV SULQ FDUH VH WUDQVPLWH LQIRUPDWLD HVWH
SXVDODGLVSR]LWLHHVWHIDFXWDDFFHVLELODFDWUHRDXGLHQWDVWDELOLWDVDXFDWUHJUXSXULWLQWD
'UXP FOLQLF FDOH FOLQLFD FOLQLFDO SDWKZD\ XQ VHW PXOWLGLVFLSOLQDU GH SUHVFULHUL ]LOQLFH VL WLQWH QRUPH GH
UH]XOWDW IRORVLWH LQ LQJULMLUHD XQHL FDWHJRULL VSHFLILFH GH SDFLHQWL H[ GLQ PRPHQWXO SUHDGPLWHULL LQ VSLWDO SDQD GXSD
H[WHUQDUH OD SDFLHQWLL FDUH VXQW VSLWDOL]DWL $GHVHD VFRSXO HODERUDULL DFHVWRU GUXPXUL FOLQLFH HVWH GH D PHQWLQH VL
LPEXQDWDWLLFDOLWDWHDLQJULMLULORUVLGHDVFDGHDFRVWXULOHFXLQJULMLUHDH['5*VJUXSXULOHGHGLDJQRVWLFLQUXGLWH
(FRQRPLDHFRQRPLFV UHSUH]LQWD VWXGLXO PRGXOXL LQ FDUH RDPHQLL VL VRFLHWDWHD DOHDJ FX VDX IDUD XWLOL]DUHD
UHVXUVHORUILQDQFLDUHVDIRORVHDVFDUHVXUVHOHSURGXFWLYHOLPLWDWHFDUHSRWILDOWHUQDWLYHSHQWUXSURGXFHUHDGHPDUIXUL
DUWLFROH GLYHUVH VL GLVWULEXLUHD DFHVWRUD FDWUH FRQVXPDWRUL LQ SUH]HQW VDX LQ YLLWRU SHQWUX GLYHUVH SHUVRDQH VL
JUXSXUL GLQ VRFLHWDWH (FRQRPLD DQDOL]HD]D FRVWXULOH VL EHQHILFLLOH QHFHVDUH SHQWUX LPEXQDWDWLUHD FULWHULLORU GH
DORFDUH D UHVXUVHORU HFRQRPLD UHSUH]LQWD VWXGLXO XWLOL]DULL UHVXUVHORU OLPLWDWH SHQWUX VDWLVIDFHUHD QHYRLORU
FHULQWHORUXPDQHQHOLPLWDWH
KWWSZZZFPEURKWDJORVDUKWPO
(YDOXDUHDWHKQRORJLLORUPHGLFDOHJORVDU
(ILFDFLWDWH SUDFWLFD HIIHFWLYHQHVV FDSDFLWDWHD GH D GHWHUPLQD HIHFWXO DVWHSWDW VDX GRULW LQ FRQGLWLL QRUPDOH VL
X]XDOH6HUHIHUDODGRYH]LUH]XOWDWHGLQVWXGLLFOLQLFHFOLQLFDOWULDOVGHVIDVXUDWHLQFRQGLWLLGHUXWLQD VDX SURYHQLWH
GLQPDLPXOWHFHQWUH
(ILFDFLWDWH WHRUHWLFD HIILFDF\ FDSDFLWDWHD GH D GHWHUPLQD HIHFWXO DVWHSWDW VDX GRULW LQ FRQGLWLL LGHDOH GRYH]L
UH]XOWDWHGLQVWXGLLGHVIDVXUDWHLQYLWURVDXGLQVWXGLLUDQGRPL]DWHGHVIDVXUDWHLQFHQWUHGHYDUIFXPDUILXQVSLWDO
XQLYHUVLWDUGHHOLWD
(URDUH GH VHOHFWLH VHOHFWLRQ ELDV LQWURGXFHUHD XQHL HURUL GDWRULWD GLIHUHQWHORU VLVWHPDWLFH DOH FDUDFWHULVWLFLORU
FHORU VHOHFWLRQDWL VD SDUWLFLSH LQWUXQ VWXGLX VDX D FHORU FDUH SULPHVF R LQWHUYHQWLH ([LVWD GRXD WLSXUL GH HURUL GH
VHOHFWLH(URDUHDGHHVDQWLRQDUHVDPSOLQJELDV UH]XOWD GLQ LPSRVLELOLWDWHD GH D DVLJXUD FD WRWL PHPEULL SRSXODWLHL
GH UHIHULQWD VD DLED VDQVD FXQRVFXWD GH D IL VHOHFWLRQDWL LQ YHGHUHD LQFOXGHULL LQ HVDQWLRQ (URDUHD GH DORFDUH
DOORFDWLRQ ELDV DSDUH GDWRULWD GLIHUHQWHORU LQ FH SULYHVWH FDUDFWHULVWLFLOH FHORU GHVHPQDWL VD IDFD SDUWH GLQ JUXSXO
WHVW GH WUDWDPHQW IDWD GH FHL FDUH VH VLWXHD]D LQ JUXSXO PDUWRU GH FRQWURO /DVDUHD OD ODWLWXGLQHD SRWHQWLDOLORU
SDUWLFLSDQWL VD VH DXWRVHOHFWLRQH]H LQ YHGHUHD SDUWLFLSDULL OD VWXGLX VDX SHQWUX SULPLUHD LQWHUYHQWLHL GHWHUPLQD HURUL
GHVHOHFWLHVHOHFWLRQELDV
(YDOXDUHHFRQRPLFDHFRQRPLFHYDOXDWLRQDQDOL]DFRPSDUDWLYDDGLUHFWLLORUGHDFWLXQHLQWHUPHQLGHFRVWXUL
VLFRQVHFLQWHXQVHWGHPHWRGHIRUPDOHFDQWLWDWLYHIRORVLWHSHQWUXDFRPSDUDVWUDWHJLLDOWHUQDWLYH LQ OHJDWXUD FX
IRORVLUHDUHVXUVHORUVLUH]XOWDWHOHDVWHSWDWHSHQWUXILHFDUH
(YDOXDUHDGHSURFHVSURFHVVDVVHVVPHQWSURFHGXULGHHYDOXDUHDFHHDFHVHLQWUHSULQGHSHQWUXGLDJQRVWLFDUHD
VLWUDWDPHQWXOSDFLHQWXOXLLQWLPSXOXQXLHSLVRGGHLQJULMLUH
(YDOXDUHDUH]XOWDWXOXLRXWFRPHDVVHVVPHQWFHUFHWDUHLQGUHSWDWDDVXSUDHYDOXDULLFDOLWDWLLVLHILFDFLWDWLLSUDFWLFH
DLQJULMLULORUGHVDQDWDWHPDVXUDWHSULQDWLQJHUHDXQXLUH]XOWDWILQDOVSHFLILFDW0DVXUDWRULOHLQFOXGSDUDPHWULL FXP DU
ILLPEXQDWDWLUHDVDQDWDWLLVFDGHUHDUDWHLPRUWDOLWDWLLVLDUDWHLPRUELGLWDWLLVLLPEXQDWDWLUHDVWDULLVLWXDWLHL DQRUPDO
H[SUH]HQWDXQHLWHQVLXQLDUWHULDOHPDUL
(YDOXDUHD UH]XOWDWXOXL VL D SURFHVXOXL RXWFRPH DQG SURFHVV DVVHVVPHQW 3URFHGXULOH GH HYDOXDUH FDUH VH
RULHQWHD]D DVXSUD UH]XOWDWXOXL VDX VWDULL SDFLHQWXOXL OD ILQDOXO XQXL HSLVRG GH LQJULMLUH SUH]HQWD VLPSWRPHORU QLYHOXO
GH DFWLYLWDWH PRUWDOLWDWHD FDW VL DVXSUD SURFHVXOXL (YDOXDUHD GH SURFHV FHHD FH VH LQWUHSULQGH SHQWUX
GLDJQRVWLFDUHDVLWUDWDPHQWXOSDFLHQWXOXL
(YDOXDUHD WHKQRORJLLORU LQ LQJULMLULOH GH VDQDWDWH +HDOWK &DUH 7HFKQRORJ\ $VVHVVPHQW +&7$ HYDOXDUHD
WHKQRORJLHL HVWH R IRUPD FRPSUHKHQVLYD GH FHUFHWDUH VWUDWHJLFD SROLF\ UHVHDUFK FDUH H[SORUHD]D FRQVHFLQWHOH
GLUHFWH VL LQGLUHFWH LQWHQWLRQDWH VL QHLQWHQWLRQDWH SH WHUPHQ VFXUW VL OXQJ DOH DSOLFDULL WHKQRORJLHL (YDOXDUHD
VLVWHPDWLFDDSURSULHWDWLORUHIHFWHORUVLVDXDOWRULPSDFWHDOHWHKQRORJLLORULQLQJULMLULOHGHVDQDWDWH6FRSXOSULQFLSDO
HVWH GH D IXUQL]D LQIRUPDWLL RELHFWLYH FDUH VD VXVWLQD OXDUHD GHFL]LHL LQ LQJULMLULOH GH VDQDWDWH VL VWUDWHJLLOH OD QLYHO
ORFDO UHJLRQDO QDWLRQDO VL LQWHUQDWLRQDO (YDOXDUHD WHKQRORJLLORU PHGLFDOH HVWH UHDOL]DWD GH JUXSXUL LQWHUGLVFLSOLQDUH
FDUHIRORVHVFPHWRGHDQDOLWLFHH[SOLFLWH
)DFWRU GH FRQIX]LH FRQIRXQGHU R FDUDFWHULVWLFD VDX XQ IDFWRU FDUH LPSLHGLFD UH]XOWDWXO GRULW VL FDUH HVWH LQ
DFHODVL WLPS FRUHODW FX IDFWRUL FDX]DOL VDX FDUDFWHULVWLFL LQYHVWLJDWH 'DFD IDFWRULL GH FRQIX]LH QX VXQW FRQWURODWL
GHWHUPLQDHURULELDVGHHVWLPDUHDLPSDFWXOXLIDFWRULORUFDX]DOLVDXDFDUDFWHULVWLFLORULQYHVWLJDWH
)DUPDFRHFRQRPLHSKDUPDFRHFRQRPLFV UHSUH]LQWD DSOLFDUHD PHWRGHORU GH HYDOXDUH HFRQRPLFD D SURJUDPHORU
GHVDQDWDWHSHQWUXLQWHUYHQWLLFDUHLQFOXGSURGXVHIDUPDFHXWLFH
*KLGXULGHSUDFWLFDFOLQLFDFOLQLFDOSUDFWLFHJXLGHOLQHVLQVWUXFWLXQLVDXSULQFLSLLUHSUH]HQWDQGUHJXOLGHSROLWLFD
FXUHQWDVDXYLLWRDUHUHDOL]DWHSHQWUXSUDFWLFLHQLFXVFRSXOGHDVSULMLQLOXDUHDGHFL]LHLLQLQJULMLUHDSDFLHQWXOXLSULYLQG
GLDJQRVWLFXO WHUDSLD VDX DOWH VLWXDWLL FOLQLFH *KLGXULOH GH SUDFWLFD SRW IL HODERUDWH GH R DJHQWLH JXYHUQDPHQWDOD
DIODWD OD RULFH QLYHO LQVWLWXWLL VRFLHWDWL SURIHVLRQDOH FRPLWHWH GH FRQGXFHUH VDX SULQ UHXQLUHD JUXSXULORU GH H[SHUWL
SDQHO*KLGXULOHIRUPHD]DRED]DGHHYDOXDUHDWXWXURUDVSHFWHORULQJULMLULORUGHVDQDWDWH
*UXS GH FRQWURO FRQWURO JURXS XQ JUXS GH SDFLHQWL FDUH VHUYHVWH FD ED]D GH FRPSDUDWLH SHQWUX HYDOXDUHD
HIHFWHORUXQHLLQWHUYHQWLLGHLQWHUHVDVXSUDJUXSXOXLGHWUDWDPHQWJUXSWHVW,QIXQFWLHGHFLUFXPVWDQWHOH LQ FDUH VH
GHVIDVRDUD VWXGLXO JUXSXO FRQWURO QX YD SULPL QLFL XQ WUDWDPHQW YD SULPL XQ WUDWDPHQW X]XDO RELVQXLW VDX
VWDQGDUGVDXXQSODFHER3HQWUXDIDFHFRPSDUDWLDYDOLGDJUXSXOGHFRQWUROYDILFDWVHSRDWHGHVLPLODUFXJUXSXO
WUDWDW
,QFLGHQWD ,QFLGHQFH UDWD GH DSDULWLH D FD]XULORU VDX FRQGLWLLORU QRL GH ERDOD LQWUR SRSXODWLHDIODWD OD ULVF LQWUR
SHULRDGDGDWDGHWLPSGHRELFHLXQDQ
,QJULMLUHD GH VDQDWDWH KHDOWK FDUH EXQXUL VL VHUYLFLL FDUH DX FD VFRS GLDJQRVWLFXO VL WUDWDPHQWXO EROLL VL
PHQWLQHUHD VDQDWDWLL LQJULMLUHD GH VDQDWDWH HVWH XWLOL]DWD GH FRQVXPDWRU SDFLHQW GDWRULWD LPSDFWXOXL DQWLFLSDW
SR]LWLYDVXSUDVWDULLGHVDQDWDWH
,QWHUYDOXO GH LQFUHGHUH FRQILGHQFH LQWHUYDO VWDELOHVWH JUDGXO GH LQFHUWLWXGLQH SULYLQG HVWLPDUHD XQXL HIHFW
WHUDSHXWLF6HFDOFXOHD]DGLQGLIHUHQWDREVHUYDWDLQWUHUH]XOWDWHOHREWLQXWHLQJUXSXOGHWUDWDPHQWVLFHOHREWLQXWHLQ
JUXSXOGHFRQWUROVLGLPHQVLXQHDHVDQWLRQXOXLGHVWXGLX,QWHUYDOXOGHLQFUHGHUHHVWHVLUXOGHYDORULDIODWHGHDVXSUDVL
VXESXQFWXOHVWLPDWFDUHHVWHSUREDELOVLLQFOXGHYDORDUHDDGHYDUDWDDHIHFWXOXLWUDWDPHQWXOXL )RORVLUHD LQWHUYDOXOXL
GHLQFUHGHUHSUHVXSXQHFDXQVWXGLXIXUQL]HD]DXQHVDQWLRQGHREVHUYDWLLGLQPXOWHHVDQWLRDQH SRVLELOH FDUH DU IL
REWLQXW GDFD VWXGLXO VH UHSHWD GH PDL PXOWH RUL )UHFYHQW VH IRORVHVWH XQ LQWHUYDO GH LQFUHGHUH GH VDX
$VWIHOH[LVWDRSUREDELOLWDWHGHFDLQWHUYDOXOGHLQFUHGHUHFDOFXODWLQWUXQVWXGLXVD LQFOXGD YDORDUHD
UHDODDHIHFWXOXLWUDWDPHQWXOXL'DFDLQWHUYDOXOGHLQFUHGHUHLQFOXGHXQHIHFWWHUDSHXWLFQXOLSRWH]D QXOD FDUH VSXQH
FDQXH[LVWDQLFLXQHIHFWDOWUDWDPHQWXOXLQXSRDWHILUHVSLQVD
,SRWH]D QXOD QXOO K\SRWKHVLV LQ WHVWDUHD LSRWH]HL LSRWH]D FDUH VSXQH FD LQWHUYHQWLD QX DUH QLFL XQ HIHFW H[
DUDWDFDQXH[LVWDQLFLRGHRVHELUHLQWUHUH]XOWDWHOHREWLQXWHGHJUXSXOGHWUDWDPHQWVLFHOHGLQJUXSXOFRQWURO 'DFD
WHVWXOVWDWLVWLFLQGLFDIDSWXOFDYDORDUHD3VHDIODODVDXGHDVXSUDXQHLYDORULVSHFLILFDWHDH[VDXFDUH
UHSUH]LQWDSUREDELOLWDWHDGHDIDFHHURDUHSR]LWLYDIDOVHSRVLWLYH HUURU DWXQFL RULFH HIHFW REVHUYDW DO WUDWDPHQWXOXL
QXHVWHVHPQLILFDWLYVWDWLVWLFLDULSRWH]DQXODQXSRDWHILUHVSLQVD'DFDYDORDUHD3 HVWH PDL PLFD GHFDW YDORDUHD
VSHFLILFDWD D OXL D DWXQFL HIHFWXO WUDWDPHQWXOXL HVWH VWDWLVWLF VHPQLILFDWLY LDU LSRWH]D QXOD YD IL UHVSLQVD 'DFD
LQWHUYDOXO GH LQFUHGHUH H[ GH VDX LQFOXGH HIHFW DO WUDWDPHQWXOXL DWXQFL LSRWH]D QXOD QX SRDWH IL
KWWSZZZFPEURKWDJORVDUKWPO
(YDOXDUHDWHKQRORJLLORUPHGLFDOHJORVDU
UHVSLQVD
/LWHUDWXUD FHQXVLH JUH\ OLWHUDWXUH UDSRDUWH GH VWXGLL GH FHUFHWDUH FDUH QX DSDU LQ ED]H GH GDWH SXEOLFH
0('/,1(VDXLQDOWHED]HGHGDWHHOHFWURQLFHVLPLODUHVHPDLQXPHVWHVLOLWHUDWXUDIXJDUDIXJLWLYHOLWHUDWXUH 'H
H[HPSOX PRQRJUDILL SURGXVH GH DJHQWLL JXYHUQDPHQWDOH OXFUDUL SUH]HQWDWH OD VLPSR]LRDQH FRQIHULQWH LQWDOQLUL
DQXDOHDOHXQRUVRFLHWDWLDJHQWLLRUJDQL]DWLLUDSRDUWHLQWRFPLWHGHGLIHULWHFRPSDQLLFDGHH[FHOHFDUHSURGXF VL
GLVWULEXLH WHKQRORJLL PHGLFDOH FDUH VXQW QHSXEOLFDWH 0HWRGHOH IRORVLWH LQ FHUFHWDUHD OLWHUDWXULL GH DFHDVWD QDWXUD
LQFOXG YHULILFDUHD UHIHULQWHORU GLQ LQGH[XO VWXGLLORU YHUILFDUHD UHJLVWUHORU FDUH GHVFULX VWXGLLOH UDQGRPL]DWH
GHVIDVXUDWHFRQWDFWDUHDFHUFHWDWRULORUSHQWUXREWLQHUHDGHOXFUDULQHSXEOLFDWHFRQWDFWDUHDJXYHUQDQWLORUDVRFLDWLLORU
SURIHVLRQDOHVDXDDOWRUFRPLVLLUHOHYDQWHFDUHDXOHJDWXUDFXVWXGLLOHUHVSHFWLYHFDXWDUHDLQELEOLRWHFLDWH]HORU GH
GRFWRUDW GHVFRSHULUHD VL WUDGXFHUHD XQRU VWXGLL DSDUXWH LQ UHYLVWH LQ OLPEL FDUH QX VXQW GH FLUFXODWLH LQWHUQDWLRQDOD
H[HQJOH]D
0DQDJHPHQWXO FDOLWDWLL WRWDOH WRWDO TXDOLW\ PDQDJHPHQW DSOLFDUHD SUDFWLFLORU GLQ PDQDJHPHQWXO LQGXVWULDO FX
VFRSXO PHQWLQHULL VL LPEXQDWDWLULL SHUIRUPDQWHL RUJDQL]DWLLORU (ILFDFLWDWHD VL VXFFHVXO VXQW GHWHUPLQDWH VL HYDOXDWH
SULQLQWHUPHGLXOPDVXUDWRULORUFDQWLWDWLYHDSOLFDWHLQVWXGLXOFDOLWDWLL
0DUJLQDOPDUJLQDOFDUHDSDUHODPDUJLQH6HUHIHUDODFRVWXULOHVDXHIHFWHOHH[WUDVDXLQFUHPHQWDOHDOHILHFDUHL
DOWHUQDWLYHDWXQFLFDQGHVWHFRPSDUDWDFXRDOWD
0DVXUDUHD UH]XOWDWXOXL LQORFXLWRU VXUURJDWH RXWFRPH PHDVXUH R PDVXUD D UH]XOWDWXOXL FDUH QX UHSUH]LQWD
DGHYDUDWDWLQWDDVFUHHQLQJXOXLSUHYHQLULLGLDJQRVWLFXOXLVDXWHUDSLHLGDUFDUH LVL SURSXQH VD LQORFXLDVFD UH]XOWDWXO
ILQDOGHLQWHUHV$FHVW WLS GH PDVXUDUH HVWH DOHV GDWRULWD IDSWXOXL FD UH]XOWDWHOH DVWIHO REWLQXWH SRW IL PDVXUDWH PDL
GHYUHPHGHFDWUH]XOWDWXOSULPDU
0HGLFLQD ED]DWD SH GRYH]L HYLGHQFH EDVHG PHGLFLQH (%0 UHSUH]LQWD XWLOL]DUHD H[SOLFLWD MXGLFLRDVD
DWHQWD D FHORU PDL EXQH GRYH]L FXUHQWH OD ]L LQ OXDUHD GHFL]LHL SULYLQG LQJULMLUHD SDFLHQWXOXL LQGLYLGXDO 3UDFWLFD
PHGLFLQLL ED]DWD SH GRYH]L SUHVXSXQH LQWHJUDUHD H[SHULHQWHL LQGLYLGXDOH D FOLQLFLDQXOXL FX FHOH PDL EXQH GRYH]L
FOLQLFH H[WHUQH UH]XOWDWH GLQ FHUFHWDUHD VLVWHPDWLFD 3URFHVXO VLVWHPDWLF GH FDXWDUH HYDOXDUH VL XWLOL]DUH D
GHVFRSHULULORUFHUFHWDULORUUHFHQWHFRQWHSRUDQHFDED]DSHQWUXOXDUHDGHFL]LLORUFOLQLFH0HGLFLQDED]DWDSHGRYH]L
SXQHLQWUHEDULJDVHVWHVLMXGHFDGDWHUHOHYDQWHVLGLUHFWLRQHD]DLQIRUPDWLDSHQWUXSUDFWLFDFOLQLFDFXUHQWD0HGLFLQD
ED]DWD SH GRYH]L XUPHD]D SDWUX HWDSH IRUPXODUHD XQHL LQWUHEDUL FODUH UHIHULWRDUH OD R SUREOHPD D SDFLHQWXOXL
FDXWDUHDLQOLWHUDWXUDSHQWUXDUWLFROHUHOHYDQWHHYDOXDUHDFULWLFDDGRYH]LORUJDVLWHGLQSXQFWGHYHGHUHDOYDOLGLWDWLLVL
XWLOLWDWLL LPSOHPHQWDUHD LQ SUDFWLFD FOLQLFD D DVSHFWHORU XWLOH JDVLWH LQ SUDFWLFD FOLQLFD 7HUPHQXO D IRVW FUHHDW OD
0F0DVWHU0HGLFDO6FKRROLQ&DQDGDLQDQLLSHQWUXDGHQXPLVWUDWHJLDFOLQLFDGHLQYDWDUHSHFDUHRGH]YROWDGH
SHVWHDQL
0('/$560HGLFDO/LWHUDWXUH$QDO\VLVDQG5HWULHYDO6\VWHPFXSULQGHED]HGHGDWHFRPSXWHUL]DWHH[LVWHQWH
LQ6WDWHOH8QLWHLQFDGUXO%LEOLRWHFLL1DWLRQDOD0HGLFDOD
0('/,1( ED]D GH GDWH ELEOLRJUDILFD FHD PDL XWLOL]DWD GLQWUH FHOH ED]H GH GDWH 0('/$56 5HSUH]LQWD
YHUVLXQHD FRPSXWHUL]DWD D OXL ,QGH[ 0HGLFXV &RPSLOHD]D UHGDFWHD]D UHIHULQWHOH GLQ PLOLRDQH GH DUWLFROH
SXEOLFDWHGLQLQFLUFDUHYLVWHPHGLFDOHVLGHVDQDWDWH,QILHFDUHVDSWDPDQDVHLQQRLHVWHFXFLUFD
DUWLFROHQRLGLQWUHUHIHULQWHVXQWLQOLPEDHQJOH]D
0H6+0HGLFDO6XEMHFW+HDGLQJVYRFDEXODUFDUHFXSULQGHLQMXUGHWHUPHQLXWLOL]DWLGH0('/,1(VLDOWH
ED]HGHGDWHH[0('/$56
0HWDDQDOL]DPHWDDQDO\VLVPHWRGDVLVWHPDWLFDFDUHXWLOL]HD]DWHKQLFLVWDWLVWLFHGHFRPELQDUHDUH]XOWDWHORUGLQ
VWXGLL GLIHULWH SHQWUX REWLQHUHD XQXL HIHFW FDQWLWDWLY HVWLPDW SHQWUX WRDWH VWXGLLOH DQDOL]DWH LQ FH SULYHVWH LQWHUYHQWLD
VDXUH]XOWDWXO
3DUWLQLUH LQIOXHQWD D UH]XOWDWHORU ELDV LQ JHQHUDO RULFH IDFWRU FDUH GLVWRUVLRQHD]D QDWXUD DGHYDUDUD D XQXL
HYHQLPHQWVDXREVHUYDWLH,QLQYHVWLJDWLLOHFOLQLFHXQELDVHVWHRULFHIDFWRUVLVWHPDWLFDOWXOGHFDWFHOGHLQWHUHV LQ
LQYHVWLJDWLH FDUH PRGLILFD PDJQLWXGLQHD FUHVWH VDX GHVFUHVWH GLIHUHQWHL REVHUYDWH LQWUH UH]XOWDWHOH REWLQXWH LQ
JUXSXO GH WUDWDPHQW VL FHOH REVHUYDWH LQ JUXSXO GH FRQWURO %LDVXO PLFVRUHD]D DFXUDWHWHD QX LQ PRG QHFHVDU VL
SUHFL]LDXQHLREVHUYDWLL5DQGRPL]DUHDHVWHRWHKQLFDFDUHVHIRORVHVWHFXVFRSXOGHVFDGHUHDDFHVWXLWLSGHELDV
%LDVXOVHUHIHUDGHDVHPHQHDVLODSXQFWXOGHYHGHUHSUHMXGLFLDWVDXSDUWLDODOXQXLLQYHVWLJDWRUFHUFHWDWRUFDUHLL
SRDWHDIHFWDLQWHUSUHWDUHDXQHLSUREOHPH7HKQLFDGXEOXRUEHVWHIRORVLWDSHQWUXDGLPLQXDDFHVWELDV
3DUWLQLUH LQIOXHQWDUH D UH]XOWDWHORU GDWRULWD PRGXOXL GH VHOHFWLH D SDFLHQWLORU SDWLHQW VHOHFWLRQ ELDV
SDUWLQLUH LQIOXHQWDUH D UH]XOWDWHORU FDUH DSDUH DWXQFL FDQG SDFLHQWLL GHVHPQDWL JUXSXOXL GH WUDWDPHQW GLIHUD GH FHL
FDUH H[LVWD LQ JUXSXO FRQWURO DIHFWDQG UH]XOWDWHOH H[ YDUVWD VDX VHYHULWDWHD EROLL 'DFD FHOH GRXD JUXSXUL VXQW
FRQVWLWXLWH GLIHULW HVWH JUHX VD VH DWULEXLH GLIHUHQWHOH GH UH]XOWDW FRQVWDWDWH QXPDL LQWHUYHQWLHL 'LVWULEXLUHD
UDQGRPL]DWDDSDFLHQWLORULQFHOHGRXDJUXSXULYDGHWHUPLQDRVFDGHUHDDFHVWRUSDUWLQLULELDVXUL
3DUWLQLUH LQIOXHQWDUH D UH]XOWDWHORU SULQ LQFUXFLVDUH FURVVRYHU ELDV DSDUH FDQG XQRU SDFLHQWL FDUH DX IRVW
GHVHPQDWLJUXSXOXLGHWUDWDPHQWLQWUXQVWXGLXFOLQLFQXOLVHDGPLQLVWUHD]DLQWHUYHQWLDVDXSULPHVFRDOWDLQWHUYHQWLH
VDX FDQG XQRU SDFLHQWL GLQ JUXSXO GH FRQWURO OL VH DGPLQLVWUHD]D LQWHUYHQWLD 'DFD DFHVWL SDFLHQWL YRU IL DQDOL]DWL
DODWXULGHFHLODOWLGLQJUXSXULOHGHRULJLQHDFHVWWLSGHELDVSDUWLQLUHLQIOXHQWDUHDUH]XOWDWHORUSRDWHGLOXDGLPLQXD
HIHFWXOREVHUYDWODWUDWDPHQWXOUHVSHFWLY
3DUWLQLUH LQIOXHQWDUHD UH]XOWDWHORU GDWRUDWD SXEOLFDULL 3XEOLFDWLRQ ELDV SXEOLFDUH QHUHSUH]HQWDWLYD GH
UDSRDUWHGHFHUFHWDUHFDUHQXVHGDWRUHD]DFDOLWDWLLFHUFHWDULLFLDOWRUFDUDFWHULVWLFLH[WHQGLQWD LQYHVWLJDWRULORU GH D
SURSXQHVSUHSXEOLFDUHVLDHGLWRULORUGHDDFFHSWDUDSRDUWHGHFHUFHWDUHSR]LWLYHFXPDUIL FHOH LQ FDUH UH]XOWDWHOH
SUH]LQWDXQHIHFWEHQHILFDOWUDWDPHQWXOXLXQHLLQWHUYHQWLLQRL
3UHFL]LDSUHFLVLRQJUDGXOLQFDUHRPDVXUDWRDUHH[PHGLDHVWLPDWDDHIHFWXOXLXQXL WUDWDPHQW GHULYD GLQWUXQ
VHW GH REVHUYDWLL FDUH DX YDULDWLL PLFL H[ DX PDJQLWXGLQL DSURSLDWH 2 PDVXUDWRDUH SUHFLVD QX SUH]LQWD LQ PRG
QHFHVDUVLDFXUDWHWH
3UHYDOHQWDSUHYDOHQFHQXPDUXOGHSHUVRDQHGLQWURSRSXODWLHFXRERDODVSHFLILFDVDXR FRQGLWLH VWDUH OD XQ
DQXPLWPRPHQW8]XDOVHH[SULPDFDUDSRUWDOQXPDUXOXLSHUVRDQHORUDIHFWDWHVLSRSXODWLDWRWDOD
3URJUDPXO PDQDJHG FDUH GH LQJULMLUH GLULMDWD PDQDJHG FDUH SURJUDPV SODQ GH DVLJXUDUL GH VDQDWDWH
FUHDWFXVFRSXOGHDUHGXFHFRVWXULOHFXVDQDWDWHDQRQQHFHVDUHSULQWURYDULHWDWHGHPHFDQLVPHLQFOX]DQGRIHULUHD
KWWSZZZFPEURKWDJORVDUKWPO
(YDOXDUHDWHKQRORJLLORUPHGLFDOHJORVDU
GH VWLPXOHQWH HFRQRPLFH SHQWUX PHGLFL VL SDFLHQWL SHQWUX D DOHJH IRUPHOH PDL SXWLQ FRVWLVLWRDUH GH LQJULMLUH
SURJUDPHGHUHYL]XLUHDVHUYLFLLORUPHGLFDOHVSHFLDOHFRQWUROXODGPLWHULORULQVSLWDOVLDVXSUDGXUDWHORUGHVSLWDOL]DUH
VWDELOLUHD GH VWLPXOHQWH SHQWUX WUDWDPHQWHOH FKLUXUJLFDOH LQ DPEXODWRULX HIHFWXDUHD GH FRQWUDFWH VHOHFWLYH FX
IXUQL]RULGHLQJULMLULXUPDULUHDDWHQWDDFD]XULORUFDUHLPSOLFDFRVWXULH[FHVLYH,QJULMLULOHVXQW IXUQL]DWH LQ RUJDQL]DWLL
FD+02VVL332V+HDOWK0DLQWHQDQFH2UJDQL]DWLRQVDQG3UHIHUUHG3URYLGHU2UJDQL]DWLRQV
3URVSHFWLY SURVSHFWLYH VH UHIHUD OD IDFWRUL PHGLFDOL VRFLDOL VL GH PHGLX FRQVLGHUDWL GLQ PRPHQWXO LQFHSHUL
VWXGLXOXLVLSDQDLQPRPHQWXOLQFDUHLQYHVWLJDWLDVHWHUPLQD
3URWRFRDOH GH WUDWDPHQW WUHDWPHQW SURWRFROV SODQXUL SUHFLVH VL GHWDOLDWH LQWRFPLWH SHQWUX VWXGLXO SUREOHPHORU
PHGLFDOHVDXELRPHGLFDOHVLVDXDWHUDSLHL
3URWRFROFOLQLFFOLQLFDOSURWRFROVYH]LSURWRFROGHWUDWDPHQW
5DQGRPL]DUHUDQGRPL]DWLRQWHKQLFD GH GLVWULEXLUH D SDFLHQWLORU LQ JUXSXULOH WHVW VL GH FRQWURO FDUH VH ED]HD]D
QXPDLSHDORFDUHODLQWDPSODUH6HIRORVHVWHSHQWUXGLPLQXDUHDSDUWLQLULLLQIOXHQWDULLUH]XOWDWHORUGDWRUDWDPRGXOXLGH
VHOHFWLH D SDUWLFLSDQWLORU LQ VWXGLLOOH FOLQLFH WULDO )UHFYHQW VH IRORVHVF WDEHOH GH QXPHUH DOHDWRDUH JHQHUDWH GH
FRPSXWHU
5DWD GH GLVFRXQW UDEDW UHGXFHUH GLVFRXQW UDWH UDWD SUHIHULQWHL LQ WLPS D VRFLHWDWLL DVHPDQDWRU UDWHL GH
LQWHUHV GHVFULH FDQWLWDWHD VXPD GH EHQHILFLL SH FDUH SUHIHUDP VD OH DYHP LQ SUH]HQW PDL GHJUDED GHFDW LQ
SHULRDGDYLLWRDUHVDXSUHIHUDPVDSODWLPFRVWXULLQYLLWRUPDLGHJUDEDGHFDWLQSUH]HQW
5HFHQ]LH VLVWHPDWLFD V\VWHPDWLF UHYLHZ R HYDOXDUH FULWLFD FDUH VH GHVIDVRDUD IRORVLQG PHWRGH VLVWHPDWLFH
SURSXVH HODERUDWH SHQWUX PLQLPL]DUHD HURULORU VL SHQWUX D FRPELQD GRYH]LOH H[LVWHQWH FX SULYLUH OD XQ VXELHFW
VSHFLILF
5HIHULQWD PHQWLXQHD FRWD FLWDWLH FLWDWLRQ LQUHJLVWUDUHD XQXL DUWLFRO FDUWH VDX DOW UDSRUW LQWUR ED]D GH GDWH
ELEOLRJUDILFHFDUHLQFOXGHLQIRUPDWLLGHVFULSWLYHVXPDUHH[DXWRULWLWOXDEVWUDFWVXUVDGDWHORULQGH[GHWHUPHQL
5HSURGXFWLELOLWDWHD UHOLDELOLW\ FDSDFLWDWHD XQHL REVHUYDWLL FDUH VH UHSHWD LQ DFHLDVL SRSXODWLH VWDELOD VD
GHWHUPLQH DFHODVL UH]XOWDW 'H DVHPHQHD DELOLWDWHD XQHL VLQJXUH REVHUYDWLL VD GLVWLQJD FRQVWDQW LQGLYL]LL GLQ
SRSXODWLH
5HWURVSHFWLY UHWURVSHFWLYH VH UHIHUD OD IDFWRUL PHGLFDOL VRFLDOL VL GH PHGLX FRQVLGHUDWL H[LVWHQWL LQDLQWH GH
LQFHSHUHDVWXGLXOXL
5HYL]XLUHD OLWHUDWXULL OLWHUDWXUH UHYLHZ UH]XPDUHD VXPDUL]DUHD VL LQWHUSUHWDUHD FRQVWDWDULORU GLQ FHUFHWDUH
UDSRUWDWHVLVDXSXEOLFDWHLQOLWHUDWXUD3RDWHLQFOXGHUHYL]XLULFDOLWDWLYHQHVWUXFWXUDWHHIHFWXDWHGHDXWRULXQLFLFDVL
SURFHGXULFDQWLWDWLYHVLVLVWHPDWLFHFXPDUILPHWDDQDOL]H
6DQDWDWHD KHDOWK DEVHQWD EROLL VDX D LQILUPLWDWLL R FRQGLWLH LQ FDUH WRDWH IXQFWLLOH FRUSXOXL VL PLQWLL VXQW QRUPDO
DFWLYH'HILQLWLD206VWDUHDGHELQHFRPSOHWDGLQSXQFWGHYHGHUHIL]LFPLQWDOVLVRFLDOVLQXQXPDLDEVHQWDEROLL
VDXDLQILUPLWDWLL
6HPQLILFDWLH FOLQLFD FOLQLFDO VLJQLILFDQFH FRQFOX]LD FD R LQWHUYHQWLH DUH XQ HIHFW SUDFWLF DVXSUD SDFLHQWLORU
&KLDU VL FDQG R LQWHUYHQWLH HVWH JDVLWD FD DUH XQ HIHFW VHPQLILFDWLY VWDWLVWLF VDU SXWHD VD QX ILH VHPQLILFDWLYD GLQ
SXQFWGHYHGHUHFOLQLF$VWIHOLQWUXQVWXGLXHIHFWXDWSHXQQXPDUPDUHGHSDFLHQWLJDVLUHDXQHLGLIHUHQWHPLFLLQWUH
UH]XOWDWHOHREVHUYDWHREWLQXWHLQJUXSXOGHWUDWDPHQWVLFHOHREWLQXWHLQJUXSXOGHFRQWUROSRDWHDYHDVHPQLILFDWLH
VWDWLVWLFD GDU FDUH GLQ SXQFW GH YHGHUH FOLQLF VD ILH QHLPSRUWDQWH QHVHPQLILFDWLYH ,QWUXQ VWXGLX FDUH LPSOLFD XQ
QXPDU PLF GH SDFLHQWL VH SRDWH JDVL R GLIHUHQWD FOLQLFD LPSRUWDQD GDU FDUH VD QX ILH VHPQLILFDWLYD VWDWLVWLF ,Q
DFHDVWDVLWXDWLHHVWHQHFHVDUDUHDOL]DUHDXQXLVWXGLXSHXQORWPDLPDUHGHVXELHFWLSHQWUXDGHPRQVWUDGDFDH[LVWD
GLIHUHQWHVHPQLILFDWLYHVWDWLVWLF
6HPQLILFDWLHVWDWLVWLFD VWDWLVWLFDO VLJQLILFDQFH FRQFOX]LD VWDELOLWD FX XQ WHVW VWDWLVWLF FD R LQWHUYHQWLH DUH XQ
HIHFW UHDO ED]DWD SH GLIHUHQWD REVHUYDWD LQWUH UH]XOWDWHOH REWLQXWH LQ JUXSXO WUDWDW VL FHOH REWLQXWH LQ JUXSXO GH
FRQWURO JUXSXUL FDUH VXQW VXILFLHQW GH PDUL DVWIHO LQFDW GLIHUHQWHOH VD QX ILH GDWRUDWH LQWDPSODULL 6HPQLILFDWLD
VWDWLVWLFDLQGLFDSUREDELOLWDWHDFDGLIHUHQWHOHREVHUYDWHVDVHGDWRUHDVFDVDQVHLGDFDLSRWH]DQXODHVWHDGHYDUDWD
QXIXUQL]HD]DLQIRUPDWLLGHVSUHPDJQLWXGLQHDHIHFWXOXLXQXLWUDWDPHQW6HPQLILFDWLDVWDWLVWLFDHVWHQHFHVDUDGDUQX
VXILFLHQWDLQVWDELOLUHDVHPQLILFDWLHLFOLQLFH
6HQVLELOLWDWHDVHQVLWLYLW\ FDUDFWHULVWLFD GH RSHUDUH D XQXL WHVW GLDJQRVWLF FDUH PDVRDUD DELOLWDWHD WHVWXOXL GH D
GHWHFWDERDODVDXFRQGLWLDDWXQFLFDQGHVWHUHDOSUH]HQWD
6HULL GH FD]XUL VHULHV FOLQLFDO VHULHV VHULHV RI FRQVHFXWLYH FDVHV VWXGLX QHFRQWURODW SURVSHFWLY VDX
UHWURVSHFWLYDXQHLVHULLVXFFHVLXQLFRQVHFXWLYHGHSDFLHQWLFDUHSULPHVFRLQWHUYHQWLHSDUWLFXODUDVLVXQWXUPDULWL
SHQWUXDREVHUYDUH]XOWDWHOHFDUHDSDU
6HUYLFLLGHVDQDWDWHKHDOWKVHUYLFHVYH]LLQJULMLULGHVDQDWDWH
6LJXUDQWDVDIHW\FDSDFLWDWHDGHDQXGHWHUPLQDRGDXQDUDXDWXQFLFDQGVHDSOLFDRLQWHUYHQWLHLQPRGFRUHFW
DVD FXP D IRVW SURLHFWDWD VD ILH DSOLFDWD -XGHFDWD GH DFFHSWDUH D XQXL ULVF R DSUHFLHUH D SUREDELOLWDWLL XQXL
UH]XOWDW QHIDYRUDELO VL VHYHULWDWHD DFHVWXLD DVRFLDW FX XWLOL]DUHD XQHL WHKQRORJLL LQWUR VLWXDWLH GDWD H[ SHQWUX XQ
SDFLHQW FX R SUREOHPD SDUWLFXODUD GH VDQDWDWH GH FDWUH XQ FOLQLFLDQ FDUH DUH R LQVWUXLUH FRUHVSXQ]DWRDUH VDX LQ
FRQGLWLLOHXQXLDQXPLWWUDWDPHQW
6SHFLILFLWDWHDVSHFLILFLW\FDUDFWHULVWLFDGHRSHUDUHDXQXLWHVWGLDJQRVWLFFDUHPDVRDUDFDSDFLWDWHD WHVWXOXL GH
DH[FOXGHSUH]HQWDEROLLVDXFRQGLWLHLFDQGLQPRGUHDOQXHVWHSUH]HQWD
6WDUHD GH VDQDWDWH KHDOWK VWDWXV QLYHOXO VDQDWDWLL LQGLYLGXOXL JUXSXOXL VDX SRSXODWLHL UH]XOWDW LQ XUPD XQHL
HYDOXDULVXELHFWLYHUHDOL]DWDGHLQGLYLGVDXREWLQXWDSULQPDVXUDWRULRELHFWLYH
6WXGLLFOLQLFHUDQGRPL]DWHUDQGRPL]HGFRQWUROOHGWULDOUDQGRPL]HGFRQWUROWULDOUDQGRPL]HGFOLQLFDOWULDO
5&7VWXGLLOH FDUH LPSOLFD XQ JUXS WHVW VL XQ JUXS GH FRQWURO R LQURODUH VLPXOWDQD LQ SDUDOHO VL R VXSUDYHJKHUH
PRQLWRUL]DUH D UH]XOWDWHORU REWLQXWH DWDW LQ JUXSXO WHVW FDW VL LQ JUXSXO GH FRQWURO VL LQ FDUH WUDWDPHQWHOH FDUH YRU IL
DGPLQLVWUDWHVXQWVHOHFWLRQDWHSULQWUXQSURFHVUDQGRPL]DWFXPDUILWDEHOHOHGHQXPHUHDOHDWRULL$ORFDUHDSHQWUX
WUDWDPHQWIRORVLQGGUHSWFULWHULX]LOHOHVDSWDPDQLLQXPDUXODVLJXUDULL SHUVRQDOH QXPDUXO IRLL GH REVHUYDWLH VL DOWH
SURFHVH DVHPDQDWRDUH FXQRVFXWH VXE QXPHOH GH SVHXGR VDX TXDVLUDQGRPL]DUH QX UHSUH]LQWD R UDQGRPL]DUH
DGHYDUDWD LDU VWXGLLOH FDUH DX IRORVLW DVWIHO GH WHKQLFL VXQW GHQXPLWH VWXGLL FOLQLFH FRQWURODWH &RQWUROOHG &OLQLFDO
KWWSZZZFPEURKWDJORVDUKWPO
(YDOXDUHDWHKQRORJLLORUPHGLFDOHJORVDU
7ULDOV
6WXGLL H[SHULPHQWDOH H[SHULPHQWDO VWXGLHV VWXGLL SURVSHFWLYH FDUH SUHVXSXQ DORFDUHD SDFLHQWLORU OD GRXD VDX
PDLPXOWHJUXSXULGHWUDWDPHQWVLGHFRQWURO
6WXGLL REVHUYDWLRQDOH REVHUYDWLRQDO VWXGLHV VWXGLL FDUH SUHVXSXQ REVHUYDUHD SDFLHQWLORU VH GHVIDVRDUD
SURVSHFWLY VDX UHWURVSHFWLY VL LQ FDUH PHWRGD GH VWXGLX QX LVL SURSXQH VD DOWHUH]H VDX VD LQIOXHQWH]H
FRPSRUWDPHQWXOSDFLHQWXOXLVDXDOSUDFWLFLDQXOXL
6WXGLXGHFRKRUWDFRKRUWVWXG\ XQ VWXGLX REVHUYDWLRQDO LQ FDUH UH]XOWDWHOH JUXSXOXL GH SDFLHQWL FDUH DX VXIHULW
LQWHUYHQWLDVXQWFRPSDUDWHFXUH]XOWDWHOHLQWUXQJUXSVLPLODUDVXSUDFDUXLDQXDDFWLRQDWLQWHUYHQWLD ([LVWD VLWXDWLL
LQFDUHLQYHVWLJDWRULLIDFDQXPLWH DMXVWDUL VWDWLVWLFH DGMXVWHG FRKRUW VWXG\ SHQWUX D REWLQH JUXSXUL GH SDFLHQWL FDUH
VDDLEDFDUDFWHULVWLFLVLPLODUHH[YDUVWDVH[VHYHULWDWHDEROLL
6WXGLXGHVLQWH]DV\QWKHVLVVWXG\DQDOL]DFDUHFRPELQDWRDWHLQIRUPDWLLOHGLVSRQLELOHFXVFRSXOGHDREWLQHXQ
UH]XOWDW VDX R FRQFOX]LH FRQVLVWHQWD ([HPSOX PHWDDQDOL]D DQDOL]D GHFL]LRQDOD UHHYDOXDUH VLVWHPDWLFD DQDOL]D
FRVWEHQHILFLXDQDOL]DFRVWHILFDFLWDWH
6WXGLXO FD]FRQWURO FDVHFRQWURO VWXG\ XQ VWXGLX REVHUYDWLRQDO UHWURVSHFWLY LQ FDUH LQYHVWLJDWRULL LGHQWLILFD XQ
JUXS GH SDFLHQWL FDUH DX XQ UH]XOWDW RXWFRPH VSHFLILDW VL FDUH DOFDWXLHVWH JUXSXO GH FD]XUL VL XQ JUXS IRUPDW GLQ
SDFLHQWL OD FDUH QX VH UHJDVHVWH DFHO UH]XOWDW JUXS PDUWRU VDX FRQWURO 8OWHULRU LQYHVWLJDWRULL FRPSDUD LVWRULFXO
FD]XULORUVLSHFHODOPDUWRULORUSHQWUXDVWDELOLFDUHDIRVWVDXQXODLQWHUYHQWLH
6WXGLXO GH FD] FDVH VWXG\ XQ VWXGLX QHFRQWURODW REVHUYDWLRQDO SURVSHFWLY VDX UHWURVSHFWLY FDUH LPSOLFD R
LQWHUYHQWLHVLUH]XOWDWXOLQWHUYHQWLHLODXQVLQJXUSDFLHQWVHFXQRVFVLVXEGHQXPLUHDGHUDSRDUWHXQLFHGHFD]VDX
LQWDPSODWRDUH
6WXGLXOLQFUXFLVDWFURVVRYHUGHVLJQVWXGLXFOLQLFWULDOLQFDUHSDFLHQWLLSULPHVFVHFYHQWLDOWUDWDPHQWXO DWULEXLW
DWDW JUXSXOXL WHVW FDW VL WUDWDPHQWXO VSHFLILF JUXSXOXL GH FRQWURO LDU GXSD R SHULRDGD VH LQYHUVHD]D RUGLQHD GH
DGPLQLVWUDUHDWUDWDPHQWXOXL,QDFHVWWLSGHVWXGLXSDFLHQWLLVXQWVLWHVWVLSURSULXOFRQWUROLDUUDQGRPL]DUHDVHIDFH
QXPDLSHQWUXDVWDELOLRUGLQHDLQFDUHYRUSULPLWUDWDPHQWXO
6WXGLXO REVHUYDWLRQDO REVHUYDWLRQDO VWXG\ VWXGLXO LQ FDUH LQYHVWLJDWRUXO QX PDQLSXOHD]D XWLOL]DUHD XQHL
LQWHUYHQWLLH[QXUDQGRPL]HD]DSRSXODWLDLQJUXSXOGHWUDWDPHQWVLGHFRQWUROFLQXPDLREVHUYDSDFLHQWLLFDUHVXQW
VLFDWHRGDWDVLSHFHLFDUHQXVXQWH[SXVLLQWHUYHQWLHLVLLQWHUSUHWHD]DUH]XOWDWHOH
6WXGLXORUEEOLQGLQJVHIRORVHVWHLQVWXGLLOHFOLQLFHFOLQLFDOWULDOXQGHVHGRUHVWHPHQWLQHUHD VHFUHWXOXL SULYLQG
DORFDUHD LQ JUXSXO GH FRQWURO VDX GH WUDWDPHQW IDWD GH SDFLHQWL VL VDX LQYHVWLJDWRUL $FHDVWD WHKQLFD HOLPLQD
SRVLELOLWDWHDFDUDVSXQVXOSDFLHQWXOXLOD WUDWDPHQW LQWHUYHQWLH VDX FRPSRUWDPHQWXO LQYHVWLJDWRUXOXL VD VH PRGLILFH
LQ IXQFWLH GH DORFDUH VL VD DIHFWH]H UH]XOWDWHOH VWXGLXOXL 0HWRGD QX SRDWH IL SUDFWLFDWD WRWGHDXQD H[ FDQG VH
FRPSDUD XQ WUDWDPHQW PHGLFDPHQWRV FX XQXO FKLUXUJLFDO GDU DU WUHEXL IRORVLWD RUL GH FDWH RUL HVWH SRVLELO VL VD ILH
FRPSDWLELODFXLQJULMLUHDRSWLPDDSDFLHQWXOXL8QVWXGLXVLPSOXRUEHVWHFHOLQFDUHJUXSXOGHDORFDUH HVWH DVFXQV
QXPDLSDFLHQWXOXLXQVWXGLXGXEOXRUEHVWHFHOLQFDUHQLFLSDFLHQWLLQLFLLQYHVWLJDWRULLQXFXQRVFFDUXLJUXSDXIRVW
DORFDWHSHUVRDQHOHGLQVWXGLX
6WXGLXO SURVSHFWLY SURVSHFWLYH VWXG\ VWXGLXO LQ FDUH LQYHVWLJDWRULL SODQLILFD VL FRQGXF LQWHUYHQWLD LQ JUXSXUL
VHOHFWLRQDWHGHSDFLHQWL,QDFHVWWLSGHVWXGLXLQYHVWLJDWRULLQXFXQRVFFDUHYRUILUH]XOWDWHOHLQPRPHQWXOLQ FDUH
LQFHSHVWXGLXO
6WXGLXOUHWURVSHFWLYUHWURVSHFWLYHVWXG\VWXGLXOLQFDUHLQYHVWLJDWRULLVHOHFWLRQHD]DJUXSXULGHSDFLHQWL FDUH DX
IRVW GHMD WUDWDWL VL DQDOL]HD]D GDWHOH REWLQXWH LQ UDQGXO DFHVWRUD $FHVWH VWXGLL VXQW SUHGLVSXVH OD SDUWLQLUH
LQIOXHQWDUH D UH]XOWDWHORU GDWRULWD VHOHFWLHL SDUWLFLSDQWLORU GHRDUHFH LQYHVWLJDWRULL SRW VHOHFWD JUXSXUL GH SDFLHQWL FX
UH]XOWDWHFXQRVFXWHDQWHULRU
6WXGLXOWUDQVYHUVDOFURVVVHFWLRQDOVWXG\VWXGLXOREVHUYDWLRQDOSURVSHFWLYVDXUHWURVSHFWLYLQFDUHVHDOHJH XQ
JUXS XQHRUL SULQ UDQGRPL]DUH GLQWUR SRSXODWLH ODUJD VL VH GHWHUPLQD H[SXQHUHD OD LQWHUYHQWLD VWXGLDWD D FHORU GLQ
JUXSVLUH]XOWDWHOHGHLQWHUHV
7HKQLFD 'HOSKL 'HOSKL WHFKQLTXH WHKQLFD GH MXGHFDWD LQ JUXS LWHUDWLYD LQ FDUH H[LVWD R VXUVD FHQWUDOD FDUH
WULPLWH FKHVWLRQDUH VDX VWXGLL XQRU SDUWLFLSDQWL L]RODWL XQLL GH FHLODOWL DQRQLPL XQLL IDWD GH FHLODOWL 5DVSXQVXULOH
DFHVWRUD VXQW VXPDUL]DWH VLQWHWL]DWH VL YRU IL UHWULPLVH SDUWLFLSDQWLORU LQ UXQGH PXOWLSOH SHQWUX HIHFWXDUHD DOWRU
PRGLILFDULVLFULWLFL,QILQDOYDUH]XOWDXQUDVSXQVDOJUXSXOXLGHPXOWHRULFDWHRGDWDLQIRUPDVWDWLVWLFD
7HKQLFD JUXSXOXL QRPLQDO QRPLQDO JURXS WHFKQLTXH WHKQLFD GH MXGHFDUH IDWD LQ IDWD LQ JUXS LQ FDUH
SDUWLFLSDQWLL IXUQL]HD]D LQ OLQLVWH LQ VFULV UDVSXQVXUL OD R LQWUHEDUH VDX SUREOHPD GDWD UDVSXQVXULOH VXQW DGXQDWH VL
H[SXVH IDUD LGHQWLILFDUHD DXWRUXOXL DSRL VXQW FODULILFDWH LQ PRG GHVFKLV 3RW XUPD DOWH UXQGH LDU LQ ILQDO VH
HODERUHD]DXQVHWGHUDVSXQVXULSULQYRWVDXDFRUGDUHGHVFRUXUL
7HKQRORJLHGHLQJULMLUHDVDQDWDWLLKHDOWKFDUHWHFKQRORJ\PHGLFDPHQWHDSDUDWXUD GLVSR]LWLYH VL LQVWUXPHQWH
PHGLFDOH SURFHGXUL PHGLFDOH VL FKLUXUJLFDOH XWLOL]DWH LQ LQJULMLULOH GH VDQDWDWH SUHFXP VL VLVWHPHOH RUJDQL]DWLRQDOH
DGPLQLVWUDWLYH VL GH VXSRUW LQ FDUH VH IXUQL]HD]D R DVWIHO GH LQJULMLUH $FHVWH WHKQRORJLL UHSUH]LQWD LQWHUYHQWLLOH VL
VWLLQWDDSOLFDWDIRORVLWHGHWRWLOXFUDWRULLGLQGRPHQLXOVDQDWDWLLVLDLQJULMLULLGHVDQDWDWLLSUHFXPVLWRDWHVLVWHPHOHGLQ
LQWUHJXOVSHFWUXDOVLVWHPXOXLGHLQJULMLUHDVDQDWDWLLFDUHLQFOXGHSURPRYDUHDVDQDWDWLLSUHYHQLUHDEROLORUVFUHHQLQJ
XOGLDJQRVWLFDUHDVLWUDWDUHDEROLORUUHIDFHUHDUHVWDELOLUHDVDQDWDWLLVLLQJULMLUHDSDOHDWLYD
7HVW VWDWLVWLF VWDWLVWLFDO WHVW IRUPXOD PDWHPDWLFD VDX IXQFWLH FDUH VH IRORVHVWH SHQWUX D VWDELOL
GLIHUHQWDREVHUYDWDLQWUHUH]XOWDWHOHREWLQXWHLQJUXSXOWUDWDWVLFHOHREWLQXWHLQJUXSXOGHFRQWUROVXQWVXILFLHQWGHPDUL
SHQWUX D FRQFOX]LRQD FD VXQW VWDWLVWLF VHPQLILFDWLYH 7HVWHOH VWDWLVWLFH GHWHUPLQD R YDORDUH FDUH VH DVRFLD]D FX
YDORDUHDOXL3([LVWDPDLPXOWHWLSXULGHWHVWHVWDWLVWLFH)W=VLFKLSDWUDW$OHJHUHDWLSXOXLGHVWXGLXGHSLQGH GH
FRQGLWLLOHLQFDUHVHUHDOL]HD]DVWXGLXOH[FHYDULDELOHGHUH]XOWDWH[LVWDGDFDVDXQXSDFLHQWLLGLQVWXGLXDXIRVWLQ
PRGUDQGRPL]DWDOHVLGLQWURSRSXODWLHJHQHUDODVDXGDFDVHSRDWHVXVWLQHFDUH]XOWDWHOHILQDOHLQWURSRSXODWLHDX R
GLVWULEXWLHQRUPDODVDXXQDOWWLSGHGLVWULEXWLH
7HVWDUHD LSRWH]HL K\SRWKHVLV WHVWLQJ PRGDOLWDWHD GH LQWHUSUHWDUH D UH]XOWDWHORU XQXL VWXGLX FOLQLF WULDO FDUH
LPSOLFDVWDELOLUHDSUREDELOLWDWLLFDREVHUYDUHDXQXL HIHFW OD WUDWDPHQW VD IL DSDUXW QXPDL GDWRULWD LQWDPSODULL VDQVHL
GDFDLSRWH]DVSHFLILFDWDVHGRYHGHVWHDGHYDUDWD,QPRGQRUPDOLSRWH]DVSHFLILFDWDHVWHRLSRWH]DQXOD FDUH HVWH
IRUPXODWD LQDLQWH GH LQFHSHUHD VXGLXOXL VL SUHVXSXQH FD LQWHUYHQWLD GLQ VWXGLX QX DUH XQ HIHFW UHDO DGHYDUDW
KWWSZZZFPEURKWDJORVDUKWPO
(YDOXDUHDWHKQRORJLLORUPHGLFDOHJORVDU
7HVWDUHDLSRWH]HLVHIRORVHVWHSHQWUXDGHWHUPLQDGDFDLSRWH]DQXODHVWHVDXQXUHVSLQVD
8WLOLWDWHXWLOLW\GHVLUDELOLWDWHDVDXSUHIHULQWDUHODWLYDLQPRGIUHFYHQWGLQSXQFWXOGHYHGHUHDOSDFLHQWXOXLSHQWUX
XQDQXPLWUH]XOWDWDOVDQDWDWLLVDXQLYHODOVWDULLGHVDQDWDWH
8WLOLWDWHXWLOLW\6DWLVIDFWLHYDORDUHSVLKRORJLFDVDXVWDUHDGHELQH
9DOLGLWDWHYDOLGLW\JUDGXOLQFDUHRPDVXUDUHIOHFWDFXDFXUDWHWHFRQFHSWXOSHFDUHLQWHQWLRQHD]DVDLOPDVRDUH
9DOLGLWDWH H[WHUQD H[WHUQDO YDOLGLW\ JUDGXO LQ FDUH UH]XOWDWHOH REWLQXWH LQ XUPD XQHL LQYHVWLJDWLL GHVIDVXUDWH LQ
FLUFXPVWDQWHVSHFLDOHSRWILJHQHUDOL]DWHDOWRUFLUFXPVWDQWH
9DOLGLWDWHDLQWHUQDLQWHUQDOYDOLGLW\JUDGXOLQFDUHUH]XOWDWHOHXQXLVWXGLXUHSUH]LQWDFXDFXUDWHWHUHODWLD FDX]DOD
GLQWUHRLQWHUYHQWLHVLXQUH]XOWDWLQFLUFXPVWDQWHSDUWLFXODUHDOHVWXGLXOXLUHVSHFWLY
9DORDUH SUHGLFWLYD QHJDWLYD SUHGLFWLYH YDOXH QHJDWLYH FDUDFWHULVWLFD GH RSHUDUH D WHVWXOXL GLDJQRVWLF HVWH
SURSRUWLDSHUVRDQHORUFXWHVWQHJDWLYFDUHLQPRGUHDOQXDXERDOD9DULD]DFXSUHYDOHQWDEROLLLQSRSXODWLDLQFOXVDLQ
VWXGLXSRSXODWLDGHLQWHUHV
9DORDUH SUHGLFWLYD SR]LWLYD SUHGLFWLYH YDOXH SRVLWLYH FDUDFWHULVWLFD GH RSHUDUH D WHVWXOXL GLDJQRVWLF HVWH
SURSRUWLD SHUVRDQHORU FX WHVW SR]LWLY FDUH LQ PRG UHDO DX ERDOD 9DULD]D FX SUHYDOHQWD EROLL LQ SRSXODWLD LQFOXVD LQ
VWXGLXSRSXODWLDGHLQWHUHV
9DORDUHD 3 3 YDOXH LQ WHVWDUHD LSRWH]HL SUREDELOLWDWHD FD R GLIHUHQWD REVHUYDWD LQWUH UH]XOWDWHOH REWLQXWH LQ
JUXSXULOHGHLQWHUYHQWLHVLFRQWUROVDVHGDWRUH]HQXPDLLQWDPSODULLVDQVHLGDFDLSRWH]DQXODHVWHDGHYDUDWD'DFD
YDORDUHD OXL 3 HVWH PDL PLFD GHFDW YDORDUHD VSHFLILFDWD D LQ PRG X]XDO VDX DOHDVD GH OD LQFHSXW LQ
VWXGLXDWXQFLLSRWH]DQXODYDILUHVSLQVD
KWWSZZZFPEURKWDJORVDUKWPO