Metodologias Agiles PDF

3URJUDPDGH,QJHQLHUtDGH6LVWHPDV,QJHQLHUtDGH6RIWZDUH,
0(72'2/2*$6$*,/(65(9,6,1

,QWURGXFFLyQ
/RV PpWRGRV JLOHV WDOHV FRPR /HDQ 'HYHORSPHQW H;WUHPH 3URJUDPPLQJ \ $GDSWLYH 6RIWZDUH
'HYHORSPHQW VRQ HVWUDWHJLDV GH GHVDUUROOR GH VRIWZDUH TXH SURPXHYHQ SUiFWLFDV TXH VRQ
DGDSWDWLYDV HQ YH] GH SUHGLFWLYDV FHQWUDGDV HQ OD JHQWH R HQ ORV HTXLSRV LWHUDWLYDV RULHQWDGDV
KDFLDSUHVWDFLRQHV\KDFLDODHQWUHJDGHFRPXQLFDFLyQLQWHQVLYD\TXHUHTXLHUHQTXHHOQHJRFLR
VHLQYROXFUHHQIRUPDGLUHFWD&RPSDUDQGRHVRVDWULEXWRVFRQORVSULQFLSLRVIXQGDFLRQDOHVGH06)
VHHQFXHQWUDTXH06)\ODVPHWRGRORJtDViJLOHVHVWiQPX\DOLQHDGDVWDQWRHQORVSULQFLSLRVFRPR
HQ ODV SUiFWLFDV SDUD HO GHVDUUROOR GH VRIWZDUH HQ DPELHQWHV TXH UHTXLHUHQ XQ DOWR JUDGR GH
DGDSWDELOLGDG

1LGXGDFDEHTXHDILQDOHVGHODGpFDGDGHGRVJUDQGHVWHPDVLUUXPSLHURQHQODVSUiFWLFDV
GH OD LQJHQLHUtD GH VRIWZDUH \ HQ ORV PpWRGRV GH GHVDUUROOR HO GLVHxR EDVDGR HQ SDWURQHV \ ORV
PpWRGRV iJLOHV 'H HVWRV ~OWLPRV HO PiV UHVRQDQWH KD VLGR OD 3URJUDPDFLyQ ([WUHPD ;3 TXH
DOJXQRV FRQVLGHUDQ XQD LQQRYDFLyQ H[WUDRUGLQDULD \ RWURV FUHHQ FtQLFD H[WUHPLVWD IDOD] R
SHUQLFLRVDSDUDODVDOXGGHODSURIHVLyQ3DWURQHV\;3VHFRQYLUWLHURQGHLQPHGLDWRHQK\SHVGH
GLVFXVLyQ PDVLYD HQ OD LQGXVWULD \ GH IXHUWH SUHVHQFLD HQ OD 5HG $O SULPHUR GH HVRV WHPDV HO
PXQGR DFDGpPLFR OR HVWi WUDWDQGR FRPR XQ DVXQWR UHVSHWDEOH GHVGH KDFH XQ WLHPSR HO RWUR
UHFLpQ DKRUD VH HVWi OHJLWLPDQGR FRPR WySLFR VHULR GH LQYHVWLJDFLyQ /D PD\RU SDUWH GH ORV
GRFXPHQWRV SURYLHQH WRGDYtD GH ORV SUDFWLFDQWHV ORV FUtWLFRV \ ORV FRQVXOWRUHV TXH LPSXOVDQ R
UHFKD]DQVXVSRVWXODGRV3HURHOFUHFLPLHQWRGHORVPpWRGRViJLOHV\VXSHQHWUDFLyQRFXUUHDXQ
ULWPRSRFDVYHFHVYLVWRHQODLQGXVWULDHQWUHVRFXDWURDxRVVHJ~QHO&XWWHU&RQVRUWLXPHO
GH ODV HPSUHVDV GHILQH FRPR iJLOHV PiV GH OD PLWDG GH ORV PpWRGRV HPSOHDGRV HQ VXV
SUR\HFWRV

/RV PpWRGRV iJLOHV HQ DGHODQWH 0$V FRQVWLWX\HQ XQ PRYLPLHQWR KHWHURGR[R TXH FRQIURQWD FRQ
ODV PHWRGRORJtDV FRQVDJUDGDV DFRUGDGDV HQ RUJDQLVPRV \ DSUHFLDGDV SRU FRQVXOWRUHV DQDOLVWDV
GH LQGXVWULD \ FRUSRUDFLRQHV &RQWUD VHPHMDQWH DGYHUVDULR ORV 0$V VH H[SUHVDURQ D WUDYpV GH
PDQLILHVWRV\OLEURVHQWRQRGHSURFODPDUHKX\HQGRKDVWDKDFHSRFRWRGDHVSHFLILFDFLyQIRUPDO
(OHIHFWRPHGLiWLFRGHHVRVPDQLILHVWRVKDVLGRH[SORVLYR\RFDVLRQyTXHODFRQWLHQGDHQWUHDPEDV
IRUPDV KD\D VLGR \ VLJD VLHQGR HQFRQDGD /HMRV GH OD IULDOGDG EXURFUiWLFD TXH FDUDFWHUL]D D ODV
FUyQLFDVGHORVDUJXPHQWRVRUWRGR[RVVHKDWRUQDGRFRP~QUHIHULUVHDVXVSROpPLFDVLQYRFDQGR
PHWiIRUDVEpOLFDV\DSRFDOtSWLFDVTXHKDEODQGHODEDWDOODGHORVJXU~HVHOJUDQGHEDWHGHODV
PHWRGRORJtDVODVJXHUUDVUHOLJLRVDVHOILQGHOPXQGRXQFKRTXHFXOWXUDOODYHQJDQ]DGH
ORVSURJUDPDGRUHVRODPXHUWHGHOGLVHxR

/R TXH ORV 0$V WLHQHQ HQ FRP~Q \ OR TXH GH DTXt HQ PiV REUDUi FRPR XQD GHILQLFLyQ GH ORV
PLVPRV HV VX PRGHOR GH GHVDUUROOR LQFUHPHQWDO SHTXHxDV HQWUHJDV FRQ FLFORV UiSLGRV
FRRSHUDWLYR GHVDUUROODGRUHV \ XVXDULRV WUDEDMDQ MXQWRV HQ HVWUHFKD FRPXQLFDFLyQ GLUHFWR HO
PpWRGRHVVLPSOH\IiFLOGHDSUHQGHU\DGDSWDWLYRFDSD]GHLQFRUSRUDUORVFDPELRV/DVFODYHV
GH ORV 0$V VRQ OD YHORFLGDG \ OD VLPSOLFLGDG 'H DFXHUGR FRQ HOOR ORV HTXLSRV GH WUDEDMR VH
FRQFHQWUDQ HQ REWHQHU OR DQWHV SRVLEOH XQD SLH]D ~WLO TXH LPSOHPHQWH VyOR OR TXH VHD PiV
XUJHQWHGHLQPHGLDWRUHTXLHUHQIHHGEDFNGHORTXHKDQKHFKR\ORWLHQHQPX\HQFXHQWD/XHJR
SURVLJXHQFRQFLFORVLJXDOPHQWHEUHYHVGHVDUUROODQGRGHPDQHUDLQFUHPHQWDO(VWUXFWXUDOPHQWH
ORV 0$V VH DVHPHMDQ D ORV 5$'V GHVDUUROOR UiSLGR GH DSOLFDFLRQHV PiV FOiVLFRV \ D RWURV
PRGHORVLWHUDWLYRVSHURVXVpQIDVLVVRQGLVWLQWLYRV\VXFRPELQDFLyQGHLGHDVHV~QLFD

6L KXER XQD VXEOHYDFLyQ QR IXH LQPRWLYDGD 'LYHUVRV HVWXGLRV KDEtDQ UHYHODGR TXH OD SUiFWLFD
PHWRGROyJLFD IXHUWH FRQ VXV H[LJHQFLDV GH SODQHDPLHQWR \ VXV WpFQLFDV GH FRQWURO HQ PXFKRV
FDVRV QR EULQGDED UHVXOWDGRV TXH HVWXYLHUDQ D OD DOWXUD GH VXV FRVWRV HQ WLHPSR FRPSOHMLGDG \
GLQHUR ,QYHVWLJDFLRQHV FRPR OD GH -RH 1DQGKDNXPDU \ 'DYLG $YLVRQ HQ XQ WUDEDMR GH FDPSR
VREUH OD ILFFLyQ GHO GHVDUUROOR PHWRGROyJLFR GHQXQFLDEDQ TXH ODV PHWRGRORJtDV FOiVLFDV GH
VLVWHPDVGHLQIRUPDFLyQVHWUDWDQSULPDULDPHQWHFRPRXQDILFFLyQQHFHVDULDSDUDSUHVHQWDUXQD
LPDJHQ GH FRQWURO R SDUD SURSRUFLRQDU HVWDWXV VLPEyOLFR \ TXH GLFKDV PHWRGRORJtDV VRQ
8QLYHUVLGDGGHO&DXFD
GHPDVLDGR LGHDOHV UtJLGDV \ PHFDQLFLVWDV SDUD VHU XWLOL]DGDV DO SLH GH OD OHWUD 'XDQH 7UXH[
5LFKDUG%DVNHUYLOOH\-XOLH7UDYLVWRPDQXQDSRVLFLyQD~QPiVH[WUHPD\DVHJXUDQTXHHVSRVLEOH
TXH ORV PpWRGRV WUDGLFLRQDOHV VHDQ PHUDPHQWH LGHDOHV LQDOFDQ]DEOHV \ KRPEUHV GH SDMD
KLSRWpWLFRVTXHSURSRUFLRQDQJXtDQRUPDWLYDHQVLWXDFLRQHVGHGHVDUUROORXWySLFDV(QVXUHFODPR
GHXQGHVDUUROORDPHWyGLFRFRQVLGHUDQTXHODVPHWRGRORJtDVHVWiQGDUHVVHEDVDQHQXQDILMDFLyQ
GH REMHWLYRV SDVDGD GH PRGD H LQFRUUHFWD \ TXH OD REVHVLyQ GH ORV LQJHQLHURV FRQ ORV PpWRGRV
SXHGHVHULQKLELGRUDGHXQDDGHFXDGDLPSOHPHQWDFLyQWDQWRDQLYHOGHVLVWHPDVFRPRHQHOSODQR
GHQHJRFLRV

3HURWDPELpQKD\FLHQWRVGHFDVRVGRFXPHQWDGRVGHp[LWRVORJUDGRVFRQPHWRGRORJtDVULJXURVDV
(QRFDVLRQHVHOHQWXVLDVPRGHORVSURPRWRUHVGHODVUHYXHOWDVSDUHFHSRFRSURIHVLRQDOFRPRVL
VX SURJUDPD GH FUtWLFD PXFKDV YHFHV ELHQ IXQGDGR IXHUD GH PD\RU LPSRUWDQFLD TXH VX
FRQWULEXFLyQ SRVLWLYD 7DPELpQ HOODV VLQ HPEDUJR WLHQHQ VX EXHQ FDWiORJR GH WULXQIRV $OJXQRV
QRPEUHVUHVSHWDGRV0DUWLQ)RZOHUFRQHOUHVSDOGRGH&XWWHU&RQVRUWLXP'HH+RFNFRQVXYLVLyQ
FDyUGLFD 3KLOLSSH .UXFKWHQ FRQ VX 583 DGDSWDGR D ORV WLHPSRV TXH FRUUHQ H LQFOXVR ,YDU
-DFREVRQ FRQVLGHUDQ TXH ORV 0$V FRQVWLWX\HQ XQ DSRUWH TXH QR VHUtD VHQVDWR GHMDU GH ODGR 1R
KDEUtD TXH WUDWDUOR HQWRQFHV FRPR VL IXHUD HO FDSULFKR SDVDMHUR GH XQRV SRFRV KDFNHUV TXH KDQ
OHtGRPiVDUHQJDVSRVPRGHUQDVGHORDFRQVHMDEOH

(QHVWHGRFXPHQWRVHSUHVHQWDUiXQDEUHYHUHVHxDGHORV0$VMXQWRFRQXQDGHVFULSFLyQVXFLQWD
GH OD VLWXDFLyQ \ ODV WHQGHQFLDV DFWXDOHV 1R VH SUHWHQGH TXH HO WH[WR EULQGH XQD RULHQWDFLyQ
RSHUDWLYDQLWDPSRFRXQDHYDOXDFLyQGHORVPpWRGRVVHWUDWDVyORGHXQDYLVLyQGHFRQMXQWRTXH
WDOYH]D\XGHDFRPSUHQGHUXQDGHODVDOWHUQDWLYDVH[LVWHQWHV HQODRUJDQL]DFLyQGHOSURFHVRGH
GHVDUUROOR 6H KD SURFXUDGR PDQWHQHU XQD GLVWDQFLD FUtWLFD QR VH HQFRQWUDUiQ DTXt ODV
H[SUHVLRQHVTXHVXHOHQSUROLIHUDUHQORVWH[WRV\HQOD5HGHQODVTXHVHGHILQHD;3DILUPDQGR
TXHHVXQFRQMXQWRGHYDORUHVSULQFLSLRV\SUiFWLFDVSDUDHOGHVDUUROORUiSLGRGHVRIWZDUHGHDOWD
FDOLGDGTXHSURSRUFLRQDHOYDORUPiVDOWRSDUDHOFOLHQWHHQHOPHQRUWLHPSRSRVLEOH1RHVTXHOD
SRVWXUD GH HVWH HVWXGLR VHD HTXLGLVWDQWH FRPR SURFXUDQ VHUOR SRU HMHPSOR ORV H[iPHQHV GH
5REHUW *ODVV R %DUU\ %RHKP VHQFLOODPHQWH OD SUHVHQWH HV XQD LQWURGXFFLyQ DQDOtWLFD \ QR XQD
WDEODGHHYDOXDFLyQ

6HSRGUiDGYHUWLUHQHOFXHUSRGHHVWHWH[WRTXHODVUHIHUHQFLDVFRPSDUDWLYDV\FRQWH[WXDOHVDORV
0$VDSXQWDQPXFKDVPiVYHFHVDODLQJHQLHUtDGHVRIWZDUHTXHDODDUTXLWHFWXUDODUD]yQHVTXH
OD HODERUDFLyQ PHWRGROyJLFD GH OD DUTXLWHFWXUD HV UHFLHQWH \ VH HVWi IRUPXODQGR HQ HO 6(, \ HQ
RWURVRUJDQLVPRVFRQWHPSRUiQHDPHQWHDOGHVDUUROORGHORV0$V5HFLpQDKRUDHQRWUDVSDODEUDV
OD DUTXLWHFWXUD GH VRIWZDUH HVWi HODERUDQGR VXV PHWRGRORJtDV SDUD HO FLFOR GH YLGD VL pVWDV VH
DVHPHMDQ PiV D ODV iJLOHV TXH D ODV RUWRGR[DV HV XQD SUHJXQWD LPSRUWDQWH TXH VH KDEUi GH
UHVSRQGHUVHHQGRFXPHQWRVVHSDUDGRV

8QD YH] PiV VH H[DPLQDUi FRQ GHWHQLPLHQWR OD UHODFLyQ GH FRQFRUGDQFLD \ FRPSOHPHQWDULHGDG
HQWUH ORV PpWRGRV iJLOHV \ ORV SULQFLSLRV TXH DUWLFXODQ 0LFURVRIW 6ROXWLRQV )UDPHZRUN 06) XQ
WHPDVXVWDQFLDODOTXHVHKDGHGLFDGRXQDVHFFLyQHVSHFtILFD7DPELpQVHKDLQFOXLGRXQFDStWXOR
VREUH HOXVRGHSDWURQHVHQ0$V \RWURVREUHODUHVSXHVWD FUtWLFDGHODFRPXQLGDGPHWRGROyJLFD
IUHQWH DO DYDQFH DUUROODGRU GH ORV QXHYRV PpWRGRV 2WURV GRFXPHQWRV GH HVWD VHULH GHWDOODUiQ
DOJXQRVDVSHFWRVTXHDTXtVHGHVDUUROODQFRQFLVDPHQWHWDOHVFRPRODUHODFLyQHQWUHORVPpWRGRV
iJLOHVFRQHOSDUDGLJPDGHODVFLHQFLDVGHODFRPSOHMLGDG\HOFDRV
8QLYHUVLGDGGHO&DXFD
/DRUWRGR[LDPHWRGROyJLFD
/RV0$VQRVXUJLHURQSRUTXHVtVLQRTXHHVWXYLHURQPRWLYDGRV
DSRUXQDFRQFLHQFLDSDUWLFXODUPHQWHDJXGDGHODFULVLVGHOVRIWZDUH
ESRUODUHVSRQVDELOLGDGTXHVHLPSXWDDODVJUDQGHVPHWRGRORJtDVHQODJHVWDFLyQGHHVDFULVLV
FSRUHOSURSyVLWRGHDUWLFXODUVROXFLRQHV

/RV RUJDQLVPRV \ FRUSRUDFLRQHV KDQ GHVDUUROODGR XQD SOpWRUD GH HVWiQGDUHV FRPSUHQVLYRV TXH
KDQ LGR MDORQDQGR OD KLVWRULD \ SREODQGR ORV WH[WRV GH PHWRGRORJtDV H LQJHQLHUtD GH VRIWZDUH
&00 6SLFH %RRW6WUDS 7LFN,W GHULYDFLRQHV GH ,62 6'&( 7ULOOLXP $OJXQRV VRQ
YHUGDGHUDPHQWHPpWRGRVRWURVPHWRGRORJtDVGHHYDOXDFLyQRHVWLPDFLyQGHFRQIRUPLGDGRWURV
PiV HVWiQGDUHV SDUD PHWRGRORJtDV R PHWDPRGHORV $O ODGR GH HOORV VH HQFXHQWUD OR TXH VH KD
OODPDGR XQD FLpQDJD GH HVWiQGDUHV JHQHUDOHV R HVSHFtILFRV GH LQGXVWULD D ORV TXH VH VRPHWHQ
RUJDQL]DFLRQHV TXH GHVHDQ R GHEHQ DUWLFXODU VXV PpWRGRV FRQIRUPH D GLYHUVRV FULWHULRV GH
HYDOXDFLyQ YHKtFXORV GH VHOHFFLyQ GH FRQWUDWLVWDV R PDUFRV GH UHIHUHQFLD +D\ PXFKRV
IUDPHZRUNV\GLVFLSOLQDVSRUFLHUWRSHURORSULPRUGLDOQRHVODSUROLIHUDFLyQGHYDULHGDGHVVLQROD
VXMHFLyQ GH WRGRV ORV HMHPSODUHV D XQRV SRFRV WLSRV GH FRQILJXUDFLRQHV R IOXMRV SRVLEOHV
/ODPDUHPRVDTXtPRGHORVDHVDVFRQILJXUDFLRQHV

/RV PRGHORV GH ORV PpWRGRV FOiVLFRV GLILHUHQ EDVWDQWH HQ VX FRQIRUPDFLyQ \ HQ VX QDWXUDOH]D
SHUR H[DOWDQ FDVL VLHPSUH ODV YLUWXGHV GHO SODQHDPLHQWR \ SRVHHQ XQ HVStULWX QRUPDWLYR
&RPLHQ]DQFRQODHOLFLWDFLyQ\HODQiOLVLVFRPSOHWRGHORVUHTXHULPLHQWRVGHOXVXDULR'HVSXpVGH
XQ ODUJR SHUtRGR GH LQWHQVD LQWHUDFFLyQ FRQ XVXDULRV \ FOLHQWHV ORV LQJHQLHURV HVWDEOHFHQ XQ
FRQMXQWR GHILQLWLYR \ H[KDXVWLYR GH UDVJRV UHTXHULPLHQWRV IXQFLRQDOHV \ QR IXQFLRQDOHV (VWD
LQIRUPDFLyQ VH GRFXPHQWD HQ IRUPD GH HVSHFLILFDFLRQHV SDUD OD VHJXQGD HWDSD HO GLVHxR HQ HO
TXHORVDUTXLWHFWRVWUDEDMDQGRMXQWRDRWURVH[SHUWRVHQWHPDVSXQWXDOHVFRPRVHUHVWUXFWXUDV
\ EDVHV GH GDWRV JHQHUDQ OD DUTXLWHFWXUD GHO VLVWHPD /XHJR ORV SURJUDPDGRUHV LPSOHPHQWDQ
HVHGLVHxRELHQGRFXPHQWDGR\ILQDOPHQWHHOVLVWHPDFRPSOHWRVHSUXHED\VHGHVSDFKD

0RGHOR
0RGHORHQFDVFDGD
9HUVLyQGHRULJHQ
&DUDFWHUtVWLFDV
6HFXHQFLDO%HQQLQJWRQ
6HFXHQFLDGHUHTXHULPLHQWRGLVHxR
,WHUDWLYR5R\FH
GHOVLVWHPDGLVHxRGHSURJUDPD
(VWiQGDU'R'
FRGLILFDFLyQSUXHEDVRSHUDFLyQ\
$
PDQWHQLPLHQWR
0RGHORHQFDVFDGDF
&I0F&RQQHOO
&DVFDGDFRQHYHQWXDOHVGHVDUUROORV
IDVHVVXSHUSXHVWDV

HQSDUDOHOR0RGHOR6DVKLPL
0RGHORLWHUDGRFRQ
%URRNV
,WHUDWLYR'HVDUUROORLQFUHPHQWDO
-0DUWLQ
0RGHOROLQHDOVHFXHQFLDOFRQFLFORVGH
.HUU+XQWHU
GHVDUUROOREUHYHV
SURWRWLSDGR
'HVDUUROORUiSLGR5$'
0F&RQQHOO
0RGHOR9
0RGHORHQHVSLUDO
0LQLVWHULRGH'HIHQVDGH
&RRUGLQDFLyQGHFDVFDGDFRQ
$OHPDQLD
LWHUDFLRQHV
%DUU\%RHKP
&DGDIDVHQRHVOLQHDOSHURHO
FRQMXQWRGHIDVHVVtORHV
0RGHORHQHVSLUDOZLQ
%DUU\%RHKP
ZLQ
0RGHORGHGHVDUUROOR
$SOLFDWHRUtD:DFDGDHWDSD
'DYLV\6LWDUDP
0RGHORFtFOLFRFRQDQiOLVLVGHHVWDGR
FRQFXUUHQWH
0RGHORGHHQWUHJD
LQFUHPHQWDO6WDJHG
0F&RQQHOO
)DVHVWHPSUDQDVHQFDVFDGD)DVHV
XOWHULRUHVGHVFRPSXHVWDVHQHWDSDV
GHOLYHU\
$ ILQHV GHO VLJOR ;; KDEtD XQ DEDQLFR GH WLSRV GH SURFHVRV R PRGHORV GLVSRQLEOHV HO PiV
FRQYHQFLRQDOHUDHOPRGHORHQFDVFDGDROLQHDOVHFXHQFLDOSHURDOODGRGHpOKDEtDRWURVFRPRHO
PRGHOR 9 HO PRGHOR GH FRQVWUXFFLyQ GH SURWRWLSRV HO GH GHVDUUROOR UiSLGR R 5$' HO PRGHOR
LQFUHPHQWDOHOPRGHORHQHVSLUDOEiVLFRHOHVSLUDOZLQZLQHOPRGHORGHGHVDUUROORFRQFXUUHQWH\
XQFRQMXQWRGHPRGHORVLWHUDWLYRVRHYROXWLYRVEDVDGRVHQFRPSRQHQWHVSRUHMHPSORTXHHQXQ
8QLYHUVLGDGGHO&DXFD
SULPHU PRPHQWR FRQYLYtDQ DSDFLEOHPHQWH FRQ ORV UHVWDQWHV DXQTXH FDGD XQR GH HOORV VH
RULJLQDED HQ OD FUtWLFD R HQ OD SHUFHSFLyQ GH ODV OLPLWDFLRQHV GH DOJ~Q RWUR $OJXQRV HUDQ
SUHVFULSWLYRV RWURV GHVFULSWLYRV $OJXQRV GH ORV PRGHORV LQFOXtDQ LWHUDFLRQHV LQFUHPHQWRV
UHFXUVLRQHVREXFOHVGHUHWURDOLPHQWDFLyQ\DOJXQRVVHSUHFLDEDQWDPELpQGHUiSLGRVDGDSWDEOHV
\ H[SHGLWLYRV

/D WDEOD TXH VH HQFXHQWUD HQ HVWDV SiJLQDV LOXVWUD HO UHSHUWRULR GH ORV PpWRGRV TXH SRGUtDPRV
OODPDUGHSHVR FRPSOHWR RGH IXHU]DLQGXVWULDOTXHHQ VXV YDULDQWHVPiV ULJXURVDVLPSRQHQ
XQD SUROLMD HVSHFLILFDFLyQ GH WpFQLFDV FRUUHVSRQGLHQWHV D ORV GLIHUHQWHV PRPHQWRV GHO FLFOR GH
YLGD (V LPSRUWDQWH VHxDODU TXH HQ HVWD WDEOD VyOR VH FRQVLJQDQ ODV JUDQGHV IRUPDV GH SURFHVR
PHWRGROyJLFR\QRWpFQLFDVHVSHFtILFDVTXHSXHGHQDSOLFDUVHFXDOTXLHUDVHDHVDIRUPDFRPRODV
WpFQLFDVGHLQJHQLHUtDGHVRIWZDUHDVLVWLGDVSRUFRPSXWDGRUDV&$6(ODVKHUUDPLHQWDVGHFXDUWD
JHQHUDFLyQODVWpFQLFDVGHPRGHODGRHVWiWLFR/DLRGLQiPLFR)RUUHVWHUHOPRGHORGHVRIWZDUH
GH VDOD OLPSLD R ORV PRGHORV HYDOXDWLYRV FRPR HO &DSDELOLW\ 0DWXULW\ 0RGHO &00 GHO 6(, TXH
SRSXODUPHQWH VH FRQVLGHUD OLJDGR D ORV PRGHORV HQ FDVFDGD 'H KHFKR QL &00 HVWi VXMHWR D XQ
PRGHOR SDUWLFXODU QL FRQVWLWX\H XQ PRGHOR GH SURFHVR GH LQJHQLHUtD GH VRIWZDUH HQ HO VHQWLGR
HVWULFWRGHODSDODEUDHVXQFDQRQGHHYDOXDFLyQTXHHVWDEOHFHFULWHULRVSDUDFDOLILFDUODPDGXUH]
GHXQSUR\HFWRHQFLQFRQLYHOHVTXHYDQGHORFDyWLFRDODRSWLPL]DFLyQFRQWLQXD

+D KDELGR XQD LQMXVWLFLD KLVWyULFD FRQ :LQVWRQ 5R\FH \ VX PRGHOR HQ FDVFDGD HQ VX YHUVLyQ
RULJLQDO GRFXPHQWDGD HQ OD LPDJHQ HUD FODUDPHQWH LWHUDWLYR 3RU DOJXQD UD]yQ SDVy D OD
SRVWHULGDGFRPRODHQFDUQDFLyQGHXQDPHWRGRORJtDVHFXHQFLDO
(OPRGHORRULJLQDOHQFDVFDGD
+D\ XQRV FXDQWRV PRGHORV PiV R PHQRV FOiVLFRV TXH QR KHPRV FRQVLGHUDGR 6WHYH 0F&RQQHOO
SRU HMHPSOR GHVFULEH XQ PRGHOR FRGHDQGIL[ XQ PRGHOR HQ FDVFDGD FRQ VXESUR\HFWRV RWUR
PRGHORHQFDVFDGDFRQUHGXFFLyQGHULHVJRXQPRGHORGHGLVHxRVXMHWRDDJHQGD\XQPRGHORGH
SURWRWLSDGR HYROXWLYR HO DQWHSDVDGR GH (YR TXH DTXt KHPRV WUDQVIHULGR DO RWUR ODGR GH OD
GLYLVRULD HQWUH PpWRGRV SHVDGRV \ OLJHURV (O WHPD GH QXHVWUR HVWXGLR HPSHUR QR HV OD
WD[RQRPtD GH ORV PRGHORV /D PHMRU UHIHUHQFLD SDUD ODV IRUPDV PRGpOLFDV FOiVLFDV DQWHULRUHV D
VLJXHVLHQGRHOOLEURGH3HWHU'H*UDFH\/HVOLH6WDKO:LFNHGSUREOHPVULJKWHRXVVROXWLRQV
XQYHUGDGHURFDWiORJRGHORVSDUDGLJPDVPHWRGROyJLFRVSULQFLSDOHVHQLQJHQLHUtDGHVRIWZDUH/R
LPSRUWDQWHDTXtHVTXHWRGDHVWDGLYHUVLGDGVHYDYLVWRVXEVXPLGDGHJROSHHQXQVRORFRQMXQWR
3RU GLYHUVDV UD]RQHV OHJtWLPDV R HVSXULDV WRGR FRPHQ]y D YHUVH EDMR XQD QXHYD OX] &XDQGR
HVWDVFRVDVVXFHGHQQRFDEHVLQRKDEODUGHXQDUHYROXFLyQ

8QLYHUVLGDGGHO&DXFD
2UtJHQHVGHODKHWHURGR[LD
1R KDFH IDOWD FRPXOJDU FRQ ODV SUHPLVDV PiV H[WUHPDV GH ORV 0$V SDUD HQFRQWUDU DVSHFWRV
FXHVWLRQDEOHV HQ WRGRV \ FDGD XQR GH ORV PRGHORV FOiVLFRV $XQ ORV PDQXDOHV LQWURGXFWRULRV GH
LQJHQLHUtDGHVRIWZDUHLQFOX\HQODOLVWDGHOLPLWDFLRQHVELHQFRQRFLGDVGHODPD\RUSDUWHGHHOORV
FRQ HO PRGHOR HQ FDVFDGD OHMRV FRPR HO PiV FDVWLJDGR 6H OH REMHWD VX ULJLGH] VX REVWLQDFLyQ
SRU H[LJLU XQD HVWLSXODFLyQ SUHYLD \ FRPSOHWD GH ORV UHTXHULPLHQWRV VX PRGHOR LQDSURSLDGR GH
FRUUHFFLRQHV VX SURJUHVLYR GLVWDQFLDPLHQWR GH OD YLVLyQ GHO FOLHQWH \ VX PRURVLGDG SDUD OLEHUDU
SLH]DV HMHFXWDEOHV (Q ORV ~OWLPRV GRV R WUHV DxRV GH OD GpFDGD GH ODV FUtWLFDV D OD
PHWRGRORJtDFRQYHQFLRQDODXPHQWDURQHQLQWHQVLGDG\GHWRQDURQSRUWRGDVSDUWHV

$XQTXHODJHVWDFLyQGHODUHEHOLyQIXHODUJD\WRUWXRVDSDUHFLyTXHGHSURQWRSDUDPXFKRVORV
PRGHORVFRQVDJUDGRVVHWRUQDURQLQDGPLVLEOHV&LUFXODURQWDPELpQXQDVFXDQWDVHYDOXDFLRQHVTXH
UHYHODURQ VHULDV IDOODV HQ SUR\HFWRV UHJLGRV SRU HOORV \ VH UHIUHVFy OD LGHD GH OD FULVLV GHO
VRIWZDUHTXHHQUHDOLGDGHVXQDVXQWRTXHDUUDVWUDXQDKLVWRULDGHPiVGHFXDUHQWDDxRV3DUD
FROPRHQVHSXEOLFyODHGLFLyQGHSODWDGHOFOiVLFRGH)UHG%URRNV7KH0\WKLFDO0DQ0RQWK
TXHFRQDxRVGHDQWLFLSDFLyQKDEtDUHYHODGRODHVWUHFKH]GHODPHQWDOLGDGOLQHDO(Q000%URRNV
VHKDEtDH[SHGLGRHQFRQWUDGHOPpWRGRHQFDVFDGD

*UDQSDUWHGHORVSURFHGLPLHQWRVDFWXDOHVGHDGTXLVLFLyQGHVRIWZDUHUHSRVDQHQHOVXSXHVWR GH
TXH VH SXHGH HVSHFLILFDU GH DQWHPDQR XQ VLVWHPD VDWLVIDFWRULR REWHQHU UHTXLVLWRV SDUD VX
FRQVWUXFFLyQFRQVWUXLUORHLQVWDODUOR3LHQVRTXHHVWHVXSXHVWRHVIXQGDPHQWDOPHQWHHTXLYRFDGR
\ TXH PXFKRV GH ORV SUREOHPDV GH DGTXLVLFLyQ VH RULJLQDQ HQ HVWD IDODFLD(Q OD YLHMD HGLFLyQ
%URRNV KDEtD GLFKR +DJD XQ SODQ SDUD WLUDUOR /R KDUi GH WRGRV PRGRV (Q OD QXHYD HGLFLyQ
ILQJLyUHWUDFWDUVHSDUDDWDFDUFRQPiVIXHU]D1RFRQVWUX\DXQRSDUDWLUDU(OPRGHORHQFDVFDGD
HV HUUyQHR &RPHQ]DURQ D SXEOLFDUVH XQD WUDV RWUD KLVWRULDV GH IUDFDVRV GHO PpWRGR R VH
UHIUHVFy HO UHFXHUGR GH ODV TXH KDEtDQ VLGR HGLWDGDV (O 'HSDUWDPHQWR GH 'HIHQVD TXH HQ OD
GpFDGD GH KDEtD SURPRYLGR HO FLFOR GH YLGD HQ FDVFDGD '2'67' GH LQIDXVWD
PHPRULD FRPHQ]y D DVRFLDUOR D XQD VHULH GH UHYHVHV FRQWLQXRV (Q VH UHFRPHQGy OD
LPSOHPHQWDFLyQGHPpWRGRVLWHUDWLYRV\HYROXWLYRVGHORTXHUHVXOWyHO0,/67'/D27$1OD
)'$ \ RWURV RUJDQLVPRV KDQ H[SHULPHQWDGR KLVWRULDV VHPHMDQWHV (Q OD VHJXQGD PLWDG GH OD
GpFDGD GH WDPELpQ HO UHSXWDGR ,62 FD\y EDMR IXHJR VH HQFRQWUDURQ FRUUHODFLRQHV
QHJDWLYDV HQWUH OD DGVFULSFLyQ D ORV HVWiQGDUHV \ OD FDOLGDG GH ORV SURGXFWRV \ OD DXWRULGDG
EULWiQLFD TXH UHJXOD OD SXEOLFLGDG PDQGy TXH HO %ULWLVK 6WDQGDUG ,QVWLWXWH VH DEVWXYLHUD GH
SURFODPDUTXHODDGKHVLyQD,62PHMRUDUtDODFDOLGDGRODSURGXFWLYLGDGGHODVVROXFLRQHV

$QWHHVDHYLGHQFLDORVH[SHUWRVHQPDVDDFRQVHMDURQHODEDQGRQRGHORVPpWRGRVHQFDVFDGD\
ODV QRUPDWLYDV IXHUWHV HUDQ QRPEUHV LQIOX\HQWHV +DUODQ 0LOOV 7RP *LOE %DUU\ %RHKP -DPHV
0DUWLQ7RP'H0DUFR(G<RXUGRQ\PXFKRVPiV<DHUDQFRQRFLGRVSRUGLYHUVRVORJURV\PXFKRV
GHHOORVHVWDEDQDGHPiVHODERUDQGRVXVSURSLDVDOWHUQDWLYDVGLQiPLFDVLWHUDWLYDVHYROXWLYDV\
HQVXPDiJLOHV(OVXUJLPLHQWRGHORV0$VQRIXHPDOTXHOHSHVHDFUtWLFRVFRPR6WHYHQ5DNLWLQ
*HUROG.HHIHU6WHSKHQ0HOORU(GZDUG%HUDUG0DWW6WHSKHQVR'RXJ5RVHQEHUJXQDUHYXHOWDGH
DILFLRQDGRVDGLFWRVDOFyGLJRVLQGHVWUH]DHQHOGHVDUUROORFRUSRUDWLYR

(Q ODV YtVSHUDV GHO HVWDOOLGR GHO 0DQLILHVWR iJLO WRGRV ORV DXWRUHV VHQVLEOHV DO HQFDQWR GH ORV
PpWRGRV LQFUHPHQWDOHV TXH FRPHQ]DEDQ D IRUMDUVH R D UHVXUJLU WHQtDQ XQ HQHPLJR FRP~Q
$XQTXH&00QRHVHVWULFWDPHQWHXQPpWRGRQLXQPpWRGRHQFDVFDGDHQSDUWLFXODUORFLHUWRHV
TXHVHORFRPHQ]yDLGHQWLILFDUFRPR HOPRGHORQRLWHUDWLYRGHSHVR SHVDGRSRUH[FHOHQFLD+D\
UD]RQHVSDUDHOOR&00IXHOHtGRFRQHVStULWXGHFDVFDGDDILQHVGHORV\GXUDQWHEXHQDSDUWH
GHODGpFDGDVLJXLHQWH$XQTXHXQDVROXFLyQSURGXFLGDFRQXQDHVWUDWHJLDLWHUDWLYDSRGUtDOOHJDUD
FDOLILFDU FRPR &00PDGXUD ODV GLVFXVLRQHV LQLFLDOHV GH &00 WLHQHQ XQ IXHUWH WRQR GH
SODQHDPLHQWR SUHGLFWLYR GHVDUUROOR EDVDGR HQ SODQHV \ RULHQWDGR SRU SURFHVRV &UDLJ /DUPDQ
VRVWLHQH TXH PXFKRV GH ORV FHUWLILFDGRUHV \ FRQVXOWRUHV HQ &00 WLHQHQ XQD IXHUWH IRUPDFLyQ HQ
ORVYDORUHVGHOPRGHORHQFDVFDGD\HQSURFHVRVSUHVFULSWLYRVFRQSRFDH[SHULHQFLDHQPpWRGRV
LWHUDWLYRVHLQFUHPHQWDOHV
8QLYHUVLGDGGHO&DXFD
/RV 0$V GLILHUHQ HQ VXV SDUWLFXODULGDGHV SHUR FRLQFLGHQ HQ DGRSWDU XQ PRGHOR LWHUDWLYR TXH OD
OLWHUDWXUDPiVDJUHVLYDRSRQHGLDOpFWLFDPHQWHDOPRGHORRUWRGR[RGRPLQDQWH(OPRGHORLWHUDWLYR
HQUHDOLGDGHVEDVWDQWHDQWLJXR\VHUHPRQWDDLGHDVSODVPDGDVSRU7RP*LOEHQORV\SRU9LF
%DVLOL\-RH7XUQHUHQ&RPRTXLHUDTXHVHORVOODPHODPHWRGRORJtDGHODFRUULHQWHSULQFLSDO
VH HVWLPD RSXHVWD HQ FDVL WRGRV ORV UHVSHFWRV D ODV QXHYDV UDGLFDOHV KHWHURGR[DV H[WUHPDV
DGDSWDWLYDVPLQLPDOLVWDVRPDUJLQDOHV(ODQWDJRQLVPRHQWUHDPEDVFRQFHSFLRQHVGHOPXQGRHV
VHJ~Q ORV DJLOLVWDV H[WUHPD \ DELVPDO (VFULEH %RE &KDUHWWH XQR GH ORV FUHDGRUHV GH /HDQ
'HYHORSPHQW /D EXURFUDFLD H LQIOH[LELOLGDG GH RUJDQL]DFLRQHV FRPR HO 6RIWZDUH (QJLQHHULQJ
,QVWLWXWH \ GH SUiFWLFDV FRPR &00 ODV KDFHQ FDGD YH] PHQRV UHOHYDQWHV SDUD ODV FLUFXQVWDQFLDV
DFWXDOHVGHOGHVDUUROORGHVRIWZDUH.HQ2UUGHO&XWWHU&RQVRUWLXPGLFHTXHODGLIHUHQFLDHQWUH
XQ DVDOWDQWH GH EDQFRV \ XQ PHWRGyORJR GH HVWLOR &00 HV TXH FRQ XQ DVDOWDQWH VH SXHGH
QHJRFLDU/DFHUWLILFDFLyQHQ&00DJUHJDGHSHQGHPiVGHXQDEXHQDSUHVHQWDFLyQHQSDSHOTXH
GHODFDOLGDGUHDOGHXQDSLH]DGHVRIWZDUHWLHQHTXHYHUPiVFRQHOVHJXLPLHQWRDFLHJDVGHXQD
PHWRGRORJtDTXHFRQHOGHVDUUROOR\SXHVWDHQSURGXFFLyQGHXQVLVWHPDGHHVWDGRGHODUWH

/D PD\RUtD GH ORV DJLOLVWDV QR FUHH TXH &00 VDWLVIDJD VXV QHFHVLGDGHV $OJXQRV GH HOORV OR
H[SRQHQ JUiILFDPHQWH 7XUQHU \ -DLQ DILUPDQ TXH VL XQR SUHJXQWD D XQ LQJHQLHUR GH VRIWZDUH
WtSLFR VL FUHH TXH &00 HV DSOLFDEOH D ORV 0$V OD UHVSXHVWD SUREDEOHPHQWH RVFLOH HQWUH XQ XQD
PLUDGD GH VRUSUHVD \ XQD FDUFDMDGD KLVWpULFD 8QD UD]yQ SDUD HOOR HV TXH &00 FRQVWLWX\H XQD
FUHHQFLD HQ HO GHVDUUROOR GH VRIWZDUH FRPR XQ SURFHVR GHILQLGR TXH SXHGH VHU HVSHFLILFDGR HQ
GHWDOOH TXH GLVSRQH GH DOJRULWPRV SUHFLVRV \ TXH ORV UHVXOWDGRV SXHGHQ VHU PHGLGRV FRQ
H[DFWLWXG XVDQGR ODV PHGLGDV SDUD UHILQDU HO SURFHVR KDVWD TXH VH DOFDQ]D HO ySWLPR 3DUD
SUR\HFWRVFRQDOJ~QJUDGRGHH[SORUDFLyQHLQFHUWLGXPEUHORVGHVDUUROODGRUHViJLOHVVLPSOHPHQWH
QRFUHHQTXHHVRVVXSXHVWRVVHDQYiOLGRV$)UHG%URRNVQROHKDEUtDFDELGRODPHQRUGXGDHQ
XQ PpWRGR FOiVLFR SXHGH KDEHU EXFOHV H LWHUDFLRQHV SHUR OD PHQWDOLGDG TXH HVWi GHWUiV GH VX
SODQLILFDFLyQ HV IDWDOPHQWH OLQHDO +D\ HQWUH DPEDV SRVWXUDV XQD GLYLVLyQ IXQGDPHQWDO TXH
PXFKRV FUHHQ TXH QR SXHGH UHFRQFLOLDUVH PHGLDQWH HO H[SHGLHQWH GH UHFXUULU D DOJ~Q FyPRGR
WpUPLQRPHGLRDXQTXHWDQWRGHVGH&00FRPRGHVGHHOWHUULWRULRiJLOVHKDQLQWHQWDGRIyUPXODV
GHDSDFLJXDPLHQWR

&RPR DUTXHWLSR GH OD RUWRGR[LD &00 WLHQH FRPSDxtD HQ VX FXDGUDQWH (O 3URMHFW 0DQDJHPHQW
,QVWLWXWH 30, KD WHQLGR LQIOXHQFLD HQ QLYHOHV JHUHQFLDOHV D WUDYpV GH VX SUHVWLJLRVR %RG\ RI
.QRZOHGJH30%2.$XQTXHHVWHPRGHORHVXQDFRQWULEXFLyQYDOLRVD\UHFRQRFHHOPpULWRGHORV
QXHYRV PpWRGRV ORV FRQWHQLGRV PiV WHPSUDQRV GH 30%2. VRQ WDPELpQ PDUFDGDPHQWH
SUHVFULSWLYRV\GHSRVLWDQPXFKDFRQILDQ]DHQODHODERUDFLyQGHOSODQ\HOGHVHQYROYLPLHQWRGHXQ
WUDEDMRFRQIRUPHDpO

$ FRPLHQ]RV GHO VLJOR ;;, HVWRV PRGHORV HVWDEDQ \D GHVDFUHGLWDGRV \ VH GDEDQ ODV FRQGLFLRQHV
SDUDTXHLUUXPSLHUDHO 0DQLILHVWRGHORVPpWRGRViJLOHV.HQW%HFN HOOtGHUGH;3 FRPHQWyTXH
VHUtD GLItFLO HQFRQWUDU XQD UHXQLyQ GH DQDUTXLVWDV RUJDQL]DFLRQDOHV PiV JUDQGH TXH OD GH ORV
SURSRQHQWHVGH0$VTXHVHMXQWDURQHQPDU]RGHHQ6DOW/DNH&LW\SDUDGLVFXWLUORVQXHYRV
PpWRGRV /RTXHVXUJLyGHVXUHXQLyQIXHHO0DQLILHVWRJLOGH'HVDUUROORGH6RIWZDUH)XHWRGR
XQDFRQWHFLPLHQWR\DXQTXHKDVLGRPX\UHFLHQWHWLHQHODPDUFDGHORVVXFHVRVTXHTXHGDQHQOD
KLVWRULD %RE &KDUHWWH \ .HQ 2UU LQGHSHQGLHQWHPHQWH KDQ FRPSDUDGR HO VHQWLGR KLVWyULFR GHO
0DQLILHVWR FRQ ODV 7HVLV GH /XWHUR DPERV GHVHQFDGHQDURQ JXHUUDV GRJPiWLFDV (Q HO HQFXHQWUR
KDEtD UHSUHVHQWDQWHV GH PRGHORV PX\ GLVWLQWRV SHUR WRGRV FRPSDUWtDQ OD LGHD GH TXH HUD
QHFHVDULD XQD DOWHUQDWLYD D ORV PpWRGRV FRQVDJUDGRV EDVDGRV HQ XQD JHVWLyQ EXURFUiWLFD XQD
GRFXPHQWDFLyQH[KDXVWLYD\SURFHVRVGHSHVRSHVDGR5HVXPtDQVXSXQWRGHYLVWDDUJXPHQWDQGR
TXHHOPRYLPLHQWRJLOQRHVXQDDQWLPHWRGRORJtD

'H KHFKR PXFKRV GH QRVRWURV GHVHDPRV UHVWDXUDU FUHGLELOLGDG D OD SDODEUD PHWRGRORJtD
4XHUHPRVUHFXSHUDUXQHTXLOLEULR3URPRYHPRVHOPRGHODGRSHURQRFRQHOILQGHDUFKLYDUDOJ~Q
GLDJUDPD HQ XQ SROYRULHQWR UHSRVLWRULR FRUSRUDWLYR 3URPRYHPRV OD GRFXPHQWDFLyQ SHUR QR
FLHQWRV GH SiJLQDV HQ WRPRV QXQFD PDQWHQLGRV \ UDUD YH] XVDGRV 3ODQLILFDPRV SHUR
UHFRQRFHPRVORVOtPLWHVGHODSODQLILFDFLyQHQXQHQWRUQRWXUEXOHQWR
8QLYHUVLGDGGHO&DXFD
(O0DQLILHVWRSURSLDPHQWHGLFKRUH]DFRPRVLJXH

(VWDPRV SRQLHQGR DO GHVFXELHUWR IRUPDV PHMRUHV GH GHVDUUROOR GH VRIWZDUH KDFLpQGROR \
D\XGDQGRDRWURVDTXHORKDJDQ$WUDYpVGHHVWHWUDEDMRKHPRVOOHJDGRDYDORUDU

/RVLQGLYLGXRV\ODLQWHUDFFLyQSRUHQFLPDGHORVSURFHVRV\KHUUDPLHQWDV
(OVRIWZDUHTXHIXQFLRQDSRUHQFLPDGHODGRFXPHQWDFLyQDEDUFDGRUD
/DFRODERUDFLyQFRQHOFOLHQWHSRUHQFLPDGHODQHJRFLDFLyQFRQWUDFWXDO
/DUHVSXHVWDDOFDPELRSRUHQFLPDGHOVHJXLPLHQWRGHXQSODQ

/RV ILUPDQWHV GHO 0DQLILHVWR IXHURQ .HQW %HFN ;3 0LNH %HHGOH $ULH YDQ %HQQHNXP '6'0
$OLVWDLU &RFNEXUQ &U\VWDO :DUG &XQQLPJKDP ;3 0DUWLQ )RZOHU ;3 -DPHV *UHQQLQJ ;3
-LP+LJKVPLWK$6'$QGUHZ+XQW3UDJPDWLF3URJUDPPLQJ5RQ-HIIULHV;3-RQ.HUQ)''
%ULDQ 0DULFN 5REHUW & 0DUWLQ ;3 6WHYH 0HOORU .HQ 6FKZDEHU 6FUXP -HII 6XWKHUODQG
6FUXP \ 'DYH 7KRPDV 3UDJPDWLF 3URJUDPPLQJ +D\ SUHGRPLQLR GHPRJUiILFR GH ;3 VREUH
\FRQVLGHUDQGRQXHVWUDVHOHFFLyQGHGLH]0$VVHSHUFLEHODIDOWDGHGHOHJDGRVGH(YR$JLOH
0RGHOLQJ/HDQ'HYHORSPHQW\583

$OODGRGHO0DQLILHVWRVHKDQHVSHFLILFDGRORVSULQFLSLRVTXHULJHQDODFRPXQLGDGGH0$V

1XHVWUDSULRULGDGPiVDOWDHVVDWLVIDFHUDOFOLHQWHDWUDYpVGHODHQWUHJDWHPSUDQD\FRQWLQXD
GHVRIWZDUHYDOLRVR
/RV UHTXHULPLHQWRVFDPELDQWHVVRQELHQYHQLGRVLQFOXVRFXDQGROOHJDQWDUGHHQHOGHVDUUROOR
/RVSURFHVRViJLOHVVHSOLHJDQDOFDPELRHQSURFXUDGHXQDYHQWDMDFRPSHWLWLYDSDUDHOFOLHQWH
(QWUHJDU FRQ IUHFXHQFLD VRIWZDUH TXH IXQFLRQH GHVGH XQ SDU GH VHPDQDV KDVWD XQ SDU GH
PHVHVFRQSUHIHUHQFLDSRUODVHVFDODVGHWLHPSRPiVEUHYHV
/D JHQWH GH QHJRFLRV \ORV GHVDUUROODGRUHV GHEHQ WUDEDMDU MXQWRV FRWLGLDQDPHQWH D WUDYpV GH
WRGRHOSUR\HFWR
&RQVWUXLUSUR\HFWRVHQWRUQRGHLQGLYLGXRVPRWLYDGRV'DUOHVODRSRUWXQLGDG\HOUHVSDOGRTXH
QHFHVLWDQ\SURFXUDUOHVFRQILDQ]DSDUDTXHUHDOLFHQODWDUHD
/D IRUPD PiV HILFLHQWH \ HIHFWLYD GH FRPXQLFDU LQIRUPDFLyQ GH LGD \ YXHOWD GHQWUR GH XQ
HTXLSRGHGHVDUUROORHVPHGLDQWHODFRQYHUVDFLyQFDUDDFDUD
(OVRIWZDUHTXHIXQFLRQDHVODPHGLGDSULPDULDGHSURJUHVR
/RV SURFHVRV iJLOHV SURPXHYHQ HO GHVDUUROOR VRVWHQLGR /RV SDWURFLQDGRUHV GHVDUUROODGRUHV \
XVXDULRVGHEHQPDQWHQHUXQULWPRFRQVWDQWHLQGHILQLGDPHQWH
/DDWHQFLyQFRQWLQXDDODH[FHOHQFLDWpFQLFDHQDOWHFHODDJLOLGDG
/DVLPSOLFLGDGHODUWHGHPD[LPL]DUODFDQWLGDGGHWUDEDMRTXHQRVHKDFHHVHVHQFLDO
/DV PHMRUHV DUTXLWHFWXUDV UHTXHULPLHQWRV \ GLVHxRV HPHUJHQ GH HTXLSRV TXH VH DXWR
RUJDQL]DQ
$ LQWHUYDORV UHJXODUHV HO HTXLSR UHIOH[LRQD VREUH OD IRUPD GH VHU PiV HIHFWLYR \ DMXVWD VX
FRQGXFWDHQFRQVHFXHQFLD

(O PHUR KHFKR GH TXH ORV 0$V VH H[SUHVHQ D WUDYpV GH XQ 0DQLILHVWR XUGLGR HQ XQD WHUWXOLD
RFDVLRQDO \ QR GH XQ HVWiQGDU HODERUDGR GXUDQWH DxRV HQ XQ RUJDQLVPR HVWi VHxDODQGR XQD
WDMDQWH GLIHUHQFLD GH DFWLWXG 1R VHUi OD ~QLFD 0LHQWUDV OD WHUPLQRORJtD GH &00 (83 \ RWURV
PpWRGRV RUWRGR[RV HV SUROLMD \ FLUFXQVSHFWD ODV QRPHQFODWXUDV GH PXFKRV GH ORV 0$V HVWiQ
SODJDGDVGHILJXUDVGHOOHQJXDMHSURFHGHQWHVGHORVGRPLQLRVVHPiQWLFRVPiVGLYHUVRV6FUXP
SRU HPSH]DU \ OXHJR JDOOLQDV FHUGRV FRUULGDV VSULQWV SUHMXHJR MXHJR SRVMXHJR \
PRQWDMH VWDJLQJ HQ 6FUXP S~DV VSLNHV HQ 6FUXP \ ;3 LUUDGLDGRUHV HQ &U\VWDO
$O ODGR GH HVRV OH[HPDV XQLWDULRV HQ ORV QRPEUHV GH SULQFLSLRV HVWUDWHJLDV \ WpFQLFDV DEXQGDQ
ORVDIRULVPRV\Pi[LPDVFRPR(O0LQLPDOLVPRHV(VHQFLDO7RGRVHSXHGHFDPELDUKR\
HQYH]GHPDxDQDHQ/HDQ'HYHORSPHQW0LUDQGREDVXUDHQ/6'HO&RQRGHO6LOHQFLR
R HO(VTXHOHWR$PEXODQWHHQ&U\VWDO&OHDU/LJHURGHHTXLSDMHHQ$0'RFXPHQWRVSDUDWt\
SDUD Pt HQ $6' *UDQ -HIH \ OD PiV SXEOLFLWDGD GH WRGDV <$*1, DFUyQLPR GH 1R YDV D
QHFHVLWDUORHQ;3
8QLYHUVLGDGGHO&DXFD
7DPELpQKD\XQDSURGXFFLyQGHVWDFDGDGHFLWDVFLWDEOHVRDJLOLVPRVFRPRpVWHGH5RQ-HIIULHV
/RODPHQWRSRUVXYDFDQRVDEtDTXHHUDVDJUDGD3RGUtDDUJXPHQWDUVHTXHHVWDE~VTXHGDGH
SHFXOLDULGDGGHH[SUHVLyQFRQVSLUDFRQWUDODKRPRJHQHL]DFLyQGHODWHUPLQRORJtDTXHKDVLGRXQR
GH ORV PRWRUHV GH ODV LQLFLDWLYDV \ OHQJXDMHV XQLILFDGRV FRPR 583 R 80/ SHUR WDPELpQ HV XQ
YDORUGLIHUHQFLDOQDGLHSRGUiFRQIXQGLUXQPpWRGRiJLOSDUDGLJPiWLFRFRQRWURTXHQRORHV

+D\TXHVXEUD\DUTXHQRWRGRVORV0$VFRPSDUWHQHVWDIRUPDVLPEyOLFDGHORFXFLyQUHPLQLVFHQWH
GHODQHROHQJXDGH*HRUJH2UZHOOSXHVVLELHQODPD\RUtDGHHOORVUXEULFyHO0DQLILHVWRFRQYHUJH
HQ HO HVStULWX GH FLHUWDV LGHDV WRPD SUHVWDGDV SUiFWLFDV GH PpWRGRV DOLDGRV \ KDVWD HPSUHQGH
XQD EXHQD SURSRUFLyQ GH VXV SUR\HFWRV FRPELQiQGRVH FRQ RWURV HO FRQMXQWR iJLO SUHVHQWD
HMHPSODUHV GH QDWXUDOH]D PX\ GLVSDU +D\ HQ HVH FRQMXQWR GRV PXQGRV XQR HV DXWR
RUJDQL]DWLYRDQiUTXLFRLJXDOLWDULRRHPHUJHQWHGHDEDMRKDFLDDUULEDHORWURHVODH[SUHVLyQGH
XQD GLVFLSOLQD GH PDQDJHPHQW LQQRYDGRUD SRU FLHUWR SHUR PXFKDV YHFHV PiV IRUPDO TXH
WUDQVJUHVRUD PiV ULJXURVD TXH WHPHUDULD 6H YROYHUi D HVWD GLVFXVLyQ HQ ODV FRQFOXVLRQHV SHUR
VH DQWLFLSDODLGHD DKRUD SDUD TXH HQ ODOHFWXUD TXH VLJXH QR VH FRQIXQGDOR PiV UDGLFDO FRQOR
PiVUHSUHVHQWDWLYR

/RV0pWRGRVJLOHV
([LVWHQ XQRV FXDQWRV 0$V UHFRQRFLGRV SRU ORV HVSHFLDOLVWDV (Q HVWH HVWXGLR VH DQDOL]DUiQ FRQ
DOJ~QGHWHQLPLHQWRORVTXHKDQDOFDQ]DGRDILJXUDUHQODELEOLRJUDItDPD\RU\FXHQWDQHQVXKDEHU
FRQ FDVRV VXVWDQFLDOHV GRFXPHQWDGRV +D KDELGR XQRV FXDQWRV PiV TXH WtSLFDPHQWH VH
SUHVHQWDURQHQSRQHQFLDVGHVLPSRVLRVGHODFRPXQLGDG\HQVHJXLGDVHHVIXPDURQ+DFLDHOILQDO
VH GHGLFDUi XQ SiUUDIR SDUD FDUDFWHUL]DU D HVWH JpQHUR FRODWHUDO PiV TXH SDUD GHVFULELU VXV
HMHPSODUHV/RPLVPRVHDSOLFDDORVPpWRGRVKtEULGRV\DORVGLDOHFWRV;%UHHG;3#6FUXPG;
*UL]]O\(QWHUSULVH;3,QGXVWULDO;3/DLGHDQRHVKDFHUXQFHQVRGHWRGRHOFDPSRVLQRWUDWDU
ODVPHWRGRORJtDVGHUHDOLPSRUWDQFLD

&RQVLGHUDUHPRV HQWRQFHV ORV GLH] 0$V TXH KDQ DGTXLULGR PDVD FUtWLFD ([WUHPH 3URJUDPPLQJ
6FUXP(YR&U\VWDO0HWKRGV)HDWXUH'ULYHQ'HYHORSPHQW583'\QDPLF6\VWHPV'HYHORSPHQW
0HWKRG $GDSWLYH 6RIWZDUH 'HYHORSPHQW $JLOH 0RGHOLQJ \ /HDQ 'HYHORSPHQW $XQTXH KHPRV
DGRSWDGR XQ IRFR UHVWULQJLGR GH ORV VXUYH\V H[LVWHQWHV D OD IHFKD HO SUHVHQWH HVWXGLR HV HO TXH
FRQWHPSODHOPD\RUQ~PHURGHYDULHGDGHV/RVGHPiVVLHPSUHRPLWHQDOJXQRVLPSRUWDQWHV

'HMDUHPRV IXHUD GH FRQVLGHUDFLyQ XQ FRQMXQWR GH IRUPXODFLRQHV SRVPRGHUQDV FHQWUDGDV HQ OD
DFFLyQ IUDFWDOHV KXPDQLVWDV R FDRSOpMLFDV SRUTXH HQWHQGHPRV TXH QR KDQ HVWLSXODGR
GHELGDPHQWH VXV KHXUtVWLFDV QL ODV GHILQLFLRQHV RSHUDFLRQDOHV UHTXHULGDV HQ OD LQJHQLHUtD GH
VROXFLRQHVLQWHQVLYDV

&RQ XQDV SRFDV H[FHSFLRQHV ORV VXUYH\V GH 0$V GLVSRQLEOHV SRVHHQ HVWUXFWXUDV GHPDVLDGR
FRPSOHMDV \ KHWHURJpQHDV SDUD TXH SXHGDQ YLVXDOL]DUVH FRQ FRPRGLGDG ODV UHJXODULGDGHV GHO
FRQMXQWR 'DGR TXH HO SUHVHQWH H[DPHQ QR HV XQ HVWXGLR FRPSDUDWLYR D IRQGR VLQR XQD YLVLyQ
SUHOLPLQDUH[SRQGUHPRVFDGDPpWRGRGHDFXHUGRFRQXQSODQHVWDEOHTXHFRQWHPSOHVXKLVWRULD
VXV YDORUHV VXV UROHV VXV DUWHIDFWRV VXV SUiFWLFDV \ VX FLFOR GH YLGD &XDQGR KD\D TXH
UHSUHVHQWDU GLDJUDPDV GH SURFHVRV VH WUDWDUi GH UHIOHMDU HO HVWLOR LFRQRJUiILFR GH ORV WH[WRV R
SiJLQDVRULJLQDOHVDSHQDVKRPRJHQHL]DGRHQVXQLYHOGHGHWDOOHSDUDVXPHMRUFRUUHODFLyQ
8QLYHUVLGDGGHO&DXFD
H;WUHPH3URJUDPPLQJ;3
/D3URJUDPDFLyQ([WUHPDHVVLQGXGDDOJXQDHOPpWRGRiJLOTXHSULPHURYLHQHDODPHQWHFXDQGR
VHKDEODGHPRGHORVKHWHURGR[RV \HOPiVWUDQVJUHVRUHQWUHHOORV(VGHDFXHUGRFRQHOVXUYH\
GH&XWWHU&RQVRUWLXPWDPELpQHOPiVSRSXODUHQWUHORV0$VGHOPHUFDGRiJLOFRQWUD
GH VX FRPSHWLGRU PiV FHUFDQR )'' /XHJR YLHQHQ $GDSWLYH 6RIWZDUH 'HYHORSPHQW FRQ
'6'0FRQ&U\VWDOFRQ/HDQ'HYHORSPHQWFRQ\6FUXPFRQ7RGRVORVGHPiV
MXQWRVVXPDQ
7DUMHWDV&5&GHOSDWUyQ09&

$ PHGLDGRV GH OD GpFDGD GH .HQW %HFN \ :DUG &XQQLQJKDP WUDEDMDEDQ HQ XQ JUXSR GH
LQYHVWLJDFLyQ GH 7HNWURQL[ DOOt LGHDURQ ODV WDUMHWDV &5& \ VHQWDURQ ODV EDVHV GH OR TXH GHVSXpV
VHUtDQORVSDWURQHVGHGLVHxR\;3/RVSDWURQHV\;3QRQHFHVLWDQSUHVHQWDFLyQSHURODVWDUMHWDV
&5&WDOYH]Vt6HWUDWDGHVLPSOHVWDUMHWDVGHSDSHOSDUDILFKDGRGH[SXOJDGDV&5&GHQRWD
&ODVH5HVSRQVDELOLGDG&RODERUDFLyQ \ HV XQD WpFQLFD TXH UHHPSOD]D D ORV GLDJUDPDV HQ OD
UHSUHVHQWDFLyQGHPRGHORV(QODVWDUMHWDVVHHVFULEHQODV5HVSRQVDELOLGDGHVXQDGHVFULSFLyQGH
DOWRQLYHOGHOSURSyVLWRGHXQDFODVH\ODVGHSHQGHQFLDVSULPDULDV(QVXHFRQRPtDVLQWiFWLFD\HQ
VX DEVWUDFFLyQ SUHILJXUDQ D OR TXH PiV WDUGH VHUtDQ ODV WDUMHWDV GH KLVWRULDV GH ;3 %HFN \
&XQQLQJKDPSURKLEtDQHVFULELUHQODVWDUMHWDVPiVGHORTXHHQHOODVFDEtD

/XHJR GH HVD WDUHD FRQMXQWD %HFN FRPHQ]y D GHVDUUROODU ;3 PLHQWUDV &XQQLQJKDP LQYHQWy HO
FRQFHSWRGH:LNL:HEHOVLVWHPDGHKLSHUWH[WRGHDXWRUtDFROHFWLYDDQWHFHVRUGHORV:HEORJV(Q
OD GpFDGD VLJXLHQWH %HFN IXH HPSOHDGR SRU &KU\VOHU SDUD FRODERUDU HQ HO VLVWHPD GH OLTXLGDFLyQ
GH VXHOGRV HQ 6PDOOWDON TXH VH FRQRFLy FRPR HO SUR\HFWR & &KU\VOHU &RPSUHKHQVLYH
&RPSHQVDWLRQ0iVWDUGHVHXQLHURQDOSUR\HFWR5RQ-HIIULHVOXHJRDUGLHQWHSDUWLGDULRGH/6'\
GHO IUDPHZRUN 1(7 GH 0LFURVRIW \ 0DUWLQ )RZOHU XOWHULRU OtGHU GH &XWWHU &RQVRUWLXP
3UHYLVLEOHPHQWH WHUPLQDURQ GHVDUUROODQGR & HQ XQD HVSHFLH GH SURWR;3 \ HO SUR\HFWR WHUPLQy
H[LWRVDPHQWH +D\ XQD OH\HQGD QHJUD TXH DILUPD TXH DXQTXH ;3 VXUJLy GH DOOt HO SUR\HFWR &
IUDFDVyORFLHUWRHVTXHHVWXYRHQSURGXFFLyQGXUDQWHXQWLHPSRSHURIXHUHHPSOD]DGRSRURWUR
VLVWHPD\ORVHTXLSRVRULJLQDOHVGHSURJUDPDFLyQ\PDQWHQLPLHQWRVHGLVROYLHURQFXDQGR&KU\VOHU
FDPELyGHQRPEUH\GHGXHxRV(QODJHVWDFLyQGH&VHHQFXHQWUDQRVyORODUDt]GH;3VLQRHO
Q~FOHRSULPLWLYRGHODFRPXQLGDGiJLO

%HFN &XQQLQJKDP \ -HIIULHV VRQ OODPDGRV WKH WKUHH H[WUHPRV SRU DQDORJtD FRQ WKH WKUHH
DPLJRV GH 80/ 0XFKRV DXWRUHV HVFULEHQ H;WUHPH 3URJUDPPLQJ SDUD VHU FRQVLVWHQWHV FRQ OD
VLJOD SHUR .HQW %HFN VLHPSUH OR PD\XVFXOL]D FRPR VH GHEH ;3 VH IXQGD HQ FXDWUR YDORUHV
FRPXQLFDFLyQ VLPSOLFLGDG IHHGEDFN \ FRUDMH 3HUR WDQ FRQRFLGRV FRPR VXV YDORUHV VRQ VXV
SUiFWLFDV%HFNVRVWLHQHTXHVHWUDWDPiVGHOLQHDPLHQWRVTXHGHUHJODV
8QLYHUVLGDGGHO&DXFD
*HVWDFLyQGH;3

-XHJR GH 3ODQHDPLHQWR %XVFD GHWHUPLQDU UiSLGDPHQWH HO DOFDQFH GH OD YHUVLyQ VLJXLHQWH
FRPELQDQGR SULRULGDGHV GH QHJRFLR GHILQLGDV SRU HO FOLHQWH FRQ ODV HVWLPDFLRQHV WpFQLFDV GH ORV
SURJUDPDGRUHV eVWRV HVWLPDQ HO HVIXHU]R QHFHVDULR SDUD LPSOHPHQWDU ODV KLVWRULDV GHO FOLHQWH \
pVWH GHFLGH VREUH HO DOFDQFH \ OD DJHQGD GH ODV HQWUHJDV /DV KLVWRULDV VH HVFULEHQ HQ SHTXHxDV
ILFKDV TXH DOJXQDV YHFHV VH WLUDQ &XDQGR HVWR VXFHGH OR ~QLFR UHVWDQWH TXH VH SDUHFH D XQ
UHTXHULPLHQWRHVXQDPXOWLWXGGHSUXHEDVDXWRPDWL]DGDVODVSUXHEDVGHDFHSWDFLyQ

(QWUHJDVSHTXHxDV\IUHFXHQWHV6HSURGXFHXQSHTXHxRVLVWHPDUiSLGDPHQWHDOPHQRV
XQRFDGDGRVRWUHVPHVHV3XHGHQOLEHUDUVHQXHYDVYHUVLRQHVGLDULDPHQWHFRPRHVSUiFWLFDHQ
0LFURVRIWSHURDOPHQRVVHGHEHOLEHUDUXQDFDGDPHV6HDJUHJDQSRFRVUDVJRVFDGDYH]

0HWiIRUDV GHO VLVWHPD (O VLVWHPD GH GHILQH D WUDYpV GH XQD PHWiIRUD R XQ FRQMXQWR GH
PHWiIRUDVXQDKLVWRULDFRPSDUWLGDSRUFOLHQWHVPDQDJHUV\SURJUDPDGRUHVTXHRULHQWDWRGRHO
VLVWHPD GHVFULELHQGR FRPR IXQFLRQD 8QD PHWiIRUD SXHGH LQWHUSUHWDUVH FRPR XQD DUTXLWHFWXUD
VLPSOLILFDGD /D FRQFHSFLyQ GH PHWiIRUD TXH VH DSOLFD HQ ;3 GHULYD GH ORV HVWXGLRV GH /DNRII \
-RKQVRQELHQFRQRFLGRVHQOLQJtVWLFD\SVLFRORJtDFRJQLWLYD

'LVHxR VLPSOH (O pQIDVLV VH GHSRVLWD HQ GLVHxDU OD VROXFLyQ PiV VLPSOH VXVFHSWLEOH GH
LPSOHPHQWDUVHHQHOPRPHQWR6HHOLPLQDQFRPSOHMLGDGHVLQQHFHVDULDV\FyGLJRH[WUD\VHGHILQH
OD PHQRU FDQWLGDG GH FODVHV SRVLEOH 1R GHEH GXSOLFDUVH FyGLJR (Q XQ R[tPRURQ GHOLEHUDGR VH
XUJH D GHFLU WRGR XQD YH] \ XQD VROD YH] 1DGLH HQ ;3 OOHJD D SUHVFULELU TXH QR KD\D GLVHxR
FRQFUHWRSHURHOGLVHxRVHOLPLWDDDOJXQDVWDUMHWDVHODERUDGDVHQVHVLRQHVGHGLVHxRGHD
PLQXWRV(VWDHVODSUiFWLFDGRQGHVHLPSRQHHOPLQLPDOLVPRGH<$*1,QRLPSOHPHQWDUQDGDTXH
QR VH QHFHVLWH DKRUD R ELHQ QXQFD LPSOHPHQWDU DOJR TXH YD\D D QHFHVLWDUVH PiV DGHODQWH
PLQLPL]DUGLDJUDPDV\GRFXPHQWRV

3UXHEDFRQWLQXD(OGHVDUUROORHVWiRULHQWDGRSRUODVSUXHEDV/RVFOLHQWHVD\XGDQDHVFULELU
ODV SUXHEDV IXQFLRQDOHV DQWHV TXH VH HVFULED HO FyGLJR (VWR HV WHVWGULYHQ GHYHORSPHQW (O
SURSyVLWRGHOFyGLJRUHDOQRHVFXPSOLUXQUHTXHULPLHQWRVLQRSDVDUODVSUXHEDV/DVSUXHEDV\HO
FyGLJRVRQHVFULWDVSRUHOPLVPRSURJUDPDGRU+D\GRVFODVHVGHSUXHEDODSUXHEDXQLWDULDTXH
YHULILFDXQDVRODFODVHRXQSHTXHxRFRQMXQWRGHFODVHVODSUXHEDGHDFHSWDFLyQYHULILFDWRGRHO
VLVWHPDRXQDJUDQSDUWH

5HIDFWRUL]DFLyQ FRQWLQXD 6H UHIDFWRUL]D HO VLVWHPD HOLPLQDQGR GXSOLFDFLyQ PHMRUDQGR OD
FRPXQLFDFLyQ \ DJUHJDQGR IOH[LELOLGDG VLQ FDPELDU OD IXQFLRQDOLGDG (O SURFHVR FRQVLVWH HQ XQD
VHULHGHSHTXHxDVWUDQVIRUPDFLRQHVTXHPRGLILFDQODHVWUXFWXUDLQWHUQDSUHVHUYDQGRVXFRQGXFWD
DSDUHQWH /D SUiFWLFD WDPELpQ VH FRQRFH FRPR 0HMRUD &RQWLQXD GH &yGLJR R 5HIDFWRUL]DFLyQ
LPSODFDEOH
8QLYHUVLGDGGHO&DXFD

3URJUDPDFLyQ HQ SDUHV 7RGR HO FyGLJR HVWi HVFULWR SRU SDUHV GH SURJUDPDGRUHV 'RV
SHUVRQDVHVFULEHQFyGLJRHQXQDFRPSXWDGRUDWXUQiQGRVHHQHOXVRGHOUDWyQ\HOWHFODGR(OTXH
QR HVWi HVFULELHQGR SLHQVD GHVGH XQ SXQWR GH YLVWD PiV HVWUDWpJLFR \ UHDOL]D OR TXH SRGUtD
OODPDUVHUHYLVLyQGHFyGLJRHQWLHPSRUHDO/RVUROHVSXHGHQFDPELDUVHYDULDVYHFHVDOGtD(VWD
SUiFWLFD QR HV HQ DEVROXWR QXHYD +D\ DQWHFHGHQWHV GH SURJUDPDFLyQ HQ SDUHV DQWHULRUHV D ;3
6WHYH0F&RQQHOOODSURSRQtDHQHQVX&RGH&RPSOHWH

3URSLHGDG FROHFWLYD GHO FyGLJR &XDOTXLHUD SXHGH FDPELDU FXDOTXLHU SDUWH GHO FyGLJR HQ
FXDOTXLHU PRPHQWR VLHPSUH TXH HVFULED DQWHV OD SUXHED FRUUHVSRQGLHQWH $OJXQDV YHFHV ORV
SUDFWLFDQWHVDSOLFDQHOSDWUyQRUJDQL]DFLRQDO&RGH2ZQHUVKLSGH&RSOLHQ

,QWHJUDFLyQ FRQWLQXD &DGD SLH]D VH LQWHJUD D OD EDVH GH FyGLJR DSHQDV HVWi OLVWD YDULDV
YHFHV DO GtD 'HEH FRUUHUVH OD SUXHED DQWHV \ GHVSXpV GH OD LQWHJUDFLyQ +D\ XQD PiTXLQD
VRODPHQWHGHGLFDGDDHVWHSURSyVLWR

5LWPR VRVWHQLEOH WUDEDMDQGR XQ Pi[LPR GH KRUDV SRU GtD $QWHV VH OODPDED D HVWD
SUiFWLFD 6HPDQD GH KRUDV 0LHQWUDV HQ 5$' ODV KRUDV H[WUDV HUDQ XQD EHVW SUDFWLFH HQ ;3
WRGR HO PXQGR GHEH LUVH D FDVD D ODV FLQFR GH OD WDUGH 'DGR TXH HO GHVDUUROOR GH VRIWZDUH VH
FRQVLGHUD XQ HMHUFLFLR FUHDWLYR VH HVWLPD TXH KD\ TXH HVWDU IUHVFR \ GHVFDQVDGR SDUD KDFHUOR
HILFLHQWHPHQWH FRQ HOOR VH PRWLYD D ORV SDUWLFLSDQWHV VH HYLWD OD URWDFLyQ GHO SHUVRQDO \ VH
PHMRUD OD FDOLGDG GHO SURGXFWR 'HEHQ PLQLPL]DUVH ORV KpURHV \ HOLPLQDU HO SURFHVR QHXUyWLFR
$XQTXHSRGUtDQDGPLWLUVHH[FHSFLRQHVQRVHSHUPLWHQGRVVHPDQDVVHJXLGDVGHWLHPSRDGLFLRQDO
6LHVWRVXFHGHVHORWUDWDFRPRSUREOHPDDUHVROYHU

7RGR HO HTXLSR HQ HO PLVPR OXJDU (O FOLHQWH GHEH HVWDU SUHVHQWH \ GLVSRQLEOH D WLHPSR
FRPSOHWRSDUDHOHTXLSR7DPELpQVHOODPD(O&OLHQWHHQHO6LWLR&RPRHVWRSDUHFtDQRFXPSOLUVH
VLHOFOLHQWHHUDPX\MXQLRUQRVHUYtDSDUDJUDQFRVD\VLHUDPX\VHQLRUQRGHVHDEDHVWDUDOOt
VHHVSHFLILFyTXHHOUHSUHVHQWDQWHGHOFOLHQWHGHEHVHUSUHIHUHQWHPHQWHXQDQDOLVWD7DPSRFRVH
DFODUDDQDOLVWDGHTXpVHJXUDPHQWHVHGHILQLUiHQXQDSUy[LPDYHUVLyQ

(VWiQGDUHVGHFRGLILFDFLyQ6HGHEHQVHJXLUUHJODVGHFRGLILFDFLyQ\FRPXQLFDUVHDWUDYpV
GHO FyGLJR 6HJ~Q ODV GLVFXVLRQHV HQ :LNL DOJXQRV SUDFWLFDQWHV VH GHVFRQFLHUWDQ FRQ HVWD UHJOD
SUHILULHQGR UHFXUULU D OD WUDGLFLyQ RUDO 2WURV OD UHVXHOYHQ SRQLpQGRVH GH DFXHUGR HQ HVWLORV GH
QRWDFLyQ LQGHQWDFLyQ \ QRPHQFODWXUD DVt FRPR HQ XQ YDORU DSUHFLDGR HQ OD SUiFWLFD HO OODPDGR
FyGLJR UHYHODGRU GH LQWHQFLRQHV &RPR HQ ;3 ULJH XQ FLHUWR SXULVPR GH FRGLILFDFLyQ ORV
FRPHQWDULRV QR VRQ ELHQ YLVWRV 6L HO FyGLJR HV WDQ RVFXUR TXH QHFHVLWD FRPHQWDULR VH OR GHEH
UHHVFULELURUHIDFWRUL]DU

(VSDFLRDELHUWR(VSUHIHULEOHXQDVDODJUDQGHFRQSHTXHxRVFXEtFXORVRPHMRUWRGDYtDVLQ
GLYLVLRQHV /RV SDUHV GH SURJUDPDGRUHV GHEHQ HVWDU HQ HO FHQWUR (Q OD SHULIHULD VH XELFDQ ODV
PiTXLQDVSULYDGDV(QXQHQFXHQWURGHHVSDFLRDELHUWRODDJHQGDQRVHHVWDEOHFHYHUWLFDOPHQWH

5HJODV MXVWDV (O HTXLSR WLHQH VXV SURSLDV UHJODV D VHJXLU SHUR VH SXHGHQ FDPELDU HQ
FXDOTXLHUPRPHQWR(Q;3VHSLHQVDTXHQRH[LVWHXQSURFHVRTXHVLUYDSDUDWRGRVORVSUR\HFWRV
ORTXHVHKDFHKDELWXDOPHQWHHVDGDSWDUXQFRQMXQWRGHSUiFWLFDVVLPSOHVDODVFDUDFWHUtVWLFDVGH
FDGDSUR\HFWR

/DV SUiFWLFDV VH KDQ LGR PRGLILFDQGR FRQ HO WLHPSR 2ULJLQDULDPHQWH HUDQ GRFH GH LQPHGLDWR
WUHFH /DV YHUVLRQHV PiV UHFLHQWHV HQXPHUDQ GLHFLQXHYH SUiFWLFDV DJUXSDGDV HQ FXDWUR FODVHV
9HUWDEODHQODSiJLQDVLJXLHQWH

0LHQWUDV HVWR VH HVFULEH :DUG &XQQLQJKDP VXJLHUH UHEDXWL]DU ODV SUiFWLFDV FRPR ;WXGLRV
;WXGHV 2ILFLDOPHQWH ODV SUiFWLFDV VLJXHQ VLHQGR GRFH \ VX H[WHQVLyQ VH EDVD HQ GRFXPHQWRV
LQpGLWRVGH.HQW%HFN
8QLYHUVLGDGGHO&DXFD

,WHUDFLRQHV
3UiFWLFDVFRQMXQWDV
9RFDEXODULR&RP~Q5HHPSOD]DD0HWiIRUDV
(VSDFLRGHWUDEDMRDELHUWR
5HWURVSHFWLYDV
'HVDUUROORRULHQWDGRDSUXHEDV
3URJUDPDFLyQHQSDUHV
3UiFWLFDVGH
5HIDFWRUL]DFLyQ
3URJUDPDGRU
3URSLHGDGFROHFWLYD
,QWHJUDFLyQFRQWLQXD
<$*1,1RKDEUiVGHQHFHVLWDUOR(TXLYDOHD'LVHxR6LPSOH
5HVSRQVDELOLGDGDFHSWDGD
3UiFWLFDVGH
0DQDJHPHQW
&REHUWXUDDpUHDSDUDHOHTXLSR
5HYLVLyQWULPHVWUDO
(VSHMR(OPDQDJHUGHEHFRPXQLFDUXQILHOUHIOHMRGHOHVWDGRGHFRVDV
5LWPRVRVWHQLEOH
1DUUDFLyQGHKLVWRULDV
3UiFWLFDVGH&OLHQWH
3ODQHDPLHQWRGHHQWUHJD
3UXHEDGHDFHSWDFLyQ
(QWUHJDVIUHFXHQWHV
$O ODGR GH ORV YDORUHV \ ODV SUiFWLFDV ;3 KD DEXQGDGR HQ DFUyQLPRV DOJR H[WUDYDJDQWHV SHUR
HILFDFHVTXHVXVVHJXLGRUHVLQWHUFDPELDQFRQDFWLWXGGHFRPSOLFLGDG<$*1,VLJQLILFD<RX$UHQW
*RQQD 1HHG ,W 7(7&3% 7HVW (YHU\WKLQJ 7KDW &DQ 3RVVLEO\ %URNH '7677&3: 'R 7KH
6LPSOHVW 7KLQJ 7KDW &DQ 3RVVLEO\ :RUN HWFpWHUD 'HO PLVPR PRGR %8)' %LJ 8S )URQW
'HVLJQ HV HO PRWH SH\RUDWLYR TXH VH DSOLFD D ORV JUDQGHV GLVHxRV SUHOLPLQDUHV GH ORV PpWRGRV
HQ FDVFDGD HO /LEUR 9HUGH HV 3ODQQLQJ ([WUHPH 3URJUDPPLQJ GH .HQW %HFN \ 0DUWLQ )RZOHU \
HO /LEUR %ODQFR HV ([WUHPH 3URJUDPPLQJ ([SODLQHG GH .HQW %HFN 7RGR HO PXQGR HQ ;3 VDEH
DGHPiV TXp VLJQLILFDQ *R) 3/23' R 326$ $O PHQRV HQ OD FRQFHSFLyQ GH &XQQLQJKDP \ :LNL
SDUHFHUtDTXHTXLHQFRQRFHPiVPDQWUDV\DFUyQLPRVJDQD

%HFNVXJLHUHDGRSWDU;3SDXODWLQDPHQWH6LTXLHUHLQWHQWDUFRQ;3SRU'LRVOHSLGRTXHQRVHOR
WUDJXHWRGRMXQWR7RPHHOSHRUSUREOHPDGHVXSURFHVRDFWXDO\WUDWHGHUHVROYHUORDODPDQHUD
GH;3/DVSUiFWLFDVWDPELpQSXHGHQDGDSWDUVHDODVFDUDFWHUtVWLFDVGHORVVLVWHPDVSDUWLFXODUHV
3HUR QR WRGR HV QHJRFLDEOH \ OD LQWHJULGDG GHO PpWRGR VH VDEH IUiJLO /D SDUWLFXODULGDG GH ;3
UDGLFD HQ QR UHTXHULU QLQJXQD KHUUDPLHQWD IXHUD GHO DPELHQWH GH SURJUDPDFLyQ \ SUXHED $O
FRQWUDULR GH RWURV PpWRGRV TXH SHUPLWHQ PRGHODGR ;3 GHPDQGD FRPXQLFDFLyQ RUDO WDQWR SDUD
ORV UHTXHULPLHQWRV FRPR SDUD HO GLVHxR %HFN KD OOHJDGR D GHFLU 7DPELpQ \R FUHR HQ HO
PRGHODGRVyORTXHOROODPRSRUVXQRPEUHSURSLRPHQWLU\WUDWRGHFRQYHUWLUORHQDUWH

(OFLFORGHYLGDHVQDWXUDOPHQWHLWHUDWLYR(OVLJXLHQWHGLDJUDPDGHVFULEHVXFXHUSRSULQFLSDO
&LFORGHYLGDGH;3
8QLYHUVLGDGGHO&DXFD

$OJXQRVDXWRUHVVXJLHUHQLPSOHPHQWDUVSLNHVRVHDS~DVRDVWLOODVSDUDHVWLPDUODGXUDFLyQ\

GLILFXOWDGGHXQDWDUHDLQPHGLDWD8QVSLNHHVXQH[SHULPHQWRGLQiPLFRGHFyGLJRUHDOL]DGRSDUD
GHWHUPLQDUFyPRSRGUtDUHVROYHUVHXQSUREOHPD(VODYHUVLyQiJLOGHODLGHDGHSURWRWLSR6HOR
OODPDDVtSRUTXHYDGHSXQWDDSXQWDSHURHVPX\ILQR\SRUTXHHQHOUHFRUULGRGHXQiUEROGH
RSFLRQHV
LPSOHPHQWDUtD
XQD
RSFLyQ
GH
E~VTXHGD
GHSWKILUVW
KWWSFFRPFJLZLNL"6SLNH6ROXWLRQ

(QWUH ORV DUWHIDFWRV TXH VH XWLOL]DQ HQ ;3 YDOH OD SHQD PHQFLRQDU ODVWDUMHWDV GH KLVWRULDV VWRU\
FDUGV VRQ WDUMHWDV FRPXQHV GH SDSHO HQ TXH VH HVFULEHQ EUHYHV UHTXHULPLHQWRV GH XQ UDVJR
MDPiV FDVRV GH XVR SXHGHQ DGRSWDU HO HVTXHPD &5& /DV WDUMHWDV WLHQHQ XQD JUDQXODULGDG GH
GLH]RYHLQWHGtDV/DVWDUMHWDVVHXVDQSDUDHVWLPDUSULRULGDGHVDOFDQFH\WLHPSRGHUHDOL]DFLyQ
HQ FDVR GH GLVFUHSDQFLD JDQD OD HVWLPDFLyQ PiV RSWLPLVWD 2WURV SURGXFWRV VRQ OLVWDV GH WDUHDV
HQSDSHORHQXQDSL]DUUDMDPiVHQFRPSXWDGRUD\JUiILFRVYLVLEOHVSHJDGRVHQODSDUHG0DUWLQ
)RZOHU DGPLWH TXH OD SUHIHUHQFLD SRU HVWD FODVH GH KHUUDPLHQWDV RFDVLRQD TXH HO PHQVDMH HQWUH
OtQHDVVHD/RV;3HUWRVQRKDFHQGLDJUDPDV

/RV UROHV GH ;3 VRQ SRFRV 8Q FOLHQWH TXH HVFULEH ODV KLVWRULDV \ ODV SUXHEDV GH DFHSWDFLyQ
SURJUDPDGRUHV HQ SDUHV YHULILFDGRUHV TXH D\XGDQ DO FOLHQWH D GHVDUUROODU ODV SUXHEDV
FRQVXOWRUHVWpFQLFRV\FRPRSDUWHGHOPDQDJHPHQWXQFRDFKR FRQVHMHURTXHHVODFRQFLHQFLD
GHOJUXSRLQWHUYLHQH\HQVHxD\XQVHJXLGRUGHUDVWURVWUDFNHUTXHFROHFWDODVPpWULFDV\DYLVD
FXDQGR KD\ XQD HVWLPDFLyQ DODUPDQWH DGHPiV GH XQ *UDQ -HIH (O PDQDJHPHQW HV OD SDUWH
PHQRV VDWLVIDFWRULDPHQWH FDUDFWHUL]DGD HQ OD ELEOLRJUDItD FRPR VL IXHUD XQ PDO QHFHVDULR %HFN
FRPHQWD SRU HMHPSOR TXH OD IXQFLyQ PiV UHOHYDQWH GHO FRDFK HV OD DGTXLVLFLyQ GH MXJXHWHV \
FRPLGD RWURV GLFHQ TXH HVWi SDUD VHUYLU FDIp /R LPSRUWDQWH HV TXH HO FRDFK VH YHD FRPR XQ
IDFLOLWDGRUDQWHVTXHFRPRTXLHQGiODVyUGHQHV/RVHTXLSRVGH;3VRQWtSLFDPHQWHSHTXHxRVGH
WUHVDYHLQWHSHUVRQDV\HQJHQHUDOQRVHFUHHTXHVXHVFDODVHDYHQJDDOGHVDUUROORGHJUDQGHV
VLVWHPDVGHPLVLyQFUtWLFDFRQWDQWDFRPRGLGDGFRPR)''

$OJXQDVHPSUHVDVKDQFUHDGRVXVSURSLDVYHUVLRQHVGH;3FRPRHVHOFDVRGH6WDQGDUG 3RRUV
TXH KD HODERUDGR SODQWLOODV SDUD SUR\HFWRV IXWXURV ;3 VH KD FRPELQDGR FRQ (YR D SHVDU TXH
DPERV GLILHUHQ HQ VX SROtWLFD GH HVSHFLILFDFLRQHV WDPELpQ VH HVWLPD FRPSDWLEOH FRQ 6FUXP DO
SXQWR TXH H[LVWH XQD IRUPD KtEULGD LQYHQWDGD SRU 0LNH %HHGOH TXH VH OODPD ;%UHHG
\
RWUD
EDXWL]DGD
;3#6FUXP
>KWWSZZZ[EUHHGQHW@
>KWWSZZZFRQWUROFKDRVFRP[S6FUXPKWP@ HQODTXH6FUXPVHXVDFRPRHQYROWRULRGHJHVWLyQ
DOUHGHGRU GH SUiFWLFDV GH LQJHQLHUtD GH ;3 6H OR KD FRPELQDGR PXFKDV YHFHV FRQ 83 DXQTXH
pVWHUHFRPLHQGDSDVDUPHGLRGtDGHGLVFXVLyQGHSL]DUUDDQWHVGHSURJUDPDU\;3QRDGPLWHPiV
GHRPLQXWRV/DGLIHUHQFLDPD\RUFRQFLHUQHDORVFDVRVGHXVRTXHVRQQRUPDHQ83\TXH
HQ;3VHUHHPSOD]DQSRUWDUMHWDVGHSDSHOFRQKLVWRULDVVLPSOHVTXHVHUHILHUHQDUDVJRV(QODV
KHUUDPLHQWDVGH583DKRUDKD\SOXJLQVSDUD;3

/RV REVWiFXORV PiV FRPXQHV VXUJLGRV HQ SUR\HFWRV ;3 VRQ OD IDQWDVtD GH SUHWHQGHU TXH HO
FOLHQWHVHTXHGH HQHOVLWLR\ODUHVLVWHQFLDGHPXFKRVSURJUDPDGRUHVDWUDEDMDUHQSDUHV &UDLJ
/DUPDQ VHxDOD FRPR IDFWRUHV QHJDWLYRV OD DXVHQFLD GH pQIDVLV HQ OD DUTXLWHFWXUD GXUDQWH ODV
SULPHUDV LWHUDFLRQHV QR KD\ DUTXLWHFWRV HQ ;3 \ OD FRQVLJXLHQWH IDOWD GH PpWRGRV GH GLVHxR
DUTXLWHFWyQLFR8QHVWXGLRGHFDVRVGH%HUQKDUG5XPSH\$VWULG6FKU|GHUVREUHHMHPSODUHVGH
XVR UHYHOy TXH ODV SUiFWLFDV PHQRV VDWLVIDFWRULDV GH ;3 KDQ VLGR OD SUHVHQFLD GHO XVXDULR HQ HO
OXJDUGHHMHFXFLyQ\ODVPHWiIRUDVTXHHOGHORVHQFXHVWDGRVQRFRPSUHQGHSDUDTXpVLUYHQ
R FyPRXVDUODV/DVPHWiIRUDVKDQVLGRUHHPSOD]DGDVSRUXQ9RFDEXODULR&RP~QHTXLYDOHQWHDO
6LVWHPD GH 1RPEUHV GH &XQQLQJKDP HQ ODV ~OWLPDV UHYLVLRQHV GHO PpWRGR
;3KDVLGRGHWRGRVORV0$VHOTXHPiVUHVLVWHQFLDKDHQFRQWUDGR$OJXQRVKDQVXJHULGRTXHHVD
EHOLJHUDQFLD HV XQ HIHFWR GH VX QRPEUH TXH GHEHUtD VHU PHQRV LQWLPLGDQWH -LP +LJKVPLWK
DUJXPHQWD VLQ HPEDUJR TXH HV LPSUREDEOH TXH PXFKRV VH HQWXVLDVPHQ SRU XQ OLEUR TXH VH
WLWXOH SRU HMHPSOR 3URJUDPDFLyQ 0RGHUDGD /RV QXHYRV PHUFDGRV WHFQRORJtDV H LGHDV SLHQVD
+LJKVPLWKQRVHIRUMDQDIXHU]DGHPRGHUDFLyQVLQRFRQJLURVUDGLFDOHV\FRQHOFRUDMHQHFHVDULR
SDUDGHVDILDUDOVWDWXVTXR;3HQWRGRFDVRKDDELHUWRHOFDPLQR
8QLYHUVLGDGGHO&DXFD

)HDWXUH'ULYHQ'HYHORSPHQW)''
)HDWXUH 2ULHQWHG 3URJUDPPLQJ )23 HV XQD WpFQLFD GH SURJUDPDFLyQ JXLDGD SRU UDVJRV R
FDUDFWHUtVWLFDVIHDWXUHV\FHQWUDGDHQHOXVXDULRQRHQHOSURJUDPDGRUVXREMHWLYRHVVLQWHWL]DU
XQSURJUDPDFRQIRUPHDORVUDVJRVUHTXHULGRV(QXQGHVDUUROORHQWpUPLQRVGH)23ORVREMHWRV
VHRUJDQL]DQHQPyGXORVRFDSDVFRQIRUPHDUDVJRV)''HQFDPELRHVXQPpWRGRiJLOLWHUDWLYR
\ DGDSWDWLYR$GLIHUHQFLDGHRWURV0$VQRFXEUHWRGRHOFLFORGHYLGDVLQRVyORODVIDVHVGHGLVHxR
\ FRQVWUXFFLyQ \ VH FRQVLGHUD DGHFXDGR SDUD SUR\HFWRV PD\RUHV \ GH PLVLyQ FUtWLFD )'' HV
DGHPiV PDUFD UHJLVWUDGD GH XQD HPSUHVD 1HEXORQ 3W\ $XQTXH KD\ FRLQFLGHQFLDV HQWUH OD
SURJUDPDFLyQ RULHQWDGD SRU UDVJRV \ HO GHVDUUROOR JXLGDGR SRU UDVJRV )'' QR QHFHVDULDPHQWH
LPSOHPHQWD)23

)'' QR UHTXLHUH XQ PRGHOR HVSHFtILFR GH SURFHVR \ VH FRPSOHPHQWD FRQ RWUDV PHWRGRORJtDV
(QIDWL]DFXHVWLRQHVGHFDOLGDG\GHILQHFODUDPHQWHHQWUHJDVWDQJLEOHV\IRUPDVGHHYDOXDFLyQGHO
SURJUHVR 6H OR UHSRUWy SRU SULPHUD YH] HQ XQ OLEUR GH 3HWHU &RDG (ULF /HIHEYUH \ -HII 'H/XFD
-DYD 0RGHOLQJ LQ &RORU ZLWK 80/ OXHJR IXH GHVDUUROODGR FRQ DPSOLWXG HQ XQ SUR\HFWR PD\RU GH
GHVDUUROOR SRU 'H/XFD &RDG \ 6WHSKHQ 3DOPHU 6X LPSOHPHQWDFLyQ GH UHIHUHQFLD DQiORJR DO &
GH ;3 IXH HO 6LQJDSRUH 3URMHFW 'H/XFD KDEtD VLGR FRQWUDWDGR SDUD VDOYDU XQ VLVWHPD PX\
FRPSOLFDGRSDUDHOFXDOHOFRQWUDWLVWDDQWHULRUKDEtDSURGXFLGROXHJRGHGRVDxRVSiJLQDV
GHGRFXPHQWDFLyQ\QLQJXQDOtQHDGHFyGLJR1DWXUDOPHQWHHOSUR\HFWREDVDGRHQ)''IXHWRGR
XQp[LWR\SHUPLWLyIXQGDUHOPpWRGRHQXQFDVRUHDOGHPLVLyQFUtWLFD

/RVSULQFLSLRVGH)''VRQSRFRV\VLPSOHV
6HUHTXLHUHXQVLVWHPDSDUDFRQVWUXLUVLVWHPDVVLVHSUHWHQGHHVFDODUDSUR\HFWRVJUDQGHV
8QSURFHVRVLPSOH\ELHQGHILQLGRWUDEDMDPHMRU
/RV SDVRV GH XQ SURFHVR GHEHQ VHU OyJLFRV \ VX PpULWR LQPHGLDWDPHQWH REYLR SDUD FDGD
PLHPEURGHOHTXLSR
9DQDJORULDUVHGHOSURFHVRSXHGHLPSHGLUHOWUDEDMRUHDO
/RVEXHQRVSURFHVRVYDQKDVWDHOIRQGRGHODVXQWRGHPRGRTXHORVPLHPEURVGHOHTXLSRVH
SXHGDQFRQFHQWUDUHQORVUHVXOWDGRV
/RVFLFORVFRUWRVLWHUDWLYRVRULHQWDGRVSRUUDVJRVIHDWXUHVVRQPHMRUHV

+D\WUHVFDWHJRUtDVGHUROHQ)''UROHVFODYHVUROHVGHVRSRUWH\UROHVDGLFLRQDOHV/RVVHLVUROHV
FODYHV GH XQ SUR\HFWR VRQ DGPLQLVWUDGRU GHO SUR\HFWR TXLHQ WLHQH OD ~OWLPD SDODEUD HQ
PDWHULD GH YLVLyQ FURQRJUDPD \ DVLJQDFLyQ GHO SHUVRQDO DUTXLWHFWR MHIH SXHGH GLYLGLUVH HQ
DUTXLWHFWR GH GRPLQLR \ DUTXLWHFWR WpFQLFR PDQDJHU GH GHVDUUROOR TXH SXHGH FRPELQDUVH
FRQDUTXLWHFWRMHIHRPDQDJHUGHSUR\HFWRSURJUDPDGRUMHIHTXHSDUWLFLSDHQHODQiOLVLVGHO
UHTXHULPLHQWR \ VHOHFFLRQD UDVJRV GHO FRQMXQWR D GHVDUUROODU HQ OD VLJXLHQWH LWHUDFLyQ
SURSLHWDULRV GH FODVHV TXH WUDEDMDQ EDMR OD JXtD GHO SURJUDPDGRU MHIH HQ GLVHxR FRGLILFDFLyQ
SUXHED \ GRFXPHQWDFLyQ UHSDUWLGRV SRU UDVJRV \ H[SHUWR GH GRPLQLR TXH SXHGH VHU XQ
FOLHQWHSDWURFLQDGRUDQDOLVWDGHQHJRFLRVRXQDPH]FODGHWRGRHVR
3URFHVR)''EDVDGRHQ>KWWSWRJHWKHUFRPPXQLWLHVFRP@
8QLYHUVLGDGGHO&DXFD

/RVFLQFRUROHVGHVRSRUWHFRPSUHQGHQ
DGPLQLVWUDGRU GH HQWUHJD TXH FRQWUROD HO SURJUHVR GHO SURFHVR UHYLVDQGR ORV UHSRUWHV GHO
SURJUDPDGRUMHIH\PDQWHQLHQGRUHXQLRQHVEUHYHVFRQpOUHSRUWDDOPDQDJHUGHOSUR\HFWR
DERJDGRJXUXGHOHQJXDMHTXHFRQRFHDODSHUIHFFLyQHOOHQJXDMH\ODWHFQRORJtD
LQJHQLHURGH FRQVWUXFFLyQTXHVH HQFDUJDGHOFRQWUROGHYHUVLRQHVGHORVEXLOGV\SXEOLFDOD
GRFXPHQWDFLyQ
KHUUDPLHQWLVWDWRROVPLWKTXHFRQVWUX\HKHUUDPLHQWDVDGKRFRPDQWLHQHEDVHVGHGDWRV\
VLWLRV:HE
DGPLQLVWUDGRU GHO VLVWHPD TXH FRQWUROD HO DPELHQWH GH WUDEDMR R SURGXFWL]D HO VLVWHPD
FXDQGRVHORHQWUHJD

/RVWUHVUROHVDGLFLRQDOHVVRQORVGHYHULILFDGRUHVHQFDUJDGRVGHOGHVSOLHJXH\HVFULWRUHVWpFQLFRV
8QPLHPEURGHXQHTXLSRSXHGHWHQHURWURVUROHVDFDUJR\XQVRORUROSXHGHVHUFRPSDUWLGRSRU
YDULDVSHUVRQDV
&LFORGH)''

)''FRQVLVWHHQFLQFRSURFHVRVVHFXHQFLDOHVGXUDQWHORVFXDOHVVHGLVHxD\FRQVWUX\HHOVLVWHPD
/DSDUWHLWHUDWLYDVRSRUWDGHVDUUROORiJLOFRQUiSLGDVDGDSWDFLRQHVDFDPELRVHQUHTXHULPLHQWRV\
QHFHVLGDGHVGHOQHJRFLR&DGDIDVHGHOSURFHVRWLHQHXQFULWHULRGHHQWUDGDWDUHDVSUXHEDV\XQ
FULWHULRGHVDOLGD7tSLFDPHQWHODLWHUDFLyQGHXQUDVJRLQVXPHGHXQDDWUHVVHPDQDV/DVIDVHV
VRQ

'HVDUUROOR GH XQ PRGHOR JHQHUDO &XDQGR FRPLHQ]D HVWH GHVDUUROOR ORV H[SHUWRV GH
GRPLQLR\DHVWiQDOWDQWRGHODYLVLyQHOFRQWH[WR\ORVUHTXHULPLHQWRVGHOVLVWHPDDFRQVWUXLU$
HVWD DOWXUD VH HVSHUD TXH H[LVWDQ UHTXHULPLHQWRV WDOHV FRPR FDVRV GH XVR R HVSHFLILFDFLRQHV
IXQFLRQDOHV )'' VLQ HPEDUJR QR FXEUH HVWH DVSHFWR /RV H[SHUWRV GH GRPLQLR SUHVHQWDQ XQ
HQVD\RZDONWKURXJKHQHOTXHORVPLHPEURVGHOHTXLSR\HODUTXLWHFWRSULQFLSDOVHLQIRUPDQGH
ODGHVFULSFLyQGHDOWRQLYHOGHOVLVWHPD(OGRPLQLRJHQHUDOVHVXEGLYLGHHQiUHDVPiVHVSHFtILFDV
\ VHGHILQHXQHQVD\RPiVGHWDOODGRSDUDFDGDXQRGHORVPLHPEURVGHOGRPLQLR/XHJRGHFDGD
HQVD\RXQHTXLSRGHGHVDUUROORWUDEDMDHQSHTXHxRVJUXSRVSDUDSURGXFLUPRGHORVGHREMHWRGH
FDGD iUHD GH GRPLQLR 6LPXOWiQHDPHQWH VH FRQVWUX\H XQ JUDQ PRGHOR JHQHUDO SDUD WRGR HO
VLVWHPD

&RQVWUXFFLyQ GH OD OLVWD GH UDVJRV /RV HQVD\RV PRGHORV GH REMHWR \ GRFXPHQWDFLyQ GH
UHTXHULPLHQWRV SURSRUFLRQDQ OD EDVH SDUD FRQVWUXLU XQD DPSOLD OLVWD GH UDVJRV /RV UDVJRV VRQ
SHTXHxRV tWHPV ~WLOHV D ORV RMRV GHO FOLHQWH 6RQ VLPLODUHV D ODV WDUMHWDV GH KLVWRULDV GH ;3 \ VH
HVFULEHQ HQ XQ OHQJXDMH TXH WRGDV ODV SDUWHV SXHGDQ HQWHQGHU /DV IXQFLRQHV VH DJUXSDQ
FRQIRUPH D GLYHUVDV DFWLYLGDGHV HQ iUHDV GH GRPLQLR HVSHFtILFDV /D OLVWD GH UDVJRV HV UHYLVDGD
SRU ORV XVXDULRV \ SDWURFLQDGRUHV SDUD DVHJXUDU VX YDOLGH] \ H[KDXVWLYLGDG /RV UDVJRV TXH
UHTXLHUDQPiVGHGLH]GtDVVHGHVFRPSRQHQHQRWURVPiVSHTXHxRV

8QLYHUVLGDGGHO&DXFD

3ODQHDPLHQWRSRUUDVJR,QFOX\HODFUHDFLyQGHXQSODQGHDOWRQLYHOHQHOTXHORVFRQMXQWRV
GH UDVJRV VH SRQHQ HQ VHFXHQFLD FRQIRUPH D VX SULRULGDG \ GHSHQGHQFLD \ VH DVLJQD D ORV
SURJUDPDGRUHV MHIHV /DV OLVWDV VH SULRUL]DQ HQ VHFFLRQHV TXH VH OODPDQ SDTXHWHV GH GLVHxR
/XHJR VH DVLJQDQ ODV FODVHV GHILQLGDV HQ OD VHOHFFLyQ GHO PRGHOR JHQHUDO D SURJUDPDGRUHV
LQGLYLGXDOHV R VHD SURSLHWDULRV GH FODVHV 6H SRQH IHFKD SDUD ORV FRQMXQWRV GH UDVJRV

'LVHxRSRUUDVJR\&RQVWUXFFLyQSRUUDVJR6HVHOHFFLRQDXQSHTXHxRFRQMXQWRGHUDVJRV
GHOFRQMXQWR\ORVSURSLHWDULRVGHFODVHVVHOHFFLRQDQORVFRUUHVSRQGLHQWHVHTXLSRVGLVSXHVWRVSRU
UDVJRV 6H SURFHGH OXHJR LWHUDWLYDPHQWH KDVWD TXH VH SURGXFHQ ORV UDVJRV VHOHFFLRQDGRV 8QD
LWHUDFLyQ SXHGH WRPDU GH XQRV SRFRV GtDV D XQ Pi[LPR GH GRV VHPDQDV 3XHGH KDEHU YDULRV
JUXSRV WUDEDMDQGR HQ SDUDOHOR (O SURFHVR LWHUDWLYR LQFOX\H LQVSHFFLyQ GH GLVHxR FRGLILFDFLyQ
SUXHEDGHXQLGDGLQWHJUDFLyQHLQVSHFFLyQGHFyGLJR/XHJRGHXQDLWHUDFLyQH[LWRVDORVUDVJRV
FRPSOHWRV VH SURPXHYHQ DO EXLOG SULQFLSDO (VWH SURFHVR SXHGH GHPRUDU XQD R GRV VHPDQDV HQ
LPSOHPHQWDUVH

)''FRQVLVWHHQXQFRQMXQWRGHPHMRUHVSUiFWLFDVTXHGLVWDQGHVHU QXHYDVSHURVHFRPELQDQ
GHPDQHUDRULJLQDO/DVSUiFWLFDVFDQyQLFDVVRQ

0RGHODGR GH REMHWRV GHO GRPLQLR UHVXOWDQWH HQ XQ IUDPHZRUN FXDQGR VH DJUHJDQ ORV
UDVJRV (VWD IRUPD GH PRGHODGR GHVFRPSRQH XQ SUREOHPD PD\RU HQ RWURV PHQRUHV HO
GLVHxR \ OD LPSOHPHQWDFLyQ GH FDGD FODVH X REMHWR HV XQ SUREOHPD SHTXHxR D UHVROYHU
&XDQGRVHFRPELQDQODVFODVHVFRPSOHWDVFRQVWLWX\HQODVROXFLyQDOSUREOHPDPD\RU8QD
IRUPD SDUWLFXODU GH OD WpFQLFD HV HO PRGHODGR HQ FRORUHV TXH DJUHJD XQD GLPHQVLyQ
DGLFLRQDO GH YLVXDOL]DFLyQ 6L ELHQ VH SXHGH PRGHODU HQ EODQFR \ QHJUR HQ )'' HO
PRGHODGREDVDGRHQREMHWRVHVLPSHUDWLYR

'HVDUUROOR SRU UDVJR +DFHU VLPSOHPHQWH TXH ODV FODVHV \ REMHWRV IXQFLRQHQ QR UHIOHMD OR
TXHHOFOLHQWHSLGH(OVHJXLPLHQWRGHOSURJUHVRVHUHDOL]DPHGLDQWHH[DPHQGHSHTXHxDV
IXQFLRQDOLGDGHV GHVFRPSXHVWDV \ IXQFLRQHV YDORUDGDV SRU HO FOLHQWH 8Q UDVJR HQ )'' HV
XQDIXQFLyQSHTXHxDH[SUHVDGDHQODIRUPDDFFLyQ!UHVXOWDGR!SRU_SDUD_GH_D!
REMHWR! FRQ ORV RSHUDGRUHV DGHFXDGRV HQWUH ORV WpUPLQRV 3RU HMHPSOR FDOFXODU HO
LPSRUWH WRWDO GH XQD YHQWD GHWHUPLQDU OD ~OWLPD RSHUDFLyQ GH XQ FDMHUR YDOLGDU OD
FRQWUDVHxDGHXQXVXDULR

3URSLHGDGLQGLYLGXDOGHFODVHVFyGLJR&DGDFODVHWLHQHXQDVRODSHUVRQDQRPLQDGDFRPR
UHVSRQVDEOHSRUVXFRQVLVWHQFLDSHUIRUPDQFHHLQWHJULGDGFRQFHSWXDO

(TXLSRV GH 5DVJRV SHTXHxRV \ GLQiPLFDPHQWH IRUPDGRV /D H[LVWHQFLD GH XQ HTXLSR
JDUDQWL]D TXH XQ FRQMXQWR GH PHQWHV VH DSOLTXHQ D FDGD GHFLVLyQ \ VH WRPHQ HQ FXHQWD
P~OWLSOHVDOWHUQDWLYDV

,QVSHFFLyQ 6H UHILHUH DO XVR GH ORV PHMRUHV PHFDQLVPRV GH GHWHFFLyQ FRQRFLGRV )'' HV
PX\HVFUXSXORVRHQPDWHULDGHLQVSHFFLyQ

%XLOGVUHJXODUHV6LHPSUHVHWLHQHXQVLVWHPDGLVSRQLEOH/RVEXLOGVIRUPDQODEDVHDSDUWLU
GHODFXDOVHYDQDJUHJDQGRQXHYRVUDVJRV

$GPLQLVWUDFLyQ GH FRQILJXUDFLyQ 3HUPLWH UHDOL]DU VHJXLPLHQWR KLVWyULFR GH ODV ~OWLPDV
YHUVLRQHVFRPSOHWDVGHFyGLJRIXHQWH

5HSRUWHGHSURJUHVR6HFRPXQLFDDWRGRVORVQLYHOHVRUJDQL]DFLRQDOHVQHFHVDULRV

)''VXPLQLVWUDXQULFRFRQMXQWRGHDUWHIDFWRVSDUDODSODQLILFDFLyQ\FRQWUROGHORVSUR\HFWRV(Q
VH
HQFXHQWUDQ
GLYHUVRV
KWWSZZZQHEXORQFRPDUWLFOHVIGGIGGLPSOHPHQWDWLRQVKWPO
IRUPXODULRV \ WDEODV FRQ LQIRUPDFLyQ UHDO GH LPSOHPHQWDFLRQHV GH )'' 9LVWDV GH GHVDUUROOR
8QLYHUVLGDGGHO&DXFD

9LVWDV GH SODQLILFDFLyQ 5HSRUWHV GH SURJUHVR 5HSRUWHV GH WHQGHQFLD 9LVWD GH SODQ
DFFLyQ!UHVXOWDGR!REMHWR! HWFpWHUD 6H KDQ GHVDUUROODGR WDPELpQ DOJXQDV KHUUDPLHQWDV
TXHJHQHUDQYLVWDVFRPELQDGDVRHVSHFtILFDV
3ODQGHUDVJR,PSOHPHQWDFLyQ%DVDGRHQKWWSZZZQHEXORQFRPDUWLFOHVIGGSODQYLHZKWPO
/DPDWUL]PXHVWUDXQHMHPSORGHYLVWDGHXQSODQGHUDVJRFRQODWtSLFDFRGLILFDFLyQHQFRORUHV
(QVtQWHVLV)''HVXQPpWRGRGHGHVDUUROORGHFLFORVFRUWRVTXHVHFRQFHQWUDHQODIDVHGHGLVHxR
\ FRQVWUXFFLyQ (Q OD SULPHUD IDVH HO PRGHOR JOREDO GH GRPLQLR HV HODERUDGR SRU H[SHUWRV GHO
GRPLQLR \ GHVDUUROODGRUHV HO PRGHOR GH GRPLQLR FRQVLVWH HQ GLDJUDPDV GH FODVHV FRQ FODVHV
UHODFLRQHV PpWRGRV \ DWULEXWRV /RV PpWRGRV QR UHIOHMDQ FRQYHQLHQFLDV GH SURJUDPDFLyQ VLQR
UDVJRVIXQFLRQDOHV

$OJXQRV DJLOLVWDV VLHQWHQ TXH )'' HV GHPDVLDGR MHUiUTXLFR SDUD VHU XQ PpWRGR iJLO SRUTXH
GHPDQGDXQSURJUDPDGRUMHIHTXLHQGLULJHDORVSURSLHWDULRVGHFODVHVTXLHQHVGLULJHQHTXLSRV
GHUDVJRV2WURVFUtWLFRVVLHQWHQTXHODDXVHQFLDGHSURFHGLPLHQWRVGHWDOODGRVGHSUXHEDHQ)''
HV OODPDWLYD H LPSURSLD /RV SURPRWRUHV GHO PpWRGR DGXFHQ TXH ODV HPSUHVDV \D WLHQHQ
LPSOHPHQWDGDVVXVKHUUDPLHQWDVGHSUXHEDSHURVXEVLVWH HOSUREOHPDGHVXDGHFXDFLyQD)''
8QUDVJROODPDWLYRGH)''HVTXHQRH[LJHODSUHVHQFLDGHOFOLHQWH

)'' VH XWLOL]y SRU SULPHUD YH] HQ JUDQGHV DSOLFDFLRQHV EDQFDULDV D ILQHV GH OD GpFDGD GH
/RV DXWRUHV VXJLHUHQ VX XVR SDUD SUR\HFWRV QXHYRV R DFWXDOL]DFLRQHV GH VLVWHPDV H[LVWHQWHV \
UHFRPLHQGDQDGRSWDUORHQIRUPDJUDGXDO(QVHDVHJXUDTXHDXQTXHQRKD\HYLGHQFLDDPSOLDTXH
GRFXPHQWH VXV p[LWRV ODV JUDQGHV FRQVXOWRUDV VXHOHQ UHFRPHQGDUOR LQFOXVR SDUD GHOLFDGRV
SUR\HFWRVGHPLVLyQFUtWLFD
8QLYHUVLGDGGHO&DXFD

'\QDPLF6\VWHPV'HYHORSPHQW0HWKRG'6'0
2ULJLQDGR HQ ORV WUDEDMRV GH -HQQLIHU 6WDSOHWRQ GLUHFWRUD GHO '6'0 &RQVRUWLXP '6'0 VH KD
FRQYHUWLGR HQ HO IUDPHZRUN GH GHVDUUROOR UiSLGR GH DSOLFDFLRQHV 5$' PiV SRSXODU GH *UDQ
%UHWDxD \ VH KD OOHJDGR D SURPRYHU FRPR HO HVWiQGDU GH IDFWR SDUD GHVDUUROOR GH VROXFLRQHV GH
QHJRFLRV VXMHWDV D PiUJHQHV GH WLHPSR HVWUHFKRV 6H FDOFXOD TXH XQR GH FDGD FLQFR
GHVDUUROODGRUHV HQ *UDQ %UHWDxD XWLOL]D '6'0 \ TXH PiV GH HPSUHVDV PD\RUHV OR KDQ
DGRSWDGR $GHPiV GH XQ PpWRGR '6'0 SURSRUFLRQD XQ IUDPHZRUN FRPSOHWR GH FRQWUROHV SDUD
5$'\OLQHDPLHQWRVSDUDVXXVR'6'0SXHGHFRPSOHPHQWDUPHWRGRORJtDVGH;3583R0LFURVRIW
6ROXWLRQV )UDPHZRUN R FRPELQDFLRQHV GH WRGDV HOODV '6'0 HV UHODWLYDPHQWH DQWLJXR HQ HO
FDPSRGHORV0$V\FRQVWLWX\HXQDPHWRGRORJtDPDGXUDTXH\DYDSRUVXFXDUWDYHUVLyQ6HGLFH
TXH DKRUD ODV LQLFLDOHV '6'0 VLJQLILFDQ '\QDPLF 6ROXWLRQV 'HOLYHU\ 0HWKRG <D QR VH KDEOD GH
VLVWHPDVVLQRGHVROXFLRQHV\HQOXJDUGHSULRUL]DUHOGHVDUUROORVHSUHILHUHHQIDWL]DUODHQWUHJD(O
OLEUR PiV UHFLHQWH TXH VLQWHWL]D ODV SUiFWLFDV VH OODPD '6'0 %XVLQHVV )RFXVHG 'HYHORSPHQW

/D LGHD GRPLQDQWH GHWUiV GH '6'0 HV H[SOtFLWDPHQWH LQYHUVD D OD TXH VH HQFXHQWUD HQ RWUDV
SDUWHV \ DO SULQFLSLR UHVXOWD FRQWUDULD D OD LQWXLFLyQ HQ OXJDU GH DMXVWDU WLHPSR \ UHFXUVRV SDUD
ORJUDUFDGDIXQFLRQDOLGDGHQHVWDPHWRGRORJtDWLHPSR\UHFXUVRVVHPDQWLHQHQFRPRFRQVWDQWHV
\ VH DMXVWD OD IXQFLRQDOLGDG GH DFXHUGR FRQ HOOR (VWR VH H[SUHVD D WUDYpV GH UHJODV TXH VH
FRQRFHQ FRPR UHJODV 0R6&R: SRU ODV LQLFLDOHV GH VX HVWLSXODFLyQ HQ LQJOpV /DV UHJODV VH
UHILHUHQDUDVJRVGHOUHTXHULPLHQWR

0XVW KDYH 'HEH WHQHU 6RQ ORV UHTXHULPLHQWRV IXQGDPHQWDOHV GHO VLVWHPD 'H pVWRV HO
VXEFRQMXQWRPtQLPRKDGHVHUVDWLVIHFKRSRUFRPSOHWR
6KRXOG KDYH 'HEHUtD WHQHU 6RQ UHTXHULPLHQWRV LPSRUWDQWHV SDUD ORV TXH KDEUi XQD
UHVROXFLyQHQHOFRUWRSOD]R
&RXOGKDYH3RGUtDWHQHU3RGUtDQTXHGDUIXHUDGHOVLVWHPDVLQRKD\PiVUHPHGLR
:DQW WR KDYH EXW ZRQW KDYH WKLV WLPH DURXQG 6H GHVHD TXH WHQJD SHUR QR OR WHQGUi
HVWDYXHOWD6RQUHTXHULPLHQWRVYDORUDGRVSHURSXHGHQHVSHUDU

'6'0FRQVLVWHHQFLQFRIDVHV
(VWXGLRGHYLDELOLGDG
(VWXGLRGHOQHJRFLR
,WHUDFLyQGHOPRGHORIXQFLRQDO
,WHUDFLyQGHGLVHxR\YHUVLyQ
,PSOHPHQWDFLyQ

/DV~OWLPDVWUHVIDVHVVRQLWHUDWLYDVHLQFUHPHQWDOHV'HDFXHUGRFRQODLQLFLDWLYDGHPDQWHQHUHO
WLHPSR FRQVWDQWH ODV LWHUDFLRQHV GH '6'0 VRQ FDMDV GH WLHPSR /D LWHUDFLyQ DFDED FXDQGR HO
WLHPSRVHFRQVXPH6HVXSRQHTXHDOFDERGHODLWHUDFLyQORVUHVXOWDGRVHVWiQJDUDQWL]DGRV8QD
FDMDGHWLHPSRSXHGHGXUDUGHXQRVSRFRVGtDVDXQDVSRFDVVHPDQDV

$ GLIHUHQFLD GH RWURV $0V '6'0 KD GHVDUUROODGR VLVWHPiWLFDPHQWH HO SUREOHPD GH VX SURSLD
LPSODQWDFLyQHQXQDHPSUHVD(OSURFHVRGH([DPHQGH6DOXG+HDOWK&KHFNGH'6'0VHGLYLGH
HQ GRV SDUWHV TXH VH LQWHUURJDQ VXFHVLYDPHQWH VREUH OD FDSDFLGDG GH XQD RUJDQL]DFLyQ SDUD
DGRSWDU HO PpWRGR \ VREUH OD IRUPD HQ TXH pVWH UHVSRQGH D ODV QHFHVLGDGHV XQD YH] TXH HO
SUR\HFWR HVWi HQFDPLQDGR 8Q ([DPHQ GH 6DOXG SXHGH LQVXPLU HQWUH WUHV GtDV \ XQ PHV GH
WUDEDMRGHFRQVXOWRUtD

(VWXGLRGHIDFWLELOLGDG6HHYDO~DHOXVRGH'6'0RGHRWUDPHWRGRORJtDFRQIRUPHDOWLSRGH
SUR\HFWR YDULDEOHV RUJDQL]DFLRQDOHV \ GH SHUVRQDO 6L VH RSWD SRU '6'0 VH DQDOL]DQ ODV
SRVLELOLGDGHV WpFQLFDV \ ORV ULHVJRV 6H SUHSDUDQ FRPR SURGXFWRV XQ UHSRUWH GH YLDELOLGDG \ XQ
SODQVXPDULRSDUDHOGHVDUUROOR6LODWHFQRORJtDQRVHFRQRFHELHQVHKDFHXQSHTXHxRSURWRWLSR
SDUDYHUTXpSDVD1RVHHVSHUDTXHHOHVWXGLRFRPSOHWRLQVXPDPiVGHXQDVSRFDVVHPDQDV(V
PXFKRSDUDXQPpWRGRiJLOSHURPHQRVGHORTXHGHPDQGDQDOJXQRVPpWRGRVFOiVLFRV
8QLYHUVLGDGGHO&DXFD

(VWXGLRGHOQHJRFLR6HDQDOL]DQODVFDUDFWHUtVWLFDVGHOQHJRFLR\ODWHFQRORJtD/DHVWUDWHJLD
UHFRPHQGDGD FRQVLVWH HQ HO GHVDUUROOR GH WDOOHUHV GRQGH VH HVSHUD TXH ORV H[SHUWRV GHO FOLHQWH
FRQVLGHUHQ ODV IDFHWDV GHO VLVWHPD \ DFXHUGHQ VXV SULRULGDGHV GH GHVDUUROOR 6H GHVFULEHQ ORV
SURFHVRVGHQHJRFLR\ODVFODVHVGHXVXDULRHQXQD'HILQLFLyQGHOUHDGH1HJRFLRV6HHVSHUDDVt
UHFRQRFHU H LQYROXFUDU D JHQWH FODYH GH OD RUJDQL]DFLyQ HQ XQD HWDSD WHPSUDQD /D 'HILQLFLyQ
XWLOL]D GHVFULSFLRQHV GH DOWR QLYHO FRPR GLDJUDPDV GH HQWLGDGUHODFLyQ R PRGHORV GH REMHWRV GH
QHJRFLRV2WURVSURGXFWRVVRQOD'HILQLFLyQGH$UTXLWHFWXUDGHO6LVWHPD\HO3ODQGH%RVTXHMRGH
3URWRWLSDGR /D GHILQLFLyQ DUTXLWHFWyQLFD HV XQ SULPHU ERVTXHMR \ VH DGPLWH TXH FDPELH HQ HO
FXUVR GHO SUR\HFWR '6'0 (O SODQ GHEH HVWDEOHFHU OD HVWUDWHJLD GH SURWRWLSDGR GH ODV VLJXLHQWHV
HWDSDV\XQSODQSDUDODJHVWLyQGHFRQILJXUDFLyQ

,WHUDFLyQGHOPRGHORIXQFLRQDO(QFDGDLWHUDFLyQVHSODQHDHOFRQWHQLGR\ODHVWUDWHJLDVH
UHDOL]DODLWHUDFLyQ\VHDQDOL]DQORVUHVXOWDGRVSHQVDQGRHQODVVLJXLHQWHV6HOOHYDDFDERWDQWR
HODQiOLVLVFRPRHOFyGLJRVHFRQVWUX\HQORVSURWRWLSRV\HQEDVHDODH[SHULHQFLDVHPHMRUDQORV
PRGHORV GH DQiOLVLV /RV SURWRWLSRV QR KDQ GH VHU GHVFDUWDGRV SRU FRPSOHWR VLQR JUDGXDOPHQWH
PHMRUDGRVKDFLDODFDOLGDGTXHGHEHWHQHUHOSURGXFWRILQDO6HSURGXFHFRPRUHVXOWDGRXQ0RGHOR
)XQFLRQDO FRQWHQLHQGR HO FyGLJR GHO SURWRWLSR \ ORV PRGHORV GH DQiOLVLV 7DPELpQ VH UHDOL]DQ
SUXHEDVFRQVWDQWHPHQWH+D\RWURVFXDWURSURGXFWRVHPHUJHQWHV

)XQFLRQHV3ULRUL]DGDVTXHVRQXQDOLVWDGHIXQFLRQHVHQWUHJDGDVDOILQGHFDGDLWHUDFLyQ
ORV'RFXPHQWRVGH5HYLVLyQGHO3URWRWLSDGR)XQFLRQDOUH~QHQORVFRPHQWDULRVGHORVXVXDULRV
VREUHHOLQFUHPHQWRDFWXDOSDUDVHUFRQVLGHUDGRVHQLWHUDFLRQHVSRVWHULRUHV
ORV 5HTXHULPLHQWRV )XQFLRQDOHV VRQ OLVWDV TXH VH FRQVWUX\HQ SDUD VHU WUDWDGDV HQ IDVHV
VLJXLHQWHV
HO$QiOLVLVGH5LHVJRGH'HVDUUROOR8OWHULRUHVXQGRFXPHQWRLPSRUWDQWHHQODIDVHGHLWHUDFLyQ
GHO PRGHOR SRUTXH GHVGH OD IDVH VLJXLHQWH HQ DGHODQWH ORV SUREOHPDV TXH VH HQFXHQWUHQ
VHUiQPiVGLItFLOHVGHWUDWDU

,WHUDFLyQGHGLVHxR\FRQVWUXFFLyQ$TXtHVGRQGHVHFRQVWUX\HODPD\RUSDUWHGHOVLVWHPD
(O SURGXFWR HV XQ 6LVWHPD 3UREDGR TXH FXPSOLPHQWD SRU OR PHQRV HO FRQMXQWR PtQLPR GH
UHTXHULPLHQWRV DFRUGDGRV FRQIRUPH D ODV UHJODV 0R6&R: (O GLVHxR \ OD FRQVWUXFFLyQ VRQ
LWHUDWLYRV\HOGLVHxR\ORVSURWRWLSRVIXQFLRQDOHVVRQUHYLVDGRVSRUXVXDULRV(OGHVDUUROORXOWHULRU
VHDWLHQHDVXVFRPHQWDULRV

'HVSOLHJXH(OVLVWHPDVHWUDQVILHUHGHODPELHQWHGHGHVDUUROORDOGHSURGXFFLyQ6HHQWUHQDD
ORVXVXDULRVTXHSRQHQODVPDQRV HQ HOVLVWHPD(YHQWXDOPHQWHODIDVHSXHGHOOHJDUDLWHUDUVH
2WURVSURGXFWRVVRQHO0DQXDOGH8VXDULR\HO5HSRUWHGH5HYLVLyQGHO6LVWHPD$SDUWLUGHDTXt
KD\FXDWURFXUVRVGHDFFLyQSRVLEOHV

6LHOVLVWHPDVDWLVIDFHWRGRVORVUHTXHULPLHQWRVHOGHVDUUROORKDWHUPLQDGR
6LTXHGDQPXFKRVUHTXHULPLHQWRVVLQUHVROYHUVHSXHGHFRUUHUHOSURFHVRQXHYDPHQWHGHVGH
HOFRPLHQ]R
6L VH KD GHMDGR GH ODGR DOJXQD SUHVWDFLyQ QR FUtWLFD HO SURFHVR VH SXHGH FRUUHU GHVGH OD
LWHUDFLyQIXQFLRQDOGHOPRGHORHQDGHODQWH
VL DOJXQDV FXHVWLRQHV WpFQLFDV QR SXGLHURQ UHVROYHUVH SRU IDOWD GH WLHPSR VH SXHGH LWHUDU
GHVGHODIDVHGHGLVHxR\FRQVWUXFFLyQ

/DFRQILJXUDFLyQGHOFLFORGHYLGDGH'6'0VHUHSUHVHQWDFRQXQGLDJUDPDFDUDFWHUtVWLFRGHOFXDO
KD\XQDHYRFDFLyQHQHOORJRWLSRGHOFRQVRUFLRTXHYDOHODSHQDUHSURGXFLU
8QLYHUVLGDGGHO&DXFD

3URFHVRGHGHVDUUROOR'6'0EDVDGRHQ>KWWSZZZGVGPRUJ@
'6'0GHILQHTXLQFHUROHVDOJRPiVTXHHOSURPHGLRGHORV0$V/RVPiVLPSRUWDQWHVVRQ

3URJUDPDGRUHV \ 3URJUDPDGRUHV 6HQLRU 6RQ ORV ~QLFRV UROHV GH GHVDUUROOR (O WtWXOR GH
6HQLRU LQGLFD WDPELpQ QLYHO GH OLGHUD]JR GHQWUR GHO HTXLSR (TXLYDOH D 1LYHO GH &RFNEXUQ
$PERV WtWXORV FXEUHQ WRGRV ORV UROHV GH GHVDUUROOR LQFOX\HQGR DQDOLVWDV GLVHxDGRUHV
SURJUDPDGRUHV\YHULILFDGRUHV
&RRUGLQDGRU WpFQLFR 'HILQH OD DUTXLWHFWXUD GHO VLVWHPD \ HV UHVSRQVDEOH SRU OD FDOLGDG
WpFQLFDGHOSUR\HFWRHOFRQWUROWpFQLFR\ODFRQILJXUDFLyQGHOVLVWHPD
8VXDULR HPEDMDGRU 3URSRUFLRQD DO SUR\HFWR FRQRFLPLHQWR GH OD FRPXQLGDG GH XVXDULRV \
GLVHPLQD LQIRUPDFLyQ VREUH HO SURJUHVR GHO VLVWHPD KDFLD RWURV XVXDULRV 6H GHILQH
DGLFLRQDOPHQWH XQ URO GH 8VXDULR $VHVRU $GYLVRU TXH UHSUHVHQWD RWURV SXQWRV GH YLVWD
LPSRUWDQWHVSXHGHVHUDOJXLHQGHOSHUVRQDOGH,7RXQDXGLWRUIXQFLRQDO
9LVLRQDULR(VXQXVXDULRSDUWLFLSDQWHTXHWLHQHODSHUFHSFLyQPiVH[DFWDGHORVREMHWLYRVGHO
VLVWHPD \ HO SUR\HFWR $VHJXUD TXH ORV UHTXHULPLHQWRV HVHQFLDOHV VH FXPSODQ \ TXH HO
SUR\HFWRYD\DHQODGLUHFFLyQDGHFXDGDGHVGHHOSXQWRGHYLVWDGHDTXpOORV
3DWURFLQDGRU (MHFXWLYR (V OD SHUVRQD GH OD RUJDQL]DFLyQ TXH GHWHQWD DXWRULGDG \
UHVSRQVDELOLGDGILQDQFLHUD\HVTXLHQWLHQHOD~OWLPDSDODEUDHQODVGHFLVLRQHVLPSRUWDQWHV
)DFLOLWDGRU(VUHVSRQVDEOHGHDGPLQLVWUDUHOSURJUHVRGHOWDOOHU\HOPRWRUGHODSUHSDUDFLyQ
\ ODFRPXQLFDFLyQ
(VFULED 5HJLVWUD ORV UHTXHULPLHQWRV DFXHUGRV \ GHFLVLRQHV DOFDQ]DGDV HQ ODV UHXQLRQHV
WDOOHUHV\VHVLRQHVGHSURWRWLSDGR

(Q'6'0ODVSUiFWLFDVVHOODPDQ3ULQFLSLRV\VRQQXHYH

(VLPSHUDWLYRHOFRPSURPLVRDFWLYRGHOXVXDULR
/RVHTXLSRVGH'6'0GHEHQWHQHUHOSRGHUGHWRPDUGHFLVLRQHV
(OIRFRUDGLFDHQODIUHFXHQWHHQWUHJDGHSURGXFWRV
(OFULWHULRHVHQFLDOSDUDODDFHSWDFLyQGHORVHQWUHJDEOHVHVODDGHFXDFLyQDORVSURSyVLWRV
GHQHJRFLRV
6HUHTXLHUHGHVDUUROORLWHUDWLYRHLQFUHPHQWDO
7RGRVORVFDPELRVGXUDQWHHOGHVDUUROORVRQUHYHUVLEOHV
/D OtQHD GH EDVH GH ORV UHTXHULPLHQWRV HV GH DOWR QLYHO (VWR SHUPLWH TXH ORV
UHTXHULPLHQWRV GH GHWDOOH VH FDPELHQ VHJ~Q VH QHFHVLWH \ TXH ORV HVHQFLDOHV VH FDSWHQ
WHPSUDQDPHQWH
8QLYHUVLGDGGHO&DXFD

/D SUXHED HVWi LQWHJUDGD D WUDYpV GH WRGR HO FLFOR GH YLGD /D SUXHED WDPELpQ HV
LQFUHPHQWDO 6H UHFRPLHQGD SDUWLFXODUPHQWH OD SUXHED GH UHJUHVLyQ GH DFXHUGR FRQ HO
HVWLORHYROXWLYRGHGHVDUUROOR
(V HVHQFLDO XQD HVWUDWHJLD FRODERUDWLYD \ FRRSHUDWLYD HQWUH WRGRV ORV SDUWLFLSDQWHV /DV
UHVSRQVDELOLGDGHV VRQ FRPSDUWLGDV \ OD FRODERUDFLyQ HQWUH XVXDULR \ GHVDUUROODGRUHV QR
GHEHWHQHUILVXUDV

'HVGH PHGLDGRV GH OD GpFDGD GH KD\ DEXQGDQWHV HVWXGLRV GH FDVRV VREUH WRGR HQ *UDQ
%UHWDxD\ODDGHFXDFLyQGH'6'0SDUDGHVDUUROORUiSLGRHVWiVXILFLHQWHPHQWHSUREDGD(OHTXLSR
PtQLPRGH'6'0HVGHGRVSHUVRQDV\SXHGH OOHJDUDVHLVSHURSXHGHKDEHUYDULRVHTXLSRV HQ
XQSUR\HFWR(OPtQLPRGHGRVSHUVRQDVLQYROXFUDTXHXQHTXLSRFRQVLVWHGHXQSURJUDPDGRU\XQ
XVXDULR (O Pi[LPR GH VHLV HV HO YDORU TXH VH HQFXHQWUD HQ OD SUiFWLFD '6'0 VH KD DSOLFDGR D
SUR\HFWRVJUDQGHV\SHTXHxRV /DSUHFRQGLFLyQSDUDVXXVRHQ VLVWHPDVJUDQGHV HV VXSDUWLFLyQ
HQFRPSRQHQWHVTXHSXHGHQVHUGHVDUUROODGRVSRUHTXLSRVQRUPDOHV

6H KD HODERUDGR HQ SDUWLFXODU OD FRPELQDFLyQ GH '6'0 FRQ ;3 \ VH KD OODPDGR D HVWD PL[WXUD
(QWHUSULVH;3 WpUPLQR DFXxDGR SRU 0LNH *ULIILWKV GH 4XDGUXV 'HYHORSPHQWV
KWWSZZZHQWHUSULVH[SRUJ 6H DWULEX\H D .HQW %HFN KDEHU DILUPDGR TXH OD FRPXQLGDG GH
'6'0KDFRQVWUXLGRXQDLPDJHQFRUSRUDWLYDPHMRUTXHODGHOPXQGR;3\TXHVHUtDFRQYHQLHQWH
DSUHQGHU GH HVD H[SHULHQFLD 7DPELpQ KD\ GRFXPHQWRV FRQMXQWRV GH '6'0 \ 5DWLRQDO FRQ
SDUWLFLSDFLyQGH-HQQLIHU6WDSOHWRQTXHGHPXHVWUDQODFRPSDWLELOLGDGGHOPRGHOR'6'0FRQ583
D GHVSHFKRGHVXVIXHUWHVGLIHUHQFLDVWHUPLQROyJLFDV

(Q HO VLWLR GHO '6'0 &RQVRUWLXP KD\ GRFXPHQWRV HVSHFtILFRV VREUH OD FRQYLYHQFLD GH OD
PHWRGRORJtD FRQ 0LFURVRIW 6ROXWLRQV )UDPHZRUN VH WUDWDUi GHWDOODGDPHQWH HO SDUWLFXODU HQ HO
FDStWXORVREUH06)\ORV0$V7DPELpQKD\FDVRVGHp[LWRSDUWLFXODUPHQWHHOGH)XMLWVX(XURSHDQ
5HSDLU&HQWUHHQTXHVHHPSOHDURQ9LVXDO%DVLFFRPROHQJXDMH64/6HUYHUFRPREDVHGHGDWRV
\ :LQGRZVFRPRSODWDIRUPDGHGHVDUUROORHLPSOHPHQWDFLyQKWWSZZZGVGPRUJ/RVPpWRGRV
\ PDQXDOHV FRPSOHWRV GH '6'0 VyOR HVWiQ GLVSRQLEOHV SDUD PLHPEURV GHO FRQVRUFLR OD
PHPEUHFtDLQYROXFUDHOSDJRGHXQFDQRQTXHRVFLODHQWUH\HXURVDQXDOHV
8QLYHUVLGDGGHO&DXFD

6FUXP
(VWD HV GHVSXpV GH ;3 OD PHWRGRORJtD iJLO PHMRU FRQRFLGD \ OD TXH RWURV PpWRGRV iJLOHV
UHFRPLHQGDQ FRPR FRPSOHPHQWR DXQTXH VX SRUFLyQ GHO PHUFDGR VHJ~Q HO &XWWHU
&RQVRUWLXPHVPiVPRGHVWDTXHHOUXLGRTXHKDFH/DSULPHUDUHIHUHQFLDDODSDODEUDVFUXPHQ
OD OLWHUDWXUD DSDUHFH HQ XQ DUWtFXOR GH +LURWDND 7DNHXFKL H ,NXMLUR 1RQDND 7KH 1HZ 3URGXFW
'HYHORSPHQW *DPH HQ HO TXH VH SUHVHQWDURQ GLYHUVDV EHVW SUDFWLFHV GH HPSUHVDV LQQRYDGRUDV
GH-DSyQTXHVLHPSUHUHVXOWDEDQVHUDGDSWDWLYDVUiSLGDV\FRQFDSDFLGDGGHDXWRRUJDQL]DFLyQ

2WUDSDODEUDGHOPLVPRWH[WRUHODFLRQDGDFRQPRGHORVMDSRQHVHVHV6DVKLPLHOFXDOVHLQVSLUDHQ
XQD HVWUDWHJLD MDSRQHVD GH GHVDUUROOR GH KDUGZDUH FRQ IDVHV VRODSDGDV XWLOL]DGD SRU )XML;HUR[
/DSDODEUD6FUXPHPSHURQDGDWLHQHTXHYHUFRQ-DSyQVLQRTXHSURFHGHGHODWHUPLQRORJtDGHO
MXHJR GH UXJE\ GRQGH GHVLJQD DO DFWR GH SUHSDUDU HO DYDQFH GHO HTXLSR HQ XQLGDG SDVDQGR OD
SHORWD D XQR \ RWUR MXJDGRU DXQTXH KD\ RWUDV DFHSFLRQHV HQ FLUFXODFLyQ ,JXDO TXH HO MXHJR
6FUXPHVDGDSWDWLYRiJLODXWRRUJDQL]DQWH\FRQSRFRVWLHPSRVPXHUWRV

&RPRPHWRGRORJtDiJLOHVSHFtILFDPHQWHUHIHULGDDLQJHQLHUtDGHVRIWZDUH6FUXPIXHDSOLFDGRSRU
-HII6XWKHUODQG\HODERUDGRPiVIRUPDOL]DGDPHQWHSRU.HQ6FKZDEHU3RFRGHVSXpV6XWKHUODQG\
6FKZDEHUVHXQLHURQSDUDUHILQDU\H[WHQGHU6FUXP(Q6FUXPVHDSOLFDURQSULQFLSLRVGHSURFHVRV
GH FRQWURO LQGXVWULDO MXQWR FRQ H[SHULHQFLDV PHWRGROyJLFDV GH 0LFURVRIW %RUODQG \ +HZOHWW
3DFNDUG 6FKZDEHU HQ SDUWLFXODU KDEtD WUDEDMDGR FRQ FLHQWtILFRV GH 'X 3RQW SDUD FRPSUHQGHU
PHMRUORVSURFHVRVGHILQLGRVGHDQWHPDQR\HOORVOHGLMHURQTXHDSHVDUTXH&00VHFRQFHQWUDED
HQKDFHUTXHORVSURFHVRVGHGHVDUUROORVHWRUQDUDQUHSHWLEOHVGHILQLGRV\SUHGHFLEOHVPXFKRVGH
HOORV HUDQ IRUPDOPHQWH LPSUHGHFLEOHV H LUUHSHWLEOHV SRUTXH FXDQGR VH HVWi SODQLILFDQGR QR KD\
SULPHURVSULQFLSLRVDSOLFDEOHVORVSURFHVRVUHFLpQFRPLHQ]DQDVHUFRPSUHQGLGRV\VRQFRPSOHMRV
SRUQDWXUDOH]D6FKZDEHU VHGLyFXHQWDHQWRQFHVGHTXHXQSURFHVRQHFHVLWDDFHSWDU HOFDPELR
HQOXJDUGHHVSHUDUSUHGLFWLELOLGDG

$O LJXDO TXH $JLOH 0RGHOLQJ 6FUXP QR HVWi FRQFHELGR FRPR PpWRGR LQGHSHQGLHQWH VLQR TXH VH
SURPXHYH FRPRFRPSOHPHQWRGH RWUDVPHWRGRORJtDVLQFOX\HQGR;3 06)R583&RPRPpWRGR
6FUXP HQIDWL]D YDORUHV \ SUiFWLFDV GH JHVWLyQ VLQ SURQXQFLDUVH VREUH UHTXHULPLHQWRV
LPSOHPHQWDFLyQ \ GHPiV FXHVWLRQHV WpFQLFDV GH DOOt VX GHOLEHUDGD LQVXILFLHQFLD \ VX
FRPSOHPHQWDULHGDG6FUXPVHGHILQHFRPRXQSURFHVRGHPDQDJHPHQW\FRQWUROTXHLPSOHPHQWD
WpFQLFDVGHFRQWUROGHSURFHVRVVHORSXHGHFRQVLGHUDUXQFRQMXQWRGHSDWURQHVRUJDQL]DFLRQDOHV
FRPRVHYHUiHQXQFDStWXORSRVWHULRU

/RVYDORUHVGH6FUXPVRQ

(TXLSRV DXWRGLULJLGRV \ DXWRRUJDQL]DGRV 1R KD\ PDQDJHU TXH GHFLGD QL RWURV WtWXORV TXH
PLHPEURV GHO HTXLSR R FHUGRV OD H[FHSFLyQ HV HO 6FUXP 0DVWHU TXH GHEH VHU
SURJUDPDGRU\TXHUHVXHOYHSUREOHPDVSHURQRPDQGD/RVREVHUYDGRUHVH[WHUQRVVHOODPDQ
JDOOLQDVSXHGHQREVHUYDUSHURQRLQWHUIHULUQLRSLQDU
8QD YH] HOHJLGD XQD WDUHD QR VH DJUHJD WUDEDMR H[WUD (Q FDVR TXH VH DJUHJXH DOJR VH
UHFRPLHQGDTXLWDUDOJXQDRWUDFRVD
(QFXHQWURV GLDULRV 6H UHDOL]DQ VLHPSUH HQ HO PLVPR OXJDU HQ FtUFXOR (O HQFXHQWUR GLDULR
LPSLGH FDHU HQ HO GLOHPD VHxDODGR SRU )UHG %URRNV &yPR HV TXH XQ SUR\HFWR SXHGH
DWUDVDUVHXQDxR"8QGtDDODYH]
,WHUDFLRQHVGHWUHLQWDGtDVVHDGPLWHTXHVHDQPiVIUHFXHQWHV
'HPRVWUDFLyQDSDUWLFLSDQWHVH[WHUQRVDOILQGHFDGDLWHUDFLyQ
$OSULQFLSLRGHFDGDLWHUDFLyQSODQHDPLHQWRDGDSWDWLYRJXLDGRSRUHOFOLHQWH

(O QRPEUH GH ORV PLHPEURV GHO HTXLSR \ ORV H[WHUQRV VH GHULYD GH XQD WtSLFD IiEXOD DJLOLVWD XQ
FHUGR \ XQD JDOOLQD GLVFXWtDQ TXp QRPEUH SRQHUOH D XQ QXHYR UHVWDXUDQW OD JDOOLQD SURSXVR
-DPyQ \ +XHYRV 1R JUDFLDV UHVSRQGLy HO FHUGR <R HVWDUp FRPSURPHWLGR SHUR W~ VyOR
LQYROXFUDGD
8QLYHUVLGDGGHO&DXFD

6FUXPGHILQHVHLVUROHV
(O6FUXP0DVWHU,QWHUDFW~DFRQHOFOLHQWH\HOHTXLSR(VUHVSRQVDEOHGHDVHJXUDUVHTXHHO
SUR\HFWR VH OOHYH D FDER GH DFXHUGR FRQ ODV SUiFWLFDV YDORUHV \ UHJODV GH 6FUXP \ TXH
SURJUHVH VHJ~Q OR SUHYLVWR &RRUGLQD ORV HQFXHQWURV GLDULRV IRUPXOD ODV WUHV SUHJXQWDV
FDQyQLFDV \ VH HQFDUJD GH HOLPLQDU HYHQWXDOHV REVWiFXORV 'HEH VHU PLHPEUR GHO HTXLSR \
WUDEDMDUDODSDU
3URSLHWDULRGHO3UR\HFWR(VHOUHVSRQVDEOHRILFLDOGHOSUR\HFWRJHVWLyQFRQWURO\YLVLELOLGDG
GHODOLVWDGHDFXPXODFLyQROLVWDGHUHWUDVRGHOSURGXFWRSURGXFWEDFNORJ(VHOHJLGRSRUHO
6FUXP 0DVWHU HO FOLHQWH \ ORV HMHFXWLYRV D FDUJR 7RPD ODV GHFLVLRQHV ILQDOHV GH ODV WDUHDV
DVLJQDGDVDOUHJLVWUR\FRQYLHUWHVXVHOHPHQWRVHQUDVJRVDGHVDUUROODU
(TXLSR GH 6FUXP 7LHQH DXWRULGDG SDUD UHRUJDQL]DUVH \ GHILQLU ODV DFFLRQHV QHFHVDULDV R
VXJHULU UHPRFLyQ GH LPSHGLPHQWRV (O HTXLSR SRVHH OD PLVPD HVWUXFWXUD GHO HTXLSR
TXLU~UJLFR GHVDUUROODGR SRU ,%0 \ FRPHQWDGR HQ HO 000 GH %URRNV DXQTXH 6FKZDEHU \
%HHGOHGHVWDFDQTXHVXQDWXUDOH]DDXWRRUJDQL]DGRUDODKDFHGLVWLQWD
&OLHQWH3DUWLFLSDHQODVWDUHDVUHODFLRQDGDVFRQORVtWHPVGHOUHJLVWUR
0DQDJHPHQW(VWiDFDUJRGHODVGHFLVLRQHVIXQGDPHQWDOHV\SDUWLFLSDHQODGHILQLFLyQGHORV
REMHWLYRV\UHTXHULPLHQWRV3RUHMHPSORVHOHFFLRQDDO'XHxRGHO3URGXFWRHYDO~DHOSURJUHVR
\ UHGXFHHOUHJLVWURGHDFXPXODFLyQMXQWRFRQHO6FUXP0DVWHU
8VXDULR

/DGLPHQVLyQGHOHTXLSRWRWDOGH6FUXPQRGHEHUtDVHUVXSHULRUDGLH]LQJHQLHURV(OQ~PHURLGHDO
HV VLHWH PiV R PHQRV GRV XQD FLIUD FDQyQLFD HQ FLHQFLD FRJQLWLYD 6L KD\ PiV OR PiV
UHFRPHQGDEOH HV IRUPDU YDULRV HTXLSRV 1R KD\ XQD WpFQLFD RILFLDO SDUD FRRUGLQDU HTXLSRV
P~OWLSOHVSHURVHKDQGRFXPHQWDGRH[SHULHQFLDVGHKDVWDPLHPEURVGLYLGLGRVHQ6FUXPVGH
6FUXPGHILQLHQGRXQHTXLSRFHQWUDOTXHVHHQFDUJDGHODFRRUGLQDFLyQODVSUXHEDVFUX]DGDV\OD
URWDFLyQ GH ORV PLHPEURV (O WH[WR TXH UHODWD HVD H[SHULHQFLD HV $JLOH 6RIWZDUH 'HYHORSPHQW
(FRV\VWHPVGH-LP+LJKVPLWK
&LFORGH6FUXPEDVDGRHQ>$EU@

(OFLFORGHYLGDGH6FUXPHVHOVLJXLHQWH
3UH-XHJR 3ODQHDPLHQWR (O SURSyVLWR HV HVWDEOHFHU OD YLVLyQ GHILQLU H[SHFWDWLYDV \
DVHJXUDUVH OD ILQDQFLDFLyQ /DV DFWLYLGDGHV VRQ OD HVFULWXUD GH OD YLVLyQ HO SUHVXSXHVWR HO
UHJLVWUR GH DFXPXODFLyQ R UHWUDVR EDFNORJ GHO SURGXFWR LQLFLDO \ ORV tWHPV HVWLPDGRV DVt
FRPR OD DUTXLWHFWXUD GH DOWR QLYHO HO GLVHxR H[SORUDWRULR \ ORV SURWRWLSRV (O UHJLVWUR GH
DFXPXODFLyQHVGHDOWRQLYHOGHDEVWUDFFLyQ
3UH-XHJR0RQWDMH6WDJLQJ(OSURSyVLWRHVLGHQWLILFDUPiVUHTXHULPLHQWRV\SULRUL]DUODV
WDUHDV SDUD OD SULPHUD LWHUDFLyQ /DV DFWLYLGDGHV VRQ SODQLILFDFLyQ GLVHxR H[SORUDWRULR \
SURWRWLSRV
8QLYHUVLGDGGHO&DXFD

-XHJRR'HVDUUROOR(OSURSyVLWRHVLPSOHPHQWDUXQVLVWHPDOLVWRSDUDHQWUHJDHQXQDVHULH
GH LWHUDFLRQHV GH WUHLQWD GtDVOODPDGDV FRUULGDV VSULQWV /DV DFWLYLGDGHV VRQ XQ HQFXHQWUR
GH SODQHDPLHQWR GH FRUULGDV HQ FDGD LWHUDFLyQ OD GHILQLFLyQ GHO UHJLVWUR GH DFXPXODFLyQ GH
FRUULGDV\ORVHVWLPDGRV\HQFXHQWURVGLDULRVGH6FUXP
3RV-XHJR /LEHUDFLyQ (O SURSyVLWR HV HO GHVSOLHJXH RSHUDFLRQDO /DV DFWLYLGDGHV
GRFXPHQWDFLyQHQWUHQDPLHQWRPHUFDGHR\YHQWD

8VXDOPHQWHORVUHJLVWURVGHDFXPXODFLyQVHOOHYDQHQSODQLOODVGHFiOFXORFRPXQHVDQWHVTXHHQ
XQD KHUUDPLHQWD VRILVWLFDGD GH JHVWLyQ GH SUR\HFWRV /RV HOHPHQWRV GHO UHJLVWUR SXHGHQ VHU
SUHVWDFLRQHVGHOVRIWZDUHIXQFLRQHVFRUUHFFLyQGHEXJVPHMRUDVUHTXHULGDV\DFWXDOL]DFLRQHVGH
WHFQRORJtD+D\XQUHJLVWURWRWDOGHOSURGXFWR\RWURHVSHFtILFRSDUDFDGDFRUULGDGHGtDV(QOD
MHUJDGH6FUXPVHOODPDQSDTXHWHVDORVREMHWRVRFRPSRQHQWHVTXHQHFHVLWDQFDPELDUVHHQOD
VLJXLHQWHLWHUDFLyQ
&LFORGH&DUUHUD6SULQWGH6FUXPEDVDGRHQ>KWWSZZZ&RQWUROFKDRVFRP@

/D OLVWD GH $FXPXODFLyQ GHO 3URGXFWR FRQWLHQH WRGRV ORV UDVJRV WHFQRORJtD PHMRUDV \ OLVWD GH
EXJV TXH D PHGLGD TXH VH GHVHQYXHOYHQ FRQVWLWX\HQ ODV IXWXUDV HQWUHJDV GHO SURGXFWR /RV
UDVJRV PiV XUJHQWHV PHUHFHUiQ PD\RU GHWDOOH ORV TXH SXHGHQ HVSHUDU VH WUDWDUiQ GH PDQHUD
PiVVXPDULD/DOLVWDVHRULJLQDDSDUWLUGHXQDYDULHGDGGHIXHQWHV(OJUXSRGHPHUFDGHRJHQHUD
ORVUDVJRV\ODIXQFLyQODJHQWHGHYHQWDVJHQHUDHOHPHQWRVTXHKDUiQTXHHOSURGXFWRVHDPiV
FRPSHWLWLYRORVGHLQJHQLHUtDDSRUWDUiQSDTXHWHVTXHORKDUiQPiVUREXVWRHOFOLHQWHLQJUHVDUi
GHELOLGDGHVRSUREOHPDVTXHGHEHUiQUHVROYHUVH

(O SURSLHWDULR GH OD DGPLQLVWUDFLyQ \ HO FRQWURO GHO EDFNORJ HQ SURGXFWRV FRPHUFLDOHV ELHQ SXHGH
VHU HO SURGXFW PDQDJHU SDUD GHVDUUROORV LQKRXVH SRGUtD VHU HO SURMHFW PDQDJHU R DOJXLHQ
GHVLJQDGRSRUpO6HUHFRPLHQGDTXHXQDVRODSHUVRQDGHILQDODSULRULGDGGHXQDWDUHDVLDOJXLHQ
WLHQHRWUDRSLQLyQGHEHUiFRQYHQFHUDOUHVSRQVDEOH6HHVWLPDTXHSULRUL]DUDGHFXDGDPHQWHXQD
OLVWD GH SURGXFWR SXHGH UHVXOWDU GLItFLO DO SULQFLSLR GHO GHVDUUROOR SHUR GHYLHQH PiV IiFLO FRQ HO
FRUUHUGHOWLHPSR

)HFKD
$FXPXODFLyQGH3URGXFWR
(VWLPDGR
7LSR1XHYRBB 0HMRUDBB
)XHQWH
$UUHJORBB
'HVFULSFLyQ
1RWDV
3URGXFWEDFNORJGH6FUXPEDVDGRHQ>KWWSZZZFRQWUROFKDRVFRPSEDFNORJKWP@
8QLYHUVLGDGGHO&DXFD

/DOLVWDGHDFXPXODFLyQGHFRUULGDVXJHULGDWLHQHHVWHIRUPDWR

$FXPXODFLyQGH&RUULGD
)HFKD
7UDEDMR
3HQGLHQWH)HFKD
3URSLHWDULR
6WDWXV
3HQGLHQWHBBB

$FWLYRBBB&RPSOHWRBBB
'HVFULSFLyQ
1RWDV
6SULQW EDFNORJ GH 6FUXP EDVDGR HQ >KWWSZZZFRQWUROFKDRVFRPVEDFNORJKWP@

(OUHJLVWURLQFOX\HORVYDORUHVTXHUHSUHVHQWDQODVKRUDVGHWUDEDMRSHQGLHQWHHQIXQFLyQGHHVRV
YDORUHV VH DFRVWXPEUD HODERUDU XQ JUiILFR GH TXHPDGR FX\R PRGHOR \ IXQGDPHQWDFLyQ VH
HQFXHQWUDHQ>KWWSZZZFRQWUROFKDRVFRPEXUQGRZQKWP@

$O ILQ GH FDGD LWHUDFLyQ GH WUHLQWD GtDV KD\ XQD GHPRVWUDFLyQ D FDUJR GHO 6FUXP 0DVWHU /DV
SUHVHQWDFLRQHVHQ3RZHU3RLQWHVWiQSURKLELGDV(QORVHQFXHQWURVGLDULRVODVJDOOLQDVGHEHQHVWDU
IXHUDGHOFtUFXOR7RGRVWLHQHQTXHVHUSXQWXDOHVVLDOJXLHQOOHJDWDUGHVHOHFREUDXQDPXOWDTXH
VH GHVWLQDUi D REUDV GH FDULGDG (V SHUPLWLGR XVDU DUWHIDFWRV GH ORV PpWRGRV D ORV TXH 6FUXP
DFRPSDxH SRU HMHPSOR /LVWDV GH 5LHVJRV VL VH XWLOL]D 83 3ODQJXDJH VL HO PpWRGR HV (YR R ORV
3ODQHV GH 3UR\HFWR VXJHULGRV HQ OD GLVFLSOLQD GH *HVWLyQ GH 3UR\HFWRV GH 0LFURVRIW 6ROXWLRQV
)UDPHZRUN1R HVOHJDOHQFDPELR HOXVRGH LQVWUXPHQWRVWDOHV FRPRGLDJUDPDV 3(57SRUTXH
pVWRV SDUWHQ GHO VXSXHVWR GH TXH ODV WDUHDV GH XQ SUR\HFWR VH SXHGHQ LGHQWLILFDU \ RUGHQDU HQ
6FUXPHOVXSXHVWRGRPLQDQWHHVTXHHOGHVDUUROORHVVHPLFDyWLFRFDPELDQWH\WLHQHGHPDVLDGR
UXLGRFRPRSDUDTXHVHOHDSOLTXHXQSURFHVRGHILQLGR

$OJXQRV WH[WRV VREUH 6FUXP HVWDEOHFHQ XQD DUTXLWHFWXUD JOREDO HQ OD IDVH GH SUHMXHJR RWURV
GLFHQTXHQRKD\XQDDUTXLWHFWXUDJOREDOHQ6FUXPVLQRTXHODDUTXLWHFWXUD\HOGLVHxRHPDQDQ
GH P~OWLSOHV FRUULGDV 1R KD\ XQD LQJHQLHUtD GHO VRIWZDUH SUHVFULSWD SDUD 6FUXP FDGD TXLHQ
SXHGH HVFRJHU HQWRQFHV ODV SUiFWLFDV GH DXWRPDWL]DFLyQ LQVSHFFLyQ GH FyGLJR SUXHED XQLWDULD
DQiOLVLVRSURJUDPDFLyQHQSDUHVTXHOHUHVXOWHQDGHFXDGDV

(V KDELWXDO TXH 6FUXP VH FRPSOHPHQWH FRQ ;3 HQ HVWRV FDVRV 6FUXP VXPLQLVWUD XQ PDUFR GH
PDQDJHPHQW EDVDGR HQ SDWURQHV RUJDQL]DFLRQDOHV PLHQWUDV ;3 FRQVWLWX\H OD SUiFWLFD GH
SURJUDPDFLyQXVXDOPHQWHRULHQWDGDDREMHWRV\FRQIXHUWHXVRGHSDWURQHVGHGLVHxR8QRGHORV
QRPEUHVTXHVHXWLOL]DSDUDHVWDDOLDQ]DHV;3#6FUXP7DPELpQVRQYLDEOHVORVKtEULGRVFRQRWURV
0$V
8QLYHUVLGDGGHO&DXFD

(YROXWLRQDU\3URMHFW0DQDJHPHQW(YR
(YR FUHDGR SRU 7RP *LOE HV HO PpWRGR LWHUDWLYR iJLO PiV DQWLJXR 6H OR OODPD WDPELpQ
(YROXWLRQDU\ 'HOLYHU\ (YROXWLRQDU\ 0DQDJHPHQW 5HTXLUHPHQWV 'ULYHQ 3URMHFW 0DQDJHPHQW \
&RPSHWLWLYH (QJLQHHULQJ )XH HODERUDGR LQLFLDOPHQWH HQ (XURSD (Q *LOE WUDWy WHPDV GH
GHVDUUROOR LWHUDWLYR \ JHVWLyQ HYROXWLYD HQ VX FOiVLFR 6RIWZDUH PHWULFV HO WH[WR TXH DFXxy HO
FRQFHSWRHLQDXJXUyHOFDPSRGHODVPpWULFDVGHVRIWZDUH/XHJRGHVDUUROOyHQSURIXQGLGDGHVRV
WHPDV HQ XQD VHULH GH FROXPQDV HQ &RPSXWHU :HHNO\ 8. (Q SXEOLFy (YROXWLRQDU\
'HYHORSPHQWHQ$&06RIWZDUH(QJLQHHULQJ1RWHV\(YROXWLRQDU\'HYLYHU\YHUVXVWKH:DWHUIDOO
0RGHOHQ$&06LJVRIW6RIWZDUH5HTXLUHPHQWV(QJLQHHULQJ1RWHV

(Q OD GpFDGD GH *LOE FD\y EDMR OD LQIOXHQFLD GH ORV YDORUHV GH : (GZDUG 'HPLQJ \ GHO
PpWRGR 3ODQHDU+DFHU(VWXGLDU$FWXDU 3'6$ GH :DOWHU 6KHZKDUW TXH VH FRQVWLWX\HURQ HQ
PRGHORV FRQFHSWXDOHV VXE\DFHQWHV D (YR 'HPLQJ \ 6FKHZKDUW VRQ LQFLGHQWDOPHQWH
FRQVLGHUDGRVORVSDGUHVGHOFRQWUROHVWDGtVWLFRGHFDOLGDGVXVLGHDVGHVDUUROODGDVHQODVGpFDGDV
GH \ VH KDQ DSURYHFKDGR SRU HMHPSOR HQ OD HODERUDFLyQ GH HVWUDWHJLDV FRPR 6L[
6LJPDHQ/HDQ'HYHORSPHQWRHQODLQGXVWULDMDSRQHVD

(QORVV*LOEFRQWLQXyHOGHVDUUROORGH(YRTXHWDOYH]IXHPiVLQIOX\HQWHSRUODVLGHDVTXHpVWH
SURSRUFLRQDUD D ;3 6FUXP H LQFOXVR 83 TXH SRU VX p[LWR FRPR PpWRGR SDUWLFXODU (O WH[WR GH
0LFURVRIW 3UHVV 5DSLG 'HYHORSPHQW GH 6WHYH 0F&RQQHOO TXH H[DPLQD SUiFWLFDV LWHUDWLYDV H
LQFUHPHQWDOHV HQ GHVDUUROOR GH VRIWZDUH PHQFLRQD LGHDV GH *LOE HQ VHFFLRQHV WRGDV HVDV
UHIHUHQFLDVHVWiQOLJDGDVDEHVWSUDFWLFHV
(OHPHQWRVGH(YR

(QODVEUHYHVLWHUDFLRQHVGH(YRVHHIHFW~DXQSURJUHVRKDFLDODVPi[LPDVSULRULGDGHVGHILQLGDV
SRUHOFOLHQWHOLEHUDQGRDOJXQDVSLH]DV~WLOHVSDUDDOJXQRVSDUWLFLSDQWHV\VROLFLWDQGRVXIHHGEDFN
(VWD HV OD SUiFWLFD TXH VH KD OODPDGR 3ODQHDPLHQWR $GDSWDWLYR 2ULHQWDGR DO &OLHQWH \ (QWUHJD
(YROXWLYD2WUDLGHDGLVWLQWLYDGH(YRHVODFODUDGHILQLFLyQFXDQWLILFDFLyQHVWLPDFLyQ\PHGLGDGH
ORV UHTXHULPLHQWRV GH SHUIRUPDQFH TXH QHFHVLWDQ PHMRUDV /D SHUIRUPDQFH LQFOX\H UHTXLVLWRV GH
FDOLGDG WDOHV FRPR UREXVWH] \ WROHUDQFLD D IDOODV DO ODGR GH HVWLSXODFLRQHV FXDQWLWDWLYDV GH
FDSDFLGDGGHFDUJD\GHDKRUURGHUHFXUVRV(Q(YRVHHVSHUDTXHFDGDLWHUDFLyQFRQVWLWX\DXQD
UHHYDOXDFLyQGHODVVROXFLRQHVHQSURFXUDGHODPiVDOWDUHODFLyQGHYDORUFRQWUDFRVWRWHQLHQGR
HQFXHQWDWDQWRHOIHHGEDFNFRPRXQDPSOLRFRQMXQWRGHHVWLPDFLRQHVPpWULFDV

(YRUHTXLHUHLJXDOTXHRWURV0$VDFWLYDSDUWLFLSDFLyQGHORVFOLHQWHV7RGRGHEHFXDQWLILFDUVHVH
GHVDOLHQWDQ ODV DSUHFLDFLRQHV FXDOLWDWLYDV R VXEMHWLYDV FRPR XVDEOH PDQWHQLEOH R
HUJRQyPLFR$GLIHUHQFLDGHRWURV0$VFRPR$JLOH0RGHOLQJGRQGHODPHWRGRORJtDHVSXQWLOORVD
SHUR GLVFXUVLYD HQ (YR KD\ XQD HVSHFLILFDFLyQ VHPiQWLFD \ XQD SUDJPiWLFD ULJXURVD
FRPSOHWDPHQWHDOHMDGDVGHOVHQWLGRFRP~QSHURFRQODIXQGDPHQWDFLyQTXHOHVSUHVWDGHULYDUVH
GHSUiFWLFDVSURGXFWLYDVVXILFLHQWHPHQWHSUREDGDV
8QLYHUVLGDGGHO&DXFD

/RVGLH]SULQFLSLRVIXQGDPHQWDOHVGH(YRVRQ

6H HQWUHJDUiQ WHPSUDQR \ FRQ IUHFXHQFLD UHVXOWDGRV YHUGDGHURV GH YDORU SDUD ORV
SDUWLFLSDQWHVUHDOHV
(OVLJXLHQWHSDVRGHHQWUHJDGH(YRVHUiHOTXHSURSRUFLRQHHOPD\RUYDORUSDUDHOSDUWLFLSDQWH
HQHVHPRPHQWR
/RVSDVRVGH(YRHQWUHJDQORVUHTXHULPLHQWRVHVSHFLILFDGRVGHPDQHUDHYROXWLYD
1R SRGHPRV VDEHU FXiOHV VRQ ORV UHTXHULPLHQWRV SRU DQWLFLSDGR SHUR SRGHPRV GHVFXEULUORV
PiVUiSLGDPHQWHLQWHQWDQGRSURSRUFLRQDUYDORUUHDODSDUWLFLSDQWHVUHDOHV
(YR HV LQJHQLHUtD GH VLVWHPDV KROtVWLFD WRGRV ORV DVSHFWRV QHFHVDULRV GHO VLVWHPD GHEHQ VHU
FRPSOHWRV\FRUUHFWRV\FRQHQWUHJDDXQDPELHQWHGHSDUWLFLSDQWHVUHDOHVQRHVVyORVREUH
SURJUDPDFLyQHVVREUHVDWLVIDFFLyQGHOFOLHQWH
/RV SUR\HFWRV GH (YR UHTXLHUHQ XQD DUTXLWHFWXUD DELHUWD SRUTXH KDEUHPRV GH FDPELDU ODV
LGHDV GHO SUR\HFWR WDQ D PHQXGR FRPR VH QHFHVLWH KDFHUOR SDUD HQWUHJDU UHDOPHQWH YDORU D
QXHVWURVSDUWLFLSDQWHV
(O HTXLSR GH SUR\HFWR GH (YR FRQFHQWUDUi VX HQHUJtD FRPR HTXLSR KDFLD HO p[LWR GHO SDVR
DFWXDO (Q HVWH SDVR WHQGUiQ p[LWR R IUDFDVDUiQ WRGRV MXQWRV 1R JDVWDUiQ HQHUJtDV HQ SDVRV
IXWXURVKDVWDTXHKD\DQGRPLQDGRORVSDVRVDFWXDOHVVDWLVIDFWRULDPHQWH
(YRWLHQHTXHYHUFRQDSUHQGL]DMHDSDUWLUGHODGXUDH[SHULHQFLDWDQUiSLGRFRPRVHSXHGD
TXp HV OR TXH YHUGDGHUDPHQWH IXQFLRQD TXp HV OR TXH UHDOPHQWH HQWUHJD YDORU (YR HV XQD
GLVFLSOLQDTXHQRVKDFHFRQIURQWDUQXHVWURVSUREOHPDVWHPSUDQDPHQWHSHURTXHQRVSHUPLWH
SURJUHVDUUiSLGRFXDQGRSUREDGDPHQWHORKHPRVKHFKRELHQ
(YRFRQGXFHDXQDHQWUHJDWHPSUDQDDWLHPSRWDQWRSRUTXHVHORKDSULRUL]DGRDVtGHVGHHO
LQLFLR\SRUTXHDSUHQGHPRVGHVGHHOSULQFLSLRDKDFHUODVFRVDVELHQ
(YR GHEHUtD SHUPLWLUQRV SRQHU D SUXHED QXHYRV SURFHVRV GH WUDEDMR \ GHVKDFHUQRV
WHPSUDQDPHQWHGHORVTXHIXQFLRQDQPDO

(OPRGHORGH(YRFRQVLVWHHQFLQFRHOHPHQWRVPD\RUHV

0HWDV 9DORUHV \ &RVWRV &XiQWR \ FXiQWRV UHFXUVRV /DV 0HWDV \ 9DORUHV GH ORV
3DUWLFLSDQWHV VH OODPDQ WDPELpQ VHJ~Q OD FXOWXUD REMHWLYRV PHWDV HVWUDWpJLFDV
UHTXHULPLHQWRVSURSyVLWRVILQHVDPELFLRQHVFXDOLGDGHVHLQWHQFLRQHV
6ROXFLRQHV%DQFRGHLGHDVVREUHODIRUPDGHDOFDQ]DU0HWDV\9DORUHVGHQWURGHOUDQJRGH
ORV&RVWRV
(VWLPDFLyQ GH ,PSDFWR 0DSHDU ODV 6ROXFLRQHV D 0HWDV \ &RVWRV SDUD DYHULJXDU VL VH
WLHQHQLGHDVDGHFXDGDVSDUDORJUDUODV0HWDVGHQWURGHORV&RVWRV
3ODQ (YROXWLYR ,QLFLDOPHQWH XQD LGHD JHQHUDO GH OD VHFXHQFLD D GHVDUUROODU \ HYROXFLRQDU
KDFLDODV0HWDV/RVGHWDOOHVQHFHVDULRVHYROXFLRQDQMXQWRFRQHOUHVWRGHOSODQDPHGLGDTXH
VHGHVDUUROODHOSURGXFWRVHUYLFLR
)XQFLRQHV'HVFULEHQTXpKDFHHOVLVWHPD6RQH[WUHPDGDPHQWHVHFXQGDULDVPiVGHORTXH
VHSLHQVD\GHEHQPDQWHQHUVHDOPtQLPR

$ GLIHUHQFLDGHORTXHHVHOFDVRHQ,(((GRQGHWRGRVFOLHQWHV\WpFQLFRVVRQ3DUWLFLSDQWHV
6WDNHKROGHUV HQ(YR VHOODPD3DUWLFLSDQWHVyORDOFOLHQWH&XDQGR VHLQLFLDHOFLFORSULPHUR VH
GHILQHQORV9DORUHV\ 0HWDVGHO3DUWLFLSDQWHHVWDHVXQDOLVWDWUDGLFLRQDOGHUHFXUVRVWDOHVFRPR
GLQHUR WLHPSR \ JHQWH 8QD YH] TXH VH FRPSUHQGH KDFLD GyQGH VH TXLHUH LU \ FXiQGR VH SRGUtD
OOHJDUDKtVHGHILQHQ6ROXFLRQHVSDUDORJUDUOR

8WLOL]DQGR XQD 7DEOD GH (VWLPDFLyQ GH ,PSDFWR VH UHDOL]D OD LQJHQLHUtD GH ODV 6ROXFLRQHV SDUD
VDWLVIDFHUySWLPDPHQWHODV0HWDV\9DORUHVGHORV3DUWLFLSDQWHV6HGHVDUUROODXQSODQSDVRDSDVR
OODPDGR (QWUHJD (YROXWLYD SDUD HQWUHJDU QR VROXFLRQHV VLQR PHMRUDV D GLFKDV 0HWDV \ 9DORUHV
,QLFLDOPHQWH ODV 6ROXFLRQHV \ HO 3ODQ GH (QWUHJD (YROXWLYD VH GHOLQHDQ D XQ DOWR QLYHO GH
DEVWUDFFLyQ 7RPDQGR LGHDV GH ODV 6ROXFLRQHV \ GHO 3ODQ VH GHWDOODQ GHVDUUROODQ YHULILFDQ \
HQWUHJDQ D ORV 3DUWLFLSDQWHV UHDOHV R D TXLpQ VH HQFXHQWUH WDQ FHUFD GH HOORV FRPR VH SXHGD
OOHJDU
8QLYHUVLGDGGHO&DXFD

$ PHGLGDTXHVHGHVHQYXHOYHHOSUR\HFWRVHREWLHQHIHHGEDFNHQWLHPSRUHDOVREUHODVPHMRUDV
TXH LPSOLFD OD (QWUHJD (YROXWLYD VREUH ODV 0HWDV \ 9DORUHV GHO 3DUWLFLSDQWH DVt FRPR VREUH HO
FRQVXPR GH 5HFXUVRV (VWD LQIRUPDFLyQ VH XVD SDUD HVWDEOHFHU TXp HV OR TXH HVWi ELHQ \OR TXH
QR FXiOHV VRQ ORV GHVDItRV \ TXp HV OR TXH QR VH VDEtD GHVGH XQ SULQFLSLR WDPELpQ VH DSUHQGH
VREUH ODV QXHYDV WHFQRORJtDV \ WpFQLFDV TXH QR HVWDEDQ GLVSRQLEOHV FXDQGR HO SUR\HFWR HPSH]y
6HDMXVWDOXHJRWRGRVHJ~QVHQHFHVLWHSHURVLQGHWDOODUODV6ROXFLRQHVRODV(QWUHJDV(YROXWLYDV
KDVWDTXHVHHVWpSUy[LPRDODHQWUHJD3RU~OWLPRYLHQHQODV)XQFLRQHV\6XE)XQFLRQHVGHODV
TXH VH UD]RQD WHQLHQGR HQ FXHQWD TXH HQ ULJRU HQ XQ QLYHO SXUR VRQ GH KHFKR 6ROXFLRQHV D
0HWDV

(O KLMR GH 7RP .DL *LOE KD VLGR FUtWLFR VREUH OD QHFHVLGDG GH FRPSUHQGHU ELHQ ODV PHWDV \ QR
PH]FODUODV FRQ RWUD FRVD %DMR HO QRPEUH GH UHTXHULPLHQWRV VH VXHOHQ PH]FODU VROXFLRQHV \
ILQDOLGDGHVVLQTXHQDGLHVHVLHQWDFXOSDEOH(Q(YRFDGDXQDGHODVFDWHJRUtDVKDVLGRREMHWRGH
XQ FXLGDGRVR DQiOLVLV VHPiQWLFR TXH EXVFD HVWDEOHFHU DGHPiV SRU TXp OD JHQWH VXHOH
FRPXQLFDUVHVREUHHO&yPRGHXQDVROXFLyQ\QRVREUH&XiQELHQ(QHVWHPDUFRHVDFODVHGH
GLVWLQFLRQHVGHPDVLDGRHVFUXSXORVDVSDUDGHWDOODUODVDTXtVXHOHVHUHVHQFLDO(QHVDOHFWXUDSRU
HMHPSOR XQD 0HWD HV XQ QLYHO GH &DOLGDG TXH VH KD GHFLGLGR DOFDQ]DU FRPR HQ LQJOpV KD\
FRQIXVLyQHQWUHFDOLGDG\FXDOLGDGTXHVHGHVLJQDQDPERVFRQODPLVPDSDODEUD*LOEOXHJRGLFH
TXH FDGD SURGXFWR WLHQH PXFKDV FXDOLGDGHV \ ODV FRQVLGHUD DWULEXWRV GHO VLVWHPD &XDQGR VH
GHVDUUROOD XQ VLVWHPD HQWRQFHV VH GHFLGH TXp QLYHOHV GH FDOLGDG GHVHDUtDPRV TXH WXYLHUD HO
VLVWHPD\VHODVOODPD0HWDV

,JXDOWUDWDPLHQWRVHFRQFHGHHQ(YRDODV)XQFLRQHV\6XE)XQFLRQHVTXHVHFRQFLEHQPiVELHQ
FRPR 6ROXFLRQHV SDUD 0HWDV GH ORV 3DUWLFLSDQWHV $XQTXH KD\ XQ SURFHVR ELHQ GHILQLGR SDUD
HVWDEOHFHUODV\WUDWDUFRQHOODVHQ(YRVHUHFRPLHQGDPDQWHQHUODVIXQFLRQHVDOPtQLPRSRUTXH
VH HVWLPD DGHPiV TXH XQD HVSHFLILFDFLyQ IXQFLRQDO HV XQD FRQFHSFLyQ REVROHWD /D GLIHUHQFLD
HQWUH XQ SURFHVDGRU GH WH[WR FRPR :RUG \ OD HVFULWXUD FRQ OiSL] \ SDSHO LOXVWUD *LOE QR HV
IXQFLRQDOHQDPERVFDVRVVHSXHGHKDFHUORPLVPRVyORTXHVHORKDFHGHGLVWLQWDPDQHUD

/R TXH HO 3DUWLFLSDQWH UHTXLHUH QR GHEH VHU LQWHUSUHWDGR FRPR OD DGTXLVLFLyQ GH QXHYD
IXQFLRQDOLGDGSRUHOFRQWUDULRHOGHVDVWUHGHODLQGXVWULDGHVRIWZDUHVHUD]RQDDTXtVHRULJLQD
HQ TXH KD GHSHQGLGR GHPDVLDGR GH OD IXQFLRQDOLGDG (Q (YR VLQ GXGD VH GHEH UD]RQDU GH RWUR
PRGR WRGR WLHQH TXH YHU FRQ ODV 0HWDV \ 9DORUHV GH ORV 3DUWLFLSDQWHV H[SUHVDGDV HQ WpUPLQRV
WDOHV TXH XQD 6ROXFLyQ R FRPR VH OD OODPD WDPELpQ 'LVHxR (VWUDWHJLD 7iFWLFD 3URFHVR
)XQFLRQDOLGDG $UTXLWHFWXUD \ 0pWRGR SXHGD GHILQLUVH FRPR XQ PHGLR SDUD XQ ILQ D WUDYpV GHO
FXDOVHOOHYHGHODVLWXDFLyQHQODTXHVHHVWiDRWUDVLWXDFLyQTXHVHGHVHD

8QDKHUUDPLHQWDGHVDUUROODGDILQDPHQWHHQ (YR HVODTXHVHOODPD+HUUDPLHQWD"FRQVLVWHHQ
SUHJXQWDU SRU TXp D FDGD PHWD R UHTXHULPLHQWR DSDUHQWH KDFLpQGROR DGHPiV LWHUDWLYDPHQWH
VREUHODVUHVSXHVWDVTXHVHYDQGDQGRDILQGHGHVOLQGDUHOUHTXLVLWRUHDOSRUGHWUiVGHODIDFKDGD
GHODFRQWHVWDFLyQLQLFLDO8QRVSRFRVHMHPSORVGHPXHVWUDQODLPSHQVDGDHILFDFLDGHXQSULQFLSLR
TXH D SULPHUD YLVWD SDUHFHUtD VHU FLUFXODU >*LOEE@ 7UDV SUHVHQWDU RWUDV KHUUDPLHQWDV GH
QRWDFLyQ \ GHWDOODU VXV XVRV OOHJD OD KRUD GH SRQHU HQ PDUFKD XQ UHFXUVR IXQGDPHQWDO GH (YR
TXH HV HO 3ODQJXDJH 6H WUDWD GH XQ OHQJXDMH HVWUXFWXUDGR GH HVSHFLILFDFLyQ TXH VLUYH SDUD
IRUPDOL]DUHOUHTXHULPLHQWR(OOHQJXDMHHVVLPSOHSHURULFRDVtFRPRVRQSHUVXDVLYDVODVSDXWDV
TXHRULHQWDQVXXVR(VWHHVXQHMHPSORVHQFLOORGHODHVSHFLILFDFLyQGHXQDPHWDGHVDWLVIDFFLyQ
GHOFOLHQWHHQ3ODQJXDJH

&86720(56$7,6)$&7,21
6&$/(HYDOXDFLyQSURPHGLRGHODVDWLVIDFFLyQGHXQFOLHQWHGHDVLHQGRODSHRU\OD
PHMRU
3$67>@
*2$/>@
8QLYHUVLGDGGHO&DXFD

3ODQJXDJHLQWHJUDWRGDVODVGLVFLSOLQDVGHVROXFLyQGHSUREOHPDV0HGLDQWHpO\XVDQGRHO0pWRGR
3ODQJXDJH3/VHSXHGHQVXMHWDUORVPHGLRVDORVILQHV(OPpWRGRFRQVLVWHHQXQOHQJXDMHSDUD
3ODQLILFDFLyQ \ XQ FRQMXQWR GH SURFHVRV GH WUDEDMR HO /HQJXDMH GH 3URFHVRV 3URSRUFLRQD XQ
FRQMXQWR ULFR GH IRUPDV GH H[SUHVDU SURSyVLWR UHVWULFFLRQHV HVWUDWHJLD GLVHxR ERQGDG
LQDGHFXDFLyQ ULHVJR ORJUR \ FUHGLELOLGDG 6H LQVSLUD DPSOLDPHQWH HQ HO FLFOR 3ODQHDU+DFHU
(VWXGLDU$FWXDU 3'6$ TXH :DOWHU 6KHZKDUW DSOLFDUD GHVGH \ VX GLVFtSXOR :DOWHU 'HPLQJ
LPSXVLHUDHQ-DSyQ

(Q >*LOEE@ 3ODQJXDJH HV HODERUDGR \ HQVHxDGR D PHGLGD TXH VH GHVFULEH HO GHVDUUROOR GH OD
PHWRGRORJtD(QODGHVFULSFLyQGHORVSDVRVGHXQDVROXFLyQ*LOEYDFXHVWLRQDQGRLGHDSRULGHDHO
FRQFHSWR WUDGLFLRQDO GH PpWRGR PRGHOR GLVHxR \ VROXFLyQ DVt FRPR ODV KHUUDPLHQWDV TXH VH
VXSRQHQLQHYLWDEOHPHQWHOLJDGDVDHOORV8QWUDWDPLHQWRFUtWLFRHMHPSODUPHUHFHSRUHMHPSORHO
PRGHOR HQ FDVFDGD FX\D LGHD VXE\DFHQWH GH IOXMR DWUDYLHVD LQFOXVR D ORV PRGHORV TXH FUHHQ
EDVDUVHHQXQDFRQFHSFLyQGLVWLQWD*LOEORLOXVWUDFRQXQDFDVRUHDO/RVLQJHQLHURVGH0LFURVRIW
QR XVDQ VX SURSLD KHUUDPLHQWD WLSR 3(57 >06 3URMHFW@ SRUTXH pVWDV VH EDVDQ HQ HO PRGHOR HQ
FDVFDGD QR SXHGHQ KDFHUOR SRUTXH HOORV WLHQHQ SUR\HFWRV UHDOHV FRQ GHVDItRV LQFyJQLWDV
UHTXHULPLHQWRV FDPELDQWHV QXHYDV WHFQRORJtDV FRPSHWLGRUHV HWFpWHUD (OORV XVDQ PpWRGRV TXH
SURSRUFLRQDQIHHGEDFN\DFHSWDQFDPELRV

(VHQFLDO HQ HO WUDWDPLHQWR PHWRGROyJLFR GH (YR HV OD FRQFHSFLyQ TXH OLJD OD HYROXFLyQ FRQ HO
DSUHQGL]DMH OR TXH SRU RWUD SDUWH HV FRQVLVWHQWH FRQ ODV PRGHUQDV WHRUtDV HYROXWLYDV GH -RKQ
+ROODQG >+RO@ \ FRQ ODV WHRUtDV TXH ULJHQ ORV VLVWHPDV DGDSWDWLYRV FRPSOHMRV /RV FLFORV GH
DSUHQGL]DMH GH (YR VRQ H[DFWDPHQWH OR PLVPR TXH HO FLFOR 3ODQHDU+DFHU(VWXGLDU$FWXDU /RV
SULQFLSLRVTXHRULHQWDQODLGHDGHOD(QWUHJD(YROXWLYDGHO3UR\HFWRVRQ
&RQFHSWRVGHO0pWRGR3ODQJXDJHEDVDGRHQ>*LOED@
$SUHQGL]DMH/D(QWUHJD(YROXWLYDHVXQFLFORGHDSUHQGL]DMH6HDSUHQGHGHODUHDOLGDG\OD
H[SHULHQFLDVHDSUHQGHORTXHIXQFLRQD\ORTXHQR
7HPSUDQR$SUHQGHUORVXILFLHQWHSDUDFDPELDUORTXHKDJDIDOWDDQWHVTXHVHDWDUGH
3HTXHxR3HTXHxRVSDVRVDFDUUHDQSHTXHxRVULHVJRV0DQWHQLHQGRHOFLFORGHHQWUHJDEUHYH
HVSRFRORTXHVHSLHUGHFXDQGRDOJRDQGDPDO
0iV VLPSOH /R FRPSOHMR VH KDFH PiV VLPSOH \ PiV IiFLO GH PDQHMDU FXDQGR VH OR
GHVFRPSRQHHQSHTXHxDVSDUWHV

(OFDUiFWHUGHDSUHQGL]DMHTXHWLHQHHOPRGHORGHFLFORVHVHYLGHQWHHQHOHMHPSOR

3ODQD+DFHUXQSODQGHDOWRQLYHO
3ODQE'HVFRPSRQHUHVHSODQHQLQFUHPHQWRV6HOHFFLRQDUXQLQFUHPHQWRDUHDOL]DUSULPHUR
+DFHU +DFHU HO SULPHU LQFUHPHQWR (QWUHJDUOR D ORV 3DUWLFLSDQWHV HQ XQ EUHYH SHUtRGR GH
WLHPSR
(VWXGLR 0HGLDU \ HVWXGLDU FXiQ ELHQ VH FRPSRUWy HO LQFUHPHQWR FRPSDUiQGROR FRQ ODV
H[SHFWDWLYDV\DSUHQGLHQGRGHODH[SHULHQFLD
$FWXDU %DVDGR HQ OR TXH VH DSUHQGLy PDQWHQHU HOLQFUHPHQWR R GHVHFKDUOR R LQWURGXFLU ORV
FDPELRVQHFHVDULRV

8QLYHUVLGDGGHO&DXFD

2WURPDUFRTXHKDHVWDEOHFLGRODDQDORJtDHQWUHHYROXFLyQRDGDSWDFLyQ\DSUHQGL]DMHHVFRPR

VHYHUiHO$GDSWLYH6RIWZDUH'HYHORSPHQWGH-LP+LJKVPLWK

/D HYDOXDFLyQ TXH VH UHDOL]D HQ HO HVWXGLR GHEH DSR\DUVH HQ XQD KHUUDPLHQWD REMHWLYD GH
LQVSHFFLyQRFRQWUROGHFDOLGDGXQWHPDPX\DPSOLRGHLQJHQLHUtDGHVRIWZDUH(YRLPSOHPHQWD
SDUD HOOR 6SHFLILFDWLRQ 4XDOLW\ &RQWURO 64& XQ PpWRGR SUREDGR GXUDQWH GpFDGDV FDSD] GH
GHVFXEULUIDOODVTXHRWURVPpWRGRVSDVDQSRUDOWR6HHVWLPDTXH64&SXHGHFDSWDUHOGHODV
IDOODV \ UHGXFLU WLHPSRV GH SUR\HFWR HQ XQ HO XVR GH 64& DVt FRPR VX UHQGLPLHQWR HVWi
GRFXPHQWDGR HQ GRFHQDV GH SUR\HFWRV GH PLVLyQ FUtWLFD 6L ELHQ 64& FRPR OHQJXDMH GH
HVSHFLILFDFLyQ HV FRPSOHMR FRPR VH WUDWD GH XQ HVWiQGDU GH LQGXVWULD H[LVWHQ KHUUDPLHQWDV
DXWRPDWL]DGDV GH DOWR QLYHO FRPR 64& IRU ([FHO70 XQ DGGLQ GHVDUUROODGR SRU %D5D1 6\VWHPV
HO
VKDUHZDUH
KWWSZZZEDUDQV\VWHPVFRP1HZ3URGXFWV64&B)RUB([FHOLQGH[KWP
3UHPLXP 64& IRU ([FHO 63& IRU 06 ([FHO GH %XVLQHVV 3URFHVV ,PSURYHPHQW %3, \ RWURV
SURGXFWRVVLPLODUHV

7RP*LOEGLVWLQJXHFODUDPHQWHHQWUHORV3DVRVGHOD(QWUHJD(YROXWLYD\ODVLWHUDFLRQHVSURSLDVGH
ORV PRGHORV LWHUDWLYRV WUDGLFLRQDOHV R GH DOJ~Q PpWRGR iJLO FRPR 583 /DV LWHUDFLRQHV VLJXHQ XQ
PRGHORGHIOXMRWLHQHQXQGLVHxRSUHVWDEOHFLGR\VRQXQDVHFXHQFLDGHFRQVWUXFFLRQHVGHILQLGDV
GHVGHHOSULQFLSLRORVSDVRVHYROXWLYRVVHGHILQHQSULPHURGHXQDPDQHUDJHQpULFD\OXHJRVHYDQ
UHILQDQGR HQ FDGD FLFOR DGRSWDQGR XQ FDUiFWHU FDGD YH] PiV IRUPDO /DV LWHUDFLRQHV QR VH
UHDOL]DQ VyOR SDUD FRUUHJLU ORV HUURUHV GH FyGLJR PHGLDQWH UHILQDPLHQWR FRQYHQFLRQDO VLQR HQ
IXQFLyQGHODDSOLFDFLyQGH64&XRWUDVKHUUDPLHQWDVFRQFDSDFLGDGHVPpWULFDV
0RGHORGHHQWUHJDHYROXWLYD

(Q SUR\HFWRV HYROXWLYRV ODV 0HWDV VH GHVDUUROODQ WUDWDQGR GH FRPSUHQGHU GH TXLpQHV YLHQHQ
3DUWLFLSDQWHVTXpHVORTXHVRQPHGLRV\ILQHV\FyPRH[SUHVDUODVFXDQWLILFDEOHVPHGLEOHV\
YHULILFDEOHV 6H SURFXUD SDVDU HO PHQRU WLHPSR SRVLEOH HQ WDUHDV GH GRFXPHQWDFLyQ (Q ODV
IRUPDV PiV VLPSOHV \ UHODMDGDV GH (QWUHJD (YROXWLYD D YHFHV OODPDGD (QWUHJD ,QFUHPHQWDO
OLEHUDUSDUWHGHXQDVROXFLyQHVXQ3DVRGH(QWUHJD(YROXWLYD

(QOD(QWUHJD(YROXWLYDPiVSXUD\PiVULFDVyORODVPHMRUDVHQODV0HWDVGHORV3DUWLFLSDQWHVVH
FRQVLGHUDQ XQ 3DVR GH (QWUHJD (YROXWLYD +D\ TXH GLVWLQJXLU ELHQ DVLPLVPR HQWUH ORV 0HGLRV \
ORV)LQHVSRUXQODGR\ODV0HWDV\ODV6ROXFLRQHVSRUHORWUR/DV0HWDVGHEHQVHSDUDUVHGHODV
6ROXFLRQHVODV0HWDVGHEHQVHUVDJUDGDV\GHEHQDOFDQ]DUVHSRUFXDOTXLHUPHGLRODV6ROXFLRQHV
VRQ VyOR SRVLEOHV FRQWLQJHQWHV VRQ FDEDOORV GH WUDEDMR \ GHEHQ FDPELDUVH FXDQGR VH FRQVLJXH
XQFDEDOORPHMRU
8QLYHUVLGDGGHO&DXFD

(YR LQFOX\H DO ODGR GH 3ODQJXDJH OLQHDPLHQWRV GH PpWULFD WRGR HV FXDQWLILFDEOH HQ pO
SURFHGLPLHQWRV IRUPDOHV \ RULHQWDFLRQHV SDUD GHVFRPSRQHU SURFHVRV JUDQGHV HQ SDVRV SROtWLFDV
GHSODQHDPLHQWR\XQFRQMXQWRGHSODQWLOODV\WDEODVGH(VWLPDFLyQGH,PSDFWR

$ GLIHUHQFLDGHRWUDV0$VTXHVRQPiVH[SHULPHQWDOHV\TXHQRWLHQHQPXFKRUHVSDOGRGHFDVRV
VLVWHPiWLFDPHQWHGRFXPHQWDGRV(YRHVXQDPHWRGRORJtDSUREDGDGHVGHKDFHPXFKRWLHPSRHQ
QXPHURVRVFOLHQWHVFRUSRUDWLYRVOD1$6$/RFNKHHG0DUWLQ+HZOHWW3DFNDUG'RXJODV$LUFUDIWOD
0DULQD EULWiQLFD (O HVWiQGDU 0,/67' GHO 'HSDUWDPHQWR GH 'HIHQVD \ VX FRUUHVSRQGLHQWH
HVWiQGDU FLYLO ,((( GRF KRPRORJDQ HO XVR GHO PRGHOR GH HQWUHJD HYROXWLYD 6yOR '6'0 \
583KDQORJUDGRXQUHFRQRFLPLHQWRFRPSDUDEOH

7RP*LOEFRQVLGHUDTXHODVPHWRGRORJtDVGH0LFURVRIWUHYHODGDVHQHOEHVWVHOOHU0LFURVRIW6HFUHWV
GH0LFKDHO&XVXPDQR\5LFKDUG6HOE\>&6D@FRQVXFLFORGHFRQVWUXFFLyQFRWLGLDQRDODVGHOD
WDUGH \ GHPiV SUiFWLFDV RUJDQL]DFLRQDOHV GHPXHVWUD OD YLJHQFLD GH XQ PpWRGR HYROXWLYR 7RGRV
ORVHMHPSORVGHPpWRGRVHYROXWLYRVGHXQRGHORVOLEURVPD\RUHVGH*LOE>*LOE@VHLOXVWUDQFRQ
HMHPSORVGHSUiFWLFDVGH0LFURVRIW(Q(YRQRKD\SRU~OWLPRQLODVRPEUDGHOFDUiFWHUO~GLFR\
ODSLQWXUDGHEURFKDJRUGDTXHVHHQFXHQWUDQFRQIUHFXHQFLDHQ6FUXPRHQ;36HWUDWDSRUHO
FRQWUDULR GH XQD PHWRGRORJtD TXH LPSUHVLRQD SRU OD SUHFLVLyQ UHOHYDQFLD H LPDJLQDFLyQ GH VXV
IXQGDPHQWDFLRQHV
8QLYHUVLGDGGHO&DXFD

&U\VWDO0HWKRGV
/DV PHWRGRORJtDV &U\VWDO IXHURQ FUHDGDV SRU HO DQWURSyORJR GH SUR\HFWRV $OLVWDLU &RFNEXUQ HO
DXWRU TXH KD HVFULWR ORV TXH WDO YH] VHDQ ORV WH[WRV PiV XWLOL]DGRV LQIOX\HQWHV \ UHFRPHQGDEOHV
VREUHFDVRVGHXVR:ULWLQJHIIHFWLYH8VH&DVHV&RFNEXUQTXLHQVLHPSUHLQVLVWHTXHVXDSHOOLGR
GHEH SURQXQFLDUVH &REXUQ D OD PDQHUD HVFRFHVD HVFULEH TXH PXFKD JHQWH SLHQVD TXH HO
GHVDUUROORGHVRIWZDUHHVXQDDFWLYLGDGGHLQJHQLHUtD(VDFRPSDUDFLyQSLHQVDHVGHKHFKRPiV
SHUQLFLRVDTXH~WLO\QRVOOHYDHQXQDGLUHFFLyQHTXLYRFDGD

&RPSDUDU HO VRIWZDUH FRQ OD LQJHQLHUtD QRV FRQGXFH D SUHJXQWDUQRV VREUH HVSHFLILFDFLRQHV \
PRGHORV GHO VRIWZDUH VREUH VX FRPSOHWLWXG FRUUHFFLyQ \ YLJHQFLD (VDV SUHJXQWDV VRQ
LQFRQGXFHQWHV SRUTXH FXDQGR SDVD FLHUWR WLHPSR QR QRV LQWHUHVD TXH ORV PRGHORV VHDQ
FRPSOHWRV TXH FRLQFLGDQ FRQ HO PXQGR UHDO VHD HOOR OR TXH IXHUH R TXH HVWpQ DO GtD FRQ OD
YHUVLyQ DFWXDO GHO OHQJXDMH ,QWHQWDU TXH DVt VHD HV XQD SpUGLGD GH WLHPSR (Q FRQWUD GH HVD
YLVLyQ LQJHQLHULO D OD PDQHUD GH XQ %HUWUDQG 0H\HU &RFNEXUQ KD DOWHUQDGR GLYHUVDV YLVLRQHV
GHVSUHRFXSDGDPHQWH FRQWUDGLFWRULDV TXH DOWHUQDWLYDPHQWH OR FRQGXMHURQ D DGRSWDU ;3 HQ HO
VHQWLGR PiV UDGLFDO D VLQHUJL]DUVH FRQ '6'0 R /6' D FRQFHELU HO GHVDUUROOR GH VRIWZDUH FRPR
XQDIRUPDFRPXQLWDULDGHSRHVtDRDHODERUDUVXSURSLDIDPLOLDGH0HWRGRORJtDV&U\VWDO
)DPLOLDGH&U\VWDO0HWKRGV>&U\VWDOPHWKRGRORJLHVRUJ@

/D IDPLOLD &U\VWDO GLVSRQH XQ FyGLJR GH FRORU SDUD PDUFDU OD FRPSOHMLGDG GH XQD PHWRGRORJtD
FXDQWRPiVRVFXURXQFRORUPiVSHVDGRHVHOPpWRGR&XDQWRPiVFUtWLFRHVXQVLVWHPDPiV
ULJRUVHUHTXLHUH(OFyGLJRFURPiWLFRVHDSOLFDDXQDIRUPDWDEXODUHODERUDGDSRU&RFNEXUQTXH
VHXVDHQPXFKRV0$VSDUDVLWXDUHOUDQJRGHFRPSOHMLGDGDOFXDOVHDSOLFDXQDPHWRGRORJtD(Q
ODILJXUDVHPXHVWUDXQDHYDOXDFLyQGHODVSpUGLGDVTXHSXHGHRFDVLRQDUODIDOODGHXQVLVWHPD\
HOPpWRGRUHTXHULGRVHJ~QHVWHFULWHULR/RVSDUiPHWURVVRQ&RPRGLGDG&'LQHUR'LVFUHFLRQDO
' 'LQHUR (VHQFLDO ( \ 9LGDV / (Q RWUDV SDODEUDV OD FDtGD GH XQ VLVWHPD TXH RFDVLRQH
LQFRPRGLGDGHVLQGLFDTXHVXQLYHOGHFULWLFDOLGDGHV&PLHQWUDVTXHVLFDXVDSpUGLGDVGHYLGDVVX
QLYHOHV//RVQ~PHURVGHOFXDGURLQGLFDQHOQ~PHURGHSHUVRQDVDIHFWDGDVDXQSUR\HFWR

/RVPpWRGRVVHOODPDQ&U\VWDOHYRFDQGRODVIDFHWDVGHXQDJHPDFDGDIDFHWDHVRWUDYHUVLyQGHO
SURFHVR \WRGDV VH VLW~DQHQWRUQRDXQQ~FOHRLGpQWLFR+D\ FXDWURYDULDQWHVGHPHWRGRORJtDV
&U\VWDO&OHDU&ODURFRPRHOFULVWDOSDUDHTXLSRVGHRPHQRVLQWHJUDQWHV$PDULOORSDUDD
1DUDQMDSDUDD5RMRSDUDD6HSURPHWHVHJXLUFRQ0DUUyQ$]XO\9LROHWD/D
8QLYHUVLGDGGHO&DXFD

PiV H[KDXVWLYDPHQWH GRFXPHQWDGD HV &U\VWDO &OHDU && \ HV OD TXH VH KD GH GHVFULELU D
FRQWLQXDFLyQ && SXHGH VHU XVDGR HQ SUR\HFWRV SHTXHxRV GH FDWHJRUtD ' DXQTXH FRQ DOJXQD
H[WHQVLyQ VH DSOLFD WDPELpQ D QLYHOHV ( D ' (O RWUR PpWRGR HODERUDGR HQ SURIXQGLGDG HV HO
1DUDQMD DSWR SDUD SUR\HFWRV GH GXUDFLyQ HVWLPDGD HQ DxRV GHVFULSWR HQ 6XUYLYLQJ 2EMHFW
2ULHQWHG3URMHFWV>&RFE@/RVRWURVGRVD~QVHHVWiQGHVDUUROODQGR&RPRFDVLWRGRVORVRWURV
PpWRGRV&&FRQVLVWHHQYDORUHVWpFQLFDV\SURFHVRV

/RVVLHWHYDORUHVRSURSLHGDGHVGH&&VRQ

(QWUHJDIUHFXHQWH&RQVLVWHHQHQWUHJDUVRIWZDUHDORVFOLHQWHVFRQIUHFXHQFLDQRVRODPHQWH
HQFRPSLODUHOFyGLJR/DIUHFXHQFLDGHSHQGHUiGHOSUR\HFWRSHURSXHGHVHUGLDULDVHPDQDO
PHQVXDORORTXHIXHUH/DHQWUHJDSXHGHKDFHUVHVLQGHVSOLHJXHVLHVTXHVHFRQVLJXHDOJ~Q
XVXDULRFRUWpVRFXULRVRTXHVXPLQLVWUHIHHGEDFN
&RPXQLFDFLyQ RVPyWLFD 7RGRV MXQWRV HQ HO PLVPR FXDUWR 8QD YDULDQWH HVSHFLDO HV
GLVSRQHUHQODVDODGHXQGLVHxDGRUVHQLRUHVRVHOODPD([SHUWRDO$OFDQFHGHOD2UHMD8QD
UHXQLyQ VHSDUDGD SDUD TXH ORV FRQFXUUHQWHV VH FRQFHQWUHQ PHMRU HV GHVFULSWD FRPR (O &RQR
GHO6LOHQFLR
0HMRUD UHIOH[LYD 7RPDUVH XQ SHTXHxR WLHPSR XQDV SRFDV KRUDV FDGD DOJXQDV VHPDQDV R
XQDYH]DOPHVSDUDSHQVDUELHQTXpVHHVWiKDFLHQGRFRWHMDUQRWDVUHIOH[LRQDUGLVFXWLU
6HJXULGDGSHUVRQDO+DEODUFXDQGRDOJRPROHVWDGHFLUOHDPLJDEOHPHQWHDOPDQDJHUTXHOD
DJHQGD QR HV UHDOLVWD R D XQ FROHJD TXH VX FyGLJR QHFHVLWD PHMRUDUVH R TXH VHUtD
FRQYHQLHQWHTXHVHEDxDVHPiVVHJXLGR(VWRHVLPSRUWDQWHSRUTXHHOHTXLSRSXHGHGHVFXEULU
\ UHSDUDU VXV GHELOLGDGHV 1R HV SURYHFKRVR HQFXEULU ORV GHVDFXHUGRV FRQ JHQWLOH]D \
FRQFLOLDFLyQ 7pFQLFDPHQWH HVWDV FXHVWLRQHV VH KDQ FDUDFWHUL]DGR FRPR XQD LPSRUWDQWH
YDULDEOHGHFRQILDQ]D\KDQVLGRHVWXGLDGDVFRQVHULHGDGHQODOLWHUDWXUD
)RFR 6DEHU OR TXH VH HVWi KDFLHQGR \ WHQHU OD WUDQTXLOLGDG \ HO WLHPSR SDUD KDFHUOR /R
SULPHUR GHEH YHQLU GH OD FRPXQLFDFLyQ VREUH GLUHFFLyQ \ SULRULGDGHV WtSLFDPHQWH FRQ HO
3DWURFLQDGRU (MHFXWLYR /R VHJXQGR GH XQ DPELHQWH HQ TXH OD JHQWH QR VH YHD FRPSHOLGD D
KDFHURWUDVFRVDVLQFRPSDWLEOHV
)iFLO DFFHVR D XVXDULRV H[SHUWRV 8QD FRPXQLFDFLyQ GH .HLO D OD $&0 GHPRVWUy KDFH
WLHPSRVREUHXQDDPSOLDPXHVWUDHVWDGtVWLFDODLPSRUWDQFLDGHOFRQWDFWRGLUHFWRFRQH[SHUWRV
HQHOGHVDUUROORGHXQSUR\HFWR1RKD\XQGRJPDGHYLGDRPXHUWHVREUHHVWRFRPRVtORKD\
HQ;38QHQFXHQWURVHPDQDORVHPLVHPDQDOFRQOODPDGRVWHOHIyQLFRVDGLFLRQDOHVSDUHFHVHU
XQD EXHQD SDXWD 2WUD YDULDQWH HV TXH ORV SURJUDPDGRUHV VH HQWUHQHQ SDUD VHU XVXDULRV
GXUDQWH XQ WLHPSR (O HTXLSR GH GHVDUUROOR GH WRGDV PDQHUDV LQFOX\H XQ ([SHUWR HQ
1HJRFLRV
$PELHQWH WpFQLFR FRQ SUXHED DXWRPDWL]DGD PDQDJHPHQW GH FRQILJXUDFLyQ H
LQWHJUDFLyQIUHFXHQWH0LFURVRIWHVWDEOHFLyODLGHDGHORVEXLOGVFRWLGLDQRV\QRHVXQDPDOD
SUiFWLFD0XFKRVHTXLSRViJLOHVFRPSLODQHLQWHJUDQYDULDVYHFHVDOGtD

&U\VWDO&OHDUQRUHTXLHUHQLQJXQDHVWUDWHJLDRWpFQLFDSHURFRQYLHQHWHQHUXQDVFXDQWDVDPDQR
SDUDHPSH]DU/DVHVWUDWHJLDVGRFXPHQWDGDVIDYRULWDVFRPXQHVDRWURV0$VVRQ

([SORUDFLyQGH9HULILFDURWRPDUXQDPXHVWUDGHOYDORUGHQHJRFLRVGHOSUR\HFWRORV
UHTXHULPLHQWRV HO PRGHOR GH GRPLQLR OD WHFQRORJtD HO SODQ GHO SUR\HFWR \ HO SURFHVR /D
H[SORUDFLyQHVSUHOLPLQDUDOGHVDUUROOR\HTXLYDOHDOSHUtRGRGHLQFHSFLyQGH5830LHQWUDVHQ
583 HVWR SXHGH GHPDQGDU DOJXQDV VHPDQDV R PHVHV HQ &U\VWDO &OHDU GHEH LQVXPLU XQRV
SRFRVGtDVFRPRPXFKRGRVVHPDQDV VLVH UHTXLHUHXVDUXQDWHFQRORJtDQXHYDRLQXVXDO(O
PXHVWUHR GH YDORU GH QHJRFLRV VH SXHGH KDFHU YHUEDOPHQWH FRQ FDVRV GH XVR X RWURV
PHFDQLVPRV GH OLVWDV SHUR GHEH UHVXOWDU HQ XQD OLVWD GH ORV FDVRV GH XVR HVHQFLDOHV GHO
VLVWHPD5HVSHFWRGHODWHFQRORJtDFRQYLHQHFRUUHUXQRVSRFRVH[SHULPHQWRVHQEDVHDORTXH
&XQQLQJKDP\%HFNKDQOODPDGR6SLNHVKWWSFFRPFJLZLNL"6SLNH6ROXWLRQ

9LFWRULD WHPSUDQD (V PHMRU EXVFDU SHTXHxRV WULXQIRV LQLFLDOHV TXH DVSLUDU D XQD JUDQ
YLFWRULDWDUGtD/DIXQGDPHQWDFLyQGHHVWDHVWUDWHJLDSURYLHQHGHDOJXQRVHVWXGLRVVRFLROyJLFRV
8QLYHUVLGDGGHO&DXFD

HVSHFtILFRV 8VXDOPHQWH OD SULPHUD YLFWRULD WHPSUDQD FRQVLVWH HQ OD FRQVWUXFFLyQ GH XQ
(VTXHOHWR$PEXODQWH&RQYLHQHQRXWLOL]DUODWpFQLFDGHORSHRUSULPHURGH;3SRUTXHSXHGH
EDMDUODPRUDO/DSUHIHUHQFLDGH&RFNEXUQHVORPiVIiFLOSULPHURORPiVGLItFLOVHJXQGR

(VTXHOHWRDPEXODQWH(VXQDWUDQVDFFLyQTXHGHEHVHUVLPSOHSHURFRPSOHWD3RGUtDVHUXQD
UXWLQD GH FRQVXOWD \ DFWXDOL]DFLyQ HQ XQ VLVWHPD FOLHQWHVHUYLGRU R OD HMHFXFLyQ GH XQD
WUDQVDFFLyQ HQ XQ VLVWHPD WUDQVDFFLRQDO GH QHJRFLRV 8Q (VTXHOHWR $PEXODQWH QR VXHOH VHU
UREXVWR VyOR FDPLQD \ FDUHFH GH OD FDUQH GH OD IXQFLRQDOLGDG GH OD DSOLFDFLyQ UHDO TXH VH
DJUHJDUi LQFUHPHQWDOPHQWH (V GLIHUHQWH GH XQ 6SLNH SRUTXH pVWH HV OD PiV SHTXHxD
LPSOHPHQWDFLyQTXHGHPXHVWUDXQp[LWRWpFQLFRSODXVLEOH\GHVSXpVVHWLUDSRUTXHSXHGHVHU
GHVSUROLMR \ SHOLJURVR XQ 6SLNH VyOR VH XVD SDUD VDEHU VL VH HVWi HQ OD GLUHFFLyQ FRUUHFWD (O
(VTXHOHWR GHEH SURGXFLUVH FRQ EXHQRV KiELWRV GH SURGXFFLyQ \ SUXHEDV GH UHJUHVLyQ \ HVWi
GHVWLQDGRDFUHFHUFRQHOVLVWHPD

5HDUTXLWHFWXUD LQFUHPHQWDO 6H KD GHPRVWUDGR TXH QR HV FRQYHQLHQWH LQWHUUXPSLU HO
GHVDUUROORSDUD FRUUHJLUODDUTXLWHFWXUD0iVELHQODDUTXLWHFWXUDGHEHHYROXFLRQDUHQ HWDSDV
PDQWHQLHQGRHOVLVWHPDHQHMHFXFLyQPLHQWUDVHOODVHPRGLILFD

5DGLDGRUHV GH LQIRUPDFLyQ (V XQD OiPLQD SHJDGD HQ DOJ~Q OXJDU TXH HO HTXLSR SXHGD
REVHUYDU PLHQWUDV WUDEDMD R FDPLQD 7LHQH TXH VHU FRPSUHQVLEOH SDUD HO REVHUYDGRU FDVXDO
HQWHQGLGD GH XQ YLVWD]R \ UHQRYDGD SHULyGLFDPHQWH SDUD TXH YDOJD OD SHQD YLVLWDUOD 3XHGH
HVWDU HQ XQD SiJLQD :HE SHUR HV PHMRU VL HVWi HQ XQD SDUHG SRUTXH HQ XQD PiTXLQD VH
DFXPXODQ WDQWDV FRVDV TXH QLQJXQD OODPD OD DWHQFLyQ 3RGUtD PRVWUDU HO FRQMXQWR GH OD
LWHUDFLyQ DFWXDO HO Q~PHUR GH SUXHEDV SDVDGDV R SHQGLHQWHV HO Q~PHUR GH FDVRV GH XVR R
KLVWRULDVHQWUHJDGR HOHVWDGRGHORVVHUYLGRUHVORVUHVXOWDGRVGHO~OWLPR7DOOHUGH5HIOH[LyQ
8QD YDULDQWH FUHDWLYD HV XQ VLVWHPD GH VHPiIRURV LPSOHPHQWDGR SRU )UHHPDQ %HQVRQ \
%RUQLQJ

(QFXDQWRDODVWpFQLFDVVHIDYRUHFHQ

(QWUHYLVWDVGHSUR\HFWRV6HVXHOHHQWUHYLVWDUDPiVGHXQUHVSRQVDEOHSDUDWHQHUYLVLRQHV
PiV ULFDV &RFNEXUQ KD HODERUDGR XQD ~WLO SODQWLOOD GH GRV SiJLQDV FRQ HQWUHYLVWDV TXH
SUREyVHU~WLOHQGLYHUVRVSUR\HFWRV/DLGHDHVDYHULJXDUODVSULRULGDGHVREWHQHUXQDOLVWD
GH UDVJRV GHVHDGRV VDEHU FXiOHV VRQ ORV UHTXHULPLHQWRV PiV FUtWLFRV \ FXiOHV ORV PiV
QHJRFLDEOHV6LVHWUDWDGHXQDDFWXDOL]DFLyQRFRUUHFFLyQVDEHUFXiOHVVRQODVFRVDVTXH
VHKLFLHURQELHQ\PHUHFHQSUHVHUYDUVH\ORVHUURUHVTXHQRVHTXLHUHQUHSHWLU

7DOOHUHVGHUHIOH[LyQ(OHTXLSRGHEHGHWHQHUVHPLQXWRVRKRUDSDUDUHIOH[LRQDUVREUH
VXV FRQYHQFLRQHV GH WUDEDMR GLVFXWLU LQFRQYHQLHQWHV \ PHMRUDV \ SODQHDU HO SHUtRGR
VLJXLHQWH'HDTXtSXHGHVDOLUPDWHULDOSDUDSRQHUFRPR5DGLDGRUGH,QIRUPDFLyQ

3ODQHDPLHQWR%OLW]8QDWpFQLFDSXHGHVHUHO-XHJRGH3ODQHDPLHQWRGH;3(QHVWHMXHJR
VHSRQHQWDUMHWDVLQGH[DGDVHQXQDPHVDFRQXQDKLVWRULDGHXVXDULRRIXQFLyQYLVLEOHHQ
FDGD XQD (O JUXSR ILQJH TXH QR KD\ GHSHQGHQFLDV HQWUH WDUMHWDV \ ODV DOLQHD HQ
VHFXHQFLDVGHGHVDUUROORSUHIHULGDV/RVSURJUDPDGRUHVHVFULEHQHQFDGDWDUMHWDHOWLHPSR
HVWLPDGRSDUDGHVDUUROODUFDGDIXQFLyQ(OSDWURFLQDGRURHPEDMDGRUGHOXVXDULRHVFULEHOD
VHFXHQFLDGHSULRULGDGHVWHQLHQGRHQFXHQWDORVWLHPSRVUHIHULGRV\HOYDORUGHQHJRFLRGH
FDGD IXQFLyQ /DV WDUMHWDV VH DJUXSDQ HQ SHUtRGRV GH WUHV VHPDQDV OODPDGRV LWHUDFLRQHV
TXHVHDJUXSDQHQHQWUHJDVUHOHDVHVXVXDOPHQWHQRPiVODUJDVGHWUHVPHVHV3XHGHQ
XVDUVH WDUMHWDV &5& /DV GLIHUHQFLDV HQWUH OD YHUVLyQ GH &RFNEXUQ \ HO MXHJR GH ;3 VRQ
YDULDV HQ ;3 ODV WDUMHWDV WLHQHQ KLVWRULDV HQ && OLVWDV GH WDUHDV HO MXHJR GH ;3 DVXPH
TXHQRKD\GHSHQGHQFLDVHOGH&&TXHVtODVKD\HQ;3KD\LWHUDFLRQHVGHGXUDFLyQILMD
HQ&&QRSUHVXSRQHQDGDVREUHODORQJLWXGGHODLWHUDFLyQ
8QLYHUVLGDGGHO&DXFD

(VWLPDFLyQ'HOSKLFRQHVWLPDFLRQHVGHSHULFLD/DWpFQLFDVHOODPDDVtSRUDQDORJtDFRQHO
RUiFXOR GH 'HOIRV VH OD GHVFULELy SRU SULPHUD YH] HQ HO FOiVLFR 6XUYLYLQJ 2EMHFW2ULHQWHG
3URMHFWV GH &RFNEXUQ UHSXWDGR FRPR XQR GH ORV PHMRUHV OLEURV VREUH HO SDUDGLJPD GH
REMHWRV(QHOSURFHVR'HOSKLVHUH~QHQORVH[SHUWRVUHVSRQVDEOHV\SURFHGHQFRPRHQXQ
UHPDWH SDUD SURSRQHU HO WDPDxR GHO VLVWHPD VX WLHPSR GH HMHFXFLyQ OD IHFKD GH ODV
HQWUHJDV VHJ~Q GHSHQGHQFLDV WpFQLFDV \ GH QHJRFLRV \ SDUD HTXLOLEUDU ODV HQWUHJDV HQ
SDTXHWHVGHLJXDOWDPDxR
(QFXHQWURV GLDULRV GH SLH /D SDODEUD FODYH HV EUHYHGDG FLQFR D GLH] PLQXWRV FRPR
Pi[LPR 1R VH WUDWD GH GLVFXWLU SUREOHPDV VLQR GH LGHQWLILFDUORV /RV SUREOHPDV VyOR VH
GLVFXWHQ HQ RWURV HQFXHQWURV SRVWHULRUHV FRQ OD JHQWH TXH WLHQH TXH YHU HQ HOORV /D
WpFQLFD VH RULJLQD HQ 6FUXP 6H GHEHQ KDFHU GH SLH SDUD TXH OD JHQWH QR HVFULED HQ VXV
QRWHERRNVJDUDEDWHHSDSHOHVRVHTXHGHGRUPLGD
0LQLDWXUDGHSURFHVRV/D+RUD([WUHPDIXHLQYHQWDGDSRU3HWHU0HUHOSDUDLQWURGXFLUD
OD JHQWH HQ ;3 HQ PLQXWRV KWWSFFRPFJLZLNL"([WUHPH+RXU \ SURSRUFLRQD
OLQHDPLHQWRV FDQyQLFRV TXH SXHGHQ XVDUVH SDUD DUWLFXODU HVWD SUiFWLFD 8QD IRUPD GH
SUHVHQWDU&U\VWDO&OHDUSXHGHLQVXPLUHQWUHPLQXWRV\XQGtD/DLGHDHVTXHODJHQWH
SXHGDGHJXVWDUODQXHYDPHWRGRORJtD
*UiILFRV GH TXHPDGR 6X QRPEUH YLHQH GH ORV JUiILFRV GH TXHPDGR GH FDORUtDV GH ORV
UHJtPHQHV GLHWpWLFRV VH XVDQ WDPELpQ HQ 6FUXP 6H WUDWD GH XQD WpFQLFD GH JUDILFDFLyQ
SDUD GHVFXEULU GHPRUDV \ SUREOHPDV WHPSUDQDPHQWH HQ HO SURFHVR HYLWDQGR TXH VH
GHVFXEUD GHPDVLDGR WDUGH TXH WRGDYtD QR VH VDEH FXiQWR IDOWD 3DUD HOOR VH KDFH XQD
HVWLPDFLyQ GHO WLHPSR IDOWDQWH SDUD SURJUDPDU OR TXH UHVWD DO ULWPR DFWXDO OR FXDO VLUYH
SDUDWHQHUGRPLQLRGHSUR\HFWRVHQORVFXDOHVODVSULRULGDGHVFDPELDQEUXVFDPHQWH\FRQ
IUHFXHQFLD(VWDWpFQLFDVHDVRFLDFRQDOJXQRVUHFXUVRVLQJHQLRVRVFRPROD/LVWD7pPSDQD
OODPDGD DVt SRUTXH VH UHILHUH DO DJUHJDGR GH tWHPV FRQ DOWD SULRULGDG HQ HO WRSH GH ODV
OLVWDVGHWUDEDMRVSHQGLHQWHVHVSHUDQGRTXHORVGHPiVHOHPHQWRVVHKXQGDQEDMRODOtQHD
GHIORWDFLyQORVHOHPHQWRVTXHHVWiQVREUHODOtQHDVHHQWUHJDUiQHQODLWHUDFLyQVLJXLHQWH
ORVTXHHVWiQSRUGHEDMRHQODVUHVWDQWHV(QRWURV0$VOD/LVWD7pPSDQDQRHVRWUDFRVD
TXH XQ JUiILFR GH UHWUDVR (VRV JUiILFRV LOXVWUDQ OD YHORFLGDG GHO SURFHVR DQDOL]DQGR OD
GLIHUHQFLDHQWUHODVOtQHDVSUR\HFWDGDV\HIHFWLYDVGHFDGDHQWUHJD9HUILJXUDV
3URJUDPDFLyQ ODGR D ODGR 0XFKD JHQWH VLHQWH TXH OD SURJUDPDFLyQ HQ SDUHV GH ;3
LQYROXFUDXQDSUHVLyQH[FHVLYDODYHUVLyQGH&U\VWDO&OHDUHVWDEOHFHSUR[LPLGDGSHURFDGD
TXLHQVHDERFDDVXWUDEDMRDVLJQDGRSUHVWDQGRXQRMRDORTXHKDFHVXFRPSDxHURTXLHQ
WLHQHVXSURSLDPiTXLQD(VWDHVXQDDPSOLDFLyQGHOD&RPXQLFDFLyQ2VPyWLFDDOFRQWH[WR
GHODSURJUDPDFLyQ
*UiILFRVGHTXHPDGR&RQQHFHVLGDGGHUHFRUWDUUHWUDVRVL]T
\ FRQHQWUHJDSUR\HFWDGDHQWpUPLQR

(O SURFHVR GH && VH EDVD HQ XQD H[SORUDFLyQ UHILQDGD GH ORV LQFRQYHQLHQWHV GH ORV PRGHORV
FOiVLFRV'LFH&RFNEXUQTXHODPD\RUtDGHORVPRGHORVGHSURFHVRSURSXHVWRVHQWUH\
VHGHVFULEtDQFRPRVHFXHQFLDVGHSDVRV$~QFXDQGRVHUHFRPHQGDUDQLWHUDFLRQHVHLQFUHPHQWRV
8QLYHUVLGDGGHO&DXFD

TXH QR KDFtDQ PiV TXH DJUHJDU FRQIXVLyQ D OD LQWHUSUHWDFLyQ ORV PRGHORV SDUHFtDQ GLFWDU XQ
SURFHVR HQ FDVFDGD SRU PiV TXH ORV DXWRUHV DVHJXUDUDQ TXH QR HUD DVt (O SUREOHPD FRQ HVWRV
SURFHVRVHVTXHUHDOPHQWHHVWiQGHVFULELHQGRXQZRUNIORZUHTXHULGRXQJUDIRGHGHSHQGHQFLDHO
HTXLSR QR SXHGH HQWUHJDU XQ VLVWHPD KDVWD TXH HVWi LQWHJUDGR \ FRUUH 1R SXHGH LQWHJUDU \
YHULILFDU KDVWD TXH HO FyGLJR QR HVWi HVFULWR \ FRUULHQGR < QR SXHGH GLVHxDU \ HVFULELU HO FyGLJR
KDVWD TXH VH OH GLFH FXiOHV VRQ ORV UHTXHULPLHQWRV 8Q JUDIR GH GHSHQGHQFLD VH LQWHUSUHWD
QHFHVDULDPHQWH HQ HVH VHQWLGR DXQTXH QR KD\D VLGR OD LQWHQFLyQ RULJLQDO

(QOXJDUGHHVWDLQWHUSUHWDFLyQOLQHDO&&HQIDWL]DHOSURFHVRFRPRXQFRQMXQWRGHFLFORVDQLGDGRV
(QODPD\RUtDGHORVSUR\HFWRVVHSHUFLEHQVLHWHFLFORV

HOSUR\HFWR
HOFLFORGHHQWUHJDGHXQDXQLGDG
OD LWHUDFLyQ QyWHVH TXH && UHTXLHUH P~OWLSOHV HQWUHJDV SRU SUR\HFWR SHUR QR PXFKDV
LWHUDFLRQHVSRUHQWUHJD
ODVHPDQDODERUDO
HOSHUtRGRGHLQWHJUDFLyQGHPLQXWRVDWUHVGtDV
HOGtDGHWUDEDMR
HOHSLVRGLRGHGHVDUUROORGHXQDVHFFLyQGHFyGLJRGHSRFRVPLQXWRVDSRFDVKRUDV
&LFORVDQLGDGRVGH&U\VWDO&OHDU

&RFNEXUQ VXEUD\D TXH LQWHUSUHWDU QR OLQHDOPHQWH XQ PRGHOR GH FLFORV HV GLItFLO OD PHQWH VH
UHVLVWH D KDFHUOR eO PLVPR DVHJXUD TXH HVWXYR GLH] DxRV WUDWDQGR GH H[SOLFDU HO XVR GH XQ
SURFHVRFtFOLFR\VyORUHFLHQWHPHQWHKDORJUDGRLQWXLUFyPRKDFHUOR/DILJXUDPXHVWUDORVFLFORV\
ODV DFWLYLGDGHV FRQHFWDGDV D HOORV /DV OHWUDV GHQRWDQ &KDUWHULQJ SODQHDPLHQWR GH LWHUDFLyQ
UHXQLyQ GLDULD GH SLH VWDQGXS GHVDUUROOR FKHFNLQ LQWHJUDFLyQ WDOOHU GH 5HIOH[LyQ (QWUHJD
'HOLYHU\\HPSDTXHWDGRGHOSUR\HFWR:UDSXS

+D\RFKRUROHVQRPLQDGRVHQ&&3DWURFLQDGRU8VXDULR([SHUWR'LVHxDGRU3ULQFLSDO'LVHxDGRU
3URJUDPDGRU ([SHUWR HQ 1HJRFLRV &RRUGLQDGRU 9HULILFDGRU (VFULWRU (Q &U\VWDO 1DUDQMD VH
DJUHJDQDXQPiVUROHV'LVHxDGRUGH,8'LVHxDGRUGH%DVHGH'DWRV([SHUWRHQ8VR)DFLOLWDGRU
7pFQLFR$QDOLVWD'LVHxDGRUGH1HJRFLRV$UTXLWHFWR0HQWRUGH'LVHxR3XQWRGH5HXWLOL]DFLyQ$
FRQWLQXDFLyQ VH GHVFULEHQ HQ EDVWDUGLOOD ORV DUWHIDFWRV GH ORV TXH VRQ UHVSRQVDEOHV ORV UROHV GH
&&GHWDOODGDPHQWHGHVFULSWRVHQODGRFXPHQWDFLyQ

3DWURFLQDGRU 3URGXFH OD 'HFODUDFLyQ GH 0LVLyQ FRQ 3ULRULGDGHV GH &RPSURPLVR 7UDGHRII
&RQVLJXHORVUHFXUVRV\GHILQHODWRWDOLGDGGHOSUR\HFWR
8VXDULR([SHUWR-XQWRFRQHO([SHUWRHQ1HJRFLRVSURGXFHOD/LVWDGH$FWRUHV2EMHWLYRV\HO
$UFKLYRGH&DVRVGH8VR\5HTXHULPLHQWRV'HEHIDPLOLDUL]DUVHFRQHOXVRGHOVLVWHPDVXJHULU
DWDMRVGHWHFODGRPRGRVGHRSHUDFLyQLQIRUPDFLyQDYLVXDOL]DUVLPXOWiQHDPHQWHQDYHJDFLyQ
HWFpWHUD
'LVHxDGRU 3ULQFLSDO 3URGXFH OD 'HVFULSFLyQ $UTXLWHFWyQLFD 6H VXSRQH TXH GHEH VHU DO
PHQRV XQ SURIHVLRQDO GH 1LYHO (Q 0$V VH GHILQHQ WUHV QLYHOHV GH H[SHULHQFLD 1LYHO HV
FDSD] GH VHJXLU ORV SURFHGLPLHQWRV 1LYHO HV FDSD] GH DSDUWDUVH GH ORV SURFHGLPLHQWRV
8QLYHUVLGDGGHO&DXFD


HVSHFtILFRV \ HQFRQWUDU RWURV GLVWLQWRV 1LYHO HV FDSD] GH PDQHMDU FRQ IOXLGH] PH]FODU H
LQYHQWDUSURFHGLPLHQWRV(O'LVHxDGRU3ULQFLSDOWLHQHUROHVGHFRRUGLQDGRUDUTXLWHFWRPHQWRU
\ SURJUDPDGRUPiVH[SHUWR
'LVHxDGRU3URJUDPDGRU 3URGXFH MXQWR FRQ HO 'LVHxDGRU 3ULQFLSDO ORV %RUUDGRUHV GH
3DQWDOODVHO0RGHOR&RP~QGH'RPLQLRODV1RWDV\'LDJUDPDVGH'LVHxRHO&yGLJR)XHQWHHO
&yGLJR GH 0LJUDFLyQ ODV 3UXHEDV \ HO 6LVWHPD (PSDTXHWDGR &RFNEXUQ QR GLVWLQJXH HQWUH
GLVHxDGRUHV \ SURJUDPDGRUHV 8Q SURJUDPD HQ && HV GLVHxR \ SURJUDPD VXV
SURJUDPDGRUHV VRQ GLVHxDGRUHVSURJUDPDGRUHV (Q && XQ GLVHxDGRU TXH QR SURJUDPH QR
WLHQHFDELGD
([SHUWRHQ1HJRFLRV-XQWRFRQHO8VXDULR([SHUWRSURGXFHOD/LVWDGH$FWRUHV2EMHWLYRV\HO
$UFKLYRGH&DVRVGH8VR\5HTXHULPLHQWRV'HEHFRQRFHUODVUHJODV\SROtWLFDVGHOQHJRFLR
&RRUGLQDGRU &RQ OD D\XGD GHO HTXLSR SURGXFH HO 0DSD GH 3UR\HFWR HO 3ODQ GH (QWUHJD HO
(VWDGR GHO 3UR\HFWR OD /LVWD GH 5LHVJRV HO 3ODQ \ (VWDGR GH ,WHUDFLyQ \ OD $JHQGD GH
9LVXDOL]DFLyQ
9HULILFDGRU3URGXFHHO5HSRUWHGH%XJV3XHGHVHUXQSURJUDPDGRUHQWLHPSRSDUFLDORXQ
HTXLSRGHYDULDVSHUVRQDV
(VFULWRU3URGXFHHO0DQXDOGH8VXDULR

(O (TXLSR FRPR *UXSR HV UHVSRQVDEOH GH SURGXFLU OD (VWUXFWXUD \ &RQYHQFLRQHV GHO (TXLSR \ ORV
5HVXOWDGRVGHO7DOOHUGH5HIOH[LyQ

$ SHVDUTXHQRFRQWHPSODHOGHVDUUROORGHVRIWZDUHSURSLDPHQWHGLFKR&&LQYROXFUDXQRVYHLQWH
SURGXFWRVGHWUDEDMRRDUWHIDFWRV0HQFLRQDPRVORVPiVLPSRUWDQWHV

'HFODUDFLyQGHODPLVLyQ'RFXPHQWRGHXQSiUUDIRDXQDSiJLQDGHVFULELHQGRHOSURSyVLWR
(VWUXFWXUDGHOHTXLSR/LVWDGHHTXLSRV\PLHPEURV
0HWRGRORJtD &RPSUHQGH UROHV HVWUXFWXUD SURFHVR SURGXFWRV GH WUDEDMR TXH PDQWLHQHQ
PpWRGRVGHUHYLVLyQ
6HFXHQFLD GH HQWUHJD 'HFODUDFLyQ R GLDJUDPD GH GHSHQGHQFLD PXHVWUD HO RUGHQ GH ODV
HQWUHJDV\ORTXHKD\HQFDGDXQD
&URQRJUDPDGHYLVXDOL]DFLyQ\HQWUHJD/LVWDSODQLOODGHKRMDGHFiOFXORRKHUUDPLHQWDGH
JHVWLyQGHSUR\HFWRV
/LVWDGHULHVJRV'HVFULSFLyQGHULHVJRVSRURUGHQGHVFHQGHQWHGHSULRULGDG
(VWDWXVGHOSUR\HFWR/LVWDKLWRVIHFKDSUHYLVWDIHFKDHIHFWLYD\FRPHQWDULRV
/LVWDGHDFWRUHVREMHWLYRV/LVWDGHGRVFROXPQDVSODQLOODGHKRMDGHFiOFXORGLDJUDPDGH
FDVRGHXVRRVLPLODU
&DVRVGHXVRDQRWDGRV5HTXHULPLHQWRVIXQFLRQDOHV
$UFKLYR GH UHTXHULPLHQWRV &ROHFFLyQ GH LQIRUPDFLyQ LQGLFDQGR TXp VH GHEH FRQVWUXLU
TXLpQHV KDQ GH XWLOL]DUOR GH TXp PDQHUD SURSRUFLRQD YDORU \ TXp UHVWULFFLRQHV DIHFWDQ DO
GLVHxR

/RV PpWRGRV &U\VWDO QR SUHVFULEHQ ODV SUiFWLFDV GH GHVDUUROOR ODV KHUUDPLHQWDV R ORV SURGXFWRV
TXH SXHGHQ XVDUVH SXGLHQGR FRPELQDUVH FRQ RWURV PpWRGRV FRPR 6FUXP ;3 \ 0LFURVRIW
6ROXWLRQV)UDPHZRUN&RFNEXUQFRQILHVDTXHFXDQGRLPDJLQy&&SHQVDEDSURSRUFLRQDUXQPpWRGR
OLJHUR FRPSDUDGR FRQ ;3 VLQ HPEDUJR && UHVXOWD PX\ SHVDGR && HV PiV IiFLO GH DSUHQGHU H
LPSOHPHQWDU D SHVDU GH VX MHUJD FKRFDQWH ;3 HV PiV GLVFLSOLQDGR SLHQVD &RFNEXUQ SHUR VL XQ
HTXLSROLJHURSXHGHWROHUDUVXVULJRUHVORPHMRUVHUiTXHVHPXGHD;3
8QLYHUVLGDGGHO&DXFD

$GDSWLYH6RIWZDUH'HYHORSPHQW
-DPHV +LJKVPLWK ,,, FRQVXOWRU GH &XWWHU &RQVRUWLXP GHVDUUROOy $6' KDFLD HO DxR FRQ OD
LQWHQFLyQ SULPDULD GH RIUHFHU XQD DOWHUQDWLYD D OD LGHD SURSLD GH &00 1LYHO GH TXH OD
RSWLPL]DFLyQ HV OD ~QLFD VROXFLyQ SDUD SUREOHPDV GH FRPSOHMLGDG FUHFLHQWH (VWH PpWRGR iJLO
SUHWHQGH DEULU XQD WHUFHUD YtD HQWUH HO GHVDUUROOR PRQXPHQWDO GH VRIWZDUH \ HO GHVDUUROOR
DFFLGHQWDORHQWUHODEXURFUDFLD\ODDGKRFUDFLD'HEHUtDPRVEXVFDUPiVELHQDILUPD+LJKVPLWK
HO ULJRU HVWULFWDPHQWH QHFHVDULR SDUD HOOR KD\ TXH VLWXDUVH HQ FRRUGHQDGDV DSHQDV XQ SRFR
IXHUDGHOFDRV\HMHUFHUPHQRVFRQWUROTXHHOTXHVHFUHHQHFHVDULR
)DVHVGHOFLFORGHYLGDGH$6'EDVDGRHQ+LJKVPLWK

/D HVWUDWHJLD HQWHUD VH EDVD HQ HO FRQFHSWR GH HPHUJHQFLD XQD SURSLHGDG GH ORV VLVWHPDV
DGDSWDWLYRV FRPSOHMRV TXH GHVFULEH OD IRUPD HQ TXH OD LQWHUDFFLyQ GH ODV SDUWHV JHQHUD XQD
SURSLHGDGTXHQRSXHGHVHUH[SOLFDGDHQIXQFLyQGHORVFRPSRQHQWHVLQGLYLGXDOHV(OSHQVDGRUGH
TXLHQ +LJKVPLWK WRPD HVWDV LGHDV HV -RKQ +ROODQG HO FUHDGRU GHO DOJRULWPR JHQpWLFR \
SUREDEOHPHQWH HO LQYHVWLJDGRU DFWXDO PiV LPSRUWDQWH HQ PDWHULD GH SURFHVRV HPHUJHQWHV
>+RO@ +ROODQG VH SUHJXQWD HQWUH RWUDV FRVDV FyPR KDFH XQ PDFURVLVWHPD H[WUHPDGDPHQWH
FRPSOHMR QR FRQWURODGR GH DUULED KDFLD DEDMR HQ WRGDV ODV YDULDEOHV LQWHUYLQLHQWHV FRPR SRU
HMHPSOR OD FLXGDG GH 1XHYD <RUN R OD :HE SDUD PDQWHQHUVH IXQFLRQDQGR HQ XQ DSDUHQWH
HTXLOLEULRVLQFRODSVDU

/DUHVSXHVWDTXHWLHQHTXHYHUFRQODDXWRRUJDQL]DFLyQODDGDSWDFLyQDOFDPELR\HORUGHQTXH
HPHUJH GH OD LQWHUDFFLyQ HQWUH ODV SDUWHV UHPLWH D H[DPLQDU DQDORJtDV FRQ ORV VLVWHPDV
DGDSWDWLYRVFRPSOHMRVSRUH[FHOHQFLDHVWRHVORVRUJDQLVPRVYLYLHQWHVRVXVDQiORJRVGLJLWDOHV
FRPRODVUHGHVQHXURQDOHVDXWRRUJDQL]DWLYDVGH7HXYR.RKRQHQ\ORVDXWyPDWDVFHOXODUHVGHVGH
9RQ 1HXPDQQ D 6WHSKHQ :ROIUDP 3DUD +LJKVPLWK ORV SUR\HFWRV GH VRIWZDUH VRQ VLVWHPDV
DGDSWDWLYRV FRPSOHMRV \ OD RSWLPL]DFLyQ QR KDFH PiV TXH VRIRFDU OD HPHUJHQFLD QHFHVDULD SDUD
DIURQWDU HO FDPELR /OHYDQGR PiV DOOi OD DQDORJtD +LJKVPLWK LQWHUSUHWD OD RUJDQL]DFLyQ
HPSUHVDULDOTXHHPSUHQGHXQGHVDUUROORFRPRVLIXHUDXQDPELHQWHVXVPLHPEURVFRPRDJHQWHV
\ HO SURGXFWR FRPR HO UHVXOWDGR HPHUJHQWH GH UHODFLRQHV GH FRPSHWHQFLD \ FRRSHUDFLyQ (Q ORV
VLVWHPDVFRPSOHMRVQRHVDSOLFDEOHHODQiOLVLVSRUTXHQRSXHGHGHGXFLUVHHOFRPSRUWDPLHQWRGHO
WRGR D SDUWLU GH OD FRQGXFWD GH ODV SDUWHV QL VXPDUVH ODV SURSLHGDGHV LQGLYLGXDOHV SDUD
GHWHUPLQDUODVFDUDFWHUtVWLFDVGHOFRQMXQWRHOR[tJHQRHVFRPEXVWLEOHHOKLGUyJHQRWDPELpQSHUR
FXDQGRVHFRPELQDQVHREWLHQHDJXDODFXDOQRWLHQHHVDSURSLHGDG

+LJKVPLWKLQGDJDDGHPiVODHFRQRPtDGHOUHWRUQRFUHFLHQWHVHJ~Q%ULDQ$UWKXU(VWDHFRQRPtDVH
FDUDFWHUL]DSRUODDOWDYHORFLGDG\ODHOHYDGDWDVDGHFDPELR9HORFLGDG\FDPELRLQWURGXFHQXQD
FRPSOHMLGDGTXH QR SXHGH VHU PDQLSXODGD SRUODV HVWUDWHJLDV FRQYHQFLRQDOHV (Q FRQGLFLRQHV GH
FRPSOHMLGDGHOPHUFDGRHVIRUPDOPHQWHLPSUHGHFLEOH\HOSURFHVRGHGHVDUUROORGHYLHQHLPSRVLEOH
GHSODQLILFDUEDMRHOVXSXHVWRGHTXHGHVSXpVVHWHQGUiFRQWUROGHOSURFHVR
8QLYHUVLGDGGHO&DXFD

(O UD]RQDPLHQWR VLPSOH GH FDXVD \ HIHFWR QR SXHGH GDU FXHQWD GH OD VLWXDFLyQ \ PXFKR PHQRV
FRQWURODUOD (Q HVWH FRQWH[WR ORV VLVWHPDV DGDSWDWLYRV FRPSOHMRV VXPLQLVWUDQ ORV FRQFHSWRV
UHTXHULGRV DJHQWHV DXWyQRPRV TXH FRPSLWHQ \ FRRSHUDQ ORV DPELHQWHV PXWDEOHV \ OD
HPHUJHQFLD 7RPDQGR FRPR SXQWR GH SDUWLGD HVWDV LGHDV +LJKVPLWK HODERUD XQ PRGHOR GH
JHVWLyQ TXH OODPD 0RGHOR GH /LGHUD]JR&RODERUDFLyQ $GDSWDWLYR /& HO FXDO WLHQH SXQWRV HQ
FRP~Q FRQ HO PRGHODGR EDVDGR HQ DJHQWHV DXWyQRPRV HQ HVWH PRGHOR VH FRQVLGHUD TXH OD
DGDSWDELOLGDG QR SXHGH VHU FRPDQGDGD VLQR TXH GHEH VHU QXWULGD QXWULHQGR GH FRQGXFWD
DGDSWDWLYDDFDGDDJHQWHHOVLVWHPDJOREDOGHYLHQHDGDSWDWLYR

$6' SUHVXSRQH TXH ODV QHFHVLGDGHV GHO FOLHQWH VRQ VLHPSUH FDPELDQWHV /D LQLFLDFLyQ GH XQ
SUR\HFWR LQYROXFUD GHILQLU XQD PLVLyQ SDUD pO GHWHUPLQDU ODV FDUDFWHUtVWLFDV \ ODV IHFKDV \
GHVFRPSRQHU HO SUR\HFWR HQ XQD VHULH GH SDVRV LQGLYLGXDOHV FDGD XQR GH ORV FXDOHV SXHGH
DEDUFDUHQWUHFXDWUR\RFKRVHPDQDV/RVSDVRVLQLFLDOHVGHEHQYHULILFDUHODOFDQFHGHOSUR\HFWR
ORV WDUGtRV WLHQHQ TXH YHU FRQ HO GLVHxR GH XQD DUTXLWHFWXUD OD FRQVWUXFFLyQ GHO FyGLJR OD
HMHFXFLyQGHODVSUXHEDVILQDOHV\HOGHVSOLHJXH

$VSHFWRVFODYHVGH$6'VRQ
8QFRQMXQWRQRHVWiQGDUGHDUWHIDFWRVGHPLVLyQGRFXPHQWRVSDUDWt\SDUDPtLQFOX\HQGR
XQDYLVLyQGHOSUR\HFWRXQDKRMDGHGDWRVXQSHUILOGHPLVLyQGHOSURGXFWR\XQHVTXHPDGH
VXHVSHFLILFDFLyQ
8QFLFORGHYLGDLQKHUHQWHPHQWHLWHUDWLYR
&DMDVGHWLHPSRFRQFLFORVFRUWRVGHHQWUHJDRULHQWDGRVSRUULHVJR

8QFLFORGHYLGDHVXQDLWHUDFLyQHVWHFLFORVHEDVDHQFRPSRQHQWHV\QRHQWDUHDVHVOLPLWDGR
HQ HO WLHPSR RULHQWDGR SRU ULHVJRV \ WROHUDQWH DO FDPELR 4XH VH EDVH HQ FRPSRQHQWHV LPSOLFD
FRQFHQWUDUVHHQHOGHVDUUROORGHVRIWZDUHTXHWUDEDMHFRQVWUX\HQGRHOVLVWHPDSLH]DSRUSLH]D(Q
HVWH SDUDGLJPD HO FDPELR HV ELHQYHQLGR \ QHFHVDULR SXHV VH FRQFLEH FRPR OD RSRUWXQLGDG GH
DSUHQGHU \ JDQDU DVt XQD YHQWDMD FRPSHWLWLYD GH QLQJ~Q PRGR HV DOJR TXH SXHGD LU HQ
GHWULPHQWRGHOSURFHVR\VXVUHVXOWDGRV

+LJKVPLWK SLHQVD TXH ORV SURFHVRV ULJXURVRV UHSHWLEOHV YLVLEOHV PHGLEOHV VRQ HQFRPLDEOHV
SRUTXH SURSRUFLRQDQ HVWDELOLGDG HQ XQ HQWRUQR FRPSOHMR SHUR PXFKRV SURFHVRV HQ HO GHVDUUROOR
SRU HMHPSOR HO GLVHxR GHO SUR\HFWR GHEHUtDQ VHU IOH[LEOHV /D FODYH SDUD PDQWHQHU HO FRQWURO
UDGLFD HQ ORV HVWDGRV GH WUDEDMR OD FROHFFLyQ GH ORV SURGXFWRV GH WUDEDMR \ QR HQ HO IOXMR GH
WUDEDMRZRUNIORZ'HPDVLDGRULJRUSRURWUDSDUWHDFDUUHDULJRUPRUWLVHOFXDOLPSLGHFDPELDU
HOSURGXFWRFXDQGRVHLQWURGXFHQODVLQHYLWDEOHVPRGLILFDFLRQHV(QODPRGHUQDWHRUtDHFRQyPLFD
GHOUHWRUQRFUHFLHQWHVHUFDSD]GHDGDSWDUVHHVVLJQLILFDWLYDPHQWHPiVLPSRUWDQWHTXHVHUFDSD]
GHRSWLPL]DU

/D LGHD VXE\DFHQWH D $6' \ GH DKt VX SDUWLFXODULGDG UDGLFD HQ TXH QR SURSRUFLRQD XQ PpWRGR
SDUDHOGHVDUUROORGHVRIWZDUHVLQRTXHPiVELHQVXPLQLVWUDODIRUPDGHLPSOHPHQWDUXQDFXOWXUD
DGDSWDWLYDHQODHPSUHVDFRQFDSDFLGDGSDUDUHFRQRFHUTXHODLQFHUWLGXPEUH\HOFDPELRVRQHO
HVWDGRQDWXUDO(OSUREOHPDLQLFLDOHVTXHODHPSUHVDQRVDEHTXHQRVDEH\SRUWDOUD]yQGHEH
DSUHQGHU/RVFXDWURREMHWLYRVGHHVWHSURFHVRGHDSUHQGL]DMHVRQHQWRQFHV

3UHVWDU VRSRUWH D XQD FXOWXUD DGDSWDWLYD R XQ FRQMXQWR PHQWDO SDUD TXH VH HVSHUH FDPELR H
LQFHUWLGXPEUH\QRVHWHQJDXQDIDOVDH[SHFWDWLYDGHRUGHQ
,QWURGXFLUPDUFRVGHUHIHUHQFLDSDUDRULHQWDUHOSURFHVRLWHUDWLYRGHJHVWLyQGHOFDPELR
(VWDEOHFHUODFRODERUDFLyQ\ODLQWHUDFFLyQGHODJHQWHHQWUHVQLYHOHVLQWHUSHUVRQDOFXOWXUDO\
HVWUXFWXUDO
$JUHJDU ULJRU \ GLVFLSOLQD D XQD HVWUDWHJLD 5$' KDFLpQGROD HVFDODEOH D OD FRPSOHMLGDG GH ORV
HPSUHQGLPLHQWRVGHODYLGDUHDO

$6'VHFRQFHQWUDPiV HQORVFRPSRQHQWHVTXHHQODVWDUHDV HQODSUiFWLFDHVWRVHWUDGXFHHQ
RFXSDUVHPiVGHODFDOLGDGTXHHQORVSURFHVRVXVDGRVSDUDSURGXFLU XQUHVXOWDGR (QORVFLFORV
8QLYHUVLGDGGHO&DXFD

DGDSWDWLYRV GH OD IDVH GH &RODERUDFLyQ HO SODQHDPLHQWR HV SDUWH GHO SURFHVR LWHUDWLYR \ ODV
GHILQLFLRQHVGHORVFRPSRQHQWHVVHUHILQDQFRQWLQXDPHQWH/DEDVHSDUDORVFLFORVSRVWHULRUHVHO
EXFOH GH $SUHQGL]DMH VH REWLHQH D WUDYpV GH UHSHWLGDV UHYLVLRQHV GH FDOLGDG FRQ SUHVHQFLD GHO
FOLHQWHFRPRH[SHUWRFRQVWLWX\HQGRXQJUXSRGHIRFRGHFOLHQWH(VWRRFXUUHVRODPHQWHDOILQDOGH
ODVIDVHVSRUORTXHODSUHVHQFLDGHOFOLHQWHVHVXSOHPHQWDFRQVHVLRQHVGHGHVDUUROORFRQMXQWRGH
DSOLFDFLRQHV-$'+HPRVYLVWRTXHXQDVHVLyQ-$'FRP~QHQHODQWLJXR5$'HVXQWDOOHUHQHO
TXH SURJUDPDGRUHV \ UHSUHVHQWDQWHV GHO FOLHQWH VH HQFXHQWUDQ SDUD GLVFXWLU UDVJRV GHO SURGXFWR
HQWpUPLQRVQRWpFQLFRVVLQRGHQHJRFLRV

(O PRGHOR GH +LJKVPLWK HV QDWXUDOPHQWH FRPSOHPHQWDULR D FXDOTXLHU FRQFHSFLyQ GLQiPLFD GHO
PpWRGR QR SRGUtD VHU RWUD FRVD TXH DGDSWDEOH GHVSXpV GH WRGR \ SRU HOOR DGPLWH \ SURPXHYH
LQWHJUDFLyQ FRQ RWURV PRGHORV \ PDUFRV 8Q HVWXGLR GH 'LUN 5LHKOH FRPSDUD $6' FRQ ;3
HQFRQWUDQGRVLPLOLWXGHV\GLIHUHQFLDVGHSULQFLSLRTXHSXHGHQFRQFLOLDUVHFRQUHODWLYDIDFLOLGDGDO
ODGR GH RWUDV YDULDEOHV TXH VRQ LQFRPSDWLEOHV /D DFWLWXG GH DPERV PpWRGRV IUHQWH D OD
UHGXQGDQFLD GH FyGLJR SRU HMHPSOR HV GLVWLQWD HQ ;3 VH GHEH KDFHU WRGR XQD YH] \ VyOR XQD
YH] PLHQWUDV TXH HQ $6' OD UHGXQGDQFLD SXHGH VHU XQ VXESURGXFWR WiFWLFR LQHYLWDEOH HQ XQ
DPELHQWH FRPSHWLWLYR \ GHEH DFHSWDUVH HQ WDQWR HO SURGXFWR VHD VXILFLHQWHPHQWH EXHQR (Q
PDWHULDGHWpFQLFDV$6'ODVFRQVLGHUDLPSRUWDQWHVSHURQRPiVTXHHVRSDUD;3HQFDPELRORV
SDWURQHV\ODUHIDFWRUL]DFLyQVRQEDODVGHSODWD

+D\DXVHQFLDGHHVWXGLRVGHFDVRVGHOPpWRGRDGDSWDWLYRDXQTXHODVUHIHUHQFLDVOLWHUDULDVDVXV
SULQFLSLRVVRQDEXQGDQWHV&RPR$6'QRFRQVWLWX\HXQPpWRGRGHLQJHQLHUtDGHFLFORGHYLGDVLQR
XQD YLVLyQ FXOWXUDO R XQD HSLVWHPRORJtD QR FDOLILFD FRPR IUDPHZRUN VXILFLHQWH SDUD DUWLFXODU XQ
SUR\HFWR0iVYLVLEOHHVODSDUWLFLSDFLyQGH+LJKVPLWKHQHOUHVSHWDGR&XWWHU&RQVRUWLXPGHOFXDO
HVGLUHFWRUGHO$JLOH3URMHFW0DQDJHPHQW$GYLVRU\6HUYLFH(QWUHODVHPSUHVDVTXHKDQUHTXHULGR
FRQVXOWRUtDDGDSWDWLYDVHFXHQWDQ$6%DQNGH1XHYD=HODQGD&1(7*OD[R6PLWK.OLQH/DQGPDUN
1H[WHO 1LNH 3KRHQL[ ,QWHUQDWLRQDO +HDOWK 7KRXJKZRUNV \ 0LFURVRIW /RV FRQVXOWRUHV TXH VH
YLQFXODQ D ORV OLQHDPLHQWRV iJLOHV GH &XWWHU &RQVRUWLXP SRU VX SDUWH VRQ LQQXPHUDEOHV -LP
+LJKVPLWKHVFLWDGRHQXQHStJUDIHUHIHULGRDORVPpWRGRViJLOHVHQODGRFXPHQWDFLyQGH0LFURVRIW
6ROXWLRQV)UDPHZRUN
8QLYHUVLGDGGHO&DXFD

$JLOH0RGHOLQJ
$JLOH 0RGHOLQJ $0 IXH SURSXHVWR SRU 6FRWW $PEOHU >$PED@ QR WDQWR FRPR XQ PpWRGR iJLO
FHUUDGR HQ Vt PLVPR VLQR FRPR FRPSOHPHQWR GH RWUDV PHWRGRORJtDV VHDQ pVWDV iJLOHV R
FRQYHQFLRQDOHV$PEOHUUHFRPLHQGDVXXVRFRQ;30LFURVRIW6ROXWLRQV)UDPHZRUN583R(83(Q
HOFDVRGH;3\06)ORVSUDFWLFDQWHVSRGUtDQGHILQLUPHMRUORVSURFHVRVGHPRGHODGRTXHHQHOORV
IDOWDQ\HQHOFDVRGH583\(83HOPRGHODGRiJLOSHUPLWHKDFHUPiVOLJHURVORVSURFHVRVTXH\D
XVDQ $0 HV XQD HVWUDWHJLD GH PRGHODGR GH FODVHV GH GDWRV GH SURFHVRV SHQVDGD SDUD
FRQWUDUUHVWDU OD VRVSHFKD GH TXH ORV PpWRGRV iJLOHV QR PRGHODQ \ QR GRFXPHQWDQ 6H OR SRGUtD
GHILQLUFRPRXQSURFHVRGHVRIWZDUHEDVDGRHQSUiFWLFDVFX\RREMHWLYRHVRULHQWDUHOPRGHODGRGH
XQDPDQHUDHIHFWLYD\iJLO

/RVSULQFLSDOHVREMHWLYRVGH$0VRQ
'HILQLU\PRVWUDUGHTXpPDQHUDVHGHEHSRQHUHQSUiFWLFDXQDFROHFFLyQGHYDORUHVSULQFLSLRV
\ SUiFWLFDVTXHFRQGXFHQDOPRGHODGRGHSHVROLJHUR
(QIUHQWDUHOSUREOHPDGHDSOLFDUWpFQLFDVGHPRGHODGRHQSURFHVRVGHGHVDUUROORiJLOHV
(QIUHQWDU HO SUREOHPD GH OD DSOLFDFLyQ GH ODV WpFQLFDV GH PRGHODGR LQGHSHQGLHQWHPHQWH GHO
SURFHVRGHVRIWZDUHTXHVHXWLOLFH

/RVYDORUHVGH$0LQFOX\HQDORVGH;3FRPXQLFDFLyQVLPSOLFLGDGIHHGEDFN\FRUDMHDxDGLHQGR
KXPLOGDG 8QD GH ODV PHMRUHV FDUDFWHUL]DFLRQHV GH ORV SULQFLSLRV VXE\DFHQWHV D $0 HVWi HQ OD
GHILQLFLyQGHVXVDOFDQFHV

$0HVXQDDFWLWXGQR XQSURFHVRSUHVFULSWLYR&RPSUHQGHXQD FROHFFLyQGHYDORUHVDORV
TXH ORV PRGHODGRUHV iJLOHV DGKLHUHQ SULQFLSLRV HQ ORV TXH FUHHQ \ SUiFWLFDV TXH DSOLFDQ
'HVFULEHXQHVWLORGHPRGHODGRQRHVXQUHFHWDULRGHFRFLQD
$0 HV VXSOHPHQWR GH RWURV PpWRGRV (O SULPHU IRFR HV HO PRGHODGR \ HO VHJXQGR OD
GRFXPHQWDFLyQ
$0HVXQDWDUHDGHFRQMXQWRGHORVSDUWLFLSDQWHV1RKD\\RHQ$0
/DSULRULGDGHVODHIHFWLYLGDG$0D\XGDDFUHDUXQPRGHORRSURFHVR FXDQGRVHWLHQHXQ
SURSyVLWRFODUR\ VHFRPSUHQGHQODVQHFHVLGDGHVGHODDXGLHQFLDFRQWULEX\HDDSOLFDUORV
DUWHIDFWRVFRUUHFWRVSDUDDIURQWDUODVLWXDFLyQLQPHGLDWD\DFUHDUORVPRGHORVPiVVLPSOHV
TXHVHDSRVLEOH
$0 HV DOJR TXH IXQFLRQD HQ OD SUiFWLFD QR XQD WHRUtD DFDGpPLFD /DV SUiFWLFDV KDQ VLGR
GLVFXWLGDVGHVGHHQFRPXQLGDGKWWSZZZDJLOHPRGHOLQJFRPIHHGEDFNKWP
$0QRHVXQDEDODGHSODWD
$0HVSDUDHOSURJUDPDGRUSURPHGLRSHURQRUHHPSOD]DDODJHQWHFRPSHWHQWH
$0QRHVXQDWDTXHDODGRFXPHQWDFLyQ/DGRFXPHQWDFLyQGHEHVHUPtQLPD\UHOHYDQWH
$0QRHVXQDWDTXHDODVKHUUDPLHQWDV&$6(
$0QRHVSDUDFXDOTXLHUD

/RVSULQFLSLRVGH$0HVSHFLILFDGRVSRU$PEOHULQFOX\HQ
3UHVXSRQHUVLPSOLFLGDG/DVROXFLyQPiVVLPSOHHVODPHMRU

(OFRQWHQLGRHVPiVLPSRUWDQWHTXHODUHSUHVHQWDFLyQ3XHGHQVHUQRWDVSL]DUUDVR

GRFXPHQWRVIRUPDOHV/RTXHLPSRUWDHVHOFRQWHQLGRQRHOIRUPDWR
$EUD]DUHOFDPELR$FHSWDUTXHORVUHTXHULPLHQWRVFDPELDQ

+DELOLWDU HO HVIXHU]R VLJXLHQWH *DUDQWL]DU TXH HO VLVWHPD HV VXILFLHQWHPHQWH UREXVWR

SDUDDGPLWLUPHMRUDVXOWHULRUHVGHEHVHUXQREMHWLYRSHURQRHOSULPRUGLDO
7RGR HO PXQGR SXHGH DSUHQGHU GH DOJ~Q RWUR 5HFRQRFHU TXH QXQFD VH GRPLQD

UHDOPHQWHDOJR

&DPELRLQFUHPHQWDO1RHVSHUDUKDFHUORELHQODSULPHUDYH]
&RQRFHUWXVPRGHORV6DEHUFXiOHVVRQVXVIXHU]DV\VXVGHELOLGDGHV

$GDSWDFLyQORFDO3URGXFLUVyORHOPRGHORTXHUHVXOWHVXILFLHQWHSDUDHOSURSyVLWR
0D[LPL]DUODLQYHUVLyQGHOFOLHQWH

0RGHODU FRQ XQ SURSyVLWR 6L QR VH SXHGH LGHQWLILFDU SDUD TXp VH HVWi KDFLHQGR DOJR

SDUDTXpPROHVWDUVH"
8QLYHUVLGDGGHO&DXFD


0RGHORVP~OWLSOHV0~OWLSOHVSDUDGLJPDVHQFRQYLYHQFLDVHJ~QVHUHTXLHUD
&RPXQLFDFLyQDELHUWD\KRQHVWD
7UDEDMRGHFDOLGDG
5HDOLPHQWDFLyQUiSLGD1RHVSHUDUTXHVHDGHPDVLDGRWDUGH
(O VRIWZDUH HV HO REMHWLYR SULPDULR 'HEH VHU GH DOWD FDOLGDG \ FRLQFLGLU FRQ OR TXH HO
XVXDULRHVSHUD
9LDMDUOLJHURGHHTXLSDMH1RFUHDUPiVPRGHORVGHORVQHFHVDULRV
7UDEDMDUFRQORVLQVWLQWRVGHODJHQWH

/R PiV FRQFUHWR GH $0 HV VX ULFR FRQMXQWR GH SUiFWLFDV FDGD XQD GH ODV FXDOHV VH DVRFLD D
OLQHDPLHQWRV GHFLGLGDPHQWH QDUUDWLYRV DUWLFXODGRV FRQ PLQXFLRVLGDG SHUR PX\ OHMRV GH ORV
ULJRUHVGHODSDUDWRFXDQWLWDWLYRGH(YR

&RODERUDFLyQDFWLYDGHORVSDUWLFLSDQWHV
$SOLFDFLyQGHHVWiQGDUHVGHPRGHODGR
$SOLFDFLyQDGHFXDGDGHSDWURQHVGHPRGHODGR
$SOLFDFLyQGHORVDUWHIDFWRVFRUUHFWRV
3URSLHGDGFROHFWLYDGHWRGRVORVHOHPHQWRV
&RQVLGHUDUODYHULILFDELOLGDG
&UHDUGLYHUVRVPRGHORVHQSDUDOHOR
&UHDUFRQWHQLGRVLPSOH
'LVHxDUPRGHORVGHPDQHUDVLPSOH
'HVFDUWDUORVPRGHORVWHPSRUDULRV
([KLELUS~EOLFDPHQWHORVPRGHORV
)RUPDOL]DUPRGHORVGHFRQWUDWR
,WHUDUVREUHRWURDUWHIDFWR
0RGHORHQLQFUHPHQWRVSHTXHxRV
0RGHODUSDUDFRPXQLFDU
0RGHODUSDUDFRPSUHQGHU
0RGHODUFRQRWURV
3RQHUDSUXHEDFRQFyGLJR
5HXWLOL]DUORVUHFXUVRVH[LVWHQWHV
$FWXDOL]DUVyORFXDQGRGXHOH
8WLOL]DUODVKHUUDPLHQWDVPiVVLPSOHV&$6(RPHMRUSL]DUUDVWDUMHWDVSRVWLWV
'LDJUDPDGHDUWHIDFWRVGH$JLOH0RGHOLQJ(83
8QLYHUVLGDGGHO&DXFD

&RPR $0 VH GHEH XVDU FRPR FRPSOHPHQWR GH RWUDV PHWRGRORJtDV QDGD VH HVSHFLILFD VREUH
PpWRGRV GH GHVDUUROOR WDPDxR GHO HTXLSR UROHV GXUDFLyQ GH LWHUDFLRQHV WUDEDMR GLVWULEXLGR \
FULWLFDOLGDGWRGRORFXDOGHSHQGHUiGHOPpWRGRTXHVHXWLOLFH/RVSULQFLSLRV\SUiFWLFDVTXHKHPRV
FLWDGRSXHGHGDULPSUHVLyQGHSXURVHQWLGRFRP~QVyORTXHHQYDULDQWHFDyUGLFDHQUHDOLGDGORV
DVSHFWRVDWLQHQWHVDXVRGHKHUUDPLHQWDVGHPRGHODGR\GRFXPHQWDFLyQDVtFRPRODDUWLFXODFLyQ
FRQ PHWRGRORJtDV HVSHFtILFDV ODV WpFQLFDV GH EDVHV GH GDWRV \ HO XVR GH DUWHIDFWRV HVWiQ
HVSHFLILFDGRV FXLGDGRVDPHQWH FRPR VH SXHGH FRQVWDWDU HQ HO VLWLR GH $0 \ HQ ORV WH[WRV PiV
H[WHQVRVGH$PEOHU

/RVGLDJUDPDVGH80/\ORVDUWHIDFWRVGHO3URFHVR8QLILFDGRSRUHMHPSORKDQVLGRH[SORUDGRVHQ
H[WUHPRGHWDOOHGHVFULELHQGRFyPRGHEHUtDVHUVXWUDWDPLHQWRHQXQSURFHVRiJLO(83UHJLGRSRU
SULQFLSLRVFDyUGLFRV(83HVVLPSOHPHQWH83$06HKDQGRFXPHQWDGRDOJXQRVHVWXGLRVGHFDVRV
GH $0 HQ SUR\HFWRV GH PHGLDQR FDODGR >$PEE@ $~Q FXDQGR XQR QR SUHWHQGD LQWHJUDUVH DO
EDQGR GH ORV 0$V SXHGH TXH YDOJD OD SHQD HFKDU XQD PLUDGD D HVH PDWHULDO \ FRQVLGHUDU OD
UD]RQDELOLGDGGHDOJXQDVGHVXVVXJHUHQFLDV
8QLYHUVLGDGGHO&DXFD

/HDQ'HYHORSPHQW/'\/HDQ6RIWZDUH'HYHORSPHQW/6'

/HDQ'HYHORSPHQW/'HVHOPpWRGRPHQRVGLYXOJDGRHQWUHORVUHFRQRFLGDPHQWHLPSRUWDQWHV/D
SDODEUDOHDQVLJQLILFDPDJURHQMXWRHQVXVHQWLGRWpFQLFRDSDUHFLySRUSULPHUDYH]HQHQ
HO OLEUR GH -DPHV :RPDFN /D 0iTXLQD TXH &DPELy DO 0XQGR /' LQLFLDGR SRU %RE &KDUHWWH VH
LQVSLUD HQ HO p[LWR GHO SURFHVR LQGXVWULDO /HDQ 0DQXIDFWXULQJ ELHQ FRQRFLGR HQ OD SURGXFFLyQ
DXWRPRWUL] \ HQ PDQXIDFWXUD GHVGH OD GpFDGD GH (VWH SURFHVR WLHQH FRPR SUHFHSWR OD
HOLPLQDFLyQ GH UHVLGXRV D WUDYpV GH OD PHMRUD FRQVWDQWH KDFLHQGR TXH HO SURGXFWR IOX\D D
LQVWDQFLDVGHOFOLHQWHSDUDKDFHUORORPiVSHUIHFWRSRVLEOH

/RVSURFHVRVDODPDQHUDDPHULFDQDFRUUtDQFRQVXVPiTXLQDVDOGHFDSDFLGDG\PDQWHQtDQ
LQYHQWDULRV JLJDQWHVFRV GH SURGXFWRV \ VXPLQLVWURV 7R\RWD HQ FRQWUD GH OD LQWXLFLyQ UHVXOWDED
PiVHILFLHQWHPDQWHQLHQGRVXPLQLVWURVHQSODQWDSDUDXQVRORGtD\SURGXFLHQGRVyORORQHFHVDULR
SDUD FXEULU ODV yUGHQHV SHQGLHQWHV (VWR HV OR TXH VH OODPD -XVW LQ 7LPH 3URGXFWLRQ &RQ -,7 VH
HYLWD DGHPiV TXH HO LQYHQWDULR GHJUDGH R VH WRUQH REVROHWR R HPSLHFH D DFWXDU FRPR XQ IUHQR
SDUD HO FDPELR 7R\RWD LPSOHPHQWDED DGHPiV ODV WpFQLFDV LQQRYDGRUDV GHO 7RWDO 4XDOLW\
0DQDJHPHQW GH (GZDUG 'HPLQJ TXH VyOR DOJXQRV PDWHPiWLFRV \ HPSUHVDULRV GH DYDQ]DGD
FRQRFtDQ HQ (VWDGRV 8QLGRV +DVWD HO GtD GH KR\ OD IRWR GH 'HPLQJ HQ 7R\RWD HV PiV JUDQGH \
HVSOHQGRURVDTXHODGHOIXQGDGRU7R\RGD6DNLFKL

2WURVDVSHFWRVHVHQFLDOHVGH/HDQ0DQXIDFWXULQJVRQODUHODFLyQSDUWLFLSDWLYDFRQHOHPSOHDGR\HO
WUDWRTXHOHEULQGDODFRPSDxtDDVtFRPRXQDHVSHFLILFDFLyQGHSULQFLSLRVGLVFLSOLQDV\PpWRGRV
LWHUDWLYRV DGDSWDWLYRV DXWRRUJDQL]DWLYRV H LQWHUGHSHQGLHQWHV HQ XQ SDWUyQ GH FLFORV GH FRUWD
GXUDFLyQ TXH WLHQH DOJR PiV TXH XQ DLUH GH IDPLOLD FRQ HO SDWUyQ GH SURFHVRV GH ORV 0$V
KWWSZZZVWUDWHJRVLQFFRPSULQFLSOHVKWP ([LVWH XQDQLPLGDG GH LQWHUHVHV FRQVLVWHQFLD GH
GLVFXUVR \ FRPSOHPHQWDULHGDG HQWUH ODV FRPXQLGDGHV /HDQ GH PDQXIDFWXUD \ GHVDUUROOR GH
VRIWZDUH

0LHQWUDVTXHRWURV0$VVHFRQFHQWUDQHQHOSURFHVRGHGHVDUUROOR&KDUHWWHVRVWHQtDTXHSDUDVHU
YHUGDGHUDPHQWHiJLOVHGHEtDFRQRFHUDGHPiVHOQHJRFLRGHSXQWDDSXQWD/'VHLQVSLUDHQGRFH
YDORUHVFHQWUDGRVHQHVWUDWHJLDVGHJHVWLyQ

6DWLVIDFHUDOFOLHQWHHVODPi[LPDSULRULGDG
3URSRUFLRQDUVLHPSUHHOPHMRUYDORUSRUODLQYHUVLyQ
(Op[LWRGHSHQGHGHODDFWLYDSDUWLFLSDFLyQGHOFOLHQWH
&DGDSUR\HFWR/'HVXQHVIXHU]RGHHTXLSR
7RGRVHSXHGHFDPELDU
6ROXFLRQHVGHGRPLQLRQRSXQWRV
&RPSOHWDUQRFRQVWUXLU
8QDVROXFLyQDOKR\HQYH]GHXQDDOPDxDQD
(OPLQLPDOLVPRHVHVHQFLDO
/DQHFHVLGDGGHWHUPLQDODWHFQRORJtD
(OFUHFLPLHQWRGHOSURGXFWRHVHOLQFUHPHQWRGHVXVSUHVWDFLRQHVQRGHVXWDPDxR
1XQFDHPSXMHV/'PiVDOOiGHVXVOtPLWHV

'DGR TXH /' HV PiV XQD ILORVRItD GH PDQDJHPHQW TXH XQ SURFHVR GH GHVDUUROOR QR KD\ PXFKR
TXH GHFLU GHO WDPDxR GHO HTXLSR OD GXUDFLyQ GH ODV LWHUDFLRQHV ORV UROHV R OD QDWXUDOH]D GH VXV
HWDSDV OWLPDPHQWH /' KD HYROXFLRQDGR FRPR /HDQ 6RIWZDUH 'HYHORSPHQW /6' VX ILJXUD GH
UHIHUHQFLDHV0DU\3RSSHQGLHFN

8QRGHORVVLWLRVSULPRUGLDOHVGHOPRGHORVRQODVSiJLQDVFRQVDJUDGDVD/6'TXHPDQWLHQH'DUUHOO
1RUWRQ GRQGH VH SURPXHYH HO GHVDUUROOR GHO PpWRGR DSOLFDQGR HO IUDPHZRUN 1(7 GH 0LFURVRIW
1RUWRQ KD UHIRUPXODGR ORV YDORUHV GH &KDUHWWH UHGXFLpQGRORV D VLHWH \ VXPLQLVWUDQGR PiV GH
YHLQWH KHUUDPLHQWDV DQiORJDV D SDWURQHV RUJDQL]DFLRQDOHV SDUD VX LPSOHPHQWDFLyQ HQ LQJHQLHUtD
GHVRIWZDUH/RVQXHYRVSULQFLSLRVVRQ
8QLYHUVLGDGGHO&DXFD


(OLPLQDU EDVXUD ODV KHUUDPLHQWDV VRQ 6HHLQJ :DVWH 9DOXH 6WUHDP 0DSSLQJ %DVXUD HV
WRGR OR TXH QR DJUHJXH YDORU D XQ SURGXFWR GHVGH OD ySWLFD GHO VLVWHPD GH YDORUHV GHO
FOLHQWH(VWHSULQFLSLRHTXLYDOHDODUHGXFFLyQGHOLQYHQWDULRHQPDQXIDFWXUD(OLQYHQWDULR
GHO GHVDUUROOR GH VRIWZDUH HV HO FRQMXQWR GH DUWHIDFWRV LQWHUPHGLRV 8Q HVWXGLR GHO
6WDQGLVK *URXS UHYHOy TXH HQ XQ VLVWHPD WtSLFR ODV SUHVWDFLRQHV TXH VH XVDQ VLHPSUH
VXPDQHOODVTXHVHXVDQDPHQXGRHODOJXQDVYHFHVHOUDUDVYHFHVHO
\QXQFDHO(VWRHVXQFODURHOGHOYDORUSURYLHQHGHOGHORV
UDVJRV&RQFHQWUDUVHHQHO~WLOHVXQDDSOLFDFLyQGHOPLVPRSULQFLSLRTXHVXE\DFHDOD
LGHDGH<$*1,

$PSOLILFDU HO FRQRFLPLHQWR )HHGEDFN ,WHUDWLRQV 6\QFKURQL]DWLRQ 6HWEDVHG
'HYHORSPHQW(OGHVDUUROORVHFRQVLGHUDXQHMHUFLFLRGHGHVFXEULPLHQWR
'HFLGLU WDQ WDUGH FRPR VHD SRVLEOH 2SWLRQV 7KLQNLQJ 7KH /DVW 5HVSRQVLEOH 0RPHQW
0DNLQJ'HFLVLRQV/DVSUiFWLFDVGHGHVDUUROORTXHSURSRUFLRQDQWRPDGHGHFLVLRQHVWDUGtDV
VRQ HIHFWLYDV HQ WRGRV ORV GRPLQLRV TXH LQYROXFUDQ LQFHUWLGXPEUH SRUTXH EULQGDQ XQD
HVWUDWHJLD EDVDGD HQ RSFLRQHV IXQGDGDV HQ OD UHDOLGDG QR HQ HVSHFXODFLRQHV (Q XQ
PHUFDGR TXH FDPELD OD GHFLVLyQ WDUGtD TXH PDQWLHQH ODV RSFLRQHV DELHUWDV HV PiV
HILFLHQWH TXH XQ FRPSURPLVR SUHPDWXUR (Q WpUPLQRV PHWRGROyJLFRV HVWH SULQFLSLR VH
WUDGXFH WDPELpQ HQ OD UHQXHQFLD D SODQLILFDUOR WRGR DQWHV GH FRPHQ]DU (Q XQ HQWRUQR
FDPELDQWH ORV UHTXHULPLHQWRV GHWDOODGRV FRUUHQ HO ULHVJR GH HVWDU HTXLYRFDGRV R VHU
DQDFUyQLFRV
(QWUHJDUWDQUiSLGRFRPRVHDSRVLEOH3XOO6\VWHPV4XHXHLQJ7KHRU\&RVWRI'HOD\6H
GHEHQ IDYRUHFHU FLFORV FRUWRV GH GLVHxR " LPSOHPHQWDFLyQ " IHHGEDFN " PHMRUD (O FOLHQWH
UHFLEHORTXHQHFHVLWDKR\QRORTXHQHFHVLWDEDD\HU
2WRUJDU SRGHU DO HTXLSR 6HOI 'HWHUPLQDWLRQ 0RWLYDWLRQ /HDGHUVKLS ([SHUWLVH /RV
GHVDUUROODGRUHV TXH PHMRU FRQRFHQ ORV HOHPHQWRV GH MXLFLR VRQ ORV TXH SXHGHQ WRPDU ODV
GHFLVLRQHVPiVDGHFXDGDV
,QWHJULGDGLQFRUSRUDGD3HUFHLYHG,QWHJULW\&RQFHSWXDO,QWHJULW\5HIDFWRULQJ7HVWLQJ/D

LQWHJULGDGFRQFHSWXDOVLJQLILFDTXHORVFRQFHSWRVGHOVLVWHPDWUDEDMDQFRPRXQDWRWDOLGDG
DUPyQLFD GH DUTXLWHFWXUD FRKHUHQWH /D LQYHVWLJDFLyQ KD GHPRVWUDGR TXH OD LQWHJULGDG
YLHQH FRQ HO OLGHUD]JR OD H[SHULHQFLD UHOHYDQWH OD FRPXQLFDFLyQ HIHFWLYD \ OD GLVFLSOLQD
VDOXGDEOH/RVSURFHVRVORVSURFHGLPLHQWRV\ODVPHGLGDVQRVRQVXEVWLWXWRVDGHFXDGRV
9HU OD WRWDOLGDG 0HDVXUHPHQWV &RQWUDFWV 8QR GH ORV SUREOHPDV PiV LQWUDWDEOHV GHO
GHVDUUROORGHVRIWZDUHFRQYHQFLRQDOHVTXHORVH[SHUWRVHQiUHDVHVSHFtILFDVSRUHMHPSOR
EDVHVGHGDWRVR*8,VPD[LPL]DQODFRUUHFFLyQGHODSDUWHTXHOHVLQWHUHVDVLQSHUFLELUOD
WRWDOLGDG

2WUDSUHFHSWLYDDOJRPiVDPSOLDHVODGH0DU\3RSSHQGLHFN>3RS@FXLGDGRVDPHQWHGHFDQWDGDV
GHO/HDQ0DQXIDFWXULQJ\GH7RWDO4XDOLW\0DQDJHPHQW740TXHVyORFRLQFLGHFRQODGH1RUWRQ
HQDOJXQRVSXQWRV

(OLPLQDUEDVXUD(QWUHODEDVXUDVHFXHQWDQGLDJUDPDV\PRGHORVTXHQRDJUHJDQYDORUDO
SURGXFWR
0LQLPL]DULQYHQWDULR,JXDOPHQWHVXSULPLUDUWHIDFWRVWDOHVFRPRGRFXPHQWRVGH
UHTXHULPLHQWR\GLVHxR
0D[LPL]DUHOIOXMR8WLOL]DUGHVDUUROORLWHUDWLYR
6ROLFLWDUGHPDQGD6RSRUWDUUHTXHULPLHQWRVIOH[LEOHV
2WRUJDUSRGHUDORVWUDEDMDGRUHV
6DWLVIDFHUORVUHTXHULPLHQWRVGHOFOLHQWH7UDEDMDUMXQWRDpOSHUPLWLpQGROHFDPELDUGHLGHDV
+DFHUORELHQODSULPHUDYH]9HULILFDUWHPSUDQR\UHIDFWRUL]DUFXDQGRVHDSUHFLVR
8QLYHUVLGDGGHO&DXFD

$EROLUODRSWLPL]DFLyQORFDO$OFDQFHGHJHVWLyQIOH[LEOH
$VRFLDUVHFRQTXLHQHVVXPLQLVWUDQ(YLWDUUHODFLRQHVGHDGYHUVLGDG
&UHDUXQDFXOWXUDGHPHMRUDFRQWLQXD
/DV KHUUDPLHQWDV MXQWR FRQ HO SUROLMR GHVDUUROOR GH OD PHWRGRORJtD VH GHWDOODQ HQ XQ WH[WR GH
0DU\
\
7RP
3RSSHQGLHFN
FRQVLVWHQWHPHQWH
HQFRPLDGR
SRU
VXV
OHFWRUHV
,JXDO TXH $JLOH 0RGHOLQJ TXH FXEUtD VREUH WRGR DVSHFWRV GH PRGHODGR \ GRFXPHQWDFLyQ /' \
/6' KDQ VLGR SHQVDGRV FRPR FRPSOHPHQWR GH RWURV PpWRGRV \ QR FRPR XQD PHWRGRORJtD
H[FOX\HQWH D LPSOHPHQWDU HQ OD HPSUHVD /' SUHILHUH FRQFHQWUDUVH HQ ODV SUHPLVDV \ PRGHORV
GHULYDGRVGH/HDQ3URGXFWLRQTXHKR\FRQVWLWX\HQORTXHVHFRQRFHFRPRHOFDQRQGHOD(VFXHOD
GH 1HJRFLRV GH +DUYDUG 3DUD ODV WpFQLFDV FRQFUHWDV GH SURJUDPDFLyQ /' SURPXHYH HO XVR GH
RWURV0$VTXHVHDQFRQVLVWHQWHVFRQVXYLVLyQFRPR;3RVREUHWRGR6FUXP

$XQTXHODIRUPXODFLyQGHOPpWRGRHVUHODWLYDPHQWHUHFLHQWHODIDPLOLDULGDGGHPXFKDVHPSUHVDV
FRQ ORV SULQFLSLRV GH /HDQ 3URGXFWLRQ /HDQ 0DQXIDFWXULQJ KD IDFLOLWDGR OD SHQHWUDFLyQ HQ HO
PHUFDGRGHVXDQiORJRHQLQJHQLHUtDGHVRIWZDUH/'VHHQFXHQWUDKR\HQ$PpULFDGHO1RUWHHQ
XQDVLWXDFLyQVLPLODUDODGH'6'0HQ*UDQ%UHWDxDOOHJDQGRDOHQWUHORV0$VDQLYHOPXQGLDO
DOJR PHQRV TXH &U\VWDO SHUR HO GREOH TXH 6FUXP ([LVWHQ DEXQGDQWHV FDVRV GH p[LWR
GRFXPHQWDGRVHPSOHDQGR/'\/6'ODPD\RUtDHQ&DQDGi$OJXQRVGHHOORVVRQORVGH&DQDGLDQ
3DFLILF5DLOZD\$XWRGHVN\3RZHU([&RUSRUDWLRQ6HKDDSOLFDGRSUiFWLFDPHQWHDWRGRHOHVSHFWUR
GHODLQGXVWULD
8QLYHUVLGDGGHO&DXFD

$JLOLGDG&DRV\&RPSOHMLGDG
0XFKDV GH ODV PDQLIHVWDFLRQHV KHWHURGR[DV GH ORV 0$V WLHQHQ FRPR IXHQWH GH LQVSLUDFLyQ ORV
QXHYRVSDUDGLJPDVHSLVWHPROyJLFRVFULVWDOL]DGRVHQODVWHRUtDVGHOFDRVGHWHUPLQLVWDGHODGpFDGD
GH \ ODV WHRUtDV GH OD FRPSOHMLGDG GH ORV V (VDV WHRUtDV WUDWDQ GH GLYHUVDV FODVHV GH
SURFHVRV IHQyPHQRV \ VLVWHPDV DXWyPDWDV FHOXODUHV UHGHV ERROHDQDV DOHDWRULDV UHGHV
QHXURQDOHV SURJUDPDFLyQ HYROXWLYD PHPpWLFD GLQiPLFD QR OLQHDO FULWLFDOLGDG DXWRRUJDQL]DGD
PRGHORV EDVDGRV HQ DJHQWHV DXWyQRPRV PHWDKHXUtVWLFDV DWUDFWRUHV H[WUDxRV JUDPiWLFDV
UHFXUVLYDV VHULHV GH )LERQDFFL RUGHQ HPHUJHQWH IUDFWDOHV /D FXHVWLyQ PHUHFH WUDWDUVH HQ XQ
HVWXGLRHVSHFtILFRDTXtVyOREULQGDUHPRVXQSXxDGRGHLQGLFLRVVREUHHVWDSHFXOLDUFRQYHUJHQFLD

$OJXQRV GH ORV LGHyORJRV GH 6FUXP VH LQVSLUDQ HQ FRQFHSWRV WDOHV FRPR ILOR GHO FDRV \
FRQWUROGHSURFHVRVFDyWLFRVWDOFRPRVHORVGHVFULEHHQHOFRQRFLGROLEUR&KDRVGH-DPHV
*OHLFN7DPELpQDILUPDQTXH0LFURVRIWLJXDOTXH6FUXPLPSOHPHQWDHQVXVSUiFWLFDVGH
GHVDUUROORXQDHVWUDWHJLDGHFDRVFRQWURODGRDXQTXHQRSURSRUFLRQDQPXFKRGHWDOOHDVX
UD]RQDPLHQWR /RV DXWRUHV WDPELpQ VH UHILHUHQ DO PRGHOR GH / % 6 5DFRRQ UHIHULGR DO
FDRV\DOFLFORGHYLGDFDyWLFR

(Q 06) KD\ FRPR VH KD YLVWR XQ FRPHQWDULR VREUH OD QDWXUDOH]D FDyUGLFD GH ORV
VLVWHPDVHQHOVHQWLGRGHOFRQFHSWRDFXxDGRSRU'HH+RFNTXLHQOOHYDUDDODSUiFWLFDHVWH
FRQFHSWR HQ OD JHVWLyQ GH VX SURSLD FRPSDxtD 9LVD +RFN VRVWLHQH TXH OD FLHQFLD GH OD
FRPSOHMLGDGOLJDGDDODFRPSUHQVLyQGHORVVLVWHPDVDXWRFDWDOtWLFRVQROLQHDOHVFRPSOHMRV
\ DGDSWDWLYRV KDEUi GH VHU OD FLHQFLD PiV LPSRUWDQWH GHO QXHYR VLJOR /D YLVLyQ FDyUGLFD
GH+RFNFX\DVLGHDVVREUHQROLQHDOLGDGWLHQHQPiVGHXQSXQWRHQFRP~QFRQODVGH)UHG
%URRNVKDLQVSLUDGRXQPRYLPLHQWRFDyUGLFRGHDPSOLRVDOFDQFHVTXHYDPXFKRPiVDOOi
GH ODV PHWRGRORJtDV GH GHVDUUROOR GH VRIWZDUH (O PRGHOR GH JHVWLyQ /LGHUD]JR
&RODERUDFLyQGH-LP+LJKVPLWKSRUHMHPSORVHIXQGDHQODVLGHDVGH+RFN

(Q 6FUXP VH KDEOD GH FDRV SHUPDQHQWHPHQWH +DFLHQGR KRQRU DO QRPEUH HO VLWLR GH
6FUXPHVWiHQKWWSZZZFRQWUROFKDRVFRP /DGHVFULSFLyQGH&UDLJ/DUPDQVREUH6FUXP
LQFOX\H FRPR ELEOLRJUDItD GH UHIHUHQFLD SDUD FRPSUHQGHU SURFHVRV DGDSWDWLYRV \
DXWRRUJDQL]DFLyQORVGRVWH[WRVFOiVLFRVGH-RKQ+ROODQGHOSDGUHGHODOJRULWPRJHQpWLFR
TXLHQWDPELpQKDHMHUFLGRLQIOXHQFLDVREUH+LJKVPLWKFRPR\DVHKDYLVWR-HII6XWKHUODQG
KD VHxDODGR OD DQDORJtD HQWUH ORV VDOWRV \ GLVFRQWLQXLGDGHV GH ORV SURFHVRV GH GHVDUUROOR
iJLOHV\HOHTXLOLEULRSXQWXDGRGHORVSURFHVRVHYROXWLYRVFRPSOHMRV

(Q ODV SiJLQDV GH VX VLWLR HPSUHVDULDO \ HQ VX ELEOLRJUDItD -HII 'H/XFD HVWDEOHFH OD
HVWUHFKD UHODFLyQ HQWUH ODV SUHPLVDV GH )'' \ ODV WHRUtDV GHO FDRV GHWHUPLQLVWD \ GH OD
FRPSOHMLGDG YLQFXOiQGRODV FRQ HO SHQVDPLHQWR QR OLQHDO GH )UHG %URRNV \ FRQ OD
FRQFHSFLyQGHOFRQWUROGHFDRVGH-LP+LJKVPLWK

(Q VX SUHVHQWDFLyQ GH $GDSWLYH 6RIWZDUH 'HYHORSPHQW +LJKVPLWK DILUPD TXH VX SUiFWLFD
VHEDVDHQHVWDUHQHTXLOLEULRHQHOILORGHOFDRVSURSRUFLRQDUVXILFLHQWHJXtDSDUDHYLWDU
FDHUHQHOFDRVSHURQRGHPDVLDGDSDUDQRVXSULPLUODHPHUJHQFLD\ODFUHDWLYLGDG(VWH
PRGHOR EDVDGR HQ OD DQDORJtD HQWUH HPSUHVDVHTXLSRVSUR\HFWRV \ VLVWHPDV DGDSWDWLYRV
FRPSOHMRV HV SRU PXFKR HO PiV YLQFXODGR D ODV QXHYDV FLHQFLDV GH OD FRPSOHMLGDG \ HO
FDRV8QHMHPSORGHHVWRVVLVWHPDVSRGUtDVHUXQDEDQGDGDGHSiMDURVTXH VHVLQFURQL]D
VLQ TXH H[LVWD XQ OtGHU TXH HMHU]D FRQWURO \ GHWHUPLQH VX GLUHFFLyQ FDGD SiMDUR VLJXH
UHJODV VLPSOHV \ ORFDOHV SHUR HQ OD PDFURHVFDOD OD EDQGDGD H[KLEH RUGHQ \ XQ FODUR
FRPSRUWDPLHQWR FROHFWLYR HPHUJHQWH (VWDV LGHDV KDQ LQVSLUDGR XQ PRGHOR GH JHVWLyQ
EDVDGRHQFRRSHUDFLyQ\FRPSHWHQFLD

8QD YLVLyQ VHPHMDQWH VH SUHVHQWD HQ HO PRGHOR GH 0DU\ \ 7RP 3RSSHQGLHFN GH /HDQ
'HYHORSPHQW GRQGH VH FRQVLGHUD HO FRPSRUWDPLHQWR GH VLVWHPDV VRFLDOHV GH LQVHFWRV
FRPR XQD PDQLIHVWDFLyQ GH WUDEDMR HQ HTXLSR VROXFLRQHV DGDSWDWLYDV \ FDSDFLGDGHV
8QLYHUVLGDGGHO&DXFD

HPHUJHQWHV /' SURPXHYH XQ GLVHxR VHPHMDQWH D ORV GH ;3 \ 6FUXP HQIDWL]DQGR VXV
DVSHFWRVHYROXWLYRV
'XDQH7UXH[GHOD8QLYHUVLGDGGH*HRUJLDHQ$WODQWDSURPRWRUGHXQDHVSHFLHGHPpWRGR
iJLO OODPDGR 'HVDUUROOR $PHWyGLFR VH EDVD HQ FRQFHSWRV GH GLQiPLFD \ HPHUJHQFLD
RUJDQL]DFLRQDO 6X PRGHOR GHVDUUROODGR WUHV DxRV DQWHV GH OD SXEOLFDFLyQ GHO 0DQLILHVWR
DQWLFLSDLGHDVFDyUGLFDVTXHVHHQFXHQWUDQLPSOtFLWDVHQORV0$V
(Q XQD HQWUHYLVWD D .HQW %HFN \ 0DUWLQ )RZOHU HO SULPHUR DILUPy TXH PLHQWUDV 6(, VH
HQFXHQWUDHQHOFDPSRPRGHUQLVWD;3HVPiVELHQSRVPRGHUQR6XVUDtFHVILORVyILFDVVH
HQFXHQWUDQHQODWHRUtDGHORVVLVWHPDVFRPSOHMRV\VXVFDSDFLGDGHVVHJHQHUDQDWUDYpV
GHSURFHVRVHPHUJHQWHV(VVLJQLILFDWLYRTXHHVWHMXLFLRKD\DVLGRH[SUHVDGRSRUHOFUHDGRU
GHOD3URJUDPDFLyQ([WUHPD
%DUU\ %RHKP SURPRWRU WHPSUDQR GH ORV 0$V \ FUHDGRU GH &2&202 \ GHO PRGHOR HQ
HVSLUDO TXH SUHYDOHFH HQ 06) KD H[SUHVDGR TXH HQ HO IXWXUR OD LQJHQLHUtD GH VRIWZDUH
GHEHUi H[SORUDU ORV VLVWHPDV DGDSWDWLYRV ORV DJHQWHV DXWyQRPRV TXH VH DXWRRUJDQL]DQ
ORV SDLVDMHV GH DGHFXDFLyQ HYROXWLYRV \ HO RUGHQ HPHUJHQWH &LWD DO UHVSHFWR HO
SHQVDPLHQWR GH 6WXDUW .DXIIPDQ HVWXGLRVR GH ORV IHQyPHQRV DGDSWDWLYRV H LQYHQWRU GH
ODV UHGHV ERROHDQDV DOHDWRULDV XQD YDULDQWH GH ORV VLVWHPDV DGDSWDWLYRV FRPSOHMRV D
PHGLRFDPLQRHQWUHORVDXWyPDWDVFHOXODUHV\ORVPRGHORVGHDJHQWHV

(Q ILQ KD\ PiV GH XQD UD]yQ SDUD HODERUDU HQ GHWDOOH ODV UHODFLRQHV HQWUH ORV 0$V LQFOX\HQGR
06) \ HO SDUDGLJPD GHO FDRV \ OD FRPSOHMLGDG /R KDUHPRV HQ RWUR GRFXPHQWR GH HVWD VHULH
GRQGHWDPELpQVHH[SRQGUiQORVULFRVIXQGDPHQWRV\ORVORJURVSUiFWLFRVGHHVDHSLVWHPRORJtD
8QLYHUVLGDGGHO&DXFD

$QWLDJLOLGDG/DFUtWLFDGHORV0pWRGRVJLOHV
$ SHVDUGHTXHQDGLHHQVXVFDEDOHVVHRSRQGUtDDTXHVHORFRQVLGHUHiJLODGDSWDEOH\VHQVLEOHD
ORVUHTXHULPLHQWRVGHOFOLHQWHHVQDWXUDOTXHVHJHQHUDUDRSRVLFLyQDORV0$V\TXHHQRFDVLRQHV
ODUHDFFLyQIUHQWHDHOORVDGRSWDUDXQDIXHUWHDFWLWXGFRPEDWLYDSDUDGHOHLWHGHORVFURQLVWDVTXH
JXVWDQKDEODUGHFRQIODJUDFLRQHVFUX]DGDV\DFRPHWLGDV6LORViJLOHVKDQVLGRLPSODFDEOHV
HQ VX FDULFDWXUD GH ODV PHWRGRORJtDV ULJXURVDV ORV DGYHUVDULRV TXH VH KDQ JDQDGR QR VH KDQ
TXHGDGRDWUiVHQVXVUpSOLFDV(QHVWDFRQWLHQGDKD\DOJXQDVREVHUYDFLRQHVGHFDUiFWHUWpFQLFR
SHURODLURQtDSUHYDOHFH/RTXHVLJXHHVDSHQDVXQDPXHVWUD

8QR GH ORV DWDTXHV PiV GXURV \ WHPSUDQRV FRQWUD ORV 0$V SURYLHQH GH XQD FDUWD GH 6WHYHQ
5DNLWLQ D OD UHYLVWD &RPSXWHU EDMR OD U~EULFD (O 0DQLILHVWR JHQHUD FLQLVPR 5HILULpQGRVH D OD
HVWUXFWXUD RSRVLWLYD GHO 0DQLILHVWR 5DNLWLQ H[SUHVD TXH HQ VX H[SHULHQFLD ORV HOHPHQWRV GH OD
GHUHFKDYLQFXODGRVDODPHQWDOLGDGSODQLILFDGRUDVRQHVHQFLDOHVPLHQWUDVTXHORVGHODL]TXLHUGD
VyOR VLUYHQ FRPR H[FXVDV SDUD TXH ORV KDFNHUV HVFXSDQ FyGLJR LUUHVSRQVDEOHPHQWH VLQ QLQJ~Q
FXLGDGRSRUODGLVFLSOLQDGHLQJHQLHUtD$VtFRPRKD\XQDOHFWXUDOLWHUDO\XQDHVWUHFKDGHOFDQRQ
GH &00 5DNLWLQ SUDFWLFD XQD LQWHUSUHWDFLyQ KDFNHU GH SURSXHVWDV GH YDORU WDOHV FRPR
UHVSRQGHU DO FDPELR HQ YH] GH VHJXLU XQ SODQ \ HQFXHQWUD TXH HV XQ JHQHUDGRU GH FDRV /D
LQWHUSUHWDFLyQ KDFNHU GH HVH PDQGDPLHQWR VHUtD DOJR DVt FRPR *HQLDO $KRUD WHQHPRV XQD
UD]yQSDUDHYLWDUODSODQLILFDFLyQ\FRGLILFDUFRPRQRVGpODJDQD

0iVWDUGHXQSDUGHOLEURVGHEXHQDYHQWD4XHVWLRQLQJ([WUHPH3URJUDPPLQJGH3HWH0F%UHHQ\
([WUHPH 3URJUDPPLQJ 5HIDFWRUHG 7KH FDVH DJDLQVW ;3 GH 0DWW 6WHSKHQV \ 'RXJ 5RVHQEHUJ
SURPRYLHURQ DOJXQDV GXGDV VREUH ;3 SHUR QR OOHJDURQ D FRQVWLWXLUVH FRPR LPSXJQDFLRQHV
FRQYLQFHQWHVSRUVXXVRGH HYLGHQFLDFLUFXQVWDQFLDOVXHVWLORUHGXQGDQWHVXWRQRVRFDUUyQ \VX
IDOWD GH PpWRGR DUJXPHQWDWLYR 4XH D ~OWLPR PRPHQWR VH UHGLPD D ;3 VXJLULHQGR PHMRUDV \
UHIDFWRUL]DFLRQHV QR D\XGD D OD FDXVD GH XQ GLFWDPHQ DQXQFLDGR GHVGH VXV WtWXORV 0XFKR PiV
IXQGDPHQWDGRHVHOHVWXGLRSXUDPHQWHFUtWLFRGH(GZDUG%HUDUGTXLHQVHxDODXQEXHQQ~PHURGH
IDODFLDV \ PHGLDV YHUGDGHV HQ HO GLVFXUVR iJLO SHUR QR ORJUD SRU DOJXQD UD]yQ TXH VH QRV
HVFDSDTXHVXFUtWLFDOHYDQWHYXHOR

*HUROG.HHIHUGH$92&$*PE+KDSXEOLFDGR\DGRVYHUVLRQHVGHXQHVWXGLRWLWXODGRFRQJXLxR
D ORV H[SHUWRV TXH UHFRQR]FDQ OD DOXVLyQ D 'LMNVWUD ([WUHPH 3URJUDPPLQJ FRQVLGHUDGR GDxLQR
SDUDHOGHVDUUROORFRQILDEOHGHVRIWZDUH$OJXQRVGHORVKHFKRVWHQLGRVHQFXHQWDVRQTXHQRVyOR
HO SULPHUR VLQR WDPELpQ HO VHJXQGR SUR\HFWR GH UHIHUHQFLD GH ;3 IXHURQ FDQFHODGRV TXH ODV
FLIUDV TXH SURSRUFLRQD %HFN VREUH HO FRVWR GHO FDPELR PHWRGROyJLFR QR VRQ WRPDGDV HQ VHULR QL
VLTXLHUDHQHOVHQRGHODFRPXQLGDG;3TXHUHVXOWDGRVGHLQYHVWLJDFLRQHVHQFXUVRFXHVWLRQDQOD
YLDELOLGDG GH OD SURJUDPDFLyQ RULHQWDGD SRU SUXHEDV FX\R SURFHVR SXHGH FRQVXPLU KDVWD HO
R GH ORV UHFXUVRV GH XQ SUR\HFWR \ TXH UHSRUWHV GH SUR\HFWRV GH JUDQ HQYHUJDGXUD
GHPXHVWUDQVXLQVXSHUDEOHSUREOHPDGHHVFDODELOLGDGTXHVHPDQLILHVWDDQWHVGHORTXHVHFUHH

2WURV DUJXPHQWRV GH .HHIHU DSXQWDQ D ORV DOWRV FRVWRV \ PDJURV UHVXOWDGRV GH OD SURJUDPDFLyQ
HQ SDUHV D ODV PDODV SUiFWLFDV UHVXOWDQWHV GH OD QHJDFLyQ D GRFXPHQWDU DO UHWRUQR D OD
SURJUDPDFLyQGHJDUDJH\DODLGHDGHTXH HOFyGLJRVHGRFXPHQWDDVtPLVPRFXHVWLRQDGDV
SRU%URRNVKDFHWUHLQWDDxRVDODHVFDVDYHURVLPLOLWXGGHODVKLVWRULDVGH p[LWRGH&\9&$36
HWFpWHUD3RUDxDGLGXUD;3QRVH H[SLGHVREUHSUR\HFWRVFRQDOFDQFHVSUHFLRV\IHFKDVILMDVQL
VREUH UHTXHULPLHQWRV QR IXQFLRQDOHV FRPR SHUIRUPDQFH \ VHJXULGDG QL VREUH DPELHQWHV GH
GHVDUUROORItVLFDPHQWHGLVWULEXLGRVQLDSHVDUGHVXLQVLVWHQFLDHQUHXWLOL]DFLyQ\SDWURQHVVREUH
LQWHJUDFLyQ GH FRPSRQHQWHV OLVWRV SDUD XVDU &276 $ .HHIHU SRU ~OWLPR QR OH SHUVXDGH OD
SUHPLVD GH KDFHU OD FRVD PiV VLPSOH TXH SXHGD IXQFLRQDU VLQR TXH SUHILHUH OD SRVWXUD GH
(LQVWHLQ4XHVHDORPiVVLPSOHSRVLEOHSHURQRPiVVLPSOHTXHHVR

,QHVSHUDGDPHQWHHOSURPRWRUGH5$'6WHYH0F&RQQHOOVHKDRSXHVWRFRQYHKHPHQFLDDODVLGHDV
PiV UDGLFDOHV GHO PRYLPLHQWR iJLO 6H KD PDQLIHVWDGR FRQWUDULR WDQWR D ODV HVWUDWHJLDV WpFQLFDV
FRPR D ODV WiFWLFDV SURPRFLRQDOHV GLFH 0F&RQQHOO (VWD LQGXVWULD WLHQH XQD ODUJD KLVWRULD HQ
8QLYHUVLGDGGHO&DXFD

FXDQWRDSHJDUVHDFXDQWDPRGDVDOHSHUROXHJRVHHQFXHQWUDFXDQGRORVERPERV\SODWLOORVVH
HQIUtDQTXHHVWDVWHQGHQFLDVQRORJUDQHOp[LWRTXHVXVHYDQJHOLVWDVSURPHWLHURQ/RVFDUJRVGH
0F&RQQHOO FRQWUD ;3 VRQ QXPHURVRV (Q SULPHU OXJDU GLIHUHQWHV SUR\HFWRV UHTXLHUHQ GLVWLQWRV
SURFHVRV QR VH SXHGH HVFULELU VRIWZDUH GH DYLyQLFD SDUD XQ FRQWUDWR GH GHIHQVD GH OD PLVPD
PDQHUD HQ TXH VH HVFULEH XQ VLVWHPD GH LQYHQWDULR SDUD XQ QHJRFLR GH DOTXLOHU GH YLGHRV

$GHPiV ODV UHJODV GH ;3 VRQ H[FHVLYDPHQWH UtJLGDV FDVL QDGLH DSOLFD ODV HQ VX WRWDOLGDG \
SRFDV GH HOODV VRQ QXHYDV 7RP *LOE SURSRQtD OLQHDPLHQWRV VLPLODUHV PXFKRV DxRV DWUiV 'DGDV
ODVSUHPLVDVGHVDOLxDGDV\ODVIDOVDVSXEOLFLGDGHV0F&RQQHOOH[SUHVDTXHHOIHQyPHQRSDUHFHXQ
FDVR GH KLSQRVLV FROHFWLYD >%DHU@ (Q GLYHUVDV SUHVHQWDFLRQHV S~EOLFDV \ HQ SDUWLFXODU HQ 6'
:HVW0F&RQQHOOKDFRQVLGHUDGRODSURJUDPDFLyQVLQGLVHxRSUHYLRHOXVRDWURSHOODGRGH;3
ODSURJUDPDFLyQDXWRPiWLFD\ODFRVWXPEUHGHOODPDUiJLODFXDOTXLHUSUiFWLFDFRPRDOJXQDVGH
ODVSHRUHVLGHDVHQFRQVWUXFFLyQGHVRIWZDUHGHODxR

8Q PLHPEUR GH 5DWLRQDO -RKQ 6PLWK >6PL6I@ RSLQD TXH OD WHUPLQRORJtD GH ;3 HQFXEUH XQD
FRPSOHMLGDG QR UHFRQRFLGD PLHQWUDV ODV SDODEUDV DUWHIDFWR \ SURGXFWR GH WUDEDMR QR ILJXUDQ
HQORVtQGLFHVGHVXVOLEURVFDQyQLFRV6PLWKFXHQWDPiVGHDUWHIDFWRVHQFXELHUWRV+LVWRULDV
5HVWULFFLRQHV 7DUHDV 7DUHDV WpFQLFDV 3UXHEDV GH DFHSWDFLyQ &yGLJR GH VRIWZDUH (QWUHJDV
0HWiIRUDV 'LVHxRV 'RFXPHQWRV GH GLVHxR (VWiQGDUHV GH FRGLILFDFLyQ 8QLGDGHV GH SUXHED
(VSDFLR GH WUDEDMR 3ODQ GH HQWUHJD 3ODQ GH LWHUDFLyQ 5HSRUWHV \ QRWDV 3ODQ JHQHUDO \
SUHVXSXHVWR5HSRUWHV GHSURJUHVR (VWLPDFLRQHVGHKLVWRULDV (VWLPDFLRQHVGHWDUHDV'HIHFWRV
'RFXPHQWDFLyQDGLFLRQDO'DWRVGHSUXHED+HUUDPLHQWDVGHSUXHED+HUUDPLHQWDVGHJHVWLyQGH
FyGLJR 5HVXOWDGRV GH SUXHEDV 6SLNHV VROXFLRQHV 5HJLVWURV GH WLHPSR GH WUDEDMR 'DWRV
PpWULFRV 5HVXOWDGRV GH VHJXLPLHQWR /D OLVWD GLFH 6PLWK HV LQGLFDWLYD QR H[KDXVWLYD (Q XQ
SUR\HFWRSHTXHxR583GHPDQGDPHQRVTXHHVR$OQRWUDWDUVXVDUWHIDFWRVFRPRWDOHV;3KDFH
GLItFLORSHUDUORVGHXQDPDQHUDGLVFLSOLQDGD\SDVDSRUVHUPiVOLJHURGHORTXHHQUHDOLGDGHV

+D\RWUDVGLILFXOWDGHVWDPELpQDGLIHUHQFLDGH583HQ;3ODVDFWLYLGDGHVQRHVWiQQLLGHQWLILFDGDV
QLGHVFULSWDV/DVFRVDVTXH VHKDFHQHVWiQ WUDWDGDVDQHFGyWLFDPHQWHFRQGLYHUVRVJUDGRVGH
SUHVFULSFLyQ\GHWDOOH)LQDOPHQWHKD\SUiFWLFDVHQ;3TXHGHFLGLGDPHQWHHVFDODQPX\PDOFRPR
OD UHIDFWRUL]DFLyQ OD SURSLHGDG FROHFWLYD GHO FyGLJR ODV PHWiIRUDV HQ OXJDU GH XQD DUTXLWHFWXUD
WDQJLEOH \ ODV HQWUHJDV UiSLGDV TXH QR WLHQHQ HQ FXHQWD VLTXLHUD FXHVWLRQHV HOHPHQWDOHV GH OD
ORJtVWLFDGHGHVSOLHJXH6PLWKDILUPDQRHVWDUIRUPXODQGRXQDFUtWLFDSHURSRQHHQGXGDLQFOXVR
SRUVXIDOWDGHHVFDODELOLGDGTXH;3HVWpKDFLHQGRKRQRUDVXQRPEUH3RURWUDSDUWHHQWRGDOD
LQGXVWULD VH VDEH TXH OD UHIDFWRUL]DFLyQ HQ JHQHUDO QR HVFDOD PX\ ELHQ (VR VH PDQLILHVWD VREUH
WRGR HQ SUR\HFWRV JUDQGHV HQ ORV TXH KD\ H[LJHQFLDV QR IXQFLRQDOHV TXH VRQ FOiVLFDV
TXHEUDGRUDV GH DUTXLWHFWXUD FRPR VHU SURFHGLPLHQWRV DG KRF SDUD UHVROYHU SUREOHPDV GH
SHUIRUPDQFH VHJXULGDG R WROHUDQFLD D IDOODV (Q HVWRV FDVRV FRPR GLFH %DUU\ %RHKP QLQJXQD
GRVLVGHUHIDFWRUL]DFLyQVHUiFDSD]GHDUPDUD+XPSW\'XPSW\QXHYDPHQWH

0LHQWUDV ,YDU -DFREVRQ \ *UDG\ %RRFK DKRUD PLHPEUR GH OD $JLOH $OOLDQFH KDQ VDOXGDGR OD
DSDULFLyQ GH ORV PpWRGRV LQQRYDGRUHV VLHPSUH TXH VH ORV FRPELQH FRQ 583 XQ JUDQ SDWULDUFD
GHODQiOLVLVRULHQWDGRDREMHWRV6WHSKHQ0HOORU>0HO@KDFXHVWLRQDGRFRQDFULPRQLDVXVSXQWRV
RVFXURV GHPRVWUDQGR FRPR DO SDVDU TXH 80/ HMHFXWDEOH VHUtD PHMRU 0HOORU LPSXJQD OD
GHILQLFLyQGH FOLHQWH TXH KDFHQ ORV 0$V QR H[LVWH GLFH VHPHMDQWH FRVD (Q ODV HPSUHVDV KD\
H[SHUWRVHQQHJRFLRV\HQWHFQRORJtDHQPHUFDGHR\HQSURGXFWRVORV0$VQRHVSHFLILFDQTXLpQ
GHHOORVGHEHHVWDUHQHOVLWLRFXiQGR\FRQTXpIUHFXHQFLD0HOORUWDPELpQGHSORUDODVFRQVLJQDV
HVWULGHQWHVGHORVDJLOLVWDV\HVFHQLILFDXQDSDURGLDGHHOODV3URJUDPDGRUHVGHOPXQGRXQtRV
$SODVWHPRV OD RUWRGR[LD JOREDOL]DGRUD %DVWD GH H[SRUWDU SXHVWRV GH WUDEDMR HQ
SURJUDPDFLyQ8QHVSHFWURUHFRUUH(XURSD(OHVSHFWURHV([WUHPH$GHPiVVHSUHJXQWDHQ
XQVLVWHPDPX\GLVWULEXLGRTXLpQHVHOXVXDULRGHXQGHWHUPLQDGRGRPLQLR"4XpFRVDFRQVWLWX\H
XQDKLVWRULDVLPSOH"&yPRVHPDQWLHQHXQDSLH]DSDUDTXHVHDUHXWLOL]DEOH"
8QLYHUVLGDGGHO&DXFD

&RQFOXVLRQHV
/DWDEODVLJXLHQWHSHUPLWHDSUHFLDUODVFRQYHUJHQFLDV\GLYHUJHQFLDVHQODGHILQLFLyQGHORV0$VGH
SULPHUDOtQHDDVtFRPRUHVXPLUVXVFDUDFWHUtVWLFDVFODYHVORVQRPEUHVGHORVSURPRWRUHVLQLFLDOHV
\ VXV IHFKDV GH DSDULFLyQ (Q OD FRPXQLGDG GH ORV 0$V QLQJXQR GH ORV DXWRUHV VH LGHQWLILFD
VRODPHQWH FRQ VX SURSLD FULDWXUD 0XFKRV WHyULFRV \ SUDFWLFDQWHV VH PXHYHQ FRQ UHODWLYD
IUHFXHQFLD GH XQ PpWRGR iJLO D RWUR \ D YHFHV VH ORV HQFXHQWUD GHIHQGLHQGR \ SHUIHFFLRQDQGR
PRGHORVTXHQRQHFHVDULDPHQWHVRQORVVX\RV
6H KDQ RPLWLGR DOJXQDV FRUULHQWHV FX\DV SUiFWLFDV UHIOHMDQ SDUHFLGRV RFDVLRQDOHV DVt FRPR OD
PD\RU SDUWH GH ORV PRGHORV KtELGRV ;%UHHG ;3#6FUXP (83 (QWHUSULVH;3
'6'03ULQFH06),QGXVWULDO;3DXQTXHVHKDGHMDGRODUHIHUHQFLDD$JLOH583RG;GHELGR
DOYDORUFRQQRWDWLYRTXHWLHQHODLPSRUWDQFLDGHVXVSURPRWRUHV/RVPpWRGRViJLOHVKtEULGRV\ORV
GLDOHFWRV LQGXVWULDOHV PHUHFHQ XQ HVWXGLR VHSDUDGR $SDUWH GH ORV PHQFLRQDGRV TXHGDQ SRU
PHQFLRQDU *UL]]O\ GH 5RQ &URFNHU \ 'LVSHUVHG H;WUHPH 3URJUDPPLQJ ';3 FUHDGR SRU 0LFKDHO
.LUFKHUHQ6LHPHQV

0iVDOOiGHODE~VTXHGDGHFRLQFLGHQFLDVWULYLDOHVSRUHMHPSORODSUHGLOHFFLyQSRUHOQ~PHUR
HQ ORV SULQFLSLRV DVRFLDGRV DO 0DQLILHVWR HQ /HDQ 'HYHORSPHQW HQ ODV SUiFWLFDV GHO SULPHU ;3
TXHGD SRU KDFHU XQ WUDEDMR FRPSDUDWLYR PiV VLVWHPiWLFR TXH SRQJD HQ FODUR FXiOHV VRQ ORV
HOHPHQWRV GH MXLFLR TXH GHILQHQ OD FRPSOHPHQWDULHGDG FXiO HV HO JUDGR GH DFDWDPLHQWR GH ORV
SULQFLSLRViJLOHVHQFDGDFRUULHQWHFXiOHVVRQORVHVFHQDULRVTXHFODPDQSRUXQRXRWURPpWRGRR
FyPRHQJUDQDFDGDXQRSRUHMHPSORFRQ&00,\ORVPpWRGRVGHHVFDODLQGXVWULDO

7UDVODUHYLVLyQTXHKHPRVKHFKRVXUJHGHLQPHGLDWRTXHHQWUHORVGLYHUVRVPRGHORVVHSUHVHQWD
XQDUHJXODULGDGLQKHUHQWHDODOyJLFDGHODVIDVHVSRUGLVWLQWDVTXHVHDQODVSUHPLVDVORVFLFORV
ORV GHWDOOHV \ ORV QRPEUHV 'DGR TXH HO FLFOR GH YLGD HV GH GLIHUHQWH ORQJLWXG HQ FDGD FDVR ODV
IDVHVGHODWDEODQRVRQHVWULFWDPHQWHSURSRUFLRQDOHV

/RVPpWRGRVTXHKHPRVH[DPLQDGRQRVRQIiFLOHVGH FRPSDUDU HQWUHVtFRQIRUPHDXQSHTXHxR
FRQMXQWR GH FULWHULRV $OJXQRV FRPR ;3 KDQ GHILQLGR FODUDPHQWH VXV SURFHVRV PLHQWUDV TXH
8QLYHUVLGDGGHO&DXFD

RWURV FRPR 6FUXP VRQ EDVWDQWH PiV GLIXVRV HQ HVH VHQWLGR OLPLWiQGRVH D XQ FRQMXQWR GH
SULQFLSLRV \ YDORUHV /HDQ 'HYHORSPHQW WDPELpQ SUHVHQWD PiV SULQFLSLRV TXH SUiFWLFDV XQRV
FXDQWRV TXH HOORV FRPR OD VDWLVIDFFLyQ GHO FOLHQWH HVWiQ PHQRV DUWLFXODGRV TXH HQ 6FUXP SRU
HMHPSOR&LHUWRV0$VFRPR)''QRFXEUHQWRGRVORVSDVRVGHOFLFORGHYLGDVLQRXQRVSRFRVGH
HOORV9DULRVPpWRGRVGHMDQOLEUDGDWRGDODLQJHQLHUtDFRQFUHWDDDOJ~QRWURPpWRGRVLQHVSHFLILFDU
3RUPiVTXHH[LVWDXQDKRPRORJtDHVWUXFWXUDOHQVXWUDWDPLHQWRGHOSURFHVRVHGLUtDTXHHQXQ
SULPHUDQiOLVLVKD\GRVUDQJRV RFRQMXQWRVGLVWLQWRVGH0$V HQODHVFDODGHFRPSOHMLGDG3RUXQ
ODGRHVWiQORV0$VGHFODUDWLYRV\SURJUDPiWLFRVFRPR;36FUXP/'$0\5$'SRUHORWURODV
SLH]DV PD\RUHV ILQDPHQWH HODERUDGDV FRPR (YR '6'0 \ &U\VWDO (Q XQD SRVLFLyQ LQWHUPHGLD
HVWDUtD$6'FX\DQDWXUDOH]DHVPX\SHFXOLDU1RFDOLILFDUtDPRVD583FRPRPHWRGRORJtDiJLOHQ
SOHQLWXGVLQRPiVELHQFRPRXQFRQMXQWRHQRUPHGHKHUUDPLHQWDV\DUWHIDFWRVDOODGRGHXQRV
SRFRV OLQHDPLHQWRV GH XVR TXH DFDVR HVWiQ PHMRU DUWLFXODGRV HQ $0 TXH HQ OD SURSLD
GRFXPHQWDFLyQ QDWLYD GH 583 /RV UHFXUVRV GH 583 VH SXHGHQ XWLOL]DU FRQ PD\RU R PHQRU
FRQIOLFWR HQ FXDOTXLHU RWUD HVWUDWHJLD VLQ QHFHVLGDG GH FUHDU SURGXFWRV GH WUDEDMR QXHYRV XQD \
RWUD YH] &RPR VHD KDEUtD TXH LQGDJDU HQ TXp FDVRV ORV PpWRGRV DGPLWHQ KLEULGDFLyQ SRU VHU
VHPHMDQWHV\FRPSOHPHQWDULRVHQXQPLVPRSODQR\HQTXpRWURVHVFHQDULRVORKDFHQSRUTXHVH
UHILHUHQDGLVWLQWRVQLYHOHVGHDEVWUDFFLyQ

/DLQWHQFLyQGHHVWHWUDEDMRKDVLGRGHVFULELUODQDWXUDOH]DGHORV0$VHVWDEOHFHUVXHVWDGRDFWXDO
\ SRQHU HQ FODUR VXV UHODFLRQHV FRQ RWUDV PHWRGRORJtDV HQ SDUWLFXODU 0LFURVRIW 6ROXWLRQV
)UDPHZRUN(VSHUDPRVTXHODHVFDODGHWUDWDPLHQWRKD\DSHUPLWLGRDSUHFLDUTXH HOFRQMXQWRGH
ORV0$VHVPiVKHWHURJpQHRGHORTXHVRVWLHQHODSUHQVDGHDPERVEDQGRVTXHORVHVWHUHRWLSRV
VREUHVXHVStULWXWUDQVJUHVRUQRFRQGLFHQPXFKRFRQORVULJRUHVGHDOJXQDVGHVXVIRUPXODFLRQHV
\ TXHODPDJQLWXGGHVXVQRYHGDGHVVHDWHPSHUDXQSRFRFXDQGRVHFRPSUXHEDTXHDOJXQDVGH
VXVPHMRUHVLGHDVVRQWDPELpQODVPiVDQWLJXDV\VHJXUDV

1RKDVLGRSDUWHGHOSURJUDPDGHHVWHHVWXGLRODSURPRFLyQRODFUtWLFDGHORVPpWRGRVVLVHKDQ
GRFXPHQWDGR ODV SURWHVWDV HQ VX FRQWUD KD VLGR VRODPHQWH SDUD LOXVWUDU HO FRQWH[WR 1R VH KD
EXVFDGRWDPSRFRPDUFDUVXFRQWUDVWHRVXDILQLGDGFRQORVPpWRGRVSHVDGRVVyORVHKDVHxDODGR
VX FRPSOHPHQWDULHGDG DOOt GRQGH VH OD KD KHFKR H[SOtFLWD 8Q HMHUFLFLR SHQGLHQWH VHUtD WRPDU HO
PRGHOR GH FLFORV GH FDGD PpWRGR SDUWLFXODU R VXV DUWHIDFWRV R VX GHILQLFLyQ GH ORV HTXLSRV GH
WUDEDMR\PDSHDUFDGDHOHPHQWRGHMXLFLRFRQWUDORVGH06)SRUTXHKDVWDKR\HVWRVHKDKHFKR
VRODPHQWHDSURSyVLWRGH'6'0RDQLYHOGHFyGLJRFRQ;3
8QLYHUVLGDGGHO&DXFD

(VWD RSHUDFLyQ SRGUtD HVWDEOHFHU FRUUHVSRQGHQFLDV HQFXELHUWDV SRU GLIHUHQFLDV PHUDPHQWH

WHUPLQROyJLFDV\VHxDODUORVSXQWRVGHLQIOH[LyQSDUDHOXVRGHORV0$VHQODVGLVFLSOLQDVGH06)
7DPELpQKDEUtDTXHFRQVLGHUDUFRPELQDFLRQHVP~OWLSOHV1RVHUtDLQVHQVDWRSURSRQHUTXH06)VH
XWLOLFHFRPRPDUFRJHQHUDO3ODQJXDJHFRPROHQJXDMHGHHVSHFLILFDFLyQGHUHTXHULPLHQWR6FUXP
FRQVXVSDWURQHVRUJDQL]DFLRQDOHVFRPRPpWRGRGHPDQDJHPHQW;3FRQSDWURQHVGHGLVHxR
SURJUDPDFLyQ JXLDGD SRU SUXHEDV \ UHIDFWRUL]DFLyQ FRPR PHWRGRORJtD GH GHVDUUROOR 583 FRPR
DEDVWHFHGRU GH DUWHIDFWRV $6' FRPR FXOWXUD HPSUHVDULDO \ SRU TXp QR" &00 FRPR
PHWRGRORJtDGHHYDOXDFLyQGHPDGXUH]

+D\PXFKRSRUKDFHUHQODFRPSDUDFLyQGHORVPpWRGRVORVVXUYH\VGLVSRQLEOHVHQJHQHUDOKDQ
WUDWDGR VyOR SHTXHxRV FRQMXQWRV GH HOORV VLQ TXH SXHGD YLVXDOL]DUVH WRGDYtD XQD FRUUHODFLyQ
VLVWHPiWLFDVREUHXQDPXHVWUDPiVDPSOLD\PHQRVVHVJDGD7DPELpQKD\WDUHDVSRUKDFHUHQOD
FRRUGLQDFLyQ GH ORV 0$V FRQ XQ FRQMXQWR GH WpFQLFDV SUiFWLFDV \ IUDPHZRUNV TXH JXDUGDQ FRQ
HOORV UHODFLRQHV GLIHUHQFLDOHV PHWRGRORJtDV EDVDGDV HQ DUTXLWHFWXUD SURJUDPDFLyQ JXLDGD SRU
UDVJRV\SRUSUXHEDV PpWRGRVIRUPDOHVGH YHULILFDFLyQOHQJXDMHVGHGHVFULSFLyQDUTXLWHFWyQLFD
PRGHORVGHOtQHDGHSURGXFWRVSDWURQHVGHGLVHxR\RUJDQL]DFLRQDOHVUHIDFWRUL]DFLyQ

&RPRORWHVWLPRQLDQORVDFHUFDPLHQWRVGHVGHORVFXDUWHOHVGH80/583RODUHFLHQWHDFHSWDFLyQ
GH PXFKRV GH VXV SULQFLSLRV SRU SDUWH GH ORV SURPRWRUHV GH &00, R ,62 R OD SULVD SRU
LQWHJUDUORV D RWURV PpWRGRV R SRU HQFRQWUDU WpUPLQRV HTXLGLVWDQWHV ORV 0$V DO ODGR GH ORV
SDWURQHV KDQ OOHJDGR SDUD TXHGDUVH +DQ GHPRFUDWL]DGR WDPELpQ OD GLVFXVLyQ PHWRGROyJLFD
DQWHV UHVWULQJLGD D XQRV SRFRV HVSHFLDOLVWDV FRUSRUDWLYRV \ D FOXEHV RUJDQL]DFLRQDOHV GH DFFHVR
FLUFXQVFULSWR 6H SXHGH GLVHQWLU FRQ PXFKRV GH HOORV SHUR FDEH UHFRQRFHU VX REUD GH
WUDQVIRUPDFLyQGHDKRUDHQDGHODQWHODPHWRGRORJtDQRYROYHUiDVHUODPLVPD
8QLYHUVLGDGGHO&DXFD

Metodologias Agiles PDF

Enviado por

Dados do documento

Título original

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Metodologias Agiles PDF

Enviado por

Direitos autorais:

Formatos disponíveis

3URJUDPDGH,QJHQLHUtDGH6LVWHPDV,QJHQLHUtDGH6RIWZDUH,

$OJXQRVDXWRUHVVXJLHUHQLPSOHPHQWDUVSLNHVRVHDS~DVRDVWLOODVSDUDHVWLPDUODGXUDFLyQ\

&LFORGH&DUUHUD6SULQWGH6FUXPEDVDGRHQ>KWWSZZZ&RQWUROFKDRVFRP@

6SULQW EDFNORJ GH 6FUXP EDVDGR HQ >KWWSZZZFRQWUROFKDRVFRPVEDFNORJKWP@

2WURPDUFRTXHKDHVWDEOHFLGRODDQDORJtDHQWUHHYROXFLyQRDGDSWDFLyQ\DSUHQGL]DMHHVFRPR

/HDQ'HYHORSPHQW/'\/HDQ6RIWZDUH'HYHORSPHQW/6'

,QWHJULGDGLQFRUSRUDGD3HUFHLYHG,QWHJULW\&RQFHSWXDO,QWHJULW\5HIDFWRULQJ7HVWLQJ/D

(VWD RSHUDFLyQ SRGUtD HVWDEOHFHU FRUUHVSRQGHQFLDV HQFXELHUWDV SRU GLIHUHQFLDV PHUDPHQWH

Você também pode gostar

Metodologias Agiles PDF

Enviado por

Dados do documento

Título original

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Metodologias Agiles PDF

Enviado por

Direitos autorais:

Formatos disponíveis

3URJUDPDGH,QJHQLHUtDGH6LVWHPDV,QJHQLHUtDGH6RIWZDUH,

$OJXQRVDXWRUHVVXJLHUHQLPSOHPHQWDUVSLNHV RVHDS~DVRDVWLOODV SDUDHVWLPDUODGXUDFLyQ\

&LFORGH&DUUHUD 6SULQW GH6FUXPEDVDGRHQ>KWWSZZZ&RQWUROFKDRVFRP@

6SULQW EDFNORJ GH 6FUXP EDVDGR HQ >KWWSZZZFRQWUROFKDRVFRPVEDFNORJKWP@

2WURPDUFRTXHKDHVWDEOHFLGRODDQDORJtDHQWUHHYROXFLyQ RDGDSWDFLyQ \DSUHQGL]DMHHVFRPR

/HDQ'HYHORSPHQW /' \/HDQ6RIWZDUH'HYHORSPHQW /6' 

 ,QWHJULGDGLQFRUSRUDGD 3HUFHLYHG,QWHJULW\&RQFHSWXDO,QWHJULW\5HIDFWRULQJ7HVWLQJ /D

(VWD RSHUDFLyQ SRGUtD HVWDEOHFHU FRUUHVSRQGHQFLDV HQFXELHUWDV SRU GLIHUHQFLDV PHUDPHQWH

Você também pode gostar

$OJXQRVDXWRUHVVXJLHUHQLPSOHPHQWDUVSLNHVRVHDS~DVRDVWLOODVSDUDHVWLPDUODGXUDFLyQ\

&LFORGH&DUUHUD6SULQWGH6FUXPEDVDGRHQ>KWWSZZZ&RQWUROFKDRVFRP@

6SULQW EDFNORJ GH 6FUXP EDVDGR HQ >KWWSZZZFRQWUROFKDRVFRPVEDFNORJKWP@

2WURPDUFRTXHKDHVWDEOHFLGRODDQDORJtDHQWUHHYROXFLyQRDGDSWDFLyQ\DSUHQGL]DMHHVFRPR

/HDQ'HYHORSPHQW/'\/HDQ6RIWZDUH'HYHORSPHQW/6'

,QWHJULGDGLQFRUSRUDGD3HUFHLYHG,QWHJULW\&RQFHSWXDO,QWHJULW\5HIDFWRULQJ7HVWLQJ/D