Você está na página 1de 16

ApostilasBrasil.

com

Seu Futuro o Nosso Presente!

$(5$d2'(*526$50$=(1$'26

,1752'8d2
2VJUmRV FRPRPDWHULDLVELROyJLFRVYLYRVHVWmRVXMHLWRVDWUDQVIRUPDo}HV
GH QDWXUH]DV GLVWLQWDV RULXQGDV GD WHFQRORJLD DSOLFDGD DR VLVWHPD GH SUp
SURFHVVDPHQWR
$LQGDKRMHHPXQLGDGHVDUPD]HQDGRUDVPDLVDQWLJDVRVRSHUDGRUHVID]HP
PRYLPHQWDUDPDVVDGHJUmRV DWUDYpVGRDUDPELHQWHTXDQGRVHYHULILFDTXDOTXHU
SUREOHPDGHDUPD]HQDJHPTXHSRVVDFRPSURPHWHUDTXDOLGDGHGRSURGXWR$HVVH
SURFHGLPHQWR GHQRPLQDVH WUDQVLODJHP (VVD RSHUDomR DSHVDU GH UHVROYHU
SDUFLDO RX WRWDOPHQWH RV SUREOHPDV QD SUiWLFD UHVXOWD HP YiULRV LQFRQYHQLHQWHV
FRPR
D (OHYDRtQGLFHGHGDQRVPHFkQLFRVQRSURGXWRGXUDQWH DPRYLPHQWDomR
GDPDVVDGHJUmRV
E  1HFHVVLWD QD PDLRULD GDV YH]HV GH PDLV WHPSR SDUD D VXD H[HFXomR
FRQVLGHUDQGR TXH FRP XPD ~QLFD FLUFXODomR GR SURGXWR SHOR DU DPELHQWH R
SUREOHPDSRGHQmRVHUWRWDOPHQWHVROXFLRQDGR
F $SUHVHQWDHOHYDGRFXVWRGHLQVWDODomRMiTXHRSURFHVVRH[LJHXPDFpOXOD
GHHVWRFDJHPYD]LDQDXQLGDGHDUPD]HQDGRUD
G  7HP FXVWR RSHUDFLRQDO PDLV HOHYDGR QmR Vy SHOD PDLRU GHPDQGD GH
WHPSR PDV WDPEpP SRU HQYROYHU PDLRU Q~PHUR GH HTXLSDPHQWRV H FRQVXPR GH
HQHUJLD
3DUD VROXFLRQDU DOJXQV GHVVHV SUREOHPDV VXJHUHVH D WpFQLFD GD DHUDomR
TXHFRQVLVWHQDSDVVDJHPIRUoDGDGRDUFRPIOX[RDGHTXDGRDWUDYpVGDPDVVDGH
JUmRV FRP R REMHWLYR GH SUHYHQLU RX VROXFLRQDU SUREOHPDV GH FRQVHUYDomR GR
SURGXWR $ DHUDomR DSUHVHQWD YDQWDJHQV FRPR D SRVVLELOLGDGH GH VXSHUYLVLRQDU
WDQWRRVLVWHPDTXDQWRRSURGXWRGXUDQWHDRSHUDomRGHDHUDomR
4XDQGRDSOLFDo}HVVXFHVVLYDVGDDHUDomRUHVXOWDUHPHPIRUPDomRGHEORFRV
GHJUmRVHFRQFHQWUDomRGHILQRVTXHGLILFXOWDPDSDVVDJHPGRDUGHYHVHFRUULJLU
R SUREOHPD FRP XPD PRYLPHQWDomR RX WUDQVLODJHP GR SURGXWR H VH SRVVtYHO
SDVViORSHORVLVWHPDGHOLPSH]D2LPSRUWDQWHpVDEHUTXHDDUPD]HQDJHPDJUDQHO
SRU XP ORQJR SHUtRGR WRUQDVH PXLWR GLItFLO VHP D SUiWLFD GD DHUDomR PHVPR
VDEHQGRTXHRSURGXWRHQFRQWUDVHGHYLGDPHQWHOLPSRHVHFR
2%-(7,926'$$(5$d2
$ DHUDomR SRGH WHUGLIHUHQWHV HIHLWRV VREUH D PDVVD GH JUmRV GHSHQGHQGR
GDV FRQGLo}HV GR DPELHQWH H GR SUySULR SURGXWR $QWHV GH FRORFDU R VLVWHPD GH


ApostilasBrasil.com

Seu Futuro o Nosso Presente!

&DStWXOR$HUDomRGH*UmRV$UPD]HQDGRV

DHUDomR HP IXQFLRQDPHQWR p HVVHQFLDO ID]HU XPD SUHYLVmR VREUH RV SRVVtYHLV
UHVXOWDGRV GD RSHUDomR $ XWLOL]DomR GD WpFQLFD SRGH DWHQGHU DRV VHJXLQWHV
REMHWLYRV
 HVWDEHOHFHUFRQGLo}HVTXHSHUPLWHPRUHVIULDPHQWRGHSRQWRVDTXHFLGRV
QDPDVVDGHJUmRV
 XQLIRUPL]DUDWHPSHUDWXUDQDPDVVDGHJUmRV
 SUHYHQLUDTXHFLPHQWRHUHJXODURHVWDGRGHXPLGDGHGRSURGXWR
 SURPRYHUVHFDJHPGHQWURGHFHUWRVOLPLWHV
 SURPRYHUUHPRomRGHRGRUHVH
 SURPRYHUUHVIULDPHQWRGHWRGDDPDVVDGHJUmRV

2 UHVIULDPHQWR GD PDVVD GH JUmRV DUPD]HQDGRV FRQVWLWXL R SULQFLSDO


REMHWLYRHD SULQFLSDOXWLOLGDGHGDDHUDomR2PLFURFOLPDIRUPDGRGHQWURGDPDVVD
GH JUmRV SRGHUi WUD]HU DOJXQV EHQHItFLRV DR SURFHVVR GH FRQVHUYDomR GRV JUmRV
FRPRGHVFULWRDVHJXLU
,QLELU D DWLYLGDGH GH LQVHWRV D PDLRULD GRV LQVHWRV TXH DWDFDP RV JUmRV
DUPD]HQDGRVpGHRULJHPWURSLFDOHVXEWURSLFDO7HPSHUDWXUDVQDIDL[DGHDR&
HXPLGDGHUHODWLYDLQIHULRUDLQLEHPRGHVHQYROYLPHQWRGHDOJXPDVHVSpFLHV
$V FRQGLo}HV LGHDLV GH GHVHQYROYLPHQWR VmR GHILQLGDVQD IDL[D HQWUH H R& H
FRPXPLGDGHUHODWLYDSUy[LPDGH

,QLELURGHVHQYROYLPHQWRGDPLFURIORUDRWHRUGHXPLGDGHGRSURGXWRD
WHPSHUDWXUDHD XPLGDGHUHODWLYDGRDPELHQWHGHQWURGDPDVVDGHJUmRVLQIOXHQFLDP
R GHVHQYROYLPHQWR GD PLFURIORUD 6DEHVH TXH JUmRV FRP WHRU GH XPLGDGH GH DWp
 EX SRGHP VHU DUPD]HQDGRV SRU PDLRUHV SHUtRGRV GH WHPSR VH D
WHPSHUDWXUD IRU EDL[D  D R&  H D XPLGDGH UHODWLYD QmR XOWUDSDVVDU  (P
DOJXQVFDVRVHPUHJL}HVGHFOLPDWURSLFDOHVXEWURSLFDOpGLItFLOHVWDEHOHFHU HVWDV
FRQGLo}HVSRUPHLRGHDHUDomR
3UHVHUYDUD TXDOLGDGHGRVJUmRVWHVWHVGHJHUPLQDomRVmRXWLOL]DGRVSDUD
DYDOLDUDYLDELOLGDGHGRVJUmRVDUPD]HQDGRV*UmRVFXMDYLDELOLGDGHpUHGX]LGDVmR
PDLVYXOQHUiYHLVDRDWDTXHGHIXQJRVHSRUWDQWRPDLVVXVFHSWtYHLVDRSURFHVVRGH
GHWHULRUDomR $V PRGLILFDo}HV TXtPLFDV TXH RFRUUHP QRV JUmRV GXUDQWH D
DUPD]HQDJHP VmR PXLWR OHQWDV H jV YH]HV DWp LQVLJQLILFDQWHV HP EDL[D
WHPSHUDWXUD $ YHORFLGDGH GDV UHDo}HV TXtPLFDV TXH RFRUUHP QRV DOLPHQWRV
DUPD]HQDGRVSRGHVHUUHGX]LGDjPHWDGHTXDQGRDWHPSHUDWXUDGHFUHVFHHPR&
*UmRV DUPD]HQDGRV HP VLORV IRUPDP XP HFRVVLVWHPD FDUDFWHUtVWLFR HP
HVWDGR ODWHQWH HP TXH WRGDV DV DWLYLGDGHV ELyWLFDV VmR LPSHUFHSWtYHLV (VWD
FRQGLomR GH DSDUHQWH LQDWLYLGDGH GHYH VHU PDQWLGD SHOR PDLRU WHPSR SRVVtYHO
GHVGHTXHRSURFHVVRQmRUHVXOWHHPSHUGDGHTXDOLGDGHGRSURGXWRDUPD]HQDGR
$ LQWURGXomR GH XPD PDVVD GH DU FRP WHPSHUDWXUD EDL[D p XPD WpFQLFD
EHQpILFDjFRQVHUYDomRGRVJUmRVHPHVWDGRGHUHSRXVRSRUSHUtRGRGHWHPSRPDLV
SURORQJDGR$ )LJXUDLOXVWUDRSURFHVVRGHVFULWR


6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV

ApostilasBrasil.com

&DStWXOR

Seu Futuro o Nosso Presente!

$HUDomRGH*UmRV$UPD]HQDGRV

8QLIRUPL]DU D WHPSHUDWXUD p RXWUR LPSRUWDQWH REMHWLYR GD DHUDomR


SULQFLSDOPHQWH SDUD DV UHJL}HV RQGH H[LVWHP JUDQGHV IOXWXDo}HV GH WHPSHUDWXUD H
TXDQGRDDSOLFDomRGHVWDWpFQLFDIRUSDUDSUHYHQLURXHYLWDUDPLJUDomRGHXPLGDGH
$DHUDomRpIHLWDSDUDSURPRYHUDXQLIRUPL]DomRGDWHPSHUDWXUDQDPDVVDGHJUmRV
HYLWDQGR RV IRFRV GH DTXHFLPHQWR VHP QHFHVVDULDPHQWH FXPSULU R REMHWLYR GH
UHVIULDPHQWR
8PGRVPDLRUHVSUREOHPDVGHFRUUHQWHVGDPLJUDomRGHXPLGDGHFRQVLVWHQD
PLVWXUD GDV FDPDGDV FRQWDPLQDGDV FRP R UHVWDQWH GD PDVVD TXDQGR R SURGXWR
HVWRFDGR p PRYLPHQWDGR SRU TXDOTXHU PRWLYR 'HQWUH RV GDQRV FDXVDGRV R PDLV
SUHRFXSDQWHpDFRQWDPLQDomRSRUPLFRWR[LQDV$ )LJXUD LOXVWUDR IHQ{PHQRGH
PLJUDomRGHXPLGDGH

)LJXUD&RPSRVLomRGRHFRVVLVWHPDGDPDVVDGHJUmRVHPXPVLOR

)LJXUD   3RQWRV GH SRVVtYHLV GDQRV j VXSHUItFLH GD PDVVD GH JUmRV HP
IXQomRGRSURFHVVRGHPLJUDomRGHXPLGDGH

$UPD]HQDPHQWRGH3URGXWRV$JUtFRODV



ApostilasBrasil.com

Seu Futuro o Nosso Presente!

&DStWXOR$HUDomRGH*UmRV$UPD]HQDGRV

3UHYHQLU R DTXHFLPHQWR GRV JUmRV HVWD YDQWDJHP DSOLFDVH


IUHTHQWHPHQWHjDUPD]HQDJHPHPVLORSXOPmRRXHPPRHJDVFRPJUmRVUHFpP
FROKLGRVDJXDUGDQGRDSRVWHULRUVHFDJHP'HYHVHOHPEUDUTXHQHVVDVFRQGLo}HV
R SURGXWR GHYH SDVVDU SRU XPD RSHUDomR GH SUpOLPSH]D 1HVWH FDVR D DHUDomR
SHUPLWHDXPHQWDURIOX[RGHHQWUDGDGHSURGXWR~PLGRQD XQLGDGH DUPD]HQDGRUD
VHP D QHFHVVLGDGH GH LQYHVWLPHQWRV HP VHFDGRUHV H[WUDV RX HP VHFDGRUHV
VXSHUGLPHQVLRQDGRV
+i OLPLWHV Pi[LPRV SDUD R WHRU GH XPLGDGH H WHPSHUDWXUD GR SURGXWR HP
UHODomR DR WHPSR GH HVSHUD SDUD D VHFDJHP 2 RSHUDGRU GHYH HVWDU DWHQWR H
FRQVXOWDU D WDEHOD VREUH R WHPSR SHUPLVVtYHO SDUD D DUPD]HQDJHP GH JUmR VRE
GLIHUHQWHV FRQGLo}HVGH XPLGDGH H WHPSHUDWXUD 1HVVH FDVR R VLVWHPD GH DHUDomR
GHYH VHU SURMHWDGR SDUD IRUQHFHU JUDQGHV YROXPHVGH DU D ILP GH PDQWHU SURGXWR
~PLGRHPFRQGLo}HVGHDOWDTXDOLGDGHDQWHVGDRSHUDomRGHVHFDJHP
3URPRYHUDVHFDJHPGHQWURGHFHUWRVOLPLWHVHPJHUDOQmRVHHQWHQGHD
DHUDomRFRPRSURFHVVRGHVHFDJHPSRUpPHPFRQGLo}HVIDYRUiYHLVJUmRV~PLGRV
DEDL[R GH  EX VmR VHFDGRV VHFDJHP FRP DU QDWXUDO  HP VLORV FRP DOWDV
YD]}HVGHDUHPRSHUDomRFRQWtQXDGHVGHTXHDWHPSHUDWXUDGRDUQmRDWLQMDYDORUHV
SUy[LPRVGH R& 2IOX[RGHDUPtQLPRUHFRPHQGDGRSDUDVHFDJHPGHSHQGHQGR
GDV FRQGLo}HV DPELHQWDLV p  D  YH]HV PDLRU TXH R IOX[R XWLOL]DGR SDUD D
DHUDomR GH UHVIULDPHQWR 3RU TXHVW}HV GLGiWLFDV D XWLOL]DomR GD VHFDJHPHP VLORV
GHYHVHUGLIHUHQFLDGDGDDHUDomRGHUHVIULDPHQWR
5HPRYHU RV RGRUHV HP IXQomR GD DWLYLGDGH ELROyJLFD GRV JUmRV H GRV
RUJDQLVPRVTXHFRQVWLWXHPRHFRVVLVWHPDGDPDVVDRGRUHVQmRGHVHMiYHLVSRGHP
RFRUUHU $ DHUDomR SRGH VHU XWLOL]DGD SDUD UHPRYHU DOpP GHVVHV RGRUHV RV JDVHV
UHVXOWDQWHVGRFRPEDWHjVSUDJDVHGHYROYHUDRVJUmRVRFKHLURFDUDFWHUtVWLFR
6,67(0$'($(5$d2
&RQVLVWHGHXPFRQMXQWRGHHTXLSDPHQWRVQHFHVViULRVjSHUIHLWDUHDOL]DomR
GDDHUDomR%DVLFDPHQWHpFRPSRVWRSRU
9HQWLODGRU FRP PRWRU GHYH IRUQHFHU D TXDQWLGDGH GH DU QHFHVViULD DR
UHVIULDPHQWR GR SURGXWR H VHUFDSD]GH YHQFHUD UHVLVWrQFLD RIHUHFLGD j SDVVDJHP
GHVWHDUSHODPDVVDGHJUmRVDUPD]HQDGD
'XWRV SHUPLWHPDLQVXIODomRRXDVXFomRGHDUDWUDYpVGDPDVVDGHJUmRV
6LORV DUPD]HQDPDPDVVDGHJUmRV
'LVSRVLWLYRV SDUD PRQLWRUDPHQWR  LQGLFDP DV FRQGLo}HV GR DPELHQWH
LQWHUQRHH[WHUQRGDPDVVDGHJUmRVHHPDOJXQVFDVRVSRGHPDFLRQDURXOLJDUR
VLVWHPDGHYHQWLODomRHPIXQomRGDTXHODVFRQGLo}HV
8P VLVWHPD GH DHUDomR FRP YHQWLODGRU IL[R SDUD FDGD XQLGDGH GH
DUPD]HQDJHP SRGH VHU VLPSOHV YHUViWLO H HILFLHQWH VRE R SRQWR GH YLVWD WpFQLFR
(QWUHWDQWR SRGH VHU D RSomR PDLV FDUD SRU H[LJLU YiULRV PRWRUHV H YiULRV
YHQWLODGRUHV SDUD SURGX]LU D PHVPD TXDQWLGDGH GH DU $ XWLOL]DomR GH XP ~QLFR
YHQWLODGRUHGXWRGHGLVWULEXLomRSDUDPDLVGHXPDXQLGDGHGHDUPD]HQDJHPpXPD
DOWHUQDWLYD VDWLVIDWyULD SDUD R VXSULPHQWR GH DU 1HVWH FDVR ID]VH D DHUDomR HP
YiULRVVLORVVXFHVVLYDPHQWH$DGRomRGHXPRXPDLVVLVWHPDVGHYHQWLODomRGHYH
VHU EDVHDGD HP XP FULWHULRVR HVWXGR WpFQLFR H HFRQ{PLFR $ )LJXUD  LOXVWUD XP


6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV

ApostilasBrasil.com

&DStWXOR

Seu Futuro o Nosso Presente!

$HUDomRGH*UmRV$UPD]HQDGRV

VLVWHPDGHDHUDomRHPXPVLOR
$OJXPDVGHILQLo}HVLPSRUWDQWHVVREUHRVFRPSRQHQWHVHDRSHUDomRGHXP
VLVWHPDGHDHUDomRVmRGDGDVDVHJXLU
'XWRVSDUDGLVWULEXLomRGHDU SRGHPVHUGLYLGLGRVHPGXWRSULQFLSDORX
GH VXSULPHQWR H GXWR VHFXQGiULR RX GH DHUDomR )LJXUD   2 SULPHLUR WHP D
ILQDOLGDGH GH FRQHFWDU R YHQWLODGRU D XP RX PDLV GXWRV VHFXQGiULRV H HVWHV D GH
GLVWULEXLU R PDLV XQLIRUPHPHQWH SRVVtYHO R DU DWUDYpV GD PDVVD GH JUmRV $
GLIHUHQoDEiVLFDHVWiQRIDWRGHTXHRGXWRSULQFLSDOQmRSRVVXLSHUIXUDo}HV

)LJXUD&RPSRQHQWHVEiVLFRVGHXPVLVWHPDGHDHUDomRHPVLORV

)LJXUD7LSRVGHGXWRVGHDHUDomR
$UPD]HQDPHQWRGH3URGXWRV$JUtFRODV



ApostilasBrasil.com

Seu Futuro o Nosso Presente!

&DStWXOR$HUDomRGH*UmRV$UPD]HQDGRV

2V GXWRV SRGHP VHU FLUFXODUHV VHPLFLUFXODUHV UHWDQJXODUHV HP IRUPD GH


8 RX GH 9 LQYHUWLGRV 6LORV FRP IXQGR IDOVR WRWDOPHQWH SHUIXUDGR VmR
WDPEpPXWLOL]DGRV 1RV GXWRV SHUIXUDGRV D iUHD GH SHUIXUDomR GHYH FRUUHVSRQGHU
QRPtQLPRDGDiUHDWRWDOGRGXWRHFDGDIXURGHYHWHUGLPHQVmRHIRUPDVWDLV
TXHQmRSHUPLWDPDSDVVDJHPGHJUmRV

$VSULQFLSDLVGLPHQV}HVGHXPVLVWHPDGHGXWRVVmR
7DPDQKR DVHomRWUDQVYHUVDOHDSURIXQGLGDGHLQIOXHQFLDUmRDYHORFLGDGH
GRDUGHQWURGRGXWRHD XQLIRUPLGDGHGHGLVWULEXLomRGRDUQDPDVVDGHJUmRV
UHDVXSHUILFLDO LQIOXHQFLDUiDSUHVVmRGHVDtGDGHDUGRGXWRSDUDDPDVVD
GHJUmRV
(VSDoDPHQWR HQWUH GXWRV  WHP LQIOXrQFLD VREUH D XQLIRUPLGDGH GH
GLVWULEXLomRGRDUQDPDVVDGHJUmRV
9HORFLGDGH GR DU GHQWUR GRV GXWRV  D YHORFLGDGH DGPLVVtYHO SDUD R DU
GHQWURGRGXWRpDPPLQTXDQGRRVHXFRPSULPHQWRpGHQRPi[LPR
PRXDPPLQTXDQGRRFRPSULPHQWRYDULDGHDP
$YHORFLGDGHGRDUDRGHL[DURVIXURVGRVGXWRVSDUDDHQWUDGDQDPDVVDGH
JUmRV QmR SRGH H[FHGHU D  PPLQ HP VLORV KRUL]RQWDLV SUHGRPLQkQFLD GR
GLkPHWURRXGDODUJXUDVREUHDDOWXUD HPPLQHPVLORVYHUWLFDLV
9HQWLODGRU pD PiTXLQDXWLOL]DGDSDUDPRYLPHQWDURDUDWUDYpVGDPDVVDGH
JUmRV (VVD PRYLPHQWDomR p IHLWD SRU PHLR GH XP URWRU FHQWUtIXJR RX D[LDO
DFLRQDGRSRUXPDXQLGDGHPRWRUD2YHQWLODGRUGHYHVHUGLPHQVLRQDGRSDUD

D )OX[RGHDUGHYHVHIRUQHFHUXPDGHWHUPLQDGDTXDQWLGDGHGHDUPHGLGDHP
XQLGDGHGHYROXPHSRUXQLGDGHGHWHPSRHGHPDVVDRXGHYROXPHGHJUmRV
P GH DU SRU PLQXWR SRU P GH JUmRV RX P GH DU SRU PLQXWR SRU
WRQHODGDGHJUmRV $GRWDPVH GLIHUHQWHVIOX[RV HP IXQomR GD YDULDomR QD
GLVWULEXLomRGHDUSDUDGLIHUHQWHVWLSRVGHDUPD]pQV3DUDVLORVYHUWLFDLVSRGH
YDULDU HQWUH  H  P PLQ W GH JUmRV H SDUD HVWUXWXUDV KRUL]RQWDLV
HQWUHHP PLQW GH JUmRV $SHVDUGDSRVVLELOLGDGH GHH[LVWLUHP
YDULDo}HVGHYLGRDFRQGLo}HVDWPRVIpULFDVWLSRVGHJUmRVSRWrQFLDGRPRWRU
ILQDOLGDGHHWHPSRGHDHUDomRD7DEHODIRUQHFHLQGLFDomRGHDOJXQVIOX[RV
GHDUSDUDDHUDomR
E 3UHVVmRHVWiWLFDRYHQWLODGRUGHYHYHQFHUDUHVLVWrQFLDjSDVVDJHPGRIOX[R
GHDULVWRpWHUSUHVVmRVXSHULRUjSUHVVmRHVWiWLFDGRVLVWHPDTXHpPHGLGD
HPIRUoDSRUXQLGDGHGHiUHDHHTXLYDOHjUHVLVWrQFLDTXHRVJUmRVHRVLVWHPD
GH GLVWULEXLomR RIHUHFHP j SDVVDJHP GR DU $ SUHVVmR HVWiWLFD p XP YDORU
LPSRUWDQWH SDUD R GLPHQVLRQDPHQWR GD SRWrQFLD GR PRWRU H R FiOFXOR GR
YHQWLODGRU1RUPDOPHQWHHVWHYDORUpGDGRHPPLOtPHWURVGHFROXQDGHiJXD
PPFD RX3DVFDO 3D $SUHVVmRHVWiWLFDYDULDGLUHWDPHQWHFRPDDOWXUDGD
FDPDGDGHJUmRVHFRPDYHORFLGDGHFRPTXHRDUDWUDYHVVDHVWDFDPDGD$
)LJXUDPRVWUDHVVDUHODomR



6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV

ApostilasBrasil.com

Seu Futuro o Nosso Presente!

&DStWXOR

$HUDomRGH*UmRV$UPD]HQDGRV

8QLGDGH DUPD]HQDGRUD p D HVWUXWXUD DFRQGLFLRQDGRUD GH JUmRV (VWD


HVWUXWXUDSRGHVHUYHUWLFDORXKRUL]RQWDOHGHSHQGHGDVFDUDFWHUtVWLFDVWpFQLFDVHGD
UHODomRHQWUHDDOWXUDHRGLkPHWURRXDOWXUDHODUJXUDGDHVWUXWXUD
23(5$d2'26,67(0$'($(5$d2
$QWHV GH RSWDU SHOR XVR GH XP VLVWHPD GH DHUDomR GHYHVH DYDOLDU DV
FRQGLo}HVFOLPiWLFDVSDUDDWHQGHUDRVREMHWLYRVSURSRVWRVSULQFLSDOPHQWHTXDQGR
VHWUDWDGRVDVSHFWRVGHFRQVHUYDomRGRVJUmRVGXUDQWHDDUPD]HQDJHP
8P GLDJUDPD TXH UHODFLRQD WHPSHUDWXUD H XPLGDGH GH XP ORWH GH JUmRV p
XVDGR SDUD SUHYLVmR GDV FDUDFWHUtVWLFDV GH FRQVHUYDomR GD PDVVD GXUDQWH R
DUPD]HQDPHQWR 3HOR GLDJUDPD SRGHVH SUHYHU D QDWXUH]D GRV ULVFRV D TXH R
SURGXWRILFDUiVXMHLWRGXUDQWHDRSHUDomRGHDHUDomR )LJXUD 1HVWHGLDJUDPDD
PHOKRUFRQGLomRSDUDDUPD]HQDURVJUmRVpHVWDEHOHFLGDSHODGHOLPLWDomRGDiUHDQR
HVSDoRLQIHULRUjOLQKD$ HjHVTXHUGDGDOLQKD%
7DEHOD5HFRPHQGDomRGHIOX[RVGHDUSDUDDHUDomR
7LSRGHXQLGDGHILQDOLGDGH
+RUL]RQWDOJUmRVHFR
9HUWLFDOJUmRVHFR
3XOPmRJUmRV~PLGRV
6HFDDHUDomR

)OX[RGHDU
P PLQW GHJUmRV
5HJLmRIULD
5HJLmRTXHQWH
D
D
D
D
D
D
D
D


2GLDJUDPDDSUHVHQWDGRQD)LJXUDPRVWUDRXWUDVYDULiYHLVTXHSHUPLWHP
XPDDQiOLVHWpFQLFDVREUHRXVRGHDHUDomR
3HORGLDJUDPDSRGHVHHVWDEHOHFHUDVVHJXLQWHVFRQGLo}HV
D 3DUDXPLGDGHUHODWLYDVXSHULRUDDDHUDomRpUHFRPHQGDGDVRPHQWH
QR FDVR HP TXH D GLIHUHQoD GH WHPSHUDWXUD HQWUH RV JUmRV H R DU IRU
VXSHULRUDR&
E 3DUD XPLGDGH UHODWLYD LQIHULRU RX LJXDO D  D DHUDomR Vy p
UHFRPHQGDGD HDSOLFiYHOHP JUmRV~PLGRVRXTXHHVWHMDPDTXHFLGRV D
XPD WHPSHUDWXUD PXLWR VXSHULRU j GR DU QHFHVVLWDQGR SRUWDQWR GH
UHVIULDPHQWR(PRXWUDVLWXDomRSRGHUiKDYHUVXSHUVHFDJHPGDPDVVD
F 5HVIULDPHQWRLQIHULRUDR&WRUQDDDHUDomRGHVQHFHVViULD
G 5HVIULDPHQWRHQWUHHR&WRUQDDDHUDomRUHFRPHQGiYHO
H 5HVIULDPHQWR FRP JUDGLHQWH GH WHPSHUDWXUD VXSHULRU D R& WRUQD D
DHUDomRSRVVtYHOSRUpPSRGHSURYRFDUFRQGHQVDomRGRYDSRUG
iJXDQD
VXSHUItFLHGDPDVVDHQDVSDUHGHVGRVLOR

$UPD]HQDPHQWRGH3URGXWRV$JUtFRODV



ApostilasBrasil.com

Seu Futuro o Nosso Presente!

&DStWXOR$HUDomRGH*UmRV$UPD]HQDGRV

)LJXUD9DULDomRHQWUHDYD]mRGRDUH DSUHVVmRHVWiWLFDSRUPHWURGH
SURIXQGLGDGHGHFROXQDGHJUmRV

)LJXUD'LDJUDPDGHFRQVHUYDomRGHJUmRV


6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV

ApostilasBrasil.com

&DStWXOR

Seu Futuro o Nosso Presente!

$HUDomRGH*UmRV$UPD]HQDGRV

)LJXUD'LDJUDPDLQGLFDWLYRGHDHUDomR

&RPR5HVIULDURX$TXHFHUXPD0DVVDGH*UmRV
2FRQFHLWRGHIUHQWHGHUHVIULDPHQWRDVVLPFRPRVHHQWHQGHRFRQFHLWRGH
IUHQWH GH VHFDJHP p LPSRUWDQWH SDUD VH HQWHQGHU D WpFQLFD GD DHUDomR 2
IXQFLRQDPHQWR GR VLVWHPD GH YHQWLODomR SRU XPDV SRXFDV KRUDV QmR LUi UHVIULDU
WRGD D PDVVD GH JUmRV D QmR VHU TXH R VLOR HVWHMD FDUUHJDGR FRP XPD FDPDGD
SHTXHQDGRSURGXWR1XPVLORFKHLRRXFRPFDUJDGHDOJXQVPHWURVGHHVSHVVXUD
RVJUmRVSUy[LPRVGDHQWUDGDGHDUVHUmRUHVIULDGRVjWHPSHUDWXUDGRDUHQTXDQWR
D WHPSHUDWXUD GRV JUmRV QDV FDPDGDV VXSHULRUHV SHUPDQHFHUi SUDWLFDPHQWH QDV
FRQGLo}HVLQLFLDLVH[FHWRHPXPDIDL[DRQGHHVWiDFRQWHFHQGRRDEDL[DPHQWRGH
WHPSHUDWXUDRXDIUHQWHGHUHVIULDPHQWR )LJXUD $VVLPpQHFHVViULRFRQWLQXDU
DRSHUDomRGHDHUDomRDWpTXHDIUHQWHGHUHVIULDPHQWRWHQKDVHPRYLGRDWUDYpVGD
PDVVDGHJUmRVHDWpTXHDFDPDGDVXSHULRUWHQKDVLGRUHVIULDGDHDWLQJLGRYDORU
LJXDOjWHPSHUDWXUDGRDU
6H R RSHUDGRU LQWHUURPSHU D DHUDomR FRP D IUHQWH GH UHVIULDPHQWR QR
LQWHULRUGDPDVVDGHJUmRVDVGLIHUHQoDVGHWHPSHUDWXUDHQWUHDVFDPDGDVUHVIULDGDV
DVFDPDGDVHPSURFHVVRGHUHVIULDPHQWRHDVFDPDGDVHPFRQGLo}HVLQLFLDLVSRGHP
VHUVXILFLHQWHVSDUDTXHRFRUUDPLJUDomRGHXPLGDGHDOpPGHDFHOHUDURSURFHVVRGH
GHWHULRUDomR GR SURGXWR &RPR IRL GLWR XP GRV REMHWLYRV GD DHUDomR p PDQWHU D
WHPSHUDWXUD GD PDVVD GH JUmRV R PDLV XQLIRUPH SRVVtYHO H SUy[LPD GD FRQGLomR
DPELHQWDO
$OpPGRYLVWRDQWHULRUPHQWHGHYHVHID]HUDHUDomRSDUDHYLWDUPLJUDomRGH
XPLGDGH H SURPRYHU R UHVIULDPHQWR GD PDVVD GH JUmRV 1HVVHV FDVRV GHYHVH
RSHUDURYHQWLODGRUVHPSUHTXHDWHPSHUDWXUDH[WHUQDIRUR&LQIHULRUjWHPSHUDWXUD
GRV JUmRV OHYDQGRVH HP FRQVLGHUDomR D XPLGDGH UHODWLYD PpGLD GR DU GH
UHVIULDPHQWR TXH GHYH VHU LJXDO RX XP SRXFR LQIHULRU j XPLGDGH UHODWLYD GH
HTXLOtEULR GR SURGXWR DUPD]HQDGR (QWUHWDQWR D IOXWXDomR GLiULD GD XPLGDGH
UHODWLYDSHUPLWLUiGHPRGRJHUDORSHUDURVLVWHPDGHDHUDomRTXDQGRRVYDORUHVGH
XPLGDGH UHODWLYD GR DU HVWLYHUHP  DFLPD GRV YDORUHV GD XPLGDGH UHODWLYD GH
HTXLOtEULR
$UPD]HQDPHQWRGH3URGXWRV$JUtFRODV



ApostilasBrasil.com

Seu Futuro o Nosso Presente!

&DStWXOR$HUDomRGH*UmRV$UPD]HQDGRV

)LJXUD   'HWDOKH GDV FDPDGDV GH JUmRV GXUDQWH SHTXHQR SHUtRGR GH


UHVIULDPHQWR

68&d228,168)/$d2'2$5
$ IRUPD GH SDVVDU R IOX[R SHOD PDVVD GH JUmRV SRGH JHUDU DOJXPDV
FDUDFWHUtVWLFDVPXLWRLPSRUWDQWHVSDUDRVLVWHPDGHDHUDomR4XDQGRRPRYLPHQWR
GHDUpDVFHQGHQWHHRYHQWLODGRUHQFRQWUDVHLQVWDODGRQDEDVHGRVLORRVLVWHPDp
FRQKHFLGR FRPR LQVXIODomR RX YHQWLODomR SRVLWLYD (P VHQWLGR FRQWUiULR D
YHQWLODomR p FKDPDGD GH VXFomR RX QHJDWLYD (P DPERV RV FDVRV WHP KDYLGR
FRQWURYpUVLDTXDQWRjVYDQWDJHQVGDXWLOL]DomRGHXPDRXRXWUDIRUPDGHYHQWLODomR
3DUD VH GHFLGLU VREUH R XVR GH XPD GDV RSo}HV R RSHUDGRU GD XQLGDGH
DUPD]HQDGRUD GHYH FRQVLGHUDU DOJXQV SRQWRV LPSRUWDQWHV  8P GHOHV p TXH D
LQVXIODomRLUiDGLFLRQDUFDORUDRDUGHYLGRjLQHILFLrQFLDGRVYHQWLODGRUHV(PJHUDO
RVYHQWLODGRUHVHRSUySULRVLVWHPDGHGLVWULEXLomRSURGX]HPDFUpVFLPRVVXSHULRUHV
DR& QDWHPSHUDWXUD GR DU 'HVVDIRUPD D HVFROKDGDLQVXIODomRSRGHUiVHUXPD
DOWHUQDWLYD FRUUHWD VH D XPLGDGH GD PDVVD GH JUmRV HVWLYHU DFLPD GD LGHDO GH
FRPHUFLDOL]DomR $ DGLomR GH FDORU DEDL[DUi D XPLGDGH UHODWLYD GR DU H SRGHUi
SURYRFDUVHFDJHPGRSURGXWRFDVRDXPLGDGHGRJUmRHVWHMDDFLPDGDXPLGDGHGH
HTXLOtEULRFRPDQRYDXPLGDGHUHODWLYDGRDU
(P VH FRQVLGHUDQGR R FRQWUROH GH Sy GHYLGR SULQFLSDOPHQWH D SUREOHPDV
DPELHQWDLV H GH VHJXUDQoD R XVR GD VXFomR RX YHQWLODomR QHJDWLYD p D RSomR
FRUUHWD
2XWUR IDWRU TXH SRGH VHU FRQVLGHUDGR QD DGRomR GH YHQWLODomR SRVLWLYD RX
QHJDWLYD p DSRVLomRGRIRFRGH DTXHFLPHQWR6HRYHQWLODGRUHVWLYHULQVWDODGRQD
EDVH GR VLOR H R IRFR TXHQWH HVWLYHU QD SDUWH VXSHULRU GD FDPDGD GH JUmRV D
YHQWLODomRGHYHVHUDVFHQGHQWHHFDVRRIRFRHVWHMDQDVFDPDGDVLQIHULRUHVRIOX[R
GHYHVHUGHVFHQGHQWH


6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV

ApostilasBrasil.com

&DStWXOR

Seu Futuro o Nosso Presente!

$HUDomRGH*UmRV$UPD]HQDGRV

'HPRGRJHUDORRSHUDGRUGHYHFRQVLGHUDUDVVHJXLQWHVYDQWDJHQV
9HQWLODomRSRVLWLYD D IDFLOLWDDDYDOLDomRGDWHPSHUDWXUDGDPDVVDGHJUmR
HPFDVRGDLQH[LVWrQFLDGRVLVWHPDGHWHUPRPHWULDE RFDORUJHUDGRSHODUDGLDomR
VRODUQRWHWRGDXQLGDGH DUPD]HQDGRUD QmRpLQFRUSRUDGR j PDVVDGH JUmRV H VLP
HOLPLQDGRLPHGLDWDPHQWHHF RDUDPELHQWHSRGHWHUVXDXPLGDGHUHODWLYDUHGX]LGD
SHOD HOHYDomR GD WHPSHUDWXUD HP VXD SDVVDJHP SHOR VLVWHPD GH DHUDomR DQWHV GH
HQWUDUQDPDVVDGHJUmRVVHPSHULJRGHDXPHQWDURWHRUGHXPLGDGHGRSURGXWR
9HQWLODomR QHJDWLYD  D  H[LVWH PHQRU SUREDELOLGDGH GH TXH RFRUUD
FRQGHQVDomRQDVXSHUItFLHGDPDVVDGHJUmRVHQRWHWRGDXQLGDGHDUPD]HQDGRUDE
RV RGRUHV FDUDFWHUtVWLFRV TXH LQGLFDP D GHWHULRUDomR SRGHP VHU IDFLOPHQWH
GHWHFWDGRVQDVDtGDGRYHQWLODGRUF RFDORUSURYHQLHQWHGRYHQWLODGRUHGRVLVWHPD
GHGLVWULEXLomRGHDUQmRpWUDQVIHULGRSDUDDPDVVDGHJUmRVHQHVWHFDVRQmRDIHWD
GH PDQHLUD SURQXQFLDGD D XPLGDGH GR SURGXWR TXDQGR D XPLGDGH UHODWLYD GR
DPELHQWHHVWLYHUSUy[LPDjGHHTXLOtEULRFRPDXPLGDGHGDPDVVDGHJUmRVHG QR
FDVR GH XVDU YHQWLODGRUHV D[LDLV DFLRQDGRV SRU PRWRUHV WULIiVLFRV EDVWD XVDU XPD
FKDYHGHUHYHUVmRSDUDPXGDURVHQWLGRGRIOX[RGHDU

6,67(0$'(7(5020(75,$
8PIOX[RFRQWtQXRGHHOpWURQVpHVWDEHOHFLGRDWUDYpVGHGRLVILRVGHPHWDLV
GLIHUHQWHV WHUPRSDU TXDQGR DV VXDV MXQo}HV VmR H[SRVWDV D GXDV WHPSHUDWXUDV
GLIHUHQWHVFRPRpPRVWUDGRQD)LJXUD
4XDQGRVHDTXHFHDMXQomRHVHUHVIULDDMXQomR MXQomRGHUHIHUrQFLD 
DFRUUHQWHHOpWULFDFRPHoDDIOXLUQRVHQWLGRGHSDUDDWpDMXQomRTXHQWH(VWD
FRUUHQWH JHUDGD p FKDPDGD GH FRUUHQWH WHUPHOpWULFD H GHYLGR j GLIHUHQoD GH
WHPSHUDWXUD D IRUoD HOHWURPRWUL] H[LVWHQWH HQWUH DV GXDV MXQo}HV p FKDPDGD GH
WHUPRIRUoDHOHWURPRWUL]$IHP JHUDGDQRVWHUPRSDUHVpGDGDHPP9HGHSHQGH
GD WHPSHUDWXUD GD MXQomR GH WUDEDOKR GD UHVLVWrQFLD H GR WLSR GR WHUPRSDU
HPSUHJDGR
1D HVFROKD GR WHUPRSDU GHYHPVH OHYDU HP FRQVLGHUDomR R FXVWR D
ILQDOLGDGHRXIDL[DGHWHPSHUDWXUDDVHUPHGLGDDVFRQGLo}HVDPELHQWDLVRHVIRUoR
ItVLFR D TXH VHUi VXEPHWLGR H D SUHFLVmR GD PHGLGD 1D SUiWLFD R WHUPRSDU
FREUHFRQVWDQWDQ pRPDLVXWLOL]DGRSDUDPRQLWRUDUWHPSHUDWXUDVQRVVLVWHPDVGH
DHUDomR

)LJXUD&LUFXLWRWHUPHOpWULFRGHGLIHUHQWHVPHWDLV
$UPD]HQDPHQWRGH3URGXWRV$JUtFRODV



ApostilasBrasil.com

Seu Futuro o Nosso Presente!

&DStWXOR$HUDomRGH*UmRV$UPD]HQDGRV
,QVWDODomRGR6LVWHPDGH7HUPRPHWULD
$ LQVWDODomR GR VLVWHPD p IHLWD FRP IL[DomR GRV FDERV HP SRQWRV
HVWUDWpJLFRVQDPDVVDGHJUmRV2HVSDoDPHQWRHQWUHRVFDERVHHQWUHRVSRQWRV p
GHWHUPLQDGR SRU FULWpULRV WpFQLFRV H HFRQ{PLFRV HVWDEHOHFHQGRVH XPD GLVWkQFLD
Pi[LPDGHPHQWUHFDERVHDPHQWUHRVSRQWRVGHFDGDFDER
$OpP GRV ILRV FRQGXWRUHV R VLVWHPD p FRPSRVWR SRU FDERV GH DoR FRP
FDSDFLGDGHSDUDVXSRUWDUHVIRUoRVGHWUDomRSURYHQLHQWHVGRHVFRDPHQWRGRVJUmRV
GXUDQWHDGHVFDUJD
2 VLVWHPD GH OHLWXUD SRGH VHU IHLWR SRU LQVWUXPHQWRV SRWHQFL{PHWURV
SRUWiWHLVSUySULRVSDUDSHTXHQDVLQVWDODo}HVRXPHVDVFRPSXWDGRUL]DGDVSUySULDV
SDUD JUDQGHV XQLGDGHV DUPD]HQDGRUDV FXMRV SRQWRV GH PHGLomR VmR LGHQWLILFDGRV
HPTXDGURVVLQySWLFRV1HVWDVPHVDVDVWHPSHUDWXUDVGRVSRQWRVVmRGHWHUPLQDGDV
SRUPHLRGHFDERVWHUPHOpWULFRVTXHSRVVXHPXPDVpULHGHILRVGHFREUHHPYROWD
GHXPILRGHFRQVWDQWDQVXSRUWDGRSRUXPFDERGHDoR )LJXUD 

)LJXUD6HJPHQWRGHXPFDERGHWHUPRPHWULD

&/&8/2'(806,67(0$'($(5$d2
2H[HPSORDVHJXLUIRUQHFHRPHPRULDOGHFiOFXORVSDUDRGLPHQVLRQDPHQWR
GH XP VLVWHPD GH DHUDomR H SDUD R WHPSR SURYiYHO GH UHVIULDPHQWR GD PDVVD GH
JUmRV
([HPSOR GLPHQVLRQDU XP VLVWHPD GH DHUDomR SRU GXWRV SDUD XP VLOR GH
IXQGRSODQRFRPPGHGLkPHWURHPGHFROXQDGHJUmRV
'DGRV
PDVVDHVSHFtILFDGRSURGXWRNJP
VLORORFDOL]DGRHPXPDUHJLmRTXHQWHH
HILFLrQFLDGRVLVWHPDGHYHQWLODomR Q 

2GLPHQVLRQDPHQWRGHXPVLVWHPDGHDHUDomRFRQVLVWHHPFDOFXODUDYD]mR
GHDUHSUHVVmRHVWiWLFDGRYHQWLODGRUDSRWrQFLDGRPRWRUDiUHDGHSHUIXUDo}HVR
Q~PHURGHGXWRVRHVSDoDPHQWRHQWUHRVGXWRVHRWHPSRSURYiYHOGHUHVIULDPHQWR
GD PDVVD GH JUmRV 3DUD PDLRU IDFLOLGDGH R SUREOHPD VHUi HTXDFLRQDGR


6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV

ApostilasBrasil.com

Seu Futuro o Nosso Presente!

&DStWXOR

REHGHFHQGRVHjVROXomRSDVVRDSDVVR

$HUDomRGH*UmRV$UPD]HQDGRV

3ULPHLURSDVVR FiOFXORGDFDSDFLGDGHGRVLOR &D 

&D $+0H
HPTXH
$iUHDGDEDVHGRVLORP
+HVSHVVXUDGDFDPDGDGHJUmRVPH
0HPDVVDHVSHFtILFDGRSURGXWRNJP

HT

&D [[ NJRX P

6HJXQGRSDVVR FiOFXORGHYD]mRGHDU 4HPPPLQ 


'D7DEHOD REWpPVHRIOX[RGHDU ) LQGLFDGRSDUDXQLGDGHVYHUWLFDLVHP
UHJL}HVTXHQWHV2YDORUPPLQWpRPDLVLQGLFDGR
4 )&D

4  P GHDUPLQ

HT

7HUFHLURSDVVRFiOFXORGDSUHVVmRHVWiWLFD 3HHPFPFD 
$ )LJXUD  IRUQHFH D YDULDomR HQWUH D YD]mR HVSHFtILFD GH DU H D SUHVVmR
HVWiWLFD SRU PHWUR GH FDPDGD GH JUmRV SDUD GLIHUHQWHV SURGXWRV 3DUD HIHLWR GH
FiOFXORVXJHUHVHDXWLOL]DomRGHYDORUHVREWLGRVQDFXUYDGRSURGXWRTXHRIHUHFHUD
PDLRUUHVLVWrQFLDjSDVVDJHPGRDU1HVWHFDVRID]VHDRSomRSHORWULJR
$YD]mRGHDU 4 SRUPHWURTXDGUDGRGHSLVRp
  P GHDUPLQP GHSLVR
'D )LJXUD REWpPVHDSUHVVmRHVWiWLFD 3H 
3H FPFDP GHFDPDGDGHJUmRV

$ SUHVVmR HVWiWLFD WRWDO VHUi REWLGD VRPDQGRVH D SUHVVmR HTXLYDOHQWH j


DOWXUD WRWDO GD FDPDGD GH JUmRV D SHUGD GH FDUJD GHYLGR D WXEXODo}HV YiOYXODV
UHJLVWURVFXUYDVHWFTXHpHVWLPDGDHPGDUHVLVWrQFLDRIHUHFLGDSHORVJUmRV
&RQVLGHUDVHDLQGDXPIDWRUGHFRPSDFWDomRGDPDVVDGH JUmRV LJXDOD HP
UHODomRjSUHVVmRQDFDPDGDGHJUmRV
$SUHVVmRHVWiWLFDWRWDO 3HW VHUi
3HW 3H 3H  3H
3HW       FPFD

$UPD]HQDPHQWRGH3URGXWRV$JUtFRODV



ApostilasBrasil.com

Seu Futuro o Nosso Presente!

&DStWXOR$HUDomRGH*UmRV$UPD]HQDGRV
4XDUWRSDVVR SRWrQFLDQHFHVViULDDRVLVWHPD 3RW 
3RW &9   4[3HW  Q

3RW    


3RW 
&9

HT

4XLQWRSDVVR FiOFXORGDVXSHUItFLHSHUIXUDGD 63 
1RFiOFXORGDVXSHUItFLHSHUIXUDGDWRPDVHFRPRUHIHUrQFLDDYHORFLGDGHGR
DU DGPLVVtYHO QD VDtGD GRV GXWRV SDUD D PDVVD 1HVWH H[HPSOR FRQVLGHUDVH D
YHORFLGDGH Pi[LPD GR DU LJXDO D  PPLQ R TXH LPSOLFDUi PHQRU TXHGD GH
SUHVVmR
63 4 PPLQ  9 PPLQ 
HT
63 
63 P

6H[WRSDVVR FiOFXORGDVHomRWUDQVYHUVDOGRGXWRSULQFLSDO 67 
$ iUHD GD VHomR WUDQVYHUVDO GR GXWR SULQFLSDO p IXQomR GD Pi[LPD
YHORFLGDGHGRDUDGPLWLGD(VWHH[HPSORFRQVLGHUDDPi[LPDYHORFLGDGHGRDULJXDO
DPPLQ
67 4 PPLQ 9 PPLQ 
HT
67  P

6pWLPRSDVVRFiOFXORGDODUJXUD O HGDDOWXUD K GRGXWRSULQFLSDO


([WUDLQGRDUDL]TXDGUDGDGRYDORUGH67FDOFXODGRSRGHPVHREWHURVODGRV
GRGXWRSULQFLSDODGPLWLQGRXPDVHomRTXDGUDGD(QWUHWDQWRVHIRUDGPLWLGDXPD
VHomRUHWDQJXODUSRGHVHFKHJDUDYDORUHVSDUDFDGDXPGRVVHXVODGRV O  LJXDLVD
O P H K P

(VWDV GLPHQV}HV GHYHP VHU SUHIHULGDV FRQVLGHUDQGRVH RV DVSHFWRV GH


FRQVWUXomR

2LWDYRSDVVR FiOFXORGRFRPSULPHQWRGRVGXWRVSHUIXUDGRV F 
&RQVLGHUDQGRTXHDDOWXUDGRVGXWRVFRPiUHDSHUIXUDGDVHUiLJXDOjDOWXUD
K GRGXWRSULQFLSDORFRPSULPHQWRGRGXWRSHUIXUDGRVHUi
& 63K
HT
&  PGHGXWRV

1RQRSDVVR HVSDoDPHQWRGRVGXWRV
1DPDLRULDGRVFDVRVQmRpSRVVtYHOWHUXPGXWR~QLFRQRVLORSDUDVXSULUR
DU QHFHVViULR j PDVVD GH JUmRV 3RUWDQWR WRUQDVH QHFHVViULR GLYLGLU R GXWR


6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV

ApostilasBrasil.com

Seu Futuro o Nosso Presente!

&DStWXOR

$HUDomRGH*UmRV$UPD]HQDGRV

SHUIXUDGRHPYiULRVVHJPHQWRVTXH VHMDPDGHTXDGDPHQWHSRVLFLRQDGRVQR IXQGR


GRV VLORV SDUD XPD SHUIHLWD GLVWULEXLomR GR DU $SyV R HVWDEHOHFLPHQWR GR
SRVLFLRQDPHQWR GRV GXWRV H D GHILQLomR GR SRVLFLRQDPHQWR )LJXUD   GHYHVH
GLPHQVLRQDURHVSDoDPHQWR(VWHHVSDoDPHQWRpGHILQLGRDSDUWLUGDUHODomRHQWUHD
PDLRUGLVWkQFLD / HD PHQRUGLVWkQFLD + TXHRDULUiSHUFRUUHUDWUDYpVGDPDVVD
GHJUmRV )LJXUD 
$ UHODomR LGHDO GH /+ p  1R HQWDQWR YDULDo}HV HQWUH  H  VmR
WROHUDGDV
/ +;
HPTXH;pRDIDVWDPHQWRGRGXWRHPP
$VVLP

/+ 
+; + 
; P

2 YDORU GH  QmR p XPD UHODomR GHVHMiYHO SDUD GRLV GXWRV 2 UHVXOWDGR
VXJHUHXPDUHODomRGHPHQRUYDORUSRUH[HPSOR
/+ 
+; + 
; P

2YDORUGH; SRGHVHUDSUR[LPDGRSDUDPRTXHFRORFDRVGXWRV
HTLGLVWDQWHVGRFHQWURGRVLORVHPSUHMXGLFDUDRSHUDomRGHGHVFDUJD )LJXUD 

)LJXUD5HODomRGHGLVWkQFLDVSDUDDGLVWULEXLomRGRVGXWRV

'pFLPRSDVVR FiOFXORGDODUJXUD O GRVGXWRVSHUIXUDGRV


)RLGHILQLGRDQWHULRUPHQWH VpWLPRHRLWDYRSDVVRV TXHDVDOWXUDVGRVGXWRV
SULQFLSDLVHSHUIXUDGRVWHUmRRPHVPRYDORU
&RQVLGHUDQGR TXH Ki GRLV GXWRV SHUIXUDGRV H TXH RV GRLV UHFHEHUmR D
PHVPDTXDQWLGDGH 4L GHDUWHPVH
$UPD]HQDPHQWRGH3URGXWRV$JUtFRODV



ApostilasBrasil.com

Seu Futuro o Nosso Presente!

&DStWXOR$HUDomRGH*UmRV$UPD]HQDGRV
HPTXH

4L 4

4L YD]mRGHDUQDVDtGDHPFDGDGXWRSHUIXUDGRHPPPLQ

1RRLWDYRSDVVRIRLGHILQLGRXPFRPSULPHQWRWRWDOGHPSDUDRGXWR
SHUIXUDGR1HVWDVFRQGLo}HVFDGDGXWRGHYHUiWHUFRPSULPHQWR & LJXDODP
&RPEDVHQHVVDVLQIRUPDo}HVREWpPVHDODUJXUD O GRGXWRSHUIXUDGR
$iUHDWRWDOGDVHomRSHUIXUDGD 63 pLJXDODP3DUDFDGDGXWRDiUHD
SHUIXUDGD 63 VHUi
63 63  P
/ 63&   P

)LJXUD/RFDOL]DomRGRVGXWRVHPUHODomRDRFHQWURGRIXQGRGRVLOR

'pFLPRSULPHLURSDVVR FiOFXORGRWHPSRSURYiYHOGHUHVIULDPHQWR
2WHPSRSURYiYHOSDUDRUHVIULDPHQWRGHXPDPDVVDGHJUmRVHPXPVLOR
FRPRQHVWHH[HPSORSRGHVHUGHWHUPLQDGRSHODHTXDomR
W  PJ&J 4W 'D&D

HPTXH

HT

WWHPSRKRUDV
PJ PDVVDWRWDOGHJUmRVW
&J FDORUHVSHFtILFRGRJUmRN-NJ R&
4W IOX[RGHDUWRWDOPPLQ
'DGHQVLGDGHGRDUNJPH
&DFDORUHVSHFtILFRGRDUN-NJR&

&RQVLGHUDQGR D GHQVLGDGH GR DU FRPR  NJP H R FDORU HVSHFtILFR GR


JUmRHGRDUFRPRHN-NJR&UHVSHFWLYDPHQWHWHPVH
W  [[  [[
W KRUDV



6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV