Você está na página 1de 90

8 1,9(56,'$'( ) ('(5$/'( 3 (51$0%8&2 

&HQWURGH,QIRUPiWLFD
*UDGXDomRHP&LrQFLDGD&RPSXWDomR










7UDEDOKRGH*UDGXDomR

352727,3$d253,'$12&,&/2'('(6,*1
,7(5$7,92'($3/,&$d(608/7,0',$3$5$

)250$d2'(352)(6625(6









)LOLSH/HYL%DUURVGH$]HYHGR

2ULHQWDGRU$OH[6DQGUR*RPHV
&RRULHQWDGRUD6WHSKDQLD3DGRYDQL 

5HFLIH

































8 1,9(56,'$'( ) ('(5$/'( 3 (51$0%8&2 
&HQWURGH,QIRUPiWLFD









)LOLSH/HYL%DUURVGH$]HYHGR 

3 52727,3$d253,'$12&,&/2'('(6,*1,7(5$7,92'(

$3/,&$d(608/7,0',$3$5$)250$d2'(352)(6625(6 




7UDEDOKR DSUHVHQWDGR DR 3URJUDPD GH
*UDGXDomR HP &LrQFLD GD &RPSXWDomR GR
&HQWUR GH ,QIRUPiWLFD GD 8QLYHUVLGDGH )HGHUDO
GH 3HUQDPEXFR FRPR UHTXLVLWR SDUFLDO SDUD
REWHQomR GR JUDX GH % DFKDUHO HP &LrQFLD GD
&RPSXWDomR

2ULHQWDGRU$OH[6DQGUR*RPHV
&RRULHQWDGRUD6WHSKDQLD3DGRYDQL 




5HFLIH






























































'HGLFDWyULD

'HGLFRHVWHWUDEDOKRjPHPyULDGH 
(GVRQ5RVHQGRGH$]HYrGR)LOKR 
H5XEHPGH/LPD%DUURV 






























































$JUDGHFLPHQWRV

$(GVRQH5XWHPHXVSDLVHDWRGDPLQKDIDPtOLDSHORVHQVLQRVHVXSRUWH 
$-XOLDQDPLQKDDX[LOLDGRUDLG{QHDSHORDPRULQFHQWLYRHRUDo}HV 
$RVSURIHVVRUHV$OH[H6WHSKDQLDSHODRULHQWDomRHFRQILDQoD 


















































0DQLVWKHRQO\FUHDWXUHWKDWFRQVXPHVZLWKRXWSURGXFLQJ+HGRHVQRW

JLYHPLONKHGRHVQRWOD\HJJVKHLVWRRZHDNWRSXOOWKHSORXJKKH

FDQQRWUXQIDVWHQRXJKWRFDWFKUDEELWV<HWKHLVORUGRIDOOWKHDQLPDOV

+HVHWVWKHPWRZRUNKHJLYHVEDFNWRWKHPWKHEDUHPLQLPXPWKDWZLOO

SUHYHQWWKHPIURPVWDUYLQJDQGWKHUHVWKHNHHSVIRUKLPVHOI

>@

%XWWKH\KDGQRWJRQHWZHQW\\DUGVZKHQWKH\VWRSSHGVKRUW$QXSURDU

RIYRLFHVZDVFRPLQJIURPWKHIDUPKRXVH7KH\UXVKHGEDFNDQGORRNHG

WKURXJKWKHZLQGRZDJDLQ<HVDYLROHQWTXDUUHOZDVLQSURJUHVV7KHUH

ZHUHVKRXWLQJVEDQJLQJVRQWKHWDEOHVKDUSVXVSLFLRXVJODQFHVIXULRXV

GHQLDOV7KHVRXUFHRIWKHWURXEOHDSSHDUHGWREHWKDW1DSROHRQDQG0U

3LONLQJWRQKDGHDFKSOD\HGDQDFHRIVSDGHVVLPXOWDQHRXVO\7ZHOYH

YRLFHVZHUHVKRXWLQJLQDQJHUDQGWKH\ZHUHDOODOLNH1RTXHVWLRQQRZ

ZKDWKDGKDSSHQHGWRWKHIDFHVRIWKHSLJV7KHFUHDWXUHVRXWVLGHORRNHG

IURPSLJWRPDQDQGIURPPDQWRSLJDQGIURPSLJWRPDQDJDLQ

EXWDOUHDG\LWZDVLPSRVVLEOHWRVD\ZKLFKZDVZKLFK


* ( 2 5 * (  2 5 : ( / / $ Q L P D O  ) D U P   D  ) D L U \  6 W R U \ 





































5HVXPR

$ WHFQRORJLD YHP VHQGR XWLOL]DGD QD  HGXFDomR FRPR
IHUUDPHQWD SDUD SRWHQFLDOL]DomR GR PRGHOR GLGiWLFR
&RQWXGR QR %UDVLO VHX XVR DLQGD HVWi UHVWULWR DR
DPELHQWH GH VDODGHDXOD QRVVD WHFQRORJLD QmR WHP
FRQWHPSODGR2SURFHVVRGHFDSDFLWDomRGRSURIHVVRU
1HVWH WUDEDOKR SURSRPRV XPD PHWRGR ORJLD SDUD R
GHVHQYROYLPHQWRGHVRIWZDUHHGXFDWLYRFXMRFLFORGH
GHVLJQ LWHUDWLYR HQYROYH SURWRWLSDomR UiSLGD FRP
SURIHVVRUHV $WUDYpV GRV UHVXOWDGRV DOFDQoDGRV HP
XPD VLWXDomR UHDO GH PHUFDGR DUJXPHQWDPRV TXH WDO
WpFQLFD LQWHJUDGD j FRODERUDomR FRP HVS HFLDOLVWDV HP
HGXFDomRJDUDQWHXVDELOLGDGHHTXDOLGDGHGHFRQWH~GR
SHGDJyJLFRDRSURGXWRILQDO 

3DODYUDVFKDYHSURWRWLSDomRUiSLGDGHVLJQLWHUDWLYR
OHDUQZDUHIRUPDomRGHSURIHVVRUHV 
















































$EVWUDFW

7HFKQRORJ\ LV EHLQJ XVHG LQ HGXFDWLRQ DV D WRRO IRU
LPSURYLQJ WKH GLGDFWLF PRGHO +RZHYHU LQ%UD]LOLWV
XVHLVVWLOOUHVWULFWHGWRWKHFODVVURRPHQYLURQPHQWRXU
WHFKQRORJ\ GRHV QRW FRYHU WKH WHDFKHUV WUDLQLQJ
SURFHVV7KLVZRUNSURSRVHVDOHDUQZDUHGHYHORSPHQW
PHWKRGRORJ\ ZKRVH LWHUDWLYH GHVLJQ F\FOH LQYROYHV
UDSLG SURWRW\SLQJ ZLWK WHDFKHUV &RQVLGHULQJ WKH
FXUUHQW DFKLHYHPHQWV LQ D UHDO EXVLQHVV VLWXDWLRQ ZH
DUJXH WKDW VXFK D WHFKQLTXHSODFHGWRJKHWHUZLWKWKH
FRODERUDWLRQ RI HGXFDWLRQ H[SHUWV HQVXUHV XVDELOL W\
DQGSHGDJRJLFDOFRQWHQWVTXDOLW\WRWKHILQDOSURGXFW 

.H\ZRUGV UDSLG SURWRW\SLQJ LWHUDWLYH GHVLJQ
OHDUQZDUHWHDFKHUVWUDLQLQJ 














































6XPiULR

&DStWXOR ,QWURGXomR 

&DStWXOR 'HVLJQFHQWUDGRQRXVXiULR  
  'HVLJQSDUWLFLSDWLYR 
  7HVWHVFRPXVXiULRV  
  'HVLJQLWHUWLYR 

&DStWXOR 3URWRWLSDomRUiSLGD  
  1tYHLVGHILGHOLGDGH 
  (VWUDWpJLDVGHGHVLJQ 
  3URWRWLSDomRHPSDSHO  
   3ODQHMDPHQWRGRHVWXGR  
   'HVLJQGHWDUHIDV 
   3UHSDUDomRGRSURWyWLSR  
   3DSpLVHUHVSRQVDELOLGDGHV  
   7UDWDPHQWRGHGDGRV  

&DStWXOR 0HWRGRORJLDVSDUDRGHVHQYROYLPHQWRGHOHDUQZDUH  
  3UREOHPDVFRPDVPHWRGRORJLDVWUDGLFLRQDLV  
  0HWRGRORJLDSURSRVWD 

&DStWXOR (VWXGRGHFDVR 
  )RUPDomRGDHTXLSHHUHVSRQVDELOLGDGHV  
  $WLYLGDGHVLQLFLDLV 
  &LFORGHGHVLJQLWHUDWLYR  

&DStWXOR &RQFOXVmR 
  7UDEDOKRVIXWXURV  

5HIHUrQFLDVELEOLRJUiILFDV 

$SrQGLFH   


























/LVWDGHILJXUDV

&DStWXOR 'HVLJQFHQWUDGRQRXVXiULR  

)LJXUD /DERUDWyULRGHXVDELOLGDGHGD2UDFOHHVSHFLDOPHQWHSUHSDUDGR 
 SDUDVHVV}HVGHGHVLJQSDUWLFLSDWLYR XLXVRUDFOHFRP  
)LJXUD /DERUDWyULRGHXVDELOLGDGHGR1LHOVHQ1 RUPDQ*URXSHVSHFLDOPHQWH 
 SUHSDUDGRSDUDWHVWHVFRPXVXiULRV ZZZXVHLWFRP  
)LJXUD 7HVWHGHXVDELOLGDGHQR,'($/DEFRPHVWXGDQWHVGD 
 8QLYHUVLGDGHGH0HOERXUQH LGHDODEGLVXQLPHOEHGXDX  

&DStWXOR 3URWRWLSDomRUiSLGD 

)LJXUD 3URWyWLSRVGHGRLVZHEVLWHVjHVTXHUGDDVYHUV}HVGHEDL[D 
 ILGHOLGDGHjGLUHLWDDVYHUV}HVGHILGHOLGDGHPDLRU  
)LJXUD 3URWyWLSRGHXPDFDL[DGHGLiORJRFRPWRGRVRVHOHPHQWRV 
 GDLQWHUIDFHSURWRWLSDGRVHPSDSHO  
)LJXUD (QYHORSHFRQWHQGRDVSH oDVSURWRWLSDGDV 
)LJXUD 'XDVLGpLDVGHGHVLJQSURWRWLSDGDVHPSDSHOSDUDXPHQJHQKRGHEXVFD  
)LJXUD .LWWtSLFRSDUDDFRQVWUXomRGHSURWyWLSRVHPSDSHO  
)LJXUD ([HPSORGHOLVWDVGURSGRZQSURWRWLSDGDVHPSDSHO  
)LJXUD (PXPGLDJUDPDGHDILQLGDGHVDHTXLSHRUGHQDREVHUYDo}HV 
 LQGLYLGXDLVHPJUXSRVUHODFLRQDGRV  

&DStWXOR 0HWRGRORJLDVSDUDRGHVHQYROYLPHQWRGHOHDUQZDUH 

)LJXUD 3ULQFLSDLVDWLYLGDGHVHGRFXPHQWRVJHUDGRVQDPHWRGRORJLDSURSRVWD  

&DStWXOR &RQFOXVmR

)LJXUD (QYHORSHFRQWHQGRXPDFySLDGDSULPHLUDYHUVmRGRSURWyWLSR  
)LJXUD 3HoDVGDVHJXQGDYHUVmRGRSURWyWLSR  













& 

,QWURGXomR
$ 3 7 8 / 2 




1HYHUUHJDUG\RXUVWXG\DVDGXW\EXWDVWKHHQYLDEOH

RSSRUWXQLW\WROHDUQWRNQRZWKHOLEHUDWLQJLQIOXHQFHRIEHDXW\LQWKH

UHDOPRIWKHVSLULWIRU\RXURZQSHUVRQDOMR\DQGWRWKHSURILWRIWKH

FRPPXQLW\WRZKLFK\RXUODWHUZRUNEHORQJV


$ / % ( 5 7  ( , 1 6 7 ( , 1 8 Q L Y H U V L G D G H  G H  3 U L Q F H W R Q 




3HVTXLVDUHDOL]DGDHPSHOR,QVWLWXWR1D FLRQDOGH(VWXGRVH3HVTXLVDV ,1(3 UHYHORXTXH
DOXQRVGRHQVLQREiVLFRPDQLIHVWDPGLILFXOGDGHVGHUDFLRFtQLRSULQFLSDOPHQWHTXDQGRRDVVXQWR
pPDWHPiWLFD'HDFRUGRFRPDSHVTXLVDQDUHJLmR1RUGHVWHGRVDOXQRVTXHHVWmRSUHVWHVD
FRQFOXLURHQVLQRPpGLRDSUHVHQWDPHVWiJLRFUtWLFRRXPXLWRFUtWLFRHPPDWHPiWLFDQR1RUWHR
tQGLFHVREUHSDUD2JRYHUQRIHGHUDODSRQWDYiULDVFDXVDVUHVSRQViYHLVSRUWDOVLWXDomR
GHQWUHDVTXDLVD FDSDFLWDomR GH SURIHVVRUHVILJXUDFRPRXPGRVSULQFLSDLVSUREOHP DV1RPrV
GHPDLRGRDQRFRUUHQWHRH[ PLQLVWURGD(GXFDomR7DUVR*HQURODQoRXR3ODQRGH4XDOLGDGH
SDUD(GXFDomR%iVLFDFXMRREMHWLYRpHOHYDUDTXDOLGDGHGRHQVLQREiVLFRQR%UDVLO2SODQRp
UHVXOWDGRGHWUrVPHVHVGHDYDOLDomRHGLDJQyVWLFRGDVLW XDomRGRHQVLQREiVLFRQRSDtV2SURMHWR
DSUHVHQWDSURSRVWDVHVWUDWpJLFDVSDUDDIRUPDomRGHSURIHVVRUHVQRDQRTXHIRLLQVWLWXtGRSHOR
0(& 0LQLVWpULRGD(GXFDomR FRPRRGDTXDOLGDGHVRFLDOGDHGXFDomREiVLFDQR%UDVLO 

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR,QWURGXomR )LOLSH/HYL

$LQIRUPiWLFDWHPSDSHOIXQGDPHQ WDOQDUHHVWUXWXUDomRGHVVHFHQiULR$EUDQFKHV  


FRQVWDWDTXHRSURFHVVRGHDPSOLDomRGDSUHVHQoDGDVWHFQRORJLDVGHLQIRUPDomRHFRPXQLFDomR
DWLQJHYiULDViUHDVGDVRFLHGDGHPXQGLDOHGRFRQKHFLPHQWR2DXWRUFRPSOHWDTXH WDPEpP D
HGXFDomR PHVPR TXH SDUD DOJXQV HVWXGLRVRV GH IRUPD WDUGLD FRPHoD D VHU SURIXQGDPHQWH
DIHWDGD QmR Vy QRV VHXV PpWRGRV FRPR QRV VHXV REMHWLYRV FRP D SUHVHQoD FDGD YH] PDLV
IUHTHQWH GH FRPSXWDGRUHV QR VHX GLDDGLD &RPR DWRUFKDYH QD HGXFDomR WDPEpP R
SURIHVVRUIRLLQIOXHQFLDGRSHODFKHJDGDGDWHFQRORJLDQDVHVFRODV'LPHQVWHLQ  QRVDOHUWD
TXH KRMH R SURILVVLRQDO TXH QmR VH PDQWpP DWXDOL]DGR FRP QRYRV VRIWZDUHV VLVWHPDV H
WHFQRORJLDV FRUUH R ULVFR GH VH YHU FRPSOHWDPHQWH GHIDVDGR FRP SRXFRV DQRV GH IRUPDGR
QHFHVVLWDQGR DGRWDU KiELWRV GH DSUHQGL]DJHP SHUPDQHQWH SDUD SRGHU FRQWLQXDU FDSD] GH
DFRPSDQKDU DV WUDQVIRUPDo}HV GR PHUFDGR S %DELQH.RXORXPGMLDQ  GHIHQGHPR
DSRLR GDV GLYHUVDV PtGLDV QHVVH SURFHVVR H DFUHVFHQWDP TXH p SUHFLVR TXH ILOPH WHOHYLVmR
DXGLRYLVXDO H LPDJHP HQWUHP QD IRUPDomR jV YH]HV FRPR DX[LOLDUHV QD H[SORUDomR
LQWHOHFWXDO PDJLVWUDO jV YH]HV LQWHLUDPHQWH FRPR RXWUD PDQHLUD FRPSOHWDPHQWH GLYHUVD GH
FRPSUHHQGHUSHORSUD]HUSHODDUWHSHODDSUR[LPDomRVHQVRULDOHLQWXLWLYD S 
(QWUHWDQWR HVWXGRV FRQGX]LGRV SRU 5RVHQ H :HLO   UHYHODP HQWUH RXWUDV
FRQVWDWDo}HVTXHHPERUDDVHVFRODVGHIRUPDJHUDOHVWHMDPHTXLSDGDVFRPFRPSXWDGRUHV 
PXLWRVSURIHVVRUHVVmRWHFQRIyELFRVSDUWLFXODUPHQWHDTXHOHVGRVHQVLQRVIXQGDPH QWDOHPpGLR
0RRLMH6PHHWV  DOHUWDPTXH VH RV SURIHVVRUHV QmR HVWLYHUHP FRQILDQWHV HP VXD SUySULD
KDELOLGDGH RX FRPSHWrQFLD SDUD XWLOL]DU FRPSXWDGRUHV LVWR SRGH FULDU REVWiFXORV DR VHX
GHVHMR GH LQWURGX]LU WHFQRORJLD HP VXD VDODGHDXOD2VDXWRUHVDLQGDUHSRUWDPTXHDUD]mR
PDLV LPSRUWDQWH TXH SURIHVVRUHV PHQFLRQDUDP HP XPD SHVTXLVD LQWHUQDFLRQDO SDUD QmR
XWLOL]DUHPWHFQRORJLDVGHLQIRUPDomRHFRPXQLFDomRpTXHHVWDVQmROKHVVmRIDPLOLDUHVHHOHVQmR
VHVHQWHPVHJXURVHPXWLOL]i ODV=KDRH&]LNR  GHQRPLQDPLVVRGHSULQFtSLRGRFRQWUROH
 LH R SURIHVVRU SUHFLVD FRQKHFHU D WHFQRORJLD H VHQWLU VH FRQILDQWH QR VHX XVR FRPR IDWRU
SVLFROyJLFRGHPRWLYDomRHFDSDFLWDomR 
6HJXQGR 1DVFLPHQWR   p HVVHQFLDOPHQWH LPSRUWDQWH TXH KDMD QXP SULPHLUR
PRPHQWR XPD FRQVFLHQWL]DomR GR SURIHVVRU DFHUFD GDV SRWHQFLDOLGDGHV H[LVWHQWHV WDQWR QR
FRPSXWDGRUTXDQWRQHOHSUySULR2SURIHVVRUGHYHFRPSUHHQGHUTXHQRFRQWH[WRSHGDJyJLFRR
FRPSXWDGRU DSHQDV VH WRUQDUi XPD IHUUDPHQWD UHDOPHQWH ~WLO TXDQGR SXGHU LQWHUDJLU FRP VXD
PHQWHFULDWLYD%DELQH.RXORXPGMLDQ  DUJXPHQWDPTXH DGXSODKRPHPPiTXLQDWRUQD
VH LQWHOLJHQWH QmR SRU FDXVD GD PiTXLQD PDV SRU FDXVD GR KRPHP QR TXH /qY\  
GHQRPLQDGHHFRORJLDFRJQLWLYD'HDFRUGRFRPR~OWLPRDX WRUDFRQYLYrQFLDHQWUHKRPHPH

3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR,QWURGXomR

PiTXLQD DSUHVHQWD VH FRPR QHFHVViULD DR IRUWDOHFLPHQWR GH VXDV SUySULDV UHODo}HV SRLV DV
WHFQRORJLDVLQWHOHFWXDLVVHPSUHVLQDOL]DPXPDIXQomRFRJQLWLYDGRKRPHPHFRQWULEXHPSDUDD
FRQWtQXDUHFRQVWUXomRGRVHXVDEHUVHQGR RGLiORJRXPDFRQVWDQWHHQWUHRVGRLV 
(QWUHWDQWR R TXH VH Yr p MXVWDPHQWH XPD rQIDVH PDLRU VREUH D PiTXLQD H HP VHX
SRGHU VXUJLQGR R PHGR H D LQVHJXUDQoD FRPR FRQVHTrQFLDV GHVWD SRVVtYHO DSUR[LPDomR
DILUPD 1DVFLPHQWR   5RVHQ H :HLO   FR QFOXHP TXH XPD GDV SULQFLSDLV FDXVDV GR
PHGR GD WHFQRORJLD GHPRQVWUDGR SHOR SURIHVVRU p VXD SUHRFXSDomR H[FHVVLYD HP DSUHQGHU D
XVDU FRPSXWDGRUHV H VRIWZDUHV 1HVWH SRQWR SHUFHEH VH TXH D EDL[D TXDOLGDGH GRV VRIWZDUHV
HGXFDWLYRVSDUDIRUPDomRGHSURIHVVRU HVWHPFRQWULEXtGRSDUDRDXPHQWRGHVVDUHVLVWrQFLDSRU
SDUWHGHVWHV~OWLPRV7DLVVLVWHPDVVmRJHUDOPHQWHGHVHQYROYLGRVVHJXQGRPRGHORVHSURFHVVRV
FXMRIRFRQmRVmRRVGRFHQWHVHVXDVQHFHVVLGDGHVFRPRXVXiULRVGHVRIWZDUHHGXFDFLRQDLV 
/DJH=XEHQNRH&DWDOGL  HQIDWL]DPTXH R SRQWR LQLFLDO >QRGHVLJQGHOHDUQZDUH
LHVLVWHPDVFXMRSURSyVLWRPDLRUpHQVLQDUDOJR@  p GHWHFWDU D QHFHVVLGDGH HGXFDFLRQDO SDUD R
GHVHQYROYLPHQWR GR SURJUDPD 2V DXWRUHV HVFODUHFHP DLQGD TXH R FRQFHLWR GH TXDOLGDGH GH 
OHDUQZDUHVHVWiUHODFLRQDGRDRIDWRGHTXHHVWHWLSRGHSURJUDPDSRVVXLFDUDFWHUtVWLFDVEDVWDQWH
SDUWLFXODUHV GH DFRUGR FRP VHXV REMHWLYRV FXUULFXODUHV H DV QHFHVVLGDGHV HVSHFtILFDV GH VHX
S~EOLFRDOYReMXVWDPHQWHSRULVVR DILUPDPRVPHVPRVDXWRUHV TXHDXIHULUDTXDOLGDGHGH
VRIWZDUHV HGXFDWLYRV p XP SURFHVVR TXH FRQVLVWH HP GHWHUPLQDU VHX JUDX GH DGDSWDomR D XP
FRQWH[WRHVSHFtILFRSDUDRTXDOFRQYHUJHXPDVpULHGHYDULiYHLV$OpPGRVDWULEXWRVGHFXUUtFXOR
H DXGLrQFLD RXWURV H[HPSORV GH WDLV FDU DFWHUtVWLFDV VHULDP HVWLOR GH HQVLQR H IDL[D HWiULD TXH
UHTXHUHPXPDDQiOLVHSUySULD 
:DUG  MiHQIDWL]DYDDQHFHVVLGDGHGHKDYHUHVWXGRVTXHGHPRQVWUDVVHPTXHWHVWHV
FRP XVXiULRV GXUDQWH R SURFHVVR GH GHVLJQ IRUQHFHULDP LQIRUPDo}HV TXH UHVXOWDULDP H P XP
PHOKRUGHVLJQ2DXWRUVXJHUHDLQGDTXHWDLVWHVWHVHVWDULDPGHQWURGRVUHFXUVRVHFDSDFLGDGHVGH
GHVLJQHUV LQGXVWULDLV &DVWUR H $JXLDU   FRQVWDWDP TXH DV DSOLFDo}HV WrP LQFRUSRUDGR
UHFXUVRVGDVPDLVYDULDGDVPtGLDVGHFRPXQLFDomRHDPSOLDGRVXD ViUHDVGHXWLOL]DomRFRPJUDQGH
UDSLGH] 7DO IDWR WHP JHUDGR XP ODSVR QD HVIHUD GD (QJHQKDULD GH 6RIWZDUH SRLV HVWD QmR
FRQVHJXHHODERUDUSURFHGLPHQWRVTXHDFRPSDQKHPFRPDPHVPDYHORFLGDGHHDSOLFDELOLGDGHD
XWLOL]DomRGHVVHVUHFXUVRV6HQGRDVVLPQHVW HWUDEDOKRSURSRPRVXPDPHWRGRORJLDFHQWUDGDQR
XVXiULR SDUD R GHVHQYROYLPHQWR GH OHDUQZDUH HP SDUWLFXODU DSOLFDo}HV PXOWLPtGLD SDUD D
IRUPDomR GH SURIHVVRUHV  LQYHVWLJDQGR RV SULQFLSDLV EHQHItFLRV TXH D WpFQLFD GH SURWRWLSDomR
UiSLGDSRGHWUD]HUDRGH VLJQLWHUDWLYRGHWDLVVLVWHPDV 

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR,QWURGXomR )LOLSH/HYL

(VWH PDWHULDO HVWi RUJDQL]DGR GD VHJXLQWH IRUPD QR FDStWXOR  WUDWDUHPRV VREUH R
FRQFHLWR GH GHVLJQ FHQWUDGR QR XVXiULR  HP TXH DV QHFHVVLGDGHV GHVHMRV H OLPLWDo}HV GRV
XVXiULRV ILQDLV GH XP VLVWHPD VmR H[WHQVDPHQWH FRQ VLGHUDGRV HP FDGD HVWiJLR GR SURFHVVR GH
GHVLJQ'LVFXWLUHPRVDLQGDDVWUrVGLPHQV}HVGRGHVLJQFHQWUDGRQRXVXiULRGHVLJQSDUWLFLSDWLYR
WHVWHVFRPXVXiULRVHGHVLJQLWHUDWLYR-iQRFDStWXORDSUHVHQWDUHPRVRPpWRGRGHSURWRWLSDomR
UiSLGD GLVFXWLQGR DV YDQWDJHQV GH VH HODERUDU SURWyWLSRV FRP QtYHLV FUHVFHQWHV GH ILGHOLGDGH
DOJXPDV HVWUDWpJLDV GH GHVLJQSDUDRFLFORGHSURWRWLSDomRHDWpFQLFDTXHXWLOL]DSURWyWLSRVGH
SDSHO 1R FDStWXOR  UHYLVDUHPRV DOJXQV SURFHVVRV SDUD R GHVHQYROYLPHQWR GH VRIWZD UH
HGXFDWLYR H SURSRUHPRV XPD PHWRGRORJLD EDVHDGD HP DQiOLVH GH PHUFDGR HQWUHYLVWDV FRP
HVSHFLDOLVWDV H DQiOLVH GH FRPSHWLGRUHV FXMR HOHPHQWR FKDYHpXPFLFORGHSURWRWLSDomRUiSLGD
FRPWHVWHVGHXVDELOLGDGHMXQWRDXVXiULRVUHDLV'HVFUHYHUHPRVQRFDSt WXORRSURMHWR 0tGLDV
(GXFDWLYDVTXHWHPXWLOL]DGRHUHILQDGRDPHWRGRORJLDSURSRVWDHUHSUHVHQWDRHVWXGRGHFDVR
SDUDDWpFQLFDGHSURWRWLSDomRUiSLGD3RUILPQRFDStWXORFRQFOXLUHPRVRSUHVHQWHWUDEDOKR
UHODWDQGRRVUHVXOWDGRVREWLGRVHDSRQWD QGRDQHFHVVLGDGHHUHOHYkQFLDGHIXWXURVWUDEDOKRV 


3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV







& 

'HVLJQFHQWUDGRQRXVXiULR
$ 3 7 8 / 2 




:HIDFHDIDVFLQDWLQJIXWXUHZLWKPXFKH[FLWLQJQHZWHFKQRORJ\PDQ\

QHZLQIRUPDWLRQDSSOLDQFHV:HVKRXOGQRWKDYHWRNQRZKRZWKH\

ZRUN:HVKRXOGQRWQHHGWRNQRZDQ\WKLQJDERXWWKHLUWHFKQRORJ\$OO

ZHKDYHWRNQRZLVRXUMREDQGZKDWZHDUHW\LQJWRDFFRPSOLVK7KH

DSSOLDQFHVVLPSO\ZRUNWKH\SURYLGHWKHLQIRUPDWLRQZHQHHGZKHQZH

QHHGLWHIIRUWOHVVO\ZLWKRXWDQ\HIIRUWRQRXUSDUW6PDUWWKLQJV

F\ERUJVDQGHPRWLRQDOWKLQJVWKHIXWXUHZLOOLQGHHGEHGLIIHUHQW


' 2 1 $ / '  $   1 2 5 0 $ 1 $ S S O L D Q F H V  R I  W K H  I X W X U H 




$RORQJRGDKLVWyULDGD(QJHQKDULDGH6RIWZDUHSRGH VHSHUFHEHUFRPFODUH]DXPDSUHRFXSDomR
FUHVFHQWHQRTXHVHUHIHUHDRIDWRUT XDOLGDGHWDQWRQRkPELWRDFDGrPLFRTXDQWRQRLQGXVWULDO
$FUHGLWDYDVH TXH R WHUPR TXDOLGDGH GH VRIWZDUH GL]LD UHVSHLWR DSHQDV jTXHODV FDUDFWHUtVWLFDV
TXHSRGHULDPVHUHQFRQWUDGDVQRSURGXWRILQDORXVHMDQDTXLORTXHHUDHIHWLYDPHQWHHQWUHJXHDR
FOLHQWH (QWUHWDQWR GHYLGR j GHPDQGD SRU VLVWHPDV PDLV FRPSOH[RV H DR FRQVHTHQWH
DFLUUDPHQWR GD FRQFRUUrQFLD QHVVH VHJPHQWR GH PHUFDGR DV HPSUHVDV QRWDUDP TXH DTXHOD
GHILQLomR GH TXDOLGDGH Mi QmR HUD PDLV VXILFLHQWH SDUD JDUDQWLU VHX VXFHVVR 7RUQRX VH DVVLP
LPSUHVFLQGtYHO EXVFDU PDWXULGDGH FDGD YH] PDLRU QmR Vy SDUD R SURGXWR JHUDGR PDV WDPEpP
SDUDRVSURFHVVRVPRGHORVHQRUPDVTXHFRQGX]LULDPRGHVHQYROYLPHQWRGHVRIWZDUH 

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR'HVLJQFHQWUDGRQRXVXiULR )LOLSH/HYL

6DEHVH KRMH TXH RV HVIRUoRV GH GHVHQYROYLPHQWR GH VLVWHPDV FRPSXWDFLRQDLV GHYHP
HVWDUFRQFHQWUDGRVHPVXDVIDVHVLQLFLDLVGHFRQFHSomRHSURMHWRGHIRUPDDUHGX]LUDRPi[LPRD
SUREDELOLGDGHGHTXHHYHQWXDLVSUREOHPDVDSDUHoDPQDVHWDSDVVHJXLQWHVSULQFLSDOPHQWHDTXHOHV
FDXVDGRV HP GHFRUUrQFLD GH PXGDQoDV QmR SUHYLVWDV QRV UHTXLVLWRV  LQLFLDLV +DOO   DILUPD
KDYHUHYLGrQFLDVGHTXHXPSURMHWRGHEDL[DTXDOLGDGHSRGHWUD]HURXWURVFXVWRVDGLFLRQDLVDXPD
HPSUHVD VHMD SRU PHLR GR DWHQGLPHQWR DRV XVXiULRV GHYLGR D UHFODPDo}HV RX VROLFLWDomR GH
VHUYLoRV VHMD DWUDYpV GD GHYROXomR GH EHQV 6HJXQGR R DXWRU XP GHVLJQ GH EDL[D TXDOLGDGH
FDXVDULD WDPEpP UHGXomR QDV YHQGDV GH WDO HPSUHVD GHYLGR j EDL[D DFHLWDomR GR FRQVXPLGRU
XPD LPDJHP GHILFLHQWH GR SURGXWR H RV HIHLWRV DVVRFLDGRV GD SHUFHSomR GR FOLHQWH VREUH D
FRPSDQKLDHPVL
(PERUDDWXDOPHQWHSRVVDVHUFRQVWDWDGDSRUSDUWHGDVHPSUHVDVXPDrQIDVHPDLRUQRV
SURFHVVRV GH GHVHQYROYLPHQWR .XMDOD .DXSSLQHQ H 5HNROD   REVHUYDP TXH PXLWRV
VLVWHPDVVLPSOHVPHQWHQmRDWHQGHPjVH[SHFWDWLYDVEiVLFDVGHVHXVXVXiULRVVHQGRUDSLGDPHQWH
DEDQGRQDGRVSRUHOHV0XLWRVHWHPGLYDJDGRVREUHDVSRVVtYHLVUD]}HVSDUDHVVDVLWXDomRHQWUH
HODV WpFQLFDV GH GHVHQYROYLPHQWR TXH QmR VXSRUWDP HVFDODELOLGDGH LQWHUGHSHQGrQFLDV QmR
FRQWURODGDVGHQWURGRVSURJUDPDVHVLVWHPDVRSHUDFLRQDLVGHIHLWXRVRV(Q WUHWDQWRYiULRVDXWRUHV
FRPR &RQVWDQWLQH H /RFNZRRG   WrP GHPRQVWUDGR TXH R SULQFLSDO SUREOHPD QmR p
PHUDPHQWH WHFQROyJLFR PDV VLP FRQFHLWXDO LH HVWi MXVWDPHQWH QDTXLOR TXH DTXHODV
PHWRGRORJLDVFRQVLGHUDPVHURREMHWRFHQWUDOGHVHXHVWXGR 
3DUD HOHV D (QJHQKDULD GH 6RIWZDUH WUDGLFLRQDO WHP FRQVWUXtGR VLVWHPDV FXMR IRFR
SULPiULR VmR VXDV IXQFLRQDOLGDGHV H PHVPR VXDV HVWUXWXUDV LQWHUQDV RX VHMD SURFHVVDPHQWR
OyJLFR FRUUHWR GHVHPSHQKR DGHTXDGR HQWUH RXWUDV 3DUD GHPRQVWUDomR SRGH VH FLWDU R 583
5DWLRQDO 8QLILHG 3URFHVV  FHUWDPHQWH R SURFHVVR GH GHVHQYROYLPHQWR GH VRIWZDUH PDLV
GLIXQGLGRKRMHQRVPHLRVFLHQWtILFRHFRPHUFLDOTXH QDVSDODYUDVGRSUySULR.UXFKWHQ  
XPGHVHXVPDLVFRQKHFLGRVGHIHQVRUHV pXPSURFHVVRFHQWUDGR QD DUTXLWHWXUD FDStWXOR
  RX DLQGD GLULJLGR D FDVRVGHXVR FDStWXOR   &RQIRUPH FRQKHFLPHQWR JHUDO GD
FRPXQLGDGH GH VRIWZDUH FDVRV GHXVR FRQVWLWXHPVH HP XPD YLVmR GH SURMHWR FHQWUDGD QR
VLVWHPD.UXFKWHQDLQGDRVGHILQHFRPRVHQGRQDGDPDLVTXHXPDVHT rQFLDGHDo}HV IOX[RGH
HYHQWRV DWUDYpV GR VLVWHPD  TXH JHUDP XP UHVXOWDGR GH YDORU REVHUYiYHO D XP DWRU SDUWLFXODU
9DOH UHFRUGDU DTXL TXH HP 80/ 8QLILHG 0RGHOLQJ /DQJXDJH D OLQJXDJHP GH PRGHODJHP H
HVSHFLILFDomR XWLOL]DGD QR 583  R TXH FDUDFWHUL]D FRPR UHDOPHQWH LPSRUWDQWH R FRQFHLWR GH
DWRU p VHX SDSHO QR VLVWHPD QmR RV DVSHFWRV GR XVXiULR TXH HOH UHSUHVHQWD 7RUQD VH DVVLP
FODUR TXH WDLV SURFHVVRV VmR FHQWUDGRV QD IXQFLRQDOLGDGH GRV VLVWHPDV TXH VH SURS}HP D

3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR'HVLJQFHQWUDGRQRXVXiULR

GHVHQYROYHUHWXGRPDLVJLUDHPWR UQRGRVFDVRVGHXVR3RXFDRXPHVPRQHQKXPDDWHQomRp
GDGDDRVXVXiULRVILQDLVGRVLVWHPDRTXHVHFRPSURYDQDFRQIXVmRFRWLGLDQDTXHVHID]HQWUHRV
WHUPRVXVXiULR TXHPGHIDWRXWLOL]DUiRVRIWZDUH HFOLHQWH VWDNHKROGHUFRQWUDWDQWH 
4XDVHVHPSUHHSULQFLSDOPHQWHSRUTXHVWmRGHQHFHVVLGDGHRVXVXiULRVVmRREULJDGRVD
PROGDUVHDRVVLVWHPDVFRPSXWDFLRQDLVTXHXWLOL]DPRTXHSRGHVHUPHOKRUREVHUYDGRHPSDtVHV
RQGH QmR Ki XPD OHJLVODomR HVWDEHOHFLGD TXH DPSDUH R FRQVXPLGRU GH VRIWZDUH 6DIIR   
OHPEUD TXH VRPRV XPD HVSpFLH DVVXVWDGRUDPHQWH DGDSWiYHO H LVWR FRQVLGHUDQGR TXHVWLRQD D
UHDO TXDOLGDGH GDTXHOHV VLVWHPDV FXMR GHVHQYROYLPHQWR QmR OHYD QD GHYLGD FRQWD VHXV XVXiULRV
ILQDLV3DUDHOHERDVIHUUDPHQWDVGHYHULDP DMXVWDUVH DR XVXiULRPDVUHFRQKHFHTXHHODVDLQGD
VmR PXLWR HVFDVVDV KRMH HP GLD 1mR REVWDQWH R DXWRU FRQVWDWD TXH RV XVXiULRV WHQGHP D
DEDQGRQDUWDLVIHUUDPHQWDVDSDUWLUGRPRPHQWRTXHRHVIRUoRUHTXHULGRSDUDXWLOL]i ODVH[FHGH
VHXOLPLWHGHLQGLJQDomR RPi[LPRGHHVIRUoRTXHVHHVWiGLVSRVWRDHPSUHHQGHUQRVHQWLGR
GHFRPSOHWDUXPDWDUHIDFRPRXVRGHGHWHUPLQDGRVLVWHPD 
6REUH D XVDELOLGDGH GH VLVWHPDV FRQVLGHUHPRV DLQGD XP IDWR EDVWDQWH FXULRVR TXH WHP
VLGRJHUDGRSHORFUHVFHQWHDSHORjFRQYHUJrQFLDGLJLWDORGHV HQYROYLPHQWRGHDSDUHOKRVFDGDYH]
PHQRUHVFRQFHQWUDQGRXPQ~PHURGHIXQo}HVDWpSRXFRWHPSRLQLPDJLQiYHO6mRRVFKDPDGRV
SURGXWRVLQWHOLJHQWHVFXMRH[HPSORPDLVSRSXODUKRMHFHUWDPHQWHVmRRVWHOHIRQHVFHOXODUHVTXH
Mi FRQWDP FRP DFHVVR j LQWHUQHW FkPHUDV GH YtGHR HPEXWLGDV MRJRV HP WUrV GLPHQV}HV
GRZQORDGHUHSURGXomRGHP~VLFDVQRIRUPDWR03HWF+DOO  VXPDUL]DTXHDUHGXomRGR
WDPDQKRLPS}HUHVWULo}HVItVLFDVDRGHVLJQGHLQWHUIDFHVGRVWDLVGLVSRVLWLYRV ERW}HVSHTXHQRV
DOWHUQDQGR YiULRV FRPDQGRV IHHGEDFN YLVXDO OLPLWDGR HWF 1mR REVWDQWH $GDPV H +DOO  
DUJXPHQWHPTXHPHVPRDVWHFQRORJLDVFRPLQWHUIDFHVItVLFDVVXILFLHQWHPHQWHJUDQGHV FRPR
HPDOJXQVWUDQVSRUWHVS~EOLFRVHPiTXLQDVGHYHQGDDXWRPiWLFD WDPEpPQmRHVWmRLPXQHVD 
SUREOHPDV GH XVDELOLGDGH $ HQRUPH TXDQWLGDGH GH IXQo}HV PXLWDV GHODV WRWDOPHQWH
GHVQHFHVViULDVFRQIRUPHDVQHFHVVLGDGHVUHDLVGRXVXiULRFRPXP TXHWHQWDPDJUXSDU VHHPXP
~QLFR GLVSRVLWLYR FRP OLPLWDo}HV ItVLFDV WRUQD VH XP HQWUDYH j VXD IDFLOLGDGH GH XWLOL]DomR
1RUPDQ   VXJHUH TXH D FRPSOH[LGDGH GH XVR DXPHQWD VHJXQGR R TXDGUDGR GD
IXQFLRQDOLGDGH IHQ{PHQR TXH HOH GHQRPLQD SRU FUHHSLQJ IHDWXULVP 1RUPDQ   DLQGD
HVFODUHFHTXHRVVLVWHPDVDWXDLVVmRJXLDGRVSHODWHFQRORJLDQmRSHORTXHDVSHV VRDVUHDOPHQWH
SUHFLVDPRXGHVHMDP,VVRSRGHVHUFRQVWDWDGRFRPXPDVLPSOHVDQiOLVHHPStULFDSRUH[HPSOR
VREUHTXDODSRUFHQWDJHPGHLGRVRVQDSRSXODomRGHFRQVXPLGRUHVTXHPHVPRDGTXLULQGRXP
GDTXHOHVFHOXODUHVVXSUD FLWDGRVXWLOL]DWRGDVDVVXDVIXQ o}HVUHJXODUPHQWH

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR'HVLJQFHQWUDGRQRXVXiULR )LOLSH/HYL

6HQGRDVVLPWRGRRGHVHQYROYLPHQWRGHSURGXWRVWHFQROyJLFRVGHYHULDWHUVHXIRFRHP
TXHP DILQDO XWLOL]DUi HVVDV WHFQRORJLDV 1RUPDQ H 'UDSHU   1RUPDQ    H
6KQHLGHUPDQ   PRVWUDP TXH SDUD VH HYLWDU SUREOHPDV GH XVD ELOLGDGH GHVLJQHUV GHYHULDP
HPSUHJDUXPDDERUGDJHPHUJRQ{PLFD RXFHQWUDGDQRXVXiULR HPVHXWUDEDOKRGHSURMHWR
(PWHUPRVJHUDLVGHILQH VHRGHVLJQFHQWUDGRQRXVXiULR GRLQJOrV XVHUFHQWHUHG GHVLJQ FRPR
XPDILORVRILDRXPHWRGRORJLDGHSURMHWRSRU PHLRGDTXDODVQHFHVVLGDGHVGHVHMRVHOLPLWDo}HV
GRVXVXiULRVILQDLVGHXPVLVWHPDVmRH[WHQVDPHQWHFRQVLGHUDGRVHPFDGDHVWiJLRGRSURFHVVRGH
GHVLJQ8PDDERUGDJHPFHQWUDGDQRXVXiULRFRQIRUPHHVFODUHFH+DOO  HQYROYHFRQKHFHU
TXHPVmRRVXVXiULRVGRVLVWHPDTXDLVVmRVXDVTXDOLILFDo}HVQHFHVVLGDGHVHH[SHFWDWLYDVTXDLV
VmRVHXVREMHWLYRVHDVWDUHIDVQHFHVViULDVSDUDRVDOFDQoDUDOpPGHFRQKHFHURVDPELHQWHVItVLFRV
HVRFLDLVHPTXHWDLVXVXiULRVH[HFXWDPVHXWUDEDOKR 
(DVRQ  GHVFUHYHWUrVIRUPDVGHGHVLJQFHQWUDGRQRXVXiULRGHSHQGHQGRGRWLSRGH
GHVLJQHPGHVHQYROYLPHQWR 

 *HQpULFRLVWRpGHVLJQIHLWRSDUDRXVXiULRRQGHRSDSHOGRPHVPRpFRPRVXMHLWR
QRVWHVWHVGHGHVLJQ HJSURGXWRVGHFRQVXPRRXVRIWZDUHHPJHUDO  
 (VSHFtILFR RX VHMD GHVLJQ IHLWR SHOR XVXiULR RQGH R SDSHO GR PHVPR p FRPR
SDUWLFLSDQWH QR SURFHVVR GH GHVLJQ HJ XPD DSOLFDomR GH VRIWZDUH SDUD DWHQGHU
QHFHVVLGDGHVHVSHFtILFDVGHXPDFRPSDQKLD  
 $GDSWiYHO HP RXWUDV SDODYUDV GHVLJQ DGDSWDGR SHOR XVXiULR RQGH R SDSHO GR
PHVPR p FRQWURODU FRPR D LQWHUIDFH VH DSUHVHQWD HRX RSHUD SDUD HOH HJ
LQGLYLGXDOL]DUDLQWHUIDFHSDUDVLVWHPDVRSHUDFLRQDLVHPFRPSXWDGRUHVSHVVRDLV  

2PHVPRDXWRUWDPEpPGHVFUHYHXPDIRUPDJHQpULFDGHGHVLJQFHQWUDGRQRXVXiULR 

3ULPHLUDPHQWH DX[LOLDVH RV XVXiULRV D DUWLFXODU VXDV QHFHVVLGDGHV FRPR SDUWH GRV
UHTXLVLWRVJHUDLVGRSURGXWRTXHVmRIXQomRHQWUHRFRQWH[WRHPTXHRSURGXWRVHUi
XWLOL]DGRHDVWDUHIDVSDUWLFXODUHVDVHUHPH[HFXWDGDV 
6HJXQGRIRUPXODPVHYiULDVRSo}HVGHGHVLJQTXHGHYHPFRQVLGHUDUWDQWRUHVWULo}HV
WpFQLFDVFRPRVRFLDLV 
(PWHUFHLUROXJDUDYDOLD VHRJUDXHPTXHDVRSo}HVDWHQGHPDRVUHTXLVLWRV


3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR'HVLJQFHQWUDGRQRXVXiULR

(DVRQ   HVFODUHFH TXH HVSHFLDOLVWDV H[WHUQRV SRGHP VHU QHFHVViULRV SDUD DMXGDU D
LGHQWLILFDURSo}HVGHG HVLJQPDVTXHRVUHTXLVLWRV SHUWHQFHPH[FOXVLYDPHQWHDRVXVXiULRV+DOO
  HVWHQGH R PRGHOR GH(DVRQVXJHULQGRTXH XWLOL]DQGRVHSULPHLUDPHQWH PRFNXSVGH
EDL[D ILGHOLGDGH GDV RSo}HV LQLFLDLV GH GHVLJQ  RV UHVXOWDGRV GDV DYDOLDo}HV FRP XVXiULRV
SRGHULDPUHDOLPHQWDUXPDUH LQVSHomRGDVQHFHVVLGDGHVGHVWHV$VVLPEDVHDQGR VHHPTXDOTXHU
UHYLVmR GRV UHTXLVLWRV ILGHOLGDGH H[WUD VHULD VHU DJUHJDGD jV QRYDV  RSo}HV GH GHVLJQ (VVDV
HQWmR SRGHULDP VHU DYDOLDGDV SRU XVXiULRV SDUD IRUQHFHU IHHGEDFN DGLFLRQDO SDUD XPD VHJXQGD
UHYLVmRGRVUHTXLVLWRVHVHQHFHVViULRXPDWHUFHLUDLWHUDomRGRSURFHVVRGHGHVLJQ 
3RGHVHDUJXPHQWDQRHQWDQWRTXHLVVRMiRFRUUHQRVSURFHVVRVFOiVVLFRVGD(QJHQKDULD
GH 6RIWZDUH R TXH DFUHVFHQWDULD HQWmR D REVHUYDomR GH XP D DERUGDJHP LWHUDWLYD FHQWUDGD QR
XVXiULR"+DOO  UHVSRQGHDWDOTXHVWLRQDPHQWROHPEUDQGRTXHQDSUiWLFDRV UHTXLVLWRVGR
XVXiULRUDUDPHQWHVmRDOWHUDGRVSRLVMiIRUDPDFRUGDGRVHQWUHR VWDNHKROGHUFOLHQWHHDHPSUHVD
GHVRIWZDUHHSRUWDQWRQmRV mRGLJQRVGHUHH[DPHPHVPRVREDOX]GRVUHVXOWDGRVGRVWHVWHV
FRP XVXiULRV 3HOR FRQWUiULR WHVWHV FRP XVXiULRV QD (QJHQKDULD GH 6RIWZDUH WUDGLFLRQDO
HQYROYHPGHWHUPLQDUTXDLVHQWUHDVYiULDVDOWHUQDWLYDVGHGHVLJQPHOKRUDWHQGHPDRVUHTXLVLWRVMi
DFRUGDGRV1RSUy[LPRFDStWXORWUDWDUHPRVHVSHFLILFDPHQWHVREUHRFLFORGHSURWRWLSDomRFRP
QtYHLVGHILGHOLGDGH 
'HDFRUGRFRP1LHOVHQ  RGHVLJQFHQWUDGRQRXVXiULRHVWiRUJDQL]DGRHPHWDSDV
GHDQiOLVHGHUHTXLVLWRVGRVXVXiULRVHVSHFLILFDomRSURWRWL SDomRHDYDOLDomR

$QiOLVH  2 REMHWLYR GHVWD IDVH p LGHQWLILFDU RV XVXiULRV ILQDLV GD LQWHUIDFH
HVSHFLILFDQGR H HQWHQGHQGR R SURFHVVR SHOR TXDO UHDOL]DP VXD WDUHID H EXVFDQGR
H[WUDLUDVVXDVQHFHVVLGDGHVTXHGHYHPRULHQWDUWRGDVDVHWDSDVVHJXLQWHV$ IDVHGH
DQiOLVH FRQIRUPH DILUPD 1LHOVHQ   WHP JUDQGH LPSRUWkQFLD QR LQtFLR GR
GHVHQYROYLPHQWR SRLV VH FDUDFWHUL]D FRPR D SULQFLSDO IRQWH GH LQIRUPDomR SDUD D
FRQFHSomRGRVLVWHPD 
(VSHFLILFDomR$SyVDIDVHGHDQiOLVHTXHHQYROYHRHQWHQGLPHQWRG RSURFHVVRH
GD DWLYLGDGH UHDOL]DGD SHORV XVXiULRV DFRQWHFH D HVSHFLILFDomR GR VLVWHPD $
HVSHFLILFDomR GHYH SHUPLWLU TXH R XVXiULR DWLQMD VXDV PHWDV UHDOL]DQGR WDUHIDV GH
PDQHLUD LQWHUDWLYD H SUHFLVD 8PD HVSHFLILFDomR GHVFUHYH XP PRGHOR GH LQWHUDomR
RQGH R XVXiULR XWLOL]D IXQo}HV SURYLGDV SHOR VRIWZDUH YLVXDOL]D LQIRUPDo}HV RX
IRUQHFHGDGRVSDUDRSUySULRVLVWHPD 

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR'HVLJQFHQWUDGRQRXVXiULR )LOLSH/HYL

3URWRWLSDomR1DIDVHGHSURWRWLSDomRpUHDOL]DGDDFRQVWUXomRGHXPDLQWHUIDFH
SULPiULD QD TXDO SURFXUD VH REWHU XPD UHSUHVHQWDomR GRV F RQFHLWRV GHVHQYROYLGRV
QDVIDVHVDQWHULRUHV$DYDOLDomRGRSURWyWLSRpUHDOL]DGDFRPEDVHHPFRQWH[WRVGH
XWLOL]DomRHGHILQLGDXWLOL]DQGR VHFULWpULRVGHWHUPLQDGRVSHODHTXLSHGHSURMHWR 
$YDOLDomR$DYDOLDomRGDLQWHUIDFHpXPLPSRUWDQWHSDVVRGRSURF HVVRGHGHVLJQ
SRLVpDWUDYpVGHODTXHVHFRQVHJXHHVWLPDURVXFHVVRRXIUDFDVVRGDVKLSyWHVHVGR
GHVLJQHUVREUHDVROXomRTXHHOHHVWiSURSRQGRWDQWRHPWHUPRVGHIXQFLRQDOLGDGH
TXDQWRGHLQWHUDomR+DUWVRQ  DUJXPHQWDTXHDLQGDTXHRGHVLJQHUVH EDVHLH
HPXPDDERUGDJHPWHyULFDHFRQWHFRPDDMXGDGHGLUHWUL]HV JXLGHOLQHV HSULQFtSLRV
GHGHVLJQpQHFHVViULRTXHHOHDYDOLHRUHVXOWDGRILQDOREWLGR 

0XLWRHPERUDDVLVWHPDWL]DomRDFLPDSRVVDjSULPHLUDYLVWDFDXVDUDOJXPWLSRGHUHFHLR
SRU SDUWH GH HPSUHVDV TXH Mi SRVVXHP VXDV SUySULDV PHWRGRORJLDV GH GHVHQYROYLPHQWR GH
VRIWZDUH EHP GHILQLGDV R GHVLJQ FHQWUDGR QR XVXiULR DSUHVHQWD VH QD UHDOLGDGH FRPR XP
FRQMXQWR GH WpFQLFDV EDVHDGDV HP IDWRUHV KXPDQRV TXH SRGHP HGHYHPVHULQWHJUDGDVjTXHODV
PHWRGRORJLDV 3DUD *RXOG H /HZLV   6KDFNHO   H *RXOG   XPD DERUGDJHP
FHQWUDGDQRXVXiULRHQYROYHEDVLFDPHQWHSURFHVVRVGHGHVLJQSDUWLFLSDWLYRWHVWHVFRPXVXiULRVH
GHVLJQ LWHUDWLYR $ VHJXLU DSUHVHQWDUHPRV XPD VXFLQWD UHYLVmR GD OLWHUDWX UD D UHVSHLWR GH FDGD
XPDGHVVDVGLPHQV}HVGRGHVLJQFHQWUDGRQRXVXiULR 



'HVLJQSDUWLFLSDWLYR

0XLWDV DERUGDJHQV GH GHVLJQ SULQFLSDOPHQWH DTXHODV XWLOL]DGDV HP HVWXGRV H SURMHWRV TXH
HQYROYHPHUJRQRPLDSUHVVXS}HPTXHRSURMHWLVWDGHWpPFRQKHFLPHQW RVXILFLHQWHSDUDDJLUHP
QRPHGRXVXiULRDSOLFDQGRFRQFHLWRVHSULQFtSLRVJHUDLVGHVHQYROYLGRVHYDOLGDGRVSRUPHLRGH
SHVTXLVDV7DLVDERUGDJHQVFDUDFWHUL]DP VHFRPRVHQGR SDUDRXVXiULRHVWDQGRVRERHQFDUJR
GRGHVLJQHUGHFLGLURTXHDILQDOVHULDPH OKRUSDUDDTXHOH(QWUHWDQWRMXVWDPHQWHFRPRFUtWLFDDR
TXH IRL GHVFULWR DQWHULRUPHQWH R GHVLJQ SDUWLFLSDWLYR VXUJLX FRPR XPD DERUGDJHP GH SURMHWR
TXH EXVFD HQYROYHU DWLYDPHQWH XVXiULRV ILQDLV FRPR FRODERUDGRUHV QR SURFHVVR GH GHVLJQ
5RVVRQH&DUUROO  DILUPDPTXHQR GHVLJQ FRRSHUDWLYR DOJXPDV YH]HV WDPEpP FKDPDGR

3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR'HVLJQFHQWUDGRQRXVXiULR

GH GHVLJQ SDUWLFLSDWLYR  XP VLVWHPD LQWHUDWLYR HPHUJH DWUDYpV GH XPD FRODERUDomR GLUHWD
HQWUHGHVLJQHUVHXVXiULRVHPSRWHQFLDO
.XKQH:LQRJUDG  WHVWHPXQKDPTXHDVPDLRUHVFRPS DQKLDVGHGHVHQYROYLPHQWR
GHVRIWZDUHMiFRQVLGHUDYDPFRPXPRFRQKHFLPHQWRGHTXHpLPSRUWDQWHSURMHWDU FRPRXVXiULR
DR LQYpV GH SURMHWDU SDUD HOH %GNHU   GHPRQVWUD R TXDQWR p HVVHQFLDO DRV XVXiULRV
H[SHULPHQWDU PDQXDOPHQWH PRFNXSV H SURWyWLSRV SDUWLFLSDQGR DWLYDPHQWH GR GHVLJQ GH
DSOLFDo}HV &RQVLGHUDP VH DWHQWDPHQWH TXHVW}HV LQHUHQWHV DR VHU KXPDQR FRPR GHVHMRV
DPELo}HV FUHQoDV HPRo}HV HWF 2 REMHWLYR GHVVD SUiWLFD p JDUDQWLU TXH R SURGXWR GD IRUPD
FRPRIRLSURMHWDGRDWHQGDjVQHFHVVLGDGHV GHVHXVXVXiULRVWRUQDQGR VHDVVLPXViYHO'HVLJQ
SDUWLFLSDWLYR LPSOLFD HP HQYROYHU XVXiULRV FRPR SDUWLFLSDQWHV QR WLPH HTXLSH  GH GHVLJQ
+DFNRVH5HGLVK  GHIHQGHPTXH LQFOXLU XVXiULRV QR WLPH GH SURMHWR p JHUDOPHQWH XPD
JUDQGH LGpLD TXH GHILQLWLYDPHQWH GHYHULD WRUQDUVH SDUWH GH TXDOTXHU SURFHVVR VRILVWLFDGR
FHQWUDGR QR XVXiULR1D)LJXUDDEDL[RSRGH VHYHUXPGRVODERUDWyULRVGHXVDELOLGDGHGD
2UDFOHHVSHFLDOPHQWHSUHSDUDGRSDUDVHVV}HVGHGHVLJQSDUWLFLSDWLYR 



)LJXUD/DERUDWyULRGHXVDELOLGDGHGD2UDFOHHVSHFLDOPHQWH


SUHSDUDGRSDUDVHVV}HVGHGHVLJQSDUWLFLSDWLYR X L  X V  R U D F O H  F R P 

2 HQYROYLPHQWR HQWUH XVXiULRV FOLHQWHV H GHVHQYROYHGRUHV SDUD SURMHWDU XPD GDGD


VROXomR VH Gi QRUPDOPHQWH DWUDYpV GH ZRUNVKRSV (VVHV HQFRQ WURV VmR LPSRUWDQWHV SRU XPD
VpULHGHUD]}HVGHQWUHDVTXDLVSDVVDPRVDFLWDU 


3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR'HVLJQFHQWUDGRQRXVXiULR )LOLSH/HYL

8VXiULRVJDQKDPYR]QRSURFHVVRGHGHVLJQRTXHDXPHQWDDSUREDELOLGDGHGHVH
JHUDUXPGHVLJQFRPJUDQGHXVDELOLGDGH 
3HUPLWHVHTXHFRODERUDGRUHVWpFQLFRVHQmR WpFQLFRVSRVVDPSDUWLFLSDULJXDOPHQWH 
9LDELOL]DVHXPIyUXPSDUDWUDWDUVREUHWySLFRVGHLQWHUHVVHJHUDO 
8WLOL]DPVHWpFQLFDVTXHSRGHPVHUIDFLOPHQWHDSUHQGLGDVHDSOLFDGDVHPDWLYLGDGHV
IXWXUDVGHQWURGDHPSUHVD 

&RPRSDUWHHVVHQFLDOQRSURFHVVRGHVLJQFHQWUDGRQ RXVXiULRRGHVLJQSDUWLFLSDWLYRGHYH
VHUDSOLFDGRGHVGHDVIDVHVGHFRQFHSomRHSURMHWRGHVRIWZDUHQRWDGDPHQWHQDVHWDSDVLQLFLDVGH
HOLFLWDomR GH UHTXLVLWRV .XKQ H :LQRJUDG   DSRQWDP TXH DV SHVTXLVDV VREUH GHVLJQ
SDUWLFLSDWLYRWrPGHVHQYROYLGRX PDYDULHGDGHGHWpFQLFDVQRVHQWLGRGHIDFLOLWDUDFRPXQLFDomR
GDV SRVVLELOLGDGHV GH QRYDV WHFQRORJLDV DRV XVXiULRV ILQDLV 5REHUWVRQ   H[SOLFD TXH R
VXFHVVR HP WDO FRPXQLFDomR UHSUHVHQWD R IDWRU FKDYH SDUD XPD HOLFLWDomR FRQVLVWHQWH FRP
XVXiULRVHVRERSRQWRGHYLVWDGHVWHVDDXWRUDFODVVLILFDRVUHTXLVLWRVHP 

&RQVFLHQWHVeRWLSRGHUHTXLVLWRFRPPDLRUSUREDELOLGDGHGHVHUPHQFLRQDGR
SHORXVXiULReDOJRSDUDRTXHHOHHVWiSDUWLFXODUHFRQVFLHQWHPHQWHDWHQWR HJHX
TXHUR TXH D QRYD FkPHUD FDLED QR PHX EROVR WLUH IRWRJUDILDV GLJLWDLV H SRVVXD
XPDEDWHULDFRPDXWRQRPLDPDLRU 
,QFRQVFLHQWHVeXPUHTXLVLWRQRUPDOPHQWHQmRFRPXQLFDGRSHORXVXiULRSRLV
HVWHQmRVDEHTXHSUHFLVDGHOH8PDUD]mRSDUDWDOVLWXDomRSRGHULDVHURXVXiULRHVWDU
WmRDFRVWXPDGRHPWHUDIXQFLRQDOLGDGHVDWLVIHLWDTXHHOHQmRPDLVLPDJLQDTXHHOD
VHMDXPUHTXLVLWR HJRXVXiULRSRGHQmRPHQFLRQDUjHTXLSHGHSURMHWRVHXGHVHMR
GHTXHDQRYDFkPHUDUHERELQHRILOPHTXDQGRD~OWLPDIRWRJUDILDIRUWLUDGD 2XWURV
PRWLYRV VHULDP R XVXiULR SUHVVXS}H TXH WRGRV RV GHPDLV QD HTXLSH SRVVXHP R
PHVPRFRQKHFLPHQWRVREUHRGRPtQLRTXHHOHSRUUHFHLRGHVXEHVWLPDURGHVLJQHU
PXLWDVYH]HVpGLItFLODRXVXiULRH[SOLFDUDEVROXWDPHQWHWRGRVRVGHWDOKHVVREUHDOJR
TXHHOHFRQKHFHEH PHWF
,QVRQKiYHLV6mRRVUHTXLVLWRVTXHRXVXiULRQmRFRPXQLFDSRUDFUHGLWDUTXHHOHV
VmRLPSRVVtYHLVGHVHUHPGHVHQYROYLGRVRXSRUQmRID]HUHPLGpLDGRTXHVHULDWHUR
SURGXWR HP PmRV H H[SHULPHQWDU HVVD QRYD WHFQRORJLD HJRXVXiULRSRGHSHQVDU

3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR'HVLJQFHQWUDGRQRXVXiULR

QmR YRX VHTXHU PHQFLRQDU TXH HX JRVWDULD TXH D QRYD FkPHUD IRVVH j SURYD GH
iJXDSRLVVHLTXHLVVRQmRpSRVVtYHOGHVHUIHLWR 

5REHUWVRQ   DUJXPHQWD TXH HPERUD D HQWUHYLVWD VHMD VHP G~YLGDV D WpFQLFD PDLV
XWLOL]DGDHPVHVV}HVGHGHVLJQSDUWLFLSDWLY RH~WLOHPPXLWDVVLWXDo}HVHODQmRFRQVHJXHWUD]HUj
WRQDWRGRVRVWLSRVGHUHTXLVLWRVGRXVXiULR$DXWRUDDLQGDH[SOLFDDPHOKRUXWLOL]DomRHPFDGD
WLSRGHFHQiULRGDVWpFQLFDVFRQVDJUDGDVQDOLWHUDWXUDSDUDHOLFLWDomRGHUHTXLVLWRVGHQWUHHODV 

$EVWUDomR
$SUHQGL]DJHP
%UDLQVWRUPLQJ
0DSDVPHQWDLV
0RGHORVGHVLPXODomR 
$UTXHRORJLDGHVLVWHPDV 
*UDYDo}HVFRPYtGHR
3RQWRVGHYLVWD

1LHOVHQ  OLVWDRGHVLJQSDUWLFLSDWLYRFRPRRTXDUWRHVWiJLRHPVHXPRGHORGHFLFOR 
GHYLGDGD(QJHQKDULDGH8V DELOLGDGHHHQIDWL]DDQHFHVVLGDGHFUXFLDOTXHRVSURMHWLVWDVWrPGH
WHUDFHVVRDXPDTXDQWLGDGHDGHTXDGDGHXVXiULRVUHSUHVHQWDWLYRVSHVVRDVTXHUHDOPHQWHHVWDUmR
XWLOL]DQGR R VLVWHPD 2 DXWRU FLWD TXH PHVPR JHUHQWHV EHP LQWHQFLRQDGRV QmR VXEVWLWXHP RV
XVXiULRVQRGHVLJQSDUWLFLSDWLYRSRLVHOHVJHUDOPHQWHGHVFRQKHFHPRVWySLFRVH[DWRVFRPTXHRV
XVXiULRV VH GHSDUDP HP VHX WUDEDOKR FRWLGLDQR DOpP GH WHUHP FDUDFWHUtVWLFDV GLIHUHQWHV  HP
PXLWRV DVSHFWRV  GDTXHODV SUHVHQWHV QRV XVXiULRV UHDLV )UHTHQWHPH QWH XVXiULRV TXH
FRODERUDP HP ZRUNVKRSV GH GHVLJQ SDUWLFLSDWLYR OHYDQWDP TXHVW}HV jV TXDLV R WLPH GH
GHVHQYROYLPHQWRSHUPDQHFLDFRPSOHWDPHQWHDOKHLRRTXHSRGHVHUHVSHFLDOPHQWHFRPSURYDGR
QRTXHGL]UHVSHLWRDPDO HQWHQGLGRVHPSRWHQFLDOHQWUHDVUHDLV WDUHIDVUHDOL]DGDVSHORVXVXiULRV
H R PRGHOR TXH RV GHVHQYROYHGRUHV WrP GDV PHVPDV  DFUHVFHQWD 1LHOVHQ   8VXiULRV
SDUWLFLSDQWHV GHQWURGHXPSURFHVVRGHGHVLJQVmRSRUYH]HVGHQRPLQDGRVGHHVSHFLDOLVWDVQR
GRPtQLR VXEMHFWPDWWHUH[SHUWVRX60(V 
$ ILP GH VH REWHU R Pi[LPR GH EHQHItFLRV FRP R HQYROYLPHQWR GR XVXiULR QHVVH
SURFHVVRGHYHPVHUDSUHVHQWDGDVDHOHVXJHVW}HVGHGHVLJQGRVLVWHPDGHXPDIRUPDTXHFRQVLJD

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR'HVLJQFHQWUDGRQRXVXiULR )LOLSH/HYL

HQWHQGHU 1mR p UHVSRQVDELOLGDGH GRV XVXiULRV LQYHQWDU RSo}HV GH GHVLJQ H VLP UHD JLU D HODV
FRQIRUPHDVGHVDSURYHRXSHUFHEDPTXHQmRIXQFLRQDUmRQDSUiWLFD WDUHIDQDTXDOVDOLHQWH 
VH VmR ERQV FRPR QLQJXpP 3RQGR GH ODGR RV QXPHURVRV YROXPHV FRP HVSHFLILFDo}HV GH
VLVWHPDV GHYHPVH HPSUHJDU UHSUHVHQWDo}HV FRQFUHWDV H YLVtYHLV GH GH VLJQ SDUD HVVD SURSRVWD
SUHIHUHQFLDOPHQWHQDIRUPDGHSURWyWLSRVGHEDL[DILGHOLGDGH TXHVHUmRGLVFXWLGRVHPPDLRUHV
GHWDOKHV QR FDStWXOR   1mR REVWDQWH 1LHOVHQ   DLQGD QRV DOHUWD  WUDWDQGR
HVSHFLILFDPHQWHGHSURMHWRVGHGHVHQYROYLPHQWRPDLRUHV HPDLVGHPRUDGRV VREUHRSHULJRGH
FRQILDU GHPDLV QDV LQIRUPDo}HV REWLGDV D SDUWLU GH XP SHTXHQR JUXSR GH XVXiULRV TXH QXQFD
PXGD2DXWRUUHFRPHQGDTXHHPWDLVSURMHWRVGHYDKDYHUSHULRGLFDPHQWHXPDPXGDQoDGRV
XVXiULRV TXH FRODERUDP QR SURFHVVR GH GH VLJQ SDUWLFLSDWLYR SRLV j PHGLGD TXH DXPHQWD VHX
HQYROYLPHQWRQRGHVHQYROYLPHQWRGRVLVWHPDHOHVVHWRUQDPPHQRVUHSUHVHQWDWLYRVFRPUHODomR
jSRSXODomRPpGLDGHXVXiULRV1RYRVXVXiULRVSDUWLFLSDQGRQRSURFHVVRGHGHVLJQWHUmRPDLRU
SUREDELOLGDGH GH TX HVWLRQDU SRWHQFLDLV SUREOHPDV YLVWR TXH QmR FRQKHFHUmR D KLVWyULD GDTXHOH
SURMHWRHQWUHWDQWRFHUWDPHQWHKiXP WUDGHRIIDVHUFRQVLGHUDGRHQWUHRQ~PHURGHPXGDQoDVH
RWHPSRUHTXHULGRSDUDH[SOLFDURSURMHWRDQRYDVSHVVRDVFRODERUDQGRFRPRWLPH$FUH VFHQWD
VH TXH D SDUWLFLSDomR GH XVXiULRV QR SURFHVVR GH GHVLJQ SRGH VHU PHGLGD VHJXQGR TXDWUR
GLPHQV}HV

/LEHUGDGHGHLQWHUDomRFRPRVGHVLJQHUV 
1tYHOGHHQYROYLPHQWRQRSURFHVVR 
(VFRSRGDSDUWLFLSDomRQRVLVWHPDWRWDOVHQGRSURMHWDGR 
*UDXGHFRQWUROH VREUHGHFLV}HVGHSURMHWR 

0DV DOJXpP SRGHULD FRPR ID] )XUQLYDO   GH IRUPD UHWyULFD TXHVWLRQDU SRU TXH
XPD HPSUHVD HVFROKHULD XPD PHWRGRORJLD FRP D SDUWLFLSDomR GRV XVXiULRV TXDQGR Mi IRL
FRPSURYDGR TXH HVVDV PHWRGRORJLDV GH GHVLJQ FRPR FRQFHQWUDP RV HVIRUoRV QDV IDVHV GR
FRPHoR GR FLFORGHYLGD >LVWR p D GHWHUPLQDomR GRV UHTXLVLWRV@  VmR PDLV FDUDV H SURORQJDP R
SURFHVVR GH GHVLJQ" S   6HJXQGR 0DQWHL H 7HRUH\   RV FXVWRV H[WUDV GHFRUULGRV GD
SDUWLFLSDomRGHXVXiULRVUHSUHVHQWDWLYRVQ RSURFHVVRGHGHVLJQVmRUHFXSHUDGRVSRVWHULRUPHQWH
QDDFHLWDomRHFRQVHTHQWHXVRHIHWLYRGRVLVWHPDSHORVXVXiULRVHLVWRSDUWLFXODUPHQWHRFRUUH
TXDQGRRVLVWHPDVHUiXWLOL]DGRSRUFHPRXPDLVXVXiULRV 
)XUQLYDO  UHVVDOWDTXHTXDQWRDRGHVHQYROYL PHQWRGHQRYRVVLVWHPDVDLJQRUkQFLD
GDSRVVLELOLGDGHGHXVXiULRVSDUWLFLSDUHPHFRQWULEXtUHPFRPHVWHSURFHVVRPXLWRSURYDYHOPHQWH

3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR'HVLJQFHQWUDGRQRXVXiULR

UHVXOWDUi HP XVXiULRV LQVDWLVIHLWRV H SRU FRQVHTrQFLD HP EDL[D SURGXWLYLGDGH H TXDOLGDGH GH
WUDEDOKR $ DXWRUD GHIHQGH D LQGD TXH UHFRUGDQGR QRV GR IDWR GH TXH WRGR VLVWHPD p XPD
HQWLGDGH VRFLRWpFQLFD  QmR DSHQDV FRP VHX ODGR WpFQLFR PDV WDPEpP FRP VHX ODGR VRFLDO
KXPDQR  R GHVLJQ SDUWLFLSDWLYR DSUHVHQWD VH FRPR R FDPLQKR PDLV QDWXUDO H KROtVWLFR QR
GHVHQYROYLPHQWR GH Q RYDV WHFQRORJLDV &RROH\   MXVWLILFD D SUiWLFD GRGHVLJQSDUWLFLSDWLYR
FRP D VHJXLQWH FRORFDomR DV GHFLV}HV TXH WRPDPRV FRP UHVSHLWR DR GHVHQYROYLPHQWR
WHFQROyJLFR GXUDQWH RV SUy[LPRV FLQFR RX GH] DQRV WHUmR SURIXQGRV HIHLWRV QR PRGR FRPR
QRVVD VRFLHGDGH VH GHVHQYROYH FRPR RV VHUHV KXPDQRV VH UHODFLRQDP FRP DV PiTXLQDV H XQV
FRP RV RXWURV QD UHODomR HQWUH VHUHV KXPDQRV QR DPELHQWH TXH HOHV FRQVWUXtUHP H QD
SUySULDQDWXUH]D S 



7HVWHVFRPXVXiULRV

0XLWRVPpWRGRVSDUDDYDOLDomRGHXVDEL OLGDGHHPLQWHUIDFHVHPTXHDSDUWLFLSDomRGRXVXiULRQmR
pQHFHVVDUiWrPVLGRGHVHQYROYLGRVHDSOLFDGRVQRPHUFDGRGHVRIWZDUHFRPRpRGRVFKHFNOLVWV
GHXVDELOLGDGHEDVHDGRVHPJXLGHOLQHVHGDDYDOLDomRKHXUtVWLFDSRUHVSHFLDOLVWDVHPXVDELOLGDGH
6HJXQGR 1LHOVHQ   RV SUREOHPDV GH XVDELOLGDGH GHWHFWDGRV SRU HVVHV PpWRGRV VHULDP
PHOKRUHVWLPDGRVVRESHORPHQRVXPSHTXHQRQ~PHURGHREVHUYDo}HVGHXVXiULRVUHDLV3DUDD
ILORVRILDGHGHVLJQFHQWUDGRQRXVXiULRRVWHVWHVFRPXVXiULRVVmRVLPSOHVPHQWH LQVXEVWLWXtYHLV
UHYHODQGRVH FRPR XPD GDV SUiWLFDV PDLV UHFRPHQGDGDV H HVWXGDV SHOD (QJHQKDULD GH
8VDELOLGDGHSRLVHOHVIRUQHFHPLQIRUPDomRGLUHWDVREUHFRPRDVSHVVRDVXWLOL]DPRFRPSXWDGRU
HTXDLVRVSUREOHPDVH[DWRVFRPTXHHODVVHGHSDUDPQDVLQWHUI DFHVVREWHVWH
'H IRUPD EDVWDQWH VLPSOHV D (QJHQKDULD GH 8VDELOLGDGH GHILQH WHVWHV HQYROYHQGR
XVXiULRVFRPRXPDIDPtOLDGHPpWRGRVTXHDYDOLDPLQWHUIDFHVJUiILFDVDWUDYpVGDFROHWDGHGDGRV
UHDOL]DGDDSDUWLUGDREVHUYDomRGHSHVVRDVQRXVRUHDOGRVVLVW HPDV5XELQ  DILUPDTXHR
WHVWHGHXVDELOLGDGHpXPSURFHVVRQRTXDOSDUWLFLSDQWHVUHSUHVHQWDWLYRVDYDOLDPRJUDXHPTXH
XP SURGXWR VH HQFRQWUD HP UHODomR D FULWpULRV HVSHFtILFRV GH XVDELOLGDGH 7HVWHV FRP XVXiULRV
HQYROYHP RV PHVPRV FRPR VXMHLWRV QD  DYDOLDomR GH FRQFHLWRV GH GHVLJQ H PRFNXSV GHVGH R
LQtFLRGRSURFHVVRGHGHVLJQ 
1LHOVHQ  DGYHUWHTXHWHVWHVFRPXVXiULRVGHYHPSUH]DUSRUGRLVSRQWRVSULQFLSDLV
FRQILDELOLGDGH H YDOLGDGH 2 SULPHLUR GHOHV HVWi UHODFLQDGR j TXHVWmR GH TXH FDVR R W HVWH VHMD
UHSHWLGR RV UHVXOWDGRV REWLGRV VHUmR RVPHVPRV RTXHVHWRUQDXPSUREOHPDFUXFLDOYLVWR

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR'HVLJQFHQWUDGRQRXVXiULR )LOLSH/HYL

TXH HQFRQWUDPRV HQRUPHV GLIHUHQoDV LQGLYLGXDLV HQWUH XVXiULRV 2 DXWRU GHPRQVWUD FRQWXGR
TXH DOJXP GDGR VREUH R FRPSRUWDPHQWR GRV XVXiULRV p VHPSUH PHOK RU GR TXH QHQKXP
HQTXDQWR /DQGDXHU D E  FRPSURYD TXH LQWHUYDORV GH FRQILDQoD  TXH SRGHP VHU
HVWLPDGRVDWUDYpVGHWHVWHVHVWDWtVWLFRVSDGUmR VmRLPSRUWDQWHVVHDHVFROKDHQWUHGXDVRSo}HV
GHGHVLJQQmRHVWiEDVHDGDDSHQDVHPTXDOpDPHOKRUP DVWDPEpPRTXmRPHOKRUHODp
2 VHJXQGR SRQWR D VHU FRQVLGHUDGR HP XP WHVWH FRP XVXiULRV p VXD YDOLGDGH RX VHMD
SURYDUPHWRGRORJLFDPHQWHTXHHOHPHGHDOJRUHOHYDQWHSDUDDXVDELOLGDGHGHSURGXWRVUHDLVHP
XVR UHDO IRUD GR ODERUDWyULR &RQIRUPH DSRQWD 1L HOVHQ   SUREOHPDV WtSLFRV GH YDOLGDGH
HQYROYHP WHVWHV FRP XVXiULRV QmR UHSUHVHQWDWLYRV WDUHIDV HUUDGDV QmR LQFOXLU UHVWULo}HV GH
WHPSRHLQIOXrQFLDVRFLDO 
2 DXWRU FODVVLILFD DV DYDOLDo}HV GH LQWHUIDFHV HP GRLV JUXSRV IRUPDWLYDV RX VRPDWLYDV
WHQGRHPYLVWDTXHDSURSRVWDGRWHVWHGHYHHVWDUFODUD$VIRUPDWLYDVVmRDTXHODVIHLWDVGXUDQWH
RSURFHVVRGHGHVLJQSHUPLWLQGRTXHVHLGHQWLILTXHHVHMDVROXFLRQDGRXPSUREOHPDGHLQWHUDomR
DQWHVTXHRGHVHQYROYLPHQWRGHXPDFHUWDDSOLFDomRHVWHMDFRQFOXtG RRXDWpPHVPRDQWHVGHVHU
LPSOHPHQWDGD $V DYDOLDo}HV VRPDWLYDV SRU VXD YH] DQDOLVDP R SURGXWR GH VRIWZDUH Mi
WHUPLQDGR 1LHOVHQ   OLVWD XPD VpULH GH WySLFRV TXH GHYHP VHU FRQVLGHUDGRV QR
SODQHMDPHQWRGHXPWHVWHFRPXVXiULR HJTXDLVRVREMHWLYRVGRWHVWHTXDQWRWHPSRHVSHUD VH
TXH GXUH FDGD VHVVmR TXH DSDUDWR WHFQROyJLFR VHUi QHFHVViULR TXDLV WDUHIDV RV XVXiULRV VHUmR
VROLFLWDGRVDH[HFXWDUHWF DSUHVHQWDYDULiYHLVTXHLQIOXHQFLDPRRUoDPHQWRGRVWHVWHVHGLVFRUUH
VREUHDLPSRUWkQFLDGHV HDYDOLDUWHVWHVSLORWRDQWHFLSDGDPHQWH1D)LJXUDDEDL[RSRGHPRV
YHUXPH[HPSORGHODERUDWyULRSDUDWHVWHVFRPXVXiULRV 1LHOVHQ1RUPDQ*URXS  



)LJXUD/DERUDWyULRGHXVDELOLGDGHGR1LHOVHQ1RUPDQ*URXS

HVSHFLDOPHQWHSUHSDUDGRSDUDWHVWHVFRPXVXiULRV Z Z Z  X V H L W  F R P 

3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR'HVLJQFHQWUDGRQRXVXiULR


8PDHWDSDGHVXPDLPSRUWkQFLDHPXPWHVWHGHDYDOLDomRGHXVDELOLGDGHpLGHQWLILFDUH
UHFUXWDU XVXiULRV UHSUHVHQWDWLYRV GR VLVWHPD )HUUHLUD   DILUPD TXH GHWHUPLQDU R SHUILO GR
XVXiULR WtSLFR  DOJXpP TXH UHSUHVHQWH XPD Pp GLD GRV XVXiULRV ILQDLV  DX[LOLD D HTXLSH GH
GHVHQYROYLPHQWRDWHUDUHSUHVHQWDomRGHXPXVXiULRSDUDRTXDORVLVWHPDHVWiVHQGRSURMHWDGR
6HJXQGR D DXWRUD DV LQIRUPDo}HV QHFHVViULDV SDUD VH GHWHUPLQDU R SHUILO GR SDUWLFLSDQWH GRV
WHVWHV SRGHP VHU HQFR QWUDGDV QD HVSHFLILFDomR IXQFLRQDO HP DQiOLVHV H HVWXGRV UHDOL]DGRV QR
PHUFDGRMXQWRDRJHUHQWHGRSURGXWRDQiOLVHGHJUXSRHSDGU}HVFRPSHWLWLYRV$OJXPDVYH]HV
RVLQGLYtGXRVH[DWRVTXHXWLOL]DUmRRVLVWHPDSRGHPVHULGHQWLILFDGRVSRUH[HPSORQRFDV RGH
VRIWZDUHV TXH VmR GHVHQYROYLGRV LQWHUQDPHQWH HP XPD FRPSDQKLD SDUD XVR HP XP GDGR
GHSDUWDPHQWR GDTXHOD HPSUHVD $ ILJXUD  DEDL[R UHWUDWD XP WHVWH GH XVDELOLGDGH FRP
HVWXGDQWHVQR,'($/DEGD8QLYHUVLGDGHGH0HOERXUQH 



)LJXUD7HVWHGHXVDELOLGDGHQR,'($/DEFRPHVWXGDQWHV


GD8QLYHUVLGDGHGH0HOERXUQH L G H D O D E  G L V  X Q L P H O E  H G X  D X 

4XDQWRjH[SHULrQFLDQRXVRGDWHFQRORJLD1LHOVHQ  DILUPDTXHDJUDQGHPDLRULD


GDVLQWHUIDFHVJUiILFDVSUHFLVDPVHUWHVWDGDVFRPXVXiULRQRYDWRVDRSDVVR TXHWHVWHVGHPXLWRV
RXWURV VLVWHPDVGHYHPWDPEpPUHFUXWDUXVXiULRVPDLVH[SHULHQWHV$GHWHUPLQDomRGRQ~PHUR
GH SDUWLFLSDQWHV pLQIOXHQFLDGDSHORJUDXGHFRQILDQoDTXHVHGHVHMDDWLQJLUSHODTXDQWLGDGHGH
UHFXUVRVGLVSRQtYHLVSDUDHVWDEHOHFHUHFRQGX]L URWHVWHSRUXPDDQiOLVHGRWLSRGHSDUWLFLSDQWHV

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR'HVLJQFHQWUDGRQRXVXiULR )LOLSH/HYL

HSHORWHPSRHVWLPDGRGHGXUDomRGDVHVVmRGHWHVWH1LHOVHQH/DQGDXHU  DUJXPHQWDP


TXH D SDUWLU GRV WHVWHV FRP R TXLQWR XVXiULR RV REVHUYDGRUHV FRPHoDUmR D FRQVWDWDU
UHSHWLGDPHQWH RV PHVPRV SURE OHPDV GH XVDELOLGDGH H QmR DSUHQGHUmR PXLWDV FRLVDV QRYDV
(QWUHWDQWRVHRREMHWLYRGRWHVWHpYDOLGDUUHVXOWDGRVHVWDWtVWLFRV)HUUHLUD  DILUPDTXHVHUi
QHFHVViULD XPD TXDQWLGDGH PDLRU GH SDUWLFLSDQWHV D ILP GH VH REWHUHP SURSULHGDGHV H
JHQHUDOL]Do}HVVREUHXPDSRSXODomRHVSHFtILFD7HVWHVFRPXVXiULRVSRVVXHPJHUDOPHQWHTXDWUR
HVWiJLRVWtSLFRV

 3UHSDomR  'HYHVH HVWDU DVVHJXUDGR TXH D VDOD RX ODERUDWyULR  GH WHVWHV HVWHMD
SUHSDUDGD SDUD R H[SHULPHQWR R FRPSXWDGRU HVWHMD QR HVWDGR LQLFLDO TXH I RL
HVSHFLILFDGRQRSODQRGHWHVWHVHTXHWRGRRUHVWDQWHGRPDWHULDOGHWHVWHVLQVWUXo}HV
H TXHVWLRQiULRV HVWHMDP GLVSRQtYHLV 3DUD VH HYLWDU GLVFRQIRUWR H FRQIXVmR QRV
XVXiULRVHVWDSUHSDUDomRGHYHVHUFRPSOHWDGDDQWHVGDFKHJDGDGRVPHVPRV 
 ,QWURGXomR1HVWHHVWiJLRRFRQGXWRUGRWHVWHVD~GDRXVXiULRHOKHIRUQHFHXPD
EUHYH H[SOLFDomR VREUH R SURSyVLWR GR WHVWH EHP FRPR LQVWUXo}HV VREUH FRPR
XWLOL]DU R HTXLSDPHQWR FDVR QmR VHMD IDPLOLDU D HOH 1LHOVHQ   DSRQWD DOJXQV
SRQWRVHVVHQFLDLVTXHGHYH PVHUH[SOLFDGRVDRXVXiULRQHVWDHWDSDGHQWUHHOHV 
 2SURSyVLWRGRWHVWHpDYDOLDURVRIWZDUHQmRRXVXiULR 
 1mRKRXYHHQYROYLPHQWRGLUHWRGRFRQGXWRUGRWHVWHQDFRQVWUXomRGRVLVWHPD
DVHUDYDOLDGRSHUPLWLQGRTXHRXVXiULRSRVVDIDODUOLYUHPHQWHHVH PVHVHQWLU
FRQVWUDQJLGR &DVR R FRQGXWRU WHQKD SURMHWDGR R VLVWHPD UHFRPHQGD VH TXH
HVWHIDWRQmRVHMDPHQFLRQDGRQRVHQWLGRGHVHHYLWDURHIHLWRRSRVWR 
 2V UHVXOWDGRV GR WHVWH VHUmR XWLOL]DGRV SDUD PHOKRUDU R VRIWZDUH WDO TXH R
VLVWHPDDVHUHQWUHJXH HYHQWXDOPHQWHVHUiGLIHUHQWHGRTXHHVWiVREWHVWH 
 2WHVWHpYROXQWiULRHRXVXiULRSRGHUiGHVLVWLUGHOHDTXDOTXHUPRPHQWR 
 2VUHVXOWDGRVGRVWHVWHVVHUmRPDQWLGRVHPVLJLORHQmRVHUmRGHXPDPDQHLUD
TXHVHSRVVDLGHQWLILFDUWHVWHVLQGLYLGXDLVSRUTXHP TXHUTXHVHMD
 ([SOLFDo}HVPDLVGHWDOKDGDVGHYHUmRVHUGDGDVDRVXVXiULRVVREUHJUDYDo}HVGH
YtGHRRXiXGLRFDVRKDMDXWLOL]DomRGHWDLVUHFXUVRV 
 2V XVXiULRV HVWmR OLYUHV SDUD TXDOTXHU TXHVWLRQDPHQWRV GDGR TXH VH GHVHMD
GHVFREULU DTXLOR TXH QmR HVWi FO DUR QD LQWHUIDFH PDV TXH R FRQGXWRU QHP
VHPSUHSRGHUiUHVSRQGHUVXDVSHUJXQWDVGXUDQWHRWHVWHHPVLSRLVRREMHWLYR

3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR'HVLJQFHQWUDGRQRXVXiULR

GRPHVPRpDYDOLDULQFOXVLYHVHRVLVWHPDSRGHUiVHUXWLOL]DGRVHPDQHFHVVLGDGH
GHDMXGDH[WHUQDDHOH 
2DXWRUFRQWLQXDFLWDQGRDOJXPDV UHFRPHQGDo}HVWDLVFRPRDGHTXHIRUPXOiULRVGH
FRQVHQWLPHQWR Vy GHYHUmR VHU DSUHVHQWDGRV DRV XVXiULRV TXDQGR IRUHP UHDOPHQWH
QHFHVViULRVSRLVLVWRSRGHHOHYDUVHXQtYHOGHDQVLHGDGH$SyVDLQWURGXomRGHYHP 
VHHQWUHJDUDRXVXiULRDVLQVWUXo}HVHVFULWD VSDUDRWHVWH FDVRKDMDDOJXPD LQFOXLQGR
DSULPHLUDWDUHIDVROLFLWi ORVDTXHDVOHLDPSHUJXQWDQGR OKHVVHWXGRHVWiFODUR 
 2WHVWHHPVL'XUDQWHRWHVWHRFRQGXWRUGHYHSROLFLDU VHDILPGHLQWHUDJLUR
PtQLPRSRVVtYHOFRPRXVXiULRWRPDQGRFXLGD GRSDUDQmRH[SUHVVDUTXDOTXHUWLSR
GHRSLQLmRSHVVRDORXLQGLFDUVHRXVXiULRHVWiSURFHGHQGRFRQIRUPHRHVSHUDGR2
FRQGXWRUGHYHHYLWDUDMXGDURXVXiULRDLQGDTXHHVWHVHHQFRQWUHGLILFXOGDGHVJUDYHV
$ ~QLFD H[FHomR D WDO UHJUD RFRUUH TXDQGR R XVXiULR  HQFRQWUDVH FRPSOHWDPHQWH
GHVRULHQWDGR GHPRQVWUDQGR LQVDWLVIDomR FRP HVVD VLWXDomR &DVR KDMD YiULRV
REVHUYDGRUHVQRWHVWHpUHFRPHQGiYHOTXHVHHOHMDXPGHOHVSDUDDVVXPLURSDSHOGH
FRQGXWRU WDO TXH VHMD D ~QLFD SHVVRD D IRUQHFHU LQVWUXo}HV H IDODU G XUDQWH R
H[SHULPHQWR 2V GHPDLV GHYHP SHUPDQHFHU HP VLOrQFLR PDV FDVR VHMD
DEVROXWDPHQWHQHFHVViULRID]HUDOJXPFRPHQWiULRHVWHGHYHVHUSDVVDGRDRFRQGXWRU
QDIRUPDGHXPDQRWDRXFRPXQLFDGRGXUDQWHRVLQWHUYDORV 
 5HODWR  $SyV R WHVWH VROLFLWDVH DRV XVXiULRV TXH SUHHQFKDP TXHVWLRQiULRV
VXEMHWLYRVSDUDDYDOLDUVXDVDWLVIDomRQRXVRGRVLVWHPD3DUDVHHYLWDUDOJXPWLSRGH
FRPHQWiULRLQGX]LGRSHODVSHUJXQWDVGRVREVHUYDGRUHVDTXHOHVTXHVWLRQiULRVGHYHP
VHUUHVSRQGLGRVDQWHVGHTXDOTXHURXWUDGLVFXVVmR (PERUDRVXVXiULRVSRVVDPGDU
UHFRPHQGDo}HVFRPSOHWDPHQWHFRQWUDGLWyULDVSDUDPHOKRUDUDTXDOLGDGHGRVLVWHPD
DLQGDDVVLPHVVDVVXJHVW}HVSRGHPVHUYLUFRPRXPDULFDIRQWHGHLGpLDVDGLFLRQDLVD
VHUHP FRQVLGHUDGDV GXUDQWH D HWDSD VHJXLQWH GH UHGHVLJQ 1R UHODWR RV XVXiULRV
WDPEpP SRGHP VHU VROLFLWDGRV D FRPHQWDU HYHQWRV RFRUULGRV GXUDQWH R WHVWH
DSRQWDQGR DTXLOR TXH VH UHYHORX GH GLItFLO FRPSUHHQVmR EHP FRPR FODULILFDQGR
DOJXQVGHVHXVSUHVVXSRVWRVHREMHWLYRV1LHOVHQ  UHFRPHQGDTXHORJRDSyVD
VDtGD GR XVXiULR GR WHVWH RV REVHUYDGRUHV GHYHP FRQIHULU WRGRV RV UHVXOWDGRV
REWLGRV FRQGHQVDQGR RV QXP EUHYH UHODWyULR WmR ORJR VHMD SRVVtYHO 2 DXWRU
FRPHQWDRXWURVPpWRGRVTXHSRGHPVHUXWLOL]DGRVSDUDVHREWHU IHHGEDFNGRVWHVWHV
FRPXVXiULRVDOpPGH TXHVWLRQiULRVFRPRpRFDVRGRSURWRFROR WKLQNLQJDORXG
R XVXiULR YHUEDOL]D VHXV SHQVDPHQWRV HQTXDQWR XWLOL]D R VLVWHPD SHUPLWLQGR DRV

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR'HVLJQFHQWUDGRQRXVXiULR )LOLSH/HYL

REVHUYDGRUHV HQWHQGHU FRPR HOH YLVXDOL]D R VLVWHPD H LGHQWLILFDU TXDLV VmR VXDV
FRQFHSo}HVHUUDGDVVREUHRVLVWHPD 

'HVLJQHUVQRUPDOPHQWHIRFDPVHXVHVIRUoRVHPFULDUVLVWHPDVTXHVHPRVWUHPDJUDGiYHLV
HFRPXPDULFDH[SHULrQFLDYLVXDOHQTXDQWRGHVHQYROYHGRUHVSUHRFXSDP VHDSHQDVHPJDUDQWLU
XPD IXQFLRQDOLGDGH FRUUHWD (VVH PRGHOR WHQGH D FRPSURPHWHU VHULDPHQWH D XVDE LOLGDGH GRV
VLVWHPDV SRLV D HTXLSH PXLWDV YH]HV VH VHQWH SUHVVLRQDGD SHODV H[SHFWDWLYDV GRV JHUHQWHV H VH
HVTXHFH GDV QHFHVVLGDGHV GRV UHDLV XVXiULRV 6H RV WHVWHV UHYHODUHP SUREOHPDV  WDLV FRPR
GLILFXOGDGH GH FRPSUHHQVmR GDV LQVWUXo}HV PDQLSXODomR FRQI XVD GH SDUWHV GR VLVWHPD RX
LQWHUSUHWDomRHUUDGDGH IHHGEDFN HJPHQVDJHQVGHHUURQRVRIWZDUH  HQWmRRWLPHGHSURMHWR
GHYHUi PHOKRUDU R GHVLJQ H WHVWi OR QRYDPHQWH QXP FLFOR GH GHVLJQ LWHUDWLYR WHPD GR TXDO
SDVVDUHPRVDWUDWDUHPVHJXLGD 



'HVLJQLWHUDWLYR

$ SDUWLU GRV SUREOHPDV GH XVDELOLGDGH HQFRQWUDGRV QRV WHVWHV FRP XVXiULRV EHP FRPR QDV
RSRUWXQLGDGHV GH PHOKRULD GR VLVWHPD YLVXDOL]DGDV SHOD HTXLSH GH GHVHQYROYLPHQWR GHYH VH
SURGX]LUXPDQRYDYHUVmRGDLQWHUIDFH'HILQH VHGHVLJQLWHUDWLYRFRPRVHQGRXPDPHWRGRORJLD
GHSURMHWREDVHDGDHPXPSURFHVVRFtFOLFRGHGHVLJQSURWRWLSDomRWHVWHVHUHGHVLJQGHDFRUGR
FRPRVSDVVRVTXHVHJXHP 

 'HVLJQJHUDomRHDQiOLVHGHLGpLDVEHPFRPRFULDomRGHVROXo}HV 
 3URWRWLSDomRPDWHULDOL]DomRGRGHV LJQDWUDYpVGHXPDLQVWDQFLDomRGRPHVPR 
 7HVWHVDYDOLDomRRSURWyWLSRGHVFREULQGR VHSUREOHPDVGHXVDELOLGDGH 
 5HGHVLJQUHILQDPHQWRGRSURMHWRYROWDQGR VHDRSDVVR

.XQLDYVN\   H[SOLFD TXH R GHVLJQ LWHUDWLYR VDWLVID] D QHFHVVLGDGH GH XP PRGR 
VLVWHPiWLFR GH LQWHJUDU R SURFHVVR GH VH HQFRQWUDU SUREOHPDV H FULDU VROXo}HV IRFDQGR VH HP
HOHPHQWRV LQGLYLGXDLV VHP SHUGHU D YLVmR GR WRGR 2 DXWRU DILUPD TXH R GHVHQYROYLPHQWR
LWHUDWLYR EDVHLDVH QD LGpLD GH UHILQDPHQWR FRQWtQXR DWUDYpV GH WHQWDWLYD H IDOKD %DLOH\  
DGYHUWHTXHUHYLV}HVGRSURMHWRSRGHPLQWURGX]LUQRYRVSUREOHPDVGHXVDELOLGDGH(VVDpXPD
GDVUD]}HVSRUTXH1LHOVHQ  UHFRPHQGDTXHRGHVLJQLWHUDWLYRVHMDVHPSUHFRPELQDGRFRP

3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR'HVLJQFHQWUDGRQRXVXiULR

DYDOLDo}HV2DXWRUDILUPDTXHHPDOJXQVFDVRV UHVROYHUXPSUREOHPDSRGHWRUQDUDLQWHUIDFH
SLRU SDUD DTXHOHV XVXiULRV TXH QmR H[SHULPHQWDUDP R WDO SUREOHPD 8P WUDGHRII VHULD
QHFHVViULR SRUWDQWR SDUD VH GHWHUPLQDU SHOD SHUPDQrQFLD RX PXGDQoD GD LQWHUIDFH ,VVR VH
EDVHDULD QXPD DQiOLVH GH IUHTrQFL D GH TXDQWRV XVXiULRV GHSDUDU VHLDP FRP R SUREOHPD
FRPSDUDQGRVHFRPRQ~PHURGHXVXiULRVTXHVHULDPSUHMXGLFDGRVGHYLGRjVROXomRSURSRVWD2
DXWRU FLWDTXHRWHPSRHRVFXVWRVTXHRFRQVHUWRGHXPSUREOHPDSDUWLFXODUGHPDQGDULDPp
REYLDPHQWHXPIDWRU FUtWLFRQDGHWHUPLQDomRGHSULRULGDGHV 
6REUHRGHVLJQLWHUDWLYRpFRPXPRXYLUPRVGHVLJQHUVTXHVWLRQDUHP VHVREUHTXDQGRVH
GHYHHQFHUUDURFLFORGHLWHUDo}HV+DFNRVH5HGLVK  GHIHQGHPTXHVHDPHWDHPTXHVWmRp
DVVHJXUDU XVDELOLGDGH SDUD R SURGX WR GH IRUPD TXH RV XVXiULRV R FRQVLGHUHP DJUDGiYHO H
SURGXWLYR QR XVR HQWmR FHUWDPHQWH VHUmR QHFHVViULDV DOJXPDV LWHUDo}HV (OHV VDOLHQWDP TXH
GHILQLU XP ILP SDUD R SURFHVVR GH GHVLJQ LWHUDWLYR UHTXHU TXH VHMD GHILQLGR XP FRQMXQWR GH
REMHWLYRVDVHUDOFDQoDGRVDQWHVTXHVHHQFHUUHRGHVLJQ2VDXWRUHVDILUPDPTXHRVOLPLWHVGH
GHVLJQ SDUD R HVIRUoR GH GHVHQYROYLPHQWR VmR GHWHUPLQDGRV FRPXPHQWH SHOR RUoDPHQWR H
FURQRJUDPDGLVSRQtYHLVRXSRUGHFLV}HVGHPHUFDGR 
2GHVLJQLWHUDWLYRpXPDJUDQGHIRQWHGHLQVS LUDomRSDUDQRYRVSURGXWRVFRPSRWHQFLDO
SDUD UHGLUHFLRQDU DV FDSDFLWDo}HV WHFQROyJLFDV GH XPD GDGD HPSUHVD QD GLUHomR SURMHWRV
LQRYDGRUHV $ SHVTXLVD FRP XVXiULRV UHDLV SHUPLWH FRPSUHHQGHU FRPSURYDU H SUHGL]HU R
FRPSRUWDPHQWRKXPDQRFRPXPDFHUWDWHFQRO RJLDLQRYDGRUD2GHVLJQLWHUDWLYRWDPEpPSURYr
DV IHUUDPHQWDV QHFHVViULDV SDUD PHGLU TXmR EHP DV SHVVRDV SHUFHEHP HQWHQGHP UHFRUGDP H
DSUHQGHP D XWLOL]DU QRYRV SURGXWRV GHVGH VHX SURFHVVR GH GHVLJQ 6lGH   DILUPD TXH
PRGHODJHP H DYDOLDomR LWHUDWLYDV VmR XPD ERD IHUUDPHQWD SDUD DVVHJXUDU XVDELOLGDGH H
GHVHMDELOLGDGHHQTXDQWR*RXOGH/HZLV  YmRDOpPDUJXPHQWDQGR QR HVWDGR DWXDO GH
HQWHQGLPHQWR VREUH GHVLJQ GH LQWHUIDFHV HOH >R GHVLJQ LWHUDWLYR@ p D ~QLFD PDQHLUD SDUD
DVVHJXUDU VLVWHPDV H[FHOHQWHV 1HVVH FRQWH[WR SURWRWLSDomR p D DWLYLGDGH FKDYH SDUD
FRPSDQKLDV TXHEXVFDPJDUDQWLUDXVDELOLGDGHGHVXDVDSOLFDo}HVPHVPRGDTXHODVLQRYDGRUDV
SURYHQGRRPDLRU IHHGEDFNGHVHXVXVXiULRVSHORPHQRUFXVWReVREUHHVVHWHPDTXHWUDWDUHPRV
QRSUy[LPRFDStWXOR


3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD







& 

3URWRWLSDomRUiSLGD
$ 3 7 8 / 2 




2IFRXUVHVWUXFWXUHGPHWKRGVRIXQGHUVWDQGLQJWKHDFWLYLWLHVRIGDLO\

OLIHKDYHEHFRPHDOPRVWDVFRPPRQDVWKHNH\VWHSLQFUHDWLQJJUHDWXVHU

H[SHULHQFHV>@([HFXWLYHVDUHXVLQJGHVLJQLQWKHHDUO\VWDJHVRIWKHLU

SURFHVVHVDQGLQVROYLQJW\SHVRISUREOHPVWKDWWUDGLWLRQDOO\KDYHQRW

LQYROYHGGHVLJQHUV>@([HFXWLYHVDUHGRLQJWKLVEHFDXVHGHVLJQHUVDUH

FUHDWLQJDQHZERG\RINQRZOHGJHDVHWRIIUDPHZRUNVDQGPHWKRGV

WKDWFDQEHXVHGE\FRPSDQLHVIRUXQGHUVWDQGLQJWKHUHODWLRQVKLS

EHWZHHQWKHEXVLQHVVFRQWH[WDQGWKHXVHUH[SHULHQFHILQGLQJSDWWHUQVLQ

VHHPLQJO\FKDRWLFVLWXDWLRQVGHVLJQLQJV\VWHPVRIVROXWLRQVWKDW

VLPXOWDQHRXVO\FUHDWHXVHUYDOXHDQGHFRQRPLFYDOXHDQGYLVXDOL]LQJDQG

SURWRW\SLQJRSSRUWXQLWLHVHDUO\LQWKHGHYHORSPHQWSURFHVV

)XUWKHUPRUHWKHVHIUDPHZRUNVDQGPHWKRGVDUHQRWRQO\EHLQJXVHGWR

FUHDWHQHZFRPPXQLFDWLRQVSURGXFWVDQGVHUYLFHVH[HFXWLYHVDUHXVLQJ

WKHPWRUHIRUPWKHZD\VWKHLURUJDQL]DWLRQVZRUN


3 $ 7 5 , & .  : , 7 + 1 ( < 3 H U V S H F W L Y H V  R Q  G H V L J Q  V W U D W H J \ 




(PXPDDERUGDJHPLWHUDWLYDGHSURMHWRSULQFLSDOPHQWHQDTXHODVTXHVmRFHQWUDGDVQRVXVXiULRV
ILQDLVGHXPVLVWHPDSURWRWLSDomRUHYHOD VHFRPRXPHOHPHQWRHVVHQFLDO(ODSHUPLWHDFULDomR
DYDOLDomRHUHILQDPHQWRGHRSo}HVGHGHVLJQDWpTXHVHDOFDQFHDXVDELOLGDGHGHVHMDGD&RQIRUPH

3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR3URWRWLSDomRUiSLGD

%XFKHQDXH6XUL  H[SOLFDPSURWyWLSRVVmRUHSUHVHQWDo}HVGHXPVLVWHPDFRQVWUXtGDVDQWHV


TXHRVDUWHIDWRVILQDLVYHQKDPDH[LVWLUGHIDWR$SUiWLFDGHSURWRWLSDomR HVWiUHODFLRQDGDDVVLP
j HODERUDomR GH UHSUHVHQWDo}HV LQFRPSOHWDV GD XP VLVWHPD DOYR FRP R SURSyVLWR GH VH
H[HFXWDUHP WHVWHV FRPR XPD PDQHLUD HILFD] GH VH FRPSUHHQGHU DV GLILFXOGDGHV GH
GHVHQYROYLPHQWREHPFRPRDHVFDODGHSUREOHPDVFRUUHVSRQGHQWHVDR PHVPR5RVVRQH&DUUROO
  DFUHVFHQWDP TXH XP RX PDLV SURWyWLSRV SRGHP WDPEpP VHU GHVHQYROYLGRV SDUD VH
FRPSDUDU VROXo}HV DOWHUQDWLYDV SDUD WySLFRV GH XVDELOLGDGH TXH QmR SRGHP VHU UHVROYLGRV
VLPSOHVPHQWHSRUGLVFXVVmRRXDQiOLVH 
&RPR VH SRGH FRQVWDWD U QD OLWHUDWXUD R XVR GH SURWRWLSDomR QmR p UHFHQWH 6KDFNHO
  SRU H[HPSOR LQYHVWLJRX R SUREOHPD GH GHVLJQ GH VH SRVLFLRQDU YLQWH H TXDWUR
SRWHQFL{PHWURV H YLQWH H TXDWUR VZLWFKHV DVVRFLDGRV QXP SDLQHO GH WDPDQKR PtQLPR
FRQVLVWHQWHPHQWH FRP IiFLO ORFDOL]DomR H FRQWUROH SHOR RSHUDGRU XWLOL]DQGR SDUD LVVR YiULRV
OD\RXWV LH GHVLJQV  GHVHQKDGRV HP WDPDQKR QDWXUDO HP SDSHO 6HPLQDUD H *HUULH  
LQYHVWLJDUDPFRPVXFHVVR PRFNXSVDOWHUQDWLYRVGHSDLQpLVSDUDYLVXDOL]DomRHFRQWUROHXWLOL]DQGR
HOHPHQWRVPDJQHWL]DGRVDOpPGHKDYHUHPWHVWDGRUHSUHVHQWDo}HVWULGLPHQVLRQDLVGHHVWDo}HVGH
WUDEDOKRDVHUHPLQFRUSRUDGDVGHQWURGHXPODERUDWyULROXQDUPyYHO9HULILFD VHSRUWDQWRTXH
LQLFLDOPHQWHRXVRGHSURWyWLSRVHVWDYDFRQFHQWUDGRQRVDVSHFWRVItVL FRVGRGHVLJQ HJOD\RXWVH
GLPHQVLRQDPHQWRGHHVWDo}HVGHWUDEDOKR  
(QWUHWDQWR j PHGLGD TXH D WHFQRORJLD DYDQoDYD RV SURWyWLSRV SDVVDUDP D VHU UiSLGD H
IDFLOPHQWHGHVHQYROYLGRVHPWHODVGHFRPSXWDGRUFRPRFRQVWDWD+DOO  6HJXQGRRDXWRU
LVVR IDFLOLWRX D KDELOLGDGH GH VH FRQGX]LU D SURWRWLSDomR GH VLVWHPDV GH XPD PDQHLUD PDLV
HILFLHQWHQRTXHSDVVRXDVHUGHQRPLQDGRGHSURWRWLSDomRUiSLGDDJHUDomRGH PRFNXSVHPXP
FXUWRSHUtRGRGHWHPSR)HUUDPHQWDV5$' DFU{QLPRSDUD UDSLG DSSOLFDWLRQ GHYHORSPHQW GH
SURWRWLSDomRSHUPLWHPTXHVHH[LEDPHOHPHQWRVGDLQWHUIDFHGHPRGRSUiWLFREHPFRPRTXHVH
DVVRFLHDHOHVDOJXPWLSRGHFRPSRUWDPHQWRDILPGHVHREWHUXPDLGpLDGRTXHVHUiDLQWHUDomR
FRP R VRIWZDUH H DV FDSDFLGDGHV GR VLVWHPD FRPSOHWDPHQW H LPSOHPHQWDGR 6LQKD .OHPPHU H
/DQGD\   DSUHVHQWDP XPD IHUUDPHQWD GH SURWRWLSDomR UiSLGD SDUD LQWHUIDFHV EDVHDGDV HP
IDOD GHQRPLQDGD GH 68(' 2XWURV PpWRGRV  WDLV FRPR SURWRWLSDomR HP SDSHO TXH VHUi
GLVFXWLGR HP VHVVmR SRVWHULRU GHVWH FDStWXOR   SRGHP VHU WDPEpP XWLOL]DGRV SDUD VH REWHU
IHHGEDFNGRVXVXiULRVDFDGDSURWyWLSRWHVWDGR7DLVSURWyWLSRVPRVWUDP VHEDVWDQWH~WHLVSDUDVH
GHWHUPLQDURDOYRGRGHVHQYROYLPHQWRDQWHFLSDQGR VHPXLWRVSUREOHPDVHFRPSOH[LGDGHVGHVGH
DHWDSDGHSURMHWRGRV LVWHPD9DOHSDUDIUDVHDUDTXLDGHILQLomRGH:DUG  VREUHRTXHVHULD

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR3URWRWLSDomRUiSLGD )LOLSH/HYL

XPSUREOHPDGHXVDELOLGDGH TXDOTXHUFDUDFWHUtVWLFD RXRPLVVmRGHOD QRSURGXWRRXHPVXDV


LQVWUXo}HVTXHVHMDLGHQWLILFDGDFRPRFRQWULEXLQWHSDUD 

 8P HUUR RX VHMD TXDOTXHU DomR TXH SURGX]D XPD UHVSRVWD GR VLVWHPD GLIHUHQWH
GDTXHODTXHIRLLQWHQFLRQDGD 
 &RQIXVmR TXH RFRUUH TXDQGR R XVXiULR QmR FRQVHJXH SURVVHJXLU QD XWLOL]DomR GR
VLVWHPDVHPDVVLVWrQFLDPHVPRDSyVWHUFRQVXOWDGRDVLQVWUXo}HV 
 ,UULWDomR RX GHVDJUDGR REVHUYDGRV TXDQGR R XVXiULR FRPHQWD TXH XPD
FDUDFWHUtVWLFDHPSDUWLFXODUUHYHORX VHGHGLItFLOXVRRXQmRGHXPDPDQHLUDTXHHOH
WHULDSUHIHULGRPHVPRTXHLVVRQmRWHQKDUHDOPHQWHUHVXOWDGRHPXPHUUR 

1mR REVWDQWH j XWLOLGDGH GHVVDV IHUUDPHQWDV GH SURWRWLSDom R %XFKHQDX H 6XUL  
FRQVWDWDP TXH PXLWRV GHVLJQHUV GH LQWHUDomR WrP YHULILFDGR D QHFHVVLGDGH GH DYDQoDU R OLPLWH
LQHUHQWH jTXHODV IHUUDPHQWDV SDVVDQGR D H[SORUDU H FRPXQLFDU  QD SUiWLFD  FRPR VHUi
LQWHUDJLU FRP DTXLOR TXH HOHV SURMHWDP &RQVLGHUDQ GR D FUHVFHQWH FRPSOH[LGDGH GH LQWHUDomR
KRPHPFRPSXWDGRUSURYRFDGDSHODFRQYHUJrQFLDGHWHFQRORJLDVHVSDoRVHVHUYLoRVRVPHVPRV
DXWRUHV H[S}HP D HPHUJrQFLD H R YDORU GDTXLOR TXH HOHV FKDPDP GH SURWRWLSDomR GH
H[SHULrQFLDV6HJXQGRHOHVRWHUPRGHQRP LQDULDTXDOTXHUWLSRGHUHSUHVHQWDomR LQWHJUDGD
HP TXDLVTXHU PHLRV  HODERUDGD SDUD HQWHQGHU H[SORUDU RX FRPXQLFDU FRPR GHYHUi VHU LH
TXDLVDVVHQVDo}HVH[SHULPHQWDGDV OLGDUFRPDTXLORTXHVHHVWiSURMHWDQGR(PRXWUDVSDODYUDV
SURWRWLSDU XPD H[SH ULrQFLD VLJQLILFDULD HQIDWL]DU R DVSHFWR H[SHULPHQWDO GH TXDOTXHU
UHSUHVHQWDomR GH TXH QHFHVVLWiVVHPRV SDUD FRP r[LWR UH YLYHQFLDU RX FRQGX]LU XPD
H[SHULrQFLD FRP XP SURGXWR HVSDoR RX VLVWHPD S (OHVDUJXPHQWDPTXHDPDLRULDGDV
IHUUDPHQWDVSDUDSURWRWLSDomRDSHQDV PDTXLDPDH[SHULrQFLDUHDOGRVXVXiULRVFRQVLGHUDQGR RV
FRPR XPD DXGLrQFLD SDVVLYD 6HQGR DVVLP RV DXWRUHV GLVFXWHP DOJXQV PpWRGRV H WpFQLFDV TXH
VXSRUWDULDP SDUWLFLSDomR DWLYD GRV XVXiULRV H IRUQHFHULDP XPD H[SHULrQFLD VXEMHWLYD U HDOPHQWH
UHOHYDQWH 3DUD WDQWR D SURWRWLSDomR GH H[SHULrQFLDV DSUHVHQWD VH FRPSRVWD GH WUrV GLIHUHQWHV
WLSRVGHDWLYLGDGHVQRFRQWH[WRGRSURFHVVRGHSURMHWRHGHVHQYROYLPHQWR 

(QWHQGHUDH[SHULrQFLDH[LVWHQWHGRXVXiULRHVHXFRQWH[WR 
([SORUDUHDYDOLDULGpLDVGHSURMHWR
&RPXQLFDUDVLGpLDVSDUDXPDGDGDDXGLrQFLD HTXLSHH VWDNHKROGHUV 


3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR3URWRWLSDomRUiSLGD

%XFKHQDX H 6XUL   GHWDOKDP SRVVtYHLV SDUWLFLSDQWHV GHVVD DXGLrQFLD FOLHQWHV


GHVLJQHUV GH LQWHUDomR GHVLJQHUV LQGXVWULDLV HVSHFLDOLVWDV HP IDWRUHV KXPDQRV H TXLSH GH
GHVHQYROYLPHQWR HWF 2V DXWRUHV UHVVDOWDP D QHFHVVLGDGH QRV SURMHWRV DWXDLV GH HTXLSHV
PXOWLGLVFLSOLQDUHVQDTXDOFDGDXPDGDVYiULDVHVSHFLDOLGDGHVWUD]XPDFRPSUHHQVmR~QLFDVREUH
RV WySLFRV DERUGDGRV SHOR WLPH EHP FRPR XWLOL]D XPD DERUGDJHP L QGLYLGXDO SDUD UHVROYHU RV
SUREOHPDV 3RUWDQWR ID] VH QHFHVViULR TXH H[LVWDP IHUUDPHQWDV H WpFQLFDV TXH FULHP XPD
H[SHULrQFLDFRPSDUWLOKDGDIRUQHFHQGRXPDEDVHSDUDXPSRQWRGHYLVWDFRPXP S 
2VDXWRUHVFRQFOXHPDWUDYpVGHVXDVDQiOLVHHH[HPSO RVTXHSURWRWLSDUH[SHULrQFLDVWHP
FRQWULEXtGRHPSURMHWRVUHDLVGHGHVLJQGHWUrVPRGRVSULQFLSDLV 

 $MXGDQGR D GHVHQYROYHU XP HQWHQGLPHQWR VREUH D HVVrQFLD GH XPD H[SHULrQFLD Mi
H[LVWHQWH3URWRWLSDUH[SHULrQFLDVVLPXODULDDVSHFWRVLPSRUWDQWHVGDVUHODo }HVLQWHLUDV
 RX GH SDUWH GHODV  HQWUH SHVVRDV OXJDUHV H REMHWRV j PHGLGD TXH HODV VH
VXFHGHPQRWHPSR 
 &RQWULEXLQGR QD H[SORUDomR GH LGpLDV 7DO DERUGDJHP GH SURWRWLSDomR IRUQHFHULD
LQVSLUDomR FRQILUPDomR RX UHMHLomR GH LGpLDV EDVHDQGR VH QD TXDOLGDGH GD
H[SHULrQFLD TXH HODV VLPXODP ,VVR SURGX]LULD UHVSRVWDV H IHHGEDFN DRV
TXHVWLRQDPHQWRV GRV SURMHWLVWDV D UHVSHLWR GDV VROXo}HV SURSRVWDV HP WHUPRV GH
FRPRVHULDVH"
 )DFLOLWDQGR D FRPXQLFDomR GH WySLFRV H LGpLDV 3URWRWLSDU H[SHULrQFLDV SHUPLWH TXH
XVXiULRV H GLIHUHQWHV WLSRV GH SURILVVLRQDLV SDUWLFLSHP DWLYDPHQWH GH XPD QRYD
H[SHULrQFLDSURSRVWDIRUQHFHQGRDLQGDXPDHVWUXWXUDFRPXPSDUDTXHVHHVWDEHOHoD
XPSRQWRGHYLVWDFRPSDUWLOKDGRSRUWRGRV 

2XWURDVSHFWRPXLWRLPSRUWDQWHUHODFLRQDGRjS UiWLFDGHSURWRWLSDomRVmRRVWHVWHVGH
YLDELOLGDGHHDFHLWDomRGHQRYDVWHFQRORJLDVSRUSDUWHGRVXVXiULRV3URWRWLSDomR FRPRSUiWLFD
GH SURMHWR  YHP VHQGR DWXDOPHQWH SURPRYLGDGHQWURGDFRPXQLGDGHGHQHJyFLRVFRPRXP
HOHPHQWRFKDYHQRTXHVHUHIHUHD RIDWRULQRYDomRFRQIRUPHDWHVWDP/HRQDUGH5D\SRUW  
H 6FKDUJH   0HVPR DV PHOKRUHV H PDLV VRILVWLFDGDV LGpLDV LQRYDGRUDV SUHFLVDP GH
FRQVWDWDo}HVHPStULFDVTXHOKHVDVVHJXUHPVXFHVVRQRPHUFDGRDWUDYpVGHXPSURFHVVRLWHUDWLYR
GH DYDOLDo}HV MXQWR DRV XVXiULRV SUHIHUHQFLDOPHQWH D XP EDL[R FXVWR 1D VHomR TXH VHJXH
GLVFXWLUHPRVRVYiULRVQtYHLVGHILGHOLGDGHGHSURWyWLSRVHVXDVPHOKRUHVDSOLFDo}HV 


3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR3URWRWLSDomRUiSLGD )LOLSH/HYL

1tYHLVGHILGHOLGDGH

(QFRQWUDPRVHP+DOO  DGHILQLomRGHILGHOLGDGHHPSURWyWLSRV FRPRVHQGRRSDUkPHWUR
TXHRVGLVWLQJXHGHDFRUGRFRPDSUHFLVmRFRPDTXDOUHSURGX]HPDVFDUDFWHUtVWLFDVHQFRQWUDGDV
QRSURGXWRFRQFOXtGR3DUDPHOKRULOXVWUDUHVVHFRQFHLWRDSUHVHQWDUHPRVDLGpLDGHSURWyWLSRV
KRUL]RQWDLV H YHUWLFDLV SURSRVWD SRU 1LHOVH Q   H HQFRQWUDGD HP VHX FLFOR GH YLGD GD
(QJHQKDULD GH 8VDELOLGDGH6HJXQGRRDXWRURSULPHLURGHOHVVLPXODULDWRGDVDVFDUDFWHUtVWLFDV
GR VLVWHPD QmR VH SUHRFXSDQGR FRQWXGR HP DSURIXQGDU VH QDV IXQFLRQDOLGDGHV -i XP
SURWyWLSR YHUWLFDO IRUQHFHULD  IXQFLRQDOLGDGH FRPSOHWD SDUD DOJXPDV GDV FDUDFWHUtVWLFDV RX
PyGXORV  GR VRIWZDUH 2 VLVWHPD LQWHLUR SRGHULD HQWmR VHU GHILQLGR FRPR WHQGR WRGDV DV
FDUDFWHUtVWLFDV SUHVHQWHV EHP FRPR VXDV UHVSHFWLYDV IXQFLRQDOLGDGHV FRPSOHWDV 2 JUDX GH
ILGHOLGDGHDVVLPUHSUHVHQWDULDDOJXPDFRPELQDomRGHDWULEXWRVGDTXHOHVSURWyWLSRVKRUL]RQWDLVH
YHUWLFDLVGHILQLGRVSRUDTXHOHDXWRU$)LJXUDDEDL[RPRVWUDSURWyWLSRVGHGLIHUHQWHVQtYHLV
GHILGHOLGDGHSDUDGRLV ZHEVLWHV



)LJXUD3URWyWLSRVGHGRLVZ H E V L W H V jHVTXHUGDDVYHUV}HV


GHEDL[DILGHOLGDGHjGLUHLWDDVYHUV}HVGHILGHOLGDGHPDLRU

3URWRWLSDomR SRGH DVVXPLU YiULDV IRUPDV VHQGR FRQGX]LGD VHJXQGR PXLWRV SURSyVLWRV
-RUGDQ  DILUPDTXH Ki XP Q~PHUR GH GLIHUHQWHV RSo}HV GH SURWRWLSDomR FRP GLIHUHQWHV
JUDXV GH UHDOLVPR H VRILVWLFDomR TXH SRGHP VHU XWLOL]DGDV QR FLFOR GH GHVLJQDYDOLDomR2

3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR3URWRWLSDomRUiSLGD

DXWRU QRV IRUQHFH YiULRV H[HPSORV GLVVR HP XP QtYHO FUHVFHQWH GH ILGHOLGDGH GRV SURWyWLSRV
FRQIRUPHVHJXH

 'HVFULo}HVYHUEDLVRXHV FULWDVGDIRUPDHIXQFLRQDOLGDGHGRSURGXWRSURSRVWR 
 3URWyWLSRVYLVXDLVFRPRGHVHQKRVHPSDSHO 
 5HSUHVHQWDo}HVRXPRGHORVItVLFRVGRSURGXWR 
 3URWyWLSRVLQWHUDWLYRVEDVHDGRVHPWHODV 
 3URWyWLSRVFRPSOHWDPHQWHIXQFLRQDLV 

$QDOLVDQGR D DGHTXDomR GH PpWRGR V HUJRQ{PLFRV SDUD PHOKRUDU R SURMHWR GH SURGXWR
6WDQWRQH<RXQJ  HVWDEHOHFHPXPDGLVWLQomRHQWUHRVWLSRVGHSURWyWLSRVGHDFRUGRFRP
RVHVWiJLRVSULQFLSDLVGRSURFHVVRGHGHVLJQFRPRVHJXH 

&RQFHLWR
'HVLJQ
3URWyWLSRDQDOtWLFR
3URWyWLSRHVWUXWXUDO
3URWyWLSRRSHUDFLRQDO 

6HJXQGR WDLV DXWRUHV XP SURWyWLSR DQDOtWLFR FRUUHVSRQGH DSHQDV DXPGHVLJQDX[LOLDGR
SRUFRPSXWDGRUHQTXDQWRTXHXPSURWyWLSRHVWUXWXUDOpDTXHOHSDUFLDOPHQWHLPSOHPHQWDGRSRU
DOJXPDOLQJXDJHPGHSURJUDPDomR-iXPSURWyWLSR RSHUDFLRQDOUHIHUH VHDRGHVLJQILQDOSURQWR
SDUDVHUFRPSOHWDHHIHWLYDPHQWHLPSOHPHQWDGR7DOYLVmRpVLPLODUjTXHODVREUHRSURFHVVRGH
GHVLJQ GHIHQGLGR SRU 0HLVWHU   RQGH VH UHIHUH D WHVWHV FRP PRFNXSV VHQGR H[HFXWDGRV
GXUDQWH RV HVWiJLRV GH SODQHMDPHQWR SURMHWR SUHOLPLQDU H SURMHWR GHWDOKDGR H WHVWHV
RSHUDFLRQDLVGHVLVWHPDVSURWRWLSDGRVGXUDQWHDIDVHGH SURGXomRHGLVWULEXLomR
&RPR H[SXVHPRV DQWHULRUPHQWH WHVWHV GH XVDELOLGDGH UHSUHVHQWDP R Q~FOHR GD
(QJHQKDULDGH8VDELOLGDGHHVHJXQGR5 RVVRQH&DUUROO  VXDERDSUiWLFDHVWiLQWLPDPHQWH
UHODFLRQDGD j SURWRWLSDomR XVXiULRV UHSUHVHQWDWLYRV VmR VROLFLWDGRV D LQWHUDJLU FRP SURWyWLSRV
VHQGRVHXFRPSRUWDPHQWRHUHDo}HVVXEMHWLYDVGHYLGDPHQWHHVWXGDGRV2VDXWRUHVDUJXPHQWDP
TXH XPD YHUVmR SDUFLDO H LQLFLDO GR VLVWHPD VHULD R SURWyWLSR PDLV FRQYHQLHQWH SDUD WHVWHV GH
XVDELOLGDGHPDVFRPSOHWDPTXH LQIHOL]PHQWH DJXDUGDUXPDYHUVmRH[HFXWiYHOGRVLVWHPD
SRGHSRVWHUJDURVWHVWHVGHXVDELOLGDGHSDUDDIDVHGHGHVHQYROYLPHQWR(OHVFRQFOXH PTXHXP

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR3URWRWLSDomRUiSLGD )LOLSH/HYL

SURWyWLSR GHVFDUWiYHO VHULD XPD H[FHOHQWH RSomR QR FDVR GH RV SURILVVLRQDLV HP XVDELOLGDGH Mi
SRVVXtUHPERPFRQKHFLPHQWRHPDOJXPDIHUUDPHQWDGHSURWRWLSDomR 
3URWRWLSDomR UiSLGD HVWi UHODFLRQDGD FRP D FRQIHFomR H WHVWHV GH SURWyWLSRV GH EDL[D
ILGHOLGDGHVHJXQGRXPSURFHVVRLWHUDWLYRGHGHVLJQHPSHUtRGRGHWHPSRVXILFLHQWHPHQWHFXUWR
5RVVRQH&DUUROO  FRQVWDWDTXHRDVSHFWRU~VWLFRHPSURWyWLSRVGHEDL[DILGHOLGDGH FRPRp
RFDVRGDSURWRWLSDomRHPSDSHOTXHGLVFXWLUHPRVDVHJXLU HQFRUDM DTXHVWLRQDPHQWRHGLVFXVVmR
SRLV RVREVHUYDGRUHVVmRPRWLYDGRVD SUHHQFKHURVGHWDOKHVDXVHQWHV(VWXGRVGH:DUG  
FRQYLQFHQWHPHQWH GHPRQVWUDP TXH SURWyWLSRV GH EDL[D ILGHOLGDGH DSUHVHQWHP JUDQGH HILFiFLD
QRVWHVWHVGHGHVLJQSDUDOD\RXWVGHFRQWURO HHH[LELomR(OHVVHPRVWUDPEDVWDQWHYDORURVRVSDUD
DYDOLDU RV DVSHFWRV FRJQLWLYRV GR GHVLJQ (QWUHWDQWR SURWyWLSRV GH EDL[D ILGHOLGDGH IDOKDP QD
DYDOLDomR GRV DWULEXWRV ItVLFRV GD LQWHUIDFH FRPR IHHGEDFN WiWLO DXGLWLYR H WDPEpP HP FHUWD
PHGLGD YLVXDO 1D SUiWLFD GLIHUHQWHV SURWyWLSRV H VHX QtYHO DVVRFLDGR GH ILGHOLGDGH SRGHP
IRUQHFHU WLSRV GLYHUVRV GH LQIRUPDomR GH GHVLJQ 5RVVRQ H &DUUROO   OLVWDP DOJXPDV GDV
YDQWDJHQV H GHVYDQWDJHQV HP VH XWLOL]DU SURWyWLSRV GH EDL[D ILGHOLGDGH $V YDQWDJHQV  HVWmR
UHODFLRQDGDVDRIDWRGHTXHWDLVSURWyWLSRV 

6mRPDLVUiSLGRVGHVHUHPFULDGRVHLWHUDGRV 
$SUHVHQWDPPHQRUFXVWRQRSODQHMDPHQWRGHUHFXUVRV 
5HTXHUHP PHQRU LQYHVWLPHQWR H PLQLPL]DP DUHVLVWrQFLDDPXGDQoDVSRUSDUWHGD
HTXLSHGHGHVHQYROYLPHQWR 
'HPDQGDPSRXFDVKDELOLGDGHVHVSHFLDLVHDXPHQWDPDSDUWLFLSDomRGDHTXLSH 
3RVVXHPIRUPDWRIOH[tYHOHSRGHPVHUDGDSWDGRVDFDGDVLWXDomR 
3RGHPVHUFRQVWUXtGRVHPTXDOTXHUSRQWRGRSURFHVVR 

2VDXWRUHVREVHUYDPWDPEpPDOJXPDVGHVYDQWDJHQVSRLVSURWyWLSR VGHEDL[DILGHOLGDGH
HQWUHRXWUDV

1mRFRQVHJXHPFREULUWHVWHVGHSHUIRUPDQFH 
1mRDYDOLDPGHWDOKHVHVWpWLFRV 
1mRDSUHVHQWDPERDHVFDODELOLGDGHSDUDSUREOHPDVPDLVFRPSOH[RV 


3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR3URWRWLSDomRUiSLGD

2VDXWRUHVDILUPDPTXHJUiILFRVHDQLPDo}HVGHDOWDTXDOLGDGHSRGHPVHUXWLO L]DGRVSDUD
VH FULDU SURWyWLSRV FRQYLQFHQWHV HQWUHWDQWR LVVR SRGH FRQGX]LU D XP HQJDMDPHQWR
FRPSURPHWLPHQWR  SUHPDWXUR +DOO   WDPEpP GHPRQVWUD TXH SURWyWLSRV GH PDLRU
ILGHOLGDGH UHYHODP PDLV SUREOHPDV DOpP GH IRUQHFHU IHHGEDFN PDLV FRPSOHWR VREUH  RV
SUREOHPDV GH XVDELOLGDGH QR GHVLJQ RULJLQDO &RQWXGR LVVR RFRUUH D XP FXVWR PDLV HOHYDGR
GHYLGRSRUH[HPSORjFULDomRGHLQWHUIDFHVVHQVtYHLVDRWRTXHRXDOJXPRXWURUHFXUVRPDLVFDUR
2 DXWRU SRUWDQWR FRQFOXL TXH p SURYiYHO KDYHU XP WUDGHRII HQWUH R WLSR H TXDOLGDGH GD
LQIRUPDomR FROHWDGD H RV UHFXUVRV LQYHVWLGRV SDUD VH REWHU DTXHOD LQIRUPDomR $ SDUWLU GRV
UHVXOWDGRV REWLGRV HP VHXV HVWXGRV GH DYDOLDomR GH SURWyWLSRV FRP GLIHUHQWHV QtYHLV GH
ILGHOLGDGHHFULWpULRVGHXVDELOLGDGHDSURSULDGRV +DOO  FRQVWDWDTXHRWLSRGHSURWyWLSRD
VHUXWLOL]DGRHPXPFRQWH[WRGHGHVLJQHPSDUWLFXODUGHSHQGHUiGHFLQFRIDWRUHVFUtWLFRVFRPR
VHJXH

 4XHSURGXWRHVWiVHQGRSURMHWDGR"6HRSURGXWRDSUHVHQWDDSHQDVXPDIXQomRH
SRVVXLLQWHUIDFHVLPSOHVHQW mRHOHSRGHVHUWHVWDGRDGHTXDGDPHQWHXWLOL]DQGR VHXP
SURWyWLSR GH EDL[D ILGHOLGDGH FRPR SRU H[HPSOR XP VLPSOHV PRFNXS HP SDSHO
&RQWXGRVHRSURGXWRVHQGRSURMHWDGRpPXOWLIXQFLRQDOHDSUHVHQWDXPDLQWHUIDFH
PDLV FRPSOH[D SRGHP VHU QHFHVViULRV WHVWH V FRP YiULRV WLSRV GLIHUHQWHV GH
SURWyWLSRV 1HVWH FDVR D DERUGDJHP VXSUD FLWDGD GH SURWyWLSRV KRUL]RQWDLV H
YHUWLFDLVSURSRVWDSRU1LHOVHQ  SRGHVHUXWLOL]DGDSDUDVHH[DPLQDUWySLFRVGH
GHVLJQ
 4XHLQIRUPDomRGHSURMHWRHVWmRVHQGRVROLFLWDGDV"6HDLQIRUPDomRSURFXUDGD
GL]UHVSHLWRSRUH[HPSORjRWLPL]DomRGHOD\RXWVGHFRQWUROHHQWmRDOJXQV PRFNXSV
GH EDL[D ILGHOLGDGH SRGHP VHU VXILFLHQWHV -i VHDLQIRUPDomRUHTXHULGDIRUVREUHD
PHOKRU H[SHULrQFLD VHQVRULDO HJ IHHGEDFN WiWLO  GH SRU H[HPSOR FKDYHV ERW}HV
VZLWFKHV H WHODV HQWmR UHFRPHQGD VH XP PDLRU QtYHO GH ILGHOLGDGH HP WHVWHV TXH
GHYHULDPSUHIHUHQFLDOPHQWHVHJXLU VHjTXHOHVSDUDVHGHWHUPLQDUROD\RXWyWLPR 
 4XDORHVWiJLRGRSURFHVVRGHGHVLJQ"'HIRUPDJHUDOTXDQWRPDLVDYDQoDG RR
HVWiJLR QR SURFHVVR GH SURMHWR HP TXH QRV HQFRQWUDUPRV PDLV DSURSULDGR VHUi
XWLOL]DUSURWyWLSRVGHPDLRUILGHOLGDGH(QWUHWDQWRSRGHKDYHUVLWXDo}HVRQGHDLQGD
VHMD DGHTXDGR WHVWDU PRFNXSV GH EDL[D ILGHOLGDGH PHVPR QDV ~OWLPDV HWDSDV GR
SURFHVVRGHGHVLJQ

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR3URWRWLSDomRUiSLGD )LOLSH/HYL

 4XH UHFXUVRV HVWmR GLVSRQtYHLV" 3URYDYHOPHQWH HVWi GHQWUR GDV FDSDFLGDGHV H
UHFXUVRVGDPDLRULDGDVHPSUHVDVFRQVWUXLUSURWyWLSRVGHEDL[DILGHOLGDGHWDLVFRPR
PRFNXSV GH SDSHO 6H D FRPSDQKLD IRU GH PDLRU SRUWH H HPSUHJDU SHVVRDO FRP
H[SHUWLVH HP WHFQRORJLD D FULDomR GH SURWyWLSRV VHQVtYHLV DR WRTXH SRU H[HPSOR
SRGHUiDSUHVHQWDUXPDERDUHODomRFXVWR EHQHItFLR2PHVPRSRGHULDVHUGLWRFRP
UHVSHLWRDRGHVHQYROYLPHQWRGHSURWyWLSRVVyOLGRVPHOKRUHODERUDGRV 
 4XDLVVHULDPRVFXVWRVGHVHGHVHQYROYHUXPSURMHWRGHEDL[DTXDOLGDGH"1R
FDVRGHSURGXWRVSDUDRVTXDLVKDMDDOWRVFXVWRVGHSURGXomRHRXLPSODQWDomRHP
ODUJDHVFDODDFRPSHQVDomRHFRQ{PLFDGHVHHODERUDUSURWyWLSRVGHPDLRUILGHOLGDGH
SRGHULD VHU IDFLOPHQWH FRPSURYDGD 1R HQWDQWR +DOO    DUJXPHQWD TXH GHYH
KDYHU SULPHLUDPHQWH WHVWHV FRP SURWyWLSRV GH EDL[D ILGHOLGDGH SDUD VH GHGX]LU R
GHVLJQ yWLPR D SDUWLU GH XPD SHUVSHFWLYD HQJRQ{PLFR FRJQLWLYD SDUD  DSHQDV
SRVWHULRUPHQWHSURFHGHUVHDRVWHVWHVGHDVSHFWRVHUJRQ{PLFR ItVLFRVGRGHVLJQ

$LQGDHPVHXVHVWXGRVRDXWRUFRQFOXLVREUHRWySLFRPDLVDEUDQJHQWHGHSURWRWLSDomR
UiSLGDSDUDGHVHQYROYLPHQWRGHQRYDVWHFQRORJLDVTXH 

e SRVVtYHO REWHUVH ERD LQIRUPDomR GH GHVLJQ D SDUWLU GH WHVWHV FRP XVXiULRV
XWLOL]DQGRVHSURWyWLSRVGHEDL[DILGHOLGDGHPDLVFHGRQRSURFHVVRGHGHVLJQ 
$ ILGHOLGDGH GR SURWyWLSR GHWHUPLQD R WLSR GH LQIRUPDomR TXH SRGH VHU REWLGD D
SDUWLUGRVWHVWHVFRPXVXiULRV 
2YDORUGDLQIRUPDomRGHGHVLJQGHSHQGHGDILGHOLGDGHGRSURWyWLSRDYDOLDGR 
(P VLVWHPDV PXOWLPtGLD LQIRUPDo}HV FRJQLWLYDV GR GHVLJQ GHYHP VHU FROHWDGDV H
DQDOLVDGDVDQWHVGDTXHODVGHQDWXUH]DItVLFDWDLVFRPR IHHGEDFNWiWLORXDXGLWLYR
2 UHWRUQR HFRQ{PLFR GD SURWRWLSDomR HVWi UHODFLRQDGR DRV UHFXUVRV LQYHVWLGRV QD
FROHWDGHLQIRUPDomRGHGHVLJ QUHODWLYRVDRFXVWRSRWHQFLDOGHVHSURGX]LUXPGHVLJQ
GHEDL[DTXDOLGDGH

(VFROKLGR R JUDX GH ILGHOLGDGH DGHTXDGR SDUD DYDOLDU RV SURWyWLSRV HP FDGD HWDSD GR
SURMHWR ID]VH QHFHVViULR SODQHMDU H DGDSWDU D PHOKRU IRUPD GH FRQGXomR GH XP HVWXGR GH
XVDELOLGDGH FRP SURWyWLSRV $ VHJXLU DSUHVHQWDUHPRV DOJXPDV HVWUDWpJLDV GH GHVLJQ SDUD D
DSOLFDomRGHWHVWHVGHSURWRWLSDomRUiSLGDFRPXVXiULRV 


3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR3URWRWLSDomRUiSLGD

(VWUDWpJLDVGHGHVLJQ

1LHOVHQH0DFN  WrPIRUWHPHQWHDUJXPHQWDGRHPIDYRUGHXPDFRPELQDomRGHDYDOLD o}HV
KHXUtVWLFDV H WHVWHV GH SURWyWLSRV FRP XVXiULRV (OHV UHFRPHQGDP TXH SULPHLUDPHQWH VHMDP
IHLWDV DYDOLDo}HV KHXUtVWLFDV VREUH R SURWyWLSR SDUD OLPSDU D LQWHUIDFH H UHPRYHU WDQWRV
SUREOHPDV yEYLRV GH XVDELOLGDGH TXDQWR SRVVtYHO SDUD HQWmR SURFHGHU VH DRV WHVWHV FRP
XVXiULRVVREUHRGHVLJQMiUHYLVDGR2VDXWRUHVHQWUHWDQWRQmRPHQFLRQDPH[DWDPHQWHTXDQWRV
DYDOLDGRUHV GHYHULDP VHU XWLOL]DGRV QHVVH SURFHVVR GH GHVLJQ LWHUDWLYR PDV FRQFOXHP TXH 
VHYHUDPHQWH IDODQGR  DYDOLDo}HV GH XP ~QLFR HVSHFLDOLVWD HP XVDELOLGDGH VHULDP DLQGD
SRXFR FUHGLWiYHLV GH FRQILDQoD>@PDV TXH DYDOLDo}HV GH WUrV RX TXDWUR SURILVVLRQDLV VHULDP
VDWLVIDWyULDVDPXLWRVSURSyVLWRVSUiWLFRV
(PERUD+DOO  FRQFRUGHFRPHVVDYLVmRRDXWRUFRQVWDWDVHUH[WUHPDPHQWHGLI tFLO
FRQVWUXLU XPD HVWUDWpJLD XQLILFDGD TXH HQJOREH WRGDV DV VLWXDo}HV GH GHVLJQ 6HQGR DVVLP HOH
VXJHUHTXHXPDHVWUDWpJLDGHGHVLJQDSURSULDGDEDVHDGDHPWHVWHVFRPXVXiULRVVHULD 

 6HOHFLRQDURPDLVEDL[RQtYHOGHILGHOLGDGHFRQYHQLHQWHPHQWHDSURSUL DGRDRSURGXWR
TXHHVWiVHQGRSURMHWDGR 
 6HOHFLRQDUXPDSHTXHQDDPRVWUDUHSUHVHQWDWLYDGHXVXiULRV DOYR
 6HOHFLRQDUWDUHIDVUHOHYDQWHVSDUDVHUHPH[HFXWDGDV 
 6HOHFLRQDUFULWpULRVDSURSULDGRVGHXVDELOLGDGHSDUDPHGLomR 
 ([HFXWDU WHVWHV HP VHVV}HV FRP XVXiU LRV GH XPD PDQHLUD FLHQWtILFD FRQWURODU D
WHQGrQFLD GRV XVXiULRV D GDU DV UHVSRVWDV TXH HOH FRQVLGHUD TXH DJUDGDULDP RV
DYDOLDGRUHV HQIDWL]DU TXH R SURGXWR  H QmR R XVXiULR  HVWi VHQGR WHVWDGR H
XWLOL]DUDWpFQLFDWKLQNLQJDORXGFRPHQWUHYLVWDVDRVXVX iULRVDSyVRWHVWH
 5HSURMHWDU R SURWyWLSR EDVHDQGR VH QRV SUREOHPDV HQFRQWUDGRV  HP XP QtYHO
PDLRUGHILGHOLGDGH 
 5HSHWLURSURFHVVRFDVRVHMDQHFHVViULR 

+DOO  DILUPDTXHHQTXDQWRVXDHVWUDWpJLDHVWiDSRLDGDHPWHVWHVFRPXVXiULRVFRPR
IHUUDPHQWD GH DYDOLDomR DYDOLDo}HV KHXUtVWLFDV SRGHP PRVWUDU VH PDLV HIHWLYDV QD UHODomR GH
FXVWREHQHItFLR GRV TXH WHVWHV FRP XVXiULRV HP HVWiJLRV DSURSULDGRV RX FRP FHUWRV WLSRV GH
SURWyWLSRV 2 DXWRU UHFRQKHFH TXH PHVPR XP HVSHFLDOLVWD HP XVDELOLGDGH RX HP L QWHUDomR

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR3URWRWLSDomRUiSLGD )LOLSH/HYL

KRPHPFRPSXWDGRU FRP ERP FRQKHFLPHQWR GH FDXVD VREUH R SUREOHPD HVSHFtILFR GH GHVLJQ
VHULDFDSD]GHIRUQHFHUGLUHomRjDYDOLDomRGXUDQWHRSURFHVVRGHSURMHWR 
$ HVWUDWpJLD GH GHVLJQ SURSRVWD SRU 6Q\GHU   YDL PDLV DGLDQWH SUHRFXSDQGR VH
LQFOXVLYH FRP DV SHVVRDV DV DWLYLGDGHV H R WHPSR QHFHVViULR HP FDGD HWDSD GR SURFHVVR
SURSRVWR $ DXWRUD UHVXPH RV SDVVRV HVVHQFLDLV GR TXH VHULD XP HVWXGR GH XVDELOLGDGH FRP
SURWRWLSDomRUiSLGD LHXPDVpULHGHWHVWHVFRQGX]LGRVFRPXPDGDGDLQWHUIDFHHX PFRQMXQWR
GHWDUHIDV FRQIRUPHRSURFHVVRDVHJXLU 

'HWHUPLQDURVREMHWLYRVGRVWHVWHV RTXHVHSUHWHQGHDSUHQGHUFRPHOHV" 
4XHPVmRRVXVXiULRV"$SyVVXDGHILQLomRVHJXH VHRUHFUXWDPHQWRGRVPHVPRV 
(ODERUDUWDUHIDVUHODFLRQDGDVjVDWLYLGDGHVUHDOL ]DGDVSHORVXVXiULRV
&ULDUDVSHoDVGRSURWyWLSRQHFHVViULDVSDUDVHH[HFXWDUDTXHODVWDUHIDV 
5HDOL]DUZDONWKURXJKVLQWHUQRVGHSUHSDUDomRSDUDRVWHVWHV 
&RQGX]LUYiULRVWHVWHVGHXVDELOLGDGHUHILQDQGRRSURWyWLSRDSyVFDGDXPGHOHV 
(VWDEHOHFHUSULRULGDGHSDUDRVSUREOHPDVREVHUYDGRV 
3ODQHMDU DOWHUDo}HV DGLFLRQDLV QD LQWHUIDFH D FXUWR SUD]R HRX PDQWr ODV HP XPD
UHODomRWDOTXHSRVVDPVHUSRVWHULRUPHQWHUHVROYLGDV 
&RPXQLFDUDVGHVFREHUWDVjTXHOHVTXHQmRHVWLYHUDPGLUHWDPHQWHHQYROYLGRV 

6Q\GHU   EDVHLD R SURFHVVR GHVFULWR HP VXD H[SHULrQFLD j IUHQWH GH GH]HQDV GH
SURMHWRVH[HFXWDGRVQRFRQWH[WRGHPHUFDGR$DXWRUDGHVFUHYHDYLVmRJHUDOGRTXHVHULDXPD
DJHQGDSDUDHVWXGRVGHXVDELOLGDGHFRPSURWyWLSRVGHILQLQGRRTXHDFRQWHFHHPFDGDDWLYLG DGH
TXHPVmRRVUHVSRQViYHLVHRWHPSRSUHYLVWRHPFDGDDWLYLGDGH 

 5HXQLmRLQLFLDO
7RGRV RV VWDNHKROGHUV GHYHP SDUWLFLSDU GHVWH HQFRQWUR TXDQGR VH GLVFXWHP
REMHWLYRVULVFRVHSUHRFXSDo}HV2WHPSRSUHYLVWRpGH WUrVKRUDV
 5HFUXWDPHQWRGHXVXiULRV
'HYHVH SURFXUDU SRU SHVVRDV TXH VH HQFDL[HP QR SHUILO GH XVXiULR H DJHQGDU RV
WHVWHV FRP HOD &DVR R SURMHWR HP GHVHQYROYLPHQWR VHMD SDUD XPD HPSUHVD RX
LQVWLWXLomR HP SDUWLFXODU GXDV SHVVRDV GR WLPH VmR VXILFLHQWHV SDUD UHDOL]DU R
UHFUXWDPHQWR$DXWRUDF RQVWDWDTXHPXLWDVFRPSDQKLDVHQWUHWDQWRWHUFHLUL]DPHVWD

3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR3URWRWLSDomRUiSLGD

DWLYLGDGH 2 WHPSR SDUD FRQFOXLU R UHFUXWDPHQWR YDULD QRUPDOPHQWH HQWUH GXDV H


WUrVVHPDQDV
 'HVLJQGHWDUHIDV
1HVWDHWDSDHVSHFLILFDP VHDVWDUHIDVTXHVHUmRH[HFXWDGDVQRVWHVWHVGHXVDELOLGDG H
'HYHSDUWLFLSDUGHVWDDWLYLGDGHRQ~FOHRGRWLPHGHGHVHQYROYLPHQWRDX[LOLDGRSRU
DOJXpP TXH WHQKD XP ERP FRQKHFLPHQWR VREUH R GRPtQLR GDTXLOR TXH GHYH VHU
WHVWDGR2GHVLJQGHWDUHIDVGHYHGXUDU HQWUHWUrVHFLQFRKRUDV
 &ULDomRGRSURWyWLSRHZDONWKURXJKV
2Q~FOHRGRWLPHGHGHVHQYROYLPHQWRGHYHOLVWDUHOHPHQWRVGDLQWHUIDFHQHFHVViULRV
j UHDOL]DomR GDV WDUHIDV GLYLGLU R WUDEDOKR H[HFXWDU ZDONWKURXJKV SHULyGLFRV H
IRUPDOL]DU D VHTrQFLD GH Do}HV VFULSW  VHP XVXiULRV UHDLV DQWHV GRV WHVWHV GH
XVDELOLGDGH2WHPSRSUHYLVWRpGH PHLRDFLQFRGLDV
 7HVWHVGHXVDELOLGDGHHUHILQDPHQWRLWHUDWLYR
'HYHVHH[HFXWDURVWHVWHVGHXVDELOLGDGH DPDLRULDGRVTXDLVGXUDHQWUHXPDHGXDV
KRUDV OLVWDURVSUREOHPDVHQFRQWUDGRVDSyVFDGDWHVWHHUHYLVDURSURWyWL SRDQWHVGR
SUy[LPRWHVWH7RGRVRV VWDNHKROGHUVGHYHPSDUWLFLSDUGHVWDDWLYLGDGHFXMRWHPSR
WRWDOSUHYLVWRpGHGRLVGLDV
 3ULRUL]DomRGHSUREOHPDVHSODQRGHDomR
1HVWD DWLYLGDGH SUREOHPDV TXH QmR IRUDP UHVROYLGRV VmRSULRUL]DGRVDTXHOHVPDLV
JUDYHVVmRGLVFXWLGRV EHPFRPRSRVVtYHLVVROXo}HV XPSODQRGHDomRSDUDUHVROYHU
RVSUREOHPDVHQFRQWUDGRVpHODERUDGRHRVPHVPRVVmROLVWDGRV7RGDVDVSHVVRDV
GDHTXLSHTXHFRQWULEXtUDPHPXPRXPDLVWHVWHVGHYHPSDUWLFLSDU2WHPSRPpGLR
GHVWDDWLYLGDGHpGHWUrVKRUDV
 &RPXQLFDomRGHUHVXOWDGRV
8P RX GRLV PHPEURV GD HTXLSH JHUDOPHQWH PDV QmR QHFHVVDULDPHQWH RV
HVSHFLDOLVWDVHPXVDELOLGDGH GHYHPHVFUHYHUXPVXPiULRGRVGH]PDLRUHVSUREOHPDV
GHVFREHUWRVGLVSRQLELOL]DURVUHVXOWDGRVQDLQWUDQHWGDHPSUHVD UHGLJLUXPUHODWyULR
DSUHVHQWDU RV UHVXOWDGRV REWLGRV HGLWDU XP YtGHR FRPR ZDONWKURXJKREVHUYDGRH
FULDUHVSHFLILFDo}HVSDUDDLPSOHPHQWDomRGDLQWHUIDFH 

(VVDHVWUDWpJLDpDSOLFDGDHPSDUWLFXODUQRVSURFHVVRVGHSURWRWLSDomRHPSDSHOWpFQLFD
VREUHDTXDOWUDWDUHPRVDVHJXLU(ODpFRQKHFLGDSHORVHXEDL[RFXVWRDOWR IHHGEDFNHSRUVHUGH
JUDQGH XWLOLGDGH H IDFLOLGDGH GH XVR SRU QmR HVSHFLDOLVWDV $SUHVHQWDUHPRV D WpFQLFD GH

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR3URWRWLSDomRUiSLGD )LOLSH/HYL

SURWRWLSDomRHPSDSHOHVXDVYDQWDJHQVSULQFLSDLVSODQHMDPHQWRSURMHWRGH WDUHIDVSUHSDUDomR
GH SURWyWLSRV SDSpLV H UHVSRQVDELOLGDGHV QD FRQGXomR GRV WHVWHV FRP XVXiULRV EHP FRPR R
WUDWDPHQWRGHGDGRV 



3URWRWLSDomRHPSDSHO 

1XP VHQWLGR PDLV DPSOR SRGH VH FRQVLGHUDU D SURWRWLSDomR HP SDSHO FRPR XP PpWRGR GH
EUDLQVWRUPLQJ SURMHWR FULDomR WHVWH H FRPXQLFDomR GH LQWHUIDFHV JUiILFDV FRP XVXiULRV
6HJXQGR D GHILQLomR GH 6Q\GHU   SURWRWLSDomR HP SDSHO p XPD YDULDomR GH WHVWHV GH
XVDELOLGDGH RQGH XVXiULRV UHSUHVHQWDWLYRV H[HFXWDP WDUHIDV UHDLV DWUDYpV GD LQWHUDomR FRP
XPD YHUVmR HP SDSHO GD LQWHUIDFH PDQLSXODGD SRU XPD SHVVRD DWXDQGR FRPR XP
FRPSXWDGRU TXH QmR H[SOLFD FRPR D LQWHUIDFH IRL SURMHWDGD SDUD IXQFLRQDU $ DXWRUD
VDOLHQWD TXH HVWD WpFQLFD p LQGHSHQGHQWH GH SODWDIRUPD SRGHQGR VHU XWLOL]DGD SDUD ZHEVLWHV 
DSOLFDo}HVSDUDLQWHUQHWVRIWZDUHGLVSRVLWLYRV KDQGKHOGHPHVPRKDUGZDUH WXGRTXHSRVVXL
XPD LQWHUIDFH KRPHP FRPSXWDGRU SRGH VHU REMHWR GD SURWRWLSDomR HP SDSHO $ )LJXUD 
DEDL[RDSUHVHQWDXPH[HPSORGHSURWyWLSRHPSDSHOGHXPDFDL[DGHGLiORJR 



)LJXUD3URWyWLSRGHXPDFDL[DGHGLiORJRFRP


WRGRVRVHOHPHQWRVGDLQWHUIDFHSURWRWLSDGRVHPSDSHO

3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR3URWRWLSDomRUiSLGD


5RVVRQ H &DUUROO   DYDOLDP TXH SU RWyWLSRV HP SDSHO WRUQDP VH DLQGD PDLV
LPSRUWDQWHVHPSURMHWRVTXHXWLOL]DPPpWRGRVGHGHVLJQSDUWLFLSDWLYR*HUDOPHQWHXVXiULRV DOYR
GHXPVLVWHPDRXRXWURV VWDNHKROGHUVQmRSRVVXHPWDQWRFRQKHFLPHQWRHPFRPSXWDomRTXDQWR
RWLPHGHGHVHQYROYLPHQWR2VDX WRUHVDUJXPHQWDPTXHWUDEDOKDUVREUHSURWyWLSRVHODERUDGRV
FRP SDSHO H FDQHWD PLQLPL]D GLIHUHQoDV GH H[SHULrQFLD FRP FRPSXWDGRUHV H SHOR FRQWUiULR
HQIDWL]DDLPSRUWkQFLDGRSUySULRGRPtQLR9LVWRTXHWDLVSURWyWLSRVVmRFULDGRVFRPPDWHULDLV
FRPXQVGHHVFULWyULRXPDJUDQGHIDL[DGHLQGLYtGXRVSRGHPFRQWULEXLUGLUHWDPHQWHFRPLGpLDV
GH GHVLJQ R TXH DXPHQWD R HQYROYLPHQWR H HQJDMDPHQWR GH VWDNHKROGHUV QR SURMHWR 6Q\GHU
 OLVWDRXWURVEHQHItFLRVGDSURWRWLSDomRHPSDSHO 

)RUQHFH IHHGEDFN VXEVWDQFLDO GRV XVXiULRV QDV SULPHLUDV HWDSDV GR SURFHVVR GH
GHVHQYROYLPHQWRRXVHMDDQWHVTXHHVIRUoRVGHLPSOHPHQWDomRVHMDPLQYHVWLGRV 
3URPRYHXPUiSLGRGHVHQYROYLPHQWRLWHUDWLYRH[SHULPHQWDQGR VHYiULDVLGpLDV
)DFLOLWDDFRPXQLFDomRGHQWURGRWLPHGHGHVHQYR OYLPHQWREHPFRPRHQWUHHVWHH
VHXVFOLHQWHV
1mR UHTXHU KDELOLGDGHV WpFQLFDV SHUPLWLQGR TXH PHVPR XP WLPH PXOWLGLVFLSOLQDU
WUDEDOKHMXQWR
eXPDWpFQLFDGHEDL[tVVLPRFXVWR 
(QFRUDMDFULDWLYLGDGHQRSURFHVVRGHGHVHQYROYLPHQWRGRSURGXWR 

+DFNRVH5HGLVK  SRURXWURODGROLVWDPDOJXPDVGHVYDQWDJHQVGHVWDWpFQLFD 

2VSURWyWLSRVJHUDOPHQWHUHSURGX]HPDSHQDVDOJXPDVGDVIXQFLRQDOLGDGHVILQDLV 
$TXLORTXHpUHSUHVHQWDGRSRGHQmRHVWDUSUHVHQWHQDWHFQRORJLDILQDO 
(OHVUHTXHUHPTXHXPIDFLOLWDGRUKX PDQRVLPXOHRTXHRFRPSXWDGRUIDULD 
(VWDWpFQLFDSRGHQmRVHUOHYDGDVXILFLHQWHPHQWHDVpULRSHORVXVXiULRV 
3URWyWLSRVHPSDSHOVmRPDLVIiFHLVGHVHSHUGHU 

$)LJXUDDEDL[RPRVWUDFRPRRUJDQL]DUSHoDVGHXPSURWyWLSRHPXPHQYHORSH 


3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR3URWRWLSDomRUiSLGD )LOLSH/HYL


)LJXUD(QYHORSHFRQWHQGRDVSHoDVSURWRWLSDGDV 

&RQWUDULDPHQWH D HVWD ~OWLPD VXSRVLomR 6Q\GHU   DUJXPHQWD TXH SURWyWLSRV HP
SDSHO  DOpP GH VH UHYHODUHP SDUWLFXODUPHQWH DJUDGiYHLV jTXHODV SHVVRDV TXH QmR VH VHQWHP
VHJXUDV QR XVR GH FRPS XWDGRUHV  GHL[DP H[SOLFLWDPHQWH FODUR jTXHOHV XVXiULRV FRP ERD
H[SHULrQFLDHPWHFQRORJLD HJDGPLQLVWUDGRUHVGHUHGHHGHVHQYROYHGRUHVGHVRIWZDUH TXHVHX
REMHWLYR p REWHU IHHGEDFN DQWHV TXH R SURMHWR HVWHMD IHFKDGR $ DXWRUD FRQVWDWD DLQGD TXH D
WpFQLFDGHSURWRWLSDomRHPSDSHOSURGX]HIHLWRVSVLFROyJLFRVLQWHUHVVDQWHVHPWHUPRVGDPDQHLUD
HPTXHRVXVXiULRVUHVSRQGHPDXPGHVLJQQmRWHUPLQDGRTXHOKHVpDSUHVHQWDGR 

0DLVIDPLOLDUTXHXPFRPSXWDGRU
0XLWDVSHVVRDVHVSHFLDOPHQWHDVPDLVMRYHQVVHQWHP VHEDVWDQWHFRQIRUWiYHLVFRPR
XVRGHFRPSXWDGRUHVPDVDLQGDKiXPDSRUFHQWDJHPVXEVWDQFLDOGHDGXOWRVTXHQmR
VH VHQWHP GD PHVPD IRUPD 4XDQGR VH GHSDUDP FRP DOJXPD WHFQRORJLD SRXFR
IDPLOLDU Ki XP DJUDYDPHQWR QR ULVFR GH RV XVXiULRV VHQWLUHP VH FRQVWUDQJLGRV
TXDQGRQmRFRQVHJXHPHQWHQGHUDOJRSRUH[HPSORHPXPWHVWHGHXVDELOLGDGH3RU
RXWUR ODGR FRP SURWyWLSRV HP SDSHO QmR Ki D SUHVHQoD GH FRPSXWDGRUHV DSHQDV
VHUHV KXPDQRV 'HYHVH WHU HP PHQWH TXH D DXGLrQFLD DOYR GH XP VLVWHPD SRGH
LQFOXLUSHVVRDVTXHQmRVHVHQWHPFRQILDQWHVFRPRXVRGHFRPSXWDGRUHV 
)HHGEDFNPDLVFULDWLYR
$DXWRUDPRVWUDKDYHUHYLGrQFLDVGHTXHXPGHVLJQLQDFDEDGRHQFRUDMDXPDUHSRVWD
PDLV FULDWLYD SRU SDUWH GRV XVXiULRV DOpP GH H[HUFHU XP HIHLWR GUDPiWLFR VREUH
FRPR RV VWDNHKROGHUV VH WRUQDP PDLV HQYROYLGRV FRP R SURMHWR $R LQYpV GH

3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR3URWRWLSDomRUiSLGD

DVVXPLUXPDDWLWXGHSDVVLYDXPDSHVVRDDTXHVHDSUHVHQWDXPGHVLJQQmRFRQFOXtGR
WRUQDVH PDLV FULDWLYDPHQWH FRPSURPHWLGD HP UHIOHWLU VREUH FRQFHLWRV H
IXQFLRQDOLGDGHVGHOLPLWDGRVQRSURWyWLSR 
$VSHFWRVHVWpWLFRVSRVWHUJDGRV
$ PHQRV TXH VH HVWHMD QDV HWDSDV ILQDLV GH GHVHQYROYLPHQWR RX HVSHFLILFDPHQWH
EXVFDQGR IHHGEDFN VREUH R GHVLJQ YLVXDO QmR p GH JUDQGH XWLOLGDGH FROKHU
FRPHQWiULRV VREUH SRU H[HPSOR IRUPDV H FRUHV FRQWLGDV HP XP SURWyWLSR 
3URWyWLSRV HP SDSHO GHVHQKDGRV D PmR OLYUH HYLWDP IHHGEDFN YLVXDO SRLV VH WRUQD
yEYLRTXHDHVVDWpFQLFDQmRHVSHFLILFDDVSHFWRVHVWpWLFRVRTXHLQGX]RVXVXiULRVD
PDQWHUHPIRFRQRVFRQFHLWRVHIXQFLRQDOLGDGHVGRVLVWHPDSURWRWLSDGR 

$VHJXLUDSUHVHQWDUHPRVRVSULQFLSDLVSRQWRVTXHGHYHPVHUREVHUYDGRVDRVHSODQHMDU
XP HVWXGR GH XVDELOLGDGH FRP SURWRWLSDomR HP SDSHO WDLV FRPR DV SHVVRDV TXH GHYHP VHU
HQYROYLGDVQRSURFHVVRDVDWLYLGDGHVQHFHVViULDVHRWHPSRVXJHULGRSDUDFDGDXPDGHVWDV 

3ODQHMDPHQWRGRHVWXGR

1D VHomR  DSUHVHQWDUDP VH DOJXPDV HVWUDWpJLDV GH GHVLJQ SDUD R SURFHVVR GH SURWRWLSDomR
GHQWUHHODVDGH6Q\GHU  TXHWHPVXDXWLOLGDGHYROWDGDSDUWLFXODUPHQWHDRSODQHMDPHQWRGH
HVWXGRVGHXVDELOLGDGHFRPSURWyWLSRVHPSD SHO(PWDOHVWiJLRQmRKiDLQGDDSUHRFXSDomRHP
VHHODERUDUTXDOTXHUSURWyWLSRSULPHLUDPHQWHRVREMHWLYRVGHDOWRQtYHOGHYHPVHUDFRUGDGRVH
WDUHIDVSDUDYHULILFDomRGHXVDELOLGDGHGHYHPVHUGHWDOKDGDVSDUDVRPHQWHHQWmRVHGHVHQYROYHU
XPSURWyWLSRHPSDSHOHWHVWiOR
3URWRWLSDomR HP SDSHO H WHVWHV GH XVDELOLGDGH GHYHP HQYROYHU WRGRV RV PHPEURV GD
HTXLSHGHSURMHWRQmRDSHQDVRVSURILVVLRQDLVGHXVDELOLGDGHHGHVLJQ$DXWRUDDQDOLVDTXHDWp
PHVPR GHFLV}HV GH IDWRUHV WpFQLFRV FRPR R SURMHWR GH EDQ FR GH GDGRV SRGH FDXVDU LPSDFWR
VREUHDLQWHUIDFHJUiILFDHYLFH HYHUVD(PRXWUDVSDODYUDVRQ~PHURGHGHFLV}HVQRGLD DGLDGH
XPSURMHWRTXHDIHWDPRXVXiULRpGHPDVLDGDPHQWHJUDQGHSDUDVHUJHUHQFLDGRSRUDSHQDVXPD
SHVVRDRXPHVPRXPGHSDUWDPHQWR (PHPSUHVDVFXMDHTXLSHpFRPSRVWDSRUPXLWDVSHVVRDV
UHFRPHQGDVH TXH VHMD GHVLJQDGR XP WLPH Q~FHOR SDUD DV DWLYLGDGHV H HVWXGRV GH XVDELOLGDGH
SRLVQmRpSURYiYHO QHPGHVHMiYHO TXHWRGDDHTXLSHGHGHVHQYROYLPHQWRHVWHMDHQYROYLGDHP
FDGDDVSHFWRGD SUHSDUDomRHWHVWHGRSURWyWLSR7LSLFDPHQWHRWLPH Q~FOHRGHYHULDLQFOXLURV
GHVLJQHUV H GHVHQYROYHGRUHV UHVSRQViYHLV SHOD LQWHUIDFH JUiILFD EHP FRPR XP HVSHFLDOLVWD HP

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR3URWRWLSDomRUiSLGD )LOLSH/HYL

XVDELOLGDGH FDVRKDMDDOJXPQDHTXLSH6Q\GHU  DGYHUWHVHULPSRUWDQWHSRVVXL UQRWLPH


Q~FOHR SHOR PHQRV XPD SHVVRD FRP SRQWR GH YLVWD WpFQLFR  TXH FRQKHoD D DUTXLWHWXUD GR
VLVWHPDRVOLPLWHVHUHVWULo}HVWHFQROyJLFRV,VVRLPSHGLULDDHTXLSHGHGHVHQYROYHUXPSURWyWLSR
TXHIRVVHLPSRVVtYHORXH[WUHPDPHQWHGLItFLOGHVHULPSOHPHQ WDGR1RLQtFLRGHXPGDGRSURMHWR
TXHHQYROYDSURWRWLSDomRHPSDSHOID] VHQHFHVViULRKDYHUGLVFXVV}HVHQWUHWRGRVRVPHPEURV
GD HTXLSH VREUH RV REMHWLYRV H PpWRGRV TXH VHUmR XWLOL]DGRV QRV WHVWHV GH XVDELOLGDGH 8PD
DJHQGDWtSLFDSDUDDVUHXQL}HVLQLFLD LVVHJXQGR6Q\GHU  VHULD 

)RUQHFHUXPDYLVmRJHUDOGDVDWLYLGDGHV
1DVSULPHLUDVYH]HVTXHVHID]HPSURWRWLSDomRFRPSDSHOHWHVWHVGHXVDELOLGDGHp
QDWXUDOTXHPXLWDVSHVVRDVQDHTXLSHWHQKDPTXHVW}HVVREUHHVVDVDWLYLGDGHV3RGH 
VHDSUHVHQWDUXPDYHUVmRSURWRWLSDGDHPSDSHOGHDOJXPDDSOLFDomRMiFRQKHFLGDSHOD
HTXLSHSRLVHPERUDVHMDFRPSOLFDGRH[SOLFDURTXHpDWpFQLFD DVSHVVRDVORJR
D UHFRQKHFHP TXDQGR D YrHP HP SUiWLFD 2V PHPEURV TXH QmR HVWLYHUHP
GLUHWDPHQWH HQYROYLGRV QR WLPH Q~FOHR GHYHP HVWDU FLHQWHV VREUH TXDLV DWLYLGDGHV
UHTXHUHUmRVXDSDUWLFLSDomR$DXWRUDGHIHQGHTXHFDGDSHVVRDSDUWLFLSHSHORPHQRV
GHXPDUHXQLmRSDUDGHILQLomRGH ZDONWKURXJK SUHIHUHQFLDOPHQWHD~OWLPDDQWHVGRV
WHVWHV  GRLV WHVWHV GH XVDELOLGDGH SDUD V HDYDOLDUVHPHOKDQoDVHGLIHUHQoDVHQWUHRV
SUREOHPDVOHYDQWDGRVHPDPERV HGDUHXQLmRGHFRPXQLFDomRGHUHVXOWDGRV 
'LVFXWLUULVFRVHSUHRFXSDo}HV
2YDORUUHDOGDSURWRWLSDomRHPSDSHOHVWiQDVXDKDELOLGDGHHPDSRQWDUSUREOHPDV
QDVSULPHLUDVHWDSDVGR SURFHVVRGHGHVHQYROYLPHQWRHQTXDQWRDLQGDKiWHPSRGH
HYLWiORV3RUWDQWRRVWHVWHVGHXVDELOLGDGHGHYHPVHUSODQHMDGRVSDUDUHVSRQGHUDV
SULQFLSDLV G~YLGDV GD HTXLSH VREUH RV DVSHFWRV GD H[SHULrQFLD GR XVXiULR 6Q\GHU
  GHIHQGH TXH SURWRWLSDomR HP  SDSHO p XPD H[FHOHQWH IHUUDPHQWD SDUD
JHUHQFLDPHQWRGHULVFRVSRUTXHDX[LOLDDFODULILFDUDTXLORTXHQmRVHFRQKHFHVREUHR
TXmR EHP D LQWHUIDFH JUiILFD WUDEDOKDUi R TXH FRQWULEXL SDUD TXH D HTXLSH WRPH
GHFLV}HVLPSRUWDQWHVRPDLVFHGRSRVVtYHO$OJXQVT XHVWLRQDPHQWRVDVHUHPIHLWRVD
FDGDPHPEURGDHTXLSHGXUDQWHHVWHHVWiJLRVHULDP 
 6REUHTXHSRQWRVKiPDLVLQVHJXUDQoD" 
 4XDLVVmRRVPDLRUHVULVFRVVREXPDSHUVSHFWLYDGHQHJyFLR" 
 4XHGHFLV}HVGHSURMHWRLPSRUWDQWHVDLQGDGHYHPVHUWRPDGDV" 

3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR3URWRWLSDomRUiSLGD

 4XH WDUHIDV VmR PDLV FUtWLFDV SDUD RV XVXiULRV PHVPR TXH VHMDP DV PHQRV
IUHTHQWHV"
 4XHSDUWHVGRVLVWHPDDSUHVHQWDPXPFDUiWHULQRYDGRUSDUDDHTXLSH" 
&ULDUXPSHUILOGHXVXiULR
$ HTXLSH GHYH HVWDU FLHQWH GR WLSR GH XVXiULR TXH VHUi UHFUXWDGR SDUD RV WHVWHV GH
XVDELOLGDGH $ GLVFXVVmR GHYH VHU LQLFLDGD WUDWDQGR VREUH TXH FDUDFWHUtVWLFDV RV
XVXiULRVDOYR GR VLVWHPD SRVVXL SRGH KDYHU PDLV GH XP SHUILO  $V VHJXLQWHV
TXHVW}HVVREUHRVXVXiULRVSRGHPVHU~WHLVQHVWDHWDSD 
 4XDLVVmRVXDVUHVSRQVDELOLGDGHVQRWUDEDOKRTXH GHVHPSHQKDP"
 4XDOVHXQtYHOGHIDPLOLDULGDGHFRPDWHFQRORJLDHRVFRQFHLWRVXWLOL]DGRVSHOR
SURGXWRHPGHVHQYROYLPHQWR" 
 4XHSURGXWRVVLPLODUHVHOHVFRPSUDUDPHXWLOL]DUDP" 
$SDUWLUGDVFDUDFWHUtVWLFDVTXHIRUHPPHQFLRQDGDVGHYH VHHODERUDUXPDOLVWDFRP 
WRGDVHODVHLGHQWLILFDU VHDTXHODVTXHFDSWXUDPDHVVrQFLDGRVXVXiULRVHPTXHVWmR 
'HWHUPLQDURFURQRJUDPD
+i SURMHWRV GH GHVHQYROYLPHQWR HP TXH DV HTXLSHV SRGHP HQFRQWUDU PXLWDV
GLILFXOGDGHVSDUDLQWHUDJLUFRPXVXiULRVUHDLV6HQGRDVVLP6Q\GHU  VXJHUHTXH
RUHFUXWDPHQWRGHXVXiULRVHRDJHQGDPHQWRGRVWHVWHVGHXVDELOLGDGHVHMDPIHLWRV
DQWHV PHVPR GD HODERUDomR GRV SURWyWLSRV $ DXWRUD FRQVWDWD TXH D PDLRULD
HVPDJDGRUDGRVWHVWHVGHSURWRWLSDomRFRPXVXiULRVGXUDPHQWUHXPDHGXDVKRUDVH
TXHVHJXQGRDWHRULDGH1LHOVHQH/DQGDXHU  WHVWHVFRPFLQFRDRLWRXVXiULRV
Mi SRGHULDP IRUQHFHU GDGRV VXILFLHQWHV SDUD D LGHQWLILFDomR GRV SDGU}HV SULQFLSDLV
3DUDWDQWRpQHFHVViULRTXHVHMDWHVWDGRRPHVPRFRQMXQWRGHWDUHIDVFRPXVXiULRV
SHUWHQFHQWHV D XP PHVPR SHUILO FRPR IRL DQWHULRUPHQWH GHILQLGR 6Q\GHU  
UHFRPHQGDVH TXH VHMD SUHYLVWR XP SHUtRGR HQWUH RV WHVWHV SDUD D UHYLVmR GRV
SUREOHPDVHQFRQWUDGRVHDOWHUDomRGRSURWyWLSRHPSDSHO 

'HVLJQGHWDUHIDV

6Q\GHU  DILUPDPTXH RGHVLJQGHWDUHIDVpXPGRVDVSHFWRVPDLVLPSRUWDQWHVHPWHVWHVGH
XVDELOLGDGHQmREDVWDREVHUYDURVXVXiULRVLQWHUDJLUHPFRPRTXLVHUHPFRPDLQWHUIDFHpSUHFLVR
GHILQLU WDUHIDV HVSHFtILFDV TXH UHYHOHP DTXLOR TXH VH GHVHMD DSUHQGHU +DFNRV H 5HGLVK   
LQIRUPDP TXH XPD YH] GHFLGLGR TXH D WpFQLFD GH SURWRWLSDomR GHYHUi LQWHJUDU R SURFHVVR GH

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR3URWRWLSDomRUiSLGD )LOLSH/HYL

SURMHWR GHYHVH GHWHUPLQDU FRPR HOD GHYH VHU LQLFLDGD 'HSHQGHQGR GD VLWXDomR DOJXPDV
SUHRFXSDo}HVSULPiULDVSRGHULDPVHU 

2IOX[RGHWHODVSDUDWDUHIDVPDLRUH V
$PHWiIRUDJHUDOHFRPRHODVHUiFRQGX]LGD 
2OD\RXWGDWHODSULQFLSDOGHWDUHIDV 
2OD\RXWGHWRGDVDVRXWUDVWHODV 
0HWiIRUDVDOWHUQDWLYDVRXRXWUDVLGpLDVGHGHVLJQ 

2VDXWRUHVH[SOLFDPTXHDSUiWLFDFRPXPQDiUHDpGHTXHLQLFLHFRPDTXHODVWDUHIDV PDLV
FUtWLFDV H IUHTHQWHV +DYHULD XPD HVWDJQDomR QD SURWRWLSDomRFDVRWRGDVDVYDULDo}HVHWDUHIDV
PHQRUHV IRVVHP GLVFXWLGDV WHVWDGDV H DYDOLDGDV GHVGH R FRPHoR GR SURFHVVR 8PD ERD WDUHID
IRUQHFHGDGRVFRQILiYHLVVREUHWySLFRV FKDYHWDOTXHVHREWHQK DRPi[LPR IHHGEDFNGRVWHVWHV
FRP XVXiULRV 3RU RXWUR ODGR WDUHIDV PDO HVFROKLGDV SRGHP PDVFDUDU SUREOHPDV RX PHVPR
WUDQVIRUPDU HP XP DTXLOR TXH QmR p XP SUREOHPD HP VL 6Q\GHU   DSRQWD DOJXPDV GDV
FDUDFWHUtVWLFDVTXHVHGHYHFRQVLGHUDUSDUDDGHVLJ QGHERDVWDUHIDV

 $WDUHIDEDVHLDVHHPXPREMHWLYRUHOHYDQWHDRSHUILOGHXVXiULRHVFROKLGR
$OJXPDVTXHVW}HVVREUHRUHDOREMHWLYRGRVXVXiULRVQRSHUILOHVFROKLGRGHYHPHVWDU
VHPSUH HP PHQWH QD GHILQLomR GH WDUHIDV FRPR SDUD TXH DV SHVVRDV XWLOL]DUm R D
LQWHUIDFH" 2 TXH p LPSRUWDQWH SDUD HODV" &RPR R VLVWHPD DX[LOLD RV XVXiULRV D
DOFDQoDU VHXV REMHWLYRV" $ DXWRUD DGYHUWH TXH TXDQGR D HTXLSH HVWi DFRVWXPDGD D
UDFLRFLQDU VREUH D LQWHUIDFH VHPSUH HP WHUPRV GH IXQFLRQDOLGDGH SRGH VHU GLItFLO
SDVVDU D SHQVDU VREUH RV REMHWLYRV GR XVXiULR 1HVVHV FDVRV GHYH VH SURFXUDU
DUJXPHQWDU SRU TXH D IXQFLRQDOLGDGH p LQWHUHVVDQWHDWpTXHDVUHVSRVWDVLQGLTXHP
XPREMHWLYRUHDOGRVXVXiULRV 
 (ODFRQVLGHUDTXHVW}HVLPSRUWDQWHVSDUDRVXFHVVRGRSURGXWRRXQHJyFLR
4XHVW}HV HVSHFtILFDV VmR PDLV IiFHLV GH VH UHVSRQGHU DR SDVVR TXH TXHVW}HV PDLV
JHUDLVVmRJHUDOPHQWHPDLVLPSRUWDQWHVSDUDRVXFHVVRGRVLVWHPD8PDPDQHLUDGH
SULRUL]DU TXHVW}HV TXH GHYHP VHUUHVSRQGLGDVSHORVWHVWHVGHXVDELOLGDGHpVROLFLWDU
TXH FDGD SHVVRD QD HTXLSH HVFROKD DV WUrV TXHVW}HV PDLV LPSRUWDQWHV VRE VXD
SHUVSHFWLYD6Q\GHU  DLQGDHVFODUHFHTXHTXHVW}HVPDLVJHUDLVSRGHPjVYH]HV

3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR3URWRWLSDomRUiSLGD

VHU HVFODUHFLGDV DWUDYpV GH SDGU}HV REVHUYDGRV QRV WHVWHV GH YiULDV TXHVW}HV PDLV
HVSHFtILFDV
 (ODSRVVXLXPHVFRSREHPGHILQLGR
2HVFRSRGHXPDWDUHIDGHYHVHUDEUDQJHQWHRVXILFLHQWHSDUDTXHRXVXiULRDOFDQFH
XPREMHWLYRUHDOHUHVSRQGDXPDRXPDLVTXHVW}HVLPSRUWDQWHV7LSLFDPHQWHWDUHIDV
FRP HVFRSR EHP GHILQLGR UHTXHUHP HQWUH FLQFR H WULQWD PLQXWRV SDUD V HUHP
FRPSOHWDGDVHPXPWHVWHFRPSURWyWLSRVHPSDSHO 
 $WDUHIDGHYHSRVVXLUXPFRQMXQWRILQLWRHSUHYLVtYHOGHSRVVtYHLVVROXo}HV
9LVWR TXH SURWyWLSRV HP SDSHO QmR VmR FRPSOHWDPHQWH IXQFLRQDLV RX VHMD QmR
UHSUHVHQWDPWRGDVDVIXQFLRQDOLGDGHVSUHWHQGLGDV SDUDXPVLVWHPD VHULDLPSRVVtYHO
FRQIHFFLRQDU WRGDV DV SHoDV QHFHVViULDV SDUD VLPXODU D LQWHUDomR GR XVXiULR FRP R
VLVWHPD FRPSOHWR $VVLP GHYH VH LQWURGX]LU DOJXPDV UHVWULo}HV QDV WDUHIDV FRP R
SURSyVLWRGHOLPLWDUDTXDQWLGDGHGHSUHSDUDomRQHFHVViUL DSDUDRVWHVWHV3RURXWUR
ODGR6Q\GHU  UHFRPHQGDTXHVHPSUHGHYHKDYHUSHORPHQRVXPDVROXomRSDUD
FDGDWDUHID$DXWRUDH[SOLFDTXHPXLWRVHVSHFLDOLVWDVHPXVDELOLGDGHGHVDFRQVHOKDP
DTXHODVWDUHIDVRQGHVHVROLFLWDDRXVXiULRTXHDOFDQFHDOJRTXH VDEHVHpLPSRVVtYHO
 (ODSRVVXLXPSRQWRGHWpUPLQRTXHRXVXiULRSRVVDUHFRQKHFHU
$ DXWRUD DUJXPHQWD TXH WDUHIDV VHP XP WpUPLQR GHILQLGR GHYHP VHU HYLWDGDV WDLV
FRPR H[SORUH HVWH VLWH RX GHVFXEUD DOJR LQWHUHVVDQWH VREUH HVWH PyGXOR 2V
XVXiULRVQmRVHVHQWLULDPVHJXURVVHHVWmRUHDOPHQWHID]HQGRDFRLVDFRUUHWDHDWDUHID
VHULD LQWHUURPSLGD HP DOJXP SRQWR DUELWUiULR 2 SURWyWLSR GHYH IRUQHFHU IHHGEDFN
VXILFLHQWHSDUDTXHRSUySULRXVXiULRUHFRQKHoDTXHFRQFOXLXDWDUHID 
 8PDERDWDUHIDHOLFLWDDo}HVQmRDSHQDVRSLQL}HV
8PD WDUHID EHP SURMHWDGD GHYH OHYDU R XVXiULR D LQWHUDJLU FRP R SURWyWLSR QmR
DSHQDVREVHUYiORHGL]HURTXHHOHSHQVD6Q\GHU  UHVVDOWDTXH JHUDOPHQWH
DTXLORTXHRVXVXiULRVGL]HPJRVWDUQHPVHPSUHpXPLQGLFDWLYRFRQ ILiYHOGHTXH
HOHVSRGHPUHDOPHQWHXVDUDLQWHUIDFHVHPSUREOHPDV$DXWRUDDYDOLDTXHGXUDQWH
XPWHVWHGHXVDELOLGDGHRVREVHUYDGRUHVGHYHPHVWDUDWHQWRVDPDLRUSDUWHGRWHPSR
HPFRPRRVXVXiULRVWUDEDOKDPFRPDLQWHUIDFHQmRSUHRFXSDQGR VHHPFRQYHUVDU
FRPHOHV4XHVWLRQDPHQWRVVREUHDRSLQLmRGRVXVXiULRVGHYHPVHUIHLWRVDRILPGH
FDGDVHVVmRFRQIRUPHGHWDOKDUHPRVPDLVDGLDQWH 



3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR3URWRWLSDomRUiSLGD )LOLSH/HYL

3UHSDUDomRGRSURWyWLSR

$ FULDomR GH XP SURWyWLSR HP SDSHO DFRQWHFH GH PDQHLUD LWHUDWLYD FRP DWLYLGDGHV GH
ZDONWKURXJKHODERUDPVHDOJXPDVSHoDVGRSURWyWLSRH[HFXWD VHXP ZDONWKURXJKYHULILFD
VH R TXH HVWi HUUDGR RX IDOWDQGR H UHSHWH VH HVWH SURFHVVR 6Q\GHU   DILUPD TXH DPHOKRU
PDQHLUDGHFULDUXPSURWyWLSRYDLGHSHQGHUGRWDPDQKRHFRPSRVLomRGRWLPHHH PTXHHWDSD
QRGHVHQYROYLPHQWRRVLVWHPDVHHQFRQWUD1RFDVRGHLQWHUIDFHVTXHDLQGDQmRH[LVWHPGHIDWR
RX TXH HVWmR VHQGR VXEVWDQFLDOPHQWH PRGLILFDGDV D PHOKRU DERUGDJHP VHULD GLYLGLU SDUD
FRQTXLVWDU FDGD SDUWH GR SURWyWLSR ILFDULDVRERHQFDUJRGH DOJXPDSHVVRD$DXWRUDGHIHQGH
DLQGDRXVRGHGHVLJQSDUDOHORXPDWpFQLFDHPTXHRVPHPEURVGDHTXLSHWUDEDOKDPDVyVRXHP
SHTXHQRV JUXSRV SDUD JHUDU GLIHUHQWHV LGpLDV GH GHVLJQ SDUD HQWmR UHYLVDU DV RXWUDV LGpLDV $
)LJXUDDEDL[RPRVWUDGXDVLGpL DVGHGHVLJQSURWRWLSDGDVHPSDSHOSDUDXPPHVPRHQJHQKR
GHEXVFD



)LJXUD'XDVLGpLDVGHGHVLJQSURWRWLSDGDVHPSDSHOSDUDXPHQJHQKRGHEXVFD 

+DFNRV H 5HGLVK   GHWDOKDP TXH XP NLW SDUD VHVV}HV GH SURWRWLSDomR HP SDSHO 
SRGHLQFOXLUSDSpLVUHFRUWDGRVQDIRUPDDSURSULDGDSDUDUHSUHVHQWDUDiUHDGDLQWHUIDFHFDQHWDVH
PDUFDGRUHV FRORULGRV FDUW}HV LQGH[DGRV QRWDV SRVWLW GH FRUHV H WDPDQKRV GLIHUHQWHV ILWD GH
IiFLO UHPRomR DSDJDGRUHV WHVRXUDV UpJXD H SHoDV SUp GHVHQKDGDV TXH VHMDP UHOHYDQWHV DR
SURMHWR$)LJXUDH[LEHXPWtSLFR NLWSDUDSURWRWLSDomRHPSDSHO 


3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR3URWRWLSDomRUiSLGD


)LJXUD. L W WtSLFRSDUDDFRQVWUXomRGHSURWyWLSRVHPSDSHO 

6Q\GHU  DFUHGLWDTXHGHVHQKRVjPmR OLYUHPLVWXUDGRVjSHGDoRV GHWHODLPSUHVVRV
VmR~WHLVSDUDWUDQVPLWLUDVLGpLDVGHGHVLJQDRVXVXiULRVHPERUDVHGHYHVVHRSWDUSRUDSHQDVXP
WLSR GH UHSUHVHQWDomR TXDQGR SRVVtYHO 'XDV SHUJXQWDV SULQFLSDLV SRGHULDP JXLDU R WLPH QD
GLUHomR GD HVFROKD PDLV DSURSULDGD TXDQWR VH HVS HUD TXH D LQWHUIDFH VHMD DOWHUDGD H TXDO
UHSUHVHQWDomRpPDLVUiSLGD" 
6Q\GHU   UHFRPHQGD TXH DQWHV GRV WHVWHV FRP XVXiULRV WUrV DWLYLGDGHV GHYHPVHU
H[HFXWDGDV SHOD HTXLSH ZDONWKURXJKV LQWHUQRV XP ZDONWKURXJK ILQDO H WHVWHVSLORWR
:DONWKURXJKVLQWHUQRVDX[LOLDPDHTXLSHDFRQGX]LUWHVWHVGHXVDELOLGDGHFRPSURWRWLSDomRHP
SDSHO SRLV VmR VLPLODUHV D HVWHV ~OWLPRV Ki LJXDOPHQWH SURWyWLSRV H WDUHIDV  QmR KDYHQGR 
FRQWXGRDSDUWLFLSDomRGHXVXiULRVH[WHUQRV1HOHVRVPHPEURVGRWLPHDJHPFRPR XVXiULRV
H[SHULHQWHV H[HFXWDQGR FDGD DomR GR PRGR HVSHUDGR SHOD HTXLSH (VWD DWLYLGDGH SRGH VHU
EDVWDQWH~WLOjHTXLSHSRLVHODDMXGDD 

,GHQWLILFDUSDUWHVGRSURWyWLSRTXHDLQGDSUHFLVDPVHUFULDGDV 
3UHSDUDU FDPLQKRV GLIHUHQWHV TXH R XVXiULR SRGH UD FLRQDOPHQWH WRPDU HVWHMDP
DTXHOHVFRUUHWRVRXQmR  
3HUFHEHU FRPR VH HVSHUD TXH D LQWHUIDFH RSHUH R TXH p HVSHFLDOPHQWH ~WLO jTXHOHV
UHVSRQViYHLV SHOD GRFXPHQWDomR WUHLQDPHQWR RX RV QRYDWRV QR WLPH GH
GHVHQYROYLPHQWR

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR3URWRWLSDomRUiSLGD )LOLSH/HYL

,GHQWLILFDUWySLFRVUHODFLRQDGRVjV FDUDFWHUtVWLFDVWpFQLFDVGRSURGXWR 

2 ZDONWKURXJK ILQDO  WDPEpP FKDPDGR GH HQVDLR GR WHVWH GH XVDELOLGDGH  QmR VH
UHIHUHHVSHFLILFDPHQWHDRSURWyWLSRHPSDSHOHPVLVHQGRXPLPSRUWDQWHSDVVRQDSUHSDUDomR
SDUDTXDOTXHUWLSRGHWHVWHVFRPXVXiULRV7 DOHQVDLRGHYHDFRQWHFHULGHDOPHQWHQRGLDDQWHULRU
DRV WHVWHV H HQYROYH XP JUXSR PDLRU TXH DTXHOH TXH WUDEDOKRX GLUHWDPHQWH QD HODERUDomR GR
SURWyWLSR2REMHWLYRDTXLpDVVHJXUDUTXHWRGRVHVWmRSUHSDUDGRVSDUDRWHVWH2 ZDONWKURXJK
ILQDOGHYHVHUFRQGX]LGRGDPHVPDPDQHLUDTXHXPWHVWHGHXVDELOLGDGHRQGHRSDSHOGRXVXiULR
pDLQGDH[HUFLGRSRUDOJXpPGDHTXLSHPDVFXMRVREMHWLYRVVmR 

)DPLOLDUL]DURVREVHUYDGRUHVFRPRSURWyWLSR 
&ROHWDUTXHVW}HVGDHTXLSH 
(VWLPDURWHPSRQHFHVViULRSDUDFDGDWDU HID
'HFLGLUTXDQGRVHGHYHLQWHUYLUQRVWHVWHV 
&ULDUXPSODQR URWHLUR DOWHUQDWLYRSDUDRVWHVWHV 

-i D ILQDOLGDGH GH XP WHVWH SLORWR p UHILQDU DV WDUHIDV H D PHWRGRORJLD XVDGD QRV WHVWHV
SULQFLSDLVGLIHUHQWHPHQWHGRVWHVWHVGHXVDELOLGDGHRQGHRRE MHWLYRpUHILQDUDLQWHUIDFH1RV
WHVWHVSLORWR D SDUWLFLSDomR GH XP XVXiULR UHDO p LPSUHVFLQGtYHO 6Q\GHU   GLIHUHQFLD XP
WHVWHSLORWR GH XP WHVWH FRPXP GH XVDELOLGDGH SRLV QR SULPHLUR R XVXiULR GHYH H[SUHVVDU VXD
RSLQLmR VREUH DV WDUHIDV H LQVWUXo }HV HP VL QmR DSHQDV H[HFXWi ODV 7RGDV HVVDV DWLYLGDGHV
ZDONWKURXJKV LQWHUQRV ZDONWKURXJK ILQDO H WHVWHVSLORWR  LQFOXLQGR R SUySULR WHVWH GH
XVDELOLGDGH GHYHP VHU SURWDJRQL]DGDV SRU DOJXQV PHPEURV GD HTXLSH TXH DVVXPHP SDSpLV
HVSHFLDLVHpVREUHLVVRTXHWUDWDUHPRVDVHJXLU 

3DSpLVHUHVSRQVDELOLGDGHV

'HSRLVTXHRSURWyWLSRIRLFULDGRRVWHVWHVGHXVDELOLGDGHGHYHPHQWmRVHUFRQGX]LGRV
HOHVHQYROYHPSHVVRDVTXHVmRUHSUHVHQWDWLYDVSDUDRSHUILOGHDXGLrQFLDDQWHULRUPHQWHDFRUGDGR
SHOD HTXLSH 6ROLFLWDVH DR XVXiULR TXH H[HFXWH DOJXPDV WDUHIDV LQWHUDJLQGR GLUHWDPHQWH FRP R
SURWyWLSR FOLFDUWRFDQGRVHQRVERW}HVRX K\SHUOLQNVGRSURWyWLSRRXGLJLWDUHVFUHYHQGR
GDGRVVREUHRPHVPR8PDRXGXDVSHVVRDVGDHTXLSHLQWHUSUHWDPR FRPSXWDGRUPDQLSXODGR

3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR3URWRWLSDomRUiSLGD

DVSHoDVGHSDSHOSDUDVLPXODURFRPSRUWDPHQWRGDLQWHUIDFHVHPFRQWXGRH[SOLFDUFRPRHODIRL
SURMHWDGDSDUDIXQFLRQDU8P IDFLOLWDGRU JHUDOPHQWHDOJXpPWUHLQDGRHPXVDELOLGDGH FRQGX]D
VHVVmRHQTXDQWRRXWURVPHPEURVGDHTXLSHDWXDP FRPRREVHUYDGRUHVWRPDQGRQRWDV
3DUDTXHVHREWHQKDRPi[LPRGHDSURYHLWDPHQWRQDVVHVV}HVGHWHVWHVFRPXVXiULRp
QHFHVViULRTXHKDMDRUJDQL]DomRHQWUHDVDWULEXLo}HVGHFDGDDWRU$OJXPDVGDVUHVSRQVDELOLGDGHV
GHFDGDSDSHO FRPSXWDGRUIDFLOLWDGRUH REVHUYDGRU VmR

&RPSXWDGRU
(VWH PHPEUR GD HTXLSH GHYH H[HFXWDU DSHQDV DV RSHUDo}HV H VHTrQFLDV TXH XPD
PiTXLQD SURJUDPDGD UHDOL]DULD (OH GHYH UHIOHWLU DWUDYpV GD PDQLSXODomR GDV SHoDV
GR SURWyWLSR DV HQWUDGDV GRV XVXiULRV QR VLVWHPD 0HVPR TXH R SU RFHVVDPHQWR
LQWHUQR GR VLVWHPD YHQKD H GHYH YLU  D VHU FRPSOHWDPHQWH GHVFRQKHFLGR SHOR
XVXiULRHVWHSUHFLVDFRPSUHHQGHUDVUHODo}HVGHFDXVD HHIHLWRHQWUHVXDVHQWUDGDVH
DVVDtGDVGRVLVWHPD2FRPSXWDGRUGHYHVHPSUHDJXDUGDUSHODVDo}HVGRVXVXiULRV 
DQWHV GH DJLU VREUH R SURWyWLSR HYLWDQGR DQWHFLSDU R TXH HOHV SRGHUmR YLU D ID]HU
(VWHDWRUGHYHVHPSUHHYLWDUIDODURXFRQYHUVDUFRPRVXVXiULRVGXUDQWHDH[HFXomR
GR WHVWH &RQWXGR 6Q\GHU   SHUPLWH TXH WDO VHMD IHLWR HP DOJXPDV VLWXDo}HV
SDUD GLIHUHQFLDU VH R XVXiULR HVWi RUGHQDQGR XP FRPDQGRRXDSHQDVHPLWLQGRXP
FRPHQWiULRSDUDHVFODUHFHURTXHRXVXiULRYHULDQRVLVWHPDILQDO HJLVWRHPFLPD
VmRDEDVQDMDQHOD HSDUDIRUQHFHUPHQVDJHQVGHHUURRUDLV 
)DFLOLWDGRU
(LVXPDYLVmRJHUDOGD VDWLYLGDGHVWLSLFDPHQWHH[HFXWDGDVSHORIDFLOLWDGRUGHWHVWHVGH
XVDELOLGDGHFRPXVXiULRV 
 RV REVHUYDGRUHV TXDO GHYH VHU VHX FRPSRUWDPHQWR R TXH GHYHP REVHUYDU H
FRPRGHYHPWRPDUQRWDV 
 &XPSULPHQWDURVXVXiULRVFRQFHGHU OKHVXPDH[SOLFDomRVREUHRH[SHU LPHQWR
REWHU VXD DXWRUL]DomR WHUPR GH FRQVHQWLPHQWR  H HIHWXDU VHX SDJDPHQWR QRV
FDVRVHPTXHDSDUWLFLSDomRGHXVXiULRVpUHPXQHUDGD 
 &RQGX]LURXVXiULRDRORFDOGHWHVWHVHDSUHVHQWDUDHOHRFRPSXWDGRUHGHPDLV
REVHUYDGRUHVSUHVHQWHV 
 6ROLFLWDUDRVXVXiULRVTXHVHDSUHVHQWHPHGHVFUHYDPVHXSHUILO 
 ([SOLFDU R SURWRFROR GH WHVWHV FRPR LQWHUDJLU FRP R SURWyWLSR FRPR
H[SUHVVDUVHSHODWpFQLFDGHWKLQNLQJDORXGHWF 

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR3URWRWLSDomRUiSLGD )LOLSH/HYL

 )DFLOLWDUFDGDWDUHIDLQWHUDJLQGRFRPRVXVXiULRVTXDQGRQHFHVViULR 
 *HUHQFLDU R WHPSR JDVWR HP FDGD WDUHID LQGX]LQGR jV iUHDVTXHVmRGHPDLRU
LQWHUHVVHDRVREVHUYDGRUHV 
 (QFHUUDUDVHVVmRGHWHVWHVQRWHPSRSUHYLVWR 
 $JUDGHFHUDRVXVXiULRVHFRQGX]L ORV
 /LVWDU FRP RV REVHUYDGRUHV RV WySLFRV HQFRQWUDGRV H PRGLILFDU R SURWyWLSR
SDUDRSUy[LPRWHVWH LVWRSRGHVHUIHLWRSHORWLPH Q~FOHR 
2EVHUYDGRU
2VREVHUYDGRUHVGHYHPUHFHEHUXPDFySLDGDVWDUHIDVTXHRVXVXiULRVH[HFXWDUmRR
TXH RV DMXGDUi D OHPEUDU TXDO D SURSRVWD GH FDGD XPD GHODV H D TXH SRQWRV GH
REVHUYDomRGHYHPHVWDUDWHQWR V2VREVHUYDGRUHVGHYHPWRPDUQRWDGHWXGRDTXLOR
TXH FDXVDUOKHV VXUSUHVD GXUDQWH R WHVWH SRLV SURYDYHOPHQWH LVWR LQGLFDULD TXH RV
XVXiULRV HVWmR DJLQGR GH PRGR GLIHUHQWH GDTXHOH TXH HUD HVSHUDGR 6Q\GHU  
UHFRPDQGD jV HTXLSHV HP TXH RV REVHUYDGRUH V QmR SDUWLFLSDUDP GLUHWDPHQWH GD
FRQVWUXomR GR SURWyWLSR TXH FDGD XP GHOHV HVWHMD UHVSRQViYHO HP REVHUYDU XP
DVSHFWRHPSDUWLFXODUQRXVRGDLQWHUIDFHSHORVXVXiULRV$)LJXUDDEDL[RPRVWUD
XPH[HPSORGHXVXiULRLQWHUDJLQGRFRPSDUWHGHXPSURWyWLSR 



)LJXUD([HPSORGHOLVWDVG U R S  G R Z Q SURWRWLSDGDVHPSDSHO

$DXWRUDDLQGDDSUHVHQWDXPDOLVWDGHUHJUDVjVTXDLVRVPHPEURVGDHTXLSHSDUWLFLSDQWHV
GHVHVV}HVFRPXVXiULRVGHYHULDPHVWDUDWHQWRV 

 (OHV FRPSXWDGRU IDFLOLWDGRU H REVHUYDGRUHV  GHYHP SHUPDQHFHU GXUDQWH WRGR R
WHVWH
 'HYHPSHUPDQHFHUHPVLOrQFLRHQTXDQWRRVXVXiULRVHVWmRWUDEDOKDQGR 
 'HYHP HVWDU FRQVFLHQWHV GH VXD OLQJXDJHP FRUSRUDO HJ QmR SDUHFHUHP
GHVLQWHUHVVDGRVFRPDDWXDomRGRXVXiULR  

3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR3URWRWLSDomRUiSLGD

 1mRGHYHPUHYHODUTXD QWDVWDUHIDVVHUmRDYDOLDGDV 


 1mR GHYHP DMXGDU RV XVXiULR D PHQRV TXH HVWHV HVWHMDP FRPSOHWDPHQWH VHP
GLUHomR
 'HYHPHYLWDUTXHVW}HVGHHVWpWLFDHIRFDUHP VHQRSUREOHPDHPVL 
 'HYHP UHVSHLWDU RV SDUWLFLSDQWHV GR WHVWH H PDQWHU RV GDGRV GRV XVXiULRV
FRQILGHQFLDLV

&DVRDHTXLSHVHMDPXLWRSHTXHQDGHYHUiKDYHUDFRPELQDomRGHDOJXQVGHVVHVSDSpLV
6Q\GHU  UHVVDOWDTXHWDOFRPELQDomRGHYHEDVHDU VHQDVKDELOLGDGHVGHFDGDSHVVRDPDVTXH
DVDERUGDJHQVPDLVFRPXQVVmR 

)DFLOLWDGRUREVHUYDGRU
eSRVVtYHOTXHXPIDFLOLWDGRUFRQVLJDWRPDUERDVQRWDVHDLQGDFRQGX]LURUHVWDQWH
GRV WHVWHV PDV PXLWRV HVSHFLDOLVWDV HP XVDELOLGDGH DUJXPHQWDP TXH XPD RX RXWUD
DWLYLGDGHSRGHUiVHUSUHMXGLFDGD 
&RPSXWDGRUIDFLOLWDGRU
(PERUD VHMD SRVVtYHO IDFLOLWDU XP WHVWH GH  DOJR TXH D SUySULD SHVVRD SURMHWRX D
DXWRUDFRQVLGHUDUHDOPHQWHPXLWRGLItFLOPDQWHU VHREMHWLYRHLPXQHjWHQWDomRGHVH
TXHUHUH[SOLFDURXMXVWLILFDUDLQWHUIDFHGRSURWyWLSR 
&RPSXWDGRUREVHUYDGRU
(VWD FRPELQDomR QmR p PXLWR SUiWLFD SRLV R FRPSXWDG RU HVWDUi FRP VXDV PmRV
RFXSDGDVFRPDPDQLSXODomRHRUJDQL]DomRGDVSHoDVGRSURWyWLSRRTXHRLPSHGLUi
GHWRPDUQRWDVUHOHYDQWHVFRPSUDWLFLGDGH 
&RPSXWDGRUIDFLOLWDGRUREVHUYDGRU
(VWD FRPELQDomR p D PDLV LQFRPXP SRLV LPS}H VpULDV UHVWULo}HV D WRGDV DV
DWLYLGDGHVSUDWLFDPHQWHLQYLDELOL]DQGRRHVWXGRGHXVDELOLGDGH 

+DFNRVH5HGLVK  DSUHVHQWDPDSRVVLELOLGDGHGHVHWHUREVHUYDGRUHVHPXPUHFLQWR
GLVWLQWRGDTXHOHSDUDVHVV}HVGHSURWRWLSDomRDFRPSDQKDQGRRTXHHVWiDFRQWHFHQGRGXUDQWHR
WHVWHGHDYDOLDomRGHXVDELOLGDGHDWUDYpVGHPRQLWRUHVGHYtGHR2VDXWRUHVVDOLHQWDPTXHRVGRLV
SRQWRVPDLVLPSRUWDQWHVTXHGHYHPVHUWUDQVPLWLGRVDRVREVHUYDGRUHVVmR 


3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR3URWRWLSDomRUiSLGD )LOLSH/HYL

 (OHVGHYHPWHQWDUFDSWXUDURFRPSRUWDPHQWRGRXVXiULRHIDWRVLQWHUHVVDQWHVVREUH
R XVXiULR RX R SURWyWLSR 8PD QRWD GR WLSR R XVXiULR VHOHFLRQRX R tFRQH SDUD
HGLomR DQWHV GH VHOHFLRQDU R UHJLVWUR TXH HOH TXHULD HGLWDU p PDLV LQVWUXWLYD GR
TXHXPDRXWUDFRPR RXVXiULRQmRHQWHQGHFRPRRVLVWHPDIXQFLRQD
 2V REVHUYDGRUHV GHYHP PDQWHU VXD FRQF HQWUDomR QD REVHUYDomR QmR GHYHP
UHGHVHQKDU R SURWyWLSR LPHGLDWDPHQWH 'HYH VH SULPHLUDPHQWH YHULILFDU R TXH HVWi
DFRQWHFHQGRHLGHQWLILFDURVSUREOHPDV 

7UDWDPHQWRGHGDGRV

'HYLGR DR IDWR GH WRGD DSURWRWLSDomRVHUHPSDSHOWRUQD VHIiFLOPRGLILFiODORJRHP
VHJXLGD RX PHVPR GXUDQWH FDGD WHVWHGHXVDELOLGDGH6Q\GHU  FRQVWDWDTXHYiULRVWHVWHV
SRGHPVHUFRQGX]LGRVHPXPPHVPRGLDHTXHQmRGHPRUDPXLWRDWpTXHVHSHUFHEDPSDGU}HV
HPHUJLQGRGR IHHGEDFNGRVXVXiULRV3RUWDQWRSURWRWLSDomR HPSDSHOSHUPLWHLWHUDUHDXPHQWDU
DTXDOLGDGHGHLQWHUIDFHVUDSLGDPHQWH EDVHDQGRVHQDTXLORTXHpFROKLGRDSDUWLUGHXVXiULRV
UHDLVHDQWHVTXHTXDOTXHUOLQKDGHFyGLJRWHQKDVLWRHVFULWD 
+DFNRV H 5HGLVK   DSRQWDP DOJXPDV GLPHQV}HV TXH GHYHP VH U REVHUYDGDV VREUH
TXmREHPRSURWyWLSRIXQFLRQDSDUDRVXVXiULRVGDVTXDLVFLWDPRV 

(OHFRUUHVSRQGHDRPRGHORPHQWDOGRVXVXiULRV" 
(OHFRUUHVSRQGHDRPRGRGHWUDEDOKRGRVXVXiULRV" 
8WLOL]DRYRFDEXOiULRSUySULRGRVXVXiULRV" 
2SURWyWLSRDEUDQJHDVWDUHI DVTXHRVXVXiULRVHVSHUDPVHUFDSD]HVGHH[HFXWDUFRP
RSURGXWR"
(OHIXQFLRQDEHPHPWRGRVRVFHQiULRV LHVLWXDo}HV GHVFULWRVSHORVXVXiULRV" 
'LYLGHEHPDFDUJDGHWUDEDOKRHQWUHRFRPSXWDGRUHRVXVXiULRV" 
3URYrPHQVDJHQVRQGHHTXDQGRRVXVXiULRVQH FHVVLWDPGHODV"
(OHPDQWpPFRQVLVWrQFLDHQWUHERW}HVtFRQHVHRXWUDVIHUUDPHQWDVGHQDYHJDomRHP
WRGDVDVWHODV"
2SURWyWLSRPDQWpPFRQVLVWrQFLDGHYRFDEXOiULRHPWRGDVDVWHODV" 


3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR3URWRWLSDomRUiSLGD

6Q\GHU   DGYHUWH TXH WHVWHV GH XVDELOLGDGH VmR XPD IRQWH LQWHQVD GH GD GRV H TXH
SRUWDQWRpLPSRUWDQWHUHXQLU VHDHTXLSHDSyVRVWHVWHVSDUDRVWySLFRVUHYHODGRVSRUHVWHVVHMDP
GLVFXWLGRV (VVD p D UHXQLmR GH FRPXQLFDomR GH GDGRV FXMRV REMHWLYRV SULQFLSDLV GHYHP VHU
SULRUL]DUDVREVHUYDo}HVIHLWDVGXUDQWHRVWHVWHVHHO DERUDUXPSODQRGHH[HFXomRGDVPHVPDV$
DXWRUD UHFRPHQGD TXH VHMD XWLOL]DGD D WpFQLFD FRQKHFLGDSRU GLDJUDPD GH DWLYLGDGHV D)LJXUD
 DEDL[R PRVWUD D WpFQLFD GH GLDJUDPD GH DILQLGDGHV UHDOL]DGD GXUDQWH D UHXQLmR GH
FRPXQLFDomRGHGDGRV  

 &DGD REVHUYDGRU WUDQVFUHYH VXDV SUySULDV REVHUYDomR GH VHX EORFR GH QRWDV SDUD
FDUW}HVLQGH[DGRV
 7RGRVRVFDUW}HVVmRGLVSRVWRVVREUHXPDSDUHGH 
 &DGDSHVVRDOrWRGDVDVREVHUYDo}HVVXDVHGRVGHPDLV 
 2VFDUW}HVVmRUHDUUXPDGRVHPJUXSRVTXHGHYHPVHUQRPHDGRV 
 $HTXLSHHOHJHTXHJUXSRVWHUmRUHSUHVHQWDPPDLRULPSDFWRSDUDDSUy[LPDYHUVmR
GRSURWyWLSR



)LJXUD(PXPGLDJUDPDGHDILQLGDGHVDHTXLSH


RUGHQDREVHUYDo}HVLQGLYLGXDLVHPJUXSRVUHODFLRQDGRV

6Q\GHU  HVFODUHFHTXHQmRp XPDWDUHIDSUiWLFDHVFUHYHU VHXPUHODWyULRGHWDOKDGR


VREUH RV UHVXOWDGRV GD SURWRWLSDomR HP SDSHO PDV FRQVLGHUD TXH p LPSRUWDQWH FRPXQLFDU WDLV
UHVXOWDGRVDSHVVRDVTXHQmRSDUWLFLSDUDPGDWpFQLFDRXjTXHODVTXHXWLOL]DUmRDVLQIRUPDo}HVQDV

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR3URWRWLSDomRUiSLGD )LOLSH/HYL

HWDSDVVHJXLQWHVGRGHVHQYROYLPHQWRGRVLVWHPD$OJXPDVLGpLDVSDUDUHJLVWURHFRPXQLFDomRGRV
UHVXOWDGRVGHHVWXGRVGHXVDELOLGDGHVmR 

/LVWDFRPRVGH]UHVXOWDGRVPDLVLPSRUWDQWHV
(VWD OLVWD p XP EUHYH UHVXPR GRV UHVXOWDGRV Mi SULRUL]DGRV FRP XPD GHVFULomR GH
XPRXGRLVSDUiJUDIRVVREUHFDGDXPDSyVDUHXQLmRGHFRPXQLFDomRGHGDGRV3DUD
DOJXPDVHPSUHVDVGHSHTXHQRSRUWHWDOOLVWDpVXILFLHQWH 
5HODWyULRPHWRGROyJLFR
(VWHGRFXPHQWR~QLFRFRQWpPWRGDLQIRUPDomRUHODFLRQDGDjPHWRGRORJLDXWLOL]DGD
QR SURFHVVR GH SURWRWLSDomR SHUILV GRV XVXiULRV GHVFULomR GDV WDUHIDV URWHLURV GH
WHVWHV HWF  0XLWDV GDV LQIRUPDo}HV FRQWLGDV QHVWH UHODWyULR SRGHUmR VHU IDFLOPHQWH
UHDSURYHLWDGDVHPRXWURVSURMHWRV HJDOJXQVSHUILVGHXVXiULRV  
(VSHFLILFDomRGDLQWHUIDFH
(PFHUWRVHQWLGRXPSURWyWLSRHPSDSHOSRGHVHUYLVWRFRPRXPDHVSHFLILFDomRGH
LQWHUIDFH SRLV p XPD FROHomR GH WHODV (QWUHWDQWR XP GRFXPHQWR PDLV FRPSOHWR
UHJLVWUDULD  DOpP GD VHTrQFLD GH WHODV  H[SOLFDo}HV VREUH R FRPSRUWDPHQWR
GHVWDVHDOJXPSURFHVVDP HQWRVXEMDFHQWH
5HJLVWURHPYtGHRGRZDONWKURXJK
8P UHJLVWUR HP YtGHR GR ZDONWKURXJK SRGH VHU XP PHLR HILFLHQWH GH VXPDUL]DU
DTXLOR TXH IRL DSUHQGLGR D SDUWLU GH XP WHVWH GH XVDELOLGDGH FRP SURWRWLSDomR HP
SDSHO 7DO UHJLVWUR GHYH VHU IHLWR DWUDYpV GH H [SOLFDo}HV H GHPRQVWUDo}HV GH DOJXP
DVSHFWR SDUWLFXODU REVHUYDGR H p HVSHFLDOPHQWH ~WLO TXDQGR R WLPH GH
GHVHQYROYLPHQWRHVWiHVSDOKDGRJHRJUDILFDPHQWH 

2V WySLFRV DERUGDGRV QHVWH FDStWXOR GL]HP UHVSHLWR jV DWLYLGDGHV H[HFXWDGDV GHQWUR GR
FLFOR GH GHVLJQ LWHUDWLYR FRP SURWRWLSDomR UiSLGD &RQWXGR WDO FLFOR FRQFHSomR SURWRWLSDomR
DYDOLDomR pDSHQDVXPDGDVSDUWHVGHXPDPHWRGRORJLDPDLVDEUDQJHQWHHFHQWUDGDQRXVXiULR
1R FDStWXOR VHJXLQWH DQDOLVDUHPRV DOJXPDV GDV PHWRGRORJLDV SDUD GHVHQYROYLPHQWR GH 
OHDUQZDUH H SURSRUHPRV XPD PHWRGRORJLD FXMR IRFR HVWi QD GHVFREHUWD GH SUREOHPDV GH
XVDELOLGDGHDQWHVGDIDVHGHLPSOHPHQWDomREHPFRPRQDTXDOLGDGHGRFRQWH~GRSHGDJyJLFR 


3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV







& 

0HWRGRORJLDVSDUDR
$ 3 7 8 / 2 

GHVHQYROYLPHQWRGHOHDUQZDUH



*LYHQWKHFULWLFDOLPSRUWDQFHRIOHDUQLQJWRWKHFRPSHWLWLYHQHVVRI

FRXQWULHVDQGWKHVXFFHVVRIERWKLQGLYLGXDOVDQGFRPSDQLHVUHVHDUFKRQ

OHDUQLQJDQGOHDUQZDUHSURGXFWGHYHORSPHQWVKRXOGEHDWRSSULRULW\IRU

QDWLRQVDURXQGWKHZRUOG7KHFRXQWU\WKDWILUVWOHDUQVKRZWRH[SORLW

IXOO\WKHSRWHQWLDORIWKLVQHZPHGLXPDQGWUDQVIRUPVWKLV

XQGHUVWDQGLQJLQWRSURGXFWVZLOOKDYHDVLJQLILFDQWFRPSHWLWLYH

DGYDQWDJHRYHURWKHUQDWLRQVLQLWVFDSDFLW\WRGHYHORSKXPDQFDSLWDO

$ ' 9 , 6 2 5 <  & 2 0 0 , 7 7 ( (  ) 2 5  2 1 / , 1 (  / ( $ 5 1 , 1 * 


7 K H  H  O H D U Q L Q J  H  Y R O X W L R Q  L Q  F R O O H J H V  D Q G  X Q L Y H U V L W L H V 




0XLWDV PHWRGRORJLDV FRQFHUQHQWHV D VRIWZDUH GR WLSR HGXFDWLYR WrP VLGR SURSRVWDV 3iGXD
7HL[HLUD H 5LEHLUR   SRU H[HPSORDSUHVHQWDPXPDSURSRVWDPHWRGROyJLFDSDUDDYDOLDomR
TXDOLWDWLYD GH VRIWZDUH HGXFDFLRQDO LQIDQWLO  0$46(, DFU{QLPR SDUD 0HWRGRORJLD GH
$YDOLDomR GH 4XDOLGDGH GH 6RIWZDUH (GXFDFLRQDO ,QIDQWLO   TXH DEUDQJH RV DVSHFWRV
WpFQLFR H SHGDJyJLFR 2 SULPHLUR HQFHQWUDVH QD DYDOLDomR GD XVDELOLGDGH GRV VLVWHPDV QD
TXDOLGDGH GD LQWHUDomR XVXiULRFRPSXWDGRU SURSRUFLRQDGD SHOD LQWHUIDFH GR VRIWZDUH -i R
DVSHFWRSHGDJyJLFRFRQFHQWUDVHQDDYDOLDomRGDFRQYHQLrQFLDHGDYLDELOLGDGHGHXWLOL]DomRGR

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR0HWRGRORJLDVSDUDRGHVHQYROYLPHQWRGHOHDUQZDUH )LOLSH/HYL

VRIWZDUH HP VLWXDo}HV HGXFDFLRQDLV 2OLYHLUD *RPHV H %RUJHV    GLVFXWLQGR D


SUREOHPiWLFD GD DYDOLDomR GH VRIWZDUH GHQWUR GR FRQWH[WR GR HQVLQR H GD DSUHQGL]DJHP GH
PDWHPiWLFDDUJXPHQWDPTXHXP VRIWZDUH QmR SRGH VHU DYDOLDGR IRUD GR FRQWH[WR GH XVR
SRLV D DGHTXDomR GR VRIWZDUH GHSHQGH QmR DSHQDV GH VXDV FDUDFWHUtVWLFDV PDV WDPEpP GD
IRUPDFRPRRVRIWZDUHHVWiLQVHULGRQDDWLYLGDGHGHHQVLQRHDSUHQGL]DJHP
(QWUHWDQWR REVHUYDPRV TXH R REMHWLYR GH WDLV PHWRGRORJLDV HVWi QD DYDOLDomR GH
VRIWZDUHV HGXFDWLYRV QmR HP VHX SURFHVVR GH GHVHQYROYLPHQWR (PERUD 3iGXD 7HL[HLUD H
5LEHLUR   VXVWHQWHP TXH D 0$46(, SRGH VHU XWLOL]DGD HP DYDOLDo}HV IRUPDWLYDV
PHWRGRORJLDV FRPR HVWD FRODERUDP DSHQDV SDUD TXH R GHVHQYROYHGRU GH VRIWZDUH GHVFXEUD
GHIHLWRVHIDoDDVPRGLILFDo}HVQHFHVViULDVQRSURJUDPDGXUDQWHVXDSURGXomRRXVHMDMiDSyVD
HWDSDGHSURMHWR(VVDVPHWRGRORJLDVYLVDPDWHQGHUjVQHFHVVLGDGHVGHLQVWLWXLo}HVGHHQVLQRH
SURIHVVRUHV GH GLVFLSOLQDVHVSHFtILFDVTXHFDUHFHPGHIHUUDPHQWDVWHyULFDVHIHWLYDVHFRQILiYHLV
SDUDDVHOHomRGHOHDUQZDUHVDVHUHPDGRWDGRVSDUDRDSRLRDRHQVLQR
$ SUySULD (QJHQKDULD GH 6RIWZDUH PHVPR FRP VHXV PRGHORV H SURFHVVRV EHP
GRFXPHQWDGRV WrP GHL[DGR D GHVHMDU QR TXH VH UHIHUH DR GHVHQYROYLPHQWR GH OHDUQZDUHSRLV
QmR FRQVLGHUD FRP R GHYLGR FXLGDGR D DXGLrQFLD GH WDLV VLVWHPDV H VXDV QHFHVVLGDGHV /DJH
=XEHQNR H &DWDOGL   H[SOLFDP WDO LQFDSDFLGDGH SURJUDPDV HGXFDFLRQDLV SRVVXHP
FDUDFWHUtVWLFDV EDVWDQWH SHFXOLDUHV GH DFRUGR FRP RV REMHWLYRV FXUULFXODUHV H DV QHFHVVLGDGHV
HVSHFtILFDV GR JUXSRDOYR 2 SUREOHPD WRUQDVH DLQGD PDLV GUiVWLFR TXDQGR WHPRV D
LQFRUSRUDomRGHYiULDVPtGLDVHPXPPHVPRVRIWZDUH6REHVVDVLWXDomR&DVWURH$JXLDU  
DILUPDP TXH D UDSLGH] FRP TXH DV DSOLFDo}HV WrP LQFRUSRUDGR UHFXUVRV GDV PDLV YDULDGDV
PtGLDV GH FRPXQLFDomR H DPSOLDGR VXDV iUHDV GH XWLOL]DomR >HJ VRIWZDUH HGXFDFLRQDO@ WHP
SURYRFDGR XP ODSVR QD (QJHQKDULD GH 6RIWZDUH HP HODERUDU SURFHGLPHQWRV TXH DFRPSDQKHP
FRPDPHVPDYHORFLGDGHHDSOLFDELOLGDGHDXWLOL]DomRGHVWHVUHFXUVRV
&RP EDVH QHVVDV PRWLYDo}HV H SDUD WHQWDU SUHHQFKHU WDO ODFXQD DOJXPDV PHWRGRORJLDV
HVSHFtILFDV SDUD R GHVHQYROYLPHQWR GH VRIWZDUH HGXFDWLYR WrP VLGR VXJHULGDV &RQVLGHUDQGR D
LQWHJUDomRGHDVSHFWRVSHGDJyJLFRVjVDWLYLGDGHVFRQYHQFLRQDLVGHGHVHQYROYLPHQWRGHVRIWZDUH
FRPR D Q~FOHR GH VXD SURSRVWD /DJH=XEHQNRH&DWDOGL  DSUHVHQWDPXPDPHWRGRORJLD
FXMR FLFOR GH YLGD p EDVHDGR HP SURWyWLSRV HYROXWLYRV FRP VXFHVVLYRV UHILQDPHQWRV SHODV
VHJXLQWHVUD]}HV


3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR0HWRGRORJLDVSDUDRGHVHQYROYLPHQWRGHOHDUQZDUH

e LPSRUWDQWH TXH VH VDLED R PDLV UDSLGDPHQWH VH D LQWHUSUHWDomR GR SURGXWR SHOD
HTXLSHGHGHVHQYROYLPHQWRHVWiGHDFRUGRFRPDVQHFHVVLGDGHVHFRQVLGHUDo}HVGRV
FOLHQWHVHXVXiULRV
(PPXLWRVFDVRVRVXVXiULRVQmRFRQVHJXHPSDVVDUXPDLGpLDGHWDOKDGDGRTXHHOHV
GHVHMDP3RUWDQWRGHVHQYROYHGRUHVSRGHPQmRVDEHUH[DWDPHQWHRTXHFULDURTXH
WRUQDFDGDSURWyWLSRXPDUHYLVmRHUHILQDPHQWRGHUHTXLVLWRVGRSURGXWRILQDO

/DJH =XEHQNR H &DWDOGL   GHILQHP RV VHJXLQWHV HVWiJLRV QR FLFOR GH YLGD
LQFUHPHQWDO

 (VWXGRGHYLDELOLGDGHVLVWHPD
 'HILQLomRGHUHTXLVLWRVGRVLVWHPD
 (VSHFLILFDomRGHUHTXLVLWRVGRSURWyWLSR
 'HVLJQGRSURWyWLSR
 'HVLJQGHWDOKDGRGRSURWyWLSR
 'HVHQYROYLPHQWR FRGLILFDomR GRSURWyWLSR
 ,PSOHPHQWDomR H WHVWHV GR SURWyWLSR FRP UHILQDPHQWR LWHUDWLYR GDV HVSHFLILFDo}HV
GDTXHOHDXPHQWDQGRVHVHXREMHWLYRHRXHVFRSR6HRREMHWLYRHHVFRSRGHVHMDGRV
IRUDPDOFDQoDGRVSRGHVHUHWRUQDUDRSDVVR
 'HVLJQGRVLVWHPDILQDO
 ,PSOHPHQWDomRGRVLVWHPDILQDO
 2SHUDomRHPDQXWHQomR
 5HYLVmRSDUDSUy[LPDVYHUV}HV

3HUFHEHVH TXH R TXDUWR SDVVR GD PHWRGRORJLD QmR FRQVLGHUD QtYHLV FUHVFHQWHV GH
ILGHOLGDGH HP VXD SURWRWLSDomR QRV SURWyWLSRV DV IXQFLRQDOLGDGHV VmR HIHWLYDPHQWH
LPSOHPHQWDGDV HP DOJXPD OLQJXDJHP GH SURJUDPDomR GH PDQHLUD LQFUHPHQWDO &RP LVVR
SUDWLFDPHQWH QHQKXP WUDEDOKR p HPSUHHQGLGR QD HWDSD  YLVWR TXH R HVIRUoR HVWi
H[FHVVLYDPHQWH FRQFHQWUDGR HP VH FRGLILFDU SURWyWLSRV (QWUHWDQWR SRGHPRV DSRQWDU YiULRV
SRQWRVSRVLWLYRVQHVWDPHWRGRORJLD

(OD LQFRUSRUD RV LQVWUXPHQWRV FOiVVLFRV IRUQHFLGRV SHOD DERUGDJHP FRJQLWLYR
FRQVWUXWLYLVWDQDHWDSDGHSURMHWR

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR0HWRGRORJLDVSDUDRGHVHQYROYLPHQWRGHOHDUQZDUH )LOLSH/HYL

6XD SURSRVWD PHWRGROyJLFD FRQVLGHUD D FRQVWUXomR GH OHDUQZDUH VRE XP SRQWR GH
YLVWDLQWHJUDGRDWHQWDQGRDRVDVSHFWRVSHGDJyJLFRVSUHVHQWHVQRFLFORGHYLGD
+iXPDSUHRFXSDomRHVSHFLDOQDFRQILJXUDomRGRVSHUILVGHGLIHUHQWHVSURILVVLRQDLV
TXH IRUPDP R WLPH GH GHVHQYROYLPHQWR SURIHVVRUHV H HVSHFLDOLVWDV HP SHGDJRJLD
DQDOLVWDV SURJUDPDGRUHV HQJHQKHLURV GH VRIWZDUH GHVLJQHUV JUiILFRV HVSHFLDOLVWDV
HPVRPHYtGHRHWF QRGHVLJQGRSURJUDPDHQRSURFHVVRGHGRFXPHQWDomR

&DVWURH$JXLDU  SURS}HPXPFLFORGHYLGDSDUDRGHVHQYROYLPHQWRGHDSOLFDo}HV
HGXFDFLRQDLVFRPJUDQGHFDUJDGHLQWHUDWLYLGDGHEDVHDGRLJXDOPHQWHHPSURWRWLSDomRHYROXWLYD
1HVWDPHWRGRORJLDRGHVHQYROYLPHQWRWHULDLQtFLRFRPDWLYLGDGHVSUHOLPLQDUHVGHSUHSDUDomRGR
DPELHQWHWDLVFRPRDIRUPDomRGDHTXLSHGHWUDEDOKRHDHVFROKDGRVPRGHORVDVHUHPXWLOL]DGRV
GXUDQWHRSURFHVVRGHFRQVWUXomRGRVRIWZDUH-iDSURWRWLSDomRHYROXWLYDHQJOREDULDDWLYLGDGHV
WtSLFDV GH HOLFLWDomR H LPSOHPHQWDomR GH UHTXLVLWRV  D FDGD YHUVmR GR SURWyWLSR QRYDV
IXQFLRQDOLGDGHV VHULDP DFUHVFHQWDGDV j DSOLFDomR $V DWLYLGDGHV GH LPSODQWDomR QR HQWDQWR
HVWDULDPIRUDGRFLFORLWHUDWLYRGDSURWRWLSDomRFDUDFWHUL]DQGRXPDSURQWLILFDomRSDUDRXVR2V
DXWRUHV GHILQHP XP TXDGUR JHUDO GH DWLYLGDGHV HP FDGD HWDSD GH GHVHQYROYLPHQWR FRP VHXV
UHVSHFWLYRVDXWRUHVFRPRVHJXH

 3UHSDUDomR DQDOLVWDDOXQRHHGXFDGRU 
 )RUPDomRGDHTXLSHGHWUDEDOKR
 (VFROKDGRVPRGHORVGHGHVHQYROYLPHQWR
 3URMHWRLQVWUXFLRQDO
 $QiOLVH DQDOLVWDDOXQRURWHLULVWDHGXFDGRUSURJUDPDGRUHSURJUDPDGRUYLVXDO 
 /LVWDGHDWRUHVFDQGLGDWRV
 ,GHQWLILFDomRGRVUHTXLVLWRV
 ,GHQWLILFDomRGDVUHVWULo}HVGRGHVHQYROYLPHQWRGHVRIWZDUH
 5HSUHVHQWDomRGRVUHTXLVLWRV
 9DOLGDomRGRVUHTXLVLWRV
 3URMHWR DQDOLVWDSURJUDPDGRUYLVXDOSURJUDPDGRUURWHLULVWDHGXFDGRUHDOXQR 
 (VFROKDGDPHWiIRUD
 3URMHWRGHLQWHUIDFHV
 3URMHWRGHREMHWRV
 0RGHODJHPGHUHTXLVLWRVQmRIXQFLRQDLV

3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR0HWRGRORJLDVSDUDRGHVHQYROYLPHQWRGHOHDUQZDUH

 ,PSOHPHQWDomR DQDOLVWDSURJUDPDGRUHSURJUDPDGRUYLVXDO 


 7HVWHV DQDOLVWDSURJUDPDGRUHGXFDGRUHDOXQR 
 $YDOLDomR DQDOLVWDHGXFDGRUHDOXQR 
 ,PSODQWDomR DQDOLVWDSURJUDPDGRUHSURJUDPDGRUYLVXDO 
 0DQXWHQomRHXSJUDGH
 &RQWUROHGHYHUV}HV
 'LVWULEXLomR
 5RWLQDVGHFRQILJXUDomR
 6XSRUWHWpFQLFR

9DOHVDOLHQWDUTXHWDPEpPHVWDPHWRGRORJLDQmRFRQVLGHUDQtYHLVGHILGHOLGDGHVHQGRTXH
FDGD SURWyWLSR VHULD HIHWLYDPHQWH LPSOHPHQWDGR HP DOJXPD OLQJXDJHP GH SURJUDPDomR RV
DXWRUHV SUHYrHP RULHQWDomR D REMHWRV  VHX FyGLJR VHULD WHVWDGR H FDGDYHUVmRDYDOLDGDHVWH
FLFORLWHUDWLYRFRPSUHHQGHULDRVSDVVRVD8PDERDFRQWULEXLomRGDPHWRGRORJLDGH&DVWURH
$JXLDU   p TXH HOD GHVFUHYH D IXQomR GH FDGD DWRU QR GHVHQYROYLPHQWR GH VRIWZDUH
HGXFDWLYR

$QDOLVWDV
'HVHQYROYHGRUHVUHVSRQViYHLVSHODPRGHODJHPOyJLFDGRVRIWZDUH
(GXFDGRUHV
3URIHVVRUHVTXHXWLOL]DUmRRVLVWHPDFRPRVXSRUWHjVVXDVDXODV
$OXQRV
)XWXURVXWLOL]DGRUHVGRVRIWZDUHHGXFDWLYR
3URJUDPDGRUHV
'HVHQYROYHGRUHVHVSHFLDOL]DGRVQDIHUUDPHQWDGHDXWRULDDGRWDGD
3URJUDPDGRUHVYLVXDLV
(VSHFLDOLVWDVQDPDQLSXODomRGRVUHFXUVRVPXOWLPtGLD
5RWHLULVWDV
3URILVVLRQDLVUHVSRQViYHLVHPVHTHQFLDURVHYHQWRVOHYDQWDGRVWRUQDQGRPDLVIiFLO
DQDYHJDomRHQWUHHOHVHFRQWULEXLQGRSDUDRDSUHQGL]DGR

&DPSRV&DPSRVH5RFKD  HVWDEHOHFHPGH]UHFRPHQGDo}HVHPIRUPDGHHWDSDV
SDUDRGHVHQYROYLPHQWRGHXPSURGXWRKLSHUPtGLDHGXFDFLRQDO

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR0HWRGRORJLDVSDUDRGHVHQYROYLPHQWRGHOHDUQZDUH )LOLSH/HYL


 'HILQLomRGRDPELHQWHGHDSUHQGL]DJHP
 $QiOLVHGHYLDELOLGDGH
 6HOHomRGRWLSRGHGRFXPHQWR
 6HOHomRGRPpWRGRSDUDDXWRULD
 3ODQHMDPHQWRGDLQWHUIDFH
 3ODQHMDPHQWRGRGRFXPHQWR
 6HOHomRGRVLVWHPDGHDXWRULDHGDVIHUUDPHQWDV
 ,PSOHPHQWDomR
 $YDOLDomR
 9DOLGDomR

$V DXWRUDV FRQVWDWDP TXH D H[SHULrQFLD WHP PRVWUDGR TXH R SURFHVVR GH
GHVHQYROYLPHQWR GH VRIWZDUH DGHTXDGR j KLSHUPtGLD HGXFDFLRQDO GHYH VHU FRPSRVWR GR PRGHOR
GH FLFOR GH YLGD GH SURWRWLSDJHP HYROXWLYD DFUHVFLGR GD HWDSD LQLFLDO GD HVFROKD GR DPELHQWH
HGXFDFLRQDO H DYDOLDomR SRU SDUWH GH SURIHVVRUHV H DOXQRV&DPSRV&DPSRVH5RFKD  
DILUPDP DLQGD TXH QD HWDSD GH YDOLGDomR GR VLVWHPD SRGHVH WUDEDOKDU FRP JUXSRV
UHSUHVHQWDWLYRVGDSRSXODomRDOYRGRVRIWZDUHDWUDYpVGHEDVLFDPHQWHGXDVWpFQLFDVGHFROHWDGH
GDGRV REVHUYDomR GLUHWD GD LQWHUDomR XVXiULRKLSHUPtGLD H UHVSRVWD GRV XVXiULRV D XP
TXHVWLRQiULR



3UREOHPDVFRPDVPHWRGRORJLDVWUDGLFLRQDLV

3RGHPRV REVHUYDU TXH DV PHWRGRORJLDV DTXL UHVXPLGDV SRVVXHP D SUHRFXSDomR HP VHJXLU XP
PRGHOR GH GHVLJQ LWHUDWLYR EDVHDGR HP SURWRWLSDomR &RQWXGR QHQKXPD GHODV FRQVLGHUD D
TXHVWmR GRV YiULRVQtYHLVGHILGHOLGDGHTXHRVSURWyWLSRVSRGHPDVVXPLU$OpPGLVVRHODVQmR
HQYROYHP SURWRWLSDomR UiSLGD SRLV VHXV SURWyWLSRV VmR OLWHUDOPHQWH FRGLILFDGRV HP DOJXPD
OLQJXDJHPGHSURJUDPDomR
2SUREOHPDVXUJHTXDQGRVHPDJLOLGDGHQRPRGHORGHSURWRWLSDomRWDLVPHWRGRORJLDV
UHFRPHQGDP TXH VHMDP H[HFXWDGDV DSHQDV DOJXPDV SRXFDV LWHUDo}HV HP VHXV FLFORVHYROXWLYRV
,VVRWHQGHDFRPSURPHWHUDTXDOLGDGHGRVVLVWHPDVSRLVDTXHODVPHWRGRORJLDVQmRFRQVHJXHP

3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR0HWRGRORJLDVSDUDRGHVHQYROYLPHQWRGHOHDUQZDUH

GHVFRQVLGHUDU RV FURQRJUDPDV UtJLGRV H DSHUWDGRV TXH D FRQFRUUrQFLD GH PHUFDGR LPS}H DRV
SURMHWRV



0HWRGRORJLDSURSRVWD

6HQGR DVVLP SURSRPRV XP PRGHOR PHWRGROyJLFR SDUD R GHVHQYROYLPHQWR GH VRIWZDUHV
HGXFDWLYRVTXHSULPDSHODTXDOLGDGHGRVPHVPRVWDQWRHPWHUPRVGHFRQWH~GRHDSUHQGL]DGR
TXDQWR GH DVSHFWRV GH XVDELOLGDGH 3DUD WDQWR D PHWRGRORJLD SURSRVWD HVWi EDVHDGD
SULQFLSDOPHQWHQDSDUWLFLSDomRGHHVSHFLDOLVWDVHPHGXFDomR SHGDJRJRVFRPH[SHUWLVHHPXPD
GDGDiUHD QRWLPHGHSURMHWRQDPXOWLGLVFLSOLQDULGDGHGDHTXLSHEHPFRPRQXPFLFORLWHUDWLYR
GHSURWRWLSDomRUiSLGDFRPWHVWHVGHXVDELOLGDGHHQYROYHQGRXVXiULRVUHSUHVHQWDWLYRVGRVLVWHPD
$VVLP DV PpWULFDV SDUD YDOLGDomR GHVWD PHWRGRORJLD VmR UHOHYkQFLD HGXFDFLRQDO GR
FRQWH~GR SHGDJyJLFR H R Q~PHUR GH SUREOHPDV GH XVDELOLGDGH HQFRQWUDGRV DQWHV GD IDVH GH
LPSOHPHQWDomR GR VLVWHPD 7DO PHWRGRORJLD p IUXWR GH H[WHQVD H[SHULrQFLD DFDGrPLFD H
SURILVVLRQDOGHXPDHTXLSHFRPSRVWDSRUYiULDVSHVVRDVFRPIRUPDo}HVYDULDGDVHYHPVHQGR
FRQWLQXDPHQWHWHVWDGDHUHILQDGDDWUDYpVGHXPSURMHWRGHGHVHQYROYLPHQWRGHPtGLDVHGXFDWLYDV
SDUDDIRUPDomRGHSURIHVVRUHV RSUy[LPRFDStWXORGHVFUHYHUiHVWHHVWXGRGHFDVR $)LJXUD
H[LEHDVSULQFLSDLVDWLYLGDGHVHRVGRFXPHQWRVJHUDGRVHPQRVVDPHWRGRORJLD


)LJXUD3ULQFLSDLVDWLYLGDGHVHGRFXPHQWRVJHUDGRVQDPHWRGRORJLDSURSRVWD

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR0HWRGRORJLDVSDUDRGHVHQYROYLPHQWRGHOHDUQZDUH )LOLSH/HYL

$ VHJXLU GHVFUHYHUHPRV DV FDUDFWHUtVWLFDV GH FDGD DWLYLGDGH 6DOLHQWDPRV TXH DV HWDSDV
FRPXQVjLPSOHPHQWDomRIRUDPDEVWUDtGDVSRLVRHQIRTXHGDPHWRGRORJLDHVWiQDFRQFHSomRH
SODQHMDPHQWRGRVLVWHPDFHQWUDGRVQRXVXiULR

$QiOLVHGHPHUFDGR
1HVWD HWDSD SURFXUDVH VRQGDU RSRUWXQLGDGHV GH QHJyFLRV QD iUHD GH VRIWZDUH
HGXFDWLYR EXVFDQGRVH SURMHWRV TXH DWHQGDP D XPD GHWHUPLQDGD GHPDQGD GH
PHUFDGR DYDOLDQGRVH DV FDUDFWHUtVWLFDV GHVHMRV H QHFHVVLGDGHV GR FRQVXPLGRU
XVXiULR  H WUDoDQGRVH HVWUDWpJLDV GHPDUNHWLQJSDUDDGLYXOJDomRHGLVWULEXLomRGR
SURGXWRILQDOQRPHUFDGRVHIRURFDVR
(QWUHYLVWDVFRPHVSHFLDOLVWDV
(QWHQGHQGR TXH R GHVHQYROYLPHQWR GH VRIWZDUH HGXFDWLYR SRVVXL FDUDFWHUtVWLFDV
EDVWDQWH SHFXOLDUHV QR TXH GL] UHVSHLWR SRU H[HPSOR DR FRQWH~GR HGXFDFLRQDO H
PRGHOR GH DSUHQGL]DGR FRQVWUXWLYLVWD FRPSRUWDPHQWDO HWF  QRVVD PHWRGRORJLD
HQWHQGHVHUQHFHVViULRFRQWDUFRPDH[SHULrQFLDGHHVSHFLDOLVWDVHPHGXFDomRQDiUHD
SHGDJyJLFDGHTXHWUDWDRVRIWZDUHGXUDQWHRSODQHMDPHQWRGRPHVPR$WUDYpVGH
UHXQL}HVHHQWUHYLVWDVDRVHVSHFLDOLVWDVRVURWHLULVWDVHVWDUmRDSWRVDGHVHQYROYHUXPD
VHTrQFLD GH VLWXDo}HV URWHLUR  TXH DX[LOLDUi RV XVXiULRV QR DSUHQGL]DGR GRV
FRQFHLWRVDTXHRVRIWZDUHVHSURS}HHQVLQDURTXHFRQIHUHTXDOLGDGHGHFRQWH~GR
SHGDJyJLFRjPHWRGRORJLDSURSRVWD
$QiOLVHGHFRPSHWLGRUHV
1HVWD DWLYLGDGH SURFXUDVH DQDOLVDU RV SRQWRV IRUWHV H IUDFRV GH VLVWHPDV
FRQFRUUHQWHV 7DLV VLVWHPDV VRIWZDUHV ZHEVLWHV '9'V HWF  VmR DTXHOHV TXH
SRVVXHP FDUDFWHUtVWLFDV TXH R FODVVLILFDP QD PHVPD FDWHJRULD GR SURGXWR HP
GHVHQYROYLPHQWR $WUDYpV GHVVDDQiOLVHHHTXLSHVDEHUiH[DWDPHQWHTXHSUREOHPDV
SRWHQFLDLVGHYHUmRVHUHYLWDGRVQRSODQHMDPHQWRGRSURGXWREHPFRPRHVWDUiDSWDD
PHOKRUDUDTXLORTXHMiIXQFLRQRXHPRXWURVVLVWHPDV
'HILQLomRUHYLVmRGHUHTXLVLWRV
$SDUWLUGRVUHVXOWDGRVJHUDGRVSHODVWUrVDWLYLGDGHVDQWHULRUHV SHUILOHQHFHVVLGDGHV
GRV XVXiULRV URWHLUR H SRQWRV IRUWHV H IUDFRV GH VLVWHPDV FRPSHWLGRUHV  SRGHVH
SURFHGHU D XPD GHILQLomR SDUFLDO GRV UHTXLVLWRV 1HVWD DWLYLGDGH D HTXLSH WUDoD
DOJXPDVIXQFLRQDOLGDGHVHFDUDFWHUtVWLFDVTXHVHDFUHGLWDVHUHPHVVHQFLDLVDRSURGXWR
$R ILQDO GH FDGD FLFOR GH SURWRWLSDomR H WHVWHV R GRFXPHQWR GH UHTXLVLWRV VHUi

3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR0HWRGRORJLDVSDUDRGHVHQYROYLPHQWRGHOHDUQZDUH

UHYLVDGRGHDFRUGRFRPRVSUREOHPDVHQFRQWUDGRVQDDYDOLDomRGRVSURWyWLSRVMXQWR
DRVXVXiULRV
&ULDomRUHILQDPHQWRGHSURWyWLSR
$ GHILQLomR LQLFLDO GH UHTXLVLWRV SHUPLWH j HTXLSH GH SURWRWLSDomR HODERUDU
UHSUHVHQWDo}HV GR VLVWHPD TXH VHUmR DYDOLDGDV FRP RV XVXiULRV &DGD SURWyWLSR
FULDGRRXUHILQDGRHPXPFLFORGHGHVLJQLWHUDWLYRGHYHWHVWDUXPRXGRLVDVSHFWRV
GR IXWXUR VLVWHPD RX VHMD DV VHVV}HV GH SURWRWLSDomR GHYHP SRVVXLU REMHWLYRV
HVSHFtILFRV HJDYDOLDUQDYHJDomRHFRQWUROHFRQFHLWRVGDPHWiIRUDXWLOL]DGDDOJXP
PyGXOR SDUWLFXODU HWF  1tYHLV FUHVFHQWHV GH ILGHOLGDGH SRGHP VHU REVHUYDGRV HP
FDGDLWHUDomRGHSHQGHQGRGRDVSHFWRTXHVHGHVHMDREVHUYDU HJUHFXUVRVGHVRPH
YtGHRSRGHPUHTXHUHUSURWyWLSRVHODERUDGRVHPDOJXPDIHUUDPHQWDGHDXWRULD 
$YDOLDomRGHSURWyWLSRFRPXVXiULRV
-XQWDPHQWHFRPDFULDomRRXUHILQDPHQWRGRVSURWyWLSRVDHTXLSHGHYHGHWHUPLQDU
DOJXPDVWDUHIDVFUtWLFDVVREUHRVLVWHPDSURWRWLSDGRTXHDX[LOLDUmRQDREVHUYDomRGH
SRVVtYHLVSUREOHPDV8PGRFXPHQWRGHXVRLQWHUQRjHTXLSHFRQWHQGRXPSDVVR
DSDVVR GH FDGD WDUHID VFULSW  H RV SDSpLV H DWULEXLo}HV GH FDGD PHPEUR GR WLPH
GXUDQWHRVWHVWHVGHYHUiJXLDUDVVHVV}HVGHDYDOLDomRGRSURWyWLSRFRPXVXiULRV
(VWD DWLYLGDGH SUHVVXS}H XP DJHQGDPHQWR SUpYLR GRV WHVWHV H GHYH VHU UHDOL]DGD
SUHIHUHQFLDOPHQWH QR DPELHQWH UHDO GH WUDEDOKR GRV XVXiULRV &DVR VHMDP
HQFRQWUDGRVSUREOHPDVQRXVRGHDOJXPDIXQFLRQDOLGDGHRXPyGXORGRVLVWHPDRV
REVHUYDGRUHV GHYHUmR JHUDU XP GRFXPHQWR DSRQWDQGR DV SULQFLSDLV IDOKDV
GHVFREHUWDVQRSURWyWLSRHXPDQRYDYHUVmRGHYHVROXFLRQDUWDLVSUREOHPDV
,PSOHPHQWDomRGHUHTXLVLWRV
1HVWD HWDSD DFRQWHFH D FRGLILFDomR GDTXHOHV UHTXLVLWRV TXH IRUDP SURWRWLSDGRV H
YDOLGDGRVMXQWRDRVXVXiULRV LHVXDDYDOLDomRGHXVDELOLGDGHQmRUHYHORXSUREOHPDV
PDLRUHV  $ SURWRWLSDomR GH UHTXLVLWRV YDOLGDGRV SHORV XVXiULRV SRGH RFRUUHU HP
SDUDOHORjSURWRWLSDomRHDYDOLDomRGDTXHOHVDLQGDHPDEHUWR
'LVWULEXLomRGRVRIWZDUH
$SyV WRGDV DV IXQFLRQDOLGDGHV KDYHUHP VLGR YDOLGDGDVHLPSOHPHQWDGDVRSURGXWR
ILQDO HVWDUi SURQWR SDUD VHU LPSODQWDGR RX ODQoDGR QR PHUFDGR GH DFRUGR FRP
DOJXPDHVWUDWpJLDGHPDUNHWLQJ


3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR0HWRGRORJLDVSDUDRGHVHQYROYLPHQWRGHOHDUQZDUH )LOLSH/HYL

$V DWLYLGDGHV GH DQiOLVH GH PHUFDGR HQWUHYLVWDV FRP HVSHFLDOLVWDV H DQiOLVH GH
FRPSHWLGRUHV SRGHP VHU UHDOL]DGDV HP SDUDOHOR (ODV VmR SUpUHTXLVLWRV SDUD D GHILQLomR GH
UHTXLVLWRVTXHQXPSULPHLURPRPHQWRSURGX]XPDGHVFULomRSDUFLDOGDVIXQFLRQDOLGDGHV
GR IXWXUR VLVWHPD $ SDUWLU GHVWH GRFXPHQWR p HODERUDGD XPD YHUVmR GH EDL[D ILGHOLGDGH HP
SDSHO GRVRIWZDUHTXHGHYHUiVHUDYDOLDGDFRPXVXiULRVUHDLVHPVHVV}HVGHSURWRWLSDomRUiSLGD
2V SUREOHPDV FRQFHLWXDLV H GH XVDELOLGDGH HQFRQWUDGRV UHDOLPHQWDUmR R FLFOR LWHUDWLYR RV
UHTXLVLWRV VHUmR UHYLVDGRV XPD QRYD YHUVmR GR SURWyWLSR SRVVLYHOPHQWH FRP ILGHOLGDGH H[WUD 
VHUiFULDGDHQRYRVWHVWHVFRPXVXiULRVGHYHUmRVHUFRQGX]LGRV
 PHGLGD TXH RV UHTXLVLWRV YmR VHQGR WHVWDGRV H YDOLGDGRV MXQWR DRV XVXiULRV SRGHVH
SURFHGHUjLPSOHPHQWDomRGDVIXQFLRQDOLGDGHVDVVRFLDGDVGHIRUPDDPLQLPL]DURULVFRGHKDYHU
DWUDVRV QR FURQRJUDPD LQLFLDO GR SURMHWR 2 FLFOR GH SURWRWLSDomR GRV UHTXLVLWRV QmR WHVWDGRV
FRQWLQXDULDDVHUH[HFXWDGRDJRUDHPSDUDOHORjLPSOHPHQWDomRGDTXHOHVMiYDOLGDGRV4XDQGR
WRGRV RV PyGXORV H IXQFLRQDOLGDGHV WLYHVVHP VLGR SURWRWLSDGRV WHVWDGRV H YDOLGDGRV MXQWR DRV
XVXiULRV H LPSOHPHQWDGRV SHOD HTXLSH GH GHVHQYROYLPHQWR R VLVWHPD HVWDULD SURQWR SDUD VHU
LPSODQWDGRRXGLVWULEXtGR
1R FDStWXOR D VHJXLU GHVFUHYHUHPRV R SURMHWR 0tGLDV (GXFDWLYDV XPD SDUFHULD HQWUH
DFDGHPLD H PHUFDGR TXH YHP XWLOL]DQGR H UHILQDQGR D PHWRGRORJLD SURSRVWD QR
GHVHQYROYLPHQWRGHDSOLFDo}HVPXOWLPtGLDSDUDDIRUPDomRGHSURIHVVRUHV

3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV







& 

(VWXGRGHFDVR
$ 3 7 8 / 2 




8VDELOLW\FRVWEHQHILWGDWDVKRZVWKDWLQFOXGLQJXVDELOLW\

LQSURGXFWGHYHORSPHQWDFWXDOO\FXWVWKHWLPHWRPDUNHWDQGLQFUHDVHV

VDOHVEHFDXVHXVDELOLW\DQGHDVHRIXVHEXLOGTXDOLW\LQWRSURGXFWVDQG

FDWFKPDQ\H[SHQVLYHSUREOHPVHDUO\RQLQWKHF\FOHZKHQWKH\FDQEH

DGGUHVVHGDWORZHUFRVW)LQDOO\ZRUNLQJZLWKXVHUVIURPWKH

EHJLQQLQJRIDSURGXFWF\FOHHQVXUHVWKDWWKHSURGXFWLVEHLQJ

GHVLJQHGVRWKDWXVHUVZLOOEHVDWLVILHG

& / $ , 5 (  0 $ 5 , (  . $ 5 $ 7 $  E X V L Q H V V  F D V H 


D S S U R D F K  W R  X V D E L O L W \  F R V W  M X V W L I L F D W L R Q V 




2SURMHWR0tGLDV HGXFDWLYDVpIUXWRGDSDUFHULDHQWUHR&HQWURGH,QIRUPiWLFDGD8QLYHUVLGDGH
)HGHUDO GH 3HUQDPEXFR H D HPSUHVD &DVXOOR &RPXQLFDomR H 'HVLJQ /WGD (VVH SURMHWR YLVD R
GHVHQYROYLPHQWR GH XPD DSOLFDomR PXOWLPtGLD D VHU XWLOL]DGD SRU SURIHVVRUHV GR HQVLQR
IXQGDPHQWDO 6XD PRWLYDomR VmR RV EDL[RV UHVXOWDGRV GDV ~OWLPDV DYDOLDo}HV GR HQVLQR
IXQGDPHQWDOHPpGLRTXDQWRjDSUHQGL]DJHPGHPDWHPiWLFD&RQVLGHUDQGRDLPSRUWkQFLDGHVVH
FRQWH~GR SDUD D IRUPDomR EiVLFD H VXSHULRU GH UHFXUVRV KXPDQRV HP QRVVR SDtV H VXDV
FRQVHTrQFLDV VREUH R GHVHQYROYLPHQWR GR PHVPR R SURMHWR EXVFD FRQWULEXLU LQWHJUDQGR HP
XP ~QLFR VRIWZDUH HOHPHQWRV TXH SRVVDP VLJQLILFDWLYDPHQWH WUDQVIRUPDU HVVHTXDGURDWXDOGR
HQVLQRHPQRVVRSDtV

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR(VWXGRGHFDVR  )LOLSH/HYL




)RUPDomRGDHTXLSHHUHVSRQVDELOLGDGHV

/DJH =XEHQNR H &DWDOGL   DWHVWDP D QHFHVVLGDGH GH VH WHU YiULRV WLSRV GH
SURILVVLRQDLV HQYROYLGRV QR WLPH GH WUDEDOKR (OHV DILUPDP TXH D FULDomR GH SURJUDPDV
HGXFDWLYRV p XPD WDUHID TXH HQYROYH PXLWDV iUHDV GLIHUHQWHV $ IRUPDomR >@ GH WLPHV GH
GHVHQYROYLPHQWR p IXQGDPHQWDO QHVWH WLSR GH SURMHWR HGXFDFLRQDO 6HQGR DVVLP D HTXLSH GR
SURMHWR HVWi FRPSRVWD SRU FHUFD GH XPD GH]HQD GH SURILVVLRQDLV FRQVXOWRUHV SURIHVVRUHV H
HVWXGDQWHV QDV VHJXLQWHV iUHDV JHUrQFLD SHGDJRJLD GHVLJQ JUiILFR HQJHQKDULD GH XVDELOLGDGH
MRUQDOLVPRSVLFRORJLDGHVHQYROYLPHQWR6HJXLQGRDPHWRGRORJLDSURSRVWDQRFDStWXORDQWHULRUH
GHYLGR DR UHGX]LGR WDPDQKR GR WLPH RV PHPEURV GD HTXLSH SRVVXHP DWULEXLo}HV TXH VH
HQWUHODoDP HP DOJXQV PRPHQWRV GR SURFHVVR 2V JUXSRV GH WUDEDOKR TXH HVWmR FRODERUDQGR
DWXDOPHQWHHPFDGDDWLYLGDGHVmR

$QiOLVHGHPHUFDGR
*HUHQWHVHSHGDJRJRV
(QWUHYLVWDVFRPHVSHFLDOLVWDV
3HGDJRJRVHMRUQDOLVWDV
$QiOLVHGHFRPSHWLGRUHV
(QJHQKHLURVGHXVDELOLGDGHHSVLFyORJRV
'HILQLomRUHYLVmRGHUHTXLVLWRV
7RGDDHTXLSH
&ULDomRUHILQDPHQWRGHSURWyWLSR
(QJHQKHLURVGHXVDELOLGDGHGHVLJQHUVJUiILFRVGHVHQYROYHGRUHV
$YDOLDomRGHSURWyWLSRFRPXVXiULRV
(QJHQKHLURVGHXVDELOLGDGHGHVLJQHUVJUiILFRVGHVHQYROYHGRUHVHSVLFyORJRV
,PSOHPHQWDomRGHUHTXLVLWRV
'HVHQYROYHGRUHVHGHVLJQHUVJUiILFRV
'LVWULEXLomRGRVRIWZDUH
*HUHQWHVSHGDJRJRVHMRUQDOLVWDV


3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR(VWXGRGHFDVR

$WLYLGDGHVLQLFLDLV

$ DWLYLGDGH LQLFLDO GH DQiOLVH GH PHUFDGR GHILQLX TXHP VHUmR RV IXWXURV XVXiULRV GR
VLVWHPDHVXDVSULQFLSDLVQHFHVVLGDGHV$WUDYpVGHXPOHYDQWDPHQWRUHDOL]DGRFRPRVSURIHVVRUHV
SDUWLFLSDQWHV GH XP FRQJUHVVR GH HGXFDomR HP 5HFLIH D HTXLSH GHVFREULX VHX R S~EOLFR
SRWHQFLDOPRQWDQGRXPDLPDJHPPHQWDOGRXVXiULRWtSLFRGRVLVWHPD0XLWDVFDUDFWHUtVWLFDVGR
XVXiULR IRUDP PHOKRU FRPSUHHQGLGDV HQWUH HODV R HVWLOR GH YLGD GR SURIHVVRU TXDO VXD
IDPLOLDULGDGHFRPDWHFQRORJLDDPDQHLUDFRPRSURFXUDPDQWHUVHHPFRQVWDQWHGHFDSDFLWDomRH
DV GLILFXOGDGHV TXH HQFRQWUD QHVWH SURFHVVR 8WLOL]RXVH SDUD WDO D WpFQLFD FRQKHFLGD FRPR
3HUVRQDXPDGHVFULomRGHDOJXpPHVSHFtILFDTXHUHSUHVHQWDRVXVXiULRVDOYRGRVLVWHPDVHQGR
SURMHWDGRGHWDOKDQGRVXDVQHFHVVLGDGHVSUHIHUrQFLDVLQIRUPDo}HVJHRJUiILFDVELRJUiILFDVHWF
$V HQWUHYLVWDV FRP SURIHVVRUHV HVSHFLDOLVWDV QD iUHD PDWHPiWLFD SHUPLWLX j HTXLSH GH
IDWR FRPSUHHQGHU R SUREOHPD HGXFDFLRQDO GD Pi IRUPDomR GRV SURIHVVRUHV GR HQVLQR EiVLFR
QDTXHOD PDWpULD $OJXPDV UHXQL}HV FRP RV HVSHFLDOLVWDV H[SXVHUDP HVVD SUREOHPiWLFD R TXH
SRVVLELOLWRXjHTXLSHHQ[HUJDUDUHDOFRQGLomRHPTXHVHHQFRQWUDPRVXVXiULRVHPSRWHQFLDOGR
VRIWZDUH VRE R SULVPD GH VXD QHFHVVLGDGH GH FDSDFLWDomR 2 UHVXOWDGR GDV HQWUHYLVWDV IRL D
HODERUDomR GH XPD VHTrQFLD GH VLWXDo}HVSUREOHPD URWHLUR TXHID]HPXVRGRVPDLVGLYHUVRV
UHFXUVRVFRPRGLiORJRVDQLPDo}HVQDUUDo}HVHMRJRVSDUDUHSUHVHQWDUGHIRUPDEDVWDQWH
FODUDGLGiWLFDHO~GLFDDWUDQVPLVVmRGRFRQKHFLPHQWRGDTXHOHVHVSHFLDOLVWDV
$DWLYLGDGHGHDQiOLVHGHFRPSHWLGRUHVFRPSUHHQGHXDDYDOLDomRGHXPH[DXVWLYRQ~PHUR
GH DSOLFDo}HV HGXFDWLYDV FXMD FRQFHSomR IRVVH VLPLODU jTXHOD GR QRVVR SURGXWR SURFXUDQGR
DQDOLVDU VHXV SRQWRV IRUWHV H IUDFRV 3DUD LVVR XWLOL]RXVH D WpFQLFD FRQKHFLGD SRU 7,&(6(
DFU{QLPR SDUD 7pFQLFD GH ,QVSHomR GH &RQIRUPLGDGH (UJRQ{PLFD GH 6RIWZDUH (GXFDFLRQDO 
TXHRULHQWDRDYDOLDGRUSDUDDUHDOL]DomRGHLQVSHomRGHFRQIRUPLGDGHHUJRQ{PLFDGRVRIWZDUH
$ WpFQLFD FRQVLGHUDGD WDQWRV RV DVSHFWRV SHGDJyJLFRV FRPR RV DVSHFWRV UHIHUHQWHV j LQWHUIDFH
GRV VLVWHPDV HJ XVDELOLGDGH H DFHVVLELOLGDGH  *DPH]   DILUPD TXH PHOKRUHV UHVXOWDGRV
GD DSOLFDomR GHVWD WpFQLFD VHUmR FRQVHJXLGRV VH D PHVPD IRU H[HFXWDGD SRU XPD HTXLSH
PXOWLGLVFLSOLQDU 6XJHUHVH D SUHVHQoD GH XP SURILVVLRQDO FRP FRQKHFLPHQWRV HP HUJRQRPLD
GD LQWHUDomR KRPHPFRPSXWDGRU QD HTXLSH GH DYDOLDomR YLVWR TXH D WpFQLFD WHP XP IRUWH
HQIRTXHVREUHDVTXHVW}HVGHXVDELOLGDGHGHGLVSRVLWLYRVLQWHUDWLYRV S 



3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR(VWXGRGHFDVR  )LOLSH/HYL

&LFORGHGHVLJQLWHUDWLYR

$SULPHLUDYHUVmRGRSURWyWLSRGHVWLQRXVHDDYDOLDUDVSURSULHGDGHVGHQDYHJDELOLGDGHH
FRQWUROHVREUHWHODVHFRPSRQHQWHVJUiILFRVTXHRVLVWHPDRIHUHFLDDRVXVXiULRV$VWDUHIDVTXH
DX[LOLDUDP QHVVD REVHUYDomR IRUDP   DFHVVDU XPD DXOD HVSHFtILFD GHQWUR GR FRQWH~GR
HGXFDFLRQDO GRSURGXWRH  HQFRQWUDUDGHILQLomRGHXPGDGRWHUPRQRJORVViULRGRVLVWHPD
SURWRWLSDGR 2V WHVWHV GH XVDELOLGDGH IRUDP H[HFXWDGRV FRP RV DOXQRV GD GLVFLSOLQD ,QWHUIDFH
8VXiULR0iTXLQD  RIHUHFLGD SHOR &HQWUR GH ,QIRUPiWLFD GD 8QLYHUVLGDGH )HGHUDO GH
3HUQDPEXFRVHQGR~WHLVFRPRXPDLQVSHomRKHXUtVWLFDVREUHRSURWyWLSRDQWHVTXHRPHVPR
IRVVH DYDOLDGR FRP XVXiULRV UHDLV LH RVSURIHVVRUHV HFRPRWHVWHVSLORWRSDUDVHFRUULJLUHP
HYHQWXDLVDMXVWHVVREUHRPpWRGRGHFRQGXomRGRVWHVWHV



)LJXUD(QYHORSHFRQWHQGRXPDFySLDGDSULPHLUDYHUVmRGRSURWyWLSR

2V DOXQRV IRUPDUDP TXLQ]H HTXLSHV GH FLQFR PHPEURV RQGH FDGD XP GHVWHV
GHVHPSHQKRXXPSDSHOSDUWLFXODUGXUDQWHWHVWHVXPXVXiULRXPIDFLOLWDGRUXPFRPSXWDGRUH
GRLVREVHUYDGRUHV&DGDHTXLSHUHFHEHXXPHQYHORSHFRQWHQGRXPDFySLDGRSURWyWLSR )LJXUD
DFLPD HXPVFULSWGHWHVWHV $SrQGLFH TXHLQFOXLXXPSDVVRDSDVVRGHWDOKDGRSDUDFDGD
WDUHIDHFDUW}HVFRPDGHVFULomRGHVWDVDVHUHPHQWUHJXHVDRVXVXiULRV2VDOXQRVUHSUHVHQWDQGR
RV XVXiULRV PDQWLYHUDPVH IRUD GD VDODGHDXOD ORFDO GH WHVWHV  HQTXDQWR RV IDFLOLWDGRUHV

3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL &DStWXOR(VWXGRGHFDVR

REVHUYDGRUHVHFRPSXWDGRUHVIDPLOLDUL]DYDPVHFRPRSURWyWLSRSRUPHLRGHXPZDONWKURXJK
LQWHUQR 4XDQGR RV SULPHLURV UHWRUQDUDP DR DPELHQWH GH WHVWHV SURFHGHXVH j DYDOLDomR GRV
SURWyWLSRV SHOD REVHUYDomR GD VXD LQWHUDomR FRP DTXHOHV DWUDYpV GD UHDOL]DomR GDV WDUHIDV
SUHVFULWDV 2V SULQFLSDLV SUREOHPDV HQFRQWUDGRV SHODV HTXLSHV IRUDP GLVFXWLGRV FODVVLILFDGRV H
SULRUL]DGRV SRU WRGD D FODVVH HP XPD OLVWD ~QLFD $ SDUWLU GHVVH OHYDQWDPHQWR D HTXLSH GH
GHVHQYROYLPHQWRHVWHYHDSWDDUHILQDUQmRDSHQDVRSURWyWLSRPDVWDPEpPRVFULSWGHFRQGXomR
GRVWHVWHV



)LJXUD3HoDVGDVHJXQGDYHUVmRGRSURWyWLSR

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR(VWXGRGHFDVR  )LOLSH/HYL


$ QRYD YHUVmR GR SURWyWLSR )LJXUD   VROXFLRQRX RV SUREOHPDV UHYHODGRV QRV
SULPHLURVWHVWHVHFRQWHPSORXRXWURVUHTXLVLWRVTXHQmRKDYLDPVLGRDYDOLDGRV$VQRYDVWDUHIDV
HVFROKLGDV SHOD HTXLSH GH GHVHQYROYLPHQWR SDUD DYDOLDU WDLV UHTXLVLWRV IRUDP   DFHVVDU R
JORVViULRGRVRIWZDUHDSDUWLUGHXPDSDODYUDTXHRFRUUHQRWH[WRGHXPDDXOD  HQFRQWUDUD
GHILQLomR QR JORVViULR GH XPD SDODYUD TXH QmR RFRUUH QR WH[WR GH XPD DXOD   HVFUHYHU XPD
DQRWDomRQRVLVWHPDH  HQFRQWUDUHUHOHUXPDDQRWDomRMiIHLWD
$QDOLVDQGR R WUDEDOKR GH FDGD JUXSR QD HTXLSH SHUFHEHPRV TXH DOJXPDV DWLYLGDGHV
LQLFLDLV QR SURFHVVR SURSRVWR DQiOLVH GH PHUFDGR HQWUHYLVWDV FRP HVSHFLDOLVWDV H DQiOLVH GH
FRPSHWLGRUHV  YLQKDP VHQGR UHDOL]DGDV GH FHUWD IRUPD HP SDUDOHOR FRP D DWLYLGDGH GH
SURWRWLSDomR UiSLGD 3HUFHEHPRV TXH DOJXQV WySLFRV  HJ DGHTXDomR GD PHWiIRUD
QDYHJDELOLGDGHHFRQWUROHHWFSRGHULDPMiVHUDYDOLDGRVFRPXVXiULRVQHVWDHWDSDHQTXDQWR
RXWUDV SULQFLSDOPHQWH DTXHODV UHODFLRQDGDV D PyGXORV RX IXQFLRQDOLGDGHV PDLV HVSHFtILFDV GR
VLVWHPD VySRGHULDPVHUHILFD]PHQWHWHVWDGDVDSyVXPDGHILQLomRLQLFLDOPHVPRTXHSDUFLDOGRV
UHTXLVLWRV GR VLVWHPD $VVLP SRU PRWLYRV GLGiWLFRV FRQVLGHUDPRV VHU PDLV SUXGHQWH LQLFLDU R
FLFORGHSURWRWLSDomRDSyVDTXHODVSULPHLUDVDWLYLGDGHV
$ QRYD YHUVmR GR SURWyWLSR IRL WHVWDGD HQWmR HP VHVV}HV FRP FLQFR SURIHVVRUHV GR
HQVLQRIXQGDPHQWDOGHXPDHVFRODS~EOLFDQREDLUURGD9iU]HDHP5HFLIH'RLVREVHUYDGRUHVGD
HTXLSH GH SURMHWR WRPDUDP QRWDV H LQGDJDUDP D UHVSHLWR GD LQWHUDomR GRV XVXiULRV FRP R
SURWyWLSR HVWDQGR R DXWRU GHVWH WUDEDOKR UHVSRQViYHO SRU IDFLOLWDU DV VHVV}HV DWXDQGR DLQGD
FRPR FRPSXWDGRU QD PDQLSXODomR GDV SHoDV HP SDSHO &DGD VHVVmR GXURX HP PpGLD YLQWH
PLQXWRVHQWUHDVTXDLVDMXVWHVQRSURWyWLSRHUDPIHLWRVHDYDOLDGRVFRPRVXVXiULRVVHJXLQWHV2V
WHVWHVUHYHODUDPQRYRVSUREOHPDVLQFOXLQGRTXHVW}HVVREUHDSUySULDFRQFHSomRGRSURGXWRH
VHXVUHVXOWDGRVSHUPLWLUDPQRYRUHILQDPHQWRGRSURWyWLSR
1RSUy[LPRH~OWLPRFDStWXORFRQFOXLUHPRVRSUHVHQWHHVWXGRGLVFXWLQGRRVSULQFLSDLV
UHVXOWDGRVREWLGRVHGHVFUHYHQGREUHYHPHQWHDVDWLYLGDGHVHWUDEDOKRVIXWXURV


3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV







& 

&RQFOXVmR
$ 3 7 8 / 2 




0DQKDWKKLVGDLO\ZRUNRIERG\RUPLQG$SSRLQWHG


- 2 + 1  0 , / 7 2 1 3 D U D G L V H  / R V W 




3RU PHLR GR SURMHWR 0tGLDV (GXFDWLYDV TXH YLVD R GHVHQYROYLPHQWR GH XPD DSOLFDomR
PXOWLPtGLDDVHUXWLOL]DGDSRUSURIHVVRUHVGRHQVLQRIXQGDPHQWDODPHWRGRORJLDSURSRVWDYHP
VHQGR XWLOL]DGD H UHILQDGD QXPD VLWXDomR UHDO GH PHUFDGR $ PHWRGRORJLD  TXH SULPD SHOD
TXDOLGDGHWDQWRGRFRQWH~GRSHGDJyJLFRTXDQWRGDXVDELOLGDGHGRSURGXWRWHPVHPRVWUDGR
DGHTXDGD SDUD FRQGX]LU R SURFHVVR GH GHVHQYROYLPHQWR GH VRIWZDUH HGXFDWLYR QR SURMHWR
0tGLDV(GXFDWLYDV
$ WpFQLFD GH SURWRWLSDomR UiSLGD QR FLFOR GH GHVLJQ LWHUDWLYR LH FRQFHSomR
SURWRWLSDomRHDYDOLDomR GDPHWRGRORJLDSURSRVWDFRPSURYRXVHEDVWDQWHHILFLHQWH(PDSHQDV
GXDV LWHUDo}HV D DYDOLDomR GDV SULPHLUDV YHUV}HV GR SURWyWLSR UHYHORX  SUREOHPDV GH
XVDELOLGDGHHQRYRVUHTXLVLWRVTXHRVLVWHPDGHYHUiFRQWHPSODU
$ XWLOL]DomR GD SURWRWLSDomR HP SDSHO XQLILFRX D YLVmR GD HTXLSH VREUH DV SULQFLSDLV
FDUDFWHUtVWLFDVGRVRIWZDUHHPGHVHQYROYLPHQWRjPHGLGDTXHDSRQWDYDODFXQDVGHFRPSUHHQVmR
DUHVSHLWRGRVFRQFHLWRVHQYROYLGRV$SHVDUGDJUDQGHTXDOLGDGHGRIHHGEDFNJHUDGRDSDUWLUGDV
DYDOLDo}HVDSURWRWLSDomRHPSDSHOGHPDQGRXXPFXVWRPXLWREDL[RFRQWDELOL]DGDVDVKRUDVGH
WUDEDOKRGRWLPHQ~FOHRHRVUHFXUVRVPDWHULDLVHPSUHJDGRV

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
&DStWXOR&RQFOXVmR  )LOLSH/HYL




7UDEDOKRVIXWXURV

&RPR SUy[LPDV DWLYLGDGHV QR SURMHWR PtGLDV HGFDWLYDV FRQWLQXDUHPRV UHDOL]DQGR VHVV}HV GH
DYDOLDomRGDQRYDYHUVmRGRSURWyWLSRFRPXVXiULRVUHDLV SURIHVVRUHVGHPDWHPiWLFD HPHVFRODV
GD 5HJLmR 0HWURSROLWDQD GR 5HFLIH 3DUD DYDOLDU D DGHTXDomR GD QRPHQFODWXUD GRV XVDGRV QR
VLVWHPD XWLOL]DUHPRV D WpFQLFDGHFDUGVRUWLQJFRPRVSURIHVVRUHVTXHFRQVLVWLUiHPDYHULJXDU
FRPRHVWHVUHODFLRQDPRVFRQFHLWRVSUHVHQWHVQRVRIWZDUH
&ROKHPRVHYLGrQFLDVGHTXHHPXPGHVLJQFHQWUDGRQRXVXiULRDYDOLDo}HVGHSURWyWLSRV
HP XP FLFOR GH GHVLJQ LWHUDWLYR UHGX]LULDP D QHFHVVLGDGH GH VH UHDOL]DU WHVWHV GH DFHLWDomR GH
VRIWZDUHHGXFDWLYRDRILQDOGRSURFHVVRGHGHVHQYROYLPHQWR(QWUHWDQWRDGHPRQVWUDomRGHWDO
KLSyWHVH H[LJH XPD PHWRGRORJLD TXDQWLWDWLYD TXH DYDOLH R JUDX GH DFHLWDomR GR SURGXWR Mi QRV
SULPHLURV WHVWHV FRP SURWyWLSRV 3DUD WDQWR TXHVWLRQiULRV GH DFHLWDomR GHYHUmR VHU DSOLFDGRV
GHVGH DV LWHUDo}HV LQLFLDLV DWp D DYDOLDomRGRSURGXWRILQDOFRQVWDWDQGRVHKiRXQmRYDULDo}HV
FRQVLGHUiYHLVHQWUHRVtQGLFHVGHDFHLWDomRFROHWDGRVMXQWRDRVXVXiULRVDRORQJRGRSURFHVVRGH
GHVHQYROYLPHQWR



3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL 5HIHUrQFLDV%LEOLRJUiILFDV

5HIHUrQFLDVELEOLRJUiILFDV

$ %5$1&+(6   6  3     0 R G H U Q L G D G H  H  I R U P D o m R  G H  S U R I H V V R U H V   D  S U i W L F D  G R V  P X O W L S O L F D G R U H V  G R V 

Q ~ F O H R V  G H  W H F Q R O R J L D  H G X F D F L R Q D O  G R  1 R U G H V W H  H  D  L Q I R U P i W L F D  Q D  H G X F D o m R   7HVH GH GRXWRUDGR

)DFXOGDGHGH(GXFDomRGD8QLYHUVLGDGHGH6mR3DXOR 863 

$ ' $ 0   $    + $ / /   5  5     ' H V L J Q  R I  Y L V X D O  G L V S O D \ V  L Q  W L F N H W  Y H Q G L Q J  P D F K L Q H V   /LYUR GH UHVXPRV

GD7KLUG,QWHUQDWLRQDO6FLHQWLILF&RQIHUHQFHRQ:RUN:LWK'LVSOD\8QLWV(%HUOLP6HWHPEURGH

% $ % , 1   3    . 2 8 / 2 8 0 ' - , $ 1   0  )      2 V  Q R Y R V  P R G R V  G H  F R P S U H H Q G H U   D  J H U D o m R  G R 

D X G L R Y L V X D O  H  G R  F R P S X W D G R U 7UDGXomRGH0  &  2   0 $ 5 4 8 ( 6 6mR3DXOR3DXOLQDV

% $ ( & . ( 5   5  0    % 8 ; 7 2 1   :  $  6     5 H D G L Q J V  L Q  K X P D Q  F R P S X W H U  L Q W H U D F W L R Q   D  P X O W L 

G L V F L S O L Q D U \  D S S U R D F K  6DQ0DWHR&$0RUJDQ.DXIPDQQ

% $ , / ( <   *     , W H U D W L Y H  P H W K R G R O R J \  D Q G  G H V L J Q H U  W U D L Q L Q J  L Q  K X P D Q  F R P S X W H U  L Q W H U I D F H  G H V L J Q   (P

3URFHHGLQJVRI$&0,17(5&+,
&RQIHUHQFH$PVWHUGDPDGH$EULOGH

% ' . ( 5   6    7 K U R X J K  W K H  L Q W H U I D F H   D  K X P D Q  D F W L Y L W \  D S S U R D F K  W R  X V H U  L Q W H U I D F H  G H V L J Q +LOOVGDOH

1-/DZUHQFH(UOEDXP$VVRFLDWHV

% ' . ( 5   6    1 , ( / 6 ( 1   &    3 ( 7 ( 5 6 ( 1   0  *      & U H D W L Y L W \   F R R S H U D W L R Q  D Q G  L Q W H U D F W L Y H  G H V L J Q  

(P &RQIHUHQFH 3URFHHGLQJV RQ 'HVLJQLQJ ,QWHUDFWLYH 6\VWHPV ',6 3URFHVVHV 3UDFWLFHV 0HWKRGV DQG

7HFKQLTXHVDGH$JRVWR1RYD,RUTXH$&03UHVV

% 8 & + ( 1 $ 8   0    6 8 5 ,   -  )     ( [ S H U L H Q F H  S U R W R W \ S L Q J   6LPSyVLRVREUHSURMHWRGHVLVWHPDVLQWHUDWLYRV

HP &RQIHUHQFH 3URFHHGLQJV RQ 'HVLJQLQJ ,QWHUDFWLYH 6\VWHPV 3URFHVVHV 3UDFWLFHV DQG 7HFKQLTXHV 

1RYD,RUTXH$&03UHVV

& $ 0 3 2 6   )    & $ 0 3 2 6   *    5 2 & + $   $   5      ' H ]  H W D S D V  S D U D  R  G H V H Q Y R O Y L P H Q W R  G H  V R I W Z D U H 

H G X F D F L R Q D O  G R  W L S R  K L S H U P t G L D   (P $QDLV GR ,,, &RQJUHVVR ,EHURDPHULFDQR GH ,QIRUPiWLFD QD (GXFDomR

5,%,( %DUUDQTXLOOD&RO{PELD

& $ 6 7 5 2   *  0  &   $ * 8 , $ 5   7  &     ( Q J H Q K D U L D  G H  V R I W Z D U H  Q R  G H V H Q Y R O Y L P H Q W R  G H  V R I W Z D U H 

H G X F D F L R Q D O  K L S H U P t G L D ;;9&RQIHUrQFLD/DWLQRDPHULFDQDGH,QIRUPiWLFD$VVXQomR3DUDJXDL

&2167$17,1( /  /2&.:22' /     3 U R F H V V  $JLOLW\ DQG 6RIWZDUH 8VDELOLW\ 7RZDUG

/ L J K W Z H L J K W  8 V D J H  & H Q W H U H G  ' H V L J Q 7KH0DQDJHPHQW)RUXP6RIWZDUH'HYHORSPHQW9RO1-XQKR

GH

& 2 2 / ( <   0     + X P D Q  F H Q W U H G  V \ V W H P V   D Q  X U J H Q W  S U R E O H P  I R U  V \ V W H P V  G H V L J Q H U V   (P $,  6RFLHW\

YRO

& 8 6 + 0 $ 1   :  +    5 2 6 ( 1 % ( 5 *   '  -    + X P D Q  I D F W R U V  L Q  S U R G X F W  G H V L J Q  $PVWHUGDP(OVHYLHU

' , 0 ( 1 6 7 ( , 1   *    $ S U H Q G L ]  G R  I X W X U R   F L G D G D Q L D  K R M H  H  D P D Q K m 6mR3DXORWLFD

( $ 6 2 1   .  '    7 K H  G H Y H O R S P H Q W  R I  D  X V H U  F H Q W U H G  G H V L J Q  S U R F H V V   D  F D V H  V W X G \  L Q  P X O W L   G L V F L S O L Q D U \ 

U H V H D U F K  3DOHVWUD LQDXJXUDO  GH 2XWXEUR GH  /RXJKERURXJK 8. /RXJKERURXJK 8QLYHUVLW\ RI

7HFKQRORJ\

) ( 5 5 ( , 5 $   .  *     7 H V W H  G H  X V D E L O L G D G H   0RQRJUDILD GH FRQFOXVmR GR FXUVR GH HVSHFLDOL]DomR HP

,QIRUPiWLFD'HSDUWDPHQWRGH&LrQFLDGD&RPSXWDomR8QLYHUVLGDGH)HGHUDOGH0LQDV*HUDLV

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
5HIHUrQFLDV%LEOLRJUiILFDV  )LOLSH/HYL

) 8 5 1 , 9 $ /   $  &     $  S D U W L F L S D o m R  G R V  X V X i U L R V  Q R  G H V H Q Y R O Y L P H Q W R  G H  V L V W H P D V  G H  L Q I R U P D o m R   (P

&LrQFLDGD,QIRUPDomR $UWLJRV YROQXP

* $ 0 ( =   /    7 , & ( 6 (   7 p F Q L F D  G H  , Q V S H o m R  G H  & R Q I R U P L G D G H  ( U J R Q { P L F D  G H  6 R I W Z D U H  ( G X F D F L R Q D O  

'LVVHUWDomRGHPHVWUDGR8QLYHUVLGDGHGH0LQKR*XLPDUmHV3RUWXJDO

* 2 8 / '   -  '    + R Z  W R  G H V L J Q  X V D E O H  V \ V W H P V (P5  0   % $ ( & . ( 5   -   * 5 8 ' , 1   :  $  6   % 8 ; 7 2 1 

 *  6   * 5 ( ( 1 % ( 5 *  (GV 5HDGLQJV LQ +XPDQ&RPSXWHU ,QWHUDFWLRQ  HG  6DQ )UDQFLVFR

0RUJDQ.DXIPDQQ3XEOLVKHUV

* 2 8 / '   -  '    / ( : , 6   &     ' H V L J Q L Q J  I R U  X V D E L O L W \   N H \  S U L Q F L S O H V  D Q G  Z K D W  G H V L J Q H U V  W K L Q N 

&RPPXQLFDWLRQVRIWKH$&0

+ $ & . 2 6   -  7    5 ( ' , 6 +   -  &     8 V H U  D Q G  W D V N  D Q D O \ V L V  I R U  L Q W H U I D F H  G H V L J Q   -RKQ :LOH\  6RQV

,QF1RYD,RUTXH

+ $ / /   5  5     ( U J R Q R P L F V   G H V L J Q  D Q G  Q H Z  W H F K Q R O R J \   7 K H  & X P P L Q J  0 H P R U L D O  / H F W X U H  3URGXFWLYLW\

(UJRQRPLFV DQG 6DIHW\ 3URFHHGLQJV RI WKH UG $QQXDO FRQIHUHQFH RI WKH (UJRQRPLFV 6RFLHW\ RI $XVWUDOLD

*ROG&RDVW4XHHQVODQG1RYHPEUR

+ $ / /   5  5    3 U R W R W \ S L Q J  I R U  X V D E L O L W \  R I  Q H Z  W H F K Q R O R J \ ,QW-+XPDQ&RPSXWHU6WXGLHV

+ $ 5 7 6 2 1   +  5     + X P D Q  F R P S X W H U  L Q W H U D F W L R Q   L Q W H U G L V F L S O L Q D U \  U R R W V  D Q G  W U H Q G V  ([WUDtGR GR

-RXUQDORI6\VWHPVDQG6RIWZDUH

- 2 5 ' $ 1   3    $ Q  L Q W U R G X F W L R Q  W R  X V D E L O L W \  /RQGUHV7D\ORU )UDQFLV

. 5 8 & + 7 ( 1   3     7 K H  U D W L R Q D O  X Q L I L H G  S U R F H V V   Q G  H G L W L R Q   D Q  L Q W U R G X F W L R Q    5HDGLQJ 0$ $GGLVRQ

:HVOH\/RQJPDQ,QF

. 8 + 1   6    : , 1 2 * 5 $ '   7     3 U R I L O H   S D U W L F L S D W R U \  G H V L J Q  (P%ULQJLQJ'HVLJQWR6RIWZDUHHGLWDGR

SRU7 ( 5 5 <  : , 1 2 * 5 $ ' 1RYD,RUTXH$&03UHVV

. 8 - $ / $   6    . $ 8 3 3 , 1 ( 1   0    5 ( . 2 / $   6     % U L G J L Q J  W K H  J D S  E H W Z H H Q  X V H U  Q H H G V  D Q G  X V H U 

U H T X L U H P H Q W V   (P $GYDQFHV LQ +XPDQ&RPSXWHU ,QWHUDFWLRQ , 3URFHHGLQJV RI WKH 3DQKHOOHQLF &RQIHUHQFH

ZLWK ,QWHUQDWLRQDO 3DUWLFLSDWLRQ LQ +XPDQ&RPSXWHU ,QWHUDFWLRQ 3&+&,   HGLWDGR SRU $ 9 2 8 5 , 6   1  

 ) $ . 2 7 $ . , 6   1  7\SRUDPD3XEOLFDWLRQV

. 8 1 , $ 9 6 . <   0     2 E V H U Y L Q J  W K H  X V H U  H [ S H U L H Q F H   D  S U D F W L W L R Q H U
V  J X L G H  W R  X V H U  U H V H D U F K   0RUJDQ

.DXIPDQQ6mR)UDQFLVFR

/ $ * (   )    = 8 % ( 1 . 2   <    & $ 7 $ / ' ,   =     $ Q  H [ W H Q G H G  P H W K R G R O R J \  I R U  H G X F D W L R Q D O  V R I W Z D U H 

G H V L J Q   V R P H  F U L W L F D O  S R L Q W V  ),(  WK $6((,((( )URQWLHUV LQ (GXFDWLRQ &RQIHUHQFH 3DSHU 

6HVVLRQ7*DGH2XWXEURGH5HQR1HYDGD

/ $ 1 ' $ 8 ( 5   7  .   D  5 H O D W L R Q V  E H H W Z H H Q  F R J Q L W L Y H  S V \ F K R O R J \  D Q G  F R P S X W H U  V \ V W H P V  G H V L J Q   (P

,QWHUIDFLQJ7KRXJKW&RJQLWLYH$VSHFWVRI+XPDQ&RPSXWHU,QWHUDFWLRQHGLWDGRSRU& $ 5 5 2 / /   -  0   

0,73UHVV&DPEULGJH0$

/ $ 1 ' $ 8 ( 5   7  .   E  5 H V H D U F K  P H W K R G V  L Q  K X P D Q  F R P S X W H U  L Q W H U D F W L R Q   (P +DQGERRN RI +XPDQ

&RPSXWHU,QWHUDFWLRQHGLWDGRSRU+ ( / $ 1 ' ( 5   0  1RUWK+ROODQG$PVWHUGDP

/ ( 2 1 $ 5 '   '    5 $ < 3 2 5 7   -  )    6 S D U N  L Q Q R Y D W L R Q  W K U R X J K  H P S D W K L F  G H V L J Q  (P+DUYDUG%XVLQHVV

5HYLHZ1RYHPEURH'H]HPEUR

/ 9 <   3     $ V  W H F Q R O R J L D V  G D  L Q W H O L J r Q F L D   R  I X W X U R  G R  S H Q V D P H Q W R  Q D  H U D  G D  L Q I R U P i W L F D  

7UDGXomRGH& 2 6 7 $   &  ,  5LRGH-DQHLUR(G

3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV
)LOLSH/HYL 5HIHUrQFLDV%LEOLRJUiILFDV

0 $ 1 7 ( ,   0    7 ( 2 5 ( <   7  -     & R V W  E H Q H I L W  D Q D O \ V L V  I R U  L Q F R U S R U D W L Q J  K X P D Q  I D F W R U V  L Q  W K H 

V R I W Z D U H  O L I H F \ F O H  &RPPXQLFDWLRQVRIWKH$&0YROQXP$EULO

0 2 2 , -   7    6 0 ( ( 7 6   (    0 R G H O L Q J  D Q G  V X S S R U W L Q J  , & 7  L P S O H P H Q W D W L R Q  L Q  V H F R Q G D U \  V F K R R O V  (P

&RPSXWHUV (GXFDWLRQ

1 $ 6 & , 0 ( 1 7 2   *      2  S U R I H V V R U  H  D V  W H F Q R O R J L D V  L Q W H O H F W X D L V   X P D  S D U F H U L D  T X H  S R G H  G D U  F H U W R 

(GXFDomRH&LEHUFXOWXUDRUJDQL]DGRSRU/  5  *   $ / 9 ( 6   -  %   6 , / 9 $ 6DOYDGRU(GXIED

1 , ( / 6 ( 1   -    8 V D E L O L W \  H Q J L Q H H U L Q J /RQGUHV5HLQR8QLGR$FDGHPLF3UHVV

1 , ( / 6 ( 1   -    / $ 1 ' $ 8 ( 5   7  .    $  P D W K H P D W L F D O  P R G H O  R I  W K H  I L Q G L Q J  R I  X V D E L O L W \  S U R E O H P V (P

3URFHHGLQJVRI$&0,17(5&+,
&RQIHUHQFH$PVWHUGDPDGH$EULOGH

1 , ( / 6 ( 1   -    0 $ & .   5  /    8 V D E L O L W \  L Q V S H F W L R Q  P H W K R G V  1RYD,RUTXH-RKQ:LOH\

1 2 5 0 $ 1   '    7 K H  S V \ F K R O R J \  R I  H Y H U \ G D \  W K L Q J V 1HZ<RUN%DVLF%RRNV

1 2 5 0 $ 1   '    : K \  L Q W H U I D F H V  G R Q W  Z R U N (P7KHDUWRIKXPDQFRPSXWHULQWHUIDFHGHVLJQHGLWDGRSRU

/ $ 8 5 ( /   %  0DVVDFKXVHWWV$GGLVRQ:HVOH\3XEOLVKLQJ&RPSDQ\,QF

1 2 5 0 $ 1   '    7 K H  L Q Y L V L E O H  F R P S X W H U &DPEULGJH0$0,73UHVV

1 2 5 0 $ 1   '    ' 5 $ 3 ( 5   6  :    8 V H U  F H Q W H U H G  V \ V W H P  G H V L J Q +LOOVGDOH1-/DZUHQFH(UOEDXP

2 / , 9 ( , 5 $   6  6    * 2 0 ( 6   $  6    % 2 5 * ( 6   +    $ Y D O L D o m R  G H  V R I W Z D U H  H G X F D W L Y R  S D U D  R  H Q V L Q R  G H 

P D W H P i W L F D   R  F D V R  G D V  H V W U X W X U D V  D G L W L Y D V   (P (QFRQWUR GH 3HVTXLVD (GXFDFLRQDO GR 1RUGHVWH

(GXFDomR'HVHQYROYLPHQWR+XPDQRH&LGDGDQLD6mR/XtV

3 ' 8 $   &  ,  3  6    7 ( , ; ( , 5 $   $  %  0   5 , % ( , 5 2   $  3     0 $ 4 6 ( ,   X P D  P H W R G R O R J L D  G H 

D Y D O L D o m R  G D  T X D O L G D G H  G H  V R I W Z D U H  H G X F D F L R Q D O  L Q I D Q W L O   (P $QDLV GR ;,9 6LPSyVLR %UDVLOHLUR GH

,QIRUPiWLFDQD(GXFDomR5LRGH-DQHLUR

3 5 ( ( & (   -    5 2 * ( 5 6   <    6 + $ 5 3   +    % ( 1 < 2 1   '    + 2 / / $ 1 '   6    & $ 5 ( <   7     + X P D Q 

F R P S X W H U  L Q W H U D F W L R Q  :RUNLQJKDP5HLQR8QLGR$GGLVRQ:HVOH\

5 2 % ( 5 7 6 2 1   6     5 H T X L U H P H Q W V  W U D Z O L Q J   W H F K Q L T X H V  I R U  G L V F R Y H U L Q J  U H T X L U H P H Q W V   (P ,QWHUQDWLRQDO

-RXUQDORI+XPDQ&RPSXWHU6WXGLHV  

5 2 6 ( 1   /  '    : ( , /   0     & R P S X W H U  D Y D L O D E L O L W \   F R P S X W H U  H [ S H U L H Q F H  D Q G  W H F K Q R S K R E L D  D P R Q J 

S X E O L F  V F K R R O  W H D F K H U V  (P&RPSXWHUVLQ+XPDQ%HKDYLRU  

5 2 6 6 2 1   0  %    & $ 5 5 2 / /   -  0     8 V D E L O L W \  H Q J L Q H H U L Q J   V F H Q D U L R  E D V H G  G H Y H O R S P H Q W  R I  K X P D Q 

F R P S X W H U  L Q W H U D F W L R Q  6mR)UDQFLVFR0RUJDQ.DXIPDQQ

5 8 % , 1   -      + D Q G E R R N  R I  X V D E L O L W \  W H V W L Q J   K R Z  W R  S O D Q   G H V L J Q  D Q G  F R Q G X F W  H I I H F W L Y H  W H V W V   1RYD

,RUTXH-RKQ:LOH\ 6RQV,QF

6 $ ) ) 2   3     7 K H  F R Q V X P H U  V S H F W U X P  (P %ULQJLQJ 'HVLJQ WR 6RIWZDUH  HGLWDGR SRU : , 1 2 * 5 $ '  

7 1RYD,RUTXH$&03UHVV

6 & + $ 5 * (   0     6 H U L R X V  S O D \   K R Z  W K H  Z R U O G V  E H V W  F R P S D Q L H V  V L P X O D W H  W R  L Q Q R Y D W H   +DUYDUG %XVLQHVV

6FKRRO3UHVV%RVWRQ

6 ( 0 , 1 $ 5 $   -  /    * ( 5 5 , (   -  .     ( I I H F W L Y H  P R F N X S  X W L O L V D W L R Q  E \  W K H  L Q G X V W U L D O  G H V L J Q  K X P D Q 

I D F W R U V  W H D P  (P+XPDQ)DFWRUV

6 + $ & . ( /   %    $  Q R W H  R Q  S D Q H O  O D \ R X W  I R U  Q X P E H U V  R I  L G H Q W L F D O  L W H P V  (P(UJRQRPLFV

6 + $ & . ( /   %     ( U J R Q R P L F V  L Q  G H V L J Q  I R U  X V D E L O L W \  (P 0  '   + $ 5 5 , 6 2 1   $  )   0 2 1 .  (GV

3HRSOH &RPSXWHUV'HVLJQLQJIRU8VDELOLW\&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV

3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV 3iJLQD
5HIHUrQFLDV%LEOLRJUiILFDV  )LOLSH/HYL

6+1(,'(50$1 %     'HVLJQLQJ WKH XVHU LQWHUIDFH VWUDWHJLHV IRU HIIHFWLYH KXPDQFRPSXWHU

L Q W H U D F W L R Q HG5HDGLQJ0$$GGLVRQ:HVOH\

6 , 1 + $   $  .    . / ( 0 0 ( 5   6  5    / $ 1 ' $ <   -  $     ( P E D U N L Q J  R Q  V S R N H Q  O D Q J X D J H  1 /  L Q W H U I D F H 

G H V L J Q  (P7KH,QWHUQDWLRQDO-RXUQDORI6SHHFK7HFKQRORJ\0DLR  

6 1 < ' ( 5   &     3 D S H U  S U R W R W \ S L Q J   W K H  I D V W  D Q G  H D V \  Z D \  W R  G H V L J Q  D Q G  U H I L Q H  X V H U  L Q W H U I D F H V   0RUJDQ

.DXIPDQQ3XEOLVKHUV/RQGUHV

: $ 5 '   6     * H W W L Q J  I H H G E D F N  I U R P  X V H U V  H D U O \  L Q  W K H  G H V L J Q  S U R F H V V   D  F D V H  V W X G \  (P 1   $ ' $ 0 6  

1   & 2 / ( 0 $ 1   0   6 7 ( 9 ( 1 6 2 1 (GV(UJRQRPLFVWKH)XQGDPHQWDO'HVLJQ6FLHQFH3URFHHGLQJVRIWKH

WK $QQXDO &RQIHUHQFH RI WKH (UJRQRPLFV 6RFLHW\ RI $XVWUDOLD   D  GH 'H]HPEUR &DQEHUUD 7KH

(UJRQRPLFV6RFLHW\RI$XVWUDOLD

= + $ 2   <    & = , . 2   *  $     7 H D F K H U  D G R S W L R Q  R I  W H F K Q R O R J \   S H U F H S W X D O  F R Q W U R O  W K H R U \  S H U V S H F W L Y H  

(P-RXUQDORI7HFKQRORJ\DQG7HDFKHU(GXFDWLRQ   


3iJLQD 3URWRWLSDomRUiSLGDQRFLFORGHGHVLJQLWHUDWLYRGHDSOLFDo}HVPXOWLPtGLDSDUDIRUPDomRGHSURIHVVRUHV

Você também pode gostar