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Passo 2 FiOFXORGRYDORUGH'
0DWpULDVHFDH[LVWHQWHHP'
6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR(VWXGRGD6HFDJHPHP&DPDGD(VSHVVD
Passo 3 Q~PHURGHIDWRUHVGHSURIXQGLGDGH
$OWXUDGRVLOR FP
1R GH'V
Passo 4 FiOFXORGRWHPSRGHVHFDJHP
&RPR ' QmR H[LVWH QD )LJXUD ID]VH QRYD HQXPHUDomR GD FXUYD )LJXUD
RQGH VH REVHUYD TXH D FDPDGD FRUUHVSRQGHQWH D HVWH IDWRU HVWDUi VHFD 58
SDUDXPYDORU<
< W+
W [ K GLDV
)LJXUD±&XUYDGHVHFDJHPHPFDPDGDVHVSHVVDVPRVWUDQGRFRPRVHID]
DUHQXPHUDomRGDVFDPDGDV
Solução:
6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR(VWXGRGD6HFDJHPHP&DPDGD(VSHVVD
W [ KRUDV
Passo 2FiOFXORGR<FRUUHVSRQGHQWHDFLQFRGLDV
SDUD<LJXDOD2EVHUYDVHTXHRIDWRUGHSURIXQGLGDGHHPTXH58 pLJXDO
D
3RVLomR ' [FP FP
Passo 4 FiOFXORGRWHRUGHXPLGDGHPpGLR
&RPR
DOWXUDGRVLOR FP
DOWXUDGRSURGXWRVHFR8H FP
HVSHVVXUDGDIUHQWHGHVHFDJHP FPH
DOWXUD GR SURGXWR ~PLGR FP R WHRU GH
XPLGDGHPpGLRQDIUHQWHGHVHFDJHPVHUi
3DUD FDOFXODU R WHRU GH XPLGDGH PpGLR QR LQWHULRU GR VLOR ID]VH XPD
PpGLD SRQGHUDGD XWLOL]DQGR D HVSHVVXUD GH FDGD FDPDGD FRPR IDWRU GH
SRQGHUDomRREWHQGRVH
8PpGLR [[[
6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR(VWXGRGD6HFDJHPHP&DPDGD(VSHVVD
([HPSOR FDOFXODU R WHPSR QHFHVViULR SDUD VHFDJHP GR PLOKR HP VLVWHPD GH
DOWDWHPSHUDWXUDHPOHLWRIL[RKRUL]RQWDOSDUDDVVHJXLQWHVFRQGLo}HV
XPLGDGHLQLFLDOGRSURGXWR EX EV
XPLGDGHILQDOGRSURGXWR EX EV
WHPSHUDWXUDGRDUDPELHQWH R&
XPLGDGHUHODWLYD
WHPSHUDWXUDGHVHFDJHP R&
DOWXUDGDFDPDGDGRSURGXWR P
GLkPHWURGRVHFDGRU P
IOX[RGHDUFRQGLo}HVDPELHQWDLV PPLQP
PDVVDHVSHFtILFDGRSURGXWR WPH
FDORUHVSHFtILFRGRDU NFDONJ R&
6ROXomRSDUDVLPXODURVLVWHPDGHVHFDJHPFRPDOWDWHPSHUDWXUDUHFRPHQGDVH
RVHJXLQWHSURFHGLPHQWR
3DVVRGHILQLomRGRQ~PHURGHFDPDGDV
'LYLGLURSURGXWRHPFLQFRFDPDGDVGHFPFDGDHDVVLPDVLPXODomR
GDVHFDJHPVHUiUHDOL]DGDQRVVHJXLQWHVSRQWRV
3DVVR FiOFXORGDYD]mRGHDU
ÈUHDGRVHFDGRU [ P
9D]mRGHDU [ PPLQ
3DVVR FiOFXORGDVSURSULHGDGHVSVLFURPpWULFDV
3ORWDQGR D FXUYD GH XPLGDGH GH HTXLOtEULR HP XP JUiILFR
SVLFURPpWULFR GH DOWDV WHPSHUDWXUDV H SURFHGHQGR GD PDQHLUD GHPRQVWUDGD QDV
)LJXUDVHREWrPVH
WHPSHUDWXUDGRDUGHVHFDJHP R&
XPLGDGHUHODWLYDGRDUGHVHFDJHP
YROXPHHVSHFtILFRGRDUGHVHFDJHP PNJ GHDUVHFR
6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR(VWXGRGD6HFDJHPHP&DPDGD(VSHVVD
WHPSHUDWXUDGHHTXLOtEULR R&
3DVVR WHRU GH XPLGDGH GH HTXLOtEULR p GHWHUPLQDGR DWUDYpV GD HTXDomR GH
HTXLOtEULRH[HPSORVHQGR7 R&H85
8H EX EV
3DVVR FiOFXORGRFDORUODWHQWHGHYDSRUL]DomR
8HPpGLR EV
KY [>H[S[@
KY NFDONJGHiJXDHYDSRUDGD
3DVVR FiOFXORGRYDORUGH'
0DWpULDVHFDH[LVWHQWHHP'
06 [[[[
06 NJ
0DVVDHVSHFtILFDH[SUHVVDHPPDWpULDVHFD
: NJP
' [ P
3DVVR FiOFXORGRWHRUGHXPLGDGHQDVYiULDVSRVLo}HVSDUDGLIHUHQWHVLQWHUYDORV
GHWHPSRV
7HPVH
58 8H8R8H ' ' <
RXVHMD
8 >' ' < @[>8R8H@8H
8RH8H EX
6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR(VWXGRGD6HFDJHPHP&DPDGD(VSHVVD
6XEVWLWXLQGRRVYDORUHVGH'H<QDHTXDomRDQWHULRUREWpPVH
7HPSRKRUDV
3RVLomRFP
8PpGLD
0RGHORGH7KRPSVRQ
7+203621 HW DO DSUHVHQWDUDP XP PRGHOR SDUD VLPXODomR GH
VHFDJHP GR PLOKR HP VHFDGRUHV FRQWtQXRV (VWH PRGHOR VLPXOD R SURFHVVR GH
VHFDJHPSRUPHLRGHXPFRQMXQWRGHHTXDo}HVEDVHDGDVQDVOHLVGHWUDQVIHUrQFLD
GHHQHUJLDHPDVVDEHPFRPRSRUXPDHTXDomRHPStULFDGHVHFDJHPHPFDPDGD
GHOJDGD
1R GHVHQYROYLPHQWR GR PRGHOR XVRXVH FRPR DUWLItFLR D GLYLVmR GR
SURFHVVR GH VHFDJHP HP YiULRV VXESURFHVVRV &RQVLGHURXVH R OHLWR GH JUmRV
IRUPDGR SRU YiULDV FDPDGDV GH HVSHVVXUDV UHGX]LGDV FRORFDGDV XPDV VREUH DV
RXWUDV HP FDGD FDPDGD DV YDULDo}HV QDV FRQGLo}HV GR DU H GRV JUmRV IRUDP
FDOFXODGDVFRPEDVHHPSHTXHQRVLQFUHPHQWRVGHWHPSR
$ )LJXUD DSUHVHQWD XP HVTXHPD GDV YDULDo}HV FRQVLGHUDGDV QD
VLPXODomR GH VHFDJHP GH XPD FDPDGD ILQD TXH FRPS}H XP OHLWR GH JUmRV
4XDQGR R DU SDVVD SHOD FDPDGD ILQD GXUDQWH GHWHUPLQDGR LQWHUYDOR GH WHPSR
FHUWD TXDQWLGDGH GH iJXD GR SURGXWR p HYDSRUDGD H SDVVD SDUD R DU 1HVVH
LQWHUYDOR D WHPSHUDWXUD GR DU GLPLQXL HP FRQVHTrQFLD GR DXPHQWR QD
WHPSHUDWXUD GRV JUmRV H GR UHVIULDPHQWR HYDSRUDWLYR TXH DFRPSDQKD D
WUDQVIHUrQFLDGHXPLGDGH
)LJXUD9DULDo}HVQDVHFDJHPGHXPDFDPDGDILQDGXUDQWHXPLQWHUYDOR
GHWHPSR''W
6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR(VWXGRGD6HFDJHPHP&DPDGD(VSHVVD
$TXDQWLGDGHGHiJXDSHUGLGDSHORSURGXWRpFDOFXODGDSRUPHLRGHXPD
HTXDomRHPStULFDGHVHFDJHPHPFDPDGDGHOJDGD$VWHPSHUDWXUDVILQDLVGRDUH
GRVJUmRVFRQVLVWHQWHVFRPRUHVIULDPHQWRHYDSRUDWLYRVmRREWLGDVSRUPHLRGH
EDODQoRVGHHQHUJLD
3DUDGHVHQYROYHURPRGHORIRUDPIHLWDVDVVHJXLQWHVVXSRVLo}HV
D $ VHFDJHP GH XPD FDPDGD GHOJDGD GH SURGXWR SRGH VHU GHVFULWD SRU
XPDHTXDomRREWLGDHPSLULFDPHQWH
1R FDVR HVSHFtILFR GR PLOKR 7+203621 HW DO REWLYHUDP D
HTXDomR
$ 7HT
D $WHPSHUDWXUDGRJUmRpLJXDOjWHPSHUDWXUDGRDUTXHRHQYROYHDSyV
RVEDODQoRVGHHQHUJLDTXHOHYDPHPFRQWDRUHVIULDPHQWRSURYHQLHQWH
GDHYDSRUDomRGDiJXDGRSURGXWRHGDVWHPSHUDWXUDVLQLFLDLVGRJUmRH
GRDU
E 2WHRUGHXPLGDGHGHHTXLOtEULRGHSHQGHGDWHPSHUDWXUDHGDXPLGDGH
UHODWLYD GR DU QDV YL]LQKDQoDV GR JUmR $ HTXDomR SURSRVWD SDUD VHU
XWLOL]DGDQRPRGHORp
F $ HQWDOSLD GH YDSRUL]DomR GD iJXD QR JUmR GH PLOKR GHSHQGH GD
WHPSHUDWXUDHGRWHRUGHXPLGDGHGHVWHJUmR
6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR(VWXGRGD6HFDJHPHP&DPDGD(VSHVVD
G$HQWDOSLDHVSHFtILFDGRPLOKRGHSHQGHGHVHXWHRUGHXPLGDGH
)OX[RJUDPDGR0RGHOR
2 PRGHOR GH VLPXODomR GH VHFDJHP DSUHVHQWDGR SRU 7+203621 HW DO
GHWHUPLQDDVYDULDo}HVRFRUULGDVQDVFRQGLo}HVGRDUHGRVJUmRVHPXPD
FDPDGD GH HVSHVVXUD UHGX]LGD GLYLGLQGR R SURFHVVR GH VHFDJHP HP YiULRV
VXESURFHVVRV (VWH SURFHGLPHQWR WHP SRU ILQDOLGDGH VLPSOLILFDU D VROXomR GR
PRGHOR $ VHJXLU VmR DSUHVHQWDGRV RV SDVVRV SDUD VLPXODU D VHFDJHP HP XPD
FDPDGDILQD
$GPLWLQGRTXHDWHPSHUDWXUDGRJUmRpLJXDOjGRDUTXHRHQYROYHWHPVH
7JH 7HHT
$UD]mRHQWUHDVPDVVDVGHPDWpULDVHFDHGHDUVHFRGHYHVHUGHWHUPLQDGD
QRLQtFLRGDVLPXODomRSRUPHLRGDHTXDomR
5 3YH$'
'[>4'
'W8R@HT
HPTXH
8R WHRUGHXPLGDGHLQLFLDOGHFLPDOEV
6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR(VWXGRGD6HFDJHPHP&DPDGD(VSHVVD
'[ HVSHVVXUDGDFDPDGDILQDP
'W LQFUHPHQWRGHWHPSRK
3 PDVVDHVSHFtILFDGRJUmRQRLQtFLRGDVHFDJHPNJP
4 YD]mRGHDUPPLQ
$ iUHDGDVHomRWUDQVYHUVDOPH
YH YROXPHHVSHFtILFRGRDUPNJ
$WHPSHUDWXUDGHHTXLOtEULRHPR&7HSRGHVHUHQWmRGHWHUPLQDGD
3DVVR FiOFXORGDXPLGDGHUHODWLYDGRDUQDVFRQGLo}HVGHHTXLOtEULR
$ SUHVVmR GH YDSRU GH VDWXUDomR SRGH VHU GHWHUPLQDGD SHOD HTXDomR
DSUHVHQWDGDSRU%522.(5HWDO
3DVVR FiOFXORGRWHPSRHTXLYDOHQWH
2WHPSRHTXLYDOHQWHpGHILQLGRFRPRRWHPSRHPTXHRSURGXWRGHYHILFDU
H[SRVWR jV FRQGLo}HV DWXDLV GR DU 7H :R SDUD TXH R WHRU GH XPLGDGH VHMD
UHGX]LGRGRYDORULQLFLDO8RSDUDRYDORUDWXDO83DUDHVVDGHWHUPLQDomRXVD
VHDHTXDomRHPStULFDGHVHFDJHPHPFDPDGDGHOJDGD
$ 7HHT
6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR(VWXGRGD6HFDJHPHP&DPDGD(VSHVVD
3DVVR FiOFXORGDQRYDUD]mRGHXPLGDGHGRSURGXWR58I
$SyVDVHFDJHPQDVFRQGLo}HVGRDU7H H:RGXUDQWHXPLQWHUYDORGH
WHPSR 'W D UD]mR GH XPLGDGH GR SURGXWR p GHWHUPLQDGD SRU PHLR GD HTXDomR
HPStULFDGHVHFDJHPHPFDPDGDGHOJDGD
3DVVR FiOFXORGDQRYDUD]mRGHPLVWXUDGRDU
$UD]mRGHPLVWXUDGRDUFRQVLVWHQWHFRPDSHUGDGHXPLGDGHGRSURGXWRp
GHWHUPLQDGDSRUXPEDODQoRGHPDVVD
3DVVR FiOFXORGDVWHPSHUDWXUDVILQDLVGRDUHGRSURGXWR
$V WHPSHUDWXUDV ILQDLV GR DU H GR SURGXWR VmR GHWHUPLQDGDV SRU PHLR GH
XPEDODQoRGHHQHUJLDTXHOHYDHPFRQWDDSHUGDGHXPLGDGHGRVJUmRV
$GPLWLQGRTXHDWHPSHUDWXUDGRJUmRpLJXDOjGRDUTXHRHQYROYHWHPVH
7JI 7IHT
2SULPHLURHVHJXQGRWHUPRVGHFDGDODGRGDHTXDomR UHSUHVHQWDPDV
HQWDOSLDVLQLFLDOHILQDOGRDU2WHUFHLURWHUPRGHFDGDODGRpDHQHUJLDFRQWLGDQR
SURGXWRQRVWHPSRVWHW'W2TXDUWRWHUPRGRODGRHVTXHUGRGDLJXDOGDGHp
D TXDQWLGDGH GH HQHUJLD FRQWLGD QD iJXD TXH HVWi VHQGR UHWLUDGD GR SURGXWR 2
~OWLPRWHUPRGDHTXDomRpRFDORUODWHQWHGHYDSRUL]DomRGDiJXDQRJUmRTXHp
VXSHULRUDRFDORUGHYDSRUL]DomRGDiJXDOLYUH
6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR(VWXGRGD6HFDJHPHP&DPDGD(VSHVVD
([SOLFLWDQGR7IQDHTXDomRWHPVH
3DVVR RVYDORUHVGH7IH:IVmRFRQVLVWHQWHV"
(IHWXDGRVWRGRVHVVHVFiOFXORVpQHFHVViULRYHULILFDUVHRUHVXOWDGRREWLGR
pH[HTtYHO(PFHUWRVFDVRVSRGHVHREWHUUHVXOWDGRVHPTXHDXPLGDGHUHODWLYD
GR DU GHWHUPLQDGD PDWHPDWLFDPHQWH p VXSHULRU D 6H LVVR RFRUUHU QRYRV
EDODQoRV GH PDVVD H GH HQHUJLD GHYHUmR VHU IHLWRV VLPXODQGR D FRQGHQVDomR GH
iJXDQRSURGXWR
1HVVHV QRYRV EDODQoRV R SRQWR GH HVWDGR 7I H :I QmRH[HTtYHO VHUi
FRUULJLGRSDUDRSRQWRGHHVWDGR7
IH:
I
([HPSORGHWHUPLQHDXPLGDGHILQDOGHXPDFDPDGDGHPLOKRFRPPGH
HVSHVVXUDDSyVGR]HPLQXWRVGHVHFDJHP
'DGRV
WHRUGHXPLGDGHDWXDOGDFDPDGDEV
XPLGDGHLQLFLDOEV
PDVVDHVSHFtILFDLQLFLDONJP
YD]mRGHDUQDVFRQGLo}HVGHVHFDJHPPPLQ
iUHDGDVHFomRWUDQVYHUVDOP
WHPSHUDWXUDGHVHFDJHPR&
UD]mRGHPLVWXUDNJNJ
YROXPHHVSHFtILFRGRDUGHVHFDJHPPNJH
WHPSHUDWXUDGRSURGXWRR&
3DVVR FiOFXORGRYDORUGDUD]mRHQWUHDVPDVVDVGHPDWpULDVHFDHDUVHFR
6XEVWLWXLQGR3SRUNJPYHSRUPNJ$SRUP'[SRU
P 4 SRU PPLQ 'W SRU K PLQXWRV H 8R SRU EV QD
HTXDomRREWpPVH
6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR(VWXGRGD6HFDJHPHP&DPDGD(VSHVVD
5 NJNJ
3DVVR FiOFXORGRFDORUHVSHFtILFRGRPLOKR
6XEVWLWXLQGR8SRUEVQDHTXDomRREWpPVH
FS NFDONJR&
3DVVR FiOFXORGDWHPSHUDWXUDGHHTXLOtEULR
6XEVWLWXLQGR7RSRUR&:RSRUNJNJ7JRSRUR&5SRU
NJNJ 8SRUEVHFSSRUNFDONJR&QDHTXDomRREWpPVH
7H R&
3DVVR FiOFXORGDSUHVVmRGHYDSRUGHVDWXUDomRjWHPSHUDWXUDGHHTXLOtEULR
6XEVWLWXLQGR7HSRUR&QDHTXDomRREWpPVH
3YV PP+J
3DVVR FiOFXORGDXPLGDGHUHODWLYD
6XEVWLWXLQGR:RSRUNJNJ3YVSRUPP+JH3DWPSRU
PP+JQDHTXDomRREWpPVH
85
3DVVR FiOFXORGDXPLGDGHGHHTXLOtEULR
6XEVWLWXLQGR7HSRUR&H85SRUQDHTXDomRREWpPVH
8H EV
3DVVR &iOFXORGDUD]mRGHXPLGDGHDWXDOGRSURGXWR
6XEVWLWXLQGR 8 SRU EV 8R SRU EV H 8H SRU EV QD
HTXDomRREWpPVH
58R
3DVVR FiOFXORGRWHPSRHTXLYDOHQWH
2V YDORUHV $ H % GDV HTXDo}HV H SDUD 7H VmR H
UHVSHFWLYDPHQWH6XEVWLWXLQGRHVVHVYDORUHVMXQWDPHQWHFRP58R
QDHTXDomRREWpPVH
WH K
6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR(VWXGRGD6HFDJHPHP&DPDGD(VSHVVD
3DVVR FiOFXORGDUD]mRGHXPLGDGHDSyVPLQXWRV
6XEVWLWXLQGR'WSRUKWHSRUK$SRUH%SRUQD
HTXDomRREWpPVH
58I
3DVVR FiOFXORGRWHRUGHXPLGDGHGRSURGXWRDSyVRLQFUHPHQWRGHWHPSR
6XEVWLWXLQGR 58I SRU 8H SRU EV H 8R SRU EV QD
HTXDomRREWpPVH
8I EV
3DVVR FiOFXORGDUD]mRGHPLVWXUDGRDU
6XEVWLWXLQGR5SRUNJNJ:RSRUNJNJ8SRUEVH8I
SRUEVQDHTXDomRREWpPVH
:I NJNJ
3DVVR FiOFXORGDVWHPSHUDWXUDVILQDLVGRDUHGRSURGXWR
6XEVWLWXLQGR:RSRUNJNJ7HSRUR&:ISRUNJNJ
5 SRU NJNJ FS SRU NFDONJR& 8 SRU EV H '/ SRU
NFDONJQDHTXDomRREWpPVH
7I R&H7JI R&
3DVVR FiOFXORGDXPLGDGHUHODWLYDGHVDtGDGDFDPDGD
6XEVWLWXLQGR7HSRUR&QDHTXDomRREWpPVH3YV PP+J
$ XPLGDGH UHODWLYD GR DU GHWHUPLQDGD SDUD 3YV PP+J :R
NJNJ H3DWP PP+JSRUPHLRGDHTXDomRp
85
3DVVR FRQFOXVmR
&RPR D XPLGDGH UHODWLYD GR DU p LQIHULRU D R SRQWR GH HVWDGR p
H[HTtYHO3RUWDQWRQmRKiQHFHVVLGDGHGHID]HUQRYREDODQoRGHHQHUJLD
6LPXODomRSDUDXPD&DPDGD(VSHVVD
(QWHQGLGR R SURFHGLPHQWR SDUD R FiOFXOR GDV YDULDo}HV RFRUULGDV QD
VHFDJHP GH XPD FDPDGD ILQD SDUD SHTXHQRV LQFUHPHQWRV GH WHPSR ILFD IiFLO
HQWHQGHU D VLPXODomR GD VHFDJHP HP FDPDGD HVSHVVD VHMDP HODV IL[DV RX HP
PRYLPHQWR
D &DPDGD)L[D
3DUDVLPXODUD VHFDJHPGH XPD FDPDGD IL[D GLYLGHVH D PDVVD GH JUmRV
HPYiULDVFDPDGDVILQDVHFRQVHFXWLYDPHQWHFDOFXODPVHWDQWRDVYDULDo}HVTXH
RFRUUHPQDWHPSHUDWXUDHXPLGDGHGRDUjPHGLGDTXHHVWHYDLSDVVDQGRGHXPD
6HFDJHPH$UPD]HQDJHPGH3URGXWRV$JUtFRODV
&DStWXOR(VWXGRGD6HFDJHPHP&DPDGD(VSHVVD
FDPDGD SDUD RXWUD TXDQWR DTXHODV YDULDo}HV TXH RFRUUHP QR SURGXWR HP FDGD
FDPDGD$VLPXODomRpUHDOL]DGDSDUDSHTXHQRVLQWHUYDORVGHWHPSRDWpRSURGXWR
DWLQJLUDXPLGDGHGHVHMDGD
E&DPDGDHP0RYLPHQWR
7HRULFDPHQWHRVHFDGRUGHIOX[RVFUX]DGRVIXQFLRQDFRPRXPVHFDGRUHP
OHLWR IL[R 2 DU GH VHFDJHP HYDSRUD H WUDQVSRUWD D XPLGDGH GR SURGXWR SDUD R
PHLRH[WHULRU$WHPSHUDWXUDHDFDSDFLGDGHGHFDUUHDUiJXDGRDUYmRGLPLQXLQGR
jPHGLGDTXHRDUSDVVDSHODVFDPDGDV3DUDVLPXODUDVHFDJHPQHVVHVVHFDGRUHV
DGPLWHVHTXHQmRKiUHYROYLPHQWRGDPDVVDGH JUmRV $VVLP D PDVVDGH JUmRV
DSUHVHQWDVHFRPRFRPSRVWDSRUFDPDGDVPXLWRORQJDVTXHSDVVDPSHODFROXQD
GRVHFDGRUHFRPRDUIOXLQGRHPGLUHomRSHUSHQGLFXODUDHVWDVFDPDGDV
1XPVHFDGRUGHIOX[RVFRQFRUUHQWHVRDU HRSURGXWRHVFRDPQRPHVPR
VHQWLGR3DUDVLPXODUWDOVLVWHPDFRQVLGHUDVH DPDVVDGH JUmRV FRPRXPD VpULH
GH FDPDGDV ILQDV DWUDYpV GDV TXDLV SDVVD R DU 1RWDVH TXH D FDGD LQWHUYDOR GH
WHPSRQRYDFDPDGDHVWDUiHQWUDQGRQDSDUWHVXSHULRUGRVHFDGRU HXPDFDPDGD
HVWDUiVHQGRUHPRYLGDGRIXQGRGHVWH$VLPXODomRSDUDXPVHFDGRUFRQFRUUHQWH
IXQFLRQDQGRHPUHJLPHSHUPDQHQWHWRUQDVHIiFLOTXDQGRRLQFUHPHQWRGHWHPSR
'
'W p GHYLGDPHQWH HVFROKLGR 3DUD LVWR EDVWD ID]HU FRP TXH D FDPDGD TXH HVWi
QXPDSRVLomRLpVLPDQRWHPSRMpVLPRVHGHVORTXHSDUDDSRVLomRL pVLPD
QRWHPSRMpVLPR$VVLP'WGHYHVHULJXDOjHVSHVVXUDGDFDPDGDGLYLGLGD
SHODYHORFLGDGHGHGHVORFDPHQWRGRJUmRQRVHFDGRU
1XPVHFDGRUFRQWtQXRGHIOX[RVFRQWUDFRUUHQWHVRDUHRSURGXWRHVFRDP
HP VHQWLGRV RSRVWRV 1D VLPXODomR GHVVH SURFHVVR FRQVLGHUDVH TXH D PDVVD GH
JUmRVpIRUPDGDSRUXPJUXSRGHFDPDGDVILQDVDWUDYpVGDVTXDLVSDVVDRDU$
FDGD LQWHUYDOR GH WHPSR QRYD FDPDGD p FRORFDGD QD SDUWH VXSHULRU GR VHFDGRU
HQTXDQWRRXWUDpUHPRYLGDSHODSDUWHLQIHULRUGRVHFDGRU$VLPXODomRpIHLWDSRU
LWHUDo}HVSRUTXHDVFRQGLo}HVLQLFLDLVQmRVmRFRQKHFLGDV2SRQWRGHHVWDGRGR
DU QR WRSR GR VHFDGRU EHP FRPR R WHRU GH XPLGDGH H D WHPSHUDWXUD GD ~OWLPD
FDPDGD QmR VmR FRQKHFLGRV $ VLPXODomR FRQVLVWH QD DSUR[LPDomR GR UHJLPH
SHUPDQHQWHFDOFXODQGRVHDVYDULDo}HVGDXPLGDGHGRDUHGRSURGXWRTXDQGRR
DU SDVVD GH XPD FDPDGD SDUD RXWUD DSyV XP LQWHUYDOR GH WHPSR 'W LJXDO j
HVSHVVXUDGDFDPDGDGLYLGLGD SHOD YHORFLGDGH GR SURGXWR $VVLP WURFDQGRFDGD
FDPDGD GH SRVLomR H DGLFLRQDQGR XPD QRYD FDPDGD QR WRSR UHSHWHPVH RV
FiOFXORVDWpDVFRQGLo}HVWHQGHUHPSDUDRHVWDGRSHUPDQHQWH
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