Articulo - Trabajos de Grado | Ingeniería de Sistemas

Anuncio
&21&(3726%È6,&263$5$(/$/*25,702%6$
5(680(1
(VWH DUWtFXORSUHWHQGHLQWURGXFLU ORVFRQFHSWRVGHODUREyWLFDPyYLOVXVXWLOLGDGHV\DGHODQWRV
DGHPiVGHDEDUFDUORVSUREOHPDVGHQDYHJDFLyQGHQWURGHXQHVSDFLRFRQRFLGRDSULRULRQROD
SODQHDFLyQGHODWUD\HFWRULDV\GHQWURGHpVWHHOOOHQDGRGHUHJLRQHV6HPXHVWUDGHPDQHUDJHQHUDO
VROXFLRQHVDHVWH~OWLPRSUREOHPDWDOFRPRORVRQHODOJRULWPRGHFRQWUROLQGLUHFWR\HODOJRULWPR
GH]RQDVFRPSOHPHQWDULDV3RU~OWLPRVHSUHVHQWDQORVFRQFHSWRVEiVLFRVGHXQDQXHYDVROXFLyQ
TXHSURSRQHPRV%6$XQDOJRULWPRUHFXUVLYRTXHUHDOL]DUHFRUULGRVHQHVSLUDO\VHDSR\DHQOD
XWLOL]DFLyQGHXQPHFDQLVPRGHEDFNWUDFNLQJ
,QWURGXFFLyQ
'HVGHWLHPSRVDQWHULRUHVORVKXPDQRVKHPRVWHQLGRFXULRVLGDG\PXFKDH[SHFWDWLYDDQWH
OD SRVLELOLGDG GH FUHDU \ PDQHMDU YLGD DUWLILFLDO \ DVt PLVPR VREUH ORV VHUYLFLRV H
LPSOLFDFLRQHVTXHSXHGDWHQHUHQODVRFLHGDG3XHVELHQORVHVWXGLRV\DYDQFHVDOUHVSHFWR
VH KDQ UHDOL]DGR GHVGH PHGLDGRV GHO VLJOR ;9,,, DO SULQFLSLR VH JHQHUy FRQ ILQHV GH
GLYHUVLyQ SHUR OXHJR ORV FUHDWLYRV GH OD pSRFD HPSH]DURQ D YHU ODV GLVWLQWDV WDUHDV TXH
SXHGHHIHFWXDUXQHQWHDUWLILFLDOVHPLDXWyQRPRSHUPLWLHQGRXQDVPHMRUHVFRQGLFLRQHVGH
WUDEDMR
4XpOHSDUHFHUtDQRWHQHUTXHDVSLUDUVXFDVDSRUORV PHGLRVFRQYHQFLRQDOHV\HQFDPELR
WHQHUXQURERWTXHOHKLFLHUDWRGRHVHWUDEDMR"/RDQWHULRU\DHVSRVLEOH\HVWRHVSRUTXHVH
HVWiUHVROYLHQGRHOSUREOHPDGHEDUULGRGHVXSHUILFLHVHQHOFXDOVHHVSHUDUHFRUUHUWRGRHO
HVSDFLR FRQ XQ URERW HYDGLHQGR ORV SRVLEOHV REVWiFXORV 3DUD OR DQWHULRU VH UHTXLHUH XQ
DOJRULWPRHOFXDOGHEHDIURQWDUODVGLILFXOWDGHVGHXQEDMRFRVWRSDUDHOURERW\DODYH]OD
OLPLWDGD SHUFHSFLyQ GHO HVSDFLR TXH UHFLEHQ ORV VHQVRUHV GH ORV FXDOHV QHFHVLWD SDUD
UHFRQRFHUVXDPELHQWH7DPELpQSRUVHUHOURERWXQDHVWUXFWXUDUtJLGDWLHQHVXVOLPLWDQWHV
FRPR OR HV HO PRYLPLHQWR 3DUD PDQHMDU WRGR OR DQWHULRU HO DOJRULWPR GHVDUUROODGR GHEH
VHUUREXVWR\SHUPLWLUODIiFLOLQFOXVLyQGHPHFDQLVPRVGHPDQHMRGHODLQFHUWLGXPEUH
3RU PHGLR GH DOJRULWPRV DSOLFDGRV D OD UREyWLFD PyYLO HV SRVLEOH OOHJDU D VROXFLRQDU
SUREOHPDV FRPR HO DQWHV GHVFULWR DSOLFDQGR GLIHUHQWHV HVWUDWHJLDV FRPR OD GLYLVLyQ GHO
HVSDFLR HQ UHJLRQHV TXH VHDQ GH IiFLO UHFRUULGR X RULHQWDU HO PRYLPLHQWR GHO URERW KDFLD
HVSDFLRV QR UHFRUULGRV LQWHQWDGR FRQ HVWR TXH VH SLVH WRGD HO iUHD D EDUUHU %6$ HV XQD
QXHYDHVWUDWHJLDTXHEDVDVXIXQFLRQDPLHQWRHQUHFRUULGRVHQIRUPDGHHVSLUDO(ODOJRULWPR
VH FRPSOHPHQWD FRQ XQ PHFDQLVPR GH EDFNWUDNLQJ HO FXDO SHUPLWH YROYHU D ]RQDV GH
DQWHULRUH[SORUDFLyQFXDQGRH[LVWHODQHFHVLGDGGHFRPSOHWDUXQiUHDPiVSHTXHxDGHpVWD
IRUPDHYLWDHOSDVDUSRUHOPLVPRSXQWRUHSHWLGDVYHFHV
(Q HVWH GRFXPHQWR VH UHDOL]D OD FRPSLODFLyQ GH ORV FRQFHSWRV QHFHVDULRV SDUD OD
JHQHUDFLyQ\FRQFHSWXDOL]DFLyQGHXQQXHYRDOJRULWPR%6$SDUDHOSUREOHPDGHEDUULGRGH
VXSHUILFLHVGHQWURGHODUREyWLFDPyYLOPXHVWUDHQIRUPDJHQHUDOXQDUiSLGDLQWURGXFFLyQD
%6$%DFNWUDFNLQJ6SLUDO$OJRULWKP
ODUREyWLFD\ODVDSOLFDFLRQHVHQODVFXDOHVVHXVDDGHPiVGHORVSUREOHPDVUHSUHVHQWDWLYRV
GHQWUR GH HVWH FDPSR \ ODV VROXFLRQHV D HVWRV FRPR OR VRQ ORV DOJRULWPRV GH ]RQDV
FRPSOHPHQWDULDV$=&\GHFRQWUROLQGLUHFWR$&,
5REyWLFD0yYLO
&RQ HO SDVR GHO WLHPSR HO HVWXGLR GH OD UREyWLFD FDPELy HO SDUDGLJPD GHO JXVWR SRU OD
FUHDFLyQ \ OD LQGXVWULD SDUD VHU XQD FLHQFLD TXH HVWXGLD OD GLYHUVLGDG GH DSOLFDFLRQHV \
FRPSRUWDPLHQWRVGHXQREMHWRPyYLOFRQPLUDVDVHUDXWyQRPR
/D UREyWLFD PyYLO VH YLYHQFLD GHQWUR GH OD LQGXVWULD SRU PHGLR GH EUD]RV PHFiQLFRV TXH
DJLOL]DQ OD UHDOL]DFLyQ GH WUDEDMRV UXWLQDULRV \ QR VRODPHQWH HVWR WLHQH WDPELpQ OD
SRVLELOLGDGGHUHDOL]DUWDUHDVFRPXQHVFRPROLPSLDUXQDVXSHUILFLHUHFRJHUSHORWDVGHOSLVR
R UHDOL]DU WUDEDMRV FRPSOHMRV HQ ORV FXDOHV HVWiQ LQYROXFUDGDV YLGDV KXPDQDV FRPR SRU
HMHPSORGHWHFFLyQGHERPEDV
/D UHDOL]DFLyQ GH HVWDV WDUHDV LPSOLFD OD UHVROXFLyQ GH GLIHUHQWHV SUREOHPDV FRPR OR VRQ
¢FyPR LU GH XQ SXQWR D RWUR" ¢'yQGH HVWR\" ¢FyPR OOHJR DO SXQWR" HVWDV SUHJXQWDV VH
UHVXPHQ HQ ORV SUREOHPDV GH ORFDOL]DFLyQ FDUWRJUDItD SODQLILFDFLyQ GH WDUHDV \ GH
WUD\HFWRULDV /DV VROXFLRQHVD HVWRV SUREOHPDVVHUHDOL]DFRQODD\XGD GHORVVHQVRUHVORV
FXDOHV SURSRUFLRQDQ DO URERW OD LQIRUPDFLyQ QHFHVDULD GH VX HQWRUQR SDUD DVt WRPDU
GHFLVLRQHV\GHDFWXDGRUHVPRWULFHVTXHVRQHOPHGLRSDUDGHVSOD]DUVH
&RQFHSWRV%iVLFRV
/D5REyWLFDHVODFRQH[LyQLQWHOLJHQWHGHODSHUFHSFLyQDODDFFLyQ>%5$@FRQVLVWHHQHO
GLVHxR GH VLVWHPDV DFWXDGRUHV GH ORFRPRFLyQ PDQLSXODGRUHV VLVWHPDV GH FRQWURO
VHQVRUHV IXHQWHV GH HQHUJtD VRIWZDUH GH FDOLGDG WRGRV HVWRV VXEVLVWHPDV WLHQHQ TXH VHU
GLVHxDGRVSDUDWUDEDMDUFRQMXQWDPHQWHHQODFRQVHFXFLyQGHODWDUHDGHOURERW>/((@
(QORVDxRVGDGDODVLWXDFLyQGHSHOLJURTXHHQIUHQWDEDODYLGDKXPDQDDOH[SRQHUVHD
UDGLDFLRQHV QXFOHDUHV VH YLR OD QHFHVLGDG GH FUHDU URERWV WHOHRSHUDGRV SRU PHGLR GH ORV
FXDOHVVHKDFtDHOPDQWHQLPLHQWRDGLVWDQFLDGHORVUHDFWRUHVGHDTXtQDFHODWHOHRSHUDFLyQ
OD FXDO KR\ HQ GtD VH XVD HQ YDULRV FDPSRV FRPR OD GHVDFWLYDFLyQ GH ERPEDV DSDJDU
LQFHQGLRV\MXHJRVHQWUHRWURV/XHJRVHSUHVHQWDODRSRUWXQLGDGHQHOFDPSRLQGXVWULDOHO
FXDOEXVFDEDRSWLPL]DUWRGRVVXVSURFHVRV\PHMRUDUODFDOLGDGGHORVSURGXFWRVIDEULFDGRV
(QWUH ORV URERWV LQGXVWULDOHV VH SXHGHQ HQFRQWUDU PDQLSXODGRUHV ORV FXDOHV UHDOL]DEDQ
WDUHDVHVSHFtILFDVGHSLQWXUD VROGDGXUD\HQVDPEOHFRQXQDDOWDSUHFLVLyQPHMRUDQGRDVtOD
FDOLGDGGHODPDQXIDFWXUD
/RV URERWV PyYLOHV HVWiQ SURYLVWRV GH SDWDV UXHGDV X RUXJDV TXH ORV FDSDFLWDQ SDUD
GHVSOD]DUVH GH DFXHUGRVX SURJUDPDFLyQ (ODERUDQODLQIRUPDFLyQTXHUHFLEHQDWUDYpVGH
VXV SURSLRV VLVWHPDV GH VHQVRUHV \ VH HPSOHDQ HQ GHWHUPLQDGR WLSR GH LQVWDODFLRQHV
LQGXVWULDOHV VREUH WRGR SDUD HO WUDQVSRUWH GH PHUFDQFtDV HQ FDGHQDV GH SURGXFFLyQ \
DOPDFHQHV7DPELpQVHXWLOL]DQURERWVGHHVWHWLSRSDUDODLQYHVWLJDFLyQHQOXJDUHVGHGLItFLO
DFFHVRRPX\GLVWDQWHVFRPRHVHOFDVRGHODH[SORUDFLyQHVSDFLDO\ODVLQYHVWLJDFLRQHVR
UHVFDWHVVXEPDULQRV
/D UREyWLFD PyYLO TXH QDFLy GH OD LQYHVWLJDFLyQ TXH VH SURGXMR HQ ODV XQLYHUVLGDGHV
DSR\DGDHQODLQWHOLJHQFLDDUWLILFLDOVHGLIHUHQFLDGHODWHOHRSHUDFLyQ\DTXHHVDXWyQRPD
&RPHQ]y HQ DPELHQWHV GH LQWHULRUHV FRQ WDUHDV EiVLFDV FRPR OR VRQ DSR\R GH WDUHDV GH
YLJLODQFLD DSR\R WiFWLFR \ WUDQVSRUWH GH SLH]DV (Q H[WHULRUHV OR HPSOHDURQ ORV PLOLWDUHV
SDUD KDFHU GLVSDURV UHPRWRV H[SORUDFLyQ GH WHUUHQRV WUDEDMRV ULHVJRVRV FRPR OR VRQ HO
PDQHMR GH IXHJR \ PXQLFLyQ WUDQVSRUWH GH PDWHULDOHV SDWUXOODMH HWF >0(7@ \ HQ HO
HVSDFLRFRPRORIXHSDWKILQGHU>1$6$@
6HQVRUHV
8QR GH ORV SULQFLSDOHV SUREOHPDV D ORV TXH VH DIURQWD XQ URERW PyYLO HV OD QHFHVLGDG GH
LQWHUDFWXDU FRQ HO PHGLR ItVLFR HVWH WLSR GH FRQVLGHUDFLRQHVGHEHQVHUWRPDGDVHQ FXHQWD
SDUDHOGLVHxRDODVROXFLyQGHFXDOTXLHUWLSRGHSUREOHPDHQODUREyWLFDPyYLOORVVHQVRUHV
VRQ OD IRUPD GH FRPXQLFDFLyQ GHO URERW FRQ VX DPELHQWH \ VRQ OD IRUPD GH DIURQWDU OD
LQFHUWLGXPEUH HQ OD FXDO VH HQFXHQWUDXQ URERW DO LQLFLR GH VXV WDUHDV SRGHPRV HQFRQWUDU
GLIHUHQWHV WLSRV GH VHQVRUHV GHSHQGLHQGR OD QHFHVLGDG HVSHFtILFD GH OD WDUHD D HMHFXWDU
EDVDQ VX IXQFLRQDPLHQWR HQ WpFQLFDV GH QDYHJDFLyQ FRQRFLGDV KDVWD OOHJDU D WpFQLFDV
DYDQ]DGDVDSR\DGDVHQODYLVyQDUWLILFLDO
(QWUHORVGLIHUHQWHV WLSRVGH VHQVRUHV VH HQFXHQWUDQ SRU HMHPSOR VHQVRUHVGH QDYHJDFLyQ
GH SUR[LPLGDG \ SRU PHGLR GH pVWRV VH SXHGH DIURQWDU SUREOHPDV FRPR GLVWDQFLDV
UHFRUULGDVSRVLFLRQDPLHQWRHQHOHVSDFLRHWF/RVVHQVRUHVDFWXDOPHQWHXWLOL]DGRVVRQORV
RGyPHWURV TXH PLGHQ GLVWDQFLDV UHFRUULGDV SRU PHGLR GH PpWRGRV PHFiQLFR ySWLFRV ORV
FXDOHV SUHVHQWDQ XQD UHJXODU DSUR[LPDFLyQ HQ VXV PHGLFLRQHV GHSHQGLHQGR GH PXFKRV
IDFWRUHVORVFXDOHVHOPHGLRGHWHUPLQDORVVHQVRUHVGHFRQWDFWRXWLOL]DGRVFRPRVHQVRUHV
GH DSUR[LPDFLyQ ORV FXDOHV DO VHU WRFDGRV FRQ DOJXQD VXSHUILFLH SUHVHQWDQ UHVSXHVWD VRQ
XWLOL]DGRV SULPRUGLDOPHQWH DO DFHUFDUVH D OtPLWHV GHO DPELHQWH FRPR OR VRQ PXURV X
REVWiFXORVHQJHQHUDO\ORVWHOpPHWURVTXHLQIRUPDQVREUHGLVWDQFLDVKDVWDXQSXQWRHQHO
HVSDFLRpVWRV~OWLPRVXWLOL]DGRVFRQWpFQLFDVDGHFXDGDVSXHGHQUHHPSOD]DUIiFLOPHQWHDXQ
RGyPHWUR R D VHQVRUHV GH FRQWDFWR DGHPiV VRQ FDSDFHV GH UHDOL]DU WpFQLFDV GH
WULDQJXODFLyQ SDUD GHWHUPLQDU OD SRVLFLyQ H[DFWD HQ XQ DPELHQWH SUHVHQWDQ PHQRV
LQFHUWLGXPEUHHQVXVPHGLFLRQHVORFXDOHV~WLOSDUDWDUHDVGHPD\RUSUHFLVLyQ>(9(@
9HFWRU7HPiWLFR
6HREVHUYDFODUDPHQWHTXHODUREyWLFDPyYLOQRVRORGHSHQGHGHOVRIWZDUHRKDUGZDUHVLQR
WDPELpQGHGLYHUVDViUHDVFRPRORVRQFRPXQLFDFLRQHVDUTXLWHFWXUDGHFRQWUROVHQVRUHV\
YLVLyQ LQWHOLJHQFLD DUWLILFLDO VLVWHPDVGH WLHPSR UHDO PHFiQLFDHQWUHRWURVGHORVFXDOHV
QDFH \ VH DSR\DEXVFDQGR XQD QXHYD DOWHUQDWLYD D SUREOHPDV FRPXQHV GH OD LQGXVWULD VH
SUHWHQGHGDUDUHDOL]DUGLYHUVDVWDUHDVDORVURERWVORVFXDOHVWLHQHQYHQWDMDVVREUHVDOLHQWHV
VREUH HO WUDEDMR KXPDQR R HQ ORV FXDOHV HV LPSRVLEOH UHDOL]DUORV GHELGR DO SHOLJUR
UHSUHVHQWDWLYR SDUD OD YLGD KXPDQD FDEH UHVDOWDU DTXt HO FRQWURO GH FDOLGDG UHDOL]DGR HQ
SODQWDV GH HQVDPEODMH D QLYHO PXQGLDO R ORV \D FRQRFLGRV SHOLJURV UHSUHVHQWDGRV HQ HO
PDQWHQLPLHQWRGHXQUHDFWRUQXFOHDUSRUHMHPSOR
352%/(0$6'(1752'(/$52%Ï7,&$0Ï9,/
/DUREyWLFD PyYLOGHEHFRQWHQGHUGLVWLQWRVSUREOHPDVFRPRORVVRQODORFDOL]DFLyQGHQWUR
GHXQHVSDFLRQRFRQRFLGRGRQGHHOREMHWLYRHVHQFRQWUDUODSRVLFLyQGHOURERWGHQWURGH
XQ HVSDFLR OD FRQVWUXFFLyQ GH XQ PDSD GHO HVSDFLR VLQ FRQRFLPLHQWR D SULRUL HVWD
FRQVWUXFFLyQ VH UHDOL]D D PHGLGD TXH HO URERW VH PXHYH SRU HO HVSDFLR \ SRU ~OWLPR OD
SODQLILFDFLyQ GH WUD\HFWRULDV GRQGH HO REMHWLYR HV OOHYDU DO URERW GH XQ SXQWR D RWUR
HVTXLYDQGRORVREVWiFXORV
(O REMHWLYR SULQFLSDOGHODQDYHJDFLyQHVOOHYDUDOURERW GHXQSXQWRDRWURLQGHSHQGLHQWH
GHOPHGLRHQTXHVHHQFXHQWUH\HYLWDQGRFXDOTXLHUFODVHGHREVWiFXORV&DEHGHFLUTXHHO
URERWVHGHEHRULHQWDUHQHOHVSDFLRXWLOL]DQGRVHQVRUHVSRUHMHPSOR\DSDUWLUGHDKtHOHJLU
ODUXWDDGHFXDGDSDUDSRGHUOOHJDUD VXGHVWLQR
/D QDYHJDFLyQ VH H[SUHVD D WUDYpV GH SUHJXQWDV IXQGDPHQWDOPHQWH ¢GyQGH HVWR\" ¢D
GyQGH YR\" \ ¢FyPR SXHGR OOHJDU" FDGD XQD GH OD DQWHULRUHV KDFH UHIHUHQFLD
UHVSHFWLYDPHQWHDORFDOL]DFLyQSODQLILFDFLyQGHWDUHDV\SODQLILFDFLyQGHODWUD\HFWRULD
/RFDOL]DFLyQ
(VWH HV RWUR DVSHFWR LPSRUWDQWH DO PRPHQWR GHO GLVHxR GH VROXFLRQHV D ORV SUREOHPDV GH
UREyWLFD PyYLO HV LPSRUWDQWH HQ WRGR PRPHQWR &RQVLVWH HQ FRQRFHU ODV FRRUGHQDGDV
UHVSHFWR D DOJ~Q VLVWHPD GH UHIHUHQFLD ILMR FRPR OR HV SRU HMHPSOR ORV PHULGLDQRV R
DOJ~QVLVWHPDGHUHIHUHQFLDORFDOSRUHMHPSORXQSRVWHGHFRQRFLGDSRVLFLyQ(VWHWLSRGH
SUREOHPDVGHEHQHQIUHQWDUVHFRQODD\XGD GHVHQVRUHV\WpFQLFDVDGHFXDGDVGHQDYHJDFLyQ
FRPR OR VRQ PHGLFLyQGHGLVWDQFLDVGLIHUHQFLDVHQRQGDVGHUDGLRDPSOLWXGGHRQGDV\
WULDQJXODFLyQ TXH LQFOX\H XQD FRPELQDFLyQ GH PHGLFLyQ GH GLIHUHQFLDV GH WLHPSR HQWUH
RQGDV \ DPSOLWXG GH ODV PLVPDV /D ORFDOL]DFLyQ WRPD LPSRUWDQFLD HQ OD UREyWLFD PyYLO
GHELGR D VX PLVPD QDWXUDOH]D PyYLO \D TXH pVWD HV OD KHUUDPLHQWD EiVLFD GH
SRVLFLRQDPLHQWRHQHODPELHQWHHQHOFXDOVHGHVHQYXHOYHHOURERW
/DORFDOL]DFLyQVHSXHGHGLYLGLUHQIDURVDFWLYRVFRPRORVRQODVHVWUHOODVXQFRQMXQWRGH
IDURVHQHORFpDQRHQWUHRWURV\ORVQXHYRVVLVWHPDVWHFQROyJLFRVTXHEULQGDQPHMRUJUDGR
GHSUHFLVLyQ\DOFDQFHGHELGRDDGHODQWRVFRPRUDGLRIUHFXHQFLDVOiVHUHWFKDVWDLQFOXVR
JDUDQWL]DODSRVLELOLGDGGHFRQRFHUVXSRVLFLyQHQFXDOTXLHUULQFyQGHODWLHUUDFRPRORKDFH
HOVLVWHPDGHSRVLFLRQDPLHQWRJOREDO*36
*36HVXQVLVWHPDTXHUHDOL]DWULDQJXODFLRQHVGHRQGDVGHUDGLRSURYHQLHQWHVGHXQJUXSR
GHVDWpOLWHVTXHRUELWDQODWLHUUDpVWRVWLHQHSRVLFLRQHVFRQRFLGDV\HQFRQMXQWRFRQXQDDOWD
FRRUGLQDFLyQFRQHOLQVWUXPHQWRUHFHSWRUVHSXHGHVDEHUODSRVLFLyQFRQH[DFWLWXGGHKDVWD
XQ SLH GH KROJXUD ([LVWHQ RWURV VLVWHPDV FRPR ORV GHVDUUROODGRV SRU OD LQGXVWULD PLOLWDU
TXHEDVDQVXIXQFLRQDPLHQWRHQPHGLFLRQHVDSXQWRVILMRVHQHODPELHQWHFRPRHPLVRUHVGH
RQGDVGHUDGLR>%25@
$ SHVDU GH OD YDULHGDG GH RSFLRQHV D~Q QR H[LVWH XQD VROXFLyQ JHQHUDO \ HOHJDQWH D HVWH
SUREOHPD SXHV WRGDV SUHVHQWDQ WpFQLFDV GLIHUHQWHV TXH GHEHQ VHU XVDGDV GHSHQGLHQGR OD
WDUHD D GHVDUUROODU HV GHFLU OD SUHFLVLyQ TXH VH UHTXLHUH \ ORV UHFXUVRV GLVSRQLEOHV DO
SUR\HFWRSHURHQFXDOTXLHUFDVRGHEHVHUWHQLGDHQFXHQWDSDUDSRGHUVRUWHDUFRQp[LWRHVWH
WLSRGHSUREOHPDVTXHSUHVHQWDQ
3ODQLILFDFLyQGH7DUHDV
6H HQFDUJD GH GHFLGLU TXp DFFLRQHV \ HQ TXp RUGHQ VH KDQ GH UHDOL]DU SDUD FRPSOHWDUXQD
PLVLyQ \D TXH OD FRQVHFXFLyQ GH FXDOTXLHU REMHWLYR UHTXLHUH VX GLYLVLyQ HQ SHTXHxDV
VXEWDUHDVTXHVHYD\DQHMHFXWDQGRKDVWDORJUDUHOREMHWLYRFHQWUDO
/D SODQLILFDFLyQ GH WDUHDV UHTXLHUH XQ PD\RU QLYHO GH UD]RQDPLHQWR \ FDSDFLGDG GH
SODQHDFLyQ SDUD DVt HVWDEOHFHU XQ SODQLILFDGRU GH PRYLPLHQWR 8Q SODQLILFDGRU GH WDUHDV
UHSUHVHQWD XQD WDUHD XVDGR FRQVWUXFFLRQHV GH REMHWRV ODV FXDOHV FRQWLHQH DOJR GH
LQIRUPDFLyQDFHUFDGHODJHRPHWUtDDFWXDOGHOREMHWR\ODUHODFLyQHQWUHpVWRV3RUPHGLRGH
OD FRQMXQFLyQ GH HVWD LQIRUPDFLyQ VH SXHGH HVWDEOHFHU OD PHMRU PDQHUD GH RUJDQL]DU ODV
DFFLRQHVDHMHFXWDU
3ODQLILFDFLyQGHWUD\HFWRULDV
(OREMHWLYRGHODSODQLILFDFLyQGHODWUD\HFWRULDHVODJHQHUDFLyQDXWRPiWLFDGHODVDFFLRQHV
QHFHVDULDV SDUD TXH HO URERW VH GHVSODFH HQWUHGRV SRVLFLRQHVFXDOTXLHUD GH VX HQWRUQR GH
WUDEDMR VLQ FRQWUDWLHPSRV WDOHV FRPR OD FROLVLyQ FRQ REVWiFXORV (O SUREOHPD GH OD
SODQLILFDFLyQVHSODQWHDGHPDQHUDGLIHUHQWHVHJ~QTXHVHGLVSRQJDRQRSUHYLDPHQWHDOD
HMHFXFLyQGHOPRYLPLHQWRGHXQPRGHORGHOHQWRUQRGHWUDEDMRGHOURERW>$/9@
3/$1,),&$&,Ï1'(75$<(&725,$6
7HQLHQGRXQFRQRFLPLHQWRDSULRULGHOFDPSRDUHFRUUHUVHSXHGHHVWDEOHFHUXQFiOFXORGH
OD WUD\HFWRULD SDUDLU GH XQ SXQWR D RWUR\DVtHVWDEOHFHUODPHMRUUXWDHVWRVHUHDOL]D SRU
PHGLR GH DOJRULWPRV JOREDOHV ORV FXDOHV WLHQHQ HQ FXHQWD WRGD OD LQIRUPDFLyQ VREUH HO
HQWRUQRGHWUDEDMRDWUDYpVGHXQPDSDSUHYLRGHOPLVPR>$/9@&XDQGRQRVHWLHQHXQ
FRQRFLPLHQWR D SULRUL XQD VROXFLyQ HV UHDOL]DU XQ UHFRQRFLPLHQWR SUHYLRGHOWHUUHQRHVWR
SRUPHGLRGHXQUHFRUULGRSUHOLPLQDUSDUDDVtFUHDUXQPDSDGHOURERW\OXHJRDSOLFDUORV
GLVWLQWRV DOJRULWPRV SDUD OD SODQLILFDFLyQ GH OD WUD\HFWRULD D VHJXLU /D RWUD RSFLyQ HV
UHDOL]DUODSODQLILFDFLyQFRQODLQIRUPDFLyQOLPLWDGDGDGDSRUORVVHQVRUHVDPHGLGDTXHVH
UHDOL]DHOUHFRUULGRGHOHVSDFLR
/D SODQLILFDFLyQ GHO PRYLPLHQWR GH XQ URERW PyYLO WLHQH TXH DWHQGHU GRV DVSHFWRV GH
GLIHUHQWHQDWXUDOH]DXQRJHRPpWULFR\RWURGHFRQWURO(OJHRPpWULFRWLHQHTXHYHUFRQODV
GLPHQVLRQHV GHO URERW \ ORV REVWiFXORV \ VX VROXFLyQ SURSRUFLRQD XQD VHFXHQFLD GH
SRVLFLRQHVGHOPyYLOHQHOHVSDFLRGHWUDEDMRXQLHQGRODVSRVLFLRQHVLQLFLDOHV\ILQDOHVHV
GHFLUXQDWUD\HFWRULD(OSUREOHPDGHFRQWUROVHHQIUHQWDFRQODVUHVWULFFLRQHVGHPDQLREUD
GHO URERW \ VX VROXFLyQ GHEHUi SURSRUFLRQDU ODV UHIHUHQFLDV D ORV DFWXDGRUHV GHO URERW
QHFHVDULDVSDUDVHJXLUODWUD\HFWRULDJHRPpWULFDDQWHULRU>$/9@
%$55,'2'(683(5),&,(6
$ PHGLGD TXH SDVD HO WLHPSR VH KD YLVWR OD QHFHVLGDG TXH ORVURERWV UHDOLFHQ EDUULGRV GH
H[SORUDFLyQGHGLVWLQWDVVXSHUILFLHVFRQRVLQREVWiFXORVORFXDOHV~WLOHQODUHDOL]DFLyQ
GHGHWHUPLQDGDVWDUHDVDVSLUDUOLPSLDUSLQWDUHQWUHRWUDV
(VDTXtGRQGHVXUJHODLQTXLHWXGGHFyPRUHDOL]DUHOUHFRUULGRGHXQDVXSHUILFLHGHPDQHUD
HILFLHQWHWHQLHQGRHQFXHQWDYDULDEOHVFRPRQ~PHURGHJLURVYHORFLGDGWLHPSRFRQVXPR
GHHQHUJtDHWF
(VWH ~OWLPR SUREOHPD HV HQ HO FXDO VH FHQWUD OD LQYHVWLJDFLyQ VH KDQ HQFRQWUDGR
EiVLFDPHQWHGRVVROXFLRQHVTXHVRQHODOJRULWPRGHFRQWUROLQGLUHFWR$&,\HODOJRULWPRGH
]RQDVFRPSOHPHQWDULDV
$OJRULWPRGH&RQWURO,QGLUHFWR$&,
(VWH DOJRULWPR DEDUFD OD VROXFLyQ GH FXDWUR SUREOHPDV EiVLFRV HQ OD UREyWLFD ORV FXDOHV
VRQ HO FXEULPLHQWR GH XQ iUHD \ HO SUREOHPD GH E~VTXHGD HQ XQ DPELHQWH GHWHUPLQDGR
FDGD XQR GH pVWRV HQ WHUUHQRV FRQRFLGRV \ GHVFRQRFLGRV SDUD HO URERW (O SUREOHPD GH
FXEULPLHQWR GH XQ iUHD UHTXLHUH TXH HO URERW SDVH D WUDYpV GH WRGDVODVSDUWHVGHO WHUUHQR
TXHHVWpQOLEUHVGHREVWiFXORV\HOSUREOHPDGHE~VTXHGDWLHQHQFRPRREMHWLYRTXHHOURERW
HQFXHQWUHXQREMHWLYR HVSHFtILFRHQHODPELHQWH
3DUD FXDOTXLHU SUREOHPD GH FXEULPLHQWR R GH E~VTXHGD VH WLHQHQ GRV YDULDQWHV \D
H[SOLFDGDV HO WHUUHQR FRQRFLGR GRQGH HQ IRUPD D SULRUL VH VDEH OD SRVLFLyQ H[DFWD GH
REVWiFXORV HQ HO WHUUHQR R HO WHUUHQR GHVFRQRFLGR GRQGH HO URERW HQ WLHPSR UHDO UHDOL]D
H[SORUDFLyQGHOWHUUHQRSDUDLUIRUPDQGRXQPDSDGHVXDPELHQWH\DVXYH]UHDOL]DODWDUHD
SURSXHVWD
6XQRPEUHGHULYDGHODIRUPDHQTXHOOHYDDFDERVXVWDUHDV\DTXHHODOJRULWPRQRFDOFXOD
ODSUy[LPDUXWDDWRPDURQRGHWHUPLQDHOGHVWLQRGHOURERWSHURHQFDPELRFRORFDFRVWRVD
OR ODUJR GHO FDPLQR TXH HO URERW WRPD SDUD GH pVWD IRUPD HQ IRUPD LQGLUHFWD PRYHU HO
URERW\WHUPLQDUHMHFXWDQGRVXREMHWLYR
$&,UHDOL]DODVVLJXLHQWHVVXSRVLFLRQHVFRPRUHTXLVLWRVSDUDVXIXQFLRQDPLHQWR
x /RV OtPLWHV GHO WHUUHQR VRQ FRQRFLGRV SRU HO URERW HQ WpUPLQRV GH GLVWDQFLD
UHODWLYDDVXSRVLFLyQLQLFLDO
x 6HDVXPHTXHWLHQHODFDSDFLGDGGHUHFRQRFHUREVWiFXORV\FDOFXODUODGLVWDQFLD
KDVWDHOORV
x (O URERW HV FDSD] GH UHFRQRFHU HO REMHWLYR FXDQGR OR WLHQH HQ OtQHD GLUHFWD GH
YLVLyQSDUDHOFDVRGHE~VTXHGDGHREMHWLYRV
/DHVWUDWHJLDXWLOL]DGDSRU$&,VHGLYLGHHQWUHVSDUWHVIXQGDPHQWDOHVTXHVRQHODOJRULWPR
EDVHDGHODQWDUVHHQHOHVSDFLR\DGHODQWDUVHHQHOWLHPSRDQWHVGHLQLFLDUODVWUHVVHVLRQHV
GHODOJRULWPR HV QHFHVDULR XQD GLYLVLyQ GHO WHUUHQR HQFHOGDVODVFXDOHVVRQGHLJXDOiUHD
TXHHOWDPDxRGHODEDVHGHOURERW\TXHVRQEDVHIXQGDPHQWDOGH$&,
$/*25,702%$6(
(VWHSDVRHVHOTXHJDUDQWL]D\DVHDXQFRPSOHWRFXEULPLHQWR RXQDE~VTXHGDFRPSOHWDGHO
REMHWLYRVHGLYLGHHQWUHVRSHUDFLyQTXHVRQ
,QFUHPHQWDUHOFRVWRGHODFHOGDDFWXDOFHOGDGRQGHVHHQFXHQWUDHQD
5HYLVDU FHOGDV YHFLQDV SDUD GHWHUPLQDU HO PtQLPR FRVWR GH GLUHFFLyQ HQ FXDO
YLDMDU
(VFRJHUODGLUHFFLyQGHDFXHUGRDODSULRULGDG
$'(/$17$56((1(/(63$&,2
$TXtVHXWLOL]DLQIRUPDFLyQGLVSRQLEOHORODUJRGHODVFHOGDVGHODOtQHDGHYLVyQGHOURERW
ODLGHDSULQFLSDOHVGHVFDUWDUHVDVFHOGDVVL\DIXHURQFXELHUWDVHVGHFLUVHSHQDOL]DQGDQGR
XQYDORUDGLFLRQDOORFXDOKDFHTXHHOURERWGHVFDUWHHVWDGLUHFFLyQSRUPHGLRGHORVSXQWRV
\GHODSULPHUIDVHDOJRULWPREDVH2WURWLSRGHLQIRUPDFLyQGLVSRQLEOHHVODGLVWDQFLD
D REVWiFXORV R OtPLWHV GHO WHUUHQR \ VH WUDWD GH OOHYDUDO URERW KDFLD HVWRV VLWLRVGH IRUPD
TXH VH FXEUDQ UHJLRQHV SHTXHxDV GHO DPELHQWH DQWHV GH OD UHJLRQHV PD\RUHV (VWH
SURFHGLPLHQWRVHUHDOL]DSRUPHGLRGHFXDWURSDVRVEiVLFRVTXHVRQORVVLJXLHQWHV
,QFUHPHQWDUHOFRVWRGHODFHOGDDFWXDOHQD
$VLJQDUXQFRVWR E DODGLUHFFLyQVLWRGDVODVFHOGDVHQGLFKDGLUHFFLyQ\GHVGHOD
SRVLFLyQDFWXDOKDFLDHOREVWiFXORROtPLWH\DIXHURQFXELHUWDV
3UHJXQWDU D ODV FHOGDV YHFLQDV VXV YDORUHV SDUD GHWHUPLQDU HO PtQLPR FRVWR GH
GLUHFFLyQ GH YLDMH HVWR VH ORJUD SRU PHGLR GH OD VLJXLHQWH IXQFLyQ
FRVWRBGHBGLUHFFLyQ FRVWRBGHBFHOGD E FRVWRBGHBGLUHFFLyQ
(VFRJHUODGLUHFFLyQTXHOOHYHDOURERWKDFLDORVOtPLWHVXREVWiFXORVGHIRUPDPiV
UiSLGD
$'(/$17$56((1(/7,(032
(OREMHWLYRSULQFLSDOHVHOGHGDUXQDOWRFRVWRDXQD]RQD\DFXELHUWDGHpVWDIRUPDVHORJUD
TXHVHFRQYLHUWDHQXQREVWiFXOR\VHHYLWDUHSDVDUHQiUHD\DFXELHUWDSHUPLWLHQGRRULHQWDU
DOURERWKDFLD]RQDVDXQQRFXELHUWDVDGHPiVGHJDUDQWL]DUTXHHOURERWQRVHHVWDQTXHXQ
iUHDFHUUDGD\\DFXELHUWD
/DGLYLVLyQGH$&,HQHVWDVWUHVHWDSDVSHUPLWHXQPHMRUORJURGHVXVREMHWLYRVHQIRUPD
PiV UiSLGD \ HILFLHQWH DXQTXH VH ORJUD HO REMHWLYR VH YH TXH VH WLHQHQIDOHQFLDV HQ FDVRV
HVSHFtILFRV HQ TXH HV LQHYLWDEOH HO SDVR SRU FHOGDV \D YLVLWDGDV \ HO FRPSRUWDPLHQWR GHO
URERWVHYHDIHFWDGRSRUHVWHWLSRGHGHFLVLRQHV6LQHPEDUJRHODOJRULWPRSUHVHQWDVROXFLyQ
D FXDWUR SUREOHPDV VH PDQHMDQ SRFDV YDULDEOHV \ HVR D\XGD D XQD VLPSOH LPSODQWDFLyQ
VREUHURERWVPyYLOHV
$OJRULWPRGH=RQDV&RPSOHPHQWDULDV$=&
(O $=& FHQWUD VX REMHWLYR HQ HO SUREOHPD GH OOHQDGR GH UHJLRQHV DXQTXH SRU VX PLVPD
IRUPD GH FRQVWUXFFLyQ DEDUFD D VX YH] GRV SUREOHPDVTXHVRQODSODQHDFLyQGHFDPLQRV
FRQVLVWHHQHQFRQWUDUXQDWUD\HFWRULDOLEUHGHFROLVLRQHVHQWUHGRVSXQWRV\ODDGTXLVLFLyQ
GH WHUUHQR VX SULQFLSDO REMHWLYR HV HO GH JHQHUDU XQD WUD\HFWRULD TXH SHUPLWD DO URERW
DGTXLULUXQPRGHORFRPSOHWRGHXQDPELHQWHGHVFRQRFLGR
(ODOJRULWPRULJHVXFRPSRUWDPLHQWRSRUHOSULQFLSLRGHUHJLRQHVFRPSOHPHQWDULDVGRQGH
GLQiPLFDPHQWH VH HQFXHQWUDQ WRGDV ODV ]RQDV HOHPHQWDOHV GHVFRQRFLGDV TXH VRQ
FRPSOHPHQWDULDV D XQD ]RQD \D FRQRFLGD 3RU PHGLR GH H[SORUDFLyQ GHVGH ORV OtPLWHV GH
XQD]RQDVHSXHGHFRQRFHUODVQXHYDVUHJLRQHV\DTXt UHFXUVLYDPHQWHVHDSOLFDHOSULQFLSLR
DODVQXHYDV]RQDV
$=& UHDOL]D XQD GHVFRPSRVLFLyQ GHO WHUUHQR HQ FHOGDV GHO PLVPR WDPDxR TXH HO URERW
PDUFD WRGDV VXV FHOGDV LQLFLDOPHQWH FRPR GHVFRQRFLGDV \ D PHGLGD TXH HMHFXWD VX
UHFRUULGR ODV FHOGDV SXHGHQ WRPDU GLIHUHQWHV HVWDGRV FRPR OR VRQ YDFtR RFXSDGR R
SDUFLDOPHQWHRFXSDGR
%DVD VX HVWUDWHJLD GH QDYHJDFLyQ HQ GRV SDVRV LPSRUWDQWHV HO SULPHUROODPDGRHVWUDWHJLD
GHUHJLRQHVFRPSOHPHQWDULDVTXHGLYLGHHOHVSDFLRHQUHJLRQHVOLEUHVHOHPHQWDOHVTXHVRQ
GHILQLGDVGLQiPLFDPHQWHHVWRORORJUDSRUPHGLRGHORVVHQVRUHVUHDOL]DQGRH[SORUDFLRQHV
DWUDYpVGHODOODPDGDOtQHDEDVHTXHHVVXSULPHUUHFRUULGRGHVGHHOSXQWRLQLFLDOKDVWDHO
SULPHU REVWiFXOR HQFRQWUDGR HQ OtQHD UHFWD DTXt UHDOL]D H[SORUDFLRQHV FRQWLQXDV D VX
UHFRUULGRHQFRQWUDQGRQXHYDV]RQDVSDUDVHUUHFRUULGDVOODPDGDV]RQDVFDVWLOOR
8QD YH] UHDOL]R HO SULPHU UHFRUULGR VREUH OD OtQHD EDVH \ GHWHFWR ODV ]RQDV HOHPHQWDOHV
QXHYDV TXH VRQ DKRUD OODPDGDV UHJLRQHV HOHPHQWDOHV DVRFLDGDV UHDOL]D XQ SURFHGLPLHQWR
GHOOHQDGRGHpVWDUHJLyQHQIRUPDGH]LJ]DJH[SORUDQGRDVXYH]QXHYDV]RQDV6LVHOOHJD
D GHVFXEULU XQD QXHYD ]RQD HQWRQFHV VH GHWLHQH OD HMHFXFLyQ GHO SURFHVR GH OOHQDGR GH OD
]RQDPDHVWUD\VHHPSUHQGHHVWHPLVPRSURFHGLPLHQWRSDUDODQXHYD]RQDDVtDOILQDOL]DU
HVWD]RQDKLMDVHUHLQLFLDHOUHFRUULGRGHOD]RQDPDHVWUDHVWHSURFHGLPLHQWRVHUHSLWHKDVWD
OOHJDUDOSXQWRLQLFLDO
/DVHJXQGDHVWUDWHJLDGH$=&VHUHDOL]DFXDQGRODUHFXUVLyQGHXQDUHJLyQFRPSOHPHQWDULD
KDWHUPLQDGR\FRQVLVWHHQOOHQDUORVOtPLWHVGHORVREVWiFXORVORVFXDOHVSRUODIRUPDGHOD
JULOODQRIXHURQDOFDQ]DGRVHVWRVHORJUDSRUPHGLRGHOPDSDREWHQLGRHQVXUHFRUULGR
$O FXOPLQDU HO UHFRUULGR GH OD ]RQD SULPDULD VH UHJUHVD DO SXQWR LQLFLDO GRQGH HQ HVWH
LQVWDQWH\DVHKDOOHQDGRODWRWDOLGDGGHODPELHQWHHVWHDOJRULWPRSUHVHQWDJUDQGHVYHQWDMDV
VREUH HO DQWHFHVRU \D TXH VX UHFRUULGR HV PiV SUHGHFLEOH \ HV DVSHFWR LPSRUWDQWH DO
PRPHQWR GH XWLOL]DFLyQ GH FDVRV VX LPSODQWDFLyQ IXH SUREDGD \ VH REWXYLHURQUHVXOWDGRV
SRVLWLYRV HQ URERWV PyYLOHV ORV FXDOHV GHEHQ FRQWDU FRQ HOHPHQWRV QHFHVDULRV SDUD OD
UHDOL]DFLyQGHODWDUHDSURSXHVWD
%DFNWUDFNLQJ6SLUDO$OJRULWKP%6$
3DUWLHQGRGHLGHDVGHODVGRVDQWHULRUHVVROXFLRQHV\EXVFDQGRXQDPHMRUDSUR[LPDFLyQD
OD VROXFLyQ GHO SUREOHPD GH EDUULGR GH VXSHUILFLHV GRQGH VH GHEHQ WHQHU HQ FXHQWD
REMHWLYRV \ FULWHULRV FODURV SDUD XQD FRUUHFWD \ HILFLHQWH VROXFLyQ DO SUREOHPD HQWUH pVWRV
HVWiQ OD RSWLPL]DFLyQ GH HQHUJtD \ WLHPSR VLPSOLFLGDG UREXVWH] VXUJLy OD LGHD GH XQD
QXHYD VROXFLyQ DO SUREOHPD GH EDUULGR GH VXSHUILFLHV OD FXDO KHPRV OODPDGR %6$
%DFNWUDFNLQJ6SLUDO$OJRULWKP
%6$WLHQHFRPRHVWUDWHJLDUHDOL]DUUHFRUULGRVHQIRUPDGHHVSLUDODORODUJRGHORVOtPLWHV
GHO iUHD D EDUUHU \ XQD YH] FRQFOXLGR HVWH SULPHU UHFRUULGR JXLDGR SRU ODV IURQWHUDV GHO
DPELHQWH VH UHDOL]D XQ QXHYR UHFRUULGR JXLDGR SRU VX DQWHULRU WUD]DGR (O HVSDFLR HV
GLYLGLGRHQFHOGDVGHWDPDxRGHOURERWHQIRUPDLPSOtFLWD\VHPDQWLHQHVREUHHVWHFULWHULR
KDVWDILQDOL]DUHOEDUULGR/DFRQGLFLyQ GHILQDOL]DFLyQHVQRWHQHUFHOGDVYDFtDVDORODUJR
GHVXWUD\HFWRULD)LJ
/XHJR GH UHDOL]DU GLIHUHQWHV DQiOLVLV GH ODV IRUPDV GH UHFRUULGRV \ VXV DOWHUDFLRQHV
GHSHQGLHQGRHODPELHQWHVHOOHJRDODFRQFOXVLyQTXHHOUHFRUULGRHQHVSLUDOWLHQHPHMRUHV
FDUDFWHUtVWLFDV GH FRPSRUWDPLHQWR TXH XQ UHFRUULGR HQ IRUPD GH ]LJ]DJ HO UHFRUULGR HQ
HVSLUDO VH YH PHQRV DIHFWDGR SRU OD RULHQWDFLyQ LQLFLDO GHO DPELHQWH \ HVWR D\XGD D OD
RSWLPL]DFLyQGHWLHPSRQ~PHURGHJLURV\HQHUJtDFRQVXPLGD
/D ILJXUD PXHVWUD ORV UHFRUULGRV HQ URMR
FRPR SULPHU UHFRUULGR RULHQWiQGRVH SRU
ORV OtPLWHV GHO DPELHQWH \ ORV UHFRUULGRV
HQ D]XO HQ ORV FXDOHV VH OLPLWD SRU VXV
DQWHULRU UHFRUULGR 6H GD OD FRQGLFLyQ GH
ILQDOL]DFLyQ FXDQGR WRGDV VXV FHOGDV
DOUHGHGRUHVWiQUHFRUULGDV
)LJ
/D SRVLFLyQ ILQDOGHOURERWHVGLIHUHQWHDODLQLFLDO\ODDFFLyQGHOOHYDUHOURERWGHVGHHO
SXQWR GH ILQDOL]DFLyQ KDVWD VX LQLFLR GHEH VHU UHVSRQVDELOLGDG GH XQ DOJRULWPR DQH[R D
%6$HVWRUHFDHVREUHODSUREOHPiWLFDGHSODQHDFLyQGHWUD\HFWRULDVDQWHVGHVFULWD
(OUHFRUULGRDQWHVPRVWUDGRHVXQUHFRUULGREiVLFRHQHOFXDOQRVHREVHUYDQREVWiFXORVTXH
PRGLILTXHQHOFRPSRUWDPLHQWRGH%6$HVVLJQLILFDWLYRWHQHUHQFXHQWDGLIHUHQWHVFDVRV\
GHDOJXQRVGHpVWRVVXUJHODLGHD GHEDFNWUDFNLQJ2EVHUYDQGRHOVLJXLHQWHDPELHQWH)LJ
VHQRWDQGLIHUHQWHVFDVRVORVFXDOHVQRHQWUDQHQHOFDVRDQWHVH[SXHVWRVHQRWDQiUHDVTXH
WLHQGHQ D FHUUDUVH DQWHV GH VHU FRPSOHWDPHQWH EDUULGDV HV DTXt GRQGH VXUJH XQ SXQWR GH
GHFLVLyQ HQ HO FXDO HV QHFHVDULR PDUFDU HVWH SXQWR UHLQLFLDU %6$ SDUD pVWD QXHYD iUHD
JHQHUDGR HQ IRUPD GLQiPLFD\XQDYH]ILQDOL]DGDYROYHUDOSXQWRGHGHFLVLyQXQDYH]HQ
pVWHSXQWRVHUHWRPDHODQWHULRUUHFRUULGR
8QDPHMRUGHVFULSFLyQGH%6$HVWDHQODVLJXLHQWHILJXUD
&DVR
&DVR
iUHD
)LJ
&$626'($&&,Ï1
x
x
x
x
x
x
/RV SXQWRV D]XOHV PDUFDGRV FRQ \ LQGLFDQ SXQWRV GH GHFLVLyQ GRQGH VH
PDUFDOXHJRVHKDFHHOOOHQDGRGHOD]RQDGHPDQHUDUHFXUVLYD\OXHJRGHWHUPLQDU
VHUHWRUQDDOSXQWRDQWHULRUPHQWHPDUFDGR(VWDHVOD GHILQLFLyQGHEDFNWUDFNLQJTXH
XVDUHPRVDORODUJRGHHVWHGRFXPHQWR
(OSXQWRURMRLQGLFDGREOHSXQWRGHEDFNWUDFNLQJPDUFDGRFRPRFDVR
/DVOtQHDVYHUGHVSXQWHDGDV\FRQILQHQIRUPDUHGRQGDLQGLFDQHOUHWRUQRGHOURERW
SDUDFRQWLQXDUOXHJRGHXQOOHQDGRGHHVWD]RQD
/DOtQHDQHJUD\FRQWLQXDDORODUJRGHWRGRHOHVSDFLRHVHOUHFRUULGRSULPDULR
/DOtQHDD]XOYDGHVGHHOSXQWRURMRKDVWDHOILQDOGHpVWD\UHWRUQDDOSXQWRURMRSDUD
QXHYDPHQWHKDFHUXQUHFRUULGR5RVDGR
/DOtQHDQDUDQMDHVWDPELpQ XQUHFRUULGRUHFXUVLYRDOWRSDUVHFRQHOSXQWRD]XO
(OUHFRUULGRFRPLHQ]DHQHOSXQWRD]XO\DYDQ]DVLHPSUH\FXDQGRQRWHQJDREVWiFXORV
DOIUHQWH\DODL]TXLHUGD
6L QR WLHQH REVWiFXOR D VX L]TXLHUGD QL DO IUHQWH JLUD D VX L]TXLHUGD FRQ HO ILQ GH LU
ERUGHDQGRHOiUHDPDQHUDHQTXHVHUHDOL]DHOUHFRUULGRHQHVSLUDO9HUFtUFXORD]XOiUHD
6LWLHQHREVWiFXORDOIUHQWHHL]TXLHUGDGHEHJLUDUDODGHUHFKD9HUFtUFXORDPDULOORiUHD
6L HO URERW WLHQH REVWiFXOR D OD L]TXLHUGD GHUHFKD \ DO IUHQWH VH DSOLFD EDFNWUDNLQJ 9HU
FtUFXORURMRSXQWHDGR
&$626'(%$&.75$.,1*
(QODHMHFXFLyQGHHVWHUHFRUULGRVHHQFXHQWUDQDOWHUQDWLYDVHVSHFtILFDVGHEDFNWUDNLQJODV
FXDOHVVHPDQHMDQGHLJXDOPDQHUD9HUFtUFXORVURMR&DVR
x
&DVR
x
&DVR
(O URERW OXHJR GH KDFHU HO UHFRUULGR OOHJD DO SXQWR D]XO HQ HO FXDO KD\ REVWiFXOR DO
IUHQWH \ HVWi OLEUH D VX GHUHFKD H L]TXLHUGD 'HEH PDUFDU HO SXQWR JLUDU D VX GHUHFKD \
DSOLFDUQXHYDPHQWHHODOJRULWPRHODQWHULRUUHFRUULGRVHGHEHJXDUGDUGHDOJXQDIRUPDHQ
PHPRULD /XHJR GH UHDOL]DU HO DOJRULWPR UHJUHVD VX SXQWR PDUFDGR GH EDFNWUDNLQJ \
FRQWLQ~D D VX L]TXLHUGD VLJXLHQGR HO DOJRULWPR GHMDGR HQ SLOD HV GHFLU VLJXH VX DQWHULRU
WUD\HFWRHOTXHUHDOL]DEDDQWHVGHSRQHUODPDUFD
(O URERW OOHJD DO SXQWR D]XO \ WLHQH REVWiFXOR DO IUHQWH OLEUH D OD GHUHFKD \ D OD
L]TXLHUGD PDUFD HO SXQWR \ JLUD D OD L]TXLHUGD OOHJD DO SXQWR URMR VH HQFXHQWUD FRQ
REVWiFXOR DO IUHQWH \ OLEUH D OD L]TXLHUGD \ GHUHFKD JLUD D OD GHUHFKD FRPR VLJXH HO
DOJRULWPR DO WHUPLQDU KDFH EDFNWUDNLQJ PDUFD HO SXQWR \ JLUD D OD L]TXLHUGD KDFH
EDFNWUDNLQJ \ OXHJR YXHOYH D KDFHU EDFNWUDNLQJ GH IRUPD UHFXUVLYD FXDQGR OOHJD D VX
SRVLFLyQLQLFLDOSXQWRD]XOVLJXHHODOJRULWPRGHPDQHUDQRUPDO
&21&/86,21(6
/DUREyWLFDPyYLOSUHVHQWDQXHYDV\PHMRUHVRSRUWXQLGDGHVODDSOLFDFLyQGHVROXFLRQHVDO
SUREOHPD GH EDUULGR GH VXSHUILFLHV HV XQ WHUUHQR QXHYR TXH WLHQH DSOLFDFLRQHV GLUHFWDV
GRQGHVHUHTXLHUDODH[SORUDFLyQFRPSOHWDGHODPELHQWH
$FWXDOPHQWHVRQSRFDVODVVROXFLRQHVSURSXHVWDVHQHVWHWHPDGRVGHODVFXDOHVVHH[SRQHQ
HQHVWHGRFXPHQWR%6$HVXQDQXHYDDOWHUQDWLYDSDUDHVWHSUREOHPDVHHVSHUDVHJXLUHQVX
LQYHVWLJDFLyQ HQ OD FXDO VH SUREDUi HO DOJRULWPR HQ DPELHQWHV GH VLPXODFLyQ TXH RIUHFHQ
FRQFHSWXDOL]DFLRQHV GHO DOJRULWPR D GLIHUHQWHV QLYHOHV GDQGR OD SRVLELOLGDG GH SDVDU HO
DOJRULWPR SRU XQ FLFOR GH PDGXUDFLyQ HO FXDO GHWHUPLQDUi DVSHFWRV LPSRUWDQWHV HQ HO
DQiOLVLVGH%6$VXFRPSRUWDPLHQWR\VXIRUPDGHRSWLPL]DFLyQSDUDGHpVWDIRUPDORJUDU
XQDFRUUHFWD\IiFLOLPSODQWDFLyQVREUHURERWVPyYLOHV
%6$ SURSRQH XQD VROXFLyQ FRPSOHWDPHQWH GLIHUHQWH D ODV GHPiV RIUHFH XQD VROXFLyQ
HVWUXFWXUDGD TXH DSOLFD HO FRQFHSWR GH EDFNWUDFNLQJ HQ SXQWRV GHFLVLYRV HQ VX
FRPSRUWDPLHQWR RSWLPL]D YDULDEOHV LPSRUWDQWHV ODV FXDOHV OH GDQ YHQWDMD VREUH $&, \
$=&
(Op[LWRGHLPSODQWDFLyQGHFXDOTXLHUVROXFLyQGHpVWHiPELWRGHSHQGHHQJUDQSDUWHGHORV
UHFXUVRVDVLJQDGRV\HVSHFtILFDPHQWHGHUHFXUVRVFRPRVHQVRUHVHVSHFtILFRVORVFXDOHVVRQ
WHFQRORJtDVFRVWRVDVTXHVHUHTXLHUHQSDUDXQD FRPSOHWRXVRGHORVDOJRULWPRVVREUHURERWV
PyYLOHV
5()(5(1&,$6
>$/9@
>$3(@
>%25@
>%5$@
>(9(@
>*21@
>/((@
>0(7@
>1$6$@
>3,5@
ÈOYDUH]-XDQ&DUORV3ODQLILFDFLyQGHOPRYLPLHQWRGHYHKtFXORVDXWyQRPRV
EDVDGDHQVHQVRUHV´
KWWSLVDXQLRYLHVaMDOYDUH]URERODESXEOLFDFLRQHVWHVLVMFKWPO
$3(52%27$VRFLDFLyQSDUDODSUiFWLFD\HQVHxDQ]DGHODUREyWLFD(VSDxD
&XUVRVGHUREyWLFDPyYLO
KWWSXVXDULRVELWPDLOHUFRPDSHURERWURERWVKWP
-%RUHQVWHLQ+(YHUHWWDQG/)HQJ1DYLJDWLQJ0RELOH5RERWV$.
3HWHUV/WG
0LFKDHO%UDG\DQG5LFKDUG3DXOHGLWRUV5RERWLFV5HVHDUFK7KH)LUVW
,QWHUQDWLRQDO6\PSRVLXP7KH0,73UHVV&DPEULGJH0$
+5 (YHUHWW ³6HQVRUV )RU 0RELOH 5RERWV 7KHRU\ DQG $SSOLFDWURQ´ $ .
3HWHUV/WG
*RQ]iOH](6XiUH]$0RUHQR&$UWLJXH)³&RPSOHPHQWDU\5HJLRQVD
6XUIDFH )LOOLQJ $OJRULWKP´ ,((( ,QW &RQI 2Q URERWLFV DQG $XWRPDWLRQ
SS
-RVHSK/-RQHVDQG$QLWD0)O\QQ0RELOHURERWV,QVSLUDWLRQVWR
LPSOHPHQWDWLRQ$.3HWHUV/WG
0HW] 6' (YHUHW +5 0\HUV 6 ³5HFHQW 'HYHORSPHQWV LQ 7DFWLFDO
8QPDQQHG *URXQG 9HKLFOHV´ $VVRFLDWLRQ IRU 8QPDQQHG 9HKLFOH 6\VWHPV
+XQWVYLOOH$/-XQH
1$6$0DUVSDWKILQGHUKWWSPDUVMSOQDVDJRY03)GHIDXOWKWPO
3LU]DGHK $ =LQGHU : ³$ 8QLILHG 6ROXWLRQ WR &RYHUDJH DQG 6HDUFK LQ
([SORUHGDQG 8QH[SORUHG7HUUDLQV8VLQJ,QGLUHFW&RQWURO´,(((SS
Descargar