La toma de decisiones en salud y el modelo conceptual de Ottawa

Anuncio
(GXFDFLyQ(GXFDWLRQ
/DWRPDGHGHFLVLRQHVHQVDOXG
\HOPRGHORFRQFHSWXDOGH2WWDZD
6DUD0HQGR]D3D9LYLDQH-RIUp$E6DQGUD9DOHQ]XHOD6F
5(680(1
2EMHWLYR5HDOL]DUXQDQiOLVLVGHO0RGHORGH7RPDGH'HFLVLRQHV
HQ6DOXGGH2WWDZDSODQWHDGRSRUODHQIHUPHUDFDQDGLHQVH$Q
QHWWH02¶&RQQRUVFRPRXQDHVWUDWHJLDSDUDUHVROYHUFRQÀLFWRV
GHFLVLRQDOHVHQVDOXG6HSODQWHDVXXWLOLGDGHQODLQWHUYHQFLyQTXH
KDFH HQIHUPHUtD HQ OD FRPXQLGDG \ OD IDPLOLD 6H FRQFOX\H TXH
HOFRQÀLFWRGHFLVLRQDOVXUJHIUHQWHDODWRPDGHGHFLVLRQHV\ORV
SURIHVLRQDOHVGHODVDOXGGHEHQDGRSWDUXQUROSURWDJyQLFRHQpO
GHVDUUROODQGRKDELOLGDGHVSDUDDSR\DUDVXVSDFLHQWHVRXVXDULRV
HQORVFRQÀLFWRVTXHGHEHQHQIUHQWDUWHQLHQGRHO0RGHORGHWRPD
GHGHFLVLRQHVGH2WWDZDFRPRXQUHIHUHQFLDO~WLOSDUDD\XGDUOHV
HVSHFLDOPHQWH D ODV PXMHUHV D DVXPLU XQ URO PiV DFWLYR HQ ODV
GHFLVLRQHVTXHDIHFWDQVXSURSLDVDOXG
3DODEUDVFODYH&RQÀLFWRGHFLVLRQDO
WRPDGHGHFLVLRQHVHQVDOXG
PDUFRFRQFHSWXDOGH2WWDZD
&yPRFLWDUHVWHDUWtFXOR
0HQGR]D 36 -RIUp$9 9DOHQ]XHOD 66 /D WRPD GH
GHFLVLRQHV HQ VDOXG \ HO PRGHOR FRQFHSWXDO GH 2WWDZD
,QYHVWHGXFHQIHUP
UHHPSOD]DGR SRU XQ SURFHVR HQ GRQGH
HOSDFLHQWHGHEHHVFRJHUHQWUHGLIHUHQWHV
DOWHUQDWLYDVDQWHVGHRSWDUSRUXQDWHUDSLD
GHWHUPLQDGDSRUTXHFDGDSDFLHQWHXVXDULR
SRVHH XQD SUREOHPiWLFD SDUWLFXODU FRQ
XQD FLUFXQVWDQFLDOLGDG FRQFUHWD TXH OD
PHGLFLQDGHEHUHVSHWDU
3HUR DVt FRPR PXFKRV SDFLHQWHV
GHVHDQ GHVHPSHxDU XQ SDSHO DFWLYR HQ
ODV GHFLVLRQHV GH VX DVLVWHQFLD VDQLWDULD
RWURVQRVHFRPSRUWDQGHODPLVPDIRUPD
VLWXDFLyQ TXH IDYRUHFH OD H[LVWHQFLD
GH PRGHORV GLQiPLFRV GH GHFLVLRQHV
TXH UHFRUUHQ JUDGRV GH LQWHUDFFLyQ \
DGDSWDFLyQHQWUHORVSDFLHQWHVXVXDULRV\ORV
SURIHVLRQDOHVVHJ~QODVFLUFXQVWDQFLDVHQ
VDOXGTXHVHHQIUHQWHQ
(OFRQRFLGRPRGHORSDWHUQDOLVWDGH
ODVDOXGVLWXDGRHQXQRGHORVH[WUHPRV
VXVWHQWDXQDFFLRQDUHQGRQGHHOFOtQLFR
WLHQHORVVDEHUHVQHFHVDULRVSDUDHOGLDJ
QyVWLFR\ORVDGPLQLVWUDVHJ~QVXMXLFLR
PLHQWUDV FUHH SRGHU LQWHUSUHWDU ODV SUH
IHUHQFLDV GH VXV SDFLHQWHV (VWH PRGHOR
5HFLELGRGHDJRVWRGH
$SUREDGRGHPDU]RGH
,1752'8&&,Ï1
(
Q WLHPSRV TXH +LSyFUDWHV \ *DOHQR HVWDEOHFtDQ ODV
SULPHUDVQRUPDWLYDVUHVSHFWRDODUHODFLyQGHORVSDFLHQWHV
FRQHOPpGLFRODWRPDGHGHFLVLRQHVUHVSHFWRDODSURSLDVDOXGHUDXQ
SURFHVRTXHVHHVWDEOHFtDPiVSRUODFDSDFLGDG\DXWRULGDGGHOSURIHVLRQDO
TXHSRUODFDSDFLGDGGHGHFLVLyQTXHSRGtDWHQHUHOSDFLHQWH(VWRKD
LGRFDPELDQGR\KR\VHFRQVLGHUDTXHHQHMHUFLFLRGHODDXWRQRPtDGHO
SDFLHQWH VH GHEHQ WHQHU HQ FXHQWD VXV YDORUHV GHVHRV \ SUHIHUHQFLDV
FRPR HOHPHQWRV GHWHUPLQDQWHV GH ODV GHFLVLRQHV GH VDOXG &DGD YH]
PiV ODV GHFLVLRQHV TXH DQWHV HUDQ WRPDGDV XQLODWHUDOPHQWH VH KDQ
8QLYHUVLGDGGH$QWLRTXLD)DFXOWDGGH(QIHUPHUtD
D (QIHUPHUD'UDFHQ(QIHUPHUtD3URIHVRUD
$VRFLDGD'HSDUWDPHQWRGH(QIHUPHUtD8QL
YHUVLGDGGH&RQFHSFLyQ&RQFHSFLyQ&KLOH
&RUUHRHOHFWUyQLFRVPHQGR]D#XGHFFO
E (QIHUPHUD'UDFHQ(QIHUPHUtD3URIHVRUD
$VRFLDGD'HSDUWDPHQWRGH(QIHUPHUtD8QL
YHUVLGDGGH&RQFHSFLyQ&RQFHSFLyQ&KLOH
&RUUHRHOHFWUyQLFRYMRIUH#XGHFFO
F (QIHUPHUD 'UD HQ (QIHUPHUtD 3URIHVRUD
$VRFLDGD 'HSDUWDPHQWR GH (QIHUPHUtD
8QLYHUVLGDG GH &RQFHSFLyQ &RQFHSFLyQ
&KLOH&RUUHRHOHFWUyQLFRVYDOHQ]X#XGHFFO
'HFLVLRQPDNLQJLQKHDOWKDQGWKH2WWDZD
GHFLVLRQVXSSRUWIUDPHZRUN
6DUD0HQGR]D39LYLDQH-RIUp$6DQGUD9DOHQ]XHOD6
RSHUDFXDQGRORVXVXDULRVRSDFLHQWHVQR
SDUWLFLSDQGHODWRPDGHGHFLVLRQHVVREUH
VXVDOXG(OPRGHORGHGHFLVLyQLQIRUPDGD
HQ HO H[WUHPR RSXHVWR RSHUD FXDQGR HO
SURIHVLRQDOH[SRQHDOSDFLHQWHODVRSFLR
QHVGLDJQyVWLFDV\WHUDSpXWLFDVGLVSRQLEOHV
\ VXV SRVLEOHV FXUVRV GH DFFLyQ FRQ ORV
UHVXOWDGRV HVSHUDEOHV LQIRUPDFLyQ D OD
TXHHOSDFLHQWHLQFRUSRUDVXVH[SHFWDWLYDV
YDORUHV\GHFLGHODDOWHUQDWLYDTXHPHMRU
VH OH DGDSWD (O PRGHOR GH GHFLVLRQHV
FRPSDUWLGDVVHKDLQWURGXFLGR~OWLPDPHQWH
FRPRXQDRSFLyQLQWHUPHGLD HQWUH ORV GRV
DQWHULRUHV HQ pO OD LQIRUPDFLyQ QR ÀX\H
VyORGHXQOXJDUVLQRTXHODVGHFLVLRQHV
VHDGRSWDQGHPDQHUDFRQMXQWDXQDYH]TXH
HOSDFLHQWHGLVSRQHGHODLQIRUPDFLyQQH
FHVDULD$OJXQRVHVWXGLRVUHYHODQTXHHO
SURFHVRGHWRPDGHGHFLVLRQHVFRPSDUWLGR
HVPiVDFHSWDGRSRUSHUVRQDVMyYHQHV\FRQ
PHMRUHVQLYHOHVGHHGXFDFLyQ\DXQTXHVH
VLJXHVRVWHQLHQGRTXHPXFKRVSDFLHQWHVQR
GHVHDQLQYROXFUDUVHHQpOH[LVWHEDVWDQWH
HYLGHQFLDFLHQWt¿FDTXHTXLHUHQHVWDULQIRU
PDGRVUHVSHFWRGHOLPSDFWRGHOWUDWDPLHQWR
GHVXHQIHUPHGDG
$XQTXHODVUHODFLRQHVPpGLFRSDFLHQWH
KDQJDQDGRHQPDGXUH]QRHVWiQH[HQWDV
GHGL¿FXOWDGHV\DTXHHOSDFLHQWHTXHDKR
UDDVXPHXQDUHVSRQVDELOLGDGDQWHVXYLGD
\HQIUHQWDGLIHUHQWHVRSFLRQHVUHVSHFWRD
VXVDOXGQRVLHPSUHWLHQHDVXDOFDQFHODV
HYLGHQFLDVQHFHVDULDVVREUHODVYHQWDMDVR
GHVYHQWDMDVGHODVDOWHUQDWLYDVTXHHVWiQ
HQMXHJRHQODGHFLVLyQ
/DV FDXVDV TXH HQ OD DFWXDOLGDG
VH LGHQWLILFDQ FRPR UHVSRQVDEOHV GH OD
GH¿FLHQWHWRPDGHGHFLVLRQHVHQVDOXGSRU
SDUWHGHORVXVXDULRVSDFLHQWHVVRQ
$%675$&7
7KLV DUWLFOH DQDO\VHV WKH 2WWDZD 'HFLVLRQVXSSRUW )UDPHZRUN
SURSRQHGE\WKH&DQDGLDQQXUVH$QQHWWH02&RQQRUVWRKHOS
VWUDWHJLF GHFLVLRQPDNLQJ LQ +HDOWK DQG LWV XVHIXOQHVV LQ WKH
QXUVHVLQWHUYHQWLRQLQWKHIDPLO\DQGWKHFRPPXQLW\
:KHQFRQÀLFWLQJRSLQLRQVKDYHWREHFRQVLGHUHGEHIRUHPDNLQJ
D GHFLVLRQ WKH QXUVLQJ SURIHVVLRQDOV VKRXOG DVVXPH D SURWDJR
QLVWSDUW7KHUHIRUHWKH\KDYHWRGHYHORSDELOLWLHVWRVXSSRUWWKHLU
SDWLHQWV ZKHQ WKH\ IDFH FRQÀLFWV7KH 2WWDZD 'HFLVLRQ 6XSSRUW
)UDPHZRUNLVDYHU\XVHIXOUHIHUHQFHWRKHOSSHRSOHHVSHFLDOO\
ZRPHQZKHQWKH\VKRXOGDVVXPHDPRUHDFWLYHSDUWLQGHFLVLRQV
WKDWDIIHFWWKHLUKHDOWK
.H\:RUGV'HFLVLRQDOFRQÀLFW
GHFLVLRQVPDNLQJLQKHDOWK
2WWDZDGHFLVLRQVXSSRUWIUDPHZRUN
D (ODFFHVRLQVX¿FLHQWHDLQIRUPDFLyQEDVDGDHQHYLGHQFLDV
E /DHVFDVDSDUWLFLSDFLyQHQODVGHFLVLRQHVTXHDIHFWDQVXSURSLDVDOXG
RODGHVXIDPLOLD\
F /RVOLPLWDGRVFRQRFLPLHQWRV\KDELOLGDGHVTXHWLHQHQORVSURIHVLRQDOHV
GHODVDOXGSDUDDSR\DUODWRPDGHGHFLVLRQHVHQVDOXGGHORVSDFLHQWHV
XVXDULRV
0LHQWUDVODFLHQFLDPpGLFDDOFDQ]DVROXFLRQHVVRUSUHQGHQWHV\ORV
PHGLRVGHFRPXQLFDFLyQLQIRUPDQFRQVWDQWHPHQWHVREUHODDSDULFLyQ
GHQXHYRVGLDJQyVWLFRV\WHUDSLDV\DXQTXHHQODDFWXDOLGDGODVGLIH
UHQWHV RUJDQL]DFLRQHV VRFLDOHV KDFHQ HVIXHU]RV SRU HQWUHJDU GLVWLQWDV
DOWHUQDWLYDVGHHOHFFLyQORVVLVWHPDVVDQLWDULRVQRRIUHFHQLQIRUPDFLyQ
FRPSDUDEOHVREUHODVRSFLRQHVGLVSRQLEOHVDQWHXQGHWHUPLQDGRSUREOHPD
GHVDOXGFRPRVLVXDFFLRQDUIXHVHHO~QLFRH[DFWR\DGHFXDGRSDUD
WRGRVORVLQGLYLGXRV
([LVWHQ PXFKDV VLWXDFLRQHV FUtWLFDV GH VDOXG TXH REOLJDQ D ORV
LQGLYLGXRVDHQIUHQWDUGHFLVLRQHVFRPSOHMDVORVSDFLHQWHVWHUPLQDOHV\
VXVIDPLOLDVSRUHMHPSORDGLDULRVHHQIUHQWDQDRSFLRQHVOtPLWHVTXH
HQHOFRQWH[WRGHOWpUPLQRGHXQDYLGDVHYXHOYHQDEUXPDGRUDVIUHQWH
DOULHVJRGHVXIULUXQDHQIHUPHGDGFDUGLRYDVFXODUXQSDFLHQWHGLDEpWLFR
,QYHVWLJDFLyQ\(GXFDFLyQHQ(QIHUPHUtD0HGHOOtQ9RO;;,91žPDU]RGH
(GXFDFLyQ(GXFDWLRQ
GHEHGHFLGLUVLWRPDDVSLULQDRQRRIUHQWHDODQHFHVLGDGGHFXLGDGRV
PpGLFRV XQD FXLGDGRUD LQIRUPDO VLHPSUH WRPD OD GHFLVLyQ HUUDGD GH
SRVWHUJDUVXSURSLDVDOXGSDUDQRGHVFXLGDUDORWUR
(VWiFRPSUREDGRTXHHOPD\RUFRQRFLPLHQWRHLQIRUPDFLyQTXH
VH SLHQVD GH OD HQIHUPHGDG TXH VH VXIUH R FUHHU HQ ORV EHQH¿FLRV GH
XQDGHWHUPLQDGDWHUDSLDKDFHTXHODVSHUVRQDVVHDGKLHUDQDXQSURJUDPD
GH UHKDELOLWDFLyQ FXPSODQ FRQ OD WHUDSLD LQGLFDGD SDUD WUDWDU VX
HQIHUPHGDGRWRPHQGHFLVLRQHVDGHFXDGDVGHVDOXG
$Vt PLVPR VH KD YLVWR TXH XQ JUDQ SRUFHQWDMH GH OD SREODFLyQ
VREUHWRGRPXMHUHVVHYHQHQIUHQWDGDVFRQVWDQWHPHQWHDGHFLGLUVREUH
WUDWDPLHQWRV TXLU~UJLFRV R GH FRQWURO GH OD QDWDOLGDG \ VXV FRQÀLFWRV
GHFLVLRQDOHV DXPHQWDQ FXDQGR SRVHHQ PHQRV LQIRUPDFLyQ GH ODV
DOWHUQDWLYDV VRQ GH PD\RU HGDG R QR WLHQHQ D TXLHQ UHFXUULU SDUD TXH
DSR\HVXSURFHVR
2¶&RQQRUV-DFREVHQ\6WDFH\GH¿QHQHO³FRQÀLFWRGHFLVLRQDO´
FRPR OD LQFHUWLGXPEUH DFHUFD GH FXiO DOWHUQDWLYD HVFRJHU FXDQGR ODV
GLIHUHQWHV DOWHUQDWLYDV VLJQLILFDQ ULHVJRV SpUGLGDV R UHFKD]R D ORV
YDORUHV SHUVRQDOHV /D SULPHUD PDQLIHVWDFLyQ GHO FRQÀLFWR GHFLVLRQDO
HVODH[SUHVLyQYHUEDOGHODLQFHUWLGXPEUHIUHQWHDXQDGHFLVLyQ\VXV
UHVXOWDGRVSRVLEOHV3DUDHVWDVDXWRUDVODVPDQLIHVWDFLRQHVGHFRQÀLFWR
YDUtDQHQWUHXQLQGLYLGXR\RWUR\ODVPiVFRPXQHVVRQ
²
,QFHUWLGXPEUHDFHUFDGHODRSFLyQ
²
3UHRFXSDFLyQDFHUFDGHUHVXOWDGRVQRGHVHDGRV
²
9DFLODUHQWUHRSFLRQHV
²
3RVSRQHUODGHFLVLyQ
²
&XHVWLRQDUORVYDORUHVSHUVRQDOHVLQYROXFUDGRVHQODGHFLVLyQ
²
3UHRFXSDUVHSRUODGHFLVLyQ
²
0RVWUDUVtQWRPDV\VHxDOHVGHDQJXVWLD\WHQVLyQ
/RV IDFWRUHV TXH FRQWULEX\HQ DO FRQÀLFWR GHFLVLRQDO HPHUJHQ
GHGRVIXHQWHV
²
²
'HODSURSLDGHFLVLyQFXDQGRVHHQIUHQWDQODVYHQWDMDV\GHVYHQWDMDV
GHODDOWHUQDWLYDHOHJLGD
'HIDFWRUHVH[WHUQRVTXHURGHDQXQDGHFLVLyQGLItFLOHQWUHORVTXH
VHHQFXHQWUDQ
z
z
z
)DOWDGHFRQRFLPLHQWRDFHUFDGHODVRSFLRQHVGLVSRQLEOHV
([SHFWDWLYDVQRUHDOLVWDVDFHUFDGHORVSUREDEOHVUHVXOWDGRVGH
ODVGLIHUHQWHVRSFLRQHV
3RFDFODULGDGVREUHHOGHVHRSHUVRQDOGHORVUHVXOWDGRVGHOD
DOWHUQDWLYDHOHJLGD
z
3HUFHSFLRQHVQRFODUDVGHRWURVLQYROXFUDGRVHQODGHFLVLyQ
z
3UHVLyQVRFLDOSDUDHVFRJHUXQDDOWHUQDWLYD
z
)DOWDGHDSR\RVSHUVRQDOHV
z
)DOWDGHVHJXULGDGHQVtPLVPR
z
)DOWDGHUHFXUVRVGHOHQWRUQR
8QLYHUVLGDGGH$QWLRTXLD)DFXOWDGGH(QIHUPHUtD
/DVIXHQWHVGHFRQÀLFWRVHPDQHMDQ
JHQHUDOPHQWHFRQLQWHUYHQFLRQHVFOtQLFDV
TXHSXHGHQVHUGHWUHVWLSRVD&XLGDGR
HVWiQGDU/DHOHFFLyQHVWiEDVDGDHQXQD
IXHUWH HYLGHQFLD GH OD HIHFWLYLGDG \ GH
OD LQWHUYHQFLyQ H[LVWH FRQVHQVR JHQHUDO
VREUH VX YDOLGH] SRU HMHPSOR 8VR GH
DQWLELyWLFRV DQWH OD LQIHFFLyQ EDFWHULDQD
E *XtD (V XQD LQWHUYHQFLyQ DQWH OD
FXDO WDQWR HO HTXLSR GH VDOXG FRPR ORV
XVXDULRV SXHGHQ WHQHU GXGDV D SHVDU GH
TXHODHYLGHQFLDDFHUFDGHVXVUHVXOWDGRVHV
FRQRFLGDHMHPSORDXWRH[DPHQGHPDPDV
F2SFLRQHV8QDLQWHUYHQFLyQKDWHQLGR
UHVXOWDGRV FRQRFLGRV R GHVFRQRFLGRV
HMHPSOR XVR GH OD WHUDSLD KRUPRQDO GH
UHHPSOD]R
1R VH VDEH TXp GHFLVLRQHV VRQ
FRQVLGHUDGDV SRU ORV XVXDULRVSDFLHQWHV
FRPRJHQHUDGRUDVGHFRQÀLFWRGHFLVLRQDO
SHURHQODDFWXDOLGDGVHKDQLGHQWL¿FDGR
VLWXDFLRQHV TXH SXHGHQ GHVHQFDGHQDU
FRQÀLFWRVGHFLVLRQDOHV/DWDEODPXHVWUD
HMHPSORVGHHOOR
(O PRGHOR GH 7RPD GH GHFLVLRQHV
HQVDOXGGH2WWDZDSURYHHFRQRFLPLHQ
WRV HVSHFt¿FRV UHVSHFWR D ORV SURFHVRV
\ FRQÀLFWRV GHFLVLRQDOHV HVWH PRGHOR
DSXQWD HVSHFt¿FDPHQWH D HPSRGHUDU \
DSR\DU D ODV SHUVRQDV HQ HO HMHUFLFLR GH
VXVGHUHFKRVHQVDOXG
0RGHORGH7RPDGH'HFLVLRQHV
HQ6DOXGGH2WWDZD
(VWH UHIHUHQFLDO WHyULFR SODQWHDGR
SRUODHQIHUPHUDFDQDGLHQVH$QQHWWH0
2¶&RQQRUVIXHFUHDGRSDUDD\XGDUDORV
XVXDULRVTXHVHHQIUHQWDQDXQDVLWXDFLyQ
TXH OHV VLJQL¿FD XQ FRQÀLFWR GHFLVLRQDO
\FRQVLVWHHQDYDORUDUODVQHFHVLGDGHV
R GHWHUPLQDQWHV GH ODV GHFLVLRQHV E
SURYHHUDSR\RDODWRPDGHGHFLVLRQHV\
FHYDOXDUHOSURFHVRGHWRPDGHGHFLVLyQ
\VXVUHVXOWDGRVHVTXHPD(VWHPRGHOR
WLHQHODYHQWDMDGHTXHSXHGHDSOLFDUVHDO
FRQMXQWRGHSHUVRQDVLQYROXFUDGDVHQHO
SURFHVR HV GHFLU DO XVXDULR LQGLYLGXR
SDUHMD IDPLOLD \ ORV SURIHVLRQDOHV GH
VDOXG
/DWRPDGHGHFLVLRQHVHQVDOXG\HOPRGHORFRQFHSWXDOGH2WWDZD
7DEOD 'HFLVLRQHVUHODFLRQDGDVFRQDVSHFWRVPpGLFRV
TXLU~UJLFRVRFDPELRVGHHVWLORVGHYLGDTXHSXHGHQFUHDUFRQÀLFWRVGHFLVLRQDOHV
7,32'(
'(&,6,Ï1
&$7(*25Ë$6
(-(03/26
3HUVRQDO
0DWULPRQLRVHSDUDFLyQGLYRUFLRSDWHUQLGDGPDWHUQLGDGFRQWUROGHODQDWDOLGDGLQVHPLQDFLyQDUWL¿FLDOFLUFXQFLVLyQODFWDQFLD
PDWHUQDRDOLPHQWDFLyQDUWL¿FLDOFXLGDGRGHOQLxRDERUWRFDOLGDGGHYLGDLQVWLWXFLRQDOL]DFLyQSUREOHPDVGHDEXVR
GHDOFRKRO\GURJDVUHODFLRQHVLQWHUSHUVRQDOHVVLWXDFLyQGHYLGDGRPpVWLFDWLSRGHSDUWR
7UDEDMR7DUHDV
&DPELR GH DFWLYLGDG FDPELR GH FDUUHUDDFWLYLGDG QR VyOR YROYHU D WUDEDMDU UHXELFDFLyQ LQYHUVLyQ GH QHJRFLRV pWLFD
SURIHVLRQDOHOHFFLyQGHRFXSDFLyQWUDEDMRE~VTXHGDGHWUDEDMRPDQHMRGH¿QDQ]DV
6LWXDFLRQDO
(GXFDFLyQ
$GROHVFHQWH
(YROXWLYDV
(QUHODFLRQ
FRQHO
WUDWDPLHQWR
&DPELRV
HQHVWLOR
GHYLGD
9ROYHUDODHVFXHODHGXFDFLyQFRQWLQXD
5HVSXHVWDDODSUHVLyQGHSDUHVDFWLYLGDGVH[XDOFRQWUROGHQDWDOLGDGFRQVXPRGHDOFRKROGURJDVVLWXDFLRQHVSHOLJUR
VDVLOHJDOHVFRQWLQXDFLyQGHXQDUHODFLyQHVWXGLRVVXSHULRUHVVHOHFFLyQRFDPELRGHFDUUHUDRSFLRQHVHQHPEDUD]RQR
GHVHDGR
$GXOWRMRYHQ
'HVDItRVHQODFULDQ]DGHORVKLMRVFDPELRGHFDUUHUDYROYHUDWUDEDMDUGHVSXpVGHWHQHUXQKLMRMXELODFLyQVLWXDFLyQGH
\GHHGDGPHGLD YLGDGRPpVWLFDHGXFDFLyQGHORVKLMRVFXLGDGRGHRWURVPLHPEURVGHODIDPLOLD
$GXOWRPD\RU
(VWLORGHYLGDSRVWHULRUDODMXELODFLyQVLWXDFLyQGHYLGDGRPpVWLFDVLVWHPDGHVHJXURGHVDOXG
'LDJQyVWLFR
([iPHQHV
([iPHQHVJHQHUDOHVGHPDWHULDIHFDOSUHQDWDOHVJHQpWLFRVGHFiQFHUSDUDIDPLOLDVGHDOWRULHVJRPDPRJUDItDVSDUD
DVLQWRPiWLFDVGHVSXpVGHORVDxRVGHSUyVWDWDGHVSXpVGHORVDxRV
7UDWDPLHQWR
PpGLFR
9DFXQDDQWLLQÀXHQ]DWUDWDPLHQWRSDUDGRORUHVGHHVSDOGDSDUWRQDWXUDOPHGLFDFLyQHQHOSDUWRSUHWpUPLQRWUDWDPLHQWR
SDUDODKLSHUWHQVLyQDUWHULDOODKLSHUFROHVWHUROHPLDWHUDSLDGHUHHPSOD]RKRUPRQDOPDVWHFWRPtDSUR¿OiFWLFDWUDWDPLHQWR
SDUDFiQFHUGHPDPDGHFRORQ\GHSXOPyQJUDGR,9RSFLRQHVGHPDQHMRGHOGRORUTXLPLRWHUDSLDGLiOLVLVWUDQVSODQWHGH
PHGXODKLGUDWDFLyQSDUHQWHUDODOLPHQWDFLyQHQWHUDOYHQWLODFLyQPHFiQLFDVXVSHQVLyQGHORVPHGLRVGHDSR\RYLWDORUGHQ
GHQRUHVXFLWDFLyQFXLGDGRSVLFROyJLFRFRQVHMHUtDPHGLFDFLyQSDUDGp¿FLWGHDWHQFLyQWUDWDPLHQWRSDUDODGHSUHVLyQ
7UDWDPLHQWR
TXLU~UJLFR
(OHFFLyQGHOWLSRGHDQHVWHVLDFLUXJtDSOiVWLFDDXWRGRQDFLyQGHVDQJUHH[WLUSDFLyQGHQXHYRWXPRUUHSHWLUHOOXJDUGH
LQFLVLyQGHODFHViUHDOXPSHFWRPtDYVPDVWHFWRPtDWUDWDPLHQWRSDUDFiQFHUGHSUyVWDWDKLSHUWUR¿DEHQLJQDGHSUyVWDWD
FDWDUDWDHVWUDELVPRFLUXJtDRFXODUFRQOiVHUWUDWDPLHQWRTXLU~UJLFRGHOKDOOX[YDOJXVUHHPSOD]RGHODDUWLFXODFLyQGHOD
URGLOODWUDWDPLHQWRSDUDODLQFRQWLQHQFLDODDQJLQDWUDQVSODQWHGHPHGXODDPLJGDOHFWRPtD
1XWULFLyQ
6XSOHPHQWRVPpWRGRVSDUDEDMDUGHSHVR
(MHUFLFLR
3ODQGHHMHUFLFLRHMHUFLFLRWHUDSpXWLFR
0DQHMRGHO
HVWUpV
0pWRGRVSDUDPDQHMDUHOHVWUpV
8VRGHWDEDFR\ (VWUDWHJLDV SDUD UHGXFLU HO KXPR DPELHQWDO SDUD GHMDU GH IXPDU SDUD GHMDU GH EHEHU DOFRKRO SDUD GHMDU GH FRQVXPLU
DOFRKRO
GURJDV
8VRGHDUWHIDFWRVTXHD\XGHQDODDGDSWDFLyQ
'yQGHDFXGLU
1DYHJDFLyQ
&XiQGRDFXGLU
QHFHVLGDGGH
DFXGLU
&RQTXLpQVROLFL
WDUDWHQFLyQ
)XHQWH(MHPSORGHGHFLVLRQHVSRWHQFLDOPHQWHGLItFLOHVTXHSXHGHQJHQHUDUFRQÀLFWRGHFLVLRQDO&DUSHQLWRUHYLVDGRSRU2¶&RQQRUV
9DQ*RJK
(OGRUPLWRULRGH6DLQW3DXO
ÏOHRVREUHOLHQ]R[FP
&ROHFFLyQSDUWLFXODU
,QYHVWLJDFLyQ\(GXFDFLyQHQ(QIHUPHUtD0HGHOOtQ9RO ;;,91žPDU]RGH
(GXFDFLyQ(GXFDWLRQ
(VTXHPD0DUFR&RQFHSWXDOGH2WWDZD
9DORUDUODVQHFHVLGDGHV
GHWHUPLQDQWHVGHODWRPDGHGHFLVLyQ
3URSRUFLRQDUDSR\RDODWRPDGHGHFLVLRQHV
(YDOXDFLyQ
3HUFHSFLRQHVGHODWRPDGHGHFLVLyQ
‡&RQRFLPLHQWR
‡([SHFWDWLYDV
‡9DORUHV
‡&RQÀLFWRGHFLVLRQDO
‡(WDSDGHOSURFHVRGHWRPDGHGHFLVLyQ
3HUFHSFLRQHVGHRWURV
‡3HUFHSFLRQHVGHODVRSLQLRQHV\SUiFWLFDVGHRWURV
‡$SR\R
‡3UHVLRQHV
‡5ROHVHQHOSURFHVRGHGHFLVLyQ
5HFXUVRVSDUDWRPDUODGHFLVLyQ
‡3HUVRQDO
([SHULHQFLDSUHYLD
6HJXULGDGRFRQ¿DQ]DHQVtPLVPDPRWLYDFLyQ
+DELOLGDGHVSDUDWRPDUODGHFLVLyQ
‡([WHUQRV
3URYHHUDFFHVRDODLQIRUPDFLyQ
3URFHVRGHGHFLVLyQ
‡6LWXDFLyQGHVDOXG
‡2SFLRQHV
‡5HVXOWDGRV
‡2SLQLyQ\HOHFFLyQGHRWURV
‡,QFUHPHQWRGHOFRQRFLPLHQWR
‡([SHFWDWLYDVUHDOLVWDV
‡9DORUHVFODURV
‡$FXHUGRHQWUHYDORUHV\RSFLRQHV
‡,PSOHPHQWDFLyQGHODGHFLVLyQ
‡6DWLVIDFFLyQFRQODGHFLVLyQWRPDGD
5HDOLQHDUODVH[SHFWDWLYDVGHORVUHVXOWDGRV
&ODUL¿FDU ORV YDORUHV SHUVRQDOHV DFHUFD GH ORV UHVXO
WDGRV
3URYHHUJXtDFRQVHMRHQ
‡3DVRVSDUDWRPDUODGHFLVLyQ
‡&RPXQLFDFLyQFRQRWURV
‡0DQHMRGHODSUHVLyQDODTXHVHVLHQWHVRPHWLGD
‡$FFHVRDDSR\R\UHFXUVRV
5HVXOWDGRVGHODGHFLVLyQ
‡3HUVLVWHQFLDGHODRSFLyQ
‡0HMRUDPLHQWRHQODFDOLGDGGHYLGD
‡5HGXFFLyQGHHVWUpV
‡5HGXFFLyQGHODUUHSHQWLPLHQWR
‡8VRLQIRUPDGRGHORVUHFXUVRV
$SR\R LQIRUPDWLYR FRQVHMR HPRFLRQDO LQVWUXPHQWDO
¿QDQFLHUR D\XGD SURIHVLRQDO GH UHGHV VRFLDOHV \ RWURV
VHFWRUHV
)XHQWH'RFXPHQWR7DOOHU³7RPDGHGHFLVLRQHVHQ6DOXG´DOGH-XOLR(VFXHODGH(QIHUPHUtD3RQWL¿FLD8QLYHUVLGDG&DWyOLFDGH&KLOH
6HJ~QHOHVTXHPDODYDORUDFLyQGHQHFHVLGDGHVHVQHFHVDULDSDUD
HQWHQGHUHOFRQWH[WRGHOSURFHVRGHODWRPDGHGHFLVLRQHV\SDUDLGHQWL¿FDU
ORVGHWHUPLQDQWHVTXHQRVRQySWLPRV\DTXHFRQHVWDLQIRUPDFLyQSXHGHQ
VHOHFFLRQDUVH\OOHYDUVHDFDERODVLQWHUYHQFLRQHVPiVDSURSLDGDV(QHVWD
SULPHUDHWDSDGHOPRGHORVHWUDWDGHLGHQWL¿FDUIDFWRUHVTXHSXHGHQVHU
QHJDWLYRVSDUDHOSURFHVRGHWRPDGHGHFLVLRQHV\TXHSXHGHQUHVLGLUHQ
ODSHUFHSFLyQGHORVSURSLRVXVXDULRVGHODVSHUVRQDVTXHORVURGHDQR
HQORVUHFXUVRVSHUVRQDOHV\H[WHUQRVDOSURFHVR
/DVHJXQGDHWDSDGHOPRGHORHQIDWL]DHODSR\RTXHVHGHEHEULQGDU
HQ OD WRPD GH GHFLVLRQHV \ TXH VXSRQH OD SUHSDUDFLyQ GHO SDFLHQWH \
GHO SURIHVLRQDO SDUD WRPDU OD GHFLVLyQ \ HVWUXFWXUDU XQ VHJXLPLHQWR D
ODLQWHUYHQFLyQ(QHVWDHWDSDVHGHEHSODQWHDUFRPRREMHWLYRPHMRUDU
HOSURFHVRGHGHFLVLyQDGDSWDQGRHOWLSRGHDSR\RDODVQHFHVLGDGHVGH
ORVSDUWLFLSDQWHVORFXDOFRQVLVWHHQDSURYHHULQIRUPDFLyQDFHUFD
GH OD VLWXDFLyQ GH VDOXG GHO XVXDULRSDFLHQWH RSFLRQHV \ UHVXOWDGRV
E UHDOLQHDPLHQWR GH ODV H[SHFWDWLYDV TXH LQFOX\H OD GHVFULSFLyQ GH
ORV UHVXOWDGRV LQFOX\HQGR ODV SUREDELOLGDGHV DVRFLDGDV F FODUL¿FDU ORV
YDORUHVGHVFULELHQGRORVUHVXOWDGRVSDUDHYDOXDUORVFRUUHFWDPHQWH\G
LQFUHPHQWDUODVKDELOLGDGHVHQHOSURFHVRGHWRPDGHGHFLVLyQRWRUJDQGR
JXtD\FRQVHMRHQORVGLIHUHQWHVSDVRVGHODGHOLEHUDFLyQ(ODSR\RGHEH
FRQVLGHUDU DGHPiV ODV FDUDFWHUtVWLFDV GH ORV SDUWLFLSDQWHV \D TXH ODV
LQWHUYHQFLRQHV WLHQHQ TXH VHU ÀH[LEOHV SDUD DEDUFDU ODV SUHIHUHQFLDV
LQGLYLGXDOHVGHSDUWLFLSDFLyQHQODWRPDGHGHFLVLyQ
/D~OWLPDHWDSDGHOPRGHORHVGHFLUODHYDOXDFLyQGHODSR\RDOD
WRPDGHGHFLVLyQVHSDUDODHYDOXDFLyQGHOSURFHVRGHODHYDOXDFLyQGH
ORVUHVXOWDGRVSRUTXHQRVLHPSUHEXHQDVGHFLVLRQHVGDQFRPRSURGXFWR
EXHQRVUHVXOWDGRVORVFXDOHVYDQDGHSHQGHUGHORVYDORUHVSHUVRQDOHVGH
ORVXVXDULRVSDFLHQWHV(VWHPDUFRFRQFHSWXDOGH¿QHFRPRGHFLVLyQyS
8QLYHUVLGDGGH$QWLRTXLD)DFXOWDGGH(QIHUPHUtD
WLPDDTXHOODTXHHVLQIRUPDGDFRQVLVWHQWH
FRQORVYDORUHVSHUVRQDOHV\FRQODTXHORV
SDUWLFLSDQWHVSXHGHQH[SUHVDUVXVDWLVIDF
FLyQ 6H SXHGH GHWHUPLQDU HYDOXDQGR VL
ODVLQWHUYHQFLRQHVLQFUHPHQWDURQHOFRQR
FLPLHQWR ODV H[SHFWDWLYDV UHDOLVWDV OD
FRQFRUGDQFLDHQWUHORVYDORUHVSHUVRQDOHV
\ODVRSFLRQHVGLVPLQX\HURQHOFRQÀLFWR
GHFLVLRQDO\PHMRUDURQODLPSOHPHQWDFLyQ
GHODGHFLVLyQ\ODVDWLVIDFFLyQFRQHOSUR
FHVRGHWRPDGHGHFLVLyQ
,QVWUXPHQWRVGHO0RGHOR
GH2WWDZD
3DUDPHGLUODLQFHUWLGXPEUHGHORVXVXDULRV
SDFLHQWHV \ ORV IDFWRUHV TXH FRQWULEX\HQ
D HOOD VH KD GHVDUUROODGR OD ³(VFDOD GH
&RQÀLFWR'HFLVLRQDO´TXHSXHGHVHUXVDGD
WDQWRSDUDYDORUDUODVQHFHVLGDGHVEiVLFDV
FRPRSDUDPRQLWRUHDUHOSURJUHVRGXUDQWH
ODLQWHUYHQFLyQ([LVWHQGRVYHUVLRQHVGH
HVWH LQVWUXPHQWR XQD ODUJD TXH FRQVLVWH
HQ XQD HVFDOD /LNHUW TXH PLGH RSFLRQHV
FRQ XQ SXQWDMH GH D VLJQL¿FDQGR HO
YDORUHVWDUIXHUWHPHQWHGHDFXHUGR\HO
YDORUIXHUWHPHQWHHQGHVDFXHUGRFRQ
ODRSFLyQSUHVHQWDGD/RVUHVXOWDGRVYDQ
GHVGH &RQÀLFWR 'HFLVLRQDO %DMR D$OWR
/DWRPDGHGHFLVLRQHVHQVDOXG\HOPRGHORFRQFHSWXDOGH2WWDZD
LQWHUSUHWDQGR ORV SXQWDMHV GH R PHQRU
YDORUFRPRSURFHVRGHWRPDGHGHFLVLyQ
VLQ GLILFXOWDGHV \ ORV UHVXOWDGRV FRQ
YDORUHVPD\RUHVGHFRQXQDGHPRUD
HQODWRPDGHGHFLVLRQHV6HGHPRVWUyOD
YDOLGH]\FRQ¿DELOLGDGGHHVWHLQVWUXPHQWR
HQXQDPXHVWUDGHLQGLYLGXRV\DTXH
GLVFULPLQyVLJQL¿FDWLYDPHQWHS
HQWUHDTXHOORVXVXDULRVTXHGHPRUDURQR
UHWUDVDURQ OD GHFLVLyQ HQ FRPSDUDFLyQ D
ORVTXHGHFLGtDQVLQGL¿FXOWDG(OHVWXGLR
GHYDOLGH]UHYHOyDGHPiVXQDFRUUHODFLyQ
LQYHUVD U S HQWUH ORV
YDORUHVGHODHVFDOD\HOFRQRFLPLHQWRGH
ODVLWXDFLyQSXHVORVYDORUHVEDMDQGHVSXpV
GH TXH ORV XVXDULRV UHFLEHQ LQWHUYHQFLyQ
GHDSR\R
6H GHVDUUROOy DGHPiV XQD YHUVLyQ
FRUWD GH HVWD HVFDOD SLFWRJUDPD SDUD
IDFLOLWDUVXDGPLQLVWUDFLyQHLQWHUSUHWDFLyQ
\ UHGXFLU VX FRPSOHMLGDG HPSOHDQGR XQ
OHQJXDMHIiFLOVHxDOHVJUi¿FDV\UHVSXHVWDV
VLPSOHV ~WLOHV SDUD YDORUDU HO FRQÀLFWR
GHFLVLRQDOHQJUDQGHVJUXSRVGHSREODFLyQ
(VWDYHUVLyQUHGXFLGDWLHQHODYHQWDMDGH
TXHVXVUHVXOWDGRVSXHGHQVHULQWHUSUHWDGRV
UiSLGDPHQWH6LVHKDPDUFDGRHOFLUFXOR
GH ³6t´ HQ WRGRV ORV tWHPV HO FRQÀLFWR
GHFLVLRQDO HV EDMR /D LQFHUWLGXPEUH \
ORV IDFWRUHV TXH FRQWULEX\HQ DO FRQÀLFWR
SXHGHQ VHU GHWHFWDGRV FKHTXHDQGR ORV
tWHPV TXH KDQ VLGR PDUFDGRV FRQ HO
FtUFXOR ³1R´ R ³,QVHJXUR´ 6L VH GHWHFWD
XQ FRQÀLFWR GHFLVLRQDO VH SXHGH XWLOL]DU
OD YHUVLyQ ODUJD SDUD LGHQWLILFDU PiV
GHWDOOHV DFHUFD GHO SUREOHPD \ SODQHDU
LQWHUYHQFLRQHVDGHFXDGDV
/D*XtDGH2WWDZDHVXQLQVWUXPHQWR
TXH SHUPLWH YDORUDU ODV QHFHVLGDGHV \R
SODQHDUHODSR\RDODWRPDGHGHFLVLRQHV
$TXt VH LQFOX\H XQD SODQLOOD GH EDODQFH
GHFLVLRQDO HMHUFLFLRV GH FODUL¿FDFLyQ GH
YDORUHV \ OD JXtD GH YDORUDFLyQ \ SODQHD
PLHQWRSURSLDPHQWHWDO8WLOL]DQGRODJXtD
ORVSURIHVLRQDOHVWUDEDMDQFRQORVXVXDULRV
SDUD UHFROHFWDU OD LQIRUPDFLyQ GH¿QLU HO
SUREOHPDGHGHFLVLyQLGHQWL¿FDUORVUHVXO
WDGRVGHVHDGRVSODQHDUODVLQWHUYHQFLRQHV
\HYDOXDUHOSURJUHVR
6X UHFLHQWH DSOLFDFLyQ \ YDOLGDFLyQ HQ OD SREODFLyQ FKLOHQD D
WUDYpVGHXQSUR\HFWRGHLQWHUFDPELRGHWUDQVIHUHQFLDWHFQROyJLFDHQWUH
&DQDGi \ &KLOH D FDUJR GH SURIHVLRQDOHV GH HQIHUPHUtD KD SHUPLWLGR
H[WHQGHUDGLIHUHQWHVUHJLRQHVGH&KLOHGHVGH&DQDGi\(VWDGRV8QLGRV
ORV FRQFHSWRV \ KHUUDPLHQWDV GHFLVLRQDOHV TXH HVWH PRGHOR SURSRQH
H[SHULHQFLDTXHKDHYLGHQFLDGRXWLOLGDG\DSOLFDELOLGDGVREUHWRGRHQ
PXMHUHVTXHYLYHQVLWXDFLRQHVGHSREUH]D
&21&/86,21(6
7RGDVODVSHUVRQDVHVWiQREOLJDGDVHQDOJ~QPRPHQWRGHVXYLGDDWRPDU
GHFLVLRQHVHQVDOXG\FXDQGRODVDOWHUQDWLYDVQRHVWiQFODUDVVXUJHHO
FRQIOLFWRGHFLVLRQDOFRPRXQDVLWXDFLyQGHLQFHUWLGXPEUHHQODTXH
HOSDFLHQWHVHGHEDWHHQWUHODGHVLQIRUPDFLyQ\ODIDOWDGHDSR\RSDUDHOHJLU
ODRSFLyQDFRUGHFRQVXVYDORUHVSHUVRQDOHV
/RVSURIHVLRQDOHVGHODVDOXGGHEHQDGRSWDUXQUROSURWDJyQLFRHQ
ORVSURFHVRVGHGHFLVLyQHQVDOXGGHVDUUROODQGRKDELOLGDGHVSDUDDSR\DU
DVXVSDFLHQWHVRXVXDULRVHQORVFRQÀLFWRVTXHHOORVGHEHQHQIUHQWDU
(Q WLHPSRV HQ TXH ODV GHFLVLRQHV GH VDOXG VH GHVDUUROODQ HQ XQ
PRGHORFRPSDUWLGRHQWUHSDFLHQWHV\SURIHVLRQDOHVHO0RGHORGH7RPD
GH'HFLVLRQHVGH2WWDZDGHVDUUROODGRSRU2¶&RQQRUVHVXQUHIHUHQWH
~WLOSDUDD\XGDUDODVSHUVRQDVHVSHFLDOPHQWHDODVPXMHUHVDDVXPLUXQ
UROPiVDFWLYRHQODVGHFLVLRQHVTXHDIHFWDQVXSURSLDVDOXG\ODGHVXV
IDPLOLDVIRFDOL]DQGRHODSR\RGHFLVLRQDOHQVXVSURSLDVQHFHVLGDGHV
YDORUHV\SUHIHUHQFLDV
(O0RGHORGH2WWDZDUHTXLHUHXQFDPELRHQODVDFWLWXGHV\DSWLWXGHV
GH WRGRV ORV DFWRUHV LQYROXFUDGRV SXHV REOLJD D ORV SURIHVLRQDOHV D
GLVSRQHUGHWRGDV\ODVPiVDFWXDOHVHYLGHQFLDVFLHQWt¿FDV\DGHVDUUROODU
KDELOLGDGHVGHFRPXQLFDFLyQTXHSHUPLWDQXQSURFHVRGHLQWHUDFFLyQ
PiVHIHFWLYRFRQORVXVXDULRV$VtPLVPRODVKHUUDPLHQWDVGHYDORUDFLyQGH
QHFHVLGDGHV \ SODQHDPLHQWR GH ORV DSR\RV TXH XWLOL]D HVWH PRGHOR
GH DWHQFLyQ SHUPLWHQ TXH ODV SHUVRQDV VH LQYROXFUHQ SDUWLFLSDWLYD H
LQIRUPDGDPHQWHHQODUHVROXFLyQGHVXVFRQÀLFWRVGHVDOXG
)LQDOPHQWHVHHQIDWL]DODXWLOLGDGGHHVWHPRGHOR\VHUHFRPLHQGD
VX XWLOL]DFLyQ HQ ODV LQWHUYHQFLRQHV TXH HQIHUPHUtD GHVDUUROOD HQ OD
FRPXQLGDG \ ODV IDPLOLDV SXHV SURSRUFLRQD H[SHULHQFLDV TXH HQ XQ
FRUWR SOD]R VH WUDGXFHQ HQ XQ PDQHMR DXWyQRPR GH OD VDOXG GH ORV
LQGLYLGXRV3DUDHQIHUPHUtDVLJQL¿FDXQDKHUUDPLHQWDH¿FD]TXHSHUPLWH
SODQL¿FDUXQFXLGDGRDFRUGHFRQORVYDORUHVGHORVVXMHWRVLQWHUSUHWDU
FRQLQVWUXPHQWRVPiVHVSHFt¿FRVODVQHFHVLGDGHVUHDOHVGHODSREODFLyQ
\UHVJXDUGDUHOGHUHFKRDGHFLGLUHQVDOXG
5()(5(1&,$6%,%/,2*5È),&$6
&DWDOGL$PDWULDLDQ50/DDXWRQRPtDHQODWRPDGHGHFLVLRQHVPpGLFDV
5HYLVWDGHOD6RFLHGDGGH0HGLFLQD,QWHUQDGH%XHQRV$LUHV>3XEOLFDFLyQ
SHULyGLFDHQOtQHD@-XO±6HSW>&LWDGD$JRV@>SDQWD
OODV@6HHQFXHQWUDHQKWWSZZZVPLEDRUJDUPHGLQWHUQDYRO
KWP
,QYHVWLJDFLyQ\(GXFDFLyQHQ(QIHUPHUtD0HGHOOtQ9RO;;,91žPDU]RGH
(GXFDFLyQ(GXFDWLRQ
0HQHX5/DSHUVSHFWLYDGHORVSDFLHQWHV*&6>3XEOLFDFLyQ
SHULyGLFD HQ OtQHD@ >&LWDGD 1RY @ >
SDQWDOODV@6HHQFXHQWUDHQKWWSZZZLLVVHVJFVJHVWLRQ
SGI
+DOPV03HQTXH6'ROO1%HDKUV0:RPHQDQGFDUGLDF
UHKDELOLWDWLRQ5HIHUUDODQGFRPSOLDQFHSDWWHUQV-FDUGLR
YDVFQXUV
0HQGR]D36)LJXHURD)0&UHHQFLDVHQVDOXG\DGKHUHQFLD
GHSDFLHQWHVKLSHUWHQVRVFRQWURODGRVHQFHQWURVGHVDOXGGH
ODFRPXQDGH&RQFHSFLyQ&KLOH&LHQFHQIHUP
&KDUOHV & *DIQL$ :KHODQ 7 'HFLVLRQPDNLQJ LQ WKH
SK\VLFLDQSDWLHQWHQFRXQWHU5HYLVLWLQJWKHVKDUHGWUHDWPHQW
GHFLVLRQPDNLQJ PRGHO 6RF 6FL PHG 2 ¶&RQQRUV $0 6WDFH\ ' 5RYQHU ' +ROPHV 5RYQHU
0 7HWURH - /OHZHOO\Q 7KRPDV + HW DO $\XGDV HQ OD
WRPD GH GHFLVLRQHV VREUH WUDWDPLHQWRV R SURFHGLPLHQWRV
GLDJQyVWLFRV %LEOLRWHFD &RFKUDQH >3XEOLFDFLyQ SHUtRGLFD
HQ OtQHD@ >&LWDGD 2FW @ > SDQWDOODV@
6H HQFXHQWUD HQ KWWSFRFKUDQHELUHPHEUFRFKUDQH
VKRZSKS"GE HVBUHYLHZVPIQ LG B,'B&'
(6ODQJ HVGEODQJ HV
)URVFK'/.DSODQ506KDUHGGHFLVLRQPDNLQJLQFOLQLFDO
PHGLFLQH3DVWUHVHDUFKDQGIXWXUHGLUHFWLRQV$PMSUHY
PHG
.DVVLHU-3,QFRUSRUDWLQJSDWLHQW¶VSUHIHUHQFHVLQWRPHGLFDO
GHFLVLRQV1(QJOMPHG
2¶&RQQRUV$05RVWRP$)LVHW97HWURH-(QWZLVWOH9
/OHZHOO\Q7KRPDV+HWDO'HFLVLRQDLGVIRUSHRSOHIDFLQJ
KHDOWKWUHDWPHQWRUVFUHHQLQJGHFLVLRQV6\VWHPDWLFUHYLHZ
%0-
2¶&RQQRUV$0'UDNH(5:HOOV*$7XJZHOO3/DXSDFLV
$(OPVOLH7$VXUYH\RIWKHGHFLVLRQPDNLQJQHHGVRI&D
QDGLDQVIDFHGZLWKFRPSOH[KHDOWKGHFLVLRQV+HDOWKH[SHFW
2¶&RQQRUV$0-DFREVHQ0-6WDFH\'$QHYLGHQFHEDVHG
DSSURDFKWRPDQDJLQJZRPHQ¶VGHFLVLRQDOFRQÀLFW-REVWHW
J\QHFROQHRQDWDOQXUV
2¶&RQQRUV$0-DFREVHQ0-6WDFH\'$QHYLGHQFHEDVHG
DSSURDFKWRPDQDJLQJZRPHQ¶VGHFLVLRQDOFRQÀLFW-REVWHW
J\QHFROQHRQDWDOQXUV
0XUUD\0$0LOOHU7)LVHW92¶&RQQRUV$-DFREVHQ0-
'HFLVLRQ VXSSRUW +HOSLQJ SDWLHQWV DQG IDPLOLHV WR ¿QG D
EDODQFH DW WKH HQG RI OLIH ,QW - 3DOOLDW 1XUV 2¶&RQQRUV$0-DFREVHQ0-6WDFH\'$QHYLGHQFHEDVHG
DSSURDFKWRPDQDJLQJZRPHQ¶VGHFLVLRQDOFRQÀLFW-REVWHW
J\QHFROQHRQDWDOQXUV
0RQWRUL90%U\DQW6&2¶&RQQRUV$0-RUJHQVHQ1:
:DOVK((6PLWK6$'HFLVLRQDODWWULEXWHVRISDWLHQWVZLWK
GLDEHWHV7KH DVSLULQ FKRLFH 'LDEHWHV FDUH &DUSHQLWR /- 'HFLVLRQDO FRQÀLFW (Q 1XUVLQJ GLDJQRVLV
$SSOLFDWLRQWRFOLQLFDO3KLODGHOSKLD-%/LSSLQFRWW
SS
2¶&RQQRUV$0 (OHFFLRQHV \ GHFLVLRQHV HQ VDOXG 8QD
DOLDQ]D HQWUH SURIHVLRQDOHV \ XVXDULRV DSOLFDQGR WUDQVIH
UHQFLDWHFQROyJLFD&DQDGLHQVH&KLOHQD6DQWLDJRGH&KLOH
3RQWL¿FLD8QLYHUVLGDG&DWyOLFDGH&KLOHS
6iQFKH]%/DH[SHULHQFLDGHVHUFXLGDGRUDGHXQDSHUVRQD
HQ VLWXDFLyQ GH HQIHUPHGDG FUyQLFD ,QYHVW HGXF HQIHUP
0XULOOR6¢4XLpQFXLGDDODFXLGDGRUD"5HSDUWLUHOFXLGDGR
SDUDQRGHVFXLGDUQRV0\6>3XEOLFDFLyQSHULyGLFDHQOtQHD@
>&LWDGD$EU@>SDQWDOODV@6HHQFXHQWUD
HQKWWSP\VPDWUL]QHWP\VDUWLFXORVDUWKWPO
2¶&RQQRUV$0 9DOLGDWLRQ RI D GHFLVLRQDO FRQÀLFW VFDOH
0HGGHFLVPDN
2¶&RQQRUV$0 9DOLGDWLRQ RI D GHFLVLRQDO FRQÀLFW VFDOH
0HGGHFLVPDN
*DUFtD &DOYHQWH 00 /RV FXLGDGRV LQIRUPDOHV GHVGH OD
SHUVSHYWLYD IDPLOLDU (Q 3RQFH -$ 0XULHO 5 *yPH] GH
7HUUHURV,6DOXGLQIDQFLDDGROHVFHQFLD\VRFLHGDGHG
6HYLOOD6HFFLyQGH3HGLDWUtD6RFLDO$(3SS
8QLYHUVLGDGGH$QWLRTXLD)DFXOWDGGH(QIHUPHUtD
-RIUp$9 0HQGR]D 36 7RPD GH GHFLVLRQHV HQ VDOXG HQ
PXMHUHVFXLGDGRUDVLQIRUPDOHV&LHQFHQIHUP
Descargar