INSTRUCCIONES PARA LOS AUTORES (14ptos, negrita)

35238(67$'(02'(/,=$&,Ï1'(/$*(67,Ï1'(/$&2/$'(
$&7,9,'$'(6'(&,6,21$/(6(1(/0$5&2'(/02'(/2'*5$,
'DYLG3HLGUR3D\i5D~O3ROHU(VFRWR)UDQFLVFR&UX]/DULR(VWHEDQ
(VFXHOD3ROLWpFQLFD6XSHULRUGH$OFR\3]D)HUUDQGL]&DUERQHOOQž$/&2<GDSHLSD#RPSXSYHV
(VFXHOD3ROLWpFQLFD6XSHULRUGH$OFR\3OD]D)HUUDQGL]&DUERQHOOQž$/&2<USROHU#RPSXSYHV
8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLD&DPLQRGH9HUDVQ9$/(1&,$IFODULR#RPSXSYHV
5(680(1
(QHVWHDUWtFXORVHSUHVHQWDXQDSURSXHVWDGHH[WHQVLyQGHORVSURFHGLPLHQWRVGHVLPXODFLyQGHO0RGHOR
'*5$,HQIRFDQGRODSUREOHPiWLFDGH ODJHVWLyQGHODVFRODVGHDFWLYLGDGHVGHFLVLRQDOHVGHORVUHFXUVRV
KXPDQRV SDUWtFLSHV HQ HO 6LVWHPD 'HFLVLRQDO GH XQD HPSUHVD (O PRGHOR '*5$, HVWDEOHFH XQD
SDUDPHWUL]DFLyQ GHO 6LVWHPD 'HFLVLRQDO HPSUHVDULDO FRQ HO REMHWRGHSRGHUUHDOL]DUXQDVLPXODFLyQGH
GLFKRVLVWHPDFRQHOILQGHDQDOL]DUHOFRPSRUWDPLHQWRGLQiPLFRGHOPLVPRDWUDYpVGHVXVSDUiPHWURV
WHPSRUDOHV+RUL]RQWHV\3HUtRGRVGHSODQLILFDFLyQ\HOVHJXLPLHQWRGHODHYROXFLyQGHOD&DOLGDG7RWDO
GHO6LVWHPD'HFLVLRQDO&RQFUHWDPHQWHVHYDD SURIXQGL]DUHQODGHILQLFLyQGHUHJODVGHVHFXHQFLDFLyQ
GHODFRODGHDFWLYLGDGHVGHORVGHFLVRUHVDVtFRPRHQODPRGHOL]DFLyQGHUHXQLRQHV\HQHOSUREOHPDGHO
LPSDFWRGHODLQWHUUXSFLyQGHDFWLYLGDGHVHQODGXUDFLyQWRWDOGHODVPLVPDV
,QWURGXFFLyQ
(O SUHVHQWH WUDEDMR VH HQPDUFD GHQWUR GHO iPELWR GH OD $UTXLWHFWXUD GH ,QWHJUDFLyQ (PSUHVDULDO
*,0 \ PiV FRQFUHWDPHQWH GHQWUR GH OD 0HWRGRORJtD ,QWHJUDGD *5$, UHIHUHQWH HO GHVDUUROOR GH
VLVWHPDVTXHSHUPLWDQUHDOL]DUXQDVLPXODFLyQGHO6LVWHPD'HFLVLRQDO
6HYDDSURIXQGL]DUHQODSUREOHPiWLFDGHODJHVWLyQGHODFRODGHDFWLYLGDGHVGHORVGHFLVRUHVGHQWUR
GHODVLPXODFLyQGHXQ6LVWHPD'HFLVLRQDOGDGR7RGRHOORDSDUWLUGHODGHILQLFLyQGHXQ0RGHOR
'LQiPLFR GHO 6LVWHPD 'HFLVLRQDO >@>@ TXH RIUHFH OD SRVLELOLGDG GH GRWDU D *5$, GH XQ
PHFDQLVPR GH DQiOLVLV GH OD FRQVLVWHQFLD GLQiPLFD GH GLFKR PRGHOR (VWD FRQVLVWHQFLD GLQiPLFD
HVWi UHODFLRQDGD FRQ OD VLPXODFLyQ GHO FRPSRUWDPLHQWR WHPSRUDO GHO VLVWHPD GHFLVLRQDO HQ DUDV D
LGHQWLILFDUSUREOHPDVGH VLQFURQL]DFLyQ\FRRUGLQDFLyQHQODWRPDGHGHFLVLRQHV(VWDEOHFLHQGRXQ
FRQMXQWR GH SDUDPHWUL]DFLRQHV GH GLFKR VLVWHPD GHFLVLRQDO SDUD HIHFWXDU WDO VLPXODFLyQ 0RGHOR
'*5$,
(QFRQFUHWRODSUHVHQWHH[WHQVLyQGHO0RGHOR'*5$,SURIXQGL]DHQODSDUDPHWU L]DFLyQGHUHJODV
GH VHFXHQFLDFLyQ GH OD FROD GH GHFLVLRQHV GH ORV GHFLVRUHV DVt FRPR HQ OD PRGHOL]DFLyQ GH
UHXQLRQHV\DERUGDHOSUREOHPDGHOLPSDFWRGHODLQWHUUXSFLyQGHDFWLYLGDGHVHQODGXUDFLyQWRWDOGH
ODVPLVPDV
/D0HWRGRORJtD,QWHJUDGD*5$,*,0
(VWHWUDEDMRGHLQYHVWLJDFLyQKDVLGRUHDOL]DGRHQHOPDUFRGHXQ3UR\HFWRILQDQFLDGRSRUOD&RPLVLyQ,QWHUPLQLVWHULDO
GH&LHQFLD\7HFQRORJtD&,&<7GHO*RELHUQR(VSDxROWLWXODGR´6RIWZDUHGH,QWHJUDFLyQGHOD*HVWLyQGH(PSUHVDV
,QGXVWULDOHVDGDSWDFLyQGHODV$UTXLWHFWXUDVGH6LVWHPDV$ELHUWRV\DODV0HWRGRORJtDV*5$,H,03$&6$SOLFDFLyQD
ODV3<0(6V9DOHQFLDQDV´5HI7$3

/D0HWRGRORJtD,QWHJUDGD*5$,*,0>@>@>@>@WLHQHFRPRREMHWLYRGDUVRSRUWHDORVXVXDULRV
\DORVGLVHxDGRUHVGHVLVWHPDVLQGXVWULDOHV\GHVHUYLFLRVFRPHQ]DQGRSRUXQDIDVHGHDQiOLVLVGHO
VLVWHPDH[LVWHQWH\OOHJDQGRDODIDVHGHGLVHxRDWUDYpVGHODGHILQLFLyQGHORVUHTXHULPLHQWRVGHORV
XVXDULRV
(O 0RGHOR *5$, 'RXPHLQJWV >@>@ WLHQH FRPR REMHWLYR SURSRUFLRQDU XQD GHVFULSFLyQ
JHQpULFD GH OR TXH HV XQ VLVWHPD GH IDEULFDFLyQ LQFLGLHQGR HQ OD *HVWLyQ GH 3URGXFFLyQ 'LFKR
PRGHOR GHVFRPSRQH HO 6LVWHPD (PSUHVD HQ WUHV VLVWHPDV HO 6LVWHPD )tVLFR HO 6LVWHPD GH
,QIRUPDFLyQ\HO6LVWHPDGH'HFLVLyQ
3DUD GHVFULELU HO 0RGHOR GH ,QIRUPDFLyQ &RQFHSWXDO \ HO 0RGHOR GH ,QIRUPDFLyQ (VWUXFWXUDO VH
XWLOL]DHOIRUPDOLVPR(QWLGDG5HODFLyQ(53DUDHO0RGHORGH'HFLVLyQ&RQFHSWXDO\HO0RGHOR
GH 'HFLVLyQ (VWUXFWXUDO VH XWLOL]D OD 5HMLOOD *5$, SDUD HO QLYHO JOREDO \ ODV 5HGHV *5$, SDUD HO
QLYHO GHWDOODGR 3DUD HO 0RGHOR )tVLFR &RQFHSWXDO \ HO 0RGHOR )tVLFR (VWUXFWXUDO GRQGH VH
GHWHUPLQDQ ORV FRPSRQHQWHV GHOVLVWHPD HQ WpUPLQRV GH VX IXQFLRQDOLGDGVH XWLOL]D HO IRUPDOLVPR
,'()
$QiOLVLV'LQiPLFRGHO6LVWHPD'HFLVLRQDO
3DUD SRGHU UHDOL]DU XQ $QiOLVLV 'LQiPLFR GHO 6LVWHPD 'HFLVLRQDO HV QHFHVDULR GHILQLU XQ 0RGHOR
'LQiPLFR GHO 6LVWHPD 'HFLVLRQDO 0'6' >@>@ 8QD FRQGLFLyQ LQGLVSHQVDEOH HV TXH GLFKR
PRGHORDGPLWDXQDVLPXODFLyQ3DUDODGHILQLFLyQGHO0'6'6HWRPDFRPREDVHHO0RGHOR*5$,
\VXVIRUPDOLVPRV5HMLOOD\5HGHVDODVFXDOHVVHOHVDxDGHQH[WHQVLRQHV\SDUDPHWUL]DFLRQHV
(O0RGHOR*5$,SURSRQHXQDHVWUXFWXUDMHUiUTXLFDSDUDODGHILQLFLyQGHO6LVWHPD'HFLVLRQDOHQOD
HPSUHVD (O QLYHO VXSHULRU GH OD HVWUXFWXUD HV OD 5HMLOOD *5$, GRQGH VH HQFXHQWUDQ XELFDGRV ORV
&HQWURV GH 'HFLVLyQ $ HVH QLYHO VH HVWDEOHFHQ OLJDGXUDV GHFLVLRQDOHV H LQI RUPDFLRQDOHV HQWUH ORV
&HQWURVGH'HFLVLyQ
3DUDPHWUL]DFLyQGHO0RGHOR'*5$,
/D SDUDPHWL]DFLyQ GHO 0RGHOR '*5$, >@ HVWDEOHFH IRUPXODFLRQHV SDUD OD FRQVLGHUDFLyQ GH ORV
IDFWRUHV WHPSRUDOHV \ GH FDOLGDG HQ OD E~VTXHGD \ SURFHVDGR GH LQIRUPDFLyQ HQ OD H MHFXFLyQ GH
DFWLYLGDGHVGHFLVLRQDOHV\HQODFRQVLGHUDFLyQGHODFDOLGDGGHORVUHFXUVRVKXPDQRVSDUWtFLSHVHQ
HO6LVWHPD'HFLVLRQDO
'LFKDSDUDPHWUL]DFLyQGHIRUPDHVTXHPiWLFDHVODVLJXLHQWH
(QORUHIHUHQWHDORVDVSHFWRVWHPSRUDOHVGHODE~VTXHGD \SURFHVDGRGHLQIRUPDFLyQORVSDUiPHWURV
FRQVLGHUDGRVVRQ
7O V Ÿ WLHPSRGHORFDOL]DFLyQSURPHGLRGHOVRSRUWHV
7S V Ÿ WLHPSRGHSURFHVDGRSURPHGLRGHOVRSRUWHV
)7O U Ÿ IDFWRUFRUUHFWRU GHOWLHPSRGHORFDOL]DFLyQGHOUHFXUVRKXPDQRU
)7S U Ÿ IDFWRUFRUUHFWRUGHOWLHPSRGHSURFHVDGRGHOUHFXUVRKXPDQR
0LHQWUDVTXHSDUDHOFiOFXORGHODFDOLGDGGHODVLQIRUPDFLRQHVRGHFLVLRQHVJHQHUDGDVVHHVWDEOHFH
¦ 46 ¦ 45+
QVD
46 V
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
L QVD
L
QUD
˜
M QUKD
M
˜ M QUKD 46 V &DOLGDGGHO6RSRUWHJHQHUDGRV
46 L &DOLGDGGHO6RSRUWHXWLOL]DGRL
QVDQ~PHURGHVRSRUWHVXWLOL]DGRVHQOD$FWLYLGDG D SDUDODJHQHUDFLyQGHO6RSRUWH V
45+ M &DOLGDGGHO5HFXUVR+XPDQRM TXHLQWHUYLHQHHQODJHQHUDFLyQGHO6RSRUWH V
QUKDQ~PHURGH5HFXUVRV+XPDQRVTXHLQWHUYLHQHQHQODUHDOL]DFLyQGHOD$FWLYLGDG D SDUDOD
JHQHUDFLyQGHO6RSRUWHV
M QUKD IXQFLyQGHLQFUHPHQWRGHFDOLGDGFRQVHFXHQFLDGHODSDUWLFLSDFLyQGHYDULRV5HFXUVRV
+XPDQRVHQODUHDOL]DFLyQGHDO$FWLYLGDG D
0RGHOL]DQGRODSHUGLGDGHFDOLGDGGHODVGHFLVLRQHVFRQUHVSHFWRGHOWLHPSR
46 V W W 46 V + &'LM W (QFXDQWRDODSDUDPHWUL]DFLyQGHORVUHFXUVRVKXPDQRVTXHLQWHUYLHQHQHQODWRPDGHGHFLVLRQHV
)7O U Ÿ IDFWRUFRUUHFWRUGHOWLHPSRGHORFDOL]DFLyQGHOUHFXUVRKXPDQRU
)7S U Ÿ IDFWRUFRUUHFWRUGHOWLHPSRGHSURFHVDGRGHOUHFXUVRKXPDQRU
)7HU Ÿ IDFWRUFRUUHFWRUGHOWLHPSRGHHMHFXFLyQGHOUHFXUVRKXPDQRU
45+HU Ÿ IDFWRUGHFDOLGDGHVWUDWpJLFDGHOUHFXUVRKXPDQRU
45+W U Ÿ IDFWRUGHFDOLGDGWiFWLFDGHOUHFXUVRKXPDQRU
45+RU Ÿ IDFWRUGHFDOLGDGRSHUDWLYDGHOUHFXUVRKXPDQRU
&D U Ÿ FRVWHDQXDOGHOUHFXUVRKXPDQRU
1P
ƒ
ƒ
ƒ
ƒ
1PLQ ˜ 1SURE 1PD[
1G
˜ 0G
1PLQQ~PHURPtQLPRGHLQWHUUXSFLRQHVDORODUJRGHGtD
1SUREQ~PHURPiVSUREDEOHGHLQWHUUXSFLRQHVDORODUJRGHGtD
1PD[Q~PHURPi[LPRGHLQWHUUXSFLRQHVDORODUJRGHGtD
0GPLQXWRVSRUGtD
7P
7PLQ ˜ 7SURE 7PD[
7G
ƒ
ƒ
ƒ
1PD[ 1PLQ
E 1P 1G ˜ 0G
7PD[ 7PLQ
E 7P 7G 7PLQWLHPSRPtQLPRTXHWUDQVFXUUHGXUDQWHXQDLQWHUUXSFLyQ
7SUREWLHPSRPiVSUREDEOHTXHWUDQVFXUUHGXUDQWHXQDLQWHUUXSFLyQ
7PD[WLHPSRPi[LPRTXHWUDQVFXUUHGXUDQWHXQDLQWHUUXSFLyQ
3DUD HO DQiOLVLV GH OD HYROXFLyQ GHO 6LVWHPD 'HFLVLRQDO HV QHFHVDULD OD GHILQLFLyQ GH XQ GDWR
DJUHJDGROD&DOLGDG7RWDOGHO6LVWHPD'HFLVLRQDO&76'
¦U
QVJ
47
ƒ
ƒ
ƒ
ƒ
V V
˜ 46 V
¦U
QVJ
V V
47 &DOLGDG7RWDOGHO6LVWHPD'HFLVLRQDO
46 V &DOLGDGGHO6RSRUWHV
U V SHVRUHODWLYRGHO6RSRUWHV
QVJQ~PHURGHVRSRUWHVJHQHUDGRVHQHO6LVWHPD
3URSXHVWDGH0RGHOL]DFLyQGHOD*HVWLyQGHOD&RODGH$FWLYLGDGHV'HFLVLRQDOHV
/D SURSXHVWD VH FHQWUD HQ OD GHILQLFLyQ GH ODV FRUUHVSRQGLHQWHV SDUDPHWUL]DFLRQHV D DxDGLU D ODV
GHILQLGDVFRQ DQWHULRULGDG TXH SHUPLWDQVLPXODUHOFRPSRUWDPLHQWRUHDOGHORVUHFXUVRVKXPDQRV
IUHQWHDOPHFDQLVPRGHJHVWLyQGHVXFRODGHDFWLYLGDGHVGHGHFLVLyQ
/DVSDUDPHWUL]DFLRQHVSURSXHVWDVFRPSUHQGHQ
D/DGHILQLFLyQGHXQDUHJODGHVHFXHQFLDFLyQGHGHFLVLRQHVTXHSHUPLWDVLPXODUH ORUGHQHQTXH
ORV GHFLVRUHV UHDOL]DQ VXV DFWLYLGDGHV GH GHFLVLyQ HQ IXQFLyQ GH XQRV FULWHULRV GH SULRULGDG
HVWDEOHFLGRV8WLOL]DQGRSDUDHOORXQDUHJODGHVHFXHQFLDFLyQ GLQiPLFDTXHWHQJDODSRVLELOLGDGGH
DGDSWDFLyQHQIXQFLyQGHORVFDPELRV\ODVLWXDFLyQGHOVLVWHPDGHFLVLRQDO
E $PSOLDFLyQ GH OD 0RGHOL]DFLyQ \ SDUDPHWUL]DFLyQ GH GHFLVLRQHV PXOWLGHFLVRU UHXQLRQHV
UHDOL]DGD SRU >@ /D SDUDPHWUL]DFLyQ \ VLPXODFLyQ GHO FRPSRUWDPLHQWR GH ORV GHFLVRUHVIUHQWH D
ODVUHXQLRQHVUHTXLHUHQXQDDWHQFLyQHVSHFLDO3XHVQHFHVLWDQGHODSUHVHQFLDHQHOPLVPRLQVWDQWH
WHPSRUDOGHWRGRVVXVSDUWLFLSDQWHV3DUDHOORpVWRVGHEHUtDQHQFRQWUDUVHOLEUHVGHRFXSDFLyQRGHOR
FRQWUDULR VHUtD QHFHVDULR LQWHUUXPSLU ODV DFWLYLGDGHV HQ FXUVR GH ORV GHFLVRUHV FRQYRFDGRV 3RU OR
WDQWR VH UHTXLHUH OD SUHVHQFLD GH XQ HOHPHQWR GH DERUWR GH DFWLYLGDGHV TXH VH GHEH SDUDPHWUL]DU
$VLPLVPR VH UHTXLHUH XQ JHVWLyQ HVSHFLDO GH OD FROD GH DFWLYLGDGHV GH ORV GHFLVRUHVHQ FX\DFROD
H[LVWDXQDUHXQLyQSUy[LPDHQHOWLHPSR
F3DUDPHWUL]DFLyQGHODVFRQGLFLRQHVGHDERUWRGHGHFLVLRQHVHQFXUVR\VXLQIOXHQFLDHQOD
GXUDFLyQSRVWHULRUGHODVPLVPDVXQDYH]UHWRPDGDV
6HFXHQFLDFLyQGHOD&RODGH$FWLYLGDGHV
/DIRUPXODFLyQSURSXHVWDHVODVLJXLHQWH
3L
§
¨
¨
¨
3DEVL ˜ ¨
¨
¨
¨
©
M ¦4V
QV
M
·
¸
¸
¸
¸ ˜ N ˜ I W SURFL
¸
¸
¸
¹
QV
VLHQGR
ƒ
ƒ
ƒ
ƒ
ƒ
3DEVLSUREDELOLGDGDEVROXWDGHODGHFLVLyQL
QVQ~PHURGHVRSRUWHVTXHVHUiQJHQHUDGRVSRUWRPDUODGHFLVLyQL
4VMFDOLGDGGHOVRSRUWHTXHVHUHJHQHUDUiSRUWRP DUODGHFLVLyQM
N SDUiPHWUR TXH HVSHFLILFD HO SHVR TXH HO WLHPSR GH SURFHVDPLHQWR WLHQH HQ OD IyUPXOD SRU
GHIHFWRVXYDORUHVDXQTXHSXHGHPRGLILFDUVH
IWSURFLIXQFLyQGHSHQGLHQWHGHOWLHPSRGHSURFHVDPLHQWR
2EVHUYDFLRQHV
/RVYDORUHVGHODSUREDELOLGDGDEVROXWDRVFLODQHQWUH\
(OYDORUQV ~QLFDPHQWHFRQVLGHUDDTXHOORVVRSRUWHVTXHVRQUHTXHULGRVSRUDTXHOODVGHFLVLRQHV
TXHKDQVLGRDFWLYDGDV
6LHOYDORUGHODFDOLGDGGHOVRSRUWHVXSHUDHOYDORUGHOXPEUDOPtQLPRHVGHFLU4VVHFRQYLHU WH
HQ HO YDORU GH UHVXOWDQWH GH OD IyUPXOD VHUi LQILQLWR FRQYLUWLpQGRVH HQ XQD DFWLYLGDG GH
Pi[LPD SULRULGDG +D\ TXH WHQHU HQ FXHQWD TXH DXQTXH XQ VRSRUWH VREUHSDVH HO YDORU GH VX
XPEUDOPtQLPRVLQRHVUHTXHULGRSRUQLQJ~QGHFLVRUQRHVFRQVLGHUDG RSDUDHOFiOFXORGHOD
SULRULGDGGHODGHFLVLyQ
/DIRUPDTXHWRPDODIXQFLyQI
IWSURFLHVODVLJXLHQWH
WSURFPLQ
WSURFPD[
)LJXUD)RUPDWRGHODIXQFLyQIWSURFL
&RQHVWDUHJODVHFXPSOHQODVGLUHFWULFHVVLJXLHQWHV
6HSDUWHGHXQDSULRULGDGDEVROXWD
(OWLHPSRGHSURFHVDPLHQWRHVWiFRQWHPSODGR
/DFDOLGDGGHORVVRSRUWHVIRUPDSDUWHGHODUHJOD
(OWLHPSRGHHVWDQFLDHQFRODHVWiFRQVLGHUDGRGHQWURGHODSpUGLGDGHFDOLGDGGHORVVRSRUWHV
<DTXHFXDQWRPiVWLHPSRXQVRSRUWHSDVHHQODFRODPD\RUVHUiVXSpUGLGDGHFDOLGDG\SRUOR
WDQWRPD\RUVHUiVXSULRULGDGGHQWURGHODFROD
(OQ~PHURGHDFWLYLGDGHVGHVHQFDGHQDGDVHVWiFRQWHPSODGDGHQWURGHOVXPDWRULRGHODIyUPXOD
GHODVFDOLGDGHVGHORVVRSRUWHVJHQHUDGRV
0RGHOL]DFLyQGH5HXQLRQHV
$XQTXH ODV UHXQLRQHV VH FRQVLGHUDQ GHFLVLRQHV \ SRU OR WDQWR VH GHEHUtDQ UHJLU HQ IXQFLyQ GH OD
IRUPXODFLyQ SODQWHDGD HQ HO SXQWR DQWHULRU VH KD FRQVLGHUDGR TXH pVWDV DSDUHFHUiQ VLHPSUH HQ HO
SULPHU OXJDU GHQWUR GH OD FROD GH GHFLVLRQHV GH ORV GHFLVRUHV 3HUR \D TXH ODV UHXQLRQHV VLHPSUH
SRVHHQXQDIHFKD\KRUDGHFRPLHQ]RSUHILMDGRSXHGHQFRLQFLGLUHQHOWLHPSRFRQRWUDVDFWLYLGDGHV
TXHVHHVWpQUHDOL]DQGRHQHVHPRPHQWRSRUSDUWHGHORVGHFLVRUHVTXHGHEtDQDFXGLUDWDOUHXQLyQ
\ SRU OR WDQWR VH GHEHQ LQWURGXFLU QXHYRV SDUiPHWURV D FRQVLGHUDU SDUD HVWH FDVR SDUWLFXODU GH
PRGHOL]DFLyQFRPRSXHGHVHUHOIDFWRUGHDERUWRGHDFWLYLGDGHV
/DSURSXHVWDGHPRGHOL]DFLyQHVODVLJXLHQWHRIUHFHUODSRVLELOLGDGGHTXHDXQGHFLVRUDXVHQWHGH
XQD UHXQLyQ SRU HVWDU UHDOL]DQGR RWUD WDUHD VH OH SXHGD DERUWDU \ REOLJDU D TXH VH LQFRUSRUH D OD
UHXQLyQVHJ~QODVVLJXLHQWHVQRUPDV
8QGHFLVRUDXVHQWHVLHPSUHVHUiDERUWDGRSRUXQGHFLVRUSUHVHQWHGHPD\RUUDQJR
8QGHFLVRUDXVHQWHGHUDQJRPD\RURLJXDODORVGHFLVRUHVSUHVHQWHVSRGUiVHUDERUWDGRVLD~Q
QRKDUHDOL]DGRFLHUWRSRUFHQWDMHGHVXWDUHDDFWXDOGHILQLGRSRUHOtQGLFHGHDERUWR
(QHOVHJXQGRFDVRVLHOGHFLVRUFDQGLGDWRDVHUDERUWDGRVHHQFXHQWUDUHXQLGRQRVHDERUWDUiVL
ORVSUHVHQWHVHQVXUHXQLyQVRQPiVTXHORVSUHVHQWHVHQODUHXQLyQHQODTXHHVWiDXVHQWH
6LHQGRHO,QGLFHGH$ERUWR
LDERUWR
GRQGH
ƒ
ƒ
ƒ
ƒ
LWRSH
LG SL VL LG SL d LWRSH
VL LG SL t LWRSH
LDERUWR tQGLFHDERUWR YDORUILQDOGHOtQGLFHGHDERUWRSDUDHOGHFLVRUG\ODGHFLVLyQ
LGSRUFHQWDMHGHDERUWRGHOGHFLVRUG
SLSULRULGDGGHODGHFLVLyQLFDOFXODGDVHJ~QORYLVWRDQWHULRUPHQWHHQWDQWRSRUFLHQ
LWRSH YDORUGHSURJUHVRORVXILFLHQWHPHQWHDOWRSDUDHOFXDOVLHPSUHVHWHUPLQDODDFWLYLGDGHQ
FXUVR
7DO\FRPRVHKDGHILQLGRHQSXQWRVDQWHULRUHVODSULRULGDGGHXQDUHXQLyQGHQWURGHOFRQMXQWRGH
GHFLVLRQHVSDUDXQGHFLVRUHVPi[LPD(VWDSULRULGDGPi[LPDVHKDUiHIHFWLYDFXDQGRVHFXPSODOD
IHFKD GH FRQYRFDWRULD GH GLFKD UHXQLyQ 3HUR OD SUHVHQFLD GH XQD UHXQLyQ SUy[LPD HQ OD FROD GH
DFWLYLGDGHVGHXQGHFLVRUSXHGHFDPELDUHOPHFDQLVPRGHSULRUL]DFLyQGHODVDFWLYLGDGHVDUHDOL]DU
(Q FRQFUHWR VL H[LVWH XQD UHXQLyQ SUy[LPD HQ OD TXH XQ GHFLVRU GHEH SDUWLFLSDU OD JHVWLyQ GH VX
FROD GH GHFLVLRQHV GHEHUi DGDSWDUVH HQ IXQFLyQ GH OD IHFKD \ KRUD SUHYLVWD GH OD UHXQLyQ
/DQ]iQGRVHDTXHOODVDFWLYLGDGHVGHGHFLVLyQFX\DGXUDFLyQVHDLQIHULRUDOWLHPSRUHVWDQWHKDVWDOD
UHXQLyQSODQLILFDGDSRURUGHQGHVFHQGHQWHGHSL
VLHQGR
ƒ
ƒ
GXUL WUUHXQLyQ
GXULODGXUDFLyQGHODDFWLYLGDGGHGHFLVLyQ³L´DODQ]DU
WUUHXQLRQ WLHPSRUHVWDQWHKDVWDODUHXQLyQSODQLILFDGD
3HUR HVWR QR VLHPSUH HV DVt SRU HOOR VH GHILQH XPEUDO GH UHXQLyQ XU FRPR DTXHO SDUiPHWUR
GHILQLGRHQIXQFLyQGHOGHFLVRU\TXHLQWHQWDUHVSRQGHUDODSUHJXQWDVLJXLHQWH¢(QTXHSRUFHQWDMH
GHEHUi VHU PD\RU OD SULRULGDG GH XQD GHFLVLyQ L FRQ GXUL ! WUUHXQLRQ UHVSHFWR GH RWUD M FRQ GXUM WUUHXQLRQ SDUDTXH VHD SURFHVDGDHQSULPHUOXJDUDXQTXHSRVWHULRUPHQWHGHEDLQWHUUXPSLUVHFXDQGR
VHFRQYRTXHXQDUHXQLyQ"
6HODQ]DUiODGHFLVLyQLVLX U HVPHQRURLJXDOTXHODGLIHUHQFLDGHSULRULGDGHVHQWUHODDFWLYLGDGL\
ODDFWLYLGDGM(VGHFLUVLVHFXPSOHTXH
XU d SL S M
3RU ~OWLPR KD\ TXH FRQVLGHUDU TXH VL XQD YH] ILQDOL]DGD FXDOTXLHU WDUHD SRU SDUWH GHO GHFLVRU HO
WUUHXQLRQ SXHGH VHU WDQ SHTXHxR TXH HO GHFLVRU UHDOPHQWH SUHILHUD HVSHUDUVH VLQ UHDOL]DU QLQJXQD
DFWLYLGDG GH GHFLVLyQ KDVWD TXH ILQDOPHQWH DFRQWH]FD OD UHXQLyQ $ HVWH SRUFHQWDMH GH WLHPSR OR
GHQRPLQDUHPRV WLHPSR UHVLGXDO GH UHXQLyQ WUHVLGXDO 'LFKR WLHPSR GHSHQGHUi GHO GHFLVRU
LQYROXFUDGR
,QWHUUXSFLyQGH$FWLYLGDGHV
(Q ORV SXQWRV DQWHULRUHV VH KD LQWURGXFLGR HQ OD PRGHOL]DFLyQ OD SRVLELOLGDG GHO DERUWR GH ODV
DFWLYLGDGHVHQFXUVRSRUHMHPSORSDUDDFXGLUDXQDUHXQLyQ3HURORTXHQRVHKDWHQLGRHQFXHQWD
HV HO SRVLEOH DXPHQWR GH GXUDFLyQ GH OD DFWLYLGDG LQWHUUXPSLGD XQD YH] pVWD HV UHWRPDGD SRU HO
GHFLVRUSDUDVHUILQDOPHQWHWHUPLQDGDVLHPSUHTXHQRVHWUDWHGHXQDDFWLYLGDGFRPSXHVWDSRUXQ
FRQMXQWR GH VXEDFWLYLGDGHV WRWDOPHQWH LQGHSHQGLHQWHV HQWUH Vt HQ FX\R FDVR OD LQWHUUXSFLyQ QR
QHFHVLWDUtDXQWLHPSRH[WUDVLVHSURGXFHXQDYH]FRPSOHWDGDXQDVXEDFWLYLGDG
/DIRUPXODTXHPRGHOL]DHOFRPSRUWDPLHQWRFLWDGRHVWiGHILQLGDHQWDQWRSRUFLHQGHODGXUDFL yQ
WUDQVFXUULGDKDVWDODLQWHUUXSFLyQ\HVODVLJXLHQWH
VLHQGR
ƒ
ƒ
WH[WUD SRUFHQWDMH GH WLHPSRVREUHODGXUDFLyQUHDOL]DGDDQWHVGHODLQWHUUXSFLyQDDxDGLUDOD
GXUDFLyQWRWDOGHODDFWLYLGDGHQFRQFHSWRGHUHVXPHQ
GLIJUDGRGHGLILFXOWDGGHODDFWLYLGDGGHSHQGLHQWHGHOGHFLVRU\TXHWRPDUiYDORUHVHQWUH\
TWWUDQVFXULGR HV XQD IXQFLyQ ORJDUtWPLFD FUHFLHQWH TXH LQWHQWD PRGHOL]DU HO DXPHQWR HQ OD
GXUDFLyQ WRWDO GH XQD DFWLYLGDG TXH VH SURGXFLUtD D PHGLGD TXH HO WL HPSR WUDQVFXUULGR GHVGH
TXHVHLQWHUUXPSLyODPLVPDFUHFH(ODVSHFWRGHHVWiIXQFLyQVHREVHUYDHQODILJXUDVLJXLHQWH
(VWiIXQFLyQGHYROYHUiYDORUHVHQWUH\\ORVYDORUHVGHVXHMH[HVWDUiQFRPSUHQGLGRVHQWUH
WPLQ \ WPD[ 6LHQGR WPLQ HO WLHPSR TXH PtQLPR GHEH WUDQVFXUULU SDUD SODQWHDUVH KDFHU XQ
UHVXPHQRUHFRUGDWRULRIUHQWHDHPSH]DUGHQXHYR<VLHQGRWPD[HOWLHPSRPi[LPRTXHXQDYH]
WUDQVFXUULGRREOLJDDHPSH]DUODDFWLYLGDGRWUDYH]GHVGH
)XQFLyQGHLQFUHP HQWR
,QFUHPHQWR
ƒ
GLI ˜T W WUDQVFXUUL GR ˜
W H[WUD
WPLQ
(VFDODGHWLHPSR
)LJXUD)RUPDWRGHODIXQFLyQTWWUDQVFXULGR WPD[
(VWDIyUPXODVHDSOLFDUiVLHPSUHTXHODGXUDFLyQWUDQVFXUULGDGHODDFWLYLGDGVHDPD\RUTXHWPLQ\
WDPELpQHOWLHPSRWUDQVFXUULGRGHVGHTXHODDFWLYLGDGGHLQWHUUXPSLyVHDLQIHULRUDWPD[
(OWLHPSRWRWDOGHDPSOLDFLyQGHODGXUDFLyQGHXQDDFWLYLGDGLQWHUUXPSLGDVHUiILQDOPHQWHHO
REWHQLGRGHPXOWLSOLFDUHOWLHPSRWUDQVFXUULGRKDVWDGLFKDLQWHUUXSFLyQSRUHOYDORUGHW H[WUD
&RQFOXVLRQHV
6H KD SUHWHQGLGR SURIXQGL]DU HQ OD SDUDPHWUL]DFLyQ GHO 0RGHOR '*5$, >@ FX\R REMHWLYR
IXQGDPHQWDO HV HO DQiOLVLV GH OD FRQVLVWHQFLD GLQiPLFD GHO PRGHOR GHFLVLRQDO GH XQD HPSUHVD D
WUDYpVGHODVLPXODFLyQGHOFRPSRUWDPLHQWRGHOVLVWHPDGHFLVLRQDO(VWDSUHRFXSDFLyQVXUJLyGHOD
FRQVWDWDFLyQ SUiFWLFD GH TXH VLVWHPDV GHFLVLRQDOHV FRQVLVWHQWHV GHVGH HO SXQWR GH YLVWD HVWiWLFR
SRGtDQQRVHUORGLQiPLFDPHQWHHQIXQFLRQDPLHQWR
3DUD HOOR KD VLGR QHFHVDULR GHILQLU XQD FRUUHFWD SDUDPHWUL]DFLyQ GHO FRPSRUWDPLHQWR GH ORV
GHFLVRUHVIUHQWHDODJHVWLyQGHVXFRODGHDFWLYLGDGHVGHFLVLRQHVVDELHQGRDGHPiVTXHODHOHFFLyQ
GH OD VLJXLHQWH DFWLYLGDG SRU SDUWH GH XQ GHFLVRU YD D GHSHQGHU PXFKR GH OD VLWXDFLyQ HQ HVH
PRPHQWR GHO VLVWHPD GHFLVLRQDO VLHQGR LQYLDEOH OD XWLOL]DFLyQ ~QLFDPHQWH GH XQD SULRULGDG
DEVROXWD 3RU RWUR ODGR VH KD DERUGDGR DGHPiV OD SDUDPHWUL]DFLyQ GHO FRPSRUWDPLHQWR GH ORV
GHFLVRUHVFXDQGR VH FRQYRFDQUHXQLRQHV WHQLHQGRHQ FXHQWD HO HOHPHQWRGHDERUWRGHDFWLYLGDGHV
SDUD GH HVWD IRUPD ORJUDUOD SUHVHQFLD HQ HO PLVPR LQVWDQWH GHWLHPSRGHWRGRVORVGHFLVRUHV<
DGHPiVVHKDPRGHOL]DGRHOSRVLEOHDXPHQWRGHOWLHPSRWRWDOGHGHVDUUROORGHXQDDFWLYLGDGGHELGR
DODLQWHUUXSFLyQGHODPLVPDSRUHMHPSORSDUDDFXGLUDXQDUHXQLyQ
5HIHUHQFLDV
>@ &KHQ ' 9DOOHVSLU % 'RXPHLQJWV * *5$, LQWHJUDWHG &,0 DUFKLWHFWXUH $ SURSRVDO &,1&20
>@ &KHQ ' 'RXPHLQJWV* 9DOOHVSLU% *5$, LQWHJUDWHG PHWKRGRORJ\ DQG LWV PDSSLQJ RQWR
JHQHULF HQWHUSULVH UHIHUHQFH DUFKLWHFWXUH DQG PHWKRGRORJ\
&RPSXWHUVLQ,QGXVWU\ 6HS YQSS
>@ 'RXPHLQJWV*
*5$,,QWHJUDWHG0HWKRGRORJ\
5HSRUW/$3*5$,
>@ 'RXPHLQJWV*
/
DSSURFKH*5$,*,0*5$,,QWHJUDWHG0HWKRGRORJ\
/$3*5$,
>@ 'RXPHLQJWV * 0pWKRGH *5$,0pWKRGH GH FRQFHSWLRQ GHV V\VWpPHV HQSURGXFWLTXH
7KpVH
G
pWDW$XWRPDWLTXH8QLYHUVLWpGH%RUGHDX[1RYHPEUH
>@ 'RXPHLQJWV * 9DOOHVSLU % =DQHWWLQ 0 &KHQ ' *,0 *5$, ,QWHJUDWHG 0HWKRGRORJ\$
PHWKRGRORJ\IRUGHVLJQLQJ&,0V\VWHPV
*5$,/$38QLYHUVLWp%RUGHDX[Y
>@ 'RXPHQLQJWV*&KHQ'9DOOHVSLU%)pQLp3
*,0*5$,,QWHJUDWHG0HWKRGRORJ\DQGLWV
HYROXWLRQV$PHWKRGRORJ\WRGHVLJQDQGVSHFLI\$GYDQFHG0DQXIDFWXULQJ6\VWHPV
,),3
>@ 3ROHU 5 /DULR )& '\QDPLF DQDO\VLV RI 'HFLVLRQDO 6\VWHPV EDVHG RQ *5$, QHWV
WK
,QWHUQDWLRQDO:RUNVKRS$8*5$,*ODVJRZ$XJXVW
>@ 3ROHU 5 $QiOLVLV 'LQiPLFR GHO 6LVWHPD 'HFLVLRQDO GH OD (PSUHVD HQ HO PDUFR GHO 0pWRGR
*5$,$SOLFDFLyQDXQD3<0(7H[WLO
7HVLV'RFWRUDO
>@3ROHU 5 /DULR )& 2UWL] $ 9LFHQV ( 02'(/2 *5$, ',1È0,&2 '*5$, ,,,
-RUQDGDVGH,QJHQLHUtDHQ2UJDQL]DFLyQ%DUFHORQDGHVHSWLHPEUHGH