Sunteți pe pagina 1din 25

&$3,72/8/

$1$/,=$



5(6856(/25

80$1(

$1$/,=$ ()(&7,98/8, 6758&785,,


, 0,&



5,, 5(6856(/25 80$1(

,PSRUWDQ D L GHILQLUHD UHVXUVHORU XPDQH

Q SRILGD IDSWXOXL F

SURJUHVXO WHKQLF D UHGXV WRW PDL VXEVWDQ LDO SUH]HQ D RPXOXL vQ XQHOH

SURFHVH GH SURGXF LH SH QLFL R WUHDSW


HFRQRPLF FDUH V

VH SRDW

GH HYROX LH

XPDQLW

LL

QX

VD

UHPDUFDW

GLVSHQVD GH FRQWULEX LD RPXOXL 'LPSRWULY  DFHDVW

PDL VXEVWDQ LDO  vQWUXFkW RPXO FRQFHSH L UHDOL]HD]

YUHXQ

SURFHV

LPSOLFDUH GHYLQH WRW

DSDUDWXO SURGXFWLY QHFHVDU VDWLVIDFHULL QHYRLORU

VDOH WRW PDL GLYHUVH


Q

OLWHUDWXUD

HVWH

HFRQRPLF

XQDQLP

DFFHSWDW

LGHHD

vQWUH

UHVXUVHOH

HFRQRPLFH

FHOH

XPDQH GH LQ vQWkLHWDWHD vQWUXFkW RULFkW GH WHKQLFL]DWH DU IL SURFHVHOH GH SURGXF LH HVWH QHYRLH GH


LQWHUYHQ LD RPXOXL SHQWUX D UH]ROYD DQXPLWH VLWXD LL QHSUHY ]XWH VDX SHQWUX D FUHD QRL VW UL DOH
FRUHVSXQG

DSDUDWXOXL SURGXFWLY FDUH V


'DF

LPSRUWDQ D SULPRUGLDO

XQXL QRX FRQWH[W HFRQRPLF L VRFLDO

D UHVXUVHORU XPDQH HVWH XQDQLP UHFXQRVFXW  QX DFHODL OXFUX

VH SRDWH VSXQH GHVSUH GHILQLUHD QR LXQLL GH UHVXUVH XPDQH FDUH D FXQRVFXW DERUG UL GHVWXO GH
QXPHURDVH L GH YDULDWH
2 SUHFL]DUH LPSRUWDQW

VH LPSXQH GH OD vQFHSXW FRQFHSWXO GH UHVXUVH XPDQH HVWH SULYLW vQ

OLWHUDWXUD GH VSHFLDOLWDWH GLQ GRX

SXQFWH GH YHGHUH VXE DVSHFW PLFURHFRQRPLF L PDFURHFRQRPLF

(YLGHQW vQ ILHFDUH GLQ FHOH GRX

FD]XUL FRQ LQXWXO LQGLFDWRUXOXL L JUDGXO V X GH FXSULQGHUH YD IL

DOWXO
/D
UHVXUVH

XPDQH

PDFURHFRQRPLF

OLWHUDWXUD

GH

QHH[LVWkQG

QLYHO

vQ

PRPHQW

SkQ

([SOLFD LD DU SXWHD IL DFHHD F  GDF

DFHVW
vQ XUP

VSHFLDOLWDWH
R

RIHU

GHILQLUH

PDL

PXOWH

ULJXURDV

VHQVXUL

XQDQLP

GH

DFFHSWDW 

FX FFD  GH DQL SXEOLFD LLOH UHIHULWRDUH OD UHVXUVHOH

XPDQH HUDX GHVWXO GH SX LQH vQ XOWLPLL DQL OLWHUDWXUD GH VSHFLDOLWDWH HVWH H[SXV
OXFU UL DVWIHO F

QR LXQLL

XQHL DYDODQH GH

VD DMXQV OD VLWXD LD IRORVLULL XQRU WHUPHQL GLIHUL L VDX FX VHQVXUL DSURSLDWH SHQWUX D

GHVHPQD DFHODL FRQFHSW 6H YRUEHWH GHVSUH FDSLWDO XPDQ


UHVXUVH GH PXQF  IRU

IDFWRU XPDQ UHVXUVH XPDQH

GH PXQF  SRWHQ LDO XPDQ D

/D QLYHOXO HFRQRPLHL QD LRQDOH UHVXUVHOH XPDQH VXQW UHSUH]HQWDWH GH SRSXOD LD WRWDO


UL vQ DILUPDUHD GLPHQVLXQLL VDOH HFRQRPLFH SULQ SDUWLFLSDUHD GLUHFW

SLD D IRU HL GH PXQF

 L D GLPHQVLXQLL VDOH VSLULWXDOH SULQ DFXPXODUHD GH FXQRDWHUH

/D QLYHO PLFURHFRQRPLF FRQFHSWXO GH UHVXUVH XPDQH VH UHIHU

VDX LQGLUHFW

SH

XQHL

OD WRWDOLWDWHD DQJDMD LORU

XQHL RUJDQL]D LL

UHVXUVHORU

GRPHQLXO
XPDQH

LQGLYLGXDOLW

L

FX

PDQDJHPHQWXOXL

VDX

&RQGXFHUHD

SHUVRQDOLW

L

VD

FRQWXUDW

UHVXUVHORU

QHYRL

XPDQH

FRPSRUWDPHQWH

WHUPHQXO GH FXQRDWHUH HVWH IRORVLW vQ VHQVXO H[LVWHQW vQ

QR LXQLL NQRZOHGJH FDUH vQJOREHD]

FKLDU

GLVFLSOLQ

SRWULYLW
L

F UHLD

YL]LXQL

VSHFLILF 
VDODULD LL

VSHFLILFH 

0DQDJHPHQWXO

VXQW
$FHDVW

SULYL L

FD

DERUGDUH

WHRULD FDSLWDOXOXL XPDQ SUHOXDUH GLQ OLPED HQJOH]

FXQRWLQ HOH LGHLOH H[SHULHQ D DSWLWXGLQLOH GREkQGLWH vQ FROL GDU L vQ SURVHVXO

PXQFLL D
0DWKLV

5REHUW

/

%XFXUHWL  SDJ 

1LFD

3DQDLWH

&

5XVX

&RVWDFKH

0DQDJHPHQWXO

UHVXUVHORU

XPDQH

(GLWXUD

(FRQRPLF 

GLIHUHQ LD]
FD PDV

GLVFLSOLQD PHQ LRQDW

JOREDO

GH WHRULD WUDGL LRQDO

GH RDPHQL FDSDELOL V

D vQWUHSULQGHULL FDUH DERUGHD]

SHUVRQDOXO

PXQFHDVF 

 (IHFWLYXO UHVXUVHORU XPDQH


5HDOL]DUHD RELHFWLYHORU SURSXVH OHJDWH GH DFWLYLWDWHD GH ED]
HILFLHQ

HFRQRPLF

ULGLFDW 

HVWH

FRQGL LRQDW

GH

DVLJXUDUHD

D vQWUHSULQGHULL vQ FRQGL LL GH

vQWUHSULQGHULL

FX

IRU D

GH

PXQF

QHFHVDU  DWkW FD QXP U FkW L FD VWUXFWXU 


)RU D

GH

PXQF

GH

FDUH

GLVSXQH

XQ

DJHQW

HFRQRPLF

HVWH

HYLGHQ LDW

SULQ

QXP

UXO

SHUVRQDOXOXL DQJDMDW LQGLFDWRU FH SRDWH IL GHWHUPLQDW OD XQ PRPHQW GDW VDX SHQWUX R SHULRDG 
1XP UXO GH SHUVRQDO OD XQ PRPHQW GDW UHSUH]LQW
vQFHSXWXO L VIkULWXO SHULRDGHL (O FDUDFWHUL]HD]

HIHFWLYXO VDODULD LORU L VH XUP UHWH OD

SRWHQ LDOXO XPDQ GH FDUH GLVSXQH XQLWDWHD L HVWH

FRQVLGHUDW FD XQ LQGLFDWRU GH VWRF


6DODULDWXO HVWH SHUVRDQD FDUHL H[HUFLW
XQLWDWH

HFRQRPLF

VDX

VRFLDO

LQGLIHUHQW

DFWLYLWDWHD SH ED]D XQXL FRQWUDFW GH PXQF

GH

IRUPD

SDUWLFXODUH vQ VFKLPEXO XQHL UHPXQHUD LL VXE IRUP

HL

GH

SURSULHWDWH

GH VDODULX SO

VDX

OD

WLW LQ EDQL VDX QDWXU

vQWUR

SHUVRDQH
 VXE IRUP

GH FRPLVLRQ HWF
Q HIHFWLYXO VDODULD LORU H[LVWHQW OD vQFHSXWXO L VIkULWXO SHULRDGHL VH FXSULQG WR L VDODULD LL
DQJDMD L FX FRQWUDFWH LQGLYLGXDOH GH PXQF  SH GXUDW

GHWHUPLQDW

VDX QHGHWHUPLQDW  H[LVWHQ L OD

DFHD GDW  FDUH DX OXFUDW VDX FDUH QX LDX SXWXW vQGHSOLQL REOLJD LLOH GH PXQF  DIOkQGXVH vQ
FRQFHGLL

PHGLFDOH

FRSLOXOXL SkQ

FRQFHGLL

GH

PDWHUQLWDWH

SHQWUX

vQJULMLUHD

FRSLOXOXL

OD  DQ vQ FRQFHGLL GH RGLKQ  vQ FRQFHGLL I U

EROQDY

SHQWUX

FUHWHUHD

SODW  EHQHILFLLQG GH WLPS OLEHU

SUHY ]XW GH OHJH VDX VWDELOLW SULQ FRQWUDFW FROHFWLY GH PXQF  vQ JUHYH VDX vQYRL L HWF 1X VXQW
FXSULQL VDODULD LL FDUH OXFUHD]

vQ VWU LQ WDWH SUHFXP L SHUVRDQHOH DQJDMDWH SH ED]

GH FRQWUDFW GH

SUHVW UL VHUYLFLL GH FRODERUDUH FRQYHQ LL HWF


Q FXUVXO SHULRDGHL GH DQDOL]

QXP UXO SHUVRQDOXOXL XQLW

SOHF ULORU GH SHUVRQDO L FD XUPDUH VH LPSXQH FDOFXODUHD QXP

LL VH PRGLILF

GDWRULW

LQWU ULORU L

UXOXL PHGLX GH SHUVRQDO

1XP UXO PHGLX DO SHUVRQDOXOXL VH SRDWH FDOFXOD OD QLYHOXO XQLW

LL SH VXEXQLW

L SHQWUX WRWDO

SHUVRQDO L SH FDWHJRULL IRORVLQG UHOD LD


Q

7L

7 =

L =

'

vQ FDUH
Q  ]LOH DOH SHULRDGHL vQ FDUH XQLWDWHD LD GHVI XUDW DFWLYLWDWHD

'

 HIHFWLYXO SHUVRQDOXOXL vQ ]LXD L

 GXUDWD FDOHQGDULVWLF

D SHULRDGHL

1XP UXO PHGLX DO VDODULD LORU SRDWH IL GHWHUPLQDW SHQWUX R OXQ  WULPHVWUX VHPHVWUX DQ HWF
3HQWUX R OXQ

QXP UXO PHGLX DO VDODULD LORU VH FDOFXOHD]

]LOQLFH GH VDODULD L GLQ OXQD UHVSHFWLY

FD XQ UDSRUW vQWUH VXPD HIHFWLYHORU

 LQFOXVLY GLQ ]LOHOH GH UHSDXV V SW PkQDO V UE WRUL OHJDOH L

DOWH ]LOH QHOXFU WRDUH L QXP UXO GH ]LOH FDOHQGDULVWLFH 3HQWUX ]LOHOH GH UHSDXV V SW PkQDO V UE WRUL
OHJDOH

DOWH

]LOH

QHOXFU WRDUH

VH

LD

vQ

FDOFXO

FD

HIHFWLY

]LOQLF

QXP UXO

VDODULD LORU

GLQ

]LXD

SUHFHGHQW  PDL SX LQ FHL DO F URU FRQWUDFW D vQFHWDW vQ DFHD ]L


Q FD]XO vQ FDUH XQLWDWHD D IRVW vQILLQ DW

VDX LD vQFHWDW DFWLYLWDWHD vQ FXUVXO OXQLL VH YRU OXD

vQ FDOFXO vQ QXP U WRU VXPD HIHFWLYHORU ]LOQLFH GLQ SHULRDGD vQ FDUH D IXQF LRQDW LDU vQ QXPLWRU
QXP UXO ]LOHORU FDOHQGDULVWLFH GLQ OXQD UHVSHFWLY 
6DODULD LL

FDUH

QX

VXQW

DQJDMD L

FX

QRUP

vQWUHDJ

YRU

IL

LQFOXL

SURSRU LRQDO FX WLPSXO GH OXFUX SUHY ]XW vQ FRQWUDFWXO LQGLYLGXDO GH PXQF


OXFUHD]

MXP WDWH GLQ QRUPD vQWUHDJ

VH LD vQ FDOFXOXO HIHFWLYXOXL ]LOQLF FX  

vQ

QXP UXO

PHGLX

GH H[HPSOX FHO FH

3HQWUX FDWHJRULLOH GH SHUVRQDO FDUH DX XQ JUDG ULGLFDW GH VWDELOLWDWH


FDOFXOHD]

FD R PHGLH

VIkULWXO SHULRDGHL GXS

DULWPHWLF

VLPSO

vQWUH

H[LVWHQWXO

OD

vQFHSXWXO

HIHFWLYXO PHGLX VH

SHULRDGHL

H[LVWHQWXO

OD

UHOD LD

7 =

+7

vQ FDUH

 HIHFWLYXO SHUVRDQOXOXL OD VIkULWXO SHULRDGHL


3HQWUX SHULRDGH PDL PDUL GH R OXQ

SRDWH FDOFXOD FD PHGLH DULWPHWLF

VLPSO

WULPHVWUX VHPHVWUX DQ QXP UXO PHGLX GH SHUVRQDO VH

D QXPHUHORU PHGLL OXQDUH

7 =

 HIHFWLYXO SHUVRDQOXOXL OD vQFHSXWXO SHULRDGHL

7


vQ FDUH
 

P  QXP UXO OXQLORU vQ FDUH XQLWDWHD LD GHVI XUDW DFWLYLWDWHD

 QXP UXO PHGLX GH SHUVRQDO FRUHVSXQ] WRU OXQLL M

 QXP UXO GH OXQL FRUHVSXQ] WRU



SHULRDGHL

6WUXFWXUD UHVXUVHORU XPDQH 1LYHOXO GH FDOLILFDUH DO PXQFLWRULORU

$QDOL]D DVLJXU ULL DJHQ LORU HFRQRPLFL FX IRU


LQGLFDWRU JOREDO WUHEXLH V
QHFHVLW

LORU DFWLYLW
Q

JHQHUDO

ILH FRPSOHWDW

GH PXQF  SH ED]D QXP UXOXL GH SHUVRQDO FD

FX DQDOL]D PRGXOXL vQ FDUH VWUXFWXUD DFHVWHLD FRUHVSXQGH

LORU FH VH GHVI RDU 


QXP UXO

GH

SHUVRQDO

DQJDMDW

FD

VWUXFWXUD

DFHVWXLD

HVWH

UHJOHPHQWDW

SULQ

FRQWUDFWXO FROHFWLY GH PXQF 


6WUXFWXUD IRU HL GH PXQF

GLIHU

GH OD R XQLWDWH OD DOWD vQ IXQF LH GH IRUPD MXULGLF

GH IRUPD GH SURSULHWDWH L GH WLSXO DFWLYLW

/D QLYHOXO HFRQRPLHL QD LRQDOH SRVLELOLW


SH RFXSD LL IXQF LL PHVHULL  FH DUH OD ED]
GH

0LQLVWHUXO

0XQFLL

3URWHF LHL

D DFHVWHLD

LL SULQFLSDOH
L ODUJL GH DQDOL]

RIHU

VWUXFWXUD IRU HL GH PXQF

&ODVLILFDUHD 2FXSD LLORU GLQ 5RPkQLD &25  HODERUDW

6RFLDOH

GH

,QVWLWXWXO

1D LRQDO

SHQWUX

6WDWLVWLF

6WXGLL

(FRQRPLFH $FHVW LQVWUXPHQW SRDWH IL XWLOL]DW L OD QLYHOXO DJHQ LORU HFRQRPLFL


&ODVLILFDUHD RFXSD LLORU HVWH UHDOL]DW
, 

JUXSH PDMRUH

,,

VXEJUXSH PDMRUH

,,,

JUXSH PLQRUH

,9

SH SDWUX QLYHOXUL DVWIHO

JUXSH GH ED] 

3RWULYLW &25 SHUVRQDOXO GLQ LQGXVWULH SRDWH IL vQFDGUDW vQ XUP WRDUHOH JUXSH PDMRUH
 /HJLXLWRUL vQDO L IXQF LRQDUL L FRQGXF WRUL
 6SHFLDOLWL FX RFXSD LL LQWHOHFWXDOH L WLLQ LILFH 
 7HKQLFLHQL
 )XQF LRQDUL
 0XQFLWRUL L PHVHULDL
 2SHUDWRUL SH LQVWDOD LL PDLQL L DVDPEOXUL GH PDLQL HFKLSDPHQWH L DOWH SURGXVH
 0XQFLWRUL QHFDOLILFD L
5HVXUVHOH XPDQH OD QLYHOXO XQHL vQWUHSULQGHUL SRW IL JUXSDWH L GXS
VWDWXW FH SRDWH IL GH 

VWDWXWXO SURIHVLRQDO

 VDODULDW
 SDWURQ
 OXFU WRU SH FRQW SURSULX
 PHPEUX vQ VRFLHW
Q IXQF LH GH

L DJULFROH VDX FRRSHUDWLYH

DFWLYLW

L JUXSH GH IXQF LL PHVHULL L VSHFLDOLW

L SHUVRQDOXO VDODULDW VH vPSDUWH

DVWIHO
 0XQFLWRUL

GLQ FDUH

 GLUHFW SURGXFWLYL
 LQGLUHFW SURGXFWLYL
 3HUVRQDO WHKQLF SURGXFWLY
 3HUVRQDO GH DOW

VSHFLDOLWDWH GLQ VHF LL

 3HUVRQDO GH DGPLQLVWUD LH


 3HUVRQDO GH GHVHUYLUH JHQHUDO  GLQ FDUH
 SHUVRQDO GH VHUYLFLX
 SHUVRQDO GH SD]
2 DOW

L SRPSLHUL

JUXSDUH D SHUVRQDOXOXL vQWUHSULQGHULL VH UHDOL]HD]

vQ IXQF LH GH QLYHOXO GH LQVWUXLUH

FDUH SRDWH IL


 VXSHULRU
 SRVWOLFHDO GH VSHFLDOLWDWH L WHKQLF GH PDLWUL
 SURIHVLRQDO FRPSOHPHQWDU VDX GH XFHQLFL
 OLFHDO VHFXQGDU FLFOXO  
 JLPQD]LDO VHFXQGDU FLFOXO  
 SULPDU VDX I U

FRDO

DEVROYLW 

6H SRW XWLOL]D SHQWUX VWUXFWXUDUHD IRU HL GH PXQF  L YDULDELOH GHPRJUDILFH FXP VXQW VH[XO
VDX YkUVWD GDU L YDULDELOH VSHFLILFH HFRQRPLHL FD YHFKLPHD vQ PXQF

VDX JUDGXO GH FDOLILFDUH

Q DQDOL]D VWDWLVWLF  FDUDFWHUL]DUHD QLYHOXOXL GH FDOLILFDUH DO PXQFLWRULORU L D JUDGXOXL GH


FRPSOH[LWDWH D OXFU ULORU H[HFXWDWH VH UHDOL]HD]

FX DMXWRUXO LQGLFDWRULORU

 FDWHJRULH PHGLH GH vQFDGUDUH D PXQFLWRULORU . 


 FDWHJRULH PHGLH GH vQFDGUDUH D OXFU ULORU . 

&DWHJRULD PHGLH GH vQFDGUDUH VH FDOFXOHD]

FD R PHGLH DULWPHWLF

SRQGHUDW

D FDWHJRULLORU



GH vQFDGUDUH . FX VWUXFWXUD PXQFLWRULORU \  DVWIHO

" !

" !




" !

!
" 

 FDWHJRULL GH vQFDGUDUH

 QXP UXO PXQFLWRULORU GLQ FDWHJRULD L


 P ULPHD FX FDUH FRQWULEXLH ILHFDUH FDWHJRULH GH PXQFLWRUL OD IRUPDUHD FDWHJRULHL PHGLL GH
vQFDGUDUH
ULORU VH FDOFXOHD]

FD R PHGLH DULWPHWLF

SRQGHUDW

D FDWHJRULLORU GH

vQFDGUDUH D OXFU ULORU . FX VWUXFWXUD RPRUHORU HIHFWLY OXFUDWH SH FDWHJRULL GH OXFU UL

( \ )

&DWHJRULD PHGLH D OXFU

'
(&

Q

vQ FDUH

. =

.7

DVWIHO

" !%

7K

5
64

vQ FDUH

!%
%
1% "

!%
%
0% "
7K

'
(&

" !%
2%

. 7K

 QXP UXO GH RPRUH HIHFWLY OXFUDWH SHQWUX H[HFXWDUHD OXFU ULORU GH FDWHJRULD L
 P ULPHD FX FDUH FRQWULEXLH ILHFDUH FDWHJRULH OD IRUPDUHD FDWHJRULHL PHGLL GH vQFDGUDUH D
OXFU ULORU
,QWHUSUHWDUHD DFHVWRU LQGLFDWRUL SUHVXSXQH FRPSDUDUHD YDORULL ORU
! .  PXQFLWRUL FX XQ QLYHO GH FDOLILFDUH VXSHULRU H[HFXW

IDSW FH UHIOHFW

OXFU UL GH R FRPSOH[LWDWH PDL UHGXV 

R IRORVLUH QHFRUHVSXQ] WRDUH D IRU HL GH PXQF  FX HIHFWH QHIDYRUDELOH DVXSUD

FKHOWXLHOLORU FX VDODULLOH


OXFU UL

GH

FRPSOH[LWDWH

VXSHULRDU

VXQW

UHDOL]DWH

GH

F WUH

PXQFLWRUL

FX

XQ

QLYHO

GH

FDOLILFDUH PDL UHGXV IDSW FH SRDWH LQIOXHQ D QHJDWLY FDOLWDWHD OXFU ULORU H[HFXWDWH
6LWXD LD LGHDO

HVWH FHD vQ FDUH FHL GRL LQGLFDWRUL DX YDORUL HJDOH OXFUX DSURDSH LPSRVLELO GH

UHDOL]DW vQ SUDFWLF 
D UHVXUVHORU XPDQH

 3ODQLILFDUHD L DQDOL]D FRPSDUDW


Q SURFHVXO GH SODQLILFDUH VWUDWHJLF

D vQWUHSULQGHULL SODQLILFDUHD UHVXUVHORU XPDQH RFXS

ORF GHWHUPLQDQW L D GHYHQLW R QHFHVLWDWH YLWDO  (D UHSUH]LQW

SURFHVXO GH DQDOL]

XQ

L LGHQWLILFDUH D

QHFHVDUXOXL GH SHUVRQDO SH RFXSD LL JUXSH GH IXQF LL FDOLILF UL YkUVW  VH[ 3HQWUX DFHDVWD VXQW
QHFHVDUH R VHULH GH DFWLYLW

L FXP DU IL LGHQWLILFDUHD SURIHVLLORU PHVHULLORU FDUH QX VXQW DFRSHULWH

FX SHUVRQDO DQDOL]D IOXFWXD LHL UHVXUVHORU XPDQH L DQDOL]D FRPSDUDW

D FHULQ HORU GH IRU

GH PXQF

FX GLVSRQLELOXO
/D HODERUDUHD SODQXOXL IRU HL GH PXQF
LQIOXHQ

VH YD

LQH VHDPD GH DF LXQHD DQXPLWRU IDFWRUL GH

 FXP VXQW SURJUHVXO WHKQLF QLYHOXO UHVXUVHORU ULWPLFLWDWHD SURGXF LHL VDX UHJOHPHQW ULOH

JXYHUQDPHQWDOH DOH SLH HL PXQFLL Q YHGHUHD HODERU ULL XQXL SODQ UHDOLVW FDUH V
UHDOL]DUHD

RELHFWLYHORU

RUJDQL]D LRQDOH

VH

LPSXQH

OXDUHD

vQ

FRQVLGHUDUH

ILH RULHQWDW VSUH

LQWHUGHSHQGHQ HORU

H[LVWHQWH vQWUH DFHWL IDFWRUL


SUHVXSXQH FRPSDUDUHD HIHFWLYXOXL PHGLX DO

$QDOL]D vQGHSOLQLULL SODQXOXL IRU HL GH PXQF

SHUVRQDOXOXL SH WRWDO L SH FDWHJRULL UHDOL]DW FX FHO SODQLILFDW


&D LQGLFDWRUL VH FDOFXOHD] 
 LQGLFHOH vQGHSOLQLULL SODQXOXL QXP UXOXL GH SHUVRQDO
 GHS LUHD QHUHDOL]DUHD ID

GH SODQ H[SULPDW

vQ FLIUH UHODWLYH L DEVROXWH D QXP UXOXL GH

SHUVRQDO
Q IXQF LH GH QLYHOXO OD FDUH VH IDFH DQDOL]D SXWHP XWLOL]D LQGLFL LQGLYLGXDOL VDX GH JUXS
/D QLYHOXO FDWHJRULHL GH SHUVRQDO
LQGLFHOH vQGHSOLQLULL SODQXOXL QXP UXOXL GH SHUVRQDO VH YD FDOFXOD DVWIHO

G
H EF

L 7

IP

7
7

A
B 9@

vQ FDUH

C8

D9

VXQW QXP UXO GH SHUVRQDO GLQ FDWHJRULD L SODQLILFDW L UHVSHFWLY UHDOL]DW

 Q

FDWHJRULD GH SHUVRQDO

GHS LUHD QHUHDOL]DUHD ID


FLIUH UHODWLYH

GH SODQ D QXP UXOXL GH SHUVRQDO GLQ FDWHJRULD L H[SULPDW

vQ

- =

T
H RS

UQ

UQ

GHS LUHD QHUHDOL]DUHD ID

-=

VR

= L

D
7

TH RS
UQ

GH SODQ D QXP UXOXL GH SHUVRQDO GLQ FDWHJRULD L H[SULPDW

vQ

FLIUH DEVROXWH
-7

= 5

H EF
G

= 7

HF XY W
G E

`E

YW

Q FD]XO DQDOL]HL HYROX LHL vQ WLPS D HIHFWLYXOXL UHVXUVHORU XPDQH VH XWLOL]H]


VSHFLILFL DL GLQDPLFLL vQ H[SULPDUHD ORU UHODWLY
DEVROXW

D XQXL SURFHQW GH PRGLILFDUH

LQGLFHOH PRGLILF ULL QXP UXOXL GH VDODULD L VH YD FDOFXOD DVWIHO

da

vQ FDUH

fg

L 7

VXQW QXP UXO GH VDODULD L GLQ FDWHJRULD L GLQ SHULRDGHOH GH ED]

IP

L YDORDUHD DEVROXW

LQGLFDWRULL

L DEVROXW  UHVSHFWLY LQGLFHOH ULWPXO PRGLILFDUHD

Q  FDWHJRULD GH VDODULD L VDX

RULFH DOW

VWUXFWXU

L FXUHQW

D UHVXUVHORU XPDQH vQ IXQF LH GH DVSHFWH

RUJDQL]DWRULFH FDOLWDWLYH HWF


E

PRGLILFDUHD ID

GH QLYHOXO GH ED]

D QXP UXOXL GH VDODULD L GLQ FDWHJRULD L H[SULPDW

vQ

FLIUH UHODWLYH

rh

rh

GH QLYHOXO GH ED]

qi
p
i

PRGLILFDUHD ID

-=

= L

-=

qi
p
rh

D QXP UXOXL GH VDODULD L GLQ FDWHJRULD L H[SULPDW

vQ

FLIUH DEVROXWH
- 7

yt

7L

7L

L



7L

FRQWULEX LD FDWHJRULHL L OD IRUPDUHD LQGLFHOXL DJUHJDW DO UHVXUVHORU XPDQH

= L

S7

FRQWULEX LD FDWHJRULHL L OD IRUPDUHD ULWPXOXL UHVXUVHORU XPDQH

D XQXL SURFHQW GLQ PRGLILFDUHD UHODWLY 

wu
v

YDORDUHD DEVROXW

yt

xu
v

= U

Q DFHVW FD] VH SRDWH GH]YROWD XQ PRGHO FX VLPSO

VWUXFWXU

FDUH SRDWH SXQH vQ HYLGHQ

LQIOXHQ HOH PXWD LLORU VWUXFWXUDOH L DOH QXP UXOXL WRWDO GH SHUVRQDO
$QDOL]D FRPSDUDW

vQ GLQDPLF

VDX ID

DQXPL L SDUPHWUL DL SURGXF LHL FDUH UHIOHFW

GH SODQ WUHEXLH V

DLE

vQ YHGHUH

FRUHODUHD FX

FDSDFLWDWHD GH D SURGXFH Q DFHVW VHQV VH XUP UHWH

UHVSHFWDUHD XQHL FRUHOD LL HFRQRPLFH IXQGDPHQWDOH SRWULYLW F UHLD LQGLFHOH SURGXF LHL UHDOL]DWH vQWU
R DQXPLW

SHULRDG

DFHOHL SURGXF LL

WUHEXLH V

GHYDQVH]H LQGLFHOH UHVXUVHORU XPDQH FDUH DX GHWHUPLQDW UHDOL]DUHD

vQ

FLIUH

UHODWLYH

H[SULPDW

DFHVWHL FRUHOD LL GLQ SODQXO QXP UXOXL GH PXQFLWRUL VDX DO

VXE DVSHFW VWDWLVWLF GRL LQGLFDWRUL 0RGLILFDUHD UHODWLY

GLQDPLFLL VH GHWHUPLQ

DEVROXWH 0

3HQWUX D FXDQWLILFD UHDOL]DUHD

0RGLILFDUHD

UHODWLY

IRU HL

GH

PXQF

D IRU HL GH PXQF
H[SULPDW

vQ

FLIUH

SR]LWLY

VDX

5HOD LLOH GH FDOFXO SHQWUX FHL GRL LQGLFDWRUL VXQW

7
=
7 ,

,
-   =

GHVFULL

PDL

VXV

VH

nm
o

m j

LQGLFDWRUL

-7 ,


-   =

-  

GRL

&HL
QHJDWLY

= 7

ed h

vQ

LQWHUSUHWHD]

IXQF LH

Q VLWXD LD vQ FDUH PRGLILF ULOH UHODWLYH DOH IRU HL GH PXQF


HFRQRPLH UHODWLY
VDODULD L

PDL

GH IRU

SX LQ

VD

YDORDUHD

UHODWLYH

DFHODL

QLYHO

DO

FUHWHUHD

SURGXFWLYLW

LL

SURGXF LHL

FX

DOWH

FXYLQWH

Fk L

FX Fk L

VDODULD L

VDX

FXP VH SRDWH GHGXFH GLQ UHOD LLOH GH FDOFXO DOH

PXQFLL

vQ

VLWXD LD

vQ

PXQFLL HVWH VXSUDXQLWDU YDORDUHD PRGLILF ULL UHODWLYH H[SULPDW


IRU HL GH PXQF

VXQW QHJDWLYH HOH UHSUH]LQW

GH PXQF  9DORDUHD DFHVWXL LQGLFDWRU vQ FLIUH DEVROXWH DUDW

UHDOL]DW

HFRQRPLVLW /D ED]D DFHVWHL HFRQRPLL VW  GXS


PRGLILF ULL

FDUH

LQGLFHOH

SURGXFWLYLW

LL

vQ FLIUH DEVROXWH VDX UHODWLYH D

HVWH QHJDWLY 

Q FD]XO vQ FDUH PRGLILF ULOH UHODWLYH DOH IRU HL GH PXQF


UHODWLY

GH

SH FDUH R SRW OXD

GH IRU

VXQW SR]LWLYH HOH UHSUH]LQW

R ULVLS

GH PXQF  Q FLIUH DEVROXWH LQGLFDWRUXO YD FXDQWLILFD QXP UXO GH VDODULD L I U

GH

FDUH VH SXWHD UHDOL]D DFHODL QLYHO DO SURGXF LHL


5LVLSD UHODWLY
UHIOHFW

GH IRU

GH PXQF  FDUH DUH GUHSW FDX]

R VWDUH GH LQHILFLHQ

vQUHJLVWUDW

vQ XWLOL]DUHD IRU HL GH PXQF 

OD IRQGXO GH VDODULL

VF GHUHD SURGXFWLYLW

FDUH VH FRQFUHWL]HD]

LL PXQFLL

vQWUR ULVLS

FX FRQVHFLQ H vQ FUHWHUHD FKHOWXLHOLORU GH SURGXF LH L GLPLQXDUHD

SURILWXOXL


0LFDUHD UHVXUVHORU XPDQH

0LFDUHD SHUVRQDOXOXL vQ FDGUXO XQHL vQWUHSULQGHUL VH vQVFULH vQ FDGUXO XQXL FRQFHSW PRGHUQ
GHVSUH IOH[LELOLWDWH DVRFLDW

D F UXL XWLOL]DUH QX VD U VSkQGLW vQ PRG UHDO GHFkW vQ D GRXD MXP WDWH D DQLORU 

 HVWH YRUED

vQ PRG GHRVHELW FX PXQFD IOH[LELOLWDWHD IRU HL GH PXQF  D VDODULLORU D

SLH HL PXQFLL $YkQG vQ YHGHUH IDSWXO F

vQWUHSULQGHULOH WUHEXLH V

DGRSWH XQ VLVWHP IOH[LELO GH

DVLJXUDUH D QHFHVDUXOXL GH SHUVRQDO DWkW GLQ SXQFW GH YHGHUH DO QXP UXOXL FkW L DO VWUXFWXULL
SURFHVXO PLF ULL IRU HL GH PXQF
HFRQRPLFH D DFWLYLW
0LFDUHD
LQWU

ULORU L SOHF

VH PDQLIHVW

IRU HL

GH

PXQF

UHSUH]LQW

PRGLILFDUHD

QXP

UXOXL

GH

SHUVRQDO

FD

XUPDUH

ULORU GH VDODULD L GLQ vQWUHSULQGHUH vQUHJLVWUDWH vQ FXUVXO SHULRDGHL GH DQDOL]

FX R LQWHQVLWDWH GLIHULW

0LFDUHD

DSDUH FD ILLQG RELHFWLY VXERUGRQDW FHULQ HORU FUHWHULL HILFLHQ HL

LL L IRORVLULL UD LRQDOH D IRU HL GH PXQF 

SHUVRQDOXOXL

DFWLYLWDWH VDX UHVWUXFWXUDUHD

 HD

SH FDWHJRULL GH SHUVRQDO

GLQ

FDX]H

RELHFWLYH

FXP

VXQW

GH

H[HPSOX

UHVWUkQJHULOH

GH

vQWUHSULQGHULL HVWH XQ IHQRPHQ QHFHVDU L vQ P VXUD vQ FDUH HVWH

FRQWURODW GH DJHQWXO HFRQRPLF QX WUHEXLH V

DQWUHQH]H HIHFWH QHJDWLYH LPSRUWDQWH

3OHF ULOH GLQ vQWUHSULQGHUH GDWRUDWH XQRU FDX]H GH RUGLQ VXELHFWLY L GLVFLSOLQDU VH FXSULQG vQ
IOXFWXD LD IRU HL GH PXQF

 3HQWUX vQWUHSULQGHUH FDUDFWHUXO QHRUJDQL]DW DO SOHF ULORU GH SHUVRQDO L vQ

VSHFLDO GH PXQFLWRUL FDOLILFD L JHQHUHD]

HIHFWH QHJDWLYH DWXQFL FkQG ORFXULOH GH PXQF

OLEHUH vQ VSHFLDO FHOH GHVHUYLWH GH SHUVRQDO FX vQDOW


SHULRDG

GH WLPS ILLQG QHFHVDU

U PDVH

FDOLILFDUH SUHVXSXQH DQJDM UL GH SHUVRQDO R

SHQWUX DFRPRGDUHD DFHVWRUD FX QRLOH FRQGL LL XQHRUL FDOLILFDWH HWF

%UXQR 6HUJLR /D IOH[LELOLWp HQ ,WDOLH 'HEDWV VXU OHPSORL 3DULV 6\URV DOWHUQDWLYHV 

3ULQFLSDOLL LQGLFDWRUL FDUH FDUDFWHUL]HD]


ULORU .  FDUH UHIOHFW

VXQW

LQWHQVLWDWHD LQWU ULORU GH SHUVRQDO L VH GHWHUPLQ

&RHILFLHQWXO LQWU

LQWHQVLWDWHD PLF ULL IRU HL GH PXQF

FD UDSRUW vQWUH QXP UXO FHORU FDUH VDX DQJDMDW vQ FXUVXO SHULRDGHL , L QXP UXO PHGLX GH SHUVRQDO
7  ,QGLFDWRUXO SRDWH IL FDOFXODW SHQWUX WRWDO DQJDMD L L SH VXUVH GH LQWUDUH

ULORU .

&RHILFLHQWXO SOHF



 FDUH VH FDOFXOHD]

FD UDSRUW vQWUH QXP UXO FHORU SOHFD L GLQ

vQWUHSULQGHUH vQ FXUVXO SHULRDGHL 3 L QXP UXO PHGLX GH SHUVRQDO 7 L HYLGHQ LD]

LQWHQVLWDWHD

SOHF ULORU ,QGLFDWRUXO SRDWH IL GHWHUPLQDW SHQWUX WRWDO SOHFD L L SH FDX]H DOH SOHF ULORU

&RHILFLHQWXO IOXFWXD LHL VH FDOFXOHD]



FD UDSRUW vQWUH QXP UXO FHORU FXSULQL vQ IOXFWXD LD

3 L QXP UXO PHGLX GH SHUVRQDO 7 

ULL

WRWDOH

JHQHUDOH



7


FDUH

&RHILFLHQWXO PLF

HIHFWLY

VH

FDOFXOHD]

LQWU ULORU , L SOHF ULORU 3 L QXP UXO PHGLX GH SHUVRQDO VDX FD VXP

FD

UDSRUW

vQWUH

WRWDOXO

D FRHILFLHQWXOXL LQWU ULORU L

SOHF ULORU

XWLOL]DW

FH SRDWH IL vQWRFPLW

 EDODQ

 = .

+ .

6XUVD LQIRUPD LRQDO


PXQF

, + 3

SHQWUX GHWHUPLQDUHD DFHVWRU LQGLFDWRUL HVWH EDODQ D IRU HL GH


SHQWUX R DQXPLW

SHULRDG

OXQ  WULPHVWUX VHPHVWUX DQ  OD

QLYHOXO vQWUHSULQGHULL UHVSHFWLY YHULJL RUJDQL]DWRULFH GLQ FDGUXO DFHVWHLD VHF LL DWHOLHUH HWF  SHQWUX
WRWDO SHUVRQDO VDX SH FDWHJRULL LDU SHQWUX PXQFLWRUL FKLDU L SH PHVHULL
%DODQ D FXSULQGH
 HIHFWLYXO VDODULD LORU OD vQFHSXWXO SHULRDGHL 7

 VDODULD L LQWUD L vQ FXUVXO SHULRDGHL WRWDO L GHIDOFDW SH VXUVH GH LQWUDUH 6H HYLGHQ LD]
PkQWXOXL VXSHULRU  7

~

PRG GHRVHELW DQJDM ULOH GLQ UkQGXO RPHULORU L DO DEVROYHQ LORU vQY

vQ

 SOHF UL vQ FXUVXO SHULRDGHL  WRWDO L SH FDX]H OD FROL DUPDW  GLQ FDX]H QDWXUDOH ERDO 
SHQVLRQDUH

LQYDOLGLWDWH

GHFHVH 

FRQFHGLD L GLQ LQL LDWLYD XQLW

FDX]H 7

SULQ

WUDQVIHU

SULQ

LL SHQWUX LQFRPSHWHQ

GHPLVLH

vQ

XUPD

UHVWUkQJHULL

DFWLYLW

LL

 DEDWHUL GLVFLSOLQDUH DUHVW FRQGDPQDUH DOWH

 HIHFWLYXO VDODULD LORU OD VIkULWXO SHULRDGHL 7

7LQW  7

$QDOL]D FRHILFLHQ LORU GHWHUPLQD L SULQ LQWHUPHGLXO EDODQ HL PLF ULL IRU HL GH PXQF
UHOD LLORU FH VH VWDELOHVF vQWUH DFHWLD

VH IDFH

LQkQG FRQW GH FLFOXO GH YLD

FRQGL LL QRUPDOH DOH SURFHVXOXL HFRQRPLF vQ FRQGL LLOH vQ FDUH VH S VWUHD]


WRWDOLWDWHD LHLULORU WUHEXLH FRPSHQVDW
XQHL HJDOLW
WDEHOXO  

L D

DO vQWUHSULQGHULL Q
SDUDPHWULL SURFHVXOXL

SULQ WRWDOLWDWHD LQWU ULORU 3ULQ XUPDUH VH LPSXQH H[LVWHQ D

L vQWUH FRHILFLHQWXO LQWU ULORU vQVXPDW FX FHO DO IOXFWXD LHL L FRHILFLHQWXO LHLULORU YH]L

7DEHOXO
&RUHOD LD vQWUH FLFOXO GH YLD

(WDSH

DO vQWUHSULQGHULL L PLFDUHD IRU HL GH PXQF

5HOD LD vQWUH FRHILFLHQ LL PLF

 1DWHUH

QWUHSULQGHUHD UHFUXWHD]

 .

3RWULYLW QHFHVLW

ULL IRU HL GH PXQF

SHUVRQDO

. !.
 &UHWHUH



LORU GHWHUPLQDWH GH FUHWHUHD DFWLYLW

LL

HFRQRPLFH vQWUHSULQGHUHD YD DQJDMD SHUVRQDO

QWUHSULQGHUHD
UHVXUVHORU

 0DWXULWDWH

vQFHDUF

XPDQH

 .

. ! .

vQ

OLPLWDUHD

SURFHVXO
IOXFWXD LHL

SODQLILF ULL
GH

SHUVRQDO

PHQ LQHUHD HIHFWLYXOXL DFHVWXLD OD QLYHO RSWLP


.

QWUHSULQGHUHD UHGXFH HIHFWLYXO UHVXUVHORU XPDQH


.  .

VH FRUHOHD]

$QDOL]D PLF ULL IRU HL GH PXQF

L FX HIHFWHOH HFRQRPLFH SH FDUH OH DQWUHQHD]

 .

 'HFOLQ

 .

QX QXPDL FX FLFOXO GH YLD

DFHDVW

DO vQWUHSULQGHULL FL

PLFDUH 'H H[HPSOX vQ VLWXD LD vQ FDUH

LQWHQVLWDWHD LQWU ULORU HVWH IRDUWH PDUH SRW DSDUH HIHFWH DVXSUD QLYHOXOXL SURGXFWLYLW
ILLQG IDSWXO F
SHULRDG

vQ PDMRULWDWHD FD]XULORU HVWH QHFHVDU

vQ FDUH QLYHOXO SURGXFWLYLW

GH WLPS GH PXQF

5,, (;7(16,9( $ 5(6856(/25 80$1(

D UHVXUVHORU XPDQH VH DQDOL]HD]

HIHFWLY OXFUDW 7LPSXO GH OXFUX VH H[SULP

3ULQ RPRU

OXFUDW

LL PXQFLL WLXW

GH DFRPRGDUH FX QRXO ORF GH PXQF 

LL PXQFLL HVWH PDL VF ]XW GHFkW vQ PRG QRUPDO

 &$5$&7(5,=$5($ 87,/,=


8WLOL]DUHD H[WHQVLY

R SHULRDG

VH vQ HOHJH RUD XWLOL]DW

SULQ LQWHUPHGLXO LQGLFDWRULORU GH YROXP


vQ RPRUH L RP]LOH

HIHFWLY GH F WUH R SHUVRDQ

vQ FDGUXO DFWLYLW

LL

VDOH GH ED] 
3ULQ RP]L OXFUDW

VH vQ HOHJH SUH]HQ D OD OXFUX D XQHL SHUVRDQH vQWUR ]L VFKLPE  LQGLIHUHQW

GH QXP UXO RUHORU OXFUDWH vQ DFHD ]L

 %DODQ D XWLOL]


$QDOL]D

IRORVLULL

ULL WLPSXOXL GH OXFUX

WLPSXOXL

WLPSXOXL GH OXFUX EDODQ

GH

OXFUX

VH

UHDOL]HD]

SH

ED]D

GDWHORU

GLQ

EDODQ D

XWLOL]

ULL

FH VH vQWRFPHWH SHQWUX WRWDO SHUVRQDO PXQFLWRU L SHQWUX PXQFLWRUL OD

QLYHOXO vQWUHSULQGHULL L FXSULQGH GDWH FXPXODWH GH OD vQFHSXWXO DQXOXL


Q EDODQ D XWLOL]

ULL WLPSXOXL GH OXFUX VXQW FXSULQL XUP

WRULL LQGLFDWRUL H[SULPD L vQ RP

]LOH L RPRUH 
 )RQGXO GH WLPS FDOHQGDULVWLF 7  GHWHUPLQDW FD XQ SURGXV vQWUH QXP UXO PHGLX GH

SHUVRQDO S7 L QXP UXO GH ]LOH FDOHQGDULVWLFH DOH SHULRDGHL OXQ  WULPHVWUX VHPHVWUX DQ ' 

UE

PkQDO V

WRUL OHJDOH L DOWH ]LOH QHOXFU

WRDUH 7  FH VH

FD XQ SURGXV vQWUH QXP UXO PHGLX GH SHUVRQDO S7 L QXP UXO ]LOHORU OLEHUH = 

= S7 

FDOFXOHD]

SW

 7LPSXO GH UHSDXV V

7 

= '

GH HYLGHQ

SULPDU 

 7LPSXO DIHUHQW DFHVWRU FRQFHGLL HVWH SUHOXDW GLQ GRFXPHQWHOH

 &RQFHGLL GH RGLKQ

 )RQGXO GH WLPS PD[LP GLVSRQLELO SHQWUX OXFUX 7 VH FDOFXOHD]


FDOHQGDULVWLF

WLPSXO

DIHUHQW

]LOHORU

GH

UHSDXV

WLPS

V SW PkQDO

VF ]kQG GLQ IRQGXO GH

V UE WRULORU

OHJDOH

DOWRU

]LOH

QHOXFU WRDUH L FRQFHGLLORU GH RGLKQ 


 7  7

 7LPSXO HIHFWLY OXFUDW vQ SURJUDP QRUPDO UHIOHFW


SHULRDG

GH WLPS 6H FDOFXOHD]

FD GLIHUHQ

vQWUH

IRQGXO

WLPSXO HIHFWLY OXFUDW vQWUR DQXPLW


GH

WLPS

PD[LP

GLVSRQLELO

WLPSXO

QHOXFUDW 'LIHUHQ D VH IDFH VHSDUDW SHQWUX LQGLFDWRUXO H[SULPDW vQ RP]LOH UHVSHFWLY RPRUH
 7LPSXO QHOXFUDW vQ FDGUXO SURJUDPXOXL QRUPDO GH OXFUX
7LPSXO QHOXFUDW vQ FDGUXO SURJUDPXOXL QRUPDO GH OXFUX HVWH HYLGHQ LDW vQ EDODQ
vQWUHJL FDUH VH WUDQVIRUP

vQ RUH SULQ PXOWLSOLFDUHD DFHVWXLD FX GXUDWD PHGLH QRUPDO

vQ ]LOH

D ]LOHL GH

OXFUX
D ]LOHL GH OXFUX RUH]L HVWH GXUDWD VWDELOLW

'XUDWD QRUPDO
PXQF

VDX VHQWLQ H MXGHF WRUHWL L FDUH YDULD]

SULQ OHJH FRQWUDFWH FROHFWLYH GH

SH UDPXUL DOH HFRQRPLHL VHFWRDUH GH SURGXF LH

FDWHJRULL GH VDODULD L HWF


Q DQDOL]

VH OXFUHD]

GXUDWD FDOHQGDULVWLF

L FX GXUDWD QRUPDO

,QGLFDWRULL HQXPHUD L DQWHULRU VH UHSUH]LQW

,QGLFDWRUL

2P]LOH

GH

WLPS

FDOHQ

GH

UHSDXV

GDULVWLF


7LPSXO

vQWUH

vQ FHOH GRX

FDSLWROH DOH EDODQ HL FDSLWROXO GH

L FDSLWROXO GH XWLOL] UL DOH UHVXUVHORU GH WLPS

%DODQ D XWLOL]

)RQGXO

FD GLIHUHQ

D OXQLL L QXP UXO GH ]LOH OLEHUH L V UE WRUL OHJDOH

UHVXUVH GH WLPS GH PXQF

D OXQLL GH OXFUX GHWHUPLQDW

7 'F

ULL WLPSXOXL GH OXFUX

2PRUH

7 'F GQO

V S

W PkQDO V UE WRUL OHJDOH L

,QGLFDWRUL

 7LPS HIHFWLY OXFUDW

2P

2P

]LOH

RUH

7]

7K

 7LPSXO QHOXFUDW
7 =O

7 =O GQO

DOWH ]LOH QHOXFU WRDUH

PRWLYDW
SLHUGHUL GH ]LOH vQWUHJL

 &RQFHGLL GH RGLKQ

SLHUGHUL GH RUH vQ FDGUXO


VFKLPEXOXL

)RQGXO

GH

WLPS

PD[LP

GLVSRQLELO SHQWUX OXFUX

 QHPRWLYDW




 SLHUGHUL GH ]LOH vQWUHJL


 SLHUGHUL GH RUH vQ FDGUXO
VFKLPEXOXL

3HQWUX D WUDQVIRUPD vQ RPRUH LQGLFDWRULL SUH]HQWD L OD FDSLWROXO UHVXUVH GH WLPS GH PXQF


H[SULPD L vQ RP]LOH DFHWLD VH YRU PXOWLSOLFD FX GXUDWD PHGLH QRUPDO

D ]LOHL GH OXFUX

3H ED]D EDODQ HL XWLOL] ULL WLPSXOXL GH OXFUX VH SRW GHWHUPLQD DQXPL L LQGLFDWRUL DEVROX L
vQWUH FDUH FHL PDL LPSRUWDQ L VXQW FHL OHJD L GH YROXPXO GH WLPS HIHFWLY OXFUDW WLPSXO HIHFWLY OXFUDW
H[SULPDW vQ RP]LOH L WLPSXO HIHFWLY OXFUDW H[SULPDW vQ RPRUH

Q DFHODL WLPS EDODQ D SHUPLWH DSUHFLHUHD SRQGHULORU GLIHULWHORU FDWHJRULL GH WLPS vQ IRQGXO
GH WLPS PD[LP GLVSRQLELO GH H[HPSOX FDUH HVWH JUHXWDWHD VSHFLILF

D WLPSXOXL HIHFWLY OXFUDW VDX D

WLPSXOXL QHOXFUDW vQ IRQGXO GH WLPS PD[LP GLVSRQLELO


9ROXPXO GH WLPS HIHFWLY OXFUDW H[SULPDW vQ RP]LOH UHSUH]LQW

QXP UXO GH RP]LOH HIHFWLY

OXFUDWH GH F WUH WR L VDODULD LL GHWHUPLQD L ILH OD QLYHOXO XQHL vQWUHSULQGHUL DFWLYLW


OD QLYHOXO HFRQRPLHL QD LRQDOH vQWUR SHULRDG

9ROXPXO GH WLPS HIHFWLY OXFUDW H[SULPDW vQ RPRUH UHSUH]LQW

QXP UXO GH RPRUH HIHFWLY

OXFUDWH GH F WUH WR L VDODULD LL GHWHUPLQDW ILH OD QLYHOXO XQHL vQWUHSULQGHUL DFWLYLW


QLYHOXO HFRQRPLHL QD LRQDOH vQWUR SHULRDG

3RWULYLW VSHFLDOLWLORU
PXQF

L HFRQRPLFH VDX OD

GH WLPS DQDOL]DW 

LQGLFDWRUXO RUH HIHFWLY OXFUDWH VH UHIHU

SHQWUX GHVI XUDUHD DFWLYLW

L HFRQRPLFH VDX

GH WLPS DQDOL]DW 

OD WLPSXO SHWUHFXW OD ORFXO GH

LORU SURGXFWLYH VDX D FHORU DX[LOLDUH FDUH VXQW SDUWH D REOLJD LLORU

OHJDWH GH SRVWXO UHVSHFWLY GH H[HPSOX SUHJ WLUHD ORFXOXL GH PXQF

L D XQHOWHORU  'H DVHPHQHD VH

LQFOXG L DQXPL L WLPSL LQDFWLYL SHWUHFX L OD ORFXO GH PXQF  GLQ PRWLYH OHJDWH GH SURFHVXO GH
SURGXF LH

VDX

GH

RUJDQL]DUHD

PXQFLL

WLPSXO

DFHVWHL

SHULRDGH

PXQFLWRUXO

HVWH

OD

GLVSR]L LD

DQJDMDWRUXOXL
,QGLFDWRUXO VWDWLVWLF QXPLW JHQHUDO RUH HIHFWLY OXFUDWH KRXUV RI ZRUN DUH R LPSRUWDQ
GHRVHELW  vQWUXFkW UHSUH]LQW

XQXO GLQ HOHPHQWHOH SH ED]D F URUD VH DSUHFLD]

UHVXUVHORU XPDQH vQ QXPHURDVH


/DWLQ

UL WRDWH

ULOH GH]YROWDWH DQXPLWH

JUDGXO GH XWLOL]DUH D

UL vQ WUDQ]L LH

UL GLQ $PHULFD

VDX GLQ $VLD  3ULQ XUPDUH HVWH XWLOL]DW FX VXFFHV vQ FRPSDUD LLOH LQWHUQD LRQDOH vQ SRILGD

XQRU OLPLWH DOH FRPSDUDELOLW

LL VDOH FDUH YRU IL DERUGDWH vQ FHOH FH XUPHD] 

,QGLFDWRUXO RUHORU GH PXQF

FDUH GH RELFHL OXFUHD]

,QWHUQD LRQDO DO 0XQFLL

'RX

DUH WUHL HOHPHQWH GLVWLQFWH vQ YL]LXQHD VSHFLDOLWLORU %LURXOXL

GLQWUH DFHVWH HOHPHQWH VH UHIHU

OD SURSRU LLOH SHUVRDQHORU DQJDMDWH

XQ QXP U PDUJLQDO GH RUH VXE  RUH SH V SW PkQ

VDX SHVWH  GH RUH SH

V SW PkQ  $O WUHLOHD HOHPHQW HVWH OHJDW GH LQGLFDWRUXO GHVFULV DQWHULRU L VH UHIHU

OD QXP UXO PHGLX

DQXDO GH RUH OXFUDWH GH R SHUVRDQ 


6XUVHOH GH GDWH SHQWUX GHWHUPLQDUHD DFHVWXL XOWLP LQGLFDWRU VXQW IRDUWH YDULDWH L HWHURJHQH
Q VWDWLVWLFD LQWHUQD LRQDO  VH XWLOL]HD]
QLYHOXO GLIHULWHORU

GDWHOH RE LQXWH GLQ DQFKHWHOH DVXSUD IRU HL GH PXQF

UL $FHVWH DQFKHWH vQ JHQHUDO QX VXQW FDSDELOH V

VXUSULQG

OD

QXP UXO GH RUH

HIHFWLY OXFUDWH SH SHULRDGH PDUL GH WLPS FXP HVWH DQXO FDOHQGDULVWLF L GH PXOWH RUL QX DFRSHU
SRSXOD LD RFXSDW

vQ vQWUHJLPH Q DFHVW FD] GDWHOH VH SRW GHWHUPLQD SULQ GRX

PHQ LRQDWH SH VFXUW vQ FRQWLQXDUH 3ULPXO VH ED]HD]


OXFUDW SHQWUX ILHFDUH V SW PkQ

SURFHGHH HVWLPDWLYH

SH GDWHOH SULYLQG YROXPXO GH WLPS HIHFWLY

GLQ DQ GHWHUPLQDW GLQ DQFKHWHOH DVXSUD IRU HL GH PXQF  6H SRW

IRORVL L GDWH OXQDUH VDX WULPHVWULDOH GDU WUHEXLH DMXVWDWH vQ IXQF LH GH QXP UXO GH ]LOH OXFU WRDUH GLQ
OXQ

VDX GLQ WULPHVWUX 'DWHOH GLVSRQLELOH VH DJUHJ

UDSRUWHD]

OD QLYHOXO DQXOXL FDOHQGDULVWLF GXS

FDUH VH

OD QXP UXO PHGLX GH VDODULD L

$O GRLOHD SURFHGHX DUH OD ED]

FRQWUDFWHOH FROHFWLYH GH PXQF

SUHVXSXQH

vQPXO LUHD

QXP UXOXL GH RUH FRQVLGHUDWH QRUPDOH D IL OXFUDWH vQWUR V SW PkQ  FX QXP UXO GH V SW PkQL
HIHFWLY OXFUDWH vQ WLPSXO DQXOXL (YLGHQW VXQW QHFHVDUH DMXVW UL VXSOLPHQWDUH vQ IXQF LH GH YDFDQ H
FRQFHGLL VDX YDULD LD WLPSXOXL QRUPDO GH OXFUX vQ FDGUXO DQXOXL
'LIHUHQ HOH vQWUH VXUVHOH GH GDWH FDUH VWDX OD ED]D GHWHUPLQ ULL YROXPXOXL GH WLPS HIHFWLY
OXFUDW H[SULPDW vQ RUH UHSUH]LQW
LQWHUQD LRQDO 

'HILQL LD

XQD GLQ OLPLWHOH LQGLFDWRUXOXL vQ FHHD FH SULYHWH FRPSDUDELOLWDWHD

LQWHUQD LRQDO

DFHVWXL

LQGLFDWRU

LD

vQ

FRQVLGHUDUH

OXFUDWLYH FXP VXQW RSHUD LLOH FX DQXPLWH XWLODMH HWF  QX L DOWH DFWLYLW
SDUWLFLSDUHD OD SURJUDPH GH LQVWUXLUH

.H\ ,QGLFDWRUV RI WKH /DERU 0DUNHW 

,/2 *HQHYH  SDJ 

QXPDL

DFWLYLW

LOH

L FD PXQFD OD GRPLFLOLX VDX

Q SRILGD DFHVWRU OLPLWH SUH]LQW

LQWHUHV SUH]HQWDUHD QLYHOXOXL LQGLFDWRUXOXL QXP U PHGLX GH

RUH OXFUDWH GH XQ VDODULDW vQWUXQ DQ vQ FkWHYD

UL 'H H[HPSOX vQ DQXO  vQ )UDQ D XQ VDODULDW

OXFUD  RUH DQXDO vQ 6XHGLD  vQ -DSRQLD  LDU vQ *HUPDQLD  
3H ED]D GDWHORU GLQ EDODQ

 FDUH VH UHIHU

OD WLPSXO OXFUDW vQ WLPS QRUPDO VH FDOFXOHD]

XUP WRULL LQGLFDWRUL PHGLL


GXUDWD PHGLH D ]LOHL GH OXFUX HYLGHQ LD]
]L G L VH FDOFXOHD]

QXP UXO PHGLX GH RUH OXFUDWH GH R SHUVRDQ

WLPSXO HIHFWLY OXFUDW H[SULPDW vQ RP]LOH

GXUDWD PHGLH D OXQLL GH OXFUX UHIOHFW


G

OXQ

L VH GHWHUPLQ

vQWUR

FD XQ UDSRUW vQWUH WLPSXO HIHFWLY OXFUDW H[SULPDW vQ RPRUH 7 L

= RUH  RP  ]L

QXP UXO PHGLX GH ]LOH OXFUDWH GH XQ VDODULDW vQWUR

FD XQ UDSRUW vQWUH WLPSXO HIHFWLY OXFUDW H[SULPDW vQ RP]LOH L

QXP UXO PHGLX GH SHUVRQDO

= ]LOH  SHUVRDQ

GXUDWD PHGLH D SHULRDGHL H[SULPDW


R SHUVRDQ

vQ SHULRDGD DQDOL]DW

 OXQ 

vQ RUH K  HYLGHQ LD]

L VH FDOFXOHD]

QXP UXO PHGLX GH RUH OXFUDWH GH

FD XQ UDSRUW vQWUH WLPSXO HIHFWLY OXFUDW

H[SULPDW vQ RPRUH L QXP UXO PHGLX GH SHUVRQDO VDX FD SURGXV vQWUH GXUDWD PHGLH D ]LOHL
GH OXFUX L GXUDWD PHGLH D OXQLL GH OXFUX

= G

 $QDOL]D FRPSDUDW

K =

= RUH  SHUVRDQ

 OXQ 

D LQGLFDWRULORU IRORVLULL WLPSXOXL GH OXFUX

3URSRU LD vQ FDUH D IRVW IRORVLW IRQGXO GH WLPS PD[LP GLVSRQLELO HVWH UHIOHFWDW
ULL IRQGXOXL GH WLPS PD[LP GLVSRQLELO . 

SHULRDG

3HQWUX R DQXPLW

OD

QLYHOXO

WLPSXOXL



GH WLPS OD QLYHOXO F UHLD VH UHDOL]HD]

SLHUGHUH GH WLPS HVWH QHXWLOL]DUHD FRPSOHW


SLHUGHUL

FRHILFLHQWXO XWLOL]

GH LQGLFDWRUXO

HIHFWLY

DQDOL]D XQD GLQ VXUVHOH GH

D GXUDWHL QRUPDOH D ]LOHL GH OXFUX FHHD

OXFUDW

GDU

DO

SURGXF LHL

FH

WUHEXLD

FH GHWHUPLQ

UHDOL]DWH

,QGLFDWRULL

VWDWLVWLFL FH SRW IL XWLOL]D L VXQW

G
G

,QGLFDWRUXO UHIOHFW

GDW GH UHOD LD

 

SURSRU LD vQ FDUH D IRVW IRORVLW

F WUH DQJDMD L 'LIHUHQ D SkQ

 &RHILFLHQWXO IRORVLULL GXUDWHL PHGLL QRUPDOH D ]LOHL GH OXFUX .

GXUDWD PHGLH QRUPDO

D ]LOHL GH OXFUX GH

OD  UHSUH]LQW  vQ H[SUHVLH UHODWLY  SLHUGHULOH GH RUH vQ FDGUXO ]LOHL

GH OXFUX D VFKLPEXOXL 

.H\ ,QGLFDWRUV RI WKH /DERU 0DUNHW 

,/2 *HQHYH  SDJ 

.H\ ,QGLFDWRUV RI WKH /DERU 0DUNHW 

,/2 *HQHYH 

 7LPS QHOXFUDW H[SULPDW vQ RPRUH GDWRULW

S7


= G

vQ FDUH

D ]LOHL GH OXFUX D

IRORVLULL LQFRPSOHWH D GXUDWHL PHGLL QRUPDOH

-G

HVWH WLPSXO HIHFWLY OXFUDW H[SULPDW vQ RP]LOH

 3LHUGHUHD GH SURGXF LH GDWRUDW

IRORVLULL LQFRPSOHWH D GXUDWHL PHGLL QRUPDOH D ]LOHL GH

OXFUX
:

= D

HVWH SURGXFWLYLWDWHD RUDU

-G

vQ FDUH

= G

SODQLILFDW 

3HQWUX D DQDOL]D LPSOLFD LLOH XWLOL] ULL LQFRPSOHWH D GXUDWHL QRUPDOH D OXQLL GH OXFUX VH SRW
IRORVL R VHULH GH LQGLFDWRUL H[SULPD L vQ P ULPL DEVROXWH L UHODWLYH $FHWL LQGLFDWRUL VXUSULQG
SLHUGHULOH GH WLPS H[SULPDWH vQ RPRUH L RP]LOH SLHUGHUL FDUH DQWUHQHD]

LQHYLWDELO L QHUHDOL] UL

DOH SURGXF LHL


 &RHILFLHQWXO IRORVLULL GXUDWHL QRUPDOH D OXQLL GH OXFUX VH FDOFXOHD] 

 

1LYHOXO LQGLFDWRUXOXL FDUDFWHUL]HD]

SURSRU LD vQ FDUH D IRVW XWLOL]DW

GH OXFUX GH F WUH XQ VDODULDW LDU GLIHUHQ D SkQ

GXUDWD QRUPDO

D OXQLL

OD  UHSUH]LQW  vQ H[SUHVLH UHODWLY  SLHUGHULOH GH

]LOH vQWUHJL vQ PHGLH SH ILHFDUH VDODULDW


 7LPSXO QHOXFUDW H[SULPDW vQ RP]LOH GDWRUDW IRORVLULL LQFRPSOHWH D GXUDWHL QRUPDOH D

= G

S7

vQ FDUH

 VH FDOFXOHD] 
-G

OXQLL GH OXFUX D

HVWH QXP UXO PHGLX GH PXQFLWRUL

 7LPSXO QHOXFUDW H[SULPDW vQ RPRUH GDWRUDW IRORVLULL LQFRPSOHWH D GXUDWHL QRUPDOH D

-G

= G

= D

 3LHUGHUHD GH SURGXF LH SH VHDPD IRORVLULL LQFRPSOHWH D GXUDWHL QRUPDOH D OXQLL GH OXFUX


 VH FDOFXOHD] 

HVWH SURGXFWLYLWDWHD PHGLH ]LOQLF


LDX

FRQVLGHUDUH

FHOH

= D

SODQLILFDW 

GRX

VXUVH

FDUH

DQWUHQHD]

SLHUGHUL

GH

WLPS

D ]LOHL L OXQLL GH OXFUX VH SRW GHWHUPLQD XUP WRULL LQGLFDWRUL FDUH V

GH WLPS GDU L GH SURGXF LH

XWLOL]DUHD LQFRPSOHW
SLHUGHUHD JOREDO

vQ

= D

3LHUGHUHD GH WLPS D

VH

'DF

-G

vQ FDUH

= G

 VH FDOFXOHD] 

OXQLL GH OXFUX D

 UHVSHFWLY GH SURGXF LH D

 GDWRUDW

UHVSHFWLY
VXUSULQG

IRORVLULL LQFRPSOHWH D

GXUDWHL PHGLL QRUPDOH D ]LOHL GH OXFUX L D GXUDWHL QRUPDOH D OXQLL GH OXFUX VH FDOFXOHD] 
= D

= D

= K - K

+ D

= K - K

D GXUDWHL PHGLL D ]LOHL GH OXFUX

= D

+ D

$QDOL]D FRPSDUDW

= D

9DULD LD vQ WLPS D GXUDWHL PHGLL D ]LOHL GH OXFUX VH UHDOL]HD]

FX DMXWRUXO LQGLFLORU LQGLYLGXDOL

VDX GH JUXS vQ IXQF LH GH QLYHOXO OD FDUH VH IDFH DQDOL]D


3H FDWHJRULL GH PXQFLWRUL HYROX LD GXUDWHL PHGLL D ]LOHL GH OXFUX VH FDUDFWHUL]HD]

FX DMXWRUXO

LQGLFDWRULORU

7
7

= L

L



D GXUDWHL PHGLL D ]LOHL GH OXFUX 5

 


D
G

$#

$#

D GXUDWHL PHGLL D ]LOHL GH OXFUX D

-G

= 5

7 1
2

6 1
2

= G

75 4 0

54 0

7 31
2

0RGLILFDUHD DEVROXW

) (&
'

- =

% !
"

= L

$#

0RGLILFDUHD UHODWLY

  


,QGLFHOH GXUDWHL PHGLL D ]LOHL GH OXFUX L

/D QLYHOXO vQWUHSULQGHULL GXUDWD PHGLH D ]LOHL GH OXFUX VH FDOFXOHD] 

[
9

8
9

H G 9

9
8B8
9

H G 9

H G 9

9
8

9 @

A
H G 9

FE

FE D

98

H G 9

9
8

H G 9

vQ FDUH
\

R QI
P

HVWH VWUXFWXUD WLPSXOXL HIHFWLY OXFUDW H[SULPDW vQ RP]LOH


 P ULPHD FX FDUH FRQWULEXLH FDWHJRULD GH PXQFLWRUL L OD IRUPDUHD GXUDWHL PHGLL D ]LOHL GH OXFUX

W VT
U
S

)DFWRULL FDUH LQIOXHQ HD]

PRGLILFDUHD GXUDWHL PHGLL D ]LOHL GH OXFUX VXQW

 YDULD LD GXUDWHL PHGLL D ]LOHL GH OXFUX SH FDWHJRULL G 

Y
`X

[
[

f
u e

t s f

f
u e

t s f

YDULD LD

qpr

u f
qp d

t s f

t s f

t fe

t s f

f
t e
f
u 3e

qp d

t s f

HYLGHQ LD]

IL[

VWUXFWXU

FX

h
t s f

h
t s f

t feg
vt fe

LQGLFHOH

f e
wu e
u if

f
t e

qpr

YDULDELO

 LQGLFHOH FX VWUXFWXU

D GXUDWHL PHGLL D ]LOHL GH OXFUX VH FDOFXOHD] 

t f
qp d

3HQWUX DQDOL]D vQ GLQDPLF

c Qa
b

 YDULD LD VWUXFWXULL WLPSXOXL HIHFWLY OXFUDW H[SULPDW vQ RP]LOH \

GXUDWHL

PHGLL

]LOHL

GH

OXFUX

GDWRUDW

PRGLILF ULL GXUDWHL PHGLL D ]LOHL GH OXFUX SH FDWHJRULL

LQIOXHQ D

UHIOHFW

y
y
x

VWUXFWXUDOH

ULORU

VFKLPE

LQGLFHOH

OXFUDW H[SULPDW vQ RP]LOH

YDULD LHL

VWUXFWXULL

WLPSXOXL

HIHFWLY

G
G

f d

e 3

f d

f d


e i
we 3

f d

e 3

f d


we
f 3i

f d

f d

f d

5HOD LD GH YHULILFDUH HVWH

kj l

kj h

-G

= G

= G

zy |

zy
{

v u p

~
}

zy
{

sr n

v u p

zy

p
v o

-G

~
}

= G

-G

~
}

srt

p
w o

~
3}

srt

zy |
z yx

p
v o

p
w o

$QDOL]D FRPSDUDW

kj

D GXUDWHL PHGLL D ]LOHL GH OXFUX VH FDOFXOHD] 

kj l

0RGLILFDUHD DEVROXW

= ,

kjm i

D GXUDWHL PHGLL D OXQLL GH OXFUX

/D QLYHOXO FDWHJRULHL GH PXQFLWRUL GLQDPLFD GXUDWHL PHGLL D OXQLL GH OXFUX G VH DQDOL]HD]

FX DMXWRUXO LQGLFDWRULORU


= L

L

5LWPXO GXUDWHL PHGLL D OXQLL GH OXFUX

D GXUDWHL PHGLL D OXQLL GH OXFUX D


-G

= G

= 5

0RGLILFDUHD DEVROXW

- =

= L

,QGLFHOH GXUDWHL PHGLL D OXQLL GH OXFUX L

/D QLYHOXO vQWUHSULQGHULL GXUDWD PHGLH D OXQLL GH OXFUX VH FDOFXOHD] 

vQ FDUH
\

HVWH VWUXFWXUD QXP UXOXL PHGLX GH PXQFLWRUL


 P ULPHD FX FDUH FRQWULEXLH FDWHJRULD GH PXQFLWRUL L OD IRUPDUHD GXUDWHL PHGLL D OXQLL GH OXFUX
'LQ FHOH SUH]HQWDWH DQWHULRU UH]XOW

IDFWRULL FDUH LQIOXHQ HD]

OXQLL GH OXFUX VXQW


 GXUDWD PHGLH D OXQLL GH OXFUX SH FDWHJRULL GH PXQFLWRUL G 

YDULDELO

,QGLFHOH FX VWUXFWXU

VH FDOFXOHD] 

 VWUXFWXUD QXP UXOXL PHGLX GH PXQFLWRUL \

PRGLILFDUHD GXUDWHL PHGLL D

,

= ,

G
G

IL[

,QGLFHOH FX VWUXFWXU

,QGLFHOH YDULD LHL VWUXFWXULL

G
G

5HOD LD GH YHULILFDUH GLQWUH LQGLFL HVWH

$QDOL]D FRPSDUDW

= ,

D WLPSXOXL PHGLX HIHFWLY OXFUDW

7LPSXO PHGLX HIHFWLY OXFUDW H[SULPDW vQ RUHPXQFLWRU XWLOL]DW L VXE GHQXPLUHD GH GXUDW
PHGLH D OXQLL H[SULPDW

vQ RUH  SRDWH IL VXSXV XQHL DQDOL]H FRPSDUDWH

DVWIHO

/D QLYHOXO FDWHJRULHL GH PXQFLWRUL


 LQGLFHOH GLQDPLFLL WLPSXOXL PHGLX HIHFWLY OXFUDW
7

= L

L

VDX

= L

0RGLILFDUHD UHODWLY 

= L

-


0RGLILFDUHD DEVROXW 

= K

- K








/D QLYHOXO vQWUHSULQGHULL SHQWUX FHOH Q FDWHJRULL GH PXQFLWRUL VH GHWHUPLQ


PHGLX

[
# "

# "





# "

# "




# "

K7

# "

K =

LQGLFDWRUXO

%(

'
$ &(

01
%

$ &(

'
$ &(

%(

'

$ &(

'

%(

$ &(

BD @
A C

AB 9

'

$(

$(

A 9

$(

$ &(

A 9

ba

-K

= K

-K

= K

-K

QR

UI

dY

T SI
ba

T SI

e cY

3
2
2

dY

TI

T SI
P

TI
`

QR

UI

= K

QR

T SI

W
ba X

QR

8 75
6

-K

$ &(

= K

$ &(

'

FX UHOD LLOH

%(

= ,

ULOH DEVROXWH VH GHWHUPLQ

0RGLILF

%(

L ,

'

$(

,QGLFLL IDFWRULDOL VXQW ,

01

'

$(
)

e cY

3OHFkQG GH OD GHILQL LLOH FHORU WUHL LQGLFDWRUL PHGLL DL XWLOL] ULL WLPSXOXL GH OXFUX DQDOL]D L
vQWUH HL

v ui

i
pg

v ui

DQDOL]DUHD

ih

LGHQWLILFDUHD

H[SULPDUH DEVROXW

SHUPLWH

ts

UHOD LH

$FHDVW

K = G

DQWHULRU VH GHGXFH UHOD LD H[LVWHQW

LQIOXHQ HORU

IDFWRULDOH

VSHFLILFH

vQ

L UHODWLY 

 $QDOL]D FRPSDUDW


$QDOL]D FRPSDUDW

D LQGLFDWRULORU IRQGXOXL GH WLPS HIHFWLY OXFUDW

D IRQGXOXL GH WLPS HIHFWLY OXFUDW SRDWH IL UHDOL]DW

SH ED]D LQGLFDWRULORU

H[SULPD L vQ RP]LOH L vQ RPRUH


$QDOL]D FRPSDUDW

D IRQGXOXL GH WLPS HIHFWLY OXFUDW H[SULPDW vQ RP]LOH

/D QLYHOXO FDWHJRULHL GH PXQFLWRUL LQGLFHOH WLPSXOXL HIHFWLY OXFUDW H[SULPDW vQ RP]LOH VH


DVWIHO

= L

y
y

VH YD GHVFRPSXQH DVWIHO
-7

7 
D7 

df

df e

h
lm

= G

= D

n ji

lk

D
D

= 7

0RGLILFDUHD DEVROXW

FDOFXOHD]

3HQWUX H[SULPDUHD vQ RPRUH PRGLILF ULOH FDOFXODWH VH PXOWLSOLF


FRUHVSXQ] WRDUH FDWHJRULHL L G 

po

uv q

= D

w pr
s

utq
uv q

FX GXUDWD PHGLH D ]LOHL

}|x
} ~

= G

} y

= D

z
p{

/D QLYHOXO vQWUHSULQGHULL JUXS GH vQWUHSULQGHUL HWF LQGLFHOH


vQ RP]LOH SRDWH IL FDOFXODW vQ GRX

WLPSXOXL HIHFWLY OXFUDW H[SULPDW

YDULDQWH FH VH GHRVHEHVF vQ IXQF LH GH PRGXO vQ FDUH IDFWRUXO

FDQWLWDWLY HVWH GLUHFW VDX LQGLUHFW vQVXPDELO


Q FD]XO vQ FDUH IDFWRUXO FDQWLWDWLY HVWH GLUHFW vQVXPDELO IDFWRULL GH LQIOXHQ
LDU

DJUHJDW

= ,

G
G

WXWXURU

DVWIHO

LQIOXHQ D

= ,

G
G

VLQWHWL]HD]

FH

D IDFWRULORU VH FDOFXOHD]

Q FD]XO vQ FDUH IDFWRUXO FDQWLWDWLY 7 HVWH LQGLUHFW vQVXPDELO vQVXPDUHD OXL VH UHDOL]HD]

= ,

= ,

= ,

LQGLFHOH

LQIOXHQ D VHSDUDW

DQDOL]D

IDFH

VH

FDUH

OD

QLYHOXO

OD

IDFWRULORU L LQGLFLL IDFWRULDOL FH UHIOHFW

VXQW ORFDOL]D L

SULQ LQWHUPHGLXO IDFWRUXOXL FDOLWDWLY G  LQIOXHQ D ORU ILLQG ORFDOL]DW

G
G

GH

YDULDQWH

GRX

FHORU

&RUHVSXQ] WRU

OD QLYHOXO FDWHJRULLORU

GH PXQFLWRUL

FDOFXO

LQGLFLORU

VH

SRW

FDOFXOD

PRGLILF ULOH

DEVROXWH

$QDOL]D FRPSDUDW
Q DQDOL]D FRPSDUDW

D IRQGXOXL GH WLPS HIHFWLY OXFUDW H[SULPDW vQ RPRUH


D IRQGXOXL GH WLPS HIHFWLY OXFUDW VH XWLOL]HD]

FX SULRULWDWH LQGLFDWRUXO

H[SULPDW vQ RPRUH GHRDUHFH QX FXSULQGH SLHUGHULOH GH WLPS


$YkQG vQ YHGHUH UHOD LLOH FH VH VWDELOHVF vQWUH LQGLFDWRULL SUH]HQWD L IRQGXO GH WLPS HIHFWLY
OXFUDW H[SULPDW vQ RPRUH OD QLYHOXO FDWHJRULHL GH PXQFLWRUL VH SRDWH GHWHUPLQD FX DMXWRUXO XQHLD
GLQ UHOD LLOH

K 7

= G

,QGLFLL YRU HYLGHQ LD YDULD LD IRQGXOXL GH WLPS HIHFWLY OXFUDW H[SULPDW vQ RPRUH vQ JHQHUDO L
SH IDFWRUL
/D QLYHOXO vQWUHSULQGHULL DQDOL]D FRPSDUDW
RUH VH YD

UHDOL]D FX

DMXWRUXO LQGLFLORU

GH

JUXS

D IRQGXOXL GH WLPS HIHFWLY OXFUDW H[SULPDW vQ RP


FDOFXOD L

VXE

IRUP

DJUHJDW

PRGLILF ULORU

DEVROXWH FRUHVSXQ] WRDUH

LQkQG VHDPD GH YDULDQWHOH SUH]HQWDWH vQ FD]XO SUHFHGHQW IRORVLQG XQD GLQ

UHOD LLOH

K 7

= G

= G

SXWHP XWLOL]D XQD VDX PDL PXOWH UHOD LL vQ IXQF LH GH GDWHOH GH FDUH GLVSXQHP L GH

Q DQDOL]
VFRSXO DFHVWHLD
5HOD LLOH

GLQ

YDULDQWD

SHUPLW

FRPSRQHQWH DOH VLVWHPXOXL L RIHU

ORFDOL]DUHD

LQIOXHQ HL

IDFWRULORU

OD

QLYHOXO

SRVLELOLWDWHD LGHQWLILF ULL UH]HUYHORU GH IRORVLUH

XQLW

PDL

LORU

EXQ

WLPSXOXL GH OXFUX

 $1$/,=$ )2/26,5,, ,17(16,9( $ 5(6856(/25 80$1(


&UHWHUHD HFRQRPLF

UHDOL]DW

vQWUXQ VHFWRU HFRQRPLF VDX vQWUR ILUP

SRDWH IL OHJDW  GLQ

SHUVSHFWLYD XWLOL] ULL UHVXUVHORU XPDQH ILH GH FUHWHUHD QXP UXOXL GH VDODULD L ILH GH R PDL EXQ
XWLOL]DUH D PXQFLL VDODULD LORU H[LVWHQ L $FHVW XOWLP DVSHFW HVWH GHVFULV VWDWLVWLF SULQ LQWHUPHGLXO
SURGXFWLYLW

LL PXQFLL XQ HOHPHQW  FKHLH DO SHUIRUPDQ HL HFRQRPLFH Q HOHJHUHD IDFWRULORU FDUH

JXYHUQHD]

SURGXFWLYLWDWHD

LQIUDVWUXFWXULL

LQVWLWX LRQDOH

PXQFLL
VDX

vQ

VSHFLDO

GH

GH

JHQHUDUHD

DFXPXODUHD
WHKQRORJLL

HVWH

QRL

FDSLWDO

IL[

RELHFWLY

vPEXQ W

QHFHVDU

LUHD

SHQWUX

IRUPXODUHD SROLWLFLORU GH FUHWHUH HFRQRPLF 


,QGLFDWRULL VWDWLVWLFL FX FDUH HVWH P VXUDW
FRQVWLWXLH R FRPSRQHQW

L FDUDFWHUL]DW

HILFLHQ D XWLOL] ULL IRU HL GH PXQF

D VLVWHPXOXL GH LQGLFDWRUL DL HILFLHQ HL HFRQRPLFH

3URGXFWLYLWDWHD XQXL IDFWRU GH SURGXF LH ILH F


GLQWUH SURGXF LD RE LQXW

HVWH PXQF  S PkQW VDX FDSLWDO HVWH UDSRUWXO

FX DMXWRUXO IDFWRUXOXL UHVSHFWLY L FDQWLWDWHD DFHOXL IDFWRU XWLOL]DW

vQ

FXUVXO SHULRDGHL GH FDOFXO 3ULQ XUPDUH SURGXFWLYLWDWHD HVWH UDSRUWXO GLQWUH XQ RXWSXW SURGXF LD L
XQ LQSXW HIRUW 
'DF

VH LD vQ FDOFXO DQVDPEOXO IDFWRULORU GH SURGXF LH GH RELFHL PXQFD L FDSLWDOXO VH SRDWH

GHWHUPLQD SURGXFWLYLWDWHD JOREDO  FX UHOD LD

<
. + /

vQ FDUH
<

 RXWSXWXO

 IDFWRUXO GH SURGXF LH FDSLWDO


 IDFWRUXO GH SURGXF LH PXQF 

 SURGXFWLYLWDWHD JHQHUDO 
'DF

VH

LDX

vQ

FDOFXO

QXPDL

DQXPL L

IDFWRUL

GH

SURGXF LH

HVWH

YRUED

GH

SURGXFWLYLW

SDU LDOH
,QGLFDWRUXO SURGXFWLYLWDWH D PXQFLL SRDWH S UHD VLPSOLVW GDU GH IDSW GLQ SXQFW GH YHGHUH
VWDWLVWLF VH SRDWH YRUEL GH XQ VLVWHP GH LQGLFDWRUL DL SURGXFWLYLW

LL PXQFLL IRUPDW GLQ PDL PXO L

LQGLFDWRUL FDUH FDUDFWHUL]HD]

HILFLHQ D IDFWRUXOXL XPDQ VXE FHOH PDL GLIHULWH DVSHFWH

Q FRQWLQXDUH YRP SUH]HQWD R FODVLILFDUH VWDWLVWLF

D SURGXFWLYLW

LL PXQFLL vQ IXQF LH GH FHL

GRL IDFWRUL GHWHUPLQDQ L RXWSXWXO L IDFWRUXO XPDQ


LL PXQFLL vQ IXQF LH GH QDWXUD LQGLFDWRUXOXL

 $QDOL]D SURGXFWLYLW

 3URGXFWLYLWDWHD PHGLH D PXQFLL

Z =

$FHVW LQGLFDWRU UHIOHFW

GH PXQF

FRQVXPDW 

D PXQFLL

Z =

$VWIHO GHWHUPLQDW LQGLFDWRUXO H[SULP

D<
D7

PRGLILFDUHD RXWSXWXOXL vQ XUPD YDULD LHL FX R XQLWDWH

D IDFWRUXOXL GH SURGXF LH IRU D GH PXQF 

3HQWUX R IXQF LH GH SURGXF LH GH WLSXO <


HJDO

RXWSXWXO RE LQXW SH XQLWDWHD GH IRU

 3URGXFWLYLWDWHD PDUJLQDO

VXSOLPHQWDU

<

FX GHULYDWD SDU LDO

I 7  SURGXFWLYLWDWHD PDUJLQDO

D PXQFLL YD IL

D DFHVWHL IXQF LL vQ UDSRUW FX 7 6SUH GHRVHELUH GH SURGXFWLYLWDWHD PHGLH D

PXQFLL SURGXFWLYLWDWHD PDUJLQDO


/HJ WXUD vQWUH FHOH GRX

D PXQFLL SRDWH OXD L YDORUL QHJDWLYH


WLSXUL GH SURGXFWLYLWDWH VH UHDOL]HD]

SURGXF LHL vQ UDSRUW FX IRU D GH PXQF  $FHVW LQGLFDWRU UHIOHFW

SULQ LQWHUPHGLXO HODVWLFLW

FUHWHUHD SURFHQWXDO

LL

D SURGXF LHL OD

R PRGLILFDUH FX XQ SURFHQW D IRU HL GH PXQF 


D<
( =

<

D7

D<
D7

7
<

Z
Z

7
 $QDOL]D SURGXFWLYLW


LL PXQFLL vQ IXQF LH GH PRGXO GH H[SULPDUH DO RXWSXWXOXL

&DOFXOXO QLYHOXOXL L DQDOL]D FRPSDUDW

D SURGXFWLYLW

LL

PXQFLL

H[SULPDW

vQ

XQLW

QDWXUDOH
3URGXFWLYLWDWHD

PXQFLL

DVWIHO

GHWHUPLQDW

UHIOHFW

QXP UXO

GH

XQLW

IL]LFH

UHDOL]DWH

vQ

FRUHVSXQGH vQ FHD PDL PDUH P VXU  GHILQL LHL WLLQ LILFH D SURGXFWLYLW

LL

XQLWDWHD GH WLPS GH PXQF 


$FHDVW
PXQFLL

'H

PHWRG

DFHHD

DSOLFDUHD

HL

3URGXFWLYLWDWHD PXQFLL H[SULPDW

HVWH

UHFRPDQGDW

vQ XQLW

vQ

WRDWH

UDPXULOH

FX

SURGXF LH

L QDWXUDOH SHUPLWH R FRPSDUDUH PDL XRDU

RPRJHQ 

L PDL SUHFLV

D QLYHOXOXL DWLQV vQ GLIHULWH SHULRDGH VDX vQ GLIHULWH vQWUHSULQGHUL &RQGL LD SULQFLSDO

D DSOLF ULL

DFHVWHL PHWRGH DFHHD GH RPRJHQLWDWH D SURGXF LHL HVWH vQ DFHODL WLPS L XQ IDFWRU FDUH OLPLWHD]
VIHUD HL GH DSOLFDUH vQWUXFkW OD QLYHO PLFURHFRQRPLF PDMRULWDWHD vQWUHSULQGHULORU DX R SURGXF LH
HWHURJHQ 
7RWXL VH GHWHUPLQ

SURGXF LD SH DQXPLWH EXQXUL FDUH UHYLQH SH FDS GH ORFXLWRU DO XQHL

UL

,QGLFDWRUXO DVWIHO GHWHUPLQDW VHUYHWH SHQWUX UHDOL]DUHD XQHL DQDOL]H vQ GLQDPLF  OD QLYHOXO DFHOHLDL
UL GDU PDL DOHV GDWRULW

FRPSDUDELOLW

LL

VDOH OD GHWHUPLQDUHD SR]L LHL XQHL

FHOHODOWH
&D UHOD LH GH FDOFXO SURGXFWLYLWDWHD PXQFLL VH GHWHUPLQ
Z =

T
7

DVWIHO

UL vQ UDSRUW FX

vQ FDUH
HVWH YROXPXO SURGXF LHL

/D QLYHOXO XQLW

L GH WLPS

SURGXFWLYLW

$QDOL]D FRPSDUDW

LL PXQFLL 

LORU FX SURGXF LH RPRJHQ

VDX SH WLSXUL GH SURGXVH vQ FD]XO XQHL SURGXF LL

VH SRW HYLGHQ LD FKHOWXLHOLOH GH WLPS GH PXQF

ZL

VDX

VDX

 &DOFXOXO QLYHOXOXL L DQDOL]D FRPSDUDW

-

= 5

VDX

= L

DIHUHQWH SRW IL IRORVLWH UHOD LLOH

+

HWHURJHQH GDF

vQ XQLW

.Z

 FRQVXPXO GH PXQF

D SURGXFWLYLW

LL PXQFLL H[SULPDW

vQ XQLW

QDWXUDOFRQYHQ LRQDOH
3HQWUX D VH O UJL VIHUD GH DSOLFDUH D PHWRGHL GH FDOFXO D SURGXFWLYLW
XQLW

L QDWXUDOH vQ SUDFWLF

SURGXFWLYLWDWHD
FDUDFWHUL]HD]

PXQFLL
SULQ

VD UHFXUV OD R YDULDQW

VH

DFHHD

H[SULP
VH

vQ

XQLW

WUDQVIRUP

LL PXQFLL H[SULPDW

vQ

D DFHVWHL PHWRGH SRWULYLW F UHLD SURGXF LD L

QDWXUDOFRQYHQ LRQDOH

GLIHULWH

SURGXVH

FDUH

VH

$FHDVW

GHRVHEHVF

YDULDQW
GXS

VH

DQXPLWH

FDUDFWHULVWLFL WHKQLFH vQWUXQ VLQJXU SURGXV DOHV vQ PRG FRQYHQ LRQDO 3HQWUX DFHDVWD VH XWLOL]HD]
DQXPL L FRHILFLHQ L GH WUDQVIRUPDUH
3URGXFWLYLWDWHD PXQFLL VH FDOFXOHD]
D

OD QLYHOXO XQLW

DVWIHO

LL

OD QLYHO VXSHULRU GH DJUHJDUH

Z =

T
7

 Q

HVWH YDULHWDWHD WLSXULORU FDOLWDWLYH

 P  YDULHWDWHD vQWUHSULQGHULORU HFRQRPLFH FH UHDOL]HD]

PXQFLL

 YROXPXO SURGXF LHL H[SULPDW vQ XQLW

H[SULPDW

vQ

XQLW

QDWXUDO

FRQYHQ LRQDOH

GLQ

L QDWXUDO FRQYHQ LRQDOH FRUHVSXQ] WRU WLSXOXL FDOLWDWLY L

GLQ vQWUHSULQGHUHD M
 FRHILFLHQWXO GH WUDQVIRUPDUH FRUHVSXQ] WRU WLSXOXL FDOLWDWLY L

.  SURGXF LD H[SULPDW

PHGLH

vQWUHSULQGHUHD M

SURGXFWLYLWDWHD

DFHOHDL WLSXUL FDOLWDWLYH

vQ XQLW

L QDWXUDO FRQYHQ LRQDOH OD vQWUHSULQGHUHD

M

 WLPS GH PXQF

FKHOWXLW SRDWH IL H[SULPDW SULQ QXP U PHGLX GH SHUVRQDO QXP U PHGLX GH

PXQFLWRUL RPRUH VDX RP]LOH 


'HL

DUH

VIHU

PDL

ODUJ

GH

QDWXUDOFRQYHQ LRQDOH PDL S VWUHD]


(D VH XWLOL]HD]

DSOLFDELOLWDWH

FDOFXODUHD

SURGXFWLYLW

GLQ GHILFLHQ HOH PHWRGHL GH ED]  vQ XQLW

vQ VWDWLVWLFD LQWHUQD LRQDO

LL

PXQFLL

vQ

XQLW

L QDWXUDOH

SHQWUX D GHWHUPLQD QLYHOXO DQXPLWRU SURGXVH FH

UHYLQ SH FDS GH ORFXLWRU

 &DOFXOXO QLYHOXOXL L HYROX LHL SURGXFWLYLW

LL PXQFLL H[SULPDW

vQ XQLW

L GH WLPS GH

PXQF
'HWHUPLQDUHD SURGXFWLYLW

L PXQFLL SULQ DFHDVW

PHWRG

SUH]LQW

DQXPLWH DYDQWDMH HOLPLQ

LQIOXHQ HOH SH FDUH OH DX VFKLPEDUHD VRUWLPHQWHORU GH SURGXF LH FRRSHUDUHD LQGXVWULDO  VFKLPE ULOH
RUJDQL]DWRULFH IX]LXQL VDX VFLQG UL GH vQWUHSULQGHUL  Q DFHODL WLPS DUH L XQHOH GH]DYDQWDMH VH
SRDWH XWLOL]D QXPDL OD QLYHO PLFURHFRQRPLF vQWUXFkW VH ED]HD]

SH GHWHUPLQDUHD WLPSXOXL QRUPDW SH

XQLWDWH GH SURGXV $VWIHO SUHFL]LD FDOFXOHORU GHSLQGH GH PRGXO vQ FDUH QRUPHOH VXQW IXQGDPHQWDWH
FRQVXPXO UHDO GH PXQF

WHKQLF L GH JUDGXO vQ FDUH HOH UHIOHFW

vQ DQXPLWH FRQGL LL

5HOD LD GH FDOFXO HVWH XUP WRDUHD

Z =

L GH WLPS GH PXQF 

FKHOWXLW SHQWUX RE LQHUHD SURGXF LHL T H[SULPDW vQ RUHRP


FKHOWXLW 7 VH SRDWH FDOFXOD
7

HVWH WLPS HIHFWLY FH UHYLQH SH XQLWDWHD GH SURGXV

DVWIHO

LL PXQFLL VH FDOFXOHD]

'LQDPLFD SURGXFWLYLW

vQ FDUH

T W 

7LPSXO GH PXQF

 WLPS GH PXQF

SH XQLWDWH GH SURGXV ID]  RSHUD LH

 WLPS QRUPDW

vQ XQLW

HVWH SURGXFWLYLWDWHD PXQFLL H[SULPDW

 YROXPXO IL]LF DO SURGXF LHL SH VRUWLPHQWH ID]H RSHUD LL HWF

vQ FDUH
Z

VDX



 


 



 
 

W



 
 

W

 

"

& %!
& "% ! # $ # 
=

 &DOFXOXO QLYHOXOXL SURGXFWLYLW

LL PXQFLL H[SULPDW

LL PXQFLL H[SULPDW

'HWHUPLQDUHD SURGXFWLYLW
SURGXF LH UHDOL]DW

%
!
!

'
(' ! & ! '& !
"%
!' ! & ! !& !
"
"
"

vQ XQLW

vQ XQLW

GH OD QLYHOXO XQHL vQWUHSULQGHUL SkQ

L YDORULFH

L YDORULFH LD vQ FRQVLGHUD LH vQWUHDJD

OD QLYHOXO HFRQRPLHL QD LRQDOH 'H DLFL

UHLHVH L SULQFLSDOXO DYDQWDM DO PHWRGHL DFHOD GH D SHUPLWH UHDOL]DUHD FRPSDUD LHL vQWUH vQWUHSULQGHUL
L vQVXPDUHD SURGXF LHL SH UDPXUL OD QLYHOXO HFRQRPLHL QD LRQDOH
5HOD LD GH FDOFXO HVWH XUP WRDUHD

Z =

4 ( 3P &D  9D 4H HWF)


7

10)

3
42

vQ FDUH

765

 SURGXFWLYLWDWHD PXQFLL FDOFXODW

9D

 WLPS GH PXQF

7
3P

4H

4H
7

9D
4H

3P
4H

SH ED]D YDORULL DG XJDWH

 YDORDUHD DG XJDW 

9D

4H
Z

9@8

3P

FKHOWXLW

 SURGXF LD H[HUFL LXOXL


 SURGXFWLYLWDWHD PXQFLL FDOFXODW
 SURGXF LH PDUI

SH ED]D SURGXF LHL PDUI

IDEULFDWH

IDEULFDW 

Q FD]XO H[SULP ULL SURGXFWLYLW

LL PXQFLL vQ XQLW

L YDORULFH SHQWUX DSUHFLHUHD FRUHFW

HYROX LHL DFHVWXL LQGLFDWRU VH YD HOLPLQD LQIOXHQ D PRGLILF ULL SUH XULORU $VWIHO SURGXFWLYLWDWHD
PXQFLL GLQ SHULRDGD FXUHQW

VH YD GHWHUPLQD vQ IXQF LH GH YDORDUHD SURGXF LHL FXUHQWH H[SULPDW

vQ

SUH XUL FRPSDUDELOH

T S 

7

 &DOFXOXO QLYHOXOXL L GLQDPLFLL SURGXFWLYLW

LL PXQFLL vQ IXQF LH GH PRGXO GH

H[SULPDUH D FKHOWXLHOLORU GH WLPS GH PXQF


 3URGXFWLYLWDWHD OXQDU

D PXQFLL

OL

UHVSHFWLY

B
BCB A

DB B A

vQ FDUH

HI

 SURGXFWLYLWDWHD PHGLH OXQDU

D PXQFLL OD XQLWDWHD L

GE B
F

YROXPXO

SURGXF LHL

OD

XQLWDWHD

FRQYHQ LRQDOH YDORULFH VDX XQLW

SRDWH

 3URGXFWLYLWDWHD ]LOQLF

vQ

XQLW

QDWXUDOH

QDWXUDO

D PXQFLL

TS

HVWH SURGXFWLYLWDWHD PHGLH ]LOQLF

 WLPSXO GH PXQF

GHWHUPLQDW

 VWUXFWXUD WLPSXOXL GH PXQF

OD QLYHOXO XQLW

LORU

FKHOWXLW H[SULPDW vQ RP]LOH

 P ULPHD FX FDUH FRQWULEXLH ILHFDUH XQLWDWH OD IRUPDUHD QLYHOXOXL SURGXFWLYLW


D PXQFLL

qp

HVWH SURGXFWLYLWDWHD PHGLH RUDU

vQ FDUH

qp
qp qp

qp

tu r

ih

LL PHGLL ]LOQLFH

ts

 3URGXFWLYLWDWHD RUDU

wv
I

xIv
I

QRUPDO GH OXFUX L WLPSXO OXFUDW VXSOLPHQWDU 

FKHOWXLW H[SULPDW vQ RP]LOH VH YD OXD vQ FDOFXO WLPSXO OXFUDW vQ SURJUDP

Qh

fge d
c ba`
IY
IY

TS
TS TS

vQ FDUH

XW U T S

RQP

W VT

QRP
Q

UHVSHFWLY

e d
`yc

H[SULPDW

L GH WLPS GH PXQF 

IL

 QXP U PHGLX GH SHUVRQDO VDX QXP U PHGLX HIHFWLY OD XQLWDWHD L

D PXQFLL OD XQLWDWHD L

 YROXPXO SURGXF LHL OD XQLWDWHD L


 WLPS GH PXQF

H[SULPDW vQ RPRUH VH YD OXD vQ FDOFXO WLPSXO OXFUDW vQ UHJLP QRUPDO GH OXFUX

L WLPSXO OXFUDW VXSOLPHQWDU 


 VWUXFWXUD WLPSXOXL GH PXQF

H[SULPDW vQ RPRUH

 P ULPHD FX FDUH FRQWULEXLH ILHFDUH XQLWDWH OD IRUPDUHD QLYHOXOXL PHGLX DO SURGXFWLYLW


PXQFLL RUDUH FDOFXODW
QWUH

SURGXFWLYLWDWHD

OD QLYHOXO XQXL JUXS GH XQLW


PXQFLL

RUDU 

]LOQLF

LL

L

OXQDU

VH

VWDELOHVF

UHOD LL

GLUHFWH

GH

GHWHUPLQDUH SULQ LQWHUPHGLXO LQGLFDWRULORU GH XWLOL]DUH D WLPSXOXL GH OXFUX GHILQL L vQ SDUDJUDIXO


DQWHULRU L DQXPH GXUDWD ]LOHL L D OXQLL GH OXFUX L GXUDWD SHULRDGHL H[SULPDW
3URGXFWLYLWDWHD PXQFLL OXQDUH VH SRDWH FDOFXOD FX XQD GLQ UHOD LLOH

= :

K
G

7
w

vQ RUH

1LYHOXO SURGXFWLYLW

LL OXQDUH D PXQFLL HVWH GLUHFW LQIOXHQ DW GH SURGXFWLYLW

RUDUH $O WXUL GH DFHWL IDFWRUL LQGLFDWRULL XWLOL] ULL WLPSXOXL GH OXFUX H[HUFLW
QLYHOXOXL SURGXFWLYLW

LL PXQFLL OXQDUH 8WLOL]DUHD FkW PDL EXQ

LOH ]LOQLFH L

LQIOXHQ H

DVXSUD

D GXUDWHL QRUPDOH D ]LOHL GH OXFUX L D

GXUDWHL QRUPDOH D OXQLL GH OXFUX FX DOWH FXYLQWH YDORUL FkW PDL DSURSLDWH DOH GXUDWHORU HIHFWLYH D ]LOHL
L OXQLL GH OXFUX GH FHOH QRUPDOH YRU GHWHUPLQD FUHWHUHD SURGXFWLYLW

K =

= :

G =

FXP UHLHVH GLQ UHOD LLOH XUP WRDUH

UHVSHFWLY

VWUXFWXUD

RPRUHORU

HIHFWLY

LQIOXHQ HOH DFHVWRUD DVXSUD YDULD LHL SURGXFWLYLW


H[HUFLWDW

OXFUDWH

,QWHUYLQ FD IDFWRUL VXSOLPHQWDUL vQ DQDOL]  LQGLFDWRULL GH VWUXFWXU


OXFUX

/D QLYHO DJUHJDW LQWHUYLQ L DO L IDFWRUL GXS

LL PXQFLL OXQDUH

RP]LOHORU

DL YROXPXOXL GH WLPS GH
HIHFWLY

OXFUDWH

3H

OkQJ

LL OXQDUH D PXQFLL VH SRDWH GHWHUPLQD L LQIOXHQ D

GH PRGLILF ULOH vQ VWUXFWXUD QXP UXOXL GH PXQFLWRUL DVXSUD LQGLFDWRUXOXL DQDOL]DW