&DSLWROXO




25*$1,=$5($$&7,9,7

,,

'(0$5.(7,1*


2ELHFWLYH

&XQRDWHUHDWLSRORJLHLVWUXFWXULORUGHPDUNHWLQJ

&XDQWLILFDUHDXQRUUHOD LLLFRUHOD LLvQWUHSURJUDPHPL[XULPRGHOHLSODQXULGHPDUNHWLQJ




1(&(6,7$7($,,03257$1

$25*$1,=

5,,$&7,9,7

,,'(0$5.(7,1*


Q VRFLHWDWHD FRQWHPSRUDQ  LPSRUWDQ D PDUNHWLQJXOXL HVWH HVHQ LDO  SHQWUX VXSUDYLH XLUHD

ILUPHORU DYkQG vQ YHGHUH IDSWXO F  DFHVWHD vL GHVI RDU  DFWLYLWDWHD vQWUXQ PHGLX FRQFXUHQ LDO
$VWIHO IXQGDPHQWDUHD DF LXQLORU ILUPHLWUHEXLHV SRUQHDVF GHODXUP WRDUHOHSUHPLVHILUPDV ILH
RULHQWDW  vQ SHUPDQHQ

 F WUH FOLHQ L L F WUH SLD

 QWUHDJD DFWLYLWDWH L vQWUHJ SHUVRQDOXO WUHEXLH V 

ILHFDQDOL]DWHvQGLUHF LDVDWLVIDFHULLFHUHULORUFOLHQ LORUDFWXDOLLDFHORUSRWHQ LDOL'DF ILUPDQXYD

LQH FRQW GH DFHVWH FHULQ H YD DYHDGHVXIHULWDWkWSHWHUPHQVFXUWGDUPDLDOHVSHWHUPHQPHGLXL
OXQJ vQ LQWHULRUXO ILUPHL VWUDWHJLLOH WDFWLYFLOH L LQVWUXPHQWHOH FRQFUHWH SULQ LQWHUPHGLXO F URUD VH
UHDOL]HD]  SROLWLFD JOREDO  GH PDUNHWLQJ WUHEXLH V  ILH FRRUGRQDWH DVWIHO vQFkW V  UHSUH]LQWH XQ WRW
XQLWDU &ROHFWLYXO GH VSHFLDOLWL FDUH OXFUHD]  vQ FRPSDUWLPHQWXO  VHUYLFLXO  GHSDUWDPHQWXO GH
PDUNHWLQJ DO ILUPHL YD IL FRRUGRQDW GH R SHUVRDQ  FDUH vL YD DVXPD UHVSRQVDELOLWDWHD DF LXQLORU
GHVI XUDWH 2 XOWLP  SUHPLV  SH FDUH R FRQVLGHU P DEVROXW QHFHVDU  vQ IXQGDPHQWDUHD DF LXQLORU
ILUPHL HVWH UHSUH]HQWDW  GH EXQD FXQRDWHUH D FOLHQ LORU ILUPHL D FHULQ HORU H[LJHQ HORU L
SUHIHULQ HORUDFHVWRUDDVWIHOvQFkWU VSXQVXULOHILUPHLV ILHSHP VXUDFHUHULORUDFHVWRUD


)LUPD vL GHVI RDU  DFWLYLWDWHD vQWUXQ PHGLX FRPSOH[ L GLQDPLF 3HQWUX D VH SXWHD DGDSWD

FkW PDL ELQH OD PHGLXO V X H[WHUQ ILUPD WUHEXLH V O FXQRDVF  L V O FXDQWLILFH IRDUWH H[DFW
2UJDQL]DUHD DFWLYLW

LL GH PDUNHWLQJ D ILUPHL YD SRUQL GH OD DFHDVW  QHFHVLWDWH $QDOL]D PHGLXOXL

H[WHUQ HVWH R DFWLYLWDWH FRPSOH[  LDU GLQ SXQFWXO GH YHGHUH DO RUJDQL] ULL DFWLYLW

LL GH PDUNHWLQJ D

ILUPHLLQWHUHVHD] vQPRGGHRVHELWXUP WRDUHOHDVSHFWH



FXQRDWHUHD GHWDOLDW  D SLH HORU SH FDUH ILUPD vL GHVI RDU  DFWLYLWDWHD SLH H GH DSURYL]LRQDUH
VDX SLH H GH GHVIDFHUH SULQ SULVPD HOHPHQWHORU FRPSRQHQWH DOH DFHVWRUD FHUHUH RIHUW 
SUH XULLQWHUPHGLDULLQIRUPD LLHWF




DERUGDUHDWXWXURUSUREOHPHORUSULQSULVPDRULHQW ULLGHPDUNHWLQJ
vQ HOHJHUHD GLIHUHQ HORU H[LVWHQWH vQWUH YkQ]DUH L PDUNHWLQJ DWkW OD QLYHO WHRUHWLF FkW L vQ
SUDFWLF  Q PRG VFKHPDWLF DFHVWH GLIHUHQ H SRW IL SUH]HQWDWH GXS  FXP UH]XOW  GLQ ILJXUD




LQFOXGHUHD FRQFHSWXOXL GH PDUNHWLQJ VRFLDO vQ ILORVRILD GH DIDFHUL D ILUPHL FHHD FH SUHVXSXQH
OXDUHD vQ FRQVLGHUDUH D XQXL QXP U GH WUHL HOHPHQWH DOH F URU LQWHUHVH WUHEXLH V  FRQYHDUJ 
VRFLHWDWHDvQDQVDPEOXOV XFRQVXPDWRULLLQGLYLGXDOLLILUPDILJXUD



DQDOL]DPLFURPHGXOXLH[WHUQDOILUPHLFOLHQ LIXUQL]RULLQWHUPHGLDULFRQFXUHQ LGH LQ WRULGH



DQDOL]D PDFURPHGLXOXL H[WHUQ DO ILUPHL SULQ SULVPD WXWXURU FRPSRQHQWHORU VDOH GHILQLWRULL

LQWHUHVHHWF
UHVSHFWLYDPHGLLORUVRFLDOHFRQRPLFSROLWLFRMXULGLFHFRQRPLFWHKQRORJLFHWF


DQDOL]D PHGLXOXL LQWHUQ DO ILUPHL GLQ SXQFWXO GH YHGHUH DO DFWLYLW
PDQDJHPHQWRUJDQL]DUHFRQWURO





LORU GHVI XUDWH



91=$5(

0$5.(7,1*

)DEULF 




3XQFW

3LD

GHSRUQLUH






3URGXV

2ULHQWDUH

&OLHQW





3URPRYDUH

YkQ]DUH

0DUNHWLQJ

0LMORDFH

LQWHJUDW




3URILWSULQ

FUHWHUHD





YkQ]mULORU

2ELHFWLYH

3URILWSULQ
VDWLVIDFHUHD

FOLHQ LORU







)LJXUD'LIHUHQ HvQWUHPDUNHWLQJLYkQ]DUH






6RFLHWDWH









)LUPm

&RQVXPDWRU




)LJXUD,QWHUDF LXQLvQWUHGLIHULWHWLSXULGHLQWHUHVH


7,385,'(25*$1,=$5($$&7,9,7

,,

'(0$5.(7,1*



6HSRDWHDSUHFLDF H[LVW RFRQYHUJHQ

vQWUHRSWLFDGHPDUNHWLQJLGLYHUVHFXUHQWHvQFHHD

FH SULYHWH RUJDQL]DUHD 3HQWUX D LOXVWUD DFHDVW  FRQYHUJHQ

 YRP SUH]HQWD XQ QXP U GH WUHL WLSXUL

GH RUJDQL]DUH WUHLVWDGLLDOHLVWRULHLRUJDQL] ULLLDQXPHRUJDQL]DUHDVRODU RUJDQL]DUHDGHWLS

ELURFUDWLFLRUJDQL]DUHDGHWLSPDUNHWLQJ


2UJDQL]DUHD VRODU

 HVWH FHO PDL YHFKL VLVWHP GH RUJDQL]DUH vQWkOQLW vQ VRFLHW

LOH

SULPLWLYH vQWUHJ JUXSXO HVWH RUGRQDW vQ MXUXO XQXL QXFOHX FHQWUDO D XQXL HI FDULVPDWLF GH FDUH
GHSLQGHWRWXOWR LPHPEULLJUXSXOXLVHVHVXERUGRQHD] GLUHFWDFHVWXLDQSUH]HQWvQWkOQLPDFHVWWLS
GH RUJDQL]DUH PDL DOHV vQ vQWUHSULQGHULOH PLFL DFROR XQGH SRDWH GD EXQH UH]XOWDWH vQ FD]XO vQ FDUH
SDWURQXOHVWHIRDUWHHQHUJLFLvLFXQRDWHIRDUWHELQHSURSULDDIDFHUH
7RDWH LQIRUPD LLOH L WRDW  SXWHUHD VXQW FRQFHQWUDWH OD R VLQJXU  SHUVRDQ  HYLWkQGXVH DVWIHO
SLHUGHULOH GH WLPS OHJDWH GH WUDQQVPLWHUHD LQIRUPD LLORU VDX FRQIOLFWHOH FDUH SRW V  DSDU  vQ XUPD
GHOHJ ULL FRPSHWHQ HORU GH H[HPSOX 6LVWHPXO VH GRYHGHWH vQV  D IL OLPLWDW DWXQFL FkQG
GLPHQVLXQLOH vQWUHSULQGHULL VH PRGLILF   vQ VHQVXO FUHWHULL Q DFHDVW  VLWXD LH SDWURQXO DUH IRDUWH
PXOWH GH I FXW QX PDL UHXHWH V  DGRSWH FHOH PDL EXQH GHFL]LL HWF 2 DOW  OLPLW  D VLWHPXOXL GH WLS
VRODUHVWHDFHHDF GUHSWXUPDUHDHYROX LHLFRQWLQXHDPHGLXOXLVHSURGXFHGHVWXOGHIUHFYHQWXQ
EORFDMGDWRULW QHDGDSW ULLFRUHVSXQ] WRDUHDGHFLGHQWXOXLXQLFODQRLOHFRQGL LL


2UJDQL]DUHD ELURFUDWLF

 FHQWUDW  SH VDUFLQL XQXO GLQ SULQFLSLLOH GH ED]  HVWH GLYL]LXQHD

PXQFLL FDUH FRQGXFH OD FUHWHUHD HILFLHQ HL 'LYL]LXQHD VH SRDWH UHDOL]D DWkW SH RUL]RQWDO  FkW L SH
YHUWLFDO QDIDUDGLYL]LXQLLPXQFLLDOWHWU V WXULDOHRUJDQL] ULLGHWLSELURFUDWLFVXQWFHQWUDOLVPXO
QHvQFUHGHUHD vQ RDPHQL LQGLIHUHQ D ID

 GH H[WHULRU /LPLWHOH DFHVWXL WLS GH RUJDQL]DUH VXQW

ULJLGLWDWHDLFDUDFWHUXOLQXPDQ


2UJDQL]DUHD GH WLS PDUNHWLQJ HVWH FRQVLGHUDW  D IL UH]XOWDWXO FXFHULULORU WHRULHL PRGHUQH D

PDQDJHPHQWXOXL $FHVW WLS GHRUJDQL]DUHVHGHILQHWHSULQWUXQDQVDPEOXGHSULQFLSLLGHRUJDQL]DUH

VLWXDWH OD FRQIOXHQ D WHRULHL UHOD LLORU XPDQH FX WHRULD VLVWHPHORU 'H]YROWDUHD DFHVWRU SULQFLSLL HVWH
vQ FRQFRUGDQ

 FX WHRULLOH SULYLQG PDUNHWLQJXO WHRULL FDUH VH SRW WUDQVSXQH vQ UHDOLWDWH QXPDL vQWUR

ILUP RUJDQL]DW PRGHUQ%D]HOHDFHVWRUSULQFLSLLSRWILUHGDWHVXFFLQWDVWIHO/XDUHDvQFRQVLGHUDUH

vQ PRG SULRULWDU D RDPHQLORU L D PRWLYD LLORU ORU  UHVSRQVDELOLWDWHD QX SRDWH IL VLWXDW  vQ DIDUD
PRWLYD LHL GHVFHQWUDOL]DUHD FRQFRPLWHQW  D UHVSRQVDELOLW
IRORVLUHD

XQRU

PHFDQLVPH

DGHFYDWH

SODQ

GH

LL L D LQIRUPD LHL DXWRUHJODUHD SULQ

DFWLYLWDWH

LQFOX]kQG

DXWRFRQWUROXO

FRQGXFHUH

SDUWLFLSDWLY  SULQ RELHFWLYH DVLJXUDUHD XQHL FRUHVSRQGHQ H vQWUH SLUDPLGD UHVSRQVDELOLW

LORU vQ

ILUP  L SLUDPLGD IOX[XOXL LQIRUPD LRQDO DFFHQWXDUHD ORFXOXL FHQWUDO DO LQIRUPD LHL vQ RSWLPL]DUHD
GHFL]LHL ILUPD HVWH FRQFHSXW  FD XQ VLVWHP GH OXDUH D GHFL]LLORU LDU FDOLWDWHD DFHVWRUD GHSLQGH GH
FDOLWDWHD LQIRUPD LLORU FDUH SDUYLQ GHFLGHQ LORU VWXGLXO GH SLD

 UHSUH]LQW  vQ DFHVW FRQWH[W SXQFWXO

GHSOHFDUHDOXQHLE QFLGHGDWHLQGLVSHQVDELOHILUPHL


9L]LXQHD GH PDUNHWLQJ D LQIOXHQ DW vQ PRG GHFLVLY RUJDQL]DUHD ILUPHORU $VWIHO HYROX LD

RUJDQL] ULLFRPSDUWLPHQWHORUFRPHUFLDOHDFXQRVFXWXUP WRDUHOHVWDGLL



RUJDQL]DUHD FRPHUFLDO  SULPLWLY  vQWkOQLW  OD XQ QXP U PDUH GHvQWUHSULQGHULPLFLLPLMORFLL

vQ FDUH SUHRFXSDUHD FRPHUFLDO  QX HVWH GRPLQDQW  $FHVW WLS GH RUJDQL]DUH VH FDUDFWHUL]HD] 
SULQWUR VWUXFWXU  FRPHUFLDO  OHMHU  FHQWUDW  SH YkQ] UL UHSUH]HQWDQ LL GH YkQ] UL FRPLV
YRLDMRULLVXQWUHPXQHUD LSULQFRPLVLRQ



RUJDQL]DUHD FRPHUFLDO  WUDGL LRQDO  IRORVLW  FkQG QHFHVLW

LOH FRPHUFLDOH VXQW PDL SUHVDQWH

Q DFHVW FD] GLUHF LD FRPHUFLDO  VH DIO  vQWUR SR]L LH SULYLOHJLDW  ID

 GH DOWH IXQF LL FXP DU IL

SURGXF LDILQDQ HOHVDXFRQWDELOLWDWHDQDFHVWVWDGLXHVWHYRUEDGHRPDLULJXURDV RUJDQL]DUHD

YkQ] ULORU XQ HIRUW GH LQWHJUDUH LQFOXVLY DSDUL LD XQHL LHUDUKLL PDL SXWHUQLFHDSDU IXQF LL
SUHFXPLQVSHFWRUXOFRPHUFLDOUHVSHFWLYVHUYLFLLGHSXEOLFLWDWHVDXGHH[SRUW


RUJDQL]DUHD GH PDUNHWLQJ LQWHUPHGLDU  Q DFHVW VWDGLX VFKLPEDUHD GH RSWLF  IDFH QHFHVDU 
vQILLQ DUHD XQXL VHUYLFLX GH PDUNHWLQJ vQV UFLQDW FX DFWLYLW
SLD

L GH PDUNHWLQJ IXQF LRQDO VWXGLLGH

 SUHYL]LXQL DOH YkQ] ULORU SODQLILFDUHD DIDFHULORU HWF $VWIHO GH VDUFLQL VH SRW UHDOL]D vQ

GRX  PRGDOLW

L ILH VXE DXWRULWDWHD XQHL GLUHF LL FRPHUFLDOH ILH OD XQ QLYHO PDL HODERUDW GLUHFW

VXERUGRQDW FRQGXFHULL JHQHUDOH D ILUPHL L vQ DFHVW WLS GH RUJDQL]DUH VH REVHUY  F  FHQWUXO GH
JUHXWDWH QX FDGH vQF  SH VHUYLFLLOH GH PDUNHWLQJ FL SH FRPHUFLDO FDUH U PkQH FHQWUDW SH
SURGXF LHLSHDGPLQLVWUDUHDYkQ] ULORU


RUJDQL]DUHD GH PDUNHWLQJ HYROXDW  VH FDUDFWHUL]HD]  SULQ DSDUL LD XQHL GLUHF LL GH PDUNHWLQJ
SXWHUQLFH FDUH FRQWUROHD]  vQWUHDJD DFWLYLWDWH FRPHUFLDO  LQFOXVLY YDULDELOHOH GH PDUNHWLQJ
LQIRUPD LL GH SLD
PDUNHWLQJ

Q

 GHFL]LL GH PDUNHWLQJ PL[XUL L VWUDWHJLL SODQXUL SURJUDPH L PRGHOH GH

FDGUXO

DFHVWHL

IRUPH

GH

RUJDQL]DUH

XQD

GLQ

HIXOXLUHVSRQVDELOXOXL GH SURGXV vQV UFLQDW FX FRQGXFHUHD DFWLYLW

LQRYD LL

HVWH

DSDUL LD

LL ILUPHL SHQWUX SURGXVXO

YL]DW L FDUH FRODERUHD]  FX FHOHODOWH VHUYLFLL GH PDUNHWLQJ LQFOXVLY FX FHOHODOWH GLUHF LL VDX
GLYL]LL SURGXF LH FHUFHWDUHGH]YROWDUH FRQWDELOLWDWH HWF $FHDVW  VWUXFWXU  HVWH IXQF LRQDO 
VLPSO LORJLF 


(VWH GH UHPDUFDW IDSWXO F  QX SRW IL GDWH UH HWH SHQWUX UH]ROYDUHD vQ SUDFWLF  D DFHVWHL

SUREOHPH>YH]L )ORUHVFX & L FRODE   0DUNHWLQJ (GLWXUD 0DUNHWHU %XFXUHWL  SDJ 
@ OLWHUDWXUD GH VSHFLDOLWDWH VXEOLQLD]  H[LVWHQ D PDL PXOWRU IRUPXOH RUJDQL]DWRULFH GHVI XUDUHD
XQRU

DFWLYLW

DFWLYLW

L

GH

PDUNHWLQJ

vQ

FDGUXO

FRPSDUWLPHQWHORU

WUDGL LRQDOH

JUXSDUHD

PDMRULW

LL

LORUGHPDUNHWLQJvQWUXQXOGLQFRPSDUWLPHQWHOHWUDGL LRQDOHFRQVWLWXLUHDvQFDGUXOVWUXFWXULL

RUJDQL]DWRULFH D vQWUHSULQGHULL D XQXL FRPSDUWLPHQW VSHFLDOL]DW GH PDUNHWLQJ FUHDUHD GH GLUHF LL GH
PDUNHWLQJD


2 DOW  FDUDFWHULVWLF  D VWUXFWXULL GH PDUNHWLQJ HYROXDW  FRQVW  vQ UHFXUJHUHD OD VWUXFWXUL

WHPSRUDUH FDUH UHXQHVF VSHFLDOLWL GLQ GLYHUVH GRPHQLL SHQWUX UH]ROYDUHD DQXPLWRU SUREOHPH
*UXSXO DGKRF VWXGLD]  SUREOHPD HODERUHD]  XQ UDSRUW FX DUJXPHQWDUHD YDULDQWHORU YLDELOH HWF
$OWHUQDQ D GLQWUH VWUXFWXULOH WHPSRUDUH L FHOH SHUPDQHQWH SRDWH FRQVWLWXL R UHJXO  R DVWIHO GH
FRQOXFUDUHvQWUHGLIHULWHVWUXFWXULSRDWHFRQWULEXLODRSWLPL]DUHDDIDFHULORUILUPHL


,QWHJUDWH vQ VWUXFWXULOH ILUPHL VWUXFWXULOH GH PDUNHWLQJ DX FXQRVFXW R HYROX LH SHUPDQHQW 

(VWH LPSRUWDQW GH UH LQXW IDSWXO F  VWUXFWXULOH vQ JHQHUDO QXUHSUH]LQW XQVFRSvQVLQHGLPSRWULY 
HOHUHSUH]LQW XQPLMORFQHFHVDUSHQWUXDWLQJHUHDRELHFWLYHORUSHFDUHILUPDLOHDSURSXV



/D QLYHOXO ILUPHL HYROX LD PDUNHWLQJXOXL FXQRDWH XQ QXP U GH SDWUX PRGHOH JHQHUDOH GH
RUJDQL]DUH D DFWLYLW

LL VSHFLILFH GHVI XUDWH vQ DFHVW GRPHQLX L DQXPH RUJDQL]DUHD GH WLS

IXQF LRQDO RUJDQL]DUHD JHRJUDILF  RUJDQL]DUHD RULHQWDW  SH SURGXV L RUJDQL]DUHD RULHQWDW  VSUH
SLH H
2UJDQL]DUHD GH WLS IXQF LRQDO  SUHVXSXQH FD VSHFLDOLWLL vQ PDUNHWLQJ V  U VSXQG  SHQWUX
GLIHULWH DFWLYLW

L VSHFLILFH FHUFHW ULL GH PDUNHWLQJ $YDQWDMXO XQXL DVWIHO GH VLVWHP FRQVW  vQ

VLPSOLWDWHD DGPLQLVWU ULL VDOH LDU GH]DYDQWDMXO HVWH DFHOD F  vQ ILUPHOH PDUL GHILQLUHD FRQFUHW  D
DFWLYLW

LORU GLQ GRPHQLXO FHUFHW ULL HVWH GHVWXO GH GLILFLO  6FKHPDWLF RUJDQL]DUHD GH WLS IXQF LRQDO

SRDWHILUHSUH]HQWDW VFKHPDWLFDVWIHO



'LUHFWRUGHPDUNHWLQJ









9kQ]mUL

3XEOLFLWDWH

&HUFHWDUH

3URGXVH

5HODWLL

QRL

SXEOLFH


2UJDQL]DUHDJHRJUDILF

DDFWLYLW

LLGHPDUNHWLQJSUHVXSXQHFDDFWLYLW

LOHGHPDUNHWLQJV VH

GHVI RDUHSHUHJLXQLJHRJUDILFH$FHVWVLVWHPFUHHD] DYDQWDMHSHQWUXIRU DGHYkQ]DUH



'LUHFWRUGHPDUNHWLQJ







5HVSRQVDELOL

5HVSRQVDELOLYkQ]mUL

YkQ]mULSHQWUX

SHQWUXFOLHQLL

XQLWmLOHLQGXVWULDOH

VSHFLDOL

5HVSRQVDELOLYkQ]mUL
FmWUHVHFWRUXO
GHWDLOLWLORU

2UJDQL]DUHD RULHQWDW

 SH SURGXV $FWLYLW

LOH GH PDUNHWLQJ VXQW JUXSDWH SH SURGXVHGLVWLQFWH

SH OLQLL GH SURGXVH DVHP Q WRDUH QWURILUP GHPDULGLPHQVLXQLPDQDJHUXOGHSURGXVSRDWHDYHD

vQ VXERUGLQHD VD PDQDJHULL GLIHULWHORU JUXSH GH SURGXVH DFHWLD OD UkQGXO ORU FRRUGRQkQG
DFWLYLWDWHDPDQDJHULORUSHSURGXVHLQGLYLGXDOH


'LUHFWRUPDQDJHUGHPDUNHWLQJ









0DQDJHU

0DQDJHU

SURGXV;

SURGXV<

0DQDJHU
SURGXV=



2UJDQL]DUHD RULHQWDW

 VSUH SLH H HVWH VSHFLILF  ILUPHORU SURILODWH SH XQ SURGXV GH ED]  VDX

SULQFLSDOFDUHVHYLQGHSHPDLPXOWHSLH HILHFDUHWLSGHSLD

QHFHVLWkQGRDERUGDUHGLIHULW 




'LUHFWRUPDQDJHUGHPDUNHWLQJ








$QJURVLWL

(FKLSD

6HUYLFLL

SURGXV;

vQWUH LQHUHUHSDUD LL

LGLVWULEXLWRUL




$WULEX LLOH

FDUH

UHYLQ

VSHFLDOLWLORU

GLQ

FDGUXO

FRPSDUWLPHQWXOXL

GH

PDUNHWLQJ VXQW

QXPHURDVH ,QYHQWDULHUHD DFHVWRUD VH SRDWH IDFH vQ IXQF LH GH GRPHQLLOH VWULFWH GH DFWLYLWDWH
UHVSHFWLY FHUFHWDUH SURGXV SUH  GLVWULEX LH VHUYLFLL GH PDUNHWLQJ VLVWHPXO LQIRUPD LRQDO GH
PDUNHWLQJXOWLPHOHGRX HOHPHQWHI FkQGRELHFWXOXQRUDERUG ULGLVWLQFWH


Q FDGUXO DFWLYLW

LL GH FHUFHWDUH SULQFLSDOHOH DWULEX LL DOH VSHFLDOLWLORU LPSOLFD L FRQVWDX vQ

FHUFHWDUHD PHGLXOXL LQWHUQ UHVSHFWLY H[WHUQ DO ILUPHL FHUFHWDUHD FHULQ HORU FRQVXPDWRULORU LQFOXVLY
D FRPSRUWDPHQWHORU VSHFLILFH GLYHUVHORU FDWHJRULL GH FRQVXPDWRUL FHUFHWDUHD SLH HL &HUFHWDUHD
SLH HL RFXS  XQ ORF LPSRUWDQW vQ FDGUXO FHUFHW ULORU GH PDUNHWLQJILLQG FRQVLGHUDW  GH PXO L
VSHFLDOLWL FHD PDL LPSRUWDQW  FHUFHWDUH GH PDUNHWLQJ UHDOL]DUHD HL HIHFWLY  SUHVXSXQkQG
FXDQWLILFDUHD
IDFLOLW

L

HYDOXDUHD

LOHUHVWULF LLOH

FDUH

XUP WRDUHORU
SRW

DSDUH

HOHPHQWH
OD

XQ

FHUHUHD

PRPHQW

VHJPHQWHOH

GDW

GH

YHQLWXULOH

SLD



FOLHQ LL

FRQVXPDWRULORU

VWDELOLWDWHDLQVWDELOLWDWHDSROLWLF LHFRQRPLF GLQVRFLHWDWHD



$FWLYLWDWHD UHIHULWRDUH OD SURGXV YL]HD]  DWkW ID]D  HWDSD FHUFHW ULL SURGXVXOXL FkW L SH

DFHHD D GH]YROW ULL SURGXVXOXL  SURGXVHORU ILUPHL $VWIHO vQ ID]D GH FHUFHWDUH VXQW UHDOL]DWH
SURJQR]H WHKQLFH L WHKQRORJLFH DQDOL]H DOH SURGXVHORU SURSULL L DOH SURGXVHORU FRQFXUHQWH
FHUFHW UL SULYLQG FLFOXO GH YLD

 DO SURGXVXOXL  SURGXVHORU Q ID]D  HWDSD GH GH]YROWDUH VXQW YL]DWH

XUP WRDUHOH DVSHFWH VHOHFWDUHD LGHLORU SULYLQG QRLOH SURGXVH PRGHUQL]DUHD L GLYHUVLILFDUHD
P UFLORU SURWHF LD QRLORU SURGXVH HODERUDUHD VWUDWHJLLORU GH SURGXV FH YRU IL XUPDWH GHILQLUHD
PL[XOXL GH SURGXV 3URGXVXO SRDWH IL DERUGDW L VWXGLDW L SULQ FRPSDUD LH FX SURGXVHOH FRQFXUHQWH
vQ SHUPDQHQ

 ILUPD YD WUHEXL V  WLH FH SURGXVH VLPLODUH DX DS UXW SH SLD

 FDUH VXQW QRXW

LOH

LQWURGXVH vQ WHKQRORJLD GH IDEULFD LH FDUH VXQW FRVWXULOH FRQFXUHQ LORU FXP VXQW SURPRYDWH SH
SLD


SURGXVHOHFRQFXUHQWHHWF
'RPHQLXO SUH XULORU IDFH RELHFWXO DFWLYLW

XUPDUH D QHFHVLW

LL GHVI XUDWH vQ FRPSDUWLPHQWXO GH PDUNHWLQJ FD

LL DERUG ULL XUP WRDUHORU SUREOHPH GHILQLUHD SROLWLFLL GH SUH XUL D ILUPHL DQDOL]D

HYROX LHLSUH XULORUSHGLYHUVHSLH HLODGLIHULWHRUL]RQWXULGHORFLGHWLPSDQDOL]DFRPSHWLWLYLW

LL

FRVWXULORU VWXGLHUHD HYROX LHL SXWHULL GH FXPS UDUH D FRQVXPDWRULORU UHDOL]DUHD GH FRPSDUD LL FX
ILUPHOHFRQFXUHQWHD

&RPSDUWLPHQWXO GH PDUNHWLQJ DFRUG  R DWHQ LH GHRVHELW LDFWLYLW

LLGHGLVWULEX LHQDFHVW

GRPHQLX SUREOHPHOH SULRULWDUH VXQW GHILQLUHD L IXQGDPHQWDUHD VWUDWHJLLORU GH GLVWULEX LH DQDOL]D
FRVWXULORUGLVWULEX LHLHYDOXDUHDFDQDOHORUGHGLVWULEX LHH[LVWHQWHSUHFXPLDFHORUFHDUSXWHDDSDUH
vQ YLLWRUXO DSURSLDW DQDOL]D DFWLYLW

LL GHVI XUDWH GH FRQFXUHQ

 vQ FHHD FH SULYHWH GLVWULEX LD

SRVLELOLWDWHDS WUXQGHULLSHDOWHSLH H



352*5$08/'(0$5.(7,1*



'LYHUVHOH DFWLYLW

L GH PDUNHWLQJFDUHVHSRWGHVI XUDODQLYHOXOXQHLILUPHVHvQFDGUHD] vQ

SURJUDPH DGHFYDWH DVWIHO vQFkW V  VH UHDOL]H]H FHULQ HOH HILFLHQ HL HFRQRPLFH 'LQ DFHDVW 
SHUVSHFWLY  RULFH SURJUDP GH PDUNHWLQJ HVWH XQ LQVWUXPHQW GHFRQFUHWL]DUHDSROLWLFLLGHPDUNHWLQJ
DILUPHLFRPSRQHQW ODUkQGXOV XDPDQDJHPHQWXOXLVWUDWHJLF


QOLWHUDWXUDGHVSHFLDOLWDWHDXDS UXWXQHRULFRQIX]LLvQWUHSODQXOLSURJUDPXOGHPDUNHWLQJ

&RQ LQXWXO HWDSHOH L IXQF LLOH SODQXOXL GH PDUNHWLQJ DX IRVW WUDQVIHUDWH SURJUDPXOXL GH PDUNHWLQJ
SODQXO D IRVW SUH]HQWDW FD R HWDS  D HODERU ULL SURJUDPXOXL GH PDUNHWLQJ QWUR RDUHFDUH P VXU 
DFHVW PHODQM DO FRQFHSWHORU vQ SUDFWLF  VH SRDWH MXVWLILFD SULQ IDSWXO F  QR LXQHD GH SODQ D IRVW
H[FHVLY IRORVLW  vQ HFRQRPLD VXSHUFHQWUDOL]DW  LDU URDGHOH IRORVLULL DFHVWXL FRQFHSW DX IRVW DOWHOH
GHFkWFHOHDWHSWDWH3HQWUXOLWHUDWXUDHFRQRPLF URPkQHDVF UH LQHUHDvQFHHDFHSULYHWHXWLOL]DUHD
DFHVWXL FRQFHSWSODQSRDWH IL SXV  SH VHDPD GRULQ HL GH GHVSULQGHUH GH WUHFXW OLWHUDWXUD VWU LQ 
XWLOL]HD] vQV vQDFHHDLP VXU DPEHOHFRQFHSWHSODQLSURJUDP
3URJUDPHOH GH PDUNHWLQJ VXQW LQVWUXPHQWH SULQ LQWHUPHGLXO F URUD VH H[HFXW  SODQXULOH

VWUDWHJLFH GH PDUNHWLQJ DOH ILUPHL SODQXULOH GH PDUNHWLQJ VXQW FRPSRQHQWH DOH SROLWLFLL GH
PDUNHWLQJ D ILUPHL Q FDGUXO XQHL SROLWLFL GH PDUNHWLQJ VH SRW HODERUD GRX  VDX FKLDU PDL PXOWH
SODQXUL SH VXERELHFWLYH FRQFUHWH VDX SH IXQF LXQL DOH ILUPHL )LHFDUH SODQ GH PDUNHWLQJ OD UkQGXO
V X SRDWH IL SXV vQ DSOLFDUH FX DMXWRUXO XQRU SURJUDPH DGHFYDWH XQXO VDX PDL PXOWH vQ IXQF LH GH
FRPSOH[LWDWHDSODQXOXL
'LYHUVLWDWHD SURJUDPHORU GH PDUNHWLQJ FH VH SRW SURLHFWD vQWUR ILUP  HVWH FHUXW  GH

GLQDPLFDSLH HL$VWIHOvQIXQF LHGHRELHFWLYXOFHQWUDODOSURJUDPXOXLGHPDUNHWLQJDYHP



SURJUDPHGHPDUNHWLQJRUJDQL]D LRQDOHvQFDUHVXQWSURLHFWDWHVWUXFWXULOHGHPDUNHWLQJFHYRUIL
LQWHJUDWHvQVWUXFWXULOHJHQHUDOHDOHILUPHLL



SURJUDPH GH PDUNHWLQJ RSHUD LRQDOH FXSULQ]kQG XQ DQVDPEOX ORJLF GH DF LXQL FH WUHEXLH
UHDOL]DWHvQVFRSXODWLQJHULLXQRURELHFWLYHVSHFLILFHDOHILUPHL
QIXQF LHGHFDUDFWHUXORELHFWLYHORUFXSULQVHvQSURJUDPXOGHPDUNHWLQJDYHP



SURJUDPH GH PDUNHWLQJ JOREDOHLQWHJUDWH FDUH LQFOXGH FYDVLWRWDOLWDWHD YDULDELOHORU GH PDUNHWLQJ
L



SURJUDPHGHPDUNHWLQJSDU LDOHFHFXSULQGXQQXP UOLPLWDWGHYDULDELOH

QIXQF LHGHRUL]RQWXOQHFHVDUDWLQJHULLRELHFWLYHORUSURJUDPXOXLGHPDUNHWLQJDYHP



SURJUDPHGHPDUNHWLQJSHWHUPHQVFXUWSHRSHULRDG PDLPLF GHXQDQ



SURJUDPHGHPDUNHWLQJSHWHUPHQPHGLXSHULRDGDSRDWHILFXSULQV vQWUHLDQL



SURJUDPH GH PDUNHWLQJ SH WHUPHQ OXQJ SHULRDGH PDUL GH WLPS FDUH GHS HVF RUL]RQWXO D 
DQL
/LWHUDWXUD GH VSHFLDOLWDWH VXEOLQLD]  DYDQWDMHOH FUH ULL GH E QFL GH SURJUDPH FDUH LQFOXGH

GLYHUVH PRGHOH GH SURJUDPH GH PDUNHWLQJ FRPSDUWLPHQWHOH GH PDUNHWLQJ GLQ WRW PDL PXOWH ILUPH
DSUHFLD]  DFHVWH PRGHOH FD XQ LQVWUXPHQW DX[LOLDU SRVLELO D IL XWLOL]DW vQ DFWLYLWDWHD GH FXQRDWHUHL
GHDGDSWDUHODFHULQ HOHSLH HL


(ODERUDUHD XQXL SURJUDP GH PDUNHWLQJ SUHVXSXQH R VXFFHVLXQH ORJLF  GH HWDSH vQWUH FDUH

PDLLPSRUWDQWHVXQWXUP WRDUHOH


FHUFHWDUHDFRPSOH[ UHDOLVW DQHYRLORUSLH HLFRQFRPLWHQWFXDQDOL]DSRVLELOLW

LORUILUPHLGHD

U VSXQGHSURPSWODDFHVWHD


DOHJHUHD RELHFWLYXOXL SURJUDPXOXL GH PDUNHWLQJ vQ IXQF LH GH UHVXUVHOH ILUPHL L GH RELHFWLYHOH
VWUDWHJLFHDOHDFHVWHLDSODQXOGHDIDFHULSURSULX



vQWRFPLUHDSODQXOXLGHDF LXQLFRRUGRQDUHDORUvQWLPSDOWIHOVSXVHODERUDUHDFDOHQGDUXOXLOLVWHL
GHDFWLYLW

L



HODERUDUHD EXJHWXOXL SURJUDPXOXL GH PDUNHWLQJ VXQW HVWLPDWH FKHOWXLHOLOH GLYHUVHORU DF LXQL



LPSOHPHQWDUHD SURJUDPXOXL GH PDUNHWLQJ LQFOX]kQG L HYHQWXDOHOH UHWXXUL QHFHVDUH 2 PHWRG 

HYHQWXDOYHQLWXULOHFDUHSRWUH]XOWDSHSDUFXUVXOUHDOL] ULLSURJUDPXOXL
GH XUP ULUH D UHDOL] ULL SURJUDPXOXL GH PDUNHWLQJ HVWH PHWRGD 3(57 FX DMXWRUXO F UHLD VH
RUGRQHD] DFWLYLW

LOHFRPSRQHQWHDOHSURJUDPXOXLFDOFXOkQGXVHGUXPXOFULWLF



5H]XPDW



2UJDQL]DUHDXQHLvQWUHSULQGHULHVWHLQIOXHQ DW GHPDQDJHPHQWXOSUDFWLFDWGHDFHDVWD$VWIHO

SXWHP vQWkOQL VLVWHPH GH RUJDQL]DUH GHULYDWH GLQ RSWLFD GH SURGXF LH  VLVWHPH FDUH IDYRUL]HD] 
HILFLHQ D SXWHP vQWkOQL VLVWHPH GH RUJDQL]DUH GHULYDWH GLQ RSWLFD GH PDUNHWLQJ  VLVWHPH FDUH
IDYRUL]HD] VXSOH HDLDGDSWDUHDvQWUHSULQGHULLODPHGLXOGLQFDUHDFHDVWDIDFHSDUWH
&RQGXFHUHD DFWLYLW

LL GH PDUNHWLQJ HVWH R FRPSRQHQW  HVHQ LDO  D FRQGXFHULL RULF UHL ILUPH

RULHQWDUHD QRX  GH PDUNHWLQJ D WRS PDQDJHPHQWXOXL JHQHUHD]  QX QXPDL PRGLILF UL vQ VWUXFWXULOH
FODVLFHGHFRQGXFHUHGDULRQRX DWLWXGLQHID
ID

GHH[LJHQ HOHSLH HLF URUDILUPDWUHEXLHV OHIDF 

FXVXFFHV



&RQFHSWHFKHLH

3ROLWLFDILUPHL2SWLFDILUPHLSULYLQGHYROX LDVDSHSLD

3ODQXOILUPHL2S LXQHVWUDWHJLF GHFRPSRUWDPHQWSRUQLQGGHODSURSULDSROLWLF 

 3URJUDP GH PDUNHWLQJ 6XFFHVLXQH ORJLF  GH DF LXQL DFWLYLW

L L EXJHWH DGHFYDWH SHQWUX

H[HFXWDUHDPL[XOXLGDW
 0RGHO GH PDUNHWLQJ ,QVWUXPHQW XWLOL]DW vQWUXQ GRPHQLX VWULFW SUHYL]LXQH FRPSRUWDPHQW GH
FXPS UDUHDWUDF LHFRPHUFLDO HWF