Sunteți pe pagina 1din 8

7LP/D+D\H</D3VLFRKHUHMtD

8QRGHORVSURPRWRUHVPiVSUROtILFRVGHODWHRUtDGHORVFXDWURWHPSHUDPHQWRVOD
FXDOSURFHGHGHORFXOWLVPRHVHO'U7LP/D+D\H+HPRVFRQIURQWDGRVXREUD
DVtFRPRODGHPXFKRVRWURVHQQXHVWUROLEUR)RXU7HPSHUDPHQWV $VWURORJ\ 
3HUVRQDOLW\7HVWLQJ /RV&XDWUR7HPSHUDPHQWRV/D$VWURORJtD /RV7HVWV'H
3HUVRQDOLGDG 

/DWHRUtDGHORVFXDWURWHPSHUDPHQWRVHVXQVLVWHPDDQWLJXRTXHIXHSURSXHVWR
SDUDHQWHQGHUODQDWXUDOH]DKXPDQD\D\XGDUDODVSHUVRQDVFRORFiQGRODVHQ
JUXSRVVHJ~QVXVWHPSHUDPHQWRVEiVLFRV/DVFXDWURFDWHJRUtDVGH
WHPSHUDPHQWRVVRQ6DQJXtQHR&ROpULFR0HODQFyOLFR\)OHPiWLFR&DGD
FDWHJRUtDRWLSRHVGHILQLGRSRUXQDOLVWDGHFDUDFWHUtVWLFDVGHVFULSWLYDV(QWRQFHV
VHWUDWDGHDSDUHMDUDODVSHUVRQDVFRQODVGHVFULSFLRQHV\DVLJQDUODVDXQD
FDWHJRUtD

$OSDVDUODWHRUtDGHXQVLJORDRWURODVGHVFULSFLRQHVGHFDGDWLSRKDQVLGR
PRGLILFDGDV\DPSOLDGDV/RVWpUPLQRVGHVFULSWLYRVSDUDFDGDFDWHJRUtDQR
VLHPSUHVRQLJXDOHVHQWUHORVTXHHPSOHDQHOVLVWHPDGHORVFXDWUR
WHPSHUDPHQWRV3DUDDOJXQRVXQDFDUDFWHUtVWLFDSDUWLFXODUFRPROLGHUD]JRVHUtD
HPSOHDGDSDUDGHVFULELUDXQFROpULFRSDUDRWURVGHVFULEHDO6DQJXtQHR$VtTXH
ODVOLVWDVQRVRQILMDVQLILUPHV9DUtDQVHJ~QODSHUVRQDTXHODVHPSOHD

$ORODUJRGHORVDxRVORVILOyVRIRVSVLTXLDWUDV\SVLFyORJRVKDQGLVHxDGR
QXPHURVDVWLSRORJtDVSDUDFODVLILFDUDODVSHUVRQDVVHJ~QVXFRPSRUWDPLHQWR
VRFLDOVHQWLPLHQWRVSHUFHSFLRQHVDFWLWXGHV\DXQVXDVSHFWRItVLFRVHJ~QOD
UHODFLyQTXHSXHGDWHQHUFRQVXWHPSHUDPHQWR

8QDPLUDGDEUHYHDODKLVWRULDGHORVFXDWURWHPSHUDPHQWRVUHYHODUiTXHVXV
RUtJHQHV\DFHQHQORVYLHMRVPLWRV\ODVSUiFWLFDVRFXOWLVWDV'HVGHORVWLHPSRV
DQWLJXRVKDVWDODHGDGPHGLDORVPpGLFRV\ORVILOyVRIRVHPSOHDURQVX
HQWHQGLPLHQWRGHORVFXDWURKXPRUHV OtTXLGRVGHOFXHUSR ORVFXDWUR
WHPSHUDPHQWRV\ORVVLJQRVGHO]RGtDFRSDUDWUDWDUODVHQIHUPHGDGHV\
FRPSUHQGHUODVGLIHUHQFLDVHQWUHODVSHUVRQDV

/RVFXDWURWHPSHUDPHQWRVILQDOPHQWHIXHURQGHYDOXDGRV\FRQVLGHUDGRVFRPR
UHFXHUGRVDQWLFXDGRVGHORVHVIXHU]RVDQWLJXRVSDUDHQWHQGHU\WUDWDUODV
GLIHUHQFLDVHQWUHSHUVRQDV$XQTXHVHTXHGDURQFRPRXQSXQWRGHQRYHGDG
KLVWyULFRDPHQXGRIXHURQWRWDOPHQWHLJQRUDGRVHQORVWH[WRVGHSVLFRORJtD'H
KHFKRSRFRVHUXGLWRVKLFLHURQFDVRGHODVFODVLILFDFLRQHVGHORVFXDWUR
WHPSHUDPHQWRVH[FHSWRFRPRXQDUHIHUHQFLDKLVWyULFD

1RREVWDQWHORVWHPSHUDPHQWRVDKRUDJR]DQGHDYLYDPLHQWRIXHUDGHORVFtUFXORV
FLHQWtILFRV1HDPDQQRWyHQ

0X\GHJUDGDGRSHURFXULRVDPHQWHLQIOX\HQWHVODVWUDGLFLRQHVVREUHYLYHQHQ
QXHVWURVWLHPSRVHQODVIRUPDVSRSXODUHVGHKRUyVFRSR\HQSDODEUDVFRPR
6DQJXtQHRFROpULFRPDQtDFRIOHPiWLFR\PHODQFyOLFR(OPXQGR
PRGHUQRHVWiH[SHULPHQWDQGRXQUHVXUJLPLHQWRGHLQWHUpVHQODUHODFLyQHQWUHOD
JHQpWLFDHOWLHPSRGHOQDFLPLHQWRORVUDVJRVItVLFRV\ODVGLVSRVLFLRQHV
SVtTXLFDV 

<HQQLQJ~QOXJDUVRQPiVSRSXODUHVORVFXDWURWHPSHUDPHQWRVFRPRHQWUHORV
DVWUyORJRV\ORVFULVWLDQRVHYDQJpOLFRV

/RVFXDWURWHPSHUDPHQWRVHYROXFLRQDURQGHXQDYLVWDPLWROyJLFD\DVWUROyJLFD
GHOKRPEUH\GHOXQLYHUVR\HVWDEDQFRPELQDGRVFRQVLVWHQWHPHQWHFRQORV
VLJQRVGHO]RGtDFR6LJXHQVLHQGRHPSOHDGRVSDUDPHMRUDUODFRQGLFLyQKXPDQD
PHGLDQWHHOFRQRFLPLHQWR\ODPDQLSXODFLyQGHODVIXHU]DV\ODVGHELOLGDGHVTXH
HVWDEDQSUHVHQWHVDOQDFHUODSHUVRQD$XQTXHORVFULVWLDQRVTXHHPSOHDQORV
FXDWURWHPSHUDPHQWRVKR\HQGtDORKDJDQVLQHOUHVWRGHODDVWURORJtDORVFXDWUR
WHPSHUDPHQWRVVRQDTXHOUDVJRGHDVWURORJtDKHFKRDJUDGDEOHDOSDODGDUGHORV
FULVWLDQRV

3RU4Xp6RQ7DQ3RSXODUHV"

/RVFXDWURWHPSHUDPHQWRVTXHKDEtDQSDVDGRGHPRGDGHVGHORVWLHPSRV
PHGLHYDOHVKDQVXELGRHQSRSXODULGDGHQWUHORVFULVWLDQRVHYDQJpOLFRVGHO
PLVPRPRGRTXHODDVWURORJtDKDVXELGRHQSRSXODULGDGHQWUHORVTXHSURIHVDQ
QRVHUFULVWLDQRV4XL]iGHELGRDODXPHQWRGHODFRPSOHMLGDGGHODYLGD\ORV
QXPHURVRV\FRPSOHMRVVLVWHPDVSVLFROyJLFRVODJHQWHEXVFDXQDIRUPDVHQFLOOD
GHHQWHQGHUVH\GHHQWHQGHUDORVGHPiV

/RVFXDWURWHPSHUDPHQWRVVRQIiFLOHVGHHQWHQGHU\GHXVDU2IUHFHQ
H[SOLFDFLRQHVVLPSOLVWDVSDUDODFRPSOHMLGDGGHGLIHUHQFLDVHQWUHLQGLYLGXRV\
SURSRQHQVROXFLRQHVVLPSOLVWDVDORVSUREOHPDVFRPSOHMRVGHODYLGD$GHPiV
PXFKRVFULVWLDQRVFRQItDQHQODWHRUtDGHORVWHPSHUDPHQWRVSRUTXHFUHHQTXH
HVDOJRILGHGLJQRD\XGDGRU\FRPSDWLEOHFRQOD%LEOLD

'HVGHHOSULQFLSLRODVWLSRORJtDVIXHURQGLVHxDGDVSDUDD\XGDUDODVSHUVRQDVD
HQWHQGHUVH\DPHMRUDUVXFRQGLFLyQ&DGDXQRGHORVFXDWURWHPSHUDPHQWRVWLHQH
FDUDFWHUtVWLFDVSRVLWLYDV\QHJDWLYDV/RVUDVJRVSRVLWLYRVVRQOODPDGRVIXHU]DV
RYHQWDMDV\ORVUDVJRVQHJDWLYRVVRQOODPDGRVGHELOLGDGHV(QWRQFHVODV
SHUVRQDVVXSXHVWDPHQWHVHFRPSUHQGHQDVtPLVPDV\DORVGHPiVSRUTXH
LGHQWLILFDQORVUDVJRVSRVLWLYRV\QHJDWLYRVHQFDGDXQR\OXHJRHQFDMDQDFDGD
FXDOHQXQDGHODVFXDWURFDWHJRUtDV/XHJRFRQHVWRTXHOODPDQFRQRFLPLHQWR
GHXQRPLVPRWUDEDMDQSDUDPHMRUDUVXVIXHU]DVRYHQWDMDV\SDUDYHQFHU
VXVGHELOLGDGHV&XDQGRVHHQFDMDQDVtPLVPDV\DRWURVHQDOJXQDFDWHJRUtD
\DQRVHVRUSUHQGHUiQWDQWRFXDQGRVHPDQLILHVWHQORVUDVJRVQHJDWLYRVGHO
FRPSRUWDPLHQWR,QFOXVRKDEUiODLOXVLyQGHSRGHUSUHGHFLUHOFRPSRUWDPLHQWR

(O6LVWHPD/DKD\H'H7HPSHUDPHQWRV

/D+D\HSUHVHQWyORVFXDWURWHPSHUDPHQWRVDORVFULVWLDQRVHYDQJpOLFRVHQ
/RVFXDWURWHPSHUDPHQWRVKDEtDQVLGRGHVFDUWDGRVGHVGHGHVSXpVGHOD(GDG
0HGLD\IXHURQDQXODGRVFRPRPHGLGDYiOLGDSDUDHQWHQGHUDODJHQWHKDVWDTXH
XQDVSRFDVSHUVRQDVORVGHVFXEULHURQHQORVUHFXHUGRVGHOSDVDGR\ORV
SUHVHQWDURQHQOHQJXDMHGHO6LJOR;;8QDGHDTXHOODVDOPDVIXHHO'U2OH
+DOOHVE\XQWHyORJRQRUXHJRTXHHVFULELyHOOLEUR7HPSHUDPHQWHQHLNULVWHOLJ
O\VHGLWDGRHQ\WUDGXFLGRDOLQJOpVHQFRPR7HPSHUDPHQWR\OD)H
&ULVWLDQD  /D+D\HGLFHTXHWRPyH[WHQVLYDPHQWHGHHVWHOLEURDOHVFULELUVX
OLEUR6SLULW&RQWUROOHG7HPSHUDPHQW 7HPSHUDPHQWR&RQWURODGRSRUHO
(VStULWX TXHIXHHGLWDGRFXDWURDxRVGHVSXpVGHODYHUVLyQLQJOHVDGHOOLEURGH
+DOOHVE\ 

(OOLEURGH+DOOHVE\QRWLHQHQRWDVGHUHIHUHQFLDSDUDDSR\DUVXVGHFODUDFLRQHV
DFHUFDGHFDGDXQRGHORVFXDWURWHPSHUDPHQWRV6XOLEURHVXQDPH]FODGHVXV
SURSLDVREVHUYDFLRQHVOLPLWDGDV\ODVRSLQLRQHVGHRWURVLQGLYLGXRVQR
QRPEUDGRV6LQHPEDUJRGLVHUWDQGRVREUHODVFDUDFWHUtVWLFDVGHO6DQJXtQHR
&ROpULFR0HODQFyOLFRR)OHPiWLFRKDEODFRPRVLVyORGLHUDGDWRVYHUtGLFRV
/D+D\HVLJXHHQODPLVPDWUDGLFLyQ$XQTXHDFUHGLWDD+DOOHVE\SRUPXFKRGH
VXPDWHULDOQRWLHQHLQYHVWLJDFLRQHVQLRWURDSR\RSRUODH[SOLFDFLyQGHWDOODGDGH
ODVFDUDFWHUtVWLFDV/DVFDWHJRUtDV\GHVFULSFLRQHVKDQVLGRSDVDGDVGHXQRDRWUR
DORODUJRGHODVHGDGHVHQODPLVPDPDQHUDTXHODVIiEXODVGHYLHMDVFRQWUDODV
FXDOHVOD(VFULWXUDQRVDGYLHUWHFODUDPHQWH 7L 

/D+D\HFRQWLQ~DSURPRFLRQDQGRORVFXDWURWHPSHUDPHQWRVGLIXQWRVHQVXOLEUR
7UDQVIRUPHG7HPSHUDPHQWV 7HPSHUDPHQWRV7UDQVIRUPDGRV (QHVWHOLEUR
FRPHWHYDULRVHUURUHVDFHUFDGHODKLVWRULDGHORVFXDWURWHPSHUDPHQWRV
$SDUHQWHPHQWHQRKDEtDHQWHQGLGRQLODSURIXQGLGDGQLHODOFDQFHGHOD REUDSRU
&ODXGLR*DOHQRGH3pUJDPRDOGHOLQHDUORVUDVJRVGHORVFXDWURWHPSHUDPHQWRV
$GHPiVGLFHHTXLYRFDGDPHQWHTXH*DOHQRYLYtDHQHO6LJOR;9,,HQOXJDUGHO
6LJOR,,  (VWRSXHGHSDUHFHUVLQLPSRUWDQFLDSHURGHPXHVWUDODIDOWDGH
LQYHVWLJDFLyQULJXURVDKHFKDHQSUHSDUDFLyQSDUDHVFULELUXQOLEURTXHSUHWHQGH
GHFLUDODJHQWHFyPRXWLOL]DUODWHRUtDGHORVFXDWURWHPSHUDPHQWRV\OD
SHUVRQDOLGDGSDUDVXFUHFLPLHQWRHVSLULWXDO

/D+D\HSDUHFHKDEHUHPSOHDGRUHFXUVRVPtQLPRVSDUDVXVGHVFULSFLRQHVGHORV
FXDWURWHPSHUDPHQWRV3ULQFLSDOPHQWHWRPyGHOOLEURGH2OH+DOOHVE\ HOFXDO
FDUHFHWRWDOPHQWHGHFLWDVRUHIHUHQFLDVDFDGpPLFDV\GHLQYHVWLJDFLyQ \FLWDGHO
ILOyVRIRDOHPiQ,PPDQXHO.DQWFRPRGHPXHVWUDHOOLEURGH(\VHQN)DFWDQG
)LFWLRQLQ3V\FKRORJ\ 'DWRV\)LFFLyQHQOD3VLFRORJtD   /D+D\H
VHJXUDPHQWHQRSRGtDKDEHUWRPDGRHQVHULRHOUHVWRGHOOLEURGH(\VHQFNR
KDEUtDVLGRPXFKRPiVFDXWRHQVXVGHFODUDFLRQHVDFHUFDGHOXVRGHORV
WHPSHUDPHQWRVSDUDHOFUHFLPLHQWRHVSLULWXDO

$SHVDUGHODGHFODUDFLyQGH/D+D\HTXHODFODVLILFDFLyQHQFXDWURGHORV
WHPSHUDPHQWRVWRGDYtDHVHPSOHDGRDPSOLDPHQWHORVSVLFyORJRVWHyULFRVVSRU
ORJHQHUDOKDEtDQDEDQGRQDGRODWLSRORJtDGHORVFXDWURWHPSHUDPHQWRV'H
KHFKRHVGLItFLOHQFRQWUDUPDWHULDODFDGpPLFRUHFLHQWHTXHORVWUDWH$SDUWHGHVX
YDORUKLVWyULFRORV FXDWURWHPSHUDPHQWRVFDVLKDQGHVDSDUHFLGRGHOHVFHQDULRGH
ODVLQYHVWLJDFLRQHVFRPRDOJRDQWLFXDGRSDVDGRGHPRGDSDUDDQDOL]DU\
HQWHQGHUODQDWXUDOH]DKXPDQD(QFXDQWRDYDOLGH]SRUFULWHULRH[WHUQRHV
LQWHUHVDQWHTXH/D+D\HLQWHQWDUDFRQYDOLGDUOD WHRUtDGHORVWHPSHUDPHQWRVVREUH
ODEDVHGHORVH[SHUWRVGHRUWRJUDItD  (VWRVJUDIyORJRVDOHJDQTXHHOHVWLOR
RUWRJUiILFRGHODSHUVRQDUHYHODVXSHUVRQDOLGDG6LQHPEDUJRQXPHURVRV
HVWXGLRVGHLQYHVWLJDFLyQKDQUHIXWDGRVXVDOHJDFLRQHV 

'HOPLVPRPRGRTXH)UHXGFUHtDTXHHOKRPEUHHVLPSXOVDGRSRUIXHU]DV
LQYLVLEOHVHQVXVXEFRQFLHQFLD/D+D\HHQVHxDTXHHOWHPSHUDPHQWRGHOD
SHUVRQDHVODIXHU]DLQYLVLEOHTXH\DFHGHEDMRGHORVKHFKRVKXPDQRV$ILUPD

1RKD\QDGDPiVIDVFLQDQWHDFHUFDGHOKRPEUHTXHVXWHPSHUDPHQWR(VHO
WHPSHUDPHQWRTXHSURYHHDFDGDVHUKXPDQRFRQODVFXDOLGDGHVGLVWLQWLYDVTXHOH
KDFH~QLFRHLQGLYLGXDOPHQWHGLIHUHQWHGHORVGHPiVVHUHVKXPDQRVFRPRODV
IRUPDVGLIHUHQWHVTXH'LRVKDGDGRDORVFRSRVGHQLHYH(VODIXHU]DLQYLVLEOH
TXH\DFHGHEDMRGHORVKHFKRVKXPDQRVXQDIXHU]DTXH SXHGHGHVWUXLUDXQVHU
QRUPDO\SURGXFWLYRDPHQRVTXHVHDGLVFLSOLQDGD\GLULJLGD 

,QPHGLDWDPHQWHXQRSLHQVDTXHFRQRFHUVXWHPSHUDPHQWRHVHVHQFLDOVLTXLHUH
HVFDSDUVHGHODGHVWUXFFLyQ\VHUSURGXFWLYR

/D+D\HWDPELpQLQFOX\HHQVXHVTXHPDODWLSRORJtDGHOSVLTXLDWUDRFXOWLVWD&DUO
-XQJGHO,QWURYHUWLGR([WURYHUWLGR&RORFDDO6DQJXtQHR\DO&ROpULFREDMRHO
WLSR([WURYHUWLGRDO0HODQFyOLFR\DO)OHPiWLFREDMRHOWLSR,QWURYHUWLGR 
7DPELpQDVLJQDHOSHFDGRXQLYHUVDOGHODLUDDORV6DQJXtQHRV\ORV&ROpULFRV
\HOSHFDGRXQLYHUVDOGHOPLHGRDORV0HODQFyOLFRV\ORV)OHPiWLFRV  /RV
JUiILFRV\ODVGHVFULSFLRQHVKDFHQTXHWRGRHOPRQWDMHSDUH]FDVHUDFDGpPLFR
EDVDGRVREUHGDWRV\SRUORWDQWRXQDUHSUHVHQWDFLyQILHO3HURVRQ
FODVLILFDFLRQHV\FRPELQDFLRQHVDUELWUDULDV(QVXVOLEURVSRVWHULRUHVDxDGHDODV
OLVWDV\ODVHPEHOOHFH\DXQIDEULFDXQWHVWTXHODVSHUVRQDVVHSXHGHQKDFHU\DVt
HQFDMDUVHHQVXVLVWHPD

/D+D\HHQVHxDTXHODWHRUtDGHORVFXDWURWHPSHUDPHQWRVSDUDHQWHQGHUOD
KXPDQLGDGHVFRPSDWLEOHFRQOD%LEOLD'LFH

/RVFXDWURWHPSHUDPHQWRVSDUHFHQDSHODUDORVFULVWLDQRVSRUTXHVRQ
FRPSDWLEOHVFRQPXFKRVFRQFHSWRVEtEOLFRV&RPROD%LEOLDHQVHxDTXHWRGRVORV
KRPEUHVWLHQHQXQDQDWXUDOH]DSHFDPLQRVDDVtWDPELpQORVWHPSHUDPHQWRV
HQVHxDQTXHWRGRVORVKRPEUHVWLHQHQGHELOLGDGHV/D%LEOLDHQVHxDTXHHO
KRPEUHWLHQHXQSHFDGRTXHOHDVHGLD\ORVWHPSHUDPHQWRVORVXEUD\DQ/D
%LEOLDGLFHTXHHOKRPEUHWLHQHXQDDQWLJXDQDWXUDOH]DTXHHVOD FDUQHROD
FDUQHFRUUXSWLEOH(OWHPSHUDPHQWRHVWiFRPSXHVWRGHUDVJRVKHUHGDGRV
DOJXQRVGHORVFXDOHVVRQGHELOLGDGHV 

(QWRQFHVSXHVWRTXHOD%LEOLDQRHQVHxDGLUHFWDPHQWHORVFXDWURWHPSHUDPHQWRV
/D+D\HSUHVHQWDDFXDWURSHUVRQDMHVPD\RUHVGHOD%LEOLDHQWpUPLQRVGHORV
WHPSHUDPHQWRV/D+D\HDGYLHUWHDODJHQWHDFHUFDGHXVDUORVFXDWUR
WHPSHUDPHQWRVVLQGLVFULPLQDFLyQSDUDFODVLILFDUDRWUDVSHUVRQDV  1R
REVWDQWHpOSUHVXPHFRQRVDGtDGHDSOLFDUORVFXDWURWHPSHUDPHQWRVD3HGUR
3DEOR0RLVpV\$EUDKDPHQ7UDQVIRUPHG7HPSHUDPHQWV 7HPSHUDPHQWRV
7UDQVIRUPDGRV &RQYLHUWHD3HGURHQXQ6DQJXtQHRD3DEORHQXQ&ROpULFRD
0RLVpVHQXQ0HODQFyOLFR\D$EUDKDPHQXQ)OHPiWLFR 

(QVXOLEUR:K\<RX $FW7KH:D\<RX'R 3RUTXp7H&RPSRUWDV$Vt 


/D+D\HWUDQVIRUPDDOUH\'DYLGHQXQDFRPELQDFLyQGH6DQJXtQHR\
0HODQFyOLFR  3HURRWURPDHVWURGHORVFXDWURWHPSHUDPHQWRV)ORUHQFH
/LWWDXHUGLFHTXHFXDQGRODSHUVRQDSDUHFHWHQHUWHPSHUDPHQWRVRSXHVWRVFRPR
6DQJXtQHR\0HODQFyOLFRXQRGHHOORVHVUHDOPHQWHXQDPiVFDUD

/D+D\HDILUPDTXHVXVOLEURVDFHUFDGHORVFXDWURWHPSHUDPHQWRVKDQDOFDQ]DGR
DGRV RWUHVPLOORQHVGHSHUVRQDVSHURQRHVWiGLVSXHVWRDGHEDWLUS~EOLFDPHQWH
HOWHPDGHORVFXDWURWHPSHUDPHQWRV,QWHQWDQGRGDUDSR\RDVXWHRUtD/D+D\H
DOHJDTXH6DORPyQYLRFXDWURWLSRVGHSHUVRQDHQ3URYHUELRVKDFH
PiVGHWUHVPLODxRV$SUR[LPDGDPHQWHTXLQLHQWRVDxRVGHVSXpV+LSyFUDWHVHO

3DGUHGHODPHGLFLQDPRGHUQD
GLRDORVWHPSHUDPHQWRVVXVQRPEUHV  &RPR
PXFKDVRWUDVMXVWLILFDFLRQHVTXH/D+D\HGDFXDQGRLQWHQWDDSR\DUVXWHRUtD
GLIXQWD\SURFHGHQWHGHORFXOWLVPRpVWDWDPELpQIUDFDVDFXDQGROD
LQVSHFFLRQDPRV

&RPHQFHPRVPLUDQGRHQ3URYHUELRVHOWH[WRTXH/D+D\HHPSOHD
FXDQGRSURFXUDKDFHUEtEOLFRVORVFXDWURWHPSHUDPHQWRV

+D\JHQHUDFLyQTXHPDOGLFHDVXSDGUH\DVXPDGUHQREHQGLFH+D\
JHQHUDFLyQOLPSLDHQVXSURSLDRSLQLyQVLELHQQRVHKDOLPSLDGRGHVX
LQPXQGLFLD+D\JHQHUDFLyQFX\RVRMRVVRQDOWLYRV\FX\RVSiUSDGRVHVWiQ
OHYDQWDGRVHQDOWR+D\JHQHUDFLyQFX\RVGLHQWHVVRQHVSDGDV\VXVPXHODV
FXFKLOORVSDUDGHYRUDUDORVSREUHVGHODWLHUUD\DORVPHQHVWHURVRVGHHQWUHORV
KRPEUHV

$KRUDFRPSDUHPRVHVWRVFXDWURYHUVtFXORVTXHGHVFULEHQKHFKRV\DFWLWXGHV
PDOYDGRVFRQORVFXDWURWHPSHUDPHQWRV3DUDD\XGDUQRVDDFODUDUOD
FRPSDUDFLyQFRORFDPRVXQDFDUDFWHUtVWLFDJHQHUDOPHQWHDFHSWDGDDOODGRGH
FDGDXQRGHORVVLJXLHQWHVFXDWURWHPSHUDPHQWRV

6DQJXtQHR )HOL]

&ROpULFR 2SWLPLVWD

0HODQFyOLFR 0HODQFyOLFR

)OHPiWLFR 7UDQTXLOR

(VREYLRLQPHGLDWDPHQWHTXHQRKD\QLQJXQDUHODFLyQHQWUHORVFXDWURYHUVtFXORV
HQ3URYHUELRV\ORVFXDWURWHPSHUDPHQWRVH[FHSWRHQHOFXDUWR(OHVFULWRUGH
3URYHUELRVKDEODGHXQDJHQHUDFLyQRJUXSRGHSHUVRQDVRUJXOORVDV\UHEHOGHV\
TXHVRQFRUUXSWDVPRUDO\HVSLULWXDOPHQWH$XQTXHUHVXOWDTXHDSXQWDFXDWUR
JUXSRVXQRSXHGHKDOODUHQODV(VFULWXUDVRWURVXVRVGHODSDODEUDWUDGXFLGD
JHQHUDFLyQDGHPiVGHHVWRVFXDWURWDOHVFRPRODJHQHUDFLyQGHORVMXVWRV
6DO ODJHQHUDFLyQGHORVTXHEXVFDQD'LRV 6DO \ JHQHUDFLyQ
FRQWXPD]\UHEHOGH 6DO $SHVDUGHHVWR/D+D\HSURSDJDHVWDIDOVHGDG
DPLOORQHVGHSHUVRQDV

/D+D\HGLFH6LHPSUHGLJRDPLVFUtWLFRVTXHVLQROHVJXVWDHVWDWHRUtDSDUD
D\XGDUDODVSHUVRQDVTXHSURGX]FDQXQDPHMRU\ODHPSOHDUp 
5HFRPHQGDPRVDOJRTXHHVPXFKRPHMRU\TXHQRHVQLQJXQDWHRUtD(VOD
9(5'$'KDOODGDHQOD3DODEUDGH'LRV<QRQHFHVLWDQLQJXQDDUJXPHQWDFLyQQL
DPSOLILFDFLyQSRU)UHXGQL-XQJQLQLQJ~QWHyULFRGHWHPSHUDPHQWRV/D
HPSOHDUi/D+D\HODUHFRPHQGDUiFRPRVXILFLHQWHSDUDODYLGD\ODSLHGDG"
+DVWDDKRUDQRORKDKHFKR

8QDGHODVUD]RQHVDOHJDGDVSDUDXVDUORVWHPSHUDPHQWRVHVSDUDD\XGDUDODV
SHUVRQDVYHUVXVGHELOLGDGHV\SHFDGRVSDUDTXHSXHGDQYHQFHUORV3HURHO
(VStULWX6DQWRQRQHFHVLWDWHRUtDVH[WUDEtEOLFDVSDUDVHxDODUQXHVWURVSHFDGRV
'HELGRDODQDWXUDOH]DSDJDQDGHOVLVWHPD\ORVHUURUHVTXHFRQWLHQHXQFULVWLDQR
SXHGHKDOODUVHHQODHVFODYLWXGWUDWDQGRGHPHMRUDUVHPHGLDQWHODPRGLILFDFLyQ
GHVXVGHELOLGDGHV\HOHMHUFLFLRGHVXVIXHU]DVHQOXJDUGHSHUPLWLUDO(VStULWX
6DQWRWUDEDMDUD6XPDQHUDHQVXYLGD

6LUHDOPHQWHGHVHDPRVLGHQWLILFDUQXHVWURVSHFDGRV\QXHVWURVKiELWRV
SHFDPLQRVRVHO6HxRUQRVGDUiDPSOLDRSRUWXQLGDGSDUDGHVFXEULUORV1XHVWUR
SUREOHPDQRHVTXHQRSRGDPRVGHVFXEULUQXHVWUDVWHQGHQFLDVSHFDPLQRVDVVLQ
FRQRFHUORVFXDWURWHPSHUDPHQWRV(OSUREOHPDHVTXHQRTXHUHPRVUHFRQRFHU
QXHVWUDSURSLDFRQGLFLyQSHFDPLQRVD3HURFXDQGRTXHUDPRVHO6HxRUHVILHO
SDUDFRQWHVWDUXQDRUDFLyQFRPRODGHO6DOPR

([DPtQDPHRK'LRV\FRQRFHPLFRUD]yQSUXpEDPH\FRQRFHPLV
SHQVDPLHQWRV\YHVLKD\HQPtFDPLQRGHSHUYHUVLGDG\JXtDPHHQHOFDPLQR
HWHUQR

(OOLEUR)RXU7HPSHUDPHQWV$VWURORJ\ 3HUVRQDOLW\7HVWLQJ /RV&XDWUR


7HPSHUDPHQWRV/D$VWURORJtD /RV7HVWV'H3HUVRQDOLGDG H[SRQHODVUDtFHV
RFXOWLVWDVGHODWHRUtDGHORVWHPSHUDPHQWRV\FULWLFDHOXVRGHWHVWVGH
SHUVRQDOLGDG\WHRUtDVSDUDFDWDORJDUDODJHQWH

127$6

-XGLWK61HDPDQ6XJJHVWLRQVRIWKH'HYLO7KH2ULJLQVRI0DGQHVV 6XJHUHQFLDVGHO
'LDEOR/RV2UtJHQHVGHOD'HPHQFLD *DUGHQ&LW\$QFKRU3UHVV'RXEOHGD\SiJ


2OH+DOOHVE\7HPSHUDPHQWDQGWKH&KULVWLDQ)DLWK 7HPSHUDPHQWR\OD)H&ULVWLDQD 
0LQQHDSROLV$XJVEXUJ3XEOLVKLQJ+RXVH

7LP/D+D\H6SLULW&RQWUROOHG7HPSHUDPHQW 7HPSHUDPHQWR&RQWURODGRSRUHO
(VStULWX :KHDWRQ,/7\QGDOH+RXVHHGLFLyQGHSiJ

7LP/D+D\H7UDQVIRUPHG7HPSHUDPHQWV 7HPSHUDPHQWRV7UDQVIRUPDGRV :KHDWRQ


,/7\QGDOH+RXVH3XEOLVKHUVSiJ
+DQV-(\VHQFN)DFWDQG)LFWLRQLQ3V\FKRORJ\ 'DWRV\)LFFLyQHQOD3VLFRORJtD 
%DOWLPRUH3HQJXLQ%RRNVSiJV 

7LP/D+D\H:K\<RX$FWWKH:D\<RX'R 3RUTXp7H&RPSRUWDV$Vt 7\QGDOH


+RXVH3XEOLVKHUV,QFSiJ

$GULDQ)XUQKDP:ULWHRU:URQJ7KH9DOLGLW\RI*UDSKRORJLFDO$QDO\VLV 7KH
6NHSWLFDO,QTXLUHU (O3UHJXQWDGRU(VFpSWLFR 9RO1R)DOOSiJV 

/D+D\H6SLULW&RQWUROOHG7HPSHUDPHQWRSFLWSiJ

,ELGSiJ

,ELGSiJ

/D+D\H7UDQVIRUPHG7HPSHUDPHQWVRSFLWSiJV

,ELGSiJ

,ELGSiJV

/D+D\H:K\<RX$FWWKH:D\<RX'RRSFLWSiJ

&DUWDDUFKLYDGD

&DUWDDUFKLYDGD

(VWHDUWtFXORDSDUHFLyHQ3V\FKR+HUHV\$ZDUHQHVV/HWWHU MXOLRDJRVWR9RO1HVFULWRSRUORV
VHxRUHV%REJDQ7UDGXFLGRSRU&DUORV7RPiV.QRWW/RVKHUPDQRV%REJDQWLHQHQXQVLWLRHQLQWHUQHW
GHGLFDGRDH[SRQHU\UHSOLFDUDOD3VLFR+HUHMtDKWWSZZZSV\FKKHUHV\DZDUHRUJ 6XGLUHFFLyQGHFRUUHR
HOHFWUyQLFRHVEREJDQ#SV\FKRKHUHV\DZDUHRUJ

S-ar putea să vă placă și