Sunteți pe pagina 1din 12

 $QDOLVLVGHODYDULDQ]D

$QiOLVLVGHODYDULDQ]D

([SHULPHQWRVIDFWRULDOHV&RQWUDVWHVRUWRJRQDOHV\QRRUWRJRQDOHV

(ODQiOLVLVGHODYDULDQ]DVHFRQYLHUWHHQODWpFQLFDPiVKDELWXDOFXDQGRODVYDULDEOHVH[SOLFDWLYDVVRQFDWHJyULFDV\FXDQWLWDWLYDODYDULDEOH
H[SOLFDGD/DVYDULDEOHVLQGHSHQGLHQWHVVHGHQRPLQDQIDFWRUHVFRQVWDQGHGRVRPiVQLYHOHV\SXHGHQLQWHUDFWXDUHQWUHHOODV(VWDWpFQLFD
FRQWUDVWDPHGLDQWHHODQiOLVLVGHODYDULDELOLGDGVLORVYDORUHVPHGLRVGHODYDULDEOHGHSHQGLHQWHGLILHUHVHJ~QODVGLIHUHQWHVFRPELQDFLRQHV
GHIDFWRUHVHLQWHUDFFLRQHV

/RVH[SHULPHQWRVIDFWRULDOHVSXHGHQFRPSOLFDUVHWDQWRFRPRVHGHVHHQHLQFRUSRUDUHIHFWRVDOHDWRULRVPXOWLQLYHOMHUiUTXLFRV
DQLGDGRVILMRVHWF([LVWHXQDDPSOLDJDPDGHVLWXDFLRQHVTXHVHSUHVHQWDQGHIRUPDKDELWXDODOUHDOL]DUXQH[SHULPHQWRRDQiOLVLV

6LELHQHODFHUFDPLHQWREiVLFRDODQiOLVLVGHODYDULDQ]DSURYLHQHGHORVFRQWUDVWHVGHPHGLDVSDUDGRVRPiVQLYHOHVHOHQIRTXHPiV
FRUUHFWRQDFHGHVGHHODQiOLVLVGHUHJUHVLyQ(ODQiOLVLVGHODYDULDQ]DSDUWLFXODUL]DHOPRGHORGHUHJUHVLyQOLQHDOFXDQGRODVYDULDEOHV
LQGHSHQGLHQWHVVRQFXDOLWDWLYDV\ODLQGHSHQGLHQWHFXDQWLWDWLYD&RQVLGHUDUHVWDVLWXDFLyQGHVGHORVPRGHORVGHUHJUHVLyQSHUPLWHDO
LQYHVWLJDGRUXQHVWXGLRFRPSOHWRGHWDOODGR\VLVWHPDWL]DGRGHOH[SHULPHQWRIDFWRULDO

&XDQGRHQORVPRGHORVGHUHJUHVLyQLQWHUYLHQHQYDULDEOHVLQGHSHQGLHQWHVFXDOLWDWLYDVHODERUGDMHVHUHDOL]DPHGLDQWHGRVWLSRVGH
FRQWUDVWHVORVGHQRPLQDGRVDSULRUL\ORVFRQWUDVWHVDSRVWHULRUL6LELHQDQLYHOPDWHPiWLFRVHHVWDEOHFHXQLVRPRUILVPRHQWUHDPERV
HQIRTXHVSRUORTXHVRQHTXLYDOHQWHVDQLYHOSUiFWLFRHOLQYHVWLJDGRUGHEHRSWDUSRUXQRGHHVRVFRQWUDVWHV

/RVFRQWUDVWHVRUWRJRQDOHVRDSULRULVHXWLOL]DQKDELWXDOPHQWHHQHOiPELWRGHODV&LHQFLDV([SHULPHQWDOHV/RVIDFWRUHVLQWHUYLHQHQHQ
HOPRGHORGHIRUPDFRQWURODGD SRUHMHPSORDXQUDWyQOHLQ\HFWDPRVJUDPRVGHOFRPSXHVWR,\DRWURURHGRUJUDPRV \VHVXHOH
GHQRPLQDU'LVHxRGH([SHULPHQWRV/DVSULQFLSDOHVYHQWDMDVGHORVFRQWUDVWHVRUWRJRQDOHVUHVLGHQHQTXHHORUGHQGHORVIDFWRUHVQR
LQIOX\HHQHOPRGHORpVWHDGRSWDXQD~QLFDH[SUHVLyQ RUWRJRQDO \UHVXOWDIiFLOGHWHFWDUTXpIDFWRUHVRQLYHOHVLQIOX\HQRQR(OSULQFLSDO
LQFRQYHQLHQWHFRQVLVWHHQTXHORVFRHILFLHQWHVGHOPRGHORKDQGHLQWHUSUHWDUVHFRQSUHFDXFLyQ

(QHORWURH[WUHPRDSDUHFHQORVFRQWUDVWHVQRRUWRJRQDOHVRDSRVWHULRULPX\XVXDOHVHQODV&LHQFLDV6RFLDOHV(VWRVHVWXGLRVQR
GLVSRQHQGHFRQGLFLRQHVFRQWURODGDVGHVGHGRQGHSXHGDQREVHUYDUODVUHDFFLRQHVGHORVVXMHWRVHQWUHYLVWDGRV(QHVWRVPRGHORVHORUGHQGH
ORVIDFWRUHVRYDULDEOHVQRPLQDOHVTXHLQWHUYLHQHQHQHOPRGHORVtLPSRUWDQORTXHFRQOOHYDDGLIHUHQWHVPRGHORVLJXDOPHQWHYiOLGRV/D
SULQFLSDOYHQWDMDHQHVWRVPRGHORVVXUJHGHTXHORVFRHILFLHQWHVVRQPX\IiFLOHVGHLQWHUSUHWDU

(MHPSOR(QODEDVHGHGDWRVGHƒ…‡”‘DSDUHFHQODVVLJXLHQWHVYDULDEOHVQRPLQDOHVŽ‹‡ƒŠ‘”ƒ\ƒ˜‡”‹ƒ'HWHUPLQHVLHVWDV
YDULDEOHVVHUHDOL]DURQEDMRFRQGLFLRQHVFRQWURODGDVRQR

6ROXFLyQ/DVYDULDEOHVOLQHDKRUD\DYHULDVHKDQFRQWURODGRGHIRUPDGLVSDU

/tQHD+HPRVVHOHFFLRQDGRFRQVFLHQWHPHQWHXQQ~PHURGHWHUPLQDGRGHPHGLFLRQHVHQFDGDOtQHDSRUORTXHHVWHIDFWRUVHHQFXHQWUD
EDMRQXHVWURFRQWURO
+RUD'HQXHYRODREWHQFLyQGHGDWRVSRUKRUDIXHGLVHxDGDDSULRUL
$YHUtD(VWHIDFWRUFRQGRVPRGDOLGDGHV QRKXERDYHUtDVtODKXER QRHVWDEDFRQWURODGDSXHVODVDYHUtDVVXUJHQVLQFRQWURO

BB

(QORTXHVLJXHWUDEDMDUHPRVH[FOXVLYDPHQWHFRQFRQWUDVWHVQRRUWRJRQDOHV

0RGHOROLQHDOFRQXQIDFWRU

$QDOL]DUHPRVHOFRQVXPRGHHQHUJtDHQIXQFLyQGHODOtQHDGHSURGXFFLyQODSUHVHQFLDGHDYHUtDV\ODKRUDGHFDSWXUDGHORVGDWRV
'LVHxDUHPRVXQPRGHORSDUDFDGDXQRGHORVIDFWRUHV

(MHPSOR*HQHUHXQPRGHOROLQHDOTXHUHODFLRQHUDL]FRQVXPR\ODOLQHD/ODPHDOPRGHORIPRGHOR

6ROXFLyQ/RVFRHILFLHQWHVGHOPRGHORIPRGHORVHFDOFXODQGHOVLJXLHQWHPRGR

(VWDGtVWLFRV
‫ڼ‬$MXVWHGHPRGHORV
‫ڼ‬0RGHOROLQHDO

KWWSXFHXQLRYLHVFXUVROLQHDO,QIRUPHVHKWPO 
 $QDOLVLVGHODYDULDQ]D

1RPEUHGHOPRGHORIPRGHOR
‫)ڼ‬RUPXODGHO«UDL]FRQVXPRaOLQHD
‫ڼ‬$FHSWDU

ʴˆ‘†‡Ž‘ɨʳŞŽſ”ƒ‹œŜ…‘•—‘ɌŽ‹‡ƒř†ƒ–ƒʰƒ…‡”‘ƀ
ʴ•—ƒ”›ſˆ‘†‡Ž‘ɨƀ

ƒŽŽś
Žſˆ‘”—Žƒʰ”ƒ‹œŜ…‘•—‘ɌŽ‹‡ƒř†ƒ–ƒʰƒ…‡”‘ƀ

‡•‹†—ƒŽ•ś
‹ɨ‡†‹ƒɪƒš
ŞɨɫŜɪɫɭɮŞɩŜɪɨɪɫɥŜɬɪɪɩɩŜɰɰɥɫɰŜɫɭɬɭ

‘‡ˆˆ‹…‹‡–•ś
•–‹ƒ–‡–†Ŝ””‘”–˜ƒŽ—‡”ſʴŶ–Ŷƀ
ſ –‡”…‡’–ƀɨɯŜɭɩɭɪɥŜɮɪɭɩɩɬŜɪɥɥʳɩ‡ŞɨɭƋƋƋ
Ž‹‡ƒƃŜƄɩŜɥɯɮɨɨŜɥɫɨɩɩŜɥɥɬɥŜɥɫɮɫƋ
Ž‹‡ƒƃŜƄɬŜɩɭɫɰɨŜɥɫɨɩɬŜɥɬɮɨŜɭɬ‡ŞɥɭƋƋƋ
ŞŞŞ
‹‰‹ˆŜ…‘†‡•śɥŨƋƋƋŨɥŜɥɥɨŨƋƋŨɥŜɥɨŨƋŨɥŜɥɬŨŜŨɥŜɨŨŨɨ

‡•‹†—ƒŽ•–ƒ†ƒ”†‡””‘”śɫŜɬɰɯ‘ɨɨɫ†‡‰”‡‡•‘ˆˆ”‡‡†‘
—Ž–‹’Ž‡Ş•“—ƒ”‡†śɥŜɨɯɬɪř†Œ—•–‡†Ş•“—ƒ”‡†śɥŜɨɮɨ
Ş•–ƒ–‹•–‹…śɨɩŜɰɮ‘ɩƒ†ɨɨɫ ř’ޘƒŽ—‡śɯŜɫɩɯ‡Şɥɭ

(OFRQVXPRPHGLRGHODOtQHD$VHVLW~DHQHOFRQVXPRPHGLRGHODOtQHD%VXSHUDHQXQLGDGHVHOGHODOtQHD$\HOGH
ODOtQHD&JDVWDPiVTXHHOGHODOtQHD$(VWDVGLIHUHQFLDVVRQVLJQLILFDWLYDV SYDORU (OPRGHORUHVXOWDQWHTXHGDSRUWDQWR

FRQOLQHD%\OLQHD&YDULDEOHVLQGLFDGRUDVTXHYDOHQyVLFRUUHVSRQGHQDODOtQHD%\&UHVSHFWLYDPHQWH

KWWSXFHXQLRYLHVFXUVROLQHDO,QIRUPHVHKWPO 
 $QDOLVLVGHODYDULDQ]D

UDL]FRQVXPR

BB

(MHPSOR'HWHUPLQHFyPRLQIOX\HODSUHVHQFLDGHDYHUtDVHQHOFRQVXPR ”ƒ‹œŜ…‘•—‘ 1RPLQHDHVWHPRGHORFRPRˆ‘†‡Ž‘ɯ

6ROXFLyQ

6HWUDWDGHHVWLPDUODUHODFLyQOLQHDOHQWUHUDL]FRQVXPR\DYHULDV

(VWDGtVWLFRV
‫ڼ‬$MXVWHGHPRGHORV
‫ڼ‬0RGHOROLQHDO

1RPEUHGHOPRGHORIPRGHOR
‫)ڼ‬RUPXODGHO«UDL]FRQVXPRaDYHULDV
‫ڼ‬$FHSWDU

KWWSXFHXQLRYLHVFXUVROLQHDO,QIRUPHVHKWPO 
 $QDOLVLVGHODYDULDQ]D

ʴˆ‘†‡Ž‘ɩʳŞŽſ”ƒ‹œŜ…‘•—‘Ɍƒ˜‡”‹ƒ•ř†ƒ–ƒʰƒ…‡”‘ƀ
ʴ•—ƒ”›ſˆ‘†‡Ž‘ɩƀ

ƒŽŽś
Žſˆ‘”—Žƒʰ”ƒ‹œŜ…‘•—‘Ɍƒ˜‡”‹ƒ•ř†ƒ–ƒʰƒ…‡”‘ƀ

‡•‹†—ƒŽ•ś
‹ɨ‡†‹ƒɪƒš
ŞɨɬŜɫɭɩɫŞɪŜɥɫɮɪɥŜɫɰɩɨɪŜɭɩɨɯɨɨŜɩɭɥɯ

‘‡ˆˆ‹…‹‡–•ś
•–‹ƒ–‡–†Ŝ””‘”–˜ƒŽ—‡”ſʴŶ–Ŷƀ
ſ –‡”…‡’–ƀɩɥŜɯɫɥɪɥŜɬɪɬɮɪɯŜɰɥɩʳɩ‡ŞɨɭƋƋƋ
ƒ˜‡”‹ƒ•ƃŜÃƄɥŜɰɯɯɯɨŜɥɰɬɨɥŜɰɥɪɥŜɪɭɯ
ŞŞŞ
‹‰‹ˆŜ…‘†‡•śɥŨƋƋƋŨɥŜɥɥɨŨƋƋŨɥŜɥɨŨƋŨɥŜɥɬŨŜŨɥŜɨŨŨɨ

‡•‹†—ƒŽ•–ƒ†ƒ”†‡””‘”śɬŜɥɬɫ‘ɨɨɬ†‡‰”‡‡•‘ˆˆ”‡‡†‘
—Ž–‹’Ž‡Ş•“—ƒ”‡†śɥŜɥɥɮɥɫř†Œ—•–‡†Ş•“—ƒ”‡†śŞɥŜɥɥɨɬɰɬ
Ş•–ƒ–‹•–‹…śɥŜɯɨɬɪ‘ɨƒ†ɨɨɬ ř’ޘƒŽ—‡śɥŜɪɭɯɫ

(OFRHILFLHQWHGHODPRGDOLGDG6tGHODYDULDEOHDYHULDVQRGLILHUHVLJQLILFDWLYDPHQWHGH SYDORU! 3RUORWDQWRHOFRQVXPRQR


YDUtDHQIXQFLyQGHODSUHVHQFLDGHDYHUtDVBB

(MHPSOR(VWLPHODLQIOXHQFLDGHODKRUD « GHOWXUQRHQHOFRQVXPRGHHQHUJtDUDL]FRQVXPR

6ROXFLyQ'HQRPLQDUHPRVODUHODFLyQOLQHDOHQWUHUDL]FRQVXPR\KRUDFRPRIPRGHOR

(VWDGtVWLFRV
‫ڼ‬$MXVWHGHPRGHORV
‫ڼ‬0RGHOROLQHDO

1RPEUHGHOPRGHORIPRGHOR

KWWSXFHXQLRYLHVFXUVROLQHDO,QIRUPHVHKWPO 
 $QDOLVLVGHODYDULDQ]D

‫)ڼ‬RUPXODGHO«UDL]FRQVXPRaKRUD
‫ڼ‬$FHSWDU

ʴˆ‘†‡Ž‘ɪʳŞŽſ”ƒ‹œŜ…‘•—‘ɌŠ‘”ƒř†ƒ–ƒʰƒ…‡”‘ƀ
ʴ•—ƒ”›ſˆ‘†‡Ž‘ɪƀ

ƒŽŽś
Žſˆ‘”—Žƒʰ”ƒ‹œŜ…‘•—‘ɌŠ‘”ƒř†ƒ–ƒʰƒ…‡”‘ƀ

‡•‹†—ƒŽ•ś
‹ɨ‡†‹ƒɪƒš
ŞɨɬŜɪɮɩɰŞɪŜɨɫɯɮɥŜɮɬɩɨɪŜɫɪɨɨɰŜɮɨɬɭ

‘‡ˆˆ‹…‹‡–•ś
•–‹ƒ–‡–†Ŝ””‘”–˜ƒŽ—‡”ſʴŶ–Ŷƀ
ſ –‡”…‡’–ƀɩɥŜɩɩɨɯɨŜɪɨɩɭɨɬŜɫɥɭʳɩ‡ŞɨɭƋƋƋ
Š‘”ƒƃŜɩƄɩŜɨɭɪɭɨŜɯɬɭɪɨŜɨɭɭɥŜɩɫɭ
Š‘”ƒƃŜɪƄɩŜɨɮɯɨɨŜɯɬɭɪɨŜɨɮɪɥŜɩɫɪ
Š‘”ƒƃŜɫƄɨŜɫɩɭɮɨŜɯɬɭɪɥŜɮɭɰɥŜɫɫɫ
Š‘”ƒƃŜɬƄɥŜɭɬɥɫɨŜɯɬɭɪɥŜɪɬɥɥŜɮɩɮ
Š‘”ƒƃŜɭƄɨŜɬɨɮɭɨŜɯɬɭɪɥŜɯɨɯɥŜɫɨɬ
Š‘”ƒƃŜɮƄŞɥŜɯɩɰɫɨŜɯɬɭɪŞɥŜɫɫɮɥŜɭɬɭ
Š‘”ƒƃŜɯƄŞɥŜɬɫɭɯɨŜɰɭɯɰŞɥŜɩɮɯɥŜɮɯɩ
ŞŞŞ
‹‰‹ˆŜ…‘†‡•śɥŨƋƋƋŨɥŜɥɥɨŨƋƋŨɥŜɥɨŨƋŨɥŜɥɬŨŜŨɥŜɨŨŨɨ

‡•‹†—ƒŽ•–ƒ†ƒ”†‡””‘”śɬŜɥɯɫ‘ɨɥɰ†‡‰”‡‡•‘ˆˆ”‡‡†‘
—Ž–‹’Ž‡Ş•“—ƒ”‡†śɥŜɥɫɮɮɩř†Œ—•–‡†Ş•“—ƒ”‡†śŞɥŜɥɨɪɫɪ
Ş•–ƒ–‹•–‹…śɥŜɮɯɥɪ‘ɮƒ†ɨɥɰ ř’ޘƒŽ—‡śɥŜɭɥɬɨ

1RKD\GLIHUHQFLDVGHFRQVXPRVHJ~QODKRUDGHOWXUQR\DTXHQLQJ~QFRHILFLHQWHPXHVWUDXQSYDORULQIHULRUDBB

,QWHUDFFLRQHVHQWUHIDFWRUHV

/RVPRGHORVPRVWUDGRVKDVWDHOPRPHQWRQRFRQWLHQHQLQWHUDFFLRQHVHQWUHORVIDFWRUHV\pVWRVKDQVLGRHVWXGLDGRVGHIRUPDLQGHSHQGLHQWH
/OHJDHOPRPHQWRGHDERUGDUUHODFLRQHVPiVFRPSOHMDVHQWUHODVYDULDEOHVH[SOLFDWLYDV

(MHPSOR¢,QIOX\HODOLQHDODVDYHULDV\VXVSRVLEOHVLQWHUDFFLRQHVHQUDL]FRQVXPR"'HQRPLQHHVWHPRGHORFRPR
ˆ‘†‡Ž‘…‘’Ž‹…ƒ†‘

6ROXFLyQ

/DH[SUHVLyQTXHPXHVWUDWRGDVODVSRVLEOHVLQWHUDFFLRQHVHQWUHODVGRVYDULDEOHVDGRSWDODVLJXLHQWHIRUPDDYHULD OLQHD(ODVWHULVFR
GHQRWDORVHIHFWRVVLPSOHVHLQWHUDFFLRQHVGHDPERVIDFWRUHV

(VWDGtVWLFRV
‫ڼ‬$MXVWHGHPRGHORV
‫ڼ‬0RGHOROLQHDO

KWWSXFHXQLRYLHVFXUVROLQHDO,QIRUPHVHKWPO 
 $QDOLVLVGHODYDULDQ]D

1RPEUHGHOPRGHORIPRGHORFRPSOLFDGR
‫)ڼ‬RUPXODGHO«UDL]FRQVXPRaDYHULDV OLQHD
‫ڼ‬$FHSWDU

ʴˆ‘†‡Ž‘…‘’Ž‹…ƒ†‘ʳŞŽſ”ƒ‹œŜ…‘•—‘Ɍƒ˜‡”‹ƒ•ƋŽ‹‡ƒř†ƒ–ƒʰƒ…‡”‘ƀ
ʴ•—ƒ”›ſˆ‘†‡Ž‘…‘’Ž‹…ƒ†‘ƀ

ƒŽŽś
Žſˆ‘”—Žƒʰ”ƒ‹œŜ…‘•—‘Ɍƒ˜‡”‹ƒ•ƋŽ‹‡ƒř†ƒ–ƒʰƒ…‡”‘ƀ

‡•‹†—ƒŽ•ś
‹ɨ‡†‹ƒɪƒš
ŞɨɫŜɥɰɯɯŞɨŜɭɩɭɪɥŜɨɰɩɨɩŜɯɮɨɥɨɥŜɩɭɭɭ

‘‡ˆˆ‹…‹‡–•ś
•–‹ƒ–‡–†Ŝ””‘”–˜ƒŽ—‡”ſʴŶ–Ŷƀ
ſ –‡”…‡’–ƀɨɮŜɯɩɬɩɥŜɯɨɰɬɩɨŜɮɬɩʳɩ‡ŞɨɭƋƋƋ
ƒ˜‡”‹ƒ•ƃŜÃƄɪŜɰɥɬɥɨŜɯɥɰɫɩŜɨɬɯɥŜɥɪɪɨƋ
Ž‹‡ƒƃŜƄɪŜɥɥɮɬɨŜɨɯɰɭɩŜɬɩɯɥŜɥɨɩɰƋ
Ž‹‡ƒƃŜƄɭŜɨɪɮɮɨŜɨɭɯɬɬŜɩɬɩɮŜɪɨ‡ŞɥɮƋƋƋ
ƒ˜‡”‹ƒ•ƃŜÃƄśŽ‹‡ƒƃŜƄŞɫŜɪɩɯɩɩŜɫɪɨɥŞɨŜɮɯɥɥŜɥɮɮɮŜ
ƒ˜‡”‹ƒ•ƃŜÃƄśŽ‹‡ƒƃŜƄŞɫŜɩɨɭɥɩŜɬɥɭɩŞɨŜɭɯɩɥŜɥɰɬɪŜ
ŞŞŞ
‹‰‹ˆŜ…‘†‡•śɥŨƋƋƋŨɥŜɥɥɨŨƋƋŨɥŜɥɨŨƋŨɥŜɥɬŨŜŨɥŜɨŨŨɨ

‡•‹†—ƒŽ•–ƒ†ƒ”†‡””‘”śɫŜɬɭɪ‘ɨɨɨ†‡‰”‡‡•‘ˆˆ”‡‡†‘
—Ž–‹’Ž‡Ş•“—ƒ”‡†śɥŜɩɨɯɯř†Œ—•–‡†Ş•“—ƒ”‡†śɥŜɨɯɪɭ
Ş•–ƒ–‹•–‹…śɭŜɩɨɰ‘ɬƒ†ɨɨɨ ř’ޘƒŽ—‡śɫŜɥɪɩ‡Şɥɬ

(VWRVUHVXOWDGRVQRVFRQGXFHQDXQPRGHORGHODIRUPD

UDL]FRQVXPR

BB

KWWSXFHXQLRYLHVFXUVROLQHDO,QIRUPHVHKWPO 
 $QDOLVLVGHODYDULDQ]D
$OGLVSRQHUGHGRVPRGHORVSRVLEOHVIPRGHOR\IPRGHORFRPSOLFDGRSDUDH[SOLFDUHOFRQVXPRQRVKHPRVGHSODQWHDUFXiODMXVWD
PHMRUORVGDWRVPHGLDQWHHODQiOLVLVGHO$,&5GLVSRQHGHXQWHVW DQRYD TXHFRQWUDVWDVLDPERVPRGHORVVHFRPSRUWDQGHIRUPDVLPLODU
RELHQGLILHUHQVLJQLILFDWLYDPHQWH

+1RKD\GLIHUHQFLDVHQWUHORVPRGHORV
++D\GLIHUHQFLDVHQWUHORVPRGHORV

(MHPSOR¢'HORVPRGHORVIPRGHOR\IPRGHORFRPSOLFDGRFXiODMXVWDPHMRU"

6ROXFLyQ/DFRPSDUDFLyQHQWUHORVPRGHORVVHUHDOL]DGHODVLJXLHQWHIRUPD

0RGHORV
‫ڼ‬7HVWGHKLSyWHVLV
‫&ڼ‬RPSDUDUGRVPRGHORV

6HOHFFLRQDUORVPRGHORV
‫ڼ‬IPRGHOR\IPRGHORFRPSOLFDGR
‫ڼ‬$FHSWDU

ʴƒ‘˜ƒſˆ‘†‡Ž‘ɨřˆ‘†‡Ž‘…‘’Ž‹…ƒ†‘ƀ

ƒŽ›•‹•‘ˆƒ”‹ƒ…‡ƒ„Ž‡

‘†‡Žɨś”ƒ‹œŜ…‘•—‘ɌŽ‹‡ƒ
‘†‡Žɩś”ƒ‹œŜ…‘•—‘Ɍƒ˜‡”‹ƒ•ƋŽ‹‡ƒ
‡•Ŝˆˆ—‘ˆ“ ”ſʴ ƀ
ɨɨɨɫɩɫɥɰŜɯɭ
ɩɨɨɨɩɪɨɥŜɯɨɪɰɰŜɥɬɨŜɬɯɭɥŜɨɰɭɯ

&RPRHOSYDORUHVPD\RUTXHQRVHREVHUYDQGLIHUHQFLDVHQWUHORVGRVPRGHORV(VFRJHUHPRVHOPRGHORPiVVHQFLOOR HO
TXHWHQJDPiVJUDGRVGHOLEHUWDG5HV'I HQHVWHFDVRHOIPRGHORBB

(MHPSOR¢(VSRVLEOHVLPSOLILFDUHOˆ‘†‡Ž‘ɮ"

6ROXFLyQ/DUHDOL]DFLyQGHHVWHHMHUFLFLRQRVOOHYDUiXQDVHULHGHSDVRV

 5HFRUGHPRVHOPRGHORIPRGHOR

KWWSXFHXQLRYLHVFXUVROLQHDO,QIRUPHVHKWPO 
 $QDOLVLVGHODYDULDQ]D
0RGHORV
‫ڼ‬6HOHFFLRQDUPRGHORDFWLYR
‫ڼ‬IPRGHOR

0RGHORV
‫ڼ‬5HVXPLUHOPRGHOR

ʴ•—ƒ”›ſˆ‘†‡Ž‘ɨƀ

ƒŽŽś
Žſˆ‘”—Žƒʰ”ƒ‹œŜ…‘•—‘ɌŽ‹‡ƒř†ƒ–ƒʰƒ…‡”‘ƀ

‡•‹†—ƒŽ•ś
‹ɨ‡†‹ƒɪƒš
ŞɨɫŜɪɫɭɮŞɩŜɪɨɪɫɥŜɬɪɪɩɩŜɰɰɥɫɰŜɫɭɬɭ

‘‡ˆˆ‹…‹‡–•ś
•–‹ƒ–‡–†Ŝ””‘”–˜ƒŽ—‡”ſʴŶ–Ŷƀ
ſ –‡”…‡’–ƀɨɯŜɭɩɭɪɥŜɮɪɭɩɩɬŜɪɥɥʳɩ‡ŞɨɭƋƋƋ
Ž‹‡ƒƃŜƄɩŜɥɯɮɨɨŜɥɫɨɩɩŜɥɥɬɥŜɥɫɮɫƋ
Ž‹‡ƒƃŜƄɬŜɩɭɫɰɨŜɥɫɨɩɬŜɥɬɮɨŜɭɬ‡ŞɥɭƋƋƋ
ŞŞŞ
‹‰‹ˆŜ…‘†‡•śɥŨƋƋƋŨɥŜɥɥɨŨƋƋŨɥŜɥɨŨƋŨɥŜɥɬŨŜŨɥŜɨŨŨɨ

‡•‹†—ƒŽ•–ƒ†ƒ”†‡””‘”śɫŜɬɰɯ‘ɨɨɫ†‡‰”‡‡•‘ˆˆ”‡‡†‘
—Ž–‹’Ž‡Ş•“—ƒ”‡†śɥŜɨɯɬɪř†Œ—•–‡†Ş•“—ƒ”‡†śɥŜɨɮɨ
Ş•–ƒ–‹•–‹…śɨɩŜɰɮ‘ɩƒ†ɨɨɫ ř’ޘƒŽ—‡śɯŜɫɩɯ‡Şɥɭ

3RGHPRVREVHUYDUTXHODOtQHD%\&GLILHUHQVLJQLILFDWLYDPHQWHGHODOtQHD$

 &DOFXODPRVHOLQWHUYDORGHFRQILDQ]DSDUDORVFRHILFLHQWHVGHHVWDVOtQHDV

0RGHORV
‫ڼ‬,QWHUYDORVGHFRQILDQ]D

KWWSXFHXQLRYLHVFXUVROLQHDO,QIRUPHVHKWPO 
 $QDOLVLVGHODYDULDQ]D

$FHSWDU

ʴ…‘ˆ‹–ſˆ‘†‡Ž‘ɨřŽ‡˜‡ŽʰɥŜɰɬƀ

ɩŜɬʩɰɮŜɬʩ
ſ –‡”…‡’–ƀɨɮŜɨɭɮɮɰɫɬɰɩɥŜɥɯɫɮɨɨ
Ž‹‡ƒƃŜƄɥŜɥɩɫɫɰɪɮɨɫŜɨɫɰɭɪɭ
Ž‹‡ƒƃŜƄɪŜɩɥɩɩɯɬɬɫɮŜɪɩɮɫɩɯ

(OFRQVXPRPHGLRGHODOtQHD%HVVXSHULRUDODOtQHD$FRQYDORUHVHQWUH\XQLGDGHVPLHQWUDVTXHHO
FRQVXPRDGLFLRQDOGHODOtQHD&YDUtDHQWUH\XQLGDGHVFRQXQDFRQILDQ]DGHO 3HUR¢VHSXHGHDVHJXUDU
TXHODOtQHD%GLILHUHGHODOtQHD&"\HQFDVRQHJDWLYR¢VHSXHGHVLPSOLILFDUHOPRGHOR"

 5HFRGLILFDUHPRVODYDULDEOHOLQHDFUHDQGRXQDQXHYDYDULDEOHTXHOODPDUHPRVUHFROLQHDTXHWRPHYDORUHV$VLHVGHODOtQHD$\
%\&VLHVGHODOtQHD%R&SDUDORTXHKDUHPRV

'DWRV
‫ڼ‬0RGLILFDUYDULDEOHV
‫ڼ‬5HFRGLILFDUYDULDEOHV«

6HOHFFLRQDUOLQHD
‫ڼ‬1XHYRQRPEUH«UHFROLQHD
‫ڼ‬$VLJQDUORVYDORUHV
‫ڼ‬³$´ ³$´HOVH ³%\&´

KWWSXFHXQLRYLHVFXUVROLQHDO,QIRUPHVHKWPO 
 $QDOLVLVGHODYDULDQ]D

ʴƒ…‡”‘ɛ”‡…‘ŜŽ‹‡ƒʳŞ”‡…‘†‡ſƒ…‡”‘ɛŽ‹‡ƒřŨɌɌʰɌɌŚɌ‡Ž•‡ɌʰɌ›ɌŚŨř
ʫƒ•Ŝˆƒ…–‘”Ŝ”‡•—Ž–ʰƀ

 $KRUDFRQVWUXLPRVHOPRGHORTXHOODPDUHPRVIPRGHORVLPSOL

(VWDGtVWLFRV
‫ڼ‬$MXVWHGHPRGHORV
‫ڼ‬0RGHOROLQHDO«

ʴˆ‘†‡Ž‘ɨŜ•‹’Ž‹ʳŞŽſ”ƒ‹œŜ…‘•—‘Ɍ”‡…‘ŜŽ‹‡ƒř†ƒ–ƒʰƒ…‡”‘ƀ
ʴ•—ƒ”›ſˆ‘†‡Ž‘ɨŜ•‹’Ž‹ƀ

KWWSXFHXQLRYLHVFXUVROLQHDO,QIRUPHVHKWPO 
 $QDOLVLVGHODYDULDQ]D
ƒŽŽś
Žſˆ‘”—Žƒʰ”ƒ‹œŜ…‘•—‘Ɍ”‡…‘ŜŽ‹‡ƒř†ƒ–ƒʰƒ…‡”‘ƀ

‡•‹†—ƒŽ•ś
‹ɨ‡†‹ƒɪƒš
ŞɨɬŜɰɪɭŞɩŜɩɯɮɨŜɥɭɬɪŜɨɭɰɰŜɮɰɰ

‘‡ˆˆ‹…‹‡–•ś
•–‹ƒ–‡–†Ŝ””‘”–˜ƒŽ—‡”ſʴŶ–Ŷƀ
ſ –‡”…‡’–ƀɨɯŜɭɩɭɪɥŜɮɭɩɫɩɫŜɫɪɩʳɩ‡ŞɨɭƋƋƋ
”‡…‘ŜŽ‹‡ƒƃŜ›ƄɪŜɭɮɭɥɥŜɰɪɪɮɪŜɰɪɮɥŜɥɥɥɨɫɩƋƋƋ
ŞŞŞ
‹‰‹ˆŜ…‘†‡•śɥŨƋƋƋŨɥŜɥɥɨŨƋƋŨɥŜɥɨŨƋŨɥŜɥɬŨŜŨɥŜɨŨŨɨ

‡•‹†—ƒŽ•–ƒ†ƒ”†‡””‘”śɫŜɮɭɨ‘ɨɨɬ†‡‰”‡‡•‘ˆˆ”‡‡†‘
—Ž–‹’Ž‡Ş•“—ƒ”‡†śɥŜɨɨɯɯř†Œ—•–‡†Ş•“—ƒ”‡†śɥŜɨɨɨɨ
Ş•–ƒ–‹•–‹…śɨɬŜɬ‘ɨƒ†ɨɨɬ ř’ޘƒŽ—‡śɥŜɥɥɥɨɫɨɯ

(OPRGHORREWHQLGRTXHGDGHODVLJXLHQWHIRUPD

UDL]FRQVXPR

BB

'HORVGRVPRGHORVREVHUYDGRVIPRGHORRIPRGHORVLPSOL¢FXiOHVPHMRU"

(MHPSOR&RPSDUDUORVPRGHORVˆ‘†‡Ž‘ɮ\IPRGHORVLPSOL

6ROXFLyQ/DFRPSDUDFLyQGHPRGHORVVHUHDOL]DGHOVLJXLHQWHPRGR

0RGHORV
‫ڼ‬7HVWGHKLSyWHVLV
‫&ڼ‬RPSDUDUGRVPRGHORV

6HOHFFLRQDUORVPRGHORV
‫ڼ‬IPRGHOR\IPRGHORVLPSOL
‫ڼ‬$FHSWDU

ʴƒ‘˜ƒſˆ‘†‡Ž‘ɨřˆ‘†‡Ž‘ɨŜ•‹’Ž‹ƀ
KWWSXFHXQLRYLHVFXUVROLQHDO,QIRUPHVHKWPO 
 $QDOLVLVGHODYDULDQ]D
ƒŽ›•‹•‘ˆƒ”‹ƒ…‡ƒ„Ž‡

‘†‡Žɨś”ƒ‹œŜ…‘•—‘ɌŽ‹‡ƒ
‘†‡Žɩś”ƒ‹œŜ…‘•—‘Ɍ”‡…‘ŜŽ‹‡ƒ
‡•Ŝˆˆ—‘ˆ“ ”ſʴ ƀ
ɨɨɨɫɩɫɥɰŜɯɭ
ɩɨɨɬɩɭɥɭŜɮɯŞɨŞɨɰɭŜɰɩɰŜɪɨɬɪɥŜɥɥɩɯɩɯƋƋ
ŞŞŞ
‹‰‹ˆŜ…‘†‡•śɥŨƋƋƋŨɥŜɥɥɨŨƋƋŨɥŜɥɨŨƋŨɥŜɥɬŨŜŨɥŜɨŨŨɨ

&RPRHOSYDORUHVPHQRUTXHVHUHFKD]DTXHDPERVPRGHORVDMXVWHQLJXDO(VFRJHUHPRVSRUWDQWRHOPRGHORFRQ
PHQRVJUDGRVGHOLEHUWDGHQHVWHFDVRHOIPRGHOR

UDL]FRQVXPR

BB

KWWSXFHXQLRYLHVFXUVROLQHDO,QIRUPHVHKWPO 

S-ar putea să vă placă și