• No se han encontrado resultados

INCONVENIENTES Y DIFICULTADES DE LA EVALAUCIÓN FORMATIVA

Aspectos negativos-

OBJETIVOS Y CATEGORÍAS PARTICULARES DE CADA COLECTIVO

C) INCONVENIENTES Y DIFICULTADES DE LA EVALAUCIÓN FORMATIVA

7KH %6& ZDV GHYHORSHG E\ .DSODQ DQG 1RUWRQ DV D PDQDJHPHQW DFFRXQWLQJ WRRO.DSODQZDVDSURIHVVRULQDFFRXQWLQJDWWKH+DUYDUG%XVLQHVV6FKRRODWWKHWLPH RI SXEOLVKLQJ WKH %6& LQ IRU SULYDWH FRUSRUDWLRQV .DSODQ .DSODQ 1RUWRQ.DSODQDQG1RUWRQSUHPLVHGWKDWSULYDWHFRUSRUDWLRQVDUH³SURILW GULYHQ´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²LQ SDUWLFXODU SHRSOH DQG NQRZOHGJH 7KHUHIRUH .DSODQ DQG 1RUWRQ DVVHUWHG WKDW PDQDJHPHQWUHSRUWLQJVKRXOGVWULNHWKHULJKWEDODQFHEHWZHHQLQIRUPDWLRQRQILQDQFLDO SHUIRUPDQFH DQG LQIRUPDWLRQ RQ WKH DQWHFHGHQWV RI ILQDQFLDO SHUIRUPDQFH .DSODQ &RQVHTXHQWO\ WKH %6& HQWDLOV IRXU PHDVXUHPHQW SHUVSHFWLYHV GLPHQVLRQV DOLJQHGLQDVHTXHQWLDORUGHU/HDUQLQJDQG*URZWK2SHUDWLRQDOSURFHVVHV&XVWRPHU DQG)LQDQFLDO.DSODQ1HHO\

)LJXUHGHSLFWVWKHRULJLQDO%6&IUDPHZRUNSXEOLVKHGE\.DSODQDQG1RUWRQ EDVHG RQ RQH \HDUORQJ UHVHDUFK WKDW LQYROYHG VWXG\LQJ WKH 30 V\VWHPV RI FRPSDQLHVZKRH[FHOOHGLQSHUIRUPDQFHPRQLWRULQJ7KHSXUSRVHRIWKHRULJLQDO%6& IUDPHZRUN ZDV WR KHOS FRPSDQLHV LQ JHQHUDWLQJ ILQDQFLDO DQG QRQILQDQFLDO SHUIRUPDQFHPHDVXUHVIRUWKHNH\HOHPHQWVRIWKHLURUJDQLVDWLRQDOVWUDWHJ\WKHVWUDWHJ\ EHLQJH[SUHVVHGYLDVWUDWHJLFJRDOV$FFRUGLQJWR.DSODQDQG1RUWRQWKHRULJLQDO%6& IUDPHZRUNLVEDVHGRQWKHIROORZLQJSURSRVLWLRQVDDFRPSDQ\ZLOOORRNJRRGWRLWV

VKDUHKROGHUVLQWKHIXWXUHRQO\LILWORRNVJRRGWRWKHFXVWRPHUVDWSUHVHQWLQWHUPVRI VWUDWHJLFJRDOVRQWLPHHJRQWLPHGHOLYHU\LQWKHFDVHRIH[LVWLQJSURGXFWVTXDOLW\ SHUIRUPDQFH DQG VHUYLFH E D FRPSDQ\ ZLOO ORRN JRRG WR LWV FXVWRPHUV RQO\ LI LW H[FHOV DW LWV LQWHUQDO EXVLQHVV SURFHVVHV LQ PHHWLQJ FXVWRPHU H[SHFWDWLRQV DQG F D FRPSDQ\FDQH[FHODWDQGVXVWDLQLWVLQWHUQDOEXVLQHVVSURFHVVHVRQO\RILWHQJDJHVLQ LQQRYDWLRQDQGOHDUQLQJ Figure 3.2:7KHRULJLQDO%6&IUDPHZRUNSXEOLVKHGE\.DSODQDQG1RUWRQ

7KH %6& KDV FRPH D ORQJ ZD\ IURP EHLQJ D PHUH PDQDJHPHQW DFFRXQWLQJ WRRO WR D VWUDWHJLF GHFLVLRQ PDNLQJ PHFKDQLVP WKURXJK D QXPEHU RI UHYLVLRQV DQG UHILQHPHQWV $QRQ.DSODQ.DSODQ 1RUWRQ/DZULH &REEROG,WLV JHQHUDOO\ DJUHHG WKDW WKH %6& KDV VHHQ WZR PDMRU UHYLVLRQV WKH IRXU PHDVXUHPHQW SHUVSHFWLYHV KDYH UHPDLQHG LQWDFW DOWKRXJK WKH ODEHOV RI VRPH KDYH FKDQJHG $QRQ .DSODQ /DZULH &REEROG 7KHILUVWPDMRUUHYLVLRQJHQHUDOO\

,QDGGLWLRQWKH%6&KDVEHHQSHUIXQFWRULO\UHYLVHGIRUSXEOLFDQG132VZKLFKUHPDLQVWKHFHQWUDO IRFXVLQWKLVVWXG\WKHQRQSURILW%6&LVUHYLHZHGODWHU

UHIHUUHGWRDVWKHVHFRQGJHQHUDWLRQ%6&/DZULH &REEROGZDVSXEOLVKHGLQ .DSODQ 1RUWRQD7KHSULPDU\DLPRIWKLVUHYLVLRQDFFRUGLQJWR.DSODQ DQG1RUWRQDZDVWRSURYLGHPRUHJXLGDQFHWRPDQDJHUVDVWRKRZSHUIRUPDQFH PHDVXUHV VKRXOG EH FKRVHQ .DSODQ /DZULH &REEROG )LJXUH GHSLFWVWKHVHFRQGJHQHUDWLRQ%6&IUDPHZRUN

Figure 3.3:7KHVHFRQGJHQHUDWLRQ%6&IUDPHZRUN6RXUFH.DSODQ 1RUWRQE

7KHVHFRQGJHQHUDWLRQ%6&LVEDVHGRQWKHIROORZLQJSUHPLVHVWKHYLVLRQDQGVWUDWHJ\ RIDEXVLQHVVVKRXOGEHWUDQVODWHGWRWKHIRXU30SHUVSHFWLYHVGLPHQVLRQV(DFK30 GLPHQVLRQVKRXOGFRQWDLQPXOWLSOHSHUIRUPDQFHPHDVXUHVHDFKPHDVXUHFRUUHVSRQGLQJ WR D VSHFLILF VWUDWHJLF REMHFWLYH 7KHUH VKRXOG EH D FDXVDO FRQQHFWLRQ EHWZHHQ SHUIRUPDQFHPHDVXUHVDQGWKHSHUIRUPDQFHGLPHQVLRQVWKHPVHOYHVDUHFDXVDOO\UHODWHG LQWKHIROORZLQJFDXVDORUGHUOHDUQLQJDQGJURZWKÆSURFHVVDQGFXVWRPHUÆILQDQFLDO WKHVXEVHTXHQWYHUVLRQVRIWKH%6&SURYLGHGPRUHFODULW\RQWKHFDXVDORUGHU

7KH VHFRQG UHYLVLRQ WKLV WRRN SODFH LQ ODWH V DFFRUGLQJ WR /DZULH &REEROG ZKLFKVHHVWKH%6&LQLWVFXUUHQWIRUPW\SLFDOO\NQRZQDVWKHthird generation BSCUHWDLQVWKHVHFRQGJHQHUDWLRQ%6&IUDPHZRUN)LJXUHEXWDGGUHVVHVFDXVDOLW\

SHUVSHFWLYHVGLPHQVLRQV WKURXJK DQ DFFHVVRU\ NQRZQ DV WKH ³VWUDWHJ\ PDS´ ZKLFK PDSVWKHOLQNDJHVEHWZHHQVWUDWHJLFREMHFWLYHVVHH)LJXUHDVDQH[DPSOHWRH[SODLQ KRZWKHVKDUHKROGHUYDOXHLVPD[LPLVHG7KHUHIRUHLWFDQEHDUJXHGWKDWWKHIRXQGHUV RI WKH %6& PDGH LQFUHPHQWDO LPSURYHPHQWV WR WKH %6& WR DOLJQ SHUIRUPDQFH PHDVXUHPHQWWRVWUDWHJ\SODQQLQJDQGPRQLWRULQJ

Figure 3.4: $ W\SLFDO VWUDWHJ\ PDS RI D IRUSURILW RUJDQLVDWLRQ HPERGLHG LQ D WKLUG

JHQHUDWLRQ%6&6RXUFH.DSODQ

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stakeholder theoristV HJ

)UHHPDQ7KLVLVEHFDXVH²DFFRUGLQJWR.DSODQ²WKHVWDNHKROGHUYLHZSURYLGHV DOHVVSRZHUIXOYLHZRIYDOXHFUHDWLRQRIDILUPDVMRLQWPD[LPLVDWLRQRIVWDNHKROGHU

QHHGVUHVXOWLQJLQVXERSWLPDOORQJWHUPYDOXHRIWKHILUPPRUHSUHFLVHO\YDOXHWRWKH RZQHUV +H DUJXHV WKDW %6& LV EDVHG RQ WKH DVVXPSWLRQ WKDW IRUPXODWLRQ RI WKH RUJDQLVDWLRQDOVWUDWHJ\VKRXOGSUHFHGHVWDNHKROGHUVDWLVIDFWLRQDQGWKDWWKHREMHFWLYHRI DEXVLQHVVLVWRPD[LPLVHLWVYDOXHVWUDWHJLHVVKRXOGEHIRUPXODWHGWRPD[LPLVHYDOXH RI D ILUP JLYHQ WKH FRPSOH[ LQWHUSOD\ EHWZHHQ WKH VWDNHKROGHUV 6LPLODUO\ .DSODQ DUJXHVWKDWWKH%6&LQKHUHQWO\DSSUHFLDWHVWKHLPSRUWDQFHRIIXOILOOLQJWKHQHHGVRIWKH HPSOR\HHVWKHOHDUQLQJDQGJURZWKSHUVSHFWLYHDPRQJRWKHUWKLQJVWDNHVLQWRDFFRXQW LQWULQVLF DQG H[WULQVLF QHHGV RI WKH HPSOR\HHV ZLWKRXW PDNLQJ HPSOR\HH VDWLVIDFWLRQ FHQWUDO WR WKH RUJDQLVDWLRQ 7KH %6& DVVXPHV WKDW HPSOR\HH VDWLVIDFWLRQ LV RQO\ D PHDQVWRDQHQGDQGQRWWKHHQGFRPSDQ\YDOXHPD[LPLVDWLRQLQLWVHOI

,Q WKH DIRUHVDLG SDSHU XVLQJ WKH ³DJHQF\ WKHRU\´ VHFWLRQ DV D IUDPH RI UHIHUHQFH.DSODQEULQJVWKHVHOILQWHUHVWHGEHKDYLRXURIWRSPDQDJHUVLQWRWKH OLPHOLJKW $JHQF\ WKHRU\ KROGV WKDW WKHUH LV RIWHQ D FRQIOLFW RI LQWHUHVW EHWZHHQ WKH LQWHUHVWVRIDILUP¶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

%DVHG RQ WKH DERYH DUJXPHQWV RI .DSODQ ZKR LV D PDQDJHPHQW DFFRXQWLQJ VFKRODU DV PHQWLRQHG HDUOLHU WKH UHVHDUFKHU LV RI WKH YLHZ WKDW WKH FRQFHSWXDO XQGHUSLQQLQJVRIWKH%6&LVKHDYLO\VKDSHGE\SULQFLSOHVRIPDQDJHULDOHFRQRPLFVVXFK DV DJHQF\ WKHRU\ DQG WKH WKHRU\ RI WKH ILUP ,Q VLPSOH WHUPV WKH WKHRU\ RI WKH ILUP YLHZV WKH REMHFWLYH RI D ILUP DV PD[LPLVLQJ WKH QHW EHQHILWV RI IXWXUH UHWXUQV LH PD[LPLVLQJORQJWHUPVKDUHKROGHUYDOXH%ULJKDP 3DSSDV-HQVHQ,Q

VSLWHRIRYHU\HDUVRIDFDGHPLFVFUXWLQ\WKUHHFRQFHSWXDOUHYLVLRQVDQGHYLGHQFHRI ZLGHVSUHDG SUDFWLFDO XVDJH WKH %6& HYHQ IRU D SURILW PDNLQJ HQWHUSULVH LV VWLOO QRW ZLWKRXW LWV FULWLFV $ZDGDOODK $OODP 1¡UUHNOLW DQG 1¡UUHNOLW 1¡UUHNOLW 0LWFKHOO DQG %M¡UQHQDN FULWLTXHG WKH %6& RQ WZR JURXQGV )LUVW 1¡UUHNOLWH[DPLQHGWKHLPSOLHGFDXVDOUHODWLRQVKLSVEHWZHHQWKHPHDVXUHVZKLFKIRUP

WKH EDVLV RI WKH%6& HJ VWUDWHJ\ PDS ³PHDVXUHV RI RUJDQLVDWLRQDO OHDUQLQJ DQG

JURZWKÆPHDVXUHVRILQWHUQDOEXVLQHVVSURFHVVHVÆPHDVXUHVRIFXVWRPHUSHUVSHFWLYH ÆILQDQFLDOPHDVXUHV´1¡UUHNOLWS1¡UUHNOLWHWDODUJXHGWKDWWKH LPSOLHG FDXVDO UHODWLRQVKLSV EHWZHHQ WKH PHDVXUHV LQ D %6& LV LQFRPSOHWH EHFDXVH ILQDQFLDO SHUIRUPDQFH FDQQRW EH UHOLDEO\ SUHGLFWHG WKLV ZD\ WKH\ DUJXHG WKDW PRUH YDULDEOHVDUHQHHGHGWRSUHGLFWILQDQFLDOSHUIRUPDQFHUHOLDEO\6HFRQG1¡UUHNOLWHWDO H[DPLQHGWKHFODLPPDGHE\WKHIRXQGHUVRIWKH%6&WKDW%6&LVQRWRQO\DVWUDWHJ\ PRQLWRULQJV\VWHPEXWDOVRDVWUDWHJLFFRQWUROV\VWHPLHWKH%6&FDQDOVREHXVHGWR HIIHFWFRUUHFWLYHDFWLRQ1¡UUHNOLWDQG1¡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

RUJDQLVDWLRQPD\WDNHVHYHUDOLQLWLDWLYHVWRPRWLYDWHVWDIILQWULQVLFDOO\DQGH[WULQVLFDOO\ EXWWKHUHLVQRUHDOJXDUDQWHHWKDWWKHVHLQLWLDWLYHVDFWXDOO\UHVXOWLQVDWLVILHGHPSOR\HHV 3DUPHQWHU FULWLFLVHG WKH %6& IRU ODFN RI FODULW\ HJ LQVXIILFLHQW GHWDLO LQ RXWOLQLQJ KRZ SHUIRUPDQFH PHDVXUHV VKRXOG EH GHYHORSHG IRU HDFK SHUVSHFWLYH 3DUPHQWHUFRPSDUHGWKHFKDUDFWHULVWLFVRINH\SHUIRUPDQFHLQGLFDWRUV.3,V\LHOGHGE\ D %6& ZLWK WKH FKDUDFWHULVWLFV RI .3,V XVHG E\ LFRQLF RUJDQLVDWLRQV VXFK DV 7R\RWD 1LVVDQ *( DQG +RQH\ZHOO KH FDOOHG WKHVH ³ZLQLQJ .3,V´ DQG LGHQWLILHG LQFRQVLVWHQFLHVLQWKH%6&DSSURDFK+HDUJXHVWKDWWKHSULPDU\UROHRI³ZLQLQJ.3,V´ LV WR JXLGH PDQDJHUV LQ IRFXVLQJ RQ ³FULWLFDO VXFFHVV IDFWRUV´ &6)V DQG WKDW %6&¶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

0H\HUSDQLQIOXHQWLDODXWKRURQPDQDJHPHQWDQGVRFLRORJ\GRHVQRWVHH DQ\ LVVXH LQ XVLQJ WKH %6& IUDPHZRUN LQ WKH VWUDWHJ\ SODQQLQJ DQG LPSOHPHQWDWLRQ SURYLGHGWKH³KLGGHQDVVXPSWLRQV´LQWKH%6&DUHPDGHH[SOLFLW7RKLPWKHUHDUHWZR PDMRU KLGGHQ DVVXPSWLRQV LQ WKH %6& IUDPHZRUN D VWUDWHJ\ IRUPXODWLRQ LV D WRS GRZQ DSSURDFK DQG WKHUHIRUH HVVHQWLDOO\ D VHQLRU PDQDJHPHQW SUHURJDWLYH DQG E RSHUDWLRQDOOHYHOSHUIRUPDQFHPHDVXUHVFDQEHLQWXLWLYHO\GHGXFHGIURPVWUDWHJLFOHYHO SHUIRUPDQFHPHDVXUHVWKDWDUHGHULYHGIURPWKHVWUDWHJ\PDSV0H\HUDOVRVKRZVWKDW WKH %6& GRHV QRW LQGLFDWH KRZ WKH SHUIRUPDQFH DV LQGLFDWHG E\ HDFK LQGLYLGXDO PHDVXUHFROOHFWLYHO\H[SODLQWKHRYHUDOOSHUIRUPDQFH

'UDZLQJLQIHUHQFHVIURPWKHtheory of “bounded rationality” 6LPRQEDVHGRQ KLVUHVHDUFKH[SHULHQFHRQH[SHULPHQWDOEHKDYLRXUDODFFRXQWLQJ6DOWHULRDUJXHG

6LPRQ¶V WKHRU\ RI ERXQGHG UDWLRQDOLW\ 6LPRQ SRVLWV WKDW WKH KXPDQ EUDLQ LV ERXQGHG E\ LWV DELOLW\ WR SURFHVV LQIRUPDWLRQ 6DOWHULR DOVR UHIHUV WR WKH PDJLF QXPEHU SLHFHV RI LQIRUPDWLRQWRJHWKHUDVWKHOLPLWDQGJRRQWRVKRZWKDW.DSODQDQG1RUWRQ¶VSUHVFULSWLRQ .DSODQ 1RUWRQRIWRPHDVXUHVSHUPHDVXUHPHQWSHUVSHFWLYHLVFRQVLVWHQWZLWKWKHWKHRU\RIERXQGHG UDWLRQDOLW\

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¶VUKHWRULF³%6&WUDQVODWHVVWUDWHJ\ LQWRDFWLRQ´WKURXJKWKHFRQFHSWVDQGREMHFWVHPEHGGHGLQWKH%6&1RWZLWKVWDQGLQJ WKHIDFWWKDWWKHWZRIRXQGHUVRIWKH%6&.DSODQDQG1RUWRQKDYHDVVXUHGWKDWLWLVWKH FDVH'HFKRZTXHVWLRQHGZKHWKHUSUDFWLWLRQHUVHYHUXVHVWUDWHJ\PDSVDNH\REMHFWLQ WKHWKLUGJHQHUDWLRQ%6&LQVWUDWHJLFSODQQLQJSURFHVV+HDUJXHGWKDWIXWXUHUHVHDUFK VKRXOGH[DPLQHWKHOLQNEHWZHHQWKH%6&FRQFHSWVDQGLWVREMHFWVHJ30GLPHQVLRQV VWUDWHJ\ PDSV DQG WKH FDVXDO OLQNV PRUH FORVHO\ DQG DOVR ZKHWKHU WKH %6& DFWXDOO\ WUDQVODWHVFRUSRUDWHVWUDWHJ\LQWRRSHUDWLRQDODFWLRQ

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¶VDSSDUHQW LQDELOLW\WR DFFRXQW IRUWKHVH DGHTXDWHO\ZKLFKLVLQ IDFW QRW DQHZ LGHD7ZRRWKHUSDSHUVRIUHOHYDQFH²6DOWHULRDQG'HFKRZ²KDYHEHHQ FRYHUHG LQ WKLV VHFWLRQ +RZHYHU WKH UHVHDUFKHU VHHV PHULW LQ VRPH FULWLFLVPV RI WKH %6& PRUH QRWDEO\ RYHUHPSKDVLV RI WKH VKDUHKROGHU SDUDGLJP DQG LQDGHTXDWH DWWHQWLRQWRHPSOR\HHVDWLVIDFWLRQLQWKHFDVHRIDSSOLFDWLRQRIWKH%6&LQ132VLQLWV

FXUUHQWIRUP%HLQJDIRFDODUHDRIWKLVVWXG\JDSVLQWKH%6&DUHIXUWKHUUHYLHZHGLQ VHFWLRQV RQZDUGV LQ UHODWLRQ WR 132V ,Q HVVHQFH WKH UHVHDUFKHU VXSSRUWV WKH QRWLRQ WKDW WKH %6& UHTXLUHV PRUH FODULW\ EHFDXVH LQ LWV FXUUHQW IRUP LW UHTXLUHV VLJQLILFDQW DOWHUDWLRQV WR ILW WR WKH VSHFLILF UHTXLUHPHQWV RI HDFK RUJDQLVDWLRQ RIWHQ LQYROYLQJWKHKHOSRIH[WHUQDOFRQVXOWDQWV+RTXH4X &RRSHU1RHOO /XQG