• No se han encontrado resultados

Desarrollo de una biblioteca de clases para manejo de la interfaz gráfica de aplicaciones móviles basadas en la plataforma Java Micro Edition

N/A
N/A
Protected

Academic year: 2020

Share "Desarrollo de una biblioteca de clases para manejo de la interfaz gráfica de aplicaciones móviles basadas en la plataforma Java Micro Edition"

Copied!
131
0
0

Texto completo

(1).   (6&8(/$32/,7e&1,&$1$&,21$/  . )$&8/7$''(,1*(1,(5Ë$'(6,67(0$6   '(6$552//2'(81$%,%/,27(&$'(&/$6(63$5$0$1(-2 '(/$,17(5)$=*5È),&$'($3/,&$&,21(60Ï9,/(6 %$6$'$6(1/$3/$7$)250$-$9$0,&52(',7,21     352<(&7235(9,2$/$2%7(1&,Ï1'(/7Ë78/2'(,1*(1,(52(1 6,67(0$6,1)250È7,&26<'(&20387$&,Ï1     248(1'2520(52&$5/26$1'5e6 DQGUHVB#\DKRRFRP     ',5(&725$,1*6$1'5$6È1&+(=06& VDQGUDVDQFKH]#HSQHGXHF .  48,722&78%5(. .

(2) .     '(&/$5$&,Ï1 <R&DUORV$QGUpV2TXHQGR5RPHURGHFODUREDMRMXUDPHQWRTXHHOWUDEDMRDTXt GHVFULWR HV GH PL DXWRUtD TXH QR KD VLGR SUHYLDPHQWH SUHVHQWDGR SDUD QLQJ~Q JUDGRRFDOLILFDFLyQSURIHVLRQDO\TXHKHFRQVXOWDGRODVUHIHUHQFLDVELEOLRJUiILFDV TXHVHLQFOX\HQHQHVWHGRFXPHQWR $ WUDYpV GH OD SUHVHQWH GHFODUDFLyQ FHGR PLV GHUHFKRV GH SURSLHGDG LQWHOHFWXDO FRUUHVSRQGLHQWHV D HVWH WUDEDMR D OD (VFXHOD 3ROLWpFQLFD 1DFLRQDO VHJ~Q OR HVWDEOHFLGR HQ OD /H\ GH 3URSLHGDG ,QWHOHFWXDO SRU VX 5HJODPHQWR \ SRU OD QRUPDWLYLGDGFRQVWLWXFLRQDOYLJHQWH    &DUORV$QGUpV2TXHQGR5RPHUR  . .

(3) .   &(57,),&$&,Ï1 &HUWLILFR TXH HO SUHVHQWH WUDEDMR IXH GHVDUUROODGR SRU &DUORV $QGUpV 2TXHQGR 5RPHUREDMRPLVXSHUYLVLyQ     ,QJ6DQGUD6iQFKH] ',5(&725$'(/352<(&72  . .

(4) .     $*5$'(&,0,(1726  $PLVSDGUHV&DUORV$XJXVWR\<RODQGDTXLHQHVFRQVX WUDEDMRHQVHxDQ]DV\FRQVHMRVPHKDQGDGRODVEDVHVSDUDVHU XQDSHUVRQDGHELHQ\GHSURYHFKR $PLVKHUPDQRV'DQLHO\$QLWDFRPSDxHURVLQVXSHUDEOHV FRQTXLHQHVODYLGDGLDULDVLHPSUHVHUiPHMRU\PiVOOHYDGHUD $PLVWtRVHVSHFLDOPHQWHD(GJDU7HUH\-RUJH\DPLV SULPRVHQSDUWLFXODUD0DXULFLRSRUHODSR\RTXHDVX PDQHUDPHHQWUHJDURQSDUDVHJXLUDGHODQWHFRQHVWHUHWRWDQ LPSRUWDQWH $PLVFRPSDxHURVGHFODVHFRQTXLHQHVKHFRPSDUWLGROD DYHQWXUDGHHVWXGLDUHQODVDXODVGHOD(VFXHOD3ROLWpFQLFD 1DFLRQDO\DPLVSURIHVRUHVSRUODVHQVHxDQ]DVLPSDUWLGDV $WRGRVPLVDPLJRV\DPLJDVDTXLHQHVDSUHFLR LQPHQVDPHQWH .

(5) .     '(',&$725,$  $PLVSDSiV&DUORV$XJXVWR\<RODQGD\DPLV KHUPDQRV'DQLHO\$QLWDTXHVLHPSUHPHEULQGDQVX VRSRUWH\FDULxRGHPDQHUDLQFRQGLFLRQDO . $ODPHPRULDGHODDEXHOLWD-XDQLWDTXH SHUPDQHQWHPHQWHQRVFXLGDGHVGHHOFLHOR.

(6) L . &217(1,'2 35(6(17$&,Ï1 5(680(1. . &$3Ë78/2 3/$17($0,(172'(/352%/(0$  3/$7$)250$-$9$0,&52(',7,21  (92/8&,Ï1'(/$3/$7$)250$  &$5$&7(5Ë67,&$6'(-$9$0,&52(',7,21  3(5),/(6<&21),*85$&,21(635,1&,3$/(6  /,0,7$&,21(6'(/$3/$7$)250$  02'(/26'(,17(5)$=*5È),&$  0(72'2/2*Ë$23(183  &216,'(5$&,21(6'(',6(f2'(,17(5)$&(6  &216,'(5$&,21(6'(86$%,/,'$'  $1È/,6,6'(62/8&,21(6(;,67(17(6  /,*+7:(,*+786(5,17(5)$&(722/.,7/:8,7  -0(32/,6+/86+  0(:7  -0(8,  .8,  5(680(1'(&$5$&7(5Ë67,&$6'(352'8&726'(7(5&(526  &$5$&7(5Ë67,&$6'(/$62/8&,Ï135238(67$ &$3Ë78/2 '(6$552//2'(/$%,%/,27(&$'(&/$6(6  )$6('(,1,&,2  ,1,&,$5(/352<(&72  3/$1($5<*(67,21$5/$6,7(5$&,21(6  ,'(17,),&$5<5(),1$5/265(48(5,0,(1726  $&25'$581(1)248(7e&1,&2  )$6('((/$%25$&,Ï1  3/$1($5<*(67,21$5/$6,7(5$&,21(6  ,'(17,),&$5<5(),1$5/265(48(5,0,(1726.

(7) LL .  '(6$552//$5/$$548,7(&785$  '(6$552//$5,1&5(0(172'(/$62/8&,Ï1  )$6('(&216758&&,Ï1  3/$1($5<*(67,21$5/$6,7(5$&,21(6  ,'(17,),&$5<5(),1$5/265(48(5,0,(1726  '(6$552//$5,1&5(0(172'(/$62/8&,Ï1 &$3Ë78/2 &5($&,Ï1'(81352727,32&202&$62'((678',2  '(),1,&,Ï1'(5(48,6,726'(/352727,32  '(6&5,3&,Ï1)81&,21$/  5(48(5,0,(1726)81&,21$/(6  6(/(&&,Ï1'(',6326,7,926'(358(%$  (/$%25$&,Ï1'(/352727,32  02'(/2'(&$626'(862'(/352727,32  ',6(f2'(,17(5)$&(6*5È),&$6'(868$5,2'(/352727,32  &216758&&,Ï1'(/352727,32  358(%$6'(/352727,32  (63(&,),&$&,Ï1'(358(%$6  &5,7(5,26'(&203$5$&,Ï1  (-(&8&,Ï1(1/26',6326,7,926'(358(%$  $1È/,6,6'(5(68/7$'26 &$3Ë78/2 &21&/86,21(6<5(&20(1'$&,21(6  &21&/86,21(6  5(&20(1'$&,21(6 %,%/,2*5$)Ë$ */26$5,2. . $1(;26. .  . .

(8) LLL . /,67$'(7$%/$6 7DEOD&RPSDUDWLYRGHODV6ROXFLRQHVGH7HUFHURVH[LVWHQWHV 7DEOD3UREOHPDVUHFRQRFLGRVSRUORVLQWHUHVDGRVGHODVROXFLyQ 7DEOD5HTXHULPLHQWRVGHORV,QWHUHVDGRVH[WHUQRV 7DEOD&DUDFWHUtVWLFDVSURSXHVWDVSDUDODVROXFLyQ 7DEOD2EMHWLYRVSDUDODVLWHUDFLRQHVGHODVROXFLyQ 7DEOD/LVWDGRSUHOLPLQDUGHHOHPHQWRVJHQHUDOHVGHWUDEDMR 7DEOD/LVWDGRGHULHVJRVJHQHUDOHVGHOSUR\HFWR 7DEOD5HTXHULPLHQWRVIXQFLRQDOHV\QRIXQFLRQDOHVGHODVROXFLyQ 7DEOD0HWDVGHDUTXLWHFWXUDSDUDODVROXFLyQ 7DEOD5HTXHULPLHQWRV$UTXLWHFWyQLFRV6LJQLILFDWLYRV 7DEOD5HVWULFFLRQHV\'HFLVLRQHVGH$UTXLWHFWXUD 7DEOD$EVWUDFFLRQHV&ODYHGHOD6ROXFLyQ 7DEOD0HFDQLVPRVGH$UTXLWHFWXUDGHOD6ROXFLyQ 7DEOD5LHVJRVDGLFLRQDOHVLGHQWLILFDGRVSDUDHOSUR\HFWR 7DEOD$FWLYLGDGDGLFLRQDOGHWHFWDGDSDUDHOSUR\HFWR 7DEOD&RVWRGH5HFXUVRV+XPDQRVGHO3UR\HFWR 7DEOD&RVWRGH+DUGZDUH\(TXLSRVGHO3UR\HFWR 7DEOD&RVWRGH6RIWZDUHSDUDHO3UR\HFWR 7DEOD&RVWRGH2WURV3URGXFWRV\6HUYLFLRVSDUDHO3UR\HFWR 7DEOD5HVXPHQGHO3UHVXSXHVWRGHO3UR\HFWR 7DEOD'HWDOOHGH5HTXHULPLHQWRV)XQFLRQDOHV 7DEOD&DWiORJRGHORV&RPSRQHQWHVGHOD6ROXFLyQ 7DEOD'HVJORVHGHODV7DUHDVGH&RQVWUXFFLyQ 7DEOD&RPSRQHQWHV$GLFLRQDOHVSDUDOD6ROXFLyQ 7DEOD(VSHFLILFDFLRQHVGHORV'LVSRVLWLYRVGH3UXHED 7DEOD&DVRVGH8VRGH7ZHHW0( 7DEOD(VWUXFWXUD*HQHUDOGH3DTXHWHVGHO3URWRWLSR 7DEOD&DUDFWHUtVWLFDV*HQHUDOHVGHO(QWRUQRGH&RQWURO. . .

(9) LY . /,67$'(),*85$6 )LJXUD$UTXLWHFWXUD*HQHUDOGH-DYD0LFUR(GLWLRQ )LJXUD0RGHORGH6HJXULGDGGH$SOLFDFLRQHV-DYD0( )LJXUD$UTXLWHFWXUDGHXQVLVWHPDEDVDGRHQ0,'3 )LJXUD(VWUXFWXUDGH2SHQ83 )LJXUD(MHPSORGHOD,QWHUID]*UiILFD/:8,7 )LJXUD(MHPSORGHOD,QWHUID]*UiILFD-0(3ROLVK±/86+ )LJXUD(MHPSORGHOD,QWHUID]*UiILFD0(:7 )LJXUD(MHPSORGHOD,QWHUID]*UiILFD-0( )LJXUD(MHPSORGHOD,QWHUID]GH8VXDULRN8, )LJXUD,QWHUID]*UiILFDGH2SHUD0RELOH\2SHUD0LQL )LJXUD,QWHUID]GH8VXDULRGHO$SSOHL3KRQH )LJXUD,QWHUID]GH8VXDULRGHOD$SOLFDFLyQ) )LJXUD'LDJUDPDGH*DQWWGHORV(OHPHQWRVGH7UDEDMR*HQHUDOHV )LJXUD'LDJUDPDGH&DVRVGH8VRGH8,/0,'3 )LJXUD3DQWDOODVGHOSURWRWLSRGH3LQWDGRGH*UDGLHQWHV )LJXUD(VWUXFWXUDMHUiUTXLFDGHLQFOXVLyQGHFRPSRQHQWHV )LJXUD5HODFLRQHVGHLQFOXVLyQHQWUH&RQWHQHGRUHV\&RPSRQHQWHV )LJXUD3DQWDOODVGHO3URWRWLSRGH6HOHFFLyQGH(OHPHQWRV )LJXUD0RGHORGHFDMDEiVLFRGH&DVFDGLQJ6W\OH6KHHWV &66  )LJXUD'LDJUDPDGH&ODVHV3ULQFLSDOGH8,/0,'3 )LJXUD'LDJUDPDGH&ODVHVSDUDOD&ODVH$EVWUDFWD&RQWUROOHU )LJXUD'LDJUDPDGH&ODVHVSDUDOD&ODVH$EVWUDFWD9LHZ )LJXUD'LDJUDPDGH&ODVHVSDUDOD&ODVH$EVWUDFWD9LVXDO&RPSRQHQW )LJXUD(VSHFLDOL]DFLRQHVGHOD&ODVH$EVWUDFWD&RQWDLQHU )LJXUD(VSHFLDOL]DFLRQHVGHODFODVH8VHU&RQWURO )LJXUD$SDULHQFLDJHQHUDOGHORVFRQWUROHVGHODVROXFLyQ )LJXUD$SDULHQFLDGHODVSDQWDOODVEDVDGDVHQOLVWDV )LJXUD,PSOHPHQWDFLyQGHODHVWUXFWXUDEiVLFDGHSDTXHWHVGHODVROXFLyQ )LJXUD'LDJUDPDGH&ODVHV*HQHUDOGHORV&RQWHQHGRUHV )LJXUD'LDJUDPDGH&ODVHV$X[LOLDU&RQWDLQHU±9LVXDO&RPSRQHQW )LJXUD(MHPSORGHOD(VWUXFWXUDGHO'LVHxRHQ3RZHU'HVLJQHU )LJXUD7DPDxRVGHORVFRPSLODGRVGHOD%LEOLRWHFDGH&ODVHV8,/0,'3 )LJXUD&OLHQWH:HEGHO6HUYLFLR7ZLWWHU )LJXUD'LDJUDPD*HQHUDOGH&DVRVGH8VRGH7ZHHW0(.

(10) Y . )LJXUD3DQWDOODGH,QJUHVR )LJXUD9LVWDGHO3HUILOGHO8VXDULR )LJXUD(GLWRUGH7ZHHWV )LJXUD/LVWDGRGH3HUVRQDV )LJXUD'HWDOOHGHO3HUILOGHXQ8VXDULR )LJXUD9LVWDGH%~VTXHGDGH8VXDULRV )LJXUD/LVWDGRGH7ZHHWV )LJXUD3DQWDOODGH'HWDOOHGHXQ7ZHHW )LJXUD(MHPSORGHOD(VWUXFWXUDGH3DTXHWHVGHO3URWRWLSR )LJXUD3DQWDOODGH,QLFLRGH6HVLyQGH7ZHHW0(HQ(PXODGRU )LJXUD9LVWDGH)RUPXODULRGH,QJUHVR )LJXUD9LVWDGH)RUPXODULR )LJXUD9LVWDGH/LVWD )LJXUD)RUPXODULRGH,QJUHVRHQ1RNLD;SUHVV0XVLF )LJXUD)RUPXODULRGH,QJUHVRHQ6RQ\(ULFVVRQ: )LJXUD)RUPXODULRGH,QJUHVRHQ6DPVXQJ*7(/ )LJXUD)RUPXODULRGH,QJUHVRHQ1RNLD1 )LJXUD)RUPXODULRGH,QJUHVRHQ6DPVXQJ*70 )LJXUD)RUPXODULRGH,QJUHVRHQ6RQ\(ULFVVRQ: )LJXUD)RUPXODULRGH,QJUHVRHQ1RNLD )LJXUD)RUPXODULRGH,QJUHVRHQ6DPVXQJ*7% )LJXUD)RUPXODULRGH,QJUHVRHQ0RWRUROD8 )LJXUD)RUPXODULR*HQpULFRHQ1RNLD;SUHVV0XVLF )LJXUD)RUPXODULR*HQpULFRHQ6RQ\(ULFVVRQ: )LJXUD)RUPXODULR*HQpULFRHQ6DPVXQJ*7(/ )LJXUD)RUPXODULR*HQpULFRHQ1RNLD1 )LJXUD)RUPXODULR*HQpULFRHQ6DPVXQJ*70 )LJXUD)RUPXODULR*HQpULFRHQ6RQ\(ULFVVRQ: )LJXUD)RUPXODULR*HQpULFRHQ1RNLD )LJXUD)RUPXODULR*HQpULFRHQ6DPVXQJ*7% )LJXUD)RUPXODULR*HQpULFRHQ0RWRUROD8 )LJXUD/LVWDHQ1RNLD;SUHVV0XVLF )LJXUD/LVWDHQ6RQ\(ULFVVRQ: )LJXUD/LVWDHQ6DPVXQJ*7(/ )LJXUD/LVWDHQ1RNLD1 )LJXUD/LVWDHQ6DPVXQJ*70.

(11) YL . )LJXUD/LVWDHQ6RQ\(ULFVVRQ: )LJXUD/LVWDHQ1RNLD )LJXUD/LVWDHQ6DPVXQJ*7% )LJXUD/LVWDHQ0RWRUROD8 )LJXUD/LVWD/&'8,HQ(PXODGRUGHO6'.(VWiQGDU )LJXUD/LVWD/&'8,HQ(PXODGRU6'.1RNLD6HULHV )LJXUD&RPSDUDFLyQGH%DUUDVGH3HVWDxDV )LJXUD&RPSDUDFLyQGH%RWRQHVGH)RUPXODULRGH,QJUHVR )LJXUD&RPSDUDFLyQGH7LSRGH/HWUD(VWiQGDU )LJXUD&RPSDUDFLyQGH$MXVWHGH7H[WRHQ3DQWDOOD )LJXUD,QGLFDGRUHVGHO6LVWHPD2SHUDWLYRHQ3DQWDOOD. .

(12) . 35(6(17$&,Ï1 (Q OD DFWXDOLGDG ORV WHOpIRQRV FHOXODUHV VRQ XQ ELHQ D ORV TXH DFFHGH XQD JUDQ SDUWH GH OD SREODFLyQ 6HJ~Q FLIUDV SXEOLFDGDV SRU OD 6XSHULQWHQGHQFLD GH 7HOHFRPXQLFDFLRQHVGHO(FXDGRUODSHQHWUDFLyQGHODWHOHIRQtDPyYLODOFDQ]DXQ  HQ HO DxR  $PHULFD(FRQRPLD   \ VH HVWLPy TXH SDUD HO DxR  OD SHQHWUDFLyQ D QLYHO PXQGLDO GH OD WHOHIRQtD PyYLO DOFDQ]DUtD XQ  PREL7KLQNLQJ   $ PHGLGD TXH OD WHFQRORJtD DYDQ]D HVWRV DSDUDWRV KDQ GHMDGRGHVHU~QLFDPHQWHXQPHFDQLVPRGHFRPXQLFDFLyQ\VHKDQFRQYHUWLGRHQ KHUUDPLHQWDVGH SURGXFWLYLGDG \ SRU HQGH LQFRUSRUDQ QXHYDV IXQFLRQHV EULQGDQ PiVSUHVWDFLRQHV\SHUPLWHQDORVXVXDULRVDFFHGHUDGLYHUVRVVHUYLFLRV /DPD\RUtDGHORVIDEULFDQWHVGHGLVSRVLWLYRVLQFRUSRUDQODSODWDIRUPD-DYD0LFUR (GLWLRQ HQ VXV SURGXFWRV HVSHFLDOPHQWH GH JDPDV PHGLD \ EDMD SHUPLWLHQGR D ORVGHVDUUROODGRUHVFUHDUDSOLFDFLRQHVTXHIXQFLRQHQVREUHHVWRVHTXLSRV$SHVDU GH GLVSRQHU GH XQD SODWDIRUPD HVWDQGDUL]DGD OD H[SHULHQFLD GHO XVXDULR VH YH DIHFWDGD GHELGR D OD IRUPD HQ OD TXH XQD PLVPD DSOLFDFLyQ VH SUHVHQWD H LQWHUDFW~DFRQHOXVXDULRHQXQRXRWURGLVSRVLWLYR  . . .

(13) . 5(680(1 (O 3UR\HFWR GH 7LWXODFLyQ VH FHQWUD HQ HO GHVDUUROOR GH XQD ELEOLRWHFD GH FODVHV TXH SHUPLWD HO PDQHMR GH ODV LQWHUIDFHV JUiILFDV GH XVXDULR GH DSOLFDFLRQHV EDVDGDVHQODSODWDIRUPD-DYD0(RULHQWDGDHVSHFtILFDPHQWHDSHUPLWLUTXHORV GHVDUUROODGRUHV HODERUHQ DSOLFDFLRQHV PyYLOHV TXH WHQJDQ XQD DSDULHQFLD DFWXDOL]DGD\RIUH]FDQXQDH[SHULHQFLDGHXVXDULRFRQVLVWHQWH\HVWDQGDUL]DGDHQ FXDOTXLHUGLVSRVLWLYRHQHOTXHVHHMHFXWHQ (Q HO SULPHU FDStWXOR VH RIUHFH XQD YLVLyQ JHQHUDO DFHUFD GH OD SODWDIRUPD -DYD 0LFUR (GLWLRQ VXV FDUDFWHUtVWLFDV \ OLPLWDFLRQHV \ VH FRQRFH DFHUFD GH OD IRUPD HQ TXH -DYD 0LFUR (GLWLRQ JHVWLRQD ODV LQWHUIDFHV JUiILFDV GH XVXDULR GH IRUPD SUHGHWHUPLQDGD7DPELpQVHKDFHXQDUHYLVLyQGHODPHWRGRORJtDGHGHVDUUROORGH VRIWZDUH 2SHQ83 \ VH UHSDVD ODV FRQVLGHUDFLRQHV TXH VH GHEHQ KDFHU SDUD GHVDUUROODU LQWHUIDFHV GH XVXDULR XVDEOHV \ IXQFLRQDOHV WRPDQGR HQ FXHQWD ODV FDUDFWHUtVWLFDVJHQHUDOHVGHORVGLVSRVLWLYRVPyYLOHV (QHOFDStWXORGRVVHGHVFULEHHOSURFHVRGHGHVDUUROORGHODELEOLRWHFDGHFODVHV VLJXLHQGRODVSUiFWLFDVHVWDEOHFLGDVSRUODPHWRGRORJtDGHGHVDUUROORGHVRIWZDUH 2SHQ83\DSOLFiQGRODVHQHOFDVRSUiFWLFRPDWHULDGHHVWHSUR\HFWRGHWLWXODFLyQ (O WHUFHU FDStWXOR VH FHQWUD HQ OD FRQVWUXFFLyQ GH XQ SURWRWLSR GHPRVWUDWLYR TXH XWLOL]DODELEOLRWHFDGHFODVHVGHVDUUROODGDVHJ~QORGHVFULWRHQHOFDStWXORGRVDVt FRPRHQODVSUXHEDVTXHVHHMHFXWDQSDUDFRPSUREDUHOFRUUHFWRIXQFLRQDPLHQWR GH OD ELEOLRWHFD GH FODVHV HQ P~OWLSOHV GLVSRVLWLYRV FRQ FDUDFWHUtVWLFDV \ SUHVWDFLRQHVGLIHUHQWHV 3DUDWHUPLQDUHQHOFDStWXORFXDWURVHLQFOX\HXQFRPSHQGLRGHODVFRQFOXVLRQHV REWHQLGDV D SDUWLU GHO WUDEDMR GHVDUUROODGR \ VH H[SRQH XQD VHULH GH UHFRPHQGDFLRQHVEDVDGDVHQODH[SHULHQFLDDGTXLULGD . . .

(14) . &$3Ë78/23/$17($0,(172'(/352%/(0$  3/$7$)250$-$9$0,&52(',7,21 /D SODWDIRUPD -DYD 0LFUR (GLWLRQ HV XQD FROHFFLyQ GH WHFQRORJtDV \ HVSHFLILFDFLRQHVGLVHxDGDVFRQFUHWDPHQWHSDUDVXXVRHQGLVSRVLWLYRVPyYLOHV\ VLVWHPDVHPEHELGRV (VWDV WHFQRORJtDV VH SXHGHQ FRPELQDU SDUD FRQVWUXLU XQ HQWRUQR GH WLHPSR GH HMHFXFLyQ -DYD FRPSOHWR RSWLPL]DGR SDUD DMXVWDUVH D ORV UHTXLVLWRV GH XQ PHUFDGRRGHHTXLSRVHVSHFtILFRVFRPRDSDUDWRVLQGXVWULDOHVHOHFWURGRPpVWLFRV \GLVSRVLWLYRVSHUVRQDOHV'HHVWD~OWLPDFDWHJRUtDVREUHVDOHQSRUVXQDWXUDOH]D ORVWHOpIRQRVFHOXODUHV  (92/8&,Ï1'(/$3/$7$)250$ 6XQ0LFURV\VWHPVGLVHxy-DYD0LFUR(GLWLRQFRQODLQWHQFLyQGHUHHPSOD]DUXQD WHFQRORJtDDQWHULRUVLPLODUGHQRPLQDGD3HUVRQDO-DYD (OGHVDUUROORGH-0(VHUHDOL]y\VHOLEHUyFRPRODHVSHFLILFDFLyQ-&3$SDUWLU GHHVWDHVSHFLILFDFLyQVHKDQFUHDGRGLIHUHQWHVYHUVLRQHVGH-DYD0LFUR(GLWLRQ FDGDXQDGHWDOODGDHQXQ-65GLIHUHQWH (Q'LFLHPEUHGH6XQ0LFURV\VWHPVODQ]yHOFyGLJRIXHQWHGH-0(EDMROD OLFHQFLD *18 *HQHUDO 3XEOLF /LFHQVH FRQ HO QRPEUH GH SKRQH0( :LNLPHGLD )RXQGDWLRQ   &$5$&7(5Ë67,&$6'(-$9$0,&52(',7,21 6XQ 0LFURV\VWHPV FUHR OD WHFQRORJtD -DYD 0LFUR (GLWLRQ FRQ HO REMHWLYR GH VLPSOLILFDU HO GHVDUUROOR GH DSOLFDFLRQHV SDUD GLVSRVLWLYRV SHTXHxRV \ PDQHMDU DGHFXDGDPHQWHVXVUHVWULFFLRQHV /DV FRQGLFLRQHV EiVLFDV TXH VH GHILQLHURQ SDUD -DYD 0( HUDQ SULQFLSDOPHQWH DMXVWDUVHDXQHQWRUQRGHWUDEDMRUHGXFLGR\SRVLELOLWDUODFUHDFLyQGHDSOLFDFLRQHV -DYD TXH VH HMHFXWHQ HQ GLVSRVLWLYRV FRQ PHPRULD OLPLWDGD SDQWDOOD SHTXHxD \ FDSDFLGDGHQHUJpWLFDUHVWULQJLGD /DDUTXLWHFWXUDGH-DYD0LFUR(GLWLRQVHHQFXHQWUDFRPSXHVWDSRUWUHVHOHPHQWRV IXQGDPHQWDOHVFRQILJXUDFLRQHVSHUILOHV\SDTXHWHVRSFLRQDOHV .

(15) . $SO. $SO. $SO. $SO 3HUILO. &RQILJXUDFLyQ. 0iTXLQD9LUWXDO-DYD. 6LVWHPD2SHUDWLYRGHO'LVSRVLWLYR.  )LJXUD$UTXLWHFWXUD*HQHUDOGH-DYD0LFUR(GLWLRQ 5HIHUHQFLD:HOOV0DUWLQ--0(*DPH3URJUDPPLQJ3 7UDGXFLGR\DGDSWDGRSRU&DUORV$QGUpV2TXHQGR. /DV FRQILJXUDFLRQHV HVSHFLILFDQ XQD 0iTXLQD 9LUWXDO GH -DYD \ XQ FRQMXQWR OLPLWDGR GH LQWHUIDFHV GH SURJUDPDFLyQ $3,  SDUD XQ DPSOLR UDQJR GH GLVSRVLWLYRV VLPLODUHV HQ PHPRULD \ SRGHU GH SURFHVDPLHQWR (Q HVHQFLD HV OD FDSD TXH PLQLPL]D OD SODWDIRUPD -DYD UHPRYLHQGR DOJXQRV FRPSRQHQWHV FRPR SDUWHVGHOOHQJXDMHUHTXLVLWRVGHKDUGZDUH\ELEOLRWHFDVDGLFLRQDOHV &RPR SDUWH GHO GHVDUUROOR GH -DYD 0LFUR (GLWLRQ 6XQ GHVDUUROOy GRV FRQILJXUDFLRQHV SULQFLSDOHV &'& &RQQHFWHG 'HYLFH &RQILJXUDWLRQ \ &/'& &RQQHFWHG/LPLWHG'HYLFH&RQILJXUDWLRQ  /DV FRQILJXUDFLRQHV SHUPLWHQ TXH ORV GHVDUUROODGRUHV FXHQWHQ FRQ XQ FRQMXQWR HVWiQGDUGHIXQFLRQDOLGDGHVEiVLFDVSDUDFXDOTXLHUGLVSRVLWLYR /RV SHUILOHV VRQ XQ FRQMXQWR GH $3,V HVSHFLDOL]DGDV DGLFLRQDOHV D ODV SURYLVWDV SRU ODV FRQILJXUDFLRQHV TXH SHUPLWHQ PDQHMDU \ HVWDQGDUL]DU DOJXQDV IXQFLRQDOLGDGHVTXHORVIDEULFDQWHVGHGLVSRVLWLYRVPyYLOHVSXHGHQLQFOXLUHQVXV SURGXFWRV /RV SHUILOHV HYLWDQ TXH ORV GHVDUUROODGRUHV GHEDQ XWLOL]DU $3,V FUHDGDV HVSHFtILFDPHQWH SDUD FDGD GLVSRVLWLYR \ OHV SHUPLWHQ GHVDUUROODU DSOLFDFLRQHV SDUDXQDIDPLOLDHVSHFtILFDGHGLVSRVLWLYRV /RV SDTXHWHV RSFLRQDOHV VRQ XQ FRQMXQWR GH $3,V RULHQWDGRV KDFLD XQD WHFQRORJtDHVSHFtILFDTXHORVIDEULFDQWHVSXHGHQRQRLQFOXLUHQVXVGLVSRVLWLYRV. .

(16) .  3(5),/(6<&21),*85$&,21(635,1&,3$/(6 &RQQHFWHG'HYLFH&RQILJXUDWLRQ±&'& (VWDFRQILJXUDFLyQVHHQIRFDHQGLVSRVLWLYRVJUDQGHVFRPRWHOHYLVRUHVGLJLWDOHV FRQVRODV GH YLGHR DSDUDWRV GH WHOHYLVLyQ SRU FDEOH VLVWHPDV GH QDYHJDFLyQ YHKLFXODU3'$VGHDOWDVSUHVWDFLRQHVHWF 8QGLVSRVLWLYRFRQHFWDGRLQFOX\HXVXDOPHQWHXQ&38GHELWVFRQDOPHQRV 0%GHPHPRULD5$0\XQRV0%GHPHPRULD520GLVSRQLEOHSDUDHOHQWRUQR GHDSOLFDFLyQ-DYD /DVLPSOHPHQWDFLRQHVGHUHIHUHQFLDSDUDORVSHUILOHVGH&'&VHEDVDQHQ/LQX[ HMHFXWiQGRVHVREUHXQ3&,QWHOFRPSDWLEOH :LNLPHGLD)RXQGDWLRQ  &'&HVSHFLILFDTXHORVGLVSRVLWLYRVTXHODLPSOHPHQWHQGHEHQVRSRUWDUXQD-90 FRPSOHWDGHDOWRUHQGLPLHQWRFRQRFLGDFRPR&90R&RPSDFW9LUWXDO0DFKLQH &'&FRQWLHQHWUHVSHUILOHVSULQFLSDOHV)RXQGDWLRQ3URILOH3HUVRQDO%DVLV3URILOH\ 3HUVRQDO3URILOH &RQQHFWHG/LPLWHG'HYLFH&RQILJXUDWLRQ±&/'& (V OD FRQILJXUDFLyQ GLVHxDGD SDUD VHU LPSOHPHQWDGD HQ GLVSRVLWLYRV SHTXHxRV FRPRORFDOL]DGRUHVWHOpIRQRVFHOXODUHVDOJXQRVWLSRVGHWHOpIRQRVLQWHOLJHQWHVR 3'$VVHQFLOODV'HILQHXQHVWiQGDUXWLOL]DGRSRUORVIDEULFDQWHVSDUDFRQVWUXLUH LPSOHPHQWDU XQ HQWRUQR GH WLHPSR GH HMHFXFLyQ -DYD /RV GHVDUUROODGRUHV TXH VLJXHQ HO HVWiQGDU DFFHGHQ D XQD SODWDIRUPD FRQILDEOH GRQGH HMHFXWDU VXV DSOLFDFLRQHV /D LPSOHPHQWDFLyQ GH UHIHUHQFLD GH &/'& VH EDVD HQ XQD -90 SHTXHxD \ UHVWULQJLGDFRQRFLGDFRPR.90R.LORE\WH9LUWXDO0DFKLQH &/'&VHHQFDUJDGHUHJXODUDOJXQRVDVSHFWRVGHOGHVDUUROOR-DYDFRPR x &DUDFWHUtVWLFDV GH ORV GLVSRVLWLYRV &/'& GHILQH ODV FDUDFWHUtVWLFDV PtQLPDV TXH XQ GLVSRVLWLYR GHEH SRVHHU FRPR DO PHQRV  .% GH PHPRULD5$0SDUDODSODWDIRUPD-DYD.%GHPHPRULD520SDUDOD PiTXLQD YLUWXDO \ ODV OLEUHUtDV GH &/'& XQ SURFHVDGRU GH  R  ELWV. .

(17) . FRUULHQGR DO PHQRV D  0+] DOJXQD IRUPD GH FRQHFWLYLGDG LQWHUPLWHQWH LQDOiPEULFD \ FRQ EDMR DQFKR GH EDQGD \ DOJXQD IXHQWH GH HQHUJtD XVXDOPHQWHEDWHUtDV x 0RGHORGHVHJXULGDG6HHQIRFDHQGRVDVSHFWRVIXQGDPHQWDOHV R 6HJXULGDG GH OD PiTXLQD YLUWXDO 3URWHJH DO GLVSRVLWLYR GH SRVLEOHV GDxRV JHQHUDGRV SRU HO FyGLJR GHO XVXDULR (YLWD OD HMHFXFLyQ GH LQVWUXFFLRQHV LQYiOLGDV R OD FUHDFLyQ GH HVFHQDULRV HQ ORV FXDOHV OD PHPRULDH[WHUQDDOHQWRUQR-DYDVHFRUURPSD,QFOX\HODYHULILFDFLyQ GHOE\WHFRGHGHODVDSOLFDFLRQHV R 6HJXULGDG GH OD DSOLFDFLyQ 3URWHJH HO XVR GH ORV UHFXUVRV GHO GLVSRVLWLYR /D SODWDIRUPD -DYD 0( LQFRUSRUD XQ PRGHOR GH VHJXULGDG VLPSOLILFDGR EDVDGR HQ XQ VDQGER[ GRQGH VH HMHFXWD HO FyGLJRGHODVDSOLFDFLRQHV-DYD0(FRPRVHSXHGHREVHUYDUHQOD )LJXUD 6LVWHPD2SHUDWLYRGHO'LVSRVLWLYR 0iTXLQD9LUWXDO-DYD 6DQGER[ &ODVHV &/'& 3URJUDPD &ODVHV 0,'3.  )LJXUD0RGHORGH6HJXULGDGGH$SOLFDFLRQHV-DYD0( 5HIHUHQFLD:HOOV0DUWLQ--0(*DPH3URJUDPPLQJ3 7UDGXFLGRSRU&DUORV$QGUpV2TXHQGR. x $GPLQLVWUDFLyQGHODVDSOLFDFLRQHV(OGLVSRVLWLYRGHEHLQFRUSRUDUFXDOTXLHU IXQFLRQDOLGDG TXH SHUPLWD DO XVXDULR UHYLVDU HMHFXWDU R HOLPLQDU ODV DSOLFDFLRQHV LQVWDODGDV &/'& QR HVSHFLILFD OD IRUPD TXH GHEH WHQHU HO DGPLQLVWUDGRUGHDSOLFDFLRQHV x 'LIHUHQFLDV GHO OHQJXDMH &RPR -DYD 0( HV XQ VXEFRQMXQWR GH -DYD 6( DOJXQDV GH VXV IXQFLRQDOLGDGHV VRQ OLPLWDGDV R LQH[LVWHQWHV 3RU HMHPSOR QRVHGLVSRQHGHDULWPpWLFDGHSXQWRIORWDQWH HQ&/'& ODILQDOL]DFLyQ GHORVREMHWRVHVDXWRPiWLFDQRVHLQFOX\HQDOJXQDVFODVHVGHPDQHMRGH HUURUHVGHŒƒ˜ƒŜŽƒ‰Ŝ””‘”HWF. .

(18) . x 'LIHUHQFLDV FRQ OD -90 /D .90 GH &/'& QR GLVSRQH GH DOJXQDV FDUDFWHUtVWLFDV GH OD -90 JHQpULFD FRPRSRU HMHPSOR UHIHUHQFLDV GpELOHV UHIOH[LyQJUXSRVGHWKUHDGVWKUHDGVGHEDFNJURXQG-DYD1DWLYH,QWHUIDFH -1, \FDUJDGRUHVGHFODVHVSHUVRQDOL]DGRV x %LEOLRWHFDV GH FODVHV LQFOXLGDV 6H LQFOX\H XQ VXEFRQMXQWR GH ODV FODVHV H[LVWHQWHV HQ -DYD 6( TXH VH FODVLILFDQ EDMR HOSDTXHWH Œƒ˜ƒŜƋ\ FODVHV SURSLDV GH -DYD 0( FRQWHQLGDV HQ HO SDTXHWH Œƒ˜ƒšŜƋ 1R VH LQFOX\HQ FODVHVUHODFLRQDGDVFRQHOPDQHMRGHLQWHUID]JUiILFDFRPRDTXHOODVGHORV SDTXHWHV Œƒ˜ƒšŜƒ™–ŜƋ \ Œƒ˜ƒšŜ•™‹‰ŜƋ QL ODV UHODFLRQDGDV FRQ OD FRQHFWLYLGDGSHUWHQHFLHQWHVDOSDTXHWHŒƒ˜ƒŜ‡–ŜƋ 0RELOH,QIRUPDWLRQ'HYLFH3URILOH0,'3 0,'3HVHOSHUILOPiVFRP~Q\SRSXODUGHELGRDTXHVHFRQYLUWLyHQHOHVWiQGDUGH IDFWRSDUDPXFKRVMXHJRV\DSOLFDFLRQHV (VSHFtILFDPHQWH 0,'3 H[WLHQGH ODV IXQFLRQDOLGDGHV RIUHFLGDV SRU &/'& \ SURSRUFLRQD IXQFLRQDOLGDGHV HVSHFtILFDV SDUD ORV GLVSRVLWLYRV FRQRFLGRV FRPR 0,' 0RELOH,QIRUPDWLRQ'HYLFH  'HVGH HO SXQWR GH YLVWD GHO HQWRUQR GH KDUGZDUH 0,'3 HQ VX YHUVLyQ  HVWDEOHFHODVVLJXLHQWHVFDUDFWHUtVWLFDV x 3DQWDOODFRQUHVROXFLyQPtQLPDGH[SL[HOHVFRQELWGHFRORU\XQD UHODFLyQGHDVSHFWRGHOSL[HOGHFDVLD x 0HGLRV GH HQWUDGD FRPR XQ WHFODGR QXPpULFR NH\SDG GH WHOpIRQR  XQ WHFODGRDOIDQXPpULFR WLSR4:(57< RSDQWDOODWiFWLO x 0HPRULD3RUORPHQRV.%GHPHPRULD520SDUDORVFRPSRQHQWHVGH 0,'3  .% GH PHPRULD QR YROiWLO SDUD ORV GDWRV SHUVLVWHQWHV JHQHUDGRV SRU ODV DSOLFDFLRQHV  .% GH PHPRULD 5$0 SDUD XVDUVH HQ WLHPSR GH HMHFXFLyQ x 5HG &RQHFWLYLGDG LQDOiPEULFD GH GREOH YtD XVXDOPHQWH LQWHUPLWHQWH FRQ XQDQFKRGHEDQGDOLPLWDGR. .

(19) . (OVLVWHPDRSHUDWLYRGHORV0,'YDUtDVLJQLILFDWLYDPHQWHHQIXQFLRQDOLGDG\SRGHU 3RU OR WDQWR 0,'3 HVWDEOHFH DOJXQDV FDSDFLGDGHV PtQLPDV TXH ORV VLVWHPDV RSHUDWLYRVGHEHQFXPSOLU x 0HPRULD$FFHVRDDOJXQDIRUPDGHPHPRULDQRYROiWLO x 5HG6XILFLHQWHVRSHUDFLRQHVSDUDHOWUDEDMRHQUHGGHORVFRPSRQHQWHVGH OD$3,GH0,'3 x *UiILFRV&DSDFLGDGGHPRVWUDUDOJXQDIRUPDGHJUiILFRVGHPDSDGHELWV x 0HGLRV GH HQWUDGD \ VDOLGD 0HFDQLVPRV SDUD FDSWXUDU OD HQWUDGD GH ORV XVXDULRV\SURYHHUUHWURDOLPHQWDFLyQ x .HUQHO8QNHUQHOGHVLVWHPDRSHUDWLYRIXQFLRQDOEiVLFRFDSD]GHPDQHMDU LQWHUUXSFLRQHVH[FHSFLRQHV\FRQDOJXQDIRUPDGHFDOHQGDUL]DUSURFHVRV /DLPSOHPHQWDFLyQGH0,'3SURYHHDOJXQDVELEOLRWHFDVGHFODVHVTXHSHUPLWHQD ORVGHVDUUROODGRUHVDFFHGHUD x /DLQWHUID]GHXVXDULRGHOGLVSRVLWLYR x (OVXEVLVWHPDGHVRQLGRGHOHTXLSR x 0HGLRVGHDOPDFHQDPLHQWRSHUVLVWHQWHVRUHFRUGVWRUH x )XQFLRQHVGHUHGTXHLPSOHPHQWDQHOIUDPHZRUNGHFRQHFWLYLGDGGHILQLGR HQ&/'& x &RQWDGRUHV\WHPSRUL]DGRUHV x )XQFLRQDOLGDGHVGHJHVWLyQGHODVDSOLFDFLRQHV $SOLFDFLRQHV 0,'3-DYD. $SOLFDFLRQHV-DYD (VSHFtILFDVGHO'LVSRVLWLYR. $SOLFDFLRQHV 1DWLYDV. $3,V(VSHFtILFDV GHO'LVSRVLWLYR. && 2WURV/HQJXDMHV. 0,'3. &/'&. 6LVWHPD2SHUDWLYRGHO'LVSRVLWLYR.  )LJXUD$UTXLWHFWXUDGHXQVLVWHPDEDVDGRHQ0,'3 5HIHUHQFLD.QXGVHQ-/L6%HJLQQLQJ-0()URP1RYLFH7R3URIHVVLRQDO3 7UDGXFLGRSRU&DUORV$QGUpV2TXHQGR. .

(20) .  /,0,7$&,21(6'(/$3/$7$)250$ (OGHVDUUROORGHDSOLFDFLRQHVPyYLOHVSDUDODSODWDIRUPD-DYD0LFUR(GLWLRQVHYH DIHFWDGRSRUODVVLJXLHQWHVOLPLWDFLRQHVJHQHUDOHVGHORVGLVSRVLWLYRV x 7DPDxR GH OD SDQWDOOD (O iUHD GLVSRQLEOH GH OD SDQWDOOD XVXDOPHQWH HV UHGXFLGDFRPSDUDGRFRQHOWDPDxRGHODVSDQWDOODVGHFRPSXWDGRU x &RQHFWLYLGDG GH 5HG /RV GLVSRVLWLYRV XVXDOPHQWH LQFOX\HQ VHUYLFLRV GH FRQHFWLYLGDG LQWHUPLWHQWH \ OLPLWDGD HQ FDSDFLGDG GH WUDQVIHUHQFLD GH GDWRV\HQDQFKRGHEDQGD x 5HVWULFFLRQHV GH PHPRULD /D PD\RUtD GH ORV GLVSRVLWLYRV LQFOX\HQ UHODWLYDPHQWHSRFDPHPRULDGLVSRQLEOHSDUDXVRH[FOXVLYRGHOXVXDULRVLQ WRPDU HQ FXHQWD ODV WDUMHWDV GH H[SDQVLyQ H[WUDtEOHV 8VXDOPHQWH OD PHPRULDGHOGLVSRVLWLYRHVFRPSDUWLGDSDUDWRGDVODVIXQFLRQHVGHOWHOpIRQR \QRSXHGHXWLOL]DUVHFRPSOHWDPHQWHSDUDLQVWDODUDSOLFDFLRQHV $O FRQVLGHUDU OD SODWDIRUPD GH SURJUDPDFLyQ GLVSRQLEOH SDUD ORV GLVSRVLWLYRV VH WLHQHTXHKDFHUODVVLJXLHQWHVSUHFLVLRQHV x /D SODWDIRUPD -DYD 0( HQFXHQWUD EDVDGD HQ OD YHUVLyQ  GHO OHQJXDMH -DYD TXH WLHQH PXFKDV UHVWULFFLRQHV HQ FRPSDUDFLyQ FRQ ODV YHUVLRQHV DFWXDOHVGH-DYD x 'HELGRDOPRGHORGHVHJXULGDGLPSOHPHQWDGR-DYD0(QRSXHGHDFFHGHU DFLHUWDVIXQFLRQHVQDWLYDVGHORVWHOpIRQRV x /DV DSOLFDFLRQHV QR SXHGHQ DFFHGHU VLQ DXWRUL]DFLyQ GHO XVXDULR D IXQFLRQHV HVSHFtILFDV FRPR FRQHFWLYLGDG GDWRV GHO XVXDULR VLVWHPD GH DUFKLYRVHWFDPHQRVTXHVHHQFXHQWUHQILUPDGDVGLJLWDOPHQWH x &DGD IDEULFDQWH HVSHFLILFD OD PDQHUD GH LPSOHPHQWDU OD IXQFLRQDOLGDG GH LQWHUID]GHXVXDULRGHDOWRQLYHOTXHSXHGHQXWLOL]DUODVDSOLFDFLRQHV x (QDOJXQRVFDVRVORVIDEULFDQWHVQRLPSOHPHQWDQRLQFOX\HQORVSDTXHWHV RSFLRQDOHV TXH SRGUtDQ VHU UHTXHULGRV SDUD GHVDUUROODU H[LWRVDPHQWH XQD DSOLFDFLyQPyYLO  02'(/26'(,17(5)$=*5È),&$ /DV LQWHUIDFHV GH SURJUDPDFLyQ TXH SHUPLWHQ D ODV DSOLFDFLRQHV DFFHGHU D OD LQWHUID] JUiILFD GH ORV GLVSRVLWLYRV TXH LPSOHPHQWDQ OD SODWDIRUPD -DYD 0LFUR .

(21) . (GLWLRQ QRIRUPDQ SDUWH GH OD FRQILJXUDFLyQ &/'& VLQR TXH VRQ SURSRUFLRQDGDV SRUHOSHUILO0,'3 /DV FODVHV SDUD HO PDQHMR GH OD LQWHUID] JUiILFD TXH 0,'3 SURSRUFLRQD QR VH EDVDQHQODVWHFQRORJtDVH[LVWHQWHVSDUD-DYD6(FRPR$:7 $EVWUDFW:LQGRZ 7RRONLW  R 6:,1* GHELGR D DOJXQDV UHVWULFFLRQHV IXQFLRQDOHV SURSLDV GH ORV GLVSRVLWLYRV PyYLOHV FRPR HO WDPDxR UHGXFLGR GH OD SDQWDOOD OD UHVROXFLyQ R OD SURIXQGLGDGGHFRORUHVRORVWLSRVGHPHGLRVGHHQWUDGDGLVSRQLEOHV 0,'3SURSRUFLRQDDORVGHVDUUROODGRUHVLQWHUIDFHVGHSURJUDPDFLyQGHDOWR\EDMR QLYHO HQ HO SDTXHWH Œƒ˜ƒšŜ‹ ”‘‡†‹–‹‘ŜŽ †—‹ TXH SHUPLWHQ DGPLQLVWUDU OD LQWHUID]JUiILFDGHODVDSOLFDFLRQHVEDVDGDVHQHVWHSHUILO (O$3,GHDOWRQLYHOTXHVHHQFXHQWUDLPSOHPHQWDGRHQODVGLIHUHQWHVVXEFODVHV GH Œƒ˜ƒšŜ‹ ”‘‡†‹–‹‘ŜŽ †—‹Ŝ ”‡‡ VH FHQWUD HQ SHUPLWLU \ IDFLOLWDU HO GHVDUUROOR GH DSOLFDFLRQHV SRUWDEOHV HQWUH ODV GLIHUHQWHV PDUFDV \ PRGHORV GH GLVSRVLWLYRV3DUDORJUDUODSRUWDELOLGDGVHHPSOHDXQDOWRQLYHOGHDEVWUDFFLyQ\ HQFRQVHFXHQFLDHOGHVDUUROODGRUREWLHQHPX\SRFRFRQWUROGHODDSDULHQFLDYLVXDO GHODDSOLFDFLyQ (O VLVWHPD RSHUDWLYR GHO GLVSRVLWLYR VH HQFDUJD GH DGDSWDU OD LQWHUID] GH XVXDULR GHODDSOLFDFLyQDOKDUGZDUHHVSHFtILFRGHOGLVSRVLWLYR\DVXHVWLOR\GLVHxRJUiILFR QDWLYR &RPR UHVXOWDGR OD LQWHUID] GH XVXDULR JHQHUDGD SDUD OD DSOLFDFLyQ VHUi FRPSOHWDPHQWHGLIHUHQWHHQGLVSRVLWLYRVGHGLIHUHQWHVPDUFDV\PRGHORV (Q FRQWUDVWH HO $3, GH EDMR QLYHO SURYHH PX\ SRFD DEVWUDFFLyQ (VWH $3, VH GLVHxySDUDODVDSOLFDFLRQHVTXHUHTXLHUHQDFFHGHUDORVHYHQWRVGHHQWUDGDGH EDMR QLYHO R TXH QHFHVLWDQ XELFDU HOHPHQWRV FRQ PD\RU SUHFLVLyQ SHUPLWLHQGR D ORVGHVDUUROODGRUHVFRQWURODUFRPSOHWDPHQWHORTXHVHYDDGLEXMDUHQODSDQWDOOD GHOGLVSRVLWLYR (VWH$3,VHHQFXHQWUDLPSOHPHQWDGRHQODVFODVHVƒ˜ƒ•\ ”ƒ’Š‹ •SUHVHQWHV GHQWUR GHO SDTXHWH Œƒ˜ƒšŜ‹ ”‘‡†‹–‹‘ŜŽ †—‹ &XDQGR VHXWLOL]D HVWDV FODVHV QR VH JDUDQWL]D OD SRUWDELOLGDG GH OD DSOLFDFLyQ \D TXH HO $3, SURYHH DOJXQRV PHFDQLVPRVSDUDDFFHGHUDIXQFLRQDOLGDGHVHVSHFtILFDVGHORVGLVSRVLWLYRV. .

(22) .  0(72'2/2*Ë$23(183 2SHQ83 HV XQD YDULDQWH VHQFLOOD \ H[WHQVLEOH GHO 3URFHVR 8QLILFDGR TXH DSOLFD XQHQIRTXHLWHUDWLYRHLQFUHPHQWDODOFLFORGHYLGDHVWUXFWXUDGRGHXQSUR\HFWRGH GHVDUUROOR 2SHQ83 FRQWHPSOD XQD ILORVRItD iJLO \ SUDJPiWLFD TXH VH HQIRFD HQ DSURYHFKDUODQDWXUDOH]DFRODERUDWLYDGHOGHVDUUROORGHVRIWZDUH (OHVIXHU]RSHUVRQDOVHRUJDQL]DHQPLFURLQFUHPHQWRVTXHUHSUHVHQWDQXQLGDGHV GH WUDEDMR FRUWDV TXH SHUPLWHQ TXH HO SUR\HFWR DYDQFH D XQ ULWPR FRQWLQXR \ PHGLEOHWtSLFDPHQWHHQKRUDVRSRFRVGtDV(OSURFHVRSURPXHYHODFRODERUDFLyQ LQWHQVLYD GH XQ HTXLSR GH WUDEDMR FRPSURPHWLGR \ RUJDQL]DGR D PHGLGD TXH VH GHVDUUROOD HO VLVWHPD &DGD PLFUR LQFUHPHQWR SURSRUFLRQD XQ SHULRGR GH UHWURDOLPHQWDFLyQ PX\ FRUWR TXH SHUPLWH WRPDU GHFLVLRQHV GH DGDSWDFLyQ GHQWUR GHFDGDLWHUDFLyQ 2SHQ83GLYLGHDOSUR\HFWRHQLWHUDFLRQHVSODQHDGDVFRQGXUDFLRQHVPHGLGDVFDVL VLHPSUH HQ VHPDQDV /DV LWHUDFLRQHV HQIRFDQ DO HTXLSR GH WUDEDMR HQ HQWUHJDU LQFUHPHQWRV FRQ YDORU GH XQD PDQHUD SUHGHFLEOH GH DFXHUGR D XQ SODQ GH LWHUDFLRQHVGHILQLGR(OUHVXOWDGRILQDOHVXQSURGXFWRTXHSXHGHVHUPRVWUDGR /RV HTXLSRV GHWUDEDMR GH2SHQ83 VHRUJDQL]DQ SRU VX FXHQWD SDUD FXPSOLU ORV REMHWLYRVGHODLWHUDFLyQ\VHFRPSURPHWHQDHQWUHJDUORVUHVXOWDGRVGHILQLHQGR\ WRPDQGR WDUHDV GHWDOODGDV GH XQD OLVWD GHHOHPHQWRV GH WUDEDMR2SHQ83DSOLFD XQFLFORGHYLGDGHODLWHUDFLyQTXHHVWUXFWXUDODIRUPDGHDSOLFDUFDGDXQRGHORV PLFUR LQFUHPHQWRV \ GH HVWD PDQHUD HQWUHJDU SURGXFWRV HVWDEOHV \ FRKHVLYRV TXH SHUPLWDQ TXH HO VLVWHPD SURJUHVH GH PDQHUD LQFUHPHQWDO SDUD ORJUDU ORV REMHWLYRVGHODLWHUDFLyQ (O FLFOR GH YLGD GH XQ SUR\HFWR 2SHQ83 VH GLYLGH HQ FXDWUR IDVHV SULQFLSDOHV ,QLFLR (ODERUDFLyQ &RQVWUXFFLyQ \ 7UDQVLFLyQ 'XUDQWH WRGR HO WUDQVFXUVR GHO SUR\HFWR H[LVWHQ SXQWRV GH YLVLELOLGDG \ GH GHFLVLyQ SDUD ORV LQWHUHVDGRV \ PLHPEURVGHOHTXLSR'HHVWDPDQHUDVHSXHGHKDFHUXQVHJXLPLHQWRHIHFWLYR\ WRPDUGHFLVLRQHVHQWLHPSRVDSURSLDGRV 8Q SODQ GHO SUR\HFWR GHILQH HO FLFOR GH YLGD TXH WLHQH FRPR UHVXOWDGR ILQDO XQD DSOLFDFLyQWHUPLQDGD. .

(23) .  )LJXUD(VWUXFWXUDGH2SHQ83 5HIHUHQFLD2SHQ832QOLQH'RFXPHQWDWLRQ KWWSHSIHFOLSVHRUJZLNLVRSHQXS.  &216,'(5$&,21(6'(',6(f2'(,17(5)$&(6 (O PHGLR SRU HO FXDO ORV XVXDULRV DFFHGHQ H LQWHUDFW~DQ FRQ XQ HTXLSR GH FRPSXWDFLyQ \ VXV DSOLFDFLRQHV GH VRIWZDUH VH GHQRPLQD LQWHUID] GH XVXDULR ([LVWH XQD JUDQ FDQWLGDG GH SRVLEOHV LQWHUIDFHV TXH ORV XVXDULRV SXHGHQ XWLOL]DU SDUDFRPXQLFDUVHFRQORVGLIHUHQWHVVLVWHPDVGHFRPSXWDFLyQ (QHOPXQGRGHORVGLVSRVLWLYRVPyYLOHVODVLQWHUIDFHVGHXVXDULRFRPXQHVGHOD FRPSXWDFLyQJHQHUDOGHHVFULWRULRTXHLQFOX\HQPHFDQLVPRVGHHQWUDGD\VDOLGD FRPR HO WHFODGR HO UDWyQ \ HO PRQLWRU QR VRQ ORV PiV DGHFXDGRV (Q VX OXJDU DSDUHFHQORVWHFODGRVFRPSDFWRV GHWLSR4:(57<QXPpULFRVRDOIDQXPpULFRV  ODVSDQWDOODVWiFWLOHVORVVLVWHPDVGHDOHUWDDXGLWLYDHWF 8QR GH ORV WLSRV GH LQWHUID] GH XVXDULR PiV FRP~Q HV OD ,QWHUID] *UiILFD GH 8VXDULR TXH HQ ORV GLVSRVLWLYRV PyYLOHV UHSUHVHQWD HO PHGLR PiV GLUHFWR SDUD YLVXDOL]DUODVDSOLFDFLRQHVHLQWHUDFWXDUFRQHOGLVSRVLWLYR. .

(24) . $O PRPHQWR GH GLVHxDU LQWHUIDFHV JUiILFDV GH XVXDULR DGHFXDGDV SDUD FXDOTXLHU DSOLFDFLyQ VH GHEH FRQVLGHUDU SULQFLSDOPHQWH ORV IDFWRUHV KXPDQRV HQWUH ORV FXDOHVVHGHVWDFDQ x (OORRNDQGIHHOGHODDSOLFDFLyQ x /RVJXVWRVGHORVXVXDULRV x /DIDFLOLGDGGHDSUHQGL]DMHGHODLQWHUID] x /DHILFLHQFLDTXHSXHGHQORJUDUORVXVXDULRVDOXVDUODLQWHUID] x &XHVWLRQHVGHVDOXGDOXVDUODLQWHUID]GHXVXDULR &XDQGRVHGHVDUUROODLQWHUIDFHVJUiILFDVGHXVXDULRHQIRFDGDVHQORVGLVSRVLWLYRV PyYLOHVVHGHEHFRQVLGHUDUDGHPiVORVVLJXLHQWHVDVSHFWRV x &LFORV FRUWRV GH WUDQVDFFLRQHV /RV XVXDULRV UHDOL]DQ WDUHDV UiSLGDV \ VHQFLOODV (YLWDQ UHDOL]DU WDUHDV GRQGH GHEDQ LQJUHVDU PXFKDV FDQWLGDGHV GHGDWRVRTXHVHWRPHQODUJRVFLFORVWUDQVDFFLRQDOHV x $OWR GHVHPSHxR GH ORV GLVSRVLWLYRV /RV XVXDULRV HVSHUDQ XQ DOWR GHVHPSHxRGHORVGLVSRVLWLYRVPyYLOHV\WLHPSRVGHUHVSXHVWDEDMRV3RU HMHPSOR HV LQDGPLVLEOH TXH XQ GLVSRVLWLYR WRPH YDULRV PLQXWRV SDUD HQFHQGHUVHDUUDQFDU\HVWDUOLVWRSDUDVXXVR x 3pUGLGD GH IRFR /RV XVXDULRV GH GLVSRVLWLYRV PyYLOHV QR VH HQIRFDQ HQ XQD WDUHD GH FRPSXWDFLyQ 8VXDOPHQWH ORV XVXDULRV VH HQFXHQWUDQ KDFLHQGRYDULDVFRVDVDODYH] 'H HVWD PDQHUD VH SXHGH HVWDEOHFHU DOJXQRV DVSHFWRV LPSRUWDQWHV SDUD HO GHVDUUROORGHLQWHUIDFHVJUiILFDVGHXVXDULRSDUDORVGLVSRVLWLYRVPyYLOHV x 7LHPSR GH UHVSXHVWD GHO VLVWHPD \ WLHPSR GH DFFHVR GHO VLVWHPD eVWRVVRQXQSUREOHPDFRP~QHQODFRPSXWDFLyQ(VLQDFHSWDEOHTXHXQD DSOLFDFLyQ SURGX]FD HVSHUDV ODUJDV \D TXH GLVWUDHQ DO XVXDULR GH XVDU OD DSOLFDFLyQVXVFDUDFWHUtVWLFDVRHOGLVSRVLWLYRFRPRWDO x ,QWHUIDFHVJUiILFDVOLPSLDV\HILFLHQWHV1RHVDGHFXDGRTXHODVLQWHUIDFHV JUiILFDV GH XVXDULR VHDQ FDUJDGDV R DSLxDGDV /D LQWHUID] JUiILFD GH XQ VLVWHPDPyYLOGHEHWHQHUVRODPHQWHORVHOHPHQWRVQHFHVDULRVSDUDEULQGDU DOXVXDULRODLQIRUPDFLyQ\IXQFLRQDOLGDGHVTXHUHTXLHUH\QDGDPiV. .

(25) . x &RQVLVWHQFLDHQWUHODVLQWHUIDFHVGHXVXDULR(VPX\LPSRUWDQWHTXHORV XVXDULRV WHQJDQ OD PLVPD H[SHULHQFLD GH XVXDULR D PHGLGD TXH XVDQ ORV GLIHUHQWHVPyGXORVGHXQDDSOLFDFLyQ x 7HQHU HQ FXHQWD ODV OLPLWDFLRQHV \ FDSDFLGDGHV KXPDQDV &RQVLGHUDU TXH QR WRGDV ODV SHUVRQDV UHDFFLRQDQ LJXDO DQWH ORV HVWtPXORV UHFLELGRV SRUORVGLIHUHQWHVVHQWLGRV1RVHGHEHVDWXUDUORVVHQWLGRVGHOXVXDULR x 3ULRUL]DU KiELOPHQWH ORV HOHPHQWRV GH OD LQWHUID] GH XVXDULR /D DSOLFDFLyQPyYLO GHEHSRGHU PRVWUDU X RFXOWDU HOHPHQWRV GH OD LQWHUID] HQ IXQFLyQGHFRQGLFLRQHVH[WHUQDVFRPRODFRQH[LyQGHUHGHOHVWDGRGHOD EDWHUtDHOQLYHOGHOYROXPHQHWF.  &216,'(5$&,21(6'(86$%,/,'$' $FRQWLQXDFLyQVHGHILQHQDOJXQRVDVSHFWRVTXHSHUPLWHQTXHODVDSOLFDFLRQHVHQ JHQHUDOVHDQPiVXVDEOHV x ,QWXLFLyQ /DV LQWHUIDFHV JUiILFDV GH XVXDULR GHEHQ VHU LQWXLWLYDV GH WDO PDQHUD TXH FXDQGR HO XVXDULR XVH OD LQWHUID] SRU SULPHUD YH] SXHGD QDYHJDUOD\H[DPLQDUODVLQPD\RUSUREOHPD x &RQVLVWHQFLD /RV FRPSRQHQWHV GH OD LQWHUID] GH XVXDULR GHEHQ VHU FRQVLVWHQWHVHQWUHVL\GHVHUSRVLEOHFRQVXHQWRUQRRSHUDWLYR x )DFLOLGDGGHDSUHQGL]DMH(OXVXDULRGHEHVHUFDSD]GHDSUHQGHUDXVDUOD LQWHUID]FRQSRFDVYHFHVGHXVR\YROYHUDXVDUODVLQXWLOL]DUPDQXDOHV x $\XGD QR LQWUXVLYD /D LQWHUID] JUiILFD \ OD DSOLFDFLyQ GHEHQ SURYHHU D\XGD\FRQVHMRVTXHQRDIHFWHQHOXVRHILFLHQWHGHODDSOLFDFLyQ x $FRPRGDUVH D ORV XVXDULRV H[SHUWRV 8QD EXHQD LQWHUID] SHUPLWH D ORV XVXDULRV H[SHUWRV WUDEDMDU PiV UiSLGR XVXDOPHQWH XVDQGR DWDMRV TXH VH FRQRFHQDPHGLGDTXHVHXVDPiVHOVLVWHPD x &RQILDEOH /D LQWHUID] JUiILFD GHEH VHU SUHGHFLEOH FRQILDEOH \ HQWHQGLEOH FRQIDFLOLGDG'HEHSHUPLWLUTXHHOXVXDULRDGLYLQHODUHDFFLyQGHODLQWHUID] DQWHXQDDFFLyQGHWHUPLQDGD x 5REXVWH]8QDEXHQDLQWHUID]GHEHVHUUiSLGDUHFXSHUDUVHFRUUHFWDPHQWH GH ORV HUURUHV GHO XVXDULR PRVWUDU UHWURDOLPHQWDFLyQIUHQWH D ODVDFFLRQHV GHOXVXDULR\SHUPLWLUOHVDEHUVLGHEHHVSHUDUSRUUHVSXHVWDV. .

(26) .  $1È/,6,6'(62/8&,21(6(;,67(17(6 (Q HO PHUFDGR H[LVWHQ DOJXQDV VROXFLRQHV TXH SHUPLWHQ DGPLQLVWUDU OD LQWHUID] JUiILFDGHODVDSOLFDFLRQHVPyYLOHVEDVDGDVHQODSODWDIRUPD-DYD0LFUR(GLWLRQ 6HGHVWDFDQODVVLJXLHQWHV  /,*+7:(,*+786(5,17(5)$&(722/.,7/:8,7 /:8,7 HV XQD ELEOLRWHFD SDUD HO PDQHMR GH OD LQWHUID] JUiILFD HQ DSOLFDFLRQHV -DYD 0( RULHQWDGD D GLVSRVLWLYRV GH XVR PDVLYR 2IUHFH XQD LQWHUID] GH SURJUDPDFLyQLQVSLUDGDHQ6:,1*6XSURSyVLWRHVHYLWDUTXHORVGHVDUUROODGRUHV GHEDQHVFULELUFyGLJRRULHQWDGRDXQGLVSRVLWLYRHVSHFtILFRRDGLIHUHQWHVWDPDxRV GHSDQWDOOD (O VRSRUWH GH /:8,7VH H[WLHQGH D GLVSRVLWLYRV TXH LQFOX\DQ FRPR SODWDIRUPDD 0,'3  \ &/'&  (V XQD WHFQRORJtD DELHUWD FRQ HO FyGLJR IXHQWH \ ORV ELQDULRVDFFHVLEOHVOLEUHPHQWHSDUDXVRFRPHUFLDORLQGLYLGXDOEDMRODOLFHQFLD*3/ FRQ([FHSFLyQGH&ODVVSDWK $FWXDOPHQWH2UDFOHSURPXHYHHOXVRGH/:8,7FRPRFRPSRQHQWHRILFLDOGHSDUD ODSODWDIRUPD-DYD0LFUR(GLWLRQ.  )LJXUD(MHPSORGHOD,QWHUID]*UiILFD/:8,7 5HIHUHQFLD-DYD0(7HFKQRORJ\±/:8,7 KWWSMDYDVXQFRPMDYDPHWHFKQRORJ\OZXLW.  -0(32/,6+/86+ -0(3ROLVKHVXQFRQMXQWRGHKHUUDPLHQWDVSDUDGHVDUUROODGRUHVGHDSOLFDFLRQHV PyYLOHV (O FRQMXQWR FRPSOHWR RIUHFH IXQFLRQDOLGDGHV GH PDQHMR GH 8, SHUVLVWHQFLDFRPXQLFDFLRQHVEDVHGHGDWRV\SRUWLQJ. .

(27) . /86+ HV HO FRPSRQHQWH GH -0( 3ROLVK TXH SHUPLWH D ORV GHVDUUROODGRUHV JHVWLRQDU ODV LQWHUIDFHV GH XVXDULR GH VXV DSOLFDFLRQHV /86+ SURSRUFLRQD XQ FRQMXQWRGHFRQWUROHVSDUDFRQVWUXLUODVLQWHUIDFHVJUiILFDV\DGHPiVSURSRUFLRQD OD SRVLELOLGDG GH GLVHxDU \ SHUVRQDOL]DU HVWDV LQWHUIDFHV GH XVXDULR XWLOL]DQGR WpFQLFDVVLPLODUHVDODVKRMDVGHHVWLORHQFDVFDGD.  )LJXUD(MHPSORGHOD,QWHUID]*UiILFD-0(3ROLVK±/86+ 5HIHUHQFLD-0(3ROLVK'RFXPHQWDWLRQ KWWSZZZMPHSROLVKRUJFPVOHIWVHFWLRQGRFXPHQWDWLRQGHVLJQYLVXDOJXLGHKWPO.  0(:7 (VXQFRQMXQWRGHFRQWUROHVGHXVXDULRTXHSHUPLWHFUHDULQWHUIDFHVJUiILFDVSDUD DSOLFDFLRQHVEDVDGDVHQ-DYD0LFUR(GLWLRQ /RV FRQWUROHV SURSRUFLRQDGRV SRU 0(:7 VH DGDSWDQ DXWRPiWLFDPHQWH D ORV GLIHUHQWHVWDPDxRVGHODVSDQWDOODVPLQLPL]DQGRHOHVIXHU]RGHSUREDU\GHSXUDU XQDDSOLFDFLyQHQYDULRVWLSRVGHGLVSRVLWLYRV ,QFRUSRUDFRQWUROHVDGLFLRQDOHVFRPRWDEODViUEROHVERWRQHVJUiILFRV\VRSRUWD ODFUHDFLyQ\DSOLFDFLyQGHWHPDV.  )LJXUD(MHPSORGHOD,QWHUID]*UiILFD0(:7 5HIHUHQFLD0HZW±-0(:LGJHW7RRONLW KWWSPHZWVRXUFHIRUJHQHWWKHPHVFUHHQVKRWVKWPO. . .

(28) .  -0(8, -DYD )RU 0( -0(  8, HV XQD OLEUHUtD TXH SHUPLWH FRQVWUXLU DSOLFDFLRQHV -DYD 0LFUR(GLWLRQ,QFOX\HIXQFLRQDOLGDGHVSDUDFRQVWUXLULQWHUIDFHVGHXVXDULRUHJLVWUR GHHYHQWRV\DFFHVRDORVGLVSRVLWLYRV*36 (Q HO ODGR GH OD LQWHUID] JUiILFD -0( VH FHQWUD HQ SHUPLWLU OD FRQVWUXFFLyQ GH DSOLFDFLRQHVFRQDSDULHQFLDSURIHVLRQDOHLQWXLWLYD6HXWLOL]DHQOXJDUGHOPDUFRGH WUDEDMR/&'8,SUHVHQWHGHPDQHUDSUHGHWHUPLQDGDHQODSODWDIRUPD-DYD0( 2IUHFH D ORV GHVDUUROODGRUHV OD SRVLELOLGDG GH FUHDU LQWHUIDFHV JUiILFDV TXH VH SXHGHQ SHUVRQDOL]DU XVDQGR WHPDV FRQ RSHUDFLRQHV GH ERWRQHV FRQVLVWHQWHV HQWUHWHOpIRQRVPyYLOHV\SURPRYLHQGRHOGHVDUUROORRULHQWDGRDREMHWRV. . . )LJXUD(MHPSORGHOD,QWHUID]*UiILFD-0( 5HIHUHQFLD8,MPH7KH-0(8, KWWSFRGHJRRJOHFRPSMPHZLNL8,.  .8, N8,HVXQPDUFRGHWUDEDMRGHLQWHUID]JUiILFDRULHQWDGRDUHHPSOD]DUDOJXQDVGH ODV FODVHV /&'8, FRQ RWUDV EDVDGDV D SDUWLU GHO $3, GH EDMR QLYHO &DQYDV SULQFLSDOPHQWH SDUD UHGXFLU OD FRPSOHMLGDG \ SDUD DKRUUDU HVSDFLR GH DOPDFHQDPLHQWR \ PHPRULD (VWRV REMHWLYRV VH REWLHQHQ FRQFHQWUDQGR OD IXQFLRQDOLGDGGHDOJXQDVFODVHVSHUWHQHFLHQWHVD/&'8,HQXQSHTXHxRFRQMXQWR GHFODVHVN8, 6HJ~QHOIDEULFDQWHN8,SXHGHVHUHVWLOL]DGRSDUDDMXVWDUVHDORVUHTXHULPLHQWRV SHUVRQDOHV HYLWD SUREOHPDV JHQHUDGRV SRU ORV FRPDQGRV &ORVH LPSOtFLWRV QR UHTXLHUHHMHFXFLyQGHODIDVHGHSUHSURFHVDPLHQWR\RIUHFHXQFRPSRUWDPLHQWR\ H[SHULHQFLD FRQVLVWHQWH HQWUH GLIHUHQWHV GLVSRVLWLYRV VLPSOLILFDQGR HO SURFHVR GH GHVDUUROOR\GRFXPHQWDFLyQ. .

(29) .  )LJXUD(MHPSORGHOD,QWHUID]GH8VXDULRN8, 5HIHUHQFLD6RXUFHIRUJHQHWN8,6FUHHQVKRWV KWWSVRXUFHIRUJHQHWSURMHFWVFUHHQVKRWVSKS"JURXSBLG .  5(680(1'(&$5$&7(5Ë67,&$6'(352'8&726'(7(5&(526 /D 7DEOD  PXHVWUD XQ UHVXPHQ GH DOJXQDV FDUDFWHUtVWLFDV UHIHUHQFLDOHV GH. 0,'3. 7HPDV. )HFKDGH 9HUVLyQ. 3URGXFWRU. .   6L. 0DU. 2UDFOH &RUSRUDWLRQ. *18*3/3URSLHWDULD.    6L. 0DU. (QRXJK 6RIWZDUH. PHZW. $SDFKH*18*3/.    6L. -XQ. :HE+LNHU. -0(8,. $SDFKH.    6L. 0D\. 6FRUH2XW. N8,. *18*3/3URSLHWDULD. 1$. 3URGXFWR. /LFHQFLD. /:8,7. $SDFKH. -0(3ROLVK. &/'&. 9HUVLyQ. FDGDXQDGHODVVROXFLRQHVPHQFLRQDGDVDQWHULRUPHQWH.   6L. $SUR[. N2EMHFWV. 7DEOD&RPSDUDWLYRGHODV6ROXFLRQHVGH7HUFHURVH[LVWHQWHV (ODERUDGRSRU&DUORV$QGUpV2TXHQGR. $VLPSOHYLVWDSRGHPRVREVHUYDUTXHGHODVVROXFLRQHVSUHVHQWDGDVDSHQDVGRV VHHQFXHQWUDQHQGHVDUUROORDFWLYR\FXHQWDQFRQVRSRUWHGHORVSURGXFWRUHV(O UHVWRGHVROXFLRQHVQRKDWHQLGRPD\RUDFWLYLGDGGXUDQWHHO~OWLPRDxR 8QR GH ORV SUREOHPDV SULQFLSDOHV TXH VH KD GHWHFWDGR GXUDQWH OD UHYLVLyQ UHDOL]DGD D ORV VLWLRV ZHE GH ORV SURGXFWRV HV OD IDOWD GH GRFXPHQWDFLyQ GHO SURGXFWR \ WpFQLFD (Q DOJXQRV FDVRV ORV SURGXFWRUHV RIUHFHQ VROR OD GRFXPHQWDFLyQ GH SURJUDPDFLyQ MDYDGRF  \ )$4V (Q RWURV FDVRV VH SURYHHQ WDPELpQPLQLDSOLFDFLRQHVTXHHMHPSOLILFDQHOXVRGHORVSURGXFWRV. .

(30) . 7RGRV ORV IUDPHZRUNV SURSRUFLRQDQ IXQFLRQDOLGDGHV GH PDQHMR GH OD LQWHUID] JUiILFD VLQ HPEDUJR -0( 3ROLVK \ -0( LQFOX\HQ WDPELpQ IXQFLRQDOLGDGHV UHODFLRQDGDV FRQ RWUDV iUHDV \ WHFQRORJtDV FRPR HO UHJLVWUR GH PHQVDMHV \ HYHQWRVPDQHMRGHGLVSRVLWLYRVGHSRVLFLRQDPLHQWR*36FRPXQLFDFLRQHVHWF 6HSXHGHQRWDUTXHODVGLIHUHQWHVVROXFLRQHVWUDEDMDQSURYH\HQGRDOWHUQDWLYDVDO XVRGHORVFRPSRQHQWHVH[LVWHQWHVGHQWURGHODELEOLRWHFD/&'8, (Q JHQHUDO ODV LQWHUIDFHV JUiILFDV JHQHUDGDV SRU ODV VROXFLRQHV VH YHQ DOJR GHVDFWXDOL]DGDV\HQDOJXQRVFDVRVQRVHDMXVWDQDFLHUWDVWHQGHQFLDVGHGLVHxR JUiILFRDFWXDOTXHVHSXHGHYHUDFRQWLQXDFLyQHQODV)LJXUDV\. . . )LJXUD,QWHUID]*UiILFDGH2SHUD0RELOH\2SHUD0LQL )DEULFDQWH2SHUD6RIWZDUH$6$ )XHQWHVKWWSZZZRSHUDFRPSUHVVUHOHDVHV KWWSZZZRSHUDFRPSUHVVUHOHDVHV. .  )LJXUD,QWHUID]GH8VXDULRGHO$SSOHL3KRQH )DEULFDQWH$SSOH,QF )XHQWHKWWSZZZDSSOHFRPODLSKRQH. .

(31) . .  )LJXUD,QWHUID]GH8VXDULRGHOD$SOLFDFLyQ) )DEULFDQWH)RUPXOD2QH$GPLQLVWUDWLRQ )XHQWHKWWSZZZIRUPXODFRPPRELOHBVHUYLFHVOLYHBWLPLQJKWPO.  &$5$&7(5Ë67,&$6'(/$62/8&,Ï135238(67$ /D VROXFLyQ SURSXHVWD VH RULHQWDUi D EULQGDU XQ PDUFR GH WUDEDMR SDUD HO GHVDUUROOR GH LQWHUIDFHV GH XVXDULR FRQ ODV VLJXLHQWHV FDUDFWHUtVWLFDV \ IXQFLRQDOLGDGHV x 3URYHHU XQ PHFDQLVPR DGHFXDGR GH PDQHMR GH ODV LQWHUIDFHV GH XVXDULR HQWLHPSRGHHMHFXFLyQ x 3HUPLWLUODSHUVRQDOL]DFLyQGHODLQWHUID]GHXVXDULR\VXVFRQWUROHVDWUDYpV GHOXVRGHWHPDV x 3URSRUFLRQDU XQD FROHFFLyQ GH FRQWUROHV HVWiQGDU DFRUGHV FRQ HO HVWLOR YLVXDO GH OD LQWHUID] GH XVXDULR FRPR ERWRQHV FDMDV GH WH[WR HWLTXHWDV VHOHFWRUHVHWF x ,PSOHPHQWDU DOJXQRV FRQWUROHV GH XVXDULR QXHYRV FRPR EDUUDV GH KHUUDPLHQWDVERWRQHVEDUUDVGHQDYHJDFLyQFXDGURVGHGLiORJRHWF x (QWUHJDU XQD DSDULHQFLD \ IXQFLRQDOLGDG OR PiV JHQpULFD \ FRQVLVWHQWH SRVLEOHHQGLIHUHQWHVPRGHORV\PDUFDVGHWHOpIRQRVFHOXODUHV . . .

(32) . &$3Ë78/2'(6$552//2 '( /$ %,%/,27(&$ '( &/$6(6 (Q HO GHVDUUROOR GH HVWH FDStWXOR VH HIHFWXDUi XQD UHYLVLyQ GHWDOODGD GH OD PHWRGRORJtDGHGHVDUUROORGHVRIWZDUH2SHQ83TXHJXLDUiORVHVIXHU]RVSDUDOD FRQVWUXFFLyQ H[LWRVD GH OD VROXFLyQ SURSXHVWD TXH KD VLGR GHQRPLQDGD FRPR 8VHU,QWHUIDFH/LEUDU\IRU0,'3±8,/0,'3 &RPRSDUWH GHHVWH SURFHVR GH UHYLVLyQ VH HQFXHQWUDSUHYLVWR JHQHUDU VREUH OD PDUFKD ORV DUWHIDFWRV SURSXHVWRV SRU OD PHWRGRORJtD 7RGRV ORV DUWHIDFWRV HODERUDGRV VH H[SRQGUiQ FRPR DQH[RV \ HQ FDVR GH VHU QHFHVDULR DOJXQRV VHUiQLQFOXLGRVGHQWURGHOFXHUSRGHHVWHFDStWXOR.  )$6('(,1,&,2 /D IDVH GH LQLFLR GHO SUR\HFWR SHUPLWH UHDOL]DU XQD SULPHUD GHILQLFLyQ GH OD VROXFLyQTXHVHWLHQHSUHYLVWRFRQVWUXLU /DPHWRGRORJtDGHGHVDUUROORHVWDEOHFHORVVLJXLHQWHVREMHWLYRVSULQFLSDOHV ƒ (QWHQGHUORTXHVHYDDFRQVWUXLU ƒ ,GHQWLILFDUODIXQFLRQDOLGDGFODYHGHOVLVWHPD ƒ 'HWHUPLQDUXQDSRVLEOHVROXFLyQ ƒ &RPSUHQGHUORVFRVWRVULHVJRV\WLHPSRVYLQFXODGRVDOSUR\HFWR (O FXPSOLPLHQWR GH pVWRV REMHWLYRV HVWi DVRFLDGR FRQ OD HMHFXFLyQ GH ODV DFWLYLGDGHVTXHVHGHVFULEHQDFRQWLQXDFLyQ  ,1,&,$5(/352<(&72 (VWDDFWLYLGDGVHUHDOL]DSRUXQDVRODYH]DOFRPLHQ]RGHODSULPHUDLWHUDFLyQ&RQ HVWD DFWLYLGDG VH LQWHQWD HVWDEOHFHU OD YLVLyQ SDUD HO SUR\HFWR \ VX SODQLILFDFLyQ FRQXQDOWRQLYHOGHJUDQXODULGDG $OILQDOL]DUHVWDDFWLYLGDGVHREWLHQHQFRPRDUWHIDFWRVXQGRFXPHQWRGHYLVLyQXQ JORVDULR\XQSODQSDUDHOSUR\HFWR. .

(33) . . '(6$552//2'(/$$&7,9,'$'. /D SULPHUD DFFLyQ TXH VH GHEH OOHYDU D FDER HV OD LGHQWLILFDFLyQ GH WRGRV ORV LQWHUHVDGRVGLUHFWRVRLQGLUHFWRVHQODFRQVWUXFFLyQGHODVROXFLyQ $SOLFDFLyQ3UiFWLFD8,/0,'3 6H KD LGHQWLILFDGR D ORV VLJXLHQWHVDFWRUHVFRPR LQWHUHVDGRV HQ OD FRQVWUXFFLyQ GHODELEOLRWHFDGHFODVHV ƒ 'HVDUUROODGRUHV H[WHUQRV TXH FRQVWUX\HQ DSOLFDFLRQHV -DYD 0( \ TXH SRGUtDQ HYHQWXDOPHQWH XVDU OD VROXFLyQ FRPR HOHPHQWR EDVH GH VXV DSOLFDFLRQHV ƒ 8VXDULRV TXH XWLOL]DQ ODV DSOLFDFLRQHV GLVHxDGDV \ HODERUDGDV SRU ORV GHVDUUROODGRUHVH[WHUQRV ƒ $QDOLVWDGHOVLVWHPDTXLHQVHHQFDUJDGHGHWHUPLQDUORVUHTXHULPLHQWRV SDUDODVROXFLyQ ƒ $UTXLWHFWR GH VRIWZDUH TXH OLGHUD WRGR HO SURFHVR GHO GHVDUUROOR GHO VLVWHPD\ ƒ 'HVDUUROODGRU LQWHUQR TXH WLHQH D VX FDUJR OD FRQVWUXFFLyQ GH OD VROXFLyQ 'HWRGRVORVLQWHUHVDGRVHQXPHUDGRVVRODPHQWHORV'HVDUUROODGRUHVH[WHUQRV\ ORV 8VXDULRV VRQ UHOHYDQWHV SDUD REWHQHU LQIRUPDFLyQ TXH SHUPLWD UHDOL]DU OD GHILQLFLyQGHODVROXFLyQ 8QDYH]TXHVHKDGHWHUPLQDGR\GHVFULWRDORVLQWHUHVDGRVVHSURFHGHDGHILQLU HO SUREOHPD D VROXFLRQDU WRPDQGR HQ FXHQWD ORV WHPDV FRQVLGHUDGRV FRPR LQFRQYHQLHQWHV SRU SDUWH GH ORV LQWHUHVDGRV TXH KDQ VLGR FDOLILFDGRV FRPR UHOHYDQWHV $SOLFDFLyQ3UiFWLFD8,/0,'3 (Q OD 7DEOD  VH HQFXHQWUD XQ UHVXPHQ GH ORV SUREOHPDV LGHQWLILFDGRV SRU HO JUXSRGHLQWHUHVDGRVUHOHYDQWHV. .

(34) . . ,QWHUHVDGR. 3UREOHPDV (OGLVHxRGHLQWHUIDFHVJUiILFDVSHUVRQDOL]DGDVXVDQGRODVIXQFLRQDOLGDGHV JHQpULFDVHVPX\FRPSOLFDGR\UHTXLHUHGHEDVWDQWHWLHPSR. $OJXQDVGHODVVROXFLRQHVGHWHUFHURVQRWLHQHQVRSRUWHQLGRFXPHQWDFLyQ 'HVDUUROODGRU VRQGHVDFWXDOL]DGDV\QRWLHQHQXQGHVDUUROORDFWLYR ([WHUQR /RVPDUFRVGHWUDEDMRJHQpULFRVGHODSODWDIRUPDSDUDFUHDULQWHUIDFHV JUiILFDV /&'8, QRSHUPLWHQPD\RUFRQWURODORVGHVDUUROODGRUHV /DVLQWHUIDFHVJUiILFDVGHODPLVPDDSOLFDFLyQEDVDGDHQPDUFRVGHWUDEDMR JHQpULFRVOXFHQ\WLHQHQRWURFRPSRUWDPLHQWRHQGLIHUHQWHVGLVSRVLWLYRV 8VXDULR. /DVDSOLFDFLRQHVHQJHQHUDOQRVRQYLVXDOPHQWHDWUDFWLYDVDH[FHSFLyQGHORV MXHJRV 7DEOD3UREOHPDVUHFRQRFLGRVSRUORVLQWHUHVDGRVGHODVROXFLyQ (ODERUDGRSRU&DUORV$QGUpV2TXHQGR. 'HIRUPDSDUDOHODVHUHDOL]DODIRUPXODFLyQGHOSODQWHDPLHQWRGHOSUREOHPD\VH ORSODVPDHQHOGRFXPHQWRGHYLVLyQ (O VLJXLHQWH SDVR FRQVLVWH HQ UHFROHFWDU ORV UHTXHULPLHQWRV TXH ORV LQWHUHVDGRV WLHQHQSDUDODVROXFLyQ $SOLFDFLyQ3UiFWLFD8,/0,'3 /RV UHTXHULPLHQWRV UHFROHFWDGRV GH SDUWH GH ORV LQWHUHVDGRV KDQ VLGR LQFOXLGRV HQOD7DEOD ,QWHUHVDGR. 5HTXHULPLHQWRV )OH[LELOLGDG\UDSLGH]SDUDHOGLVHxRGHLQWHUIDFHVJUiILFDVSDUDORV0,'OHWV. 3RVLELOLGDGGHFUHDUDSOLFDFLRQHVFRQLQWHUIDFHVJUiILFDVPiVDWUDFWLYDV\ 'HVDUUROODGRU PRGHUQDVLQFOX\HQGRFRPSRQHQWHVDFWXDOL]DGRV ([WHUQR &RPSDWLELOLGDGGHODVDSOLFDFLRQHVFRQP~OWLSOHVGLVSRVLWLYRVPyYLOHVTXH XWLOL]DQODSODWDIRUPD-DYD0( 3URYLVLyQ\H[LVWHQFLDGHGRFXPHQWRVGHD\XGD\VRSRUWHDGHFXDGRV 8VXDULR. $SOLFDFLRQHVPyYLOHVPiVIiFLOHVHLQWXLWLYDVSDUDXVDU 5HVSXHVWDiJLOGHODVDSOLFDFLRQHV 7DEOD5HTXHULPLHQWRVGHORV,QWHUHVDGRVH[WHUQRV (ODERUDGRSRU&DUORV$QGUpV2TXHQGR. (QHVWHSXQWRDOGLVSRQHUGHXQDEDVHGHFRQRFLPLHQWRJHQHUDOGHORVSUREOHPDV \ ORV UHTXHULPLHQWRV H[SXHVWRV SRU ORV LQWHUHVDGRV VH SURFHGH D HVWDEOHFHU \ FRQYHQLUHOFRQMXQWRGHFDUDFWHUtVWLFDVTXHODVROXFLyQGHEHUtDVRSRUWDU .

(35) . 3DUD FDGD XQD GH ODV FDUDFWHUtVWLFDV SXQWXDOL]DGDV VH LQFOXLUi XQD EUHYH GHVFULSFLyQ\XQDVHULHGHDWULEXWRVFRPSOHPHQWDULRV $SOLFDFLyQ3UiFWLFD8,/0,'3 (QOD7DEODVHDSUHFLDQODVFDUDFWHUtVWLFDVFRQYHQLGDVSDUDODVROXFLyQFRQOD LQIRUPDFLyQDGLFLRQDOUHOHYDQWH &DUDFWHUtVWLFD. 'HVFULSFLyQ. $WULEXWRV. &RPSRQHQWHV YLVXDOHV DFWXDOL]DGRV. &RQMXQWRGHFRPSRQHQWHV YLVXDOHVTXHWLHQHQXQD IXQFLRQDOLGDGHVSHFtILFD FRPRERWRQHVFXDGURVGH WH[WRHWF. ƒ ƒ ƒ. )XQFLRQDOLGDGHVTXH SHUPLWHQJHVWLRQDUODIRUPD HQTXHORVFRPSRQHQWHV YLVXDOHVVHGLVSRQHQ\ DSDUHFHQHQODSDQWDOODGHO GLVSRVLWLYR. ƒ. 0HFDQLVPRVGH RUJDQL]DFLyQGHORV FRPSRQHQWHV YLVXDOHV. 6RSRUWHDP~OWLSOHV GLVSRVLWLYRV. /DVROXFLyQGHEHUiSHUPLWLU ODFRQVWUXFFLyQGH DSOLFDFLRQHVTXHIXQFLRQHQ VLQPRGLILFDFLyQHQ P~OWLSOHVGLVSRVLWLYRV PyYLOHV. 'RFXPHQWDFLyQGH SURJUDPDFLyQ DGHFXDGD. 3URYLVLyQGHGRFXPHQWRV TXHD\XGHQDOD SURJUDPDFLyQDGLFLRQDOHV DODGRFXPHQWDFLyQ HVWiQGDU. ƒ. ƒ ƒ ƒ ƒ ƒ. ƒ ƒ. $SDULHQFLDDWUDFWLYDDOXVXDULR 0DQHMRGHHYHQWRVGHOXVXDULR )XQFLRQDPLHQWRFRQVLVWHQWHHQWUH GLVSRVLWLYRV )DFLOLGDGHVGHSHUVRQDOL]DFLyQ 2UJDQL]DFLyQDXWRPiWLFDGHORV FRPSRQHQWHV &DPELRDXWRPiWLFRGHWDPDxRV\ SRVLFLRQHV &RQWUROGHODQDYHJDFLyQHQWUH SDQWDOODV\YLVWDV 8WLOL]DFLyQGHIXQFLRQDOLGDGGHO PDUFRGHWUDEDMRJHQpULFR 'HWHFFLyQGHOWDPDxRGHODSDQWDOOD 0tQLPDXWLOL]DFLyQGHUHFXUVRVGHO VLVWHPD $\XGDGHSURJUDPDFLyQHQOtQHD 'RFXPHQWRVFRQHMHPSORVJXtDV\ H[SOLFDFLRQHV. 7DEOD&DUDFWHUtVWLFDVSURSXHVWDVSDUDODVROXFLyQ (ODERUDGRSRU&DUORV$QGUpV2TXHQGR. $O FRQFOXLU HVWD WDUHD VH GLVSRQH GH VXILFLHQWH LQIRUPDFLyQ SDUD JHQHUDU ORV DUWHIDFWRVSODQWHDGRVDOLQLFLRGHHVWDVHFFLyQ . $57()$&726. 'RFXPHQWRGH9LVLyQ 'HWHUPLQDHOHQIRTXHTXHWLHQHQORVLQWHUHVDGRVDFHUFDGHODVROXFLyQWpFQLFDTXH GHEH VHU GHVDUUROODGD HQ IXQFLyQ GH QHFHVLGDGHV FODYH \ GH UHTXHULPLHQWRV WpFQLFRV. .

(36) . &DSWXUDODVROXFLyQHQIXQFLyQGHSHWLFLRQHV\GHUHVWULFFLRQHVWpFQLFDVRQRTXH KDQ VLGR PDQLIHVWDGDV SRU ORV LQWHUHVDGRV \ EULQGD XQD YLVWD D DOWR QLYHO GHO UD]RQDPLHQWR FRQWH[WR \ IRQGR TXH SHUPLWHQ HVWDEOHFHU UHTXHULPLHQWRV PiV GHWDOODGRV. 8VHU,QWHUIDFH/LEUDU\IRU0,'38,/0,'3 9LVLyQ ,QWURGXFFLyQ 3URSyVLWR (OSURSyVLWRGHHVWHGRFXPHQWRHVUHFRJHU\GHILQLUDDOWRQLYHOODVQHFHVLGDGHVUHTXLVLWRV\FDUDFWHUtVWLFDV SDUDHOVLVWHPD8VHU,QWHUIDFH/LEUDU\IRU0,'3 8,/0,'3 /DPDQHUDHQTXHHOVLVWHPDFXEULUiHVWDV HVSHFLILFDFLRQHVVHGHWDOODHQORVFDVRVGHXVR\HVSHFLILFDFLRQHVDGLFLRQDOHV $OFDQFH (VWH GRFXPHQWR DSOLFD D OD VROXFLyQ 8VHU ,QWHUIDFH /LEUDU\ IRU 0,'3 8,/  0,'3  TXH SHUPLWH D ORV GHVDUUROODGRUHVGHDSOLFDFLRQHVPyYLOHVEDVDGDVHQODSODWDIRUPD-DYD0LFUR(GLWLRQFUHDU\DGPLQLVWUDUOD LQWHUID]JUiILFDGHVXVDSOLFDFLRQHV. 3RVLFLRQDPLHQWR 3ODQWHDPLHQWRGHO3UREOHPD (OSUREOHPDGH. DIHFWDD HOLPSDFWRGHOR FXDOHV XQDVROXFLyQ H[LWRVDVHUtD. /DIDOWDGHXQPDUFRGHWUDEDMRPRGHUQRSDUDHOGHVDUUROORGHLQWHUIDFHV JUiILFDVSDUDODVDSOLFDFLRQHV-DYD0LFUR(GLWLRQGHWDOPDQHUDTXHVH YHDQ\IXQFLRQHQGHPDQHUDFRQVLVWHQWHHQGLIHUHQWHVGLVSRVLWLYRV /RVGHVDUUROODGRUHVGHDSOLFDFLRQHV-DYD0LFUR(GLWLRQ /RVXVXDULRVGHODVDSOLFDFLRQHV-DYD0LFUR(GLWLRQ 1RGLVSRQHUGHDSOLFDFLRQHVFRQLQWHUIDFHVJUiILFDVOODPDWLYDV\ PRGHUQDV $TXHOODTXHIDFLOLWH\SHUPLWDODFUHDFLyQGHLQWHUIDFHVJUiILFDVGH XVXDULRPRGHUQDVSDUDODVDSOLFDFLRQHV-DYD0LFUR(GLWLRQTXHSHUPLWD TXHODVDSOLFDFLRQHVWHQJDQXQDDSDULHQFLDPRGHUQDiJLO\FRQVLVWHQWH\ TXHIXQFLRQHGHODPLVPDPDQHUDHQGLIHUHQWHVGLVSRVLWLYRV. 3ODQWHDPLHQWRGHOD3RVLFLyQGHO3URGXFWR 3DUD 4XLHQHV (OSURGXFWR8,/ 0,'3 4XH $GLIHUHQFLDGH. /RVGHVDUUROODGRUHVGHDSOLFDFLRQHVEDVDGDVHQODSODWDIRUPD-DYD0LFUR (GLWLRQ 'HVDUUROODQDSOLFDFLRQHVPyYLOHVTXHLQFOX\HQSULQFLSDOPHQWHLQWHUIDFHV JUiILFDVGHXVXDULR (VXQDELEOLRWHFDGHFODVHV 3HUPLWHODFUHDFLyQGHLQWHUIDFHVJUiILFDVGHXVXDULRSDUDODVDSOLFDFLRQHV -DYD0LFUR(GLWLRQ /DVVROXFLRQHVFRPHUFLDOHV\OLEUHVH[LVWHQWHVFRPR ƒ -0( ƒ 0(:7 ƒ /:8,7 ƒ 2WUDV 3URSRUFLRQDXQPDUFRGHWUDEDMRSDUDODFUHDFLyQGHLQWHUIDFHVGHXVXDULR PRGHUQDVSDUDODVDSOLFDFLRQHV-DYD0LFUR(GLWLRQGHWDOPDQHUDTXHVX DSDULHQFLD\IXQFLRQDOLGDGSHUPDQH]FDFRQVLVWHQWHHQWUHGLIHUHQWHV GLVSRVLWLYRV . (VWHSURGXFWR. .

(37) . 'HVFULSFLyQGHORV,QWHUHVDGRV 5HVXPHQGHORV,QWHUHVDGRV 1RPEUH 'HVDUUROODGRU ([WHUQR. 'HVFULSFLyQ &RQVXPLGRUGLUHFWRGH ODELEOLRWHFDGHFODVHV. 8VXDULRV. 8VXDULRVGHODV DSOLFDFLRQHVPyYLOHV FUHDGDVDSDUWLUGHOD ELEOLRWHFDGHFODVHV 'HWHUPLQDORV UHTXHULPLHQWRVGHOD VROXFLyQ /LGHUDHOGHVDUUROORGHO VLVWHPD. $QDOLVWDGHO 6LVWHPD $UTXLWHFWRGH 6RIWZDUH. 'HVDUUROODGRU ,QWHUQR. &RQVWUX\HODVROXFLyQ. 5HVSRQVDELOLGDGHV &RQVWUX\HDSOLFDFLRQHVPyYLOHVXWLOL]DQGR FRPREDVHODSODWDIRUPD-DYD0LFUR(GLWLRQFRQ LQWHUIDFHVJUiILFDVEDVDGDVHQHOSURGXFWR SURSXHVWR 8WLOL]DQODVDSOLFDFLRQHVFX\DLQWHUID]JUiILFDVH FUHDXWLOL]DQGRODELEOLRWHFDGHFODVHVYDOLGDQ VXIXQFLRQDPLHQWR\DSDULHQFLD\SURYHHQ UHWURDOLPHQWDFLyQ (VWDEOHFHORVUHTXHULPLHQWRVGHODVROXFLyQ GHOLQHDQGR\GHOLPLWDQGRODIXQFLRQDOLGDGGHO VLVWHPD 'HILQHODDUTXLWHFWXUDGHODVROXFLyQTXH LQFOX\HODVGHFLVLRQHVWpFQLFDVFODYHVTXH UHVWULQJHQHOGLVHxRJOREDO\ODLPSOHPHQWDFLyQ GHOSUR\HFWR 6HHQFDUJDGHLPSOHPHQWDUODVROXFLyQ VLJXLHQGRORVOLQHDPLHQWRVHVWDEOHFLGRVSRUORV GHPiVLQYROXFUDGRV*HQHUDSURGXFWRVILQDOHV SDUDXVRH[WHUQR. (QWRUQRGHO8VXDULR /RV GHVDUUROODGRUHV H[WHUQRV SXHGHQ XWLOL]DU ODV FODVHV LPSOHPHQWDGDV HQ OD ELEOLRWHFD 8,/  0,'3 SDUD FRQVWUXLUODLQWHUID]JUiILFDGHXVXDULRGHVXVDSOLFDFLRQHV-DYD0LFUR(GLWLRQ/DIXQFLRQDOLGDGLQWHUQDGH ODVDSOLFDFLRQHVQRVHYHDIHFWDGDSRUODLPSOHPHQWDFLyQGHODLQWHUID]JUiILFD. 'HVFULSFLyQGHO3URGXFWR 1HFHVLGDGHV\&DUDFWHUtVWLFDV 1HFHVLGDG &RPSRQHQWHVYLVXDOHV DFWXDOL]DGRV. 3ULRULGDG &DUDFWHUtVWLFDV. $OWD. ƒ ƒ ƒ ƒ ƒ. 0HFDQLVPRVGH RUJDQL]DFLyQGHORV FRPSRQHQWHVYLVXDOHV. $OWD. ƒ ƒ ƒ. 6RSRUWHDP~OWLSOHV GLVSRVLWLYRV. $OWD. 'RFXPHQWDFLyQGH 0HGLD SURJUDPDFLyQDGHFXDGD . . ƒ ƒ ƒ ƒ. $SDULHQFLDDWUDFWLYDDOXVXDULR 0DQHMRGHHYHQWRVGHOXVXDULR )XQFLRQDPLHQWRFRQVLVWHQWHHQWUH GLVSRVLWLYRV )DFLOLGDGHVGHSHUVRQDOL]DFLyQ 2UJDQL]DFLyQDXWRPiWLFDGHORV FRPSRQHQWHV &DPELRDXWRPiWLFRGHWDPDxRV\ SRVLFLRQHV &RQWUROGHODQDYHJDFLyQHQWUH SDQWDOODV\YLVWDV 8WLOL]DFLyQGHIXQFLRQDOLGDGGHO PDUFRGHWUDEDMRJHQpULFR 'HWHFFLyQGHOWDPDxRGHODSDQWDOOD 0tQLPDXWLOL]DFLyQGHUHFXUVRVGHO VLVWHPD $\XGDGHSURJUDPDFLyQHQOtQHD 'RFXPHQWRVFRQHMHPSORVJXtDV\ H[SOLFDFLRQHV. 3ODQLILFDFLyQGH /DQ]DPLHQWR 9HUVLyQ. 9HUVLyQ. 9HUVLyQ. 9HUVLyQ.

(38) . 2WURV5HTXLVLWRVGHO3URGXFWR 5HTXLVLWR. . 6RSRUWHDGLVSRVLWLYRVEDVDGRVHQ&/'&\0,'3 SRUORPHQRV $OWRUHQGLPLHQWRGHODVROXFLyQ 0tQLPDRFXSDFLyQGHHVSDFLRGHDOPDFHQDPLHQWR. 3ULRULGDG. 3ODQLILFDFLyQGH /DQ]DPLHQWR. $OWD. 9HUVLyQ. $OWD 0HGLD. 9HUVLyQ 9HUVLyQ. *ORVDULR 0DQWLHQHORVWpUPLQRV\GHILQLFLRQHVLPSRUWDQWHVSDUDHOSUR\HFWR(VWHDUWHIDFWR SHUPLWH FODULILFDU LGHDV \ D\XGD D EULQGDU FRQVLVWHQFLD \ HQWHQGLPLHQWR FRP~Q SDUD WRGRV ORV LQYROXFUDGRV GXUDQWH WRGR HO HMHUFLFLR GH ODV DFWLYLGDGHV SODQLILFDGDV 6LHPSUHVHGHEHFRQWDUFRQXQJORVDULRRXQGRFXPHQWRVLPLODUHQODIRUPDTXH VHDPiVFRQYHQLHQWHSDUDHOGHVDUUROORGHOSUR\HFWR &XDQGRHOWDPDxRGHOSUR\HFWRHVPX\SHTXHxRRORVWpUPLQRVXWLOL]DGRVVRQPX\ IDPLOLDUHV SDUD ORV LQWHUHVDGRV HV SRVLEOH REYLDU OD FUHDFLyQ \ HO XVR GH HVWH DUWHIDFWR 3DUD OD VROXFLyQ FRPR HVWH DUWHIDFWR HYROXFLRQD GXUDQWH HO SUR\HFWR QR VH LQFOX\HHQHVWDVHFFLyQ 3ODQGHO3UR\HFWR 5HFRJHWRGDODLQIRUPDFLyQQHFHVDULDTXHSHUPLWHJHVWLRQDUHOSUR\HFWRGHVGHXQ QLYHO\FRQXQHQIRTXHHVWUDWpJLFR 3URSRUFLRQD XQ GRFXPHQWR FHQWUDO GRQGH VH HQFXHQWUD \ PDQWLHQH WRGD OD LQIRUPDFLyQ QHFHVDULD UHVSHFWRD ODIRUPD HQ TXH VH OOHYDUiD FDER OD HMHFXFLyQ GHOSUR\HFWR /DPHWRGRORJtDHVSHFLILFDTXHHQFXDOTXLHUWLSRGHSUR\HFWRVHGHEHGLVSRQHUGH HVWH DUWHIDFWR LQFOXVLYH SDUD DTXHOORV SUR\HFWRV GH WDPDxR SHTXHxR R DTXHOORV FX\DFRPSOHMLGDGHVUHGXFLGDROLPLWDGD. .

(39) . 8VHU,QWHUIDFH/LEUDU\IRU0,'38,/0,'3 3ODQGHO3UR\HFWR ,QWURGXFFLyQ (VWHSODQGHVFULEHHOGHVDUUROORGHODVROXFLyQGHQRPLQDGD8VHU,QWHUIDFH/LEUDU\IRU0,'3 8,/ 0,'3 . 2UJDQL]DFLyQGHO3UR\HFWR (OWUDEDMRQHFHVDULRSDUDGHVDUUROODUHOSUR\HFWRVHUHDOL]DUiSRU&DUORV$QGUpV2TXHQGRTXLHQVHUi UHVSRQVDEOHGHODJHQHUDFLyQGHORVSURGXFWRVDUWHIDFWRV\HQWUHJDEOHVUHTXHULGRVKDFLpQGRVHFDUJR GHXQRRPiVUROHVVHJ~QVHDHOFDVR/DVXSHUYLVLyQGHODYDQFHGHOSUR\HFWRVHUiUHVSRQVDELOLGDGGH OD,QJ6DQGUD6iQFKH]TXHDFW~DFRPR'LUHFWRUDGHO3UR\HFWRGH7LWXODFLyQ. 3UiFWLFDV\0HGLGDVGHO3UR\HFWR (O SUR\HFWR VH GHVDUUROODUi VLJXLHQGR XQ HQIRTXH LWHUDWLYR EDVDGR HQ PLFUR LQFUHPHQWRV FRPR VH GHILQH HQ OD PHWRGRORJtD 2SHQ 83 'H HVWD PDQHUD VH SXHGH HYDOXDU GH PDQHUD PiV HIHFWLYD HO DYDQFHGHOSUR\HFWR. +LWRV\2EMHWLYRVGHO3UR\HFWR /RVREMHWLYRVSULQFLSDOHVGHOSUR\HFWRGHGHVDUUROORGHODVROXFLyQ8,/0,'3VRQ )DVH. ,WHUDFLyQ. 2EMHWLYRV3ULPDULRV. 'XUDFLyQ. ,QLFLR. ,.  'HILQLUHOSUR\HFWRDDOWRQLYHO. 'tDV +iELOHV.  'HWHUPLQDUQHFHVLGDGHVFDUDFWHUtVWLFDV\ UHTXHULPLHQWRV  'HILQLUULHVJRV (ODERUDFLyQ. ,.  5HILQDUUHTXHULPLHQWRV  'HVDUUROODUODDUTXLWHFWXUD. 'tDV +iELOHV.  'HVDUUROODUSURWRWLSRV\SUXHEDVGHFRQFHSWR &RQVWUXFFLyQ. ,.  5HILQDUUHTXHULPLHQWRV  'HVDUUROODULQFUHPHQWRV. 'tDV +iELOHV.  3UREDUODVROXFLyQ . 'HVSOLHJXH (OSURGXFWRILQDOVHHQWUHJDUiHQIRUPDGHFyGLJRIXHQWH\FyGLJRREMHWRFRPSLODGRVHQIRUPDGHXQD ELEOLRWHFDGHFODVHVTXHSRGUtDVHUXWLOL]DGDGLUHFWDPHQWHSRUORVGHVDUUROODGRUHVGH0,'OHWV. /HFFLRQHVDSUHQGLGDV ƒ ƒ. 6HGHEHSRQHUHVSHFLDODWHQFLyQHQORVSURFHVRVGHFDSWXUD\UHILQDPLHQWRGHUHTXHULPLHQWRV (VQHFHVDULRUHYLVDUHOWLHPSRDVLJQDGRDFDGDXQDGHODVIDVHVGHOSUR\HFWRHQIRUPDPHWLFXORVD. .  3/$1($5<*(67,21$5/$6,7(5$&,21(6 (VWDDFWLYLGDGTXHVHOOHYDDFDERHQIRUPDSHUPDQHQWHGXUDQWHWRGRHOFLFORGH YLGD GHO SUR\HFWR SHUPLWH UHDOL]DU OD LGHQWLILFDFLyQ HYDOXDFLyQ \ PLWLJDFLyQ GH .

(40) . ULHVJRV\SUREOHPDVSRWHQFLDOHVFRQVXILFLHQWHDQWLFLSDFLyQHVWDEOHFHUODVPHWDV \ REMHWLYRV YiOLGRV SDUD FDGD LWHUDFLyQ \ D\XGDU D ORV LQWHUHVDGRV D FXPSOLU ODV PHWDVTXHKDQVLGRSURSXHVWDV &RPRUHVXOWDGRILQDOGHODDFWLYLGDGVHJHQHUDHOSODQGHODLWHUDFLyQXQDOLVWDGH ULHVJRV\XQDOLVWDGHHOHPHQWRVGHWUDEDMR . '(6$552//2'(/$$&7,9,'$'. (VWD DFWLYLGDG LQLFLD HVWDEOHFLHQGR REMHWLYRV PiV HVSHFtILFRV TXH GHEHUiQ DOFDQ]DUVHGXUDQWHODVLWHUDFLRQHVHQIXQFLyQGHORVREMHWLYRVGHDOWRQLYHOTXHVH GHWHUPLQDURQHQODGHILQLFLyQ\HODOFDQFHGHOSUR\HFWR /RV REMHWLYRV GHEHUiQ FRQVLGHUDU ODV H[SHFWDWLYDV \ IXQFLRQDOLGDGHV UHTXHULGDV SRUORVLQWHUHVDGRV $SOLFDFLyQ3UiFWLFD8,/0,'3 /RVREMHWLYRVPiVHVSHFtILFRVLGHQWLILFDGRVSDUDODVLWHUDFLRQHVGHOSUR\HFWRVH HQFXHQWUDQHQXPHUDGRVHQOD7DEOD 1R 2EMHWLYRVHVSHFtILFRV . 'HWHUPLQDUODDUTXLWHFWXUDSDUDODELEOLRWHFDGHFODVHV. . 'LVHxDUODDSDULHQFLDYLVXDOTXHVHGHEHLPSOHPHQWDUHQODELEOLRWHFDGHFODVHV. . &RQVWUXLUXQFRQMXQWRGHFRPSRQHQWHVGHXVXDULRTXHVHDGDSWHQDODDSDULHQFLD YLVXDOHVWDEOHFLGD. . &RQVWUXLUXQDVHULHGHFRPSRQHQWHVDX[LOLDUHVSDUDHOPDQHMRGHORVFRPSRQHQWHV GHXVXDULRHODERUDGRV. . $VHJXUDUSHUPDQHQWHPHQWHHOIXQFLRQDPLHQWRGHODVROXFLyQHQYDULRVGLVSRVLWLYRV. . (VFULELUODGRFXPHQWDFLyQGHSURJUDPDFLyQSDUDODELEOLRWHFDGHFODVHV. . (VFULELUD\XGDV\JXtDVFRPRSDUWHDX[LOLDUGHODGRFXPHQWDFLyQGHSURJUDPDFLyQ 7DEOD2EMHWLYRVSDUDODVLWHUDFLRQHVGHODVROXFLyQ (ODERUDGRSRU&DUORV$QGUpV2TXHQGR. $ FRQWLQXDFLyQ VH GHEH HVWDEOHFHU ORV HOHPHQWRV JHQHUDOHV GH WUDEDMR SDUD OD VROXFLyQLQFOX\HQGRGDWRVDGLFLRQDOHVFRPRHOHVIXHU]R\HOWLHPSRHVWLPDGR 7RGD HVWD LQIRUPDFLyQ VLUYH FRPR LQVXPR SDUD JHQHUDU OD OLVWD FRPSOHWD GH HOHPHQWRVGHWUDEDMRTXHFRQWHPSOD2SHQ83. .

(41) . $SOLFDFLyQ3UiFWLFD8,/0,'3 /RV HOHPHQWRV GH WUDEDMR TXH VH KDQ LGHQWLILFDGR HQ SULPHUD LQVWDQFLD SDUD HO SUR\HFWRVHHQFXHQWUDQHQXPHUDGRVHQOD7DEOD 7LHPSR 3ULRULGDG (VWLPDGR. 7DUHD 'HWHUPLQDUODDUTXLWHFWXUDGHODELEOLRWHFDGHFODVHV. KRUDV. . (VWDEOHFHUHOFRQMXQWRGHFRPSRQHQWHVDFRQVWUXLU. KRUDV. . 'LVHxDUODDSDULHQFLDGHODLQWHUID]JUiILFD. KRUDV. . &RQVWUXLU\GRFXPHQWDUXQVXEFRQMXQWREiVLFRGHFRPSRQHQWHV. KRUDV. . &RQVWUXLUDSOLFDFLRQHVGHSUXHEDGHORVFRPSRQHQWHVEiVLFRV. KRUDV. . &RQVWUXLU\GRFXPHQWDUORVFRPSRQHQWHVUHVWDQWHV. KRUDV. . &RQVWUXLUDSOLFDFLRQHVGHSUXHEDFRQORVFRPSRQHQWHVUHVWDQWHV. KRUDV. . (VFULELUSURWRWLSRVTXHGHPXHVWUHQIXQFLRQDOLGDGHVHVSHFtILFDV. KRUDV. . 7DEOD/LVWDGRSUHOLPLQDUGHHOHPHQWRVJHQHUDOHVGHWUDEDMR (ODERUDGRSRU&DUORV$QGUpV2TXHQGR. $ PHGLGD OD HMHFXFLyQ GH ODV DFWLYLGDGHV GHO SUR\HFWR DYDQ]D DSDUHFHQ QXHYRV WHPDV TXH GHEHQ VHU FRQVLGHUDGRV \ TXH JHQHUDQ ULHVJRV TXH SRGUtDQ FRQYHUWLUVHHQSUREOHPDVVLQRVHLGHQWLILFDQ\QHXWUDOL]DQDGHFXDGDPHQWH (Q HVWH SXQWR HV FRQYHQLHQWH UHYLVDU ODV GHFLVLRQHV WRPDGDV \ YHULILFDU OD H[LVWHQFLDGHULHVJRV\SUREOHPDVSRWHQFLDOHV $SOLFDFLyQ3UiFWLFD8,/0,'3 (QOD7DEODDSDUHFHHOFRQMXQWRGHULHVJRVLGHQWLILFDGRVHQODSULPHUDLWHUDFLyQ 1R 5LHVJR . 7LHPSRGHFRQVWUXFFLyQGHORVFRPSRQHQWHVPDOHVWLPDGR. . 'LVHxRGHIHFWXRVRGHODDSDULHQFLDGHODLQWHUID]JUiILFD. . 'LILFXOWDGSDUDLPSOHPHQWDUIXQFLRQDOLGDGHVFODYHSDUDODVROXFLyQ. . )DOWDGHGLVSRVLWLYRVGRQGHSUREDUORVSURWRWLSRV\ODVROXFLyQ. . &DPELRVHQODVHVSHFLILFDFLRQHVGHORVPDUFRVGHWUDEDMRJHQpULFRV. . ,QFRPSDWLELOLGDGFRQODVSODWDIRUPDVLPSOHPHQWDGDVSRUORVGLIHUHQWHVIDEULFDQWHV 7DEOD/LVWDGRGHULHVJRVJHQHUDOHVGHOSUR\HFWR (ODERUDGRSRU&DUORV$QGUpV2TXHQGR. .

Referencias

Documento similar

PXHVWUD HO GHVJORVH SURJUHVLYR GH ORV IDFWRUHV R PHGLRV

ODV KRMDV GH LQVWUXFFLyQ TXH IXHURQ HQWUHJDGDV D ORV RILFLDOHV

PHWDOHV FDGD YH] TXH VH LQFUHPHQWD OD VXSHUILFLH GHO HOHFWURGR GH 59&amp;. 7DPELpQVHREVHUYDTXHODHILFLHQFLDGHFRUULHQWHφ

DÀUPDU FRQ SOHQD FRQFLHQFLD GH OR TXH GLJR TXH QLQJXQR GH ORV FRQVLGHUD. 

frqvwlwx|ìqgrvh hq xqd slh}d fodyh sdud odv srvwhulruhv wduhdv hq ho ghvduuroor gh vriwzduh1 Orv pìwrgrv irupdohv grwdq gh suhflvlöq | uljru do prghor frqfhswxdo/ shur

Ho fxduwr phfdqlvpr txh shuplwh phglu ho ghvdmxvwh hgxfdwlyr hq ho phu0 fdgr gh wudedmr hv xq surfhglplhqwr vxemhwlyr= hq ìo hv ho surslr wuded0 mdgru ho txh ghwhuplqd vl vh

/R SULPHUR TXH KDFH GHQWUR GHO FRQVWUXFWRU HV DVLJQDU ORV SDUiPHWURV GH  HQWUDGDDYDULDEOHVGHODFODVH. 

Dvð/ sdud jdudqwl}du od frqvlvwhqfld gh xq frqmxqwr gh dfflrqhv hq ho ex}öq edvwduä frq dvh0 jxudu txh glfkdv dfflrqhv qr hvwäq hq frq lfwr1 Hvwr sxhgh ghwhfwduvh dxwrpäwlfdphqwh/