• No se han encontrado resultados

Pruebas de estanqueidad para cubiertas planas, identificación y solución de fallos en el desarrollo de las pruebas

N/A
N/A
Protected

Academic year: 2021

Share "Pruebas de estanqueidad para cubiertas planas, identificación y solución de fallos en el desarrollo de las pruebas"

Copied!
427
0
0

Texto completo

(1)PRUEBAS DE ESTANQUEIDAD PARA CUBIERTAS PLANAS, IDENTIFICACIÓN Y SOLUCIÓN DE FALLOS EN EL DESARROLLO DE LAS PRUEBAS. Juan Javier Osuna Moral.

(2) . . . . '(3$57$0(172'(&216758&&,21(6 $548,7(&7Ï1,&$6'(/$81,9(56,'$''($/,&$17(. '(3$57$0(172'(&216758&&,21(6 $548,7(&7Ï1,&$6'(/$81,9(56,'$''($/,&$17(. (6&8(/$32/,7e&1,&$683(5,25. (6&8(/$32/,7e&1,&$683(5,25. . . . . . . 358(%$6'((67$148(,'$'3$5$&8%,(57$6 3/$1$6,'(17,),&$&,Ï1<62/8&,Ï1'( )$//26(1(/'(6$552//2'(/$6358(%$6. 358(%$6'((67$148(,'$'3$5$&8%,(57$6 3/$1$6,'(17,),&$&,Ï1<62/8&,Ï1'( )$//26(1(/'(6$552//2'(/$6358(%$6. . . . . -8$1-$9,(52681$025$/. -8$1-$9,(52681$025$/. . . 0HPRULDSUHVHQWDGDSDUDDVSLUDUDOJUDGRGH. 0HPRULDSUHVHQWDGDSDUDDVSLUDUDOJUDGRGH. '2&725325/$81,9(56,'$''($/,&$17(. '2&725325/$81,9(56,'$''($/,&$17(. . . . . '2&725$'2'((',),&$&,Ï17(&12/2*Ë$,19(67,*$&,Ï1< '(6$552//2. '2&725$'2'((',),&$&,Ï17(&12/2*Ë$,19(67,*$&,Ï1< '(6$552//2. . . . . 'LULJLGDSRU. 'LULJLGDSRU. 0$5Ë$-(6Ò6)(55(5*5$&,È. 0$5Ë$-(6Ò6)(55(5*5$&,È.  .  .

(3)  .  .

(4) $*5$'(&,0,(1726. $*5$'(&,0,(1726. . . /RVUHVXOWDGRVGHHVWHSUR\HFWRHVWiQGHGLFDGRVDWRGDVDTXHOODV. /RVUHVXOWDGRVGHHVWHSUR\HFWRHVWiQGHGLFDGRVDWRGDVDTXHOODV. SHUVRQDV TXH GH DOJXQD IRUPD VRQ SDUWH GH VX FXOPLQDFLyQ 0L PiV. SHUVRQDV TXH GH DOJXQD IRUPD VRQ SDUWH GH VX FXOPLQDFLyQ 0L PiV. VLQFHUR DJUDGHFLPLHQWR HVWi GLULJLGR HQ HVSHFLDO D PL WXWRUD \ DPLJD. VLQFHUR DJUDGHFLPLHQWR HVWi GLULJLGR HQ HVSHFLDO D PL WXWRUD \ DPLJD. 0DUtD -HV~V )HUUHU TXLHQ KD WHQLGR OD FRQVLGHUDFLyQ GH GHGLFDUPH VX. 0DUtD -HV~V )HUUHU TXLHQ KD WHQLGR OD FRQVLGHUDFLyQ GH GHGLFDUPH VX. WLHPSR \ SHUPLWLUPH DSUHQGHU D VX ODGR D 3DXOD 0ROLQD TXH FRQ VX. WLHPSR \ SHUPLWLUPH DSUHQGHU D VX ODGR D 3DXOD 0ROLQD TXH FRQ VX. D\XGD GHVGH OD ELEOLRWHFD GH OD 8QLYHUVLGDG GH $OLFDQWH PH KD. D\XGD GHVGH OD ELEOLRWHFD GH OD 8QLYHUVLGDG GH $OLFDQWH PH KD. SHUPLWLGR WHQHU DFFHVR D WRGD OD QRUPDWLYD TXH KH QHFHVLWDGR DO. SHUPLWLGR WHQHU DFFHVR D WRGD OD QRUPDWLYD TXH KH QHFHVLWDGR DO. &DWHGUiWLFR 6DOYDGRU ,YRUUD TXH PH KD GHPRVWUDGR VX DPDELOLGDG. &DWHGUiWLFR 6DOYDGRU ,YRUUD TXH PH KD GHPRVWUDGR VX DPDELOLGDG. GHGLFiQGRPH VX WLHPSR SDUD UHSDVDU ORV DSXQWHV UHODFLRQDGRV FRQ HO. GHGLFiQGRPH VX WLHPSR SDUD UHSDVDU ORV DSXQWHV UHODFLRQDGRV FRQ HO. FiOFXORGHSUHVLyQ\TXHWDQIXQGDPHQWDOHVKDQUHVXOWDGRSDUDUHDOL]DU. FiOFXORGHSUHVLyQ\TXHWDQIXQGDPHQWDOHVKDQUHVXOWDGRSDUDUHDOL]DU. OD SUXHED GH HPLVLyQ GH EXUEXMDV D 5DIDHO &DOGHUyQ TXH FRQ VX EXHQ. OD SUXHED GH HPLVLyQ GH EXUEXMDV D 5DIDHO &DOGHUyQ TXH FRQ VX EXHQ. FULWHULR PH DSRUWy OXFLGH] DO WUDEDMR D )HGHULFR &DPDFKR  TXH PH. FULWHULR PH DSRUWy OXFLGH] DO WUDEDMR D )HGHULFR &DPDFKR  TXH PH. SURSRUFLRQy PDWHULDO H LQIRUPDFLyQ VREUH ODV OiPLQDV ELWXPLQRVDV D. SURSRUFLRQy PDWHULDO H LQIRUPDFLyQ VREUH ODV OiPLQDV ELWXPLQRVDV D. -RDTXtQ)HUQiQGH]SRUGHGLFDUPHXQDPDxDQDHQVXWLHQGDSDUDSRGHU. -RDTXtQ)HUQiQGH]SRUGHGLFDUPHXQDPDxDQDHQVXWLHQGDSDUDSRGHU. PRQWDU\FRQFHELUHOGLVWULEXLGRUGHDLUHDSDUDUHDOL]DUHOHQVD\RDPLV. PRQWDU\FRQFHELUHOGLVWULEXLGRUGHDLUHDSDUDUHDOL]DUHOHQVD\RDPLV. DPLJRV 3DFR 3HxD SRU VXV EXHQRV FRQVHMRV D -RVp 0R\DQR TXH PH. DPLJRV 3DFR 3HxD SRU VXV EXHQRV FRQVHMRV D -RVp 0R\DQR TXH PH. VLJXHFRJLHQGRHOWHOpIRQRFDGDYH]TXHOHOODPR\D1LFROiV0RUDOTXH. VLJXHFRJLHQGRHOWHOpIRQRFDGDYH]TXHOHOODPR\D1LFROiV0RUDOTXH. GHVGHODGLVWDQFLDVHJXLPRVPDQWHQLHQGRXQDEXHQDDPLVWDG. GHVGHODGLVWDQFLDVHJXLPRVPDQWHQLHQGRXQDEXHQDDPLVWDG. *UDFLDV 'LRV JUDFLDV 3DTXL SRU WX DSR\R \ FRPSUHQVLyQ. *UDFLDV 'LRV JUDFLDV 3DTXL SRU WX DSR\R \ FRPSUHQVLyQ. LQFRQGLFLRQDO JUDFLDV SDGUHV \ KHUPDQD \ HQ HVSHFLDO D -XDQMR \. LQFRQGLFLRQDO JUDFLDV SDGUHV \ KHUPDQD \ HQ HVSHFLDO D -XDQMR \. )UDQFLVFRDORVTXHGHVHRSRGHUOHVUHFRPSHQVDUHOWLHPSRTXHQRRVKH. )UDQFLVFRDORVTXHGHVHRSRGHUOHVUHFRPSHQVDUHOWLHPSRTXHQRRVKH. SRGLGRGHGLFDUHQHVWRVDxRV. SRGLGRGHGLFDUHQHVWRVDxRV. . .  .  .

(5)  .  .

(6) 5(680(1. 5(680(1. . . (O SUHVHQWHWUDEDMRVHMXVWLILFDSRUHO JUDQQ~PHURGHSUREOHPDV. (O SUHVHQWHWUDEDMRVHMXVWLILFDSRUHO JUDQQ~PHURGHSUREOHPDV. TXH VH SURGXFHQ HQ ODV FXELHUWDV HQ UHODFLyQ FRQ ODV ILOWUDFLRQHV GH. TXH VH SURGXFHQ HQ ODV FXELHUWDV HQ UHODFLyQ FRQ ODV ILOWUDFLRQHV GH. KXPHGDG FRPSUREiQGRVH TXH QR H[LVWH QLQJXQD  QRUPDWLYD D QLYHO. KXPHGDG FRPSUREiQGRVH TXH QR H[LVWH QLQJXQD  QRUPDWLYD D QLYHO. QDFLRQDO TXH REOLJXH D UHDOL]DU SUXHEDV GH VHUYLFLR TXH SHUPLWLUtDQ QR. QDFLRQDO TXH REOLJXH D UHDOL]DU SUXHEDV GH VHUYLFLR TXH SHUPLWLUtDQ QR. HQWUHJDU YLYLHQGDV FRQ FXELHUWDV GHIHFWXRVDV D VXV IXWXURV GXHxRV 6H. HQWUHJDU YLYLHQGDV FRQ FXELHUWDV GHIHFWXRVDV D VXV IXWXURV GXHxRV 6H. KD SRGLGR FRQVWDWDU TXH HQ OD &RPXQLGDG 9DOHQFLDQD HV REOLJDWRULD OD. KD SRGLGR FRQVWDWDU TXH HQ OD &RPXQLGDG 9DOHQFLDQD HV REOLJDWRULD OD. UHDOL]DFLyQGHSUXHEDVGHVHUYLFLRSDUDFRPSUREDUODHVWDQTXLGDGGHODV. UHDOL]DFLyQGHSUXHEDVGHVHUYLFLRSDUDFRPSUREDUODHVWDQTXLGDGGHODV. FXELHUWDV\TXHHVSUHFLVRXWLOL]DUHOSURFHGLPLHQWRUHFRJLGRHQHO'5&. FXELHUWDV\TXHHVSUHFLVRXWLOL]DUHOSURFHGLPLHQWRUHFRJLGRHQHO'5&. XRWURVLPLODU6HKDDQDOL]DGRGLFKRGRFXPHQWRHQODPRGDOLGDG. XRWURVLPLODU6HKDDQDOL]DGRGLFKRGRFXPHQWRHQODPRGDOLGDG. GH SUXHED SRU LQXQGDFLyQ GH OD FXELHUWD TXH HV HO PpWRGR PiV. GH SUXHED SRU LQXQGDFLyQ GH OD FXELHUWD TXH HV HO PpWRGR PiV. HPSOHDGRFXDQGRODFXELHUWDORSHUPLWHFRQODSUHWHQVLyQGHPHMyUDOR. HPSOHDGRFXDQGRODFXELHUWDORSHUPLWHFRQODSUHWHQVLyQGHPHMyUDOR. \DTXHHQJHQHUDOHVHOSURFHGLPLHQWRTXHVHHPSOHDDQLYHOQDFLRQDO. \DTXHHQJHQHUDOHVHOSURFHGLPLHQWRTXHVHHPSOHDDQLYHOQDFLRQDO. (ODQiOLVLVGHGLFKRGRFXPHQWRQRVKDSHUPLWLGRORFDOL]DUDOJXQDV. (ODQiOLVLVGHGLFKRGRFXPHQWRQRVKDSHUPLWLGRORFDOL]DUDOJXQDV. GHILFLHQFLDV SULQFLSDOPHQWH OD LPSRVLELOLGDG GH XELFDU ODV ILOWUDFLRQHV. GHILFLHQFLDV SULQFLSDOPHQWH OD LPSRVLELOLGDG GH XELFDU ODV ILOWUDFLRQHV. VREUH OD OiPLQD LPSHUPHDELOL]DQWH \ OD GHILFLHQWH GHVFULSFLyQ GH ORV. VREUH OD OiPLQD LPSHUPHDELOL]DQWH \ OD GHILFLHQWH GHVFULSFLyQ GH ORV. VLVWHPDVGHREWXUDFLyQ\YDFLDGR. VLVWHPDVGHREWXUDFLyQ\YDFLDGR. 3DUD PHMRUDUOR VH KD UHDOL]DGR XQ HVWXGLR GH QRUPDWLYD. 3DUD PHMRUDUOR VH KD UHDOL]DGR XQ HVWXGLR GH QRUPDWLYD. SURFHGLPLHQWRV WLSRORJtD \ HOHPHQWRV GH FXELHUWDV HWF \ YDULRV. SURFHGLPLHQWRV WLSRORJtD \ HOHPHQWRV GH FXELHUWDV HWF \ YDULRV. HQVD\RV7RGRHOORKDSHUPLWLGRGHWHUPLQDUGHTXpPDQHUDDFWXDUVREUH. HQVD\RV7RGRHOORKDSHUPLWLGRGHWHUPLQDUGHTXpPDQHUDDFWXDUVREUH. HO DFWXDO SODQWHDPLHQWR GH OD SUXHED GH LQXQGDFLyQ TXH KDFH HO '5&. HO DFWXDO SODQWHDPLHQWR GH OD SUXHED GH LQXQGDFLyQ TXH KDFH HO '5&. \HQTXpPRPHQWRV. \HQTXpPRPHQWRV. $Vt FRPR FRQFOXVLyQ GHO WUDEDMR VH SUHVHQWD XQD SURSXHVWD GH. $Vt FRPR FRQFOXVLyQ GHO WUDEDMR VH SUHVHQWD XQD SURSXHVWD GH. PHMRUDGHODPRGDOLGDGGHLQXQGDFLyQTXHSHUPLWHXELFDUORVSXQWRVGH. PHMRUDGHODPRGDOLGDGGHLQXQGDFLyQTXHSHUPLWHXELFDUORVSXQWRVGH. IDOOR GH OD OiPLQD LPSHUPHDELOL]DQWH \ SURSRQH XQ VLVWHPD GH. IDOOR GH OD OiPLQD LPSHUPHDELOL]DQWH \ SURSRQH XQ VLVWHPD GH.  .  .

(7) REWXUDFLyQYDFLDGR SDUD HO FRUUHFWR GHVDUUROOR GH OD SUXHED GH. REWXUDFLyQYDFLDGR SDUD HO FRUUHFWR GHVDUUROOR GH OD SUXHED GH. LQXQGDFLyQ FRQ XQD IRUPDOL]DFLyQ PiV SUHFLVD TXH OD UHFRJLGD HQ HO. LQXQGDFLyQ FRQ XQD IRUPDOL]DFLyQ PiV SUHFLVD TXH OD UHFRJLGD HQ HO. '5&  $GHPiV HVWD SURSXHVWD SODQWHD OD PRGLILFDFLyQ \. '5&  $GHPiV HVWD SURSXHVWD SODQWHD OD PRGLILFDFLyQ \. FRPSOHPHQWDFLyQ GH DOJXQDV FRQVLGHUDFLRQHV UHIHUHQWHV D OD SUXHED. FRPSOHPHQWDFLyQ GH DOJXQDV FRQVLGHUDFLRQHV UHIHUHQWHV D OD SUXHED. SURSXHVWDSRUHO'RFXPHQWR5HFRQRFLGR. SURSXHVWDSRUHO'RFXPHQWR5HFRQRFLGR.  .  .

(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,0(5$3$57(. 35,0(5$3$57(. . . . .  .  .

(9)

(10) . . . .  .  .

(11)

(12) &$3Ë78/23UHVHQWDFLyQ. &$3Ë78/23UHVHQWDFLyQ. . . . . . . . . . . . . . . &$3Ë78/235(6(17$&,Ï1. &$3Ë78/235(6(17$&,Ï1. 3DUD SUHVHQWDU HVWH WUDEDMR \ H[SOLFDU VX RSRUWXQLGDG SRGHPRV. 3DUD SUHVHQWDU HVWH WUDEDMR \ H[SOLFDU VX RSRUWXQLGDG SRGHPRV. FRPHQ]DUGHVWDFDQGRODIXQFLyQGHODDUTXLWHFWXUDFRPRFRELMRSDUDORV. FRPHQ]DUGHVWDFDQGRODIXQFLyQGHODDUTXLWHFWXUDFRPRFRELMRSDUDORV. VHUHV KXPDQRV \ OD LPSRUWDQFLD GH TXH OD FRQVWUXFFLyQ IDFLOLWH HO. VHUHV KXPDQRV \ OD LPSRUWDQFLD GH TXH OD FRQVWUXFFLyQ IDFLOLWH HO. DFRQGLFLRQDPLHQWRGHORVHVSDFLRVKDELWDEOHV. DFRQGLFLRQDPLHQWRGHORVHVSDFLRVKDELWDEOHV. 'HKHFKRODKXPDQLGDGVLHPSUHWXYRQHFHVLGDGGHUHIXJLDUVHGH. 'HKHFKRODKXPDQLGDGVLHPSUHWXYRQHFHVLGDGGHUHIXJLDUVHGH. ODV LQFOHPHQFLDV GHO WLHPSR XWLOL]DQGR SDUD HOOR FXDOTXLHU PHGLR TXH. ODV LQFOHPHQFLDV GHO WLHPSR XWLOL]DQGR SDUD HOOR FXDOTXLHU PHGLR TXH. SURSRUFLRQDED OD QDWXUDOH]D $O SULQFLSLR VH XVDEDQ HOHPHQWRV. SURSRUFLRQDED OD QDWXUDOH]D $O SULQFLSLR VH XVDEDQ HOHPHQWRV. QDWXUDOHV GHVSXpV VROXFLRQHV VHQFLOODV FRQ HO ILQ HQWUH RWURV GH. QDWXUDOHV GHVSXpV VROXFLRQHV VHQFLOODV FRQ HO ILQ HQWUH RWURV GH. FRQVHJXLU RSFLRQHV TXH SURWHJLHVHQ GHO DJXD D VXV KDELWDQWHV 3RFR D. FRQVHJXLU RSFLRQHV TXH SURWHJLHVHQ GHO DJXD D VXV KDELWDQWHV 3RFR D. SRFR OD DUTXLWHFWXUD IXH HYROXFLRQDQGR \ WDPELpQ ORV PDWHULDOHV GH. SRFR OD DUTXLWHFWXUD IXH HYROXFLRQDQGR \ WDPELpQ ORV PDWHULDOHV GH. FRQVWUXFFLyQ D OD YH] TXH ODV GHPDQGDV VRFLDOHV LPSXOVDEDQ XQ. FRQVWUXFFLyQ D OD YH] TXH ODV GHPDQGDV VRFLDOHV LPSXOVDEDQ XQ. LQFUHPHQWRGHODVH[LJHQFLDVDODHGLILFDFLyQHQFXDQWRDODFRQVHFXFLyQ. LQFUHPHQWRGHODVH[LJHQFLDVDODHGLILFDFLyQHQFXDQWRDODFRQVHFXFLyQ. GHFRQIRUW\KDELWDELOLGDG. GHFRQIRUW\KDELWDELOLGDG. /D FXELHUWD FRPR VDEHPRV HV QRUPDOPHQWH HO FHUUDPLHQWR. /D FXELHUWD FRPR VDEHPRV HV QRUPDOPHQWH HO FHUUDPLHQWR. VXSHULRU GHO HGLILFLR FRQ OD LQFOLQDFLyQ PiV SUy[LPD D OD KRUL]RQWDO GH. VXSHULRU GHO HGLILFLR FRQ OD LQFOLQDFLyQ PiV SUy[LPD D OD KRUL]RQWDO GH. WRGRVORVFHUUDPLHQWRVHQFRQWDFWRFRQHOPHGLRDPELHQWHH[WHULRUSRU. WRGRVORVFHUUDPLHQWRVHQFRQWDFWRFRQHOPHGLRDPELHQWHH[WHULRUSRU. . .

(13) 35,0(5$3$57(. 35,0(5$3$57(. . . ORTXHVHHQFXHQWUDHVSHFLDOPHQWHH[SXHVWDDODVSUHFLSLWDFLRQHVHQWUH. ORTXHVHHQFXHQWUDHVSHFLDOPHQWHH[SXHVWDDODVSUHFLSLWDFLRQHVHQWUH. RWUDVLQFOHPHQFLDVGHOPHGLR3RUHVRHVPX\LPSRUWDQWHJDUDQWL]DUTXH. RWUDVLQFOHPHQFLDVGHOPHGLR3RUHVRHVPX\LPSRUWDQWHJDUDQWL]DUTXH. QRYDDGDUSUREOHPDVDOUHVSHFWR. QRYDDGDUSUREOHPDVDOUHVSHFWR. &RPR GHFtDPRV OD HYROXFLyQ VRFLDO FXOWXUDO \ WpFQLFD TXH VH KD. &RPR GHFtDPRV OD HYROXFLyQ VRFLDO FXOWXUDO \ WpFQLFD TXH VH KD. SURGXFLGRDORODUJRGHOWLHPSRMXVWLILFDTXHODVH[LJHQFLDVUHVSHFWRDOD. SURGXFLGRDORODUJRGHOWLHPSRMXVWLILFDTXHODVH[LJHQFLDVUHVSHFWRDOD. FDOLGDG GH OD HGLILFDFLyQ VH KD\DQ LQFUHPHQWDGR GH IRUPD H[SRQHQFLDO. FDOLGDG GH OD HGLILFDFLyQ VH KD\DQ LQFUHPHQWDGR GH IRUPD H[SRQHQFLDO. HQ ORV ~OWLPRV WLHPSRV 6LWXDFLRQHV GH DFFHVR GH KXPHGDG D ORV. HQ ORV ~OWLPRV WLHPSRV 6LWXDFLRQHV GH DFFHVR GH KXPHGDG D ORV. UHFLQWRV D WUDYpV GH ORV PDWHULDOHV R FRQGLFLRQHV WpUPLFDV HQ ORV. UHFLQWRV D WUDYpV GH ORV PDWHULDOHV R FRQGLFLRQHV WpUPLFDV HQ ORV. UHFLQWRV TXH KDFLD SULQFLSLRV \ PHGLDGRV GH VLJOR ;; VH FRQVLGHUDEDQ. UHFLQWRV TXH KDFLD SULQFLSLRV \ PHGLDGRV GH VLJOR ;; VH FRQVLGHUDEDQ. SHUIHFWDPHQWH DVXPLEOHV HQ OD DFWXDOLGDG UHVXOWDQ LQDGPLVLEOHV 1RV. SHUIHFWDPHQWH DVXPLEOHV HQ OD DFWXDOLGDG UHVXOWDQ LQDGPLVLEOHV 1RV. UHIHULPRV SRU HMHPSOR D OD DXVHQFLD GH DLVODPLHQWR WpUPLFR HQ ORV. UHIHULPRV SRU HMHPSOR D OD DXVHQFLD GH DLVODPLHQWR WpUPLFR HQ ORV. FHUUDPLHQWRVRDVROXFLRQHVGHFRQWDFWRFRQHOWHUUHQRTXHQRUHVROYtDQ. FHUUDPLHQWRVRDVROXFLRQHVGHFRQWDFWRFRQHOWHUUHQRTXHQRUHVROYtDQ. SHUIHFWDPHQWHODVDFWXDOHVH[LJHQFLDV. SHUIHFWDPHQWHODVDFWXDOHVH[LJHQFLDV. $Vt SXHV HQ HO SDVDGR ORV UHTXHULPLHQWRV GH HVWDQTXHLGDG SDUD. $Vt SXHV HQ HO SDVDGR ORV UHTXHULPLHQWRV GH HVWDQTXHLGDG SDUD. XQDFXELHUWDSODQDQRHUDQWDQH[LJHQWHVFRPRHQODDFWXDOLGDGFRPR. XQDFXELHUWDSODQDQRHUDQWDQH[LJHQWHVFRPRHQODDFWXDOLGDGFRPR. GLFH )UDQFLVFR 2UWHJD $QGUDGH ³(UD GLItFLO SHUR QR LPSRVLEOH SXHV. GLFH )UDQFLVFR 2UWHJD $QGUDGH ³(UD GLItFLO SHUR QR LPSRVLEOH SXHV. JRWHUDV VLHPSUH KXER OR TXH SDVDED HV TXH HO RFXSDQWH HUD PiV. JRWHUDV VLHPSUH KXER OR TXH SDVDED HV TXH HO RFXSDQWH HUD PiV. WROHUDQWHFRQODVPDQFKDVGHKXPHGDGTXHORTXHHVHOLQTXLOLQRDFWXDO´. WROHUDQWHFRQODVPDQFKDVGHKXPHGDGTXHORTXHHVHOLQTXLOLQRDFWXDO´. 2UWHJD$QGUDGHS. 2UWHJD$QGUDGHS. $GHPiVFRPRFRQVHFXHQFLDGHODVILOWUDFLRQHVVHJHQHUDQJDVWRV. $GHPiVFRPRFRQVHFXHQFLDGHODVILOWUDFLRQHVVHJHQHUDQJDVWRV. HFRQyPLFRVSUREOHPDVGHVDOXGSDUDODVSHUVRQDV\GHLPDJHQSDUDOD. HFRQyPLFRVSUREOHPDVGHVDOXGSDUDODVSHUVRQDV\GHLPDJHQSDUDOD. FRQVWUXFFLyQ \ VXV SURIHVLRQDOHV (Q UHODFLyQ FRQ OD VDOXG ODV. FRQVWUXFFLyQ \ VXV SURIHVLRQDOHV (Q UHODFLyQ FRQ OD VDOXG ODV. ILOWUDFLRQHV GH DJXD HQ ORV LQPXHEOHV TXH IDYRUHFHQ OD SUHVHQFLD GH. ILOWUDFLRQHV GH DJXD HQ ORV LQPXHEOHV TXH IDYRUHFHQ OD SUHVHQFLD GH. KRQJRV\PRKRVDGHPiVGHUHGXFLUHOFRQIRUWWpUPLFRSXHGHQGHULYDU. KRQJRV\PRKRVDGHPiVGHUHGXFLUHOFRQIRUWWpUPLFRSXHGHQGHULYDU. HQ SUREOHPDV UHODFLRQDGRV FRQ ODV LQIHFFLRQHV UHVSLUDWRULDV DOHUJLDV. HQ SUREOHPDV UHODFLRQDGRV FRQ ODV LQIHFFLRQHV UHVSLUDWRULDV DOHUJLDV. DJUDYDPLHQWR GH SUREOHPDV GHO DVPD \ GHO UHXPD DIHFWDQGR. DJUDYDPLHQWR GH SUREOHPDV GHO DVPD \ GHO UHXPD DIHFWDQGR. HVSHFLDOPHQWH D QLxRV \ DQFLDQRV \D TXH VRQ ODV SHUVRQDV PiV. HVSHFLDOPHQWH D QLxRV \ DQFLDQRV \D TXH VRQ ODV SHUVRQDV PiV. VHQVLEOHV D HVWRV SUREOHPDV GH VDOXG SRU FDUHFHU GH UHVLVWHQFLD \ GHO. VHQVLEOHV D HVWRV SUREOHPDV GH VDOXG SRU FDUHFHU GH UHVLVWHQFLD \ GHO. Ϯ. Ϯ.

(14) &$3Ë78/23UHVHQWDFLyQ. &$3Ë78/23UHVHQWDFLyQ. VLVWHPD LQPXQH GH XQ DGXOWR VDQR 7DPELpQ ODV ILOWUDFLRQHV HQ XQD. VLVWHPD LQPXQH GH XQ DGXOWR VDQR 7DPELpQ ODV ILOWUDFLRQHV HQ XQD. FXELHUWDSURGXFHQODGHJUDGDFLyQGHODHGLILFDFLyQ\DTXHODDSDULFLyQ. FXELHUWDSURGXFHQODGHJUDGDFLyQGHODHGLILFDFLyQ\DTXHODDSDULFLyQ. GHKXPHGDGHVHQHOSODQRLQIHULRUGHOIRUMDGRVREUHORVPXURVRLQFOXVR. GHKXPHGDGHVHQHOSODQRLQIHULRUGHOIRUMDGRVREUHORVPXURVRLQFOXVR. HQODSDUWHH[WHULRUGHORVSHWRVJHQHUDQSUREOHPDVUHODFLRQDGRVFRQHO. HQODSDUWHH[WHULRUGHORVSHWRVJHQHUDQSUREOHPDVUHODFLRQDGRVFRQHO. GHWHULRUR \ UiSLGR HQYHMHFLPLHQWR GH ORV PDWHULDOHV GH OD FRQVWUXFFLyQ. GHWHULRUR \ UiSLGR HQYHMHFLPLHQWR GH ORV PDWHULDOHV GH OD FRQVWUXFFLyQ. OOHJDQGRDSURGXFLUVHGHVSUHQGLPLHQWRVRGDxRVHVWpWLFRVGHHOHPHQWRV. OOHJDQGRDSURGXFLUVHGHVSUHQGLPLHQWRVRGDxRVHVWpWLFRVGHHOHPHQWRV. GHFRUDWLYRV FRPR ORV \HVRV ORV HQIRVFDGRV ORV SDSHOHV SLQWDGRV \ ODV. GHFRUDWLYRV FRPR ORV \HVRV ORV HQIRVFDGRV ORV SDSHOHV SLQWDGRV \ ODV. SLQWXUDV6LDGHPiVODVKXPHGDGHVVHSURORQJDQHQHOWLHPSRSXHGHQ. SLQWXUDV6LDGHPiVODVKXPHGDGHVVHSURORQJDQHQHOWLHPSRSXHGHQ. DIHFWDU D OD FRQVWUXFFLyQ GH WDO IRUPD TXH VH GHWHULRUHQ HOHPHQWRV. DIHFWDU D OD FRQVWUXFFLyQ GH WDO IRUPD TXH VH GHWHULRUHQ HOHPHQWRV. FRQVWUXFWLYRV R VH PHUPH VX IXQFLRQDOLGDG FRPR HV HO FDVR GH ORV. FRQVWUXFWLYRV R VH PHUPH VX IXQFLRQDOLGDG FRPR HV HO FDVR GH ORV. DLVODPLHQWRV WpUPLFRV FXDQGR VH PRMDQ \ SRU ~OWLPR VL ODV ILOWUDFLRQHV. DLVODPLHQWRV WpUPLFRV FXDQGR VH PRMDQ \ SRU ~OWLPR VL ODV ILOWUDFLRQHV. SHUVLVWHQ \ VRQ FRQWLQXDGDV D OR ODUJR GHO WLHPSR SXHGHQ DIHFWDU ODV. SHUVLVWHQ \ VRQ FRQWLQXDGDV D OR ODUJR GHO WLHPSR SXHGHQ DIHFWDU ODV. ILOWUDFLRQHV D ORV HOHPHQWRV HVWUXFWXUDOHV SXGLHQGR FRUURHU ODV. ILOWUDFLRQHV D ORV HOHPHQWRV HVWUXFWXUDOHV SXGLHQGR FRUURHU ODV. DUPDGXUDV \ FRPSURPHWHU ILQDOPHQWH D OD HVWDELOLGDG GH ODV. DUPDGXUDV \ FRPSURPHWHU ILQDOPHQWH D OD HVWDELOLGDG GH ODV. FRQVWUXFFLRQHV /RV JDVWRV HFRQyPLFRV UHVXOWDQ GH OD UHSDUDFLyQ. FRQVWUXFFLRQHV /RV JDVWRV HFRQyPLFRV UHVXOWDQ GH OD UHSDUDFLyQ. QHFHVDULDSDUDHOLPLQDUODVILOWUDFLRQHVDGHPiVGHODUUHJORRUHSRVLFLyQ. QHFHVDULDSDUDHOLPLQDUODVILOWUDFLRQHVDGHPiVGHODUUHJORRUHSRVLFLyQ. GH ORV GDxRV FDXVDGRV HQ HO LQWHULRU \ H[WHULRU GHO LQPXHEOH H LQFOXVR. GH ORV GDxRV FDXVDGRV HQ HO LQWHULRU \ H[WHULRU GHO LQPXHEOH H LQFOXVR. HQFDVRVH[WUHPRVWDPELpQVHSXHGHQSURGXFLUJDVWRVUHODFLRQDGRVFRQ. HQFDVRVH[WUHPRVWDPELpQVHSXHGHQSURGXFLUJDVWRVUHODFLRQDGRVFRQ. OD REOLJDFLyQ GH IDFLOLWDU DORMDPLHQWR D ORV KDELWDQWHV GHO LQPXHEOH. OD REOLJDFLyQ GH IDFLOLWDU DORMDPLHQWR D ORV KDELWDQWHV GHO LQPXHEOH. DIHFWDGR SRU LQKDELWDELOLGDG PLHQWUDV VH UHSDUDQ ORV GDxRV (Q HO FDVR. DIHFWDGR SRU LQKDELWDELOLGDG PLHQWUDV VH UHSDUDQ ORV GDxRV (Q HO FDVR. GH TXH H[LVWDQ GHQXQFLDV DSDUHFHQ RWURV WLSRV GH JDVWRV FRPR OD. GH TXH H[LVWDQ GHQXQFLDV DSDUHFHQ RWURV WLSRV GH JDVWRV FRPR OD. UHSUHVHQWDFLyQ OHJDO UHGDFFLyQ GH LQIRUPHV SHULFLDOHV VDQFLRQHV \. UHSUHVHQWDFLyQ OHJDO UHGDFFLyQ GH LQIRUPHV SHULFLDOHV VDQFLRQHV \. HPSOHR GHO WLHPSR SHUVRQDO TXH QXQFD YDORUDPRV \ TXH UHVXOWD WDQ. HPSOHR GHO WLHPSR SHUVRQDO TXH QXQFD YDORUDPRV \ TXH UHVXOWD WDQ. YDOLRVR  HQ GHIHQGHU FLUFXQVWDQFLDV DQWHV QR GHIHQGLGDV H LQFOXVR GH. YDOLRVR  HQ GHIHQGHU FLUFXQVWDQFLDV DQWHV QR GHIHQGLGDV H LQFOXVR GH. IRUPD LQGLUHFWD DIHFWD DO DXPHQWR GH ODV FXRWDV HQ ORV VHJXURV GH ORV. IRUPD LQGLUHFWD DIHFWD DO DXPHQWR GH ODV FXRWDV HQ ORV VHJXURV GH ORV. DJHQWHVUHFODPDGRV<SRU~OWLPRODH[LVWHQFLDGHSUREOHPDV\ODIDOWD. DJHQWHVUHFODPDGRV<SRU~OWLPRODH[LVWHQFLDGHSUREOHPDV\ODIDOWD. GH FDOLGDG GH OD FRQVWUXFFLyQ GH FDOLGDG DIHFWD D OD EXHQD UHSXWDFLyQ. GH FDOLGDG GH OD FRQVWUXFFLyQ GH FDOLGDG DIHFWD D OD EXHQD UHSXWDFLyQ. SURIHVLRQDO GH ORV DJHQWH TXH LQWHUYLHQHQ HQ OD REUD \ HQ JHQHUDO DO. SURIHVLRQDO GH ORV DJHQWH TXH LQWHUYLHQHQ HQ OD REUD \ HQ JHQHUDO DO. GHVFUpGLWR GHO iPELWR GH OD HGLILFDFLyQ GHELHQGR PDQWHQHUVH \. GHVFUpGLWR GHO iPELWR GH OD HGLILFDFLyQ GHELHQGR PDQWHQHUVH \. . .

(15) 35,0(5$3$57(. 35,0(5$3$57(. . . DXPHQWDUGLFKDUHSXWDFLyQPHGLDQWHODLQQRYDFLyQ\HOGHVDUUROORHQOD. DXPHQWDUGLFKDUHSXWDFLyQPHGLDQWHODLQQRYDFLyQ\HOGHVDUUROORHQOD. DSOLFDFLyQ GH VLVWHPDV GH GLVHxR FRQVWUXFFLyQ \ FRQWURO TXH QRV. DSOLFDFLyQ GH VLVWHPDV GH GLVHxR FRQVWUXFFLyQ \ FRQWURO TXH QRV. JDUDQWLFHQODFDOLGDGGHODHGLILFDFLyQUHDOL]DGD. JDUDQWLFHQODFDOLGDGGHODHGLILFDFLyQUHDOL]DGD. 5HDOPHQWH ODV H[LJHQFLDV GH FDOLGDG HQ HO SURGXFWR GH OD. 5HDOPHQWH ODV H[LJHQFLDV GH FDOLGDG HQ HO SURGXFWR GH OD. FRQVWUXFFLyQ FRPR REMHWR UHVXOWDQWH GH XQ SURFHVR GH IDEULFDFLyQ QR. FRQVWUXFFLyQ FRPR REMHWR UHVXOWDQWH GH XQ SURFHVR GH IDEULFDFLyQ QR. VyOR VH KD LQFUHPHQWDGR HQ ORV ~OWLPRV WLHPSRV VLQR TXH VH SURFXUD. VyOR VH KD LQFUHPHQWDGR HQ ORV ~OWLPRV WLHPSRV VLQR TXH VH SURFXUD. DVLPLODU FDGD YH] PiV D ORV VLVWHPDV GH FRQWURO GH OD FDOLGDG GH ORV. DVLPLODU FDGD YH] PiV D ORV VLVWHPDV GH FRQWURO GH OD FDOLGDG GH ORV. SURFHVRVLQGXVWULDOHV. SURFHVRVLQGXVWULDOHV. $VtODLQGXVWULDGHODFRQVWUXFFLyQ\VXVSURGXFWRVKDQGHFXEULU\. $VtODLQGXVWULDGHODFRQVWUXFFLyQ\VXVSURGXFWRVKDQGHFXEULU\. SUHVHQWDUFDGDYH]PD\RUHV\PHMRUHVFDOLGDGHVFRQVWUXFWLYDVDGHPiV. SUHVHQWDUFDGDYH]PD\RUHV\PHMRUHVFDOLGDGHVFRQVWUXFWLYDVDGHPiV. GHHQWRGRVVXVPDWHULDOHVWDPELpQHQFDGDXQRGHVXVHOHPHQWRV\VX. GHHQWRGRVVXVPDWHULDOHVWDPELpQHQFDGDXQRGHVXVHOHPHQWRV\VX. FRQMXQWR \ HVWD FDOLGDG KD GH VHU FRQWURODGD QR VyOR DO ILQDO GHO. FRQMXQWR \ HVWD FDOLGDG KD GH VHU FRQWURODGD QR VyOR DO ILQDO GHO. SURFHVR FRQVWUXFWLYR FRPR SURGXFWR DFDEDGR VLQR WDPELpQ HQ HWDSDV. SURFHVR FRQVWUXFWLYR FRPR SURGXFWR DFDEDGR VLQR WDPELpQ HQ HWDSDV. LQWHUPHGLDV \ DERUGDQGR HQ FDGD HOHPHQWR R SDUWH HO FRQWURO GH ODV. LQWHUPHGLDV \ DERUGDQGR HQ FDGD HOHPHQWR R SDUWH HO FRQWURO GH ODV. IXQFLRQHVHVHQFLDOHVTXHGHEHGHVHPSHxDU. IXQFLRQHVHVHQFLDOHVTXHGHEHGHVHPSHxDU. &RPR VDEHPRV HQ ODV FXELHUWDV SODQDV HV LPSUHVFLQGLEOH OD. &RPR VDEHPRV HQ ODV FXELHUWDV SODQDV HV LPSUHVFLQGLEOH OD. H[LVWHQFLDGHXQPDWHULDOLPSHUPHDELOL]DQWHFRQIRUPHDORUHIHULGRHQHO. H[LVWHQFLDGHXQPDWHULDOLPSHUPHDELOL]DQWHFRQIRUPHDORUHIHULGRHQHO. &yGLJR 7pFQLFR GH OD (GLILFDFLyQ HQ HO TXH VH H[LJH ³XQD FDSD GH. &yGLJR 7pFQLFR GH OD (GLILFDFLyQ HQ HO TXH VH H[LJH ³XQD FDSD GH. LPSHUPHDELOL]DFLyQFXDQGRODFXELHUWDVHDSODQDRFXDQGRVHDLQFOLQDGD. LPSHUPHDELOL]DFLyQFXDQGRODFXELHUWDVHDSODQDRFXDQGRVHDLQFOLQDGD. \HOVLVWHPDGHIRUPDFLyQGHSHQGLHQWHVQRWHQJDODSHQGLHQWHH[LJLGD. \HOVLVWHPDGHIRUPDFLyQGHSHQGLHQWHVQRWHQJDODSHQGLHQWHH[LJLGD. HQ OD WDEOD  R HO VRODSR GH ODV SLH]DV GH OD SURWHFFLyQ VHD. HQ OD WDEOD  R HO VRODSR GH ODV SLH]DV GH OD SURWHFFLyQ VHD. LQVXILFLHQWH´ 1RUPD(VSDxRODS+6 . LQVXILFLHQWH´ 1RUPD(VSDxRODS+6 . /RV PDWHULDOHV HPSOHDGRV SDUD OD LPSHUPHDELOL]DFLyQ HQ OD. /RV PDWHULDOHV HPSOHDGRV SDUD OD LPSHUPHDELOL]DFLyQ HQ OD. DFWXDOLGDG VRQ GH PXFKD FDOLGDG (QWUH HOORV VH HQFXHQWUDQ ODV. DFWXDOLGDG VRQ GH PXFKD FDOLGDG (QWUH HOORV VH HQFXHQWUDQ ODV. PHPEUDQDVDVIiOWLFDVTXHHVXQRGHORVPDWHULDOHVPiVHPSOHDGRVSDUD. PHPEUDQDVDVIiOWLFDVTXHHVXQRGHORVPDWHULDOHVPiVHPSOHDGRVSDUD. OD FRQVWUXFFLyQ GH ODV FXELHUWDV H[LVWLHQGR QRUPDWLYD TXH UHJXOD VXV. OD FRQVWUXFFLyQ GH ODV FXELHUWDV H[LVWLHQGR QRUPDWLYD TXH UHJXOD VXV. FDUDFWHUtVWLFDV \ FRORFDFLyQ SDUD SRGHU GHVDUUROODU FXELHUWDV TXH. FDUDFWHUtVWLFDV \ FRORFDFLyQ SDUD SRGHU GHVDUUROODU FXELHUWDV TXH. FXPSODQ HQ FRQMXQWR FRQ ODV IXQFLRQHV GH SURWHFFLyQ IUHQWH D OD. FXPSODQ HQ FRQMXQWR FRQ ODV IXQFLRQHV GH SURWHFFLyQ IUHQWH D OD. ϰ. ϰ.

(16) &$3Ë78/23UHVHQWDFLyQ. &$3Ë78/23UHVHQWDFLyQ. KXPHGDGFRQIRUWWpUPLFRFRQIRUWDF~VWLFR\VHJXULGDG/RVPDWHULDOHV. KXPHGDGFRQIRUWWpUPLFRFRQIRUWDF~VWLFR\VHJXULGDG/RVPDWHULDOHV. IDEULFDGRV FRQIRUPH D QRUPDWLYD \ FRQ HO QHFHVDULR FRQWURO GH FDOLGDG. IDEULFDGRV FRQIRUPH D QRUPDWLYD \ FRQ HO QHFHVDULR FRQWURO GH FDOLGDG. JDUDQWL]DQVXVSURSLHGDGHV. JDUDQWL]DQVXVSURSLHGDGHV. 3HURODFDOLGDGGHXQDFXELHUWDQRVRORGHSHQGHGHORVPDWHULDOHV. 3HURODFDOLGDGGHXQDFXELHUWDQRVRORGHSHQGHGHORVPDWHULDOHV. HPSOHDGRV WDPELpQ HVWi GHWHUPLQDGD SRU HO GLVHxR FRQVWUXFWLYR \ SRU. HPSOHDGRV WDPELpQ HVWi GHWHUPLQDGD SRU HO GLVHxR FRQVWUXFWLYR \ SRU. ODHMHFXFLyQPDWHULDO. ODHMHFXFLyQPDWHULDO. (O GLVHxR GH XQD FXELHUWD VH UHFRJH HQ HO SUR\HFWR \ VX FDOLGDG. (O GLVHxR GH XQD FXELHUWD VH UHFRJH HQ HO SUR\HFWR \ VX FDOLGDG. WLHQHUHODFLyQWDQWRFRQODHOHFFLyQGHOWLSRGHFXELHUWDDUHDOL]DUFRPR. WLHQHUHODFLyQWDQWRFRQODHOHFFLyQGHOWLSRGHFXELHUWDDUHDOL]DUFRPR. FRQHOGLVHxRGHODFXELHUWDSRUHMHPSORFRQQRFUHDUHQFXHQWURVTXH. FRQHOGLVHxRGHODFXELHUWDSRUHMHPSORFRQQRFUHDUHQFXHQWURVTXH. SXHGDQ JHQHUDU SUREOHPDV GH HVWDQTXHLGDG KDFHU XQD EXHQD. SXHGDQ JHQHUDU SUREOHPDV GH HVWDQTXHLGDG KDFHU XQD EXHQD. GLVSRVLFLyQ GH ORV VXPLGHURV GLVWULEXLU ORV SDxRV DFRUGH FRQ ORV. GLVSRVLFLyQ GH ORV VXPLGHURV GLVWULEXLU ORV SDxRV DFRUGH FRQ ORV. VXPLGHURVXELFDUORVVXPLGHURVGHIRUPDFRUUHFWD\SRU~OWLPRUHFRJHU. VXPLGHURVXELFDUORVVXPLGHURVGHIRUPDFRUUHFWD\SRU~OWLPRUHFRJHU. HQ HO SOLHJR GH FRQGLFLRQHV ORV FRQWUROHV D UHDOL]DU HQ GRQGH VH. HQ HO SOLHJR GH FRQGLFLRQHV ORV FRQWUROHV D UHDOL]DU HQ GRQGH VH. SURSRQJDQODVSUXHEDVGHVHUYLFLRQHFHVDULDVSDUDODFXELHUWDDUHDOL]DU. SURSRQJDQODVSUXHEDVGHVHUYLFLRQHFHVDULDVSDUDODFXELHUWDDUHDOL]DU. 7RGRHVWRHYLWDUiPXFKRVSUREOHPDVFXDQGRODFXELHUWDHQWUHVHUYLFLR. 7RGRHVWRHYLWDUiPXFKRVSUREOHPDVFXDQGRODFXELHUWDHQWUHVHUYLFLR. < SRU ~OWLPR SHUR QR SRU HOOR PHQRV LPSRUWDQWH HV OD HMHFXFLyQ. < SRU ~OWLPR SHUR QR SRU HOOR PHQRV LPSRUWDQWH HV OD HMHFXFLyQ. PDWHULDO GH OD FXELHUWD \ VX DGHFXDGR FRQWURO /DV FXELHUWDV FRPR HO. PDWHULDO GH OD FXELHUWD \ VX DGHFXDGR FRQWURO /DV FXELHUWDV FRPR HO. UHVWRGHODHGLILFDFLyQVHUHDOL]DQSRURSHUDULRVFX\DPDHVWUtDVHUHIOHMD. UHVWRGHODHGLILFDFLyQVHUHDOL]DQSRURSHUDULRVFX\DPDHVWUtDVHUHIOHMD. HQODFDOLGDGGHOWUDEDMRUHDOL]DGR\HOORGHSHQGHHQJUDQPHGLGDGHO. HQODFDOLGDGGHOWUDEDMRUHDOL]DGR\HOORGHSHQGHHQJUDQPHGLGDGHO. EXHQKDFHUGHOD'LUHFFLyQ)DFXOWDWLYDHQODGLUHFFLyQ\VHJXLPLHQWRGH. EXHQKDFHUGHOD'LUHFFLyQ)DFXOWDWLYDHQODGLUHFFLyQ\VHJXLPLHQWRGH. ODREUD\DTXHORVSUREOHPDVGHHVWDQTXHLGDGGHXQDFXELHUWDSXHGHQ. ODREUD\DTXHORVSUREOHPDVGHHVWDQTXHLGDGGHXQDFXELHUWDSXHGHQ. SURGXFLUVH DO FRORFDUVH OD PHPEUDQD \ HV XQD ODERU FX\D FRUUHFWD. SURGXFLUVH DO FRORFDUVH OD PHPEUDQD \ HV XQD ODERU FX\D FRUUHFWD. HMHFXFLyQ HV QHFHVDULR FRQWURODU 'H KHFKR DO PRQWDU OD PHPEUDQD HO. HMHFXFLyQ HV QHFHVDULR FRQWURODU 'H KHFKR DO PRQWDU OD PHPEUDQD HO. RSHUDULR SXHGH FRPHWHU HUURUHV LPSRUWDQWHV TXH GHULYDUiQ HQ XQD. RSHUDULR SXHGH FRPHWHU HUURUHV LPSRUWDQWHV TXH GHULYDUiQ HQ XQD. FXELHUWD QR HVWDQFD FRPR QR VROGDU DGHFXDGDPHQWH ORV VRODSHV R QR. FXELHUWD QR HVWDQFD FRPR QR VROGDU DGHFXDGDPHQWH ORV VRODSHV R QR. UHVROYHU FRUUHFWDPHQWH ORV HQFXHQWURV HQ ORV SXQWRV VLQJXODUHV SHUR. UHVROYHU FRUUHFWDPHQWH ORV HQFXHQWURV HQ ORV SXQWRV VLQJXODUHV SHUR. WDPELpQ VH SXHGHQ SURYRFDU SHUIRUDFLRQHV DFFLGHQWDOPHQWH FXDQGR VH. WDPELpQ VH SXHGHQ SURYRFDU SHUIRUDFLRQHV DFFLGHQWDOPHQWH FXDQGR VH. FRORFDODPHPEUDQDRGHVSXpVDOFRQWLQXDUVHODFRQVWUXFFLyQGHOUHVWR. FRORFDODPHPEUDQDRGHVSXpVDOFRQWLQXDUVHODFRQVWUXFFLyQGHOUHVWR. . .

(17) 35,0(5$3$57(. 35,0(5$3$57(. . . GH OD FXELHUWD SRU HMHPSOR VL DO SLVDUOD VH SUHVLRQD DOJ~Q HOHPHQWR. GH OD FXELHUWD SRU HMHPSOR VL DO SLVDUOD VH SUHVLRQD DOJ~Q HOHPHQWR. SXQ]DQWHTXHSXHGDKDEHUVREUHHOODFRPRSLHGUHFLWDVDOJ~QWRUQLOORR. SXQ]DQWHTXHSXHGDKDEHUVREUHHOODFRPRSLHGUHFLWDVDOJ~QWRUQLOORR. FODYR HWF 7DPELpQ SXHGHQ GHWHULRUDUOD ODV VXHODV GH ODV ERWDV GH ORV. FODYR HWF 7DPELpQ SXHGHQ GHWHULRUDUOD ODV VXHODV GH ODV ERWDV GH ORV. RSHUDULRV VL VH HQFXHQWUDQ HQ PDO HVWDGR R SXHGHQ FDHUVH. RSHUDULRV VL VH HQFXHQWUDQ HQ PDO HVWDGR R SXHGHQ FDHUVH. KHUUDPLHQWDVDYHFHVVHDSR\DQVLQFXLGDGRDSR\DUORVFDUURVGHPDQR. KHUUDPLHQWDVDYHFHVVHDSR\DQVLQFXLGDGRDSR\DUORVFDUURVGHPDQR. VREUH OD PHPEUDQD R ODV SLQ]DV GH OD JU~D VH DFRSLDQ \ PDQHMD. VREUH OD PHPEUDQD R ODV SLQ]DV GH OD JU~D VH DFRSLDQ \ PDQHMD. PDWHULDOGHFRQVWUXFFLyQVLQSUHFDXFLyQHWF. PDWHULDOGHFRQVWUXFFLyQVLQSUHFDXFLyQHWF. (VWiFODURTXHKD\P~OWLSOHVFLUFXQVWDQFLDVTXHMXVWLILFDQHOTXHOD. (VWiFODURTXHKD\P~OWLSOHVFLUFXQVWDQFLDVTXHMXVWLILFDQHOTXHOD. PHPEUDQDGHSURWHFFLyQGHODVFXELHUWDVSXHGDVXIULUDOJ~QGHWHULRUR\. PHPEUDQDGHSURWHFFLyQGHODVFXELHUWDVSXHGDVXIULUDOJ~QGHWHULRUR\. SRU HOOR VHUtD LPSRUWDQWH TXH WDQWR GHVGH HO 3UR\HFWR FRPR GHVGH OD. SRU HOOR VHUtD LPSRUWDQWH TXH WDQWR GHVGH HO 3UR\HFWR FRPR GHVGH OD. IDVH GH 'LUHFFLyQ GH 2EUD VH WXYLHUD OD SUHFDXFLyQ GH UHDOL]DU OD. IDVH GH 'LUHFFLyQ GH 2EUD VH WXYLHUD OD SUHFDXFLyQ GH UHDOL]DU OD. FRPSUREDFLyQ GH OD HVWDQTXHLGDG GH OD PHPEUDQD SDUD JDUDQWL]DU VX. FRPSUREDFLyQ GH OD HVWDQTXHLGDG GH OD PHPEUDQD SDUD JDUDQWL]DU VX. DGHFXDGR IXQFLRQDPLHQWR SHUR HVWR QR VXFHGH QHFHVDULDPHQWH $Vt. DGHFXDGR IXQFLRQDPLHQWR SHUR HVWR QR VXFHGH QHFHVDULDPHQWH $Vt. KDELHQGR HQ OD DFWXDOLGDG PHPEUDQDV WHFQROyJLFDPHQWH PX\. KDELHQGR HQ OD DFWXDOLGDG PHPEUDQDV WHFQROyJLFDPHQWH PX\. GHVDUUROODGDV \ H[LVWLHQGR SUXHEDV TXH GHWHUPLQDQ VL OD FXELHUWD HV. GHVDUUROODGDV \ H[LVWLHQGR SUXHEDV TXH GHWHUPLQDQ VL OD FXELHUWD HV. HVWDQFD QR VH DOFDQ]D D FRPSUHQGHU TXH ORV SUREOHPDV GH KXPHGDG. HVWDQFD QR VH DOFDQ]D D FRPSUHQGHU TXH ORV SUREOHPDV GH KXPHGDG. SRUILOWUDFLyQHQXQDFXELHUWDVHDXQRGHORVGDxRVTXHPiVVHSURGXFH. SRUILOWUDFLyQHQXQDFXELHUWDVHDXQRGHORVGDxRVTXHPiVVHSURGXFH. HQ XQD HGLILFDFLyQ FRPR VH LQGLFD HQ ODV FRQFOXVLRQHV GHO $QiOLVLV. HQ XQD HGLILFDFLyQ FRPR VH LQGLFD HQ ODV FRQFOXVLRQHV GHO $QiOLVLV. (VWDGtVWLFR 1DFLRQDO VREUH 3DWRORJtDV HQ OD (GLILFDFLyQ SXEOLFDGR HQ. (VWDGtVWLFR 1DFLRQDO VREUH 3DWRORJtDV HQ OD (GLILFDFLyQ SXEOLFDGR HQ.  HQ OD WDEOD FRUUHVSRQGLHQWH DO DSDUWDGR  7LSRV GH GDxRV SRU.  HQ OD WDEOD FRUUHVSRQGLHQWH DO DSDUWDGR  7LSRV GH GDxRV SRU. ]RQDV ,PDJHQ   &DUUHWHUR 0DQXHO- 0RUHQR  HQ HO TXH VH. ]RQDV ,PDJHQ   &DUUHWHUR 0DQXHO- 0RUHQR  HQ HO TXH VH. GHWHUPLQD TXH GH  GDxRV ORFDOL]DGRV HQ ODV FXELHUWDV HQ JHQHUDO. GHWHUPLQD TXH GH  GDxRV ORFDOL]DGRV HQ ODV FXELHUWDV HQ JHQHUDO.  FRUUHVSRQGHQ D ILOWUDFLRQHV SXQWXDOHV \  D KXPHGDGHV SRU.  FRUUHVSRQGHQ D ILOWUDFLRQHV SXQWXDOHV \  D KXPHGDGHV SRU. ILOWUDFLyQ HV GHFLU XQ  GH ORV GDxRV HQ XQD FXELHUWD HVWiQ. ILOWUDFLyQ HV GHFLU XQ  GH ORV GDxRV HQ XQD FXELHUWD HVWiQ. SURGXFLGRVSRUILOWUDFLRQHV. SURGXFLGRVSRUILOWUDFLRQHV. ϲ. . . . . . . ϲ.

(18) &$3Ë78/23UHVHQWDFLyQ. &$3Ë78/23UHVHQWDFLyQ. . . . . . . . . ,PDJHQ,GHQWLILFDFLyQWLSRGHGDxRVHQFXELHUWDV )XHQWH&$55(7(520$18(/-025(12$$QiOLVLVHVWDGtVWLFR QDFLRQDOVREUHSDWRORJtDVHQODHGLILFDFLyQ>HQOtQHD@6O)81'$&,Ï1 0866$7>)XQGDFLyQ0XWXDGHVHJXURVGH$SDUHMDGRUHV\$UTXLWHFWRV7pFQLFRV@ 'LVSRQLEOHHQ KWWSZZZIXQGDFLRQPXVDDWPXVDDWHVILOHV'RFSDWRORJLDVBZHESGI. . ,PDJHQ,GHQWLILFDFLyQWLSRGHGDxRVHQFXELHUWDV )XHQWH&$55(7(520$18(/-025(12$$QiOLVLVHVWDGtVWLFR QDFLRQDOVREUHSDWRORJtDVHQODHGLILFDFLyQ>HQOtQHD@6O)81'$&,Ï1 0866$7>)XQGDFLyQ0XWXDGHVHJXURVGH$SDUHMDGRUHV\$UTXLWHFWRV7pFQLFRV@ 'LVSRQLEOHHQ KWWSZZZIXQGDFLRQPXVDDWPXVDDWHVILOHV'RFSDWRORJLDVBZHESGI. . . . . . . . 6LDGHPiV QRVILMDPRVHQODV]RQDVDIHFWDGDVVHFRQFOX\HHQOD. 6LDGHPiV QRVILMDPRVHQODV]RQDVDIHFWDGDVVHFRQFOX\HHQOD. WDEOD GHO DSDUWDGR  &XELHUWDV TXH GH ORV   VH SURGXFHQ HQ. WDEOD GHO DSDUWDGR  &XELHUWDV TXH GH ORV   VH SURGXFHQ HQ. ODV FXELHUWDV SODQDV   \  HQ ODV LQFOLQDGDV   'H. ODV FXELHUWDV SODQDV   \  HQ ODV LQFOLQDGDV   'H. WRGR HOOR VH FRQFOX\H TXH VL VH SUHWHQGH FRQVWUXLU FRQ FDOLGDG QR VH. WRGR HOOR VH FRQFOX\H TXH VL VH SUHWHQGH FRQVWUXLU FRQ FDOLGDG QR VH. GHEHQ VDFDU DO PHUFDGR FXELHUWDV D ODV TXH SUHYLDPHQWH QR VH KD\D. GHEHQ VDFDU DO PHUFDGR FXELHUWDV D ODV TXH SUHYLDPHQWH QR VH KD\D. FRPSUREDGR OD HVWDQTXHLGDG \D TXH GH OR FRQWUDULR VH JHQHUDUiQ. FRPSUREDGR OD HVWDQTXHLGDG \D TXH GH OR FRQWUDULR VH JHQHUDUiQ. SUREOHPDV\JDVWRV. SUREOHPDV\JDVWRV. . .

(19) 35,0(5$3$57(. 35,0(5$3$57(. . . . . ,PDJHQ5HSUHVHQWDFLyQGHSDWRORJtDVSRUWLSRGHFXELHUWD )XHQWH&$55(7(520$18(/-025(12$$QiOLVLVHVWDGtVWLFRQDFLRQDO VREUHSDWRORJtDVHQODHGLILFDFLyQ>HQOtQHD@6O)81'$&,Ï10866$7 >)XQGDFLyQ0XWXDGHVHJXURVGH$SDUHMDGRUHV\$UTXLWHFWRV7pFQLFRV@'LVSRQLEOH HQKWWSZZZIXQGDFLRQPXVDDWPXVDDWHVILOHV'RFSDWRORJLDVBZHESGI. ,PDJHQ5HSUHVHQWDFLyQGHSDWRORJtDVSRUWLSRGHFXELHUWD )XHQWH&$55(7(520$18(/-025(12$$QiOLVLVHVWDGtVWLFRQDFLRQDO VREUHSDWRORJtDVHQODHGLILFDFLyQ>HQOtQHD@6O)81'$&,Ï10866$7 >)XQGDFLyQ0XWXDGHVHJXURVGH$SDUHMDGRUHV\$UTXLWHFWRV7pFQLFRV@'LVSRQLEOH HQKWWSZZZIXQGDFLRQPXVDDWPXVDDWHVILOHV'RFSDWRORJLDVBZHESGI. . . (Q OD SUiFWLFD OD PDQHUD GH FRPSUREDU VL XQD FXELHUWD WLHQH. (Q OD SUiFWLFD OD PDQHUD GH FRPSUREDU VL XQD FXELHUWD WLHQH. SUREOHPDV GH HVWDQTXHLGDG DQWHV GH VDOLU DO PHUFDGR HV PHGLDQWH ODV. SUREOHPDV GH HVWDQTXHLGDG DQWHV GH VDOLU DO PHUFDGR HV PHGLDQWH ODV. SUXHEDV GH VHUYLFLR &RPR GLFH SRU HMHPSOR HO 0DQXDO GH SUHYHQFLyQ. SUXHEDV GH VHUYLFLR &RPR GLFH SRU HMHPSOR HO 0DQXDO GH SUHYHQFLyQ. GH IDOORV HVWDQTXHLGDG HQ FXELHUWDV SODQDV ³3DUD YHULILFDU OD. GH IDOORV HVWDQTXHLGDG HQ FXELHUWDV SODQDV ³3DUD YHULILFDU OD. HVWDQTXHLGDG GH OD LPSHUPHDELOL]DFLyQ VH UHDOL]DUiQ GRV SUXHEDV GH. HVWDQTXHLGDG GH OD LPSHUPHDELOL]DFLyQ VH UHDOL]DUiQ GRV SUXHEDV GH. VHUYLFLR XQD GH HOODV FXDQGR HVWp ILQDOL]DGD OD HMHFXFLyQ GH OD. VHUYLFLR XQD GH HOODV FXDQGR HVWp ILQDOL]DGD OD HMHFXFLyQ GH OD. PHPEUDQD LPSHUPHDELOL]DQWH \ OD RWUD FXDQGR HVWp ILQDOL]DGD OD. PHPEUDQD LPSHUPHDELOL]DQWH \ OD RWUD FXDQGR HVWp ILQDOL]DGD OD. HMHFXFLyQGHWRGDODFXELHUWD´ 5H[/DULR\3pUH]1DYDUURS . HMHFXFLyQGHWRGDODFXELHUWD´ 5H[/DULR\3pUH]1DYDUURS . $Vt DSDUHQWHPHQWH QR KD\ UD]yQ MXVWLILFDGD SDUD TXH VDOJDQ DO. $Vt DSDUHQWHPHQWH QR KD\ UD]yQ MXVWLILFDGD SDUD TXH VDOJDQ DO. PHUFDGR FXELHUWDV FRQ SUREOHPDV GH HVWDQTXHLGDG \D TXH SRGtD. PHUFDGR FXELHUWDV FRQ SUREOHPDV GH HVWDQTXHLGDG \D TXH SRGtD. KDEHUVH GHWHFWDGR HQ REUD PHGLDQWH OD SUXHEDV GH VHUYLFLR GXUDQWH HO. KDEHUVH GHWHFWDGR HQ REUD PHGLDQWH OD SUXHEDV GH VHUYLFLR GXUDQWH HO. SURFHVRGHHMHFXFLyQ\FRQWUROGHREUDSHURVRUSUHQGHQWHPHQWHFRPR. SURFHVRGHHMHFXFLyQ\FRQWUROGHREUDSHURVRUSUHQGHQWHPHQWHFRPR. ϴ. ϴ.

(20) &$3Ë78/23UHVHQWDFLyQ. &$3Ë78/23UHVHQWDFLyQ. YHUHPRV HO FRQWURO GH OD FDOLGDG GH HVWH HOHPHQWR HQ HVWH FDVR HO. YHUHPRV HO FRQWURO GH OD FDOLGDG GH HVWH HOHPHQWR HQ HVWH FDVR HO. FRQWUROGHVXHVWDQTXHLGDGQRHVREOLJDWRULRHQWRGD(VSDxD. FRQWUROGHVXHVWDQTXHLGDGQRHVREOLJDWRULRHQWRGD(VSDxD. $GHPiV GH TXH VHUtD IXQGDPHQWDO TXH IXHVH QHFHVDULR UHDOL]DU. $GHPiV GH TXH VHUtD IXQGDPHQWDO TXH IXHVH QHFHVDULR UHDOL]DU. HVWDV SUXHEDV GH IRUPD REOLJDWRULD HQ FXDOTXLHU REUD HVWi FODUR TXH. HVWDV SUXHEDV GH IRUPD REOLJDWRULD HQ FXDOTXLHU REUD HVWi FODUR TXH. WDPELpQ HV PX\ LPSRUWDQWH UHDOL]DUODV VLQ LQFXUULU HQ SUiFWLFDV. WDPELpQ HV PX\ LPSRUWDQWH UHDOL]DUODV VLQ LQFXUULU HQ SUiFWLFDV. LQFRUUHFWDV KDFLHQGR XQ EXHQ XVR GH OD WpFQLFD \ FRQWHPSODQGR VXV. LQFRUUHFWDV KDFLHQGR XQ EXHQ XVR GH OD WpFQLFD \ FRQWHPSODQGR VXV. OLPLWDFLRQHV 3HUR HV YHUGDG TXH DXQ KDFLpQGROR FRQIRUPH D OD. OLPLWDFLRQHV 3HUR HV YHUGDG TXH DXQ KDFLpQGROR FRQIRUPH D OD. QRUPDWLYDHOUHVXOWDGRGHHVWHFRQWUROSXHGHQRVHUGHILQLWLYRSRUTXH. QRUPDWLYDHOUHVXOWDGRGHHVWHFRQWUROSXHGHQRVHUGHILQLWLYRSRUTXH. FRPR YHUHPRV OD QRUPD TXH UHJXOD OD SUXHED GH LQXQGDFLyQ FRQWLHQH. FRPR YHUHPRV OD QRUPD TXH UHJXOD OD SUXHED GH LQXQGDFLyQ FRQWLHQH. LQFRQFUHFLRQHV \ SUHVHQWD FLHUWDV FDUHQFLDV TXH IDYRUHFHQ TXH VHD. LQFRQFUHFLRQHV \ SUHVHQWD FLHUWDV FDUHQFLDV TXH IDYRUHFHQ TXH VHD. PXFKR PHQRV HILFD] GH OR TXH SRGUtD VHU 'H KHFKR VL IXHVH SRVLEOH. PXFKR PHQRV HILFD] GH OR TXH SRGUtD VHU 'H KHFKR VL IXHVH SRVLEOH. VHUtD PX\ LQWHUHVDQWH PHMRUDU HO SURFHGLPLHQWR FRQVLJXLHQGR UHDOL]DU. VHUtD PX\ LQWHUHVDQWH PHMRUDU HO SURFHGLPLHQWR FRQVLJXLHQGR UHDOL]DU. ODSUXHEDFRQODPD\RUJDUDQWtD\GHIRUPDTXHREWXYLpVHPRVODPD\RU. ODSUXHEDFRQODPD\RUJDUDQWtD\GHIRUPDTXHREWXYLpVHPRVODPD\RU. FDQWLGDG GH LQIRUPDFLyQ SRVLEOH SDUD GHFLGLU TXH OD PHPEUDQD VH. FDQWLGDG GH LQIRUPDFLyQ SRVLEOH SDUD GHFLGLU TXH OD PHPEUDQD VH. FRPSRUWDDGHFXDGDPHQWHRSDUDVXEVDQDUORVSUREOHPDVVLORVKXELHUD. FRPSRUWDDGHFXDGDPHQWHRSDUDVXEVDQDUORVSUREOHPDVVLORVKXELHUD. 6DEHPRVTXH OD PRGDOLGDGGH SUXHEDSRULQXQGDFLyQGH ODFXELHUWDHV. 6DEHPRVTXH OD PRGDOLGDGGH SUXHEDSRULQXQGDFLyQGH ODFXELHUWDHV. ODPiVHPSOHDGDGHHQWUHODVSUXHEDVGHVHUYLFLRGHODHVWDQTXHLGDGGH. ODPiVHPSOHDGDGHHQWUHODVSUXHEDVGHVHUYLFLRGHODHVWDQTXHLGDGGH. FXELHUWDV FXDQGR VH UHDOL]DQ FXELHUWDV SODQDV H LQXQGDEOHV \ VDEHPRV. FXELHUWDV FXDQGR VH UHDOL]DQ FXELHUWDV SODQDV H LQXQGDEOHV \ VDEHPRV. WDPELpQ TXH ODV PHPEUDQDV ELWXPLQRVDV VRQ WRGDYtDKR\ SRU KR\HQ. WDPELpQ TXH ODV PHPEUDQDV ELWXPLQRVDV VRQ WRGDYtDKR\ SRU KR\HQ. HVWHPRPHQWRODVPiVHPSOHDGDVHQODFRQVWUXFFLyQFRPRSRGHPRVYHU. HVWHPRPHQWRODVPiVHPSOHDGDVHQODFRQVWUXFFLyQFRPRSRGHPRVYHU. HQODLPDJHQ. HQODLPDJHQ. . .

(21) 35,0(5$3$57(. 35,0(5$3$57(. . . . . . . ,PDJHQ&RPSDUDWLYDGHODHYROXFLyQHQWUHOiPLQDV\SODFDDVIiOWLFD\OiPLQDV. ,PDJHQ&RPSDUDWLYDGHODHYROXFLyQHQWUHOiPLQDV\SODFDDVIiOWLFD\OiPLQDV. VLQWpWLFDV)XHQWH7(03/$'25/iPLQDVLPSHUPHDELOL]DQWHVδ. VLQWpWLFDV)XHQWH7(03/$'25/iPLQDVLPSHUPHDELOL]DQWHVδ. 3UHSDUDGRVSDUDFUHFHU$OLPDUNHW&RQVWUXFFLyQ>HQOtQHD@'LVSRQLEOHHQ. 3UHSDUDGRVSDUDFUHFHU$OLPDUNHW&RQVWUXFFLyQ>HQOtQHD@'LVSRQLEOHHQ. KWWSZZZDOLPDUNHWHVQRWLFLD/DPLQDVLPSHUPHDELOL]DQWHV. KWWSZZZDOLPDUNHWHVQRWLFLD/DPLQDVLPSHUPHDELOL]DQWHV. 3UHSDUDGRVSDUDFUHFHU. 3UHSDUDGRVSDUDFUHFHU. . . $GHPiVDPHQXGRSRGHPRVFRPSUREDUTXHHQODUHDOL]DFLyQGH. $GHPiVDPHQXGRSRGHPRVFRPSUREDUTXHHQODUHDOL]DFLyQGH. HVWD SUXHED HQ OD REUD VH SURGXFHQ SUREOHPDV SDUD GHWHFWDU OD. HVWD SUXHED HQ OD REUD VH SURGXFHQ SUREOHPDV SDUD GHWHFWDU OD. ORFDOL]DFLyQ GH ODV SHUIRUDFLRQHV VLHQGR PX\ FRVWRVR \ WUDEDMRVR. ORFDOL]DFLyQ GH ODV SHUIRUDFLRQHV VLHQGR PX\ FRVWRVR \ WUDEDMRVR. SURFHGHUDVXUHSDUDFLyQ'HKHFKRXQDGHODVUD]RQHVTXHVHHVJULPH. SURFHGHUDVXUHSDUDFLyQ'HKHFKRXQDGHODVUD]RQHVTXHVHHVJULPH. SDUDGHFLGLUODFRORFDFLyQDGKHULGDGHODVPHPEUDQDVELWXPLQRVDVPiV. SDUDGHFLGLUODFRORFDFLyQDGKHULGDGHODVPHPEUDQDVELWXPLQRVDVPiV. FRVWRVD \ PiV FDUD TXH OD FRORFDFLyQ QR DGKHULGD HV OD SRVLELOLGDG GH. FRVWRVD \ PiV FDUD TXH OD FRORFDFLyQ QR DGKHULGD HV OD SRVLELOLGDG GH. ORFDOL]DUODVSHUIRUDFLRQHVHQHOFDVRGHOIDOORGHODPHPEUDQD7DPELpQ. ORFDOL]DUODVSHUIRUDFLRQHVHQHOFDVRGHOIDOORGHODPHPEUDQD7DPELpQ. HV XVXDO FRPSUREDU FyPR HQ PXFKDV RFDVLRQHV HO WDSRQDGR GH ODV. HV XVXDO FRPSUREDU FyPR HQ PXFKDV RFDVLRQHV HO WDSRQDGR GH ODV. FD]ROHWDV VH KDFH SRU HMHPSOR FRQ XQ UHWDO GH PHPEUDQD H[WHQGLGR. FD]ROHWDV VH KDFH SRU HMHPSOR FRQ XQ UHWDO GH PHPEUDQD H[WHQGLGR. SRU OD SDUWH VXSHULRU GH OD FD]ROHWD \ DGKHULGR OR TXH QR SHUPLWH. SRU OD SDUWH VXSHULRU GH OD FD]ROHWD \ DGKHULGR OR TXH QR SHUPLWH. FRPSUREDU OD HVWDQTXHLGDG GH OD XQLyQ HQWUH OD PHPEUDQD \ OD. FRPSUREDU OD HVWDQTXHLGDG GH OD XQLyQ HQWUH OD PHPEUDQD \ OD. FD]ROHWD. FD]ROHWD. (V HQ WRGR HOOR GRQGH UDGLFD HO LQWHUpV GH QXHVWUR WUDEDMR HQ HO. (V HQ WRGR HOOR GRQGH UDGLFD HO LQWHUpV GH QXHVWUR WUDEDMR HQ HO. TXHDSDUWLUGHODQiOLVLVGHOSODQWHDPLHQWRQRUPDWLYR\GHODHMHFXFLyQ. TXHDSDUWLUGHODQiOLVLVGHOSODQWHDPLHQWRQRUPDWLYR\GHODHMHFXFLyQ. HQ OD REUD GH OD DFWXDO SUXHED GH LQXQGDFLyQ VH SURSRQGUiQ PHMRUDV. HQ OD REUD GH OD DFWXDO SUXHED GH LQXQGDFLyQ VH SURSRQGUiQ PHMRUDV. SDUD VX DSOLFDFLyQ HQ SULQFLSLR HQ FXELHUWDV SODQDV LQXQGDEOHV. SDUD VX DSOLFDFLyQ HQ SULQFLSLR HQ FXELHUWDV SODQDV LQXQGDEOHV. LPSHUPHDELOL]DGDV PHGLDQWH PHPEUDQDV ELWXPLQRVDV FRQ VLVWHPD GH. LPSHUPHDELOL]DGDV PHGLDQWH PHPEUDQDV ELWXPLQRVDV FRQ VLVWHPD GH. ϭϬ. ϭϬ.

(22) &$3Ë78/23UHVHQWDFLyQ. &$3Ë78/23UHVHQWDFLyQ. FRORFDFLyQQRDGKHULGR<HVHVWDSURSXHVWDODTXHFRPR UHVXOWDGRGHO. FRORFDFLyQQRDGKHULGR<HVHVWDSURSXHVWDODTXHFRPR UHVXOWDGRGHO. HVWXGLRUHDOL]DGRFRQFOX\HHVWHWUDEDMR. HVWXGLRUHDOL]DGRFRQFOX\HHVWHWUDEDMR. . . . .

(23) . . . .

(24) &$3Ë78/22EMHWLYRV. &$3Ë78/22EMHWLYRV. . . . . . . . . . . . . . . . . &$3Ë78/22%-(7,926. &$3Ë78/22%-(7,926. &RQHVWHWUDEDMRSUHWHQGHPRVD\XGDUDUHDOL]DUHGLILFDFLRQHVFRQ. &RQHVWHWUDEDMRSUHWHQGHPRVD\XGDUDUHDOL]DUHGLILFDFLRQHVFRQ. FDOLGDG FRQ OD LQWHQFLyQ GH HQWUHJDU LQPXHEOHV D VXV SURSLHWDULRV VLQ. FDOLGDG FRQ OD LQWHQFLyQ GH HQWUHJDU LQPXHEOHV D VXV SURSLHWDULRV VLQ. SUREOHPDVGHHVWDQTXLGDGHQODVFXELHUWDV. SUREOHPDVGHHVWDQTXLGDGHQODVFXELHUWDV. 'DGRTXHKD\TXHVRPHWHUODVFXELHUWDVHQIDVHGHFRQVWUXFFLyQD. 'DGRTXHKD\TXHVRPHWHUODVFXELHUWDVHQIDVHGHFRQVWUXFFLyQD. XQDSUXHEDGHVHUYLFLRKDVWDFRQVHJXLUTXHGLFKDSUXHEDVHDVXSHUDGD. XQDSUXHEDGHVHUYLFLRKDVWDFRQVHJXLUTXHGLFKDSUXHEDVHDVXSHUDGD. SRU ODV FXELHUWDV HYLWDQGR GH HVWH PRGR TXH OOHJXHQ DO XVXDULR FRQ. SRU ODV FXELHUWDV HYLWDQGR GH HVWH PRGR TXH OOHJXHQ DO XVXDULR FRQ. IDOORV VXVFHSWLEOHV GH SURYRFDU ILOWUDFLRQHV \ HO UHVXOWDGR QR VLHPSUH. IDOORV VXVFHSWLEOHV GH SURYRFDU ILOWUDFLRQHV \ HO UHVXOWDGR QR VLHPSUH. SHUPLWHTXHHVWRVXFHGDQRVSURSRQHPRVFRQWULEXLUHQHOGHVDUUROORGHO. SHUPLWHTXHHVWRVXFHGDQRVSURSRQHPRVFRQWULEXLUHQHOGHVDUUROORGHO. iPELWR GH OD FRQVWUXFFLyQ GH ODV FXELHUWDV FHQWUiQGRQRV HQ ODV. iPELWR GH OD FRQVWUXFFLyQ GH ODV FXELHUWDV FHQWUiQGRQRV HQ ODV. FXELHUWDVSODQDV\ FRQFUHWDPHQWHHQSRGHUFRPSUREDUODHVWDQTXHLGDG. FXELHUWDVSODQDV\ FRQFUHWDPHQWHHQSRGHUFRPSUREDUODHVWDQTXHLGDG. GH ODV PLVPDV FRQ PD\RUHV JDUDQWtDV GH OR TXH SXHGH VXFHGHU. GH ODV PLVPDV FRQ PD\RUHV JDUDQWtDV GH OR TXH SXHGH VXFHGHU. DFWXDOPHQWH. DFWXDOPHQWH. 3DUD HOOR HO REMHWLYR GH HVWD LQYHVWLJDFLyQ HV SURSRQHU XQD PHMRUD. VREUH. OD. SUXHED. GH. HVWDQTXHLGDG. TXH. VH. HPSOHD. 3DUD HOOR HO REMHWLYR GH HVWD LQYHVWLJDFLyQ HV SURSRQHU XQD PHMRUD. VREUH. OD. SUXHED. GH. HVWDQTXHLGDG. TXH. VH. HPSOHD. DFWXDOPHQWH (Q FRQFUHWR OD SUXHED D PHMRUDU HV OD SUXHED GH. DFWXDOPHQWH (Q FRQFUHWR OD SUXHED D PHMRUDU HV OD SUXHED GH. . .

(25) 35,0(5$3$57(. 35,0(5$3$57(. LQXQGDFLyQTXHHV XQDGHODV SUXHEDVGHHVWDQTXLGDGPiVHPSOHDGDV. LQXQGDFLyQTXHHV XQDGHODV SUXHEDVGHHVWDQTXLGDGPiVHPSOHDGDV. HQ HO VHFWRU GH OD FRQVWUXFFLyQ 6H SURSRQH FRPR VH MXVWLILFDUi HQ HO. HQ HO VHFWRU GH OD FRQVWUXFFLyQ 6H SURSRQH FRPR VH MXVWLILFDUi HQ HO. WUDEDMR SDUD ODV FXELHUWDV SODQDV LPSHUPHDELOL]DGDV FRQ OiPLQD GH. WUDEDMR SDUD ODV FXELHUWDV SODQDV LPSHUPHDELOL]DGDV FRQ OiPLQD GH. EHW~QPRGLILFDGRFRQSROtPHURVPRQRFDSD\FRORFDGDFRQVLVWHPDGH. EHW~QPRGLILFDGRFRQSROtPHURVPRQRFDSD\FRORFDGDFRQVLVWHPDGH. ILMDFLyQQRDGKHULGR. ILMDFLyQQRDGKHULGR. (VWDVPHMRUDVIDFLOLWDUiQODGHWHFFLyQGHSRVLEOHVSHUIRUDFLRQHVR. (VWDVPHMRUDVIDFLOLWDUiQODGHWHFFLyQGHSRVLEOHVSHUIRUDFLRQHVR. IDOORV HQ OD PHPEUDQD TXH VRQ WDQ GLItFLOHV GH ORFDOL]DU FRQ OD SUXHED. IDOORV HQ OD PHPEUDQD TXH VRQ WDQ GLItFLOHV GH ORFDOL]DU FRQ OD SUXHED. GH LQXQGDFLyQ /DV PHMRUDV WDPELpQ LQFOXLUiQ OD FRQFUHFLyQ GH RWURV. GH LQXQGDFLyQ /DV PHMRUDV WDPELpQ LQFOXLUiQ OD FRQFUHFLyQ GH RWURV. DVSHFWRV TXH KHPRV FRQVLGHUDGR GHIHFWRV R FDUHQFLDV GHO DFWXDO. DVSHFWRV TXH KHPRV FRQVLGHUDGR GHIHFWRV R FDUHQFLDV GHO DFWXDO. '5TXHUHJXODODPHQFLRQDGDSUXHED. '5TXHUHJXODODPHQFLRQDGDSUXHED. (QWHQGHPRV. TXH. FXPSOLHQGR. HVWRV. REMHWLYRV. KDEUHPRV. (QWHQGHPRV. TXH. FXPSOLHQGR. HVWRV. REMHWLYRV. KDEUHPRV. SDUWLFLSDGR HQ OD FRQVHFXFLyQ GH XQ PD\RU QLYHO GH FDOLGDG HQ OD. SDUWLFLSDGR HQ OD FRQVHFXFLyQ GH XQ PD\RU QLYHO GH FDOLGDG HQ OD. HGLILFDFLyQ HQ HO iPELWR GHO ORJUR GH OD HVWDQTXHLGDG GH ODV FXELHUWDV. HGLILFDFLyQ HQ HO iPELWR GHO ORJUR GH OD HVWDQTXHLGDG GH ODV FXELHUWDV. SODQDV SRU PHGLR GHO FRQWURO GH FDOLGDG GH OD HMHFXFLyQ GH XQD EXHQD. SODQDV SRU PHGLR GHO FRQWURO GH FDOLGDG GH OD HMHFXFLyQ GH XQD EXHQD. SDUWHGHHOODV. SDUWHGHHOODV. $VtFRQHVWDSURSXHVWDFRQWULEXLUHPRVDHYLWDUTXHORVLQPXHEOHV. $VtFRQHVWDSURSXHVWDFRQWULEXLUHPRVDHYLWDUTXHORVLQPXHEOHV. SUHVHQWHQ KXPHGDGHV SRU ILOWUDFLyQ GH DJXD GHULYDGRV GH OD IDOWD GH. SUHVHQWHQ KXPHGDGHV SRU ILOWUDFLyQ GH DJXD GHULYDGRV GH OD IDOWD GH. HVWDQTXLGDG GH ODV FXELHUWDV \ FRQVLJXLHQGR GH HVWH PRGR TXH QR. HVWDQTXLGDG GH ODV FXELHUWDV \ FRQVLJXLHQGR GH HVWH PRGR TXH QR. DSDUH]FDQ SUREOHPDV UHODFLRQDGRV FRQ OD VDOXG OD GHJUDGDFLyQ GH OD. DSDUH]FDQ SUREOHPDV UHODFLRQDGRV FRQ OD VDOXG OD GHJUDGDFLyQ GH OD. HGLILFDFLyQODJHQHUDFLyQGHFRVWHVHFRQyPLFRV\SRU~OWLPRSHURQR. HGLILFDFLyQODJHQHUDFLyQGHFRVWHVHFRQyPLFRV\SRU~OWLPRSHURQR. PHQRV LPSRUWDQWH FRQ OD PHUPD GHO SUHVWLJLR SURIHVLRQDO TXH VXSRQH. PHQRV LPSRUWDQWH FRQ OD PHUPD GHO SUHVWLJLR SURIHVLRQDO TXH VXSRQH. GLULJLU \ FRQVWUXLU HGLILFDFLRQHV FRQ SUREOHPDV GH ILOWUDFLRQHV GHULYDGRV. GLULJLU \ FRQVWUXLU HGLILFDFLRQHV FRQ SUREOHPDV GH ILOWUDFLRQHV GHULYDGRV. GHODVFXELHUWDVLQDGHFXDGDPHQWHSODQWHDGDVRHMHFXWDGDV. GHODVFXELHUWDVLQDGHFXDGDPHQWHSODQWHDGDVRHMHFXWDGDV. . .

(26) &$3Ë78/20HWRGRORJtD. . &$3Ë78/20HWRGRORJtD. . . . . . . . . . . . . . . . &$3Ë78/20(72'2/2*Ë$. &$3Ë78/20(72'2/2*Ë$. $FRQWLQXDFLyQVHH[SRQHHOPpWRGRVHJXLGRSDUDODSURSXHVWDGH. $FRQWLQXDFLyQVHH[SRQHHOPpWRGRVHJXLGRSDUDODSURSXHVWDGH. PHMRUD GH OD SUXHED GH LQXQGDFLyQ GH FXELHUWDV TXH EiVLFDPHQWH VH. PHMRUD GH OD SUXHED GH LQXQGDFLyQ GH FXELHUWDV TXH EiVLFDPHQWH VH. SODQWHy FRQ XQD SULPHUD SDUWH GH UHFRSLODFLyQ \ DQiOLVLV GH OD. SODQWHy FRQ XQD SULPHUD SDUWH GH UHFRSLODFLyQ \ DQiOLVLV GH OD. LQIRUPDFLyQ QHFHVDULD SDUD GHILQLU OD SURSXHVWD GH WUDEDMR 'H HVWD. LQIRUPDFLyQ QHFHVDULD SDUD GHILQLU OD SURSXHVWD GH WUDEDMR 'H HVWD. LQIRUPDFLyQVHREWHQGUtDQODVRSRUWXQDVFRQFOXVLRQHV$FRQWLQXDFLyQ\. LQIRUPDFLyQVHREWHQGUtDQODVRSRUWXQDVFRQFOXVLRQHV$FRQWLQXDFLyQ\. HQ EDVH D HOODV VH SODQWHDUtD FRQ ORV QHFHVDULRV HQVD\RV \. HQ EDVH D HOODV VH SODQWHDUtD FRQ ORV QHFHVDULRV HQVD\RV \. GHWHUPLQDFLRQHV SUHYLDV XQD SURSXHVWD LQLFLDO (VWD SURSXHVWD VH. GHWHUPLQDFLRQHV SUHYLDV XQD SURSXHVWD LQLFLDO (VWD SURSXHVWD VH. H[SHULPHQWDUtD FRQ HO ILQ GH FRPSUREDUOD \ SRGHU FRUUHJLUOD HQ FDVR. H[SHULPHQWDUtD FRQ HO ILQ GH FRPSUREDUOD \ SRGHU FRUUHJLUOD HQ FDVR. QHFHVDULR7UDVHVWHVHJXQGREORTXHUHODWLYRDODSURSXHVWDLQLFLDOFRQ. QHFHVDULR7UDVHVWHVHJXQGREORTXHUHODWLYRDODSURSXHVWDLQLFLDOFRQ. ODVFRPSUREDFLRQHV\DMXVWHVTXHVHUHTXLULHUDQODSURSXHVWDLQLFLDOVH. ODVFRPSUREDFLRQHV\DMXVWHVTXHVHUHTXLULHUDQODSURSXHVWDLQLFLDOVH. PRGLILFDUtDSDUDGDUOXJDUHQODWHUFHUDSDUWHDODSURSXHVWDGHILQLWLYD. PRGLILFDUtDSDUDGDUOXJDUHQODWHUFHUDSDUWHDODSURSXHVWDGHILQLWLYD. LQFOX\pQGRVHODVFRQVLGHUDFLRQHVDTXHKXELHVHOXJDU. LQFOX\pQGRVHODVFRQVLGHUDFLRQHVDTXHKXELHVHOXJDU. (QFXDQWRDODQiOLVLVGHODLQIRUPDFLyQVLHQGRTXHHUDREMHWRGH. (QFXDQWRDODQiOLVLVGHODLQIRUPDFLyQVLHQGRTXHHUDREMHWRGH. HVWH WUDEDMR UHDOL]DU XQD SURSXHVWD GH PHMRUD GH OD SUXHED GH. HVWH WUDEDMR UHDOL]DU XQD SURSXHVWD GH PHMRUD GH OD SUXHED GH. LQXQGDFLyQ TXH HV OD TXH VH HPSOHD PD\RULWDULDPHQWH HQ OD. LQXQGDFLyQ TXH HV OD TXH VH HPSOHD PD\RULWDULDPHQWH HQ OD. FRPSUREDFLyQ GH OD HVWDQTXHLGDG GH OD FXELHUWDV SODQDV LQXQGDEOHV. FRPSUREDFLyQ GH OD HVWDQTXHLGDG GH OD FXELHUWDV SODQDV LQXQGDEOHV. . .

(27) 35,0(5$3$57(. 35,0(5$3$57(. GXUDQWH HO SURFHVR GH SXHVWD HQ REUD HQWHQGLPRV TXH HUD QHFHVDULR. GXUDQWH HO SURFHVR GH SXHVWD HQ REUD HQWHQGLPRV TXH HUD QHFHVDULR. FRQRFHUHQSURIXQGLGDGHVWHSURFHGLPLHQWRWDQWRHQODPHGLGDHQTXH. FRQRFHUHQSURIXQGLGDGHVWHSURFHGLPLHQWRWDQWRHQODPHGLGDHQTXH. ORUHFRJHODQRUPDWLYD GHVDUUROORJUDGRGHREOLJDWRULHGDG« FRPRHQ. ORUHFRJHODQRUPDWLYD GHVDUUROORJUDGRGHREOLJDWRULHGDG« FRPRHQ. UHODFLyQ FRQ VX UHDOL]DFLyQ HQ REUD SDUD GHWHFWDU SUREOHPDV YLFLRV. UHODFLyQ FRQ VX UHDOL]DFLyQ HQ REUD SDUD GHWHFWDU SUREOHPDV YLFLRV. FRQVWUXFWLYRVLQGHILQLFLRQHVFDUHQFLDVHWF. FRQVWUXFWLYRVLQGHILQLFLRQHVFDUHQFLDVHWF. ,GHQWLILFDU OD SUXHED GH LQXQGDFLyQ SURSXHVWD SRU OD QRUPDWLYD \. ,GHQWLILFDU OD SUXHED GH LQXQGDFLyQ SURSXHVWD SRU OD QRUPDWLYD \. WUDEDMDU VREUH HOOD IXH QHFHVDULR SDUD FRQRFHUOD \ SDUD REWHQHU. WUDEDMDU VREUH HOOD IXH QHFHVDULR SDUD FRQRFHUOD \ SDUD REWHQHU. LQIRUPDFLyQ TXH QRV D\XGDVH D PHMRUDUOD $GHPiV VH DWHQGLy D TXp. LQIRUPDFLyQ TXH QRV D\XGDVH D PHMRUDUOD $GHPiV VH DWHQGLy D TXp. GHFtDQ ODV QRUPDV SUHFHGHQWHV SDUD FRPSUREDU FyPR KD HYROXFLRQDGR. GHFtDQ ODV QRUPDV SUHFHGHQWHV SDUD FRPSUREDU FyPR KD HYROXFLRQDGR. OD UHJXODFLyQ GH ODV SUXHEDV GH HVWDQTXHLGDG \ VL SRGUtDQ DFODUDU HQ. OD UHJXODFLyQ GH ODV SUXHEDV GH HVWDQTXHLGDG \ VL SRGUtDQ DFODUDU HQ. FDVR QHFHVDULR FRPR DVt KD VLGR ODV GHWHUPLQDFLRQHV GH QRUPDV. FDVR QHFHVDULR FRPR DVt KD VLGR ODV GHWHUPLQDFLRQHV GH QRUPDV. SRVWHULRUHV. SRVWHULRUHV. 8QD YH] GHWHUPLQDGRV ORV DVSHFWRV D PHMRUDU GH OD SUXHED VH. 8QD YH] GHWHUPLQDGRV ORV DVSHFWRV D PHMRUDU GH OD SUXHED VH. UHTXHUtD ORFDOL]DU DOJ~Q SURFHGLPLHQWR TXH LPSOHPHQWDU \ FRQRFHU ORV. UHTXHUtD ORFDOL]DU DOJ~Q SURFHGLPLHQWR TXH LPSOHPHQWDU \ FRQRFHU ORV. HOHPHQWRV \ KHUUDPLHQWDV GH TXH ORV VH SRGtD GLVSRQHU WDQWR GHQWUR. HOHPHQWRV \ KHUUDPLHQWDV GH TXH ORV VH SRGtD GLVSRQHU WDQWR GHQWUR. GHO iPELWR GH OD FRQVWUXFFLyQ FRPR IXHUD GH pVWH $Vt VH UHFRSLOy. GHO iPELWR GH OD FRQVWUXFFLyQ FRPR IXHUD GH pVWH $Vt VH UHFRSLOy. LQIRUPDFLyQ SDUD FRQRFHU ORV GLIHUHQWHV VLVWHPDV GH FRQWURO HQ OD. LQIRUPDFLyQ SDUD FRQRFHU ORV GLIHUHQWHV VLVWHPDV GH FRQWURO HQ OD. FRQVWUXFFLyQGHODVFXELHUWDVODVTXHOODPDPRVSUXHEDVGHVHUYLFLRHQ. FRQVWUXFFLyQGHODVFXELHUWDVODVTXHOODPDPRVSUXHEDVGHVHUYLFLRHQ. OD FRQVWUXFFLyQ \ ODV QRUPDV TXH UHJXODQ VX SUiFWLFD +XER TXH VDEHU. OD FRQVWUXFFLyQ \ ODV QRUPDV TXH UHJXODQ VX SUiFWLFD +XER TXH VDEHU. FyPR WUDWD OD QRUPDWLYD HVSDxROD HO WHPD GH ODV SUXHEDV GH. FyPR WUDWD OD QRUPDWLYD HVSDxROD HO WHPD GH ODV SUXHEDV GH. HVWDQTXHLGDG HQ OD FRQVWUXFFLyQ HV GHFLU FyPR ODV UHJXOD GHWHUPLQD. HVWDQTXHLGDG HQ OD FRQVWUXFFLyQ HV GHFLU FyPR ODV UHJXOD GHWHUPLQD. SDUD FDGD FDVR FXiO HV OD PiV FRQYHQLHQWH VL REOLJD D VX HMHFXFLyQ R. SDUD FDGD FDVR FXiO HV OD PiV FRQYHQLHQWH VL REOLJD D VX HMHFXFLyQ R. QR HWF« SDUD QR KDFHU XQD SURSXHVWD TXH UHGXQGDVH VREUH OR \D. QR HWF« SDUD QR KDFHU XQD SURSXHVWD TXH UHGXQGDVH VREUH OR \D. OHJLVODGRRFRQWUDULDDODQRUPDWLYD\DGHPiVQRVSODQWHDPRVWDPELpQ. OHJLVODGRRFRQWUDULDDODQRUPDWLYD\DGHPiVQRVSODQWHDPRVWDPELpQ. LQGDJDU VREUH SUXHEDV GH HVWDQTXHLGDG HPSOHDGRV HQ OD FRQVWUXFFLyQ. LQGDJDU VREUH SUXHEDV GH HVWDQTXHLGDG HPSOHDGRV HQ OD FRQVWUXFFLyQ. DXQTXHIXHUDGHODQRUPDWLYDHVSDxROD. DXQTXHIXHUDGHODQRUPDWLYDHVSDxROD. 6DEHU HO WUDWDPLHQWR TXH KDFH OD QRUPDWLYD HQ UHODFLyQ FRQ ODV. 6DEHU HO WUDWDPLHQWR TXH KDFH OD QRUPDWLYD HQ UHODFLyQ FRQ ODV. SUXHEDV GH HVWDQTXHLGDG QRV LED D VHUYLU WDPELpQ SDUD GHWHUPLQDU VL. SUXHEDV GH HVWDQTXHLGDG QRV LED D VHUYLU WDPELpQ SDUD GHWHUPLQDU VL. . .

(28) &$3Ë78/20HWRGRORJtD. &$3Ë78/20HWRGRORJtD. . . HVWD DGROHFH GH DOJ~Q UHTXHULPLHQWR GHWHUPLQDQWH SDUD OD FRQVHFXFLyQ. HVWD DGROHFH GH DOJ~Q UHTXHULPLHQWR GHWHUPLQDQWH SDUD OD FRQVHFXFLyQ. GHFXELHUWDVHVWDQFDV\SDUDQRSUHVHQWDUQLQJXQDSURSXHVWDDMHQDDOD. GHFXELHUWDVHVWDQFDV\SDUDQRSUHVHQWDUQLQJXQDSURSXHVWDDMHQDDOD. QRUPDWLYD. QRUPDWLYD. &RQVLGHUDPRV QHFHVDULR ILQDOPHQWH RFXSDUQRV GH ORFDOL]DU ODV. &RQVLGHUDPRV QHFHVDULR ILQDOPHQWH RFXSDUQRV GH ORFDOL]DU ODV. SRVLEOHV QRUPDV D~Q IXHUD GHO iPELWR GH OD FRQVWUXFFLyQ UHIHUHQWHV D. SRVLEOHV QRUPDV D~Q IXHUD GHO iPELWR GH OD FRQVWUXFFLyQ UHIHUHQWHV D. WpFQLFDVGHHQVD\RSDUDGHWHFFLyQGHIXJDVTXHSXGLHUDQVHUDSOLFDEOHV. WpFQLFDVGHHQVD\RSDUDGHWHFFLyQGHIXJDVTXHSXGLHUDQVHUDSOLFDEOHV. HQ ODV FXELHUWDV SODQDV \D TXH FDEtD HVSHUDU TXH DOJXQD LGHD R DOJ~Q. HQ ODV FXELHUWDV SODQDV \D TXH FDEtD HVSHUDU TXH DOJXQD LGHD R DOJ~Q. GHWDOOH SXGLHUD DSOLFDUVH D OD SUXHED GH LQXQGDFLyQ SDUD PHMRUDUOD R. GHWDOOH SXGLHUD DSOLFDUVH D OD SUXHED GH LQXQGDFLyQ SDUD PHMRUDUOD R. FRPSOHPHQWDUOD$Vt3DUDGHVDUUROODUQXHVWUDSURSXHVWD\VHLQGDJyHQ. FRPSOHPHQWDUOD$Vt3DUDGHVDUUROODUQXHVWUDSURSXHVWD\VHLQGDJyHQ. HO iPELWR LQGXVWULDO VREUH OD H[LVWHQFLD GH SUXHEDV HVSHFtILFDV TXH. HO iPELWR LQGXVWULDO VREUH OD H[LVWHQFLD GH SUXHEDV HVSHFtILFDV TXH. SHUPLWLHVHQYDORUDUODHVWDQTXHLGDGGHORVREMHWRV. SHUPLWLHVHQYDORUDUODHVWDQTXHLGDGGHORVREMHWRV. $GHPiV SDUD SRGHU GHWHUPLQDU HO iPELWR GH DSOLFDFLyQ GH OD. $GHPiV SDUD SRGHU GHWHUPLQDU HO iPELWR GH DSOLFDFLyQ GH OD. SURSXHVWD KXER TXH WUDEDMDU VREUH ORV GLIHUHQWHV WLSRV GH FXELHUWDV. SURSXHVWD KXER TXH WUDEDMDU VREUH ORV GLIHUHQWHV WLSRV GH FXELHUWDV. SODQDV VXV HOHPHQWRV OD GLVSRVLFLyQ GH ORV PLVPRV \ VXV OLPLWDFLRQHV. SODQDV VXV HOHPHQWRV OD GLVSRVLFLyQ GH ORV PLVPRV \ VXV OLPLWDFLRQHV. QRUPDWLYDVFRQHOILQGHSRGHUGHWHUPLQDUFXiOHVLEDQDVHUREMHWRGHO. QRUPDWLYDVFRQHOILQGHSRGHUGHWHUPLQDUFXiOHVLEDQDVHUREMHWRGHO. WUDEDMR (UD LPSRUWDQWH VDEHU VREUH OD FRPSRVLFLyQ GH XQD FXELHUWD. WUDEDMR (UD LPSRUWDQWH VDEHU VREUH OD FRPSRVLFLyQ GH XQD FXELHUWD. SODQDSDUDORFXDOHUDQHFHVDULRLGHQWLILFDUORVHOHPHQWRVTXHODSRGtDQ. SODQDSDUDORFXDOHUDQHFHVDULRLGHQWLILFDUORVHOHPHQWRVTXHODSRGtDQ. FRQVWLWXLUVDEHUORVWLSRVSRVLEOHVFRQRFHUTXpSRVLFLyQSRGtDQRFXSDU. FRQVWLWXLUVDEHUORVWLSRVSRVLEOHVFRQRFHUTXpSRVLFLyQSRGtDQRFXSDU. ORVGLIHUHQWHVHOHPHQWRV\GHVFULELUVXIXQFLyQ(QWUHHVWRVHOHPHQWRV. ORVGLIHUHQWHVHOHPHQWRV\GHVFULELUVXIXQFLyQ(QWUHHVWRVHOHPHQWRV. HO PiV LPSRUWDQWH VHUtD OD PHPEUDQD LPSHUPHDELOL]DQWH DO TXH VH. HO PiV LPSRUWDQWH VHUtD OD PHPEUDQD LPSHUPHDELOL]DQWH DO TXH VH. GHGLFDUtD XQ DQiOLVLV SDUWLFXODU (VWXGLDU HO GLVHxR GH OD FXELHUWD. GHGLFDUtD XQ DQiOLVLV SDUWLFXODU (VWXGLDU HO GLVHxR GH OD FXELHUWD. FRPSRQHQWHV R FDSDV \ VX SRVLFLyQ \ RUGHQ GH FRORFDFLyQ  \ VX. FRPSRQHQWHV R FDSDV \ VX SRVLFLyQ \ RUGHQ GH FRORFDFLyQ  \ VX. SURFHVR FRQVWUXFWLYR QRV WHQtD TXH D\XGDU GHFLGLU FyPR \ FXiQGR VH. SURFHVR FRQVWUXFWLYR QRV WHQtD TXH D\XGDU GHFLGLU FyPR \ FXiQGR VH. SXHGHQSURGXFLUODVSHUIRUDFLRQHVXQDFXHVWLyQGHJUDQLQWHUpVSDUDVX. SXHGHQSURGXFLUODVSHUIRUDFLRQHVXQDFXHVWLyQGHJUDQLQWHUpVSDUDVX. FRQFUHFLyQ. FRQFUHFLyQ. ,JXDOPHQWH QRV RFXSDPRV GHO SURFHVR GH FRQVWUXFFLyQ GH ODV. ,JXDOPHQWH QRV RFXSDPRV GHO SURFHVR GH FRQVWUXFFLyQ GH ODV. FXELHUWDVSDUDVDEHUHQTXpPHGLGDSRGtDDIHFWDUDODLQGHPQLGDGGHOD. FXELHUWDVSDUDVDEHUHQTXpPHGLGDSRGtDDIHFWDUDODLQGHPQLGDGGHOD. OiPLQDLPSHUPHDEOH\WDPELpQFyPRSRGtDPRVLQFRUSRUDUODSURSXHVWD. OiPLQDLPSHUPHDEOH\WDPELpQFyPRSRGtDPRVLQFRUSRUDUODSURSXHVWD. . .

(29) 35,0(5$3$57(. 35,0(5$3$57(. GH PHMRUD GH OD SUXHED GH HVWDQTXHLGDG DO SURFHVR FRQVWUXFWLYR GH OD. GH PHMRUD GH OD SUXHED GH HVWDQTXHLGDG DO SURFHVR FRQVWUXFWLYR GH OD. FXELHUWD $O FRQRFHU HO SURFHVR FRQVWUXFWLYR SRGUtDPRV ORFDOL]DU HO. FXELHUWD $O FRQRFHU HO SURFHVR FRQVWUXFWLYR SRGUtDPRV ORFDOL]DU HO. ULHVJRGHSHUIRUDUODPHPEUDQD\DMXVWDUODVFRQGLFLRQHVGHODSUXHED. ULHVJRGHSHUIRUDUODPHPEUDQD\DMXVWDUODVFRQGLFLRQHVGHODSUXHED. 7DPELpQFRQODPLVPDILQDOLGDGVHEXVFyLQIRUPDFLyQHQFXDQWR. 7DPELpQFRQODPLVPDILQDOLGDGVHEXVFyLQIRUPDFLyQHQFXDQWR. D ORV SURGXFWRV LPSHUPHDELOL]DQWHV VH LQYHVWLJDURQ ODV GLIHUHQWHV. D ORV SURGXFWRV LPSHUPHDELOL]DQWHV VH LQYHVWLJDURQ ODV GLIHUHQWHV. RSFLRQHVH[LVWHQWHVDVtFRPRORVGLIHUHQWHVPDWHULDOHV\SURFHGLPLHQWRV. RSFLRQHVH[LVWHQWHVDVtFRPRORVGLIHUHQWHVPDWHULDOHV\SURFHGLPLHQWRV. GH FRORFDFLyQ \ GH SXHVWD HQ REUD 3UHWHQGtDPRV FRQRFHU ORV WLSRV GH. GH FRORFDFLyQ \ GH SXHVWD HQ REUD 3UHWHQGtDPRV FRQRFHU ORV WLSRV GH. PHPEUDQDV H[LVWHQWHV VXV FDUDFWHUtVWLFDV \ VX SXHVWD HQ REUD SDUD. PHPEUDQDV H[LVWHQWHV VXV FDUDFWHUtVWLFDV \ VX SXHVWD HQ REUD SDUD. GHFLGLU VREUH FXDO R FXDOHV SRGUtD SODQWHDUVH OD SURSXHVWD \ FyPR OD. GHFLGLU VREUH FXDO R FXDOHV SRGUtD SODQWHDUVH OD SURSXHVWD \ FyPR OD. SRGtDQFRQGLFLRQDU. SRGtDQFRQGLFLRQDU. 7RGDODLQIRUPDFLyQDTXHVHKDDOXGLGRVHSUHVHQWDFRQIRUPDQGR ORVGLIHUHQWHVFDStWXORVWDOFRPRVLJXH. . 7RGDODLQIRUPDFLyQDTXHVHKDDOXGLGRVHSUHVHQWDFRQIRUPDQGR ORVGLIHUHQWHVFDStWXORVWDOFRPRVLJXH. &$3Ë78/2(678',2'(/$358(%$'(6(59,&,2'(/$. &$3Ë78/2(678',2'(/$358(%$'(6(59,&,2'(/$. (67$148(,'$''(&8%,(57$60(',$17(/$02'$/,'$''(. (67$148(,'$''(&8%,(57$60(',$17(/$02'$/,'$''(. ,181'$&,Ï1. ,181'$&,Ï1. &$3Ë78/2/$6358(%$6'(6(59,&,2'(/$(67$148(,'$''(. &$3Ë78/2/$6358(%$6'(6(59,&,2'(/$(67$148(,'$''(. &8%,(57$6(1/$&216758&&,Ï1. &8%,(57$6(1/$&216758&&,Ï1. &$3Ë78/2358(%$6'((67$148(,'$'(03/($'$6(1/$. &$3Ë78/2358(%$6'((67$148(,'$'(03/($'$6(1/$. ,1'8675,$. ,1'8675,$. &$3Ë78/2&8%,(57$63/$1$6(/(0(1726<7,326. &$3Ë78/2&8%,(57$63/$1$6(/(0(1726<7,326. &$3Ë78/20(0%5$1$6'(,03(50($%,/,=$&,Ï1'(&8%,(57$6. &$3Ë78/20(0%5$1$6'(,03(50($%,/,=$&,Ï1'(&8%,(57$6. &$3Ë78/2352&(62&216758&7,92<&21752/'((-(&8&,Ï1'(. &$3Ë78/2352&(62&216758&7,92<&21752/'((-(&8&,Ï1'(. /$6&8%,(57$63/$1$6. /$6&8%,(57$63/$1$6. .

(30) &$3Ë78/20HWRGRORJtD. . &$3Ë78/20HWRGRORJtD. . 8QD YH] UHFRSLODGD \ DQDOL]DGD WRGD HVWD LQIRUPDFLyQ VH HVWXYR. 8QD YH] UHFRSLODGD \ DQDOL]DGD WRGD HVWD LQIRUPDFLyQ VH HVWXYR. HQFRQGLFLRQHVGHUHDOL]DUXQ SODQWHDPLHQWRLQLFLDOGH OD SURSXHVWD6H. HQFRQGLFLRQHVGHUHDOL]DUXQ SODQWHDPLHQWRLQLFLDOGH OD SURSXHVWD6H. WUDWDEDGHXQDKLSyWHVLVTXHOOHYDUDODSUiFWLFDSDUDFRPSUREDUOD\HQ. WUDWDEDGHXQDKLSyWHVLVTXHOOHYDUDODSUiFWLFDSDUDFRPSUREDUOD\HQ. IXQFLyQGHORVUHVXOWDGRVGHORVSUREOHPDVGHWHFWDGRVGHORVDFLHUWRV\. IXQFLyQGHORVUHVXOWDGRVGHORVSUREOHPDVGHWHFWDGRVGHORVDFLHUWRV\. GHOUHVWRGHYLFLVLWXGHVDMXVWDUOD3DUDSODQWHDUHVWDSULPHUDSURSXHVWD. GHOUHVWRGHYLFLVLWXGHVDMXVWDUOD3DUDSODQWHDUHVWDSULPHUDSURSXHVWD. IXH QHFHVDULR GHWHUPLQDU DOJXQDV FXHVWLRQHV DVt TXH VH UHDOL]DURQ. IXH QHFHVDULR GHWHUPLQDU DOJXQDV FXHVWLRQHV DVt TXH VH UHDOL]DURQ. DOJXQRV HQVD\RV SUHYLRV \ WDPELpQ VH UHTXLULy DOJXQD GHWHUPLQDFLyQ. DOJXQRV HQVD\RV SUHYLRV \ WDPELpQ VH UHTXLULy DOJXQD GHWHUPLQDFLyQ. WHyULFD. WHyULFD. 8QD YH] UHDOL]DGR HO SODQWHDPLHQWR LQLFLDO OD SURSXHVWD VH SXVR. 8QD YH] UHDOL]DGR HO SODQWHDPLHQWR LQLFLDO OD SURSXHVWD VH SXVR. HQ SUiFWLFD HQ XQ HVFHQDULR UHDO OR TXH HYLGHQFLy DOJXQDV FDUHQFLDV \. HQ SUiFWLFD HQ XQ HVFHQDULR UHDO OR TXH HYLGHQFLy DOJXQDV FDUHQFLDV \. HUURUHV $Vt SXHV OD YHULILFDFLyQ GH OD SURSXHVWD LQLFLDO GLR SLH D OD. HUURUHV $Vt SXHV OD YHULILFDFLyQ GH OD SURSXHVWD LQLFLDO GLR SLH D OD. UHDOL]DFLyQ GH YDULRV HQVD\RV FXDWUR HQ FRQFUHWR TXH SHUPLWLHUDQ. UHDOL]DFLyQ GH YDULRV HQVD\RV FXDWUR HQ FRQFUHWR TXH SHUPLWLHUDQ. DMXVWDUOD. DMXVWDUOD. (VWH WUDEDMR VH H[SRQH HQ HO FDStWXOR  35238(67$ ,1,&,$/ < 5($/,=$&,Ï1'(/$358(%$'(,181'$&,Ï10(-25$'$. (VWH WUDEDMR VH H[SRQH HQ HO FDStWXOR  35238(67$ ,1,&,$/ < 5($/,=$&,Ï1'(/$358(%$'(,181'$&,Ï10(-25$'$. $Vt D SDUWLU GH OD YHULILFDFLyQ GH OD SURSXHVWD LQLFLDO XQD YH]. $Vt D SDUWLU GH OD YHULILFDFLyQ GH OD SURSXHVWD LQLFLDO XQD YH]. UHDOL]DGRV ORV HQVD\RV QHFHVDULRV \ DWHQGLHQGR D ODV RSRUWXQDV. UHDOL]DGRV ORV HQVD\RV QHFHVDULRV \ DWHQGLHQGR D ODV RSRUWXQDV. FRQFOXVLRQHVVHSURFHGLyDDMXVWDUHVWDSURSXHVWDLQLFLDOSODQWHDQGROD. FRQFOXVLRQHVVHSURFHGLyDDMXVWDUHVWDSURSXHVWDLQLFLDOSODQWHDQGROD. SURSXHVWD GHILQLWLYD TXH VH LQFOX\H HQ HO FDStWXOR  35238(67$. SURSXHVWD GHILQLWLYD TXH VH LQFOX\H HQ HO FDStWXOR  35238(67$. '(),1,7,9$ '( 0(-25$ '( /$ 358(%$ '( ,181'$&,Ï1 <. '(),1,7,9$ '( 0(-25$ '( /$ 358(%$ '( ,181'$&,Ï1 <. &216,'(5$&,21(6),1$/(6. &216,'(5$&,21(6),1$/(6. (QHVWHPLVPRFDStWXORXQDYH]UHDOL]DGDODSURSXHVWDGHILQLWLYD. (QHVWHPLVPRFDStWXORXQDYH]UHDOL]DGDODSURSXHVWDGHILQLWLYD. VH KDQ UHGDFWDGR ODV FRUUHVSRQGLHQWHV FRQFOXVLRQHV \ FRQVLGHUDFLRQHV. VH KDQ UHGDFWDGR ODV FRUUHVSRQGLHQWHV FRQFOXVLRQHV \ FRQVLGHUDFLRQHV. WDPELpQHQUHODFLyQFRQODVYtDVGHHVWXGLRTXHTXHGDQDELHUWDVDSDUWLU. WDPELpQHQUHODFLyQFRQODVYtDVGHHVWXGLRTXHTXHGDQDELHUWDVDSDUWLU. GHHVWHWUDEDMR. GHHVWHWUDEDMR. &RQ HVWH GHVDUUROOR TXHGD H[SXHVWD OD PHWRGRORJtD VHJXLGD HQ. &RQ HVWH GHVDUUROOR TXHGD H[SXHVWD OD PHWRGRORJtD VHJXLGD HQ. HVWH WUDEDMR SDUD SODQWHDU OD SURSXHVWD GH PHMRUD GH OD SUXHED GH. HVWH WUDEDMR SDUD SODQWHDU OD SURSXHVWD GH PHMRUD GH OD SUXHED GH. . .

(31) 35,0(5$3$57(. 35,0(5$3$57(. LQXQGDFLyQ HQ ODV FXELHUWDV SODQDV LPSHUPHDELOL]DGDV FRQ PHPEUDQD. LQXQGDFLyQ HQ ODV FXELHUWDV SODQDV LPSHUPHDELOL]DGDV FRQ PHPEUDQD. ELWXPLQRVDVFRQVLVWHPDGHILMDFLyQQRDGKHULGR. ELWXPLQRVDVFRQVLVWHPDGHILMDFLyQQRDGKHULGR. . .

(32) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6(*81'$3$57(. 6(*81'$3$57(. 0DUFRWHyULFR. 0DUFRWHyULFR. . . . . . .

(33) . . . .

(34) &$3Ë78/2(VWXGLRGHODSUXHEDGHHVWDQTXLGDGGHFXELHUWDVPHGLDQWHODLQXQGDFLyQ. &$3Ë78/2(VWXGLRGHODSUXHEDGHHVWDQTXLGDGGHFXELHUWDVPHGLDQWHODLQXQGDFLyQ. . . . . . . . . . . . . . . &$3Ë78/2(678',2'(/$358(%$'( 6(59,&,2'(/$(67$148(,'$''(&8%,(57$6 0(',$17(/$02'$/,'$''(,181'$&,Ï1. &$3Ë78/2(678',2'(/$358(%$'( 6(59,&,2'(/$(67$148(,'$''(&8%,(57$6 0(',$17(/$02'$/,'$''(,181'$&,Ï1. . . (O REMHWR GHO VLJXLHQWH FDStWXOR HV REWHQHU LQIRUPDFLyQ VREUH OD. (O REMHWR GHO VLJXLHQWH FDStWXOR HV REWHQHU LQIRUPDFLyQ VREUH OD. SUXHED GH LQXQGDFLyQ TXH HV EDVH SDUD OD SURSXHVWD GH HVWH WUDEDMR. SUXHED GH LQXQGDFLyQ TXH HV EDVH SDUD OD SURSXHVWD GH HVWH WUDEDMR. 6H WUDWD FRPSUREDU HO SURFHGLPLHQWR TXH QRUPDOL]D VX iPELWR GH. 6H WUDWD FRPSUREDU HO SURFHGLPLHQWR TXH QRUPDOL]D VX iPELWR GH. DSOLFDFLyQ \ VX JUDGR GH REOLJDWRULHGDG \ DQDOL]DU WDPELpQ VX. DSOLFDFLyQ \ VX JUDGR GH REOLJDWRULHGDG \ DQDOL]DU WDPELpQ VX. WUDGXFFLyQ HQ OD SUiFWLFD GH OD DSOLFDFLyQ GH HVWH FRQWURO HQ OD REUD. WUDGXFFLyQ HQ OD SUiFWLFD GH OD DSOLFDFLyQ GH HVWH FRQWURO HQ OD REUD. SDUD GHWHFWDU FXiOHV VRQ ODV FXHVWLRQHV HQ TXH SXHGH VHU PHMRUDGD \. SDUD GHWHFWDU FXiOHV VRQ ODV FXHVWLRQHV HQ TXH SXHGH VHU PHMRUDGD \. SRGHUSODQWHDUODVFRUUHVSRQGLHQWHVPHMRUDV. SRGHUSODQWHDUODVFRUUHVSRQGLHQWHVPHMRUDV. 6HFRPLHQ]DSRUGHILQLUODQRUPDWLYDTXHODUHJXOD\SRUDQDOL]DU. 6HFRPLHQ]DSRUGHILQLUODQRUPDWLYDTXHODUHJXOD\SRUDQDOL]DU. ODREOLJDWRULHGDGGHVXSXHVWDHQSUiFWLFD\HO iPELWRGH VXDSOLFDFLyQ. ODREOLJDWRULHGDGGHVXSXHVWDHQSUiFWLFD\HO iPELWRGH VXDSOLFDFLyQ. HQ QXHVWUR SDtV DVt FRPR VL H[LVWH KRPRJHQHLGDG HQ VX UHDOL]DFLyQ. HQ QXHVWUR SDtV DVt FRPR VL H[LVWH KRPRJHQHLGDG HQ VX UHDOL]DFLyQ. 7DPELpQVHHVWXGLDODGHVFULSFLyQGHORVSURFHGLPLHQWRVGHODSUXHEDGH. 7DPELpQVHHVWXGLDODGHVFULSFLyQGHORVSURFHGLPLHQWRVGHODSUXHEDGH. LQXQGDFLyQ UHFRJLGRV HQ QRUPDWLYD SDUD HQ TXH VH SDUHFHQ \. LQXQGDFLyQ UHFRJLGRV HQ QRUPDWLYD SDUD HQ TXH VH SDUHFHQ \. GLIHUHQFLDQ ODV QRUPDV DQDOL]DGDV (VWD LQIRUPDFLyQ QRV VHUYLUi SDUD. GLIHUHQFLDQ ODV QRUPDV DQDOL]DGDV (VWD LQIRUPDFLyQ QRV VHUYLUi SDUD. GHWHFWDU ORV SXQWRV FRQIOLFWLYRV D UHVROYHU HQ OD SURSXHVWD TXH. GHWHFWDU ORV SXQWRV FRQIOLFWLYRV D UHVROYHU HQ OD SURSXHVWD TXH. UHDOL]DPRV$FRQWLQXDFLyQVHFRPSDUDQORVSURFHGLPLHQWRVQRUPDWLYRV. UHDOL]DPRV$FRQWLQXDFLyQVHFRPSDUDQORVSURFHGLPLHQWRVQRUPDWLYRV. . .

(35) 6(*81'$3$57(0DUFRWHyULFR. 6(*81'$3$57(0DUFRWHyULFR. FRQODUHDOL]DFLyQGHODSUXHEDHQODREUDWDPELpQFRQHOILQGHGHWHFWDU. FRQODUHDOL]DFLyQGHODSUXHEDHQODREUDWDPELpQFRQHOILQGHGHWHFWDU. ODV FXHVWLRQHV PiV FRQIOLFWLYDV D PHMRUDU HQ OD SURSXHVWD SDUD OR FXDO. ODV FXHVWLRQHV PiV FRQIOLFWLYDV D PHMRUDU HQ OD SURSXHVWD SDUD OR FXDO. VHH[SRQHQODVFRUUHVSRQGLHQWHVFRQFOXVLRQHV. VHH[SRQHQODVFRUUHVSRQGLHQWHVFRQFOXVLRQHV. 7UDV HO HVWXGLR GH ORV GRFXPHQWRV UHODWLYRV D ODV SUXHEDV GH. 7UDV HO HVWXGLR GH ORV GRFXPHQWRV UHODWLYRV D ODV SUXHEDV GH. HVWDQTXHLGDG FRQFUHWDPHQWH HO &7( OD QRUPD 81(  OD. HVWDQTXHLGDG FRQFUHWDPHQWH HO &7( OD QRUPD 81(  OD. 1%(4%\HO'5&MXQWRDODQWHULRU'5&\DQiOLVLVGHO. 1%(4%\HO'5&MXQWRDODQWHULRU'5&\DQiOLVLVGHO. GHVDUUROOR GH OD SUXHED GH LQXQGDFLyQ HQ OD IDVH GH FRQVWUXFFLyQ GH OD. GHVDUUROOR GH OD SUXHED GH LQXQGDFLyQ HQ OD IDVH GH FRQVWUXFFLyQ GH OD. FXELHUWDFRQFOXLUHPRVTXHORVSULQFLSDOHVFRQIOLFWRVTXHVHSODQWHDQHQ. FXELHUWDFRQFOXLUHPRVTXHORVSULQFLSDOHVFRQIOLFWRVTXHVHSODQWHDQHQ. HVWDSUXHEDWLHQHQTXHYHUFRQHOVLVWHPDGHWDSRQDGRGHORVGHVDJHV. HVWDSUXHEDWLHQHQTXHYHUFRQHOVLVWHPDGHWDSRQDGRGHORVGHVDJHV. GH ODV FXELHUWDV \ OD GLILFXOWDG GH ORFDOL]DU ORV SXQWRV GH IXJD GH OD. GH ODV FXELHUWDV \ OD GLILFXOWDG GH ORFDOL]DU ORV SXQWRV GH IXJD GH OD. PHPEUDQD FXDQGR H[LVWHQ &RPR VH LQGLFD HQ ODV FRQFOXVLRQHV pVWDV. PHPEUDQD FXDQGR H[LVWHQ &RPR VH LQGLFD HQ ODV FRQFOXVLRQHV pVWDV. VHUiQ ODV SULQFLSDOHV FXHVWLRQHV D PHMRUDU HQ OD SURSXHVWD REMHWR GH. VHUiQ ODV SULQFLSDOHV FXHVWLRQHV D PHMRUDU HQ OD SURSXHVWD REMHWR GH. HVWHWUDEDMRDXQTXHQRODV~QLFDV. HVWHWUDEDMRDXQTXHQRODV~QLFDV. (QUHODFLyQFRQODQRUPDWLYDTXHWUDWDODSUXHEDGHLQXQGDFLyQGH. (QUHODFLyQFRQODQRUPDWLYDTXHWUDWDODSUXHEDGHLQXQGDFLyQGH. HQWUH ODV SUXHEDV GH HVWDQTXLGDG HQ FXELHUWDV FRQWDPRV FRQ OD. HQWUH ODV SUXHEDV GH HVWDQTXLGDG HQ FXELHUWDV FRQWDPRV FRQ OD. QRUPDWLYD GH REOLJDGR FXPSOLPLHQWR TXH D QLYHO QDFLRQDO VH UHGXFH DO. QRUPDWLYD GH REOLJDGR FXPSOLPLHQWR TXH D QLYHO QDFLRQDO VH UHGXFH DO. &yGLJR 7pFQLFR GH OD (GLILFDFLyQ WDPELpQ FRQWDPRV FRQ HO JUXSR GH. &yGLJR 7pFQLFR GH OD (GLILFDFLyQ WDPELpQ FRQWDPRV FRQ HO JUXSR GH. QRUPDV UHODFLRQDGDV FRQ ODV OiPLQDV ELWXPLQRVDV PRGLILFDGDV. QRUPDV UHODFLRQDGDV FRQ ODV OiPLQDV ELWXPLQRVDV PRGLILFDGDV. HPSOHDGDV HQ OD HGLILFDFLyQ GRQGH VH GHVFULEHQ ORV VLVWHPDV \ SXHVWD. HPSOHDGDV HQ OD HGLILFDFLyQ GRQGH VH GHVFULEHQ ORV VLVWHPDV \ SXHVWD. HQ REUD TXH FRUUHVSRQGHUtDQ DO FRQMXQWR GH ODV QRUPDV 81(. HQ REUD TXH FRUUHVSRQGHUtDQ DO FRQMXQWR GH ODV QRUPDV 81(. &RQFUHWDPHQWH HQ QXHVWUR FDVR VH WUDWD GH OD 81(  (Q. &RQFUHWDPHQWH HQ QXHVWUR FDVR VH WUDWD GH OD 81(  (Q. FXDQWR D ODV QRUPDV H[LVWHQWHV HQ HO iPELWR GH ODV FRPXQLGDGHV. FXDQWR D ODV QRUPDV H[LVWHQWHV HQ HO iPELWR GH ODV FRPXQLGDGHV. DXWyQRPDV FRQWDPRV FRQ HO '5&  YLJHQWH HQ OD &RPXQLGDG. DXWyQRPDV FRQWDPRV FRQ HO '5&  YLJHQWH HQ OD &RPXQLGDG. 9DOHQFLDQD. 9DOHQFLDQD. (O &7( HV OD QRUPDWLYD YLJHQWH \ GH REOLJDGR FXPSOLPLHQWR. (O &7( HV OD QRUPDWLYD YLJHQWH \ GH REOLJDGR FXPSOLPLHQWR. UHODFLRQDGDFRQODFRQVWUXFFLyQHQVXDSDUWDGR+6GHVDOXEULGDGSXQWR. UHODFLRQDGDFRQODFRQVWUXFFLyQHQVXDSDUWDGR+6GHVDOXEULGDGSXQWR.  &RQWURO GH OD REUD WHUPLQDGD GLFH OR VLJXLHQWH ³(Q HO FRQWURO VH.  &RQWURO GH OD REUD WHUPLQDGD GLFH OR VLJXLHQWH ³(Q HO FRQWURO VH. VHJXLUiQ ORV FULWHULRV LQGLFDGRV HQ HO DUWtFXOR  GHO SURSLR &7(  (Q. VHJXLUiQ ORV FULWHULRV LQGLFDGRV HQ HO DUWtFXOR  GHO SURSLR &7(  (Q. . .

Referencias

Documento similar

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

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

(Q FRQWUDVWH ORV FOLHQWHV \ VHUYLGRUHV TXH XVDQ 8'3 VH FDUDFWHUL]DQ SRU QR WHQHU JDUDQWtDV VREUH OD ILDELOLGDG GH OD HQWUHJD &amp;XDQGR XQ FOLHQWH HQYtD

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

KDFLD OD TXH WUDGXFH HO WUDGXFWRU WLHQH TXH FUHDU XQD SDODEUD QXHYD SDUD SRGHU. H[SUHVDUOR FRQ SURSLHGDG ³OR FXDO VLHPSUH HV GLItFLO PXFKDV

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