7(/$6,17(16,),&$'25$6
 ,1752'8d2
$V WHODV LQWHQVLILFDGRUDV RV FKDPDGRV
qFUDQV UHIRUoDGRUHV VmR DFHVVyULRV XVDGRV HP FRQ
MXQWRFRPRVILOPHVUDGLRJUiILFRVFRPRXPDUWLItFLR
SDUDDPHOKRULDGRQtYHOGHVHQVLELOL]DomRGRILOPH
Mi TXH DV SHOtFXODV XVDGDV SDUD UHJLVWUR GH LPDJHQV
UDGLRJUiILFDVVmRPXLWRSRXFRVHQVtYHLVDRVUDLRV;
4XDQGRFRQVLGHUDPRVDLQWHQVLGDGHGDUDGLDomRTXH
HPHUJHGRSDFLHQWHHDWLQJHRILOPHVRPHQWHXPSH
TXHQR SHUFHQWXDO p DEVRUYLGR SRU HVWH H FRQYHUWLGR
HP LPDJHP DSUR[LPDGDPHQWH  2V UHVWDQWHV
GDVHQVLELOL]DomRGRILOPHVmRGHYLGRVDRXVRGH
WHODV LQWHQVLILFDGRUDV TXH UHIRUoDP D VHQVLELOL]D
omRGRILOPHDXPHQWDQGRDTXDQWLGDGHGHOX]TXHR
DWLQJH
,QLFLDOPHQWH IRUDP DVVRFLDGDV DR ILOPH H
PXOV}HV IRWRVVHQVtYHLV TXH PHOKRUDUDP R SRGHU GH
DEVRUomRGDUDGLDomR$HYROXomRGDWHFQRORJLDDVVR
FLDGD j SURGXomR GH LPDJHQVUDGLRJUiILFDVOHYRXDR
GHVHQYROYLPHQWR GDV WHODV LQWHQVLILFDGRUDV TXH DX
PHQWDUDP FRQVLGHUDYHOPHQWH R UHQGLPHQWR GR SUR
FHVVRGHVHQVLELOL]DomRGRILOPHGHDYH]HV
DRPHVPRWHPSRHPTXHSHUPLWLUDPXPDGLPLQXLomR
FRQVLGHUiYHOQDVGRVHVDSOLFDGDVDSDFLHQWHVGXUDQWH
RVH[DPHVUDGLROyJLFRV
6DEHVHTXHRVUDLRV;WrPDFDSDFLGDGHGH
ID]HU IOXRUHVFHU FHUWDV VXEVWkQFLDV IyVIRURVTXHDR
UHFHEHUHP D UDGLDomR HPLWHP XPD UDGLDomR GH GH
WHUPLQDGD FRU GHSHQGHQGR GR WLSR GH IyVIRUR HVFR
OKLGRHGRSURFHVVRGHIDEULFDomR
$QWHVGHVHUHPXVDGDVDVWHODVLQWHQVLILFDGR
UDVRHVWXGRGDVSDUWHVGRFRUSRHPPRYLPHQWRHUD
IHLWRDWUDYpVGDIOXRURVFRSLDRXVHMDDWUDYpVGDRE
VHUYDomR GDV LPDJHQV SURGX]LGDV HP WHODV IOXRUHV
FHQWHVVHQVLELOL]DGDVSHORVUDLRV;DEVRUYLGRV(VVDV
WHODVFRQWLQKDPXPDVXEVWkQFLDVXOIDWRGH]LQFRTXH
SURGX]LDPXPDFRORUDomRDPDUHORHVYHUGHDGD0DLV
WDUGH IRUDP GHVHQYROYLGRV DV WHODV FRPSRVWDV GH
WXQJVWDWRGHFiOFLRTXHHPLWHOX]QDUHJLmRGRD]XOH
XOWUDYLROHWD UHJLmR GH DOWD VHQVLELOLGDGH HP DOJXQV
ILOPHV GH UDLRV ; $WXDOPHQWH VmR XVDGRV RXWURV
WLSRVGHIyVIRURVGHVXOIDWRGHEiULRHGHWHUUDVUDUDV
TXH HPLWHP UDGLDomR OXPLQRVD QD UHJLmR YHUGH 2V
ILOPHV SDUD ILOPDGRUDV j ODVHU VmR VHQVtYHLV j OX]
YHUPHOKDSRULVVRQmRSRGHPVHUXWLOL]DGRVFRPWHODV
LQWHQVLILFDGRUDVQDIDOWDGHILOPHVYHUGHVRXD]XLV



$YDQWDJHPGRXVRGRVqFUDQVpHYLGHQWHSH
ODJUDQGHUHGXomRGDGRVHQRSDFLHQWHDGLPLQXLomR
GD GHVIRFDJHP SRU PRYLPHQWR TXDQGR HP H[SRVL
o}HVPXLWRORQJDVHRDXPHQWRGDYLGD~WLOGRWXER
SRUFDXVDGDDSOLFDomRGHFDUJDVPHQRUHVjDPSROD

 &+$66,
2FKDVVLpRLQYyOXFURTXHLUiSURWHJHURILO
PHUDGLRJUiILFRGDDomRGDOX]&RPRRILOPHpVHQ
VtYHODOXPLQRVLGDGHRFKDVVLGHYHVHUFDUUHJDGRRX
VHMD UHFHEHU R ILOPH UDGLRJUiILFR GHQWUR GD FkPDUD
HVFXUD H IHFKDGR VRE OX] GH VHJXUDQoD 'HSRLV R
FKDVVLpLQVHULGRVREDDQDWRPLDGRSDFLHQWHQRFDVR
GH H[DPHV UHDOL]DGRV HP OHLWR SRU H[HPSOR RX QR
SRUWDFKDVVL VH IRU XVDGD D PHVD GH H[DPHV RX R
%XFN\PXUDO
$SyVDUHDOL]DomRGDH[SRVLomRRFKDVVLGH
YH VHU QRYDPHQWH OHYDGR D FkPDUD HVFXUD SDUD VHU
UHWLUDGRRILOPHUDGLRJUiILFRTXHGHYHUiVHULPHGLD
WDPHQWHLGHQWLILFDGRHFRORFDGRQDSURFHVVDGRUDSDUD
QmRVRIUHUDomRGDOX]GHVHJXUDQoD



)LJXUD&KDVVLDEHUWRGHSpFKDVVLVHPp
FUDQHPEDL[RFKDVVLPRVWUDQGRDWHODLQWHQVLIL
FDGRUDGXSOD


(VWUXWXUDOPHQWH R FKDVVL p XPD FDL[D IHLWD
GH DOXPtQLR RX UHVLQDV SOiVWLFDV H SRVVXL GRLV ODGRV

1~FOHRGH7HFQRORJLD&OtQLFD
1~FOHRGH7HFQRORJLD&OtQLFD

&RS\ULJKW&()(76&



3DUWH),/0(5$',2*5),&2(352&(66$0(172

GLVWLQWRV$WDPSDRXIDFHSRVWHULRUFRVWDVGRFKDV

VLFRPWUDYDVSDUDPDQWHUDWDPSDIHFKDGDHDIUHQWH
RX IDFH DQWHULRU TXH UHFHEHUi D UDGLDomR TXH XOWUD
SDVVDURSDFLHQWH$WDPSDjHVTXHUGDQDILJXUD
SRVVXLXPDOkPLQDGHFKXPERGHPPTXHVHUYH
SDUD LPSHGLU TXH D UDGLDomR SURVVLJD VHX FDPLQKR
DSyV LQWHUDJLU FRP R FKDVVL ,QWHUQDPHQWH R FKDVVL
SRVVXLXPDDOPRIDGDQRODGRGDWDPSDVREUHDTXDOp
FRODGDDWHODLQWHQVLILFDGRUD$DOPRIDGDVHUYHSDUD
DSHUWDUDWHODLQWHQVLILFDGRUDFRQWUDRILOPHUDGLRJUi
ILFR $VVLP HYLWDVH SUREOHPDV GH GLVWRUo}HV QD
IRUPDomR GD LPDJHP QR ILOPH SHOD SUHVHQoD GH ER
OKDVGHDU


 (6758785$)6,&$
&RPUHODomRjHVWUXWXUDItVLFDGDWHODLQWHQVL
ILFDGRUD SRGHVH GL]HU TXH D PHVPD p IRUPDGD SRU
XPD ILQD FDPDGD GH FULVWDLV GH IyVIRUR DJOXWLQDGRV
SRUXPDVXEVWkQFLDTXHRVPDQWpPOLJDGRVJHODWLQD
GHSRVLWDGDVREUHXPDVXSHUItFLHOLVDHXQLIRUPHFXMD
EDVHpIHLWDGHPDWHULDOSOiVWLFR
$ILJXUDPRVWUDDHVWUXWXUDGHXPFKDVVL
FRP qFUDQ GXSOR RX VHMD DTXHOH FKDVVL TXH SRVVXL
WHODV HP DPERV RV ODGRV GH IRUPDTXHRILOPHSHU
PDQHoD HQWUH DV GXDV WHODV IHFKDGR FRPR XP
VDQGXtFKH(VWDHVWUXWXUDSHUPLWHXPUHIRUoRGHOX]
FRPDILQDOLGDGHGHVHQVLELOL]DURILOPHFRPPHOKRU
UHQGLPHQWRHPHQRUGRVH$ILJXUDPRVWUDXPFRUWH
WUDQVYHUVDOGRFKDVVLHGRqFUDQRTXHSHUPLWHDYL
VXDOL]DomR GH VXDV FDPDGDV EHP FRPR VXD SRVLomR
HPUHODomRDRFKDVVL



)LJXUD3DUWHSRVWHULRUGRFKDVVLGHVWDFDQGR
DVWUDYDVDGDHVTXHUGDHVWiIHFKDGDDGDGLUHL
WDDEHUWD$VHWDLQGLFDDGLUHomRSDUDWUDYiOD


)LJ&RUWHPRVWUDQGRDHVWUXWXUDGRFKDVVL
qFUDQHILOPH


2VFKDVVLVWDPEpPVmRIDEULFDGRVHPWD
PDQKRV GLIHUHQWHV SDUD SRGHUDFRPRGDURVGLIHUHQ
WHV WDPDQKRV GH ILOPHV 1XQFD VH GHYH XWLOL]DU XP
FKDVVLPDLRUTXHRWDPDQKRGRILOPH2ILOPHSRGHUi
VH PRYLPHQWDU GHQWUR GR FKDVVL ILFDQGR LQFOLQDGR
DOpPGHRFDVLRQDURFRUWHGDLPDJHPDQDW{PLFDSRLV
R SRVLFLRQDPHQWR GR SDFLHQWH VH EDVHLD QD PHGLGD
H[WHUQDGRFKDVVL



1XPD VHTrQFLD GH FLPD SDUD EDL[R SR
GHPRVYLVXDOL]DU
DSDUWHDQWHULRUGRFKDVVLIHLWDGHPDWHULDOUDGLR
WUDQVSDUHQWH
DHVWUXWXUDDFROFKRDGDTXHIDFLOLWDDFRPSUHVVmR
GRILOPHVREUHRqFUDQHOLPLQDQGRGHVVDIRUPDD
SRVVLELOLGDGHGHIRUPDomRGHEROKDVGHDUTXDQ
GRGRIHFKDPHQWRGRFKDVVL
SDUWH VXSHULRU GR qFUDQ FKDPDGD GH EDVH RQGH
HVWiGHSRVLWDGDDFDPDGDGHIyVIRUR
FDPDGDGHIyVIRURRQGHVHSRGHPLGHQWLILFDURV
FULVWDLVGHIyVIRURHOHPHQWRVTXHDEVRUYHPDUD
GLDomRHHPLWHPOX]YLVtYHO
DSDUWHVXSHULRUGDFDPDGDGHIyVIRURpUHYHVWLGD
GH XP PDWHULDO UHIOH[LYR SDUD ID]HU UHWRUQDU DR
ILOPH DTXHOD UDGLDomR OXPLQRVD TXH WHQGHDVDLU
SHODSDUWHVXSHULRUGRqFUDQ
ILOPHFRPGXSORUHYHVWLPHQWR
qFUDQ LQIHULRU TXH SRVVXL D PHVPD HVWUXWXUD GR
VXSHULRU
DFROFKRDPHQWRSRVWHULRURSFLRQDO


)LJXUD7UrVFKDVVLVGHWDPDQKRVGLIHUHQWHV
[FP[FPH[FP

&RS\ULJKW&()(76&



1~FOHRGH7HFQRORJLD&OtQLFD
1~FOHRGH7HFQRORJLD&OtQLFD

OkPLQD GH FKXPER SDUD DEVRUomR GH UDGLDomR

TXH SDVVD SHOD HVWUXWXUD FKDVVLVqFUDQILOPH H
TXHQmRGHYHSURVVHJXLU

 352&(662'(,17(16,),&$d2
2SURFHVVRGHLQWHQVLILFDomRRXVHMDDFRQ
YHUVmR GD UDGLDomR ; HP OX] YLVtYHO RFRUUH TXDQGR
XPFULVWDOGHIyVIRURDRDEVRUYHUXPIyWRQGHUDGLD
omR HPLWH XP IHL[H GH OX] 2 EULOKR HPLWLGR SHOR
FULVWDOpSURSRUFLRQDOjHQHUJLDGRIyWRQLQFLGHQWH
4XDQGRXPIHL[HGHUDGLDomRLQWHUDJHFRPR
IyVIRUR GR qFUDQ D VXSHUItFLH GR PHVPR PRVWUD LQ
WHQVLGDGHVOXPLQRVDVGLIHUHQFLDGDVGHDFRUGRFRPD
HQHUJLDGRVIyWRQVTXHLUmRVHQVLELOL]DUPDLVRXPH
QRVRILOPHFRUUHVSRQGHQGRjVRPEUDGRREMHWRLUUD
GLDGR,VWRVHGiSRUTXHRVIyWRQVJHUDGRVSHODUDGLD
omRYLVtYHOVmRPDLVIDFLOPHQWHDEVRUYLGRVSHORILOPH
GRVTXHRVIyWRQVGHDOWDHQHUJLDGDUDGLDomR;

IyWRQ

IyWRQ
WHOD
HPXOVmR
EDVH
FHOXOyVLFD







D


E

HOpWURQ











F


G

OX]






7(/$6,17(16,),&$'25$6


H


I

)LJXUD3URFHVVRGHUHFRQYHUVmRGDIUHTrQ
FLDDRIyWRQLQFLGHQRqFUDQERIyWRQLQWHUDJH
FRPRHOpWURQGD~OWLPDFDPDGDGRIyVIRURF
FRPDHQHUJLDUHFHELGDRHOpWURQHVFDSDGRi
WRPRGHPVHJXLGDRHOpWURQpFDSWXUDGRSRU
RXWURiWRPRHDRYROWDUSDUDVXDyUELWDRHOp
WURQOLEHUDDHQHUJLDH[WUDQDIRUPDGHOX]YLVtYHO
IDOX]HPLWLGDLQWHUDJHFRPDHPXOVmRGRILOPH



j PDLRU FDSDFLGDGH GH DEVRUomR GD OX] YLVtYHO SR

GHPRVFRQFOXLUTXHSDUDSURGX]LURPHVPRJUDXGH
HQHJUHFLPHQWR GR ILOPH HP GLVSRVLWLYRV FRP H VHP
qFUDQ VHULD QHFHVViULR XP DXPHQWR VXEVWDQFLDO QD
GRVH GH UDGLDomR QR SDFLHQWH TXDQGR QmR VH XVD
qFUDQ FRLVD TXH GHYH VHU HYLWDGD DRPi[LPR8PD
PDQHLUDGHPHGLUPRVDUHODomRHQWUHH[SRVLo}HVFRP
HVHPqFUDQpFDOFXODUPRVRTXRFLHQWHHQWUHDH[SR
VLomR VHP qFUDQ (;3V SHOD H[SRVLomR FRP qFUDQ
(;3FTXHIRUQHFHRFKDPDGRIDWRUGHLQWHQVLILFD
omRITXHGHSHQGHGRqFUDQHGRWLSRGHILOPHXWLOL
]DGRDOpPGDWpFQLFDHWHQVmRDSOLFDGDV

 &$5$&7(567,&$6'2)6)252
4XDQGRRIyVIRURXWLOL]DGRHPqFUDQVUHFHEH
DUDGLDomR;HOHDDEVRUYHHHPLWHXPDUDGLDomROX
PLQRVDGHFDUDFWHUtVWLFDVWDLVTXHSRGHVHUSHUFHELGD
SHOR ROKR KXPDQR RX VHMD HVWi QD IDL[D YLVtYHO GR
HVSHFWUR
3DUD TXH XP GHWHUPLQDGR IyVIRUR SRVVD VHU
XVDGR HP qFUDQV HOH GHYH SRVVXLU DOJXPDV
FDUDFWHUtVWLFDV GHILQLGDV TXH R WRUQHP ~WLO QD
VHQVLELOL]DomR GR ILOPH $EDL[R HVWmR OLVWDGDV
DOJXPDVGHVVDVFDUDFWHUtVWLFDV
D DOWDFDSDFLGDGHGHDEVRUomRGHUDLRV;R
TXHSHUPLWHTXHRUHQGLPHQWRGDSURGXomROXPLQRVD
VHMDDOWRSURSRUFLRQDOjDEVRUomRGRVUDLRVSHORPD
WHULDO
E HVSHFWUR GH HPLVVmR DGHTXDGR VLJQLIL
FDQGRTXHDOX]HPLWLGDSHORIyVIRURHVWHMDGHQWURGD
UHJLmRVHQVtYHOGRILOPH
F 5HVLVWrQFLDjVFRQGLo}HVDPELHQWDLVSRLV
RIyVIRURGHYHVXSRUWDUFRQGLo}HVGHFDORUHXPLGD
GHVHPDOWHUDUVXDVFDUDFWHUtVWLFDV
G 3RXFDOXPLQHVFrQFLDUHVLGXDORXGHPRUD
GHUHVSRVWDHVWHIDWRUDIHWDDUHVSRVWDGRqFUDQjDE
VRUomRGRVUDLRV;HVXDFRQVHTHQWHHPLVVmROXPL
QRVDSULQFLSDOPHQWHHPH[DPHVFRPSHTXHQRVWHP
SRVGHH[SRVLomR

2VqFUDQVGHWHUUDVUDUDVIHLWRVGHR[LVXOIXUR
GH JDGROtQLR SRVVXHP XP GHVHPSHQKR GH IRUPD D
DEVRUYHUPDLVIyWRQVGHUDLRV;GRTXHRIHLWR
GHWXQJVWDWR&D:2GHFiOFLRGHPHVPDHVSHVVX
UD SURGX]LQGR  YH]HV PDLV TXDQWLGDGH GH OX] SDUD
FDGDIyWRQDEVRUYLGR'HVVDIRUPDSRGHVHDOWHUDUR
UHJLPHGHH[SRVLomRWpFQLFDGHPDQHLUDDGLPLQXLU
DGRVHVREUHRSDFLHQWHSRUTXHRqFUDQSHUPLWHXP
UHQGLPHQWR PDLRU QR SURFHVVR GH VHQVLELOL]DomR GR
ILOPH


4XDQGRFRQVLGHUDPRVRVDVSHFWRVUHIHUHQWHV



1~FOHRGH7HFQRORJLD&OtQLFD
1~FOHRGH7HFQRORJLD&OtQLFD

&RS\ULJKW&()(76&



3DUWH),/0(5$',2*5),&2(352&(66$0(172

 FUDQVGHOX]YHUGH

qFUDQVVmRDVVLPpWULFRVSDUDTXHVHMDFRPSHQVDGDD
DEVRUomRGHHQHUJLDGRIHL[HSHORVqFUDQVVXSHULRUH
LQIHULRU4XDQGRRVqFUDQVVmRSURMHWDGRVSDUDWHUHP
XPD DOWD DEVRUomR GH UDGLDomR WRUQDVH QHFHVViULD
HVWDDVVLPHWULDSDUDWRUQDUPDLVHIHWLYRRUHQGLPHQWR
GRDFHVVyULR

6mRIDEULFDGRVFRPHOHPHQWRVGRJUXSRGDVWHU
UDV UDUDV VHQGR TXH DOJXQV HPLWHP OX] QD IDL[D
GRYHUGH
'HYHP VHU XVDGRV DVVRFLDGRV D ILOPHV RUWRFUR
PiWLFRVVHQVtYHLVDRYHUGHD]XORXXOWUDYLROHWD
3DUD HVVHV qFUDQV QHFHVVLWDVH GD VHOHomR GH ILO
WURVGHVHJXUDQoDDGHTXDGRV

 7DPDQKRGDVSDUWtFXODVGHIyVIRUR
8P FULVWDO GH IyVIRUR PDLRU WHP PDLV FDSD
FLGDGHGHDEVRUYHUUDGLDomRGRIHL[HLQFLGHQWH&ULV
WDLV PHQRUHV WHQGHP D SURGX]LU IOXRUHVFrQFLD TXH
VHUiDEVRUYLGDSHORSUySULRPDWHULDOGHYLGRjGLVSHU
VmROXPLQRVD

 )$725(6'('(6(03(1+2
([LVWHPDOJXQVIDWRUHVTXHDIHWDPEDVWDQWHD
UHVSRVWD GR qFUDQ FRP UHODomR j VHQVLELOL]DomR GR
ILOPHHTXHSRGHPYLUDSUHMXGLFDUVXEVWDQFLDOPHQWH
D LPDJHP REWLGD (VWHV IDWRUHV HVWmR OLVWDGRV D VH
JXLU

 &DPDGDV DEVRUYHQWHV RX UHIOHWRUDV

GHOX]
6mRFRORFDGDVHQWUHDFDPDGDGHIyVIRURHR
VXSRUWHSDUDIRUoDURUHWRUQRGDOX]TXHWHQGHDHVFD
SDUGRILOPHUHIOHWRUDVRXSDUDDEVRUYHUDUDGLDomR
TXHHVFDSDSHODSDUWHVXSHULRUGRqFUDQ


 $EVRUomRGDUDGLDomR
7LSRGHIyVIRUR2WLSRGHIyVIRURXVDGR
LQIOXL GLUHWDPHQWH QD DEVRUomR SRLV GHSHQGHQGR GD
HVWUXWXUDDW{PLFDGRHOHPHQWRHVWHVHUiPDLVRXPH
QRV FDSD] GH DEVRUYHU D UDGLDomR H GHYROYrOD HP
IRUPDGHOX]YLVtYHO4XDQWRPDLRUDDEVRUomRPDLRU
DSURGXomRGHOX]SDUDDWXDUVREUHRILOPHHPHQRUD
GRVHQRSDFLHQWH
(VSHVVXUDGDFDPDGD'HDFRUGRFRPR
YLVWRDFLPDVHDFDPDGDGHIyVIRURpEDVWDQWHHVSHV
VD PDLRU VHUi VXD FDSDFLGDGH GH DEVRUomR SRUpP
HVWDHVSHVVXUDWHPXPOLPLWHTXHHVWiYLQFXODGRFRP
RERUUDPHQWRGDLPDJHPSHORH[FHVVRGHOX]HWDP
EpP SRUTXH D TXDQWLGDGH GH OX] JHUDGD QD FDPDGD
LQIHULRUGRIyVIRURSDVVDDVHUDEVRUYLGDSHORSUySULR
PDWHULDODQWHVGHFKHJDUDRILOPH
4XDOLGDGHGRIHL[H$SDUWLUGRPRPHQWR
TXH RV IyWRQV SRVVXHP GLIHUHQWHV HQHUJLDVDLQWHUD
omRGDUDGLDomRFRPRPDWHULDOTXHFRPS}HRqFUDQ
IyVIRURLUiGHWHUPLQDURJUDXGHDEVRUomRGRPHV
PR 'HSHQGHQGR GD H[SRVLomR D TXH VH VXEPHWH R
qFUDQ WHQVmR ILOWUDomR XVR GH JUDGH GLVSHUVmR GR
IHL[HSHODPHVDHSHORFKDVVLVSDUWHGRFRUSRH[DPL
QDGD HWF WHUHPRV XPD UHVSRVWD GLIHUHQFLDGD SRU
SDUWHGRPHVPR
FUDQVVLPSOHVRXGXSOR4XDQGRVHXVD
qFUDQV GXSORV D TXDQWLGDGH DEVRUomR H SRU FRQVH
TrQFLD GD OX] HPLWLGD DXPHQWD (VWD HVWUXWXUD p D
PDLV XVDGD HP UDGLRJUDILD FRQYHQFLRQDO 2V qFUDQV
VLPSOHV VmR KDELWXDOPHQWH XVDGRV HP FRPELQDomR
FRPILOPHVGHUHYHVWLPHQWRVLPSOHVHPXOVmRVRPHQ
WH GH XP ODGR HP H[DPHV GH PDPRJUDILD RX GH
H[WUHPLGDGHVRQGHVHGHVHMDUHGX]LURERUUDPHQWRGD
LPDJHPDRPi[LPR([LVWHPSDUHVGHqFUDQVRQGHRV
&RS\ULJKW&()(76&

IyWRQ

UHIOHWRU
WHOD
HPXOVmR
EDVH
FHOXOyVLFD

)LJXUD&RPDSHOtFXODUHIOHWRUDRIyWRQGH
OX]TXHVHGLULJLVVHSDUDRODGRRSRVWRGRILOPH
VHULDUHGLUHFLRQDGRSDUDDHPXOVmR

 3LJPHQWRV FRUDQWHV QD FDPDGD GH

IyVIRUR
$OJXQVqFUDQVSRVVXHPDVVRFLDGRVDRVFULV
WDLVGHIyVIRURGHWHUPLQDGRVSLJPHQWRVFRUDQWHVSD
UD HYLWDU D GLVSHUVmR ODWHUDO GDOX]DWUDYpVGRqFUDQ
PDV LVWR WDPEpP GLPLQXL D LQWHQVLGDGH OXPLQRVD
SURGX]LGD SHOR GLVSRVLWLYR 'HSHQGHQGR GR WLSR RV
FRUDQWHV FRQIHUHP DR qFUDQ DV FRUHV FLQ]D URVD RX
DPDUHOD

 (;(5&&,26
 3RUTXHVHXWLOL]DPDVWHODVLQWHQVLILFDGR
UDVQRH[DPHUDGLRJUiILFR"
 4XDODIXQomRGRFKDVVL"
 3RUTXHRFKDVVLSRVVXLOkPLQDGHFKXPER
DSHQDVQXPGRVODGRV"
 3DUDTXHVHUYHDHVSXPDFRORFDGDHPXP



1~FOHRGH7HFQRORJLD&OtQLFD
1~FOHRGH7HFQRORJLD&OtQLFD

GRVODGRVGRFKDVVL"3RUTXHQmRpFRORFDGRQRVGRLV
ODGRV"
 4XDORIHQ{PHQRItVLFRTXHRFRUUHFRPDV
WHODVLQWHQVLILFDGRUDVQDHPLVVmRGHOX]"
 3DUDTXHVHUYHDSHOtFXODUHIOHWRUD"
 4XDLVVmRDVFDUDFWHUtVWLFDVTXHRWpFQLFR
GHYHHVSHFLILFDUQDKRUDGHFRPSUDUXPqFUDQ"
 3DUDTXHVHUYHPRVSLJPHQWRVFRUDQWHV"















































7(/$6,17(16,),&$'25$6



1~FOHRGH7HFQRORJLD&OtQLFD
1~FOHRGH7HFQRORJLD&OtQLFD



























































&RS\ULJKW&()(76&



3DUWH),/0(5$',2*5),&2(352&(66$0(172









&RS\ULJKW&()(76&










1~FOHRGH7HFQRORJLD&OtQLFD
1~FOHRGH7HFQRORJLD&OtQLFD