0HWRGRORJLD SDUD HVWUXWXUDomR GH KLSHUWH[WR DSOLFDGR DR
HQVLQR GH HQIHUPDJHP
0HWKRGRORJ\IRUWKHGHYHORSPHQWRI K\SHUWH[WVRIWZDUHLQQXUVLQJHGXFDWLRQ
0HWRGRORJtDSDUDODHVWUXFWXUDFLyQGHOKLSHUWH[WRDSOLFDGRDODHQVHxDQ]DGHHQIHUPHUtD
.DUHQ&DUGRVR&DHWDQR+HORtVD+HOHQD<XHWR3HUHV
5(6802
2EMHWLYR'HVFUHYHUDRUJDQL]DomRGHKLSHUWH[WRVREUH7RPDGDGH'HFLVmRHP(QIHUPDJHPDSDUWLUGD7pFQLFDGH0RGHODJHPGH$SOLFDo}HV +LSHUPtGLD+\SHUPHGLD0RGHOLQJ7HFKQLTXH+07HD7D[RQRPLDGH%ORRPSDUDQRUWHDURVREMHWLYRVHGXFDFLRQDLV0pWRGRV&RQVLVWLX HPFLQFRHWDSDV$QiOLVHH3ODQHMDPHQWR0RGHODJHP,PSOHPHQWDomR$YDOLDomR0DQXWHQomRH'LVWULEXLomR5HVXOWDGRV$DSOLFDomRGR +07DX[LOLRXQDFODVVLILFDomRGDVFDWHJRULDVHFODVVHVGRVREMHWRVHQDVDVVRFLDo}HVVHPkQWLFDVGHILQLQGRDQDYHJDELOLGDGHFRPPHQRUULVFR GH GHVRULHQWDomR GR XVXiULR&RQFOXVmR $ PRGHODJHP H D GHILQLomR GRV REMHWLYRV HGXFDFLRQDLV FRQWULEXtUDP SDUD DOFDQoDU PHOKRUHV UHVXOWDGRVWDQWRQDHODERUDomRGRDSOLFDWLYRFRPRQDIRUPDGHVXDXWLOL]DomRQRHQVLQRGHHQIHUPDJHP
'HVFULWRUHV(GXFDomRHPHQIHUPDJHP,QIRUPiWLFDPpGLFD7HFQRORJLDHGXFDFLRQDO+LSHUPtGLD
$%675$&7
2EMHFWLYH 7R GHVFULEH WKH GHYHORSPHQW RI K\SHUWH[W RUJDQL]DWLRQ WR IDFLOLWDWH QXUVLQJ HGXFDWLRQ DQG QXUVH·V GHFLVLRQPDNLQJ SURFHVV
0HWKRGV+\SHUPHGLD0RGHOLQJ7HFKQLTXH+07DQG%ORRP·V7D[RQRP\RI (GXFDWLRQDO2EMHFWLYHVZDVXVHGLQWKLVILYHVWDJHVWXG\7KH ILYHVWDJHVRIWKHVWXG\FRQVLVWHGRI$QDO\VLVDQG3ODQQLQJ0RGHOLQJ,PSOHPHQWDWLRQ(YDOXDWLRQ0DLQWHQDQFHDQG'LVWULEXWLRQ5HVXOWV
+07ZDVXVHIXOWRFDWHJRUL]HDQGFODVVLI\REMHFWVDQGWRGHWHUPLQHWKHLUVHPDQWLFDVVRFLDWLRQVDQGWRGHILQHQDYLJDELOLW\WKDWPLQLPL]HV XVHUV· GLVRULHQWDWLRQ&RQFOXVLRQ 0RGHOLQJ DQG GHILQLWLRQ RI HGXFDWLRQDO REMHFWLYHV FRQWULEXWHG WR WKH GHYHORSPHQW RI WKH K\SHUWH[W VRIWZDUHDQGLWVXWLOL]DWLRQLQQXUVLQJHGXFDWLRQ
NH\ZRUGV(GXFDWLRQQXUVLQJ0HGLFDOLQIRUPDWLFV(GXFDWLRQDOWHFKQRORJ\+\SHUPHGLD
5(680(1
2EMHWLYR 'HVFULELU OD RUJDQL]DFLyQ GHO KLSHUWH[WR VREUH OD 7RPD GH 'HFLVLyQ HQ (QIHUPHUtD D SDUWLU GH OD 7pFQLFD GHO 0RGHODGR GH $SOLFDFLRQHV +LSHUPHGLD +\SHUPHGLD 0RGHOLQJ 7HFKQLTXH +07 \ OD 7D[RQRPtD GH %ORRP SDUD GLULJLU ORV REMHWLYRV HGXFDFLRQDOHV
0pWRGRV &RQVLVWLy GH FLQFR HWDSDV $QiOLVLV \ 3ODQLILFDFLyQ 0RGHODGR ,PSOHPHQWDFLyQ (YDOXDFLyQ 0DQXWHQFLyQ \ 'LVWULEXFLyQ
5HVXOWDGRV/DDSOLFDFLyQGHO+07D\XGyHQODFODVLILFDFLyQGHODVFDWHJRUtDV\FODVHVGHORVREMHWRV\HQODVDVRFLDFLRQHVVHPiQWLFDV GHILQLHQGR OD QDYHJDELOLGDG FRQ PHQRU ULHVJR GH GHVRULHQWDFLyQ GHO XVXDULR&RQFOXVLyQ (O PRGHODGR \ OD GHILQLFLyQ GH ORV REMHWLYRV HGXFDFLRQDOHVFRQWULEX\HURQSDUDDOFDQ]DUPHMRUHVUHVXOWDGRVWDQWRHQODHODERUDFLyQGHODSOLFDWLYRFRPRHQODIRUPDGHVXXWLOL]DFLyQHQ ODHQVHxDQ]DGHHQIHUPHUtD
'HVFULSWRUHV(GXFDFLyQHQHQIHUPHUtD,QIRUPiWLFDPpGLFD7HFQRORJtDHGXFDWLYD+LSHUPHGLD
$XWRU &RUUHVSRQGHQWH .DUHQ &DUGRVR &DHWDQR
5-HU{QLPR*UDQHUR*DUFLD-DUGLP,$(63 $UWLJR UHFHELGR HP H DSURYDGR HP
7UDEDOKRH[WUDtGRGDGLVVHUWDomRGH0HVWUDGRDSUHVHQWDGRQD(VFRODGH(QIHUPDJHPGD8QLYHUVLGDGHGH6mR3DXOR8636mR3DXOR63%UDVLO 0HVWUHHP(QIHUPDJHPSHOD(VFRODGH(QIHUPDJHPGD8QLYHUVLGDGHGH6mR3DXOR8636mR3DXOR63%UDVLO
'RXWRUDHP(QIHUPDJHPGR'HSDUWDPHQWRGH2ULHQWDomR3URILVVLRQDOGD(VFRODGH(QIHUPDJHPGD8QLYHUVLGDGHGH6mR3DXOR8636mR3DXOR63
,1752'8d®2
$EXVFDSHODFRPXQLFDomRHWUDQVPLVVmRGDLQIRUPDomR UHPRQWDjpSRFDHPTXHRVVHUHVKXPDQRVGHVHQYROYHUDP D IDOD FRPR SULQFLSDO IRUPD GH FRPXQLFDomR H GH WUDQVPLVVmR GH FRQKHFLPHQWR DQFHVWUDO $QWHV GR DSDUHFLPHQWRGDHVFULWDRXVRGDFRPXQLFDomRRUDOIRL XWLOL]DGRHPGLYHUVDVFXOWXUDVDQWLJDVVHQGRGHSHQGHQWH GDPHPyULDFROHWLYDFRPRLQVWUXPHQWRSDUDDUPD]HQDU WRGRRFRQKHFLPHQWRYLQGRGRVDQWHSDVVDGRV
1RPXQGRDWXDOFRPDFUHVFHQWHLQIRUPDWL]DomRD VRFLHGDGH DFDERX SRU WUDQVIRUPDUVH QD 6RFLHGDGH GD ,QIRUPDomRSHODSRVVLELOLGDGHGHWHUTXDOTXHULQIRUPDomR HPIRUPDWRGLJLWDO2DSDUHFLPHQWRGRFRPSXWDGRUD VXDSRSXODUL]DomR3HUVRQDO&RPSXWHU´3&µHD,QWHUQHW FRQWULEXtUDPFRPHVVDPXGDQoDWUDQVIRUPDQGRRPXQGR HPXPDVRFLHGDGHJOREDOLQWHUFRQHFWDGD
$V 7HFQRORJLDV GD ,QIRUPDomR H &RPXQLFDomR LQWURGX]LUDPGHVVDIRUPDXPDJDPDGHSRVVLELOLGDGHV $V 7HFQRORJLDV GD ,QIRUPDomR VmR ´RV SURFHVVRV GH SURGXomR DUPD]HQDPHQWR UHFXSHUDomR FRQVXPR H UHXWLOL]DomR GH LQIRUPDo}HV GLQkPLFDV H HP FRQVWDQWH DWXDOL]DomRHHQYROYHPDGLJLWDOL]DomRGHWH[WRVLPDJHQV VRQVHPRYLPHQWRVµ$V 7HFQRORJLDVGD&RPXQLFDomR UHIHUHPVH DRV ´SURFHVVRV GH WUDQVPLVVmR GH GDGRV DWUDYpV GH GLVSRVLWLYRV WpFQLFRV FRPR ILRV HOpWULFRV FLUFXLWRVHOHWU{QLFRVILEUDVHGLVFRVyWLFRVµ
$VVLPDGLJLWDOL]DomRGDVFRPXQLFDo}HVWUDQVPLVVmRH UHFHSomRGHGDGRVYR]LPDJHQVHWFHGRVFRQWH~GRVOLYURV ILOPHVSLQWXUDVIRWRJUDILDVP~VLFDHWFID]FRPTXHDV PtGLDVILTXHPGLVSRQtYHLVIDFLOPHQWHHHPGLYHUVRVIRUPDWRV $VQRYDVWHFQRORJLDVSHUPLWLUDPHQWmRDVDOWHUDo}HV QRIRUPDWRHRUJDQL]DomRGHWH[WRVHOLYURVTXHSXGHUDP VHUGHVHQYROYLGRVHPIRUPDWRGHKLSHUWH[WR'HVWHPRGR RV WH[WRV SXGHUDP DSURYHLWDU WRGRV RV UHFXUVRV GH PXOWLPtGLDDWXDOPHQWHGLVSRQtYHLV
2KLSHUWH[WRVXUJLXQDIRUPDLPSUHVVDGHRUJDQL]DomR GRV OLYURV SRU PHLR GH VXPiULRV QRWDV GH URGDSp H FRPHQWiULRVSDUDDX[LOLDUROHLWRUDH[SORUDURREMHWRGH OHLWXUD GH IRUPD PDLV IRFDGD j VXD QHFHVVLGDGH e FRQVLGHUDGR´XPFRQMXQWRGHQyVOLJDGRVSRUFRQH[}HV 2VQyVSRGHPVHUSDODYUDVSiJLQDVLPDJHQVJUiILFRV RX SDUWH GH JUiILFRV VHTrQFLDV VRQRUDV GRFXPHQWRV FRPSOH[RVTXHSRGHPHOHVPHVPRVVHUKLSHUWH[WRVµH DHVWUXWXUDVHULDFDUDFWHULVWLFDPHQWHHPIRUPDGH´HVWUHOD GHPRGRUHWLFXODUµHQmROLQHDU
$RQDYHJDUQRKLSHUWH[WRRXVXiULRH[SORUDXPJUDQGH PDSDGHIRUPDIUDFLRQDGDDX[LOLDGRSRUUHSUHVHQWDo}HV GH FRPDQGRV SRGHQGR VHU FRQVLGHUDGR WDPEpP XP ´WLSRGHSURJUDPDSDUDDRUJDQL]DomRGHFRQKHFLPHQWRV RXGDGRVDDTXLVLomRGHLQIRUPDo}HVHDFRPXQLFDomRµ HSRUPHLRGHVVDVUHSUHVHQWDo}HVFRPRSRUH[HPSOR PHQXVHERW}HVLQWHUDWLYRVKiRDFHVVRjHVWUXWXUDGDV LQIRUPDo}HVGHIRUPDLQWXLWLYD
3HODSUySULDHVWUXWXUDGRKLSHUWH[WRFDUDFWHUL]DGRSHODV FRQH[}HVHQyVID]VHQHFHVViULRRUJDQL]iORHHVWUXWXUi ORGHIRUPDDIDFLOLWDUDQDYHJDomRGRXVXiULRFRPR REMHWLYR GH HYLWDU GHVRULHQWiOR SURGX]LU H[FHVVR GH LQIRUPDomRGXUDQWHHVVHSURFHVVRRXQmRSURSRUFLRQDU D SURIXQGLGDGH QHFHVViULD DR DVVXQWR SHVTXLVDGR $V LQWHUIDFHVFRPH[FHVVRGHHVWtPXORVYLVXDLVHVRQRURV WDPEpPSRGHPFRQWULEXLUSDUDHVVDGHVRULHQWDomR
1D RUJDQL]DomR GH XP KLSHUWH[WR FRP SURSyVLWR HGXFDFLRQDO GHYHP VHU REVHUYDGRV DOJXQV FXLGDGRV HVSHFtILFRV SDUD TXH DOFDQFH VHXV REMHWLYRV GH DSUHQGL]DJHP'HVVDIRUPDGHYHPVHUREVHUYDGRVD 7LSRGHXVXiULRDTXHVHGHVWLQDE)DPLOLDUL]DomRGR XVXiULRDRFRQWH~GRGRDPELHQWHYLUWXDODVHUSURMHWDGR
F2UJDQL]DomRGHIOX[RJUDPD7RGRVHVVHVDVSHFWRV
RUJDQL]DFLRQDLV HYLWDP DOJXQV SUREOHPDV QR TXDO R XVXiULR´QmRVDEHRQGHHVWiQmRVDEHFRPRQDYHJDU SDUDRXWUROXJDUQmRVDEHGHRQGHYHLRHQmRVDEHR
TXHSRGHVHUYLVWRDSDUWLUGHXPGHWHUPLQDGRSRQWRµ
$QDOLVDQGRVRERDVSHFWRGDXWLOL]DomRHGXFDFLRQDOR KLSHUWH[WRp´PXOWLPtGLDLQWHUDWLYDJUDoDVjVXDGLPHQVmR UHWLFXODURXQmROLQHDUµH´IDYRUHFHXPDDWLWXGHH[SORUDWyULD RXPHVPRO~GLFDIDFHDRPDWHULDODVHUDVVLPLODGRµ
1RHQVLQRGHHQIHUPDJHPDXWLOL]DomRGRKLSHUWH[WR SRGH VHU IHLWD SRU HVWXGDQWHV GH HQIHUPDJHP SDUD WLUDUHPG~YLGDVVREUHWHUPLQRORJLDFLHQWtILFDHWHUPRV WpFQLFRVHHPFHQiULRVFOtQLFRVFRPSOH[RVID]HQGROLQN
HQWUHRVFRQKHFLPHQWRVWHyULFRVHDDSOLFDomRHPHVWXGRV GHFDVRDX[LOLDQGRRDOXQRDUHVROYHUSUREOHPDVUHDLV
2 XVR GH KLSHUWH[WRV WDPEpP WHP XP LPHQVR SRWHQFLDOSDUDSURILVVLRQDLVTXHWUDEDOKDPQRFXLGDGR GLUHWR DR SDFLHQWH VHQGR HPSUHJDGR FRPR XP PHLR UiSLGRGHDFHVVRjVLQIRUPDo}HVFOtQLFDVHRULHQWDo}HV VREUHDDVVLVWrQFLDGHHQIHUPDJHP
$VVLP D DGRomR GR KLSHUWH[WR SDUD D WRPDGD GH GHFLVmRHPHQIHUPDJHPUHYHVWHVHGHVXPDLPSRUWkQFLD DR VHU DERUGDGR HP XP FRQWH[WR GH DSUHQGL]DGR GLIHUHQFLDGR(VWDpXPDWHPiWLFDTXHSHUPHLDWRGDD IRUPDomRGRHQIHUPHLURHQmRSRGHVHUXPFRQWH~GR VLPSOHVPHQWH GHFRUDGR PDV DR FRQWUiULR GHYH VHU DERUGDGRGHIRUPDLQWHUDWLYDHVWLPXODQGRRDOXQRDR DSUHQGL]DGRHjFRQVWUXomRGHQRYRVFRQKHFLPHQWRV
1HVVD SHUVSHFWLYD D SURSRVWD GHVWH DUWLJR IRL GHVFUHYHU D RUJDQL]DomR GH XP KLSHUWH[WR VREUH D WHPiWLFD GD WRPDGD GH GHFLVmR WRPDQGR FRPR UHIHUHQFLDO D 7pFQLFD GH 0RGHODJHP GH $SOLFDo}HV
+LSHUPtGLD+\SHUPHGLD 0RGHOLQJ 7HFKQLTXH H R
GHVLJQHRUJDQL]DomRGRKLSHUWH[WR
(WDSDVGRGHVHQYROYLPHQWRGRKLSHUWH[WR
$ SURSRVWD PHWRGROyJLFD GH RUJDQL]DomR GR KLSHUWH[WRVREUHWRPDGDGHGHFLVmRVHJXLXFLQFRHWDSDV
(WDSD$QiOLVHHSODQHMDPHQWR
1HVWDIDVHVmRGHILQLGRVRWHPDDVHUGHVHQYROYLGR RVREMHWLYRVRS~EOLFRDOYRHUHFXUVRVGLVSRQtYHLV
7HPD$HVFROKDGRWHPDHVWiYLQFXODGDDRHVWXGR
GHVHQYROYLGRQDGLVVHUWDomRGH0HVWUDGRGR3URJUDPD GH 3yV *UDGXDomR GD (VFROD GH (QIHUPDJHP GD 8QLYHUVLGDGH GH 6mR 3DXOR ((863 HP TXH IRL FRQVWUXtGRXPDPELHQWHYLUWXDOGHDSUHQGL]DJHPVREUH 7RPDGD GH 'HFLVmR HP (QIHUPDJHP VHQGR HVWH XP GRVWHPDVDERUGDGRVQDGLVFLSOLQDGH$GPLQLVWUDomRHP (QIHUPDJHP,QRVHPHVWUHGR&XUVRGH*UDGXDomR GD((863
$GLVFLSOLQD $GPLQLVWUDomRHP(QIHUPDJHP,pGH UHVSRQVDELOLGDGH GR 'HSDUWDPHQWR GH 2ULHQWDomR 3URILVVLRQDO²(12GD((863FRQVWLWXLXPFRQMXQWR GH GLVFLSOLQDV HP TXH VmR DERUGDGRV FRQWH~GRV GH $GPLQLVWUDomR %XVFDQGR XPD DERUGDJHP PDLV FRQWH[WXDOL]DGDHYROWDGDjUHDOLGDGHGRDOXQRRSWRXVH SRU XWLOL]DU FRPR UHIHUHQFLDO WHyULFR GR KLSHUWH[WR R
FDStWXORGROLYURGH$GPLQLVWUDomRHP(QIHUPDJHP
3DUDWDQWRKRXYHXPDUHXQLmRFRPDDXWRUDSDUDH[SOLFDU RVREMHWLYRVGRWUDEDOKRVHQGRREWLGDDXWRUL]DomRSRU HVFULWRSDUDRXVRGRFDStWXOR
2EMHWLYRV
$HODERUDomRGRVREMHWLYRVHGXFDFLRQDLVYLVDQRUWHDU RGHVLJQLQVWUXFLRQDOHDX[LOLDUQDDYDOLDomRGRSURFHVVR HQVLQRDSUHQGL]DJHP
$SURSRVWDGHREMHWLYRVHGXFDFLRQDLVH[SUHVVDXPD PXGDQoDPDQLIHVWDGDQRFRPSRUWDPHQWRSHQVDPHQWR HDo}HV$RGHILQLUGHIRUPDFODUDRTXHVHHVSHUDFRPR UHVXOWDGR GR SURFHVVR GH DSUHQGL]DJHP H TXDLV LQVWUXPHQWRVVHUmRXWLOL]DGRVpSRVVtYHODYDOLDURSURFHVVR
GHIRUPDPDLVSUHFLVD
2SURFHVVRHQVLQRDSUHQGL]DJHPGHVHQYROYHYiULRV DVSHFWRVGRLQGLYtGXRTXHID]HPSDUWHGDFRQVWUXomRGR FRQKHFLPHQWR(VWHVDVSHFWRVSRGHPVHUGLYLGLGRVHP FDWHJRULDV REMHWLYRV FRJQLWLYRV REMHWLYRV DIHWLYRV H REMHWLYRVSVLFRPRWRUHV
2VREMHWLYRVFRJQLWLYRVHQYROYHPRFRQKHFLPHQWRGH LQIRUPDo}HVLGpLDVHFRQFHLWRVTXHVmRLQWHUSUHWDGRVH FRPSUHHQGLGRV H HVWmR YLQFXODGRV j PHPyULD DR GHVHQYROYLPHQWRGHFDSDFLGDGHVHKDELOLGDGHVLQWHOHFWXDLV %ORRP GLYLGH R GRPtQLR FRJQLWLYR HP VHLV QtYHLV GH DSUHQGL]DJHP TXH VH VXFHGHP QD VHJXLQWH RUGHP FRQKHFLPHQWRFRPSUHHQVmRDSOLFDomRDQiOLVHVtQWHVH DYDOLDomR
1HVWH WUDEDOKR RV REMHWLYRV FRJQLWLYRV TXH IRUDP GHILQLGRVVmRFRQKHFHURVFRQFHLWRVGHILQLo}HVHIDVHV GR SURFHVVR GH WRPDGD GH GHFLVmR FRPSUHHQGHU D LPSRUWkQFLD GD LQVHUomR GR HQIHUPHLUR QR FRQWH[WR SROtWLFRVRFLDOGHWRPDGDGHGHFLVmRH[SOLFDUDVIDVHVGR
SURFHVVR GH WRPDGD GH GHFLVmR H DQDOLVDU D VLWXDomR SUREOHPD GD UHDOLGDGH REMHWLYD FRQVLGHUDQGR DV GLPHQV}HVHVWUXWXUDOVLQJXODUHSDUWLFXODU
2VREMHWLYRVDIHWLYRVUHIHUHPVHDRVVHQWLPHQWRVTXH SRGHPVHUH[SHULPHQWDGRVSHORVDOXQRVQRSURFHVVRGH DSUHQGL]DGR H VmR H[SUHVVRV HP YDORUHV LQWHUHVVHV DWLWXGHVGHVHQYROYLPHQWRGHDSUHFLDo}HVHDMXVWDPHQWR FRPSRUWDPHQWDO H GLVSRVLo}HV HPRFLRQDLV 2V QtYHLV SURJUHVVLYRV GR GRPtQLR DIHWLYR VmR RUJDQL]DomR H FDUDFWHUL]DomR FRQFHLWXDomR YDORUL]DomR UHVSRVWD H UHFHELPHQWR
'HVVH PRGR FRPR REMHWLYRV DIHWLYRV IRUDP GHILQLGRVSHUFHEHUDLPSRUWkQFLDGDXWLOL]DomRGHWpFQLFDV JUXSDLVQRSURFHVVRGHWRPDGDGHGHFLVmRUHFRQKHFHU DV QHFHVVLGDGHV LQGLYLGXDLV H JUXSDLV QR SURFHVVR GH WRPDGD GH GHFLVmR H GHPRQVWUDU DWLWXGH IDYRUiYHO j DGRomRGRSURFHVVRGHWRPDGDGHGHFLVmREDVHDGDQR UHFRQKHFLPHQWRGRFRQWH[WRSROtWLFRVRFLDO
2VREMHWLYRV SVLFRPRWRUHV HQIDWL]DP DWLYLGDGHV GH FRRUGHQDomRQHXURPXVFXODUGHPDWHULDLVHRXREMHWRV TXHRLQGLYtGXRWHQKDTXHGHVHQYROYHUGXUDQWHRSURFHVVR HQVLQRDSUHQGL]DJHP
$VVLPRREMHWLYRSVLFRPRWRUGHILQLGRIRLXWLOL]DUR KLSHUWH[WRFRPGHVHQYROWXUD
3~EOLFR DOYR2 S~EOLFRDOYR HVFROKLGR IRUDP RV DOXQRV GR FXUVR GH JUDGXDomR HP HQIHUPDJHP GR VHPHVWUH TXH HVWDYDP FXUVDQGR D GLVFLSOLQD GH $GPLQLVWUDomRHP(QIHUPDJHP,
$SURSyVLWRGRS~EOLFRDOYRpLPSRUWDQWHLGHQWLILFDU DDFHVVLELOLGDGHHDIDPLOLDULGDGHGRDOXQRFRPRXVRGR FRPSXWDGRUYLVWRTXHRGRPtQLREiVLFRGDWHFQRORJLDp QHFHVViULR SDUD TXH R DOXQR DOFDQFH RV REMHWLYRV HGXFDFLRQDLV$RULHQWDomRWHFQROyJLFDGRDOXQRSRGHVHU XPREMHWLYRHGXFDFLRQDODVHUDOFDQoDGR
1HVWHWUDEDOKRXWLOL]RXVHFRPRSDUkPHWURGRSHUILO GRS~EOLFRDOYRGD((863XPDSHVTXLVDUHDOL]DGDSRU XPD GDV GRFHQWHV TXH FRQVWDWD DFHVVLELOLGDGH H
IDPLOLDULGDGHFRPRXVRGRVFRPSXWDGRUHV
5HFXUVRV3DUD D FRQFUHWL]DomR GR SURMHWR IRUDP QHFHVViULRVUHFXUVRVPDWHULDLVKXPDQRVHILQDQFHLURV3DUD DFRQVWUXomRGRKLSHUWH[WRIRLXWLOL]DGRR'UHDPZHDYHU IRU:LQGRZV(VWHVRIWZDUHSRGHVHUFRQVLGHUDGR XPWLSRGHVLVWHPDGHDXWRULDSHUPLWLQGRTXHRXVXiULR FRQVWUXDSiJLQDVZHEHLQVLUDYiULRVWLSRVGHPtGLDVVRP YtGHR LPDJHP $ SHVTXLVDGRUD QmR QHFHVVLWRX GH UHFXUVRV KXPDQRV GH SURJUDPDomR VHQGR UHVSRQViYHO SHOD FRQVWUXomR GR KLSHUWH[WR WHQGR FRQWDGR SRUpP FRP DX[tOLR GH RXWUR HVSHFLDOLVWD HP ,QIRUPiWLFD HP (GXFDomRSDUDDPRGHODJHPHP+07
FRQWHPSODGR FRP DX[tOLR ILQDQFHLUR GR 0LQLVWpULR GD (GXFDomR H GD )XQGDomR &RRUGHQDomR GH $SHUIHLoRDPHQWRGH3HVVRDOGH1tYHO6XSHULRU&$3(6 FRPR3URJUDPDGH$SRLRj3HVTXLVDHP(GXFDomRD 'LVWkQFLD²3$3('
(WDSD7pFQLFDGH0RGHODJHP
&DUDFWHUL]DGDSHODVDSOLFDo}HVGHPRGHORGHREMHWRV PRGHORGHKLSHUREMHWRVPRGHORGHQDYHJDomRHPRGHOR GHLQWHUIDFH
$WpFQLFDGHPRGHODJHPSHUPLWHDYLVXDOL]DomRGH XPSURMHWRDQWHVGHVXDFRQVWUXomRDX[LOLDQGRDGHILQLU R GRPtQLR GH XPD DSOLFDomR KLSHUPtGLD GLYLGLQGR RV QyV H FRQH[}HV GHILQLQGR FRPR R XVXiULR IDUi D QDYHJDomR HYLWDQGR D GHVRULHQWDomR H VREUHFDUJD FRJQLWLYDHFULDQGRDLQWHUIDFHRXDDSDUrQFLDYLVXDOGR SURMHWR'HQWUHRVGLIHUHQWHVPpWRGRVGHPRGHODJHP IRLHVFROKLGRR+\SHUPHGLD0RGHOLQJ7HFKQLTXH+07 SDUDRGHVHQYROYLPHQWRGRKLSHUWH[WR
$IRUPDGHWUDWDPHQWRGR+07SDUDDVDSOLFDo}HV KLSHUPtGLDYHULILFDVHSRUPHLRGRPRGHORGHREMHWRV PRGHORGHKLSHUREMHWRVPRGHORGHQDYHJDomRHPRGHOR GH LQWHUIDFH &DGD XP GHVVHV PRGHORV WHP FRPR SURSyVLWRGHSXUDUDDSOLFDomRGHIRUPDDWRUQiORVGH IiFLOQDYHJDomRSHORXVXiULRHYLWDQGRDGHVRULHQWDomRH RH[FHVVRGHHVWtPXORFRJQLWLYR
20RGHORGH2EMHWRV
2 PRGHOR GH REMHWRV GHVFUHYH HVVHQFLDOPHQWH RV REMHWRV FODVVLILFDQGRRV HP UHODomR DR GRPtQLR RX SURSULHGDGHV VLPLODUHV DWULEXWRV GRV GRPtQLRV UHODFLRQDPHQWR DVVRFLDomR H Q~PHUR GH RFRUUrQFLDV FDUGLQDOLGDGHHDJHQHUDOL]DomRHDJUHJDomRGHDWULEXWRV TXHSRGHVHYLVXDOL]DGRQD)LJXUD
20RGHORGH+LSHUREMHWRV
1HVWHPRGHORDrQIDVHHQFRQWUDVHHP´'HILQLUQRYDV DVVRFLDo}HVHQRYDVFODVVHVTXHHVWDEHOHFHPFDPLQKRV GHVHMDGRV LGHQWLILFDU DV GLIHUHQWHV PtGLDV TXH VHUmR XWLOL]DGDVHDVFODVVHVDEVWUDWDVµ
20RGHORGH1DYHJDomR
1RPRGHORGHQDYHJDomRVmRGHILQLGRVRVFDPLQKRV GHDFHVVRDRVREMHWRVTXHVmRLPSOHPHQWDGRVLQGLFDQGR DUHODomRGHXPDFODVVHFRPRXWUD3RUWDQWRGHILQHP FRPR GHYHUmR VHU RUJDQL]DGRV H FRQHFWDGRV RVOLQNV FRQIRUPHGHPRQVWUDGRQD)LJXUD
)LJXUD 0RGHOR GH 2EMHWRV GR KLSHUWH[WR VREUH WRPDGDGHGHFLVmR
)LJXUD0RGHORGHQDYHJDomRGRKLSHUWH[WRVREUH WRPDGDGHGHFLVmR
20RGHORGH,QWHUIDFH
1RPRGHORGHLQWHUIDFHpGHFLGLGRRDVSHFWRYLVXDO GDDSOLFDomRSRGHQGRVHUGHILQLGRFRPRXP´FRQMXQWR GH HOHPHQWRV TXH DSUHVHQWDP D RUJDQL]DomR GDV
LQIRUPDo}HVHDVDo}HVGRXVXiULRµ
$LQWHUIDFHGDSiJLQDLQLFLDOGRKLSHUWH[WRSRGHVHU H[HPSOLILFDGDQD)LJXUD
(WDSD,PSOHPHQWDomR
1DIDVHGHLPSOHPHQWDomRpUHFRPHQGDGDDUHYLVmR GRWH[WRYHULILFDomRGHGLUHLWRVDXWRUDLVHLQVHUomRGH FUpGLWRVHRIXQFLRQDPHQWRGRVQyVHOLQNVDQWHULRUPHQWH SODQHMDGRV$IDVHGHLPSOHPHQWDomRWDPEpPFRPSUHHQGH D SURGXomR RX GLJLWDOL]DomR GDV PtGLDV XWLOL]DGDV QD FRQVWUXomRGRKLSHUWH[WRFRPVRIWZDUHHVSHFtILFR
(WDSD$YDOLDomRHPDQXWHQomR
$DYDOLDomRGRKLSHUWH[WRVLJQLILFDWHVWDUWRGRVRVVHXV
OLQNVHPtGLDVSDUDDVFRUUHo}HVQHFHVViULDVUHODWLYDVD HUURVGHFRQWH~GRHGHWH[WR
(WDSD'LVWULEXLomR
$ GLVWULEXLomR SRGH VHU SRU &'520 RX YLD UHGH RX,QWHUQHW1HVWHFDVRRSWRXVHSRUGLVWULEXtORSHOD ,QWHUQHW FRPR SDUWH GH XP DPELHQWH YLUWXDO GH DSUHQGL]DJHPVREUHWRPDGDGHGHFLVmRHPHQIHUPDJHP
&216,'(5$d¯(6 ),1$,6
$XWLOL]DomRGHXPKLSHUWH[WRGLJLWDOFRPRHVWUDWpJLD GH HQVLQR GD WHPiWLFD GH WRPDGD GH GHFLVmR HP HQIHUPDJHPSRGHVHUXPDDOWHUQDWLYDYiOLGDSDUDDX[LOLDU QRSURFHVVRHQVLQRDSUHQGL]DJHP$RWUDQVIRUPDUXP GRFXPHQWRHVFULWRHPXPGRFXPHQWRKLSHUPtGLDDEXVFD GHXPDPHWRGRORJLDSDUDPRGHODJHPpIXQGDPHQWDOSDUD JDUDQWLU D RUJDQL]DomR PDLV DGHTXDGD GR SURMHWR $ DSOLFDomRGR+07DX[LOLRXQDFODVVLILFDomRGDVFDWHJRULDV HFODVVHVGRVREMHWRVHQDVDVVRFLDo}HVVHPkQWLFDVFRPDV PHVPDVGHILQLQGRXPDQDYHJDELOLGDGHFRPPHQRUULVFR GHGHVRULHQWDomRSHORXVXiULR$GHILQLomRGRVREMHWLYRV HGXFDFLRQDLVWDPEpPFRQWULEXLSDUDDX[LOLDURSURIHVVRU DDOFDQoDUPHOKRUHVUHVXOWDGRVWDQWRQDHODERUDomRGH XPDSOLFDWLYRFRPRQDIRUPDGHXWLOL]DomRQRHQVLQR
5()(5È1&,$6
3RUWXJDO&+LSHUWH[WRFRPRLQVWUXPHQWRSDUDDSUHVHQWDomR GHLQIRUPDo}HVHPDPELHQWHGHDSUHQGL]DGRPHGLDGRSHOD
,QWHUQHW5HY%UDV$SUHQG$EHUWDHD'LVWkQFLD>SHULyGLFR QD,QWHUQHW@>FLWDGRGH]@>FHUFDGHS@ 'LVSRQtYHOHPKWWSZZZDEHGRUJEUSXEOLTXHFJL FJLOXDH[HV\VVWDU WKWP"8VHU$FWLYH7HPSODWH SRU LQIRLG VLG !
7DNDKDVKL7RUJDQL]DGRU6RFLHGDGHGDLQIRUPDomRQR %UDVLO OLYUR YHUGH %UDVtOLD 0LQLVWpULR GD &LrQFLD H 7HFQRORJLD
)LODWUR$&'HVLJQLQVWUXFLRQDOFRQWH[WXDOL]DGRHGXFDomRH WHFQRORJLD6mR3DXOR6(1$&
/pY\ 3 $V WHFQRORJLDV GD LQWHOLJrQFLD R IXWXUR GR SHQVDPHQWRQDHUDGDLQIRUPiWLFD5LRGH-DQHLUR(GLWRUD
/LPD-91HPHW])%RUJHV$&8PDWpFQLFDGHPRGHODJHP GHDSOLFDo}HVKLSHUPtGLDHXPH[HPSORGHXVR,Q$QDLVGR &RQJUHVVRGD6RFLHGDGH%UDVLOHLUDGH&RPSXWDomRH &RQIHUrQFLD/DWLQR$PHULFDQDGH,QIRUPiWLFD&DQHOD 56&DQHOD6%&
*XLOOKDP'8VLQJK\SHUWH[WWRIDFLOLWDWHQXUVHHGXFDWLRQ &RPSXW1XUVTXL]
)DONHPEDFK*$0&RQFHSomRHGHVHQYROYLPHQWRGH PDWHULDOHGXFDWLYRGLJLWDO5HQRWH5HY1RYDV7HFQRO (GXF>SHULyGLFRQD,QWHUQHW@>FLWDGRPDLR @ >FHUFD GH S@ 'LVSRQtYHO HP KWWS ZZZFLQWHGXIUJV EUUHQRWHPDLRDUWLJRV DBPDWHULDOHGXFDWLYRSGI!
&LDPSRQH0+77RPDGDGHGHFLVmRHPHQIHUPDJHP ,Q .XUFJDQW 3 FRRUGHQDGRUD $GPLQLVWUDomR HP HQIHUPDJHP6mR3DXOR(38S
%ORRP%67D[RQRPLDGRVREMHWLYRVHGXFDFLRQDLVGRPtQLR FRJQLWLYR3RUWR$OHJUH*ORER
&KDYHV/)0$ULDV(+/(ODERUDomRGHDYDOLDo}HVXPPDQXDO SDUDRULHQWDomRDRVSURIHVVRUHVGR&HQWURGH&LrQFLDVGD6D~GH GD8)3$>WH[WRQD,QWHUQHW@%HOpP3$8QLYHUVLGDGH )HGHUDOGR3DUi&HQWURGH&LrQFLDVGD6D~GH>FLWDGR PDLR@'LVSRQtYHOHPKWWSZZZXISDEUFFV PDQXDOSDUDRULHQWDFDRGHSURIHVVRUHVSGI!
3HUHV++&/HLWH00-6RIWZDUHHGXFDFLRQDOREMHWLYRV HGXFDFLRQDLV9HUVmR,,>&'520@6mR3DXOR((863
7HL[HLUD*(ODERUDomRGHREMHWLYRVHGXFDFLRQDLVQRHQVLQR VXSHULRU>WH[WRQD,QWHUQHW@>FLWDGRDEU@'LVSRQtYHO HP KWWSZZZVHUSURIHVVRUXQLYHUVLWiULRSUREU OHUSKS"PRGXOR WH[WR !
