• Nenhum resultado encontrado

Proposta de reconfiguração do subsistema de apuração do custo dos produtos vendidos da Fiat Automóveis S.A.

N/A
N/A
Protected

Academic year: 2021

Share "Proposta de reconfiguração do subsistema de apuração do custo dos produtos vendidos da Fiat Automóveis S.A."

Copied!
143
0
0

Texto

(1)

81,9(56,'$'()('(5$/'(6$17$&$7$5,1$

352*5$0$'(3Ï6*5$'8$d­2(0(1*(1+$5,$'(

352'8d­2

$17Ð1,2'(3È'8$)(55(,5$52&+$

3523267$'(5(&21),*85$d­2'268%6,67(0$'(

$385$d­2'2&8672'26352'87269(1','26'$

),$7$8720Ï9(,66$

)/25,$1Ï32/,6

(2)

$17Ð1,2'(3È'8$)(55(,5$52&+$

3523267$'(5(&21),*85$d­2'268%6,67(0$'(

$385$d­2'2&8672'26352'87269(1','26'$

),$7$8720Ï9(,66$

'LVVHUWDomR DSUHVHQWDGD DR 3URJUDPD GH 3yV *UDGXDomR HP (QJHQKDULD GH 3URGXomR GD 8QLYHUVLGDGH)HGHUDOGH6DQWD&DWDULQDFRPR SDUWHGRVUHTXLVLWRVSDUDREWHQomRGRWtWXORGH 0HVWUHHP(QJHQKDULDGH3URGXomR

2ULHQWDGRUD3URI,OVH0DULD%HXUHQ'U

(3)

$17Ð1,2'(3È'8$)(55(,5$52&+$

3523267$'(5(&21),*85$d­2'268%6,67(0$'(

$385$d­2'2&8672'26352'87269(1','26'$

),$7$8720Ï9(,66$

(VWDGLVVHUWDomRIRLMXOJDGDHDSURYDGDSDUDDREWHQomRGR7tWXORGH 0HVWUHHP(QJHQKDULD GH 3URGXomR QR 3URJUDPD GH 3yV*UDGXDomR HP (QJHQKDULD GH 3URGXomR GD 8QLYHUVLGDGH)HGHUDOGH6DQWD&DWDULQD GH1RYHPEURGH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URI(GVRQ3DFKHFR3DODGLQL'U &RRUGHQDGRUGR&XUVR %DQFD([DPLQDGRUD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URI,OVH0DULD%HXUHQ'U 2ULHQWDGRUD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URI%HUQDGHWH3DVROG'U BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URI/XL]$OEHUWRQ'U )/25,$1Ï32/,6

(4)

'(',&$7Ï5,$

¬  0LQKD HVSRVD H ILOKD SHOD SDFLrQFLD H FRPSUHHQVmRSULQFLSDOPHQWHQDVKRUDVHPTXH PH DXVHQWHL SDUD PH GHGLFDU D HVWH WUDEDOKR $RV PHXV FROHJDV GH WUDEDOKR TXH PXLWR FRQWULEXtUDP

(5)

$*5$'(&,0(1726

¬ PLQKD RULHQWDGRUD SURIHVVRUD 'U ,OVH 0DULD %HXUHQ SHOR FRQKHFLPHQWR H OLo}HV FRQFHGLGDVQRGHFRUUHUGHVWHWUDEDOKRSRUWHUDFUHGLWDGRQRPHXWUDEDOKRSHODVVXJHVW}HVH DSRLRHPWRGDVDVIDVHV

$RFRRUGHQDGRUHSURIHVVRUHVGR3URJUDPDGH3yVJUDGXDomRHP(QJHQKDULDGH3URGXomR GD 8QLYHUVLGDGH )HGHUDO GH 6DQWD &DWDULQD SHORV HQVLQDPHQWRV H SULQFLSDOPHQWH SHODV SDODYUDVGHHVWtPXOR

¬ ),$7 TXH PH FRQFHGHX D RSRUWXQLGDGH GD DSOLFDomR GD WHRULD  SHOD  FRQILDQoD FUHGLWDGDTXHFRQWULEXLXSDUDTXHRVREMHWLYRVSXGHVVHPVHUDOFDQoDGRV

$WRGRVRVDPLJRVTXHPHDMXGDUDPDFRQVWUXLUYDORUHVVyOLGRVTXHPHIL]HUDPDFUHGLWDU QDVXSHUDomRGDVGLILFXOGDGHVHTXHpSRVVtYHOPXGDUVHPSUHRPXQGRHDQyVPHVPRV

(6)

5(6802

52&+$$QW{QLR3iGXD)HUUHLUD3URSRVWDGHUHFRQILJXUDomRGRVXEVLVWHPDGHDSXUDomR GRFXVWRGRVSURGXWRVYHQGLGRVGD)LDW$XWRPyYHLV6$ )ORULDQySROLV'LVVHUWDomR 0HVWUDGR HP (QJHQKDULD GH 3URGXomR  ± 3URJUDPD GH 3yV*UDGXDomR HP (QJHQKDULD GH 3URGXomR8)6&

(VWH WUDEDOKR SURS}H D UHFRQILJXUDomR GR VXEVLVWHPD GH DSXUDomR GR FXVWR GRV SURGXWRV YHQGLGRV GD )LDW $XWRPyYHLV 6$ SDUD LQWHJUiOR DRV GHPDLV VXEVLVWHPDV D HOH FRUUHODFLRQDGRV%XVFDVHHVVDUHFRQILJXUDomRDWUDYpVGDUHYLVmRGRVSURFHVVRVHPpWRGRVGH WUDEDOKR  VHQGR RV UHFXUVRV PDWHULDLV WHFQROyJLFRV H KXPDQRV  OHYDGRV HP FRQVLGHUDomR FRPRREMHWLYRGHHOLPLQDUWUDEDOKRVPDQXDLVHUHGXQGDQWHVSDUDVHREWHULQIRUPDo}HVPDLV SUHFLVDVHWHPSHVWLYDV

7DOUHFRQILJXUDomRYHPVXEVWLWXLUHPSDUWHRXPHVPRQDtQWHJUDDDGRomRGHXPSDFRWHGH VLVWHPDVLQWHJUDGRVGHJHVWmR3RUVHUXPSUREOHPDFRQFUHWRWUDWDVHGHSHVTXLVDDSOLFDGDH WDPEpPH[SORUDWyULDGHYLGRjQHFHVVLGDGHGHDSURIXQGDPHQWRQRHVWXGRGHFDVRHVSHFtILFR 3DUD GDU VXVWHQWDomR DR HVWXGR VmR DTXL GHVFULWRV RV FRQFHLWRV WHyULFRV D UHVSHLWR GRV IXQGDPHQWRV GRV VLVWHPDV GH LQIRUPDomR D FXOWXUD H FRPSRUWDPHQWR GD RUJDQL]DomR HP UHODomR j LQIRUPDomR D WHFQRORJLD GD LQIRUPDomR VHX DYDQoR H VXD LQIOXrQFLD QDV RUJDQL]Do}HVHDLQGDRVVLVWHPDVLQWHJUDGRVGHJHVWmRFRPVHXVFRQFHLWRVHLPSDFWRVVREUHD RUJDQL]DomR

&RPEDVHQHVVHVFRQFHLWRVWHyULFRVpSURSRVWDDUHFRQILJXUDomRGRVXEVLVWHPDGHDSXUDomR GR FXVWR GRV SURGXWRV YHQGLGRV DSUHVHQWDQGRVH R SURFHVVR GH DSXUDomR GR FXVWR GHVVHV SURGXWRVMXQWDPHQWHFRPRVXEVLVWHPDTXHID]DVXDDSXUDomRHRVGHPDLVVXEVLVWHPDVFRP RVTXDLVHOHLQWHUDJH

1DV FRQVLGHUDo}HV p DQDOLVDGD D UHDO QHFHVVLGDGH GDV HPSUHVDV WHUHP RV VLVWHPDV GH LQIRUPDo}HV LQWHJUDGRV SRU PHLR GH SDFRWHV GH JHVWmR LQWHJUDGD SDUD OKHV JDUDQWLU XPD PHOKRUD RSHUDFLRQDO YLVWR TXH HVVHV VLVWHPDV WrP FRPR FDUDFWHUtVWLFD D ULJLGH] QR IXWXUR LVVR SRGH FRPSURPHWHU D IOH[LELOLGDGH GDV HPSUHVDV SDUD DWHQGHU D QRYRV QHJyFLRV H D DOWHUQDWLYDGHUHFRQILJXUDomRGHVXEVLVWHPDVH[LVWHQWHVSRGHULDVHUXPDVROXomRYLiYHODVHU FRQVLGHUDGDSDUDDLQWHJUDomRGHVVHVVXEVLVWHPDV

(7)

$%675$&7

52&+$$QW{QLR3iGXD)HUUHLUD3URSRVWDGHUHFRQILJXUDomRGRVXEVLVWHPDGHDSXUDomR GRFXVWRGRVSURGXWRVYHQGLGRVGD)LDW$XWRPyYHLV6$ )ORULDQySROLV'LVVHUWDomR 0HVWUDGR HP (QJHQKDULD GH 3URGXomR  ± 3URJUDPD GH 3yV*UDGXDomR HP (QJHQKDULD GH 3URGXomR8)6&

7KLVZRUNLVDSURSRVDOIRUWKHQHZFRQILJXUDWLRQRIWKHVXEV\VWHPXVHGWRYHULI\WKHFRVWRI WKH SURGXFWV ZKLFK DUH VROG E\ )LDW $XWRPRELOH 6$ WR LQWHJUDWH WKHP LQ WKH ZKROH RWKHU V\VWHPVLQWHUUHODWHG7KLVQHZFRQILJXUDWLRQLVEDVHGRQWKHUHYLVLRQRISURFHVVHVDQGPHWKRGV RIZRUNZKHUHPDWHULDOWHFKQRORJLFDODQGKXPDQUHVRXUFHVKDYHEHHQFRQVLGHUHGZLWKWKH REMHFWLYH RI HOLPLQDWLQJ PDQXDO DQG LQHVVHQFLDO ZRUN LQ RUGHU WR JHW PRUH DFFXUDWH DQG RSSRUWXQHLQIRUPDWLRQ

7KLV QHZ FRQILJXUDWLRQ FRPHV WR VXEVWLWXWH LQ SDUW RU HYHQ FRPSOHWHO\ WKH DGDSWLRQ RI D SDFNDJHRILQWHJUDWHGPDQDJHPHQWV\VWHP$VLWLVDUHDOSUREOHPWKLVLVQDDSSOLHGDQGDOVR H[SORUDWRU\UHVHDFKGXHWRWKHQHFHVVLW\RIGHWDLOHGVWXGLHVRIVRPHVSHFLILFFDVHV

7R VXSSRUW WKLV VWXG\ WKH WKHRUHWLFDO FRQFHSWV DERXW WKH JURXQGLQJ LQ WKH V\VWHP RI LQIRUPDWLRQ  WKH FXOWXUH DQG EHKDYLRU RI WKH RUJDQL]DWLRQ UHODWHG WR WKH LQIRUPDWLRQ  WKH WHFKQRORJ\RIWKHLQIRUPDWLRQLWVGHYHORSPHQWDQGWKHLQIOXHQFHRQWKHRUJDQL]DWLRQVDQG DOVRWKHLQWHJUDWHGPDQDJHPHQWV\VWHPVZLWKWKHLUFRQFHSWVDQGLPSDFWVRQWKHRUJDQL]DWLRQ KDYHEHHQGHVFULEHGKHUH

%DVHGRQWKHVHWKHRUHWLFDOFRQFHSWVLWLVSURSRVHGWKHQHZFRQILJXUDWLRQRIWKHVXEV\VWHPVWR YHULI\ WKH FRVW RI WKH SURGXFWV VROG VKRZLQJ WKH SURFHVV RI YHULILFDWLRQ RI FRVWV ZLWK WKH VXEV\VWHPWKDWYHULILHVWKHVHFRVWVDQGRWKHUVXEV\VWHPVZLWKZKLFKWKH\LQWHUDFW

,QWKHFRQVLGHUDWLRQVLW¶VDQDO\VHGWKHQHFHVVLW\RIWKHFRPSDQLHVRIKDYLQJWKHLU,QWHJUDWHG LQIRUPDWLRQV\VWHPLQSDFNDJHVRILQWHJUDWHGPDQDJHPHQWWRJDUDQWHHWKHPDEHWWHURSHUDWLRQ 7KHVH V\VWHPV KDYH DV FKDUDFWHULVWLF WKH VWULFWQHVV WKDW LQ WKH IXWXUH FDQ FRPSURPLVH WKH FRPSDQLHV IOH[LELOLW\ WR VHUYH WKH QHZ EXVLQHVV 7KHUH LV WKH VXEV\VWHP FRQILJXUDWLRQ DOWHUQDWLYH WKDW FRXOG EH D YLDEOH VROXWLRQ WR EH FRQVLGHUHG IRU WKH LQWHJUDWLRQ RI WKHVH VXEV\VWHPV

(8)

/,67$'(),*85$6

)LJXUD'HVLJQVVRFLRWpFQLFRVGRVVLVWHPDVGHLQIRUPDomR  )LJXUD)OX[RJHUDOGHVLVWHPDVORJtVWLFRVGD)LDW$XWRPyYHLV6$  )LJXUD)OX[RGHVLVWHPD:0)  )LJXUD*DIHUQD)LDW$XWRPyYHLV6$  )LJXUD6LVWHPD0LOOH2QOLQH )LJXUD,QWHUIDFHVFRPRDSOLFDWLYR39( )LJXUD(VWDo}HVGHWUDEDOKRGDOLQKDGHSURGXomRGHYHtFXORV )LJXUD(VTXHPDGHDSXUDomRGRVFXVWRV )LJXUD'LDJUDPDSDUDDSXUDUR&39  )LJXUD,QWHUIDFHVFRP139( )LJXUD&yGLJR6,1&20UHVXPLGR )LJXUD)RQWHVGHLQIRUPDomRSDUDR030 

(9)

/,67$'(48$'526

4XDGUR3UHVHQoDGRJUXSR)LDWQR%UDVLO  4XDGUR$OJXQVVLVWHPDVXWLOL]DGRVSHOD)LDW 4XDGUR(VWUXWXUDFyGLJR6,1&20  4XDGUR&DUDFWHUtVWLFDVGRVVLVWHPDVTXHID]HPLQWHUIDFHFRPR139(

(10)

/,67$'(7$%(/$6

7DEHOD3RVLomRGRHVWRTXHQRLQtFLRGRSHUtRGR 7DEHOD&XVWRGHSURGXomRGRSHUtRGR  7DEHOD&iOFXORVGRVFXVWRVGRVSURGXWRVGLVSRQtYHLV  7DEHOD9HQGDVGRSHUtRGR  7DEHOD(VWRTXHILQDOGRSHUtRGR 

(11)

/,67$'(6,*/$6

&(2 5HVSRQViYHO([HFXWLYR &KLHI([HFXWLYH2IILFHU &,2 5HVSRQViYHOGH,QIRUPiWLFD &KLHI,QIRUPDWLRQ2IILFHU

&,6 &yGLJRGH,GHQWLILFDomRGD&DUURFHULD &RGLJR,QGHQWLILFD]LRQH6FRFFD '%,3 'LVWLQWD%DVH,QIRUPDWLYD '26 6LVWHPD2SHUDFLRQDOGH'LVFR 'LVN2SHUDWLQJ6\VWHP (', ,QWHUFkPELR(OHWU{QLFRGH'DGRV (OHFWURQLF'DWD,QWHUFKDQJH (,6 6LVWHPDGH,QIRUPDo}HV([HFXWLYR (53 3ODQHMDPHQWRGRV5HFXUVRVGD(PSUHVD (QWHUSULVH5HVRXUFH3ODQQLQJ (53,, ([WUDSULVH5HVRXUFH3ODQQLQJ )$7(;3 )DWXUDPHQWRSDUD([SRUWDomR ),$6$ ),$7$XWRPyYHLV6$ ),$7 )iEULFD,WDOLDQDGH$XWRPyYHLV7XULP )73 3URWRFRORGH7UDQVIHUrQFLDGH$UTXLYR )LOH7UDQVIHU3URWRFRO *(0$3 *HVWmRGH0DWHULDLVGH3URGXomR *(6&2 *HVWmR&RQWiELO *6$ *HVWmRGH6LVWHPDV$SOLFDWLYRV *HVWLRQH6LVWHPL$SOLFDWLYL ,06 6LVWHPDVGH*HUHQFLDPHQWRGH,QIRUPDo}HV ,QIRUPDWLRQ0DQDJHPHQW6\VWHPV /9 /RJtVWLFDGH9HtFXORV 030 0HGLGDGR'HVHPSHQKRGD3URGXomR 0DQXIDFWXULQJ3HUIRUPDQFH0HDVXUHPHQW 053 3ODQHMDPHQWRGD1HFHVVLGDGHGH0DWHULDO 0DWHULDO5HTXLUHPHQWV3ODQQLQJ 053,, 3ODQHMDPHQWRGRV5HFXUVRVGH)DEULFDomR 0DQXIDFWXULQJ5HVRXUFHV3ODQQLQJ 135& 1RYD3URJUDPDomRGH)RUQHFLPHQWRH(QWUHJD 1XHYD3URJUDPD]LRQH5LFKLHVWD &OLHQWH 139( 1RYR6LVWHPDGH&RQWUROHGH3URGXomR9HQGDVH(VWRTXH 2/$3 3URFHVVRRQOLQHGH$QiOLVH 2Q/LQH$QDO\WLFDO3URFHVVLQJ 3& &RPSXWDGRUSHVVRDO 3HUVRQDOFRPSXWHU 3'3 3URJUDPDomRGD3URGXomR 3URJUDPD]LRQHGHOOD3URGX]LRQH 32,17 3URJUDPPD]LRQH2UGLQL,QWHJUDWD7UDQVD]LRQDOH 39( 6LVWHPDGH&RQWUROHGH3URGXomR9HQGDVH(VWRTXH 5,6& 3URMHWRGH&RPSXWDGRUFRP&38RWLPL]DGD 5HGXFHG,QVWUXFWLRQ6HW&RPSXWHU 6$3 6LVWHPDVGH$GPLQLVWUDomRGH3URGXomR 6\VWHPV$SSOLFDWLRQVDQG3URGXFWVLQ 'DWD3URFHVVLQJ 6, 6LVWHPDGH,QIRUPDomR 6,* 6LVWHPDGH,QIRUPDo}HV*HUHQFLDLV 6,0&21 6LVWHPD,QWHJUDGR&RPHUFLDO 6LVWHPD,QWHJUDOH&RPHUFLDOH 6*%' 6LVWHPDGH*HUHQFLDPHQWRGH%DQFRGH'DGRV 7, 7HFQRORJLDGH,QIRUPDomR 7HFKQRORJ\RI,QIRUPDWLRQ 740 *HUHQFLDPHQWRGD4XDOLGDGH7RWDO 7RWDO4XDOLW\0DQDJHPHQW :0) )OX[RGH0DWHULDLV0XQGLDO :RUOG0DWHULDO)ORZ

(12)

680È5,2

/,67$'(),*85$6 /,67$'(48$'526 /,67$'(7$%(/$6 /,67$'(6,*/$6 5(6802 $%675$&7 ,1752'8d­2  7HPDHSUREOHPD 2EMHWLYRV  -XVWLILFDWLYDGRHVWXGR 0HWRGRORJLDGDSHVTXLVD 2UJDQL]DomRGRWUDEDOKR  5(9,6­2%,%/,2*5È),&$  $ERUGDJHPVLVWrPLFD GDVRUJDQL]Do}HV 6LJQLILFDGRGHVLVWHPD 6LVWHPDVIHFKDGRVHDEHUWRV $VRUJDQL]Do}HVFRPRVLVWHPDVVyFLRWpFQLFRV  6LVWHPDGHLQIRUPDomR  9LVmRVLVWrPLFDGDLQIRUPDomR $LPSRUWkQFLDGDLQIRUPDomR 'DGRHLQIRUPDomR  &RQFHLWXDo}HVGHVLVWHPDGHLQIRUPDomR (VWiJLRVGRVLVWHPDGHLQIRUPDomR  &XOWXUDHFRPSRUWDPHQWRHPUHODomRjLQIRUPDomR  ,QIRUPDomRHFRQKHFLPHQWR  7HFQRORJLDGDLQIRUPDomR (YROXomRGDVWHFQRORJLDVGHLQIRUPDomR  6XUJLPHQWRGRV(53V &DUDFWHUtVWLFDVHSHUVSHFWLYDVGRV(53V  5HFRQILJXUDomRGRVLVWHPDGHLQIRUPDomRQDVHPSUHVDV  0XGDQoDRUJDQL]DFLRQDO  5HFRQILJXUDomRGRVVXEVLVWHPDV 2VXEVLVWHPDGHDSXUDomRGRFXVWRGRVSURGXWRVYHQGLGRV  '(6&5,d­2($1È/,6('2(678'2'(&$62  $SUHVHQWDomRGDHPSUHVD 'HVFULomRJHUDOGRVVXEVLVWHPDVLQIRUPDWLYRVGD)LDW$XWRPyYHLV6$ )RUPDGHDSXUDomRGRFXVWRGRVSURGXWRVYHQGLGRVQDHPSUHVD  0pWRGRGHDSURSULDomRGRVFXVWRV   &XVWRVTXHRFRUUHPQRSURFHVVRGHSURGXomR  3URGXWRVHPSURGXomRHDFDEDGRVHRFXVWRGRVSURGXWRVYHQGLGRV  ,QWHUDomRGRVXEVLVWHPDGHDSXUDomRGR&39FRPRXWURVVXEVLVWHPDV  2SURGXWRHRSURFHVVRSURGXWLYR   6XEVLVWHPDVTXHDSXUDPRVFXVWRVGRVPDWHULDLVFRQVXPLGRVQDSURGXomR 6XEVLVWHPDTXHDSXUDRVFXVWRVSRUSURGXWR  $SXUDomRGDVTXDQWLGDGHVSURGX]LGDVYHQGLGDVHHVWRFDGDV

(13)

$SXUDomRGRVFXVWRVXQLWiULRV &iOFXORGRFXVWRGRVSURGXWRVYHQGLGRVSRUSURGXWR   3RQWRV FUtWLFRV GDV FRQILJXUDo}HV GRV VXEVLVWHPDV TXDQWR j VXD LQWHJUDomR H

DGHTXDomR  3523267$ '( 5(&21),*85$d­2 '2 68%6,67(0$ &8672 '26 352'87269(1','26(68$$3/,&$d­21$(035(6$  3URSRVWDGHUHFRQILJXUDomRGRVXEVLVWHPDGHFXVWRGRVSURGXWRVYHQGLGRV $SUHVHQWDomRGDSURSRVWDJHQpULFD )RUPDGHDSXUDomRGRFXVWRGRVSURGXWRVYHQGLGRV  ,QWHUDomRFRPRXWURVVLVWHPDV  %DQFRGHGDGRVORJtVWLFDGHYHtFXORV 6LVWHPD030  5HFRQILJXUDo}HVSURSRVWDV  $SOLFDomRGDSURSRVWDQD)LDW$XWRPyYHLV6$  3ODQRSLORWR ,QWHJUDomRFRPRXWURVVXEVLVWHPDV 3RQWRVIDFLOLWDGRUHVHPUHODomRjSURSRVWD 3RQWRVGLILFXOWDGRUHVHPUHODomRjSURSRVWD 6HJXUDQoDQRFRQWUROHGHJHVWmRGRSURFHVVRSURGXWLYR  &21&/86®(6(5(&20(1'$d®(63$5$75$%$/+26)878526  &RQFOXV}HV  5HFRPHQGDo}HVSDUDWUDEDOKRVIXWXURV 5()(5Ç1&,$6 $3Ç1',&(

(14)



,1752'8d­2

$ HYROXomR GDV WHFQRORJLDV GH FRPSXWDomR H GH FRPXQLFDomR WHP SURSLFLDGR VLJQLILFDWLYRV DYDQoRV 2V OLPLWHV GD FLrQFLD HVWHQGHUDPVH DSDUHFHQGR QRYDV iUHDV GH WHFQRORJLD TXH HVWmR VH UHIOHWLQGR QR GLDDGLD GDV SHVVRDV (VVDV WUDQVIRUPDo}HV WDPEpP WrP LPSDFWDGR DV HPSUHVDV SRLV DOpP GR GRPtQLR HVSHFtILFR LPS}HP QRYRV GHVDILRV QR GHVHQYROYLPHQWRGHVXDVDWLYLGDGHV

'HVVD IRUPD PXGDQoDV VXEVWDQFLDLV WrP RFRUULGR QD TXDQWLGDGH H QD TXDOLGDGH GD WURFDGHLQIRUPDo}HV2VQRYRVQHJyFLRVHRSRUWXQLGDGHVTXHHPHUJHPWUD]HPFRQVLJRQRYDV LQIRUPDo}HV TXH WUDQVLWDP HQWUH YiULDV HPSUHVDV 1HVVD WURFD GH LQIRUPDo}HV RV GHYLGRV FXLGDGRVGHYHPVHUWRPDGRVSDUDJDUDQWLUDLQWHJULGDGHGDVPHVPDV

(PERUDDLQIRUPDomRWHQKDVLGRVHPSUHXPHOHPHQWR~WLODWHFQRORJLDSHUPLWLXSHOD SULPHLUD YH] TXH VH DUPD]HQDVVHP H WUDWDVVHP YROXPHV GH GDGRV FRP YHORFLGDGH H D TXDOTXHUGLVWkQFLD2EVHUYDVHDSUHVHQoDFRQVWDQWHGDLQIRUPDomRQHVWDQRYDHUDVHQGRHODH DWHFQRORJLDRVFRQFHLWRVPDLVGLVFXWLGRVQDLPSODQWDomRJUDGDWLYDGDFKDPDGDVRFLHGDGHGD LQIRUPDomR $ YHORFLGDGH GD FRPXQLFDomR GH GDGRV H LQIRUPDo}HV p RXWUR DVSHFWR IXQGDPHQWDOGHVVHSURFHVVRTXHHVWiDVVRFLDGRjWHFQRORJLDGDLQIRUPDomR 7, 

0F*HHH3UXVDN S QRLQWXLWRGHGHVWDFDUDLPSRUWkQFLDGDLQIRUPDomRHGD WHFQRORJLDDILUPDPTXH

DLQIRUPDomRpGLQkPLFDFDSD]GHFULDUJUDQGH YDORU H p HOHPHQWR TXH PDQWpP DV RUJDQL]Do}HVXQLILFDGDV$WHFQRORJLDGDLQIRUPDomRSRGHVHUXPIDWRULPSRUWDQWHQR DSHUIHLoRDPHQWRGRXVRGDLQIRUPDomRPDVIDFLOPHQWHSRGHVHWUDQVIRUPDUQXPSHVR PRUWR LQ~WLOVHPDLQIRUPDomRHRVVHUHVKXPDQRVXVXiULRV $7,WHPVLGRGHVHQYROYLGDSDUDDFHOHUDURVSURFHVVRVHPLQLPL]DURVHVIRUoRVSDUDD REWHQomRGDVLQIRUPDo}HVDILPGHTXHDRUJDQL]DomRWHQKDXPPHOKRUGHVHPSHQKR3RUpP VHQmRIRUHPSUHJDGDFRPFULWpULRVSRGHUiDFHOHUDURXPHVPRGHVHQFDGHDUXPSURFHVVRGH GHVPRURQDPHQWRGDRUJDQL]DomR

(15)

 9DOHGHVWDFDUTXHD7,DOWHURXVXEVWDQFLDOPHQWHDVIRUPDVGHSURGXomRGRVSURFHVVRV GHIDEULFDomRGHYHQGDVHGLVWULEXLomRGHSURGXWRV*UDoDVDLVVRpSRVVtYHOGHSDUDUVHFRPD SUHVHQoDGHXPFKLS QXPUHIULJHUDGRUTXHVHEDVHLDQDPHVPDWHFQRORJLDGRVFRPSXWDGRUHV $WHFQRORJLDGDLQIRUPDomRHVWiWUDQVIRUPDQGRHJHUDQGRPXGDQoDVQDVUHODo}HVHFRQ{PLFDV HQWUHRVSURGXWRUHVRVGLVWULEXLGRUHVHRVFRQVXPLGRUHV

$ LQIRUPDomR p YDOLRVD PDV UHTXHU JHUHQFLDPHQWR H FDXWHOD SRLV RFXSD OXJDU GH GHVWDTXHQDGHVWLQDomRGHLQYHVWLPHQWRVGDVHPSUHVDVe WmR UHOHYDQWH TXDQWR R FDSLWDO DV PiTXLQDV H D PmRGHREUD 2 FDPLQKR SDUD VH REWHU R XVR GD LQIRUPDomR GH PDQHLUD FRPSHQVDGRUD p HODERUDU HVWUDWpJLDV WHU UHIOH[mR H LQWHUSUHWDomR DFHUFD GR FRQWH~GR GH LQIRUPDo}HV UHFHELGDV H DVVRFLDU FRUUHWDPHQWH DV QRYDV WHFQRORJLDV GD LQIRUPDomR TXH GHL[DPGHVHULPSRUWDQWHVVHPJHUHQFLDPHQWR

$7,FRQIRUPH&$-$5$9,//(  QRVDQRVMiFRPHoDDPXGDUDIRUPDGH DWXDomR GDV HPSUHVDV SRLV QHVVD pSRFD HODV FRPHoDP D XVDU RV SULPHLURV SDFRWHV GH VRIWZDUH HPSUHVDULDOGHVWLQDGRVjPDQLSXODomRGHLQYHQWiULRV8PDGpFDGDGHSRLVHPIXQomR GDWHFQRORJLDXOWUDSDVVDPHVVHOLPLWHGHLQYHQWiULRSDVVDQGRDID]HUWDPEpPRSODQHMDPHQWR GDV PDWpULDVSULPDV H FRPSRQHQWHV QDV HPSUHVDV GHQRPLQDGR SODQHMDPHQWR GDV QHFHVVLGDGHVGHPDWHULDLV 0DWHULDO5HTXLUHPHQWV3ODQQLQJ 053

6HJXQGR6/$&. S ³R053pXPVLVWHPDTXHDMXGDDVHPSUHVDVDID]HU FiOFXORVGHYROXPHHWHPSRVLPLODUHVDHVVHVPDVQXPDHVFDODHJUDXGHFRPSOH[LGDGHPXLWR PDLRU´1mRIRVVHPRVDYDQoRVWHFQROyJLFRVHVVHVFiOFXORVQmRVHULDPSRVVtYHLVSRUVHUHP FRPSOH[RV7RGDYLDR053WRUQRXVHLQVXILFLHQWHGLDQWHGDVQRYDVGHPDQGDVGHJHVWmRGDV DWLYLGDGHV GH SURGXomR H GLVWULEXLomR $VVLP HYROXLX DWp VXUJLU R FRQKHFLGR 3ODQHMDPHQWR GRV5HFXUVRVGH)DEULFDomR 0DQXIDFWXULQJ5HVRXUFHV3ODQQLQJ 053,, 

&RPWRGRRSURFHVVRSURGXWLYRLQWHJUDGRDVLQIRUPDo}HVIOXLQGRUDSLGDPHQWHHFRP PDLRUSUHFLVmRFRPHoDUDPDVXUJLUSUREOHPDVQDViUHDVGHVXSRUWHjVDWLYLGDGHVGDSURGXomR

(16)



3RU H[HPSOR R VHWRU GH FRPSUDV WLQKD TXH DJXDUGDU TXH DOJXpP OKH LQIRUPDVVH DV QHFHVVLGDGHVGDFRPSUDGHPDWpULDSULPDRXPHVPRRVHWRUGHUHFXUVRVKXPDQRVTXHQmR WLQKDFRQGLo}HVGHVHDQWHFLSDUjVQHFHVVLGDGHVGHPmRGHREUD

(VVH GHVFRQKHFLPHQWR DFDERX SRU FDXVDU SHUGDV VHMD SRU PmRGHREUD RFLRVD PiTXLQDSDUDGDRXSHODIDOWDGHPDWHULDLVSDUDDWHQGHUjVGHPDQGDVGHSURGXomR$VVLPR 053,,HYROXLXDWpDOFDQoDUDViUHDVGHILQDQoDVUHFXUVRVKXPDQRVFRPSUDVHYHQGDVHQWUH RXWUDV3RUWDQWRSDVVRXDFRQWHPSODUDFRPSOHWDJDPDGHDWLYLGDGHVTXHTXDOTXHUHPSUHVD GHVHQYROYH3RU FRQVHJXLQWH VXUJH XP QRYR FRQFHLWR HVSHFLILFDPHQWH R 3ODQHMDPHQWR GRV 5HFXUVRVGD(PSUHVDV (QWHUSULVH5HVRXUFH3ODQQLQJ ±(53 

'H DFRUGR FRP &255Ç$   RV VLVWHPDV (53 SDVVDUDP D VHU ODUJDPHQWH XWLOL]DGRVQDGpFDGDGHHQWUHRXWURVPRWLYRVGHYLGRDRDFLUUDPHQWRGDFRQFRUUrQFLDHj JOREDOL]DomRHYLGHQFLDQGRDQHFHVVLGDGHGHIHUUDPHQWDVPDLVDSULPRUDGDVSDUDDJHVWmRGDV HPSUHVDV$OpPGRVSUREOHPDVMiPHQFLRQDGRVFRPUHODomRDRGHVHQYROYLPHQWRGHVLVWHPDV SRUHTXLSHLQWHUQDREXJ GR PLOrQLR IH] FRP TXH PXLWDV HPSUHVDV DR LQYpV GH ID]HUHP D PDQXWHQomRHPVHXVDQWLJRVVLVWHPDVHFRQWLQXDUHPDGHVHQYROYrORVLQWHUQDPHQWHRSWDVVHP SHODDGRomRGHXPVLVWHPD(53 4XDQGR D QHFHVVLGDGH GH LQWHUSRODomR GDV LQIRUPDo}HV VH HVWHQGH D WRGD D FDGHLD SURGXWLYDGHVGHRIRUQHFHGRUDWpRFOLHQWHVXUJHPRVSDFRWHV GHQRPLQDGRV SODQHMDPHQWRV GRVUHFXUVRVH[WUDHPSUHVD ([WUDSULVH5HVRXUFH3ODQQLQJ (53,, 2V(53VFRQWrPSDFRWHVFRPPyGXORVHVSHFtILFRVSDUDFDGDQHFHVVLGDGHGDHPSUHVD H SURSLFLDP D LQWHJUDomR GDV GLYHUVDV iUHDV TXH FRPS}HP D RUJDQL]DomR (OHV WrP XPD SODWDIRUPDEiVLFDLQWHJUDQGRWRGDVDVLQIRUPDo}HVQRVHQWLGRGHGLPLQXLUDVLQWHUYHQo}HVGR XVXiULR JHUDQGR HFRQRPLD GH WUDEDOKR SDUD DV HPSUHVDV H D DSUHVHQWDomR GDV LQIRUPDo}HV JHUHQFLDLVRQOLQH

(17)



'RH[SRVWRREVHUYDPVHRVDYDQoRVTXHRFRUUHUDPDRORQJRGDVGpFDGDVGHVGHRV DQRV  DWp R VXUJLPHQWR GRV (53V (PERUD VHMD VLJQLILFDWLYD HVVD HYROXomR WHFQROyJLFD DLQGDQmRVHSRGHGHL[DUGHODGRRVSURFHVVRVH[LVWHQWHV&DMDUDYLOOH S GL]TXH

HPERUD DV HILFiFLDV TXH VH FRQTXLVWDP SHUPLWDP ID]HU VLJQLILFDWLYDV HFRQRPLDV YDOHDSHQDOHYDUHPFRQWDTXHRVSDFRWHVGHVRIWZDUH (53FXVWDPPXLWRGLQKHLUR 3RUWDQWRDVHPSUHVDVGHYHPHVFROKHUFXLGDGRVDPHQWHDVROXomRDGHTXDGD(VHR FDPLQKR FRUUHWR p PRQWDU XPD HTXLSH TXH DQDOLVH HP GHWDOKHV RV SURFHVVRV GD FRPSDQKLDHPRQWHXPDH[WHQVDPDWUL]GHUHTXHULPHQWRVQHPWRGDVRID]HP&RPR UHVXOWDGR GHVVD IDOWD GH SUHYLVmR p FRPXP TXH FRPSUHP SDFRWHV GHVRIWZDUH TXH FXVWDP FHQWHQDV GH PLOKDUHV GH GyODUHV SDUD GHVFREULU ORJR DSyV WHU IHLWR R LQYHVWLPHQWRTXHQmRIXQFLRQDPSDUDDOJXQVGHVHXVSURFHVVRVGHQHJyFLRVFUtWLFRV

(VVD SHUVSHFWLYD DSRQWD SDUD XPD FUHVFHQWH WHQGrQFLD GH VH UHFRQILJXUDU VLVWHPDV LQWHUQRVTXHLQWHJUDOL]HPDVLQIRUPDo}HVHFRQVXEVWDQFLHPVROXo}HVGHPHQRUFXVWRHFRP PHQRUHVLPSOLFDo}HVGHRUGHPH[WHUQD

 7(0$(352%/(0$

$SHVDUGDUHOHYkQFLDGRVVRIWZDUHV (53SDUDDJHVWmRLQWHJUDGDLQWUDHLQWHUHPSUHVDV HOHV VXUJHP FRPR SDFRWHV FDURV SRLV GHPDQGDP WHFQRORJLD H UHFXUVRV KXPDQRV DOpP GH WHPSRSDUDVXDLPSODQWDomR3DUDTXHXPVLVWHPD(53VHMDLPSODQWDGRpQHFHVViULRTXHXPD HPSUHVDDXWRPDWL]HHLQWHJUHDPDLRUSDUWHGHVHXVSURFHVVRVFRPSDUWLOKHGDGRVFRPWRGRV RV PHPEURV GD RUJDQL]DomR H SURGX]D D LQIRUPDomR HP XP DPELHQWH GH WHPSR UHDO $ VROXomR QmR VH OLPLWD DSHQDV j XWLOL]DomR GRV UHFXUVRV WHFQROyJLFRV PDV D HPSUHVD GHYH UHSHQVDU WRGR R VHX QHJyFLR SDUD VH DGHTXDU DRV PpWRGRV LPSRVWRV SHOR VRIWZDUH $SHVDU GLVVR YiULDV HPSUHVDV LQFOXVLYH GH JUDQGH SRUWH DGRWDUDP HVWHV VRIWZDUHV VHP D GHYLGD DFXLGDGH

3RU RXWUR ODGR FDGD XP GRV VHWRUHV GH DSRLR j SURGXomR QDV HPSUHVDV TXH QmR DGRWDUDP XP (53 SDUWLX LVRODGDPHQWH HP EXVFD GH VROXo}HV TXH DWHQGHVVHP jV VXDV QHFHVVLGDGHV(VWDVROXomRDOWHUQDWLYDUHVXOWRXHPGLILFXOGDGHVQDREWHQomRGHLQIRUPDo}HV

(18)



QHFHVViULDVDRSURFHVVRGHFLVyULRFRQVLGHUDQGRVHTXHDVLQIRUPDo}HVHVWDYDPIUDJPHQWDGDV SHUGHQGRDYLVmRGHFRQMXQWR

8PIDWRUTXHDWHQXDYDHVVHSUREOHPDGHLQWHJUDomRpTXHRVDSOLFDWLYRVQRUPDOPHQWH HUDP GHVHQYROYLGRV SRU XP VHWRU FHQWUDO GHQRPLQDGR LQIRUPiWLFD (VWH VHWRU VXUJLX MXQWR FRPRVJUDQGHVFRPSXWDGRUHV +RVW DRVTXDLVRDFHVVRHUDOLPLWDGRHSRGLDPDVVLPLPSRU DOJXPDV QRUPDV SDUD R WUDWDPHQWR GRV GDGRV HYLWDQGR D UHGXQGkQFLD QRPHQFODWXUDV GLIHUHQWHV SDUD D PHVPD LQIRUPDomR H WUDWDPHQWRV GLIHUHQFLDGRV GHSHQGHQGR GH RQGH HVWDYDPVHQGRWUDWDGRV

3RURXWURODGRDIOH[LELOLGDGHHVWDYDFRPSURPHWLGDXPDYH]TXHTXDOTXHUDOWHUDomR TXH VH IL]HVVH QHFHVViULD GHPDQGDYD PXLWR WHPSR WDQWR SHOD FRPSOH[LGDGH GH GDU PDQXWHQomRHPDPELHQWHVPDLQIUDPH FRPRSHODSRXFDGLVSRQLELOLGDGHGHSURILVVLRQDLVGD iUHD ,VVROHYDYDRXVXiULRjVYH]HVDUHDOL]DUYiULDVWDUHIDVPDQXDOPHQWH SRLV QmR SRGLD ILFDUHVSHUDQGRFRPSURPHWHQGRDTXDOLGDGHGDLQIRUPDomR

(VVD VLWXDomR PXGD QRV DQRV  TXDQGR R DFHVVR j LQIRUPiWLFD WRUQDVH PDLV DFHVVtYHODRVXVXiULRVDWUDYpVGRVFRPSXWDGRUHVSHVVRDLV 3HUVRQDO&RPSXWHU ±3& HFDGD XVXiULR SURFXUD HOLPLQDU VXD DWLYLGDGHV PDQXDLV 2 IHQ{PHQR 3& SURSLFLRX XP DYDQoR QD HYROXomR GD 7, H GD FRPXQLFDomR SRLV R DFHVVR DRV PLFURFRPSXWDGRUHV PXGRX VLJQLILFDWLYDPHQWHRPRGRGHWUDEDOKDUGDVSHVVRDVHFRQVHTHQWHPHQWHGDVHPSUHVDV

3RUpPPXLWRVVHOLPLWDUDPDXWLOL]DUD7,VLPSOHVPHQWHSDUDDXWRPDWL]DUVXDVWDUHIDV VHP VH SUHRFXSDU VH HVWDV HUDP QHFHVViULDV RX QmR RX VH HUDP UHGXQGDQWHV GHQWUR GD HPSUHVDLVWRpDPHVPDWDUHIDSRGHULDHVWDUVHQGRSUDWLFDGDSRUVHWRUHVGLYHUVRV3RURXWUR ODGR QmR VH SUHRFXSDUDP FRP DV WDUHIDV UHDOPHQWH QHFHVViULDV QmR VH LQGDJDUDP VH RV SURFHVVRV DSOLFDGRV HVWDYDP FRUUHWRV EDVWDYD DSHQDV DXWRPDWL]iORV RX VH DSUHVHQWDUHP DGHTXDGRVSDUDVHUHPDXWRPDWL]DGRV

(19)



&RPRFRQVHTrQFLDGLYHUVRVSURILVVLRQDLVDFDEDUDPVHXWLOL]DQGRGD7,GHPDQHLUD LQFRUUHWD SRLV VLPSOHVPHQWH DXWRPDWL]DUDP RV SURFHVVRV FRP D DMXGD GRV PLFURFRPSXWDGRUHV(VVDIRUPDLQDGHTXDGDGRVHXXVRLPSOLFRXQDLQVHUomRGHQWURGHVVHV GHWRGDVDVLQIRUPDo}HVTXHDFKDYDPTXHIRVVHPLPSRUWDQWHVHGHPDQHLUDGHVRUGHQDGD

$VVLP SRU PXLWR WHPSR RV JHVWRUHV GDV HPSUHVDV SHQVDYDP TXH WLQKDP DV LQIRUPDo}HV SUHFLVDV FRP PDLRU UDSLGH] 1R HQWDQWR HVVDV LQIRUPDo}HV QD PDLRULD GDV YH]HVHUDPIRUPDGDVSRUGDGRVTXHIOXtDPGRVPDLVGLYHUVRVGHSDUWDPHQWRVGDHPSUHVDH FDGDXPWLQKDDVXDPDQHLUDGHWUDWiORV'HVVHPRGRFRPHoDPDVXUJLULQFRQVLVWrQFLDVQDV LQIRUPDo}HVGHSHQGHQGRGRSRQWRRQGHHVVHVGDGRVHUDPFROHWDGRV 'DQGRVHFRQWDGHTXHHVWDYDPLPHUVRVQXPPXQGRGHGDGRVQDGD~WHLVQDWRPDGDGH GHFLV}HVYROWDPDUHIOHWLUVREUHDSRVVLELOLGDGHGHLPSODQWDUVRIWZDUHV GHJHVWmRLQWHJUDGRV 2TXHDLQGDRVGHL[DHPG~YLGDDSHVDUGRVSUHoRVGHVVHVVRIWZDUHV HVWDUHPPDLVUHGX]LGRV p D TXHVWmR GH UHSHQVDU D RUJDQL]DomR H RV SURFHVVRV GD HPSUHVD SDUD VH DGHTXDU D HVVHV VRIWZDUHV

'HVVD IRUPD VXUJH D QHFHVVLGDGH GH LQWHJUDomR GRV VLVWHPDV GD HPSUHVD DRV LQVWUXPHQWRV GH JHVWmR $UDQWHV  S  GL] TXH ³RV LQVWUXPHQWRV GH JHVWmR VmR DJUXSDGRV HP VXEVLVWHPDV GH DFRUGR FRP VHX SURSyVLWR´ (VVH VLVWHPD GH JHVWmR SRGH VHU FRQVWLWXtGR SHORV VHJXLQWHV VXEVLVWHPDV LQVWLWXFLRQDO JHUHQFLDO RSHUDFLRQDO WHFQROyJLFR PDWHULDLVFRPXQLFDomRLQIRUPDomRKXPDQRFRPSRUWDPHQWDOHQWUHRXWURV $VVLPRXVRDGHTXDGRGRVLQVWUXPHQWRVGHJHVWmRGHSHQGHGDDGHTXDomRGRVLVWHPD GHJHVWmRDRVHVWiJLRVGHHYROXomRGDHPSUHVD2VVXEVLVWHPDVSDVVDUDPDFRQVWLWXLUFpOXODV RSHUDFLRQDLVLPSRUWDQWHVQRFRPSRVWRGRVLVWHPDGHJHVWmR(QWUHRVVXEVLVWHPDVRFRQWUROH FRQWiELODVVXPHHVSHFLDOLQWHUHVVHQRSURFHVVRGHJHVWmRH[LJLQGRQDVXDFRPSRVLomRRXWURV VXEVLVWHPDVHQWUHRVTXDLVDDSXUDomRGRFXVWRGHSURGXWRVYHQGLGRVREMHWRGHVWHHVWXGR

(20)



$DSXUDomRGRFXVWRGRVSURGXWRVYHQGLGRVQRSURFHVVRGHFRQWUROHGHJHVWmRGD)LDW $XWRPyYHLV6$FRPSUHHQGHDDSXUDomRGDVTXDQWLGDGHVGHSURGXWRVDFDEDGRVYHQGLGRVH HPHVWRTXHQRSHUtRGRDOpPGHSRVWHULRUPHQWHYDORUL]iORV(VVHVSURGXWRVVmRLGHQWLILFDGRV SRU XP FyGLJR 6,1&21  PDLV R FyGLJR GR PHUFDGR GH GHVWLQR 2 FXVWR GRV SURGXWRV YHQGLGRVpXPLWHPLPSRUWDQWHQRFiOFXORGDPDUJHPGHFRQWULEXLomRGRSURGXWRRTXDOp GHWHUPLQDQWHSDUDHVWDEHOHFHUDYLDELOLGDGHHFRQ{PLFRILQDQFHLUDGHFDGDSURGXWR

3RU VHX WXUQR R SURFHVVDPHQWR GR FXVWR GRV SURGXWRV YHQGLGRV GHWHFWD LQFRPSDWLELOLGDGHV QD HPSUHVD FRPR YHQGD GH SURGXWRV VHP HVWRTXH H SRU FRQVHJXLQWH HVWRTXHV QHJDWLYRV LQFRHUrQFLD DMXVWDGD GH IRUPD DUWHVDQDO SHOR SHVVRDO GR VHWRU 7DLV RFRUUrQFLDV DOpP GH WRUQDUHP R SURFHVVR PRURVR FRP FRQVHTHQWH DXPHQWR GH FXVWR HP UHODomRjDJLOLGDGHGRSURFHVVRGHHVFDODGHPRQVWUDPDIUDJLOLGDGHGRVLVWHPDRTXHLPSOLFD HP UHFRUUHU D SURFHVVRV GH RSHUDomR DUFDLFRV JHUDQGR GHVJDVWH KXPDQR SRLV H[LJHP FRQVXOWDDRXWURVVLVWHPDV(VWHVSRUVXDYH]FRQVWLWXHPVLVWHPDVKHUPpWLFRVIUDJPHQWiULRV HVHFLUFXQVFUHYHPjVSHVVRDVTXHRVHODERUDUDP

$VVLP PXGDQoDV ODWHQWHV VmR GHPDQGDGDV $ ILQDOLGDGH GHVVDV DOWHUDo}HV p EXVFDU PHOKRULDV SDUD R VLVWHPD GH LQIRUPDo}HV WDLV FRPR DFHVVR jV LQIRUPDo}HV SURSLFLDQGR UHODWyULRVPDLVSUHFLVRVHUiSLGRVFRPPHQRUHVIRUoRDXPHQWRGHSURGXWLYLGDGHVXSRUWHQD WRPDGD GH GHFLV}HV PXGDQoDV QD HVWUXWXUD RUJDQL]DFLRQDO SDUD IDFLOLWDU R IOX[R GH LQIRUPDo}HVDOWHUDo}HVQD HVWUXWXUDGHSRGHU HQDDGDSWDomRGDHPSUHVDSDUD HQIUHQWDURV DFRQWHFLPHQWRVQmRSUHYLVWRV

(VVDVPXGDQoDVGHPDQGDGDVQRIOX[RGRSURFHVVRRUJDQL]DFLRQDOHVWmRYLQFXODGDVjV TXHVW}HVXUJHQWHVLPSRVWDVj HPSUHVDTXHEXVFD D IOH[LELOL]DomR GD SURGXomR D ILP GH VH PDQWHUFRPSHWLWLYDQRPHUFDGR2VREMHWLYRVLQVFULWRVQDVDo}HVUHTXHULGDVSHODVPXGDQoDV SUHWHQGHP HOLPLQDU WHPSRV LPSURGXWLYRV UHGX]LU FXVWRV PHOKRUDU D TXDOLGDGH DXPHQWDU D IOH[LELOLGDGHRUJDQL]DFLRQDOHD IOH[LELOLGDGHGHSURFHVVRVHSURGXWRV

(21)



+i TXH VH UHSHQVDU RV SURFHVVRV GH JHVWmR YLVDQGR DODYDQFDU DV TXHVW}HV XUJHQWHV SUHWHQGLGDVHVLPXOWDQHDPHQWHDGDSWDURVVXEVLVWHPDV$VVLPGLDQWHGRH[SRVWRIRUPXORX VHDVHJXLQWHTXHVWmRSUREOHPD&RPRGHYHVHUUHFRQILJXUDGRRVXEVLVWHPDGHDSXUDomRGR FXVWRGRVSURGXWRVYHQGLGRVSDUDLQWHJUiORDRVGHPDLVVXEVLVWHPDVDHOHUHODFLRQDGRVQD )LDW $XWRPyYHLV 6$ D ILP GH GDU PDLRU VHJXUDQoD DR FRQWUROH GH JHVWmR GR SURFHVVR SURGXWLYR"

2%-(7,926

2 REMHWLYR JHUDO GR HVWXGR p GHVHQYROYHU XPD SURSRVWD GH UHFRQILJXUDomR GR VXEVLVWHPD GH DSXUDomR GR FXVWR GRV SURGXWRV YHQGLGRV SDUD LQWHJUiOR DRV GHPDLV VXEVLVWHPDVDHOHUHODFLRQDGRVQD)LDW$XWRPyYHLV6$GHPRGRDGDUPDLRUVHJXUDQoDDR FRQWUROHGHJHVWmRGRSURFHVVRSURGXWLYR

&RP EDVH QR REMHWLYR JHUDO GHVWH HVWXGR HODERUDUDPVH RV VHJXLQWHV REMHWLYRV HVSHFtILFRV

x GHVFUHYHU D IRUPD GH DSXUDomR GR FXVWR GRV SURGXWRV YHQGLGRV QD  )LDW $XWRPyYHLV6$

x OHYDQWDU RV VXEVLVWHPDV GH LQIRUPDo}HV TXH LQWHUDJHP FRP R VXEVLVWHPD GH DSXUDomRGRFXVWRGRVSURGXWRVYHQGLGRVQDHPSUHVD

x LGHQWLILFDU RV SRQWRV FUtWLFRV GDV FRQILJXUDo}HV GRV VXEVLVWHPDV TXDQWR j VXD LQWHJUDomRHDGHTXDomRDRVDWXDLVPpWRGRVXWLOL]DGRVQRVXEVLVWHPDGHDSXUDomR GRFXVWRSURGXWRYHQGLGRH

x DSUHVHQWDUDSURSRVWDGHUHFRQILJXUDomRGRVXEVLVWHPDGHDSXUDomRGRFXVWRGRV SURGXWRV YHQGLGRV FRP YLVWDV j VXD LQWHJUDomR DRV GHPDLV VXEVLVWHPDV D HOH UHODFLRQDGRVQDHPSUHVD

(22)



 -867,),&$7,9$'2(678'2

$JOREDOL]DomRGDHFRQRPLDPXQGLDOHD FUHVFHQWHFRQFRUUrQFLDHQWUHDVHPSUHVDVWrP REULJDGR DV PHVPDV D VHUHP PDLV IOH[tYHLV H D IXQFLRQDUHP FRPR XP VLVWHPD DPSOR $ LQWHJUDomR GRV VHXV YiULRV VHWRUHV p XPD QHFHVVLGDGH SDUD TXH D LQIRUPDomR IOXD FRP TXDOLGDGHHUDSLGH]

(VVDQHFHVVLGDGHIH]DSDUHFHUQRYDVIHUUDPHQWDVGHJHVWmRHPSUHVDULDOFRPRRV(35V $ LQIRUPiWLFD H R SURFHVVDPHQWR DXWRPiWLFR GD LQIRUPDomR SRVVLELOLWDUDP TXH HVVD IRVVH PDLV UDSLGDPHQWH REWLGD &RP LVVR IRL YLiYHO WHU PDLRU YHORFLGDGH H TXDOLGDGH QD LQIRUPDomRDOFDQoDQGRVLJQLILFDWLYDVPHOKRUDVQRSURFHVVRGHWRPDGDGHGHFLVmR

$HVVHUHVSHLWR5DQLHUL-XQLRU S GL]TXH

FDGD YH] PDLV DV HPSUHVDV HVWmR GHVFREULQGR D IDFLOLGDGH GH WHU VXDV iUHDV H DWLYLGDGHV LQWHJUDGDV SRU PHLR GH WHFQRORJLD 6LVWHPDV (53 FRQWURODP D YLGD FRQWiELO H ILQDQFHLUD GD HPSUHVD GH IRUPD TXH RV VHUYLoRV VmR H[HFXWDGRV H RV SURFHVVRVSURGXWLYRVWrPDQGDPHQWR0DSHDPHQWRGHFXVWRVRUoDPHQWRIOX[RGH FDL[DWXGRIXQFLRQDQGRVLPXOWDQHDPHQWHjSURGXomR

3RUpP TXDQGR D HPSUHVD SUHWHQGH DGRWDU XP VRIWZDUH (53 FRPR VROXomR GD LQWHJUDomRGHVHXVSURFHVVRVORJRVXUJHPG~YLGDV6mRFRPXQVTXHVWLRQDPHQWRVFRPR6HUi TXH UHDOPHQWH D LPSOHPHQWDomR GHVWH VRIWZDUH UHVROYHUi R SUREOHPD GH LQWHJUDomR" $V LQIRUPDo}HV SDVVDUmR D IOXLU FRP PDLV UDSLGH]" (ODV VHUmR PDLV FRQVLVWHQWHV" 9DOH D SHQD JDVWDUWDQWRSDUDRUHVXOWDGRTXHVHSUHWHQGHDOFDQoDU"2VIXQFLRQiULRVYmRVHDGDSWDUEHPjV URWLQDVLPSRVWDVSHORVVRIWZDUHV"2SUREOHPDpDSHQDVDIDOWDGDLQIRUPDomRFRPH[DWLGmRH QDKRUDFHUWDRXKiRXWURVSUREOHPDVTXHHVWmRSURYRFDQGRIDOKDVQRIOX[RGDLQIRUPDomR" $WpTXHSRQWRDLPSOHPHQWDomRLQIOXLUiQRDPELHQWHGHWUDEDOKRQDFXOWXUDGDHPSUHVDHQR ELQ{PLRFXVWREHQHItFLR"

+DPPHU DSXG &$-$5$9,//(  S  R SDL GD UHHQJHQKDULD UHVVDOWD TXH ³TXDQGR XPD RUJDQL]DomR GHFLGH LQYHVWLU HP XP VLVWHPD (53 GHYHVH WHU HP FRQWD TXH HVWDUiUHLQYHQWDQGRVHXQHJyFLR´1RHQWDQWRGLYHUVRVJHVWRUHVDFUHGLWDPSRUH[HPSORTXH LVVRVHUYLUiSDUDUHGX]LUFXVWRV(PERUDVHWUDWHGHDUJXPHQWRVYiOLGRVDVYHUGDGHLUDVUD]}HV

(23)



SDUD LPSOHPHQWiOR QmR VmR DSHQDV WHFQROyJLFDV PDV VLP HVVHQFLDOPHQWH YLQFXODGDV DR QHJyFLR

3RU LVVR HPSUHVDV RSWDP SRU VROXo}HV DOWHUQDWLYDV FRPR FULDU VXEVLVWHPDV GH LQIRUPDomR1RHQWDQWRpQHFHVViULRTXHDVHPSUHVDVGHVHQYROYDPWHFQRORJLDVGHJHVWmRTXH SRVVDPVHUWHVWDGDVDQWHVGHVXDLPSODQWDomRDVVLPLODGDVHFRPSUHHQGLGDVQDSOHQLWXGH$ JHVWmR GR IOX[R GH LQIRUPDo}HV VHJXQGR *DWHV   GHYHUi VHU R PDLRU GLIHUHQFLDO QRV QHJyFLRV DMXGDQGR D RUJDQL]DomR D DJLU H DGDSWDUVH 3HUPLWH DLQGD FRQIRUPH $EUHX H 5H]HQGH  IDFLOLWDURSODQHMDPHQWRJHVWmRHFRQWUROHGRVSURFHVVRV

1HVVHSURFHVVRpLPSRUWDQWHREVHUYDUFRQIRUPH0DUWLQV S TXH

RVXFHVVRGHXPVLVWHPDGHLQIRUPDo}HVGHSHQGHGRSHVVRDOTXHRDOLPHQWDHRID] IXQFLRQDU2VLVWHPDUHSUHVHQWDXPFRQGXWRTXHUHFROKHGDGRVHPGLYHUVRVSRQWRV SURFHVVDRV H HPLWH FRP EDVH QHOHV UHODWyULRV   0DV WRGRV RV GDGRV LQLFLDLV GHSHQGHP GH SHVVRDV H VH HVWDV IDOKDUHP RX QmR FRODERUDUHP WRGR R VLVWHPD DFDEDUiSRUIDOLU

$ DSXUDomR GR FXVWR GRV SURGXWRV YHQGLGRV p DOLFHUoDGD HP IXQGDPHQWRV WHyULFRV OHJDLV H SUiWLFRV TXH VHUYHP FRPR RULHQWDomR SDUD D FRQFHSomR GD DSXUDomR GHVVHV GH DFRUGR FRP DV SHFXOLDULGDGHV WpFQLFDV H FXOWXUDLV GH FDGD HPSUHVD e IXQGDPHQWDO QR HQWDQWR TXH HVVHV FRQFHLWRV H WpFQLFDV TXH LQWHJUDP R VLVWHPD GH DSXUDomR GR FXVWR GRV SURGXWRV YHQGLGRV VHMDP DWHQGLGRV H DSOLFDGRV GH IRUPD FRUUHWD VHJXQGR D QDWXUH]D GD TXHVWmRHDVQRUPDVLPSRVWDVSRUOHL

6REUH RV DVSHFWRV OHJDLV D OHJLVODomR GR LPSRVWR GH UHQGD DGPLWH D DYDOLDomR GD SURGXomRSHORFXVWRUHDOFRPEDVHQRFXVWHLRSRUDEVRUomR2SRQWRGHSDUWLGDGRVLVWHPDGH FXVWRV GHYH VHU R FXVWR GH SURGXomR DSXUDGR QD FRQWDELOLGDGH JHUDO LVWR p R VLVWHPD GH FRQWDELOLGDGHGHFXVWRVGHYHVHULQWHJUDGRHFRRUGHQDGRFRPDFRQWDELOLGDGHJHUDO

,XGtFLEXV   S  UHVVDOWD TXH ³QmR VDWLVID]HQGR WDLV FRQGLo}HV D OHJLVODomR HVWDEHOHFHFULWpULRVJOREDLVGHDYDOLDomRGRVSURGXWRVHPSURFHVVRHDFDEDGRV7DLVFULWpULRV VmRDUELWUiULRVHGHIRUPDDSHQDOL]DUDHPSUHVDTXHQmRWLYHUVLVWHPDGHFXVWRLQWHJUDGRH FRRUGHQDGR´

(24)



1D)LDW$XWRPyYHLV6$VmRFRQVLGHUDGRVRVIXQGDPHQWRVWHyULFRVOHJDLVHSUiWLFRV SUHYLVWRVSDUDDDSXUDomRGRFXVWRGDVPHUFDGRULDVYHQGLGDV3RUpPRVXEVLVWHPDGHVXSRUWH QmRHVWiGHYLGDPHQWHLQWHJUDGRDRVVXEVLVWHPDVTXHRDOLPHQWDP

$VVLP SURS}HVH XPD UHFRQILJXUDomR GR VXEVLVWHPD GH DSXUDomR GR FXVWR GRV SURGXWRV YHQGLGRV SDUD LQWHJUiOR DRV GHPDLV VXEVLVWHPDV D HOH UHODFLRQDGRV QD )LDW $XWRPyYHLV 6$ GH PRGR D GDU PDLRU VHJXUDQoD DR FRQWUROH GH JHVWmR GR SURFHVVR SURGXWLYR

&RPR FRQWULEXLomR SUiWLFD YLVOXPEUDVH D SRVVLELOLGDGH GH TXH D LQYHVWLJDomR SURSRVWDSRVVDDPHQL]DURV LPSDFWRV GHFRUUHQWHV GD GLYHUVLGDGH GDV IRQWHV GH LQIRUPDo}HV TXHIRUQHFHPRVGDGRVSDUDDDSXUDomRGRFXVWRGRVSURGXWRVYHQGLGRVGDGRVLQFRQVLVWHQWHV TXHUHTXHUHPLQWHUYHQomRPDQXDO&RPLVVRHVSHUDVHXPDLQWHJUDomRPDLVUiSLGDHSUHFLVD GDVLQIRUPDo}HVFRPRVVXEVLVWHPDVLQWHJUDGRV $FRQWULEXLomRWHyULFDGRHVWXGRSRGHVHUSHUFHELGDQDPHGLGDHPTXHVHGHVWDFDTXH QDIRUPXODomRGRFXVWRGHSURGXWRVYHQGLGRVGHYHVHREVHUYDUWDQWRRIOX[RGHLQIRUPDo}HV SUHVHQWHQRVXEVLVWHPDTXDQWRDLQWHJUDomRQHFHVViULDFRPRXWURVVXEVLVWHPDV $UHOHYkQFLDGHVVHVGRLVDVSHFWRVLQGX]DXPHVWXGRVREUH DDSXUDomRGR FXVWRGRV SURGXWRVYHQGLGRVYLVDQGRUHYHURSURFHVVRHDVXDLQWHJUDomRFRPRVVXEVLVWHPDVTXHOKH IRUQHFHPDVLQIRUPDo}HVQHFHVViULDV  0(72'2/2*,$'$3(648,6$

&RQVLGHUDQGRVH R REMHWLYR JHUDO GHVWH WUDEDOKR HVWD SHVTXLVD FDUDFWHUL]DVH FRPR VHQGR DSOLFDGD 9HUJDUD  S  GHILQH ³SHVTXLVD DSOLFDGD FRPR VHQGR IXQGDPHQWDOPHQWH PRWLYDGD SHOD QHFHVVLGDGH GH UHVROYHU SUREOHPDV FRQFUHWRV PDLV LPHGLDWRVRXQmR´

(25)



1HVVHDVSHFWRHQFRQWUDDSRLRDLQGDHP0DUFRQLH/DNDWRV S DRDILUPDUHP TXHHVVHWLSRGHSHVTXLVD³FDUDFWHUL]DVHSRUVHXLQWHUHVVHSUiWLFRLVWRpTXHRVUHVXOWDGRV VHMDP DSOLFDGRV RX XWLOL]DGRV LPHGLDWDPHQWH QD VROXomR GH SUREOHPDV TXH RFRUUHP QD UHDOLGDGH´

$SHVTXLVDWDPEpPSRGHVHUFDUDFWHUL]DGDFRPRH[SORUDWyULD1HVVDPRGDOLGDGHGH DFRUGR FRP 0DUFRQL H /DNDWRV  S  ³R LQYHVWLJDGRU EDVHDGR HP FRQKHFLPHQWRV WHyULFRV DQWHULRUHV SODQHMD FXLGDGRVDPHQWH R PpWRGR D VHU XWLOL]DGR IRUPXOD SUREOHPDV H KLSyWHVHVUHJLVWUDVLVWHPDWLFDPHQWHRVGDGRVHRVDQDOLVDFRPDPDLRUH[DWLGmRSRVVtYHO´

9LDQQD  S  H[SOLFD TXH D SHVTXLVD H[SORUDWyULD ³SRVVLELOLWD XP PDLRU DSURIXQGDPHQWR GH HVWXGR VREUH XP GHWHUPLQDGR DVVXQWR RX iUHD FRP YLVWDV DR VHX HQWHQGLPHQWRPDLVTXDOLILFDGRRXjGHVFREHUWDGHQRYDVUHODo}HV´

$DERUGDJHPGDSHVTXLVDpGHQDWXUH]DTXDOLWDWLYD6LOYDH0HQH]HV  DILUPDP TXHD ³SHVTXLVDTXDOLWDWLYDOHYDHPFRQVLGHUDomRDH[LVWrQFLDGLQkPLFDGHXPPXQGRUHDOHR SHVTXLVDGRU 6XD EDVH SULQFLSDO p D LQWHUSUHWDomR GRV IHQ{PHQRV H DWULEXLU D HOHV XP VLJQLILFDGRVHQGRTXHQHVVHHVWXGRQmRFDEHRXVRGHPpWRGRVHWpFQLFDVHVWDWtVWLFDV´

2HVWXGRH[SORUDWyULRGHQDWXUH]DTXDOLWDWLYDIRLYLDELOL]DGRSRUPHLRGHXPHVWXGR GHFDVR9HUJDUD S H[SOLFLWDTXHRHVWXGRGHFDVRp³FLUFXQVFULWRDXPDRXSRXFDV XQLGDGHV HQWHQGLGDV HVVDV FRPR XPD SHVVRD XPD IDPtOLD XP SURGXWR XPD HPSUHVD XP yUJmR S~EOLFR XPD FRPXQLGDGH RX PHVPR XP SDtV 7HP FDUiWHU GH SURIXQGLGDGH H GHWDOKDPHQWR´

2HVWXGRGHFDVRIRLUHDOL]DGRQD)LDW$XWRPyYHLV6$FRPRIRFRGHLQYHVWLJDomR YROWDGR SDUD D LGHQWLILFDomR GDV DWLYLGDGHV TXH VmR UHDOL]DGDV DR ORQJR GR SURFHVVR GD DSXUDomRGRFXVWRGRVSURGXWRVYHQGLGRV &39 

$ SHUVSHFWLYD GD SHVTXLVD p GH FRUWH WUDQVYHUVDO 5LFKDUGVRQ H 3HUHV  S H[SOLFDPTXH³XPHVWXGRGHFRUWHWUDQVYHUVDOWHPGDGRVFROHWDGRVHPXPSRQWRQRWHPSR

(26)



EDVHDQGRVH HP XPD DPRVWUD VHOHFLRQDGD SDUD GHVFUHYHU XPD SRSXODomR HP XP FHUWR PRPHQWR´

2V GDGRV FROHWDGRV VmR RULXQGRV GH IRQWHV SULPiULDV H VHFXQGiULDV 2V GDGRV SULPiULRV FRQIRUPH 0DUWLQV  S  FRUUHVSRQGHP j FROHWD GLUHWD GH LQIRUPDo}HV QR ORFDOHPTXHDFRQWHFHPRVIHQ{PHQRV HRVIDWRV(SRUVXDYH]RVGDGRVVHFXQGiULRV VmR DTXHOHVGDGRVMiDSXUDGRVHUHJLVWUDGRVFRPRQRVGRFXPHQWRVIXQFLRQDLVOLYURVHRXWURV

2VGDGRVSULPiULRVIRUDPFROHWDGRVQRSHUtRGRHQWUHPDUoRHDEULOGHDWUDYpVGH HQWUHYLVWDV VHPLHVWUXWXUDGDV $SrQGLFH  FRP R OtGHU H R DQDOLVWD GR VHWRU GH FRQWUROH GH HVWRTXHVUHVSRQViYHLVSHODDSXUDomRHYDOLGDomRGDVTXDQWLGDGHVDSXUDGDVQRSHUtRGRFRPR DQDOLVWD UHVSRQViYHO SHOD JHVWmR GRV FXVWRV GH PDWHULDLV GRV SURGXWRV FRP R DQDOLVWD GR FRQWUROH LQGXVWULDO UHVSRQViYHO SHOR FiOFXOR GDV WDULIDV KRUiULDV DVVLP FRPR SHOR SURFHVVDPHQWR ILQDO GR FXVWR GRV SURGXWRV YHQGLGRV H ILQDOPHQWH FRP R FRRUGHQDGRU GR SODQHMDPHQWR H FRQWUROH ILQDQFHLUR UHVSRQViYHO SHODV LQIRUPDo}HV JHUHQFLDLV H OHJDLV DOL SURFHVVDGDV

'H DFRUGR FRP 5LFKDUGVRQ H 3HUHV   DV HQWUHYLVWDV VHPLHVWUXWXUDGDV VHJXHP XP Q~FOHR GH TXHVW}HV RX SHUJXQWDV SULQFLSDLV H HVSHFtILFDV TXH R HQWUHYLVWDGRU GHYHUi H[SORUDUHPSURIXQGLGDGHSRGHQGRSDUDLVVRID]HUSHUJXQWDVDGLFLRQDLVHREWHUGDGRVPDLV FRPSOHWRV (VVH WLSR GH HQWUHYLVWD UHTXHU GR HQWUHYLVWDGRU PDLV KDELOLGDGH QmR Vy SDUD H[SORUDURVSRQWRVVLJQLILFDWLYRVFRPRSDUDHYLWDUSRVVtYHLVYLHVHV

2V GDGRV VHFXQGiULRV DOpP GDV UHIHUrQFLDV ELEOLRJUiILFDV IRUDP H[WUDtGRV GH GRFXPHQWRVIXQFLRQDLVHGHVLVWHPDV2OHYDQWDPHQWRGHVVHVGDGRVUHDOL]RXVHQRVVHWRUHVGH FRQWUROHGHHVWRTXHSODQHMDPHQWRGHFRQWUROHILQDQFHLURHWHFQRORJLDGD,QIRUPDomR$OpP GLVVR IRUDP DFHVVDGRV UHODWyULRV JHUHQFLDLV LQWHUQRV H UHODWyULRV JHUDGRV SHOD )LDW $XWRPyYHLV 6$ QDV DWLYLGDGHV GH DSXUDomR GD SURGXomR YHQGDV H HVWRTXH $ FROHWD GH GDGRVIRLUHDOL]DGDSHORSUySULRSHVTXLVDGRU

(27)

 1RWUDWDPHQWRGRVGDGRVIRLDGRWDGDDDQiOLVHGHFRQWH~GRSDUDDVIRQWHVSULPiULDVH GRFXPHQWDLV&KL]]RWWL S GHILQHDDQiOLVHGRFXPHQWDOFRPR³PpWRGRGH WUDWDPHQWRHDQiOLVHGHLQIRUPDo}HVFROKLGDVSRUPHLRGHWpFQLFDVGHFROHWDVGHGDGRV FRQVXEVWDQFLDGDVHPXPGRFXPHQWR´ &DEHUHVVDOWDUTXHHVWHWUDEDOKRQmRDEUDQJHWRGRVRVVXEVLVWHPDVGD)LDW$XWRPyYHLV 6$ R TXH R WRUQDULD LQYLiYHO HP IXQomR GR JUDQGH Q~PHUR GH VXEVLVWHPDV H[LVWHQWHV &RQWHPSODDSHQDVRVXEVLVWHPDGHDSXUDomRGRFXVWRGRVSURGXWRVYHQGLGRV

&RPR HVWXGR GH FDVR WDPEpP DSUHVHQWD OLPLWDo}HV XPD YH] TXH QmR UHSUHVHQWD D UHDOLGDGHGHRXWUDVVLWXDo}HVFRPDVPHVPDVYDULiYHLVLQYLDELOL]DQGRXPDJHQHUDOL]DomR$ UHSHWLomR GDV HQWUHYLVWDV HP RXWUDV RUJDQL]Do}HV SRGHULD YDOLGDU RV UHVXOWDGRV H JHUDU XPD YLVmRPDLVDEUDQJHQWH

25*$1,=$d­2'275$%$/+2

$RHODERUDURWUDEDOKRSURFXURXVHHVWUXWXUiORGHIRUPDDHVWDEHOHFHUXPDVHTrQFLD OyJLFDGHGHVFULomRHDQiOLVHSDUDPHOKRUFRPSUHHQVmRGRVSURFHGLPHQWRVTXHSHUPHLDPRV SURFHVVRV QHFHVViULRV j IRUPXODomR GR FXVWR GRV  SURGXWRV YHQGLGRV WDQWR QD SHUVSHFWLYD WHyULFDTXDQWRHPStULFD2WUDEDOKRIRLRUJDQL]DGRHPFLQFRFDStWXORVGLVSRVWRVGHIRUPDD IDFLOLWDURHQWHQGLPHQWRGDSHVTXLVD

1R SULPHLUR FDStWXOR DSUHVHQWDVH D LQWURGXomR GR WUDEDOKR $VVLP SULPHLUDPHQWH DERUGDVH R WHPD H R SUREOHPD GD SHVTXLVD 1D VHTrQFLD HYLGHQFLDPVH RV REMHWLYRV D MXVWLILFDWLYDGRHVWXGRHDPHWRGRORJLDGDSHVTXLVDDOpPGDHVWUXWXUDGRWUDEDOKR

2 VHJXQGR FDStWXOR FRQWHPSOD D IXQGDPHQWDomR WHyULFD GR HVWXGR ,QLFLD FRP D DERUGDJHPVLVWrPLFDGDVRUJDQL]Do}HV(PVHJXLGDID]XPDLQFXUVmRQRVIXQGDPHQWRVGRV VLVWHPDV GH LQIRUPDomR 1D VHTrQFLD DERUGD D WHFQRORJLD GD LQIRUPDomR EHP FRPR D

(28)



UHFRQILJXUDomRGRVLVWHPDGHLQIRUPDomRQDVHPSUHVDV3RU~OWLPRDSUHVHQWDQRo}HVWHyULFDV GDDSXUDomRGRFXVWRGRVSURGXWRVYHQGLGRV

1R WHUFHLUR FDStWXOR ID]VH D GHVFULomR H DQiOLVH GR HVWXGR GH FDVR 3ULPHLUDPHQWH DSUHVHQWDVH D HPSUHVD (P VHJXLGD PRVWUDVH XPD YLVmR JHUDO GRV VLVWHPDV GD HPSUHVD GHSRLVDIRUPDGHDSXUDomRGRFXVWRGRVSURGXWRVYHQGLGRVHRVVXEVLVWHPDVGHLQIRUPDomR TXH R VXSRUWDP 3DUD XP PHOKRU HQWHQGLPHQWR p GHVFULWD D IRUPD FRPR FDGD SURGXWR p LGHQWLILFDGRHRVHXSURFHVVRGHSURGXomRHYLGHQFLDQGRVHRVSULQFLSDLVSRQWRVDRORQJRGR SURFHVVRSURGXWLYR

2 TXDUWR FDStWXOR DSUHVHQWD D SURSRVWD GH UHFRQILJXUDomR GR VXEVLVWHPD ³FXVWR GRV SURGXWRV YHQGLGRV´ SDUD VXD LQWHJUDomR FRP RXWURV VXEVLVWHPDV GD )LDW $XWRPyYHLV 6$ YLVDQGRDXPDPDLRUDJLOLGDGHHSUHFLVmRGDVLQIRUPDo}HVDUHVSHLWRGRFXVWRGRVSURGXWRV YHQGLGRV$SUHVHQWDVHXPDYLVmRJHUDOGDSURSRVWDHSRVWHULRUPHQWHGHWDOKHVGDIRUPDGH DSXUDomR H GD LQWHUDomR SURSRVWD FRP QRYRV VXEVLVWHPDV DVVLP FRPR D GHVFULomR GHVVHV 7DPEpPVmRDSUHVHQWDGDVDVUHFRQILJXUDo}HVTXHHVVHVVXEVLVWHPDVGHYHUmRWHUSDUDDWHQGHU jVQHFHVVLGDGHVGHDSXUDomRGRFXVWRGRVSURGXWRVYHQGLGRV)LQDOPHQWHVmRDSUHVHQWDGRVRV SRQWRVIDFLOLWDGRUHVHGLILFXOWDGRUHVGDSURSRVWD

1R TXLQWR FDStWXOR DSUHVHQWDPVH DV FRQFOXV}HV GR HVWXGR H VXJHVW}HV SDUD IXWXURV WUDEDOKRVVREUHRWHPDLQYHVWLJDGR

(29)



5(9,6­2%,%/,2*5È),&$

1HVWH FDStWXOR FRQWHPSODVH D IXQGDPHQWDomR WHyULFD TXH VXVWHQWD R SUHVHQWH WUDEDOKR3ULPHLUDPHQWHGHVWDFDVHDDERUGDJHPVLVWrPLFDGDVRUJDQL]Do}HV 1DVHTrQFLD ID]VH XPD LQFXUVmR WHyULFD QR VLVWHPD GH LQIRUPDomR EHP FRPR GD WHFQRORJLD GD LQIRUPDomR(PVHJXLGDDERUGDVHDUHFRQILJXUDomRGRVLVWHPDGHLQIRUPDomRQDVHPSUHVDV 3RU~OWLPRWUDWDVHGRVXEVLVWHPDGHDSXUDomRGRFXVWRGRVSURGXWRVYHQGLGRV

$%25'$*(06,67Ç0,&$'$625*$1,=$d®(6

2 HQWHQGLPHQWR GH XPD HPSUHVD FRPR VLVWHPD DEHUWR H LQWHJUDGR DR DPELHQWH HQFRQWUD UHVSDOGR QR FRQFHLWR GHVHQYROYLGR SRU %HUWDODQII\  S  SDUD VLVWHPDV FRQVLGHUDQGRRV FRPR XP ³FRPSOH[R GH HOHPHQWRV HP LQWHUDomR´ 'RLV FRQFHLWRV GH %HUWDODQII\ S DPSOLDPHVVDFRQFHSomR³HTXLILQDOLGDGH±XPPHVPRHVWDGRILQDO SRGH VHU DOFDQoDGR SDUWLQGR GH GLIHUHQWHV FRQGLo}HV LQLFLDLV H HQWURSLD ± RUJDQL]DomR GRV VLVWHPDVSDUDDVREUHYLYrQFLDSRUPHLRGHPDLRURUGHQDomR´

3DUD .DW] H .DKQ  S  HVVHV GRLV FRQFHLWRV IDFLOLWDP R HQWHQGLPHQWR GDV FDUDFWHUtVWLFDV GH VLVWHPDV DEHUWRV HP TXH DV FRQILJXUDo}HV JOREDLV VmR VXEVWLWXtGDV SRU IXQo}HVHVSHFLDOL]DGDVKLHUDUTXL]DGDVHGLIHUHQFLDGDVFRPRQDVHPSUHVDV

$DSOLFDomRGR FRQFHLWR GH VLVWHPD j iUHD DGPLQLVWUDWLYD UHODFLRQD D FRQFHSomR GDV RUJDQL]Do}HV D XP VLVWHPD FRPSRVWR SRU XP FRQMXQWR GH HOHPHQWRV ± SHVVRDV H UHFXUVRV PDWHULDLVHWHFQROyJLFRV±IRUPDQGRXPDXQLGDGHFRPGHWHUPLQDGRREMHWLYR%LR S R FRQVLGHUD FRPR ³DOJR PDLV TXH PHURV FRPSRQHQWHV UHXQLGRV   FRPR XP VLVWHPD GH SDUWHVHVWUHLWDPHQWHUHODFLRQDGDVFRPIOXLGH]GLQkPLFD´

(30)



$ WHRULD GRV VLVWHPDV GHVHPSHQKD XP SDSHO LPSRUWDQWH QDV RUJDQL]Do}HV SRLV HOD SHUPLWHDLQWHJUDomRVLVWrPLFDGDVGLIHUHQWHVIXQo}HVHGRVFRPSRQHQWHVRUJDQL]DFLRQDLV$V RUJDQL]Do}HV VmR VLVWHPDV VRFLDLV HP FRQVWDQWH LQWHUDomR FRP R DPELHQWH QR TXDO HVWmR LQVHULGDV2VSURFHVVRVQHODVGHVHQYROYLGRVGHYHPVHUFRPSDWtYHLVFRPRDPELHQWHRXVHMD FRP DV QHFHVVLGDGHV GRV PHUFDGRV H DGDSWDomR WHFQROyJLFD FRQVHTHQWH 7DLV SURFHVVRV FRQIRUPH%XOJDFRY S ³GHYHPVHUIOH[tYHLVHVXVFHWtYHLVGHDMXVWHVSHULyGLFRVHP IXQomR GDV PXGDQoDV RFRUULGDV QR DPELHQWH´ (VVD FRQFHSomR DGPLWH D DGDSWDomR UHDO RX SRWHQFLDOFRPRXPDUHVSRVWDDXPDPXGDQoDGRFRPSRUWDPHQWRGRVLVWHPD

2VOLPLWHVGRVLVWHPDVmRJHUDOPHQWHGHWHUPLQDGRVSHORDPELHQWHSRLVVHXVHOHPHQWRV WDQWRSRGHPLQIOXLUQRVLVWHPDFRPRVHUSRUHOHLQIOXHQFLDGRV2DPELHQWHGHXPVLVWHPDp XPFRQMXQWRGHHOHPHQWRVTXHQmRID]HPSDUWHGHOHPDVTXHSRGHPSURGX]LUPXGDQoDVHP VHXHVWDGR

'HVVD IRUPD FRQWLQXD LPSOtFLWD QD DERUGDJHP VLVWrPLFD D QRomR GH WRWDOLGDGH YLQFXODGDjFRQH[mRHVWDEHOHFLGDHQWUHRVHOHPHQWRVTXHFRPS}HPHGHILQHPRVLVWHPDHR VLJQLILFDP

6LJQLILFDGRGHVLVWHPD

2VLJQLILFDGRGHVLVWHPDHQFRQWUDXPDLPEULFDomRFRQFHLWXDOQDGHILQLomRGHGLYHUVRV DXWRUHV6WDLU S GHILQHVLVWHPDFRPR

XP FRQMXQWR GH SDUWHV FRRUGHQDGDV HQWUH VL >@ D FRPELQDomR GH SDUWHV LQWLPDPHQWH UHODFLRQDGDV GH PRGR TXH FRQFRUUDP SDUD FHUWR UHVXOWDGR 3RUWDQWR TXDQGRDVSDUWHVGHXPWRGRVmRFRPELQDGDVUHXQLGDVRXFRRUGHQDGDVGHDFRUGR FRPSULQFtSLRVOyJLFRVHPDQWHQGRUHODo}HVHQWUHVLSRGHVHDILUPDUTXHH[LVWHXP VLVWHPD>@XPFRQMXQWRGHHOHPHQWRVLQWHUGHSHQGHQWHVHLQWHUDJHQWHVRXXPJUXSR GH XQLGDGHV FRPELQDGDV TXH IRUPDP XP WRGR RUJDQL]DGR 6LVWHPD HQWmR p XP FRQMXQWRGHSURJUDPDVTXHIRUPDPXPJUDQGHVLVWHPD

1HVVHFDVRDDQiOLVHGRVFRPSRQHQWHVYLQFXODVHjQRomRJOREDOGRVLVWHPDFRPRXP FRPSRVWR~QLFR

(31)



2OLYHLUD S  FRQFHLWXDVLVWHPD DSDUWLU GH VHXV DVSHFWRV EiVLFRV DILUPDQGR TXH ³VLVWHPD p XP FRQMXQWR GH SDUWHV LQWHUDJHQWHV H LQWHUGHSHQGHQWHV TXH FRQMXQWDPHQWH IRUPDPXPWRGRXQLWiULRFRPGHWHUPLQDGRREMHWLYRH HIHWXDPGHWHUPLQDGDIXQomR´1HVVD SHUVSHFWLYDRVDVSHFWRVREVHUYDGRVVHUHODFLRQDPDRFDUiWHUIXQFLRQDOHXWLOLWiULRGRVLVWHPD

3RU VXD YH] &DVVDUUR  S  GHILQH VLVWHPD FRPR  ³XP FRQMXQWR GH SDUWHV H FRPSRQHQWHVORJLFDPHQWHHVWUXWXUDGRVFRPDILQDOLGDGHGHDWHQGHUDXPREMHWLYR´TXHQR FDPSRHPSUHVDULDOpGHILQLGRFRPR³XPFRQMXQWRGHIXQo}HVORJLFDPHQWHHVWUXWXUDGDVFRP D ILQDOLGDGH GH DWHQGHU D GHWHUPLQDGRV REMHWLYRV´ (PERUD RV DVSHFWRV GH HVWUXWXUDomR SHUPDQHoDPRVVHXVREMHWLYRVVmRGHVWDFDGRV

3DUD%XOJDFRY S ³XPVLVWHPDRUJDQL]DFLRQDOHDGPLQLVWUDWLYRQmRpXPD WpFQLFD p XP FRQFHLWR p XPD YLVmR IXQFLRQDO GD RUJDQL]DomR´ $ rQIDVH DTXL VH UHIHUH j VLVWHPiWLFDGRIXQFLRQDPHQWRGDRUJDQL]DomRRQGHVHXVSURFHVVRVIOXHPFRPHILFLrQFLDHKi LQWHJUDomRHQWUHRVGLYHUVRVyUJmRVHIXQo}HVGDRUJDQL]DomR

'HVVD IRUPD RV SURFHGLPHQWRV QRUPDV UHFXUVRV PDWHULDLV H KXPDQRV DOLDGRV j FXOWXUDGDHPSUHVDFRPS}HPRVHXVLVWHPDRTXDOSRGHVHUDLQGDFODVVLILFDGRHPVLVWHPD IHFKDGRHDEHUWR

6LVWHPDVIHFKDGRVHDEHUWRV

2V VLVWHPDV FODVVLILFDPVH HP VLVWHPDV IHFKDGRV H VLVWHPDV DEHUWRV  2V VLVWHPDV IHFKDGRVVmRTXDVHDXW{QRPRVHPUHODomRDRDPELHQWH'HDFRUGRFRP%XOJDFRY  QmR LQWHUDJHPFRPRDPELHQWH,VVRTXHUGL]HUTXHVHXVHOHPHQWRVQmRLQWHUDJHPFRPHOHPHQWRV H[WHUQRVDRVLVWHPD$VVLPXPVLVWHPDIHFKDGRpDXWRFRQWLGR

(32)



2 VLVWHPD DEHUWR WDPEpP WHP UHODo}HV GH WURFD H LQWHUGHSHQGrQFLD FRP RV GHPDLV VLVWHPDV j VXD YROWD 5H]HQGH H $EUHX  S   GHVWDFDP TXH HP IXQomR GHVVD FDUDFWHUtVWLFDRVLVWHPDDEHUWR³SRVVLELOLWDUHFHEHULQIOXrQFLDVHLQIOXHQFLDURVRXWURVVLVWHPDV H[WHUQRVDHOH´

$ RUJDQL]DomR YLVWD FRPR XP VLVWHPD DEHUWR SURSLFLD XPD PHOKRU DQiOLVH GH VXDV SDUWHV H GDV LQWHUUHODo}HV HQWUH HODV H FRP R DPELHQWH $ DERUGDJHP VLVWrPLFD DFROKH D FRPSOH[LGDGH GDV RUJDQL]Do}HV FRQWULEXLQGR SDUD XPD FRPSUHHQVmR PDLV DEUDQJHQWH H LQWHJUDGD GR VHX IXQFLRQDPHQWR ³2 JUDX GH FRPSOH[LGDGH GH LQWHJUDomR GRV HOHPHQWRV FRPSRQHQWHV GR SURFHVVR GH WUDQVIRUPDomR GH XP VLVWHPD GHFRUUH GD FRPSOH[LGDGH H GD GLQkPLFDGHIXQFLRQDPHQWRGRVVXEVLVWHPDVTXHRLQWHJUDP´ 2/,9(,5$S 

(P IXQomR GHVVDV FDUDFWHUtVWLFDV R VLVWHPD IXQFLRQDUi FRPR XP WRGR RUJDQL]DGR 6HJXQGR %XOJDFRY  S  SDUD SRGHU IXQFLRQDU WRGR VLVWHPD DEHUWR DSUHVHQWD RV VHJXLQWHVSDUkPHWURVIXQFLRQDLV

x (QWUDGD LQSXW  e XP HOHPHQWR SURGX]LGR SRU XP HOHPHQWR GR DPELHQWH GHQRPLQDGRIRUQHFHGRU TXHpXWLOL]DGRSHORVLVWHPD

x 6DtGD RXWSXW eXPHOHPHQWRSURGX]LGRSHORVLVWHPDTXHpXWLOL]DGRSRU XPHOHPHQWRGRDPELHQWH GHQRPLQDGRFOLHQWH 

x ,QWHUIDFH $ LQWHUIDFH GH XP VLVWHPD p FRQVWLWXtGD SHOR FRQMXQWR GH VXDV HQWUDGDVHVDtGDV,QWHUIDFHVVmRHQFRQWUDGDVHPVLVWHPDVDEHUWRVHQmRHP VLVWHPDVIHFKDGRV

x &RPSRUWDPHQWR e XP FRQMXQWR GH PXGDQoDV GH HVWDGR HYHQWRV  GH XP VLVWHPDFXMDVFDXVDVHFRQVHTrQFLDVVmRGHLQWHUHVVHSDUDRVSURSyVLWRVGD RUJDQL]DomR

x 3URFHVVReXPFRQMXQWRGHFRPSRUWDPHQWRVTXHFRQVWLWXHP XP VLVWHPDH TXHSHUVHJXHPXPDGHWHUPLQDGDPHWD

(VVH HOHQFR GH SDUkPHWURV SHUPLWH YLVXDOL]DU R JUDX GH FRPSOH[LGDGH GRV VLVWHPDV RUJDQL]DFLRQDLV H SURSRUFLRQD VXEVtGLR SDUD DFRPSDQKDU D WUDMHWyULD GRV VLVWHPDV DGPLQLVWUDWLYRV

2VLVWHPDpUHSUHVHQWDGRSHORFRQMXQWRGHVXEVLVWHPDVYLVXDOL]DGRGHIRUPDLQWHJUDGD H FDSD] GH JHUDU LQIRUPDo}HV QHFHVViULDV DR SURFHVVR $V DWLYLGDGHV EiVLFDV HQWUDGD SURFHVVRHVDtGD VmRRVPHLRVSHORVTXDLVRVVLVWHPDVGHLQIRUPDomRWUDQVIRUPDPRVGDGRV HPXPDIRUPDXWLOL]iYHOSDUDDFRRUGHQDomRGRIOX[RGHWUDEDOKRGHXPDHPSUHVD

(33)



$VVDtGDVVmRFRQIURQWDGDVFRPSDGU}HVSUHYLDPHQWHHVWDEHOHFLGRV2UHVXOWDGRGHVVH FRQIURQWRDSUHVHQWDRVDMXVWHVDVHUHPH[HFXWDGRVQRVSURFHVVRVHPpWRGRVHD QHFHVVLGDGHGH QRYRVSDGU}HVTXHGHYHPOHYDUHPFRQVLGHUDomRQmRDSHQDVRVIDWRUHVWpFQLFRVPDVWDPEpP RVIDWRUHVSROtWLFRVGHPRJUiILFRVHFRQ{PLFRVHVRFLDLVGR DPELHQWH QR TXDO D HPSUHVD VH VLWXD

$VRUJDQL]Do}HVFRPRVLVWHPDVVyFLRWpFQLFRV

$V RUJDQL]Do}HV SRGHP VHU HQWHQGLGDV FRPR VLVWHPDV VRFLRWpFQLFRV RV TXDLV VmR GHILQLGRV SRU 5H]HQGH H $EUHX  S  FRPR ³XP FRQMXQWR GH SDUWHV TXH LQWHUDJHP HQWUHVLLQWHJUDQGRVHSDUDDWLQJLUXPREMHWLYRRXUHVXOWDGR´

e LPSRUWDQWH TXH RV JHVWRUHV HQWHQGDP R UHODFLRQDPHQWR H[LVWHQWH HQWUH RV FRPSRQHQWHVWpFQLFRVGHXPVLVWHPDHDHVWUXWXUDRIXQFLRQDPHQWRHRSURFHVVRSROtWLFRGDV RUJDQL]Do}HV 2V HODERUDGRUHV GH VLVWHPDV GHYHP FRQVLGHUDU RV REMHWLYRV GH JHVWmR H R SURFHVVRGHFLVyULREHPFRPRRLPSDFWRTXHHVVHVVLVWHPDVWHUmRVREUHDVSHVVRDVHVREUHR FRQWH[WRRUJDQL]DFLRQDO 1HVWDSHUVSHFWLYDVyFLRWpFQLFDWHFQRORJLDHRUJDQL]DomRGHYHPVHUDMXVWDGDVHQWUHVL DWpTXHVHREWHQKDXPDKDUPRQL]DomRHQWUHRVGRLVGRPtQLRV(VVDKDUPRQLDGiVHDSDUWLU GDVGLYHUVDVDOWHUQDWLYDVGHDPERVRVODGRV$)LJXUDpXPDUHSUHVHQWDomRVyFLRWpFQLFD GDVSDUWHVTXHFRPS}HPXPVLVWHPDGHLQIRUPDomR

(34)



)LJXUD'HVLJQVyFLRWpFQLFRGRVVLVWHPDVGHLQIRUPDomR

)RQWH/DXGRQH/DXGRQ S

8P VLVWHPD EHP VXFHGLGR WHP GLPHQV}HV RUJDQL]DFLRQDLV H KXPDQDV DOpP GRV FRPSRQHQWHV WpFQLFRV (OH H[LVWH SDUD UHVSRQGHU jV QHFHVVLGDGHV GD RUJDQL]DomR LQFOXLQGR SUREOHPDV DSUHVHQWDGRV SHOR PHLR DPELHQWH H[WHUQR FRPSRVWR GH WHQGrQFLDV SROtWLFDV GHPRJUiILFDVHFRQ{PLFDVHVRFLDLV

'HYHVHSURFXUDUDGHTXDUDGLQkPLFDGHIXQFLRQDPHQWRLQWHJUDOGHXPVLVWHPDDXP DPELHQWHGLQkPLFRHLQVWiYHOHTXHH[LJHDFRPSUHHQVmRGRVVLVWHPDVEiVLFRVGHLQIRUPDomR

1HVVD SHUVSHFWLYD 2OLYHLUD  S  GL] VHU R VLVWHPD ³XP FRQMXQWR GH SDUWHV LQWHJUDQWHV H LQWHUGHSHQGHQWHV TXH FRQMXQWDPHQWH IRUPDP XP WRGR XQLWiULR FRP GHWHUPLQDGRREMHWLYRHHIHWXDPGHWHUPLQDGDVIXQo}HVGHHOHPHQWRVLQWHUUHODFLRQDGRV´

$V RUJDQL]Do}HV VmR FRPSRVWDV SRU GRLV GRPtQLRV XP WpFQLFR H RXWUR VRFLDO FRPSRVWRV GH UHFXUVRV PDWHULDLV H KXPDQRV H TXH VXVWHQWDP RV VLVWHPDV LQIRUPDWLYRV JHUHQFLDLV 3DUD TXH HVVHV VLVWHPDV DWHQGDP DV QHFHVVLGDGHV GD RUJDQL]DomR p SUHFLVR TXH HVVHVGRPtQLRVFRQYLYDPHPKDUPRQLD 6LVWHPDGH LQIRUPDomR 7HFQRORJLD 1RUPDVH SURFHGLPHQW 3HVVRDV (QWUDGD 6DtGD $PELHQWHH[WHUQR

(35)



6,67(0$'(,1)250$d­2

2 WHUPR ³LQIRUPDomR´ p XP FRQFHLWR SUHVHQWH HP WRGR R WUDEDOKR Mi TXH VXD LPSRUWkQFLD SDUD RV JHVWRUHV HVWi IXQGDPHQWDGD QR VXEVtGLR TXH DV SUySULDV LQIRUPDo}HV SURSRUFLRQDPSDUDDFRQGXomRGDVDWLYLGDGHVHPSUHVDULDLVPLQLPL]DQGRRQtYHOGHLQFHUWH]DV QD WRPDGD GH GHFLVmR 3DUD 2OLYHLUD  S  ³GHFLVmR p XPD HVFROKD HQWUH YiULRV FDPLQKRV DOWHUQDWLYRV TXH OHYDP D GHWHUPLQDGR UHVXOWDGR´ ,VWR SUHVVXS}H R FRQKHFLPHQWR SUpYLRGDVFRQGLo}HVGDHPSUHVDHGHVHXDPELHQWHDWUDYpVGHGDGRVLQIRUPDFLRQDLV

2VGDGRVLQIRUPDFLRQDLVSRGHPVHUFRQVLGHUDGRVIDWRVEUXWRVTXHSHUPHLDPRIOX[R GDDWLYLGDGHHPSUHVDULDO3DUD6WDLU S ³GDGRVVmRRVIDWRVHPVXDIRUPDSULPiULD FRPR SRU H[HPSOR R QRPH GH XP HPSUHJDGR H R Q~PHUR GH KRUDV WUDEDOKDGDV HP XPD VHPDQDQ~PHURGHSHoDVHPHVWRTXHRXSHGLGRVGHYHQGD´

(PUHODomRjLQIRUPDomR6WDLU S DGX]TXH³LQIRUPDomRpXPFRQMXQWRGH IDWRVRUJDQL]DGRVGHWDOIRUPDTXHDGTXLUHPYDORUDGLFLRQDODOpPGRYDORUGRIDWRHPVL´$ LQIRUPDomRpRFRQMXQWRGHGDGRVTXHUHFHEHPVLJQLILFDGRVQDSUiWLFDSHORVVHUHVKXPDQRV GHIRUPDDWRUQiORV~WHLV

$ WUDQVIRUPDomR GH GDGRV HP LQIRUPDomR p XP SURFHVVR RX XPD VpULH GH WDUHIDV ORJLFDPHQWH UHODFLRQDGDV GHVHPSHQKDGDV SDUD DWLQJLU XP UHVXOWDGR GHILQLGR 2 WLSR GH LQIRUPDomRJHUDGDGHSHQGHGDUHODomRGHILQLGDHQWUHRVGDGRVH[LVWHQWHV4XDQGRDVSDUWHVGH XP WRGR VmR FRPELQDGDV UHXQLGDV RX FRRUGHQDGDV GH DFRUGR FRP SULQFtSLRV OyJLFRV H PDQWHQGR UHODo}HV HQWUH VL SRGHVH DILUPDU TXH H[LVWH XP VLVWHPD RX XP FRQMXQWR GH SURJUDPDVTXHIRUPDPXPJUDQGHVLVWHPD

/DXGRQH/DXGRQ S H[SOLFDPTXH

XP VLVWHPD GH LQIRUPDomR 6,  p XP FRQMXQWR GH FRPSRQHQWHV LQWHUUHODFLRQDGRV WUDEDOKDQGR MXQWRV SDUD FROHWDU UHFXSHUDU SURFHVVDU DUPD]HQDU H GLVWULEXLU LQIRUPDo}HVFRPDILQDOLGDGHGHIDFLOLWDURSODQHMDPHQWRRFRQWUROHDFRRUGHQDomR DDQiOLVHHRSURFHVVRGHFLVyULRHPRUJDQL]Do}HV

(36)



3DUDTXHDVSHVVRDVDSUHQGDPDXWLOL]DURVVLVWHPDVGHLQIRUPDomRFRUUHWDPHQWHHODV SUHFLVDPUHFHEHUWUHLQDPHQWRHVSHFtILFRSDUDTXHSRVVDPUHDOL]DUVXDVWDUHIDV'HVVDIRUPD DXWLOL]DomRSURGXWLYDGRVVLVWHPDVGHLQIRUPDomRGHSHQGHGRJUDXGHWUHLQDPHQWRHSUHSDUR TXHDVSHVVRDVGDRUJDQL]DomRUHFHEHUDP

$OpP GR WUHLQDPHQWR H SUHSDUR D LQWHUIDFH FRP R XVXiULR RX DTXHODV SDUWHV GH XP VLVWHPD GH LQIRUPDomR FRP DV TXDLV DV SHVVRDV GHYHP LQWHUDJLU WDLV FRPR UHODWyULRV RX WHUPLQDLV GH YtGHR WDPEpP LQIOXHP QD HILFLrQFLD H QD SURGXWLYLGDGH GRV HPSUHJDGRV 3RU LVVR p IXQGDPHQWDO R GHVHQYROYLPHQWR GH XPD LQWHUIDFH DPLJiYHO TXH SRVVD IDFLOLWDU DR Pi[LPRDFRPXQLFDomRHQWUHDVSHVVRDVHDVPiTXLQDV

2VLQGLYtGXRVHDVHPSUHVDVGHYHPVHDMXVWDUjVUiSLGDVPXGDQoDVHPWHFQRORJLD$V HPSUHVDV GHYHP SURMHWDU VLVWHPDV TXH RV LQGLYtGXRV SRVVDP FRQWURODU FRPSUHHQGHU H XVDU FRPUHVSRQVDELOLGDGHeQHVVDSHUVSHFWLYDTXHDDERUGDJHPVLVWrPLFDGDLQIRUPDomRDVVXPH LPSRUWkQFLD

9LVmRVLVWrPLFDGDLQIRUPDomR

$WXDOPHQWH IDODVH PXLWR VREUH R SRGHU GD LQIRUPDomR H VREUH D LQG~VWULD GD LQIRUPDomRFRPRIRUPDGHJHUDUYDQWDJHPFRPSHWLWLYDSDUDDVRUJDQL]Do}HV$LQIRUPDomR SRGHVHUGHILQLGDFRPRGDGRVSURFHVVDGRVGHIRUPDDWHUHPVLJQLILFDGRSDUDVHXUHFHSWRUH TXHSRVVXHPYDORUUHDORXSHUFHELGRUHODWLYDPHQWH jVGHFLV}HV DWXDLVRXIXWXUDV '$9,6 H '$9,'621S 

$VVLP DV LQIRUPDo}HV DX[LOLDP R GHVHQYROYLPHQWR HIHWLYR GD WHFQRORJLD (PERUD H[LMD KDELOLGDGH KXPDQD p DSHQDV XPD SDUWH GD DWXDomR FRPSHWLWLYD EHPVXFHGLGD 2XWUR HOHPHQWR FUXFLDO H GHVDILDGRU HVWi QD FDSDFLGDGH GD RUJDQL]DomR HP LQRYDU H DGDSWDUVH jV QRYDVWHFQRORJLDVGDLQIRUPDomR

(37)



2 XVR GDV QRYDV WHFQRORJLDV GH LQIRUPDomR FRQIRUPH &DVWHOOV   QDV ~OWLPDV GpFDGDV SDVVRX SRU WUrV HVWiJLRV 1RV GRLV SULPHLURV HVWiJLRV R SURJUHVVR GD LQRYDomR WHFQROyJLFDEDVHRXVH HP DSUHQGHU j PHGLGD TXH VH SUHFLVDYD XVDU 1R WHUFHLUR HVWiJLR RV XVXiULRVDSUHQGHUDPDWHFQRORJLDH[SORUDQGRDFDVRGDLQWHUQHWRTXHDFDERXUHVXOWDQGRQD UHFRQILJXUDomRGDVUHGHVHQDGHVFREHUWDGHQRYDVDSOLFDo}HV

2 FLFOR GH UHDOLPHQWDomR HQWUH D LQWURGXomR GH XPD QRYD WHFQRORJLD VHX XVR H VHX GHVHQYROYLPHQWR HP QRYRV GRPtQLRV WRUQDVH PXLWR PDLV UiSLGR QR QRYR SDUDGLJPD WHFQROyJLFR &RQVHTHQWHPHQWH D GLIXVmR GD WHFQRORJLD DPSOLILFD VHX SRGHU GH IRUPD LQILQLWDjPHGLGDTXHRVXVXiULRVDSURSULDPVHGHODHDUHGHILQHP

3RUWDQWR D YLVmR VLVWrPLFD GD LQIRUPDomR SUHVVXS}H XP SURFHVVR GLQkPLFR H LQWHUDWLYRHPTXHDLQRYDomRWHFQROyJLFDPHGLDGDSHODVKDELOLGDGHVKXPDQDVFRQVWLWXLXP IDWRUFRPSHWLWLYR

$LPSRUWkQFLDGDLQIRUPDomR

$LQIRUPDomRFRQVXEVWDQFLDVHQXPLPSRUWDQWHLQVWUXPHQWRSDUDRSURILVVLRQDOREWHU r[LWRHPVXDVDWLYLGDGHV(ODVHWRUQRXXPUHFXUVRFKDYHQRJHUHQFLDPHQWRHQDRUJDQL]DomR GDTXHOHV TXH EXVFDP D VROLGH] QR PHUFDGR 4XDQGR VH JHUHQFLD D LQIRUPDomR H[SORUDQGR VHXV EHQHItFLRV GH DFRUGR FRP RV LQWHUHVVHV HP YLVWD WRUQDVH EDVH UHOHYDQWH SDUD D FRPSHWLomR$OLDGDjVWHFQRORJLDVHDRJHUHQFLDPHQWRHVWUDWpJLFRDLQIRUPDomRID]FRPTXH R SURILVVLRQDO HVWHMD j IUHQWH GRV RXWURV DLQGD SDVVLYRV H WDOYH] DFRPRGDGRV SHUDQWH WRGDV HVVDVWUDQVIRUPDo}HV

1HVWDHUDGDLQIRUPDomRpSUHFLVRLQWHUDJLUSULQFLSDOPHQWHFRPDVQRYDVWHFQRORJLDV $VLQIRUPDo}HVDGYLQGDVGRVPDLVYDULDGRVFRQWH~GRVHVXSRUWHVVHJXQGR%HXUHQ S

(38)

  ³VmRIXQGDPHQWDLVQRDSRLRjVHVWUDWpJLDVHSURFHVVRVGHWRPDGDGHGHFLVmREHPFRPR QRFRQWUROHGDVRSHUDo}HVHPSUHVDULDLV´ 1HVVHVHQWLGR&KDPEHUV SDSXG %(85(1S PHQFLRQDTXH³D LQIRUPDomRpDOJRUHFHQWHPHQWHDSUHHQGLGRTXHSRGHFRQVLVWLUGHREMHWRVFRQILJXUDo}HVGH REMHWRVRXUHODWyULRVVREUHREMHWRV´0F*HHH3UXVDN S DUJXPHQWDPTXH HPERUDDLQIRUPDomRVHMDXPDWLYRTXHSUHFLVDVHUDGPLQLVWUDGRGDPHVPDIRUPDTXH RVRXWURVWLSRVGHDWLYRVUHSUHVHQWDGRVSHORVVHUHVKXPDQRVFDSLWDOSURSULHGDGHVH EHQVPDWHULDLVHODUHSUHVHQWDXPDFODVVHSDUWLFXODUGHQWUHHVVHVRXWURVWLSRVGHDWLYR $VGLIHUHQoDVGHFRUUHPGRSUySULRSRWHQFLDOGDLQIRUPDomRDVVLPFRPRGRGHVDILRGH DGPLQLVWUiOD $VVLPDWHFQRORJLDHQWUDFRPRIDWRUIDFLOLWDGRUFDSD]GHDGPLQLVWUDUJUDQGHYROXPH GHLQIRUPDomR$WRGRPRPHQWRDVSHVVRDVHQVHMDPLQIRUPDo}HVGHVGHDVPDLVFRUULTXHLUDV DWpDVPDLVFRPSOH[DV2VXFHVVRGDFRQGXWDGDIRUPDGHSHQVDUHFULDUGRDJLUHH[SUHVVDU GHSHQGHGDFXOWXUDLQIRUPDFLRQDODOLDGDDRJUDXGHIDPLOLDULGDGHHPDQLSXODomRGDEXVFDH UHFXSHUDomRGRTXHDVSHVVRDVSHQVDPHFRQKHFHP

,VVR VLJQLILFD SRLV LQWHUHVVH SULPRUGLDOPHQWH HP FRQKHFHU GHWDOKHV VREUH R TXH SURFXUDURQGHFRPRHTXDQGRSURFXUDU$OpPGLVVRLPSOLFDHPVDEHUDFHVVDUDLQIRUPDomR GHIRUPDDREWHURVPHOKRUHVUHVXOWDGRVRXEHQHItFLRV

6HJXQGR2OLYHLUD  pFDGDYH]PDLVLPSRUWDQWHSDUDRLQGLYtGXRjVHPSUHVDVGH IRUPD JHUDO H DR WRPDGRU GH GHFLV}HV D REWHQomR GH LQIRUPDo}HV TXH VXEVLGLHP DV VXDV GHWHUPLQDo}HVTXHOKHVSRVVLELOLWHPDQDOLVDUDVPXWDo}HVGRDPELHQWHVRFLDOHFRQ{PLFRH WHFQROyJLFRSODQHMDUHIRUPXODUDo}HVHPXPSURFHVVRFRQWtQXRGHHYROXomR

'HVVHPRGRpSUHFLVRGHWHUPLQDUTXDLVDVLQIRUPDo}HVUHOHYDQWHVHGLVSRQtYHLVSDUD FDGDQHFHVVLGDGHeQHFHVViULRFULDUXPD PHWRGRORJLD SDUD JHUDU LQIRUPDo}HV H GHWHUPLQDU FRPRHODVSRGHPVHUXWLOL]DGDVTXDQGRGLVSRQtYHLV$XWLOL]DomRGDVLQIRUPDo}HVHVWiILFDQGR FDGD YH] PDLV FRPSOH[D H VRILVWLFDGD H[LJLQGR XPD HODERUDomR FULWHULRVD SDUD HYLWDU WUDQVWRUQRVH[FHVVRGHGDGRVHLQIRUPDo}HVLUUHOHYDQWHVDXPFXVWRHOHYDGR

(39)



'DGRHLQIRUPDomR

$QWHV GR DSURIXQGDPHQWR GRV HVWXGRV H DQiOLVHV GDV DERUGDJHQV WUDWDGDV QHVWH WUDEDOKRpQHFHVViULRGHL[DUFODURVDOJXQVFRQFHLWRVEiVLFRVHWHUPRVQRUPDOPHQWHXWLOL]DGRV SRLVHPWRGDiUHDGHVLVWHPDVGHLQIRUPDo}HVXWLOL]DPVHSDGU}HVHGHILQLo}HVHVSHFtILFRVDR VHXHVWXGR

2OLYHLUD  S  TXDOLILFD GDGR FRPR ³TXDOTXHU HOHPHQWR LGHQWLILFDGR HP VXD IRUPDEUXWDTXHSRUVLVyQmRFRQGX]DXPDFRPSUHHQVmRGHGHWHUPLQDGRIDWRRXVLWXDomR´ 7UDQVIHULQGR HVVD LGpLD SDUD D RUJDQL]DomR SRGHVH FRPSDUDU XP UHJLVWUR HP DUTXLYR VHP TXH R PHVPR YHQKD D FRPSRU XP UHODWyULR 3DUD &UX]  S  Ki XP ³SURFHVVR GH WUDQVIRUPDomRGHGDGRVHPLQIRUPDo}HVTXHVmRXWLOL]DGDVQDHVWUXWXUDGHFLVyULDGDHPSUHVD EHPFRPRSURSRUFLRQDPDVXVWHQWDomRDGPLQLVWUDWLYDSDUDRWLPL]DURVUHVXOWDGRVHVSHUDGRV´ 2OLYHLUD S FRPHQWDTXH³DLQIRUPDomRpXPUHFXUVRYLWDOSDUDDHPSUHVDH LQWHJUDTXDQGRGHYLGDPHQWHHVWUXWXUDGDRVGLYHUVRVVXEVLVWHPDVHSRUWDQWRDVIXQo}HVGDV YiULDVXQLGDGHVRUJDQL]DFLRQDLVGDHPSUHVD´$VVLPRVGDGRVVmRHOHPHQWRVHVVHQFLDLVSDUD FRPSRUDLQIRUPDomRHHVWDSRUVXDYH]pQHFHVViULDSDUDJHUDUFRQKHFLPHQWR

3RU VXD YH] D HVWUXWXUDomR H DJUXSDPHQWR GRV GDGRV QHFHVViULRV SDUD JHUDU D LQIRUPDomR SRGHP VHU DUPD]HQDGRV HP DUTXLYRV GH UHJLVWUR SRU LQWHUPpGLR GH IHUUDPHQWDVWHFQROyJLFDVGDLQIRUPiWLFD

%LR  S  FDUDFWHUL]D R EDQFR GH GDGRV FRPR XPD FROHomR GH DUTXLYRV HVWUXWXUDGRV QmR UHGXQGDQWHV H LQWHUUHODFLRQDGRV TXH SURSRUFLRQDP XPD IRQWH ~QLFD GH GDGRVSDUDXPDYDULHGDGHGHDSOLFDo}HV´3DUD&UX] S EDQFRGHGDGRVp³XPD HQWLGDGH TXH DJUXSD GHQWUR GH XP ~QLFR HOHPHQWR WRGDV DV LQIRUPDo}HV QHFHVViULDV j VXD H[LVWrQFLD´

(40)



2V EDQFRV GH GDGRV SURSLFLDP D HOLPLQDomR GH  UHWUDEDOKRV DOpP GH PHOKRUDUHP D FRQVLVWrQFLD GDV LQIRUPDo}HV UHJLVWUDGDV GHVGH TXH DV UHJUDV IRUQHFLGDV D HOHV VHMDP DGHTXDGDPHQWHHVWDEHOHFLGDV

&DVVDUUR  S  GHILQH EDVH GH GDGRV FRPR ³XP FRQMXQWR GH GDGRV LQWHU UHODFLRQDGRVEDVHDGRVHPXPDHVWUXWXUDOyJLFDSUHYLDPHQWHGHILQLGDGHPRGRDIDFLOLWDUR DFHVVRjVLQIRUPDo}HVSRUSDUWHGHXPRXYiULRVVLVWHPDVVLPXOWDQHDPHQWH´

&RQVLGHUDQGR TXH RV GDGRV GH IRUPD LVRODGD QmR LUmR JHUDU D LQIRUPDomR VHUi QHFHVViULDDXWLOL]DomRGHXPVRIWZDUHHVSHFtILFRTXHPHGLDQWHVROLFLWDomRGRXVXiULRJHUDUi DLQIRUPDomR9LGDO S GHILQH³VRIWZDUH FRPRVHQGRXPFRQMXQWRLQDOWHUiYHOGH LQVWUXo}HV RUGHQDGDV H OyJLFDV IRUQHFLGDV DR KDUGZDUH SDUD D H[HFXomR GH SURFHGLPHQWRV QHFHVViULRVjVROXomRGHSUREOHPDV HWDUHIDVGRSURFHVVDPHQWRGHGDGRV´3DUD%LR  S  VRIWZDUH ³p XP FRQMXQWR GH SURJUDPDV XVDGRV SDUD FRPXQLFDomR RQOLQH PXOWLSURJUDPDomRSDUDHVWDEHOHFLPHQWRGHSULRULGDGHVGHSURFHVVDPHQWRHSDUDFRQWUROH´

7HQGRHPYLVWDDYDULHGDGHGHDPELHQWHVHPSUHVDULDLVHRIDWRGHTXHXPVLVWHPDGH FRPSXWDGRUH[HFXWDUiH[DWDPHQWHDVLQVWUXo}HVTXHOKHIRUHPIRUQHFLGDVRSUREOHPDFRQVLVWH HPGHVHQYROYHURXDGTXLULUXPVLVWHPDTXHVDWLVIDoDjVQHFHVVLGDGHVGHLQIRUPDomRGHXPD HPSUHVDHPSDUWLFXODU

1HVVH FRQWH[WR D WHFQRORJLD GRV VLVWHPDV GH LQIRUPDomR REMHWLYD LQWHJUDU DV LQIRUPDo}HVGRVYiULRVVXEVLVWHPDVGHIRUPDDGDUVXVWHQWDELOLGDGHDRSURFHVVRGHGHFLVmR GDiUHDDGPLQLVWUDWLYD

&RQFHLWXDo}HVGHVLVWHPDGHLQIRUPDomR

7RGRVLVWHPDXVDQGRRXQmRUHFXUVRGH7,TXHPDQLSXODHJHUDLQIRUPDomRSRGHVHU GHDFRUGRFRP5H]HQGH  JHQHULFDPHQWHFRQVLGHUDGRXP6LVWHPDGH,QIRUPDomR 6, 

(41)



'H DFRUGR FRP )HUUHLUD  S  RV VLVWHPDV GH LQIRUPDo}HV VmR PHFDQLVPRV FXMDIXQomRpFROHWDUJXDUGDUHGLVWULEXLULQIRUPDo}HVSDUDVXSRUWDUDVIXQo}HVJHUHQFLDLVH RSHUDFLRQDLVGDVRUJDQL]Do}HV

([SOLFD R UHIHULGR DXWRU TXH XP 6, YLVD SULQFLSDOPHQWH WRUQDU D HPSUHVD PDLV iJLO FDSD] GH GHILQLU FRP PDLV FODUH]D VXD VLWXDomR QR PHUFDGR SODQHMDU HVWUDWpJLDV FRQWURODU DQDOLVDU SRQWRV IRUWHV H IUDFRV UHFXUVRV PRYLPHQWRV GRV FRPSHWLGRUHV GHILQLomR GRV FRQVXPLGRUHV7HPHQIRTXHYROWDGRSDUDRVUHVXOWDGRVFRQVLGHUDGRV$VVLPRVLVWHPDGHYH HVWDU YROWDGR SDUD D REWHQomR H FRQWUROH GH LQIRUPDo}HV D ILP GH HYLWDU SUREOHPDV H LGHQWLILFDURSRUWXQLGDGHVGHQHJyFLRVSDUDDHPSUHVD

$ HVFROKD GR VLVWHPD VH ID] SHOD DQiOLVH GDV QHFHVVLGDGHV RUJDQL]DFLRQDLV H D YDQWDJHP GH VXD LPSODQWDomR GHYH VHU DOJR IDFLOPHQWH SHUFHSWtYHO j RUJDQL]DomR DRV DGPLQLVWUDGRUHVHIXQFLRQiULRVSDUDTXHFXPSUDRVHXSDSHO'HYHSRUWDQWRVHUHVWUXWXUDGR SURMHWDGRHFRQWURODGRSDUDDWHQGHUjVH[LJrQFLDVGRVXVXiULRVGDLQIRUPDomRFDVRFRQWUiULR QmRWHUiYDOLGDGH$VVLP5H]HQGHH$EUHX S DILUPDPTXH

RV VLVWHPDV GH LQIRUPDomR WRUQDUDPVH YLWDLV H H[WUHPDPHQWH LPSRUWDQWHV SDUD R JHUHQFLDPHQWR RUJDQL]DomR H RSHUDomR GDV HPSUHVDV 'HQWUR GHVVH FHQiULR R SURSyVLWREiVLFRpRGHKDELOLWDUDHPSUHVDDDOFDQoDUVHXVREMHWLYRVSHORXVRHILFLHQWH GRVUHFXUVRVGLVSRQtYHLV

3DUD TXH R XVR HILFLHQWH GRV UHFXUVRV GH XP 6, VHMD SRVVtYHO p QHFHVViULR TXH D HPSUHVDSRVVXDR VLVWHPD FHUWR H R FRQKHoD SURIXQGDPHQWH SRGHQGR H[SORUiOR SDUD GHOH WLUDUSURYHLWR

9LGDO S FRPHQWDTXH³H[LVWHPPXLWDVIRUPDVGHFRQFHLWXDUXPVLVWHPDGH LQIRUPDomRHTXHVRPHQWHSRGHVHUHQWHQGLGRRWHUPRDSDUWLUGDLGpLDGHLQIRUPDomRFRPR UHVXOWDGR GR WUDWDPHQWR GH GDGRV´ VHQGR SRUWDQWR R GDGR XP LWHP HOHPHQWDU TXH LVRODGDPHQWHQDGDUHSUHVHQWD1RHQWDQWRFRPS}HDLQIRUPDomRDSyVRVHXSURFHVVDPHQWRH RUGHQDomR

Referências

Documentos relacionados

A presente dissertação surge no âmbito do Mestrado em Gerontologia Social, do Instituto Superior Bissaya Barreto (ISBB), sob orientação da Prof.ª Dra. Isabel Cerca Miguel,

0DV PDLV DLQGD GR TXH R Q~PHUR GRV YLVLWDQWHV LPSUHVVLRQD D IRUPD HOHYDGD H FRPSUHHQVLYD FRPR D ([SRVLomR IRL SRU WRGRV YLVLWDGDQXPDFODUDGHPRQVWUDomRGRVHXHQWXVLDVPRSHORLPHQVR YROXPH

Defects in genes that regulate growth plate, inherited in an autosomal dominant manner, cause a variable phenotype in terms of degree of short stature and body proportions..

O Agente Vendedor publicita no mercado as suas capacidades, de acordo com a ontologia Ont estabelecida. Fornece, ainda, informação sobre se autoriza, ou não, a divulgação dos

O estudo também trata do instrumento econômico do Pagamento por Serviços Ambientais (PSA), que remunera aqueles que conservam recursos naturais, com o objetivo de demonstrar

Esperamos com a implantação desta proposta de trabalho de atendimento das crianças de 0 a 02 anos a efetivação do programa de puericultura na área adscrita do PSF II, além de melhor

A partir de 2014, las plazas pasaron a ser ofrecidas en el Sistema de Selección Unificada (Sisu), administrado por el Ministerio de Educación (MEC), a través del cual las

Overall, the statistical distribution that would best represent the historical series of total monthly precipitation for each of the months analyzed or total annual was