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$17Ð1,2'(3È'8$)(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
$17Ð1,2'(3È'8$)(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
'(',&$7Ï5,$
¬ 0LQKD HVSRVD H ILOKD SHOD SDFLrQFLD H FRPSUHHQVmRSULQFLSDOPHQWHQDVKRUDVHPTXH PH DXVHQWHL SDUD PH GHGLFDU D HVWH WUDEDOKR $RV PHXV FROHJDV GH WUDEDOKR TXH PXLWR FRQWULEXtUDP
$*5$'(&,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
5(6802
52&+$$QW{QLR3iGXD)HUUHLUD3URSRVWDGHUHFRQILJXUDomRGRVXEVLVWHPDGHDSXUDomR GRFXVWRGRVSURGXWRVYHQGLGRVGD)LDW$XWRPyYHLV6$ )ORULDQySROLV'LVVHUWDomR 0HVWUDGR HP (QJHQKDULD GH 3URGXomR ± 3URJUDPD GH 3yV*UDGXDomR HP (QJHQKDULD GH 3URGXomR8)6&
(VWH WUDEDOKR SURS}H D UHFRQILJXUDomR GR VXEVLVWHPD GH DSXUDomR GR FXVWR GRV SURGXWRV YHQGLGRV GD )LDW $XWRPyYHLV 6$ SDUD LQWHJUiOR DRV GHPDLV VXEVLVWHPDV D HOH FRUUHODFLRQDGRV%XVFDVHHVVDUHFRQILJXUDomRDWUDYpVGDUHYLVmRGRVSURFHVVRVHPpWRGRVGH WUDEDOKR VHQGR RV UHFXUVRV PDWHULDLV WHFQROyJLFRV H KXPDQRV OHYDGRV HP FRQVLGHUDomR FRPRREMHWLYRGHHOLPLQDUWUDEDOKRVPDQXDLVHUHGXQGDQWHVSDUDVHREWHULQIRUPDo}HVPDLV SUHFLVDVHWHPSHVWLYDV
7DOUHFRQILJXUDomRYHPVXEVWLWXLUHPSDUWHRXPHVPRQDtQWHJUDDDGRomRGHXPSDFRWHGH VLVWHPDVLQWHJUDGRVGHJHVWmR3RUVHUXPSUREOHPDFRQFUHWRWUDWDVHGHSHVTXLVDDSOLFDGDH WDPEpPH[SORUDWyULDGHYLGRjQHFHVVLGDGHGHDSURIXQGDPHQWRQRHVWXGRGHFDVRHVSHFtILFR 3DUD GDU VXVWHQWDomR DR HVWXGR VmR DTXL GHVFULWRV RV FRQFHLWRV WHyULFRV D UHVSHLWR GRV IXQGDPHQWRV GRV VLVWHPDV GH LQIRUPDomR D FXOWXUD H FRPSRUWDPHQWR GD RUJDQL]DomR HP UHODomR j LQIRUPDomR D WHFQRORJLD GD LQIRUPDomR VHX DYDQoR H VXD LQIOXrQFLD QDV RUJDQL]Do}HVHDLQGDRVVLVWHPDVLQWHJUDGRVGHJHVWmRFRPVHXVFRQFHLWRVHLPSDFWRVVREUHD RUJDQL]DomR
&RPEDVHQHVVHVFRQFHLWRVWHyULFRVpSURSRVWDDUHFRQILJXUDomRGRVXEVLVWHPDGHDSXUDomR GR FXVWR GRV SURGXWRV YHQGLGRV DSUHVHQWDQGRVH R SURFHVVR GH DSXUDomR GR FXVWR GHVVHV SURGXWRVMXQWDPHQWHFRPRVXEVLVWHPDTXHID]DVXDDSXUDomRHRVGHPDLVVXEVLVWHPDVFRP RVTXDLVHOHLQWHUDJH
1DV FRQVLGHUDo}HV p DQDOLVDGD D UHDO QHFHVVLGDGH GDV HPSUHVDV WHUHP RV VLVWHPDV GH LQIRUPDo}HV LQWHJUDGRV SRU PHLR GH SDFRWHV GH JHVWmR LQWHJUDGD SDUD OKHV JDUDQWLU XPD PHOKRUD RSHUDFLRQDO YLVWR TXH HVVHV VLVWHPDV WrP FRPR FDUDFWHUtVWLFD D ULJLGH] QR IXWXUR LVVR SRGH FRPSURPHWHU D IOH[LELOLGDGH GDV HPSUHVDV SDUD DWHQGHU D QRYRV QHJyFLRV H D DOWHUQDWLYDGHUHFRQILJXUDomRGHVXEVLVWHPDVH[LVWHQWHVSRGHULDVHUXPDVROXomRYLiYHODVHU FRQVLGHUDGDSDUDDLQWHJUDomRGHVVHVVXEVLVWHPDV
$%675$&7
52&+$$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$VLWLVDUHDOSUREOHPWKLVLVQDDSSOLHGDQGDOVR H[SORUDWRU\UHVHDFKGXHWRWKHQHFHVVLW\RIGHWDLOHGVWXGLHVRIVRPHVSHFLILFFDVHV
7R VXSSRUW WKLV VWXG\ WKH WKHRUHWLFDO FRQFHSWV DERXW WKH JURXQGLQJ LQ WKH V\VWHP RI LQIRUPDWLRQ WKH FXOWXUH DQG EHKDYLRU RI WKH RUJDQL]DWLRQ UHODWHG WR WKH LQIRUPDWLRQ WKH WHFKQRORJ\RIWKHLQIRUPDWLRQLWVGHYHORSPHQWDQGWKHLQIOXHQFHRQWKHRUJDQL]DWLRQVDQG DOVRWKHLQWHJUDWHGPDQDJHPHQWV\VWHPVZLWKWKHLUFRQFHSWVDQGLPSDFWVRQWKHRUJDQL]DWLRQ KDYHEHHQGHVFULEHGKHUH
%DVHGRQWKHVHWKHRUHWLFDOFRQFHSWVLWLVSURSRVHGWKHQHZFRQILJXUDWLRQRIWKHVXEV\VWHPVWR YHULI\ WKH FRVW RI WKH SURGXFWV VROG VKRZLQJ WKH SURFHVV RI YHULILFDWLRQ RI FRVWV ZLWK WKH VXEV\VWHPWKDWYHULILHVWKHVHFRVWVDQGRWKHUVXEV\VWHPVZLWKZKLFKWKH\LQWHUDFW
,QWKHFRQVLGHUDWLRQVLW¶VDQDO\VHGWKHQHFHVVLW\RIWKHFRPSDQLHVRIKDYLQJWKHLU,QWHJUDWHG LQIRUPDWLRQV\VWHPLQSDFNDJHVRILQWHJUDWHGPDQDJHPHQWWRJDUDQWHHWKHPDEHWWHURSHUDWLRQ 7KHVH V\VWHPV KDYH DV FKDUDFWHULVWLF WKH VWULFWQHVV WKDW LQ WKH IXWXUH FDQ FRPSURPLVH WKH FRPSDQLHV IOH[LELOLW\ WR VHUYH WKH QHZ EXVLQHVV 7KHUH LV WKH VXEV\VWHP FRQILJXUDWLRQ DOWHUQDWLYH WKDW FRXOG EH D YLDEOH VROXWLRQ WR EH FRQVLGHUHG IRU WKH LQWHJUDWLRQ RI WKHVH VXEV\VWHPV
/,67$'(),*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/,67$'(48$'526
4XDGUR3UHVHQoDGRJUXSR)LDWQR%UDVLO 4XDGUR$OJXQVVLVWHPDVXWLOL]DGRVSHOD)LDW 4XDGUR(VWUXWXUDFyGLJR6,1&20 4XDGUR&DUDFWHUtVWLFDVGRVVLVWHPDVTXHID]HPLQWHUIDFHFRPR139(
/,67$'(7$%(/$6
7DEHOD3RVLomRGRHVWRTXHQRLQtFLRGRSHUtRGR 7DEHOD&XVWRGHSURGXomRGRSHUtRGR 7DEHOD&iOFXORVGRVFXVWRVGRVSURGXWRVGLVSRQtYHLV 7DEHOD9HQGDVGRSHUtRGR 7DEHOD(VWRTXHILQDOGRSHUtRGR/,67$'(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'HVHPSHQKRGD3URGXomR0DQXIDFWXULQJ3HUIRUPDQFH0HDVXUHPHQW 053 3ODQHMDPHQWRGD1HFHVVLGDGHGH0DWHULDO0DWHULDO5HTXLUHPHQWV3ODQQLQJ 053,, 3ODQHMDPHQWRGRV5HFXUVRVGH)DEULFDomR0DQXIDFWXULQJ5HVRXUFHV3ODQQLQJ 135& 1RYD3URJUDPDomRGH)RUQHFLPHQWRH(QWUHJD1XHYD3URJUDPD]LRQH5LFKLHVWD &OLHQWH 139( 1RYR6LVWHPDGH&RQWUROHGH3URGXomR9HQGDVH(VWRTXH 2/$3 3URFHVVRRQOLQHGH$QiOLVH2Q/LQH$QDO\WLFDO3URFHVVLQJ 3& &RPSXWDGRUSHVVRDO3HUVRQDOFRPSXWHU 3'3 3URJUDPDomRGD3URGXomR3URJUDPD]LRQHGHOOD3URGX]LRQH 32,17 3URJUDPPD]LRQH2UGLQL,QWHJUDWD7UDQVD]LRQDOH 39( 6LVWHPDGH&RQWUROHGH3URGXomR9HQGDVH(VWRTXH 5,6& 3URMHWRGH&RPSXWDGRUFRP&38RWLPL]DGD5HGXFHG,QVWUXFWLRQ6HW&RPSXWHU 6$3 6LVWHPDVGH$GPLQLVWUDomRGH3URGXomR6\VWHPV$SSOLFDWLRQVDQG3URGXFWVLQ 'DWD3URFHVVLQJ 6, 6LVWHPDGH,QIRUPDomR 6,* 6LVWHPDGH,QIRUPDo}HV*HUHQFLDLV 6,0&21 6LVWHPD,QWHJUDGR&RPHUFLDO6LVWHPD,QWHJUDOH&RPHUFLDOH 6*%' 6LVWHPDGH*HUHQFLDPHQWRGH%DQFRGH'DGRV 7, 7HFQRORJLDGH,QIRUPDomR7HFKQRORJ\RI,QIRUPDWLRQ 740 *HUHQFLDPHQWRGD4XDOLGDGH7RWDO7RWDO4XDOLW\0DQDJHPHQW :0) )OX[RGH0DWHULDLV0XQGLDO:RUOG0DWHULDO)ORZ
680È5,2
/,67$'(),*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 $SXUDomRGDVTXDQWLGDGHVSURGX]LGDVYHQGLGDVHHVWRFDGDV$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',&(
,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 IXQGDPHQWDOGHVVHSURFHVVRTXHHVWiDVVRFLDGRjWHFQRORJLDGDLQIRUPDomR7,
0F*HHH3UXVDNSQRLQWXLWRGHGHVWDFDUDLPSRUWkQFLDGDLQIRUPDomRHGD 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
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$9,//(QRVDQRVMiFRPHoDDPXGDUDIRUPDGH DWXDomR GDV HPSUHVDV SRLV QHVVD pSRFD HODV FRPHoDP D XVDU RV SULPHLURV SDFRWHV GH VRIWZDUH HPSUHVDULDOGHVWLQDGRVjPDQLSXODomRGHLQYHQWiULRV8PDGpFDGDGHSRLVHPIXQomR GDWHFQRORJLDXOWUDSDVVDPHVVHOLPLWHGHLQYHQWiULRSDVVDQGRDID]HUWDPEpPRSODQHMDPHQWR GDV PDWpULDVSULPDV H FRPSRQHQWHV QDV HPSUHVDV GHQRPLQDGR SODQHMDPHQWR GDV QHFHVVLGDGHVGHPDWHULDLV0DWHULDO5HTXLUHPHQWV3ODQQLQJ 053
6HJXQGR6/$&.S³R053pXPVLVWHPDTXHDMXGDDVHPSUHVDVDID]HU FiOFXORVGHYROXPHHWHPSRVLPLODUHVDHVVHVPDVQXPDHVFDODHJUDXGHFRPSOH[LGDGHPXLWR PDLRU´1mRIRVVHPRVDYDQoRVWHFQROyJLFRVHVVHVFiOFXORVQmRVHULDPSRVVtYHLVSRUVHUHP FRPSOH[RV7RGDYLDR053WRUQRXVHLQVXILFLHQWHGLDQWHGDVQRYDVGHPDQGDVGHJHVWmRGDV DWLYLGDGHV GH SURGXomR H GLVWULEXLomR $VVLP HYROXLX DWp VXUJLU R FRQKHFLGR 3ODQHMDPHQWR GRV5HFXUVRVGH)DEULFDomR0DQXIDFWXULQJ5HVRXUFHV3ODQQLQJ 053,,
&RPWRGRRSURFHVVRSURGXWLYRLQWHJUDGRDVLQIRUPDo}HVIOXLQGRUDSLGDPHQWHHFRP PDLRUSUHFLVmRFRPHoDUDPDVXUJLUSUREOHPDVQDViUHDVGHVXSRUWHjVDWLYLGDGHVGDSURGXomR
3RU H[HPSOR R VHWRU GH FRPSUDV WLQKD TXH DJXDUGDU TXH DOJXpP OKH LQIRUPDVVH DV QHFHVVLGDGHVGDFRPSUDGHPDWpULDSULPDRXPHVPRRVHWRUGHUHFXUVRVKXPDQRVTXHQmR WLQKDFRQGLo}HVGHVHDQWHFLSDUjVQHFHVVLGDGHVGHPmRGHREUD
(VVH GHVFRQKHFLPHQWR DFDERX SRU FDXVDU SHUGDV VHMD SRU PmRGHREUD RFLRVD PiTXLQDSDUDGDRXSHODIDOWDGHPDWHULDLVSDUDDWHQGHUjVGHPDQGDVGHSURGXomR$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$OpPGRVSUREOHPDVMiPHQFLRQDGRVFRPUHODomRDRGHVHQYROYLPHQWRGHVLVWHPDV SRUHTXLSHLQWHUQDREXJ GR PLOrQLR IH] FRP TXH PXLWDV HPSUHVDV DR LQYpV GH ID]HUHP D PDQXWHQomRHPVHXVDQWLJRVVLVWHPDVHFRQWLQXDUHPDGHVHQYROYrORVLQWHUQDPHQWHRSWDVVHP SHODDGRomRGHXPVLVWHPD(53 4XDQGR D QHFHVVLGDGH GH LQWHUSRODomR GDV LQIRUPDo}HV VH HVWHQGH D WRGD D FDGHLD SURGXWLYDGHVGHRIRUQHFHGRUDWpRFOLHQWHVXUJHPRVSDFRWHV GHQRPLQDGRV SODQHMDPHQWRV GRVUHFXUVRVH[WUDHPSUHVD([WUDSULVH5HVRXUFH3ODQQLQJ (53,, 2V(53VFRQWrPSDFRWHVFRPPyGXORVHVSHFtILFRVSDUDFDGDQHFHVVLGDGHGDHPSUHVD H SURSLFLDP D LQWHJUDomR GDV GLYHUVDV iUHDV TXH FRPS}HP D RUJDQL]DomR (OHV WrP XPD SODWDIRUPDEiVLFDLQWHJUDQGRWRGDVDVLQIRUPDo}HVQRVHQWLGRGHGLPLQXLUDVLQWHUYHQo}HVGR XVXiULR JHUDQGR HFRQRPLD GH WUDEDOKR SDUD DV HPSUHVDV H D DSUHVHQWDomR GDV LQIRUPDo}HV JHUHQFLDLVRQOLQH
'RH[SRVWRREVHUYDPVHRVDYDQoRVTXHRFRUUHUDPDRORQJRGDVGpFDGDVGHVGHRV DQRV DWp R VXUJLPHQWR GRV (53V (PERUD VHMD VLJQLILFDWLYD HVVD HYROXomR WHFQROyJLFD DLQGDQmRVHSRGHGHL[DUGHODGRRVSURFHVVRVH[LVWHQWHV&DMDUDYLOOHSGL]TXH
HPERUD DV HILFiFLDV TXH VH FRQTXLVWDP SHUPLWDP ID]HU VLJQLILFDWLYDV HFRQRPLDV YDOHDSHQDOHYDUHPFRQWDTXHRVSDFRWHVGHVRIWZDUH (53FXVWDPPXLWRGLQKHLUR 3RUWDQWRDVHPSUHVDVGHYHPHVFROKHUFXLGDGRVDPHQWHDVROXomRDGHTXDGD(VHR FDPLQKR FRUUHWR p PRQWDU XPD HTXLSH TXH DQDOLVH HP GHWDOKHV RV SURFHVVRV GD FRPSDQKLDHPRQWHXPDH[WHQVDPDWUL]GHUHTXHULPHQWRVQHPWRGDVRID]HP&RPR UHVXOWDGR GHVVD IDOWD GH SUHYLVmR p FRPXP TXH FRPSUHP SDFRWHV GHVRIWZDUH TXH FXVWDP FHQWHQDV GH PLOKDUHV GH GyODUHV SDUD GHVFREULU ORJR DSyV WHU IHLWR R LQYHVWLPHQWRTXHQmRIXQFLRQDPSDUDDOJXQVGHVHXVSURFHVVRVGHQHJyFLRVFUtWLFRV
(VVD SHUVSHFWLYD DSRQWD SDUD XPD FUHVFHQWH WHQGrQFLD GH VH UHFRQILJXUDU VLVWHPDV LQWHUQRVTXHLQWHJUDOL]HPDVLQIRUPDo}HVHFRQVXEVWDQFLHPVROXo}HVGHPHQRUFXVWRHFRP PHQRUHVLPSOLFDo}HVGHRUGHPH[WHUQD
7(0$(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
QHFHVViULDVDRSURFHVVRGHFLVyULRFRQVLGHUDQGRVHTXHDVLQIRUPDo}HVHVWDYDPIUDJPHQWDGDV SHUGHQGRDYLVmRGHFRQMXQWR
8PIDWRUTXHDWHQXDYDHVVHSUREOHPDGHLQWHJUDomRpTXHRVDSOLFDWLYRVQRUPDOPHQWH HUDP GHVHQYROYLGRV SRU XP VHWRU FHQWUDO GHQRPLQDGR LQIRUPiWLFD (VWH VHWRU VXUJLX MXQWR FRPRVJUDQGHVFRPSXWDGRUHV+RVWDRVTXDLVRDFHVVRHUDOLPLWDGRHSRGLDPDVVLPLPSRU 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 DFHVVtYHODRVXVXiULRVDWUDYpVGRVFRPSXWDGRUHVSHVVRDLV3HUVRQDO&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 VLJQLILFDWLYDPHQWHRPRGRGHWUDEDOKDUGDVSHVVRDVHFRQVHTHQWHPHQWHGDVHPSUHVDV
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
&RPRFRQVHTrQFLDGLYHUVRVSURILVVLRQDLVDFDEDUDPVHXWLOL]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
$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 FRQVHTHQWH 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
+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
-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-XQLRUSGL]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$9,//( S R SDL GD UHHQJHQKDULD UHVVDOWD TXH ³TXDQGR XPD RUJDQL]DomR GHFLGH LQYHVWLU HP XP VLVWHPD (53 GHYHVH WHU HP FRQWD TXH HVWDUiUHLQYHQWDQGRVHXQHJyFLR´1RHQWDQWRGLYHUVRVJHVWRUHVDFUHGLWDPSRUH[HPSORTXH LVVRVHUYLUiSDUDUHGX]LUFXVWRV(PERUDVHWUDWHGHDUJXPHQWRVYiOLGRVDVYHUGDGHLUDVUD]}HV
SDUD LPSOHPHQWiOR QmR VmR DSHQDV WHFQROyJLFDV PDV VLP HVVHQFLDOPHQWH YLQFXODGDV DR QHJyFLR
3RU LVVR HPSUHVDV RSWDP SRU VROXo}HV DOWHUQDWLYDV FRPR FULDU VXEVLVWHPDV GH LQIRUPDomR1RHQWDQWRpQHFHVViULRTXHDVHPSUHVDVGHVHQYROYDPWHFQRORJLDVGHJHVWmRTXH SRVVDPVHUWHVWDGDVDQWHVGHVXDLPSODQWDomRDVVLPLODGDVHFRPSUHHQGLGDVQDSOHQLWXGH$ 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]HQGHIDFLOLWDURSODQHMDPHQWRJHVWmRHFRQWUROHGRVSURFHVVRV
1HVVHSURFHVVRpLPSRUWDQWHREVHUYDUFRQIRUPH0DUWLQVSTXH
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´
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´
1HVVHDVSHFWRHQFRQWUDDSRLRDLQGDHP0DUFRQLH/DNDWRVSDRDILUPDUHP 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´
$DERUGDJHPGDSHVTXLVDpGHQDWXUH]DTXDOLWDWLYD6LOYDH0HQH]HVDILUPDP TXHD ³SHVTXLVDTXDOLWDWLYDOHYDHPFRQVLGHUDomRDH[LVWrQFLDGLQkPLFDGHXPPXQGRUHDOHR SHVTXLVDGRU 6XD EDVH SULQFLSDO p D LQWHUSUHWDomR GRV IHQ{PHQRV H DWULEXLU D HOHV XP VLJQLILFDGRVHQGRTXHQHVVHHVWXGRQmRFDEHRXVRGHPpWRGRVHWpFQLFDVHVWDWtVWLFDV´
2HVWXGRH[SORUDWyULRGHQDWXUH]DTXDOLWDWLYDIRLYLDELOL]DGRSRUPHLRGHXPHVWXGR GHFDVR9HUJDUDSH[SOLFLWDTXHRHVWXGRGHFDVRp³FLUFXQVFULWRDXPDRXSRXFDV XQLGDGHV HQWHQGLGDV HVVDV FRPR XPD SHVVRD XPD IDPtOLD XP SURGXWR XPD HPSUHVD XP yUJmR S~EOLFR XPD FRPXQLGDGH RX PHVPR XP SDtV 7HP FDUiWHU GH SURIXQGLGDGH H GHWDOKDPHQWR´
2HVWXGRGHFDVRIRLUHDOL]DGRQD)LDW$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
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
1RWUDWDPHQWRGRVGDGRVIRLDGRWDGDDDQiOLVHGHFRQWH~GRSDUDDVIRQWHVSULPiULDVH GRFXPHQWDLV&KL]]RWWLSGHILQHDDQiOLVHGRFXPHQWDOFRPR³PpWRGRGH 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
$RHODERUDURWUDEDOKRSURFXURXVHHVWUXWXUiORGHIRUPDDHVWDEHOHFHUXPDVHTrQFLD 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 VHTrQFLD 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 VHTrQFLD DERUGD D WHFQRORJLD GD LQIRUPDomR EHP FRPR D
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$SUHVHQWDVHXPDYLVmRJHUDOGDSURSRVWDHSRVWHULRUPHQWHGHWDOKHVGDIRUPDGH DSXUDomR H GD LQWHUDomR SURSRVWD FRP QRYRV VXEVLVWHPDV DVVLP FRPR D GHVFULomR GHVVHV 7DPEpPVmRDSUHVHQWDGDVDVUHFRQILJXUDo}HVTXHHVVHVVXEVLVWHPDVGHYHUmRWHUSDUDDWHQGHU jVQHFHVVLGDGHVGHDSXUDomRGRFXVWRGRVSURGXWRVYHQGLGRV)LQDOPHQWHVmRDSUHVHQWDGRVRV SRQWRVIDFLOLWDGRUHVHGLILFXOWDGRUHVGDSURSRVWD
1R TXLQWR FDStWXOR DSUHVHQWDPVH DV FRQFOXV}HV GR HVWXGR H VXJHVW}HV SDUD IXWXURV WUDEDOKRVVREUHRWHPDLQYHVWLJDGR
5(9,62%,%/,2*5È),&$
1HVWH FDStWXOR FRQWHPSODVH D IXQGDPHQWDomR WHyULFD TXH VXVWHQWD R SUHVHQWH WUDEDOKR3ULPHLUDPHQWHGHVWDFDVHDDERUGDJHPVLVWrPLFDGDVRUJDQL]Do}HV 1DVHTrQFLD 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\SDPSOLDPHVVDFRQFHSomR³HTXLILQDOLGDGH±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%LRS R FRQVLGHUD FRPR ³DOJR PDLV TXH PHURV FRPSRQHQWHV UHXQLGRV FRPR XP VLVWHPD GH SDUWHVHVWUHLWDPHQWHUHODFLRQDGDVFRPIOXLGH]GLQkPLFD´
$ 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 FRQVHTHQWH 7DLV SURFHVVRV FRQIRUPH%XOJDFRYS³GHYHPVHUIOH[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 DXWRUHV6WDLUSGHILQHVLVWHPDFRPR
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
2OLYHLUDS 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%XOJDFRYS³XPVLVWHPDRUJDQL]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%XOJDFRYQmR LQWHUDJHPFRPRDPELHQWH,VVRTXHUGL]HUTXHVHXVHOHPHQWRVQmRLQWHUDJHPFRPHOHPHQWRV H[WHUQRVDRVLVWHPD$VVLPXPVLVWHPDIHFKDGRpDXWRFRQWLGR
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 GHQRPLQDGRIRUQHFHGRUTXHpXWLOL]DGRSHORVLVWHPD
x 6DtGDRXWSXWeXPHOHPHQWRSURGX]LGRSHORVLVWHPDTXHpXWLOL]DGRSRU XPHOHPHQWRGRDPELHQWHGHQRPLQDGRFOLHQWH
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 VLVWHPDFXMDVFDXVDVHFRQVHTrQFLDVVmRGHLQWHUHVVHSDUDRVSURSyVLWRVGD 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 SURFHVVRHVDtGDVmRRVPHLRVSHORVTXDLVRVVLVWHPDVGHLQIRUPDomRWUDQVIRUPDPRVGDGRV HPXPDIRUPDXWLOL]iYHOSDUDDFRRUGHQDomRGRIOX[RGHWUDEDOKRGHXPDHPSUHVD
$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
)LJXUD'HVLJQVyFLRWpFQLFRGRVVLVWHPDVGHLQIRUPDomR
)RQWH/DXGRQH/DXGRQS
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 $PELHQWHH[WHUQR
6,67(0$'(,1)250$d2
2 WHUPR ³LQIRUPDomR´ p XP FRQFHLWR SUHVHQWH HP WRGR R WUDEDOKR Mi TXH VXD LPSRUWkQFLD SDUD RV JHVWRUHV HVWi IXQGDPHQWDGD QR VXEVtGLR TXH DV SUySULDV LQIRUPDo}HV SURSRUFLRQDPSDUDDFRQGXomRGDVDWLYLGDGHVHPSUHVDULDLVPLQLPL]DQGRRQtYHOGHLQFHUWH]DV QD WRPDGD GH GHFLVmR 3DUD 2OLYHLUD S ³GHFLVmR p XPD HVFROKD HQWUH YiULRV FDPLQKRV DOWHUQDWLYRV TXH OHYDP D GHWHUPLQDGR UHVXOWDGR´ ,VWR SUHVVXS}H R FRQKHFLPHQWR SUpYLRGDVFRQGLo}HVGDHPSUHVDHGHVHXDPELHQWHDWUDYpVGHGDGRVLQIRUPDFLRQDLV
2VGDGRVLQIRUPDFLRQDLVSRGHPVHUFRQVLGHUDGRVIDWRVEUXWRVTXHSHUPHLDPRIOX[R GDDWLYLGDGHHPSUHVDULDO3DUD6WDLUS³GDGRVVmRRVIDWRVHPVXDIRUPDSULPiULD FRPR SRU H[HPSOR R QRPH GH XP HPSUHJDGR H R Q~PHUR GH KRUDV WUDEDOKDGDV HP XPD VHPDQDQ~PHURGHSHoDVHPHVWRTXHRXSHGLGRVGHYHQGD´
(PUHODomRjLQIRUPDomR6WDLUSDGX]TXH³LQIRUPDomRpXPFRQMXQWRGH IDWRVRUJDQL]DGRVGHWDOIRUPDTXHDGTXLUHPYDORUDGLFLRQDODOpPGRYDORUGRIDWRHPVL´$ 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/DXGRQSH[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
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
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 &RQVHTHQWHPHQWH 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%HXUHQS
³VmRIXQGDPHQWDLVQRDSRLRjVHVWUDWpJLDVHSURFHVVRVGHWRPDGDGHGHFLVmREHPFRPR QRFRQWUROHGDVRSHUDo}HVHPSUHVDULDLV´ 1HVVHVHQWLGR&KDPEHUVSDSXG %(85(1SPHQFLRQDTXH³D LQIRUPDomRpDOJRUHFHQWHPHQWHDSUHHQGLGRTXHSRGHFRQVLVWLUGHREMHWRVFRQILJXUDo}HVGH REMHWRVRXUHODWyULRVVREUHREMHWRV´0F*HHH3UXVDNSDUJXPHQWDPTXH 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$OpPGLVVRLPSOLFDHPVDEHUDFHVVDUDLQIRUPDomR GHIRUPDDREWHURVPHOKRUHVUHVXOWDGRVRXEHQHItFLRV
6HJXQGR2OLYHLUDpFDGDYH]PDLVLPSRUWDQWHSDUDRLQGLYtGXRjVHPSUHVDVGH IRUPD JHUDO H DR WRPDGRU GH GHFLV}HV D REWHQomR GH LQIRUPDo}HV TXH VXEVLGLHP DV VXDV GHWHUPLQDo}HVTXHOKHVSRVVLELOLWHPDQDOLVDUDVPXWDo}HVGRDPELHQWHVRFLDOHFRQ{PLFRH WHFQROyJLFRSODQHMDUHIRUPXODUDo}HVHPXPSURFHVVRFRQWtQXRGHHYROXomR
'HVVHPRGRpSUHFLVRGHWHUPLQDUTXDLVDVLQIRUPDo}HVUHOHYDQWHVHGLVSRQtYHLVSDUD FDGDQHFHVVLGDGHeQHFHVViULRFULDUXPD PHWRGRORJLD SDUD JHUDU LQIRUPDo}HV H GHWHUPLQDU FRPRHODVSRGHPVHUXWLOL]DGDVTXDQGRGLVSRQtYHLV$XWLOL]DomRGDVLQIRUPDo}HVHVWiILFDQGR FDGD YH] PDLV FRPSOH[D H VRILVWLFDGD H[LJLQGR XPD HODERUDomR FULWHULRVD SDUD HYLWDU WUDQVWRUQRVH[FHVVRGHGDGRVHLQIRUPDo}HVLUUHOHYDQWHVDXPFXVWRHOHYDGR
'DGRHLQIRUPDomR
$QWHV GR DSURIXQGDPHQWR GRV HVWXGRV H DQiOLVHV GDV DERUGDJHQV WUDWDGDV QHVWH WUDEDOKRpQHFHVViULRGHL[DUFODURVDOJXQVFRQFHLWRVEiVLFRVHWHUPRVQRUPDOPHQWHXWLOL]DGRV SRLVHPWRGDiUHDGHVLVWHPDVGHLQIRUPDo}HVXWLOL]DPVHSDGU}HVHGHILQLo}HVHVSHFtILFRVDR VHXHVWXGR
2OLYHLUD S TXDOLILFD GDGR FRPR ³TXDOTXHU HOHPHQWR LGHQWLILFDGR HP VXD IRUPDEUXWDTXHSRUVLVyQmRFRQGX]DXPDFRPSUHHQVmRGHGHWHUPLQDGRIDWRRXVLWXDomR´ 7UDQVIHULQGR HVVD LGpLD SDUD D RUJDQL]DomR SRGHVH FRPSDUDU XP UHJLVWUR HP DUTXLYR VHP TXH R PHVPR YHQKD D FRPSRU XP UHODWyULR 3DUD &UX] S Ki XP ³SURFHVVR GH WUDQVIRUPDomRGHGDGRVHPLQIRUPDo}HVTXHVmRXWLOL]DGDVQDHVWUXWXUDGHFLVyULDGDHPSUHVD EHPFRPRSURSRUFLRQDPDVXVWHQWDomRDGPLQLVWUDWLYDSDUDRWLPL]DURVUHVXOWDGRVHVSHUDGRV´ 2OLYHLUDSFRPHQWDTXH³DLQIRUPDomRpXPUHFXUVRYLWDOSDUDDHPSUHVDH LQWHJUDTXDQGRGHYLGDPHQWHHVWUXWXUDGDRVGLYHUVRVVXEVLVWHPDVHSRUWDQWRDVIXQo}HVGDV YiULDVXQLGDGHVRUJDQL]DFLRQDLVGDHPSUHVD´$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]SEDQFRGHGDGRVp³XPD HQWLGDGH TXH DJUXSD GHQWUR GH XP ~QLFR HOHPHQWR WRGDV DV LQIRUPDo}HV QHFHVViULDV j VXD H[LVWrQFLD´
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 DLQIRUPDomR9LGDOSGHILQH³VRIWZDUH 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]HQGHJHQHULFDPHQWHFRQVLGHUDGRXP6LVWHPDGH,QIRUPDomR6,
'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$VVLP5H]HQGHH$EUHXSDILUPDPTXH
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
9LGDOSFRPHQWDTXH³H[LVWHPPXLWDVIRUPDVGHFRQFHLWXDUXPVLVWHPDGH LQIRUPDomRHTXHVRPHQWHSRGHVHUHQWHQGLGRRWHUPRDSDUWLUGDLGpLDGHLQIRUPDomRFRPR UHVXOWDGR GR WUDWDPHQWR GH GDGRV´ VHQGR SRUWDQWR R GDGR XP LWHP HOHPHQWDU TXH LVRODGDPHQWHQDGDUHSUHVHQWD1RHQWDQWRFRPS}HDLQIRUPDomRDSyVRVHXSURFHVVDPHQWRH RUGHQDomR