/$$/,$68(92/8,21(92/8,Ï1(/21(372($/,$/DDOLGDGKDH[SHULPHQWDGRXQSURIXQGRFDPELRKDVWDOOHJDUDORTXHKRFRQRFHPRVSRUDOLGDG7RWDOWDPE...
3RVWHULRUPHQWH IXH HYROXFLRQDQGR HO FRQFHSWR GH FDOLGDG TXH OD QRUPD 81( GHILQHFRPR/DDGHFXDFLyQDOXVRGHOSURGXFWRRPiVGHWDOOD...
0iV UHFLHQWHPHQWH HO FRQFHSWR GH FDOLGDG KD WUDVFHQGLGR KDFLD WRGRV ORV iPELWRV GH ODRUJDQL]DFLyQDVtDFWXDOPHQWHVHGHILQHFRP...
3RGHPRVREVHUYDUTXHHVWD~OWLPDGHILQLFLyQHQJOREDFRQFHSWXDOPHQWHDODVHJXQGDpVWDDVXYH]DODSULPHUD(QSDUDOHORFRQHVWDHYROXFLyQKDQLGR...
VXUJLy HO WpUPLQR 4XDOLW$VVXUDQFHTXHSRGHPRVWUDGXFLUORFRPRJDUDQWtDRDVHJXUDPLHQWRGHODFDOLGDG TXHHQJORED DO FRQMXQWR GH DFWLY...
3RVWHULRUPHQWHFRQUHODFLyQDODGHILQLFLyQ
KDQVXUJLGRYDULRVWpUPLQRVFRPR7RWDO4XDOLW 0DQDJHPHQW RPSDQ :LGH 4XDOLW RQWURO HWF TXH SRGUtDPRV WUDGXFLUHOLPLQDQGR SHTXHxRV ...
$xRV                                                                                               6LVWHPDVGH             ...
D ODLQVSHFFLyQ UHGXFLHQGR ORV FRVWHV DO HYLWDU FRQWURODU HO  GH ODV SLH]DV LYHUVRVDQiOLVLV GLFWDPLQDURQ TXH UHDOL]DQGR FRQ...
GHORVFXDOHVGHSHQGHFRPRVDOJDHOSURGXFWRQRVHUtDQHFHVDULRFRQWURODUpVWH:6KHZKDUWGHVDUUROOyDSDUWLUGHHVWHFRQFHSWRODPHWRGRORJtDFRQ...
*HVWLyQGHODDOLGDGHILQLFLyQ/DJHVWLyQGHODFDOLGDGHVHOFRQMXQWRGHDFFLRQHVSODQLILFDGDVVLVWHPiWLFDVTXH VRQQHFHVDULDVSDUDSURSRUFLR...
LQYLWy HQ ORV DxRV  D H[SHUWRVDPHULFDQRVFRPRHPLQJ,PDQRWURVSDUDTXHH[SOLFDVHQDORVGLUHFWLYRVMDSRQHVHVODVSUiFWLFDV GH JHVWLyQ ...
VRUSUHQGLHQGRFRQODVHOHYDGDVFRWDVGHFRPSHWLWLYLGDGDOFDQ]DGDVSRUVXVHPSUHVDV
7DORULVPRDOLGDG7RWDO$ FRPLHQ]RV GH HVWH VLJOR )UHGHULF 7DORU GHVDUUROOy OD ³2UJDQL]DFLyQ LHQWtILFD GHO7UDEDMR´ (VWD FLHQFL...
(VWHRWURVSULQFLSLRVSRVWXODGRVSRUHO7DORULVPRHVWDEDQDGDSWDGRVDODUHDOLGDGGHVXpSRFD SHUR DFWXDOPHQWH HO HQWRUQR KD FDPELDGR UD...
$3257$,21(6(67$$%/(6((;3(5726 $XWRU                      $SRUWDFLyQ :DOWHU6KHZKDUW            LFORGH6KHZKDUW 3$
(O SURFHVR PHWRGROyJLFR EiVLFR SDUD DVHJXUDU                            ODVDFWLYLGDGHVIXQGDPHQWDOHVGHPHMRUDPDQWHQLPLHQWR3O...
(VXQSURFHVRPHWRGROyJLFREiVLFRSDUDUHDOL]DUODVDFWLYLGDGHVGHPHMRUDPDQWHQHUORTXHVHDPHMRUDGR$VLPLVPR GHVDUUROOy HO RQWURO (VWDG...
(:$5(0,1*(QWUHODVGLIHUHQWHVDSRUWDFLRQHVGHHVWHDXWRU DODFDOLGDGFDEHGHVWDFDUGRVORVFDWRUFHSXQWRVGHHPLQJODGLYXOJDFLyQGHOFLFOR3$...
(Q OD SODQLILFDFLyQ OD RUJDQL]DFLyQ ILMD XQRV REMHWLYRV HQ FXDQWR D ³FRVWHV GH PDOD     FDOLGDGGHILQHODVDFFLRQHVQHFHVDULDV...
RVWHVGHODQRFDOLGDG                                      3UREOHPDSXQWXDO                                                   ...
1XHYD]RQDGHFRQWUROGH                                                                                     FDOLGDG          ...
)XQFLRQHV                                               HVFULSFLyQ ,QYROXFUDUDXPHQWDUHO                 +HUUDPLHQWD SDUD L...
RMXVWRDWLHPSR/DXWLOL]DFLyQ GHO-,7HVWi RULHQWDGD DPHMRUDUORVUHVXOWDGRVGHODRUJDQL]DFLyQFRQODSDUWLFLSDFLyQGHORVHPSOHDGRVDWUDY...
/RVWLSRVGHHVSLOIDUUR                                       (MHPSORV 3RUH[FHVRGHSURGXFFLyQ                      3URGXFFLyQQ...
N (PSOHR GH WpFQLFDV GH FDPELR UiSLGR GH XWLOODMH SDUD UHGXFLU ORV WLHPSRV GH FDPELR  60(6LQJOH0LQXWH([FKDQJHH
0$6$$.,,0$,(VHOGLIXVRUGHO.$,=(1XQDHVWUDWHJLDGHPHMRUDFRQWLQXDTXHVLQWHWL]DDOJXQDVGHODVSULQFLSDOHVWHRUtDVVREUHODFDOLGDGDSOLFi...
GH OD .DL]HQPHMRUD
VHPXHVWUDQDFRQWLQXDFLyQ                     3ULQFLSLRV.$,58                                                3ULQFLSLRV.$,=(...
PHMRUDFRQWLQXD
DPELRVLPSRUWDQWHV                                     3HTXHxRVFDPELRVRPHMRUDVJUDGXDOHV 2ULHQWDGRDHVSHFLDOLVWDV            ...
Nächste SlideShare
Wird geladen in …5
×

Concepto de calidad

213 Aufrufe

Veröffentlicht am

0 Kommentare
0 Gefällt mir
Statistik
Notizen
  • Als Erste(r) kommentieren

  • Gehören Sie zu den Ersten, denen das gefällt!

Keine Downloads
Aufrufe
Aufrufe insgesamt
213
Auf SlideShare
0
Aus Einbettungen
0
Anzahl an Einbettungen
1
Aktionen
Geteilt
0
Downloads
1
Kommentare
0
Gefällt mir
0
Einbettungen 0
Keine Einbettungen

Keine Notizen für die Folie

Concepto de calidad

  1. 1. /$$/,$68(92/8,21(92/8,Ï1(/21(372($/,$/DDOLGDGKDH[SHULPHQWDGRXQSURIXQGRFDPELRKDVWDOOHJDUDORTXHKRFRQRFHPRVSRUDOLGDG7RWDOWDPELpQGHQRPLQDGR([FHOHQFLD(QHOFRQWH[WRGHODVRUJDQL]DFLRQHVLQGXVWULDOHVGHVGHFRPLHQ]RVGHHVWHVLJORWDOYH]DQWHVVHHQWHQGtDODFDOLGDGFRPR(O JUDGR HQ TXH XQ SURGXFWR FXPSOtD FRQ ODV HVSHFLILFDFLRQHV WpFQLFDV TXH VH KDEtDQHVWDEOHFLGRFXDQGRIXHGLVHxDGR
  2. 2. 3RVWHULRUPHQWH IXH HYROXFLRQDQGR HO FRQFHSWR GH FDOLGDG TXH OD QRUPD 81( GHILQHFRPR/DDGHFXDFLyQDOXVRGHOSURGXFWRRPiVGHWDOODGDPHQWHHOFRQMXQWRGHSURSLHGDGHVFDUDFWHUtVWLFDV GH XQ SURGXFWR RVHUYLFLR TXH OH FRQILHUHQ VX DSWLWXG SDUD VDWLVIDFHU ODVQHFHVLGDGHVH[SUHVDGDVRLPSOtFLWDV
  3. 3. 0iV UHFLHQWHPHQWH HO FRQFHSWR GH FDOLGDG KD WUDVFHQGLGR KDFLD WRGRV ORV iPELWRV GH ODRUJDQL]DFLyQDVtDFWXDOPHQWHVHGHILQHFRPR7RGDV ODV IRUPDV D WUDYpV GH ODV FXDOHV OD RUJDQL]DFLyQ VDWLVIDFH ODV QHFHVLGDGHV H[SHFWDWLYDV GH VXV FOLHQWHV VXV HPSOHDGRV ODV HQWLGDGHV LPSOLFDGDV ILQDQFLHUDPHQWH WRGDODVRFLHGDGHQJHQHUDO
  4. 4. 3RGHPRVREVHUYDUTXHHVWD~OWLPDGHILQLFLyQHQJOREDFRQFHSWXDOPHQWHDODVHJXQGDpVWDDVXYH]DODSULPHUD(QSDUDOHORFRQHVWDHYROXFLyQKDQLGRWDPELpQSURJUHVDQGRORVPHFDQLVPRVPHGLDQWHORVFXDOHVODVRUJDQL]DFLRQHVKDQJHVWLRQDGRODFDOLGDG$VtLQLFLDOPHQWHVHKDEODEDGHFRQWUROGHFDOLGDGGHSDUWDPHQWRRIXQFLyQUHVSRQVDEOHGHOD LQVSHFFLyQ HQVDR GH ORV SURGXFWRV SDUD YHULILFDU VX FRQIRUPLGDG FRQ ODVHVSHFLILFDFLRQHV (VWDV LQVSHFFLRQHV VH UHDOL]DEDQ HQ XQ SULQFLSLR PDVLYDPHQWH HQ HOSURGXFWRDFDEDGRPiVWDUGHVHIXHURQDSOLFDQGRGXUDQWHHOSURFHVRGHIDEULFDFLyQ(Q ORV DxRV HQ FRQVRQDQFLD FRQ OD GHILQLFLyQ
  5. 5. VXUJLy HO WpUPLQR 4XDOLW$VVXUDQFHTXHSRGHPRVWUDGXFLUORFRPRJDUDQWtDRDVHJXUDPLHQWRGHODFDOLGDG TXHHQJORED DO FRQMXQWR GH DFWLYLGDGHV SODQLILFDGDV VLVWHPiWLFDV QHFHVDULR SDUD GDUFRQILDQ]DGHTXHXQSURGXFWRRVHUYLFLRYDDVDWLVIDFHUORVUHTXHULPLHQWRVHVWDEOHFLGRV7RGR HVWH iPELWR TXH VH FLUFXQVFULEH D OD FHUWLILFDFLyQ ,62 KD SDVDGR DGHQRPLQDUVHDFWXDOPHQWH*HVWLyQGHODDOLGDG
  6. 6. 3RVWHULRUPHQWHFRQUHODFLyQDODGHILQLFLyQ
  7. 7. KDQVXUJLGRYDULRVWpUPLQRVFRPR7RWDO4XDOLW 0DQDJHPHQW RPSDQ :LGH 4XDOLW RQWURO HWF TXH SRGUtDPRV WUDGXFLUHOLPLQDQGR SHTXHxRV PDWLFHV HQWUH HOORV VLPSOLILFDQGR FRPR DOLGDG 7RWDO R([FHOHQFLD /DDOLGDG7RWDOHVXQDHVWUDWHJLDJOREDOGHJHVWLyQGHWRGDODRUJDQL]DFLyQ(7$3$6(/$(92/8,21(/(1)248((/$$/,$ (QIRTXHGHODDOLGDG *(67,21( 7226/26(/(0(1726( $/,$727$/ /$ (;(/(1,$25*$1,=$,21 /,(17( *(67,21(/$$/,$ 352872 21752/(/$$/,$ (YROXFLyQGHODDOLGDG+R HQ GtD ODV HPSUHVDV RWUDV RUJDQL]DFLRQHV VXV GHSDUWDPHQWRV SXHGHQ HVWDU HQFXDOTXLHUDGHODVGLVWLQWDVHWDSDVDQWHULRUPHQWHFLWDGDV(VWD HYROXFLyQ GHO FRQFHSWRGH OD FDOLGDG KD VLGR SDUDOHOD D OD HYROXFLyQ HQ ORV~OWLPRVDxRVGHORVVLVWHPDVGHSURGXFFLyQ(VWRVKDQHYROXFLRQDGRGHVGHODSURGXFFLyQHQPDVDKDVWDODSURGXFFLyQDMXVWDGDOHDQSURGXFWLRQ
  8. 8. $xRV 6LVWHPDVGH (QPDVD $MXVWDGD SURGXFFLyQ RQFHSWRGHFDOLGDG RQIRUPLGDGFRQ 6DWLVIDFFLyQGHODV 6DWLVIDFFLyQGHOFOLHQWHGHORV HVSHFLILFDFLRQHV QHFHVLGDGHVGHORV HPSOHDGRVDFFLRQLVWDV FOLHQWHV VRFLHGDG (WDSDVGHODJHVWLyQGH RQWUROGHFDOLGDG *HVWLyQGHODFDOLGDG ODFDOLGDG DOLGDG7RWDO([FHOHQFLDRQWUROGHODDOLGDGHILQLFLyQ³(OFRQWUROGHODFDOLGDGHVHOFRQMXQWRGHWpFQLFDVDFWLYLGDGHVGHFDUiFWHURSHUDWLYRXWLOL]DGDVSDUDYHULILFDUORVUHTXLVLWRVUHODWLYRVDODFDOLGDGGHOSURGXFWRRVHUYLFLR´/RVGHSDUWDPHQWRVGHFRQWUROGHFDOLGDGVXUJHQHQODVHPSUHVDVDSULQFLSLRVGHOVLJOR;;PRPHQWRHQHOTXHHO7DORULVPRSURSXJQDEDXQDFODUDGLYLVLyQGHIXQFLRQHVWDUHDVHQODV RUJDQL]DFLRQHV HQ FRQVHFXHQFLD XQD GLIHUHQFLDFLyQ HQWUH ODV SHUVRQDV TXH HMHFXWDQWDUHDVODVTXHFRQWURODQ(OVHJXQGRJUDQKLWRGHHVWHVLJORIXHODOtQHDGHPRQWDMHGHVDUUROODGDSRU+HQU)RUG(VWH VLVWHPD UHTXHUtD TXH ODV SLH]DV XWLOL]DGDV HQ OD OtQHD IXHUDQ LQWHUFDPELDEOHV SRUWDQWR GHEHUtDQ FXPSOLU XQRV UHTXLVLWRV PtQLPRV ,QWURGXMR ODV WROHUDQFLDV TXH ODV SLH]DVGHEHUtDQ FXPSOLU SDUD JDUDQWL]DU VX PRQWDMH VH LPSXVR HO FRQFHSWR GH LQVSHFFLyQ RFRQWUROGHFDOLGDGDSOLFDGDDWRGRVORVSURGXFWRVWHUPLQDGRV3RVWHULRUPHQWH KDFLD VH LQWURGXFH OD HVWDGtVWLFD SODQHV GH PXHVWUHR
  9. 9. D ODLQVSHFFLyQ UHGXFLHQGR ORV FRVWHV DO HYLWDU FRQWURODU HO GH ODV SLH]DV LYHUVRVDQiOLVLV GLFWDPLQDURQ TXH UHDOL]DQGR FRQWUROHV LQWHUPHGLRV HQ HO SURFHVR VH HYLWDEDSURFHVDUXQSURGXFWRTXH D OOHYDEDLPSOtFLWR HO GHIHFWR SRU HO FXDOVHLED DUHFKD]DU DOILQDO3RUHOORVHSDVyGHODLQVSHFFLyQILQDOGHOSURGXFWRDFDEDGRDOFRQWUROGHFDOLGDGHQODVGLIHUHQWHVIDVHVGHOSURFHVR$FRQWLQXDFLyQVHYLRTXHVXSRQtDXQPHQRUFRVWH HUDPiVILDEOH FRQWURODUHOSURFHVRTXH HO SURGXFWR (V GHFLU VL VH ORJUDED WHQHU EDMR FRQWURO ORV SDUiPHWURV GHO SURFHVRWHPSHUDWXUDSUHVLyQWLHPSRHWF
  10. 10. GHORVFXDOHVGHSHQGHFRPRVDOJDHOSURGXFWRQRVHUtDQHFHVDULRFRQWURODUpVWH:6KHZKDUWGHVDUUROOyDSDUWLUGHHVWHFRQFHSWRODPHWRGRORJtDFRQRFLGDFRPR³RQWUROHVWDGtVWLFRGHSURFHVRV´HQORVDxRV
  11. 11. *HVWLyQGHODDOLGDGHILQLFLyQ/DJHVWLyQGHODFDOLGDGHVHOFRQMXQWRGHDFFLRQHVSODQLILFDGDVVLVWHPiWLFDVTXH VRQQHFHVDULDVSDUDSURSRUFLRQDUODFRQILDQ]DDGHFXDGDGHTXHXQSURGXFWRRVHUYLFLRYDDVDWLVIDFHUORVUHTXLVLWRVGDGRVVREUHODFDOLGDG6LJXLHQGR HO SURFHVR GH VLPSOLILFDFLyQ UHGXFFLyQ GH FRVWHVGHO FRQWURO GH FDOLGDG ORVJUDQGHV FRPSUDGRUHV VH GLHURQ FXHQWD TXH SDUD JDUDQWL]DU TXH VXV SURYHHGRUHV OHVHQYLDUDQORVSURGXFWRVFXPSOLHQGRVXVHVSHFLILFDFLRQHVHUDQHFHVDULRTXH RUJDQL]DUDQ GRFXPHQWDUDQWRGRVDTXHOORVDVSHFWRVGHVXRUJDQL]DFLyQTXHSXGLHUDQLQIOXLUHQODFDOLGDGGHOSURGXFWRTXHOHVVXPLQLVWUDEDQ7RGRHOORGHEtDHVWDUVLVWHPDWL]DGRGRFXPHQWDGRSRUHOORHPSH]DURQDREOLJDUDVXVSURYHHGRUHVDJDUDQWL]DUODFDOLGDG8QVLVWHPDGHJHVWLyQGHODDOLGDGGHEHHVWDUGRFXPHQWDGRFRQXQPDQXDOGHFDOLGDGFRQSURFHGLPLHQWRVHLQVWUXFFLRQHVWpFQLFDVGHEHUHYLVDUVHVXFXPSOLPHQWRDWUDYpVGHDXGLWRUtDV HEH FRQWHPSODU WRGRV DTXHOORV DVSHFWRV TXH WHQJDQ LQFLGHQFLD HQ OD FDOLGDGILQDOGHOSURGXFWRRVHUYLFLRTXHSUHVWDODRUJDQL]DFLyQ(QORV~OWLPRVDxRVKDQJR]DGRGHJUDQSRSXODULGDGODVQRUPDVGH³$VHJXUDPLHQWRGHODDOLGDG´GHODVHULH,62QRUPDVTXHDSDUWLUGHOGHHQHURGHKDQSDVDGRDGHQRPLQDUVH³*HVWLyQGHODDOLGDG´FRQXQDQRUPDFHUWLILFDEOHODQRUPD,62DOLGDG7RWDO([FHOHQFLDHILQLFLyQ/D DOLGDG 7RWDO ([FHOHQFLD HV XQD HVWUDWHJLD GH JHVWLyQ FXR REMHWLYR HV TXH ODRUJDQL]DFLyQVDWLVIDJD GH XQD PDQHUD HTXLOLEUDGD ODVQHFHVLGDGHV H[SHFWDWLYDV GHORVFOLHQWHVGHORVHPSOHDGRVGHORVDFFLRQLVWDVGHODVRFLHGDGHQJHQHUDO(OIHQyPHQRMDSRQpV-DSyQ KDEtD VDOLGR PDO SDUDGR GH OD 6HJXQGD *XHUUD 0XQGLDO GHEtD UHFXSHUDUVH 1RGLVSRQtDGHUHFXUVRVSURSLRVH[FHSWRODVSHUVRQDVVXPDWHULDJULV/D -86( 8QLyQ-DSRQHVD GH LHQWtILFRV H ,QJHQLHURV
  12. 12. LQYLWy HQ ORV DxRV D H[SHUWRVDPHULFDQRVFRPRHPLQJ,PDQRWURVSDUDTXHH[SOLFDVHQDORVGLUHFWLYRVMDSRQHVHVODVSUiFWLFDV GH JHVWLyQ XWLOL]DGDV HQ ODV HPSUHVDV DPHULFDQDV FRQ HVSHFLDO pQIDVLV HQ ODVWpFQLFDVHVWDGtVWLFDVXWLOL]DGDVHQHOFRQWUROGHSURFHVRV$SDUWLUGHDTXtVHGHVHQFDGHQyXQDPRYLOL]DFLyQVLQSUHFHGHQWHVHQODKLVWRULDDQLYHOGHOSDtV3RVWHULRUPHQWHORVMDSRQHVHVKDQUHDOL]DGRODVPDRUHVDSRUWDFLRQHVPHWRGROyJLFDVDQLYHO PXQGLDO MXVW LQ WLPH TXDOLW IXQFWLRQ GHSORPHQW 4) FtUFXORV GH FDOLGDG HWF
  13. 13. VRUSUHQGLHQGRFRQODVHOHYDGDVFRWDVGHFRPSHWLWLYLGDGDOFDQ]DGDVSRUVXVHPSUHVDV
  14. 14. 7DORULVPRDOLGDG7RWDO$ FRPLHQ]RV GH HVWH VLJOR )UHGHULF 7DORU GHVDUUROOy OD ³2UJDQL]DFLyQ LHQWtILFD GHO7UDEDMR´ (VWD FLHQFLD DSRUWy ULJRU D OD JHVWLyQ GH ODV RUJDQL]DFLRQHV VXV SULQFLSLRVEiVLFRV GH GHVFRPSRVLFLyQ GHO WUDEDMR HQ DFWLYLGDGHV HOHPHQWDOHV HVSHFLDOL]DQGR DOPi[LPRHQHOODVDORVRSHUDULRVSHUPLWLyDODVHPSUHVDVGHVDUUROODUVHFRQWUDWDQGRSHUVRQDVSURFHGHQWHV GHO FDPSR VLQ QLQJXQD FXDOLILFDFLyQ HQ OD SODQWD GH 5LYHU 5RXJH GH OD)25VHKDEODEDQLGLRPDVGLIHUHQWHV
  15. 15. (VWHRWURVSULQFLSLRVSRVWXODGRVSRUHO7DORULVPRHVWDEDQDGDSWDGRVDODUHDOLGDGGHVXpSRFD SHUR DFWXDOPHQWH HO HQWRUQR KD FDPELDGR UDGLFDOPHQWH UHVSHFWR D FRPLHQ]RV GHVLJORN *OREDOL]DFLyQGHORVPHUFDGRVN (OHYDGRQLYHOGHFXDOLILFDFLyQGHODVSHUVRQDVN $FFHVLELOLGDGDODVWHFQRORJtDVN 3DtVHVHPHUJHQWHVFRQLQGXVWULDOL]DFLyQUDSLGtVLPD1R REVWDQWH PXFKDV GH ODV RUJDQL]DFLRQHV RFFLGHQWDOHV WDPELpQ GH OD $39 HVWiQLPSUHJQDGDVGHOWDORULVPRUHTXLHUHQVHULDVPRGLILFDFLRQHVSDUDDGDSWDUVHDODUHDOLGDGDFWXDO/DHVWUDWHJLDGHJHVWLyQFRQRFLGDFRPRDOLGDG7RWDO±([FHOHQFLDHVXQFRPSHQGLRGHODV PHMRUHV SUiFWLFDV GH JHVWLyQ TXH SXHGHQ GHEHQ GHVDUUROODU ODV HPSUHVDV RWUDVRUJDQL]DFLRQHVSDUDDGDSWDUVHDODUHDOLGDGDFWXDOGHFDPELRFDGDYH]PiVUiSLGR (QIRTXHWUDGLFLRQDO (QIRTXHDFWXDO WDORULDQR DOLGDG7RWDO([FHOHQFLD3URGXFLUELHQHV *HQHUDUVDWLVIDFFLyQGHOFOLHQWH2EMHWLYRVGHSDUWDPHQWDOHV 2EMHWLYRVHVWUDWpJLFRVOLJDGRVDSURFHVRV8QRVSRFRVORSLHQVDQWRGR 7RGRVSLHQVDQ7UDEDMRLQGLYLGXDO 7UDEDMRHQHTXLSR(QIDVLVHQORVPHGLRVItVLFRV (QIDVLVHQODVSHUVRQDV0HMRUDPHGLDQWHLQYHUVLyQ 0HMRUDFRQWLQXD(OWUDEDMRFRPRPHUFDQFtDGHFRPSUDYHQWD ,QWHJUDFLyQGHORVHPSOHDGRVHQODHPSUHVDRQIURQWDFLyQ1HJRFLDFLyQRQIURQWDFLyQ RRSHUDFLyQ(O FDPELR GH OD FXOWXUD HPSUHVDULDO KDFLD OD DOLGDG 7RWDO ([FHOHQFLD HV XQ SURFHVRFRPSOHMRTXHUHTXLHUHWLHPSRHVIXHU]R$VLPLVPRSDUDTXHVHOOHYHDFDERFRQHILFDFLDH[LVWHXQDFRQGLFLyQTXHGHEHFXPSOLUVHLQHOXGLEOHPHQWHHVTXHORVOtGHUHVGHODRUJDQL]DFLyQHVWpQFRQYHQFLGRVGHODQHFHVLGDGGHFDPELDUDVtFRPRHOSDSHOTXHHOORVGHEHQGHVHPSHxDUSDUDTXHWHQJDOXJDU
  16. 16. $3257$,21(6(67$$%/(6((;3(5726 $XWRU $SRUWDFLyQ :DOWHU6KHZKDUW LFORGH6KHZKDUW 3$
  17. 17. (O SURFHVR PHWRGROyJLFR EiVLFR SDUD DVHJXUDU ODVDFWLYLGDGHVIXQGDPHQWDOHVGHPHMRUDPDQWHQLPLHQWR3ODQRKHFN$FW HORQWURO(VWDGtVWLFRGH3URFHVRV63 (GZDUGHPLQJ DWRUFHSXQWRVSDUDODGLUHFFLyQ TXpVHGHEHFRQWHPSODUSDUDODGLUHFFLyQGH ODRUJDQL]DFLyQ -RVHSK-XUDQ 7ULORJtD GH -XUDQ /D SODQLILFDFLyQ GH OD FDOLGDG FRQWURO GH OD FDOLGDG PHMRUD GH OD FDOLGDG VRQ ORV LQVWUXPHQWRV GHO LUHFWLYR HQ OD JHVWLyQ GH OD FDOLGDG .DRUX,VKLNDZD tUFXORVGHDOLGDG *UXSRVGHYROXQWDULRVHVWDEOHVHQHOWLHPSRTXHWLHQHQ FRPR REMHWLYR SULQFLSDO PHMRUDU OD FDOLGDG GH ORV SURFHVRV HO HQWRUQR GH WUDEDMR 7DLLFKL2KQR -XVW LQ 7LPH 6LVWHPD GH JHVWLyQ GH SURGXFFLyQ TXH SHUPLWH HQWUHJDU DO FOLHQWHHOSURGXFWRFRQODFDOLGDGH[LJLGDHQODFDQWLGDGSUHFLVDHOPRPHQWR H[DFWR 0DVDDNL,PDL .DL]HQ 6LJQLILFDPHMRUDFRQWLQXDHQMDSRQpV(VHOHVStULWXSUiFWLFDGHORV SULQFLSLRVGHPHMRUDFRQWLQXDHQODRUJDQL]DFLyQ *HQLFKL7DJXFKL ,QJHQLHUtDGHODDOLGDG 0pWRGRVSDUDHOGLVHxRGHVDUUROORGHORVSURFHVRV GHLQGXVWULDOL]DFLyQFRQHOPi[LPRGHHILFLHQFLD .LRVKL6X]DNL *HVWLyQ9LVXDO (VXQVLVWHPDGRQGHODLQIRUPDFLyQQHFHVDULDSDUDODJHVWLyQ RSHUDWLYDHVWiSUHVHQWHDOOtGRQGHWUDEDMDQODVSHUVRQDV:$/7(56+(:+$576XDSRUWDFLyQHVHOFLFOR3$3ODQRKHFN$FW
  18. 18. (VXQSURFHVRPHWRGROyJLFREiVLFRSDUDUHDOL]DUODVDFWLYLGDGHVGHPHMRUDPDQWHQHUORTXHVHDPHMRUDGR$VLPLVPR GHVDUUROOy HO RQWURO (VWDGtVWLFR GH 3URFHVRV PHWRGRORJtD SDUD ORJUDU ODHVWDELOLGDG OD PHMRUD FRQWLQXD GH ORVSURFHVRV HQ EDVH D HOLPLQDU GH HOORV VXV FDXVDVHVSHFLDOHVGHYDULDELOLGDGUHGXFLUVXVFDXVDVFRPXQHV $-867$5 $ 3 3/$1,),$5 20352%$5 +$(5
  19. 19. (:$5(0,1*(QWUHODVGLIHUHQWHVDSRUWDFLRQHVGHHVWHDXWRU DODFDOLGDGFDEHGHVWDFDUGRVORVFDWRUFHSXQWRVGHHPLQJODGLYXOJDFLyQGHOFLFOR3$GH6KHZKDUWRQ VXV FDWRUFH SXQWRV SDUD OD JHVWLyQ HPLQJ SUHWHQGH PRVWUDU OD LPSRUWDQFLD GHOSDSHO GH ODV SHUVRQDV HQ HVSHFLDO GH OD GLUHFFLyQ HQ OD FRPSHWLWLYLGDG GH ODVRUJDQL]DFLRQHV 381726((0,1*UHDUFRQVWDQFLDHQHOSURSyVLWRGHPHMRUDUHOSURGXFWRHOVHUYLFLR$GDSWDUODRUJDQL]DFLyQDODQXHYDHFRQRPtDHQTXHYLYLPRV(YLWDUODLQVSHFFLyQPDVLYDGHSURGXFWRVRPSUDUSRUFDOLGDGQRSRUSUHFLRHVWUHFKDUOD]RVFRQORVSURYHHGRUHV0HMRUDUFRQWLQXDPHQWHHQWRGRVORViPELWRVGHODRUJDQL]DFLyQ)RUPDUHQWUHQDUDORVWUDEDMDGRUHVSDUDPHMRUDUHOGHVHPSHxRGHOWUDEDMR$GRSWDUHLPSODQWDUHOOLGHUD]JR(OLPLQDUHOPLHGRSDUDTXHODVSHUVRQDVWUDEDMHQVHJXUDVGHQORPHMRUGHVtPLVPDV5RPSHUODVEDUUHUDVHQWUHGHSDUWDPHQWRV (OLPLQDU HVOyJDQHV FRQVLJQDV SDUD ORV RSHUDULRV VXVWLWXpQGRORV SRU DFFLRQHV GHPHMRUD(OLPLQDUHVWiQGDUHVGHWUDEDMRLQFHQWLYRVWUDEDMRDGHVWDMRSXHVVRQLQFRPSDWLEOHVFRQODPHMRUDFRQWLQXD(OLPLQDUODVEDUUHUDVTXHSULYDQDODJHQWHGHHVWDURUJXOORVDGHVXWUDEDMR(VWLPXODUDODJHQWHSDUDVXPHMRUDSHUVRQDO3RQHUDWUDEDMDUDWRGRVSDUDUHDOL]DUHVWDWUDQVIRUPDFLyQDSOLFDQGRHOPpWRGR3$-26(3+-85$1/DWULORJtDGH-XUDQVREUHODJHVWLyQGHODFDOLGDGVHEDVDHQWUHVDVSHFWRVTXHVHPXHVWUDQHQ HO VLJXLHQWH JUiILFR SODQLILFDFLyQ GH OD FDOLGDG FRQWURO GH OD FDOLGDG PHMRUD GH ODFDOLGDG
  20. 20. (Q OD SODQLILFDFLyQ OD RUJDQL]DFLyQ ILMD XQRV REMHWLYRV HQ FXDQWR D ³FRVWHV GH PDOD FDOLGDGGHILQHODVDFFLRQHVQHFHVDULDVSDUDDOFDQ]DUORV 3RVWHULRUPHQWH DSOLFD HO FRQWURO GH FDOLGDG GXUDQWH HO SURFHVR GH IDEULFDFLyQ WRPDQGR DFFLRQHVFRUUHFWRUDVFXDQGRVHDOHMDGHORVREMHWLYRV(QSDUDOHORFRQpOYDDSOLFDQGROD PHMRUDGHODFDOLGDGVLVWHPiWLFDPHQWHSDUDUHGXFLUHOQLYHOGHFRVWHGHPDODFDOLGDG3ODQLILFDFLyQGH RQWUROODFDOLGDG GHODFDOLGDGGXUDQWHODVRSHUDFLRQHV
  21. 21. RVWHVGHODQRFDOLGDG 3UREOHPDSXQWXDO =RQDRULJLQDOGHFRQWURO GHFDOLGDG HVSHUGLFLRFUyQLFR RSRUWXQLGDGHVGHPHMRUD
  22. 22. 1XHYD]RQDGHFRQWUROGH FDOLGDG 0HMRUDGHODDOLGDG 7LHPSR .$258,6+,.$:$ HVSXpVGHWUDEDMDUGXUDQWHXQDGpFDGDHQODDSOLFDFLyQGHODJHVWLyQGHODFDOLGDGHQOD GLUHFFLyQQLYHOHVLQWHUPHGLRVHQ-DSyQVHYLRODQHFHVLGDGGHLQYROXFUDUWDPELpQDORV RSHUDULRV3RUHOORHQ,VKLNDZDGHVDUUROOyORVFtUFXORVGHFDOLGDG HILQLFLyQ ³8Q FtUFXOR GH FDOLGDG HV XQ SHTXHxR JUXSR FRPSXHVWR SRU SHUVRQDV YROXQWDULDV TXH UHVXHOYH ORV SUREOHPDV GH ORV QLYHOHV PiV RSHUDWLYRV GH OD RUJDQL]DFLyQ 7RGRV VXV FRPSRQHQWHVSHUWHQHFHQDODPLVPDiUHDGHWUDEDMRKDELWXDOPHQWHHVHOSURSLRJUXSR TXLHQGHWHUPLQDHOSUREOHPDDUHVROYHU´ /RVFtUFXORVGHFDOLGDGSHUVLJXHQFRPRREMHWLYR~OWLPRODREWHQFLyQGHPHMRUDVHQHOVHQR GHODRUJDQL]DFLyQ$GLFLRQDOPHQWHFXPSOHQRWUDVGRVIXQFLRQHV
  23. 23. )XQFLRQHV HVFULSFLyQ ,QYROXFUDUDXPHQWDUHO +HUUDPLHQWD SDUD LQYROXFUDU D ODV SHUVRQDV HQ OD REWHQFLyQ GH FRPSURPLVRGHODVSHUVRQDVFRQVX PHMRUDV HQ VX HQWRUQR GH WUDEDMR D WUDYpV GHO DQiOLVLV GH RUJDQL]DFLyQ SUREOHPDVSURSXHVWDVGHFDPELRV DQDOGHFRPXQLFDFLyQDVFHQGHQWH $ WUDYpV GH ORV FtUFXORV VH SXHGHQ WUDQVPLWLU VXJHUHQFLDV GH GHVFHQGHQWH PHMRUD D ORV QLYHOHV VXSHULRUHV GH OD RUJDQL]DFLyQ UHFLELU LQIRUPDFLyQGHODGLUHFFLyQ8QDGHODVSULQFLSDOHVFRQGLFLRQHVTXHGHEHGDUVHHQORVFtUFXORVGHFDOLGDGHVTXHHVWpQDSRDGRVGHVGHODGLUHFFLyQGHODRUJDQL]DFLyQ7$,,+,2+127DLLFKL 2KQR YLFHSUHVLGHQWH GH 7RRWD 0RWRU GHVDUUROOy HO VLVWHPD GH JHVWLyQ GH ODSURGXFFLyQGHMXVWLQWLPH -,7
  24. 24. RMXVWRDWLHPSR/DXWLOL]DFLyQ GHO-,7HVWi RULHQWDGD DPHMRUDUORVUHVXOWDGRVGHODRUJDQL]DFLyQFRQODSDUWLFLSDFLyQGHORVHPSOHDGRVDWUDYpVGHODHOLPLQDFLyQGHWRGDVODVWDUHDVRDFWLYLGDGHVTXHQRDSRUWHQYDORUGHVSLOIDUUR
  25. 25. /RVWLSRVGHHVSLOIDUUR (MHPSORV 3RUH[FHVRGHSURGXFFLyQ 3URGXFFLyQQRDMXVWDGDDORVSHGLGRVGHORVFOLHQWHV 3RUWLHPSRGHHVSHUD 0iTXLQDVHQHVSHUDRSHUDULRVSDVLYRV HWUDQVSRUWH 0DQLSXODFLyQWUDVODGRGHPDWHULDOHVSDSHOHVLQIRUPHV HSURFHVR $FWLYLGDGHVLQQHFHVDULDVPDTXLQDULDHQPDOHVWDGR HH[LVWHQFLDV 0DWHULDOHVREVROHWRVH[FHVRVGHH[LVWHQFLDVDOPDFHQHV LQWHUPHGLRV HPRYLPLHQWR 0RYLPLHQWRVLQQHFHVDULRVGHODVSHUVRQDV 3RUGHIHFWRVHQHOSURGXFWRRVHUYLFLR 5HFODPDFLRQHVJDUDQWtDVUHFKD]RVSURFHVRV(O-XVW,Q7LPHGDOXJDUDXQDVHULHGHDFWLYLGDGHVDVRFLDGDVDOJXQDVGHODVFXDOHVVHFLWDQDFRQWLQXDFLyQN )RUPDFLyQGHODVSHUVRQDVN 5DFLRQDOL]DFLyQGHORVSXHVWRVIOXMRVGHSURGXFFLyQIDEULFDFLyQHQIOXMRRFpOXODVGH WUDEDMRN 5HODFLyQGHDVRFLDFLyQFRQSURYHHGRUHVFOLHQWHVN (OLPLQDFLyQGHGHIHFWRVN 0LQLPL]DFLyQGHDYHUtDV7RWDO3URGXFWLYH0DLQWHQDQFH
  26. 26. N (PSOHR GH WpFQLFDV GH FDPELR UiSLGR GH XWLOODMH SDUD UHGXFLU ORV WLHPSRV GH FDPELR 60(6LQJOH0LQXWH([FKDQJHH
  27. 27. 0$6$$.,,0$,(VHOGLIXVRUGHO.$,=(1XQDHVWUDWHJLDGHPHMRUDFRQWLQXDTXHVLQWHWL]DDOJXQDVGHODVSULQFLSDOHVWHRUtDVVREUHODFDOLGDGDSOLFiQGRODVDWRGRVORViPELWRVGHODRUJDQL]DFLyQ.DL]HQVLJQLILFD.$,DPELR=(1%RQGDG/RV SULQFLSLRV EiVLFRV TXH GLIHUHQFLDQ OD HVWUDWHJLD .DLUX LQQRYDFLyQ
  28. 28. GH OD .DL]HQPHMRUD
  29. 29. VHPXHVWUDQDFRQWLQXDFLyQ 3ULQFLSLRV.$,58 3ULQFLSLRV.$,=(1 LQQRYDFLyQ
  30. 30. PHMRUDFRQWLQXD
  31. 31. DPELRVLPSRUWDQWHV 3HTXHxRVFDPELRVRPHMRUDVJUDGXDOHV 2ULHQWDGRDHVSHFLDOLVWDV 2ULHQWDGDDWRGDVODVSHUVRQDV $WHQFLyQDJUDQGHVWHPDV 7RGRHVPHMRUDEOH ,QIRUPDFLyQFHUUDGD ,QIRUPDFLyQDELHUWDFRPSDUWLGD %~VTXHGDGHQXHYDVWHFQRORJtDV 8VRGHODWHFQRORJtDH[LVWHQWH 0 ( -2 5 $ 7 ,( 0 3 2 . $ ,5 8 . $ ,= ( 1 . $ ,5 8 . $ ,= ( 1*(1,+,7$*8+,3DUD*HQLFKL7HJXFKLODQRFDOLGDGHVODSpUGLGDJHQHUDGDDODVRFLHGDGSRUXQSURGXFWRGHVGHHOPRPHQWRGHVXFRQFHSFLyQKDVWDHOUHFLFODGRSRUQRKDEHUKHFKRORFRUUHFWR(O REMHWLYR GH OD HPSUHVD GHEH VHU PLQLPL]DU OD QR FDOLGDG SXHV ODV SpUGLGDV TXH ORVSURGXFWRV RULJLQDQ D VXV XVXDULRV D FRUWR PHGLR R ODUJR SOD]R VLQ GXGD UHYLHUWHQ HQSHUMXLFLR SDUD OD HPSUHVD TXH ORV IDEULFD RWUR WDQWR RFXUUH FRQ ORV GDxRV TXH SXHGDQRULJLQDUDODVRFLHGDGPHGLRDPELHQWHHWF
  32. 32. 7DJXFKLKDGHVDUUROODGRPpWRGRVHVWDGtVWLFRVSDUDHYDOXDUHVWDSpUGLGDPLQLPL]DUOD
  33. 33. 7DPELpQKDGHVDUUROODGRORTXHVHFRQRFHFRPRLQJHQLHUtDGHODFDOLGDGPpWRGRVSDUDHOGLVHxRGHSURGXFWRVGHVDUUROORGHSURFHVRVGHLQGXVWULDOL]DFLyQ(VWRVPpWRGRVEXVFDQODUREXVWH]GHORVSURGXFWRVHVGHFLUKDFHUORVLQVHQVLEOHVDN /DYDULDELOLGDGGHELGDDODVGLIHUHQWHVFRQGLFLRQHVGHXVRTXHSXHGDQWHQHUN /DYDULDELOLGDGTXHLQFRUSRUDQODVPDWHULDVSULPDVTXHVHXWLOL]DQSDUDIDEULFDUORVN /DYDULDELOLGDGSURSLDGHOSURFHVRGHIDEULFDFLyQ RQFHSWRV HVFULSFLyQ LVHxRGHH[SHULPHQWRV 8VRGHORVFRQFHSWRVHVWDGtVWLFRVSDUDUHDOL]DUH[SHULPHQWRVHQ FRQGLFLRQHVUHDOHVGHIDEULFDFLyQFRQODPi[LPDHILFLHQFLD 5REXVWH]GHOSURFHVR 8VRGHORVFRQFHSWRVHVWDGtVWLFRVSDUDUHGXFLUHOQ~PHURGH FRQWUROHVGHOSURGXFWRSURFHVRPHGLDQWHHOGLVHxRGHXQ SURFHVRTXHFXEUDIiFLOPHQWHGHIRUPDUREXVWD
  34. 34. ODV HVSHFLILFDFLRQHVGHOSURGXFWR.,26+,68=$.,8QDGHODVSULQFLSDOHVDSRUWDFLRQHVGHHVWHDXWRUHVVXWHRUtDVREUHODJHVWLyQYLVXDOTXHGHVWDFDODLPSRUWDQFLDGHODGLVSRQLELOLGDGGHODLQIRUPDFLyQQHFHVDULDSDUDFDGDSHUVRQDHQVXSXHVWRGHWUDEDMR8QD DSRUWDFLyQ PiV PRGHUQD GH HVWH DXWRU HV OD PLQLFRPSDxtD 6H WUDWD GH RUJDQL]DUFDGD XQD GH ODViUHDV GHWUDEDMR KRPRJpQHDV FRPRVL IXHUD XQDPLQLHPSUHVDFRQ VXVSURYHHGRUHVFOLHQWHVREMHWLYRVDFXPSOLULQGLFDGRUHVSODQHVGHWUDEDMRUHXQLRQHVHWF7RGD HVWD LQIRUPDFLyQ HVWi GLVSRQLEOH D OD YLVWD SDUD WRGRV ORV FRPSRQHQWHV GH ODPLQLFRPSDxtD$VLPLVPR GHILQLy XQ RFWDYR WLSR GH GHVSLOIDUUR FRPSOHPHQWDULR D ORV VLHWH GH 7DLLFKL2KQRODQRXWLOL]DFLyQGHODLQWHOLJHQFLDLPDJLQDFLyQFUHDWLYLGDGGHWRGDVODVSHUVRQDVGHODRUJDQL]DFLyQVLQGXGDHOPiVJUDYHRQHURVRGHWRGRVORVGHVSLOIDUURV
  35. 35. 35,1,3,26 02(/26 0(722/2*,$6 ( $/,$727$/(;(/(1,$35,1,3,26(/$$/,$727$/(;(/(1,$/DFRQFHSFLyQDFWXDOGHODFDOLGDGUHVSRQGHDODDSRUWDFLyQGHGLIHUHQWHVWHRUtDVVXUJLGDVDOR ODUJR GHO VLJOR ;; +R HQ GtD OD DOLGDG 7RWDO HV HO FRPSHQGLR GH ODV PHMRUHVSUiFWLFDVHQHOiPELWRGHODJHVWLyQGHRUJDQL]DFLRQHVDODVFXDOHVVHOHVVXHOHGHQRPLQDU3ULQFLSLRVGHODDOLGDG7RWDO([FHOHQFLDRRQFHSWRVIXQGDPHQWDOHVGHODH[FHOHQFLDHQOD*HVWLyQN 2ULHQWDFLyQKDFLDORVUHVXOWDGRVN 2ULHQWDFLyQDOFOLHQWHN /LGHUD]JRFRQVWDQFLDHQORVREMHWLYRVN *HVWLyQSRUSURFHVRVKHFKRVN HVDUUROORHLPSOLFDFLyQGHODVSHUVRQDVN $SUHQGL]DMH,QQRYDFLyQ0HMRUDFRQWLQXRVN HVDUUROORGH$OLDQ]DVN 5HVSRQVDELOLGDG6RFLDO(VWRV SULQFLSLRV VRQ GH YDOLGH]XQLYHUVDO WDQWR SDUD HPSUHVDV FRPR SDUD FXDOTXLHU RWURWLSRGHRUJDQL]DFLRQHV/DDOLGDG7RWDO([FHOHQFLDHVWiHQFRQWLQXDHYROXFLyQHVWRVSULQFLSLRVVHYDQPRGLILFDQGRPDWL]DQGRFRQHOSDVRGHOWLHPSR(VWRVSULQFLSLRVVHUHFRJHQHQHOPRGHORHXURSHRGHDOLGDG7RWDO([FHOHQFLDSURSXHVWRSRUOD()40TXHVHGHVDUUROODHQHVWHFXUVRELHQH[SOtFLWDPHQWHFRPRHOHPHQWRVGHOPRGHORELHQLPSOtFLWDPHQWHHQODILORVRItDGHOPLVPR2ULHQWDFLyQKDFLDORVUHVXOWDGRV(Op[LWRFRQWLQXDGRGHSHQGHGHOHTXLOLEULRODVDWLVIDFFLyQGHODVH[SHFWDWLYDVGHWRGRVORVJUXSRV GH LQWHUpV TXH GH XQD X RWUD IRUPD SDUWLFLSDQ HQ OD RUJDQL]DFLyQ FOLHQWHVSURYHHGRUHVHPSOHDGRVWRGRVORVTXHWLHQHQLQWHUHVHVHFRQyPLFRVHQODRUJDQL]DFLyQODVRFLHGDG HQ JHQHUDO /D GLUHFFLyQ GHEH VDWLVIDFHU HTXLOLEUDGDPHQWH ODV QHFHVLGDGHV GHHVWRVJUXSRVGHLQWHUpV2ULHQWDFLyQKDFLDHOFOLHQWH 7RGRV HQ OD HPSUHVD GHEHQ DFWXDU JXLDGRV SRU HO SXQWRGH YLVWDGHOFOLHQWH 3HWHUUXFNHU/DJHVWLyQHPSUHVDULDOKDHVWDGREDVDGDKDVWDDKRUDHQODE~VTXHGDGHODFRPSHWLWLYLGDGHQ HO LQWHULRU GH OD RUJDQL]DFLyQ FRQVLGHUiQGRVH OD HILFLHQFLD GH OD SURGXFFLyQ FRPR OD
  36. 36. SULQFLSDOIXHQWHGHYHQWDMDFRPSHWLWLYDRPRFRQVHFXHQFLDGHHOORODVYDULDEOHVFRVWHSUHFLRKDQVLGRGHYLWDOLPSRUWDQFLDHQODJHVWLyQ)UHQWHDHVWHSODQWHDPLHQWRHVWUDWpJLFRVXUJHHOPRGHORGHDOLGDG7RWDO([FHOHQFLDTXHKDFHWUDEDMDUDWRGDODRUJDQL]DFLyQHQODE~VTXHGDGHODVDWLVIDFFLyQGHOFOLHQWH 9(17$-$6((1)2$56(+$,$(//,(17( *DQDUVXFRQILDQ]DILGHOLGDG 3URWHFFLyQFRQWUDODFRPSHWHQFLD $GDSWDFLyQDORVFDPELRVGHODVQHFHVLGDGHVGHOFRQVXPLGRU DSDFLGDGSDUDUHWRPDUSRVLFLRQHVGHPHUFDGRSHUGLGDV 5HQWDELOLGDGDODUJRSOD]R/D VDWLVIDFFLyQ GHO FOLHQWH GHSHQGH GHO YDORU SHUFLELGR HQ HO SURGXFWR R VHUYLFLR FRQUHVSHFWR D ODV H[SHFWDWLYDV TXH WHQtD (O ORJUDU XQD PDRU VDWLVIDFFLyQ GHO FOLHQWH SRGUiFRQVHJXLUVHELHQPHMRUDQGRHOSURGXFWRRVHUYLFLRSUHVWDGRRELHQJHQHUDQGRH[SHFWDWLYDVPiVUHDOLVWDV 9DORUSHUFLELGR 6DWLVIDFFLyQGHOFOLHQWH ±±±±±±±±±±±±±±±±±±±±± ([SHFWDWLYDV6LQHPEDUJRODVDWLVIDFFLyQGHOFOLHQWHQRHVHVWiWLFDVLQRGLQiPLFDHYROXFLRQDDORODUJRGHO WLHPSR SRU GLYHUVDV FDXVDV 6RQ ODV RUJDQL]DFLRQHV H[FHOHQWHV REVHVLRQDGDV SRUGHOHLWDU D VXV FOLHQWHV TXLHQHV D ODUJR SOD]R FRQVLJXHQ VX ILGHOL]DFLyQ 6H GHILQHQ WUHVIDFWRUHVIXQGDPHQWDOHVTXHLQIOXHQGLUHFWDPHQWHHQODVDWLVIDFFLyQGHOFOLHQWH )DFWRU (MHPSOR 3URGXFWRRVHUYLFLR LVHxRFDOLGDGGHODVPDWHULDVSULPDVFDOLGDGGHOSURGXFWRRVHUYLFLR KRPRJHQHLGDGILDELOLGDG 9HQWDV3RVWYHQWD 3XEOLFLGDGJDUDQWtDVGHYROXFLRQHVTXHMDVVHUYLFLRSOD]RSUHFLR XOWXUD 9DORUHVTXHODRUJDQL]DFLyQSURHFWDFRQVFLHQWHRLQFRQVFLHQWHPHQWH3RUFRQVLJXLHQWHHVLPSRUWDQWHTXHODRUJDQL]DFLyQUHFRMDLQIRUPDFLyQGHORVFOLHQWHVHQGRV PRPHQWRV GLIHUHQWHV D SULRUL VXV QHFHVLGDGHV D SRVWHULRUL HO JUDGR HQ TXH KDFRQVHJXLGRVDWLVIDFHUODV (V HO FOLHQWH VRODPHQWH HO FOLHQWH TXLHQ DO ILQDO GHWHUPLQDUi QXHVWUR p[LWR R IUDFDVR FRPR RPSDxtD 6HUYLU DO FOLHQWH HV OD UHVSRQVDELOLGDGGHFDGDHPSOHDGRGH5DQN;HUR[
  37. 37. -RVHSK:LOVRQ3UHVLGHQWHGH;HUR[RUSRUDWLRQ
  38. 38. /LGHUD]JRFRQVWDQFLDHQORVREMHWLYRV/DDOLGDG7RWDO([FHOHQFLDHVXQDHVWUDWHJLDSRUTXHWUDWDGHGLULJLUFRRUGLQDUDFFLRQHVSDUD FRQVHJXLU OD FRPSHWLWLYLGDG HPSUHVDULDO R OD PHMRUD GH OD HILFLHQFLD GH ODRUJDQL]DFLyQVHJ~QORVFDVRVDKRUDHQHOIXWXUR1RHVXQSURJUDPDGHDFWLYLGDGHVQLXQDWpFQLFDRXQFRQMXQWRGHKHUUDPLHQWDV7DPSRFRHVXQVLVWHPD(VXQDHVWUDWHJLDFRPRWDOLPSOLFDSRQHUODHQSUiFWLFDGHIRUPDTXHWRGDVODVGHFLVLRQHVDFWXDFLRQHVVHDQUHVXOWDGRGHGLFKDHVWUDWHJLD(QHVWHVHQWLGRHOSDSHOGHODLUHFFLyQHQHOSURFHVRKDFLDODDOLGDG7RWDO([FHOHQFLDHV HO ORJUDU TXH HVWD HVWUDWHJLD GH JHVWLyQ VH GHVSOLHJXH SRU WRGD OD RUJDQL]DFLyQDVXPLHQGR HO OLGHUD]JR GHO SURHFWR SDUD FRQVHJXLU TXH VH LQWHJUH HQ OD FXOWXUD GH ODRUJDQL]DFLyQ(VWDFXOWXUDGHEHWUDQVPLWLUVHGHDUULEDDDEDMRVLHQGRHOSULPHUUHTXLVLWRQHFHVDULRTXHODLUHFFLyQ GHPXHVWUH HQ VXV SURSLDV DFWXDFLRQHV VX FRPSURPLVR FRQ OD DOLGDG 7RWDO ([FHOHQFLD $GHPiV ORV GLUHFWLYRV GHPiV OtGHUHV GH OD RUJDQL]DFLyQ GHEHUiQ VHUIDFLOLWDGRUHV GH WRGRV ORV PHGLRV QHFHVDULRV FRPXQLFDFLyQ IRUPDFLyQ IRQGRV WLHPSRDSRRHWF*HVWLyQSRUSURFHVRVKHFKRV/D RUJDQL]DFLyQ HV XQ FRQMXQWR GH SURFHVRV TXH JHQHUDQ SURGXFWRV R VHUYLFLRV (VWRVSURFHVRVVRQQRUPDOPHQWHLQWHUGHSDUWDPHQWDOHVRLQWHUIXQFLRQDOHV/D WUDGLFLRQDO JHVWLyQ GH OD RUJDQL]DFLyQ SRU IXQFLRQHV R GHSDUWDPHQWRV VH GHEHFRPSOHPHQWDUFRQODJHVWLyQSRUSURFHVRVSDUD DGDSWDUVH PHMRUD ODVQHFHVLGDGHV GH ORVFOLHQWHVSRUORWDQWRPHMRUDUGHODFRPSHWLWLYLGDGGHODRUJDQL]DFLyQ/DJHVWLyQSRUSURFHVRVFRQVWDGHORVVLJXLHQWHVSDVRV 3DVRVGHODJHVWLyQSRUSURFHVRV ,GHQWLILFDUORVSURFHVRVIXQGDPHQWDOHVGHODRUJDQL]DFLyQ 2UJDQL]DUORVSURFHVRV 1RPEUDUORVUHVSRQVDEOHVRSURSLHWDULRVGHORVSURFHVRVORVHTXLSRVGHPHMRUD 5HYLVDUORVSURFHVRV (VWDEOHFHUDFFLRQHVREMHWLYRVGHPHMRUDVREUHHVWRVSURFHVRV/DJHVWLyQGHHVWRVSURFHVRVVHEDVDHQORVKHFKRVODPHGLFLyQODLQIRUPDFLyQ(Q GHPDVLDGDV RFDVLRQHV VH WLHQH WHQGHQFLD D JHVWLRQDU WRPDU GHFLVLRQHV EDVDGDV HQRSLQLRQHV )UHQWH D HOOR GHEHPRV UHDOL]DU XQ HVIXHU]R SRU DFXGLU D EXVFDU ORV GDWRV DOOtGRQGHVHHQFXHQWUHQWRPDUODVGHFLVLRQHVEDViQGRQRVHQHOORV/RVGDWRVVXHOHQUHTXHULUXQ HVIXHU]R SDUD WUDQVIRUPDUORV HQ LQIRUPDFLyQ ~WLO R HQ LQGLFDGRUHV TXH QRV SHUPLWDQWRPDUGHFLVLRQHVGHXQDPDQHUDDFHUWDGD
  39. 39. /D H[SHULHQFLDKD GHPRVWUDGR TXH HO XVR GH XQ JUXSR GH VHQFLOODVKHUUDPLHQWDV SHUPLWHUHVROYHUHOGHORVSUREOHPDVGHODVRUJDQL]DFLRQHV,QLFLDOPHQWHVLHWHGHHOODVIXHURQUHFRSLODGDVSRU,VKLNDZDSRVWHULRUPHQWHVHIXHURQDxDGLHQGRRWUDV5HFLHQWHPHQWHVHKDUHFRSLODGRRWURJUXSROODPDGRODVQXHYDVKHUUDPLHQWDVTXHVRQDSURSLDGDVSDUDUHVROYHUORVSUREOHPDVGHODGLUHFFLyQ/DV KHUUDPLHQWDV GH PHMRUD GHVSOLHJDQ VX Pi[LPR SRWHQFLDO FXDQGR VRQ XWLOL]DGDV SRUJUXSRV GH WUDEDMR DXQTXH WDPELpQ SXHGHQ VHU HPSOHDGDV HQ HO iPELWR SHUVRQDO RLQGLYLGXDODGDKHUUDPLHQWDVHSXHGHXWLOL]DUHQXQDRYDULDVHWDSDVGHOSURFHVRGHPHMRUD3$VLUYHQSDUDDQDOL]DULGHQWLILFDUIDFLOLWDUGHFLVLRQHVSULRUL]DUYDORUDUHWF/DVKHUUDPLHQWDVFOiVLFDVWLHQHQJUDQGHVYHQWDMDVN 6HQFLOOH]7RGRHOPXQGRSXHGHXVDUODVN $SOLFDELOLGDGHQWRGRVORVQLYHOHVGHODRUJDQL]DFLyQN 8WLOLGDGSRUVXJUDQFDSDFLGDGGHDQiOLVLVPHMRUD/DVQXHYDVKHUUDPLHQWDVVRQPiVFRPSOHMDVHQJHQHUDOUHTXLHUHQPDRUIRUPDFLyQSDUDSRGHUODVDSOLFDU /DVVLHWHKHUUDPLHQWDVGH,VKLNDZD LDJUDPDGH3DUHWR LDJUDPDFDXVD±HIHFWR +LVWRJUDPD +RMDGHGDWRV *UiILFRGHFRQWURO LDJUDPDGHGLVSHUVLyQ (VWUDWLILFDFLyQ 2WUDVKHUUDPLHQWDVFOiVLFDV LDJUDPDGHIOXMR 7RUPHQWDGHLGHDV /RVFLQFRSRUTXpV LDJUDPDGH*DQWW /DVVLHWHQXHYDVKHUUDPLHQWDV LDJUDPDGHDILQLGDG LDJUDPDGHUHODFLyQ LDJUDPDHQiUERO LDJUDPDPDWULFLDO LDJUDPDGHGHFLVLRQHVGHDFFLyQ LDJUDPDVDJLWDO $QiOLVLVIDFWRULDOGHGDWRVHVDUUROORHLPSOLFDFLyQGHODVSHUVRQDV(VUHVSRQVDELOLGDGGHODLUHFFLyQGHODVRUJDQL]DFLRQHVHOSOHQRGHVDUUROORGHOSRWHQFLDOGH ODV SHUVRQDV TXH WUDEDMDQ HQ HOOD DVt FRPR LQYROXFUDUOHV KDFHUOHV SDUWtFLSHV GHOSURHFWRGHODPLVPD3DUDORJUDUORGHEHUiOOHYDUDFDERGLYHUVDVLQLFLDWLYDVHVWDEOHFLHQGRRUHIRU]DQGRORVPHFDQLVPRVGHFRPXQLFDFLyQSDUWLFLSDFLyQ 3DUWLFLSDFLyQ (MHPSOR
  40. 40. ,QGLYLGXDO 3URPRYHUVLVWHPDVGHSURSXHVWDVRVXJHUHQFLDV (QJUXSR UHDUJUXSRVGHWUDEDMRGHSDUWDPHQWDOHVHLQWHUGHSDUWDPHQWDOHVTXH SDUWLFLSHQHQODPHMRUDFRQWLQXDHOLPLQDQGRGHVSLOIDUURVUHVROYLHQGR SUREOHPDV$SUHQGL]DMH,QQRYDFLyQ0HMRUDFRQWLQXRV6KHZKDUW GHILQLy OD PHMRUD FRQWLQXD FRPR XQ FLFOR GH FXDWUR IDVHV 3$ 3ODQRKHFN$FW
  41. 41. 6L IXpUDPRV FDSDFHV GH DSOLFDU HVWH FLFOR D WRGDV ODV DFWLYLGDGHV GH ODRUJDQL]DFLyQORVUHVXOWDGRVHQSRFRWLHPSRVHYHUtDQPHMRUDGRVGHIRUPDVXVWDQFLDO ,/23$(6+(:+$57 $-867$5 3/$1,),$5 20352%$5 +$(5 0(-25$5 3(50$1(17(0(17( 3ODQLILFDU SODQLILFDU R SUHSDUDU D IRQGR HV OD SDUWH PiV LPSRUWDQWH FRPSOHMD GHOFLFORGHSHQGLHQGRHOUHVWRGHpVWD6HGLIHUHQFLDQDVXYH]YDULDVVXEIDVHVN ,GHQWLILFDFLyQRGHILQLFLyQGHOiUHDDPHMRUDUN 2EVHUYDFLyQDQiOLVLVVLHVSRVLEOHLQVLWXGHOWHPDWRPDGHGDWRVN HILQLFLyQVHOHFFLyQGHDFFLRQHVGHPHMRUDN (VWDEOHFLPLHQWRGHREMHWLYRVDDOFDQ]DUN (VWDEOHFLPLHQWRGHLQGLFDGRUHVGHFRQWURO +DFHU OOHYDU D FDER OR TXH VH KD GHFLGLGR HQ OD IDVH 3ODQ 6H GLIHUHQFLDQ D VX YH]YDULDVVXEIDVHVN 3UHSDUDFLyQH[KDXVWLYDVLVWHPiWLFDGHORSUHYLVWRN $SOLFDFLyQFRQWURODGDGHOSODQN 9HULILFDFLyQGHODDSOLFDFLyQVLHVQHFHVDULRGRFXPHQWDOPHQWH RPSUREDU YHULILFDU ORV UHVXOWDGRV FRPSDUiQGRORV FRQ ORV REMHWLYRVPDUFDGRV 6HGLIHUHQFLDQDVXYH]YDULDVVXEIDVHVN 9HULILFDFLyQGHORVUHVXOWDGRVGHODVDFFLRQHVHPSUHQGLGDVFRQWURODQGRORVLQGLFDGRUHV RSDUiPHWURVSUHYLVWRV
  42. 42. N RQIURQWDFLyQFRQORVREMHWLYRV$MXVWDU GHFLGLUORTXHKDTXHPDQWHQHUORTXHKDTXHFRUUHJLU6HGLIHUHQFLDQDVXYH]YDULDVVXEIDVHVN (VWDQGDUL]DFLyQFRQVROLGDFLyQN RPXQLFDFLyQDORVLQWHUHVDGRVN 3UHSDUDFLyQGHOVLJXLHQWHHVWDGLRGHOSODQFRQQXHYRVREMHWLYRVDFFLRQHVUHVSRQVDEOHV SOD]RVHVDUUROORGHDOLDQ]DV/DRUJDQL]DFLyQGHEHHVWDEOHFHUFRQVXVSURYHHGRUHVRWUDVHPSUHVDVFRODERUDGRUDVHQSURHFWRVYtQFXORVHVWDEOHVEDVDGRVHQODFRQILDQ]DHQHVWDEOHFHUUHODFLRQHVPXWXDPHQWHEHQHILFLRVDV/DV UHODFLRQHV GH DVRFLDFLyQ FRQ SURYHHGRUHV HVWiQ EDVDGDV HQ OD FRQILDQ]D HQ XQDLQWHJUDFLyQDGHFXDGDSDFWDQGRVDWLVIDFLHQGRVXVUHTXHULPLHQWRVOHJtWLPRVSDUDJHQHUDUFRQHOORPHMRUDVGHYDORUDxDGLGRDORVFOLHQWHV5HVSRQVDELOLGDGVRFLDO/DRUJDQL]DFLyQVXVHPSOHDGRVGHEHQFRPSRUWDUVHFRQDUUHJORDXQDpWLFDHVIRU]iQGRVHSRUVXSHUDUODVQRUPDVUHTXLVLWRVOHJDOHVSDUWLFLSDQGRHQODVLQLFLDWLYDVVRFLDOHVTXHVHGHVDUUROODQHQVXFRPXQLGDG02(/26(*(67,21($/,$727$/(;(/(1,$(O GHVDUUROOR GH OD DOLGDG 7RWDO D HVFDOD LQWHUQDFLRQDO KD GDGR OXJDU D OD DSDULFLyQ GHYDULRVPRGHORVGH ([FHOHQFLD HQOD *HVWLyQ(VWRVPRGHORVHVWiQ SUHSDUDGRVSDUDVHUYLUFRPRLQVWUXPHQWRGHDXWRHYDOXDFLyQSDUDODVRUJDQL]DFLRQHV/RVRUJDQLVPRVHQFDUJDGRVGH OD JHVWLyQ GH HVWRV PRGHORV XWLOL]DQ FRPR HOHPHQWRV GH GLIXVLyQ GH ORV PLVPRV ODHQWUHJDDQXDOGHXQRV3UHPLRVDODH[FHOHQFLDGHODJHVWLyQ/RVEHQHILFLRVTXHSXHGHQGHULYDUVHGHVXXWLOL]DFLyQSDUDODVRUJDQL]DFLRQHVVRQHQWUHRWURVORVVLJXLHQWHVRPRVLVWHPiWLFDGHDXWRHYDOXDFLyQN (VWDEOHFHUXQDUHIHUHQFLDGHFDOLGDGSDUDODRUJDQL]DFLyQN HWHFWDUiUHDVIXHUWHViUHDVGpELOHVHQODRUJDQL]DFLyQN RQRFHUHOFDPLQRGHODPHMRUDFRQWLQXDHQORVDVSHFWRVTXHFRQIRUPDQHOPRGHORRPRFDQGLGDWRVDOSUHPLRN 6RPHWHUVHDXQGLDJQyVWLFRUHDOL]DGRSRUH[SHUWRVH[WHUQRVTXHDSRUWDQP~OWLSOHVLGHDV GHPHMRUDN 7HQVLRQDUDODRUJDQL]DFLyQSDUDORJUDUXQREMHWLYRN 6LVHREWLHQHHOSUHPLRODSXEOLFLGDGLQKHUHQWHDOPLVPR(QODVLJXLHQWHWDEODVHSUHVHQWDQORVWUHVPRGHORVGH([FHOHQFLDPiVGLIXQGLGRV$SHVDUGHODVSHFXOLDULGDGHVGHFDGDXQRGHHOORVHQWRGRVVXEDFHQORVSULQFLSLRVEiVLFRVGHOD
  43. 43. DOLGDG 7RWDO ([FHOHQFLD GHVFULWRV DQWHULRUPHQWH HV GHFLU ODV PHMRUHV SUiFWLFDV HQ HOiPELWRGHODJHVWLyQGHODVRUJDQL]DFLRQHV8QD FDUDFWHUtVWLFD FRP~Q D WRGRV HOORV HV TXH VRQ GLQiPLFRV FRPR WDO YDQHYROXFLRQDQGRDGDSWiQGRVHDORVFDPELRVTXHVHSURGXFHQHQHOHQWRUQRHQWHQDUHVGHH[SHUWRVHQULTXHFHQHVWRVPRGHORVDxRWUDVDxRFRQVXVDSRUWDFLRQHV 0RGHOR )HFKDFUHDFLyQ 2UJDQLVPRTXHORJHVWLRQD HPLQJ -86(-DSyQ
  44. 44. 0DOFROP%DOGULJH )XQGDFLyQSDUDHO3UHPLRGHDOLGDG 0DOFROP%DOGULJH((88
  45. 45. ()40 (XURSHDQ)RXQGDWLRQIRU4XDOLW 0DQDJHPHQW(XURSD
  46. 46. 0RGHORHPLQJ(OSULPHUPRGHORHOHPLQJVHGHVDUUROODHQ-DSyQHQSRUOD-86(8QLyQ-DSRQHVDGH LHQWtILFRV H ,QJHQLHURV
  47. 47. (VWH PRGHOR UHFRJH OD DSOLFDFLyQ SUiFWLFD GH ODV WHRUtDVMDSRQHVDV GHO RQWURO 7RWDO GH OD DOLGDG 74
  48. 48. R RQWURO GH OD DOLGDG HQ WRGD ODHPSUHVD:4
  49. 49. (O SULQFLSDO REMHWLYR GH OD HYDOXDFLyQ HV FRPSUREDU TXH PHGLDQWH OD LPSODQWDFLyQ GHOFRQWUROGHFDOLGDGHQWRGDODFRPSDxtDVHKDDQREWHQLGREXHQRVUHVXOWDGRV(OHQIRTXHEiVLFRHVODVDWLVIDFFLyQGHOFOLHQWHHOELHQHVWDUS~EOLFR(VWHPRGHORUHFRJHGLH]FULWHULRVGHHYDOXDFLyQGHODJHVWLyQGHFDOLGDGGHODRUJDQL]DFLyQ 5,7(5,26((9$/8$,21 3ROtWLFDVREMHWLYRV 2UJDQL]DFLyQRSHUDWLYD (GXFDFLyQVXGLVHPLQDFLyQ )OXMRGH,QIRUPDFLyQVXXWLOL]DFLyQ DOLGDGGHSURGXFWRVSURFHVRV (VWDQGDUL]DFLyQ *HVWLyQFRQWURO *DUDQWtDGHFDOLGDGGHIXQFLRQHVVLVWHPDVPpWRGRV 5HVXOWDGRV 3ODQHVSDUDHOIXWXUR0RGHOR0DOFROP%DOGULJH
  50. 50. (O 3UHPLR 1DFLRQDO GH DOLGDG 0DOFROP %DOGULJH VH FUHD HQ (VWDGRV 8QLGRV HQ PRPHQWR HQ HO TXH OD LQYDVLyQ GH SURGXFWRV MDSRQHVHV HQ HO PHUFDGR HVWDGRXQLGHQVHSUHFLVDGHXQDUHVSXHVWDSRUSDUWHGHODVRUJDQL]DFLRQHVGHHVWHSDtV(QODFUHHQFLDGHTXHODDOLGDG7RWDO([FHOHQFLDHVQHFHVDULDSDUDTXHODVRUJDQL]DFLRQHVSXHGDQFRPSHWLUHQHOPHUFDGRLQWHUQDFLRQDOVXUJHHOSURHFWRGHO3UHPLR1DFLRQDOGHODDOLGDG$PHULFDQR/DPLVLyQGHHVWHSUHPLRHVN 6HQVLELOL]DUDOSDtVDODVLQGXVWULDVSURPRFLRQDQGRODXWLOL]DFLyQGHODDOLGDG7RWDO ([FHOHQFLDFRPRPpWRGRFRPSHWLWLYRGHJHVWLyQHPSUHVDULDON LVSRQHU GH XQ PHGLR GH UHFRQRFHU IRUPDO S~EOLFDPHQWH ORV PpULWRV GH DTXHOODV ILUPDVTXHORVKXELHUDQLPSODQWDGRFRQp[LWR 3DUD DIURQWDU ORV UHWRV GH OD HFRQRPtD JOREDO QXHVWUDV FRPSDxtDV GH PiV p[LWR KDQ HOLPLQDGR QLYHOHV LQQHFHVDULRV GH GLUHFWLYRV GHOHJDQGR DXWRULGDGHQORVRSHUDULRVRULHQWiQGRVHKDFLDORV FOLHQWHV SHUVHYHUDQGR HQ OD PHMRUD FRQWLQXD GH ORV SURGXFWRV TXH IDEULFDQ ORV VHUYLFLRV TXH SUHVWDQODVSHUVRQDVTXHHPSOHDQ %LOOOLQWRQ/RVVLHWHFULWHULRVHQORVTXHVHEDVDHVWHSUHPLRVHUHFRJHQHQHOVLJXLHQWHJUiILFR0RGHOR()40GH([FHOHQFLD5HFRQRFLHQGRHOSRWHQFLDOSDUDODREWHQFLyQGHXQDYHQWDMDFRPSHWLWLYDHQ(XURSDDWUDYpVGH OD DSOLFDFLyQ GH OD DOLGDG 7RWDO ([FHOHQFLD LPSRUWDQWHV HPSUHVDV GH (XURSDWRPDURQODLQLFLDWLYDGHFUHDUOD)XQGDFLyQ(XURSHDSDUDOD*HVWLyQGHDOLGDG(XURSHDQ)RXQGDWLRQIRU4XDOLW0DQDJHPHQW()40
  51. 51. HQ
  52. 52. (Q FXHQWD FRQ FHUFD GH PLHPEURV SURFHGHQWHV GH OD PDRUtD GH SDtVHV GH(XURSDGHWRGRVORVVHFWRUHVHPSUHVDULDOHVRUJDQL]DFLRQHVQROXFUDWLYDV6XPLVLyQHVPHMRUDU OD FRPSHWLWLYLGDG GH ODV RUJDQL]DFLRQHV HXURSHDV PHGLDQWH OD PHMRUD GH VXJHVWLyQ 3RU HOOR GHVGH YLHQH SXEOLFDQGR HO GHQRPLQDGR 0RGHOR ()40 GH([FHOHQFLD FRPR PRGHOR GH UHIHUHQFLD GHVWLQDGR D DXGDU D ODV HPSUHVDV RWUDVRUJDQL]DFLRQHVHQVXFDPLQRGHPHMRUD(QVHKDHGLWDGRDVLPLVPRXQDDGDSWDFLyQGHOPRGHORSDUDODV30(/D()40JHVWLRQDHO(XURSHDQ4XDOLW$ZDUGSUHPLRTXHVHHQWUHJySRUSULPHUDYH]HQTXHHVXQPHFDQLVPRGHUHFRQRFLPLHQWRDODVRUJDQL]DFLRQHVPiVGHVWDFDGDVGHGLIXVLyQGHODVPHMRUHVSUiFWLFDVH[LVWHQWHHQHOiPELWRHXURSHR
  53. 53. $xR 3UHPLRV DWHJRUtDV 3DUWLFLSDQWHV *DQDGRU 5DQN;HUR[ 3UHPLRV 0LOOLNHQ %ULWLVK2[JHQRPSDQ 8%,6$ *DQDGRU 0LOOLNHQ(XURSD 3UHPLR ,QWHUQDWLRQDORPSXWHU/LPLWHG *DQDGRU HVLJQWRLVWULEXWLRQ 3UHPLRV (ULFFVRQ(VSDxD6$ ,%06HPHD *DQDGRU 7H[DV,QVWUXPHQWV 3UHPLR 717([SUHVV %ULVD *DQDGRU %ULWLVK7HOHFRP 3UHPLRV 1HWDV 717([SUHVV8.
  54. 54. /WG *DQDGRUHV *5$1(035(6$ 6*67+206210LFURHOHFWURQLFV 30( %(.6$ 3UHPLRV *5$1(035(6$ %ULWLVK7HOHFRP *5$1(035(6$ 1HWDV *5$1(035(6$ 717([SUHVV8.
  55. 55. /WG 30( *$61$/6$ *DQDGRU *5$1(035(6$ 717([SUHV 3UHPLRV 6(72538%/,2 $9(5(1)( 30(6XEVLGLDULD %HNR7LNDUHW$6 6(72538%/,2 $FFRXQWV2IILFHXPEHUQDXOG 30(,QGHSHQGLHQWH 6FKLQGOHUKRII+RWHO *DQDGRUHV *5$1(035(6$ HOORZ3DJHV 8QLGDG2SHUDFLRQDO 9ROYRDUV*HQW 30(,QGHSHQGLHQWH L(8DQLVK,QWHUQDWLRQDORQWLQXLQJ(GXFDWLRQ 6HUYLWLTXH1HWZRUN6HUYLFHV 30(6XEVLGLDULD %DQF,QWHUQDFLRQDOG$QGRUUD %DQFD0RUD 3UHPLRV 30(6XEVLGLDULD %XUWRQ$SWD5HIUDFWRU0DQXIDFWXULQJ/WG 30(6XEVLGLDULD %71RUWKHUQ,UHODQG 8QLGDG2SHUDFLRQDO (ODLV6$8QLOHYHU*URXS *5$1(035(6$ 6ROODF *5$1(035(6$ *DQDGRUHV *5$1(035(6$ 1RNLD0RELOH3KRQHV(XURSD $IULFD 6(72538%/,2 ,QODQG5HYHQXH$FFRXQWV2IILFHXPEHUQDXOG 30(6XEVLGLDULD %XUWRQ±$SWD5HIUDFWRU0DQXIDFWXULQJ/WG 3UHPLRV *5$1(035(6$ $UoHOLN$6 *5$1(035(6$ (F]DFLEDVL9LWUD *5$1(035(6$ ,UL]DU6RRS 6(72538%/,2 $UEHMGVIRUPLGOLQJHQ±5LQJNRHELQJ$07 6(72538%/,2 )R[GHQWRQ6FKRRODQG,QWHJUDWHG1XUVHU 30(6XEVLGLDULD $YDD,UHODQG/WG 30(,QGHSHQGLHQWH :DWHU7HDP65/ 30(,QGHSHQGLHQWH =DKQDU]WSUD[LV
  56. 56. (O0RGHOR()40GH([FHOHQFLDVHEDVDHQODVLJXLHQWHSUHPLVD³/D 6DWLVIDFFLyQ GH OLHQWH (PSOHDGRV HO ,PSDFWR HQ OD 6RFLHGDG VH FRQVLJXHQPHGLDQWH XQ /LGHUD]JR TXH LPSXOVH OD 3ROtWLFD (VWUDWHJLD ODV SHUVRQDV GH ODRUJDQL]DFLyQ ODV $OLDQ]DV 5HFXUVRV ORV 3URFHVRV KDFLD OD FRQVHFXFLyQ GH OD([FHOHQFLDHQORV5HVXOWDGRVGHODRUJDQL]DFLyQ´([SUHVDGRJUiILFDPHQWHHVWHSULQFLSLRUHVSRQGHDOVLJXLHQWHHVTXHPD 5(68/7$26(1/$6 3(5621$6 3(5621$6 3WRV
  57. 57. 3WRV
  58. 58. /,(5$=*2 352(626 5(68/7$26(1/26 5(68/7$26 32/,7,$(675$7(*,$ /,(17(6 /$9( 3WRV 3WRV
  59. 59. 3WRV 3WRV
  60. 60. 3WRV $/,$1=$6 5(68/7$26(1/$ 5(85626 62,($ 3WRV
  61. 61. 3WRV
  62. 62. $*(17(63WRV
  63. 63. 5(68/7$263WRV
  64. 64. /RVSRUFHQWDMHVPRVWUDGRVVRQORVXWLOL]DGRVSDUDHO3UHPLR(XURSHRDODDOLGDG(4$
  65. 65. 8WLOL]DQGR GLFKDV SRQGHUDFLRQHV XQD RUJDQL]DFLyQ WLHQH HO EHQHILFLR DGLFLRQDO GH SRGHUFRPSDUDU VX SHUILO GH FDOLILFDFLyQ FRQ HO GH RWUDV (O PRGHOR ORV SRUFHQWDMHV VHREWXYLHURQDSDUWLUGHDPSOLDVFRQVXOWDVHQWUHHPSUHVDVHXURSHDVVHUHYLVDQDQXDOPHQWHSRUOD()40FRPRSDUWHGHVXSURFHVRGHPHMRUDFRQWLQXD$XQTXHFDGDRUJDQL]DFLyQHV~QLFDHVWHPRGHORRIUHFHXQPDUFRJHQpULFRGHFULWHULRVTXHSXHGHQ DSOLFDUVH DPSOLDPHQWH D FXDOTXLHU RUJDQL]DFLyQ R FRPSRQHQWH GH XQDRUJDQL]DFLyQ$*(17(6)$,/,7$25(6(/02(/2()40/RVFULWHULRVGHOJUXSRGH$JHQWHV)DFLOLWDGRUHVUHIOHMDQFyPR ODRUJDQL]DFLyQDFW~D$XQTXH HO PRGHOR QR HV SUHVFULSWLYR FDGD $JHQWH VH GHVFRPSRQH HQ FLHUWR Q~PHUR GHVXEFULWHULRVWRGRVGHEHQ WHQHUVHHQFXHQWDDGDVXEFULWHULRHVFRPSOHPHQWDGRSRUXQDOLVWD GH iUHDV DWUDWDU(VWRV VRQ VyOR HMHPSORV 1R H[LVWH QLQJ~Q UHTXLVLWR SDUD WHQHU HQFXHQWD D WRGDV ODV iUHDV TXH VH WUDWDQ VLQR VyOR DTXHOODV TXH VHDQ DSOLFDEOHV D ODRUJDQL]DFLyQ $GHPiV SXHGHQ LQWURGXFLUVH RWUDV iUHDV /D HOHFFLyQ GHSHQGH GH ODRUJDQL]DFLyQ TXH OOHYD D FDER OD DXWRHYDOXDFLyQ GH DTXHOOR TXH WHQJD HVSHFLDOLPSRUWDQFLDSDUDVXVDFWLYLGDGHV5(68/7$26(1(/02(/2()40
  66. 66. /RV FULWHULRV 5HVXOWDGRV WUDWDQ GH OR TXH KD DOFDQ]DGR OD RUJDQL]DFLyQ GH OR TXH HVWiDOFDQ]DQGR/RVUHVXOWDGRVGHODRUJDQL]DFLyQODWHQGHQFLDGHWRGRVORVULWHULRVGHORV5HVXOWDGRVGHEHQWUDWDUVHHQWpUPLQRVGH ORFRQVHJXLGRUHDOPHQWHSRUODRUJDQL]DFLyQ ORVSURSLRVREMHWLYRVGHODRUJDQL]DFLyQVLHVSRVLEOH ORVUHVXOWDGRVGHODFRPSHWHQFLD ORVUHVXOWDGRVGHDTXHOODVRUJDQL]DFLRQHVPHMRUHVGHODFODVH0(722/2*,$6(0(-25$([LVWHQ QXPHURVDV PHWRGRORJtDV KHUUDPLHQWDV TXH SHUPLWHQ PHMRUDU ODV IRUPDV GHJHVWLRQDUREWHQHUPHMRUHVUHVXOWDGRV$OJXQDVVRQHVSHFtILFDVDSOLFDEOHVVyORHQFLHUWRVWLSRV GH RUJDQL]DFLRQHV RWUDV VRQ ³XQLYHUVDOHV´ $VLPLVPR SRGHPRV GHFLU TXH HQJHQHUDOVXSXHVWDHQSUiFWLFDSRWHQFLDRUHIXHU]DSULQFLSDOPHQWHDOJXQRVGHORVFULWHULRVGHO 0RGHOR ()40 GH ([FHOHQFLD VL ELHQ WDPELpQ VXHOHQ LPSDFWDU R LQFLGLU HQ PHQRUPHGLGDVREUHHOUHVWRHHVWDIRUPDODV0HWRGRORJtDVGH0HMRUDN 5HIXHU]DQ HO OLGHUD]JR ULWHULR
  67. 67. SXHV DFW~DQ VREUH HO SDSHO D GHVDUUROODU SRU ORV OtGHUHVPRGLILFDQGRVXVFRPSURPLVRVVXODERUN 5HTXLHUHQFLHUWRJUDGRGHIRUPDOL]DFLyQGHXQSODQSDUDOOHYDUODVDFDERGHEHQHVWDU DOVHUYLFLRGHORVREMHWLYRVHVWUDWpJLFRVGHODRUJDQL]DFLyQ$VtLQFLGHQHQODSROtWLFD HVWUDWHJLD ULWHULR
  68. 68. N ,PSDFWDQ VREUH ODV SHUVRQDV ULWHULR
  69. 69. H LQWURGXFHQ PRGLILFDFLRQHV VREUH VXV DFWLWXGHVDSWLWXGHVFRPSRUWDPLHQWRVN RQOOHYDQXQPHMRUDSURYHFKDPLHQWRGHORVUHFXUVRV ULWHULR
  70. 70. GHXQRXRWURWLSRN ,QFUHPHQWDQODHILFDFLDHILFLHQFLDGHDOJXQRVSURFHVRV ULWHULR
  71. 71. N 0HMRUDQORVUHVXOWDGRVHQORV FOLHQWHV ULWHULR
  72. 72. SHUVRQDVULWHULR
  73. 73. VRFLHGDG ULWHULR
  74. 74. HQJHQHUDODGHPiVUHSHUFXWHQVREUHORVUHVXOWDGRVFODYH ULWHULR
  75. 75. $ FRQWLQXDFLyQ VLQ iQLPR GH VHU H[KDXVWLYRV SUHVHQWDPRV DOJXQDV GH ODV QXPHURVDVPHWRGRORJtDVH[LVWHQWHVHQTXpIRUPDVXDSOLFDFLyQUHIXHU]DXQRR YDULRVGHORVFULWHULRVGHO0RGHOR1250$,62
  76. 76. /DQXHYDQRUPD,62GHODxRVXVWLWXHDODVWUHVDQWHULRUHVQRUPDVFHUWLILFDEOHV,62
  77. 77. VXGHQRPLQDFLyQHVGH³*HVWLyQGHODDOLGDG´ORTXHVXSRQHXQDYDQFHVREUHHODQWHULRUFRQFHSWR³$VHJXUDPLHQWRGHODDOLGDG´3DUDHOORODQXHYDQRUPD LQFRUSRUD DVSHFWRV FRPR OD PHGLGD GH OD VDWLVIDFFLyQ GH ORV FOLHQWHV HOHVWDEOHFLPLHQWR GH REMHWLYRV GH PHMRUD FRQWLQXD FRQ ORV FXDOHV VH UHIXHU]D HO FLFOR GHJHVWLyQGHODFDOLGDGGHORVSURGXFWRVVHUYLFLRV3RUWRGRHOORFXDQGRXQDRUJDQL]DFLyQDSOLTXHORVFRQWHQLGRVGHHVWDQRUPDHQVX6LVWHPDGH *HVWLyQ GH OD DOLGDG HVWDUi PHMRUDQGR VX IRUPD GH JHVWLRQDU SULQFLSDOPHQWH HQ HOFULWHULR GH 352(626
  78. 78. HQ HO GH 5(68/7$26 (1 /26 /,(17(6
  79. 79. GHO0RGHOR()40GH([FHOHQFLD1250$,62/D DSOLFDFLyQ GH XQ 6LVWHPD GH *HVWLyQ 0HGLRDPELHQWDO VLJXLHQGR ODV GLUHFWULFHVFRQWHQLGDVHQHVWDQRUPDSHUPLWHDODVHPSUHVDVGHVDUUROODUSURGXFWRVPHQRVOHVLYRVFRQHOPHGLRDPELHQWHPHMRUDUODJHVWLyQGHVXVUHFXUVRVUHGXFLHQGRHOFRQVXPRGHPDWHULDVSULPDVDJXDHQHUJtDDSURYHFKDQGRPLQLPL]DQGRORVUHVLGXRVUHGXFLHQGRORVFRVWHVGH HPEDODMH DOPDFHQDPLHQWR WUDQVSRUWH 3RU OR WDQWR LQFLGH SULQFLSDOPHQWH HQ HOFULWHULR$/,$1=$65(85626
  80. 80. HQHOLPSDFWRVRFLDOR5(68/7$26(1/$62,($
  81. 81. 1250$81((;(VWD QRUPD D~Q GH FDUiFWHU H[SHULPHQWDO QR FHUWLILFDEOH HVWDEOHFH ODVGLUHFWULFHV SDUDTXH XQD HPSUHVD SXHGD LPSODQWDU XQ 6LVWHPD GH 3UHYHQFLyQ GH 5LHVJRV /DERUDOHV TXHHYLWHRPLQLPLFHORVULHVJRVSDUDORVWUDEDMDGRUHVRQOOHYD OD PRWLYDFLyQ IRUPDFLyQ GH ODV SHUVRQDV WUDEDMDGRUDV SRU HOOR LQFLGHSULQFLSDOPHQWH HQ ORV FULWHULRV GH 3(5621$6
  82. 82. 5(68/7$26 (1 /$63(5621$6
  83. 83. 6
  84. 84. /DV 6 VRQ ODV LQLFLDOHV GH FLQFR SDODEUDV MDSRQHVDV D ODV TXH GHEH VX QRPEUH HVWDPHWRGRORJtD6(,5, 25*$1,=$,21 RQVLVWH HQ LGHQWLILFDU VHSDUDU ORV PDWHULDOHV QHFHVDULRV GH ORV LQQHFHVDULRVHQGHVSUHQGHUVHGHpVWRV~OWLPRV6(,721 25(1 RQVLVWHHQHVWDEOHFHUHOPRGRHQTXHGHEHQXELFDUVHHLGHQWLILFDUVHORV PDWHULDOHV QHFHVDULRV GH PDQHUD TXH VHD IiFLO UiSLGR HQFRQWUDUORV XWLOL]DUORVUHSRQHUORV6(,62 /,03,(=$ RQVLVWH HQ LGHQWLILFDU HOLPLQDU ODV IXHQWHV GH VXFLHGDG DVHJXUDQGR TXH WRGRV ORV PHGLRV VH HQFXHQWUDQ VLHPSUH HQ SHUIHFWR HVWDGR RSHUDWLYR6(,.(768 21752/9,68$/ RQVLVWHHQGLVWLQJXLUIiFLOPHQWHXQDVLWXDFLyQQRUPDOGHRWUDDQRUPDO PHGLDQWHQRUPDVVHQFLOODVYLVLEOHVSDUDWRGRV6+,768.( ,6,3/,1$+$%,72 RQVLVWH HQ WUDEDMDU SHUPDQHQWHPHQWH GH DFXHUGR FRQ ODV QRUPDV HVWDEOHFLGDV/DV,12)$6(6FRPSRQHQXQWRGRLQWHJUDGRVHDERUGDQGHIRUPDVXFHVLYDXQDWUDVRWUD6X DSOLFDFLyQ FRQGXFH D PHMRUDU HO DSURYHFKDPLHQWR GH ORV UHFXUVRV UHGXFLHQGRDYHUtDV VWRFNV WUDQVSRUWHV WLHPSRV GH FDPELR GH XWLOODMH HWF 3DUD LPSODQWDU HVWDPHWRGRORJtDHVQHFHVDULRIRUPDUPRWLYDUDODVSHUVRQDVTXHORJUDUiQPHMRUDUVXOXJDUGH WUDEDMR XQD PDRU FRRSHUDFLyQ WUDEDMDU HQ HTXLSR 3RU WDQWR LQFLGHSULQFLSDOPHQWH HQ ORV FULWHULRV 3(5621$6
  85. 85. $/,$1=$6 5(85626
  86. 86. 5(68/7$26(1/$63(5621$6
  87. 87. 5(68/7$26/$9(
  88. 88. 0(-25$217,18$(Q OD *HVWLyQ GH QXHVWUDV RUJDQL]DFLRQHV REVHUYDPRV GHILFLHQFLDV X RSRUWXQLGDGHV GHPHMRUD UHVSHFWR D SUREOHPDV TXH VH UHSLWHQ HQ QXHVWUD ODERU GLDULD 3DUD HOOR HVQHFHVDULRGLVSRQHUGHXQDPHWRGRORJtDTXHSHUPLWDHVWUXFWXUDUGHVDUUROODUXQSURFHVRGH PHMRUD FRQWLQXD TXH DERUGH GH IRUPD VLVWHPiWLFD ILDEOH OD LGHQWLILFDFLyQ ODRUJDQL]DFLyQ OD VROXFLyQ D GLFKRV SUREOHPDV 3DUD OOHYDUOR D FDER VH XWLOL]D XQDHVWUXFWXUDRUJDQL]DGDSHUPDQHQWHGHHTXLSRVGHWUDEDMR8Q HTXLSR GH WUDEDMR GHQRPLQDGR HTXLSR GH PHMRUD FRQVLVWH HQ XQ SHTXHxR Q~PHUR GHSHUVRQDV FRQ KDELOLGDGHV FRPSOHPHQWDULDV TXH HVWiQ FRPSURPHWLGRV FRQ XQ SURSyVLWRFRP~Q XWLOL]DQ SDUiPHWURV GH GHVHPSHxR PpWRGRV HVWUXFWXUDGRV VRQ PXWXDPHQWHUHVSRQVDEOHVGHVXUHDOL]DFLyQ/DVFDUDFWHUtVWLFDVHVHQFLDOHVGHXQHTXLSRVRQ 7HQHUREMHWLYRVGHHTXLSR(OHTXLSRGHEHWHQHUXQDUD]yQSDUD WUDEDMDUFRPR FRQMXQWR /D LQWHUGHSHQGHQFLD (V LPSRUWDQWH TXH ORV PLHPEURV GHO HTXLSR VHDQ LQWHUGHSHQGLHQWHVHVGHFLUTXHFDGDXQRQHFHVLWHGHODH[SHULHQFLDKDELOLGDG HQWUHJDGHORVGHPiVSDUDORJUDUREMHWLYRVPXWXRV (ILFLHQFLDHQHOGHVHPSHxR/RVPLHPEURVGHOHTXLSRGHEHQHVWDUFRQYHQFLGRV GH OD LGHD GH TXH HO HTXLSR GH WUDEDMR VL HV UHDOPHQWH HILFLHQWH FRQVLJXH VLHPSUHPHMRUHVUHVXOWDGRVTXHLQGLYLGXRVTXHWUDEDMDQDLVODGDPHQWH /DUHVSRQVDELOLGDG(OHTXLSRGHEHWHQHUUHVSRQVDELOLGDGVREUHVXVDFWXDFLRQHV VREUH WRGR VREUH ORV ORJURV REWHQLGRV 8Q HTXLSR HILFD] HV DTXHO FDSD] GH GRWDUVH D Vt PLVPR GH FLHUWDV QRUPDV FRPSRUWDPLHQWRV TXH OH SHUPLWHQ DOFDQ]DUVXVREMHWLYRVGHQWURGHORVSOD]RVGHWLHPSRSUHYLVWRV3DUDFDGDXQDGHODVRSRUWXQLGDGHVGHPHMRUDTXH ODRUJDQL]DFLyQ GHFLGD FRQYHUWLU HQSURHFWRGHPHMRUDVHGHEHHVWDEOHFHUFXiOHVHOJUXSRGHSHUVRQDVTXHWLHQHXQDPDRUFDSDFLGDGSDUDDOFDQ]DUXQDVROXFLyQySWLPDSDUDODHPSUHVDWUDQVIRUPDUHVHJUXSRHQXQ(TXLSRGH0HMRUD/RV(TXLSRVGH0HMRUDGLVSRQHQGHXQDVHULHGHKHUUDPLHQWDVGHUHVROXFLyQ GH SUREOHPDV TXH SXHGHQ XWLOL]DU VHJ~Q OD IDVH GHO SURFHVR HQ HO TXH VHHQFXHQWUHQKHUUDPLHQWDVTXHVHGHVFULEHQHQHOVLJXLHQWHDSDUWDGR3RUWDQWRORV(TXLSRVGH0HMRUDDFW~DQSULQFLSDOPHQWHHQHOFULWHULR352(626
  89. 89. 5(68/7$26(1/26/,(17(6
  90. 90. +6H FRQRFH FRQ HO QRPEUH GH ODV ³+´ R ODV ³VLHWH KHUUDPLHQWDV FOiVLFDV³ D VLHWHKHUUDPLHQWDVTXHIXHURQ UHFRSLODGDVHQORVDxRVSRU .DRUX,VKLNDZD TXHIRUPDEDQSDUWHGHODIRUPDFLyQTXH UHFLEtDQHQDTXHOORVWLHPSRVORV LQWHJUDQWHVGHORVFtUFXORVGHFDOLGDGHOGLDJUDPDGH3DUHWRHOGLDJUDPDGHFDXVDHIHFWRODVKRMDVGHUHFRJLGDGHGDWRVORVKLVWRJUDPDVODHVWUDWLILFDFLyQORVJUiILFRVGHFRQWUROORVGLDJUDPDVGHGLVSHUVLyQ/D H[SHULHQFLD KD GHPRVWUDGR TXH HO XVR GH HVWDV VHQFLOODV KHUUDPLHQWDV SHUPLWHUHVROYHU HO GH ORV SUREOHPDV GH ODV RUJDQL]DFLRQHV /DV KHUUDPLHQWDV FOiVLFDVWLHQHQJUDQGHVYHQWDMDV N 6HQFLOOH]7RGRHOPXQGRSXHGHXVDUODV N $SOLFDELOLGDGHQWRGRVORVQLYHOHVGHODRUJDQL]DFLyQ N 8WLOLGDGSRUVXJUDQFDSDFLGDGGHDQiOLVLVPHMRUD5HFLHQWHPHQWH VH KD UHFRSLODGR RWUR JUXSR OODPDGR ODV QXHYDV KHUUDPLHQWDV PiVFRPSOHMDV+RHQGtDODV+³FOiVLFDV´VRQXWLOL]DGDVHQWRGRHOPXQGRSRUORVHTXLSRVGH PHMRUD FRQWLQXD GH UHVROXFLyQ GH SUREOHPDV SXHV FRQ HOODV VH SXHGHQ LGHQWLILFDUDQDOL]DU UHVROYHU OD PDRUtD GH ORV SUREOHPDV UHODFLRQDGRV FRQ OD FDOLGDG GH ORVSURGXFWRV VHUYLFLRV 3RU WDQWR DFW~DQ SULQFLSDOPHQWH HQ HO FULWHULR 352(626
  91. 91. 5(68/7$26(1/26/,(17(6
  92. 92. *(67,Ï1(352(6266HSXHGHGHILQLUXQSURFHVRFRPRFXDOTXLHUVHFXHQFLDUHSHWLWLYDGHDFWLYLGDGHVTXHXQDRYDULDV SHUVRQDV ,QWHUYLQLHQWHV
  93. 93. GHVDUUROODQ SDUD KDFHU OOHJDU DOJR 6DOLGD
  94. 94. D DOJXLHQHVWLQDWDULR
  95. 95. DSDUWLUGHXQRVUHFXUVRVTXHVHXWLOL]DQUHFXUVRVDPRUWL]DEOHVTXHQHFHVLWDQHPSOHDUORVLQWHUYLQLHQWHV
  96. 96. RELHQVHFRQVXPHQ(QWUDGDVDOSURFHVR
  97. 97. /DJHVWLyQPHMRUDGHSURFHVRVHVXQRGHORVSLODUHVVREUHORVTXHGHVFDQVDODJHVWLyQVHJ~QORVSULQFLSLRVGHDOLGDG7RWDO([FHOHQFLD3RUWDQWRDFW~DSULQFLSDOPHQWHHQHOFULWHULR352(626
  98. 98. 6RQHMHPSORVGHSURFHVRV N (OSURFHVRTXHHVWDPSDURVFDXQWRUQLOOR N (O SURFHVR TXH HQVDPEOD XQ FRQMXQWR FRQFUHWR GH XQD PiTXLQD GH WUDQVIRUPDFLyQHOpFWULFD N (OSURFHVRTXHGHVDUUROODXQDMRUQDGDLQIRUPDWLYDVREUHHOLPSDFWRGHO(XUR N (OSURFHVRTXHWUDPLWDXQDOLFHQFLDGHREUDVPHQRUHVHQXQ$XQWDPLHQWR(V D WUDYpV GH VXV SURFHVRV FRPR ODV RUJDQL]DFLRQHV FRQVLJXHQ KDFHU OOHJDU HVRVDOJRVTXHJHQHUDQDDTXHOORVDTXLHQHVKDQGHILQLGRFRPRHVWLQDWDULRVGHORTXH
  99. 99. KDFHQOLHQWH6LJXLHQWHVHFFLyQ$VLVWHQWHDXQDMRUQDGDLXGDGDQDR
  100. 100. TXHVRQVXVSURFHVRVORVTXHFRQGLFLRQDQODVDWLVIDFFLyQGHHVWRVSRUORWDQWRODSUREDELOLGDGGHTXHHQHOIXWXURVLJDQFRQWDQGRFRQODRUJDQL]DFLyQ*(67,21(/212,0,(172/D JHVWLyQ GHO FRQRFLPLHQWR HV HQ HVWRV PRPHQWRV PiV TXH XQD PHWRGRORJtD XQSULQFLSLR R HOHPHQWR FODYH GH JHVWLyQ DSDUHFH FRPR WDO UHFRJLGR H[SOtFLWDPHQWH HQ HO0RGHOR ()40 GH ([FHOHQFLD HQ VXV FULWHULRV 3(5621$6
  101. 101. $/,$1=$6 5(85626
  102. 102. /D JHVWLyQGHO FRQRFLPLHQWR FRQOOHYDD PHQXGR GRWDU D ODVRUJDQL]DFLRQHVGH VLVWHPDVLQIRUPiWLFRVRWURVPHFDQLVPRVTXHSHUPLWHQDOPDFHQDUORDFFHGHUDpO VREUHWRGRFDPELDUODFXOWXUDGHODVSHUVRQDVSDUDTXHVHDQSURFOLYHVDVRFLDOL]DUORFRPSDUWLUORORFXDO VHORJUD GHVDUUROODQGR XQRV FRQWH[WRV RUJDQL]DWLYRV HVSDFLRV ItVLFRV RUJDQL]DFLyQGHO WUDEDMR VLVWHPDV GH HYDOXDFLyQ GHO GHVHPSHxR UHFRQRFLPLHQWR HWF TXH ORIDYRUH]FDQ0,1,203$f,$6/DV³PLQLFRPSDxLDV´VRQXQDIRUPDGHHVWUXFWXUDUXQDRUJDQL]DFLyQSDUDTXHFDGDXQDGHVXV XQLGDGHV VH FRPSRUWH FRPR XQD SHTXHxD FRPSDxtD R PLQLHPSUHVD TXH EXVTXH ODVDWLVIDFFLyQGHVXVFOLHQWHVLQWHUQRV RWUDV PLQLFRPSDxLDV
  103. 103. H[WHUQRVFRQ HOPi[LPR GHHILFLHQFLD6XDSOLFDFLyQUHTXLHUHXQSURFHVRFRQWLQXDGR±DYHFHVSXHGHGXUDUYDULRVDxRV± GH IRUPDFLyQ FXDOLILFDFLyQ GH ODV SHUVRQDV HQ HVSHFLDO GH ORV OLGHUHV SDUD TXHDVXPDQRWUDVUHVSRQVDELOLGDGHV3RUHOORVXDSOLFDFLyQLQFLGHHVSHFLDOPHQWHHQHOFULWHULR/,(5$=*2
  104. 104. 3(5621$6
  105. 105. 352(626
  106. 106. 5(68/7$26 (1 /$6 3(5621$6
  107. 107. 5(68/7$26/$9(
  108. 108. 4)48$/,7)817,21(3/20(17(O4)4XDOLW)XQFWLRQHSORPHQWRHVSOLHJXHGHOD)XQFLyQDOLGDG
  109. 109. VHSXHGHGHILQLU FRPR XQ SURFHVR HVWUXFWXUDGR PHWyGLFR SDUD REWHQHU OD YR] GHO FOLHQWH UHFRJHUODHQWRGDVODVIDVHVGHOGLVHxRGHVDUUROORGHXQSURGXFWRRVHUYLFLR(O4)FRPHQ]y HQ -DSyQ HQ ORV DxRV GRQGH HQ XQ SULPHU PRPHQWR LED GLULJLGR D ODGHWHFFLyQ GH SUREOHPDV 0iV WDUGH VH FRPHQ]y D DSOLFDU HQ IDVHV DQWHULRUHV FRPR HOGLVHxRGHORVSURGXFWRV(O H[SHUWR TXH PiV KD FRQWULEXLGR D GHVDUUROODU HVWD KHUUDPLHQWD HV HO SURIHVRU RML$NDRFRQRFLGRWDPELpQSRUVHUHOSURSXOVRUGHODPHWRGRORJtD+RVLQ.DQUL(QHO SURIHVRU $NDR SXEOLFy HO SULPHU WH[WR GH 4) $ SDUWLU GH DKt FRPHQ]y DLQWURGXFLUVH HQ 2FFLGHQWH D WUDYpV GH ((88 GRQGH IXHURQ *HQHUDO 0RWRUV )RUG ;HUR[ORVTXHFRPHQ]DURQDDSOLFDUHVWDGLVFLSOLQDGLYXOJDUOD(O4)VHEDVDHQLQYHVWLJDUFXiOHVVRQODVQHFHVLGDGHVGHOFOLHQWHHQHVFXFKDUVXYR]VDEHU TXp GHVHD pVWH SRVWHULRUPHQWH WUDGXFLU HVWR D FDUDFWHUtVWLFDV GH FDOLGDG GH XQSURGXFWR R VHUYLFLR HV GHFLU HQ FyPR VH SXHGHQ VDWLVIDFHU GLFKDV H[SHFWDWLYDV 3RU ORWDQWR HVWD KHUUDPLHQWD LQFLGH SULQFLSDOPHQWH VREUH ORV FULWHULRV GH 352(626
  110. 110. 5(68/7$26(1/26/,(17(6
  111. 111. 5(68/7$26/$9(
  112. 112. (63/,(*8((2%-(7,926%DMR HVWD GHQRPLQDFLyQ SRGHPRV HQJOREDU D GLYHUVDV PHWRGRORJtDV TXH VH KDQ LGRGHVDUUROODQGR HQ ORV ~OWLPRV DxRV FRQ HO SURSyVLWR GH WUDVODGDU KDVWD HO GtD D GtD ORVREMHWLYRVHVWUDWpJLFRVGHODRUJDQL]DFLyQFRPRVRQSRUHMHPSORHO3ROLFHSORPHQW R+RVKLQ.DQULHOXDGURGH0DQGR,QWHJUDO EDODQFHGVFRUHFDUG
  113. 113. 6XDSOLFDFLyQUHIXHU]DODLQYROXFUDFLyQGHODVSHUVRQDVGHODRUJDQL]DFLyQHQHOORJURGHVXVUHVXOWDGRVGRWiQGROHVGHPDRULQIRUPDFLyQIRUPDFLyQFDSDFLGDGGHGHFLVLyQ3DUDHOORORVFULWHULRVGHO0RGHOR()40GH([FHOHQFLDGRQGHWLHQHQPDRULQFLGHQFLDVRQHOGH32/Ë7,$ (675$7(*,$
  114. 114. 3(5621$6
  115. 115. ORV FULWHULRV GH UHVXOWDGRV HQHVSHFLDO5(68/7$26(1/$63(5621$6
  116. 116. 5(,1*(1,(5Ë$(352(6266X SURSyVLWR HV SRQHU HQ FXHVWLyQ WRGRV ORV SURFHVRV GH OD RUJDQL]DFLyQ UHYLVDUORV DGHFXDUORVDODVGHPDQGDVGHORVFOLHQWHVOOHYDQGRDFDERFDPELRVUDGLFDOHVFXDQGRVHQHFHVLWDQ$PHQXGRVHXWLOL]DQODVSRVLELOLGDGHVTXHRIUHFHQODVPRGHUQDVWHFQRORJtDVGHODLQIRUPDFLyQSDUDOOHYDUDFDERHVWDODERU3RUORWDQWRVHLQFLGHIXQGDPHQWDOPHQWHVREUH ORV FULWHULRV GH 352(626
  117. 117. 5(68/7$26 (1 /26 /,(17(6
  118. 118. 5(68/7$26/$9(
  119. 119. %(1+0$5.,1*(VWD SDODEUD LQJOHVD TXH DOJXQDV SHUVRQDV WUDGXFHQ FRPR ³HPXODFLyQ´ FRQVLVWH HQ ODE~VTXHGD FRQWLQXD VLVWHPiWLFD GH ³ODV PHMRUHV SUiFWLFDV´ TXH QRV SHUPLWLUiQDSOLFiQGRODV GH XQD PDQHUD DGDSWDGD D QXHVWUD RUJDQL]DFLyQ PHMRUDU QXHVWUR QLYHO GHFRPSHWLWLYLGDGRVHUPiVFRPSHWHQWHVVHJ~QORVFDVRV(OEHQFKPDUNLQJHVDSOLFDEOHDFXDOTXLHUDVSHFWRGHODJHVWLyQQRUPDOPHQWHVHSDUWHGHFRPSDUDU UHVXOWDGRV SDUD VHJXLGDPHQWH SURIXQGL]DU HQ HO FRQRFLPLHQWR GH ORV DJHQWHVTXHORVKDQJHQHUDGRH[WUDHUOHFFLRQHVTXHSRGDPRVDSOLFDUHQQXHVWUDRUJDQL]DFLyQRHPSUHVDRQHVWDPHWRGRORJtDSRGHPRVSRUORWDQWRDFWXDUVREUHFXDOTXLHUDGHORVQXHYHFULWHULRVGHOPRGHOR()40GH([FHOHQFLD6(,66,*0$6HLVVLJPDHVXQSURJUDPDGHPHMRUDTXHSRUVXVFRQWHQLGRVHVWiHVSHFLDOPHQWHLQGLFDGRSDUDVHUDSOLFDGRHQHOSURFHVRSURGXFWLYRGHHPSUHVDVGHWLSRLQGXVWULDO6XDSOLFDFLyQVHOOHYD D FDER PHGLDQWH OD IRUPDFLyQ GH XQD R YDULDV SHUVRQDV GH OD HPSUHVD HQ ODVKHUUDPLHQWDV PHWRGRORJtDV TXH OR FRPSRQHQ VLHQGR VHJXLGDPHQWH HVWDV SHUVRQDV ODVUHVSRQVDEOHVGHVXDSOLFDFLyQSXGLHQGRFRQWDUFRQHODSRRGHFRQVXOWRUHVHVSHFLDOL]DGRVSDUDHOOR/DV KHUUDPLHQWDV PHWRGRORJtDV TXH FRPSRQHQ HVWH SURJUDPD KDQ YHQLGR XWLOL]iQGRVHGXUDQWHODVGRVXOWLPDVGpFDGDVHQHOVHFWRUGHDXWRPRFLyQVLELHQVRQSRFRFRQRFLGDVHQRWURVVHFWRUHV+DKHUUDPLHQWDVFRPRHO$0)($QiOLVLV0RGDOGH)DOORV(IHFWRV
  120. 120. /RV GLDJUDPDV GH FDXVD HIHFWR R HO 4) 4XDOLW )XQFWLRQ HSORPHQW
  121. 121. TXH QRUHTXLHUHQGHXQDEDVHPDWHPiWLFDRWUDVFRPRHO63RQWURO(VWDGtVWLFRGH3URFHVRV
  122. 122. R
  123. 123. HO 2( LVHxR GH ([SHULPHQWRV
  124. 124. TXH QHFHVLWDQ GH XQ VRSRUWH HVWDGtVWLFR LPSRUWDQWHSDUDDSOLFDUODVSDUDORFXDOVHKDQGHVDUUROODGRSURJUDPDVLQIRUPiWLFRVTXHORIDFLOLWDQRQODDSOLFDFLyQGHHVWDVPHWRGROyJLFDVVHORJUDSULQFLSDOPHQWHUHGXFLUHOSRUFHQWDMHGHSURGXFWRVGHIHFWXRVRVPHMRUDUODSURGXFWLYLGDG3RUORWDQWRLQFLGHQVREUHORVFULWHULRVGH352(626
  125. 125. 5(68/7$26(1/26/,(17(6
  126. 126. 5(68/7$26/$9(

×