Weitere ähnliche Inhalte Ähnlich wie Concepto de calidad (20) Concepto de calidad2. 3RVWHULRUPHQWH IXH HYROXFLRQDQGR HO FRQFHSWR GH FDOLGDG TXH OD QRUPD 81(
GHILQHFRPR
/DDGHFXDFLyQDOXVRGHOSURGXFWRRPiVGHWDOODGDPHQWHHOFRQMXQWRGHSURSLHGDGHV
FDUDFWHUtVWLFDV GH XQ SURGXFWR RVHUYLFLR TXH OH FRQILHUHQ VX DSWLWXG SDUD VDWLVIDFHU ODV
QHFHVLGDGHVH[SUHVDGDVRLPSOtFLWDV 3. 0iV UHFLHQWHPHQWH HO FRQFHSWR GH FDOLGDG KD WUDVFHQGLGR KDFLD WRGRV ORV iPELWRV GH OD
RUJDQL]DFLyQDVtDFWXDOPHQWHVHGHILQHFRPR
7RGDV 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 5. VXUJLy HO WpUPLQR 4XDOLW
$VVXUDQFHTXHSRGHPRVWUDGXFLUORFRPRJDUDQWtDRDVHJXUDPLHQWRGHODFDOLGDG TXH
HQJORED DO FRQMXQWR GH DFWLYLGDGHV SODQLILFDGDV VLVWHPiWLFDV QHFHVDULR SDUD GDU
FRQILDQ]DGHTXHXQSURGXFWRRVHUYLFLRYDDVDWLVIDFHUORVUHTXHULPLHQWRVHVWDEOHFLGRV
7RGR HVWH iPELWR TXH VH FLUFXQVFULEH D OD FHUWLILFDFLyQ ,62 KD SDVDGR D
GHQRPLQDUVHDFWXDOPHQWH*HVWLyQGHODDOLGDG
7. KDQVXUJLGRYDULRVWpUPLQRVFRPR7RWDO
4XDOLW 0DQDJHPHQW RPSDQ :LGH 4XDOLW RQWURO HWF TXH SRGUtDPRV WUDGXFLU
HOLPLQDQGR SHTXHxRV PDWLFHV HQWUH HOORV VLPSOLILFDQGR FRPR DOLGDG 7RWDO R
([FHOHQFLD
/DDOLGDG7RWDOHVXQDHVWUDWHJLDJOREDOGHJHVWLyQGHWRGDODRUJDQL]DFLyQ
(7$3$6'(/$(92/8,21'(/(1)248('(/$$/,'$'
(QIRTXHGHODDOLGDG
*(67,21'(
72'26/26
(/(0(1726'( $/,'$'727$/
/$ (;(/(1,$
25*$1,=$,21
/,(17( *(67,21'(/$$/,'$'
352'872 21752/'(/$$/,'$'
(YROXFLyQGHODDOLGDG
+R HQ GtD ODV HPSUHVDV RWUDV RUJDQL]DFLRQHV VXV GHSDUWDPHQWRV SXHGHQ HVWDU HQ
FXDOTXLHUDGHODVGLVWLQWDVHWDSDVDQWHULRUPHQWHFLWDGDV
(VWD HYROXFLyQ GHO FRQFHSWRGH OD FDOLGDG KD VLGR SDUDOHOD D OD HYROXFLyQ HQ ORV~OWLPRV
DxRVGHORVVLVWHPDVGHSURGXFFLyQ(VWRVKDQHYROXFLRQDGRGHVGHODSURGXFFLyQHQPDVD
KDVWDODSURGXFFLyQDMXVWDGDOHDQSURGXFWLRQ 8. $xRV
6LVWHPDVGH (QPDVD $MXVWDGD
SURGXFFLyQ
RQFHSWRGHFDOLGDG RQIRUPLGDGFRQ 6DWLVIDFFLyQGHODV 6DWLVIDFFLyQGHOFOLHQWHGHORV
HVSHFLILFDFLRQHV QHFHVLGDGHVGHORV HPSOHDGRVDFFLRQLVWDV
FOLHQWHV VRFLHGDG
(WDSDVGHODJHVWLyQGH RQWUROGHFDOLGDG *HVWLyQGHODFDOLGDG
ODFDOLGDG DOLGDG7RWDO([FHOHQFLD
RQWUROGHODDOLGDG
'HILQLFLyQ
³(OFRQWUROGHODFDOLGDGHVHOFRQMXQWRGHWpFQLFDVDFWLYLGDGHVGHFDUiFWHURSHUDWLYR
XWLOL]DGDVSDUDYHULILFDUORVUHTXLVLWRVUHODWLYRVDODFDOLGDGGHOSURGXFWRRVHUYLFLR´
/RVGHSDUWDPHQWRVGHFRQWUROGHFDOLGDGVXUJHQHQODVHPSUHVDVDSULQFLSLRVGHOVLJOR;;
PRPHQWRHQHOTXHHO7DORULVPRSURSXJQDEDXQDFODUDGLYLVLyQGHIXQFLRQHVWDUHDVHQ
ODV RUJDQL]DFLRQHV HQ FRQVHFXHQFLD XQD GLIHUHQFLDFLyQ HQWUH ODV SHUVRQDV TXH HMHFXWDQ
WDUHDVODVTXHFRQWURODQ
(OVHJXQGRJUDQKLWRGHHVWHVLJORIXHODOtQHDGHPRQWDMHGHVDUUROODGDSRU+HQU)RUG
(VWH VLVWHPD UHTXHUtD TXH ODV SLH]DV XWLOL]DGDV HQ OD OtQHD IXHUDQ LQWHUFDPELDEOHV SRU
WDQWR GHEHUtDQ FXPSOLU XQRV UHTXLVLWRV PtQLPRV ,QWURGXMR ODV WROHUDQFLDV TXH ODV SLH]DV
GHEHUtDQ FXPSOLU SDUD JDUDQWL]DU VX PRQWDMH VH LPSXVR HO FRQFHSWR GH LQVSHFFLyQ R
FRQWUROGHFDOLGDGDSOLFDGDDWRGRVORVSURGXFWRVWHUPLQDGRV
3RVWHULRUPHQWH KDFLD VH LQWURGXFH OD HVWDGtVWLFD SODQHV GH PXHVWUHR 9. D OD
LQVSHFFLyQ UHGXFLHQGR ORV FRVWHV DO HYLWDU FRQWURODU HO GH ODV SLH]DV 'LYHUVRV
DQiOLVLV GLFWDPLQDURQ TXH UHDOL]DQGR FRQWUROHV LQWHUPHGLRV HQ HO SURFHVR VH HYLWDED
SURFHVDUXQSURGXFWRTXH D OOHYDEDLPSOtFLWR HO GHIHFWR SRU HO FXDOVHLED DUHFKD]DU DO
ILQDO3RUHOORVHSDVyGHODLQVSHFFLyQILQDOGHOSURGXFWRDFDEDGRDOFRQWUROGHFDOLGDGHQ
ODVGLIHUHQWHVIDVHVGHOSURFHVR
$FRQWLQXDFLyQVHYLRTXHVXSRQtDXQPHQRUFRVWH HUDPiVILDEOH FRQWURODUHOSURFHVR
TXH HO SURGXFWR (V GHFLU VL VH ORJUDED WHQHU EDMR FRQWURO ORV SDUiPHWURV GHO SURFHVR
WHPSHUDWXUDSUHVLyQWLHPSRHWF 11. *HVWLyQGHODDOLGDG
'HILQLFLyQ
/DJHVWLyQGHODFDOLGDGHVHOFRQMXQWRGHDFFLRQHVSODQLILFDGDVVLVWHPiWLFDVTXH VRQ
QHFHVDULDVSDUDSURSRUFLRQDUODFRQILDQ]DDGHFXDGDGHTXHXQSURGXFWRRVHUYLFLRYDD
VDWLVIDFHUORVUHTXLVLWRVGDGRVVREUHODFDOLGDG
6LJXLHQGR HO SURFHVR GH VLPSOLILFDFLyQ UHGXFFLyQ GH FRVWHVGHO FRQWURO GH FDOLGDG ORV
JUDQGHV FRPSUDGRUHV VH GLHURQ FXHQWD TXH SDUD JDUDQWL]DU TXH VXV SURYHHGRUHV OHV
HQYLDUDQORVSURGXFWRVFXPSOLHQGRVXVHVSHFLILFDFLRQHVHUDQHFHVDULRTXH RUJDQL]DUDQ
GRFXPHQWDUDQWRGRVDTXHOORVDVSHFWRVGHVXRUJDQL]DFLyQTXHSXGLHUDQLQIOXLUHQODFDOLGDG
GHOSURGXFWRTXHOHVVXPLQLVWUDEDQ7RGRHOORGHEtDHVWDUVLVWHPDWL]DGRGRFXPHQWDGR
SRUHOORHPSH]DURQDREOLJDUDVXVSURYHHGRUHVDJDUDQWL]DUODFDOLGDG
8QVLVWHPDGHJHVWLyQGHODDOLGDGGHEHHVWDUGRFXPHQWDGRFRQXQPDQXDOGHFDOLGDG
FRQSURFHGLPLHQWRVHLQVWUXFFLRQHVWpFQLFDVGHEHUHYLVDUVHVXFXPSOLPHQWRDWUDYpVGH
DXGLWRUtDV 'HEH FRQWHPSODU WRGRV DTXHOORV DVSHFWRV TXH WHQJDQ LQFLGHQFLD HQ OD FDOLGDG
ILQDOGHOSURGXFWRRVHUYLFLRTXHSUHVWDODRUJDQL]DFLyQ
(QORV~OWLPRVDxRVKDQJR]DGRGHJUDQSRSXODULGDGODVQRUPDVGH³$VHJXUDPLHQWRGHOD
DOLGDG´GHODVHULH,62QRUPDVTXHDSDUWLUGHOGHHQHURGHKDQSDVDGRD
GHQRPLQDUVH³*HVWLyQGHODDOLGDG´FRQXQDQRUPDFHUWLILFDEOHODQRUPD,62
DOLGDG7RWDO([FHOHQFLD
'HILQLFLyQ
/D DOLGDG 7RWDO ([FHOHQFLD HV XQD HVWUDWHJLD GH JHVWLyQ FXR REMHWLYR HV TXH OD
RUJDQL]DFLyQVDWLVIDJD GH XQD PDQHUD HTXLOLEUDGD ODVQHFHVLGDGHV H[SHFWDWLYDV GHORV
FOLHQWHVGHORVHPSOHDGRVGHORVDFFLRQLVWDVGHODVRFLHGDGHQJHQHUDO
(OIHQyPHQRMDSRQpV
-DSyQ KDEtD VDOLGR PDO SDUDGR GH OD 6HJXQGD *XHUUD 0XQGLDO GHEtD UHFXSHUDUVH 1R
GLVSRQtDGHUHFXUVRVSURSLRVH[FHSWRODVSHUVRQDVVXPDWHULDJULV
/D -86( 8QLyQ-DSRQHVD GH LHQWtILFRV H ,QJHQLHURV 12. LQYLWy HQ ORV DxRV D H[SHUWRV
DPHULFDQRVFRPR'HPLQJ,PDQRWURVSDUDTXHH[SOLFDVHQDORVGLUHFWLYRVMDSRQHVHVODV
SUiFWLFDV GH JHVWLyQ XWLOL]DGDV HQ ODV HPSUHVDV DPHULFDQDV FRQ HVSHFLDO pQIDVLV HQ ODV
WpFQLFDVHVWDGtVWLFDVXWLOL]DGDVHQHOFRQWUROGHSURFHVRV
$SDUWLUGHDTXtVHGHVHQFDGHQyXQDPRYLOL]DFLyQVLQSUHFHGHQWHVHQODKLVWRULDDQLYHOGHO
SDtV3RVWHULRUPHQWHORVMDSRQHVHVKDQUHDOL]DGRODVPDRUHVDSRUWDFLRQHVPHWRGROyJLFDVD
QLYHO PXQGLDO MXVW LQ WLPH TXDOLW IXQFWLRQ GHSORPHQW 4)' FtUFXORV GH FDOLGDG HWF 14. 7DORULVPRDOLGDG7RWDO
$ FRPLHQ]RV GH HVWH VLJOR )UHGHULF 7DORU GHVDUUROOy OD ³2UJDQL]DFLyQ LHQWtILFD GHO
7UDEDMR´ (VWD FLHQFLD DSRUWy ULJRU D OD JHVWLyQ GH ODV RUJDQL]DFLRQHV VXV SULQFLSLRV
EiVLFRV GH GHVFRPSRVLFLyQ GHO WUDEDMR HQ DFWLYLGDGHV HOHPHQWDOHV HVSHFLDOL]DQGR DO
Pi[LPRHQHOODVDORVRSHUDULRVSHUPLWLyDODVHPSUHVDVGHVDUUROODUVHFRQWUDWDQGRSHUVRQDV
SURFHGHQWHV GHO FDPSR VLQ QLQJXQD FXDOLILFDFLyQ HQ OD SODQWD GH 5LYHU 5RXJH GH OD
)25'VHKDEODEDQLGLRPDVGLIHUHQWHV 15. (VWHRWURVSULQFLSLRVSRVWXODGRVSRUHO7DORULVPRHVWDEDQDGDSWDGRVDODUHDOLGDGGHVX
pSRFD SHUR DFWXDOPHQWH HO HQWRUQR KD FDPELDGR UDGLFDOPHQWH UHVSHFWR D FRPLHQ]RV GH
VLJOR
N *OREDOL]DFLyQGHORVPHUFDGRV
N (OHYDGRQLYHOGHFXDOLILFDFLyQGHODVSHUVRQDV
N $FFHVLELOLGDGDODVWHFQRORJtDV
N 3DtVHVHPHUJHQWHVFRQLQGXVWULDOL]DFLyQUDSLGtVLPD
1R REVWDQWH PXFKDV GH ODV RUJDQL]DFLRQHV RFFLGHQWDOHV WDPELpQ GH OD $39 HVWiQ
LPSUHJQDGDVGHOWDORULVPRUHTXLHUHQVHULDVPRGLILFDFLRQHVSDUDDGDSWDUVHDODUHDOLGDG
DFWXDO
/DHVWUDWHJLDGHJHVWLyQFRQRFLGDFRPRDOLGDG7RWDO±([FHOHQFLDHVXQFRPSHQGLRGH
ODV PHMRUHV SUiFWLFDV GH JHVWLyQ TXH SXHGHQ GHEHQ GHVDUUROODU ODV HPSUHVDV RWUDV
RUJDQL]DFLRQHVSDUDDGDSWDUVHDODUHDOLGDGDFWXDOGHFDPELRFDGDYH]PiVUiSLGR
(QIRTXHWUDGLFLRQDO (QIRTXHDFWXDO
WDORULDQR DOLGDG7RWDO([FHOHQFLD
3URGXFLUELHQHV *HQHUDUVDWLVIDFFLyQGHOFOLHQWH
2EMHWLYRVGHSDUWDPHQWDOHV 2EMHWLYRVHVWUDWpJLFRVOLJDGRVDSURFHVRV
8QRVSRFRVORSLHQVDQWRGR 7RGRVSLHQVDQ
7UDEDMRLQGLYLGXDO 7UDEDMRHQHTXLSR
(QIDVLVHQORVPHGLRVItVLFRV (QIDVLVHQODVSHUVRQDV
0HMRUDPHGLDQWHLQYHUVLyQ 0HMRUDFRQWLQXD
(OWUDEDMRFRPRPHUFDQFtDGHFRPSUDYHQWD ,QWHJUDFLyQGHORVHPSOHDGRVHQODHPSUHVD
RQIURQWDFLyQ1HJRFLDFLyQRQIURQWDFLyQ RRSHUDFLyQ
(O FDPELR GH OD FXOWXUD HPSUHVDULDO KDFLD OD DOLGDG 7RWDO ([FHOHQFLD HV XQ SURFHVR
FRPSOHMRTXHUHTXLHUHWLHPSRHVIXHU]R
$VLPLVPRSDUDTXHVHOOHYHDFDERFRQHILFDFLDH[LVWHXQDFRQGLFLyQTXHGHEHFXPSOLUVH
LQHOXGLEOHPHQWHHVTXHORVOtGHUHVGHODRUJDQL]DFLyQHVWpQFRQYHQFLGRVGHODQHFHVLGDG
GHFDPELDUDVtFRPRHOSDSHOTXHHOORVGHEHQGHVHPSHxDUSDUDTXHWHQJDOXJDU
17. (O SURFHVR PHWRGROyJLFR EiVLFR SDUD DVHJXUDU
ODVDFWLYLGDGHVIXQGDPHQWDOHVGHPHMRUDPDQWHQLPLHQWR3ODQ'RKHFN$FW
HORQWURO(VWDGtVWLFRGH3URFHVRV63
(GZDUG'HPLQJ 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+(:+$57
6XDSRUWDFLyQHVHOFLFOR3'$3ODQ'RKHFN$FW 19. (':$5''(0,1*
(QWUHODVGLIHUHQWHVDSRUWDFLRQHVGHHVWHDXWRU DODFDOLGDGFDEHGHVWDFDUGRVORVFDWRUFH
SXQWRVGH'HPLQJODGLYXOJDFLyQGHOFLFOR3'$GH6KHZKDUW
RQ VXV FDWRUFH SXQWRV SDUD OD JHVWLyQ 'HPLQJ SUHWHQGH PRVWUDU OD LPSRUWDQFLD GHO
SDSHO GH ODV SHUVRQDV HQ HVSHFLDO GH OD GLUHFFLyQ HQ OD FRPSHWLWLYLGDG GH ODV
RUJDQL]DFLRQHV
381726'('(0,1*
UHDUFRQVWDQFLDHQHOSURSyVLWRGHPHMRUDUHOSURGXFWRHOVHUYLFLR
$GDSWDUODRUJDQL]DFLyQDODQXHYDHFRQRPtDHQTXHYLYLPRV
(YLWDUODLQVSHFFLyQPDVLYDGHSURGXFWRV
RPSUDUSRUFDOLGDGQRSRUSUHFLRHVWUHFKDUOD]RVFRQORVSURYHHGRUHV
0HMRUDUFRQWLQXDPHQWHHQWRGRVORViPELWRVGHODRUJDQL]DFLyQ
)RUPDUHQWUHQDUDORVWUDEDMDGRUHVSDUDPHMRUDUHOGHVHPSHxRGHOWUDEDMR
$GRSWDUHLPSODQWDUHOOLGHUD]JR
(OLPLQDUHOPLHGRSDUDTXHODVSHUVRQDVWUDEDMHQVHJXUDVGHQORPHMRUGHVtPLVPDV
5RPSHUODVEDUUHUDVHQWUHGHSDUWDPHQWRV
(OLPLQDU HVOyJDQHV FRQVLJQDV SDUD ORV RSHUDULRV VXVWLWXpQGRORV SRU DFFLRQHV GH
PHMRUD
(OLPLQDUHVWiQGDUHVGHWUDEDMRLQFHQWLYRVWUDEDMRDGHVWDMRSXHVVRQLQFRPSDWLEOHV
FRQODPHMRUDFRQWLQXD
(OLPLQDUODVEDUUHUDVTXHSULYDQDODJHQWHGHHVWDURUJXOORVDGHVXWUDEDMR
(VWLPXODUDODJHQWHSDUDVXPHMRUDSHUVRQDO
3RQHUDWUDEDMDUDWRGRVSDUDUHDOL]DUHVWDWUDQVIRUPDFLyQDSOLFDQGRHOPpWRGR3'$
-26(3+-85$1
/DWULORJtDGH-XUDQVREUHODJHVWLyQGHODFDOLGDGVHEDVDHQWUHVDVSHFWRVTXHVHPXHVWUDQ
HQ HO VLJXLHQWH JUiILFR SODQLILFDFLyQ GH OD FDOLGDG FRQWURO GH OD FDOLGDG PHMRUD GH OD
FDOLGDG
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
PHMRUDGHODFDOLGDGVLVWHPiWLFDPHQWHSDUDUHGXFLUHOQLYHOGHFRVWHGHPDODFDOLGDG
3ODQLILFDFLyQGH RQWURO
ODFDOLGDG GHODFDOLGDGGXUDQWHODVRSHUDFLRQHV 21. RVWHVGHODQRFDOLGDG
3UREOHPDSXQWXDO
=RQDRULJLQDOGHFRQWURO
GHFDOLGDG
'HVSHUGLFLRFUyQLFR
RSRUWXQLGDGHVGHPHMRUD 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. )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
LQIRUPDFLyQGHODGLUHFFLyQ
8QDGHODVSULQFLSDOHVFRQGLFLRQHVTXHGHEHGDUVHHQORVFtUFXORVGHFDOLGDGHVTXHHVWpQ
DSRDGRVGHVGHODGLUHFFLyQGHODRUJDQL]DFLyQ
7$,,+,2+12
7DLLFKL 2KQR YLFHSUHVLGHQWH GH 7RRWD 0RWRU GHVDUUROOy HO VLVWHPD GH JHVWLyQ GH OD
SURGXFFLyQGHMXVWLQWLPH -,7 25. /RVWLSRVGH'HVSLOIDUUR (MHPSORV
3RUH[FHVRGHSURGXFFLyQ 3URGXFFLyQQRDMXVWDGDDORVSHGLGRVGHORVFOLHQWHV
3RUWLHPSRGHHVSHUD 0iTXLQDVHQHVSHUDRSHUDULRVSDVLYRV
'HWUDQVSRUWH 0DQLSXODFLyQWUDVODGRGHPDWHULDOHVSDSHOHVLQIRUPHV
'HSURFHVR $FWLYLGDGHVLQQHFHVDULDVPDTXLQDULDHQPDOHVWDGR
'HH[LVWHQFLDV 0DWHULDOHVREVROHWRVH[FHVRVGHH[LVWHQFLDVDOPDFHQHV
LQWHUPHGLRV
'HPRYLPLHQWR 0RYLPLHQWRVLQQHFHVDULRVGHODVSHUVRQDV
3RUGHIHFWRVHQHOSURGXFWRRVHUYLFLR 5HFODPDFLRQHVJDUDQWtDVUHFKD]RVSURFHVRV
(O-XVW,Q7LPHGDOXJDUDXQDVHULHGHDFWLYLGDGHVDVRFLDGDVDOJXQDVGHODVFXDOHVVHFLWDQ
DFRQWLQXDFLyQ
N )RUPDFLyQGHODVSHUVRQDV
N 5DFLRQDOL]DFLyQGHORVSXHVWRVIOXMRVGHSURGXFFLyQIDEULFDFLyQHQIOXMRRFpOXODVGH
WUDEDMR
N 5HODFLyQGHDVRFLDFLyQFRQSURYHHGRUHVFOLHQWHV
N (OLPLQDFLyQGHGHIHFWRV
N 0LQLPL]DFLyQGHDYHUtDV7RWDO3URGXFWLYH0DLQWHQDQFH 26. N (PSOHR GH WpFQLFDV GH FDPELR UiSLGR GH XWLOODMH SDUD UHGXFLU ORV WLHPSRV GH FDPELR
60('6LQJOH0LQXWH([FKDQJH'H 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*HQLFKL7HJXFKLODQRFDOLGDGHVODSpUGLGDJHQHUDGDDODVRFLHGDGSRUXQSURGXFWR
GHVGHHOPRPHQWRGHVXFRQFHSFLyQKDVWDHOUHFLFODGRSRUQRKDEHUKHFKRORFRUUHFWR
(O REMHWLYR GH OD HPSUHVD GHEH VHU PLQLPL]DU OD QR FDOLGDG SXHV ODV SpUGLGDV TXH ORV
SURGXFWRV RULJLQDQ D VXV XVXDULRV D FRUWR PHGLR R ODUJR SOD]R VLQ GXGD UHYLHUWHQ HQ
SHUMXLFLR SDUD OD HPSUHVD TXH ORV IDEULFD RWUR WDQWR RFXUUH FRQ ORV GDxRV TXH SXHGDQ
RULJLQDUDODVRFLHGDGPHGLRDPELHQWHHWF 34. ODV
HVSHFLILFDFLRQHVGHOSURGXFWR
.,26+,68=$.,
8QDGHODVSULQFLSDOHVDSRUWDFLRQHVGHHVWHDXWRUHVVXWHRUtDVREUHODJHVWLyQYLVXDOTXH
GHVWDFDODLPSRUWDQFLDGHODGLVSRQLELOLGDGGHODLQIRUPDFLyQQHFHVDULDSDUDFDGDSHUVRQD
HQVXSXHVWRGHWUDEDMR
8QD DSRUWDFLyQ PiV PRGHUQD GH HVWH DXWRU HV OD PLQLFRPSDxtD 6H WUDWD GH RUJDQL]DU
FDGD XQD GH ODViUHDV GHWUDEDMR KRPRJpQHDV FRPRVL IXHUD XQDPLQLHPSUHVDFRQ VXV
SURYHHGRUHVFOLHQWHVREMHWLYRVDFXPSOLULQGLFDGRUHVSODQHVGHWUDEDMRUHXQLRQHVHWF
7RGD HVWD LQIRUPDFLyQ HVWi GLVSRQLEOH D OD YLVWD SDUD WRGRV ORV FRPSRQHQWHV GH OD
PLQLFRPSDxtD
$VLPLVPR GHILQLy XQ RFWDYR WLSR GH GHVSLOIDUUR FRPSOHPHQWDULR D ORV VLHWH GH 7DLLFKL
2KQRODQRXWLOL]DFLyQGHODLQWHOLJHQFLDLPDJLQDFLyQFUHDWLYLGDGGHWRGDVODVSHUVRQDV
GHODRUJDQL]DFLyQVLQGXGDHOPiVJUDYHRQHURVRGHWRGRVORVGHVSLOIDUURV
35. 35,1,3,26 02'(/26 0(72'2/2*,$6 '( $/,'$'
727$/(;(/(1,$
35,1,3,26'(/$$/,'$'727$/(;(/(1,$
/DFRQFHSFLyQDFWXDOGHODFDOLGDGUHVSRQGHDODDSRUWDFLyQGHGLIHUHQWHVWHRUtDVVXUJLGDVD
OR ODUJR GHO VLJOR ;; +R HQ GtD OD DOLGDG 7RWDO HV HO FRPSHQGLR GH ODV PHMRUHV
SUiFWLFDVHQHOiPELWRGHODJHVWLyQGHRUJDQL]DFLRQHVDODVFXDOHVVHOHVVXHOHGHQRPLQDU
3ULQFLSLRVGHODDOLGDG7RWDO([FHOHQFLDRRQFHSWRVIXQGDPHQWDOHVGHODH[FHOHQFLDHQ
OD*HVWLyQ
N 2ULHQWDFLyQKDFLDORVUHVXOWDGRV
N 2ULHQWDFLyQDOFOLHQWH
N /LGHUD]JRFRQVWDQFLDHQORVREMHWLYRV
N *HVWLyQSRUSURFHVRVKHFKRV
N 'HVDUUROORHLPSOLFDFLyQGHODVSHUVRQDV
N $SUHQGL]DMH,QQRYDFLyQ0HMRUDFRQWLQXRV
N 'HVDUUROORGH$OLDQ]DV
N 5HVSRQVDELOLGDG6RFLDO
(VWRV SULQFLSLRV VRQ GH YDOLGH]XQLYHUVDO WDQWR SDUD HPSUHVDV FRPR SDUD FXDOTXLHU RWUR
WLSRGHRUJDQL]DFLRQHV/DDOLGDG7RWDO([FHOHQFLDHVWiHQFRQWLQXDHYROXFLyQHVWRV
SULQFLSLRVVHYDQPRGLILFDQGRPDWL]DQGRFRQHOSDVRGHOWLHPSR
(VWRVSULQFLSLRVVHUHFRJHQHQHOPRGHORHXURSHRGHDOLGDG7RWDO([FHOHQFLDSURSXHVWR
SRUOD()40TXHVHGHVDUUROODHQHVWHFXUVRELHQH[SOtFLWDPHQWHFRPRHOHPHQWRVGHO
PRGHORELHQLPSOtFLWDPHQWHHQODILORVRItDGHOPLVPR
2ULHQWDFLyQKDFLDORVUHVXOWDGRV
(Op[LWRFRQWLQXDGRGHSHQGHGHOHTXLOLEULRODVDWLVIDFFLyQGHODVH[SHFWDWLYDVGHWRGRVORV
JUXSRV GH LQWHUpV TXH GH XQD X RWUD IRUPD SDUWLFLSDQ HQ OD RUJDQL]DFLyQ FOLHQWHV
SURYHHGRUHVHPSOHDGRVWRGRVORVTXHWLHQHQLQWHUHVHVHFRQyPLFRVHQODRUJDQL]DFLyQOD
VRFLHGDG HQ JHQHUDO /D GLUHFFLyQ GHEH VDWLVIDFHU HTXLOLEUDGDPHQWH ODV QHFHVLGDGHV GH
HVWRVJUXSRVGHLQWHUpV
2ULHQWDFLyQKDFLDHOFOLHQWH
7RGRV HQ OD HPSUHVD GHEHQ DFWXDU JXLDGRV SRU HO
SXQWRGH YLVWDGHOFOLHQWH
3HWHU'UXFNHU
/DJHVWLyQHPSUHVDULDOKDHVWDGREDVDGDKDVWDDKRUDHQODE~VTXHGDGHODFRPSHWLWLYLGDG
HQ HO LQWHULRU GH OD RUJDQL]DFLyQ FRQVLGHUiQGRVH OD HILFLHQFLD GH OD SURGXFFLyQ FRPR OD
36. SULQFLSDOIXHQWHGHYHQWDMDFRPSHWLWLYDRPRFRQVHFXHQFLDGHHOORODVYDULDEOHVFRVWH
SUHFLRKDQVLGRGHYLWDOLPSRUWDQFLDHQODJHVWLyQ
)UHQWHDHVWHSODQWHDPLHQWRHVWUDWpJLFRVXUJHHOPRGHORGHDOLGDG7RWDO([FHOHQFLDTXH
KDFHWUDEDMDUDWRGDODRUJDQL]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 FRQ
UHVSHFWR D ODV H[SHFWDWLYDV TXH WHQtD (O ORJUDU XQD PDRU VDWLVIDFFLyQ GHO FOLHQWH SRGUi
FRQVHJXLUVHELHQPHMRUDQGRHOSURGXFWRRVHUYLFLRSUHVWDGRRELHQJHQHUDQGRH[SHFWDWLYDV
PiVUHDOLVWDV
9DORUSHUFLELGR
6DWLVIDFFLyQGHOFOLHQWH ±±±±±±±±±±±±±±±±±±±±±
([SHFWDWLYDV
6LQHPEDUJRODVDWLVIDFFLyQGHOFOLHQWHQRHVHVWiWLFDVLQRGLQiPLFDHYROXFLRQDDORODUJR
GHO WLHPSR SRU GLYHUVDV FDXVDV 6RQ ODV RUJDQL]DFLRQHV H[FHOHQWHV REVHVLRQDGDV SRU
GHOHLWDU D VXV FOLHQWHV TXLHQHV D ODUJR SOD]R FRQVLJXHQ VX ILGHOL]DFLyQ 6H GHILQHQ WUHV
IDFWRUHVIXQGDPHQWDOHVTXHLQIOXHQGLUHFWDPHQWHHQODVDWLVIDFFLyQGHOFOLHQWH
)DFWRU (MHPSOR
3URGXFWRRVHUYLFLR 'LVHxRFDOLGDGGHODVPDWHULDVSULPDVFDOLGDGGHOSURGXFWRRVHUYLFLR
KRPRJHQHLGDGILDELOLGDG
9HQWDV3RVWYHQWD 3XEOLFLGDGJDUDQWtDVGHYROXFLRQHVTXHMDVVHUYLFLRSOD]RSUHFLR
XOWXUD 9DORUHVTXHODRUJDQL]DFLyQSURHFWDFRQVFLHQWHRLQFRQVFLHQWHPHQWH
3RUFRQVLJXLHQWHHVLPSRUWDQWHTXHODRUJDQL]DFLyQUHFRMDLQIRUPDFLyQGHORVFOLHQWHVHQ
GRV PRPHQWRV GLIHUHQWHV D SULRUL VXV QHFHVLGDGHV D SRVWHULRUL HO JUDGR HQ TXH KD
FRQVHJXLGRVDWLVIDFHUODV
(V HO FOLHQWH VRODPHQWH HO FOLHQWH TXLHQ DO
ILQDO GHWHUPLQDUi QXHVWUR p[LWR R IUDFDVR FRPR
RPSDxtD 6HUYLU DO FOLHQWH HV OD
UHVSRQVDELOLGDGGHFDGDHPSOHDGRGH5DQN;HUR[
38. /LGHUD]JRFRQVWDQFLDHQORVREMHWLYRV
/DDOLGDG7RWDO([FHOHQFLDHVXQDHVWUDWHJLDSRUTXHWUDWDGHGLULJLUFRRUGLQDUDFFLRQHV
SDUD FRQVHJXLU OD FRPSHWLWLYLGDG HPSUHVDULDO R OD PHMRUD GH OD HILFLHQFLD GH OD
RUJDQL]DFLyQVHJ~QORVFDVRVDKRUDHQHOIXWXUR
1RHVXQSURJUDPDGHDFWLYLGDGHVQLXQDWpFQLFDRXQFRQMXQWRGHKHUUDPLHQWDV7DPSRFR
HVXQVLVWHPD(VXQDHVWUDWHJLDFRPRWDOLPSOLFDSRQHUODHQSUiFWLFDGHIRUPDTXHWRGDV
ODVGHFLVLRQHVDFWXDFLRQHVVHDQUHVXOWDGRGHGLFKDHVWUDWHJLD
(QHVWHVHQWLGRHOSDSHOGHOD'LUHFFLyQHQHOSURFHVRKDFLDODDOLGDG7RWDO([FHOHQFLD
HV HO ORJUDU TXH HVWD HVWUDWHJLD GH JHVWLyQ VH GHVSOLHJXH SRU WRGD OD RUJDQL]DFLyQ
DVXPLHQGR HO OLGHUD]JR GHO SURHFWR SDUD FRQVHJXLU TXH VH LQWHJUH HQ OD FXOWXUD GH OD
RUJDQL]DFLyQ
(VWDFXOWXUDGHEHWUDQVPLWLUVHGHDUULEDDDEDMRVLHQGRHOSULPHUUHTXLVLWRQHFHVDULRTXHOD
'LUHFFLyQ GHPXHVWUH HQ VXV SURSLDV DFWXDFLRQHV VX FRPSURPLVR FRQ OD DOLGDG 7RWDO
([FHOHQFLD $GHPiV ORV GLUHFWLYRV GHPiV OtGHUHV GH OD RUJDQL]DFLyQ GHEHUiQ VHU
IDFLOLWDGRUHV GH WRGRV ORV PHGLRV QHFHVDULRV FRPXQLFDFLyQ IRUPDFLyQ IRQGRV WLHPSR
DSRRHWF
*HVWLyQSRUSURFHVRVKHFKRV
/D RUJDQL]DFLyQ HV XQ FRQMXQWR GH SURFHVRV TXH JHQHUDQ SURGXFWRV R VHUYLFLRV (VWRV
SURFHVRVVRQQRUPDOPHQWHLQWHUGHSDUWDPHQWDOHVRLQWHUIXQFLRQDOHV
/D WUDGLFLRQDO JHVWLyQ GH OD RUJDQL]DFLyQ SRU IXQFLRQHV R GHSDUWDPHQWRV VH GHEH
FRPSOHPHQWDUFRQODJHVWLyQSRUSURFHVRVSDUD DGDSWDUVH PHMRUD ODVQHFHVLGDGHV GH ORV
FOLHQWHVSRUORWDQWRPHMRUDUGHODFRPSHWLWLYLGDGGHODRUJDQL]DFLyQ
/DJHVWLyQSRUSURFHVRVFRQVWDGHORVVLJXLHQWHVSDVRV
3DVRVGHODJHVWLyQSRUSURFHVRV
,GHQWLILFDUORVSURFHVRVIXQGDPHQWDOHVGHODRUJDQL]DFLyQ
2UJDQL]DUORVSURFHVRV
1RPEUDUORVUHVSRQVDEOHVRSURSLHWDULRVGHORVSURFHVRVORVHTXLSRVGHPHMRUD
5HYLVDUORVSURFHVRV
(VWDEOHFHUDFFLRQHVREMHWLYRVGHPHMRUDVREUHHVWRVSURFHVRV
/DJHVWLyQGHHVWRVSURFHVRVVHEDVDHQORVKHFKRVODPHGLFLyQODLQIRUPDFLyQ
(Q GHPDVLDGDV RFDVLRQHV VH WLHQH WHQGHQFLD D JHVWLRQDU WRPDU GHFLVLRQHV EDVDGDV HQ
RSLQLRQHV )UHQWH D HOOR GHEHPRV UHDOL]DU XQ HVIXHU]R SRU DFXGLU D EXVFDU ORV GDWRV DOOt
GRQGHVHHQFXHQWUHQWRPDUODVGHFLVLRQHVEDViQGRQRVHQHOORV/RVGDWRVVXHOHQUHTXHULU
XQ HVIXHU]R SDUD WUDQVIRUPDUORV HQ LQIRUPDFLyQ ~WLO R HQ LQGLFDGRUHV TXH QRV SHUPLWDQ
WRPDUGHFLVLRQHVGHXQDPDQHUDDFHUWDGD
39. /D H[SHULHQFLDKD GHPRVWUDGR TXH HO XVR GH XQ JUXSR GH VHQFLOODVKHUUDPLHQWDV SHUPLWH
UHVROYHUHOGHORVSUREOHPDVGHODVRUJDQL]DFLRQHV,QLFLDOPHQWHVLHWHGHHOODVIXHURQ
UHFRSLODGDVSRU,VKLNDZDSRVWHULRUPHQWHVHIXHURQDxDGLHQGRRWUDV5HFLHQWHPHQWHVHKD
UHFRSLODGRRWURJUXSROODPDGRODVQXHYDVKHUUDPLHQWDVTXHVRQDSURSLDGDVSDUDUHVROYHU
ORVSUREOHPDVGHODGLUHFFLyQ
/DV KHUUDPLHQWDV GH PHMRUD GHVSOLHJDQ VX Pi[LPR SRWHQFLDO FXDQGR VRQ XWLOL]DGDV SRU
JUXSRV GH WUDEDMR DXQTXH WDPELpQ SXHGHQ VHU HPSOHDGDV HQ HO iPELWR SHUVRQDO R
LQGLYLGXDODGDKHUUDPLHQWDVHSXHGHXWLOL]DUHQXQDRYDULDVHWDSDVGHOSURFHVRGHPHMRUD
3'$VLUYHQSDUDDQDOL]DULGHQWLILFDUIDFLOLWDUGHFLVLRQHVSULRUL]DUYDORUDUHWF
/DVKHUUDPLHQWDVFOiVLFDVWLHQHQJUDQGHVYHQWDMDV
N 6HQFLOOH]7RGRHOPXQGRSXHGHXVDUODV
N $SOLFDELOLGDGHQWRGRVORVQLYHOHVGHODRUJDQL]DFLyQ
N 8WLOLGDGSRUVXJUDQFDSDFLGDGGHDQiOLVLVPHMRUD
/DVQXHYDVKHUUDPLHQWDVVRQPiVFRPSOHMDVHQJHQHUDOUHTXLHUHQPDRUIRUPDFLyQSDUD
SRGHUODVDSOLFDU
/DVVLHWHKHUUDPLHQWDVGH,VKLNDZD 'LDJUDPDGH3DUHWR
'LDJUDPDFDXVD±HIHFWR
+LVWRJUDPD
+RMDGHGDWRV
*UiILFRGHFRQWURO
'LDJUDPDGHGLVSHUVLyQ
(VWUDWLILFDFLyQ
2WUDVKHUUDPLHQWDVFOiVLFDV 'LDJUDPDGHIOXMR
7RUPHQWDGHLGHDV
/RVFLQFRSRUTXpV
'LDJUDPDGH*DQWW
/DVVLHWHQXHYDVKHUUDPLHQWDV 'LDJUDPDGHDILQLGDG
'LDJUDPDGHUHODFLyQ
'LDJUDPDHQiUERO
'LDJUDPDPDWULFLDO
'LDJUDPDGHGHFLVLRQHVGHDFFLyQ
'LDJUDPDVDJLWDO
$QiOLVLVIDFWRULDOGHGDWRV
'HVDUUROORHLPSOLFDFLyQGHODVSHUVRQDV
(VUHVSRQVDELOLGDGGHOD'LUHFFLyQGHODVRUJDQL]DFLRQHVHOSOHQRGHVDUUROORGHOSRWHQFLDO
GH ODV SHUVRQDV TXH WUDEDMDQ HQ HOOD DVt FRPR LQYROXFUDUOHV KDFHUOHV SDUWtFLSHV GHO
SURHFWRGHODPLVPD3DUDORJUDUORGHEHUiOOHYDUDFDERGLYHUVDVLQLFLDWLYDVHVWDEOHFLHQGR
RUHIRU]DQGRORVPHFDQLVPRVGHFRPXQLFDFLyQSDUWLFLSDFLyQ
3DUWLFLSDFLyQ (MHPSOR
40. ,QGLYLGXDO 3URPRYHUVLVWHPDVGHSURSXHVWDVRVXJHUHQFLDV
(QJUXSR UHDUJUXSRVGHWUDEDMRGHSDUWDPHQWDOHVHLQWHUGHSDUWDPHQWDOHVTXH
SDUWLFLSHQHQODPHMRUDFRQWLQXDHOLPLQDQGRGHVSLOIDUURVUHVROYLHQGR
SUREOHPDV
$SUHQGL]DMH,QQRYDFLyQ0HMRUDFRQWLQXRV
6KHZKDUW GHILQLy OD PHMRUD FRQWLQXD FRPR XQ FLFOR GH FXDWUR IDVHV 3'$ 3ODQ'R
KHFN$FW 41. 6L IXpUDPRV FDSDFHV GH DSOLFDU HVWH FLFOR D WRGDV ODV DFWLYLGDGHV GH OD
RUJDQL]DFLyQORVUHVXOWDGRVHQSRFRWLHPSRVHYHUtDQPHMRUDGRVGHIRUPDVXVWDQFLDO
,/23'$'(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 GHO
FLFORGHSHQGLHQGRHOUHVWRGHpVWD6HGLIHUHQFLDQDVXYH]YDULDVVXEIDVHV
N ,GHQWLILFDFLyQRGHILQLFLyQGHOiUHDDPHMRUDU
N 2EVHUYDFLyQDQiOLVLVVLHVSRVLEOHLQVLWXGHOWHPDWRPDGHGDWRV
N 'HILQLFLyQVHOHFFLyQGHDFFLRQHVGHPHMRUD
N (VWDEOHFLPLHQWRGHREMHWLYRVDDOFDQ]DU
N (VWDEOHFLPLHQWRGHLQGLFDGRUHVGHFRQWURO
+DFHU OOHYDU D FDER OR TXH VH KD GHFLGLGR HQ OD IDVH 3ODQ 6H GLIHUHQFLDQ D VX YH]
YDULDVVXEIDVHV
N 3UHSDUDFLyQH[KDXVWLYDVLVWHPiWLFDGHORSUHYLVWR
N $SOLFDFLyQFRQWURODGDGHOSODQ
N 9HULILFDFLyQGHODDSOLFDFLyQVLHVQHFHVDULRGRFXPHQWDOPHQWH
RPSUREDU YHULILFDU ORV UHVXOWDGRV FRPSDUiQGRORV FRQ ORV REMHWLYRVPDUFDGRV 6H
GLIHUHQFLDQDVXYH]YDULDVVXEIDVHV
N 9HULILFDFLyQGHORVUHVXOWDGRVGHODVDFFLRQHVHPSUHQGLGDVFRQWURODQGRORVLQGLFDGRUHV
RSDUiPHWURVSUHYLVWRV
42. N RQIURQWDFLyQFRQORVREMHWLYRV
$MXVWDU GHFLGLUORTXHKDTXHPDQWHQHUORTXHKDTXHFRUUHJLU6HGLIHUHQFLDQDVX
YH]YDULDVVXEIDVHV
N (VWDQGDUL]DFLyQFRQVROLGDFLyQ
N RPXQLFDFLyQDORVLQWHUHVDGRV
N 3UHSDUDFLyQGHOVLJXLHQWHHVWDGLRGHOSODQFRQQXHYRVREMHWLYRVDFFLRQHVUHVSRQVDEOHV
SOD]RV
'HVDUUROORGHDOLDQ]DV
/DRUJDQL]DFLyQGHEHHVWDEOHFHUFRQVXVSURYHHGRUHVRWUDVHPSUHVDVFRODERUDGRUDVHQ
SURHFWRVYtQFXORVHVWDEOHVEDVDGRVHQODFRQILDQ]DHQHVWDEOHFHUUHODFLRQHVPXWXDPHQWH
EHQHILFLRVDV
/DV UHODFLRQHV GH DVRFLDFLyQ FRQ SURYHHGRUHV HVWiQ EDVDGDV HQ OD FRQILDQ]D HQ XQD
LQWHJUDFLyQDGHFXDGDSDFWDQGRVDWLVIDFLHQGRVXVUHTXHULPLHQWRVOHJtWLPRVSDUDJHQHUDU
FRQHOORPHMRUDVGHYDORUDxDGLGRDORVFOLHQWHV
5HVSRQVDELOLGDGVRFLDO
/DRUJDQL]DFLyQVXVHPSOHDGRVGHEHQFRPSRUWDUVHFRQDUUHJORDXQDpWLFDHVIRU]iQGRVH
SRUVXSHUDUODVQRUPDVUHTXLVLWRVOHJDOHVSDUWLFLSDQGRHQODVLQLFLDWLYDVVRFLDOHVTXHVH
GHVDUUROODQHQVXFRPXQLGDG
02'(/26'(*(67,21'($/,'$'727$/(;(/(1,$
(O GHVDUUROOR GH OD DOLGDG 7RWDO D HVFDOD LQWHUQDFLRQDO KD GDGR OXJDU D OD DSDULFLyQ GH
YDULRVPRGHORVGH ([FHOHQFLD HQOD *HVWLyQ(VWRVPRGHORVHVWiQ SUHSDUDGRVSDUDVHUYLU
FRPRLQVWUXPHQWRGHDXWRHYDOXDFLyQSDUDODVRUJDQL]DFLRQHV/RVRUJDQLVPRVHQFDUJDGRV
GH OD JHVWLyQ GH HVWRV PRGHORV XWLOL]DQ FRPR HOHPHQWRV GH GLIXVLyQ GH ORV PLVPRV OD
HQWUHJDDQXDOGHXQRV3UHPLRVDODH[FHOHQFLDGHODJHVWLyQ/RVEHQHILFLRVTXHSXHGHQ
GHULYDUVHGHVXXWLOL]DFLyQSDUDODVRUJDQL]DFLRQHVVRQHQWUHRWURVORVVLJXLHQWHV
RPRVLVWHPiWLFDGHDXWRHYDOXDFLyQ
N (VWDEOHFHUXQDUHIHUHQFLDGHFDOLGDGSDUDODRUJDQL]DFLyQ
N 'HWHFWDUiUHDVIXHUWHViUHDVGpELOHVHQODRUJDQL]DFLyQ
N RQRFHUHOFDPLQRGHODPHMRUDFRQWLQXDHQORVDVSHFWRVTXHFRQIRUPDQHOPRGHOR
RPRFDQGLGDWRVDOSUHPLR
N 6RPHWHUVHDXQGLDJQyVWLFRUHDOL]DGRSRUH[SHUWRVH[WHUQRVTXHDSRUWDQP~OWLSOHVLGHDV
GHPHMRUD
N 7HQVLRQDUDODRUJDQL]DFLyQSDUDORJUDUXQREMHWLYR
N 6LVHREWLHQHHOSUHPLRODSXEOLFLGDGLQKHUHQWHDOPLVPR
(QODVLJXLHQWHWDEODVHSUHVHQWDQORVWUHVPRGHORVGH([FHOHQFLDPiVGLIXQGLGRV$SHVDU
GHODVSHFXOLDULGDGHVGHFDGDXQRGHHOORVHQWRGRVVXEDFHQORVSULQFLSLRVEiVLFRVGHOD
43. DOLGDG 7RWDO ([FHOHQFLD GHVFULWRV DQWHULRUPHQWH HV GHFLU ODV PHMRUHV SUiFWLFDV HQ HO
iPELWRGHODJHVWLyQGHODVRUJDQL]DFLRQHV
8QD FDUDFWHUtVWLFD FRP~Q D WRGRV HOORV HV TXH VRQ GLQiPLFRV FRPR WDO YDQ
HYROXFLRQDQGRDGDSWiQGRVHDORVFDPELRVTXHVHSURGXFHQHQHOHQWRUQRHQWHQDUHVGH
H[SHUWRVHQULTXHFHQHVWRVPRGHORVDxRWUDVDxRFRQVXVDSRUWDFLRQHV
0RGHOR )HFKDFUHDFLyQ 2UJDQLVPRTXHORJHVWLRQD
'HPLQJ -86(-DSyQ 45. ()40 (XURSHDQ)RXQGDWLRQIRU4XDOLW
0DQDJHPHQW(XURSD 47. (VWH PRGHOR UHFRJH OD DSOLFDFLyQ SUiFWLFD GH ODV WHRUtDV
MDSRQHVDV GHO RQWURO 7RWDO GH OD DOLGDG 74 49. (O SULQFLSDO REMHWLYR GH OD HYDOXDFLyQ HV FRPSUREDU TXH PHGLDQWH OD LPSODQWDFLyQ GHO
FRQWUROGHFDOLGDGHQWRGDODFRPSDxtDVHKDDQREWHQLGREXHQRVUHVXOWDGRV(OHQIRTXH
EiVLFRHVODVDWLVIDFFLyQGHOFOLHQWHHOELHQHVWDUS~EOLFR
(VWHPRGHORUHFRJHGLH]FULWHULRVGHHYDOXDFLyQGHODJHVWLyQGHFDOLGDGGHODRUJDQL]DFLyQ
5,7(5,26'((9$/8$,21
3ROtWLFDVREMHWLYRV
2UJDQL]DFLyQRSHUDWLYD
(GXFDFLyQVXGLVHPLQDFLyQ
)OXMRGH,QIRUPDFLyQVXXWLOL]DFLyQ
DOLGDGGHSURGXFWRVSURFHVRV
(VWDQGDUL]DFLyQ
*HVWLyQFRQWURO
*DUDQWtDGHFDOLGDGGHIXQFLRQHVVLVWHPDVPpWRGRV
5HVXOWDGRV
3ODQHVSDUDHOIXWXUR
0RGHOR0DOFROP%DOGULJH
50. (O 3UHPLR 1DFLRQDO GH DOLGDG 0DOFROP %DOGULJH VH FUHD HQ (VWDGRV 8QLGRV HQ
PRPHQWR HQ HO TXH OD LQYDVLyQ GH SURGXFWRV MDSRQHVHV HQ HO PHUFDGR HVWDGRXQLGHQVH
SUHFLVDGHXQDUHVSXHVWDSRUSDUWHGHODVRUJDQL]DFLRQHVGHHVWHSDtV(QODFUHHQFLDGHTXH
ODDOLGDG7RWDO([FHOHQFLDHVQHFHVDULDSDUDTXHODVRUJDQL]DFLRQHVSXHGDQFRPSHWLUHQ
HOPHUFDGRLQWHUQDFLRQDOVXUJHHOSURHFWRGHO3UHPLR1DFLRQDOGHODDOLGDG$PHULFDQR
/DPLVLyQGHHVWHSUHPLRHV
N 6HQVLELOL]DUDOSDtVDODVLQGXVWULDVSURPRFLRQDQGRODXWLOL]DFLyQGHODDOLGDG7RWDO
([FHOHQFLDFRPRPpWRGRFRPSHWLWLYRGHJHVWLyQHPSUHVDULDO
N '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
/RVVLHWHFULWHULRVHQORVTXHVHEDVDHVWHSUHPLRVHUHFRJHQHQHOVLJXLHQWHJUiILFR
0RGHOR()40GH([FHOHQFLD
5HFRQRFLHQGRHOSRWHQFLDOSDUDODREWHQFLyQGHXQDYHQWDMDFRPSHWLWLYDHQ(XURSDDWUDYpV
GH OD DSOLFDFLyQ GH OD DOLGDG 7RWDO ([FHOHQFLD LPSRUWDQWHV HPSUHVDV GH (XURSD
WRPDURQODLQLFLDWLYDGHFUHDUOD)XQGDFLyQ(XURSHDSDUDOD*HVWLyQGHDOLGDG(XURSHDQ
)RXQGDWLRQIRU4XDOLW0DQDJHPHQW()40 52. (Q FXHQWD FRQ FHUFD GH PLHPEURV SURFHGHQWHV GH OD PDRUtD GH SDtVHV GH
(XURSDGHWRGRVORVVHFWRUHVHPSUHVDULDOHVRUJDQL]DFLRQHVQROXFUDWLYDV6XPLVLyQHV
PHMRUDU OD FRPSHWLWLYLGDG GH ODV RUJDQL]DFLRQHV HXURSHDV PHGLDQWH OD PHMRUD GH VX
JHVWLyQ 3RU HOOR GHVGH YLHQH SXEOLFDQGR HO GHQRPLQDGR 0RGHOR ()40 GH
([FHOHQFLD FRPR PRGHOR GH UHIHUHQFLD GHVWLQDGR D DXGDU D ODV HPSUHVDV RWUDV
RUJDQL]DFLRQHVHQVXFDPLQRGHPHMRUD
(QVHKDHGLWDGRDVLPLVPRXQDDGDSWDFLyQGHOPRGHORSDUDODV30(
/D()40JHVWLRQDHO(XURSHDQ4XDOLW$ZDUGSUHPLRTXHVHHQWUHJySRUSULPHUDYH]HQ
TXHHVXQPHFDQLVPRGHUHFRQRFLPLHQWRDODVRUJDQL]DFLRQHVPiVGHVWDFDGDVGH
GLIXVLyQGHODVPHMRUHVSUiFWLFDVH[LVWHQWHHQHOiPELWRHXURSHR
53. $xR 3UHPLRV DWHJRUtDV 3DUWLFLSDQWHV
*DQDGRU 5DQN;HUR[
3UHPLRV 0LOOLNHQ
%ULWLVK2[JHQRPSDQ
8%,6$
*DQDGRU 0LOOLNHQ(XURSD
3UHPLR ,QWHUQDWLRQDORPSXWHU/LPLWHG
*DQDGRU '''HVLJQWR'LVWULEXWLRQ
3UHPLRV (ULFFVRQ(VSDxD6$
,%06HPHD
*DQDGRU 7H[DV,QVWUXPHQWV
3UHPLR 717([SUHVV
%ULVD
*DQDGRU
%ULWLVK7HOHFRP
3UHPLRV
1HWDV
717([SUHVV8. 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. /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(8'DQLVK,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. (O0RGHOR()40GH([FHOHQFLDVHEDVDHQODVLJXLHQWHSUHPLVD
³/D 6DWLVIDFFLyQ GH OLHQWH (PSOHDGRV HO ,PSDFWR HQ OD 6RFLHGDG VH FRQVLJXHQ
PHGLDQWH XQ /LGHUD]JR TXH LPSXOVH OD 3ROtWLFD (VWUDWHJLD ODV SHUVRQDV GH OD
RUJDQL]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$6
3WRV 58. /,'(5$=*2 352(626 5(68/7$'26(1/26 5(68/7$'26
32/,7,$(675$7(*,$
/,(17(6 /$9(
3WRV 3WRV 60. 3WRV
$/,$1=$6 5(68/7$'26(1/$
5(85626
62,('$'
3WRV 65. 8WLOL]DQGR GLFKDV SRQGHUDFLRQHV XQD RUJDQL]DFLyQ WLHQH HO EHQHILFLR DGLFLRQDO GH SRGHU
FRPSDUDU VX SHUILO GH FDOLILFDFLyQ FRQ HO GH RWUDV (O PRGHOR ORV SRUFHQWDMHV VH
REWXYLHURQDSDUWLUGHDPSOLDVFRQVXOWDVHQWUHHPSUHVDVHXURSHDVVHUHYLVDQDQXDOPHQWH
SRUOD()40FRPRSDUWHGHVXSURFHVRGHPHMRUDFRQWLQXD
$XQTXHFDGDRUJDQL]DFLyQHV~QLFDHVWHPRGHORRIUHFHXQPDUFRJHQpULFRGHFULWHULRVTXH
SXHGHQ DSOLFDUVH DPSOLDPHQWH D FXDOTXLHU RUJDQL]DFLyQ R FRPSRQHQWH GH XQD
RUJDQL]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 GH
VXEFULWHULRVWRGRVGHEHQ WHQHUVHHQFXHQWDDGDVXEFULWHULRHVFRPSOHPHQWDGRSRUXQD
OLVWD GH iUHDV DWUDWDU(VWRV VRQ VyOR HMHPSORV 1R H[LVWH QLQJ~Q UHTXLVLWR SDUD WHQHU HQ
FXHQWD D WRGDV ODV iUHDV TXH VH WUDWDQ VLQR VyOR DTXHOODV TXH VHDQ DSOLFDEOHV D OD
RUJDQL]DFLyQ $GHPiV SXHGHQ LQWURGXFLUVH RWUDV iUHDV /D HOHFFLyQ GHSHQGH GH OD
RUJDQL]DFLyQ TXH OOHYD D FDER OD DXWRHYDOXDFLyQ GH DTXHOOR TXH WHQJD HVSHFLDO
LPSRUWDQFLDSDUDVXVDFWLYLGDGHV
5(68/7$'26(1(/02'(/2()40
66. /RV FULWHULRV 5HVXOWDGRV WUDWDQ GH OR TXH KD DOFDQ]DGR OD RUJDQL]DFLyQ GH OR TXH HVWi
DOFDQ]DQGR
/RVUHVXOWDGRVGHODRUJDQL]DFLyQODWHQGHQFLDGHWRGRVORVULWHULRVGHORV5HVXOWDGRV
GHEHQWUDWDUVHHQWpUPLQRVGH
ORFRQVHJXLGRUHDOPHQWHSRUODRUJDQL]DFLyQ
ORVSURSLRVREMHWLYRVGHODRUJDQL]DFLyQ
VLHVSRVLEOH
ORVUHVXOWDGRVGHODFRPSHWHQFLD
ORVUHVXOWDGRVGHDTXHOODVRUJDQL]DFLRQHVPHMRUHVGHODFODVH
0(72'2/2*,$6'(0(-25$
([LVWHQ QXPHURVDV PHWRGRORJtDV KHUUDPLHQWDV TXH SHUPLWHQ PHMRUDU ODV IRUPDV GH
JHVWLRQDUREWHQHUPHMRUHVUHVXOWDGRV$OJXQDVVRQHVSHFtILFDVDSOLFDEOHVVyORHQFLHUWRV
WLSRV GH RUJDQL]DFLRQHV RWUDV VRQ ³XQLYHUVDOHV´ $VLPLVPR SRGHPRV GHFLU TXH HQ
JHQHUDOVXSXHVWDHQSUiFWLFDSRWHQFLDRUHIXHU]DSULQFLSDOPHQWHDOJXQRVGHORVFULWHULRV
GHO 0RGHOR ()40 GH ([FHOHQFLD VL ELHQ WDPELpQ VXHOHQ LPSDFWDU R LQFLGLU HQ PHQRU
PHGLGDVREUHHOUHVWR
'HHVWDIRUPDODV0HWRGRORJtDVGH0HMRUD
N 5HIXHU]DQ HO OLGHUD]JR ULWHULR 67. SXHV DFW~DQ VREUH HO SDSHO D GHVDUUROODU SRU ORV
OtGHUHVPRGLILFDQGRVXVFRPSURPLVRVVXODERU
N 5HTXLHUHQFLHUWRJUDGRGHIRUPDOL]DFLyQGHXQSODQSDUDOOHYDUODVDFDERGHEHQHVWDU
DOVHUYLFLRGHORVREMHWLYRVHVWUDWpJLFRVGHODRUJDQL]DFLyQ$VtLQFLGHQHQODSROtWLFD
HVWUDWHJLD ULWHULR 68. N ,PSDFWDQ VREUH ODV SHUVRQDV ULWHULR 71. N 0HMRUDQORVUHVXOWDGRVHQORV FOLHQWHV ULWHULR 75. $ FRQWLQXDFLyQ VLQ iQLPR GH VHU H[KDXVWLYRV SUHVHQWDPRV DOJXQDV GH ODV QXPHURVDV
PHWRGRORJtDVH[LVWHQWHVHQTXpIRUPDVXDSOLFDFLyQUHIXHU]DXQRR YDULRVGHORVFULWHULRV
GHO0RGHOR
1250$,62
78. HQ HO GH 5(68/7$'26 (1 /26 /,(17(6 79. GHO
0RGHOR()40GH([FHOHQFLD
1250$,62
/D DSOLFDFLyQ GH XQ 6LVWHPD GH *HVWLyQ 0HGLRDPELHQWDO VLJXLHQGR ODV GLUHFWULFHV
FRQWHQLGDVHQHVWDQRUPDSHUPLWHDODVHPSUHVDVGHVDUUROODUSURGXFWRVPHQRVOHVLYRVFRQ
HOPHGLRDPELHQWHPHMRUDUODJHVWLyQGHVXVUHFXUVRVUHGXFLHQGRHOFRQVXPRGHPDWHULDV
SULPDVDJXDHQHUJtDDSURYHFKDQGRPLQLPL]DQGRORVUHVLGXRVUHGXFLHQGRORVFRVWHV
GH HPEDODMH DOPDFHQDPLHQWR WUDQVSRUWH 3RU OR WDQWR LQFLGH SULQFLSDOPHQWH HQ HO
FULWHULR$/,$1=$65(85626 81. 1250$81((;
(VWD QRUPD D~Q GH FDUiFWHU H[SHULPHQWDO QR FHUWLILFDEOH HVWDEOHFH ODVGLUHFWULFHV SDUD
TXH XQD HPSUHVD SXHGD LPSODQWDU XQ 6LVWHPD GH 3UHYHQFLyQ GH 5LHVJRV /DERUDOHV TXH
HYLWHRPLQLPLFHORVULHVJRVSDUDORVWUDEDMDGRUHV
RQOOHYD OD PRWLYDFLyQ IRUPDFLyQ GH ODV SHUVRQDV WUDEDMDGRUDV SRU HOOR LQFLGH
SULQFLSDOPHQWH HQ ORV FULWHULRV GH 3(5621$6 84. /DV 6 VRQ ODV LQLFLDOHV GH FLQFR SDODEUDV MDSRQHVDV D ODV TXH GHEH VX QRPEUH HVWD
PHWRGRORJtD
6(,5, 25*$1,=$,21
RQVLVWH HQ LGHQWLILFDU VHSDUDU ORV PDWHULDOHV QHFHVDULRV GH ORV
LQQHFHVDULRVHQGHVSUHQGHUVHGHpVWRV~OWLPRV
6(,721 25'(1
RQVLVWHHQHVWDEOHFHUHOPRGRHQTXHGHEHQXELFDUVHHLGHQWLILFDUVHORV
PDWHULDOHV QHFHVDULRV GH PDQHUD TXH VHD IiFLO UiSLGR HQFRQWUDUORV
XWLOL]DUORVUHSRQHUORV
6(,62 /,03,(=$
RQVLVWH HQ LGHQWLILFDU HOLPLQDU ODV IXHQWHV GH VXFLHGDG DVHJXUDQGR
TXH WRGRV ORV PHGLRV VH HQFXHQWUDQ VLHPSUH HQ SHUIHFWR HVWDGR
RSHUDWLYR
6(,.(768 21752/9,68$/
RQVLVWHHQGLVWLQJXLUIiFLOPHQWHXQDVLWXDFLyQQRUPDOGHRWUDDQRUPDO
PHGLDQWHQRUPDVVHQFLOODVYLVLEOHVSDUDWRGRV
6+,768.( ',6,3/,1$+$%,72
RQVLVWH HQ WUDEDMDU SHUPDQHQWHPHQWH GH DFXHUGR FRQ ODV QRUPDV
HVWDEOHFLGDV
/DV,12)$6(6FRPSRQHQXQWRGRLQWHJUDGRVHDERUGDQGHIRUPDVXFHVLYDXQD
WUDVRWUD
6X DSOLFDFLyQ FRQGXFH D PHMRUDU HO DSURYHFKDPLHQWR GH ORV UHFXUVRV UHGXFLHQGR
DYHUtDV VWRFNV WUDQVSRUWHV WLHPSRV GH FDPELR GH XWLOODMH HWF 3DUD LPSODQWDU HVWD
PHWRGRORJtDHVQHFHVDULRIRUPDUPRWLYDUDODVSHUVRQDVTXHORJUDUiQPHMRUDUVXOXJDU
GH WUDEDMR XQD PDRU FRRSHUDFLyQ WUDEDMDU HQ HTXLSR 3RU WDQWR LQFLGH
SULQFLSDOPHQWH HQ ORV FULWHULRV 3(5621$6 88. 0(-25$217,18$
(Q OD *HVWLyQ GH QXHVWUDV RUJDQL]DFLRQHV REVHUYDPRV GHILFLHQFLDV X RSRUWXQLGDGHV GH
PHMRUD UHVSHFWR D SUREOHPDV TXH VH UHSLWHQ HQ QXHVWUD ODERU GLDULD 3DUD HOOR HV
QHFHVDULRGLVSRQHUGHXQDPHWRGRORJtDTXHSHUPLWDHVWUXFWXUDUGHVDUUROODUXQSURFHVR
GH PHMRUD FRQWLQXD TXH DERUGH GH IRUPD VLVWHPiWLFD ILDEOH OD LGHQWLILFDFLyQ OD
RUJDQL]DFLyQ OD VROXFLyQ D GLFKRV SUREOHPDV 3DUD OOHYDUOR D FDER VH XWLOL]D XQD
HVWUXFWXUDRUJDQL]DGDSHUPDQHQWHGHHTXLSRVGHWUDEDMR
8Q HTXLSR GH WUDEDMR GHQRPLQDGR HTXLSR GH PHMRUD FRQVLVWH HQ XQ SHTXHxR Q~PHUR GH
SHUVRQDV FRQ KDELOLGDGHV FRPSOHPHQWDULDV TXH HVWiQ FRPSURPHWLGRV FRQ XQ SURSyVLWR
FRP~Q XWLOL]DQ SDUiPHWURV GH GHVHPSHxR PpWRGRV HVWUXFWXUDGRV VRQ PXWXDPHQWH
UHVSRQVDEOHVGHVXUHDOL]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]RVGHWLHPSRSUHYLVWRV
3DUDFDGDXQDGHODVRSRUWXQLGDGHVGHPHMRUDTXH ODRUJDQL]DFLyQ GHFLGD FRQYHUWLU HQ
SURHFWRGHPHMRUDVHGHEHHVWDEOHFHUFXiOHVHOJUXSRGHSHUVRQDVTXHWLHQHXQDPDRU
FDSDFLGDGSDUDDOFDQ]DUXQDVROXFLyQySWLPDSDUDODHPSUHVDWUDQVIRUPDUHVHJUXSRHQ
XQ(TXLSRGH0HMRUD/RV(TXLSRVGH0HMRUDGLVSRQHQGHXQDVHULHGHKHUUDPLHQWDVGH
UHVROXFLyQ GH SUREOHPDV TXH SXHGHQ XWLOL]DU VHJ~Q OD IDVH GHO SURFHVR HQ HO TXH VH
HQFXHQWUHQKHUUDPLHQWDVTXHVHGHVFULEHQHQHOVLJXLHQWHDSDUWDGR
3RUWDQWRORV(TXLSRVGH0HMRUDDFW~DQSULQFLSDOPHQWHHQHOFULWHULR352(626 90. +
6H FRQRFH FRQ HO QRPEUH GH ODV ³+´ R ODV ³VLHWH KHUUDPLHQWDV FOiVLFDV³ D VLHWH
KHUUDPLHQWDVTXHIXHURQ UHFRSLODGDVHQORVDxRVSRU .DRUX,VKLNDZD TXHIRUPDEDQ
SDUWHGHODIRUPDFLyQTXH UHFLEtDQHQDTXHOORVWLHPSRVORV LQWHJUDQWHVGHORVFtUFXORVGH
FDOLGDGHOGLDJUDPDGH3DUHWRHOGLDJUDPDGHFDXVDHIHFWRODVKRMDVGHUHFRJLGDGHGDWRV
ORVKLVWRJUDPDVODHVWUDWLILFDFLyQORVJUiILFRVGHFRQWUROORVGLDJUDPDVGHGLVSHUVLyQ
/D H[SHULHQFLD KD GHPRVWUDGR TXH HO XVR GH HVWDV VHQFLOODV KHUUDPLHQWDV SHUPLWH
UHVROYHU HO GH ORV SUREOHPDV GH ODV RUJDQL]DFLRQHV /DV KHUUDPLHQWDV FOiVLFDV
WLHQHQJUDQGHVYHQWDMDV
N 6HQFLOOH]7RGRHOPXQGRSXHGHXVDUODV
N $SOLFDELOLGDGHQWRGRVORVQLYHOHVGHODRUJDQL]DFLyQ
N 8WLOLGDGSRUVXJUDQFDSDFLGDGGHDQiOLVLVPHMRUD
5HFLHQWHPHQWH VH KD UHFRSLODGR RWUR JUXSR OODPDGR ODV QXHYDV KHUUDPLHQWDV PiV
FRPSOHMDV+RHQGtDODV+³FOiVLFDV´VRQXWLOL]DGDVHQWRGRHOPXQGRSRUORVHTXLSRV
GH PHMRUD FRQWLQXD GH UHVROXFLyQ GH SUREOHPDV SXHV FRQ HOODV VH SXHGHQ LGHQWLILFDU
DQDOL]DU UHVROYHU OD PDRUtD GH ORV SUREOHPDV UHODFLRQDGRV FRQ OD FDOLGDG GH ORV
SURGXFWRV VHUYLFLRV 3RU WDQWR DFW~DQ SULQFLSDOPHQWH HQ HO FULWHULR 352(626 98. 6RQHMHPSORVGHSURFHVRV
N (OSURFHVRTXHHVWDPSDURVFDXQWRUQLOOR
N (O SURFHVR TXH HQVDPEOD XQ FRQMXQWR FRQFUHWR GH XQD PiTXLQD GH
WUDQVIRUPDFLyQHOpFWULFD
N (OSURFHVRTXHGHVDUUROODXQDMRUQDGDLQIRUPDWLYDVREUHHOLPSDFWRGHO(XUR
N (OSURFHVRTXHWUDPLWDXQDOLFHQFLDGHREUDVPHQRUHVHQXQ$XQWDPLHQWR
(V D WUDYpV GH VXV SURFHVRV FRPR ODV RUJDQL]DFLRQHV FRQVLJXHQ KDFHU OOHJDU HVRV
DOJRVTXHJHQHUDQDDTXHOORVDTXLHQHVKDQGHILQLGRFRPR'HVWLQDWDULRVGHORTXH
102. /D JHVWLyQGHO FRQRFLPLHQWR FRQOOHYDD PHQXGR GRWDU D ODVRUJDQL]DFLRQHVGH VLVWHPDV
LQIRUPiWLFRVRWURVPHFDQLVPRVTXHSHUPLWHQDOPDFHQDUORDFFHGHUDpO VREUHWRGR
FDPELDUODFXOWXUDGHODVSHUVRQDVSDUDTXHVHDQSURFOLYHVDVRFLDOL]DUORFRPSDUWLUOROR
FXDO VHORJUD GHVDUUROODQGR XQRV FRQWH[WRV RUJDQL]DWLYRV HVSDFLRV ItVLFRV RUJDQL]DFLyQ
GHO WUDEDMR VLVWHPDV GH HYDOXDFLyQ GHO GHVHPSHxR UHFRQRFLPLHQWR HWF TXH OR
IDYRUH]FDQ
0,1,203$f,$6
/DV³PLQLFRPSDxLDV´VRQXQDIRUPDGHHVWUXFWXUDUXQDRUJDQL]DFLyQSDUDTXHFDGDXQDGH
VXV XQLGDGHV VH FRPSRUWH FRPR XQD SHTXHxD FRPSDxtD R PLQLHPSUHVD TXH EXVTXH OD
VDWLVIDFFLyQGHVXVFOLHQWHVLQWHUQRV RWUDV PLQLFRPSDxLDV 109. VHSXHGH
GHILQLU 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 OD
GHWHFFLyQ GH SUREOHPDV 0iV WDUGH VH FRPHQ]y D DSOLFDU HQ IDVHV DQWHULRUHV FRPR HO
GLVHxRGHORVSURGXFWRV
(O H[SHUWR TXH PiV KD FRQWULEXLGR D GHVDUUROODU HVWD KHUUDPLHQWD HV HO SURIHVRU RML
$NDRFRQRFLGRWDPELpQSRUVHUHOSURSXOVRUGHODPHWRGRORJtD+RVLQ.DQUL(Q
HO SURIHVRU $NDR SXEOLFy HO SULPHU WH[WR GH 4)' $ SDUWLU GH DKt FRPHQ]y D
LQWURGXFLUVH 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 XQ
SURGXFWR R VHUYLFLR HV GHFLU HQ FyPR VH SXHGHQ VDWLVIDFHU GLFKDV H[SHFWDWLYDV 3RU OR
WDQWR HVWD KHUUDPLHQWD LQFLGH SULQFLSDOPHQWH VREUH ORV FULWHULRV GH 352(626 112. '(63/,(*8('(2%-(7,926
%DMR HVWD GHQRPLQDFLyQ SRGHPRV HQJOREDU D GLYHUVDV PHWRGRORJtDV TXH VH KDQ LGR
GHVDUUROODQGR HQ ORV ~OWLPRV DxRV FRQ HO SURSyVLWR GH WUDVODGDU KDVWD HO GtD D GtD ORV
REMHWLYRVHVWUDWpJLFRVGHODRUJDQL]DFLyQFRPRVRQSRUHMHPSORHO3ROLF'HSORPHQW R
+RVKLQ.DQULHOXDGURGH0DQGR,QWHJUDO EDODQFHGVFRUHFDUG 116. 5(,1*(1,(5Ë$'(352(626
6X SURSyVLWR HV SRQHU HQ FXHVWLyQ WRGRV ORV SURFHVRV GH OD RUJDQL]DFLyQ UHYLVDUORV
DGHFXDUORVDODVGHPDQGDVGHORVFOLHQWHVOOHYDQGRDFDERFDPELRVUDGLFDOHVFXDQGRVH
QHFHVLWDQ$PHQXGRVHXWLOL]DQODVSRVLELOLGDGHVTXHRIUHFHQODVPRGHUQDVWHFQRORJtDV
GHODLQIRUPDFLyQSDUDOOHYDUDFDERHVWDODERU3RUORWDQWRVHLQFLGHIXQGDPHQWDOPHQWH
VREUH ORV FULWHULRV GH 352(626 119. %(1+0$5.,1*
(VWD SDODEUD LQJOHVD TXH DOJXQDV SHUVRQDV WUDGXFHQ FRPR ³HPXODFLyQ´ FRQVLVWH HQ OD
E~VTXHGD FRQWLQXD VLVWHPiWLFD GH ³ODV PHMRUHV SUiFWLFDV´ TXH QRV SHUPLWLUiQ
DSOLFiQGRODV GH XQD PDQHUD DGDSWDGD D QXHVWUD RUJDQL]DFLyQ PHMRUDU QXHVWUR QLYHO GH
FRPSHWLWLYLGDGRVHUPiVFRPSHWHQWHVVHJ~QORVFDVRV
(OEHQFKPDUNLQJHVDSOLFDEOHDFXDOTXLHUDVSHFWRGHODJHVWLyQQRUPDOPHQWHVHSDUWHGH
FRPSDUDU UHVXOWDGRV SDUD VHJXLGDPHQWH SURIXQGL]DU HQ HO FRQRFLPLHQWR GH ORV DJHQWHV
TXHORVKDQJHQHUDGRH[WUDHUOHFFLRQHVTXHSRGDPRVDSOLFDUHQQXHVWUDRUJDQL]DFLyQR
HPSUHVDRQHVWDPHWRGRORJtDSRGHPRVSRUORWDQWRDFWXDUVREUHFXDOTXLHUDGHORVQXHYH
FULWHULRVGHOPRGHOR()40GH([FHOHQFLD
6(,66,*0$
6HLVVLJPDHVXQSURJUDPDGHPHMRUDTXHSRUVXVFRQWHQLGRVHVWiHVSHFLDOPHQWHLQGLFDGR
SDUDVHUDSOLFDGRHQHOSURFHVRSURGXFWLYRGHHPSUHVDVGHWLSRLQGXVWULDO6XDSOLFDFLyQVH
OOHYD D FDER PHGLDQWH OD IRUPDFLyQ GH XQD R YDULDV SHUVRQDV GH OD HPSUHVD HQ ODV
KHUUDPLHQWDV PHWRGRORJtDV TXH OR FRPSRQHQ VLHQGR VHJXLGDPHQWH HVWDV SHUVRQDV ODV
UHVSRQVDEOHVGHVXDSOLFDFLyQSXGLHQGRFRQWDUFRQHODSRRGHFRQVXOWRUHVHVSHFLDOL]DGRV
SDUDHOOR
/DV KHUUDPLHQWDV PHWRGRORJtDV TXH FRPSRQHQ HVWH SURJUDPD KDQ YHQLGR XWLOL]iQGRVH
GXUDQWHODVGRVXOWLPDVGpFDGDVHQHOVHFWRUGHDXWRPRFLyQVLELHQVRQSRFRFRQRFLGDVHQ
RWURVVHFWRUHV+DKHUUDPLHQWDVFRPRHO$0)($QiOLVLV0RGDOGH)DOORV(IHFWRV 124. TXH QHFHVLWDQ GH XQ VRSRUWH HVWDGtVWLFR LPSRUWDQWH
SDUDDSOLFDUODVSDUDORFXDOVHKDQGHVDUUROODGRSURJUDPDVLQIRUPiWLFRVTXHORIDFLOLWDQ
RQODDSOLFDFLyQGHHVWDVPHWRGROyJLFDVVHORJUDSULQFLSDOPHQWHUHGXFLUHOSRUFHQWDMHGH
SURGXFWRVGHIHFWXRVRVPHMRUDUODSURGXFWLYLGDG3RUORWDQWRLQFLGHQVREUHORVFULWHULRV
GH352(626