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  • 80. ,GHQWLILFDomR GRV HGLItFLRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $OoDGR SULQFLSDO 3ODQWD GR 5 )LJXUD +DELWDomR 8 DUDFWHUL]DomR GRV HOHPHQWRV FRQVWUXWLYRV 2 HGLItFLR DSUHVHQWD XPD HVWUXWXUD SRUWLFDGD HP EHWmR DUPDGR FRQVWLWXtGD SRU SLODUHV VDSDWDV PXURV YLJDV H ODMHV DOLJHLUDGDV FRP YLJRWDV SUpHVIRUoDGDV 'H VHJXLGD DSUHVHQWDVH XPD GHVFULomR GRV SULQFLSDLV DVSHWRV FRQVWUXWLYRV ĺ 2 UHYHVWLPHQWR H[WHULRU p GH LPSHUPHDELOL]DomR QmR WUDGLFLRQDO GH OLJDQWHV KLGUiXOLFRV GR WLSR PRQRPDVVD GH FRU EUDQFD FRP DFDEDPHQWR HP ³FDVFD GH FDUYDOKR´ )LJXUD
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  • 87. IRUDP LPSHUPHDELOL]DGDV DWUDYpV GH XP VLVWHPD FRQVWLWXtGR SRU GXDV PHPEUDQDV GH EHWXPHSROtPHUR )RL WDPEpP FRORFDGD XPD PHPEUDQD GUHQDQWH QD IDFH H[WHULRU GDV PHPEUDQDV FRQIRUPH ILJXUD GR SRQWR $ DSUHVHQWDGD QR $QH[R $ ĺ $V UHVWDQWHV SDUHGHV H[WHULRUHV VmR GXSODV FRQVWLWXtGDV SRU XP SDQR H[WHULRU HP WLMROR FHUkPLFR IXUDGR GH FP FDL[DGHDU GH FP LVRODPHQWR WpUPLFR ;36
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  • 89. 'HYLGR D HVWHV IDFWRV SRGHUi FRQFOXLUVH TXH PXLWR GLILFLOPHQWH D SDUHGH 6HP HVFDOD
  • 90.
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  • 93. MDQHODV GH FRUUHU FRP FDL[LOKDULD HP DOXPtQLR ODFDGR YLGUR GXSOR LQFRORU PP
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  • 97. 2 LVRODPHQWR WpUPLFR GHYH VHU SURORQJDGR DWp j ODMH VXSHULRU QD IDFH ODWHUDO LQWHULRU GD YLJD VHQGR TXH QHVWH ORFDO D VXD HVSHVVXUD GHYHUi VHU QR PtQLPR DSUR[LPDGDPHQWH PHWDGH GD HVSHVVXUD XWLOL]DGD HP ]RQD FRUUHQWH XPD YH] TXH R UHJXODPHQWR SUHFRQL]D TXH R FRHILFLHQWH GH WUDQVPLVVmR WpUPLFD HP ]RQDV GH SRQWHV WpUPLFDV GHYH VHU PHQRU RX LJXDO DR GREUR GR VHX YDORU SDUD DV ]RQDV FRUUHQWHV ĺ 2V SHLWRULV VmR HP JUDQLWR D]XO FRPR Mi IRL UHIHULGR FRP FP GH VDOLrQFLD HP UHODomR DR UHYHVWLPHQWR H[WHULRU SDUD TXH D TXHGD GH iJXD QmR VH IDoD SHOR UHYHVWLPHQWR $ SLQJDGHLUD GH UDVJR LQIHULRU DSUHVHQWD XPD ODUJXUD GH FP R TXH p IUDQFDPHQWH LQVXILFLHQWH SDUD JDUDQWLU XPD DGHTXDGD TXHGD GD iJXD $ SDUWH LQWHULRU GR SHLWRULO p GR PHVPR PDWHULDO QmR VH HYLWDQGR DVVLP SRQWHV WpUPLFDV QHVVD ]RQD $ IDFH VXSHULRU p SODQD GH UHIHULU TXH D LQFOLQDomR PtQLPD QDV UHFRPHQGDo}HV WpFQLFDV IUDQFHVDV p GH GH PRGR D IDFLOLWDU R HVFRDPHQWR GD iJXD QD VXSHUItFLH HYLWDQGR DVVLP HYHQWXDLV LQILOWUDo}HV
  • 98. $ LQVHUomR GRV SHLWRULV QDV RPEUHLUDV p GH FP VHQGR TXH GHYHULD VHU GH SHOR PHQRV FP GH DFRUGR FRP DV UHFRPHQGDo}HV WpFQLFDV IUDQFHVDV
  • 99. VHP TXH KDMD UHPDWH FRP PiVWLTXH @ 3DUD XPD PDLV IiFLO FRPSUHHQVmR GD H[HFXomR FRUUHWD GH XP SHLWRULO UHFRPHQGDVH YHU D ILJXUD DSUHVHQWDGD QR SRQWR $ GR $QH[R $ ĺ $ ODMH GH FREHUWXUD p LQFOLQDGD FRP ž GH SHQGHQWH LQFOLQDomR GHPDVLDGR EDL[D SDUD FREHUWXUDV HP WHOKD FHUkPLFD
  • 100. DOLJHLUDGD FRP YLJRWDV SUpHVIRUoDGDV FRP DEREDGLOKDV FHUkPLFDV VREUH D TXDO IRL FRORFDGR R LVRODPHQWR WpUPLFR DWUDYpV GH SODFDV GH SROLHVWLUHQR H[WUXGLGR GH FP (VWD VROXomR GH LVRODPHQWR QD FREHUWXUD QmR WHUi VLGR D RSomR PDLV FRUUHWD XPD YH] TXH VH WUDWD GH XPD FREHUWXUD VREUH GHVYmR QmR KDELWiYHO (PERUD QD (1 WDPEpP FRQVWHP DOJXPDV UHFRPHQGDo}HV VREUH D FRQILJXUDomR GRV SHLWRULV DV UHFRPHQGDo}HV IUDQFHVDV '78
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  • 103. ĺ $ FREHUWXUD p UHYHVWLGD FRP WHOKD FHUkPLFD FRPR p YLVtYHO QD )LJXUD e QRWyULD D DXVrQFLD GH TXDLVTXHU WHOKDV GH YHQWLODomR QD FREHUWXUD GD KDELWDomR R TXH GLILFXOWD D YHQWLODomR VRE R PDWHULDO FHUkPLFR SDUD D VHFDJHP GD iJXD GD FKXYD DEVRUYLGD SHODV WHOKDV ĺ $ GUHQDJHP GDV iJXDV SURYHQLHQWHV GD FREHUWXUD p IHLWD DWUDYpV GH FDOHLUDV H WXERV GH TXHGD HP DOXPtQLR GH FRU YHUGH RV TXDLV OLJDP j UHGH SUHGLDO GH GUHQDJHP GH iJXDV SOXYLDLV TXH DV FRQGX] DWp j JXLD GR DUUXDPHQWR S~EOLFR +DELWDomR XQLIDPLOLDU 8
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  • 105. SRU UXIRV PHWiOLFRV HP FKDSD ]LQFDGD GHYLGR DR DSDUHFLPHQWR GH KXPLGDGH HP YiULRV ORFDLV GD KDELWDomR VLWXDGRV VRE HVVHV SRQWRV $SUHVHQWDVH GH VHJXLGD XPD ILJXUD FRP D UHSUHVHQWDomR GR DOoDGR SULQFLSDO GD KDELWDomR XQLIDPLOLDU 8
  • 106. ,GHQWLILFDomR GRV HGLItFLRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $OoDGR SULQFLSDO 3ODQWD GR 5 )LJXUD +DELWDomR 8 DUDFWHUL]DomR GRV HOHPHQWRV FRQVWUXWLYRV 2 HGLItFLR DSUHVHQWD XPD HVWUXWXUD SRUWLFDGD HP EHWmR DUPDGR FRQVWLWXtGD SRU SLODUHV VDSDWDV PXURV YLJDV H ODMHV DOLJHLUDGDV FRP YLJRWDV SUpHVIRUoDGDV 'H VHJXLGD DSUHVHQWDVH XPD GHVFULomR GRV SULQFLSDLV DVSHWRV FRQVWUXWLYRV ĺ 2 UHYHVWLPHQWR H[WHULRU p GH LPSHUPHDELOL]DomR WUDGLFLRQDO GH OLJDQWHV KLGUiXOLFRV FRP DFDEDPHQWR HP DUHDGR GH FRU DPDUHOD ĺ $V IXQGDo}HV VmR HP EHWmR DUPDGR FRQVWLWXtGDV SRU VDSDWDV H YLJDV GH IXQGDomR 7DO FRPR QR HGLItFLR DQWHULRU QmR p IHLWD QHQKXPD UHIHUrQFLD DFHUFD GD H[HFXomR GH XP FRUWH FDSLODU VRE DV IXQGDo}HV RX QR SDYLPHQWR WpUUHR GD FDYH YHU SRQWR $ GR $QH[R $ VREUH SRUPHQRU GH H[HFXomR SDUD HVWH FDVR
  • 107. ĺ (P SURMHWR QmR p IHLWD QHQKXPD UHIHUrQFLD j HYHQWXDO H[HFXomR GR VLVWHPD SDUD GUHQDJHP GDV iJXDV SOXYLDLV H GR VXEVROR HPERUD H[LVWD XP SRoR GH ERPEDJHP SDUD RQGH HVFRDP GRLV WXERV HP 39 SHUIXUDGR TXH VH MXOJDP SHUPLWLU D GUHQDJHP GDV iJXDV IUHiWLFDV 3DUD HVWH SRoR VmR HQFDPLQKDGDV DLQGD DV iJXDV GR FDQDOHWH H[LVWHQWH MXQWR j SRUWD GD JDUDJHP FRPR VH SRGH REVHUYDU QD ILJXUD VHJXLQWH
  • 108. H SDUD R TXDO VmR HQFDPLQKDGDV DV iJXDV SURYHQLHQWHV GD UDPSD GH DFHVVR j PHVPD 1R HQWDQWR H FRPR VH SRGH REVHUYDU QD PHVPD ILJXUD R GHVQtYHO HQWUH D JUHOKD H R SLVR LQWHULRU p LQH[LVWHQWH R TXH SRGHUi IDFLOLWDU D HQWUDGD GH iJXD SDUD R LQWHULRU GD KDELWDomR (VF
  • 109. ,GHQWLILFDomR GRV HGLItFLRV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB )LJXUD ÏUJmRV GH GUHQDJHP GDV iJXDV GD FDYH ĺ 1DV SDUHGHV GD FDYH TXH VH HQFRQWUDP HQWHUUDGDV p YLVtYHO HP DOJXQV ORFDLV D H[LVWrQFLD GH XPD PHPEUDQD GUHQDQWH 1R HQWDQWR QmR VH FRQVHJXLX FRQFOXLU VREUH D HYHQWXDO FRORFDomR GH WHODV HP EHWXPHSROtPHUR 6mR FRQVWLWXtGDV SRU SDUHGHV HP EHWmR DUPDGR FRP FP GH HVSHVVXUD ĺ $V SDUHGHV H[WHULRUHV VmR GXSODV FRQVWLWXtGDV SRU XP SDQR H[WHULRU HP WLMROR FHUkPLFR IXUDGR GH FP FDL[DGHDU GH FP LVRODPHQWR WpUPLFR ;36
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  • 111. ĺ 2V YmRV HQYLGUDoDGRV VmR FRQVWLWXtGRV SRU SHLWRULV HP JUDQLWR D]XO WDO FRPR DV RPEUHLUDV H WRUoDV GRV PHVPRV $V MDQHODV VmR GH FRUUHU FRP FDL[LOKDULD HP DOXPtQLR ODFDGR GH FRU SUHWD YLGUR GXSOR LQFRORU PP
  • 112. H D SURWHomR VRODU H[WHULRU p REWLGD DWUDYpV GH SRUWDGDV WDPEpP HP DOXPtQLR GH FRU SUHWD FRP OkPLQDV RULHQWiYHLV 1mR H[LVWH QHQKXPD SRUPHQRUL]DomR VREUH R PRGR FRPR p IHLWD D OLJDomR GR LVRODQWH WpUPLFR DRV SHLWRULV H jV RPEUHLUDV DV REVHUYDo}HV VREUH D FRUUHomR GDV SRQWHV WpUPLFDV UHIHULGDV VREUH 8 VmR WDPEpP YiOLGDV QHVWH FDVR
  • 113. ĺ 2V SHLWRULV HP JUDQLWR D]XO DSUHVHQWDP FP GH VDOLrQFLD HP UHODomR DR UHYHVWLPHQWR H[WHULRU SDUD WHQWDU HYLWDU D TXHGD GH iJXD SHOR UHYHVWLPHQWR $ SLQJDGHLUD GH UDVJR LQIHULRU DSUHVHQWD XPD ODUJXUD GH FP R TXH p IUDQFDPHQWH LQVXILFLHQWH SDUD JDUDQWLU XPD DGHTXDGD TXHGD GD iJXD $ IDFH VXSHULRU p SODQD D LQVHUomR GRV SHLWRULV QDV RPEUHLUDV p GH FP VHP TXH KDMD UHPDWH FRP PiVWLTXH YHU SRUPHQRU FRUUHWR GHVWHV HOHPHQWRV QR SRQWR $ HP $QH[R
  • 114. ĺ $ ODMH GH HVWHLUD p WDPEpP DOLJHLUDGD HP YLJRWDV SUpHVIRUoDGDV FRP DEREDGLOKDV FHUkPLFDV VREUH D TXDO IRL FRORFDGR R LVRODPHQWR WpUPLFR HP SODFDV GH SROLHVWLUHQR H[WUXGLGR FRP FP GH HVSHVVXUD 8PD YH] TXH VH WUDWD GH XP GHVYmR QmR ~WLO FRQFOXL VH TXH D ORFDOL]DomR GR LVRODQWH p D FRUUHWD 1mR H[LVWH QHQKXP SRUPHQRU TXH LOXVWUH R SURORQJDPHQWR GR LVRODQWH QDV SDUHGHV YHUWLFDLV H[LVWHQWHV QHVVH GHVYmR H[HFXomR TXH PLQLPL]D DV SRQWHV WpUPLFDV OLQHDUHV
  • 115. ĺ $ GUHQDJHP GDV iJXDV SURYHQLHQWHV GD FREHUWXUD p IHLWD DWUDYpV GH FDOHLUDV H WXERV GH TXHGD HP DOXPtQLR GH FRU SUHWD 3RoR GH %RPEDJHP DQDOHWH FRP JUHOKD PHWiOLFD
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