R
GHSHQGLHQGRHQPRGHOR
R
GHSHQGLHQGRHQPRGHOR
&yPRFRQILJXUDUXQKRUQHDGRDVDGRFURQRPHWUDGR,QLFLRLQPHGLDWR\3DUDGD
DXWRPiWLFD
127$
3DUDHQWHQGHUFyPRIXQFLRQDHOFRQWURO
GHOKRUQRSUDFWLTXHXVDQGR,PPHGLDWH6WDUW
,QLFLRLQPHGLDWR\$XWRPDWLF6WRS'HWHQFLyQ
DXWRPiWLFDQRUPDOHVQRHQIXQFLRQDPLHQWR
SDUD6DEEDWDQWHVGHLQJUHVDUHQHOPRGRGH
$VHJ~UHVHGHTXHHOUHORMPXHVWUHODKRUDFRUUHFWD
GHOGtD
3UHVLRQH\PDQWHQJDVRVWHQLGRVORVERWRQHV
%DNH
\
%URLO+L/R
DOPLVPRWLHPSRKDVWD
TXHODSDQWDOODPXHVWUH
6)
127$
6LHQODSDQWDOODDSDUHFHEDNHREURLO
ORVERWRQHV
%DNHEL%URLO+L/R
QRIXHURQ
SUHVLRQDGRVDOPLVPRWLHPSR3UHVLRQHHO
ERWyQ
&OHDU2II
\FRPLHQFHGHQXHYR
3UHVLRQHHOERWyQ
'HOD\6WDUW
KDVWDTXH
6$EE$W+
DSDUH]FDHQODSDQWDOOD
3UHVLRQHHOERWyQ6WDUW\
DSDUHFHUiHQOD
SDQWDOOD
3UHVLRQHHOERWyQ
&RRNLQJ7LPH
(QORVPRGHORVFRQERWRQHVQXPpULFRV
SUHVLRQHORVSDUDFRQILJXUDUODGXUDFLyQGHO
WLHPSRGHFRFFLyQGHVHDGDHQWUHPLQXWR\
KRUDV\PLQXWRV
(QORVPRGHORVFRQERWRQHV
R
²
GH
+RXU
+RUD\
0LQ
0LQSUHVLRQHORVSDUD
FRQILJXUDUODGXUDFLyQGHOWLHPSRGHFRFFLyQ
GHVHDGDHQWUHPLQXWR\KRUDV\
PLQXWRV
$SDUHFHUiHOWLHPSRGHFRFFLyQTXHLQJUHVy
3UHVLRQHHOERWyQ
6WDUW
3UHVLRQHHOERWyQ
%DNH
1RVHGDUiQLQJXQD
VHxDO
(QORVPRGHORVFRQERWRQHVQXPpULFRV
DSULpWHORVSDUDDMXVWDUODWHPSHUDWXUD
GHVHDGD
(QORVPRGHORVFRQERWRQHV
\
²
GH
7HPS
7HPSODWHPSHUDWXUDGHLQLFLR
SUHFRQILJXUDGDVHFRQILJXUDUi
DXWRPiWLFDPHQWHHQ7RTXH
ORVERWRQHVR²GH7HPS7HPSSDUD
DXPHQWDURGLVPLQXLUODWHPSHUDWXUDHQ
LQFUHPHQWRVGH6HGHEHWRFDUHOERWyQ
R²GH7HPS7HPSSDUDFDGDFDPELRGH
WHPSHUDWXUDDSUHWDU\PDQWHQHUDSUHWDGDV
HVWHVERWRQHVQRSHUPLWLUiFRQILJXUDUOD
WHPSHUDWXUDFRQSUHFLVLyQ/DWHPSHUDWXUD
SXHGHFRQILJXUDUVHHQWUH\
1RVHPRVWUDUiQLQJXQDVHxDOQL
WHPSHUDWXUD
3UHVLRQHHOERWyQ
6WDUW
'HVSXpVGHXQSHULRGRDOHDWRULRGHHVSHUD
GHDSUR[LPDGDPHQWHVHJXQGRVD
PLQXWRDSDUHFHUiHQODSDQWDOOD
LQGLFDQGRTXHHOKRUQRHVWiKRUQHDQGR
DVDQGR6LQRDSDUHFH
HQODSDQWDOOD
FRPLHQFHGHQXHYRHQHO3DVR
3DUDDMXVWDUODWHPSHUDWXUDGHOKRUQRDSULHWH
HOERWyQ%DNH+RUQHDUHLQJUHVHODQXHYD
WHPSHUDWXUDFRQORVERWRQHVQXPpULFRV
HQDOJXQRVPRGHORVRWRTXHORVERWRQHV
R
²
GH
7HPS
7HPSHQDOJXQRVPRGHORV
SDUDDXPHQWDURGLVPLQXLUODWHPSHUDWXUDHQ
LQFUHPHQWRVGH6HGHEHWRFDUHOERWyQ
R
²
GH
7HPS
SDUDFDGDFDPELRGHWHPSHUDWXUD
DSUHWDU\PDQWHQHUDSUHWDGDVHVWHVERWRQHV
QRSHUPLWLUiFRQILJXUDUODWHPSHUDWXUDFRQ
SUHFLVLyQ
3UHVLRQHHOERWyQ
6WDUW
&XDQGRODFRFFLyQHVWpWHUPLQDGDODSDQWDOOD
FDPELDUiGH
D
\DSDUHFHUiLQGLFDQGR
TXHHOKRUQRVHKDDSDJDGRSHURWRGDYtDHVWi
FRQILJXUDGRHQ6DEEDWK5HPXHYDODFRPLGD
FRFLQDGD
&XDQGRODSDQWDOODPXHVWUD
HOKRUQRHVWiFRQILJXUDGRHQ
6DEEDWK&XDQGRODSDQWDOOD
PXHVWUD
HOKRUQRHVWi
KRUQHDQGRDVDQGR
&yPRVDOLUGHODFDUDFWHUtVWLFD6DEEDWK
3UHVLRQHHOERWyQ
&OHDU2II
6LHOKRUQRHVWiFRFLQDQGRHVSHUHGXUDQWHXQ
SHULRGRDOHDWRULRGHDSUR[LPDGDPHQWH
VHJXQGRVDPLQXWRKDVWDTXHVROR
HVWpHQ
ODSDQWDOOD
3UHVLRQH\VRVWHQJDORVERWRQHV
%DNH
\
%URLO+L/R
DOPLVPRWLHPSRKDVWDTXH
ODSDQWDOODPXHVWUH
6)
3UHVLRQHHOERWyQ
'HOD\6WDUW
KDVWDTXH
DSDUH]FDHQODSDQWDOOD
VKGQ
R
QRVKGQ
VKGQ
LQGLFDTXHHOKRUQRVHDSDJDUi
DXWRPiWLFDPHQWHGHVSXpVGHKRUDV
QR
VKGQ
LQGLFDTXHHOKRUQRQRVHDSDJDUi
DXWRPiWLFDPHQWH
3UHVLRQHHOERWyQ
6WDUW
127$
6LVHSUHVHQWyXQFRUWHHQHOVXPLQLVWUR
HOpFWULFRPLHQWUDVHOKRUQRHVWDEDHQ6DEEDWKHO
KRUQRVHDSDJDUiDXWRPiWLFDPHQWH\HOFRQWUROGHO
KRUQRGHEHVHUUHLQLFLDGR
8VRGHODFDUDFWHUtVWLFD6DEEDWK