Aprendizagem de Resultados - Cap 4 e 6

8PDDERUGDJHPSUiWLFDSDUDDXPHQWDUDHIHWLYLGDGHGDHGXFDomRFRUSRUDWLYD
'DQLHOOH7RUUHV

$Wp UHFHQWHPHQWH KRXYH SRXFDV WHRULDV SHVTXLVDV H WUDEDOKRV VREUH D DSUHQGL]DJHP GH
DGXOWRV(VVHpXPIDWRFXULRVRMiTXHDHGXFDomRGHDGXOWRVpXPDSUHRFXSDomRGDKXPDQLGDGH
KiPXLWRWHPSR0HVPRDVVLPSRUYiULRVDQRVRDGXOWRDSUHQGL]IRLVHJXLQGRFRPRXPDHVSpFLH
QHJOLJHQFLDGD
$ IDOWD GH SHVTXLVDV QHVVD iUHD p VXUSUHHQGHQWH VH FRQVLGHUDUPRV TXH WRGRV RV JUDQGHV
PHVWUHV GRV WHPSRV DQWLJRV &RQI~FLR H /DR 7Vp QD &KLQD RV SURIHWDV KHEUHXV H -HVXV QRV
WHPSRVEtEOLFRV$ULVWyWHOHV6yFUDWHVH3ODWmRQD*UpFLDDQWLJDH&tFHUR(YHOtGLRH4XLQWLOLDQR
QD5RPDDQWLJDIRUDPSURIHVVRUHVGHDGXOWRVQmRGHFULDQoDV$VH[SHULrQFLDVGHVVHVPHVWUHV
DFRQWHFHUDPFRPDGXOWRVHSRUWDQWRHOHVGHVHQYROYHUDPXPFRQFHLWRPXLWRGLVWLQWRGRSURFHVVR
HQVLQRDSUHQGL]DJHP GR TXH DTXHOH TXH DFDEDULD SRU GRPLQDU D HGXFDomR IRUPDO (VVHV
SURIHVVRUHVQRWiYHLVDFUHGLWDYDPTXHDDSUHQGL]DJHPHUDXPSURFHVVRGHLQYHVWLJDomRPHQWDOH
QmRDUHFHSomRSDVVLYDGHFRQWH~GRVWUDQVPLWLGRV3RUHVVHFULWpULRHOHVGHVHQYROYHUDPWpFQLFDV
SDUD HQYROYHU RV DOXQRV FRP D LQYHVWLJDomR 2V DQWLJRV FKLQHVHV H KHEUHXV LQYHQWDUDP R TXH
FKDPDPRVKRMHGHHVWXGRGHFDVRHPTXHRDSUHQGL]RXXPGRVPHPEURVGRJUXSRGHVFUHYH
XPD VLWXDomR JHUDOPHQWH QD IRUPD GH SDUiEROD H MXQWDPHQWH FRP R JUXSR H[SORUD VXDV
FDUDFWHUtVWLFDV H SRVVtYHLV VROXo}HV 2V JUHJRV FULDUDP R TXH FKDPDPRV KRMH GH GLiORJR
VRFUiWLFRHPTXHROtGHURXPHPEURGRJUXSRSURS}HXPDSHUJXQWDRXGLOHPDHRVPHPEURVGR
JUXSR UH~QHP VXDV LGHLDV H H[SHULrQFLD HP EXVFD GH XPD UHVSRVWD RX VROXomR 2V URPDQRV
FRQIURQWDYDP PDLV RV PHPEURV GR JUXSR HOHV DSUHVHQWDYDP GHVDILRV TXH IRUoDYDP RV
PHPEURVGRJUXSRDGHFODUDUVXDSRVLomRHHQWmRGHIHQGrOD
1D (XURSD QR VpFXOR 9,, DV HVFRODV HVWDYDP RUJDQL]DGDV SDUD R HQVLQR GH FULDQoDV
SULPRUGLDOPHQWH SDUD SUHSDUDU MRYHQV PHQLQRV SDUD R VDFHUGyFLR 3RU HVVH PRWLYR HODV
SDVVDUDPDVHUFRQKHFLGDVFRPRHVFRODVFDWHGUDLVHPRQiVWLFDV&RPRDSULQFLSDOPLVVmRGHVVHV
SURIHVVRUHVHUDGRXWULQDURVDOXQRVVREUHFUHQoDVIpHULWXDLVGDLJUHMDHOHVGHVHQYROYHUDPXP
FRQMXQWR GH SUHVVXSRVWRV VREUH DSUHQGL]DJHP H HVWUDWpJLDV GH HQVLQR TXH UHFHEHX R QRPH GH
SHGDJRJLDTXHVLJQLILFDOLWHUDOPHQWHDDUWHHFLrQFLDGHHQVLQDUFULDQoDVGHULYDGDGDSDODYUD
JUHJDSDLGTXHVLJQLILFDFULDQoDHDJRJXVOtGHUGH(VVHPRGHORGHHGXFDomRSHUVLVWLXDWp
FKHJDU DR VpFXOR ;; H IRL D EDVH SDUD RUJDQL]DU R VLVWHPD HGXFDFLRQDO GRV (VWDGRV 8QLGRV
3RXFR WHPSR GHSRLV GR WpUPLQR GD 3ULPHLUD *XHUUD 0XQGLDO FRPHoRX D VXUJLU WDQWR QRV
(VWDGRV 8QLGRV TXDQWR QD (XURSD XP FRQMXQWR FUHVFHQWH GH LGHLDV VREUH DV FDUDFWHUtVWLFDV
GLVWLQWDV GRV DSUHQGL]HV DGXOWRV 0DV IRL Vy QDV ~OWLPDV GpFDGDV TXH HVVDV LGHLDV HYROXtUDP H
IRUPDUDPXPPRGHORLQWHJUDGRGHDSUHQGL]DJHPGHDGXOWRVeIDVFLQDQWHGHOLQHDUHVVHSURFHVVR
HYROXFLRQiULRQRV(VWDGRV8QLGRV
'8$6&255(17(6'(,19(67,*$d2
&RP R LQtFLR GD $VVRFLDomR $PHULFDQD SDUD (GXFDomR GH $GXOWRV HP H R
SURYLVLRQDPHQWRGHUHFXUVRVYROXPRVRVSDUDSHVTXLVDHSXEOLFDo}HVGD&DUQHJLH&RUSRUDWLRQRI
1HZ <RUN SRGHPRV GLVFHUQLU GXDV FRUUHQWHV GH LQYHVWLJDomR 8PD GHODV SRGH VHU FODVVLILFDGD
FRPR D FRUUHQWH FLHQWtILFD H D RXWUD D FRUUHQWH DUWtVWLFD RX LQWXLWLYDUHIOH[LYD $ FRUUHQWH
FLHQWtILFDEXVFDGHVFREULUQRYRVFRQKHFLPHQWRVSRUPHLRGDLQYHVWLJDomRULJRURVDHJHUDOPHQWH
H[SHULPHQWDOHIRLSURSRVWDSRU(GZDUG/7KRUQGLNHFRPDSXEOLFDomRGHVHX$GXOW/HDUQLQJ
HP2WtWXORGiPDUJHPDLQWHUSUHWDo}HVHUU{QHDVMiTXH7KRUQGLNHQmRHVWDYDSUHRFXSDGR
FRP RV SURFHVVRV GH DSUHQGL]DJHP GH DGXOWRV H VLP FRP D KDELOLGDGH GH DSUHQGL]DJHP 6HXV
HVWXGRV GHPRQVWUDP TXH RV DGXOWRV SRGLDP QD UHDOLGDGH DSUHQGHU R TXH IRL LPSRUWDQWH SRLV
LVVR IRUQHFHX XPD IXQGDPHQWDomR FLHQWtILFD SDUD XP FDPSR TXH DQWHULRUPHQWH HVWDYD
IXQGDPHQWDGRQDFUHQoDSXUDGHTXHRVDGXOWRVSRGLDPDSUHQGHU2XWUDVREUDVTXHFRQWULEXtUDP
SDUDHVVDFRUUHQWHQDGpFDGDVHJXLQWHIRUDPR$GXOW,QWHUHVWVGH7KRUQGLNHHPH$GXOW
$ELOLWLHVGH+HUEHUW6RUHQVRQHP1RLQtFLRGD6HJXQGD*XHUUD0XQGLDORVHGXFDGRUHVGH
DGXOWRV Mi WLQKDP HYLGrQFLDV FLHQWtILFDV GH TXH RV DGXOWRV SRGLDP DSUHQGHU H TXH HOHV WLQKDP
LQWHUHVVHVHKDELOLGDGHVGLIHUHQWHVGRVGDVFULDQoDV
3RU RXWUR ODGR D FRUUHQWH DUWtVWLFD TXH EXVFD GHVFREULU QRYRV FRQKHFLPHQWRV SRU PHLR GD
LQWXLomRHGDDQiOLVHGDH[SHULrQFLDVHSUHRFXSDYDFRPDPDQHLUDFRPRRVDGXOWRVDSUHQGHP
(VVDFRUUHQWHGHLQYHVWLJDomRIRLODQoDGDFRPDSXEOLFDomRGH7KH0HDQLQJRI$GXOW(GXFDWLRQ
GH (GXDUG & /LQGHPDQ HP /LQGHPDQ HVWDYD SURIXQGDPHQWH LQIOXHQFLDGR SHOD
ILORVRILD HGXFDFLRQDO GH -RKQ 'HZH\ H HVWDEHOHFHX RV DOLFHUFHV SDUD XPD WHRULD VLVWHPiWLFD
VREUHDDSUHQGL]DJHPGHDGXOWRVFRPGHFODUDo}HVYLVLRQiULDVFRPR
$DERUGDJHPSDUDDHGXFDomRGHDGXOWRVRFRUUHUiSRUPHLRGHVLWXDo}HVHQmRGH
GLVFLSOLQDV1RVVRVLVWHPDDFDGrPLFRVHGHVHQYROYHXQDRUGHPLQYHUVDDVGLVFLSOLQDVHRV
SURIHVVRUHVVmRRSRQWRGHSDUWLGDRVDOXQRVYrPHPVHJXQGROXJDU1DHGXFDomR
FRQYHQFLRQDOHVSHUDVHTXHRDOXQRDMXVWHVHDXPFXUUtFXORHVWDEHOHFLGRQDHGXFDomRGH
DGXOWRVRFXUUtFXORpFRQVWUXtGRHPWRUQRGDVQHFHVVLGDGHVHGRVLQWHUHVVHVGRDOXQR&DGD
DGXOWRVHYrHPVLWXDo}HVHVSHFtILFDVHPUHODomRDVHXWUDEDOKROD]HUYLGDHPIDPtOLDYLGD
HPFRPXQLGDGHHWFVLWXDo}HVTXHSHGHPDMXVWHVeQHVVHSRQWRTXHVHLQLFLDDHGXFDomRGH
DGXOWRV2DVVXQWRpWUD]LGRSDUDDVLWXDomRpSRVWRHPSUiWLFDTXDQGRQHFHVViULR2V
PDWHULDLVGLGiWLFRVHRVSURIHVVRUHVGHVHPSHQKDPXPSDSHOQRYRHVHFXQGiULRQHVVHWLSRGH
HGXFDomRHOHVGHYHPFHGHUOXJDUjLPSRUWkQFLDSULPiULDGRVDSUHQGL]HVSS
2UHFXUVRGHPDLRUYDORUQDHGXFDomRGHDGXOWRVpDH[SHULrQFLDGRDSUHQGL]6HHGXFDomR
pYLGDHQWmRYLGDWDPEpPpHGXFDomR*UDQGHSDUWHGDDSUHQGL]DJHPFRQVLVWHQDVXEVWLWXLomR
LQGLUHWDGDH[SHULrQFLDHQRFRQKHFLPHQWRGHRXWUDSHVVRD$SVLFRORJLDHVWiQRVHQVLQDQGR
FRQWXGRTXHDSUHQGHPRVRTXHID]HPRVHTXHSRUWDQWRWRGDDHGXFDomRJHQXtQDFRQWLQXDUi
ID]HQGRHSHQVDQGRMXQWR$H[SHULrQFLDpROLYURGLGiWLFRYLYRGRDGXOWRDSUHQGL]SS

2HQVLQRDXWRULWiULRH[DPHVTXHERLFRWDPLGHLDVRULJLQDLVIyUPXODVSHGDJyJLFDVUtJLGDV
QDGDGLVVRWHPOXJDUQDHGXFDomRGHDGXOWRV*UXSRVUHGX]LGRVGHDGXOWRVTXHGHVHMDP
PDQWHUVXDPHQWHMRYHPHYLJRURVDTXHFRPHoDPDDSUHQGHUDRFRQIURQWDUHPVLWXDo}HV
SHUWLQHQWHVTXHVHDSURIXQGDPQRUHVHUYDWyULRGHVXDH[SHULrQFLDDQWHVGHUHFRUUHUDWH[WRVH
IDWRVVHFXQGiULRVTXHVmRFRQGX]LGRVQDGLVFXVVmRSRUSURIHVVRUHVRVTXDLVWDPEpPVmR
EXVFDGRUHVGHVDEHGRULDHQmRGHRUiFXORVLVVRFRQVWLWXLRFHQiULRSDUDDHGXFDomRGH
DGXOWRVDEXVFDPRGHUQDSDUDRVHQWLGRGDYLGDSS
$WHRULDGHDSUHQGL]DJHPGHDGXOWRVDSUHVHQWDGHVDILRVDRVFRQFHLWRVHVWiWLFRVGH
LQWHOLJrQFLDjVOLPLWDo}HVSDGURQL]DGDVGDHGXFDomRFRQYHQFLRQDOHjWHRULDTXHUHVWULQJHRV
UHFXUVRVHGXFDFLRQDLVDXPDFODVVHLQWHOHFWXDO2VGHIHQVRUHVGRVWDWXVTXRQDHGXFDomR
FRVWXPDPDILUPDUTXHDPDLRULDGRVDGXOWRVQmRHVWiLQWHUHVVDGDHPDSUHQGHUQmRHVWi
PRWLYDGDSDUDDHGXFDomRFRQWLQXDGDVHHOHVWLYHVVHPHVVHVLQFHQWLYRVQDWXUDOPHQWH
WLUDULDPSURYHLWRGDVYiULDVRSRUWXQLGDGHVHGXFDFLRQDLVJUDWXLWDVTXHVmRRIHUHFLGDVSHORV
yUJmRVS~EOLFRV(VVHDUJXPHQWRIRJHGDSHUJXQWDHLQWHUSUHWDRSUREOHPDGHPDQHLUD
HTXLYRFDGD1XQFDVDEHUHPRVRTXDQWRRVDGXOWRVGHVHMDPFRQKHFHUDVLPHVPRVHRPXQGR
QRTXDOYLYHPDWpTXHDHGXFDomRIXMDGRVSDGU}HVGHFRQIRUPLGDGH$HGXFDomRGHDGXOWRV
pXPDWHQWDWLYDGHGHVFREULUXPQRYRPpWRGRHFULDUXPQRYRLQFHQWLYRSDUDDDSUHQGL]DJHP
VXDVLPSOLFDo}HVVmRTXDOLWDWLYDVQmRTXDQWLWDWLYDV2VDSUHQGL]HVDGXOWRVVmRH[DWDPHQWH
DTXHOHVFXMDVDPELo}HVLQWHOHFWXDLVVmRPHQRVSURSHQVDVDVHUHPHVWLPXODGDVSHODV
H[LJrQFLDVUtJLGDVHLQIOH[tYHLVGDVLQVWLWXLo}HVDXWRULWiULDVHFRQYHQFLRQDLVGDDSUHQGL]DJHP
SS
$HGXFDomRGHDGXOWRVpXPSURFHVVRSRUPHLRGRTXDORVDSUHQGL]HVVHWRUQDP
FRQVFLHQWHVGDH[SHULrQFLDVLJQLILFDWLYD2UHFRQKHFLPHQWRGDLPSRUWkQFLDOHYDjDYDOLDomR
2VVLJQLILFDGRVDFRPSDQKDPDH[SHULrQFLDTXDQGRVDEHPRVRTXHHVWiDFRQWHFHQGRHTXDO
LPSRUWkQFLDRHYHQWRWHPSDUDQRVVDSHUVRQDOLGDGHS
'RLVRXWURVWUHFKRVH[WUDtGRVGRVHVFULWRVGH/LQGHPDQH[SORUDPHVVDVLGHLDV
&RQFHER D HGXFDomR GH DGXOWRV HP WHUPRV GH XPD QRYD WpFQLFD SDUD DSUHQGL]DJHP XPD
WpFQLFDWmRHVVHQFLDOSDUDRHVWXGDQWHXQLYHUVLWiULRTXDQWRSDUDRWUDEDOKDGRUEUDoDODQDOIDEHWR
(ODUHSUHVHQWDXPSURFHVVRSRUPHLRGRTXDORDGXOWRVHWRUQDFRQVFLHQWHGHVXDH[SHULrQFLDHD
DYDOLD3DUDID]HULVVRHOHQmRSRGHFRPHoDUDHVWXGDUGLVFLSOLQDVQDHVSHUDQoDGHTXHDOJXP
GLDHVVDVLQIRUPDo}HVVHMDP~WHLV3HORFRQWUiULRHOHFRPHoDGDQGRDWHQomRDVLWXDo}HVHPTXH
HOH VH HQFRQWUD D SUREOHPDV TXH WUD]HP REVWiFXORV SDUD VXD DXWRUUHDOL]DomR 8VDPVH IDWRV H
LQIRUPDo}HV GDV GLYHUVDV HVIHUDV GR FRQKHFLPHQWR QmR SDUD ILQV GH DFXPXODomR PDV SRU
QHFHVVLGDGH GH VROXFLRQDU SUREOHPDV 1HVVH SURFHVVR R SURIHVVRU HQFRQWUD XPD QRYD IXQomR
(OHQmRpPDLVRRUiFXORTXHIDODDSDUWLUGRSDOFRGHDXWRULGDGHHVLPRJXLDDTXHOHTXHDSRQWD
RFDPLQKRHWDPEpPSDUWLFLSDGDDSUHQGL]DJHPGHDFRUGRFRPDYLWDOLGDGHHDUHOHYkQFLDGH
VHXV IDWRV H H[SHULrQFLDV (P UHVXPR HVVH p PHX FRQFHLWR GH HGXFDomR GH DGXOWRV XP
HPSUHHQGLPHQWR FRRSHUDWLYR GH DSUHQGL]DJHP QmRDXWRULWiULD H LQIRUPDO FXMR SULQFLSDO
SURSyVLWR p GHVFREULU R VLJQLILFDGR GD H[SHULrQFLD XPD EXVFD GD PHQWH TXH VH DSURIXQGD QDV
UDt]HV GDV SUpFRQFHSo}HV TXH IRUPDP QRVVD FRQGXWD XPD WpFQLFD GH DSUHQGL]DJHP SDUD
DGXOWRV TXH WRUQD D HGXFDomR FRH[LVWHQWH FRP D YLGD H SRU FRQVHTXrQFLD HOHYD HVVD YLGD DR
QtYHOGHH[SHULrQFLDFKHLDGHDYHQWXUD*HVVQHUS
8PD GDV SULQFLSDLV GLVWLQo}HV HQWUH HGXFDomR FRQYHQFLRQDO H GH DGXOWRV p HQFRQWUDGD QR
SUySULRSURFHVVRGHDSUHQGL]DJHP6mRRVKXPLOGHVTXHVHWRUQDPERQVSURIHVVRUHVGHDGXOWRV
(P XPD WXUPD GH DGXOWRV D H[SHULrQFLD GR DOXQR FRQWD WDQWR TXDQWR R FRQKHFLPHQWR GR
SURIHVVRU $PERV VmR LQWHUFDPELiYHLV (P DOJXPDV GDV PHOKRUHV WXUPDV GH DOXQRV DGXOWRV jV
YH]HVpGLItFLOSHUFHEHUTXHPHVWiDSUHQGHQGRPDLVRSURIHVVRURXRVDOXQRV(VVDDSUHQGL]DJHP
GHPmRGXSODWDPEpPHVWiUHIOHWLGDQDDXWRULGDGHFRPSDUWLOKDGD1DHGXFDomRFRQYHQFLRQDORV
DOXQRV VH DGDSWDP DR FXUUtFXOR RIHUHFLGR PDV QD HGXFDomR GH DGXOWRV RV DOXQRV DMXGDP D
HODERUDURVFXUUtFXORV(PFRQGLo}HVGHPRFUiWLFDVDDXWRULGDGHSHUWHQFHDRJUXSR(VVDQmRp
XPDOLomRIiFLOGHVHUDSUHQGLGDPDVDWpTXHVHMDDGHPRFUDFLDQmRWULXQID*HVVQHUS

(VVHVWUHFKRVGHXPDXWRUSLRQHLURVmRVXILFLHQWHVSDUDPRVWUDUXPDQRYDPDQHLUDGHSHQVDU
DDSUHQGL]DJHPGHDGXOWRV$LQGDDVVLPpLPSRUWDQWHREVHUYDUTXH/LQGHPDQWDPEpP
LGHQWLILFRXYiULDVVXSRVLo}HVEiVLFDVVREUHRVDGXOWRVDSUHQGL]HV6XDVVXSRVLo}HVUHVXPLGDVQD
7DEHODIRUDPFRPSURYDGDVSRUSHVTXLVDVSRVWHULRUHVHFRPS}HPRVIXQGDPHQWRVGDWHRULD
GHDSUHQGL]DJHPGHDGXOWRV
2V DGXOWRV VmR PRWLYDGRV D DSUHQGHU FRQIRUPH YLYHQFLDP QHFHVVLGDGHV H LQWHUHVVHV TXH D
DSUHQGL]DJHP VDWLVIDUi SRUWDQWR HVVHV VmR RV SRQWRV GH SDUWLGD DGHTXDGRV SDUD RUJDQL]DU DV
DWLYLGDGHVGHDSUHQGL]DJHPGRVDGXOWRV
$RULHQWDomRGDDSUHQGL]DJHPGRVDGXOWRVpFHQWUDGDQDYLGDSRUWDQWRDVXQLGDGHVDGHTXDGDV
SDUDRUJDQL]DUDDSUHQGL]DJHPGHDGXOWRVVmRVLWXDo}HVGDYLGDQmRDVVXQWRV
$H[SHULrQFLDpRUHFXUVRPDLVULFRSDUDDDSUHQGL]DJHPGRVDGXOWRVSRUWDQWRDPHWRGRORJLD
FHQWUDOGDHGXFDomRGHDGXOWRVpDDQiOLVHGHH[SHULrQFLDV
2V DGXOWRV WrP XPD IRUWH QHFHVVLGDGH GH VH DXWRGLULJLU SRUWDQWR R SDSHO GR SURIHVVRU p VH
HQYROYHU HP XP SURFHVVR GH TXHVWLRQDPHQWR P~WXR FRP HOHV HP YH] GH WUDQVPLWLU VHX
FRQKHFLPHQWRDHOHVHDVHJXLUDYDOLDUVHXJUDXGHFRQIRUPLGDGHFRPRTXHIRLWUDQVPLWLGR
$V GLIHUHQoDV LQGLYLGXDLV HQWUH DV SHVVRDV DXPHQWDP FRP D LGDGH SRUWDQWR D HGXFDomR GH
DGXOWRVGHYHSUHYHUDVGLIHUHQoDVGHHVWLORWHPSROXJDUHULWPRGHDSUHQGL]DJHP
e LQWHUHVVDQWH REVHUYDU TXH /LQGHPDQ QmR HVWDEHOHFH XPD GLFRWRPLD HQWUH HGXFDomR GH
DGXOWRV H GH MRYHQV PDV VLP HQWUH HGXFDomR GH DGXOWRV HP FRPSDUDomR FRP HGXFDomR
FRQYHQFLRQDO$LPSOLFDomRDTXLpTXHRVMRYHQVWDPEpPSRGHPDSUHQGHUPHOKRUTXDQGRVXDV
QHFHVVLGDGHVHLQWHUHVVHVVLWXDo}HVGHYLGDH[SHULrQFLDVDXWRFRQFHLWRVHGLIHUHQoDVLQGLYLGXDLV
VmROHYDGRVHPFRQVLGHUDomR$FRUUHQWHDUWtVWLFDGHLQYHVWLJDomRTXH/LQGHPDQSURS{VHP
FKHJRX jV SiJLQDV GR -RXUQDO R I $GXOW (GXFDWLRQ D SXEOLFDomR WULPHVWUDO GD $PHULFDQ
$VVRFLDWLRQIRU$GXOW(GXFDWLRQTXHHQWUHIHYHUHLURGHHRXWXEURGHHUDDSXEOLFDomR
PDLVUHVSHLWiYHOQDiUHDGHHGXFDomRGHDGXOWRV2VWUHFKRVDVHJXLUH[WUDtGRVGHVHXVDUWLJRV
UHYHODP XPD JUDQGH FROHomR GH LQVLJKWV VREUH DSUHQGL]DJHP GH DGXOWRV REWLGRV SRU PHLR GD
H[SHULrQFLDGHSURILVVLRQDLVEHPVXFHGLGRV
5HVXPRGDVVXSRVLo}HVSULQFLSDLVGH/LQGHPDQVREUHRVDSUHQGL]HVDGXOWRV
2V DGXOWRV VmR PRWLYDGRV D DSUHQGHU FRQIRUPH YLYHQFLDP QHFHVVLGDGHV H LQWHUHVVHV

TXHDDSUHQGL]DJHPVDWLVIDUi
$RULHQWDomRGRVDGXOWRVSDUDDDSUHQGL]DJHPpFHQWUDGDQDYLGD
$H[SHULrQFLDpDIRQWHPDLVULFDSDUDDDSUHQGL]DJHPGRVDGXOWRV
2VDGXOWRVWrPXPDSURIXQGDQHFHVVLGDGHGHVHDXWRGLULJLU
$VGLIHUHQoDVLQGLYLGXDLVHQWUHDVSHVVRDVDXPHQWDPFRPDLGDGH
3RU/DZUHQFH3-DFNVGLUHWRUGR0DQFKHVWHU&ROOHJH2[IRUG,QJODWHUUD
$DSUHQGL]DJHPHDYLGDQmRVmRGRLVGHSDUWDPHQWRVRXRSHUDo}HVLVRODGRVQDYLGD6mR
GRLVQRPHVSDUDXPSURFHVVRFRQWtQXRH[DPLQDGRSRUODGRVRSRVWRV8PWLSRGHHGXFDomR
EDVHDGRQHVVDYLVmRGHFRQWLQXLGDGHpREYLDPHQWHDQHFHVVLGDGHSUHPHQWHGHQRVVRWHPSR
6XDSHUVSHFWLYDVHHVWHQGHSRUWRGDDYLGD(ODYHUiRVHJPHQWRGDFLYLOL]DomRFRPRDPDLRU
HVFRODFRQWLQXDGDSDUDDLQWHOLJrQFLDHSDUDRFDUiWHUHVHXREMHWRVHUiQmRDSHQDVHQFDL[DU
KRPHQVHPXOKHUHVQDVYRFDo}HVTXHHOHVGHYHPVHJXLUPDVWDPEpPGDUYLGDjVSUySULDV
YRFDo}HVGHQWURGRVLGHDLVGHH[FHOrQFLDDGHTXDGRVDFDGDXPDGHODV&RUUHQGRRULVFRGH
SDUHFHUH[DJHUDGRHXPHDYHQWXURDDILUPDUTXHRREMHWLYRILQDOGD1RYD(GXFDomRpD
WUDQVIRUPDomRJUDGXDOGDLQG~VWULDJOREDOQDXQLYHUVLGDGHGRPXQGRHPRXWUDVSDODYUDV
WUD]HUjWRQDJUDGXDOPHQWHGHXPHVWDGRGHFRLVDVQRTXDOJDQKDURSmRGHFDGDGLDH
VDOYDUDOPDVHPYH]GHVHUHPRSHUDo}HVGHVFRQHFWDGDVHJHUDOPHQWHRSRVWDVGHYHPVH
WRUQDUXPDRSHUDomR~QLFDHFRQWtQXD-RXUQDORI$GXOW(GXFDWLRQIHYHUHLURGH
SS
5REHUW'/HLJKSUHVLGHQWHGR%HQQLQJWRQ&ROOHJH
1RODGRRSRVWRGDHVFDGDDFDGrPLFDWUDGLFLRQDORPRYLPHQWRSDUDDHGXFDomRGHDGXOWRV
HVWiIRUoDQGRRUHFRQKHFLPHQWRGRYDORUHLPSRUWkQFLDGHVHFRQWLQXDURSURFHVVRGH
DSUHQGL]DJHPLQGHILQLGDPHQWH0DVHQWUHRVOtGHUHVGHYLVmRGHQWURGRPRYLPHQWRQRV
(VWDGRV8QLGRVHOHQmRpUHFRQKHFLGRWDQWRFRPRXPVXEVWLWXWRSDUDDHVFRODULGDGH
LQDGHTXDGDGDMXYHQWXGHFRPRpXPDRSRUWXQLGDGHHGXFDFLRQDOVXSHULRUjTXHODRIHUHFLGDQD
MXYHQWXGHVXSHULRUSRUTXHRDSUHQGL]pPRWLYDGRQmRSHORVLQFHQWLYRVDUWLILFLDLVGD
RUJDQL]DomRDFDGrPLFDPDVVLPSHORGHVHMRJHQXtQRGHVDEHUHHQULTXHFHUVXDH[SHULrQFLD
HSRUTXHRDSUHQGL]WUD]H[SHULrQFLDVGLiULDVUHOHYDQWHVSDUDVHXHVWXGRSRUWDQWRRQRYR
FRQKHFLPHQWRVHHQUDt]DFRPPDLVILUPH]DUHYHUEHUDSURIXQGDPHQWHHVHDOLPHQWDGDTXLOR
TXHDYLGDGLiULDDSUHVHQWD
/RJRHVWiHPHUJLQGRXPDFRQFHSomRGHHGXFDomRFRPRSURFHVVRTXHRFRUUHGXUDQWH
WRGDDYLGDLQLFLDQGRVHQRQDVFLPHQWRHWHUPLQDQGRFRPDPRUWHXPSURFHVVRLQWHLUDPHQWH
UHODFLRQDGRFRPDVH[SHULrQFLDVGHYLGDGHXPDSHVVRDXPSURFHVVRFKHLRGHVLJQLILFDGRH
UHDOLGDGHSDUDRDSUHQGL]XPSURFHVVRQRTXDORDOXQRpXPSDUWLFLSDQWHDWLYRDRLQYpVGHXP
UHFLSLHQWHSDVVLYR-RXUQDORI$GXOW(GXFDWLRQ,,DEULOGHS
'H DFRUGR FRP 'DYLG / 0DFND\ H GLUHWRU GR 'HSDUWDPHQWR GH (GXFDomR GH $GXOWRV 6DQ
-RVH&DOLIyUQLDHVFRODVS~EOLFDV
8PDSHVVRDpXPDERDHGXFDGRUDHQWUHDGXOWRVTXDQGRWHPXPDFRQYLFomRILUPHVREUHD
YLGDHTXDQGRpFDSD]GHDSUHVHQWDUDUJXPHQWRVLQWHOLJHQWHVSDUDGHIHQGrODPDVHODQmR
DWHQGHDRVUHTXLVLWRVSDUDVHUXPDHGXFDGRUDGHDGXOWRVDWpTXHSRVVDH[LVWLUXPJUXSRTXH
FROHWLYDPHQWHFRQIURQWHQHJXHRXULGLFXODUL]HVXDFRQYLFomRHFRQWLQXHDDGRUiODSRUVHX
FRPSURPHWLPHQWRFRPRJUXSR,VVRpWROHUkQFLDXPH[HPSORGDDILUPDomRGH3URXGKRQQR
VHQWLGRGHTXHUHVSHLWDUXPKRPHPpXPIHLWRLQWHOHFWXDOPDLVHOHYDGRGRTXHDPiORFRPR
DVLPHVPR+iHYLGrQFLDVGHTXHQHQKXPVLVWHPDGHHGXFDomRGHDGXOWRVFRQVHJXLUiWRUQDU
RVPpWRGRVGHLQVWUXomRFROHJLDGDXPVXFHVVRQDViUHDVFXOWXUDLV$OJRQRYRHPWHUPRVGH
FRQWH~GRHPpWRGRGHYHVHUSURGX]LGRRPDLVUiSLGRSRVVtYHOSDUDDHGXFDomRGHDGXOWRVH
SURYDYHOPHQWHWHUiGHVXUJLUQHVVDiUHD1mRH[LVWHXPDJDOLQKDGHWUHLQDPHQWRGH
SURIHVVRUHVXQLYHUVLWiULRVTXHSRVVDERWDUXPRYRGHHGXFDomRGHDGXOWRV-RXUQDORI$GXOW
(GXFDWLRQ,,,DEULOGHSS
6HJXQGR0DULD5RJHUVYROXQWiULDGR1HZ<RUN&LW\ $GXOW(GXFDWLRQ&RXQFLO
8PWLSRGHHGXFDomRGHDGXOWRVPHUHFHPDLVDWHQomRHXVRPDLVGLIXQGLGRHQWUHRV
HGXFDGRUHVTXHEXVFDPQRYRVPpWRGRV(PERUDSRXFRGLYXOJDGDHODVHPRVWURXHILFD]HP
YiULRVPRPHQWRV(ODDVVXPLXXPDWDUHIDH[WUHPDPHQWHPDLVGLItFLOGRTXHDTXHODDVVXPLGD
SHODVLQVWLWXLo}HVSDUDDHGXFDomRGHDGXOWRVTXHOLPLWDPVHXFRQFHLWRGHPpWRGRjVHTXrQFLD
GRSURFHGLPHQWRHVWDEHOHFLGRSHORVDGXOWRVTXHHQWUDPHPVDODVGHDXODSDUDDSUHQGHUDOJR
MiGHILQLGRDVHUDSUHQGLGR6HXREMHWLYRSULQFLSDOpID]HUDYLGDHPJUXSRGRVDGXOWRVWUD]HU
YDORUHGXFDFLRQDODRVSDUWLFLSDQWHV
2HGXFDGRUTXHXVDRPpWRGRGHHGXFDomRHPJUXSRHQ[HUJDRVVHUHVKXPDQRVFRPXQVH
JUHJiULRVFRPRHOHVVmREXVFDRVJUXSRVSRURQGHHOHVVHPRYLPHQWDPHYLYHPHGHSRLVRV
DMXGDDID]HUVXDYLGDHPJUXSRJHUDUYDORUHVHGXFDFLRQDLV-RXUQDORI$GXOW(GXFDWLRQ;
RXWXEURGHSS
&RQIRUPH5XWK0HUWRQGLUHWRUDGR'HSDUWDPHQWRGH(GXFDomR0LOZDXNHH<:&$
(PXPDHVFRODGLXUQDHPTXHRVDOXQRVVmRJHUDOPHQWHFULDQoDVRXMRYHQVDGROHVFHQWHV
XPDUHODomRSURIHVVRUFRQKHFHGRUDOXQRLJQRUDQWHpTXDVHLQHYLWiYHOHIUHTXHQWHPHQWHWHP
YDQWDJHQV0DVHPXPDHVFRODQRWXUQDDVLWXDomRpFRPSOHWDPHQWHGLIHUHQWH$TXLQRTXH
WDQJHjDXODRSURIHVVRUpXPDDXWRULGDGHVREUHXP~QLFRDVVXQWRHFDGDXPGRVDOXQRVWHP
HPVXDiUHDGHDWXDomRDOJXPJUDXGHKDELOLGDGHRXFRQKHFLPHQWRTXHRSURIHVVRUQmR
SRVVXL3RUHVVHPRWLYRKiXPHVStULWRGHGDUHUHFHEHUHPXPDHVFRODQRWXUQDTXHOHYDD
XPVHQWLPHQWRGHFDPDUDGDJHPQDDSUHQGL]DJHPTXHHVWLPXODLJXDOPHQWHSURIHVVRUH
DOXQRV$PDQHLUDPDLVUiSLGDGHVHDWLQJLUHVVHHVWDGRGHVHMiYHOpSRUPHLRGRKXPRU
TXDQGRWRGRVSRGHPSDUWLFLSDU
(UHSLWRVHQyVSURIHVVRUHVGHHVFRODVQRWXUQDVIRUPRVUHDOPHQWHViELRVGDUHPRVDXODV
DOHJUHVDSHVDUGRVLPSRVWRVRXGHFHUWDLQGLJHVWmR-RXUQDORI$GXOW(GXFDWLRQ;,DEULOGH
S
%HQ 0 &KHUULQJWRQ FKHIH GD 'LYLVmR GH 5HODo}HV &XOWXUDLV 'HSDUWDPHQWR GH (VWDGR GRV
(VWDGRV8QLGRV
$HGXFDomRGHDGXOWRVDXWRULWiULDpPDUFDGDHPWRGDDVXDH[WHQVmRSRUUHJXODPHQWRVTXH
H[LJHPFRQIRUPLGDGHDRVSDGU}HVGHFRQGXWDLPSRVWRVSRUXPDDXWRULGDGH(VSHUDVHTXHR
FRPSRUWDPHQWRVHMDSUHYLVtYHOHSDGURQL]DGR$HGXFDomRGHPRFUiWLFDGHDGXOWRVHPSUHJD
RPpWRGRGDDWLYLGDGHDXWRGLULJLGDHPTXHKiOLYUHHVFROKDGRVDVVXQWRVHOLYUHHVFROKDSDUD
GHWHUPLQDUUHVXOWDGRV$HVSRQWDQHLGDGHpEHPYLQGD2FRPSRUWDPHQWRQmRSRGHVHU
SUHYLVWRFRPFHUWH]DHSRUWDQWRQmRSRGHVHUSDGURQL]DGR2SHQVDPHQWRFUtWLFRHLQGLYLGXDO
WDOYH]VHMDDPHOKRUGHVFULomRGRPpWRGRGHPRFUiWLFRHpDTXLTXHVHWHPDPDLRUGLVWkQFLD
HQWUHGHPRFUDFLDHVLVWHPDDXWRULWiULR-RXUQDORI$GXOW(GXFDWLRQ;,MXQKRGHSS

'HDFRUGRFRP:HQGHOO7KRPDVDXWRUGH'HPRFUDWLF3KLORVRSK\ HSURIHVVRUGHSURIHVVRUHV
GHHGXFDomRGHDGXOWRVQDFLGDGHGH1RYD<RUN
&RPRXPWRGRDHGXFDomRGHDGXOWRVpWmRGLIHUHQWHGDHVFRODULGDGHQRUPDOTXDQWRDYLGD
DGXOWDHFRPVXDVUHVSRQVDELOLGDGHVLQGLYLGXDLVHVRFLDLVpGLIHUHQWHGDYLGDSURWHJLGDGD
FULDQoD2DGXOWRQRUPDOPHQWHVHGLVWLQJXHGDFULDQoDSRUWHUPDLVLQGLYLGXDOLGDGHHPDLV
SURSyVLWRVRFLDO
3HORPHVPRFULWpULRDHGXFDomRGHDGXOWRVDEUHHVSDoRHVSHFLDOSDUDDVFRQWULEXLo}HV
LQGLYLGXDLVGRVDOXQRVHSURFXUDRUJDQL]iODVHPDOJXPWLSRGHSURSyVLWRVRFLDO-RXUQDORI
$GXOW(GXFDWLRQ;,RXWXEURGHSS
+DUROG)LHOGVGLUHWRUDVVLVWHQWHGD(YHQLQJ6FKRROV&RQVHOKRGH(GXFDomRFLGDGHGH1RYD
<RUNGHFODUD
1mRDSHQDVRFRQWH~GRGRVFXUVRVGHYHVHUPXGDGRPDVWDPEpPRPpWRGRGHHQVLQR$V
DXODVH[SRVLWLYDVGHYHPGDUOXJDUDRVH[HUFtFLRVHPVDODGHDXODRQGHKiXPDPDLRU
SDUWLFLSDomRGRVDOXQRV2OHPDSDUDHVVDVWXUPDVGHYHVHUGHL[HDWXUPDID]HURWUDEDOKR
'HYHKDYHUXPJUDQGHHVSDoRSDUDIyUXQVGLVFXVV}HVHGHEDWHV3DUDDSUiWLFDGDOHLWXUD
GHYHPVHUXVDGRVMRUQDLVFLUFXODUHVHUHYLVWDVDOpPGRVOLYURVGLGiWLFRV$VDWLYLGDGHV
H[WUDFXUULFXODUHVGHYHPWRUQDUVHXPFRPSRQHQWHUHFRQKHFLGRGRSURFHVVRHGXFDFLRQDO
3DUDXPSURJUDPDGHHGXFDomRGHDGXOWRVWHUVXFHVVRKiDOJXQVHOHPHQWRVTXHGHYHPVHU
LQFRUSRUDGRV-RXUQDORI$GXOW(GXFDWLRQ;,,MDQHLURGHSS
(P D PDLRU SDUWH GRV HOHPHQWRV QHFHVViULRV SDUD XPD WHRULD DEUDQJHQWH GH
DSUHQGL]DJHPGHDGXOWRVMiIRUDGHVFREHUWDPDVQmRKDYLDVLGRDLQGDFRQMXJDGDHPXPPRGHOR
XQLILFDGRHOHVSHUPDQHFHUDPFRPRLQVLJKWVFRQFHLWRVHSULQFtSLRVLVRODGRV'XUDQWHDVGpFDGDV
GHHHVVHVHOHPHQWRVIRUDPHVFODUHFLGRVH[SDQGLGRVHDFUHVFLGRVDXPDYHUGDGHLUD
H[SORVmR GH FRQKHFLPHQWR GDV YiULDV GLVFLSOLQDV QDV FLrQFLDV KXPDQDV p LQWHUHVVDQWH REVHUYDU
TXH GXUDQWH HVVH SHUtRGR KRXYH XP DIDVWDPHQWR JUDGXDO GD rQIDVH HP SHVTXLVDV DOWDPHQWH
TXDQWLWDWLYDVHH[SHULPHQWDLVGDVGpFDGDVGHHSDUDRVHVWXGRVGHFDVRPDLVKROtVWLFRV
HORQJLWXGLQDLVFRPPDLRUJHUDomRGHFRQKHFLPHQWRV~WHLV
&2175,%8,d®(6'$6&,Ç1&,$662&,$,6
3VLFRORJLD&OtQLFD
$OJXPDV GDV FRQWULEXLo}HV PDLV LPSRUWDQWHV SDUD D WHRULD GD DSUHQGL]DJHP YLHUDP GD
SVLFRWHUDSLD $ILQDO RV SVLFRWHUDSHXWDV VH RFXSDP SULQFLSDOPHQWH GD UHHGXFDomR H VHXV
SDFLHQWHVVmRHPVXDPDLRULDDGXOWRVYHMDXPUHVXPRQD7DEHOD
6LJPXQG)UHXGIRLTXHPPDLVLQIOXHQFLRXRSHQVDPHQWRSVLFROyJLFRPDVQmRIRUPXORXXPD
WHRULDGHDSUHQGL]DJHPLQWUtQVHFDDHOH6XDSULQFLSDOFRQWULEXLomRIRLVHPVRPEUDGHG~YLGDD
LGHQWLILFDomR GD LQIOXrQFLD GD PHQWH VXEFRQVFLHQWH VREUH R FRPSRUWDPHQWR $OJXQV GH VHXV
FRQFHLWRV FRPR DQVLHGDGH UHJUHVVmR DJUHVVmR PHFDQLVPRV GH GHIHVD SURMHomR H
WUDQVIHUrQFLD QR EORTXHLR RX PRWLYDomR GD DSUHQGL]DJHP WLYHUDP GH VHU FRQVLGHUDGRV SHORV
WHyULFRV GD DSUHQGL]DJHP )UHXG VH DSUR[LPRX GRV EHKDYLRULVWDV QR TXH WDQJH j VXD rQIDVH QD
QDWXUH]D DQLPDOHVFD GRV KXPDQRV PDV HOH HQWHQGLD R VHU KXPDQR FRPR XP DQLPDO GLQkPLFR
TXH FUHVFH H VH GHVHQYROYH SRU PHLR GD LQWHUDomR GH IRUoDV ELROyJLFDV REMHWLYRV SURSyVLWRV
PRWLYRVFRQVFLHQWHVHLQFRQVFLHQWHVHLQIOXrQFLDVDPELHQWDLV(VVHpXPFRQFHLWRPDLVDOLQKDGR
FRPRPRGHORRUJDQtVPLFR
&DUO -XQJ IRL DOpP HP XP FRQFHLWR PDLV KROtVWLFR GD FRQVFLrQFLD KXPDQD DSUHVHQWDQGR R
FRQFHLWRGHTXHHODSRVVXLTXDWURIXQo}HVRXTXDWURPDQHLUDVGHH[WUDLULQIRUPDomRDSDUWLUGD
H[SHULrQFLDDILPGHDWLQJLUXPDFRPSUHHQVmRLQWHUQDOL]DGDVHQVDomRSHQVDPHQWRHPRomRH
LQWXLomR6HXDSHORSDUDRGHVHQYROYLPHQWRHDDSOLFDomRGHWRGDVDVTXDWURIXQo}HVGHPDQHLUD
HTXLOLEUDGD ODQoRX DV EDVHV SDUD RV FRQFHLWRV GD SHUVRQDOLGDGH HTXLOLEUDGD H GR FXUUtFXOR
HTXLOLEUDGR
(ULN(ULNVRQSURS{VDVRLWRLGDGHVGRKRPHPSDUDH[SOLFDURVHVWiJLRVGHGHVHQYROYLPHQWR
GDSHUVRQDOLGDGHKXPDQD$VWUrV~OWLPDVRFRUUHPQDIDVHDGXOWD
2UDOVHQVRULDOHPTXHDTXHVWmRSULQFLSDOpDFRQILDQoDYHUVXVDGHVFRQILDQoD
0XVFXODUDQDOHPTXHDTXHVWmRSULQFLSDOpDDXWRQRPLDYHUVXVDYHUJRQKD
/RFRPRomRJHQLWDOHPTXHDTXHVWmRSULQFLSDOpDLQLFLDWLYDYHUVXVDFXOSD
/DWrQFLDHPTXHDTXHVWmRSULQFLSDOpDDWLYLGDGHYHUVXVDLQIHULRULGDGH
3XEHUGDGH H DGROHVFrQFLD HP TXH D TXHVWmR SULQFLSDO p D LGHQWLGDGH YHUVXV D FRQIXVmR GH

SDSpLV
-RYHPDGXOWRHPTXHDTXHVWmRSULQFLSDOpDLQWLPLGDGHYHUVXVRLVRODPHQWR
$GXOWRHPTXHDTXHVWmRSULQFLSDOpDJHUDomRYHUVXVDHVWDJQDomR
(VWiJLRILQDOHPTXHDTXHVWmRSULQFLSDOpDLQWHJULGDGHYHUVXVRGHVHVSHUR
1D YHUGDGH R SDSHO FHQWUDO GR DXWRFRQFHLWR QR GHVHQYROYLPHQWR KXPDQR H QD

DSUHQGL]DJHPUHFHEHXUHIRUoRVFUHVFHQWHVGRFDPSRGDSVLTXLDWULDFRQIRUPHVHGLVWDQFLDYDGR
PRGHORPpGLFRHVHDSUR[LPDYDGHXPPRGHORHGXFDFLRQDOHPVXDSHVTXLVDHSUiWLFDFRQVXOWH
SULQFLSDOPHQWHRVWUDEDOKRVGH(ULFK)URPPH.DUHQ+RUQH\
0DVVmRRVSVLFyORJRVFOtQLFRVSULQFLSDOPHQWHDTXHOHVTXHVHLGHQWLILFDPFRPRKXPDQLVWDV
TXH VH SUHRFXSDUDP PDLV FRP RV SUREOHPDV GD DSUHQGL]DJHP 2V SVLFyORJRV KXPDQLVWDV VH
UHIHUHPDVLPHVPRVFRPRRVSVLFyORJRVGDWHUFHLUDIRUoD1DVSDODYUDVGH*REOHHP
TXDQGR 0DVORZ SXEOLFRX VHX OLYUR 0RWLYDomR H SHUVRQDOLGDGH KDYLD GXDV WHRULDV
GRPLQDQWHV QDV FLrQFLDV FRPSRUWDPHQWDLV R IUHXGLDQLVPR H R EHKDYLRULVPR HP TXH )UHXG
FRORFRX D PDLRU rQIDVH PRWLYDFLRQDO QRV LPSXOVRV H GHVHMRV LQWHUQRV SURIXQGRV H RV
EHKDYLRULVWDV FRORFDYDP rQIDVH QDV LQIOXrQFLDV H[WHUQDV H DPELHQWDLV 0DV FRPR )UHXG H
FRPR'DUZLQDQWHVGHOHRVEHKDYLRULVWDVHQ[HUJDYDPRKRPHPPHUDPHQWHFRPRRXWURWLSRGH
DQLPDOVHPGLIHUHQoDVHVVHQFLDLVHFRPDVPHVPDVWHQGrQFLDVGHVWUXWLYDVHDQWLVVRFLDLVSS
2V SVLFyORJRV GD WHUFHLUD IRUoD HVWmR SUHRFXSDGRV FRP R HVWXGR H R GHVHQYROYLPHQWR GH
SHVVRDV HP IXQFLRQDPHQWR SOHQR HPSUHJDQGR R WHUPR HVFROKLGR SRU 5RJHUV RX SHVVRDV
DXWRUUHDOL]DGRUDVHPSUHJDQGRRWHUPRHVFROKLGRSRU0DVORZ(ODVID]HPFUtWLFDVjDERUGDJHP
DWRPLFLVWD FRPXP j FLrQFLD ItVLFD H HQWUH RV EHKDYLRULVWDV UHGX]LQGR DV FRLVDV D VHXV
FRPSRQHQWHVHHVWXGDQGRDVVHSDUDGDPHQWH
3ULQFLSDLVFRQWULEXLo}HVGRVSVLFyORJRVFOtQLFRV
$ PDLRULD GRV FLHQWLVWDV FRPSRUWDPHQWDLV WHQWRX LVRODU RV LPSXOVRV GHVHMRV H LQVWLQWRV
LQGHSHQGHQWHVHHVWXGiORVVHSDUDGDPHQWH0DVORZDFKRXTXHLVVRHUDPHQRVSURGXWLYRGRTXHD
DERUGDJHPKROtVWLFDTXHDILUPDTXHRWRGRpPDLVTXHDVRPDGDVSDUWHV*REOHS
2 FUHVFLPHQWR DFRQWHFH TXDQGR R SUy[LPR SDVVR p VXEMHWLYDPHQWH PDLV SUD]HURVR PDLV

FKHLRGHDOHJULDPDLVLQWULQVHFDPHQWHVDWLVIDWyULRGRTXHDJUDWLILFDomRDQWHULRUFRPDTXDOQRV
DFRVWXPDPRVHDWpQRVHQWHGLDPRVD~QLFDPDQHLUDGHVDEHUPRVVHLVVRpERPSDUDQyVpTXH
HODQRVGiPDLVSUD]HUVXEMHWLYDPHQWHGRTXHTXDOTXHUDOWHUQDWLYD$QRYDH[SHULrQFLDYDOLGDDVL
PHVPDDRLQYpVGHSUHFLVDUGHTXDOTXHURXWURFULWpULRH[WHUQR0DVORZS
0DVORZ FRORFRX rQIDVH HVSHFLDO QR SDSHO GD VHJXUDQoD TXH D HODERUDomR GH
HOHPHQWRVGRSURFHVVRGHFUHVFLPHQWRLOXVWUDDVHJXLU
$ >SHVVRD@ VDXGDYHOPHQWH HVSRQWkQHD HP VXD HVSRQWDQHLGDGH GH GHQWUR SDUD IRUD LQWHUDJH
FRPRDPELHQWHFRPDOHJULDHLQWHUHVVHHH[SUHVVDVXDVKDELOLGDGHV
(ODID]LVVRQDPHGLGDHPTXHQmRHVWiOLPLWDGDSHORPHGRHTXHVHVHQWHVHJXUDREDVWDQWH
SDUDRXVDU
1HVVHSURFHVVRTXHOKHGiSUD]HUDH[SHULrQFLDpHQFRQWUDGDSRUDFDVRRXOKHpRIHUHFLGD
SHORVDX[LOLDUHV
(OD GHYH HVWDU VHJXUD H VH DFHLWDU R EDVWDQWH D ILP GH VHU FDSD] GH HVFROKHU H SUHIHULU HVVHV
SUD]HUHVHQmRVHVHQWLUDPHGURQWDGDSRUHOHV
6H HOD SRGH HVFROKHU HVVDV H[SHULrQFLDV TXH VmR YDOLGDGDV SHOD H[SHULrQFLD GR SUD]HU WHP
FRQGLo}HVGHUHWRUQDUjH[SHULrQFLDUHSHWLODVDERUHiODDWpRSRQWRGHVDFLHGDGHVDWXUDomRRX
WpGLR
1HVVHSRQWRHODPRVWUDWHQGrQFLDDSDVVDUSDUDH[SHULrQFLDVPDLVULFDVHPDLVFRPSOH[DVH
UHDOL]Do}HVQRPHVPRVHWRUVHVHQWLUVHJXUDQoDRVXILFLHQWHSDUDDUULVFDU
7DLV H[SHULrQFLDV QmR VLJQLILFDP DSHQDV SURJUHGLU PDV WDPEpP WrP XP HIHLWR GH IHHGEDFN
SDUD R VHOI QR VHQWLPHQWR GH FHUWH]D 'LVVR HX JRVWR GDTXLOR QmR WHQKR FHUWH]D GH
FRPSHWrQFLDPDHVWULDDXWRFRQILDQoDDXWRHVWLPD
1HVVD VpULH LQILQLWD GH HVFROKDV HP TXH FRQVLVWH D YLGD DV RSo}HV JHUDOPHQWH SRGHP VHU
HVTXHPDWL]DGDVHQWUHVHJXUDQoDRXPDLVDPSODPHQWHGHIHVDHFUHVFLPHQWRHMiTXHDSHQDV
DTXHOD >SHV VRD@ TXH Mi WHP VHJXUDQoD QmR SUHFLVD GHOD SRGHPRV YLYHQFLDU D HVFROKD GR
FUHVFLPHQWRVHUIHLWDSHOR>LQGLYtGXR@JUDWLILFDGRSHODQHFHVVLGDGHGHVHJXUDQoD
$ ILP GH VHU FDSD] GH HVFROKHU GH DFRUGR FRP D SUySULD QDWXUH]D H GHVHQYROYrOD GHYHVH
SHUPLWLU DR >LQGLYtGXR@ UHWHU DV H[SHULrQFLDV VXEMHWLYDV GH SUD]HU H WpGLR FRPR RV FULWpULRV GD
HVFROKDFRUUHWDSDUDHOH2FULWpULRDOWHUQDWLYRpID]HUDHVFROKDHPWHUPRVGRGHVHMRGDRXWUD
SHVVRD2VHOIVHSHUGHTXDQGRLVVRDFRQWHFH,VVRWDPEpPVLJQLILFDUHVWULQJLUDHVFROKDDDSHQDV
VHJXUDQoD Mi TXH R >LQGLYtGXR@ DEULUi PmR GD FRQILDQoD SRU PHGR GH SHUGHU SURWHomR DPRU
HWFHPQRPHGHVHXFULWpULRGHSUD]HU
6HDHVFROKDIRUUHDOPHQWHOLYUHHVHR>LQGLYtGXR@QmRIRUOLPLWDGRSRGHPRVHVSHUDUTXH
HOHHVFROKDSURJUHGLU
$VHYLGrQFLDVDSRQWDPTXHRTXHHQFDQWDD>SHVVRD@VDXGiYHORTXHWHPJRVWRERPSDUD
HODpQDPDLRULDGDVYH]HVPHOKRUSDUDHODHPWHUPRVGHREMHWLYRVMXVWRVFRPR
SHUFHELGRVSHORHVSHFWDGRU
1HVVHSURFHVVRRDPELHQWH>SDLVSURIHVVRUHVWHUDSHXWDV@pLPSRUWDQWHGHYiULDV
PDQHLUDVDSHVDUGHDHVFROKDILQDOWHUGHVHUIHLWDSHORLQGLYtGXR
D(OH SRGH JUDWLILFDU VXDV QHFHVVLGDGHV EiVLFDV GH VHJXUDQoD SHUWHQFLPHQWR DPRU H
UHVSHLWR SDUD TXH VH VLQWD QmR DPHDoDGR DXW{QRPR LQWHUHVVDGR H HVSRQWkQHR H SRU
LVVRRXVHHVFROKHURGHVFRQKHFLGR
E(OH SRGH DMXGDU DR ID]HU D HVFROKD GH FUHVFLPHQWR SRVLWLYDPHQWH DWUDWLYD H PHQRV
SHULJRVDHSRUID]HUDVHVFROKDVUHJUHVVLYDVPHQRVDWUDWLYDVHPDLVRQHURVDV
'HVVDPDQHLUDDSVLFRORJLDGR6HUHDSVLFRORJLDGR7RUQDUVHVmRUHFRQFLOLDGDVHD
>SHVVRD@VHQGRHODPHVPDSRGHSURJUHGLUHFUHVFHUSS
&DUO55RJHUVSDUWLQGRGRSRQWRGHYLVWDGHTXHGHPDQHLUDJHUDODWHUDSLDpXPSURFHVVR
GHDSUHQGL]DJHPSGHVHQYROYHXSURSRVLo}HVSDUDXPDWHRULDGHSHUVRQDOLGDGHH
FRPSRUWDPHQWRTXHVXUJLXDSDUWLUGRHVWXGRGRVDGXOWRVVXEPHWLGRVDWHUDSLDVSSH
GHSRLVSURFXURXDSOLFiORVjHGXFDomR(VVHSURFHVVROHYRXRDFRQFHLWXDOL]DURHQVLQRFHQWUDGR
QRDOXQRFRPRSDUDOHORjWHUDSLDFHQWUDGDQRFOLHQWHSS
$ DERUGDJHP GH HGXFDomR FHQWUDGD QR DOXQR GH 5RJHUV EDVHDYDVH HP FLQFR KLSyWHVHV
EiVLFDV$SULPHLUDHUDQmRSRGHPRVHQVLQDUDRXWUDSHVVRDGLUHWDPHQWHVySRGHPRVIDFLOLWDU
VXDDSUHQGL]DJHP(VVDKLSyWHVHGHULYDGDVSURSRVLo}HVGDWHRULDGHSHUVRQDOLGDGHGH5RJHUVQR
VHQWLGRGHTXHFDGDLQGLYtGXRH[LVWHHPXPPXQGRGHH[SHULrQFLDHPFRQVWDQWHPXGDQoDGR
TXDO HOH p R FHQWUR H R RUJDQLVPR UHDJH DR FDPSR FRQIRUPH HOH p YLYHQFLDGR H SHUFHELGR
,VVRSHGHXPDPXGDQoDGHHQIRTXHGDTXLORTXHRSURIHVVRUID]SDUDDTXLORTXHHVWiDFRQWHFHQGR
QRDOXQR
6XDVHJXQGDKLSyWHVHXPDSHVVRDDSUHQGHDSHQDVDVFRLVDVTXHFRQVLGHUDHVWDUHPHQYROYLGDV
QDPDQXWHQomRRXDSHUIHLoRDPHQWRGDHVWUXWXUDGRVHOI(VVDKLSyWHVHUHIRUoDDLPSRUWkQFLDGH
WRUQDU D DSUHQGL]DJHP UHOHYDQWH SDUD R DSUHQGL] H TXHVWLRQD D WUDGLomR DFDGrPLFD GRV FXUVRV
REULJDWyULRV
5RJHUV DJUXSRX D WHUFHLUD H TXDUWD KLSyWHVHV $ H[SHULrQFLD TXH VH DVVLPLODGD HQYROYHULD
XPDPXGDQoDQDRUJDQL]DomRGRVHOIWHQGHDVRIUHUUHVLVWrQFLDVDWUDYpVGDQHJDomRRXGLVWRUomR
GDVLPEROL]DomRHDHVWUXWXUDHRUJDQL]DomRGRVHOISDUHFHPVHWRUQDUPDLVUtJLGDVVREDPHDoDH
UHOD[DU VHXV OLPLWHV TXDQGR FRPSOHWDPHQWH OLYUHV GH DPHDoDV $ H[SHULrQFLD TXH p SHUFHELGD
FRPRLQFRQVLVWHQWHFRPRVHOIVySRGHVHUDVVLPLODGDVHDRUJDQL]DomRDWXDOGRVHOIIRUUHOD[DGD
H H[SDQGLGD SDUD LQFOXtOD (VVDV KLSyWHVHV UHFRQKHFHP D UHDOLGDGH GH TXH D DSUHQGL]DJHP
VLJQLILFDWLYD JHUDOPHQWH p DPHDoDGRUD DR LQGLYtGXR H VXJHUH D LPSRUWkQFLD GH SURPRYHU XP
FOLPDGHDFHLWDomRHDSRLRTXHVHDSRLDILUPHPHQWHQDUHVSRQVDELOLGDGHGRDOXQR
$TXLQWDKLSyWHVHGH5RJHUVHVWHQGHDWHUFHLUDHTXDUWDKLSyWHVHSDUDDSUiWLFDHGXFDFLRQDO$
VLWXDomR HGXFDFLRQDO TXH SURPRYH D DSUHQGL]DJHP GH PDQHLUD PDLV VLJQLILFDWLYD p DTXHOD HP
TXH D D DPHDoD DR VHOI GR DSUHQGL] p UHGX]LGD D XP PtQLPR H E D SHUFHSomR GH FDPSR
GLIHUHQFLDGDpIDFLOLWDGD(OHGHVWDFDTXHDVGXDVSDUWHVGHVVDKLSyWHVHVmRTXDVHVLQ{QLPDVMi
TXH D SHUFHSomR GLIHUHQFLDGD p PDLV SURYiYHO GH RFRUUHU TXDQGR R VHOI QmR HVWi VHQGR
DPHDoDGR 5RJHUV GHILQLX D SHUFHSomR QmR GLIHUHQFLDGD FRPR D WHQGrQFLD GR LQGLYtGXR GH
SHUFHEHUDH[SHULrQFLDHPWHUPRVDEVROXWRVHLQFRQGLFLRQDLVGHDQFRUDUVXDVUHDo}HVQRHVSDoR
HWHPSRGHFRQIXQGLUIDWRHDYDOLDomRGHFRQILDUQDVLGHLDVHQmRQRWHVWHGDUHDOLGDGHHP
FRQWUDVWH FRP D SHUFHSomR GLIHUHQFLDGD TXH HQYROYH YHU DV FRLVDV HP WHUPRV OLPLWDGRV
GLIHUHQFLDGRV HVWDU FRQVFLHQWH GD DQFRUDJHP HVSDoRWHPSR GRV IDWRV GH VHU GRPLQDGR SHORV
IDWRV QmR SHORV FRQFHLWRV GH DYDOLDU GH P~OWLSODV PDQHLUDV GH HVWDU FRQVFLHQWH GRV GLIHUHQWHV
QtYHLV GH DEVWUDomR GH WHVWDU VXDV FRQFOXV}HV H DEVWUDo}HV j OX] GD UHDOLGDGH QR Pi[LPR
SRVVtYHOS
5RJHUV FRQVLGHUD D DSUHQGL]DJHP XP SURFHVVR FRPSOHWDPHQWH LQWHUQR FRQWURODGR SHOR

DSUHQGL] H HQYROYHQGR WRGR R VHX VHU HP LQWHUDo}HV FRP R DPELHQWH j PHGLGD TXH R SHUFHEH
0DV HOH WDPEpP DFUHGLWD TXH D DSUHQGL]DJHP p XP SURFHVVR GH YLGD WmR QDWXUDO H WmR
QHFHVViULRTXDQWRDUHVSLUDomR6XD3URSRVLomR,9RRUJDQLVPRWHPXPDWHQGrQFLDEiVLFDH
LQWHQVD GH DWXDOL]DU PDQWHU H DSULPRUDU R RUJDQLVPR TXH YLYHQFLD S (VVD SUHPLVVD
FHQWUDOpUHVXPLGDQDVHJXLQWHGHFODUDomR
&OLQLFDPHQWHFUHLRVHUYHUGDGHTXHDSHVDUGHXPLQGLYtGXRSHUPDQHFHUGHSHQGHQWH
SRUTXHVHPSUHIRLDVVLPRXSRGHUFDLUQDGHSHQGrQFLDVHPSHUFHEHURTXHHVWiID]HQGRRX
GHVHMDUWHPSRUDULDPHQWHVHUGHSHQGHQWHLVVRRFRUUHSRUTXHVXDVLWXDomRSDUHFH
GHVHVSHUDGRUD$LQGDSUHFLVRFRQKHFHURLQGLYtGXRTXHTXDQGRH[DPLQDSURIXQGDPHQWHVXD
VLWXDomRHDFKDTXHDSHUFHEHFODUDPHQWHHVFROKHGHOLEHUDGDPHQWHDGHSHQGrQFLDHVFROKH
GHOLEHUDGDPHQWHWHUDGLUHomRLQWHJUDGDGHVLPHVPRDVVXPLGDSRURXWUDSHVVRD4XDQGR
WRGRVRVHOHPHQWRVVmRSHUFHELGRVFRPFODUH]DRHTXLOtEULRSDUHFHSHQGHULQYDULDYHOPHQWHQD
GLUHomRGRFDPLQKRGRORURVRPDVUHFRPSHQVDGRUGDDXWRDWXDOL]DomRHFUHVFLPHQWRS
7DQWR0DVORZTXDQWR5RJHUVUHFRQKHFHPVXDDILQLGDGHFRPRVWUDEDOKRVGH*RUGRQ$OOSRUW
DRGHILQLURFUHVFLPHQWRQmRFRPRXPSURFHVVRGHVHUPROGDGRPDVFRPR
XP SURFHVVR GH VH WRUQDU $ HVVrQFLD GH VXD FRQFHSomR GH DSUHQGL]DJHP HVWi UHVXPLGD QHVWD
EUHYH GHFODUDomR GH 5RJHUV (X JRVWDULD GH DSRQWDU XPD FDUDFWHUtVWLFD ILQDO GHVVHV
LQGLYtGXRV TXDQGR HOHV VH HVIRUoDP SDUD VH GHVFREULU H VH WRUQDU HOHV PHVPRV 2 LQGLYtGXR
SDUHFHHVWDUPDLVFRQWHQWHHPVHUXPSURFHVVRGRTXHXPSURGXWRS
3VLFRORJLDGR'HVHQYROYLPHQWR
$ GLVFLSOLQD GD SVLFRORJLD GR GHVHQYROYLPHQWR FRQWULEXLX SDUD XP JUDQGH YROXPH GH
FRQKHFLPHQWR VREUH PXGDQoDV TXH RFRUUHP FRP D LGDGH DR ORQJR GD YLGD HP FDUDFWHUtVWLFDV
FRPR KDELOLGDGHV ItVLFDV KDELOLGDGHV PHQWDLV LQWHUHVVHV DWLWXGHV YDORUHV FULDWLYLGDGH H HVWLORV
GHYLGD3UHVVH\ H.XKOHQIRUDPSLRQHLURVQDFROHWDGHUHVXOWDGRVGHSHVTXLVDVVREUHR
GHVHQYROYLPHQWR KXPDQR H ODQoDUDP DV EDVHV SDUD XP QRYR FDPSR GH HVSHFLDOL]DomR QD
SVLFRORJLD SVLFRORJLD GR GHVHQYROYLPHQWR GH OLIHVSDQ
TXH IRL H[SDQGLGR SRU DFDGrPLFRV
FRQWHPSRUkQHRVFRPR%LVFKRIH*RXOHWH%DOWHV+DYLJKXUVWLGHQWLILFRXDV
WDUHIDVFRPSRUWDPHQWDLVDVVRFLDGDVDRVGLYHUVRVHVWiJLRVGRFUHVFLPHQWRTXHSHUPLWHPTXHXPD
SHVVRDHVWHMDSURQWDSDUDDSUHQGHUFRLVDVGLIHUHQWHVHPpSRFDVGLIHUHQWHVHFULDUPRPHQWRVHP
TXHpSRVVtYHOHQVLQDU6KHHK\ DSUHVHQWRXXPUHWUDWRSRSXODUGDV&ULVHVSUHYLVtYHLVGD
YLGD DGXOWD H .QR[ XP UHVXPR PDLV DFDGrPLFR GRV UHVXOWDGRV GH SHVTXLVD VREUH
GHVHQYROYLPHQWRHDSUHQGL]DJHPGHDGXOWRVYHUWDPEpP6WHYHQV/RQJ6WRNHV$
JHURQWRORJLD HVWi LQWLPDPHQWH UHODFLRQDGD FRP HVVD GLVFLSOLQD H JHURX YiULRV UHVXOWDGRV GH
SHVTXLVD VREUH R SURFHVVR GH HQYHOKHFLPHQWR QRV ~OWLPRV DQRV %LUUHQ %RWZLQLFN
'RQDKXHH7LEELWWV*UDERZVNLH0DVRQ*UDQLFNH3DWWHUVRQ*XEULXP
.DVWHQEDXP1HXJDUWHQ:RRGUXIIH%LUUHQHVXDVLPSOLFDo}HV
SDUDRHQVLQRHDDSUHQGL]DJHP%XUQVLGH+HQGULFNVRQ-RKQ/RQJ
6RFLRORJLDH3VLFRORJLD6RFLDO
$ VRFLRORJLD H D SVLFRORJLD VRFLDO FRQWULEXtUDP HQRUPHPHQWH SDUD WUD]HU QRYRV

FRQKHFLPHQWRV VREUH R FRPSRUWDPHQWR GH JUXSRV H VLVWHPDV VRFLDLV PDLV DPSORV LQFOXLQGR DV
IRUoDVTXHIDFLOLWDPRXLQLEHPDDSUHQGL]DJHPHPXGDQoD$UJ\ ULV%HQQLV%HQQLV
%HQQHH&KLQ%HQQLVH6ODWHU(W]LRQL+DUH.QRZOHVH.QRZOHV
/HZLQ/LSSLWW6FKHLQH%HQQLV6FKORVVEHUJ/\ QFKH&KLFNHULQJ
=DQGHUHVREUHLQIOXrQFLDVDPELHQWDLVFRPRFXOWXUDUDoDFDUDFWHUtVWLFDVSRSXODFLRQDLV
HGHQVLGDGHVREUHDDSUHQGL]DJHP
)LORVRILD
$VTXHVW}HVILORVyILFDVVHID]HPEHPSUHVHQWHVQDOLWHUDWXUDGRPRYLPHQWRGHHGXFDomRGH
DGXOWRV QRV (VWDGRV 8QLGRV GHVGH VHX LQtFLR (GXDUG /LQGHPDQ ODQoRX DV EDVHV GHVVH WHPD HP
VHX7KH0HDQLQJRI$GXOW(GXFDWLRQHPYHUWDPEpP*HVVQHUHUHFHEHXUHIRUoRV
GH/\ PDQ%U\ VRQHPVHX$GXOW(GXFDWLRQHPH7KH1H[W$PHULFDHP(QWUHWDQWR
YiULRVGRVDUWLJRVSXEOLFDGRVQRVSHULyGLFRVGD$VVRFLDomR$PHULFDQDGH(GXFDomRGH$GXOWRV
HQWUH H IRUDP WDPEpP WUDWDGRV ILORVyILFRV H GHILQLDP RV REMHWLYRV H SURSyVLWRV GD
HGXFDomR GH DGXOWRV FRPR XP PRYLPHQWR VRFLDO FRPR D TXHVWmR SUHGRPLQDQWH $ SUHPLVVD
VXEMDFHQWHGRDUJXPHQWRHUDTXHDOFDQoDUXPPRYLPHQWRHPSUROGDHGXFDomRGHDGXOWRVTXH
IRVVH XQLILFDGR H SRGHURVR H[LJLD XP REMHWLYR FRPXP HQWUH WRGRV RV SURJUDPDV HP WRGDV DV
LQVWLWXLo}HV XP GRV ODGRV GHIHQGHQGR TXH VHX REMHWLYR GHYHULD VHU R DSHUIHLoRDPHQWR GRV
LQGLYtGXRV H R RXWUR TXH R REMHWLYR GHYHULD VHU R DSHUIHLoRDPHQWR GD VRFLHGDGH )L]HUDPVH
GXDV WHQWDWLYDV HP PHDGRV GD GpFDGD GH VRE R SDWURFtQLR GR )XQGR SDUD D (GXFDomR GH
$GXOWRV GD )XQGDomR )RUG FRP R REMHWLYR GH PXGDU RV DUJXPHQWRV HP IDYRU GHVWD ~OWLPD
SRVLomRFRPDSXEOLFDomRGR,Q4XHVWRI.QRZOHGJHGH+DUWOH\ *UDWWDQHGR/HDUQLQJ
&RPHV RI $JH GH -RKQ :DONHU 3RZHOO (QWUHWDQWR HVVD TXHVWmR H RV DUJXPHQWRV VREUH
RXWUDVTXHVW}HVFRQWLQXDUDPDHPEDUDOKDUDiUHD
2 ILOyVRIR SURILVVLRQDO .HQQHWK %HQQH SUHVLGHQWH GD UHFpPIRUPDGD $VVRFLDomR SDUD

(GXFDomRGH$GXOWRVGRV(VWDGRV8QLGRVHPGHGLFRXHVIRUoRVSDUDHVFODUHFHUDOJXPDVGDV
SROrPLFDV 8PD GH VXDV SULPHLUDV Do}HV FRPR SUHVLGHQWH IRL FRQYRFDU XPD FRQIHUrQFLD
QDFLRQDOVREUH)LORVRILDGDHGXFDomRGHDGXOWRVHP1RUWK$QGRYHU0DVVDFKXVHWWVQDTXDO
ILOyVRIRV H HGXFDGRUHV GH DGXOWRV GH YiULDV SDUWHV GR SDtV SDVVDUDP WUrV GLDV GLVFXWLQGR RV
VHJXLQWHVDVVXQWRV
4XDOpRREMHWLYRGDHGXFDomRGHDGXOWRVSDUDTXHHGXFDomRGHDGXOWRV"
4XDOpDUHODomRHQWUHFRQWH~GRHPpWRGRQDLQVWUXomR"
2V LQWHUHVVHV H GHVHMRV LQGLYLGXDLV GHWHUPLQDP RV FXUUtFXORV GD HGXFDomR GH DGXOWRV RX DV
QHFHVVLGDGHV GD VRFLHGDGH GHYHULDP WHU XP SDSHO GHWHUPLQDQWH QD FULDomR GH SURJUDPDV
HGXFDFLRQDLV"
4XDLVVmRDVLPSOLFDo}HVTXHDVGLIHUHQWHVWHRULDVGRFRQKHFLPHQWRRXGDQDWXUH]DGRKRPHPH
VRFLHGDGHSRVVXHPSDUDRSODQHMDPHQWRHDH[HFXomRGHSURJUDPDVGHHGXFDomRGHDGXOWRV"
$FRQIHUrQFLDGHQmRUHVSRQGHXDHVVDVTXHVW}HVPDVSURGX]LXWUrVUHVXOWDGRVSRVLWLYRV
5HYHORX DOJXQV FRQFHLWRV GH IHUUDPHQWDV TXH VH PRVWUDULDP ~WHLV SDUD VH PRYLPHQWDU SHORV
LQ~PHURV LGLRPDV H ODELULQWRV GH LQWHUHVVHV HVSHFLDLV H FRORFRX D rQIDVH HP iUHDV GH
FRQFRUGkQFLDHGLVFRUGkQFLDJHQXtQDV
5HYHORX D LPSRUWkQFLD GD ILORVRILD FRPR XP LQJUHGLHQWH QHFHVViULR H FRQWtQXR GH WRGD D
HODERUDomRGHSROtWLFDVHGHWHUPLQDomRGHSURJUDPDV
$SUHVHQWRXXPH[HPSORGDVGRUHVHDWULEXODo}HVTXHKRPHQVGHYiULDVGLVFLSOLQDVHGHYiULRV
SRQWRV GH YLVWD VREUH HGXFDomR GH DGXOWRV HQFRQWUDP FRQIRUPH VH DYHQWXUDP VpULD H
SURIXQGDPHQWHDEXVFDUXPFDPSRFRPXPHPVXDiUHDGHLQWHUHVVH6LOODUVS
'HPDQHLUDFODUDDFRQIHUrQFLDHVWLPXORXGHEDWHVFRQWtQXRVVREUHDVTXHVW}HVILORVyILFDVGD
HGXFDomR GH DGXOWRV FRPR FRPSURYDGR SRU LQ~PHURV DUWLJRV QD OLWHUDWXUD GH SHULyGLFRV H HP
SHOR PHQRV TXDWUR OLYURV SULQFLSDLV GRV DXWRUHV %HQQH %HUJHYLQ 'DUNHQZDOG H
0HUULDPH(OLDVH0HUULDP3URYDYHOPHQWHWDPEpPLQIOXHQFLRXDSXEOLFDomRGH
XPOLYURVREUHILORVRILDSDUDDSUHQGL]HVDGXOWRV%XIRUGHXPOLYURVREUH R HPSUHJR GH
DERUGDJHQVILORVyILFDVSDUDRDSHUIHLoRDPHQWRGDSUiWLFDQDHGXFDomRFRQWLQXDGD$SSV
&2175,%8,d®(6'$('8&$d2'($'8/726
$PDLRULDGRVDFDGrPLFRVQDiUHDGHHGXFDomRGHDGXOWRVSURFXURXVROXFLRQDUDTXHVWmRGD
DSUHQGL]DJHPDRWHQWDUDGDSWDUWHRULDVVREUHDSUHQGL]DJHPLQIDQWLOjVGLIHUHQoDVGHJUDXHQWUH
DGXOWRVSRUH[HPSOR%UXQHU.HPSIHU.LGG9HUQHUH%RRWK+RZDUG
0F&OXVN\ VHJXLX HVVD OLQKD HP JUDQGH SDUWH PDV FRPHoRX D PDSHDU GLUHo}HV SDUD R
GHVHQYROYLPHQWR GH XPD SVLFRORJLD GLIHUHQFLDO GR SRWHQFLDO DGXOWR HP TXH RV FRQFHLWRV GH
PDUJHPRSRGHUGLVSRQtYHOSDUDXPDSHVVRDDFLPDHDOpPGRTXHpQHFHVViULRSDUDUHVROYHU
VHXV SUREOHPDV FRPSURPLVVR SHUFHSomR GR WHPSR SHUtRGRV FUtWLFRV H DXWRFRQFHLWR VmR GH
LPSRUWkQFLDFHQWUDO
&\ ULO2+RXOHLQLFLRXXPDOLQKDGHLQYHVWLJDo}HVQDGpFDGDGHQD8QLYHUVLW\ RI&KLFDJR

TXHIRLVHJXLGDSRU$OOHQ7RXJKQR2QWDULR,QVWLWXWHIRU6WXGLHVLQ(GXFDWLRQHTXHWURX[HXPD
PHOKRU FRPSUHHQVmR VREUH R SURFHVVR GH DSUHQGL]DJHP GH DGXOWRV 6XD DERUGDJHP IRL XP
HVWXGRUHDOL]DGRSRUPHLRGHHQWUHYLVWDVDSURIXQGDGDVFRPXPDDPRVWUDSHTXHQDGHDGXOWRVTXH
IRUDPLGHQWLILFDGRVFRPRDSUHQGL]HVFRQWtQXRV
2HVWXGRGH+RXOHUHDOL]DGRFRPLQGLYtGXRVIRLSURMHWDGRSDUDGHVFREULUSULQFLSDOPHQWH
SRU TXH RV DGXOWRV VH HQJDMDP QD HGXFDomR FRQWLQXDGD PDV WDPEpP DMXGRX D H[SOLFDU FRPR
HOHVDSUHQGHP3RUPHLRGHXPSURFHVVRGHDQiOLVHGDVFDUDFWHUtVWLFDVUHYHODGDVQDVHQWUHYLVWDV
HOHGHVFREULXTXHRVLQGLYtGXRVSRGHULDPVHUGLYLGLGRVHPWUrVFDWHJRULDV+RXOHDSRQWD
(OHVQmRVmRDSHQDVWLSRVSXURVDPHOKRUPDQHLUDGHUHSUHVHQWiODVJUDILFDPHQWHVHULDSRUWUrV
FtUFXORVTXHVHVREUHS}HPHPVXDVOLQKDV0DVDrQIDVHFHQWUDOGHFDGDVXEJUXSRpFODUDPHQWH
SHUFHSWtYHO S 2 FULWpULR SDUD FODVVLILFDU RV LQGLYtGXRV HP VXEJUXSRV IRL D SULQFLSDO LGHLD
TXHHOHVGHIHQGHUDPVREUHRVSURSyVLWRVHYDORUHVGDHGXFDomRFRQWLQXDGDSDUDVLSUySULRV2V
WUrVWLSRVVmR
2VDSUHQGL]HVRULHQWDGRVDREMHWLYRVXVDPDHGXFDomRSDUDUHDOL]DUREMHWLYRVGHILQLGRV(VVHV
LQGLYtGXRVJHUDOPHQWHQmRGHUDPLQtFLRjVXDHGXFDomRFRQWLQXDGDDWpPHDGRVGRVVHXVDQRV
HSRVWHULRUPHQWHjVYH]HVPXLWRWHPSRGHSRLV
$HGXFDomRFRQWLQXDGDGHDSUHQGL]HVRULHQWDGRVDREMHWLYRVVHGiHPHSLVyGLRVFDGD
XPGHOHVFRPHoDQGRFRPDUHDOL]DomRGHXPDQHFHVVLGDGHRXLGHQWLILFDomRGHXP
LQWHUHVVH3DUDHVVDVSHVVRDVQmRKiXPIOX[RXQLIRUPHJUDGXDOHFRQWtQXRSDUDD
DSUHQGL]DJHPDSHVDUGHVHUXPDFDUDFWHUtVWLFDUHFRUUHQWHHPVXDYLGD(ODVWDPEpPQmR
UHVWULQJHPVXDVDWLYLGDGHVDXPD~QLFDLQVWLWXLomRRXPpWRGRGHDSUHQGL]DJHP$
QHFHVVLGDGHRXLQWHUHVVHVXUJHHHODVSURFXUDPVDWLVID]rORVDRUHDOL]DUXPFXUVRILOLDUVH
DXPJUXSROHUXPOLYURRXID]HUXPDYLDJHP+RXOHS
2V DSUHQGL]HV RULHQWDGRV D DWLYLGDGHV SDUWLFLSDP SRUTXH HQFRQWUDP QDV FLUFXQVWkQFLDV GH

DSUHQGL]DJHPXPVLJQLILFDGRTXHQmRWHPQHFHVVDULDPHQWHXPDFRQH[mRHPXLWDVYH]HVQmR
WHPFRQH[mRDOJXPDFRPRFRQWH~GRRXRSURSyVLWRDQXQFLDGRGDDWLYLGDGH(VVHVLQGLYtGXRV
WDPEpP FRPHoDP VXD SDUWLFLSDomR UHJXODU QD HGXFDomR GH DGXOWR QR LQVWDQWH HP TXH VHXV
SUREOHPDVRXQHFHVVLGDGHVVHWRUQDPVXILFLHQWHPHQWHGHVFRQIRUWiYHLV
7RGRVRVDSUHQGL]HVRULHQWDGRVDDWLYLGDGHVHQWUHYLVWDGRVQHVVHHVWXGRID]LDPFXUVRVH
SDUWLFLSDYDPGHJUXSRV(OHVSHUPDQHFLDPHPXPD~QLFDLQVWLWXLomRRXLDPDYiULRV
OXJDUHVPDVRTXHHOHVEXVFDYDPHUDRFRQWDWRVRFLDOHVXDVHOHomRGHDWLYLGDGHVVH
EDVHDYDHVVHQFLDOPHQWHQDTXDQWLGDGHHQRWLSRGHUHODo}HVKXPDQDVTXHWDODWLYLGDGH
WUDULD+RXOHSS
2V DSUHQGL]HV RULHQWDGRV j DSUHQGL]DJHP EXVFDP R FRQKHFLPHQWR FRPR ILP HP VL PHVPR
'LIHUHQWHGRVRXWURVWLSRVDPDLRUSDUWHGRVDSUHQGL]HVRULHQWDGRVjDSUHQGL]DJHPHVWiHQYROYLGD
FRP D DSUHQGL]DJHP GHVGH FHGR 2 TXH HOHV ID]HP WHP FRQWLQXLGDGH IOX[R H DOFDQFH TXH
GHILQHPDQDWXUH]DEiVLFDGHVXDSDUWLFLSDomRQDHGXFDomRFRQWLQXDGD(PVXDPDLRUSDUWHHOHV
VmR OHLWRUHV YRUD]HV GHVGH D LQIkQFLD SHUWHQFHP D JUXSRV WXUPDV H RUJDQL]Do}HV SRU UD]}HV
HGXFDFLRQDLV VHOHFLRQDP RV SURJUDPDV VpULRV QD WHOHYLVmR H QR UiGLR RUJDQL]DP VHULDPHQWH
XPDYLDJHPDILPGHJDUDQWLUTXHHVWDUmRSUHSDUDGRVSDUDDSUHFLDURTXHYLUHPHHVFROKHP
WUDEDOKRV H WRPDP RXWUDV GHFLV}HV QD YLGD HP IXQomR GR SRWHQFLDO GH FUHVFLPHQWR TXH DV
RSRUWXQLGDGHVRIHUHFHP+RXOHSS
$ LQYHVWLJDomR GH $OOHQ 7RXJK SUHRFXSRXVH QmR DSHQDV FRP R TXH H SRU TXH RV DGXOWRV
DSUHQGHP PDV WDPEpP FRP D PDQHLUD FRPR HOHV DSUHQGHP H TXH WLSR GH EHQHItFLRV REWrP
FRP D DSUHQGL]DJHP 7RXJK GHVFREULX TXH D DSUHQGL]DJHP GH DGXOWRV p XPD DWLYLGDGH
DOWDPHQWHGLIXQGLGD
4XDVHWRGRVRVDGXOWRVVHHQYROYHPHPSHORPHQRVXPRXGRLVHVIRUoRVGHDSUHQGL]DJHP
SRUDQRHDOJXQVLQGLYtGXRVVHHQYROYHPFRPRXeFRPXPTXHXPKRPHPRX
PXOKHUSDVVHKRUDVSRUDQRHPSURMHWRVGHDSUHQGL]DJHP&HUFDGHGHWRGRVRV
SURMHWRVGHDSUHQGL]DJHPVmRSODQHMDGRVSHORSUySULRDSUHQGL]TXHEXVFDDMXGDH
FRQKHFLPHQWRHVSHFLDOL]DGRFRPYiULRVFRQKHFLGRVH[SHUWVHUHFXUVRVLPSUHVVRVS
7RXJK SHUFHEHX TXH VHXV VXMHLWRV RUJDQL]DYDP VHXV HVIRUoRV GH DSUHQGL]DJHP HP
WRUQRGHSURMHWRVGHILQLGRVFRPRXPDVpULHGHHSLVyGLRVUHODFLRQDGRVVRPDQGRQRPtQLPR
VHWHKRUDV(PFDGDHSLVyGLRPDLVGDPHWDGHGDPRWLYDomRWRWDOGDSHVVRDpREWHUHUHWHUDOJXP
FRQKHFLPHQWR RX KDELOLGDGH UD]RDYHOPHQWH GHWHUPLQDGRV RX SURGX]LU DOJXP WLSR GH PXGDQoD
GXUDGRXUDHPVLS
(OHFRQVWDWRXTXHHPDOJXQVSURMHWRVRVHSLVyGLRVSRGHPHVWDUUHODFLRQDGRVDR
FRQKHFLPHQWRHjKDELOLGDGHGHVHMDGRV3RUH[HPSORRDSUHQGL]WDOYH]TXHLUDVDEHUPDLVVREUHD
ËQGLD(PXPGRVHSLVyGLRVHOHOrVREUHRVKDELWDQWHVGDËQGLDHPRXWURRDSUHQGL]GHEDWHD
VLWXDomRHFRQ{PLFDHSROtWLFDDWXDOFRPXPDOXQRXQLYHUVLWiULRLQGLDQRHPXPWHUFHLURHOH
DVVLVWHDXPSURJUDPDGHWHOHYLVmRTXHPRVWUDDYLGDGHXPDFULDQoDLQGLDQD2VHSLVyGLRV
WDPEpPSRGHPUHODFLRQDUVHFRPDPDQHLUDFRPRRFRQKHFLPHQWRHDKDELOLGDGHVHUmR
HPSUHJDGRV3RUH[HPSORXPDSHVVRDSRGHUHDOL]DUXPSURMHWRHQYROYHQGRH[SHULrQFLDVGH
DSUHQGL]DJHPSDUDPHOKRUDUVXDVKDELOLGDGHVFRPRSDLRXPmHRXWURSURMHWRSRGHHVWDU
UHODFLRQDGRFRPDREWHQomRGHFRQKHFLPHQWRHKDELOLGDGHVQHFHVViULDVSDUDFRQVWUXLUXPEDUFR
7RXJKHVWDYDLQWHUHVVDGRHPGHWHUPLQDURTXHPRWLYDYDRVDGXOWRVDLQLFLDUHPXPSURMHWRGH
DSUHQGL]DJHP H SDUD VXD VXUSUHVD GHVFREULX TXH DV SHVVRDV HVSHUDYDP YiULRV UHVXOWDGRV H
EHQHItFLRV GHVHMDGRV $OJXQV GRV EHQHItFLRV VmR LPHGLDWRV VDWLVID]HU VXD FXULRVLGDGH GHVIUXWDU
GRFRQWH~GRJRVWDUGHSUDWLFDUDKDELOLGDGHWHUSUD]HUFRPDDWLYLGDGHGHDSUHQGL]DJHPRXWURV
VmRGHORQJRSUD]RSURGX]LUDOJRWUDQVPLWLUFRQKHFLPHQWRRXKDELOLGDGHDRVRXWURVFRPSUHHQGHU
RTXHDFRQWHFHUiHPDOJXPDVLWXDomRIXWXUD2SUD]HUHDDXWRHVWLPDIRUDPHOHPHQWRVFUtWLFRV
SDUDDPRWLYDomRGRVLQGLYtGXRVGDSHVTXLVDGH7RXJK
7RXJKFRQFOXLXTXHRVDSUHQGL]HVDGXOWRVSDVVDYDPSRUYiULDVIDVHVDRVHHQYROYHUHPHPXP
SURMHWRGHDSUHQGL]DJHPHHVSHFXORXTXHDMXGiORVDREWHUPDLRUFRPSHWrQFLDSDUDOLGDUFRP
FDGDIDVHSRGHVHUXPDGDVPDQHLUDVPDLVHILFD]HVGHDXPHQWDUDHILFiFLDGDDSUHQGL]DJHP
$SULPHLUDIDVHFRQVLVWHHPWRPDUDGHFLVmRGHLQLFLDU7RXJKLGHQWLILFRXSDVVRVSRVVtYHLV
TXHRDSUHQGL]SRGHGDUQHVVDIDVHLQFOXVLYHHVWDEHOHFHUXPREMHWLYRDYDOLDULQWHUHVVHVEXVFDU
LQIRUPDo}HV VREUH RSRUWXQLGDGHV HVSHFtILFDV HVFROKHU R FRQKHFLPHQWR H D KDELOLGDGH PDLV
DGHTXDGRVHVWDEHOHFHUXPQtYHORXTXDQWLGDGHGHVHMiYHOHDYDOLDURFXVWRHRVEHQHItFLRV
$VHJXQGDIDVHFRQVLVWHHPHVFROKHURSODQHMDGRUTXHPIDUiRSODQHMDPHQWRTXHSRGHVHU
RDSUHQGL]XPREMHWRSRUH[HPSORWH[WROLYURGHH[HUFtFLRVJUDYDGRUHXPFRQVXOWRU
LQGLYLGXDOGHDSUHQGL]DJHPSRUH[HPSORRLQVWUXWRUFRQVHOKHLURFRQVXOWRURXXPJUXSRe
FUXFLDOPRVWUDUFRPSHWrQFLDSDUDHVFROKHUXPSODQHMDGRUHXViORGHPDQHLUDFRODERUDWLYDH
QmRGHIRUPDGHSHQGHQWH
3RU ILP R DSUHQGL] VH HQYROYH HP HSLVyGLRV GH DSUHQGL]DJHP HVERoDGRV QR SURFHVVR GH
SODQHMDPHQWR 2V HOHPHQWRV FUtWLFRV QHVVH SRQWR VmR D YDULHGDGH H D ULTXH]D GH UHFXUVRV VXD
GLVSRQLELOLGDGHHDKDELOLGDGHGRDSUHQGL]GHXWLOL]iODV
7RXJKFRQFOXLXRHVWXGRFRPHVVDYLVmRGHVDILDGRUDVREUHDVSRVVLELOLGDGHVIXWXUDVGD

DSUHQGL]DJHPGHDGXOWRV
2V~OWLPRVDQRVWURX[HUDPDOJXPDVQRYDVDGLo}HVLPSRUWDQWHVDRFRQWH~GRGRVSURMHWRV
GHDSUHQGL]DJHPGHDGXOWRV3RUPHLRGHPpWRGRVHPJUXSRHLQGLYLGXDLVPXLWRVDGXOWRV
SDUWHPGHFLGLGRVDDXPHQWDUVXDDXWRSHUFHSomRVXDFRQVFLrQFLDHVHQVLELOLGDGHFRPRXWUDV
SHVVRDVHVXDFRPSHWrQFLDLQWHUSHVVRDO(OHVDSUHQGHPDRXYLUDVLPHVPRVDOLEHUWDUVHX
FRUSRHVXDVFRQYHUVDVGHFHUWDVUHVWULo}HVHWHQV}HVDDVVXPLUXPULVFRDHVWDUDEHUWRVH
FRQJUXHQWHV+iDQRVSDUDDPDLRULDGDVSHVVRDVWHQWDUDGTXLULUHVVHWLSRGH
FRQKHFLPHQWRHKDELOLGDGHSDUHFHULDLQDFUHGLWiYHO*UDQGHVPXGDQoDVHPQRVVDFRQFHSomR
GRTXHDVSHVVRDVSRGHPHGHYHPGHFLGLUDDSUHQGHUIRUDPFULDGDVSRUJUXSRV7SHOR
PRYLPHQWRSHORSRWHQFLDOKXPDQRSHODSVLFRORJLDKXPDQLVWDHSHODSVLFRORJLDWUDQVSHVVRDO
7DOYH]RVSUy[LPRVDQRVWUDJDPYiULDVFRQWULEXLo}HVLPSRUWDQWHVDRTXHWHQWDPRV
DSUHQGHU(PTXDQGRDVSHVVRDVROKDUHPSDUDWUiVSDUDQRVVDFRQFHSomRGRTXHRV
DGXOWRVSRGHPDSUHQGHUILFDUmRVXUSUHVDVFRPRTXmRHVWUHLWDHODHUD"SS
$SUHYLVmRGH7RXJKQRSDUiJUDIRILQDOVHFRQILUPD'HVGHTXHHOHDUHDOL]RXREVHUYRXVH
XP YROXPH FUHVFHQWH GH SHVTXLVDV VREUH DSUHQGL]DJHP GH DGXOWRV $ PDLRULD GDV SHVTXLVDV
H[SDQGH UHIRUoD H UHILQD D SHVTXLVD GH 7RXJK VREUH RV ~OWLPRV DQRV SULQFLSDOPHQWH HP
UHODomR DRV HVWiJLRV GH GHVHQYROYLPHQWR GD YLGD DGXOWD $V SUHYLV}HV VmR GH TXH DV SULQFLSDLV
GHVFREHUWDV QD SUy[LPD GpFDGD HVWDUmR UHODFLRQDGDV FRP D ILVLRORJLD H D TXtPLFD GD
DSUHQGL]DJHPFRPFRQVHTXrQFLDVHVSHFLDLVSDUDDDFHOHUDomRGDDSUHQGL]DJHPHDHILFLrQFLD
GRSURFHVVDPHQWRGHLQIRUPDo}HV
$65$Ë=(6'$$1'5$*2*,$80&21&(,72,17(*5$7,92
$V WHQWDWLYDV GH FRORFDU RV FRQFHLWRV LVRODGRV LQVLJKWV H UHVXOWDGRV GH SHVTXLVD VREUH
DSUHQGL]DJHPGHDGXOWRVHPXPPRGHORLQWHJUDGRFRPHoDUDPHPFRPDSXEOLFDomRGH
7KH 0DWXUH 0LQG GH +DUU\ 2YHUVWUHHW 2XWUDV SXEOLFDo}HV UHODFLRQDGDV VHJXLUDP FRPR
,QIRUPDO$GXOW(GXFDWLRQ.QRZOHV$Q2YHUYLHZRI$GXOW(GXFDWLRQ5HVHDUFK%UXQHU
+RZ $GXOWV /HDUQ .LGG R FDStWXOR GH - 5 *LEE LQWLWXODGR /HDUQLQJ 7KHRU\ LQ
$GXOW(GXFDWLRQQR+DQGERRNRI$GXOW(GXFDWLRQQRV(VWDGRV8QLGRVHPH7HDFKLQJDQG
/HDUQLQJ LQ $GXOW (GXFDWLRQ 0LOOHU &RQWXGR HVVDV SXEOLFDo}HV DFDEDUDP VHQGR PDLV
OLVWDV GHVFULWLYDV GH FRQFHLWRV H SULQFtSLRV GR TXH PRGHORV WHyULFRV DEUDQJHQWHV FRHUHQWHV H
LQWHJUDGRV(UDQHFHVViULRWHUXPFRQFHLWRLQWHJUDWLYRHGLIHUHQFLDGRU
8P FRQFHLWR DVVLP HVWDYD HP GHVHQYROYLPHQWR QD (XURSD Ki DOJXP WHPSR R FRQFHLWR GH
XPPRGHORLQWHJUDGRGHDSUHQGL]DJHPGHDGXOWRVSDUDRTXDORWHUPRDQGUDJRJLDIRUDFULDGR
SDUDGLIHUHQFLiORGDWHRULDGHDSUHQGL]DJHPGRVMRYHQVFKDPDGDSHGDJRJLD'XVDQ6DYLFHYLF
XP HGXFDGRU GH DGXOWRV LXJRVODYR DSUHVHQWRX SULPHLUDPHQWH R FRQFHLWR H R QRPH QD FXOWXUD
DPHULFDQD HP H .QRZOHV HVFUHYHX R DUWLJR $QGURJRJ\ 1RW 3HGDJRJ\ QD $GXOW
/HDGHUVKLS HP DEULO GH REVHUYH D JUDILD LQFRUUHWD TXH IRL FRUULJLGD SRVWHULRUPHQWH SRU
PHLRGDFRUUHVSRQGrQFLDFRPRVHGLWRUHVGRVGLFLRQiULRV0HUULDP:HEVWHUMiTXHHVVHQRPH
VHWRUQRXDPSODPHQWHDGRWDGRQDOLWHUDWXUDYDOHDSHQDWUDoDURKLVWyULFRGHVHXXVR
8PHGXFDGRUGHDGXOWRVKRODQGrV*HUYDQ(QFNHYRUWUHDOL]RXXPHVWXGRH[DXVWLYRVREUHDV
RULJHQV H R HPSUHJR GR WHUPR DQGUDJRJLD 9HMD D VHJXLU XP UHVXPR GH VXDV GHVFREHUWDV 2
WHUPR DQGUDJRJLN IRL FXQKDGR SHOD SULPHLUD YH] FRQIRUPH HOH GHVFREULX SRU XP SURIHVVRU
DOHPmR GR HQVLQR IXQGDPHQWDO $OH[DQGHU .DSS LQ .DSS HPSUHJRX D SDODYUD HP XPD
GHVFULomR GD WHRULD HGXFDFLRQDO GR ILOyVRIR JUHJR 3ODWmR HPERUD R SUySULR 3ODWmR QmR WHQKD
XVDGR HVVH WHUPR $OJXQV DQRV GHSRLV XP ILOyVRIR DOHPmR PDLV FRQKHFLGR -RKDQ )ULHGULFK
+HUEDUWUHFRQKHFHXRWHUPRDRVHRSRUIURQWDOPHQWHDVHXHPSUHJR9DQ(QFNHYRUWFRPHQWD
TXHRJUDQGHILOyVRIRWHYHPDLVLQIOXrQFLDTXHRVLPSOHVSURIHVVRUHSRUWDQWRDSDODYUDFDLXQR
HVTXHFLPHQWRHGHVDSDUHFHXSRUTXDVHXPVpFXOR
9DQ(QFNHYRUWHQFRQWURXRWHUPRVHQGRPHQFLRQDGRQRYDPHQWHHPSHORFLHQWLVWDVRFLDO
DOHPmR (XJHQ 5RVHQVWRFN TXH OHFLRQRX QD $FDGHPLD GR 7UDEDOKR HP )UDQNIXUW (P XP
UHODWyULRHVFULWRSDUDD$FDGHPLDHPHOHH[SUHVVRXDRSLQLmRGHTXHDHGXFDomRGHDGXOWRV
H[LJLD SURIHVVRUHV HVSHFLDLV PpWRGRV HVSHFLDLV H XPD ILORVRILD HVSHFLDO 1mR EDVWD DSHQDV
WUDGX]LU RV LQVLJKWV GD WHRULD VREUH HGXFDomR >RX SHGDJRJLD@ SDUD D UHDOLGDGH GRV DGXOWRV RV
SURIHVVRUHVGHYHPVHUSURILVVLRQDLVTXHSRVVDPFRRSHUDUFRPRVDOXQRVVyXPSURIHVVRUDVVLP
SRGH VHU HP RSRVLomR D XP CSHGDJRJR
XP CDQGUDJRJR
$ SURSyVLWR DWp 5RVHQVWRFN
DFUHGLWRX TXH KDYLD LQYHQWDGR R WHUPR TXDQGR IRL LQIRUPDGR VREUH VHX HPSUHJR DQWHULRU SRU
.DSSH+HUEDUW9DQ(QFNHYRUWUHODWDTXH5RVHQVWRFNXVRXRWHUPRHPYiULDVRFDVL}HVHTXHHOH
IRLDGRWDGRSRUDOJXQVGHVHXVFROHJDVPDVQmRUHFHEHXUHFRQKHFLPHQWRJHUDO
2 DFDGrPLFR KRODQGrV HQFRQWUD D VHJXLU R WHUPR HPSUHJDGR SRU XP SVLTXLDWUD VXtoR
+HLQULFK +DQVHOPDQQ HP XP OLYUR SXEOLFDGR HP $QGUDJRJ\ 1DWXUH 3RVVLELOLWLHV DQG
%RXQGDULHV RI $GXOW (GXFDWLRQ TXH OLGRX FRP R WUDWDPHQWR QmR PpGLFR RX UHHGXFDomR GH
DGXOWRV$SHQDVVHLVDQRVGHSRLVHPXPSURIHVVRUDOHPmR)UDQ]3RJJHOHUSXEOLFRXXP
OLYURLQWLWXODGR,QWURGXFWLRQWR$QGUDJRJ\ %DVLF,VVXHVLQ$GXOW(GXFDWLRQ3RUHVVDpSRFDRXWURV
HXURSHXV FRPHoDUDP D DGRWDU R WHUPR (P 0 2JUL]RYLF SXEOLFRX XPD GLVVHUWDomR QD
,XJRVOiYLD VREUH DQGUDJRJLD SHQDO H HP XP OLYUR LQWLWXODGR 3UREOHPD RI $QGUDJRJ\
/RJR RXWURV HGXFDGRUHV GH DGXOWRV LXJRVODYRV GH UHQRPH LQFOXLQGR 6DPRORYFHY )LOLSRYLF H
6DYLFHYLFFRPHoDUDPDGDUSDOHVWUDVHHVFUHYHUVREUHDQGUDJRJLDHIDFXOGDGHVGHDQGUDJRJLD
RIHUHFHQGRGRXWRUDGRVHPHGXFDomRGHDGXOWRVIRUDPHVWDEHOHFLGDVQDVXQLYHUVLGDGHVGH=DJUHE
H%HOJUDGRQD,XJRVOiYLDHQDVXQLYHUVLGDGHVGH%XGDSHVWHH'HEUHFHQQD+XQJULD
1D+RODQGDRSURIHVVRU77WHQ+DYHFRPHoRXDXVDURWHUPRDQGUDJRJLDHPVXDVSDOHVWUDV
HP (P HOH SXEOLFRX RV SRQWRV SULQFLSDLV GD FLrQFLD GD DQGUDJRJLD 'HVGH D
8QLYHUVLW\ RI $PVWHUGDP RIHUHFH SURJUDPDV GH GRXWRUDGR SDUD DQGUDJRJRV HP
HVWDEHOHFHXVH XP GHSDUWDPHQWR GH FLrQFLDV SHGDJyJLFDV H DQGUDJyJLFDV QD IDFXOGDGH GH
FLrQFLDVVRFLDLV$DWXDOOLWHUDWXUDKRODQGHVDGLVWLQJXHDQGUDJRJLDDQGUDJRJLVPRHDQGUDJRORJLD
$QGUDJRJLD p XPD DWLYLGDGH LQWHQFLRQDO H RULHQWDGD SURILVVLRQDOPHQWH TXH YLVD XPD PXGDQoD
QDVSHVVRDVDGXOWDVDQGUDJRJLVPRpRSDQRGHIXQGRGRVVLVWHPDVPHWRGROyJLFRVHLGHROyJLFRV
TXH JRYHUQDP R SURFHVVR DWXDO GD DQGUDJRJLD H DQGUDJRORJLD p R HVWXGR FLHQWtILFR WDQWR GD
DQGUDJRJLDTXDQWRGRDQGUDJRJLVPR
'XUDQWH D ~OWLPD GpFDGD D DQGUDJRJLD WHP VLGR FDGD YH] PDLV XVDGD SRU HGXFDGRUHV GH
DGXOWRV QD )UDQoD %HUWUDQG 6FKZDUW] ,QJODWHUUD - $ 6LPSVRQ 9HH]XHOD )HOL[ $GDP H
&DQDGiIRLHVWDEHOHFLGRXPSURJUDPDGHEDFKDUHODGRHP$QGUDJRJLDQD&RQFRUGLD8QLYHUVLW\
HP0RQWUHDOHP
$WpRSUHVHQWHYiULDVH[SRVLo}HVGDWHRULDGDDQGUDJRJLDHVXDVLPSOLFDo}HVSDUDDSUiWLFD
DSDUHFHUDPQRV(VWDGRV8QLGRVSRUH[HPSOR*RGEH\ ,QJDOOVH$UFHUL.QRZOHV
IRUDPSXEOLFDGRVYiULRVDUWLJRVDFDGrPLFRVFRPUHODWRVVREUHDV
DSOLFDo}HVGRPRGHORDQGUDJyJLFRSDUDDHGXFDomRGRWUDEDOKRVRFLDOHGXFDomRUHOLJLRVD
HGXFDomRXQLYHUVLWiULDHSyVJUDGXDomRWUHLQDPHQWRJHUHQFLDOHRXWUDVHVIHUDVHXPYROXPH
FDGDYH]PDLRUGHSHVTXLVDVVREUHKLSyWHVHVGHULYDGDVGDWHRULDDQGUDJyJLFDHVWiVHQGR
UHSRUWDGR([LVWHPFDGDYH]PDLVHYLGrQFLDVGHTXHDDSOLFDomRGDWHRULDDQGUDJyJLFDHVWi
ID]HQGRDGLIHUHQoDQDPDQHLUDFRPRRVSURJUDPDVGHHGXFDomRGHDGXOWRVHVWmRVHQGR
RUJDQL]DGRVHRSHUDFLRQDOL]DGRVQRPRGRFRPRRVSURIHVVRUHVGHDGXOWRVHVWmRVHQGRWUHLQDGRVH
QDPDQHLUDFRPRRVDGXOWRVUHFHEHPDMXGDSDUDDSUHQGHU([LVWHPHYLGrQFLDVGHTXHRV
FRQFHLWRVGDDQGUDJRJLDHVWmRFRPHoDQGRDFDXVDULPSDFWRVREUHDWHRULDHDSUiWLFDGRHQVLQR
IXQGDPHQWDOVHFXQGiULRHVXSHULRU$QGUDJRJ\ LQ$FWLRQ.QRZOHVEWUD]GHVFULo}HVGH
FDVRGHYiULRVSURJUDPDVEDVHDGRVQRPRGHORDQGUDJyJLFR
µ7(25,$$1'5$*Ï*,&$'($35(1',=$*(0'($'8/726
+iPDLVGHFLQFRGpFDGDVVmRIHLWRVHVIRUoRVSDUDIRUPXODUXPDWHRULDTXHFRQVLGHUHRTXH
VDEHPRVDWUDYpVGDH[SHULrQFLDHSHVTXLVDVVREUHDVFDUDFWHUtVWLFDVSDUWLFXODUHVGRVDSUHQGL]HV
DGXOWRV8PDWHQWDWLYDLQLFLDO,QIRUPDO$GXOW(GXFDWLRQ.QRZOHVRUJDQL]RXVXDVLGHLDV
HP WRUQR GD QRomR GH TXH RV DGXOWRV DSUHQGHP PHOKRU HP DPELHQWHV LQIRUPDLV FRQIRUWiYHLV
IOH[tYHLV H VHP DPHDoDV (QWmR HP PHDGRV GD GpFDGD GH XP HGXFDGRU GH DGXOWRV
LXJRVODYRTXHSDUWLFLSDYDGHXPZRUNVKRSGHYHUmRQD%RVWRQ8QLYHUVLW\ H[S{VRVSDUWLFLSDQWHV
DR WHUPR DQGUDJRJLD TXH SDUHFLD VHU XP FRQFHLWR GH RUJDQL]DomR PDLV DGHTXDGR 2 FRQFHLWR
VLJQLILFDYD D DUWH H D FLrQFLD GH DX[LOLDU DGXOWRV D DSUHQGHU H HUD H[SOLFLWDPHQWH D DQWtWHVH GR
PRGHOR SHGDJyJLFR 1D YHUGDGH R VXEWtWXOR GD HGLomR GH GH .QRZOHV GR 7KH 0RGHUQ
3UDFWLFH RI $GXOW (GXFDWLRQ HUD $QGUDJRJ\ YHUVXV 3HGDJRJ\ 3HOR PHVPR FULWpULR p
QHFHVViULRID]HUXPDH[SOLFDomRVREUHRVLJQLILFDGRGDSHGDJRJLDSDUDH[SRUGHWDOKDGDPHQWHR
VLJQLILFDGRGDSDODYUDDQGUDJRJLD
35,0(,52+$9,$$3('$*2*,$
$SDODYUDSHGDJRJLDGHULYDGDVSDODYUDVJUHJDVSDLGTXHVLJQLILFDFULDQoDDPHVPDUDL]
TXHRULJLQRXDSDODYUDSHGLDWULDHDJRJXVTXHVLJQLILFDOtGHUGH$VVLPSHGDJRJLDVLJQLILFD
OLWHUDOPHQWHDDUWHHDFLrQFLDGHHQVLQDUjVFULDQoDV2PRGHORSHGDJyJLFRGHHGXFDomRpXP
FRQMXQWR GH FUHQoDV &RPR HQWHQGLGR SRU YiULRV SURIHVVRUHV WUDGLFLRQDLV WUDWDVH GH XPD
LGHRORJLDEDVHDGDHPVXSRVLo}HVVREUHHQVLQRHDSUHQGL]DJHPTXHHYROXLXHQWUHRVVpFXORV9,,H
;,, QDV HVFRODV FDWHGUDLV H PRQiVWLFDV GD (XURSD D SDUWLU GH VXD H[SHULrQFLD HP HQVLQDU
KDELOLGDGHVEiVLFDVDPHQLQRV&RPRDVHVFRODVVHFXODUHVRUJDQL]DGDVQRVVpFXORVVHJXLQWHVHDV
HVFRODVS~EOLFDVQRVpFXOR;,;RPRGHORSHGDJyJLFRHUDR~QLFRPRGHORHGXFDFLRQDOH[LVWHQWH
3RUWDQWR WRGD D HVWUXWXUD HGXFDFLRQDO GDV HVFRODV GRV (VWDGRV 8QLGRV LQFOXVLYH D HGXFDomR
VXSHULRUHVWDYDFRQJHODGDQHVVHPRGHOR2VHVIRUoRVVLVWHPiWLFRVSDUD HVWDEHOHFHU SURJUDPDV
GHHGXFDomRGHDGXOWRVQRV(VWDGRV8QLGRVLQLFLDGRVDSyVD3ULPHLUD*XHUUD0XQGLDOWDPEpP
HPSUHJDUDP HVVH PRGHOR SRLV HUD R ~QLFR GH TXH RV SURIHVVRUHV GLVSXQKDP &RPR UHVXOWDGR
DWpUHFHQWHPHQWHRVDGXOWRVHPVXDPDLRULDWrPVLGRHQVLQDGRVFRPRVHIRVVHPFULDQoDV
2PRGHORSHGDJyJLFRDWULEXLDRSURIHVVRUWRWDOUHVSRQVDELOLGDGHSRUWRPDUWRGDVDVGHFLV}HV
VREUH R TXH VHUi DSUHQGLGR FRPR LVVR VHUi DSUHQGLGR TXDQGR H VH IRL DSUHQGLGR (VVD p D
HGXFDomR GLULJLGD SHOR SURIHVVRU TXH FRQFHGH DR DOXQR DSHQDV R SDSHO VXEPLVVR GH VHJXLU DV
LQVWUXo}HVGHILQLGDVSRUHOH$VVLPEDVHLDVHQDVVHJXLQWHVKLSyWHVHVVREUHRVDSUHQGL]HV
$ QHFHVVLGDGH GH VDEHU 2V DSUHQGL]HV SUHFLVDP VDEHU DSHQDV TXH GHYHP DSUHQGHU R TXH R
SURIHVVRU HQVLQD FDVR GHVHMHP SDVVDU GH DQR HOHV QmR SUHFLVDP VDEHU FRPR DTXLOR TXH
DSUHQGHPVHDSOLFDUijVXDYLGD
2 DXWRFRQFHLWR GR DSUHQGL] 2 FRQFHLWR TXH R SURIHVVRU WHP VREUH R DOXQR p R GH XPD
SHUVRQDOLGDGH GHSHQGHQWH SRUWDQWR R DXWRFRQFHLWR GR DSUHQGL] DFDED VHQGR R GH XPD
SHUVRQDOLGDGHGHSHQGHQWH
¬PHGLGDTXHRVLQGLYtGXRVDPDGXUHFHPVXDQHFHVVLGDGHHFDSDFLGDGHGHVH
DXWRGLULJLUGHXVDUVXDH[SHULrQFLDQDDSUHQGL]DJHPGHLGHQWLILFDUVXDSURQWLGmRSDUD
DSUHQGHUHGHRUJDQL]DUVXDDSUHQGL]DJHPHPUHODomRDRVSUREOHPDVGDYLGDDXPHQWDP
JUDGXDOPHQWHGDLQIkQFLDSDUDDSUpDGROHVFrQFLDHGHSRLVUDSLGDPHQWHGXUDQWHD
DGROHVFrQFLDYHU%RZHUH+ROOLVWHU%UXQHUE&URVV(ULNVRQ
*HW]HOVH-DFNVRQ,VFRHH6WHYHQVRQ6PLWK:KLWH
1D)LJXUDHVVHULWPRGHPDWXUDomRQDWXUDOpUHSUHVHQWDGRSRUXPDTXHGDQD
GHSHQGrQFLDFRPRHVWiUHSUHVHQWDGRSHODOLQKDFRQWtQXD3RUWDQWRDVKLSyWHVHV
SHGDJyJLFDVVmRUHDOLVWDVHDSHGDJRJLDpSUDWLFDGDGHPDQHLUDDGHTXDGDSRUFDXVDGR
DOWRJUDXGHGHSHQGrQFLDGXUDQWHRSULPHLURDQR0HVPRDVVLPDVKLSyWHVHVVHWRUQDP
FDGDYH]PHQRVDGHTXDGDVQRVHJXQGRWHUFHLURTXDUWRDQRHQRVDQRVVXEVHTXHQWHVFRPR
HVWiUHSUHVHQWDGRSHODiUHDFRPDVOLQKDVYHUWLFDLV$SDUHQWHPHQWHDFXOWXUDDPHULFDQD
ODUHVFRODLQVWLWXLo}HVUHOLJLRVDVLQVWLWXLo}HVTXHWUDEDOKDPFRPMRYHQVVLVWHPDV
JRYHUQDPHQWDLVVXS}HHSRUWDQWRSHUPLWHXPDWD[DGHFUHVFLPHQWRPXLWRPDLVOHQWD
FRPRHVWiUHSUHVHQWDGRSHODOLQKDWUDFHMDGD3HORPHVPRFULWpULRDSHGDJRJLDp
SUDWLFDGDGHPDQHLUDFDGDYH]PHQRVDGHTXDGDFRPRHVWiUHSUHVHQWDGRSHODiUHD
VRPEUHDGDHQWUHDVOLQKDVFRQWtQXDVHWUDFHMDGDV2SUREOHPDpTXHDFXOWXUDQmR
HVWLPXODRGHVHQYROYLPHQWRGDVKDELOLGDGHVH[LJLGDVSDUDDDXWRGLUHomRHQTXDQWRD
QHFHVVLGDGHFDGDYH]PDLRUGHDXWRGLUHomRFRQWLQXDDVHGHVHQYROYHURUJDQLFDPHQWH2
UHVXOWDGRpXPDGHVSURSRUomRFUHVFHQWHHQWUHDQHFHVVLGDGHHDKDELOLGDGHGHVHU
DXWRGLULJLGRTXHJHUDWHQVmRUHVLVWrQFLDUHVVHQWLPHQWRHPXLWDVYH]HVUHYROWDQR
LQGLYtGXR
2SDSHOGDH[SHULrQFLD$H[SHULrQFLDGRDSUHQGL]YDOHPXLWRSRXFRFRPRXPUHFXUVRSDUDD
DSUHQGL]DJHP D H[SHULrQFLD GH PDLRU YDORU p D GR SURIHVVRU GR DXWRU GR OLYUR GLGiWLFR H GR
IDEULFDQWH GRV PDWHULDLV DXGLRYLVXDLV 3RUWDQWR DV WpFQLFDV GH WUDQVPLVVmR SRU H[HPSOR
SDOHVWUDVOHLWXUDVUHFRPHQGDGDVHWFVmRDHVSLQKDGRUVDOGDPHWRGRORJLDSHGDJyJLFD
3URQWLGmRSDUDDSUHQGHU2VDSUHQGL]HVILFDPSURQWRVSDUDDSUHQGHURTXHRSURIHVVRUGL]TXH
HOHVGHYHPDSUHQGHUVHGHVHMDPSDVVDUGHDQR
)LJXUD$PDWXUDomRQDWXUDOUXPRjDXWRGLUHomRFRPSDUDGDFRPRULWPRGHFUHVFLPHQWRGD
DXWRGLUHomRSHUPLWLGRSHODFXOWXUD
2ULHQWDomR SDUD D DSUHQGL]DJHP 2V DSUHQGL]HV WrP XPD RULHQWDomR SDUD D DSUHQGL]DJHP
FHQWUDGD QD PDWpULD HOHV FRQVLGHUDP D DSUHQGL]DJHP D DTXLVLomR GH FRQWH~GR HVSHFLDOL]DGR
3RUWDQWRDVH[SHULrQFLDVGHDSUHQGL]DJHPVmRRUJDQL]DGDVGHDFRUGRFRPDOyJLFDGRFRQWH~GR
HVSHFLDOL]DGR
0RWLYDomR2VDSUHQGL]HVVmRPRWLYDGRVSRUIDWRUHVH[WHUQRVSRUH[HPSORQRWDVDSURYDomR
RXGHVDSURYDomRGRSURIHVVRUSUHVV}HVGRVSDLV
(D6HJXLU9HLRD$QGUDJRJLD
$QWHV GH GHVFUHYHU DV KLSyWHVHV DQGUDJyJLFDV VREUH DSUHQGL]HV H DSUHQGL]DJHP p SUHFLVR
H[DPLQDUDGHILQLomRGHDGXOWR([LVWHPSHORPHQRVTXDWURGHILQLo}HVDSOLFiYHLVSDUDDGXOWR
3ULPHLURDGHILQLomRELROyJLFDELRORJLFDPHQWHWRUQDPRQRVDGXOWRVTXDQGRDWLQJLPRV D LGDGH
HPTXHDUHSURGXomRpSRVVtYHOLVWRpQRLQtFLRGDDGROHVFrQFLD6HJXQGRDGHILQLomRMXUtGLFD
MXULGLFDPHQWH WRUQDPRQRV DGXOWRV TXDQGR DWLQJLPRV XPD LGDGH HP TXH D OHL SHUPLWH YRWDU
REWHU XPD FDUWHLUD GH PRWRULVWD FDVDUVH VHP SHGLU R FRQVHQWLPHQWR GH UHVSRQViYHLV H Do}HV
VHPHOKDQWHV7HUFHLURDGHILQLomRVRFLDOVRFLDOPHQWHWRUQDPRQRVDGXOWRVTXDQGRSDVVDPRVD
GHVHPSHQKDU SDSpLV DGXOWRV FRPR R GH WUDEDOKDGRU HP WHPSR LQWHJUDO F{QMXJH SDL RX PmH
FLGDGmRYRWDQWHHRXWURV3DUDHQFHUUDUDGHILQLomRSVLFROyJLFDSVLFRORJLFDPHQWHWRUQDPRQRV
DGXOWRVTXDQGRFKHJDPRVDXPDXWRFRQFHLWRGHVHUPRVUHVSRQViYHLVSRUQRVVDSUySULDYLGDGH
VHUPRVDXWRGLULJLGRV(PUHODomRjDSUHQGL]DJHPDGHILQLomRSVLFROyJLFDpDPDLVFUXFLDO0DV
SDUHFH TXH R SURFHVVR GH REWHU XP DXWRFRQFHLWR VHU DXWRGLULJLGR FRPHoD FHGR QD YLGD H
DXPHQWDjPHGLGDTXHDPDGXUHFHPRVELRORJLFDPHQWHTXHFRPHoDPRVDGHVHPSHQKDUSDSpLV
GH DGXOWRV H DVVXPLPRV FDGD YH] PDLV UHVSRQVDELOLGDGHV SRU QRVVDV SUySULDV GHFLV}HV (QWmR
JUDGXDOPHQWH WRUQDPRQRV DGXOWRV TXDQGR SDVVDPRV SHOD LQIkQFLD H DGROHVFrQFLD H D WD[D GH
GHVHQYROYLPHQWR JUDGXDO SURYDYHOPHQWH p DFHOHUDGD VH YLYHPRV HP FDVDV HVWXGDPRV HP
HVFRODV H SDUWLFLSDPRV GH RUJDQL]Do}HV GH MRYHQV TXH QRV HVWLPXODP D DVVXPLU FDGD YH] PDLV
UHVSRQVDELOLGDGHV 0DV D PDLRULD GH QyV SURYDYHOPHQWH QmR WHP DXWRFRQFHLWRV H DXWRGLUHomR
FRPSOHWRV DWp TXH WHUPLQHPRV D HVFROD RX D IDFXOGDGH FRQVLJDPRV XP HPSUHJR HP WHPSR
LQWHJUDOFDVHPRVHFRPHFHPRVXPDIDPtOLD
20RGHOR$QGUDJyJLFR
2 PRGHOR DQGUDJyJLFR VH EDVHLD HP YiULDV VXSRVLo}HV TXH GLIHUHP GDV GR PRGHOR
SHGDJyJLFR
$QHFHVVLGDGHGHVDEHU2VDGXOWRVSUHFLVDPVDEHUSRUTXHSUHFLVDPDSUHQGHUDOJRDQWHVGH
FRPHoDU D DSUHQGrOR 7RXJK YHULILFRX TXH TXDQGR RV DGXOWRV GHFLGHP DSUHQGHU DOJR
VR]LQKRVLQYHVWHPHQHUJLDFRQVLGHUiYHOSDUDLQYHVWLJDURVEHQHItFLRVTXHVHUmRREWLGRVFRPHVVD
DSUHQGL]DJHPHDVFRQVHTXrQFLDVQHJDWLYDVGHQmRDSUHQGrOD&RQVHTXHQWHPHQWHXPGRVQRYRV
DIRULVPRV QD HGXFDomR GH DGXOWRV p TXH D SULPHLUD WDUHID GR IDFLOLWDGRU GD DSUHQGL]DJHP p
DMXGDU RV DSUHQGL]HV D VH FRQVFLHQWL]DUHP GD QHFHVVLGDGH GH VDEHU 3HOR PHQRV RV
IDFLOLWDGRUHVSRGHPGHIHQGHUTXHRYDORUGDDSUHQGL]DJHPFRQVLVWHHPDXPHQWDUDHILFiFLDGD
SHUIRUPDQFH GRV DSUHQGL]HV RX VXD TXDOLGDGH GH YLGD $OJXPDV IHUUDPHQWDV DLQGD PDLV
SRGHURVDV SDUD DXPHQWDU R QtYHO GH FRQVFLHQWL]DomR RX D QHFHVVLGDGH GH VDEHU VmR DV
H[SHULrQFLDVUHDLVRXVLPXODGDVHPTXHRVDSUHQGL]HVGHVFREUHPSRUVLPHVPRVRVJDSVHQWUH
RQGH HOHV HVWmR QR PRPHQWR H RQGH HOHV GHVHMDP HVWDU 6LVWHPDV GH DYDOLDomR GH SHVVRDO
URWDomRGHIXQo}HVFRQWDWRFRPPRGHORVHDYDOLDo}HVGLDJQyVWLFDVGHSHUIRUPDQFHVmRDOJXQV
H[HPSORV GHVVDV IHUUDPHQWDV 3DXOR )UHLUH R JUDQGH HGXFDGRU EUDVLOHLUR GHVHQYROYHX XP
SURFHVVR VRILVWLFDGR SDUD R TXH HOH FKDPRX GH FRQVFLHQWL]DomR GRV WUDEDOKDGRUHV UXUDLV HP
SDtVHVHPGHVHQYROYLPHQWRHPVXD3HGDJRJLDGRRSULPLGR
2DXWRFRQFHLWRGRDSUHQGL]2VDGXOWRVSRVVXHPXPDXWRFRQFHLWRGHVHUUHVSRQViYHLVSHODV
SUySULDVGHFLV}HVSHODVSUySULDVYLGDV8PDYH]TXHHOHVWHQKDPFKHJDGRDHVVH
DXWRFRQFHLWRGHVHQYROYHPXPDSURIXQGDQHFHVVLGDGHSVLFROyJLFDGHVHUHPYLVWRVH
WUDWDGRVSHORVRXWURVFRPRFDSD]HVGHVHDXWRGLULJLU(OHVVHUHVVHQWHPHUHVLVWHPD
VLWXDo}HVQDVTXDLVSHUFHEHPTXHRVRXWURVHVWmRLPSRQGRVXDVYRQWDGHVVREUHHOHV,VVR
WUD]XPVpULRSUREOHPDSDUDDHGXFDomRGHDGXOWRVWmRORJRRDGXOWRFRPHFHDSDUWLFLSDU
GHXPDDWLYLGDGHFKDPDGDHGXFDomRWUHLQDPHQWRRXTXDOTXHURXWURVLQ{QLPRUHJULGH
DRFRQGLFLRQDPHQWRGHVXDVH[SHULrQFLDVHVFRODUHVDQWHULRUHVFRORFDRFKDSpXGD
GHSHQGrQFLDFUX]DRVEUDoRVHQFRVWDVHQDFDGHLUDHGL]PHHQVLQH(VVDVXSRVLomRGD
QHFHVVLGDGHGHGHSHQGrQFLDDVVLPFRPRRVXEVHTXHQWHWUDWDPHQWRGRIDFLOLWDGRUGRV
DOXQRVDGXOWRVFRPRFULDQoDVFULDXPFRQIOLWRGHQWURGHVVHVDOXQRVHQWUHVHXPRGHOR
LQWHOHFWXDODSUHQGL]pLJXDODGHSHQGHQWHHDQHFHVVLGDGHSVLFROyJLFDPDLVSURIXQGD
WDOYH]DWpVXEFRQVFLHQWHGHVHDXWRGLULJLU2PpWRGRPDLVXVDGRSDUDUHVROYHURFRQIOLWR
SVLFROyJLFRFRQVLVWHHPWHQWDUHVFDSDUGDVLWXDomRTXHRSURYRFDRTXHSURYDYHOPHQWH
MXVWLILFDH[SOLFDHPSDUWHDDOWDWD[DGHGHVLVWrQFLDHPJUDQGHSDUWHGRVSURJUDPDV
YROXQWiULRVGHHGXFDomRGHDGXOWRV4XDQGRRVHGXFDGRUHVGHDGXOWRVVHFRQVFLHQWL]DP
GHVVHSUREOHPDHVIRUoDPVHSDUDFULDUH[SHULrQFLDVGHDSUHQGL]DJHPHPTXHRVDGXOWRV
VmRDX[LOLDGRVDID]HUXPDWUDQVLomRGHDSUHQGL]HVGHSHQGHQWHVSDUDDSUHQGL]HV
DXWRGLULJLGRV2OLYUR6HOI'LUHFWHG/HDUQLQJ$*XLGHIRU/HDUQHUVDQG7HDFKHUV
.QRZOHVWUD]XPDFRPSLODomRGHVVDVH[SHULrQFLDV
2SDSHOGDVH[SHULrQFLDVGRVDSUHQGL]HV2VDGXOWRVVHHQYROYHPHPXPDDWLYLGDGH
HGXFDFLRQDOFRPXPYROXPHPDLRUGHH[SHULrQFLDVHFRPXPDTXDOLGDGHGLIHUHQWHGHVVDV
H[SHULrQFLDVFRPSDUDGDVjVGRVMRYHQV6LPSOHVPHQWHSRUWHUHPYLYLGRPDLVHOHV
DFXPXODUDPPDLVH[SHULrQFLDGRTXHTXDQGRHUDPMRYHQV0DVHOHVWDPEpPWrPXPWLSR
GLIHUHQWHGHH[SHULrQFLD(VVDGLIHUHQoDHPTXDQWLGDGHHTXDOLGDGHGHH[SHULrQFLD
DFDUUHWDYiULDVFRQVHTXrQFLDVSDUDDHGXFDomRGHDGXOWRV
(ODJDUDQWHTXHHPTXDOTXHUJUXSRGHDGXOWRVKDYHUiXPDDPSOLWXGHPDLRUGH
GLIHUHQoDVLQGLYLGXDLVGRTXHQRFDVRGHXPJUXSRGHMRYHQV4XDOTXHUJUXSRGHDGXOWRV
VHUiPDLVKHWHURJrQHRHPWHUPRVGHIRUPDomRHVWLORGHDSUHQGL]DJHPPRWLYDomR
QHFHVVLGDGHVLQWHUHVVHVHREMHWLYRVGRTXHXPJUXSRGHMRYHQV3RUWDQWRQDHGXFDomRGH
DGXOWRVFRORFDVHPDLVrQIDVHQDLQGLYLGXDOL]DomRGRHQVLQRHGDVHVWUDWpJLDVGH
DSUHQGL]DJHP
7DPEpPVLJQLILFDTXHSDUDPXLWRVWLSRVGHDSUHQGL]DJHPRVUHFXUVRVPDLVULFRVHVWmR
QRVSUySULRVDSUHQGL]HVDGXOWRV/RJRDrQIDVHGDHGXFDomRGHDGXOWRVHVWiQDVWpFQLFDV
H[SHULHQFLDLVWpFQLFDVTXHXWLOL]DPDH[SHULrQFLDGRVDSUHQGL]HVFRPRGLVFXVV}HVHP
JUXSRH[HUFtFLRVGHVLPXODomRDWLYLGDGHVGHUHVROXomRGHSUREOHPDVHVWXGRVGHFDVRH
PpWRGRVGHODERUDWyULRHPYH]GHWpFQLFDVGHWUDQVPLVVmR7DPEpPKiXPDrQIDVHPDLRU
QDVDWLYLGDGHVGHDMXGDDRVFROHJDV
(QWUHWDQWRXPDH[SHULrQFLDPDLRUWDPEpPWUD]DOJXQVHIHLWRVSRWHQFLDOPHQWH
QHJDWLYRV¬PHGLGDTXHDFXPXODPRVH[SHULrQFLDWHPRVDWHQGrQFLDDGHVHQYROYHU
KiELWRVPHQWDLVSUHFRQFHLWRVHSUHVVXSRVLo}HVTXHFRVWXPDPIHFKDUQRVVDPHQWHDQRYDV
LGHLDVSHUFHSo}HVPDLVDWXDOL]DGDVHLGHLDVDOWHUQDWLYDV3HORPHVPRFULWpULRRV
HGXFDGRUHVGHDGXOWRVWHQWDPGHVFREULUPDQHLUDVGHDMXGDUDGXOWRVDUHIOHWLUVREUHVHXV
KiELWRVHSUHFRQFHLWRVHDEULUVXDPHQWHSDUDQRYDVDERUGDJHQV7UHLQDPHQWRGH
VHQVLELOLGDGHH[HUFtFLRVSDUDGHVFREULUTXDLVVmRVHXVYDORUHVPHGLWDomRHHVFDODVGH
GRJPDWLVPRVmRDOJXPDVGDVWpFQLFDVHPSUHJDGDVSDUDOLGDUFRPHVVHSUREOHPD
+iRXWUDUD]mRPDLVVXWLOSDUDSULRUL]DUDH[SHULrQFLDGRVDSUHQGL]HV$UD]mRHVWi
UHODFLRQDGDFRPDDXWRLGHQWLGDGHGHFDGDDSUHQGL]$VFULDQoDVSHTXHQDVFRQVWURHPVXD
DXWRLGHQWLGDGHDSDUWLUGHHOHPHQWRVH[WHUQRVTXHPVmRVHXVSDLVLUPmRVLUPmVHRXWURV
SDUHQWHVRQGHYLYHPHTXHLJUHMDVHHVFRODVIUHTXHQWDP¬PHGLGDTXHDPDGXUHFHP
HODVVHGHILQHPFDGDYH]PDLVHPWHUPRVGDVH[SHULrQFLDVTXHYLYHQFLDUDP3DUDDV
FULDQoDVDH[SHULrQFLDpDOJRTXHDFRQWHFHDHODV3DUDRVDGXOWRVDH[SHULrQFLDpTXHP
HOHVVmR$LPSOLFDomRGHVVHIDWRSDUDDHGXFDomRGHDGXOWRVpTXHHPTXDOTXHUVLWXDomR
QDTXDODVH[SHULrQFLDVGRVSDUWLFLSDQWHVVmRLJQRUDGDVRXGHVYDORUL]DGDVRVDGXOWRV
SHUFHEHPLVVRFRPRXPDUHMHLomRQmRDSHQDVGHVXDH[SHULrQFLDPDVRVUHMHLWDQGRFRPR
SHVVRDV
3URQWLGmRSDUDDSUHQGHU2VDGXOWRVILFDPSURQWRVSDUDDSUHQGHUDVFRLVDVTXHWrPGHVDEHU
HSDUDDVTXDLVSUHFLVDPVHWRUQDUFDSD]HVGHUHDOL]DUDILPGHHQIUHQWDUDVVLWXDo}HVGD
YLGDUHDO8PDIRQWHSDUWLFXODUPHQWHULFDGHSURQWLGmRSDUDDSUHQGHUVmRDVWDUHIDVGH
GHVHQYROYLPHQWRDVVRFLDGDVjSDVVDJHPGHXPHVWiJLRGHGHVHQYROYLPHQWRSDUDR
SUy[LPR$SULQFLSDOLPSOLFDomRGHVVDKLSyWHVHpDLPSRUWkQFLDGHVLQFURQL]DUDV
H[SHULrQFLDVGHDSUHQGL]DJHPFRPHVVDVWDUHIDVGHGHVHQYROYLPHQWR3RUH[HPSORXPD
JDURWDGHDQRVQRHQVLQRPpGLRQmRHVWiSURQWDSDUDDSUHQGHUVREUHQXWULomRLQIDQWLORX
UHODo}HVPDWULPRQLDLVPDVVHHODILFDUQRLYDDSyVDIRUPDWXUDHVWDUiPDLVGRTXHSURQWD
SDUDLVVR
8PDVVLVWHQWHQmRHVWiSUHSDUDGRSDUDXPWUHLQDPHQWRSDUDVHUVXSHUYLVRUVHPDQWHV
GRPLQDURWUDEDOKRTXHVXSHUYLVLRQDUiHGHFLGLUTXHHVWiSURQWRSDUDPDLV
UHVSRQVDELOLGDGH
7RGDYLDQmRpQHFHVViULRVHQWDUVHSDVVLYDPHQWHHHVSHUDUTXHDSURQWLGmRGHVHQYROYD
VHQDWXUDOPHQWH+iPDQHLUDVGHLQGX]LUDSURQWLGmRSRUPHLRGHH[SRVLomRDPRGHORVGH
SHUIRUPDQFHVXSHULRUDFRQVHOKDPHQWRGHFDUUHLUDH[HUFtFLRVGHVLPXODomRHRXWUDV
WpFQLFDV
2ULHQWDomRSDUDDDSUHQGL]DJHP(PFRPSDUDomRFRPDRULHQWDomRSDUDDSUHQGL]DJHPGH
FULDQoDVHMRYHQVFHQWUDGDQRWHPDSHORPHQRVQRHQVLQRIXQGDPHQWDOHPpGLRRV
DGXOWRVVmRFHQWUDGRVQDYLGDRXFHQWUDGRVQDWDUHIDRXQRSUREOHPDTXDQWRjVXD
RULHQWDomRSDUDDSUHQGL]DJHP2VDGXOWRVVmRPRWLYDGRVDDSUHQGHUFRQIRUPHSHUFHEHP
TXHDDSUHQGL]DJHPRVDMXGDUiDH[HFXWDUWDUHIDVRXOLGDUFRPSUREOHPDVTXHYLYHQFLDP
HPVXDYLGD$OpPGLVVRHOHVDVVLPLODPQRYRVFRQKHFLPHQWRVSHUFHSo}HVKDELOLGDGHV
YDORUHVHDWLWXGHVGHPDQHLUDPDLVHILFD]TXDQGRVmRDSUHVHQWDGRVDFRQWH[WRVGH
DSOLFDomRDVLWXDo}HVGDYLGDUHDO
(VVHSRQWRpWmRLPSRUWDQWHTXHYDOHDSHQDVHUUHSHWLGR
3RUPXLWRVDQRVHGXFDGRUHVSURFXUDUDPUHGX]LURVtQGLFHVGHDQDOIDEHWLVPRQRV
(VWDGRV8QLGRVDWUDYpVGRHQVLQRGHOHLWXUDHVFULWDHDULWPpWLFDHRVUHVXOWDGRVIRUDP
GHFHSFLRQDQWHV$WD[DGHHYDVmRHUDDOWDDPRWLYDomRSDUDHVWXGDUEDL[DHRVUHVXOWDGRV
QRVH[DPHVHUDPPHGtRFUHV4XDQGRRVSHVTXLVDGRUHVFRPHoDUDPDDQDOLVDUDVUD]}HVGR
IUDFDVVRFRQVWDWDUDPUDSLGDPHQWHTXHDVSDODYUDVDSUHVHQWDGDVQDVOLVWDVSDGUmRGH
YRFDEXOiULRSDUDRVFXUVRVGHOHLWXUDHHVFULWDQmRFRQWLQKDPSDODYUDVTXHHVVHVDOXQRV
HPSUHJDYDPHPVLWXDo}HVGRGLDDGLDHTXHRVSUREOHPDVPDWHPiWLFRVDSUHVHQWDGRVQRV
FXUVRVGHDULWPpWLFDQmRHUDPSUREOHPDVTXHHOHVGHYHULDPVHUFDSD]HVGHUHVROYHU
TXDQGRIRVVHPDXPDORMDRXDREDQFR&RPRUHVXOWDGRIRUDPHODERUDGRVQRYRV
FXUUtFXORVHPWRUQRGHVLWXDo}HVGDYLGDFRPXPHGDDTXLVLomRGHHVWUDWpJLDVGH
HQIUHQWDPHQWRSRUH[HPSOROLGDUFRPRPXQGRGRWUDEDOKRGRVVHUYLoRVJRYHUQDPHQWDLV
HFRPXQLWiULRVORFDLVGDVD~GHGDIDPtOLDGRFRQVXPR$PDLRULDGRVSUREOHPDV
HQFRQWUDGRVQRVFXUVRVWUDGLFLRQDLVGHVDSDUHFHXRXIRLHQRUPHPHQWHUHGX]LGD
8PVHJXQGRH[HPSORHVWiQRVFXUVRVGHH[WHQVmRXQLYHUVLWiULD3RUPXLWRVDQRVHUD
XPDSUiWLFDGDVXQLYHUVLGDGHVRIHUHFHUFXUVRVSDUDDGXOWRVQRILQDOGDWDUGHRXjQRLWHTXH
HUDPH[DWDPHQWHRVPHVPRVFXUVRVRIHUHFLGRVDRVDGROHVFHQWHVGXUDQWHRGLD1DGpFDGD
GHRVSURJUDPDVQRWXUQRVVRIUHUDPXPDPXGDQoD8PFXUVRLQWLWXODGR5HGDomR,
TXHHUDPLQLVWUDGRGXUDQWHRGLDSDVVRXDVHFKDPDU0HOKRUHVXD5HGDomR&RPHUFLDOQR
SURJUDPDQRWXUQR5HGDomR,,WRUQRXVH(VFUHYDSRU'LYHUVmRHSDUD7HU/XFURH
5HGDomR,,,WRUQRXVH$SHUIHLoRHVXD&RPXQLFDomR3URILVVLRQDO(QmRIRUDPDSHQDV
RVQRPHVTXHPXGDUDPDPDQHLUDFRPRRVFXUVRVHUDPPLQLVWUDGRVWDPEpPPXGRX
(QTXDQWRRVDOXQRVGRFXUVR5HGDomR,DLQGDPHPRUL]DYDPUHJUDVJUDPDWLFDLVRV
DOXQRVGRFXUVR0HOKRUHVXD5HGDomR&RPHUFLDOFRPHoDUDPDHVFUHYHUFDUWDV
FRPHUFLDLVHH[WUDtDPRVSULQFtSLRVGDHVFULWDJUDPDWLFDODSDUWLUGHXPDDQiOLVHGRTXH
KDYLDPHVFULWR
0RWLYDomR 2V DGXOWRV UHVSRQGHP D IDWRUHV PRWLYDFLRQDLV H[WHUQRV PHOKRUHV HPSUHJRV

SURPRo}HVVDOiULRVPDLVDOWRVSRUpPRVIDWRUHVPRWLYDFLRQDLVPDLVSRGHURVRVVmRDVSUHVV}HV
LQWHUQDV R GHVHMR GH WHU PDLRU VDWLVIDomR QR WUDEDOKR DXWRHVWLPD TXDOLGDGH GH YLGD 7RXJK
FRQVWDWRX HP VXD SHVTXLVD TXH WRGRV RV DGXOWRV QRUPDLV VmR PRWLYDGRV D FRQWLQXDU D
FUHVFHUHVHGHVHQYROYHUPDVHVVDPRWLYDomRJHUDOPHQWHpEORTXHDGDSRUEDUUHLUDVFRPRXP
DXWRFRQFHLWR QHJDWLYR FRPR DOXQR IDOWD GH DFHVVR D RSRUWXQLGDGHV RX UHFXUVRV OLPLWDo}HV GH
WHPSRHSURJUDPDVTXHYLRODPRVSULQFtSLRVGDDSUHQGL]DJHPGHDGXOWRV
eLPSRUWDQWHUHVVDOWDUTXHRQ~PHURGHVXSRVLo}HVSDVVRXGHTXDWURSDUDVHLVFRPRSDVVDU
GRV DQRV 2ULJLQDOPHQWH D DQGUDJRJLD DSUHVHQWRX TXDWUR KLSyWHVHV PRVWUDGDV DTXL FRPR
Q~PHURV .QRZOHV $ KLSyWHVH Q~PHUR PRWLYDomR SDUD DSUHQGHU IRL
DFUHVFHQWDGDHP.QRZOHVDHQTXDQWRDKLSyWHVHQ~PHURDQHFHVVLGDGHGHVDEHU
PDLVUHFHQWHPHQWH.QRZOHV
2V0RGHORV3HGDJyJLFRH$QGUDJyJLFRHP3HUVSHFWLYD
$Wp DJRUD R WUDWDPHQWR GHVVHV GRLV PRGHORV SRGH VXJHULU TXH HOHV VmR RSRVWRV TXH D
SHGDJRJLDpUXLPHDDQGUDJRJLDpERDHTXHDSHGDJRJLDpSDUDFULDQoDVHDDQGUDJRJLDSDUD
DGXOWRV ,VVR p PXLWR VHPHOKDQWH j PDQHLUD FRPR RV PRGHORV IRUDP DSUHVHQWDGRV QD SULPHLUD
HGLomR GR 7KH 0RGHUQ 3UDFWLFH RI $GXOW (GXFDWLRQ $QGUDJRJ\ YHUVXV 3HGDJRJ\ .QRZOHV
0DVGXUDQWHDGpFDGDVHJXLQWHYiULRVSURIHVVRUHVGRVVHJPHQWRVGRHQVLQRIXQGDPHQWDO
H PpGLR H HP XQLYHUVLGDGHV DILUPDUDP TXH HVWDYDP WHVWDQGR D DSOLFDomR GR PRGHOR
DQGUDJyJLFRHTXHFULDQoDVHMRYHQVDSDUHQWHPHQWHDSUHQGLDPPHOKRUHPYiULDVFLUFXQVWkQFLDV
TXDQGRVmRDSOLFDGDVDOJXPDVFDUDFWHUtVWLFDVGRPRGHORDQGUDJyJLFR$VVLPQDHGLomRUHYLVDGD
GH7KH0RGHUQ3UDFWLFHRI$GXOW(GXFDWLRQRVXEWtWXORIRLDOWHUDGRSDUD)URP3HGDJRJ\
WR$QGUDJRJ\$OpPGLVVRYiULRVWUHLQDGRUHVHSURIHVVRUHVGHDGXOWRVGHVFUHYHUDPVLWXDo}HVHP
TXHFRQVWDWDUDPTXHRPRGHORDQGUDJyJLFRQmRVXUWLDUHVXOWDGRV
3RUWDQWRFRORFDURVGRLVPRGHORVHPSHUVSHFWLYDSHGHTXHVHHVWDEHOHoDXPDGLVWLQomRHQWUH
XPD LGHRORJLD H XP VLVWHPD GH KLSyWHVHV DOWHUQDWLYDV 3DUHFH TXH R PRGHOR SHGDJyJLFR VH
LQVSLURX HP PXLWDV GDV FDUDFWHUtVWLFDV GD LGHRORJLD H LGHRORJLD p GHILQLGD FRPR XP FRQMXQWR
VLVWHPiWLFRGHFUHQoDVTXHH[LJHOHDOGDGHHFRQIRUPLGDGHGHVHXVVHJXLGRUHV(PFRQVHTXrQFLD
RV SURIHVVRUHV JHUDOPHQWH VHQWHP D SUHVVmR TXH R VLVWHPD HGXFDFLRQDO H[HUFH SDUD DGHULU DR
PRGHOR SHGDJyJLFR 3RU H[HPSOR R PHOKRU PRWLYDGRU GH SHUIRUPDQFH GH DFRUGR FRP RV
SURIHVVRUHV p D FRPSHWLomR SRU QRWDV SRUWDQWR DV QRWDV GHYHP HVWDU HP XPD FXUYD GH
GLVWULEXLomRQRUPDOVypSRVVtYHOKDYHUXPQ~PHURGHQRWDHWDPEpPRXWURWDQWRGHQRWDV
LQVXILFLHQWHV (P JHUDO D LGHRORJLD SHGDJyJLFD p FRQVDJUDGD SHOD H[SUHVVmR SDGU}HV
DFDGrPLFRV&RQFHGHUQRWDVGHPDLVYLRODRVSDGU}HVDFDGrPLFRV
2TXHLVVRTXHUGL]HUQDSUiWLFDpTXHRVHGXFDGRUHVDJRUDWrPDUHVSRQVDELOLGDGHGHYHULILFDU
TXDLV KLSyWHVHV VmR UHDOLVWDV HP GHWHUPLQDGD VLWXDomR 6H XPD KLSyWHVH SHGDJyJLFD p UHDOLVWD
SDUDGHWHUPLQDGRDOXQRHPUHODomRDXPREMHWLYRGHDSUHQGL]DJHPHVSHFtILFRXPDHVWUDWpJLD
SHGDJyJLFD p DGHTXDGD SHOR PHQRV FRPR XP SRQWR GH SDUWLGD 2V H[HPSORV GLVVR RFRUUHP
TXDQGR RV DSUHQGL]HV VmR UHDOPHQWH GHSHQGHQWHV FRPR TXDQGR VH HQWUD HP XPD iUHD GH
FRQKHFLPHQWR GHVFRQKHFLGD TXDQGR HOHV QmR WrP H[SHULrQFLD DQWHULRU FRP XPD iUHD GH
HVWXGR TXDQGR QmR FRPSUHHQGHP D UHOHYkQFLD GH XPD iUHD GH HVWXGR SDUD DV WDUHIDV RX RV
SUREOHPDVGHYLGDTXDQGRSUHFLVDPDFXPXODUFHUWRFRQMXQWRGHFRQKHFLPHQWRHVSHFLDOL]DGRD
ILP GH DWLQJLU XPD SHUIRUPDQFH QHFHVViULD H TXDQGR QmR VHQWHP D QHFHVVLGDGH LQWHUQD GH
DSUHQGHU HVVH FRQWH~GR 0DV Ki XPD JUDQGH GLIHUHQoD HQWUH FRPR XP SHGDJRJR LGHROyJLFR H
XPDQGUDJRJRVHJXLULDPDSDUWLUGHVVHSRQWR2SHGDJRJRDRSHUFHEHUDVKLSyWHVHVSHGDJyJLFDV
FRPRDV~QLFDVUHDOLVWDVLQVLVWHSDUDTXHRVDSUHQGL]HVSHUPDQHoDPGHSHQGHQWHVGRSURIHVVRU
3RURXWURODGRRDQGUDJRJRDRSHUFHEHUTXHRPRYLPHQWRHPGLUHomRjVKLSyWHVHVDQGUDJyJLFDV
p XP REMHWLYR GHVHMiYHO IDUi GH WXGR SDUD DMXGDU RV DSUHQGL]HV D DVVXPLU FDGD YH] PDLV
UHVSRQVDELOLGDGHSHODSUySULDDSUHQGL]DJHP
$Wp PHVPR RV LQVWUXWRUHV SHGDJyJLFRV PDLV IHUUHQKRV FRQILUPDUDP TXH VHX WUDEDOKR VH
WRUQRX PDLV HILFD] TXDQGR HOHV DGDSWDUDP DOJXQV GRV FRQFHLWRV DQGUDJyJLFRV DR PRGHOR
SHGDJyJLFR$OJXPDVGDVPDQHLUDVGHID]HULVVRFRQVLVWHPHPFULDUXPDDWPRVIHUDQDTXDORV
DSUHQGL]HV VH VLQWDP PDLV UHVSHLWDGRV GLJQRV GH FRQILDQoD OLYUHV GH DPHDoDV H FXLGDGRV DR
H[S{ORV j QHFHVVLGDGH GH VDEHU DQWHV GH LQVWUXtORV DR GDU D HOHV DOJXPD UHVSRQVDELOLGDGH QD
HVFROKD GRV PpWRGRV H UHFXUVRV H DR HQYROYrORV FRP D UHVSRQVDELOLGDGH GH DYDOLDU VXD
DSUHQGL]DJHP
2 &DStWXOR H[SORUD DV LPSOLFDo}HV GH VH DSOLFDUHP HVVDV KLSyWHVHV DR SODQHMDPHQWR H j
FRQGXomRGHSURJUDPDVGHHGXFDomRGHDGXOWRVHGHVHQYROYLPHQWRGHUHFXUVRVKXPDQRV
5(6802'2&$3Ë78/2
(PERUD Ki VpFXORV D HGXFDomR GH DGXOWRV VHMD XP DVVXQWR LPSRUWDQWH SRXFD SHVTXLVD IRL
UHDOL]DGD QD iUHD GH DSUHQGL]DJHP GH DGXOWRV DWp WHPSRV UHFHQWHV $SHQDV DSyV R WpUPLQR GD
3ULPHLUD *XHUUD 0XQGLDO FRPHoRX D VXUJLU XP FRQMXQWR FUHVFHQWH GH LGHLDV VREUH DV
FDUDFWHUtVWLFDVGLVWLQWDVGRVDSUHQGL]HVDGXOWRV'HQWURGRHVWXGRGDDSUHQGL]DJHPGHDGXOWRVKi
GXDVFRUUHQWHVGLVWLQWDVGHSHVTXLVDDFLHQWtILFDHDDUWtVWLFD$FLHQWtILFDLQLFLDGDSRU7KRUQGLNH
EXVFDGHVFREULUQRYRVFRQKHFLPHQWRVSRUPHLRGHLQYHVWLJDomRULJRURVD-iDFRUUHQWHDUWtVWLFD
FULDGD SRU /LQGHPDQ HP VHX 7KH 0HDQLQJ RI $GXOW (GXFDWLRQ XVD D LQWXLomR H D DQiOLVH GD
H[SHULrQFLD SDUD GHVFREULU QRYDV LQIRUPDo}HV 8P SLRQHLUR /LQGHPDQ FULRX RV IXQGDPHQWRV
SDUD XPD WHRULD VLVWHPiWLFD GH HGXFDomR GH DGXOWRV H LGHQWLILFRX KLSyWHVHV EiVLFDV VREUH RV
DSUHQGL]HV DGXOWRV (VVDV KLSyWHVHV LQFOXHP RV FRQFHLWRV D VHJXLU RV DGXOWRV VmR PRWLYDGRV D
DSUHQGHU FRQIRUPH YLYHQFLDP QHFHVVLGDGHV H LQWHUHVVHV TXH D DSUHQGL]DJHP VDWLVIDUi D
RULHQWDomRGRVDGXOWRVHPUHODomRjDSUHQGL]DJHPpFHQWUDGDQDYLGDDH[SHULrQFLD p D IRQWH
PDLV ULFD SDUD D DSUHQGL]DJHP GH DGXOWRV RV DGXOWRV WrP XPD IRUWH QHFHVVLGDGH GH VHU
DXWRGLULJLGRVHDVGLIHUHQoDVLQGLYLGXDLVHQWUHDVSHVVRDVDXPHQWDPFRPDLGDGH
6HJXLQGRVHjSXEOLFDomRHPGR7KH0HDQLQJRI$GXOW(GXFDWLRQRLQWHUHVVHSHODiUHD
WRUQRXVH HYLGHQWH H RXWURV DUWLJRV UHODFLRQDGRV FRPHoDUDP D DSDUHFHU QR -RXUQDO RI $GXOW
(GXFDWLRQ (P D PDLRULD GRV HOHPHQWRV QHFHVViULRV SDUD XPD FRQFHLWXDOL]DomR GD
DSUHQGL]DJHPGHDGXOWRVKDYLDVLGRGHVFREHUWD(QWUHWDQWRHVVHVHOHPHQWRVIUDJPHQWDGRVDLQGD
QmRKDYLDPVLGRLQFRUSRUDGRVHPXPPRGHORLQWHJUDGR'XUDQWHDGpFDGDGHDVFLrQFLDV
VRFLDLVVHLQWHUHVVDUDPSHODDSUHQGL]DJHPGHDGXOWRVHDVSHVTXLVDVPDLVLQWHQVLYDVFRPHoDUDP
(VVDV GLVFLSOLQDV GH FLrQFLDV VRFLDLV IRUDP D SVLFRORJLD FOtQLFD SVLFRORJLD GR GHVHQYROYLPHQWR
VRFLRORJLD H SVLFRORJLD VRFLDO DOpP GD ILORVRILD 3VLFyORJRV UHQRPDGRV FRPR )UHXG -XQJ
(ULNVRQ0DVORZH5RJHUVIL]HUDPFRQWULEXLo}HVLPSRUWDQWHVSDUDRHVWXGRGDDSUHQGL]DJHPGH
DGXOWRV)UHXGDSRQWRXDLQIOXrQFLDGRVXEFRQVFLHQWHQRFRPSRUWDPHQWR-XQJDSUHVHQWRXDLGHLD
GHTXHDFRQVFLrQFLDKXPDQDSRVVXLTXDWURIXQo}HVVHQVDomRSHQVDPHQWRHPRomRHLQWXLomR
(ULNVRQFRQWULEXLXFRPDVRLWRLGDGHVGRKRPHP0DVORZUHVVDOWRXDLPSRUWkQFLDGDVHJXUDQoD
H5RJHUVFRQFHLWXRXDDERUGDJHPGHHGXFDomRFHQWUDGDQRDOXQREDVHDGDHPFLQFRKLSyWHVHV
EiVLFDV2VSVLFyORJRVGRGHVHQYROYLPHQWRFRQWULEXtUDPFRPFRQKHFLPHQWRVGDVFDUDFWHUtVWLFDV
DVVRFLDGDV j LGDGH FRPR KDELOLGDGHV ItVLFDV KDELOLGDGHV PHQWDLV LQWHUHVVHV DWLWXGHV YDORUHV
FULDWLYLGDGH H HVWLORV GH YLGD HQTXDQWR D VRFLRORJLD H D SVLFRORJLD VRFLDO DSUHVHQWDUDP
FRQKHFLPHQWRV VREUH FRPSRUWDPHQWRV GH JUXSR H GH VLVWHPD VRFLDO LQFOXLQGR IDWRUHV TXH
IDFLOLWDPRXLQLEHPDDSUHQGL]DJHP
2UyWXORHRFRQFHLWRGDDQGUDJRJLDEHQHILFLDUDPHQRUPHPHQWHRVHVIRUoRVSDUDVHFULDUXP
PRGHORFRQFHLWXDOGHDSUHQGL]DJHPGHDGXOWRV(PERUDRWHUPRWHQKDVLGRSULPHLUDPHQWHXVDGR
HP RV DPHULFDQRV Vy IRUDP DSUHVHQWDGRV D HOH HP 'HVGH HQWmR YiULRV DUWLJRV
DFDGrPLFRV IRUDP HVFULWRV VREUH DV DSOLFDo}HV GRV PRGHORV DQGUDJyJLFRV SDUD HGXFDomR GR
WUDEDOKR VRFLDO HGXFDomR UHOLJLRVD HGXFDomR VHFXQGiULD H GH QtYHO VXSHULRU WUHLQDPHQWR
JHUHQFLDO H RXWUDV HVIHUDV H Ki XP Q~PHUR FUHVFHQWH GH KLSyWHVHV GHULYDGDV GR PRGHOR
DQGUDJyJLFR
eQHFHVViULRID]HUVHXPDGLVWLQomRHQWUHRVFRQFHLWRVGDSHGDJRJLDHGDDQGUDJRJLDSDUDD
WRWDOFRPSUHHQVmRGRFRQFHLWRGDDQGUDJRJLD2PRGHORSHGDJyJLFRGHVHQKDGRSDUDRHQVLQRGH
FULDQoDVDWULEXLDRSURIHVVRUWRWDOUHVSRQVDELOLGDGHSRUWRPDUWRGDVDVGHFLV}HVVREUHFRQWH~GR
GDDSUHQGL]DJHPPpWRGRFURQRJUDPDHDYDOLDomR2VDSUHQGL]HVGHVHPSHQKDPXPSDSHO
VXEPLVVRQDGLQkPLFDHGXFDFLRQDO3RURXWURODGRRPRGHORDQGUDJyJLFRHQIDWL]DDHGXFDomRGH
DGXOWRVHVHEDVHLDQRVVHJXLQWHVSUHFHLWRVRVDGXOWRVSUHFLVDPVDEHUSRUTXHSUHFLVDPDSUHQGHU
DOJRRVDGXOWRVWrPDUHVSRQVDELOLGDGHSRUVXDVSUySULDVGHFLV}HVHSRUVXDYLGDRVDGXOWRV
HQWUDPQDDWLYLGDGHHGXFDFLRQDOFRPPDLRUYROXPHHYDULHGDGHGHH[SHULrQFLDVGRTXHDV
FULDQoDVRVDGXOWRVWrPSURQWLGmRSDUDDSUHQGHUDVFRLVDVTXHSUHFLVDPVDEHUSDUDHQIUHQWDU
PHOKRUDVVLWXDo}HVGDYLGDUHDORVDGXOWRVVmRFHQWUDGRVQDYLGDHPVXDRULHQWDomRj
DSUHQGL]DJHPHRVDGXOWRVUHVSRQGHPPHOKRUDRVPRWLYDGRUHVLQWHUQRVGRTXHDRVH[WHUQRV2
PRGHORSHGDJyJLFRpXPPRGHORLGHROyJLFRTXHH[FOXLDVKLSyWHVHVDQGUDJyJLFDV2PRGHOR
DQGUDJyJLFRpXPVLVWHPDGHKLSyWHVHVTXHLQFOXLDVKLSyWHVHVSHGDJyJLFDV2PRGHOR
DQGUDJyJLFRQmRpXPDLGHRORJLDpXPVLVWHPDGHJUXSRVGHKLSyWHVHVDOWHUQDWLYDVXPPRGHOR
WUDQVDFLRQDOTXHGLDORJDFRPDVFDUDFWHUtVWLFDVGDVLWXDomRGHDSUHQGL]DJHP
3(5*817$63$5$5()/(;2
/HYDQGRDSUySULDH[SHULrQFLDHPFRQVLGHUDomRSHQVHHPXPDVLWXDomRTXHLOXVWUDFRP
FODUH]DDSHGDJRJLDHRXWUDDDQGUDJRJLD
)DoDXPDUHIOH[mRVREUHDVFLQFRVXSRVLo}HVSULQFLSDLVGH/LQGHPDQVREUHRVDSUHQGL]HV
DGXOWRV
&RPRDSVLFRORJLDFOtQLFDFRQWULEXLXSDUDDDQGUDJRJLD"
&RPRDHGXFDomRGHDGXOWRVFRQWULEXLXSDUDDDQGUDJRJLD"
&RPRRPRGHORDQGUDJyJLFRVHHQFDL[DHPVHXHVWLORGHDSUHQGL]DJHP"

2 PRGHOR DQGUDJyJLFR p XP PRGHOR SURFHVVXDO HP RSRVLomR DRV PRGHORV EDVHDGRV HP
FRQWH~GR HPSUHJDGRV SHOD PDLRU SDUWH GRV HGXFDGRUHV $ GLIHUHQoD p TXH QD HGXFDomR
WUDGLFLRQDO R SURIHVVRU RX WUHLQDGRU HODERUDGRUHV GH FXUUtFXOR HGXFDFLRQDO RX RXWUD SHVVRD
GHFLGHDQWHFLSDGDPHQWHTXDLVFRQKHFLPHQWRVRXKDELOLGDGHVSUHFLVDPVHUWUDQVPLWLGRVRUJDQL]D
HVVH FRQMXQWR GH FRQWH~GRV HP XQLGDGHV OyJLFDV GH FRQKHFLPHQWR VHOHFLRQD RV PHLRV PDLV
HILFLHQWHVSDUDWUDQVPLWLORVSDOHVWUDVOHLWXUDVH[HUFtFLRVHPODERUDWyULRILOPHVILWDVHWFHD
VHJXLU GHVHQYROYH XP SODQR SDUD DSUHVHQWDU HVVDV XQLGDGHV GH FRQWH~GR HP FHUWD VHTXrQFLD
(VVH p XP PRGHOR RX GHVHQKR GH FRQWH~GR 2 SURIHVVRU DQGUDJyJLFR IDFLOLWDGRU FRQVXOWRU
DJHQWHGHPXGDQoDSUHSDUDDQWHFLSDGDPHQWHXPFRQMXQWRGHSURFHGLPHQWRVSDUDHQYROYHURV
DSUHQGL]HVHRXWUDVSDUWHVLQWHUHVVDGDVHPXPSURFHVVRTXHFRQWpPRVVHJXLQWHVHOHPHQWRV
SUHSDUDU R DSUHQGL] HVWDEHOHFHU XP FOLPD TXH OHYH j DSUHQGL]DJHP FULDU XP
PHFDQLVPRSDUDRSODQHMDPHQWRP~WXRGLDJQRVWLFDUDVQHFHVVLGDGHVSDUDDDSUHQGL]DJHP
IRUPXODURVREMHWLYRVGRSURJUDPDRFRQWH~GRTXHLUmRDWHQGHUDHVVDVQHFHVVLGDGHV
GHVHQKDUXPSDGUmRSDUDDVH[SHULrQFLDVGHDSUHQGL]DJHPFRQGX]LUHVVDVH[SHULrQFLDVGH
DSUHQGL]DJHPFRPWpFQLFDVHPDWHULDLVDGHTXDGRVHDYDOLDURVUHVXOWDGRVGDDSUHQGL]DJHPH
ID]HUXPQRYRGLDJQyVWLFRGDVQHFHVVLGDGHVGHDSUHQGL]DJHP(VVHpXPPRGHORGHSURFHVVR$
GLIHUHQoDQmRpTXHXPGHOHVWUDWDGHFRQWH~GRVHRRXWURQmRDGLIHUHQoDpTXHRPRGHORGH
FRQWH~GR VH RFXSD GH WUDQVPLWLU LQIRUPDo}HV H KDELOLGDGHV HQTXDQWR R PRGHOR GH SURFHVVR VH
RFXSDGDSURYLVmRGHSURFHGLPHQWRVHUHFXUVRVSDUDDMXGDURVDSUHQGL]HVDDGTXLULULQIRUPDo}HV
HKDELOLGDGHV9HMDQD7DEHODXPDFRPSDUDomRGHVVHVGRLVPRGHORVHVXDVKLSyWHVHVEiVLFDV
2 PRGHOR GH FRQWH~GR p FRQFHELGR FRPR SHGDJyJLFR HQTXDQWR R PRGHOR GH SURFHVVRV
DQGUDJyJLFR
(OHPHQWRVGRSURFHVVRGDDQGUDJRJLD
'HVHQYROYLGRSRU.QRZOHVH.QRZOHV
35(3$5$52$35(1',=
)RL DSHQDV GHSRLV GH .QRZOHV TXH ILFRX FODUR TXH HVVH SDVVR WLQKD GH VHU
DFUHVFHQWDGR FRPR XP SDVVR VHSDUDGR DR PRGHOR GH SURFHVVR $QWHULRUPHQWH R PRGHOR GH
SURFHVVR FRQWLQKD DSHQDV VHWH SDVVRV H WRGRV VHUmR DSUHVHQWDGRV QHVWH FDStWXOR (QWUHWDQWR
WRUQRXVHFDGDYH]PDLVFODURTXHXPDVSHFWRLPSRUWDQWHGRGHVHQKRGRSURJUDPDSURYLQKDGRV
PRGHORV GH HGXFDomR GH DGXOWRV (OHV SUHVXPHP TXH XP DOWR JUDX GH UHVSRQVDELOLGDGH SHOD
DSUHQGL]DJHP VHUi DVVXPLGR SHOR DSUHQGL] SULQFLSDOPHQWH QRV PRGHORV DQGUDJyJLFRV H GH
SURMHWRV GH DSUHQGL]DJHP VLVWHPDV LQWHLURV VmR FRQVWUXtGRV HP WRUQR GD DSUHQGL]DJHP
DXWRGLULJLGD0DVHPVXDPDLRULDRVDGXOWRVFRPRVTXDLVWUDEDOKDPRVDLQGDQmRDSUHQGHUDPD
VHU TXHVWLRQDGRUHV DXWRGLULJLGRV HOHV IRUDP FRQGLFLRQDGRV D GHSHQGHU GH XP SURIHVVRU TXH
HQVLQH(SRUHVVHPRWLYRHOHVJHUDOPHQWHYLYHQFLDPXPDHVSpFLHGHFKRTXHFXOWXUDOTXDQGRVmR
H[SRVWRVSHODSULPHLUDYH]DSURJUDPDVYHUGDGHLURVGHHGXFDomRGHDGXOWRV
3RUHVVDUD]mRRGHVHQKRGHSURJUDPDVSDUDRVQRYRVHQWUDQWHVHVWiLQFOXLQGRFDGDYH]PDLV
XPD DWLYLGDGH SUHSDUDWyULD VREUH DSUHQGHU FRPR DSUHQGHU (VVD DWLYLGDGH SRGH GXUDU GH XPD
KRUDDXPGLDLQWHLURGHSHQGHQGRGDGXUDomRHGDLQWHQVLGDGHGRSURJUDPDWRWDOHDEUDQJHRV
VHJXLQWHVHOHPHQWRV
8PDEUHYHH[SOLFDomRVREUHDGLIHUHQoDHQWUHDSUHQGL]DJHPSURDWLYDHUHDWLYD
8PD EUHYH LQYHVWLJDomR VREUH RV UHFXUVRV WUD]LGRV SHORV SDUWLFLSDQWHV TXHP VDEH R TXr RX
TXHPWHPH[SHULrQFLDHPID]HURTXrHHVWDEHOHFHUUHODo}HVFRODERUDWLYDVHXYRFrHPYH]GH
FRLVDFRLVDRXVHMDHQWUHVLFRPRVHUHVKXPDQRV3DUDHVVHH[HUFtFLRUHFRPHQGDPVHJUXSRV
GHTXDWURRXFLQFRSDUWLFLSDQWHV
8P PLQLSURMHWR DSOLFDQGR DV KDELOLGDGHV GD DSUHQGL]DJHP SURDWLYD FRPR OHU XP OLYUR GH
PDQHLUDSURDWLYDRXXWLOL]DUXPVXSHUYLVRUSURDWLYDPHQWH
1RVVD H[SHULrQFLD FRPSURYD TXH PHVPR R PDLV EUHYH HQFRQWUR H[SHULHQFLDO FRP RV
FRQFHLWRVHKDELOLGDGHVGDDSUHQGL]DJHPDXWRGLULJLGDDMXGDRVDGXOWRVDVHVHQWLUHPPDLVVHJXURV
SDUDHQWUDUHPSURJUDPDVGHHGXFDomRGHDGXOWRV3DUDYHUXPPDQXDOVREUHFRPRDMXGDUDV
SHVVRDVDVHWRUQDUDSUHQGL]HVDXWRGLULJLGRVYHMD.QRZOHV&RQVXOWHWDPEpP%URRNILHOG
'DOR] /RQJ HW DO 0RRUH H :LOOLV 5REHUWVRQ 5RXQWUHH
6PLWK
(67$%(/(&(580&/,0$3523Ë&,2¬$35(1',=$*(0
$VVLPFRPRWHVWHPXQKDPRVQHVWD~OWLPDGpFDGDXPDXPHQWRQDSUHRFXSDomRHPUHODomRj
TXDOLGDGHGRDPELHQWHHPTXHYLYHPRVQHVVHPHVPRSHUtRGRKRXYHDXPHQWRGDSUHRFXSDomR
HQWUHRVHGXFDGRUHVSHODTXDOLGDGHGRVDPELHQWHVGHDSUHQGL]DJHP'RVSVLFyORJRVHFROyJLFRV
YLHUDP LQIRUPDo}HV YDOLRVDV VREUH RV HIHLWRV GDV SURSULHGDGHV ItVLFDV GR DPELHQWH VREUH D
DSUHQGL]DJHP2VSVLFyORJRVVRFLDLVQRVHQVLQDUDPPXLWRVREUHRVHIHLWRVQRDPELHQWHKXPDQR
SULQFLSDOPHQWHQDTXDOLGDGHGDVUHODo}HVLQWHUSHVVRDLV'RVSVLFyORJRVLQGXVWULDLVYLHUDPYiULDV
GHVFREHUWDV YDOLRVDV VREUH RV HIHLWRV GR DPELHQWH RUJDQL]DFLRQDOHVWUXWXUD SROtWLFDV
SURFHGLPHQWRVHHVStULWRGDLQVWLWXLomRHPTXHRFRUUHDDSUHQGL]DJHP
2 DPELHQWH ItVLFR SHGH D VDWLVIDomR GRV FRQIRUWRV EiVLFRV WHPSHUDWXUD YHQWLODomR IiFLO
DFHVVRDEHELGDVHWRDOHWHVFDGHLUDVFRQIRUWiYHLVLOXPLQDomRDGHTXDGDERDDF~VWLFDHWFSDUD
HYLWDU EORTXHLRV j DSUHQGL]DJHP $OJXPDV FDUDFWHUtVWLFDV PDLV VXWLV SRGHP JHUDU DLQGD PDLV
LPSDFWR2VSVLFyORJRVHFROyJLFRVGHVFREULUDPSRUH[HPSORTXHDFRULQIOXHQFLDGLUHWDPHQWHR
KXPRU FRUHV FODUDV WHQGHP D GHVSHUWDU HVWDGRV GH HVStULWR DOHJUHV H RWLPLVWDV HQTXDQWR FRUHV
HVFXUDVRXRSDFDVLQGX]HPDVHQVDo}HVRSRVWDV
9RFrSRGHHVWDUVHSHUJXQWDQGR0DVRTXHHXXPPHURHGXFDGRUSRVVRID]HUTXDQWRjFRU
GHPLQKDLQVWLWXLomR"9RXFRPSDUWLOKDUXPDH[SHULrQFLDTXHWLYHKiYiULRVDQRV(XPLQLVWUDYD
DXODV SDUD FHUFD GH DOXQRV HP XPD VDOD JUDQGH QR SRUmR GH XP GRV SUpGLRV GH QRVVD
XQLYHUVLGDGH $V MDQHODV HUDP SHTXHQDV H GHL[DYDP SDVVDU SRXFD OX] H SRU LVVR WtQKDPRV GH
PDQWHUDVOX]HVDPDUHODVDFHVDVGXUDQWHWRGRRWHPSR$VSDUHGHVHUDPSLQWDGDVHPXPEHJH
VXMR H GXDV SDUHGHV HUDP FREHUWDV SRU TXDGURVQHJURV 'XUDQWH R WHUFHLUR HQFRQWUR
FRQVFLHQWL]HLPH GH TXH HVVD WXUPD QmR HVWDYD IXQFLRQDQGR FRPR D PDLRULD GDV RXWUDV H
FRPSDUWLOKHL PHXV VHQWLPHQWRV GH GHFHSomR FRP RV DOXQRV 1mR OHYRX PXLWR WHPSR SDUD TXH
WRGRVGLDJQRVWLFDVVHPRSUREOHPDFRPRRDPELHQWHSHQRVRQRTXDORFRUULDPQRVVDVDXODV
8PD GH QRVVDV HTXLSHV GH HQVLQRDSUHQGL]DJHP FRQFRUGRX HP ID]HU XPD H[SHULrQFLD FRP
QRVVRDPELHQWHQDDXODVHJXLQWH(OHVIRUDPDXPDORMDSRSXODUHFRPSUDUDPFDUWROLQDFRORULGD
H YiULRV RXWURV PDWHULDLV H REMHWRV FXMR FXVWR WRWDO IRL LQIHULRU D 86 H IL]HUDP SDLQpLV QDV
SDUHGHVPyELOHVSDUDRWHWRHVLPXODUDPODMRWDVSDUDRSLVR4XHDWPRVIHUDPDLVDOHJUHWLYHPRV
QDDXODVHJXLQWH
2V SVLFyORJRV HFROyJLFRV WDPEpP VXJHULUDP TXH R WDPDQKR H R OD\ RXW GR HVSDoR ItVLFR
DIHWDP D TXDOLGDGH GD DSUHQGL]DJHP 1R SODQHMDPHQWR GRV QRYRV &HQWURV .HOORJJ SDUD
(GXFDomR &RQWLQXDGD GXUDQWH DV ~OWLPDV GpFDGDV FRORFRXVH PDLV rQIDVH QR SODQHMDPHQWR GH
SHTXHQDV VDODV SDUD GLVFXVVmR HP JUXSR EHP SUy[LPDV GDV VDODV SDUD VHVV}HV PDLRUHV FRP
ILQDOLGDGHV JHQpULFDV 7RGDV DV VDODV IRUDP PRELOLDGDV FRP PHVDV UHGRQGDV RYDLV RX
KH[DJRQDLVDILPGHHVWLPXODUDLQWHUDomRHQWUHRVDSUHQGL]HV$OIRUG.QRZOHVSS
(VVD SUHRFXSDomR FRP D IDFLOLWDomR DPELHQWDO GD LQWHUDomR HQWUH RV DSUHQGL]HV p
UHVSDOGDGDSHORFRQFHLWREHKDYLRULVWDGHLPHGLDWLVPRGRIHHGEDFNDLPSRUWkQFLDGHSRVLWDGDQR
SDSHODWLYRGRDSUHQGL]pGHIHQGLGDSRU'HZH\ HRHPSUHJRGHIRUoDVFRQVWUXWLYDVQRVJUXSRVp
GHIHQGLGR SHORV WHyULFRV GH FDPSR H SVLFyORJRV KXPDQLVWDV 9HU SULQFLSDOPHQWH $OIRUG
%DQ\ H -RKQVRQ %HUJHYLQ H 0F.LQOH\ -DTXHV /H\ SROGW 0RXWRQ H
%ODNH=DQGHU
2XWURDVSHFWRGRDPELHQWHTXHWRGRVRVWHyULFRVDFUHGLWDPVHUYLWDOSDUDXPDDSUHQGL]DJHP
HILFD]pDULTXH]DHDDFHVVLELOLGDGHGRVUHFXUVRVWDQWRPDWHULDLVTXDQWR KXPDQRV 2 PtQLPR
QHFHVViULRpTXHVHRIHUHoDXPFHQWUREiVLFRGHUHFXUVRVGHDSUHQGL]DJHPHTXLSDGRFRPOLYURV
LPSUHVVRV PDQXDLV FySLDV SXEOLFDo}HV DFDGrPLFDV ILOPHV WUHFKRV GH ILOPHV VOLGHV ILWDV H
RXWURV UHFXUVRV H HTXLSDPHQWRV DXGLRYLVXDLV (P QHQKXPD RXWUD GLPHQVmR GD HGXFDomR
RFRUUHUDPPDLVSURJUHVVRVUHSUHVHQWDWLYRVHPWHPSRVUHFHQWHVGRTXHQDPtGLDHGXFDFLRQDO
WUDQVPLVV}HVHPFLUFXLWRLQWHUQRYLGHRWHLSHVHILOPDGRUDVSRUWiWHLVILWDVFDVVHWHDQLPDo}HVHP
'PiTXLQDVGHHQVLQDUFRQVROHVPXOWLPtGLDXPDYDULHGDGHGHVLVWHPDVGHDUPD]HQDPHQWRGH
LQIRUPDo}HV WHOHIRQHV DPSOLILFDGRV SDUD SDOHVWUDV D GLVWkQFLD VLVWHPDV SDUD FHQWURV GH
DSUHQGL]DJHP ODERUDWyULRV GH LGLRPDV HQVLQR DVVLVWLGR SRU FRPSXWDGRU H VLPXODo}HV H MRJRV
SURGX]LGRVHPHVFDODFRPHUFLDOYHU5RVVLH%LGGOH
2LPSRUWDQWHQmRpDSHQDVTXHHVVHVUHFXUVRVHVWHMDPGLVSRQtYHLVPDVTXHRVDSUHQGL]HVRV
HPSUHJXHPGHPDQHLUDSURDWLYDHQmRUHDWLYDHPERUDRVWHyULFRVPHFDQLFLVWDVHRUJDQtVPLFRV
GLVFRUGHPQHVVHSRQWR
(PUHODomRDRFOLPDKXPDQRHLQWHUSHVVRDOKiYiULRVFRQFHLWRV~WHLVDSUHVHQWDGRVSRUYiULDV
WHRULDV 2V EHKDYLRULVWDV DSHVDU GH QmR VH SUHRFXSDUHP PXLWR FRP R FOLPD SVLFROyJLFR
FRQFRUGDULDPTXHHOHSRGHUHIRUoDUFRPSRUWDPHQWRVGHVHMiYHLVSULQFLSDOPHQWHQDPRWLYDomRH
WUDQVIHUrQFLD RX PDQXWHQomR GD DSUHQGL]DJHP 8P FOLPD LQVWLWXFLRQDO HP TXH R DXWR
DSHUIHLoRDPHQWR VHMD DSURYDGR H DWp PHOKRU VHMD UHFRPSHQVDGR GH PDQHLUD FRQFUHWD
FDUUHJD D SUREDELOLGDGH GH DXPHQWDU D PRWLYDomR SDUD R HQJDMDPHQWR HP DWLYLGDGHV GH
DSUHQGL]DJHP ( XP FOLPD TXH DSURYH H UHFRPSHQVH FRPSRUWDPHQWRV QRYRV HVWLPXODUi D
PDQXWHQomRGHVVHVFRPSRUWDPHQWRVSULQFLSDOPHQWHVHSHUPLWLUDSUiWLFDIUHTXHQWHGHVVHVQRYRV
FRPSRUWDPHQWRV3RUHVVDUD]mRRVVXSHUYLVRUHVTXHDSUHQGHPRVFRPSRUWDPHQWRVGD7HRULD<
HP XP ODERUDWyULR H[WHUQR GH UHODo}HV KXPDQDV FRP IUHTXrQFLD UHYHUWHP SDUD RV
FRPSRUWDPHQWRVGD7HRULD;DSyVUHWRUQDUHPDXPDPELHQWHTXHUHIOLWDD7HRULD;
2VWHyULFRVFRJQLWLYRVUHVVDOWDPDLPSRUWkQFLDGHXPFOLPDSVLFROyJLFRTXHRIHUHoDRUGHP
REMHWLYRV FODUDPHQWH GHILQLGRV H[SOLFDo}HV FODUDV VREUH DV H[SHFWDWLYDV H RSRUWXQLGDGHV
DEHUWXUD GR VLVWHPD DR TXHVWLRQDPHQWR H j LQVSHomR DOpP GH IHHGEDFN KRQHVWR H REMHWLYR 2V
WHyULFRVFRJQLWLYRVTXHGHIHQGHPDDSUHQGL]DJHPSRUPHLRGDGHVFREHUWDWDPEpPSUHIHUHPXP
FOLPD TXH HVWLPXOH D H[SHULPHQWDomR WHVWH GH KLSyWHVHV H VHMD WROHUDQWH SDUD FRP RV HUURV
GHVGHTXHDOJRVHMDDSUHQGLGRFRPHOHV
2V WHyULFRV GH SHUVRQDOLGDGH SULQFLSDOPHQWH DTXHOHV RULHQWDGRV SDUD D SUiWLFD FOtQLFD
GHVWDFDP D LPSRUWkQFLD GH XP FOLPD QR TXDO DV GLIHUHQoDV LQGLYLGXDLV H FXOWXUDLV VHMDP
UHVSHLWDGDVHPTXHRVQtYHLVGHDQVLHGDGHVHMDPFRQWURODGRVGHPDQHLUDDGHTXDGDRVXILFLHQWH
SDUDPRWLYDURLQGLYtGXRPDVQmRDSRQWRGHEORTXHiORHPTXHDVPRWLYDo}HVSDUDDOFDQoDU
RV REMHWLYRV VHMDP HVWLPXODGDV SDUD DTXHOHV TXH UHVSRQGDP D HODV HP TXH PRWLYDo}HV GH
DILOLDomRVHMDPHVWLPXODGDVSDUDDTXHOHVTXHUHVSRQGHPDHODVHHPTXHRVVHQWLPHQWRVVHMDP
FRQVLGHUDGRV WmR LPSRUWDQWHV SDUD D DSUHQGL]DJHP TXDQWR DV LGHLDV H DV KDELOLGDGHV (OHV
UHFRPHQGDPXPFOLPDPHQWDOPHQWHVDXGiYHOYHUHPHVSHFLDO:DHWMHQH/HHSHU
2V SVLFyORJRV KXPDQLVWDV VXJHUHP TXH FULHPRV FOLPDV SVLFROyJLFRV TXH VmR VHQWLGRV SHORV
LQGLYtGXRV FRPR VHJXURV DIHWXRVRV H DFROKHGRUHV FRQILDQWHV UHVSHLWRVRV H FRPSUHHQVLYRV 2V
WHyULFRVGHFDPSRHQIDWL]DPHPHVSHFLDODFRODERUDomRHPYH]GDFRPSHWLWLYLGDGHRHVWtPXOR
GDV OHDOGDGHV GH JUXSR UHODo}HV LQWHUSHVVRDLV DSRLDGRUDV H XPD QRUPD GH SDUWLFLSDomR
LQWHUDWLYD 2 DQGUDJRJR LQFOXLULD HVVDV FDUDFWHUtVWLFDV VRE R WtWXOR 8PD $WPRVIHUD GH 9LGD
$GXOWDPDVGDULDrQIDVHjVFRQGLo}HVGHPXWXDOLGDGHHLQIRUPDOLGDGHQRFOLPD
$ QRomR GH XP FOLPD RUJDQL]DFLRQDO HQYROYH YiULRV JUXSRV GH LGHLDV 8P JUXSR HVWi
UHODFLRQDGRFRPRPRGHORGHSROtWLFDVTXHUHVSDOGDPRSURJUDPDGHiUHDGH'5+(PDOJXPDV
RUJDQL]Do}HV R GHVHQYROYLPHQWR SHVVRDO p UHOHJDGR DR VWDWXV SHULIpULFR GHQWUR GR PRGHOR GH
SROtWLFDV H SRUWDQWR QmR Ki PXLWR UHIRUoR GD PRWLYDomR SDUD VH HQJDMDU QHOH &RQWXGR RV
WHyULFRV FRQWHPSRUkQHRV GD RUJDQL]DomR $UJ\ ULV %HQQLV %ODNH 'UXFNHU /LNHUW /LSSLWW
0DF*UHJRU 2GLRUQH 6FKHLQ DWULEXHP D HOH SDSHO FHQWUDO QR DOFDQFH GRV REMHWLYRV
RUJDQL]DFLRQDLVHHVWDFRVWXPDVHUDWHQGrQFLDHQWUHDVRUJDQL]Do}HVGHPDLRUSRUWH3DUDPDLV
H[HPSORVGHGHILQLo}HVGHSROtWLFDVYHU&UDLJH%LWWHOSSH.QRZOHVSS

2XWUR FRQMXQWR GH LGHLDV VREUH R FOLPD RUJDQL]DFLRQDO HVWi UHODFLRQDGR FRP D ILORVRILD GH
JHVWmR&RPRMiVHGLVFXWLXDQWHULRUPHQWHXPDILORVRILDGHJHVWmRFRPRD7HRULD;IRUQHFHXP
FOLPD RUJDQL]DFLRQDO TXH SUDWLFDPHQWH GLWD RV PRGHORV PHFDQLFLVWDV GH WUHLQDPHQWR H XPD
ILORVRILDGH7HRULD<SHGHXPPRGHORGHiUHDGH'5+TXHVHMDRUJDQtVPLFRHSURYDYHOPHQWH
KXPDQLVWD
8P WHUFHLUR DVSHFWR GR FOLPD RUJDQL]DFLRQDO LQWLPDPHQWH UHODFLRQDGR DR VHJXQGR H
SRVVLYHOPHQWH SDUWH GHOH p D HVWUXWXUD GD RUJDQL]DomR 9iULRV HVWXGRV PRVWUDP TXH HP
RUJDQL]Do}HVKLHUDUTXLFDPHQWHHVWUXWXUDGDVDPRWLYDomRSDUDRDXWRDSHUIHLoRDPHQWRpPHQRUH
Ki PDLV EORTXHLRV SDUD D DSUHQGL]DJHP FRPR DOWD DQVLHGDGH GR TXH HP RUJDQL]Do}HV
HVWUXWXUDGDVGHPDQHLUDPDLVIXQFLRQDOFRPRSRUJUXSRVLQWHUOLJDGRVRXSRUJUXSRVGHWUDEDOKR
WHPSRUiULRV9HU0DUURZ%RZHUVH6HDVKRUH.DW]H.DKQH/LNHUW
(P DQRV UHFHQWHV R UiSLGR FUHVFLPHQWR GRV FtUFXORV GH TXDOLGDGH p RXWUD PDQLIHVWDomR GHVVD
WHQGrQFLD
2 FOLPD RUJDQL]DFLRQDO WDPEpP p DIHWDGR SRU SROtWLFDV ILQDQFHLUDV (P XP QtYHO PDLV
SULPiULRRVLPSOHVYROXPHGHUHFXUVRVILQDQFHLURVGLVSRQtYHOSDUDDiUHDGH'5+LQIOXHQFLDD
DWLWXGH HP UHODomR DR GHVHQYROYLPHQWR GRV IXQFLRQiULRV SRU WRGD D HPSUHVD 4XDQGR RV
IXQFLRQiULRV SHUFHEHP TXH VXD RUJDQL]DomR YDORUL]D D iUHD GH '5+ D SRQWR GH DSRLiOD FRP
JHQHURVLGDGH HOHV SURYDYHOPHQWH D YDORUL]DP WDPEpP H YLFHYHUVD ( VH HP pSRFDV GH
DXVWHULGDGH HOH p R SULPHLUR RUoDPHQWR D VHU UHGX]LGR SDVVD D VHU YLVWR FRPR XPD DWLYLGDGH
SHULIpULFD7DOYH]RVLQDOGHILQLWLYRGHTXHXPDRUJDQL]DomRWHPXPIRUWHFRPSURPLVVRFRPR
GHVHQYROYLPHQWRGHUHFXUVRVKXPDQRVVHMDTXDQGRRRUoDPHQWRGDiUHDGH'5+pJHUHQFLDGR
FRPRXPLQYHVWLPHQWRGHFDSLWDOFRPRXPSUpGLRQRYRHQmRFRPRXPFXVWRRSHUDFLRQDOYHU
&DUQHYDOH(XULFK
3RUILPXPGHWHUPLQDQWHFUXFLDOGRFOLPDpRVLVWHPDGHUHFRPSHQVDV7RGRVRVWHyULFRVGH
DSUHQGL]DJHP H HQVLQR DGRWDULDP DV LGHLDV GRV WHyULFRV 65 DR UHFRQKHFHU TXH RV
FRPSRUWDPHQWRV LQFOXVLYH R GH HQJDMDUVH QD HGXFDomR TXH VmR UHFRPSHQVDGRV WrP PDLRU
SUREDELOLGDGHGHVHUPDQWLGRV3HORPHVPRFULWpULRQDVRUJDQL]Do}HVHPTXHDSDUWLFLSDomRQR
SURJUDPDGDiUHDGH'5+pYDORUL]DGDHPIXQomRGHDXPHQWRVVDODULDLVSURPRo}HVHRXWURV
EHQHItFLRVRFOLPDFHUWDPHQWHVHUiPDLVSURStFLRjDSUHQGL]DJHPGRTXHHPRUJDQL]Do}HVHP
TXHDDWLWXGHpTXHDDSUHQGL]DJHPGHYHULDVHUDSUySULDUHFRPSHQVD
(PPHXSUySULRPRGHORDQGUDJyJLFRDGHILQLomRGRFOLPDpSURYDYHOPHQWHRHOHPHQWRPDLV
FUXFLDOGHWRGRRSURFHVVRGDiUHDGH'5+6HRFOLPDQmRpSURStFLRjDSUHQGL]DJHPVHHOHQmR
WUDQVPLWH TXH XPD RUJDQL]DomR YDORUL]D RV VHUHV KXPDQRV FRPR VHX DWLYR PDLV SUHFLRVR H VHX
GHVHQYROYLPHQWR FRPR R LQYHVWLPHQWR PDLV SURGXWLYR WRGRV RV RXWURV HOHPHQWRV QR SURFHVVR
FRUUHPULVFR1mRKiXPDJUDQGHSUREDELOLGDGHGHWHUXPSURJUDPDGHDWLYLGDGHVHGXFDFLRQDLV
GHSULPHLURQtYHOHPXPDPELHQWHTXHQmRGiDSRLRjHGXFDomR
(VVD rQIDVH QR FOLPD RUJDQL]DFLRQDO WUD] VpULDV LPSOLFDo}HV SDUD R SDSHO GR SURILVVLRQDO GH
'5+SRLVLPSOLFDTXHSDUDRVWUrVSDSpLVTXH1DGOHUH1DGOHUSSDWULEXHPD
HOH R PDLV LPSRUWDQWH p FHUWDPHQWH R SDSHO GR FRQVXOWRU GHQWUR GR TXDO RV VXESDSpLV PDLV
LPSRUWDQWHV VmR RV GH GHIHQVRU HQFRUDMDGRU H DJHQWH GH PXGDQoD 6H HVVH SURILVVLRQDO VH Yr
SULPRUGLDOPHQWH FRPR XP SURIHVVRU H DGPLQLVWUDGRU JHUHQFLDQGR D ORJtVWLFD GDV H[SHULrQFLDV
GHDSUHQGL]DJHPSDUDJUXSRVGHLQGLYtGXRVHOHWHUiSRXFDLQIOXrQFLDQDTXDOLGDGHGRFOLPDGH
VXDRUJDQL]DomR6RPHQWHVHRSURILVVLRQDOGH'5+GHILQLURFOLHQWHFRPRWRGDDRUJDQL]DomRH
GHILQLU VXD PLVVmR FRPR D PHOKRULD GH VXD TXDOLGDGH FRPR DPELHQWH SDUD R FUHVFLPHQWR H
GHVHQYROYLPHQWR GH SHVVRDV HOH VHUi FDSD] GH LQIOXHQFLDU VHX FOLPD ,VVR VLJQLILFD TXH R
SURILVVLRQDO GH '5+ GHYH SHUFHEHU RV JHVWRUHV FRPR XP DOYR HVVHQFLDO GH VHX FRUSR GH
DSUHQGL]HV H WRGRV RV VXSHUYLVRUHV GH OLQKD FRPR SDUWH GH VHX FRUSR GRFHQWH 1HVVD
FRQFHLWXDOL]DomR R WUHLQDPHQWR QmR p XPD IXQomR GRV IXQFLRQiULRV p XPD IXQomR GH OLQKD 2
SDSHOGRSURILVVLRQDOGH'5+pDMXGDUWRGRVDVHUHPPHOKRUHVHGXFDGRUHV
$VWHRULDVPDLVUHOHYDQWHVDHVVHFRQMXQWRGHIXQo}HVVmRDVGDDQiOLVHGHVLVWHPDV%DXJKDUW
%XVKQHOO H 5DSSDSRUW 'DYLV +DQG\ H +XVVDLQ +DUH +DUWOH\
.DXIPDQ /HLERZLW] )DUUHQ H .D\ 2SWQHU H 6FKXWWHQEHUJ H
WHRULDGDPXGDQoDFRQVXOWRULDHWHRULDGDLQWHUYHQomR$UHQGVH$UHQGV$UJ\ ULV
%HQQLV %HQQLV %HQQH H &KLQ %ODNH H 0RXWRQ (LEHQ H 0LOOLUHQ
*RRGODG *UHLQHU +RUQVWHLQ /LSSLWW /RQGRQ
0DUWRUDQDH.XKQV1DGOHU1DGOHUH:LJJV7HGHVFKL7RXJK:DWVRQ
=XUFKHU
&5,$5800(&$1,602'(3/$1(-$0(1720Ò782
2 SDSHO TXH R DSUHQGL] GHVHPSHQKD QR SODQHMDPHQWR p XP DVSHFWR GD SUiWLFD HGXFDFLRQDO
TXH GLIHUHQFLD PDLV FODUDPHQWH D HVFROD SHGDJyJLFD GD DQGUDJyJLFD D PHFDQLFLVWD GD
RUJDQtVPLFDHDGHHQVLQRGDIDFLOLWDomRGDDSUHQGL]DJHP1DSULPHLUDSDUWHGHFDGDXPGRV
SDUHV FLWDGRV D UHVSRQVDELOLGDGH SHOR SODQHMDPHQWR p DWULEXtGD TXDVH H[FOXVLYDPHQWH D XPD
ILJXUDGHDXWRULGDGHSURIHVVRUSURJUDPDGRUWUHLQDGRU(VVDSUiWLFDFRQWXGRHVWiHPFRQIOLWR
GLUHWRFRPDQHFHVVLGDGHGHRDGXOWRVHUDXWRGLULJLGRXPSULQFtSLRFDUGLQDOGDDQGUDJRJLDHQD
YHUGDGHGHWRGDDWHRULDGHHGXFDomRGHDGXOWRVHKXPDQLVWDpTXHGHYHKDYHUXPPHFDQLVPR
TXHLQFOXDWRGDVDVSDUWHVHQYROYLGDVFRPDDWLYLGDGHHGXFDFLRQDOHPVHXSODQHMDPHQWR8PD
GDVSULQFLSDLVFRQFOXV}HVGDVSHVTXLVDVFRPSRUWDPHQWDLVDSOLFDGDVpTXHDVSHVVRDVFRVWXPDP
VHQWLUVH FRPSURPLVVDGDV FRP XPD GHFLVmR RX DWLYLGDGH HP SURSRUomR GLUHWD GH VHX JUDX GH
SDUWLFLSDomR RX LQIOXrQFLD QR SODQHMDPHQWR H QD WRPDGD GH GHFLVmR 2 RSRVWR p DLQGD PDLV
UHOHYDQWHDVSHVVRDVWHQGHPDQmRVHVHQWLUFRPSURPHWLGDVFRPTXDOTXHUGHFLVmRRXDWLYLGDGH
TXHHODVDFUHGLWHPHVWDUVHQGRLPSRVWDDHODVVHPTXHWHQKDPWLGRDFKDQFHGHLQIOXHQFLiOD
eSRUHVVHPRWLYRTXHRVSURJUDPDVPDLVUREXVWRVGHiUHDGH'5+TXDVHVHPSUHFRQWDP
FRPFRPLWrVGHSODQHMDPHQWRRXFRQVHOKRVRXIRUoDVWDUHIDSDUDFDGDQtYHOGHDWLYLGDGHXP
SDUDSURJUDPDVTXHDWLQMDPWRGDDRUJDQL]DomRXPSDUDFDGDGHSDUWDPHQWRRXSURJUDPDGH
JUXSRIXQFLRQDOHRXWURSDUDFDGDH[SHULrQFLDGHDSUHQGL]DJHP+iDOJXPDVOLQKDVGH
RULHQWDomRSDUDVHOHFLRQDUHXWLOL]DUHVVHVJUXSRVGHSODQHMDPHQWRTXHDMXGDUmRYRFrDDVVHJXUDU
TXHHOHVVHMDP~WHLVHHILFD]HVHPYH]GHFRQIXV}HVLQHILFD]HVTXHUHSUHVHQWDPRHVWHUHyWLSRGR
FRPLWrWtSLFRYHU+RXOH.QRZOHVSS6KDZ7UHFNHU
1mR p VXILFLHQWH DSHQDV GLVSRU GH PHFDQLVPRV GH SODQHMDPHQWR P~WXR 2V PHPEURV GR
JUXSR GH SODQHMDPHQWR GHYHP VHU WUDWDGRV FRP UHVSHLWR GHOHJDomR UHDO GH UHVSRQVDELOLGDGH H
LQIOXrQFLDUHDOQDWRPDGDGHGHFLVmRRXRSURFHVVRQmRIXQFLRQDUi(YLWHMRJDURWLSRGHMRJR
TXH6NLQQHUFLWDQmRVHLVHFRPDSURYDomRRXGHVDSURYDomRGR(PLOHGH5RXVVHDX
'HL[H>RDOXQR@DFUHGLWDUTXHHOHHVWiVHPSUHQRFRQWUROHDSHVDUGHVHUVHPSUHYRFr>R
SURIHVVRU@TXHUHDOPHQWHHVWiQRFRQWUROH1mRKiVXEMXJDomRPDLVSHUIHLWDGRTXHDTXHOD
TXHPDQWpPDDSDUrQFLDGHOLEHUGDGHSRLVGHVVDPDQHLUDDSUySULDYRQWDGHpFDSWDGD2
SREUHEHErTXHQmRVDEHQDGDQmRpFDSD]GHQDGDQmRDSUHQGHXQDGDQmRHVWijVXD
PHUFr"9RFrQmRRUJDQL]DWXGRjVXDYROWDQRPXQGR"9RFrQmRFRQVHJXHLQIOXHQFLiOR
FRQIRUPHVHXGHVHMR"6HXHVIRUoRVXDEULQFDGHLUDVHXVSUD]HUHVHVXDVGRUHVQmRHVWmRHP
VXDVPmRVHVHPTXHHOHVDLEDGLVVR"6HPG~YLGDHOHVyID]RTXHGHVHMDPDVVySRGH
GHVHMDUID]HURTXHYRFrTXHUTXHHOHIDoDHOHQmRGHYHGDUXPSDVVRTXHQmRWHQKDVLGR
SUHYLVWRSRUYRFrHOHQmRGHYHDEULUDERFDVHPTXHYRFrVDLEDRTXHHOHGLUiS
',$*1Ï67,&2'$61(&(66,'$'(6'$$35(1',=$*(0&216758d2'(80
02'(/2
$ FRQVWUXomR GH XP PRGHOR GHVHMDGR GH FRPSRUWDPHQWR SHUIRUPDQFH RX FRPSHWrQFLDV p
XPYHtFXORHILFD]SDUDGHWHUPLQDUDVQHFHVVLGDGHVGHDSUHQGL]DJHP+iWUrVIRQWHVGHGDGRVTXH
VmRHPSUHJDGDVSDUDFRQVWUXLUHVVHPRGHORRLQGLYtGXRDRUJDQL]DomRHDVRFLHGDGH
3DUD RV WHyULFRV FRJQLWLYRV KXPDQLVWDV H GH HGXFDomR GH DGXOWRV DQGUDJyJLFRV D SUySULD
SHUFHSomRGRDSUHQGL]VREUHRTXHHOHGHVHMDVHWRUQDURTXHHOHGHVHMDVHUFDSD]GHDOFDQoDUH
HPTXHQtYHOHOHGHVHMDTXHFKHJXHDVXDSHUIRUPDQFHpRSRQWRGHSDUWLGDQDFRQVWUXomRGHXP
PRGHOR GH FRPSHWrQFLDV SDUD RV EHKDYLRULVWDV HVVHV GDGRV VXEMHWLYRV VmR LUUHOHYDQWHV H D
SURSyVLWR RV DQGUDJRJRV SUHIHUHP DV FRPSHWrQFLDV KDELOLGDGHV RX TXDOLGDGHV QHFHVViULDV
HQTXDQWR RV EHKDYLRULVWDV SUHIHUHP R FRPSRUWDPHQWR D PDQHLUD GH FRQGX]LUVH RX D
SHUIRUPDQFH 1mR HVWi SUHYLVWR TXH R DSUHQGL] QHFHVVDULDPHQWH SDVVH D RIHUHFHU VXDV
SHUFHSo}HVDRPRGHORHOHSRGHQmRVDEHUTXDLVVmRDVKDELOLGDGHVQHFHVViULDVSDUDXPDQRYD
VLWXDomR 2 SURILVVLRQDO GH '5+ WHP DOJXP JUDX GH UHVSRQVDELOLGDGH SRU H[SRU R DSUHQGL] D
PRGHORV GH FRPSRUWDPHQWR TXH HOH SRGH REVHUYDU RX WUD]HU LQIRUPDo}HV GH IRQWHV H[WHUQDV
SDUDTXHRDSUHQGL]FRPHFHDGHVHQYROYHUXPPRGHORUHDOLVWDSDUDVLPHVPR
$VSHUFHSo}HVRUJDQL]DFLRQDLVGDSHUIRUPDQFHGHVHMDGDVmRREWLGDVSRUPHLRGHDQiOLVHVGH
VLVWHPDV DQiOLVHV GH SHUIRUPDQFH 0DJHU H DQiOLVHV GH GRFXPHQWRV LQWHUQRV FRPR
GHVFULo}HV GH FDUJRV UHODWyULRV GH VHJXUDQoD UHJLVWURV GH SURGXWLYLGDGH UHODWyULRV GH
VXSHUYLVRUHVDYDOLDo}HVGHIXQFLRQiULRVHHVWXGRVGHYLDELOLGDGHGHFXVWRV
$VSHUFHSo}HVVRFLDLVGDSHUIRUPDQFHGHVHMDGDVmRREWLGDVDSDUWLUGHUHODWyULRVHODERUDGRV
SRU HVSHFLDOLVWDV HP SHULyGLFRV SURILVVLRQDLV H WpFQLFRV UHODWyULRV GH SHVTXLVD OLWHUDWXUD
HVSHFLDOL]DGDOLYURVHPRQRJUDILDV
2 PRGHOR TXH p HQWmR XVDGR QR SURFHVVR GH GLDJQyVWLFR LGHDOPHQWH UHSUHVHQWD XPD
FRPELQDomRGDVSHUFHSo}HVGDVFRPSHWrQFLDVGHVHMDGDVGHWRGDVHVVDVIRQWHVPDVQRFDVRGH
SHUFHSo}HV FRQIOLWDQWHV PLQKD DWLWXGH p QHJRFLDU FRP DV IRQWHV FRQIOLWDQWHV HP JHUDO D
RUJDQL]DomRHRLQGLYtGXR1mRKHVLWRHPGL]HUTXHKiFHUWDVFRQGLo}HVSUpGHILQLGDVHPFDGD
VLWXDomR FRPR DOJXPDV H[LJrQFLDV RUJDQL]DFLRQDLV PtQLPDV H TXH WHPRV GH DFHLWiODV H
FRQYLYHUFRPHODV
eSRVVtYHOFRQWUDWDUHPSUHVDVFRPHUFLDLVSDUDGHVHQYROYHUPRGHORVGHFRPSHWrQFLD8P
PpWRGRPDLVFRPXPHPHQRVGLVSHQGLRVRpDXWLOL]DomRGHIRUoDVWDUHIDIRUPDGDVSRU
UHSUHVHQWDQWHVGRVLQGLYtGXRVGDRUJDQL]DomRHGDVRFLHGDGHeSRVVtYHOREWHUXPPRGHORGH
FRPSHWrQFLDVVRILVWLFDGRTXHGHWDOKHRSDSHOGRGHVHQYROYHGRUGHUHFXUVRVKXPDQRVRTXDOIRL
GHVHQYROYLGRDSDUWLUGDIXVmRGDVHVWUDWpJLDVFLWDGDVMXQWRj$PHULFDQ6RFLHW\ IRU7UDLQLQJDQG
'HYHORSPHQWHP:DVKLQJWRQ'&
(P PLQKD SUySULD H[SHULrQFLD D H[FHOrQFLD GR PRGHOR QmR p R IDWRU PDLV FUtWLFR SDUD D
FRQWULEXLomRTXHDHGXFDomREDVHDGDHPFRPSHWrQFLDVWUD]jHILFiFLDGDDSUHQGL]DJHP2IDWRU
PDLV FUtWLFR p R TXH HOD ID] DR FRQVWUXFWR PHQWDO GR DSUHQGL] 4XDQGR RV DSUHQGL]HV
FRPSUHHQGHP FRPR D DTXLVLomR GH FHUWRV FRQKHFLPHQWRV RX KDELOLGDGHV DXPHQWDUi VXD
KDELOLGDGHHPWHUPHOKRUSHUIRUPDQFHQDYLGDHOHVHQFDUDPDWpDVVLWXDo}HVGLGiWLFDVFRPXP
VHQWLGR GH SURSyVLWR PDLV FODUR H YHHP R TXH DSUHQGHP FRPR DOJR PDLV SHVVRDO (VVD DWLWXGH
FRQYHUWH RV SDUWLFLSDQWHV GH FXUVRV H VHPLQiULRV HP GHVHQYROYHGRUHV GH FRPSHWrQFLDV 3DUD
REWHUPDLVUHIHUrQFLDVVREUHDHGXFDomREDVHDGDHPFRPSHWrQFLDVYHU%HWWH%ODQN
*UDQWHWDO7RWVKHQ
$9$/,$d2'(',6&5(3Æ1&,$6
8PDQHFHVVLGDGHGHDSUHQGL]DJHPSRGHVHUGHVFULWDFRPRXPDGLVFUHSkQFLDRXJDSHQWUHDV
FRPSHWrQFLDVHVSHFLILFDGDVQRPRGHORHRQtYHODWXDOGHGHVHQYROYLPHQWRGRVDSUHQGL]HV
'HDFRUGRFRPDDQGUDJRJLDRSULQFLSDOHOHPHQWRQDDYDOLDomRGDVGLVFUHSkQFLDVpDSUySULD
SHUFHSomR GR DSUHQGL] VREUH D GLIHUHQoD HQWUH RQGH HOH HVWi DJRUD H RQGH HOHV GHVHMDP H
SUHFLVDP HVWDU $VVLP D DYDOLDomR p HVVHQFLDOPHQWH XPD DXWRDYDOLDomR HP TXH R
GHVHQYROYHGRUGHUHFXUVRVKXPDQRVRIHUHFHDRVDSUHQGL]HVDVIHUUDPHQWDVHRVSURFHGLPHQWRV
SDUD REWHU GDGRV H ID]HU MXOJDPHQWRV UHVSRQViYHLV VREUH VHX QtYHO GH GHVHQYROYLPHQWR GDV
FRPSHWrQFLDV 2V SVLFyORJRV KXPDQLVWDV SHGLULDP DR GHVHQYROYHGRU GH UHFXUVRV KXPDQRV TXH
FULDVVHXPDDWPRVIHUDVHJXUDGHDSRLRHVHPDPHDoDVSDUDRTXHSRGHULDVHUXPDH[SHULrQFLD
GHDWDTXHDRHJR2VEHKDYLRULVWDVGHVHQYROYHUDPXPDVpULHGHIHUUDPHQWDVHSURFHGLPHQWRVGH
IHHGEDFNTXHSRGHPVHUDGDSWDGRVDRSURFHVVRGHDXWRDYDOLDomR
$OJXQVH[HPSORVGHSURJUDPDVTXHLQFRUSRUDPRVFRQFHLWRVHDVWHFQRORJLDVPDLVDYDQoDGRV
GH FRQVWUXomR GH PRGHORV H DYDOLDomR GH GLVFUHSkQFLDV QR VHJPHQWR VmR R 52&20 ,QWHQVLYH
&RURQDU\ 0XOWLPHGLD/HDUQLQJ6\ VWHP52&20R*HQHUDO(OHFWULF&RUSRUDWLRQ&DUHHU
'HYHORSPHQW3URJUDP6WRUH\HR:HVWLQJKRXVH(OHFWULF&RPSDQ\
V([HFXWLYH)RUXP
1D HGXFDomR VXSHULRU DOJXQV H[HPSORV H[FHSFLRQDLV VmR R $OYHUQR &ROOHJH HP 0LOZDXNHH
+ROODQG &ROOHJH HP 3ULQFH (GZDUG ,VODQG R 0F0DVWHU 8QLYHUVLW\ 6FKRROV RI 1XUVLQJ DQG
0HGLFLQHHP+DPLOWRQ2QWDULRHD8QLYHUVLW\ RI*HRUJLD6FKRRORI6RFLDO:RUN2XWUDVIRQWHV
GH LQIRUPDomR VREUH IHUUDPHQWDV H SURFHGLPHQWRV SDUD R GLDJQyVWLFR GDV QHFHVVLGDGHV GD
DSUHQGL]DJHP VmR +RVSLWDO &RQWLQXLQJ (GXFDWLRQ 3URMHFW SS ,QJDOOV H $UFHUL
SS.QRZOHVSSH7RXJKSS
)2508/$d2'(2%-(7,926'2352*5$0$
&KHJDPRV DR SRQWR TXH VXVFLWD FRQWURYpUVLDV DFDORUDGDV HQWUH RV WHyULFRV 2V EHKDYLRULVWDV
GHIHQGHP TXH RV REMHWLYRV QmR WrP VLJQLILFDGR DOJXP D QmR VHU TXH GHVFUHYDP RV
FRPSRUWDPHQWRV ILQDLV HP WHUPRV SUHFLVRV PHQVXUiYHLV H REVHUYiYHLV *DJQH SRU
H[HPSORGHILQHXPREMHWLYRFRPR
XPD DILUPDomR YHUEDO TXH FRPXQLFD GH IRUPD FRQILiYHO DR LQGLYtGXR TXH FRQKHoD
FRQFHLWXDOPHQWH DV SDODYUDV GD DILUPDomR R FRQMXQWR GH FLUFXQVWkQFLDV TXH LGHQWLILFDP
XPDFODVVHGHSHUIRUPDQFHKXPDQD
2WLSRGHDILUPDomRH[LJLGDSDUHFHVHUDTXHODTXHFRQWpPRVVHJXLQWHVFRPSRQHQWHV
8PYHUERTXHGHQRWDXPDDomRREVHUYiYHOGHVHQKDULGHQWLILFDUUHFRQKHFHUFRPSXWDU
HQWUHRXWURV6DEHUHYHUQmRVmR
8PDGHVFULomRGDFODVVHGHHVWtPXORVSDUDDTXDOVHSURFXUDXPDUHVSRVWDSRUH[HPSOR
'DGDDDILUPDomRDEDF DEF
8PDSDODYUDRXIUDVHTXHGHVFUHYDRREMHWRDVHUXVDGRSDUDDDomRDQmRVHUTXHLVVRHVWHMD
LPSOtFLWR QR YHUER SRU H[HPSOR VH R YHUER IRU GHVHQKDU D IUDVH SRGH FRQWLQXDU FRP XPD
FDQHWDVHRYHUERIRUGHILQLUDSDODYUDSRGHVHURUDOPHQWH
8PDGHVFULomRGDFODVVHGHUHVSRVWDVFRUUHWDVSRUH[HPSORXPWULkQJXORUHWRRXD
VRPDRXRQRPHGDUHJUDS
0DJHUGiDOJXPDVRULHQWDo}HVSUiWLFDVSDUDGHILQLUREMHWLYRV
8PDDILUPDomRGHREMHWLYRVLQVWUXFLRQDLVpXPDFROHomRGHSDODYUDVRXVtPERORVTXH
GHVFUHYHPXPGHVHXVSURSyVLWRVHGXFDFLRQDLV
8PREMHWLYRFRPXQLFDUiVHXSURSyVLWRQRJUDXHPTXHYRFrGHVFUHYHURTXHRDSUHQGL]HVWDUi
)$=(1'2 TXDQGR GHPRQVWUDU TXH DWLQJLX HVVH REMHWLYR H FRPR YRFr VDEHUi TXH HOH HVWi
ID]HQGRLVVR
3DUDGHVFUHYHURFRPSRUWDPHQWRILQDORTXHRDSUHQGL]HVWDUi)$=(1'2
D,GHQWLILTXHHQRPHLHRFRPSRUWDPHQWRFRPRXPWRGR
E'HILQDDVFRQGLo}HVLPSRUWDQWHVVREDVTXDLVRFRPSRUWDPHQWRGHYHRFRUUHUSUHPLVVDV
HRXUHVWULo}HVHOLPLWDo}HV
F'HILQDRFULWpULRGHSHUIRUPDQFHDFHLWiYHO
(VFUHYDXPDDILUPDomRVHSDUDGDSDUDFDGDREMHWLYRTXDQWRPDLVDILUPDo}HVYRFrWLYHUPDLV
FKDQFHVWHUiGHWRUQDUVHXSURSyVLWRFODUR
6HYRFrGHUDFDGDDSUHQGL]XPDFySLDGHVHXVREMHWLYRVWDOYH]QmRSUHFLVHID]HUPDLVQDGDS

,QGR DOpP GRV EHKDYLRULVWDV 7DED TXH WHP XPD RULHQWDomR PDLV FRJQLWLYD DSUHVHQWD
SULQFtSLRVSDUDRULHQWDUDHODERUDomRGHREMHWLYRV
8PDGHFODUDomRGHREMHWLYRVGHYHGHVFUHYHUWDQWRRWLSRGHFRPSRUWDPHQWRHVSHUDGRTXDQWRR
FRQWH~GRRXFRQWH[WRDRTXDOHVVHFRPSRUWDPHQWRVHDSOLFD
2V REMHWLYRV FRPSOH[RV SUHFLVDP VHU GHILQLGRV GH PDQHLUD VXILFLHQWHPHQWH DQDOtWLFD H
HVSHFtILFD SDUD TXH QmR KDMD G~YLGDV VREUH R WLSR GH FRPSRUWDPHQWR HVSHUDGR RX D TXH R
FRPSRUWDPHQWRVHDSOLFD
2VREMHWLYRVWDPEpPGHYHPVHUIRUPXODGRVGHWDOPDQHLUDTXHKDMDGHVFULo}HVFODUDVHQWUHDV
H[SHULrQFLDVGHDSUHQGL]DJHPQHFHVViULDVSDUDDOFDQoDUFRPSRUWDPHQWRVGLIHUHQWHV
2V REMHWLYRV VmR GH GHVHQYROYLPHQWR UHSUHVHQWDQGR FDPLQKRV D VHJXLU H QmR SRQWRV ILQDLV
>2EVHUYHTXH7DEDVHGLVWDQFLDHQRUPHPHQWHGRVEHKDYLRULVWDVQHVVHSRQWR@
2V REMHWLYRV GHYHP VHU UHDOLVWDV H LQFOXLU DSHQDV R TXH SRGH VHU WUDGX]LGR HP FRQWH~GR H
H[SHULrQFLDHPVDODGHDXOD
2HVFRSRGRVREMHWLYRVGHYHVHUDPSORREDVWDQWHSDUDDEUDQJHUWRGRVRVWLSRVGHUHVXOWDGRV
SHORVTXDLVDHVFROD>SURJUDPD@pUHVSRQViYHO7DEDSS
$R HODERUDU VHX ~OWLPR SRQWR 7DED SS GHVHQYROYH XPD FODVVLILFDomR GH
REMHWLYRVGHDFRUGRFRPRVWLSRVGHFRPSRUWDPHQWR
&RQKHFLPHQWRIDWRVLGHLDVFRQFHLWRV
3HQVDPHQWRUHIOH[LYRLQWHUSUHWDomRGHGDGRVDSOLFDomRGHIDWRVHSULQFtSLRVUDFLRFtQLROyJLFR
9DORUHVHDWLWXGHV
6HQVLELOLGDGHVHVHQWLPHQWRV
+DELOLGDGHV
+RXOHSSDRFRQVWUXLUVREUHRSHQVDPHQWRGH7\ OHUFRPRIH]7DED

LGHQWLILFDHVVHVDWULEXWRVGHREMHWLYRV
8PREMHWLYRpHVVHQFLDOPHQWHUDFLRQDOXPDWHQWDWLYDGHLPSRUXPSDGUmROyJLFRDDOJXPDVGDV
DWLYLGDGHVGDYLGD
8PREMHWLYRpSUiWLFR
2VREMHWLYRVHVWmRQRILPGDVDo}HVTXHIRUDPSODQHMDGDVSDUDOHYDUDWpHOHV2VREMHWLYRVVmR
HPJHUDOSOXUDOLVWDVHH[LJHPRXVRGRMXOJDPHQWRSDUDWUD]HUHTXLOtEULRHPVXDUHDOL]DomR
2VREMHWLYRVVmRKLHUiUTXLFRV
2VREMHWLYRVVmRGLVFULPLQDWLYRV
2VREMHWLYRVPXGDPGXUDQWHRSURFHVVRGHDSUHQGL]DJHP
+RXOH VHJXH DGLDQWH H DSUHVHQWD RULHQWDo}HV SDUD D IRUPXODomR GH REMHWLYRV 2V REMHWLYRV
HGXFDFLRQDLVSRGHPVHUIRUPXODGRVHPWHUPRVGDVUHDOL]Do}HVTXHRDSUHQGL]GHVHMDREWHU2V
REMHWLYRV HGXFDFLRQDLV SRGHP VHU WDPEpP IRUPXODGRV HP WHUPRV GRV SULQFtSLRV GH DomR TXH
WrP D SURSHQVmR GH SURYRFDU PXGDQoDV GHVHMDGDV QR DSUHQGL] 2 HQWHQGLPHQWR H D DFHLWDomR
GRVREMHWLYRVHGXFDFLRQDLVSURJUHGLUmRVHHOHVIRUHPGHVHQYROYLGRVGHIRUPDFRRSHUDWLYD8P
REMHWLYRGHYHVHUGHILQLGRGHPDQHLUDFODUDRVXILFLHQWHSDUDLQGLFDUDWRGDVDVPHQWHVUDFLRQDLV
H[DWDPHQWHRTXHVHHVSHUD(PYiULDVVLWXDo}HVGHHQVLQRHDSUHQGL]DJHPPDVSULQFLSDOPHQWH
QDTXHODVSURPRYLGDVSRULQVWLWXLo}HVRVREMHWLYRVSRGHPVHUGHILQLGRVQmRDSHQDVHPWHUPRVGH
UHVXOWDGRVGDHGXFDomRPDVWDPEpPHPIXQomRGHPXGDQoDVQRVFRPSRQHQWHVGRGHVHQKRTXH
VXSRVWDPHQWHWRUQDUmRHVVHVUHVXOWDGRVPHOKRUHVREMHWLYRVIDFLOLWDGRUHV+RXOH S

2VWHyULFRVTXHHQ[HUJDPDDSUHQGL]DJHPFRPRXPSURFHVVRGHLQYHVWLJDomRUHMHLWDPFRP
YHHPrQFLD D LGHLD GH TXH GHYHULD KDYHU REMHWLYRV HVWDEHOHFLGRV RX SUHVFULWRV 6FKZDE
SRUH[HPSORDVVXPHSRVLomRLQHTXtYRFD
+iPXLWRRVHGXFDGRUHVVHDFRVWXPDUDPDSHUJXQWDUQHVVHSRQWRGDGLVFXVVmRFXUULFXODU
4XDOpRREMHWLYRGHVHMDGR"$SHUJXQWDVXUJHDSDUWLUGRGRJPDGHTXHRVFRQWH~GRVGHYHP
VHUGHVHQYROYLGRVFRQWURODGRVHDYDOLDGRVjOX]GHREMHWLYRVFRQVLGHUDGRVSULQFtSLRV
QRUWHDGRUHV$FRQVLGHUDomRGRFDUiWHUSUiWLFRGRFRQWH~GRHGDLQVWUXomRFRQYHQFHXPHGH
TXHHVVHGRJPDQmRVHVXVWHQWD(XQmRGHVHMRQHPHVSHURXPUHVXOWDGRRXXPFRQMXQWRGH
UHVXOWDGRVPDVTXDOTXHUXPGHYiULRVXPDSOXUDOLGDGH2UHFRQKHFLPHQWRGHYiULRVGHULYD
GDFRQVLGHUDomRQmRGRVUHVXOWDGRVSRVVtYHLVPDVGRVPDWHULDLVWUDWDGRVDSOXUDOLGDGHGD
WHRULDVXDVUHODo}HVFRPRDVVXQWRTXHHODEXVFDLQFOXLUGHYiULDVPDQHLUDVVXDVUHODo}HV
HQWUHVLS
(PVXDDQiOLVHGHFRPRRVDGXOWRVVHHQJDMDPQDUHDOLGDGHFRPSURMHWRVGHDSUHQGL]DJHP
LQGHSHQGHQWH7RXJKFRQVWDWRXTXHRVREMHWLYRVWHQGLDPDVXUJLUGHIRUPDRUJkQLFDFRPR
SDUWH GR SURFHVVR GH LQYHVWLJDomR FRP YiULRV JUDXV GH FODUH]D H SUHFLVmR H FRQWLQXDYDP D
PXGDUVXEGLYLGLUVHHJHUDUIUXWRV
0DVORZ FRP VHX FRQFHLWR GH DXWRDWXDOL]DomR FRPR R REMHWLYR GHILQLWLYR GD DSUHQGL]DJHP
WDPEpP FRQVLGHUD D IRUPDomR GH REMHWLYRV XP SURFHVVR DOWDPHQWH GLQkPLFR TXH RFRUUH SRU
PHLRGDLQWHUDomRGRDSUHQGL]FRPVXDH[SHULrQFLD
&RPRSRGHVHUHVSHUDGRHVVDSRVLomRWUD]DOJXPDVLPSOLFDo}HVSDUDQRVDMXGDUD
FRPSUHHQGHUSRUTXHDHGXFDomRFRQYHQFLRQDOQRV(VWDGRV8QLGRVQmRDWLQJHVHXVREMHWLYRV
'HYHPRVFKDPDUDWHQomRSDUDXPSRQWRDTXLRIDWRGHTXHDHGXFDomRID]SRXFRHVIRUoRSDUD
HQVLQDURLQGLYtGXRDH[DPLQDUDUHDOLGDGHGHPDQHLUDGLUHWDHUHQRYDGD(PYH]GLVVRHODGij
SHVVRDXPSDUGHyFXORVSUpIDEULFDGRVSDUDROKDURPXQGRHPFDGDDVSHFWRSRUH[HPSORQR
TXHDFUHGLWDUGRTXHJRVWDUFRPRTXHFRQFRUGDUHPUHODomRDTXHVHQWLUFXOSDeUDURD
LQGLYLGXDOLGDGHGHFDGDSHVVRDVHUYDORUL]DGDDHVVHSRQWRUDUDVYH]HVHODpHVWLPXODGDDVHU
FRUDMRVDREDVWDQWHSDUDYHUDUHDOLGDGHjVXDSUySULDPDQHLUDRXVHULFRQRFODVWDRXGLIHUHQWH
0DVORZS
2XWURV WHyULFRV GHGLFDPVH SULQFLSDOPHQWH D GHVHQYROYHU DV KDELOLGDGHV GD LQYHVWLJDomR

DXWRGLULJLGD GHIHQGHQGR TXH WRGRV RV RXWURV REMHWLYRV GH DSUHQGL]DJHP VLJQLILFDWLYRV YrP GR
SURFHVVRGHDWLQJLUHVVHREMHWLYR$OOHQGHUSS
7DOYH] HVVDV GLIHUHQoDV GH SRQWRV GH YLVWD VREUH RV REMHWLYRV VHMDP SDUFLDOPHQWH
UHFRQFLOLiYHLV VH GHVLJQDUPRV RV SURFHGLPHQWRV PDLV RULHQWDGRV D FRPSRUWDPHQWRV ILQDLV DR
WUHLQDPHQWRHRVSURFHGLPHQWRVPDLVRULHQWDGRVDRSURFHVVRGHLQYHVWLJDomRjHGXFDomRPXLWR
VHPHOKDQWHjPDQHLUDFRPRHVWDEHOHFHPRVRVPRGHORVGHHQVLQRQD7DEHOD0HVPRDVVLP
GHDFRUGRFRPDWHRULDDQGUDJyJLFDRDSUHQGL]WHPPHQRVSURSHQVmRDUHVLVWLUDQmRVHUTXHHOH
RVHVFROKDFRPRUHOHYDQWHVSDUDVXDVQHFHVVLGDGHVDXWRGLDJQRVWLFDGDV(QWUHRVWUDWDPHQWRVPDLV
~WHLVDRSURFHVVRGHIRUPXODomRGHREMHWLYRVQDHGXFDomRGHDGXOWRVHVWmR%URRNILHOGSS
+RVSLWDO&RQWLQXLQJ(GXFDWLRQ3URMHFWSS+RXOHSS
,QJDOOVH$UFHULSSH.QRZOHVSS
'(6(1+2'(803$'52'((;3(5,Ç1&,$6'($35(1',=$*(0
3DUDRVEHKDYLRULVWDVRGHVHQKRGHSURJUDPDVpHVVHQFLDOPHQWHXPDTXHVWmRGHRUJDQL]DUDV
FRQWLQJrQFLDV GH UHIRUoR GH PRGR D SURGX]LU H PDQWHU RV FRPSRUWDPHQWRV SUHVFULWRV 3DUD RV
WHyULFRVFRJQLWLYRVHLQYHVWLJDWLYRVWUDWDVHGDTXHVWmRGHRUGHQDUXPDVHTXrQFLDGHSUREOHPDV
TXH IOXHP GH DFRUGR FRP RV HVWiJLRV RUJkQLFRV GH GHVHQYROYLPHQWR H IRUQHFHU UHFXUVRV
DGHTXDGRVSDUDTXHRDSUHQGL]VROXFLRQHHVVHVSUREOHPDV%UXQHUSS6XFKPDQ
SS3DUDRVSVLFyORJRVGDWHUFHLUDIRUoDpXPDTXHVWmRGHSURPRYHUDPELHQWHV
DSRLDGRUHV HP JHUDO QD IRUPD GH JUXSRV UHODWLYDPHQWH QmR HVWUXWXUDGRV QRV TXDLV RV
SDUWLFLSDQWHVDSUHQGL]HVHLQVWUXWRUHVMXQWRVSRGHPDMXGDUXQVDRVRXWURVDFUHVFHUHPUXPRV
GHWHUPLQDGRV5RJHUV
2VWHyULFRVGHHGXFDomRGHDGXOWRVYrPFRQVWUXLQGRPRGHORVQRVTXDLVRVDVSHFWRVGHWRGDV
HVVDV DERUGDJHQV SRVVDP VH HQFDL[DU 2V WUrV PRGHORV PDLV UHFHQWHV IRUDP HODERUDGRV SRU
.QRZOHV7RXJKH+RXOHHPRUGHPGHSXEOLFDomR2PRGHORGHGHVHQKRDQGUDJyJLFRHQYROYH
D HVFROKD GH iUHDVSUREOHPD TXH IRUDP LGHQWLILFDGDV SHORV DSUHQGL]HV SRU PHLR GH
SURFHGLPHQWRVGHDXWRGLDJQyVWLFRHVHOHomRGHIRUPDWRVDSURSULDGRVDWLYLGDGHVLQGLYLGXDLVHP
JUXSR H GH PDVVD SDUD D DSUHQGL]DJHP GHVHQKDQGR XQLGDGHV GH DSUHQGL]DJHP H[SHULHQFLDO
XWLOL]DQGR RV PpWRGRV H PDWHULDLV LQGLFDGRV H RUJDQL]DQGRRV HP VHTXrQFLD GH DFRUGR FRP D
SURQWLGmR GRV DSUHQGL]HV H GH VHXV SULQFtSLRV HVWpWLFRV ,QJDOOV H $UFHUL SS
.QRZOHVSS
7RXJKHPSUHJDRFRQFHLWRGHXPSURMHWRGHDSUHQGL]DJHPTXHFRQVLVWHHPXPDVpULH

GH HSLVyGLRV UHODFLRQDGRV FRPR PRGHOR EiVLFR SDUD R GHVHQKR GH SURJUDPDV 8P SURJUDPD
FRQVLVWHHPXPQ~PHURGHSURMHWRVVLPXOWkQHRVGHDSUHQGL]DJHPLQGLYLGXDOHHPJUXSRFDGD
XPSODQHMDGRFRODERUDWLYDPHQWHSHORVDSUHQGL]HVHDMXGDQWHVHVFROKLGRVHH[HFXWDGRGHDFRUGR
FRP D LQLFLDWLYD GRV DSUHQGL]HV 2V DSUHQGL]HV SRGHP XVDU WRGDV DV SRVVLELOLGDGHV GH UHFXUVRV
KXPDQRVHVSHFLDOLVWDVSURIHVVRUHVFROHJDVRXWURVDOXQRVSHVVRDVGDFRPXQLGDGH H UHFXUVRV
PDWHULDLV OLWHUDWXUD HTXLSDPHQWRV H VRIWZDUH GH LQVWUXomR SURJUDPDGD PtGLD DXGLRYLVXDO
TXDVHVHPVHSUHRFXSDUFRPDRULHQWDomRWHyULFDTXHRVVXVWHQWD$WpRSURIHVVRUPDLVGLGiWLFR
RX R SURJUDPD GH HQVLQDU PDLV OLQHDU VHUi XWLOL]DGR GH PDQHLUD SURDWLYD H QmR UHDWLYD SRU XP
DSUHQGL]DXWRGLULJLGR
+RXOHGHVHQYROYHXXPVLVWHPDIXQGDPHQWDOGHGHVHQKRHGXFDFLRQDOTXHIRLGHVFULWR

QR&DStWXORHHVWiUHFDSLWXODGRGHPDQHLUDJUiILFDQD7DEHOD
23(5$d2'2352*5$0$&21'8d2'$6$7,9,'$'(6'($35(1',=$*(0
(VVHHOHPHQWRGRSURFHVVRGHGHVHQYROYLPHQWRGRSURJUDPDRFXSDVHGRSDSHOGRSURILVVLRQDO
GH'5+FRPRDGPLQLVWUDGRUHDVWHRULDVGHDSUHQGL]DJHPHQVLQRWrPSRXFRDGL]HUVREUHHVVH
SDSHO 1DGOHU H 1DGOHU SS GHVFUHYHP DV IXQo}HV DVVRFLDGDV D HVVH SDSHO H
LGHLDV VREUH FRPR H[HFXWiOR GH PDQHLUD DQGUDJyJLFD VmR GHVHQYROYLGDV SRU ,QJDOOV H $UFHUL
SSH.QRZOHVSS
(QWHQGRTXHRIDWRUFUXFLDOQDRSHUDomRGRSURJUDPDpDTXDOLGDGHGRVUHFXUVRVGRFHQWHV2V
UHFXUVRV DWXDLV GD IRUoD GH WUDEDOKR GRV SURIHVVRUHV GH DWLYLGDGHV GD iUHD GH '5+ FRQWrP
SHVVRDVTXHVDEHPHQVLQDUGDPDQHLUDSHGDJyJLFDWUDGLFLRQDOXPDYH]TXHIRLDVVLPTXHHODV
IRUDP HQVLQDGDV RX DSUHQGHUDP D HQVLQDU 1mR VH SRGH FRQILDU GH WRGR HP SURFHGLPHQWRV GH
VHOHomRSDUDHQFRQWUDUERQVSURIHVVRUHV9RFrPHVPRSUHFLVDWUHLQiORVWDQWRHPWUHLQDPHQWRV
SDUD D IXQomR TXDQWR GXUDQWH D FDUUHLUD (X GLULD TXH R DVSHFWR PDLV LPSRUWDQWH GH VHX SDSHO
FRPRDGPLQLVWUDGRUGHSURJUDPDVpVXDIXQomRFRPRGHVHQYROYHGRUGDVHTXLSHVGR'5+YHU
.QRZOHVSS
$9$/,$d2'2352*5$0$
(VVD p D iUHD GH PDLRU FRQWURYpUVLD H WHFQRORJLD PHQRV HYROXtGD HP WRGD D HGXFDomR HP
HVSHFLDOQDHGXFDomRHQRWUHLQDPHQWRGHDGXOWRV+LOJDUGH%RZHUDILUPDPHPUHODomR
j WHFQRORJLD HGXFDFLRQDO HP JHUDO (QFRQWUDUDPVH HQRUPHV GLILFXOGDGHV SDUD DSOLFDU
SULQFtSLRV GH DSUHQGL]DJHP GHULYDGRV GH ODERUDWyULR j PHOKRULD GD HILFLrQFLD HP WDUHIDV FRP
REMHWLYRV FODURV H UHODWLYDPHQWH VLPSOHV 3RGHPRV GHGX]LU TXH VHUi DLQGD PDLV GLItFLO DSOLFDU
SULQFtSLRVGHDSUHQGL]DJHPGHULYDGRVGHODERUDWyULRSDUDRDXPHQWRGDDSUHQGL]DJHPHILFLHQWH
HP WDUHIDV FRP REMHWLYRV PDLV FRPSOH[RV S (VVD REVHUYDomR VH DSOLFD GXSODPHQWH j
DYDOLDomR FXMR SURSyVLWR SULQFLSDO p DSULPRUDU R HQVLQR H D DSUHQGL]DJHP H QmR FRPR p
IUHTXHQWHPHQWH PDO FRPSUHHQGLGD MXVWLILFDU R TXH HVWDPRV ID]HQGR 8PD LPSOLFDomR GD
DILUPDomR GH +LOJDUG H %RZHU p TXH PHVPR TXH VHMD GLItFLO DYDOLDU R WUHLQDPHQWR p
GXSODPHQWHGLItFLODYDOLDUDHGXFDomR
$FRQFHLWXDOL]DomRGH'RQDOG.LUNSDWULFN&UDLJH%LWWHOSSD.LUNSDWULFN
SS VREUH R SURFHVVR GH DYDOLDomR p PDLV FRQJUXHQWH FRP RV SULQFtSLRV
DQGUDJyJLFRVHDPDLVSUiWLFDGHWRGDVDVIRUPXODo}HVYLVWDVDWpKRMH(OHFRQFHEHDDYDOLDomR
FRPRTXDWURSDVVRVWRGRVQHFHVViULRVDXPDDYDOLDomRHILFD]GRSURJUDPD
2SULPHLURSDVVRpDDYDOLDomRGDUHDomRHPTXHVHFROHWDPGDGRVVREUHDUHVSRVWDGRV
SDUWLFLSDQWHVDXPSURJUDPDHQTXDQWRHOHDFRQWHFHGRTXHHOHVPDLVJRVWDPHPHQRVJRVWDP
HTXHVHQWLPHQWRVSRVLWLYRVHQHJDWLYRVHOHVWrP(VVHVGDGRVSRGHPVHUREWLGRVSRUPHLRGH
IRUPXOiULRVGHDYDOLDomRGHILQDOGHVHVVmRHQWUHYLVWDVRXGLVFXVV}HVHPJUXSReGHVHMiYHOTXH
RVGDGRVGHIHHGEDFNGHXPDVHVVmRVHMDPOHYDGRVSDUDRLQtFLRGDVHVVmRVHJXLQWHDILPGH
SRVVLELOLWDUDQHJRFLDomRGHPRGLILFDo}HVDRSURJUDPD
2 VHJXQGR SDVVR p D DYDOLDomR GD DSUHQGL]DJHP TXH HQYROYH D FROHWD GH GDGRV VREUH RV
SULQFtSLRVIDWRVHWpFQLFDVTXHIRUDPDGTXLULGRVSHORVSDUWLFLSDQWHV(VVHSDVVRGHYHLQFOXLUWDQWR
SUpWHVWHV TXDQWR SyVWHVWHV GH IRUPD D PHQVXUDU RV JDQKRV HVSHFtILFRV UHVXOWDQWHV GDV
H[SHULrQFLDVGHDSUHQGL]DJHP2VWHVWHVGHSHUIRUPDQFHVmRLQGLFDGRVWDLVFRPRRSHUDUXPD
PiTXLQDID]HUHQWUHYLVWDVIDODURXYLUOHUHVFUHYHUHWFSDUDDDSUHQGL]DJHPGHKDELOLGDGHV
3RGHP VHU XVDGRV WDQWR WHVWHV SDGURQL]DGRV TXDQWR SHUVRQDOL]DGRV GH UHFDSLWXODomR GH
LQIRUPDo}HV RX H[HUFtFLRV GH UHVROXomR GH SUREOHPDV SDUD PHQVXUDU R FRQKHFLPHQWR
,QVWUXPHQWRVFRPRHVFDODVGHDWLWXGHGUDPDWL]Do}HVRXRXWUDVVLPXODo}HVRXHVWXGRVGHFDVR
SRGHPJHUDUSURJUHVVRVQDDSUHQGL]DJHPGHDWLWXGHV
2 WHUFHLUR SDVVR p D DYDOLDomR GH FRPSRUWDPHQWR H SHGH GDGRV FRPR RV UHODWyULRV GRV
REVHUYDGRUHVVREUHDVPXGDQoDVUHDLVQRTXHRDSUHQGL]ID]DSyVRWUHLQDPHQWRHPFRPSDUDomR
FRP R TXH R DSUHQGL] ID]LD DQWHV $V IRQWHV GHVVHV WLSRV GH GDGRV LQFOXHP HVWXGRV GH
SURGXWLYLGDGH RX GH WHPSR H PRYLPHQWR HVFDODV GH REVHUYDomR SDUD VHUHP XVDGDV SHORV
VXSHUYLVRUHVFROHJDVHVXERUGLQDGRVHVFDODVGHDXWRDYDOLDomRGLiULRVHQWUHYLVWDVTXHVWLRQiULRV
HDVVLPSRUGLDQWH
2TXDUWRSDVVRpDDYDOLDomRGRVUHVXOWDGRVSDUDDTXDORVGDGRVJHUDOPHQWHHVWmRFRQWLGRV
QRVUHODWyULRVGHURWLQDGHXPDRUJDQL]DomRLQFOXLQGRRVHIHLWRVQDURWDWLYLGDGHGHIXQFLRQiULRV
FXVWRVHILFLrQFLDIUHTXrQFLDGHDFLGHQWHVRXUHFODPDo}HVWUDEDOKLVWDVIUHTXrQFLDGHDWUDVRVRX
DXVrQFLDVUHMHLo}HVGRFRQWUROHGHTXDOLGDGHHRXWURV
$ SULQFLSDO GLILFXOGDGH QD DYDOLDomR DVVLP FRPR QD SHVTXLVD p R FRQWUROH VXILFLHQWH GDV
YDULiYHLVSDUDVHGHPRQVWUDUTXHIRLGRWUHLQDPHQWRDSULQFLSDOUHVSRQVDELOLGDGHSHODVPXGDQoDV
RFRUULGDV 3RU HVVH PRWLYR .LUNSDWULFN UHFRPHQGD R XVR GH JUXSRV GH FRQWUROH VHPSUH TXH
SRVVtYHO 2V WUDEDOKRV PDLV UHFHQWHV VREUH DYDOLDomR GH SURJUDPDV WHQGHP D FRQWLQXDU H D
DSURIXQGDU HVVD rQIDVH QRV UHVXOWDGRV %ULQNHUKRII +DUULV H %HOO 5DH
6ZDQVRQH*UDGRXV
7RGRV RV WHyULFRV GH DSUHQGL]DJHP H HQVLQR UHFRQKHFHP D LPSRUWkQFLD GD DYDOLDomR 2V
EHKDYLRULVWDVVXVWHQWDPTXHDDYDOLDomRID]SDUWHGHVHXSURFHVVRTXDQGRXPDSUHQGL]FRPHWH
XPHUURQRTXDGURGRSURJUDPDGHXPDPiTXLQDGHHQVLQDURHUURDSDUHFHLPHGLDWDPHQWHHD
DomR FRUUHWLYD p WRPDGD H VH XP SURJUDPD QmR SURGX] R FRPSRUWDPHQWR SUHVFULWR HOH p
PRGLILFDGRDWpTXHLVVRRFRUUD(OHVGHIHQGHPTXHDDYDOLDomRpLQWUtQVHFDDRSURFHVVRQmRp
DOJR TXH DFRQWHFH HP XPD pSRFD GLIHUHQWH GD DSUHQGL]DJHP (P FHUWR JUDX D DYDOLDomR GH
UHDomRGH.LUNSDWULFNHPSUHJDHVVHSULQFtSLR
2VWHyULFRVFRJQLWLYLVWDVHQIDWL]DPDLPSRUWkQFLDGDKDELOLGDGHGRDSUHQGL]HPDUPD]HQDUH
DSOLFDULQIRUPDo}HVDQRYRVSUREOHPDVFRPRDFKDYHSDUDDDYDOLDomRTXHpRTXHFRPS}HD
DYDOLDomR GD DSUHQGL]DJHP 2V WHyULFRV GH FDPSR H SVLFyORJRV KXPDQLVWDV HQIDWL]DP D
WUDQVIRUPDomR GD DSUHQGL]DJHP HP FRPSRUWDPHQWR WDQWR HP FDVD TXDQWR HP FDPSR RV
KXPDQLVWDV p FODUR HQIDWL]DP R FRPSRUWDPHQWR GH DXWRDWXDOL]DomR TXH p R SURSyVLWR GD
DYDOLDomR GH FRPSRUWDPHQWR 2V WHyULFRV RUJDQL]DFLRQDLV DSRQWDP TXH D QmR VHU TXH VHMD
SRVVtYHOGHPRQVWUDUUHVXOWDGRVGHVHMiYHLVDJHVWmRQmRDSRLDUiRWUHLQDPHQWRTXHpDHVVrQFLD
GDDYDOLDomRGHUHVXOWDGRV
(X GHYHULD DFUHVFHQWDU XPD TXLQWD GLPHQVmR TXH VH RULJLQD GLUHWDPHQWH GD FRQFHSomR
IXQGDPHQWDO GH HGXFDomR GH DGXOWRV FRPR HGXFDomR FRQWLQXDGD R QRYR GLDJQyVWLFR GDV
QHFHVVLGDGHVGHDSUHQGL]DJHP6HFDGDH[SHULrQFLDGHDSUHQGL]DJHPWHPSRUREMHWLYRH[SDQGLU
DDSUHQGL]DJHPFRPRDHGXFDomRFRQWLQXDGDVXS}HHQWmRFDGDSURFHVVRGHDYDOLDomRGHYHULD
LQFOXLU SURYLV}HV SDUD DMXGDU RV DSUHQGL]HV D UHH[DPLQDU VHXV PRGHORV GH FRPSHWrQFLDV
GHVHMDGDV H UHDYDOLDU DV GLVFUHSkQFLDV HQWUH R PRGHOR H VHXV QtYHLV UHFpPGHVHQYROYLGRV GH
FRPSHWrQFLDV $VVLP D UHSHWLomR GD IDVH GH GLDJQyVWLFR WRUQDVH SDUWH LQWHJUDO GD IDVH GH
DYDOLDomR
2 TXH IRL GLWR GHVFUHYH R TXH KDYLD GH PDLV PRGHUQR QD DYDOLDomR GH SURJUDPDV DWp
UHFHQWHPHQWH 3RUpP SRU YROWD GH RV SULQFLSDLV WHyULFRV H SURILVVLRQDLV QD iUHD GH
DYDOLDomRGHSURJUDPDVFRPHoDUDPDID]HUXPJLURGHJUDXVHPVXDPDQHLUDGHSHQVDUD
DYDOLDomR 'XUDQWH RV DQRV DQWHULRUHV KRXYH rQIDVH FUHVFHQWH QRV PpWRGRV TXDQWLWDWLYRV GH
DYDOLDomR $ QRUPD GLWDYD TXH VH XPD DYDOLDomR QmR YLHVVH DFRPSDQKDGD GH Q~PHURV H
HVWDWtVWLFDV QmR HUD UHVSHLWiYHO 1R ILQDO GD GpFDGD GH RV DYDOLDGRUHV FRPHoDUDP D
UHFRQVLGHUDUVHRTXHHOHVHVWDYDPDSUHQGHQGRFRPVXDVDYDOLDo}HVTXDQWLWDWLYDVHVWDYDJHUDQGR
WDQWDVGLIHUHQoDVQRTXHHVWDYDDFRQWHFHQGRQRVSURJUDPDV(OHVFRPHoDUDPDSHUFHEHUTXHKi
GLIHUHQoDHQWUHPpWULFDHDYDOLDomR
$ DYDOLDomR HOHV UHJLVWUDUDP QD OLWHUDWXUD H[LJH SHQHWUDU QD PHQWH GRV SDUWLFLSDQWHV H
GHQWURGRVVLVWHPDVVRFLDLVQRVTXDLVHOHVHVWmRRSHUDQGRHGHVFREULURTXHHVWiDFRQWHFHQGRHP
VXD PDQHLUD GH SHQVDU VHQWLU H ID]HU (VVD p D DYDOLDomR TXDOLWDWLYD (OD H[LJH D XWLOL]DomR GH
PpWRGRV FRPR D REVHUYDomR SDUWLFLSDWLYD HQWUHYLVWDV DSURIXQGDGDV HVWXGRV GH FDVR GLiULRV H
RXWUDVPDQHLUDVGHREWHUGDGRVKXPDQRV$RREWHUSULPHLUDPHQWHRTXDGURWRWDOGRVHIHLWRVGD
YLGDUHDOGHXPSURJUDPDHOHVIRUDPFDSD]HVGHGHWHUPLQDUTXDLVGDGRVTXDQWLWDWLYRVHUDP
QHFHVViULRV SDUD ID]HU D FRUUHODomR GRV UHVXOWDGRV UHDLV FRP DV RSHUDo}HV GRV SURJUDPDV
$JRUDRTXHKiGHPDLVPRGHUQRLQFOXLWDQWRRVGDGRVTXDQWLWDWLYRVTXDQWRRVTXDOLWDWLYRVPDVRV
TXDOLWDWLYRV YrP SULPHLUR 2V UHVXOWDGRV IRUDP VXUSUHHQGHQWHV e SRVVtYHO REWHU LQIRUPDo}HV
PXLWR PDLV ~WHLV D SDUWLU GHVVD FRPELQDomR $V PHOKRUHV IRQWHV DWXDLV GH LQIRUPDomR VREUH D
QRYDGHVFREHUWDVmR&URQEDFK*XEDH/LQFROQH3DWWRQ(VVD
UHYLUDYROWD WRUQDVH DLQGD PDLV FRQYLQFHQWH TXDQGR VH SHUFHEH TXH WRGDV HVVDV SHVVRDV
FRQVWUXtUDPVXDVSULPHLUDVUHSXWDo}HVFRPROtGHUHVGRPRYLPHQWRGHDYDOLDomRTXDQWLWDWLYD
&2175$726'($35(1',=$*(080$0$1(,5$'(81,578'2
6HPVRPEUDGHG~YLGDDIHUUDPHQWDPDLVSRGHURVDFRPDTXDOMiWLYHFRQWDWRHPPDLVGH
PHLR VpFXOR GH H[SHULrQFLD HP HGXFDomR GH DGXOWRV p D GRV FRQWUDWRV GH DSUHQGL]DJHP (OD
VROXFLRQRX PDLV GRV SUREOHPDV TXH PH SHUVHJXLUDP GXUDQWH PHXV SULPHLURV DQRV GR TXH
TXDOTXHU RXWUD LQYHQomR (OD VROXFLRQD R SUREOHPD GRV YiULRV WLSRV GH IRUPDomR HGXFDomR
H[SHULrQFLD LQWHUHVVHV PRWLYDo}HV H KDELOLGDGHV TXH FDUDFWHUL]DP D PDLRU SDUWH GRV JUXSRV
DGXOWRV DR RIHUHFHU XPD PDQHLUD SDUD LQGLYtGXRV H VXEJUXSRV SHUVRQDOL]DUHP RV SUySULRV
SODQRV GH DSUHQGL]DJHP (OD VROXFLRQD R SUREOHPD GH LPEXLU QR DSUHQGL] XP VHQVR GH
SURSULHGDGHVREUHRVREMHWLYRVTXHHOHSHUVHJXLUi(ODVROXFLRQDRSUREOHPDGHLGHQWLILFDUYiULRV
UHFXUVRV GH IRUPD TXH DSUHQGL]HV GLVWLQWRV SRVVDP XVDU UHFXUVRV GLIHUHQWHV SDUD DSUHQGHU DV
PHVPDVFRLVDV(ODVROXFLRQDRSUREOHPDGHRIHUHFHUDFDGDDSUHQGL]XPDHVWUXWXUDYLVtYHOSDUD
VLVWHPDWL]DUVXDDSUHQGL]DJHP3RUILPHODVROXFLRQDRSUREOHPDGHRIHUHFHUXPSURFHGLPHQWR
VLVWHPiWLFR SDUD HQYROYHU R DSUHQGL] GH PDQHLUD UHVSRQViYHO D ILP GH DYDOLDU RV UHVXOWDGRV GD
DSUHQGL]DJHP
8VR FRQWUDWRV GH DSUHQGL]DJHP HP WRGRV RV PHXV FXUVRV DFDGrPLFRV H QRV SURJUDPDV GH
HQWUDGDHPLQVWLWXLo}HVHGXFDFLRQDLVHPSUHVDVHQDVSURILVV}HVQDVTXDLVDWXRFRPRFRQVXOWRU
2V FRQWUDWRV GH DSUHQGL]DJHP HVWmR VHQGR XVDGRV SRU YiULRV SURJUDPDV GH GHVHQYROYLPHQWR
SURILVVLRQDO FRQWLQXDGRV HP PHGLFLQD HQIHUPDJHP RGRQWRORJLD HQJHQKDULD WUDEDOKR VRFLDO H
UHOLJLRVR
$(92/8d2'26,*1,),&$'2'2'(6(192/9,0(172'(5(&85626+80$126
(P PHX HQWHQGLPHQWR R GHVHQYROYLPHQWR GH UHFXUVRV KXPDQRV p PDLV TXH XP QRPH
SRPSRVR SDUD R TXH VHPSUH IL]HPRV (OH QmR p DSHQDV XP VLQ{QLPR SDUD WUHLQDPHQWR RX
HGXFDomRSUHSDUDWyULDRXGHVHQYROYLPHQWRGHJHVWmRRXDWpGHVHQYROYLPHQWRGDPmRGHREUD
6HIRVVHDSHQDVLVVRXPDRXPDLVGDVWHRULDVWUDGLFLRQDLVGHDSUHQGL]DJHPVHUYLULDP
&RPHoR D HQWHQGHU R GHVHQYROYLPHQWR GH UHFXUVRV KXPDQRV FRPR DOJR PDLV SURIXQGR H
DEUDQJHQWHGRTXHTXDOTXHUXPGHVVHVFRQFHLWRVHHVSHURTXHHVWHOLYURHVWLPXOHRXWURVDDJXoDU
D YLVmR XPD YLVmR TXH LQFOXL DV FRQFHSo}HV GH 0F*UHJRU H /LNHUW H RXWURV GH WRGDV DV
RUJDQL]Do}HV FRPR HPSUHHQGLPHQWRV KXPDQRV HP VXD HVVrQFLD PDLV YLWDO (OD LQFOXL D
FRQFHSomR GRV WHyULFRV GH VLVWHPDV H WHyULFRV GH GHVHQYROYLPHQWR RUJDQL]DFLRQDO GH XPD
RUJDQL]DomRFRPRXPFRPSOH[RGLQkPLFRGHVXEVLVWHPDVGHSHVVRDVSURFHVVRVHTXLSDPHQWRV
PDWHULDLV H LGHLDV TXH LQWHUDJHP OLYUHPHQWH (OD LQFOXL D FRQFHSomR GRV WHyULFRV PRGHUQRV GH
HFRQRPLD GH TXH D FRQWULEXLomR GR FDSLWDO KXPDQR p XP GHWHUPLQDQWH DLQGD PDLV LPSRUWDQWH
SDUD R UHVXOWDGR RUJDQL]DFLRQDO GR TXH R FDSLWDO PDWHULDO (OD WDPEpP LQFOXL D FRQFHSomR GR
ItVLFRQXFOHDUGHXPVLVWHPDGHHQHUJLDTXHpLQILQLWDPHQWHDPSOLILFiYHOSRUPHLRGDOLEHUDomR
GH HQHUJLD GR TXH SRU PHLR GR FRQWUROH GH HQHUJLD (OD SUHYr R SDSHO GR GHVHQYROYHGRU GH
UHFXUVRV KXPDQRV FRPR WDOYH] PDLV FUXFLDO GR TXH TXDOTXHU RXWUR SDSHO SDUD GHWHUPLQDU TXH
RUJDQL]Do}HVHVWDUmRIXQFLRQDQGRGDTXLDDQRVHTXDLVHVWDUmRH[WLQWDV
(Q[HUJR XP SDSHO WRWDOPHQWH UHQRYDGR SDUD R SURILVVLRQDO GH '5+ D SDUWLU GH TXDQGR
FRPHoDPRV D FRQFHLWXDU XPD RUJDQL]DomR FRPR XP VLVWHPD GH UHFXUVRV GH DSUHQGL]DJHP 2
SDSHO GHVVH SURILVVLRQDO WRUQDVH R GH JHVWRU GHVVHV VLVWHPDV XP SDSHO EHP GLVWLQWR GDTXHOH
GHVHPSHQKDGRQRSDVVDGRFRPRJHVWRUGHORJtVWLFDGHSURJUDPDVGHWUHLQDPHQWRDSOLFDGRVHP
FXUVRVZRUNVKRSVVHPLQiULRVHRXWUDVDWLYLGDGHVSURJUDPDGDV
1HVVH QRYR SDSHO HOHV SUHFLVDP ID]HU XP FRQMXQWR GH SHUJXQWDV EDVWDQWH GLIHUHQWH GDV
SHUJXQWDVTXHHUDPWUDGLFLRQDOPHQWHIHLWDV$SULPHLUDSHUJXQWDDVHUIHLWDp4XDLVVmRWRGRV
RV UHFXUVRV HP QRVVR VLVWHPD TXH HVWmR SRWHQFLDOPHQWH GLVSRQtYHLV SDUD R FUHVFLPHQWR H R
GHVHQYROYLPHQWRGHSHVVRDV"8PDRUJDQL]DomRWtSLFDDSUHVHQWDUiXPDOLVWDFRPRDVHJXLQWH
$WLYLGDGHVLQVWUXFLRQDLVSURJUDPDGDV
7RGRVRVVXSHUYLVRUHVHJHUHQWHVGHOLQKD
0DWHULDLVHPtGLDLQFOXLQGRSURJUDPDVSURQWRVSURJUDPDVGHFRPSXWDGRUHRXWURV
(VSHFLDOLVWDVHPFRQWH~GRTXHIUHTXHQWHPHQWHXVDPVHXVFRQKHFLPHQWRVHVSHFLDOL]DGRVSDUD
RWUDEDOKRPDVQmRSDUDDHGXFDomR
2XWURVLQGLYtGXRVFRPUHFXUVRVHVSHFLDLVLQFOXLQGRIXQFLRQiULRVDSRVHQWDGRV
5HFXUVRVGDFRPXQLGDGHLQFOXLQGRLQVWLWXLo}HVHGXFDFLRQDLVHSURYHGRUHVFRPHUFLDLV
$VVRFLDo}HVSURILVVLRQDLV
$ VHJXQGD SHUJXQWD TXH RV SURILVVLRQDLV GH '5+ GHYHP ID]HU p &RPR SRGHPRV XVDU RV
UHFXUVRV GH PDQHLUD PDLV HILFD] YLVDQGR R GHVHQYROYLPHQWR VLVWHPiWLFR H FRQWtQXR GH QRVVDV
SHVVRDV"$OJXPDVGDVUHVSRVWDVTXHHOHVSRGHPIRUQHFHUVmRDVVHJXLQWHV
$V DWLYLGDGHV LQVWUXFLRQDLV SURJUDPDGDV SRGHP VHU UHGHVHQKDGDV SDUD VHU PDLV FRQJUXHQWHV
FRPRVSULQFtSLRVGDDSUHQGL]DJHPGHDGXOWRV$VSHVVRDVTXHFRQGX]HPRVSURJUDPDVSRGHULDP
UHFHEHUWUHLQDPHQWRHVSHFLDOSDUDDSUHQGHUDWUDWDURVDSUHQGL]HVFRPRDGXOWRV
2VVXSHUYLVRUHVHJHUHQWHVGHOLQKDSRGHPVHUH[SRVWRVjLGHLDGHTXHVHXSDSHOQmRpDSHQDV
VXSHUYLVLRQDU R WUDEDOKR GH VHXV VXERUGLQDGRV PDV WDPEpP GHVHQYROYrOR %ORFRV GH WHPSR
VXEVWDQFLDLV GHYHP VHU LQFOXtGRV QRV SURJUDPDV GH WUHLQDPHQWR GH VXSHUYLVRUHV H GH
GHVHQYROYLPHQWR GH JHVWmR TXH OLGHP FRP RV SULQFtSLRV GH DSUHQGL]DJHP GH DGXOWRV H DV
KDELOLGDGHVGHIDFLOLWDUDDSUHQGL]DJHP2VSURILVVLRQDLVGH'5+HVHXVIXQFLRQiULRVSRGHPILFDU
j GLVSRVLomR GRV VXSHUYLVRUHV FRPR FRQVXOWRUHV SDUD DMXGiORV D GHVHPSHQKDU VHX SDSHO GH
IDFLOLWDUDDSUHQGL]DJHP
2V PDWHULDLV H D PtGLD SRGHP VHU VHOHFLRQDGRV GH DFRUGR FRP VXD FRQJUXrQFLD j WHRULD GH
DSUHQGL]DJHP DGHTXDGD jV VLWXDo}HV HP TXH HODV VHUmR XVDGDV (ODV SRGHP HVWDU PDLV
GLVSRQtYHLVDWRGDVDVSHVVRDVQRVLVWHPDGRTXHHVWmRDJRUD
,QIRUPDo}HV VREUH RV RXWURV UHFXUVRV HVSHFLDOLVWDV HP FRQWH~GR RXWURV LQGLYtGXRV UHFXUVRV
GDFRPXQLGDGHHDVVRFLDo}HVSURILVVLRQDLVSRGHPVHUUHXQLGDVHDUPD]HQDGDVHPXPEDQFRGH
GDGRVTXHVHUYHFRPRXPDFHQWUDOGHLQIRUPDo}HVRXXPDDJrQFLDHGXFDFLRQDOYHU+HLIHUQDQ
0DF\ H9LFNHUV
&RQWUDWRV GH DSUHQGL]DJHP GHVHQYROYLGRV FRPR SDUWH LQWHJUDO GR SURFHVVR GH VXSHUYLVmR
SRGHPRIHUHFHURVPHLRVSDUDDMXGDUDVSHVVRDVDXVDUWRGRVHVVHVUHFXUVRVHPXPSURJUDPD
VLVWHPiWLFRGHDXWRGHVHQYROYLPHQWRFRQWtQXR
&RP D HYROXomR GRV UHFXUVRV GH DSUHQGL]DJHP RV SURILVVLRQDLV GH '5+ GHYHP LUUDGLDU
FRQILDQoDSURILVVLRQDOFUHVFHQWH1mREDVWDDSHQDVVHUXPERPHVSHFLDOLVWDHPDSUHQGL]DJHP
XPERPDGPLQLVWUDGRUHXPERPFRQVXOWRU(OHVSUHFLVDPVDEHUPDLVGRTXHRVHVSHFLDOLVWDVHP
DSUHQGL]DJHP DGPLQLVWUDGRUHV H FRQVXOWRUHV (OHV SUHFLVDP VDEHU XPD QRYD WHRULD GH
GHVHQYROYLPHQWR GH UHFXUVRV KXPDQRV H UHXQLU XP QRYR FRQMXQWR GH KDELOLGDGHV SDUD DSOLFDU
HVVDWHRULDDVHXVVLVWHPDV4XmRPDLVJUDWLILFDQWHVHUiHVWHSDSHO
3(5*817$63$5$5()/(;2
'LVFXWDDVLPSOLFDo}HVGHVHOLGDUSULPHLURFRPRSURFHVVRGHDSUHQGL]DJHPHGHSRLVFRP
R FRQWH~GR HP YH] GH OLGDU SULPHLUR FRP R FRQWH~GR H GHSRLV FRP R SURFHVVR GH
DSUHQGL]DJHP
)DoD R UHODWR GH XPD H[SHULrQFLD SHVVRDO HP TXH R FOLPD QmR HUD SURStFLR j
DSUHQGL]DJHP0HQFLRQHLGHLDVGRFDStWXORTXHHVWmRUHODFLRQDGDVFRPDVLWXDomR
3RUTXHDLGHLDGHREMHWLYRVGHSURJUDPDGHDSUHQGL]DJHPpWmRFRQWURYHUVD"
'LVFXWDRSURSyVLWRHRSURFHVVRGDDYDOLDomRGHSURJUDPDVHDVHJXLUIDoDFRPHQWiULRV
VREUH D SULQFLSDO HYLGrQFLD TXH YRFr DFUHGLWD TXH VDWLVIDULD R DSUHQGL] R
IDFLOLWDGRUHDLQVWLWXLomRTXHGiDSRLRILQDQFHLURDRSURJUDPD

Aprendizagem de Resultados - Cap 4 e 6

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Aprendizagem de Resultados - Cap 4 e 6

Uploaded by

Copyright:

Available Formats

8PDDERUGDJHPSUiWLFDSDUDDXPHQWDUDHIHWLYLGDGHGDHGXFDomRFRUSRUDWLYD

2V DGXOWRV VmR PRWLYDGRV D DSUHQGHU FRQIRUPH YLYHQFLDP QHFHVVLGDGHV H LQWHUHVVHV

3XEHUGDGH H DGROHVFrQFLD HP TXH D TXHVWmR SULQFLSDO p D LGHQWLGDGH YHUVXV D FRQIXVmR GH

1D YHUGDGH R SDSHO FHQWUDO GR DXWRFRQFHLWR QR GHVHQYROYLPHQWR KXPDQR H QD

2 FUHVFLPHQWR DFRQWHFH TXDQGR R SUy[LPR SDVVR p VXEMHWLYDPHQWH PDLV SUD]HURVR PDLV

5RJHUV FRQVLGHUD D DSUHQGL]DJHP XP SURFHVVR FRPSOHWDPHQWH LQWHUQR FRQWURODGR SHOR

$ VRFLRORJLD H D SVLFRORJLD VRFLDO FRQWULEXtUDP HQRUPHPHQWH SDUD WUD]HU QRYRV

2 ILOyVRIR SURILVVLRQDO .HQQHWK %HQQH SUHVLGHQWH GD UHFpPIRUPDGD $VVRFLDomR SDUD

&\ ULO2+RXOHLQLFLRXXPDOLQKDGHLQYHVWLJDo}HVQDGpFDGDGHQD8QLYHUVLW\ RI&KLFDJR

2V DSUHQGL]HV RULHQWDGRV D DWLYLGDGHV SDUWLFLSDP SRUTXH HQFRQWUDP QDV FLUFXQVWkQFLDV GH

7RXJKFRQFOXLXRHVWXGRFRPHVVDYLVmRGHVDILDGRUDVREUHDVSRVVLELOLGDGHVIXWXUDVGD

0RWLYDomR 2V DGXOWRV UHVSRQGHP D IDWRUHV PRWLYDFLRQDLV H[WHUQRV PHOKRUHV HPSUHJRV

0DJHUGiDOJXPDVRULHQWDo}HVSUiWLFDVSDUDGHILQLUREMHWLYRV

+RXOHSSDRFRQVWUXLUVREUHRSHQVDPHQWRGH7\ OHUFRPRIH]7DED

2XWURV WHyULFRV GHGLFDPVH SULQFLSDOPHQWH D GHVHQYROYHU DV KDELOLGDGHV GD LQYHVWLJDomR

7RXJKHPSUHJDRFRQFHLWRGHXPSURMHWRGHDSUHQGL]DJHPTXHFRQVLVWHHPXPDVpULH

+RXOHGHVHQYROYHXXPVLVWHPDIXQGDPHQWDOGHGHVHQKRHGXFDFLRQDOTXHIRLGHVFULWR

You might also like

Aprendizagem de Resultados - Cap 4 e 6

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Aprendizagem de Resultados - Cap 4 e 6

Uploaded by

Copyright:

Available Formats

8PDDERUGDJHPSUiWLFDSDUDDXPHQWDUDHIHWLYLGDGHGDHGXFDomRFRUSRUDWLYD

2V DGXOWRV VmR PRWLYDGRV D DSUHQGHU FRQIRUPH YLYHQFLDP QHFHVVLGDGHV H LQWHUHVVHV

3XEHUGDGH H DGROHVFrQFLD HP TXH D TXHVWmR SULQFLSDO p D LGHQWLGDGH YHUVXV D FRQIXVmR GH

1D YHUGDGH R SDSHO FHQWUDO GR DXWRFRQFHLWR QR GHVHQYROYLPHQWR KXPDQR H QD

2 FUHVFLPHQWR DFRQWHFH TXDQGR R SUy[LPR SDVVR p VXEMHWLYDPHQWH PDLV SUD]HURVR PDLV

5RJHUV FRQVLGHUD D DSUHQGL]DJHP XP SURFHVVR FRPSOHWDPHQWH LQWHUQR FRQWURODGR SHOR

$ VRFLRORJLD H D SVLFRORJLD VRFLDO FRQWULEXtUDP HQRUPHPHQWH SDUD WUD]HU QRYRV

2 ILOyVRIR SURILVVLRQDO .HQQHWK %HQQH SUHVLGHQWH GD UHFpPIRUPDGD $VVRFLDomR SDUD

&\ ULO2+RXOHLQLFLRXXPDOLQKDGHLQYHVWLJDo}HVQDGpFDGDGHQD8QLYHUVLW\ RI&KLFDJR

2V DSUHQGL]HV RULHQWDGRV D DWLYLGDGHV SDUWLFLSDP SRUTXH HQFRQWUDP QDV FLUFXQVWkQFLDV GH

7RXJK  FRQFOXLXRHVWXGRFRPHVVDYLVmRGHVDILDGRUDVREUHDVSRVVLELOLGDGHVIXWXUDVGD

0RWLYDomR 2V DGXOWRV UHVSRQGHP D IDWRUHV PRWLYDFLRQDLV H[WHUQRV PHOKRUHV HPSUHJRV

0DJHU  GiDOJXPDVRULHQWDo}HVSUiWLFDVSDUDGHILQLUREMHWLYRV

+RXOH SS DRFRQVWUXLUVREUHRSHQVDPHQWRGH7\ OHU  FRPRIH]7DED

2XWURV WHyULFRV GHGLFDPVH SULQFLSDOPHQWH D GHVHQYROYHU DV KDELOLGDGHV GD LQYHVWLJDomR

7RXJK  HPSUHJDRFRQFHLWRGHXPSURMHWRGHDSUHQGL]DJHPTXHFRQVLVWHHPXPDVpULH

+RXOH  GHVHQYROYHXXPVLVWHPDIXQGDPHQWDOGHGHVHQKRHGXFDFLRQDOTXHIRLGHVFULWR

You might also like

2V DGXOWRV VmR PRWLYDGRV D DSUHQGHU FRQIRUPH YLYHQFLDP QHFHVVLGDGHV H LQWHUHVVHV

3XEHUGDGH H DGROHVFrQFLD HP TXH D TXHVWmR SULQFLSDO p D LGHQWLGDGH YHUVXV D FRQIXVmR GH

1D YHUGDGH R SDSHO FHQWUDO GR DXWRFRQFHLWR QR GHVHQYROYLPHQWR KXPDQR H QD

2 FUHVFLPHQWR DFRQWHFH TXDQGR R SUy[LPR SDVVR p VXEMHWLYDPHQWH PDLV SUD]HURVR PDLV

2 ILOyVRIR SURILVVLRQDO .HQQHWK %HQQH SUHVLGHQWH GD UHFpPIRUPDGD $VVRFLDomR SDUD

&\ ULO2+RXOHLQLFLRXXPDOLQKDGHLQYHVWLJDo}HVQDGpFDGDGHQD8QLYHUVLW\ RI&KLFDJR

2V DSUHQGL]HV RULHQWDGRV D DWLYLGDGHV SDUWLFLSDP SRUTXH HQFRQWUDP QDV FLUFXQVWkQFLDV GH

7RXJKFRQFOXLXRHVWXGRFRPHVVDYLVmRGHVDILDGRUDVREUHDVSRVVLELOLGDGHVIXWXUDVGD

0RWLYDomR 2V DGXOWRV UHVSRQGHP D IDWRUHV PRWLYDFLRQDLV H[WHUQRV PHOKRUHV HPSUHJRV

0DJHUGiDOJXPDVRULHQWDo}HVSUiWLFDVSDUDGHILQLUREMHWLYRV

+RXOHSSDRFRQVWUXLUVREUHRSHQVDPHQWRGH7\ OHUFRPRIH]7DED

2XWURV WHyULFRV GHGLFDPVH SULQFLSDOPHQWH D GHVHQYROYHU DV KDELOLGDGHV GD LQYHVWLJDomR

7RXJKHPSUHJDRFRQFHLWRGHXPSURMHWRGHDSUHQGL]DJHPTXHFRQVLVWHHPXPDVpULH

+RXOHGHVHQYROYHXXPVLVWHPDIXQGDPHQWDOGHGHVHQKRHGXFDFLRQDOTXHIRLGHVFULWR