Curso de Ad

81,9(56,'$')('(5$/'(5,2'(-$1(,52
&233(
352*5$0$'(,1*(1,(5,$(/(&75,&$
&8562'((;7(16,21
(67$%,/,'$' (/(&7520(&$1,&$ '( 6,67(0$6
'(327(1&,$
3URI*ODXFR1HU\7DUDQWR3K'
5LRGH-DQHLUR5-
1RYLHPEUHGHO
81,9(56,'$'()('(5$/'25,2'(-$1(,52
&233(± 3URJUDPDGH(QJHQKDULD(OpWULFD
&HQWURGH7HFQRORJLD± ,OKDGR)XQGmR
± 5LRGH-DQHLUR5- %UDVLO
WHOID[
,'(17,),&$&,21
120%5( BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
',9,6,21 BBBBBBBBBBB 5$0$ BBBBBBBBBBBB
',5(&&,21 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&(3 BBBBBBBBBBB &,8'$' BBBBBBBBBBBBBBBBBBBBBBB (67$'2 BBBBBBBBB
È5($6'(,17(5(6 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'(6&5,%$%5(9(0(17(68$5($'(75$%$-2
$f2'(*5$'8$&,21 BBBBBB ,167,78&,21 BBBBBBBBBBBBBBBBBBBBB
3RVW*UDGR $f2'(,1,&,2 BBBBB $f2'(),1$/,=$&,Ï1 BBBBB
,167,78&,21 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&8562 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7Ë78/2'(',6(57$&,Ï1 BBBBBBBBBBBBBBBBBBBBBBBBBBB
&XUVR/,0$3(5Ò±
(VWDELOLGDGH(OHWURPHFkQLFDGH6LVWHPDVGH3RWrQFLD
81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
(9$/8$&,2135(02'8/2
(67$%,/,'$' (/(7520(&$1,&$ '( 6,67(0$6 '(
327(1&,$
¢4XpHVXQVLVWHPD'LQiPLFR"
¢&XiOHVVRQORVREMHWLYRVGHXQ(VWXGLRGH(VWDELOLGDG7UDQVLWRULD"
¢&XiOHV VRQ ORV IHQyPHQRV WUDQVLWRULRV HOHFWURPHFiQLFRV XVXDOPHQWH DQDOL]DGRV HQ XQ
VLVWHPDGHSRWHQFLD"
¢&XiOHVVRQORVVLVWHPDVGHFRQWUROXVXDOHVGHXQVLVWHPDGHSRWHQFLD"
¢&XiOHVHOSULQFLSLRGHOIHQyPHQRGHDXWRH[FLWDFLyQGHXQJHQHUDGRUVtQFURQR"
&XUVR/,0$3(5Ò±
81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
(9$/8$&,213267 02'8/2
(67$%,/,'$' (/(7520(&$1,&$ '( 6,67(0$6 '(
327(1&,$
4XpHV(VWDELOLGDGWUDQVLWRULD"
&XiOHVVRQORVVLVWHPDVTXHPiVLQIOXHQFLDVHQODHVWDELOLGDGWUDQVLWRULD"
&XiOHVVRQODVIXQFLRQHV\REMHWLYRVGHXQVLVWHPDVGHH[FLWDFLyQ"
&XiOHVODSULQFLSDOFRQFOXVLyQTXHVHVDFDGHOFULWHULRGHiUHDV"
&XiOHVHOIHQyPHQRItVLFRTXHRFXUUHHQHOKXPHGHFLPLHQWRGHODVRVFLODFLRQHVGDGDVSRU
HOHVWDELOL]DGRUGHSRWHQFLD"
&XUVR/,0$3(5Ò±
81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
(9$/$8&,21'(/02'8/2
(67$%,/,'$' (/(&7520(&$1,&$ '( 6,67(0$6 '(
327(1&,$

0$7(5,$/','È&7,&2 &RQWHQLGR7pFQLFR
'LYLVLyQGHORVDVXQWRV
&DOLGDGJUiILFD
,16758&725(6 'LGiFWLFD
&RQRFLPLHQWRWpFQLFR
$68172 ,QWHUpVSUiFWLFR
&DUJDKRUDULD
$FWXDOLGDG
$872$9$/8$&,21 ,QWHUpVSRUHODVXQWR
$SUHQGL]DMHGXUDQWHHOFXUVR
± LQVXILFLHQWH ± PDOR ± UHJXODU ± EXHQR ± H[FHOHQWH
&20(17$5,26$',&,21$/(6
&XUVR/,0$3(5Ò±
81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
5(680(1
(O FXUVR ³(VWDELOLGDG (OHFWURPHFiQLFD GH 6LVWHPDV GH 3RWHQFLD´ GDGR HQ /LPD 3HU~
SUHSDUDGRSDUDXQDGXUDFLyQGHKRUDVDERUGDQGRSULQFLSDOPHQWHORVVLJXLHQWHVWySLFRV
x 3ULQFLSLRVEiVLFRVGHOIHQyPHQRGHHVWDELOLGDGGHVLVWHPDVGHSRWHQFLD
x (VWDELOLGDGWUDQVLWRULDRDQJXODUIUHQWHDJUDQGHVSHUWXUEDFLRQHV
x (VWDELOLGDGGHUpJLPHQSHUPDQHQWHIUHQWHDSHTXHxDVSHUWXUEDFLRQHV
x &RQFHSWRVEiVLFRVGHODHVWDELOLGDGGHWHQVLyQ
x $OJXQRV FRQFHSWRV EiVLFRV GH IXQGDPHQWDOHV VLVWHPDV GH FRQWURO XWLOL]DGRV HQ ORV
VLVWHPDVGHSRWHQFLDFRPRSRUHMHPSORODUHJXODFLyQGHWHQVLyQGHIUHFXHQFLDHWF
&XUVR/,0$3(5Ò±
81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
$*5$'(&,0(1726
x $O3URI/HRQDUGR7*/LPDUHVSRQVDEOHSRUJUDQSDUWHGHOPDWHULDOGLGiFWLFRGHHVH
FXUVR\FRQTXLHQGLHOFXUVRVHPHMDQWHHQ)XUQLDV&HQWUDOHV(OpFWULFDV
x $ PLV DOXPQRV GH JUDGXDFLyQ PDHVWUtD \ GRFWRUDGR TXH D OR ODUJR GH ORV ~OWLPRV
RFKRDxRVKDQVLGRODPXHVWUDGHODIXHU]DTXHHVWLPXODPLFDUUHUDDFDGpPLFD
x $3URJUDPDGH,QJHQLHUtD(OpFWULFDGHOD&233(8)5-SRUHOLQFHQWLYR
x $O &HQWUR GH ,QYHVWLJDFLyQ GH (QHUJtD (OpFWULFD &(3(/ HQ SDUWLFXODU D ORV
LQYHVWLJDGRUHV1HOVRQ0DUWLQV6pUJLR*RPHVH-~OLR&p]DU)HUUD]\D5(,9$;SRU
ODVLQIRUPDFLRQHVSUHVWDGDV\SRUODVRFLHGDGHQHVWDHPSUHVDHQHO3HU~
&XUVR/,0$3(5Ò±
81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
680È5,2
, 6,67(0$6',1$0,&26£(UURU0DUFDGRUQRGHILQLGR
,, ,1752'8&&,21$(67$%,/,'$''(6,67(0$6'(327(1&,$,,
,, &RQFHSWRV%iVLFRV\'HILQLFLRQHV,,
,, &ODVLILFDFLyQGH(VWDELOLGDGGH6LVWHPDVGH3RWHQFLD ,,
,,, (67$%,/,'$'75$16,725,$,,,
,,, 8QD9LVLyQ(OHPHQWDOGH(VWDELOLGDG7UDQVLWRULD,,,
,,, 5HVSXHVWDDXQSDVRGH3RWHQFLD0HFiQLFD,,,
,,, &ULWHULRGHiUHDV,JXDOHV,,,
,,, 5HVSXHVWDDXQFRUWRFLUFXLWR ,,,
,,, )DFWRUHVTXHLQIOX\HQHQODHVWDELOLGDGWUDQVLWRULD,,,
,9 02'(/26'(0È48,1$6 ,9
,9 &LUFXLWRV$FRSODGRV0DJQpWLFDPHQWH ,9
,9 &RQYHUVLyQ(OHFWURPHFiQLFDGH(QHUJtD ,9
,9 (QURODPLHQWRGHOD0iTXLQD&$\ )XHU]D0DJQHWRPRWUL] ,9
,9 0iTXLQD6tQFURQD ,9
,9 &LUFXLWRV(TXLYDOHQWHV ,9
,9 3DUiPHWURVGHOD0iTXLQD6tQFURQD ,9
,9 0RGHORGHOD0iTXLQD6tQFURQDSDUD(VWXGLRVGH(VWDELOLGDG ,9
,9 0RGHOR$OWHUQDWLYRSDUDD0iTXLQD6tQFURQD ,9
,9 (FXDFLRQHV0HFiQLFDV ,9
9 02'(/26'(5(*8/$'25(6'(7(16,219
9, $&23/$0,(172'(02'(/26 9,
9, (VWUXFWXUD GH 0RGHORV &RPSOHWRV GH 6LVWHPDV GH 3RWHQFLD SDUD $QiOLVLV
GH(VWDELOLGDG7UDQVLWRULD 9,
9, 5HSUHVHQWDFLyQGHOD0iTXLQD6tQFURQD\GHVX6LVWHPDGH([FLWDFLyQ 9,
9, 5HSUHVHQWDFLyQGH6LVWHPDVGH7UDQVPLVLyQ\GH&DUJDV 9,
9, (FXDFLRQHV&RPSOHWDVGH6LVWHPD 9,
9,, 6,08/$&,21'(6,67(0$6 9,,
9,, ,QWHJUDFLyQ1XPpULFD9,,
9,, 3UHVLFLyQ £(UURU0DUFDGRUQRGHILQLGR
9,, (VWDELOLGDG 9,,
9,, 5LJLGH]9,,
9,, 0pWRGRVGH,QWHJUDFLyQ1XPpULFD 9,,
&XUVR/,0$3(5Ò±
81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
9,, 0pWRGRGH(XOHU 9,,

9,, 0pWRGRGH(XOHU5HYHUVR9,,
9,, 0pWRGRGH(XOHU0RGLILFDGR9,,
9,, 0pWRGR7UDSH]RLGDO9,,
9,, 0pWRGRGH5XQJH.XWWD 9,,
9,,, 12&,21(6'(&21752/9,,,
9,,, 0DOOD$ELHUWD\0DOODFHUUDGD9,,,
9,,, 6LVWHPDGH0DOODDELHUWD 9,,,
9,,, 6LVWHPDGH0DOODFHUUDGD9,,,
9,,, ¢&XiOHVVRQORVHIHFWRVGHODUHDOLPHQWDFLyQ"9,,,
9,,, &DPELRHQ*DQDQFLDGHO6LVWHPD9,,,
9,,, (IHFWRVVREUHOD(VWDELOLGDG9,,,
9,,, 5HFKD]RGH5XLGRV\3HUWXUEDFLRQHV 9,,,
9,,, 6HQVLELOLGDGHQ9DULDFLRQHVHQORV3DUiPHWURV9,,,
9,,, &ODVLILFDFLyQGH6LVWHPDV)tVLFRV 9,,,
9,,, 6LVWHPDVFRQWLQXRV\VLVWHPDVGLVFUHWRV9,,,
9,,, 1~PHURGHHQWUDGDV\GHVDOLGDV 9,,,
9,,, 6LVWHPDVGHWHUPLQtVWLFRV\VLVWHPDVHVWRFiVWLFRV9,,,
9,,, 6LVWHPDVLQVWDQWiQHRV\VLVWHPDVGLQiPLFRV9,,,
9,,, 6LVWHPDVFDXVDOHV\VLVWHPDVQRFDXVDOHV 9,,,
9,,, 6LVWHPDVUHODMDGRV\VLVWHPDVQRUHODMDGRV 9,,,
9,,,6LVWHPDVLQYDULDQWHVHQWLHPSR\VLVWHPDVYDULDQWHVHQWLHPSR9,,,
9,,, 6LVWHPDVOLQHDOHV\VLVWHPDVQROLQHDOHV9,,,
9,,, 6LVWHPDVGHSDUiPHWURVFRQFHQWUDGRV\GLVWULEXLGRV9,,,
9,,, &RQWUROHQ6LVWHPDVGH(QHUJtD(OpFWULFD 9,,,
9,,, 5HJXODFLyQGH7HQVLyQ 9,,,
9,,, $PRUWLJXDPLHQWRGH2VFLODFLRQHV(OHFWURPHFiQLFDV9,,,
9,,, &RQWUROGH&DUJD)UHFXHQFLD9,,,
9,,, ,QWURGXFFLyQ 9,,,
9,,, &RQFHSWRV%iVLFRV 9,,,
9,,, 5HJXODFLyQ3ULPDULD9,,,
9,,, 5HJXODGRU$VtQFURQR 9,,,
9,,, 5HJXODGRUFRQFDtGDGH9HORFLGDG9,,,
9,,, 5HJXODFLyQ6HFXQGDULD9,,,
9,,, 5HVRQDQFLD6XE6tQFURQD9,,,
9,,, 0RGXODFLyQGH6LVWHPDV&&$79,,,
&XUVR/,0$3(5Ò±
81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
9,,, &RQWUROGH(TXLSDPLHQWRV)$&769,,,
9,,, &RQWURO&RRUGHQDGRGH7HQVLyQ9,,,
9,,, 1LYHOHVMHUiUTXLFRV9,,,
9,,, %HQHILFLRVGHXQD&RRUGLQDFLyQGH3RWHQFLD5HDFWLYD9,,,
,; ,1752'8&&,21$(67$%,/,'$'3$5$3(48(1$6
3(5785%$&,21(6 ,;
,; 0RGHOR'LQiPLFRGH6LVWHPD ,;
,; 3XQWRGH(TXLOLEULR ,;
,; /LQHDOL]DFLyQ ,;
,; (FXDFLyQGH(VWDGRGHXQ6LVWHPDGH3RWHQFLD ,;
,; 0RGHOR&OiVLFRGHO*HQHUDGRU ,;
; (67$%,/,'$''( 7(16,Ï1 ;
; &RQFHSWRV%iVLFRV\'HILQLFLRQHV;
; $QiOLVLV(VWiWLFR;
; (VWDELOLGDGGHWHQVLyQHQSHTXHxDSHUWXUEDFLyQ ;
; (VWDELOLGDGWUDQVLWRULDGHWHQVLyQHQJUDQGHSHUWXUEDFLyQ ;
; (VWDELOLGDGGH0HGLDQRD/DUJR3OD]R;
; (VWDELOLGDGGHWHQVLyQGHPHGLDQRSOD]R ;
; (VWDELOLGDGGHWHQVLyQGHODUJRSOD]R ;
; /tPLWHGH&DSDFLGDGGH*HQHUDFLyQGH3RWHQFLD5HDFWLYD;
; /tPLWHGD&RUULHQWHGH$UPDGXUD ;
; /tPLWHGD&RUULHQWHGH&DPSR ;
; /tPLWHSRUFDOHQWDPLHQWRHQH[WUHPLGDGGHDUPDGXUD ;
;, $872±(;&,7$&,21 ;,
;,, 5()(5(1&,$6 ;,,
;,,, $3(1',&( ;,,,
;,,, (MHPSORGH,QHVWDELOLGDGGH7HQVLyQHQOD,QWHUFRQH[LyQ1RUWH6XU ;,,,
&XUVR/,0$3(5Ò±
81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
, 6,67(0$6',1$0,&26
/D)LJXUD UHSUHVHQWDXQVLVWHPDPHFiQLFRDVHUPRGHODGRFRPSXHVWRGHXQDPDVDTXHHVWi
FRQHFWDGDDXQDFFHVRULRUHIHUHQFLDODWUDYpVGHXQUHVRUWH\GHXQDPRUWLJXDGRU
.
I
0
%
[W
)LJXUD 6LVWHPD0DVD5HVRUWH
16 16
'HDFXHUGRFRQODVHJXQGDOH\GH1HZWRQODVVLJXLHQWHVUHODFLRQHVVRQYiOLGDV
G [ G[ % .
0 I W .[ % [ [ [ I W ,
GW GW 0 0 0
/D LQHUFLD GHO VLVWHPD PHFiQLFR DVRFLDGD D OD PDVD HQ FDVR GH PRYLPLHQWR GH WUDVODFLyQ
PDUFDV FRQ ODV TXH OD SRVLFLyQ GHO REMHWR QR SXHGH YDULDU LQVWDQWiQHDPHQWH 3DUD H[SUHVDU
PDWHPiWLFDPHQWH HVWD FDUDFWHUtVWLFD VH WRUQD QHFHVDULR HO XVR GH HFXDFLRQHVGLIHUHQFLDOHV\
SRUWDQWRODSRVLFLyQGHOFXHUSRSDVDDVHUXQDIXQFLyQGHWLHPSRTXHDWLHQGHDODHFXDFLyQ
,
/D )LJXUD UHSUHVHQWD XQ FLUFXLWR 5/& HQ VHULH HQ HO TXH OD WHQVLyQ GHO FDSDFLWRU HV OD
YDULDEOHGHLQWHUpV
5 /
X & \
)LJXUD &LUFXLWR5/&6HULH
%K
3DUDHVWHFLUFXLWRSXHGHHVFULELUVHTXH
&K
GL
/ 5L \ X G \ G\
GW
'
/& 5& \ X
G\ GW GW ,
L &

GW
UHVXOWDQGRXQDHFXDFLyQGLIHUHQFLDOFRQODPLVPDIRUPDGHODHFXDFLyQJHQHUDO,
(Q HO FDVR GHO FLUFXLWR HOpFWULFR OD FRUULHQWH VREUH HO LQGXFWRU QR SXHGH YDULDU
LQVWDQWiQHDPHQWH DVtFRPRODWHQVLyQVREUHHOFDSDFLWRU6RQHVWDVFDUDFWHUtVWLFDVTXHKDFHQ
FRQTXHHOPRGHORPDWHPiWLFRGHOVLVWHPDVHDXQDHFXDFLyQGLIHUHQFLDO
/D )LJXUD SUHVHQWD GRV JUiILFRV GH VROXFLRQHV WtSLFDV GH ODV HFXDFLRQHV , R ,
GHSHQGLHQGRGHOYDORUGHORVSDUiPHWURV0% \. R/5 \&UHVSHFWLYDPHQWH
&XUVR/,0$3(5Ò± ,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[

UHVSRVWDDRGHJUDX

WHPSRV
)LJXUD 5HVSXHVWDDO(VFDOyQGHO6LVWHPDGH2UGHQ
/D)LJXUDDPXHVWUDGLYHUVRVIHQyPHQRVGLQiPLFRVTXHDSDUHFHQHQVLVWHPDVGHSRWHQFLD\
VXVUHVSHFWLYDVFRQVWDQWHVGHWLHPSR
'HVFDUJDV$WPRVIpULFDV
&KDYHDPHQWRV
5HVV6XEVtQFURQD
(VW7UDQV'LQkPLFD
'LQ/RQJR3UD]R
&$*
'HPDQGD
H H H H H H H H H
VHJXQGRV
JUDX+] FLFOR PLQXWR
)LJXUDD )HQyPHQRV'LQiPLFRVHQ6LVWHPDVGH3RWHQFLD
&XUVR/,0$3(5Ò± ,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
,, ,1752'8&&,21 $ /$ (67$%,/,'$' '(

6,67(0$6'(327(1&,$
,, &RQFHSWRV%iVLFRV\'HILQLFLRQHV
/D HVWDELOLGDG GH XQ VLVWHPD HV XQD FRQGLFLyQ GH HTXLOLEULR HQWUH IXHU]DV RSXHVWDV
PHFDQLVPR HQ HO FXDO PiTXLQDV VLQFURQtDV LQWHUFRQHFWDGDV PDQWLHQHQ HO VLQFURQLVPR HQ
UHODFLyQ XQDV D RWUDV HV D WUDYpV GH IXHU]DV UHVWDXUDGRUDV TXH DSDUHFHQ VLHPSUH FXDQGR
H[LVWHQ IXHU]DV TXH WLHQGHQ D DFHOHUDU R GHVDFHOHUDU XQD R PiV PiTXLQDV FRQ UHVSHFWR D ODV
RWUDV PiTXLQDV (Q HO HVWDGR GH UpJLPHQ SHUPDQHQWH H[LVWH XQ HTXLOLEULR HQWUH HO WRUTXH
PHFiQLFR PRWUL] \ HO WRUTXH GH FDUJD HOpFWULFD HQ FDGD PiTXLQD KDFLHQGR FRQ TXH OD
YHORFLGDG GHO URWRU SHUPDQH]FD FRQVWDQWH 6L HO VLVWHPD HV SHUWXUEDGR HVWH HTXLOLEULR HV
GHVKHFKR UHVXOWDQGRHQDFHOHUDFLyQRGHVDFHOHUDFLyQGHORVURWRUHVGHODVPiTXLQDVTXHVRQ
UHJLGDV SRU ODV OH\HV GHO PRYLPLHQWR URWDFLRQDO GH XQ FXHUSR 6L XQ JHQHUDGRU
WHPSRUDULDPHQWH VH DFHOHUDU HQ UHODFLyQ D RWURJHQHUDGRU OD SRVLFLyQDQJXODUGHVXURWRUHQ
UHODFLyQDOURWRUGHODPiTXLQDPiVOHQWDDYDQ]DUi(VWDGLIHUHQFLDDQJXODUKDFHFRQTXHSDUWH
GHODFDUJDGHOJHQHUDGRUPiVOHQWRVHWUDQVILHUDSDUDHOJHQHUDGRUPiVUiSLGRGHSHQGLHQGR
GHODFXUYD3RWHQFLDÈQJXOR(VWHIHQyPHQRWLHQGHDUHGXFLUODGLIHUHQFLDGHYHORFLGDGHSRU
FRQVLJXLHQWHODGLIHUHQFLDDQJXODUHQWUHORVGRVJHQHUDGRUHV/DUHODFLyQ3RWHQFLDÈQJXORHV
QROLQHDO\GHVSXpVGHXQFLHUWROtPLWHXQDXPHQWRHQODVHSDUDFLyQDQJXODUHVDFRPSDxDGR
FRQ XQD GLVPLQXFLyQ GH OD SRWHQFLD WUDQVIHULGD HVWR KDFH DXPHQWDU D~Q PiV OD VHSDUDFLyQ
DQJXODU HQWUH ODV PiTXLQDV DXPHQWDQGR HO IHQyPHQR GH OD LQHVWDELOLGDG R SpUGLGD GH
VLQFURQLVPR (Q FXDOTXLHU VLWXDFLyQ OD HVWDELOLGDG GHO VLVWHPD OD HVWDELOLGDG GHO VLVWHPD
GHSHQGHUiGHODH[LVWHQFLDGHVXILFLHQWHVWRUTXHVUHVWDXUDGRUHVGHVSXpVGHXQDSHUWXUEDFLyQ
&XDQGRXQDPiTXLQDVtQFURQDSLHUGHHVLQFURQLVPRGHOUHVWRGHOVLVWHPDVXURWRUJLUDHQXQD
YHORFLGDG PD\RU R PHQRU TXH QHFHVLWD SDUD JHQHUDU WHQVLRQHV HQ OD IUHFXHQFLD QRPLQDO GR
VLVWHPD (O GHVOL]DPLHQWR HQWUH HO FDPSR GHO HVWDWRU TXH FRUUHVSRQGH D OD IUHFXHQFLD GHO
VLVWHPD\HOFDPSRGHOURWRUUHVXOWDHQJUDQGHVIOXFWXDFLRQHVHQODSRWHQFLDGHVDOLGDGHOD
PiTXLQD HQ ODV FRUULHQWHV \ WHQVLRQHV HVWR KDFH FRQ TXH HO VLVWHPD GH SURWHFFLyQ DtVOH OD
PiTXLQDGHOUHVWRGHOVLVWHPD
/DSpUGLGDGHVLQFURQLVPRSXHGHRFXUULUHQWUHXQJHQHUDGRU\RHOUHVWRGHOVLVWHPDRHQWUH
JUXSRV GH JHQHUDGRUHV (Q HVWH ~OWLPR FDVR HO VLQFURQLVPR SRGUi VHU PDQWHQLGR HQ ORV
VLVWHPDVDLVODGRV
(Q VLVWHPDV GH SRWHQFLD HO FDPELR GHO WRUTXH HOpFWULFR GH XQD PiTXLQD VtQFURQD
GHVSXpVGHXQDSHTXHxDSHUWXUEDFLyQSXHGHVHUGHVFRPSXHVWDHQGRVFRPSRQHQWHV
'7H .6 'G . ' 'Z ,
GRQGH.6 'G '76 HV XQDFRPSRQHQWHGHYDULDFLyQGHWRUTXHHQIDVHFRQODSHUWXUEDFLyQ
GHO iQJXOR GHO URWRU 'G \ HV UHIHULGD FRPR FRPSRQHQWH GH WRUTXH VLQFURQL]DQWH.6 HV HO
FRHILFLHQWH GHO WRUTXH VLQFURQL]DQWH <D OD SDUWH .' 'Z '7' HV OD FRPSRQHQWH GH OD
YDULDFLyQ GHO WRUTXH HQ IDVH FRQ OD SHUWXUEDFLyQ GH OD YHORFLGDG'Z \ HV UHIHULGD FRPR
FRPSRQHQWH GH WRUTXH GH DPRUWLJXDPLHQWR .' HV HO FRHILFLHQWH GH WRUTXH GH
DPRUWLJXDPLHQWR
/D HVWDELOLGDG GHO VLVWHPD GHSHQGH GH OD H[LVWHQFLD GH ODV GRV FRPSRQHQWHV GH WRUTXH SDUD
FDGD PiTXLQD VtQFURQD /D LQVXILFLHQFLD GHO WRUTXH GH VLQFURQLVPR UHVXOWD XQD LQHVWDELOLGDG
DSHULyGLFDGHOiQJXORGHOURWRU3RURWURODGRODLQVXILFLHQFLDGHOWRUTXHGHDPRUWLJXDPLHQWR
UHVXOWDXQDLQVWDELOLGDGRVFLODWRULDGHOiQJXORGHOURWRU
&XUVR/,0$3(5Ò± ,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
3DUD IDFLOLGDG GHO HQWHQGLPLHQWR GHO IHQyPHQR GH OD HVWDELOLGDG DQJXODU HQ VLVWHPDV GH
SRWHQFLDHVXVXDOODFODVLILFDFLyQGHOIHQyPHQRHQODVVLJXLHQWHVGRVFDWHJRUtDV
D(VWDELOLGDGIUHQWHDSHTXHxDVSHUWXUEDFLRQHVHV ODKDELOLGDGGHOVLVWHPDGHPDQWHQHUVHHQ
VLQFURQLVPRIUHQWHDSHTXHxDVSHUWXUEDFLRQHV(VWDVSHUWXUEDFLRQHVRFXUUHQFRQWLQXDPHQWHHQ
HO VLVWHPD GHELGR D SHTXHxDV YDULDFLRQHV GH FDUJD \ JHQHUDFLyQ 8QD SHUWXUEDFLyQ HV
FRQVLGHUDGDVXILFLHQWHPHQWHSHTXHxDVLQRWHQGUiFRQVLGHUDEOHSpUGLGDGHSUHFLVLyQFXDQGRVH
DQDOL]DHOIHQyPHQRDWUDYpVGHXQPRGHOROLQHDOL]DGR/DLQHVWDELOLGDGUHVXOWDQWHSXHGHVHU
GH GRV IRUPDV L DXPHQWR PRQRWyQLFR DSHULyGLFR HQ HO iQJXOR GHO URWRU GHELGR D
LQVXILFLHQFLD GHO WRUTXH VLQFURQL]DQWH R LL GH ODV RVFLODFLRQHV DQJXODUHV GH OD DPSOLWXGHV
FUHFLHQWHV GHELGR D OD LQVXILFLHQFLD GHO WRUTXH GH DPRUWLJXDPLHQWR /D QDWXUDOH]D GH OD
UHVSXHVWD GHOVLVWHPD GHELGR D XQD SHTXHxD SHUWXUEDFLyQ GHSHQGH GH XQQ~PHURGHIDFWRUHV
GRQGHVHLQFOX\HQHQWUHRWURVODFRQGLFLyQLQLFLDOGHOVLVWHPDHOVLVWHPDGHWUDQVPLVLyQ\HO
WLSR GH ORV VLVWHPDV GH H[FLWDFLyQ XWLOL]DGRV 3DUD XQ JHQHUDGRU VLQ VLVWHPD GH H[FLWDFLyQ
FRQHFWDGRUDGLDOPHQWHDXQJUDQVLVWHPDGHSRWHQFLDODDFRQWHFHXQDLQHVWDELOLGDGGHELGRDOD
LQVXILFLHQFLD GH WRUTXH GH VLQFURQLVPR 4XH KDFH TXH HO VLVWHPD SLHUGD OD HVWDELOLGDG
DSHULRGLFDPHQWH (Q HO FDVR HQ TXH HO JHQHUDGRU SRVHH XQ VLVWHPD GH H[FLWDFLyQ HO TXH
DFRQWHFH HQ JHQHUDO HV XQD SHUGLGD GH VLQFURQLVPR RVFLODWRULD GHELGR D OD LQVXILFLHQFLD GH
WRUTXH GH DPRUWLJXDPLHQWR /D )LJXUD LOXVWUD OD QDWXUDOH]D GHO IHQyPHQR GH LQVWDELOLGDG
UHODFLRQDGDDORVWRUTXHVGHVLQFURQLVPR\GHDPRUWLJXDPLHQWR
'Z (VWDEOH
'76 !
'7' '7' !
'G
WHPSR
'76 'G
'Z ,QHVWDEOH
DSHULyGLFR
'7' '76
'7' !
'G
'76 'G
WHPSR
'Z ,QHVWDEOH
RVFLODWRULR
'76 !
'7'
'G
'76 'G
WHPSR
'7'
&XUVR/,0$3(5Ò± ,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
)LJXUD 5HVSXHVWD'LQiPLFDGHVSXpVGH3HTXHxDV3HUWXUEDFLRQHV
(QORVVLVWHPDVGHSRWHQFLDDFWXDOHVODHVWDELOLGDGIUHQWHDSHTXHxDVSHUWXUEDFLRQHVHVWiFDVL
VLHPSUH UHODFLRQDGD FRQ OD LQVXILFLHQFLD GH DPRUWLJXDPLHQWR GH RVFLODFLRQHV /D HVWDELOLGDG
GHORVVLJXLHQWHVPRGRVGHRVFLODFLRQHVHVHYDOXDGD
x 0RGRVORFDOHV ± VRQDVRFLDGRVDODVRVFLODFLRQHVHQWUHODVXQLGDGHVJHQHUDGRUDV\HOUHVWR
GHO VLVWHPD (Q HVH FDVR ODV XQLGDGHV JHQHUDGRUDV GH XQD SODQWD GH JHQHUDFLyQ RVFLODQ
FRKHUHQWHPHQWHFRQWUDHOVLVWHPD
x 0RGRV LQWUDSODQWD ± FRQ DVRFLDGRV D ODV RVFLODFLRQHV HQWUH ODV XQLGDGHV JHQHUDGRUDV GH
XQDPLVPDSODQWDGHJHQHUDFLyQ
x 0RGRVHQWUHiUHDV± VRQDVRFLDGRVDODVRVFLODFLRQHVHQWUHJUXSRVGHJHQHUDGRUHVGHXQD
SDUWHGHOVLVWHPDFRQWUDRWURJUXSRGHJHQHUDGRUHVHQRWUDSDUWHGHOVLVWHPD(QJHQHUDO
DSDUHFHQFXDQGRGRViUHDVVRQFRQHFWDGDVSRULQWHUPHGLRGHXQVLVWHPDGHWUDQVPLVLyQGH
DOWDLPSHGDQFLD
x 0RGRV GH FRQWURO ± VRQ DVRFLDGRV D ODV RVFLODFLRQHV FDXVDGDV SRU ORV FRQWUROHV GH ORV
VLVWHPDVGHH[FLWDFLyQUHJXODGRUHVGHYHORFLGDGFRQYHUVRUHV&$&&HWF
x 0RGRV WRUVLRQDOHV ± VRQ DVRFLDGRV FRQ ORV FRPSRQHQWHV URWDFLRQDOHV GH ORV HMHV GH OD
WXUELQD\GHOJHQHUDGRU/DLQVWDELOLGDGGHORVPRGRVWRUVLRQDOHVSXHGHVHUFDXVDGDSRUOD
LQWHUDFFLyQ FRQ ORV VLVWHPDV GH H[FLWDFLyQ FRQWUROHV GH VLVWHPDV &&$7 \ OtQHDV GH
WUDQVPLVLyQFRQFRPSHQVDFLyQVHULH
E (VWDELOLGDGIUHQWHDJUDQGHVSHUWXUEDFLRQHV HVWDELOLGDGWUDQVLWRULDHVODKDELOLGDGGHXQ
VLVWHPDGHSRWHQFLDPDQWHQHUVHHQVLQFURQLVPRFXDQGRVXMHWRDXQDJUDQSHUWXUEDFLyQFRPR
XQFRUWRFLUFXLWRWULIiVLFR\XQDSpUGLGDGHXQWURQFRGHWUDQVPLVLyQ/DUHVSXHVWDGHOVLVWHPD
HQ HVWRV FDVRV HQYXHOYH JUDQGHV H[FXUVLRQHV GH ORViQJXORV GH ORVURWRUHV VLHQGRHQWRQFHV
DOWDPHQWHLQIOXLGRVSRUODUHODFLyQQROLQHDOGHODSRWHQFLDHOpFWULFDFRQHOiQJXORGHOURWRU/D
HVWDELOLGDG YD D GHSHQGHU GHO SXQWR LQLFLDO GH RSHUDFLyQ \ GH OD QDWXUDOH]D \ GXUDFLyQ GH OD
SHUWXUEDFLyQ
,, &ODVLILFDFLyQGHOD(VWDELOLGDGGH6LVWHPDVGH3RWHQFLD
$SHVDUGHODHVWDELOLGDGHQVLVWHPDVGHSRWHQFLDVHXQSUREOHPD~QLFRQRHVFRQYHQLHQWHR
LQFOXVR IDFWLEOH HVWXGLDUOR GH IRUPD ~QLFD 9DULDV IRUPDV GH HVWDELOLGDG DFRQWHFHQ HQ XQ
VLVWHPD GH SRWHQFLD GRQGH VRQ LQIOXLGDV SRU YDULRV IDFWRUHV GLIHUHQWHV (/ HVWXGLR GH ORV
SUREOHPDV GH HVWDELOLGDG OD LGHQWLILFDFLyQ GH ORV IDFWRUHV HVHQFLDOHV TXH LQIOX\HQ HQ OD
LQHVWDELOLGDGGHOVLVWHPD\ODIRUPDFLyQGHPpWRGRVTXHPHMRUDQODVHJXULGDGGHODRSHUDFLyQ
VRQ PHMRU HQWHQGLGDV VL ODV GLYHUVDV IRUPDV GH HVWDELOLGDG IXHUDQ FODVLILFDGDV HQ GLIHUHQWHV
FDWHJRUtDV(VDVVRQEDVDGDVHQODVVLJXLHQWHVFRQVLGHUDFLRQHV
x /DQDWXUDOH]DItVLFDGHODLQHVWDELOLGDG
x 7DPDxRGHODSHUWXUEDFLyQFRQVLGHUDGD
x /RV HTXLSDPLHQWRV ORV SURFHVRV \ HO GRPLQLR GHO WLHPSR TXH GHEHQ VHU
FRQVLGHUDGRVGHIRUPDSDUDGHWHUPLQDUODHVWDELOLGDG
x 0pWRGRPiVDSURSLDGRSDUDHOFiOFXORRSUHYLVLyQGHODHVWDELOLGDG
/D )LJXUD PXHVWUD HO FXDGUR JHQHUDO GHO SUREOHPD GH HVWDELOLGDG HQ VLVWHPDVGH SRWHQFLD
LGHQWLILFDQGRVXVFODVHV\VXEFODVHVHQWpUPLQRVGHODVFDWHJRUtDVSUHYLDPHQWHPHQFLRQDGDV
&XUVR/,0$3(5Ò± ,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
(67$%,/,'$'('(6,67(0$6'(327Ç1&,$
&DSDFLGDGHGHSHUPDQHFHUHPHTXLOtEULRRSHUDWLYR
(TXLOtEULRHQWUHIRUoDVHPRSRVLomR
(67$%,/,'$'( (67$%,/,'$'(
$1*8/$5 '(7(162
&DSDFLGDGHGHPDQWHUVLQFURQLVPR &DSDFLGDGHGHPDQWHUSHUILOGHWHQVmR
DFHLWiYHOHPUHJLPHSHUPDQHQWH
(TXLOtEULRGHWRUTXHVQDVPiTXLQDVVtQFURQDV
%DODQoRGHSRWrQFLDUHDWLYD
(67$%,/,'$'($
(67$%,/,'$'( (67$%,/,'$'( (67$%,/,'$'( *5$1'(6 3(48(1$6
3(48(1$6
75$16,7Ï5,$ 0,'7(50 /21*7(50 3(5785%$d®(6 3(5785%$d®(6
3(5785%$d®(6
*UDQGHVSHUWXUEDo}HV 3HUWXUEDo}HVVHYHUDV *UDQGHVSHUWXUEDo}HV 5HODo}HV3[9H4[9HP

UHJLPHSHUPDQHQWH
0pWRGRV/LQHDUHV 3ULPHLURVZLQJ *UDQGHVH[FXUV}HVGHWHQVmRHIUHTrQFLD (YHQWRVFKDYHDGRV
0DUJHPGHHVWDELOLGDGH
(VWXGRVDWpV 'LQkPLFDGH2/7&H
'LQkPLFDUiSLGDHOHQWD )UHTrQFLDGRVLVWHPD
FDUJDV 5HVHUYDGHUHDWLYR
FRQVWDQWHHXQLIRUPH
3HUtRGRGHHVWXGRGH
&RRUGHQDomRGH 3RQWRGH&RODSVR
YiULRVPLQXWRV 'LQkPLFDOHQWD
,167$%,/,'$'( ,167$%,/,'$'( SURWHomRHFRQWUROHV
$3(5,Ï',&$ 26&,/$7Ï5,$ 0pWRGRV/LQHDUHV
3HUtRGRGHHVWXGRGH
GH]HQDVGHPLQXWRV
7RUTXHGHVLQFURQLVPR 7RUTXHGHDPRUWHFLPHQWRLQVXILFLHQWH
LQVXILFLHQWH
$omRGHFRQWUROHGHVHVWDELOL]DQWH
02'26/2&$,6 02'26,17(5È5($6 02'26'(&21752/( 02'267256,21$,6
)LJXUD &ODVLILFDFLyQGH(VWDELOLGDGHQ6LVWHPDVGH3RWHQFLD
&XUVR/,0$3(5Ò± ,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
,,, (67$%,/,'$'75$16,725,$
(VWDELOLGDG WUDQVLWRULD HV OD KDELOLGDG GHO VLVWHPD GH SRWHQFLD PDQWHQHU VX VLQFURQLVPR
GHVSXpV GH VXIULU XQD JUDQ SHUWXUEDFLyQ FRPR SRU HMHPSOR X FRUWR FLUFXLWR SpUGLGD GH
JHQHUDFLyQ R SpUGLGD GH XQD JUDQ FDUJD /D UHVSXHVWD GHO VLVWHPD SDUD WDOHV SHUWXUEDFLRQHV
HQYXHOYH JUDQGHV YDULDFLRQHV GH ORV iQJXORV GH ORV URWRUHV GH ORV JHQHUDGRUHV IOXMRV GH
SRWHQFLD YDORU GH ODV WHQVLRQHV \ RWUDV YDULDEOHV /D HVWDELOLGDG IUHQWH D JUDQGHV
SHUWXUEDFLRQHV HV LQIOXLGD SRU ODV FDUDFWHUtVWLFDV QR OLQHDOHV GHORV VLVWHPDV GH SRWHQFLD /D
SpUGLGD GH VLQFURQLVPR GHELGR D OD LQHVWDELOLGDG WUDQVLWRULD HV XVXDOPHQWH SHUFLELGD HQ ORV
SULPHURVVHJXQGRVGHVSXpVGHOGLVWXUELR
,,, 8QD9LVLyQ(OHPHQWDOGHOD(VWDELOLGDG7UDQVLWRULD
&RQVLGHUHHOVLVWHPDPRVWUDGRHQOD)LJXUD(VWiFRPSXHVWRGHXQJHQHUDGRUFRQHFWDGRDXQ
JUDQVLVWHPDUHSUHVHQWDGRSRUXQDEDUUDLQILQLWDDWUDYpVGHXQWUDQVIRUPDGRUHOHYDGRU\GRV
OtQHDVGHWUDQVPLVLyQ
(%
(W ;
;WU
;
)LJXUD 6LVWHPD0iTXLQD[%DUUD,QILQLWD
3UHVHQWDUHPRVFRQFHSWRVIXQGDPHQWDOHV\SULQFLSLRVGHHVWDELOLGDGWUDQVLWRULDDWUDYpVGHXQ
DQiOLVLV VLPSOH HQYROYLHQGR PRGHORV VLPSOLILFDGRV /DV UHVLVWHQFLDV VRQ GHVSUHFLDGDV HO
JHQHUDGRU HV UHSUHVHQWDGR SRU XQ PRGHOR FOiVLFR \ OD DFWXDFLyQ GHO UHJXODGRU GH YHORFLGDG
WDPELpQHVGHVSUHFLDGD(OFLUFXLWRHTXLYDOHQWHHVPRVWUDGRHQOD)LJXUD/DWHQVLyQWUDVOD
UHDFWDQFLD WUDQVLWRULD ;¶G HV UHSUHVHQWDGD SRU (¶ (O iQJXOR G UHSUHVHQWD HO iQJXOR GH OD
WHQVLyQ(¶HQUHODFLyQDOiQJXORGHODWHQVLyQGHODEDUUDLQILQLWD(E WRPDGDFRPRUHIHUHQFLD
/DUHDFWDQFLD;7 UHSUHVHQWDODUHDFWDQFLDHTXLYDOHQWHHQWUHODWHQVLyQLQWHUQDGHOJHQHUDGRU(¶
\ OD WHQVLyQ GH OD EDUUD LQILQLWD (E &XDQGR HO VLVWHPD HV SHUWXUEDGR OD PDJQLWXG GH (¶
SHUPDQHFHLQDOWHUDGD\G VHDOWHUDGHELGRODYDULDFLyQGHODYHORFLGDGGHOURWRUGHOJHQHUDGRU
HQUHODFLyQDODYHORFLGDGVtQFURQDZ
;7
3H
(
G (%
)LJXUD &LUFXLWR(TXLYDOHQWH5HGXFLGRGHO6LVWHPD0iTXLQD[%DUUD,QILQLWD
5HFXpUGHVH TXH OD SRWHQFLD HOpFWULFD DFWLYD HQWUHJDGD SRU XQ JHQHUDGRU HV GDGD SRU OD
(FXDFLyQ,,
( c (E
3H VLQ G 3PD[ VLQ G ,,
;7
&RPRODUHVLVWHQFLDGHOHVWDWRUIXHGHVSUHFLDGD3H UHSUHVHQWDQRVRORODSRWHQFLDDFWLYDHQHO
HQWUHKLHUURDVtFRPRODSRWHQFLDWHUPLQDOGHOJHQHUDGRU/DFXUYD3RWHQFLDÈQJXORFRQODV
&XUVR/,0$3(5Ò± ,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
GRVOtQHDVHQVHUYLFLRHVUHSUHVHQWDGDHQOD)LJXUD FRPR&XUYD/DSRWHQFLDHOpFWULFD3H
JHQHUDGDHQUpJLPHQSHUPDQHQWHVHLJXDODODSRWHQFLDPHFiQLFD3P HQWUHJDGDDOJHQHUDGRU
HVWH SXQWR GH RSHUDFLyQ HV UHSUHVHQWDGR SRU HO SXQWR D HQ OD &XUYD (O iQJXOR
FRUUHVSRQGLHQWHHVGD

3HFRPDPEDV

/7
VHPVHUYLoR

3P D E
3HFRP/7
3

IRUDGHVHUYLoR

GD GE

G JUDXV
)LJXUD 5HODFLyQ3RWHQFLD± ÈQJXORGHO6LVWHPD0iTXLQD[%DUUD,QILQLWD

6L XQD GH ODV OtQHDV HVWi IXHUD GH VHUYLFLR OD UHDFWDQFLD GH WUDQVIHUHQFLD ;7 HV PD\RU /D
FXUYD3RWHQFLDÈQJXORFRQXQDGHODVOtQHDVIXHUDGHVHUYLFLRHVUHSUHVHQWDGDHQOD)LJXUD
FRPR &XUYD (Q HVWH FDVR OD Pi[LPD SRWHQFLD D VHU WUDQVIHULGD HV PHQRU &RQ OD PLVPD
SRWHQFLDPHFiQLFD3P HQWUHJDDOJHQHUDGRUHOiQJXORDKRUDHVGETXHFRUUHVSRQGHDOSXQWRE
HQOD&XUYD&RQXQDUHDFWDQFLDGHWUDQVIHUHQFLDPD\RUHOiQJXORGHEHVHUPD\RUGHIRUPD
TXHODPLVPDSRWHQFLDHOpFWULFDSXHGDVHUWUDQVPLWLGD
,,, 5HVSXHVWDDXQ(VFDOyQGH3RWHQFLD0HFiQLFD
9DPRV D DQDOL]DU HO FRPSRUWDPLHQWR WUDQVLWRULR GHO VLVWHPD FRQ ODV GRV OtQHDV HQ VHUYLFLR
FXDQGR OD SRWHQFLD PHFiQLFD HQWUHJDGD DO JHQHUDGRU VXIUH XQD YDULDFLyQ HQ HVFDOyQ GH XQ
YDORULQLFLDO3P DXQYDORUILQDO3P FRPRVHPXHVWUDHQOD)LJXUD
&XUVR/,0$3(5Ò± ,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[

ÈUHD$
F
ÈUHD$
3P E

3P D
3

G G GP

G JUDXV
)LJXUD 5HVSXHVWDDO(VFDOyQGH3RWHQFLD0HFiQLFD
'HELGRDODLQHUFLDGHOURWRUHOiQJXORQRSXHGHYDULDULQVWDQWiQHDPHQWHGHOYDORULQLFLDOG
SDUDGFRUUHVSRQGLHQGRDOQXHYRSXQWRGHHTXLOLEULREGRQGH3H 3P/DSRWHQFLDPHFiQLFD
HVPD\RUTXHODSRWHQFLDHOpFWULFDORTXHKDFHTXHHOURWRUFRPLHQFHDDFHOHUDUGHIRUPDTXH
DOFDQFH HO SXQWR GH HTXLOLEULR E WUD]DQGR OD FXUYD3H G /D GLIHUHQFLD HQWUH 3P H 3H HQ
FXDOTXLHULQVWDQWHUHSUHVHQWDODSRWHQFLDDFHOHUDQWH
&XDQGRHOSXQWREHVDOFDQ]DGRODSRWHQFLDDFHOHUDQWHHVFHURVLQHPEDUJRODYHORFLGDGGHO
URWRU HV PD\RUTXH OD YHORFLGDGVtQFURQDZ 'H HVWD IRUPDHOiQJXORGHOURWRUFRQWLQXDHQ
DXPHQWR3DUDYDORUHVGHG PD\RUHVTXHG3H HVPD\RUTXH3PHQWRQFHVHOURWRUGHVDFHOHUD
KDVWD TXH XQ iQJXOR Pi[LPR GP VHD DOFDQ]DGR \ HO URWRU HVWH QXHYDPHQWH HQ OD YHORFLGDG
VtQFURQDVLQ HPEDUJR3H HV DKRUDPD\RUTXH3P (O URWRUFRQWLQ~DODGHVDFHOHUDFLyQDXQD
YHORFLGDGDEDMRGHODYHORFLGDGVtQFURQDHOSXQWRGHRSHUDFLyQUHWUDVDDODFXUYD3H G GHF
SDUDE\GHYXHOWDSDUDD(OiQJXORGHOURWRUHQWRQFHVRVFLODLQGHILQLGDPHQWHDOUHGHGRUGHO
QXHYR SXQWR GH HTXLOLEULR G (Q OD SUDFWLFD H[LVWHQ YDULDV IXHQWHV GH DPRUWLJXDPLHQWR
SRVLWLYRHQHOVLVWHPDHQUROODPLHQWRVGHDPRUWLJXDPLHQWRVHxDOHVDGLFLRQDOHVHVWDELOL]DQWHV
HWF TXH KDFHQ FRQ ODV TXH HVWDV RVFLODFLRQHV VH DPRUWLJXDQ DOFDQ]DQGR HO SXQWR GH
HTXLOLEULRE
,,, &ULWHULRGHODV ÈUHDV,JXDOHV
3DUDHOPRGHORHQFXHVWLyQQRHVQHFHVDULRUHVROYHUH[SOLFLWDPHQWHODHFXDFLyQGHRVFLODFLyQ
,, SDUDTXHVHGHWHUPLQHVLHOiQJXORGHOURWRUDXPHQWDLQGHILQLGDPHQWHX RVFLODDOUHGRUGH
1 6
XQSXQWRGHHTXLOLEULR
G G Z
3P 3H ,,
GW +
,QIRUPDFLRQHVUHODFLRQDGDVDODH[FXUVLyQPi[LPDGHOiQJXORGP\DOOtPLWHGHHVWDELOLGDG
SRGHQVHUREWHQLGDVJUiILFDPHQWHSRUODFXUYD3RWHQFLDÈQJXOR$SHVDUGHHVWHPpWRGRQRHV
DSOLFDGR DO FDVR PXOWLPiTXLQDV FRQ PRGHORV GHWDOODGRV GH ORV JHQHUDGRUHV HVWR D\XGD D
HQWHQGHUFRQFHSWRVEiVLFRVTXHLQIOX\HQHQOD HVWDELOLGDGWUDQVLWRULDGHFXDOTXLHUVLVWHPD
(Q ,, 3H HV XQD IXQFLyQ QR OLQHDO GH G \ HQWRQFHV ,, QR SXHGH VHU H[SOtFLWDPHQWH
VROXFLRQDGD6LDPERVODGRVIXHUDQPXOWLSOLFDGRVSRU GG GW HLQWHJUDQGRVHOOHJDD
&XUVR/,0$3(5Ò± ,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
I
1 6
WHOID[
GG "#
! GW $
Z 3P 3H

GG ,,
+
3DUDXQDRSHUDFLyQHVWDEOHHOGHVYLRGHODYHORFLGDGGGGWGHEHVHUOLPLWDGRDOFDQ]DQGRXQ
YDORU Pi[LPR SXQWR F HQ OD )LJXUD \ HQWRQFHV FDPELDQGR GH GLUHFFLyQ 3DUD HVR OD
I
YDULDFLyQGHODYHORFLGDGGGGWVHWRUQDFHURGHVSXpVGHDOJ~QWLHPSRGHVSXpVGHOGLVWXUELR
1 6
'HOD(FXDFLyQ,, VHSXHGHTXLWDUHOVLJXLHQWHFULWHULRGHHVWDELOLGDG
GP Z
3P 3H
GG ,,
G +
GRQGHG HVHOiQJXORLQLFLDOGHOURWRU\GP HVHOiQJXORPi[LPRGHOURWRUFRQIRUPHPRVWUDGR
HQ OD )LJXUD(QWRQFHVHOiUHDDEDMRGHODIXQFLyQ3P3H GHEHVHUFHURVLHOVLVWHPDIXHUD
I1
HVWDEOH (Q OD )LJXUD HVWD FRQGLFLyQ HV VDWLVIHFKD FXDQGR HO iUHD $ HV LJXDO DO iUHD $
&XDQGRHOiQJXORG SDVDGHG SDUDGODHQHUJtDPHFiQLFDHVWUDQVIHULGDSDUDHOURWRUHQOD
6
IRUPDGHHQHUJtDFLQpWLFDKDFLpQGRORDFHOHUDU (VWDHQHUJtDHVFDOFXODGDSRU
I1
( 3P 3H GG iUHD$ ,,
G
6
G
/DHQHUJtDSHUGLGDGXUDQWHODGHVDFHOHUDFLyQFXDQGRG SDVDGHG SDUDGP HV

( 3H 3P GG iUHD$ ,,
GP
G
&RPR WRGDV ODV SpUGLGDV IXHURQ LJQRUDGDV OD HQHUJtD GH JDQDQFLD HV LJXDO D OD HQHUJtD
SHUGLGDHQWRQFHVHOiUHD$ HVLJXDODOiUHD$(VWHKHFKRIRUPDODEDVHGHOFULWHULRGHODV
iUHDVLJXDOHV(VWHFULWHULRQRVSHUPLWHFDOFXODUHOPi[LPRiQJXORG SDUDTXHODHVWDELOLGDGVH
PDQWHQJDVLQTXHVHDQHFHVDULRXQDVROXFLyQH[SOtFLWDGDODHFXDFLyQGHRVFLODFLyQ
(O FULWHULR WDPELpQ SXHGH VHU XWLOL]DGR SDUD GHWHUPLQDU HO Pi[LPR DXPHQWR SRVLEOH GH OD
SRWHQFLD PHFiQLFD3P /D HVWDELOLGDG HV PDQWHQLGD VRODPHQWH VH H[LVWH XQD iUHD $ SRU OR
PHQRV LJXDO DO iUHD $ ORFDOL]DGD DUULED GH3P 6L $ HV PD\RU TXH $ OD HVWDELOLGDG VHUi
SHUGLGDSXHVGP !G/ G/ G(VRVHGHEHDOKHFKRGHTXHSDUDG !G/3P HVPD\RU
TXH3H HHOWRUTXHOtTXLGRHVDFHOHUDQWHDOFRQWUDULRGHGHVDFHOHUDQWH
,,, 5HVSXHVWDDXQFRUWRFLUFXLWR
9DPRV D FRQVLGHUDUOD UHVSXHVWD GHOVLVWHPD SDUDXQ FRUWRFLUFXLWR WULIiVLFR ORFDOL]DGRHQ HO
SXQWR)FRQIRUPHPRVWUDGRHQOD)LJXUDD(OFLUFXLWRHTXLYDOHQWHFXDQGRDVXPLHQGRXQ
PRGHORFOiVLFRSDUDHOJHQHUDGRUHVPRVWUDGRHQOD)LJXUDE(OFRUWRHVHOLPLQDGRSRUOD
DEHUWXUDGHORVGLV\XQWRUHVORFDOL]DGRVHQODVH[WUHPLGDGHVGHOFLUFXLWRHQFRUWR
(%
(W ;
;WU
; ;
D 'LDJUDPD8QLILODU
&XUVR/,0$3(5Ò± ,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
;
;
G ;WU
)
(
G ; ; (%
E &LUFXLWR(TXLYDOHQWH
)LJXUD 6LVWHPD0iTXLQD[%DUUD,QILQLWDFRQ&RUWR&LUFXLWRHQOD/tQHD
6LODORFDOL]DFLyQGHODIDOOD)SRUXQDEDUUDGHDOWDWHQVLyQGHOJHQHUDGRUQLQJXQDSRWHQFLD
HVWUDQVPLWLGDSDUDODEDUUDLQILQLWD/DFRUULHQWHGHOFRUWRFLUFXLWRIOX\HGHOJHQHUDGRUSDUDOD
IDOODDWUDYpVGHODVUHDFWDQFLDV(QWRQFHVOXHJRTXHODSRWHQFLDUHDFWLYDIOX\HHQHOVLVWHPD
KDFLHQGR FRQ TXH OD SRWHQFLD DFWLYD3H \ HO WRUTXH HOpFWULFR FRUUHVSRQGLHQWH7H GLIHUHQWH D
FHURHQHOHQWUHKLHUURGXUDQWHODIDOOD
6LODORFDOL]DFLyQGHODIDOOD)SDUDXQDFLHUWDGLVWDQFLDGHODEDUUDGHDOWDWHQVLyQFRQIRUPH
PRVWUDGR HQ ODV )LJXUDVD \E DOJXQD SRWHQFLD DFWLYD HV WUDQVPLWLGD SDUDOD EDUUD
LQILQLWDGXUDQWHODIDOOD
/DV)LJXUDVD\EPXHVWUDQODFXUYD3H [G SDUDWUHVFRQGLFLRQHVGHODUHG
L SUpIDOODFRQGRVFLUFXLWRVHQVHUYLFLR
LL FRQ XQD IDOOD WULIiVLFD HQ HO FLUFXLWR ORFDOL]DGDDXQDFLHUWDGLVWDQFLDGHOD
EDUUDGHDOWDWHQVLyQ
LLL SRVWIDOODFRQHOFLUFXLWRIXHUDGHVHUYLFLR

3HFRP/7 3HFRPDPEDV
IRUDGHVHUYLoR /7
VHPVHUYLoR

3HGXUDQWH
G
I H DIDOWD
3P D
3

F
E

G GF GP

G JUDXV
D 6LVWHPD(VWDEOH
&XUVR/,0$3(5Ò± ,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[

3HFRP/7 3HFRPDPEDV
IRUDGHVHUYLoR /7
VHPVHUYLoR

G 3HGXUDQWH
H DIDOWD
3P D
3

F
E

G GF

G JUDXV
E 6LVWHPD,QHVWDEOH
)LJXUD 5HODFLyQ3H [G SDUD6LVWHPD0iTXLQD[%DUUD,QILQLWDFRQ&RUWR&LUFXLWR
9DPRVDH[DPLQDUHOFDVRHVWDEOHGHOD)LJXUDD
L VLVWHPDHVWiRSHUDQGRFRQORVGRVFLUFXLWRVHQVHUYLFLRFRQ3H 3P \G G
LL 2FXUUHHOFRUWRFLUFXLWRDOWHUDQGRHOSXQWRGHRSHUDFLyQLQVWDQWiQHDPHQWHGH
D SDUDE
LLL 'HELGRDODLQHUFLDGHOURWRUHOiQJXORG QRFDPELDLQVWDQWiQHDPHQWH&RPR
DKRUD3P HVPD\RUTXH3HHOURWRUDFHOHUDKDFLHQGRTXHHOiQJXORDXPHQWH
KDVWDTXHHOGHIHFWRHVHOLPLQDGRSRUHODLVODPLHQWRGHOFLUFXLWRGHOVLVWHPD
LY (QHVHLQVWDQWHHOiQJXORHV GDGRSRUGF SXQWRF&RQODHOLPLQDFLyQGHOD
IDOOD HO SXQWR GH RSHUDFLyQ FDPELD LQVWDQWiQHDPHQWH SDUD HO SXQWRG \ 3H
SDVDDVHUPD\RUTXH3P
Y (O URWRU SDVD D GHVDFHOHUDU SHUR FRPR OD YHORFLGDG HV PD\RU TXH OD
YHORFLGDGVtQFURQDHOiQJXORG FRQWLQ~DDDXPHQWDUKDVWDTXHWRGDODHQHUJtD
FLQpWLFD DOPDFHQDGD HQ HO URWRU iUHD $ VHD VXPLQLVWUDGD GH YXHOWD SDUD HO
VLVWHPD(QHVWHSHULRGRHOSXQWRGHRSHUDFLyQVHPXHYHGHG SDUDHGRQGH
HOiUHD$ HVLJXDODOiUHD$
YL (Q HO SXQWR H OD YHORFLGDG HV LJXDO D OD YHORFLGDG VtQFURQD \ HO iQJXORG
DOFDQ]D VX YDORU Pi[LPRGP &RPR3H DXQ HV PD\RU TXH3P XQD SRWHQFLD
GHVDFHOHUDQWH FRQWLQ~D DSOLFDGD VREUH HO URWRU KDFLHQGR TXH OD YHORFLGDG
GHFUH]FDWRUQiQGRVHPHQRUTXHODYHORFLGDGVtQFURQD
YLL $QJXORG FRPLHQ]D HQWRQFHV D GHFUHFHU UHKDFLHQGR HO FDPLQR GHO SXQWRH
SDUD HO SXQWR G GH OD )LJXUD D (Q OD DXVHQFLD GH FXDOTXLHU IXHQWH GH
DPRUWL]DFLyQ HO URWRU FRQWLQXD RVFLODQGR LQGHILQLGDPHQWH FRQ FRQVWDQWH GH
DPSOLWXG (Q ORV VLVWHPDV UHDOHVVLHPSUH H[LVWH DOJ~Q DPRUWLJXDPLHQWR GH
IRUPDTXHHOVLVWHPDWHQGHUiXQQXHYRSXQWRGHHTXLOLEULR
&RQXQWLHPSRGHHOLPLQDFLyQGHOGHIHFWRPiVODUJRFRQIRUPHPRVWUDGRHOD)LJXUDD
HO iUHD $ DUULED GH 3P HV PHQRU TXH HO iUHD $ &XDQGR HO SXQWR GH RSHUDFLyQ DOFDQFH HO
SXQWR H OD HQHUJtD FLQpWLFD JDQD GXUDQWH HO SHUtRGR GH DFHOHUDFLyQ DXQ QR IXH WRWDOPHQWH
&XUVR/,0$3(5Ò± ,,,
81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
UHSDVDGD SDUD HO VLVWHPD H FRQVHFXHQWHPHQWH OD YHORFLGDG DXQ HV PD\RU TXH OD YHORFLGDG
VLQFUyQLFDKDFLHQGRTXHHOiQJXORG FRQWLQXpDODXPHQWDQGR$GHPiVHOSXQWRH3H HVPHQRU
TXH 3P \ HO URWRU FRPLHQ]D D DFHOHUDU QXHYDPHQWH /D YHORFLGDG \ HO iQJXOR GHO URWRU
FRQWLQ~DQDODXPHQWDUOOHYDQGRDOVLVWHPDDODSHUGLGDGHVLQFURQLVPR
,,, )DFWRUHVTXHLQIOX\HQHQODHVWDELOLGDG WUDQVLWRULD
'H ODV GLVFXVLRQHV SUHVHQWDGDV HQ ODV VHFFLRQHV DQWHULRUHV SRGHPRV FRQFOXLU
TXHODHVWDELOLGDGWUDQVLWRULDHVGHSHQGLHQWHGHORVVLJXLHQWHVIDFWRUHV
x &XDQFDUJDGRHVWiQORVJHQHUDGRUHV
x /D SRWHQFLD HQWUHJDGD SRU HO JHQHUDGRU GXUDQWH OD IDOOD (VWR GHSHQGH GH
ORFDOL]DFLyQGHODIDOOD\HOWLSRGHIDOOD
x (OWLHPSRGHHOLPLQDFLyQGHODIDOOD
x /DUHDFWDQFLDGHOVLVWHPDGHWUDQVPLVLyQSRVWIDOOD
x /D UHDFWDQFLD GHO JHQHUDGRU 8QD UHDFWDQFLD EDMD DXPHQWD OD SRWHQFLD
Pi[LPDWUDQVPLWLGD\UHGXFHHOiQJXORLQLFLDO
x /DLQHUFLDGHOJHQHUDGRU&XDQWRPD\RUVHDODLQHUFLDPHQRUHVODYDULDFLyQ
GHOiQJXOR(VWRKDFHUHGXFLUODHQHUJtDFLQpWLFDGXUDQWHODIDOODHVWRHVHO
iUHD$ HVUHGXFLGD
x /D PDJQLWXG GH OD WHQVLyQ LQWHUQD (
GHO JHQHUDGRU (VWR GHSHQGH GHO
VLVWHPDGHH[FLWDFLyQ
x /DPDJQLWXGGHODWHQVLyQGHODEDUUDLQILQLWD(E
&XUVR/,0$3(5Ò± ,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
,9 02'(/26'(0È48,1$6
,9 &LUFXLWRV$FRSODGRV0DJQpWLFDPHQWH
&LUFXLWRV HOpFWULFRV DFRSODGRV PDJQpWLFDPHQWH FRQVWLWX\HQ OD EDVH GH OD RSHUDFLyQ GH
WUDQVIRUPDGRUHV \ PiTXLQDV HOpFWULFDV (Q HO FDVR GH ORV WUDQVIRUPDGRUHV HVWRV FLUFXLWRV
HVWDFLRQDULRV VRQ DFRSODGRV PDJQpWLFDPHQWH SDUD FDPELR GH QLYHOHV GH WHQVLyQ \ FRUULHQWH
(QHOFDVRGHODVPiTXLQDVHOpFWULFDVHODFRSODPLHQWRPDJQpWLFRRFXUUHHQWUHFLUFXLWRVTXHVL
SXVLHURQHQPRYLPLHQWRHQUHODFLyQXQRVDORVRWURVDOWHQHUFRPRREMHWLYRODWUDQVIHUHQFLD
GHHQHUJtDHQWUHORVVLVWHPDVPHFiQLFRV\HOpFWULFRV
/DILJXUD UHSUHVHQWDGRVFLUFXLWRVHOpFWULFRVHVWDFLRQDULRVDFRSODGRVPDJQpWLFDPHQWH/RV
FLUFXLWRVVRQFRPSXHVWRVSRUHQUROODPLHQWRVFRQ1 \1 HVSLUDVUHVSHFWLYDPHQWHHQUROODGDV
HQ XQ Q~FOHR FRP~Q GH PDWHULDO IHUURPDJQpWLFR L H XQ PDWHULDO FX\D SHUPHDELOLGDG
PDJQpWLFDHVPXFKRPD\RUTXHHOGHODLUHP S +P
IP
5 5
IO IO
IP
)LJXUD &LUFXLWRV(OpFWULFRV$FRSODGRV0DJQpWLFDPHQWH
(OIOXMRPDJQpWLFRTXHDOFDQ]DFDGDERELQDSXHGHVHUGHVFULWRDSUR[LPDGDPHQWHFRPR
I I " I P I P
,,,
I I " I P I P
'RQGHHOIOXMRGHGLVSHUVLyQI" HVSURGXFLGRSRUODFRUULHQWHFLUFXODQGRSRUHOHQUROODPLHQWR
\HQOD]DVRORODVHVSLUDVGHOHQUROODPLHQWR'HODPLVPDPDQHUDHOIOXMRGHGLVSHUVLyQI"
HVSURGXFLGRSRUODFRUULHQWHGHOHQUROODPLHQWR\HQOD]DVRORODVHVSLUDVGHOHQUROODPLHQWR
<DHOIOX\RGHPDJQHWL]DFLyQIP HVSURGXFLGRSRUODFRUULHQWHGHOHQUROODPLHQWR\HQOD]D
WRGDVODVHVSLUDVGHORVHQUROODPLHQWRV\(OIOXMRGHPDJQHWL]DFLyQIP HVSURGXFLGRSRU
ODFRUULHQWHGHOHQUROODPLHQWR\HQOD]DWRGDVODVHVSLUDVGHORVHQUROODPLHQWRV\
/RVIOXMRVGHPDJQHWL]DFLyQSURGXFLGRVSRUFDGDXQRGHORVHQUROODPLHQWRVSXHGHQHVWDUHQHO
PLVPR VHQWLGR R HQ VHQWLGRV RSXHVWRV FRQIRUPH OD GLUHFFLyQ GH ODV FRUULHQWHV 6L HOORV
HVWXYLHUDQHQHOPLVPRVHQWLGRHOIOXMRPDJQpWLFRWRWDOHQHOQ~FOHRVHUiODVXPDGHORVIOXMRV
GH PDJQHWL]DFLyQ SURGXFLGRV SRU FDGD HQUROODPLHQWR 3RU RWUR ODGR VL ORV VHQWLGRV IXHVHQ
RSXHVWRVHOIOXMRPDJQpWLFRWRWDOVHUiODGLIHUHQFLDHQWUHORVIOXMRVGHPDJQHWL]DFLyQ(QHVWH
FDVR VH GLFH TXH XQ GH ORVHQUROODPLHQWRV HVWi PDJQHWL]DQGR HO Q~FOHR\ HORWURHVWDUiSRU
WDQWRGHVPDJQHWL]DQGR
(OHQODFHGHIOXMRGHXQHQUROODPLHQWRGHILQLGRFRPR
\ 1I ,,,
&XUVR/,0$3(5Ò± ,9

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
\XWLOL]iQGRVHODWHRUtDGHFLUFXLWRVPDJQpWLFRV>@VHSXHGHHVFULELUHOIOXMRPDJQpWLFR
HQIXQFLyQGHODFRUULHQWHGHOHQUROODPLHQWR\GHODJHRPHWUtDGHOSUREOHPD
1L 5I ,,,
GRQGH 1L HV OD IXHU]D PDJQHWRPRWUL] GHO HQUROODPLHQWR \5 HV OD UHOXFWDQFLD GHO FLUFXLWR
PDJQpWLFRGHILQLGDFRPR
O
5 ,,,
P$
GRQGH O HV OD ORQJLWXG PHGLR GHO FDPLQR PDJQpWLFR $ HV HO iUHD WUDQVYHUVDO \ P HV OD
SHUPHDELOLGDGPDJQpWLFDGHOPHGLR
8WLOL]DQGR ODV UHODFLRQHV,,, \ ,,, ORV IOXMRV PDJQpWLFRV PRVWUDGRV HQ OD )LJXUD \
GHVFULWRVSRUDOHFXDFLyQ,,, SXHGHQVHUH[SUHVDGRVFRPR
1 L 1 L 1 L
I
5" 5P 5P
,,,
1 L 1 L 1 L
I
5" 5P 5P
GRQGH5" \5" VRQODVUHOXFWDQFLDVDVRFLDGDVDORVIOXMRVGHGLVSHUVLyQGHORVHQUROODPLHQWRV
\UHVSHFWLYDPHQWH\5P HVODUHOXFWDQFLDDVRFLDGDDORVIOXMRVGHPDJQHWL]DFLyQVLHQGR
FRP~QDORVGRVHQUROODPLHQWRV
/RVHQODFHVGHOIOXMRGHORVHQUROODPLHQWRVVHUiGDGRSRUWDQWRSRU
1 1 11
\ L L L
5" 5P 5P
,,,
1 1 1 1
\ L L L
5" 5P 5P
/D LQGXFWDQFLD GH XQ FLUFXLWR HV GHILQLGD FRPR OD UHODFLyQ HQWUH HO HQODFH GH IOXMR \ OD
FRUULHQWH3DUDHOVLVWHPDPDJQpWLFRGHOD)LJXUDVHSXHGHHVFULELUTXH
1 1
/ /" /P
5" 5P
1 1
/ /" /P ,,,
5" 5P
1 1
/ /
5P
GRQGH /" \ /" VRQ ODV LQGXFWDQFLDV GH GLVSHUVLyQ \ /P \ /P VRQ ODV LQGXFWDQFLDV GH
PDJQHWL]DFLyQ GH ORV HQUROODPLHQWRV \ UHVSHFWLYDPHQWH /DV LQGXFWDQFLDV GH
PDJQHWL]DFLyQ \ ODV LQGXFWDQFLDV PXWXDV / \ / GHSHQGHQ GH OD UHOXFWDQFLD 5P \ ODV
VLJXLHQWHVUHODFLRQHVVRQYiOLGDV
/P /P
1 1
,,,
1 1
/ /P /P
1 1
8WLOL]DQGRHVWDV H[SUHVLRQHV SDUDODVLQGXFWDQFLDV ORVHQODFHV GHOIOXMR SXHGHQ VHUHVFULWRV
FRPR
&XUVR/,0$3(5Ò± ,9

81,9(56,'$'()('(5$/'25,2'(-$1(,52
"# "# "#

WHOID[
! $ ! $! $
\ / L / L \ / / L
\ /L ,,,
\ / L / L \ / / L
&RQVLGHUDQGR WRGD OD UHVLVWHQFLD GHO HQUROODPLHQWR FRQFHQWUDGD HQ XQ ~QLFR HOHPHQWR VH
SXHGHHVFULELUSDUDFDGDHQUROODPLHQWRTXH
G\
Y ULH UL ,,,
GW
RPDWULFLDOPHQWHSDUDWRGRVORVHQUROODPLHQWRVGHOVLVWHPD
G\
Y UL ,,,
GW
/DHFXDFLyQ,,, VHUiXWLOL]DGDSDUDHOPRGHODPLHQWRGHODPiTXLQDVtQFURQD\HQJHQHUDO
ODVHFXDFLRQHV VRQ HVFULWDV UHILULpQGRVH D ODVYDULDEOH D XQD PLVPD EDVHRHQHOVLVWHPDSRU
XQLGDG SX 'H HVWD IRUPD VH SXHGH KDFHU TXH OD LQGXFWDQFLD GH PDJQHWL]DFLyQ GH ORV
HQUROODPLHQWRVWHQJDHOPLVPRYDORU
(VWD HFXDFLyQFRQ WRGR VROR HV YiOLGDSDUDVLVWHPDVPDJQpWLFRV OLQHDOHV (Q HO FDVRGHORV
HTXLSDPLHQWRVHOpFWULFRVWUDQVIRUPDGRUHV\PiTXLQDVHVXVXDODODH[LVWHQFLDGHVDWXUDFLyQ
PDJQpWLFD \ GH OD KLVWpUHVLV HTXLSDPLHQWRV HQ &$ HIHFWRV QtWLGDPHQWH QROLQHDOHV (Q OD
SUDFWLFDORVPRGHORVSDUDHVWRVHTXLSDPLHQWRVVRQREWHQLGRVDSDUWLUGHODHFXDFLyQ,,, \
FRUUHJLGRVFXDQGRQHFHVDULRSDUDFRQVLGHUDUORVHIHFWRVGHODVQROLQHDOLGDGHV
/D VLPXODFLyQFRPSXWDFLRQDOGHHVWHVLVWHPDSXHGHVHUUHDOL]DGDSRUODLQWHJUDFLyQQXPpULFD
GH OD HFXDFLyQ ,,, FRQVLGHUiQGRVH TXH ODV FRUULHQWHV \ ORV HQODFHV GH IOXMR VRQ
UHODFLRQDGRVSRUODHFXDFLyQ,,,&RQVLGHUiQGRVHODVHFXDFLRQHVHQSXVHSXHGHHVFULELU
%K 1 6
TXH
%& &K

L \ \ P
' 1 6
\ /" L \ P /"
K'
,,,
\ /" L \ P
L \ \ P
/"
1\ 6"#$
GRQGH
\P 1
/P L L 6 /P
!/
\ P 6
1
\ \ P
\
/"

/ / /
"

\ \
/" /"
P
P " "
(OHIHFWRGHODVDWXUDFLyQPDJQpWLFDSXHGHVHULQFRUSRUDGDDOSUREOHPDVLODFDUDFWHUtVWLFDGH
PDJQHWL]DFLyQ FXUYD GH PDJQHWL]DFLyQ IXHUD FRQRFLGD(VWD SXHGH VHUREWHQLGD D SDUWLU GH
HQVD\RHQHOYDFtRGHOHTXLSDPLHQWRGRQGHVHGHVFRQVLGHUDVLODFDtGDGHODGHWHQVLyQHQOD
UHVLVWHQFLD GHO HQUROODPLHQWR \ SRU WDQWR OD WHQVLyQ DSOLFDGD HV SURSRUFLRQDO D OD YDULDFLyQ
GHOHQODFHGHOIOXMR/D)LJXUD SUHVHQWDXQDFXUYDGHPDJQHWL]DFLyQWtSLFD
&XUVR/,0$3(5Ò± ,9

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
\P
/PLL
LL
L
)LJXUD &XUYDGH0DJQHWL]DFLyQ7tSLFD
3RU KLSyWHVLV VH FRQVLGHUDTXHHOIOXMRPDJQpWLFRGHGLVSHUVLyQFLHUUDVXFDPLQRPDJQpWLFR
VROR SRU HO DLUH \ SRU WDQWR QR HVWi VXMHWR D OD VDWXUDFLyQ GHO PDWHULDO PDJQpWLFR 'H HVWD
IRUPD OD VDWXUDFLyQ PDJQpWLFD DIHFWD VyOR HQ HQODFH GHO IOXMR PXWXR\P (Q OD UHJLyQ QR
VDWXUDGDODLQFOLQDFLyQGHODFXUYD\P [L HVGDGDSRU/P3DUDYDORUHVHOHYDGRVGHFRUULHQWH
1 6 1 6
ODFXUYDGHPDJQHWL]DFLyQVHDOHMDGHODFDUDFWHUtVWLFDQRVDWXUDGD\DVtVHSXHGHHVFULELUTXH
\ P /P L L I \ P ,,,
GRQGH I\P SXHGH VHU GHWHUPLQDGD D SDUWLU GH OD FXUYD GH PDJQHWL]DFLyQ PRVWUDGD HQ OD
)LJXUD
,9 &RQYHUVLyQ(OHFWURPHFiQLFDGH(QHUJtD
(Q JHQHUDO ORV HTXLSDPLHQWRV XWLOL]DGRV SDUD OD FRQYHUVLyQ GH HQHUJtD PHFiQLFD HQ HQHUJtD
HOpFWULFD JHQHUDGRUHV \ SDUD OD FRQYHUVLyQ GH HQHUJtD HOpFWULFD HQ HQHUJtD PHFiQLFD
PRWRUHVXWLOL]DQXQFDPSRPDJQpWLFRFRPRPHGLRFRP~QGHLQWHUDFFLyQHQWUHORVVLVWHPDV
PHFiQLFR\HOpFWULFR/DILJXUD SUHVHQWDXQGLDJUDPDGHEORTXHVVLPSOLILFDGRGHHVWHWLSR
GHDUUHJORGRQGHODHQHUJtDSXHGHIOXLUHQFXDOTXLHUGLUHFFLyQ
&$032
6,67(0$ 6,67(0$
0$*1e7,&2'(
(/e75,&2 0(&Æ1,&2
$&23/$0(172
)LJXUD 'LDJUDPDGH%ORTXHVGHXQ6LVWHPDGH&RQYHUVLyQ(OHFWURPHFiQLFDGHHQHUJtD
(Q JHQHUDO KD\ SpUGLGDV GH HQHUJtD WDQWR HQ HO VLVWHPD PHFiQLFR FRPR HQ ORV VLVWHPDV
HOpFWULFRV \ PDJQpWLFRV /DV SULQFLSDOHV SpUGLGDV VHUiQ GHELGDV DO URFH VLVWHPD PHFiQLFR
HIHFWR-RXOHVLVWHPDHOpFWULFR\FRUULHQWHVSDUiVLWDV\KLVWpUHVLVVLVWHPDPDJQpWLFR
/D )LJXUD PXHVWUD XQ DUUHJOR VLPSOHV GH XQ VLVWHPD GH FRQYHUVLyQ HOHFWURPHFiQLFD GH
HQHUJtD
&XUVR/,0$3(5Ò± ,9

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
5 .
/

L I
0
Y IH

'
[W
)LJXUD 6LVWHPDGH&RQYHUVLyQ(OHFWURPHFiQLFDGH(QHUJtD
(OVXEVLVWHPDHOpFWULFRGHOD)LJXUD SXHGHVHUPRGHODGRSRUODVLJXLHQWHHFXDFLyQ
GL
Y U L / HI ,,,
GW
GRQGHHI HVODFDtGDGHWHQVLyQVREUHHOHQUROODPLHQWR
1 6
<DHOVLVWHPDPHFiQLFRSXHGHVHUUHSUHVHQWDGRSRU
G [ G[
I 0 ' . [ [ I H ,,,
GW GW
GRQGHIH HVODIXHU]DHOHFWURPDJQpWLFDTXHVXUJHGHELGRDOFDPSRPDJQpWLFR0 HVODPDVD'
HVHOFRHILFLHQWHGHDPRUWL]DFLyQ. HVODFRQVWDQWHGHOUHVRUWH\[ HVODSRVLFLyQGHHTXLOLEULR
I I
GHOUHVRUWH

/DHQHUJtDSURYLVWDSRUODIXHQWHHOpFWULFDSXHGHVHUFDOFXODGDFRPR
I I I

GL
:( Y L GW U L / H I L GW
GW ,,,
U L GW / L GL H I L GW
I
(O SULPHU WHUPLQR UHSUHVHQWD ODV SHUGLGDV SRU HO HIHFWR -RXOHHQ FXDQWR DO VHJXQGRWHUPLQR
UHSUHVHQWDODHQHUJtDPDJQpWLFDDOPDFHQDGDIXHUDGHOFDPSRPDJQpWLFRGHDFRSODPLHQWR3RU
WDQWRODHQHUJtDWUDQVIHULGDGHODIXHQWHHOpFWULFDSDUDHOFDPSRPDJQpWLFRHVGDGDSRU
I I I I1 I
:H H I L GW ,,,
6
<DSDUDHOVLVWHPDPHFiQLFRODHQHUJtDSXHGHVHUFDOFXODGDFRPR
G [ G[
:0 I G[ 0 G[ ' G[ . [ [ G[ I H G[ ,,,
GW
GW
(OSULPHUWHUPLQRFRUUHVSRQGHDODHQHUJtDFLQpWLFDDVRFLDGDDODPDVDGHOFXHUSRHQFXDQWR
I
DO WHUFHU WHUPLQR FRUUHVSRQGH D OD HQHUJtD SRWHQFLDO DOPDFHQDGD HQ HO UHVRUWH (O VHJXQGR
WHUPLQRFRUUHVSRQGHDSHUGLGDVSRUHODJRWDPLHQWR\SRUORWDQWRODHQHUJtDPHFiQLFDWRWDO
WUDQVIHULGDSDUDHOFDPSRPDJQpWLFRHVGDGDSRU
I I
:P I H G[ ,,,
'HHVWDIRUPDODHQHUJtDDOPDFHQDGDHQHOFDPSRPDJQpWLFRSXHGHVHUFDOFXODGDFRPR
: I :H :P H I L GW I H G[ ,,,
(VWD HFXDFLyQ SXHGH VHU JHQHUDOL]DGD SDUD R FDVR GH P~OWLSOHV VLVWHPDV HOpFWULFRV -
HQUROODPLHQWRV\PHFiQLFRV. PDVDVUHVXOWDQGRHQ
&XUVR/,0$3(5Ò± ,9

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
¦ 1: 6 ¦ 1: 6
- .
:I H M P N ,,,
M N
RHQODIRUPDGLIHUHQFLDO
¦ 3H 8 L GW ¦ 1 I 6 G[
- .
G: I I M H N N ,,,
M
M N
5HWRUQDQGR DO FDVR PDV VLPSOH UHSUHVHQWDGR SRU OD HFXDFLyQ,,, VH SXHGH FDOFXODU OD
HQHUJtD DOPDFHQDGD HQ HO FDPSR PDJQpWLFR DOLPHQWDGR DSHQDV SRU HO VLVWHPD HOpFWULFR
I I
KDFLpQGRVH:P RVHDLPSLGLpQGRVHHOPRYLPLHQWRGHOVLVWHPDPHFiQLFRG[ (QHVWH
FDVR
I
G\
:I H I L GW L GW
GW ,,,
L G\
/D)LJXUD PXHVWUDODUHODFLyQ\ [L GHXQVLVWHPDHOHFWURPDJQpWLFR/DHQHUJtDDOPDFHQDGD
HQHOFDPSRPDJQpWLFRSDUDXQYDORUGHFRUULHQWHLJXDODL HVLJXDODOiUHD$ PRVWUDGDHQOD
ILJXUD
\
\
$
$
L
L
I I I
)LJXUD (QHUJtD\&R(QHUJtD$OPDFHQDGDHQXQ&DPSR0DJQpWLFR
$(OiUHD$ PRVWUDGDHQOD)LJXUD HVOODPDGDGHFRHQHUJtD\SXHGHVHUFDOFXODGDFRPR
:F \ GL \ L : I \ L L G\ I H G[ ,,,
(Q XQ VLVWHPD PDJQpWLFR OLQHDO UHODFLyQ\ [ L GDGD SRU XQD UHFWD:F :I )XHUD GH HVWD
VLWXDFLyQ OD FRHQHUJtD WLHQH SRFR VLJQLILFDGR ItVLFR SHUR HV XQD KDELOLGDG FRQYHQLHQWH GH
H[SUHVDUODHQHUJtD\XWLOL]DUSDUDHOFiOFXORGHODIXHU]DHOHFWURPDJQpWLFDIH
/DHFXDFLyQ,,, SHUPLWHHVFULELUTXH
w :I
IH ,,,
w[
RHQWpUPLQRVGHODFRHQHUJtDPRVWUDGDHQODHFXDFLyQ,,,
&XUVR/,0$3(5Ò± ,9

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
w :F
IH ,,,
w[
/DSRVLFLyQ[ GHOVLVWHPDPHFiQLFRGHVFULEHFRPSOHWDPHQWHODUHODFLyQHQWUHHVWH\HOFDPSR
PDJQpWLFR <D OD LQIOXHQFLD GH HO VLVWHPD HOpFWULFR SXHGH VHU GHVFULWR WDQWR SRU\ HQHUJtD
1 6 I L1\ [6 G\ I
FXDQWRSRU L FRHQHUJtDXQDYH]TXHHVWDVYDULDEOHVQRVRQLQGHSHQGLHQWHV
6H HVFRJH OD RSFLyQ GH OD SRVLFLyQ [ \ VH HO HQODFH GH IOXMR \ FRPR YDULDEOHV GH HVWDGR
1 6
SHUPLWHHVFULELUTXH
:I \ [ L [ [ G[ ,,,
\

\ XQD YH] FDOFXODGD OD HQHUJtD HQ HO FDPSR PDJQpWLFR VH SXHGH REWHQHU OD IXHU]D
HOHFWURPDJQpWLFDIH GHDFXHUGRFRQODHFXDFLyQ,,,
3HURHOHQODFHGHIOXMRHVXQDYDULDEOHPHQRV³QDWXUDO´ TXHODFRUULHQWHSDUDXQLQJHQLHUR
I I
HOHFWULFLVWD XQD YH] TXH OD PHGLFLyQ GH FRUULHQWHV HV PXFKR PDV VLPSOH 'H HVWD IRUPD HV
SUHIHULEOHHVFRJHUODSRVLFLyQ[ HDFRUULHQWHL FRPRYDULDEOHVGHHVWDGR\HQWRQFHVREWHQHUOD
1 6 1 6 1 6
FRHQHUJtDFRPRVLHQGR
:F L [ \ L [ GL \ [ [ G[ ,,,
L

REWHQLpQGRVHODIXHU]DHOHFWURPDJQpWLFDDWUDYpVGHODHFXDFLyQ,,,
3DUDHOFDVRGHXQVLVWHPDOLQHDOFRQP~OWLSOHVHQUROODPLHQWRVORVHQODFHVGHIOXMRSXHGHQVHU
1 6 16 16 16
HVFULWRVDSDUWLUGDHFXDFLyQ,,, FRPRVLHQGR
\ 1L L L [ 6 / 1[6 L / 1[6 L / 1[6 L

\ L L LQ [ / [ L / [ L /Q [ LQ
,,,
1 6 16 16 16
Q Q Q

\ Q L L LQ [ /Q [ L / Q [ L /QQ [ LQ
I
\ WRPiQGRVH ODVFRUULHQWHV \ OD SRVLFLyQ FRPR YDULDEOHV GH HVWDGR VH SXHGHFDOFXODUODFR
HQHUJtDFRPRVLHQGR
1 6 1 6
I
:F L L LQ [ \ [ L LQ [ G[
\ 1L [ L [ 6 G[
L
I

,,,
\ 1 L L [ [ 6 G[
L
Q

LQ
Q

RHTXLYDOHQWHPHQWH
1
:F L L LQ [ 6
16
16
/ [ L / [ L L / [ L 16
16 16 16

,,,

/Q [ L LQ / [ L LQ /QQ [ LQ

,9 (QUROODPLHQWRGHOD0iTXLQD&$\)XHU]D0DJQHWRPRWUL]
/D)LJXUD SUHVHQWDXQGLDJUDPDVLPSOLILFDGRGHXQDPiTXLQDGH&$WULIiVLFDGHSRORV
(OHQUROODPLHQWRDVRFLDGRDFDGDIDVHWLHQHVXHMHPDJQpWLFRGHVIDVDGRSRUHQUHODFLyQD
ORV HMHV GH ODV GHPiV IDVHV (O HQUROODPLHQWR GH FDPSR HVWi ORFDOL]DGR HQ HO URWRU \ VX HMH
PDJQpWLFRSXHGHJLUDUGHDFXHUGRFRQHOPRYLPLHQWRGHOURWRU
&XUVR/,0$3(5Ò± ,9

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
HL[RPDJQpWLFR
GRFDPSR
HL[RPDJQpWLFR
GDIDVH%
TU
D
D
D

D

E
F E
F E
IV
I
F I E
I HL[RPDJQpWLFR
I
I GDIDVH$
F I F

I

I

E
I

I
F

E

F

E
F

E
D
D D
D
HL[RPDJQpWLFR
GDIDVH&
)LJXUD 0iTXLQD&$7ULIiVLFDGHSRORV
/RVHQUROODPLHQWRVGHODVIDVHVVRQFRQVLGHUDGRVLGpQWLFRVSRUSRVHHUODPLVPDUHVLVWHQFLD\
HOPLVPRQ~PHURGHHVSLUDV$GHPiVGHHVRHOSDVRGHOHQUROODPLHQWRHVGHLHXQD
HVSLUDHVIRUPDGDSRUFRQGXFWRUHVGLDPHWUDOPHQWHRSXHVWRV
/D)LJXUD SUHVHQWDHOGLDJUDPDUHVXOWDQWHGHODSODQLILFDFLyQGHODPiTXLQDPRVWUDGDHQOD
)LJXUD
HL[RGR HL[RGD
HL[RGD HL[RGD HL[RGD FDPSR IDVH$
IDVH$ IDVH& IDVH%
TU
F
F
F
F
D D D D E
E
E
E
F F F F D
D
D
D
E E E E
I I I I
I
I
I
I
I I I
HL[RGR
FDPSR IV
HL[RGD HL[RGD HL[RGD
IDVH% IDVH$ IDVH&
)LJXUD 'LDJUDPD3ODQLILFDGRGHORV(QUROODPLHQWRVGHOD0iTXLQD&$7ULIiVLFD
/D PiTXLQD UHSUHVHQWDGD HQ ODV )LJXUDV \ HV XQD PiTXLQD GH SRORV FRQ SRORV
VDOLHQWHV(VWDPiTXLQDHQYHUGDGGLItFLOPHQWHVHUtDFRQVWUXLGDSXHVODVPiTXLQDVGHR
SRORVVRQPiTXLQDVFX\DYHORFLGDGPHFiQLFDHVUHODWLYDPHQWHDOWD\HVHVWRVFDVRVHOURWRU
HVFLOtQGULFRUHVXOWDQGRHQXQDPiTXLQDGHSRORVOLVRV3RURWURODGRXQDPiTXLQDGHSRORV
&XUVR/,0$3(5Ò± ,9

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
VDOLHQWHV HQ JHQHUDO HVWi DVRFLDGD DO XQ Q~PHUR HOHYDGR GH SRORV \ SRU WDQWR D XQD EDMD
YHORFLGDGGHURWDFLyQ
/DVYHORFLGDGHVHOpFWULFDV\PHFiQLFDVHQXQDPiTXLQDVtQFURQDHVWiQUHODFLRQDGDVDOQ~PHUR
GHSRORVGHODPiTXLQDFRPR
3
ZH ZP ,,,

&RPR OD YHORFLGDG HOpFWULFD HVWi UHODFLRQDGD D OD IUHFXHQFLD HOpFWULFD GH RSHUDFLyQ GH ODV
PiTXLQDV HVWD GHEH VHU PDQWHQLGD FRQVWDQWH +] R +] /D YHORFLGDG PHFiQLFD SRU
I
WDQWRHVLQYHUVDPHQWHSURSRUFLRQDODOQ~PHURGHSRORVGHODPiTXLQD
/D IXHU]D PDJQHWRPRWUL] )00 HQ HO HQWUHKLHUUR GH OD PiTXLQD SXHGH VHU GHWHUPLQDGR D
SDUWLUGHOD/H\GH$PSHUH
& &
C + G" L ,,,
/
/D )LJXUD SUHVHQWD QXHYDPHQWH HO GLDJUDPD SODQLILFDGR GH OD PiTXLQD HQ TXH VyOR HO
HQUROODPLHQWRGHODIDVH$IXHUHSUHVHQWDGR/D/H\GH$PSHUHVHUiDSOLFDGDHQWRQFHVSDUD
ORVFDPLQRVFHUUDGRVDEFG \DHIG LQGLFDGRVHQOD)LJXUD
HL[RGD HL[RGD
IDVH$ IDVH$
R
I F G

D D D D D
D
D
D

& & &
+ + +
IEF
IHI
H E D
HL[RGD
IDVH$ IV
)LJXUD 'LDJUDPD3ODQLILFDGRGHOD0iTXLQD&$SDUD&iOFXORGHOD)00
&RQVLGHUDQGR OD SHUPHDELOLGDG PDJQpWLFD GHO PDWHULDO PX\ PD\RU TXH OD GHO DLUH OD
LQWHQVLGDGGHOFDPSRPDJQpWLFR+HQHOPDWHULDOHVGHVSUHFLDEOH\SRUORWDQWRODLQWHJUDO
PRVWUDGD HQ OD HFXDFLyQ ,,, SXHGH VHU FDOFXODGD FRQVLGHUDQGR VROR ORV WUDPRV GH ORV
FDPLQRVFHUUDURVFRUUHVSRQGLHQWHVDOHQWUHKLHUURGHODPiTXLQD
&RQVLGHUDQGR D~Q XQD GLVWULEXFLyQ XQLIRUPH GH ORV HQUROODPLHQWRV GH ODV IDVHV FDGD IDVH
RFXSDXQDUFRGHq HQHOHVWDWRUFRQVHFFLRQHVGHq HQRSRVLFLyQGHIDVHVGHVIDVDGDV
I 1 6 I
qFRQIRUPHPRVWUDGRHQOD)LJXUD
3DUDHO FDPLQRFHUUDGRDEFG PRVWUDGRHQOD)LJXUDOD/H\GH$PSHUHSXHGHVHUH[SUHVDGD
16
SRU
1 6 1 6 U 16
+ 1I 6 J 1I 6 + 16 J 16
+ I EF GO + GO
U I EF J I EF
U 1I 6
EF U 1 6 J 1 6 ,,,
EF EF
GRQGHUIEF\UVRQORVUDGLRVGHOURWRU\JIEF\JVRQODVORQJLWXGHVGHOHQWUHKLHUUR
I 3 8 I
HQODVSRVLFLRQHVFRUUHVSRQGLHQWHVDORViQJXORVIV IEF \IV UHVSHFWLYDPHQWH
16
<DSDUDHOFDPLQRFHUUDGRDHIGOD/H\GH$PSHUHUHVXOWDHQ
3 8 3 8 U 16
+ I HI GO + GO 1 F LD
U I HI J I HI
+ 3I 8 J3I 8 + 16 J 16 1 L

U 3I 8 U 1 6 J 1 6
HI
,,,
HI HI F D
&XUVR/,0$3(5Ò± ,9

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
GRQGH1F HVHOQ~PHURGHHVSLUDVGHOHQUROODPLHQWRGHODIDVHD HQODUDQXUDD \ODVHxDO

QHJDWLYDVH GHEH DO KHFKR TXHODFRUULHQWHHVWDFLUFXODQGRHQHOHQUROODPLHQWRHQHOVHQWLGR
LQGLFDGR HQ OD )LJXUD SURGXFH IOXMR PDJQpWLFR HQ HO VHQWLGR RSXHVWR XWLOL]DGR SDUD HO
FDPLQRGHLQWHJUDFLyQ
(VWH UDFLRFLQLR SXHGH VHU UHSHWLGR SDUD GLYHUVRV FDPLQRV FHUUDGRV GHILQLGRV SDUD GLIHUHQWHV
YDORUHVGHIV \ODGLVWULEXFLyQGH)00SURGXFLGDSRUHOHQUROODPLHQWRGHODIDVHDDORODUJR
GHODVXSHUILFLHGHOHVWDWRUWLHQHDSUR[LPDGDPHQWHODIRUPDPRVWUDGDHQOD)LJXUD
HL[RGD HL[RGD
IDVH$ IDVH$
IV
D D D D D
D
D
D

HL[RGD
IDVH$
)LJXUD GLVWULEXFLyQGH)00GHO(QUROODPLHQWRGHOD)DVHD
(VWD IRUPD GH RQGD SXHGHVHUHQWHQGLGDFRPRXQDDSUR[LPDFLyQSDUDXQDIXQFLyQVHQRLGDO
(VWD DSUR[LPDFLyQ SXHGH VHU PHMRUDGD D WUDYpV GH GLYHUVDV WpFQLFDV GH FRQVWUXFFLyQ GH ODV
PiTXLQDV FRPR HQUROODPLHQWRV GH SDVR IUDFFLRQDULR \ GLVWULEXFLyQ QRXQLIRUPH GH ORV
HQUROODPLHQWRV &XDQWR PHMRUHV OD DSUR[LPDFLyQPHQRUVHUiHOGHVHTXLOLEULRKDUPyQLFRGH
ODVWHQVLRQHV\FRUULHQWHVGHOHVWDWRU
(O HMH PDJQpWLFR GH OD IDVHD SXHGH VHU LQWHUSUHWDGR DKRUD FRPR HO FHQWUR GH OD UHJLyQ GH
Pi[LPD GLVWULEXFLyQ GH )00 GHO HQUROODPLHQWR (V IiFLO YHULILFDU TXH OD GLVWULEXFLyQ GH
)00 GH ORV HQUROODPLHQWRV GH ODV IDVHVE \ F WLHQHQ OD PLVPD IRUPD TXH DTXHOOD PRVWUDGD
SDUDODIDVHDFRQGHVIDVDMHGHrq HQUHODFLyQDHVWD
(VWDVGLVWULEXFLyQGH)00SXHGHQVHUGHVFRPSXHVWDVHQVXVFRPSRQHQWHV KDUPyQLFDVVHULH
GH )RXULHU\ FRQVLGHUDQGRVROR HO FRPSRQHQWH IXQGDPHQWDOGHFDGDIDVHVHSXHGHHVFULELU
TXH
1

)00 D LD FRV I V

1 S

)00 E LE FRV I V ,,,

1 S
)00 F LF FRV I V

GRQGH1 HVHOQ~PHURWRWDOGHHVSLUDVGHOHQUROODPLHQWRHTXLYDOHQWHGHIDVH
/DGLVWULEXFLyQGH)00UHVXOWDQWHGHORVHQUROODPLHQWRVGHOHVWDWRUHVGDGDHQWRQFHVSRUOD
VXPD GH ODV GLVWULEXFLRQHV PRVWUDGDV HQ OD HFXDFLyQ ,,, 6L ODV FRUULHQWHV GH ORV
16
HQUROODPLHQWRVVRQFRUULHQWHVWULIiVLFDVHTXLOLEUDGDVVHSXHGHHVFULELUTXH
1
)00 , FRV Z HW T HL I V ,,,

GRQGHZH HVODIUHFXHQFLDDQJXODUGHODVFRUULHQWHVTHLHVHOiQJXORGHIDVHGHODVFRUULHQWHV
SDUDW \, HVHOYDORUUPV GHODVFRUULHQWHV
&XUVR/,0$3(5Ò± ,9
81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
/DHFXDFLyQ,,, UHSUHVHQWDXQDRQGDGH)00TXHJLUDFRQIUHFXHQFLDLJXDODODV

FRUULHQWHV TXH OD SURGXMHURQ \ DGHPiV GH HVR FRUUHVSRQGH D XQD GLVWULEXFLyQ VHQRLGDO DO
ODUJRGHODVXSHUILFLHGHOHVWDWRUFXDQGRIV YDUtD
,9 0iTXLQD6tQFURQD
&RQRFLGDV ODV GLVWULEXFLRQHV GH )00 HQ HO LQWHULRU GH OD PiTXLQD VtQFURQD HO PRGHOR
HOpFWULFRSDUDODPLVPDHVREWHQLGDDSDUWLUGHODGHWHUPLQDFLyQGHODVLQGXFWDQFLDVSURSLDV\
PXWXDVUHODFLRQDGDVDORVGLYHUVRVHQUROODPLHQWRV
3DUDHVWRHVQHFHVDULRREWHQHUXQDH[SUHVLyQSDUDODORQJLWXGGHOHQWUHKLHUURGHODPiTXLQD
1 6
/DKLSyWHVLVXWLOL]DGDDTXt>@HVTXHHOHQWUHKLHUURYDUtDVHQRLGDOPHQWHFRQIRUPH
1 6

J IU ,,,
D D FRV I U
GRQGH IU HV HO iQJXOR PHGLGR HQ UHODFLyQ DO HMH PDJQpWLFR GHO HQUROODPLHQWR GHO FDPSR
DVRFLDGRDODSRVLFLyQGHOURWRU
1 6
'HOSXQWRGHYLVWDGHOHVWDWRUHOHQWUHKLHUURSXHGHVHUHVFULWRFRPR
1 6

J IV TU ,,,
D D FRV I V T U
GRQGH TU HV OD SRVLFLyQ GHO URWRU HQ UHODFLyQ DO HVWDWRU YDULDQGR FRQIRUPHOD URWDFLyQ GHO
PLVPR
/DGHQVLGDGGHIOXMRPDJQpWLFRSXHGHVHUGHILQLGDDSDUWLUGHODIXHU]DPDJQHWRPRWUL]FRPR
)00
% P ,,,
J
1 6 1 6= 1 6B
\DSOLFDQGRODHFXDFLyQ,,, DVRFLDGDODVHFXDFLRQHV,,, \,,,VHREWLHQH
1
%D I V T U P LD FRV I V D D FRV I V T U
1 6 = 1 6B

1 S
%E I V T U P LE FRV I V D D FRV I V T U ,,,
S

% 1I T 6 L FRV I =D D FRV 1I T 6 B

1
P

F V U F V V U
<D OD GHQVLGDG GHO IOXMR PDJQpWLFR SURGXFLGD D SDUWLU GHO HQUROODPLHQWR GHO URWRU SXHGH VHU
1 6 1 6 1 6
GDGDSRU
1
% IG I U P IG L IG VLQ I U D D FRV I U ,,,

/DV LQGXFWDQFLDV SURSLDV R PXWXDV VRQ FDOFXODGDV D SDUWLU GH OD UHODFLyQ HQWUH HO IOXMR
HQOD]DGR SRU XQ HQUROODPLHQWR \ OD FRUULHQWH TXH FUHD HVWH IOXMR /D GHWHUPLQDFLyQ GHO IOXMR
PDJQpWLFR SRGH VHU KHFKD D SDUWLU GH OD GHQVLGDG GHO IOXMR \ HV SRVLEOH PRVWUDU TXH ODV
LQGXFWDQFLDVGHODPiTXLQDVtQFURQDSXHGHQVHUH[SUHVDGDVFRPR
&XUVR/,0$3(5Ò± ,9

81,9(56,'$'()('(5$/'25,2'(-$1(,52
1 6 / / / / FRV T S

WHOID[
/DD /" /$ /% FRV T U
S
/ / / FRV T /
EE " $ % U
/FF
/ /
S
/ / FRV T /
S
/ / FRV T
" $ % U IGIG "IG PIG

/DE ,,,
/ / FRV1T S 6 /

$ % U DF $ % U

/EF
S
/ FRV T
/ FRVT /
S
/ FRV T

$ % U DIG VIG U
/EIG

VIG U
FIG VIG U
1 SP UOD / 1 SP UOD
GRQGH

/$
1 1 SP UO D D
%
/VIG

I
1 SP UO D D

/PIG I

VLHQGRU HOUDGLRPHGLRHOHQWUHKLHUUR\O HVODORQJLWXGD[LDOGHOHVWDWRU

(QXQDPiTXLQDVtQFURQDUHDOHVSRVLEOHHQFRQWUDUHQUROODPLHQWRVFRUWRFLUFXLWDGRVPRQWDGRV
HQHOURWRUOODPDGRVHQUROODPLHQWRVDPRUWLJXDGRUHV(QPiTXLQDVGHURWRUFLOtQGULFRKD\OD
SRVLELOLGDG GH FLUFXODFLyQ GH FRUULHQWHV SDUiVLWDV FX\R HIHFWR HV SDUHFLGR FRQ ORV
HQUROODPLHQWRVDPRUWLJXDGRUHV'HHVWDIRUPDXQPRGHORFRPSOHWRSDUDODPiTXLQDVtQFURQD
GHEH SHUPLWLU OD LQFRUSRUDFLyQ GH FLUFXLWRV HTXLYDOHQWHV SDUD HVWH WLSR GH HQUROODPLHQWR /D
GHWHUPLQDFLyQ GH ODV LQGXFWDQFLDV SURSLDV \ PXWXDV DVRFLDGDV D HVWRV HQUROODPLHQWRV SXHGH
VHUKHFKDGHIRUPDVLPLODUDORSUHVHQWDGDDUULED
3DUDFDGDHQUROODPLHQWRGHODPiTXLQDVHSXHGHHVFULELUXQDHFXDFLyQGHWHQVLyQHTXLYDOHQWH
DORPRVWUDGDHQODHFXDFLyQ,,,UHVXOWDQGR
G\ D
YD UD LD
GW
G\ E
YE UE LE
GW
G\ F
YF UF LF
GW
,,,
G\ IG
Y IG UIG L IG
GW
G\ NG
Y NG UNG LNG
GW
G\ NT
YNT UNT LNT
GW
GRQGH
&XUVR/,0$3(5Ò± ,9

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
\D /DD LD /DELE /DF LF /DIG L IG /DNG LNG /DNTLNT

\E /DELD /EELE /EF LF /EIG L IG /ENG LNG /ENT LNT
\F /DF LD /EF LE /FF LF /FIG L IG /FNG LNG /FNTLNT
,,,
\ IG /DIG LD /EIG LE /FIG LF / IGIG L IG / IGNG LNG
\ NG /DNG LD /ENG LE /FNG LF / IGNG L IG /NGNG LNG
\ NT /DNTLD /ENT LE /FNT LF /NT LNT
\ ORV VXVFULWRV NG \ NT HVWiQ DVRFLDGRV ORV HQUROODPLHQWRV DPRUWLJXDGRUHV GHO HMHG \ T
UHVSHFWLYDPHQWH6HGHEHQRWDUTXHODVLQGXFWDQFLDVPXWXDVHQWUHORVHQUROODPLHQWRVGHOHMHG
IG\NG\HOHQUROODPLHQWRGHOHMHT NTVRQQXODVGHELGRDODRUWRJRQDOLGDGHQWUHHVWDVHMHV
/DV HFXDFLRQHV ,,, \ ,,, GHVFULEHQ FRPSOHWDPHQWH OD GLQiPLFD HOpFWULFD GH OD
PiTXLQDVtQFURQDSHURGHSHQGHQGHODSRVLFLyQDQJXODUGHOURWRUTUTXHDYH]YDULDFRQHO
WLHPSR 7RPDQGR FRPR HMHPSOR OD H[SUHVLyQ SDUD HO HQODFH GHO IOXMR GHO HQUROODPLHQWR GHO
FDPSR PRVWUDGD HQ OD HFXDFLyQ ,,, \ VXVWLWX\HQGR ORV YDORUHV GH ODV LQGXFWDQFLDV
"#
PRVWUDGDVHQODHFXDFLyQ,,,VHREWLHQH
! $
S S
\ IG /VIG LD FRV T U LE FRV T U LF FRV T U / IGIG L IG / IGNG LNG

/DSDUWHHQWUHFRUFKHWHVUHSUHVHQWDODSUR\HFFLyQGHODVFRUULHQWHVGHODVIDVHVDEF VREUHHOHMH
GFRQIRUPHVHPXHVWUDHQOD)LJXUD
RTU
TU
D
RTU
)LJXUD ,QWHUSUHWDFLyQ*HRPpWULFDGHOD7UDQVIRUPDGDGH3DUN
&XUVR/,0$3(5Ò± ,9

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
(Q YHUGDG OD WUDQVIRUPDFLyQ LOXVWUDGD HQ OD )LJXUD HV XQD VLPSOH FDPELR GH HMHV GH
UHIHUHQFLD SXGLHQGR VHU H[SUHVDGD SRU XQD UHODFLyQ PDWULFLDO /D WUDQVIRUPDGD GH 3DUN
"# "# "#

XVXDOPHQWH DGRSWDGDSDUDODUHSUHVHQWDFLyQGHPiTXLQDVVLQFURQtDVHVGHILQLGDSRU
## 1 6 1 6 # ##
[D FRV T VLQ T [G
! $ ! 1 6 1 6 #$ ! $
[E FRV T q VLQ T q [T ,,,
[F FRV T q VLQ T q [
RHQQRWDFLyQPDWULFLDOFRPSDFWD
[ DEF 7[ GT ,,,
[ "# FRVT 1 6 1 6 "# [ "#

/DPDWUL]7 VLHPSUHSRVHHLQYHUVDGHPRGRTXH ODWUDQVIRUPDFLyQLQYHUVDHVGDGDSRU
[ # 1 6 1 6# [ #
FRV T q FRV T q
! [ #$ ! #$ ! [ #$
G D
VLQ T VLQ T q VLQ T q ,,,

T E

F
RHTXLYDOHQWHPHQWH
[ GT 7 [ DEF ,,,
6HSXHGHDSOLFDUODWUDQVIRUPDGDGH3DUNSDUDWUDQVIRUPDUJUDQGH]DVWULIiVLFDVFRPRWHQVLyQ
FRUULHQWHFDUJDHOpFWULFD\HQODFHGHIOXMRGHVXVFRRUGHQDGDVGHIDVHDEFSDUDFRRUGHQDGDV
GT \ 9LFHYHUVD $SOLFDQGR HVWD WUDQVIRUPDFLyQ D ODV HFXDFLRQHV ,,, \ ,,,
REWHQLHQGR HO PRGHOR GH OD PiTXLQD VtQFURQD HQ FRRUGHQDGDVGT GRQGH HO VLVWHPD SRU
XQLGDG IXHDSOLFDGRGHIRUPDTXHVHREWLHQHXQDPDWUL]GHLQGXFWDQFLDVVLPpWULFD
G\ T
YT ULT Z U\ G
GW
G\ G
YG ULG Z U\ T
GW
G\
Y UL
GW
,,,
G\ IG
Y IG UIG L IG
GW
G\ NG
YNG UNG LNG
GW
G\ NT
"# "# "#

YNT UNT LNT
GW
## ## ##
\T /"V /DT /DT LT
\ NT /DT /"NT /DT LNT
\G
## /"V /DG /DG /DG LG
## ##
## ## ##
,,,
\ IG /DG /"IG /PG /PG L IG
! $ ! $! $
\ NG /DG /PG /"NG /PG LNG
\ /"V L
3 8
/DSRWHQFLDHOpFWULFDGHODPiTXLQDSXHGHVHUH[SUHVDGDSRU

3 HD LD HELE HF LF HG LG HT LT HL ,,,

RDWUDYpVGHXQDRSFLyQGHOFULWHULRGHODVEDVHVSDUDHOVLVWHPDSDUDOD XQLGDG
&XUVR/,0$3(5Ò± ,9
81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
3SX HG LG HT LT HL ,,,

(OWRUTXHHOpFWULFRGHODPiTXLQDVtQFURQDSXHGHVHUGDGRHQSRUXQLGDGFRPR
7H \ G LT \ T LG ,,,
,9 &LUFXLWRV(TXLYDOHQWHV
/D)LJXUD SUHVHQWDXQFLUFXLWRPDJQpWLFRHTXLYDOHQWHSDUDUHSUHVHQWDUORVHQODFHVGHIOXMR
GHHMHGLUHFWRPRVWUDGRVHQODHFXDFLyQ,,,
/" /PG /DG
L IG LNG
LG
/DG /"IG /"NG
\G
\ IG \ NG
)LJXUD &LUFXLWR(TXLYDOHQWHGHO(MHG SDUDOD5HODFLyQ\ [L

(VWHFLUFXLWRSXHGHVHUXWLOL]DGRSDUDREWHQHUXQFLUFXLWRHOpFWULFRHTXLYDOHQWH(QHVWHFDVR
SDUD LQFRUSRUDU ODV HFXDFLRQHV GH WHQVLyQ WRUQiQGRVH QHFHVDULR XWLOL]DU ODV GHULYDGDV GH ORV
HQODFHVGHIOXMR/D)LJXUD SUHVHQWDORVFLUFXLWRVHTXLYDOHQWHVGHHMHG \T SDUDODPiTXLQD
VtQFURQD
ZU\ T
U /" /PG /DG
LG L IG
LNG
/"IG
/"NG
YG G\ G
/DG
GW UIG
G\
G\ NG U
IG

GW
GW
NG
YIG
D (MHG
ZU\ G
U /"
LT LNT LNT
/"NT /"NT
YT G\ T
/DT
GW
G\ NT G\ NT UNT
GW UNT GW
&XUVR/,0$3(5Ò± ,9

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
E (MHT
)LJXUD &LUFXLWRV(OpFWULFRV(TXLYDOHQWHVGHOD0iTXLQD6tQFURQD
/DLQGXFWDQFLD/PG ± /DG HQHOFLUFXLWRHTXLYDOHQWHGHHMHG UHSUHVHQWDHOHIHFWRGHOHQODFHGH
IOXMR HQWUH ORV HQUROODPLHQWRV GH FDPSR \ DPRUWLJXDGRU GH HMH G \ TXH QR HQOD]D ORV
HQUROODPLHQWRVGHOHVWDWRU(VFRP~QVXSRQHUTXHHVWHHIHFWRHVQXOR/PG /DGSHURH[LVWHQ
FDVRVHQTXHHVWHHIHFWRQRSXHGHVHUGHVFXLGDGR
3RU RWUR ODGR QR KD\ HQUROODPLHQWR GH FDPSR HQ HO HMHT \ ORV HQUROODPLHQWRV GHO URWRU
DVRFLDGRVDHVWHHMHUHSUHVHQWDQH[FOXVLYDPHQWHHIHFWRVGHORVHQUROODPLHQWRVDPRUWLJXDGRUHV
\R FRUULHQWHV SDUiVLWDV FLUFXODQGR HQ HO Q~FOHR GHO URWRU(Q HVWH FDVR VH VXSRQH TXHWRGRV
ORVHQUROODPLHQWRVGHHMHT HQOD]DQHOPLVPRIOXMRUHSUHVHQWDGRSRU/DT
,9 3DUiPHWURVGHOD0iTXLQD6tQFURQD
/RV SDUiPHWURV UHVLVWHQFLDV \ LQGXFWDQFLDV XWLOL]DGRV SDUD UHSUHVHQWDU OD PiTXLQD VtQFURQD
HQODVHFXDFLRQHV,,, \,,, GHVFULEHQFRPSOHWDPHQWHVXFRPSRUWDPLHQWRGLQiPLFR\
VRQOODPDGRVGHSDUiPHWURVEiVLFRVRIXQGDPHQWDOHVGHODPiTXLQDVtQFURQD&RQWRGRQRHV
SRVLEOH GHWHUPLQDUORV GLUHFWDPHQWH D SDUWLU GH HQVD\RV \ SRU WDQWR VH WRUQD QHFHVDULD VX
GHWHUPLQDFLyQGHIRUPDLQGLUHFWD
(VWR HV KHFKR D SDUWLU GH ORV FLUFXLWRV HTXLYDOHQWHV PRVWUDGRV HQ OD )LJXUD (V SRVLEOH
HVFULELU UHODFLRQHV LQFUHPpQWDOHV HQWUH ODV JUDQGH]DV GHOHVWDWRU \ GHO URWRU GH OD PiTXLQD
VtQFURQDDSDUWLUGHODDSOLFDFLyQGHODWUDQVIRUPDGDGH/DSODFHHQODVUHODFLRQHVGHULYDGDVGH
16 16 16 16 16
ORVFLUFXLWRVHTXLYDOHQWHV
16 16 16
'\ G V * V ( IG V /G V , G V
,,,
'\ T V /T V ,T V
GRQGH/GV\/TVVRQOODPDGDVGHLQGXFWDQFLDVRSHUDFLRQDOHVGHODPiTXLQDVtQFURQD
1 61 616
6HSXHGHPRVWUDUTXHORVWpUPLQRVGHODHFXDFLyQ,,, SXHGHQVHUH[SUHVDGRVFRPR
1 61 6
V7Gc V7Gcc
/G V /G
3 V7 c83 V7 cc8
V7Gc V7Gcc
/ 1 V6 /
3 V7 c 83 V7 cc 8 ,,,
T T
1 V7 6
T T
* 1 V6 *
1 V7 c 61 V7 cc 6
T T
NG

/ 1 6 /
G G
%DMRFRQGLFLRQHVGHUpJLPHQSHUPDQHQWHKDFLpQGRVHV VHREWLHQH
/ 1 6 /
,,,
G G
T T
TXHVRQODVLQGXFWDQFLDVVLQFURQtDV GHHMHG \TUHVSHFWLYDPHQWHGHODPiTXLQD
16
'XUDQWHXQWUDQVLWRULRPX\UiSLGRKDFLpQGRVHV o fVHREWLHQH
7 c 7 cc
/G f /Gcc /G G G
7Gc 7Gcc
16
,,,
7 c 7 cc
/T f /Tcc /T T T
7Tc 7Tcc
TXHVRQODVLQGXFWDQFLDVVXEWUDQVLWRULDV GHHMHG \TUHVSHFWLYDPHQWHGHODPiTXLQD
&XUVR/,0$3(5Ò± ,9

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
(QODDXVHQFLDGHHQUROODPLHQWRVDPRUWLJXDGRUHVHOYDORUOtPLWHSDUDODLQGXFWDQFLDHVGDGR
16
SRU
7c
/G f /Gc /G G
7Gc
16
,,,
7Tc
/T f /Tc /T
7Tc
\FRUUHVSRQGHDODVLQGXFWDQFLDVWUDQVLWRULDV GHODPiTXLQD
ORV YDORUHV GH ODV LQGXFWDQFLDV VLQFURQtDV WUDQVLWRULDV HV VXEWUDQVLWRULDV ELHQ FRPR ORV
YDORUHVGHODVFRQVWDQWHVGHWLHPSRPRVWUDGDVHQODVHFXDFLRQHV,,, DO,,, SXHGHQVHU
REWHQLGRV D SDUWLU GH HQVD\RV GH OD PiTXLQD VtQFURQD \ HQ JHQHUDOVRQGDWRVVXPLQLVWUDGRV
SRUORVIDEULFDQWHVGDWRVGHSODFD
/RVSDUiPHWURVEiVLFRVGHODPiTXLQDVtQFURQDSXHGHQVHUGHWHUPLQDGRVDSDUWLUGHORVGDWRV
XVXDOPHQWH GLVSRQLEOHV SDUD OD PiTXLQD /D HFXDFLyQ ,,, SUHVHQWD ODV UHODFLRQHV
VLPSOLILFDGDVSDUDHVWDGHWHUPLQDFLyQFRQVLGHUDQGR/PG /DG(VWDVH[SUHVLRQHVSXHGHQVHU
GLUHFWDPHQWH XWLOL]DGDV SDUD OD GHWHUPLQDFLyQ GH ORV SDUiPHWURV GH HMHT GH XQD PiTXLQD
UHSUHVHQWDGD SRU GRV FLUFXLWRV DPRUWLJXDGRUHV GH HMH T XVXDO HQ OD PRGHODGR GH WXUER
JHQHUDGRUHV
/DG /"IG
/G /" /DG 7Gc

UIG

/DG /"IG / /
/Gc /" 7Gcc /"NG DG "IG ,,,
/DG /"IG UNG /DG /"IG
/DG /"IG /"NG
/Gcc /"
/DG /"IG /DG /"NG /"IG /"NG
(QHOFDVRGHKLGURJHQHUDGRUHVHVWDVPiTXLQDVVRQHQJHQHUDOGHSRORVVDOLHQWHV\HO~QLFR
FLUFXLWRGHHMHTHQHOURWRUHVHOHQUROODPLHQWRDPRUWLJXDGRU(QHVWRVFDVRVHOWUDQVLWRULR
GHHMHT HVPX\UiSLGRSDViQGRVHGHOSHULRGRVXEWUDQVLWRULRSDUDHOUpJLPHQSHUPDQHQWHVLQ
XQ SHUtRGR WUDQVLWRULR FDUDFWHUtVWLFR /D PiTXLQD SRVHH HQWRQFHV LQGXFWDQFLDV VtQFURQD \
VXEWUDQVLWRULDGHHMHT\XQDFRQVWDQWHGHWLHPSRVXEWUDQVLWRULD/RVSDUiPHWURVEiVLFRVGH
HMHT VRQREWHQLGRVSRUODVVLJXLHQWHVUHODFLRQHV
/" /DT
/T /" /DT 7Tcc
UNT
/ / ,,,
/Tcc /" DT "NT
/DT /"NT
/D UHIHUHQFLD >@ SUHVHQWD H[SUHVLRQHV JHQHUDOHV UHODFLRQDQGR ORV SDUiPHWURV EiVLFRV GH OD
PiTXLQD FRQ ORV GDWRV XVXDOHV WDQWR SDUD HO FDVR HQ TXH /PG z /DG FXDQWR SDUD
DSUR[LPDFLRQHVPiVDGHFXDGDVGHODVLQGXFWDQFLDVRSHUDFLRQDOHV
,9 0RGHORGHOD0iTXLQD6tQFURQDSDUD(VWXGLRVGH(VWDELOLGDG
(Q ORV HVWXGLRV GH HVWDELOLGDG DOJXQDV VLPSOLILFDFLRQHV SXHGHQ VHU DSOLFDGDV HQ ODV
HFXDFLRQHVGHODPiTXLQDVtQFURQD
x 'HVSUHFLDUORVWpUPLQRVUHODWLYRVDOHIHFWRGHWUDQVIRUPDGRU
x 'HVSUHFLDUORVHIHFWRVGHYDULDFLyQGHODYHORFLGDG
&XUVR/,0$3(5Ò± ,9

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
G\ TG\ G
/RVWpUPLQRVUHODWLYRVDOHIHFWRGHWUDQVIRUPDGRU GW \ GW HVWiQUHODFLRQDGRVDORV
WUDQVLWRULRV GH ORV HQUROODPLHQWRV GHO HVWDWRU (VWRV WUDQVLWRULRV VRQ GH QDWXUDOH]D
HOHFWURPDJQpWLFDV \ WLHQHQ HQ JHQHUDO FRQVWDQWHV GH WLHPSR PX\ PHQRUHV D DTXHOODV
DVRFLDGDVDORVWUDQVLWRULRVHOHFWURPHFiQLFRV
&RQVLGHUiQGRVHHVWRVWUDQVLWRULRVFRPRPX\UiSLGRVVHSXHGHFRQVLGHUDUTXH HOHVWDWRUHVWi
RSHUDQGRHQUpJLPHQSHUPDQHQWHVHQRLGDO\XWLOL]DUHFXDFLRQHVDOJHEUDLFDVIDVRULDOHVSDUD
UHSUHVHQWDUODUHGHOpFWULFDTXHLQWHUFRQHFWDODVPiTXLQDVVLQFURQtDV
(VWHDFDUUHRHVXQDHQRUPHVLPSOLILFDFLyQXQDYH]TXHHOPRGHODPLHQWRGLQiPLFDGHOVLVWHPD
GH WUDQVPLVLyQ DFDUUHDUtD XQ HQRUPH DXPHQWR HQ OD RUGHQ GHO VLVWHPD GH HFXDFLRQHV
GLIHUHQFLDOHVHFXDFLRQHVGHHVWDGRLPSUDFWLFDEOHHQHODQiOLVLVGHODHVWDELOLGDGGHOVLVWHPDV
GHJUDQSRUWH
/DYHORFLGDGVtQFURQDGHOVLVWHPDHVXWLOL]DGDFRPREDVHHQVLVWHPDSRUXQLGDG(OUHVXOWDGR
GH HVWR HV TXH ODV YHORFLGDGHV GH ODV PiTXLQDV VLQFURQtDV HVWDUiQ SUy[LPDV D SX
SHUPLWLHQGRTXHODVHFXDFLRQHVGHWHQVLyQGHORVHQUROODPLHQWRVGHOHVWDWRUGTVHUHGX]FDQD
YG ULG \ T
,,,
YT ULT \ G
\KDFLHQGRTXHORVWRUTXHVVHWRUQHQQXPpULFDPHQWHLJXDOHVDODVSRWHQFLDV3 Z7
,9 0RGHOR$OWHUQDWLYRSDUDOD0iTXLQD6tQFURQD
XQ PRGHOR GLQiPLFR SDUD OD PiTXLQD VtQFURQD EDVDGR HQ ORV SDUiPHWURV GH SODFD GH OD
PiTXLQDSXHGHVHUGHVDUUROODGRXWLOL]DQGRODVVLJXLHQWHVDSUR[LPDFLRQHV>@
D /D YHORFLGDG GHO URWRU QR VH GHVYtD PXFKR GHO YDORU QRPLQDO GH SX X SXHGH VHU
FRQVLGHUDGDFRQVWDQWH
E 7RGDVODVLQGXFWDQFLDVVRQLQGHSHQGLHQWHVGHODFRUULHQWHL\ORVHIHFWRVGHODVDWXUDFLyQ
PDJQpWLFDIXHURQGHVFRQVLGHUDGRV
F /DV LQGXFWDQFLDV GH ORV HQUROODPLHQWRV GH ODV PiTXLQD SXHGHQ VHU DSUR[LPDGDV SRU XQD
FRQVWDQWHVXPDGDFRPRIXQFLRQHVKDUPyQLFDVGHODSRVLFLyQGHOURWRU
G (QUROODPLHQWRV GLVWULEXLGRV SXHGHQ VHU UHSUHVHQWDGRV SRU HQUROODPLHQWRV FRQFHQWUDGRV
HTXLYDOHQWHV
H /D PiTXLQD VtQFURQD SXHGH VHU UHSUHVHQWDGD SRU XQD IXHQWH GH WHQVLyQ GHWUiV GH XQD
UHDFWDQFLD
I 1R KD\ SpUGLGDV SRU KLVWpUHVLV HQ HO KLHUUR \ ORV HIHFWRV GH ODV FRUULHQWHV SDUiVLWDV VRQ
UHSUHVHQWDGRVDWUDYpVGHXQHQUROODPLHQWRHTXLYDOHQWHGHURWRU
J 6yORKD\UHDFWDQFLDGHGLVSHUVLyQHQORVHQUROODPLHQWRVGHOHVWDWRU
5pJLPHQ3HUPDQHQWH
/D)LJXUD SUHVHQWDHOGLDJUDPDIDVRULDOGHXQDPiTXLQDVtQFURQDHQUpJLPHQSHUPDQHQWH
(OIOXMRII HVSURSRUFLRQDODODFRUULHQWHGHFDPSR,I \HQUpJLPHQSHUPDQHQWHDODWHQVLyQ
DSOLFDGD HQ HO HQUROODPLHQWR GH FDPSR (VWH IOXMR HVWi DOLQHDGR FRQ HO HMH GLUHFWR GH OD
PiTXLQD/DWHQVLyQWHUPLQDOHQYDFtRGHODPiTXLQDVtQFURQD(I HVSURSRUFLRQDODOIOXMRII \
VH HQFXHQWUD q DGHODQWDGD HQ UHODFLyQ D HVWH HVWDQGR SRU OR WDQWR DOLQHDGD FRQ HO HMH HQ
FXDGUDWXUD
&XDQGRXQDFDUJDHVDSOLFDGDDODPiTXLQDODFLUFXODFLyQGHFRUULHQWHVHQORVHQUROODPLHQWRV
GHO HVWDWRU SURGXFH XQ IOXMR PDJQpWLFR I HQ IDVH FRQ OD FRUULHQWH TXH VH FRPSRQH
IDVRULDOPHQWH FRQ HO IOXMR GH FDPSR SDUD SURGXFLU HO IOXMR HTXLYDOHQWH GH HQWUHKLHUURIH /D
WHQVLyQ LQWHUQD GH OD PiTXLQD VtQFURQD 9, HVSURSRUFLRQDODOIOXMRGHOHQWUHKLHUURGHVIDVDGD
q /D WHQVLyQ WHUPLQDO 9 HV REWHQLGD D SDUWLU GH 9, FRQVLGHUiQGRVH OD FDtGDGH WHQVLyQ HQ
&XUVR/,0$3(5Ò± ,9
81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
UHVLVWHQFLD \ HQ OD UHDFWDQFLD GH GLVSHUVLyQ GHO HQUROODPLHQWR GHO HVWDWRU 6H SXHGH SUREDU
D~QTXHODGLIHUHQFLDHQWUH(I \9, HVWiHQIDVHFRQM ;OL\HVSURSRUFLRQDODODFRUULHQWH'H
HVWDIRUPDHVWDGLIHUHQFLDSXHGHVHUFRQVLGHUDGDFRPRODFDtGDGHWHQVLyQHQXQDUHDFWDQFLD
GHDUPDGXUD;D/DVXPDHQWUH;D \;O HVODUHDFWDQFLDVtQFURQDGHODPiTXLQD
HL[RG
II I
IH
(I HL[RT
,;D
, 9O
9
,5D ,;O
D 0iTXLQDGH3RORV/LVRV
HL[RG
IT
II
I IG
IH
,T (I HL[RT
,;D
,G ,T;DT
,
9O
9 ,G;DG
,5D ,;O
E 0iTXLQDGH3RORV6DOLHQWHV
)LJXUD 'LDJUDPD)DVRULDOGHOD0iTXLQD6tQFURQDHQ5pJLPHQ3HUPDQHQWH
&XUVR/,0$3(5Ò± ,9

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
3DUD HO FDVR GH OD PiTXLQD GH SRORV VDOLHQWHV HO GLDJUDPD IDVRULDO HV XQ SRFR PiV
FRPSOLFDGR/DVYDULDEOHVSXHGHQVHUGHVFRPSXHVWDVHQWpUPLQRVGHVXVFRPSRQHQWHVGHHMH
G \HMHTFRQIRUPHPRVWUDGRSDUDODFRUULHQWH
'HELGR D OD GLIHUHQFLD HQWUH ORV FDPLQRV PDJQpWLFRV HQ HVWRV GRV HMHV OD FRUULHQWH ,G
SURGXFLUiXQIOXMRPDJQpWLFRIG SURSRUFLRQDO\HQIDVHFRQODFRUULHQWHDVtFRPRODFRUULHQWH
,T SURGXFLUi XQ IOXMR PDJQpWLFR IT 3HUR OD SURSRUFLRQDOLGDG HQWUH HO IOXMR \ OD FRUULHQWH
GHSHQGH HQ HVWH FDVR GH OD GLUHFFLyQ FRQVLGHUDGD VLHQGR PiV IiFLO SURGXFLU HO IOXMR HQ OD
GLUHFFLyQGHOHMHG TXHHQODGLUHFFLyQGHOHMHT
'H HVWD IRUPD HO IOXMR I SURGXFLGR SRU OD FRUULHQWH GH FDUJD QR HV SURSRUFLRQDO D HVWD
FRUULHQWHQLWDPSRFRVHHQFXHQWUDHQIDVHFRQHOOD
/D WHQVLyQ LQWHUQD HTXLYDOHQWH GH OD PiTXLQD HV SURSRUFLRQDO DOR IOXMR PDJQpWLFR GHO
HQWUHKLHUURIH GHVIDVDGDq HQUHODFLyQDHVWH1XHYDPHQWHODWHQVLyQWHUPLQDOVHUiREWHQLGD
OHYiQGRVHHQFXHQWDODFDtGDGHWHQVLyQVREUHODUHVLVWHQFLD\ODUHDFWDQFLDGHGLVSHUVLyQGHO
HVWDWRU/DUHDFWDQFLDGHODDUPDGXUDHQHVWHFDVRSXHGHVHUGHVFRPSXHVWDHQWpUPLQRVGHORV
HMHVG \TUHVXOWDQGRHQ;DG \;DT/DVUHDFWDQFLDVVLQFURQtDVVRQODVXPDGHHVWDVUHDFWDQFLDV
GHODDUPDGXUDFRQODUHDFWDQFLDGHGLVSHUVLyQ
/DV VLJXLHQWHV UHODFLRQHV VRQ YiOLGDV SDUD UHSUHVHQWDU D PiTXLQD VtQFURQD HQ UpJLPHQ
SHUPDQHQWH
; G ; " ; DG
; T ; " ; DT
,,,
( IG 9T 5D ,T ; G ,G
9G 5D , G ; T ,T
5pJLPHQWUDQVLWRULR
3DUDFDPELRVPiVUiSLGDVHQODVFRQGLFLRQHVH[WHUQDVGHODPiTXLQDVtQFURQDODVUHODFLRQHV
GH UpJLPHQ SHUPDQHQWH QR VRQ WDQ YiOLGDV /RV HQODFHV GH IOXMR QR SXHGHQ YDULDU
LQVWDQWiQHDPHQWH \ FRQVHFXHQWHPHQWH VH WRUQDQHFHVDULRHOXVRGHHFXDFLRQHVGLIHUHQFLDOHV
TXHGHVFULEDQHVWDYDULDFLyQ
(VWRHVKHFKRGHILQLHQGRODVWHQVLRQHVWUDQVLWRULDVGHWUiVGHODUHDFWDQFLDWUDQVLWRULDWDOTXH
(Tc 9T 5D ,T ; Gc , G
,,,
(Gc 9G 5D , G ; Tc ,T
1 6
$SDUWLUGHHVWDGHILQLFLyQHVSRVLEOHOOHJDUDODVVLJXLHQWHVHFXDFLRQHVGLIHUHQFLDOHV
G(Tc
( IG ; G ; Gc , G (Tc
GW 7Gc
3 8
,,,
G(Gc
; T ; Tc ,G (Gc
GW 7Tc
/D)LJXUD SUHVHQWDHOGLDJUDPDIDVRULDOFRUUHVSRQGLHQWHDODRSHUDFLyQGHODPiTXLQDHQHO
HVWDGRWUDQVLWRULR
&XUVR/,0$3(5Ò± ,9

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
HL[RG
(L
,T HL[RT
(I
,G , ,T;T
(
9 ,T;
T ,G;
G
,5D
,G;G
)LJXUD 'LDJUDPD)DVRULDOGHOD0iTXLQD6tQFURQDHQ5pJLPHQWUDQVLWRULR
5pJLPHQ6XEWUDQVLWRULR
&XDQGRHVQHFHVDULRGHELGRDODSUHVHQFLDGHHQUROODPLHQWRVDPRUWLJXDGRUHVXRWURVHIHFWRV
VLPLODUHVVHSXHGHFRQVLGHUDUORVHIHFWRVVXEWUDQVLWRULRVGHODPiTXLQDVtQFURQDGHPDQHUD
VLPLODU D DTXHOOD XWLOL]DGD SDUD HO UpJLPHQ WUDQVLWRULR /DV HFXDFLRQHV UHVXOWDQWHV VRQ GDGDV
SRU
(Tcc 9T 5D ,T ; Gcc,G
(Gcc 9G 5D ,T ; Tcc,T
G(Tcc
GW

7Gcc
1
(Tc ; Gc ; G ,G (Tcc 6 ,,,
G(Gcc
GW

7Tcc
3
(Gc ; Tc ; T ,T (Gcc 8
,9 (FXDFLRQHV0HFiQLFDV
3DUD HO DQiOLVLV GH OD HVWDELOLGDG GH XQ VLVWHPD GH SRWHQFLD HO FRUUHFWR PRGHODPLHQWR GHO
PRYLPLHQWR GHO URWRU HV GH IXQGDPHQWDO LPSRUWDQFLD (O PRGHOR PiV VLPSOHV HPSOHDGR HQ
HVWH FDVR HV EDVDGR HQ OD /H\ GH 1HZWRQ SDUD HO PRYLPLHQWR FLUFXODU GH XQ FXHUSR UtJLGR
1 6
FX\RUHVXOWDGR\DHQWpUPLQRVGHYDORUHVSRUXQLGDGHVGDGRSRU
GZ
7P 7H . 'Z
1 6
GW +
,,,
GG
ZV Z
GW
GRQGH 7P WRUTXHPHFiQLFRSURGXFLGRSRUODWXUELQD
7H WRUTXHHOpFWULFRGHODPiTXLQDGDGRSRU ODHFXDFLyQ,,,
.' FRQVWDQWHGHDPRUWL]DFLyQ
+ FRQVWDQWHGHLQHUFLDGHODPiTXLQDHQ0:V09$
ZV YHORFLGDGVtQFURQDGHOVLVWHPDSI
/DYHORFLGDGZ HVHQYHUGDGHOGHVYLRGHYHORFLGDGGHODPiTXLQDHQUHODFLyQDOD
YHORFLGDGVtQFURQD/DFRQVWDQWHGHDPRUWLJXDPLHQWRHVXQDIRUPDVLPSOHVGHUHSUHVHQWDUHO
DPRUWLJXDPLHQWR TXH H[LVWH HQ HO VLVWHPD UHDO GHELGRDGLYHUVRVIDFWRUHVHQODVHFXDFLRQHV
PHFiQLFDV(OJUDQSUREOHPDHVWiHQODFRUUHFWDGHWHUPLQDFLyQGHVXYDORUSDUDFDGDPiTXLQD
GHOVLVWHPD
(O WRUTXH PHFiQLFR7P HV HO WRUTXH GH VDOLGD GH OD WXUELQD \ HQ YHUGDG SXHGH VHU
DMXVWDGRDSDUWLUGHOVLVWHPDGHFRQWUROGHYHORFLGDGGHODPiTXLQD3HURGHELGRDODVLQHUFLDV
&XUVR/,0$3(5Ò± ,9
81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
HQYXHOWDVHQHOSUREOHPDODVFRQVWDQWHVGHWLHPSRWtSLFDVGHORVUHJXODGRUHVGHYHORFLGDGVRQ
GH FHUFD GH DOJXQRV VHJXQGRV 'H HVWD IRUPD XQD DSUR[LPDFLyQ XVXDOPHQWH HPSOHDGD HQ
HVWXGLRVGHHVWDELOLGDGWUDQVLWRULDHVFRQVLGHUDUHOWRUTXHPHFiQLFRFRQVWDQWHHLJXDODOYDORU
GHOUpJLPHQSHUPDQHQWHGXUDQWHWRGRRSHUtRGRHQHVWXGLR
&XUVR/,0$3(5Ò± ,9

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
9 02'(/26'(5(*8/$'25(6'( 7(16,Ï1
/D IXQFLyQ EiVLFD GH XQ VLVWHPD GH H[FLWDFLyQ HV SURYHHU FRUULHQWH FRQWLQXD SDUD HO
HQUROODPLHQWR GH FDPSR GH OD PiTXLQD VtQFURQD $GHPiV GH HVR HO VLVWHPD GH H[FLWDFLyQ
GHVHPSHxD IXQFLRQHVGH FRQWURO GH SURWHFFLyQHVHQFLDOHVSDUDHOGHVHPSHxRVDWLVIDFWRULRGH
XQVLVWHPDGHSRWHQFLDDWUDYpVGHOFRQWUROGHODWHQVLyQDSOLFDGDDOHQUROODPLHQWRGHFDPSR
\SRUORWDQWRGHODSURSLDFRUULHQWHGHFDPSR
/DV IXQFLRQHV GH FRQWURO LQFOX\HQ HO FRQWURO GH OD WHQVLyQ WHUPLQDO \ GH OD JHQHUDFLyQ GH
SRWHQFLDUHDFWLYDDGHPiVGHIXQFLRQHVSURSLDVSDUDHODXPHQWRGHODHVWDELOLGDGGHOVLVWHPD
/DV IXQFLRQHV GH SURWHFFLyQ HVWiQ UHODFLRQDGDV D ORV OtPLWHV GH FDSDFLGDG GH OD PiTXLQD
VtQFURQD\GHOSURSLRVLVWHPDGHH[FLWDFLyQTXHQRSXHGHQVHUH[FHGLGRV
/RV FULWHULRV GH GHVHPSHxR GH XQ VLVWHPD GH H[FLWDFLyQ VRQ GHWHUPLQDGRV D SDUWLU GH OD
PiTXLQD VtQFURQD DO FXDO pO HVWDUi FRQHFWDGR DVt FRPR FRQ UHODFLyQ DO SURSLR VLVWHPD GH
SRWHQFLDFRPRXQWRGR
(O UHTXLVLWR EiVLFR GH XQ VLVWHPD GH H[FLWDFLyQ HV VXSOLU \ DMXVWDU DXWRPiWLFDPHQWH OD
FRUULHQWH GH FDPSR GHO JHQHUDGRU VtQFURQR GH IRUPD GH PDQWHQHU OD WHQVLyQ WHUPLQDO HQ XQ
YDORUGHDMXVWHSDUDYDULDFLRQHVHQODJHQHUDFLyQGHVDOLGDGHQWURGHODFDSDFLGDGQRPLQDOGH
ODPiTXLQD
$GHPiV GH HVWR HO VLVWHPD GH H[FLWDFLyQ GHEH VHU FDSD] GH UHVSRQGHU OD SHUWXUEDFLRQHV
WUDQVLWRULDV DFWXDQGR HQ HO FDPSR GH PDQHUD FRQVLVWHQWH FRQ OD FDSDFLGDG LQVWDQWiQHD \ GH
FXUWD GXUDFLyQ GH OD PiTXLQD (VWD DFWXDFLyQ VHUi OLPLWDGD SRU GLYHUVRV IDFWRUHV FRPR SRU
HMHPSORVREUHFDOHQWDPLHQWRVSRUH[FHVRGHFRUULHQWHGHFDPSR\R HVWDWRURSRUH[FHVRGH
IOXMRPDJQpWLFR\IDOODGHDLVODPLHQWRGHELGRDODVREUHWHQVLyQHQHOHQUROODPLHQWRGHFDPSR
(O VLVWHPD GH H[FLWDFLyQ GHEH D~Q FRQWULEXLU SDUD HO FRQWURO GH WHQVLyQ \ HO DXPHQWR GH OD
HVWDELOLGDG GHO VLVWHPD GH SRWHQFLD 'HEH UHVSRQGHU UiSLGDPHQWH ODV SHUWXUEDFLRQHV SDUD
DXPHQWDUODHVWDELOLGDGWUDQVLWRULDSURYHHUWRUTXHVLQFURQL]DQWH\GHEHVHUFDSD]GHPRGXODU
ODFRUULHQWHGHFDPSRSDUDDXPHQWDUODHVWDELOLGDGDSHTXHxDVSHUWXUEDFLRQHVSURYHHUWRUTXH
GHDPRUWLJXDPLHQWR
/D)LJXUD SUHVHQWDORVSULQFLSDOHVEORTXHVIXQFLRQDOHVGHXQVLVWHPDGHH[FLWDFLyQGHXQ
JHQHUDGRUVtQFURQRGHJUDQSRUWH
/D H[FLWDWUL] HV HO HTXLSDPLHQWR UHVSRQVDEOH SRU SURYHHU OD SRWHQFLD && QHFHVDULD SDUD
DOLPHQWDUHOHQUROODPLHQWRGHFDPSRGHOJHQHUDGRU
(OUHJXODGRUSURFHVD\DPSOLILFDVHxDOHVGHFRQWUROSDUDODIRUPD\ORVQLYHOHVQHFHVDULRVSDUD
HO FRQWURO GH OD H[FLWDWUL] 'HEH LQFOXLU OD UHJXODFLyQ \ ODV IXQFLRQHV GH HVWDELOL]DFLyQ GHO
VLVWHPDGHH[FLWDFLyQ
(O WUDQVGXFWRU GH WHQVLyQ LQFRUSRUD ODV IXQFLRQHV GH PHGLFLyQ UHFWLILFDFLyQ \ ILOWUDGR GH OD
VHxDOGHWHQVLyQWHUPLQDOWULIiVLFDDOWHUQD3XHGHD~QLQFOXLUODFRPSHQVDFLyQGHFDUJDSDUD
SHUPLWLUHOFRQWUROGHWHQVLRQHVUHPRWDV
/D VHxDO DGLFLRQDO HVWDELOL]DGRU \ SUR\HFWDGR H[FOXVLYDPHQWH SDUD HO DPRUWLJXDPLHQWR GH
RVFLODFLRQHV HOHFWURPHFiQLFDV SRVH\HQGR XQ EORTXHZDVKRXW HQ VX VDOLGD SDUD OLPLWDU VX
DFWXDFLyQHQEDMDVIUHFXHQFLDV
/RV FLUFXLWRV OLPLWDGRUHV \ GH SURWHFFLyQ HQYXHOYHQ GLYHUVDV IXQFLRQHV YLVDQGR DVHJXUDU OD
RSHUDFLyQ GHO VLVWHPD GH H[FLWDFLyQ \ GH OD PiTXLQD VtQFURQD GHQWUR GH VXV FDSDFLGDGHV
QRPLQDOHV
&XUVR/,0$3(5Ò± 9

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
/,0,7$'25(6
(&,5&8,726
'(3527(d2
75$16'8725
'(7(162(
&203(16$'25
'(&$5*$
9UHI 6LVWHPD
5(*8/$'25 (;&,7$75,= *(5$'25 GH
3RWrQFLD
6,1$/
$',&,21$/
(67$%,/,=$'25
366
)LJXUD 'LDJUDPDGH%ORTXHVGHODV)XQFLRQHV%iVLFDVGHXQ6LVWHPDGH([FLWDFLyQ
/RV VLVWHPDV GH H[FLWDFLyQ HYROXFLRQDURQ VLJQLILFDWLYDPHQWH D OR ODUJR GH ORV DxRV
FRUUHVSRQGLHQGRDXQDXPHQWRVLVWHPiWLFRGHVXLQIOXHQFLDHQHOGHVHPSHxRGLQiPLFRGHXQ
VLVWHPD GH SRWHQFLD /RV VLVWHPDV GH H[FLWDFLyQ SXHGHQ VHUFODVLILFDGRV GH PDQHUDJHQHUDO
VHJ~QODIXHQWHGHSRWHQFLDXWLOL]DGD
x 6LVWHPDVGHH[FLWDFLyQ&&
x 6LVWHPDVGHH[FLWDFLyQ&$
x 6LVWHPDVGHH[FLWDFLyQHVWiWLFRV
/D)LJXUD SUHVHQWDXQGLDJUDPDHVTXHPiWLFRVLPSOLILFDGRGHXQVLVWHPDGHH[FLWDFLyQ&&
8QDPiTXLQD&&HVSHFLDOFRQRFLGDFRPRDPSOLGLQDHVXWLOL]DGDFRPRUHJXODGRUGHWHQVLyQ
FRQWURODQGR OD FRUULHQWH GH FDPSR GH XQ JHQHUDGRU && TXH VXPLQLVWUD FRUULHQWH SDUD HO
FDPSRGHOJHQHUDGRUDWUDYpVGHDQLOORVFROHFWRUHV
DPSOLG\QH H[FLWDWUL]&& JHUDGRU&$
FDPSR DUPDGXUD FDPSR DUPDGXUD

7&
DQHO 73
UHRVWDWR
GHFDPSR
UHJXODGRU
GHWHQVmR
)LJXUD 6LVWHPDGH([FLWDFLyQ&&
(VWH WLSR GH VLVWHPD GH H[FLWDFLyQ IXH PX\ HPSOHDGR KDVWD OD GpFDGD GH ORV FXDQGR ORV
VLVWHPDV GH H[FLWDFLyQ &$ SDVDUDQ D GRPLQDU HO HVFHQDULR /D SUHVHQFLD GHO DQLOOR FROHFWRU
UHSUHVHQWDXQDJUDQGLILFXOWDGWpFQLFDGHOSXQWRGHYLVWDGHPDQWHQLPLHQWR\FRQILDELOLGDG
/D)LJXUD SUHVHQWDXQGLDJUDPDVLPSOLILFDGRGHXQVLVWHPDGHH[FLWDFLyQ&$/DWHQVLyQ
\ FRUULHQWH && GHO FDPSR GHO JHQHUDGRU HV VXPLQLVWUDGD D SDUWLU GH XQ UHFWLILFDGRU HQ OD
&XUVR/,0$3(5Ò± 9

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
VDOLGD GH OD H[FLWDWUL] /RV SULPHURV VLVWHPDV GH H[FLWDFLyQ &$ XWLOL]DEDQ XQ UHFWLILFDGRU
HVWDFLRQDULR\SRUORWDQWRODFRUULHQWHGHFDPSRGHEHVHUVXPLQLVWUDGDDOJHQHUDGRUDWUDYpV
GHDQLOORVFROHFWRUHV
H[FLWDWUL]&$ JHUDGRU&$
FDPSR DUPDGXUD FDPSR DUPDGXUD

7&
DQHO 73
UHJXODGRU
&& UHIHUrQFLD
&&
UHIHUrQFLD
UHJXODGRU &$
&$
)LJXUD 6LVWHPDGH([FLWDFLyQ&$
/D )LJXUD SUHVHQWD HO GLDJUDPD GH XQ VLVWHPD GH H[FLWDFLyQ &$ VLQ DQLOORV EUXVKOHVV
GRWDGRGHH[FLWDWUL]SLORWR(VWHVLVWHPDGHH[FLWDFLyQXWLOL]DXQDH[FLWDWUL]&$PRQWDGDHQHO
HMHGHOURWRUFX\RHQUROODPLHQWRGHFDPSRVHHQFXHQWUDPRQWDGRHQHOHVWDWRU/DH[FLWDWUL]
SLORWR WLHQH OD IXQFLyQ GH VXPLQLVWUDU FRUULHQWH GH FDPSR && SDUD OD H[FLWDWUL] &$ \ HV HQ
JHQHUDOXQJHQHUDGRU&&FRQLPDQHVSHUPDQHQWHVFX\RFDPSRVHHQFXHQWUDHQHOURWRU\OD
DUPDGXUDHQHOHVWDWRU
H[FLWDWUL]SLORWR H[FLWDWUL]&$ JHUDGRU&$
DUPDGXUD DUPDGXUD FDPSR DUPDGXUD
FDPSR

1 7&
6
73
FDPSR
&$WULIiVLFD
UHJXODGRU
&$ UHIHUrQFLD
&$
)LJXUD 6LVWHPDGH([FLWDFLyQ%UXVKOHVV FRQ([FLWDWUL]3LORWR
/RV VLVWHPDV GH H[FLWDFLyQ HVWiWLFRV FRPR HO SURSLR QRPEUH \D GLFH XWLOL]D VyOR
HTXLSDPLHQWRVHOHFWUyQLFRVSDUDSURGXFLUODWHQVLyQ\ODFRUULHQWH&&TXHDOLPHQWDHOFDPSR
GHO JHQHUDGRU 6H XWLOL]D HQ JHQHUDO XQ UHFWLILFDGRU FRQWURODGR TXH DOLPHQWD HO FDPSR D
WUDYpVGHDQLOORVFROHFWRUHV
(Q VX IRUPD PiV VLPSOHV OD WHQVLyQ WULIiVLFD GHO JHQHUDGRU R GH XQD EDUUD DX[LOLDU HV
UHFWLILFDGDSDUDDOLPHQWDUHOFDPSR(VWHDUUHJORFRQWRGRGHSHQGHGHOQLYHOGHWHQVLyQ&$
GLVSRQLEOH SDUD UHFWLILFDFLyQ VXIULHQGR VHULDV OLPLWDFLRQHV GXUDQWH GHIHFWRV HQ TXH HVWD
WHQVLyQSXHGHTXHGDUPX\EDMD(VWHHIHFWRSXHGHVHUSDUFLDOPHQWHFRPSHQVDGRXWLOL]iQGRVH
XQD IXHQWH GH WHQVLyQ SDUD HO UHFWLILFDGRU TXH VHD SURSRUFLRQDO D OD WHQVLyQ \ D OD FRUULHQWH
WHUPLQDOGHOJHQHUDGRUJDUDQWL]iQGRVHDVtODDOLPHQWDFLyQGHOFDPSRGXUDQWHORVGHIHFWRV
(O FRUUHFWR PRGHODPLHQWR GLQiPLFD GH ORV VLVWHPDV GH H[FLWDFLyQ HV XQD GH ODV SULQFLSDOHV
WDUHDVDVRFLDGDVDORVHVWXGLRVGHHVWDELOLGDGWUDQVLWRULD/D HQRUPHGLYHUVLGDGGHPRGHORV\
&XUVR/,0$3(5Ò± 9
81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
GHIXQFLRQHVGHVHPSHxDGDVSRUORVVLVWHPDVGHH[FLWDFLyQWRUQDQHVWDWDUHDEDVWDQWHDUWHVDQDO
\GHSHQGLHQWHGHLQIRUPDFLRQHVGHORVIDEULFDQWHV\RHQVD\RVGHFDPSR
3DUDVLWXDFLRQHVHQTXHHOVLVWHPDGHH[FLWDFLyQHVSHFtILFRQRHVFRQRFLGRFRPRSRUHMHPSOR
HQORVHVWXGLRVGH3ODQLILFDFLyQFXDQGRHVWRVD~QQRIXHURQHVSHFLILFDGRVHVFRP~QXWLOL]DU
PRGHORVJHQpULFRVSDUDUHSUHVHQWDUORVVLVWHPDVGHH[FLWDFLyQ
/D)LJXUD SUHVHQWDODHVWUXFWXUDJHQHUDOGHXQPRGHORFRPSOHWRGHOVLVWHPDGHH[FLWDFLyQ
(VWH PRGHOR PDQWLHQH OD LGHQWLGDG GH FDGD FRPSRQHQWH GHOVLVWHPD GH H[FLWDFLyQ \ WLHQH OD
YHQWDMD GH WRUQDUVH PiV IiFLO OD GHWHUPLQDFLyQ GH SDUiPHWURV TXH PDQWLHQHQ VX VLJQLILFDGR
ItVLFRRULJLQDO3HURHVWHPRGHORHVFRQVLGHUDGRPX\GHWDOODGRSDUDHVWXGLRVGHHVWDELOLGDG
HVSHFLDOPHQWH DTXHOORV DVRFLDGRV FRQ HO GHVHPSHxR GHO VLVWHPD GH SRWHQFLD FRPR XQ WRGR
0RGHORV UHGXFLGRV VRQ REWHQLGRV HQWRQFHV SURFXUDQGR PDQWHQHU ODV FDUDFWHUtVWLFDV
GLQiPLFDVGHODUHVSXHVWDGHOVLVWHPDGHH[FLWDFLyQHQODIUDQMDGHIUHFXHQFLDVGH+]DFHUFD
GH+]DVRFLDGDDORVWUDQVLWRULRVHOHFWURPHFiQLFRV
_9_ HVWiJLRVDPSOLILFDGRUHV H[FLWDWUL]

9UHI
* * *

9SVV
ODoRVLQWHUQRVGH
+ HVWDELOL]DomR
+
+
ODoRGHHVWDELOL]DomR
SULQFLSDO
)LJXUD (VWUXFWXUDGHXQ0RGHORGH6LVWHPDGH([FLWDFLyQ
/DPD\RUSDUWHGHORVVLVWHPDVGHH[FLWDFLyQGHOVLVWHPDEUDVLOHxRVHHQFXHQWUDPRGHODGR\
GLVSRQLEOH SDUD XVR HQ ORV SURJUDPDV GH DQiOLVLV GH OD HVWDELOLGDG FRQ ORV PRGHORV \ VXV
SDUiPHWURVKDELHQGRVLGRREMHWRGHJUDQGHVHVWXGLRV\GHEDWHV
(Q OD DXVHQFLD GH XQ PRGHOR GHILQLGR HO ,((( SRVHH WUDEDMRV SXEOLFDGRV FRQ PRGHORV
HVWiQGDU VXJHULGRV SDUD GLYHUVRV WLSRV GH VLVWHPDV GH H[FLWDFLyQ > @ TXH SXHGHQ VHU
XWLOL]DGRVRDGDSWDGRVSDUDODVQHFHVLGDGHVGHOHVWXGLRDVHUUHDOL]DGR
&XUVR/,0$3(5Ò± 9

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
9, $&23/$0(172'(02'(/26
9, (VWUXFWXUD GHO 0RGHOR &RPSOHWR GHO 6LVWHPD GH 3RWHQFLD SDUD
$QiOLVLVGH(VWDELOLGDG7UDQVLWRULD
(O DQiOLVLV GH OD HVWDELOLGDG WUDQVLWRULD GH VLVWHPDV GH SRWHQFLD HQYXHOYH OD VROXFLyQ GH OD
UHVSXHVWDGLQiPLFDQROLQHDOSDUDXQDJUDQSHUWXUEDFLyQHQHOVLVWHPDFRPRSRUHMHPSORXQ
FRUWRFLUFXLWRHQHOVLVWHPDGHWUDQVPLVLyQVHJXLGRGHODLVODPLHQWRGHOHOHPHQWRHQFRUWRSRU
ODSURWHFFLyQ
/D )LJXUD PXHVWUD OD HVWUXFWXUD JHQHUDO GHO PRGHOR GHO VLVWHPD GH SRWHQFLD XVDGR HQ HO
DQiOLVLV GH OD HVWDELOLGDG WUDQVLWRULD (Q HVWD HVWUXFWXUD JUDQGHV GLVFRQWLQXLGDGHV GHELGDV
SULQFLSDOPHQWHSRUIDOODV\GHVFRQH[FLRQHVDGLFLRQDGDVDSHTXHxDVGLVFRQWLQXLGDGHVGHELGDV
SRU HMHPSOR SRU OtPLWHV HQ ODV YDULDEOHV HVWiQ SUHVHQWHV HQ HO PRGHOR GHO VLVWHPD 2WUDV
LQIRUPDFLRQHVUHOHYDQWHV DGHPiV GH ODVUHODFLRQDGDVFRQODHVWDELOLGDGVRQODVWHQVLRQHVGH
ODVEDUUDVORVIOXMRVHQODVOtQHDV\HOGHVHPSHxRGHOVLVWHPDGHSURWHFFLyQ
(TXDo}HVHOpWULFDVGR
HVWDWRUH (U(L
WUDQVIRUPDomRGH
,U,L GHPDLV
FRRUGHQDGDV
JHUDGRUHV
(TXDo}HVGD5HGH
(TXDo}HVHOpWULFDV (TXDo}HVGR PRWRUHVHFDUJDV
(OpWULFDPDWUL]<EDUUD
DVVRFLDGDVDRV 6LVWHPDGH GLQkPLFDV
LQFOXtQGRFDUJDVHVWiWLFDV
FLUFXLWRVGRURWRU ([FLWDomR
(TXDo}HVPHFkQLFDV (TXDo}HVGR
RXWURV
GRPRYLPHQWRGR 5HJXODGRUGH
HTXLSDPHQWRV
URWRU 9HORFLGDGH
GLQkPLFRV
(TXDo}HVGHXPD~QLFD (TXDo}HVGDUHGH
PiTXLQDQRVVHXVHL[RVGT HOpWULFDQDUHIHUrQFLD
FRPXPUHDOLPDJLQiULR
)LJXUD (VWUXFWXUD&RPSOHWDGHO0RGHORSDUDHO$QiOLVLVGH(VWDELOLGDG7UDQVLWRULD
&RQIRUPHPRVWUDGRHQOD)LJXUDODUHSUHVHQWDFLyQJOREDOGHOVLVWHPDGHSRWHQFLDLQFOX\H
PRGHORVSDUDORVVLJXLHQWHVFRPSRQHQWHV
x *HQHUDGRUHVVtQFURQRV\VXVVLVWHPDVGHH[FLWDFLyQ\PRWUL]
x 5HGGHWUDQVPLVLyQLQFOX\HQGRODVFDUJDVHVWiWLFDV
x &DUJDVGHPRWRUHVVtQFURQRV\GHLQGXFFLyQ
x 2WURVHTXLSDPLHQWRVFRPRSRUHMHPSORORVVLVWHPDV+9'&\)$&76
(OPRGHORXVDGRHQODUHSUHVHQWDFLyQGHFDGDFRPSRQHQWHGHEHVHUDSURSLDGRSDUDHODQiOLVLV
GH OD HVWDELOLGDG WUDQVLWRULD \ ODV HFXDFLRQHV GHO VLVWHPD GHEHQ VHU RUJDQL]DGDV GH IRUPD
DSURSLDGDSDUDORVPpWRGRVQXPpULFRV
(O PRGHOR FRPSOHWR GHO VLVWHPD FRQVLVWH HQ XQ JUDQ VLVWHPD GH HFXDFLRQHV GLIHUHQFLDOHV
RUGLQDULDV MXQWR FRQ XQ JUDQ VLVWHPD GH HFXDFLRQHV DOJpEULFDV (O PRGHOR FRPSOHWR GHO
&XUVR/,0$3(5Ò± 9,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
VLVWHPDFRQVLVWHHQXQJUDQVLVWHPDGHHFXDFLRQHVGLIHUHQFLDOHVRUGLQDULDVMXQWRFRQXQJUDQ
VLVWHPDGHHFXDFLRQHVDOJpEULFDV
9, 5HSUHVHQWDFLyQ GH OD 0iTXLQD 6tQFURQD \ GH VX 6LVWHPD GH
([FLWDFLyQ
(O PRGHOR GH OD PiTXLQD VtQFURQD HQ ORVHVWXGLRV GH HVWDELOLGDGWUDQVLWRULDHV UHSUHVHQWDGR
SRUHFXDFLRQHVGLIHUHQFLDOHVGHULYDGDVGHOPRGHORGH3DUNHMHVGT/DRUGHQGHHVWHPRGHOR
GHSHQGH GHO JUDGR GH FRPSOHMLGDG HQ OD UHSUHVHQWDFLyQ GH ORV HIHFWRV WUDQVLWRULRV \
VXEWUDQVLWRULRVTXHRFXUUHQHQORVFLUFXLWRVGHOURWRUGHODPiTXLQDVtQFURQD/DGLQiPLFDGHO
HVWDWRUHVHQJHQHUDOGHVSUHFLDGDHQORVHVWXGLRVGHHVWDELOLGDGWUDQVLWRULDWUDQVIRUPDQGRDVt
VXVHFXDFLRQHVGLIHUHQFLDOHVHQHFXDFLRQHVDOJpEULFDV&RPSOHWDQGRHOPRGHORGHODPiTXLQD
VtQFURQD VH WLHQH OD HFXDFLyQ GLIHUHQFLDO TXH PRGHOD HO PRYLPLHQWR GHO URWRU HFXDFLyQ GH
RVFLODFLyQ
/RV YDULRV PRGHORV GH VLVWHPDVGH H[FLWDFLyQ GHVFULWRVHQHOFDStWXORDQWHULRUVRQVyORXQD
PXHVWUD GH OD LQILQLGDG GH PRGHORV H[LVWHQWHV HQ HO PHUFDGR (VWRV EiVLFDPHQWH VRQ
UHSUHVHQWDGRV SRU JDQDQFLDV FRQVWDQWHV GH WLHPSR OLPLWDGRUHV EORTXHV GH VDWXUDFLyQ \
VHxDOHVHVWDELOL]DQWHV
9, 5HSUHVHQWDFLyQGHO6LVWHPDGH7UDQVPLVLyQ\GHODV&DUJDV
(OVLVWHPDGHWUDQVPLVLyQDVtFRPRHOHVWDWRUGHODPiTXLQDVtQFURQDHVUHSUHVHQWDGRSRUXQ
PRGHORDOJHEUDLFRHVWRHVHOWUDQVLWRULRGHODUHGFRPSDUDGRFRQWUDQVLWRULRHOHFWURPHFiQLFR
HVPXFKRPiVUiSLGR(VWHKHFKRQRVOOHYDDGHVSUHFLDUODGLQiPLFDGHODUHG(QORVDQiOLVLV
HQ FRQGLFLRQHV HTXLOLEUDGDV EDVWD UHSUHVHQWDU HO FLUFXLWR WULIiVLFR SRU HO HTXLYDOHQWH
PRQRIiVLFR (Q FRQGLFLRQHV GHVHTXLOLEUDGDV HO DQiOLVLV HV KHFKD OOHYDQGR HQ FXHQWD ORV
FRPSRQHQWHVVLPpWULFRV
(QVLWXDFLRQHVHVSHFLDOHVGRQGHVHUHTXLHUHODUHSUHVHQWDFLyQGLQiPLFDGHODUHG\GHOHVWDWRU
GHODPiTXLQDVtQFURQDORVSURJUDPDVWUDQVLWRULRVHOHFWURPDJQpWLFRVWLSR(073GHEHQVHU
XVDGRV
/DIRUPDPiVFRQYHQLHQWHGHUHSUHVHQWDUODUHGHVHQWpUPLQRVGHODPDWUL]DGPLWDQFLDQRGDO
/DV FDUJDV GLQiPLFDV VRQ UHSUHVHQWDGDV GH OD PLVPD IRUPD TXH ORV PRWRUHV VtQFURQRV \ GH
LQGXFFLyQ
/DVFDUJDVHVWiWLFDVVRQUHSUHVHQWDGDVFRPRSDUWHGHODVHFXDFLRQHVGHODUHG/DVFDUJDVFRQ
FDUDFWHUtVWLFDVGHLPSHGDQFLDFRQVWDQWHVRQDVPiVVLPSOHVGHVHUWUDWDGDVVLHQGRLQFOXLGDVHQ
ODPDWUL]DGPLWDQFLDQRGDO&DUJDVQROLQHDOHVVRQPRGHODGDVFRPRIXQFLRQHVH[SRQHQFLDOHV
RSROLQyPLFDVGHODPDJQLWXGGHODWHQVLyQ\GUODIUHFXHQFLD'HHVWDIRUPDODFDUJDHVWiWLFD
QR OLQHDO HV WUDWDGD FRPR XQD LQ\HFFLyQ GH FRUULHQWH DSURSLDGD D OD HFXDFLyQ GH OD UHG (O
YDORUGHODFRUULHQWHLQ\HFWDGDHQHOQXGRHVGDGDSRU
3/ M4/
,/ 9
9/
GRQGH9/ HVHOFRQMXJDGRGHODWHQVLyQHQODEDUUDGHFDUJD\3/ \4/ VRQODVIUDFFLRQHVGH
ODVFDUJDV DFWLYD \UHDFWLYDVTXHYDUtDQFRPRIXQFLRQHVQROLQHDOHVGH9/ \GHOGHVYtRGHOD
IUHFXHQFLD3RUFRQYHQFLyQ4/ HVSRVLWLYRSDUDFDUJDVLQGXFWLYDV
/D UHSUHVHQWDFLyQ JHQHUDO GH OD UHG \ GH OD FDUJD FRQVLVWH HQ XQD HFXDFLyQ PDWULFLDO GH
DGPLWDQFLDQRGDOGHODIRUPD
, <9 9
\FX\DHVWUXFWXUDHVVLPLODUDODPDWUL]XVDGDHQORVHVWXGLRVGHOIOXMRGHSRWHQFLD
&XUVR/,0$3(5Ò± 9,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
/D PDWUL] DGPLWDQFLD QRGDO< HV VLPpWULFD H[FHSWR SRU ODV DVLPHWUtDV LQWURGXFLGDV SRU ORV
WUDQVIRUPDGRUHV GHVIDVDGRUHV 'HQWUR GHO GRPLQLR GHO WLHPSR GH ODV VLPXODFLRQHV GH
HVWDELOLGDGWUDQVLWRULDORVWDSV GHORVWUDQVIRUPDGRUHV\ODVGHIDVDMHVDQJXODUHVQRFDPELDQ
(QWRQFHV ORV HOHPHQWRV GH OD PDWUL] VRQ FRQVWDQWHV D PHQRV GH ORV FDPELRV HQ OD
FRQILJXUDFLyQGHODUHG
/RVHIHFWRVGHORVJHQHUDGRUHVFDUJDVHVWiWLFDVQROLQHDOHVFDUJDVGLQiPLFDVDVtFRPRRWURV
HOHPHQWRVFRPR+9'&\)$&76VRQUHIOHMDGRVFRPRFRQGLFLRQHVGHIURQWHUDUHSUHVHQWDGDV
HQUHODFLRQHVDGLFLRQDOHVHQWUH9 \, HQORVUHVSHFWLYRV
(QFRQWUDVWHDODQiOLVLVGHORVHVWXGLRVGHIOXMRGHSRWHQFLDHOFRQWUROGHIOXMRHQ/7VOtPLWHV
HQODJHQHUDFLyQGHSRWHQFLDUHDFWLYD\EDODQFHGHODVSpUGLGDVSRUODEDUUDGHUHIHUHQFLDQR
QHFHVLWDQVHUFRQVLGHUDGDVHQORVHVWXGLRVGHHVWDELOLGDGWUDQVLWRULD
3DUD VLPXODU XQD IDOWD HQ HO VLVWHPD EDVWD FDPELDU GH IRUPD DSURSLDGD HO YDORU GH OD
DGPLWDQFLDSURSLDGHODEDUUDFRQHOGHIHFWR
9, (FXDFLyQ&RPSOHWDGHO6LVWHPD
/DVHFXDFLRQHVSDUDFDGDJHQHUDGRU\SDUDFDGDHTXLSDPLHQWRGLQiPLFRSXHGHQVHUH[SUHVDGD
1 6
GHODVLJXLHQWHIRUPD
J 1[ 9 6
[ G I G [ G 9G 9
,G G G G 9
GRQGH [G YHFWRUGHHVWDGRGHFDGDHTXLSDPLHQWR
,G LQ\HFFLyQGHFRUULHQWHGHOHTXLSDPLHQWRSDUDODUHG
9G WHQVLyQGHODEDUUD
/DV HFXDFLRQHV JHQHUDOHV GHO VLVWHPD LQFOX\HQGR ODV HFXDFLRQHV GLIHUHQFLDOHV9 SDUD
WRGRVORVHTXLSDPLHQWRV\ODFRPELQDFLyQGHODVHFXDFLRQHVDOJpEULFDVGHORVHTXLSDPLHQWRV
9 \ OD UHG 9 VRQ H[SUHVDGDV HQ OD VLJXLHQWH IRUPD JHQHUDO FRUUHVSRQGLHQGR D XQ
1 6
FRQMXQWRGHHFXDFLRQHVGLIHUHQFLDOHVRUGLQDULDVGHSULPHURUGHQ
[ I [ 9 9
1 6
\HOFRQMXQWRGHHFXDFLRQHVDOJpEULFDV
, [ 9 <9 9
FRQXQFRQMXQWRGHFRQGLFLRQHVLQLFLDOHVFRQRFLGDV[9GRQGH
[ YHFWRUGHHVWDGRGHOVLVWHPD
9 YHFWRUGHODVWHQVLRQHVQRGDOHV
, YHFWRUGHODVLQ\HFFLRQHVGHFRUULHQWH
9DULRV PpWRGRV \D IXHURQ SURSXHVWRV HQ OD OLWHUDWXUD SDUD OD VROXFLyQ GH HVDV HFXDFLRQHV
GHSHQGLHQGRGHORVPpWRGRVQXPpULFRVHPSOHDGRV\GHORVGHWDOOHVGHOPRGHODPLHQWR(VRV
YDULDGRV PpWRGRVGHVROXFLyQGHODV(FXDFLRQHV9 \9 VRQFDUDFWHUL]DGRVSRUORV
VLJXLHQWHVIDFWRUHV
x PRGR GH LQWHUIDVH HQWUH ODV HFXDFLRQHV GLIHUHQFLDOHV 9 \ ODV HFXDFLRQHV
DOJHEUDLFDV 9 8Q PpWRGR OODPDGR SDUWLFLRQDGR \ RWUR OODPDGR VLPXOWiQHR
SXHGHQVHUXVDGRV
x PpWRGRGHLQWHJUDFLyQXWLOL]DGRHVWRHVHOPpWRGRLPSOtFLWRRPpWRGRH[SOtFLWR
x PpWRGR XVDGR HQ OD VROXFLyQ GH ODV HFXDFLRQHV DOJpEULFDV /RV PpWRGRV TXH
SXHGHQ VHU XWLOL]DGRV VRQ L HO PpWRGR GH *DXVV6HLGHO EDVDGR HQ OD
IRUPXODFLyQGHODPDWUL]GHDGPLWDQFLDQRGDOLLXQPpWRGRGHVROXFLyQGLUHFWD
XVDQGRIDFWRUL]DFLyQWULDQJXODU\LLLXQPpWRGRGHVROXFLyQLWHUDWLYDTXHXVDHQ
HOPpWRGRGH1HZWRQ5DSKVRQ
&XUVR/,0$3(5Ò± 9,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
7RGRV ORVPpWRGRVGHVFULWRVDUULED\DIXHURQXWLOL]DGRVFRQp[LWRHQSURJUDPDVGHHVWDELOLGDG
WUDQVLWRULDFRPHUFLDOHVGHJUDQSRUWH
&XUVR/,0$3(5Ò± 9,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
9,, 6,08/$&,Ï1'(6,67(0$6
/RV FRPSRQHQWHV HQYXHOWRV HQ ORV VLVWHPDV GH FRQWURO VRQ DPSOLDPHQWH GLIHUHQWHV (OORV
SXHGHQ VHU HOHFWURPHFiQLFRV KLGUiXOLFRV QHXPiWLFRV HOHFWUyQLFRV HWF (Q LQJHQLHUtD GH
FRQWURO HQ YH] GH WUDWDU GH ORV GLVSRVLWLYRV GHKDUGZDUH VH VXVWLWX\HQ WDOHV GLVSRVLWLYRV R
FRPSRQHQWHVSRUVXVPRGHORVPDWHPiWLFRV
2EWHQHU XQ PRGHOR PDWHPiWLFR UD]RQDEOHPHQWH SUHFLVR GH XQ FRPSRQHQWH ItVLFR HV XQR GH
ORVSUREOHPDVPiVLPSRUWDQWHVHQLQJHQLHUtDGHFRQWURO1RWHTXHSDUDVHU~WLOXQPRGHORQR
GHEH VHU PX\ FRPSOLFDGR WDPSRFR PX\ VLPSOLILFDGR 8Q PRGHOR PDWHPiWLFR GHEH
UHSUHVHQWDU ORV DVSHFWRV HVHQFLDOHV GH XQ FRPSRQHQWH ItVLFR /DV SUHYLVLRQHV GHO
FRPSRUWDPLHQWR GHO VLVWHPD EDVDGDV HQ HO PRGHOR PDWHPiWLFR GHEHQ VHU UD]RQDEOHPHQWH
SUHFLVDV1RWHWDPELpQTXHORVVLVWHPDVTXHSDUHFHQGLIHUHQWHVSXHGHQVHU UHSUHVHQWDGRVSRU
HOPLVPRPRGHORPDWHPiWLFR(OXVRGHWDOHVPRGHORVPDWHPiWLFRVSRVLELOLWDDORVLQJHQLHURV
GHFRQWUROGHVDUUROODUXQDWHRUtDXQLILFDGD(QLQJHQLHUtDGHFRQWUROVRQFRP~QPHQWHXVDGDV
ODV HFXDFLRQHV GLIHUHQFLDOHV OLQHDOHV LQYDULDQWHV HQHO WLHPSR IXQFLRQHV GH WUDQVIHUHQFLD \
HFXDFLRQHVFRQYDULDEOHVGHHVWDGRSDUDPRGHORVPDWHPiWLFRVGHVLVWHPDVOLQHDOHVLQYDULDQWHV
HQHOWLHPSR\FRQWLQXRV
$XQTXH ODV UHODFLRQHV GH HQWUDGDVDOLGD GH PXFKRV FRPSRQHQWHV VHDQ QROLQHDOHV
QRUPDOPHQWH VH OLQHDOL]DQ WDOHV UHODFLRQHV HQ WRUQR GH SXQWRV GH RSHUDFLyQ \ VH DQDOL]D HO
GHVHPSHxR GHO VLVWHPD SDUD SHTXHxDV YDULDFLRQHV HQ WRUQR GHO SXQWR GH OLQHDOL]DFLyQ
&LHUWDPHQWH HVWRV PRGHORV OLQHDOL]DGRV VRQ PiV IiFLOHV GH WUDWDU DQDOtWLFDPHQWH \
FRPSXWDFLRQDOPHQWH
3DUDHVWXGLDUXQGDWRGHOVLVWHPDHOPtQLPRQHFHVDULRVHUtDODFDSDFLGDGGHSUHYHUODVDOLGD
UHVSXHVWDGHHVWHVLVWHPDSDUDFXDOTXLHUHQWUDGDH[FLWDFLyQGHVHDGD
8QD SULPHUD LGHD VHUtD DSOLFDU HQ HO VLVWHPD EDMR HVWXGLR WRGDV ODV HQWUDGDV SRVLEOHV \
GHVSXpV DQDOL]DU ODV UHVSXHVWDV REWHQLGDV (VWH PpWRGR ³H[SHULPHQWDO´ SRVHH DOJXQDV
GHILFLHQFLDVIXQGDPHQWDOHV
x HVSUiFWLFDPHQWHLPSRVLEOHVDEHUDSULRULWRGDVODVHQWUDGDVSRVLEOHVTXHVHGHVHDUtD
DQDOL]DU
x SXHGHVHUDUULHVJDGRSDUDSHUVRQDVR SDUDHOSURSLRVLVWHPDODDSOLFDFLyQGHHQWUDGDV
VLQ TXH VH WHQJDLGHDGH OD UHVSXHVWD HVSHUDGDD XVWHGOH JXVWDUtD HVWDUHQ XQ DYLyQ
VLHQGRVRPHWLGRD³HQVD\RV´"
x SXHGH QR VHU SUiFWLFR DSOLFDU ODV HQWUDGDV \ UHJLVWUDU VLPXOWiQHDPHQWH ODV
VDOLGDV SRU HMHPSOR HQWUDGD DXPHQWR GH FDUJD HQ HO iUHD 5tR \ VDOLGD
JHQHUDFLyQGHOD8+(,WDLSX
x SXHGHVHUPX\GLItFLORLQFOXVRLPSRVLEOHDQDOL]DUODVUHVSXHVWDVREWHQLGDV\H[WUDHU
FRQFOXVLRQHV
3DUD HYLWDU HVWRV SUREOHPDV ORV LQJHQLHURV EXVFDQ PRGHORV TXH UHSUHVHQWHQ HO
FRPSRUWDPLHQWRGHOVLVWHPD\TXHSXHGDQVHUXWLOL]DGRVHQODVLPXODFLyQ GHHVWHVLVWHPDHQ
ODVPiVGLYHUVDVVLWXDFLRQHVTXHSXHGDQVHULPDJLQDGDV8QEXHQ PRGHOR SHUPLWHHVWXGLDUXQ
VLVWHPDUHDOSRVLELOLWDQGRODREWHQFLyQGHOD UHVSXHVWDVDOLGDGHHVWHVLVWHPDSDUDFXDOTXLHU
HQWUDGDGHVHDGDDWUDYpVGHVLPXODFLyQ
/DVLPXODFLyQSXHGHVHUDQDOyJLFDRGLJLWDO
x /D VLPXODFLyQ DQDOyJLFD HV SRVLEOH D WUDYpV GHO XVR GH PRGHORV UHGXFLGRV \R
HTXLYDOHQWHV GHO VLVWHPD UHDO TXH VRQ VRPHWLGRV HQWRQFHV D ODV PLVPDV VHxDOHV
HQWUDGDVTXHVHUtDQDSOLFDGRVDOVLVWHPDUHDO
&XUVR/,0$3(5Ò± 9,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
x /D VLPXODFLyQ GLJLWDO FRQVLVWH HQ OD IRUPXODFLyQ GH XQPRGHOR PDWHPiWLFR SDUD HO
VLVWHPD D VHU DQDOL]DGR \ VX VLPXODFLyQ D WUDYpV GH WpFQLFDV QXPpULFDV EDVDGDV HQ
FRPSXWDGRUHV
(OSUREOHPDSULQFLSDOGHHVWDDERUGDMHSXHGHVHUUHVXPLGRHQODVLJXLHQWHSUHJXQWDTXHHV\
FRPRSXHGHVHUREWHQLGRXQEXHQPRGHOR "
&RPR HO PRGHOR VHUi XVDGR SDUD VLPXODU HO GHVHPSHxR GH XQ VLVWHPD UHDO GRV DVSHFWRV
FRPSRQHQHVWHSUREOHPD
x ODV HFXDFLRQHV PDWHPiWLFDV XWLOL]DGDV SDUD UHSUHVHQWDU HO VLVWHPD GHEHQ LQFOXLU
WRGRVORVIHQyPHQRVUHOHYDQWHVSDUDHODQiOLVLVDVHUHIHFWXDGD
x OD REWHQFLyQ GH XQD VROXFLyQ SDUD HVWDV HFXDFLRQHV WLHQH TXH VHU DVHTXLEOH \
SURGXFLUUHVXOWDGRVSUHFLVRV\FRQVLVWHQWHVFRQHODQiOLVLV
&RPRHQJHQHUDOORVPRGHORVGLQiPLFRVHVWiQEDVDGRVHQHFXDFLRQHVGLIHUHQFLDOHV
ODVROXFLyQQXPpULFDGHHVWDFODVHGHSUREOHPDVWLHQHTXHVHUH[DPLQDGDFRQDOJXQDDWHQFLyQ
9,, ,QWHJUDFLyQ1XPpULFD
3DUD HO DQiOLVLV GH OD HVWDELOLGDG WUDQVLWRULD GH VLVWHPDV GH SRWHQFLD VH GHEH UHVROYHU XQ
FRQMXQWR GH HFXDFLRQHV GLIHUHQFLDOHV QROLQHDOHV GH D RUGHQ FRQ FRQGLFLRQHV LQLFLDOHV
1 6
FRQRFLGDVGHODIRUPD
[ I [ U W 9,
GRQGH [ YHFWRUGHYDULDEOHVGHHVWDGR
U YHFWRUGHYDULDEOHVDOJHEUDLFDV
W WLHPSR
1 6
/DVYDULDEOHVDOJHEUDLFDVHVWiQUHODFLRQDGDVODUHVWULFFLRQHVDOJpEULFDVGHODIRUPD
J [ U W 9,
TXHGHEHQVHUVDWLVIHFKDVDFDGDLQVWDQWHGHWLHPSR
(Q JHQHUDO HFXDFLRQHV GLIHUHQFLDOHV QROLQHDOHV VyOR DGPLWHQ VROXFLyQ QXPpULFD L H
FDOFXODGDSDVRDSDVR'LYHUVRVDOJRULWPRVGHLQWHJUDFLyQQXPpULFDVRQFRQRFLGRV\ODRSFLyQ
GHO³PHMRU´GHSHQGHJUDQGHPHQWHGHOSUREOHPD$VtVLHQGRDOJXQDVFDUDFWHUtVWLFDVLQKHUHQWHV
DORVPpWRGRVGHLQWHJUDFLyQGHEHQVHUDQDOL]DGDVSDUDOOHJDUDXQDFRQFOXVLyQ
/RV SULQFLSDOHV PpWRGRV GH LQWHJUDFLyQ QXPpULFD SXHGHQ VHU LQWHUSUHWDGRV FRPR
DSUR[LPDFLRQHV EDVDGDV HQ HO WUXQFDPLHQWR GH OD H[SUHVLyQ GH OD VROXFLyQ GHO SUREOHPD HQ
16 16 1 6 16 1 6
WpUPLQRVGHVXVHULHGH7D\ORU
1 6 16 G[ W G [ W 'W G [ W 'W

[ W 'W [ W 'W 9,

GW W W GW W W GW W W
9,, 3UHVLFLyQ

(VWDFDUDFWHUtVWLFDGDGDSULQFLSDOPHQWHSRUGRVIDFWRUHV
x (UURUGHUHGRQGHR
x (UURUGHWUXQFDPLHQWR
/RVHUURUHVGHUHGRQGHRVHVWiQUHODFLRQDGRVDODUHSUHVHQWDFLyQGHORVQ~PHURVHQXQ
FRPSXWDGRUDULWPpWLFDILQLWD\SXHGHQVHUPLQLPL]DGRVXWLOL]DQGRGREOHSUHFLVLyQ\XRWURV
UHFXUVRVLQKHUHQWHV DOFRPSXWDGRUVLHQGRXWLOL]DGRSDUDUHVROYHUHOSUREOHPD
\DORVHUURUHVGHWUXQFDPLHQWRVRQGHELGRVDODDSUR[LPDFLyQGHODVROXFLyQUHDOGHOSUREOHPD
XWLOL]DGDSRUHOPpWRGRGHLQWHJUDFLyQHVFRJLGR
&XUVR/,0$3(5Ò± 9,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
(O HUURU GH WUXQFDPLHQWR SXHGH VHU DQDOL]DGR D SDUWLUGH OD VHULH GH 7D\ORU GH OD IXQFLyQ
1 6
PRVWUDGDHQODHFXDFLyQ9,\VHUiSURSRUFLRQDOD
'W 9,
S
GRQGH'W HVHOSDVRGHLQWHJUDFLyQHVFRJLGR\S HVHORUGHQGHODVHULHGH7D\ORUXWLOL]DGDSRU

HOPpWRGRGHLQWHJUDFLyQFRPRDSUR[LPDFLyQGHODVROXFLyQ
/DVROXFLyQYHUGDGHUDGHOSUREOHPDHQXQLQVWDQWHGDGRGHWHPSRWQVHUiGDGDSRUORWDQWR
16 2 7
SRU
2 7
\ WQ \Q 2 'W S H Q 9,
GRQGH\Q HVODDSUR[LPDFLyQFDOFXODGDSRUHOPpWRGRGHLQWHJUDFLyQ2 'W S HVODRUGHQGH
JUDQGH]DGHODSUHVLFLyQGHOPpWRGR\HQ UHSUHVHQWDORVGHPiVHUURUHVTXHSXHGHQVXUJLUHQHO
SURFHVR
9,, (VWDELOLGDG
'RV WLSRV GH LQHVWDELOLGDG SXHGHQ RFXUULU HQ OD VROXFLyQ GH HFXDFLRQHV GLIHUHQFLDOHV
RUGLQDULDV
x ,QHVWDELOLGDGLQKHUHQWH\
x ,QHVWDELOLGDGLQGXFLGD
/D LQVWDELOLGDG LQKHUHQWH VXUJH FXDQGR HUURUHV QXPpULFRV VRQ DPSOLILFDGRV D FDGD
SDVRGHODVROXFLyQKDVWDGRPLQDUFRPSOHWDPHQWHHOFiOFXOR\KDFHUHOPpWRGRGLYHUJHQFLDGH
ODVROXFLyQUHDO
<D OD LQHVWDELOLGDG LQGXFLGD HVWi UHODFLRQDGD FRQ HO PpWRGR GH LQWHJUDFLyQ XWLOL]DGR R GH
PDQHUDPiVSUHFLVDFRQODGLVFUHWL]DFLyQUHVXOWDQWHGHODDSOLFDFLyQGHOPpWRGRTXHGHSHQGH
WDPELpQGHOSDVRGHLQWHJUDFLyQHVFRJLGR
6H SXHGH PRVWUDU TXH ORV PpWRGRV GH LQWHJUDFLyQ FRUUHVSRQGHQ D UHVROYHU XQD HFXDFLyQ
DOJHEUDLFDGHODIRUPD
G\ G\ G\
D \Q D \Q D \ Q D N \Q N E Q E Q E N Q N 9,
GW GW GW
GRQGHDL \EL VRQFRQVWDQWHV\VHGHVHDGHWHUPLQDU\QFRQRFLHQGRORVYDORUHVDQWHULRUHVGH
\L L Q
(VWD HV XQD HFXDFLyQ GLVFUHWD OLQHDO \ VHUi HVWDEOH VL WRGDV ODV UDtFHV GH VX SROLQRPLR
FDUDFWHUtVWLFRWXYLHUDPyGXORPHQRUTXH
(OPD\RUSUREOHPDHVWiHQHOKHFKRTXHFXiQWRPD\RUHVODSUHVLFLyQGHOPpWRGRPHQRUVHUi
VXHVWDELOLGDG(VWRHVPiVJUDYHSDUDORVPpWRGRVHQTXHHORSDVRGHLQWHJUDFLyQHVFUtWLFR
SDUD OD VROXFLyQ HQ HVSHFLDO ORV PpWRGRV GH 5XQJH.XWWD (VWRV PpWRGRV VRQ HVWDEOHV VyOR
SDUDDOJXQRVYDORUHVGH'W \VRQGLFKRVFRQGLFLRQDOPHQWHHVWDEOHV
0pWRGRVFRQPDUJHQGHHVWDELOLGDGLQILQLWDLQGHSHQGLHQWHGH'WVRQOODPDGRVPpWRGRV/RV
HVWDEOHV\ORVPpWRGRVGH(XOHU5HYHUVR\7UDSH]RLGDOHVWiQHQHVWDFDWHJRUtD
9,, 5LJLGH]
8Q VLVWHPD GH HFXDFLRQHV GLIHUHQFLDOHV HV GLFKR UtJLGR ³VWLII´ FXDQGR OD UD]yQ HQWUH OD
PD\RU\ODPHQRUFRQVWDQWHVGHWLHPSRGHOSUREOHPDVHDPX\RPD\RUTXH
0pWRGRVGHLQWHJUDFLyQWUDGLFLRQDOHVWLHQHQVXLQWHUYDORGHLQWHJUDFLyQGHILQLGRSRUODPHQRU
FRQVWDQWHGHWLHPSR\HOWLHPSRILQDOGHODVLPXODFLyQHVGHILQLGRSRUODPD\RUFRQVWDQWHGH
WLHPSR 'H HVWD IRUPD XQ JUDQ Q~PHUR GH SXQWRV GHEHUiQ VHU GHWHUPLQDGRV DXPHQWDQGR
VREUHPDQHUDHOWLHPSRGHFRPSXWDFLyQ$GHPiVGHHVRVLHOPpWRGRGHLQWHJUDFLyQQRIXHUD
/DHVWDEOHSXHGHKDEHU SUREOHPDVGHLQHVWDELOLGDGQXPpULFD
&XUVR/,0$3(5Ò± 9,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
9,, 0pWRGRVGH,QWHJUDFLyQ1XPpULFD
/RVPpWRGRVGHLQWHJUDFLyQQXPpULFDFRPRIXHYLVWRHQODVHFFLyQDQWHULRUUHSUHVHQWDQXQD
GLVFUHWL]DFLyQ GH OD VROXFLyQ GH IRUPD TXH OD HFXDFLyQ GLIHUHQFLDO RULJLQDO FRQWLQXD HV
DSUR[LPDGD SRU XQD HFXDFLyQ GH GLIHUHQFLDV GLVFUHWD \ DSHQDV DOJXQRV YDORUHV
FRUUHVSRQGLHQWHVDGHWHUPLQDGRVLQVWDQWHVGHWLHPSRVRQFDOFXODGRVTXHFRUUHVSRQGHUiQD
OD VROXFLyQ DSUR[LPDGD REWHQLGD /D )LJXUD LOXVWUD HVWH HIHFWR HQ TXH XQD IXQFLyQ HV
DSUR[LPDGDDSDUWLUGHYDORUHVGLVFUHWRV

[W

W
)LJXUD 'LVFUHWL]DFLyQGHXQD)XQFLyQ&RQWLQXD
3DUDHMHPSOLILFDUODDSOLFDFLyQGHORVGLYHUVRVPpWRGRVGHLQWHJUDFLyQQXPpULFDVHUiXWLOL]DGR
%& 16
HOVLJXLHQWHVLVWHPDOLQHDOGHODVHFXDFLRQHVGLIHUHQFLDOHV
' 16
[ [ [ [
9,
[ D [ D [ [ [
%K 1 6
FX\DVROXFLyQDQDOtWLFDHVGHODIRUPD
&K
O [ [ OW [ O [ O W
[ W H H
K' 1 6
O O O O
9,
O [ [ OW [ O [ O W
[ W O H O H
O O O O
GRQGH
D r D D
O 9,

VRQODVUDtFHVGHOSROLQRPLRFDUDFWHUtVWLFRGHODHFXDFLyQGLIHUHQFLDOGHD RUGHQDVRFLDGDDOD
HFXDFLyQ 9, R HTXLYDOHQWHPHQWH VRQ ORV SRORV GH OD IXQFLyQ GH WUDQVIHUHQFLD GH HVWH
VLVWHPD
9,, 0pWRGRGH(XOHU
&XUVR/,0$3(5Ò± 9,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
(O PpWRGR GH (XOHU HV HO PiV VLPSOH GH ORV PpWRGRV GH LQWHJUDFLyQ QXPpULFD \ SXHGH VHU
YLVXDOL]DGRHQOD)LJXUD8WLOL]DQGRHOYDORUGHODGHULYDGDGHODIXQFLyQHQHOLQVWDQWHGH
1 6 1 6 16
WLHPSRW WVHSXHGHHVFULELUTXH
G[ W
[ W 'W [ W 'W 9,
GW W W

[W

[
W'W
'W

W
)LJXUD ,QWHUSUHWDFLyQ*UiILFDGHO0pWRGRGH(XOHU
(VWHPpWRGRFRUUHVSRQGHDODDSOLFDFLyQGHODVHULHGH7D\ORUPRVWUDGDHQODHFXDFLyQ9,
2 7
DSUR[LPDGDVyORSRUORV GRVSULPHURVWpUPLQRV'HHVWDIRUPDODSUHVLFLyQ GHHVWHPpWRGRHV
GHORUGHQ 2 'W
/DGLVFUHWL]DFLyQGHOVLVWHPDGHHFXDFLRQHVGDGDSRUHOPpWRGRGH(XOHUHVHTXLYDOHQWHDOD
HFXDFLyQ9, KDFLHQGR
D D E E 'W
9,
D D DN E E E N
OD DSOLFDFLyQ GHO PpWRGR GH (XOHU SDUD ODVROXFLyQ GHO VLVWHPD GDGR SRU OD HFXDFLyQ9,
%K 1 [ 6 1 [ 6 G[ 'W
UHVXOWDHQ
K& GW
KK1 [ 6 1 [ 6 G[ 'W

Q Q
9,
' GW
Q

Q Q
Q
(O PpWRGR GH (XOHU SXHGH VHU LPSOHPHQWDGR GH IRUPD H[SOtFLWD R LPSOtFLWD (Q VX IRUPD
H[SOtFLWD HO YDORU GH ODV GHULYDGDV PRVWUDGDV HQ OD HFXDFLyQ 9, VRQ H[SOLFLWDPHQWH
FDOFXODGDV D FDGD SDVR GHO DOJRULWPR \D HQ HO FDVR GH KDEHU H[SUHVLRQHV DQDOtWLFDV SDUD ODV
GHULYDGDVHVWDVSXHGHQVHUVXVWLWXLGDVUHVXOWDQGRXQVLVWHPDGHHFXDFLRQHVTXHQRGHSHQGHQ
H[SOLFLWDPHQWHGHODVGHULYDGDV
3DUDHOHMHPSORGDGRODHFXDFLyQ9, VXPLQLVWUDH[SUHVLRQHVDQDOtWLFDVSDUDODVGHULYDGDV
UHVXOWDQGRHQHOVLJXLHQWHVLVWHPDGHHFXDFLRQHV
&XUVR/,0$3(5Ò± 9,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
%K 1 [ 6 1 [ 6 1 [ 6 'W 1 [ 6 "# "#1 [ 6 "# 9,

WHOID[
&K1 [ 6 1 [ 6 D 1 [ 6 D 1 [ 6 !1 [ 6 $ !D 'W $!1 [ 6 $

'
'W

Q Q Q Q Q
Q Q Q Q 'W Q D 'W Q
/D IRUPXODFLyQ LPSOtFLWD SHUPLWH UHGXFLU HO HUURU QXPpULFR TXH SXHGH KDEHU HQ OD
GHWHUPLQDFLyQGHODVGHULYDGDVGHODV IXQFLRQHVTXHVRQVXVWLWXLGDVSRUH[SUHVLRQHVDQDOtWLFDV
HTXLYDOHQWHV
9,, 0pWRGRGH(XOHU5HYHUVR
(O PpWRGR GH (XOHU UHYHUVR ³EDFNZDUG (XOHU´ PRGLILFD HO PpWRGR GH (XOHU RULJLQDO
1 6 1 6 16
XWLOL]DQGRHOYDORUGHODGHULYDGDHQHOLQVWDQWHGHWLHPSRW W'W HQODHFXDFLyQ9,
G[ W
[ W 'W [ W 'W 9,
GW W W 'W
ODGLVFUHWL]DFLyQUHVXOWDQWHGHODDSOLFDFLyQGHHVWHPpWRGRWDPELpQSXHGHVHUH[SUHVDGDSRUOD

HFXDFLyQ9,GRQGHHQHVWHFDVR

D D E 'W E
9,
D D DN E E E N
(VWHPpWRGRHVPDVHVWDEOHTXHHOPpWRGRGH(XOHUFRQYHQFLRQDO³IRUZDUG(XOHU´SHURVX
LPSOHPHQWDFLyQUHTXLHUHHOFiOFXORGHOYDORUGHODGHULYDGDHQXQLQVWDQWHGHWLHPSRSDUDHO
FXDOD~QQRVHFRQRFHHOHVWDGR
/D LPSOHPHQWDFLyQ H[SOtFLWD HQ HVWH FDVR UHTXLHUH XQD H[WUDSRODFLyQ LQLFLDO SDUD OD
GHWHUPLQDFLyQ GHO YDORU GHO HVWDGR HQ HO LQVWDQWHW W'W SDUD SHUPLWLU HO FiOFXOR GH OD
GHULYDGD/DDSOLFDFLyQGHHVWHPpWRGRSDUDHOVLVWHPDHMHPSORGHODHFXDFLyQ9, UHVXOWD
%K 1 [ 6 1 [ 6 G[ 'W
HQ
K& GW
KK1 [ 6 1 [ 6 G[ 'W

Q Q
9,
' GW
Q

Q Q
Q
3RU RWUR ODGR OD LPSOHPHQWDFLyQ LPSOtFLWD FRQWLQXD VLHQGR PX\ VLPSOHV GHELGR D OD
%K& 1 6 1 6 1 6
VXVWLWXFLyQGHODVGHULYDGDVSRUVXVH[SUHVLRQHVDQDOtWLFDV
K'1 6 1 6 1 6 1 6
[ Q [ Q [ Q 'W

"#1 6 "# "#1 6 "#

[ Q [ Q D [ Q D [ Q 'W
9,
! $!1 6 $ ! $!1 6 $
'W [ Q [ Q

D'W D 'W [ Q [ Q
9,, 0pWRGRGH(XOHU0RGLILFDGR
(O PpWRGR GH (XOHU PRGLILFDGR LQWHQWD PHMRUDU HO GHVHPSHxR GHO PpWRGR FRQYHQFLRQDO D
WUDYpV GH OD PHMRUtD GH OD HVWLPDWLYD GH OD GHULYDGD 3DUD HVR OD HFXDFLyQ 9, VHUi
PRGLILFDGDKDFLHQGRODGHULYDGDLJXDODODPHGLDHQWUHODGHULYDGDHQHOLQVWDQWHW W \HO
YDORUGHODGHULYDGDFDOFXODGDSDUDXQDHVWLPDWLYDGHOHVWDGRHQHOLQVWDQWHW W'W(VWHHVHO
PiVVLPSOHVGHORVPpWRGRVGHLQWHJUDFLyQGHOWLSRSUHGLWRUFRUUHFWRUHQTXHVXUJHXQSDVR
GH SUHGLFFLyQ GHO YDORU GHO HVWDGR HQ HO LQVWDQWHW W'W \ HVWH YDORU HV XWLOL]DGR SDUD OD
FRUUHFFLyQ\REWHQFLyQGHXQQXHYRYDORUGHOHVWDGRHQHVHLQVWDQWH
(OPpWRGRSRUORWDQWRSXHGHVHUGHVFULWRSRUORVVLJXLHQWHVSDVRV
x 3DVR3UHGLWRU
&XUVR/,0$3(5Ò± 9,,
81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
1
[ S W 'W 6 [1W 6 G[GW 'W 9,
6 [1W 6 G[GW "#'W

W
x 3DVR&RUUHFWRU
1 #$
!
G[ S
[ W 'W 9,
GW

W W 'W
6H GHEH QRWDU TXH OD HFXDFLyQ 9, FRUUHVSRQGH D XQ SDVR GHO PpWRGR GH (XOHU
FRQYHQFLRQDOPRVWUDGRHQODHFXDFLyQ9,<DODHFXDFLyQ9, HVPX\SDUHFLGDFRQ
HO PpWRGR WUDSH]RLGDO VLHQGR OD ~QLFD GLIHUHQFLD HO FiOFXOR DSUR[LPDGR D SDUWLU GH OD
HVWLPDWLYD[SGHODGHULYDGDHQHOLQVWDQWHW W'W
%K 3 8 1 6
/DLPSOHPHQWDFLyQGHHVWHPpWRGRSDUDODVROXFLyQGHOVLVWHPDHMHPSORUHVXOWDHQ
&K
G[
[ S [ Q 'W
K'3 8 1 6
GW Q
9,
Q
G[
[ S [ Q 'W
Q GW Q
%K 'W G[ "#
\SDUDHOSDVRFRUUHFWRU
K 1 [6 1 [6
#$
!
G[
&K

'W G[ "#

GW GW 1 Q 6 S
Q Q
KK1 6 1 6 ! GW
9,
Q
' 6 #$
G[
[ [

GW 1 Q S
Q Q
Q
(VWH PpWRGR WDPELpQ SXHGH VHU LPSOHPHQWDGR GH IRUPD LPSOtFLWD VXVWLWX\HQGR ODV
%K 3 8 1 6 1 6
H[SUHVLRQHVGHODVGHULYDGDVHQODVHFXDFLRQHV9, \9,
&K3 8 1 6 1 6 1 6
'
[ S [ Q [ Q 'W
9,
%K 1 [ 6 1 [ 6 'W 1 [ 6 3 [ 8
Q
[ S [ Q D [ Q D [ Q 'W
Q
&K
'1 [ 6 1 [ 6 D 1 [ 6 D 1 [ 6 D 3 [ 8 3 8
9,
Q Q Q S Q
'W
Q Q Q Q S Q D [ S
Q
6H SXHGH D~Q VXVWLWXLU ORV YDORUHV GH[S \ [S REWHQLGRV HQ ODV HFXDFLRQHV9, HQ OD
%K 1 [ 6 D 'W "#1 [ 6 'W D 'W "#1 [ 6

HFXDFLyQ9,UHVXOWDQGRHQ
K& ! $ ! $

KK1 [ 6 D 'W D D 'W "#1 [ 6 D 'W 1D D 6'W "#1 [ 6

Q Q Q
9,
' ! $ ! $

Q Q Q
9,, 0pWRGR7UDSH]RLGDO
(O PpWRGRWUDSH]RLGDO SXHGH VHULQWHUSUHWDGRFRPR XQ UHILQDPLHQWR GHO PpWRGR GH(XOHUHQ
TXHHOYDORUGHODGHULYDGDGHODIXQFLyQHQHOLQVWDQWHW HVDSUR[LPDGDSRUODPHGLDHQWUHORV
YDORUHVHQORVLQVWDQWHVW \W'W/D)LJXUD SUHVHQWDODVJUDQGH]DVHQYXHOWDVHQHOPpWRGR
WUDSH]RLGDOGHLQWHJUDFLyQQXPpULFD
&XUVR/,0$3(5Ò± 9,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[

[
W'W

[W
[
W

W
)LJXUD 0pWRGR7UDSH]RLGDO
"#'W
6 [1W 6 G[GW1W 6 16
(OPpWRGRWUDSH]RLGDOSXHGHVHUGHVFULWRSRUORWDQWRFRPR
1 #$
!
G[ W
[ W 'W 9,
GW

W W W W 'W
\ODGLVFUHWL]DFLyQUHVXOWDQWHHVGHODPLVPDIRUPDPRVWUDGDHQODHFXDFLyQ9,VHGHILQH

'W 'W
D D E E
9,
D D DN E E E N
%K 1 [ 6 1 [ 6 G[
(OPpWRGRWUDSH]RLGDODSOLFDGRHOVLVWHPDHMHPSORUHVXOWDHQ
K& GW
G[
KK1 [ 6 1 [ 6 G[

'W
GW Q
Q Q
9,
' GW
Q
G[

'W
GW Q
Q Q
Q
\ VHUi QHFHVDULD XQD H[WUDSRODFLyQ SDUD OD GHWHUPLQDFLyQ GH ODV GHULYDGDV HQ HO LQVWDQWH GH
WLHPSR W'W 3HUR VXVWLWX\HQGR ODV H[SUHVLRQHV GH ODV GHULYDGDV PpWRGR LPSOtFLWR VH
REWLHQHQ
&XUVR/,0$3(5Ò± 9,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
%K 1 [ 6 1 [ 6 1 [ 6 1 [ 6
WHOID[
&K 'W
' 'W 1 [ 6 'W 1 [ 6 D 1 [ 6 D 1 [ 6 D 1 [ 6 D 1 [ 6
'W
Q Q Q Q
%K 1 [ 6 1[ 6 1[ 6 1[ 6
Q Q Q Q Q Q
&

KK'D 1 [ 6 'W D 1 [ 6 D 1 [ 6 'W D 1 [ 6
' W 'W
Q Q Q Q
9,

"# 1 [ 6 " "# 1 [ 6 "

Q Q Q Q
# 1 6 # # #
D #! $ D # !1 [ 6 $
'W 'W
! 'W $ ! 'W $
Q Q
[
D D
Q

Q
6H SXHGH SUREDU TXH QR H[LVWH PpWRGR GH LQWHJUDFLyQ /DHVWDEOH FRQ SUHVLFLyQ PD\RU TXH
DTXHOODGHOPpWRGRWUDSH]RLGDO>@
9,, 0pWRGRGH5XQJH.XWWD
(O PpWRGR GH 5XQJH.XWWD EXVFD XQD EXHQD DSUR[LPDFLyQ OLQHDO SDUD OD GHULYDGD GH OD
IXQFLyQ HQ HO LQWHUYDOR >W W'W@ XQD DSUR[LPDFLyQ PHMRU TXH OD XWLOL]DGD SRU HO PpWRGR
WUDSH]RLGDOPHGLDGHODVGHULYDGDVHQORVH[WUHPRVGHOLQWHUYDOR
1 6 16 2 16 7
(OPpWRGRGH5XQJH.XWWDSXHGHVHUGHVFULWRSRU
[ W 'W [ W 5 W [ W 'W 9,
GRQGHODIXQFLyQ5 HVFDOFXODGDDSDUWLUGHODDSUR[LPDFLyQSDUDODGHULYDGDXWLOL]DGD\SDUD
VLPSOLILFDUODLPSOHPHQWDFLyQH[SOtFLWDGHOPpWRGRQRGHSHQGHGHOHVWDGRHQHOLQVWDQWHILQDO
GHOLQWHUYDOR
/DVLPSOHPHQWDFLRQHVPiVXVDGDVGHOPpWRGRGH5XQJH.XWWDVRQODVGHD \GHD RUGHQ/D
IXQFLyQ5 HVFDOFXODGDSRURWpUPLQRVUHVSHFWLYDPHQWH
1 6
3DUDHOPpWRGRGHD RUGHQODH[SUHVLyQGH5 HVGDGDSRU
N N
1 6
5 [Q 'W

I 1[ N W 6
N I [Q WQ 'W 9,
N Q 'W 'W
1 6
Q
<DSDUDHOPpWRGRGH RUGHQODH[SUHVLyQGH5 HVGDGDSRU

D
N N N N
1 6
5 [Q W Q 'W

N 'W
N I [Q W Q 'W
I [ W 'W
N
9,
N 'W

I [ W 'W
Q Q
N

I 1 [ N W 'W 6 'W

Q Q
N Q Q
$SOLFDQGRDOHMHPSORHOPpWRGRGH5XQJH.XWWDGHD RUGHQUHVXOWDHQ
&XUVR/,0$3(5Ò± 9,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
%K& 1 [ 6 1 [ 6 1 [ 6 'W D 1 [ 6 'W D 1 [ 6 'W

WHOID[
K'1 [ 6 1 [ 6 D 1 [ 6 'W D 1 [ 6 'W D 1 [ 6 'W 1 6 1 6

9,
Q Q Q Q Q
Q Q Q Q Q

DD [ Q 'W D [ Q 'W
PLHQWUDV HO PpWRGR GH D RUGHQ UHVXOWD HQ HFXDFLRQHV EDVWDQWH FRPSOLFDGDV IXQFLyQ GH'W
&XUVR/,0$3(5Ò± 9,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
9,,, 12&,21(6'(&21752/
9,,, 0DOOD$ELHUWD[0DOOD&HUUDGD
9,,, 6LVWHPDGH0DOOD$ELHUWD
/RVVLVWHPDVGHPDOODDELHUWDVRQHVTXHPDWLFDPHQWHUHSUHVHQWDGRVGHDFXHUGRFRQOD)LJXUD
8Q HMHPSOR GH HVWRV VLVWHPDV VRQ ODV PiTXLQDV GH ODYDU URSDV SXHV HO FLFOR GH XQD
ODYDGRUD HV WRWDOPHQWH GHFLGLGR OD DSULRUL SRU HO XVXDULR 'HELGR D VX VLPSOLFLGDG\ SRUHQ
JHQHUDOVHUiQGHEDMRVFRVWRVHVWHWLSRGHFRQWUROHVXWLOL]DGRH DSOLFDFLRQHVQRFUtWLFDV
\UHI X \
. 3
)LJXUD 6LVWHPDGH&RQWUROHQ0DOOD$ELHUWD
9,,, 6LVWHPDGH0DOOD&HUUDGD
&RPRHOSURSLRQRPEUHVXJLHUHHVWRVVLVWHPDVSRVHHQXQDPDOODGHUHDOLPHQWDFLyQOLJDQGROD
VDOLGDGHOVLVWHPDItVLFRSODQWDFRQODHQWUDGDGHOVLVWHPDGHFRQWURO/D)LJXUD PXHVWUD
XQDUHSUHVHQWDFLyQXVXDOGHORVVLVWHPDVGHPDOODFHUUDGD
\UHI H X \
. 3

)LJXUD 6LVWHPDGH&RQWUROHQ0DOOD&HUUDGD
(QORVVLVWHPDVGHPDOODFHUUDGDFDUDFWHUtVWLFDVGHGHVHPSHxRFRPRHVWDELOLGDGORQJLWXGGH
EDQGDJDQDQFLDVHQVLELOLGDGDODVSHUWXUEDFLRQHVHWFSXHGHQVHUFRQWURODGDV\PRGLILFDGDV
/D~QLFDGHVYHQWDMDGHOSXQWRGHYLVWDWpFQLFRGHORVVLVWHPDVGHPDOODFHUUDGDHQUHODFLyQD
ORVVLVWHPDVGHPDOODDELHUWDHVXQSUREOHPDGHODHVWDELOLGDG/RVVLVWHPDVGHPDOODDELHUWD
VyOR VHUiQ LQHVWDEOHV VL OD SODQWD R HO FRQWURODGRU IXHUDQ LQHVWDEOHV 3RU KLSyWHVLV SRGHPRV
VXSRQHU TXH ORV VLVWHPDV GH PDOOD DELHUWD VRQ VLHPSUH HVWDEOHV SRUTXH VL OD SODQWD IXHUD
LQHVWDEOHODHVWUXFWXUDGHFRQWUROHQODPDOODDELHUWDQRGHEHVHUXVDGD\VLHOFRQWUROIXHUD
LQHVWDEOHHOSUR\HFWLVWDGHEHVHUVXVWLWXLGR<DORVVLVWHPDVGHPDOODFHUUDGDSXHGHQWRUQDUVH
LQHVWDEOHDXQTXHODSODQWD\HOFRQWURODGRUVHDQHVWDEOHVHQWUHWDQWRFRQXQELHQSUR\HFWRHVWH
SUREOHPDSXHGHVHUIiFLOPHQWHHOLPLQDGR
9,,, &XiOHVVRQORVHIHFWRVGHODUHDOLPHQWDFLyQ"
9,,, &DPELRHQOD*DQDQFLDGHO6LVWHPD
&RPRSXHGHVHUYLVWRHQOD(FXDFLyQ9,,ODUHDOLPHQWDFLyQDIHFWDHOYDORUGHODJDQDQFLD
3. HPDOODDELHUWDSRUXQIDFWRULJXDOD3.'HSHQGLHQGRGHODVHxDOGHUHDOLPHQWDFLyQOD
JDQDQFLD GH OD PDOOD DELHUWD SXHGH DXPHQWDU R GLVPLQXLU FXDQGR OD PDOOD HV FHUUDGD (Q XQ
VLVWHPD SUiFWLFR 3 \ . VRQ GHSHQGLHQWHV GH OD IUHFXHQFLDV GH HVWD IRUPD HO HIHFWR GH OD
UHDOLPHQWDFLyQ SXHGH KDFHU FRQ TXH OD JDQDQFLD GHO VLVWHPD DXPHQWH HQ XQD GHWHUPLQDGD
16 16 16
IUDQMDGHIUHFXHQFLD\GLVPLQX\DHQXQDRWUDIUDQMDGHIUHFXHQFLD
16 16 16
< V . V 3V
9,,
<UHI V . V 3 V
&XUVR/,0$3(5Ò± 9,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
9,,, (IHFWRVREUHOD(VWDELOLGDG
'HXQDPDQHUDVLPSOHXQVLVWHPDHVGLFKRLQHVWDEOHVLVXVDOLGDFUHFHLQGHILQLGDPHQWHFRQHO
SDVDUGHOWLHPSR3DUDDQDOL]DUHOHIHFWRGHODUHDOLPHQWDFLyQVREUHODHVWDELOLGDGEDVWDPLUDU
QXHYDPHQWH SDUDOD (FXDFLyQ9,, 6L3. ODVDOLGDGHOVLVWHPDVHUiLQILQLWDORPLVPR
SDUDXQDHQWUDGDILQLWD'HDOOtHOFXLGDGRTXH VHGHEHWHQHUFRQODUHDOLPHQWDFLyQGHVHxDOHV
SXHV XQ VLVWHPD TXH RULJLQDOPHQWH VHD HVWDEOH SXHGH WRUQDUVH LQHVWDEOH FRQ XQD
UHDOLPHQWDFLyQLQGHELGD
9,,, 5HFKD]RGH5XLGRV\3HUWXUEDFLRQHV
7RGRV ORV VLVWHPDV ItVLFRV VRQ VXMHWRV D VHxDOHV H[WHUQRV FRPR UXLGRV \ SHUWXUEDFLRQHV GHO
SXQWR GH RSHUDFLyQ (O HIHFWR GH OD UHDOLPHQWDFLyQ VREUH HVWDV VHxDOHV H[WHUQRV GHSHQGHQ
PXFKR SRU GRQGH OD VHxDO HV DSOLFDGR DO VLVWHPD 6LQ HPEDUJR HQ PXFKDV VLWXDFLRQHV HO
HIHFWRGHODUHDOLPHQWDFLyQHVODGHUHGXFLUHOHIHFWRGHORVUXLGRV\GHODVSHUWXUEDFLRQHVHQHO
GHVHPSHxRGHOVLVWHPD
9,,, 6HQVLELOLGDGGHOD9DULDFLyQHQORV3DUiPHWURV
/RVHOHPHQWRVGHXQVLVWHPDItVLFRYDUtDQFRQHOSDVDUGHOWLHPSR8QEXHQVLVWHPDGHFRQWURO
GHEHVHUHOPiVLQVHQVLEOHSRVLEOHDODVYDULDFLRQHVGHHVWRVSDUiPHWURV(VWDFDUDFWHUtVWLFDGHO
VLVWHPDGHFRQWUROHVFRQRFLGDFRPRUREXVWH]6HGHEHGHVWDFDUTXHHQHOREMHWLYRGHWHQHUXQ
FRQWURO UREXVWR QR VH SLHUGDQ GH YLVWD RWURV REMHWLYRV GH GHVHPSHxR GHO VLVWHPDFRPR SRU
HMHPSORODUHJXODFLyQGHXQDVHxDOGHUHIHUHQFLD
9,,, &ODVLILFDFLyQGHORV6LVWHPDV)tVLFRV
/RVVLVWHPDVSXHGHQVHUFODVLILFDGRVHQGLYHUVDVFDWHJRUtDVGHDFXHUGRFRQORVPiVYDULDGRV
FULWHULRV3UHVHQWDUHPRVDFRQWLQXDFLyQDOJXQDVGHHVWDVFODVLILFDFLRQHV
9,,, 6LVWHPDVFRQWLQXRV[VLVWHPDVGLVFUHWRV
6LVWHPDV FRQWLQXRV VRQ DTXHOORV HQ TXH WDQWR ODV HQWUDGDV FXDQWR ODV VDOLGDV HVWiQ
GHILQLGDV HQ WRGRV ORV LQVWDQWHV GH WLHPSR FRQWLQXDPHQWH /RV VLVWHPDV GLVFUHWRV SRU RWUR
ODGRVyORHVWiQGHILQLGRVHQLQVWDQWHVGLVFUHWRVGHOWLHPSR'HXQDIRUPDJHQHUDOSRGHPRV
GHILQLU ORV VLVWHPDV FRQWLQXRV D WUDYpV GH IXQFLRQHV FRQWLQXDV PLHQWUDV TXH ORV VLVWHPDV
GLVFUHWRV VHUiQ GHILQLGRV SRU XQD VHFXHQFLD GH SXQWRV GHVFULELHQGR HO LQVWDQWH GH WLHPSR \
HOORVYDORUHVGHODVVHxDOHVTXHORFRPSRQHQ
9,,, 1~PHURGHHQWUDGDV\GHVDOLGDV
3RGHPRV FODVLILFDU ORV VLVWHPDVD SDUWLU GHOQ~PHUR GHHQWUDGDV\GHVDOLGDV(QODSUiFWLFD
HVWDPRVLQWHUHVDGRVHQVDEHUVLHOVLVWHPDWLHQHXQDRYDULDVHQWUDGDV\R VDOLGDVUHVXOWDQGR
HQFXDWURFDWHJRUtDV6,62VLQJOHLQSXWVLQJOHRXWSXW0,62PXOWLSOHLQSXWVLQJOHRXWSXW
6,02VLQJOHLQSXWPXOWLSOHRXWSXW\0,02PXOWLSOHLQSXWPXOWLSOHRXWSXW
9,,, 6LVWHPDVGHWHUPLQtVWLFRV\VLVWHPDVHVWRFiVWLFRV
3RGHPRVDQDOL]DUVLVWHPDVHQTXHVXVHQWUDGDV\VXV SDUiPHWURVVRQFRQVLGHUDGRVFRQRFLGRV
FRQ DEVROXWD FHUWH]D HVWRV VLVWHPDV VRQ SRU OR WDQWR GHWHUPLQtVWLFRV 6LQ HPEDUJR QL
VLHPSUHSRGHPRVDVHJXUDUHOFRQRFLPLHQWRGHWRGDVODVYDULDEOHVTXHFRPSRQHQHOVLVWHPD\
QHFHVLWDPRV UHFXUULU GH DOJXQD IRUPD GH WUDWDPLHQWR HVWDGtVWLFR SDUD GHVFULELUOR UHVXOWDQGR
XQVLVWHPDHVWRFiVWLFR
9,,, 6LVWHPDVLQVWDQWiQHRV\VLVWHPDVGLQiPLFRV
(Q XQ VLVWHPD LQVWDQWiQHR HO YDORU GH ODV VDOLGDV HV IXQFLyQ VyOR GHO YDORU GH ODV
HQWUDGDV HQ HO LQVWDQWH GH WLHPSR ³SUHVHQWH´ VLHQGR LUUHOHYDQWH DO ³SDVDGR´ (Q HO FDVR
&XUVR/,0$3(5Ò± 9,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
PiV JHQHUDO HO YDORU GH ODV VDOLGDV GHSHQGHUi GHO ³SUHVHQWH´ ³SDVDGR´ \ KDVWD
LPDJLQHPRVGHO³IXWXUR´GHDFXHUGRFRQXQDUHODFLyQGLQiPLFD
3RGHPRVHMHPSOLILFDUHVWRDWUDYpVGHOD)LJXUDTXHUHSUHVHQWDYDULDVHQWUDGDVGLIHUHQWHV
TXHSRGUtDQVHUDSOLFDGDVHQXQVLVWHPDGDGR
IW X

X

W W

X

)LJXUD (QWUDGDVTXH6HUiQ$SOLFDGDVHQXQ6LVWHPD
(QHVWHFDVRHQTXHXW XW XWODVDOLGD\WVHUi~QLFDLQGHSHQGLHQWHGHOD
HQWUDGDVLHVWHIXHUDXQVLVWHPDLQVWDQWiQHR(QHOFDVRGHXQVLVWHPDGLQiPLFRHOYDORUGHOD
VDOLGD\WVHUiGLIHUHQWHSDUDFDGDXQDGHODVHQWUDGDVDSOLFDGDV
9,,, 6LVWHPDVFDXVDOHV\VLVWHPDVQRFDXVDOHV
/RV VLVWHPDV FDXVDOHV VRQ DTXHOORV HQTXH HO ³IXWXUR´ GH ODV HQWUDGDV QR LQIOX\HQ HQ HO
YDORU ³SUHVHQWH´ GH ODV VDOLGDV (VWRV VLVWHPDV VRQ WDPELpQ OODPDGRV VLVWHPDV QR
DQWLFLSDWLYRV R VLVWHPDVItVLFRV FDWHJRUtD TXHUH~QHWRGRVORVVLVWHPDVQDWXUDOHV(QHOFDVR
GHORVVLVWHPDVQRFDXVDOHVHO³SUHVHQWH´HVIXQFLyQWDPELpQGHO³IXWXUR´
9,,, 6LVWHPDVUHODMDGRV\VLVWHPDVQRUHODMDGRV
/DV VDOLGDV GH XQ VLVWHPD UHODMDGR GHSHQGH ~QLFDPHQWH \ H[FOXVLYDPHQWH GH ODV
HQWUDGDV DSOLFDGDV 3DUD TXH HVWD FRQGLFLyQ VH YHULILTXH HV QHFHVDULR TXH HO VLVWHPD VH
HQFXHQWUH HQ ³UHSRVR´ DQWHV GH OD DSOLFDFLyQ GH ODV HQWUDGDV LH HO VLVWHPD GHEH WHQHU
FRQGLFLRQHVLQLFLDOHVQXODV
7RPHPRVFRPRHMHPSORXQDXWRPyYLOFRPRHOVLVWHPDDVHUHVWXGLDGR&RQVLGHUDUHPRVOD
HQWUDGD FRPR VLHQGR OD IXHU]D DSOLFDGD VREUH HO SHGDO GHO IUHQR \ OD VDOLGD FRPR VLHQGR OD
YHORFLGDGGHODXWRPyYLO(QHVWHFDVRIXHU]DHFKDHQHOSHGDOGHOIUHQRFRQHOFDUURSDUDGRR
FRQHOFDUURHQPRYLPLHQWRSURGXFHUHVXOWDGRVDEVROXWDPHQWHGLIHUHQWHV
9,,, 6LVWHPDVLQYDULDQWHVHQHOWLHPSR\VLVWHPDVYDULDQWHVHQHOWLHPSR
/D FDUDFWHUtVWLFD EiVLFD GH XQ VLVWHPD LQYDULDQWH HQ HO WLHPSR HV OD LQGHSHQGHQFLD GH VXV
SDUiPHWURVHQUHODFLyQDOWLHPSRLHORVSDUiPHWURVQRYDUtDQFRQHOWLHPSR'HHVWDIRUPD
ODUHVSXHVWDGHXQVLVWHPDLQYDULDQWHHQHOWLHPSRQRGHSHQGHGHOLQVWDQWHHQTXHIXHDSOLFDGD
OD HQWUDGDSHURVyOR GHOWLHPSR WUDQVFXUULGR GHVGH VX DSOLFDFLyQ &RPRHMHPSORGHVLVWHPD
YDULDQWH HQ HO WLHPSR UHFRUGHPRV TXH XQ FRKHWH HQ HO ODQ]DPLHQWR SRVHH XQD PDVD PX\
PD\RUTXHFXDQGRHVWiHQyUELWD
9,,, 6LVWHPDVOLQHDOHV\VLVWHPDVQROLQHDOHV
&XUVR/,0$3(5Ò± 9,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
16 16
/RVVLVWHPDVOLQHDOHVVRQFDUDFWHUL]DGRVSRUHO3ULQFLSLRGHOD6XSHUSRVLFLyQ6HD\LWDVDOLGD
GHO VLVWHPD SDUD XQD HQWUDGD XLW /D VDOLGD \6W SDUD XQD HQWUDGD X6 W ¦ D LXL W
\ 1W 6 ¦ D \ 1W 6
L
FRPELQDFLyQ OLQHDO GH ODV HQWUDGDV XLW SXHGH VHU HVFULWD FRPR 6 L L

L
FRPELQDFLyQOLQHDOGHODVVDOLGDV\LW
(Q XQ VLVWHPD QR OLQHDO HO SULQFLSLR GH OD VXSHUSRVLFLyQ QR VH DSOLFD /D UHVSXHVWD GH XQ
VLVWHPDQROLQHDOGHSHQGHGHVXVFRQGLFLRQHVLQLFLDOHV
9,,, 6LVWHPDVGHSDUiPHWURVFRQFHQWUDGRV\GLVWULEXLGRV
6LVWHPDV GH SDUiPHWURV FRQFHQWUDGRV SXHGHQ VHU PDWHPiWLFDPHQWH GHVFULWRV SRU HFXDFLRQHV
GLIHUHQFLDOHVRUGLQDULDVLHQRH[LVWHQGHULYDGDVSDUFLDOHVHQHOPRGHORPDWHPiWLFRGHHVWH
VLVWHPD (Q HVWH FDVR OD ~QLFD YDULDEOH LQGHSHQGLHQWH HV HO WLHPSR \ OD VLPSOLILFDFLyQ
LQWURGXFLGD HQ HO DQiOLVLV VH KDFH PXFKDV YHFHV DSUR[LPDU VLVWHPDV GH SDUiPHWURV
GLVWULEXLGRV HQ VLVWHPDV GH SDUiPHWURV FRQFHQWUDGRV (Q HO FDVR GH VLVWHPDVGH SRWHQFLDHO
PRGHOR GH XQD OtQHD GH WUDQVPLVLyQ SDUD HVWXGLRV GH IOXMR GH SRWHQFLD VRQ ORV SDUiPHWURV
FRQFHQWUDGRV <D HQ HO FDVR GH HVWXGLRV GH WUDQVLWRULRV HOHFWURPDJQpWLFRV HO PRGHOR GH OD
OtQHDGHWUDQVPLVLyQVRQORVSDUiPHWURVGLVWULEXLGRV
9,,, &RQWUROHVHQ6LVWHPDVGH(QHUJtD(OpFWULFD
/DGLQiPLFD\HOFRQWUROGHVLVWHPDVGHSRWHQFLDHVXQDVXQWRGHFRQVLGHUDEOHFRPSOHMLGDG\
GH JUDQGH SRUWH (Q HVWD VHFFLyQ LQWURGXFLUHPRV ORV VLVWHPDV GH FRQWURO PiV FRPXQHV
H[LVWHQWHV HQ ORV VLVWHPDV GH SRWHQFLD DVt FRPR RWURV TXH D~Q HVWiQ SDUD WRUQDUVH HQ XQD
UHDOLGDG
9,,, 5HJXODFLyQGH7HQVLyQ
&RPRVXSURSLRQRPEUHVXJLHUHHOUHJXODGRUGHWHQVLyQHVXQFRQWUROTXHEXVFDPDQWHQHUOD
WHQVLyQ WHUPLQDO GHO JHQHUDGRU HQ XQ YDORU GH UHIHUHQFLD GDGR /D PDOOD GH FRQWURO GHO
UHJXODGRUGHWHQVLyQHVFHUUDGDDWUDYpVGHOVLVWHPDGHH[FLWDFLyQGHOJHQHUDGRU/D)LJXUD
PXHVWUDXQ GLDJUDPD GH EORTXHV VLPSOLILFDGRUHSUHVHQWDQGR SRU XQD PDOODGH WHQVLyQ HQXQ
JHQHUDGRU0D\RUHVGHWDOOHVIXHURQGLVFXWLGRVHQHO&DStWXOR9
_9W_
9UHI H (IG
5$7 *HUDGRU

Z
6$(
)LJXUD 0DOODGH&RQWUROGHO5HJXODGRUGH7HQVLyQ
9,,, $PRUWLJXDPLHQWRGH2VFLODFLRQHV(OHFWURPHFiQLFDV
$ILQDOHVGHODGpFDGDGHORVHLQLFLRGHODGpFDGDGHORVORVQXHYRVJHQHUDGRUHVTXH
HVWDEDQ VLHQGR LQVWDODGRV HQ HO VLVWHPD 1RUWHDPHULFDQR HUDQ HTXLSDGRV FRQ UHJXODGRUHV GH
WHQVLyQ GH DFFLyQ FRQWLQXD (VRV UHJXODGRUHV GH WHQVLyQ WHQtDQ OD FDUDFWHUtVWLFD GH VHU PiV
UiSLGRV TXH VXV DQWHSDVDGRV \ SXHGHQ DPSOLILFDU VHxDOHV FRQ JDQDQFLDV PDV HOHYDGRV $
PHGLGD TXH HO SRUFHQWDMH GH HVRV QXHYRV UHJXODGRUHV LQVWDODGRV VH IXH WRUQDQGR PiV
VLJQLILFDWLYD VH FRPHQ]y D REVHUYDU TXH HVWRV WHQtDQ XQ HIHFWR GH OLPLWDU OD HVWDELOLGDG GH
&XUVR/,0$3(5Ò± 9,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
UpJLPHQSHUPDQHQWHGHOVLVWHPD2VFLODFLRQHVGHEDMDIUHFXHQFLDXVXDOPHQWH SHUVLVWtDQSRU
ODUJRV SHUtRGRV (VWH KHFKR VH WRUQy XQPRWLYR SDUD TXH OD FRPXQLGDG GH ORVLQJHQLHURV GH
VLVWHPDV GH SRWHQFLD SDUWLHUDQ HQ EXVFD GH XQD VROXFLyQ GHO SUREOHPD (O (VWDELOL]DGRU GH
6LVWHPD GH 3RWHQFLD (63 R HQ HO LQJOpV 3RZHU 6\VWHP 6WDELOL]HU 366 IXH HO SULPHU
VLVWHPDGHFRQWUROTXHYHtDVLVWHPDGHH[FLWDFLyQUHVROYLyHOSUREOHPDGHDPRUWLJXDPLHQWR
GHODVRVFLODFLRQHVHOHFWURPHFiQLFDV
'HDOOiSDUDDFiRWURVHTXLSDPLHQWRV\DIXHURQRVRQXWLOL]DGRVHQHOSUREOHPDGHO
DPRUWLJXDPLHQWR GH ODV RVFLODFLRQHV HOHFWURPHFiQLFDV HQ VLVWHPDV GH SRWHQFLD
&RPSHQVDGRUHV (VWiWLFRV GH 5HDFWLYR &(5 PRGXODFLyQ GH FRQWURO HQ VLVWHPDV &&$7 \
HTXLSDPLHQWRV )$&76 VRQ DOJXQDV GH ODV VROXFLRQHV WDPELpQ XWLOL]DGDV HQ HVWH WLSR GH
SUREOHPD
9,,, &RQWURO&DUJD)UHFXHQFLD
9,,, ,QWURGXFFLyQ
(OFRQWUROFDUJDIUHFXHQFLDHQXQVLVWHPDGHSRWHQFLDHVVXEGLYLGLGRHQUHJXODFLyQSULPDULD\
UHJXODFLyQ VHFXQGDULD /D UHJXODFLyQ SULPDULD WLHQH FRPR REMHWLYR PDQWHQHU ORV GHVYtRV GH
IUHFXHQFLD HQ YDORUHV PtQLPRV VLQ SHUGLGD GH OD HVWDELOLGDG 3DUD HVR ORV UHJXODGRUHV GH
YHORFLGDG VRQ ORV VLVWHPDV GH FRQWURO XWLOL]DGRV HQ HVWD WDUHD /D UHJXODFLyQ DXWRPiWLFD GH
YHORFLGDGDFW~DHQVHQWLGRGHHOHYDURUHGXFLUODSRWHQFLDGHODXQLGDGJHQHUDGRUDFXDQGROD
IUHFXHQFLDVHDOHMDGHODIUHFXHQFLDQRPLQDO+]HQHOFDVREUDVLOHxR
/D UHJXODFLyQ VHFXQGDULD GHO FRQWURO FDUJDIUHFXHQFLD SXHGH VHU FRQVLGHUDGD FRPR XQD
UHJXODFLyQ FDVLHVWiWLFD FRPSDUDGD D OD UHJXODFLyQ SULPDULD /D UHJXODFLyQ VHFXQGDULD HV
XVXDOPHQWH FRQRFLGD FRPR &RQWURO $XWRPiWLFR GH OD *HQHUDFLyQ &$*/DV FRQVWDQWHVGH
WLHPSRSXHGHQOOHJDUSRUHMHPSORDDOJXQDVyUGHQHVGHPDJQLWXGPD\RUHVTXHODVFRQVWDQWHV
GH WLHPSR GHO SUREOHPD GH RVFLODFLRQHV HOHFWURPHFiQLFDV /D UHJXODFLyQ VHFXQGDULD WLHQH
FRPR REMHWLYR FRUUHJLU ORV HUURUHV GH IUHFXHQFLD SRU YHQWXUD GHMDGRV SRU OD UHJXODFLyQ
SULPDULDFXDQGRXQQXHYRSXQWRGHHTXLOLEULRHVDOFDQ]DGRGHVSXpVGHXQDSHUWXUEDFLyQHQHO
VLVWHPD /D UHJXODFLyQ VHFXQGDULD SXHGH WHQHU WDPELpQ FRPR REMHWLYR HO PDQWHQLPLHQWR GHO
LQWHUFDPELRHQWUHiUHDVGHFRQWUROHQYDORUHVFRQWUDULDV
9,,, &RQFHSWRV%iVLFRV
7RGR VLVWHPD GH SRWHQFLD WLHQHQ XQD FDSDFLGDG LQKHUHQWH GH DOFDQ]DU XQ QXHYR HVWDGR GH
HTXLOLEULRFDUJD JHQHUDFLyQ(VWRVHH[SOLFDSRUHOKHFKRGHTXHODFDUJDHVYDULDEOHFRQOD
IUHFXHQFLD \ SRU WDQWR HQ JHQHUDO FXDQGR OD IUHFXHQFLD GHFDH WDPELpQ GHFDH HO YDORU
DEVROXWRGHODFDUJDLQGLFDQGRXQDWHQGHQFLDGHOSURSLRVLVWHPDGHVXDXWRUHJXODGRURVHD
GHDOFDQ]DXQQXHYRHVWDGRGHHTXLOLEULR
(VWDSURSLHGDGHVGHQRPLQDGDGH5HJXODFLyQ3URSLDGHO6LVWHPD\VHH[SUHVDDWUDYpVGHXQ
SDUiPHWUR'OODPDGRGH&RHILFLHQWHGH$PRUWLJXDPLHQWR
3RGHPRV HQWRQFHV YHULILFDU TXH GHVSXpV GH XQ DXPHQWR GH FDUJD '3G OOHJDUHPRV D XQD
YDULDFLyQGHIUHFXHQFLD 'I GRQGH

$OJXQDVILJXUDVGHHVDVHFFLyQIXHURQH[WUDLGDVGHOOLEUR³2SHUDFLyQGH6LVWHPDVGH3RWHQFLDFRQ&RQWURO
$XWRPiWLFRGH*HQHUDFLyQ´;LVWR9LHLUD)LOKR(GLWRUD&DPSXV
&XUVR/,0$3(5Ò± 9,,,
81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
'3G
'I
'
/D)LJXUD9,,,PXHVWUDXQDFXUYDUHSUHVHQWDWLYDGHYDULDFLyQGHODFDUJDFRQODIUHFXHQFLD
)LJXUD9,,, ± &XUYDGHYDULDFLyQGHODFDUJDFRQDIUHFXHQFLD
(Q XQ VLVWHPD GH SRWHQFLD GH JUDQ SRUWHFRPRHOEUDVLOHxRODVYDULDQWHVGHODFDUJD'3G

SXHGHQDOFDQ]DUYDORUHVFRQVLGHUDEOHV3RURWURODGRYDORUHVWtSLFRVGH' SDUDWDOHVVLVWHPDV
VRQ UHODWLYDPHQWH EDMRV ' SRU HMHPSOR PRVWUDQGR TXH YDULDFLRQHV LQDGPLVLEOHV GH
IUHFXHQFLD SXHGHQ VHU DOFDQ]DGDV (VWH KHFKR PXHVWUD OD QHFHVLGDG GH XQ FRQWURO TXH KDJD
EDODQFHDGDODJHQHUDFLyQ\ODFDUJDGHOVLVWHPDGHSRWHQFLD
(Q HVWH SXQWR SRGHPRV LGHQWLILFDU XQ SULPHU REMHWLYR SDUD HO VLVWHPD GH FRQWURO VDEHU
PDQWHQHUODIUHFXHQFLDGHOVLVWHPDGHSRWHQFLDFRQVWDQWHODPD\RUSDUWHGHOWLHPSRSRVLEOH
9,,, 5HJXODFLyQSULPDULD
)XH YLVWR TXH FXDQGR VH YHULILFD XQ GHVHTXLOLEULR LQVWDQWiQHR FDUJDJHQHUDFLyQ VH WRUQD
QHFHVDULDODDFWXDFLyQGHXQFRQWUROSDUDDX[LOLDUHQODFRQGXFFLyQGHOVLVWHPDDXQHVWDGRGH
HTXLOLEULRPDVIDYRUDEOH
3RU HVWD UD]yQ ODV XQLGDGHV JHQHUDGRUDV VRQ GRWDGDV GH PHFDQLVPRV GH UHJXODFLyQ GH
YHORFLGDG DXWRPiWLFD TXH DFW~DQ HQ VHQWLGR GH DXPHQWDU R GLVPLQXLU OD SRWHQFLD JHQHUDGD
FXDQGR OD YHORFLGDG R IUHFXHQFLD VH DOHMD GH YHORFLGDG GH UHIHUHQFLD (VWD UHJXODFLyQ
DXWRPiWLFDGHYHORFLGDGHVGHQRPLQDGD5HJXODFLyQ3ULPDULD
3RGHPRVREVHUYDUTXHHOFRQWUROGHIUHFXHQFLDHVKHFKRDWUDYpVGHODYDULDFLyQGHSRWHQFLD
DFWLYDGHODVPiTXLQDVGHOVLVWHPD
/D )LJXUD 9,,, PXHVWUD OD DFWXDFLyQ GH XQD PDOOD GH FRQWURO GH SRWHQFLD DFWLYD \ GH XQD
PDOODGHFRQWUROGHSRWHQFLDUHDFWLYDGHXQDPiTXLQDGHOVLVWHPD
&XUVR/,0$3(5Ò± 9,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
)LJXUD9,,, 0DOODVGHFRQWUROGHXQDPiTXLQDGHOVLVWHPD
9,,, 5HJXODGRU$VtQFURQR
8Q UHJXODGRU DVtQFURQR WLHQH VX IXQFLRQDPLHQWR FRPR XQ LQWHJUDGRU FRPR PRVWUDGR HQ OD
)LJXUD9,,,
'I . '3
V
)LJXUD9,,, ,QWHJUDGRU
'H HVD IRUPD VRODPHQWH FHVDUi VX DFWXDFLyQ R VHD '3 FXDQGR OD IUHFXHQFLD UHWRUQDU
ULJXURVDPHQWHDVXYDORURULJLQDO+]FDUDFWHUtVWLFDGHXQLQWHJUDGRUPDWHPiWLFR
/D )LJXUD 9,,, PXHVWUD OD UHVSXHVWD HQ HO WLHPSR GH XQD XQLGDG JHQHUDGRUD GRWDGD GH XQ
UHJXODGRUDVtQFURQRFXDQGRHVVRPHWLGDDXQDXPHQWRGHFDUJD
&XUVR/,0$3(5Ò± 9,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
)LJXUD9,,, 5HVSXHVWDHQHOWLHPSRGHXQDXQLGDGJHQHUDGRUD
FRQUHJXODGRUDVtQFURQR
8QDXPHQWRHQODFDUJDKDFHDTXHODIUHFXHQFLDRYHORFLGDGGHOURWRUGHFDH&RQODFDtGDGH

ODIUHFXHQFLDODSRWHQFLDPHFiQLFDGHOJHQHUDGRUFRPLHQ]DDDXPHQWDU(VWHDXPHQWRFDXVD
XQD GLVPLQXFLyQ HQ OD WDVD GH GHFDLPLHQWR GH OD IUHFXHQFLD KDVWD HO SXQWR HQ TXH OD
IUHFXHQFLD FRPLHQ]D D DXPHQWDU \ DOFDQ]D VX YDORU QRPLQDO (Q HVWH SXQWR HO YDORU HQ
UpJLPHQGHODXPHQWRGHSRWHQFLDPHFiQLFDGHOJHQHUDGRUHVLJXDODODXPHQWRGHFDUJD
(QVLVWHPDVGHSRWHQFLDFRQPiVGHXQDXQLGDGJHQHUDGRUDVXSOLHQGRODVGLYHUVDVFDUJDVHVWH
WLSRGHUHJXODGRUDXQTXHSUHVHQWHODYHQWDMDGHKDFHUFRQTXHODIUHFXHQFLDUHWRUQHDVXYDORU
RULJLQDOWUDHVHULRVSUREOHPDVGHLQHVWDELOLGDG\LPSRVLELOLGDGGHUHSDUWLFLyQDGHFXDGDGHOD
FDUJDHQWUHODVXQLGDGHVJHQHUDGRUDV
9,,, 5HJXODGRUFRQ&DtGDGH9HORFLGDG
3DUD TXH VH WHQJD XQD GLYLVLyQ HVWDEOH GH OD FDUJD HQWUH GRV R PiV XQLGDGHV JHQHUDGRUDV
RSHUDQGRHQSDUDOHORORVUHJXODGRUHVGHHVWDVXQLGDGHVGHEHQSUHVHQWDUXQDFDUDFWHUtVWLFDGH
FDtGDGHYHORFLGDG RHVWDWLVPR5
(VWDFDUDFWHUtVWLFDGHUHJXODFLyQSXHGHVHUREWHQLGDDxDGLHQGRXQDVHxDOGHUHDOLPHQWDFLyQHQ
SDUDOHORDOLQWHJUDGRUGHOD)LJXUD9,,,FRPRHVPRVWUDGRHQOD)LJXUD9,,,
'I . '3
V

)LJXUD9,,, 5HJXODGRUFRQHVWDWLVPR
&XUVR/,0$3(5Ò± 9,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[

(VWH WLSR GH UHJXODGRU SRU OR WDQWR SUHVHQWD XQHUURUGH HQUpJLPHQSHUPDQHQWHRVHD
5

'3 'I HQ UpJLPHQSHUPDQHQWH
5
/DUHODFLyQDQWHULRUSXHGHVHUUHHVFULWRGHODVLJXLHQWHIRUPD

3* 3* I I
5
(VWDFDXFLyQFRUUHVSRQGHDODHFXDFLyQGHXQDUHFWDFRPRLQGLFDGRHQOD)LJXUD9,,,
)LJXUD9,,, &DUDFWHUtVWLFDI[3
/D )LJXUD 9,,, PXHVWUD OD UHVSXHVWD HQ HO WLHPSR GH XQD XQLGDG JHQHUDGRUD GRWDGD GH XQ
UHJXODGRUFRQHVWDWLVPRFXDQGRHVVRPHWLGDDXQDXPHQWRGHFDUJD
&XUVR/,0$3(5Ò± 9,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
)LJXUD 9,,, 5HVSXHVWDHQHOWLHPSRGHXQDXQLGDGJHQHUDGRUD

FRQUHJXODGRUFRQHVWDWLVPR
6LGRVRPiVXQLGDGHVJHQHUDGRUDVGRWDGDVGHUHJXODGRUHVFRQHVWDWLVPRHVWiQFRQHFWDGDVD
XQPLVPRVLVWHPDGHSRWHQFLDH[LVWLUiVRODPHQWHXQ~QLFRYDORUGHIUHFXHQFLDSDUDHOFXDOODV
XQLGDGHVGLYLGLUiQHODXPHQWRGHFDUJD
/D)LJXUD9,,, SUHVHQWDGRVXQLGDGHVJHQHUDGRUDVFRQHVWDWLVPRV 5 \ 5 UHVSHFWLYDPHQWH

,QLFLDOPHQWH HO VLVWHPD HVWi RSHUDQGR D XQD IUHFXHQFLD QRPLQDO I \ FDGD PiTXLQD
JHQHUDQGR 3 \ 3 &XDQGRWHQHPRVXQDXPHQWRGHFDUJD '3G ORVUHJXODGRUHVKDUiQTXH OD
SRWHQFLD PHFiQLFD GH FDGD JHQHUDGRU DXPHQWH KDVWD DOFDQ]DU XQ QXHYR SXQWR GH HTXLOLEULR
FRQ XQ QXHYR YDORU GH IUHFXHQFLD /D SDUWH GHO DXPHQWR GH JHQHUDFLyQ TXH FDGD JHQHUDGRU
DEVRUEHUi GHSHQGHUi GHO HVWDWLVPR GH FDGD PiTXLQD \ SXHGH VHU FDOFXODGR D WUDYpV GH ODV
UHODFLRQHV
'I
'3 3
3
5
'I
'3 3
3
5
'RQGH
'3 '3 '3G
&XUVR/,0$3(5Ò± 9,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
)LJXUD9,,, 'LYLVLyQGHFDUJDSRUGRVXQLGDGHVGRWDGDVGH
UHJXODGRUHVFRQHVWDWLVPR
/D XWLOL]DFLyQ GH UHJXODGRUHV FRQ HVWDWLVPR VXSHUD ORV LQFRQYHQLHQWHV GH ORV UHJXODGRUHV
DVtQFURQRVRVHDORVSUREOHPDVGHHVWDELOLGDG\GHUHSDUWLFLyQGHFDUJD6LQHPEDUJRWUDHXQ
SUREOHPDDGLFLRQDOTXHHVHODOHMDPLHQWRHQUpJLPHQSHUPDQHQWHGHODIUHFXHQFLDRULJLQDO
(VWH GHVYtR GH IUHFXHQFLDHQUpJLPHQSHUPDQHQWHFUHDODQHFHVLGDGGHXQDVHJXQGDSUiFWLFD

GHUHJXODFLyQTXHFRQVWLWX\HODOODPDGD5HJXODFLyQ6HFXQGDULD
9,,, 5HJXODFLyQ6HFXQGDULD
(Q HO tWHP 9,,, IXH YHULILFDGR TXH FRQ OD DFWXDFLyQ GH XQ UHJXODGRU GH YHORFLGDG FRQ
HVWDWLVPRXQLPSDFWRGHFDUJDHQXQVLVWHPDGHSRWHQFLDSURYRFDHQHOPLVPRXQDYDULDFLyQ
GH IUHFXHQFLD HQ UpJLPHQ WUDQVLWRULR \ TXH GHVSXpV GH WHUPLQDGRV HVWRV WUDQVLWRULRV OD
IUHFXHQFLD VH HVWDELOL]DED HQ XQ QXHYR YDORU GLIHUHQWH GH ODIUHFXHQFLDQRPLQDO6LQLQJXQD
SURYLGHQFLD DGLFLRQDO IXHUD WRPDGD SRGUtDPRV WHQHU QLYHOHV GH YDULDFLyQ GH IUHFXHQFLD
LQDFHSWDEOHV
/D UHVWDXUDFLyQ GH OD IUHFXHQFLD GHO VLVWHPD SDUD VX YDORU QRPLQDO UHTXLHUH HQWRQFHV XQD
DFFLyQGHFRQWUROVXSOHPHQWDULD(VWHFRQWUROVXSOHPHQWDULDFRQVWLWX\HODOODPDGD5HJXODFLyQ
6HFXQGDULD TXHWLHQHVXDFFLyQDWUDYpVGHODMXVWHGHXQDVHxDOGHUHIHUHQFLDHQHOUHJXODGRU
GHYHORFLGDG
/D)LJXUD9,,, PXHVWUDHOUHJXODGRUGHYHORFLGDGFRQODVHxDOGHUHIHUHQFLD
I UHI I FDJ

3PHF
I
5 V 7*
)LJXUD9,,, 5HJXODGRUGHYHORFLGDGFRQUHJXODFLyQVHFXQGDULD
&XUVR/,0$3(5Ò± 9,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
)DOWD SRU OR WDQWR GHWHUPLQDU FXiO GHEHUi VH OD VHxDO LQ\HFWDGD SDUD KDFHU FRQ TXH OD
IUHFXHQFLDUHWRUQHDVXYDORULQLFLDOGHVSXpVGHXQLPSDFWRGHFDUJD
1RWDPRV HQ HO tWHP DQWHULRU TXH HO WLSR GH FRQWURO TXH REOLJD HO GHVYtR RULJLQDO UHWRUQDU D
FHURHVHOFRQWUROLQWHJUDOSUHVHQWDGRHQHOUHJXODGRUDVtQFURQR3XHGHVHUHQWRQFHVXWLOL]DGR
XQFRQWURODGRUGHOWLSR3,SURSRUFLRQDOHLQWHJUDOTXHKDFHTXHHOHUURUHQUpJLPHQVHDQXOR
DGHPiVGHDFHOHUDUHOSURFHVRGHFRUUHFFLyQGHOHUURU
/D )LJXUD 9,,, PXHVWUD XQD SRVLEOH HVWUXFWXUD GHOD UHJXODFLyQ VHFXQGDULD /D VHxDO GH
HQWUDGD GHO UHJXODGRU HV HO HUURU GH IUHFXHQFLD \ OD VHxDOGH VDOLGD HV OD VHxDOGH UHIHUHQFLD
SDUDHOUHJXODGRUGHYHORFLGDG
I EDUUD
.,

V I FDJ
I UHI

.3
)LJXUD9,,, 6HxDOGHUHIHUHQFLD
(Q OD )LJXUD 9,,, HV PRVWUDGR HO GLDJUDPD GH EORTXHV FRQ UHJXODFLyQ SULPDULD \
VHFXQGDULD
3PHF
5 V 7*
'I
.,

V
I FDJ
.3
)LJXUD9,,, 5HJXODFLyQ3ULPDULD\6HFXQGDULD
&XUVR/,0$3(5Ò± 9,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
(O JUiILFR I [ 3 GH OD )LJXUD 9,,, PXHVWUD HO FDVR GH XQD ~QLFD XQLGDG JHQHUDGRUD
DOLPHQWDQGR XQD FDUJD TXH HVWi RSHUDQGR HQ HO SXQWR HQ HO HVWDGR GH HTXLOLEULR LQLFLDO
'HVSXpV GH XQD YDULDFLyQ GH FDUJD '3G OD FDUJD SDVDUi D 3G \ D XQLGDG JHQHUDGRUD
VXPLQLVWUDUi 3* 3G QR REVWDQWH XQD IUHFXHQFLD PiV EDMD I (VWDUHPRV SRU OR WDQWR
RSHUDQGRHQHOSXQWR
(OFRQWUROVHFXQGDULRFRQWLQXDUiDFWXDQGR\VRODPHQWHFHVDUiVXDFFLyQFXDQGRODIUHFXHQFLD
YXHOYHDVXYDORURULJLQDO'HEHPRVQRWDUTXHODDFFLRQyGHOFRQWUROVHFXQGDULRQRLQWHUILHUH
HQODFDUDFWHUtVWLFDGHHVWDWLVPRGHODPiTXLQD/XHJRHOQXHYRSXQWRGHRSHUDFLyQGHVSXpVGH
ODDFWXDFLyQGHOFRQWUROVHFXQGDULRFRUUHVSRQGHUi DOSXQWR
)LJXUD9,,, &DUDFWHUtVWLFDI[3FRQUHJXODFLyQVHFXQGDULD
9,,, 5HVRQDQFLD6XE6tQFURQD
/DGHILQLFLyQGH5HVRQDQFLD6XE6tQFURQD566GDGDSRUHO,(((HVODVLJXLHQWH>@
5HVRQDQFLD 6XEVtQFURQD HV XQD FRQGLFLyQ GHO VLVWHPD GH SRWHQFLD GRQGH OD UHG HOpFWULFD
FDPELDHQHUJtDFRQODWXUELQDTXHDFFLRQDHOJHQHUDGRUHQXQDRPiVIUHFXHQFLDVQDWXUDOHV
GHOVLVWHPDFRPELQDGRDEDMRGHODIUHFXHQFLDVtQFURQDGHOVLVWHPD
$ SHVDU GH OD GHILQLFLyQ QR PHQFLRQDU HVWH WLSR GH IHQyPHQR HV PiV REVHUYDGR HQ ORV
VLVWHPDV WpUPLFRV GHMDQGR D %UDVLO SUiFWLFDPHQWH OLEUH GH PRPHQWR GH HVWH WLSR GH
SUREOHPDGHELGRDODJUDQGRPLQDQFLDGHODJHQHUDFLyQGHOWLSRKLGUiXOLFDHQHOSDtV
(O HMHPSOR PiV FRP~Q GH 566 HV HQ VLVWHPDV FRQ FRPSHQVDFLyQ VHULH /DV OtQHDV FRQ
FRPSHQVDFLyQVHULHIRUPDQXQFLUFXLWR5/&FRQXQDIUHFXHQFLDQDWXUDOGHILQLGDHQ9,,
;&
ZQ Z% 9,,
/& ;/
(VWD IUHFXHQFLD DSDUHFH PRGXODGD HQ HO URWRU GHO JHQHUDGRU FRQ XQD FRPSRQHQWH
VXSHUVtQFURQD\XQDFRPSRQHQWHVXEVtQFURQD/DFRPSRQHQWHVXEVtQFURQDSXHGHLQWHJUDUGH
OLPLWDGDPHQWH FRQ OD IUHFXHQFLD QDWXUDO GH RVFLODFLyQ GHO VLVWHPD PHFiQLFR GHO WLSR PDVD
UHVRUWHFRQVWLWXLGRSRUHOJHQHUDGRUWXUELQD\HMH6LODFRQGLFLyQGHUHVRQDQFLDRFXUUDKDEUi
&XUVR/,0$3(5Ò± 9,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
XQD FDPELR GH HQHUJtD FRQ IUHFXHQFLD ZQ TXH SRGUi DFDUUHDU HQ IDWLJD GHO HMH
FRQVHFXHQWHPHQWHFRQSpUGLGDGHYLGD~WLOGHOPLVPRRUXSWXUD
9,,, 0RGXODFLyQGHORV6LVWHPDV&&$7
/RVVLVWHPDVGHSRWHQFLDDFWXDOHVFRQVLVWHQEiVLFDPHQWHGHOtQHDVGHWUDQVPLVLyQGHFRUULHQWH
DOWHUQD &$ 6LQ HPEDUJR HQ FDVRV TXH VH QHFHVLWHQ WUDQVPLVLyQ GH SRWHQFLD D ODUJDV
GLVWDQFLDVFRPRHQHOFDVRGH%UDVLOHOXVRGHVLVWHPDVGH&RUULHQWH&RQWLQXDD$OWD7HQVLyQ
&&$7 SXHGH VHU HFRQyPLFDPHQWH DWUDFWLYD 8QD DSOLFDFLyQ VHFXQGDULD GH ORV VLVWHPDV
&&$7 HV OD GH KDFHU XVR GH ORV FRQWUROHV GH ORV FRQYHUVRUHV \ GH ORV LQYHUVRUHV HQ HO
DPRUWLJXDPLHQWRGHRVFLODFLRQHVHOHFWURPHFiQLFDV
9,,, &RQWUROHGHORVHTXLSDPLHQWRV)$&76
&RQODHYROXFLyQGHODWHFQRORJtDGHORVWLULVWRUHVGHSRWHQFLDGHODPLFURHOHFWUyQLFD\GHORV
PLFURSURFHVDGRUHVXQQXHYRFRQFHSWROODPDGR)OH[LEOH$&7UDQVPLVVLRQ6\VWHPV)$&76
IXH LQWURGXFLGR HQ HO iUHD GH VLVWHPDV GH SRWHQFLD (VWH QXHYR FRQFHSWR IXH LGHDOL]DGR
WHQLHQGR FRPR REMHWLYR SULQFLSDO KDFHU TXH ORV OtPLWHV GH ORV VLVWHPDV &$ DFWXDOHV
PHFiQLFDPHQWHFRQWURODGRVSXGLHUDQVHUXOWUDSDVDGRVGHIRUPDGHDXPHQWDUODIOH[LELOLGDG
GHORVVLVWHPDV
&RQ OD JDQDQFLD GH FRQILDELOLGDG \ YHORFLGDG GH ORV GLVSRVLWLYRV HOHFWUyQLFRV SDUD
DOWDSRWHQFLDODWHFQRORJtD)$&76SXHGHRIUHFHUPHMRUtDVHQODRSHUDFLyQGHORVVLVWHPDVGH
SRWHQFLDFRPRSRUHMHPSOR
x PD\RUFRQWUROVREUHHOIOXMRGHSRWHQFLDGHIRUPDTXHHOIOXMRUHFRUUDXQFDPLQR
PiVDSURSLDGR
x PD\RUDSURYHFKDPLHQWRGHODFDSDFLGDGGHWUDQVPLVLyQGHODVOtQHDV
x PD\RUKDELOLGDGGHWUDQVIHULUSRWHQFLDHQWUHFRQWURODGRUHVGHiUHDGHIRUPDTXH
ODUHVHUYDJLUDQWHSXHGDVHUUHGXFLGD
x DX[LOLDU HQ HO DPRUWLJXDPLHQWR GH RVFLODFLRQHV HOHFWURPHFiQLFDV
FRQVHFXHQWHPHQWHDXPHQWDQGRHOOtPLWHGHWUDQVIHUHQFLDGHSRWHQFLD
/RVSULQFLSDOHVHTXLSDPLHQWRV)$&76HVWiQUHODFLRQDGRVDEDMR
x 7&6&7K\ULVWRU&RQWUROOHG6HULHV&RPSHQVDWRU
x 69&6WDWLF9$U&RPSHQVDWRU
x 7&357K\ULVWRU&RQWUROOHG3KDVH5HJXODWRU
x 7&%57K\ULVWRU&RQWUROOHG%UDNLQJ5HVLVWRU
x 67$7&219ROWDJH6RXUFH6WDWLF&RQGHQVHU
x 83)&8QLYHUVDO3RZHU)ORZ&RQWUROOHU
9,,, &RQWURO&RRUGLQDGRGH7HQVLyQ
(O &RQWURO &RRUGLQDGR GH 7HQVLyQ &&7 HV XQD MHUDTXL]DFLyQ GH OD PDOOD VLVWpPLFD GH
FRQWUROH WHQVLyQSRWHQFLD UHDFWLYD VHPHMDQWH DO TXH HV KHFKR HQ OD PDOOD GH FRQWURO FDUJD
IUHFXHQFLD (O &&7 YLHQH VLHQGR HPSOHDGR GH IRUPD FUHFLHQWH HQ YDULRV SDtVHV HXURSHRV
LQFOX\HQGR)UDQFLD>@,WDOLD>@(VSDxD\%pOJLFD(OSHUPLWHXQDPHMRUXWLOL]DFLyQGHODV
IXHQWHV GH SRWHQFLD UHDFWLYD UHVXOWDQGR SRU OR WDQWR HQ UHGXFFLyQ HQ ORV JDVWRV FRQ
HTXLSDPLHQWRV GH FRPSHQVDFLyQ GH IDFWRU GH SRWHQFLD LQFOX\HQGR FRPSHQVDGRUHV HVWiWLFRV
UHDFWLYRDXPHQWRGHOPDUJHQGHFDUJDPHQWRFRQILDELOLGDG\VHJXULGDGGHOVLVWHPDDGHPiV
GH UHGXFLU OD RSHUDFLyQ GH ORV WDSV GH ORV WUDQVIRUPDGRUHV GLVPLQX\HQGR OD QHFHVLGDG GH
PDQWHQLPLHQWRFRQIUHFXHQWHVFDPELRVGHDFHLWH
&XUVR/,0$3(5Ò± 9,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
(O &&7 FRQVLVWH HQ OD DFWXDFLyQ GH XQ JUXSR HVSHFtILFR GH UHJXODGRUHV GH WHQVLyQ GH ORV
JHQHUDGRUHVFRPSHQVDGRUHVHVWiWLFRVRVtQFURQRVWDSVGHWUDQVIRUPDGRUHVHWFGHIRUPDGH
PDQWHQHU HO SHUILO GH WHQVLyQ GHVHDGR HQ EDUUDV GLFKDV SLORWR /DV WHQVLRQHVGH HVDVEDUUDV
SLORWRGHEHQVHUUHSUHVHQWDWLYDVGHOSHUILOGHWHQVLyQGHODUHJLyQHQODFXiOHVWiQLQVHUWDGDV
9,,, 1LYHOHV-HUiUTXLFRV
(O&&7HVHQJHQHUDOVXEGLYLGLGRHQWUHVQLYHOHVMHUiUTXLFRVTXHSXHGHQVHU GHILQLGRVSRU
iUHDV JHRJUiILFDV ORFDO UHJLRQDO HWF \ SRU GLIHUHQWHV GRPLQLRV GH WLHPSR GH VHJXQGRV D
YDULRV PLQXWRV &DGD XQR GH HVWRV QLYHOHV MHUiUTXLFRV WLHQHQ SDSHOHV HVSHFtILFRV TXH VRQ
GHVFULWRVDFRQWLQXDFLyQ
&RQWURO3ULPDULRGH7HQVLyQ&37
(O &37 HV HO QLYHO MHUiUTXLFR PiV UiSLGR GHO &&7 SXGLHQGR VHU VXEGLYLGLGR HQ FRQWURO
LQGLYLGXDOGHORVJHQHUDGRUHV\FRQWUROGHODVSODQWDV
x &RQWUROGHORV*HQHUDGRUHV
(VWH QLYHO GH FRQWURO HV FRQVWLWXLGR SRU OD DFWXDFLyQ GH ORV UHJXODGRUHV GH WHQVLyQ GH ORV
JHQHUDGRUHV/RVUHJXODGRUHVPDQWLHQHODWHQVLyQWHUPLQDOGHORVJHQHUDGRUHVLJXDOHVRPX\
SUy[LPRV D ORV YDORUHV GH UHIHUHQFLD ILMDGRV SRU ORV RSHUDGRUHV R SRU ORV FRQWUROHV GH ORV
QLYHOHVMHUiUTXLFRVPiVHOHYDGRV
x &RQWUROGHODV3ODQWDV
(O REMHWLYR GH HVWH QLYHO GH FRQWURO HV PDQWHQHU OD WHQVLyQ GH OD SODQWD HQ YDORUHV
HVSHFLILFDGRVDWUDYpVGHXQDGLVWULEXFLyQEDODQFHDGDGHSRWHQFLDUHDFWLYDHQODVXQLGDGHVGH
JHQHUDFLyQ
&RQWUROH6HFXQGDULRGH7HQVLyQ&67
(O FRQWURO VHFXQGDULR GH WHQVLyQ FRQVLVWH HQ OD DFWXDFLyQ GH XQ JUXSR HVSHFtILFR GH
UHJXODGRUHV GH WHQVLyQ GH ORV JHQHUDGRUHV FRPSHQVDGRUHV HVWiWLFRV R VtQFURQRV WDSV GH
WUDQVIRUPDGRUHV HWF GH IRUPD GH PDQWHQHU HO SHUILO GH WHQVLyQ GHVHDGD HQ EDUUDV GLFKDV
SLORWR/DVWHQVLRQHVGHHVDVEDUUDVSLORWRGHEHQVHUUHSUHVHQWDWLYDVGHOSHUILOGHWHQVLyQGHOD
UHJLyQ HQ OD FXiO HVWiQ LQVHUWDGDV (O FRQWURO VHFXQGDULR GH WHQVLyQ DFW~D HQ XQD HVFDOD GH
WLHPSRGHVDVSRUHMHPSOR\VHFDUDFWHUL]DSRUVHUXQFRQWUROGHHIHFWRUHJLRQDO
&RQWUROH7HUFLDULRGH7HQVLyQ&77
8QGHORVSULQFLSDOHVREMHWLYRVGHOFRQWUROWHUFLDULRGHWHQVLyQHVHOGHJDUDQWL]DUGHIRUPD
SUHYHQWLYDODVHJXULGDGHLQWHJULGDGGHOVLVWHPD3DUDHVRXQDOJRULWPRGHIOXMRGHSRWHQFLD
ySWLPRHVHQJHQHUDOXWLOL]DGRHQHVWHQLYHOMHUiUTXLFR/DPD[LPL]DFLyQGHODVUHVHUYDVGH
SRWHQFLDUHDFWLYDHVXQDLPSRUWDQWHIXQFLyQREMHWLYRDVHURSWLPL]DGD
/D )LJXUD 9,,, PXHVWUD OD HVWUXFWXUD MHUiUTXLFD GHO &&7 FRQVLGHUDQGR ODV iUHDV
JHRJUiILFDV \ FRQVWDQWHV GH WLHPSR /D )LJXUD9,,, SUHVHQWD HO GLDJUDPD HVTXHPiWLFR GH
ORVWUHVQLYHOHVMHUiUTXLFRVGHO&&7
&XUVR/,0$3(5Ò± 9,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
(VSDoR
6LVWHPD &77
ÈUHD &67
*HUDGRU &37
6HJXQGR 0LQXWR +RUD 7HPSR
)LJXUD9,,, 1LYHOHV-HUiUTXLFRVGHXQ&RQWURO&RRUGLQDGRGH7HQVLyQ
9S
yWLPR
&77 6&$'$
9 UHI
&67 9S
&37 %DUUD3LORWR
9W
( IG
5HVWRGR6LVWHPD
&RQVWDQWHVGH7HPSR
)LJXUD9,,, 'LDJUDPD(VTXHPiWLFRGHO&&7
9,,, %HQHILFLRVGHXQD&RRUGLQDFLyQGH3RWHQFLD5HDFWLYD
$OJXQRV GH ORV EHQHILFLRV TXH SRGHPRV GHVWDFDU GHELGR D XQD LPSOHPHQWDFLyQ GH FRQWURO
FRRUGLQDGRGHODSRWHQFLDUHDFWLYDVRQ
x (FRQRPtDFRQODUHGXFFLyQGHODVSpUGLGDVGHOVLVWHPD
x 0HMRUtDGHOSHUILOGHWHQVLyQ
x 0HMRUtDHQHOFRQWUROGHODWHQVLyQ± XQDHVWUDWHJLDGHFRQWUROJOREDOFRPSDUDGDFRQXQD
HVWUDWHJLDORFDOWLHQHODYHQWDMDGHSURSRUFLRQDUXQJUDGRGHFRQWUROKDELOLGDGPD\RUVREUH
ODVYDULDEOHVGHOVLVWHPD6LQHPEDUJRLQYHUVLRQHVHQHTXLSDPLHQWRVGHFRPXQLFDFLyQ\
PHGLFLyQVRQQHFHVDULRVSDUDTXH HVWDYHQWDMDSXHGDVHUDSURYHFKDGD
x 0HMRUtDHQODVHJXULGDGGHOVLVWHPD± HOQLYHOGHVHJXULGDGGHOVLVWHPDDXPHQWDFRQXQD
PHMRUXWLOL]DFLyQGHODVIXHQWHVGHSRWHQFLDUHDFWLYD
x $XPHQWR GH OD FDSDFLGDG GH WUDQVPLVLyQ GLVSRQLEOH± OD GLVPLQXFLyQ GHO FDUJDPHQWRGH
ORV HTXLSDPLHQWRV GH WUDQVPLVLyQ GHELGR D OD UHGXFFLyQ GHO IOXMR GH SRWHQFLD UHDFWLYD
SHUPLWHHODXPHQWRGHWUDQVPLVLyQGHSRWHQFLDDFWLYD/RV DXPHQWRVGHWUDQVDFFLRQHVGH
SRWHQFLDDFWLYDVRQHFRQyPLFDPHQWHPX\DWUDFWLYRV
x 0HMRUtD GH OD RSHUDFLyQ GHO VLVWHPD ± XQD HVWUDWHJLD GH GHVSDFKR GH SRWHQFLD UHDFWLYD
SXHGH RIUHFHU D ORV RSHUDGRUHV GHO VLVWHPD XQ PHMRU FRQWURO VREUH IOXMRV GH SRWHQFLD
UHDFWLYDQLYHOHVGHUHVHUYD\SHUILOGHWHQVLyQ
&XUVR/,0$3(5Ò± 9,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
&XUVR/,0$3(5Ò± 9,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
,; ,1752'8&&,Ï1 /$ (67$%,/,'$' $ /$6

3(48(f$63(5785%$&,21(6
,; 0RGHOR'LQiPLFRGHO6LVWHPD
(O GHVHPSHxR GLQiPLFR GH XQ VLVWHPD GH SRWHQFLD SXHGH VHU GHVFULWR SRU XQ FRQMXQWR GHQ
HFXDFLRQHV GLIHUHQFLDOHV RUGLQDULDV GH SULPHU RUGHQ X XQ FRQMXQWR DX[LOLDU GHP HFXDFLRQHV
1 6
DOJHEUDLFDVGHODIRUPD
1 6
[L I L [ [ [Q U U UP X X XN W L Q
9,,
J M [ [ [Q U U UP X X XN W M P
GRQGH Q HV OD RUGHQ GHO VLVWHPD Q~PHUR GH HFXDFLRQHV GLIHUHQFLDOHVP HV HO Q~PHUR GH
HFXDFLRQHVDOJHEUDLFDV\N HVHOQ~PHURGHYDULDEOHVGHHQWUDGDH[FLWDFLRQHV
%& 1 6
6H3XHGHXWLOL]DUQRWDFLyQYHFWRULDOSDUDFRPSDFWDUHVWDVHFXDFLRQHVUHVXOWDQGRHQ
' 1 6
[ I [ U X W
9,,
[ "# U "# X "# I 16 "# J 16 "#

J [ U X W
I 16
# J 16
#
# # # I 16 J16
# # # # #

[ U X
! [ #$ !U #$ !X #$ # ! J 16 ##$
GRQGH [ U X
! I 16 #$

Q P N Q P
(OYHFWRU[ HVOODPDGRGHYHFWRUGHHVWDGRV\ODVYDULDEOHV[L VRQOODPDGDVYDULDEOHVGHHVWDGR

ODVYDULDEOHVUM VRQYDULDEOHVDOJHEUDLFDV\HOYHFWRUX HVHOYHFWRUGHYDULDEOHVGHHQWUDGD
(OHVWDGRGHXQVLVWHPDUHSUHVHQWDHOFRQMXQWRPtQLPRGHLQIRUPDFLRQHVVREUHHOVLVWHPDHQ
XQ LQVWDQWH GDGR GH WLHPSRW QHFHVDULR SDUD OD GHWHUPLQDFLyQ GH VX FRPSRUWDPLHQWR VLQ OD
QHFHVLGDGGHQLQJXQDLQIRUPDFLyQUHIHUHQWHDLQVWDQWHVGHWLHPSRDQWHULRUHV
6LODRUGHQGHOVLVWHPDHVQFXDOTXLHUFRQMXQWRGHQ YDULDEOHGHOVLVWHPDTXHVHDOLQHDOPHQWH
LQGHSHQGLHQWH SXHGH VHU XWLOL]DGR (VWDV YDULDEOHV VRQ OODPDGDV HQWRQFHV GH YDULDEOHV GH
HVWDGR 6H SXHGH PRVWUDU TXH ODV GHPiV YDULDEOHV GHO VLVWHPD SXHGHQ VHU HVFULWDV FRPR
IXQFLRQHVGHODVYDULDEOHVGHHVWDGR
/DV YDULDEOHV GH HVWDGR SXHGHQ VHU JUDQGH]DV ItVLFDV FRPR YHORFLGDG SRVLFLyQ WHQVLyQ
FRUULHQWH HWF R SXHGHQ VHU YDULDEOHV PDWHPiWLFDV DEVWUDFWDV DVRFLDGDV FRQ ODV HFXDFLRQHV
GLIHUHQFLDOHVTXHGHVFULEHQHOVLVWHPD/DHOHFFLyQGHXQFRQMXQWRGHYDULDEOHVGHHVWDGRQR
HV ~QLFD \ HQ JHQHUDO XQR GH HVWRV FRQMXQWRV HV XWLOL]DGR SDUD OD REWHQFLyQ GHO PRGHOR
GHWHUPLQDFLyQ GH ODV HFXDFLRQHV GLIHUHQFLDOHV \DOJHEUDLFDV TXH GHVFULEHQ HO VLVWHPD \ XQ
VHJXQGR FRQMXQWR SXHGH VHU XWLOL]DGR SDUD VX VROXFLyQ (VWH FDPELR GH YDULDEOHV GH HVWDGR
FRUUHVSRQGHPDWHPiWLFDPHQWHDXQFDPELRGHOVLVWHPDVGHFRRUGHQDGDV
,; 3XQWRGHHTXLOLEULR
/RVSXQWRVGHHTXLOLEULRVRQFDUDFWHUL]DGRVSRUWRGDVODVGHULYDGDVGHODVYDULDEOHVGHHVWDGR
SDUD VHU VLPXOWiQHDPHQWH QXODV KDFLHQGR TXH WRGDV ODV YDULDEOHV GH HVWDGR VHDQ FRQVWDQWHV
LQYDULDQWHVHQHOWLHPSR
3RUORWDQWRXQSXQWRGHHTXLOLEULRRSXQWRVLQJXODUGHEHVDWLVIDFHUHOVLJXLHQWHFRQMXQWRGH
HFXDFLRQHV
&XUVR/,0$3(5Ò± ,;

81,9(56,'$'()('(5$/'25,2'(-$1(,52
%& I 1[ U X 6
WHOID[
' J1[ U X 6
9,,

GRQGH[ \U VRQORVYHFWRUHVGHYDULDEOHVGHHVWDGR\DOJHEUDLFDVHQHOSXQWRGHHTXLOLEULR

UHVSHFWLYDPHQWH
6LHOVLVWHPDIXHUDOLQHDOVyORKD\XQ~QLFRSXQWRGHHTXLOLEULR6LVWHPDVQROLQHDOHVSXHGHQ
SRVHHUGLYHUVRVSXQWRVGHHTXLOLEULR
/DHVWDELOLGDGGHXQVLVWHPDOLQHDOLQGHSHQGLHQWHGHOD HQWUDGDDSOLFDGD\ORVHVWDGRVGHXQ
VLVWHPDOLQHDOHVWDEOHVLHPSUHUHWRUQDUiQSDUDHOSXQWRGHHTXLOLEULRSDUDFXDOTXLHUFRQGLFLyQ
LQLFLDOILQLWD
<D XQ VLVWHPD QROLQHDO WLHQH VX HVWDELOLGDG LQIOXLGD SRU OD DPSOLWXG \ WLSR GH HQWUDGD
DSOLFDGD DVt FRPR SRU OD FRQGLFLyQ LQLFLDO FRQVLGHUDGD 3DUD VLVWHPDV QROLQHDOHV VH SXHGH
FODVLILFDU OD HVWDELOLGDG HQ GLYHUVDV FDWHJRUtDV GHSHQGLHQGR GH ODV FRQGLFLRQHV D VHU
DQDOL]DGDV
(VWDELOLGDGORFDO
8QVLVWHPDHVGLFKRORFDOPHQWHHVWDEOHHQWRUQRGHXQSXQWRGHHTXLOLEULRVLFXDQGR
VRPHWLGR ODV SHTXHxDV SHUWXUEDFLRQHV pO SHUPDQHFH HQ XQD UHJLyQ SHTXHxD HQ WRUQR GHO
SXQWRGHHTXLOLEULR
6LHOVLVWHPDUHWRUQDDOSXQWRGHHTXLOLEULRpOHVGLFKRDVLQWyWLFDPHQWHHVWDEOH
/D HVWDELOLGDG ORFDO R HVWDELOLGDG D SHTXHxDV SHUWXUEDFLRQHV SXHGH VHU HVWXGLDGD D
WUDYpVGHODOLQHDOL]DFLyQGHODVHFXDFLRQHVHQWRUQRGHOSXQWRGHHTXLOLEULRFRQVLGHUDGR
(VWDELOLGDGILQLWD
6LHOHVWDGRGHOVLVWHPDSHUPDQHFHGHQWURGHXQDUHJLyQILQLWD5HOVLVWHPDHVGLFKR
HVWDEOHHQ56LDGHPiVGHHVRpOUHWRUQDDOSXQWRGHHTXLOLEULRRULJLQDOHOVLVWHPDHVGLFKR
DVLQWyWLFDPHQWHHVWDEOHHQ5
(VWDELOLGDGJOREDO
(O VLVWHPD HV JOREDOPHQWH HVWDEOH VL VX UHJLyQ GH HVWDELOLGDG 5 LQFOX\H WRGR HO
HVSDFLRILQLWR
,; /LQHDOL]DFLyQ
6H SXHGH OLQHDO L]DU ODV HFXDFLRQHV TXH GHVFULEHQ XQ VLVWHPD HQ WRUQR GH XQ SXQWR GH
HTXLOLEULR[UXXWLOL]DQGRODH[SDQVLyQHQVHULHGH7D\ORU'HVSUHFLiQGRVHORVWpUPLQRV
1 6
GHRUGHQVXSHULRUODHFXDFLyQ,,, SXHGHVHUHVFULWDFRPR
wI wI wI
[ '[ # I [ U X '[ 'U 'X
w[ [ U X wU [ U X wX [ U X
1 6
9,,
wJ wJ wJ
# J [ U X '[ 'U 'X
\XWLOL]DQGRODHFXDFLyQ,,,HOPRGHOROLQHDOL]DGRGHOVLVWHPDHVGDGRSRU
wI wI wI
'[ # '[ 'U 'X
9,,
wJ wJ wJ
# '[ 'U 'X
(Q JHQHUDO VyOR GHWHUPLQDGDV YDULDEOHV GHO VLVWHPD VRQ GH LQWHUpV (VWDV YDULDEOHV VRQ
OODPDGDV YDULDEOHV GH VDOLGD \ SXHGHQ VHU HVFULWDV D SDUWLU GH ODV YDULDEOHV GH HVWDGR FRPR
VLHQGR
&XUVR/,0$3(5Ò± ,;

81,9(56,'$'()('(5$/'25,2'(-$1(,52
1 6
WHOID[
\ K [ U X 9,,
(VWD HFXDFLyQ WDPELpQ SXHGH VHU OLQHDOL]DGD HQ WRUQR GHO SXQWR GH HTXLOLEULR GHO VLVWHPD
1 6
UHVXOWDQGRHQ
wK wK wK
\ '\ # K [ U X '[ 'U 'X 9,,
"# "#
/DVHFXDFLRQHV,,, \,,, SXHGHQVHUUHHVFULWDVHQIRUPDPDWULFLDOFRPR
"#
## ! #$ ## "
wI wI wI
! $ !
'[ w[ wU '[
wX
$ ! $
'X
wJ wJ ' U wJ
wK wK "# '["# wK "# 'X

w[ wU [ U X wX [ U X 9,,
'\
! w[ wU $ !'U $ ! wX $
, "# '[ "# '[ "# - - "# '["# % "# 'X
[ U X [ U X
! $ !'U $ ! $ !- - $ !'U $ !% $
'["# ' 'X
[
9,,
U
!'U $
'\ & & [ U D
\HVWHVLVWHPDGHHFXDFLRQHVSXHGHVHUUHSUHVHQWDGRGHIRUPDFRPSDFWDFRPR
7 [ D - [ D % D X
9,,
\ &D [ ' D X
(VWHVLVWHPDGHHFXDFLRQHVHVFRQRFLGRFRPRVLVWHPDGHVFULWR\SRGHVHUHQWHQGLGRFRPRXQD
JHQHUDOL]DFLyQ GH OD HFXDFLyQ GH HVWDGRV FRQYHQFLRQDO /D PDWUL]- HV OODPDGD GH PDWUL]
-DFRELDQR GHO VLVWHPD \ SDUD HO FDVR GH VLVWHPDV HOpFWULFRV GH JUDQGH SRUWH (VWD
FDUDFWHUtVWLFD HV IXQGDPHQWDO SDUD OD LPSOHPHQWDFLyQ HILFLHQWH GH ORV PpWRGRV
FRPSXWDFLRQDOHVGHDQiOLVLVGHHVWHSUREOHPD
/D REWHQFLyQ GH OD HFXDFLyQ GH HVWDGRV HV KHFKD D WUDYpV GH OD HOLPLQDFLyQ GH ODVYDULDEOHV
1 6
DOJHEUDLFDV'U HQODHFXDFLyQ9,,VHSXHGHHVFULELUTXH
- '[ - 'U % U 'X 'U - - '[ % U 'X
1 6
\VXVWLWX\HQGRHOYDORUGH'UVHREWLHQH
1 6
'[ - '[ - - - '[ % U 'X
9,,
'\ & [ '[ & - - '[ % U 'X ' D 'X
2 7 2 7
RDJUXSDQGRORVWpUPLQRV
2 7 2 7
'[ - - - - '[ - - % U 'X $ '[ % 'X
9,,
'\ & [ &U - - '[ &U - % U ' D 'X & '[ ' 'X
,; (FXDFLRQHVGH(VWDGRGHXQ6LVWHPDGH3RWHQFLD
(OHMHPSORGHOJHQHUDGRUFRQHFWDGRDXQVLVWHPDGHSRWHQFLDGHJUDQSRUWHEDUUDLQILQLWDD
WUDYpV GH OtQHDV GH WUDQVPLVLyQ UDGLDOHV HV SUREDEOHPHQWH HO SUREOHPD GH HVWDELOLGDG PiV
HVWXGLDGR GH OD KLVWRULD (VWH HV HO PiV VLPSOHV GH ORV VLVWHPDV HOpFWULFRV SHUPLWLHQGR HO
GHVDUUROOR DQDOtWLFR GH VX VROXFLyQ \ SURSRUFLRQDQGR OD FRPSUHQVLyQ GH ORV DVSHFWRV ItVLFRV
HQYXHOWRVHQHOIHQyPHQRGHODHVWDELOLGDGGHVLVWHPDVGHSRWHQFLD
&XUVR/,0$3(5Ò± ,;

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
/D)LJXUD SUHVHQWDHOGLDJUDPDXQLILODUGHOVLVWHPDPiTXLQD[EDUUDLQILQLWD/DWHQVLyQGH
OD EDUUD LQILQLWD HV FRQVLGHUDGD FRQVWDQWH GXUDQWH HO SHULRGR WUDQVLWRULR GHO VLVWHPD \ HO
JHQHUDGRUVHUiUHSUHVHQWDGRSRUPRGHORVGLQiPLFRVGHGLYHUVRVQLYHOHVGHVRILVWLFDFLyQ
9W T 9% R
5H ;H
)LJXUD 'LDJUDPD8QLILODUGHO6LVWHPD0iTXLQD[%DUUD,QILQLWD
'HVSUHFLDQGRORVHIHFWRVWUDQVLWRULRVGHORVHQUROODPLHQWRVGHOHVWDWRUDVtFRPRGHODOtQHDGH
"# "# %& "# "#()

WUDQVPLVLyQODVROXFLyQGHODUHGHOpFWULFDSXHGHVHUREWHQLGDIDVRULDOPHQWHFRPR
! $ ! $ '! $ ! $ *
,U 5H ; H 9U 9E
9,,
,P 5H ; H ; H 5H 9P

a a
GRQGH , W , U M, P HVODFRUULHQWH\9W 9U M9P HVODWHQVLyQWHUPLQDOGHOJHQHUDGRU
(OPRGHORGLQiPLFRGHOJHQHUDGRUHQJHQHUDO HVWiEDVDGRHQOD7UDQVIRUPDGDGH3DUN\SRU
ORWDQWRXWLOL]DYDULDEOHVUHIHULGDVSDUDXQQXHYRFRQMXQWRGHFRRUGHQDGDVGT/DUHODFLyQTXH
WUDQVIRUPDYDULDEOHVGHODUHIHUHQFLDGHOVLVWHPDUPSDUDODUHIHUHQFLDGHODPiTXLQDGTHV
"# "# "#

GDGDSRU
! $ ! $! $
[G VLQ G FRV G [ U
9,,
[T FRVG VLQ G [ P
"# "# "#

\ODUHODFLyQLQYHUVDSXHGHVHUHVFULWDFRPR
! $ ! $! $
[U VLQ G FRVG [ G
9,,
[P FRV G VLQ G [ T
(VWDV WUDQVIRUPDFLRQHV VH DSOLFDQ SDUD WRGDVODVJUDQGH]DVIDVR ULDOHV GHOVLVWHPDFRPR ODV
WHQVLRQHV\ODVFRUULHQWHV
,; 0RGHOR&OiVLFRGHO*HQHUDGRU
(OPRGHORFOiVLFRSDUDHOJHQHUDGRUVHFDUDFWHUL]DSRUGHVSUHFLDUODGLQiPLFDDVRFLDGDDWRGRV
ORVHQUROODPLHQWRVGHODPiTXLQDPDQWHQLpQGRVHVyORODVHFXDFLRQHVGLIHUHQFLDOHVDVRFLDGDV
DO PRYLPLHQWR GHO URWRU (Q HVWH FDVR OD PiTXLQD VtQFURQD HV UHSUHVHQWDGD SRU XQD WHQVLyQ
FRQVWDQWHDWUiVGHODLPSHGDQFLDWUDQVLWRULDGHHMHG/DVHFXDFLRQHVGLIHUHQFLDOHVDVRFLDGDVD
1 6
HVWHPRGHORVRQ
GZ
7P 7H . 'Z
1 6
GW +
9,,
GG
Z Z
GW
\SRUORWDQWRODYHORFLGDGZ HVODSRVLFLyQDQJXODUG SXHGHQVHUWRPDGDVFRPRYDULDEOHVGH
HVWDGRSDUDODUHSUHVHQWDFLyQGHHVWHVLVWHPD
/D WHQVLyQ LQWHUQD GH OD PiTXLQD SXHGH VHU REWHQLGD D SDUWLU GH ODV FRQGLFLRQHV WHUPLQDOHV
1 6 1 6
GHWHUPLQDGDVSRUHOIOXMRGHSRWHQFLDGHOVLVWHPDFRPR
a a a a a
( c 9W 5D M; Gc , W 9E 5D 5H M ; Gc ; H , W ( c G 9,,
&XUVR/,0$3(5Ò± ,;

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
3DUD TXH OD HFXDFLyQ,,, VHD FRORFDGD HQ OD IRUPD GH XQD HFXDFLyQ GH HVWDGRV
PRVWUDGDHQ,,,VHGHEHH[SUHVDUHOWRUTXHHOpFWULFR7H HQIXQFLyQGHODVGHPiVYDULDEOHV
GHOSUREOHPD\HQSXVHSXHGHHVFULELUTXH
( c 57 ( c9E 57 FRVG ( c9E ; 7 VLQ G
7H 3H 9,,
57 ; 7
GRQGH57 5H 5D H;7 ;H ;¶G
(OPRGHORGHOVLVWHPDPiTXLQD[EDUUDLQILQLWDFRQHOJHQHUDGRUUHSUHVHQWDGRSRUHOPRGHOR

FOiVLFRSXHGHVHUHVFULWRFRPR

GZ ( c 57 ( c9E 57 FRVG ( c9E ; 7 VLQ G
7P . 'Z
GW + 57 ; 7
1 6
9,,
GG
Z Z
GW
/DGHWHUPLQDFLyQGHOSXQWRGHHTXLOLEULRSDUDHVWHVLVWHPDGHHFXDFLRQHVHVKHFKDD
SDUWLUGHODVFRQGLFLRQHV WHUPLQDOHVGHODPiTXLQDREWHQLGRVGHOIOXMRGHSRWHQFLD
2EWHQHUODVFRPSRQHQWHVGHODWHQVLyQWHUPLQDO9U 9W FRVT \9P 9W VLQT
39U 49P 39P 49U
2EWHQHUODVFRPSRQHQWHVGHODFRUULHQWHWHUPLQDO, U \ , P
19 5 , ; c , 6 M19 6
9W 9W

a
'HWHUPLQDUODWHQVLyQLQWHUQD ( c U D U G P P 5D , P ; Gc , U
( Pc
'HWHUPLQDUHOiQJXORGHFDUJDG WDQ
( Uc

/DOLQHDOL]DFLyQGHODVHFXDFLRQHVGHHVWDGRHQWRUQRGHOSXQWRGHRSHUDFLyQUHVXOWDHQ

G ( c9E 57 VLQ G ( c9E ; 7 FRVG
'Z '7P 'G . ' 'Z
GW + 57 ; 7
9,,
G
'G Z 'Z
GW
"# "# " "#

RHQODIRUPDPDWULFLDO
! $ ! #$ ! #$ ! #$
G 'Z .' .6 'Z
+ + + '7P 9,,
GW 'G Z 'G
( c9E 57 VLQ G ( c9E ; 7 FRVG
GRQGH .6 HV HO FRHILFLHQWH GH WRUTXH VLQFURQL]DQWH
57 ; 7
FRQIRUPHGHILQLGRHQODHFXDFLyQ,
/D )LJXUD SUHVHQWD HO GLDJUDPD GH EORTXHV FRUUHVSRQGLHQWH D OD HFXDFLyQ GH HVWDGRV
PRVWUDGDHQ,,,
&XUVR/,0$3(5Ò± ,;

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
'7P 'Z Z 'G

+V V

'7H
.'

.6
)LJXUD 'LDJUDPDGH%ORTXHVGHO6LVWHPD0iTXLQD[%DUUD,QILQLWD/LQHDOL]DGR
FRQ0RGHOR&OiVLFRGHO*HQHUDGRU
&XUVR/,0$3(5Ò± ,;

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
; (67$%,/,'$''(7(16,Ï1
; &RQFHSWRV%iVLFRV\'HILQLFLRQHV
/RV VLVWHPDV HOpFWULFRV GH SRWHQFLD GH KR\ DOWDPHQWH FDUJDGRV HVWiQ HQIUHQWDQGR FUHFLHQWH
ULHVJRTXHSUHVHQWDQSUREOHPDVDVRFLDGRVDODLQHVWDELOLGDGGHWHQVLyQ(QSDUWHHVWRVHGHEH
D ODV UHVWULFFLRQHV DPELHQWDOHV H LQFHUWLGXPEUHV HFRQyPLFDV TXH OLPLWDQ OD LQYHUVLyQ HQ
QXHYDVOtQHDVGHWUDQVPLVLyQUHGXFLHQGRORVPiUJHQHVGHWUDQVPLVLyQH[LVWHQWH
/DHVWDELOLGDGGHWHQVLyQHVXQSUREOHPDUHODWLYDPHQWHFRPSOHMRTXHDWUDtGRHOLQWHUpVGHORV
WpFQLFRV GHOVHFWRU HOpFWULFR SDVDQGRD UHFLELU HO PLVPR JUDGR GH DWHQFLyQ GLVSHQGLGR D ORV
SUREOHPDVGHHVWDELOLGDGDQJXODU/DHVWDELOLGDGGHWHQVLyQHVWiUHODFLRQDGDFRQODFDSDFLGDG
GH XQ VLVWHPD GH SRWHQFLD PDQWHQHU WHQVLRQHV DFHSWDEOHV HQ WRGDV VXV EDUUDV WDQWR HQ
FRQGLFLRQHVQRUPDOHVFXDQWRHQVLWXDFLRQHVGHHPHUJHQFLD1RUPDOPHQWHXQVLVWHPDHQWUDHQ
XQ HVWDGR GH LQHVWDELOLGDG GH WHQVLyQ FXDQGR VRPHWLGR D XQD FRQWLQJHQFLD DXPHQWR GH OD
GHPDQGD R GHVSXpV GH FDPELRV HQ ODV FRQGLFLRQHV GHO VLVWHPD TXH FDXVDQ XQ SURJUHVLYR H
LQFRQWURODEOHGHFOLQDFLyQHQODWHQVLyQ(OSULQFLSDOIDFWRUTXHFDXVDLQHVWDELOLGDGGHWHQVLyQ
HVODLQFDSDFLGDGGHOVLVWHPDGHSRWHQFLDGHDWHQGHUODGHPDQGDGHSRWHQFLDUHDFWLYD
$ FRQWLQXDFLyQ VRQ SUHVHQWDGRVORVSULQFLSDOHVIDFWRUHVUHVSRQVDEOHVSRUODRFXUUHQFLDGHOD
LQHVWDELOLGDGGHODWHQVLyQ
x DXPHQWRGHFDUJDHQODOtQHDV GHWUDQVPLVLyQ\DEDVWDQWHFDUJDGDV
x FDUJDVGHOWLSRPRWRUGHLQGXFFLyQ
x JHQHUDGRUHVGLVWDQWHVGHORVFHQWURVGHFDUJD
x QLYHOHVEDMRVGHWHQVLyQWHUPLQDOGHORVJHQHUDGRUHV
x LQVXILFLHQFLDGHFRPSHQVDFLyQUHDFWLYDHQODFDUJD
x RSHUDFLyQLQDGHFXDGDGHORV/7&¶V\GHHOHPHQWRVGHSURWHFFLyQ
x GHVFRQH[LyQGHHOHPHQWRVFRPRSRUHMHPSORFDSDFLWRUHV
(QVHJXLGDVRQDSXQWDGDVODVSULQFLSDOHVPHGLGDVHIHFWLYDVHQODPHMRUtDGHODVFDUDFWHUtVWLFDV
GHHVWDELOLGDGGHWHQVLyQGHOVLVWHPDGHSRWHQFLD
x DSOLFDFLyQ GH QXHYRV HOHPHQWRV HQ OD UHG FRPSHQVDGRUHV VtQFURQRV R
HVWiWLFRVFDSDFLWRUHVHWF
x FRQWUROGHODWHQVLyQGHODUHG\GHODWHQVLyQWHUPLQDOGHORVJHQHUDGRUHV
x FRQWUROGHFDPELRGHWDSGHWUDQVIRUPDGRUHV
; $QiOLVLVHVWiWLFR
(ODQiOLVLVRVLPXODFLyQHVWiWLFDXVDGDHQORVHVWXGLRVGHHVWDELOLGDGGHWHQVLyQHVEDVDGDHQHO
DQiOLVLVGHXQLQVWDQWiQHRGHOVLVWHPDHQHOFXDOORVHOHPHQWRVGLQiPLFRVVRQUHSUHVHQWDGRVGH
IRUPDEDVWDQWHDSUR[LPDGDDWUDYpVGHOXVRGHLQ\HFFLRQHVGHSRWHQFLDRFRUULHQWH\WHQVLyQ
FRQVWDQWHV(VWHWLSRGHDQiOLVLVHVUHDOL]DGRXWLOL]DQGRSURJUDPDVGHIOXMRGHSRWHQFLDIOXMR
GH SRWHQFLD FRQWLQXDGR R IOXMR GH SRWHQFLD ySWLPR 1RUPDOPHQWH HQ HVRV HVWXGLRV VH
LQYHVWLJD OD Pi[LPD FDSDFLGDG GH FDUJDPHQWR GHO VLVWHPD R GH XQ VXEVLVWHPD /DIDPRVD
³FXUYDGHODQDUL]´ FXUYD3[9HVPX\XWLOL]DGDHQODYLVXDOL]DFLyQGHOSXQWRPi[LPRGH
FDUJDPHQWRHQHODQiOLVLVHVWiWLFR
&XUVR/,0$3(5Ò± ;

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
; (VWDELOLGDGGHWHQVLyQDODSHTXHxDSHUWXUEDFLyQ
(VWiUHODFLRQDGDFRQODFDSDFLGDGGHOVLVWHPDHQFRQWURODUODWHQVLyQGHVSXpVGHXQDSHTXHxD
SHUWXUEDFLyQYDULDFLRQHVOHYHVGHFDUJDRJHQHUDFLyQ
(VWD IRUPD GH HVWDELOLGDG SXHGH VHU HVWXGLDGD FRQ DSUR[LPDFLyQ GH UpJLPHQ SHUPDQHQWH
XWLOL]DQGR OD OLQHDOL]DFLyQ GH ODV HFXDFLRQHV GLQiPLFDV GHO VLVWHPD HQ XQ SXQWR GDGR GH
RSHUDFLyQ (Q HO DQiOLVLV GH HVWD IRUPD GH HVWDELOLGDG HV XWLOL]DGR XQ PRGHOR GH UpJLPHQ
SHUPDQHQWHSDUDHOVLVWHPDGHSRWHQFLD
/D GLIHUHQFLD EiVLFD GH HVH DQiOLVLV SDUD HO DQiOLVLV HVWiWLFR HV TXH HQ HVH FDVR HO SXQWR GH
HTXLOLEULRGHOVLVWHPDHVREWHQLGRDWUDYpVGHOPRGHORDOJHEUDLFRGLIHUHQFLDOPLHQWUDVTXHHQ
HO DQiOLVLV HVWiWLFR HO SXQWR GH HTXLOLEULR HV REWHQLGR GHO PRGHOR SXUDPHQWH DOJHEUDLFR
HFXDFLRQHV GHO IOXMR GH SRWHQFLD /D ³FXUYD GH OD QDUL]´ WDPELpQ HV XWLOL]DGD HQ HVRV
HVWXGLRV
; (VWDELOLGDGWUDQVLWRULDGHWHQVLyQDODJUDQSHUWXUEDFLyQ
(VWi UHODFLRQDGD FRQ OD FDSDFLGDG GHO VLVWHPD HQ FRQWURODU OD WHQVLyQ GHVSXpV GH XQD JUDQ
SHUWXUEDFLyQSHMSpUGLGDGHXQDOtQHDGHWUDQVPLVLyQGHVSXpVGHXQFRUWRFLUFXLWRSpUGLGD
GHJUDQGHVEORTXHVGHFDUJDRSpUGLGDGHJHQHUDFLyQ/DLQHVWDELOLGDGWUDQVLWRULDGHWHQVLyQ
HVGHELGDSULQFLSDOPHQWHDODDFFLyQGHFRPSRQHQWHVGHODFDUJD\HTXLSDPLHQWRVGHFRQWURO
GHGLQiPLFDUiSLGDWDOHVFRPRPRWRUHVGHLQGXFFLyQDURVGHFRUULHQWHFRQWLQXDHWF
(VWH WLSR GH HVWDELOLGDG SXHGH VHU HVWXGLDGR FRQ DX[LOLR GH OD VLPXODFLyQ QROLQHDO HQ HO
GRPLQLR GHO WLHPSR FRQ LQFOXVLyQ GH PRGHODU DSURSLDGR GH ORV HOHPHQWRV GLQiPLFRV GHO
VLVWHPD
3DUDHODQiOLVLVGHHVWDIRUPDGHHVWDELOLGDGGHWHQVLyQVHXWLOL]DXQPRGHORGLQiPLFRVLPLODU
DO XWLOL]DGR HQ HO DQiOLVLV GH HVWDELOLGDG WUDQVLWRULD PRGHOR TXH OOHYD HQ FRQVLGHUDFLyQ ODV
HFXDFLRQHV DOJHEUDLFDV QROLQHDOHVGH ODUHG\ODVHFXDFLRQHVGLIHUHQFLDOHVQROLQHDOHVGHORV
FRPSRQHQWHVGHOVLVWHPD
; (VWDELOLGDGGH0HGLDQR\/DUJR3OD]R
/RVWpUPLQRVGHHVWDELOLGDGGHODUJRSOD]R\GHPHGLDQRSOD]RVRQUHVXOWDGRVGHODQHFHVLGDG
GH RFXSDUQRV FRQ SUREOHPDV DVRFLDGRV DO FRPSRUWDPLHQWR GLQiPLFR GH ORV VLVWHPDV GH
SRWHQFLD GHVSXpV GH VHYHUDV SHUWXUEDFLRQHV R D~Q GH RFXUUHQFLDV HQ FDVFDGD FRQ GXUDFLyQ
PiVSURORQJDGD
; (VWDELOLGDGGHWHQVLyQGHPHGLDQRSOD]R
(QYXHOYHSHULRGRVGHWLHPSRGHVHJXQGRVDDOJXQRVPLQXWRVXVXDOPHQWHDPLQXWRV(Q
ORVHVWXGLRVGHHVWDELOLGDGGHPHGLDQRSOD]RGLULJLPRVQXHVWUDDWHQFLyQDOVLQFURQLVPRGHODV
RVFLODFLRQHVGHODSRWHQFLDHQWUHODVPiTXLQDVLQFOX\HQGRORVHIHFWRVGHDOJXQRVIHQyPHQRV
PiVOHQWRVFRPRDFFLyQDXWRPiWLFDGHFDPELRGHWDSHVGHWUDQVIRUPDGRUHV\OLPLWDFLyQGHOD
FRUULHQWH GHO JHQHUDGRU (Q HVDV FRQGLFLRQHV OD LQWHUYHQFLyQ GHO RSHUDGRU QL VLHPSUH HV
SRVLEOH
; (VWDELOLGDGGHWHQVLyQGHODUJRSOD]R
(QYXHOYH SOD]RV GH DOJXQRV PLQXWRVDGHFHQDVGHPLQXWRV3DUDHVWDDQiOLVLVVHDVXPHTXH
ODV RVFLODFLRQHV HQWUH ODV PiTXLQDV GHO VLVWHPD \D VH HQFXHQWUDQ DPRUWLJXDGRV 6H HQIRFDQ
DTXtORVIHQyPHQRVOHQWRV\GHODUJDGXUDFLyQDVRFLDGRVDODVGLIHUHQFLDVHQWUHODVSRWHQFLDV
DFWLYDV\UHDFWLYDVJHQHUDGDV\FRQVXPLGDV)DFWRUHVTXHSXHGHQHVWDULQFOXLGRVVRQWLHPSR
GH FDSDFLGDG GH VREUHFDUJD HQ OtQHDV GH WUDQVPLVLyQ GHFHQDV GH PLQXWRV GLYHUVLGDG HQ OD
SpUGLGD GH FDUJD SRU HM FDUJDV FRQWURODGDV SRU WHUPRVWDWR GHPRUDQ PiV SDUD VHU
&XUVR/,0$3(5Ò± ;

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
GHVFRQHFWDGDV SRU EDMD WHQVLyQ FRQWURO DXWRPiWLFR GH JHQHUDFLyQ RSRUWXQLGDG HQ OD
DSOLFDFLyQGHHTXLSDPLHQWRVWHQLHQGRFRPRREMHWLYRHOFRQWUROGHWHQVLyQUHDFWLYRV\RWUDV
LQWHUYHQFLRQHVGHORSHUDGRUFRPRHOFRUWHPDQXDOGHFDUJD
/DHVWDELOLGDGGHWHQVLyQGHPHGLDQR\ODUJRSOD]RHVQRUPDOPHQWHHVWXGLDGDFRQDX[LOLRGH
ODVLPXODFLyQQROLQHDOHQHOGRPLQLRGHOWLHPSRFRQLQFOXVLyQGHPRGHORV DSURSLDGRVGHORV
HOHPHQWRVGLQiPLFRVGHOVLVWHPD
3DUD DQDOL]DU GH HVWD IRUPD GH HVWDELOLGDG GH WHQVLyQ VH GHVWDFD HO XVR GH GRV PpWRGRV GH
VLPXODFLyQHQHOWLHPSR
x 6LPXODFLyQFRPSOHWDHQHOWLHPSRXWLOL]DQGRXQPpWRGRGHLQWHJUDFLyQQXPpULFDFRQ
SDVRYDULDEOH(QHVWHPpWRGRDPHGLGDTXHODVYDULDEOHVVHYDQDFRPRGDQGRHQHO
QXHYR SXQWR GH HTXLOLEULR SRVSHUWXUEDFLyQ HO SDVR GHO PpWRGR GH LQWHJUDFLyQ
DXPHQWD
x 6LPXODFLyQ UiSLGD HQ HO WLHPSR XWLOL]DQGR XQD DSUR[LPDFLyQ GH ODV GLQiPLFDV
WUDQVLWRULDV (Q HVH PpWRGR ODV GLQiPLFDV WUDQVLWRULDV VRQ FRQVLGHUDGDV HVWDEOHV \
LQVWDQWiQHDV
/D )LJXUD PXHVWUD XQD FRPSDUDFLyQ HQWUH XQ SURJUDPD GH VLPXODFLyQ FRPSOHWD \ XQ
SURJUDPDGHVLPXODFLyQUiSLGDHQHOWLHPSR/DILJXUDPXHVWUDODWHQVLyQGHXQDEDUUDFXDQGR
VRPHWLGD DO DXPHQWR GH FDUJD 6H QRWD TXH HQ HO SURJUDPD GH VLPXODFLyQ FRPSOHWD
HVWDELOLGDG WUDQVLWRULD WRGD GLQiPLFD WUDQVLWRULD HV FDSWXUDGD SRU HO PpWRGR GH LQWHJUDFLyQ
QXPpULFD (Q OD VLPXODFLyQ UiSLGD OD GLQiPLFD WUDQVLWRULD QR HV PRGHODGD KDFLHQGR TXH HO
VLVWHPD³SXOH´GHOSXQWRGHHTXLOLEULRSUHGLVWXUELRSDUDHOSXQWRGHHTXLOLEULRSRVWGLVWXUELR
Barra 30 (Barra de Carga)
1,02
1,00
0,98
0,96
0,94
0,92
0,90
6LPXODGRU5iSLGR
0,88
3URJUDPDGH(VWDELOLGDGH7UDQVLWyULD
0,86
0,84
0,82
0,80
0,78
49 50 51 52 53 54
Tempo (s)
)LJXUD &RPSDUDFLyQHQWUHODVLPXODFLyQFRPSOHWD\ODVLPXODFLyQUiSLGDHQHOWLHPSR
; /tPLWHGHOD&DSDFLGDGGH*HQHUDFLyQGH3RWHQFLD5HDFWLYD
(Q HVWXGLRVGHHVWDELOLGDGGHWHQVLyQHVPX\LPSRUWDQWHFRQVLGHUDUORVOtPLWHVGHFDSDFLGDG
GH JHQHUDFLyQ GH SRWHQFLD UHDFWLYD GH ORV JHQHUDGRUHV VtQFURQRV (VRV VRQ QRUPDOPHQWH
HVSHFLILFDGRVGHDFXHUGRFRQVXFDSDFLGDGQRPLQDOGHJHQHUDFLyQ09$DXQDWHQVLyQGDGD
\IDFWRUGHSRWHQFLD/DJHQHUDFLyQGHSRWHQFLDDFWLYDHVOLPLWDGDSRUODFDSDFLGDGGHOVLVWHPD
PRWUL] FXDQGR HVH WHQJDXQD FDSDFLGDGPHQRUTXH OD FDSDFLGDG QRPLQDOGHODPiTXLQD/D

$VILJXUDVGHVVDVHomRIRUDPUHWLUDGDVGROLYUR³3RZHU6\VWHP6WDELOLW\DQG&RQWURO´3.XQGXU
&XUVR/,0$3(5Ò± ;
81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
JHQHUDFLyQGHIRUPDFRQWLQXDGHSRWHQFLDUHDFWLYDHVOLPLWDGDSRUWUHVIDFWRUHVOtPLWHGHOD
FRUULHQWHGHDUPDGXUDOtPLWHGHODFRUULHQWHGHFDPSR\OtPLWHSRUFDOHQWDPLHQWRHQODSDUWH
ILQDOGHODDUPDGXUD
; /tPLWHGHOD&RUULHQWHGH$UPDGXUD
(OOtPLWHGHODFRUULHQWHGHDUPDGXUDHVWiUHODFLRQDGRFRQODPi[LPDFRUULHQWHVRSRUWDEOHTXH
QRH[FHGDHOOLPLWHGHFDOHQWDPLHQWRGHOFLUFXLWRGHODDUPDGXUD(OOtPLWHGHFRUULHQWHGHOD
DUPDGXUDHQHOSODQR34HVPRVWUDGDHQOD)LJXUD
)LJXUD /tPLWHGHOD&RUULHQWHGHOD$UPDGXUD
; /tPLWHGHOD&RUULHQWHGH&DPSR
'HELGR DO FDOHQWDPLHQWR UHVXOWDQWH GH OD SpUGLGD 5 IG L IG OD FRUULHQWH GHO FDPSR LPSRQH XQ

VHJXQGROtPLWHHQODRSHUDFLyQGHOJHQHUDGRU/D)LJXUDPXHVWUDHQHOSODQR34HOOtPLWH
GHELGR D OD FRUULHQWH GH FDPSR /D UHODFLyQ HQWUH ODV SRWHQFLDV DFWLYD \ UHDFWLYD SDUD XQD
FRUULHQWHGDGDGHFDPSRHVXQFtUFXORFRQFHQWURHQ (W ; 6 HQHOHMH4\FRQUD\RLJXDOD

OD ; DG ; 6 (W LLI
&XUVR/,0$3(5Ò± ;

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
)LJXUD /tPLWHGHOD&RUULHQWHGH&DPSR
/D)LJXUDPXHVWUDTXHODLQWHUVHFFLyQGHODVGRVFXUYDVSXQWR$UHSUHVHQWDODSRWHQFLD\

HOIDFWRUGHSRWHQFLDQRPLQDOGHODPiTXLQD
; /tPLWHSRUFDOHQWDPLHQWRHQODH[WUHPLGDGGHODDUPDGXUD
(OFDOHQWDPLHQWRORFDOL]DGRHQODH[WUHPLGDGGHODDUPDGXUDFRQIRUPHPRVWUDGRHQOD)LJXUD
LPSRQHXQWHUFHUOtPLWHDODRSHUDFLyQGHOJHQHUDGRU(VDOLPLWDFLyQGHODFDSDFLGDGGHO
JHQHUDGRUDFRQWHFHFXDQGRODPiTXLQDHVWiRSHUDQGRHQODFRQGLFLyQVXEH[FLWDGD(ODUHJLyQ
WHUPLQDOGHODPiTXLQDHOIOXMRPDJQpWLFRGHGLVSHUVLyQSHQHWUDHQHOHVWDWRUGHIRUPDD[LDO
FDXVDQGR FRUULHQWHV SDUiVLWDV R FRUULHQWHV GH )RXFDXOW FRQ FRQVHFXHQFLD GH FDOHQWDPLHQWR
ORFDOL]DGR &XDQGR HO JHQHUDGRU HVWi VREUH H[FLWDGR D FRUULHQWH GH FDPSR HOHYDGD VDWXUD HO
DQLOORGHUHWHQFLyQPRVWUDGRHQOD)LJXUDTXHOLPLWDHOIOXMRGHGLVSHUVLyQ6LQHPEUDJR
FXDQGRHOJHQHUDGRUHVWiVXEH[FLWDGRODVFRUULHQWHVPHQRUHVQRVDWXUDQHODQLOORGHUHWHQFLyQ
SHUPLWLHQGR PD\RUHV IOXMRV HQ OD DUPDGXUD \ GH GLVSHUVLyQ $Vt PLVPR HQ OD FRQGLFLyQ GH
VXEH[FLWDFLyQHOIOXMRSURGXFLGRSRUODFRUULHQWHGHDUPDGXUDVHVXPDDOIOXMRSURGXFLGRSRU
ODFRUULHQWHGHFDPSR
&XUVR/,0$3(5Ò± ;

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
)LJXUD 9LVWDGHFRUWHGHODSDUWHILQDOGHOJHQHUDGRU
/D)LJXUDPXHVWUDHOOtPLWHGHELGRDOFDOHQWDPLHQWRGHODSDUWHILQDOGHODDUPDGXUDFXDQGR
HOJHQHUDGRUVHHQFXHQWUDVXEH[FLWDGR
)LJXUD /tPLWHDVRFLDGRDOFDOHQWDPLHQWRGHODSDUWHILQDOGHODDUPDGXUD
/RVOLPLWHVGHFRUULHQWHGHFDPSR\GHDUPDGXUDFXDQGRPRVWUDGRVHQHOSODQR34GHSHQGHQ
GHODWHQVLyQWHUPLQDOGHODPiTXLQD/D)LJXUDPXHVWUDHOHIHFWRGHODWHQVLyQWHUPLQDOHQ
HVRVOLPLWHV2EVHUYHTXHORVOLPLWHVGLVPLQX\HQFXDQGRODWHQVLyQWHUPLQDOGLVPLQX\H
)LJXUD (IHFWRGHODUHGXFFLyQGHODWHQVLyQWHUPLQDOHQODFDSDFLGDGGHOJHQHUDGRU
7RGRV ORV JUiILFRV PRVWUDGRV DQWHULRUPHQWH UHSUHVHQWDQ ORV OtPLWHV LPSXHVWRV SRU OD
FDSDFLGDG GHO JHQHUDGRU TXH HV GHILQLGD HQ VX SUR\HFWR GH IDEULFDFLyQ 5HVWULFFLRQHV
RSHUDWLYDV DGLFLRQDOHV SXHGHQ VHU LPSXHVWDV SRU ORV OtPLWHV GH HVWDELOLGDG GHO VLVWHPD GH
SRWHQFLD
&XUVR/,0$3(5Ò± ;
81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
/D)LJXUDPXHVWUDODVFXUYDVGHFDSDFLGDGGHXQJHQHUDGRUGH09$UHIULJHUDGRSRU
KLGUyJHQRDFFLRQDGRSRUXQDWXUELQDYDSRUHQODWHQVLyQQRPLQDO/DHILFDFLDGHOVLVWHPDGH
UHIULJHUDFLyQ FRQ LQIOXHQFLD FRQVLJXLHQWH HQ OD FDSDFLGDG GHO JHQHUDGRU GHSHQGH GH OD
SUHVLyQ GHO KLGUyJHQR 2EVHUYH TXH D PHGLGD TXH VH DXPHQWD OD SUHVLyQ GHO KLGUyJHQR VH
DXPHQWDODFDSDFLGDGRSHUDWLYDGHOJHQHUDGRU
)LJXUD (IHFWRGHFDOHQWDPLHQWRGHOJHQHUDGRUDODWHQVLyQQRPLQDOHQVXFDSDFLGDG
&XUVR/,0$3(5Ò± ;

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
;, $872±(;&,7$&,21
(O IHQyPHQR GH OD DXWRH[FLWDFLyQ HV RWUD IRUPD GH LQVWDELOLGDG TXH SXHGH RFXUULU HQ
PiTXLQDV VLQFURQtDV \ PiTXLQDV GH LQGXFFLyQ /D DXWRH[FLWDFLyQ HOpFWULFD SXHGH RFXUULU
FXDQGR HO FLUFXLWR DO FXiO OD PiTXLQD HVWi OLJDGD FRQWLHQH HOHYDGDV FDSDFLWDQFLDV 3RU
HMHPSOR XQ JHQHUDGRU VtQFURQR SXHGH HVWDU OLJDGR D XQD OtQHD GH WUDQVPLVLyQ DELHUWD R XQ
PRWRUGHLQGXFFLyQSXHGHVHUGHMDGROLJDGRDORVWHUPLQDOHVGHXQFDSDFLWRU
/D DXWRH[FLWDFLyQ RFXUUHFXDQGRHOJHQHUDGRUSLHUGHHOFRQWUROGHVXWHQVLyQWHUPLQDO(VWD
FRQGLFLyQ DSDUHFH HQ FRQGLFLRQHV HVSHFLDOHV HQ TXH OD FDQWLGDG GH SRWHQFLD UHDFWLYD
VXPLQLVWUDGD SRU HO VLVWHPD HV PD\RU TXH OD FDSDFLGDG DEVRUFLyQ GH OD PiTXLQD HVR SXHGH
RFXUULUSRUHMHPSORHQVLVWHPDVGHOtQHDVODUJDVGHVSXpVXQUHFKD]RGH FDUJD(QHVWRVFDVRV
ODDFWXDFLyQGHOUHJXODGRUGHWHQVLyQHQJHQHUDOQRHVVXILFLHQWHSDUDHYLWDUHOSUREOHPD/D
DXWRH[FLWDFLyQ SXHGH FDXVDU GLYHUVRV SUREOHPDV JUDYHV FRPR OD SHUGLGD GH YLGD ~WLO GH
GLHOpFWULFRV\LQFOXVRODTXHPDGHOJHQHUDGRU
3DUD ILMDU ORV FRQFHSWRV EiVLFRV GHO IHQyPHQR GH OD DXWRH[FLWDFLyQ DQDOL]DUHPRV HO FDVR
VLPSOLILFDGRGHXQJHQHUDGRUOLJDGRDXQDFDSDFLWDQFLD&FRQIRUPHPXHVWUDOD)LJXUD
*HUDGRU
6tQFURQR 9
,
&
)LJXUD *HQHUDGRUVtQFURQRFRQHFWDGRDXQDFDSDFLWDQFLD
'HVSUHFLDQGR ORV HIHFWRV VXEWUDQVLWRULRV OD PiTXLQD SXHGH VLPSOLILFDGDPHQWH VHU
UHSUHVHQWDGDSRUORVFLUFXLWRVHTXLYDOHQWHVGHHMHVG\TGDGRVHQOD)LJXUD
/" /"
L IG LT L NT
LG
/DG / IG /DT / NT
\G \T
UIG
UNT
HIG
HL[RG HL[RT
)LJXUD &LUFXLWRVHTXLYDOHQWHVGHHMHVG HT

9LVWR TXH ORV IHQyPHQRV GH OD DXWRH[FLWDFLyQ VRQ IUHFXHQWHPHQWH DVRFLDGRV D
FRQGLFLRQHVGHVREUHIUHFXHQFLDODVXSRVLFLyQGHTXHZ \ ; / QLVLHPSUHSXHGHVHU
KHFKD &RQVHFXHQWHPHQWH ORV HQODFHV GH IOXMRV \ ODV WHQVLRQHV VHUiQ JXDUGDGDV
LQGHSHQGLHQWHV
'HOD)LJXUDVH WLHQH
&XUVR/,0$3(5Ò± ;,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
9 9
,
;F M Z&
9 HG MHT
HQWRQFHV
, M HG MHT Z& HTZ& MHG Z&
GRQGH
LG HTZ& \ LT HG Z&
G\
/DVHFXDFLRQHVGHWHQVLyQ\FRUULHQWHGHOHVWDWRUGHVSUHFLDQGRORVWpUPLQRV \OD
GW
UHVLVWHQFLDGHDUPDGXUDHQHOVLVWHPDGHFRRUGHQDGDVGTVRQ
HT Z\ G H
T LG Z/
G
LG HTZ& Z \ G & Z&H
T LG Z /
G &
HG Z\ T H
G L TZ /
T
LT HG Z& Z \ T & Z&H
G LTZ /
G &
GRQGH
H
T
\G LG /
G
Z
H
\T G /
T LT
Z
/DVHFXDFLRQHVGHWHQVLyQWUDQVLWRULDGHHMHVG\TUHODFLRQDGDVFRQODVJUDQGH]DVGHO
URWRUVRQ
7
GR GH
T
( IG /DG L IG
Z GW
7
TR GH
G
/DT LNT
Z GW
GRQGH
H IG U IG
( IG
/DG
/ IIG
7
GR
U IG
/DT /NT
7
TR
UNT
H
T
/DG L IG LG /G /
G I H
T Z
Z
&XUVR/,0$3(5Ò± ;,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
RGRQGH I H
T Z HVHOH[FHVRGHFRUULHQWHGHFDPSRGHELGRDODVDWXUDFLyQODFXDO
/ IG /DG
HVXQDIXQFLyQGHOQLYHOGHIOXMR H
T Z H /
G /O
/ IIG
$SOLFDQGR OD 7UDQVIRUPDGD GH /DSODFH GHVSUHFLDQGR OD VDWXUDFLyQ \ GHVSXpV GH
PXFKRDOJHEULVPRODVHFXDFLRQHVDUULEDVHWRUQDQ
3DUDHOHMHG
ª º
ª ( IG V Z º « »
« »
(
T V « H
T » u
¬ 7
¼ V« Z
/ & »
« 7
GR Z /
G & »¼
GR G
¬

3DUDHOHMHT
ª º
« »
« H
G »
(
G V
« Z /T & »
«V »
«¬ 7
TR Z /
T & »¼

GRQGH H
T \ H
G VRQ ODVFRQGLFLRQHVLQLFLDOHV GH ODVWHQVLRQHVWUDQVLWRULDVGH
HMHT\GUHVSHFWLYDPHQWH
$QDOL]DQGR ODV H[SUHVLRQHV DQWHULRUHV VH WLHQH TXH ORV HQODFHV GH IOXMR HQ HO HMHG
H
T H[KLELUiQDXWRH[FLWDFLyQHVWRHVDXPHQWDUDQFRQHOWLHPSRVH
Z /G &

7
GR Z /
G &
&RPR /G ! /
G ODPD\RUFDSDFLWDQFLD&TXHHOJHQHUDGRUVtQFURQRSXHGHDOLPHQWDU
VLQTXHKD\DDXWRH[FLWDFLyQGHOHMHHV

& R Z/G
Z /G
Z&
2 VHD HQ OD DXVHQFLD GH UHJXODGRUHV GH WHQVLyQ VH OD UHDFWDQFLD FDSDFLWLYD GH OD
FDUJDIXHUDPHQRUTXHODUHDFWDQFLDVtQFURQDGHHMHGODPiTXLQDVXIULUiDXWRH[FLWDFLyQ(VR
WHQGHUiRFXUULUDPHGLGDTXH& YD\DDXPHQWDQGR
1RWH TXH HO YDORU GH OD FDSDFLWDQFLD SDUD DXWRH[FLWDFLyQ YDULD LQYHUVDPHQWHFRQHO
FXDGUDGRGHODIUHFXHQFLD(VRQRHVEXHQRFXDQGRKD\VREUHIUHFXHQFLDHQHOVLVWHPD\DTXH
OD DXWRH[FLWDFLyQ VH GDUiSDUDYDORUHVPHQRUHV GH FDSDFLWDQFLD /R FRQWUDULR RFXUUHFXDQGR
KD\VXEIUHFXHQFLD
(OUHJXODGRUGHWHQVLyQDIHFWDVRODPHQWHHOIOXMRHQHOHMHGSXGLHQGRDVtLQIOXLUHO
IHQyPHQRGHDXWRH[FLWDFLyQTXHRFXUUHVHJXQGRHVHHMH6LQHPEDUJRHOORQRLPSLGHTXHHO
IHQyPHQRRFXUUDHQHOHMHT
&XUVR/,0$3(5Ò± ;,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
/RV HQODFHV GH IOXMR QR HQ HO HMHT H

G H[KLELUiQ DXWRH[FLWDFLyQ HVWR HV
DXPHQWDUDQ FRQHOWLHPSRVH
Z /T &

7
TR Z /
T &
&RPR /T ! /
T ODPD\RUFDSDFLWDQFLD&TXHHOJHQHUDGRUVtQFURQRSXHGHDOLPHQWDU
VLQTXHKD\DDXWRH[FLWDFLyQHQHOHMHTHV

& R Z/T
Z /T
Z&
2 VHD FXDQGR OD UHDFWDQFLD FDSDFLWLYD GH OD FDUJD VHD PHQRU TXH OD UHDFWDQFLD
VtQFURQDGHOHMHT
(O IHQyPHQR GH OD DXWRH[FLWDFLyQ HQYXHOYH DXPHQWRV H[SRQHQFLDOHV GH IOXMRV \
WHQVLRQHVHQIXQFLyQGHOWLHPSR(OSUREOHPDHQYXHOYHQROLQHDOLGDGHVGHELGRDODVDWXUDFLyQ
H[LJLHQGRDVtHOXVRGHODVLPXODFLyQFRPSOHWDHQHOWLHPSR
&XUVR/,0$3(5Ò± ;,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
;,, 5()(5(1&,$6
>@ (GZDUG : .LPEDUN ± 3RZHU 6\VWHP 6WDELOLW\ 6\QFKURQRXV 0DFKLQHV 'RYHU
3XEOLFDWLRQV ,QF 1HZ <RUN 86$ UHSXEOLFDWLRQ RI WKH ERRN E\ -RKQ :LOH\
6RQV,QF1HZ<RUN86$
>@ 3DXO&.UDXVH ± $QDO\VLVRI(OHFWULF0DFKLQHU\0F*UDZ+LOO,QWHUQDWLRQDO(GLWLRQV
6LQJDSRUH
>@ 0XUUD\ 56SLHJHO ± 0DQXDO GH )yUPXODV H 7DEHODV 0DWHPiWLFDV&ROHomR6FKDXP
0F*UDZ+LOOGR%UDVLO/WGD6mR3DXOR63
>@ 3UDEKD .XQGXU ± 3RZHU 6\VWHP 6WDELOLW\ DQG &RQWURO (35, 3RZHU 6\VWHP
(QJLQHHULQJ6HULHV0F*UDZ+LOO,QF1HZ<RUN86$
>@ 3 0 $QGHUVRQ % / $JUDZDO - ( 9DQ 1HVV ± 6XEV\QFKURQRXV 5HVRQDQFH LQ
3RZHU6\VWHPV,(((3UHVV1HZ<RUN86$
>@ *LOEHUW 6WUDQJ ± ,QWURGXFWLRQ WR $SSOLHG 0DWKHPDWLFV :HOOHVOH\&DPEULGJH 3UHVV
0DVVDFKXVHWWV86$
>@ : + 3UHVV % 3 )ODQQHU\ 6 $ 7HXNROVN\ : 7 9HWWHUOLQJ ± 1XPHULFDO
5HFLSHV ± 7KH $UW RI 6FLHQWLILF &RPSXWLQJ &DPEULGJH 8QLYHUVLW\ 3UHVV &DPEULGJH
8.
>@ -$UULOODJD&3$UQROG %-+DUNHU ± &RPSXWHU0RGHOOLQJRI(OHFWULFDO3RZHU
6\VWHPV-RKQ:LOH\ 6RQV&KLFKHVWHU8.
>@ .DWVXKLNR 2JDWD ± (QJHQKDULD GH &RQWUROH 0RGHUQR D HGLomR 3UHQWLFH+DOO GR
%UDVLO5LRGH-DQHLUR5-
>@ 3LHUUH 5 %pODQJHU ± &RQWURO (QJLQHHULQJ D 0RGHUQ $SSURDFK 6DXQGHUV &ROOHJH
3XEOLVKLQJ+DUFRXUW%UDFHDQG&R)RUW:RUWK86$
>@ - + :LONLQVRQ ± 7KH $OJHEUDLF (LJHQYDOXH 3UREOHP 2[IRUG 6FLHQFH 3XEOLFDWLRQV
&ODUHQGRQ3UHVV2[IRUG8.
>@ ,((( &RPPLWWHH 5HSRUW ± ³([FLWDWLRQ 6\VWHP 0RGHOV IRU 3RZHU 6\VWHP 6WDELOLW\
6WXGLHV´ ,((( 7UDQV RQ 3RZHU $SSDUDWXV DQG 6\VWHPV YRO 3$6 SS
)HEUXDU\
>@ ,(((5HFRPPHQGHG3UDFWLFHIRU([FLWDWLRQ6\VWHP0RGHOVIRU3RZHU6\VWHP6WDELOLW\
6WXGLHV,(((6WDQGDUG
>@ ) 3 'H 0HOOR ± 'LQkPLFD GDV 0iTXLQDV (OpWULFDV ,, (GLo}HV 8)60 6DQWD 0DULD
56
>@ $ / )DULDV 5 -RYLWD ³/LPLWDo}HV 2SHUDWLYDV &DXVDGDV SRU $XWR([FLWDFLyQ HP
0iTXLQDVVLQFURQtDV´$QDLVGR;9,6137((&DPSLQDV63
>@ ; 9LHLUD )LOKR ³2SHUDomR GH 6LVWHPDV GH 3RWrQFLD FRP &RQWUROH $XWRPiWLFR GH
*HUDomR´(GLWRUD&DPSXV
>@ 0DQXDOGR3URJUDPD$1$7(0$QiOLVHGHWUDQVLWRULRV(OHWURPHFkQLFRVGR&(3(/
&XUVR/,0$3(5Ò± ;,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
>@ -33DXO-</pRVW -07HVVHURQ ± ³6XUYH\RIWKH6HFRQGDU\9ROWDJH&RQWURO

LQ )UDQFH 3UHVHQW 5HDOL]DWLRQ DQG ,QYHVWLJDWLRQV´ ,((( 7UDQVDFWLRQV RQ 3RZHU
6\VWHPV 9RO1RSS0D\
>@ 6&RUVL30DUDQQLQR1/RVLJQRUH*0RUHVFKLQL *3LFFLQL ± ³&RRUGLQDWLRQ
EHWZHHQWKH5HDFWLYH3RZHU6FKHGXOLQJ)XQFWLRQDQGWKH+LHUDUFKLFDO9ROWDJH&RQWURO
RIWKH(+9(1(/6\VWHP´,(((7UDQVDFWLRQVRQ3RZHU6\VWHPV 9RO1RSS
0D\
&XUVR/,0$3(5Ò± ;,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
;,,, $3(1',&(
;,,, (MHPSORGH,QHVWDELOLGDGGH7HQVLyQHQOD,QWHUFRQH[LyQ1RUWH
6XU
(VWH DSpQGLFH PXHVWUDXQD DQiOLVLV GLQiPLFRGHOIHQyPHQRGHLQHVWDELOLGDGGHWHQVLyQHQHO
VLVWHPD LQWHUFRQHFWDGR 1RUWH6XU EUDVLOHxR (O DQiOLVLV GLQiPLFR FRQVLGHUy OD FRQILJXUDFLyQ
FRPSOHWDGHOVLVWHPDSDUDHODxRGHHQODVFRQGLFLRQHVGHFDUJDPHGLD\OHYH
3DUDDQiOLVLVGHOFRPSRUWDPLHQWRGLQiPLFRGHOVLVWHPDFRQREMHWLYRGHGHWHFWDUODSRVLELOLGDG
GH RFXUUHQFLD GH FRODSVR GH WHQVLyQ HQ OD ,QWHUFRQH[LyQ 1RUWH6XU IXHURQ VLPXODGDV
RFXUUHQFLDV TXH UHVXOWDQ HQ GHVEDODQFH FDUJDJHUDFLyQ \ WHQGHQFLD D SURYRFDU DXPHQWR GH
FDUJDPHQWRHQODLQWHUFRQH[LyQ/DVVLPXODFLRQHVIXHURQKHFKDVFRQHOSURJUDPD$QDWHPGHO
&HSHO>@
/RV SDUiPHWURV GH ORV JHQHUDGRUHV \ VXV VLVWHPDV GH FRQWURO VRQ DTXHOORV H[LVWHQWHV HQ HO
EDQFRGHHQVD\RVGHO216
$ &DUJD PHGLD ,QWHUFDPELR 1RUWH6XU 0: ± FXUWRFLUFXLWR IDVHWLHUUD HQ

&DFKRHLUD3DXOLVWDHOLPLQDGRSRUODDSHUWXUDGHXQFLUFXLWR&DFKRHLUD3DXOLVWD±
$GULDQySROLVN9
/RV UHVXOWDGRVGHHVWDVLPXODFLyQHVWiQSUHVHQWDGRVHQODV)LJXUDVD± J(VHGHIHFWRQR

FRUUHVSRQGHDXQGHVEDODQFHFDUJDJHUDFLyQLPSRUWDQWH\IXHVLPXODGRSDUDGHPRVWUDUTXHHQ
HVWHFDVRQRH[LVWHULHVJRGHRFXUUHQFLDGHFRODSVRGHWHQVLyQHQODLQWHUFRQH[LyQ(QUHODFLyQ
DORVUHVXOWDGRVREWHQLGRVFRQYLHQHUHVDOWDUORVVLJXLHQWHVDVSHFWRV
(OVLVWHPDSUHVHQWDXQFRPSRUWDPLHQWRHVWDEOH\ELHQDPRUWLJXDGR)DVHDODFDUDFWHUtVWLFDGH
OD LQWHUFRQH[LyQ FRQVWLWXLGD GH ODUJDV OtQHDV GH WUDQVPLVLyQ LQWHUFRQHFWDGR GRV JUDQGHV
VXEVLVWHPDV 1RUWH1RUHVWH H 6XO6XGHVWH&HQWUR 2HVWH VH REVHUYD RVFLODFLRQHV GH EDMD
IUHFXHQFLDGHODRUGHQGH+]PDVIiFLOTXHVHYLVXDOL]DUiHQODILJXUDTXHSUHVHQWDODV
RVFLODFLRQHVGHSRWHQFLDDFWLYDHQODLQWHUFRQH[LyQ&RQYLHQHHVFODUHFHUTXHRVFLODFLRQHVGH
EDMD IUHFXHQFLD +] VRQ SRFR IUHFXHQWHV HQ ORV VLVWHPDV HOpFWULFRV HVSHFLDOPHQWH
DTXHOORV IXHUWHPHQWH OLJDGRV (Q ORV HVWXGLRV GH SODQLILFDFLyQ TXH GHILQLHURQ ORV
HTXLSDPLHQWRV GH OD ,QWHUFRQH[LyQ 1RUWH6XU IXHURQ REVHUYDGDV RVFLODFLRQHV GH EDMD
IUHFXHQFLD \ VLQ DPRUWLJXDPLHQWR /D VROXFLyQ SDUD HO SUREOHPD IXH HO HPSOHR GHO 7&6&
7K\ULVWRU &RQWUROOHG 6HULHV &RPSHQVDWRU 7tWXOR LOXVWUDWLYR HQ OD )LJXUD D HVWiQ
SUHVHQWDGRVGRVFXUYDVFRQHOFRPSRUWDPLHQWRGHOIOXMRHQOD,QWHUFRQH[LyQ1RUWH6XUFRQ\
VLQODXWLOL]DFLyQGHO7&6&/DFXUYDHQURMRFRQPHQRUDPRUWLJXDPLHQWRFRUUHVSRQGHDOD
VLPXODFLyQVLQHO7&6&
(OGHIHFWRVLPXODGRQRSUHVHQWDXQGHVEDODQFHFDUJDJHUDFLyQVLJQLILFDWLYR\SRUORWDQWRHO
FDUJDPHQWRGHOD,QWHUFRQH[LyQ1RUWH6XUHVSRFRDIHFWDGRFRQIRUPHVHSXHGHREVHUYDUHQOD
)LJXUDD&RQVHFXHQWHPHQWHWDPELpQVRQSRFRVLJQLILFDWLYDVODVYDULDFLRQHVGHWHQVLyQ\GH
SRWHQFLDUHDFWLYDFRQIRUPHPRVWUDGRHQODV)LJXUDVE± J

/RV UHVXOWDGRV GH HVWH $SpHQGLFH IXHURQ REWHQLGRV HQ XQ 3URMHFWR GH )LQ GH &XUVR SRU HO K\ LQJHQLHUR
/HRQDUGR6DQWRV)HUUHLUD
&XUVR/,0$3(5Ò± ;,,,
81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
)LJXUDD± 3RWHQFLD$FWLYDHQOD,QWHUFRQH[LyQ1RUWH6XU0:
)LJXUDE± 7HQVLRQHVSX
)LJXUDF± 7HQVLRQHVSX
&XUVR/,0$3(5Ò± ;,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
)LJXUDG± 7HQVLRQHVSX
)LJXUDH± 7HQVLRQHVSX
)LJXUDI± 3RWHQFLD5HDFWLYDGH6HUUDGD0HVD0YDU
&XUVR/,0$3(5Ò± ;,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
)LJXUDJ± 3RWHQFLD5HDFWLYDGH(PSHUDWUL]0YDU
&XUVR/,0$3(5Ò± ;,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
$ &DUJD PHGLD ,QWHUFDPELR 1RUWH6XU 0: ± FRUWRFLUFXLWR IDVHWLHUUD HQ

,WDEHUiHOLPLQDGRSRUODDSHUWXUDGHXQFLUFXLWR,WDEHUi ± 7LMXFR3UHWR\SpUGLGD
GHXQ JHQHUDGRUGH,WDLSX
/RV UHVXOWDGRV GH HVWD VLPXODFLyQ HVWiQ SUHVHQWDGRV HQ ODV )LJXUDV D D J &RQYLHQH
HQIDWL]DU TXH HQ HO VLVWHPD GH N9 GH ,WDLSX H[LVWH XQ HVTXHPD GH SURWHFFLyQ TXH SXHGH
GHVOLJDUXQ GRV R WUHVJHQHUDGRUHV GH OD SODQWDFXDQGR WHQGUiGHVFRQH[LyQ GH ODVOtQHDVGH
N9 (VD SURWHFFLyQ WLHQH FRPR REMHWLYR HYLWDU OD SpUGLGD GH VLQFURQLVPR GH ODV SODQWDV
/RVUHVXOWDGRVGHODVLPXODFLyQVRQGLVFXWLGRVDVHJXLU
x (VH GHIHFWR HV PiV VHYHUR TXH DTXHO DSOLFDGR HQ &DFKRHLUD 3DXOLVWD \ TXHGDQ PiV
GHVWDFDGDVODVRVFLODFLRQHVFRQIUHFXHQFLDGHODRUGHQGH+]6LQHPEDUJRHVWDV
RVFLODFLRQHVHVWiQELHQDPRUWLJXDGDV
x 6H SXHGH REVHUYDU TXH HO IOXMR GH SRWHQFLD DFWLYD HQ OD LQWHUFRQH[LyQ )LJXUD D
RVFLODDOFDQ]DQGRFDVL0:\HVWDELOL]DQGRHQ0:
x /DV WHQVLRQHV GHO VLVWHPD FDHQ HQ HO SHULRGR HQ TXH OD SRWHQFLD DFWLYD HQ OD
LQWHUFRQH[LyQ HVWi VXELHQGR SDUD SUy[LPR GH 0: SHUR ODV UHGXFFLRQHV GH
WHQVLyQVRQUHODWLYDPHQWHGpELOHV
x /DSRWHQFLDUHDFWLYDGHODSODQWDGH6HUUDGHOD0HVDHQHOPLVPRSHUtRGRDSXQWDGR
DQWHULRUPHQWHVXEHSDUD0YDUVHHVWDELOL]DXQSRFRDUULEDGHOYDORULQLFLDO
&XUVR/,0$3(5Ò± ;,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
&XUVR/,0$3(5Ò± ;,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
)LJXUDI± 3RWHQFLD5HDFWLYDGH6HUUDGHOD0HVD0YDU
&XUVR/,0$3(5Ò± ;,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
&XUVR/,0$3(5Ò± ;,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[

,WDEHUiHOLPLQDGRSRUODDSHUWXUDGHXQFLUFXLWR,WDEHUi ± 7LMXFR3UHWR\SHUGLGD
GHGRV JHQHUDGRUHVGH,WDLSX
/RV UHVXOWDGRV SDUD HVD VLPXODFLyQ HVWiQ SUHVHQWDGRV HQ ODV )LJXUDV D D J 7DPELpQ VH
SURFXUR PRVWUDU HO HIHFWR GH OD DFFLyQ GHO 7&6& (Q UHODFLyQ D ORV UHVXOWDGRV REWHQLGRV VH
SXHGHUHVDOWDU
x (QOD)LJXUDDHVWiQSUHVHQWDGRVORVIOXMRVGHSRWHQFLDDFWLYDHQODLQWHUFRQH[LyQFRQ
\ VLQ HO 7&6& TXHGDQGR PDV DFHQWXDGD OD GLIHUHQFLD HQ HO DPRUWLJXDPLHQWR GH ODV
RVFLODFLRQHVFXDQGRVHFRQVLGHUDHOHTXLSDPLHQWR
x $XQ HQ OD )LJXUD D VH SXHGH REVHUYDU TXH HO IOXMR GH SRWHQFLD DFWLYD HQ OD
LQWHUFRQH[LyQ VH H[FHGH 0: VL VH HVWDELOL]D GHVSXpV GH 0:
1DWXUDOPHQWH FXDQWR PD\RU HV HO GHVEDODQFH FDUJDJHUDFLyQ PD\RU VHUi OD
FRQWULEXFLyQ GH ORV VLVWHPDV 1RUWH H 1RUGHVWH D WUDYpV GH OD LQWHUFRQH[LyQ
FRUUHVSRQGLHQGR D OD DFFLyQ SULPDULD GH ORV UHJXODGRUHV GH YHORFLGDG GH ORV
JHQHUDGRUHVGHORVVLVWHPDV11(
x &RQUHODFLyQDODVWHQVLRQHVGHOVLVWHPDVHREVHUYDXQDPD\RUUHGXFFLyQHQUHODFLyQ
DOFDVRDQWHULRU(QORVVLVWHPDV1RUWH\1RUHVWHHOSUREOHPDDXQQR HVJUDYHFRQODV
WHQVLRQHVDOFDQ]DQGRXQPtQLPRGHSXFRQIRUPHHVWDPRVWUDGRHQODV)LJXUDV
E \ F 6LQ HPEDUJR HQ ODV EDUUDV GH GLDSRVLWLYDV GH OD LQWHUFRQH[LyQ \
SULQFLSDOPHQWH HQ 6DPDPEDLD ODV WHQVLRQHV FDHQ EDVWDQWH OOHJDQGR FDVL D SX
FRQIRUPHHVPRVWUDGRHQODV)LJXUDVGHH
x )DVHDODFDtGDGHWHQVLyQGHOVLVWHPDSURYRFDGDSRUHODXPHQWRGHLQWHUFDPELRHQOD
LQWHUFRQH[LyQVHREVHUYDXQDH[SUHVLYDYDULDFLyQGHSRWHQFLDUHDFWLYDHQ6HUUDGHOD
0HVD\ (PSHUDWUL]FRQIRUPHHVPRVWUDGRHQODV)LJXUDVI\J6HUUDGHOD0HVD
OOHJD D JHQHUDU FHUFD GH 0YDU PLHQWUDV VX FDSDFLGDG Pi[LPD HV GH 0YDU
&RQYLHQHUHFRUGDUTXHQRIXHURQPRGHODGRVORVOLPLWDGRUHVGHFRUULHQWHGHFDPSRGH
ODV PiTXLQDV \ TXH VX DFWXDFLyQ DJUDYDUtD DXQ PDV HO FRPSRUWDPLHQWR GH ODV
WHQVLRQHV
&XUVR/,0$3(5Ò± ;,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
)LJXUDD± 3RWHQFLD$FWLYD HQOD,QWHUFRQH[LyQ1RUWH6XU0:
&XUVR/,0$3(5Ò± ;,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
)LJXUDI± 3RWHQFLD5HDFWLYD GH6HUUDGHOD0HVD0YDU
&XUVR/,0$3(5Ò± ;,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
&XUVR/,0$3(5Ò± ;,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[

,WDEHUi HOLPLQDGR SDUD OD DEHUWXUD GH XQ FLUFXLWR GH ,WDEHUi ± 7LMXFR 3UHWR \
SHUGLGDGHWUHV JHQHUDGRUHVGH,WDLSX
/RV UHVXOWDGRV UHIHUHQWHV D HVWD VLPXODFLyQ HVWiQ SUHVHQWDGRV HQ ODV )LJXUDV D D J HQ
UHODFLyQDORVFXDOHVSRGHQVHUGHVWDFDGRVORVVLJXLHQWHVSXQWRV
x GHVSXpV GH OD DSOLFDFLyQ GHO GHIHFWR \ FRQ OD GHVFRQH[LyQ GH WUHV JHQHUDGRUHV HQ
,WDLSXRIOXMRHQODLQWHUFRQH[LyQDXPHQWD(VRDVRFLDGRDODXPHQWRGHFRQWULEXFLyQ
GHRWUDVSODQWDVGHOVLVWHPD6XUVXGHVWHSURYRFDQFDtGDVGHWHQVLyQHQHOVLVWHPDGH
WUDQVPLVLyQ PDV DFHQWXDGDV TXH ODV YHULILFDGDV HQ HO FDVR GH GHVFRQH[LyQ GH GRV
JHQHUDGRUHV &RQ HVR HO SHUILO GH WHQVLyQ HQ EDUUDV D OR ODUJR GH OD ,QWHUFRQH[LyQ
1RUWH6XU FDH UiSLGDPHQWH (Q HVSHFLDO ODV WHQVLRQHV HQ OD UHJLyQ GH 6DPDPEDLD \
%DQGHLUDQWHVSUHVHQWDQQtWLGDPHQWHODVWHQGHQFLDVGHFRODSVRGHWHQVLyQFRQIRUPHHV
PRVWUDGRHQOD)LJXUDH
x 3RU ORV UHVXOWDGRV GH OD )LJXUD I VH REVHUYD TXH OD SODQWD GH 6LHUUD GH OD 0HVD
DXPHQWD UiSLGDPHQWH VX JHQHUDFLyQ GH SRWHQFLD UHDFWLYD HQ HO VHQWLGR GH LQWHQWDU
PDQWHQHUHOSHUILOGHWHQVLyQGHOVLVWHPDXOWUDSDVDQGRVLJQLILFDWLYDPHQWHVXFDSDFLGDG
Pi[LPDTXHHVGH0YDU
x ORVUHVXOWDGRVGHODVLPXODFLyQSLHUGHQODYDOLGH]GHVSXpVGHDORFXUUHQFLDGHOFRODSVR
GH WHQVLyQ HQ WRUQR GH ORV V (Q HVH FDVR RFXUULUtD DFWXDFLyQ GH HVTXHPDV GH
SURWHFFLyQGHVFRQFHUWDQGROtQHDV\DLVODUORVVLVWHPDV
x 6HGHEHGHVWDFDUTXHHQVLVWHPD1RUWH1RUHVWHFRQIRUPHPRVWUDGRHQODV)LJXUDVE
\FODVFDtGDVGHWHQVLyQVRQPHQRVDFHQWXDGDVYLVWRTXHSDUDHVHWLSRGHGHIHFWR
HO SUREOHPD VHVLW~DHQODLQWHUFRQH[LyQHQWUH(PSHUDWUL]\,WXPELDUDTXHSXHGHVHU
FRQVLGHUDGR XQ DFRSODPLHQWR GpELO QR GLVSRQLHQGR GH GLVSRVLWLYRV GH FRQWURO
DXWRPiWLFRGHWHQVLyQSDUDVRSRUWDUDXPHQWRVEUXVFRVGHFDUJDPHQWR
&XUVR/,0$3(5Ò± ;,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
)LJXUDD± 3RWHQFLD $FWLYDHQOD,QWHUFRQH[LyQ1RUWH6XU0:
&XUVR/,0$3(5Ò± ;,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
)LJXUDI± 3RWHQFLD UHDFWLYDGH6HUUDGHOD0HVD0YDU
&XUVR/,0$3(5Ò± ;,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
&XUVR/,0$3(5Ò± ;,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
$ &DUJD OHYH ,QWHUFDPELR 1RUWH6XU 0: ± FRUWRFLUFXLWR IDVHWLHUUD HQ

,WDEHUiHOLPLQDGRSRUODDSHUWXUDGHXQFLUFXLWR,WDEHUi ± 7LMXFR3UHWR\SHUGLGD
GHGRV JHQHUDGRUHVHQ,WDLSX
/RV UHVXOWDGRV UHIHUHQWHV D HVWD VLPXODFLyQ HVWiQ SUHVHQWDGRV HQ ODV )LJXUDV D D J HQ
UHODFLyQDORVFXDOHVSXHGHQVHUGHVWDFDGRVORVVLJXLHQWHVSXQWRV
x 3DUD RSHUDFLyQ HQ FDUJD OHYH HO SUREOHPD HV PiV JUDYH RFXUULHQGR HO FRODSVR GH OD
PLVPDWHQVLyQSDUDSHUGLGDGHGRVJHQHUDGRUHVHQ,WDLSX&RQYLHQHGHVWDFDUTXHHQOD
FDUJD OHYH DXQTXH HO FDUJDPHQWR GHO VLVWHPD VHD PHQRU HO FDUJDPHQWR GH OD
LQWHUFRQH[LyQ IXH FRQVLGHUDGR LJXDO DO GH OD FDUJD PHGLD 3RU RWUR ODGR SRU ODV
FDUDFWHUtVWLFDV GH ORV VLVWHPDV LQWHUFRQHFWDGRV VH FRQVLGHUR XQD UHGXFFLyQ PD\RU GH
JHQHUDGRUHV VLQFURQL]DGRV D OD UHG HQ HO VLVWHPD 6XU VXGHVWH TXH HQ HO VLVWHPD
1RUWH1RUHVWH$VtSDUDXQPLVPRWHPEORUSHUGLGDGHGRVJHQHUDGRUHVRFXUUHXQD
PD\RU FRQWULEXFLyQ GHO VLVWHPD 1RUWH1RUHVWH HQ OD FDUJD OHYH HQ OD TXH OD FDUJD
SHVDGD&RQVHFXHQWHPHQWHKD\XQDPD\RUWHQGHQFLDGHDXPHQWDUHOFDUJDPHQWRHQOD
,QWHUFRQH[LyQ 1RUWH6XU FRQ DJUDYDPLHQWR GH ORV SUREOHPDV GH EDMD WHQVLyQ
FRQIRUPHPRVWUDGRHQODV)LJXUDVG\H
x 'HODPLVPDIRUPDTXHHQHOFDVRDQWHULRUORVUHVXOWDGRVSLHUGHQYDOLGHVGHVSXpVGH
ODRFXUUHQFLDGHOFRODSVRGHWHQVLyQHQWRUQRGHV
&XUVR/,0$3(5Ò± ;,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
&XUVR/,0$3(5Ò± ;,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
)LJXUDG± 7HQVLRQHV SX
)LJXUDI± 3RWHQFLD5HDFWLYDGH6HUUDGD0HVD0YDU
&XUVR/,0$3(5Ò± ;,,,

81,9(56,'$'()('(5$/'25,2'(-$1(,52
WHOID[
&XUVR/,0$3(5Ò± ;,,,


Curso de Ad

Uploaded by

Document Information

Original Title

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

Curso de Ad

Uploaded by

Copyright:

Available Formats

81,9(56,'$')('(5$/'(5,2'(-$1(,52

',9,6,21 BBBBBBBBBBB 5$0$ BBBBBBBBBBBB

&(3 BBBBBBBBBBB &,8'$' BBBBBBBBBBBBBBBBBBBBBBB (67$'2 BBBBBBBBB

$f2'(*5$'8$&,21 BBBBBB ,167,78&,21 BBBBBBBBBBBBBBBBBBBBB

3RVW*UDGR $f2'(,1,&,2 BBBBB $f2'(),1$/,=$&,Ï1 BBBBB

9,, 0pWRGRGH(XOHU 9,,

&XUVR/,0$3(5Ò±  ,

JUDX +] FLFOR PLQXWR

&XUVR/,0$3(5Ò±  ,

,, ,1752'8&&,21 $ /$ (67$%,/,'$' '(

&XUVR/,0$3(5Ò±  ,,

&XUVR/,0$3(5Ò±  ,,

&XUVR/,0$3(5Ò±  ,,

*UDQGHVSHUWXUEDo}HV 3HUWXUEDo}HVVHYHUDV *UDQGHVSHUWXUEDo}HV 5HODo}HV3[9H4[9HP

02'26/2&$,6 02'26,17(5È5($6 02'26'(&21752/( 02'267256,21$,6

&XUVR/,0$3(5Ò±  ,,

&XUVR/,0$3(5Ò±  ,,,

)LJXUD 5HODFLyQ3RWHQFLD± ÈQJXORGHO6LVWHPD0iTXLQD[%DUUD,QILQLWD

&XUVR/,0$3(5Ò±  ,,,

&XUVR/,0$3(5Ò±  ,,,

/DHQHUJtDSHUGLGDGXUDQWHODGHVDFHOHUDFLyQFXDQGRG SDVDGHG SDUDGP HV

&XUVR/,0$3(5Ò±  ,,,

&XUVR/,0$3(5Ò±  ,,,

&XUVR/,0$3(5Ò±  ,,,

&XUVR/,0$3(5Ò±  ,9

&XUVR/,0$3(5Ò±  ,9

 "#  "#  "#

&XUVR/,0$3(5Ò±  ,9

&XUVR/,0$3(5Ò±  ,9

&XUVR/,0$3(5Ò±  ,9

&XUVR/,0$3(5Ò±  ,9

\ 1L  L    L  [ 6 / 1[6 L  / 1[6 L  / 1[6 L

&XUVR/,0$3(5Ò±  ,9

&XUVR/,0$3(5Ò±  ,9

GRQGHU IEF \U  VRQORVUDGLRVGHOURWRU\J IEF \J  VRQODVORQJLWXGHVGHOHQWUHKLHUUR

 + 3I 8 J3I 8  + 16 J 16  1 L

&XUVR/,0$3(5Ò±  ,9

GRQGH1F HVHOQ~PHURGHHVSLUDVGHOHQUROODPLHQWRGHODIDVHD HQODUDQXUDD \ODVHxDO

/DHFXDFLyQ ,,, UHSUHVHQWDXQDRQGDGH)00TXHJLUDFRQIUHFXHQFLDLJXDODODV

% 1I  T 6 L FRV I   =D  D FRV 1I  T 6 B

&XUVR/,0$3(5Ò±  ,9

1 6 / /  /  / FRV T  S 

/DD /"  /$  /% FRV T U

VLHQGRU HOUDGLRPHGLRHOHQWUHKLHUUR\O HVODORQJLWXGD[LDOGHOHVWDWRU

&XUVR/,0$3(5Ò±  ,9

\D /DD LD  /DELE  /DF LF  /DIG L IG  /DNG LNG  /DNTLNT

&XUVR/,0$3(5Ò±  ,9

 "#  "#  "#

[ "#   FRVT 1 6 1 6 "#  [ "#

 VLQ T  VLQ T  q  VLQ T  q ,,,

 "#  "#  "#

3SX HG LG  HT LT  HL ,,,

)LJXUD &LUFXLWR(TXLYDOHQWHGHO(MHG SDUDOD5HODFLyQ\ [L

&XUVR/,0$3(5Ò±  ,9

TXHVRQODVLQGXFWDQFLDVVLQFURQtDV GHHMHG \TUHVSHFWLYDPHQWH GHODPiTXLQD

&XUVR/,0$3(5Ò±  ,9

&XUVR/,0$3(5Ò±  ,9

&XUVR/,0$3(5Ò±  ,9

&XUVR/,0$3(5Ò±  ,9

&XUVR/,0$3(5Ò±  ,9

&XUVR/,0$3(5Ò±  9

&XUVR/,0$3(5Ò±  9

&XUVR/,0$3(5Ò±  9

',9,6,21 BBBBBBBBBBB 5$0$ BBBBBBBBBBBB

&(3 BBBBBBBBBBB &,8'$' BBBBBBBBBBBBBBBBBBBBBBB (67$'2 BBBBBBBBB

$f2'(*5$'8$&,21 BBBBBB ,167,78&,21 BBBBBBBBBBBBBBBBBBBBB

3RVW*UDGR $f2'(,1,&,2 BBBBB $f2'(),1$/,=$&,Ï1 BBBBB

9,, 0pWRGRGH(XOHU 9,,

&XUVR/,0$3(5Ò± ,

JUDX+] FLFOR PLQXWR

&XUVR/,0$3(5Ò± ,

,, ,1752'8&&,21 $ /$ (67$%,/,'$' '(

&XUVR/,0$3(5Ò± ,,

&XUVR/,0$3(5Ò± ,,

&XUVR/,0$3(5Ò± ,,

UDQGHVSHUWXUEDo}HV 3HUWXUEDo}HVVHYHUDV UDQGHVSHUWXUEDo}HV 5HODo}HV3[9H4[9HP

02'26/2&$,6 02'26,17(5È5($6 02'26'(&21752/( 02'267256,21$,6

&XUVR/,0$3(5Ò± ,,

&XUVR/,0$3(5Ò± ,,,

)LJXUD 5HODFLyQ3RWHQFLD± ÈQJXORGHO6LVWHPD0iTXLQD[%DUUD,QILQLWD

&XUVR/,0$3(5Ò± ,,,

&XUVR/,0$3(5Ò± ,,,

/DHQHUJtDSHUGLGDGXUDQWHODGHVDFHOHUDFLyQFXDQGRG SDVDGHG SDUDGP HV

&XUVR/,0$3(5Ò± ,,,

&XUVR/,0$3(5Ò± ,,,

&XUVR/,0$3(5Ò± ,,,

&XUVR/,0$3(5Ò± ,9

&XUVR/,0$3(5Ò± ,9

"# "# "#

&XUVR/,0$3(5Ò± ,9

&XUVR/,0$3(5Ò± ,9

&XUVR/,0$3(5Ò± ,9

&XUVR/,0$3(5Ò± ,9

\ 1L L L [ 6 / 1[6 L / 1[6 L / 1[6 L

&XUVR/,0$3(5Ò± ,9

&XUVR/,0$3(5Ò± ,9

GRQGHUIEF\UVRQORVUDGLRVGHOURWRU\JIEF\JVRQODVORQJLWXGHVGHOHQWUHKLHUUR

+ 3I 8 J3I 8 + 16 J 16 1 L

&XUVR/,0$3(5Ò± ,9

GRQGH1F HVHOQ~PHURGHHVSLUDVGHOHQUROODPLHQWRGHODIDVHD HQODUDQXUDD \ODVHxDO

/DHFXDFLyQ,,, UHSUHVHQWDXQDRQGDGH)00TXHJLUDFRQIUHFXHQFLDLJXDODODV

% 1I T 6 L FRV I =D D FRV 1I T 6 B

&XUVR/,0$3(5Ò± ,9

1 6 / / / / FRV T S

/DD /" /$ /% FRV T U

VLHQGRU HOUDGLRPHGLRHOHQWUHKLHUUR\O HVODORQJLWXGD[LDOGHOHVWDWRU

&XUVR/,0$3(5Ò± ,9

\D /DD LD /DELE /DF LF /DIG L IG /DNG LNG /DNTLNT

&XUVR/,0$3(5Ò± ,9

"# "# "#

[ "# FRVT 1 6 1 6 "# [ "#

VLQ T VLQ T q VLQ T q ,,,

"# "# "#

3SX HG LG HT LT HL ,,,

)LJXUD &LUFXLWR(TXLYDOHQWHGHO(MHG SDUDOD5HODFLyQ\ [L

&XUVR/,0$3(5Ò± ,9

TXHVRQODVLQGXFWDQFLDVVLQFURQtDV GHHMHG \TUHVSHFWLYDPHQWHGHODPiTXLQD

&XUVR/,0$3(5Ò± ,9

&XUVR/,0$3(5Ò± ,9

&XUVR/,0$3(5Ò± ,9

&XUVR/,0$3(5Ò± ,9

&XUVR/,0$3(5Ò± ,9

&XUVR/,0$3(5Ò± 9

&XUVR/,0$3(5Ò± 9

&XUVR/,0$3(5Ò± 9

&XUVR/,0$3(5Ò± 9,

&XUVR/,0$3(5Ò± 9,

&XUVR/,0$3(5Ò± 9,

&XUVR/,0$3(5Ò± 9,

&XUVR/,0$3(5Ò± 9,,

[ W 'W [ W 'W 9,

&XUVR/,0$3(5Ò± 9,,

&XUVR/,0$3(5Ò± 9,,

&XUVR/,0$3(5Ò± 9,,

&XUVR/,0$3(5Ò± 9,,

%K 1 [ 6 1 [ 6 1 [ 6 'W 1 [ 6 "# "#1 [ 6 "# 9,

&K1 [ 6 1 [ 6 D 1 [ 6 D 1 [ 6 !1 [ 6 $ !D 'W $!1 [ 6 $

HFXDFLyQ9,GRQGHHQHVWHFDVR

"#1 6 "# "#1 6 "#

6 [1W 6 G[GW "#'W

%K 1 [ 6 D 'W "#1 [ 6 'W D 'W "#1 [ 6

KK1 [ 6 D 'W D D 'W "#1 [ 6 D 'W 1D D 6'W "#1 [ 6

&XUVR/,0$3(5Ò± 9,,