Вы находитесь на странице: 1из 20

&XUV 7(+12/2*,(  12 ,81, ,1752'8&7,9( 'HILQL LD WHKQRORJLHL

7LWXODU GH GLVFLSOLQ  3URIXQLYGULQJ 'XPLWUX 01(5,(

0DWHULDOH EUXWH (ODERUDUH 3UHSDUDUH 7UDWDPHQWH

0DWHULDOH IDEULFDWH

2ELHFWH VHPLIDEULFDWH

3LHVH

$QVDPEOXUL

7HKQRORJLD FD GLVFLSOLQ LQGHSHQGHQW  VH DIO OD ED]D RULF UHL DFWLYLW L SURGXFWLYH 7HKQRORJLD DFWXDO WUHEXLH V ILH OHJDW GH FUHD LD WLLQ LILF L WHKQLF GHRDUHFH HD GHILQHWH FRQGL LLOH GH GHVI XUDUH L EHQHILFLD] GH UH]XOWDWHOH DFHVWRUD vQ FRQGL LLOH vQ FDUH WRWXO GHYLQH WHKQRORJL]DW &XYkQWXO WHKQRORJLH VHPQLILF WLLQ D PHWHXJXOXL vQ OLPED JUHDF WHKQH vQVHPQkQG PHWHXJ LDU ORJRV  WLLQ  7HKQRORJLD HVWH WLLQ D DSOLFDWLY FH VWXGLD] WUDQVIRUP ULOH VXIHULWH GH PDWHULL SULPH PDWHULDOH L VHPLIDEULFDWH vQ SURFHVXO WHKQRORJLF GH OXFUX DYkQG FD VFRS RE LQHUHD GH SURGXVH vQ FRQGL LL WHKQLFRHFRQRPLFH RSWLPH 2E LQHUHD SURGXVHORU HVWH UH]XOWDWXO XQXL SURFHV GH SURGXF LH FDUH vQJOREHD] WRDW DFWLYLWDWHD XQHL XQLW L LQGXVWULDOH
Q FDGUXO SURFHVHORU GH SURGXF LH FDUH VH GHVI RDU RUJDQL]DW FX DMXWRUXO PDLQLORU L DSDUDWHORU UHDOL]DUHD SURGXVHORU VH IDFH vQ XUPD GHVI XU ULL SURFHVHORU WHKQRORJLFH GH OXFUX vQ GHFXUVXO F URUD VH HIHFWXHD] PRGLILF UL L WUDQVIRUP UL DOH VXEVWDQ HL QHFHVDUH RE LQHULL SURGXVHORU

&RQIHF LRQDUH 7UDWDPHQWH

&RQIHF LRQDUH 7UDWDPHQWH 6XSUDID DUH

$VDPEODUH 6XSUDID DUH

 6WUXFWXUD VLVWHPHORU WHKQRORJLFH

3RUQLQG GH OD UHVXUVHOH QDWXUDOH SULQ SURFHVH WHKQRORJLFH VSHFLILFH LQGXVWULHL H[WUDFWLYH ILJ   VH RE LQ PDWHULDOHOH EUXWH 5HVXUVH QDWXUDOH ([WUDF LH 0DWHULDO EUXW

0DWHULDOHOH EUXWH SULQ SURFHVH WHKQRORJLFH GH IDEULFD LH ILJ  VSHFLILFH LQGXVWULHL FRQVWUXFWRDUH GH PDLQL WUHF VXFFHVLY SULQ XUP WRDUHOH ID]H PDWHULDOH GH IDEULFD LH VHPLIDEULFDWH SLHVH L DQVDPEOXUL

)LJ  6FKHPD GH SULQFLSLX D SURFHVHORU WHKQRORJLFH VSHFLILFH LQGXVWULHL H[WUDFWLYH

3URFHVXO WHKQRORJLF GH HODERUDUH VH HIHFWXHD] SHQWUX D H[WUDJH PHWDOH VDX DOLDMH LQGXVWULDOH EUXWH FX LPSXULW L GLQ PLQHUHXUL VDX DOWH DOLDMH HODERUDUH SULPDU VDX SHQWUX D RE LQH PDWHULDOH PHWDOLFH FX LPSXULW L OLPLWDWH SURFHQWXDO SULQWUR JDP VSHFLILF GH RSHUD LL HODERUDUH VHFXQGDU  3HQWUX RE LQHUHD GH PDWHULDOH VHPLIDEULFDWH GLQ PDWHULDOH VDX SLHVH GLQ PDWHULDOH VHPLIDEULFDWH SULQ PRGLILFDUHD IRUPHL GLPHQVLXQLORU SR]L LHL UHFLSURFH L FDOLW LL VXSUDIH HORU SUHOXFUDUH GLPHQVLRQDO VDX QXPDL vQ VWUDWXO GH VXSUDID  SULQ PRGLILFDUHD UXJR]LW LL VXSUDIH HORU PRGLILFDUHD QHWH]LPLL VXSUDIH HORU VH IRORVHWH SURFHVXO WHKQRORJLF GH FRQIHF LRQDUH 6H IRORVHWH SURFHVXO WHKQRORJLF GH WUDWDPHQW SHQWUX PRGLILFDUHD SURSULHW LORU IL]LFRFKLPLFH DOH XQXL PDWHULDO vQ vQWUHDJD PDV WUDWDPHQW GH YROXP VDX QXPDL vQ VWUDWXO VXSHUILFLDO WUDWDPHQW GH VXSUDID  'DF HVWH QHFHVDU V VH UHDOL]H]H OD XQ RELHFW VHPLIDEULFDW VDX OD R SLHV  XQ VWUDW GH VXSUDID GH JURVLPH UHODWLY UHGXV  GDU FX SURSULHW L GLIHULWH GH FHOH DOH VWUDWXULORU GLQ DGkQFLPH VH IRORVHVF SURFHVH WHKQRORJLFH GH VXSUDID DUH WUDWDPHQWH GH VXSUDID  SULQ PRGLILF UL IL]LFRFKLPLFH vQ VWUDWXO WUDWDW L WUDWDPHQWH GH DFRSHULUH (WDSD ILQDO vQ VWUXFWXUD VLVWHPHORU WHKQRORJLFH R FRQVWLWXLH SURFHVXO WHKQRORJLF GH DVDPEODUH $VDPEODUHD SRDWH IL DVDPEODUH ULJLG vPELQDUH  FDUH QX G SRVLELOLWDWHD SLHVHORU V DLE R PLFDUH UHODWLY UHFLSURF vQ WLPSXO IXQF LRQ ULL L DVDPEODUH QHULJLG  FDUH VH HIHFWXHD] DVLJXUkQG SLHVHORU SRVLELOLWDWHD GH PLFDUH UHODWLY UHFLSURF vQ WLPSXO IXQF LRQ ULL 3XWHP GHFL JUXSD SURFHVHOH WHKQRORJLFH GH IDEULFD LH FRQVWUXLUH vQ GRX FDWHJRULL D  3URFHVH WHKQRORJLFH GH SUHOXFUDUH D F URU VWUXFWXU HVWH SUH]HQWDW vQ ILJXUD  E  3URFHVH WHKQRORJLFH GH DVDPEODUH SUH]HQWDWH vQ ILJXUD 

)LJ  6FKHPD GH SULQFLSLX D SURFHVHORU WHKQRORJLFH GH IDEULFD LH D PDLQLORU L DSDUDWHORU

(ODERUDUH

3ULQ WUDQVIRUP UL FKLPLFH 3ULQ WUDQVIRUP UL IL]LFRFKLPLFH

3UHOXFUDUH GLPHQVLRQDO

(ODERUDUH SULPDU

3ULQ WUDQVIRUP UL IL]LFH

3ULQ VXGDUH 3ULQ OLSLUH 3ULQ WXUQDUH FX vQJOREDUH 3ULQ GHIRUPDUH SODVWLF 3ULQ GHIRUPDUH HODVWLF

3ULQ WUDQVIRUP UL FKLPLFH 3ULQ WUDQVIRUP UL IL]LFRFKLPLFH 3ULQ WXUQDUH

$VDPEODUH ULJLG

(ODERUDUH VHFXQGDU

3ULQ WUDQVIRUP UL IL]LFH

3ULQ DJUHJDUH GH SXOEHUL 3ULQ W LHUH FX W LXUL DVRFLDWH 3ULQ DFKLHUH 3ULQ HUR]LXQH 7UDWDPHQW WHUPLF 7UDWDPHQW WHUPRPDJQHWLF 7UDWDPHQW WHUPRPHFDQLF 7UDWDPHQW SULQ GHIRUPDUH SODVWLF 7UDWDPHQW FKLPLF L WHUPRFKLPLF 3ULQ WRSLUH YDSRUL]DUH 3ULQ GHIRUPDUH SODVWLF &KLPLF L HOHFWURFKLPLF 3ULQ DGH]LXQH

3UHOXFUDUH

0RGLILFDUHD QHWH]LPLL VXSUDIH HL

$VDPEODUH

3ULQ GHIRUPDUH SODVWLF

$VDPEODUH QHULJLG

7UDWDPHQW

7UDWDPHQW GH YROXP

)LJ  6WUXFWXUD SURFHVHORU WHKQRORJLFH GH SUHOXFUDUH

3URFHVHOH WHKQRORJLFH VH UHDOL]HD] SULQ DSOLFDUHD GLIHULWHORU PHWRGH WHKQRORJLFH 0HWRGD WHKQRORJLF HVWH XQ PRG VLVWHPLF L SULQFLSLDO GH H[HFXWDUH D XQHL RSHUD LL VLQJXODUH VDX D XQHL VHULL GH RSHUD LL GLQWUXQ SURFHV WHKQRORJLF VDX GLQWUR VHULH GH SURFHVH WHKQRORJLFH FRPXQ GXS QDWXUD IHQRPHQHORU UH]XOWDWHORU HWF SHQWUX PDL PXOWH FODVH GH SURFHGHH WHKQRORJLFH 3URFHGHXO WHKQRORJLF VWDELOHWH PLMORDFHOH SULQ FDUH VH SRDWH DSOLFD R PHWRG WHKQRORJLF SULQ SULVPD XWLODMXOXL WHKQRORJLF D PHGLXOXL GH OXFUX D PDWHULDOXOXL GH DGDRV HWF

)LJ 6WUXFWXUD SURFHVHORU WHKQRORJLFH GH DVDPEODUH

6XSUDID DUH

$FRSHULUH

7UDWDPHQW GH VXSUDID

0RQWDUH FX MRF

0RQWDUH FX VWUkQJHUH

&RQIHF LRQDUH

3UHOXFUDUH GLPHQVLRQDO

$SOLFDUHD XQHL PHWRGH WHKQRORJLFH VH IDFH SULQ LQWHUPHGLXO SURFHGHHORU WHKQRORJLFH 8QD L DFHHDL PHWRG VH SRDWH DSOLFD SULQ PDL PXOWH SURFHGHH 3URFHGHHOH WHKQRORJLFH DOH XQHL PHWRGH VH GHRVHEHVF vQWUH HOH SULQ XWLODMXO WHKQRORJLF IRORVLW 3URFHVXO WHKQRORJLF GH IDEULFD LH HVWH FRQVWLWXLW GLQ RSHUD LL H[HFXWDWH VXFFHVLY VHULH VDX vQ SDUDOHO VLPXOWDQ  2SHUD LD WHKQRORJLF SDUWH FRPSRQHQW D SURFHVXOXL WHKQRORJLF GH OXFUX HVWH R DFWLYLWDWH RUGRQDW L OLPLWDW vQ WLPS H[HFXWDW I U vQWUHUXSHUH GH F WUH XQXO VDX PDL PXO L RSHUDWRUL XPDQL OD XQ VLQJXU ORF GH PXQF  DVXSUD XQXLD VDX PDL PXOWRU PDWHULDOH VXSXVH SUHOXFU ULL (QHUJLH SULPDU 0DLQ DSDUDW GH IDEULFD LH
(QHUJLH VHFXQGDU (QHUJLH VHFXQGDU (QHUJLH VHFXQGDU (QHUJLH VHFXQGDU

&RUSXULOH DMXW WRDUH GLVSR]LWLYHOH L HFKLSDPHQWHOH GH FRPSOHWDUH IRUPHD] HFKLSDPHQWXO WHKQRORJLF $FHVWD vPSUHXQ FX PDLQLOH L DSDUDWHOH GH OXFUX IRUPHD] XWLODMXO WHKQRORJLF ILJ  QHFHVDU RSHUD LHL SURFHVXOXL GH IDEULFD LH HWF

8WLODM WHKQRORJLF
0DLQL GH OXFUX

(FKLSDPHQW WHKQRORJLF (FKLSDPHQW GH FRPSOHWDUH

$SDUDWH GH OXFUX

'LVSR]LWLYH

2SHUDWRU

0DWHULDO GH DGDRV

&RUSXUL DMXW WRDUH

(QHUJLH GH HIHFW &RUS VXSXV SUHOXFU ULL 'HHXUL


6SD LXO GH OXFUX

0HGLXO GH OXFUX

&RUSXO UH]XOWDW DO OXFU ULL

7UDQVIRUP ULOH FH GHILQHVF RSHUD LLOH DX ORF vQ VSD LXO GH OXFUX Q ILJXUD  HVWH SUH]HQWDW VFKHPD UHDOL] ULL RSHUD LHL WHKQRORJLFH LQFOX]kQG WRDWH HOHPHQWHOH QHFHVDUH DFHVWHLD

)LJ  6FKHPD UHDOL] ULL RSHUD LHL WHKQRORJLFH

 3UHOXFUDUHD GLPHQVLRQDO Q FRQVWUXF LD GH PDLQL L DSDUDWH SUHOXFUDUHD GLPHQVLRQDO DUH SRQGHUHD FHD PDL vQVHPQDW GHRDUHFH RELHFWXO SURGXF LHL vO FRQVWLWXLH IDEULFDUHD SLHVHORU FRPSRQHQWH DOH VLVWHPHORU WHKQLFH 2ELHFWHOH VHPLIDEULFDWH L SLHVH VH RE LQ SULQ SUHOXFUDUHD GLPHQVLRQDO D PDWHULDOHORU HODERUDWH DGLF vQ XUPD UHDOL] ULL VXSUDIH HL UHDOH D RELHFWXOXL VDX SLHVHL SULQWUR PHWRG WHKQRORJLF GH IHQRPHQ WXUQDUH GHIRUPDUH SODVWLF  DFKLHUH HWF 6XSUDID D UHDO D XQHL SLHVH HVWH VXSUDID D vQ JHQHUDO FRPSXV  FDUH OLPLWHD] SLHVD GH PHGLXO v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vQ GHFXUVXO SURFHVXOXL GH SUHOXFUDUH GLPHQVLRQDO  0HWRGHOH WHKQRORJLFH GH IHQRPHQ SULQ FDUH VH UHDOL]HD] VXSUDIH HOH UHDOH DOH RELHFWHORU VHPLIDEULFDWH SLHVHORU L DQVDPEOHORU SRW IL FODVLILFDWH vQ PDL PXOWH FDWHJRULL IXQF LH GH VFRSXO XUP ULW OD

)LJ  6FKHPD XWLODMXOXL WHKQRORJLF

&RUSXUL DMXW WRDUH

IDEULFDUH L GH PRGLILF ULOH SULQFLSDOH FH VH GHVI RDU vQ WLPSXO SUHOXFU ULL GLPHQVLRQDOH Q IXQF LH GH QDWXUD IHQRPHQRORJLF D PHWRGHL GH SUHOXFUDUH GLPHQVLRQDO  GH FDUDFWHULVWLFLOH HOHPHQWHORU GLQ VSD LXO XWLOL]DW FDUDFWHULVWLFLOH WHKQRORJLFH DOH SUHOXFU ULL SURGXFWLYLWDWH SUHFL]LH FDOLWDWH D VXSUDIH HL VXQW PXOW GLIHULWH FKLDU vQ FDGUXO DFHOXLDL SURFHGHX $OHJHUHD SURFHVHORU WHKQRORJLFH QX HVWH vQWkPSO WRDUH HD ILLQG GHWHUPLQDW GH R VHULH GH IDFWRUL GLQWUH FDUH SULPRUGLDOL VXQW VHULD GH IDEULFD LH SUHFL]LD GLPHQVLRQDO L FDOLWDWHD VXSUDIH HORU QLYHOXO VWDQGDUGL] ULL L WLSL] ULL HWF Q IXQF LH GH QXP UXO SURGXVHORU H[HFXWDWH VHULH GH IDEULFD LH RUJDQL]DUHD SURGXF LHL VH IDFH vQ PRG GLIHUHQ LDW DVWIHO D  3URGXF LH LQGLYLGXDO GH XQLFDWH FkQG SURGXVHOH VH IDEULF vQWUXQ VLQJXU H[HPSODU VDX vQWUXQ QXP U UHGXV GH H[HPSODUH /D ORFXULOH GH PXQF VH H[HFXW R YDULHWDWH PDUH GH RSHUD LL I U D VH UHSHWD VDX VH UHSHW OD LQWHUYDOH UHJXODWH DFHVWHL FDWHJRULL vL HVWH VSHFLILF SURGXF LD PDLQLORU L DSDUDWHORU PDUL SUHFXP L FHD D SURWRWLSXULORU E  3URGXF LD GH VHULH FkQG SURGXVXO VH IDEULF vQ ORWXUL FDQWLWDWHD GH SURGXVH GH DFHODL IHO FDUH LQWU RGDW vQ OXFUX OD XQ ORF GH PXQF  /D PDMRULWDWHD ORFXULORU GH PXQF VH H[HFXW SHULRGLF DFHOHDL RSHUD LL DVXSUD ORWXULORU GH SLHVH $FHDVW SURGXF LH HVWH VSHFLILF IDEULF ULL PDLQLORU XQHOWH SRPSHORU PDLQLORU DJULFROH DSDUDWHORU HOHFWULFH HWF 'DF VHULD GH IDEULFD LH HVWH IRUPDW GLQWUXQ QXP U PDL PLF GH SURGXVH SURGXF LD VH QXPHWH GH VHULH PLF L SUH]LQW FDUDFWHULVWLFL DSURSLDWH GH SURGXF LD LQGLYLGXDO  'DF QXP UXO SURGXVHORU SH VHULH HVWH PDL PDUH DFHDVWD VH QXPHWH GH VHULH PLMORFLH LDU GDF QXP UXO SURGXVHORU HVWH L PDL PDUH SURGXF LD HVWH GH VHULH PDUH L VH DSURSLH GH SURGXF LD GH PDV  F  3URGXF LD GH PDV VH vQWkOQHWH OD IDEULFDUHD DXWRWXULVPHORU D XQRU PRWRDUH HOHFWULFH WHOHYL]RDUH FDOFXODWRDUH LPSULPDQWH UXOPHQ L FXLH HWF L VH FDUDFWHUL]HD] SULQ IDSWXO F SURGXVXO VH H[HFXW vQ PRG FRQWLQXX OD DFHODL ORF GH PXQF  SURGXF LD HVWH RUJDQL]DW GXS SULQFLSLXO IOX[XOXL  6HULD GH IDEULFD LH  )DFWRUL FDUH LQIOXHQ HD] DOHJHUHD SURFHVHORU WHKQRORJLFH

WHKQRORJLF L HVWH FDUDFWHUL]DW GH F WUH ULWPXO GH SURGXF LH UDSRUWXO GLQWUH P ULPHD SURGXF LHL L WLPSXO HIHFWLY GLQWUXQ DQ  6HULD GH IDEULFD LH DD FXP VH REVHUY GLQ WDEHOXO  LQIOXHQ HD] FDOLWDWHD SURFHVHORU WHKQRORJLFH
7DEHOXO  ,QIOXHQ D VHULHL GH IDEULFD LH DVXSUD FDOLW LL SURFHVHORU WHKQRORJLFH 3URGXF LD GH 3URGXF LH GH )DFWRUXO DQDOL]DW 6HULH PLMORFLH XQLFDWH PDV 'LYHUVLWDWHD 0DUH 0LMORFLH 0LF SURGXVHORU &RVWXUL PDUL SH &RVWXUL PLMORFLL &RVWXUL PLFL SH 3UHJ WLUHD SURGXV SH SURGXV SURGXV IDEULFD LHL 6SHFLDOL]DWH 0DLQL L XWLODMH 8QLYHUVDOH /LQLL DXWRPDWH VSHFLDOH &LFOXO GH /XQJ 0HGLX 6FXUW IDEULFD LH 3URGXFWLYLWDWHD 6F ]XW 0HGLH 0DUH

&DUDFWHULVWLFL WHKQRORJLFH OD SUHOXFUDUHD PHFDQLF

Q WLPSXO SURFHVXOXL GH SUHOXFUDUH RELHFWXO VXSXV SUHOXFU ULL FkW L XWLODMHOH FX FDUH VH DF LRQHD] VXIHU R VHULH GH WUDQVIRUP UL 9DULDELOHOH FDUH H[SULP FDQWLWDWLY L FDOLWDWLY DFHVWH WUDQVIRUP UL FRQVWLWXLH FDUDFWHULVWLFL WHKQRORJLFH $FHVWHD VXQW FRQIRUP ILJXULL  SUHFL]LD JHRPHWULF  VWDUHD VXSUDIH HORU SURGXFWLYLWDWHD SURFHVXOXL X]XUD XWLODMXOXL WRDWH vQWUR FRQWLQX L VWUkQV LQWHUGHSHQGHQ  3UHFL]LD JHRPHWULF D SLHVHL SUHOXFUDWH 6WDUHD VXSUDIH HORU SLHVHL SUHOXFUDWH 3URGXFWLYLWDWHD SURFHVXOXL 8]XUD VFXOHORU

 3UHFL]LD GLPHQVLRQDO L FDOLWDWHD VXSUDIH HORU

3ULQ SUHFL]LH JHRPHWULF VH vQ HOHJH JUDGXO GH DSURSLHUH D GLPHQVLXQLORU IRUPHL JHRPHWULFH L SR]L LHL UHFLSURFH D VXSUDIH HORU SUHOXFUDWH ID GH YDORULOH ORU QRPLQDOH LQGLFDWH vQ GHVHQ ILJXUD  

 &DUDFWHULVWLFL GH SUHFL]LH JHRPHWULF

)LJ &DUDFWHULVWLFLOH WHKQRORJLFH OD SUHOXFUDUHD PHFDQLF

&DUDFWHULVWLFL GH SUHFL]LH JHRPHWULF D SLHVHORU GH SUHOXFUDW

3UHFL]LD GLPHQVLRQDO D SLHVHL GH SUHOXFUDW 3UHFL]LD IRUPHL JHRPHWULFH D SLHVHL GH SUHOXFUDW 3UHFL]LD SR]L LHL UHFLSURFH D XQRU HOHPHQWH JHRPHWULFH vQ UDSRUW FX DQXPLWH ED]H GH UHIHULQ

$EDWHUHD GH OD SR]L LD QRPLQDO SRDWH IL DEDWHUHD GH OD SR]L LD QRPLQDO D XQHL GUHSWH VDX D XQHL D[H L UHSUH]LQW GLVWDQ D PD[LP

)LJ  &DUDFWHULVWLFL GH VWDUH D VXSUDIH HORU

6WUXFWXU PHWDORJUDILF

0 ULPHD L GLVWULEX LD WHQVLXQLORU LQWHUQH

 3UHFL]LD GLPHQVLRQDO 'LPHQVLXQHD HVWH XQ QXP U FDUH H[SULP  vQ XQLWDWHD GH P VXU DOHDV  YDORDUHD QXPHULF D HOHPHQWHORU P VXUDELOH DOH SLHVHL OXQJLPL GLDPHWUH XQJKLXUL HWF  $FHVWH YDORUL VXQW WUHFXWH SH GHVHQ L SRDUW GHQXPLUHD GH FRWH 'LPHQVLXQHD SLHVHL UHDOL]DWH RE LQXW SULQ P VXUDUH GLPHQVLXQHD HIHFWLY  GLIHU GH GLPHQVLXQHD LGHDO WHRUHWLF  vQVFULV SH GHVHQ L GHQXPLW GLPHQVLXQH QRPLQDO  3HQWUX RE LQHUHD vQ WLPSXO SURFHVXOXL GH SUHOXFUDUH D XQHL DSURSLHUL FkW PDL PDUL vQWUH FHOH GRX GLPHQVLXQL VH LQWURGXF GLPHQVLXQLOH OLPLW  'LIHUHQ D GLQWUH FHOH GRX GLPHQVLXQL VH QXPHWH FkPS GH WROHUDQ 7  *UDGXO GH DSURSLHUH D FHORU GRX GLPHQVLXQL OLPLW  PD[LP L PLQLP  VH QXPHWH DEDWHUH DEDWHUH VXSHULRDU $ L DEDWHUH LQIHULRDU $  3UHFL]LD GLPHQVLRQDO HVWH DVLJXUDW FkQG GLPHQVLXQHD HIHFWLY D SLHVHL VH vQFDGUHD] vQ FkPSXO GH WROHUDQ SUHVFULV L HVWH FX DWkW PDL PDUH FX FkW FkPSXO GH WROHUDQ HVWH PDL PLF
V L

)LJ  &DUDFWHULVWLFL GH SUHFL]LH JHRPHWULF

 3UHFL]LD SR]L LHL UHFLSURFH 3R]L LD XQRU HOHPHQWH JHRPHWULFH vQ UDSRUW FX DQXPLWH ED]H GH UHIHULQ SRDWH IL DIHFWDW GH DEDWHUL GH OD SR]L LD SUHVFULV PRGHOXO WHRUHWLF FRQVLGHUDW $WkW HOHPHQWHOH JHRPHWULFH FkW L ED]HOH GH UHIHULQ SRW IL VXSUDIH H D[H SODQH GH VLPHWULH $EDWHUHD OLPLW GH SR]L LH HVWH YDORDUHD PD[LP  vQ PRGXO DGPLV GLQ SXQFW GH YHGHUH IXQF LRQDO ID GH SR]L LD QRUPDO  3R]L LD QRPLQDO HVWH SR]L LD HOHPHQWHORU JHRPHWULFH GHWHUPLQDW SULQ GLPHQVLXQL OLQLDUH L XQJKLXODUH QRPLQDOH ID GH ED]D GH UHIHULQ  &DUDFWHULVWLFL GH VWDUH D VXSUDIH HORU SLHVHL GH SUHOXFUDW 6WDUHD JHRPHWULF D VXSUDIH HL SLHVHL GH SUHOXFUDW 2QGXOD LL 5XJR]LWDWH

$EDWHULOH GH IRUP D SURILOXOXL VXQW QHUHFWLOLQLWDWHD L QHFLUFXODULWDWHD RYDOLWDWH FLOLQGULFLWDWH 

*URVLPHD VWUDWXOXL VXSHUILFLDO PRGLILFDW WHUPLF &RPSR]L LH FKLPLF

6WUXFWXUD L SURSULHW LOH VWUDWXOXL VXSHUILFLDO 'HIRUPDUH SODVWLF 5H]LVWHQ D OD X]DUH L FRUR]LXQH

 3UHFL]LD IRUPHL JHRPHWULFH 3LHVHOH VH FRQFHS vQ HWDSD GH SURLHFWDUH FX R IRUP JHRPHWULF LGHDO  )D GH DFHDVWD vQ XUPD SURFHVXOXL GH SUHOXFUDUH FD XUPDUH D LPSHUIHF LXQLL VLVWHPXOXL WHKQRORJLF L IDFWRULORU vQVR LWRUL DL SURFHVXOXL VH RE LQH R IRUP HIHFWLY D SLHVHL FDUH SUH]LQW DEDWHUL ID GH IRUPD QRPLQDO IRUPD LGHDO  3UHFL]LD IRUPHL JHRPHWULFH VH SRDWH FRQVLGHUD ILH H[DPLQkQG SUHFL]LD VXSUDIH HL SLHVHL ILH SULQ VHF LRQDUHD VXSUDIH HL SLHVHL 6H YRU GLVWLQJH DVWIHO DEDWHUL GH IRUP D VXSUDIH HL L DEDWHUL GH IRUP D SURILOXOXL $EDWHULOH GH OD IRUPD GDW D VXSUDIH HL VXQW QHSODQHLWDWHD FRQFDYLWDWHD L FRQYH[LWDWHD L QHFLOLQGULFLWDWHD

 &DUDFWHULVWLFL GH VWDUH D VXSUDIH HORU 6WDUHD VXSUDIH HORU SLHVHORU RE LQXWH vQ XUPD SUHOXFU ULL SRDWH IL GHILQLW SULQ FDUDFWHULVWLFLOH FDUH H[SULP VWDUHD JHRPHWULF L VWDUHD IL]LFRFKLPLF D VXSUDIH HORU UHVSHFWLYH ILJXUD  

GLQWUH GUHDSWD DGLDFHQW VDX D[D DGLDFHQW L SR]L LD QRPLQDO D GUHSWHL UHVSHFWLY D D[HL FRQVLGHUDWH $EDWHULOH GH OD SR]L LD QRPLQDO SRW IL DEDWHUL GH OD FRD[LDOLWDWH L FRQFHQWULFLWDWH DEDWHUL GH OD VLPHWULH DEDWHUL GH OD LQWHUVHFWDUH DEDWHUL GH OD SDUDOHOLVP DEDWHUL GH OD SHUSHQGLFXODULWDWH DEDWHUL GH OD vQFOLQDUH

 &DUDFWHULVWLFL FH H[SULP VWDUHD JHRPHWULF D VXSUDIH HORU 6WDUHD JHRPHWULF D VXSUDIH HL HVWH UHOLHIDW SULQ DEDWHULOH GH IRUP  DEDWHUL GH RUGLQXO  FDUH DX IRVW SUH]HQWDWH vQ VXEFDSLWROXO  RQGXOD LL DEDWHUL GH RUGLQXO  L UXJR]LWDWH DEDWHUL GH RUGLQXO  L    2QGXOD LLOH 2QGXOD LLOH DX DVSHFWXO XQRU YDOXUL FDUH VH VXFFHG SHULRGLF &DX]D DSDUL LHL ORU HVWH QHXQLIRUPLWDWHD SURFHVXOXL GH SUHOXFUDUH YLEUD LLOH GLQ VLVWHPXO WHKQRORJLF HWF 'DF QX VH REVHUY SHULRGLFLWDWH DEDWHUHD QX FRQVWLWXLH RQGXOD LH FL DEDWHUH GH OD IRUPD JHRPHWULF D VXSUDIH HL 2QGXOD LD UHSUH]LQW DQVDPEOXO QHUHJXODULW LORU SHULRGLFH FDUH IRUPHD] DEDWHULOH JHRPHWULFH GH RUGLQXO  L DO F URU SDV HVWH GH FkWHYD RUL PDL PDUH GHFkW DGkQFLPHD ORU

 5XJR]LWDWHD 5XJR]LWDWHD HVWH UHSUH]HQWDW GH XUPHOH U PDVH SH VXSUDID D SLHVHL vQ XUPD SURFHVXOXL GH SUHOXFUDUH ILLQG IRUPDW GLQ DEDWHUL GH RUGLQXO  L GLQ DEDWHUL GH RUGLQXO  $EDWHULOH GH RUGLQXO  FRQVWLWXLH FRPSRQHQWD UXJR]LW LL FX FDUDFWHU SHULRGLF UHVSHFWLY PLFURQHUHJXODULW LOH FDUH GHSLQG GH FLQHPDWLFD SURFHVXOXL GH SUHOXFUDUH $SUHFLHUHD FDQWLWDWLY D UXJR]LW LL VH IDFH SULQ DEDWHUHD PHGLH DULWPHWLF D SURILOXOXL 5  vQ O LPHD PHGLH D QHUHJXODULW LORU 5  DGkQFLPHD PD[LP D QHUHJXODULW LORU 5  Q FD]XO VXSUDIH HORU OLEHUH UXJR]LWDWHD QX DUH GHRVHELW LPSRUWDQ  /D SLHVHOH DVDPEODWH XQGH VXSUDIH HOH YLQ vQ FRQWDFW XQHOH FX DOWHOH UXJR]LWDWHD LQIOXHQ HD]  PHQ LQHUHD UDSRUWXOXL GLPHQVLXQLORU
D ] PD[

 &DUDFWHULVWLFL FH H[SULP VWUXFWXUD L SURSULHW LOH VWUDWXOXL VXSHUILFLDO PRGLILFDW WHUPLF 0RGLILFDUHD SURSULHW LORU IL]LFRFKLPLFH DOH VWUDWXOXL VXSHUILFLDO vQ UDSRUW FH FHOH DOH PDWHULDOXOXL GH ED]  FD XUPDUH D SURFHVXOXL GH SUHOXFUDUH UHSUH]LQW XQ FULWHULX GH DSUHFLHUH D FDOLW LL VXSUDIH HL 3URFHVXO GH SUHOXFUDUH SURYRDF VI UkPDUHD JU XQ LORU FULVWDOLQL GXFkQG OD VFKLPEDUHD JURVLPLL VWUDWXOXL VXSHUILFLDO PRGLILFDW WHUPLF &kPSXO WHUPLF UH]XOWDW SRDWH GHWHUPLQD PRGLILF UL L vQ FHHD FH SULYHWH FRPSR]L LD FKLPLF L VWUXFWXUD PHWDORJUDILF D VWUDWXOXL VXSHUILFLDO PRGLILFDW WHUPLF $VWIHO VWUXFWXUD VWUDWXOXL VXSHUILFLDO GLIHU vQWRWGHDXQD GH FHD D PDWHULDOXOXL GH ED]  6ROLFLW ULOH PHFDQLFH DOH VWUDWXOXL VXSHUILFLDO FRQGXF OD GHIRUPDUHD SODVWLF D DFHVWXLD vQVR LW GH FUHWHUHD PLFURGXULW LL FD XUPDUH D HFUXLV ULL &LFOXO WHUPLF OD FDUH HVWH VXSXV VWUDWXO VXSHUILFLDO L GHIRUPDUHD VD SODVWLF DIHFWHD] VWDUHD GH WHQVLXQL LQWHUQH L PRGLILF P ULPHD L GLVWULEX LD LQL LDO D DFHVWRUD 'H DVHPHQHD vQ XUPD SURFHVXOXL GH SUHOXFUDUH VH FRQVWDW PRGLILF UL DOH VWUDWXOXL VXSHUILFLDO GHWHUPLQDWH GH UH]LVWHQ D OD X]DUH L FRUR]LXQH SUHFXP L H[LVWHQ D L P ULPHD ILVXULORU  6WDQGDUGL]DUHD L WLSL]DUHD 6WDQGDUGL]DUHD HVWH SURFHVXO GH VWDELOLUH L DSOLFDUH D XQRU QRUPH vQ VFRSXO LQWURGXFHULL RUGLQLL vQWUXQ GRPHQLX GH DFWLYLWDWH vQ LQWHUHVXO L FX FRODERUDUHD WXWXURU S U LORU LPSOLFDWH DYkQG vQ YHGHUH SURPRYDUHD SURJUHVXOXL WHKQLF 5HJOHPHQW ULOH FX SULYLUH OD FDOLWDWH HODERUDWH OD QLYHOXO XQHL vQWUHSULQGHUL VDX UDPXUL JHQHUDWH GH DFHLDL QHFHVLWDWH FD L VWDQGDUGL]DUHD SRDUW QXPHOH GH QRUPH WHKQLFH 2 HYROX LH D QRUPHORU D GHWHUPLQDW WLSL]DUHD (VWH YRUED GH R WLSL]DUH VHOHFWLY FkQG VH UHDOL]HD] OLPLWDUHD VRUWLPHQWDO D PDLQLORU L VXEDQVDPEOHORU L R WLSL]DUH FRQVWUXFWLY  FkQG VH UHDOL]HD] R JUXSDUH FRQVWUXFWLY D SURGXVHORU 7LSL]DUHD SUHVXSXQH GRX HOHPHQWH HVHQ LDOH VLPSOLILFDUHD L XQLILFDUHD

GH FRQWDFW vQ OLPLWHOH DGPLVH SHQWUX FDUDFWHULVWLFD GH DVDPEODUH UH]LVWHQ D OD X]XU D VXSUDIH HORU vQ FRQWDFW UH]LVWHQ D OD RERVHDO  UH]LVWHQ D OD FRUR]LXQH GXUDELOLWDWHD DVSHFWXO SUHFL]LD GLPHQVLRQDO SUHFXP L HFRQRPLFLWDWHD SURFHVXOXL GH SUHOXFUDUH

 5HSHUH UHDOL]DWH SULQ SUHOXFU UL PHFDQLFH 3ULQ DSOLFDUHD SURFHGHHORU WHKQRORJLFH VSHFLILFH RULFH PDWHULDO DUH FDSDFLWDWHD GH D SXWHD IL SUHOXFUDW GDF VXQW vQGHSOLQLWH XUP WRDUHOH FHULQ H  GXUDELOLWDWHD VFXOHL DFKLHWRDUH HVWH VXILFLHQW GH ULGLFDW   WLPSXO FkW DUH ORF vQGHS UWDUHD XQHL DQXPLWH FDQWLW L GH PDWHULDO HVWH VXILFLHQW GH VFXUW  SUHFL]LD GH SUHOXFUDUH L FDOLWDWHD VXSUDIH HL SUHOXFUDWH HVWH FHD SUHVFULV   VROLFLWDUHD PHFDQLF L HQHUJHWLF JHQHUDW SULQ DFKLHUH HVWH UHGXV   FRQILJXUD LD DFKLHL HVWH FHD GRULW HWF 3HQWUX LQJLQHUXO WHKQRORJ HVWH GH PD[LP LPSRUWDQ FXQRDWHUHD SUREOHPHORU SUHOXFUDELOLW LL vQ GLIHULWH VW UL DOH PDWHULDOHORU vQWUXFk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vQWUH SURSULHW LOH WHKQRORJLFH GH IDEULFD LH )XQF LH GH DFHDVWD PDWHULDOHOH VH GHSDUWDMHD] vQ FX SUHOXFUDELOLWDWH vQDOW  UHGXV  UHVSHFWLY DPHOLRUDW  'HWHUPLQDUHD SUHOXFUDELOLW LL PDWHULDOHORU GH SUHOXFUDW WUHEXLH LQL LDO HYDOXDW SHQWUX D QX FXPXOD FRVWXUL QHMXVWLILFDWH  (WDSHOH SURLHFW ULL WHKQRORJLLORU GH IDEULFD LH  VWDELOLUHD WLSXOXL GH SURGXF LH SHQWUX DFHDVWD WUHEXLH V DYHP vQ YHGHUH HOHPHQWHOH FDUH V PRWLYH]H RUJDQL]DUHD DFWLYLW LL SHQWUX XQ YROXP PDL PDUH VDX PDL UHGXV GH IDEULFD LH YH]L    DQDOL]D FRQVWUXFWLYWHKQRORJLF D GHVHQXOXL GH H[HFX LH VH UHDOL]HD] vQ FRQFRUGDQ FX VSHFLILFD LLOH H[LVWHQWH  DOHJHUHD VHPLIDEULFDWXOXL L SURLHFWDUHD DFHVWXLD LQJLQHUXO WHKQRORJ DUH vQ YHGHUH SURFHGHHOH GH SURLHFWDUH QHFHVDUH DGDRVXOXL GH PDWHULDO SHQWUX D WUDQVIRUPD VHPLIDEULFDWXO vQ SLHV ILQLW   6WDELOLUHD VXFFHVLXQLL RSHUD LLORU LQkQG FRQW GH SUHFL]LD SURFHGHHORU GH SUHOXFUDUH  DVWIHO vQFkW vQWUH GRX SUHOXFU UL VXFFHVLYH QX VH SRDWH DWLQJH GLIHUHQ PDL PDUH GH GRX FODVH GH SUHFL]LH Q FD]XO vQ FDUH SURFHGHXO GH SUHOXFUDUH ILQDO DVLJXU SUHFL]LD SUHVFULV  GDU QX L



352,(&7$5($ 7(+12/2*,,/25 '( )$%5,&$ ,(

 

 

 $OHJHUHD VHPLIDEULFDWXOXL L SURLHFWDUHD DFHVWXLD 6HPLIDEULFDWXO VH DOHJH vQ IXQF LH GH IRUPD L GLPHQVLXQLOH SLHVHL FH WUHEXLH UHDOL]DW  GH YROXPXO IDEULFD LHL GH PDWHULDOXO LPSXV SURFHGHHOH WHKQRORJLFH WUDQVIRUP ULL vQ SLHV ILQLW  GH FHULQ HOH GH FDOLWDWH LPSXVH SLHVHL 3ULQ DOHJHUHD XQXL VHPLIDEULFDW VH vQ HOHJH IRUP L GLPHQVLXQH PDWHULDO VWDUHD PDWHULDOXOXL DGDRVXO SUHY ]XW OD HODERUDUHD OXL HWF $GDRVXO GH SUHOXFUDUH HVWH GLIHUHQ D GH PDWHULDO FDUH WUHEXLH vQGHS UWDW GH SH VHPLIDEULFDW SHQWUX D UHDOL]D SLHVD ILQLW  0 ULPHD DGDRVXOXL GH SUHOXFUDUH GHSLQGH GH IRUPD L FRQILJXUD LD SLHVHL ILQLWH QDWXUD PDWHULDOXOXL YROXPXO GH SLHVH FH WUHEXLH UHDOL]DWH SRVLELOLW LOH WHKQRORJLFH DOH VHPLIDEULFDWXOXL $OHJHUHD SURFHGHXOXL GH HODERUDUH D VHPLIDEULFDWXOXL DUH vQ YHGHUH FD SH ED]D PDWHULDOXOXL QRPLQDOL]DW GH SURLHFWDQW L HYHQWXDO D VW ULL DFHVWXLD LQJLQHUXO WHKQRORJ V SUHFL]H]H PHWRGD GH HODERUDUH 6H DX vQ YHGHUH XUP WRDUHOH FULWHULL  FULWHULXO FRQVWUXFWLY DGLF PDWHULDOXO DOHV WUHEXLH V FRUHVSXQG FHULQ HORU GH VROLFLWDUH GHULYDWH GLQ FRQGL LLOH GH H[SORDWDUH  FULWHULXO WHKQRORJLF SUHVXSXQH FD VHPLIDEULFDWXO UHVSHFWLY SLHVD ILQLW  V ILH RE LQXWH vQ FRQGL LL GH H[HFX LH QRUPDOH I U DSHODUHD OD VROX LL FRVWLVLWRDUH  FULWHULXO HFRQRPLF UH]XOW GLQ DELOLWDWHD LQJLQHUXOXL WHKQRORJ GH DGRSWDUHD FULWHULLORU DQWHULRDUH SHQWUX D RE LQH HIHFWH FkW PDL IDYRUDELOH Q VFRSXO UHDOL] ULL PDL IDFLOH L HFRQRPLFH D XQRU VHPLIDEULFDWH VD WUHFXW OD HODERUDUHD DFHVWRUD SULQ PHWRGH FRPELQDWH 5HSHUHOH FRPSOH[H VH GHVFRPSXQ vQ HOHPHQWH JHRPHWULFH VLPSOH UHDOL]DELOH SULQ SURFHGHH FRQVDFUDWH DVDPEODWH XOWHULRU SULQ VXGDUH VDX SURFHGHH

FDOLWDWHD SUHOXFU ULL VXSUDIH HL LWLQHUDULXO WHKQRORJLF VH YD FRPSOHWD FX SUHOXFU UL GH ILQLVDUH DGHFYDWH HODERUDUHD LWLQHUDULXOXL WHKQRORJLF FDUH vQVXPHD] vQ RUGLQH ORJLF RSHUD LLOH OD FDUH HVWH VXSXV VHPLIDEULFDWXO SHQWUX WUDQVIRUPDUHD vQ SURGXV ILQLW 3HQWUX ILHFDUH ID] L RSHUD LH VH VSHFLILF XWLODMHOH L 6'9XULOH FX DMXWRUXO F URUD VH SUHOXFUHD] SLHVD GHWHUPLQDUHD ULWPXOXL OLQLHL WHKQRORJLFH VH GHILQHVF RSHUD LLOH SULQ FDUH WUHEXLH V WUHDF VHPLIDEULFDWXO SkQ OD SURGXVXO ILQLW DOHJHUHD XWLODMHORU D 6'9XULORU L D UHJLPXOXL GH SUHOXFUDUH DX[LOLDU QRUPDUHD WHKQLF DFRUGDUHD VXE IRUP GH WLPS QHFHVDUH RSHUDWRUXOXL SHQWUX DL vQGHSOLQLL VDUFLQLOH

 (ODERUDUHD LWLQHUDULXOXL WHKQRORJLF 3UHFL]HD] HWDSL]DUHD LQWHUYHQ LLORU OD FDUH WUHEXLH VXSXV VHPLIDEULFDWXO SHQWUX WUDQVIRUPDUHD vQ SLHVD ILQLW  6H LQH FRQW GH P ULPHD L FRQILJXUD LD VXSUDIH HORU FH GHILQHVF SLHVHOH GH SUHOXFUDW SUHFL]LD LPSXV  FHULQ HOH WHKQRORJLFH SHQWUX LQVWDODUHD vQ YHGHUHD SUHOXFU ULL Q FDGUXO SURFHVHORU WHKQRORJLFH GH SUHOXFUDUH PHFDQLF VH DX vQ YHGHUH XUP WRDUHOH SULQFLSLL  OD SLHVHOH FDUH VH UHDOL]HD] SULQ PDL PXOWH RSHUD LL LQL LDO VH SUHOXFUHD] VXSUDID D FDUH GHYLQH ED] WHKQRORJLF SHQWUX RSHUD LD XUP WRDUH  LQVWDODUHD VHPLIDEULFDWXOXL VH IDFH SHQWUX D DVLJXUD DFFHVXO OD FkW PDL PXOWH VXSUDIH H vQ YHGHUHD SUHOXFU ULL  VXSUDIH HOH L ]RQHOH vQ FDUH PDWHULDOXO DU SXWHD V FRQ LQ GHIHFWH DVFXQVH WUHEXLH SUHOXFUDWH OD vQFHSXWXO FLFOXOXL WHKQRORJLF  HVWH LPSRUWDQW FD GXS DVLJXUDUHD ED]HL WHKQRORJLFH GH SUHOXFUDUH V VH DVLJXUH L ED]D WHKQRORJLF GH P VXUDUH

PHFDQLFH 6ROX LD DUH DYDQWDMXO FDQWLW LL UHGXVH GH PDWHULDO FRQVHUYkQG FDUDFWHULVWLFLOH IXQF LRQDOH LQL LDOH 6WDELOLUHD IRUPHL FRQVWUXFWLYH D UHSHUHORU L VXEDQVDPEOXULORU VXGDWH WUHEXLH V DVLJXUH XWLOL]DUHD UD LRQDO D SURFHGHHORU GH VXGDUH DVLJXUDUHD SURGXFWLYLW L ULGLFDWH 3UHOXFU ULOH XOWHULRDUH VXQW UHGXVH OD PLQLP /D IHO WHQVLXQLOH UHPDQHQWH L GHIRUPD LLOH VXQW GLPLQXDWH FHHD FH FRQGXFH OD FDUDFWHULVWLFL GH XWLOL]DUH IDYRUDELOH FKHOWXLHOL GH IDEULFD LH L FRQVXPXUL UHGXVH  /D DOHJHUHD UHVSHFWLY SURLHFWDUHD VHPLIDEULFDWHORU WUHEXLH V VH DLE vQ YHGHUH XUP WRDUHOH  UHSHUHOH GH IRUP FRPSOH[  FDUH QX WUHEXLH V SUHLD RFXUL VROLFLW UL GH vQWLQGHUH VDX vQFRYRLHUH VH UHDOL]HD] SULQ WXUQDUH GLQ IRQW FHQXLH  UHSHUHOH FX VXSUDIH HOH FRPSOH[H LQWHQV VROLFLWDWH VH UHDOL]HD] SULQ WXUQDUH GLQ R HO  UHSHUHOH FX FRQILJXUD LH UHODWLY VLPSO  VXSXVH VROLFLW ULORU LQWHQVH VH H[HFXW SULQ IRUMDUH VDX PDWUL DUH  UHSHUHOH FRQVWLWXLWH GLQ VXSUDIH H FX FRQILJXUD LL DSURSLDWH DOH VHF LXQLL WUDQVYHUVDOH VH UHDOL]HD] GLQ VHPLIDEULFDWH ODPLQDWH  VWUXFWXULOH PHWDOLFH FRPSOH[H VH UHFRPDQG D IL UHDOL]DWH GLQ HOHPHQWH VXGDWH SHQWUX FDUH FRQVXPXO GH PDWHULDOH PDQRSHU L FRVWXUL vQ JHQHUDO VXQW UHODWLY UHGXVH

 R ULJLGLWDWH VXILFLHQW D VHPLIDEULFDWXOXL WUHEXLH PHQ LQXW SH GXUDWD SUHOXFU ULL LDU GLPLQXDUHD DFHVWHLD VH DGPLWH VSUH WHUPLQDUHD FLFOXOXL GH SUHOXFUDUH  HVWH QHFHVDU GLIHUHQ LHUHD VXSUDIH HORU FRPSRQHQWH DOH SLHVHORU GXS LPSRUWDQ  FHHD FH IDFH FD SUHOXFUDUHD FHORU FX ULVF ULGLFDW GH GHWHULRUDUH V VH SUHYDG VSUH WHUPLQDUHD FLFOXOXL GH SUHOXFUDUH  SULQ VXFFHVLXQHD RSHUD LLORU WUHEXLH V VH FRQVHUYH ED]D GH DH]DUH  SULQ VXFFHVLXQHD RSHUD LLORU WUHEXLH FD vQ FDGUXO QRUPHL GH WLPS V FUHDVF LPSRUWDQ D WLPSXOXL GH ED] ID GH FHOHODOWH HOHPHQWH FRPSRQHQWH  GHRVHELW GH LPSRUWDQW HVWH FD DIHFWDUHD HFKLOLEUXOXL WHQVLXQLORU LQWHUQH SULQ vQGHS UWDUHD PDWHULDOXOXL V QX GLVWRUVLRQH]H SLHVD FHHD FH vQVHPQHD] SUHYHGHUHD WUDWDPHQWHORU QDWXUDOH VDX DUWLILFLDOH SHQWUX VWDELOL]DUHD GLPHQVLRQDO   VH UHFRPDQG SUHOXFUDUHD VLPXOWDQ VDX VXFFHVLY D PDL PXOWRU VXSUDIH H VDX SLHVH OD DFHHDL LQVWDODUH SH XWLODMXO GH SUHOXFUDUH ,WLQHUDULXO WHKQRORJLF SHQWUX SUHOXFUDUHD SULQ SURFHGHH PHFDQLFH D SLHVHORU VH vQWRFPHWH FRPSOHWkQG WDEHOXO  ,WLQHUDUXO WHKQRORJLF SHQWUX SUHOXFUDUH PHFDQLF 1U 2SHUD LD 6FKL D GH 8WLODM 6FXOH FUW ID]D SUHOXFUDUH 7DEHOXO  'LVSR]LWLYH $SDUDWH P VXU

/D vQWRFPLUHD VFKL HL GH SUHOXFUDUH VH UHFRPDQG V VH DLE vQ YHGHUH XUP WRDUHOH WDEHOXO    SHQWUX RSHUD LLOH L ID]HOH QHFHVDUH VHPLIDEULFDWXO L XOWHULRU SLHVD VH UHSUH]LQW vQ SR]L LD GH LQVWDODUH DGHFYDW SUHOXFU ULL  VXSUDID D FDUH VH SUHOXFUHD] OD R DQXPLW RSHUD LH VDX ID]  VH UHSUH]LQW FX R OLQLH vQJURDW  6FKL D GH SUHOXFUDUH WUHEXLH V FRQ LQ XQ QXP U VXILFLHQW GH YHGHUL VHF LXQL SHQWUX D FXSULQGH FRWHOH FDUH GHILQHVF SR]L LD VXSUDIH HORU GH SUHOXFUDW vQ UDSRUW FX ED]HOH GH FRWDUH  SH VFKL D XQHL RSHUD LL VDX ID]H VH vQVFULX QXPDL FRWHOH DEDWHULOH UXJR]LWDWHD OHJDWH GH GHILQLUHD VXSUDIH HL QRX RE LQXWH  ED]HOH WHKQRORJLFH DX DWDDWH VLPEROXUL WLSL]DWH  'HWHUPLQDUHD ULWPXOXL OLQLHL WHKQRORJLFH (VWH VSHFLILF IDEULFD LHL GH VHULH L PDV  $UH GUHSW VFRS DVLJXUDUHD ULWPLF D VHPLIDEULFDWHORU L PDWHULDOHORU QHFHVDUH XQLIRUPL]DUHD vQF UF ULL XWLODMHORU GH SUHOXFUDUH LPSOLFDWH

 $OHJHUHD XWLODMHORU D 6'9XULORU L D UHJLPXOXL GH SUHOXFUDUH DX[LOLDU $OHJHUHD 6'9XULORU HVWH IXQF LH GH  WLSXO SURGXF LHL  FRQILJXUD LD GLPHQVLXQLOH L PDVD VHPLIDEULFDWXOXL  XWLODMXO GH SUHOXFUDUH LPSOLFDW  RSHUD LLOH L ID]HOH QRPLQDOL]DWH  SUHFL]LD VHPLIDEULFDWXOXL L D SLHVHL ILQLWH  SDUDPHWULL GH OXFUX VROLFLW ULOH GLQ WLPSXO SUHOXFU ULL 2UL GH FkWH RUL HVWH SRVLELO VH QRPLQDOL]HD] 6'9XUL GLQ GRWDUHD XWLODMXOXL GH SUHOXFUDUH WLSL]DWH QRUPDOL]DWH SULQ  GHQXPLUH WLS YDULDQW FRQVWUXFWLY   QRUPD GH OLYUDUH  FDUDFWHULVWLFLOH FRQVWUXFWLYH L IXQF LRQDOH Q FD]XO Fk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vQGHSOLQLWH GH RSHUDWRU 1RUPDUHD WHKQLF FRQ LQH QRUPD GH WLPS VWLSXOHD] GXUDWD DFRUGDW SHQWUX UHDOL]DUHD XQHL DQXPLWH DFWLYLW L QRUPD GH SURGXF LH VWLSXOHD] YROXPXO VDX QXP UXO GH SURGXVH FH WUHEXLH UHDOL]DWH vQWUR SHULRDG GDW  YROXPXO GH VHUYLUH VH UHIHU OD QXP UXO GH XWLODMH FH WUHEXLH VXSUDYHJKHDWH GH XQ RSHUDWRU QRUPD GH SHUVRQDO VH UHIHU OD QXP UXO GH RSHUDWRUL QHFHVDUL SHQWUX D UHDOL]D R DQXPLW DFWLYLWDWH  1RUPDUHD WHKQLF

3ULQ GHWHUPLQDUHD P ULPLL ORWXOXL RSWLP VH HYLW DJORPHUDUHD H[FHVLY D SLHVHORU SH OLQLD GH IDEULFD LH LDU 6'9XULOH VH PHQ LQ OD ORFXO GH XWLOL]DUH R GXUDW RSWLP 

)XQF LH GH VWDGLXO GH DSOLFDUH QRUPHOH WHKQLFH SRW ILH QRUPH SURYL]RULL VDX QRUPH GHILQLWLYH Q YHGHUHD HODERU ULL XQHL WHKQRORJLL GH IDEULFD LH D XQXL SURGXVUHSHU HVWH QHFHVDU SUH]HQWDUHD GHVHQXOXL GH H[HFX LH D UHSHUXOXL UHVSHFWLY GHVHQXO GH DQVDPEOX DO SURGXVXOXL

1U FUW

'HQXPLUHD RSHUD LHL   'HELWDUHD / PP

 7DEHOXO  (ODERUDUHD LWLQHUDULXOXL WHKQRORJLF OD XQ DUERUH PHOFDW


6FKL D RSHUD LHL 08 (FKLSDPHQW WHKQRORJLF 'LVSR]L WLYH FX WUHL EDFXUL 6FXOH &X LW SHQWUX   &X LW SHQWUX SUHOXFUDUHD IURQWDO  67$6   UHWH]DUH 67$6 FDWRDUH 0HWUX 9HULIL



61 

8QLYHUVDO

   



6WUXQMLUHD / IURQWDO   PP

61 

8QLYHUVDO FX WUHL EDFXUL

XEOHU



&HQWUXLUH

61 

FRPELQDW GH FHQWUDUH I U SURWHF LH FRQ GH

%XUJKLX

8QLYHUVDO FX WUHL EDFXUL

XEOHU GH DGkQ FLPH



6H vQWRDUFH SLHVD  6WUXQMLUH /  PP IURQWDO 

61 

&X LW SHQWUX SUHOXFUDUHD IURQWDO  67$6   %XUJKLX FRPELQDW GH FHQWUDUH I U FRQ GH SURWHF LH 67$6   &X LW SHQWUX SUHOXFUDUH FLOLQGULF H[WHULRDU  67$6   &X LW SHQWUX SUHOXFUDUH FLOLQGULF H[WHULRDU  67$6   &X LW SHQWUX SUHOXFUDUH FLOLQGULF H[WHULRDU  67$6  

8QLYHUVDO FX WUHL EDFXUL

XEOHU



6WUXQMLUH FLOLQGULF H[WHULRDU  [  [  PP 6WUXQMLUH FLOLQGULF  [  PP

61 

&X LW SHQWUX SUHOXFUDUH FLOLQGULF H[WHULRDU  67$6   &X LW SHQWUX SUHOXFUDUH FLOLQGULF H[WHULRDU  67$6   &X LW SHQWUX 67$6   WHLW

YkUIXUL URWDWLYH 'RX YkUIXUL

'RX

XEOHU



61

XEOHU

URWDWLYH



&HQWUXLUH

61 

8QLYHUVDO FX WUHL EDFXUL

XEOHU GH DGkQ FLPH



7HLUH OD    6WUXQMLUH PHOF

 61 

61

URWDWLYH YkUIXUL URWDWLYH 'RX 0LFUR PHWUX

YkUIXUL

'RX



&X LW SURILODW

6H SULQGH SLHVD vQWUH YkUIXUL 6WUXQMLUH  FLOLQGULF H[WHULRDU  [  PP  6WUXQMLUH FLOLQGULF H[WHULRDU  [  PP 6WUXQMLUH FLOLQGULF H[WHULRDU  [  [  PP

61 

YkUIXUL URWDWLYH 'RX

'RX

XEOHU

 

)UH]DUH FDQDO SDQ

0DLQ



61

URWDWLYH 'RX YkUIXUL XEOHU

YkUIXUL

XEOHU   7UDWDPHQW WHUPLF & OLUH PDUWHQVLWLF YROXPLF  UHYHQLUH vQDOW

RUL]RQ WDO

GH IUH]DW

)UH] FLOLQGUR IURQWDO  WLS GHJHW 67$6  

XEOHU PLFUR PHWUX





61

 

URWDWLYH  

5HFWLILFDU H GH GHJURDUH OD  [  [  PP &RQWURO &7&

UHFWLIL FDW

0DLQ GH

SODQ  67$6  

3LDWU FLOLQGULF

URWDWLYH

'RX YkUIXUL

0LFUR PHWUX

3URFHVHOH GHRVHELW GH FRPSOH[H SULQ FDUH VH RE LQ EXQXUL PDWHULDOH L PLMORDFH GH SURGXF LH QHFHVDUH VRFLHW LL FRQVWLWXLH GRPHQLXO GH DFWLYLWDWH DO LQJLQHULORU 0RGXO vQ FDUH VXQW FRQGXVH DFHVWH SURFHVH VXE DVSHFWXO HILFLHQ HL HFRQRPLFH L DO FDOLW LL SURGXVHORU PDQLHUD vQ FDUH VXQW JHVWLRQDWH WRDWH DFHVWH UHVXUVH FRQVWLWXLH SUHRFXSDUHD HFRQRPLWLORU L VWDELOHWH DVWIHO FRQOXFUDUHD LQJLQHUHFRQRPLVW $FWLYLWDWHD FXUHQW  vQ SURGXF LH D QHFHVLWDW XQ VFKLPE SHUPDQHQW GH RSLQLL HFRQRPLVWLQJLQHU FHHD FH SUHVXSXQH XQ OLPEDM FRPXQ FDUH WUHEXLH V VH ED]H]H SH FXQRDWHUHD GH F WUH HFRQRPLVL D XQRU QR LXQL WHKQRORJLFH GH ED]  ,Q VXPDU VH SRDWH DUDWD F WHKQRORJLD GH RE LQHUH D XQXL SURGXV LQIOXHQ HD] GLUHFW RUJDQL]DUHD vQWUHSULQGHULL FRVWXULOH GH SURGXF LH PRGXO GH YDORULILFDUH D LQYHVWL LLORU L UHVXUVHORU PRGXO GH XWLOL]DUH D IRU HL GH PXQF  & XUPDUH UHGXFHUHD FRQVXPXULORU FUHWHUHD UHQWDELOLW LL L SURGXFWLYLW LL FDOLWDWHD SURGXVHORU WUHEXLH V SUHRFXSH DWkW SH LQJLQHU FkW L SH HFRQRPLVW vQ FRQGL LLOH HFRQRPLHL FRQFXUHQ LDOH GH DVW ]L &RODERUDUHD LQJLQHUHFRQRPLVW WUHEXLH V VH PDQLIHVWH SRWULYLW VWDQGDUGHORU GH FDOLWDWH ,62  vQF GLQ ID]D GH FHUFHWDUH L SURLHFWDUH D SURGXVHORU QX VH PDL SRDWH GLVFXWD DVW ]L GHFkW vQ WHUPHQLL DFHVWRU VWDQGDUGH FRODERUDUH FDUH VH PDQLIHVW PDL GHSDUWH vQ HODERUDUHD SURFHVXOXL WHKQRORJLF GH SURGXF LH D EXQXULORU PDWHULDOH &RODERUDUHD LQJLQHUHFRQRPLVW DUH vQ YHGHUH L ID]H FKLDU vQDLQWHD SURLHFW ULL SURGXVHORU $VW ]L QX VH PDL SURGXF EXQXUL PDWHULDOH GHFkW SH ED] GH FRPDQG  $WLQJHUHD DFHVWXL GH]LGHUDW PDMRU GH D DYHD FRPDQG vQVHDPQ PXOWH DFWLYLW L SH FDUH OH vQGHSOLQHVF vQ SULPXO UkQG HFRQRPLWLL $FHVWH DFWLYLW L VH GHVI RDU vQ VIHUD FRQFXUHQ LDO D SURGXVXOXL UHVSHFWLY L YL]HD]  PDUNHWLQJ VWXGLXO SLH HL  QHYRL QRL SURGXVH QRL VRUWLPHQWH FDOLWDWH  VWXGLL HFRQRPLFH IH]DELOLWDWH DPSODVDPHQW SUREOHPH GH PHGLX  GLPHQVLXQHD SURGXF LHL DSURYL]LRQDUH FDQWLW L FDOLWDWHD PDWHULLORU SULPH VL PDWHULDOHORU  GHVIDFHUH GHVWLQD LH  (FRQRPLWLL VXQW VROLFLWD L VD SDUWLFLSH L OD GHVI XUDUHD SURFHVHORU GH SURGXF LH V DQJDMH]H GLVFX LL FX SURGXF WRULL L EHQHILFLDULL UHIHULWRU OD GROHDQ HOH DFHVWRUD VLWXD LL vQ FDUH I U FXQRWLQ H WHKQRORJLFH VH SRW FUHD GLILFXOW L PDUL vQ vQ HOHJHULOH VWDELOLWH

 (/(0(17( '( 0(5&(2/2*,(

FX SDUWHQHULL PDL DOHV FHL FRQFXUHQ LDOL L vQ PRG GHRVHELW vQ OXDUHD GHFL]LHL RSWLPH 0DUID FD RELHFW DO VFKLPEXULORU HFRQRPLFH DUH SURSULHW L JHQHUDOH L VSHFLILFH FDUHL GDX R DQXPLW XWLOLWDWH SHQWUX VDWLVIDFHUHD XQHL QHYRL vQ JUDGH L LQWHQVLW L GLIHULWH 6WXGLHUHD JUDGXOXL GH DFRSHULUH L GH VDWLVIDFHUH DO QHYRLORU SULQ LQWHUPHGLXO FDOLW LL L VRUWLPHQWHORU GH P UIXUL UHYLQH vQ SULQFLSDO GLVFLSOLQHL QXPLW 0HUFHRORJLH  &XYkQWXO 0(5&%2/2*,( SURYLQH GH OD PHU[PHUFLV PDUMD L ORJRV 0(5&(2/2*,$ LWDO  6&,(1&( 2) &2002',7( &211$,66$1&( '( 0$5&+$1',6(6 :$5(1.81'( 7$9$529('(1,( UXV  0HUFHRORJLD DUH FD RELHFW GH VWXGLX SURSULHW LOH P UIXULORU FDUH OH FRQIHU XWLOLWDWH UHVSHFWLY FDOLWDWH UHDOL]DW vQ VWUkQV OHJ WXU FX FHULQ HOH SLH HL SHQWUX VDWLVIDFHUHD QHYRLORU FRQVXPDWRULORU vQ FRQGL LL GH HILFLHQ HFRQRPLF  0HUFHRORJLD HVWH WLLQ D FHUFHW ULL WHKQLFRHFRQRPLFH D SURGXVHORU vQWUR FRQFHS LH LQWHJUDWRDUH D XWLOLW LL D FDOLW LL UDSRUWDW OD QHFHVLWDWH L HILFLHQ HFRQRPLFRVRFLDO  2ELHFWXO PHUFHRORJLHL D HYROXDW SHUPDQHQW vQ IRUP L FRQ LQXW RGDW FX GH]YROWDUHD SURGXF LHL L FRPHU XOXL Q PDQXDOXO GH PHUFHRORJLH DO OXL $UVHQLH 9ODLFX DS UXW OD %UDRY vQ  VH DU WD 0HUFHRORJLD HVWH VWXGLXO RULJLQLL SURGXVHORU D SURSULHW LORU HVHQ LDOH IL]LFH D LQGLFLORU GH YHULWDELOLWDWH L EXQ WDWH SUHFXP L D PLMORDFHORU GH D VWDELOL DFHVWH FDOLW L L GH D GHVFRSHUL DOWHUD LXQLOH L IDOVLILFD LXQLOH P UIXULORU  'DWRULW FDUDFWHUXOXL FRPSOH[ L GLQDPLF DO FDOLW LL PHUFHRORJLD VWXGLD] SURGXVHOH GLQ SXQFW GH YHGHUH WHKQLF HFRQRPLF L VRFLDO 6WXGLXO P UIXULORU GLQ SXQFW GH YHGHUH WHKQLF SUHVXSXQH FXQRDWHUHD WHPHLQLF D SULQFLSDOHORU SURSULHW L DOH SURGXVHORU ILQLWH SUHFXP L D PRGXOXL GH UHIOHFWDUH vQ QLYHOXO FDOLW LL D IDFWRULORU FDUH DF LRQHD] vQ VIHUD SURGXF LHL PDWHULL SULPH RSHUD LL WHKQRORJLFH L D FHORU FDUH OH LQIOXHQ HD] GLQ GRPHQLXO FRPHU XOXL DPEDODUH WUDQVSRUW GHSR]LWDUH HWF  $FHVWH FXQRWLQ H VH FRQVWLWXLH vQ IXQF LD WHKQLF D PHUFHRORJLHL SULQ LQWHUPHGLXO F UHLD OXFU WRULL L VSHFLDOLWLL GLQ VIHUD FLUFXOD LHL SRW LQIOXHQ D SURGXF LD GH P UIXUL L VHUYLFLL SULQ LQWHUPHGLXO FRQWUDFWHORU SHQWUX DGDSWDUHD HL OD FHULQ HOH FDOLWDWLYH L VRUWLPHQWDOH VROLFLWDWH GH FRQVXPDWRUL $OHJHUHD YDULDQWHORU GH SURGXV GXS PRGXO GH FRUHODUH D SULQFLSDOHORU FHULQ H GH FDOLWDWH VROLFLWDWH GH FRQVXPDWRUL SULQ WHVWHOH GH PDUNHWLQJ UHSUH]LQW HVHQ D DFHVWHL IXQF LL

)XQF LD HFRQRPLF D PHUFHRORJLHL GHULY GLQ QHFHVLWDWHD VWXGLHULL LPSOLFD LLORU GH QDWXU HFRQRPLF D QLYHOXOXL FDOLW LL SURGXVHORU L VHUYLFLLORU OD SURGXF WRU FKHOWXLHOL GH SURGXF LH L EHQHILFLDU FKHOWXLHOL GH IXQF LRQDUH vQWUH LQHUH UHSDUD LL SHQWUX FUHWHUHD JUDGXOXL GH FRPSHWLWLYLWDWH SH SLD  2SWLPL]DUHD FDOLW LL P UIXULORU vQ IXQF LH GH FRVWXULOH GH IDEULFD LH FKHOWXLHOLOH GH FRPHUFLDOL]DUH L XWLOL]DUH SHQWUX UHDOL]DUHD GH SURGXVH XWLOH L UHQWDELOH RFXS XQ URO LPSRUWDQW vQ FDGUXO DFHVWHL IXQF LL 2SWLPL]DUHD JDPHL VRUWLPHQWDOH GH P UIXUL vQ IXQF LH GH FRUHOD LD FULWHULLORU GH FDOLWDWH FX FHOH HFRQRPLFH FRQVXP GH PDWHULL SULPH HQHUJLH L VRFLDOH HUJRQRPLFH HFRORJLFH SUHFXP L GH IOXFWXD LLOH FHUHULL L RIHUWHL UHSUH]LQW GRPHQLL QRL DOH PHUFHRORJLHL PRGHUQH &XQRDWHUHD HIHFWHORU VRFLDOH DOH P UIXULORU SUHVXSXQH FHUFHWDUHD XQRU SURSULHW L FDUH LQIOXHQ HD] GLUHFW VDX LQGLUHFW VWDUHD GH V Q WDWH D RDPHQLORU QLYHOXO GH FXOWXU L FLYLOL]D LH HVWHWLF HWF 5H]XOW F IXQF LD VRFLDO D PHUFHRORJLHL FRQVW vQ DSOLFDUHD vQ SUDFWLF D FXQRWLQ HORU UHIHULWRDUH OD SURSULHW LOH FDUH GHWHUPLQ R DQXPLW UHOD LH FH DSDUH v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vQFRQMXU WRU vQ FD]XO XQRU SURGXVH SROXDQWH L SRVLELOLW LOH GH UHLQWURGXFHUH D ORU vQ FLUFXLWXO HFRQRPLF 0HUFHRORJLD VWXGLD] P UIXULOH vQ VIHUD FLUFXOD LHL WHKQLFRHFRQRPLFH vQ WRDWH HWDSHOH ORJLVWLFH DOH DFHVWHLD vQWUH FDUH VH VWDELOHWH XQ FLUFXLW LQIRUPD LRQDO GXV L vQWRUV SULYLQG HYROX LD vQ WLPS L VSD LX D FDOLW LL L D JDPHL VRUWLPHQWDOH &RPSRQHQWD FDOLW LL GLQ FDGUXO RELHFWXOXL GH VWXGLX DO PHUFHRORJLHL V D GH]YROWDW IRDUWH PXOW vQ XOWLPD SHULRDG GH WLPS vQFkW WLQGH V GHYLQ R QRX WLLQ FX GHQXPLUL FXP VXQW PDQDJHPHQWXO FDOLW LL  LQJLQHULD FDOLW LL  LDU VSHFLDOLWLL VXQW PDQDJHUL VLVWHP FDOLWDWH  VDX LQJLQHUL FRPHUFLDOL  )XQF LD FDOLW LL vQ PDQDJHPHQWXO vQWUHSULQGHULORU HVWH LQGLVSHQVDELO  vPSUHXQ FX IXQF LD GH PDUNHWLQJ ILQDQFLDU L DOWHOH SRW DVLJXUD XQ JUDG VXSHULRU GH FRPSHWLWLYLWDWH D SURGXVHORU L VHUYLFLLORU vQ FDGUDL FRQFXUHQWHL VSHFLILFH HFRQRPLHL GH SLD  0HUFHRORJLD D DS UXW FD GLVFLSOLQ vQ DUD QRDVWU  RGDW FX vQILLQ DUHD SULPHORU FROL FRPHUFLDOH  OD %XFXUHWL vQ  L *DOD L vQ  L FX

SULPHOH F U L HODERUDWH GH 0 0DOLDQ vQ  L $UVHQLH 9ODLFX vQ  'H]YROWDUHD SURGXF LHL GH P UIXUL L D FRPHU XOXL D GHWHUPLQDW FUHWHUHD QXP UXOXL GH FROL FRPHUFLDOH L vQILLQ DUHD vQY PkQWXOXL &RPHUFLDO 6XSHULRU OD $FDGHPLD GH vQDOWH 6WXGLL &RPHUFLDOH L ,QGXVWULDOH OD %XFXUHWL vQ  L &OXM vQ DQXO  XQGH VD SUHGDW 6WXGLXO P UIXULORU 

 0HWRGD PHUFHRORJLHL  0HWRGHOH GH FHUFHWDUH XWLOL]DWH GH PHUFHRORJLH 6WXGLXO P UIXULORU VH UHDOL]HD] SULQ LQWHUPHGLXO PDL PXOWRU PHWRGH DYkQG OD ED] FRQFHS LD SRWULYLW F UHLD SURGXVHOH VXQW FRQVLGHUDWH FD XQ VLVWHP GH VWUXFWXUL L IXQF LL FDUH SDUWLFLS vQ GLIHULWH SURSRU LL OD VWDELOLUHD QLYHOXOXL FDOLWDWLY OD XQ PRPHQW GDW 3ULQFLSLLOH GH ED] DOH PHWRGRORJLHL GH FHUFHWDUH D FDOLW LL SURGXVHORU VXQW  VWDELOLUHD FRQFRUGDQ HL GLQWUH QHFHVLWDWH L SURGXV UHDOL]DW vQ FRQGL LL GH HILFLHQ HFRQRPLF OD SURGXF WRU L EHQHILFLDU  LQWHJUDUHD UH]XOWDWHORU SDU LDOH GHWHUPLQDUHD P ULPLL SURSULHW LORU vQWUXQ VLVWHP ORJLF WLLQ LILF vQ YHGHUHD FRQVWLWXLULL vQWUHJXOXL UHVSHFWLY FDOLW LL SURGXVXOXL  FRPSOHWDUHD UHFLSURF D PHWRGHORU SHQWUX RE LQHUHD UH]XOWDWXOXL ILQDO L FkW PDL H[DFW DO FDOLW LL SURGXVXOXL GHWHUPLQ UL GH ODERUDWRU L RUJDQROHSWLFH   &ODVLILFDUHD L FDUDFWHUL]DUHD SULQFLSDOHORU WLSXUL GH PHWRGH GH FHUFHWDUH D FDOLW LL SURGXVHORU 0HWRGHOH GH FHUFHWDUH DOH PHUFHRORJLHL VDX SHUIHF LRQDW FRQWLQXX GDWRULW GH]YROW ULL WLLQ HL L WHKQLFLL D SURGXF LHL GH P UIXUL FHHD FH D GHWHUPLQDW DSDUL LD D QRL WHKQLFL GH GHWHUPLQDUH D QLYHOXOXL FDOLWDWLY DO SURGXVHORU vQ FHUFHWDUHD FDOLW LL SURGXVHORU VH XWLOL]HD] D PHWRGH JHQHUDOH GLQWUH FDUH VH SRW HQXPHUD PHWRGD LQGXFWLY  GHGXFWLY  DQDOL] L VLQWH]  PDWHPDWLF L LQIRUPDWLF  VWDWLVWLF 

0HWRGD LQGXFWLY SHUPLWH VWDELOLUHD XQRU OHJ WXUL FDX]DOH D XQRU OHJLW L JHQHUDOH vQWUH GDWHOH DFXPXODWH vQ WLPS $FHVWHD VWDX OD ED]D HODERU ULL XQRU SURJQR]H L VWUDWHJLL SRUQLQG GH OD SDUWLFXODU OD JHQHUDO 0HWRGD GHGXFWLY XWLOL]HD] XQHOH WHKQLFL SRUQLQG GH OD JHQHUDO SHQWUX D FXQRDWH SDUWLFXODUXO $QDOL]D SUHVXSXQH GHVFRPSXQHUHD XQXL SURGXV vQ S U L FRQVWLWXWLYH SHQWUX FXQRDWHUHD DSRUWXOXL ILHF UHL S U L OD FDOLWDWHD DQVDPEOXOXL D vQWUHJXOXL SURGXV VDX VHUYLFLX 6LQWH]D SHUPLWH UHJUXSDUHD S U LORU RELHFWXOXL GHVFRPSXV SULQ DQDOL]  GHRDUHFH SURGXVXO VH XWLOL]HD] FD vQWUHJ ILLQG FRQVLGHUDW FD XQ VLVWHP GH UHOD LL GLQWUH VWUXFWXULOH VDOH SURSULHW L IXQF LL L QHFHVLW LOH XPDQH

0HWRGHOH PDWHPDWLFH RIHU XQ LQVWUXPHQW YDORURV GH OXFUX L GH DQDOL]D D SUREOHPHORU OHJDWH GH FDOLWDWHD SURGXVHORU D RSWLPL] ULL VWUXFWXULL VRUWLPHQWXOXL GH P UIXUL D HVWLP ULL L FXDQWLILF ULL FDOLW LL 0HWRGHOH VWDWLVWLFH VXQW XWLOL]DWH SHQWUX SUHOXFUDUHD DQDOL]D L LQWHUSUHWDUHD UH]XOWDWHORU L DX DYDQWDMXO F SHUPLW JHQHUDOL]DUHD GDWHORU GH OD QLYHOXO HDQWLRQXOXL SUREHL OD FHO DO ORWXOXL GH SURGXVH E PHWRGHOH FODVLFH VSHFLILFH VXQW SVLKRVHQ]RULDOH L H[SHULPHQWDOH FDUH VH SRW XWLOL]D VHSDUDW VDX vPSUHXQ  0HWRGHOH SVLKRVHQ]RULDOH QXPLWH L RUJDQROHSWLFH VH ED]HD] SH XWLOL]DUHD VLP XULORU L RIHU SULPHOH LQIRUPD LL GHVSUH IRUP  P ULPH FXORDUH DVSHFW H[WHULRU JXVW GHJUDGDUH HWF 0HWRGD WLSRORJLF VH DSOLF OD VWXGLHUHD VRUWLPHQWXOXL GH P UIXUL SHUPLWH GHVSULQGHUHD GLQ WRWDOLWDWHD GDWHORU GH REVHUYD LH D DFHORU FDUDFWHUH FDUH SULQ vPELQDUH SRW DOF WXL R VFKHP GH UHOD LL FX R DQXPLW FRHUHQ L FRQVLVWHQ SHQWUX D GHYHQL R VFKHP GH UHIHULQ D JDPHL VRUWLPHQWDOH D JHQHUD LLORU GH SURGXVH 0HWRGHOH SVLKRVHQ]RULDOH DX R ODUJ DSOLFDELOLWDWH vQ FXQRDWHUHD P UIXULORU LDU SHQWUX XQHOH P UIXUL VXQW KRW UkWRDUH vQ DSUHFLHUHD FDOLW LL (OH VXQW UDSLGH L HFRQRPLFH 0HWRGHOH H[SHULPHQWDOH DX XQ FDUDFWHU RELHFWLY UH]XOWDWHOH VXQW UHSURGXFWLELOH 6H DSOLF SULQ WHVW UL DQDOL]H P VXU WRUL VLPXO UL FDUH WLQG V UHSURGXF ILGHO FRQGL LLOH UHDOH GH XWLOL]DUH 'DWRULW SUHFL]LHL ULGLFDWH RELHFWLYLW LL ORU D UHSURGXFWLELOLW LL VXQW VWDQGDUGL]DWH 6H FRUHOHD] GHVHRUL FX UH]XOWDWHOH PHWRGHORU SVLKRVHQ]RULDOH $QDOL]D VWUXFWXULL P UIXULORU HVWH DVRFLDW FX DQDOL]D FRPSR]L LHL L SHUPLWH LGHQWLILFDUHD PDWHULHL SULPH $QDOL]D IXQF LRQDO VH DSOLF WXWXURU SURGXVHORU FX JUDG ULGLFDW GH WHKQLFLWDWH L FRQVW vQ YHULILFDUHD SH VWDQGXUL GH SUREH vQ ODERUDWRDUH SROLJRDQH D QLYHOXOXL SHUIRUPDQ HORU vQ WLPS (D VH H[WLQGH L PDL PXOW vQ FRQGL LLOH SURGXF LHL GH SURGXVH GH IRORVLQ vQGHOXQJDW OD FDUH SURSULHW LOH WHKQLFRIXQF LRQDOH DX R SRQGHUH vQVHPQDW ID GH FHOHODOWH JUXSH GH SURSULHW L $QDOL]D FRPSDUDWLY VH IRORVHWH SHQWUX LHUDUKL]DUHD SURGXVHORU vQ IXQF LH GH QLYHOXO FDOLW LL DWLQV SH SLD D LQWHUQ L H[WHUQ LQkQG VHDPD GH PDL PXOWH FULWHULL FXP DU IL SURSULHW LOH HVHQ LDOH HILFLHQ D ORU vQ IRORVLUH UDSRUWDWH OD SUH  $FHDVW DQDOL] HVWH IRDUWH GHV XWLOL]DW GHL QX RIHU vQWRWGHDXQD FRQFOX]LLOH FHOH PDL YHUVDWLOH F 0HWRGH PRGHUQH GH FRQFHS LH VXQW DQDOL]D YDORULL DQDOL]D PRUIRORJLF  PHWRGD EUDLQVWRUPLQJ $FHVWH PHWRGH XUP UHVF

vPEXQ W LUHD FDOLW LL L HILFLHQ HL HFRQRPLFH D SURGXVHORU L VHUYLFLLORU vQF GLQ ID]D GH FRQFHS LHSURLHFWDUH $QDOL]D YDORULL WHKQLFRHFRQRPLF XUP UHWH SH ILHFDUH SURGXV VWDELOLUHD XQRU FRUHOD LL UD LRQDOH vQWUH DSRUWXO S U LORU VXEDQVDPEOHORU VDX D IXQF LLORU SURSULHW L FDUDFWHULVWLFL OD XWLOLWDWHD vQWUHJXOXL UDSRUWDWH OD JUDGXO GH VDWLVIDFHUH DO QHYRLL L D FRVWXOXL DFHVWRUD (D SHUPLWH UHGXFHUHD FRVWXULORU LQXWLOH DOH XQRU S U L GLQ SURGXV ID GH DSRUWXO DOWRUD OD FDOLWDWH GHWHUPLQ DVWIHO R FUHWHUH D FDOLW LL SULQ RSWLPL]DUHD P ULPLL SURSULHW LL HVHQ LDOH DOH IXQF LLORU $XWRUXO DFHVWHL PHWRGH HVWH /' 0LOHV $QDOL]D PRUIRORJLF VWXGLD] VLVWHPDWLF XQ QXP U PDUH GH YDORUL DOH SURSULHW LORU FXSULQVH vQWUR PDWULFH SHQWUX D J VL YDULDQWH QRL GH SURGXVH L GH vPEXQ W LUH D FDOLW LL $XWRU HVWH HOYH LDQXO =ZLFK\ 0HWRGD %UDLQVWRUPLQJ XUP UHWH LGHQWLILFDUH vQ JUXS D FHORU PDL YHULWDELOH LGHL GH SURGXVH L VHUYLFLL QRL &RQVW vQ FXOHJHUHD FkW PDL PXOWRU LGHL GXS DQXPLWH UHJXOL FD DSRL SULQ DQDOL]D RSRUWXQLW LL ORU SULQWUR WULHUH VLVWHPDWLF V VH SRDW LGHQWLILFD FHD PDL EXQ VROX LH FDUH VH YD DSOLFD vQ SUDFWLF   3URSULHW LOH JHQHUDOH DOH P UIXULORU  &RQVLGHUD LL JHQHUDOH 3URSULHW LOH VXQW vQVXLUL DWULEXWH DOH P UIXULORU FDUH OH GDX R DQXPLW XWLOLWDWH vQ FRQVXP L DX PHQLUHD V VDWLVIDF R QHYRLH V DGXF XQ VHUYLFLX FRQVXPDWRULORU 3URSULHW LOH P UIXULORU VXQW GHWHUPLQDWH KRW UkWRU GH GRL IDFWRUL PDWHULD SULP L SURFHVHOH WHKQRORJLFH GH UHDOL]DUH 'H DVHPHQHD VXQW LQIOXHQ DWH GH RSHUD LLOH GH DPEDODUH WUDQVSRUW PDQLSXODUH L S VWUDUH IDFWRUL FH DF LRQHD] vQ VIHUD FLUFXOD LHL ,QIOXHQ D SULPLORU GRL IDFWRUL GHWHUPLQ VWUXFWXUD L FRPSR]L LD FKLPLF  LDU DFHVWHD OD UkQGXO ORU LQIOXHQ HD] KRW UkWRU P ULPHD FHORUODOWH SURSULHW L 6WUXFWXUD P UIXULORU HVWH GHWHUPLQDW GH QDWXUD PDWHULLORU SULPH L GH PRGXO GH SUHOXFUDUH (D GHWHUPLQ P ULPHD DOWRU SURSULHW L IL]LFR FKLPLFH DOH SURGXVHORU 0 UIXULOH SRW DYHD VWUXFWXULOH XUP WRDUH  FULVWDOLQ  DWRPLL L PROHFXOHOH RFXS SR]L LL SUHFLVH vQ UH HOHOH VSD LDOH LDU SURSULHW LOH VXQW DQL]RWURSH QX VXQW DFHOHDL vQ WRDWH GLUHF LLOH   DPRUID HVWH OD WRDWH P UIXULOH OLFKLGH L VWLFO  PDVH SODVWLFH FX SURSULHW L L]RWURSH DFHOHDL vQ WRDWH GLUHF LLOH   LQWHUPHGLDU vQWUH VWUXFWXUD FULVWDOLQ L FHD OLFKLG  FXP HVWH FD]XO FULVWDOHORU OLFKLGH GLQ DILRDUHOH VDX HFUDQHOH GLJLWDOH

0HUFHRORJLD VWXGLD] VWUXFWXUD P UIXULORU SHQWUX D DIOD XQHOH FDUDFWHULVWLFL DOH SURGXVXOXL ILQLW PRGLILFDUHD XQRU FDUDFWHULVWLFL vQ WLPSXO S VWU ULL VDX OD XWLOL]DWRU ,QWUH SURSULHW LOH P UIXULORU H[LVW UHOD LL GH LQWHUFRQGL LRQDUH FRPSOH[H FDUH GHWHUPLQ QLYHOXO SUHFXP L RUGLQHD LHUDUKLF D SURSULHW LORU OD XQ PRPHQW GDW vQ IXQF LH GH DF LXQHD XQRU IDFWRUL WHKQLFL L HFRQRPLFL H[HPSOX FRQVXPXO GH EHQ]LQ OD XQ DXWRWXULVP FRQVXPXO GH HQHUJLH HOHFWULF OD XQ DSDUDW HOHFWURQLF HWF  Q SUDFWLFD HFRQRPLF HVWH LPSRUWDQW FXQRDWHUHD WLSXULORU GH SURSULHW L D DSRUWXOXL ORU OD GHILQLUHD FDOLW LL vQ YHGHUHD GHWHUPLQ ULL HL SUHOXFUDUHD HOHFWURQLF D GDWHORU UHIHULWRDUH OD FLUFXOD LD P UIXULORU SH FODVH GH FDOLWDWH FODVLILFDUHD L FRGLILFDUHD P UIXULORU HWF 3URSULHW LOH P UIXULORU VH SRW FODVLILFD GXS PDL PXOWH FULWHULL DVWIHO D GXS SRQGHUHD SH FDUH R DX vQ VWDELOLUHD FDOLW LL  SURSULHW L FULWLFH FDUH GHWHUPLQ vQ PRG KRW UkWRU FDOLWDWHD P UIXULORU LDU GDF OLSVHVF DIHFWHD] JUDY FDOLWDWHD VH SRDWH DMXQJH OD UHEXWDUHD SURGXVHORU QXP UXO DFHVWRU SURSULHW L HVWH UHGXV QX PDL PXOW GH  GLQ WRWDOXO SURSULHW LORU  SURSULHW L LPSRUWDQWH FRQWULEXLH FRQVLGHUDELO OD DVLJXUDUHD XQXL DQXPLW QLYHO FDOLWDWLY DO SURGXVHORU QXP UXO ORU SRDWH DMXQJH OD    SURSULHW L PLQRUH DMXQJ SkQ OD  L FRQWULEXLH vQ PLF P VXU OD VWDELOLUHD FDOLW LL E GXS DSRUWXO SH FDUH vO DX SURSULHW LOH OD VHUYLFLXO FH vO DGXF P UIXULOH vQ WLPSXO XWLOL] ULL OD FRQVXPDWRU VH GHRVHEHVF  SURSULHW L WHKQLFRIXQF LRQDOH UH]LVWHQ  PDV  FRPSR]L LH FKLPLF HWF   SURSULHW L HFRQRPLFH FRQVXPXO GH FRPEXVWLELOL GH HQHUJLH FKHOWXLHOL vQ IRORVLUH HWF   SURSULHW L SVLKRVHQ]RULDOH  HVWHWLFH FXORDUH IRUP  GHVHQ  RUJDQROHSWLFH JXVW PLURV  SURSULHW L HUJRQRPLFH FRQIRUW vQ XWLOL]DUH HWF   SURSULHW L HFRORJLFH F GXS PRGDOLW L GH DSUHFLHUH L GHWHUPLQDUH D SURSULHW LORU  SURSULHW L P VXUDWH GLUHFW GLPHQVLXQL FRPSR]L LH PDV  HWF  SURSULHW L DSUHFLDWH LQGLUHFW GXUDELOLWDWH VLJXUDQ vQ IXQF LRQDUH HWF  SURSULHW L DSUHFLDWH RUJDQROHSWLF FXORDUH JXVW HWF

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vQ YHGHUH VWXGLXO VLVWHPHORU GH FODVLILFDUH DO FULWHULLORU L PHWRGHORU GH RUGRQDUH D SURGXVHORU vQ FDGUXO DFHVWRU VLVWHPH 6FRSXO FHUFHW ULORU FRQVW vQ XWLOL]DUHD XQHL WHUPLQRORJLL XQLWDUH UHIHULWRU OD SURGXVH SUHFXP L HODERUDUHD GH VLVWHPH GH FODVLILFDUH IXQGDPHQWDWH GLQ SXQFW GH YHGHUH WLLQ LILF  (YROX LD FRQFHS LHL vQ FODVLILFDUHD P UIXULORU &ODVLILFDUHD HVWH R PRGDOLWDWH GH D GLVWLQJH VLPXOWDQ HOHPHQWHOH XQHL PXO LPL GLVFUHWH VDX FRQWLQXH FRPSXV GLQ RELHFWH SURSULHW L VDX LGHL 7LSXO FODVLILF ULL GHSLQGH GH VFRS L GH UHOD LLOH GLQWUH HOHPHQWHOH L FDWHJRULLOH GHILQLWH vQ YHGHUHD FODVLILF ULL PXO LPLL FRQVLGHUDWH 3H P VXUD GH]YROW ULL vQ WLLQ  WHKQRORJLH L FRPHU D DS UXW PDL LPSRUWDQW VLVWHPDWL]DUHD P UIXULORU FHHD FH D FRQGXV OD vQFHUF UL GH HODERUDUH D XQRU VLVWHPH GH FODVLILFDUH Q LQWURGXFHUHD SULPXOXL 7UDWDW GH 0HUFHRORJLH HODERUDW vQ   GH F WUH -RKDQQ %HFNPDQQ GH OD 8QLYHUVLWDWHD GLQ *RWWLQJHQ VH VXEOLQLD UROXO LPSRUWDQW DO VLVWHPDWLFLL P UIXULORU DWkW SHQWUX DFWLYLWDWHD WHRUHWLF  GDU L SHQWUX SUDFWLF  Q FRQFHS LD OXL VLVWHPDWLFD UHSUH]LQW SXQFWXO GH SOHFDUH vQ FHUFHWDUHD WLLQ LILF D P UIXULORU L XQ PLMORF LPSRUWDQW GH GLIHUHQ LHUH D P UIXULORU %%XVH vQ QGUXPDU GH PHUFHRORJLH  FODVLILF P UIXULOH GXS RULJLQHD ORU OXkQG FD PRGHO WRW VLVWHPXO GH RUGRQDUH DO OXL /LQQH DO UHJQXOXL DQLPDO L YHJHWDO $O WXUL GH RULJLQH %XVH D IRORVLW vQF XQ FULWHULX GH FODVLILFDUH L DQXPH GHVWLQD LD SURGXVHORU DVWIHO F EXQXULOH GH FRQVXP VH vPSDUW vQ DOLPHQWH SURGXVH GH vPEU F PLQWH L SURGXVH SHQWUX ORFXLQ  $ $OPHGLQJHU vQ  FODVLILFD P UIXULOH vQ  JUXSH FRPEXVWLELOL PDWHULDOH GH FRQVWUXF LL SURGXVH SHQWUX LOXPLQDW L OXEULILDQ L SURGXVH WH[WLOH SURGXVH GLQ VWLFO L FHUDPLFH SURGXVH GLQ SLHOH L EO QXUL SURGXVH PHWDOLFH SURGXVH FKLPLFH SURGXVH GH SDSHW ULH

SURGXVH DOLPHQWDUH 2UGRQDUHD P UIXULORU VD UHDOL]DW SHQWUX SULPD GDW vQ IXQF LH GH WUHL FULWHULL GH FODVLILFDUH GHVWLQD LD SURFHVXO WHKQRORJLF L QDWXUD PDWHULLORU SULPH 9 3RVFKO HVWH FRQVLGHUDW SULPXO FHUFHW WRU FDUH D UHDOL]DW FODVLILFDUHD P UIXULORU LQGXVWULDOH (O D DOF WXLW R VLVWHPDWLF D P UIXULORU L PLMORDFHORU SHQWUX RE LQHUHD L XWLOL]DUHD ORU SH FDUH OHD JUXSDW vQ WUHL VHFWRDUH ,  P UIXUL SHQWUX VDWLVIDFHUHD QHYRLORU GH ED]D DOLPHQWH SURGXVH SHQWUX SURWHMDUHD FRUSXOXL L SURGXVH SHQWUX ORFXLQ  ,,  P UIXUL DOH SURJUHVXOXL SURGXVH SHQWUX S VWUDUH WUDQVPLWHUH WUDQVSRUW vQIUXPXVH DUH HWF  ,,,  PLMORDFH SHQWUX RE LQHUHD SURGXVHORU GLQ VHFWRDUHOH , L ,, PDWHULL SULPH XWLODMH  $FHDVW FODVLILFDUH UHSUH]LQW SULPD vQFHUFDUH GH FXSULQGHUH D WXWXURU P UIXULORU vQWUXQ VLVWHP WLLQ LILF IXQGDPHQWDW ED]DW SH FULWHULL 2 FRQWULEX LH LPSRUWDQW OD HODERUDUHD ED]HORU WHRUHWLFH DOH FODVLILF ULL P UIXULORU D DGXVR * *UXQGNH FDUH D OXDW FD PRGHO GH UHIHULQ VLVWHPXO GH FODVLILFDUH LHUDUKLF GLQ WLLQ HOH QDWXULL (O GHOLPLWHD] L GHILQHWH QRX QLYHOXUL GH RUGRQDUH D SURGXVHORU GLYL]LXQH JUXS VXEGLYL]LXQH  FODV  RUGLQ JHQ VSHFLH VXEVSHFLH VRUW FODV GH FDOLWDWH 1R LXQHD GH VSHFLH GHVHPQHD] SURGXVHOH FX WRDWH SURSULHW LOH LPSRUWDQWH LGHQWLFH L HVWH FRQVLGHUDW FD QR LXQH GH ED]D D VLVWHPDWLFLL P UIXULORU 'HOLPLWDUHD FDWHJRULLORU FRUHVSXQ] WRDUH DFHVWRU QLYHOXUL GH RUGRQDUH DOH SURGXVHORU HVWH UHDOL]DW SH ED]D XQRU FULWHULL PDWHULDOH L WHKQRORJLFH Q SUH]HQW RULHQWDUHD VSUH PRGHOH GH FODVLILFDUH GLQ WLLQ HOH QDWXULL HVWH FULWLFDWD (D HVWH FRQVLGHUDW QHFRUHVSXQ] WRDUH VWDGLXOXL DFWXDO DO SURGXF LHL GH P UIXUL WHKQRORJLLORU L PDWHULLORU SULPH QRL FH DX FRQGXV OD R GLYHUVLILFDUH I U SUHFHGHQW D P UIXULORU 3HQWUX FODVLILFDUHD SURGXVHORU WH[WLOH FDWHJRULLOH FRUHVSXQ] WRDUH QLYHOXULORU GH RUGRQDUH FRQIRUP FODVLILF ULL GH PDL VXV UH]XOW GLQ ILJXUD 

'XS RSLQLLOH XQRU FHUFHW WRUL P UIXULOH DU WUHEXL RUGRQDWH GXS XUP WRDUHOH FULWHULL VFRS IXQF LH QDWXU L IRUP  3H GH DOW SDUWH vQ FRQGL LLOH RULHQW ULL WRW PDL SUHJQDQWH GH RUJDQL]DUH D FRPHU XOXL GXS WLSXO QHYRLORU F URUD OH VXQW GHVWLQDWH SURGXVHOH DSDUH FULWHULXO GH FODVLILFDUH GXS GHVWLQD LH DVWIHO F SURGXVHOH GH FRQVXP VXQW FODVLILFDWH SH FRPSOH[H L PLFURFRPSOH[H GH XWLOL]DUH $FHVW VLVWHP FRQGXFH OD VWXGLHUHD VRUWLPHQWXOXL FRPHUFLDO vQ OHJ WXU FX QHYRLOH FRQVXPDWRULORU 6H SRDWH UHDOL]D R FXQRDWHUH PDL DSURIXQGDW D

FDUDFWHULVWLFLORU vQ XWLOL]DUHD SURGXVHORU RE LQXWH v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vQWUH HOH SULQ PDL PXOWH SURSULHW L vQ WLPS FH VRUWXO UHSUH]LQW LQGLYLGXDOLWDWHD FYDVLLQGHSHQGHQW vQWUXQ VRUWLPHQW XQ VRUW GHRVHELQGXVH GH DOWXO SULQWUR VLQJXU SURSULHWDWH  6LVWHPH GH FODVLILFDUH L FRGLILFDUH D P UIXULORU 0 UIXULOH VXQW vQ FRQWLQX GLYHUVLILFDUH FHHD FH FRQGXFH OD SUHRFXS UL LQWHQVH SHQWUX FRQFHSHUHD XQRU VLVWHPH GH FODVLILFDUH vQ UDSRUW FX FHULQ HOH VSHFLILFH DOH XQXL GRPHQLX VDX DOWXO GH DFWLYLWDWH ,Q FRQGL LLOH H[SOR]LHL LQIRUPD LRQDOH VLVWHPHOH GH FODVLILFDUH DX IRVW SHUIHF LRQDWH SHQWUX DVLJXUDUHD XQHL OHJ WXUL PDL YLDELOH FX SURGXF LD L FRPHU XO FX FHULQ HOH VWDWLVWLFH YDPDOH L GH DOW QDWXU   7LSXUL SULQFLSDOH GH FODVLILFDUH L FRGLILFDUH XWLOL]DWH vQ SUDFWLFD HFRQRPLF &ODVLILF ULOH VLVWHPDWLFH DERUGHD] RUGRQDUHD SURGXVHORU SH FDWHJRULL RPRJHQH 0DMRULWDWHD FODVLILF ULORU VXQW LHUDUKLFH FX VWUXFWXU DUERUHVFHQW  SH WUHSWH QLYHOXUL GH GHWDOLHUH DJUHJDUH vQWUH FDUH H[LVW UHOD LL GH VXERUGRQDUH WUHSWHOH VXSHULRDUH VH RE LQ GLQ DJUHJDUHD FHORU LQIHULRDUH GHULYDWH GLQ HOH *UXS ULOH FDWHJRULLOH GH SURGXVH GH SH DFHVWH WUHSWH VXQW FX GHQXPLUL GLYHUVH GLYL]LXQH JUXS  FODV HWF  'H DVHPHQHD FRQ LQXWXO ORU GLIHU SHQWUX DFHODL QLYHO GH DJUHJDUH GH OD R FODVLILFDUH OD DOWD SHQWUX DFHOHDL SURGXVH &ODVLILF ULOH QHVLVWHPDWLFH JUXSHD] SURGXVHOH vQ RUGLQHD DSDUL LHL ORU I U V LQ VHDPD GH FDWHJRULL vQUXGLWH

&RGXO HVWH R FRPELQD LH GH HOHPHQWH VLPEROLFH SULQ FDUH VH GD R LQIRUPD LH $FHVWH HOHPHQWH SRW IL OLWHUH FRG DOIDEHWLF  FLIUH FRG QXPHULF L FRPELQD LL GH OLWHUH L FLIUH FRG DOIDQXPHULF  &RGLILFDUHD UHSUH]LQW RSHUD LXQHD GH WUDQVSXQHUH vQ FRG D HOHPHQWHORU GHILQLWRULL DOH XQRU RELHFWH VHUYLFLL HWF

PRQGLDO RELHFWLY FH D IRVW DWLQV SULQ HODERUDUHD VLVWHPHORU &RGXO XQLYHUVDO DO SURGXVHORU  8QLYHUVDO 3URGXFW &RGH 83& L &RGXO HXURSHDQ DO DUWLFROHORU  (XURSHDQ $UWLFOH 1XPEHULQJ ($1   &RGXO XQLYHUVDO DO SURGXVHORU ,Q DQXO  vQ 68$ D OXDW ILLQ &RQVLOLXO SHQWUX FRGLILFDUHD SURGXVHORU SHQWUX R HILFLHQWL]DUH D DFWLYLW LORU vQ FRPHU XO FX DP QXQWXO 6FRSXO SULQFLSDO XUP ULW GH DFHVW FRQVLOLX HUD GH D FHUFHWD SRVLELOLWDWHD DXWRPDWL] ULL SUHOXFU ULL LQIRUPD LLORU UHIHULWRDUH OD YkQ] UL vQ  FRQVLOLXO D UHFRPDQGDW DGRSWDUHD XQXL VLVWHP XQLWDU GH FRGLILFDUH GHQXPLW &RGXO XQLYHUVDO DO SURGXVHORU  8QLYHUVDO 3URGXFW &RGH  83& $FHVW VLVWHP VH ED]HD] SH XQ FRG GH  QXPHUH SULPD FLIU UHSUH]LQW R FKHLH D FODVLILF ULL  FLIUH LGHQWLILFD SURGXF WRUXO XUP WRDUHOH  FLIUH SURGXVXO L XOWLPD HVWH FLIUD GH FRQWURO vQ ILJXUD  VH UHSUH]LQW DFHVWH FLIUH vQ FRGXO XQXL SURGXV

3ULQFLSDOXO RELHFWLY DO FRGLILF ULL HVWH LGHQWLILFDUHD L GH DVHPHQHD HO vQGHSOLQHWH L UROXO GH UHSUH]HQWDUH D FODVLILF ULL /D FODVLILF ULOH VLVWHPDWLFH FRGLILFDUHD HVWH GHSHQGHQW GH RUGRQDUHD PXO LPLL SURGXVHORU SH FDWHJRULL VXSUDSXQkQGXVH IXQF LD GH LGHQWLILFDUH D FRGXOXL FX IXQF LD GH UHSUH]HQWDUH D FODVLILF ULL 6ROX LD HVWH LUHDOL]DELO vQ FD]XO XQHL FODVLILF UL LHUDUKLFH /D FODVLILF ULOH QHVLVWHPDWLFH SURGXVHOH VH LGHQWLILF GH RELFHL GXS XQ FRG VHFYHQ LDO DFRUGDW vQ RUGLQHD QXPHUHORU DUH R OXQJLPH PLF  GDU QX VXJHUHD] QLFL R LQIRUPD LH DVXSUD FDWHJRULHL GLQ FDUH IDFH SDUWH &ODVLILF ULOH FRPELQDWH GDX FRGXO FX UHSUH]HQW ULOH IXQF LHL GH LGHQWLILFDUH FX IXQF LD GH FODVLILFDUH  6LVWHPH GH FODVLILFDUH L FRGLILFDUH D SURGXVHORU XWLOL]DWH GH vQWUHSULQGHUL &ODVLILF ULOH QHVLVWHPDWLFH L FRPELQDWH VXQW ODUJ XWLOL]DWH OD QLYHO PLFURHFRQRPLF vQ GLIHULWH UL XUP ULQGXVH UH]ROYDUHD HILFLHQW D FRGLILF ULL P UIXULORU SRWULYLW FX FHULQ HOH VLVWHPHORU LQIRUPDWLFH SURSULL vQWUHSULQGHULORU &D XUPDUH D SUROLIHU ULL XQHL ODUJL GLYHUVLW L GH FODVLILF UL GH DFHVW IHO VDX F XWDW VROX LL GH XQLIRUPL]DUH D ORU SH SODQ

)LJXUD 

)LJXUD  3ULPD FLIUD GDF HVWH XUP WRUXO QXP U DUH VHPQLILFD LD XUP WRDUH   SURGXVH GH EO Q ULH L FRORQLDOH   SURGXVH GH FHUHUH QHXQLIRUP    SURGXVH FRVPHWLFH L IDUPDFHXWLFH   SURGXVH QHDOLPHQWDUH   VROGXUL Q  83& D IRVW DGRSWDW GH  GH vQWUHSULQGHUL LDU DFXP GH SHVWH  vQ 68$ SHVWH  GLQ P UIXUL VXQW FRGLILFDWH GXS DFHVW VLVWHP  &RGXO HXURSHDQ DO SURGXVHORU QF GLQ DQLL  DX IRVW SUHRFXS UL L vQ ULOH YHVWHXURSHQH SHQWUX XQLIRUPL]DUHD FODVLILF ULL SURGXVHORU ,Q )UDQ D VD GH]YROWDW VLVWHPXO *HQFRG LDU *HUPDQLD LD SHUIHF LRQDW VLVWHPXO %$1/ ,Q  UHSUH]HQWDQ L DL  UL YHVWHXURSHQH DX FHUXW vQILLQ DUHD XQHL FRPLVLL FDUH V DQDOL]H]H SRVLELOLWDWHD LQWURGXFHULL XQXL VLVWHP XQLWDU GH FODVLILFDUH L FRGLILFDUH D SURGXVHORU 'XS DQDOL]D VLVWHPHORU H[LVWHQWH SkQ DWXQFL FRPLVLD D HODERUDW &RGXO HXURSHDQ DO DUWLFROHORU  ($1 VLVWHPXO ILLQG FRPSDWLELO FX 83& L FHO GLQ *HUPDQLD L )UDQ D (XURSHDQ $UWLFOH 1XPEHULQJ ($1 DUH OD ED]D XQ FRG GLQ  FLIUH FX XUP WRDUHOH VHPQLILFD LL SULPHOH  FLIUH UHSUH]LQW DUD GH RULJLQH %HOJLD   )UDQ D   *HUPDQLD   -DSRQLD   $QJOLD   ULOH GH -RV   HWF FLIUH LGHQWLILF SURGXF WRUXO 

FLIUH  SURGXVXO L XOWLPD HVWH FLIUD GH FRQWURO vQ ILJXUD  VH UHSUH]LQW DFHVW FRG

3HQWUX FRRUGRQDUHD DSOLF ULL QRXOXL VLVWHP GH FODVLILFDUH L FRGLILFDUH vQ  D IRVW vQILLQ DW $VRFLD LD HXURSHDQ D FRGLILF ULL DUWLFROHORU LDU GLQ  VD QXPLW ,QWHUQDWLRQDO $UWLFOH 1XPEHULQJ $VVRFLDWLRQ ($1 FDUH XUP UHWH UHVSHFWDUHD SULQFLSLLORU GH ED] vQ YHGHUHD DVLJXU ULL FRPSDWLELOLW LL QD LRQDOH FX DFHD HXURSHDQ  &RGXO HVWH IOH[LELO L HVWH DGRSWDW SHQWUX FHD  PLOLDUGH GH SURGXVH &RGXO HXURSHDQ D IRVW SUHOXDW L vQ &DQDGD -DSRQLD 1RXD =HHODQG  $XVWUDOLD HWF &RGXO HVWH FLWLW DFXP GH SH SURGXV SULQ VFDQDUH GRWHOH ILLQG FRGLILFDWH L VLPEROL]DWH SULQ FRG FX EDUH vQ FODVLILFDUHD +$1 &RGXO FX EDUH DVLJXU VLPEROL]DUHD FDUDFWHUHORU QXPHULFH SULQ DOWHUQDUHD XQRU EDUH QHJUH FX VSD LL DOEH vQWUH HOH 6XE EDUH VXQW WUHFXWH FHOH  FLIUH FDUH VLPEROL]HD] SURGXVHOH FD vQ ILJXUD  3ULQ FRQYHQ LH LQWHUQD LRQDO  R SDUWH GLQ FLIUHOH UH]HUYDWH SHQWUX FRGLILFDUHD ULORU L DQXPH vQ LQWHUYDOXO  DX IRVW DWULEXLWH XQHL DQXPLWH UL VDX UHJLXQL JHRJUDILFH $FHVWH FLIUH VH XWLOL]HD] GH F WUH SURGXF WRUL SHQWUX SURGXVHOH QHFRGLILFDWH FD] vQ FDUH OXQJLPHD WRWDO D FRGXOXL HVWH GH  FLIUH FX SRVLELOLWDWHD H[WLQGHULL FRGXOXL SDQD OD  FLIUH 3HQWUX FRPHUFLDQ L VLVWHPXO ($1 DVLJXU JHVWLRQDUHD PDL HILFLHQW D VWRFXULORU 6LVWHPXO GH FRG FX EDUH HOLPLQD WLPSXO GH DWHSWDUH OD FDV SHQWUX FOLHQW 9DULDQWD ($1 HVWH XWLOL]DW SHQWUX FRGLILFDUHD SXEOLFD LLORU vQ ORFXO VLVWHPHORU YHFKL ,6%1 SHQWUX F U L L ,661 SHQWUX SHULRGLFH  $OWH WLSXUL GH FRGXUL FX EDUH Q SUDFWLFD HFRQRPLF VH XWLOL]HD] L DOWH WLSXUL GH FRGXUL FX EDUH FDUH SHUPLW FRGLILFDUHD LQIRUPD LLORU QXPHULFH VDX DOIDQXPHULFH (OH VH JUXSHD] vQ VLVWHPH GH VLPEROL]DUH FRQWLQXH L GLVFRQWLQXH &RGXO  ',1  5 FRQVWLWXLW GLQ  EDUH GLQWUH FDUH GRX VXQW PDL ODWH 6H XWLOL]HD] OD HYLGHQ D SURGXVHORU vQ GHSR]LWH LGHQWLILFDUHD DPEDODMHORU SHQWUX KkUWLH IRWR QXPHURWDUHD VHFYHQ LDO D ELOHWHORU GH DYLRQ HWF

)LJXUD 

&RGXO  ',1  vQO Q XLW , &RG QXPHULF ELGLPHQVLRQDO GLQ  EDUH GLQWUH FDUH GRX VXQW PDL ODWH &RGXO  $ HVWH SULPXO VLVWHP GH VLPEROL]DUHD DOIDQXPHULF  GLVFRQWLQXX vQ FDLF ILHFDUH FDUDFWHU HVWH FRPSXV GLQ  FOHPHQWH EDUH L VSD LL GLQWUH FDUH WUHL VXQW PDL ODWH (VWH IRORVLW vQ LQGXVWULH SHQWUX VDWLVIDFHUHD XQRU QHFHVLW L VSHFLILFH &RGXO  * HVWH XQ VLVWHP GH VLPEROL]DUH FRQWLQXX vQ FDUH ILHFDUH FDUDFWHU HVWH UHSUH]HQWDW SULQ  PRGXOH UHSDUWL]DWH SH  EDUH L VSD LL $UH GRX FLIUH GH FRQWURO & . DVLJXUkQG R GHQVLWDWH PDUH GH FDUDFWHUH  6LVWHPH GH FODVLILFDUH L FRGLILFDUH D P UIXULORU XWLOL]DWH OD QLYHO PDFURHFRQRPLF /D QLYHO PDFURHFRQRPLF vQ GRPHQLL FXP VXQW FHO YDPDO VWDWLVWLF HWF HVWH QHFHVDU VDWLVIDFHUHD FHULQ HORU vQ SUHOXFUDUHD LQIRUPD LLORU SHQWUX FDUH WUHEXLH DVLJXUDW vQFDGUDUHD XQLF D SURGXVHORU FX GHILQLUHD FODU D UHOD LLORU GLQWUH GLIHULWH FDWHJRULL GH SURGXVH L SHQWUX FDUH VDX HODERUDW R VHULH GH FODVLILF UL VLVWHPDWLFH vQ DUD QRDVWU D IRVW HODERUDW &ODVLILFDUHD XQLWDU D SURGXVHORU L VHUYLFLLORU &836  $FHDVW FODVLILFDUH RUGRQHD] SURGXVHOH SH FDWHJRULL LHUDUKLFH SH ED]D XQRU FULWHULL JHQHUDOH GHVWLQD LD QDWXUD PDWHULLORU SULPH SURFHVXO WHKQRORJLF L D PDL PXOWRU FULWHULL VSHFLILFH

)LJXUD 

&ODVLILFDUHD XQLWDU D SURGXVHORU L VHUYLFLLORU &836 HVWH VWUXFWXUDW SH GRXD ]RQH 3ULPD HVWH FODVLILFDUHD JHQHUDO FH FXSULQGH  WUHSWH GH GHWDOLHUH JUXS  VXEJUXS  FODV L VXEFODV  $ GRXD ]RQ FXSULQGH FODVLILF UL GHWDOLDWH FDUH FRQWLQX RUGRQDUHD LHUDUKLF D SURGXVHORU SH  WUHSWH GH GHWDOLHUH )XQF LD GH GHFRGLILFDUH VH VXSUDSXQH FX IXQF LD GH FODVLILFDUH &RGXULOH DVRFLDWH FDWHJRULLORU DX  FDUDFWHUH L R FLIU GH FRQWURO vQ ILJXUD  HVWH UHGDW FODVLILFDUHD L FRGLILFDUHD SURGXVHORU vQ &ODVLILFDUHD XQLWDU D SURGXVHORU L VHUYLFLLORU &836 

&kQG LGHQWLILFDUHD QX HVWH SRVLELO FX FHOH  FLIUH VD SUHY ]XW V VH IRORVHDVF FRGXO WUHSWHL WHUPLQDOH OD FDUH V VH DGDXJH FDUDFWHULVWLFLOH QHFXSULQVH vQ FODVLILFDUH vQ DFHVWH FRQGL LL FRGXO DMXQJH OD  FDUDFWHUH 2 DVWIHO GH VROX LH HVWH LQHILFLHQW  GH DFHHD &836 QX VH IRORVHWH vQ IRUPD VD LQWHJUDO vQ SUHOXFU ULOH LQWHUQH DOH vQWUHSULQGHULORU vQ VWDWLVWLFD OD QLYHO PDFURHFRQRPLF VH XWLOL]HD] SDU LDO  6LVWHPH GH FODVLILFDUH L FRGLILFDUH D P UIXULORU XWLOL]DWH v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vQ FRQYHQ LL L DFRUGXUL LQWHUQD LRQDOH FRPHUFLDOH L YDPDOH  6WDQGDUGL]DUHD L DWHVWDUHD FDOLW LL SURGXVHORU L VHUYLFLLORU  6WDQGDUGL]DUHD 6WDQGDUGL]DUHD UHSUH]LQW DFWLYLWDWHD GH HODERUDUH L LPSOHPHQWDUH D XQRU GRFXPHQWH GH UHIHULQ QXPLWH VWDQGDUGH FDUH FXSULQG VROX LL DOH SUREOHPHORU WHKQLFH L FRPHUFLDOH UHIHULWRDUH OD SURFHVH L UH]XOWDWH DOH DFHVWRUD FDUH DX XQ FDUDFWHU UHSHWLWLY vQ UHOD LLOH GLQWUH SDUWHQHUL HFRQRPLFL WLLQ LILFL WHKQLFL L VRFLDOL ,Q RSLQLD XQXL SURI ( :XUVWHU VWDQGDUGL]DUHD XUP UHWH HOLEHUDUHD RPXOXL GH PXQFD GH UXWLQ  FDUH UHSUH]LQW XQ DEX] OD DGUHVD FDSDFLW LL VDOH GH JkQGLUH   &RQFHSWXO GH VWDQGDUGL]DUH 'LQ GHILQL LD GDW GH 2UJDQL]D LD ,QWHUQD LRQDO GH 6WDQGDUGL]DUH ,62 vQ *KLGXO ,62&(, VWDQGDUGXO UHSUH]LQW XQ GRFXPHQW VWDELOLW SULQ FRQVHQV L DSUREDW GH XQ RUJDQLVP UHFXQRVFXW FDUH IXUQL]HD] SHQWUX XWLOL] UL FRPXQH L

UHSHWDWH UHJXOL OLQLL GLUHFWRDUH VDX FDUDFWHULVWLFL SHQWUX DFWLYLW L VDX UH]XOWDWHOH DFHVWRUD JDUDQWkQG XQ QLYHO RSWLP SHQWUX FRPXQLWDWH vQ DQVDPEOXO V X 'HILQL LD HVWH SUHOXDW L GH VWDQGDUGXO HXURSHDQ (1  v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vQ OHJ WXU FX SURWHF LD FRQVXPDWRUXOXL L D PHGLXOXL vQFRQMXU WRU IDFLOLWDUHD VFKLPEXULORU GH P UIXUL L LQIRUPD LL WHKQLFRHFRQRPLFH D 5D LRQDOL]DUHD HFRQRPLF 6WDQGDUGL]DUHD D DS UXW GLQ QHFHVLWDWHD GH D DVLJXUD FRPSDWLELOLWDWHD L LQWHUVFKLPEDELOLWDWHD FRPSRQHQWHORU L SURGXVHORU LQGLVSHQVDELOH SURJUDPXOXL LQGXVWULHL 7LSL]DUHD SURGXVHORU XUP UHWH VWDELOLUHD XQHL JDPH UD LRQDOH GH WLSXUL L GH P ULPL DOH SURGXVHORU DGHFYDWH QHFHVLW LORU vQWUR DQXPLW SHULRDG GH WLPS 8QLILFDUHD SUHVXSXQH VWDELOLUHD XQRU FDUDFWHULVWLFL FRQVWDQWH SHQWUX WRDWH SLHVHOH VLVWHPHOH WHKQLFH GH DFHODL IHO vQ VFRSXO XQLIRUPL] ULL SURLHFW ULL L H[HFX LHL L DVLJXU ULL LQWHUVFKLPEDELOLW LL ORU 0RGXODUHD FRQVW vQ IRORVLUHD GH FRPSRQHQWH XQLILFDWH FRQVWUXFWLY PRGXOH  FDUH SRW IL FRPELQDWH vQ PDL PXOWH YDULDQWH GLQ FDUH V UH]XOWH SURGXVH SHQWUX FHULQ H FkW PDL GLYHUVH (VWH GHV IRORVLW vQ PRELO  HOHFWURQLFH 6'9 3ULQ WLSL]DUH FRQVWUXFWLY YROXPXO GRFXPHQWD LHL GH FRQVWUXF LH VH UHGXFH GH  RUL GXUDWD SURLHFW ULL SURGXVHORU QRL VFDGH GH  RUL LDU FRVWXO PDQRSHUHL VH PLFRUHD] FX   E $VLJXUDUHD L ULGLFDUHD FDOLW LL SURGXVHORU L VHUYLFLLORU Q VWDQGDUGH VH SUHFL]HD] QLYHOXO PLQLP DO SULQFLSDOHORU FDUDFWHULVWLFL GH FDOLWDWH DOH SURGXVHORU PHWRGHOH GH DQDOL] L vQFHUF UL PRGDOLW L GH HIHFWXDUH D UHFHS LHL FDOLWDWLYH D ORWXULORU GH P UIXUL FRQGL LL GH DPEDODUH WUDQVSRUW L GHSR]LWDUH 6XQW GDWH SUHYHGHUL DOH VWDQGDUGHORU FDUH DVLJXU SURWHF LD FRQVXPDWRUXOXL L PHGLXOXL SULQ OLPLWDUHD VWULFW D QRFLYLW LL XQRU SURGXVH F 6FKLPEXULOH FRPHUFLDOH L WHKQLFRWLLQ LIvFH 6WDELOLUHD XQXL OLPEDM FRPXQ vQWUH S U LOH FRQWUDFWDQWH SULQ WHUPLQRORJLD WHKQLF DGRSWDW  VLPEROL] UL FRGLILF UL HWF

 &RQ LQXWXO GRPHQLLOH L QLYHOXO GH DSOLFDUH D VWDQGDUGHORU 7LSXUL GH VWDQGDUGH 6WDQGDUGL]DUHD DUH vQ YHGHUH WRDWH VHFWRDUHOH DFWLYLW LL XPDQH LQGXVWULD DJULFXOWXUD FRPHU XO WUDQVSRUWXUL HWF 6WDQGDUGHOH GLIHU vQWUH HOH SULQ FRQ LQXW DVWIHO F XQHOH VH UHIHU OD GHILQL LL WHUPHQL VDX R FODVLILFDUH VLVWHPH GH FODVLILFDUH VDX FRGLILFDUH R VSHFLILFD LH FX SULYLUH OD FDOLWDWHD XQXL PDWHULDO SURGXV HWF PHWRGH GH DQDOL] SHQWUX GHWHUPLQDUHD FDUDFWHULVWLFLORU XQXL SURGXV HWF $FHVWH DVSHFWH SRW IL LQWURGXVH vQWUXQ UHSHU RUWKRQRUPDO &RQIRUP FX GLPHQVLXQLOH VWDQGDUGL] ULL VXELHFW FRQ LQXW L QLYHO GH DSOLFDUH VH SRW HQXPHUD PDL PXOWH WLSXUL GH VWDQGDUGH DD FXP VXQW UHSUH]HQWDWH vQ ILJXUD 

 6WDQGDUGL]DUHD OD QLYHOXO v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kW L SHQWUX LQWHJUDUHD vQ FLUFXLWXO PRQGLDO 2ELHFWLYHOH SULQFLSDOH VXQW  FRRUGRQDUHD OD QLYHO QD LRQDO D OXFU ULORU

)LJXUD 

 UHSUH]HQWDUHD vQ RUJDQLVPHOH LQWHUQD LRQDOH  VWDELOLUHD OHJDWXULORU FX DOWH UL L LQVWLWX LL VLPLODUH  FHQWUX QD LRQDO GH LQIRUPDUH vQ VWDQGDUGL]DUH 2UJDQLVPXO QD LRQDO GH VWDQGDUGL]DUH SRDWH IL JXYHUQDPHQWDO VDX QRQ 3ULQ VWDQGDUG QD LRQDO VH vQ HOHJH XQ GRFXPHQW DSUREDW RILFLDO GH LQVWLWXWXO GH VWDQGDUGL]DUH DO ULL UHVSHFWLYH $SOLFDUHD ORU HVWH YROXQWDU VDX REOLJDWRULH SULQXR GHFL]LH D JXYHUQXOXL DVWIHO F vQ UL FD $QJOLD   )UDQ D   5RPkQLD  REOLJDWLYLWDWHD DSOLF ULL HVWH SUDFWLF LQILUPDW  ,QVWLWXWXO QD LRQDO GH VWDQGDUGL]DUH JHVWLRQHD] P UFLOH GH FRQIRUPLWDWH FX VWDQGDUGH QD LRQDOH 3ULPXO RUJDQLVP QD LRQDO GH VWDQGDUGL]DUH D DS UXW vQ $QJOLD vQ   %ULWLVK 6WDQGDUGV ,QVWLWXWLRQ Q )UDQ D &RPLVLD GH QRUPDOL]DUH JXYHUQDPHQWDO HODERUHD] SROLWLFD vQ VWDQGDUGL]DUH Q 5RPkQLD  ,QVWLWXWXO 5RPkQ GH 6WDQGDUGL]DUH HVWH PHPEUX DO RUJDQL]D LLORU LQWHUQD LRQDOH GH VWDQGDUGL]DUH ,62 L VH HODERUHD] XUP WRDUHOH WLSXUL GH VWDQGDUGH  VWDQGDUGH URPkQH DSOLFDWH OD QLYHO QD LRQDO  VWDQGDUGH SURIHVLRQDOH  VWDQGDUGH GH ILUP  VH DSOLF GH F WUH UHJLLOH DXWRQRPH 6& HWF 3kQ vQ  VDX UHGDFWDW  GLQ FDUH  VXQW HFKLYDOHQWH FX VWDQGDUGHOH LQWHUQD LRQDOH ,62 L FX FHOH HXURSHQH (1 3URLHFWHOH GH VWDQGDUGH URPkQH VXQW HODERUDWH GH FRPLWHWHOH WHKQLFH GH VWDQGDUGL]DUH 2UJDQL]DUHD DFWLYLW LORU DFHVWRUD VXQW VWDELOLWH SULQ VHULD GH VWDQGDUGH 65   2UJDQL]D LD ,QWHUQD LRQDOD GH 6WDQGDUGL]DUH Q DQXO  VD vQILLQ DW )HGHUD LD ,QWHUQD LRQDO D $VRFLD LLORU 1D LRQDOH GH 6WDQGDUGL]DUH Q  VXFFHVRDUHD DFHVWHL LQVWLWX LL D IRVW 2UJDQL]D LD ,QWHUQD LRQDO GH 6WDQGDUGL]DUH ,62  /XFU ULOH ,62 VH GHVI RDU SH FRPLWHWH WHKQLFH 7& FRPLWHWXO WHKQLF GH DXWRPRELOH 7& DHURQDXWLF  7& WH[WLOH HWF (8523$ DUH &RPLWHWXO (XURSHDQ GH 6WDQGDUGL]DUH &(1  5RPkQLD HVWH SDUWH LQWHJUDQW vQ DFHDVW RUJDQL]D LH 2UJDQLVPHOH DFHVWHLD HODERUHD]   VWDQGDUGH SURSULX]LVH (1  SUHVWDQGDUGH HXURSHQH (19  GRFXPHQWH GH DUPRQL]DUH +'  6WDQGDUGL]DUHD vQ DVLJXUDUHD FDOLW LL QF GLQ  VDX HODERUDW VWDQGDUGH SHQWUX DVLJXUDUHD FDOLW LL 'H]LGHUDWXO DVLJXU ULL XQXL VLVWHP XQLWDU GH UHIHULQ D IRVW DWLQV SULQ HODERUDUHD GH F WUH &7  GLQ ,62 D GRFXPHQWXOXL 0DQDJHPHQWXO L DVLJXUDUHD

FDOLW LL D VWDQGDUGHORU GLQ VHULD ,62  L ,62  UHIHULWRDUH OD PDQDJHPHQWXO L DVLJXUDUHD FDOLW LL 6WDQGDUGHOH ,62  VXQW JHQHUDOH L FRQ LQ UHFRPDQG UL SULYLQG PDQDJHPHQWXO FDOLW LL L FHULQ H SHQWUX DVLJXUDUHD FDOLW LL L SRW IL IRORVLWH vQ  VLWXD LL  DVLJXUDUHD LQWHUQ D FDOLW LL vQWUHSULQGHULOH XUP UHVF VDWLVIDFHUHD FHULQ HORU GH FDOLWDWH vQ FRQGL LL GH UHQWDELOLWDWH  vQ FRQWUDFWDUH vQWUH IXUQL]RU L FOLHQW  RE LQHUH GH DSUREDUH vQ VFRSXO vQUHJLVWU ULL GH F WUH R VHFXQG SDUWH UHFXQRDWHUHD GH F WUH FOLHQW D VLVWHPXOXL FDOLW LL IXUQL]RUXOXL FH WUHEXLH VD VH FRQIRUPH]H VWDQGDUGXOXL GH UHIHULQ   FHUWLILFDUHD VDX vQUHJLVWUDUHD GH F WUH R WHU SDUWH VLVWHPXO FDOLW LL HVWH HYDOXDW GH F WUH RUJDQLVPXO GH FHUWLILFDUH IXUQL]RUXO WUHEXLH VD PHQ LQ DFHVW VLVWHP SHQWUX WR L FOLHQ LL OXL FHHD FH FRQGXFH OD UHGXFHUHD QXP UXOXL GH HYDOX UL D VLVWHPXOXL FDOLW LL vQWUHSULQGHULL GH F WUH FOLHQ L 6WDQGDUG ,62 4XDOLW\ PDQDJHPHQW DQG TXDOLW\ DVVXUDQFH 6WDQGDUG ,62 4XDOLW\ PDQDJHPHQW DQG TXDOLW\ DVVXUDQFH VWDQGDUGV 6WDQGDUGHOH ,62 VHULD  SRW IL XWLOL]DWH GLQ LQL LDWLYD FRQGXFHULL VDX OD FHUHUHD FOLHQWXOXL FD] vQ FDUH IXUQL]RUXO LPSOHPHQWHD] XQ VLVWHP DO FDOLW LL SRWULYLW VWDQGDUGHORU ,62  ,62  L ,62  SHQWUX D U VSXQGH FHULQ HORU FOLHQ LORU 6WDQGDUGXO IRORVLW GLQ SURSULH LQL LDWLY FRQGXFH IXUQL]RUXO OD D XWLOL]D OD vQFHSXW ,62  L FHOH GHULYDWH GLQ DFHVWD SHQWUX D LPSOHPHQWD XQ VLVWHP DO FDOLW LL DSRL SRDWH IRORVL ,62    vQ DPEHOH VLWXD LL VH FRQVXOW PDL vQWkL ,62  DSRL FHOHODOWH SHQWUX  DVLJXUDUHD H[WHUQ D FDOLW LL ,62  ,62  L ,62   DVLJXUDUHD LQWHUQ D FDOLW LL ,62  6WDQGDUGHOH ,62  ,62  L ,62  GHILQHVF WUHL PRGHOH SHQWUX DVLJXUDUHD H[WHUQ D FDOLW LL SULQ FHULQ H vQ YHGHUHD GHPRQVWU ULL GH F WUH IXUQL]RU D DSWLWXGLQLL VDOH vQ UHDOL]DUHD FDOLW LL FHUXWH L vQ VFRSXO HYDOX ULL DFHVWHL DSWLWXGLQL GH F WUH FOLHQ L 6XQW VWDQGDUGH GH UHIHULQ vQ FHUWLILFDUHD VLVWHPXOXL FDOLW LL 6WDQGDUGXO ,62  GHVFULH WRDWH HOHPHQWHOH FX DMXWRUXO F URUD SRDWH IL GH]YROWDW L LPSOHPHQWDW XQ VLVWHP DO FDOLW LL DGDSWDW QHYRLORU vQWUHSULQGHULORU  $WHVWDUHD FDOLW LL SURGXVHORU L VHUYLFLLORU 'LYHUVLILFDUHD L vQQRLUHD UDSLG D VRUWLPHQWHORU GH SURGXVH L VHUYLFLL PRQGLDOL]DUHD SLH HORU D FRQGXV OD DSDUL LD XQRU QHFHVLW L QRL SULYLQG LQWURGXFHUHD XQRU SUDFWLFL QRL FDUH V DVLJXUH vQFUHGHUHD vQWUH SDUWHQHULL FRPHUFLDOL GLQ UL GLIHULWH  &HUWLILFDUHD SURGXVHORU L VLVWHPHORU FDOLW LL

D &RQFHS LH 6LPSOD JDUDQWDUH SULQ DILUPD LL DOH SURGXF WRUXOXL QX PDL RIHU JDUDQ LD FDOLW LL SURGXVHORU L vQWUR VHULH GH WDUL VD LQWURGXV VLVWHPXO FHUWLILF ULL FDUH D F S WDW R ODUJ GH]YROWDUH PDL DOHV SULQ ,62  L (1  3ULQ FHUWLILFDUH VH vQ HOHJH SURFHGXUD L DFWLYLWDWHD GHVI XUDW GH XQ RUJDQLVP DXWRUL]DW SHQWUX GHWHUPLQDUHD YHULILFDUHD L DWHVWDUHD VFULV D FDOLW LL SURGXVHORU VDX SURFHVHORU vQ FRQFRUGDQ FX RELHFWLYHOH VWDELOLWH GHILQL LH GDW GH 2UJDQL]D LD (XURSHDQ SHQWUX &DOLWDWH (24  3HQWUX DVLJXUDUHD XQHL ED]H XQLWDUH SHQWUX DFUHGLWDUH RUJDQLVPHOH HXURSHQH GH VWDQGDUGL]DUH &(1 DX HODERUDW VWDQGDUGXO (1  GLQ  DGRSWDW L vQ DUD QRDVWU L HVWH REOLJDWRULX vQ 8( L $(/6 6WDQGDUGHOH (1  (1  (1  SUHY G FULWHULL JHQHUDOH SH FDUH V OH vQGHSOLQHDVF RUJDQLVPHOH GH FHUWLILFDUH D SURGXVHORU VLVWHPHORU FDOLW LL L SHUVRQDOXOXL SHQWUX DFUHGLWDUH 6WDQGDUGHOH (1  (1  (1  SUHY G FULWHULL JHQHUDOH SHQWUX IXQF LRQDUHD L HYDOXDUHD ODERUDWRDUHORU GH vQFHUF UL FDUH HIHFWXHD] GHWHUPLQ UL vQ FDGUXO XQXL VLVWHP GH FHUWLILFDUH $FUHGLWDUHD ODERUDWRDUHORU HVWH GHILQLW GH VWDQGDUGXO (1  6WDQGDUGXO (1  VSHFLILF SURFHGXULOH SHQWUX FD]XO vQ FDUH IXUQL]RUXO vL SURSXQH VDX L VH FHUH V GHFODUH F XQ DQXPLW SURGXV HVWH vQ FRQIRUPLWDWH FX XQ UHIHUHQ LDO

Вам также может понравиться