$SUHQGHQGR,QWHUQHW
XWLOL]DQGR 1HWVFDSH  YHUVmR 
$XWRUD
'DQLHOD 5HJLQD %DUEHWWL
9HUVmR   )HYHUHLUR
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJLQLFLRKWPO
2EMHWLYR
(VWH FXUVR WHP FRPR REMHWLYR SDVVDU XPD YLVmR JHUDO GD UHGH ,QWHUQHW FRQWDU XP SRXFR
FRPR IRL FULDGD H[SOLFDU GHWDOKDGDPHQWH XP EURZVHU GH QDYHJDomR GHPRQVWUDU DOJXQV
VHUYLoRV H UHFXUVRV GLVSRQtYHLV HQVLQDU R DOXQR D XWLOL]DU R FRUUHLR HOHWU{QLFR DWUDYpV GR
1HWVFDSH
2 TXH p D ,QWHUQHW 
+LVWyULFR GD ,QWHUQHW
7HUPRV 8WLOL]DGRV QD ,QWHUQHW
2 TXH p ::: 
RPR XVDU R QDYHJDGRU
6HUYLFRV GD ,QWHUQHW
%XVFD GH LQIRUPDo}HV
RPXQLFDomR
/LQNV ,QWHUHVVDQWHV

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJREMHWLYRKWPO
2TXHpD,QWHUQHW
$ PHOKRU IRUPD GH HQWHQGHU D ,QWHUQHW p SHQVDU QHOD QmR FRPR XPD UHGH GH
FRPSXWDGRUHV PDV FRPR XPD 5HGH GH UHGHV 6HQGR DVVLP D ,QWHUQHW QmR WHP XP GRQR
RX XPD HPSUHVD HQFDUUHJDGD GH DGPLQLVWUiOD DGD UHGH LQGLYLGXDO FRQHFWDGD j ,QWHUQHW
SRGH VHU DGPLQLVWUDGD SRU XPD HQWLGDGH JRYHUQDPHQWDO XPD HPSUHVD RX XPD LQVWLWXLomR
HGXFDFLRQDO 0DV D ,QWHUQHW FRPR XP WRGR QmR WHP XP SRGHU FHQWUDO
0XLWRV UHIHUHPVH j ,QWHUQHW FRPR D VXSHUDXWRHVWUDGD GH GDGRV D VXSHULQIRYLD H RXWUDV
FRPSDUDo}HV FRP XPD HVWUDGD 1D YHUGDGH XPD UHSUHVHQWDomR PDLV SUHFLVD QmR VHULD
XPD HVWUDGD PDV WRGR XP FRPSOH[R YLiULR IRUPDGR SRU JUDQGHV DXWRHVWUDGDV HVWUDGDV
VHFXQGiULDV YLFLQDLV H DVVLP VXFHVVLYDPHQWH SDVVDQGR SRU DYHQLGDV DWp FKHJDU jV UXDV
RQGH ILFDP QRVVDV FDVDV 1RV FUX]DPHQWRV GHVVH FRPSOH[R YLiULR H[LVWHP URWDWyULDV TXH
SHUPLWHP TXH R WUiIHJR HVFROKD XPD HQWUH YiULDV GLUHo}HV SRVVtYHLV 1D ,QWHUQHW HVVHV
FUX]DPHQWRV FRQWrP FRPSXWDGRUHV GHQRPLQDGRV URWHDGRUHV FDSD]HV GH GLUHFLRQDU R
WUiIHJR SDUD DV GLIHUHQWHV URWDV GLVSRQtYHLV SRLV FRQWrP LQIRUPDo}HV FRQVWDQWHPHQWH
DWXDOL]DGDV TXH OKHV SHUPLWHP GHFLGLU HP TXH GLUHomR GHYHP HQYLDU R WUiIHJR D FDGD
LQVWDQWH
RPR D ,QWHUQHW p XPD FRPSOH[D PDOKD GH FRPSXWDGRUHV LQWHUOLJDGRV VHPSUH H[LVWH XP
FDPLQKR DOWHUQDWLYR SDUD R WUiIHJR DLQGD TXH VHMD PDLV ORQJR 6H YRFr SUHWHQGH DFHVVDU
XP FRPSXWDGRU QR -DSmR SRU H[HPSOR QmR p QHFHVViULR ID]HU XP LQWHUXUEDQR
LQWHUQDFLRQDO %DVWD FRQHFWDUVH D XP FRPSXWDGRU OLJDGR j ,QWHUQHW QD VXD FLGDGH (VVH
FRPSXWDGRU ORFDO HVWi FRQHFWDGR D XPD PiTXLQD HP RXWUR (VWDGR RX SDtV H DVVLP SRU
GLDQWH WUDoDQGR XPD URWD DWp FKHJDU DR GHVWLQR 6mR PiTXLQDV GH DOWD FDSDFLGDGH FRP
JUDQGH SRGHU GH SURFHVVDPHQWR H FRQH[}HV YHOR]HV FRQKHFLGDV FRPR VHUYLGRUHV
FRQWURODGDV SRU XQLYHUVLGDGHV HPSUHVDV H yUJmRV GR JRYHUQR
(VVD IRUPD GH IXQFLRQDPHQWR JDUDQWH XP FXVWR EDL[R GH FRQH[mR 9RFr Vy SUHFLVD SDJDU
D OLJDomR ORFDO DWp R VHX IRUQHFHGRU GH DFHVVR (VVD HPSUHVD RX LQVWLWXLomR FREUD WD[D
PHQVDO GH FDGD XVXiULR SDUD FREULU HQWUH RXWURV RV FXVWRV GD FRQH[mR FRP D UHGH
0HVPR DVVLP YRFr SDJD R PHVPR SUHoR VH HQYLDU XPD PHQVDJHP SDUD R -DSmR RX SDUD
VHX YL]LQKR
$ ,QWHUQHW FUHVFH PDLV UDSLGDPHQWH GR TXH TXDOTXHU RXWUR PHLR GH FRPXQLFDomR Mi
LQYHQWDGR 1LQJXpP VDEH DR FHUWR TXDQWDV SHVVRDV ID]HP SDUWH GHOD $V HVWLPDWLYDV
YDULDP GH  D  PLOK}HV GH XVXiULRV R TXH GH TXDOTXHU IRUPD p XP Q~PHUR LPHQVR
SDUD XP VLVWHPD TXH Vy VH DEULX DR JUDQGH S~EOLFR Ki PHQRV GH WUrV DQRV e XPD JUDQGH
WHLD TXH LQWHJUD PiTXLQDV GH WRGRV RV WLSRV H WDPDQKRV 1HOD R PLFUR WHP VHX SRGHU
PXOWLSOLFDGR PLOKDUHV GH YH]HV (QTXDQWR R FRPSXWDGRU LVRODGR VH OLPLWD D DFHVVDU DV
LQIRUPDo}HV JUDYDGDV QR VHX GLVFR UtJLGR R PLFUR FRQHFWDGR j UHGH SHOR WHOHIRQH WHP R
PXQGR DR VHX DOFDQFH
2 TXH ID] D ,QWHUQHW WmR SRGHURVD DVVLP p XPD HVSpFLH GH HVSHUDQWR GD LQIRUPiWLFD TXH
DWHQGH SHODV VLJODV 73,3 3URWRFROR GH RQWUROH GH 7UDQVIHUrQFLD3URWRFROR ,QWHUQHW 
7RGRV RV FRPSXWDGRUHV TXH HQWHQGHP HVVD OtQJXD VmR FDSD]HV GH WURFDU LQIRUPDo}HV
HQWUH VL
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJRTXHHKKWPO
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJRTXHHKKWPO
+LVWyULFRGD,QWHUQHW
0XLWRV TXHUHP VDEHU TXHP p R GRQR GD ,QWHUQHW RX TXHP DGPLQLVWUD RV PLOKDUHV GH
FRPSXWDGRUHV H OLQKDV TXH D ID]HP IXQFLRQDU 3DUD HQFRQWUDU D UHVSRVWD YDPRV YROWDU XP
SRXFR QR WHPSR 1RV DQRV  TXDQGR D *XHUUD )ULD SDLUDYD QR DU JUDQGHV FRPSXWDGRUHV
HVSDOKDGRV SHORV (VWDGRV 8QLGRV DUPD]HQDYDP LQIRUPDo}HV PLOLWDUHV HVWUDWpJLFDV HP
IXQomR GR SHULJR GH XP DWDTXH QXFOHDU VRYLpWLFR 6XUJLX DVVLP D LGpLD GH LQWHUFRQHFWDU RV
YiULRV FHQWURV GH FRPSXWDomR GH PRGR TXH R VLVWHPD GH LQIRUPDo}HV QRUWHDPHULFDQR
FRQWLQXDVVH IXQFLRQDQGR PHVPR TXH XP GHVVHV FHQWURV RX D LQWHUFRQH[mR HQWUH GRLV
GHOHV IRVVH GHVWUXtGR
2 'HSDUWDPHQWR GH 'HIHVD DWUDYpV GD $53$ $GYDQFHG 5HVHDUFK 3URMHFWV $JHQF 
PDQGRX SHVTXLVDU TXDO VHULD D IRUPD PDLV VHJXUD H IOH[tYHO GH LQWHUFRQHFWDU HVVHV
FRPSXWDGRUHV KHJRXVH D XP HVTXHPD FKDPDGR FKDYHDPHQWR GH SDFRWHV RP EDVH
QLVVR HP  IRL FULDGD D VHPHQWH GR TXH YLULD D VHU D ,QWHUQHW $ *XHUUD )ULD DFDERX
PDV D KHUDQoD GDTXHOHV GLDV UHQGHX EDVWDQWH 2 TXH YLULD D VHU D ,QWHUQHW WRUQRXVH XPD
UHGH YROWDGD SULQFLSDOPHQWH SDUD D SHVTXLVD FLHQWtILFD $WUDYpV GD 1DWLRQDO 6FLHQFH
)RXQGDWLRQ R JRYHUQR QRUWHDPHULFDQR LQYHVWLX QD FULDomR GH EDFNERQHV UHGHV FDSD]HV
GH OLGDU FRP JUDQGHV YROXPHV GH GDGRV  DRV TXDLV VmR FRQHFWDGDV UHGHV PHQRUHV H TXH
JHURX R SULQFtSLR GHVVD JUDQGH UHGH PXQGLDO
1R %UDVLO DV XQLYHUVLGDGHV HVWmR OLJDGDV QD UHGH GH FRPSXWDGRUHV PXQGLDO GHVGH 
1HVVH DQR KDYLDP FRQH[}HV FRP D %LWQHW XPD UHGH VHPHOKDQWH j ,QWHUQHW HP YiULDV
LQVWLWXLo}HV FRPR DV XQLYHUVLGDGHV IHGHUDLV GR 5LR *UDQGH GR 6XO H GR 5LR GH -DQHLUR 2V
VHUYLoRV GLVSRQtYHLV UHVWULQJLDPVH D FRUUHLR HOHWU{QLFR H WUDQVIHUrQFLD GH DUTXLYRV
6RPHQWH HP  D )DSHVS )XQGDomR GH $PSDUR j 3HVTXLVD GH 6mR 3DXOR FRQHFWRXVH
FRP D ,QWHUQHW 1R PHVPR DQR IRL FULDGD D 513 5HGH 1DFLRQDO GH 3HVTXLVD  XPD
LQLFLDWLYD GR 0LQLVWpULR GD LrQFLD H 7HFQRORJLD
)LQDQFLDGD SHOR RQVHOKR 1DFLRQDO GH 'HVHQYROYLPHQWR LHQWtILFR H 7HFQROyJLFR
13T  D 513 LQWHUOLJRX LQLFLDOPHQWH RQ]H (VWDGRV EUDVLOHLURV $WXDOPHQWH  (VWDGRV
EUDVLOHLURV SRVVXHP SRQWRV GH SUHVHQoD QD ,QWHUQHW
$ SDUWLU GH DEULO GH  R 0LQLVWpULR GDV RPXQLFDo}HV H R 0LQLVWpULR GD LrQFLD H
7HFQRORJLD GHFLGLUDP ODQoDU XP HVIRUoR FRPXP GH LPSODQWDomR GH XPD UHGH LQWHJUDGD
HQWUH LQVWLWXLo}HV DFDGrPLFDV H FRPHUFLDLV 'HVGH HQWmR YiULRV IRUQHFHGRUHV GH DFHVVR H
VHUYLoRV SULYDGRV FRPHoDUDP D RSHUDU QR %UDVLO

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJKLVWRULFRKWPO
7HUPRV8WLOL]DGRVQD,QWHUQHW
$SOLFDomR
3URJUDPD TXH ID] XVR GH VHUYLoRV GH UHGH WDLV FRPR WUDQVIHUrQFLD GH DUTXLYRV ORJLQ
UHPRWR H FRUUHLR HOHWU{QLFR
%DFNERQH
(VWUXWXUD GH QtYHO PDLV DOWR HP XPD UHGH FRPSRVWD SRU YiULDV VXEUHGHV (P
SRUWXJXrV HVSLQKD GRUVDO
%RRNPDUN
/LVWD GRV HQGHUHoRV SUHGLOHWRV QD :HE
%URZVHU
e XP VRIWZDUH TXH GLVSRQLELOL]D D QDYHJDomR QRV VLWHV GD ,QWHUQHW
RUUHLR (OHWU{QLFR
e XP XWLOLWiULR TXH SHUPLWH WURFD GH PHQVDJHQV HQWUH SHVVRDV TXH HVWmR OLJDGD QD
UHGH $V PHQVDJHQV VmR WURFDGDV HQWUH GRLV RX PDLV XVXiULRV RX DLQGD HQWUH JUXSRV
GH XVXiULRV RUJDQL]DGRV HP OLVWDV GH GLVFXVVmR
'RPtQLR
e XPD SDUWH GD KLHUDUTXLD GH QRPHV GH JUXSRV RX KRVWV GD ,QWHUQHW TXH SHUPLWH
LGHQWLILFDU DV LQVWLWXLo}HV RX FRQMXQWR GH LQVWLWXLo}HV QD UHGH 6LQWDWLFDPHQWH XP
QRPH GH GRPtQLR GD ,QWHUQHW FRQVLVWH GH XPD VHTXrQFLD GH QRPHV VHSDUDGRV SRU
SRQWR SRU H[HPSOR XQLFDPSEU
'RPtQLR 3~EOLFR
3URJUDPD GLVSRQtYHO SXEOLFDPHQWH VHJXQGR FRQGLo}HV HVWDEHOHFLGDV SHORV DXWRUHV
VHP FXVWR GH OLFHQFLDPHQWR SDUD XVR (P JHUDO R VRIWZDUH p XWLOL]iYHO VHP FXVWRV
SDUD ILQV HVWULWDPHQWH HGXFDFLRQDLV H QmR WHP JDUDQWLD GH PDQXWHQomR RX
DWXDOL]DomR 8P GRV JUDQGHV WUXQIRV GD ,QWHUQHW p D TXDQWLGDGH SUDWLFDPHQWH
LQHVJRWiYHO GH VRIWZDUH GH GRPtQLR S~EOLFR FRP H[FHOHQWH TXDOLGDGH TXH FLUFXOD
SHOD UHGH
'RZQORDG
e R SURFHVVR GH WUDQVIHULU XPD FySLD GH XP DUTXLYR GH XP FRPSXWDGRU UHPRWR SDUD
RXWUR FRPSXWDGRU DWUDYpV GD UHGH 2 DUTXLYR UHFHELGR p JUDYDGR HP GLVFR QR
FRPSXWDGRU ORFDO
)73 )LOH 7UDQVIHU 3URWRFRO
3URWRFROR GH 7UDQVIHUrQFLD GH $UTXLYRV e XP VHUYLoR TXH SRVVLELOLWD D FySLD GH
DUTXLYRV GH XP VHUYLGRU SDUD VHX PLFUR H YLFHYHUVD
+LSHUWH[WR
7H[WR TXH SRVVXL OLJDo}HV D RXWURV WH[WRV LPDJHQV H DSOLFDo}HV
+RVW
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJWHUPRVKWPO
RPSXWDGRU OLJDGR j ,QWHUQHW
+70/
$FU{QLPR GH +SHUWH[W 0DUNXS /DQJXDJH p D OLQJXDJHP SDGUmR SDUD HVFUHYHU
SiJLQDV GH GRFXPHQWRV :HE :::  e IiFLO GH DSUHQGHU H XVDU H SRVVLELOLWD
SUHSDUDU GRFXPHQWRV FRP JUiILFRV H OLQNV SDUD RXWURV GRFXPHQWRV SDUD
YLVXDOL]DomR HP VLVWHPDV TXH XWLOL]DP :HE
,5 ,QWHUQHW 5HOD KDW
e XP VRIWZDUH TXH SHUPLWH DR XVXiULR FRQYHUVDU FRP RXWUDV SHVVRDV HP TXDOTXHU
OXJDU GR PXQGR HP WHPSR UHDO
/LQN
(OR GH OLJDomR HQWUH SiJLQDV GD :HE XWLOL]DGR QRV KLSHUWH[WRV
0DLOLQJ OLVWV OLVWDV GH GLVFXVVmR
/LVWDV TXH HQJOREDP GHWHUPLQDGRV WHPDV HVSHFtILFRV jV TXDLV YRFr SRGH VH MXQWDU
H UHFHEHU YLD HPDLO PHQVDJHQV VREUH HVVHV DVVXQWRV
1DYHJDomR
$WR GH FRQHFWDUVH D GLIHUHQWHV FRPSXWDGRUHV GD UHGH GLVWULEXtGRV SHOR PXQGR
XVDQGR DV IDFLOLGDGHV SURYLGDV SRU IHUUDPHQWDV FRPR EURZVHUV :HE
7HOQHW
$FHVVR UHPRWR RX VHMD p XPD FRQH[mR HQWUH VHX PLFUR H XP VHUYLGRU OLJDGR j
UHGH )XQFLRQD H[FOXVLYDPHQWH SRU WHFODGR VHP JUiILFRV
8VHQHW
$ 8VHQHW p GLYLGLGD HP YiULDV SDUWHV FKDPDGDV QHZVJURXS e FRPR XP PXUDO RQGH
YRFp GLYXOJD XPD PHQVDJHP TXH p UHSDVVDGD SDUD RXWUDV PiTXLQDV QR PXQGR WRGR
(VWD LQIRUPDomR ILFD GLVSRQtYHO SRU XP GHWHUPLQDGR WHPSR VHQGR TXH SDUD
DFHVViOD R XVXiULR GHYHUi DFHVVDU R QHZVJURXS HP TXH D PHQVDJHP IRL SRVWDGD
:::
2 ::: p UHSRQViYHO SHOR JUDQGH ERRP GD ,QWHUQHW 1HOH RV GRFXPHQWRV VH
LQWHUOLJDP FRP RXWURV GRFXPHQWRV QD IRUPD GH KLSHUWH[WR DSUHVHQWDQGR DWUDYpV GH
EURZVHUV FRPR R 1HWVFDSH RX R ,QWHUQHW ([SORUHU LQIRUPDo}HV QD IRUPD GH WH[WRV
LPDJHQV YLGHRV H VRQV

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJWHUPRVKWPO
2TXHp:::
$ :HE :RUOG :LGH :HE RX ::: p D SDUWH PXOWLPtGLD GD ,QWHUQHW $V SiJLQDV SRGHP
WHU IRWRV DQLPDo}HV WUHFKRV GH YtGHR H VRQV e D UHJLmR PDLV IiFLO GH XVDU GH WRGD D UHGH
2 ~QLFR SURJUDPD TXH YRFr SUHFLVD p R QDYHJDGRU R PHVPR TXH YRFr HVWi XWLOL]DQGR SDUD
YLVXDOL]DU HVVD SiJLQD
e IRUPDGD SRU PLOK}HV GH OXJDUHV FKDPDGRV VLWHV ([LVWHP VLWHV GH XQLYHUVLGDGHV
HPSUHVDV yUJmRV GR JRYHUQR H DWp VLWHV PDQWLGRV SRU DSHQDV XPD SHVVRD
$V LQIRUPDo}HV HVWmR RUJDQL]DGDV QD IRUPD GH SiJLQDV OLJDGDV HQWUH VL 4XDQGR YRFr
DFHVVD XP VLWH QRUPDOPHQWH HQWUD SHOD SRUWD GD IUHQWH RQGH H[LVWH XPD PHQVDJHP GH
ERDV YLQGDV H XPD HVSpFLH GH tQGLFH SDUD DV GHPDLV SiJLQDV (VVD HQWUDGD VH FKDPD SiJLQD
SULQFLSDO RX KRPH SDJH
$V OLJDo}HV HQWUH DV SiJLQDV FRQKHFLGDV FRPR KLSHUOLQNV RX OLJDo}HV GH KLSHUWH[WR QmR
RFRUUHP DSHQDV GHQWUR GH XP VLWH (ODV SRGHP OLJDU LQIRUPDo}HV DUPD]HQDGDV HP
FRPSXWDGRUHV HPSUHVDV RX PHVPR FRQWLQHQWHV GLIHUHQWHV 1D :HE p SRVVtYHO TXH XPD
SiJLQD IDoD UHIHUrQFLD D SUDWLFDPHQWH TXDOTXHU GRFXPHQWR GLVSRQtYHO QD ,QWHUQHW
2 TXH ID] HVVD PDOKD GH LQIRUPDo}HV IXQFLRQDU p XP VLVWHPD GH HQGHUHoDPHQWR TXH
SHUPLWH D FDGD SiJLQD WHU D VXD SUySULD LGHQWLILFDomR $VVLP GHVGH TXH R XVXiULR VDLED R
HQGHUHoR FRUUHWR p SRVVtYHO DFHVVDU TXDOTXHU DUTXLYR GD UHGH
(VVH VLVWHPD GH HQGHUHoRV HVSHFtILFR p WDPEpP FKDPDGR GH 85/ 8QLIRUP 5HVRXUFH
/RFDWRU ORFDOL]DGRU XQLIRUPH GH UHFXUVRV  RP HOH p SRVVtYHO ORFDOL]DU TXDOTXHU
LQIRUPDomR QD ,QWHUQHW 7HQGR HP PmR R HQGHUHoR FRPR KWWSZZZXQLFDPSEU YRFr
SRGHUi XWLOL]iOR QR QDYHJDGRU H VHU WUDQVSRUWDGR DWp R GHVWLQR
2 HQGHUHoR GD SiJLQD TXH YRFr HVWi OHQGR SRU H[HPSOR p
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJDFDRZZZKWPO DGD SDUWH GR HQGHUHoR
VLJQLILFD R VHJXLQWH
KWWS
e R PpWRGR SHOR TXDO D LQIRUPDomR GHYH VHU EXVFDGD 1R FDVR KWWS p R PpWRGR
XWLOL]DGR SDUD EXVFDU SiJLQDV QD :HE 9RFr WDPEpP YDL HQFRQWUDU RXWUDV IRUPDV FRPR
IWS SDUD HQWUDU HP VHUYLGRUHV GH )73  PDLOWR SDUD HQYLDU PHQVDJHQV  QHZV SDUD
DFHVVDU JUXSRV GH GLVFXVVmR  HQWUH RXWURV
ZZZJDFOLXQLFDPSEU
e R QRPH GR FRPSXWDGRU RQGH D LQIRUPDomR HVWi DUPD]HQDGD WDPEpP FKDPDGR GH
VHUYLGRU RX VLWH 3HOR QRPH GR FRPSXWDGRU YRFr SRGH DQWHFLSDU TXH WLSR GH LQIRUPDomR
LUi HQFRQWUDU 2V TXH FRPHoDP FRP ZZZ VmR VHUYLGRUHV GH :HE H FRQWpP SULQFLSDOPHQWH
SiJLQDV GH KLSHUWH[WR 4XDQGR R QRPH GR VHUYLGRU FRPHoD FRP IWS WUDWDVH GH XP OXJDU
RQGH p SHUPLWLGR FRSLDU DUTXLYRV 1HVVH FDVR YRFr HVWDUi QDYHJDQGR HQWUH RV GLUHWyULRV
GHVVH FRPSXWDGRU H SRGHUi FRSLDU XP SURJUDPD LPHGLDWDPHQWH SDUD R VHX PLFUR
FXUVRVQDYHJDFDR
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJZZZKWPO
e R GLUHWyULR RQGH HVWi R DUTXLYR ([DWDPHQWH FRPR QR VHX FRPSXWDGRU D LQIRUPDomR QD
,QWHUQHW HVWi RUJDQL]DGD HP GLUHWyULRV GHQWUR GRV VHUYLGRUHV
ZZZKWPO
e R QRPH GR DUTXLYR TXH VHUi WUDQVSRUWDGR SDUD R VHX QDYHJDGRU 9RFr GHYH SUHVWDU
DWHQomR VH R QRPH GR DUTXLYR H GRV GLUHWyULRV HVWmR HVFULWRV HP PDL~VFXODV RX
PLQ~VFXODV 1D PDLRU SDUWH GRV VHUYLGRUHV ,QWHUQHW HVVD GLIHUHQoD p LPSRUWDQWH 1R
H[HPSOR DFLPD VH YRFr GLJLWDVVH R QRPH GR DUTXLYR FRPR :::+70/ RX PHVPR
:ZZ+WPO D SiJLQD QmR VHULD HQFRQWUDGD 2XWUR GHWDOKH p D WHUPLQDomR GR QRPH GR
DUTXLYR KWPO (OD LQGLFD R WLSR GR GRFXPHQWR 1R FDVR KWPO VmR SiJLQDV GD :HE 9RFr
WDPEpP YDL HQFRQWUDU GRFXPHQWRV KLSHUWH[WR FRP D H[WHQVmR KWP 2XWURV WLSRV GH
DUTXLYRV GLVSRQtYHLV QD ,QWHUQHW VmR W[W GRFXPHQWRV FRPXQV GH WH[WRV  H[H
SURJUDPDV  ]LS RX J] FRPSDFWDGRV  DX DLII UDP H ZDY VRP H DLQGD PRY H DYL
YtGHR 

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJZZZKWPO
RPRXVDURQDYHJDGRU
2 QDYHJDGRU p R SULQFLSDO SURJUDPD SDUD DFHVVDU D ,QWHUQHW RP HOH YRFr SRGH YLVLWDU
HQGHUHoRV QD UHGH FRSLDU SURJUDPDV H WURFDU PHQVDJHQV DWUDYpV GR FRUUHLR HOHWU{QLFR
7HOD GR QDYHJDGRU
5HFXUVRV DYDQoDGRV

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
7HODGRQDYHJDGRU
%DUUD GH ERW}HV
%DUUD GH VWDWXV H SURJUHVVR tFRQH GH FRUUHLR HOHWU{QLFR H FDPSR ORFDWLRQ
'LUHFWRU EXWWRQV
ºFRQHV
0HQX IOXWXDQWH
,WHQV GH PHQX

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
%DUUDGHERW}HV
$ EDUUD GH ERW}HV GR 1HWVFDSH FRQWpP FRPDQGRV FRPR YROWDU SDUD D SiJLQD DQWHULRU
UHFDUUHJDU H LPSULPLU (OD SRGH DSDUHFHU GH WUrV IRUPDV VRPHQWH WH[WR WH[WR H LPDJHP H
VRPHQWH LPDJHP
2 XVXiULR SRGH HVFROKHU R WLSR GH EDUUD GH ERW}HV FRP R VHJXLQWH SURFLGLPHQWR
 (VFROKD QR PHQX 2SWLRQV D RSomR *HQHUDO SUHIHUHQFHV
 (VFROKD D SDVWD $SSHDUDQFH
 1R FDPSR 7ROOEDUV VHOHFLRQH D RSomR 3LFWXUHV 7H[W RX 3LFWXUH DQG 7H[W
 OLTXH 2.

2V ERW}HV WHP DV VHJXLQWHV IXQo}HV
%DFN YROWD SDUD D SiJLQD DQWHULRU Mi YLVLWDGD
)RUZDUG DYDQoD SDUD D SiJLQD VHJXLQWH Mi YLVLWDGD
+RPH R QDYHJDGRU LUi LQLFLDU FRP XPD SiJLQD GHILQLGD SHOR XVXiULR $R FOLFDU
QHVVH tFRQH YRFr VHUi OHYDGR SDUD HVVD SiJLQD
5HORDG UHFDUUHJD D SiJLQD DWXDO
,PDJHV PRVWUD DV LPDJHQV TXDQGR R XVXiULR GHVOLJRX R FDUUHJDPHQWR DXWRPiWLFR
2SHQ DEUH D MDQHOD 2SHQ /RFDWLRQ SDUD TXH R XVXiULR GLJLWH XP QRYR HQGHUHoR
3ULQW LPSULPH D SiJLQD DWXDO
)LQG SHUPLWH ID]HU EXVFD SRU SDODYUD QR WH[WR
6WRS FDQFHOD R FDUUHJDPHQWR GD SiJLQD

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
%DUUDGHVWDWXV
$ EDUUD GH VWDWXV PRVWUD R SURJUHVVR GR FDUUHJDPHQWR GD SiJLQD $OJXPDV GDV PHQVDJHQV
DSUHVHQWDQGDV SHOD EDUUD GH VWDWXV
RQQHFW RQWDFWLQJ KRVW ZZZQHWVFDSHFRP
7HQWDQGR HQFRQWUDU R HQGHUHoR
RQQHFW +RVW ZZZQHWVFDSHFRP FRQWDFWHG :DLWLQJ IRU UHSO 
2 GHVWLQR Mi IRL ORFDOL]DGR 2 QDYHJDGRU HVWi SHGLQGR D SiJLQD TXH VHUi PRVWUDGD
7UDQVIHULQJ GDWD IURP ZZZQHWVFDSHFRP
2V GDGRV HVWmR VHQGR WUDQVIHULGRV GR VHUYLGRU SDUD R FRPSXWDGRU GR XVXiULR
5HDGLQJILOH
2 DUTXLYR HVWi VHQGR FDUUHJDGR
.5HDG
-i IRUDP FDUUHJDGRV  .EWHV GR GRFXPHQWR
RI.
0RVWUD TXDQWR Mi IRL WUDQVPLWLGR GH FDGD DUTXLYR
RI. DW.VHFVHFVUHPDLQLQJ
4XDQGR p SRVVtYHO R SURJUDPD DSUHVHQWD D WD[D GH WUDQVIHUrQFLD  .VHF H R
WHPSR TXH UHVWD SDUD WHUPLQDU D WUDQVPLVVmR  VHFV UHPDLQLQJ 
%DUUDGHSURJUHVVR
$OpP GD EDUUD GH VWDWXV H[LVWH XP FDPSR j GLUHLWD FKDPDGR EDUUD GH SURJUHVVR TXH
LQGLFD TXDQWR GR GRFXPHQWR Mi IRL FDUUHJDGR
ºFRQHGHFRUUHLRHOHWU{QLFR
OLFDQGR QR HQYHORSH R XVXiULR SRGH DFHVVDU R SURJUDPD GH FRUUHLR HOHWU{QLFR 4XDQGR
H[LVWLU XP SRQWR GH LQWHUURJDomR DR ODGR GR HQYHORSH VLJQLILFD TXH R SURJUDPD QmR HVWi
PRQLWRUDQGR DXWRPDWLFDPHQWH D FKHJDGD GH QRYDV PHQVDJHQV 1HVVH FDVR p SUHFLVR DEULU
R SURJUDPD GH HPDLO H UHDOL]DU R SURFHGLPHQWR GH ORJLQ QR TXDO R XVXiULR GHYHUi
IRUQHFHU VXD VHQKD 4XDQGR R HQYHORSH IRU PRVWUDGR VR]LQKR R SURJUDPD YHULILFD
SHULRGLFDPHQWH D FDL[D SRVWDO 6H R tFRQH DR ODGR GR HQYHORSH IRU XP SRQWR GH
H[FODPDomR VLJQLILFD TXH H[LVWHP QRYDV PHQVDJHQV
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
DPSR/RFDWLRQ
1R FDPSR /RFDWLRQ R XVXiULR GHYHUi GLJLWDU R HQGHUHoR GD SiJLQD TXH GHVHMD YLVLWDU
([HPSOR KWWSZZZXQLFDPSEU
3DUD HVFRQGHU R FDPSR /RFDWLRQ HVFROKD QR PHQX 2SWLRQV D RSomR 6KRZ /RFDWLRQ
3DUD PRVWUiOR QRYDPHQWH UHSLWD D RSHUDomR
4XDQGR R XVXiULR FOLFD VREUH R FDPSR /RFDWLRQ R QRPH GR FDPSR PXGD SDUD *R WR
3DUD DFHVVDU XP QRYR OXJDU QD ,QWHUQHW EDVWD GLJLWDU R HQGHUHoR H WHFODU HQWHU

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
'LUHFWRU%XWWRQV
2V GLUHFWRU EXWWRQV VmR DWDOKRV SDUD SiJLQDV ORFDOL]DGDV QR VLWH GD 1HWVFDSH 2 XVXiULR
SRGH HVFRQGrORV RX PRVWUiORV HVFROKHQGR QR PHQX 2SWLRQV D RSomR 6KRZ 'LUHFWRU
%XWWRQV
2V ERW}HV WHP DV VHJXLQWHV IXQo}HV
:KDW V 1HZ
3iJLQD LQWHUHVVDQWH TXH R OHYDUi jV QRYDV LQIRUPDo}HV TXH VXUJHP GLDULDPHQWH QD
,QWHUQHW
:KDW V RRO
3iJLQD FXULRVD TXH R OHYDUi DR TXH Ki GH PDLV LQWHUHVVDQWHV QD ,QWHUQHW
'HVWLQDWLRQ
3iJLQD TXH H[LEH R FDPLQKR D FDWiORJRV H ORFDLV QD ,QWHUQHW
1HW 6HDUFK
8P FDWiORJR GH PHFDQLVPRV GH SHVTXLVD GD ,QWHUQHW TXH YRFr SRGHUi XWLOL]DU SDUD
ORFDOL]DU LQIRUPDo}HV HVSHFtILFDV RX XPD SiJLQD HP HVSHFLDO SHVTXLVDQGR WtWXORV GH
SiJLQDV FDPSRV GH DVVXQWR FRQWH~GR GH GRFXPHQWRV RX RXWURV tQGLFHV H
FDWiORJRV
3HRSOH
DWiORJR GH VHUYLoRV SDUD DMXGiOR D ORFDOL]DU QRPHV H HQGHUHoRV HOHWU{QLFRV GH
XVXiULRV GD ,QWHUQHW
6RIWZDUH
,QIRUPDo}HV VREUH DWXDOL]Do}HV GR VRIWZDUH 1HWVFDSH 1DYLJDWRU

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
ºFRQHVGRSURJUDPD
2 tFRQH GR 1HWVFDSH UHFHEH XPD DQLPDomR TXDQGR R FDPSR /RFDWLRQ RX RV GLUHFWRU
EXWWRQV HVWmR OLJDGRV 6H R XVXiULR FOLFDU VREUH R tFRQH VHUi OHYDGR DWp D SiJLQD SULQFLSDO
GD 1HWVFDSH
ºFRQHGHWUDQVDomRVHJXUD
2 LQGLFDGRU GH VHJXUDQoD ORFDOL]DGR DEDL[R GD iUHD GH FRQWH~GR PRVWUD VH XP GRFXPHQWR
HVWi SURWHJLGR tFRQH GH FKDYH HP IXQGR D]XO RX GHVSURWHJLGR tFRQH GH FKDYH HP IXQGR
FLQ]D  8PD EDUUD GH FRUHV D]XO DFLPD GD iUHD GH FRQWH~GR LQGLFD XP GRFXPHQWR
SURWHJLGR XPD EDUUD GH FRUHV FLQ]D LQGLFD XP GRFXPHQWR GHVSURWHJLGR 1D PDLRU SDUWH
GR WHPSR R tFRQH HVWi TXHEUDGR LQGLFDQGR TXH R XVXiULR QmR HVWi DFHVVDQGR XP VHUYLGRU
TXH RIHUHFH VHJXUDQoD

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
0HQXIOXWXDQWH
1DV YHUV}HV SDUD RV VLVWHPDV RSHUDFLRQDLV :LQGRZV H 8QL[ DR FOLFDU FRP R ERWmR GLUHLWR
GR PRXVH VREUH D MDQHOD GR QDYHJDGRU VHUi DFLRQDGR XP PHQX IOXWXDQWH SRSXS 
2V LWHQV GR PHQX SRSXS WHP RV VHJXLQWHV VLJQLILFDGRV
4XDQGR FOLFDGR VREUH XPD iUHD TXDOTXHU GD SiJLQD
%DFN YROWD SDUD D SiJLQD DQWHULRU Mi YLVLWDGD
)RUZDUG DYDQoD SDUD D SUy[LPD SiJLQD Mi YLVLWDGD
$GG %RRNPDUN DGLFLRQD R HQGHUHoR GD SiJLQD TXH YRFr HVWi YLVLWDQGR QD VXD OLVWD
GH HQGHUHoRV SUHGLOHWRV
,QWHUQHW 6KRUWFXW :LQGRZV  RX 17  FULD XP tFRQH GH DWDOKR SDUD D SiJLQD
DWXDO
4XDQGR FOLFDGR VREUH XP OLQN
%DFN YROWD SDUD D SiJLQD DQWHULRU Mi YLVLWDGD
)RUZDUG DYDQoD SDUD D SUy[LPD SiJLQD Mi YLVLWDGD
2SHQ WKLV /LQN YDL SDUD D SiJLQD HVSHFLILFDGD SHOR OLQN
2SHQ LQ 1HZ :LQGRZ DEUH D SiJLQD HVSHFLILFDGD SHOR OLQN HP XPD QRYD MDQHOD
6DYH /LQN $V VDOYD D SiJLQD LQGLFDGD SHOR OLQN QR FRPSXWDGRU GR XVXiULR (VWD
RSHUDomR FRSLD DSHQDV R WH[WR GD SiJLQD H DV UHIHUrQFLDV $V LPDJHQV QmR VHUmR
FRSLDGDV DXWRPDWLFDPHQWH 3DUD FRSLDU XPD SiJLQD FRPSOHWD p SUHFLVR YLVLWDU D
SiJLQD H VDOYDU DV LPDJHQV LQGLYLGXDOPHQWH RX XWLOL]DU DV YHUV}HV GR GLUHWyULR GH
FDFKH
RS /LQN /RFDWLRQ FRSLD R HQGHUHoR HVSHFLILFDGR SHOR OLQN
$GG %RRNPDUN DGLFLRQD R OLQN j OLVWD GH HQGHUHoRV SUHIHULGRV
,QWHUQHW 6KRUWFXW :LQGRZV  RX 17  FULD XP tFRQH GH DWDOKR SDUD D SiJLQD
DWXDO
4XDQGR FOLFDGR VREUH XPD LPDJHP TXH WDPEpP p XP OLQN
%DFN YROWD SDUD D SiJLQD DQWHULRU Mi YLVLWDGD
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
)RUZDUG DYDQoD SDUD D SUy[LPD SiJLQD Mi YLVLWDGD
2SHQ WKLV /LQN YDL SDUD D SiJLQD HVSHFLILFDGD SHOR OLQN
2SHQ LQ 1HZ :LQGRZ DEUH D SiJLQD HVSHFLILFDGD SHOR OLQN HP XPD QRYD MDQHOD
6DYH /LQN $V VDOYD D SiJLQD LQGLFDGD SHOR OLQN QR FRPSXWDGRU GR XVXiULR (VWD
RSHUDomR FRSLD DSHQDV R WH[WR GD SiJLQD H DV UHIHUrQFLDV $V LPDJHQV QmR VHUmR
FRSLDGDV DXWRPDWLFDPHQWH 3DUD FRSLDU XPD SiJLQD FRPSOHWD p SUHFLVR YLVLWDU D
SiJLQD H VDOYDU DV LPDJHQV LQGLYLGXDOPHQWH RX XWLOL]DU DV YHUV}HV GR GLUHWyULR GH
FDFKH
9LHZ ,PDJH DEUH XPD SiJLQD FRP D LPDJHP
6DYH ,PDJH $V VDOYD D LPDJHP QR FRPSXWDGRU GR XVXiULR
6HW $V :DOOSDSHU VDOYD D LPDJHP FRPR SDSHO GH SDUHGH GR :LQGRZV
RS /LQN /RFDWLRQ FRSLD R HQGHUHoR HVSHFLILFDGR SHOR OLQN
RS ,PDJH /RFDWLRQ FRSLD R HQGHUHoR GD LPDJHP
/RDG WKLV ,PDJH FDUUHJD D LPDJHP (VWD RSomR ILFD GLVSRQtYHO TXDQGR D LPDJHP
QmR IRL FDUUHJDGD SRUTXH R XVXiULR GHVOLJRX R FDUUHJDPHQWR DXWRPiWLFR H HP VHX
OXJDU IRL FRORFDGR XP tFRQH
$GG %RRNPDUN DGLFLRQD R OLQN j OLVWD GH HQGHUHoRV SUHIHULGRV
,QWHUQHW 6KRUWFXW :LQGRZV  RX 17  FULD XP tFRQH GH DWDOKR SDUD D SiJLQD
DWXDO
4XDQGR FOLFDGR VREUH XPD LPDJHP FRPXP
%DFN YROWD SDUD D SiJLQD DQWHULRU Mi YLVLWDGD
)RUZDUG DYDQoD SDUD D SUy[LPD SiJLQD Mi YLVLWDGD
9LHZ ,PDJH DEUH XPD SiJLQD FRP D LPDJHP
6DYH ,PDJH DV VDOYD D LPDJHP QR FRPSXWDGRU GR XVXiULR
6HW $V :DOOSDSHU VDOYD D LPDJHP FRPR SDSHO GH SDUHGH GR :LQGRZV
RS ,PDJH /RFDWLRQ FRSLD R HQGHUHoR GD LPDJHP
/RDG WKLV ,PDJH FDUUHJD D LPDJHP (VWD RSomR ILFD GLVSRQtYHO TXDQGR D LPDJHP
QmR IRL FDUUHJDGD SRUTXH R XVXiULR GHVOLJRX R FDUUHJDPHQWR DXWRPiWLFR H HP VHX
OXJDU IRL FRORFDGR XP tFRQH
$GG %RRNPDUN DGLFLRQD R OLQN j OLVWD GH HQGHUHoRV SUHIHULGRV
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
,QWHUQHW 6KRUWFXW :LQGRZV  RX 17  FULD XP tFRQH GH DWDOKR SDUD D SiJLQD
DWXDO
4XDQGR FOLFDGR VREUH XPD iUHD GH WH[WR RQGH R XVXiULR SRVVD HVFUHYHU
:LQGRZV  RX 17
8QGR GHVID] D RSHUDomR DQWHULRU TXDQGR SRVVtYHO
XW DSDJD H FRSLD R WUHFKR VHOHFLRQDGR
RS FRSLD R WUHFKR VHOHFLRQDGR
3DVWH FROD R WUHFKR FRSLDGR DQWHULRUPHQWH
'HOHWH DSDJD R WUHFKR VHOHFLRQDGR
6HOHFW $OO VHOHFLRQD WRGR R FRQWH~GR GD iUHD GH WH[WR

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
,WHQVGH0HQX
$R SRVLFLRQDU R PRXVH HP FDGD SDLQHO GD MDQHOD GR QDYHJDGRU YRFr SRGHUi XWLOL]DU R
PHQX SRSXS FRPR DWDOKR SDUD RV GLYHUVRV LWHQV GD EDUUD GH PHQXV OLVWDGRV D VHJXLU
)LOH
1HZ :HE %URZVHU DEUH XPD QRYD MDQHOD 1HWVFDSH 3RGHVH DEULU YiULDV MDQHODV GR
QDYHJDGRU SDUD DFHVVDU YiULRV HQGHUHoRV GLIHUHQWHV DR PHVPR WHPSR $ QRYD MDQHOD
SRVVXLUi RV PHVPRV LWHQV GR KLVWyULFR GD MDQHOD DQWHULRU H H[LELUi D SiJLQD PDLV
DQWLJD GR KLVWyULFR JHUDOPHQWH D SiJLQD LQLFLDO 
1HZ 0DLO 0HVVDJH DEUH XPD MDQHOD SDUD HQYLDU XPD PHQVDJHP 9RFr Vy
FRQVHJXLUi HQYLDU PHQVDJHQV VH R QDYHJDGRU HVWLYHU GHYLGDPHQWH FRQILJXUDGR SDUD
HVVD RSHUDomR
0DLO 'RFXPHQW SHUPLWH HQYLDU PHQVDJHP FRP D SiJLQD DWXDO DQH[DGD
DXWRPDWLFDPHQWH 2 FDPSR GH FRQWH~GR FRQWpP R 85/ HQGHUHoR GD SiJLQD 2
FDPSR 6XEMHFW FRQWpP R WtWXOR GD SiJLQD
2SHQ /RFDWLRQ DEUH XPD MDQHOD SDUD R XVXiULR GLJLWDU R HQGHUHoR GD SiJLQD TXH
GHVHMD YLVLWDU
2SHQ )LOH SHUPLWH TXH R XVXiULR VHOHFLRQH XP DUTXLYR SDUD VHU DEHUWR
6DYH $V RX 6DYH )UDPH $V VDOYD D SiJLQD TXH HVWi QD WHOD (VWD RSomR FRSLD
DSHQDV R WH[WR GD SiJLQD H DV UHIHUrQFLDV $V LPDJHQV QmR VmR FRSLDGDV
DXWRPDWLFDPHQWH 9RFr SRGH VDOYDU D SiJLQD HP IRUPDWR GH WH[WR VLPSOHV RX QR
IRUPDWR GH RULJHP +70/ 
8SORDG )LOH SHUPLWH HQYLDU XP DUTXLYR SDUD XP VHUYLGRU GH )73 6y IXQFLRQD
TXDQGR R XVXiULR HVWi FRQHFWDGR D XP VHUYLGRU TXH SHUPLWH HVVH WLSR GH RSHUDomR
e QHFHVViULD SHUPLVVmR SDUD JUDYDomR
3DJH 6HWXS PRGLILFD GHILQLo}HV GD SiJLQD SDUD LPSUHVVmR FRPR PDUJHQV
FDEHoDOKRV H URGDSpV
3ULQW LPSULPH D iUHD GD SiJLQD 1HWVFDSH DWXDO 9RFr SRGH VHOHFLRQDU GLYHUVDV
FDUDFWHUtVWLFDV GH LPSUHVVmR
3ULQW 3UHYLHZ Vy QR :LQGRZV  YLVXDOL]D D SiJLQD LPSUHVVD QD WHOD
ORVH IHFKD D SiJLQD 1HWVFDSH DWXDO 1R :LQGRZV VDL GR DSOLFDWLYR 1HWVFDSH
1DYLJDWRU TXDQGR YRFr IHFKD D ~OWLPD SiJLQD
([LW IHFKD D SiJLQD 1HWVFDSH DWXDO H VDL GR DSOLFDWLYR 1HWVFDSH 1DYLJDWRU
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
(GLW
8QGR UHYHUWH TXDQGR SRVVtYHO D ~OWLPD DomR H[HFXWDGD
XW UHPRYH D VHOHomR DWXDO H FRORFD XPD FySLD QD ·UHD GH 7UDQVIHUrQFLD
RS FRORFD XPD FySLD GD VHOHomR DWXDO QD ·UHD GH 7UDQVIHUrQFLD 3RGH VHU XVDGR
SDUD FRSLDU R FRQWH~GR GH XPD SiJLQD SDUD TXDOTXHU SURJUDPD
3DVWH FRORFD R FRQWH~GR GD ·UHD GH 7UDQVIHUrQFLD QD SiJLQD 1HWVFDSH QD SRVLomR
GR FXUVRU
6HOHFW $OO VHOHFLRQD WRGR R FRQWH~GR GD SiJLQD
)LQG SHUPLWH TXH YRFr HVSHFLILTXH XPD SDODYUD RX H[SUHVVmR D VHU ORFDOL]DGD QD
SiJLQD 1HWVFDSH DWXDO
)LQG $JDLQ SURFXUD RXWUD RFRUUrQFLD GR WH[WR HVSHFLILFDGR DSyV R XVR GR ILQG
9LHZ
5HORDG UHFDUUHJD D SiJLQD DWXDO 6HUYH SDUD YHULILFDU VH D SiJLQD VRIUHX DOJXPD
PRGLILFDomR GHVGH D ~OWLPD YH] TXH IRL DFHVVDGD RX SDUD UHFDUUHJDU XPD SiJLQD
FRP GHIHLWRV
5HORDG )UDPH UHFDUUHJD R IUDPH DWXDO 6HUYH SDUD YHULILFDU VH D SiJLQD GR IUDPH
VRIUHX PRGLILFDo}HV GHVGH D ~OWLPD YH] TXH IRL DFHVVDGD RX SDUD UHPRQWDU XP
IUDPH FDUUHJDGR FRP GHIHLWRV
/RDG ,PDJHV H[LEH DV LPDJHQV GD SiJLQD DWXDO 1RUPDOPHQWH DV LPDJHQV VmR
FDUUHJDGDV DXWRPDWLFDPHQWH 1R HQWDQWR VH R LWHP GH PHQX 2SWLRQV RSomR $XWR
/RDG ,PDJHV QmR HVWLYHU VHOHFLRQDGR TXDQGR D SiJLQD IRU FDUUHJDGD DSDUHFHUi XP
SHTXHQR tFRQH QD SRVLomR GH FDGD LPDJHP $R HVFROKHU $XWR /RDG ,PDJHV YRFr
VXEVWLWXL WRGRV RV SHTXHQRV tFRQHV SHODV LPDJHQV FRUUHVSRQGHQWHV $V LPDJHQV VmR
FDUUHJDGDV GH VHXV DUTXLYRV GH RULJHP 1R HQWDQWR D SiJLQD QmR p UHFDUUHJDGD RV
YtQFXORV jV LPDJHQV QmR VmR DWXDOL]DGRV QD SiJLQD GH RULJHP 
5HIUHVK VXEVWLWXL D SiJLQD FDUUHJDGD RULJLQDOPHQWH SRU XPD QRYD FySLD H[LVWHQWH
QD PHPyULD ORFDO $ SiJLQD UHQRYDGD QmR H[LEH DV DOWHUDo}HV IHLWDV QD SiJLQD GH
RULJHP DSyV R FDUUHJDPHQWR RULJLQDO RX VHMD QmR VHUYH SDUD YHU VH D SiJLQD VRIUHX
DOWHUDo}HV DSHQDV SDUD FRQVHUWDU SiJLQDV FDUUHJDGDV FRP GHIHLWR
'RFXPHQW 6RXUFH PRVWUD R DUTXLYR IRQWH GD SiJLQD RQGH HVWmR RV FyGLJRV
+70/ XWLOL]DGRV QD FULDomR GR GRFXPHQWR ÁWLO SDUD DSUHQGHU FRPR VmR
SURGX]LGDV DV SiJLQDV GD :HE
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
'RFXPHQW ,QIR SURGX] XPD SiJLQD HP XPD MDQHOD 1HWVFDSH VHSDUDGD TXH LQIRUPD
D HVWUXWXUD H D FRPSRVLomR GR GRFXPHQWR DWXDO LQFOXLQGR R WtWXOR R HQGHUHoR
85/  D GDWD GD ~OWLPD PRGLILFDomR D FRGLILFDomR GR FRQMXQWR GH FDUDFWHUHV H R
VWDWXV GH VHJXUDQoD
*R
%DFN H[LEH D SiJLQD DQWHULRU GD OLVWD GR KLVWyULFR $ OLVWD GR KLVWyULFR ID] UHIHUrQFLD
D XP HQFDGHDPHQWR GH SiJLQDV H[LELGDV
)RUZDUG H[LEH D SUy[LPD SiJLQD GD OLVWD GR KLVWyULFR 6H YRFr XWLOL]RX EDFN RX XP
LWHP GH PHQX GR KLVWyULFR SDUD H[LELU XPD SiJLQD R FRPDQGR IRUZDUG H[LELUi D
SiJLQD VHJXLQWH QD OLVWD GR KLVWyULFR 2 FRPDQGR IRUZDUG HVWDUi GLVSRQtYHO VRPHQWH
GHSRLV TXH IRU XWLOL]DGR R FRPDQGR %DFN RX XP LWHP GR KLVWyULFR
+RPH YDL SDUD D SiJLQD GHILQLGD FRPR KRPH SDJH
6WRS /RDGLQJ FDQFHOD R FDUUHJDPHQWR GD SiJLQD
/LVWD GH HQGHUHoRV 2 PHQX *R PRVWUD R WtWXOR GH FDGD SiJLQD GD OLVWD GH KLVWyULFR
FRPR VHQGR XP LWHP GH PHQX (VFROKD XP GRV LWHQV GR PHQX SDUD H[LELU XPD
SiJLQD 3DUD YHULILFDU D OLVWD GH KLVWyULFR HVFROKD R LWHP GH PHQX :LQGRZ RSomR
+LVWRU
%RRNPDUNV
$GG %RRNPDUN DGLFLRQD D SiJLQD DWXDO j OLVWD GH HQGHUHoRV SUHGLOHWRV 2 XVXiULR
SRGH YROWDU j SiJLQD VHOHFLRQDQGRD QD OLVWD
*R WR %RRNPDUNV DEUH XPD MDQHOD RQGH R XVXiULR SRGHUi PRGLILFDU D OLVWD GH
HQGHUHoRV SUHGLOHWRV
/LVWD GH HQGHUHoRV PRVWUD D OLVWD GH HQGHUHoRV SUHGLOHWRV 2 XVXiULR SRGH YLVLWDU
VXDV SiJLQDV SUHIHULGDV HVFROKHQGRD HQWUH RV LWHQV GD OLVWD
2SWLRQV
*HQHUDO 3UHIHUHQFHV SHUPLWH PRGLILFDU D DSDUrQFLD GD SiJLQD GRV LWHQV GR
QDYHJDGRU H GHILQLU SURJUDPDV DFHVVyULRV
0DLODQG1HZ3UHIHUHQFHV FRQILJXUDomR GH DFHVVR D FRUUHLR HOHWU{QLFR H JUXSRV
GH GLVFXVVmR
1HWZRUN 3UHIHUHQFHV FRQILJXUDomR GH FDFKH SUR[LHV H Q~PHUR GH FRQH[}HV
VLPXOWkQHDV
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
6HFXULW 3UHIHUHQFHV VHOHomR GH VHUYLGRUHV VHJXURV
6KRZ 7RROEDU PRVWUD RX HVFRQGH D EDUUD GH IHUUDPHQWDV 7RROEDU 
6KRZ /RFDWLRQ PRVWUD RX HVFRQGH R FDPSR /RFDWLRQ
6KRZ 'LUHFWRU %XWWRQV PRVWUD RX HVFRQGH RV ERW}HV GH DWDOKR
6KRZ -DYD RQVROH PRVWUD PHQVDJHQV TXDQGR XP SURJUDPD -DYD HVWi VHQGR
H[HFXWDGR
$XWR /RDG ,PDJHV OLJD RX GHVOLJD R FDUUHJDPHQWR DXWRPiWLFR GH LPDJHQV
'RFXPHQW (QFRGLQJ SHUPLWH VHOHFLRQDU XP FRQMXQWR GH FDUDFWHUHV HVSHFLDLV SDUD
VHUHP XWLOL]DGRV QD OHLWXUD GH GRFXPHQWRV HP RXWURV LGLRPDV FRPR FKLQrV H
MDSRQrV e SUHFLVR TXH R FRPSXWDGRU HVWHMD FRQILJXUDGR SDUD R LGLRPD HVFROKLGR
'LUHFWRU
1HWVFDSH V +RPH YtQFXORV SDUD DMXGiOR D FRPHoDU D XWLOL]DU R 1HWVFDSH
1DYLJDWRU H H[SORUDU D ,QWHUQHW
:KDW V 1HZ SiJLQD LQWHUHVVDQWH TXH R OHYDUi jV QRYDV LQIRUPDo}HV TXH VXUJHP
GLDULDPHQWH QD ,QWHUQHW
:KDW V RRO SiJLQD FXULRVD TXH R OHYDUi DR TXH Ki GH PDLV LQWHUHVVDQWH QD
,QWHUQHW
XVWRPHU 6KRZFDVH FDWiORJR GDV RIHUWDV GH FRQWH~GR H VHUYLoRV RQOLQH GH
FOLHQWHV GR VHUYLGRU 1HWVFDSH
1HWVFDSH 'HVWLQDWLRQ SiJLQD TXH H[LEH R FDPLQKR D FDWiORJRV H ORFDLV QD ,QWHUQHW
,QWHUQHW 6HDUFK 8P FDWiORJR GH PHFDQLVPRV GH SHVTXLVD GD ,QWHUQHW TXH YRFr
SRGH XWLOL]DU SDUD ORFDOL]DU LQIRUPDo}HV HVSHFtILFDV RX XPD SiJLQD HP HVSHFLDO
SHVTXLVDQGR WtWXORV GH SiJLQDV FDPSRV GH DVVXQWR FRQWH~GR GH GRFXPHQWRV RX
RXWURV tQGLFHV H FDWiORJRV
3HRSOH FDWiORJR GH VHUYLoRV SDUD DMXGiOR D ORFDOL]DU QRPHV H HQGHUHoRV
HOHWU{QLFRV GH XVXiULRV GD ,QWHUQHW
$ERXW WKH ,QWHUQHW LQIRUPDo}HV JHQpULFDV VREUH D ,QWHUQHW FRP YtQFXORV D SiJLQDV
TXH H[SOLFDP DOJXQV FRQFHLWRV EiVLFRV
:LQGRZ
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
1HWVFDSH0DLO DEUH R SURJUDPD GH FRUUHLR HOHWU{QLFR GR 1HWVFDSH 1DYLJDWRU
1HWVFDSH1HZV DEUH R SURJUDPD GH OHLWXUD GH JUXSRV GH GLVFXVVmR GR 1HWVFDSH
1DYLJDWRU
$GGUHVV ERRN DEUH XPD OLVWD GH HQGHUHoRV GH FRUUHLR HOHWU{QLFR TXH R XVXiULR
SRGH FULDU H PRGLILFDU XWLOL]DQGR R UHFXUVR GH DOLDV
%RRNPDUNV HQWUD HP XPD MDQHOD SDUD HGLWDU D OLVWD GH HQGHUHoRV SUHGLOHWRV LJXDO D
*R WR %RRNPDUNV GR PHQX %RRNPDUNV 
+LVWRU PRVWUD DV SiJLQDV Mi QDYHJDGDV QD VHomR DWXDO GR 1HWVFDSH 1DYLJDWRU
,JXDO j OLVWD GH HQGHUHoRV GR PHQX *R
/LVWD GH MDQHODV TXDQGR H[LVWH PDLV GH XPD MDQHOD GR 1HWVFDSH DEHUWD SRGH VHU
WDPEpP D MDQHOD GR SURJUDPD GH FRUUHLR HOHWU{QLFR RX GR OHLWRU GH JUXSRV GH
GLVFXVVmR  PRVWUD RV WtWXORV GRV GRFXPHQWRV GH FDGD MDQHOD
+HOS
$ERXW 1HWVFDSH LQIRUPDo}HV VREUH D YHUVmR R FRSULJKW H D OLFHQoD UHODWLYDV DR
VRIWZDUH
$ERXW 3OXJLQV LQIRUPDo}HV VREUH PyGXORV SOXJLQV LQVWDODGRV (VVHV PyGXORV
SHUPLWHP YLVXDOL]DU GRFXPHQWRV GH GLYHUVRV IRUPDWRV FRPR DUTXLYRV PXOWLPtGLD
QD MDQHOD GR QDYHJDGRU
5HJLVWUDWLRQ ,QIRUPDWLRQ H[LEH XPD SiJLQD TXH FRQWpP R Q~PHUR GR UHJLVWUR GD
VXD FySLD GR 1HWVFDSH 1DYLJDWRU DVR YRFr DLQGD QmR WHQKD UHJLVWUDGR VXD FySLD
GR VRIWZDUH D SiJLQD LQIRUPDUi FRPR ID]rOR
6RIWZDUH H[LEH XPD SiJLQD TXH FRQWpP LQIRUPDo}HV VREUH FRPR REWHU DV
DWXDOL]Do}HV PDLV UHFHQWHV GR VRIWZDUH 1HWVFDSH 1DYLJDWRU
+DQGERRN H[LEH D YHUVmR RQOLQH GD GRFXPHQWDomR FRP YtQFXORV D FDStWXORV H
HQWUDGDV GR tQGLFH UHPLVVLYR
5HOHDVH 1RWHV LQIRUPDo}HV VREUH QRYRV UHFXUVRV YtQFXORV D DSOLFDWLYRV DX[LOLDUHV
H GLFDV VREUH R XVR GH XPD YHUVmR HVSHFtILFD GR VRIWZDUH
)UHTXHQWO $VNHG 4XHVWLRQV UHVSRVWDV D SHUJXQWDV FRPXQV UHODFLRQDGDV D
GLYHUVRV WySLFRV VREUH R 1HWVFDSH 1DYLJDWRU
2Q 6HFXULW SHUJXQWDV H UHVSRVWDV VREUH RV UHFXUVRV GH VHJXUDQoD GR 1HWVFDSH
1DYLJDWRU H YtQFXORV D LQIRUPDo}HV WpFQLFDV DGLFLRQDLV UHODFLRQDGDV j
LPSOHPHQWDomR GH VHJXUDQoD ,QWHUQHW XWLOL]DQGR HVVH EURZVHU
+RZ WR *LYH )HHGEDFN XP IRUPXOiULR SDUD R XVXiULR HQYLDU FRPHQWiULRV SHGLGRV
GH QRYRV UHFXUVRV QR SURJUDPD H DSUHVHQWDU GHIHLWRV QR QDYHJDGRU GLUHWDPHQWH
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
SDUD D 1HWVFDSH RPPXQLFDWLRQV
+RZ WR *HW 6XSSRUW LQIRUPDo}HV VREUH DSRLR DR XVXiULR IRUQHFLGR SHOD 1HWVFDSH
RPPXQLFDWLRQV H HQGHUHoRV HOHWU{QLFRV UHOHYDQWHV
+RZ WR UHDWH :HE 6HUYLFHV XPD SiJLQD FRP YtQFXORV TXH R DMXGDUmR D H[SORUDU
RSRUWXQLGDGHV SDUD D FULDomR H SXEOLFDomR GRV VHXV SUySULRV GRFXPHQWRV QD
,QWHUQHW XWLOL]DQGR R VRIWZDUH 1HWVFDSH 1DYLJDWRU

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
5HFXUVRVDYDQoDGRV
0RGLILFDURHQGHUHoRGRtFRQHKRPH
RPR XVDU R GLUHWyULR GH FDFKH
RPR XVDU R SUR[LH
%RRNPDUNV

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
0RGLILFDURHQGHUHoRGRtFRQHKRPH
2 QDYHJDGRU YHP FRQILJXUDGR FRP XP HQGHUHoR SDGUmR SDUD R tFRQH KRPH OLFDQGR
QHVVH ERWmR R XVXiULR VHUi OHYDGR DWp D SiJLQD GHILQLGD
3DUD PRGLILFDU HVVH HQGHUHoR H[HFXWH RV VHJXLQWHV SDVVRV
 $EUD R PHQX 2SWLRQV
 OLTXH HP *HQHUDO 3UHIHUHQFHV
 6HOHFLRQH D ILFKD $SSHUDQFH
 1D VHomR 6WDUWXS YHULILTXH R FDPSR %URZVHU 6WDUWV :LWK
 6H GHVHMDU TXH R SURJUDPD VHMD FDUUHJDGR FRP XPD SiJLQD HP EUDQFR VHOHFLRQH
%ODQN 3DJH
 6H GHVHMDU TXH R SURJUDPD VHMD FDUUHJDGR FRP XPD SiJLQD VHOHFLRQH +RPH
3DJH /RFDWLRQ H LQGLTXH R HQGHUHoR FRUUHWR
 OLTXH HP 2.

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
RPRXVDURGLUHWyULRGHFDFKH
2 GLUHWyULR GH FDFKH JXDUGD DV SiJLQDV TXH YRFr Mi YLVLWRX 4XDQGR YRFr YROWDU DR VLWH D
SiJLQD VHUi FDUUHJDGD PDLV UiSLGR 2 WDPDQKR GR GLUHWyULR GH FDFKH SRGH VHU FRQWURODGR
6H YRFr TXHU JXDUGDU PDLV SiJLQDV SRU PDLV WHPSR SRGH DXPHQWDU R HVSDoR UHVHUYDGR
SDUD R FDFKH 6H GR FRQWUiULR SUHFLVD HFRQRPL]DU HVSDoR HP GLVFR SRGH GLPLQXLU R
WDPDQKR GR GLUHWyULR $OpP GR HVSDoR QR GLVFR GR VHX FRPSXWDGRU R QDYHJDGRU XWLOL]D D
PHPyULD 5$0 SDUD ID]HU R FDFKH GDV SiJLQDV ([HFXWH RV VHJXLQWHV SDVVRV SDUD FRQWURODU
R WDPDQKR GR FDFKH
 $EUD R LWHP GH PHQX 2SWLRQV
 6HOHFLRQH D RSomR 1HWZRUN 3UHIHUHQFHV
 (VFROKD D SDVWD DFKH
 1R FDPSR 0HPRU DFKH GLJLWH D TXDQWLGDGH GH PHPyULD 5$0 TXH
GHYH VHU XVDGD SDUD R FDFKH 1R :LQGRZV R GHIDXOW TXDQWLGDGH TXH YHP
FRQILJXUDGD FRP R SURJUDPD p  .EWHV
 1R FDPSR 'LVN DFKH GLJLWH R HVSDoR HP GLVFR UHVHUYDGR SDUD R
FDFKH 1R :LQGRZV R GHIDXOW p  .EWHV
 3DUD PXGDU R GLUHWyULR RQGH VHUi IHLWR R FDFKH XVH R FDPSR 'LVN DFKH
'LUHFWRU 
 OLTXH HP 2.
2 XVR GR FDFKH SRGH DWUDSDOKDU R DFHVVR D SiJLQDV TXH VRIUHP PRGLILFDo}HV SHULyGLFDV
FRPR VLWHV GH MRUQDLV H UHYLVWDV RPR D SiJLQD p UHWLUDGD GLUHWDPHQWH GR GLUHWyULR GH
FDFKH R XVXiULR QmR ILFD VDEHQGR TXH D SiJLQD Mi IRL DWXDOL]DGD HP VHX HQGHUHoR RULJLQDO
e SUHFLVR FRQILJXUDU R QDYHJDGRU SDUD YHULILFDU VH D SiJLQD IRL PRGLILFDGD
2 1HWVFDSH SRGH ID]HU HVVD YHULILFDomR (OH YrP FRQILJXUDGR SDUD YHULILFDU D YDOLGDGH GD
SiJLQD XPD YH] SRU VHVVmR $VVLP TXDQGR R XVXiULR HQWUDU HP XPD SiJLQD Mi YLVLWDGD R
QDYHJDGRU FRQVXOWD R VHUYLGRU GDTXHOH HQGHUHoR SDUD VDEHU VH KRXYH PRGLILFDomR 6H D
UHVSRVWD IRU SRVLWLYD R XVXiULR UHFHEHUi XPD FySLD DWXDOL]DGD 6H IRU QHJDWLYD R
SURJUDPD FDUUHJD D YHUVmR TXH HVWi DUPD]HQDGD QR GLVFR ORFDO
2 QDYHJDGRU SHUPLWH GHVOLJDU HVVD YHULILFDomR 2 1HWVFDSH DLQGD WHP D WHUFHLUD RSomR GH
FRQVXOWDU R VHUYLGRU VHPSUH TXH D SiJLQD IRU FKDPDGD 3DUD HVFROKHU XP GHVVHV PRGRV
H[HFXWH RV VHJXLQWHV SDVVRV
 $EUD R LWHP GH PHQX 2SWLRQV
 6HOHFLRQH D RSomR 1HWZRUN 3UHIHUHQFHV
 (VFROKD D SDVWD DFKH
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
1R FDPSR 9HULI 'RFXPHQWV  HVFROKD 2QFH SHU 6HVVLRQ SDUD
YHULILFDU XPD YH] D FDGD VHVVmR GR 1HWVFDSH  (YHU 7LPH SDUD YHULILFDU
VHPSUH TXH D SiJLQD IRU FKDPDGD RX 1HYHU SDUD GHVOLJDU R GLVSRVLWLYR GH
YHULILFDomR 
 OLTXH HP 2.
2XWUD XWLOLGDGH GR GLUHWyULR GH FDFKH p DUPD]HQDU RV DUTXLYRV GH LPDJHP SDUD TXHP
TXLVHU FRSLDU XPD SiJLQD H UHPRQWiOD QR VHX FRPSXWDGRU 4XDQGR R XVXiULR VDOYD XPD
SiJLQD GD :HE QR GLVFR ORFDO JXDUGD DSHQDV R DUTXLYR GH WH[WR 3DUD FRSLDU WDPEpP DV
LPDJHQV p SUHFLVR VDOYDU XP DUTXLYR GH FDGD YH] 2X SHJDU DV LPDJHQV QR GLUHWyULR GH
FDFKH
/RFDOL]DU RV DUTXLYRV DX[LOLDUHV GH XPD SiJLQD p FRPSOLFDGR 2 1HWVFDSH WURFD RV QRPHV
GRV DUTXLYRV SDUD JXDUGiORV QR GLUHWyULR GH FDFKH 2V DUTXLYRV GH LPDJHP SDVVDP D WHU
QRPHV FRPR 2,'*,) 'HVGH D YHUVmR  GR 1HWVFDSH SRUpP H[LVWH XPD MDQHOD
FKDPDGD 'RFXPHQW LQIR RQGH SRGHVH YHULILFDU R QRPH GDGR SHOR SURJUDPD D FDGD
DUTXLYR TXH FRPS}H D SiJLQD 3DUD VDEHU FRP TXDLV QRPHV R 1HWVFDSH JXDUGRX RV
DUTXLYRV TXH FRPS}HP XPD SiJLQD H[HFXWH RV VHJXLQWHV SDVVRV
 $EUD R LWHP GH PHQX9LHZ
 6HOHFLRQH D RSomR 'RFXPHQW ,QIR
 1D SDUWH VXSHULRU GD MDQHOD 'RFXPHQW LQIR VHOHFLRQH XP
DUTXLYR 2V DUTXLYRV DSDUHFHP FRP VHXV HQGHUHoRV FRPSOHWRV FRPR
KWWSZZZXQLFDPSEUKRPHJLI
 RSLH R QRPH GH DUTXLYR TXH DSDUHFH QD SDUWH LQIHULRU GD MDQHOD QR
FDPSR /RFDO FDFKH ILOH
 5HSLWD D RSHUDomR SDUD WRGRV RV DUTXLYRV TXH GHVHMD FRSLDU
 )HFKH D MDQHOD

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
RPRXVDURSUR[LH
2 SUR[LH p XP HTXLSDPHQWR TXH DUPD]HQD SiJLQDV ::: 3HUPLWH PDLRU UDSLGH] QR
WHPSR GH UHVSRVWD H GLPLQXL R WUiIHJR GD UHGH $QWHV GH FRQILJXUDU HVVD HWDSD
FHUWLILTXHVH TXH R VHX SURYHGRU SRVVXL HVVH UHFXUVR
)XQFLRQD GD VHJXLQWH IRUPD DR DFHVVDU XPD SiJLQD ILFD JUDYDGR XPD FySLD GD PHVPD QR
SUR[LH 4XDQGR DOJXpP VROLFLWDU D PHVPD SiJLQD VHUi PRVWUDGR D SiJLQD GD PiTXLQD
SUR[LH QmR WHQGR QHFHVVLGDGH GH LU EXVFDU QRYDPHQWH QR VHUYLGRU
3DUD FRQILJXUDU HVVH UHFXUVR IDoD R VHJXLQWH
 $EUD R LWHP GH PHQX 2SWLRQV
 6HOHFLRQH D RSomR 1HWZRUN 3UHIHUHQFHV
 (VFROKD D SDVWD 3UR[LHV
 OLTXH QR FDPSR 0DQXDO 3UR[LH RQILJXUDWLRQ
 OLTXH HP 9LHZ
 1R FDPSR +773 3UR[ GLJLWH R QRPH GD PiTXLQD SUR[LH 1R FDVR GD
8QLFDPS GLJLWH SUR[XQLFDPSEU
 1R FDPSR 3RUW GLJLWH R Q~PHUR GD SRUWD GD PiTXLQD SUR[LH 1R FDVR GD
8QLFDPS GLJLWH 
 OLTXH HP 2. QD MDQHOD 0DQXDO 3UR[ RQILJXUDWLRQ H QD MDQHOD
3UHIHUHQFHV
3DUD GHVFRQILJXUDU HVVH UHFXUVR IDoD R VHJXLQWH
 $EUD R LWHP GH PHQX 2SWLRQV
 6HOHFLRQH D RSomR 1HWZRUN 3UHIHUHQFHV
 (VFROKD D SDVWD 3UR[LHV
 OLTXH QR FDPSR 1R 3UR[LH
 OLTXH HP 2.

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
%RRNPDUNV
*XDUGDQGR H YLVLWDQGR XP HQGHUHoR
0RGLILFDQGR D OLVWD GH HQGHUHoRV

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
*XDUGDQGRXPHQGHUHoR
3DUD JXDUGDU XP HQGHUHoR TXH YRFr JRVWRX H[HFXWH RV VHJXLQWHV SDVVRV
 $EUD R PHQX %RRNPDUNV
 OLTXH HP $GG %RRNPDUN
9LVLWDQGRXPHQGHUHoR
3DUD JXDUGDU XP HQGHUHoR TXH YRFr JRVWRX H[HFXWH RV VHJXLQWHV SDVVRV
 $EUD R PHQX %RRNPDUNV
 OLTXH VREUH XP GRV WtWXORV GH SiJLQD

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
0RGLILFDQGRDOLVWDGHHQGHUHoRV
'HSRLV GH DOJXP WHPSR JXDUGDQGR HQGHUHoRV SUHIHULGRV VXD OLVWD GH ERRNPDUNV VH WRUQD
H[WHQVD GHPDLV SDUD DSDUHFHU FRPSOHWD QD WHOD 6H YRFr TXLVHU DSDJDU DOJXQV HQGHUHoRV
H[HFXWH RV VHJXLQWHV SDVVRV
 $EUD R LWHP GH PHQX %RRNPDUNV
 6HOHFLRQH D RSomR *R WR %RRNPDUNV
 6HOHFLRQH R WtWXOR GD SiJLQD
 7HFOH 'HOHWH
7DPEpP p SRVVtYHO RUJDQL]DU RV HQGHUHoRV IDYRULWRV HP SDVWDV GLYLGLGDV SRU DVVXQWR e
SUHFLVR FULDU XPD SDVWD H GHSRLV FRSLDU RV HQGHUHoRV SDUD GHQWUR GHOD ([HFXWH RV
VHJXLQWHV SDVVRV
 $EUD R LWHP GH PHQX %RRNPDUNV
 (VFROKD D RSomR *R WR %RRNPDUNV
 $EUD R LWHP GH PHQX ,WHP GD MDQHOD %RRNPDUNV
 (VFROKD D RSomR ,QVHUW )ROGHU
 1R FDPSR 1DPH GLJLWH R QRPH GD SDVWD D VHU FULDGD
 2SFLRQDO 9RFr SRGH HVFUHYHU XPD GHVFULomR GR FRQWH~GR GD SDVWD QR
FDPSR 'HVFULSWLRQ
 OLTXH HP 2.
 $UUDVWH RV HQGHUHoRV SDUD GHQWUR GD SDVWD GHVHMDGD
$JRUD TXDQGR YRFr DFHVVDU R PHQX %RRNPDUNV SDUD HVFROKHU XPD SiJLQD KDYHUi XP
WULkQJXOR DR ODGR GR QRPH GD SDVWD %DVWDU GHL[DU R FXUVRU VREUH R QRPH GD SDVWD SDUD
YHU RV GHPDLV HQGHUHoRV e SRVVtYHO FRORFDU SDVWDV GHQWUR GH SDVWDV

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
6HUYLoRVGD,QWHUQHW
$ ,QWHUQHW RIHUHFH YiULRV VHUYLoRV 'HQWUH HOHV SRGHPRV GHVWDFDU
)73
7HOQHW

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJVHUYKWPO
)LOH7UDQVIHU3URWRFRO
$ ,QWHUQHW HVWi UHSOHWD GH SURJUDPDV DUTXLYRV H LPDJHQV SURQWLQKRV SDUD VHUHP
FDUUHJDGRV SDUD VHX PLFUR 3DUD FRSLDU DUTXLYRV GH RXWUR FRPSXWDGRU SDUD R VHX
'RZQORDG RX FRSLDU DUTXLYRV GH VHX FRPSXWDGRU SDUD RXWUR 8SORDG  XWLOL]DVH XPD
IHUUDPHQWD FKDPDGD )73 )LOH 7UDQVIHU 3URWRFRO RX 3URWRFROR GH 7UDQVIHUrQFLD GH
$UTXLYRV
$OJXPDV TXHVW}HV VREUH R )73
 RPR YRX FRSLDU XP SURJUDPD SDUD PHX FRPSXWDGRU VH HX QmR
WHQKR XP SURJUDPD GH )73 
2V QDYHJDGRUHV :HE DWXDLV WrP HPEXWLGRV XP SURJUDPD GH )73 H SRUWDQWR
YRFr SRGH XWLOL]iORV SDUD LVVR 1R OXJDU GH KWWS EDVWD FRORFDU R IWS
VHJXLGR GR QRPH GR VHUYLGRU GH )73 TXH D FRQH[mR VHUi HIHWXDGD
 2 TXH p )73 DQ{QLPR
([LVWHP PiTXLQDV QD ,QWHUQHW TXH VmR VHUYLGRUDV GH )73 DQ{QLPR (VVHV
HTXLSDPHQWRV WDPEpP FRQKHFLGRV FRPR UHSRVLWyULR GH GRPtQLR S~EOLFR
SHUPLWHP TXH RV XVXiULRV DFHVVHP HVVDV PiTXLQDV VHP SUHFLVDU SRVVXLU XPD
FRQWD H XPD SDVVZRUG
3DUD FRQVXOWDU R VHUYLGRU GH IWS GD 8QLFDPS FOLTXH DTXL IWSXQLFDPSEU
IWSIWSXQLFDPSEU
([HPSOR GH IWS DQ{QLPR LQWHUDWLYR
FHVDU IWS IWSXQLFDPSEU
RQQHFWHG WR REHOL[XQLFDPSEU

 81,$03

 81,9(56,'$'( (67$'8$/ '( $03,1$6

 (1752 '( 20387$$2



 REHOL[XQLFDPSEU )73 VHUYHU 9HUVLRQ ZX  :HG 0DU 
 (67  UHDG
8VHU REHOL[XQLFDPSEU QRQH  DQRQPRXV
 3DVVZRUG UHTXLUHG IRU DQRQPRXV
3DVVZRUG HPDLO
$OJXQV FRPDQGRV ~WHLV SDUD DFHVVR LQWHUDWLYR D XP VLWH )73
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJVHUYKWPO
SZG  PRVWUD R GLUHWRULR FRUUHQWH
OV  OLVWD R FRQWH~GR GH XP GLUHWyULR
FG  PXGD GH GLUHWyULR
JHW  FRSLD XP DUTXLYR
PJHW  FRSLD YiULRV DUTXLYRV
SXW  JUDYD XP DUTXLYR HP XP GLUHWyULR
PSXW  JUDYD YiULRV DUTXLYRV
OFG  WURFD R GLUHWRULR ORFDO
ELQ PXGD SDUD PRGR ELQiULR

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJVHUYKWPO
7HOQHW
7(/1(7 3URWRFROR GH 7HUPLQDO 9LUWXDO p R SURWRFROR ,QWHUQHW SDUD HVWDEHOHFHU D
FRQH[mR HQWUH FRPSXWDGRUHV $WUDYpV GHVVD FRQH[mR UHPRWD SRGHVH H[HFXWDU SURJUDPDV
H FRPDQGRV HP RXWUD PiTXLQD FRPR VH YRFr HVWLYHVVH RSHUDQGR GLUHWDPHQWH
(QGHUHoRV 7HOQHW SDUD FRQH[mR
QHWILQGLIXVSEU EXVFD PXQGLDO GH XVXiULRV QD ,QWHUQHW 'LJLWH QHWILQG
DR HVWDEHOHFHU D FRQH[mR
WXULQJXQLFDPSEU VLVWHPD S~EOLFR GH ELEOLRWHFDV GD 8QLFDPS 'LJLWH
DFHUYXV RX LQIRFDPS DR HVWDEHOFHU D FRQH[mR

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJVHUYKWPO
%XVFDGHLQIRUPDo}HV
DWiORJRV QDFLRQDLV
DGr KWWSZZZFDGHFRPEU
6XUI KWWSZZZVXUIFRPEU
DWiORJRV LQWHUQDFLRQDLV
DKRR  KWWSZZZDKRRFRP
:HEFUDZOHU KWWSZHEFUDZOHUFRP
$OWD 9LVWD KWWSDOWDYLVWDGLJLWDOFRP
([FLWH KWWSZZZH[FLWHFRP
/FRV KWWSZZZOFRVFRP

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJEXVFDKWPO
RPXQLFDomR
RUUHLR HOHWU{QLFR
/LVWDV GH GLVWULEXLomR
(WLTXHWD

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRPXQLFDUKWPO
RUUHLRHOHWU{QLFR
2 TXH p 
(QWHQGHQGR R HQGHUHoR HOHWU{QLFR
RQILJXUDomR GR 1HWVFDSH 0DLO
8WLOL]DomR GR 1HWVFDSH 0DLO
$GGUHVV ERRN

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
2TXHp
RUUHLR (OHWU{QLFR p D DSOLFDomR PDLV XWLOL]DGD GD ,QWHUQHW $OpP GH HQYLDU VXDV
PHQVDJHQV HP VHJXQGRV DR GHVWLQDWiULR TXH SRGH HVWDU QR HGLItFLR YL]LQKR RX GR RXWUR
ODGR GR SODQHWD  HOH WDPEpP SHUPLWH R HQYLR GH DUTXLYRV GH VRQV LPDJHQV YtGHR H DWp
SURJUDPDV
(VWD DSOLFDomR Mi SUHRFXSD WDQWR RV FRUUHLRV WUDGLFLRQDLV TXH Mi VH Yr SRU Dt SURSDJDQGDV
LQVWLWXFLRQDLV GR WLSR 7HQWH HQYLDU XP DOILQHWH SRU HPDLO  PDV IRUD LVVR YRFr
HQFRQWUDUi PXLWDV YDQWDJHQV QHVWH VHUYLoR LQFOXVLYH R FXVWR
RP R FRUUHLR HOHWU{QLFR SRGHVH HQYLDU XPD PHQVDJHP SDUD TXDOTXHU XVXiULR GD UHGH
$ YDQWDJHP p TXH R GHVWLQDWiULR QmR SUHFLVD HVWDU FRQHFWDGR j ,QWHUQHW QR PRPHQWR HP
TXH D PHQVDJHP FKHJD 2 WH[WR ILFD DUPD]HQDGR HP XPD HVSpFLH GH FDL[D SRVWDO
HOHWU{QLFD DWp TXH R XVXiULR HQWUH GH QRYR QD UHGH 'HSRLV GH OHU D PHQVDJHP p SRVVtYHO
UHVSRQGrOD LPHGLDWDPHQWH LPSULPLOD RX HQYLDU FySLDV SDUD RXWUDV SHVVRDV
8P IDWR LQWHUHVVDQWH QR FRUUHLR HOHWU{QLFR p TXH VH SRU DOJXP PRWLYR D VXD PHQVDJHP
QmR IRU HQWUHJXH DR GHVWLQDWiULR HOD UHWRUQD SDUD D VXD FDL[D SRVWDO FRQWHQGR QR
FDEHoDOKR LQIRUPDo}HV VREUH RV PRWLYRV GHOD QmR WHU VLGR HQWUHJXH 7XGR FRPR QR
FRUUHLR WUDGLFLRQDO Vy TXH PDLV UiSLGR

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
(QWHQGHQGRRHQGHUHoRHOHWU{QLFR
$SHVDU GH D SULPHLUD YLVWD R HQGHUHoR GH HPDLO VHU DOJR PXLWR FRPSOLFDGR QD YHUGDGH
HOH p EDVWDQWH OyJLFR 7RGR HQGHUHoR p FRPSRVWR GH WUrV SDUWHV GLVWLQWDV 
 2 QRPHGRXVXiULR QRUPDOPHQWH HVFROKLGR SHOR SUySULR 
 2 VtPEROR # DUURED  TXH HP LQJOrV TXHU GL]HU DW RX VHMD HP
 2 GRPtQLRGRXVXiULR TXH p R HQGHUHoR GH VHX SURYHGRU QD ,QWHUQHW
'LYLGHVH HP WUrV SDUWHV
QRPHBGRBSURYHGRUFDUiWHUBGRBSURYHGRUSDtVBGRBSURYHGRU
$VVLP R HQGHUHoR GH HPDLO ZHEPDVWHU#SURYWHVWHFRPEU SRGH VHU WUDGX]LGR GD
VHJXLQWH IRUPD
ZHEPDVWHU XVXiULR 
# ORFDOL]DGR HP 
SURYWHVWH QRPH GR SURYHGRU 
FRP SURYHGRU GH FDUiWHU FRPHUFLDO 
EU SDtV GR SURYHGRU 
2 ILQDO EU LQGLFD DSHQDV TXH R GRPtQLR IRL UHJLVWUDGR QR %UDVLO EU p D VLJOD TXH
LGHQWLILFD R %UDVLO QD ,QWHUQHW  H QmR D ORFDOL]DomR ItVLFD GR VHUYLGRU FRPR PXLWRV
SHQVDP 'RPtQLRV UHJLVWUDGRV QRV (VWDGRV 8QLGRV QmR WHP R ILQDO LQGLFDQGR R SDtV LVVR
Vy p YDOLGR SDUD RV RXWURV SDtVHV
2XWUR IDWRU LPSRUWDQWH p TXH RV HQGHUHoRV VmR XVXDOPHQWH HVFULWRV FRP OHWUDV PLQ~VFXODV
DSHVDU GH Mi VXUJLUHP HQGHUHoRV TXH FRQWpP PDL~VFXODV PDV LVVR Vy FDXVD WUDQVWRUQRV QD
KRUD GH GLYXOJDomR SRLV IRJHP WRWDOPHQWH GR SDGUmR TXH H[LVWLX DWp KRMH

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
RQILJXUDomR
3DUD FRQILJXUDU R 1HWVFDSH 0DLO RX TXDOTXHU RXWUR SURJUDPD GH HPDLO p QHFHVViULR TXH
YRFr FRQVLJD MXQWR D VHX SURYHGRU DOJXPDV LQIRUPDo}HV HVVHQFLDLV SDUD VHX
IXQFLRQDPHQWR 
6HX HQGHUHoR GH HPDLO
6HX VHUYLGRU 323
6HX VHUYLGRU 6073
7HQGR HP PmRV HVVDV LQIRUPDo}HV YDPRV LQLFLDU R 1HWVFDSH 1DYLJDWRU SDUD FRQILJXUDU R
1HWVFDSH 0DLO QmR SUHFLVD HVWDU FRQHFWDGR SDUD ID]HU LVVR 
 RP R SURJUDPD DEHUWR FOLTXH FRP R PRXVH QR PHQX 2SWLRQV H VHOHFLRQH 0DLO DQG
1HZV 3UHIHUHQFHV
 1D SDVWD 6HUYHUV WHPRV DV VHJXLQWHV RSo}HV
2XWJRLQJ 0DLO 6073 6HUYHU HQWUH FRP VHX VHUYLGRU GH 6073
,QFRPLQJ 0DLO 323 6HUYHU HQWUH FRP VHX VHUYLGRU GH 323
323 8VHU 1DPH HQWUH FRP VHX XVHUQDPH SDUWH GR HQGHUHoR TXH YHP
DQWHV GR # 
0D[LPXP 0HVVDJH 6L]H PDUTXH D RSomR 1RQH
0HVVDJHV DUH FRSLHG IURP WKH VHUYHU WR WKH ORFDO GLVN WKHQ PDUTXH
D RSomR 5HPRYHG IURP WKH VHUYHU
 1D SDVWD ,GHQWLW WHPRV DV VHJXLQWHV RSo}HV
RXU 1DPH FRORTXH VHX QRPH FRPSOHWR
RXU (PDLO FROTXH R VHX HQGHUHoR HOHWU{QLFR
5HSOWR $GGUHVV FRORTXH R VHX HQGHUHoR HOHWU{QLFR
RXU 2UJDQL]DWLRQ VXD HPSUHVD
(VVDV LQIRUPDo}HV DSDUHFHUmR QR FDEHoDOKR GH VXDV PHQVDJHQV
 OLTXH HP 2N
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
(VWDV VmR DV FRQILJXUDo}HV EiVLFDV SDUD YRFr XVDU VHX 1HWVFDSH 0DLO

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
8WLOL]DomR
RP R 1HWVFDSH DEHUWR FOLTXH FRP R PRXVH QR PHQX :LQGRZH VHOHFLRQH 1HWVFDSH
0DLO VH SUHIHULU FOLTXH QR GHVHQKR GH HQYHORSH TXH H[LVWH QR FDQWR LQIHULRU GLUHLWR GR
SURJUDPD 2 HIHLWR p R PHVPR 
4XDQGR YRFr DEULU SHOD SULPHLUD YH] D MDQHOD 1HWVFDSH0DLO VHUi VROLFLWDGD VXD VHQKD
8WLOL]H D VHQKD HVWDEHOHFLGD FRP R SURYHGRU GH VHUYLoRV ,QWHUQHW RX FRP R DGPLQLVWUDGRU
GR VLVWHPD TXDQGR YRFr FRQILJXURX VXD FRQWD 9RFr GHYH GLJLWDU VXD VHQKD GR FRUUHLR
HOHWU{QLFR XPD YH] SRU VHVVmR RX HVSHFLILFDU QR SDLQHO 0DLODQG1HZV3UHIHUHQFHV
RSomR 2UJDQL]DWLRQTXH R 1HWVFDSH 1DYLJDWRU GHYH PHPRUL]DU VXD VHQKD
-DQHOD RUUHLR
%DUUD GH IHUUDPHQWDV
,WHQV GH PHQX
-DQHOD SDUD FRPSRU PHQVDJHP

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
-DQHODRUUHLR
4XDQGR YRFr DEUH D MDQHOD RUUHLR R 1HWVFDSH 1DYLJDWRU YHULILFD R VHUYLGRU H UHFXSHUD
TXDOTXHU PHQVDJHP QRYD 'HVWH PRPHQWR HP GLDQWH R 1HWVFDSH SRGHUi YHULILFDU
SHULRGLFDPHQWH R VHUYLGRU SDUD H[DPLQDU VH IRUDP UHFHELGDV QRYDV PHQVDJHQV HPERUD
QmR DV UHFXSHUH DXWRPDWLFDPHQWH 9RFr SRGH GHILQLU R Q~PHUR GH PLQXWRV HQWUH DV
YHULILFDo}HV QR PHQX 2SWLRQV RSomR 0DLO DQG 1HZV 3UHIHUHQFHV SDVWD 6HUYHUV
3DUD UHFXSHUDU QRYDV PHQVDJHQV SUHVVLRQH R ERWmR GD EDUUD GH IHUUDPHQWDV *HW 0DLO RX
FOLTXH QR tFRQH GR FRUUHLR
2 tFRQH GR FRUUHLR PRVWUD D GLVSRQLELOLGDGH GH QRYDV PHQVDJHQV
8P SRQWR GH LQWHUURJDomR  DR ODGR GR HQYHORSH LQGLFD TXH R 1HWVFDSH
1DYLJDWRU QmR SRGH YHULILFDU DXWRPDWLFDPHQWH R VWDWXV GR VHUYLGRU GH FRUUHLR (OH
DSDUHFH DQWHV GH YRFr DEULU D MDQHOD RUUHLR RX VH YRFr QmR WLYHU IRUQHFLGR VXD
VHQKD
2 HQYHORSH VR]LQKR LQGLFD TXH QmR Ki PHQVDJHQV SDUD YRFr
8P SRQWR GH H[FODPDomR  DR ODGR GR HQYHORSH LQGLFD TXH QRYDV PHQVDJHQV
HVWmR GLVSRQtYHLV SDUD UHFXSHUDomR
$ MDQHOD RUUHLR p FRPSRVWD GH WUrV SDLQpLV R SDLQHO GH SDVWDV GH FRUUHLR R SDLQHO GH
FDEHoDOKR GH PHQVDJHP H R SDLQHO GH FRQWH~GR GD PHQVDJHP
2 SDLQHO GH SDVWDV GH FRUUHLR FRQWpP XPD OLVWD KLHUiUTXLFD GDV SDVWDV GH FRUUHLR H WUrV
FROXQDV
0DLO IROGHU PRVWUD R QRPH GD SDVWD GH FRUUHLR
8QUHDG PRVWUD R Q~PHUR GH PHQVDJHQV QmR OLGDV
7RWDO PRVWUD R Q~PHUR GH PHQVDJHQV GHQWUR GD SDVWD
4XDWUR SDVWDV JHUDGDV SHOR 1HWVFDSH 1DYLJDWRU SRGHP DSDUHFHU QD SDUWH VXSHULRU GD OLVWD
GH SDVWDV
3DVWD ,QER[ UHWpP DV QRYDV PHQVDJHQV GH FRUUHLR (OD p VHPSUH H[LELGD
3DVWD 2XWER[ UHWpP DV PHQVDJHQV QmR HQYLDGDV (OD p FULDGD TXDQGR R LWHP GH
PHQX 2SWLRQV RSomR 'HIHUUHG 'HOLYHU GD MDQHOD 0HVVDJH RPSRVLWLRQ HVWi
VHOHFLRQDGR H YRFr HVSHFLILFD TXH D PHQVDJHP GHYH VHU HQYLDGD SRVWHULRUPHQWH
3DVWD 6HQW UHWpP FySLDV GDV PHQVDJHQV HQYLDGDV (OD p FULDGD TXDQGR XP DUTXLYR
GH PHQVDJHQV HVWi HVSHFLILFDGR QR PHQX 2SWLRQV RSomR 0DLO DQG 1HZV
3UHIHUHQFHV SDVWD RPSRVLWLRQ H YRFr HQYLD XPD PHQVDJHP
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
3DVWD 7UDVK UHWpP DV PHQVDJHQV GH FRUUHLR H[FOXtGDV (OD p FULDGD TXDQGR YRFr
H[FOXL XPD PHQVDJHP
8VDQGR RV LWHQV GH PHQX YRFr SRGH DGLFLRQDU RXWUDV SDVWDV GH FRUUHLR SDUD DMXGiOR D
RUJDQL]DU VXDV PHQVDJHQV 4XDOTXHU SDVWD FULDGD DSDUHFH GHSRLV GDV SDVWDV FULDGDV
DXWRPDWLFDPHQWH
4XDQGR YRFr FOLFD HP XPD SDVWD GH FRUUHLR SDUD VHOHFLRQiOD R SDLQHO GH FDEHoDOKR GH
PHQVDJHP H[LEH RV WtWXORV GDV PHQVDJHQV FRQWLGDV QHVVD SDVWD H DV FROXQDV D VHJXLU
6HQGHU PRVWUD R QRPH GR UHPHWHQWH GD PHQVDJHP GH FRUUHLR 1DV SDVWDV 2XWER[
H 6HQW YRFr YHUi R WtWXOR 5HFLSLHQW DR LQYpV GH 6HQGHU H D FROXQD H[LELUi R
HQGHUHoR HOHWU{QLFR GR GHVWLQDWiULR GD PHQVDJHP
ºFRQH YHUPHOKR PRVWUD VH D PHQVDJHP IRL PDUFDGD FRPR LQWHUHVVDQWH OLTXH
QHVWH tFRQH SDUD DOWHUQDU R VWDWXV GD PDUFDomR
ºFRQH YHUGH PRVWUD VH D PHQVDJHP Mi IRL H[LELGD OLTXH QR tFRQH SDUD DOWHUQDU R
VWDWXV GD OHLWXUD
6XEMHFW PRVWUD R DVVXQWR GD PHQVDJHP
'DWH PRVWUD D GDWD H D KRUD HP TXH D PHQVDJHP FKHJRX j DL[D ,QER[
3DUD PRYHU XPD PHQVDJHP DUPD]HQDGD HP XPD SDVWD SDUD RXWUD DUUDVWH R tFRQH GD
PHQVDJHP GD OLVWD GH PHQVDJHQV SDUD XPD SDVWD GH PHQVDJHQV 9RFr WDPEpP SRGH
HVFROKHU QR PHQX 0HVVDJH D RSomR 0RYH RX RS SDUD FRORFDU DV PHQVDJHQV RX FySLDV
GDV PHVPDV HP SDVWDV
3RU SDGUmR DV PHQVDJHQV GH FRUUHLR QmR VmR HQFDGHDGDV e SRVVtYHO DOWHUDU HVWD GHILQLomR
QR SDLQHO 0DLO DQG 1HZV 3UHIHUHQFHV SDVWD 2UJDQL]DWLRQ
4XDQGR YRFr FOLFD HP XP FDEHoDOKR GH PHQVDJHP SDUD VHOHFLRQiOR D PHQVDJHP p
H[LELGD QR SDLQHO GH FRQWH~GR GD PHQVDJHP HP FRQMXQWR FRP LQIRUPDo}HV VREUH R
FDEHoDOKR FRPR 6XEMHFW 'DWH )URP 7R H F
9RFr SRGH XWLOL]DU RV LWHQV GH PHQX RX RV ERW}HV GD EDUUD GH IHUUDPHQWDV SDUD PRYHUVH
SDUD D SUy[LPD PHQVDJHP RX OHU D PHQVDJHP DQWHULRU
3DUD UHGLPHQVLRQDU FDGD XP GRV WUrV SDLQpLV GH PRGR D DGDSWDU LQIRUPDo}HV VREUH DV
PHQVDJHQV SRVLFLRQH R FXUVRU VREUH DV OLQKDV GDV ERUGDV HQWUH GRLV SDLQpLV R FXUVRU
PXGD GH IRUPD H DUUDVWH DWp TXH DGTXLUDP DV SURSRUo}HV GHVHMDGDV 9RFr WDPEpP SRGH
PRGLILFDU R ODRXW GRV SDLQpLV DR XWLOL]DU R PHQX 2SWLRQV RSomR 0DLO DQG 1HZV
3UHIHUHQFHV SDVWD $SSHDUDQFH

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
%DUUDGHIHUUDPHQWDV
*HW 0DLO FRQHFWDVH FRP R VHUYLGRU GH FRUUHLR H H[LEH PHQVDJHQV GH FRUUHLR
GLVSRQtYHLV QD SDVWD ,QER[
'HOHWH FRORFD D PHQVDJHP VHOHFLRQDGD QR SDLQHO GH FDEHoDOKR GH PHQVDJHP QD
SDVWD 7UDVK
7R0DLO H[LEH D MDQHOD 0HVVDJH RPSRVLWLRQ SDUD D FULDomR GH XPD QRYD
PHQVDJHP GH FRUUHLR 2 FDPSR 7R HVWDUi HP EUDQFR
5H0DLO H[LEH D MDQHOD 0HVVDJH RPSRVLWLRQ SDUD UHVSRQGHU j PHQVDJHP GH
FRUUHLR DWXDO 2 FDPSR 7R HVWDUi SUpHQGHUHoDGR DR UHPHWHQWH GD PHQVDJHP
RULJLQDO
5H$OO H[LEH D MDQHOD 0HVVDJH RPSRVLWLRQ SDUD UHVSRQGHU j PHQVDJHP GH
FRUUHLR DWXDO 2 FDPSR 7R HVWDUi SUpHQGHUHoDGR DR UHPHWHQWH GD PHQVDJHP
RULJLQDO H D WRGRV RV RXWURV GHVWLQDWiULRV GD PHQVDJHP DWXDO
)RUZDUG H[LEH D MDQHOD 0HVVDJH RPSRVLWLRQ SDUD HQFDPLQKDU D PHQVDJHP GH
FRUUHLR DWXDO FRPR XP DQH[R 2 FDPSR 7R HVWDUi HP EUDQFR 2 FDPSR 6XEMHFW
HVWDUi SUHIL[DGR FRP )ZG
3UHYLRXV H[LEH D PHQVDJHP QmR OLGD DQWHULRU QD OLVWD GH PHQVDJHQV
1H[W H[LEH D SUy[LPD PHQVDJHP QmR OLGD QD OLVWD GH PHQVDJHQV
3ULQW LPSULPH D PHQVDJHP VHOHFLRQDGD QR PRPHQWR QR FDPSR GH FDEHoDOKR GH
PHQVDJHP
6WRS VXVSHQGH TXDOTXHU WUDQVPLVVmR GH PHQVDJHQV HP DQGDPHQWR SURYHQLHQWH GR
VHUYLGRU GH FRUUHLR

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
,WHQVGH0HQX
$R SRVLFLRQDU R PRXVH HP FDGD SDLQHO GD MDQHOD RUUHLR YRFr SRGHUi XWLOL]DU R PHQX
SRSXS FRPR DWDOKR SDUD RV GLYHUVRV LWHQV GD EDUUD GH PHQXV OLVWDGRV D VHJXLU
)LOH
1HZ :HE %URZVHU FULD XPD QRYD MDQHOD SULQFLSDO GR 1HWVFDSH 1DYLJDWRU
1HZ 0DLO 0HVVDJH H[LEH D MDQHOD 0HVVDJH RPSRVLWLRQ SDUD TXH YRFr
SRVVD HVFUHYHU XPD QRYD PHQVDJHP GH FRUUHLR
1HZ )ROGHU FULD XPD QRYD SDVWD GH FRUUHLR
$GG IROGHU H[LEH D FDL[D GH GLiORJR $GLFLRQDU 3DVWD
6DYH $V SHUPLWH TXH YRFr VDOYH D PHQVDJHP DWXDO FRPR XP DUTXLYR
*HW 1HZ 0DLO FRQHFWDVH FRP R VHUYLGRU GH FRUUHLR H UHFXSHUD PHQVDJHQV
HQGHUHoDGDV D YRFr
6HQG0HVVDJHVLQ2XWER[ FRQHFWDVH FRP R VHUYLGRU GH FRUUHLR H HQYLD
TXDOTXHU PHQVDJHP TXH DLQGD QmR IRL HQWUHJXH
(PSW 7UDVK )ROGHU UHPRYH SHUPDQHQWHPHQWH DV PHQVDJHQV FRORFDGDV QD
SDVWD 7UDVK OL[HLUD 
RPSUHVV )ROGHU UHFXSHUD R HVSDoR HP GLVFR RFXSDGR SHODV PHQVDJHQV
H[FOXtGDV
3DJH 6HWXS H[LEH D FDL[D GH GLiORJR 3DJH 6HWXS RQGH p SRVVtYHO FRQILJXUDU
VXD SiJLQD
3ULQW LPSULPH XPD PHQVDJHP VHOHFLRQDGD
ORVH IHFKD D MDQHOD 1HWVFDSH 0DLO
([LW VDL GR DSOLFDWLYR 1HWVFDSH 1DYLJDWRU
(GLW
8QGR5HGR UHYHUWH D ~OWLPD DomR
XW UHPRYH D VHOHomR DWXDO H FRORFD XPD FySLD QD ·UHD GH 7UDQVIHUrQFLD
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
RS FRORFD XPD FySLD GD VHOHomR DWXDO QD ·UHD GH 7UDQVIHUrQFLD
3DVWH FRORFD XPD FySLD GR FRQWH~GR GD ·UHD GH 7UDQVIHUrQFLD QD SRVLomR
GR FXUVRU
'HOHWH 0HVVDJH PRYH D PHQVDJHP DWXDO SDUD D SDVWD 7UDVK OL[HLUD 
'HOHWH )ROGHU UHPRYH SHUPDQHQWHPHQWH D SDVWD VHOHFLRQDGD
6HOHFW 7KUHDG VHOHFLRQD WRGDV DV PHQVDJHQV QR HQFDGHDPHQWR DWXDO
6HOHFW )ODJJHG 0HVVDJHV VHOHFLRQD DV PHQVDJHQV GR HQFDGHDPHQWR DWXDO
TXH HVWmR GHVLJQDGDV QR SDLQHO GH FDEHoDOKR GH PHQVDJHP
6HOHFW $OO 0HVVDJHV VHOHFLRQD WRGDV DV PHQVDJHQV HP WRGRV RV
HQFDGHDPHQWRV
)LQG SURFXUD XP WH[WR QD PHQVDJHP DWXDO
)LQG $JDLQ SURFXUD R PHVPR WH[WR GD SURFXUD DQWHULRU
9LHZ
6RUW SHUPLWH TXH YRFr RUJDQL]H D SRVLomR GDV PHQVDJHQV QR FDPSR GH
FDEHoDOKR GH PHQVDJHP GH DFRUGR FRP D 'DWD $VVXQWR 5HPHWHQWH RX
1~PHUR GD PHQVDJHP  H HVSHFLILTXH D RUGHP $VFHQGHQWH (VFROKD
$JDLQ SDUD RUGHQDU QRYDPHQWH (VFROKD 7KUHDG 0HVVDJHV SDUD RUGHQDU
DV PHQVDJHQV GH PRGR TXH HODV VHMDP DJUXSDGDV FRP VXDV UHVSRVWDV
8QVFUDPEOH 527  SHUPLWH D GHFRGLILFDomR GH XP WLSR GH PHQVDJHP
HVSHFtILFR SDUD R TXDO R UHPHWHQWH WURFRX RV FDUDFWHUHV GD PHQVDJHP
5HORDG WUD] QRYDPHQWH D PHQVDJHP GR VHUYLGRU
/RDG ,PDJHV H[LEH DV LPDJHQV GD PHQVDJHP DWXDO FDVR HODV QmR WHQKDP
VLGR FDUUHJDGDV DXWRPDWLFDPHQWH
5HIUHVK UHGHVHQKD D PHQVDJHP DWXDO
'RFXPHQW VRXUFH SURGX] D MDQHOD GH H[LELomR GH RULJHP TXH PRVWUD D
SiJLQD DWXDO QR IRUPDWR +70/
$WWDFKPHQWV ,QOLQH TXDQGR VHOHFLRQDGR SHUPLWH D H[LELomR GR DQH[R GH
SiJLQD FRPR SDUWH GD PHQVDJHP DVR R UHPHWHQWH WHQKD LQFOXtGR XPD
SiJLQD HP +70/ FRPR XP DQH[R D SiJLQD IRUPDWDGD VHUi LQFOXtGD QR
FRUSR GD PHQVDJHP
$WWDFKPHQWV DV /LQNV TXDQGR VHOHFLRQDGR SHUPLWH TXH YRFr DFHVVH XP
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
DQH[R GH SiJLQD XWLOL]DQGR XP YtQFXOR DVR R UHPHWHQWH WHQKD LQFOXtGR XPD
SiJLQD HP +70/ FRPR XP DQH[R XP YtQFXOR j SiJLQD IRUPDWDGD VHUi
LQFOXtGR QR FRUSR GD PHQVDJHP $R FOLFDU QR YtQFXOR YRFr H[LEH D SiJLQD QR
SDLQHO GH FRQWH~GR GD PHQVDJHP
0HVVDJH
5HSO H[LEH D MDQHOD 0HVVDJH RPSRVLWLRQ SDUD TXH YRFr SRVVD HVFUHYHU
XPD UHVSRVWD FRP R FDPSR 7R SUpHQGHUHoDGR j SHVVRD TXH OKH HQYLRX D
PHQVDJHP
5HSO WR $OO H[LEH D MDQHOD 0HVVDJH RPSRVLWLRQ SDUD TXH YRFr SRVVD
HVFUHYHU XPD UHVSRVWD FRP R FDPSR 7R SUpHQGHUHoDGR DR UHPHWHQWH H D
RXWURV GHVWLQDWiULRV GD PHQVDJHP DQWHULRU
)RUZDUG H[LEH D MDQHOD 0HVVDJH RPSRVLWLRQ SDUD R HQYLR GD PHQVDJHP
DWXDO FRPR XP DQH[R H FRP RV FDPSRV 6XEMHFW H $WWDFKPHQW
DXWRPDWLFDPHQWH SUHHQFKLGRV
)RUZDUG 4XRWHG H[LEH D MDQHOD 0HVVDJH RPSRVLWLRQ SDUD R HQYLR GD
PHQVDJHP DWXDO FRPR WH[WR FLWDGR QD iUHD GH FRQWH~GR
0DUN DV 5HDG LQGLFD TXH D PHQVDJHP DWXDO Mi IRL H[LELGD
0DUN DV 8QUHDG LQGLFD TXH D PHQVDJHP DWXDO DLQGD QmR IRL H[LELGD
)ODJ 0HVVDJH GLIHUHQFLD D PHQVDJHP DWXDO FRP XP SHTXHQR tFRQH QD
FROXQD GH PDUFDomR GR FDPSR GH FDEHoDOKR GH PHQVDJHP
8QIODJ 0HVVDJH UHPRYH R tFRQH TXH GLVWLQJXH D PHQVDJHP DWXDO
$GG WR $GGUHVV %RRN FULD QR OLYUR GH HQGHUHoRV XPD HQWUDGD SDUD R
UHPHWHQWH GD PHQVDJHP DWXDO
0RYH WUDQVIHUH D PHQVDJHP DWXDO SDUD D SDVWD VHOHFLRQDGD
RS WUDQVIHUH XPD FySLD GD PHQVDJHP DWXDO SDUD D SDVWD VHOHFLRQDGD
*R
1H[W PHVVDJH H[LEH D SUy[LPD PHQVDJHP OLVWDGD QR SDLQHO GH FRQWH~GR GD
PHQVDJHP
3UHYLRXV PHVVDJH H[LEH D PHQVDJHP DQWHULRU
)LUVW 8QUHDG H[LEH D SULPHLUD PHQVDJHP QmR OLGD
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
1H[W 8QUHDG H[LEH D SUy[LPD PHQVDJHP QmR OLGD
3UHYLRXV 8QUHDG H[LEH D PHQVDJHP QmR OLGD DQWHULRU
)LUVW )ODJJHG H[LEH D SULPHLUD PHQVDJHP PDUFDGD
1H[W )ODJJHG H[LEH D SUy[LPD PHQVDJHP PDUFDGD
3UHYLRXV )ODJJHG H[LEH D PHQVDJHP PDUFDGD DQWHULRU
6WRS /RDGLQJ VXVSHQGH TXDOTXHU WUDQVPLVVmR GH PHQVDJHQV HP DQGDPHQWR
SURYHQLHQWH GR VHUYLGRU GH FRUUHLR
2SWLRQV
6KRZ $OO 0HVVDJHV TXDQGR VHOHFLRQDGR H[LEH DV PHQVDJHQV OLGDV H QmR
OLGDV QR SDLQHO GH FDEHoDOKR GH PHQVDJHP
6KRZ 2QO 8QUHDG 0HVVDJHV TXDQGR VHOHFLRQDGR H[LEH DSHQDV DV
PHQVDJHQV QmR OLGDV QR SDLQHO GH FDEHoDOKR GH PHQVDJHP
6KRZ +HDGHUV SHUPLWH TXH YRFr FRQWUROH R Q~PHUR GH FDPSRV GH
LQIRUPDomR GH FDEHoDOKR PRVWUDGRV DR H[LELU PHQVDJHQV
$OO H[LEH WRGRV RV FDPSRV GH FDEHoDOKR SRVVtYHLV
1RUPDO H[LEH RV FDPSRV GH HQGHUHoDPHQWR SULQFLSDLV
%ULHI H[LEH VRPHQWH RV FDPSRV GH DVVXQWR H GHVWLQDWiULR
'RFXPHQW (QFRGLQJ SHUPLWH TXH YRFr VHOHFLRQH D FRGLILFDomR GR FRQMXQWR
GH FDUDFWHUHV XWLOL]DGD SRU XP GRFXPHQWR TXDQGR D FRGLILFDomR GR
GRFXPHQWR QmR HVWi HVSHFLILFDGD RX GLVSRQtYHO
:LQGRZ
(VWH PHQX SHUPLWH TXH YRFr DOWHUQH HQWUH MDQHODV SULPiULDV RX DEHUWDV QR
PRPHQWR GR 1HWVFDSH 1DYLJDWRU
+HOS
(VWH PHQX FRQWpP RV PHVPRV LWHQV FRQWLGRV QR PHVPR PHQX QD MDQHOD
SULQFLSDO GR 1HWVFDSH 1DYLJDWRU
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
-DQHODRPSRU0HQVDJHP
9RFr SRGH HQYLDU PHQVDJHQV XWLOL]DQGR D MDQHOD 0HVVDJH RPSRVLWLRQ $R XWLOL]DU R
FRUUHLR HOHWU{QLFR YRFr SRGH WUDQVPLWLU SiJLQDV GD ,QWHUQHW H DUTXLYRV GH GLVFR FRPR
DQH[RV LQFOXVLYH SiJLQDV FRP IRUPDWR +70/ H[LELGDV QD PHQVDJHP GH FRUUHLR
3DUD H[LELU D MDQHOD 0HVVDJH RPSRVLWLRQ HVFROKD QR PHQX D RSomR )LOH H GHSRLV 1HZ
0DLO 0HVVDJH RX FOLTXH QD EDUUD GH IHUUDPHQWDV R ERWmR 7R 0DLO
$ MDQHOD 0HVVDJH RPSRVLWLRQ SRVVXL XP PHQX RQGH D RSomR 9LHZ SHUPLWH TXH YRFr
RFXOWH RX H[LED GLYHUVRV WLSRV GH FDPSRV GH HQGHUHoR 2V FDPSRV SRGHP FRQWHU PDLV GH
XP HQGHUHoR
)URP H[LEH VHX HQGHUHoR HOHWU{QLFR
5HSO 7R FRQWpP R HQGHUHoR HOHWU{QLFR SDUD RQGH YRFr GHVHMD TXH VHMDP HQYLDGDV
DV UHVSRVWDV jV VXDV PHQVDJHQV
0DLO 7R FRQWpP R HQGHUHoR HOHWU{QLFR SDUD RQGH YRFr GHVHMD TXH VHMD HQYLDGD VXD
PHQVDJHP
0DLO F FRQWpP R HQGHUHoR HOHWU{QLFR SDUD RQGH YRFr GHVHMD TXH VHMD HQYLDGD XPD
FySLD GD VXD PHQVDJHP
0DLO %FF FRQWpP R HQGHUHoR HOHWU{QLFR SDUD RQGH YRFr GHVHMD TXH VHMD HQYLDGD
XPD FySLD RFXOWD GD VXD PHQVDJHP 8PD FySLD RFXOWD QmR H[LEH R HQGHUHoR GR
GHVWLQDWiULR
1HZVJURXS FRQWpP R QRPH GR JUXSR GH QRWtFLDV RQGH YRFr GHVHMD SRVWDU VXD
QRWtFLD 6H YRFr HVWLYHU SRVWDQGR D SDUWLU GH XPD PHQVDJHP RX OLVWD GH JUXSRV GH
QRWtFLDV HVWH FDPSR HVWDUi SUp GHILQLGR FRP R QRPH GR JUXSR GH QRWtFLDV
)ROORZXSV 7R FRQWpP R QRPH GR JUXSR GH QRWtFLDV RQGH YRFr GHVHMD TXH VHMDP
SRVWDGDV DV UHVSRVWDV SDUD VXD PHQVDJHP
6XEMHFW FRQWpP XPD GHVFULomR GH VXD PHQVDJHP GH FRUUHLR RX SRVWDJHP 6H YRFr
HVWLYHU HQYLDQGR XPD PHQVDJHP RX SRVWDQGR D SDUWLU GH QRWtFLDV HVWH FDPSR HVWDUi
SUp GHILQLGR FRP R QRPH GD SiJLQD DWXDO
$WWDFKPHQW H[LEH R QRPH GD SiJLQD RX GR DUTXLYR GH TXDOTXHU DQH[R GHVLJQDGR
SRU YRFr 
([SOLFDQGR D %DUUD GH %RW}HV
6HQG QRZ  GLVWULEXL D PHQVDJHP DWXDO QD UHGH H IHFKD D MDQHOD ,VVR DFRQWHFH
TXDQGR YRFr VHOHFLRQD QR PHQX 2SWLRQV D RSomR ,PPHGLDWH 'HOLYHU
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
6HQG DIWHU  GLVSRQtYHO TXDQGR YRFr VHOHFLRQD QR PHQX 2SWLRQV D RSomR
'HIHUUHG 'HOLYHU  $UPD]HQD D PHQVDJHP DWXDO QD SDVWD DL[D GH VDtGD QR
GLVFR SDUD GLVWULEXLomR SRVWHULRU QD UHGH (VFROKD QR PHQX )LOH D RSomR 6HQG 1RZ
SDUD GLVWULEXLU DV PHQVDJHQV PDUFDGDV SDUD HQWUHJD SRVWHULRU
4XRWH FRORFD D PHQVDJHP DWXDO QR IRUPDWR GH WH[WR FLWDGR
$WWDFKPHQW SHUPLWH R HQYLR GH XP GRFXPHQWR VHSDUDGR MXQWR FRP D PHQVDJHP
GH FRUUHLR
3UHVVLRQH $WWDFK /RFDWLRQ 85/ SDUD HVSHFLILFDU XPD SiJLQD HP +70/
3UHVVLRQH $WWDFK )LOH SDUD HVSHFLILFDU TXDOTXHU RXWUR WLSR GH DUTXLYR
3UHVVLRQH 'HOHWH SDUD UHPRYHU D HQWUDGD VHOHFLRQDGD
$ FDL[D GH GLiORJR WDPEpP RIHUHFH ERW}HV GH RSomR SDUD HVFROKHU FRPR HQYLDU R
DQH[R
6HOHFLRQH $V ,V SDUD HQYLDU DUTXLYRV QR IRUPDWR RULJLQDO
6HOHFLRQH RQYHUW 3ODLQ 7H[W SDUD HQYLDU R DQH[R FRPR WH[WR $6,,
$GUHVV DEUH D MDQHOD $GGUHVV %RRN OLVWD GH HQGHUHoR SUp GHILQLGD 
6WRS VXVSHQGH D WUDQVPLVVmR GD PHQVDJHP TXH HVWi VHQGR HQYLDGD
([SOLFDQGR RV LWHQV GH PHQX
)LOH_6HQG 1RZ FRUUHVSRQGH DR ERWmR 6HQG GD EDUUD GH IHUUDPHQWDV
)LOH_6HQG $IWHU FRUUHVSRQGH DR ERWmR 6HQG GD EDUUD GH IHUUDPHQWDV
$WWDFK )LOH FRUUHVSRQGH DR ERWmR $WWDFK GD EDUUD GH IHUUDPHQWDV
)LOH_,QFOXGH 2ULJLQDO 7H[W LPSRUWD R WH[WR GD SiJLQD DWXDO SDUD R FDPSR GH
PHQVDJHP 2 WH[WR LPSRUWDGR p DQH[DGR D TXDOTXHU RXWUR FRQWH~GR QR FDPSR H
FDGD OLQKD p SUHFHGLGD GH XP VtPEROR GH PDLRU TXH ! 
(GLW_3DVWH $V 4XRWDWLRQ LQVHUH R FRQWH~GR GD ·UHD GH 7UDQVIHUrQFLD QD
PHQVDJHP FRPR WH[WR FLWDGR RX VHMD FDGD OLQKD SUHFHGLGD GR VtPEROR GH PDLRU
TXH ! 
9LHZ_6KRZ $OO H[LEH WRGRV RV SRVVtYHLV FDPSRV GH HQGHUHoR GLVSRQtYHLV QD MDQHOD
0HQVVDJH RPSRVLWLRQ 2XWURV LWHQV GR PHQX 9LHZ SHUPLWHP D VHOHomR LQGLYLGXDO
GRV FDPSRV TXH YRFr GHVHMD TXH ILTXHP YLVtYHLV QD MDQHOD
2SWLRQV_0DLO DQG 1HZV 3UHIHUHQFHV FRUUHVSRQGH DR LWHP GR PHQX 2SWLRQV QD
MDQHOD 1HWVFDSH RUUHLR RX 1RWtFLDV
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
2SWLRQV_,PPHGLDWH 'HOLYHU TXDQGR PDUFDGR HVSHFLILFD TXH D MDQHOD 0HVVDJH
RPSRVLWLRQ RIHUHFH XP ERWmR GD EDUUD GH IHUUDPHQWDV H XP LWHP GH PHQX 6HQG
1RZ GH PRGR TXH DV PHQVDJHQV HVFULWDV VHMDP HQYLDGDV LPHGLDWDPHQWH SDUD D UHGH
(VWD RSomR SHUPDQHFH DWLYD GH XPD VHVVmR SDUD RXWUD
2SWLRQV_'HIHUHG 'HOLYHU TXDQGR PDUFDGR IRUQHFH XP ERWmR GD EDUUD GH
IHUUDPHQWDV H XP LWHP GH PHQX 6HQG $IWHU GH PRGR TXH DV PHQVDJHQV HVFULWDV
VHMDP DUPD]HQDGDV QD SDVWD DL[D GH VDtGD FRP DWUDVR DWp TXH YRFr GHFLGD
H[SOLFLWDPHQWH HQYLiODV (VFROKD R LWHP GH PHQX )LOH_6HQG 0HVVDJHV QD FDL[D GH
VDtGD QD MDQHOD RUUHLR SDUD HQWUHJDU PHQVDJHQV FRP DWUDVR 6H IHFKDU D MDQHOD
RUUHLR FRP PHQVDJHQV QD DL[D GH VDtGD XPD FDL[D GH GLiORJR SHUJXQWDUi VH YRFr
GHVHMD HQYLDU DV PHQVDJHQV FRP DWUDVR QHVWH PRPHQWR (VWD RSomR SHUPDQHFH DWLYD
GH XPD VHVVmR SDUD RXWUD

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
$GGUHVV%RRN
2 DGGUHVV ERRN p XPD DJHQGD RQGH YRFr SRGHUi JXDUGDU RV HQGHUHoRV HOHWU{QLFRV XVDGRV
IUHTXHQWHPHQWH
3DUD FULDU XP XVXiULR IDoD R VHJXLQWH
 $EUD R LWHP GH PHQX :LQGRZ
 6HOHFLRQH D RSomR $GGUHVV %RRN
 $SDUHFHUi XPD MDQHOD FKDPDGD $GGUHVV %RRN
 $EUD R LWHP GH PHQX ,WHP
 6HOHFLRQH D RSomR $GG 8VHU
 $SDUHFHUi XPD FDL[D GH GLiORJR FKDPDGD 3URSHUWLHV RQGH WHPRV DV
VHJXLQWHV RSo}HV
1LFN 1DPH HQWUH FRP XP DSHOLGR SDUD HVVH XVXiULR
1DPH HQWUH FRP R QRPH GR XVXiULR
(0DLO $GGUHVV HQWUH FRP R HQGHUHoR HOHWU{QLFR GR XVXiULR
'HVFULSWLRQ FRPHQWiULRV H[WUDV
 OLTXH HP 2N
9RFr SHUFHEHUi TXH DSDUHFHUi QD MDQHOD $GGUHVV %RRN XPD UHIHUrQFLD
FRP R QRPH GR XVXiULR TXH YRFr FULRX $R HQYLDU XP PDLO EDVWD FRORFDU QR
FDPSR 7R R DSHOLGR TXH YRFr HVFROKHX H D PHQVDJHP VHUi HQYLDGD SDUD R
HQGHUHoR HOHWU{QLFR UHIHUHQWH jTXHOH QLFN QDPH
3DUD FULDU XPD OLVWD GH XVXiULRV IDoD R VHJXLQWH
 $EUD R LWHP GH PHQX :LQGRZ
 6HOHFLRQH D RSomR $GGUHVV %RRN
 $SDUHFHUi XPD MDQHOD FKDPDGD $GGUHVV %RRN
 $EUD R LWHP GH PHQX ,WHP
 6HOHFLRQH D RSomR $GG /LVW
 $SDUHFHUi XPD FDL[D GH GLiORJR FKDPDGD 3URSHUWLHV RQGH WHPRV DV
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
VHJXLQWHV RSo}HV
1LFN 1DPH HQWUH FRP XP DSHOLGR SDUD D OLVWD GH XVXiULRV
1DPH HQWUH FRP XP QRPH SDUD D OLVWD GH XVXiULRV
(0DLO $GGUHVV HVVH FDPSR HVWDUi GHVDELOLWDGR
'HVFULSWLRQ FRPHQWiULRV H[WUDV
 OLTXH HP 2N
9RFr SHUFHEHUi TXH DSDUHFHUi QD MDQHOD $GGUHVV %RRN XPD UHIHUrQFLD
FRP R QRPH GD OLVWD TXH YRFr FULRX $ OLVWD HVWDUi YD]LD SRLV DSHQDV FULDPRV
XPD HQWUDGD SDUD HOD
3DUD LQFOXLU XP XVXiULR QD OLVWD HOH GHYH REULJDWRULDPHQWH WHU VLGR FULDGR
DQWHULRUPHQWH QD RSomR $GG 8VHU
'HSRLV GH FULDGR R XVXiULR H D OLVWD YRFr GHYHUi PRYHU D HQWUDGD GR
XVXiULR SDUD GHQWUR GD OLVWD 3DUD LVVR FOLTXH HP FLPD GR QRPH GR XVXiULR
GHVHMDGR H DUUDVWH FRP R PRXVH DWp D OLVWD TXH HOH IDUi SDUWH RORTXH
TXDQWRV XVXiULRV GHVHMDU
$R HQYLDU XP PDLO EDVWD FRORFDU QR FDPSR 7R R DSHOLGR GD OLVWD TXH YRFr
HVFROKHX $ PHQVDJHP VHUi HQYLDGD SDUD WRGRV RV HQGHUHoRV HOHWU{QLFRV
GHILQLGRV QD OLVWD

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
/LVWDVGH'LVWULEXLomR
RP DV OLVWDV GH GLVWULEXLomR YRFr SRGH SDUWLFLSDU GH JUXSRV GH GLVFXVVmR XVDQGR DSHQDV
R FRUUHLR HOHWU{QLFR ([LVWHP JUXSRV VREUH RV PDLV YDULDGRV DVVXQWRV FRPR IORUHVWDV
VLVWHPDV GH FRQWDELOLGDGH PHGLFLQD P~VLFD H DXWRPRELOLVPR
$V OLVWDV IXQFLRQDP FRP XP VLVWHPD GH DVVLQDWXUDV 3DUD SDUWLFLSDU GH XPD OLVWD p SUHFLVR
VHU DVVLQDQWH 6y HQWmR p SRVVtYHO HQYLDU XPD PHQVDJHP SDUD D OLVWD H WHU FySLDV
GLVWULEXtGDV D WRGRV RV SDUWLFLSDQWHV 'D PHVPD IRUPD YRFr UHFHEHUi DV PHQVDJHQV TXH
RV GHPDLV XVXiULRV HQYLDUHP SDUD R JUXSR
$VVLQDWXUD
1D PDLRULD GDV YH]HV R VHUYLoR GH 0DLOLQJ /LVWV OLVWDV GH GLVWULEXLomR p
JUDWXLWR H D DVVLQDWXUD p PXLWR VLPSOHV 1RUPDOPHQWH LVVR SRGH YDULDU EDVWD
HQYLDU XP HPDLO SDUD R PDLOVHUYHU RQGH HVWi R JUXSR TXH OKH LQWHUHVVD
FRQWHQGR D VHJXLQWH PHQVDJHP
VXEVFULEH  QRPH GD OLVWD  VHX QRPH FRPSOHWR
6H D VXD PHQVDJHP HVWLYHU FRUUHWD YRFr UHFHEHUi XPD UHVSRVWD DXWRPiWLFD
FRP D )$4 SHUJXQWDV H UHVSRVWDV IUHTXHQWHV GD OLVWD H LQVWUXo}HV VREUH
FRPR FDQFHODU D DVVLQDWXUD *XDUGH HVVD PHQVDJHP SDUD TXDQGR TXLVHU VDLU
GR JUXSR 6H D VXD PHQVDJHP FRQWLYHU DOJXP HUUR D PHQVDJHP DXWRPiWLFD
WUDUi XPD OLVWD GRV FRPDQGRV DFHLWRV SHOR VHUYLGRU GH OLVWDV $QDOLVH D OLVWD GH
FRPDQGRV H UHPHWD QRYDPHQWH R SHGLGR GH DVVLQDWXUD
DQFHODPHQWR
3DUD YRFr FDQFHODU VXD DVVLQDWXUD HP XPD OLVWD GH GLVWULEXLomR HQYLH XP PDLO
SDUD R JHUHQFLDGRU GH OLVWDV H QR FRUSR GD PHQVDJHP HVFUHYD
XQVXEVFULEH  QRPH GD OLVWD
7LSRV GH OLVWDV
/LVWDV 1mR0RGHUDGDV
e PDQWLGD HVVHQFLDOPHQWH SRU VRIWZDUH EXUUR 9RFr PDQGD XP SHGLGR GH
DVVLQDWXUD SDUD XPD PiTXLQD 6HX QRPH p DXWRPDWLFDPHQWH DGLFLRQDGR j OLVWD
GH DVVLQDQWHV GD OLVWD 'Dt HP GLDQWH YRFr UHFHEHUi HP VXD FDL[D GH FRUUHLR
WRGDV DV PHQVDJHQV TXH TXDOTXHU RXWUR PHPEUR GD OLVWD SRVWDU ( LVVR WXGR
DFRQWHFHUi DXWRPDWLFDPHQWH VHP LQWHUYHQomR KXPDQD
/LVWDV 0RGHUDGDV
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJOLVWDVKWPO
$V PHQVDJHQV TXH IOXHP HP XPD OLVWD PRGHUDGD VmR ILOWUDGDV SRU XP VHU
KXPDQR QRUPDOPHQWH R FULDGRU GD OLVWD 7RGDV DV PHQVDJHQV VmR FRP
HIHLWR SRVWDGDV SULPHLUR SDUD HVWH LQGLYtGXR (OH GHFLGH TXDLV DV PHQVDJHQV
VHUmR HQYLDGDV SDUD FDGD XP GD OLVWD
(QGHUHoRV GH OLVWDV
/LV]W KWWSZZZOLV]WFRP
2 /LV]W p XPD HVSpFLH GH FDWiORJR GDV OLVWDV GH GLVWULEXLomR 2V YLVLWDQWHV
SRGHP ID]HU EXVFDV SRU SDODYUDVFKDYH H GHVFREULU RV HQGHUHoRV H
FRPDQGRV QHFHVViULRV SDUD DVVLQDU XPD OLVWD
3XEOLF $FFHVVLEOH 0DLOLQJ /LVWV KWWSZZZ1HR6RIWFRPLQWHUQHWSDPO
8P JXLD FRP FHQWHQDV GH OLVWDV DSUHVHQWDGDV HP RUGHP DOIDEpWLFD RX SRU
DVVXQWR RQWpP LQIRUPDo}HV VREUH FRPR DVVLQDU FDGD OLVWD

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJOLVWDVKWPO
(WLTXHWDQD5HGH
$ ERD FRQYLYrQFLD QD ,QWHUQHW GHSHQGH GH XPD VpULH GH UHJUDV FRQKHFLGDV FRPR
QHWLTXHWWH RX HWLTXHWD QD UHGH $V UHJUDV LQFOXtGDV QD HWLTXHWD QmR IRUDP GHILQLGDV SRU
XPD DXWRULGDGH QR DVVXQWR PDV FULDGDV SHORV SUySULRV XVXiULRV DR ORQJR GR WHPSR
7DPEpP QmR H[LVWH XP WH[WR ~QLFR H GHILQLWLYR VREUH R WHPD PDV YiULDV LQWHUSUHWDo}HV
HVSDOKDGDV SHOD UHGH $TXL YRFr YDL HQFRQWUDU XPD SHTXHQD FRPSLODomR GDV UHJUDV PDLV
LPSRUWDQWHV
RUUHLR HOHWU{QLFR
/LVWDV GH GLVWULEXLomR
2XWURV OHPEUHWHV

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJHWLTXHWDKWPO
RUUHLR(OHWU{QLFR
$FHQWXDomR
1HP WRGRV RV XVXiULRV GD ,QWHUQHW HVWmR SUHSDUDGRV SDUD UHFHEHU PHQVDJHQV
DFHQWXDGDV 3RUWDQWR QmR HQYLH PDLOV FRP DFHQWRV SRLV YRFr FRUUH R ULVFR GDV
SHVVRDV QmR FRQVHJXLUHP OHU D PHQVDJHP
8VR GH OHWUD PDL~VFXOD
1mR XVH OHWUD PDL~VFXOD HP WRGR R VHX WH[WR RQYHQFLRQRXVH QD ,QWHUQHW TXH D
OHWUD PDL~VFXOD VHUYH SDUD ID]HU GH FRQWD TXH YRFr HVWi *5,7$1'2 6RPHQWH
XWLOL]H HVVH DUWLItFLR TXDQGR TXLVHU GDU rQIDVH D DOJXPDV SDODYUDV
8VH FLWDo}HV QDV UHVSRVWDV
4XDQGR HVWLYHU HVFUHYHQGR XPD UHVSRVWD D XPD PHQVDJHP TXH FKHJRX SRU HPDLO
FLWH XPD SDUWH GR WH[WR UHFHELGR SDUD TXH R DXWRU VDLED GR TXH YRFr HVWi IDODQGR
,VVR p SDUWLFXODUPHQWH LPSRUWDQWH VH R VHX FRUUHVSRQGHQWH VH FRPXQLFD FRP
GLYHUVDV SHVVRDV YLD HPDLO RX VH YRFr GHPRURX YiULRV GLDV SDUD HVFUHYHU D
UHVSRVWD 6HX FRUUHVSRQGHQWH SRGH VLPSOHVPHQWH WHU HVTXHFLGR GR TXH VH WUDWDYD D
PHQVDJHP DQWHULRU 8WLOL]H R VLQDO GH PDLRU GR TXH ! SDUD LQGLFDU R WUHFKR FLWDGR
$OJXQV VRIWZDUHV GH HPDLO FRPR R 1HWFDSH 0DLO LQFOXHP DXWRPDWLFDPHQWH R VLQDO
QD RSomR 5HSO
8VH OLQKDV GH QR Pi[LPR  FROXQDV
(VFUHYD OLQKDV FRP QR Pi[LPR  FDUDFWHUHV FROXQDV  $VVLP YRFr WHUi FHUWH]D GH
TXH WRGDV DV SHVVRDV SRGHUmR OHU VXD PHQVDJHP VHP SUREOHPDV GH TXHEUD GH OLQKD
LQGHSHQGHQWH GR VRIWZDUH TXH XWLOL]DP 2 XVR GH OLQKDV FXUWDV WDPEpP DMXGD
TXDQGR XP WH[WR p FLWDGR YiULDV YH]HV H DFXPXORX PXLWRV FDUDFWHUHV GH PDLRU GR
TXH ! QR FRPHoR GH FDGD OLQKD
RPR HQIDWL]DU SDODYUDV
$OpP GD OHWUD HP PDL~VFXOR YRFr SRGH XWLOL]DU FDUDFWHUHV FRPR R DVWHULVFR H R
VXEOLQKDGR B SDUD GDU rQIDVH D GHWHUPLQDGDV SDODYUDV e FRPR VH YRFr HVWLYHVVH
XWLOL]DQGR R QHJULWR H R LWiOLFR UHVSHFWLYDPHQWH

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJHWLTXHWDKWPO
/LVWDVGHGLVWULEXLomR
$V UHJUDV GH FRPSRUWDPHQWR GR FRUUHLR HOHWU{QLFR WDPEpP SRGHP VHU XWLOL]DGDV TXDQGR
YRFr HVWLYHU SDUWLFLSDQGR GH JUXSRV GH GLVFXVVmR GD 8VHQHW H HP OLVWDV GH GLVWULEXLomR
1HVVHV GRLV VLVWHPDV p SUHFLVR TXH WRGRV RV XVXiULRV UHVSHLWHP DV UHJUDV GH FRQYLYrQFLD
'R FRQWUiULR D FRPXQLFDomR VH WRUQD LQYLiYHO
/HLD H JXDUGH D )$4
$QWHV GH FRPHoDU D ID]HU SHUJXQWDV HP XP JUXSR GH GLVFXVVmR OHLD R DUTXLYR TXH
FRQWpP DV UHVSRVWDV SDUD DV SHUJXQWDV PDLV IUHTXHQWHV QDTXHOH JUXSR (VVH
GRFXPHQWR FKDPDGR GH )UHTXHQWO $VNHG 4XHVWLRQV )$4  HVWi GLVSRQtYHO QRV
DUTXLYRV GH FDGD JUXSR
$OpP GLVVR JXDUGH HVVH DUTXLYR SDUD QmR WHU TXH ILFDU ID]HQGR SHUJXQWDV GR WLSR
FRPR IDoR SDUD VDLU GHVVD OLVWD SDUD R JUXSR 6H YRFr SHUGHU D )$4 HQYLH R
FRPDQGR KHOS SDUD R HQGHUHoR GR VHUYLGRU GH OLVWDV
$FRPSDQKH D GLVFXVVmR
$QWHV GH HQWUDU HP XPD GLVFXVVmR OHLD WRGDV DV PHQVDJHQV HQYLDGDV DWp R PRPHQWR
VREUH DTXHOH DVVXQWR H IDoD XPD DGHTXDomR GR WRP GH VXD PHQVDJHP D OLQJXDJHP
XWLOL]DGD SHORV GHPDLV SDUWLFLSDQWHV 7DPEpP p LPSRUWDQWH FRQKHFHU DV RSLQL}HV Mi
PDQLIHVWDGDV SDUD QmR ILFDU UHSHWLQGR LGpLDV Mi XWLOL]DGDV (QYLDU RSLQL}HV GR WLSR
WDPEpP DFKR VmR GLVSHQViYHLV
0DQWHQKDVH QR WHPD
8PD GDV IRUPDV PDLV IiFHLV GH FRPSUDU EULJD HP JUXSRV GH GLVFXVVmR p HQYLDU
PHQVDJHQV FRP DVVXQWRV IRUD GR WHPD GR JUXSR /HLD D )$4 SDUD VDEHU R TXH SRGH
VHU GLVFXWLGR H TXDLV VmR RV WLSRV GH PHQVDJHQV LQGHVHMiYHLV
(VFROKD EHP R GHVWLQDWiULR
4XDQGR YRFr HVWLYHU UHVSRQGHQGR D PHQVDJHP GH XP FRPSDQKHLUR GH JUXSR DYDOLH
VH p QHFHVViULR HQYLDU XPD FySLD SDUD R JUXSR RX DSHQDV UHVSRQGHU GLUHWDPHQWH DR
DXWRU GD PHQVDJHP RULJLQDO 3HUJXQWDV FRPXQV RX IRUD GR WHPD QmR GHYHP UHFHEHU
UHVSRVWDV DEHUWDV SDUD R JUXSR PDV SDUWLFXODUHV
5HVSRQGD DR JUXSR
4XDQGR IL]HU XPD SHUJXQWD H UHFHEHU UHVSRVWDV SDUWLFXODUHV GH YiULRV SDUWLFLSDQWHV
RIHUHoDVH SDUD ID]HU XPD FRPSLODomR H HQYLDU SDUD DV SHVVRDV LQWHUHVVDGDV
(YLWH PHQVDJHQV LQIODPDGDV
RQKHFLGDV HP LQJOrV FRPR IODPHV DV PHQVDJHQV LQIODPDGDV VmR D SUDJD GRV
JUXSRV GH GLVFXVVmR 8PD YH] LQLFLDGD XPD FRUUHQWH GH IODPHV p GLItFLO FRQWHU RV
KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJHWLTXHWDKWPO
kQLPRV 4XDQGR UHFHEHU XPD PHQVDJHP GHVVH WLSR LJQRUHD
5HVSHLWH R VHX FRUUHVSRQGHQWH
1mR HQYLH FySLD GH XPD PHQVDJHP SDUWLFXODU SDUD XP JUXSR GH GLVFXVVmR VHP
SHUPLVVmR GR DXWRU
3HQVH JOREDOPHQWH
7HQKD HP PHQWH TXH SRGHP H[LVWLU QR JUXSR SDUWLFLSDQWHV GH QDFLRQDOLGDGH UDoD
FUHGR LGDGH H VH[R GLIHUHQWHV GR VHX 7RPH FXLGDGR QRV VHXV FRPHQWiULRV SDUD QmR
RIHQGHU VHXV FRPSDQKHLURV
(P YLDJHP VDLD GD OLVWD
6H YRFr VDLU HP YLDJHP RX QmR SXGHU DFHVVDU D UHGH SRU PDLV GH XPD VHPDQD
FDQFHOH VXD DVVLQDWXUD QD OLVWD GH GLVWULEXLomR
(YLWH PHQVDJHQV ORQJDV
(YLWH HQYLDU PHQVDJHQV ORQJDV SDUD R JUXSR 6H IRU LPSRVVtYHO GLPLQXLU R WDPDQKR
GD PHQVDJHP LQFOXD R DYLVR
$9,62 0(16$*(0 /21*$
0~OWLSORVJUXSRV
4XDQGR HQYLDU PHQVDJHQV SDUD YiULRV JUXSRV FRORTXH QR WRSR GD PHQVDJHP D OLVWD
GRV JUXSRV TXH HVWmR UHFHEHQGR R WH[WR H XP SHGLGR GH GHVFXOSDV SRU HYHQWXDLV
UHFHELPHQWRV GXSORV QR FDVR GH XVXi ULRV TXH DVVLQDP PDLV GH XPD OLVWD
9HULILTXH R GHVWLQDWiULR
4XDQGR UHVSRQGHU PHQVDJHQV GH XP PHPEUR GR JUXSR YHULILTXH VH D PHQVDJHP
QmR VHUi HQYLDGD SRU HQJDQR SDUD D OLVWD KHTXH R FDPSR )URP GD PHQVDJHP TXH
HVWi VHQGR UHVSRQGLGD

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJHWLTXHWDKWPO
2XWURVOHPEUHWHV
3ULYDFLGDGH
'HVLVWD 1mR H[LVWH QHQKXPD SULYDFLGDGH QR HPDLO (QTXDQWR WpFQLFDV GH VHJXUDQoD
QmR HVWLYHUHP GLIXQGLGDV VHPSUH YDL VHU SRVVtYHO DOJXpP OHU R TXH IRL HVFULWR
3UHVWH]D
3URFXUH UHVSRQGHU DV PHQVDJHP TXH UHFHEH R TXDQWR DQWHV 0DQWHQKD VXD FDL[D
SRVWDO YD]LD H Vy JXDUGH R DEVROXWDPHQWH QHFHVViULR
RQFLVmR
(VFUHYD SRXFR H VH SXGHU PHQRV DLQGD RPR UHJUD SDUD FLQFR SDODYUDV QD
PHQVDJHP TXH UHFHEHX HVFUHYD XPD QD UHVSRVWD 2EMHWLYLGDGH H SUHFLVmR VmR
HVVHQFLDLV QHVVH PHLR GH FRPXQLFDomR
$QH[RV
8P UHFXUVR D VHU XVDGR FRP PXLWD PRGHUDomR VmR RV DQH[RV DR HPDLO WDPEpP
FRQKHFLGRV FRPR DWWDFKPHQWV 6mR DUTXLYRV FRQWHQGR IRWRV RX GRFXPHQWRV TXH
SRGHP VHU HQYLDGRV FRP D PHQVDJHP SULQFLSDO
%ULJD
1XQFD HVFUHYD XP HPDLO TXDQGR HVWLYHU FRP UDLYD 8PD DJUHVVmR SRU HVFULWR p
PXLWR PDLV IRUWH H GXUDGRXUD TXH XPD DJUHVVmR YHUEDO

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJHWLTXHWDKWPO
/LQNVLQWHUHVVDQWHV
-RUQDLV
)ROKD GH 6mR 3DXOR KWWSZZZXROFRPEU
(VWDGR GH 6mR 3DXOR KWWSZZZHVWDGRFRPEU
RUUHLR 3RSXODU KWWSZZZFSRSXODUFRPEU
'LYHUVDR
3iJLQD /HJDO KWWSZZZPLQXWRVFRPEUSDJLQDOHJDO
:DUQHU %URV KWWSZZZZDUQHUEURVFRP
:DOW 'LVQH KWWSZZZGLVQHFRP
DUW}HV (OHWU{QLFRV
1HW)ORUHV KWWSZZZQHWIORUHVFRPEU
1HWDUG KWWSZZZQHWFDUGFRPEU
'LVWULEXLGRUHV GH %HELGDV
RFDROD KWWSZZZFRFDFRODFRP
3HSVL KWWSZZZSHSVLFRP
6NRO KWWSZZZVNROFRPEU
%UDKPD KWWSZZZEUDKPDFRPEU
(PLVVRUDV GH WHOHYLVmR
XOWXUD KWWSZZZWYFXOWXUDFRP
%DQG KWWSZZZPDQGLFFRPEUSULPHLUDPDREDQGLQGH[EKWP
*ORER KWWSZZZUHGHJORERFRPEU
6%7 KWWSZZZVEWFRPEU

KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJGLFDVKWPO

APREND_INTERNET_30.PDF aaaaaaaaaaaaaaaaa

  • 1.
    $SUHQGHQGR,QWHUQHW XWLOL]DQGR 1HWVFDSH YHUVmR $XWRUD 'DQLHOD 5HJLQD %DUEHWWL 9HUVmR )HYHUHLUR KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJLQLFLRKWPO
  • 2.
    2EMHWLYR (VWH FXUVR WHPFRPR REMHWLYR SDVVDU XPD YLVmR JHUDO GD UHGH ,QWHUQHW FRQWDU XP SRXFR FRPR IRL FULDGD H[SOLFDU GHWDOKDGDPHQWH XP EURZVHU GH QDYHJDomR GHPRQVWUDU DOJXQV VHUYLoRV H UHFXUVRV GLVSRQtYHLV HQVLQDU R DOXQR D XWLOL]DU R FRUUHLR HOHWU{QLFR DWUDYpV GR 1HWVFDSH 2 TXH p D ,QWHUQHW +LVWyULFR GD ,QWHUQHW 7HUPRV 8WLOL]DGRV QD ,QWHUQHW 2 TXH p ::: RPR XVDU R QDYHJDGRU 6HUYLFRV GD ,QWHUQHW %XVFD GH LQIRUPDo}HV RPXQLFDomR /LQNV ,QWHUHVVDQWHV KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJREMHWLYRKWPO
  • 3.
    2TXHpD,QWHUQHW $ PHOKRU IRUPDGH HQWHQGHU D ,QWHUQHW p SHQVDU QHOD QmR FRPR XPD UHGH GH FRPSXWDGRUHV PDV FRPR XPD 5HGH GH UHGHV 6HQGR DVVLP D ,QWHUQHW QmR WHP XP GRQR RX XPD HPSUHVD HQFDUUHJDGD GH DGPLQLVWUiOD DGD UHGH LQGLYLGXDO FRQHFWDGD j ,QWHUQHW SRGH VHU DGPLQLVWUDGD SRU XPD HQWLGDGH JRYHUQDPHQWDO XPD HPSUHVD RX XPD LQVWLWXLomR HGXFDFLRQDO 0DV D ,QWHUQHW FRPR XP WRGR QmR WHP XP SRGHU FHQWUDO 0XLWRV UHIHUHPVH j ,QWHUQHW FRPR D VXSHUDXWRHVWUDGD GH GDGRV D VXSHULQIRYLD H RXWUDV FRPSDUDo}HV FRP XPD HVWUDGD 1D YHUGDGH XPD UHSUHVHQWDomR PDLV SUHFLVD QmR VHULD XPD HVWUDGD PDV WRGR XP FRPSOH[R YLiULR IRUPDGR SRU JUDQGHV DXWRHVWUDGDV HVWUDGDV VHFXQGiULDV YLFLQDLV H DVVLP VXFHVVLYDPHQWH SDVVDQGR SRU DYHQLGDV DWp FKHJDU jV UXDV RQGH ILFDP QRVVDV FDVDV 1RV FUX]DPHQWRV GHVVH FRPSOH[R YLiULR H[LVWHP URWDWyULDV TXH SHUPLWHP TXH R WUiIHJR HVFROKD XPD HQWUH YiULDV GLUHo}HV SRVVtYHLV 1D ,QWHUQHW HVVHV FUX]DPHQWRV FRQWrP FRPSXWDGRUHV GHQRPLQDGRV URWHDGRUHV FDSD]HV GH GLUHFLRQDU R WUiIHJR SDUD DV GLIHUHQWHV URWDV GLVSRQtYHLV SRLV FRQWrP LQIRUPDo}HV FRQVWDQWHPHQWH DWXDOL]DGDV TXH OKHV SHUPLWHP GHFLGLU HP TXH GLUHomR GHYHP HQYLDU R WUiIHJR D FDGD LQVWDQWH RPR D ,QWHUQHW p XPD FRPSOH[D PDOKD GH FRPSXWDGRUHV LQWHUOLJDGRV VHPSUH H[LVWH XP FDPLQKR DOWHUQDWLYR SDUD R WUiIHJR DLQGD TXH VHMD PDLV ORQJR 6H YRFr SUHWHQGH DFHVVDU XP FRPSXWDGRU QR -DSmR SRU H[HPSOR QmR p QHFHVViULR ID]HU XP LQWHUXUEDQR LQWHUQDFLRQDO %DVWD FRQHFWDUVH D XP FRPSXWDGRU OLJDGR j ,QWHUQHW QD VXD FLGDGH (VVH FRPSXWDGRU ORFDO HVWi FRQHFWDGR D XPD PiTXLQD HP RXWUR (VWDGR RX SDtV H DVVLP SRU GLDQWH WUDoDQGR XPD URWD DWp FKHJDU DR GHVWLQR 6mR PiTXLQDV GH DOWD FDSDFLGDGH FRP JUDQGH SRGHU GH SURFHVVDPHQWR H FRQH[}HV YHOR]HV FRQKHFLGDV FRPR VHUYLGRUHV FRQWURODGDV SRU XQLYHUVLGDGHV HPSUHVDV H yUJmRV GR JRYHUQR (VVD IRUPD GH IXQFLRQDPHQWR JDUDQWH XP FXVWR EDL[R GH FRQH[mR 9RFr Vy SUHFLVD SDJDU D OLJDomR ORFDO DWp R VHX IRUQHFHGRU GH DFHVVR (VVD HPSUHVD RX LQVWLWXLomR FREUD WD[D PHQVDO GH FDGD XVXiULR SDUD FREULU HQWUH RXWURV RV FXVWRV GD FRQH[mR FRP D UHGH 0HVPR DVVLP YRFr SDJD R PHVPR SUHoR VH HQYLDU XPD PHQVDJHP SDUD R -DSmR RX SDUD VHX YL]LQKR $ ,QWHUQHW FUHVFH PDLV UDSLGDPHQWH GR TXH TXDOTXHU RXWUR PHLR GH FRPXQLFDomR Mi LQYHQWDGR 1LQJXpP VDEH DR FHUWR TXDQWDV SHVVRDV ID]HP SDUWH GHOD $V HVWLPDWLYDV YDULDP GH D PLOK}HV GH XVXiULRV R TXH GH TXDOTXHU IRUPD p XP Q~PHUR LPHQVR SDUD XP VLVWHPD TXH Vy VH DEULX DR JUDQGH S~EOLFR Ki PHQRV GH WUrV DQRV e XPD JUDQGH WHLD TXH LQWHJUD PiTXLQDV GH WRGRV RV WLSRV H WDPDQKRV 1HOD R PLFUR WHP VHX SRGHU PXOWLSOLFDGR PLOKDUHV GH YH]HV (QTXDQWR R FRPSXWDGRU LVRODGR VH OLPLWD D DFHVVDU DV LQIRUPDo}HV JUDYDGDV QR VHX GLVFR UtJLGR R PLFUR FRQHFWDGR j UHGH SHOR WHOHIRQH WHP R PXQGR DR VHX DOFDQFH 2 TXH ID] D ,QWHUQHW WmR SRGHURVD DVVLP p XPD HVSpFLH GH HVSHUDQWR GD LQIRUPiWLFD TXH DWHQGH SHODV VLJODV 73,3 3URWRFROR GH RQWUROH GH 7UDQVIHUrQFLD3URWRFROR ,QWHUQHW 7RGRV RV FRPSXWDGRUHV TXH HQWHQGHP HVVD OtQJXD VmR FDSD]HV GH WURFDU LQIRUPDo}HV HQWUH VL KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJRTXHHKKWPO
  • 4.
  • 5.
    +LVWyULFRGD,QWHUQHW 0XLWRV TXHUHP VDEHUTXHP p R GRQR GD ,QWHUQHW RX TXHP DGPLQLVWUD RV PLOKDUHV GH FRPSXWDGRUHV H OLQKDV TXH D ID]HP IXQFLRQDU 3DUD HQFRQWUDU D UHVSRVWD YDPRV YROWDU XP SRXFR QR WHPSR 1RV DQRV TXDQGR D *XHUUD )ULD SDLUDYD QR DU JUDQGHV FRPSXWDGRUHV HVSDOKDGRV SHORV (VWDGRV 8QLGRV DUPD]HQDYDP LQIRUPDo}HV PLOLWDUHV HVWUDWpJLFDV HP IXQomR GR SHULJR GH XP DWDTXH QXFOHDU VRYLpWLFR 6XUJLX DVVLP D LGpLD GH LQWHUFRQHFWDU RV YiULRV FHQWURV GH FRPSXWDomR GH PRGR TXH R VLVWHPD GH LQIRUPDo}HV QRUWHDPHULFDQR FRQWLQXDVVH IXQFLRQDQGR PHVPR TXH XP GHVVHV FHQWURV RX D LQWHUFRQH[mR HQWUH GRLV GHOHV IRVVH GHVWUXtGR 2 'HSDUWDPHQWR GH 'HIHVD DWUDYpV GD $53$ $GYDQFHG 5HVHDUFK 3URMHFWV $JHQF PDQGRX SHVTXLVDU TXDO VHULD D IRUPD PDLV VHJXUD H IOH[tYHO GH LQWHUFRQHFWDU HVVHV FRPSXWDGRUHV KHJRXVH D XP HVTXHPD FKDPDGR FKDYHDPHQWR GH SDFRWHV RP EDVH QLVVR HP IRL FULDGD D VHPHQWH GR TXH YLULD D VHU D ,QWHUQHW $ *XHUUD )ULD DFDERX PDV D KHUDQoD GDTXHOHV GLDV UHQGHX EDVWDQWH 2 TXH YLULD D VHU D ,QWHUQHW WRUQRXVH XPD UHGH YROWDGD SULQFLSDOPHQWH SDUD D SHVTXLVD FLHQWtILFD $WUDYpV GD 1DWLRQDO 6FLHQFH )RXQGDWLRQ R JRYHUQR QRUWHDPHULFDQR LQYHVWLX QD FULDomR GH EDFNERQHV UHGHV FDSD]HV GH OLGDU FRP JUDQGHV YROXPHV GH GDGRV DRV TXDLV VmR FRQHFWDGDV UHGHV PHQRUHV H TXH JHURX R SULQFtSLR GHVVD JUDQGH UHGH PXQGLDO 1R %UDVLO DV XQLYHUVLGDGHV HVWmR OLJDGDV QD UHGH GH FRPSXWDGRUHV PXQGLDO GHVGH 1HVVH DQR KDYLDP FRQH[}HV FRP D %LWQHW XPD UHGH VHPHOKDQWH j ,QWHUQHW HP YiULDV LQVWLWXLo}HV FRPR DV XQLYHUVLGDGHV IHGHUDLV GR 5LR *UDQGH GR 6XO H GR 5LR GH -DQHLUR 2V VHUYLoRV GLVSRQtYHLV UHVWULQJLDPVH D FRUUHLR HOHWU{QLFR H WUDQVIHUrQFLD GH DUTXLYRV 6RPHQWH HP D )DSHVS )XQGDomR GH $PSDUR j 3HVTXLVD GH 6mR 3DXOR FRQHFWRXVH FRP D ,QWHUQHW 1R PHVPR DQR IRL FULDGD D 513 5HGH 1DFLRQDO GH 3HVTXLVD XPD LQLFLDWLYD GR 0LQLVWpULR GD LrQFLD H 7HFQRORJLD )LQDQFLDGD SHOR RQVHOKR 1DFLRQDO GH 'HVHQYROYLPHQWR LHQWtILFR H 7HFQROyJLFR 13T D 513 LQWHUOLJRX LQLFLDOPHQWH RQ]H (VWDGRV EUDVLOHLURV $WXDOPHQWH (VWDGRV EUDVLOHLURV SRVVXHP SRQWRV GH SUHVHQoD QD ,QWHUQHW $ SDUWLU GH DEULO GH R 0LQLVWpULR GDV RPXQLFDo}HV H R 0LQLVWpULR GD LrQFLD H 7HFQRORJLD GHFLGLUDP ODQoDU XP HVIRUoR FRPXP GH LPSODQWDomR GH XPD UHGH LQWHJUDGD HQWUH LQVWLWXLo}HV DFDGrPLFDV H FRPHUFLDLV 'HVGH HQWmR YiULRV IRUQHFHGRUHV GH DFHVVR H VHUYLoRV SULYDGRV FRPHoDUDP D RSHUDU QR %UDVLO KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJKLVWRULFRKWPO
  • 6.
    7HUPRV8WLOL]DGRVQD,QWHUQHW $SOLFDomR 3URJUDPD TXH ID]XVR GH VHUYLoRV GH UHGH WDLV FRPR WUDQVIHUrQFLD GH DUTXLYRV ORJLQ UHPRWR H FRUUHLR HOHWU{QLFR %DFNERQH (VWUXWXUD GH QtYHO PDLV DOWR HP XPD UHGH FRPSRVWD SRU YiULDV VXEUHGHV (P SRUWXJXrV HVSLQKD GRUVDO %RRNPDUN /LVWD GRV HQGHUHoRV SUHGLOHWRV QD :HE %URZVHU e XP VRIWZDUH TXH GLVSRQLELOL]D D QDYHJDomR QRV VLWHV GD ,QWHUQHW RUUHLR (OHWU{QLFR e XP XWLOLWiULR TXH SHUPLWH WURFD GH PHQVDJHQV HQWUH SHVVRDV TXH HVWmR OLJDGD QD UHGH $V PHQVDJHQV VmR WURFDGDV HQWUH GRLV RX PDLV XVXiULRV RX DLQGD HQWUH JUXSRV GH XVXiULRV RUJDQL]DGRV HP OLVWDV GH GLVFXVVmR 'RPtQLR e XPD SDUWH GD KLHUDUTXLD GH QRPHV GH JUXSRV RX KRVWV GD ,QWHUQHW TXH SHUPLWH LGHQWLILFDU DV LQVWLWXLo}HV RX FRQMXQWR GH LQVWLWXLo}HV QD UHGH 6LQWDWLFDPHQWH XP QRPH GH GRPtQLR GD ,QWHUQHW FRQVLVWH GH XPD VHTXrQFLD GH QRPHV VHSDUDGRV SRU SRQWR SRU H[HPSOR XQLFDPSEU 'RPtQLR 3~EOLFR 3URJUDPD GLVSRQtYHO SXEOLFDPHQWH VHJXQGR FRQGLo}HV HVWDEHOHFLGDV SHORV DXWRUHV VHP FXVWR GH OLFHQFLDPHQWR SDUD XVR (P JHUDO R VRIWZDUH p XWLOL]iYHO VHP FXVWRV SDUD ILQV HVWULWDPHQWH HGXFDFLRQDLV H QmR WHP JDUDQWLD GH PDQXWHQomR RX DWXDOL]DomR 8P GRV JUDQGHV WUXQIRV GD ,QWHUQHW p D TXDQWLGDGH SUDWLFDPHQWH LQHVJRWiYHO GH VRIWZDUH GH GRPtQLR S~EOLFR FRP H[FHOHQWH TXDOLGDGH TXH FLUFXOD SHOD UHGH 'RZQORDG e R SURFHVVR GH WUDQVIHULU XPD FySLD GH XP DUTXLYR GH XP FRPSXWDGRU UHPRWR SDUD RXWUR FRPSXWDGRU DWUDYpV GD UHGH 2 DUTXLYR UHFHELGR p JUDYDGR HP GLVFR QR FRPSXWDGRU ORFDO )73 )LOH 7UDQVIHU 3URWRFRO 3URWRFROR GH 7UDQVIHUrQFLD GH $UTXLYRV e XP VHUYLoR TXH SRVVLELOLWD D FySLD GH DUTXLYRV GH XP VHUYLGRU SDUD VHX PLFUR H YLFHYHUVD +LSHUWH[WR 7H[WR TXH SRVVXL OLJDo}HV D RXWURV WH[WRV LPDJHQV H DSOLFDo}HV +RVW KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJWHUPRVKWPO
  • 7.
    RPSXWDGRU OLJDGR j,QWHUQHW +70/ $FU{QLPR GH +SHUWH[W 0DUNXS /DQJXDJH p D OLQJXDJHP SDGUmR SDUD HVFUHYHU SiJLQDV GH GRFXPHQWRV :HE ::: e IiFLO GH DSUHQGHU H XVDU H SRVVLELOLWD SUHSDUDU GRFXPHQWRV FRP JUiILFRV H OLQNV SDUD RXWURV GRFXPHQWRV SDUD YLVXDOL]DomR HP VLVWHPDV TXH XWLOL]DP :HE ,5 ,QWHUQHW 5HOD KDW e XP VRIWZDUH TXH SHUPLWH DR XVXiULR FRQYHUVDU FRP RXWUDV SHVVRDV HP TXDOTXHU OXJDU GR PXQGR HP WHPSR UHDO /LQN (OR GH OLJDomR HQWUH SiJLQDV GD :HE XWLOL]DGR QRV KLSHUWH[WRV 0DLOLQJ OLVWV OLVWDV GH GLVFXVVmR /LVWDV TXH HQJOREDP GHWHUPLQDGRV WHPDV HVSHFtILFRV jV TXDLV YRFr SRGH VH MXQWDU H UHFHEHU YLD HPDLO PHQVDJHQV VREUH HVVHV DVVXQWRV 1DYHJDomR $WR GH FRQHFWDUVH D GLIHUHQWHV FRPSXWDGRUHV GD UHGH GLVWULEXtGRV SHOR PXQGR XVDQGR DV IDFLOLGDGHV SURYLGDV SRU IHUUDPHQWDV FRPR EURZVHUV :HE 7HOQHW $FHVVR UHPRWR RX VHMD p XPD FRQH[mR HQWUH VHX PLFUR H XP VHUYLGRU OLJDGR j UHGH )XQFLRQD H[FOXVLYDPHQWH SRU WHFODGR VHP JUiILFRV 8VHQHW $ 8VHQHW p GLYLGLGD HP YiULDV SDUWHV FKDPDGDV QHZVJURXS e FRPR XP PXUDO RQGH YRFp GLYXOJD XPD PHQVDJHP TXH p UHSDVVDGD SDUD RXWUDV PiTXLQDV QR PXQGR WRGR (VWD LQIRUPDomR ILFD GLVSRQtYHO SRU XP GHWHUPLQDGR WHPSR VHQGR TXH SDUD DFHVViOD R XVXiULR GHYHUi DFHVVDU R QHZVJURXS HP TXH D PHQVDJHP IRL SRVWDGD ::: 2 ::: p UHSRQViYHO SHOR JUDQGH ERRP GD ,QWHUQHW 1HOH RV GRFXPHQWRV VH LQWHUOLJDP FRP RXWURV GRFXPHQWRV QD IRUPD GH KLSHUWH[WR DSUHVHQWDQGR DWUDYpV GH EURZVHUV FRPR R 1HWVFDSH RX R ,QWHUQHW ([SORUHU LQIRUPDo}HV QD IRUPD GH WH[WRV LPDJHQV YLGHRV H VRQV KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJWHUPRVKWPO
  • 8.
    2TXHp::: $ :HE :RUOG:LGH :HE RX ::: p D SDUWH PXOWLPtGLD GD ,QWHUQHW $V SiJLQDV SRGHP WHU IRWRV DQLPDo}HV WUHFKRV GH YtGHR H VRQV e D UHJLmR PDLV IiFLO GH XVDU GH WRGD D UHGH 2 ~QLFR SURJUDPD TXH YRFr SUHFLVD p R QDYHJDGRU R PHVPR TXH YRFr HVWi XWLOL]DQGR SDUD YLVXDOL]DU HVVD SiJLQD e IRUPDGD SRU PLOK}HV GH OXJDUHV FKDPDGRV VLWHV ([LVWHP VLWHV GH XQLYHUVLGDGHV HPSUHVDV yUJmRV GR JRYHUQR H DWp VLWHV PDQWLGRV SRU DSHQDV XPD SHVVRD $V LQIRUPDo}HV HVWmR RUJDQL]DGDV QD IRUPD GH SiJLQDV OLJDGDV HQWUH VL 4XDQGR YRFr DFHVVD XP VLWH QRUPDOPHQWH HQWUD SHOD SRUWD GD IUHQWH RQGH H[LVWH XPD PHQVDJHP GH ERDV YLQGDV H XPD HVSpFLH GH tQGLFH SDUD DV GHPDLV SiJLQDV (VVD HQWUDGD VH FKDPD SiJLQD SULQFLSDO RX KRPH SDJH $V OLJDo}HV HQWUH DV SiJLQDV FRQKHFLGDV FRPR KLSHUOLQNV RX OLJDo}HV GH KLSHUWH[WR QmR RFRUUHP DSHQDV GHQWUR GH XP VLWH (ODV SRGHP OLJDU LQIRUPDo}HV DUPD]HQDGDV HP FRPSXWDGRUHV HPSUHVDV RX PHVPR FRQWLQHQWHV GLIHUHQWHV 1D :HE p SRVVtYHO TXH XPD SiJLQD IDoD UHIHUrQFLD D SUDWLFDPHQWH TXDOTXHU GRFXPHQWR GLVSRQtYHO QD ,QWHUQHW 2 TXH ID] HVVD PDOKD GH LQIRUPDo}HV IXQFLRQDU p XP VLVWHPD GH HQGHUHoDPHQWR TXH SHUPLWH D FDGD SiJLQD WHU D VXD SUySULD LGHQWLILFDomR $VVLP GHVGH TXH R XVXiULR VDLED R HQGHUHoR FRUUHWR p SRVVtYHO DFHVVDU TXDOTXHU DUTXLYR GD UHGH (VVH VLVWHPD GH HQGHUHoRV HVSHFtILFR p WDPEpP FKDPDGR GH 85/ 8QLIRUP 5HVRXUFH /RFDWRU ORFDOL]DGRU XQLIRUPH GH UHFXUVRV RP HOH p SRVVtYHO ORFDOL]DU TXDOTXHU LQIRUPDomR QD ,QWHUQHW 7HQGR HP PmR R HQGHUHoR FRPR KWWSZZZXQLFDPSEU YRFr SRGHUi XWLOL]iOR QR QDYHJDGRU H VHU WUDQVSRUWDGR DWp R GHVWLQR 2 HQGHUHoR GD SiJLQD TXH YRFr HVWi OHQGR SRU H[HPSOR p KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJDFDRZZZKWPO DGD SDUWH GR HQGHUHoR VLJQLILFD R VHJXLQWH KWWS e R PpWRGR SHOR TXDO D LQIRUPDomR GHYH VHU EXVFDGD 1R FDVR KWWS p R PpWRGR XWLOL]DGR SDUD EXVFDU SiJLQDV QD :HE 9RFr WDPEpP YDL HQFRQWUDU RXWUDV IRUPDV FRPR IWS SDUD HQWUDU HP VHUYLGRUHV GH )73 PDLOWR SDUD HQYLDU PHQVDJHQV QHZV SDUD DFHVVDU JUXSRV GH GLVFXVVmR HQWUH RXWURV ZZZJDFOLXQLFDPSEU e R QRPH GR FRPSXWDGRU RQGH D LQIRUPDomR HVWi DUPD]HQDGD WDPEpP FKDPDGR GH VHUYLGRU RX VLWH 3HOR QRPH GR FRPSXWDGRU YRFr SRGH DQWHFLSDU TXH WLSR GH LQIRUPDomR LUi HQFRQWUDU 2V TXH FRPHoDP FRP ZZZ VmR VHUYLGRUHV GH :HE H FRQWpP SULQFLSDOPHQWH SiJLQDV GH KLSHUWH[WR 4XDQGR R QRPH GR VHUYLGRU FRPHoD FRP IWS WUDWDVH GH XP OXJDU RQGH p SHUPLWLGR FRSLDU DUTXLYRV 1HVVH FDVR YRFr HVWDUi QDYHJDQGR HQWUH RV GLUHWyULRV GHVVH FRPSXWDGRU H SRGHUi FRSLDU XP SURJUDPD LPHGLDWDPHQWH SDUD R VHX PLFUR FXUVRVQDYHJDFDR KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJZZZKWPO
  • 9.
    e R GLUHWyULRRQGH HVWi R DUTXLYR ([DWDPHQWH FRPR QR VHX FRPSXWDGRU D LQIRUPDomR QD ,QWHUQHW HVWi RUJDQL]DGD HP GLUHWyULRV GHQWUR GRV VHUYLGRUHV ZZZKWPO e R QRPH GR DUTXLYR TXH VHUi WUDQVSRUWDGR SDUD R VHX QDYHJDGRU 9RFr GHYH SUHVWDU DWHQomR VH R QRPH GR DUTXLYR H GRV GLUHWyULRV HVWmR HVFULWRV HP PDL~VFXODV RX PLQ~VFXODV 1D PDLRU SDUWH GRV VHUYLGRUHV ,QWHUQHW HVVD GLIHUHQoD p LPSRUWDQWH 1R H[HPSOR DFLPD VH YRFr GLJLWDVVH R QRPH GR DUTXLYR FRPR :::+70/ RX PHVPR :ZZ+WPO D SiJLQD QmR VHULD HQFRQWUDGD 2XWUR GHWDOKH p D WHUPLQDomR GR QRPH GR DUTXLYR KWPO (OD LQGLFD R WLSR GR GRFXPHQWR 1R FDVR KWPO VmR SiJLQDV GD :HE 9RFr WDPEpP YDL HQFRQWUDU GRFXPHQWRV KLSHUWH[WR FRP D H[WHQVmR KWP 2XWURV WLSRV GH DUTXLYRV GLVSRQtYHLV QD ,QWHUQHW VmR W[W GRFXPHQWRV FRPXQV GH WH[WRV H[H SURJUDPDV ]LS RX J] FRPSDFWDGRV DX DLII UDP H ZDY VRP H DLQGD PRY H DYL YtGHR KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJZZZKWPO
  • 10.
    RPRXVDURQDYHJDGRU 2 QDYHJDGRU pR SULQFLSDO SURJUDPD SDUD DFHVVDU D ,QWHUQHW RP HOH YRFr SRGH YLVLWDU HQGHUHoRV QD UHGH FRSLDU SURJUDPDV H WURFDU PHQVDJHQV DWUDYpV GR FRUUHLR HOHWU{QLFR 7HOD GR QDYHJDGRU 5HFXUVRV DYDQoDGRV KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 11.
    7HODGRQDYHJDGRU %DUUD GH ERW}HV %DUUDGH VWDWXV H SURJUHVVR tFRQH GH FRUUHLR HOHWU{QLFR H FDPSR ORFDWLRQ 'LUHFWRU EXWWRQV ºFRQHV 0HQX IOXWXDQWH ,WHQV GH PHQX KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 12.
    %DUUDGHERW}HV $ EDUUD GHERW}HV GR 1HWVFDSH FRQWpP FRPDQGRV FRPR YROWDU SDUD D SiJLQD DQWHULRU UHFDUUHJDU H LPSULPLU (OD SRGH DSDUHFHU GH WUrV IRUPDV VRPHQWH WH[WR WH[WR H LPDJHP H VRPHQWH LPDJHP 2 XVXiULR SRGH HVFROKHU R WLSR GH EDUUD GH ERW}HV FRP R VHJXLQWH SURFLGLPHQWR (VFROKD QR PHQX 2SWLRQV D RSomR *HQHUDO SUHIHUHQFHV (VFROKD D SDVWD $SSHDUDQFH 1R FDPSR 7ROOEDUV VHOHFLRQH D RSomR 3LFWXUHV 7H[W RX 3LFWXUH DQG 7H[W OLTXH 2. 2V ERW}HV WHP DV VHJXLQWHV IXQo}HV %DFN YROWD SDUD D SiJLQD DQWHULRU Mi YLVLWDGD )RUZDUG DYDQoD SDUD D SiJLQD VHJXLQWH Mi YLVLWDGD +RPH R QDYHJDGRU LUi LQLFLDU FRP XPD SiJLQD GHILQLGD SHOR XVXiULR $R FOLFDU QHVVH tFRQH YRFr VHUi OHYDGR SDUD HVVD SiJLQD 5HORDG UHFDUUHJD D SiJLQD DWXDO ,PDJHV PRVWUD DV LPDJHQV TXDQGR R XVXiULR GHVOLJRX R FDUUHJDPHQWR DXWRPiWLFR 2SHQ DEUH D MDQHOD 2SHQ /RFDWLRQ SDUD TXH R XVXiULR GLJLWH XP QRYR HQGHUHoR 3ULQW LPSULPH D SiJLQD DWXDO )LQG SHUPLWH ID]HU EXVFD SRU SDODYUD QR WH[WR 6WRS FDQFHOD R FDUUHJDPHQWR GD SiJLQD KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 13.
    %DUUDGHVWDWXV $ EDUUD GHVWDWXV PRVWUD R SURJUHVVR GR FDUUHJDPHQWR GD SiJLQD $OJXPDV GDV PHQVDJHQV DSUHVHQWDQGDV SHOD EDUUD GH VWDWXV RQQHFW RQWDFWLQJ KRVW ZZZQHWVFDSHFRP 7HQWDQGR HQFRQWUDU R HQGHUHoR RQQHFW +RVW ZZZQHWVFDSHFRP FRQWDFWHG :DLWLQJ IRU UHSO 2 GHVWLQR Mi IRL ORFDOL]DGR 2 QDYHJDGRU HVWi SHGLQGR D SiJLQD TXH VHUi PRVWUDGD 7UDQVIHULQJ GDWD IURP ZZZQHWVFDSHFRP 2V GDGRV HVWmR VHQGR WUDQVIHULGRV GR VHUYLGRU SDUD R FRPSXWDGRU GR XVXiULR 5HDGLQJILOH 2 DUTXLYR HVWi VHQGR FDUUHJDGR .5HDG -i IRUDP FDUUHJDGRV .EWHV GR GRFXPHQWR RI. 0RVWUD TXDQWR Mi IRL WUDQVPLWLGR GH FDGD DUTXLYR RI. DW.VHFVHFVUHPDLQLQJ 4XDQGR p SRVVtYHO R SURJUDPD DSUHVHQWD D WD[D GH WUDQVIHUrQFLD .VHF H R WHPSR TXH UHVWD SDUD WHUPLQDU D WUDQVPLVVmR VHFV UHPDLQLQJ %DUUDGHSURJUHVVR $OpP GD EDUUD GH VWDWXV H[LVWH XP FDPSR j GLUHLWD FKDPDGR EDUUD GH SURJUHVVR TXH LQGLFD TXDQWR GR GRFXPHQWR Mi IRL FDUUHJDGR ºFRQHGHFRUUHLRHOHWU{QLFR OLFDQGR QR HQYHORSH R XVXiULR SRGH DFHVVDU R SURJUDPD GH FRUUHLR HOHWU{QLFR 4XDQGR H[LVWLU XP SRQWR GH LQWHUURJDomR DR ODGR GR HQYHORSH VLJQLILFD TXH R SURJUDPD QmR HVWi PRQLWRUDQGR DXWRPDWLFDPHQWH D FKHJDGD GH QRYDV PHQVDJHQV 1HVVH FDVR p SUHFLVR DEULU R SURJUDPD GH HPDLO H UHDOL]DU R SURFHGLPHQWR GH ORJLQ QR TXDO R XVXiULR GHYHUi IRUQHFHU VXD VHQKD 4XDQGR R HQYHORSH IRU PRVWUDGR VR]LQKR R SURJUDPD YHULILFD SHULRGLFDPHQWH D FDL[D SRVWDO 6H R tFRQH DR ODGR GR HQYHORSH IRU XP SRQWR GH H[FODPDomR VLJQLILFD TXH H[LVWHP QRYDV PHQVDJHQV KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 14.
    DPSR/RFDWLRQ 1R FDPSR /RFDWLRQR XVXiULR GHYHUi GLJLWDU R HQGHUHoR GD SiJLQD TXH GHVHMD YLVLWDU ([HPSOR KWWSZZZXQLFDPSEU 3DUD HVFRQGHU R FDPSR /RFDWLRQ HVFROKD QR PHQX 2SWLRQV D RSomR 6KRZ /RFDWLRQ 3DUD PRVWUiOR QRYDPHQWH UHSLWD D RSHUDomR 4XDQGR R XVXiULR FOLFD VREUH R FDPSR /RFDWLRQ R QRPH GR FDPSR PXGD SDUD *R WR 3DUD DFHVVDU XP QRYR OXJDU QD ,QWHUQHW EDVWD GLJLWDU R HQGHUHoR H WHFODU HQWHU KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 15.
    'LUHFWRU%XWWRQV 2V GLUHFWRU EXWWRQVVmR DWDOKRV SDUD SiJLQDV ORFDOL]DGDV QR VLWH GD 1HWVFDSH 2 XVXiULR SRGH HVFRQGrORV RX PRVWUiORV HVFROKHQGR QR PHQX 2SWLRQV D RSomR 6KRZ 'LUHFWRU %XWWRQV 2V ERW}HV WHP DV VHJXLQWHV IXQo}HV :KDW V 1HZ 3iJLQD LQWHUHVVDQWH TXH R OHYDUi jV QRYDV LQIRUPDo}HV TXH VXUJHP GLDULDPHQWH QD ,QWHUQHW :KDW V RRO 3iJLQD FXULRVD TXH R OHYDUi DR TXH Ki GH PDLV LQWHUHVVDQWHV QD ,QWHUQHW 'HVWLQDWLRQ 3iJLQD TXH H[LEH R FDPLQKR D FDWiORJRV H ORFDLV QD ,QWHUQHW 1HW 6HDUFK 8P FDWiORJR GH PHFDQLVPRV GH SHVTXLVD GD ,QWHUQHW TXH YRFr SRGHUi XWLOL]DU SDUD ORFDOL]DU LQIRUPDo}HV HVSHFtILFDV RX XPD SiJLQD HP HVSHFLDO SHVTXLVDQGR WtWXORV GH SiJLQDV FDPSRV GH DVVXQWR FRQWH~GR GH GRFXPHQWRV RX RXWURV tQGLFHV H FDWiORJRV 3HRSOH DWiORJR GH VHUYLoRV SDUD DMXGiOR D ORFDOL]DU QRPHV H HQGHUHoRV HOHWU{QLFRV GH XVXiULRV GD ,QWHUQHW 6RIWZDUH ,QIRUPDo}HV VREUH DWXDOL]Do}HV GR VRIWZDUH 1HWVFDSH 1DYLJDWRU KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 16.
    ºFRQHVGRSURJUDPD 2 tFRQH GR1HWVFDSH UHFHEH XPD DQLPDomR TXDQGR R FDPSR /RFDWLRQ RX RV GLUHFWRU EXWWRQV HVWmR OLJDGRV 6H R XVXiULR FOLFDU VREUH R tFRQH VHUi OHYDGR DWp D SiJLQD SULQFLSDO GD 1HWVFDSH ºFRQHGHWUDQVDomRVHJXUD 2 LQGLFDGRU GH VHJXUDQoD ORFDOL]DGR DEDL[R GD iUHD GH FRQWH~GR PRVWUD VH XP GRFXPHQWR HVWi SURWHJLGR tFRQH GH FKDYH HP IXQGR D]XO RX GHVSURWHJLGR tFRQH GH FKDYH HP IXQGR FLQ]D 8PD EDUUD GH FRUHV D]XO DFLPD GD iUHD GH FRQWH~GR LQGLFD XP GRFXPHQWR SURWHJLGR XPD EDUUD GH FRUHV FLQ]D LQGLFD XP GRFXPHQWR GHVSURWHJLGR 1D PDLRU SDUWH GR WHPSR R tFRQH HVWi TXHEUDGR LQGLFDQGR TXH R XVXiULR QmR HVWi DFHVVDQGR XP VHUYLGRU TXH RIHUHFH VHJXUDQoD KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 17.
    0HQXIOXWXDQWH 1DV YHUV}HV SDUDRV VLVWHPDV RSHUDFLRQDLV :LQGRZV H 8QL[ DR FOLFDU FRP R ERWmR GLUHLWR GR PRXVH VREUH D MDQHOD GR QDYHJDGRU VHUi DFLRQDGR XP PHQX IOXWXDQWH SRSXS 2V LWHQV GR PHQX SRSXS WHP RV VHJXLQWHV VLJQLILFDGRV 4XDQGR FOLFDGR VREUH XPD iUHD TXDOTXHU GD SiJLQD %DFN YROWD SDUD D SiJLQD DQWHULRU Mi YLVLWDGD )RUZDUG DYDQoD SDUD D SUy[LPD SiJLQD Mi YLVLWDGD $GG %RRNPDUN DGLFLRQD R HQGHUHoR GD SiJLQD TXH YRFr HVWi YLVLWDQGR QD VXD OLVWD GH HQGHUHoRV SUHGLOHWRV ,QWHUQHW 6KRUWFXW :LQGRZV RX 17 FULD XP tFRQH GH DWDOKR SDUD D SiJLQD DWXDO 4XDQGR FOLFDGR VREUH XP OLQN %DFN YROWD SDUD D SiJLQD DQWHULRU Mi YLVLWDGD )RUZDUG DYDQoD SDUD D SUy[LPD SiJLQD Mi YLVLWDGD 2SHQ WKLV /LQN YDL SDUD D SiJLQD HVSHFLILFDGD SHOR OLQN 2SHQ LQ 1HZ :LQGRZ DEUH D SiJLQD HVSHFLILFDGD SHOR OLQN HP XPD QRYD MDQHOD 6DYH /LQN $V VDOYD D SiJLQD LQGLFDGD SHOR OLQN QR FRPSXWDGRU GR XVXiULR (VWD RSHUDomR FRSLD DSHQDV R WH[WR GD SiJLQD H DV UHIHUrQFLDV $V LPDJHQV QmR VHUmR FRSLDGDV DXWRPDWLFDPHQWH 3DUD FRSLDU XPD SiJLQD FRPSOHWD p SUHFLVR YLVLWDU D SiJLQD H VDOYDU DV LPDJHQV LQGLYLGXDOPHQWH RX XWLOL]DU DV YHUV}HV GR GLUHWyULR GH FDFKH RS /LQN /RFDWLRQ FRSLD R HQGHUHoR HVSHFLILFDGR SHOR OLQN $GG %RRNPDUN DGLFLRQD R OLQN j OLVWD GH HQGHUHoRV SUHIHULGRV ,QWHUQHW 6KRUWFXW :LQGRZV RX 17 FULD XP tFRQH GH DWDOKR SDUD D SiJLQD DWXDO 4XDQGR FOLFDGR VREUH XPD LPDJHP TXH WDPEpP p XP OLQN %DFN YROWD SDUD D SiJLQD DQWHULRU Mi YLVLWDGD KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 18.
    )RUZDUG DYDQoD SDUDD SUy[LPD SiJLQD Mi YLVLWDGD 2SHQ WKLV /LQN YDL SDUD D SiJLQD HVSHFLILFDGD SHOR OLQN 2SHQ LQ 1HZ :LQGRZ DEUH D SiJLQD HVSHFLILFDGD SHOR OLQN HP XPD QRYD MDQHOD 6DYH /LQN $V VDOYD D SiJLQD LQGLFDGD SHOR OLQN QR FRPSXWDGRU GR XVXiULR (VWD RSHUDomR FRSLD DSHQDV R WH[WR GD SiJLQD H DV UHIHUrQFLDV $V LPDJHQV QmR VHUmR FRSLDGDV DXWRPDWLFDPHQWH 3DUD FRSLDU XPD SiJLQD FRPSOHWD p SUHFLVR YLVLWDU D SiJLQD H VDOYDU DV LPDJHQV LQGLYLGXDOPHQWH RX XWLOL]DU DV YHUV}HV GR GLUHWyULR GH FDFKH 9LHZ ,PDJH DEUH XPD SiJLQD FRP D LPDJHP 6DYH ,PDJH $V VDOYD D LPDJHP QR FRPSXWDGRU GR XVXiULR 6HW $V :DOOSDSHU VDOYD D LPDJHP FRPR SDSHO GH SDUHGH GR :LQGRZV RS /LQN /RFDWLRQ FRSLD R HQGHUHoR HVSHFLILFDGR SHOR OLQN RS ,PDJH /RFDWLRQ FRSLD R HQGHUHoR GD LPDJHP /RDG WKLV ,PDJH FDUUHJD D LPDJHP (VWD RSomR ILFD GLVSRQtYHO TXDQGR D LPDJHP QmR IRL FDUUHJDGD SRUTXH R XVXiULR GHVOLJRX R FDUUHJDPHQWR DXWRPiWLFR H HP VHX OXJDU IRL FRORFDGR XP tFRQH $GG %RRNPDUN DGLFLRQD R OLQN j OLVWD GH HQGHUHoRV SUHIHULGRV ,QWHUQHW 6KRUWFXW :LQGRZV RX 17 FULD XP tFRQH GH DWDOKR SDUD D SiJLQD DWXDO 4XDQGR FOLFDGR VREUH XPD LPDJHP FRPXP %DFN YROWD SDUD D SiJLQD DQWHULRU Mi YLVLWDGD )RUZDUG DYDQoD SDUD D SUy[LPD SiJLQD Mi YLVLWDGD 9LHZ ,PDJH DEUH XPD SiJLQD FRP D LPDJHP 6DYH ,PDJH DV VDOYD D LPDJHP QR FRPSXWDGRU GR XVXiULR 6HW $V :DOOSDSHU VDOYD D LPDJHP FRPR SDSHO GH SDUHGH GR :LQGRZV RS ,PDJH /RFDWLRQ FRSLD R HQGHUHoR GD LPDJHP /RDG WKLV ,PDJH FDUUHJD D LPDJHP (VWD RSomR ILFD GLVSRQtYHO TXDQGR D LPDJHP QmR IRL FDUUHJDGD SRUTXH R XVXiULR GHVOLJRX R FDUUHJDPHQWR DXWRPiWLFR H HP VHX OXJDU IRL FRORFDGR XP tFRQH $GG %RRNPDUN DGLFLRQD R OLQN j OLVWD GH HQGHUHoRV SUHIHULGRV KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 19.
    ,QWHUQHW 6KRUWFXW :LQGRZV RX 17 FULD XP tFRQH GH DWDOKR SDUD D SiJLQD DWXDO 4XDQGR FOLFDGR VREUH XPD iUHD GH WH[WR RQGH R XVXiULR SRVVD HVFUHYHU :LQGRZV RX 17 8QGR GHVID] D RSHUDomR DQWHULRU TXDQGR SRVVtYHO XW DSDJD H FRSLD R WUHFKR VHOHFLRQDGR RS FRSLD R WUHFKR VHOHFLRQDGR 3DVWH FROD R WUHFKR FRSLDGR DQWHULRUPHQWH 'HOHWH DSDJD R WUHFKR VHOHFLRQDGR 6HOHFW $OO VHOHFLRQD WRGR R FRQWH~GR GD iUHD GH WH[WR KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 20.
    ,WHQVGH0HQX $R SRVLFLRQDU RPRXVH HP FDGD SDLQHO GD MDQHOD GR QDYHJDGRU YRFr SRGHUi XWLOL]DU R PHQX SRSXS FRPR DWDOKR SDUD RV GLYHUVRV LWHQV GD EDUUD GH PHQXV OLVWDGRV D VHJXLU )LOH 1HZ :HE %URZVHU DEUH XPD QRYD MDQHOD 1HWVFDSH 3RGHVH DEULU YiULDV MDQHODV GR QDYHJDGRU SDUD DFHVVDU YiULRV HQGHUHoRV GLIHUHQWHV DR PHVPR WHPSR $ QRYD MDQHOD SRVVXLUi RV PHVPRV LWHQV GR KLVWyULFR GD MDQHOD DQWHULRU H H[LELUi D SiJLQD PDLV DQWLJD GR KLVWyULFR JHUDOPHQWH D SiJLQD LQLFLDO 1HZ 0DLO 0HVVDJH DEUH XPD MDQHOD SDUD HQYLDU XPD PHQVDJHP 9RFr Vy FRQVHJXLUi HQYLDU PHQVDJHQV VH R QDYHJDGRU HVWLYHU GHYLGDPHQWH FRQILJXUDGR SDUD HVVD RSHUDomR 0DLO 'RFXPHQW SHUPLWH HQYLDU PHQVDJHP FRP D SiJLQD DWXDO DQH[DGD DXWRPDWLFDPHQWH 2 FDPSR GH FRQWH~GR FRQWpP R 85/ HQGHUHoR GD SiJLQD 2 FDPSR 6XEMHFW FRQWpP R WtWXOR GD SiJLQD 2SHQ /RFDWLRQ DEUH XPD MDQHOD SDUD R XVXiULR GLJLWDU R HQGHUHoR GD SiJLQD TXH GHVHMD YLVLWDU 2SHQ )LOH SHUPLWH TXH R XVXiULR VHOHFLRQH XP DUTXLYR SDUD VHU DEHUWR 6DYH $V RX 6DYH )UDPH $V VDOYD D SiJLQD TXH HVWi QD WHOD (VWD RSomR FRSLD DSHQDV R WH[WR GD SiJLQD H DV UHIHUrQFLDV $V LPDJHQV QmR VmR FRSLDGDV DXWRPDWLFDPHQWH 9RFr SRGH VDOYDU D SiJLQD HP IRUPDWR GH WH[WR VLPSOHV RX QR IRUPDWR GH RULJHP +70/ 8SORDG )LOH SHUPLWH HQYLDU XP DUTXLYR SDUD XP VHUYLGRU GH )73 6y IXQFLRQD TXDQGR R XVXiULR HVWi FRQHFWDGR D XP VHUYLGRU TXH SHUPLWH HVVH WLSR GH RSHUDomR e QHFHVViULD SHUPLVVmR SDUD JUDYDomR 3DJH 6HWXS PRGLILFD GHILQLo}HV GD SiJLQD SDUD LPSUHVVmR FRPR PDUJHQV FDEHoDOKRV H URGDSpV 3ULQW LPSULPH D iUHD GD SiJLQD 1HWVFDSH DWXDO 9RFr SRGH VHOHFLRQDU GLYHUVDV FDUDFWHUtVWLFDV GH LPSUHVVmR 3ULQW 3UHYLHZ Vy QR :LQGRZV YLVXDOL]D D SiJLQD LPSUHVVD QD WHOD ORVH IHFKD D SiJLQD 1HWVFDSH DWXDO 1R :LQGRZV VDL GR DSOLFDWLYR 1HWVFDSH 1DYLJDWRU TXDQGR YRFr IHFKD D ~OWLPD SiJLQD ([LW IHFKD D SiJLQD 1HWVFDSH DWXDO H VDL GR DSOLFDWLYR 1HWVFDSH 1DYLJDWRU KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 21.
    (GLW 8QGR UHYHUWH TXDQGRSRVVtYHO D ~OWLPD DomR H[HFXWDGD XW UHPRYH D VHOHomR DWXDO H FRORFD XPD FySLD QD ·UHD GH 7UDQVIHUrQFLD RS FRORFD XPD FySLD GD VHOHomR DWXDO QD ·UHD GH 7UDQVIHUrQFLD 3RGH VHU XVDGR SDUD FRSLDU R FRQWH~GR GH XPD SiJLQD SDUD TXDOTXHU SURJUDPD 3DVWH FRORFD R FRQWH~GR GD ·UHD GH 7UDQVIHUrQFLD QD SiJLQD 1HWVFDSH QD SRVLomR GR FXUVRU 6HOHFW $OO VHOHFLRQD WRGR R FRQWH~GR GD SiJLQD )LQG SHUPLWH TXH YRFr HVSHFLILTXH XPD SDODYUD RX H[SUHVVmR D VHU ORFDOL]DGD QD SiJLQD 1HWVFDSH DWXDO )LQG $JDLQ SURFXUD RXWUD RFRUUrQFLD GR WH[WR HVSHFLILFDGR DSyV R XVR GR ILQG 9LHZ 5HORDG UHFDUUHJD D SiJLQD DWXDO 6HUYH SDUD YHULILFDU VH D SiJLQD VRIUHX DOJXPD PRGLILFDomR GHVGH D ~OWLPD YH] TXH IRL DFHVVDGD RX SDUD UHFDUUHJDU XPD SiJLQD FRP GHIHLWRV 5HORDG )UDPH UHFDUUHJD R IUDPH DWXDO 6HUYH SDUD YHULILFDU VH D SiJLQD GR IUDPH VRIUHX PRGLILFDo}HV GHVGH D ~OWLPD YH] TXH IRL DFHVVDGD RX SDUD UHPRQWDU XP IUDPH FDUUHJDGR FRP GHIHLWRV /RDG ,PDJHV H[LEH DV LPDJHQV GD SiJLQD DWXDO 1RUPDOPHQWH DV LPDJHQV VmR FDUUHJDGDV DXWRPDWLFDPHQWH 1R HQWDQWR VH R LWHP GH PHQX 2SWLRQV RSomR $XWR /RDG ,PDJHV QmR HVWLYHU VHOHFLRQDGR TXDQGR D SiJLQD IRU FDUUHJDGD DSDUHFHUi XP SHTXHQR tFRQH QD SRVLomR GH FDGD LPDJHP $R HVFROKHU $XWR /RDG ,PDJHV YRFr VXEVWLWXL WRGRV RV SHTXHQRV tFRQHV SHODV LPDJHQV FRUUHVSRQGHQWHV $V LPDJHQV VmR FDUUHJDGDV GH VHXV DUTXLYRV GH RULJHP 1R HQWDQWR D SiJLQD QmR p UHFDUUHJDGD RV YtQFXORV jV LPDJHQV QmR VmR DWXDOL]DGRV QD SiJLQD GH RULJHP 5HIUHVK VXEVWLWXL D SiJLQD FDUUHJDGD RULJLQDOPHQWH SRU XPD QRYD FySLD H[LVWHQWH QD PHPyULD ORFDO $ SiJLQD UHQRYDGD QmR H[LEH DV DOWHUDo}HV IHLWDV QD SiJLQD GH RULJHP DSyV R FDUUHJDPHQWR RULJLQDO RX VHMD QmR VHUYH SDUD YHU VH D SiJLQD VRIUHX DOWHUDo}HV DSHQDV SDUD FRQVHUWDU SiJLQDV FDUUHJDGDV FRP GHIHLWR 'RFXPHQW 6RXUFH PRVWUD R DUTXLYR IRQWH GD SiJLQD RQGH HVWmR RV FyGLJRV +70/ XWLOL]DGRV QD FULDomR GR GRFXPHQWR ÁWLO SDUD DSUHQGHU FRPR VmR SURGX]LGDV DV SiJLQDV GD :HE KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 22.
    'RFXPHQW ,QIR SURGX]XPD SiJLQD HP XPD MDQHOD 1HWVFDSH VHSDUDGD TXH LQIRUPD D HVWUXWXUD H D FRPSRVLomR GR GRFXPHQWR DWXDO LQFOXLQGR R WtWXOR R HQGHUHoR 85/ D GDWD GD ~OWLPD PRGLILFDomR D FRGLILFDomR GR FRQMXQWR GH FDUDFWHUHV H R VWDWXV GH VHJXUDQoD *R %DFN H[LEH D SiJLQD DQWHULRU GD OLVWD GR KLVWyULFR $ OLVWD GR KLVWyULFR ID] UHIHUrQFLD D XP HQFDGHDPHQWR GH SiJLQDV H[LELGDV )RUZDUG H[LEH D SUy[LPD SiJLQD GD OLVWD GR KLVWyULFR 6H YRFr XWLOL]RX EDFN RX XP LWHP GH PHQX GR KLVWyULFR SDUD H[LELU XPD SiJLQD R FRPDQGR IRUZDUG H[LELUi D SiJLQD VHJXLQWH QD OLVWD GR KLVWyULFR 2 FRPDQGR IRUZDUG HVWDUi GLVSRQtYHO VRPHQWH GHSRLV TXH IRU XWLOL]DGR R FRPDQGR %DFN RX XP LWHP GR KLVWyULFR +RPH YDL SDUD D SiJLQD GHILQLGD FRPR KRPH SDJH 6WRS /RDGLQJ FDQFHOD R FDUUHJDPHQWR GD SiJLQD /LVWD GH HQGHUHoRV 2 PHQX *R PRVWUD R WtWXOR GH FDGD SiJLQD GD OLVWD GH KLVWyULFR FRPR VHQGR XP LWHP GH PHQX (VFROKD XP GRV LWHQV GR PHQX SDUD H[LELU XPD SiJLQD 3DUD YHULILFDU D OLVWD GH KLVWyULFR HVFROKD R LWHP GH PHQX :LQGRZ RSomR +LVWRU %RRNPDUNV $GG %RRNPDUN DGLFLRQD D SiJLQD DWXDO j OLVWD GH HQGHUHoRV SUHGLOHWRV 2 XVXiULR SRGH YROWDU j SiJLQD VHOHFLRQDQGRD QD OLVWD *R WR %RRNPDUNV DEUH XPD MDQHOD RQGH R XVXiULR SRGHUi PRGLILFDU D OLVWD GH HQGHUHoRV SUHGLOHWRV /LVWD GH HQGHUHoRV PRVWUD D OLVWD GH HQGHUHoRV SUHGLOHWRV 2 XVXiULR SRGH YLVLWDU VXDV SiJLQDV SUHIHULGDV HVFROKHQGRD HQWUH RV LWHQV GD OLVWD 2SWLRQV *HQHUDO 3UHIHUHQFHV SHUPLWH PRGLILFDU D DSDUrQFLD GD SiJLQD GRV LWHQV GR QDYHJDGRU H GHILQLU SURJUDPDV DFHVVyULRV 0DLODQG1HZ3UHIHUHQFHV FRQILJXUDomR GH DFHVVR D FRUUHLR HOHWU{QLFR H JUXSRV GH GLVFXVVmR 1HWZRUN 3UHIHUHQFHV FRQILJXUDomR GH FDFKH SUR[LHV H Q~PHUR GH FRQH[}HV VLPXOWkQHDV KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 23.
    6HFXULW 3UHIHUHQFHV VHOHomRGH VHUYLGRUHV VHJXURV 6KRZ 7RROEDU PRVWUD RX HVFRQGH D EDUUD GH IHUUDPHQWDV 7RROEDU 6KRZ /RFDWLRQ PRVWUD RX HVFRQGH R FDPSR /RFDWLRQ 6KRZ 'LUHFWRU %XWWRQV PRVWUD RX HVFRQGH RV ERW}HV GH DWDOKR 6KRZ -DYD RQVROH PRVWUD PHQVDJHQV TXDQGR XP SURJUDPD -DYD HVWi VHQGR H[HFXWDGR $XWR /RDG ,PDJHV OLJD RX GHVOLJD R FDUUHJDPHQWR DXWRPiWLFR GH LPDJHQV 'RFXPHQW (QFRGLQJ SHUPLWH VHOHFLRQDU XP FRQMXQWR GH FDUDFWHUHV HVSHFLDLV SDUD VHUHP XWLOL]DGRV QD OHLWXUD GH GRFXPHQWRV HP RXWURV LGLRPDV FRPR FKLQrV H MDSRQrV e SUHFLVR TXH R FRPSXWDGRU HVWHMD FRQILJXUDGR SDUD R LGLRPD HVFROKLGR 'LUHFWRU 1HWVFDSH V +RPH YtQFXORV SDUD DMXGiOR D FRPHoDU D XWLOL]DU R 1HWVFDSH 1DYLJDWRU H H[SORUDU D ,QWHUQHW :KDW V 1HZ SiJLQD LQWHUHVVDQWH TXH R OHYDUi jV QRYDV LQIRUPDo}HV TXH VXUJHP GLDULDPHQWH QD ,QWHUQHW :KDW V RRO SiJLQD FXULRVD TXH R OHYDUi DR TXH Ki GH PDLV LQWHUHVVDQWH QD ,QWHUQHW XVWRPHU 6KRZFDVH FDWiORJR GDV RIHUWDV GH FRQWH~GR H VHUYLoRV RQOLQH GH FOLHQWHV GR VHUYLGRU 1HWVFDSH 1HWVFDSH 'HVWLQDWLRQ SiJLQD TXH H[LEH R FDPLQKR D FDWiORJRV H ORFDLV QD ,QWHUQHW ,QWHUQHW 6HDUFK 8P FDWiORJR GH PHFDQLVPRV GH SHVTXLVD GD ,QWHUQHW TXH YRFr SRGH XWLOL]DU SDUD ORFDOL]DU LQIRUPDo}HV HVSHFtILFDV RX XPD SiJLQD HP HVSHFLDO SHVTXLVDQGR WtWXORV GH SiJLQDV FDPSRV GH DVVXQWR FRQWH~GR GH GRFXPHQWRV RX RXWURV tQGLFHV H FDWiORJRV 3HRSOH FDWiORJR GH VHUYLoRV SDUD DMXGiOR D ORFDOL]DU QRPHV H HQGHUHoRV HOHWU{QLFRV GH XVXiULRV GD ,QWHUQHW $ERXW WKH ,QWHUQHW LQIRUPDo}HV JHQpULFDV VREUH D ,QWHUQHW FRP YtQFXORV D SiJLQDV TXH H[SOLFDP DOJXQV FRQFHLWRV EiVLFRV :LQGRZ KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 24.
    1HWVFDSH0DLO DEUH RSURJUDPD GH FRUUHLR HOHWU{QLFR GR 1HWVFDSH 1DYLJDWRU 1HWVFDSH1HZV DEUH R SURJUDPD GH OHLWXUD GH JUXSRV GH GLVFXVVmR GR 1HWVFDSH 1DYLJDWRU $GGUHVV ERRN DEUH XPD OLVWD GH HQGHUHoRV GH FRUUHLR HOHWU{QLFR TXH R XVXiULR SRGH FULDU H PRGLILFDU XWLOL]DQGR R UHFXUVR GH DOLDV %RRNPDUNV HQWUD HP XPD MDQHOD SDUD HGLWDU D OLVWD GH HQGHUHoRV SUHGLOHWRV LJXDO D *R WR %RRNPDUNV GR PHQX %RRNPDUNV +LVWRU PRVWUD DV SiJLQDV Mi QDYHJDGDV QD VHomR DWXDO GR 1HWVFDSH 1DYLJDWRU ,JXDO j OLVWD GH HQGHUHoRV GR PHQX *R /LVWD GH MDQHODV TXDQGR H[LVWH PDLV GH XPD MDQHOD GR 1HWVFDSH DEHUWD SRGH VHU WDPEpP D MDQHOD GR SURJUDPD GH FRUUHLR HOHWU{QLFR RX GR OHLWRU GH JUXSRV GH GLVFXVVmR PRVWUD RV WtWXORV GRV GRFXPHQWRV GH FDGD MDQHOD +HOS $ERXW 1HWVFDSH LQIRUPDo}HV VREUH D YHUVmR R FRSULJKW H D OLFHQoD UHODWLYDV DR VRIWZDUH $ERXW 3OXJLQV LQIRUPDo}HV VREUH PyGXORV SOXJLQV LQVWDODGRV (VVHV PyGXORV SHUPLWHP YLVXDOL]DU GRFXPHQWRV GH GLYHUVRV IRUPDWRV FRPR DUTXLYRV PXOWLPtGLD QD MDQHOD GR QDYHJDGRU 5HJLVWUDWLRQ ,QIRUPDWLRQ H[LEH XPD SiJLQD TXH FRQWpP R Q~PHUR GR UHJLVWUR GD VXD FySLD GR 1HWVFDSH 1DYLJDWRU DVR YRFr DLQGD QmR WHQKD UHJLVWUDGR VXD FySLD GR VRIWZDUH D SiJLQD LQIRUPDUi FRPR ID]rOR 6RIWZDUH H[LEH XPD SiJLQD TXH FRQWpP LQIRUPDo}HV VREUH FRPR REWHU DV DWXDOL]Do}HV PDLV UHFHQWHV GR VRIWZDUH 1HWVFDSH 1DYLJDWRU +DQGERRN H[LEH D YHUVmR RQOLQH GD GRFXPHQWDomR FRP YtQFXORV D FDStWXORV H HQWUDGDV GR tQGLFH UHPLVVLYR 5HOHDVH 1RWHV LQIRUPDo}HV VREUH QRYRV UHFXUVRV YtQFXORV D DSOLFDWLYRV DX[LOLDUHV H GLFDV VREUH R XVR GH XPD YHUVmR HVSHFtILFD GR VRIWZDUH )UHTXHQWO $VNHG 4XHVWLRQV UHVSRVWDV D SHUJXQWDV FRPXQV UHODFLRQDGDV D GLYHUVRV WySLFRV VREUH R 1HWVFDSH 1DYLJDWRU 2Q 6HFXULW SHUJXQWDV H UHVSRVWDV VREUH RV UHFXUVRV GH VHJXUDQoD GR 1HWVFDSH 1DYLJDWRU H YtQFXORV D LQIRUPDo}HV WpFQLFDV DGLFLRQDLV UHODFLRQDGDV j LPSOHPHQWDomR GH VHJXUDQoD ,QWHUQHW XWLOL]DQGR HVVH EURZVHU +RZ WR *LYH )HHGEDFN XP IRUPXOiULR SDUD R XVXiULR HQYLDU FRPHQWiULRV SHGLGRV GH QRYRV UHFXUVRV QR SURJUDPD H DSUHVHQWDU GHIHLWRV QR QDYHJDGRU GLUHWDPHQWH KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 25.
    SDUD D 1HWVFDSHRPPXQLFDWLRQV +RZ WR *HW 6XSSRUW LQIRUPDo}HV VREUH DSRLR DR XVXiULR IRUQHFLGR SHOD 1HWVFDSH RPPXQLFDWLRQV H HQGHUHoRV HOHWU{QLFRV UHOHYDQWHV +RZ WR UHDWH :HE 6HUYLFHV XPD SiJLQD FRP YtQFXORV TXH R DMXGDUmR D H[SORUDU RSRUWXQLGDGHV SDUD D FULDomR H SXEOLFDomR GRV VHXV SUySULRV GRFXPHQWRV QD ,QWHUQHW XWLOL]DQGR R VRIWZDUH 1HWVFDSH 1DYLJDWRU KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 26.
    5HFXUVRVDYDQoDGRV 0RGLILFDURHQGHUHoRGRtFRQHKRPH RPR XVDU RGLUHWyULR GH FDFKH RPR XVDU R SUR[LH %RRNPDUNV KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 27.
    0RGLILFDURHQGHUHoRGRtFRQHKRPH 2 QDYHJDGRU YHPFRQILJXUDGR FRP XP HQGHUHoR SDGUmR SDUD R tFRQH KRPH OLFDQGR QHVVH ERWmR R XVXiULR VHUi OHYDGR DWp D SiJLQD GHILQLGD 3DUD PRGLILFDU HVVH HQGHUHoR H[HFXWH RV VHJXLQWHV SDVVRV $EUD R PHQX 2SWLRQV OLTXH HP *HQHUDO 3UHIHUHQFHV 6HOHFLRQH D ILFKD $SSHUDQFH 1D VHomR 6WDUWXS YHULILTXH R FDPSR %URZVHU 6WDUWV :LWK 6H GHVHMDU TXH R SURJUDPD VHMD FDUUHJDGR FRP XPD SiJLQD HP EUDQFR VHOHFLRQH %ODQN 3DJH 6H GHVHMDU TXH R SURJUDPD VHMD FDUUHJDGR FRP XPD SiJLQD VHOHFLRQH +RPH 3DJH /RFDWLRQ H LQGLTXH R HQGHUHoR FRUUHWR OLTXH HP 2. KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 28.
    RPRXVDURGLUHWyULRGHFDFKH 2 GLUHWyULR GHFDFKH JXDUGD DV SiJLQDV TXH YRFr Mi YLVLWRX 4XDQGR YRFr YROWDU DR VLWH D SiJLQD VHUi FDUUHJDGD PDLV UiSLGR 2 WDPDQKR GR GLUHWyULR GH FDFKH SRGH VHU FRQWURODGR 6H YRFr TXHU JXDUGDU PDLV SiJLQDV SRU PDLV WHPSR SRGH DXPHQWDU R HVSDoR UHVHUYDGR SDUD R FDFKH 6H GR FRQWUiULR SUHFLVD HFRQRPL]DU HVSDoR HP GLVFR SRGH GLPLQXLU R WDPDQKR GR GLUHWyULR $OpP GR HVSDoR QR GLVFR GR VHX FRPSXWDGRU R QDYHJDGRU XWLOL]D D PHPyULD 5$0 SDUD ID]HU R FDFKH GDV SiJLQDV ([HFXWH RV VHJXLQWHV SDVVRV SDUD FRQWURODU R WDPDQKR GR FDFKH $EUD R LWHP GH PHQX 2SWLRQV 6HOHFLRQH D RSomR 1HWZRUN 3UHIHUHQFHV (VFROKD D SDVWD DFKH 1R FDPSR 0HPRU DFKH GLJLWH D TXDQWLGDGH GH PHPyULD 5$0 TXH GHYH VHU XVDGD SDUD R FDFKH 1R :LQGRZV R GHIDXOW TXDQWLGDGH TXH YHP FRQILJXUDGD FRP R SURJUDPD p .EWHV 1R FDPSR 'LVN DFKH GLJLWH R HVSDoR HP GLVFR UHVHUYDGR SDUD R FDFKH 1R :LQGRZV R GHIDXOW p .EWHV 3DUD PXGDU R GLUHWyULR RQGH VHUi IHLWR R FDFKH XVH R FDPSR 'LVN DFKH 'LUHFWRU OLTXH HP 2. 2 XVR GR FDFKH SRGH DWUDSDOKDU R DFHVVR D SiJLQDV TXH VRIUHP PRGLILFDo}HV SHULyGLFDV FRPR VLWHV GH MRUQDLV H UHYLVWDV RPR D SiJLQD p UHWLUDGD GLUHWDPHQWH GR GLUHWyULR GH FDFKH R XVXiULR QmR ILFD VDEHQGR TXH D SiJLQD Mi IRL DWXDOL]DGD HP VHX HQGHUHoR RULJLQDO e SUHFLVR FRQILJXUDU R QDYHJDGRU SDUD YHULILFDU VH D SiJLQD IRL PRGLILFDGD 2 1HWVFDSH SRGH ID]HU HVVD YHULILFDomR (OH YrP FRQILJXUDGR SDUD YHULILFDU D YDOLGDGH GD SiJLQD XPD YH] SRU VHVVmR $VVLP TXDQGR R XVXiULR HQWUDU HP XPD SiJLQD Mi YLVLWDGD R QDYHJDGRU FRQVXOWD R VHUYLGRU GDTXHOH HQGHUHoR SDUD VDEHU VH KRXYH PRGLILFDomR 6H D UHVSRVWD IRU SRVLWLYD R XVXiULR UHFHEHUi XPD FySLD DWXDOL]DGD 6H IRU QHJDWLYD R SURJUDPD FDUUHJD D YHUVmR TXH HVWi DUPD]HQDGD QR GLVFR ORFDO 2 QDYHJDGRU SHUPLWH GHVOLJDU HVVD YHULILFDomR 2 1HWVFDSH DLQGD WHP D WHUFHLUD RSomR GH FRQVXOWDU R VHUYLGRU VHPSUH TXH D SiJLQD IRU FKDPDGD 3DUD HVFROKHU XP GHVVHV PRGRV H[HFXWH RV VHJXLQWHV SDVVRV $EUD R LWHP GH PHQX 2SWLRQV 6HOHFLRQH D RSomR 1HWZRUN 3UHIHUHQFHV (VFROKD D SDVWD DFKH KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 29.
    1R FDPSR 9HULI'RFXPHQWV HVFROKD 2QFH SHU 6HVVLRQ SDUD YHULILFDU XPD YH] D FDGD VHVVmR GR 1HWVFDSH (YHU 7LPH SDUD YHULILFDU VHPSUH TXH D SiJLQD IRU FKDPDGD RX 1HYHU SDUD GHVOLJDU R GLVSRVLWLYR GH YHULILFDomR OLTXH HP 2. 2XWUD XWLOLGDGH GR GLUHWyULR GH FDFKH p DUPD]HQDU RV DUTXLYRV GH LPDJHP SDUD TXHP TXLVHU FRSLDU XPD SiJLQD H UHPRQWiOD QR VHX FRPSXWDGRU 4XDQGR R XVXiULR VDOYD XPD SiJLQD GD :HE QR GLVFR ORFDO JXDUGD DSHQDV R DUTXLYR GH WH[WR 3DUD FRSLDU WDPEpP DV LPDJHQV p SUHFLVR VDOYDU XP DUTXLYR GH FDGD YH] 2X SHJDU DV LPDJHQV QR GLUHWyULR GH FDFKH /RFDOL]DU RV DUTXLYRV DX[LOLDUHV GH XPD SiJLQD p FRPSOLFDGR 2 1HWVFDSH WURFD RV QRPHV GRV DUTXLYRV SDUD JXDUGiORV QR GLUHWyULR GH FDFKH 2V DUTXLYRV GH LPDJHP SDVVDP D WHU QRPHV FRPR 2,'*,) 'HVGH D YHUVmR GR 1HWVFDSH SRUpP H[LVWH XPD MDQHOD FKDPDGD 'RFXPHQW LQIR RQGH SRGHVH YHULILFDU R QRPH GDGR SHOR SURJUDPD D FDGD DUTXLYR TXH FRPS}H D SiJLQD 3DUD VDEHU FRP TXDLV QRPHV R 1HWVFDSH JXDUGRX RV DUTXLYRV TXH FRPS}HP XPD SiJLQD H[HFXWH RV VHJXLQWHV SDVVRV $EUD R LWHP GH PHQX9LHZ 6HOHFLRQH D RSomR 'RFXPHQW ,QIR 1D SDUWH VXSHULRU GD MDQHOD 'RFXPHQW LQIR VHOHFLRQH XP DUTXLYR 2V DUTXLYRV DSDUHFHP FRP VHXV HQGHUHoRV FRPSOHWRV FRPR KWWSZZZXQLFDPSEUKRPHJLI RSLH R QRPH GH DUTXLYR TXH DSDUHFH QD SDUWH LQIHULRU GD MDQHOD QR FDPSR /RFDO FDFKH ILOH 5HSLWD D RSHUDomR SDUD WRGRV RV DUTXLYRV TXH GHVHMD FRSLDU )HFKH D MDQHOD KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 30.
    RPRXVDURSUR[LH 2 SUR[LH pXP HTXLSDPHQWR TXH DUPD]HQD SiJLQDV ::: 3HUPLWH PDLRU UDSLGH] QR WHPSR GH UHVSRVWD H GLPLQXL R WUiIHJR GD UHGH $QWHV GH FRQILJXUDU HVVD HWDSD FHUWLILTXHVH TXH R VHX SURYHGRU SRVVXL HVVH UHFXUVR )XQFLRQD GD VHJXLQWH IRUPD DR DFHVVDU XPD SiJLQD ILFD JUDYDGR XPD FySLD GD PHVPD QR SUR[LH 4XDQGR DOJXpP VROLFLWDU D PHVPD SiJLQD VHUi PRVWUDGR D SiJLQD GD PiTXLQD SUR[LH QmR WHQGR QHFHVVLGDGH GH LU EXVFDU QRYDPHQWH QR VHUYLGRU 3DUD FRQILJXUDU HVVH UHFXUVR IDoD R VHJXLQWH $EUD R LWHP GH PHQX 2SWLRQV 6HOHFLRQH D RSomR 1HWZRUN 3UHIHUHQFHV (VFROKD D SDVWD 3UR[LHV OLTXH QR FDPSR 0DQXDO 3UR[LH RQILJXUDWLRQ OLTXH HP 9LHZ 1R FDPSR +773 3UR[ GLJLWH R QRPH GD PiTXLQD SUR[LH 1R FDVR GD 8QLFDPS GLJLWH SUR[XQLFDPSEU 1R FDPSR 3RUW GLJLWH R Q~PHUR GD SRUWD GD PiTXLQD SUR[LH 1R FDVR GD 8QLFDPS GLJLWH OLTXH HP 2. QD MDQHOD 0DQXDO 3UR[ RQILJXUDWLRQ H QD MDQHOD 3UHIHUHQFHV 3DUD GHVFRQILJXUDU HVVH UHFXUVR IDoD R VHJXLQWH $EUD R LWHP GH PHQX 2SWLRQV 6HOHFLRQH D RSomR 1HWZRUN 3UHIHUHQFHV (VFROKD D SDVWD 3UR[LHV OLTXH QR FDPSR 1R 3UR[LH OLTXH HP 2. KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 31.
    %RRNPDUNV *XDUGDQGR H YLVLWDQGRXP HQGHUHoR 0RGLILFDQGR D OLVWD GH HQGHUHoRV KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 32.
    *XDUGDQGRXPHQGHUHoR 3DUD JXDUGDU XPHQGHUHoR TXH YRFr JRVWRX H[HFXWH RV VHJXLQWHV SDVVRV $EUD R PHQX %RRNPDUNV OLTXH HP $GG %RRNPDUN 9LVLWDQGRXPHQGHUHoR 3DUD JXDUGDU XP HQGHUHoR TXH YRFr JRVWRX H[HFXWH RV VHJXLQWHV SDVVRV $EUD R PHQX %RRNPDUNV OLTXH VREUH XP GRV WtWXORV GH SiJLQD KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 33.
    0RGLILFDQGRDOLVWDGHHQGHUHoRV 'HSRLV GH DOJXPWHPSR JXDUGDQGR HQGHUHoRV SUHIHULGRV VXD OLVWD GH ERRNPDUNV VH WRUQD H[WHQVD GHPDLV SDUD DSDUHFHU FRPSOHWD QD WHOD 6H YRFr TXLVHU DSDJDU DOJXQV HQGHUHoRV H[HFXWH RV VHJXLQWHV SDVVRV $EUD R LWHP GH PHQX %RRNPDUNV 6HOHFLRQH D RSomR *R WR %RRNPDUNV 6HOHFLRQH R WtWXOR GD SiJLQD 7HFOH 'HOHWH 7DPEpP p SRVVtYHO RUJDQL]DU RV HQGHUHoRV IDYRULWRV HP SDVWDV GLYLGLGDV SRU DVVXQWR e SUHFLVR FULDU XPD SDVWD H GHSRLV FRSLDU RV HQGHUHoRV SDUD GHQWUR GHOD ([HFXWH RV VHJXLQWHV SDVVRV $EUD R LWHP GH PHQX %RRNPDUNV (VFROKD D RSomR *R WR %RRNPDUNV $EUD R LWHP GH PHQX ,WHP GD MDQHOD %RRNPDUNV (VFROKD D RSomR ,QVHUW )ROGHU 1R FDPSR 1DPH GLJLWH R QRPH GD SDVWD D VHU FULDGD 2SFLRQDO 9RFr SRGH HVFUHYHU XPD GHVFULomR GR FRQWH~GR GD SDVWD QR FDPSR 'HVFULSWLRQ OLTXH HP 2. $UUDVWH RV HQGHUHoRV SDUD GHQWUR GD SDVWD GHVHMDGD $JRUD TXDQGR YRFr DFHVVDU R PHQX %RRNPDUNV SDUD HVFROKHU XPD SiJLQD KDYHUi XP WULkQJXOR DR ODGR GR QRPH GD SDVWD %DVWDU GHL[DU R FXUVRU VREUH R QRPH GD SDVWD SDUD YHU RV GHPDLV HQGHUHoRV e SRVVtYHO FRORFDU SDVWDV GHQWUR GH SDVWDV KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJQDYHJKWPO
  • 34.
    6HUYLoRVGD,QWHUQHW $ ,QWHUQHW RIHUHFHYiULRV VHUYLoRV 'HQWUH HOHV SRGHPRV GHVWDFDU )73 7HOQHW KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJVHUYKWPO
  • 35.
    )LOH7UDQVIHU3URWRFRO $ ,QWHUQHW HVWiUHSOHWD GH SURJUDPDV DUTXLYRV H LPDJHQV SURQWLQKRV SDUD VHUHP FDUUHJDGRV SDUD VHX PLFUR 3DUD FRSLDU DUTXLYRV GH RXWUR FRPSXWDGRU SDUD R VHX 'RZQORDG RX FRSLDU DUTXLYRV GH VHX FRPSXWDGRU SDUD RXWUR 8SORDG XWLOL]DVH XPD IHUUDPHQWD FKDPDGD )73 )LOH 7UDQVIHU 3URWRFRO RX 3URWRFROR GH 7UDQVIHUrQFLD GH $UTXLYRV $OJXPDV TXHVW}HV VREUH R )73 RPR YRX FRSLDU XP SURJUDPD SDUD PHX FRPSXWDGRU VH HX QmR WHQKR XP SURJUDPD GH )73 2V QDYHJDGRUHV :HE DWXDLV WrP HPEXWLGRV XP SURJUDPD GH )73 H SRUWDQWR YRFr SRGH XWLOL]iORV SDUD LVVR 1R OXJDU GH KWWS EDVWD FRORFDU R IWS VHJXLGR GR QRPH GR VHUYLGRU GH )73 TXH D FRQH[mR VHUi HIHWXDGD 2 TXH p )73 DQ{QLPR ([LVWHP PiTXLQDV QD ,QWHUQHW TXH VmR VHUYLGRUDV GH )73 DQ{QLPR (VVHV HTXLSDPHQWRV WDPEpP FRQKHFLGRV FRPR UHSRVLWyULR GH GRPtQLR S~EOLFR SHUPLWHP TXH RV XVXiULRV DFHVVHP HVVDV PiTXLQDV VHP SUHFLVDU SRVVXLU XPD FRQWD H XPD SDVVZRUG 3DUD FRQVXOWDU R VHUYLGRU GH IWS GD 8QLFDPS FOLTXH DTXL IWSXQLFDPSEU IWSIWSXQLFDPSEU ([HPSOR GH IWS DQ{QLPR LQWHUDWLYR FHVDU IWS IWSXQLFDPSEU RQQHFWHG WR REHOL[XQLFDPSEU 81,$03 81,9(56,'$'( (67$'8$/ '( $03,1$6 (1752 '( 20387$$2 REHOL[XQLFDPSEU )73 VHUYHU 9HUVLRQ ZX :HG 0DU (67 UHDG 8VHU REHOL[XQLFDPSEU QRQH DQRQPRXV 3DVVZRUG UHTXLUHG IRU DQRQPRXV 3DVVZRUG HPDLO $OJXQV FRPDQGRV ~WHLV SDUD DFHVVR LQWHUDWLYR D XP VLWH )73 KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJVHUYKWPO
  • 36.
    SZG PRVWUDR GLUHWRULR FRUUHQWH OV OLVWD R FRQWH~GR GH XP GLUHWyULR FG PXGD GH GLUHWyULR JHW FRSLD XP DUTXLYR PJHW FRSLD YiULRV DUTXLYRV SXW JUDYD XP DUTXLYR HP XP GLUHWyULR PSXW JUDYD YiULRV DUTXLYRV OFG WURFD R GLUHWRULR ORFDO ELQ PXGD SDUD PRGR ELQiULR KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJVHUYKWPO
  • 37.
    7HOQHW 7(/1(7 3URWRFROR GH7HUPLQDO 9LUWXDO p R SURWRFROR ,QWHUQHW SDUD HVWDEHOHFHU D FRQH[mR HQWUH FRPSXWDGRUHV $WUDYpV GHVVD FRQH[mR UHPRWD SRGHVH H[HFXWDU SURJUDPDV H FRPDQGRV HP RXWUD PiTXLQD FRPR VH YRFr HVWLYHVVH RSHUDQGR GLUHWDPHQWH (QGHUHoRV 7HOQHW SDUD FRQH[mR QHWILQGLIXVSEU EXVFD PXQGLDO GH XVXiULRV QD ,QWHUQHW 'LJLWH QHWILQG DR HVWDEHOHFHU D FRQH[mR WXULQJXQLFDPSEU VLVWHPD S~EOLFR GH ELEOLRWHFDV GD 8QLFDPS 'LJLWH DFHUYXV RX LQIRFDPS DR HVWDEHOFHU D FRQH[mR KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJVHUYKWPO
  • 38.
    %XVFDGHLQIRUPDo}HV DWiORJRV QDFLRQDLV DGr KWWSZZZFDGHFRPEU 6XUIKWWSZZZVXUIFRPEU DWiORJRV LQWHUQDFLRQDLV DKRR KWWSZZZDKRRFRP :HEFUDZOHU KWWSZHEFUDZOHUFRP $OWD 9LVWD KWWSDOWDYLVWDGLJLWDOFRP ([FLWH KWWSZZZH[FLWHFRP /FRV KWWSZZZOFRVFRP KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJEXVFDKWPO
  • 39.
    RPXQLFDomR RUUHLR HOHWU{QLFR /LVWDV GHGLVWULEXLomR (WLTXHWD KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRPXQLFDUKWPO
  • 40.
    RUUHLRHOHWU{QLFR 2 TXH p (QWHQGHQGR R HQGHUHoR HOHWU{QLFR RQILJXUDomR GR 1HWVFDSH 0DLO 8WLOL]DomR GR 1HWVFDSH 0DLO $GGUHVV ERRN KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
  • 41.
    2TXHp RUUHLR (OHWU{QLFR pD DSOLFDomR PDLV XWLOL]DGD GD ,QWHUQHW $OpP GH HQYLDU VXDV PHQVDJHQV HP VHJXQGRV DR GHVWLQDWiULR TXH SRGH HVWDU QR HGLItFLR YL]LQKR RX GR RXWUR ODGR GR SODQHWD HOH WDPEpP SHUPLWH R HQYLR GH DUTXLYRV GH VRQV LPDJHQV YtGHR H DWp SURJUDPDV (VWD DSOLFDomR Mi SUHRFXSD WDQWR RV FRUUHLRV WUDGLFLRQDLV TXH Mi VH Yr SRU Dt SURSDJDQGDV LQVWLWXFLRQDLV GR WLSR 7HQWH HQYLDU XP DOILQHWH SRU HPDLO PDV IRUD LVVR YRFr HQFRQWUDUi PXLWDV YDQWDJHQV QHVWH VHUYLoR LQFOXVLYH R FXVWR RP R FRUUHLR HOHWU{QLFR SRGHVH HQYLDU XPD PHQVDJHP SDUD TXDOTXHU XVXiULR GD UHGH $ YDQWDJHP p TXH R GHVWLQDWiULR QmR SUHFLVD HVWDU FRQHFWDGR j ,QWHUQHW QR PRPHQWR HP TXH D PHQVDJHP FKHJD 2 WH[WR ILFD DUPD]HQDGR HP XPD HVSpFLH GH FDL[D SRVWDO HOHWU{QLFD DWp TXH R XVXiULR HQWUH GH QRYR QD UHGH 'HSRLV GH OHU D PHQVDJHP p SRVVtYHO UHVSRQGrOD LPHGLDWDPHQWH LPSULPLOD RX HQYLDU FySLDV SDUD RXWUDV SHVVRDV 8P IDWR LQWHUHVVDQWH QR FRUUHLR HOHWU{QLFR p TXH VH SRU DOJXP PRWLYR D VXD PHQVDJHP QmR IRU HQWUHJXH DR GHVWLQDWiULR HOD UHWRUQD SDUD D VXD FDL[D SRVWDO FRQWHQGR QR FDEHoDOKR LQIRUPDo}HV VREUH RV PRWLYRV GHOD QmR WHU VLGR HQWUHJXH 7XGR FRPR QR FRUUHLR WUDGLFLRQDO Vy TXH PDLV UiSLGR KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
  • 42.
    (QWHQGHQGRRHQGHUHoRHOHWU{QLFR $SHVDU GH DSULPHLUD YLVWD R HQGHUHoR GH HPDLO VHU DOJR PXLWR FRPSOLFDGR QD YHUGDGH HOH p EDVWDQWH OyJLFR 7RGR HQGHUHoR p FRPSRVWR GH WUrV SDUWHV GLVWLQWDV 2 QRPHGRXVXiULR QRUPDOPHQWH HVFROKLGR SHOR SUySULR 2 VtPEROR # DUURED TXH HP LQJOrV TXHU GL]HU DW RX VHMD HP 2 GRPtQLRGRXVXiULR TXH p R HQGHUHoR GH VHX SURYHGRU QD ,QWHUQHW 'LYLGHVH HP WUrV SDUWHV QRPHBGRBSURYHGRUFDUiWHUBGRBSURYHGRUSDtVBGRBSURYHGRU $VVLP R HQGHUHoR GH HPDLO ZHEPDVWHU#SURYWHVWHFRPEU SRGH VHU WUDGX]LGR GD VHJXLQWH IRUPD ZHEPDVWHU XVXiULR # ORFDOL]DGR HP SURYWHVWH QRPH GR SURYHGRU FRP SURYHGRU GH FDUiWHU FRPHUFLDO EU SDtV GR SURYHGRU 2 ILQDO EU LQGLFD DSHQDV TXH R GRPtQLR IRL UHJLVWUDGR QR %UDVLO EU p D VLJOD TXH LGHQWLILFD R %UDVLO QD ,QWHUQHW H QmR D ORFDOL]DomR ItVLFD GR VHUYLGRU FRPR PXLWRV SHQVDP 'RPtQLRV UHJLVWUDGRV QRV (VWDGRV 8QLGRV QmR WHP R ILQDO LQGLFDQGR R SDtV LVVR Vy p YDOLGR SDUD RV RXWURV SDtVHV 2XWUR IDWRU LPSRUWDQWH p TXH RV HQGHUHoRV VmR XVXDOPHQWH HVFULWRV FRP OHWUDV PLQ~VFXODV DSHVDU GH Mi VXUJLUHP HQGHUHoRV TXH FRQWpP PDL~VFXODV PDV LVVR Vy FDXVD WUDQVWRUQRV QD KRUD GH GLYXOJDomR SRLV IRJHP WRWDOPHQWH GR SDGUmR TXH H[LVWLX DWp KRMH KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
  • 43.
    RQILJXUDomR 3DUD FRQILJXUDU R1HWVFDSH 0DLO RX TXDOTXHU RXWUR SURJUDPD GH HPDLO p QHFHVViULR TXH YRFr FRQVLJD MXQWR D VHX SURYHGRU DOJXPDV LQIRUPDo}HV HVVHQFLDLV SDUD VHX IXQFLRQDPHQWR 6HX HQGHUHoR GH HPDLO 6HX VHUYLGRU 323 6HX VHUYLGRU 6073 7HQGR HP PmRV HVVDV LQIRUPDo}HV YDPRV LQLFLDU R 1HWVFDSH 1DYLJDWRU SDUD FRQILJXUDU R 1HWVFDSH 0DLO QmR SUHFLVD HVWDU FRQHFWDGR SDUD ID]HU LVVR RP R SURJUDPD DEHUWR FOLTXH FRP R PRXVH QR PHQX 2SWLRQV H VHOHFLRQH 0DLO DQG 1HZV 3UHIHUHQFHV 1D SDVWD 6HUYHUV WHPRV DV VHJXLQWHV RSo}HV 2XWJRLQJ 0DLO 6073 6HUYHU HQWUH FRP VHX VHUYLGRU GH 6073 ,QFRPLQJ 0DLO 323 6HUYHU HQWUH FRP VHX VHUYLGRU GH 323 323 8VHU 1DPH HQWUH FRP VHX XVHUQDPH SDUWH GR HQGHUHoR TXH YHP DQWHV GR # 0D[LPXP 0HVVDJH 6L]H PDUTXH D RSomR 1RQH 0HVVDJHV DUH FRSLHG IURP WKH VHUYHU WR WKH ORFDO GLVN WKHQ PDUTXH D RSomR 5HPRYHG IURP WKH VHUYHU 1D SDVWD ,GHQWLW WHPRV DV VHJXLQWHV RSo}HV RXU 1DPH FRORTXH VHX QRPH FRPSOHWR RXU (PDLO FROTXH R VHX HQGHUHoR HOHWU{QLFR 5HSOWR $GGUHVV FRORTXH R VHX HQGHUHoR HOHWU{QLFR RXU 2UJDQL]DWLRQ VXD HPSUHVD (VVDV LQIRUPDo}HV DSDUHFHUmR QR FDEHoDOKR GH VXDV PHQVDJHQV OLTXH HP 2N KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
  • 44.
    (VWDV VmR DVFRQILJXUDo}HV EiVLFDV SDUD YRFr XVDU VHX 1HWVFDSH 0DLO KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
  • 45.
    8WLOL]DomR RP R 1HWVFDSHDEHUWR FOLTXH FRP R PRXVH QR PHQX :LQGRZH VHOHFLRQH 1HWVFDSH 0DLO VH SUHIHULU FOLTXH QR GHVHQKR GH HQYHORSH TXH H[LVWH QR FDQWR LQIHULRU GLUHLWR GR SURJUDPD 2 HIHLWR p R PHVPR 4XDQGR YRFr DEULU SHOD SULPHLUD YH] D MDQHOD 1HWVFDSH0DLO VHUi VROLFLWDGD VXD VHQKD 8WLOL]H D VHQKD HVWDEHOHFLGD FRP R SURYHGRU GH VHUYLoRV ,QWHUQHW RX FRP R DGPLQLVWUDGRU GR VLVWHPD TXDQGR YRFr FRQILJXURX VXD FRQWD 9RFr GHYH GLJLWDU VXD VHQKD GR FRUUHLR HOHWU{QLFR XPD YH] SRU VHVVmR RX HVSHFLILFDU QR SDLQHO 0DLODQG1HZV3UHIHUHQFHV RSomR 2UJDQL]DWLRQTXH R 1HWVFDSH 1DYLJDWRU GHYH PHPRUL]DU VXD VHQKD -DQHOD RUUHLR %DUUD GH IHUUDPHQWDV ,WHQV GH PHQX -DQHOD SDUD FRPSRU PHQVDJHP KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
  • 46.
    -DQHODRUUHLR 4XDQGR YRFr DEUHD MDQHOD RUUHLR R 1HWVFDSH 1DYLJDWRU YHULILFD R VHUYLGRU H UHFXSHUD TXDOTXHU PHQVDJHP QRYD 'HVWH PRPHQWR HP GLDQWH R 1HWVFDSH SRGHUi YHULILFDU SHULRGLFDPHQWH R VHUYLGRU SDUD H[DPLQDU VH IRUDP UHFHELGDV QRYDV PHQVDJHQV HPERUD QmR DV UHFXSHUH DXWRPDWLFDPHQWH 9RFr SRGH GHILQLU R Q~PHUR GH PLQXWRV HQWUH DV YHULILFDo}HV QR PHQX 2SWLRQV RSomR 0DLO DQG 1HZV 3UHIHUHQFHV SDVWD 6HUYHUV 3DUD UHFXSHUDU QRYDV PHQVDJHQV SUHVVLRQH R ERWmR GD EDUUD GH IHUUDPHQWDV *HW 0DLO RX FOLTXH QR tFRQH GR FRUUHLR 2 tFRQH GR FRUUHLR PRVWUD D GLVSRQLELOLGDGH GH QRYDV PHQVDJHQV 8P SRQWR GH LQWHUURJDomR DR ODGR GR HQYHORSH LQGLFD TXH R 1HWVFDSH 1DYLJDWRU QmR SRGH YHULILFDU DXWRPDWLFDPHQWH R VWDWXV GR VHUYLGRU GH FRUUHLR (OH DSDUHFH DQWHV GH YRFr DEULU D MDQHOD RUUHLR RX VH YRFr QmR WLYHU IRUQHFLGR VXD VHQKD 2 HQYHORSH VR]LQKR LQGLFD TXH QmR Ki PHQVDJHQV SDUD YRFr 8P SRQWR GH H[FODPDomR DR ODGR GR HQYHORSH LQGLFD TXH QRYDV PHQVDJHQV HVWmR GLVSRQtYHLV SDUD UHFXSHUDomR $ MDQHOD RUUHLR p FRPSRVWD GH WUrV SDLQpLV R SDLQHO GH SDVWDV GH FRUUHLR R SDLQHO GH FDEHoDOKR GH PHQVDJHP H R SDLQHO GH FRQWH~GR GD PHQVDJHP 2 SDLQHO GH SDVWDV GH FRUUHLR FRQWpP XPD OLVWD KLHUiUTXLFD GDV SDVWDV GH FRUUHLR H WUrV FROXQDV 0DLO IROGHU PRVWUD R QRPH GD SDVWD GH FRUUHLR 8QUHDG PRVWUD R Q~PHUR GH PHQVDJHQV QmR OLGDV 7RWDO PRVWUD R Q~PHUR GH PHQVDJHQV GHQWUR GD SDVWD 4XDWUR SDVWDV JHUDGDV SHOR 1HWVFDSH 1DYLJDWRU SRGHP DSDUHFHU QD SDUWH VXSHULRU GD OLVWD GH SDVWDV 3DVWD ,QER[ UHWpP DV QRYDV PHQVDJHQV GH FRUUHLR (OD p VHPSUH H[LELGD 3DVWD 2XWER[ UHWpP DV PHQVDJHQV QmR HQYLDGDV (OD p FULDGD TXDQGR R LWHP GH PHQX 2SWLRQV RSomR 'HIHUUHG 'HOLYHU GD MDQHOD 0HVVDJH RPSRVLWLRQ HVWi VHOHFLRQDGR H YRFr HVSHFLILFD TXH D PHQVDJHP GHYH VHU HQYLDGD SRVWHULRUPHQWH 3DVWD 6HQW UHWpP FySLDV GDV PHQVDJHQV HQYLDGDV (OD p FULDGD TXDQGR XP DUTXLYR GH PHQVDJHQV HVWi HVSHFLILFDGR QR PHQX 2SWLRQV RSomR 0DLO DQG 1HZV 3UHIHUHQFHV SDVWD RPSRVLWLRQ H YRFr HQYLD XPD PHQVDJHP KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
  • 47.
    3DVWD 7UDVK UHWpPDV PHQVDJHQV GH FRUUHLR H[FOXtGDV (OD p FULDGD TXDQGR YRFr H[FOXL XPD PHQVDJHP 8VDQGR RV LWHQV GH PHQX YRFr SRGH DGLFLRQDU RXWUDV SDVWDV GH FRUUHLR SDUD DMXGiOR D RUJDQL]DU VXDV PHQVDJHQV 4XDOTXHU SDVWD FULDGD DSDUHFH GHSRLV GDV SDVWDV FULDGDV DXWRPDWLFDPHQWH 4XDQGR YRFr FOLFD HP XPD SDVWD GH FRUUHLR SDUD VHOHFLRQiOD R SDLQHO GH FDEHoDOKR GH PHQVDJHP H[LEH RV WtWXORV GDV PHQVDJHQV FRQWLGDV QHVVD SDVWD H DV FROXQDV D VHJXLU 6HQGHU PRVWUD R QRPH GR UHPHWHQWH GD PHQVDJHP GH FRUUHLR 1DV SDVWDV 2XWER[ H 6HQW YRFr YHUi R WtWXOR 5HFLSLHQW DR LQYpV GH 6HQGHU H D FROXQD H[LELUi R HQGHUHoR HOHWU{QLFR GR GHVWLQDWiULR GD PHQVDJHP ºFRQH YHUPHOKR PRVWUD VH D PHQVDJHP IRL PDUFDGD FRPR LQWHUHVVDQWH OLTXH QHVWH tFRQH SDUD DOWHUQDU R VWDWXV GD PDUFDomR ºFRQH YHUGH PRVWUD VH D PHQVDJHP Mi IRL H[LELGD OLTXH QR tFRQH SDUD DOWHUQDU R VWDWXV GD OHLWXUD 6XEMHFW PRVWUD R DVVXQWR GD PHQVDJHP 'DWH PRVWUD D GDWD H D KRUD HP TXH D PHQVDJHP FKHJRX j DL[D ,QER[ 3DUD PRYHU XPD PHQVDJHP DUPD]HQDGD HP XPD SDVWD SDUD RXWUD DUUDVWH R tFRQH GD PHQVDJHP GD OLVWD GH PHQVDJHQV SDUD XPD SDVWD GH PHQVDJHQV 9RFr WDPEpP SRGH HVFROKHU QR PHQX 0HVVDJH D RSomR 0RYH RX RS SDUD FRORFDU DV PHQVDJHQV RX FySLDV GDV PHVPDV HP SDVWDV 3RU SDGUmR DV PHQVDJHQV GH FRUUHLR QmR VmR HQFDGHDGDV e SRVVtYHO DOWHUDU HVWD GHILQLomR QR SDLQHO 0DLO DQG 1HZV 3UHIHUHQFHV SDVWD 2UJDQL]DWLRQ 4XDQGR YRFr FOLFD HP XP FDEHoDOKR GH PHQVDJHP SDUD VHOHFLRQiOR D PHQVDJHP p H[LELGD QR SDLQHO GH FRQWH~GR GD PHQVDJHP HP FRQMXQWR FRP LQIRUPDo}HV VREUH R FDEHoDOKR FRPR 6XEMHFW 'DWH )URP 7R H F 9RFr SRGH XWLOL]DU RV LWHQV GH PHQX RX RV ERW}HV GD EDUUD GH IHUUDPHQWDV SDUD PRYHUVH SDUD D SUy[LPD PHQVDJHP RX OHU D PHQVDJHP DQWHULRU 3DUD UHGLPHQVLRQDU FDGD XP GRV WUrV SDLQpLV GH PRGR D DGDSWDU LQIRUPDo}HV VREUH DV PHQVDJHQV SRVLFLRQH R FXUVRU VREUH DV OLQKDV GDV ERUGDV HQWUH GRLV SDLQpLV R FXUVRU PXGD GH IRUPD H DUUDVWH DWp TXH DGTXLUDP DV SURSRUo}HV GHVHMDGDV 9RFr WDPEpP SRGH PRGLILFDU R ODRXW GRV SDLQpLV DR XWLOL]DU R PHQX 2SWLRQV RSomR 0DLO DQG 1HZV 3UHIHUHQFHV SDVWD $SSHDUDQFH KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
  • 48.
    %DUUDGHIHUUDPHQWDV *HW 0DLO FRQHFWDVHFRP R VHUYLGRU GH FRUUHLR H H[LEH PHQVDJHQV GH FRUUHLR GLVSRQtYHLV QD SDVWD ,QER[ 'HOHWH FRORFD D PHQVDJHP VHOHFLRQDGD QR SDLQHO GH FDEHoDOKR GH PHQVDJHP QD SDVWD 7UDVK 7R0DLO H[LEH D MDQHOD 0HVVDJH RPSRVLWLRQ SDUD D FULDomR GH XPD QRYD PHQVDJHP GH FRUUHLR 2 FDPSR 7R HVWDUi HP EUDQFR 5H0DLO H[LEH D MDQHOD 0HVVDJH RPSRVLWLRQ SDUD UHVSRQGHU j PHQVDJHP GH FRUUHLR DWXDO 2 FDPSR 7R HVWDUi SUpHQGHUHoDGR DR UHPHWHQWH GD PHQVDJHP RULJLQDO 5H$OO H[LEH D MDQHOD 0HVVDJH RPSRVLWLRQ SDUD UHVSRQGHU j PHQVDJHP GH FRUUHLR DWXDO 2 FDPSR 7R HVWDUi SUpHQGHUHoDGR DR UHPHWHQWH GD PHQVDJHP RULJLQDO H D WRGRV RV RXWURV GHVWLQDWiULRV GD PHQVDJHP DWXDO )RUZDUG H[LEH D MDQHOD 0HVVDJH RPSRVLWLRQ SDUD HQFDPLQKDU D PHQVDJHP GH FRUUHLR DWXDO FRPR XP DQH[R 2 FDPSR 7R HVWDUi HP EUDQFR 2 FDPSR 6XEMHFW HVWDUi SUHIL[DGR FRP )ZG 3UHYLRXV H[LEH D PHQVDJHP QmR OLGD DQWHULRU QD OLVWD GH PHQVDJHQV 1H[W H[LEH D SUy[LPD PHQVDJHP QmR OLGD QD OLVWD GH PHQVDJHQV 3ULQW LPSULPH D PHQVDJHP VHOHFLRQDGD QR PRPHQWR QR FDPSR GH FDEHoDOKR GH PHQVDJHP 6WRS VXVSHQGH TXDOTXHU WUDQVPLVVmR GH PHQVDJHQV HP DQGDPHQWR SURYHQLHQWH GR VHUYLGRU GH FRUUHLR KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
  • 49.
    ,WHQVGH0HQX $R SRVLFLRQDU RPRXVH HP FDGD SDLQHO GD MDQHOD RUUHLR YRFr SRGHUi XWLOL]DU R PHQX SRSXS FRPR DWDOKR SDUD RV GLYHUVRV LWHQV GD EDUUD GH PHQXV OLVWDGRV D VHJXLU )LOH 1HZ :HE %URZVHU FULD XPD QRYD MDQHOD SULQFLSDO GR 1HWVFDSH 1DYLJDWRU 1HZ 0DLO 0HVVDJH H[LEH D MDQHOD 0HVVDJH RPSRVLWLRQ SDUD TXH YRFr SRVVD HVFUHYHU XPD QRYD PHQVDJHP GH FRUUHLR 1HZ )ROGHU FULD XPD QRYD SDVWD GH FRUUHLR $GG IROGHU H[LEH D FDL[D GH GLiORJR $GLFLRQDU 3DVWD 6DYH $V SHUPLWH TXH YRFr VDOYH D PHQVDJHP DWXDO FRPR XP DUTXLYR *HW 1HZ 0DLO FRQHFWDVH FRP R VHUYLGRU GH FRUUHLR H UHFXSHUD PHQVDJHQV HQGHUHoDGDV D YRFr 6HQG0HVVDJHVLQ2XWER[ FRQHFWDVH FRP R VHUYLGRU GH FRUUHLR H HQYLD TXDOTXHU PHQVDJHP TXH DLQGD QmR IRL HQWUHJXH (PSW 7UDVK )ROGHU UHPRYH SHUPDQHQWHPHQWH DV PHQVDJHQV FRORFDGDV QD SDVWD 7UDVK OL[HLUD RPSUHVV )ROGHU UHFXSHUD R HVSDoR HP GLVFR RFXSDGR SHODV PHQVDJHQV H[FOXtGDV 3DJH 6HWXS H[LEH D FDL[D GH GLiORJR 3DJH 6HWXS RQGH p SRVVtYHO FRQILJXUDU VXD SiJLQD 3ULQW LPSULPH XPD PHQVDJHP VHOHFLRQDGD ORVH IHFKD D MDQHOD 1HWVFDSH 0DLO ([LW VDL GR DSOLFDWLYR 1HWVFDSH 1DYLJDWRU (GLW 8QGR5HGR UHYHUWH D ~OWLPD DomR XW UHPRYH D VHOHomR DWXDO H FRORFD XPD FySLD QD ·UHD GH 7UDQVIHUrQFLD KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
  • 50.
    RS FRORFD XPDFySLD GD VHOHomR DWXDO QD ·UHD GH 7UDQVIHUrQFLD 3DVWH FRORFD XPD FySLD GR FRQWH~GR GD ·UHD GH 7UDQVIHUrQFLD QD SRVLomR GR FXUVRU 'HOHWH 0HVVDJH PRYH D PHQVDJHP DWXDO SDUD D SDVWD 7UDVK OL[HLUD 'HOHWH )ROGHU UHPRYH SHUPDQHQWHPHQWH D SDVWD VHOHFLRQDGD 6HOHFW 7KUHDG VHOHFLRQD WRGDV DV PHQVDJHQV QR HQFDGHDPHQWR DWXDO 6HOHFW )ODJJHG 0HVVDJHV VHOHFLRQD DV PHQVDJHQV GR HQFDGHDPHQWR DWXDO TXH HVWmR GHVLJQDGDV QR SDLQHO GH FDEHoDOKR GH PHQVDJHP 6HOHFW $OO 0HVVDJHV VHOHFLRQD WRGDV DV PHQVDJHQV HP WRGRV RV HQFDGHDPHQWRV )LQG SURFXUD XP WH[WR QD PHQVDJHP DWXDO )LQG $JDLQ SURFXUD R PHVPR WH[WR GD SURFXUD DQWHULRU 9LHZ 6RUW SHUPLWH TXH YRFr RUJDQL]H D SRVLomR GDV PHQVDJHQV QR FDPSR GH FDEHoDOKR GH PHQVDJHP GH DFRUGR FRP D 'DWD $VVXQWR 5HPHWHQWH RX 1~PHUR GD PHQVDJHP H HVSHFLILTXH D RUGHP $VFHQGHQWH (VFROKD $JDLQ SDUD RUGHQDU QRYDPHQWH (VFROKD 7KUHDG 0HVVDJHV SDUD RUGHQDU DV PHQVDJHQV GH PRGR TXH HODV VHMDP DJUXSDGDV FRP VXDV UHVSRVWDV 8QVFUDPEOH 527 SHUPLWH D GHFRGLILFDomR GH XP WLSR GH PHQVDJHP HVSHFtILFR SDUD R TXDO R UHPHWHQWH WURFRX RV FDUDFWHUHV GD PHQVDJHP 5HORDG WUD] QRYDPHQWH D PHQVDJHP GR VHUYLGRU /RDG ,PDJHV H[LEH DV LPDJHQV GD PHQVDJHP DWXDO FDVR HODV QmR WHQKDP VLGR FDUUHJDGDV DXWRPDWLFDPHQWH 5HIUHVK UHGHVHQKD D PHQVDJHP DWXDO 'RFXPHQW VRXUFH SURGX] D MDQHOD GH H[LELomR GH RULJHP TXH PRVWUD D SiJLQD DWXDO QR IRUPDWR +70/ $WWDFKPHQWV ,QOLQH TXDQGR VHOHFLRQDGR SHUPLWH D H[LELomR GR DQH[R GH SiJLQD FRPR SDUWH GD PHQVDJHP DVR R UHPHWHQWH WHQKD LQFOXtGR XPD SiJLQD HP +70/ FRPR XP DQH[R D SiJLQD IRUPDWDGD VHUi LQFOXtGD QR FRUSR GD PHQVDJHP $WWDFKPHQWV DV /LQNV TXDQGR VHOHFLRQDGR SHUPLWH TXH YRFr DFHVVH XP KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
  • 51.
    DQH[R GH SiJLQDXWLOL]DQGR XP YtQFXOR DVR R UHPHWHQWH WHQKD LQFOXtGR XPD SiJLQD HP +70/ FRPR XP DQH[R XP YtQFXOR j SiJLQD IRUPDWDGD VHUi LQFOXtGR QR FRUSR GD PHQVDJHP $R FOLFDU QR YtQFXOR YRFr H[LEH D SiJLQD QR SDLQHO GH FRQWH~GR GD PHQVDJHP 0HVVDJH 5HSO H[LEH D MDQHOD 0HVVDJH RPSRVLWLRQ SDUD TXH YRFr SRVVD HVFUHYHU XPD UHVSRVWD FRP R FDPSR 7R SUpHQGHUHoDGR j SHVVRD TXH OKH HQYLRX D PHQVDJHP 5HSO WR $OO H[LEH D MDQHOD 0HVVDJH RPSRVLWLRQ SDUD TXH YRFr SRVVD HVFUHYHU XPD UHVSRVWD FRP R FDPSR 7R SUpHQGHUHoDGR DR UHPHWHQWH H D RXWURV GHVWLQDWiULRV GD PHQVDJHP DQWHULRU )RUZDUG H[LEH D MDQHOD 0HVVDJH RPSRVLWLRQ SDUD R HQYLR GD PHQVDJHP DWXDO FRPR XP DQH[R H FRP RV FDPSRV 6XEMHFW H $WWDFKPHQW DXWRPDWLFDPHQWH SUHHQFKLGRV )RUZDUG 4XRWHG H[LEH D MDQHOD 0HVVDJH RPSRVLWLRQ SDUD R HQYLR GD PHQVDJHP DWXDO FRPR WH[WR FLWDGR QD iUHD GH FRQWH~GR 0DUN DV 5HDG LQGLFD TXH D PHQVDJHP DWXDO Mi IRL H[LELGD 0DUN DV 8QUHDG LQGLFD TXH D PHQVDJHP DWXDO DLQGD QmR IRL H[LELGD )ODJ 0HVVDJH GLIHUHQFLD D PHQVDJHP DWXDO FRP XP SHTXHQR tFRQH QD FROXQD GH PDUFDomR GR FDPSR GH FDEHoDOKR GH PHQVDJHP 8QIODJ 0HVVDJH UHPRYH R tFRQH TXH GLVWLQJXH D PHQVDJHP DWXDO $GG WR $GGUHVV %RRN FULD QR OLYUR GH HQGHUHoRV XPD HQWUDGD SDUD R UHPHWHQWH GD PHQVDJHP DWXDO 0RYH WUDQVIHUH D PHQVDJHP DWXDO SDUD D SDVWD VHOHFLRQDGD RS WUDQVIHUH XPD FySLD GD PHQVDJHP DWXDO SDUD D SDVWD VHOHFLRQDGD *R 1H[W PHVVDJH H[LEH D SUy[LPD PHQVDJHP OLVWDGD QR SDLQHO GH FRQWH~GR GD PHQVDJHP 3UHYLRXV PHVVDJH H[LEH D PHQVDJHP DQWHULRU )LUVW 8QUHDG H[LEH D SULPHLUD PHQVDJHP QmR OLGD KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
  • 52.
    1H[W 8QUHDG H[LEHD SUy[LPD PHQVDJHP QmR OLGD 3UHYLRXV 8QUHDG H[LEH D PHQVDJHP QmR OLGD DQWHULRU )LUVW )ODJJHG H[LEH D SULPHLUD PHQVDJHP PDUFDGD 1H[W )ODJJHG H[LEH D SUy[LPD PHQVDJHP PDUFDGD 3UHYLRXV )ODJJHG H[LEH D PHQVDJHP PDUFDGD DQWHULRU 6WRS /RDGLQJ VXVSHQGH TXDOTXHU WUDQVPLVVmR GH PHQVDJHQV HP DQGDPHQWR SURYHQLHQWH GR VHUYLGRU GH FRUUHLR 2SWLRQV 6KRZ $OO 0HVVDJHV TXDQGR VHOHFLRQDGR H[LEH DV PHQVDJHQV OLGDV H QmR OLGDV QR SDLQHO GH FDEHoDOKR GH PHQVDJHP 6KRZ 2QO 8QUHDG 0HVVDJHV TXDQGR VHOHFLRQDGR H[LEH DSHQDV DV PHQVDJHQV QmR OLGDV QR SDLQHO GH FDEHoDOKR GH PHQVDJHP 6KRZ +HDGHUV SHUPLWH TXH YRFr FRQWUROH R Q~PHUR GH FDPSRV GH LQIRUPDomR GH FDEHoDOKR PRVWUDGRV DR H[LELU PHQVDJHQV $OO H[LEH WRGRV RV FDPSRV GH FDEHoDOKR SRVVtYHLV 1RUPDO H[LEH RV FDPSRV GH HQGHUHoDPHQWR SULQFLSDLV %ULHI H[LEH VRPHQWH RV FDPSRV GH DVVXQWR H GHVWLQDWiULR 'RFXPHQW (QFRGLQJ SHUPLWH TXH YRFr VHOHFLRQH D FRGLILFDomR GR FRQMXQWR GH FDUDFWHUHV XWLOL]DGD SRU XP GRFXPHQWR TXDQGR D FRGLILFDomR GR GRFXPHQWR QmR HVWi HVSHFLILFDGD RX GLVSRQtYHO :LQGRZ (VWH PHQX SHUPLWH TXH YRFr DOWHUQH HQWUH MDQHODV SULPiULDV RX DEHUWDV QR PRPHQWR GR 1HWVFDSH 1DYLJDWRU +HOS (VWH PHQX FRQWpP RV PHVPRV LWHQV FRQWLGRV QR PHVPR PHQX QD MDQHOD SULQFLSDO GR 1HWVFDSH 1DYLJDWRU KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
  • 53.
  • 54.
    -DQHODRPSRU0HQVDJHP 9RFr SRGH HQYLDUPHQVDJHQV XWLOL]DQGR D MDQHOD 0HVVDJH RPSRVLWLRQ $R XWLOL]DU R FRUUHLR HOHWU{QLFR YRFr SRGH WUDQVPLWLU SiJLQDV GD ,QWHUQHW H DUTXLYRV GH GLVFR FRPR DQH[RV LQFOXVLYH SiJLQDV FRP IRUPDWR +70/ H[LELGDV QD PHQVDJHP GH FRUUHLR 3DUD H[LELU D MDQHOD 0HVVDJH RPSRVLWLRQ HVFROKD QR PHQX D RSomR )LOH H GHSRLV 1HZ 0DLO 0HVVDJH RX FOLTXH QD EDUUD GH IHUUDPHQWDV R ERWmR 7R 0DLO $ MDQHOD 0HVVDJH RPSRVLWLRQ SRVVXL XP PHQX RQGH D RSomR 9LHZ SHUPLWH TXH YRFr RFXOWH RX H[LED GLYHUVRV WLSRV GH FDPSRV GH HQGHUHoR 2V FDPSRV SRGHP FRQWHU PDLV GH XP HQGHUHoR )URP H[LEH VHX HQGHUHoR HOHWU{QLFR 5HSO 7R FRQWpP R HQGHUHoR HOHWU{QLFR SDUD RQGH YRFr GHVHMD TXH VHMDP HQYLDGDV DV UHVSRVWDV jV VXDV PHQVDJHQV 0DLO 7R FRQWpP R HQGHUHoR HOHWU{QLFR SDUD RQGH YRFr GHVHMD TXH VHMD HQYLDGD VXD PHQVDJHP 0DLO F FRQWpP R HQGHUHoR HOHWU{QLFR SDUD RQGH YRFr GHVHMD TXH VHMD HQYLDGD XPD FySLD GD VXD PHQVDJHP 0DLO %FF FRQWpP R HQGHUHoR HOHWU{QLFR SDUD RQGH YRFr GHVHMD TXH VHMD HQYLDGD XPD FySLD RFXOWD GD VXD PHQVDJHP 8PD FySLD RFXOWD QmR H[LEH R HQGHUHoR GR GHVWLQDWiULR 1HZVJURXS FRQWpP R QRPH GR JUXSR GH QRWtFLDV RQGH YRFr GHVHMD SRVWDU VXD QRWtFLD 6H YRFr HVWLYHU SRVWDQGR D SDUWLU GH XPD PHQVDJHP RX OLVWD GH JUXSRV GH QRWtFLDV HVWH FDPSR HVWDUi SUp GHILQLGR FRP R QRPH GR JUXSR GH QRWtFLDV )ROORZXSV 7R FRQWpP R QRPH GR JUXSR GH QRWtFLDV RQGH YRFr GHVHMD TXH VHMDP SRVWDGDV DV UHVSRVWDV SDUD VXD PHQVDJHP 6XEMHFW FRQWpP XPD GHVFULomR GH VXD PHQVDJHP GH FRUUHLR RX SRVWDJHP 6H YRFr HVWLYHU HQYLDQGR XPD PHQVDJHP RX SRVWDQGR D SDUWLU GH QRWtFLDV HVWH FDPSR HVWDUi SUp GHILQLGR FRP R QRPH GD SiJLQD DWXDO $WWDFKPHQW H[LEH R QRPH GD SiJLQD RX GR DUTXLYR GH TXDOTXHU DQH[R GHVLJQDGR SRU YRFr ([SOLFDQGR D %DUUD GH %RW}HV 6HQG QRZ GLVWULEXL D PHQVDJHP DWXDO QD UHGH H IHFKD D MDQHOD ,VVR DFRQWHFH TXDQGR YRFr VHOHFLRQD QR PHQX 2SWLRQV D RSomR ,PPHGLDWH 'HOLYHU KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
  • 55.
    6HQG DIWHU GLVSRQtYHO TXDQGR YRFr VHOHFLRQD QR PHQX 2SWLRQV D RSomR 'HIHUUHG 'HOLYHU $UPD]HQD D PHQVDJHP DWXDO QD SDVWD DL[D GH VDtGD QR GLVFR SDUD GLVWULEXLomR SRVWHULRU QD UHGH (VFROKD QR PHQX )LOH D RSomR 6HQG 1RZ SDUD GLVWULEXLU DV PHQVDJHQV PDUFDGDV SDUD HQWUHJD SRVWHULRU 4XRWH FRORFD D PHQVDJHP DWXDO QR IRUPDWR GH WH[WR FLWDGR $WWDFKPHQW SHUPLWH R HQYLR GH XP GRFXPHQWR VHSDUDGR MXQWR FRP D PHQVDJHP GH FRUUHLR 3UHVVLRQH $WWDFK /RFDWLRQ 85/ SDUD HVSHFLILFDU XPD SiJLQD HP +70/ 3UHVVLRQH $WWDFK )LOH SDUD HVSHFLILFDU TXDOTXHU RXWUR WLSR GH DUTXLYR 3UHVVLRQH 'HOHWH SDUD UHPRYHU D HQWUDGD VHOHFLRQDGD $ FDL[D GH GLiORJR WDPEpP RIHUHFH ERW}HV GH RSomR SDUD HVFROKHU FRPR HQYLDU R DQH[R 6HOHFLRQH $V ,V SDUD HQYLDU DUTXLYRV QR IRUPDWR RULJLQDO 6HOHFLRQH RQYHUW 3ODLQ 7H[W SDUD HQYLDU R DQH[R FRPR WH[WR $6,, $GUHVV DEUH D MDQHOD $GGUHVV %RRN OLVWD GH HQGHUHoR SUp GHILQLGD 6WRS VXVSHQGH D WUDQVPLVVmR GD PHQVDJHP TXH HVWi VHQGR HQYLDGD ([SOLFDQGR RV LWHQV GH PHQX )LOH_6HQG 1RZ FRUUHVSRQGH DR ERWmR 6HQG GD EDUUD GH IHUUDPHQWDV )LOH_6HQG $IWHU FRUUHVSRQGH DR ERWmR 6HQG GD EDUUD GH IHUUDPHQWDV $WWDFK )LOH FRUUHVSRQGH DR ERWmR $WWDFK GD EDUUD GH IHUUDPHQWDV )LOH_,QFOXGH 2ULJLQDO 7H[W LPSRUWD R WH[WR GD SiJLQD DWXDO SDUD R FDPSR GH PHQVDJHP 2 WH[WR LPSRUWDGR p DQH[DGR D TXDOTXHU RXWUR FRQWH~GR QR FDPSR H FDGD OLQKD p SUHFHGLGD GH XP VtPEROR GH PDLRU TXH ! (GLW_3DVWH $V 4XRWDWLRQ LQVHUH R FRQWH~GR GD ·UHD GH 7UDQVIHUrQFLD QD PHQVDJHP FRPR WH[WR FLWDGR RX VHMD FDGD OLQKD SUHFHGLGD GR VtPEROR GH PDLRU TXH ! 9LHZ_6KRZ $OO H[LEH WRGRV RV SRVVtYHLV FDPSRV GH HQGHUHoR GLVSRQtYHLV QD MDQHOD 0HQVVDJH RPSRVLWLRQ 2XWURV LWHQV GR PHQX 9LHZ SHUPLWHP D VHOHomR LQGLYLGXDO GRV FDPSRV TXH YRFr GHVHMD TXH ILTXHP YLVtYHLV QD MDQHOD 2SWLRQV_0DLO DQG 1HZV 3UHIHUHQFHV FRUUHVSRQGH DR LWHP GR PHQX 2SWLRQV QD MDQHOD 1HWVFDSH RUUHLR RX 1RWtFLDV KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
  • 56.
    2SWLRQV_,PPHGLDWH 'HOLYHU TXDQGRPDUFDGR HVSHFLILFD TXH D MDQHOD 0HVVDJH RPSRVLWLRQ RIHUHFH XP ERWmR GD EDUUD GH IHUUDPHQWDV H XP LWHP GH PHQX 6HQG 1RZ GH PRGR TXH DV PHQVDJHQV HVFULWDV VHMDP HQYLDGDV LPHGLDWDPHQWH SDUD D UHGH (VWD RSomR SHUPDQHFH DWLYD GH XPD VHVVmR SDUD RXWUD 2SWLRQV_'HIHUHG 'HOLYHU TXDQGR PDUFDGR IRUQHFH XP ERWmR GD EDUUD GH IHUUDPHQWDV H XP LWHP GH PHQX 6HQG $IWHU GH PRGR TXH DV PHQVDJHQV HVFULWDV VHMDP DUPD]HQDGDV QD SDVWD DL[D GH VDtGD FRP DWUDVR DWp TXH YRFr GHFLGD H[SOLFLWDPHQWH HQYLiODV (VFROKD R LWHP GH PHQX )LOH_6HQG 0HVVDJHV QD FDL[D GH VDtGD QD MDQHOD RUUHLR SDUD HQWUHJDU PHQVDJHQV FRP DWUDVR 6H IHFKDU D MDQHOD RUUHLR FRP PHQVDJHQV QD DL[D GH VDtGD XPD FDL[D GH GLiORJR SHUJXQWDUi VH YRFr GHVHMD HQYLDU DV PHQVDJHQV FRP DWUDVR QHVWH PRPHQWR (VWD RSomR SHUPDQHFH DWLYD GH XPD VHVVmR SDUD RXWUD KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
  • 57.
    $GGUHVV%RRN 2 DGGUHVV ERRNp XPD DJHQGD RQGH YRFr SRGHUi JXDUGDU RV HQGHUHoRV HOHWU{QLFRV XVDGRV IUHTXHQWHPHQWH 3DUD FULDU XP XVXiULR IDoD R VHJXLQWH $EUD R LWHP GH PHQX :LQGRZ 6HOHFLRQH D RSomR $GGUHVV %RRN $SDUHFHUi XPD MDQHOD FKDPDGD $GGUHVV %RRN $EUD R LWHP GH PHQX ,WHP 6HOHFLRQH D RSomR $GG 8VHU $SDUHFHUi XPD FDL[D GH GLiORJR FKDPDGD 3URSHUWLHV RQGH WHPRV DV VHJXLQWHV RSo}HV 1LFN 1DPH HQWUH FRP XP DSHOLGR SDUD HVVH XVXiULR 1DPH HQWUH FRP R QRPH GR XVXiULR (0DLO $GGUHVV HQWUH FRP R HQGHUHoR HOHWU{QLFR GR XVXiULR 'HVFULSWLRQ FRPHQWiULRV H[WUDV OLTXH HP 2N 9RFr SHUFHEHUi TXH DSDUHFHUi QD MDQHOD $GGUHVV %RRN XPD UHIHUrQFLD FRP R QRPH GR XVXiULR TXH YRFr FULRX $R HQYLDU XP PDLO EDVWD FRORFDU QR FDPSR 7R R DSHOLGR TXH YRFr HVFROKHX H D PHQVDJHP VHUi HQYLDGD SDUD R HQGHUHoR HOHWU{QLFR UHIHUHQWH jTXHOH QLFN QDPH 3DUD FULDU XPD OLVWD GH XVXiULRV IDoD R VHJXLQWH $EUD R LWHP GH PHQX :LQGRZ 6HOHFLRQH D RSomR $GGUHVV %RRN $SDUHFHUi XPD MDQHOD FKDPDGD $GGUHVV %RRN $EUD R LWHP GH PHQX ,WHP 6HOHFLRQH D RSomR $GG /LVW $SDUHFHUi XPD FDL[D GH GLiORJR FKDPDGD 3URSHUWLHV RQGH WHPRV DV KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
  • 58.
    VHJXLQWHV RSo}HV 1LFN 1DPHHQWUH FRP XP DSHOLGR SDUD D OLVWD GH XVXiULRV 1DPH HQWUH FRP XP QRPH SDUD D OLVWD GH XVXiULRV (0DLO $GGUHVV HVVH FDPSR HVWDUi GHVDELOLWDGR 'HVFULSWLRQ FRPHQWiULRV H[WUDV OLTXH HP 2N 9RFr SHUFHEHUi TXH DSDUHFHUi QD MDQHOD $GGUHVV %RRN XPD UHIHUrQFLD FRP R QRPH GD OLVWD TXH YRFr FULRX $ OLVWD HVWDUi YD]LD SRLV DSHQDV FULDPRV XPD HQWUDGD SDUD HOD 3DUD LQFOXLU XP XVXiULR QD OLVWD HOH GHYH REULJDWRULDPHQWH WHU VLGR FULDGR DQWHULRUPHQWH QD RSomR $GG 8VHU 'HSRLV GH FULDGR R XVXiULR H D OLVWD YRFr GHYHUi PRYHU D HQWUDGD GR XVXiULR SDUD GHQWUR GD OLVWD 3DUD LVVR FOLTXH HP FLPD GR QRPH GR XVXiULR GHVHMDGR H DUUDVWH FRP R PRXVH DWp D OLVWD TXH HOH IDUi SDUWH RORTXH TXDQWRV XVXiULRV GHVHMDU $R HQYLDU XP PDLO EDVWD FRORFDU QR FDPSR 7R R DSHOLGR GD OLVWD TXH YRFr HVFROKHX $ PHQVDJHP VHUi HQYLDGD SDUD WRGRV RV HQGHUHoRV HOHWU{QLFRV GHILQLGRV QD OLVWD KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJFRUUHLRKWPO
  • 59.
    /LVWDVGH'LVWULEXLomR RP DV OLVWDVGH GLVWULEXLomR YRFr SRGH SDUWLFLSDU GH JUXSRV GH GLVFXVVmR XVDQGR DSHQDV R FRUUHLR HOHWU{QLFR ([LVWHP JUXSRV VREUH RV PDLV YDULDGRV DVVXQWRV FRPR IORUHVWDV VLVWHPDV GH FRQWDELOLGDGH PHGLFLQD P~VLFD H DXWRPRELOLVPR $V OLVWDV IXQFLRQDP FRP XP VLVWHPD GH DVVLQDWXUDV 3DUD SDUWLFLSDU GH XPD OLVWD p SUHFLVR VHU DVVLQDQWH 6y HQWmR p SRVVtYHO HQYLDU XPD PHQVDJHP SDUD D OLVWD H WHU FySLDV GLVWULEXtGDV D WRGRV RV SDUWLFLSDQWHV 'D PHVPD IRUPD YRFr UHFHEHUi DV PHQVDJHQV TXH RV GHPDLV XVXiULRV HQYLDUHP SDUD R JUXSR $VVLQDWXUD 1D PDLRULD GDV YH]HV R VHUYLoR GH 0DLOLQJ /LVWV OLVWDV GH GLVWULEXLomR p JUDWXLWR H D DVVLQDWXUD p PXLWR VLPSOHV 1RUPDOPHQWH LVVR SRGH YDULDU EDVWD HQYLDU XP HPDLO SDUD R PDLOVHUYHU RQGH HVWi R JUXSR TXH OKH LQWHUHVVD FRQWHQGR D VHJXLQWH PHQVDJHP VXEVFULEH QRPH GD OLVWD VHX QRPH FRPSOHWR 6H D VXD PHQVDJHP HVWLYHU FRUUHWD YRFr UHFHEHUi XPD UHVSRVWD DXWRPiWLFD FRP D )$4 SHUJXQWDV H UHVSRVWDV IUHTXHQWHV GD OLVWD H LQVWUXo}HV VREUH FRPR FDQFHODU D DVVLQDWXUD *XDUGH HVVD PHQVDJHP SDUD TXDQGR TXLVHU VDLU GR JUXSR 6H D VXD PHQVDJHP FRQWLYHU DOJXP HUUR D PHQVDJHP DXWRPiWLFD WUDUi XPD OLVWD GRV FRPDQGRV DFHLWRV SHOR VHUYLGRU GH OLVWDV $QDOLVH D OLVWD GH FRPDQGRV H UHPHWD QRYDPHQWH R SHGLGR GH DVVLQDWXUD DQFHODPHQWR 3DUD YRFr FDQFHODU VXD DVVLQDWXUD HP XPD OLVWD GH GLVWULEXLomR HQYLH XP PDLO SDUD R JHUHQFLDGRU GH OLVWDV H QR FRUSR GD PHQVDJHP HVFUHYD XQVXEVFULEH QRPH GD OLVWD 7LSRV GH OLVWDV /LVWDV 1mR0RGHUDGDV e PDQWLGD HVVHQFLDOPHQWH SRU VRIWZDUH EXUUR 9RFr PDQGD XP SHGLGR GH DVVLQDWXUD SDUD XPD PiTXLQD 6HX QRPH p DXWRPDWLFDPHQWH DGLFLRQDGR j OLVWD GH DVVLQDQWHV GD OLVWD 'Dt HP GLDQWH YRFr UHFHEHUi HP VXD FDL[D GH FRUUHLR WRGDV DV PHQVDJHQV TXH TXDOTXHU RXWUR PHPEUR GD OLVWD SRVWDU ( LVVR WXGR DFRQWHFHUi DXWRPDWLFDPHQWH VHP LQWHUYHQomR KXPDQD /LVWDV 0RGHUDGDV KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJOLVWDVKWPO
  • 60.
    $V PHQVDJHQV TXHIOXHP HP XPD OLVWD PRGHUDGD VmR ILOWUDGDV SRU XP VHU KXPDQR QRUPDOPHQWH R FULDGRU GD OLVWD 7RGDV DV PHQVDJHQV VmR FRP HIHLWR SRVWDGDV SULPHLUR SDUD HVWH LQGLYtGXR (OH GHFLGH TXDLV DV PHQVDJHQV VHUmR HQYLDGDV SDUD FDGD XP GD OLVWD (QGHUHoRV GH OLVWDV /LV]W KWWSZZZOLV]WFRP 2 /LV]W p XPD HVSpFLH GH FDWiORJR GDV OLVWDV GH GLVWULEXLomR 2V YLVLWDQWHV SRGHP ID]HU EXVFDV SRU SDODYUDVFKDYH H GHVFREULU RV HQGHUHoRV H FRPDQGRV QHFHVViULRV SDUD DVVLQDU XPD OLVWD 3XEOLF $FFHVVLEOH 0DLOLQJ /LVWV KWWSZZZ1HR6RIWFRPLQWHUQHWSDPO 8P JXLD FRP FHQWHQDV GH OLVWDV DSUHVHQWDGDV HP RUGHP DOIDEpWLFD RX SRU DVVXQWR RQWpP LQIRUPDo}HV VREUH FRPR DVVLQDU FDGD OLVWD KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJOLVWDVKWPO
  • 61.
    (WLTXHWDQD5HGH $ ERD FRQYLYrQFLDQD ,QWHUQHW GHSHQGH GH XPD VpULH GH UHJUDV FRQKHFLGDV FRPR QHWLTXHWWH RX HWLTXHWD QD UHGH $V UHJUDV LQFOXtGDV QD HWLTXHWD QmR IRUDP GHILQLGDV SRU XPD DXWRULGDGH QR DVVXQWR PDV FULDGDV SHORV SUySULRV XVXiULRV DR ORQJR GR WHPSR 7DPEpP QmR H[LVWH XP WH[WR ~QLFR H GHILQLWLYR VREUH R WHPD PDV YiULDV LQWHUSUHWDo}HV HVSDOKDGDV SHOD UHGH $TXL YRFr YDL HQFRQWUDU XPD SHTXHQD FRPSLODomR GDV UHJUDV PDLV LPSRUWDQWHV RUUHLR HOHWU{QLFR /LVWDV GH GLVWULEXLomR 2XWURV OHPEUHWHV KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJHWLTXHWDKWPO
  • 62.
    RUUHLR(OHWU{QLFR $FHQWXDomR 1HP WRGRV RVXVXiULRV GD ,QWHUQHW HVWmR SUHSDUDGRV SDUD UHFHEHU PHQVDJHQV DFHQWXDGDV 3RUWDQWR QmR HQYLH PDLOV FRP DFHQWRV SRLV YRFr FRUUH R ULVFR GDV SHVVRDV QmR FRQVHJXLUHP OHU D PHQVDJHP 8VR GH OHWUD PDL~VFXOD 1mR XVH OHWUD PDL~VFXOD HP WRGR R VHX WH[WR RQYHQFLRQRXVH QD ,QWHUQHW TXH D OHWUD PDL~VFXOD VHUYH SDUD ID]HU GH FRQWD TXH YRFr HVWi *5,7$1'2 6RPHQWH XWLOL]H HVVH DUWLItFLR TXDQGR TXLVHU GDU rQIDVH D DOJXPDV SDODYUDV 8VH FLWDo}HV QDV UHVSRVWDV 4XDQGR HVWLYHU HVFUHYHQGR XPD UHVSRVWD D XPD PHQVDJHP TXH FKHJRX SRU HPDLO FLWH XPD SDUWH GR WH[WR UHFHELGR SDUD TXH R DXWRU VDLED GR TXH YRFr HVWi IDODQGR ,VVR p SDUWLFXODUPHQWH LPSRUWDQWH VH R VHX FRUUHVSRQGHQWH VH FRPXQLFD FRP GLYHUVDV SHVVRDV YLD HPDLO RX VH YRFr GHPRURX YiULRV GLDV SDUD HVFUHYHU D UHVSRVWD 6HX FRUUHVSRQGHQWH SRGH VLPSOHVPHQWH WHU HVTXHFLGR GR TXH VH WUDWDYD D PHQVDJHP DQWHULRU 8WLOL]H R VLQDO GH PDLRU GR TXH ! SDUD LQGLFDU R WUHFKR FLWDGR $OJXQV VRIWZDUHV GH HPDLO FRPR R 1HWFDSH 0DLO LQFOXHP DXWRPDWLFDPHQWH R VLQDO QD RSomR 5HSO 8VH OLQKDV GH QR Pi[LPR FROXQDV (VFUHYD OLQKDV FRP QR Pi[LPR FDUDFWHUHV FROXQDV $VVLP YRFr WHUi FHUWH]D GH TXH WRGDV DV SHVVRDV SRGHUmR OHU VXD PHQVDJHP VHP SUREOHPDV GH TXHEUD GH OLQKD LQGHSHQGHQWH GR VRIWZDUH TXH XWLOL]DP 2 XVR GH OLQKDV FXUWDV WDPEpP DMXGD TXDQGR XP WH[WR p FLWDGR YiULDV YH]HV H DFXPXORX PXLWRV FDUDFWHUHV GH PDLRU GR TXH ! QR FRPHoR GH FDGD OLQKD RPR HQIDWL]DU SDODYUDV $OpP GD OHWUD HP PDL~VFXOR YRFr SRGH XWLOL]DU FDUDFWHUHV FRPR R DVWHULVFR H R VXEOLQKDGR B SDUD GDU rQIDVH D GHWHUPLQDGDV SDODYUDV e FRPR VH YRFr HVWLYHVVH XWLOL]DQGR R QHJULWR H R LWiOLFR UHVSHFWLYDPHQWH KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJHWLTXHWDKWPO
  • 63.
    /LVWDVGHGLVWULEXLomR $V UHJUDV GHFRPSRUWDPHQWR GR FRUUHLR HOHWU{QLFR WDPEpP SRGHP VHU XWLOL]DGDV TXDQGR YRFr HVWLYHU SDUWLFLSDQGR GH JUXSRV GH GLVFXVVmR GD 8VHQHW H HP OLVWDV GH GLVWULEXLomR 1HVVHV GRLV VLVWHPDV p SUHFLVR TXH WRGRV RV XVXiULRV UHVSHLWHP DV UHJUDV GH FRQYLYrQFLD 'R FRQWUiULR D FRPXQLFDomR VH WRUQD LQYLiYHO /HLD H JXDUGH D )$4 $QWHV GH FRPHoDU D ID]HU SHUJXQWDV HP XP JUXSR GH GLVFXVVmR OHLD R DUTXLYR TXH FRQWpP DV UHVSRVWDV SDUD DV SHUJXQWDV PDLV IUHTXHQWHV QDTXHOH JUXSR (VVH GRFXPHQWR FKDPDGR GH )UHTXHQWO $VNHG 4XHVWLRQV )$4 HVWi GLVSRQtYHO QRV DUTXLYRV GH FDGD JUXSR $OpP GLVVR JXDUGH HVVH DUTXLYR SDUD QmR WHU TXH ILFDU ID]HQGR SHUJXQWDV GR WLSR FRPR IDoR SDUD VDLU GHVVD OLVWD SDUD R JUXSR 6H YRFr SHUGHU D )$4 HQYLH R FRPDQGR KHOS SDUD R HQGHUHoR GR VHUYLGRU GH OLVWDV $FRPSDQKH D GLVFXVVmR $QWHV GH HQWUDU HP XPD GLVFXVVmR OHLD WRGDV DV PHQVDJHQV HQYLDGDV DWp R PRPHQWR VREUH DTXHOH DVVXQWR H IDoD XPD DGHTXDomR GR WRP GH VXD PHQVDJHP D OLQJXDJHP XWLOL]DGD SHORV GHPDLV SDUWLFLSDQWHV 7DPEpP p LPSRUWDQWH FRQKHFHU DV RSLQL}HV Mi PDQLIHVWDGDV SDUD QmR ILFDU UHSHWLQGR LGpLDV Mi XWLOL]DGDV (QYLDU RSLQL}HV GR WLSR WDPEpP DFKR VmR GLVSHQViYHLV 0DQWHQKDVH QR WHPD 8PD GDV IRUPDV PDLV IiFHLV GH FRPSUDU EULJD HP JUXSRV GH GLVFXVVmR p HQYLDU PHQVDJHQV FRP DVVXQWRV IRUD GR WHPD GR JUXSR /HLD D )$4 SDUD VDEHU R TXH SRGH VHU GLVFXWLGR H TXDLV VmR RV WLSRV GH PHQVDJHQV LQGHVHMiYHLV (VFROKD EHP R GHVWLQDWiULR 4XDQGR YRFr HVWLYHU UHVSRQGHQGR D PHQVDJHP GH XP FRPSDQKHLUR GH JUXSR DYDOLH VH p QHFHVViULR HQYLDU XPD FySLD SDUD R JUXSR RX DSHQDV UHVSRQGHU GLUHWDPHQWH DR DXWRU GD PHQVDJHP RULJLQDO 3HUJXQWDV FRPXQV RX IRUD GR WHPD QmR GHYHP UHFHEHU UHVSRVWDV DEHUWDV SDUD R JUXSR PDV SDUWLFXODUHV 5HVSRQGD DR JUXSR 4XDQGR IL]HU XPD SHUJXQWD H UHFHEHU UHVSRVWDV SDUWLFXODUHV GH YiULRV SDUWLFLSDQWHV RIHUHoDVH SDUD ID]HU XPD FRPSLODomR H HQYLDU SDUD DV SHVVRDV LQWHUHVVDGDV (YLWH PHQVDJHQV LQIODPDGDV RQKHFLGDV HP LQJOrV FRPR IODPHV DV PHQVDJHQV LQIODPDGDV VmR D SUDJD GRV JUXSRV GH GLVFXVVmR 8PD YH] LQLFLDGD XPD FRUUHQWH GH IODPHV p GLItFLO FRQWHU RV KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJHWLTXHWDKWPO
  • 64.
    kQLPRV 4XDQGR UHFHEHUXPD PHQVDJHP GHVVH WLSR LJQRUHD 5HVSHLWH R VHX FRUUHVSRQGHQWH 1mR HQYLH FySLD GH XPD PHQVDJHP SDUWLFXODU SDUD XP JUXSR GH GLVFXVVmR VHP SHUPLVVmR GR DXWRU 3HQVH JOREDOPHQWH 7HQKD HP PHQWH TXH SRGHP H[LVWLU QR JUXSR SDUWLFLSDQWHV GH QDFLRQDOLGDGH UDoD FUHGR LGDGH H VH[R GLIHUHQWHV GR VHX 7RPH FXLGDGR QRV VHXV FRPHQWiULRV SDUD QmR RIHQGHU VHXV FRPSDQKHLURV (P YLDJHP VDLD GD OLVWD 6H YRFr VDLU HP YLDJHP RX QmR SXGHU DFHVVDU D UHGH SRU PDLV GH XPD VHPDQD FDQFHOH VXD DVVLQDWXUD QD OLVWD GH GLVWULEXLomR (YLWH PHQVDJHQV ORQJDV (YLWH HQYLDU PHQVDJHQV ORQJDV SDUD R JUXSR 6H IRU LPSRVVtYHO GLPLQXLU R WDPDQKR GD PHQVDJHP LQFOXD R DYLVR $9,62 0(16$*(0 /21*$ 0~OWLSORVJUXSRV 4XDQGR HQYLDU PHQVDJHQV SDUD YiULRV JUXSRV FRORTXH QR WRSR GD PHQVDJHP D OLVWD GRV JUXSRV TXH HVWmR UHFHEHQGR R WH[WR H XP SHGLGR GH GHVFXOSDV SRU HYHQWXDLV UHFHELPHQWRV GXSORV QR FDVR GH XVXi ULRV TXH DVVLQDP PDLV GH XPD OLVWD 9HULILTXH R GHVWLQDWiULR 4XDQGR UHVSRQGHU PHQVDJHQV GH XP PHPEUR GR JUXSR YHULILTXH VH D PHQVDJHP QmR VHUi HQYLDGD SRU HQJDQR SDUD D OLVWD KHTXH R FDPSR )URP GD PHQVDJHP TXH HVWi VHQGR UHVSRQGLGD KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJHWLTXHWDKWPO
  • 65.
    2XWURVOHPEUHWHV 3ULYDFLGDGH 'HVLVWD 1mR H[LVWHQHQKXPD SULYDFLGDGH QR HPDLO (QTXDQWR WpFQLFDV GH VHJXUDQoD QmR HVWLYHUHP GLIXQGLGDV VHPSUH YDL VHU SRVVtYHO DOJXpP OHU R TXH IRL HVFULWR 3UHVWH]D 3URFXUH UHVSRQGHU DV PHQVDJHP TXH UHFHEH R TXDQWR DQWHV 0DQWHQKD VXD FDL[D SRVWDO YD]LD H Vy JXDUGH R DEVROXWDPHQWH QHFHVViULR RQFLVmR (VFUHYD SRXFR H VH SXGHU PHQRV DLQGD RPR UHJUD SDUD FLQFR SDODYUDV QD PHQVDJHP TXH UHFHEHX HVFUHYD XPD QD UHVSRVWD 2EMHWLYLGDGH H SUHFLVmR VmR HVVHQFLDLV QHVVH PHLR GH FRPXQLFDomR $QH[RV 8P UHFXUVR D VHU XVDGR FRP PXLWD PRGHUDomR VmR RV DQH[RV DR HPDLO WDPEpP FRQKHFLGRV FRPR DWWDFKPHQWV 6mR DUTXLYRV FRQWHQGR IRWRV RX GRFXPHQWRV TXH SRGHP VHU HQYLDGRV FRP D PHQVDJHP SULQFLSDO %ULJD 1XQFD HVFUHYD XP HPDLO TXDQGR HVWLYHU FRP UDLYD 8PD DJUHVVmR SRU HVFULWR p PXLWR PDLV IRUWH H GXUDGRXUD TXH XPD DJUHVVmR YHUEDO KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJHWLTXHWDKWPO
  • 66.
    /LQNVLQWHUHVVDQWHV -RUQDLV )ROKD GH 6mR3DXOR KWWSZZZXROFRPEU (VWDGR GH 6mR 3DXOR KWWSZZZHVWDGRFRPEU RUUHLR 3RSXODU KWWSZZZFSRSXODUFRPEU 'LYHUVDR 3iJLQD /HJDO KWWSZZZPLQXWRVFRPEUSDJLQDOHJDO :DUQHU %URV KWWSZZZZDUQHUEURVFRP :DOW 'LVQH KWWSZZZGLVQHFRP DUW}HV (OHWU{QLFRV 1HW)ORUHV KWWSZZZQHWIORUHVFRPEU 1HWDUG KWWSZZZQHWFDUGFRPEU 'LVWULEXLGRUHV GH %HELGDV RFDROD KWWSZZZFRFDFRODFRP 3HSVL KWWSZZZSHSVLFRP 6NRO KWWSZZZVNROFRPEU %UDKPD KWWSZZZEUDKPDFRPEU (PLVVRUDV GH WHOHYLVmR XOWXUD KWWSZZZWYFXOWXUDFRP %DQG KWWSZZZPDQGLFFRPEUSULPHLUDPDREDQGLQGH[EKWP *ORER KWWSZZZUHGHJORERFRPEU 6%7 KWWSZZZVEWFRPEU KWWSZZZJDFOLXQLFDPSEUFXUVRVQDYHJGLFDVKWPO