,VWUX]LRQL SHU OಬXVR & 1 ( 0DQXDO GH LQVWUX©·HV 0DQXDO GH LQVWUXFFLRQHV )ULJR &RQಣ JHODWRUH &RPELQDGR )ULJRU¯ILFR FRQJHODGRU
,1',&( ,QIRUPD]LRQL GL VLFXUH]]D ,VWUX]LRQL GL VLFXUH]]D ,QVWDOOD]LRQH 3DQQHOOR GHL FRPDQGL 8WLOL]]R TXRWLGLDQR &RQVLJOL H VXJJHULPHQWL XWLOL 3XOL]LD H FXUD 5LVROX]LRQH GHL SUREOHPL 5XPRUL 'DWL WHFQLFL ,QIRUPD]LRQL SHU JOL LVWLWXWL GL SURYD &RQ ULVHUYD GL PRGLILFKH ,1)250$=,21, ', 6,&85(==$ /HJJHUH DWWHQWDPHQWH OH LVWUX]LRQL IRUQLWH SULPD GL LQVWDOODUH H XWLOL]]DUH O DSSDUHFFKLDWXUD , SURGXWWRUL QRQ VRQR UHVSRQVDELOL GL HYHQWXDOL OHVLRQL R GDQQL GHULYDQWL GD XQ LQVWDO
ವ 7HQHUH JOL LPEDOODJJL ORQWDQR GDL EDPELQL H VPDOWLUOL LQ PRGR DGHJXDWR 6LFXUH]]D JHQHUDOH ವ ವ ವ ವ ವ ವ ವ ವ ವ 4XHVWD DSSDUHFFKLDWXUD ª GHVWLQDWD DOO XVR GRPHVWLFR H DSSOLFD]LRQL VLPLOL WUD FXL ದ &DVH GL FDPSDJQD FXFLQH GL QHJR]L XIILFL H DOWUL DPELHQWL GL ODYRUR ದ &OLHQWL GL KRWHO PRWHO EHG DQG EUHDNIDVW H DOWUL DPELHQWL UHVLGHQ]LDOL 3HU HYLWDUH OD FRQWDPLQD]LRQH GHJOL DOLPHQWL ULVSHWWDUH OH VHJXHQWL LVWUX]LRQL ದ QRQ DSULUH OD SRUWD SHU OXQJKL SHULRGL ದ SXOLUH UHJRODUPHQWH OH VXSHUILF
ವ ವ OD SRUWD DSHUWD SHU HYLWDUH OD IRUPD]LRQH GL PXIID DO VXR LQWHUQR 1RQ FRQVHUYDUH LQ TXHVWD DSSDUHFFKLDWXUD VRVWDQ]H HVSORVLYH FRPH ERPEROHWWH VSUD\ FRQWHQHQWL XQ SURSHOOHQWH LQILDPPDELOH 6H LO FDYR GL DOLPHQWD]LRQH ª GDQQHJJLDWR GHYH HVVHUH VRVWLWXLWR GDO SURGXWWRUH GDO &HQWUR GL $VVLVWHQ]D $XWRUL]]DWR R GD XQD SHUVRQD TXDOLILFDWD SHU HYLWDUH VLWXD]LRQL GL SHULFROR ,6758=,21, ', 6,&85(==$ ,QVWDOOD]LRQH $99(57(1=$ /ಬLQVWDOOD]LRQH GHOO DSSDUHFFKLDWXUD GHYH HVVHUH HVHJXLWD GD SHUVRQDOH TXDOLILF
ವ 8WLOL]]DUH VHPSUH XQD SUHVD HOHWWULFD FRQ FRQWDWWR GL SURWH]LRQH FRUUHWWDPHQWH LQVWDOODWD ವ $FFHUWDUVL GL QRQ GDQQHJJLDUH L FRPSRQHQWL HOHWWULFL DG HV OD VSLQD GL DOLPHQWD]LRQH LO FDYR GL DOLPHQWD]LRQH LO FRPSUHVVRUH &RQWDWWDUH LO &HQWUR GL $VVLVWHQ]D $XWRUL]]DWR R XQ HOHWWULFLVWD SHU VRVWLWXLUH L FRPSRQHQWL HOHWWULFL ವ ,O FDYR GL DOLPHQWD]LRQH GHYH ULPDQHUH VRWWR LO OLYHOOR GHOOD VSLQD GL DOLPHQWD]LRQH ವ ,QVHULUH OD VSLQD GL DOLPHQWD]LRQH QHOOD SUHVD VROR DO WHUPLQH GHOO LQVWDOOD]LRQH 9HULIL
ವ / XQLW¢ UHIULJHUDQWH GL TXHVWD DSSDUHFFKLDWXUD FRQWLHQH LGURFDUEXUL /ಬXQLW¢ GHYH HVVHUH ULFDULFDWD HG LVSH]LRQDWD HVFOXVLYDPHQWH GD SHUVRQDOH TXDOLILFDWR ವ &RQWUROODUH UHJRODUPHQWH OR VFDULFR GHOO DSSDUHFFKLDWXUD H VH QHFHVVDULR SXOLUOR / RVWUX]LRQH GHOOR VFDULFR SX´ FDXVDUH XQ GHSRVLWR GL DFTXD GL VEULQDPHQWR VXO IRQGR GHOO DSSDUHFFKLDWXUD $VVLVWHQ]D 7HFQLFD ವ 3HU ULSDUDUH O DSSDUHFFKLDWXUD FRQWDWWDUH XQ &HQWUR GL $VVLVWHQ]D $XWRUL]]DWR 8WLOL]]DUH HVFOXVLYDPHQWH ULFDPEL RULJLQDOL ವ 7HQHUH SUH
D3 D1 'LPHQVLRQL W1 90 D2 ° A W2 B H1 W3 'LPHQVLRQL FRPSOHVVLYH { 6SD]LR QHFHVVDULR GXUDQWH O XVR t + PP : PP ' PP { O DOWH]]D OD ODUJKH]]D H OD SURIRQGLW¢ GHOO DSSDUHFFKLDWXUD VHQ]D O LPSXJQDWXUD H L SLHGLQL 6SD]LR QHFHVVDULR GXUDQWH O XVR t + $ % PP : PP ' PP $ PP % PP t O DOWH]]D OD ODUJKH]]D H OD SURIRQGLW¢ GHOO DSSDUHFFKLR FRPSUHVD OD PDQLJOLD SL» OR VSD]LR QHFHVVDULR SHU OD OLEHUD FLUFROD]LRQH GHOO DULD GL UDIIUHGGDPH
OLEHUD FLUFROD]LRQH GHOO DULD GL UDIIUHGGDPHQWR SL» OR VSD]LR QHFHVVDULR SHU FRQVHQWLUH O DSHUWXUD GHOOD SRUWD FRQ O DQJROD]LRQH PLQLPD FKH SHUPHWWH OD ULPR]LRQH GL WXWWH OH DSSDUHFFKLDWXUH LQWHUQH 3RVL]LRQH 3HU JDUDQWLUH OD PLJOLRUH IXQ]LRQDOLW¢ GHOO DSSDUHFFKLDWXUD QRQ VL GRYUHEEH LQVWDOODUH O DSSDUHFFKLR QHOOH YLFLQDQ]H GHOOD IRQWH GL FDORUH IRUQR VWXIH WHUPRVLIRQL IRUQHOOL R SLDQL GL FRWWXUD R LQ XQ OXRJR FRQ OXFH VRODUH GLUHWWD &RQWUROODUH FKH VXO UHWUR GHOOಬDSSDUHFFKLR VLD JDUDQWLWD XQಬDGH
3$11(//2 '(, &20$1', 1 8 7 6 'LVSOD\ 7DVWR 7HPSHUDWXUD SL» FDOGD FRQJHODWRUH 7DVWR 7HPSHUDWXUD SL» IUHVFD FRQJHODWRUH 2. )XQFWLRQV 7DVWR 7HPSHUDWXUD SL» FDOGD IULJRULIHUR 5 4 3 2 7DVWR 7HPSHUDWXUD SL» IUHVFD IULJRULIHUR 21 2)) SRVVLELOH PRGLILFDUH OH LPSRVWD]LRQL DXGLR SUHGHILQLWH GHL WDVWL SUHPHQGR FRQWHPSRUDQHDPHQWH LO WDVWR )XQFWLRQV H LO WDVWR WHPSHUDWXUD SL» IUHVFD SHU SRFKL VHFRQGL /D PRGLILFD ª UHYHUVLELOH 'LVSOD\ A B C D E F G Off min L K J I H $FFHQVLRQH
5HJROD]LRQH GHOOD WHPSHUDWXUD 6KRSSLQJ IXQ]LRQH ,PSRVWDUH OD WHPSHUDWXUD GHOO DSSDUHFFKLDWXUD SUHPHQGR L UHJRODWRUL GHOOD WHPSHUDWXUD /D WHPSHUDWXUD SUHGHILQLWD FRQVLJOLDWD LPSRVWDWD ª ವ r& SHU LO IULJRULIHUR ವ r& SHU LO FRQJHODWRUH /D JDPPD GL WHPSHUDWXUD SX´ YDULDUH WUD r& H r& SHU LO FRQJHODWRUH H WUD r& H r& SHU LO IULJRULIHUR *OL LQGLFDWRUL GHOOD WHPSHUDWXUD YLVXDOL]]DQR OD WHPSHUDWXUD LPSRVWDWD 6H RFFRUUH LQVHULUH XQD JUDQGH TXDQWLW¢ GL DOLPHQWL QHOOR VFRPSDUWR IULJRULIHUR SHU
SURWHJJH JOL DOLPHQWL JL¢ FRQVHUYDWL GD ULVFDOGDPHQWL LQGHVLGHUDWL 3HU FRQJHODUH DOLPHQWL IUHVFKL DWWLYDUH OD IXQ]LRQH DOPHQR RUH SULPD GL LQWURGXUOL QHO YDQR FRQJHODWRUH 3HU DWWLYDUH TXHVWD IXQ]LRQH SUHPHUH LO WDVWR )XQFWLRQV ILQFK« QRQ DSSDUH OಬLFRQD FRUULVSRQGHQWH /D VSLD )DVW)UHH]H ODPSHJJLD 3UHPHUH LO WDVWR 2.
SRVVLELOH PRGLILFDUH O RUD LQ TXDOVLDVL PRPHQWR GXUDQWH LO FRQWR DOOD URYHVFLD H DOOD ILQH SUHPHQGR LO WDVWR 7HPSHUDWXUD SL» IUHVFD HG LO 7DVWR WHPSHUDWXUD SL» FDOGD /D VSLD GL DOODUPH FRQWLQXD D ODPSHJJLDUH ILQR DO ULSULVWLQR GHOOH FRQGL]LRQL QRUPDOL ,Q TXHVWR PRGR XQD PDJJLRUH FLUFROD]LRQH GHOO DULD VL WUDGXFH LQ XQD PLQRUH XPLGLW¢ GHOO DULD $OODUPH GL DOWD WHPSHUDWXUD $OODUPH SRUWD DSHUWD 4XDQGR F ª XQ DXPHQWR GL WHPSHUDWXUD QHO YDQR FRQJHODWRUH SHU HVHPSLR D FDXVD GL XQ LQWHUUX]LRQH GL FR
OD FRQVHUYD]LRQH FKH SX´ HVVHUH VSRVWDWR ODWHUDOPHQWH 5LSLDQL ULPRYLELOL 7HQHUH LO FDVVHWWR LQVLHPH DO FRSHUFKLR LQ YHWUR GHOOR VFRPSDUWR ([WUD=RQH TXLQGL WLUDUOL YHUVR GL V« /H JXLGH SUHVHQWL VXOOH SDUHWL GHO IULJRULIHUR SHUPHWWRQR GL SRVL]LRQDUH L ULSLDQL D GLYHUVH DOWH]]H ,QFOLQDUH LO PRGXOR YHUVR LO EDVVR SHU WRJOLHUOR GDO IULJRULIHUR 3HU JDUDQWLUH XQD FRUUHWWD FLUFROD]LRQH GHOO DULD QRQ VSRVWDUH LO ULSLDQR GL YHWUR SRVWR VRSUD LO FDVVHWWR GHOOH YHUGXUH (VWUD]LRQH ([WUD=RQH (VW
(VWUDUUH QXRYDPHQWH LO FDVVHWWR H FRQWUROODUH FKH VLD SRVL]LRQDWR FRUUHWWDPHQWH VLD VXL JDQFL SRVWHULRUL FKH VX TXHOOL DQWHULRUL ,QGLFDWRUH GHOOD WHPSHUDWXUD 3HU XQD FRUUHWWD FRQVHUYD]LRQH GHO FLER LO IULJRULIHUR ª FRUUHGDWR GL XQ LQGLFDWRUH GL WHPSHUDWXUD ,O VLPEROR VXOOD SDUHWH ODWHUDOH GHOO DSSDUHFFKLDWXUD LQGLFD OD ]RQD SL» IUHGGD GHO IULJRULIHUR 6H FRPSDUH 2. $ PHWWHUH LO FLER IUHVFR QHOOD ]RQD LQGLFDWD GDO VLPEROR VH QRQ % DWWHQGHUH DOPHQR RUH H FRQWUROODUH VH ª 2.
,O GLVSRVLWLYR SX´ DQFKH HVVHUH DFFHVR PDQXDOPHQWH VH QHFHVVDULR IDUH ULIHULPHQWR DOOD IXQ]LRQH 9HQWROD /D YHQWROD IXQ]LRQD VROR TXDQGR OD SRUWD YLHQH FKLXVD &RQJHODPHQWR GHL FLEL IUHVFKL ,O YDQR FRQJHODWRUH ª DGDWWR DO FRQJHODPHQWR GL FLEL IUHVFKL H DOOD FRQVHUYD]LRQH D OXQJR WHUPLQH GL DOLPHQWL FRQJHODWL H VXUJHODWL 3HU FRQJHODUH DOLPHQWL IUHVFKL DWWLYDUH OD IXQ]LRQH )DVW)UHH]H DOPHQR RUH SULPD GL LQWURGXUOL QHO YDQR FRQJHODWRUH &RQVHUYDUH JOL DOLPHQWL IUHVFKL GLVWULEXLWL XQLIRUPHPHQWH QH
&216,*/, ( 68**(5,0(17, 87,/, &RQVLJOL SHU LO ULVSDUPLR HQHUJHWLFR ವ &RQJHODWRUH /D FRQILJXUD]LRQH LQWHUQD GHOO DSSDUHFFKLDWXUD ª TXHOOD FKH JDUDQWLVFH O XVR SL» HIILFLHQWH GHOO HQHUJLD ವ )ULJRULIHUR / XVR SL» HIILFLHQWH GHOO HQHUJLD ª JDUDQWLWR GDOOD FRQILJXUD]LRQH FRQ L FDVVHWWL QHOOD SDUWH LQIHULRUH GHOO DSSDUHFFKLDWXUD H L ULSLDQL GLVWULEXLWL XQLIRUPHPHQWH /D SRVL]LRQH GHJOL VFRPSDUWL VXOOD SRUWD QRQ LQIOXLVFH VXO FRQVXPR HQHUJHWLFR ವ 1RQ ULPXRYHUH JOL DFFXPXODWRUL GL IUHGGR GDO FHVWHOOR GL FRQ
&RQVLJOL SHU OD FRQVHUYD]LRQH GHL VXUJHODWL &RQVLJOL SHU OൄDFTXLVWR ವ 8QD EXRQD LPSRVWD]LRQH GHOOD WHPSHUDWXUD FKH JDUDQWLVFH OD FRQVHUYD]LRQH GHJOL DOLPHQWL FRQJHODWL ª XQD WHPSHUDWXUD LQIHULRUH R XJXDOH D r& / LPSRVWD]LRQH GL XQD WHPSHUDWXUD SL» HOHYDWD DOO LQWHUQR GHOO DSSDUHFFKLR SX´ SRUWDUH D XQD PLQRUH GXUDWD GL FRQVHUYD]LRQH ವ / LQWHUR VFRPSDUWR GHO FRQJHODWRUH ª DGDWWR DOOD FRQVHUYD]LRQH GL SURGRWWL DOLPHQWDUL VXUJHODWL ವ /DVFLDUH DEEDVWDQ]D VSD]LR LQWRUQR DO FLER SHU SHUPHWWHUH DOO DULD
7LSR GL DOLPHQWR 3HULRGR GL FRQVHU഻ YD]LRQH PHVL 3ROODPH 0DQ]R 0DLDOH $JQHOOR 6DOVLFFH 3URVFLXWWR $YDQ]L FRQ FDUQH &RQVLJOL SHU OD UHIULJHUD]LRQH GHL FLEL IUHVFKL ವ 8QD EXRQD LPSRVWD]LRQH GHOOD WHPSHUDWXUD FKH JDUDQWLVFH OD FRQVHUYD]LRQH GHJOL DOLPHQWL IUHVFKL ª XQD WHPSHUDWXUD LQIHULRUH R XJXDOH D r& / LPSRVWD]LRQH GL XQD WHPSHUDWXUD SL» HOHYDWD DOO LQWHUQR GHOO DSSDUHFFKLR SX´ SRUWDUH D XQD PLQRUH GXUDWD GL FRQVHUYD]LRQH GHJOL DOLPHQWL ವ &RSULUH LO
38/,=,$ ( &85$ $99(57(1=$ )DUH ULIHULPHQWR DL FDSLWROL VXOOD VLFXUH]]D 3XOL]LD GHOO LQWHUQR 3ULPD GL XWLOL]]DUH O DSSDUHFFKLDWXUD SHU OD SULPD YROWD ODYDUH O LQWHUQR H JOL DFFHVVRUL FRQ DFTXD WLHSLGD H VDSRQH QHXWUR SHU HOLPLQDUH LO WLSLFR RGRUH GHL SURGRWWL QXRYL TXLQGL DVFLXJDUH DFFXUDWDPHQWH GHOO DSSDUHFFKLDWXUD VRSUD LO PRWRFRPSUHVVRUH GRYH HYDSRUD LPSRUWDQWH SXOLUH SHULRGLFDPHQWH LO IRUR GL VFDULFR GHOO DFTXD GL VEULQDPHQWR VLWXDWR DO FHQWUR GHO FDQDOH VXOOD SDUHWH SRVWHULRUH SHU HYLW
&RVD IDUH VH 3UREOHPD &DXVD SRVVLELOH 6ROX]LRQH / DSSDUHFFKLDWXUD QRQ IXQಣ ]LRQD / DSSDUHFFKLDWXUD ª VSHQWD $FFHQGHUH OಬDSSDUHFFKLDWXಣ UD /D VSLQD QRQ ª LQVHULWD FRUಣ UHWWDPHQWH QHOOD SUHVD GL DOLಣ PHQWD]LRQH ,QVHULUH FRUUHWWDPHQWH OD VSLಣ QD QHOOD SUHVD GL DOLPHQWDಣ ]LRQH $VVHQ]D GL WHQVLRQH QHOOD SUHVD GL DOLPHQWD]LRQH &ROOHJDUH DOOD SUHVD GL DOLಣ PHQWD]LRQH XQ DOWUR DSSDಣ UHFFKLR HOHWWULFR 5LYROJHUVL DG XQ HOHWWULFLVWD TXDOLILFDWR / DSSDUHFFKLDWXUD ª UXPRURಣ VD / DSSDUHFF
3UREOHPD &DXVD SRVVLELOH 6ROX]LRQH ,O FRPSUHVVRUH QRQ VL DYYLD LPPHGLDWDPHQWH GRSR DYHUH SUHPXWR LO WDVWR )DVW)UHHಣ ]H R 6KRSSLQJ RSSXUH GRSR DYHUH PRGLILFDWR OD WHPSHUDWXUD ,O FRPSUHVVRUH VL DYYLD GRSR XQ FHUWR SHULRGR GL WHPSR &L´ ª QRUPDOH QRQ VL ª YHULಣ ILFDWR DOFXQ HUURUH /D SRUWD QRQ ª DOOLQHDWD R LQಣ WHUIHULVFH FRQ OD JULJOLD GL YHQWLOD]LRQH / DSSDUHFFKLDWXUD QRQ ª SHUIHWWDPHQWH LQ SLDQR )DUH ULIHULPHQWR DOOH LVWUX]LRಣ QL GL LQVWDOOD]LRQH /D SRUWD QRQ VL DSUH IDFLOಣ PHQWH +
3UREOHPD &DXVD SRVVLELOH 6ROX]LRQH /D SRUWD QRQ ª VWDWD FKLXVD FRPSOHWDPHQWH &RQWUROODUH FKH OD SRUWD VLD FKLXVD FRPSOHWDPHQWH ,O FLER FRQVHUYDWR QRQ ª VWDಣ WR DYYROWR QHOO DSSRVLWR PDಣ WHULDOH $YYROJHUH JOL DOLPHQWL LQ XQ LPEDOODJJLR DGHJXDWR SULPD GL ULSRUOL DOO LQWHUQR GHOO DSSDಣ UHFFKLDWXUD 6FRUUH GHOO DFTXD DOO LQWHUQR GHO IULJRULIHUR *OL DOLPHQWL LPSHGLVFRQR DOಣ O DFTXD GL VFRUUHUH QHOO DSSRಣ VLWR FROOHWWRUH (YLWDUH GL GLVSRUUH JOL DOLಣ PHQWL GLUHWWDPHQWH FRQWUR OD SDUHWH SRVW
3UREOHPD &DXVD SRVVLELOH 6ROX]LRQH / DULD IUHGGD QRQ FLUFROD FRUಣ UHWWDPHQWH DOO LQWHUQR GHOಣ O DSSDUHFFKLR $GRWWDUH OH PLVXUH QHFHVVDಣ ULH SHU JDUDQWLUH XQD FRUUHWWD FLUFROD]LRQH GHOO DULD IUHGGD )DUH ULIHULPHQWR DO FDSLWROR ಯ&RQVLJOL H VXJJHULPHQWL XWLಣ OLರ '(02 FRPSDUH VXO GLVSOD\ / DSSDUHFFKLDWXUD ª LQ PRಣ GDOLW¢ GHPR 0DQWHQHUH SUHPXWR LO WDVWR 2. SHU FLUFD VHFRQGL ILQಣ FK« QRQ YLHQH HPHVVR VHಣ JQDOH VRQRUR SUROXQJDWR H LO GLVSOD\ VL VSHJQH SHU TXDOಣ FKH LVWDQWH $SSDUH LO VLPEROR
58025, SSSRRR! BRRR! CLICK! HISSS! BLUBB! '$7, 7(&1,&, , GDWL WHFQLFL VRQR ULSRUWDWL VXOOD WDUJKHWWD GHL GDWL DSSOLFDWD VXO ODWR HVWHUQR GHOO DSSDUHFFKLDWXUD H VXOO HWLFKHWWD GHL YDORUL HQHUJHWLFL ,O FRGLFH 45 VXOO HWLFKHWWD HQHUJHWLFD IRUQLWD FRQ O DSSDUHFFKLR IRUQLVFH XQ OLQN ZHE DOOH LQIRUPD]LRQL FRUUHODWH DO IXQ]LRQDPHQWR GL TXHVWD DSSDUHFFKLDWXUD QHOOD EDQFD GDWL (35(/ GHOO 8( &RQVHUYDUH O HWLFKHWWD HQHUJHWLFD FRPH ULIHULPHQWR LQVLHPH DO PDQXDOH G XVR H D WXWWL JOL DOWUL GRFXPHQWL IRUQLWL FRQ
&216,'(5$=,21, 68// $0%,(17( 5LFLFODUH L PDWHULDOL FRQ LO VLPEROR %XWWDUH O LPEDOODJJLR QHJOL DSSRVLWL FRQWHQLWRUL SHU LO ULFLFODJJLR $LXWDUH D SURWHJJHUH OಬDPELHQWH H OD VDOXWH XPDQD H D ULFLFODUH ULILXWL GHULYDQWL GD DSSDUHFFKLDWXUH HOHWWULFKH HG HOHWWURQLFKH 1RQ VPDOWLUH OH DSSDUHFFKLDWXUH FKH ULSRUWDQR LO VLPEROR LQVLHPH DL QRUPDOL ULILXWL GRPHVWLFL 3RUWDUH LO SURGRWWR DO SXQWR GL ULFLFODJJLR SL» YLFLQR R FRQWDWWDUH LO FRPXQH GL UHVLGHQ]D