,VWUX]LRQL SHU OಬXVR 6 / ' ( 0DQXDO GH LQVWUX©·HV 0DQXDO GH LQVWUXFFLRQHV )ULJRULIHUR )ULJRU¯ILFR )ULJRU¯ILFR
,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 $66,67(1=$ &/,(17, ( $66,67(1=$ 7(&1,&$ &RQVLJOLDPR VHPSUH OಬLPSLHJR GL ULFDPEL RULJLQDOL 4XDQGR VL FRQWDWWD LO QRVWUR &HQWUR GL $VVLVWHQ]D $XWRUL]]DWR DFFHUWDUVL GL DYHUH D GLVSRVL]LRQH L GDWL VHJXHQWL 0RGHOOR 1XPHUR GL VHULH /H
ವ ವ ವ ವ ವ ವ , EDPELQL GL HW¢ FRPSUHVD IUD L H JOL DQQL SRVVRQR FDULFDUH H VFDULFDUH O DSSDUHFFKLDWXUD D FRQGL]LRQH FKH VLDQR VWDWL LVWUXLWL GHELWDPHQWH 4XHVWಬDSSDUHFFKLDWXUD SX´ HVVHUH XVDWD GD SHUVRQH FRQ GLVDELOLW¢ GLIIXVH H FRPSOHVVH D FRQGL]LRQH FKH VLDQR VWDWH LVWUXLWH GHELWDPHQWH 7HQHUH L EDPELQL DO GL VRWWR GHL DQQL ORQWDQL GDOOಬDSSDUHFFKLDWXUD D PHQR FKH QRQ YL VLD XQD VXSHUYLVLRQH FRQWLQXD 1RQ FRQVHQWLUH DL EDPELQL GL JLRFDUH FRQ OಬDSSDUHFFKLR , EDPELQL QRQ GHYRQR HVHJXLUH LQWHUY
ವ ವ ವ ವ ವ ವ ವ ವ $99(57(1=$ 1RQ XVDUH GLVSRVLWLYL HOHWWULFL R DOWUL PH]]L DUWLILFLDOL QRQ UDFFRPDQGDWL GDO SURGXWWRUH DOOR VFRSR GL DFFHOHUDUH LO SURFHVVR GL VEULQDPHQWR $99(57(1=$ 1RQ GDQQHJJLDUH LO FLUFXLWR UHIULJHUDQWH $99(57(1=$ 1RQ XWLOL]]DUH DSSDUHFFKLDWXUH HOHWWULFKH DOO LQWHUQR GHL FRPSDUWL GL FRQVHUYD]LRQH GHJOL DOLPHQWL DG HFFH]LRQH GL TXHOOL FRQVLJOLDWL GDO FRVWUXWWRUH 1RQ QHEXOL]]DUH DFTXD Q« XWLOL]]DUH YDSRUH SHU SXOLUH O DSSDUHFFKLDWXUD 3XOLUH O DSSDUHFFKLDWXUD FRQ XQ SDQQR LQX
ವ 1RQ LQVWDOODUH O DSSDUHFFKLDWXUD LQ SURVVLPLW¢ GL UDGLDWRUL IRUQHOOL IRUQL R SLDQL GL FRWWXUD ವ 1RQ HVSRUUH O DSSDUHFFKLDWXUD DOOD SLRJJLD ವ 1RQ LQVWDOODUH O DSSDUHFFKLDWXUD GRYH VLD HVSRVWD DOOD OXFH VRODUH GLUHWWD ವ 1RQ LQVWDOODUH TXHVWD DSSDUHFFKLDWXUD LQ DUHH WURSSR XPLGH R WURSSR IUHGGH ವ 4XDQGR VL VSRVWD O DSSDUHFFKLDWXUD VROOHYDUOD GDO ERUGR DQWHULRUH FRV® GD QRQ JUDIILDUH LO SDYLPHQWR ವ / DSSDUHFFKLDWXUD FRQWLHQH XQ VDFFKHWWR GL HVVLFFDQWH 4XHVWR SURGRWWR QRQ ª XQ JLRFDWWROR 4XHVWR S
VHSDUDWDPHQWH 4XHVWH ODPSDGH VRQR GHVWLQDWH D UHVLVWHUH D FRQGL]LRQL ILVLFKH HVWUHPH QHJOL HOHWWURGRPHVWLFL FRPH WHPSHUDWXUD YLEUD]LRQL XPLGLW¢ R VRQR GHVWLQDWH D VHJQDODUH LQIRUPD]LRQL VXOOR VWDWR RSHUDWLYR GHOO DSSDUHFFKLR 1RQ VRQR GHVWLQDWH DG HVVHUH XWLOL]]DWH LQ DOWUH DSSOLFD]LRQL H QRQ VRQR DGDWWH SHU O LOOXPLQD]LRQH GL DPELHQWL GRPHVWLFL 3XOL]LD H FXUD $99(57(1=$ 9L ª LO ULVFKLR GL IHULUVL R GDQQHJJLDUH O DSSDUHFFKLDWXUD ವ 3ULPD GL HVHJXLUH TXDOXQTXH LQWHUYHQWR GL PDQXWHQ]LRQH VSHJQHUH
D3 D1 'LPHQVLRQL D2 W1 W3 A B H1 W2 'LPHQVLRQL FRPSOHVVLYH { 6SD]LR QHFHVVDULR GXUDQWH OൄXVR t + PP : PP : PP ' PP ' PP $ PP % PP { OಬDOWH]]D OD ODUJKH]]D H OD SURIRQGLW¢ GHOOಬDSSDUHFFKLDWXUD VHQ]D OಬLPSXJQDWXUD H L SLHGLQL 6SD]LR QHFHVVDULR GXUDQWH OൄXVR t + $ % PP t OಬDOWH]]D OD ODUJKH]]D H OD SURIRQGLW¢ GHOOಬDSSDUHFFKLR FRPSUHVD OD PDQLJOLD SL» OR VSD]LR QHFHVVDULR SHU OD OLEHUD FLUFROD]LRQH GHOOಬDULD GL UDIIUHGGDPHQWR
6SD]LR FRPSOHVVLYR QHFHVVDULR GXUDQWH OൄXVR u + $ % PP : PP ' PP u OಬDOWH]]D OD ODUJKH]]D H OD SURIRQGLW¢ GHOOಬDSSDUHFFKLDWXUD FRPSUHVD OD PDQLJOLD SL» OR VSD]LR QHFHVVDULR SHU OD OLEHUD FLUFROD]LRQH GHOOಬDULD GL UDIIUHGGDPHQWR SL» OR VSD]LR QHFHVVDULR SHU FRQVHQWLUH OಬDSHUWXUD GHOOD SRUWD FRQ OಬDQJROD]LRQH PLQLPD FKH SHUPHWWH OD ULPR]LRQH GL WXWWH OH DSSDUHFFKLDWXUH LQWHUQH /XRJR 3HU JDUDQWLUH OD PLJOLRUH IXQ]LRQDOLW¢ GHOO DSSDUHFFKLDWXUD QRQ VL GRYUHEEH LQVWDOODUH O DSS
3RVVLELOLW¢ GL LQYHUWLUH OD SRUWD $77(1=,21( ,Q RJQL IDVH GL LQYHUVLRQH GHOOD SRUWD SURWHJJHUH LO SDYLPHQWR GD JUDIIL FRQ XQ PDWHULDOH UHVLVWHQWH )DUH ULIHULPHQWR DO GRFXPHQWR VHSDUDWR FRQ OH LVWUX]LRQL SHU O LQVWDOOD]LRQH H O LQYHUVLRQH GHOOD SRUWD 3$11(//2 '(, &20$1', 1 6 5 'LVSOD\ 7DVWR 7HPSHUDWXUD SL» FDOGD 7DVWR 7HPSHUDWXUD SL» IUHVFD 2.
6FROOHJDUH OD VSLQD GDOOD SUHVD GL FRUUHQWH 5HJROD]LRQH GHOOD WHPSHUDWXUD ,PSRVWDUH OD WHPSHUDWXUD GHOOಬDSSDUHFFKLR SUHPHQGR L SXOVDQWL GL UHJROD]LRQH GHOOD WHPSHUDWXUD /D WHPSHUDWXUD LPSRVWDWD FRQVLJOLDWD ª ವ r& SHU LO IULJRULIHUR /ಬLQWHUYDOOR GL WHPSHUDWXUD SX´ YDULDUH WUD r & H r& SHU LO IULJRULIHUR /H VSLH GHOOD WHPSHUDWXUD PRVWUDQR OD WHPSHUDWXUD LPSRVWDWD /D WHPSHUDWXUD LPSRVWDWD YHUU¢ UDJJLXQWD HQWUR RUH 'RSR XQಬLQWHUUX]LRQH GL FRUUHQWH OD WHPSHUDWXUD LPSRVWDWD ULPDQH PHPRUL]]D
3UHPHUH 2.
5LSLDQL ULPRYLELOL &DVVHWWR SHU YHUGXUD /H JXLGH SUHVHQWL VXOOH SDUHWL GHO IULJRULIHUR SHUPHWWRQR GL SRVL]LRQDUH L ULSLDQL D GLYHUVH DOWH]]H 4XHVWR FDVVHWWR ª SDUWLFRODUPHQWH DGDWWR SHU OD FRQVHUYD]LRQH GL IUXWWD H YHUGXUD 3HU ULPXRYHUH LO FDVVHWWR SHU HVHPSLR SHU OH RSHUD]LRQL GL SXOL]LD (VWUDUUH LO FDVVHWWR H VROOHYDUOR 3HU JDUDQWLUH XQD FRUUHWWD FLUFROD]LRQH GHOO DULD QRQ VSRVWDUH LO ULSLDQR GL YHWUR SRVWR VRSUD LO FDVVHWWR GHOOH YHUGXUH (VWUD]LRQH ([WUD=RQH 7HQHUH LO FDVVHWWR LQVL
(VWUDUUH L ELQDUL 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. $ 6H QRQ ª DQFRUD 2.
&216,*/, ( 68**(5,0(17, 87,/, &RQVLJOL SHU LO ULVSDUPLR HQHUJHWLFR ವ /ಬXVR SL» HIILFLHQWH GHOOಬHQHUJLD ª JDUDQWLWR GDOOD FRQILJXUD]LRQH FRQ L FDVVHWWL QHOOD SDUWH LQIHULRUH GHOOಬDSSDUHFFKLDWXUD H L ULSLDQL GLVWULEXLWL XQLIRUPHPHQWH /D SRVL]LRQH GHJOL VFRPSDUWL VXOOD SRUWD QRQ LQIOXLVFH VXO FRQVXPR HQHUJHWLFR ವ 1RQ DSULUH IUHTXHQWHPHQWH OD SRUWD H OLPLWDUH LO SL» SRVVLELOH L WHPSL GL DSHUWXUD ವ 1RQ LPSRVWDUH XQD WHPSHUDWXUD WURSSR DOWD SHU ULVSDUPLDUH HQHUJLD D PHQR FKH QRQ VLD ULFKLHVWD GDOOH FDUDWW
RPRJHQHL]]D]LRQH GHOOH WHPSHUDWXUH LQWHUQH ವ )DUH VHPSUH ULIHULPHQWR DOOD GDWD GL VFDGHQ]D GHL SURGRWWL SHU VDSHUH SHU TXDQWR WHPSR FRQVHUYDUOL 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 $77(1=,21( 1RQ XVDUH GHWHUJHQWL SROYHUL DEUDVLYH GHWHUJ
&RVD IDUH VH 3UREOHPD &DXVD SRVVLELOH 6ROX]LRQH /ಬDSSDUHFFKLDWXUD QRQ IXQಣ ]LRQD /ಬDSSDUHFFKLDWXUD ª VSHQWD $FFHQGHUH O DSSDUHFFKLDWXಣ UD /D VSLQD QRQ ª FROOHJDWD FRUUHWWDPHQWH DOOD SUHVD HOHWWULFD &ROOHJDUH FRUUHWWDPHQWH OD VSLQD DOOD SUHVD HOHWWULFD /D SUHVD HOHWWULFD QRQ KD WHQVLRQH &ROOHJDUH XQಬDSSDUHFFKLDWXಣ UD HOHWWULFD GLYHUVD DOOD SUHಣ VD GL DOLPHQWD]LRQH &RQWDWಣ WDUH XQ HOHWWULFLVWD TXDOLILFDಣ WR /ಬDSSDUHFFKLDWXUD ª UXPRURಣ VD /ಬDSSDUHFFKLDWXUD QRQ ª VXSSRUWDWD FRUUHW
3UREOHPD &DXVD SRVVLELOH 6ROX]LRQH /D SRUWD QRQ ª DOOLQHDWD R LQಣ WHUIHULVFH FRQ OD JULJOLD GL YHQWLOD]LRQH /ಬDSSDUHFFKLDWXUD QRQ ª SHUIHWWDPHQWH LQ SLDQR )DUH ULIHULPHQWR DOOH LVWUX]LRಣ QL GL LQVWDOOD]LRQH /D SRUWD QRQ VL DSUH IDFLOಣ PHQWH 6L ª FHUFDWR GL ULDSULUH OD SRUWD VXELWR GRSR DYHUOD FKLXVD $WWHQGHUH DOFXQL VHFRQGL IUD OD FKLXVXUD GHOOD SRUWD H OD VXD ULDSHUWXUD /D ODPSDGLQD QRQ IXQ]LRQD /D ODPSDGLQD ª LQ PRGDOLW¢ VWDQG E\ &KLXGHUH H DSULUH OD SRUWD /D ODPSDGLQD ª GLIHWWRVD
3UREOHPD &DXVD SRVVLELOH 6ROX]LRQH /ಬDFTXD VFRUUH DOOಬLQWHUQR GHO IULJRULIHUR *OL DOLPHQWL LPSHGLVFRQR DOಣ OಬDFTXD GL VFRUUHUH QHOOಬDSಣ SRVLWR FROOHWWRUH $VVLFXUDUVL FKH JOL DOLPHQWL QRQ WRFFKLQR LO SDQQHOOR SRಣ VWHULRUH /R VFDULFR GHOO DFTXD ª RVWUXLWR 3XOLUH OR VFDULFR GHOOಬDFTXD /ಬDFTXD VFRUUH VXO SDYLPHQಣ WR /R VFDULFR GHOOಬDFTXD GL VEULಣ QDPHQWR QRQ ª FROOHJDWR DOಣ OD YDVFKHWWD GL HYDSRUD]LRQH SRVWD DO GL VRSUD GHO FRPಣ SUHVVRUH &ROOHJDUH OR VFDULFR GHOOಬDFಣ TXD GL VEULQDPHQWR D
3UREOHPD &DXVD SRVVLELOH 6ROX]LRQH '(02 FRPSDUH VXO GLVSOD\ /ಬDSSDUHFFKLDWXUD ª LQ PRಣ GDOLW¢ GL GLPRVWUD]LRQH 0DQWHQHUH SUHPXWR LO WDVWR 2. SHU FLUFD VHFRQGL ILQಣ FK« QRQ YLHQH HPHVVR XQ VHJQDOH VRQRUR SUROXQJDWR H LO GLVSOD\ VL VSHJQH SHU TXDOಣ FKH LVWDQWH $SSDUH LO VLPEROR 3UREOHPD DO VHQVRUH GHOOD WHPSHUDWXUD &RQWDWWDUH LO &HQWUR GL $VVLಣ VWHQ]D $XWRUL]]DWR SL» YLFLQR LO VLVWHPD GL UDIIUHGGDPHQWR FRQWLQXHU¢ D PDQWHQHUH JOL DOLPHQWL IUHGGL PD QRQ VDU¢ SRVVLELOH UHJRODUH OD WHPSHಣ UDW
58025, SSSRRR! BRRR! CLICK! HISSS! BLUBB! '$7, 7(&1,&, , GDWL WHFQLFL VRQR ULSRUWDWL VXOOD WDUJKHWWD GHL GDWL DSSOLFDWD VXO ODWR HVWHUQR GHOOಬDSSDUHFFKLDWXUD H VXOOಬHWLFKHWWD GHL YDORUL HQHUJHWLFL ,O FRGLFH 45 VXOOಬHWLFKHWWD HQHUJHWLFD IRUQLWD FRQ OಬDSSDUHFFKLDWXUD ULSRUWD XQ OLQN ZHE DOOH LQIRUPD]LRQL FRUUHODWH DO IXQ]LRQDPHQWR GL TXHVWD DSSDUHFFKLDWXUD QHOOD EDQFD GDWL (35(/ GHOOಬ8( &RQVHUYDUH OಬHWLFKHWWD HQHUJHWLFD FRPH ULIHULPHQWR LQVLHPH DO PDQXDOH GಬXVR H D WXWWL JOL DOWUL GRFXPHQWL IRUQLWL
&216,'(5$=,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