,VWUX]LRQL SHU OಬXVR 8 & ') 0DQXDO GH LQVWUX©·HV 0DQXDO GH LQVWUXFFLRQHV )ULJRULIHUR )ULJRU¯ILFR )ULJRU¯ILFR
&217(1,'2 ,QIRUPDFLµQ VREUH VHJXULGDG ,QVWUXFFLRQHV GH VHJXULGDG ,QVWDODFLµQ 3DQHO GH FRQWURO 8VR GLDULR &RQVHMRV 0DQWHQLPLHQWR \ OLPSLH]D 6ROXFLµQ GH SUREOHPDV 5XLGRV 'DWRV W«FQLFRV ,QIRUPDFLµQ SDUD ORV LQVWLWXWRV GH SUXHEDV $7(1&,1 $/ &/,(17( < 6(59,&,2 8WLOLFH VLHPSUH SLH]DV GH UHFDPELR RULJLQDOHV &XDQGR VH SRQJD HQ FRQWDFWR FRQ QXHVWUR &HQWUR GH VHUYLFLR W«FQLFR DVHJ¼UHVH GH WHQHU ORV VLJXLHQWHV GDWRV GLVSRQLEOHV 0RGHOR Q¼PHUR GH VHULH /D LQIRUPDFLµQ VH HQF
ವ ವ ವ ವ ವ ವ VXSHUYLVLµQ VREUH HO XVR GHO HOHFWURGRP«VWLFR GH IRUPD VHJXUD \ FRPSUHQGDQ ORV ULHVJRV /RV QL³RV GH D D³RV SXHGHQ FDUJDU \ GHVFDUJDU HO DSDUDWR VLHPSUH TXH KD\DQ VLGR GHELGDPHQWH LQVWUXLGRV (VWH DSDUDWR SXHGH VHU XWLOL]DGR SRU SHUVRQDV FRQ GLVFDSDFLGDGHV PX\ H[WHQVDV \ FRPSOHMDV VLHPSUH TXH KD\DQ VLGR LQVWUXLGDV DGHFXDGDPHQWH (V QHFHVDULR PDQWHQHU DOHMDGRV GHO DSDUDWR D ORV QL³RV GH PHQRV GH D³RV VDOYR TXH HVW«Q EDMR VXSHUYLVLµQ FRQWLQXD 1R GHMH TXH ORV QL³RV MXHJXHQ FRQ HO DSD
ವ ವ ವ ವ ವ ವ ವ GHVFRQJHODFLµQ H[FHSWR ORV UHFRPHQGDGRV SRU HO IDEULFDQWH $'9(57(1&,$ 1R GD³H HO FLUFXLWR GHO UHIULJHUDQWH $'9(57(1&,$ 1R XWLOLFH GLVSRVLWLYRV HO«FWULFRV GHQWUR GH ORV FRPSDUWLPLHQWRV SDUD DOLPHQWRV GHO DSDUDWR VDOYR VL VRQ GHO WLSR UHFRPHQGDGR SRU HO IDEULFDQWH 1R XWLOLFH SXOYHUL]DGRUHV QL YDSRU GH DJXD SDUD OLPSLDU HO DSDUDWR /LPSLH HO DSDUDWR FRQ XQ SD³R VXDYH KXPHGHFLGR 8WLOLFH VROR GHWHUJHQWHV QHXWURV 1R XWLOLFH SURGXFWRV DEUDVLYRV HVWURSDMRV GXURV GLVROYHQWHV QL REMHW
&RQH[LµQ HO«FWULFD $'9(57(1&,$ 5LHVJR GH LQFHQGLRV \ GHVFDUJDV HO«FWULFDV $'9(57(1&,$ $O FRORFDU HO SURGXFWR DVHJ¼UHVH GH TXH HO FDEOH GH DOLPHQWDFLµQ QR TXHGD DWUDSDGR R GREODGR (O DSDUDWR FRQWLHQH XQ JDV LQIODPDEOH LVREXWDQR 5 D XQ JDV QDWXUDO FRQ DOWR JUDGR GH FRPSDWLELOLGDG PHGLRDPELHQWDO 7HQJD FXLGDGR SDUD QR GD³DU HO FLUFXLWR GH UHIULJHUDQWH TXH FRQWLHQH LVREXWDQR ವ (O DSDUDWR GHEH FRQHFWDUVH D WLHUUD ವ $VHJ¼UHVH GH TXH ORV SDU£PHWURV GH OD SODFD GH FDUDFWHU¯VWLFDV VRQ FRPSDWLEOHV
GRP«VWLFRV FRPR OD WHPSHUDWXUD OD YLEUDFLµQ OD KXPHGDG R HVW£Q GHVWLQDGDV D VH³DODU LQIRUPDFLµQ VREUH HO HVWDGR GH IXQFLRQDPLHQWR GHO DSDUDWR 1R HVW£Q GHVWLQDGDV D XWLOL]DUVH HQ RWUDV DSOLFDFLRQHV \ QR VRQ DGHFXDGDV SDUD OD LOXPLQDFLµQ GH HVWDQFLDV GRP«VWLFDV 0DQWHQLPLHQWR \ OLPSLH]D $'9(57(1&,$ 3RGU¯D VXIULU OHVLRQHV R GD³DU HO DSDUDWR ವ $QWHV GH SURFHGHU FRQ HO PDQWHQLPLHQWR DSDJXH HO DSDUDWR \ GHVFRQHFWH HO HQFKXIH GH OD UHG ವ (VWH HTXLSR FRQWLHQH KLGURFDUEXURV HQ OD XQLGDG GH UHIULJHUDFLµ
D3 D2 3° H2 W1 6 1, 11 H1 D1 'LPHQVLRQHV W3 W2 'LPHQVLRQHV JHQHUDOHV { + PP : PP ' PP { OD DOWXUD DQFKXUD \ SURIXQGLGDG GHO DSDUDWR VLQ HO PDQJR \ ODV SDWDV (VSDFLR QHFHVDULR HQ XVR t + PP : PP ' PP t OD DOWXUD DQFKXUD \ SURIXQGLGDG GHO DSDUDWR LQFOX\HQGR OD PDQLMD P£V HO HVSDFLR QHFHVDULR SDUD OD OLEUH FLUFXODFLµQ GHO DLUH GH UHIULJHUDFLµQ (VSDFLR WRWDO QHFHVDULR HQ XVR u + PP : PP ' PP u OD DOWXUD DQFKXUD \ SURIXQGLG
3XHGH TXH HQ DOJ¼Q PRPHQWR VHD QHFHVDULR GHVHQFKXIDU HO DSDUDWR GH OD WRPD GH FRUULHQWH SRU OR TXH HO HQFKXIH GHEH TXHGDU DFFHVLEOH WUDV OD LQVWDODFLµQ GHO DSDUDWR &RQH[LµQ HO«FWULFD ವ $QWHV GH FRQHFWDU HO DSDUDWR FRPSUXHEH TXH HO YROWDMH \ OD IUHFXHQFLD LQGLFDGRV HQ OD SODFD GH GDWRV W«FQLFRV VH FRUUHVSRQGHQ FRQ HO VXPLQLVWUR GH OD YLYLHQGD ವ (O DSDUDWR GHEH FRQHFWDUVH D WLHUUD (O HQFKXIH GHO FDEOH GH DOLPHQWDFLµQ VH VXPLQLVWUD FRQ XQ FRQWDFWR SDUD WDO ILQ 6L OD WRPD GH UHG GH OD YLYLHQGD FDUHFH
7RTXH HO UHJXODGRU GH WHPSHUDWXUD KDVWD TXH VH VHOHFFLRQH OD WHPSHUDWXUD GHVHDGD /D WHPSHUDWXUD SURJUDPDGD VH DOFDQ]D HQ XQ SOD]R GH KRUDV 'HVSX«V GH XQ FRUWH GHO VXPLQLVWUR HO«FWULFR OD WHPSHUDWXUD DMXVWDGD VH JXDUGD )XQFLµQ 6XSHU /D IXQFLµQ 6XSHU VH XWLOL]D SDUD UHDOL]DU OD SUHFRQJHODFLµQ \ OD FRQJHODFLµQ U£SLGD HQ VHFXHQFLD HQ HO FRPSDUWLPLHQWR GHO FRQJHODGRU (VWD IXQFLµQ DFHOHUD OD FRQJHODFLµQ GH DOLPHQWRV IUHVFRV H LPSLGH TXH VH FDOLHQWHQ ORV DOLPHQWRV \D DOPDFHQDGRV HQ HO FRPSDUWLPHQWR
(VWDQWHV PµYLOHV /DV SDUHGHV GHO IULJRU¯ILFR FXHQWDQ FRQ XQD VHULH GH JX¯DV SDUD FRORFDU ORV HVWDQWHV GHO PRGR TXH VH SUHILHUD A B OK OK &RQJHODFLµQ GH DOLPHQWRV IUHVFRV 1R FRORTXH HO HVWDQWH GH YLGULR SRU HQFLPD GHO FDMµQ GH YHUGXUDV SDUD QR LPSHGLU OD FRUUHFWD FLUFXODFLµQ GHO DLUH &DMµQ SDUD YHUGXUDV (Q OD SDUWH LQIHULRU GHO DSDUDWR KD\ XQ FDMµQ HVSHFLDO SDUD JXDUGDU IUXWDV \ YHUGXUDV ,QGLFDGRU GH WHPSHUDWXUD 3DUD DOPDFHQDU FRUUHFWDPHQWH ORV DOLPHQWRV HO IULJRU¯ILFR GLVSRQH GH LQGLFDGRU GH
7RGRV ORV DOLPHQWRV GHEHQ HVWDU FRPR P¯QLPR D PP GH OD SXHUWD 35(&$8&,1 (Q FDVR GH TXH VH SURGX]FD XQD GHVFRQJHODFLµQ DFFLGHQWDO SRU HMHPSOR SRU XQ FRUWH GHO VXPLQLVWUR HO«FWULFR VL OD LQWHUUXSFLµQ KD VLGR P£V SURORQJDGD TXH HO YDORU LQGLFDGR HQ OD SODFD GH FDUDFWHU¯VWLFDV EDMR HO WLHPSR GH HOHYDFLµQ ORV DOLPHQWRV GHVFRQJHODGRV VH GHEHQ FRQVXPLU U£SLGDPHQWH R FRFLQDU GH LQPHGLDWR \ OXHJR YROYHUVH D FRQJHODU 'HVFRQJHODFLµQ /RV DOLPHQWRV XOWUDFRQJHODGRV R FRQJHODGRV DQWHV GH FRQVXPLUORV SX
ವ 1R FRORTXH DOLPHQWRV FDOLHQWHV HQ HO FRPSDUWLPLHQWR GHO FRQJHODGRU (QIU¯HORV D WHPSHUDWXUD DPELHQWH DQWHV GH FRORFDUORV GHQWUR GHO FRPSDUWLPHQWR ವ 3DUD HYLWDU DXPHQWRV HQ OD WHPSHUDWXUD GH FRPLGD \D FRQJHODGD QR FRORTXH FRPLGD QR FRQJHODGD MXVWR DO ODGR &RORTXH ORV DOLPHQWRV D WHPSHUDWXUD DPELHQWH HQ OD SDUWH GHO FRPSDUWLPHQWR GHO FRQJHODGRU GRQGH QR KD\ DOLPHQWRV FRQJHODGRV ವ 1R FRPD FXELWRV GH KLHOR VRUEHWHV R KHODGRV LQPHGLDWDPHQWH GHVSX«V GH VDFDUORV GHO FRQJHODGRU ([LVWH ULHVJR GH TXHPDGXU
7LSR GH DOLPHQWR 9LGD ¼WLO PHVHV 0DQWHTXLOOD 4XHVR EODQGR S HM PR]]DUHOOD 4XHVR GXUR S HM SDUPHVDQR FKHGGDU 0DULVFR 3HVFDGR JUDVR S HM VDOPµQ FDEDOOD 3HVFDGR PDJUR S HM EDFDODR SODWLMD /DQJRVWLQRV $OPHMDV \ PHMLOORQHV GHVFRQFKDGRV 3HVFDGR FRFLQDGR &DUQH $YHV 9DFXQR &HUGR &RUGHUR 6DOFKLFKDV -DPµQ 6REUDV FRQ FDUQH &RQVHMRV SDUD OD UHIULJHUDFLµQ GH DOLPHQWRV IUHVFRV &RQVHMRV SDUD OD UHIULJHUDFLµQ
GH OD SXHUWD R HQ HO ERWHOOHUR VL GLVSRQH GH «O ವ &RQVXOWH VLHPSUH OD IHFKD GH FDGXFLGDG GH ORV SURGXFWRV SDUD VDEHU FX£QWR WLHPSR GHEH FRQVHUYDUORV 0$17(1,0,(172 < /,03,(=$ $'9(57(1&,$ &RQVXOWH ORV FDS¯WXORV VREUH VHJXULGDG /LPSLH]D GHO LQWHULRU $QWHV GH XWLOL]DU HO DSDUDWR SRU SULPHUD YH] ODYH VX LQWHULRU \ WRGRV ORV DFFHVRULRV LQWHUQRV FRQ DJXD WHPSODGD \ MDEµQ QHXWUR SDUD HOLPLQDU HO W¯SLFR RORU GH ORV SURGXFWRV QXHYRV $ FRQWLQXDFLµQ VHTXH WRGR ELHQ 35(&$8&,1 1R XWLOLFH GHWHUJHQWHV S
$SDJXH HO DSDUDWR R GHVFRQHFWH HO HQFKXIH GH OD WRPD GH FRUULHQWH 5HWLUH FXDOTXLHU DOLPHQWR DOPDFHQDGR \ SµQJDOR HQ XQ OXJDU IUHVFR 35(&$8&,1 (O DXPHQWR GH OD WHPSHUDWXUD GH ORV SDTXHWHV GH DOLPHQWRV FRQJHODGRV GXUDQWH OD GHVFRQJHODFLµQ SXHGH DFRUWDU VX WLHPSR GH DOPDFHQDPLHQWR 1R WRTXH ORV DOLPHQWRV FRQJHODGRV FRQ ODV PDQRV PRMDGDV 3RGU¯DQ FRQJHODUVH DO FRQWDFWR FRQ ORV DOLPHQWRV 'HMH OD SXHUWD DELHUWD 3URWHMD HO VXHOR GHO DJXD GH OD GHVFRQJHODFLµQ S HM FRQ XQ SD³R R UHFLSLHQWH SOD
4X« KDFHU VL 3UREOHPD 3RVLEOH FDXVD 6ROXFLµQ (O DSDUDWR QR IXQFLRQD (O DSDUDWR HVW£ DSDJDGR (QFLHQGD HO DSDUDWR (O HQFKXIH QR HVW£ ELHQ FRಣ QHFWDGR D OD WRPD GH FRಣ UULHQWH &RQHFWH HO DSDUDWR D OD WRಣ PD GH FRUULHQWH FRUUHFWDಣ PHQWH 1R KD\ WHQVLµQ HQ OD WRPD GH FRUULHQWH &RQHFWH XQ DSDUDWR GLIHUHQಣ WH D OD GH FRUULHQWH 3µQJDಣ VH HQ FRQWDFWR FRQ XQ HOHFಣ WULFLVWD FXDOLILFDGR (O DSDUDWR KDFH UXLGR (O DSDUDWR QR HVW£ ELHQ DSRಣ \DGR &RPSUXHEH TXH ORV VRSRUಣ WHV GHO DSDUDWR HVW
3UREOHPD 3RVLEOH FDXVD 6ROXFLµQ /D SXHUWD HVW£ PDO DOLQHDGD R LQWHUILHUH FRQ OD UHMLOOD GH YHQWLODFLµQ (O DSDUDWR QR HVW£ QLYHODGR &RQVXOWH ODV LQVWUXFFLRQHV GH LQVWDODFLµQ /D SXHUWD QR VH DEUH I£FLOಣ PHQWH +D LQWHQWDGR YROYHU D DEULU OD SXHUWD LQPHGLDWDPHQWH GHVSX«V GH FHUUDUOD (VSHUH XQRV VHJXQGRV HQಣ WUH HO FLHUUH \ OD UHDSHUWXUD GH OD SXHUWD /D ERPELOOD QR IXQFLRQD /D ERPELOOD HVW£ HQ PRGR GH HVSHUD &LHUUH \ DEUD OD SXHUWD /D ERPELOOD HV GHIHFWXRVD 3µQJDVH HQ FRQWDFWR FRQ HO V
3UREOHPD 3RVLEOH FDXVD 6ROXFLµQ (O DJXD IOX\H SRU HO LQWHULRU GHO IULJRU¯ILFR /RV SURGXFWRV LPSLGHQ TXH HO DJXD IOX\D DO FROHFWRU GH DJXD $VHJ¼UHVH GH TXH ORV DOLಣ PHQWRV QR WRFDQ OD SODFD SRVWHULRU /D VDOLGD GH DJXD HVW£ REVಣ WUXLGD /LPSLH OD VDOLGD GH DJXD (O DJXD IOX\H SRU HO VXHOR /D VDOLGD GH DJXD GH GHVಣ FRQJHODFLµQ QR HVW£ FRQHFಣ WDGD D OD EDQGHMD GH HYDSRಣ UDFLµQ VLWXDGD GHEDMR GHO DSDUDWR $FRSOH OD VDOLGD GH DJXD GH GHVFRQJHODFLµQ D OD EDQGHMD GH HYDSRUDFLµQ 1R VH SXHGH DM
3UREOHPD 3RVLEOH FDXVD 6ROXFLµQ $OJXQDV VXSHUILFLHV HVSHF¯ILಣ FDV GHQWUR GHO FRPSDUWLಣ PLHQWR IULJRU¯ILFR HVW£Q P£V FDOLHQWHV HQ DOJXQRV PRಣ PHQWRV (V XQ HVWDGR QRUPDO /RV /(' GH DMXVWH GH WHPಣ SHUDWXUD SDUSDGHDQ DO PLVಣ PR WLHPSR 6H KD SURGXFLGR XQ HUURU DO PHGLU OD WHPSHUDWXUD 3µQJDVH HQ FRQWDFWR FRQ HO FHQWUR GH VHUYLFLR W«FQLFR P£V FHUFDQR (O VLVWHPD GH UHIULJHUDFLµQ VHJXLU£ PDQWHಣ QLHQGR IU¯RV ORV DOLPHQWRV SHUR QR SRGU£ DMXVWDU OD WHPSHUDWXUD 6L HO FRQVHMR DQWHULRU QR RIUHFH UHVX
58,'26 SSSRRR! BRRR! CLICK! HISSS! BLUBB! '$726 7&1,&26 /D LQIRUPDFLµQ W«FQLFD VH HQFXHQWUD HQ OD SODFD GH GDWRV W«FQLFRV VLWXDGD HQ HO LQWHULRU GHO DSDUDWR \ HQ OD HWLTXHWD GH FRQVXPR HQHUJ«WLFR (O FµGLJR 45 GH OD HWLTXHWD HQHUJ«WLFD VXPLQLVWUDGD FRQ HO DSDUDWR SURSRUFLRQD XQ HQODFH ZHE D OD LQIRUPDFLµQ UHODFLRQDGD FRQ HO UHQGLPLHQWR GHO DSDUDWR HQ OD EDVH GH GDWRV (35(/ GH OD 8( *XDUGH OD HWLTXHWD HQHUJ«WLFD FRPR UHIHUHQFLD MXQWR FRQ HO PDQXDO GH XVXDULR \ WRGRV ORV GHP£V GRFXPHQWRV TXH VH SURSR
&DS¯WXOR GH HVWH 0DQXDO GH 8VXDULR 3RU IDYRU SµQJDVH HQ FRQWDFWR FRQ HO IDEULFDQWH SDUD FXDOTXLHU RWUD LQIRUPDFLµQ DGLFLRQDO LQFOX\HQGR ORV SODQRV GH FDUJD $63(&726 0(',2$0%,(17$/(6 5HFLFOH ORV PDWHULDOHV FRQ HO V¯PEROR &RORTXH HO PDWHULDO GH HPEDODMH HQ ORV FRQWHQHGRUHV DGHFXDGRV SDUD VX UHFLFODMH $\XGH D SURWHJHU HO PHGLR DPELHQWH \ OD VDOXG S¼EOLFD DV¯ FRPR D UHFLFODU UHVLGXRV GH DSDUDWRV HO«FWULFRV \ HOHFWUµQLFRV 1R GHVHFKH ORV DSDUDWRV PDUFDGRV FRQ HO V¯PEROR MXQWR FRQ ORV UHVLGXRV