scieee AI-readable full text Open interactive document viewer

El Aprendizaje, la Gestión del Conocimiento y el Capital intelectual en la Era de la Innovación.

Gil Gómez, Hermenegildo; Albors Garrigós, José

Abstract

El presente trabajo pretende demostrar como la gestión del conocimiento constituye un pilar básico en la estrategia de las organizaciones en su propósito de generar venta}a sostenible a largo plazo en su entorno operacional. El modelo

Full text

(O$SUHQGL]DMHOD*HVWLyQGHO&RQRFLPLHQWR\HO&DSLWDOLQWHOHFWXDOHQOD (UDGHOD,QQRYDFLyQ +HUPHQHJLOGR*LO*yPH]-RVp$OERUV*DUULJyV 'HSDUWDPHQWRGH2UJDQL]DFLyQGH(PSUHVDV8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLDKJLOJRP#LQJHQLRXSYHV 'HSDUWDPHQWRGH2UJDQL]DFLyQGH(PSUHVDV8QLYHUVLGDG3ROLWpFQLFDGH9DOHQFLDMDOERUV#RPSXSYHV 5(680(1 (O SUHVHQWH WUDEDMR SUHWHQGH GHPRVWUDU FRPR OD JHVWLyQ GHO FRQRFLPLHQWR FRQVWLWX\H XQ SLODU EiVLFR HQ OD HVWUDWHJLD GH ODV RUJDQL]DFLRQHV HQ VX SURSyVLWR GH JHQHUDU YHQWDMD VRVWHQLEOH D ODUJRSOD]RHQVXHQWRUQRRSHUDFLRQDO(OPRGHORGHGHVDUUROORRUJDQL]DWLYRSODQWHDGRVXJLHUH TXHODEDVHGHODJHVWLyQGHOFRQRFLPLHQWRHVHODSUHQGL]DMHRUJDQL]DWLYRORTXHQRVYDDOOHYDUD RSWLPL]DUHOXVRGHOFRQRFLPLHQWR~WLO\HVWDJHVWLyQGHOFRQRFLPLHQWRMXQWRFRQODPHGLFLyQGHO FDSLWDO LQWHOHFWXDO H[LVWHQWH HQ OD RUJDQL]DFLyQ VHUi OD EDVH GH OD ,QQRYDFLyQ FRQWLQXD TXH JDUDQWL]DUiOD PHMRUD SHUPDQHQWH HQ OD PLVPD (Q HO DUWtFXORVH UHYLVDUiQ \ UHODFLRQDUiQORV FRQFHSWRVEiVLFRV\VHSURSRQGUiQDFWXDFLRQHVHQODRUJDQL]DFLyQSDUDDGDSWDUORVFRQFHSWRV\ HOPRGHORSURSXHVWRDVXHVWUDWHJLDFRPSHWLWLYD ,QWURGXFFLyQ $FWXDOPHQWHQRVHQFRQWUDPRVDQWHXQDQXHYDpSRFDGHFDPELRSURGXFLGDSRUODH[SORVLyQGH ODV7HFQRORJtDVGHOD,QIRUPDFLyQ\GHODV7HOHFRPXQLFDFLRQHVTXHWLHQHQGHIRUPDFUHFLHQWH XQDLPSRUWDQFLDFDSLWDOHQODFRQILJXUDFLyQGHODVRFLHGDGGHQXHVWURWLHPSRKDVWDHOSXQWR TXH VH KD SRSXODUL]DGR OD H[SUHVLyQ 6RFLHGDG GH OD ,QIRUPDFLyQ 9HU 8QLyQ (XURSHD ZZZFRUGLVOX6LQHPEDUJRODV7HFQRORJtDVGHOD,QIRUPDFLyQ\ODV7HOHFRPXQLFDFLRQHVQR VRQ PiV TXH XQ PHGLR SDUD WUDQVPLWLU FRQWHQLGRV \ SDUD JHVWLRQDU HILFD]PHQWH GDWRV LQIRUPDFLyQ \ FRQRFLPLHQWR $VLPLVPR HO FRQRFLPLHQWR VH FRQYLHUWH HQ HO IDFWRU IXQGDPHQWDOGHFUHDFLyQGHULTXH]DHQODVRFLHGDGGHQXHVWURWLHPSR(QHVWHVHQWLGR\ WDO FRPRVHxDOy6DYDJH>@ORVFXDWURIDFWRUHVGHFUHDFLyQGHULTXH]DHQXQDHFRQRPtD KDQVLGR VLHPSUHODWLHUUDHOWUDEDMRHOFDSLWDO\HOFRQRFLPLHQWRSHURODLPSRUWDQFLDUHODWLYDGHFDGD XQRGHHOORVKDLGRYDULDQGRHQHOWLHPSR&DGDYH]PiVVHYDDEULHQGRSDVRODDILUPDFLyQGH 3UXVDN>@GHTXHODIXHQWHSULQFLSDOGHFUHDFLyQGHYHQWDMDVFRPSHWLWLYDVGHXQDRUJDQL]DFLyQ UHVLGHIXQGDPHQWDOPHQWHHQVXVFRQRFLPLHQWRVRPiVFRQFUHWDPHQWHHQORTXHVDEHHQFyPR XVDORTXHVDEH\HQVXFDSDFLGDGGHDSUHQGHU FRVDVQXHYDV'HHVWHPRGR\HQFRQH[LyQFRQ HVWDHVSHFLDOUHOHYDQFLDGHOFRQRFLPLHQWRDSDUHFHHOFRQFHSWRGH6RFLHGDGGHO&RQRFLPLHQWR >@\>@R³6RFLHGDGGHO$SUHQGL]DMH´TXHUHIOHMDHOGLQDPLVPRGHOSURFHVRGHJHQHUDFLyQ\ DSOLFDFLyQGHORVFRQRFLPLHQWRV\TXHKDOOHYDGRDOHFRQRPLVWDGDQpV/XQGYDOO>@DH[SRQHU TXH ³«HQ OD HFRQRPtD PRGHUQD HO UHFXUVR IXQGDPHQWDO HV HO FRQRFLPLHQWR \ FRQVHFXHQWHPHQWH HO SURFHVR PiV LPSRUWDQWH HV HO DSUHQGL]DMH´ %XHQR >@ VRVWLHQH FRQ UD]yQ TXH ORV FRQFHSWRV LQIRUPDFLyQ FRQRFLPLHQWR \ DSUHQGL]DMH IRUPDQ SDUWH GH OD DFWLYLGDGKXPDQDGHVGH TXHHOKRPEUHHVKRPEUHODGLIHUHQFLDHQORV~OWLPRVDxRVVHEDVD HQODQXHYDFRQILJXUDFLyQ\ ODQXHYDLQWHJUDFLyQGHORVVLJQLILFDGRVGHHVWRVWUHVFRQFHSWRV GHELGR D TXH ODVWHFQRORJtDVGH OD LQIRUPDFLyQ \ GHODVFRPXQLFDFLRQHVSUiFWLFDPHQWH KDQ HOLPLQDGRODVEDUUHUDVItVLFDV\WHPSRUDOHVDODWUDQVPLVLyQ\GLIXVLyQGHODLQIRUPDFLyQ(Q HVWDPLVPDGLUHFFLyQ'UXFNHU>@VHxDODTXHHOFRQRFLPLHQWRQRHVXQRPiVGHORVIDFWRUHVGH SURGXFFLyQVLQRTXHVHKDFRQYHUWLGRHQVXSULQFLSDOIDFWRU /D*HVWLyQ GHO&RQRFLPLHQWR\HO$SUHQGL]DMHRUJDQL]DFLRQDO 'HVGH KDFH DOJXQRV DxRV QR GHPDVLDGRV ILOyVRIRV VRFLyORJRV SVLFyORJRV OLQJLVWDV HFRQRPLVWDV SURIHVLRQDOHV H LQWHOHFWXDOHV YHQLPRV KDEODQGR GH OD 6RFLHGDG GHO &RQRFLPLHQWR H[SUHVLyQ TXH VH YH FRPSOHPHQWDGD SRU OD GH OD (UD GH OD ,QIRUPDFLyQ VXFHVRUD GH OD (UD ,QGXVWULDO GRQGH OD IXHQWH GH ULTXH]D PiV LPSRUWDQWH HV HO &RQRFLPLHQWR (O FRQRFLPLHQWR VH FRQYLHUWHHQODVHFRQRPtDVGHILQDOHVGHOVLJOR;;\GHSULQFLSLRVGHO;;,HQODIXHQWHSULQFLSDO GHFUHDFLyQGHULTXH]DHVGHFLUQRHVVyORRWURUHFXUVRDGHPiVGHOWUDEDMRFDSLWDO\WLHUUDVLQR TXH HV HO PiV FUtWLFR \ SDUD TXH SURSRUFLRQH ODV Pi[LPDV YHQWDMDV GHEH VHU FRUUHFWDPHQWH JHVWLRQDGR 1DFH DVtHOFRQFHSWR ³*HVWLyQ GHO&RQRFLPLHQWR´ FRPR XQD GLVFLSOLQDTXH KDLUUXPSLGRFRQ IRUWXQD HQ WRGRV DTXHOORV iPELWRV HQ TXH HO FRQRFLPLHQWR IRUPD SDUWH HVHQFLDO HQ HO FRPSRUWDPLHQWR GH ODV DFWLYLGDGHV TXH DWDxHQ DO IXQFLRQDPLHQWR GH ODV HPSUHVDV D OD JHQHUDFLyQGHFRQRFLPLHQWRHQPDWHULDGHLQYHVWLJDFLyQ\DVXDSURYHFKDPLHQWR\HQJHQHUDOD FXDOTXLHUSURFHVRGHLQQRYDFLyQ /DMXYHQWXGGHODGLVFLSOLQDTXHGDGH PDQLILHVWRFXDQGRVHFRQVLGHUDTXHHVHQODGpFDGD GH FXDQGRDSDUHFHQORVSULPHURVGRFXPHQWRVTXHODYDQSHUILODQGRKDVWDGHVHPERFDU HQOD REUDGH1RQDND\7DNHXFKL>@TXHFDVLSRGUtDFRQVLGHUDUVHFRPRHOPRPHQWRHQTXHVHDOFDQ]D OD PDGXUH] GHO SURFHVR IXQGDFLRQDO 7DPELpQ QXPHURVRV HVWXGLRV GH 'DYHQSRUW GHVGH  >@>@>@\>@KDQFRQWULEXLGRDUHDOL]DUVHULRVSURJUHVRVHQODFLWDGDGLVFLSOLQD ([LVWHQ PXFKDVGHILQLFLRQHV GHO WpUPLQR HQ FXHVWLyQ SHUR HQ GHILQLWLYD WRGDV VH UHILHUHQ DOD JHVWLyQGHORV$FWLYRV,QWDQJLEOHVTXHJHQHUDQYDORUSDUDOD2UJDQL]DFLyQDODKRUDGHFRQVHJXLU FDSDFLGDGHVRFRPSHWHQFLDVHVHQFLDOHV /D OLWHUDWXUDDFDGpPLFD VREUH*HVWLyQGHO &RQRFLPLHQWRDXQTXHH[WHQVLYDHVHVFDVD HQOR TXH VH UHILHUH DO HQWRUQR GH OD 3\PH 3XEOLFDFLRQHV UHFLHQWHV DSXQWDQ D HVWH FDPSR GH LQYHVWLJDFLyQ>@ /DPD\RUtDGHORVLQYHVWLJDGRUHVKDQIRFDOL]DGRVXWUDEDMRHQ HOFDPSR GHOHQWHQGLPLHQWR\ ODSUiFWLFDGHODSUHQGL]DMHHQODVSHTXHxDVRUJDQL]DFLRQHV>@>@\ >@$OJXQDVGHHVWDVFRQFOXVLRQHVVHUiQDSOLFDEOHVDODQHFHVLGDGGHOD3<0(SDUDXVDUHO FRQRFLPLHQWR D WLHPSR OD SUHGRPLQDQFLD GHO DSUHQGL]DMH LQIRUPDO HQ OD 3<0( HO SDSHO UHOHYDQWH GHO SURSLR JHVWRU HQ HVH DSUHQGL]DMH ORV IDFWRUHV GH PRWLYDFLyQ OD UHVLVWHQFLD DO FDPELRHWF /D HFRQRPtD GHO FRQRFLPLHQWR HVXQDHFRQRPtDGRQGH HOYDORU UHVLGH HQWUDQVIRUPDUODV LGHDV HQ EHQHILFLRV \ GRQGH OD DSOLFDFLyQ GH FRQRFLPLHQWR GLIHUHQFLDO SHUPLWH JHQHUDU SURGXFWRVFRQPD\RUHVPiUJHQHV<HQWRGRHOORDSUHQGHU HVHOSULQFLSDOOXEULFDQWH ,QWURGXFLPRVGHHVWDIRUPDHODSUHQGL]DMHRUJDQL]DWLYRFRPRXQDGLVFLSOLQDHVWDEOHFLGDTXH DOPDFHQDODH[SHULHQFLD \ HOFRQRFLPLHQWRGHODHPSUHVD \ HVWiGHDFXHUGRFRQHOFDPELR RUJDQL]DFLRQDO \ HV SRU WDQWR EDVWDQWH UHOHYDQWH SDUD OD DFXPXODFLyQ \ HO DXPHQWR GH ORV DFWLYRVLQWDQJLEOHVGHODHPSUHVD³HODSUHQGL]DMHRUJDQL]DWLYRHVODEDVHGHODJHQHUDFLyQGH FRQRFLPLHQWR´'HDFXHUGRFRQ$UJ\ULV>@WKHLQGLYLGXDOOHDUQLQJDFWLYLWLHVLQWXUQDUH IDFLOLWDWHG RU LQKLELWHG E\ DQ HFRORJLFDO V\VWHP RI IDFWRUV WKDW PD\ EH FDOOHG DQ RUJDQLVDWLRQDOOHDUQLQJV\VWHPS :HLFN >@ WUDWD VREUH OD UHSHUFXVLyQ GHO FRQRFLPLHQWR \ ORV HIHFWRV HQ HO HQWRUQR GH OD FRPSDxtD6HQJH>@HVWDEOHFHVXVFLQFRFRPSRQHQWHVSDUDHODSUHQGL]DMHGHODRUJDQL]DFLyQ DSXQWDQGRTXHHODSUHQGL]DMHLPSOLFDXQFDPELRSRWHQFLDOHQODRUJDQL]DFLyQWDO\FRPRGLFH $UJ\ULV>@ (O DSUHQGL]DMH HQWHQGLGR FRPR XQ FDPELR VLVWHPiWLFR HQ OD RUJDQL]DFLyQ HV WDPELpQ SURSXHVWR SRU :DWNLQV >@ /D HILFLHQFLD GHO DSUHQGL]DMH GH JUXSRV D WUDYpV GH RUJDQL]DFLRQHV JUXSRV IRUPDOHV UHGHV LQIRUPDOHV HWF KD VLGR WDPELpQ DPSOLDPHQWH GLVFXWLGR>@\>@ (O ILQ SULPRUGLDO GH OD JHVWLyQ GHO FRQRFLPLHQWR UHVLGH HQ OD FUHDFLyQ GH FRQRFLPLHQWR RUJDQL]DFLRQDO >@ 6L FRQVLGHUDPRV OD VHFXHQFLD FRQIRUPDGD SRU GDWRV ±LQIRUPDFLyQ ± FRQRFLPLHQWRHVWD~OWLPDGLPHQVLyQVXUJHGHODHILFD]JHVWLyQGHODVGRVDQWHULRUHV>@(V QHFHVDULRDSURYHFKDUODQXHYDLQIRUPDFLyQJHQHUDGD\ODH[SHULHQFLDGHODLQVWLWXFLyQ\GHVXV FRPSRQHQWHVSDUDREWHQHUFRQRFLPLHQWRQXHYRSDUDVXXVRSRVWHULRU>@\ >@\SRUWDQWR YHQWDMD HVWUDWpJLFD VRVWHQLEOH >@ (Q HVWH FRQWH[WR OD PLVLyQ HVHQFLDO GH OD JHVWLyQ GHO FRQRFLPLHQWR HV LQFXOFDU XQD FXOWXUD GH OD FRODERUDFLyQ \ GHO FRQRFLPLHQWR LQVWLWXFLRQDO FRPSDUWLGR>@3UHFLVDPHQWHODJHVWLyQGHOFRQRFLPLHQWRHVHOHVIXHU]RGHFDSWXUDU\VDFDU SURYHFKR GH OD H[SHULHQFLD FROHFWLYD GH OD RUJDQL]DFLyQ KDFLpQGROD DFFHVLEOH D FXDOTXLHU PLHPEURGHODHPSUHVD>@ (O&DSLWDO,QWHOHFWXDO $OJXQRVDXWRUHVKDQHPSH]DGRDFODVLILFDUEDMRHOQRPEUHGHFDSLWDOLQWHOHFWXDOWRGRVORVUHFXUVRV LQWDQJLEOHV>@>@>@>@\>@\DUHDOL]DUHODQiOLVLVGHVXVLQWHUFRQH[LRQHV6HJ~QHVWD FRUULHQWH HO FDSLWDO LQWHOHFWXDO GH XQD HPSUHVD HVWDUtD IRUPDGR SRU HO FRQMXQWR GH UHFXUVRV LQWDQJLEOHV /RTXHWRGRVORVDXWRUHVFRLQFLGHQHVTXHHOFDSLWDOLQWHOHFWXDOHVODPHGLGDGHODVFRPSHWHQFLDV HVHQFLDOHV HQ TXH VH SXHGH FRQFUHWDU HO QXHYR FRQRFLPLHQWR 6HJ~Q %XHQR >@ HO FDSLWDO LQWHOHFWXDO (V XQ ³YDORU FDSLWDO´ HQ XQ PRPHQWR GHO WLHPSR \ TXH LQWHJUD WUHV HOHPHQWRV IXQGDPHQWDOHVHOFDSLWDOKXPDQRRYDORUGHOFRQRFLPLHQWRFUHDGRHQODVS HUVRQDV HOFDSLWDOHVWUXFWXUDOR YDORUGHO FRQRFLPLHQWRFUHDGRHQ OD RUJDQL]DFLyQ\TXHVH PDWHULDOL]D HQ VXV VLVWHPDV SURFHGLPLHQWRV \ GHVDUUROORV WHFQROyJLFRV \ HO FDSLWDO UHODFLRQDO R YDORU GHO FRQRFLPLHQWR FUHDGR SRU OD HPSUHVD HQ UHODFLyQ FRQ VX HQWRUQRFRQVXVDJHQWHVIURQWHUDV &RPSOHPHQWDQGRORVWUDEDMRVVREUHFDSLWDOLQWHOHFWXDODSDUWHGHOWUDEDMRGHVDUUROODGRSRUHO JUXSR GHO SURIHVRU %XHQR >@ \ >@ FRQ HO PRGHOR ³,QWHOHFW´ GH PHGLFLyQ GHO FDSLWDO LQWHOHFWXDO QXPHURVRV DXWRUHV FRPR 'DYHQSRUW >@ >@ >@\ >@ (GYLQVRQ \ 0DORQH >@6YHLE\>@%URRNLQJ>@6WHZDUW>@HLQVWLWXFLRQHVGHSUHVWLJLR.30*  6NDQGLD (6$'(,(6(«KDQWUDEDMDGR\WUDEDMDQDOUHVSHFWR (Q FXDQWR D OD UHODFLyQ HQWUH ORV WUHV FRQFHSWRV DSUHQGL]DMH JHVWLyQ GHO FRQRFLPLHQWR \ FDSLWDO LQWHOHFWXDO SRGHPRV GHFLU TXH HO DSUHQGL]DMH HV HO SURFHVR GH WUDQVIRUPDFLyQ \ GH LQFRUSRUDFLyQGHOFRQRFLPLHQWRWDQWRDQLYHOSHUVRQDOFRPRGHJUXSRRGHRUJDQL]DFLyQHQVX FRQMXQWR HV GHFLU FRQVWLWX\H OD EDVH GH OD JHVWLyQ GHO FRQRFLPLHQWR OD JHVWLyQ GHO FRQRFLPLHQWR HV XQD IXQFLyQGLQiPLFD UHODFLRQDGDFRQOD GLUHFFLyQ R DGPLQLVWUDFLyQGH XQ FRQMXQWRGHIOXMRVGHFRQRFLPLHQWRVELHQVHDQWiFLWRVRH[SOtFLWRV\HO FDSLWDOLQWHOHFWXDO HV  9HUDUWtFXORGH6DEtQ$]~DVRFLRFRQVXOWRUGH.30*HQ>@ OD PHGLGD GHO YDORU FUHDGR TXH SHUPLWH H[SOLFDU OD HILFDFLD GHO DSUHQGL]DMH RUJDQL]DWLYR \ HYDOXDUHQVXPDODHILFLHQFLDGHODJHVWLyQGHOFRQRFLPLHQWR 3UiFWLFDHQ2UJDQL]DFLRQHV 4XpGXGDFDEH\DGHTXHHOFRQRFLPLHQWR\VXJHVWLyQLQWHOLJHQWHHVHODFWLYRPiVFUXFLDO SDUDHOIXWXURGHODVRUJDQL]DFLRQHV&RPRELHQGLFHQ'DYHQSRUW\3UXVDNHQODLQWURGXFFLyQ GH VX LQWHUHVDQWH OLEUR :RUNLQJ .QRZOHGJH >@DXQTXH HVFLHUWR TXHODVRUJDQL]DFLRQHV VLHPSUH KDQ WHQLGR KDQ XWLOL]DGR \ KDQ H[SORWDGR FRQRFLPLHQWRV SDUD OOHYDU D FDER VXV REMHWLYRVSDUHFHTXHGHSURQWRVHKDQGDGRFXHQWDGHTXHHVSUHFLVRGHILQLULQVWUXPHQWDOL]DU PDQHUDVGHJHVWLRQDUHVHDFWLYRLQWDQJLEOH(QHVWHVHQWLGR3HWHU6HQJH\DDSXQWDEDHQVXEHVW VHOOHUPXQGLDO³/D4XLQWD 'LVFLSOLQD´>@TXHXQDHPSUHVDLQWHOLJHQWHHVDTXHOOD TXHHVWi RUJDQL]DGDGHIRUPDFRQVLVWHQWHFRQODQDWXUDOH]DKXPDQD 3UREVW5DXE\5RPKDUGW>@SUHVHQWDQODVGLIHUHQWHVSDUWHVGHXQDHVWUDWHJLDGHJHVWLyQGHO FRQRFLPLHQWRHQODHPSUHVD/RVFRPSRQHQWHVSULQFLSDOHVGHHVDHVWUDWHJLDVRQRFKR  2EMHWLYRV GH FRQRFLPLHQWR TXp FRQRFLPLHQWR QHFHVLWDPRV HQ OD RUJDQL]DFLyQ FXiO HV QXHVWUDYLVLyQGHFRQRFLPLHQWRQXHVWUDFXOWXUDTXpLPSRUWDQFLDWLHQHHOFRQRFLPLHQWR HQQXHVWUDHVWUDWHJLD  %DODQFHGHFRQRFLPLHQWRVGyQGHHVWiHOFRQRFLPLHQWRHQQXHVWUDRUJDQL]DFLyQTXLpQHV VRQ ORV H[SHUWRV TXp VDEHQ PDSDV GH FRQRFLPLHQWR HWF +D\ TXH GHWHUPLQDU TXp VDEHPRV\TXL]iVPiVLPSRUWDQWHTXpQRVDEHPRV  $GTXLVLFLyQ GH FRQRFLPLHQWRV XQD YH] VDEHPRV TXp LQIRUPDFLyQ QHFHVLWDPRV KD\ TXH FRQVHJXLUOD < DTXt KD\ TXH FRPELQDU QXHVWUDV FDSDFLGDGHV GH JHQHUDFLyQ LQWHUQD GH FRQRFLPLHQWRV FRQ OD LGHQWLILFDFLyQ GH OR TXH H[LVWH HQ ORV PHUFDGRV H[WHULRUHV GH FRQRFLPLHQWR$XQTXH OD PDQHUDSULQFLSDOGHREWHQHUFRQRFLPLHQWRVHVDO PHQRVKR\ SRU KR\FDSWXUDUJHQWHFDSD]/DWHFQRORJtDWLHQHDTXtXQDVSRVLELOLGDGHVHQRUPHVSHUR KD\TXHDSUHQGHUDXWLOL]DUODFRPRLQVWUXPHQWRVLVWHPiWLFRGHFDSWXUDGHLQIRUPDFLyQ  'HVDUUROORGHFRQRFLPLHQWRVIUHFXHQWHPHQWHQRKD\VXILFLHQWHFRQHOFRQRFLPLHQWR TXH SRGHPRVDGTXLULUHQHOPHUFDGRKD\ TXHGHVDUUROODUQXHVWURSURSLRFRQRFLPLHQWR$TXt KD\TXHYHUFyPRODWHFQRORJtDQRVSXHGHD\XGDUDJHQHUDUFRQRFLPLHQWRFRPELQDQGRHO FRQRFLPLHQWRTXH\DWHQHPRVFyPRDSURYHFKDPRVDOPi[LPRHOPRWRUGH1RQDND´(O UHWR HVWi HQ XWLOL]DU OD WHFQRORJtD SDUD FUHDU XQ PHFDQLVPR GH JHQHUDFLyQ GH FRQRFLPLHQWRVFROHFWLYRV  &RPSDUWLU FRQRFLPLHQWRV XQR GH ORV SUREOHPDV SULQFLSDOHV HQ OD JHVWLyQ GHO FRQRFLPLHQWR HV TXH HVWH VHD FRPSDUWLGR SRU TXLpQHV GHEHQ FRPSDUWLUOR $TXt OD WHFQRORJtD D\XGD SHUR HO SUREOHPD HV PiV KXPDQR TXH WpFQLFR 3ULPHUR KD\ TXH GHWHUPLQDUTXLpQSUHFLVDFRQRFLPLHQWRSDUDGHVSXpVYHUFyPRVHOHKDFHOOHJDUHOPLVPR +D\ TXH GHVDUUROODU PHFDQLVPRV GH LQFHQWLYRV \ FDPELDU OD FXOWXUD GH TXH HO FRQRFLPLHQWRHVSRGHUSRGHUTXHQRTXLHURFRPSDUWLUFODURHVWi  8VR GHO FRQRFLPLHQWR HQ ODV RUJDQL]DFLRQHV KD\ HQ GHPDVLDGRV FDVRV PXFKR FRQRFLPLHQWR TXH QR VH XVD 8QD GH ODV UD]RQHV HV TXH HVWi PDO RUJDQL]DGR \ QR VH HQFXHQWUD 3HUR HQ PXFKDV RFDVLRQHV HO SUREOHPD HV PiV JUDYH QR VDEHPRV FyPR LQFRUSRUDU QXHYR FRQRFLPLHQWR DO FRQRFLPLHQWR TXH \D WHQHPRV $TXt HVWi FODUR SXHV TXHXQDFRVDHVODLQIUDHVWUXFWXUD\RWUDHOXVRGHOFRQRFLPLHQWR<SDUDTXHPHMRUHHO XVRGHOFRQRFLPLHQWRTXL]iVORPiV LPSRUWDQWHHVFUHDUXQDVFRQGLFLRQHVGHWUDEDMRXQ DPELHQWHTXHSHUPLWDDSUHQGHUVLXQRQRSXHGHHQFRQWUDUXQHVSDFLRSDUDFRQFHQWUDUVH OD,QWUDQHWPiVUXWLODQWHQRVLUYHSDUDQDGD  0DQWHQLPLHQWRGHOFRQRFLPLHQWR8QDYH]TXHVDEHPRVTXpFRQRFLPLHQWRTXHUHPRVTXH OR GLVWULEXLPRV HWF KD\ TXH DVHJXUDUVH GH TXH SHUPDQH]FD HQ OD RUJDQL]DFLyQ (V XQ UHFXUVRTXHKD FRVWDGRPXFKRGHGHVDUUROODUSHURVyOR HVXQDFWLYRVLHVXWLOL]DEOHHQ FXDOTXLHUPRPHQWR/DPHQWDEOHPHQWHPXFKRFRQRFLPLHQWRVHDOPDFHQDHQODPHQWHGH SHUVRQDV<HVRHVPX\GLItFLOGHUHWHQHUSRUPHGLRVPHFiQLFRV3RUWDQWRFXULRVDPHQWH ODPHMRUIRUPDGHSUHVHUYDUHOFRQRFLPLHQWRHVGLVHxDUXQDSROtWLFDLQWHOLJHQWHGHUHFXUVRV KXPDQRV GRQGH VH HQWLHQGD TXH ODV SHUVRQDV VRQ OD SULQFLSDO EDVH GH GDWRV GH OD RUJDQL]DFLyQ &XDQGR OD JHQWH VH YD VH YDQ ODV LGHDV \ VH SURGXFH OD DPQHVLD FRUSRUDWLYD$TXtODWHFQRORJtDD\XGDUiSHURD~QWDUGDUi  0HGLGD GHO FRQRFLPLHQWR ILQDOPHQWH WRGR HVWH HVTXHPD VH FRPSOHWD FRQ DOJ~Q PHFDQLVPRSDUDPHGLUHOYDORUGHOFRQRFLPLHQWRGLVSRQLEOHRVXQLYHOGHXWLOL]DFLyQR D~Q PiV FRPSOLFDGR FyPR DIHFWD D OD JHQHUDFLyQ GH EHQHILFLRV HQ OD RUJDQL]DFLyQ /D WHFQRORJtDQRVGHEHUtDD\XGDUDTXtDFRQVWUXLUFXDGURVGHPDQGR>@SDUDVHJXLUGtDD GtD HO LPSDFWR GHO NQRZKRZ HQ HO FDVKIORZ $OJR TXH QR SXHGH PHGLUVH QR HV JHQHUDOPHQWHHVWXGLDEOHFLHQWtILFDPHQWHRVHDXQDWHRUtDVHULDGHOFRQRFLPLHQWRHQODV RUJDQL]DFLRQHVGHEHSDUWLUGHPHFDQLVPRVSDUDVXPHGLGD>@ ,QQRYDFLyQFRQWLQXD6LVWHPDVGH*HVWLyQGHO&RQRFLPLHQWR /DLGHDHVKDFHUYLVLEOHTXHHOHOHPHQWRLQQRYDGRUTXHYDDSURSRUFLRQDUPHMRUDVRVWHQLEOHD ODUJRSOD]RDODV2UJDQL]DFLRQHVHVHOFRQRFLPLHQWR ~WLOFRUUHFWDPHQWHJHVWLRQDGR \ODEDVHGH HVWDJHVWLyQGHOFRQRFLPLHQWRYD DUHVLGLUHQHO$SUHQGL]DMH2UJDQL]DWLYRHOFXDOKDEUiTXH WHQHUSUHVHQWHHQWRGRPRPHQWR /D JHVWLyQ GHO FRQRFLPLHQWR GHEH VHU HO KLOR FRQGXFWRU HQ OD HVWUDWHJLD HPSUHVDULDO GH OD RUJDQL]DFLyQ\ ODLQFRUSRUDFLyQGH6LVWHPDVGH*HVWLyQGHO&RQRFLPLHQWR .06DVtFRPR XQD FRUUHFWD DSOLFDFLyQ GH ORV PpWRGRV GH DSUHQGL]DMH RUJDQL]DWLYR GHEHQ VHU KLSyWHVLV IXQGDPHQWDOHVHQHVHPRGHORGH*HVWLyQHPSUHVDULDO 8Q6LVWHPDGH*HVWLyQGHO&RQRFLPLHQWRWLHQHFRPRIXQFLRQHVJHQpULFDV\SULQFLSDOHV x,GHQWLILFDUORV FRQRFLPLHQWRV~WLOHVGHODRUJDQL]DFLyQDTXHOORVTXHFUHDQYDORU x,QYHQWDULDUORVFRQYHUWLUHOFDSLWDOKXPDQR\HOFDSLWDOUHODFLRQDOHQFDSLWDOHVWUXFWXUDO x$XPHQWDUORV x([SORWDUORV\8WLOL]DUORV 3DUD SRGHU LPSODQWDU XQ 6LVWHPD GH *HVWLyQ GHO &RQRFLPLHQWR .QRZOHGJH 0DQDJHPHQW 6\VWHP .06 SULPHUR WLHQHTXH H[LVWLU XQD FXOWXUDGH &RQRFLPLHQWRHV GHFLUXQDFXOWXUD GRQGH VH WHQJD FRQFLHQFLD FODUD TXH OD IXHQWH GH ULTXH]D TXH JHQHUD YHQWDMD FRPSHWLWLYD VRVWHQLEOHD ODUJRWLHPSRHVHO&RQRFLPLHQWR\ TXH HVWHVHREWLHQHDWUDYpVGHODSUHQGL]DMH RUJDQL]DWLYR $OFDSWXUDUDOPDFHQDU\HPSOHDUHOFRQRFLPLHQWRHQORVSURFHVRVRUJDQL]DFLRQDOHVVHJHQHUD YDORU DxDGLGR D ODV RUJDQL]DFLRQHV OR FXDO UHGXFH HO FRVWR GH DSUHQGL]DMH /RV VLVWHPDV GH JHVWLyQGHOFRQRFLPLHQWRGHEHQRULHQWDUVHDPLQLPL]DUODHQHUJtDFRQVXPLGD\PD[LPL]DUOD HQHUJtD SURGXFLGD SDUD OD DGTXLVLFLyQ \ SURGXFFLyQ GH QXHYRV FRQRFLPLHQWRV TXH D VX YH] DJUHJXHQYDORUDODRUJDQL]DFLyQ /DHFXDFLyQGHOFRQRFLPLHQWRHQODVRUJDQL]DFLRQHVSODQWHDTXHHQXQPRPHQWRGDGRFXDQGR ODUHDOL]DFLyQGH ORVSURFHVRVRUJDQL]DFLRQDOHVHQYXHOYHODXWLOL]DFLyQGHOFRQRFLPLHQWRVH FRQVXPH XQD GHWHUPLQDGD FDQWLGDG GH HQHUJtD HQ UHFXUVRV KXPDQRV \ PDWHULDOHV $O SODQWHDUVH HQ RWUR PRPHQWR XQ SURFHVR DQiORJR SXHGHQ RFXUULU GRV FRVDV UHSURGXFLU HO PLVPR FRQVXPR HQHUJpWLFR R PLQLPL]DU GLFKR FRQVXPR GLVSRQLHQGR GH XQ VLVWHPD GH JHVWLyQGHOFRQRFLPLHQWRTXHSHUPLWDXWLOL]DUHOFRQRFLPLHQWRSURGXFLGR\DFXPXODGR (Q UHVXPHQ XQ VLVWHPD GH JHVWLyQ GHO FRQRFLPLHQWR SHUPLWH OD UHXWLOL]DFLyQ GH OD LQIRUPDFLyQ DOPDFHQDGD HQ OD RUJDQL]DFLyQ \ VX LQFRUSRUDFLyQ HQ ORV SURFHVRV IXQFLRQDOHV \ RSHUDFLRQDOHV LQWHJUDQGRORVVLVWHPDVGHLQIRUPDFLyQH[LVWHQWHV\SHUPLWLHQGRODGXUDELOLGDGGHODLQIRUPDFLyQ\ HOFRQRFLPLHQWR &RQFOXVLyQ (Q HO DQiOLVLV \ UHIOH[LyQ TXH KHPRV LGR GHVDUUROODQGR D OR ODUJR GH OD SUHVHQWH FRPXQLFDFLyQ SRGHPRVFRQFOXLUTXHODJHVWLyQGHOFRQRFLPLHQWRLQYROXFUDGRVDVSHFWRVUHOHYDQWHVSRUXQDSDUWH ODLGHDGHJHVWLyQLQGLFDGHDOJ~QPRGRODRUJDQL]DFLyQ ODSODQLILFDFLyQODGLUHFFLyQ\HOFRQWURO GHSURFHVRVSDUDFRQIRUPDURGLVSRQHUGHFLHUWRVREMHWLYRVGHRWURODGRDOKDEODUGHFRQRFLPLHQWR VH SRQH GH PDQLILHVWR TXH XQD RUJDQL]DFLyQ FRPR FXDOTXLHU VHU KXPDQR HVWi VRPHWLGD D XQD GLQiPLFDHQODTXHGHOH[WHULRU\GHOLQWHULRUPLVPRFDSWDRSHUFLEHLQIRUPDFLyQODUHFRQRFHOD RUJDQL]D OD DOPDFHQD OD DQDOL]D OD HYDO~D \ HPLWH XQD UHVSXHVWD DO H[WHULRU EDVDGD HQ GLFKD LQIRUPDFLyQ\HQJOREDGDHQHOWRWDOGHLQIRUPDFLyQDOPDFHQDGDSURFXUDQGRXQUHVXOWDGR'HHVWD IRUPDOD*HVWLyQGHO&RQRFLPLHQWRSURFXUDPD[LPL]DUHO$SUHQGL]DMH2UJDQL]DFLRQDOFRQPLUDVD LQFUHPHQWDU VX FRPSHWLWLYLGDGJOREDO\ HO &DSLWDO,QWHOHFWXDOHV OD PHGLGD GHOYDORU FUHDGRTXH SHUPLWH H[SOLFDU OD HILFDFLD GHO DSUHQGL]DMH RUJDQL]DWLYR \ HYDOXDU HQ VXPD OD HILFLHQFLD GH OD JHVWLyQGHOFRQRFLPLHQWR (QOD(FRQRPtDGHO&RQRFLPLHQWROD,QQRYDFLyQ \DQRHVXQFDSULFKRHVDOJRHVHQFLDOSDUD PDQWHQHU OD PiTXLQD GHO YDORU IXQFLRQDQGR (Q HVWD VLWXDFLyQ JHQHUDU FRQRFLPLHQWR HV VXVWDQFLDOSDUDODRUJDQL]DFLyQXQHOHPHQWRIDFLOLWDGRUGHHVWRHVXQ6LVWHPDGH*HVWLyQGHO &RQRFLPLHQWR \ SRU OR WDQWR GHEH HVWDU LQWHJUDGR HQ OD HVWUDWHJLD GH JHVWLyQ UHVXOWDQGR XQ HOHPHQWRFUtWLFRGHODPLVPD 5HIHUHQFLDV x>@6DYDJH&K³3UHVHQWDFLyQHQ'(&:25/'´7KH,QWHUQDWLRQDO7UDGHVKRZ IRU'LJLWDO(TXLSPHQW&RUSRUDWLRQ%RVWRQ x>@3UXVDN/³7KH.QRZOHGJHDGYDQWDJH´6WUDWHJ\/HDGHUVKLS0DU]R$EULO SS x>@&(³:KLWH3DSHURQHGXFDWLRQDQGWUDLQLQJ7HDFKLQJ DQGOHDUQLQJWRZDUVGH OHDUQLQJVRFLHW\´'RFXPHQWR&20%ROHWtQ x>@2&'( ³7KH.QRZOHGJHEDVHG(FRQRP\´3DUtV x>@ /XQGYDOO %$ $QG -RQKVRQ %  ³7KH /HDUQLQJ (FRQRP\´ -RXUQDO RI ,QGXVWU\6WXGLHV1R3S x>@%XHQR(³/D(UDGHOD,QIRUPDFLyQGHO&RQRFLPLHQWR\GHO$SUHQGL]DMH´ 'RFXPHQWRGHWUDEDMRGHODVHVLyQSOHQDULDGHO&OXE,QWHOHF 0D\R x>@ 'UXFNHU 3)  ³7KH DJH RI 6RFLDO 7UDQVIRUPDWLRQ´ 7KH $WODQWLF 0RQWKO\ QRYLHPEUHSS x>@1RQDND , DQG 7DNHXFKL + ³7KH .QRZOHGJH&UHDWLQJ &RPSDQ\´ 2[IRUG 8QLYHUVLW\3UHVV2[IRUG x>@'DYHQSRUW7³6DYLQJLW¶VVRXO+XPDQFHQWHUHGLQIRUPDWLRQPDQDJHPHQW´ +DUYDUG%XVLQHVV5HYLHZ0DUFK$SULOS x>@ 'DYHQSRUW 7 DQG 3UXVDN /  ³:RUNLQJ .QRZOHGJH +RZ RUJDQL]DWLRQV PDQDJHZKDWWKH\NQRZ´+DUYDUG%XVLQHVV6FKRRO3UHVV%RVWRQ x>@ 'DYHQSRUW 7 GH /RQJ ': DQG %HHUV 0&  ³6XFFHVVIXO .QRZOHGJH PDQDJHPHQWSURMHFW´6ORDQ0DQDJHPHQW5HYLHZS x>@'DYHQSRUW7&DSLWDO+XPDQR&UHDQGRYHQWDMDVFRPSHWLWLYDVDWUDYpVGH ODVSHUVRQDV(G*HVWLyQ x>@ 6SDUURZ -  ³.QRZOHGJH PDQDJHPHQW LQ VPDOO ILUPV´ .QRZOHGJH DQG SURFHVVPDQDJHPHQW x>@ :\HU 3 0DVRQ -  ³$Q RUJDQL]DWLRQDO OHDUQLQJ SUHVSHFWLYH WR HQWUDQFH XQGHUVWDQGLQJ RI SHRSOH PDQDJHQHQW LQ VPDOO EXVVLQHVVHU´ ,QWHUQDWLRQDO MRXUQDO RI HQWUHSUHQHXULDOEHKDYLRXUDQGUHVHDUFK x>@(YDQV&³8QGHUVWDQGLQJ60(OHDUQLQJ´0DUFKPRQW8. x>@ .LHO\ - %HDUPLN 1 $UPILZHONG $UPLVVHUG &  ³/HDUQLQJ LQ 6(0V )OH[LEOHOHDUQLQJWRPHHW)OH[LEOHZDLNLQNJQHHGV´0DUFKPRQWREVHUYDWRUL8. x>@$UJ\ULV&³2UJDQL]DWLRQDO/HDUQLQJDQGPDQDJHPHQW,QIRUPDWLRQ6\VWHPV $FFRXQWLQJ´2UJDQL]DWLRQVDQG6RFLHW\Q0DUFKSS x>@ :HLFN .  ³6HQVH PDNLQJ LQ RUJDQL]DWLRQV´ %HYHUO\ +LOOV &$ 6DJH 3XEOLFDWLRQV x>@6HQJH3³7KH)LIWN'LVFLSOLQH´ &HQWXU\/RQGRQ x>@:DWNLQV.0DUVLFN9³6FXOSLQJWKHOHDUQLQJ2UJDQL]DWLRQOHVVRQVLQWKH $UW6FLHQFHRI6\VWHPDWLF&KDQJH´ 6DQ)UDQFLVFR&$-RVVH\%DVV x>@ %URZQ - 'XJXLG 3  ³2UJDQL]DWLRQDO /HDUQLQJ DQG &RPPXQLWLHV RI SUDFWLFH´2UJDQL]DWLRQ6FLHQFH 0DUFKSS x>@ :HQJHU ( 6Q\GHU :  ³&RPPXQLWLHV RI SUDFWLFH WKH RUJDQL]DWLRQDO IURQWLHU´+DUYDUG%XVLQHVV5HYLHZ -DQXDU\ x>@ $OERUV -  ³.QRZOHGJH FUHDWLRQ DQG PDQDJHPHQW LQ D VDNH HQYLURPHQW D SUDFWLFDOFDVH´.QRZOHGJHDQGLQQRYDWLRQ x>@%URRNLQJ$³(O&DSLWDO,QWHOHFWXDO´3DLGRV(PSUHVD%DUFHORQD x>@ 1RQDND , (W DO  ³(O DUW GHO FRQRFLPLHQWR VLVWHPDV SDUD UHQWDELOL]DU HO FRQRFLPLHQWRGHOPHUFDGR´+DUYDUG'HXVWR%XVLQHV5HYLHZQSS x>@3RUWHU00LOODU9(³&yPR2EWHQHU9HQWDMDV&RPSHWLWLYDVSRUPHGLRGH OD,QIRUPDFLyQ´+DUYDUG'HXVWR%XVLQHVV5HYLHZQSULPHUWULPHVWUH x>@6YHLE\.(&DSLWDO,QWHOHFWXDO/DQXHYDULTXH]DGHODVHPSUHVDV&yPR PHGLU \JHVWLRQDUORVDFWLYRVLQWDQJLEOHVSDUDFUHDUYDORU´(G*HVWLyQ x>@ (GYLQVVRQ / 0DORQH 06  ³(O &DSLWDO ,QWHOHFWXDO´ *HVWLyQ  %DUFHORQD x>@(XURIRUXP³0HGLFLyQGHO&DSLWDO,QWHOHFWXDO0RGHOR,QWHOHF´ ,8((6DQ /RUHQ]RGHO(VFRULDO0DGULG x>@(XURIRUXP³*HVWLyQGHO&RQRFLPLHQWR\&DSLWDO,QWHOHFWXDO([SHULHQFLDVHQ (VSDxD´,8((6DQ/RUHQ]RGHO(VFRULDO0DGULG x>@%XHQR(³(O&DSLWDO,QWDQJLEOHFRPRFODYHHVWUDWpJLFDHQODFRPSHWHQFLD DFWXDO´%ROHWtQGH(VWXGLRV(FRQyPLFRV$VRFLDFLyQGH/LFHQFLDGRVGHOD8QLYHUVLGDG &RPHUFLDOGH'HXVWRQDJRVWR x>@ 6WHZDUG 7$  ³/D 1XHYD 5LTXH]D GH ODV 2UJDQL]DFLRQHV (/ &DSLWDO ,QWHOHFWXDO´*UDQLFD%XHQRV$LUHV x>@ *HOO $ \ RWURV  ³+RPR IDEHU +RPR VDSLHQV´ (6$'( (GLFLRQHV GHO EURQFH%DUFHORQD x>@ 3UREVW 5DXE \ 5RPKDUGW  ³0DQDJLQJ .QRZOHGJH EXLOGLQJ EORFNV IRU VXFFHVV-RKQ:LOH\6RQV x>@ .DSODQ 56 1RUWRQ '3  ³&XDGUR GH 0DQGR ,QWHJUDO´ 7KH %DODQFHG 6FRUHFDUG*HVWLyQ%DUFHORQD x>@ 5DVKL *OD]HU 0HDVXULQJ WKH .QRZHU 7RZDUGV D WKHRU\ RI .QRZOHGJH (TXLW\´ &DOLIRUQLD0DQDJHPHQW5HYLHZ YROQS