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GHO&SHGDJyJLFRGHOFRQWHQLGR3&.   &RQRFLPLHQWRWHFQROyJLFRGHOFRQWHQLGR7&.   0HGLDGHOD HVFDODVLVH HOLPLQDHO HOHPHQWR 9DULDQ]DGHOD HVFDODVLVH HOLPLQDHO HOHPHQWR &RUUHODFLyQ HOHPHQWRWRWDO FRUUHJLGD $OIDGH &URPEDFK VLVH HOLPLQDHO HOHPHQWR 9     9     9     9     7DEODQ&RUUHODFLyQ WHPWRWDOFXHVWLRQDULR GHO&WHFQROyJLFRGHOFRQWHQLGR7&.       /XFHV VRPEUDVGHODIRUPDFLyQGHOSURIHVRUDGRHQ7,&   &RQRFLPLHQWRWHFQROyJLFRSHGDJyJLFR73.   0HGLDGHOD HVFDODVLVH HOLPLQDHO HOHPHQWR 9DULDQ]DGHOD HVFDODVLVH HOLPLQDHO HOHPHQWR &RUUHODFLyQ HOHPHQWRWRWDO FRUUHJLGD $OIDGH &URPEDFK VLVH HOLPLQDHO HOHPHQWR 9     9     9     9     9     7DEODQ&RUUHODFLyQ 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&RQRFLPLHQWRWHFQROyJLFR7.  6p UHVROYHU PLV SUREOHPDVWpFQLFRV        $VLPLOR FRQRFLPLHQWRV WHFQROyJLFRVIiFLOPHQWH       0HPDQWHQJRDOG D GHODVQXHYDVWHFQRORJ DV LPSRUWDQWHV        $ PHQXGR MXHJR  KDJRSUXHEDVFRQOD WHFQRORJ D        &RQR]FR PXFKDV WHFQRORJ DVGLIHUHQWHV        7HQJR ORV FRQRFLPLHQWRV WpFQLFRV TXHQHFHVLWRSDUDXVDUOD WHFQRORJ D        +H WHQLGR RSRUWXQLGDGHV VXILFLHQWHV GH WUDEDMDU FRQ GLIHUHQWHV WHFQRORJ DV       &RQRFLPLHQWRGHOFRQWHQLGR&. 0DWHPiWLFDV  7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH PDWHPiWLFDV       /XFHV VRPEUDVGHODIRUPDFLyQGHOSURIHVRUDGRHQ7,&   6p DSOLFDU XQ PRGR GH SHQVDPLHQWR PDWHPiWLFR        7HQJR YDULRV PpWRGRV  HVWUDWHJLDV SDUD GHVDUUROODU PL FRQRFLPLHQWR VREUH PDWHPiWLFDV       (VWXGLRVVRFLDOHV  7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH HVWXGLRVVRFLDOHV        6p DSOLFDU XQ PRGR GH SHQVDPLHQWR KLVWyULFR        7HQJR YDULRV PpWRGRV  HVWUDWHJLDV SDUD GHVDUUROODU PL FRQRFLPLHQWR VREUH HVWXGLRVVRFLDOHV       &LHQFLDV  7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH FLHQFLDV        6p DSOLFDU XQ PRGR GH SHQVDPLHQWR FLHQW ILFR        7HQJR YDULRV PpWRGRV  HVWUDWHJLDV SDUD GHVDUUROODU PL FRQRFLPLHQWR VREUH FLHQFLDV       /HFWRHVFULWXUD  7HQJR VXILFLHQWHV FRQRFLPLHQWRV 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3RVWJUDGR8QLYHUVLWDULR   &. ,QIDQWLO3ULPDULD2WURV   ,QIDQWLO3ULPDULD1LQJXQR   ,QIDQWLO3ULPDULD6HF%DFK)3   ,QIDQWLO3ULPDULD3RVWJUDGR   ,QIDQWLO3ULPDULD8QLYHUVLWDULR   2WURV1LQJXQR   2WURV6HF%DFK)3   2WURV3RVWJUDGR   2WURV8QLYHUVLWDULR   1LQJXQR6HF%DFK)3   1LQJXQR3RVWJUDGR   1LQJXQR8QLYHUVLWDULR   6HF%DFK)33RVWJUDGR   6HF%DFK)38QLYHUVLWDULR   3RVWJUDGR8QLYHUVLWDULR   3. ,QIDQWLO3ULPDULD2WURV   /DIRUPDFLyQGHOSURIHVRUDGRHQ7,&PRGHOR73$&.  FRQRFLPLHQWR VREUH HVWXGLRV VRFLDOHV &LHQFLDV  7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUHFLHQFLDV          6p DSOLFDU XQ PRGR GH SHQVDPLHQWR FLHQW ILFR          7HQJR YDULRV PpWRGRV  HVWUDWHJLDV SDUD GHVDUUROODU PL FRQRFLPLHQWR VREUHFLHQFLDV         /HFWRHVFULWXUD  7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH DOIDEH WL]DFLyQ OHFWRHVFULWRUD          6p DSOLFDU XQ PRGR GH SHQVDPLHQWR OLWHUDULR          7HQJR YDULRV PpWRGRV  HVWUDWHJLDV SDUD GHVDUUROODU PL FRQRFLPLHQWR VREUH DOIDEHWL]DFLyQ OHFWRHVFULWRUD         &RQRFLPLHQWRSHGDJyJLFR3.  6p FyPR HYDOXDU HO UHQGLPLHQWRGHO DOXPQDGRHQHO DXOD          6p         /XFHV VRPEUDVGHODIRUPDFLyQGHOSURIHVRUDGRHQ7,&  DGDSWDU PL GRFHQFLDDOR TXH HO DOXPQDGR HQWLHQGH R QR HQWLHQGH HQ FDGDPRPHQWR  6p DGDSWDU PL HVWLOR GH GRFHQFLD D DOXPQDGRV FRQ GLIHUHQWHV HVWLORV GH DSUHQGL]DMH         6pHYDOXDU HO DSUHQGL]DMH GHO DOXPQDGR GH GLYHUVDV PDQHUDV GLIHUHQWHV         6pXWLOL]DU XQD DPSOLD YDULHGDG GH HQIRTXHV GRFHQWHV HQ HO HQWRUQR GHO DXOD          6R  FRQVFLHQWH GH ORV DFLHUWRV  HUURUHV PiV FRPXQHV GHO DOXPQDGRHQOR UHIHUHQWH D FRPSUHQVLyQ GHFRQWHQLGRV          6p FyPR RUJDQL]DU  PDQWHQHU OD GLQiPLFD HQ HO DXOD         &RQRFLPLHQWRSHGDJyJLFRGHOFRQWHQLGR3&.  3XHGR VHOHFFLRQDU HQIRTXHV GR FHQWHV GH PDQHUD HILFD]         /DIRUPDFLyQGHOSURIHVRUDGRHQ7,&PRGHOR73$&.  SDUD JXLDU HO SHQVDPLHQWR  HO DSUHQGL]DMH GHO DOXPQDGR HQ PDWHPiWLFDV  3XHGR VHOHFFLRQDU HQIRTXHV GRFHQWHV GH PDQHUD HILFD] SDUD JXLDU HO SHQVDPLHQWR  HO DSUHQGL]DMH GHO DOXPQDGR HQ OHFWRHVFULWXUD          3XHGR VHOHFFLRQDU HQIRTXHV GR FHQWHV GH PDQHUD HILFD] SDUD JXLDU HO SHQVDPLHQWR  HO DSUHQGL]DMH GHO DOXPQDGR HQFLHQFLDV          3XHGR VHOHFFLRQDU HQIRTXHV GRFHQWHV GH PDQHUD HILFD] SDUD JXLDU HO SHQVDPLHQWR  HO DSUHQGL]DMH GHO DOXPQDGR HQ HVWXGLRV VRFLDOHV         &RQRFLPLHQWRWHFQROyJLFRGHOFRQWHQLGR7&.  &RQR]FR WHFQRORJ DV TXH SXHGR XVDU SDUD FRPSUHQGHU  HODERUDU FRQWHQLGRV VREUH PDWHPiWLFDV         /XFHV VRPEUDVGHODIRUPDFLyQGHOSURIHVRUDGRHQ7,&   &RQR]FR WHFQRORJ DV TXH SXHGR XVDU SDUD FRPSUHQGHU  HODERUDU FRQWHQLGRV VREUH OHFWRHVFULWXUD          &RQR]FR WHFQRORJ DV TXH SXHGR XVDU SDUD FRPSUHQGHU  HODERUDU FRQWHQLGRV VREUHFLHQFLDV          &RQR]FR WHFQRORJ DV TXH SXHGR XVDU SDUD FRPSUHQGHU  HODERUDU FRQWHQLGRV VREUH HVWXGLRV VRFLDOHV         &RQRFLPLHQWRVWHFQROyJLFRSHGDJyJLFRV73.  6p VHOHFFLRQDU WHFQRORJ DV TXH PHMRUDQ ORV HQIRTXHV GRFHQWHV SDUD XQDOHFFLyQ          6p VHOHFFLRQDU WHFQRORJ DV TXH PHMRUDQ HO DSUHQGL]DMH GHO DOXPQDGR HQ XQDOHFFLyQ          0L IRUPDFLyQ FRPR GRFHQWH PH KD KHFKR UHIOH[LRQDU PiV GHWHQLGDPHQWH VREUH OD IRUPD         /DIRUPDFLyQGHOSURIHVRUDGRHQ7,&PRGHOR73$&.  HQ TXH OD WHFQRORJ D SXHGH LQIOXLU HQORVHQIRTXHV GRFHQWHV TXH HPSOHR HQ HO DXOD $GRSWRXQ SHQVDPLHQWR FU WLFR VREUH OD IRUPD GH XWLOL]DU OD WHFQRORJ DHQHO DXOD          3XHGR DGDSWDU HO XVR GH ODV WHFQRORJ DV VREUH ODV FXDOHV HVWR  DSUHQGLHQGR D GLIHUHQWHV DFWLYLGDGHV GRFHQWHV         &RQRFLPLHQWRVWHFQROyJLFRSHGDJyJLFRGHOFRQWHQLGR73$&.  3XHGR LPSDUWLU OHFFLRQHV TXH FRPELQDQ DGHFXDGDPHQWH PDWHPiWLFDV WHFQRORJ DV  HQIRTXHV GRFHQWHV          3XHGR LPSDUWLU OHFFLRQHV TXH FRPELQDQ DGHFXDGDPHQWH OHFWRHVFULWXUD WHFQRORJ DV  HQIRTXHV GRFHQWHV          3XHGR LPSDUWLU OHFFLRQHV TXH FRPELQDQ DGHFXDGDPHQWH         /XFHV VRPEUDVGHODIRUPDFLyQGHOSURIHVRUDGRHQ7,&  FLHQFLDV WHFQRORJ DV  HQIRTXHV GRFHQWHV  3XHGR LPSDUWLU OHFFLRQHV TXH FRPELQDQ DGHFXDGDPHQWH HVWXGLRV VRFLDOHV WHFQRORJ DV  HQIRTXHV GRFHQWHV          6p VHOHFFLRQDU WHFQRORJ DV SDUDXVDUHQHO DXOD TXH PHMRUDQ ORV FRQWHQLGRV TXH LPSDUWR OD IRUPD GH LPSDUWLUORV  OR TXH DSUHQGH HO DOXPQDGR          6p XVDU HQ PLV PDWHULDOHV GRFHQWHV SDUD HO DXOD HVWUDWHJLDV TXH FRPELQDQ FRQWHQLGRV WHFQRORJ DV  HQIRTXHV GRFHQWHV VREUH ORV FXDOHV KH DSUHQGLGR          3XHGR JXLDU  D XGDU D RWUDV SHUVRQDV D FRRUGLQDU HO XVR GH FRQWHQLGRV WHFQRORJ DV  HQIRTXHV         /DIRUPDFLyQGHOSURIHVRUDGRHQ7,&PRGHOR73$&.  GRFHQWHV HQ PL FHQWUR GRFHQWH R UHJLyQ DGPLQLVWUDWLYD  3XHGR VHOHFFLRQDU WHFQRORJ DV TXH PHMRUDQ HO FRQWHQLGR GH ODVOHFFLRQHV         7DEODQ0HGLDV GHVYLDFLRQHVW SLFDVGHORVUHVXOWDGRV DOFDQ]DGRVHQORVGLIHUHQWHV WHPVWHQLHQGRHQFXHQWDOD 8QLYHUVLGDGGRQGHHOSURIHVRUDOXPQRVHVWDEDFXUVDQGRVXV HVWXGLRV,  ÌWHP 7DPDXOLSDV %XFDUDPDQJD 8+38 871 0 '7 0 '7 0 '7 0 '7 &RQRFLPLHQWRWHFQROyJLFR7.  6p UHVROYHU PLV SUREOHPDV WpFQLFRV          $VLPLOR FRQRFLPLHQWRV WHFQROyJLFRV IiFLOPHQWH          0H PDQWHQJR DO G D GH ODV QXHYDV WHFQRORJ DV LPSRUWDQWHV         $PHQXGR MXHJR  KDJR SUXHEDV FRQ OD WHFQRORJ D          &RQR]FR PXFKDV WHFQRORJ DV GLIHUHQWHV          7HQJR ORV FRQRFLPLHQWRV WpFQLFRV TXH QHFHVLWR SDUD XVDU OD         /XFHV VRPEUDVGHODIRUPDFLyQGHOSURIHVRUDGRHQ7,&  WHFQRORJ D  +H WHQLGR RSRUWXQLGDGHV VXILFLHQWHV GH WUDEDMDU FRQ GLIHUHQWHV WHFQRORJ DV         &RQRFLPLHQWRGHOFRQWHQLGR&. 0DWHPiWLFDV    7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH PDWHPiWLFDV          6p DSOLFDU XQ PRGR GH SHQVDPLHQWR PDWHPiWLFR          7HQJR YDULRV PpWRGRV  HVWUDWHJLDV SDUD GHVDUUROODU PL FRQRFLPLHQWR VREUH PDWHPiWLFDV         (VWXGLRVVRFLDOHV  7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH HVWXGLRV VRFLDOHV          6p DSOLFDU XQ PRGR GH SHQVDPLHQWR KLVWyULFR          7HQJR YDULRV PpWRGRV  HVWUDWHJLDV SDUD GHVDUUROODU PL FRQRFLPLHQWR VREUH HVWXGLRV VRFLDOHV         &LHQFLDV  7HQJR         /DIRUPDFLyQGHOSURIHVRUDGRHQ7,&PRGHOR73$&.  VXILFLHQWHV FRQRFLPLHQWRV VREUHFLHQFLDV  6p DSOLFDU XQ PRGR GH SHQVDPLHQWR FLHQW ILFR          7HQJR YDULRV PpWRGRV  HVWUDWHJLDV SDUD GHVDUUROODU PL FRQRFLPLHQWR VREUHFLHQFLDV         /HFWRHVFULWXUD  7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH DOIDEHWL]DFLyQ OHFWRHVFULWRUD          6p DSOLFDU XQ PRGR GH SHQVDPLHQWR OLWHUDULR          7HQJR YDULRV PpWRGRV  HVWUDWHJLDV SDUD GHVDUUROODU PL FRQRFLPLHQWR VREUH DOIDEHWL]DFLyQ OHFWRHVFULWRUD         &RQRFLPLHQWRSHGDJyJLFR3.  6p FyPR HYDOXDU HO UHQGLPLHQWRGHO DOXPQDGRHQHO DXOD          6p DGDSWDU PL GRFHQFLDDOR TXH HO DOXPQDGR HQWLHQGH R QR         /XFHV VRPEUDVGHODIRUPDFLyQGHOSURIHVRUDGRHQ7,&  HQWLHQGH HQ FDGDPRPHQWR  6p DGDSWDU PL HVWLOR GH GRFHQFLD D DOXPQDGRV FRQ GLIHUHQWHV HVWLORV GH DSUHQGL]DMH         6pHYDOXDU HO DSUHQGL]DMH GHO DOXPQDGR GH GLYHUVDV PDQHUDV GLIHUHQWHV         6pXWLOL]DU XQD DPSOLD YDULHGDG GH HQIRTXHV GRFHQWHV HQ HO HQWRUQR GHO DXOD          6R  FRQVFLHQWH GH ORV DFLHUWRV  HUURUHV PiV FRPXQHV GHO DOXPQDGRHQOR UHIHUHQWH D FRPSUHQVLyQ GHFRQWHQLGRV          6p FyPR RUJDQL]DU  PDQWHQHU OD GLQiPLFD HQ HO DXOD         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