30,$QiOLVHV7pUPLFDV
7pFQLFDVGH$QiOLVH7pUPLFD
,QWURGXomR
2HVWXGRGRHIHLWRGDWHPSHUDWXUDQRVPDWHULDLVWHPXPDORQJDKLVWyULDGHVGHDVSULPHLUDV
WHQWDWLYDV GR KRPHP HP ID]HU SRWHV HP UHGX]LU PHWDLV H HP SURGX]LU YLGUR SDVVDQGR SHODV
GLVFXVV}HVILORVyILFDVGRVDOTXLPLVWDVVREUHRVHOHPHQWRVIRJRDUiJXDHWHUUDDWpRVWUDEDOKRVGH
XPSDVVDGRSUy[LPRHPDQiOLVHGHPLQHUDLVVHJXLGRVSHORGHVHQYROYLPHQWRGDWHUPRJUDYLPHWULDH
GDFDORULPHWULD(QWUHWDQWRDSHQDVQRILQDOGRVpFXORRVH[SHULPHQWRV GRV HIHLWRV GR FDORU QRV
PDWHULDLVVHWRUQDUDPPDLVFRQWURODGRVHPDLVTXDQWLWDWLYRV
$WXDOPHQWH D DQiOLVH WpUPLFD XOWUDSDVVD D DSOLFDomR HP DQiOLVH GH PLQHUDLV DWLQJLQGR
WDPEpP RXWUDV iUHDV FRPR VXEVWkQFLDV LQRUJkQLFDV PHWDLV FHUkPLFDV PDWHULDLV HOHWU{QLFRV
SROtPHURV VXEVWkQFLDV RUJkQLFDV IDUPDFrXWLFDV DOLPHQWRV H RUJDQLVPRV ELROyJLFRV $ DQiOLVH
WpUPLFDWHPVLGRHPSUHJDGDKLVWRULFDPHQWHQDViUHDVGHSHVTXLVD H GHVHQYROYLPHQWR D SULQFtSLR
PDLVUHFHQWHPHQWHHQWUHWDQWRWHPVLGRXWLOL]DGDWDPEpPHPDSOLFDo}HVSUiWLFDVSRUH[HPSORHP
FRQWUROHGHTXDOLGDGHGHSURGXomRFRQWUROHGHSURFHVVRHLQVSHomRGHPDWHULDLVGHWRGDVDViUHDV
$DQiOLVHWpUPLFDpGHILQLGDFRPRXPDVpULHGHWpFQLFDVTXHPHGHPDVSURSULHGDGHVItVLFDV
GRV PDWHULDLV HP IXQomR GD WHPSHUDWXUD TXDQGR HVWHV VmR VXEPHWLGRV D XP FLFOR WpUPLFR $V
SURSULHGDGHV ItVLFDV GRV PDWHULDLV LQFOXHP PDVVD WHPSHUDWXUDHQWDOSLD GLPHQVmR FDUDFWHUtVWLFDV
GLQkPLFDVHRXWUDV'HSHQGHQGRGDVSURSULHGDGHVDVHUHPPHGLGDVDVSULQFLSDLVWpFQLFDVGHDQiOLVH
WpUPLFDSRGHPVHUFODVVLILFDGDVFRPRPRVWUDDWDEHOD
7DEHOD &ODVVLILFDomR GDV SULQFLSDLV WpFQLFDV GH DQiOLVHV WpUPLFD VHJXQGR R SDUkPHWUR
PHGLGR
3DUkPHWUR0HGLGR
0DVVD
9DULDomRGHPDVVDGPGW
7HPSHUDWXUD7R7I
(QWDOSLDG+GW
'HIRUPDomRYROXPHRXFRPSULPHQWR
&RQGXWLYLGDGH7pUPLFD
(VSHFWURPHWULDRX&URPDWRJUDILD
'HILQLomRGD7pFQLFD
7HUPRJUDYLPHWULD7*
7HUPRJUDYLPHWULD'LIHUHQFLDO'7*
$QiOLVHWHUPRGLIHUHQFLDO'7$
&DORULPHWULD'LIHUHQFLDO([SORUDWyULD'6&
$QiOLVHWHUPRPHFkQLFDGLODWRPHWULD
'HWHFomRGHJDVHVHQYROYLGRV(*'
$QiOLVHGHJDVHVHQYROYLGRV(*$
(YHQWRV7pUPLFRV
4XDQGR XPD VXEVWkQFLD VyOLGD TXDOTXHU p DTXHFLGD HP XPD DWPRVIHUD LQHUWH R UHVXOWDQWH
DXPHQWR QD PRYLPHQWDomR PROHFXODU DW{PLFD RX L{QLFD SRGH OHYDU D PXGDQoDV QD HVWUXWXUD
3RU(QJ06F-HIIHUVRQ&DSRQHUR3URI'U-RUJH$67HQyULR
30,$QiOLVHV7pUPLFDV
FULVWDOLQD D VLQWHUL]DomR IXVmR RX VXEOLPDomR GR PDWHULDO &DVR DV IRUoDVLQWUDPROHFXODU IRUHP
PDLV IUDFDV TXH DV IRUoDV LQWHUPROHFXODUHV D VXEVWkQFLD SRGH GHFRPSRU IRUPDQGR QRYRV
IUDJPHQWRV GH PROpFXODV DOJXPDV RX WRGDV HVWDV QRYDV PROpFXODV SRGHP YRODWLOL]DU QDV
WHPSHUDWXUDVDOFDQoDGDV([LVWHPPXLWRVH[HPSORVGHVWHWLSRGHGHFRPSRVLomRFRPR
%D&O±+2V o %D&OV +2J
&D&2V o &D2V &2J
1+&OV o 1+V +&OJ
%D1V o %DV 1J
5HDo}HV PDLV FRPSOLFDGDV SRGHP RFRUUHU TXDQGR R VyOLGR LQLFLDO UHDJH FRP D DWPRVIHUD
SRUH[HPSOR
$JV×2Jo $J2V
&X2V+Vo &XV+2J
1LV&2Jo 1L&2J
&V2J o &2J
4XDQGRPDLVGRTXHXPDVXEVWkQFLDHVWiSUHVHQWHQRLQtFLRH[LVWHPPDLVSRVVLELOLGDGHVGH
LQWHUDomR SHOR DTXHFLPHQWR H SHODV QRYDV IDVHV FRPR D SRVVLELOLGDGH GH IRUPDomR GH VROXo}HV
VyOLGDVHPLVWXUDVHXWpWLFDVEHPFRPRDIRUPDomRGHQRYRVFRPSRVWRVSRUUHDo}HVGHDGLomRRXGH
GXSODWURFDFRPRSRUH[HPSOR
)H2V0J2Vo 0J)H2V
1D&OV$J%UVo $J&OV1D%UV
(VWDVUHDo}HVVmRDFRPSDQKDGDVGHPXGDQoDVQDHQWDOSLDHHPDOJXQVFDVRVSRUPXGDQoDV
GHPDVVDRTXHWRUQD SRVVtYHORHVWXGRGHVWDVUHDo}HVSRUPDLVGHXPD GDVWpFQLFDV GHVFULWDV QD
WDEHOD
7HUPRJUDYLPHWULD7*
$WHUPRJUDYLPHWULDpDWpFQLFDXWLOL]DGDSDUDPHGLUDVYDULDo}HVGHPDVVDGHXPDDPRVWUD
GXUDQWH R DTXHFLPHQWR RX UHVIULDPHQWR RX TXDQGR PDQWLGD D XPD WHPSHUDWXUD HVSHFtILFD 2V
SULQFLSDLVLWHQVPHGLGRV QHVWD WpFQLFD LQFOXHP HYDSRUDomR VXEOLPDomR GHFRPSRVLomR R[LGDomR
UHGXomRHDGVRUomRHGHVVRUomRGHJiV
$ PHGLGD GHVWDV YDULDo}HV p UHDOL]DGD SRU XPD WHUPREDODQoD 1RUPDOPHQWH HVWDV
WHUPREDODQoDV VmR FODVVLILFDGDV HP WUrV FDWHJRULDV VHJXQGR D IRUPD GH DFRQGLFLRQDPHQWR GD
DPRVWUDFRQIRUPHPRVWUDDILJXUD
3RU(QJ06F-HIIHUVRQ&DSRQHUR3URI'U-RUJH$67HQyULR
30,$QiOLVHV7pUPLFDV
D
E
F
)LJXUD&ODVVLILFDomRGRVWLSRVGHWHUPREDODQoDVD6XVSHQVDE%DODQoDGHWRSRF
+RUL]RQWDO
$V GLYHUVDV FXUYDV REWLGDV SRGHP VHU FODVVLILFDGDV HP YiULRV WLSRV FRQIRUPH LOXVWUDGR QD
ILJXUD
)LJXUD3ULQFLSDLVWLSRVGHFXUYDVWHUPRJUDYLPpWULFDV7*
3RU(QJ06F-HIIHUVRQ&DSRQHUR3URI'U-RUJH$67HQyULR
30,$QiOLVHV7pUPLFDV
&XUYDV WLSR L (VWH WLSR GH FXUYD p FDUDFWHUtVWLFR GH XPD DPRVWUD TXH QmR DSUHVHQWD
YDULDo}HVGHPDVVDQRFLFORWpUPLFRDSOLFDGR
&XUYDV WLSR LL $ UiSLGD SHUGD LQLFLDO GH PDVVD p HP PXLWRV FDVRV DVVRFLDGD j SHUGD GH
XPLGDGHGDDPRVWUDRXjGHVVRUomRGHJDVHV
&XUYDV WLSR LLL (VWD FXUYD UHSUHVHQWD D GHFRPSRVLomR GH XPD DPRVWUD HP XP ~QLFR
HVWiJLR
&XUYDV WLSR LY H Y (VWDV FXUYDV DSUHVHQWDP HVWiJLRV P~OWLSORV GH GHFRPSRVLomR
(QWUHWDQWR QDV FXUYDV GR WLSR LY SRGHVH GHWHUPLQDU DV WHPSHUDWXUDV OLPLWH GH HVWDELOLGDGH GRV
UHDJHQWHV &XUYDV GR WLSR Y WHQGHP D DSUHVHQWDU XP FRPSRUWDPHQWR PDLV SUy[LPR GR WLSR LY
TXDQGRDDPRVWUDpVXEPHWLGDDPHQRUHVYHORFLGDGHVGHDTXHFLPHQWRUHVIULDPHQWR
&XUYDVWLSRYL&XUYDWtSLFDGHJDQKRGHPDVVD&RPRSRUH[HPSORR[LGDomRGHPHWDLV
&XUYDV WLSR YLL (VWH WLSR GH FXUYD p PXLWR GLItFLO GH VHU REVHUYDGR 8P H[HPSOR p D
R[LGDomRGDSUDWDHSRVWHULRUGHFRPSRVLomRDDOWDVWHPSHUDWXUDVGRy[LGRIRUPDGR
$ ILP GH TXH D FXUYD WHUPRJUDYLPpWULFD SRVVD VHU LQWHUSUHWDGD GH IRUPD PDLV HILFLHQWH p
FRPXPVHXWLOL]DUVLPXOWDQHDPHQWHDGHULYDGDHPIXQomRGRWHPSRGHVWDFXUYDTXHpFKDPDGDGH
FXUYD'7*2VHVWiJLRVSUHVHQWHVQDVFXUYDVGRWLSRYLHYSRGHPVHUFODUDPHQWHLGHQWLILFDGRV
FRPRSLFRVQDVFXUYDV'7$FRPRPRVWUDDILJXUD )LJXUD&RPSDUDomRHQWUHDVFXUYDV7*H'7*
3RU(QJ06F-HIIHUVRQ&DSRQHUR3URI'U-RUJH$67HQyULR
30,$QiOLVHV7pUPLFDV
$QiOLVH 7pUPLFD 'LIHUHQFLDO '7$ H &DORULPHWULD ([SORUDWyULD 'LIHUHQFLDO
'6&
$ '7$ p D PDLV XWLOL]DGD GDV WpFQLFDV GH DQiOLVH WpUPLFD (OD FRQVLVWH QR UHJLVWUR GD
GLIHUHQoDGHWHPSHUDWXUDHQWUHXPDDPRVWUDHXPPDWHULDOGHUHIHUrQFLDDPHGLGDTXHDPERVVmR
VXEPHWLGRVDXPPHVPRFLFORWpUPLFR1RVHTXLSDPHQWRVFOiVVLFRVUHSUHVHQWDGRVSHODILJXUDDD
DPRVWUDHDUHIHUrQFLDRFXSDPUHJL}HVVLPpWULFDVQRIRUQRTXHVmROLJDGDVDWHUPRSDUHV
D
E
)LJXUD$QiOLVHWpUPLFDGLIHUHQFLDOD(TXLSDPHQWRWtSLFRE&XUYD'7$WtSLFD
4XDQGR XP HYHQWR HQGRWpUPLFR '+ SRVLWLYR SRU H[HPSOR IXVmR RFRUUH QD DPRVWUD D
WHPSHUDWXUD GD DPRVWUD ILFDUi XP SRXFR LQIHULRU D GD UHIHUrQFLD Mi TXH D UHIHUrQFLD FRQWLQXD D
VHJXLU R FLFOR WpUPLFR SURJUDPDGR 6H D GLIHUHQoD GH WHPSHUDWXUD HQWUH D DPRVWUD H D UHIHUrQFLD
IRUHPUHJLVWUDGDVHPIXQomRGDWHPSHUDWXUDGDUHIHUrQFLDDSUR[LPDGDPHQWHDPHVPDGRIRUQRR
UHVXOWDGRVHUiVHPHOKDQWHDRDSUHVHQWDGRQDILJXUDE
$'6&pXPDWpFQLFDPXLWRVHPHOKDQWHj'7$(QWUHWDQWRQHVWDWpFQLFDWDQWRDDPRVWUD
TXDQWRDUHIHUrQFLDVmRPDQWLGDVDPHVPDWHPSHUDWXUDDRORQJRGRFLFORWpUPLFRSURJUDPDGR3DUD
WDQWRpQHFHVViULDDFRUUHomRGDWHPSHUDWXUDGDDPRVWUDQRPRPHQWRGHXPHYHQWRWpUPLFRHLVWRp
FKDPDGR GH FRPSHQVDomR WpUPLFD (VWD FRPSHQVDomR WpUPLFD p IHLWD DWUDYpV GR DXPHQWR GR
VXSULPHQWR GH HQHUJLD HOpWULFD D PLFURUHVLVWrQFLDV FRQHFWDGDV j DPRVWUD H j UHIHUrQFLD (VWD
GLIHUHQoDHQHUJLDpHQWmRUHJLVWUDGDHPIXQomRGRFLFORWpUPLFRSURJUDPDGR2VHYHQWRVWpUPLFRV
GDDPRVWUDVmRHQWmRUHSUHVHQWDGRVFRPRGHVYLRVGDOLQKDGHEDVHWDQWRSDUD HYHQWRVHQGRFRPR
H[RWpUPLFRV
2PDWHULDOGHUHIHUrQFLDGHYHDSUHVHQWDUDVVHJXLQWHVFDUDFWHUtVWLFDV
3RU(QJ06F-HIIHUVRQ&DSRQHUR3URI'U-RUJH$67HQyULR
30,$QiOLVHV7pUPLFDV
L
1mRDSUHVHQWDUQHQKXPHYHQWRWpUPLFRQDIDL[DGHWHPSHUDWXUDVHVWXGDGDV
LLL
$ FRQGXWLYLGDGH H D FDSDFLGDGH WpUPLFD GD DPRVWUD H GD UHIHUrQFLD GHYHP VHU
VHPHOKDQWHV
LL
1mRUHDJLUFRPRFDGLQKRHFRPRVWHUPRSDUHV
([LVWHP GLYHUVDV VHPHOKDQoDV HQWUH DV WpFQLFDV GH '7$ H '6& LQFOXVLYH D DSDUrQFLD GDV
FXUYDVREWLGDV(PSULQFtSLRRDVSHFWRGHLQWHUHVVHQHVWDVFXUYDVHVWDQRVGHVYLRVGDOLQKDGHEDVH
HQWUHWDQWRDOLQKDGHEDVHQHPVHPSUHpDOJRIiFLOGHVHREWHU$OLQKDGHEDVHSRGHDSUHVHQWDUXP
GHVYLRGR]HURQRUPDOPHQWHUHVXOWDGRGHXPDGLIHUHQoDHQWUHDVSURSULHGDGHVWpUPLFDVGDDPRVWUD
HGDUHIHUrQFLDRXGHXPDDVVLPHWULDQDFRQVWUXomRGRVSRUWDDPRVWUDV(PDOJXQVFDVRVDSyVXP
HYHQWR WpUPLFR D FXUYD QmR UHWRUQD j OLQKD GH EDVH RULJLQDO GHYLGR j PXGDQoD GDV SURSULHGDGHV
WpUPLFDVGD DPRVWUD D DOWD WHPSHUDWXUD 1HVWHVFDVRV DOJXPDV IRUPDV GH H[WUDSRODomR GD OLQKDGH
EDVHVmRSURSRVWDVFRPRPRVWUDDILJXUD
)LJXUD3URFHGLPHQWRVVLPSOLILFDGRVGHH[WUDSRODomRGDOLQKDGHEDVHGHFXUYDV'7$H
'6&
0XGDQoDVDEUXSWDVGDOLQKDGHEDVHTXHUQDLQFOLQDomRTXHUQDSRVLomRXVXDOPHQWHLQGLFDP
XPD WUDQVIRUPDomR GH VHJXQGD RUGHP ([HPSORV GHVWH WLSR GH WUDQVIRUPDomR VmR DV WUDQVLo}HV
YtWUHDVGRVSROtPHURVHDWUDQVLomRGRSRQWRGH&XULHQRVPDWHULDLVIHUURPDJQpWLFRV$PXGDQoDGH
HQWDOSLD'+QHVWDVWUDQVIRUPDo}HVpLJXDOD]HURPDVKiXPDPXGDQoDQDFDSDFLGDGHWpUPLFDGDV
DPRVWUDV
'6&
$ILJXUDDSUHVHQWDXPDUHSUHVHQWDomRGRVGLIHUHQWHVIRUPDWRVDVVXPLGRVSHODFXUYD'7$
3RU(QJ06F-HIIHUVRQ&DSRQHUR3URI'U-RUJH$67HQyULR
30,$QiOLVHV7pUPLFDV
)LJXUD&XUYD'7$'6&RQGHVmRH[HPSOLILFDGDVTXDWURUHDo}HVWtSLFDV,
7UDQVIRUPDomRGHVHJXQGDRUGHP,,5HDomRHQGRWpUPLFDRFRUUHQGRHPXPDWHPSHUDWXUD
HVSHFtILFDH[IXVmR,,,5HDomRHQGRWpUPLFDRFRUUHQGRHPXPDIDL[DGHWHPSHUDWXUDVH[
GHFRPSRVLomRGR&D&2 ,95HDomRHQGRWpUPLFD
'LODWRPHWULD
(VWD WpFQLFD VH EDVHLD QD H[SDQVmR GRV VyOLGRV RX OtTXLGRV FDXVDGDV SULQFLSDOPHQWH SRU
UHDo}HV TXtPLFDV DEVRUomR GH JDVHV RX RXWURV SURFHVVRV TXH DSUHVHQWHP YDULDo}HV GLPHQVLRQDLV
VRE R FLFOR WpUPLFR SURJUDPDGR 0XLWRV PDWHULDLV DSUHVHQWDP XPD H[SDQVmR GXUDQWH R
DTXHFLPHQWRVHJXQGRDHTXDomR
'// D '7
2YDORUGHD pIXQomRGDHVWUXWXUDHGRWLSRGHOLJDo}HVQRVyOLGR(PJHUDOOLJDo}HVIRUWHV
DSUHVHQWDPEDL[RVYDORUHVGHD1RUPDOPHQWHRVYDORUHVGHD VHJXHPDVHJXLQWHRUGHPFHUkPLFDV
PHWDLV SROtPHURV (P PDWHULDLV FULVWDOLQRV D SRGH YDULDU VHJXQGR D GLUHomR GH HQVDLR
DQLVRWURSLD
$V PHGLGDV GD H[SDQVmR WpUPLFD SRGHP VHU FODVVLILFDGDV FRPR DEVROXWDV RX GLIHUHQFLDLV
FRQIRUPHHVTXHPDWL]DGRQDILJXUD
3RU(QJ06F-HIIHUVRQ&DSRQHUR3URI'U-RUJH$67HQyULR
30,$QiOLVHV7pUPLFDV
)LJXUD'LODWRPHWULD0HGLGDDEVROXWD0HGLGDGLIHUHQFLDO
2V YDORUHV GR FRHILFLHQWH GH GLODWDomR GH XPD DPRVWUD SRGH VHU GHWHUPLQDGR D SDUWLU GD
LQFOLQDomRGDFXUYDGH/HPIXQomRGH7
'/'7 G/G7 / D
2FRHILFLHQWHGHGLODWDomRGHHQJHQKDULDD©pGHILQLGRFRPR
D© /7// 7
RQGH/7H/ VmRRVFRPSULPHQWRVGDDPRVWUDD7ƒ&HDƒ&UHVSHFWLYDPHQWH
'HWHFomRH$QiOLVHGHJDVHVHQYROYLGRV(*'H(*$
'LYHUVDVDPRVWUDVGXUDQWH R DTXHFLPHQWR GHVSUHQGHP JDVHVRX YDSRUHV GHYLGRGHVVRUomR
RX GHFRPSRVLomR GHVWDV DPRVWUDV (VWHV HYHQWRV WpUPLFRV SRGHP VHU GHWHFWDGRV SRU GLYHUVDV
WpFQLFDV GH DQiOLVH WpUPLFD FRPR SRU H[HPSOR '7$ '6& H 7* (QWUHWDQWR HVWDV WpFQLFDV QmR
LGHQWLILFDP RV JDVHV HQYROYLGRV QHVWHV HYHQWRV (P DOJXQV FDVRV FRPR HP GHFRPSRVLo}HV
FRPSOH[DVHVWDLQIRUPDomRpHVVHQFLDO
(P PXLWRV FDVRV DV DQiOLVHV GR WLSR (*' H (*$ VmR DFRSODGDV DRV VLVWHPD EiVLFRV GH
DQiOLVH WpUPLFD H[ '7$ '6& RX 7* GHWHFWDQGR H DQDOLVDQGR RV JDVHV IRUPDGRV GXUDQWH R
HQVDLR
$ ('* DSUHVHQWD D YDQWDJHP GH VHU XPD PHGLomR FRQWLQXD H SRUWDQWR WHU XPD
3RU(QJ06F-HIIHUVRQ&DSRQHUR3URI'U-RUJH$67HQyULR
30,$QiOLVHV7pUPLFDV
FRUUHVSRQGrQFLD GLUHWD FRP DV FXUYDV GH DQiOLVH WpUPLFD (VWD WpFQLFD XWLOL]D GHWHFWRUHV TXH
DQDOLVDP DV SURSULHGDGHV SRU H[HPSOR D FRQGXWLYLGDGH WpUPLFD GRV JDVHV JHUDGRV GXUDQWH R
HQVDLR
2 DSDUDWR QHFHVViULR SDUD D (*$ p PXLWR PDLV FRPSOH[R TXH SDUD D (*' (VWD DQiOLVH p
QRUPDOPHQWHIHLWDDSDUWLUGDVXEVWLWXLomRGRGHWHFWRUGHJDVHVGD('*SRURXWURLQVWUXPHQWR(VWH
QRYR LQVWUXPHQWR GHSHQGH GD WpFQLFD GH DQiOLVH XWLOL]DGD$V SULQFLSDLV WpFQLFDV XWLOL]DGDV SDUD D
DQiOLVHGHJDVHVVmRHVSHFWURPHWULDGHPDVVDFURPDWRJUDILDJDVRVD
1D HVSHFWURPHWULD GH PDVVD 06 p R PHLR PDLV YHUViWLO H UiSLGR GH VH REWHU DQiOLVHV
UHSHWLWLYDV (QWUHWDQWR RHVSHFWU{PHWUR GH PDVVD p XP HTXLSDPHQWR FDUR H QHVWD FRQILJXUDomR VH
WRUQD XP HTXLSDPHQWR GHGLFDGR D DQiOLVH WpUPLFD R TXH H[FOXL RXWURV XVXiULRV SRWHQFLDLV 2
HVSHFWU{PHWUR GH PDVVD QHFHVVLWD RSHUDU VRE DOWR YiFXR (VVDV VHYHUDV FRQGLo}HV GH RSHUDomR
OHYDUDPDRVXUJLPHQWRGHWUrVWLSRVGHVLVWHPDVFRPRSRGHVHUYLVWRQDILJXUD2VVLVWHPDVEH
FVXUJLUDPGDLPSRVVLELOLGDGHGHDOJXQVHQVDLRVVHUHPUHDOL]DGRVVREYiFXR
)LJXUD)RUPDGHDFRSODPHQWRGRVLVWHPDGHDQiOLVHWpUPLFDFRPRHVSHFWU{PHWURGH
PDVVD
3RU(QJ06F-HIIHUVRQ&DSRQHUR3URI'U-RUJH$67HQyULR
30,$QiOLVHV7pUPLFDV
1D FURPDWRJUDILD JDVRVD *& D DQiOLVH QmR p FRQWtQXD HVWD p PDLRU GHVYDQWDJHP GHVWH
PpWRGR$PDLRUYDQWDJHPGHVWHPpWRGRpTXHDWUDYpVGHXPDHVFROKDDGHTXDGDGHDPRVWUDGRUHV
PXLWDVDPRVWUDVSRGHPVHUDUTXLYDGDVHRVWHPSRVGHUHWHQomRXPDYH]GHWHUPLQDGRVSURYrPXP
PHLRVLPSOHVGHLGHQWLILFDomR$ILJXUDPRVWUDXPDIRUPDGHDPRVWUDJHPGRVJDVHVJHUDGRVQR
HQVDLR
)LJXUD9iOYXODSDUDDPRVWUDJHPGHJDVHV
%LEOLRJUDILD
,
:(1'/$1'7::7KHUPDOPHWKRGVRIDQDO\VLV1HZ<RUN,QWHUVFLHQFH3XEOLVKHUV
,,
60<.$7=./266 : 'LIIHUHQWLDO WKHUPDO DQDO\VLV DSSOLFDWLRQ DQG UHVXOWV LQ
,,,
+$,1(6 3 - 7KHUPDO PHWKRGV RI DQDO\VLV SULQFLSOHV DSSOLFDWLRQV DQG SUREOHPV
,9
%52:10(,QWURGXFWLRQWR 7KHUPDO$QDO\VLV” HG&KDSPDQDQG+DOO/RQGRQ
3RU(QJ06F-HIIHUVRQ&DSRQHUR3URI'U-RUJH$67HQyULR
PLQHUDORJ\ %HUOLQ1HZ<RUN6SULQJHU9HUODJ
/RQGRQ%ODFNLH$FDGHPLFDQG3URIHVVLRQDO
30,$QiOLVHV7pUPLFDV
9
323(0,'LIIHUHQWLDOWKHUPDODQDO\VLVDJXLGHWRWKHWHFKQLTXHDQGLWVDSSOLFDWLRQV
9,
785, $ 7KHUPDO &KDUDFWHUL]DWLRQ RI 3RO\PHULF 0DWHULDOV $FDGHPLF 3UHVV 1HZ
9,,
5$0$&+$'5$1 9 6 $SSOLFDWLRQ RI 'LIIHUHQWLDO 7KHUPDO $QDO\VLV LQ &HPHQW
/RQGRQ3KLODGHOSKLD3$+H\GHQ
-HUVH\
&KHPLVWU\ &KHPLFDO3XEOLVKLQJ&R1HZ<RUN
(VWXGR$XWR'LULJLGR
4XDLVVmRDVYDQWDJHQVHGHVYDQWDJHQVGRVSULQFLSDLVWLSRVGHWHUPREDODQoD"(PTXDLV
DSOLFDo}HVFDGDPRGHORDSUHVHQWDPHOKRUGHVHPSHQKR")LJ
$ DQiOLVH GD FXUYD 7*$ XPD DPRVWUD DSUHVHQWRX XP FRPSRUWDPHQWR WLSR L )LJ VDEHQGRVHTXHHVWDDPRVWUDDSUHVHQWDSHORPHQRVXPHYHQWRWpUPLFRD2TXHGHYHWHU
RFRUULGR " E 4XDLV DV PDQHLUDV GH VROXFLRQDU HVWH SUREOHPD " F &RPHQWH DV
LPSOLFDo}HVGHVWHWLSRGHFXUYDFDVRDDPRVWUDIRVVHGHL8PQRYRWLSRGHH[SORVLYR
LL8PDQRYDOLJDUHVLVWHQWHDR[LGDomRDDOWDWHPSHUDWXUD
5HDOL]RXVH XP HQVDLR WHUPRJUDYLPpWULFR GH D ƒ& GH XPD PHVPD DPRVWUD GH
IDULQKD GH FLPHQWR FRPSRVWD SRU GH &D&2 FRP DV VHJXLQWHV YHORFLGDGHV GH
DTXHFLPHQWR .PLQ .PLQ H .PLQ YHU ILJXUD DEDL[R ([SOLTXH SRU TXH DV
3HUGDGHPDVVD
FXUYDVDSUHVHQWDPGLIHUHQWHVWHPSHUDWXUDVGHLQtFLRGDGHFRPSRVLomR
7HPSHUDWXUD
&LWHDOJXQVPDWHULDLVTXHSRGHPVHUXWLOL]DGRVFRPRPDWHULDOGHUHIHUrQFLDHPHQVDLRV
GH'7$RX'6&'HVFUHYDDVFRQGLo}HVGHXVRGHFDGDXPGHOHV
&LWHXPWLSRGHWUDQVIRUPDomRGHVHJXQGDRUGHPGLIHUHQWHGDVFLWDGDVQRWH[WR
3RU(QJ06F-HIIHUVRQ&DSRQHUR3URI'U-RUJH$67HQyULR
30,$QiOLVHV7pUPLFDV
'HVFUHYD FRPR SRGHVH PHGLU D FDSDFLGDGH WpUPLFD GH XPD DPRVWUD D SDUWLU GH XPD
FXUYDREWLGDHPXPHQVDLR'7$
'HVFUHYDFRPRVHSRGHPHGLUDHQWDOSLDGHXPHYHQWRWpUPLFRGHXPDDPRVWUDDSDUWLU
GHXPDFXUYDREWLGDHPXPHQVDLR'6&
'HVFUHYDFRPRVHSRGHGHWHUPLQDUXPGLDJUDPDGHIDVHVDSDUWLUGHHQVDLRVHP'7$RX
'6&
(VERFH HP XPD PHVPD ILJXUD DV FXUYDV GH '7$ H 7* GH XPD DPRVWUD GH 3(7
HQVDLDGD QR LQWHUYDOR GH D ƒ& ,GHQWLILTXH RV VHJXLQWHV HYHQWRV WpUPLFRV FDVR
KDMDWUDQVLomRYtWUHDIXVmRGHJUDGDomRHYDSRUDomR
3DUD DOWDV YHORFLGDGHV GH UHVIULDPHQWR DOJXQV DoRV DSUHVHQWDP XPD WUDQVIRUPDomR
FRQKHFLGDFRPRWUDQVIRUPDomRPDUWHQVtWLFDHVWDWUDQVIRUPDomRpDFRPSDQKDGDGHXPD
YDULDomR YROXPpWULFD (VERFH XPD FXUYD REWLGD HP XP HQVDLR GHGLODWRPHWULD PHGLGD
DEVROXWDTXHDSUHVHQWDHVWDWUDQVIRUPDomR
3RU(QJ06F-HIIHUVRQ&DSRQHUR3URI'U-RUJH$67HQyULR