Sie sind auf Seite 1von 30

*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

&DSLWROXO  ,QWURGXFHUH $UKLWHFWXUD  0RGXUL GH DGUHVDUH


 ,QWURGXFHUH 1HFHVLWDWHD OLPEDMXOXL GH DVDPEODUH /LPEDMXO FHHD FH GH VH DVDPEODUH vQWkPSO vQ $60 SHUPLWH vQ HOHJHUHD OD QLYHO GH DP QXQW FX D

UHDOLWDWH PXOW

vQWUXQ GHFkW

FDOFXODWRU

)DPLOLDUL]DUHD XQ

XQ

DVHPHQHD FRQWULEXLQG XWLOL]DW ([LVW

OLPEDM OD

HVWH

PDL

EHQHILF

SHQWUX

SURJUDPDWRU GH OLPEDMXO

HILFLHQWD

SURJUDPHORU

GH]YROWDWH

LQGLIHUHQW

PDL PXOWH PRWLYH SHQWUX FDUH SURJUDPDUHD vQ $60 HVWH QHFHVDU

&RGXO JHQHUDW vQ $60 VH H[HFXW SURJUDP WUHEXLH LPSOHPHQWDWH

vQ JHQHUDO IRDUWH UDSLG 8QHOH PRGXOH GH vQ $60 GDWRULW DFHVWHL YLWH]H GH OXFUX

8QHRUL R SDUWH D XQXL SURJUDP HVWH VFULV PRGXOHOH FULWLFH VXQW VFULVH FD SURFHGXUL

vQWUXQ OLPEDM GH QLYHO vQDOW LDU $60 DSHODWH OD UkQGXO ORU GH

PRGXOHOH GH QLYHO vQDOW 3H GH DOW SDUWH GH H[LVW VLWXDWLL VDX vQ FDUH H QHYRLH GH GH DFFHV GLUHFW OD

GLVSR]LWLYH

LQWUDUHLHLUH

ORFD LL

IL]LFH

PHPRULH

LDU

DFHVWH

RSHUD LL QX SRW IL H[HFXWDWH GLQ XQHOH OLPEDMH GH QLYHO vQDOW 'H H[HPSOX OD FDOFXODWRDUHOH SHUVRQDOH SURJUDPHOH 765 L UXWLQHOH GH WUDWDUH D

vQWUHUXSHULORU VXQW DSURDSH WRWGHDXQD VFULVH vQ $60 3H VFXUW OLPEDMXO GH DVDPEODUH RIHU YLWH]H GH H[HFX LH L DFFHV OD

KDUGZDUH FDUH QX SRW IL GLVSRQLELOH FHO PDL DGHVHD vQ OLPEDMHOH GH QLYHO vQDOW 8Q DOW DVSHFW LPSRUWDW HVWH FHO DO GH]YROW ULL GH SURJUDPH VXQW SHQWUX

HFKLSDPHQWH

GHGLFDWH

1X

WRDWH

SURJUDPHOH

H[HFXWDELOH

GHVWLQDWH

FDOFXODWRDUHORU GH X] JHQHUDO 'H]YROWDUHD PDVLY I FXW FD DFHVWHD V WHKQLFH GH

D PLFURSURFHVRDUHORU D

FRQWUROH]H vQ SUH]HQW IXQF LRQQDUHD FHORU PDL GLYHUVH OD PDLQL GH J WLW VDX GH VS ODW UXIH SkQ OD

RELHFWH

GH

HFKLSDPHQWH

FRQWURO

LQGXVWULDO

VDX

SHQWUX

FRPDQGD

DYLRDQHORU

7RDWH

DFHVWH PLFURSURFHVRDUH IXQF LRQHD] V ILL FLQH WLH FH VSHFLDOLVW FD V  L

SH ED]D XQRU SURJUDPH L QX WUHEXLH GDL VHDPD F H SX LQ SUREDELO FD XQ IL D

SURJUDP FDUH FRQWUROHD] IRVW VFULV vQ 3$6&$/

XQ FXSWRU FX PLFURXQGH VDX XQ RVFLORVFRS V vQ %$6,& 'H IDSW LPHQVD PDMRULWDWH

VDX

SURJUDPHORU SHQWUX DVHPHQHD HFKLSDPHQWH GHGLFDWH HVWH VFULV GH DVDPEODUH SHQWUX F

vQ OLPEDM HVWH

vQWUXQ DVHPHQHD FRQWH[W FHHD FH FRQWHD]

YLWH]D GH H[HFX LH L YROXPXO IRDUWH OLPLWDW GH PHPRULH 3H GH DOW SDUWH QX WRDWH PLFURSURFHVRDUHOH GHVWLQDWH XQRU VXQW GH X] JHQHUDO ([LVW DU IL

PLFURSURFHVRDUH SURFHVRDUH SURJUDPDELOH JHQHUDO GH

VSHFLDOL]DWH VHPQDO 3HQWUX GH

VFRSXUL

SUHFLVH

FXP

PLFURFRQWUROOHUH DVHPHQHD

LQGXVWULDOH QX VH GH

DXWRPDWH MXVWLILF QLYHO vQ vQDOW

HWF

SURFHVRDUH SHQWUX

GH]YROWDUHD

FRPSLODWRDUH

OLPEDMH

SURJUDPHOH ILLQG GH]YROWDWH vQ OLPEDMHOH VSHFLILFH DFHVWRU SURFHVRDUH FDUH VXQW DVHP Q WRDUH OLPEDMHORU GH DVDPEODUH SHQWUX SURFHVRDUH GH X]

JHQHUDO

&DSLWROXO 

*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

([LVW

XQ

SXWHUQLF

URO

IRUPDWLY

DO

SURJUDP

ULL

vQ

OLPEDM

GH

DVDPEODUH

8Q SURJUDPDWRU QX DMXQJH QLFLRGDW QX WUHFH P &DUWHD PHGLX GH GH FDU R GDW vL vQ YLD V

OD XQ QLYHO VXSHULRU GH H[SHUW  GDF

SULQ GH]YROWDUHD GH SURJUDPH $60 RIHUH FLWLWRUXOXL GH XQ PLMORF GH DL vQVXL

ID

SURSXQH HVWH

OLPEDMXO GH DVDPEODUH SHQWUX SURFHVRDUHOH GLQ IDPLOLD ,QWHO ,%03&  &D GH]YROWDUH IRORVLW IDPLOLD SURGXVH VRIWZDUH %RUODQG 7XUER $VVHPEOHU 7XUER /LQNHU L 7XUER 'HEXJJHU  2 DWHQ LH VSRULW QLYHO vQDOW L vQ SHQWUX FDUH H[LVW HVWH DFRUGDW $60  &D GH]YROW GH ULL GH DSOLFD LL PL[WH vQ OLPEDMH GH vQDOW WLSLF VD DOHV OLPEDMXO &

OLPEDM

QLYHO

PHGLL GH GH]YROWDUH LQWHJUDWH RIHULWH GH ILUPD %RUODQG

WRWDO FRPSDWLELOH FX OLPEDMXO GH DVDPEODUH Q DFHDVW FDUWH QX VH LQVLVW SUH PXOW SH LQWHUID D VRIWZDUH FX VLVWHPXO PXOWH PDQXDOH GH ILUP $60 HILFLHQWH L FDUH GHVFULX vQ U L HVWH GH D ORU vQ LQWHJUDUHD

%,26 VDX FX VLVWHPXO '26 ([LVW RIHUL PLMORDFH GH GH]YROWDUH GH

GHWDOLX IXQF LLOH L VXEIXQF LLOH %,26 L '26 6FRSXO DFHVWHL F DSOLFD LL FRPSOH[H PRGXOH

 1R LXQL LQWURGXFWLYH GH KDUGZDUH 5HJLVWUH 6WLY Q $60 FDOFXODWRUXO UHJLVWUH HVWH Y ]XW OD QLYHOXO KDUGZDUH QHFHVDUH DGUHVH XQHOH IL]LFH GH

PHPRULH SUHJ

vQWUHUXSHUL

HWF

6XQW

QR LXQL

WLWRDUH GH R ED] FLIU D LQIRUPD LHL GH GH SRDWH DFHOD PHPRUDWH L YDORULOH vQ  FDOFXODWRU FDUH VDX H  R HVWH ELWXO 8Q GH ELW OD

8QLWDWHD UHSUH]LQW ELQDU\

ELQDU

DLFL

QXPHOH 8Q

SUHVFXUWDUH 0RGHOXO GHFL XQ

GLJLW  WRU

GHFL HVWH VW

DYHD

KDUGZDUH FLUFXLW

FRUHVSXQ]

ELVWDELO

ELVWDELO

HVWH

HOHFWURQLF FX GRX ELW GH LQIRUPD LH 8Q JUXS GH

UL VWDELOH FRGLILFDWH  L  FDSDELO V

PHPRUH]H XQ

ELVWDELOL

IRUPHD] IL

XQ

UHJLVWUX

'H GH

H[HPSOX OD YDORDUHD

ELVWDELOL

IRUPHD] DVHPHQHD XRU GH Y OD Q

XQ UHJLVWUX GH  EL L ,QIRUPD LD FDUH VH SRDWH PHPRUD vQWUXQ UHJLVWUX ]XW F D SRDWH FRGLILFDW vQ ELQDU  OD YDORDUHD  WR L EL LL HJDOL FX   (VWH XQ UHJLVWUX Q  GH  Q EL L YD SXWHD PHPRUD 

WR L EL LL HJDOL FX   SkQ QXP Q SXWHUHD   D 

UXO FRPELQD LLORU FDUH SRW IL PHPRUDWH HVWH  

JHQHUDO

FRPELQD LL GLVWLQFWH $FHVWH FRPELQD LL VH QXPHVF RFWH L VDX E\WHV GDF UHVSHFWLY FXYLQWH GDF HWF  /D SURFHVRDUHOH GLQ L IDPLOLD ,QWHO FXYLQWHOH VXQW GH  VDX  GH EL L SXWkQG H[LVWD L FDQWLW SH XQ QXP 0HPRULD U PDL PDUH GH EL L GDU WRDWH PXOWLSOX GH   FDOFXODWRU HVWH Y ]XW FD R VXFFHVLXQH

XQXL

GH

RFWH L

)LHFDUH

RFWHW DUH DVRFLDW PD[LP D

R DGUHV 'DF

GH PHPRULH 3HQWUX D SXWHD DGUHVD PHPRULD DYHP XQ UHJVLWUX UXL OXQJLPH GHWHUPLQ GH DGUHVH GH  GLPHQVLXQHD EL L DWXQFL

H QHYRLH GH XQ UHJLVWUX GH DGUHVH D F PHPRULHL YRP SXWHD DGUHVD 

RFWH L GH PHPRULH 3URFHVRUXO  DUH XQ UHJLVWUX

GH DGUHVH GH  GH EL L GHFL SRDWH DGUHVD  YHUWLFDO  FD VXFFHVLXQL GH RFWH L VDX

RFWH L GH PHPRULH VDX  GH OD DGUHVH PLFL F WUH

PHJDRFWHW GH PHPRULH  =RQHOH GH PHPRULH YRU IL UHSUH]HQWDWH JUDILF SH FXYLQWH DGUHVH PDUL

&DSLWROXO 

*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

2 DGUHV vQ PRG

FX VHPQLILFD LH VSHFLDO FXUHQW 7RDWH

HVWH DGUHVD LQVWUXF LXQLL FDUH VH H[HFXW DX XQ UHJLVWUX GHVWLQDW DFHVWXL VFRS

SURFHVRDUHOH

QXPLW

FRQWRU

SURJUDP

3URJUDP

&RXQWHU 

$FHVW

UHJLVWUX 

FRQ LQH

vQWRWGHDXQD DGUHVD LQVWUXF LXQLL FDUH XUPHD] 2 ]RQ FRQFHSW VSHFLDO

D IL H[HFXWDW GH VWLY

GH PHPRULH HVWH DD QXPLWD ]RQ GH VWUXFWXU GH GDWH FX R R GDU

 6WLYD HVWH XQ GLVSXQ GH GDWH GH 2

DEVWUDFW PDLQ

SURFHVRDUHOH VWUXFWXU

LQVWUXF LXQL ]RQ GH

SHQWUX

RSHUD LL

DVHPHQHD DGUHV

VWLY

HVWH

FDUDFWHUL]DW

GH

FXUHQW QXPLW 63

QXPLW 6WDFN

DGUHVD 3RLQWHU

YkUIXOXL

VWLYHL 

DGUHVDW

SULQWUXQ

UHJLVWUX

LQGLFDWRU GH VWLY

 2SHUD LLOH GH ED]

FX VWLYD VXQW

386+ ;  FDUH VH SRDWH GHVFULH SULQ DF LXQLOH 63  63   63  ; 323 ;  FDUH VH SRDWH GHVFULH SULQ DF LXQLOH ;  63 63  63  

1RWD LD

63

vQVHDPQ

FRQ LQXWXO

OXL

63 

LDU

63 

FRQ LQXWXO RSHUD LL

ORFD LHL GH PHPRULH DGUHVDWH GH 63  'LQ DQDOL]D FHORU GRX VH YHGH F VDX VWLY VWUXFWXUD GH VWLY HVWH GH WLS

8OWLPXO ,QWUDW 3ULPXO ,HLW vPSLQV vQ

/DVW ,Q )LUVW 2XW  SULQWUR RSHUD LH /D

DGLF YD

XOWLPD FDQWLWDWH FDUH D IRVW IL FHD FDUH

386+

VH YD H[WUDJH OD XUP LOH WUDQVIHUDWH vQ VWLY

WRDUHD VXQW vQ 63

RSHUD LH

323

SURFHVRUXO



FDQWLW

FXYLQWH GH  EL L GHFLL DGUHVD FXUHQW HVWH DGXQDW 6WLYD IRORVLW SRDWH VDX VF IL IRORVLW ]XW FX  SHQWUX

D YkUIXOXL VWLYHL FRQ LQXW

H[SOLFLW

VDOY

UL

UHIDFHUL

GH

GDWH

(D

HVWH R

LPSOLFLW vQ PHFDQLVPXO GH DSHO GH SURFHGXU

 &kQG VH DSHOHD]

SURFHGXU GD

FX QXPHOH 35 SULQWUXQ DSHO JHQHULF GH IRUPD &$// 35 VH YD DGLF VDOW VH QX YD SURGXFH XQ VDOW OD SULPD F  vQ LQVWUXF LXQH UHJLVWUXO  XQHL D

FRQWUROXO

SURFHGXULL

$FHVW

vQVHDPQ

DOWFHYD

GHFkW

FRQWRU

SURJUDP VH YD GHSXQH DGUHVD SULPHL LQVWUXF LXQL GLQ SURFHGXU 6H SXQH vQV SUREOHPD UHYHQLULL GLQ SURFHGXU WUHEXLH V  OD

H[HFX LD vQ

LQVWUXF LXQL DSHODQW L V

JHQHULFH

5(7851

&RQWUROXO

UHYLQ

SURJUDPXO 

VH H[HFXWH LQVWUXF LXQHD GH GXS

DSHOXO GH SURFHGXU

$FHVW IDSW HVWH SRVLELO GHRDUHFH OD H[HFX LD LQVWUXF LXQLL &$// vQDLQWH GH D VH H[HFXWD VDOWXO OD SURFHGXU  VH VDOYHD] vQ VWLY FRQ LQXWXO WRDUH GHFkW FRQWRUXOXL GH

SURJUDP SURFHGXU DFHDVW

DGLF 

DGUHVD

LQVWUXF LXQLL 5(7851 L V R GXS

LPHGLDW IDFH vQ GH

XUP

DSHOXOXL V

,QVWUXF LXQHD GLQ VWLY

QX

DOWFHYD FRQWRUXO SURFHGXU

H[WUDJ H[HFX LD

DGUHV FX

SODVH]H DSHOXO

SURJUDP  $FHVW

FRQWLQXvQG

LQVWUXF LQHD

GH

PHFDQLVP

HVWH LOXVWUDW vQ )LJXUD  8Q SURJUDP $60 FD GH DOWIHO L XQXO vQ OLPEDM GH QLYHO vQDOW HVWH

RUJDQL]DW vQ WUHL VSD LL GH PHPRULH

VSD LXO FRGXO VSD LXO J

]RQD

GH

FRG

DFHVWD

FXSULQGH

LQVWUXF LXQLOH

FDUH

FRPSXQ

SURJUDPXO

VDX

]RQD GH GDWH  DFHVWD FXSULQGH GDWHOH VWDWLFH GHILQLWH vQ SURJUDP FDUH VH

VHVF OD DGUHVH IL[H   DFHVWD FXSULQGH VWLYD UH]HUYDW SURJUDPXOXL

VSD LXO ]RQD GH VWLY

&DSLWROXO 

*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

)LJXUD  5ROXO VWLYHL OD DSHOXO XQHL SURFHGXUL

=RQD

GH

GDWH

SRDWH

IL

GHWDOLDW

vQ

GDWH

FRQVWDQWH

GDWH

LQL LDOL]DWH

VDX

QHLQL LDOL]DWH HWF 7UHEXLH HVWH UHPDUFDW GH L F RULFH vQ SURJUDP D GH F H[HFXWDELO VFULV GDU 'H DUH vQ VWUXFWXUD $60 $FHVWD GH PDL VXV FKLDU

LQGLIHUHQW VFKLPED

OLPEDMXO

FDUH

IRVW

DFHDVW H[LVW

VWUXFWXU VLWXD LL

YL]LELO

JHVWLRQDW

WUH

SURJUDPDWRU

SRDWH

SURJUDPH 765 vQ FDUH GDWHOH VXQW GHILQLWH vQ DFHODL VSD LX GH PHPRULH FX LQVWUXF LXQLOH 3H OvQJ FHOH WUHL VSD LL GH PHPRULH L PDL HVWH H[LVW L DD vQ QXPLWXO PRG VSD LX GH

VHPQLILFD LLOH

]RQHORU

UHVSHFWLYH

H[HPSOX

PHPRULH GLVSRQLELO PRPHQWXO DSHOXUL F

H[HFX LHL

 $FHVWD IRORVHWH OD DORF SURJUDPXOXL

JHVWLRQDW

UL GLQDPLFH GH PHPRULH OD LQGLUHFW SULQ

WUH VLVWHPXO GH RSHUDUH

1.3 Reprezentri interne ale datelor


 %D]H GH QXPHUD LH

WHKQLFD GH FDOFXO SH OvQJ

GH QXPHUD LH   L  LDU VLVWHPHOH GH QXPHUD LH UHVSHFWLYH VH QXPHVF VH QRWHD] FX OLWHUHOH GLQWUH VDX GH OD $ SkQ OD ) 7DEHOXO RFWDO  L LOXVWUHD]

ED]D GH QXPHUD LH  VXQW IRORVLWH ED]HOH

ELQDU RFWDO L KH[D]HFLPDO Q VLVWHPXO KH[D]HFLPDO FLIUHOH GH OD  OD  FRUHVSRQGHQ D RULFH ELQDU IHO VLVWHPHOH ]HFLPDO ELQDU KH[D]HFLPDO vQ IRUP

7UHEXLH UH LQXW IDSWXO HVHQ LDO F GDWH

 vQ PHPRULD FDOFXODWRUXOXL LQIRUPD LD GH HVWH vQWRWGHDXQD UHSUH]HQWDW

SURJUDPH

 GHFL FD VHFYHQ H GH FLIUH  VDX  HVWH JUHX GH RSHUDW FX QXPHUH PDUL vQ ED]D  SHQWUX

'HRDUHFH

H[SULPDUHD XQRU FDQWLW ))  

L ELQDUH VH IRORVHVF ED]HOH  L  'H H[HPSOX

,QIRUPD LD

HVWH

RUJDQL]DW

vQ

FDOFXODWRU

SH

JUXSH

GH

FLWH

FLIUH

ELQDUH

EL L  8Q DVHPHQHD JUXS VH PDL QXPHWH L RFWHW VDX E\WH  2FWHWXO HVWH XQLWDWHD GH PDVXU vQ FDUH VH H[SULP YROXPXO PHPRULHL XQXL FDOFXODWRU

&DSLWROXO 

  


 

QXPDUXO  VH SRDWH H[SULPD vQ DFHVWH ED]H SULQ 



  

  

*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

=HFLPDO                

%LQDU                

2FWDO                

+H[D]HFLPDO           $ % & ' ( )

7DEHOXO  5HSUH]HQWDUHD QXPHUHORU vQ ED]HOH    L 

'HRDUHFH GLPHQVLXQHD PHPRULHL HVWH WRWGHDXQD R SXWHUH D OXL  PXOWLSOLL IRORVLWL SHQWUX RFWH L QX VXQW   HWF FL SXWHUL DGHFYDWH DOH OXL 

NLORE\WH RFWH L

SH

VFXUW

.2

VDX

.% 

6LPLODU VDX

XQ

QXP

GH

VH

QXPHWH

PHJDRFWHW

PHJDE\WH

02

VDX

IRORVHWH L JLJDRFWHWXO JLJDE\WHXO  FDUH HVWH HJDO FX  RFWH L $DGDU PXOWLSOLL IRORVL L vQ WHKQLFD GH FDOFXO VXQW

kilo = 2 = 1024
10

 5HSUH]HQWDUHD QXPHUHORU vQWUHJL

1XPHUHOH vQWUHJL SRW IL UHSUH]HQWDWH SH XQXO VDX PDL PXO L RFWH L GHFL SH UXO WRWDO GH YDORUL GLVWLQFWH HVWH   QXPHUHORU FKLDU I U VHPQ QXP YDORDUHD UXOXL (VWH LQWHUQ XRU D GH EL LORU Y ]XW RFWH LORU

QXP Q

FD]XO

UHSUH]HQWDUHD HVWH SH Q EL L GRPHQLXO SRVLELO GH YDORUL HVWH GH OD  OD    3HQWUX Q Q FHHD FH  UH]XOW SULYHWH FDUH GRPHQLXO GLQ 7DEHOXO  QXPHUHORU GHFL

UHSUH]HQWDUHD VH SRW

FX

VHPQ

WUHEXLH GH

VSXV

YDORULOH

LQWHUQH

UHSUH]HQWD

FRQILJXUD LLOH

EL L

VXQW

&DSLWROXO 

'

UHSUH]LQW

YDORDUHD

'

XQ

QXP

$ &

JLJD

$ %#

PHJD

 

GH

ELWL

'HRDUHFH

ILHFDUH

ELW

SRDWH

OXD

GRX

"

$VWIHO XQ QXP

U GH 

!

 GH RFWH L VH PDL QXPHWH L NLORRFWHW VDX  0%  6H PDL

YDORUL

 

GDF

*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

DFHOHDL

FD

OD

QXPHUH

VHPQ

$FHVWH

FRQILJXUD LL

YDULD]

vQWUH

 WR L EL LL HJDOL FX  L  WR L EL LL HJDOL FX   6H SXQH GHFL SUREOHPD FD SULQWUR FRQYHQ LH DGHFYDW SDUWH GLQ DFHVWH FRQILJXUD LL GH EL L FD SR]LWLYH LDU FHDODOW SDUWH QXPHUH QHJDWLYH  V VH FRQVLGHUH R

UHSUH]HQWkQG

QXPHUH

vQWUHJL

5HSUH]HQWDUH LQWHUQ        
7DEHOXO  5HSUH]HQWDUHD QXPHUHORU I

9DORDUH        
U VHPQ SH  EL L

([LVWD

PDL

PXOWH

VLVWHPH

GH

UHSUH]HQWDUH

GLQWUH

FDUH

FHO

PDL

VSkQGLW

HVWH VLVWHPXO GH UHSUH]HQWDUH vQ FRPSOHPHQW ID ELWXO FHO PDL VHPQLILFDWLY MRDF QXP HVWH QXP Q  QXP UXO UHSUH]HQWDW

GH  Q DFHVW VLVWHP ELWXO GH VHPQ VHPQ HVWH 

XQ URO VSHFLDO DQXPH GH D SUHFL]D VHPQXO SR]LWLY LDU GDF ELWXO GH

UXOXL GLQ DFHVW PRWLY VH QXPHWH ELW GH VHPQ  'DF HVWH UXO HVWH QHJDWLY FH SULYHWH YDORDUHD DEVROXW PRGXOXO QXP

GLIHUHQ LDW IXQF LH GH VHPQXO QXP

FHHD

UXOXL vQ IHOXO XUP


LQWHUQ

WRU

UXOXL

HD

VH

RE LQH

GDF QXP GDF

ELWXO UXOXL ELWXO

GH

VHPQ

HVWH



DWXQFL

FRQILJXUD LD

UHSUH]LQW

FKLDU

YDORDUHD

GH

VHPQ GH

HVWH 



DWXQFL SULQ

YDORDUHD

DEVROXW

QXP

UXOXL

VH 

RE LQH GHYLQH

SULQ  L

FRPSOHPHQW

ID

DGLF

FRPSOHPHQWDUHD

WXWXURU

EL LORU

UHFLSURF L SULQ DGXQDUHD DSRL D YDORULL 

$FHDVW

UHJXO

VH

DSOLF

SHQWUX

DPEHOH

VHQVXUL

GH

FRQYHUVLH

GH

OD

UHSUH]HQW 'H

UL LQWHUQH OD QXPHUH FX VHPQ L UHFLSURF  ILH QXP UXO GH  EL L GHFL Q HVWH  L V FRQVLGHU GH XQ P U UHSUH]HQWDUHD QHJDWLY 3ULQ

H[HPSOX %LWXO GH



FRPSOHPHQWDUH VH RE LQH  LDU SULQ DGXQDUH FX  VH RE LQH  DGLF  $VWIHO UHSUH]HQWDUHD ELQDU UXOXL  vQ FRPSOHPHQW ID GH  SH Q EL L DUH XUP

VHPQ

HVWH

YRUED

QXP

YDORDUHD DEVROXW QXP

 SH  EL L FRUHVSXQGH

5HSUH]HQWDUHD SURSULHW

WRDUHOH

L JHQHUDOH

H[LVW

R VLQJXU

UHSUH]HQWDUH SHQWUX  DQXPH 

ELWXO FHO PDL VHPQLILFDWLY HVWH ELW GH VHPQ FDOFXOXO YDORULORU DEVROXWH GH  SHQWUX QXPHUH QHJDWLYH VH IDFH SULQ DSOLFDUHD UHJXOLL

FRPSOHPHQWXOXL ID

&DSLWROXO 

0) 1(

0) 1(

GRPHQLXO GH UHSUH]HQWDUH HVWH 

 



*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

7DEHOXO



VXQW

LOXVWUDWH

GRPHQLLOH

GH

YDORUL

SHQWUX

QXPHUH FX VHPQ

SH Q 6

 EL L P IDSWXO LPSRUWDQW LQWHUSUHW U FD  vQ FD R DFHHDL UHSUH]HQWDUH FXP LQWHUQ SRDWH  vQ

UHPDUF

DYHD HVWH

VHPQLILFDWLL LQWHUSUHWDW U

UL

GLIHULWH

GXS FX

VH

FRQVLGHU 

UHSUH]HQWDUHD FX VHPQ VDX I UHSUH]HQWDUHD I

VHPQ 'H H[HPSOX YDORDUHD LQWHUQ UHSUH]HQWDUHD VHPQ L FD

VHPQ SH  EL L 6H YHGH F

YDORUL SRVLELOH HVWH FKLDU Q vQ FD]XO GH ID 'H DLFL VH SRDWH GHGXFH R DOW QXPHUHORU QXP U I U QHJDWLYH VHPQ VH DGXQ UHJXO Q

 

GLIHUHQ D GLQWUH DFHVWH GRX

SHQWUX DIODUHD UDSLG YDORDUHD RE LQXW

D UHSUH]HQW UHSUH]LQW

ULL FD

LDU

VH

5HSUH]HQWDUH LQWHUQ        

9DORDUH

       

7DEHOXO  5HSUH]HQWDUHD QXPHUHORU FX VHPQ SH  EL L

'H H[HPSOX FD V L RE LQHP

RE LQHP UHSUH]HQWDUHD OXL  SH  EL L DGXQ SR]LWLY  5HSUH]HQWDUHD GH  D OXL  DGLF OXL  vQ ED]D

P   YD IL

YDORDUHD

DWXQFL UHSUH]HQWDUHD vQ FRPSOHPHQW ID VDX + Q GLYHUVH VLVWHPH  GH DILDUH D GDWHORU



QXPHULFH  GH WLS

vQ

FDUH

HVWH

IRORVLW

QXPDL

ED]D

VH

XWLOL]HD]

FRGLILFDUHD vQ HQJOH] R FLIU

%&'

=HFLPDO &RGLILFDW vQ %LQDU Q DFHVW VLVWHP VH UHSUH]LQW

%LQDU\ &RGHG 'HFLPDO 

FDUH

vQVHDPQ

]HFLPDO

SH XQ JUXS GH  EL L  EL L

SRW FRGLILFD  YDORUL GLVWLQFWH GHFL  YDORUL QX YRU IL IRORVLWH  8Q RFWHW YD FRGLILFD GHFL  FLIUH ]HFLPDOH 'H H[HPSOX RFWHWXO FX YDORDUHD  UHSUH]LQWD FRGLILFDUHD %&' SHQWUX QXP UXO ]HFLPDO  SULPXO JUXS GH  HVWH QHFHVDU VH SRW EL L UHSUH]LQW FLIUD  LDU DO GRLOHD JUXS FLIUD   'DF

FRQVLGHUD Q RFWHWL SHQWUX PHPRUDUHD D Q FLIUH ]HFLPDOH &DOFXODWRDUHOH GLVSXQ GH RELFHL GH LQVWUXF LXQL FXWH GXS VSHFLDOH SHQWUX FDOFXOH vQ

IRUPDW %&' 6XQW XQHOH SUREOHPH FDUH WUHEXLH DYXWH vQ YHGHUH L DQXPH RSHUDWLLOH GH FRUHFWLH FDUH WUHEXLH I FRUHFWH VDX vQDLQWHD RSHUD LLORU vQ %&' GHRDUHFH QX WRDWH FHOH  FRPELQD LL ELQDUH SRVLELOH VXQW FLIUH %&'

&DSLWROXO 

*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

)RUPDWXO %&' VH PDL QXPHWH L %&' vPSDFKHWDW SHQWUX DO GHRVHEL GH IRUPDWXO %&' GHVSDFKHWDW vQ FDUH VH UHSUH]LQW Q WHUPLQRORJLD IRUPDW ILUPHL $6&,, ,17(/ %&' DO UHIOHFWDW vQ SURFHVRDUHORU  LQFRUHFW YDORULL + IRUPDWXO $6&,, GHVSDFKHWDW GHQXPLULL   VH R FLIU %&' SH XQ RFWHW LQVWUXF LXQLORU RDUHFXP DG XJDUHD DO FLIUHL

GHQXPLULOH HVWH HVWH F 

GHQXPLW SULQ FRGXO

-XVWLILFDUHD FLIUHL

FRGXO

RE LQH

$6&,,

UHSUH]HQWDWH GH RFWHWXO UHVSHFWLY 7RDWH FHOH UL WUHL VXQW VLVWHPH I FXWH GH GH VDX UHSUH]HQWDUH SURJUDPXO QXP UXO D QXPHUHORU IRORVHWH SR]LWLY vQWUHJL LOXVWUHD] H[HPSOX FXP UXO VH

IDSWXO F LQWHUSUHW ]HFLPDO OXFUHD]

GDWHOH GLQ PHPRULD FDOFXODWRUXOXL VH SRW LQWHUSUHWD GLIHULW $FHVWH FDUH GDWHOH  'H UXO ]HFLPDO SR]LWLY  QXP GXS

RFWHWXO  SRDWH UHSUH]HQWD QXP QHJDWLY  FX VLVWHPXO GH UHSUH]HQWDUH I

]HFLPDO U

VHPQ FX VHPQ VDX UHVSHFWLY

FX VLVWHPXO %&'
 5HSUH]HQWDUHD QXPHUHORU UHDOH

1XPHUHOH FDUH PRELO VXQW 

UHDOH

IUDF LRQDUH

VH

SRW vQ

UHSUH]HQWD IL[

QXPLWH

UHSUH]HQWDUH

YLUJXO

vQ

UHSUH]HQWDUH

GRX

PRGXUL

vQ

GLVWLQFWH YLUJXO

5HSUH]HQWDUHD vQ YLUJXO

IL[

UHSUH]HQWDUHD DWkW 

vQ

YLUJXO

IL[

 GH

VH

FRQVLGHU D

XQ E Q

QXP FLIUH U

ILQLW

GH

FLIUH

VHPQLILFDWLYH IUDF LRQDU vQWUHDJ UHSUH]LQW L P

SHQWUX SHQWUX

SDUWHD ED]D

vQWUHDJ

&RQVLGHUkQG FLIUH

QXPHUD LH IUDF LRQDU

QXP 

UXOXL FkW L SHQWUX FHD SHQWUX QXP IUDF LRQDU [

SDUWHD VH

SDUWHD

XQ

SULQ H[SUHVLD

SDUWHD

IUDF LRQDU

QXP

UXOXL

[

&LIUHOH

VXQW

FRQVLGHUDWH

vQ

DVHPHQHD QXP

U VH VFULH SR]L LRQDO vQ IRUPD L


L

vQ WHKQLFD GH FDOFXO YLUJXOD VH QRWHD]D FX XQ SXQFW  ([HPSOH GH DVWIHO GH QXPHUH IUDF LRQDUH SRW IL

QWUR QXP

UHSUH]HQWDUH

LQWHUQ

FRQFUHW

SH

XQ

VLVWHP

GH

FDOFXO 

UXO GH FLIUH GH OD VWkQJD L GH OD GUHDSWD YLUJXOHL Q L P VXQW IL[DWH R SUHFL]LH GH  6LPLODU HVF HVWH VXILFLHQW  VH YRU PHPRUD GRDU  FLIUH GXS YLUJXO

DSULRULF 'H H[HPSOX OXFUkQG FX ED[D  L SUHVXSXQkQG F  GDFD VH SUHVXSXQH F DVWIHO QXPHUH

QXPHUHOH FDUH WUHEXLHVF UHSUH]HQWDWH QX GHS vQ GRPHQLXO

YDORDUHD  VH YRU DORFD  FLIUH OD VWkQJD YLUJXOHL 6H YRU UHSUH]HQWD ]HFLPDOH    FX R SUHFL]LH GH  &LIUHOH PLLPL UHVSHFWLYH HWF L VH YRU YRU IL QXPLWH PLL ILH VXWH FkWH ]HFL XQ XQLW L ILH ]HFLPL SH FkWH VXWLPL  EL L

UHSUH]HQWD

SH

RFWHW IL[

0HPRUDUHD VHPQXOXL XQXL DVWIHO GH QXP 7DEHOXO  H[HPSOLILF  L 

U VH IDFH vQWUXQ FkPS VHSDUDW D QXPHUHORU  

UHSUH]HQWDUHD vQ YLUJXO

&DSLWROXO 

A D E19

A C 3 !9

A 4 3 9



$%))

A @ B9

6 883 777

L I



4 3

vQ FDUH FLIUHOH L L

UHSUH]LQW

SDUWHD vQWUHDJ

 LDU FLIUHOH I I

6 5
UUHSUH]LQW ED]D E 8Q ED]D E L 

3 5

L E

   L E

 L E

 I E

   I

*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

6HP Q   

0L L   

6XWH

=HF L

8QLW L   

=HFL PL   
IL[ E

6XWL PL   
 Q

0LLPL

  

  

  
 P 

7DEHOXO  5HSUH]HQWDUHD vQ YLUJXO

6H REVHUY FXQRVFXW

HVWH

SXQFWXO ]HFLPDO QX VH UHSUH]LQW IL[  vQWUH FRORDQHOH XQLW

LORU

 GHRDUHFH SR]L LD VD HVWH L ]HFLPLORU  'H DOWIHO SURSULHWDWH FX  OD R SXWHUH VH

QXPHOH PHWRGHL GH UHSUH]HQWDUH SURYLQH GH OD DFHDVW VH UHSUH]LQW UXO QXP UXO UHDO UHVSHFWLY  'H vQPXO LW

8QHRUL HJDO QXP

FX

QXP

GH

FLIUH

GXS

YLUJXO

H[HPSOX

QXPDUXO



SRDWH UHSUH]HQWD LQWHUQ FD QXP VHPQXO  Q RSHUD LLOH

UXO vQWUHJ  LDU QXP FDUH VH YRU IDFH VH

UXO  FD LQH VHDPD F

UXO vQWUHJ  vQ FRPSOHPHQW ID DULWPHWLFH

GH  SHQWUX D PHPRUD L YD

QXPHUHOH VXQW vQPXO LWH FX  L VH YD UHSUH]HQWD SXQFWXO ]HFLPDO GXS D WUHLD FLIU 7UHEXLH vQ GH OD GUHDSWD OD VWkQJD F  vQWUR

UHPDUFDW GH

DVWIHO

GH

UHSUH]HQWDUH ILLQG FXSULQV

FX vQWUH

QXP

IL[

GH L

FkPSXUL QX VH SRDWH UHSUH]HQWD GHFkW XQ VXEVHW ILQLW DO QXPHUHORU UHDOH H[HPSOXO PDL VXV DFHVW VXEVHW   FX SDVXO  7UHEXLH UH LQXW GH DVHPHQHD F GLQ VXEVHWXO UHVSHFWLY VXQW UHSUH]HQWDWH H[DFW 'H vPS DVHPHQHD U LUH VH HVWH HYLGHQW IDSWXO F RSHUD LLOH DULWPHWLFH GH vQPXO LUH  L VH WRDWH YDORULOH

IDF

vQWUXQ

PRG

DSUR[LPDWLY

QPXO LQG



FX

RE LQH YDORDUHD WHRUHWLF VLVWHPXO FX  FLIUH GXS OD YDORDUHD FHD PDL

 GDU DFHDVWD QX VH SRDWH UHSUH]HQWD vQ SXQFWXO ]HFLPDO &D DWDUH UH]XOWDWXO HVWH URWXQMLW FDUH VH SRDWH UHSUH]HQWD DQXPH  GHUH VH IDF H[DFW FX FRQGL LD FD UH]XOWDWXO V

DSURSLDW

2SHUD LLOH GH DGXQDUH L VF QX GHS Q HDVF

OLPLWHOH GRPHQLXOXL GH UHSUH]HQWDUH UHSUH]HQWDUHD vQ YLUJXO IL[ HVWH FDUDFWHUL]DW YLUJXO GH QXP UXO

FRQFOX]LH

GH FLIUH UHSUH]HQWDWH L GH QXP 5HSUH]HQWDUHD FX FDOFXODWRU D vQ YLUJXO IL[

UXO GH FLIUH GXS IRORVHWH vQ

SR]L LD YLUJXOHL 

VH

XQHOH

VLVWHPH GH FRQGXFHUH GH SR]L LRQDUH L 

PDLQLORUXQHOWH

LQGXVWULDOH

VLVWHPH

IRDUWH LPSRUWDQW  vQ VLVWHPHOH GH SURJUDPH ILQDQFLDUH L FRQWDELOH /D DFHVWHD GLQ XUP  UHSUH]HQWDUHD vQ YLUJXO IL[ DUH DYDQWDMXO F WRDWH

SXWHULOH OXL  SR]LWLYH L QHJDWLYH FDUH IDF SDUWH GLQ GRPHQLXO GH YDORUL VXQW UHSUH]HQWDWH H[DFW 'H GRX H[HPSOX SHQWUX D UHSUH]HQWD VXPH GH EDQL HVWH VXILFLHQW GHUH V V DYHP VH IDF

VXPH GH EDQL HVWH HVHQ LDO FD RSHUD LLOH GH DGXQDUH L VF

FLIUH GXS

YLUJXO

 /D XQ ELODQ

ILQDQFLDU FkQG VH DGXQ

VDX VH VFDG

H[DFW

&DSLWROXO 

*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

'LQ

PRWLYHOH

SUH]HQWDWH

vQ

SURJUDPHOH

DSOLFDWLYH

SHQWUX

ILQDQ H

vQ

JHQHUDO SHQWUX GRPHQLXO HFRQRPLF VH IRORVHWH VLVWHPXO GH UHSUH]HQWDUH vQ YLUJXO IL[ 


PRELO

5HSUH]HQWDUHD vQ YLUJXO

5HSUH]HQWDUHD WLLQ LILFH L

vQ

YLUJXO VDX

PRELO DOWIHO

VH

IRORVHWH vQ WRDWH

FX

SUHF

GHUH vQ

vQ

GRPHQLLOH GH FHOH

WHKQLFH

VSXV

GRPHQLLOH

DIDU

HFRQRPLFRILQDQFLDUH  Q DFHDVW UHSUH]HQWDUH QXPHUHOH VXQW FRQVLGHUDWH GH IRUPD  XQGH 0 %


FLIU

HVWH

QXPLW

ELW

GH

VHPQ

HVWH

SHQWUX

QXPHUH

SR]LWLYH 0 HVWH QXPLW vQ ED]D % % HVWH QXPLW ED] X]XDO HVWH  VDX   U vQWUHJ FX VHPQ PDQWLV VDX IUDF LH L HVWH XQ QXP U SR]LWLY VXEXQLWDU UHSUH]HQWDW

( HVWH QXPLW H[SRQHQW L HVWH XQ QXP

0DQWLVD

VH

QXPHWH

QRUPDOL]DW

GDF

VHPQLILFDWLY

HVWH GLIHULW

GH ]HUR   Q DFHVW FD] IDSWXO FD vQVHDPQ F DFHDVWD HVWH vQ ED]D  

0DMRULWDWHD VLVWHPHORU DFWXDOH IRORVHVF ED]D % REOLJDWRULX  $VWIHO PDQWLVD 0 YHULILF  VDX vQ ED]D   ([SRQHQWXO XQ QXP V ILH VH UHSUH]LQW GH SULPD FLIU D PDQWLVHL HVWH GLIHULW GH 

FRQGL LD VFULV 0

<

<

RELFHL

GHSODVDW

U GH IRUPD (  . XQGH . HVWH R FRQVWDQW SR]LWLY Q 'H ELW IHOXO FHOH vQ DFHVWD PDL VH UH]ROY RUL H[SRQHQWXOXL DVWIHO XQ PXOWH GH

WRWGHDXQD

VHPQXOXL

VHPQLILFDWLY FkWLJkQGXVH

D PDQWLVHL 0 HVWH  DFHDVW VSD LXO

PHPRUD ELWXO GH VHPQ 6  &HD PDL GHV IRORVLW UHSUH]HQWDUH VWDQGDUGL]DW HVWH FHD QXPLW vQ

VLPSO

DUH  GH EL L LDU H[SRQHQWXO ( DUH  EL L L VH UHSUH]LQW DGXQDW FX  0DQWLVD HVWH FRQGL LD GH QRUPDOL]DUH HVWH 

SUHFL]LH GHVFULV

vQ FHOH FH XUPHD] QRUPDOL]DW 0

<

 LQWHUQ GHRDUHFH SH

%LWXO FHO PDL VHPQLILFDWLY DO PDQWLVHL QX VH PDL UHSUH]LQW HVWH WRWGHDXQD  $VWIHO XQ QXP  GH EL L  RFWH L  1RWkQG FX L I PDQWLVD FX V IUDF LD GH FDUH VH UHSUH]LQW XQXL LQWHUQ QXPDU U UHDO vQ VLPSO

GHSODVDW UHOD LD

ELWXO

VHPQ

YDORDUHD

&DSLWROXO 

R Q

Q TI I I



I

I I

W I V BQ U

G
QHJDWLYH L  SHQWUX QXPHUH

P R Q !H

P I E1H

SULPD

FLIU

GXS

YLUJXO

HVWH

 vQ VHQVXO F VH PHPRUHD] vQFkW (. PHPRU ULL  SULPD VH FLIU SRDWH

DVWIHO DOHDV SUREOHPD GHRDUHFH vQ

YDORDUH QX VH PDL UHSUH]LQW PHPRUDUH FDUH

 Q DFHVW VLVWHP PDQWLVD 0 vQPXO LW FX  DVWIHO

LQWHUQ GHSODVDW vQFkW

SUHFL]LH VH UHSUH]LQW

FX

H[SRQHQWXO GDW GH

UHDO

HVWH



*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

YDORDUHD  GLQ IRUPXOD GH PDL VXV ELWXO  DO PDQWLVHL QX VH UHSUH]LQW LQWHUQ &HL SDWUX RFWHWL VXQW UHSUH]HQWD L vQ 7DEHOXO  vQ RUGLQHD DH] ORU vQ PHPRULH vQ VHQV FUHVF 1X WRDWH FRPELQD LLOH VLQJXUD WRU DO DGUHVHORU GH PHPRULH  GH EL L GLQ FDUH WDEHO H VXQW I UHSUH]HQW  I SRW IL QXOH UL YDOLGH  DIDUD ULL

SRVLELOH YDORDUH

$VWIHO QXP DFHDVWD

UXO  VH UHSUH]LQW

ILLQG

YDORULL UHDOH  H[SRQHQWXO GHSODVDW WUHEXLH V ([SRQHQWXO GHFL L FX  I HVWH  SHUPLV L V QXPDL SHQWUX

UHSUH]HQWDUHD XQRU YDORUL GH H[FHS LH $VWIHO UHSUH]HQW )))))+ WR L EL LL  L V ,1) DOWH L ,1) FDUH VXQW FD]XUL GH H[FHS LH GHS LUL

PDL VXQW QXPLWH L 1$1 GH OD 1RW $ 1XPEHU  )XQF LH GH ELWXO GH VHPQ SRW H[LVWD YDORUL 1$1 VDX 1$1 I I H V I I I H I I I H I I I H I I I H I I I H
PRELO

YDORUL FX H[SRQHQW  VDX  VXQW LQFRUHFWH $FHVWH YDORUL LQFRUHFWH

7DEHOXO  5HSUH]HQWDUHD vQ YLUJXO

$OWH YDORUL UHSUH]HQWDWLYH VXQW

FHO PDL PLF QXP

U SR]LWLY UHSUH]HQWDELO HVWH FDUDFWHUL]DW GH V

FHO PDL PDUH QXP H

U SR]LWLY UHSUH]HQWDELO HVWH FDUDFWHUL]DW GH V

FRQVLGHU

P FkWHYD H[HPSOH GH UHSUH]HQWDUH

1XPDUXO UHDO  VH UHSUH]LQWD SULQ  RFWH L QXOL 1XP UXO UHDO  VH H[SULP SULQ VHPQXO V HVWH I  PDQWLVD  L H[SRQHQWXO    VDX H 

   )UDFWLD LQWHUQ )+ 

 LDU H[SRQHQWXO GHSODVDW HVWH H

  )UDF LD LQWHUQ + 

HVWH I

 LDU H[SRQHQWXO GHSODVDW HVWH H

 VDX H

1XPDUXO UHDO  VH H[SULP

SULQ VHPQXO  PDQWLVD  L H[SRQHQWXO    LDU H[SRQHQWXO GHSODVDW HVWH H  VDX H

(+ 

1XPDUXO

   )UDF LD LQWHUQ )+ 

6FULLQG ELWXO V EL LL IUDF LHL I L DL H[SRQHQWXOXL GHSODVDW H FD vQ 7DEHOXO  VH RE LQ UHSUH]HQW ULOH SH  RFWH L GH PDL MRV
 I  I  I  H  H  H  )+ +

  

    V    ) V     V

&DSLWROXO 

h 1c

 

 )UDF LD LQWHUQ

HVWH I

UHDO



VH

H[SULP

SULQ

VHPQXO



PDQWLVD



H[SRQHQWXO



HVWH I

 LDU H[SRQHQWXO GHSODVDW HVWH H

 VDX H



1XP

UXO UHDO  VH H[SULP

SULQ VHPQXO V

 PDQWLVD  L H[SRQHQWXO  

f d

)(+ L DUH YDORDUHD DSUR[LPDWLY

f d ec

L DUH YDORDUHD DSUR[LPDWLY

a `

b ` b b



LDU

I I

HVWH

PDQWLVD

IUDFWLD

vQ PRG XQLF SULQ V VDX

SHQWUX

UHSUH]HQWDUHD  ))+

 

([SRQHQWXO

 VDX  VXQW IRORVLWH SHQWUX YDORULOH QRWDWH DULWPHWLFH  2ULFH



  I )))))



vQ FDUH V HVWH ELWXO GH VHPQ H

H H H H

HVWH H[SRQHQWXO GHSODVDW FX QRUPDOL]DW  %LWXO FX

 L H Q

ILH FXSULQV vQWUH  L  YDORULL UHDOH 

HVWH

IRORVLW

SHQWUX ))+ I

ULOH FX H

I I I H

I I I H
SUHFL]LH

vQ VLPSO

 I

 H

g g

g g



*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

 

   ) V    %) V

 I  I

 H  H

(+ )+

5HSUH]HQWDUHD vQ YLUJXO PDQWLVHL IUDFWLHL L QXP 6D REVHUY FH GXS FkW P F GH ULL F

PRELO

HVWH FDUDFWHUL]DW

SULQ QXP

UXO GH FLIUH DO

UXO GH FLIUH DO H[SRQHQWXOXL  SXWHP DYHD H[SRQHQ L GLIHUL L FHHD SH $FHVW R SR]L LH IDSW IL[ D FRQGXV  FL VH GHSODVHD] OD UL QXPHOH HVWH

 OD DFHHDL PDQWLV YLUJXOD HVWH QX PDL

vQVHDPQ

PDUH

H[SRQHQWXO  VLPSO

HVWH

UHSUH]HQW GRPHQLXO

YLUJXO PDUH

PRELO Q

$YDQWDMXO SUHFL]LH L  F VH GH

DFHVWHL SXWHP

UHSUH]HQW UHSUH]HQWD

FXSULQVH DSUR[LPDWLY LQWUH  7UHEXLH JHQHUDO  'H GH DOH DVHPHQHD ED]HL % 

UHPDUFDW

FDUH VH SRW H[SULPD FD VXPH GH SXWHUL SR]LWLYH VDX QHJDWLYH DOH OXL  vQ ([HPSOHOH QX VH PDL VXV vQ VXQW vQ DFHDVWD SHQWUX FDWHJRULH FX ED]D GRPHQLLOH 1XPHUHOH    QX VH UHSUH]LQW HFHHD DFHVW VLVWHP HFRQRPLFR ILQDQFLDUH &DOFXOHOH DULWPHWLFH VXQW DSUR[LPDWLYH GDU SUHFL]LD HVWH GH FHOH PDL PXOWH SH  RFWHWL  SUHFL]LD DVLJXUDW 5HSUH]HQWDUHD vQ SUHFL]LH GXEO QRUPDOL]DW SH  GH 9DORDUHD XQXL QXP U UHDO vQ GXEO  EL L L XQ GH HVWH  H[DFW vQ YLUJXO SURJUDPH PRELO

IRORVHWH

 RFWH L HVWH FDUDFWHUL]DW H[SRQHQW SUHFL]LH HVWH GDW I I I SH  EL L

YDORDUHD  GLQ IRUPXOD GH PDL VXV ELWXO  DO PDQWLVHL QX VH UHSUH]LQW LQWHUQ 6WUXFWXUD FHORU  RFWH L vQ RUGLQHD FUHVF WRDUH D DGUHVHORU HVWH FHD GLQ 7DEHOXO   9DORULOH FRUHFWH SHQWUX H[SRQHQWXO GHSODVDW VXQW FXSULQVH vQWUH  L  1XP UXO  VH SUH]LQW vQ PRG XQLF FX V I H  LDU YDORULOH FX H[SRQHQW  VXQW IRORVLWH SHQWUX ,1) L ,1)

&DSLWROXO 

w u

w u t vt



LDU

I I

HVWH

PDQWLVD

IUDF LD

w !u

vQ FDUH V HVWH ELWXO GH VHPQ H

H H H

w u

w u t vt



q y w i u x

RUL VXILFLHQW

SHQWUX DSOLFD LLOH X]XDOH Q UHSUH]HQWDUHD vQ VLPSO 

p Ei

p Ei

IRDUWH

QXPHUH

 UHSUH]LQW FRUHFW QXPDL QXPHUHOH

SUHFL]LH

GH R PDQWLV FX  

GH H[SUHVLD

GHSODVDW

HVWH H[SRQHQWXO GHSODVDW FX QRUPDOL]DW  %LWXO FX



*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I I

I

I

I

I

I

I

I

I

I

I I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

H

H

H

H

I

I

I

I

H

H

H

H

H
PRELO

H
vQ GXEO

H
SUHFL]LH

7DEHOXO  5HSUH]HQWDUHD vQ YLUJXO

5HSUH]HQWDUHD PDQWLV   H[SUHVLD

vQ

SUHFL]LH

H[WLQV



RFWH L

HVWH

FDUDFWHUL]DW

GH

QRUPDOL]DW 9DORDUHD

SH  GH EL L L XQ H[SRQHQW SH  EL L GHSODVDW FX XQXL QXP U UHDO vQ SUHFL]LH H[WLQV HVWH GDW GH

YDORDUHD

GLQ

IRUPXOD

GH

LQWHUQ FD XQ ELW WRWGHDXQD HJDO FX  FX H[FHS LD YDORULL ]HUR FvQG DFHVW ELW HVWH  6WUXFWXUD FHORU ]HFH RFWH L vQ RUGLQHD FUHVF WRDUH D DGUHVHORU

HVWH FHD GLQ 7DEHOXO 

I I

I I

I

I

I

I

I

I

I

I

I

I

I

H

H

H

7DEHOXO  5HSUH]HQWDUHD vQ YLUJXO

&DSLWROXO 



LDU

I I

HVWH PDL

PDQWLVD VXV ELWXO

IUDF LD  DO

I I

I I

I I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

H

H

H

H

H

H

PRELO

vQ FDUH V HVWH ELWXO GH VHPQ H

H H





I I

I

I

I

I

I

I

I

H

E 
HVWH H[SRQHQWXO GHSODVDW FX QRUPDOL]DW VH  %LWXO FX PDQWLVHL UHSUH]LQW I I I I I I I I I I I I I I I I I H H H H H
vQ SUHFL]LH H[WLQV



*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

0LFURSURFHVRDUHOH

GLQ

IDPLOLD

[

VXQW

GRWDWH

FX

FLUFXLWH

VSHFLDOL]DWH UL vQ

FRSURFHVRDUH PDWHPDWLFH FDUH IRORVHVF FHOH WUHL WLSXUL GH UHSUH]HQW YLUJXO DFHVWRU PRELO GH PDL VXV 'HDVHPHQHD GH GLUHFWLYH OLPEDMXO SHQWUX GH DVDPEODUH GH

VSHFLILF

SURFHVRDUH

GLVSXQH

GHILQLUHD

FRQVWDQWH

UHDOH vQ WRDWH FHOH WUHL SUHFL]LL


 5HSUH]HQWDUHD GDWHORU QHQXPHULFH

3H L

OLQJD DOWH

GDWH

QXPHULFH GH GDWH PDUL

vQ 8Q L L

PHPRULD H[HPSOX PLFL

FDOFXODWRUXOXL LPSRUWDQW vO

WUHEXLHVF UHSUH]LQW

UHSUH]HQWDWH FDUDFWHUHOH ]HFLPDOH  IRORVLWH

WLSXUL

DOIDEHWLFH VHPQHOH

OLWHUH GH

FDUDFWHUHOH

QXPHULFH GH

FLIUH

SXQFWXD LH

DDQXPLWHOH

FDUDFWHUH

FRQWURO

SHQWUX FRPDQGD GLYHUVHORU HFKLSDPHQWH SHULIHULFH  'HL H[LVW PDL PXOWH D VLVWHPH GH FRGLILFDUH D DFHVWRU LQFOXVLY VD WLSXUL SH GH GDWH SH VH

PDUHD

PDMRULWDWH FRGXO

FDOFXODWRDUHORU $6&,, IRU

DFWXDOH

,%03&  OD

IRORVHWH

VWDQGDUG

'HQXPLUHD

SULYLQH

GH

LQL LDOHOH &RGXO

$PHULFDQ

6WDQGDUG

&RGH

,QIRUPDWLRQ

,QWHUFKDQJH

6WDQGDUG $PHULFDQ SHQWUX 6FKLPE GH ,QIRUPD LL  &RGXO $6&,, VWDQGDUG HVWH XQ FRG SH  EL L GHFL FXSULQGH  GH FDUDFWHUH GLVWLQFWH 8Q FDUDFWHU $6&,, VH UHSUH]LQW VHPQLILFDWLY HVWH  'RPHQLXO GH YDORUL SH XQ RFWHW vQ FDUH ELWXO FHO PDL HVWH GHFL GH OD  OD  vQ

]HFLPDO  VDX GH OD  OD ) vQ KH[D]HFLPDO  'LQWUH FHOH  GH FDUDFWHUH  VXQW FDUDFWHUH GH FRQWURO L QX DX

UHSUH]HQW

UL JUDILFH QX VXQW DILDELOH  5HVWXO GH  GH FDUDFWHUH SRDWH IL HWF &DUDFWHUHOH DILDELOH VH

DILDW SH HFUDQXO FDOFXODWRUXOXL OD LPSULPDQW QRWHD] 'H

GH RELFHL SULQ VFULHUHD VLPEROXOXL JUDILF UHVSHFWLY vQWUH DSRVWURDIH


$
vQVHDPQ FRGXO $6&,, FRUHVSXQ]DWRU OLWHUHL $ PDUH

H[HPSOX

vQVHDPQ

FRGXO $6&,, SHQWUX VHPQ GH H[FODPDUH HWF FX XQ DDQXPLW FRG $6&,, H[WLQV vQ FDUH VH

&DOFXODWRUXO ,%03& OXFUHD]

IRORVHVF WR L FHL  EL L DL XQXL RFWHW 6HWXO $6&,, VWDQGDUG HVWH XQ VXEVHW DO DFHVWXL FRG $6&,, H[WLQV 7DEHOXO  FXSULQGH WRDWH FRGXULOH $6&,, &RORDQHOH FRUHVSXQG SULPHL

FLIUH KH[D LDU OLQLLOH FHOHL GHD GRXD FLIUH 3ULPHOH GRX GH FRGXO + L XOWLPXO FRG '(/ VDX ) UHSUH]LQW GH FRQWURO 'HRDUHFH VSHFLDOH FDUDFWHUHOH GH FRQWURO QX DX UHSUH]HQW UL GH UL 

FRORDQH vQ DIDU

FHOH  GH FDUDFWHUH

JUDILFH VDX 

HOH

DX

QXPH 'LQWUH

H[SULPDWH

GH

RELFHL

SULQ

SUHVFXUW

OLWHUH 

FDUDFWHUHOH GH FRQWURO X]XDOH SRW IL DPLQWLWH

&5 &DUULDJH 5HWXUQ  (VWH LQWHUSUHWDW GH SHULIHULFHOH GH LHLUH SURYRFkQG PXWDUHD FXUVRUXOXL SH HFUDQ OD vQFHSXWXO OLQLHL FXUHQWH /D LPSULPDQW  SURYRDFD PXWDUHD

FDUXOXL GH WLS

ULUH OD vQFHSXWXO OLQLHL WUHFHUHD OD OLQLH QRX 3URYRDF SUHGHILQLW DWkW OD LPSULPDQW FXUVRUXOXL GUHDSWD FkW L SH HFUDQ  SH VDX HFUDQ vQWUR VDX D

/) /LQH )HHG  3URYRDF 7$% +RUL]RQWDO GH WLS  ULUH

7DEXODWLRQ  FX XQ QXP U

GHSODVDUHD GH SR]L LL OD

FDUXOXL

SR]L LH

SUHGHILQLW

%6 %DFNVSDFH  3URYRDF

GHSODVDUHD FXUVRUXOXL FX R SR]L LH vQDSRL OD VWkQJD VDX

WHUJHUHD FDUDFWHUXOXL GH OD VWkQJD FXUVRUXOXL '(/ 'HOHWH  3URYRDF %(/ %HO  3URYRDF WHUJHUHD FDUDFWHUXOXL LQGLFDW GH FXUVRU

HPLWHUHD XQXL VXQHW GH DYHUWL]DUH

&DSLWROXO 



*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

))

)RUP

)HHG  

3URYRDF

DYDQVXO

KkUWLHL

IRUPXODUXOXL

OD

SDJLQ

QRX

OD

LPSULPDQW

VHULH

GH

FRGXUL

GH

FRQWURO 'H

VH

IRORVHWH $&. D

vQ

WUDQVPLVLLOH

GH

GDWH VH

DYkQG

VHPQLILFD LL SHQWUX

VSHFLILFH

H[HPSOX

$FNQRZOHGJH XQXL EORF GH

IRORVHWH LDU 1$.

FRQILUPDUHD

WUDQVPLVLHL

FRUHFWH

GDWH XQHL

1HJDWLYH LQFRUHFWH

$FNQRZOHGJHPHQW

SHQWUX

VHPQDODUHD

WUDQVPLVLL

   

          $ % & ' ( )

'LQWUH FDUDFWHUHOH WLS

/LWHUHOH PDUL
$

=
/LWHUHOH PLFL
D

]
&LIUHOH ]HFLPDOH



6SDWLXO 63  FDUH DUH FRGXO + L FDUH HVWH WLS WLS UHWH QLPLF FL VH ODV R SDX] ULW FD XQ VSD LX OLEHU GH IDSW QX VH

9DORULOH QXPHULFH DOH FRGXULORU $6&,, VH H[SULP vQ FDUH SULPD FLIUD HVWH OLPLWDW OD  

&DSLWROXO 

  

       

18/ 62+ 67; (7; (27 (14 $&. %(/ %6 +7 /) 97 )) &5 62 6,

'/( '& '& '& '& 1$. 6<1 (7% &$1 (0 68% (6& )6 *6 56 86

63

      

# $ % & ' ( ) * + , . / 0

3 4 5 6 7 8 9 : ; < = > ? @ A B

C D E F G H I J K L M N O P Q R

S T U V W X Y Z [ \ ] ^ _ ` a '(/

    

     

! "

1 2

7DEHOXO  &RGXO $6&,, VWDQGDUG

ULELOH X]XDOH VH SRW DPLQWL

 &DUDFWHUXO 63 VSDWLX

VH QXPHVWH VL EODQN

SULQ  FLIUH KH[D]HFLPDOH



*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

 7LSXUL GH GDWH XWLOL]DWH vQ OLPEDM GH DVDPEODUH /LPEDMXO GH DVDPEODUH [ RSHUHD] IRUPDWXO DQXPLWRU LQVWUXF LXQL PDLQ $FHVWH WLSXUL VXQW UHFXQRVFXWH GH F FX DQXPLWH WLSXUL GH GDWH GH ED] 

WUH SURFHVRU L IDF SDUWH LQWHJUDQW

 'H DVHPHQHD OLPEDMXO GLVSXQH GH

GLQ

GLUHFWLYH VSHFLILFH SHQWUX GHILQLUHD DFHVWRU WLSXUL GH GDWH &DUDFWHULVWLF SHQWUX XQ WLS GH GDWH HVWH GRPHQLXO GH YDORUL FDUH UH]XOW

DWkW GLQ WLSXO GH GDWH vQ VLQH FkW L GLQWUR HYHQWXDO GH FRQWH[W 7LSXULOH GH GDWH VXQW %<7(  RFWHW $FHVW LQWHUQ WLS GH GDWH RFXS  RFWHW L SRDWH IL

LQWHUSUHWDUH IXQF LH

UHSUH]HQWDW

DWkW

vQ

PHPRULD

FkW L vQWUXQ UHJLWUX GH  EL L DO SURFHVRUXOXL ,QWHUSUHW

ULOH WLSXOXL

E\WH SRW IL

vQWUHJ SH  EL L FX VDX I FDUDFWHU $6&,,

VHPQ

'LUHFWLYD SHQWUX GHILQLUHD GDWHORU GH DFHVW WLS HVWH '% 'HILQH %\WH  :25'  RFWH L $FHVW LQWHUQ WLS GH GDWH RFXS  RFWH L L SRDWH IL UHSUH]HQWDW DWkW vQ PHPRULD

FkW L vQWUXQ UHJLWUX GH  EL L DO SURFHVRUXOXL ,QWHUSUHW

ULOH WLSXOXL

ZRUG SRW IL

vQWUHJ SH  EL L FX VDX I VHFYHQ DGUHV GH GRX

VHPQ

FDUDFWHUH $6&,,

GH PHPRULH GH  GH EL L

'LUHFWLYD GDF YD J

SHQWUX

GHILQLUHD

GDWHORU

GH

DFHVW

WLS

HVWH

':

'HILQH

:RUG 

3DUWHD PDL SX LQ VHPQLILFDWLY

HVWH PHPRUDW

OD DGUHVH PLFL 'H H[HPSOX

SUHVXSXQHP vQWUHJXO + OD DGUHVD + DWXQFL RFWHWXO + VH VL O DDGUHVD + LDU RFWHWXO + OD DGUHVD + 6LPLODU VH L VHFYHQ HOH GH GRX FDUDFWHUH $6&,,

PHPRUHD]

'28%/(:25'  RFWH L $FHVW LQWHUQ IL WLS GH GDWH RFXS  RFWH L L SRDWH IL UHSUH]HQWDW DWkW vQ PHPRULD

 GH EL L OD SURFHVRDUHOH GH  GH EL L  ,QWHUSUHW

 FkW L vQWUR SHUHFKH GH UHJLVWUH GH  EL L VDX vQWUXQ UHJLVWUX GH

ULOH WLSXOXL GZRUG SRW

vQWUHJ SH  GH EL L FX VDX I QXP DGUHV U UHDO vQ VLPSO

VHPQ

SUHFL]LH

GH PHPRULH GH  GH EL L

'LUHFWLYD :RUG 

SHQWUX

GHILQLUHD SX LQ

GDWHORU

GH

DFHVW VH

WLS

HVWH

'' OD

'HILQH DGUHVH

'RXEOH PLFL Q

FD]XO DGUHVHORU SH  GH EL L DGUHVD GH VHJPHQW HVWH PHPRUDW PDUL LDU GHSODVDPHQWXO RIIVHWXO  OD DGUHVH PLFL 48$':25'  RFWH L $FHVW LQWHUQ WLS  GH FkW GDWH L RFXS  RFWH L L GH SRDWH IL UHSUH]HQWDW GH  GH DWvW EL L

9DORULOH

PDL

VHPQLILFDWLYH

PHPRUHD]

OD DGUHVH

vQ

PHPRULD OD

vQWUR

SHUHFKH

UHJLVWUH

QXPDL

SURFHVRDUHOH GH  GH EL L  ,QWHUSUHW

ULOH WLSXOXL TZRUG SRW IL

&DSLWROXO 



*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

vQWUHJ SH  GH EL L FX VDX I QXP U UHDO vQ GXEO

VHPQ

SUHFL]LH

'LUHFWLYD :RUG 

SHQWUX

GHILQLUHD

GDWHORU

GH

DFHVW

WLS

HVWH

'4

'HILQH

4XDG

7(1%<7(6  RFWH L $FHVW WLS GH GDWH RFXS LQWHUQ FkW ,QWHUSUHW  RFWH L L SRDWH IL UHSUH]HQWDW DWkW vQ PHPRULD UHJLVWUHOH FRSURFHVRDUHORU PDWHPDWLFH [

L vQWUXQXO GLQ

ULOH WLSXOXL WE\WH SRW IL


GH FLIUH %&' vPSDFKHWDWH  FX VHPQ PHPRUDW

QXP

U vQWUHJ UHSUH]HQWDW FD VHFYHQ

H[SOLFLW QXP U UHDO vQ SUHFL]LH H[WLQV 

'LUHFWLYD SHQWUX GHILQLUHD GDWHORU GH DFHVW WLS HVWH '7 'HILQH 7HQ%\WHV  Q UHSUH]HQWDUHD ILLQG EL L vQWUHJLORU OD DGUHVH VH FRQVLGHU Q QXPHUH XQXL FX PD[LP FLIUD  %&' FLIUH PDL

]HFLPDOH 8Q JUXS GH GRX VHPQLILFDWLY VHPQLILFDWLY DDGDU VH  GH HVWH vQ

FLIUH VH UHSUH]LQW KLJK PLFL GH D FDGUXO

SH  RFWHW SDUWHD PDL SX LQ &HOH RFWHW  FLIUH %&' RFXS

SDUWHD

RFWHWXOXL

8OWLPXO JUXS SH ELWXO

EL L SDUWHD KLJK D RFWHWXOXL DIODW OD ULL VHPQXOXL 'H IDSW VHPQXO DO DFHVWXL XOWLP RFWHW VHPQLILFDWLY

DGUHVD FHD PDL PDUH HVWH GHVWLQDW PHPRU PHPRUHD] GRDU FHO PDL $VDPEORDUHOH DFFHSW FHD PDL VHPQLILFDWLY LQWU

L QXPHUH FX  GH FLIUH ]HFLPDOH DWkW WLS FkW FLIUD

 FDUH VH YD UHSUH]HQWD SH XOWLPXO JUXS GH  EL L QX

vQ FRQIOLFW FX ELWXO GH VHPQ FRUHFW UHSUH]HQWDELO HVWH

7HRUHWLF YDORDUHD PD[LP

    

LDU YDORDUHD PLQLP

HVWH
    

GDU VH DFFHSW

L YDORUL GH JHQXO
         

vQ FDUH FLIUD FHD PDL VHPQLILFDWLY 'LQ DGLF 6 PRWLYH GH VLJXUDQ  HVWH

HVWH UHSUH]HQWDW V QH OLPLW P

GRDU SH  EL L OD YDORULOH JDUDQWDWH

ELQH

OD FHO PXOW  FLIUH ]HFLPDOH L VHPQ P XUP WRUXO H[HPSOX GH SURJUDP

FRQVLGHU

PRGHO VPDOO GDWD E E E GE GE GE   + ))+


D

E
DEFGHI  

Z Z

GZ GZ

+ 
$%
Z

G G G

GG GG GG

+     G

&DSLWROXO 



*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

T T

GT GT

+   

W W W W W W W HQG

GW GW GW GW GW GW GW

      

Q DFHVW H[HPSOX HVWH GHILQLW GRDU XQ PRGXO GH GDWH IRORVLQG GLUHFWLYHOH L WLSXULOH GH GDWH H[LVWHQWH VWDELOHVF GH vQ OLPEDM /LQLLOH FDUH vQFHS HQG FX XQ L SXQFW VXQW GLUHFWLYH GHILQHVF FDUH XQ PRGHOXO GDWH GH PHPRULH 'LUHFWLYD PRGHO UHVSHFWLY VIkULWXO

VHJPHQW

GDWD 

PDUFKHD]

SURJUDPXOXL 6H GHILQHVF vQ GDWH FX FHOH L ULL  WLSXUL GH GLUHFWLYH E DUH GE vQWUH GZ GG GT GW  WRUXO

DVRFLLQGXVH RE LQXW FRQ LQXW

DFHVWRUD

QXPH

VLPEROLFH

Z

HWF 

)LLHUXO

OLVWLQJ

XUPD

DVDPEO

DFHVWXL

SURJUDP

DOWHOH

XUP

7XUER $VVHPEOHU $$60       )) $  ))    

9HUVLRQ 

 

3DJH 

PRGHO VPDOO GDWD E E E GE GE GE   + ))+


D

E
DEFGHI  

           '  ))))    'U     ))))))))  ' ) %)  )   VU   '   ))))))))))))))))  ' ))  %))   '         %      ) )   )))  HQG

Z Z

GZ GZ

+ 
$%
Z

G G

GG GG

+    

G

GG

G

T

GT

+ 

T

GT

 

W W W W W W W

GW GW GW GW GW GW GW

      

3ULPD

FRORDQ

OLVWHD]

QXP

UXO

OLQLHL

GLQ

ILLHUXO

VXUV

$SRL

HVWH

OLVWDW  'DF

DGUHVD L FRQ LQXWXO FkPSXOXL GH GDWH FRUHVSXQ]

WRU XQHL OLQLL VXUV

DFHVW FRQ LQXW HVWH OLVWDW SH PDL PXOWH OLQLL VH IRORVHWH VHPQXO  SHQWUX D LQGLFD DFHDVWD 6H UHPDUF UHSUH]HQW ULOH QXPHUHORU UHDOH L DOH

&DSLWROXO 



*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

vQWUHJLORU DGUHV FRQ LQH UHODWLY REVHUY W GLIHU

QHJDWLYL

6LPEROXULOH

LQGLF

IDSWXO

HVWH

YRUED

GH

UHODWLY DGUHVD SH 

GHSODVDPHQW VDX GH VHJPHQW 'H H[HPSOX YDULDELOD G GH GH VHJPHQW EL L D  L GHSODVDPHQWXO G /D vQWUHJLL + %&' SH DGLF  DGUHVD VH YDULDELOHL RFWH L

PHPRUDUHD H[SOLFLW GRDU SULQ DFHVW ELW

D ELWXOXL GH VHPQ UHSUH]HQW

ULOH SHQWUX W L

/LVWLQJXO QX LQGLF UHSUH]LQW VXV ]RQD

GH

L SR]L LD IL]LF PHPRULH

FRUHVSXQ]

D RFWH LORU vQ PHPRULH 8UP WRDUH PRGXOXOXL GH

GDWH

WRUXO OLVWLQJ GH PDL

GV )) $  ))            )) GV ))   '      )) )) )) ))    GV )    %)    )        GV      )) )) )) )) )) )) )) ))    GV    ) )       ) %)    GV                 GV                 GV                 GV         )

'LQ

H[DPLQDUHD

LQWHUQ

D YDULDELOHL GRXEOHZRUG G DIODW  6LPLODU YDULDELOD GH WLS

DFHVWXL

OLVWLQJ

VH

REVHUY

OD DGUHVD + VHFYHQ D GH VHWH SDUWHD PDL SX LQ DIODW OD DGUHVD )+ 


$%

GH

H[HPSOX

UHSUH]HQWDUHD

RFWH L HVWH     GHFL OD DGUHVH PLFL VH J VHPQLILFDWLY OD vQF ZRUG HVWH PHPRUDW

UFDUHD PRGXOXL GH GDWH vQ PHPRULH FkQG DGUHVHOH GH VHJPHQW VXQW

SULQ VHFYHQ D GH RFWH L + + $FHVW OLVWLQJ HVWH RE LQXW

UHORFDWH GHFL FRUHVSXQG XQRU DGUHVH IL]LFH FRQFUHWH $GUHVD YDULDELOHL G FRQ LQXW UHJ vQ G DSDUH DLFL vQ IRUPD   3HQWUX YDORULOH UHDOH VH ULOH GHVFULVH vQ  OD DGUHVD '+ HVWH UHSUH]HQWDW SULQ VHFYHQ D GH HVWH vQ VHVF UHSUH]HQW W DIODW

9DULDELOD

RFWH L           GHFL FLIUHOH PDL SX LQ VHPQLILFDWLYH SDUWHD KLJK 9DULDELOD W DIODW VXQW OD DGUHVH PLFL LDU vQ FDGUXO XQXL RFWHW FLIUD PDL VHPQLILFDWLY F OD DGUHVD +  SULQ VHFYHQ D    ELWXO GH VHPQ UHSUH]HQWDW SULQ

       FHHD FH DUDW

FLIUD  HVWH vQ SDUWHD KLJK D XOWLPXOXL RFWHW GLQ UHSUH]HQWDUH 9DORULOH PD[LPH L PLQLPH VXQW UHSUH]HQWDWH OD DGUHVHOH + L %+ SULQ VHFYHQ HOH           UHVSHFWLY           6H REVHUY L UHSUH]HQWDUHD YDORULORU W L W vQ IRUPD       FX ELWXO GH VHPQ  VDX  UHSUH]HQWDUH IRUP SHQWUX L vQ

     L UHVSHFWLY          ) vQ FDUH DSDUH FLIUD FHD PDL VHPQLILFDWLY 7UHEXLH vQWUHJL vQDOW Q ,PSOHPHQWDUHD %RUODQG 3$6&$/ H[LVW ZRUG 'H DVHPHQHD H[LVW WLSXUL GH GDWH FDUDFWHUH L vQWUHJL SH   L  vQ YLUJXO PRELO SH   L SUHFL]DW VDX UHDOL F VH IRUPDWHOH UHJ VHVF

GH vQ

GDWH

QXPHULFH GH QLYHO

DFHHDL

OLPEDMHOH

RFWH L FDUH FRUHVSXQG WLSXULORU GH GDWH E\WH ZRUG GRXEOH ZRUG L TXDG  RFWH L vQ DFHHDL IRUP GH UHSUH]HQWDUH LQWHUQ FD FHD GHVFULV vQ 

&DSLWROXO 



*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

Q LPSOHPHQWDUHD %RUODQG & H[LVW L  RFWH L FX VDX I U VHPQ LQW

WLSXO FKDU  RFWHW  WLSXUL vQWUHJL SH  ORQJ XQVLJQHG LQW XQVLJQHG ORQJ L

WLSXUL vQ YLUJXO

PRELO

SH   L  RFWH L IORDW GRXEOH ORQJ GRXEOH  FX

DFHOHDL UHSUH]HQW

UL LQWHUQH FD FHOH GLQ 

 $UKLWHFWXUD SURFHVRUXOXL  )RUPDUHD DGUHVHL IL]LFH $UKLWHFWXUD XWLOL]DWRU SURFHVRUXOXL LOXVWUDW  GLQ vQ SXQFWXO )LJXUD GH  YHGHUH 6XQW DO SURJUDPXOXL UHJLVWUHOH

HVWH

VFKHPDWLF

ILJXUDWH

DFFHVLELOH SULQ SURJUDP

)LJXUD  5HJLVWUHOH SURFHVRUXOXL 

7RDWH UHJLVWUHOH VXQW GH  EL L 2 VHULH GH UHJLVWUH $; %; &; '; VXQW GLVSRQLELOH L OD QLYHO GH RFWHW S LDU FHOH PDL SX LQ U LOH PDL VHPQLILFDWLYH ILLQG $+ %+ &+ L $/ %/ &/ L '/ '+ VHPQLILFDWLYH 'HQXPLULOH

UHJLVWUHORU VXQW

$;  UHJLVWUX DFXPXODWRU %;  UHJLVWUX GH ED] &;  UHJLVWUX FRQWRU ';  UHJLVWUX GH GDWH %3  UHJLVWUX GH ED] SHQWUX VWLY EDVH SRLQWHU JHQHUDO

63  UHJLVWUX LQGLFDWRU GH VWLY 6,  UHJLVWUX LQGH[ VXUV ',  UHJLVWUX LQGH[ GHVWLQD LH

VWDFN SRLQWHU

5HJLVWUXO

QRWDW

)/$*6

FXSULQGH

IODJXULOH

SURFHVRUXOXL

VDX

ELVWDELOLORU

GH

FRQGL LH LDU UHJLVWUXO ,3 LQVWUXFWLRQ SRLQWHU HVWH FRQWRUXO SURJUDP 'HQXPLULOH UHJLVWUHORU GH VHJPHQW VXQW

&6  UHJLVWUX GH VHJPHQW GH FRG FRGH VHJPHQW '6  UHJLVWUX GH VHJPHQW GH GDWH GDWD VHJPHQW 66  UHJLVWUX GH VHJPHQW GH VWLY VWDFN VHJPHQW

(6  UHJLVWUX GH VHJPHQW GH GDWH VXSOLPHQWDU H[WUD VHJPHQW

&DSLWROXO 



*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

6H

REVHUY

F DOH

GHQXPLULOH XQXL

UHJLVWUHORU

GH

VHJPHQW $VWIHO WRDUHL

FRUHVSXQG GH

]RQHORU UHJLVWUH VH YD VWLYHL

SULQFLSDOH H[HFXWD &6,3 YD

SURJUDP

H[HFXWDELO DGUHVD LQGLF XUP

SHUHFKHD LQVWUXF LXQL DGUHVD

LDU

LQGLFD

SHUHFKHD

WRWGHDXQD

FDUH

6663

WRWGHDXQD

YkUIXOXL

5HJLVWUHOH '6 L (6 VXQW IRORVLWH SHQWUX D DFFHVD GDWH 3URFHVRUXO  GLVSXQH GH DGUHVH SH  GH EL L ILLQG FDSDELO V PHJDRFWHW GH PHPRULH  IL]LF SH  GH EL L SURFHVRUXOXL VXQW GH GHFL  DGUHVH  UHJLVWUHOH GRPHQLXO DGUHVD

))))+ SH  FLIUH KH[D  GHFL vQWUXQ VSD LX GH PD[LP  .2 0HPRULD XQXL VLVWHP FX SURFHVRU  HVWH GLYL]DW vQ VHJPHQWH F VH 8Q

VHJPHQW HVWH R ]RQ FLIU KH[D D DGUHVHL FLIU

FRQWLQX IL]LF GH VH

FDUH vQFHSH OD R DGUHV DWDUH DFHDVW

vQFHSXW SRDWH

UHSUH]HQWD WRW SH  EL L $GUHVHOH GH vQFHSXW DOH VHJPHQWHORU VH YRU J vQWRWGHDXQD vQWUXQXO GLQ FHOH  UHJLVWUH GH VHJPHQW $GUHVDUHD vQ LQWHULRUXO XQXL VHJPHQW VH UHDOL]HD] RIIVHW GHS L UHODWLY  OD vQFHSXWXO IL R VHJPHQWXOXL VH FRQVWDQW 'HRDUHFH .2 GHSODVDPHQWXO SRDWH VDX

'HSODVDPHQWXO

SRDWH

SHUPLWH DGUHVDUHD PHPRULHL Q FRQFOX]LH L SH GH SHQWUX EL L DGUHVDUHD R DGUHV XQ L XQXL GH RFWHW GH PHPRULH VH IRORVHVF FDQWLW L GRX VXQW

FDQWLW



UHJLVWUX IL]LF

VHJPHQW

SH  EL L VH YRUEHWH GH DGUHVH VDX SRLQWHUL GH  GH EL L GHL DGUHVD HVWH GRDU SH  GH EL L DGUHVHL IL]LFH SH  GH EL L HVWH UHDOL]DW DXWRPDW SULQ

)RUPDUHD

KDUGZDUH GH F

WUH R FRPSRQHQW

EL L

&RQFUHW DGUHVD IL]LF OD VWkQJD L

SULQ

DGXQDUHD

VH RE LQH SULQ GHSODVDUHD DGUHVHL GH VHJPHQW FX  GHSODVDPHQWXOXL 3HQWUX VSHFLILFDUHD XQHL

DGUHVH FRPSOHWH GH  GH EL L  VH IRORVHWH QRWD LD VHJPHQWRIIVHW VDX UHJLVWUXBVHJPHQWRIIVHW  'H H[HPSOX SXWHP VSHFLILFD R DGUHV SULQ $% VDX SULQ '6% 

&DSLWROXO 

e d

 6H SXQH SUREOHPD FXP VH IRUPHD] SH  FLIUH KH[D  GHRDUHFH WRDWH vQ EL L SXWkQG FRGLILFD DGUHVH

GH PHPRULH GH OXQJLPH PD[LP D XQXL L VHJPHQW DGUHVD HVWH GH

GH  .2 

PXOWLSOX GH  $FHVW IDSW vQVHDPQ RPLWH VHJPHQW

XOWLPD &D VL SRDWH

WRWGHDXQD

SULQWUXQ GHSODVDPHQW XQ VHJPHQW XQXL WRW SH QX  SRDWH FDUH EL L

FRQLQXWXO

PHPRUD

UHJLVWUX

VHJPHQW

FRQ LQXW

REOLJDWRULX

vQWUXQ

GHSODVDPHQW

'HRHUHFH

DPEHOH

D SURFHVRUXOXL FRQIRUP )LJXULL 



*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

)LJXUD  )RUPDUHD DGUHVHL IL]LFH

7UHEXLH PXOWH

UHPDUFDW

IDSWXO

DVRFLHUHD 'H

VHJPHQWRIIVHW IL]LF IL]LF  H[HPSOX

DGUHV

IL]LF

QX PDL FDUH L

HVWH ELXQLYRF SHUHFKL $%

 GHRDUHFH OD R DFHHDL DGUHV VHJPHQWRIIVHW  UHSUH]LQW HVWH UHGXV DFHHDL OD DGUHV

SRW V Q

FRUHVSXQG VLWXD LD vQ

SHUHFKLOH vQ

$%

GHSODVDPHQWXO

PLQLP

DGLF

GRPHQLXO

)

FRUHVSRQGHQ D GHYLQH ELXQLYRF

 $GUHVHOH GH DFHVW WLS VH QXPHVF DGUHVH

QRUPDOL]DWH VDX SRLQWHUL QRUPDOL]D L 2 DGUHV FRPSOHW GH  GH EL L HVWH PHPRUDW FX RIIVHWXO OD DGUHVH PLFL

L FX DGUHVD GH VHJPHQW OD DGUHVH PDUL $GUHVHOH FRPSOHWH VH SRW RE LQH FX GLUHFWLYD '' 'HILQH 'RXEOH:RUG  5HJLVWUXO GH IODJXUL ELVWDELOL  OD  2 GH FRQGL LH GH DO SURFHVRUXOXL D XQRU IODJXUL  DUH

FRQILJXUD LD DFHVWHD VXQW DULWPHWLFH

GLQ

SR]L LRQDWH ORJLFH

)LJXUD

VDX

VHULH

OD

FD

IODJXUL

XUPDUH

VXQW

XQRU

DULWPHWLFH RSHUD LL DOH

VDX

&HOHODOWH

IODJXUL

FRQWUROHD]

DQXPLWH

RSHUD LL

SURFHVRUXOXL 6HPQLILFD LD IODJXULORU HVWH XUP WRDUHD


XQ WUDQVSRUW VDX XQ vPSUXPXW

&) &DUU\ )ODJ ELVWDELO GH WUDQVSRUW  VHPQLILF

GLQvQ ELWXO FHO PDL VHPQLILFDWLY DO UH]XOWDWXOXL GH H[HPSOX OD RSHUD LL GH DGXQDUH VDX GH VF GHUH

)LJXUD  5HJLVWUXO GH IODJXUL DO SURFHVRUXOXL 

&DSLWROXO 



*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

3) 3DULW\ )ODJ IODJ GH SDULWDWH  HVWH SR]L LRQDW vQ DD IHO vQFkW QXP HJDOL FX  GLQ RFWHWXO FHO PDL SX LQ VHPQLILFDWLY DO UH]XOWDWXOXL vPSUHXQ V

UXO GH EL L

FX IODJXO 3)

ILH LPSDU DOWIHO IRUPXODW VXPD PRGXOR  D WXWXURU EL LORU GLQ RFWHWXO FPSV L D ILH  XQ WUDQVSRUW

OXL 3) V

$) $X[LOLDUU\ &DUU\ )ODJ ELVWDELO GH WUDQVSRUW DX[LOLDU  LQGLF VDX XQ vPSUXPXW GLQvQ ELWXO  DO UH]XOWDWXOXL =) =HUR )ODJ ELVWDELO GH ]HUR  HVWH SR]L LRQDW OD  GDF

UH]XOWDWXO

RSHUD LHL

HVWH  6) 6LJQ )ODJ ELVWDELO GH VHPQ  HVWH SR]L LRQDW OD  GDF WXOXL ELWXO GH VHPQ HVWH  2) 2YHUIORZ )ODJ ELVWDELO GH GHS LUH  HVWH SR]L LRQDW OD  U GDF RSHUD LD D EFPV DO UH]XOWDWX

FRQGXV OD R GHS 7) 7UDS )ODJ SH

LUH GH GRPHQLX D UH]XOWDWXOXL OD RSHUD LL FX VDX I ELVWDELO XQ QLYHO GH GH XUP ULUH OD  GDF HVWH ILHF SR]L LRQDW OD

VHPQ  VH IRU HD] IDSW D R



vQWUHUXSHUH XWLO vQ

SUHGHILQLW vQ

H[HFX LD HVWH

UHL

LQVWUXF LXQL UXODUHD SDV

DFHVW FX

HVWH XQXL

SURJUDPHOH

GHSDQDUH

FDUH

SRVLELO

SDV

SURJUDP

,) ,QWHUUXSW )ODJ ELVWDELO GH vQWUHUXSHUL  GDF

HVWH SR]L LRQDW OD  SURFHVRUXO

LD vQ FRQVLGHUD LH vQWUHUXSHULOH KDUGZDUH H[WHUQH DOWIHO DFHVWHD VXQW LJQRUDWH ') 'LUHFWLRQ )ODJ ELVWDELO GH GLUHF LH  SUHFL]HD] VHQVXO FUHVF WRU VDX

GHVFUHVF

WRU GH YDULD LH D DGUHVHORU OD RSHUD LLOH FX LUXUL GH RFWH L VDX GH FXYLQWH

)ODJXULOH &) 3) $) =) 6) L 2) VXQW QXPLWH IODJXUL DULWPHWLFH )ODJXULOH 7) ,) L ') VXQW QXPLWH IODJXUL GH FRQWURO  0RGXUL GH DGUHVDUH 3HQWUX D VFULH XQ SURJUDP $60 vQWUR IRUP FkW PDL VLPSO  VH SRW IRORVL

GLUHFWLYHOH VLPSOLILFDWH GH GHILQLUH D VHJPHQWHORU $FHVWHD VXQW

PRGHO VPDOO SUHFL]HD]

XQ PRGHO GH PHPRULH

FRGH GHILQLUH GH VHJPHQW GH FRG VWDFN Q GHILQLUH GH VHJPHQW GH VWLY GDWD GHILQLUH GH VHJPHQW GH GDWH HQG HWLFKHW VIkULW ORJLF DO SURJUDPXOXL

SULQFLSLX

VHJPHQWXO LDU

GH

FRG GH

YD GDWH

FXSULQGH YD

SURJUDPXO GDWH

H[HFXWDELO GHILQLWH GH

LQVWUXF LXQL 

VHJPHQWXO

FXSULQGH

XWLOL]DWRU 6HJPHQWXO GH VWLY IRORVLQG VLPEROXO  &HHD

QX HVWH IRORVLW H[SOLFLW &RPHQWDULLOH VH VFULX FH XUPHD] GXS  SkQ OD VIkULWXO OLQLHL

FXUHQWH HVWH FRQVLGHUDW FRPHQWDULX ,QVWUXF LXQLOH SURFHVRUXOXL  SRW DYHD XQXO VDX GRL RSHUDQ]L FDUH SRW IL UHJLVWUH VDX RSHUDQ]L DIOD L vQ PHPRULH &kQG H[LVW GRL RSHUDQ]L XQXO

HVWH REOLJDWRULX XQ UHJLVWUX GHFL QX SRW IL GRL RSHUDQ]L vQ PHPRULH  0RGXULOH GH DGUHVDUH DIODW vQ VSHFLILF PRGXO 6H vQ FDUH VH FDOFXOHD] GH DGUHVD GH VHWH

RSHUDQGXOXL

PHPRULH

IRORVHVF

GHQXPLULOH

DGUHV

VHJPHQW $6 SHQWUX DGUHVD GH vQFHSXW D VHJPHQWXOXL vQ FDUH VH J RSHUDQGXO L DGUHV FDGUXO VHJPHQWXOXL DGUHVD HIHFWLY UHVSHFWLY IL]LF $) 

$(  SHQWUX GHSODVDPHQWXO RSHUDQGXOXL vQ $GUHVD GH VHJPHQW L DGUHVD GHVFULV HIHFWLY vQ 

IRUPHD]

FRQIRUP

PHFDQLVPXOXL

$GUHVD GH VHJHPHQW HVWH IXUQL]DW 2SHUDQ]LL QXPDL UH]XOW SRW IL GH WLS RFWHW VDX

GH XQXO GLQ FHOH  UHJLVWUH GH VHJPHQW GH WLS WLS ZRUG LDU RSHUD LLOH DIODW VH vQ SRW IDFH

vQWUH

RSHUDQ]L

GH

DFHODL

7LSXO

RSHUDQGXOXL

PHPRULH

GH RELFHL GLQ FRQWH[W GH RELFHL GLQ UHJLVWUHOH IRORVLWH  Q VLWXD LLOH

&DSLWROXO 



*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

vQ FDUH DFHVW OXFUX QX HVWH SRVLELO VH IRORVHWH RSHUDWRUXO SWU DO OLPEDMXOXL GH DVDPEODUH vQ IRUPD E\WH SWU VDX ZRUG SWU SHQWUX D H[SOLFLWD WLSXO

RSHUDQGXOXL

$GUHVDUH LPHGLDW

DFHVW

PRG

GH

DGUHVDUH

RSHUDQGXO

DSDUH

FKLDU

vQ

LQVWUXF LXQH

'H

H[HPSOX
PRY D[   3XQH vQ $; YDORDUHD   $GXQ  OD %;

DGG E[ 

$GUHVDUH GLUHFW

$GUHVD

HIHFWLY

RSHUDQGXOXL

HVWH

IXUQL]DW

SULQWUXQ

GHSODVDPHQW

vQ

LQWHULRUXO VHJPHQWXOXL FXUHQW YH]L )LJXUD  

)LJXUD  $GUHVDUH GLUHFW GDWD 9$/ FRGH PRY E[ 9$/  3XQH vQ %; FRQ LQXWXO ORFD LHL 9$/  Q IRUPDWXO LQVWUXF LXQLL H[SUHVLD 9$/ VH YD  vQORFXL FX GHSDOVDPHQWXO vQ FDGUXO VHJPHQWX  OXL GH GDWH DGG F[ >@  'HSODVDPHQW H[SOLFLW GZ 

3ULPD LQVWUXF LXQH vQVHDPQ YD FRQGXFH OD R YDORDUH OD &; 'H IL D vQVHDPQ HIHFWLY DPEHOH ZRUG $FHVW PRG GH DGUHVDUH DGXQ   DU

SXQH FRQ LQXWXO ORFD LH 9$/ vQ %;  FHHD FH UHJLVWUXOXL %; HJDO FX GH  $ GRXD LQVWUXF LXQH OD I DGUHVD U GH HOH WLS Q ORFD LHL PHPRULH GH

FRQ LQXWXO

REVHUYDW vQVHPQDW RSHUDQGXO

SUH]HQ D DGXQ DIODW vQ

SDUDQWH]HORU PHPRULH  HVWH OD

GUHSWH

LQVWUXF LXQHD

LQVWUXF LXQL

YDORDUHD

FRQVLGHUDW

UHJLVWUXO

&; 

IRORVHWH

UHJLVWUXO

'6

FD

UHJLVWUX

LPSOLFLW

GH

VHJPHQW

$GUHVDUH LQGLUHFW

SULQ UHJLVWUH

$GUHVD

HIHFWLY

RSHUDQGXOXL

HVWH

GDW

GH

FRQ LQXWXO

UHJLVWUHORU

%;

6,

VDX ', YH]L )LJXUD   5HJLVWUXO LPSOLFLW GH VHJPHQW HVWH '6

&DSLWROXO 



*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

)LJXUD  $GUHVDUH LQGLUHFW

Q WH[WXO VXUV
PRY

VH VFULH GH H[HPSOX
 3XQH vQ $; FRQ LQXWXO ORFD LHL GH  PHPRULH GH OD DGUHVD GDW GH %;

D[ >E[@

PRY

>GL@ F[

 3XQH FRQ LQXWXO OXL &; vQ ORFD LD  GH OD DGUHVD GDW GH ', GH 6,

DGG

E\WH SWU >VL@ 

 $GXQ

 OD RFWHWXO DIODW OD DGUHVD GDW

Q GH

SULPHOH  EL L

GRX

LQVWUXF LXQL FHOXLODOW

RSHUDQGXO RSHUDQG 

DIODW

vQ

PHPRULH XQ

HVWH

FRQVLGHUDW  EL L 

GDWRULW

FDUH

HVWH

UHJLVWUX

GH

'DF

D WUHL LQVWUXF LXQH DU IL VFULV


DGG >VL@ 

DVDPEORUXO LQWHUSUHWDW

QX FD

DU

WL

WLSXO

RSHUDQGXOXL GH 6,

GLQ

PHPRULH

,QVWUXF LXQH GH 6, VDX

SRDWH IL DGXQ 

DGXQ

 OD RFWHWXO GH OD DGUHVD GDW DFHDVW

OD FXYkQWXO GH OD DGUHVD GDW

L VDU RE LQH XQ PHVDM GH HURDUH OD DPELJXLWDWH

DVDPEODUH )RORVLUHD RSHUDWRUXOXL SWU HOLPLQ

$GUHVDUH ED]DW

VDX LQGH[DW

$GUHVD HIHFWLY

VH RE LQH DGXQkQG OD XQXO GLQ UHJLVWUHOH GH ED]

%; VDX

%3 VDX OD XQXO GLQ UHJLVWUHOH LQGH[ 6, VDX ',  XQ GHSODVDPHQW FRQVWDQW SH  VDX  EL L YH]L )LJXUD   5HJLVWUXO GH VHJPHQW LPSOLFLW HVWH '6 GDF VH IRORVHVF %; 6, VDX ', L UHVSHFWLY 66 GDF GH PHPRUDUH GH D GHSODVDPHQWXOXL Q WH[WXO VXUV SH VH  VH IRORVHWH %3  VDX SXU  L EL L HVWH XQ

)RUPD

GHWHUPLQDW

DVDPEORU

VFULH

VLPSOX

GHSODVDPHQW FRQVWDQW

&DSLWROXO 



*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

)LJXUD  $GUHVDUH ED]DW

VDX LQGH[DW

6H SRW IRORVL GLYHUVH IRUPH GH VFULHUH FD vQ H[HPSOXO GH PDL MRV vQ FDUH E[ ED] 9$/ HVWH  LDU GLQ 9$/ SXQFW HVWH GH XQ YHGHUH GHSODVDPHQW V H[DFW GH ED] DO PHFDQLVPXOXL FRQVWDQW  9$/ 'LQ GH DGUHVDUH SXQFW GH DGUHV GH YHGHUH GH DO

SURJUDPXOXL

FDUH

vL

SURSXQH

DFFHVH]H

HOHPHQWHOH HVWH

WDEORXOXL GH

RFWH L D

VHPQLILFD LD

HVWH

LQYHUV

DGUHVD

vQFHSXW

WDEORXOXL GHFL R DGUHV


GDWD 9$/ FRGH PRY PRY PRY PRY PRY E[  GZ

 LDU E[ HVWH XQ LQGLFH XQ GHSODVDPHQW 

 GXS 

 'HILQLUH GH WDEORX GH  RFWH L

D[ 9$/>E[@ D[ E[>9$/@ D[ >E[9$/@ D[ >E[@9$/

(VWH

SRVLELO

DOW

PRG

GH

DFFHV

vQ

FDUH

VH

vQFDUF

UHJLVWUXO

%;

FX

GHSODVDPHQWXO WDEORXOXL 9$/ IRORVLQG RSHUDWRUXO RIIVHW L VH IRORVHWH XQ LQGLFH H[SOLFLW


PRY PRY PRY PRY PRY E[ RIIVHW 9$/ D[ >E[@ D[ E[>@ D[ >E[@ D[ >E[@

DFHDVW

VLWXD LH

DGUHVD

GH

ED]

FRQ LQXW

vQ

%;

HVWH

DGUHVD

GH

vQFHSXW D WDEORXOXL 9$/ 7UHEXLH UHPDUFDW F  vQ WH[WXO VXUV  WRDWH IRUPHOH GH DGUHVDUH VH VFULX FX

RSHUDWRUXO GH LQGH[DUH SDUDQWH]H GUHSWH  'H H[HPSOX VH SRDWH VFULH


PRY PRY PRY D[ >E[@ D[ >@ D[ >E[@  $GUHVDUH LQGLUHFW  $GUHVDUH GLUHFW  $GUHVDUH ED]DW

'H

UHPDUFDW

IRORVLUHD UHJLVWUXOXL %3 FX XQ GHSODVDPHQW QXO SHUPLWH R Q WRDUH FX DGUHVDUHD LQGLUHFW  GDU FRGLILFDW LQWHUQ 
 $GUHVDUH LQGLUHFW  $GUHVDUH ED]DW FX GHSODVDPHQW QXO

IRUP

GH VFULH DVHP

FD DGUHVDUH ED]DW
PRY PRY D[ >E[@ D[ >ES@

&DSLWROXO 



*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

$GUHVDUH ED]DW

L LQGH[DW

$GUHVD

HIHFWLY

HVWH

IRUPDW

SULQ

DGXQDUHD

XQXLD

GLQ

UHJLVWUHOH

GH

ED]

%; VDX %3 FX XQXO GLQ UHJLVWUHOH LQGH[ 6, VX ', L FX XQ GHSODVDPHQW GH  VDX  EL L YH]L )LJXUD  

)LJXUD  $GUHVDUH ED]DW

L LQGH[DW

5HJLVWUHOH GH VHJPHQW LPSOLFLWH VXQW '6 GDF ', L UHVSHFWLY 66 IL GDF L QXO VH Q IRORVHWH VXUV 'HSODVDPHQWXO LQGH[DUH >@
PRY PRY PRY PRY D[ >E[@>VL@ D[ >E[VL@ D[ >E[VL@ D[ >ES@>GL@>@

VH IRORVHWH E; FX 6L VDX FX VH %3 IRORVHWH FX 6, RSHUDWRUXO VDX FX ',  GH

SRDWH

WH[WXO

Q GHVFULHUHD PRGXULORU GH DGUHVDUH VD SUHFL]DW GH ILHFDUH GDW LPSOLFLW GH VHJPHQW FDUH SDUWLFLS DIODW vQ PHPRULH FDUH QX $FHVW LPSOLF UHJLVWUX DGUHVDUH LPSOLFLW %3 HVWH '6 vQ WRDWH 66

UHJLVWUXO GH GH

OD IRUPDUHD DGUHVHL IL]LFH D RSHUDQGXOX PPRGXULOH vQ PRGXULOH L UHVSHFWLY

UHJLVWUHXO

DGUHVDUH vQ FDUH SDUWLFLS $FHVWH UHJXOL LPSOLFLWH

UHJLVWUXO %3 SRW IL PRGLILFDWH SULQ IRORVLUHD SUHIL[HORU GH

VHJPHQW 8Q SUHIL[ GH VHJPHQW HVWH XQ RFWHW FDUH DSDUH vQDLQWHD FRGXOXL LQVWUXF LXQLL PDLQ L FDUH LGHQWLILF VH VFULH XQ UHJLVWUX GH

H[SOLFLW UHJLVWUXO GH VHJPHQW IRORVLW Q WH[WXO VXUV

VHJPHQW XUPDW GH  vQDLQWHD RSHUDQGXOXL DIODW vQ PHPRULH


PRY PRY PRY E[ GV>ES@ D[ FV>VL@>E[@ D[ VV>E[@

(YLGHQW

JHVWLXQHD

FH

VH

VHWH

vQ

VHJPHQWHOH

DGUHVDWH

vQ

DFHVW

IHO

FDGH vQ VDUFLQD SURJUDPDWRUXOXL  &RGLILFDUHD LQWHUQ ,QVWUXF LXQLOH FXSULQV vWUH RSHUD LHL  SURFHVRUXOXL  L  GH D LQVWUXF LXQLORU SRW IL FRGLILFDWH SH XQ QXP U GH RFWH L WLSXO vQ



&RGLILFDUHD DGUHVDUH

FXSULQGH

FRGXO

LQVWUXF LXQLL

PRGXO

GHSODVDPHQWXO

RSHUDQGXOXL

DIODW

PHPRULH SH  VDX  EL L VDX DGUHVD HIHFWLY

vQ FD]XO DGUHV

ULL GLUHFWH 

&DSLWROXO 



*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

GDWH RSHUDQ]L LPHGLDWH SH  VDX  EL L 3H OkQJ

IRUPDWXO SURSULX]LV

PDL SRDWH H[LVWD XQ SUHIL[ GH VHJPHQW VDX XQ SUHIL[ GH UHSHWDUH )RUPDWXO JHQHUDO DO LQVWUXF LXQLORU  HVWH LOXVWUDW vQ )LJXUD  /D LQVWUXF LXQLOH L HVWH FX GRL RSHUDQ]L GH XQ RSHUDQG LDU HVWH ODOW REOLJDWRULX HVWH GH WLS VDX

UHJLVWUX

FRGLILFDW

FkPSXO

5(*

FHO

UHJLVWUX

RSHUDQG vQ PHPRULH L HVWH FRGLILFDW GH FkPSXO 50 VDX GH FkPSXULOH 50 L 02' 6HPQLILFD LD FkPSXULORU GLQ )LJXUD  HVWH XUP WRDUHD

&kPSXO ' GHVWLQD LH  FRGLILF

VHQVXO RSHUD LHL

' '

 

50  50 RSHUD LH 5(* 5(*  5(* RSHUD LH 50 ULOH LQVWUXF LXQLORU

'H H[HPSOX FRGLILF


DGG DGG >E[@ VL VL >E[@

YRU

GLIHUL

QXPDL

SULQ

FkPSXO

'

DFHHDL

RSHUD LH

DFHLDL

RSHUDQ]L

GDU

GLIHU

VHQVXO 
OXQJLPHD RSHUDQ]LORU RFWHW VDX FXYkQW 

&kPSXO : ZRUG  FRGLILF

: :

 

RSHUD LH OD QLYHO GH RFWHW RSHUD LH OD QLYHO GH FXYkQW

'H H[HPSOX LQVWUXF LXQLOH


DGG DGG D[ E[ DO EO

YRU GLIHUL GRDU SULQ FkPSXO :

&DSLWROXO 



*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

)LJXUD  )RUPDWXO LQVWUXF LXQLORU 

&kPSXO 5(* LGHQWLILF &kPSXO 50 LGHQWLILF

RSHUDQGXO GH WLS UHJLVWUX DO GRLOHD RSHUDQG GH WLS UHJLVWUX VDX XQ UHJLVWUX

FDUH SDUWLFLS

OD IRUPDUHD DGUHVHL HIHFWLYH D RSHUDQGXOXL DIODW vQ PHPRULH PRGXO GH DGUHVDUH


F DO GRLOHD RSHUDQG HVWH WRW GH WLS UHJLVWUX FRGLILFDW

&kPSXO 02' FRGLILF

02'



vQVHDPQ

GH

FkPSXO 50  02'  vQVHDPQ DGUHVDUH GLUHFW 50   LQGLUHFW 50    VDX

DGUHVDUH ED]DW GH DGUHVDUH

L LQGH[DW  L

FX GHSODVDPHQW QXO 50  GLQ )LJXUD  OLSVHVF

     Q DFHVWH PRGXUL GLQ IRUPDWXO LQVWUXF LXQLL FX

RFWH LL

H[FHS LD FD]XOXL 50

 DGLF

DO DGUHV ED]DW

ULL GLUHFWH  50    LQGH[DW 50   VDX

02' ED]DW



vQVHDPQ

DGUHVDUH

L LQGH[DW

50

     WRDWH FX XQ GHSODVDPHQW GH  EL L Q DFHVWH

PRGXUL GH DGUHVDUH RFWHWXO  GLQ )LJXUD  OLSVHWH GLQ IRUPDWXO LQVWUXF LXQLL

02' DFHVWH

 HVWH DVHP PRGXUL GH

WRU FX 02' RFWH LL  L

 GDU GHSODVDPHQWHOH VXQW SH  EL L Q  GLQ )LJXUD  VXQW SUH]HQ L vQ IRUPDWXO

DGUHVDUH

LQVWUXF LXQLL

6LWXD LLOH GH PDL VXV VXQW GHVFULVH VLQWHWLF vQ 7DEHOXO 

&DSLWROXO 



*KHRUJKH 0XVF

3URJUDPDUH LQ /LPEDM GH $VDPEODUH

02' 50

: 

 : 







 $/ $; %;  6, %;  6, G %;  6, G

&/

&;

%;  ',

%;  ', G

%;  ', G

'/

';

%3  6,

%3  6, G

%3  6, G

%/

%;

%3  ',

%3  ', G

%3  ', G

$+

63

6,

6, G

6, G

&+

%3

',

', G

', G

'+

6,

GLUHFW

%3 G

%3 G

%+

',

%;

%; G

%; G

7DEHOXO  &RGLILFDUHD PRGXULORU GH DGUHVDUH

&DSLWROXO 



Das könnte Ihnen auch gefallen