Buscar

192211 Aula 00 curso 23911 aula 00 v1

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes
Você viu 3, do total de 80 páginas

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes
Você viu 6, do total de 80 páginas

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes
Você viu 9, do total de 80 páginas

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Prévia do material em texto

Aula 00
Administração Pública p/ TRE-PR (Analista Judiciário-Área Judiciária e Administrativa)
C/ videoaulas
Professor: Carlos Xavier
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?�
�
$8/$�����)XQo}HV�GH�DGPLQLVWUDomR��
SODQHMDPHQWR��RUJDQL]DomR��GLUHomR�H�FRQWUROH��
&RQWUROH��&DUDFWHUtVWLFDV��7LSRV��YDQWDJHQV�H�
GHVYDQWDJHQV��&RPXQLFDomR��
^ƵŵĄƌŝŽ�
��� $SUHVHQWDomR�GR�FXUVR� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?�  
��� 3DODYUDV�,QLFLDLV�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ?�
��� 2�3URFHVVR�$GPLQLVWUDWLYR�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ?�
����� 3ODQHMDPHQWR�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?�  
����� 2UJDQL]DomR�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ? ?�
����� 'LUHomR�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ? ?�
����� &RQWUROH�H�DYDOLDomR�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ? ?�
��� &RPXQLFDomR�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?�  
����� &RPXQLFDomR�RUJDQL]DFLRQDO�H�UHGHV�GH�FRPXQLFDomR�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?�  
��� 4XHVW}HV�FRPHQWDGDV�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ? ?�
��� /LVWD�GH�4XHVW}HV�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ? ?�
��� *DEDULWR�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?�  
��� %LEOLRJUDILD�3ULQFLSDO�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ? ?�
�
�
2EVHUYDomR�LPSRUWDQWH���
(VWH�FXUVR�p�SURWHJLGR�SRU�GLUHLWRV�DXWRUDLV��FRS\ULJKW���QRV�WHUPRV�GD�
/HL� ���������� TXH� DOWHUD�� DWXDOL]D� H� FRQVROLGD� D� OHJLVODomR� VREUH�
GLUHLWRV�DXWRUDLV�H�Gi�RXWUDV�SURYLGrQFLDV��
*UXSRV�GH�UDWHLR�H�SLUDWDULD�VmR�FODQGHVWLQRV��YLRODP�D�OHL�H�SUHMXGLFDP�
RV�SURIHVVRUHV�TXH�HODERUDP�RV�FXUVRV��9DORUL]H�R� WUDEDOKR�GH�QRVVD�
HTXLSH�DGTXLULQGR�RV�FXUVRV�KRQHVWDPHQWH�DWUDYpV�GR� VLWH�(VWUDWpJLD�
&RQFXUVRV��
�
�
�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?�
��� $SUHVHQWDomR�GR�FXUVR�
2L��
0HX� QRPH� p� &DUORV� ;DYLHU� H� VHUHL� VHX� SURIHVVRU� GH�
DGPLQLVWUDomR�SDUD�R�FRQFXUVR�GR�75(�35��
6RX� FRQFXUVDGR� GR� 6HQDGR� )HGHUDO� H� SRVVXR� JUDGXDomR�� SyV�
JUDGXDomR�H�PHVWUDGR�HP�DGPLQLVWUDomR��0LQKD�UHODomR�FRP�RV�FRQFXUVRV�
S~EOLFRV� Mi� WHP� DOJXQV� DQRV�O� KRMH� VRX� VHUYLGRU� FRQFXUVDGR� GR� 6HQDGR�
)HGHUDO�� RFXSDQGR� R� FDUJR� GH� $QDOLVWD� /HJLVODWLYR� �� $GPLQLVWUDomR��
$QWHV�GLVVR��IXL�VHUYLGRU�HIHWLYR��FRQFXUVDGR��GD�FDUUHLUD�GH�3HVTXLVDGRU�GR�
,3($� �DSURYDGR�HP���ž� OXJDU���-i�SDVVHL�WDPEpP�HP�RXWURV�FRQFXUVRV��
WDLV� FRPR�� $GPLQLVWUDGRU�,QIUDHUR� ��ž� OXJDU��� 3URIHVVRU� GH�
$GPLQLVWUDomR� GD� 8QLYHUVLGDGH� )HGHUDO� GH� 3HUQDPEXFR� ��ž� OXJDU���
3URIHVVRU� GH� $GPLQLVWUDomR� GR� 6(1$,�')� ��ž� OXJDU�� H� $GPLQLVWUDGRU�
&($6$�')� ����� ��ž� /XJDU����� 7HQKR� H[SHULrQFLD� GH� HQVLQR� WDQWR� HP�
FXUVLQKRV�SUHSDUDWyULRV�TXDQWR�HP�FXUVRV�GH�JUDGXDomR�H�SyV�JUDGXDomR�QDV�
GLYHUVDV�iUHDV�GD�$GPLQLVWUDomR��(P�RXWUDV�SDODYUDV��WHQKR�XPD�ERD�EDJDJHP�
GH�FRQFXUVRV�SDUD�OKH�DMXGDU�FRP�VXD�SUHSDUDomR��
�
$LQGD� WHP� G~YLGDV"� 1mR� FRQKHFH� R� SURIHVVRU� &DUORV� ;DYLHU"� 2XYLX�
ERDWRV"��
%HP����3HUJXQWHL�DRV�PHXV�DOXQRV�R�TXH�HOHV�DFKDP�GH�PHXV�FXUVRV��
&RQILUD�DTXL�DV�UHVSRVWDV��
KWWSV���ZZZ�IDFHERRN�FRP�SURIHVVRUFDUORV[DYLHU�SRVWV�����������
�������
�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?�
(VWRX� VHPSUH� WHQWDQGR� DSUHQGHU� PDLV� GH� DGPLQLVWUDomR� SDUD�
FRQFXUVRV��R�TXH�Gi�XP�WUDEDOKR� LPHQVR�� Mi�TXH�D�PDWpULD�p�PXLWR�VXEMHWLYD�
�VH�YRFr�Mi�HVWXGRX�HVVD�PDWpULD�FRP�IRFR�HP�FRQFXUVRV�DQWHULRUPHQWH�VDEHUi�
R� TXH� HVWRX� IDODQGR������ $SUHQGHQGR� PDLV�� FRQVLJR� HYROXLU� FRP� DV� DXODV� H�
DSUHVHQWDU�XP�FRQWH~GR�UHDOPHQWH�GLUHFLRQDGR�SDUD�DV�SURYDV��-XQWDQGR�PHX�
HVIRUoR� DR� GH� YRFrV�� PHXV� DOXQRV�� WHQKR� YLVWR� PXLWRV� DOXQRV� REWHUHP�
VXFHVVR�QDV�SURYDV�TXH�UHDOL]DP��R�TXH�PH�GHL[D�PXLWR�VDWLVIHLWR��
,PDJLQD� PLQKD� IHOLFLGDGH� DR� UHFHEHU� XP� HPDLO� FRPR� HVVH�� GH� XP�
DOXQR�TXH�SDVVRX�QXP�GRV�SULPHLURV�OXJDUHV�GH�XP�FRQFXUVR�VXSHU�FRQFRUULGR��
H� TXH� PH� DJUDGHFHX� QmR� Vy� SHOR� FRQWH~GR� GH� DGPLQLVWUDomR�� PDV� WDPEpP�
SHODV�GLFDV�VREUH�ID]HU�XPD�ERD�GLVFXUVLYD��
��
4XHUR�UHFHEHU�YiULRV�HPDLOV�FRPR�HVVH�GH�DSURYDGRV�QR�FRQFXUVR�GR�
75(�35���9RX�PH�HVIRUoDU�EDVWDQWH�SDUD�FRQVHJXLU�D�VXD�DSURYDomR��H�PLQKD�
VDWLVIDomR�VHUi�HQRUPH�FRP�VHX�DJUDGHFLPHQWR����
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?�
$JRUD�TXH�PH�DSUHVHQWHL��IDOR�PDLV�VREUH�R�FXUVR����
$�EDQFD�GR�~OWLPR�FRQFXUVR�IRL�D�)&&��EDQFD�TXH�SRVVXL�WUDGLomR�HP�
FRQFXUVRV�GH� WULEXQDLV��3RU�HVWD�UD]mR��XWLOL]DUHL�D�)&&�H�VXDV�WHQGrQFLDV�
UHFHQWHV�GH�FRQWH~GR�FRPR�EDVH�SDUD�R�QRVVR�HVWXGR��
8PD�G~YLGD� FRPXP�p� VREUH�D� IRUPD�GR�FXUVR��(VFODUHoR��GHVGH� Mi��
TXH�R� FXUVR� p� IHLWR� FRP�EDVH�HP�3')V� WRWDOPHQWH�DWXDOL]DGRV� FRP� WHRULDV�H�
TXHVW}HV� )&&� FRPHQWDGDV� �FRPSOHPHQWDGDV� SRU� TXHVW}HV� GH� RXWUDV� EDQFDV��
TXDQGR�IRU�QHFHVViULR���DVVLP�FRPR�OLVWDV�GH�TXHVW}HV�SDUD�YRFr�SUDWLFDU���
$OpP�GLVVR��R�FXUVR�WUDUi�WDPEpP�YLGHRDXODV�H�iXGLRV�GRV�DVVXQWRV�
FRP�IRFR�QD�UHOHYkQFLD�GH�DOJXQV�WHPDV��
$�PLQKD�UHFRPHQGDomR�GH�HVWXGRV�p�D�VHJXLQWH��XVH�RV�3')V�FRPR�
EDVH�SDUD�R�VHX�HVWXGRV��(X�DFUHGLWR�ILUPHPHQWH�TXH�HVWH�p�R�PHOKRU�PHLR�GH�
HVWXGRV� SDUD� DSURYDomR� HP� FRQFXUVRV� GH� DOWR� QtYHO�� p� SUHFLVR� VHQWDU� H� OHU�
PXLWR��$OpP�GLVVR��XVH�DV�YLGHRDXODV�SDUD�UHYLVDU�RX�DYDQoDU�FRP�RV�DVVXQWRV�
TXDQGR�HVWLYHU�FDQVDGR�D��GD�OHLWXUD��(�RV�iXGLRV�YRFr�JUDYD�H�OHYD�SDUD�RXYLU�
QR�FDUUR�RX�QR�FHOXODU�TXDQGR�HVWLYHU�QR�WUDQVSRUWH�S~EOLFR����p�VHPSUH�WHPSR�
GH�HVWXGDU�� ��
$OJXQV�SRGHP�HVWDU�VH�SHUJXQWDQGR�VH�SRGHP�HVWXGDU�VRPHQWH�FRP�
EDVH�QDV�YLGHRDXODV����FODUR�TXH�VLP��1mR�p�R�TXH�HX�DFKR�R�LGHDO��PDV�p�XPD�
SRVVLELOLGDGH�TXH�PXLWRV�HVFROKHP��H�WDPEpP�FRQVHJXHP�VXFHVVR�FRP�HOD��
6HJXLQGR�HP�IUHQWH�����
e� LPSRUWDQWH� TXH� YRFrV� VDLEDP� TXH� HVVH� FXUVR� VHUYH� WDQWR� SDUD�
TXHP� Mi� HVWXGRX� D� PDWpULD� DQWHV�� TXDQWR� SDUD� D� SHVVRD� TXH� HVWi� YHQGR� R�
DVVXQWR�SHOD�SULPHLUD�YH]���2�FRQWH~GR�VHUi�DERUGDGR�GH�IRUPD�D�GDU�GHVWDTXH�
SDUD�R�TXH�p�PDLV�LPSRUWDQWH�QD�WHRULD��VHPSUH�FRP�IRFR�QD�VXD�SURYD��4XHP�
Mi�VDEH�R�DVVXQWR�UHYLVD�WXGR��H�TXHP�DLQGD�QmR�VDEH�YDL�DSUHQGHU��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?�
3URSRQKR�R�VHJXLQWH�FURQRJUDPD�SDUD�QRVVDV�DXODV��
�
�
$8/$� &217(Ò'2� '$7$�
$XOD����
)XQo}HV�GH�DGPLQLVWUDomR��SODQHMDPHQWR��RUJDQL]DomR��GLUHomR�H�
FRQWUROH�� &RQWUROH�� &DUDFWHUtVWLFDV�� 7LSRV�� YDQWDJHQV� H�
GHVYDQWDJHQV��&RPXQLFDomR��
�����������
$XOD���� 3ODQHMDPHQWR�HVWUDWpJLFR��SDUWH���� �����������
$XOD���� 0DWUL]�6:27��%6&��0RGHOR�3RUWHU�� �����������
$XOD���� 3URFHVVR�GHFLVyULR� ����������
$XOD����
(VWUXWXUD� RUJDQL]DFLRQDO�� 7LSRV� GH� GHSDUWDPHQWDOL]DomR��
FDUDFWHUtVWLFDV�� YDQWDJHQV� H� GHVYDQWDJHQV� GH� FDGD� WLSR��
2UJDQL]DomR�LQIRUPDO��'HVFHQWUDOL]DomR�H�GHOHJDomR��
����������
$XOD���� 9LVmR�JHUDO�VREUH�JHVWmR�GH�SHVVRDV��(TXLOtEULR�RUJDQL]DFLRQDO� �����������
$XOD���� &DSDFLWDomR�GH�SHVVRDV�� �����������
$XOD���� *HVWmR�GH�GHVHPSHQKR�� �����������
$XOD���� &XOWXUD�RUJDQL]DFLRQDO�� �����������
$XOD���� 0RWLYDomR� �����������
$XOD���� /LGHUDQoD� �����������
$XOD���� 6LVWHPD�GH�PHGLomR�GH�GHVHPSHQKR�RUJDQL]DFLRQDO�� �����������
$XOD���� *HVWmR�GH�SURMHWRV� �����������
$XOD���� *HVWmR�GH�SURFHVVRV� �����������
$XOD���� 3ULQFLSDLV� WHyULFRV� H� VXDV� FRQWULEXLo}HV� SDUD� D� JHVWmR� GD�TXDOLGDGH��)HUUDPHQWDV�GH�JHVWmR�GD�TXDOLGDGH�
�����������
$XOD���� ��*HVWmR�GD�TXDOLGDGH�H�PRGHOR�GH�H[FHOrQFLD�JHUHQFLDO��0RGHOR�GD�IXQGDomR�QDFLRQDO�GD�TXDOLGDGH���0RGHOR�GH�JHVSXEOLFD��
�����������
�
$OJXpP�SRGH�HVWDU�VH�SHUJXQWDQGR��
�� &DUORV�� HX� YRX� SUHFLVDU� FRPSUDU� DOJXPD� ELEOLRJUDILD�
FRPSOHPHQWDU"��
��5���QmR�SUHFLVD��1R�FXUVR�HX�YRX�DERUGDU��H[DWDPHQWH�R�TXH�
YRFr� SUHFLVD� SDUD� D� SURYD�� VHP� ILFDU� �YLDMDQGR�� GHPDLV� QR� DVVXQWR��
6DLED� DLQGD� TXH�� VH� IRVVH� FRPSUDU� WRGRV� RV� OLYURV� QHFHVViULRV� SDUD�
HVWXGDU�SDUD�R�DVVXQWR�FREUDGR�QD�QRVVD�GLVFLSOLQD��H�FXMRV�DVVXQWRV�
VHUmR� DERUGDGRV� HP� QRVVDV� DXODV��� YRFr� SURYDYHOPHQWH� JDVWDULD�
DOJXQV� PLOKDUHV� GH� UHDLV� HP� OLYURV�� H� WHULD� TXH� HVWXGDU� XP� PDWHULDO�
08,72�0$,6�(;7(162�H�6(0�)2&2�3$5$�&21&85626���6H�YRFr�EXVFD�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?�
PD[LPL]DU�VHXV�HVIRUoRV��H�VHX�GLQKHLUR����R�FXUVR�YDOH�PXLWR�D�SHQD��
YLX��
(QWmR��HVWmR�SURQWRV�SDUD�LQLFLDUPRV�R�FRQWH~GR"�
%RD�DXOD��
3URI��&DUORV�;DYLHU�
ZZZ�IDFHERRN�FRP�SURIHVVRUFDUORV[DYLHU�
ZZZ�\RXWXEH�FRP�SURIFDUORV[DYLHU�
,QVWDJUDP��#3URIHVVRUFDUORV[DYLHU�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?�
��� 3DODYUDV�,QLFLDLV��
2L���
+RMH� HVWXGDUHPRV� R� SURFHVVR� DGPLQLVWUDWLYR� H� VXDV� IXQo}HV�� $OpP�
GLVVR�� HVWXGDUHPRV� D� FRPXQLFDomR� FRPR� SDUWH� GR� FRPSRUWDPHQWR�
RUJDQL]DFLRQDO��WHPD�TXH�IRL�FREUDGR�QR�~OWLPR�FRQFXUVR�MXQWR�FRP�R�SURFHVVR�
DGPLQLVWUDWLYR��VHQGR�FKDPDGR�GH��SURFHVVR�RUJDQL]DFLRQDO���
$R�ILQDO�GD�DXOD��FRPR�YRFrV�Mi�VDEHP��WURX[H�PXLWDV�TXHVW}HV�SDUD�
YRFr�SUDWLFDU��
4XDQGR�DFDEDU�D�DXOD��YHMD�R�RV�UHVXPRV�TXH�SUHSDUHL��
x� 3URFHVVR�DGPLQLVWUDWLYR��
KWWSV���ZZZ�\RXWXEH�FRP�ZDWFK"Y ,�,KJ��.�6��
x� &RPXQLFDomR��
KWWSV���ZZZ�\RXWXEH�FRP�ZDWFK"Y �N/U/.H2)*4�
$EUDoR�H�ERQV�HVWXGRV��
3URI��&DUORV�;DYLHU�
ZZZ�IDFHERRN�FRP�SURIHVVRUFDUORV[DYLHU�
ZZZ�\RXWXEH�FRP�SURIFDUORV[DYLHU�
,QVWDJUDP��#3URIHVVRUFDUORV[DYLHU�
�
�
$VVLQH�PLQKD�OLVWD�GH�PDWHULDO�E{QXV��
KWWS���HHSXUO�FRP�FD4H,Y�
�
�
�
�
�
�
�
�
�
�
�
�
�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?�
��� 2�3URFHVVR�$GPLQLVWUDWLYR��
$R�FRQMXQWR�GDV�IXQo}HV�DGPLQLVWUDWLYDV��FRQVLGHUDGDV�FRPR�XP�WRGR�
LQWHJUDGR��Gi�VH�R�QRPH�GH�SURFHVVR�DGPLQLVWUDWLYR��(OH�VHUYH�GH�EDVH�SDUD�
D�OLWHUDWXUD�QHRFOiVVLFD�GD�DGPLQLVWUDomR��TXH�EXVFD�H[SOLFDU�FRPR�DV�IXQo}HV�
DGPLQLVWUDWLYDV�VmR�GHVHQYROYLGDV�SHODV�RUJDQL]Do}HV��
$V�IXQo}HV�GR�SURFHVVR�DGPLQLVWUDWLYR�VmR��
���3ODQHMDPHQWR��
���2UJDQL]DomR��
���'LUHomR��
���&RQWUROH��
(VVDV� TXDWUR� IXQo}HV� RUJDQL]DFLRQDLV� VmR� D� EDVH� GR� HVWXGR� GD�
DGPLQLVWUDomR�SDUD�RV�QHRFOiVVLFRV��H�UHSUHVHQWDP�DV�IXQo}HV�GHVHPSHQKDGDV�
SHORV�DGPLQLVWUDGRUHV�QDV�RUJDQL]Do}HV��
(ODV� IRUPDP� XP� FLFOR� FRQWtQXR� GH� DWLYLGDGHV� TXH� D� IXQomR�
DGPLQLVWUDomR�GHVHQYROYH�QDV�RUJDQL]Do}HV��DWXDQGR�GD�VHJXLQWH�IRUPD��
�
�
�
�
�
�
&KLDYHQDWR� ������� FRQVLGHUD� DLQGD� TXH� HVVDV� TXDWUR� IXQo}HV� HVWmR�
LQWHU�UHODFLRQDGDV��FRQVWLWXLQGR�DOJR�PDLRU�GR�TXH�R�FLFOR�DGPLQLVWUDWLYR��3DUD�
�ŝƌĞĕĆŽ�
KƌŐĂŶŝnjĂĕĆŽ��ŽŶƚƌŽůĞ�
WůĂŶĞũĂŵĞŶƚŽ�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?�
HOH��WRGDV�DV�IXQo}HV�VH�UHODFLRQDP�XPD�FRP�DV�RXWUDV��(VWD�p�XPD�YLVmR�PDLV�
SUiWLFD� GD� UHDOLGDGH� GDV�RUJDQL]Do}HV� ID]HQGR� FRP�TXH� SRVVDPRV�SHQVDU� GD�
VHJXLQWH�IRUPD�TXDQWR�DR�UHODFLRQDPHQWR�GDV�IXQo}HV�DGPLQLVWUDWLYDV�HQWUH�VL��
�
�
�
�
�
�
��0DV�R�TXH�VmR�FDGD�XPD�GHVVDV�IXQo}HV�RUJDQL]DFLRQDLV"�
��5���$V�TXDWUR�IXQo}HV�DGPLQLVWUDWLYDV�VmR�DV�VHJXLQWHV��
x� 3ODQHMDPHQWR�� p� D� IXQomR� DWUDYpV� GD� TXDO�DV� DWLYLGDGHV� D�
VHUHP� UHDOL]DGDV� VmR� GHVHQKDGDV� H� RV� UHVXOWDGRV� D� VHUHP�
REWLGRV�VmR�IL[DGRV��
x� 2UJDQL]DomR�� WUDWD�VH� GD� IXQomR� GH� HVWUXWXUDU� RV� UHFXUVRV�
GLVSRQtYHLV� SDUD� TXH� WXGR� DTXLOR� TXH� IRL� SODQHMDGR� SRVVD� VHU�
H[HFXWDGR��
x� 'LUHomR��p�D�IXQomR�GH�FRQGX]LU�D�H[HFXomR�GRV�WUDEDOKRV�TXH�
IRUDP�SODQHMDGRV��SDUD�TXH�RV�REMHWLYRV�GD�RUJDQL]DomR�SRVVDP�
VHU�DWLQJLGRV��
x� &RQWUROH�� WUDWD�VH� GD� IXQomR� DGPLQLVWUDWLYD� QD� TXDO� RV�
UHVXOWDGRV�REWLGRV�SHOD�RUJDQL]DomR�GLUHomR�VmR�DQDOLVDGRV�HP�
IXQomR�GDTXLOR�TXH�KDYLD�VLGR�SODQHMDGR��
�ŝƌĞĕĆŽ�
KƌŐĂŶŝnjĂĕĆŽ��ŽŶƚƌŽůĞ�
WůĂŶĞũĂŵĞŶƚŽ�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
9DPRV� HVWXGDU� FRP� XP� SRXFR� PDLV� GH� GHWDOKHV� VREUH� FDGD� XPD�
GHVVDV�IXQo}HV�DGPLQLVWUDWLYDV��
�
�����3ODQHMDPHQWR��
3ODQHMDPHQWR� SRGH� VHU� GHILQLGR� FRPR� XP� SURFHVVR�
GHVHQYROYLGR�SDUD�R�DOFDQFH�GH�XPD�VLWXDomR�IXWXUD�GHVHMDGD��GH�XP�
PRGR�PDLV� HILFLHQWH�� HILFD]�H� HIHWLYR�� FRP�D�PHOKRU� FRQFHQWUDomR�GH�
HVIRUoRV�H�UHFXUVRV�SHOD�HPSUHVD�RX�RUJDQL]DomR��
�
3RGHPRV� SHQVDU� R� SODQHMDPHQWR� FRPR� R� SURFHVVR� TXH� ID]� R�
SODQR�SDUD�TXH�VH�SRVVD�VDLU�GD�VLWXDomR�DWXDO�SDUD�D�VLWXDomR�IXWXUD�
GHVHMDGD��
�
'HVWH�PRGR��R�SODQHMDPHQWR�p�D�IXQomR�TXH�SHUPLWH��
x� ,QWHUIHULU� QR� SUySULR� IXWXUR�� GHWHUPLQDQGR� R� FDPLQKR� D� VHU�
VHJXLGR��
x� 3UHYHU��DUWLFXODU�H�WRPDU�GHFLV}HV��DORFDU��RV�UHFXUVRV�D�VHUHP�
XWLOL]DGRV�SDUD�DWLQJLU�RV�REMHWLYRV��H�
x� 'HWHUPLQDU� D� PHOKRU� IRUPD� GH�� FRRUGHQDQGR� VXDV� IRUoDV� H�
IUDTXH]DV�� HQIUHQWDU� DV� VLWXDo}HV� IXWXUDV� TXH� SRVVDP� VHU�
SUHYLVWDV��
�
1HVWH� VHQWLGR�� SUHFLVDPRV� ID]HU� XP� HVIRUoR� SDUD� QmR� FRQIXQGLU�
SODQHMDPHQWR�FRP��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
x� 3UHYLVmR��SRLV�HVWDV�VmR�R�UHVXOWDGR�GH�HVIRUoRV�SDUD�YHULILFDU�
TXDLV�RV�HYHQWRV�TXH�SRGHUmR�RFRUUHU��FRP�EDVH�QR�UHJLVWUR�GH�
XPD�VpULH�GH�SUREDELOLGDGHV��$QWLJDPHQWH�DFUHGLWDYD�VH�TXH�R�
SODQHMDPHQWR� SRGHULD� VHU� XPD� VLPSOHV� SUHYLVmR�� PDV� R� IRFR�
DWXDO�GR�SODQHMDPHQWR�HVWi�PXLWR�PDLV�QDV�SRWHQFLDOLGDGHV�TXH�
D� RUJDQL]DomR� SRGH� GHVHQYROYHU� HP� UHODomR� DR� VHX� DPELHQWH��
GH�PRGR�D�WHU�VXFHVVR��
x� 3URMHomR��TXH�FRUUHVSRQGHP�j�VLWXDomR�HP�TXH�R�IXWXUR�WHQGH�
D�VHU�LJXDO�DR�SDVVDGR�HP�VXD�HVWUXWXUD�EiVLFD��
x� 3UHGLomR�� p� D� VLWXDomR� IXWXUD� TXH� WHQGH� D� VHU� GLIHUHQWH� GR�
SDVVDGR��PDV�VREUH�D�TXDO�QmR�VH�SRGH�H[HUFHU�FRQWUROH�DOJXP��
x� 5HVROXomR� GH� SUREOHPDV�� FRUUHVSRQGH� D� DVSHFWRV� LPHGLDWRV�
TXH� SURFXUDP� WmR� VRPHQWH� D� FRUUHomR� GH� FHUWDV�
GHVFRQWLQXLGDGHV� H� GHVDMXVWHV� HQWUH� D� HPSUHVD� H� DV� IRUoDV�
H[WHUQDV�TXH�OKH�VHMDP�SRWHQFLDOPHQWH�UHOHYDQWHV��
x� 3ODQR�� p� R� GRFXPHQWR� IRUPDO� TXH� FRQVROLGD� DV� LQIRUPDo}HV�
GHVHQYROYLGDV�GR�SURFHVVR�GH�SODQHMDPHQWR��VHQGR�R� OLPLWH�GD�
IRUPDOL]DomR�GR�SODQHMDPHQWR��XPD�YLVmR�HVWiWLFD��XPD�GHFLVmR�
VREUH� RV� FDPLQKRV� D� WRPDU� REVHUYDQGR�VH� D� UHODomR�
FXVWRV�EHQHItFLRV��
�
2�SODQHMDPHQWR�SRVVXL�RV�VHJXLQWHV�SULQFtSLRV�JHUDLV��
D��3ULQFtSLR� GD� FRQWULEXLomR� DRV� REMHWLYRV�� R� SODQHMDPHQWR�
GHYH� VHPSUH� YLVDU� DR� REMHWLYR� Pi[LPR� GD� RUJDQL]DomR��
KLHUDUTXL]DQGR� RV� REMHWLYRV� H� EXVFDQGR� FXPSUL�ORV� HP� VXD�
WRWDOLGDGH��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
E��3ULQFtSLR�GD�SUHFHGrQFLD�GR�SODQHMDPHQWR��HOH�VHPSUH�YHP�
DQWHV�GDV�RXWUDV�IXQo}HV�DGPLQLVWUDWLYDV��
F�� 3ULQFtSLR� GD� PDLRU� LQIOXrQFLD� �RX� SHQHWUDomR�� H�
DEUDQJrQFLD��R�SODQHMDPHQWR�p�D�PDLV�DEUDQJHQWH�GDV�IXQo}HV�
RUJDQL]DFLRQDLV�� H� SRU� LVVR� HOH� SRGH� SURYRFDU� XPD� VpULH� GH�
PRGLILFDo}HV�QD�RUJDQL]DomR��
G��3ULQFtSLR�GDV�PDLRUHV�HILFLrQFLD��HILFiFLD�H�HIHWLYLGDGH��R�
SODQHMDPHQWR� SURFXUD� PD[LPL]DU� RV� UHVXOWDGRV� H� PLQLPL]DU� DV�
GLILFXOGDGHV�� RX� GHILFLrQFLDV�� 5HOHPEUDQGR�� HILFiFLD� VLJQLILFD�
HQWUHJDU�RV�SURGXWRV�VHUYLoRV�SUHWHQGLGRV��HILFLrQFLD�p�D�UHODomR�
HQWUH�RV�LQVXPRV�XWLOL]DGRV�H�RV�SURGXWRV�VHUYLoRV�SURGX]LGRV��H�
HIHWLYLGDGH� UHSUHVHQWD� D� PHGLGD� QD� TXDO� D� RUJDQL]DomR� JHUD�
YDORU� DJUHJDGR� H� LPSDFWRV� QD� VRFLHGDGH� SRU� PHLR� GH� VHXV�
SURGXWRV�H�VHUYLoRV��
�
3DUD� $FNRII�� H[LVWHP� DLQGD� RV� SULQFtSLRV� HVSHFtILFRV� GR�
SODQHMDPHQWR��
H��3ODQHMDPHQWR�SDUWLFLSDWLYR��R�VHX�SULQFLSDO�UHVXOWDGR�QmR�p�R�
SODQR� ILQDO�� PDV� R� SURFHVVR� GHVHQYROYLGR� DWUDYpV� GD�
SDUWLFLSDomR�GRV�HQYROYLGRV��
I�� 3ODQHMDPHQWR� FRRUGHQDGR�� WRGRV� RV� DVSHFWRV� HQYROYLGRV� QR�
SODQHMDPHQWR�GHYHP�DWXDU�GH�PDQHLUD�LQWHUGHSHQGHQWH��
J��3ODQHMDPHQWR� LQWHJUDGR�� RV� SODQHMDPHQWRV� GRV� YiULRV�
HVFDO}HV� GDV� RUJDQL]Do}HV� GHYHP� VHU� LQWHJUDGRV�� QRV� QtYHLV�
HVWUDWpJLFR��WiWLFR�H�RSHUDFLRQDO��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
K��3ODQHMDPHQWR� SHUPDQHQWH�� FRPR� R� DPELHQWH� p� PXWiYHO�� p�
QHFHVViULR�TXH�R�SODQHMDPHQWR�WDPEpP�VHMD�SHUPDQHQWHPHQWH�
UHDOL]DGR��
�
3DUD�%HQRPH���������RV�SULQFtSLRV�GR�SODQHMDPHQWR�VHULDP�RXWURV��
L�� ,QHUrQFLD�� R� SODQHMDPHQWR� p� XPD� IXQomR� LQGLVSHQViYHO� j�
RUJDQL]DomR��VHQGR�SDUWH�LQWHJUDQWH�GH�WRGRV�RV�VHWRUHV�GH�XPD�
RUJDQL]DomR�� HVWHMDP� RX� QmR� OLJDGRV� j� iUHD� SULQFLSDO� GR�
QHJyFLR��
M�� 8QLYHUVDOLGDGH��R�SODQHMDPHQWR�EXVFD�DQWHFLSDU�DV�YDULiYHLV�H�
FRQVHTXrQFLDV� TXH� LQIOXHQFLDUmR� D� RUJDQL]DomR� VRE� WRGRV� RV�
SRQWRV� GH� YLVWD� H� OHYDQGR� HP� FRQWD� GLIHUHQWHV� RSLQL}HV� SDUD�
HYLWDU� XPD� YLVmR� XQLODWHUDO�� 6mR� DV� FRQVLGHUDo}HV� DFHUFD� GRV�
FHQiULRV� H� VHXV� LPSUHYLVWRV�� TXH� GHYHP� VHU� DR� PHQRV�
FDOFXODGRV��
N��8QLGDGH��DSHVDU�GH�WHU�P~OWLSODV�IDFHWDV��R�SODQHMDPHQWR�GHYH�
VHU� LQWHJUDGR�HP�XP�FRQMXQWR�FRHUHQWH�FRP�EDVH�HP�FULWpULRV�
TXH�FRQWHPSOHP�PDLV�GH�XPD�iUHD�DR�PHVPR�WHPSR��
O�� 3UHYLVmR�� GHYH�VH� HVWDEHOHFHU� SUD]RV� H� FURQRJUDPDV� FODURV�
SDUD� D� H[HFXomR� GDV� WDUHIDV�� LQFOXVLYH� FRQVLGHUDQGR� FRUUHo}HV�
GH�UXPR��
P�� )OH[LELOLGDGH�� R� SODQHMDPHQWR� GHYH� VHU� DGDSWiYHO� jV�
GLIHUHQWHV�VLWXDo}HV��SRLV�DVVLP�ILFD�PDLV� IiFLO� ID]HU�RV�DMXVWHV�
GH�WUDMHWyULD�QHFHVViULRV�SDUD�R�VXFHVVR��
�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
2�TXH�HX�GLJR�VREUH� WXGR� LVVR"�7HP�TXH� WHU� WRGRV�HP�PHQWH��$OpP�
GLVVR�� VDLED� TXH� DVSHFWRV� PDLV� JHUDLV� FRPR� D� IOH[LELOLGDGH�� WtSLFD� GR�
SODQHMDPHQWR��WDPEpP�SRGHP�VHU�FRQVLGHUDGDV�FRPR�SULQFtSLRV����
�
6mR� TXDWUR� DV� GLPHQV}HV� QHFHVViULDV� j� UHDOL]DomR� GR� SODQHMDPHQWR�
�%DSWLVWD��������DSXG�7HL[HLUD��6RX]D���������
x� 5DFLRQDO�� WUDWD�VH� GD� UDFLRQDOLGDGH�� FULDWLYLGDGH� H� UHIOH[mR�
QHFHVViULDV�SDUD�VXD�UHDOL]DomR��
x� 3ROtWLFD�� WUDWD�VH� GR� SRGHU� GH� GHFLVmR� HQYROYLGR� HP� XP�
SODQHMDPHQWR��
x� 7pFQLFR�DGPLQLVWUDWLYD�� WUDWD�VH� GR� VLVWHPD� GH� WUDEDOKR�
HVWUXWXUDGR�DWUDYpV�GR�SODQHMDPHQWR��UHVSRQGHQGR�D�SHUJXQWDV�
FRPR�R�TXr"�TXDQWR"�TXHP"�TXDQGR"�x� 9DORUDWLYD��WUDWD�VH�GD�DYDOLDomR�GH�YDORU�VREUH�RV�EHQHItFLRV�H�
SUHMXt]RV�TXH�DTXLOR�TXH�HVWi�VHQGR�SODQHMDGR�SRGH�WUD]HU��
�
6HL�TXH�R�DVVXQWR�SDUHFH�VROWR��PDV�DV�UHIHUrQFLDV�D�VHUHP�HVWXGDGDV�
GL]HP�DV�FRLVDV�PDLV�GLYHUVDV��H�YRFr�WHP�TXH�FRQKHFHU�WRGRV�HVVHV�SRQWRV��
$FNRII� DSRQWD� TXH� VmR� WUrV� RV� WLSRV� GH� ILORVRILD� TXH� SRGHP� JXLDU� R�
SODQHMDPHQWR��
��� 3ODQHMDPHQWR�FRQVHUYDGRU��p�YROWDGR�SDUD�D�HVWDELOLGDGH�H�
PDQXWHQomR�GD�VLWXDomR�DWXDO��$V�GHFLV}HV�EXVFDP�UHVXOWDGRV�
SRVLWLYRV� FRP� D� FRUUHomR� GH� SUREOHPDV� H[LVWHQWHV�� PDV� QmR�
WHP� IRFR� HP� FRQVHJXLU� XPD� VLWXDomR� yWLPD� TXH� DSURYHLWH�
RSRUWXQLGDGHV���3RVVXL�EDVH�HVVHQFLDOPHQWH�UHWURVSHFWLYD�SDUD�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
DSURYHLWDU�DV�H[SHULrQFLDV�GD�RUJDQL]DomR�H�SURMHWi�ODV�SDUD�R�
IXWXUR��VHUYLQGR�SDUD�FRQWLQXLGDGH�GR�FRPSRUWDPHQWR�DWXDO�HP�
XP�DPELHQWH�SUHYLVtYHO�H�HVWiYHO��
��� 3ODQHMDPHQWR� RWLPL]DQWH�� YROWDGR� SDUD� D� DGDSWDELOLGDGH� H�
LQRYDomR�� 2� TXH� VH� EXVFD� p� D� REWHQomR� GH� UHVXOWDGRV� yWLPRV�
�RV� PHOKRUHV� SRVVtYHLV��� DXPHQWDQGR� RV� UHVXOWDGRV� RX�
GLPLQXLQGR�RV�UHFXUVRV�XWLOL]DGRV��RX�DV�GXDV�FRLVDV�DR�PHVPR�
WHPSR��� e� EDVHDGR� QD� WHQWDWLYD� GH� PHOKRUDU� D� UHDOLGDGH� GD�
RUJDQL]DomR�� VHQGR� VREUHWXGR� LQFUHPHQWDO� �EDVHDGR� HP�
PHOKRULDV�FRQWtQXDV�H�SRQWXDLV�DR�ORQJR�GR�WHPSR���
��� 3ODQHMDPHQWR� DGDSWDWLYR�� YROWDGR� SDUD� DV� QHFHVVLGDGHV� GH�
DGDSWDomR� GD� RUJDQL]DomR� DR� ORQJR� GR� WHPSR�� FRP� EDVH� QDV�
FRQWLQJHQFLDV�HQIUHQWDGDV��2�TXH�VH�EXVFD�p�FRPSDWLELOL]DU�RV�
LQWHUHVVHV� HQYROYLGRV� FRP� RV� DFRQWHFLPHQWRV� SDUD� TXH� D�
RUJDQL]DomR�VH�GHVHQYROYD�QDWXUDOPHQWH��(OH�EXVFD�GLPLQXLU�R�
SODQHMDPHQWR� UHWURVSHFWLYR� YROWDGR� SDUD� DFDEDU� FRP�HUURV� GR�
SDVVDGR��H�SDVVD�D�VH�FRQFHQWUDU�QD�DGHUrQFLD�jV�QHFHVVLGDGHV�
GR�DPELHQWH�DWXDO�H�IXWXUR��
�
7HQGR� WXGR� LVVR� HP� PHQWH�� p� SRVVtYHO� FRPHoDUPRV� D� GHVGREUDU� R�
SODQHMDPHQWR�HP�WUrV�WLSRV�FRPXPHQWH�FREUDGRV�HP�FRQFXUVRV��HVWUDWpJLFR��
WiWLFR�H�RSHUDFLRQDO��$WHQomR��R�HVWUDWpJLFR�VH�GHVGREUD�HP�WiWLFR�H�HVWH�VH�
GHVGREUD�QR�RSHUDFLRQDO��
'H�IRUPD�JHUDO��p�SRVVtYHO�DILUPDU�TXH��
���3ODQHMDPHQWR�HVWUDWpJLFR��p�HODERUDGR�SHOR�QtYHO�LQVWLWXFLRQDO�
GD� RUJDQL]DomR� �SUHVLGrQFLD�GLUHWRUHV��� HQJOREDQGR� D�
RUJDQL]DomR� FRPR� XP� WRGR� H� VXD� LQWHUDomR� FRP� R� DPELHQWH��
$TXL� Ki� XPD� SUHRFXSDomR� FRP� RV� REMHWLYRV� GH� ORQJR� SUD]R� H�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
FRP�DV�HVWUDWpJLDV�H�Do}HV�TXH�VHUmR�QHFHVViULDV�SDUD�DOFDQoi�
ORV�� (OH� SURSRUFLRQD� VXVWHQWDomR� PHUFDGROyJLFD� SDUD� TXH� D�
PHOKRU� GLUHomR� D� VHU� VHJXLGD� VHMD� GHFLGLGD�� LQWHJUDQGR� RV�
IDWRUHV� H[WHUQRV� ±� QmR� FRQWUROiYHLV� ±� FRP� RV� LQWHUQRV� ±�
FRQWUROiYHLV�� e� UHDOL]DGR� GH� FLPD� SDUD� EDL[R� QD� HVWUXWXUD�
RUJDQL]DFLRQDO�� 3DUD� DFRPSDQKDU� VHX� IXQFLRQDPHQWR� H[LVWH� R�
FRQWUROH� HVWUDWpJLFR�� TXH� VH� UHODFLRQD� D� HOHPHQWRV� GD�
RUJDQL]DomR� FRPR�XP� WRGR�� QR� ORQJR� SUD]R�� H� FRQVLGHUDQGR� R�
DPELHQWH� H[WHUQR�� (P� UHVXPR�� HOH� p� SURMHWDGR� SDUD� R� ORQJR�
SUD]R�� HQYROYH� D� RUJDQL]DomR� FRPR� XP� WRGR�� p� GHILQLGR� SHOD�
F~SXOD�RUJDQL]DFLRQDO��p�YROWDGR�SDUD�D�HILFiFLD�H�HIHWLYLGDGH��p�
YROWDGR�SDUD�DV�UHODo}HV�FRP�RV�FOLHQWHV��
���3ODQHMDPHQWR�WiWLFR��p�UHDOL]DGR�SHOD�JHUrQFLD�LQWHUPHGLiULD�H�
FRQVLVWH� HP� XP� GHVGREUDPHQWR� GR� SODQHMDPHQWR� HVWUDWpJLFR�
DSOLFDGR�D�FDGD�GHSDUWDPHQWR�HVSHFtILFR�GD�RUJDQL]DomR��VHQGR�
FRQGX]LGR� SHOD� JHUrQFLD� LQWHUPHGLiULD�� &RQVLVWH� QD� UHVSRVWD� j�
SHUJXQWD�� TXDLV� DV� Do}HV� TXH� R� GHSDUWDPHQWR�iUHD� GHYH� WHU�
SDUD�FRQWULEXLU��QR�VHX�kPELWR��j�FRQFUHWL]DomR�GDTXLOR�TXH�IRL�
SUHYLVWR� QR� SODQHMDPHQWR� HVWUDWpJLFR"� 3DUD� DFRPSDQKDU� VHX�
IXQFLRQDPHQWR� H[LVWH� R� FRQWUROH� WiWLFR�� TXH� VH� UHODFLRQD� D�
HOHPHQWRV�GH�FDGD�GHSDUWDPHQWR��(P�UHVXPR��p�YROWDGR�SDUD�R�
PpGLR� SUD]R�� HQYROYH� FDGD� GHSDUWDPHQWR� GH� PDQHLUD�
HVSHFtILFD��p�FRQGX]LGR�SHOR�QtYHO�LQWHUPHGLiULR��p�YROWDGR�SDUD�
D�LQWHJUDomR�GH�DWLYLGDGHV�GH�FDGD�iUHD��
���3ODQHMDPHQWR� RSHUDFLRQDO�� p� FRQGX]LGR� SHORV� QtYHLV� PDLV�
EDL[RV�GD�JHUrQFLD�VXSHUYLVmR�RSHUDFLRQDO��EXVFDQGR�IRUPDOL]DU�
DV�PHWRGRORJLDV�D�VHUHP�DSOLFDGDV�QR�GLD�D�GLD�GRV�IXQFLRQiULRV�
H� FRPR� VHUi� D� RSHUDFLRQDOL]DomR� GRV� WUDEDOKRV� FRUULTXHLURV��
&RP� LVVR�� FRQWULEXL� SDUD� R� VXFHVVR� GR� SODQHMDPHQWR� WiWLFR� H��
FRPR�FRQVHTXrQFLD��SDUD�R�GR�SODQHMDPHQWR�HVWUDWpJLFR��1HVWH�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
QtYHO� H[LVWH� R� FRQWUROH� RSHUDFLRQDO�� TXH� YHULILFD� VH� RV�
SURFHGLPHQWRV� SUHYLVWRV� IRUDP� LPSOHPHQWDGRV� FRUUHWDPHQWH��
(P�UHVXPR��p�YROWDGR�SDUD�R�FXUWR�SUD]R��HQYROYH�FDGD�WDUHID�
RX�DWLYLGDGH�LVRODGDPHQWH��p�YROWDGR�SDUD�D�HILFLrQFLD��
�
3HUFHED�TXH�RV� WUrV�QtYHLV�GH�SODQHMDPHQWR� HVWmR� LQWHJUDGRV�
HQWUH� VL�� VHQGR� FDGD� XP� DSURSULDGR� D� XP� QtYHO� GH� GHFLVmR� GD�
RUJDQL]DomR��
3DUD� TXH� QmR� UHVWH� G~YLGDV� QD� KRUD� GD� SURYD�� YDPRV� YHU� PDLV�
GHWDOKHV�VREUH�FDGD�XP�GRV�QtYHLV�GR�SODQHMDPHQWR��
3DUD�&KLDYHQDWR���������R�SODQHMDPHQWR�HVWUDWpJLFR�LQWHUDJH�FRP�
WUrV�SDUkPHWURV��D�YLVmR�GH� IXWXUR��R�DPELHQWH�H[WHUQR�H�RV� IDWRUHV� LQWHUQRV�
GD�RUJDQL]DomR��$OpP�GLVVR�� HOH� DSUHVHQWD� FLQFR� FDUDFWHUtVWLFDV� IXQGDPHQWDLV�
GR�SODQHMDPHQWR�HVWUDWpJLFR��
��� (OH� HVWi� UHODFLRQDGR� FRP� D� DGDSWDomR� GD� RUJDQL]DomR� D� XP�
DPELHQWH�PXWiYHO��
��� e�RULHQWDGR�SDUD�R�IXWXUR��HP�XP�KRUL]RQWH�GH�ORQJR�SUD]R��
��� (OH� p� FRPSUHHQVLYR�� RX� VHMD�� DERUGD� D� RUJDQL]DomR� FRPR� XP�
WRGR��GH�IRUPD�JOREDO�H�VLVWrPLFD��
���2� SODQHMDPHQWR� HVWUDWpJLFR� p� XP� SURFHVVR� GH� FRQVWUXomR� GH�
FRQVHQVR�� GDGD� D� GLYHUVLGDGH� GRV� LQWHUHVVHV� GH� WRGRV� RV�
HQYROYLGRV��
��� (OH�p�XPD�IRUPD�GH�DSUHQGL]DJHP�RUJDQL]DFLRQDO��TXH�DSUHQGH�
DWUDYpV� GD� DGDSWDomR� DR� FRQWH[WR� DPELHQWDO� FRPSOH[R��
FRPSHWLWLYR�H�PXWiYHO��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
�
6REUH� R� SODQHMDPHQWR� WiWLFR�� &KLDYHQDWR� ������� GHVWDFD� TXH� DV�
SROtWLFDV��LQYHVWLPHQWRV��REWHQomR�GH�UHFXUVRV��HWF���HVWmR�UHODFLRQDGRV�FRP�RV�
SODQRV�WiWLFRV��$OpP�GLVVR��R�DXWRU�DILUPD�TXH�RV�SODQRV�WiWLFRV�JHUDOPHQWH�
HQYROYHP��
��� 3ODQRV� GH� SURGXomR�� (QYROYHQGR� PpWRGRV� H� WHFQRORJLDV�
QHFHVViULDV�SDUD�DV�SHVVRDV�HP�VHX�WUDEDOKR��DUUDQMR�ItVLFR�GR�
WUDEDOKR� H� HTXLSDPHQWRV� FRPR� VXSRUWHV� SDUD� DV� DWLYLGDGHV� H�
WDUHIDV��
��� 3ODQRV� ILQDQFHLURV�� (QYROYHQGR� FDSWDomR� H� DSOLFDomR� GR�
GLQKHLUR� QHFHVViULR� SDUD� VXSRUWDU� DV� YiULDV� RSHUDo}HV� GD�
RUJDQL]DomR��
��� 3ODQRV� GH� PDUNHWLQJ�� (QYROYHQGR� RV� UHTXLVLWRV� GH� YHQGHU� H�
GLVWULEXLU�EHQV�H�VHUYLoRV�QR�PHUFDGR�H�DWHQGHU�DR�FOLHQWH��
��� 3ODQRV� GH� UHFXUVRV� KXPDQRV�� (QYROYHQGR� UHFUXWDPHQWR��
VHOHomR�H�WUHLQDPHQWR�GDV�SHVVRDV�QDV�YiULDV�DWLYLGDGHV�GHQWUR�
GD�RUJDQL]DomR��5HFHQWHPHQWH��DV�RUJDQL]Do}HV�HVWmR� WDPEpP�
VH� SUHRFXSDQGR� FRP� D� DTXLVLomR� GH� FRPSHWrQFLDV� HVVHQFLDLV�
SDUD�R�QHJyFLR�DWUDYpV�GD�JHVWmR�GR�FRQKHFLPHQWR�FRUSRUDWLYR��
�
-i� VREUH� R� SODQHMDPHQWR� RSHUDFLRQDO��&KLDYHQDWR�������� DILUPD�
TXH�� DSHVDU� GRV� SODQRV� RSHUDFLRQDLV� VHUHP�PXLWR� GLYHUVLILFDGRV�� HOHV� SRGHP�
VHU�FODVVLILFDGRV�HP��
��� 3URFHGLPHQWRV��6mR�RV�SODQRV�RSHUDFLRQDLV� UHODFLRQDGRV� FRP�
PpWRGRV��FRPR�RV�IOX[RJUDPDV�H�OLVWDV�GH�YHULILFDomR��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
���2UoDPHQWRV�� 6mR� RV� SODQRV� RSHUDFLRQDLV� UHODFLRQDGRV� FRP�
GLQKHLUR��
��� 3URJUDPDV� �RX� SURJUDPDo}HV��� 6mR� RV� SODQRV� RSHUDFLRQDLV�
UHODFLRQDGRV� FRP� WHPSR�� ,QFOXL� R� FURQRJUDPD�� R� JUiILFR� GH�
*DQWW��R�3(57��HQWUH�RXWURV��
���5HJXODPHQWRV�� 6mR� RV� SODQRV� RSHUDFLRQDLV� UHODFLRQDGRV� FRP�
FRPSRUWDPHQWRV�GDV�SHVVRDV��
�
�����2UJDQL]DomR��
$� IXQomR� ³RUJDQL]DomR´� p� DTXHOD� TXH� EXVFD� RUJDQL]DU�� HVWUXWXUDU� H�
LQWHJUDU�RV�UHFXUVRV�GLVSRQtYHLV�SDUD�TXH�DV�Do}HV�D�VHUHP�UHDOL]DGDV�SRVVDP�
DWLQJLU�R�VXFHVVR��
9RFr� GHYH� WHU� DWHQomR� SDUD� QmR� FRQIXQGLU� HVVD� IXQomR�
DGPLQLVWUDWLYD� FRP� D� SDODYUD� TXH� UHSUHVHQWD� R� FHQWUR� GH� HVWXGRV� GD�
DGPLQLVWUDomR�� DV� RUJDQL]Do}HV��(VWDV�~OWLPDV� VmR� R� UHVXOWDGR�GD�DUWLFXODomR�
GH�JUXSRV�GH�SHVVRDV�TXH�LQWHUDJHP�HQWUH�VL�SDUD�JHUDU�REMHWLYRV�HVSHFtILFRV��
1HVWH� VHQWLGR�� R� yUJmR� S~EOLFR� RQGH� YRFr� YDL� WUDEDOKDU� p� XP� H[HPSOR� GH�
RUJDQL]DomR��
$�IXQomR�³RUJDQL]DomR´��SRU�VXD�YH]��HVWi�UHODFLRQDGD�DR�GHVHQKR�GD�
HVWUXWXUD�RUJDQL]DFLRQDO��HVWUDWpJLFD���GD�HVWUXWXUD�GH�yUJmRV��FDUJRV��URWLQDV�
H� SURFHGLPHQWRV� GH� FDGD� GHSDUWDPHQWR� �WiWLFD��� H� GHILQLomR� GH� PpWRGRV� H�
SURFHVVRV�GH�WUDEDOKR�H�GH�RSHUDomR��RSHUDFLRQDO���7UDWD��HVSHFLILFDPHQWH��GD�
REWHQomR�H�DSOLFDomR�GRV�PHLRV�SDUD�TXH�VH�SRVVD�SRU�HP�SUiWLFD�DV�RXWUDV�
IXQo}HV�DGPLQLVWUDWLYDV��R�SODQHMDPHQWR��D�GLUHomR�H�R�FRQWUROH��
&KLDYHQDWR� ������� FKDPD� D� DWHQomR� SDUD� R� IDWR� GH� TXH� D� IXQomR�
RUJDQL]DU�DEUDQJH�QHFHVVDULDPHQWH�TXDWUR�FRPSRQHQWHV��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
��� 7DUHIDV�� R� WUDEDOKR� UHDOL]DGR� HP� XPD� HPSUHVD�
QRUPDOPHQWH�IUDJPHQWDGR�SRU�XP�SURFHVVR�GH�GLYLVmR�
GH�WUDEDOKR�TXH�SURYRFD�D�HVSHFLDOL]DomR�GH�DWLYLGDGHV�
H� GH� IXQo}HV�� $V� IXQo}HV� RUJDQL]DFLRQDLV� VmR�
VXEGLYLGLGDV�HP�WDUHIDV��
��� 3HVVRDV�� FDGD� SHVVRD� p� GHVLJQDGD� SDUD� RFXSDU� XP�
FDUJR�� TXH�p� XPD�SDUWH� HVSHFtILFD� GR� WUDEDOKR� JOREDO��
(VVD�GHVLJQDomR�GHYH�FRQVLGHUDU�KDELOLGDGHV��DSWLG}HV��
LQWHUHVVHV�� H[SHULrQFLD� H� FRPSRUWDPHQWR� GH� FDGD�
SHVVRD�� &DGD� SHVVRD� p� RFXSDQWH� GH� XP� FDUJR� QD�
RUJDQL]DomR�IRUPDO��
���ÏUJmRV�� DV� WDUHIDV� H� DV� SHVVRDV� VmR� DJUXSDGDV� HP�
yUJmRV��FRPR�GLYLV}HV��GHSDUWDPHQWRV�RX�XQLGDGHV�GD�
RUJDQL]DomR��¬�PHGLGD�TXH�HQYROYDP�FDUDFWHUtVWLFDV�RX�
REMHWLYRV� VLPLODUHV�� RV� yUJmRV�SDVVDP�D� VHU� GLVSRVWRV�
HP� QtYHLV� KLHUiUTXLFRV� H� HP� iUHDV� GH� DWLYLGDGHV�� (P�
IXQomR� GD� OLJDomR� GLUHWD� RX� LQGLUHWD� FRP� RV� REMHWLYRV�
GD�HPSUHVD��SDVVDP�D�H[LVWLU�RV�yUJmRV�GH� OLQKD�H�GH�
VWDII��
���5HODo}HV�� RV� UHODFLRQDPHQWRV� FRQVWLWXHP� R� FRQFHLWR�
WDOYH]�PDLV�LPSRUWDQWH�GD�RUJDQL]DomR��$�SUHRFXSDomR�
LQLFLDO� IRFDOL]RX� DV� UHODo}HV� HQWUH� RV� yUJmRV�
FRPSRQHQWHV� GD� RUJDQL]DomR� H� HQWUH� DV� SHVVRDV� FRP�
UHODomR� DR� VHX� WUDEDOKR�� 3RVWHULRUPHQWH�� HVVD�
SUHRFXSDomR� HVWHQGHX�VH� D� RXWURV� DVSHFWRV� IRUD� GD�
RUJDQL]DomR�� FRPR� UHODFLRQDPHQWRV� FRP� FOLHQWHV� �D�
SDUWLU�GH�VLVWHPDV�GH�JHVWmR� FRPR�R�&50���&XVWRPHU�
5HODWLRQVKLS�0DQDJHPHQW���FRP�IRUQHFHGRUHV��D�SDUWLU�
GH� VLVWHPDV� GH� JHVWmR� FRPR� R� 6&0� �� 6XSSO\� &KDLQ�
0DQDJHPHQW���
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
�
4XHP�HVWXGD�D� IXQomR�RUJDQL]DFLRQDO� GHYH� HVWDU� DWHQWR� WDPEpP�DR�
IDWR�GH�TXH�HVWD�IXQomR�WDPEpP�VH�GHVGREUD�QRV�WUrV�QtYHLV�RUJDQL]DFLRQDLV��
x� 2UJDQL]DomR� QR� QtYHO� JOREDO�� WUDWD�VH� GD� RUJDQL]DomR� TXH�
HQYROYH� D� HPSUHVD� FRPR� XP� WRGR�� WUDWDQGR� GH� UHDOL]DU� R�
GHVHQKR�RUJDQL]DFLRQDO��(VWD�RUJDQL]DomR�p�WUDWDGD�SHOD�F~SXOD�
RUJDQL]DFLRQDO�QR�QtYHO�LQVWLWXFLRQDO��
x� 2UJDQL]DomR�QR�QtYHO�GHSDUWDPHQWDO��p�TXDQGR�HVWD�IXQomR�
RUJDQL]DFLRQDO� p� WUDWDGD� SHOD� JHUrQFLD� LQWHUPHGLiULD��
DEUDQJHQGR�FDGD�GHSDUWDPHQWR�RX�XQLGDGH�GD�HPSUHVD��7UDWD�
VH�GR�GHVHQKR�GHSDUWDPHQWDO�RX�GHSDUWDPHQWDOL]DomR��
x� 2UJDQL]DomR�QR�QtYHO�GDV�WDUHIDV�H�RSHUDo}HV��p�R�FDVR�GD�
RUJDQL]DomR� TXH� IRFDOL]D� DV� WDUHIDV� GR� HPSUHHQGLPHQWR�� VXDV�
DWLYLGDGHV� H� RSHUDo}HV�� e� DTXL� TXH� VH� LQVHUH� R� GHVHQKR� GH�
FDUJRV�RX�WDUHIDV��WUDWDGR�QR�QtYHO�PDLV�EDL[R�GD�RUJDQL]DomR��R�
RSHUDFLRQDO��
�
�����'LUHomR��
$� IXQomR� GH� GLULJLU� HVWi� UHODFLRQDGD� FRP� D� FRQGXomR� GRV� WUDEDOKRV�
H[HFXWDGRV��SDUD�TXH�RV�REMHWLYRV�GD�RUJDQL]DomR�SRVVDP�VHU�DWLQJLGRV��(VWD�
IXQomR�p� UHVSRQViYHO�SRU� DFLRQDU�H� GLQDPL]DU�D�HPSUHVD�SDUD�TXH�HOD�SRVVD�
IXQFLRQDU�DGHTXDGDPHQWH��
$� GLUHomR� VH� UHODFLRQD� FRP� DV� SHVVRDV� GD� HPSUHVD�� (OD� p� D� IXQomR�
DGPLQLVWUDWLYD�TXH�WUDWD�GR�UHODFLRQDPHQWR�HQWUH�RV�DGPLQLVWUDGRUHV�H�RV�VHXV�
VXERUGLQDGRV�� SRU� LVVR�� p� SRVVtYHO� GL]HU� TXH� HOD� HVWi� FHQWUDGD� QDV� UHODo}HV�
KXPDQDV��$VVLP��HQTXDQWR�DV�RXWUDV� IXQo}HV�GR�SURFHVVR�DGPLQLVWUDWLYR� VmR�
LPSHVVRDLV��D�GLUHomR�p�HPLQHQWHPHQWH�LQWHUSHVVRDO��HQWUH�SHVVRDV���
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
1R�QtYHO�HVWUDWpJLFR�D�IXQomR�GLUHomR�
HVWDEHOHFH� SROtWLFDV� H� GLUHWUL]HV� GH� GLUHomR� H�
FRQGXomR�GR�SHVVRDO��1R�QtYHO�WiWLFR�UHDOL]D�D�
JHUrQFLD� H� DSOLFDomR� �DORFDomR�� GH� UHFXUVRV�
FRP�YLVWDV�j�DomR�HPSUHVDULDO�H�OLGHUDQoD��1R�
QtYHO� RSHUDFLRQDO� p� RQGH� HVWi� D� FKHILD��
VXSHUYLVmR� H� PRWLYDomR� GR� SHVVRDO�
�&+,$9(1$72���������
'HYH�VH� SHUFHEHU� TXH� DV� SHVVRDV� VmR� R� SULQFLSDO� UHFXUVR� GD�
RUJDQL]DomR�� GHYHQGR� VHU� GLULJLGDV� QR� H[HUFtFLR� GH� VXDV� IXQo}HV� SDUD� D�
FRQVHFXomR�GRV�REMHWLYRV� RUJDQL]DFLRQDLV��1HVWH� VHQWLGR�� DV� SHVVRDV�XWLOL]DP�
RV�GHPDLV�UHFXUVRV�GLVSRQtYHLV��ILQDQFHLURV��PDWHULDLV��WHFQROyJLFRV��HWF���SDUD�
FRQFUHWL]DUHP�VXDV�Do}HV��
1D� IXQomR� GH� GLUHomR�� VmR� WUrV� DV� SULQFLSDLV� DWLYLGDGHV�
GHVHPSHQKDGDV�SHOR�DGPLQLVWUDGRU��
��� &RPXQLFDomR��RV�DGPLQLVWUDGRUHV�SUHFLVDP�VH�FRPXQLFDU�FRP�
RV� VHXV� VXERUGLQDGRV� SDUD� LQGLFDU�OKHV� RV� FDPLQKRV� D� VHUHP�
VHJXLGRV�H�UHFHEHUHP�IHHGEDFN��
���0RWLYDomR�� QR� H[HUFtFLR� GD� IXQomR� GH� GLUHomR�� RV�
DGPLQLVWUDGRUHV� EXVFDP� XWLOL]DU�VH� GD� FRPXQLFDomR� SDUD�
HVWLPXODU�D�PRWLYDomR�GRV�VXERUGLQDGRV��
��� /LGHUDQoD�� R� H[HUFtFLR� GD� OLGHUDQoD� WDPEpP� XWLOL]D� GD�
FRPXQLFDomR� SDUD� LQIOXHQFLDU� R� FRPSRUWDPHQWR� GRV�
VXERUGLQDGRV� SDUD� TXH� HOHV� GHVHMHP� UHDOL]DU� DV� DWLYLGDGHV�
UHOHYDQWHV�SDUD�D�RUJDQL]DomR��
�
2� FRQFHLWR� GH� GLUHomR� p� DSOLFiYHO� D� WRGDV� DV� SHVVRDV� TXH� DWXDP�
GHQWUR�GRV�OLPLWHV�RUJDQL]DFLRQDLV��HP�TXDOTXHU�XP�GH�VHXV�WUrV�QtYHLV��
�ƚĞŶĕĆŽ P� ?ĂůŽĐĂĕĆŽ�ĚĞ�ƌĞĐƵƌƐŽƐ ?�Ġ�ƵŵĂ�
ĞdžƉƌĞƐƐĆŽ� ƋƵĞ� ŐĞƌĂ� ŵƵŝƚĂ� ĐŽŶĨƵƐĆŽ ?�
/ƐƐŽ�ĂĐŽŶƚĞĐĞ�ƉĞůĂ�ŶĂƚƵƌĞnjĂ�ĚĂ�ƉĂůĂǀƌĂ�
Ğ� ƉĞůŽ� ƐĞƵ� ƵƐŽ� ŝŶĚŝƐĐƌŝŵŝŶĂĚŽ ?� ũƵŶƚŽ�
ĐŽŵ� ƐŝŶƀŶŝŵŽƐ ?� ƉĞůĂ� ůŝƚĞƌĂƚƵƌĂ�
ĞƐƉĞĐŝĂůŝnjĂĚĂ ?� �ƐƐŝŵ ?� ĂůŽĐĂĕĆŽ� ĚĞ�
ƌĞĐƵƌƐŽƐ� ŽƌĂ� ĂƉĂƌĞĐĞ� ĐŽŵŽ� ĨƵŶĕĆŽ�
 ?ĚĞĐŝƐſƌŝĂ ?�ĚŽ�ƉůĂŶĞũĂŵĞŶƚŽ ?�ŽƌĂ�ĐŽŵŽ�
ĨƵŶĕĆŽ� ?ĞƐƚƌƵƚƵƌĂů?�ĚĞ�ŽƌŐĂŶŝnjĂĕĆŽ ?�ŽƌĂ�
ĐŽŵŽ�ĨƵŶĕĆŽ� ?ĚĞ�ĚŝĂ�Ă�ĚŝĂ ?�ĚĂ�ĚŝƌĞĕĆŽ ?�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
x� 3UHVLGHQWH��'LUHWRUHV��DOWRV�H[HFXWLYRV��VmR�DV�SRVLo}HV�GH�
GLUHomR�RFXSDGD�SRU�SHVVRDV�QR�QtYHO�LQVWLWXFLRQDO��TXH�DEUDQJH�
D�RUJDQL]DomR�FRPR�XP�WRGR�RX�JUDQGHV�iUHDV�GD�PHVPD��
x� *HUHQWHV�H�SHVVRDO�LQWHUPHGLiULR��WUDWD�VH�GDV�SRVLo}HV�TXH�
H[HUFHP� D� GLUHomR� QR� QtYHO� LQWHUPHGLiULR� GD� RUJDQL]DomR��
DERUGDQGR�FDGD�GHSDUWDPHQWR�RX�XQLGDGH��
x� 6XSHUYLVRUHV� H� HQFDUUHJDGRV�� VmR� DV� SRVLo}HV� GH� GLUHomR�
TXH�DEUDQJHP�JUXSRV�GH�SHVVRDV�H�WDUHIDV�QR�QtYHO�RSHUDFLRQDO�
GD�RUJDQL]DomR��
�
�����&RQWUROH�H�DYDOLDomR��
2�WHUPR�³FRQWUROH´�SRVVXL�GLIHUHQWHV�VLJQLILFDGRV��9HMDPRV�DOJXPDV��
x� &RQWUROH� FRPR� DXWRPDomR�� PDQWHP� R� IXQFLRQDPHQWR� GR�
VLVWHPD�� YHULILFDQGR� QmR� FRQIRUPLGDGHV� GH� XP� SURFHVVR� SDUD�
TXH�YROWH�j�QRUPDOLGDGH�GH�PDQHLUD�DXWRPiWLFD��
x� &RQWUROH�FRPR�UHVWULomR�H�FRHUomR��EXVFD�UHVWULQJLU�RX�FRLELU�
GHVYLRV�� VHQGR�DWULEXtGR�XP�YDORU� VRFLDO� QHJDWLYR� DRV�GHVYLRV��
TXH�SDVVDP�D�VHU�FRQVLGHUDGRV�HUURV��
x� &RQWUROH� FRPR� IXQomR� DGPLQLVWUDWLYD�� p� D� IXQomR� GR�
SURFHVVR� DGPLQLVWUDWLYR� TXH� YHULILFD� R� TXH� IRL� SODQHMDGR��
DSRQWDQGR�SDUD�PHLRV�GH�FRUUHomR�GH�UXPRV��
�
�
�
�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
�
�
�
�
�
�
�
�
(P�HVVrQFLD��R�FRQWUROH�EXVFD�YHULILFDU�FRPR�DV�DWLYLGDGHV�UHDOL]DGDV�
QD�RUJDQL]DomR�HVWmR� VH� FRPSRUWDQGR�HP� UHODomR�DR� TXH� HVWDYD�SUHYLVWR�QR�
SODQHMDPHQWR�� 'HVWH� PRGR�� HOH� SUHVVXS}H� D� H[LVWrQFLD� GH� XP� SODQR� D� VHU�
VHJXLGR�H�GH�DWLYLGDGHV�H�UHVXOWDGRV�D�VHUHP�FRQWURODGRV��(P�RXWUDV�SDODYUDV��
p�SRVVtYHO�GL]HU�TXH�R�FRQWUROH�p�D�DWLYLGDGH�TXH�UHDOL]D�D�FRUUHomR�GH�UXPRV�
FRP�EDVH�QR�SODQHMDPHQWR��RUJDQL]DomR�H�GLUHomR�GR�SURFHVVR�DGPLQLVWUDWLYR��
1R� QtYHO� HVWUDWpJLFR� VmR� UHDOL]DGRV� FRQWUROHV� JOREDLV� H� DYDOLDomR� GR�
GHVHPSHQKR� GD� HPSUHVD� FRPR� XP� WRGR�� 1R� QtYHO� WiWLFR� RV� FRQWUROHV� H�
DYDOLDomR�VmR� IHLWRV�VREUH�R�GHSDUWDPHQWR�H�QR�QtYHO�RSHUDFLRQDO�HOHV�VH�GmR�
VREUH�RV�LQGLYtGXRV��&+,$9(1$72���������
+RMH�HP�GLD��R�SDSHO�GR�FRQWUROH�QD�DGPLQLVWUDomR�p�GLIHUHQWH�GR�TXH�
VH�WLQKD�Ki�DOJXPDV�GpFDGDV��1R�SDVVDGR��R�IRFR�GD�DGPLQLVWUDomR�FRPR�XP�
WRGR�HVWDYD�VREUH�R�FRQWUROH��(UD�QHFHVViULR�UHDOL]DU�R�FRQWUROH�GD�SURGXomR��R�
FRQWUROH� GRV� IXQFLRQiULRV�� HWF�� ±� R� TXH� ID]LD� FRP� TXH� DV� RXWUDV� IXQo}HV�
RUJDQL]DFLRQDLV� IRVVHP� WLGDV� FRPR� PHQRV� LPSRUWDQWHV�� &RP� R� DXPHQWR� GD�
YHORFLGDGH� GDV� PXGDQoDV� ±� FDUDFWHUtVWLFR� GD� HUD� GD� LQIRUPDomR� �� R� FRQWUROH�
�ŝƌĞĕĆŽ�
KƌŐĂŶŝnjĂĕĆŽ��ŽŶƚƌŽůĞ�
WůĂŶĞũĂŵĞŶƚŽ�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
SDVVRX�D�GDU�PDLV�HVSDoR�jV�RXWUDV� IXQo}HV�RUJDQL]DFLRQDLV��SDVVDQGR�D� VHU�
YLVWR�QmR�FRPR�D�DWLYLGDGH�ILP�GD�DGPLQLVWUDomR��PDV�FRPR�XP�PHLR�SDUD�TXH�
RV�UHVXOWDGRV�RUJDQL]DFLRQDLV�SRVVDP�VHU�DWLQJLGRV��$VVLP��R�FRQWUROH�SDVVRX�D�
VHU� FRQVLGHUDGR�FRPR�XPD�HWDSD� WmR� LPSRUWDQWH�TXDQWR� DV�RXWUDV�HWDSDV�GR�
SURFHVVR�DGPLQLVWUDWLYR��
&RP�LVWR�HP�PHQWH��GHYHPRV�VDEHU�TXH�WRGR�PHFDQLVPR�GH�FRQWUROH�
GHYH� LQFOXLU� DOJXQV� DVSHFWRV� HVVHQFLDLV�� 3DUD� +D\QHV� H� 0DVVLH� ������� DSXG�
&KLDYHQDWR���������GHYH�VH�GHVWDFDU���QR�FRQWUROH���D�H[LVWrQFLD�GH��
���2EMHWLYR�� R� FRQWUROH� UHTXHU� XP� REMHWLYR�� XP� ILP�
SUHGHWHUPLQDGR��XP�SODQR��XPD� OLQKD�GH�DWXDomR��XP�
SDGUmR�� XPD� QRUPD�� XPD� UHJUD� GHFLVyULD�� XP� FULWpULR�
RX�XPD�XQLGDGH�GH�PHGLGD��
���0HGLomR�� R� FRQWUROH� UHTXHU� XP� PHLR� GH� PHGLU� D�
DWLYLGDGH�GHVHQYROYLGD��2�TXH�QmR�VH�SRGH�PHGLU�QmR�
VH�SRGH�DGPLQLVWUDU��
��� &RPSDUDomR�� XP� SURFHGLPHQWR� SDUD� FRPSDUDU� WDO�
DWLYLGDGH�FRP�R�FULWpULR�GHILQLGR��
��� &RUUHomR�� DOJXP� PHFDQLVPR� TXH� FRUULMD� D� DWLYLGDGH�
HP� FXUVR� SDUD� SHUPLWLU�OKH� DOFDQoDU� RV� UHVXOWDGRV�
GHVHMDGRV��
e�LPSRUWDQWH�TXH�VH�VDLED�TXH�R�FRQWUROH�QRUPDOPHQWH�p�H[HUFLGR�HP�
UHODomR� DV� DWLYLGDGHV� LQWHUQDV� �UHFXUVRV� KXPDQRV�� HVWRTXH�� SURGXomR�� HWF����
PDV�R�DFRPSDQKDPHQWR�REMHWR�GD�IXQomR�GH�FRQWUROH�WDPEpP�SRGH�VH�GDU�HP�
UHODomR� DRV� IDWRUHV� H[WHUQRV�� DSHVDU� GHOHV� QmR� VHUHP� JHUHQFLiYHLV� SHOD�
RUJDQL]DomR�� $OpP� GLVVR�� GLIHUHQWHV� IDWRUHV� SRGHP� LQIOXHQFLDU� D� PDQHLUD�
DWUDYpV�GD�TXDO�D�RUJDQL]DomR�HVWUXWXUD�RV�VHXV�PHFDQLVPRV�GH�FRQWUROH��WDLV�
FRPR��R�VHX�WDPDQKR��D�FHQWUDOL]DomR�GHVFHQWUDOL]DomR�GH�VXDV�DWLYLGDGHV��R�
JUDX� GH� GHILQLomR�� GRFXPHQWDomR� H� FRPXQLFDomR� GDV� SROtWLFDV� H�
SURFHGLPHQWRV��D�WHUFHLUL]DomR�H�RXWVRXUFLQJ��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
��(�SDUD�TXH�VHUYH�R�FRQWUROH"�
2V� FRQWUROHV� SRGHP� VHUYLU� SDUD� GLIHUHQWHV� TXHVW}HV� RUJDQL]DFLRQDLV��
SRGHQGR�VHU�XWLOL]DGRV�SDUD��+HOOULHJHO�H�6ORFXP�-U��DSXG�&KLDYHQDWR���������
��� 3DGURQL]DU� R� GHVHPSHQKR�� SRU� PHLR� GH�
LQVSHo}HV�� VXSHUYLVmR�� SURFHGLPHQWRV� HVFULWRV� RX�
SURJUDPDV�GH�SURGXomR��
��� 3URWHJHU� RV� EHQV� RUJDQL]DFLRQDLV�� GH�
GHVSHUGtFLRV�� URXERV� H� DEXVRV�� SRU� PHLR� GH�
H[LJrQFLD� GH� UHJLVWURV� HVFULWRV�� SURFHGLPHQWRV� GH�
DXGLWRULD�H�GLYLVmR�GH�UHVSRQVDELOLGDGHV��
��� 3DGURQL]DU�D�TXDOLGDGH�GH�SURGXWRV�H�VHUYLoRV��
RIHUHFLGRV� SHOD� HPSUHVD�� SRU� PHLR� GH� WUHLQDPHQWR�
GH� SHVVRDO�� LQVSHo}HV�� FRQWUROH� HVWDWtVWLFR� GH�
TXDOLGDGH�H�VLVWHPDV�GH�LQFHQWLYR��
��� /LPLWDU� D� TXDQWLGDGH� GH� DXWRULGDGH�� TXH� HVWi�
VHQGR�H[HUFLGD�SHODV�YiULDV�SRVLo}HV�RX�SHORV�QtYHLV�
RUJDQL]DFLRQDLV�� SRU� PHLR� GH� GHVFULo}HV� GH� FDUJRV��
GLUHWUL]HV� H� SROtWLFDV�� UHJUDV� H� UHJXODPHQWRV� H�
VLVWHPDV�GH�FRQWUROH��
���0HGLU�H�GLULJLU�R�GHVHPSHQKR�GDV�SHVVRDV��SRU�
PHLR� GH� VLVWHPDV� GH� DYDOLDomR� GR� GHVHPSHQKR� GR�
SHVVRDO�� VXSHUYLVmR� GLUHWD�� YLJLOkQFLD� H� UHJLVWURV��
LQFOXLQGR� LQIRUPDo}HV� VREUH� SURGXomR� SRU�
HPSUHJDGR�RX�SHUGDV�SRU�UHIXJRV�SRU�HPSUHJDGRV��
HWF��
��� &RPR� PHLRV� SUHYHQWLYRV� SDUD� R� DOFDQFH� GRV�
REMHWLYRV� RUJDQL]DFLRQDLV�� SHOD� DUWLFXODomR� GH�
REMHWLYRV� HP� XP� SODQHMDPHQWR�� SRLV� RV� REMHWLYRV�
DMXGDP�D�GHILQLU�R�HVFRSR�DSURSULDGR�H�D�GLUHomR�GR�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
FRPSRUWDPHQWR� GDV� SHVVRDV� SDUD� R� DOFDQFH� GRV�
UHVXOWDGRV�GHVHMDGRV��
'H�IRUPD�PDLV�DPSOD��&KLDYHQDWR��������DILUPD�TXH�R�FRQWUROH�EXVFD�
DWHQGHU�GXDV�ILQDOLGDGHV�SULQFLSDLV��
��� &RUUHomR� GH� IDOKDV� RX� HUURV� H[LVWHQWHV�� R�
FRQWUROH� VHUYH� SDUD� GHWHFWDU� IDOKDV� RX� HUURV� �� VHMD�
QR�SODQHMDPHQWR�RX�QD�H[HFXomR���SDUD�DSRQWDU�DV�
PHGLGDV�FRUUHWLYDV�DGHTXDGDV�SDUD�VDQi�ORV��
��� 3UHYHQomR�GH�QRYDV�IDOKDV�H�HUURV��DR�FRUULJLU�DV�
IDOKDV� RX� HUURV� H[LVWHQWHV�� R� FRQWUROH� DSRQWD� RV�
PHLRV� QHFHVViULRV� SDUD� HYLWi�ORV� QR� IXWXUR�� e� XPD�
ILQDOLGDGH� SHGDJyJLFD� QR� VHQWLGR� GH� DSUHQGL]DJHP�
FRQWtQXD��
�
%XVFDQGR�DWLQJLU�WDLV�ILQDOLGDGHV�H�REMHWLYRV��GLYHUVRV�PHFDQLVPRV�GH�FRQWUROH� SRGHP� VHU� HVWUXWXUDGRV� SHOR� VLVWHPD� GH� FRQWUROH� RUJDQL]DFLRQDO�� $�
PDLRU� SDUWH� GRV� PpWRGRV� GH� FRQWUROH� SRGH� VHU� DJUXSDGD� HP� TXDWUR� WLSRV�
GLIHUHQWHV��
x� &RQWUROHV� SUp�DomR�� JDUDQWHP� TXH� RV� LQVXPRV� HVWHMDP�
GLVSRQtYHLV� DQWHV� GDV� Do}HV� VHUHP� H[HFXWDGDV�� $OJXQV�
H[HPSORV�GHVWH�WLSR�GH�FRQWUROH�VmR�RV�RUoDPHQWRV�ILQDQFHLURV�
H� RV� FURQRJUDPDV�� XPD� YH]� TXH� H[LJHP� R� LQYHVWLPHQWR� GH�
WHPSR�H�WUDEDOKR�SDUD�VHUHP�HVWDEHOHFLGRV��3RVVXL�D�YDQWDJHP�
GH�IDFLOLWDU�R�FRQWUROH�GHVGH�R� LQLFLR�GDV�WDUHIDV��PDV�SRVVXL�D�
GHVYDQWDJHP�GH�QmR�SURSRU� VROXo}HV�UHDLV�SDUD�RV�SUREOHPDV�
HQIUHQWDGRV��
x� &RQWUROHV� GH� GLUHomR� �RX� FRQWUROH� FRQFRUUHQWH��� VmR�
DTXHOHV� TXH� EXVFDP� GHWHFWDU� RV� GHVYLRV� GXUDQWH� D� H[HFXomR��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
GH�PRGR�TXH�HYHQWXDLV� FRUUHo}HV�SRVVDP�VHU� IHLWDV� D� WHPSR��
3RVVXHP� D� YDQWDJHP� SULQFLSDO� GH� SRVVLELOLWDU� D� FRUUHomR� GH�
UXPRV��PDV�LVVR�Vy�SRGHUi�VHU�FRQFUHWL]DGR�VH�DV�LQIRUPDo}HV�
QHFHVViULDV� SXGHUHP� VHU� FROHWDGDV� GH� PDQHLUD� SUHFLVD� H� HP�
WHPSR�RSRUWXQR��
R� &RQWUROHV� GH� VLP�QmR� �RX� GH� WULDJHP��� VmR� DTXHOHV�
TXH� SURSRUFLRQDP� XP� PRPHQWR� SDUD� YHULILFDU� D�
DSURYDomR� GH� GHWHUPLQDGR� SURFHGLPHQWR� RX� GR�
DWHQGLPHQWR� GH� FRQGLo}HV� HVSHFtILFDV�� DQWHV� TXH� D�
H[HFXomR� SRVVD� FRQWLQXDU�� *DUDQWHP� D� H[LVWrQFLD� GH�
FKHFNSRLQWV� SDUD� TXH� DV� DWLYLGDGHV� VHMDP� FRQWURODGDV��
$SHVDU�GLVVR��QmR�SRVVLELOLWDP�XP�FRQWUROH� FRQVWDQWH�GH�
GLUHomR��
x� &RQWUROH�SyV�DomR��RX�FRQWUROH�GH�IHHGEDFN���p�DTXHOH�TXH�
PHGH� R� UHVXOWDGR� GD� DomR� TXH� Mi� IRL� H[HFXWDGD� ±� p� XP�
IHHGEDFN��1mR�Ki�PDLV� WHPSR�KiELO�SDUD�D�FRUUHomR�GH� UXPRV�
GD�DWLYLGDGH��R�TXH�FRQVWLWXL�XPD�JUDQGH�GHVYDQWDJHP��$SHVDU�
GLVVR�� DSUHVHQWDP� D� YDQWDJHP� GH� SRVVLELOLWDU� TXH� DV� QRYDV�
Do}HV�D�VHUHP�UHDOL]DGDV�QR� IXWXUR� OHYHP�HP�FRQVLGHUDomR�RV�
HUURV� DQWHULRUHV� SDUD� TXH� QmR� VH� LQFRUUDP� HP� SUREOHPDV�
LGrQWLFRV�DRV�Mi�YHULILFDGRV�QR�SDVVDGR��
1RWH� TXH� RV� WLSRV� GH� FRQWUROH� DFLPD� SRGHP� VHU� DJUXSDGRV�
VLPSOHVPHQWH� HP� WUrV� WLSRV�� DQWHV� GDV� RSHUDo}HV�� GXUDQWH� DV� RSHUDo}HV� H�
DSyV�DV�RSHUDo}HV��
�
$OpP�GLVVR��DVVLP�FRPR�DV�RXWUDV�IXQo}HV�GR�SURFHVVR�DGPLQLVWUDWLYR��
R� FRQWUROH� WDPEpP� SRGH� VHU� GHVGREUDGR� GH� DFRUGR� FRP� RV� WUrV� QtYHLV�
RUJDQL]DFLRQDLV��KDYHQGR�RV�VHJXLQWHV�WLSRV�GH�FRQWUROH��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
x� &RQWUROH� HVWUDWpJLFR�� p� R� FRQWUROH� TXH� DFRQWHFH� QR� QtYHO�
LQVWLWXFLRQDO�� VHQGR� JHQpULFR� H� VLQWpWLFR�� GLUHFLRQDGR� SDUD� R�
ORQJR� SUD]R� H� RULHQWDGR� SDUD� R� WRGR� RUJDQL]DFLRQDO�� (VWi�
UHODFLRQDGR�FRP�R�SODQHMDPHQWR�HVWUDWpJLFR��
x� &RQWUROH� WiWLFR�� DFRQWHFH� QR� QtYHO� LQWHUPHGLiULR� GD�
RUJDQL]DomR��VHQGR�XP�SRXFR�PHQRV�JHQpULFR�H�PDLV�GHWDOKDGR�
GR� TXH� R� HVWUDWpJLFR�� (OH� p� GLUHFLRQDGR� SDUD� R� PpGLR� SUD]R� H�
DERUGD� D� XQLGDGH� GD� HPSUHVD� RX� FDGD� FRQMXQWR� GH� UHFXUVRV��
(VWi�UHODFLRQDGR�FRP�R�SODQHMDPHQWR�WiWLFR��
x� &RQWUROH�RSHUDFLRQDO��p�PDLV�GHWDOKDGR�H�DQDOtWLFR��DQDOLVDQGR�
FDGD�WDUHID�RX�RSHUDomR�LVRODGDPHQWH��FRP�IRFR�QR�FXUVR�SUD]R�
H� VHQGR� FRQGX]LGR� QR� QtYHO� RSHUDFLRQDO� GD� RUJDQL]DomR�� (VWi�
UHODFLRQDGR�DR�SODQHMDPHQWR�RSHUDFLRQDO��
�
2XWUD� LPSRUWDQWH� WLSRORJLD� VREUH� QtYHLV� GH� FRQWUROH� p� D� GH� 3HUURZ�
�������DSXG�&XQKD�HW�DO����������TXH�DILUPD�H[LVWLUHP�FRQWUROHV�GH�SULPHLUD��
VHJXQGD�H�WHUFHLUD�RUGHP��FRQIRUPH�D�VHJXLU��
��� &RQWUROH�GH�SULPHLUD�RUGHP��VXSHUYLVmR�GLUHWD��7UDWD�VH�GH�
XPD� IRUPD� GH� FRQWUROH� PDLV� VLPSOHV�� QD� TXDO� D� VXSHUYLVmR�
GLUHWD��FKHIHV��GRQRV��JHUHQWHV��HWF���FRQWUROD�DV�DWLYLGDGHV�GRV�
WUDEDOKDGRUHV�� e� PDLV� FRPXP� HP� RUJDQL]Do}HV� SHTXHQDV� H�
HPSUHVDV� IDPLOLDUHV�� SRLV� TXDQGR� D� RUJDQL]DomR� FUHVFH� HP�
WDPDQKR�H�FRPSOH[LGDGH�HVWH�VH�WRUQD�LQYLiYHO��
��� &RQWUROH�GH�VHJXQGD�RUGHP��SDGURQL]DomR�GH�SURFHVVRV��
&RP� R� FUHVFLPHQWR� GD� RUJDQL]DomR�� p� IXQGDPHQWDO� TXH� VHXV�
SURFHVVRV�VHMDP�SDGURQL]DGRV�SDUD�TXH�KDMD�FRQWUROH�VREUH�VXD�
H[HFXomR�� (VWH� QtYHO� GH� FRQWUROH� EDVHLD�VH� HP� GRLV� SLODUHV��
WHFQRORJLD� H� EXURFUDFLD�� 1R� TXH� GL]� UHVSHLWR� j� WHFQRORJLD�� D�
FRRUGHQDomR�GH�DWLYLGDGHV�p�IHLWD�SHOD�RUJDQL]DomR�GR�WUDEDOKR�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
H� WHFQRORJLD� HPSUHJDGD�� TXH� SRGHP� SHUPLWLU�� SRU� H[HPSOR��
DXWRPDomR� GR� SURFHVVR�� 1R� TXH� GL]� UHVSHLWR� j� EXURFUDFLD�� R�
FRQWUROH�HVWi� OLJDGR�DR� FRQMXQWR�GH� UHJUDV� UDFLRQDLV�TXH�HVWmR�
QD� EDVH� GDV� UHODo}HV� VRFLDLV� GD� RUJDQL]DomR�� 1HVWH� VHQWLGR�� D�
EXURFUDFLD� SRGH� DJLU� GH� IRUPD� FRHUFLWLYD� RX� FDSDFLWDGRUD�� QR�
FRQWUROH�RUJDQL]DFLRQDO��
��� &RQWUROH� GH� WHUFHLUD� RUGHP�� FRQWUROH� SRU� SUHPLVVDV� H�
FXOWXUD�� 1HVWH� FDVR�� D� FRRUGHQDomR� GRV� WUDEDOKRV� p� REWLGD�
DWUDYpV�GH�XP�VLVWHPD�GH�SDUWLOKD�GH�SUHVVXSRVWRV�� FUHQoDV� H�
YDORUHV�TXH�RULHQWDP�R�FRPSRUWDPHQWR�GRV�LQGLYtGXRV�HP�QtYHO�
PDLV� SURIXQGR�� 7UDWD�VH� GH� XP� PHFDQLVPR� GH� FRQWUROH� PDLV�
LPSOtFLWR�GR�TXH�RV�GHPDLV��
�
$OpP�GRV�WLSRV�GH�FRQWUROH�TXH�VHUYHP�SDUD�FRQWURODU�R�GHVHPSHQKR�
RUJDQL]DFLRQDO�� YRFr� GHYH� VDEHU� WDPEpP� TXH� GHVGH� TXH� VH� FRPHoRX� D�
FRQVLGHUDU�D�QHFHVVLGDGH�GR�FRQWUROH�QD�RUJDQL]DomR��HVWH�WHP�VLGR�RULHQWDGR�j�
H[FHomR��FRQIRUPH�VH� YHULILFD�QRV�HVWXGRV�GH�7D\ORU�� 3DUD�HOH��DV� WDUHIDV�GD�
RUJDQL]DomR� GHYHULDP� VHU� SDGURQL]DGDV� �XPD� HVSpFLH� GH� SODQHMDPHQWR�� H�
H[HFXWDGDV�FRQIRUPH�R�SODQHMDGR��2�FRQWUROH�FRQVLVWLULD�HP�EXVFDU�D�H[FHomR�j�
UHJUD�� RX� VHMD�� HQFRQWUDU� RV� FDVRV� QRV� TXDLV� DV� WDUHIDV� HVWLYHVVHP� VHQGR�
UHDOL]DGDV�GH�PDQHLUD�GLIHUHQWH�GR�SUHYLVWR�LQLFLDOPHQWH��
$VVLP�� QRV� GLIHUHQWHV� QtYHLV� GH� FRQWUROH� SHUFHEH�VH� D� H[LVWrQFLD� GH�
XPD� VHTXrQFLD� GH� DWLYLGDGHV� SDUD� D� UHDOL]DomR� GR� FRQWUROH�� (VVD� VHTXrQFLD�
EXVFD� DVVHJXUDU� TXH� R� FRQWUROH� SRVVD� H[HUFHU� VXD� WDUHID� FHQWUDO� GH��
HQFRQWUDQGR�D� H[FHomR�j� UHJUD�� DJLU� FRUUHWLYDPHQWH��6mR� TXDWUR� DV� IDVHV�GR�
FRQWUROH�QDV�RUJDQL]Do}HV��
��� (VWDEHOHFLPHQWR� GH� SDGU}HV� GH� GHVHPSHQKR� H� FULWpULRV� SDUD�
FRPSDUDomR�IXWXUD��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
��� $YDOLDomR� GRV� UHVXOWDGRV� H� GHVHPSHQKRV� DOFDQoDGRV� SHOD�
RUJDQL]DomR��
��� &RPSDUDomR� HQWUH� R� GHVHPSHQKR�UHVXOWDGR� DOFDQoDGR� H� R�
GHVHPSHQKR�UHVXOWDGR�IL[DGR�LQLFLDOPHQWH��
��� (VWDEHOHFLPHQWR�GH�Do}HV�FRUUHWLYDV�SDUD�FRUULJLU�RV�UXPRV��
'LVFXWLQGR� VREUH� R� TXH� GHYH� VHU� DYDOLDGR�� PHGLGR� H� FRQWURODGR� QDV�
RUJDQL]Do}HV��&KLDYHQDWR� �������DSXG� &KLDYHQDWR��������DILUPD�TXH�HODV� VH�
SUHRFXSDP�FRP�RV�UHVXOWDGRV��FRP�R�GHVHPSHQKR�H�FRP�RV�IDWRUHV�FUtWLFRV�GH�
VXFHVVR�� 1R� TXH� GL]� UHVSHLWR� j� PHGLomR� GR� GHVHPSHQKR�� R� UHIHULGR� DXWRU�
DILUPD� TXH� RV� DVSHFWRV� PDLV� IRFDOL]DGRV� VmR� �WUDQVFUHYR� DTXL� FRQIRUPH� GLWR�
SHOR�DXWRU��SDUD�TXH�YRFr�YHMD�H[DWDPHQWH�FRPR�D�EDQFD�SRGH�FREUDU���
��� /XFUDWLYLGDGH�� HVWi� UHODFLRQDGD� DR� YROXPH� GH�
GLQKHLUR� JHUDGR� DSyV� GHGX]LGDV� DV� GHVSHVDV�� e� D�
PHGLGD� HP�TXH�DV� UHFHLWDV� XOWUDSDVVDP�RV� FXVWRV��
$V� PHGLGDV� GH� OXFUDWLYLGDGH� PDLV� XVDGDV�� YHQGDV�
OLTXLGDV��WRWDO�GH�YHQGDV�HP�UHDLV�PHQRV�FXVWRV�GH�
SURGXomR� GRV� EHQV�VHUYLoRV��� JDQKRV� SRU� IDWLD� GH�
HVWRTXH��UHWRUQR�GR�LQYHVWLPHQWR��H�RXWUDV��
��� &RPSHWLWLYLGDGH�� GL]� UHVSHLWR� DR� VXFHVVR� GH� XPD�
HPSUHVD� HP� UHODomR� DRV� VHXV� FRQFRUUHQWHV�� $V�
PHGLGDV� GH� FRPSHWLWLYLGDGH� PDLV� XVDGDV� VmR��
SHUFHQWDJHP�GD�IDWLD�GH�PHUFDGR�H�YROXPH�WRWDO�GH�
YHQGDV� SDUD� XP�FHUWR� SURGXWR�� FRPR� SHUFHQWDJHP�
GR�YROXPH�WRWDO�GH�YHQGDV�GH�WRGRV�RV�SURGXWRUHV��
��� (ILFLrQFLD�� VLJQLILFD�R�DOFDQFH�GH�UHVXOWDGRV�FRP�R�
PtQLPR� XVR� GH� UHFXUVRV�� e� D� SRUFHQWDJHP� GRV�
UHFXUVRV�UHDOPHQWH�XWLOL]DGRV�VREUH�RV�UHFXUVRV�TXH�
IRUDP�SODQHMDGRV�SDUD�VHUHP�XWLOL]DGRV��
������
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
$�HILFLrQFLD�DQDOLVD�R� ODGR�GD�HQWUDGD�GR�VLVWHPD�H�
PHGH�R�GHVHPSHQKR�GR�JHUHQFLDPHQWR�GR�VLVWHPD��
7RGDV� DV� HQWUDGDV� GR� VLVWHPD� SRGHP� VHU�
VXEPHWLGDV�j�DYDOLDomR�GH�HILFLrQFLD��PmR�GH�REUD��
SHVVRDO�DGPLQLVWUDWLYR��HTXLSDPHQWR��RX�XWLOL]DomR���
PDWHULDO��LQIRUPDo}HV�HWF��
$V�PHGLGDV�GH�HILFLrQFLD�PDLV�XVDGDV�VmR��UHFXUVRV�
DSOLFDGRV� SRU� XQLGDGH� GH� VDtGD�� WHPSR� GH�
SURFHVVDPHQWR� SRU� XQLGDGH� SURGX]LGDV�� Q~PHUR�
PpGLR� GH� FOLHQWHV� VHUYLGRV� RX� XQLGDGHV� SURGX]LGDV�
SRU� HPSUHJDGR�� WHPSR� PpGLR� GH� PDQXWHQomR� GDV�
PiTXLQDV�H�HTXLSDPHQWRV��
��� (ILFiFLD�� p� D� SRUFHQWDJHP� GD� VDtGD� UHDO� VREUH� D�
VDtGD�HVSHUDGD��e�UHODWLYD�DRV�PHLRV�H�FRLVDV�FHUWDV�
SDUD�DWHQGHU�jV�QHFHVVLGDGHV�GR�FOLHQWH�
������
$�HILFiFLD�DQDOLVD�R�ODGR�GD�VDtGD�GR�VLVWHPD�H�WUDWD�
GD� LPSOHPHQWDomR� GRV� REMHWLYRV�� ID]HU� R� TXH� VH�
SODQHMRX�� $V� PHGLGDV� GH� HILFiFLD� GHYHP� UHIOHWLU� VH�
RV�UHVXOWDGRV�GHVHMDGRV�HVWmR�VHQGR�DWLQJLGRV��
$V�PHGLGDV�GH�HILFiFLD�PDLV�XVDGDV�VmR��Q~PHUR�GH�
FOLHQWHV� TXH� UHWRUQDP�� VDWLVIDomR� GR� FOLHQWH��
DWHQGLPHQWR�jV�QHFHVVLGDGHV�GD�VRFLHGDGH��
���4XDOLGDGH�� UHIHUH�VH� j� DGHTXDomR� HP� UHODomR� jV�
HVSHFLILFDo}HV� RX� UHTXLVLWRV� RX� VXSHUDomR� GRV�
PHVPRV�� $V� PHGLGDV� PDLV� XVDGDV� VmR��
SHUFHQWDJHP�GH�SURGXWRV�TXH�DWHQGHP�DRV�FULWpULRV�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
GH� TXDOLGDGH�� Q~PHUR� GH� UHFODPDo}HV� GH� FOLHQWHV��
Q~PHUR� GH� SURGXWRV� UHMHLWDGRV�� VDWLVIDomR� GR�
FOLHQWH��
��� ,QRYDomR��p�R�JUDX�HP�TXH�VH�SURGX]�QRYDV�LGHLDV�
RX� VH� DGDSWDP� YHOKDV� LGHLDV� SDUD� FULDU� UHVXOWDGRV�
OXFUDWLYRV��$V�PHGLGDV��Q~PHUR�GH�SDWHQWHV�REWLGDV�
SDUD� RV� QRYRV� SURGXWRV�� Q~PHUR� GH� QRYRV�
SURGXWRV�VHUYLoRV� GHVHQYROYLGRV�� Q~PHUR� GH�
VXJHVW}HV� GH� HPSUHJDGRV� LPSOHPHQWDGDV�� YROXPH�
GH� GLQKHLUR� HFRQRPL]DGR� SRU� PHOKRULDV� FRQWLQXDU�
QRV�SURFHVVRV�GH�WUDEDOKR��
��� 3URGXWLYLGDGH�� p� D� UHODomR� HQWUH� DV� VD~GDV� H� DV�
HQWUDGDV�GR�VLVWHPD��
������
$V� PHGLGDV� GH� SURGXWLYLGDGH� SRGHP� VHU� DSOLFDGDV�
SDUD� FDGD� HQWUDGD� RX� FRPELQDomR� GH� HQWUDGDV��
YHQGDV�� FXVWRV� HWF�� 8WLOL]DP� UD]}HV� VLPSOHV�� FRPR�
WRQHODGDV� SRU� KRPHP�KRUD� �HVSHUDGDV� H� UHDLV���
SURGXomR�SRU�RSHUiULR�GLD��
���4XDOLGDGH�GH�YLGD�QR�WUDEDOKR��WHP�UHODomR�FRP�
RV� DVSHFWRV� GR� DPELHQWH� ItVLFR� H� SVLFROyJLFR� GR�
WUDEDOKR� TXH� VmR� LPSRUWDQWHV�SDUD�RV� IXQFLRQiULRV��
$V� PHGLGDV� PDLV� XVDGDV� VmR�� VDWLVIDomR� GRV�
HPSUHJDGRV�� tQGLFH� GH� URWDWLYLGDGH� H� GH�
DEVHQWHtVPR� GRV� IXQFLRQiULRV�� tQGLFH� GH� DFLGHQWHV�
QR�WUDEDOKR��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
$SUHVHQWR�DLQGD�R� FRQFHLWR�GH�HIHWLYLGDGH��TXH�p�R�JUDX�GR� LPSDFWR�
JHUDGR�SHORV�SURGXWRV�H�VHUYLoRV�GD�RUJDQL]DomR�VREUH�R�VHX�DPELHQWH��VHQGR�
PDLV�OLJDGR�j�0LVVmR�GD�RUJDQL]DomR�H�GH�PDLV�GLItFLO�PHQVXUDomR��
7RGRV�HVVHV�IDWRUHV�VmR�LPSRUWDQWHV�SDUD�TXH�D�RUJDQL]DomR�HVWUXWXUH�
R�VHX�VLVWHPD�GH�PHGLomR�GH�GHVHPSHQKR��PDV�YRFr�QmR�GHYH�DSHQDV�GHFRUi�
ORV��9DOH�D�SHQD�HQWHQGr�ORV�GH�YHUGDGH��SRLV�D�VXD�EDQFD�SRGH�FREUDU�GH�XPD�
IRUPD� GLIHUHQWH���� 2� REMHWLYR� p� TXH� YRFr� VDLED� UHVROYHU� D� TXHVWmR� DWp� VH� D�
EDQFD�SHGLU�R�DVVXQWR�FRQIRUPH�PHQFLRQDGR�SRU�XP�DXWRU�PXLWR�HVSHFtILFR��
$VVLP�� EXVTXH� HQWHQGHU� R� DVVXQWR� TXH� DFDEDPRV� GH� HVWXGDU�� SDUD�
TXH�SRVVD�DSOLFDU�R�FRQKHFLPHQWR�QD�TXHVWmR�GH�SURYD��
�
�
9DPRV�DR�SUy[LPR�WHPD�GD�DXOD�GH�KRMH��
�
�
�
�
�
�
�
�
�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
��� &RPXQLFDomR��
1HQKXPD�RUJDQL]DomR��S~EOLFD�RX�SULYDGD��H[LVWH�VHP�D�FRPXQLFDomR��
e�DWUDYpV�GHOD�TXH�RV�PHPEURV�GD�RUJDQL]DomR�VH�FRPXQLFDP�HQWUH�VL�H�FRP�D�
VRFLHGDGH��
$� FRPXQLFDomR� RUJDQL]DFLRQDO� SRGH� VHU� LQWHUQD� RX� H[WHUQD��
,QWHUQDPHQWH�� HOD� EXVFD� FRPXQLFDU� DRV� IXQFLRQiULRV� LQIRUPDo}HV� VREUH� D�
SUySULD�RUJDQL]DomR��PD[LPL]DQGR�D� LQWHJUDomR�FRP�RV� IXQFLRQiULRV�H�GHVWHV�
FRP�D�RUJDQL]DomR��([WHUQDPHQWH��HOD�EXVFD�FRQVROLGDU�H�DPSOLDU�VXD�LPDJHP�
SHUDQWH�RV�VHXV�S~EOLFRV�GH�LQWHUHVVH��
8P�SULPHLUR�SHQVDPHQWR�SRGH�DVVRFLDU�D�FRPXQLFDomR�D�XP�VLPSOHV�
IHQ{PHQR�GH� WUDQVPLVVmR�GH� LQIRUPDo}HV��6H�DOJXpP� IDOD�DOJXPD�FRLVD�SDUD�
RXWUHP��Ki�R�IHQ{PHQR�GD�FRPXQLFDomR��1D�YHUGDGH��D�FRPXQLFDomR�YDL�DOpP��
SRLV�HOD�HQJORED�R�FRQFHLWR�GH�VLJQLILFDGR��e�SUHFLVR�TXH�DTXLOR�TXH�HVWi�VHQGR�
WUDQVPLWLGR� SRVVXD� VLJQLILFDGR��0DLV� GR� TXH� LVVR�� p� SUHFLVR� TXH� R� VLJQLILFDGR�
TXH�R�HPLVVRU�EXVFD�WUDQVPLWLU�VHMD�R�VLJQLILFDGR�FRPSUHHQGLGR�SHOR�UHFHSWRU�
SDUD�TXH�D�FRPXQLFDomR�VHMD�HILFD]��
1DV� RUJDQL]Do}HV�� D� FRPXQLFDomR� SRGH� VHU� IRUPDO� RX� LQIRUPDO�� $�
FRPXQLFDomR� IRUPDO� p� DTXHOD� TXH� VH� Gi� SRU� FDQDLV� RILFLDLV� GH� FRPXQLFDomR��
FRQIRUPH� GHILQLGR� QD� HVWUXWXUD� RUJDQL]DFLRQDO�� 7DLV� FDQDLV� VmR� HVWDEHOHFLGRV�
SHOD�RUJDQL]DomR��VHUYLQGR�SDUD�WUDQVPLWLU�PHQVDJHQV�TXH�VH�UHODFLRQHP�FRP�
HOD�RX�FRP�VHXV�PHPEURV��2V�FDQDLV� IRUPDLV� LQFOXHP�D�FRPXQLFDomR�YHUWLFDO�
DVFHQGHQWH��GHVFHQGHQWH��H�D�FRPXQLFDomR�ODWHUDO��RX�KRUL]RQWDO���
$� FRPXQLFDomR� LQIRUPDO��SRU� VXD�YH]��p� DTXHOD�TXH�VH�Gi�SRU�PHLR�
GRV�JUXSRV� LQIRUPDLV�GHQWUR�GD�RUJDQL]DomR��(OHV� VmR�HVSRQWkQHRV�H�R� FDQDO�
XWLOL]DGR� p� HVFROKLGR� SHOR� SUySULR� HPLVVRU�� GHQWUR� GDV� SRVVLELOLGDGHV�
GLVSRQtYHLV��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
7DQWR� QDV� RUJDQL]Do}HV� TXDQWR� QRV� JUXSRV�� D� FRPXQLFDomR� H[HUFH�
GLIHUHQWHV� IXQo}HV�� 'H� IRUPD� JHUDO�� FRQVLGHUD�VH� TXH� HOD� SRGH� VHUYLU� SDUD�
FRQWURODU��PRWLYDU�� JHUDU�H[SUHVVmR�HPRFLRQDO� H�SDUD� WUDQVPLWLU� LQIRUPDo}HV��
9DPRV�YHU�PHOKRU�FDGD�XPD�GHVVDV�TXDWUR�IXQo}HV��
��� &RQWUROH�� TXDQGR� RV� IXQFLRQiULRV� VmR� LQIRUPDGRV� TXH� GHYHP�
FRPXQLFDU�DOJXPD�VLWXDomR±�FRPR�XPD�UHFODPDomR�UHFHELGD�±�
DR�VHX�VXSHULRU�LPHGLDWR��FDGD�YH]�TXH�HVWH�WLSR�GH�LQIRUPDomR�
IRU�HQYLDGD��SRU�PHLR�GRV�FDQDLV�IRUPDLV��D�RUJDQL]DomR�HVWDUi�
H[HUFHQGR� R� FRQWUROH� VREUH� HVWH� IXQFLRQiULR�� 4XDQGR� R�
IXQFLRQiULR�UHFHEH� RUGHQV� H[SUHVVDV� VREUH� R� TXH� ID]HU�� HVWmR�
VHQGR� ³FRQWURODGRV´�� $OpP� GLVVR�� GR� SRQWR� GH� YLVWD� GD�
FRPXQLFDomR�QRV�JUXSRV�LQIRUPDLV��HOD�SRVVLELOLWD�DR�LQGLYtGXR�R�
FRQKHFLPHQWR� VREUH� RV� SDGU}HV� GH� FRPSRUWDPHQWRV� DFHLWRV�
SHOR�JUXSR��R�TXH�JHUD�R�FRQWUROH�VRFLDO�GR�FRPSRUWDPHQWR��
���0RWLYDomR�� D� FRPXQLFDomR� SHUPLWH� TXH� D� RUJDQL]DomR� GHL[H�
FODUR�SDUD�R� IXQFLRQiULR��RX�DWp�HVWDEHOHoD� MXQWR�FRP�HVWH��DV�
PHWDV� D� VHUHP� DWLQJLGDV�� 2� IXQFLRQiULR� SRGH� HQWmR� EXVFDU� R�
DWLQJLPHQWR� GRV� REMHWLYRV� FRPELQDGRV� H� PHQVXUDU� VHX�
DWLQJLPHQWR� FRP� EDVH� QR� IHHGEDFN� UHFHELGR�� R� TXH� UHIRUoD� D�
PRWLYDomR�� $OpP� GLVVR�� R� IHHGEDFN� REWLGR� SRU� PHLR�
FRPXQLFDomR�VREUH�R�SUySULR�GHVHPSHQKR�SRGH�ID]HU�FRP�TXH�
R� IXQFLRQiULR� WUDEDOKH� GH� IRUPD� PRWLYDGD� H� DMXVWDGD� jV�
GHPDQGDV�GH�GHVHPSHQKR�GD�RUJDQL]DomR��
��� ([SUHVVmR� HPRFLRQDO�� D� FRPXQLFDomR� p� D� IRUPD� DWUDYpV� GD�
TXDO� DV� SHVVRDV� QRV� JUXSRV� H� RUJDQL]Do}HV� WUDQVPLWHP� VHXV�
VHQWLPHQWRV� SDUD� R� JUXSR�� FRPR� DQJ~VWLDV�� IUXVWUDo}HV��
VDWLVIDo}HV��IHOLFLGDGH��HWF��
��� ,QIRUPDomR�� D� PDLV� yEYLD� IXQomR� GD� FRPXQLFDomR� p� D�
WUDQVPLVVmR� �H� FRPSUHHQVmR�� GH� LQIRUPDo}HV� ~WHLV� SDUD� D�
RUJDQL]DomR�� 7DLV� LQIRUPDo}HV� SRGHP� DSRLDU� R� SURFHVVR�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
GHFLVyULR�� R� PRQLWRUDPHQWR� H� FRQWUROH� GH� Do}HV�� R�
SODQHMDPHQWR�GD�RUJDQL]DomR��HWF��
1XPD�YLVmR�PDLV�HVSHFtILFD��YROWDGD�SDUD�D�PRWLYDomR�LQGLYLGXDO�SDUD�
R�WUDEDOKR��&KLDYHQDWR��������S�����������DILUPD�TXH�D�FRPXQLFDomR�WHP�GRLV�
SURSyVLWRV�SULQFLSDLV��
��� 3URSRUFLRQDU� LQIRUPDomR� H� FRPSUHHQVmR� QHFHVViULDV� SDUD� TXH�
DV�SHVVRDV�SRVVDP�FRQGX]LU�VH�QDV�VXDV�WDUHIDV��
��� 3URSRUFLRQDU� DV� DWLWXGHV� QHFHVViULDV� TXH� SURPRYDP� D�
PRWLYDomR��FRRSHUDomR�H�VDWLVIDomR�QRV�FDUJRV��
3DUD� TXH� SRVVD� H[HUFHU� VXDV� IXQo}HV�� DWUDYpV� GD� WUDQVPLVVmR� GH�
VLJQLILFDGRV�� D� FRPXQLFDomR� p� XP�SURFHVVR� TXH� RFRUUH� GD� VHJXLQWH� IRUPD�� R�
HPLVVRU� FRQYHUWH� R� VLJQLILFDGR� TXH� GHVHMD� WUDQVPLWLU� HP� GHWHUPLQDGD�
OLQJXDJHP� FRGLILFDGD� �D� OtQJXD� SRUWXJXHVD�� SRU� H[HPSOR��� WUDQVPLWH� HVWH�
VLJQLILFDGR�SRU�XP�FDQDO�DWp�R�UHFHSWRU��TXH�GHFRGLILFD�D�PHQVDJHP�SDUD�TXH�
SRVVD� FRPSUHHQGHU� R� VLJQLILFDGR�� 'XUDQWH� HVWH� SURFHVVR�� DOJXQV� IDWRUHV�
LQIOXHQFLDP�JHUDQGR�GLILFXOGDGHV�QD�WUDQVPLVVmR�GR�VLJQLILFDGR��$OpP�GLVVR��R�
UHFHSWRU� HQYLD� XPD� FRQILUPDomR� GD� FRPSUHHQVmR� GD� PHQVDJHP� SDUD� TXH� R�
HPLVVRU�WHQKD�FHUWH]D�GR�VXFHVVR�GD�FRPXQLFDomR�±�WUDWD�VH�GR�IHHGEDFN��
2�PRGHOR�GH�FRPXQLFDomR�GHVFULWR�QR�SDUiJUDIR�DQWHULRU�GHL[D�FODUD�D�
H[LVWrQFLD�GH�GLIHUHQWHV�HOHPHQWRV�GR�SURFHVVR�GH�FRPXQLFDomR��
��� )RQWH�� p� UHVSRQViYHO� SRU� LQLFLDU� D� PHQVDJHP�� DWUDYpV� GD�
FRPXQLFDomR��
���2�WUDQVPLVVRU��p�R�PHLR�TXH�FRGLILFD�D�PHQVDJHP��FRPR�XP�
DSDUHOKR�GH�HPLVVmR�GH�UiGLR���1D�FRPXQLFDomR�GLUHWD��IRQWH�H�
HPLVVRU� FRVWXPDP� VHU� D�PHVPD� FRLVD�� Mi� TXH�D� FRGLILFDomR� p�
IHLWD�SRU�PHLR�GD� OLQJXDJHP�SHOD� IRQWH��(P�XPD�FRPXQLFDomR�
PHGLDGD� �SRU� WHOHIRQH�� SRU� H[HPSOR��� D� IRQWH� p� D� SHVVRD� H� R�
WUDQVPLVVRU�p�R�WHOHIRQH��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
���2�FDQDO��p�R�PHLR�XWLOL]DGR�SDUD�WUDQVPLWLU�D�PHQVDJHP��(OH�p�
HVFROKLGR� SHOD� IRQWH� HPLVVRUD� GD� PHQVDJHP�� SRGHQGR� WHU�
QDWXUH]D� IRUPDO� �UHODFLRQDGR� FRP� D� HVWUXWXUD� IRUPDO�� RX�
LQIRUPDO��
���2�UHFHSWRU��p�R�LQVWUXPHQWR�GH�GHFRGLILFDomR�GD�PHQVDJHP��
���2�GHVWLQR��p�TXHP�HVWi�UHFHEHQGR�R�FRQWH~GR�GD�PHQVDJHP�
WUDQVPLWLGD�� 1D� FRPXQLFDomR� GLUHWD�� UHFHSWRU� H� GHVWLQR� VmR� D�
PHVPD�FRLVD��Mi�TXH�p�D�SHVVRD�TXH�GHFRGLILFD�D�OLQJXDJHP��
���2� UXtGR�� VmR� DV� LQWHUIHUrQFLDV� TXH� RFRUUHP� QR� VLJQLILFDGR� GD�
PHQVDJHP�� VHQGR� PXLWDV� YH]HV� GHFRUUrQFLDV� GDV� EDUUHLUDV� j�
FRPXQLFDomR��3RGH�VH�FRQVLGHUDU�TXH�R�UXtGR�QmR�HVWi�QHP�QR�
HPLVVRU� QHP� QR� UHFHSWRU�� PDV� SRGH� VHU� FULDGR� FRPR�
FRQVHTXrQFLD�GH�VXDV�DWLWXGHV��
�
2XWURV�HOHPHQWRV�TXH�WDPEpP�SRGHP�ID]HU�SDUWH�GR�PRGHOR�VmR���
���$�FRGLILFDomR��p� R� SURFHVVR� GH� WUDQVIRUPDU� R� VLJQLILFDGR� HP�
XPD�PHQVDJHP�D�VHU�WUDQVPLWLGD��IHLWD�SHOR�WUDQVPLVVRU��
���$�PHQVDJHP��p�R�VLJQLILFDGR�FRGLILFDGR�SDUD�VHU�WUDQVPLWLGR��
���$� GHFRGLILFDomR�� p� D� WUDGXomR� GD� PHQVDJHP�� SHOR� UHFHSWRU��
HP�XP�VLJQLILFDGR�FRPSUHHQVtYHO�SHOR�GHVWLQR��
���� 2�IHHGEDFN�UHWURDomR��p�D�LQIRUPDomR�TXH�UHWRUQD�SDUD�R�
HPLVVRU�SDUD�TXH�HOH�SRVVD�YHULILFDU�R�VXFHVVR�QD�WUDQVPLVVmR�
GD�PHQVDJHP�FRQIRUPH�HUD�SUHWHQGLGR��
�
6HMD� IOH[tYHO��SRLV� VXD�SURYD�SRGH� FREUDU� SHTXHQDV�YDULDo}HV�GHVVH�
PRGHOR��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
$SHQDV� SDUD� IL[DU�� LPDJLQH� TXH� XPD� SHVVRD� UHVROYH� WUDQVPLWLU� XP�
GHWHUPLQDGR�FRQWH~GR�SDUD�D�SRSXODomR�YLD�VLQDO�GH�WHOHYLVmR��,PDJLQH�DLQGD�
TXH� R� HPLVVRU� p� XPD� SHVVRD� �H� QmR� D� FDEHoD�FpUHEUR��� TXH� FRGLILFD� D�
PHQVDJHP�HP�PHLR� DXGLRYLVXDO�SDUD� WUDQVPLVVmR�HP�XP�GHWHUPLQDGR� FDQDO�
�IDL[D� GH� IUHTXrQFLD� GH� UiGLR��� $� GHFRGLILFDomR� DFRQWHFH� QD� WHOHYLVmR� TXH�
UHFHEH� R� VLQDO�� 2� UXtGR� SRGH� FDXVDU� GLVWRUo}HV� QD� LPDJHP�� QR� VRP�� RX� QD�
FRPSUHHQVmR�GR�UHFHSWRU��SHVVRD���SRLV�SRGH�KDYHU�GHVDWHQomR��PXLWR�EDUXOKR�
QR�DPELHQWH��HWF��2�IHHGEDFN��SRU�VXD�YH]��VHULD�GDGR�SRU�PHLR�GR�FRQWUROH�GH�
DXGLrQFLD�TXH�RV�FDQDLV�GH�WHOHYLVmR�UHFHEHP�GR�,%23(��
�
e�SRVVtYHO�FRQVLGHUDU�TXH��SRU�FRQWD�GR�IHHGEDFN��WDQWR�R�HPLVVRU�TXDQWR�R�
UHFHSWRU�SRGHP�VHU�IRQWHV�GD�FRPXQLFDomR��TXH�IOXL�HP�PmR�GXSOD��
�
9DPRV�SHQVDU�DJRUD�QDV�EDUUHLUDV�j�FRPXQLFDomR��-i�VDEHPRV�
TXH� HODV� FRQVWLWXHP� R� UXtGR� GD� FRPXQLFDomR� H� TXH� WHQGHP� D� GLVWRUFHU� R�
FRQWH~GR�GR�TXH�HVWi�VHQGR�SDVVDGR��PDV�GHYHPRV�VDEHU�DLQGD�TXDLV�VmR�DV�
SULQFLSDLV�EDUUHLUDV�H�VHXV�VLJQLILFDGRV��SDUD�TXH�R�VHX�FRQFXUVR�QmR�OKH�SHJXH�
GH� VXUSUHVD��9HMDPRV�TXDLV�DV�SULQFLSDLV�EDUUHLUDV�DSUHVHQWDGDV�SRU�5REELQV�
�������� FRP� LQFOXV}HV� H� DGDSWDo}HV� PLQKDV� SDUD� TXH� R� WH[WR� ILTXH� PDLV�
DSURSULDGR�DR�TXH�p�FREUDGR�HP�SURYDV�GH�FRQFXUVR��
x� )LOWUDJHP�� WUDWD�VH� GD� PDQLSXODomR� GD� LQIRUPDomR� SHOR�
HPLVVRU�SDUD�TXH�R�UHFHSWRU�D�YHMD�GH�IRUPD�IDYRUiYHO��7UDWD�
VH�GH�XPD�IRUPD�GH�HYLWDU�FRQIOLWRV��$WHQomR��D�ILOWUDJHP�HVWi�
QR� HPLVVRU�� TXH� ILOWUD� SUHYLDPHQWH� DV� LQIRUPDo}HV� TXH� VHUmR�
SDVVDGDV� SHOD� FRPXQLFDomR�� R� TXH� JHUD� XPD� GLVWRUomR� GD�
LQIRUPDomR�UHDO��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
x� 3HUFHSomR� VHOHWLYD�� DFRQWHFH� TXDQGR� R� UHFHSWRU� GDV�
LQIRUPDo}HV� Yr� H� HVFXWD� VHOHWLYDPHQWH�� WHQGR� UHODomR� FRP�DV�
FUHQoDV��YDORUHV�H�RXWUDV�FDUDFWHUtVWLFDV�SHVVRDLV�VXDV��
x� 6REUHFDUJD� GH� LQIRUPDomR�� D� FDSDFLGDGH� KXPDQD� GH�
SURFHVVDPHQWR� GH� LQIRUPDo}HV� p� OLPLWDGD�� GDt� R� IDWR� GH� TXH�
XPD�TXDQWLGDGH�PXLWR�HOHYDGD�GH�LQIRUPDo}HV�SRGH�JHUDU�XPD�
VREUHFDUJD� QD� SHUFHSomR� GR� UHFHSWRU�� TXH� SDVVD� D� WHU�
GLILFXOGDGH�HP�FRPSUHHQGHU�WXGR�R�TXH�IRL�GLWR��
x� $VSHFWRV� HPRFLRQDLV�� DV� HPRo}HV� WDPEpP� LQIOXHQFLDP� D�
SHUFHSomR�GH�XP�LQGLYtGXR�TXDQWR�jV�LQIRUPDo}HV�SDVVDGDV�QR�SURFHVVR�GH�FRPXQLFDomR��6H�HOH�HVWLYHU�WULVWH��SRGHUi�SHUFHEHU�
D�PHVPD�LQIRUPDomR�GH�XPD�PDQHLUD�GLIHUHQWH�GDTXHOD�TXH�R�
IDULD�VH�HVWLYHVVH�IHOL]��
x� ,GLRPD�VHPkQWLFD�Pi� FRGLILFDomR� H� GHFRGLILFDomR�� R�
LGLRPD� H� D� OLQJXDJHP� JHUDP� GLILFXOGDGHV� QD� WUDQVPLVVmR� GD�
PHQVDJHP�� 0HVPR� TXH� VH� IDOH� D� PHVPD� OtQJXD�� DV� SDODYUDV�
SRGHP� SRVVXLU� VLJQLILFDGRV� XP� SRXFR� �RX� PXLWR��� GLIHUHQWHV�
SDUD� FDGD� SHVVRD�� R� TXH� JHUD� FRQVHTXrQFLDV� GH� GLVWRUomR� QD�
FRPXQLFDomR��$OpP�GLVVR��p�SUHFLVR�WRPDU�FXLGDGR�QRV�DVSHFWRV�
QmR� YHUEDLV� GD� PHQVDJHP�� TXH� WDPEpP� SRGHP� SDVVDU�
VLJQLILFDGR�� 8PD� UHFODPDomR� GH� Sp� SDUD� SHVVRDV� VHQWDGDV�
LPSOLFD�XPD�SRVLomR�GH�VXSHULRULGDGH�GHVQHFHVViULD�HP�DOJXQV�
FDVRV��SRU�H[HPSOR��
x� 6LOrQFLR��R�VLOrQFLR�VREUH�DVVXQWRV�LPSRUWDQWHV���PXLWR�FRPXP�
SDUD� VH� HYLWDU� FRQIOLWRV�� HVWUHVVH�� HWF�� ±� FRQVWLWXL� XPD�
LPSRUWDQWH� EDUUHLUD� j� FRPXQLFDomR�� SRLV� ID]� FRP� TXH�
PHQVDJHQV� TXH� GHYHULDP� VHU� WUDQVPLWLGDV� QmR� R� VHMDP��
$WHQomR��DV�SHVVRDV�GHYHP�SUHVWDU�DWHQomR�DRV�VLOrQFLRV��SRLV�
DV� YH]HV� HOHV� SRVVXHP�DOJXP� VLJQLILFDGR�� 3RU� LVVR�� DV� EDQFDV�
SRGHP�FREUDU�R�VLOrQFLR�WDQWR�FRPR�EDUUHLUD��FRPR�TXDQWR�XPD�
FRPXQLFDomR�SRU�VL�Vy��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
x� 0HGR� GD� FRPXQLFDomR�� WUDWD�VH� GR� PHGR� TXH� DOJXPDV�
SHVVRDV� H[SHULPHQWDP� FRPR� FRQVHTXrQFLD� GH� XPD� DQVLHGDGH�
UHODFLRQDGD�j�LQWHUDomR�VRFLDO��
x� 'LIHUHQoDV� GH� JrQHUR�� RV� GLIHUHQWHV� JrQHURV� VH� XWLOL]DP� GD�
FRPXQLFDomR�GH�IRUPD�H�SRU�UD]}HV�GLIHUHQWHV��DVVLP��R�TXH�p�
GLWR� SRU� XP� SRGH� QmR� VHU� SHUIHLWDPHQWH� FRPSUHHQGLGR� SHOR�
RXWUR�� 9DPRV� YHU� R� TXH� GL]� 5REELQV� ������� VREUH� LVVR��
³SHVTXLVDV�PRVWUDP�TXH�RV�KRPHQV�WHQGHP�D�XVDU�R�GLVFXUVR�
SDUD�UHDILUPDU�VHX�VWDWXV��DR�SDVVR�TXH�DV�PXOKHUHV�R�XWLOL]DP�
SDUD� FULDU� FRQH[}HV��(VVDV� FRQFOXV}HV��HYLGHQWHPHQWH��QmR� VH�
DSOLFDP�D�WRGRV�RV�KRPHQV�QHP�D�WRGDV�DV�PXOKHUHV´��
x� &RPXQLFDomR� ³SROLWLFDPHQWH� FRUUHWD´�� WUDWD�VH� GD�
SUHRFXSDomR�H[FHVVLYD�HP�QmR�VHU�RIHQVLYR��R�TXH�WHUPLQD�SRU�
FULDU�XP�JUDYH�HQWUDYH�j�FRPXQLFDomR��$V�SHVVRDV�QmR�GL]HP�
H[DWDPHQWH� R� TXH� TXHUHP� IDODU� H� D� PHQVDJHP� WUDQVPLWLGD�
SRGH�QmR�FRQVHJXLU�FXPSULU�VXD�IXQomR��
x� 6LVWHPD�FRJQLWLYR��p�R�VLVWHPD�GH�SHUFHSo}HV�TXH�WHPRV�SDUD�
DGTXLULU� FRQKHFLPHQWRV�� 4XDQGR� H[LVWH� XPD� GLVVRQkQFLD�
FRJQLWLYD�DV� LQIRUPDo}HV�TXH� UHFHEHPRV�QmR�SRVVXHP�VHQWLGR�
HP�UHODomR�jV�RXWUDV�TXH�Mi�SRVVXtPRV��SRU�LVVR�Ki�GLILFXOGDGH�
GH� FRPSUHHQVmR�� $� FRQVRQkQFLD� FRJQLWLYD� DFRQWHFH� TXDQGR� D�
SHUFHSomR�GDTXLOR�TXH�VH�REWpP�HP�WHUPRV�GH�LQIRUPDomR�HVWi�
GH�DFRUGR�FRP�R�TXH�Mi�H[LVWLD��DTXL�QmR�KDYHULD�EDUUHLUD������
�
(VVDV� VmR� DSHQDV� DV� SULQFLSDLV� EDUUHLUDV� j� FRPXQLFDomR�� 2� VHX�
FRQFXUVR�SRGH�IDODU�HP�DOJXPD�RXWUD��PDQWHQKD�D�PHQWH�DEHUWD��
$JRUD� TXH� Mi� HQWHQGHPRV� R� PRGHOR�� DV� IXQo}HV� H� DV� EDUUHLUDV� j�
FRPXQLFDomR�� GHYHPRV� WHU� HP� PHQWH� TXH� HVWH� SURFHVVR� SRGH� HQYROYHU� WUrV�
WLSRV�GH�FRPXQLFDomR��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
x� &RPXQLFDomR� RUDO�� p� D� FRPXQLFDomR� WUDQVPLWLGD� RUDOPHQWH��
3RVVXL�D�YDQWDJHP�GH�VHU� UiSLGD�H� iJLO�� SRGHQGR�VHU�XWLOL]DGD�
VHP� GHPRUD�� $� SULQFLSDO� GHVYDQWDJHP� p� TXH� HOD� p� PDLV�
VXVFHWtYHO�jV�GLVWRUo}HV�TXH�SRGHP�VHU�FULDGDV�GXUDQWH�D�IDOD��
HVSHFLDOPHQWH� TXDQGR� D� PHQVDJHP� p� GLUHFLRQDGD� D� PXLWDV�
SHVVRDV� DR� PHVPR� WHPSR�� ,VVR� SRUTXH� DV� GLIHUHQoDV� QD�
FRPSUHHQVmR� GR� VLJQLILFDGR� SRGHP� JHUDU� R� IDPRVR� HIHLWR�
³WHOHIRQH�VHP�ILR´��
x� &RPXQLFDomR� HVFULWD�� FRPR� R� SUySULR� QRPH� GL]�� p� D�
FRPXQLFDomR� TXH� p� IHLWD� SRU� PHLR� HVFULWR� HP� FDUWDV��
PHPRUDQGRV��UHODWyULRV��ID[HV��HWF��e�XP�PHLR�GH�FRPXQLFDomR�
PDLV� FRQILiYHO� H� TXH� SRVVXL� D� YDQWDJHP� GH� VHU� YHULILFiYHO��
$VVLP�� p� SRVVtYHO� XPD� FKHFDJHP� SRVWHULRU� GR� TXH� IRL�
HIHWLYDPHQWH�GLWR��2XWUD�YDQWDJHP�p�TXH�HOD�p�PDLV�FRQILiYHO�
GR� TXH� D� RUDO�� ,VVR� DFRQWHFH� SRUTXH� D� FRPXQLFDomR� HVFULWD� p�
SHQVDGD��UHSHQVDGD�H�UHYLVDGD�DQWHV�GH�VHU�HQYLDGD��HQTXDQWR�
D�FRPXQLFDomR�RUDO�p�SURGX]LGD�ORJR�DSyV�R�SHQVDPHQWR��R�TXH�
D� WRUQD� PHQRV� HODERUDGD� GR� TXH� D� HVFULWD�� $SHVDU� GLVVR�� D�
FRPXQLFDomR� HVFULWD� WRPD� XP� WHPSR� DGLFLRQDO� SDUD� VHU�
SUHSDUDGD��TXDQGR�FRPSDUDGD�j�RUDO��
3HUFHED�TXH��QD�YHUGDGH��D�YDQWDJHP�GD�FRPXQLFDomR�RUDO�p�D�
GHVYDQWDJHP� GD� HVFULWD� �WHPSR� GH� SURGXomR��� HQTXDQWR� D�
YDQWDJHP� GD� FRPXQLFDomR� HVFULWD� p� D� GHVYDQWDJHP� GD� RUDO�
�FRQILDELOLGDGH�H�YHULILFDELOLGDGH�GR�FRQWH~GR�FRPXQLFDGR���
x� &RPXQLFDomR�QmR�YHUEDO��HVWD�FRPXQLFDomR�QHP�p�RUDO�QHP�
HVFULWD�� 1D� YHUGDGH�� HOD� QmR� VH� XWLOL]D� GH� XPD� OLQJXDJHP�
FRGLILFDGD� �YHUEDO�� SDUD� H[SUHVVmR�� e� D� OLQJXDJHP� GR� SUySULR�
FRUSR�� VHQGR� GHVHQYROYLGD� GH� IRUPD� QDWXUDO� SHODV� SHVVRDV�� e�
DWUDYpV�GD� FRPXQLFDomR�QmR�YHUEDO�TXH�SHUFHEHPRV�TXH�XPD�
SHVVRD�QmR�HVWi�LQWHUHVVDGD�QR�TXH�GL]HPRV��TXH�HOD�VH�FRORFD�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
GH� XPD� IRUPD� VXSHULRU�� HWF�� 1HVWH� VHQWLGR�� 5REELQV� ��������
FLWDQGR� RXWUR� DXWRU�� DILUPD� TXH� ³DV� GXDV� PHQVDJHQV� PDLV�
LPSRUWDQWHV�HQYLDGDV�SHOD�OLQJXDJHP�FRUSRUDO�VmR�����R�TXDQWR�
XPD� SHVVRD� JRVWD� GD� RXWUD� H� DWp� TXH� SRQWR� HVWi� LQWHUHVVDGD�
HP�VHXV�SRQWRV�GH�YLVWD�H�����R�VWDWXV�SHUFHELGR�HQWUH�HPLVVRU�
H�UHFHSWRU´��
�
1DV�RUJDQL]Do}HV�� XP�JUDQGH�PL[� GH� FRPXQLFDomR�p� XWLOL]DGR�SHODV�
SHVVRDV��HQYROYHQGR�WRGRV�RV�PHLRV�UHODFLRQDGRV�DFLPD��FRQIRUPH�R�FDVR��
1R� TXH� GL]� UHVSHLWR� j� HVFROKD� GR� FDQDO� GH� FRPXQLFDomR�� WHQKD� HP�
PHQWH� TXH� D� RUJDQL]DomR� SRGH� VH� XWLOL]DU� GH� YiULRV�� FRPR� R� HPDLO��
PHPRUDQGRV��UHXQL}HV�YLUWXDLV��UHXQL}HV�SUHVHQFLDLV��HWF��
$�GLIHUHQoD�HQWUH�HOHV�p�TXH�XQV�VmR�PDLV� ULFRV�HP� LQIRUPDo}HV�GR�
TXH�RXWURV��SRLV�SRGHP�VH�XWLOL]DU�QmR�Vy�GD�FRPXQLFDomR�YHUEDO��PDV�WDPEpP�
GH�GLYHUVRV�HOHPHQWRV�GH�FRPXQLFDomR�QmR�YHUEDO���
&DGD�FDVR�H[LJH�XP�WLSR�GH�FDQDO��R� TXH�YRFr�DFKD�GH�XP�JHUHQWH�
TXH�GHPLWH�XP�IXQFLRQiULR�SRU�606�RX�H�PDLO"�(VWD�VHULD�XPD�IRUPD�FRUUHWD�
GH�SDVVDU�HVWH�WLSR�GH�FRPXQLFDomR"�4XDO�VHULD�R�WLSR�GH�FDQDO�LGHDO�SDUD�FDGD�
FDVR"�
$�UHVSRVWD�p�D�VHJXLQWH��RV�FDQDLV�PDLV�ULFRV�HP�LQIRUPDo}HV��FRPR�
XPD� UHXQLmR� SHVVRDO��� TXH� SRVVLELOLWDP� XPD� FRPSUHHQVmR�� GLVFXVVmR� H�
SHUFHSomR� GH� LQIRUPDo}HV� YHUEDLV� H� QmR� YHUEDLV�� GHYHP� VHU� XWLOL]DGRV� H�
SUHIHULGRV�SDUD�D�WUDQVPLVVmR�GH�LQIRUPDo}HV�FRP�PDLRU�QtYHO�GH�DPELJXLGDGH�
H� PHQRV� URWLQHLUDV�� (OHV� VHUmR� PDLV� HILFLHQWHV� HP� ID]r�OR�� -i� DV� PHQVDJHQV�
PDLV�URWLQHLUDV�H�PHQRV�DPEtJXDV�SRGHP�VHU�WUDQVPLWLGDV�HILFLHQWHPHQWH�SRU�
FDQDLV�PDLV�SREUHV�H�iJHLV��FRPR�XPD�PHQVDJHP�GH�H�PDLO��SRU�H[HPSOR��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ�WƷďůŝĐĂ�Ɖ ?�dZ� ?WZ� ?�:���Ğ��:�: ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
$OpP�GH�HQWHQGHU�RV�HOHPHQWRV�H�R�SURFHVVR�GD�FRPXQLFDomR��YRFr�
GHYH�WHU�HP�PHQWH�DLQGD�TXH�HOD�SRGH�IOXLU�HP�GLIHUHQWHV�VHQWLGRV��
x� &RPXQLFDomR�KRUL]RQWDO�ODWHUDO��p�D�FRPXQLFDomR�TXH�VH�Gi�
HQWUH� PHPEURV� GH� XP� PHVPR� JUXSR�� GH� JUXSRV� GR� PHVPR�
QtYHO�� GH� JHVWRUHV� GR�

Outros materiais