Buscar

Noções de Administração

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

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

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 viu 3, do total de 72 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

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

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 viu 6, do total de 72 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

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

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 viu 9, do total de 72 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

Prévia do material em texto

Aula 00
Administração (tópicos 1 a 5) p/ MPU (Técnico - Especialidade Administração) Com
videoaulas
Professor: Carlos Xavier
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?�
�
$8/$�����1Ro}HV�GH�DGPLQLVWUDomR��$ERUGDJHQV�
FOiVVLFD��EXURFUiWLFD�H�VLVWrPLFD�GD�
DGPLQLVWUDomR��
�
�—ž”‹‘�
��� $SUHVHQWDomR�GR�FXUVR� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ?�
��� 3DODYUDV�LQLFLDLV�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ?�
��� $OJXQV�FRQFHLWRV�LQLFLDLV�LPSRUWDQWHV�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ?�
��� 7HRULD�*HUDO�GD�$GPLQLVWUDomR�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?�  
����� $ERUGDJHP�&OiVVLFD� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?�  
������� $GPLQLVWUDomR�&LHQWtILFD� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ?�
��������� 2�)RUGLVPR� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ? ?�
������� 7HRULD�&OiVVLFD� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ?�
����� $�7HRULD�GD�%XURFUDFLD�QD�2UJDQL]DomR� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ?�
����� $ERUGDJHP�6LVWrPLFD� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ? ?�
������� 3HUVSHFWLYD�VRFLRWpFQLFD�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?�  
������� 6LVWHPDV�DXWRSRLpWLFRV�� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?�  
����� 4XDGUR�5HVXPR� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?�  
��� 4XHVW}HV�&RPHQWDGDV� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?� ? ?�
��� /LVWD�GH�4XHVW}HV� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?�  
��� *DEDULWR� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?�  
��� %LEOLRJUDILD�SULQFLSDO� ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?�  
�
�
�
�
�
�
�
�
�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�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��VRX�FRQFXUVDGR�GR�6HQDGR�)HGHUDO�H�
SRVVXR� JUDGXDomR�� SyV� JUDGXDomR� H� PHVWUDGR� HP� DGPLQLVWUDomR�� H�
VHUHL�VHX�SURIHVVRU�QHVVH�FXUVR��
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� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�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���
��
�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?�
4XHUR�FRQWLQXDU�UHFHEHQGR�YiULRV�HPDLOV�FRPR�HVVH�� ��
$JRUD�TXH�PH�DSUHVHQWHL��IDOR�PDLV�VREUH�R�FXUVR����
9DPRV�FRPHoDU�D�HVWXGDU�DGPLQLVWUDomR��
$LQGD�QmR�Ki�EDQFD�GHILQLGD�SDUD�R�FRQFXUVR�GH�WpFQLFR�GR�038��PDV�
R�~OWLPR� IRL� UHDOL]DGR�SHOR�&HVSH�8QE�� SRU� LVVR� FRQVLGHUDUHL� XPD�DERUGDJHP�
PXOWLEDQFDV��PDV�VHPSUH�FRP�TXHVW}HV�GR�&HVSH�SDUD�YRFr�UHVROYHU��
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��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�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?�
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��
3URSRQKR�R�VHJXLQWH�FURQRJUDPD�SDUD�QRVVDV�DXODV��
$8/$� &217(Ò'2� '$7$�
$XOD��� EŽĕƁĞƐ� ĚĞ� ĂĚŵŝŶŝƐƚƌĂĕĆŽ ?� �ďŽƌĚĂŐĞŶƐ� ĐůĄƐƐŝĐĂ ?�
ďƵƌŽĐƌĄƚŝĐĂ�Ğ�ƐŝƐƚġŵŝĐĂ�ĚĂ�ĂĚŵŝŶŝƐƚƌĂĕĆŽ ?� ����������
$XOD��� WƌŽĐĞƐƐŽ�ĂĚŵŝŶŝƐƚƌĂƚŝǀŽ ?�&ƵŶĕƁĞƐ�ĚĂ�ĂĚŵŝŶŝƐƚƌĂĕĆŽ P�
ƉůĂŶĞũĂŵĞŶƚŽ ?�ŽƌŐĂŶŝnjĂĕĆŽ ?�ĚŝƌĞĕĆŽ�Ğ�ĐŽŶƚƌŽůĞ ?� ����������
$XOD��� �ƐƚƌƵƚƵƌĂ�ŽƌŐĂŶŝnjĂĐŝŽŶĂů ?� ����������
$XOD���
'ĞƐƚĆŽ�ĚĞ�ƉĞƐƐŽĂƐ ?��ƋƵŝůşďƌŝŽ�ŽƌŐĂŶŝnjĂĐŝŽŶĂů ?�
KďũĞƚŝǀŽƐ ?�ĚĞƐĂĨŝŽƐ�Ğ�ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ�ĚĂ�ŐĞƐƚĆŽ�ĚĞ�
ƉĞƐƐŽĂƐ ?�
����������
$XOD��� �ƵůƚƵƌĂ�ŽƌŐĂŶŝnjĂĐŝŽŶĂů ?� ����������
$XOD��� �ŽŵƉŽƌƚĂŵĞŶƚŽ�ŽƌŐĂŶŝnjĂĐŝŽŶĂů P�ƌĞůĂĕƁĞƐ�
ŝŶĚŝǀşĚƵŽ ?ŽƌŐĂŶŝnjĂĕĆŽ ?�ŵŽƚŝǀĂĕĆŽ ?�
 ? ? ? ? ? ?�
$XOD��� >ŝĚĞƌĂŶĕĂ ?� ? ? ? ? ? ?�
$XOD��� �ĞƐĞŵƉĞŶŚŽ ?� ? ? ? ? ? ?�
$XOD���
WƌŝŶĐŝƉĂŝƐ�ƚĞſƌŝĐŽƐ�Ğ�ƐƵĂƐ�ĐŽŶƚƌŝďƵŝĕƁĞƐ�ƉĂƌĂ�Ă�
ŐĞƐƚĆŽ�ĚĂ�ƋƵĂůŝĚĂĚĞ ?��ŝĐůŽ�W��� ?�&ĞƌƌĂŵĞŶƚĂƐ�ĚĞ�
ŐĞƐƚĆŽ�ĚĂ�ƋƵĂůŝĚĂĚĞ�
 ? ? ? ? ? ?�
$XOD��� 'ĞƐƚĆŽ�ĚĂ�ƋƵĂůŝĚĂĚĞ�Ğ�ŵŽĚĞůŽ�ĚĞ�ĞdžĐĞůġŶĐŝĂ�
ŐĞƌĞŶĐŝĂů ?�DŽĚĞůŽ�ĚŽ�'ĞƐƉƷďůŝĐĂ ?�
 ? ? ? ? ? ?�
$XOD�
��� EŽĕƁĞƐ� ĚĞ� ŐĞƐƚĆŽ� ĚĞ� ƉƌŽĐĞƐƐŽƐ P� ƚĠĐŶŝĐĂƐ� ĚĞ�ŵĂƉĞĂŵĞŶƚŽ ?�ĂŶĄůŝƐĞ�Ğ�ŵĞůŚŽƌŝĂ�ĚĞ�ƉƌŽĐĞƐƐŽƐ ?�
 ? ? ? ? ? ?�
$XOD�
���
�ǀŽůƵĕĆŽ�ĚĂ�ĂĚŵŝŶŝƐƚƌĂĕĆŽ�ƉƷďůŝĐĂ�ŶŽ��ƌĂƐŝů�ĂƉſƐ�
 ? ? ? ?�ZĞĨŽƌŵĂƐ�ĂĚŵŝŶŝƐƚƌĂƚŝǀĂƐ ?���ŶŽǀĂ�ŐĞƐƚĆŽ�
ƉƷďůŝĐĂ�
 ? ? ? ? ? ?�
�
�
�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?�
$OJXpP�SRGH�HVWDU�VH�SHUJXQWDQGR��
�� &DUORV�� HX� YRX� SUHFLVDU� FRPSUDU� DOJXPD� ELEOLRJUDILD�
FRPSOHPHQWDU"��
��5���QmR�SUHFLVD��1R�FXUVR�HX�YRX�DERUGDU��H[DWDPHQWH�R�TXH�
YRFr� SUHFLVD� SDUD� D� SURYD�� VHP� ILFDU� �YLDMDQGR�� GHPDLV� QR� DVVXQWR��
6DLED� DLQGD� TXH�� VH� IRVVH� FRPSUDU� WRGRV� RV� OLYURV� QHFHVViULRV� SDUD�
HVWXGDU�SDUD�R�DVVXQWR�FREUDGR�QD�QRVVD�GLVFLSOLQD��H�FXMRV�DVVXQWRV�
VHUmR� DERUGDGRV� HP� QRVVDV� DXODV��� YRFr� SURYDYHOPHQWH� JDVWDULD�
DOJXQV� PLOKDUHV� GH� UHDLV� HP� OLYURV�� H� WHULD� TXH� HVWXGDU� XP� PDWHULDO�
08,72�0$,6�(;7(162�H�6(0�)2&2�3$5$�&21&85626���6H�YRFr�EXVFD�
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�
�
�
$VVLQH�PLQKD�OLVWD�GH�PDWHULDO�E{QXV��
KWWS���HHSXUO�FRP�FD4H,Y�
�
�
�
�
�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?�
��� 3DODYUDV�LQLFLDLV��
2L��
1D�DXOD�GH�KRMH�YDPRV�YHU�DOJXQV�FRQFHLWRV�LQLFLDLV�GH�DGPLQLVWUDomR��
SDUD�GHSRLV�HVWXGDU�MXQWRV�D�HYROXomR�GDV�SULQFLSDLV�WHRULDV�GD�DGPLQLVWUDomR��
FOiVVLFD��EXURFUiWLFD�H�VLVWrPLFD��
$EUDoR�H�ERQV�HVWXGRV��
3URI��&DUORV�;DYLHU�
ZZZ�IDFHERRN�FRP�SURIHVVRUFDUORV[DYLHU�
ZZZ�\RXWXEH�FRP�SURIFDUORV[DYLHU�
,QVWDJUDP��#3URIHVVRUFDUORV[DYLHU�
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� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?�
��� $OJXQV�FRQFHLWRV�LQLFLDLV�LPSRUWDQWHV��
3DUD� LQLFLDUPRV� QRVVRV� HVWXGRV�� p� IXQGDPHQWDO� TXH� YRFr� FRQKHoD�
DOJXQV�FRQFHLWRV� LQLFLDLV�PXLWR�XWLOL]DGRV�QD�DGPLQLVWUDomR��H�TXH�FRPXPHQWH�
VmR�XWLOL]DGRV�QR�HVWXGR�GR�QRVVR�DVVXQWR��9HMDPRV�DOJXQV��
x� $GPLQLVWUDomR�� p� XP� SURFHVVR� TXH� HQYROYH� GLIHUHQWHV�
DWLYLGDGHV� TXH� VmR� H[HFXWDGDV� SRU� SHVVRDV� SDUD� TXH� RV�
REMHWLYRV� GH� XPD� RUJDQL]DomR� VHMDP� DWLQJLGRV� GH� IRUPD�
HILFLHQWH�� HILFD]� H� HIHWLYD�� 7LSLFDPHQWH� VH� GL]� TXH� R� SURFHVVR�
DGPLQLVWUDWLYR� p� FRPSRVWR� SHODV� HWDSDV� GH� SODQHMDPHQWR��
RUJDQL]DomR��GLUHomR�H�FRQWUROH��
x� 2UJDQL]DomR��p�R�FRQMXQWR�GH�SHVVRDV�H�UHFXUVRV�HVWUXWXUDGRV�
QD�EXVFD�GH�XP�RX�PDLV� REMHWLYRV� FRPXQV��2V�GLULJHQWHV� VmR�
UHVSRQViYHLV� SRU� HVWDEHOHFHU� R� VHX� IXQFLRQDPHQWR� H�
GLUHFLRQDPHQWR� HVWUDWpJLFR�� EXVFDQGR� R� DWLQJLPHQWR� GRV�
UHVXOWDGRV� QHFHVViULRV� SDUD� VDWLVID]HU� DV� QHFHVVLGDGHV� GRV�
VWDNHKROGHUV��
x� 6WDNHKROGHUV�� WHUPR�HP� LQJOrV�TXH� UHSUHVHQWD�RV�GHWHQWRUHV�
GH� LQWHUHVVHV� QR� VXFHVVR� GD� RUJDQL]DomR�� e� XPD� SDODYUD�
PRGHUQD� FXQKDGD� SDUD� VH� VREUHSRU� DR� FRQFHLWR� GH� TXH� RV�
DFLRQLVWDV� �GR� LQJOrV�� VKDUHKROGHUV�� GHYHULDP� VHU� DV� ~QLFDV�
SHVVRDV� D� VHU� VDWLVIHLWDV� SHOD� RUJDQL]DomR�� 6RE� HVWD� YLVmR�� D�
RUJDQL]DomR� GHYH� VDWLVID]HU� DV� YiULDV� SDUWHV� LQWHUHVVDGDV��
FRPR�� FOLHQWHV�� IRUQHFHGRUHV�� DFLRQLVWDV�� SDUFHLURV��
IXQFLRQiULRV��VRFLHGDGH��FRPXQLGDGH�H�JRYHUQR��x� 'LUHWRUHV�� SURILVVLRQDLV� TXH� RFXSDP� FDUJRV� QR� QtYHO�
FRUSRUDWLYR�HVWUDWpJLFR��PDLV�HOHYDGR���VHQGR�UHVSRQViYHLV�SRU�
GHFLV}HV� HVWUDWpJLFDV� SDUD� D� RUJDQL]DomR�� 1RUPDOPHQWH� VmR�
SRVVXLGRUHV�GH�HOHYDGDV�FDSDFLGDGHV�FRQFHLWXDLV��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ?�ĚĞ� ? ?�
x� *HUHQWHV�� SURILVVLRQDLV� TXH� RFXSDP� FDUJR� GH� FKHILD� QR� QtYHO�
LQWHUPHGLiULR� GD� RUJDQL]DomR�� HP� VHXV� UHVSHFWLYRV�
GHSDUWDPHQWRV��
x� 6XSHUYLVRUHV�� SURILVVLRQDLV� TXH� RFXSDP� FDUJR� GH� FKHILD� QR�
QtYHO�RSHUDFLRQDO��FRRUGHQDQGR�D�H[HFXomR�GLUHWD�GDV�WDUHIDV�H�
SURFHGLPHQWRV�SHORV�VHXV�IXQFLRQiULRV�VXERUGLQDGRV�
x� &KmR� GH� IiEULFD�� H[SUHVVmR� TXH� VLJQLILFD� R� QtYHO� HVWUXWXUDO�
PDLV�EDL[R�GD�RUJDQL]DomR��RQGH�RFRUUHP�DV�RSHUDo}HV��e�QHVWH�
QtYHO� TXH� HVWmR� RV� IXQFLRQiULRV� TXH� UHDOL]DP� DV� WDUHIDV� PDLV�
EiVLFDV� GD� RUJDQL]DomR�� 6mR� RV� RSHUDGRUHV� GH� PiTXLQDV� GR�
SURFHVVR�SURGXWLYR�HP�XPD�IiEULFD��SRU�H[HPSOR��
�
&RP� WDLV� FRQFHLWRV� LQLFLDLV� HP� PHQWH�� YDPRV� LQLFLDU� R� HVWXGR� GD�
HYROXomR�GDV�WHRULDV�DGPLQLVWUDWLYDV��
�
�
�
�
�
�
�
�
�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
��� 7HRULD�*HUDO�GD�$GPLQLVWUDomR��
3DUD� FRPHoDU� D� HVWXGDU� R� DVVXQWR� p� LPSRUWDQWH� HQWHQGHU� VXDV�
SUHPLVVDV� IXQGDPHQWDLV�� 6HJXQGR� 'MDOPD� GH� 2OLYHLUD� R� HVWXGR� GD�
DGPLQLVWUDomR�GHYH�UHVSHLWDU�DR�PHQRV�TXDWUR�SUHPLVVDV��
x� $�DGPLQLVWUDomR�GHYH�VXVWHQWDU�D�FRQVWLWXLomR�H�D�FRQWLQXLGDGH�
GDV�HPSUHVDV���
x� $� DSOLFDomR� GD� DGPLQLVWUDomR� GHYH� HVWDU� VXVWHQWDGD� SRU�
RWLPL]DGRV�XVR�H�HTXLOtEULR�GD�WHRULD�H�GD�SUiWLFD�DGPLQLVWUDWLYD���
x� $� TXDOLGDGH� GD� DGPLQLVWUDomR� HVWi� GLUHWDPHQWH� FRUUHODFLRQDGD�
DR�HVWLOR�GH�DWXDomR�H�DR�QtYHO�GH�FRQKHFLPHQWR�DGPLQLVWUDWLYR�
GRV�H[HFXWLYRV�H�IXQFLRQiULRV�GDV�HPSUHVDV���
x� $� FRUUHWD� DSOLFDomR� GD� DGPLQLVWUDomR� GHYH� HVWDU� EDVHDGD� H�
VXVWHQWDGD� SRU� PRGHUQDV� PHWRGRORJLDV� H� WpFQLFDV�
DGPLQLVWUDWLYDV��
3RU�RXWUR� ODGR��YDOH�D�SHQD�FRQKHFHU�R�TXH�R�DXWRU�DSRQWD�FRPR�RV�
SULQFtSLRV�GD�DGPLQLVWUDomR��
x� 7HU�DSOLFDomR�H�DEUDQJrQFLD�XQLYHUVDLV�
x� 6DEHU�TXH�D�DGPLQLVWUDomR�p�XPD�WHFQRORJLD��FRQKHFLPHQWR��HP�
FRQVWDQWH�HYROXomR�
x� 6DEHU�TXH�D�DGPLQLVWUDomR�SHUPLWH��H�LQFHQWLYD��JHQHUDOL]Do}HV�
H�SDUWLFXODUL]Do}HV�GHFRUUHQWHV�GDV�FDUDFWHUtVWLFDV�GDV�HPSUHVDV�
H�GDV�SHVVRDV��
x� 7HU�IRUWH�DERUGDJHP�GH�UHODWLYLGDGH�QR�WUDWDPHQWR�GRV�DVVXQWRV�
GD�DGPLQLVWUDomR�
x� &RQVLGHUDU�WRGD�D�HPSUHVD�GH�IRUPD�LQWHUDWLYD�
x� 6DEHU�TXH�IRFR�GD�DGPLQLVWUDomR�VmR�DV�SHVVRDV�TXH�WUDEDOKDP�
H�RX�LQWHUDJHP�FRP�DV�HPSUHVDV�
�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
$OpP�GLVVR��p�IXQGDPHQWDO�HQWHQGHU�D�HYROXomR�GD�DGPLQLVWUDomR��$Wp�
PHDGRV�GR�VpFXOR�;,;�D�VRFLHGDGH�HUD�EDVWDQWH�GLIHUHQWH�GR�TXH�p�KRMH��$QWHV�
GD�UHYROXomR�LQGXVWULDO��KDYLD�SRXFDV�RUJDQL]Do}HV�QD�VRFLHGDGH�H�HODV�HUDP��
HP� JHUDO�� PXLWR� SHTXHQDV�� $� SUHGRPLQkQFLD� HUD� GH� WUDEDOKRV� UHDOL]DGRV�
LQGLYLGXDOPHQWH� SRU� DUWHVmRV� H� SURILVVLRQDLV� OLEHUDLV� H� GH� SHTXHQDV�
RUJDQL]Do}HV� FRPR� HVFRODV� H� SHTXHQRV� DUPD]pQV�� KDYHQGR� SRXFDV�
RUJDQL]Do}HV�GH�PDLRU�WDPDQKR��
$V� SULPHLUDV� JUDQGHV� RUJDQL]Do}HV�� TXH� Mi� H[LVWLDP� QHVVD� pSRFD��
HUDP� D� ,JUHMD� &DWyOLFD� H� DV� RUJDQL]Do}HV� PLOLWDUHV�� TXH� H[HUFHUDP� IRUWH�
LQIOXrQFLD� QR� GHVHQYROYLPHQWR� GH� HVWUXWXUDV� RUJDQL]DFLRQDLV� PRGHUQDV�� 1D�
YHUGDGH��YiULRV�SULQFtSLRV�TXH�QRUWHLDP�DV�RUJDQL]Do}HV�GH�WRGR�R�PXQGR�VmR�
RULJLQiULRV�GHVVDV�GXDV��FRPR�D�KLHUDUTXLD� IRUPDO��D�H[LVWrQFLD�GH�yUJmRV�GH�
DVVHVVRULD��SULQFtSLRV�GH�HVWUDWpJLD�RUJDQL]DFLRQDO��HWF��
(VVHV� H� RXWURV� IDWRUHV� LQIOXHQFLDUDP� R� VXUJLPHQWR� GDV� PRGHUQDV�
RUJDQL]Do}HV��YDPRV�VLQWHWL]i�ORV��
x� 5HYROXomR� LQGXVWULDO�� DV� IRUWHV� WUDQVIRUPDo}HV� YLYLGDV� QD�
UHYROXomR�LQGXVWULDO�IL]HUDP�FRP�TXH�D�HFRQRPLD�VDtVVH�GH�XPD�
HUD� GD� SURGXomR� DUWHVDQDO� SDUD� D� HUD� GD� LQGXVWULDOL]DomR�
FOiVVLFD�� $TXL� VXUJHP� DV� RUJDQL]Do}HV�� TXH� FRQVHJXLDP� PDLRU�
SURGXWLYLGDGH� QR� WUDEDOKR� GR� TXH� RV� LQGLYtGXRV� WUDEDOKDQGR�
LVRODGDPHQWH��
x� ,JUHMD�FDWyOLFD��XPD�GDV�SULPHLUDV�JUDQGHV�RUJDQL]Do}HV�EHP�
VXFHGLGDV�� FRP� VXD� DWXDomR� JOREDO�� VHUYLX� GH� LQVSLUDomR� SDUD�
PRGHORV� GH� HVWUXWXUD� RUJDQL]DFLRQDO� HP� OLQKD�VWDII� SRU� WRGR� R�
SODQHWD��
x� 2UJDQL]Do}HV�PLOLWDUHV��DV�IRUoDV�DUPDGDV�WDPEpP�VHUYLUDP�
GH�LQVSLUDomR�SDUD�D�HVWUXWXUD�RUJDQL]DFLRQDO��$OpP�GLVVR��YiULRV�
SULQFtSLRV� PRGHUQRV� GH� ORJtVWLFD�� SHVVRDO� H� HVWUDWpJLD� GHULYDP�
GR�VHX�XVR�QDV�RUJDQL]Do}HV�PLOLWDUHV��TXH�SUHFLVDYDP��GHVGH�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
Ki�PXLWR�WHPSR��UHFUXWDU�SHVVRDV��WUDQVIHUL�ODV�SDUD�RV�FDPSRV�
GH� EDWDOKD�� SURYr�ODV� GH� DOLPHQWRV� QRV� FDPSRV� GH� EDWDOKD��
DUPD]HQDU�DUPDPHQWRV��HWF��
x� 2V�ILOyVRIRV��R�SHQVDPHQWR�ILORVyILFR�LQIOXHQFLRX�R�VXUJLPHQWR�
H� D� IRUPD� GH� GHVHQYROYLPHQWR� GDV� RUJDQL]Do}HV� DWUDYpV� GR�
SDSHO� GR� KRPHP� H� GR� (VWDGR� QD� VRFLHGDGH�� GDV� UHODo}HV� GH�
WUDEDOKR��HWF��
x� $V� FLrQFLDV�� D� UDFLRQDOLGDGH� GRV� HVWXGRV� FLHQWtILFRV�� VHMDP�
ItVLFRV��PDWHPiWLFRV��ELROyJLFRV�RX�RXWURV��VHUYLX�GH�EDVH�SDUD�
PXLWR� TXH� IRL� FULDGR� QR� TXH� GL]� UHVSHLWR� jV� RUJDQL]Do}HV��
2UJDQL]Do}HV� RUJkQLFDV�� SRU� H[HPSOR�� VmR� DTXHODV� HP� TXH� DV�
SDUWHV� LQWHUDJHP� HQWUH� VL� H� FRP� R� WRGR�� JHUDQGR� XPD�
RUJDQL]DomR�LQWHJUDGD�H�TXH�LQWHUDJH�FRP�R�VHX�DPELHQWH��1RWH�
D� VHPHOKDQoD� FRP� XP� RUJDQLVPR� YLYR�� (� TXDQGR� IDODPRV� HP�
³PpWRGRV� SDUD� WRPDGD� GH� GHFLVmR´�� TXDO� D� UHIHUrQFLD"� $�
PDWHPiWLFD��
x� 2V� HFRQRPLVWDV� OLEHUDLV�� DV� LGHLDV� OLEHUDLV� GR� VpFXOR� ;9,,� H�
;9,,,�� GH� TXH� R� (VWDGR� GHYH� VH� DIDVWDU� GD� HVIHUD� HFRQ{PLFD�
LQGLYLGXDO��(VWH�SUHFHLWR��TXH�WUD]�HPEXWLGR�HP�VL�R�JpUPHQ�GD�
OLYUH� FRQFRUUrQFLD�� p� EDVH� SDUD� DV� RUJDQL]Do}HV� SULYDGDV� TXH�
SURGX]HP� EHQV� H� VHUYLoRV� SDUD� D� VRFLHGDGH� HP� WURFD� GD�
UHPXQHUDomR�GR�FDSLWDO��
x� 2V�HPSUHHQGHGRUHV�SLRQHLURV��IRUDP�DTXHOHV�TXH�FULDUDP�RV�
SULPHLURV� QHJyFLRV� SULYDGRV� GH� JUDQGH� PRQWD� HP� EXVFD� GH�
UHPXQHUDomR�� 0HQFLRQDP�VH� RV� WUDEDOKRV� GH� FRQVWUXomR� GDV�
IHUURYLDV�QRUWH�DPHULFDQDV�QRV�DQRV������FRPR�XP�LPSRUWDQWH�
H[HPSOR�GR�VXUJLPHQWR�GDV�RUJDQL]Do}HV�SULYDGDV��
&RP� EDVH� QHVVHV� H� RXWURV� IDWRUHV� p� TXH� IRUDP� HVWUXWXUDGDV� DV�
SULPHLUDV�JUDQGHV�RUJDQL]Do}HV��TXH�IRUDP�VHQGR�PRQWDGDV�H�DSHUIHLoRDGDV�D�
SDUWLU�GR�LQtFLR�GR�6pFXOR�;;���������
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
$OpP� GH� HQWHQGHU� HVVDV� LQIOXrQFLDV�� p� SUHFLVR� DLQGD� TXH� YRFr� VDLED�
TXH�D�DGPLQLVWUDomR�VXUJLX�FRP�D�UHYROXomR� LQGXVWULDO�H�TXH�HYROXLX�HP�WUrV�
GLIHUHQWHV�HUDV��
x� $� HUD� GD� ,QGXVWULDOL]DomR� &OiVVLFD�� WUDWD�VH� GR� SHUtRGR�
FRPSUHHQGLGR�HQWUH�D�5HYROXomR�,QGXVWULDO��QR�LQtFLR�GR�6pFXOR�;;�� H�PHDGRV� GR� GD� GpFDGD� GH� ������'XUDQWH� HVWH� SHUtRGR� D�
LQGXVWULDOL]DomR�IRL� LQWHQVLILFDGD��R�TXH�JHURX�R�VXUJLPHQWR�H�D�
FRQVROLGDomR� GD� DGPLQLVWUDomR� HQTXDQWR� FLrQFLD�� $� HVWUXWXUD�
RUJDQL]DFLRQDO�HUD�FRPSRVWD�SRU�PXLWRV�QtYHLV�KLHUiUTXLFRV�H�HOD�
HUD�EDVWDQWH�FHQWUDOL]DGD��2�GHVHQKR�RUJDQL]DFLRQDO�PHFDQLFLVWD�
HUD� R� WtSLFR� SDUD� HVWD� pSRFD�� e� XPD� pSRFD� PDUFDGD� SHOD�
HVWDELOLGDGH�GR�DPELHQWH��
x� $� HUD� GD� LQGXVWULDOL]DomR� QHRFOiVVLFD�� QHVVH� SHUtRGR�� R�
PXQGR� FRPHoRX� D� PXGDU� H� KRXYH� XP� IRUWH� GHVHQYROYLPHQWR�
LQGXVWULDO�� 2V� QHJyFLRV� WRPDUDP� DPSOLWXGH� FDGD� YH]� PDLRU��
FKHJDQGR� DR�QtYHO� GH� DWXDomR�PXQGLDO�� WtSLFR�GR� IHQ{PHQR�GD�
JOREDOL]DomR�� &RP� LVVR�� DV� RUJDQL]Do}HV� EXVFDUDP� QRYRV�
PRGHORV� HVWUXWXUDLV� SDUD� ID]HU� IDFH� DR� DXPHQWR� GD�
FRPSOH[LGDGH�QR�DPELHQWH��VHQGR�D�HVWUXWXUD�PDWULFLDO�D�WtSLFD�
HVWUXWXUD� RUJDQL]DFLRQDO� GHVVD� HUD�� $V� DQWLJDV� WHRULDV�
DGPLQLVWUDWLYDV�VmR�TXHVWLRQDGDV�H�QRYDV�WHRULDV�WRPDP�R�VHX�
OXJDU�� GDQGR� SULRULGDGH� DR� HQIRTXH� VLVWrPLFR� H� j� UHODWLYL]DomR�
GDV�FRLVDV�QD�RUJDQL]DomR��
x� $�HUD�GD�,QIRUPDomR��WUDWD�VH�GH�XPD�pSRFD�TXH�FRPHoRX�QD�
GpFDGD�GH�������VHQGR�D�TXH�YLYHPRV�DWXDOPHQWH��$�WHFQRORJLD�
GD� LQIRUPDomR� H� FRPXQLFDomR� HYROXLX� UDSLGDPHQWH� H� WURX[H�
GLYHUVRV� GHVGREUDPHQWRV� SDUD� R� PXQGR� RUJDQL]DFLRQDO�� $V�
PXGDQoDV� VH� WRUQDUDP� DLQGD� PDLV� UiSLGDV�� LPSUHYLVWDV��
WXUEXOHQWDV� H� UDGLFDLV�� $� FRPSOH[LGDGH� GR� DPELHQWH� VH� WRUQRX�
PXLWR� PDLRU�� GHPDQGDQGR� PDLRU� DJLOLGDGH� GD� RUJDQL]DomR� QD�
UHVSRVWD� DRV� LPSHUDWLYRV� DPELHQWDLV�� 2� GHVHQKR� RUJkQLFR� GD�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
HVWUXWXUD� p� WLGR� FRPR� VtPEROR� GHVVD� HUD�� SRLV� HVWH� SRVVLELOLWD�
PDLRU�IOH[LELOLGDGH�HVWUXWXUDO��PHOKRUHV�FRPXQLFDomR�H�LQWHUDomR�
LQWHUQD� H� H[WHUQD�� H� PDLRU� FDSDFLGDGH� GH� DGDSWDomR�� HQWUH�
RXWURV��
�
�� (� DV� HVFRODV� DGPLQLVWUDWLYDV�TXH�YDPRV�HVWXGDU�� FRPR� HODV�
IRUDP�VH�GHVHQYROYHQGR�DR�ORQJR�GR�WHPSR"�
�
�5���3DUD�HIHLWR�GH�FRPSUHHQVmR�GD�HYROXomR�KLVWyULFD��SUHSDUHL�XPD�
OLQKD�GR�WHPSR�GDV�SULQFLSDLV�HVFRODV�GD�DGPLQLVWUDomR��TXH�HVWi�QD�SUy[LPD�
SiJLQD��$SyV�YLVXDOL]DU�FRPR�DV�HVFRODV�VH�VXFHGHUDP�QR�WHPSR��YHUHPRV�TXH�
HODV�SRGHP�VHU�DJUHJDGDV�SRU�³DERUGDJHQV´�GD�DGPLQLVWUDomR��
6DLED��GHVGH�Mi��TXH�HVVD�OLQKD�GR�WHPSR�HVWi�DTXL�DSHQDV�SDUD�PDWDU�
D� FXULRVLGDGH� SUpYLD� GH� DOJXQV� �PXLWD� JHQWH� PH� SHGLD� LVVR���� PDV� HOD� QmR�
VLJQLILFD�DEVROXWDPHQWH�QDGD�QR�HVWXGR�SDUD�FRQFXUVRV��
�
�
� 00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
�
�
�
�
�
�
�
�
�ĚŵŝŶŝƐƚƌĂĕĆŽ�
�ŝĞŶƚşĨŝĐĂ�
 ? ? ? ? ? ?�
�ĚŵŝŶŝƐƚƌĂĕĆŽ�
�ŝĞŶƚşĨŝĐĂ�
 ? ? ? ? ? ?�
dĞŽƌŝĂ�ĚĂ�
�ƵƌŽĐƌĂĐŝĂ�
 ? ? ? ? ? ?�
dĞŽƌŝĂ��ůĄƐƐŝĐĂ�
 ? ? ? ? ? ?�
dĞŽƌŝĂ�ĚĂƐ�
ƌĞůĂĕƁĞƐ�
ŚƵŵĂŶĂƐ�
 ? ? ? ? ? ?�
dĞŽƌŝĂ�
�ƐƚƌƵƚƵƌĂůŝƐƚĂ�
 ? ? ? ? ? ?�
dĞŽƌŝĂ�ĚŽƐ�
^ŝƐƚĞŵĂƐ�
 ? ? ? ? ? ?�
dĞŽƌŝĂ�
EĞŽĐůĄƐƐŝĐĂ�
 ? ? ? ? ? ?�
�
dĞŽƌŝĂ�
�ŽŵƉŽƌƚĂŵĞŶƚĂů�
 ? ? ? ? ? ?�
�
�ĞƐĞŶǀŽůǀŝŵĞŶƚ
Ž�ŽƌŐĂŶŝnjĂĐŝŽŶĂů�
 ? ? ? ? ? ?�
�
dĞŽƌŝĂ�ĚĂ�
�ŽŶƚŝŶŐġŶĐŝĂ�
 ? ? ? ? ? ?�
�
EŽǀĂƐ�
ĂďŽƌĚĂŐĞŶƐ�
 ? ? ?�
�
�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
&DGD�XPD�GHVVDV�WHRULDV�SULQFLSDLV�Gi�rQIDVH�D�GLIHUHQWHV�DVSHFWRV�GD�
RUJDQL]DomR��9DPRV�YHU�TXDLV�VmR�DV�rQIDVHV�GDGDV�SRU�FDGD�WHRULD��
7HRULD�$GPLQLVWUDWLYD� ÇQIDVH�SULQFLSDO� 9LVmR�JHUDO�
$GPLQLVWUDomR�&LHQWtILFD� 1DV�WDUHIDV�
3UHVFULWLYDV�H�
QRUPDWLYDV��
7HRULD�&OiVVLFD� 1D�HVWUXWXUD�
7HRULD�1HRFOiVVLFD� 1DV�WDUHIDV��SHVVRDV�H�HVWUXWXUD��HFOHWLFLVPR��
7HRULD�GDV�5HODo}HV�
+XPDQDV�
1DV�SHVVRDV�
�
7HRULD�GR�&RPSRUWDPHQWR�
2UJDQL]DFLRQDO�
([SOLFDWLYDV�H�
GHVFULWLYDV�
7HRULD�GR�'HVHQYROYLPHQWR�
2UJDQL]DFLRQDO�
7HRULD�GD�%XURFUDFLD
� 1D�HVWUXWXUD�
7HRULD�GD�&RQWLQJrQFLD� 1R�DPELHQWH�
�
7HRULD�GRV�6LVWHPDV�
7HRULD�(VWUXWXUDOLVWD� 1D�HVWUXWXUD�H�QR�
DPELHQWH�
�
2EVHUYDomR� LPSRUWDQWH� VREUH� D� WHRULD� GD� %XURFUDFLD��
LQIHOL]PHQWH�Ki�VpULD�GLYHUJrQFLD�WHyULFD�VREUH�VH�D�WHRULD�GD�EXURFUDFLD�VHULD�
XPD� WHRULD� SUHVFULWLYD� RX� H[SOLFDWLYD�� � (QTXDQWR�6LOYD� ������� S�� ����� DILUPD�
TXH� HOD� p� SUHVFULWLYD�� &KLDYHQDWR� ������� S������ DILUPD� TXH� VH� WUDWD� GH� XPD�
WHRULD�H[SOLFDWLYD�H�GHVFULWLYD��3DUD�FRPSOLFDU�DLQGD�PDLV��R�SUySULR�&KLDYHQDWR�
������� DILUPD�� HP� TXDGUR�UHVXPR� QR� ILQDO� GR� VHX� OLYUR�� TXH� D� 7HRULD� GD�
%XURFUDFLD�p�³SUHVFULWLYD�H�QRUPDWLYD´��HQWUDQGR�HP�FRQIOLWR�FRP�R�TXH�GL]�QD�
SiJLQD������3DUD�HIHLWRV�GH�SURYD��FRQVLGHUH�TXH�D�7HRULD�GD�%XURFUDFLD�SRGH�
VHU�FREUDGD�FRPR�FRUUHWD�QDV�GXDV�DERUGDJHQV��KDYHQGR�HVSDoR�SDUD�UHFXUVRV�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
GH�TXDOTXHU�IRUPD��$SHVDU�GLVVR��VH�D�TXHVWmR�IRU�UHGLJLGD�GH�IRUPD�TXH�YRFr�
WHQKD� TXH� HVFROKHU� HP� TXDO� GDV� DERUGDJHQV� D� WHRULD� VH� HQFDL[D�� SUHILUD� D�
DERUGDJHP� ³H[SOLFDWLYD� H� GHVFULWLYD´�� SRLV� VHUi� PDLV� IiFLO� UHFRUUHU� �VH�
QHFHVViULR��SDUD�SURYDU�TXH�HOD�p�H[SOLFDWLYD�H�GHVFULWLYD�� Mi�TXH�&KLDYHQDWR�
������� S������ FKHJD� D� QHJDU� TXH� HOD� VHMD� ³SUHVFULWLYD´�� R� TXH� IRUWDOHFH� R�
DUJXPHQWR�HP�FDVR�GH�QHFHVVLGDGH�GH�UHFXUVR��
�
(VVDV�GLIHUHQWHV�HVFRODV�VH�HVWUXWXUDP�HP�DERUGDJHQV��TXH�p�D�IRUPD�
TXH� JHUDOPHQWH� p� SHGLGD� QRV� FRQFXUVRV�� (VWXGDUHPRV� DV� WUrV� TXH� IRUDP�
FREUDGDV�QR�~OWLPR�FRQFXUVR�GR�038��FOiVVLFD��EXURFUiWLFD�H�VLVWrPLFD��
�
7HQKD� HP� PHQWH�� GHVGH� Mi�� TXH� DV� DERUGDJHQV� SUHVFULWLYDV� H�
QRUPDWLYDV� VmR� DTXHODV� TXH� WHQWDP� RIHUHFHU� UHVSRVWDV� H� VROXo}HV� SDUD� RV�
SUREOHPDV� ±� LQGLFDQGR� TXH� GHFLV}HV� GHYHP� VHU� WRPDGDV� HP� FDGD� FDVR�� $V�
DERUGDJHQV� H[SOLFDWLYDV� H� GHVFULWLYDV�� SRU� VXD� YH]�� SUHRFXSDP�VH� PDLV� HP�
HQWHQGHU� DV� VLWXDo}HV�� LQWHUSUHWDQGR� DV� RUJDQL]Do}HV� H� R� SURFHVVR�
DGPLQLVWUDWLYR� H� GDQGR� H[SOLFDo}HV� H� GHVFULo}HV� VREUH� DV� RUJDQL]Do}HV� H� RV�
DGPLQLVWUDGRUHV���
$OpP� GLVVR�� p� LPSRUWDQWH� VDEHU� WDPEpP� TXH� Ki� DXWRUHV� TXH�
FODVVLILFDP� DV� WHRULDV� HP� XPD� DERUGDJHP� WUDGLFLRQDO� H� RXWUD� PRGHUQD� GD�
DGPLQLVWUDomR�� $V� WHRULDV� WUDGLFLRQDLV� VHULDP� D� DGPLQLVWUDomR� FLHQWtILFD��
FOiVVLFD�� EXURFUiWLFD� H� GDV� UHODo}HV� KXPDQDV�� VHQGR� TXH� DV� RXWUDV� VmR�
FRQVLGHUDGDV�PRGHUQDV��
9DPRV�DJRUD�HVWXGDU�PDLV����
�
�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
�����$ERUGDJHP�&OiVVLFD�
$�DERUGDJHP�&OiVVLFD�HQJORED�R�WUDEDOKR�TXH�GRLV�SLRQHLURV�GR�HVWXGR�
GD�DGPLQLVWUDomR�GHVHQYROYHUDP�QR�LQtFLR�GR�6pFXOR�;;��EXVFDQGR�DXPHQWDU�D�
HILFLrQFLD� GDV� LQG~VWULDV� TXH� FUHVFLDP� GH� IRUPD� PXLWR� GHVRUGHQDGD� HQWUH� R�
ILQDO�GR�6pFXOR�;,;�H�R�LQtFLR�GR�6pFXOR�;;��
)UHGHULFN� :LQVORZ� 7D\ORU�� FRQVLGHUDGR� R� IXQGDGRU� GD�$ERUGDJHP�
&OiVVLFD�� HUD� DPHULFDQR� H� EXVFDYD� D� PHOKRULD� GD� HILFLrQFLD� DWUDYpV� GD�
UDFLRQDOL]DomR�GR�WUDEDOKR��6HXV�HVWXGRV�VmR�SURIXQGDPHQWH�OLJDGRV�DR�HVWXGR�
GRV� WHPSRV� H� PRYLPHQWRV� GRV� IXQFLRQiULRV� H� JHUDUDP� D� $GPLQLVWUDomR�
&LHQWtILFD��
2�VHJXQGR�DXWRU�GH�JUDQGH�UHOHYkQFLD�IRL�+HQU\�)D\RO��SDL�GD�7HRULD�
&OiVVLFD� GD� $GPLQLVWUDomR�� )UDQFrV�� )D\RO� WUDEDOKDYD� D� PLOKDUHV� GH�
TXLO{PHWURV� GH� 7D\ORU�� (OHV� QmR� PDQWLQKDP� FRQWDWR�� PDV� PHVPR� DVVLP�� H�
DLQGD�SDUWLQGR�GH�LGHLDV�GLVWLQWDV��FULDUDP�WHRULDV�VREUH�D�DGPLQLVWUDomR�TXH�VH�
FRPSOHPHQWDYDP��VHQGR�FKDPDGDV��HP�FRQMXQWR��GH�³$ERUGDJHP�&OiVVLFD´�
GD�DGPLQLVWUDomR��
$� LGHLD� FHQWUDO� GH� DPERV� RV� DXWRUHV� HUD� GHVHQYROYHU� XPD� YLVmR�
FLHQWtILFD� GD� DGPLQLVWUDomR�� FRP� SULQFtSLRV� H� QRUPDV� TXH� GHYHULDP� VHU�
VHJXLGRV�SDUD�TXH�HOD�SXGHVVH�VHU�HILFLHQWH��
$SHVDU�GLVVR��HVVDV�WHRULDV�WLQKDP�GLIHUHQoDV�HQWUH�VL��9DPRV�HVWXGDU�
FDGD�XPD�GHODV�SDUD�HQWHQGr�ODV�XP�SRXFR�PHOKRU�H�UHVSRQGHU�FRUUHWDPHQWH�
D�TXDOTXHU�TXHVWmR�GH�SURYD�TXH�YHQKD�SHOD�IUHQWH��
�
�
�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
������� $GPLQLVWUDomR�&LHQWtILFD�
$� $GPLQLVWUDomR� &LHQWtILFD� IRL� GHVHQYROYLGD� SRU� 7D\ORU�� QR� LQtFLR� GR�
6pFXOR� ;;�� FRP� R� REMHWLYR� GH� PD[LPL]DU� R� GHVHPSHQKR� GDV� RUJDQL]Do}HV�
DWUDYpV� GR� DWLQJLPHQWR� GR� PHOKRU� GHVHPSHQKR� SRVVtYHO� QR� H[HUFtFLR� GDV�
WDUHIDV��UHGX]LQGR�DV�SHUGDV�H�RV�GHVSHUGtFLRV�GH�TXDOTXHU�QDWXUH]D��JHUDQGR�
OXFUR�SDUD�HPSUHVD�H�SDUD�R�WUDEDOKDGRU��
7D\ORU�HQIRFDYD�R�HVWXGR�GRV�WHPSRV�H�PRYLPHQWRV�GRV�HPSUHJDGRV�
FRPR�IRUPD�GH�PHOKRUDU�R�GHVHPSHQKR�GR�FKmR�GH�IiEULFD��
��0DV�R�TXH�VmR�RV�WHPSRV�H�PRYLPHQWRV"��
��5HVSRVWD��LPDJLQH�XPD�OLQKD�GH�SURGXomR����TXH�WDO�D�SURGXomR�GH�
KDPE~UJXHUHV�HP�XPD�ORMD�GD�0F'RQDOGV��SDUD�R�QRVVR�H[HPSOR"��
1HVVD� OLQKD� GH� SURGXomR�� FDGD� IXQFLRQiULR� WHP� VHX� SDSHO�� 2�
FR]LQKHLUR�SHJD�D�FDUQH�H�FRORFD�QR�IRJR��R�DVVLVWHQWH�DEUH�RV�SmHV�H�SUHSDUD�
DV�YHUGXUDV��R�DWHQGHQWH�SHJD�R� VDQGXLFKH�SURQWR�H�HQWUHJD�DR� FOLHQWH��HWF��
,VVR�WXGR�DFRQWHFH�GH�XPD�IRUPD�SHUIHLWDPHQWH�RUJDQL]DGD�H�SDGURQL]DGD��GH�
PRGR�TXH�FDGD�PRYLPHQWR�GR�IXQFLRQiULR�p�SUHYLVWR�H�FURQRPHWUDGR��FULDQGR�
VH�XP�³WHPSR�LGHDO´�SDUD�UHDOL]DomR�GH�FDGD�WDUHID��$VVLP��p�SRVVtYHO�VDEHU�R�
GHVHPSHQKR�GR�IXQFLRQiULR�HP�FDGD�WDUHID��
�� 3HUFHED� TXH� HVVD� p� D� SULPHLUD� WHRULD� TXH� YHPRV�� VHQGR� D�
³IXQGDGRUD´� GD� DGPLQLVWUDomR�� H� HP� YiULRV� DVSHFWRV� VHXV� SUHFHLWRV�
VmR�XWLOL]DGRV�DWp�KRMH��
&RPR�YLPRV��7D\ORU�GHIHQGLD�D�XQLIRUPLGDGH�GDV�WpFQLFDV�H�PpWRGRV�
GH� WUDEDOKR� FRP� R� REMHWLYR� GH� PHOKRUDU� R� GHVHPSHQKR�� $OpP� GLVVR�� GHVGH�
DTXHOD�pSRFD��HOD�DFKDYD�TXH�RV�IXQFLRQiULRV�GHYHULDP�VHU�EHP�UHPXQHUDGRV�
GH� DFRUGR� FRP� VXD� SURGXWLYLGDGH�� SDUD� TXH� R� GHVHPSHQKR� PHOKRUDVVH� H� R�
FXVWR�XQLWiULR�IRVVH�UHGX]LGR��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
�� &DUORV�� DJRUD� QmR� HQWHQGL�� &RPR� p�TXH� LDP� UHGX]LU� R� FXVWR�
XQLWiULR�VH�R�IXQFLRQiULR�VHULD�PHOKRU�UHPXQHUDGR"��
�� 6LPSOHV�� &RP�D� UHPXQHUDomR�PHOKRU� H� RV� WHPSRV� H� PRYLPHQWRV�
SDGURQL]DGRV��R�IXQFLRQiULR�VH�GHGLFDULD�PDLV�
DR� WUDEDOKR� H� PHQRV� j� ³YDGLDJHP�
VLVWHPiWLFD´�� ID]HQGR� FRP� TXH� D�
SURGXWLYLGDGH�VXELVVH�H�R�FXVWR�GH�FDGD�SHoD�
FDtVVH��PHVPR�FRP�UHPXQHUDo}HV�VXSHULRUHV��
$� WHQWDWLYD� GH� 7D\ORU� GH� VXEVWLWXLU�
PpWRGRV� HOHPHQWDUHV� GH� SURGXomR� SRU�
PpWRGRV� FLHQWtILFRV� ILFRX� FRQKHFLGD� FRPR�
2UJDQL]DomR�5DFLRQDO�GR�7UDEDOKR��257���TXH�
WHP�RV�VHJXLQWHV�IXQGDPHQWRV��
���$QiOLVH� GR� WUDEDOKR� HP� VL� H� HVWXGR� GRV� WHPSRV� H�
PRYLPHQWRV�� p� D� DQiOLVH� GDV� WDUHIDV�� GH� FRPR� HODV� VmR�
UHDOL]DGDV� H� GH� FRPR� HODV� SRGHP� VHU� PHOKRU� UHDOL]DGDV� SRU�
PHLR�GR�XVR�GH�WpFQLFDV�H�IHUUDPHQWDV�PDLV�DSURSULDGDV��$OpP�
GLVVR�� HQFRQWUDGD� D� PHOKRU� IRUPD� GH� ID]HU� DV� FRLVDV�� VHULD�
FULDGR� XP� WHPSR�SDGUmR� GH� H[HFXomR� SDUD� FRQWUROH� GR�
GHVHPSHQKR�GRV�IXQFLRQiULRV��
��� (VWXGR� GD� IDGLJD� KXPDQD�� WUDWD�VH� GH� HQWHQGHU� FRPR� R�
FDQVDoR� FRUSRUDO� LQIOXHQFLD� QR� H[HUFtFLR� GDV� WDUHIDV� GH� FDGD�
WUDEDOKDGRU�� YLVDQGR� GLPLQXLU� D� SHUGD� GH� HILFLrQFLD� GHFRUUHQWH�
GR�FDQVDoR�GRV�WUDEDOKDGRUHV��
���'LYLVmR� GR� WUDEDOKR� H� HVSHFLDOL]DomR� GR� WUDEDOKDGRU��
GLYLGLQGR� R� WUDEDOKR� TXH� DQWHV� HUD� H[HFXWDGR� SRU� DSHQDV� XP�
DUWHVmR� HP� YiULDV� HWDSDV�� H� SRVVXLQGR� WUDEDOKDGRUHV�
HVSHFLDOL]DGRV� HP� FDGD� XPD� GHODV�� VHULD� SRVVtYHO� DXPHQWDU� D�
HILFLrQFLD�RSHUDFLRQDO��
sĂĚŝĂŐĞŵ� ƐŝƐƚĞŵĄƚŝĐĂ� Ġ� Ƶŵ� ĐŽŶĐĞŝƚŽ�
ŝŵƉŽƌƚĂŶƚĞ� ŶĂ� ƚĞŽƌŝĂ� ĚĞ� dĂLJůŽƌ ?� ƋƵĞ�
ĐŽŶƐŝĚĞƌĂǀĂ� ƋƵĞ� ŽƐ� ĨƵŶĐŝŽŶĄƌŝŽƐ�
ďƵƐĐĂǀĂŵ� ƚƌĂďĂůŚĂƌ� ŵĂŝƐ� ůĞŶƚĂŵĞŶƚĞ�
ĚĞ� ĨŽƌŵĂ� ƐŝƐƚĞŵĄƚŝĐĂ ?� ĐŽŵŽ� ŶƵŵĂ�
 SƉƌĞŐƵŝĕĂ� ĐŽůĞƚŝǀĂ ?� ƉĂƌĂ� ƋƵĞ� ƐĞƵƐ�
ƉƌſƉƌŝŽƐ�ŝŶƚĞƌĞƐƐĞƐ�ĨŽƐƐĞŵ�ĚĞĨĞŶĚŝĚŽƐ ?�
ƚĂŝƐ� ĐŽŵŽ� Ž� ĚĞƐŝŶƚĞƌĞƐƐĞ� Ğŵ� ĂƵŵĞŶƚŽ�
ĚĂ� ƉƌŽĚƵƚŝǀŝĚĂĚĞ� ?ƋƵĞ� ƉŽĚĞƌŝĂ� ůĞǀĂƌ� Ă�
ĚĞŵŝƐƐƁĞƐ ? ?� �ůĠŵ� ĚŝƐƐŽ ?� ŽƐ�
ĨƵŶĐŝŽŶĄƌŝŽƐ� ĂƉƌĞŶĚŝĂŵ� Ă� ƌĞĂůŝnjĂƌ� Ă�
ƚĂƌĞĨĂ� ĐŽŵ� ĂƐ� ŐĞƌĂĕƁĞƐ� ĂŶƚĞƌŝŽƌĞƐ� ĚĞ�
ƚƌĂďĂůŚĂĚŽƌĞƐ ?� ŶĆŽ� ƚĞŶĚŽ� ŶĞŶŚƵŵ�
ŵĠƚŽĚŽ� ĐŝĞŶƚşĨŝĐŽ� Ğ� ƌŝŐŽƌŽƐŽ� ƉĂƌĂ� ƐƵĂ�
ĞdžĞĐƵĕĆŽ ?�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
���'HVHQKR� GH� FDUJRV� H� WDUHIDV�� WUDWD�VH� GD� LGHLD� EiVLFD� GH�
GHILQLU� TXHP� ID]� R� TXH� H� FRPR� DV� WDUHIDV� GHYHP� VHU�
H[HFXWDGDV���
��� ,QFHQWLYRV�H�SUrPLRV�VDODULDLV�SRU�SURGXomR��7D\ORU�DFKDYD�
TXH� D� UHPXQHUDomR� EDVHDGD� QR� Q~PHUR� GH� KRUDV� WUDEDOKDGDV�
QmR� HVWLPXOD� QLQJXpP� D� WHU� XP� ERP� GHVHPSHQKR�� $VVLP�� R�
WUDEDOKDGRU� GHYHULD� UHFHEHU� HVWtPXORV� VDODULDLV� SDUD� SURGX]LU�
FRP�HILFLrQFLD�FDGD�YH]�PDLRU��$�OyJLFD�HUD��4XHP�SURGX]�PDLV��
JDQKD�PDLV��TXHP�SURGX]�PHQRV��JDQKD�PHQRV��
���$�LGHLD�GR�+RPR�(FRQRPLFXV��HVVH�FRQFHLWR�HVWDEHOHFH�TXH�R�
KRPHP�p�XP�DQLPDO�³HFRQ{PLFR´��RX�VHMD��WUDEDOKD�DSHQDV�HP�
WURFD� GH� UHFRPSHQVDV� ILQDQFHLUDV� SDUD� TXH� SRVVD� YLYHU� D� VXD�
YLGD��
���2� DPELHQWH� GH� WUDEDOKR�� D� DGPLQLVWUDomR� FLHQWtILFD� DWULEXtD�
JUDQGH� LPSRUWkQFLD� D� FDUDFWHUtVWLFDV� FRPR� DUUDQMR� ItVLFR��
PLQLPL]DomR� GR� HVIRUoR� GR� WUDEDOKDGRU� H� XP� FHUWR� QtYHO� GH�
FRQIRUWR��0DV�QmR�VH�HQJDQH�� LVVR�QmR�DFRQWHFLD�SRU�FDXVD�GH�
XPD�SUHRFXSDomR�FRP�R�WUDEDOKDGRU��PDV�SHOR�GHVHMR�GH�PDLRU�
HILFLrQFLD�GH�VHX�WUDEDOKR��
��� 3DGURQL]DomR�� TXDQWR� PDLRU� D� SDGURQL]DomR� QRV� SURFHVVRV��
PHQRUHV� VHULDP� DV� SHUGDV� H� GHVSHUGtFLRV�� H� PDLRU� VHULD� D�
HILFLrQFLD��
3HUFHED�TXH��QR�IXQGR��D�RUJDQL]DomR�UDFLRQDO�GR�WUDEDOKR�SRVVLELOLWD�
D� SURVSHULGDGH� GR� HPSUHJDGR� DR� PHVPR� WHPSR� GD� GR� HPSUHJDGRU�� SRLV� R�
HPSUHJDGR�SURGX]�PDLV�H�UHFHEH�PDLV��
$OpP� GRV� SULQFtSLRV� EiVLFRV� GD� 257�� GHYHPRV� FRQKHFHU� DLQGD� RV�
SULQFtSLRV�GD�DGPLQLVWUDomR� FLHQWtILFD�GH�7D\ORU��SDUD� ³PDWDU´�DV�TXHVW}HV�GH�
FRQFXUVR�TXH�YHQKDP�VREUH�LVVR��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
x� 3ODQHMDPHQWR��R�WUDEDOKR�GHYH�VHU�SODQHMDGR�SHOD�RUJDQL]DomR�
FRP� EDVH� HP� PpWRGRV� FLHQWtILFRV�� H� QmR� RSHUDGR� FRQIRUPH� R�
FULWpULR�LQGLYLGXDO�GR�WUDEDOKDGRU��x� 3UHSDUR�� RV� WUDEDOKDGRUHV� GHYHP� VHU� FLHQWLILFDPHQWH�
VHOHFLRQDGRV� FRP� EDVH� HP� VXDV� DSWLG}HV� H� WUHLQDGRV� SDUD� DV�
WDUHIDV�SODQHMDGDV��
x� &RQWUROH�� R� WUDEDOKR� GHYH� VHU� FRQWURODGR�� SDUD� TXH� VHMD�
SRVVtYHO� YHULILFDU� VH� R� TXH� IRL� SODQHMDGR� HVWi� VHQGR� FXPSULGR��
HP� WHUPRV� GH� PHWRGRORJLD� XWLOL]DGD� H� PHWDV� DOFDQoDGDV��
GHYHQGR� RV� WUDEDOKDGRUHV� H� D� JHUrQFLD� FRRSHUDU� SDUD� D�
HILFLrQFLD�GRV�WUDEDOKRV��
x� ([HFXomR�� DV� DWULEXLo}HV� H� UHVSRQVDELOLGDGHV� GH� H[HFXomR�
GHYHP�VHU�GLVWULEXtGDV�GH�IRUPD�SODQHMDGD��
�
(P�UHVXPR��p�SRVVtYHO�DILUPDU�TXH�D�DGPLQLVWUDomR�FLHQWtILFD�FRPELQD�
DV�VHJXLQWHV�LGHLDV�HP�XPD�SHUVSHFWLYD�VREUH�D�DGPLQLVWUDomR��
x� &LrQFLD��HP�OXJDU�GH�HPSLULVPR��
x� +DUPRQLD��HP�YH]�GH�GLVFyUGLD��
x� &RRSHUDomR��H�QmR�LQGLYLGXDOLVPR��
x� 5HQGLPHQWR�Pi[LPR��HP�OXJDU�GH�SURGXomR�UHGX]LGD��
x� 'HVHQYROYLPHQWR�GH�FDGD�KRPHP��QR�VHQWLGR�GH�DOFDQoDU�
PDLRU�HILFLrQFLD�H�SURVSHULGDGH��
�
0DV� QHP� WXGR� VmR� IORUHV� QHVWD� HVFROD� GD� DGPLQLVWUDomR�� $�
$GPLQLVWUDomR�&LHQWtILFD�GH�7D\ORU�VRIUHX�PXLWDV�FUtWLFDV��'HQWUH�HODV��DV�
VHJXLQWHV� SRGHP� VHU� GHVWDFDGDV� SDUD� YRFr� OHYDU� HP� VXD� FDEHoD� SDUD� R�
FRQFXUVR��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
���2� KRPHP�� YLVWR� FRPR� XPD� PiTXLQD� SHOD� $GPLQLVWUDomR�
&LHQWtILFD��IRL�SRXFR�FRQVLGHUDGR�SRU�HVVD�WHRULD��TXH�R�SHUFHELD�
DSHQDV�FRPR�XP�LQVWUXPHQWR�GH�WUDEDOKR�FRPR�TXDOTXHU�RXWUR��
QmR� FRQVLGHUDQGR� GLYHUVRV� DVSHFWRV� PRWLYDFLRQDLV� DOpP� GR�
GLQKHLUR��
���2� WUDEDOKDGRU� GHYHULD� VHU� VXSHUHVSHFLDOL]DGR� QDV� SRXFDV�
WDUHIDV� TXH� H[HFXWDYD� URWLQHLUDPHQWH�� 3HUFHEHX�VH��
SRVWHULRUPHQWH�� TXH� HVVD� QmR� HUD� XPD� IRUPD� GH� DJLU� TXH�
UHVXOWDULD�VHPSUH�HP�DXPHQWR�GD�SURGXWLYLGDGH��
��� $�DGPLQLVWUDomR�FLHQWtILFD�QmR�FRQVLGHUD�R�WUDEDOKDGRU�FRPR�VHU�
KXPDQR�H�VRFLDO��PDV�FRPR�XP�DSrQGLFH�GD�PiTXLQD��$VVLP��R�
VHU� KXPDQR� HUD� YLVWR� GH� XPD� IRUPD� PXLWR� SHTXHQD� H�
HVSHFtILFD��SRXFR�DPSOD��(UD�FRPR�VH�R�KRPHP�VXEVWLWXtVVH�R�
ERL�TXH�PRYH�D�PRHQGD�RX�R�ULR�TXH�PRYH�R�PRLQKR����
��� $SHVDU�GH�WRGR�R�VHX�GHVHQYROYLPHQWR�FRP�XPD�VXSRVWD�EDVH�
FLHQWtILFD�� QmR� Ki� FRPSURYDomR� FLHQWtILFD� �YHMDP� Vy���� GH� TXH�
HVVD� HVFROD� GD� DGPLQLVWUDomR� UHDOPHQWH� FRQVHJXLD� DXPHQWDU��
SRU�VL�Vy��D�HILFLrQFLD�RUJDQL]DFLRQDO��
��� $� RUJDQL]DomR� QmR� HUD� YLVWD� FRPR� XP� WRGR�� PDV� REVHUYDGD�
PLFURVFRSLFDPHQWH�� DVVLP� FRPR� R� WUDEDOKDGRU�� FRP� IRFR� QDV�
WDUHIDV� D� VHUHP� UHDOL]DGDV�� 9LVWD� GH� IRUPD� H[WUHPDPHQWH�
FRPSDUWLPHQWDGD�� D� RUJDQL]DomR� QmR� SRGHULD� WUDEDOKDU� VREUH�
WRGD�D�VXD�FRPSOH[LGDGH��
���2XWUD� FUtWLFD� j� DGPLQLVWUDomR� FLHQWtILFD� p� D� OLPLWDomR� GR� VHX�
FDPSR� GH� DWXDomR� DR� FKmR� GH� IiEULFD� LQGXVWULDO�� QmR�
FRQVLGHUDQGR�RXWURV�DVSHFWRV�RUJDQL]DFLRQDLV��
��� $� DERUGDJHP� SUHVFULWLYD� H� QRUPDWLYD� XWLOL]DGD� QmR� FRQVHJXH�
DWHQGHU� D� WRGRV� RV� WLSRV� GH� VLWXDomR� TXH� SRGHP� VXUJLU� QD�
RUJDQL]DomR��
��� $� RUJDQL]DomR� HUD� YLVWD� FRPR� XP� VLVWHPD� IHFKDGR� SHOD�
DGPLQLVWUDomR� FLHQWtILFD�� GH� PRGR� TXH� HVVD� HVFROD� QmR�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
FRQVHJXLD�SHUFHEHU�DV�GLYHUVDV�LQWHU�UHODo}HV�HQWUH�R�DPELHQWH�
H�D�RUJDQL]DomR�FRPR�JHUDGRUDV�GH�LQIOXrQFLDV�QD�PHVPD��
�
��%HP��FRP�LVVR�DFDEDPRV�D�SULPHLUD�(VFROD��
1mR�VH�SUHRFXSHP��QHP�WRGDV�DV�HVFRODV�WUD]HP�WDQWR�DVVXQWR�DVVLP��
e�TXH� WHP�DOJXPDV�TXH� VmR�PDLV� FREUDGDV�QRV� FRQFXUVRV�� HQWmR� WHPRV�TXH�
QRV�SUHFDYHU��QmR�p�"�
�
��������� 2�)RUGLVPR�
(P� OLQKD� FRP� R� SHQVDPHQWR� GD� DGPLQLVWUDomR� FLHQWtILFD� GH� 7D\ORU�
VXUJH� R� )RUGLVPR�� 7UDWD�VH� GR� VLVWHPD� GH� SURGXomR� HP� PDVVD� EDVHDGR� QD�
OLQKD�GH�PRQWDJHP�GHVHQYROYLGR�SRU�+HQU\�)RUG��
$� LGHLD� EiVLFD� GH� )RUG� HUD� D� GH� TXH� VHULD� SRVVtYHO� DXPHQWDU� D�
SURGXWLYLGDGH� GD� OLQKD� GH� SURGXomR� FRP� D� LPSOHPHQWDomR� GH� XPD� OLQKD� GH�
PRQWDJHP�PyYHO��PHFDQL]DomR�GR�SURFHVVR��MRUQDGD�GH�WUDEDOKR�GH���KRUDV�H�
DXPHQWR� GH� VDOiULRV�� &RP� LVVR�� EXVFDYD�VH� XWLOL]DU� R� WUDEDOKDGRU� GD� PHOKRU�
IRUPD��UHGX]LQGR�R�WHPSR�GH�WUDEDOKR�H�RV�FXVWRV�HP�JHUDO��ID]HQGR�DLQGD�FRP�
TXH�RV�IXQFLRQiULRV�YLUHP�FRQVXPLGRUHV�SRWHQFLDLV�GRV�SURGXWRV�GD�HPSUHVD��
'H�IRUPD�JHUDO��IDOD�VH�QRV�VHJXLQWHV�SULQFtSLRV�GR�)RUGLVPR��
x� 3ULQFtSLR� GD� LQWHQVLILFDomR�� WUDWD�VH� GD� UHGXomR� GR� WHPSR� GH�
SURGXomR�DWUDYpV�GD�PD[LPL]DomR�GR� XVR�GRV� HTXLSDPHQWRV� H�
PDWpULDV�SULPDV�� DOpP� GD� PDLRU� DJLOLGDGH� QD� FRORFDomR� GR�
SURGXWR�QR�PHUFDGR�SDUD�FRQVXPR��
x� 3ULQFtSLR� GD� HFRQRPLFLGDGH�� QDGD� PDLV� p� GR� TXH� UHGX]LU� R�
HVWRTXH� GH� PDWpULD� SULPD� DR� PtQLPR� SDUD� TXH� HQTXDQWR� RV�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
SURGXWRV� ILQDLV� VHMDP� YHQGLGRV� �FDUURV��� VXD� YHQGD� VHMD�
VXILFLHQWH� SDUD� SDJDU� R� FXVWR� GDV� PDWHULDLV� SULPDV� H� GRV�
VDOiULRV�GRV�HPSUHJDGRV��
x� 3ULQFtSLR� GD�SURGXWLYLGDGH�� WUDWD�VH� GH� DXPHQWDU� D� FDSDFLGDGH�
GH� SURGXomR� GH� FDGD� WUDEDOKDGRU� HP� XP� WHPSR� GHWHUPLQDGR�
SRU� PHLR� GR� XVR� GD� HVSHFLDOL]DomR� GR� WUDEDOKR� QD� OLQKD� GH�
PRQWDJHP��
6REUH�HVWH�~OWLPR�SULQFtSLR��FDEH�GHVWDFDU�D�H[LVWrQFLD�GH�GRLV�SRQWRV�
HVVHQFLDLV�GD�SURGXomR�HP�PDVVD�TXH� IRUDP�EDVWDQWH�XWLOL]DGRV�SDUD�D� OLQKD�
GH�PRQWDJHP�GH�)RUG��
x� 8VR� GH� SHoDV� H� FRPSRQHQWHV� SDGURQL]DGRV� H� LQWHUFDPELiYHLV�
HQWUH�VL��SDUD�SURGX]LU�HP�PDVVD��)RUG�LQLFLRX�XP�SURFHVVR�GH�
FRQWUROH�GH�TXDOLGDGH�GDV�SHoDV�SDUD�TXH�HODV�HVWLYHVVHP�WRGDV�
GH� DFRUGR� FRP� XP� GHWHUPLQDGR� SDGUmR� GH� XVR� QD� IiEULFD��
SRGHQGR� VHU� IDFLOPHQWH� WURFDGDV� SRU� RXWUDV� SHoDV� GD� PHVPD�
HVSHFLILFDomR��VH�DVVLP�IRVVH�QHFHVViULR��
x� (VSHFLDOL]DomR�GR�WUDEDOKDGRU��$�HVSHFLDOL]DomR�GR�WUDEDOKDGRU�p�
EDVH�SDUD�R�IXQFLRQDPHQWR�GD�OLQKD�GH�PRQWDJHP��Mi�TXH�FDGD�
XP� GHYH� VHU� XP� YHUGDGHLUR� HVSHFLDOLVWD� QD� SHTXHQD� SDUWH� GR�
SURFHVVR�SURGXWLYR�SHOD�TXDO�p�UHVSRQViYHO��$�LGHLD�p�TXH�FDGD�
WUDEDOKDGRU� IDoD�DSHQDV�XPD�SHTXHQD�SDUWH�GR� WUDEDOKR� WRWDO��
PDV�TXH�IDoD�D�VXD�SDUWH�FRP�Pi[LPD�HILFLrQFLD��
-XQWDQGR�R�XVR�GHVVHV�GRLV�SULQFtSLRV�j�FRQVWUXomR�GH�XPD� OLQKD�GH�
PRQWDJHP�PyYHO� ��QD�TXDO�R�SURGXWR�HP�SURFHVVR�YHP�DWp�R� WUDEDOKDGRU��H�
QmR�R�FRQWUiULR���)RUG�FRQVHJXLX�UHGX]LU�GUDVWLFDPHQWH�R�WHPSR�GH�FDGD�FLFOR�
GH� WUDEDOKR� GRV� RSHUiULRV� GH� PRGR� TXH� D� SURGXWLYLGDGH� DXPHQWRX�
GUDVWLFDPHQWH��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
&RPR� IDOHL� QR� LQtFLR�� p� DLQGD� DWULEXtGD� j� )RUG� D� LGHLD� GH� TXH� RV�
IXQFLRQiULRV�GHYHULDP�VHU�FDSD]HV�GH�FRPSUDU�RV�SURGXWRV�GD�HPSUHVD�SDUD�D�
TXDO�WUDEDOKDP��1D�YHUGDGH��)RUG�OHYRX�HVWD�LGHLD�PXLWR�D�VpULR�DR�GXSOLFDU�R�
VDOiULR�GH�VHXV�IXQFLRQiULRV�FRP�HVWH�REMHWLYR��
9DPRV�DJRUD�HVWXGDU�D�7HRULD�&OiVVLFD�GD�$GPLQLVWUDomR��TXH�
WDPEpP�ID]�SDUWH�GD�$ERUGDJHP�&OiVVLFD��
�
������� 7HRULD�&OiVVLFD�
2�REMHWLYR�FHQWUDO�GD�7HRULD�&OiVVLFD�HUD�R�PHVPR�GD�$GPLQLVWUDomR�
&LHQWtILFD�� PD[LPL]DU� D� HILFLrQFLD� RUJDQL]DFLRQDO�� $SHVDU� GLVVR�� D� 7HRULD�
&OiVVLFD�GH�)D\RO�GDYD�rQIDVH�DR�SDSHO�GD�HVWUXWXUD�RUJDQL]DFLRQDO�FRPR�XP� WRGR� QD� REWHQomR� GH� HOHYDGRV� JUDXV� GH� HILFLrQFLD�� (VVD� HVWUXWXUD� VHULD�
SRVVXLGRUD� GH� IXQo}HV� H� SULQFtSLRV� TXH� GHYHULDP� VHU� UHVSHLWDGRV� SDUD� R�
VXFHVVR� RUJDQL]DFLRQDO�� $VVLP�� R� IRFR� WDPEpP� HVWDYD� VREUH� R� SDSHO� GR�
H[HFXWLYR�GH�DOWR�QtYHO� GD�RUJDQL]DomR� UHDOL]DU� WRGD�D�HVWUXWXUDomR�GH� IRUPD�
FRUUHWD�SDUD�JDUDQWLU�RV�ERQV�UHVXOWDGRV��e�FRP�EDVH�QHVVD�WHRULD�TXH� IRUDP�
FULDGDV�DV�HVWUXWXUDV�RUJDQL]DFLRQDLV�TXH�KRMH�VmR�UHSUHVHQWDGDV�SRU�PHLR�GH�
XP�RUJDQRJUDPD��JUiILFR�TXH�UHSUHVHQWD�DV�HVWUXWXUDV�GDV�RUJDQL]Do}HV���
'H� IRUPD� PDLV� HVSHFtILFD�� D� 7HRULD� &OiVVLFD� SUHYLD� D� H[LVWrQFLD� GH�
GLIHUHQWHV� IXQo}HV� SDUD� TXH� DV� RUJDQL]Do}HV� SXGHVVHP� VH� HVWUXWXUDU�
DGHTXDGDPHQWH��$V�IXQo}HV�EiVLFDV�GD�RUJDQL]DomR��SDUD�)D\RO��HUDP��
��� )XQo}HV�WpFQLFDV��UHODWLYDV�j�SURGXomR��
��� )XQo}HV�FRPHUFLDLV��UHODWLYDV�j�YHQGD��FRPSUD�H�WURFD��
��� )XQo}HV� ILQDQFHLUDV�� UHODWLYDV� DR� JHUHQFLDPHQWR� H� EXVFD� GH�
FDSLWDO��
��� )XQo}HV� GH� VHJXUDQoD�� DTXHODV� TXH� UHODFLRQDP� FRP� D�
SURWHomR�LQGLYLGXDO�H�SDWULPRQLDO��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
��� )XQo}HV�FRQWiEHLV��UHODFLRQDGDV�FRP�D�FRQWDELOLGDGH��
��� )XQo}HV� DGPLQLVWUDWLYDV�� p� D� IXQomR� UHVSRQViYHO� SHOD�
IRUPXODomR� GDV� TXHVW}HV� JHUDLV� GD� HPSUHVD�� FRRUGHQDomR� GRV�
HVIRUoRV�� KDUPRQL]DomR� GRV� DWRV� H� FRQVWUXomR� GR� VHX� FRUSR�
VRFLDO�� (OD� p� TXH� LQWHJUD� H� FRRUGHQD� DV� RXWUDV� IXQo}HV�� e� D�
IXQomR�$'0,1,75$d­2��SHVVRDO��
�
3UHRFXSDGR� FRP� D� HVWUXWXUDomR� RUJDQL]DFLRQDO� H� FRP� D� IXQomR� GD�
DGPLQLVWUDomR�� )D\RO� GHILQLX� D� DGPLQLVWUDomR� FRPR� XP� FRQMXQWR� GH�
GLIHUHQWHV�DWLYLGDGHV�TXH� UHSUHVHQWDP�D� IXQomR�GR�DGPLQLVWUDGRU�HP�XPD�
HPSUHVD��
x� 3UHYHU�SODQHMDU�� WUDWD�VH� GH� DYDOLDU� R� IXWXUR� H� WUDoDU� XP�
SODQR�GH�DomR�SDUD�FKHJDU�DWp�HOH��
x� 2UJDQL]DU�� WUDWD�VH� GD� DWLYLGDGH� TXH� SURSRUFLRQD� RV� UHFXUVRV�
PDWHULDLV�H�VRFLDLV�SDUD�D�HPSUHVD��WDLV�FRPR�PDWpULDV�SULPDV��
UHFXUVRV�ILQDQFHLURV��SHVVRDV��HWF��
x� &RPDQGDU��p�D�DWLYLGDGH�GH�GLULJLU�R�SHVVRDO�GD�RUJDQL]DomR��
x� &RRUGHQDU�� e� D� FULDomR� GH� KDUPRQLD� HQWUH� DV� DWLYLGDGHV��
HVIRUoRV�H�DWRV�GR�QHJyFLR�FRP�R�REMHWLYR�GH�IDFLOLWDU�R�VXFHVVR�
GR�WUDEDOKR��
x� &RQWURODU�� WUDWD�VH� GD� YHULILFDomR� GRV� WUDEDOKRV� SDUD� TXH� VH�
FHUWLILTXH�GH�TXH�WXGR�HVWi�FDPLQKDQGR�FRQIRUPH�R�SODQHMDGR��
��&DUORV����e�PXLWD�FRLVD�SDUD�GHFRUDU����
��(X�VHL�SHVVRDO����HX�VHL����PDV�SDUD�HVVH�FDVR�HVSHFtILFR��OKHV�GRX�R�
VHJXLQWH�PQHP{QLFR�SDUD�PHPRUL]DU���
)D\RO� �3�2�&�&�&�� �32&��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
3UHYHU��RX�SODQHMDU���2UJDQL]DU��&RPDQGDU��&RRUGHQDU�H�&RQWURODU��
6DLED� TXH�� SDUD� )D\RO�� FDGD� XPD� GHVVDV� IXQo}HV� UHSHUFXWH� VREUH� D�
VHJXLQWH��GHWHUPLQDQGR�R�VHX�GHVHQYROYLPHQWR���
$OpP�GLVVR��p�SUHFLVR� WHU� HP�PHQWH�DLQGD�RV����3ULQFtSLRV�*HUDLV�
GD� $GPLQLVWUDomR� GH� )D\RO�� 5HSURGX]R�� D� VHJXLU�� RV� UHIHULGRV� SULQFtSLRV��
FRQIRUPH�DSUHVHQWDGR�SRU�&KLDYHQDWR���������
���'LYLVmR�GR�WUDEDOKR��&RQVLVWH�QD�HVSHFLDOL]DomR�GDV�WDUHIDV�H�
GDV� SHVVRDV� SDUD� DXPHQWDU� D� HILFLrQFLD� GD� RUJDQL]DomR��
SRGHQGR� VHU� YHUWLFDO� �FULDQGR� D� KLHUDUTXLD�� RX� KRUL]RQWDO� �SRU�
PHLR�GD�GHSDUWDPHQWDOL]DomR���
���$XWRULGDGH�H�UHVSRQVDELOLGDGH��$XWRULGDGH�p�R�GLUHLWR�GH�GDU�
RUGHQV� H� R� SRGHU� GH� HVSHUDU� REHGLrQFLD�� $� UHVSRQVDELOLGDGH� p�
XPD�FRQVHTXrQFLD�QDWXUDO�GD�DXWRULGDGH�H�VLJQLILFD�R�GHYHU�GH�
SUHVWDU�FRQWDV��$PEDV�GHYHP�HVWDU�HTXLOLEUDGDV�HQWUH�VL��
���'LVFLSOLQD�� 'HSHQGH� GH� REHGLrQFLD�� DSOLFDomR�� HQHUJLD��
FRPSRUWDPHQWR�H�UHVSHLWR�DRV�DFRUGRV�HVWDEHOHFLGRV��
���8QLGDGH�GH�FRPDQGR��&DGD�HPSUHJDGR�GHYH� UHFHEHU�RUGHQV�
GH�DSHQDV�XP�VXSHULRU��e�R�SULQFtSLR�GD�DXWRULGDGH�~QLFD��
���8QLGDGH� GH� GLUHomR�� 8PD� FDEHoD� H� XP� SODQR� SDUD� FDGD�
FRQMXQWR�GH�DWLYLGDGHV�TXH�WHQKDP�R�PHVPR�REMHWLYR��
��� 6XERUGLQDomR� GRV� LQWHUHVVHV� LQGLYLGXDLV� DRV� JHUDLV�� 2V�
LQWHUHVVHV� GD� HPSUHVD� GHYHP� VREUHSRU�VH� DRV� LQWHUHVVHV�
SDUWLFXODUHV� GRV� LQGLYtGXRV�� ,VVR� p� R� PHVPR� TXH� GL]HU� TXH� RV�
LQWHUHVVHV�GRV�LQGLYtGXRV�GHYHP�VHU�RV�PHVPRV�GD�RUJDQL]DomR��
RX�VHMD��GHYH�KDYHU�LGHQWLGDGH�GH�LQWHUHVVHV��
���5HPXQHUDomR� GR� SHVVRDO�� 'HYH� KDYHU� MXVWD� H� JDUDQWLGD�
VDWLVIDomR�SDUD�RV�HPSUHJDGRV�H�SDUD�D�RUJDQL]DomR�HP�WHUPRV�
GH�UHWULEXLomR��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
��� &HQWUDOL]DomR��5HIHUH�VH�j�FRQFHQWUDomR�GD�DXWRULGDGH�QR�WRSR�
GD�KLHUDUTXLD�GD�RUJDQL]DomR��
��� &DGHLD� HVFDODU�� e� D� OLQKD� GH� DXWRULGDGH� TXH� YDL� GR� HVFDOmR�
PDLV�DOWR�DR�PDLV�EDL[R�HP�IXQomR�GR�SULQFLSLR�GR�FRPDQGR��
���� 2UGHP��8P�OXJDU�SDUD�FDGD�FRLVD�H�FDGD�FRLVD�HP�VHX�OXJDU��
e�D�RUGHP�PDWHULDO�H�KXPDQD��
���� (TXLGDGH��$PDELOLGDGH�H�MXVWLoD�SDUD�DOFDQoDU�D�OHDOGDGH�GR�
SHVVRDO��
���� (VWDELOLGDGH� GR� SHVVRDO�� $� URWDWLYLGDGH� GR� SHVVRDO� p�
SUHMXGLFLDO�SDUD�D�HILFLrQFLD�GD�RUJDQL]DomR��4XDQWR�PDLV�WHPSR�
XPD�SHVVRD�ILFDU�QR�FDUJR��PHOKRU�VHUi�SDUD�D�HPSUHVD��
���� ,QLFLDWLYD��$�FDSDFLGDGH�GH�YLVXDOL]DU�XP�SODQR�H�DVVHJXUDU�
SHVVRDOPHQWH�R�VHX�VXFHVVR��
���� (VStULWR�GH�HTXLSH��$�KDUPRQLD�H�D�XQLmR�HQWUH�DV�SHVVRDV�
VmR�JUDQGHV�IRUoDV�SDUD�D�RUJDQL]DomR��
�� ,PSUHVVLRQDQWH� FRPR� WRGRV� HVVHV� SULQFtSLRV� QRV� SDUHFHP� DWXDLV��
QmR�p"��$QWHV�GH�YRFr�WHU�HVWXGDGR�LVVR��VH�p�TXH�Mi�QmR�HVWXGRX�DQWHV����YRFr�
GLULD�TXH�DV�LGHLDV�GH�HVWDELOLGDGH��UHPXQHUDomR�MXVWD��HVStULWR�GH�HTXLSH��HWF���
VmR�LGHLDV�TXH�WHP�PDLV�GH�����DQRV�"�
3RLV�p��(VVDV�VmR�LGHLDV�TXH�UHPRQWDP�DR�SULQFtSLR�GD�DGPLQLVWUDomR�
HQTXDQWR�FLrQFLD��SRU�PHLR�GD�7HRULD�&OiVVLFD�GH�)D\RO��
&RP� VXD� FODUD� SUHRFXSDomR� FRP� D� HVWUXWXUD� RUJDQL]DFLRQDO�� )D\RO�
DSUHVHQWDYD� D� QHFHVVLGDGH� GH� XPD�HVWUXWXUD�GR� WLSR� OLQHDU�� TXH� p� DTXHOD�
EDVHDGD�QDV�RUGHQV�TXH�VmR�GDGDV�GR�FKHIH�SDUD�R�VXERUGLQDGR��GH�FLPD�SDUD�
EDL[R� QD� HVWUXWXUD� RUJDQL]DFLRQDO�� VHQGR� TXH� FDGD� iUHD� WHUPLQD� WRPDQGR� DV�
GHFLV}HV�UHODWLYDV�DR�VHX�SUySULR�WUDEDOKR��3HUFHED�TXH��HVVH�WLSR�GH�HVWUXWXUD�
RUJDQL]DFLRQDO�WHUPLQD�VHQGR�EDVHDGR�QRV�SULQFtSLRV�GD�XQLGDGH�GH�FRPDQGR��
XQLGDGH�GH�GLUHomR��FHQWUDOL]DomR�GD�DXWRULGDGH�H�FDGHLD�HVFDODU��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
1R� TXH� GL]� UHVSHLWR� DR� WUDEDOKDGRU�� D� (VFROD� &OiVVLFD� DSUHVHQWD� ��
GLIHUHQWHV� TXDOLGDGHV� TXH� VH� PRVWUDP� UHOHYDQWHV� SDUD� D� H[HFXomR� GH�
GLIHUHQWHV� WLSRV� GH� WDUHID�� 1D� HVWUXWXUDomR� GDV� GLIHUHQWHV� IXQo}HV�
RUJDQL]DFLRQDLV��p�SUHFLVR�FRQVLGHUDU�D�QHFHVVLGDGH�GH�HQFRQWUDU�WUDEDOKDGRUHV�
FRP�GLIHUHQWHV�QtYHLV�GH��
���4XDOLGDGHV�ItVLFDV��TXH�LQFOXHP�YLJRU��GHVWUH]D��IRUoD��DJLOLGDGH��
VD~GH��HWF��
���4XDOLGDGHV�LQWHOHFWXDLV��LQFOXLQGR�D�FDSDFLGDGH�GH�FRPSUHHQGHU�
DVVXQWRV� H� WHU� GLVFHUQLPHQWR�� DQDOLVDU�� MXOJDU� H� SHQVDU� VREUH�
FRLVDV�QRYDV��
���4XDOLGDGHV� PRUDLV�� WDLV� FRPR� ILUPH]D�� LQLFLDWLYD�� HQHUJLD��
GLJQLGDGH��HWF��
��� &XOWXUD� JHUDO�� LQFOXLQGR� FRQKHFLPHQWRV� GLYHUVRV� TXH� QmR� VH�
UHODFLRQDP�DSHQDV�j�IXQomR�H[HUFLGD����� &RQKHFLPHQWRV� HVSHFLDLV�� OLJDGRV� HVSHFLILFDPHQWH� j� IXQomR�
H[HUFLGD�
��� ([SHULrQFLD��TXH�GL]�UHVSHLWR�DR�FRQKHFLPHQWR�DGTXLULGR�DWUDYpV�
GD�SUiWLFD�H�YLYrQFLD��
$�7HRULD�&OiVVLFD�WDPEpP�VRIUHX�YiULDV�FUtWLFDV�DR�ORQJR�GR�WHPSR��
$V�SULQFLSDLV�FUtWLFDV�D�HVVD�HVFROD�VmR�DV�VHJXLQWHV���
��� 6XD� DERUGDJHP� p� EDVWDQWH� VLPSOLILFDGD� TXDQWR� j� HVWUXWXUD�
RUJDQL]DFLRQDO��FRQVLGHUDQGR�DSHQDV�D�RUJDQL]DomR�IRUPDO��
��� $SHVDU�GH�LQGLFDU�GLYHUVRV�SULQFtSLRV�SDUD�D�DGPLQLVWUDomR��QmR�
Ki� FRPSURYDomR� IRUPDO� GH� VHX� IXQFLRQDPHQWR� FLHQWtILFR� FRP�
EDVH�HP�H[SHULPHQWRV��
��� (OD� VH� EDVHLD� HP� XPD� FRQFHSomR� H[WUHPDPHQWH� UDFLRQDO� GD�
DGPLQLVWUDomR�� R� TXH� QmR� p� VXILFLHQWH� SDUD� FDSWXUDU� WRGR� VHX�
HVStULWR��TXH�HQJORED�DVSHFWRV�VLVWrPLFRV�H�PHQRV�IRUPDOL]DGRV��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
��� $�7HRULD�&OiVVLFD�WHP�XPD�YLVmR�H[FHVVLYDPHQWH�PHFDQLFLVWD�GD�
RUJDQL]DomR�� FRQVLGHUDQGR� VXD� HVWUXWXUD� FRPR� XPD� PiTXLQD�
TXH�� TXDQGR� QmR� IXQFLRQD� EHP�� p� SRUTXH� WHP� GHIHLWRV� TXH�
SUHFLVDP�VHU�FRUULJLGRV�HP�VXD�HVWUXWXUD��
��� $VVLP� FRPR� D� $GPLQLVWUDomR� &LHQWtILFD� GH� 7D\ORU�� D� (VFROD�
&OiVVLFD� GH� )D\RO� GHVFRQVLGHUD� D� LPSRUWkQFLD� GD� RUJDQL]DomR�
LQIRUPDO��
��� 3RU� ILP�� D� RUJDQL]DomR�p� YLVWD� FRPR�XP�VLVWHPD� IHFKDGR�� TXH�
QmR� LQWHUDJH� FRP� VHX� DPELHQWH�� R� TXH� ID]� FRP� TXH� YiULRV�
DVSHFWRV�GH�VXD�FRPSOH[LGDGH�VHMDP�GHVFRQVLGHUDGRV��
&RP� LVVR� HQFHUUDPRV� D� SULPHLUD� GDV� DERUGDJHQV� GDV� FLrQFLDV�
DGPLQLVWUDWLYDV��7UDWD�VH�GH�XPD�GDV�PDLV�LPSRUWDQWHV�SDUD�FRQFXUVRV�H��SRU�
LVVR��PDLV�GHWDOKLVWDV�SDUD�R�HVWXGR���
�
�����$�7HRULD�GD�%XURFUDFLD�QD�2UJDQL]DomR�
$� WHRULD�GD�EXURFUDFLD� IRL� FULDGD�HP������SRU�0D[�:HEHU�FRP�EDVH�
HP� VHXV� HVWXGRV� LQLFLDGRV� DQRV� DQWHV�� VHQGR� GLIXQGLGD� FRPR� PRGHOR� GH�
HVWUXWXUD�RUJDQL]DFLRQDO�SRU�YROWD�GD�GpFDGD�GH�����������FRPR�FRQVHTXrQFLD�
GD�GLILFXOGDGH�HP�VH�GHILQLU�XPD�WHRULD�GDV�RUJDQL]Do}HV�TXH�GH�IDWR�VHUYLVVH�
SDUD�D�RULHQWDomR�GR� WUDEDOKR�GR�DGPLQLVWUDGRU�� Mi�TXH�D�7HRULD�&OiVVLFD�HUD�
H[FHVVLYDPHQWH� PHFDQLFLVWD� H� D� 7HRULD� GDV� 5HODo}HV� +XPDQDV� HUD�
H[FHVVLYDPHQWH�URPkQWLFD��
��0DV�&DUORV��e�GpFDGD�GH���������RX�����"""�
�� 5HVSRVWD�� 6LPSOHV�� $� 7HRULD� GD� %XURFUDFLD� UHDOPHQWH� VXUJLX� QR�
LQtFLR�GR�VpFXOR�;;��PDV�p�TXH�HOD�Vy�IRL�DSOLFDGD�j�DGPLQLVWUDomR�QD�GpFDGD�GH�
���������GHSRLV�GD�PRUWH�GH�0D[�:HEHU��VHX�SULQFLSDO�DXWRU��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
'LIHUHQWHV� IDWRUHV� FRQWULEXtUDP� SDUD� D� FULDomR� GD� 7HRULD� GD�
%XURFUDFLD��LQFOXLQGR���
x� 2UJDQL]Do}HV� HP� FUHVFLPHQWR� GHVRUGHQDGR� H� FRP� PDLRU� JUDX�
GH�FRPSOH[LGDGH��
x� %XVFD� GH� UDFLRQDOLGDGH� H� LJXDOGDGH� QR� WUDWDPHQWR� GRV�
IXQFLRQiULRV�GDV�GLYHUVDV�RUJDQL]Do}HV��
x� $ERUGDJHP�PDLV�DPSOD�SDUD�R�HVWXGR�GD�DGPLQLVWUDomR��
x� 1HFHVVLGDGH� GH� HVWXGRV� PDLV� HVWUXWXUDGRV� SDUD� D� DQiOLVH� GRV�
WLSRV� GH� UHODFLRQDPHQWR� KXPDQRV�� QD� EXVFD� GH� PDLRU�
SURGXWLYLGDGH��
�
$� WHRULD� EXVFD� FULDU� XPD� RUJDQL]DomR� HILFLHQWH�� FRQVLVWLQGR� QR�
DWLQJLPHQWR�GRV�UHVXOWDGRV�RUJDQL]DFLRQDLV�FRP�R�XVR�UDFLRQDO�GRV�UHFXUVRV��e�
SRVVtYHO� GL]HU� TXH�� HP� DOJXPD� PHGLGD�� WRGDV� DV� RUJDQL]Do}HV� IRUPDLV� VmR�
YHUGDGHLUDV� EXURFUDFLDV� EDVHDGDV� HP� QRUPDV� H� UHJUDV� GH� FRQYtYLR�� 1D�
EXURFUDFLD� WXGR� p� SUHYLVWR�� SODQHMDGR� H� H[HFXWDGR� FRQIRUPH� UHJUDV� H�
UHJXODPHQWRV�� GH� IRUPD� LPSHVVRDO� H� UDFLRQDO�� e� SRVVtYHO� UHVXPLU� DV�
FDUDFWHUtVWLFDV�GD�EXURFUDFLD�GD�VHJXLQWH�IRUPD��
���1RUPDV�H�UHJXODPHQWRV�SRVVXHP�FDUiWHU�OHJDO��
��� $V�FRPXQLFDo}HV�VmR�IRUPDOL]DGDV�H�RILFLDLV��
���2�WUDEDOKR�p�GLYLGLGR�GH�IRUPD�UDFLRQDO��
���2V�UHODFLRQDPHQWRV�VmR�LPSHVVRDLV��
��� $�DXWRULGDGH�VHJXH�D�KLHUDUTXLD�RUJDQL]DFLRQDO��
��� $V�URWLQDV�H�SURFHGLPHQWRV�VmR�SDGURQL]DGRV��
��� $�FRPSHWrQFLD�WpFQLFD�p�YDORUL]DGD�DWUDYpV�GD�PHULWRFUDFLD��
��� $�DGPLQLVWUDomR�p�HVSHFLDOL]DGD��QmR�Ki�SDWULPRQLDOLVPR���
���2V�PHPEURV�GD�RUJDQL]DomR�VmR�SURILVVLRQDLV�
���� 2�IXQFLRQDPHQWR�GD�RUJDQL]DomR�p�FRPSOHWDPHQWH�SUHYLVtYHO��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
� �
$� LGHLD�EiVLFD�SRU�WUD]�GD�EXURFUDFLD�p�TXH�p�QHFHVViULR�XWLOL]DU�XPD�
DXWRULGDGH�UDFLRQDO�OHJDO�SDUD�LQIOXHQFLDU�R�FRPSRUWDPHQWR�GDV�SHVVRDV�QD�
RUJDQL]DomR�H�FRQVHJXLU�TXH�QRUPDV�H�UHJUDV�VHMDP�VHJXLGDV�SDUD�D�Pi[LPD�
HILFLrQFLD�� 2V� RXWURV� WLSRV� GH� GRPLQDomR� OHJtWLPD� VREUH� DV� SHVVRDV�
�DXWRULGDGH�� QmR� VHULDP� DSOLFiYHLV� SDUD� R� VXFHVVR� QD� RUJDQL]DomR�� 3DUD� VXD�
LQIRUPDomR�� HVVHV� WLSRV� VmR�� ��� D� WUDGLFLRQDO� �� EDVHDGD� QRV� FRQVXPHV� H�
WUDGLo}HV�TXH�LPS}HP�UHVSHLWR�jV�SHVVRDV�SRVVXLGRUDV�GH�SRGHU��SDWULDUFDGR��
VHQKRUHV� IHXGDLV�� HWF����H����D� FDULVPiWLFD� ��EDVHDGD�QRV� WUDoRV�SHVVRDLV�GR�
LQGLYtGXR�� FRQIRUPH� SHUFHELGR� SHODV� SHVVRDV� �FRPR� HP� SURIHWDV��
UHYROXFLRQiULRV��SROtWLFRV��HWF����
$�YLVmR�GH�VHU�KXPDQR�TXH�SHUSDVVD�D�RUJDQL]DomR�EXURFUiWLFD�p�D�GH�
KRPHP�RUJDQL]DFLRQDO�� RFXSDQWH�GH�XP�FDUJR�QD�RUJDQL]DomR�H�SRVVXLGRU�
GH� DWULEXLo}HV� HVSHFtILFDV�� (VVH� KRPHP�� QD� EXURFUDFLD�� UHDJH� D� LQFHQWLYRV�
PDWHULDLV�H�VDODULDLV�SRU�SDUWH�GD�DGPLQLVWUDomR���
$�EXURFUDFLD� WUiV� DOJXPDV� YDQWDJHQV�� 3DUD�:HEHU�� DV� YDQWDJHQV� GD�
EXURFUDFLD�VmR��
���$�UDFLRQDOLGDGH�GRV�REMHWLYRV��
��� &DUJRV�H�WDUHIDV�EHP�GHILQLGDV��
���5DSLGH]�QDV�GHFLV}HV��Mi�TXH�HODV�HVWmR�SUHYLVWDV��
��� ,QWHUSUHWDomR�~QLFD�H�FODUD�GRV�UHJXODPHQWRV�H�QRUPDV��SRU�
TXHP�QHFHVVLWH�VDEHU��
��� $�XQLIRUPLGDGH�GH�SURFHGLPHQWRV�H�URWLQDV�GH�WUDEDOKR��
��� $� PDQXWHQomR� GD� FRQWLQXLGDGH� GD� RUJDQL]DomR�� TXH� VH�
SHUSHWXD�SURILVVLRQDOPHQWH��
��� $�GLPLQXLomR�GRV�DWULWRV�HQWUH�RV� LQGLYtGXRV�� Mi� TXH� FDGD�
XP�VDEH�FODUDPHQWH�R�VHX�SDSHO��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
��� (VWDELOLGDGH�GDV�GHFLV}HV��FRQVWkQFLD��� Mi� TXH� DV�PHVPDV�
GHFLV}HV� VHUmR� WRPDGDV� QRV� PHVPRV� FDVRV�� TXDQGR� HOHV� VH�
UHSHWLUHP��
���$OWD� FRQILDELOLGDGH� GDV� GHFLV}HV�� Mi� TXH� ID]HP� SDUWH� GH�
URWLQDV�H�UHJUDV�LPSHVVRDLV��
���� ([LVWrQFLD� GH� EHQHItFLRV� SDUD� DV� SHVVRDV� QD�
RUJDQL]DomR�� Mi� TXH� Ki� KLHUDUTXLD� IRUPDO�� GLYLVmR� FODUD� GR�
WUDEDOKR��UDFLRQDOLGDGH��WUHLQDPHQWR�H�PHULWRFUDFLD��
�
$SHVDU� GH� WDQWRV� PpULWRV�� R� TXH� VH� REVHUYD� p� TXH� D� EXURFUDFLD�
WDPEpP� SRGH� JHUDU� FHUWDV� GLVIXQo}HV�� RX� FRQVHTXrQFLDV� LQHVSHUDGDV� GD�
DSOLFDomR�GR�PRGHOR��$V�GLVIXQo}HV�GD�EXURFUDFLD�VmR��
���$�LQWHUQDOL]DomR�GDV�UHJUDV�H�R�DSHJR�DRV�UHJXODPHQWRV��
DV� UHJUDV� H� UHJXODPHQWRV�� SRU� VHUHP� WmR� LPSRUWDQWHV�� GHL[DP�
GH�VHU�PHLRV�H�SDVVDP�D�VHU�R�SUySULR�REMHWLYR�GD�RUJDQL]DomR��
��� ([FHVVR� GH� IRUPDOLVPR� H� GH� SDSHOyULR�� $� QHFHVVLGDGH� GH�
GRFXPHQWDU�WXGR�ID]�FRP�TXH�KDMD�H[FHVVR�GH�IRUPDOLVPR�H�GH�
SDSHOyULR�DFXPXODGR�SHOD�RUJDQL]DomR��
���5HVLVWrQFLD� jV� PXGDQoDV�� &RPR� WXGR� QD� EXURFUDFLD� p�
SDGURQL]DGR�� R� IXQFLRQiULR� VH� DFRVWXPD� DRV� SDGU}HV� SUp�
HVWDEHOHFLGRV� H� ILFD� PDLV� GLItFLO� LPSOHPHQWDU� PXGDQoDV� QD�
RUJDQL]DomR��TXDQGR�LVWR�VH�ID]�QHFHVViULR��$V�SHVVRDV�WHQGHP�D�UHVLVWLU�jV�PXGDQoDV�H�FODVVLILFi�ODV�FRPR�GHVQHFHVViULDV��
���'HVSHUVRQDOL]DomR� GRV� UHODFLRQDPHQWRV�� &RPR� D�
EXURFUDFLD�p� LPSHVVRDO�QR� WUDWDPHQWR�GR�UHODFLRQDPHQWR�HQWUH�
RV� IXQFLRQiULRV��TXH� VmR� WUDWDGRV� FRPR� LJXDLV�H� HP� IXQomR�GH�
VHXV�FDUJRV�QD�RUJDQL]DomR��R�UHODFLRQDPHQWR�HQWUH�DV�SHVVRDV�
SDVVD� D� VHJXLU� WDPEpP� HVWH� ULWR�� GH� PRGR� TXH� DV� SHVVRDV�
SDVVDP� D� QmR� FRQKHFHU� RV� FROHJDV� SHOR� QRPH�� PDV� VLP� SHOR�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
FDUJR�� Q~PHUR� GH� PDWUtFXOD�� HWF��� FKHJDQGR� DR� SRQWR� GH� QmR�
EXVFDUHP� TXDOTXHU� DSUR[LPDomR� SHVVRDO� FRP� RV� FROHJDV� GH�
WUDEDOKR��
��� &DWHJRUL]DomR� FRPR� EDVH� GR� SURFHVVR� GHFLVyULR�� $V�
GHFLV}HV�VmR�FDWHJRUL]DGDV�SDUD�VHUHP�GHILQLGDV�FRP�EDVH�HP�
GHWHUPLQDGR� QtYHO� KLHUiUTXLFR� RX� FRP� EDVH� HP� UHJXODPHQWRV��
GHL[DQGR� SRXFR� HVSDoR� SDUD� TXH� DV� GHFLV}HV� VHMDP� WRPDGDV�
SRU�TXHP�PDLV�HQWHQGH�GR�DVVXQWR�RX�FRP�EDVH�HP�SURFHVVRV�
GHFLVyULRV�PDLV�FULDWLYRV�HP�EXVFD�GH�XPD�VROXomR�UHDO�SDUD�R�
SUREOHPD��
��� 6XSHUFRQIRUPLGDGH� jV� URWLQDV� H� SURFHGLPHQWRV�� &RPR� D�
EXURFUDFLD� VH� EDVHLD� QD� REULJDomR� GH� VHJXLU� URWLQDV� H�
SURFHGLPHQWRV�� DV� SHVVRDV� SRGHP� ILFDU� SURIXQGDPHQWH�
OLPLWDGDV� QR� VHX� SRGHU� GH� DJLU� OLYUHPHQWH� SDUD� D� EXVFD� GH�
PHOKRUHV�FDPLQKRV�SDUD�D�RUJDQL]DomR��
��� ([LELomR�GH�VLQDLV�GH�DXWRULGDGH��FRPR�D�EXURFUDFLD�HQIDWL]D�
D�KLHUDUTXLD�GH�DXWRULGDGH��WRUQD�VH�QHFHVViULR�XP�VLVWHPD�TXH�
GHL[H�FODUR�R�SRGHU�GH�GHWHUPLQDGRV�FDUJRV�VREUH�RXWURV��(VWHV�
VLQDLV� YrP� SRU� PHLR� GH� XQLIRUPHV�� VDODV�� PHVDV�� WtWXOR� GRV�
FDUJRV��HWF���
���'LILFXOGDGH� QR� DWHQGLPHQWR� D� FOLHQWHV� H� FRQIOLWRV� FRP� R�
S~EOLFR�� XPD� YH]� TXH� D� EXURFUDFLD� p� FHQWUDGD� QDV� QRUPDV� H�
SURFHGLPHQWRV�� SDVVD� D� KDYHU� XPD� GLILFXOGDGH� GH� WUDWDPHQWR�
FRP� R� S~EOLFR� H[WHUQR�� TXH� VH� LPSRUWD� PXLWR� PDLV� FRP� RV�
UHVXOWDGRV� REWLGRV� GR� TXH� FRP� DV� QRUPDV� TXH� GHYHP� VHU�
VHJXLGDV��
�
$OpP�GDV�GLVIXQo}HV�WtSLFDV�GHVVH�PRGHOR��GHYH�VH�WHU�HP�FRQWD�DLQGD�
TXH�HOH�WDPEpP�SRVVXL�FUtWLFDV��TXH�OHYDQWDP�R�SUREOHPD�GH�VXD�UDFLRQDOLGDGH�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
H[FHVVLYD�� YLVmR� PHFDQLFLVWD� GD� RUJDQL]DomR� HP� XP� VLVWHPD� IHFKDGR��
FRQVHUYDGRULVPR�WHyULFR��HWF��
$LQGD� DVVLP�� p� D� EXURFUDFLD� DLQGD� JHUD� JUDQGH� LQIOXHQFLD� VREUH� DV�
RUJDQL]Do}HV� FRQWHPSRUkQHDV�� HP� HVSHFLDO� DV� RUJDQL]Do}HV� S~EOLFDV�� SRU�
UHSUHVHQWDU� XP� LPSRUWDQWH� PHFDQLVPR� SDUD� HYLWDU� RV� PDOHV� GR�
SDWULPRQLDOLVPR�H�DWXDU�HP�EXVFD�GD�Pi[LPD�HILFLrQFLD��
9DPRV�DJRUD�j�DERUGDJHP�VLVWrPLFD��
�
�����$ERUGDJHP�6LVWrPLFD�
��3HVVRDO��(VVD�DERUGDJHP�p�XPD�GDV�PDLV�LPSRUWDQWHV�SDUD�D�
SURYD�� 3UHVWH� DWHQomR�� SRLV� RV� FDQGLGDWRV� FRVWXPDP� HVFRUUHJDU�
EDVWDQWH�DTXL��
(P�SULPHLUR�OXJDU��JRVWDULD�TXH�YRFrV�VRXEHVVHP�TXH�D�FRQFHSomR�GH�
VHU�KXPDQR�SRU�WUD]�GD�YLVmR�VLVWrPLFD�p�D�GH�KRPHP�IXQFLRQDO��1HOD��R�VHU�
KXPDQR�GHVHPSHQKD�SDSpLV�QR�VLVWHPD�HP�TXH�VH� LQVHUH��VHQGR�JXLDGR�SRU�
LQYHQWLYRV�PLVWRV��2�KRPHP� IXQFLRQDO� WHP�H[SHFWDWLYDV� VREUH� RV�SDSHLV� GDV�
RXWUDV� SHVVRDV� QR� VLVWHPD� H� EXVFD� GHL[DU� FODUDV� HVVDV� H[SHFWDWLYDV��
UHIRUoDQGR� RX� PRGLILFDQGR� RV� SDSHLV� GRV� LQGLYtGXRV�� 1HVWH� VHQWLGR�� D�
RUJDQL]DomR� p� XP� JUDQGH� VLVWHPD� GH� SDSpLV�� QD� TXDO� RV� LQGLYtGXRV�
GHVHPSHQKDP�VXDV�SDUWHV��&RQVLGHUD�VH�DLQGD�TXH�RV� LQGLYtGXRV�SRVVDP�VHU�
LQFHQWLYDGRV�SRU�LQFHQWLYRV�PLVWRV��
$� DERUGDJHP� VLVWrPLFD� VXUJH� D� SDUWLU� GD� 7HRULD�*HUDO� GRV�6LVWHPDV�
�7*6��GH�/XGZLJ�YRQ�%HUWDODQII\��(VVH�VXMHLWR�TXHVWLRQRX�R�VHJXLQWH��
��6HUi�TXH�p�SRVVtYHO�FULDU�XPD�WHRULD�JHUDO�SDUD�SURSRUFLRQDU�
SULQFtSLRV� EiVLFRV� SDUD� WRGDV� DV� FLrQFLDV�� FRPR� D� ELRORJLD�� ItVLFD��
VRFLRORJLD"�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
�� 3RLV� EHP�� D� UHVSRVWD� TXH� HOH� PHVPR� GHX� IRL�� 6,0�� $� SDUWLU�
GHVVD�SHUJXQWD�HOH�GHVHQYROYHX�D�7*6���
6HJXQGR�D�7*6��DV�LGHLDV�FOiVVLFDV�GH�UHGXFLRQLVPR��GHFRPSRVLomR�GR�
WRGR� HP� FDGD� GHWDOKH��� SHQVDPHQWR� DQDOtWLFR� �DQiOLVH� GH� FDGD� GHWDOKH�� H�
PHFDQLFLVPR�QmR�VHUYLULDP�SDUD�D�DQiOLVH�GDV�FLrQFLDV��2� LGHiULR�GHYHULD�VHU�
VXEVWLWXtGR�SHOR��
x� ([SDQVLRQLVPR��ROKDU�R�³WRGR´��QR�TXDO�D�SDUWH�VH�LQVHUH���
x� 3HQVDPHQWR� VLQWpWLFR� �VLQWHWL]DU� DV� FRLVDV� SHOR� SDSHO� TXH�
H[HUFHP�QR�WRGR���
x� 7HOHRORJLD� �D� FDXVD� p� XPD� FRQGLomR� QHFHVViULD�� PDV� QHP�
VHPSUH�OHYDUi�D�XPD�GDGD�FRQVHTXrQFLD���
7UDWD�VH�GH�XPD�YHUGDGHLUD�UHYROXomR�QD�IRUPD�GH�SHQVDU�DV�FRLVDV��
2�IRFR�GHYHULD�HVWDU�QmR�PDLV�GHQWUR�GD�SUySULD�RUJDQL]DomR��PDV�QD�UHODomR�
TXH�DV�SDUWHV�GD�RUJDQL]DomR�WLQKDP�HQWUH�VL�H�FRP�R�DPELHQWH�H[WHUQR��VHQGR�
HVWD� D� SULPHLUD� WHRULD� TXH� REVHUYD� D� RUJDQL]DomR� FRPR� DEHUWD� DR� DPELHQWH��
$OpP�GLVVR��DV�UHODo}HV�GR�WLSR�³XPD�FDXVD�JHUD�XP�HIHLWR´��VmR�DEDQGRQDGDV��
SRLV�R�TXH�VH� VDEH�p�TXH�RV�HIHLWRV� WHUmR�FDXVDV��PDV�QXQFD�VH� VDEH�R�TXH�
DFRQWHFHUi�GHSRLV��DR�VH�ID]HU�DOJXPD�FRLVD�DJRUD��
$�7*6�IRL�EDVWDQWH� LQIOXHQFLDGD�SHOR�GHVHQYROYLPHQWR�GD�FLEHUQpWLFD��
TXH� EXVFDYD� VHU� XPD� FLrQFLD� LQWHUGLVFLSOLQDU�� FRP� IRFR� QD� VLQHUJLD� HQWUH� RV�
FRQKHFLPHQWRV�FLHQWtILFRV��
$� LGHLD� FHQWUDO� GHVVD� DERUGDJHP� DSOLFDGD� j� DGPLQLVWUDomR� OHYD� j�
FRQFOXVmR�GH�TXH�D�RUJDQL]DomR�SRGH�VHU�YLVWD�FRPR�XP�VLVWHPD�TXH�LQWHUDJH�
FRP� R� VHX� DPELHQWH�� RX� VHMD�� TXH� UHFHEH� LQVXPRV� �LQSXWV��� UHDOL]D� R�
SURFHVVDPHQWR�GHVVHV�LQVXPRV��H�DSUHVHQWD�VDtGDV��RXWSXWV��SDUD�R�DPELHQWH��
$OpP� GLVVR�� R� SUySULR� DPELHQWH� UHDOLPHQWD� R� VLVWHPD� SRU� PHLR� GH� QRYRV�
LQVXPRV�� TXH� JHUDUmR� QRYRV� SURFHVVDPHQWRV� H� VDtGDV�� 3HUFHEH�VH�� GHVVH�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
PRGR��D�H[LVWrQFLD�GH���FRPSRQHQWHV�GRV�VLVWHPDV�FRPR�XP�WRGR��LQFOXVLYH�R�
VLVWHPD�RUJDQL]DFLRQDO���
���,QVXPRV�RX�HQWUDGDV��LQSXWV���
���3URFHVVDPHQWR��
���6DtGDV��RXWSXWV���
���5HWURDomR��
���$PELHQWH�TXH�HQYROYH�R�VLVWHPD��
�
�
�
�
�
1HVVH� FRQWH[WR�� p� LPSRUWDQWH� VDEHU� WDPEpP� TXH�� TXDQGR�
YLVXDOL]DPRV�R�VLVWHPD�GHVVD� IRUPD��D�SDUWH�GH�SURFHVVDPHQWR�p�YLVWD�FRPR�
XPD� ³FDL[D�SUHWD´�� RX� VHMD�� QHVVD� DQiOLVH�� QmR� VH� VDEH� DR� FHUWR� R� TXH� p�
H[HFXWDGR� GHQWUR� GR� SURFHVVDPHQWR�� (VVH� FRQFHLWR� p� WDPEpP� FKDPDGR� GH�
%ODFN�%R[��
�3HUFHED�TXH��VH�UHVROYrVVHPRV�HVWXGDU�R�TXH�DFRQWHFH�GHQWUR�GHVVH�
SURFHVVDPHQWR��SRGHUtDPRV�HQ[HUJDU�YiULRV�RXWURV�VXEVLVWHPDV�RSHUDQGR�XP�
GHQWUR�GR�RXWUR��$VVLP��D�7*6�VH�IXQGDPHQWD�HP�WUrV�SUHPLVVDV��
���2V�VLVWHPDV�HVWmR�GHQWUR�GH�VLVWHPDV�PDLRUHV��
���2V�VLVWHPDV�VmR�DEHUWRV�H�LQWHUDJHP�FRP�R�DPELHQWH��
��� $V� IXQo}HV� H[HUFLGDV� SHOR� VLVWHPD� GHSHQGHP� GD� VXD�
HVWUXWXUDomR��
�ŶƚƌĂĚĂƐ� ^ĂşĚĂƐ�WƌŽĐĞƐƐĂŵĞŶƚŽ�
ZĞĂůŝŵĞŶƚĂĕĆŽ�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ����������������������������WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
&KLDYHQDWR��������QRV�OHPEUD�GH�TXH�H[LVWHP�GLYHUVRV�FRQFHLWRV�SDUD�
RV� VLVWHPDV�� &RPR� HVWDPRV� GLDQWH� GH� XP� FRQFXUVR� GH� XPD� EDQFD� TXH� ID]�
SHQVDU��UHSURGX]R�RV�FRQFHLWRV�OHYDQWDGRV�SRU�HVWH�DXWRU��
x� 6LVWHPD�p�XP�FRQMXQWR�GH�HOHPHQWRV�HP�LQWHUDomR�UHFtSURFD��
x� 6LVWHPD� p� XP� FRQMXQWR� GH� SDUWHV� UHXQLGDV� TXH� VH� UHODFLRQDP�
HQWUH�VL�IRUPDQGR�XPD�WRWDOLGDGH��
x� 6LVWHPD� p� XP� FRQMXQWR� GH� HOHPHQWRV� LQWHUGHSHQGHQWHV�� FXMR�
UHVXOWDGR�ILQDO�p�PDLRU�GR�TXH�D�VRPD�GRV�UHVXOWDGRV�TXH�HVVHV�
HOHPHQWRV�WHULDP�FDVR�RSHUDVVHP�GH�PDQHLUD�LVRODGD��
x� 6LVWHPD� p� XP� FRQMXQWR� GH� HOHPHQWRV� LQWHUGHSHQGHQWHV� QR�
VHQWLGR�GH�DOFDQoDU�XP�REMHWLYR�RX�ILQDOLGDGH��
x� 6LVWHPD�p�XP�JUXSR�GH�XQLGDGHV�FRPELQDGDV�TXH� IRUPDP�XP�
WRGR� RUJDQL]DGR� FXMDV� FDUDFWHUtVWLFDV� VmR� GLIHUHQWHV� GDV�
FDUDFWHUtVWLFDV�GDV�XQLGDGHV��
x� 6LVWHPD� p� XP� WRGR� RUJDQL]DGR� RX� FRPSOH[R�� XP� FRQMXQWR� RX�
FRPELQDomR� GH� FRLVDV� RX� SDUWHV�� IRUPDQGR� XP� WRGR� FRPSOH[R�
RX�XQLWiULR�RULHQWDGR�SDUD�XPD�ILQDOLGDGH��
$� YLVmR� RUJDQL]DFLRQDO� D� SDUWLU� GRV� VLVWHPDV� p� TXH� D� HPSUHVD� �RX�
RUJDQL]DomR��p�XP�VLVWHPD�DEHUWR�TXH�LQWHUDJH�FRP�R�DPELHQWH�SDUD�UHFHEHU�
LQVXPRV�GH�WRGDV�DV�QDWXUH]DV�H�IRUQHFHU�SURGXWRV�RX�VHUYLoRV�FRPR�UHVXOWDGR�
GR�VHX�SURFHVVDPHQWR�LQWHUQR��
$V� RUJDQL]Do}HV� HQTXDQWR� VLVWHPDV� DEHUWRV� SRVVXHP� DV� VHJXLQWHV�
FDUDFWHUtVWLFDV��
��� ,PSRUWDomR�GH�LQVXPRV��HQWUDGDV���$�RUJDQL]DomR�GHSHQGH�
GH� HQWUDGDV� GH� HQHUJLD� YLQGDV� GR� DPELHQWH�� HP� TXDOTXHU� GH�
VXDV� IRUPDV�� FRPR� LQIRUPDo}HV�� PDWHULDLV� RX� SHVVRDO�� SRU�
H[HPSOR��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
��� 7UDQVIRUPDomR� �SURFHVVDPHQWR� LQWHUQR��� $V� RUJDQL]Do}HV�
WUDQVIRUPDP� RV� VHXV� LQVXPRV� HP� VDtGDV� SDUD� R� DPELHQWH� QR�
TXDO�VH�LQVHUH��
��� ([SRUWDomR� �VDtGD� GH� SURGXWRV�VHUYLoRV��� 2V� LQVXPRV�
SURFHVVDGRV� VmR� H[SRUWDGRV� SDUD� IRUD� GD� RUJDQL]DomR�� VRE� D�
IRUPD�GH�SURGXWRV�RX�VHUYLoRV��
��� &LFORV� GH� HYHQWRV�� $V� RUJDQL]Do}HV� LPSRUWDP� H� H[SRUWDP�
FRQVWDQWHPHQWH� SDUD�R� DPELHQWH�� HP�XPD�DWLYLGDGH� FtFOLFD� GH�
HQWUDGD�SURFHVVDPHQWR�VDtGD�UHWURDomR�HQWUDGD�����
��� (QWURSLD� QHJDWLYD� �RX� QHJHQWURSLD��� $� HQWURSLD� p� XP�
SURFHVVR� GH� GHVRUJDQL]DomR� QDWXUDO� GDV� FRLVDV� DWp� VXD� PRUWH��
$VVRFLD�DR�VHJXLQWH��VHULD�D�HQWURSLD�TXH�QRV�HQYHOKHFH�H�TXH�
OHYD� j� EDJXQoD� TXH� SRGH� VH� LQVWDODU� QR� VHX� DUPiULR� VH� YRFr�
VHJXLU�XVDQGR�VHP�FXLGDGR��$�HQWURSLD�QHJDWLYD�p�D�IRUoD�TXH�R�
VLVWHPD� XVD� SDUD� FRPEDWHU� D� HQWURSLD�� 3RGH� VHU� FRQVLGHUDGD�
WDPEpP�FRPR�R�H[FHVVR�GH�HQHUJLD�TXH�R�VLVWHPD� LPSRUWD�GR�
DPELHQWH� HP� UHODomR� DR� TXH� SUHFLVD� JDVWDU�� XWLOL]DQGR�R� SDUD�
FRPEDWHU� D� HQWURSLD�� e� R� UHDEDVWHFLPHQWR� GH� HQHUJLDV� TXH� D�
RUJDQL]DomR�XVD�SDUD�PDQWHU�VXD�HVWUXWXUD�RUJDQL]DFLRQDO�FRP�
YLJRU��1R�DUPiULR�GH�FDVD��D�HQWURSLD�QHJDWLYD�p�R�HVIRUoR�SDUD�
DUUXPi�OR�GH�YH]�HP�TXDQGR��DQWHV�TXH�HOH�VH�WRUQH�LQXWLOL]iYHO��
1R�QRVVR�FRUSR��VHULD�D�SRVVLELOLGDGH�GH�YLGD�HWHUQD��
���5HWURDomR�QHJDWLYD��RX�IHHGEDFN�QHJDWLYR��H�LQIRUPDomR�
FRPR� LQVXPR�� (VVD� p� XPD� FDUDFWHUtVWLFD� LJXDOPHQWH�
LQWHUHVVDQWH�� 2V� VLVWHPDV� DEHUWRV�� DVVLP� FRPR� D� RUJDQL]DomR��
UHFHEHP� LQIRUPDo}HV� QmR� Vy� VREUH� R� DPELHQWH� H[WHUQR�� PDV�
WDPEpP�VREUH�VL�PHVPRV��SRVVLELOLWDQGR�R�VHX�DMXVWH�HVWUXWXUDO��
2�IHHGEDFN�QHJDWLYR�p�D�LQIRUPDomR�VREUH�D�SUySULD�RUJDQL]DomR�
TXH�PRVWUD�D�LQDGHTXDomR�GH�VHX�VLVWHPD�LQWHUQR�DR�DPELHQWH��
4XDQGR�UHWRUQD�j�RUJDQL]DomR��HOH�ID]�FRP�TXH�VHXV�SURFHVVRV�
LQWHUQRV�VHMDP�PRGLILFDGRV�H�PHOKRUDGRV��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
��� (VWDGR�ILUPH�H�KRPHRVWDVH�GLQkPLFD��2V�VLVWHPDV�PDQWrP�
R�VHX�IXQFLRQDPHQWR�HVWiYHO�D�SDUWLU�GR�TXH�UHFHEHP�H�GR�TXH�
IRUQHFHP�SDUD�R�PHLR�DPELHQWH��(VWH�HTXLOtEULR�p�PDQWLGR�SRU�
PHLR� GR� SURFHVVR� GH� KRPHRVWDVH� GLQkPLFD�� $� KRPHRVWDVH� p�
XPD�SURSULHGDGH�GRV�VLVWHPDV�DEHUWRV�GH�PDQWHU�VHX�DPELHQWH�
LQWHUQR� UHJXODGR� SDUD� VH� DMXVWDU� GLQDPLFDPHQWH� DRV�
DFRQWHFLPHQWRV� GR� DPELHQWH� H[WHUQR�� 8P� GRV� H[HPSORV� PDLV�
FRPXQV� GH� KRPHRVWDVH� QR� FRUSR� KXPDQR� p� R� IDWR� GD�
WHPSHUDWXUD� LQWHUQD� GR� FRUSR� WHQGHU� DR� HTXLOtEULR�
LQGHSHQGHQWHPHQWH� GH� D� WHPSHUDWXUD� H[WHUQD� VXELU� RX� GHVFHU�
PXLWR�� 2� VLVWHPD� ELROyJLFR� UHJXOD� DXWRPDWLFDPHQWH� D�
WHPSHUDWXUD� LQWHUQD� SRU� PHLR� GD� LQWHUDomR� GH� VHXV� GLYHUVRV�
VXEVLVWHPDV�SDUD�FRPEDWHU�R� IULR��WUHPHQGR��DUUHSLDQGR�����RX�
DOLYLDU�R� FDORU� �VXDQGR������$�RUJDQL]DomR� ID]�R�PHVPR�TXDQGR�
HVWi�FRQVWDQWHPHQWH�EXVFDQGR�FHUWD�HVWDELOLGDGH�LQWHUQD�DSHVDU�
GDV�FRQVWDQWHV�LQWHUDo}HV�FRP�R�PHLR�DPELHQWH��
���'LIHUHQFLDomR��1DV�RUJDQL]Do}HV�HQTXDQWR�VLVWHPDV�DEHUWRV�R�
VLVWHPD�RUJDQL]DFLRQDO� WHQGH�D�VH�GLIHUHQFLDU� LQWHUQDPHQWH�HP�
IXQo}HV� HVSHFLDOL]DGDV�� GLIHUHQFLDGDV� H� HVWUXWXUDGDV� HP�
KLHUDUTXLD��
��� (TXLILQDOLGDGH�� $� RUJDQL]DomR� HQTXDQWR� VLVWHPD� DEHUWR� SRGH�
DWLQJLU�R� ILP�TXH�GHVHMD��PHVPR�SDUWLQGR�GH�GLIHUHQWHV�SRQWRV�
GH� SDUWLGD� H� SDVVDQGR� SRU� GLIHUHQWHV� FDPLQKRV�� $� SUySULD�
HVWDELOLGDGH� GR� VLVWHPD� RUJDQL]DFLRQDO� SRGH� VHU� DWLQJLGD� SRU�
PDLV�GH�XP�PHLR�GLIHUHQWH��
���� )URQWHLUDV� RX� OLPLWHV� GR� VLVWHPD�� $VVLP� FRPR� QDV�
IURQWHLUDV� WHUULWRULDLV� GR� %UDVLO�� DV� IURQWHLUDV� GD� RUJDQL]DomR�
HQTXDQWR� VLVWHPD� DEHUWR� VHSDUDP� R� TXH� p� LQWHUQR� DR� VLVWHPD�
GDTXLOR� TXH� p� GH� IRUD�� (ODV� GHILQHP� DWp� RQGH� R� VLVWHPD� SRGH�
DWXDU� H� TXDO� R� QtYHO� GH� DEHUWXUD� GR� VLVWHPD� HP� UHODomR� DR�
DPELHQWH��
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ ?ĐŽŵ ?ďƌ���������������������������� WĄŐŝŶĂ� ? ?�ĚĞ� ? ?�
8PD� IUDVH� TXH� VLQWHWL]D�PXLWR� EHP�R� SHQVDPHQWR� VLVWrPLFR�� FRP�D�
SHUFHSomR� GD� LQWHUDomR� GH� WRGDV� DV� VXDV� SDUWHV� JHUDQGR� DOJR� PDLRU� TXH� VH�
UHODFLRQD�FRP�R�DPELHQWH�p��³R�WRGR�p�PDLRU�GR�TXH�D�VRPD�GDV�SDUWHV��´�
1D� YHUGDGH�� TXDQGR� VH� GL]� ³p� PDLRU´�� YRFr� GHYH� HQWHQGHU� TXH� LVVR�
DFRQWHFH� GHYLGR� DR� ERP� IXQFLRQDPHQWR� GR� VLVWHPD��8PD� FRPSUHHQVmR�PDLV�
DPSOD�FRQVLGHUD�TXH�R� WRGR�VLVWrPLFR� WDPEpP�SRGH�VHU�XP�UHVXOWDGR�PHQRU�
GR�TXH�D�VRPD�GDV�SDUWHV��,VVR�DFRQWHFH�TXDQGR�XP�VLVWHPD�SRGH�HVWDU�FRP�
VHX�IXQFLRQDPHQWR�SUHMXGLFDGR��SRLV�R�TXH�VH�EXVFD�QR�VLVWHPD�p�MXVWDPHQWH�
TXH�R�WRGR�VHMD�PDLRU�TXH�D�VRPD�GDV�SDUWHV��
�
������� 3HUVSHFWLYD�VRFLRWpFQLFD��
$�3HUVSHFWLYD�6RFLRWpFQLFD�IRL�SURSRVWD�SRU�SHVTXLVDGRUHV�GR�,QVWLWXWR�
GH�5HODo}HV�+XPDQDV�GH�7DYLVWRN�FRP�EDVH�QD�WHRULD�GRV�VLVWHPDV��3DUD�HOD��D�
RUJDQL]DomR�p�XP�VLVWHPD�VRFLRWpFQLFR�FRPSRVWR�GH�GRLV�VXEVLVWHPDV��
x� 6XEVLVWHPD� WpFQLFR�� p� D� WHFQRORJLD� XWLOL]DGD�� R� WHUULWyULR� H� R�
WHPSR�� VHQGR� UHVSRQViYHO� SHOD� HILFLrQFLD� SRWHQFLDO� GD�
RUJDQL]DomR�� (QYROYH� DVSHFWRV� FRPR� WDUHIDV�� LQVWDODo}HV��
HTXLSDPHQWRV��RSHUDo}HV��DUUDQMR�ItVLFR��HWF��
x� 6XEVLVWHPD� VRFLDO�� VmR� DV� SHVVRDV� H� VHXV� UHODFLRQDPHQWRV�
IRUPDLV� H� LQIRUPDLV� QR� WUDEDOKR� �LQFOXVLYH� SRU� PHLR� GDV�
H[LJrQFLDV�H�GHPDQGDV�GD�RUJDQL]DomR���e�HOH�TXH�WUDQVIRUPD�D�
HILFLrQFLD�SRWHQFLDO�HP�UHDO��
�
�
�
00000000000
00000000000 - DEMO
�ĚŵŝŶŝƐƚƌĂĕĆŽ� ?ƚſƉŝĐŽƐ� ?�Ă� ? ?�Ɖ ?�DWh� ?dĠĐŶŝĐŽ� ?��Ěŵ ?�
�dĞŽƌŝĂ�Ğ��džĞƌĐşĐŝŽƐ� ?ĐŽŵ�ǀŝĚĞŽĂƵůĂƐ ?�
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ?��ƵůĂ� ? ?�
�
� � � �
WƌŽĨ ?��ĂƌůŽƐ�yĂǀŝĞƌ� ǁǁǁ ?ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ

Outros materiais