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  9     9     9     7DEODQ&RUUHODFLyQtWHPWRWDOFXHVWLRQDULR GHO&SHGDJyJLFRGHOFRQWHQLGR3&.   &RQRFLPLHQWRWHFQROyJLFRGHOFRQWHQLGR7&.   0HGLDGHOD HVFDODVLVH HOLPLQDHO HOHPHQWR 9DULDQ]DGHOD HVFDODVLVH HOLPLQDHO HOHPHQWR &RUUHODFLyQ HOHPHQWRWRWDO FRUUHJLGD $OIDGH &URPEDFK VLVH HOLPLQDHO HOHPHQWR 9     9     9     9     7DEODQ&RUUHODFLyQtWHPWRWDOFXHVWLRQDULR GHO&WHFQROyJLFRGHOFRQWHQLGR7&.       /XFHV\VRPEUDVGHODIRUPDFLyQGHOSURIHVRUDGRHQ7,&   &RQRFLPLHQWRWHFQROyJLFRSHGDJyJLFR73.   0HGLDGHOD HVFDODVLVH HOLPLQDHO HOHPHQWR 9DULDQ]DGHOD HVFDODVLVH HOLPLQDHO HOHPHQWR &RUUHODFLyQ HOHPHQWRWRWDO FRUUHJLGD $OIDGH &URPEDFK VLVH HOLPLQDHO HOHPHQWR 9    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      6p HYDOXDU HO DSUHQGL]DMH GHO DOXPQDGR GH GLYHUVDV PDQHUDVGLIHUHQWHV       /DIRUPDFLyQGHOSURIHVRUDGRHQ7,&PRGHOR73$&.   6p XWLOL]DU XQD DPSOLD YDULHGDG GH HQIRTXHV GRFHQWHV HQ HO HQWRUQRGHODXOD        6R\ FRQVFLHQWH GH ORVDFLHUWRV\HUURUHVPiV FRPXQHV GHO DOXPQDGR HQ OR UHIHUHQWH D FRPSUHQVLyQ GH FRQWHQLGRV       6pFyPRRUJDQL]DU\ PDQWHQHUODGLQiPLFDHQ HODXOD       &RQRFLPLHQWRVSHGDJyJLFRGHOFRQWHQLGR3&.  3XHGR VHOHFFLRQDU HQIRTXHV GRFHQWHV GH PDQHUDHILFD]SDUDJXLDU HO SHQVDPLHQWR \ HO DSUHQGL]DMH GHO DOXPQDGR HQ PDWHPiWLFDV        3XHGR VHOHFFLRQDU HQIRTXHV GRFHQWHV GH PDQHUDHILFD]SDUDJXLDU HO SHQVDPLHQWR \ HO DSUHQGL]DMH GHO DOXPQDGR HQ OHFWRHVFULWXUD   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\ HODERUDU FRQWHQLGRV VREUH HVWXGLRVVRFLDOHV       &RQRFLPLHQWRWHFQROyJLFRSHGDJyJLFRV73.  6p VHOHFFLRQDU WHFQRORJtDV TXH PHMRUDQ ORV HQIRTXHV GRFHQWHV SDUDXQDOHFFLyQ        6p VHOHFFLRQDU WHFQRORJtDV TXH PHMRUDQ HO DSUHQGL]DMH GHO DOXPQDGR HQ XQD OHFFLyQ        0L IRUPDFLyQ FRPR GRFHQWH PH KD KHFKR UHIOH[LRQDU PiV GHWHQLGDPHQWH VREUH OD IRUPD HQ TXH OD WHFQRORJtD SXHGH LQIOXLU HQORVHQIRTXHVGRFHQWHV TXHHPSOHRHQHODXOD        $GRSWR XQ SHQVDPLHQWRFUtWLFRVREUH OD IRUPD GH XWLOL]DU OD WHFQRORJtDHQHODXOD        3XHGR DGDSWDU HO XVR GH ODV WHFQRORJtDV VREUH ODV FXDOHV HVWR\ DSUHQGLHQGR D GLIHUHQWHV DFWLYLGDGHVGRFHQWHV       &RQRFLPLHQWRWHFQROyJLFRSHGDJyJLFRGHOFRQWHQLGR73$&. 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5HS~EOLFD'RPLQLFDQD0p[LFR   &RORPELD0p[LFR   73$&. $UJHQWLQD(VSDxD   $UJHQWLQD5HS~EOLFD 'RPLQLFDQD   $UJHQWLQD&RORPELD   $UJHQWLQD0p[LFR   (VSDxD5HS~EOLFD'RPLQLFDQD   (VSDxD&RORPELD   (VSDxD0p[LFR   5HS~EOLFD 'RPLQLFDQD &RORPELD   5HS~EOLFD'RPLQLFDQD0p[LFR   &RORPELD0p[LFR   7RWDO $UJHQWLQD(VSDxD   $UJHQWLQD5HS~EOLFD 'RPLQLFDQD   $UJHQWLQD&RORPELD   $UJHQWLQD0p[LFR   (VSDxD5HS~EOLFD'RPLQLFDQD   /DIRUPDFLyQGHOSURIHVRUDGRHQ7,&PRGHOR73$&.   3XHGR JXLDU \ D\XGDU D RWUDV SHUVRQDV D FRRUGLQDU HO XVR GH FRQWHQLGRV WHFQRORJtDV \ HQIRTXHVGRFHQWHVHQ PL FHQWURGRFHQWH\RUHJLyQ DGPLQLVWUDWLYD        3XHGR VHOHFFLRQDU WHFQRORJtDV TXH PHMRUDQ HO FRQWHQLGR GH ODV OHFFLRQHV       7DEODQ0HGLDV\GHVYLDFLRQHVWtSLFDVDOFDQ]DGRVSRUtWHPV WHQLHQGRHQFXHQWDHOQLYHOHGXFDWLYRGRQGHHMHUFtDQVXDFWLYLGDG SURIHVLRQDOGHODHQVHxDQ]DORVSURIHVRUHV,  ÌWHP 3RVWJUDGR 2WURV 1LQJXQR 0 '7 0 '7 0 '7 &RQRFLPLHQWRWHFQROyJLFR7.  6p UHVROYHU PLV SUREOHPDVWpFQLFRV        $VLPLOR FRQRFLPLHQWRV WHFQROyJLFRVIiFLOPHQWH       0HPDQWHQJRDOGtD GHODVQXHYDVWHFQRORJtDV LPSRUWDQWHV        $ PHQXGR MXHJR \ KDJRSUXHEDVFRQOD WHFQRORJtD        &RQR]FR PXFKDV WHFQRORJtDVGLIHUHQWHV        7HQJR ORV FRQRFLPLHQWRV WpFQLFRV TXHQHFHVLWRSDUDXVDUOD WHFQRORJtD        +H WHQLGR RSRUWXQLGDGHV VXILFLHQWHV GH WUDEDMDU FRQ GLIHUHQWHV WHFQRORJtDV       &RQRFLPLHQWRGHOFRQWHQLGR&. 0DWHPiWLFDV  7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH PDWHPiWLFDV       /XFHV\VRPEUDVGHODIRUPDFLyQGHOSURIHVRUDGRHQ7,&   6p DSOLFDU XQ PRGR GH SHQVDPLHQWR PDWHPiWLFR        7HQJR YDULRV PpWRGRV \ HVWUDWHJLDV SDUD GHVDUUROODU PL FRQRFLPLHQWR VREUH PDWHPiWLFDV       (VWXGLRVVRFLDOHV  7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH HVWXGLRVVRFLDOHV        6p DSOLFDU XQ PRGR GH SHQVDPLHQWR KLVWyULFR        7HQJR YDULRV PpWRGRV \ HVWUDWHJLDV SDUD GHVDUUROODU PL FRQRFLPLHQWR VREUH HVWXGLRVVRFLDOHV       &LHQFLDV  7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH FLHQFLDV        6p DSOLFDU XQ PRGR GH SHQVDPLHQWR FLHQWtILFR        7HQJR YDULRV PpWRGRV \ HVWUDWHJLDV SDUD GHVDUUROODU PL FRQRFLPLHQWR VREUH FLHQFLDV       /HFWRHVFULWXUD  7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH DOIDEHWL]DFLyQ OHFWRHVFULWRUD        6p DSOLFDU XQ PRGR GH SHQVDPLHQWR OLWHUDULR        7HQJR YDULRV PpWRGRV \ HVWUDWHJLDV SDUDGHVDUUROODUPLFRQR FLPLHQWR VREUH DOIDEH WL]DFLyQOHFWRHVFULWRUD       &RQRFLPLHQWRSHGDJyJLFR3.  6p FyPR HYDOXDU HO       /DIRUPDFLyQGHOSURIHVRUDGRHQ7,&PRGHOR73$&.  UHQGLPLHQWR GHO DOXPQDGRHQHODXOD  6p DGDSWDU PL GRFHQFLDDORTXHHO DOXPQDGR HQWLHQGH R QR HQWLHQGH HQ FDGD PRPHQWR       6pDGDSWDUPLHVWLOR GHGRFHQFLDDDOXPQDGRV FRQ GLIHUHQWHV HVWLORV GH DSUHQGL]DMH        6p HYDOXDU HO DSUHQGL]DMH GHO DOXPQDGR GH GLYHUVDV PDQHUDVGLIHUHQWHV        6p XWLOL]DU XQD DPSOLD YDULHGDG GH HQIRTXHV GRFHQWHV HQ HO HQWRUQRGHODXOD        6R\ FRQVFLHQWH GH ORVDFLHUWRV\HUURUHVPiV FRPXQHV GHO DOXPQDGR HQ OR UHIHUHQWH D FRPSUHQVLyQ GH FRQWHQLGRV       6pFyPRRUJDQL]DU\ PDQWHQHUODGLQiPLFDHQ HODXOD       &RQRFLPLHQWRSHGDJyJLFRGHOFRQWHQLGR3&.  3XHGR VHOHFFLRQDU HQIRTXHV GRFHQWHV GH PDQHUDHILFD]SDUDJXLDU HO SHQVDPLHQWR \ HO DSUHQGL]DMH GHO DOXPQDGR HQ PDWHPiWLFDV        3XHGR VHOHFFLRQDU HQIRTXHV GRFHQWHV GH PDQHUDHILFD]SDUDJXLDU HO SHQVDPLHQWR \ HO DSUHQGL]DMH 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 /DIRUPDFLyQGHOSURIHVRUDGRHQ7,&PRGHOR73$&.  FRQRFLPLHQWR VREUH HVWXGLRV VRFLDOHV &LHQFLDV  7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUHFLHQFLDV          6p DSOLFDU XQ PRGR GH SHQVDPLHQWR FLHQWtILFR          7HQJR YDULRV PpWRGRV \ HVWUDWHJLDV SDUD GHVDUUROODU PL FRQRFLPLHQWR VREUHFLHQFLDV         /HFWRHVFULWXUD  7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH DOIDEH WL]DFLyQ OHFWRHVFULWRUD          6p DSOLFDU XQ PRGR GH SHQVDPLHQWR OLWHUDULR          7HQJR YDULRV PpWRGRV \ HVWUDWHJLDV SDUD GHVDUUROODU PL FRQRFLPLHQWR VREUH DOIDEHWL]DFLyQ OHFWRHVFULWRUD         &RQRFLPLHQWRSHGDJyJLFR3.  6p FyPR HYDOXDU HO 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     &RQRFLPLHQWRSHGDJyJLFRGHOFRQWHQLGR3&.  3XHGR VHOHFFLRQDU HQIRTXHV GR FHQWHV GH PDQHUD HILFD]         /DIRUPDFLyQGHOSURIHVRUDGRHQ7,&PRGHOR73$&.  SDUD JXLDU HO SHQVDPLHQWR \ HO DSUHQGL]DMH GHO DOXPQDGR HQ PDWHPiWLFDV  3XHGR VHOHFFLRQDU HQIRTXHV GRFHQWHV GH PDQHUD HILFD] SDUD JXLDU HO SHQVDPLHQWR \ HO DSUHQGL]DMH GHO DOXPQDGR HQ OHFWRHVFULWXUD          3XHGR VHOHFFLRQDU HQIRTXHV GR FHQWHV GH PDQHUD HILFD] SDUD JXLDU HO SHQVDPLHQWR \ HO DSUHQGL]DMH GHO DOXPQDGR HQFLHQFLDV          3XHGR VHOHFFLRQDU HQIRTXHV GRFHQWHV GH PDQHUD HILFD] SDUD JXLDU HO SHQVDPLHQWR \ HO DSUHQGL]DMH GHO DOXPQDGR HQ HVWXGLRV VRFLDOHV         &RQRFLPLHQWRWHFQROyJLFRGHOFRQWHQLGR7&.  &RQR]FR WHFQRORJtDV TXH SXHGR XVDU SDUD FRPSUHQGHU \ HODERUDU FRQWHQLGRV VREUH PDWHPiWLFDV         /XFHV\VRPEUDVGHODIRUPDFLyQGHOSURIHVRUDGRHQ7,&   &RQR]FR WHFQRORJtDV TXH SXHGR XVDU SDUD FRPSUHQGHU \ HODERUDU FRQWHQLGRV VREUH OHFWRHVFULWXUD          &RQR]FR WHFQRORJtDV TXH SXHGR XVDU SDUD FRPSUHQGHU \ HODERUDU FRQWHQLGRV VREUHFLHQFLDV          &RQR]FR WHFQRORJtDV TXH SXHGR XVDU SDUD FRPSUHQGHU \ HODERUDU FRQWHQLGRV VREUH HVWXGLRV VRFLDOHV         &RQRFLPLHQWRVWHFQROyJLFRSHGDJyJLFRV73.  6p VHOHFFLRQDU WHFQRORJtDV TXH PHMRUDQ ORV HQIRTXHV GRFHQWHV SDUD XQDOHFFLyQ          6p VHOHFFLRQDU WHFQRORJtDV TXH PHMRUDQ HO DSUHQGL]DMH GHO DOXPQDGR HQ XQDOHFFLyQ          0L IRUPDFLyQ FRPR GRFHQWH PH KD KHFKR UHIOH[LRQDU PiV GHWHQLGDPHQWH VREUH OD IRUPD         /DIRUPDFLyQGHOSURIHVRUDGRHQ7,&PRGHOR73$&.  HQ TXH OD WHFQRORJtD SXHGH LQIOXLU HQORVHQIRTXHV GRFHQWHV TXH HPSOHR HQ HO DXOD $GRSWRXQ SHQVDPLHQWR FUtWLFR VREUH OD IRUPD GH XWLOL]DU OD WHFQRORJtDHQHO DXOD          3XHGR DGDSWDU HO XVR GH ODV WHFQRORJtDV VREUH ODV FXDOHV HVWR\ DSUHQGLHQGR D GLIHUHQWHV DFWLYLGDGHV GRFHQWHV         &RQRFLPLHQWRVWHFQROyJLFRSHGDJyJLFRGHOFRQWHQLGR73$&.  3XHGR LPSDUWLU OHFFLRQHV TXH FRPELQDQ DGHFXDGDPHQWH PDWHPiWLFDV WHFQRORJtDV \ HQIRTXHV GRFHQWHV          3XHGR LPSDUWLU OHFFLRQHV TXH FRPELQDQ DGHFXDGDPHQWH OHFWRHVFULWXUD WHFQRORJtDV \ HQIRTXHV GRFHQWHV          3XHGR LPSDUWLU OHFFLRQHV TXH FRPELQDQ DGHFXDGDPHQWH         /XFHV\VRPEUDVGHODIRUPDFLyQGHOSURIHVRUDGRHQ7,&  FLHQFLDV WHFQRORJtDV \ HQIRTXHV GRFHQWHV  3XHGR LPSDUWLU OHFFLRQHV TXH FRPELQDQ DGHFXDGDPHQWH HVWXGLRV VRFLDOHV WHFQRORJtDV \ HQIRTXHV GRFHQWHV          6p VHOHFFLRQDU WHFQRORJtDV SDUDXVDUHQHO DXOD TXH PHMRUDQ ORV FRQWHQLGRV TXH LPSDUWR OD IRUPD GH LPSDUWLUORV \ OR TXH DSUHQGH HO DOXPQDGR          6p XVDU HQ PLV PDWHULDOHV GRFHQWHV SDUD HO DXOD HVWUDWHJLDV TXH FRPELQDQ FRQWHQLGRV WHFQRORJtDV \ HQIRTXHV GRFHQWHV VREUH ORV FXDOHV KH DSUHQGLGR          3XHGR JXLDU \ D\XGDU D RWUDV SHUVRQDV D FRRUGLQDU HO XVR GH FRQWHQLGRV WHFQRORJtDV \ HQIRTXHV         /DIRUPDFLyQGHOSURIHVRUDGRHQ7,&PRGHOR73$&.  GRFHQWHV HQ PL FHQWUR GRFHQWH \R UHJLyQ DGPLQLVWUDWLYD  3XHGR VHOHFFLRQDU WHFQRORJtDV TXH PHMRUDQ HO FRQWHQLGR GH ODVOHFFLRQHV         7DEODQ0HGLDV\GHVYLDFLRQHVWtSLFDVGHORVUHVXOWDGRV DOFDQ]DGRVHQORVGLIHUHQWHVtWHPVWHQLHQGRHQFXHQWDOD 8QLYHUVLGDGGRQGHHOSURIHVRUDOXPQRVHVWDEDFXUVDQGRVXV HVWXGLRV,  ÌWHP 7DPDXOLSDV %XFDUDPDQJD 8+38 871 0 '7 0 '7 0 '7 0 '7 &RQRFLPLHQWRWHFQROyJLFR7.  6p UHVROYHU PLV SUREOHPDV WpFQLFRV          $VLPLOR FRQRFLPLHQWRV WHFQROyJLFRV IiFLOPHQWH          0H PDQWHQJR DO GtD GH ODV QXHYDV WHFQRORJtDV LPSRUWDQWHV         $PHQXGR MXHJR \ KDJR SUXHEDV FRQ OD WHFQRORJtD          &RQR]FR PXFKDV WHFQRORJtDV GLIHUHQWHV          7HQJR ORV FRQRFLPLHQWRV WpFQLFRV TXH QHFHVLWR SDUD XVDU OD         /XFHV\VRPEUDVGHODIRUPDFLyQGHOSURIHVRUDGRHQ7,&  WHFQRORJtD  +H WHQLGR RSRUWXQLGDGHV VXILFLHQWHV GH WUDEDMDU FRQ GLIHUHQWHV WHFQRORJtDV         &RQRFLPLHQWRGHOFRQWHQLGR&. 0DWHPiWLFDV    7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH PDWHPiWLFDV          6p DSOLFDU XQ PRGR GH SHQVDPLHQWR PDWHPiWLFR          7HQJR YDULRV PpWRGRV \ HVWUDWHJLDV SDUD GHVDUUROODU PL FRQRFLPLHQWR VREUH PDWHPiWLFDV         (VWXGLRVVRFLDOHV  7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH HVWXGLRV VRFLDOHV          6p DSOLFDU XQ PRGR GH SHQVDPLHQWR KLVWyULFR          7HQJR YDULRV PpWRGRV \ HVWUDWHJLDV SDUD GHVDUUROODU PL FRQRFLPLHQWR VREUH HVWXGLRV VRFLDOHV         &LHQFLDV  7HQJR         /DIRUPDFLyQGHOSURIHVRUDGRHQ7,&PRGHOR73$&.  VXILFLHQWHV FRQRFLPLHQWRV VREUHFLHQFLDV  6p DSOLFDU XQ PRGR GH SHQVDPLHQWR FLHQWtILFR          7HQJR YDULRV PpWRGRV \ HVWUDWHJLDV SDUD GHVDUUROODU PL FRQRFLPLHQWR VREUHFLHQFLDV         /HFWRHVFULWXUD  7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH DOIDEHWL]DFLyQ OHFWRHVFULWRUD          6p DSOLFDU XQ PRGR GH SHQVDPLHQWR OLWHUDULR          7HQJR YDULRV PpWRGRV \ HVWUDWHJLDV SDUD GHVDUUROODU PL FRQRFLPLHQWR VREUH DOIDEHWL]DFLyQ OHFWRHVFULWRUD         &RQRFLPLHQWRSHGDJyJLFR3.  6p FyPR HYDOXDU HO UHQGLPLHQWRGHO DOXPQDGRHQHO DXOD          6p DGDSWDU PL GRFHQFLDDOR TXH HO DOXPQDGR HQWLHQGH R QR         /XFHV\VRPEUDVGHODIRUPDFLyQGHOSURIHVRUDGRHQ7,&  HQWLHQGH HQ FDGDPRPHQWR  6p DGDSWDU PL HVWLOR GH GRFHQFLD D DOXPQDGRV FRQ GLIHUHQWHV HVWLORV GH DSUHQGL]DMH         6pHYDOXDU HO DSUHQGL]DMH GHO DOXPQDGR GH GLYHUVDV PDQHUDV GLIHUHQWHV         6pXWLOL]DU XQD DPSOLD YDULHGDG GH HQIRTXHV GRFHQWHV HQ HO HQWRUQR GHO DXOD          6R\ FRQVFLHQWH GH ORV DFLHUWRV \ HUURUHV PiV FRPXQHV GHO DOXPQDGRHQOR UHIHUHQWH D FRPSUHQVLyQ GHFRQWHQLGRV          6p FyPR RUJDQL]DU \ PDQWHQHU OD GLQiPLFD HQ HO DXOD         &RQRFLPLHQWRSHGDJyJLFRGHOFRQWHQLGR3&.  3XHGR VHOHFFLRQDU HQIRTXHV GRFHQWHV GH PDQHUD HILFD] SDUD JXLDU HO SHQVDPLHQWR \ HO DSUHQGL]DMH GHO DOXPQDGR HQ         /DIRUPDFLyQGHOSURIHVRUDGRHQ7,&PRGHOR73$&.  DOXPQDGR HQWLHQGH R QR HQWLHQGH HQ FDGD PRPHQWR 6pDGDSWDUPLHVWLOR GHGRFHQFLDDDOXPQDGRV FRQ GLIHUHQWHV HVWLORV GH DSUHQGL]DMH        6p HYDOXDU HO DSUHQGL]DMH GHO DOXPQDGR GH GLYHUVDV PDQHUDVGLIHUHQWHV        6p XWLOL]DU XQD DPSOLD YDULHGDG 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