Manual Sisvar
Manual Sisvar
Manual Sisvar
3DUDTXHR6LVYDUURGHDGHTXDGDPHQWHXVHXPDFRQILJXUDomRGHYtGHR[SL[HOVHIRQWHVSHTXHQDV
7UXH FRORU ELWV RX +LJK &RORU ELWV 0HQVDJHQV GH HUURV SRGHP VHU GDGDV DR XVXiULR DSyV
LQVWDODomRSHUIHLWDGHYLGRDPiHVSHFLILFDomRGDFRQILJXUDomRGHYtGHR6HR'ULYHGH9tGHRQmRHVWLYHUEHP
LQVWDODGRRXVXiULRSRGHUiWHUSUREOHPDVSDUDH[HFXWDUR6LVYDU&HUWLILTXHVHGLVVRDQWHVGHXVDUR6LVYDU
(VVH SUREOHPD p GHYLGR D XP REMHWR GD %RUODQG 7'%*ULG H QmR GR 6LVWHPD 6LVYDU TXH KHUGRX WDO
SURSULHGDGHGHVVHREMHWRTXHVyVHSHUPLWHH[HFXWDUHPYtGHRVGHDOWDUHVROXomRHGHYLGDPHQWHFRQILJXUDGR
%RDVRUWHDRXVDUR6LVYDU(VSHURTXHVXDVH[SHFWDWLYDVVHMDPSOHQDPHQWHVDWLVIHLWDV
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GDGRVREVHUYDGRVHQRVPpWRGRVFLHQWtILFRVSDUDFROHWDRUJDQL]DomRUHVXPRDSUHVHQWDomRDQiOLVHH
LQWHUSUHWDomR GRV GDGRV DPRVWUDLV $ HVWDWtVWLFD VH GLYLGH HP HVWDWtVWLFD GHVFULWLYD H LQGXWLYD RX
LQIHUrQFLD $ HVWDWtVWLFD GHVFULWLYD SUHRFXSDVH FRP D FROHWD RUJDQL]DomR H DSUHVHQWDomRGRVGDGRV
DPRVWUDLV VHP LQIHULU VREUH D SRSXODomR H D HVWDWtVWLFD LQGXWLYD SUHRFXSDVH FRP D DQiOLVH H
LQWHUSUHWDomRGRVGDGRVDPRVWUDLV$LQIHUrQFLDQmRSRGHVHUDEVROXWDPHQWHFHUWDGDtDQHFHVVLGDGH
GHVHXWLOL]DUXPDOLQJXDJHPGHSUREDELOLGDGH
1D PDLRULD GRV SUREOHPDV DV OHLV GH FDXVD H HIHLWR QmR VmR FRQKHFLGDV SHOR
SHVTXLVDGRUQRHQWDQWRH[LVWHDQHFHVVLGDGHGHVHREWHUXPDVROXomRREMHWLYD)RLHVVHREMHWLYRRX
VHMDRGHDSUHVHQWDUWDLVVROXo}HVpTXHDHVWDWtVWLFDVHGHVHQYROYHXIDFHDVLQFHUWH]DVRULXQGDVGD
YDULDELOLGDGHGRVGDGRVSURYHQLHQWHVGDVREVHUYDo}HVGRVSHVTXLVDGRUHV3DUDTXHVHMDEHPXVDGDp
QHFHVViULRTXHVHFRQKHoDRVVHXVIXQGDPHQWRVHRVVHXVSULQFtSLRVHDFLPDGHWXGRTXHRSHVTXLVDGRU
GHVHQYROYDXPHVSLULWRFULWLFRVREUHDSHVTXLVDHPSUHHQGLGD
$XWLOL]DomRGHVRIWZDUHVSDUDDWHQGHUWDLVQHFHVVLGDGHVpGHVXPDLPSRUWkQFLDXPD
YH]TXHQHFHVVLWDVHGHUHDOL]DUODERULRVRVFiOFXORVQDDQiOLVHGRVGDGRVRULXQGRVGDVSHVTXLVDVEHP
FRPR RV UHVXOWDGRV REWLGRV WrP TXH VHU H[DWRV H DFXUDGRV 1R HQWDQWR RV SURJUDPDV GH HVWDWtVWLFDV
GLVSRQtYHLV QHFHVVLWDP VHU EHP XVDGRV SDUD FXPSULU DGHTXDGDPHQWH R VHX SDSHO 2 PDO XVR GRV
UHFXUVRVFRPSXWDFLRQDLVEHPFRPRGDLQWHUSUHWDomRGHVHXVUHVXOWDGRVIRLDPRWLYDomRSDUDDUHGDomR
GHVVHPDWHULDO1DVSUy[LPDVVHo}HVGHVVHPDWHULDOVHUmRHQIDWL]DGRVR SURJUDPD GHDQiOLVHHVWDWtVWLFD
6LVYDU PRVWUDQGR VXDV TXDOLGDGHV H DFLPD GH WXGR DV PDQHLUDV GR XVR FRUUHWR GH VXDV IXQo}HV H
FRPDQGRV
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QXPDGDVHWDSDVGDSHVTXLVDFLHQWtILFD$SULQFLSDOFDUDFWHUtVWLFDGHVVDVREVHUYDo}HVRXFRQMXQWRGH
GDGRVpDYDULDELOLGDGHLQHUHQWHDRVPHVPRVTXHpDSULQFLSDOUD]mRGRGHVHQYROYLPHQWRGDHVWDWtVWLFD
FRPRFLrQFLD'HSRVVHGHVVHVGDGRVRSHVTXLVDGRUSRGHUiH[WUDLUXPDVpULHGHLQIRUPDo}HV~WHLVSDUD
D VXD SHVTXLVD SRU PHLR GH XPD DYDOLDomR H[SORUDWyULD GHVVH FRQMXQWR GH REVHUYDo}HV (VVD DQiOLVH
H[SORUDWyULD GHSHQGH GR WLSR H GD QDWXUH]D GRV GDGRV 2V GDGRV SRGHP VHU TXDOLWDWLYRV RX
TXDQWLWDWLYRVVHQGRTXHRVTXDQWLWDWLYRVVXEGLYLGHPDLQGDHPGLVFUHWRVDTXHOHVTXHVmRSURYHQLHQWHV
GHFRQWDJHQVYDORUHVLQWHLURVHHPFRQWtQXRVRXVHMDRVTXHSRGHPDVVXPLUTXDLVTXHUYDORUHVUHDLV
GHQWUR GH XP FHUWR LQWHUYDOR $ HVWH ~OWLPR WLSR GH GDGRV p TXH VH GDUi PDLRUHV DWHQo}HV SRU VH
WUDWDUHPGRVPDLVIUHTHQWHVQDVSHVTXLVDV$SULQFLSDOIRUPDGHVHDSUHVHQWDUXPJUDQGHFRQMXQWRGH
REVHUYDo}HV RULJLQiULDV GD SHVTXLVD p SRU PHLR GDV WDEHODV GH GLVWULEXLomR GH IUHTrQFLD RX GRV
JUiILFRV GH EDUUDV FRQKHFLGRV SRU KLVWRJUDPDV RX DLQGD SHORV JUiILFRV FRQKHFLGRVSRUSROtJRQRGH
IUHTrQFLDeSRVVtYHOH[WUDLUXPDVpULHGHLQIRUPDo}HVGHVVHWLSRGHUHSUHVHQWDomRTXHMiIRUDPYLVWDV
QRVGHPDLVPyGXORVGHVVHFXUVR6HUiGDGRrQIDVHQDIRUPDGHVHREWHUWDLVUHSUHVHQWDo}HVSRUPHLR
GR6LVYDU
2SULPHLURH[HPSORTXHVHUiXVDGRSDUDLOXVWUDUWUDWDVHGDDPRVWUDJHPGHSODQWDV
GH IHLMRHLUR FXOWLYDU &DULRFD QDV TXDLV VH REVHUYRX D VHYHULGDGH GD GRHQoD FXMR DJHQWH FDXVDO p R
IXQJR&ROOHWRWULFKXPOLQGHPXWKLDQXP2VGDGRVHVWmRDSUHVHQWDGRVDVHJXLU
3DUDVHXWLOL]DUR6LVYDUpSRVVtYHOHQWUDUFRPRVGDGRVGHLPHGLDWRYLDWHFODGRGXUDQWH
DH[HFXomRGDDQiOLVHSUHWHQGLGDRXHQWmRYLDDUTXLYRGHGDGRV$VHJXQGDIRUPDpDPHOKRUPDQHLUD
XPDYH]TXHRVGDGRVILFDPGLVSRQtYHLVSDUDDUHDOL]DomRGHQRYDVDQiOLVHVTXHYHQKDPDVHWRUQDU
QHFHVViULDV6HUiGHVFULWRDVHJXLUDIRUPDGHHQWUDUFRPRVGDGRVYLDDUTXLYRGHGDGRVeFRQYHQLHQWH
FKDPDU D DWHQomR GH TXH R 6LVYDU SHUPLWH TXH GRLV WLSRV GH FDPSRV FROXQDV GLVWLQWRV QR DUTXLYR
DOIDQXPpULFDVWH[WRHDVQXPpULFDVLQWHLURVRXUHDLV'DGRVGHFDGDYDULiYHOWRPDGDVQDSHVTXLVD
GHYHUmRRFXSDUXP FDPSRFROXQDGRDUTXLYR1HVVHH[HPSORWHPVHDSHQDVXPDYDULiYHO3DUDFULDU
RDUTXLYRHVFROKHDRSomRGHPDQLSXODomRGHDUTXLYRVGRSURJUDPDHHPVHJXLGDQRPHQXSULQFLSDO
HVFROKHVH D RSomR FULDU (VFROKHVH XP QRPH SDUD R PHVPR H R GLUHWyULR GH WUDEDOKR FRQIRUPH
HVTXHPDDSUHVHQWDGRDVHJXLU
1HVVHFDVRHVFROKHXVHRGLUHWyULRGHWUDEDOKRHRQRPHGRDUTXLYRH[HPSORFXMD
H[WHQVmR p '% 2 DUTXLYR SRVVXt HVWUXWXUD GR WLSR 3DUDGR[ (P VHJXLGD HVFROKHVH R Q~PHUR GH
FDPSRVGRDUTXLYRTXHQHVVHFDVRVHUi
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2SUy[LPRSDVVRH[LJHTXHVHFRQILUPHRWLSRGRFDPSR2XVXiULRUHVSRQGHUiHPVLP
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SUy[LPDHWDSDSHORXVXiULR$SyVDGLJLWDomRRDUTXLYRSRGHUiVHUDQDOLVDGRSHORSURJUDPD4XDOTXHU
RXWUR DUTXLYR DVVLP FULDGR SRGHUi VHU XVDGR SDUD DQiOLVHV HVWDWtVWLFDV SRVWHULRUHV $ SDUWH ILQDO GR
DUTXLYRHPTXHVWmRHVWiDSUHVHQWDGRDVHJXLU
&RPDVRSo}HVGRIRUPXOiULRDVHJXLUpSRVVtYHODOWHUDUDVFDUDFWHUtVWLFDVGRJUiILFR
UHFpP JHUDGR (VVDV SURSULHGDGHV LQFOXHP FRU GH IXQGR JUDGLHQWH OHJHQGDV WtWXORV GRV HL[RV H GR
JUiILFR FRU H WLSR GH IRQWHGRVWtWXORVeSRVVtYHOLPSULPLURXFRSLDUSDUDDiUHDGHWUDQVIHUrQFLDR
JUiILFRRTXDOSRGHUiVHUFRODGRHPXPHGLWRUGHWH[WRDSURSULDGR
$WDEHODGHGLVWULEXLomRGHIUHTrQFLDFRQVWUXtGDSHOR6LVYDUHXVDGDQDFRQVWUXomR
GRVJUiILFRVHVWiDSUHVHQWDGDDVHJXLU'HVWDFDVHDVFODVVHVHDVIUHTrQFLDVDEVROXWDVSHUFHQWXDLVRX
UHODWLYDVGDVPHVPDV
6DtGDGR6LVYDU
GLVWULEXLomRGHIUHTXrQFLDV &ULWpULRGH6FRWW
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3RUHVVHVUHVXOWDGRVSRGHVHFRQFOXLUTXHVHWUDWDGHXPDGLVWULEXLomRFRPXPDFHUWD
DVVLPHWULDDGLUHLWDLQGLFDQGRTXHDJUDQGHPDLRULDGDVSODQWDVWHPEDL[DVHYHULGDGHGDGRHQoD
0HGLGDVGHSRVLomRHGHGLVSHUVmR
0XLWDVYH]HVpQHFHVViULRDSUHVHQWDUPHGLGDVTXHVLQWHWL]HPDVLQIRUPDo}HVGHXPD
JUDQGH PDVVD GH GDGRV GH WDO VRUWH TXH QmR VH SHUFDRYDORUGRVGDGRVRULJLQDLV(VVDVPHGLGDVVH
GLYLGHP HP PHGLGDV GH SRVLomR PpGLDV PHGLDQDV H PRGDV TXH GmR LGpLDV GD SRVLomR FHQWUDO
UHSUHVHQWDWLYDGRFRQMXQWRGHGDGRVHHPPHGLGDVGH GLVSHUVmRYDULkQFLDVFRHILFLHQWHVGHYDULDomR
HUUR SDGUmR GD PpGLD TXH IRUQHFHP LQIRUPDo}HV GD YDULDELOLGDGH GRV GDGRV HP WRUQR GHVVH YDORU
FHQWUDO,QLFLDOPHQWHVHUiDSUHVHQWDGRRVUHVXOWDGRVGRH[HPSORQ~PHURGDVHYHULGDGHGDDQWUDFQRVH
HP IHLMmR SHOR 6LVYDU 5HDOL]DQGR RV SURFHGLPHQWRV SDUD D REWHQomR GRV JUiILFRV GHVFULWRV
DQWHULRUPHQWHpSRVVtYHOVLPXOWDQHDPHQWHREWHURVUHVXOWDGRVDSUHVHQWDGRVDVHJXLUVREUHDVPHGLGDV
GHSRVLomRHGLVSHUVmRGDDPRVWUDUHODWLYDDVHYHULGDGHGHGRHQoD
6DtGDGR6LVYDU
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WDPEpP DV PHGLGDV GH DVVLPHWULD H GH FXUWRVH GD GLVWULEXLomR 7RPDQGRVH SRU EDVH D GLVWULEXLomR
QRUPDO RX JDXVVLDQD FXMRV FRHILFLHQWHV GH DVVLPHWULD H FXUWRVH VmR LJXDLV D H YHULILFDVHTXHD
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TXHDQRUPDOSRLVRFRHILFLHQWHpPHQRUTXH'LVWULEXLo}HVFRPFRHILFLHQWHGHFXUWRVHLJXDLVD
VmRGLWDVPHVRF~UWLFDVHDTXHODVFRPFRHILFLHQWHPDLRUHVTXHVmR GLWDVOHSWRF~UWLFDVPDLVDILODGDV
TXH D GLVWULEXLomR QRUPDO 2 HUUR SDGUmR GD PpGLD SRU VXD YH] p XPD PHGLGD GD SUHFLVmR GD
HVWLPDWLYD GHVWD )LQDOPHQWH SDUD GLVWULEXLo}HV DVVLPpWULFDV PXLWRV HVWDWtVWLFRV RSWDP SHOR XVR GH
PHGLGDVGHSRVLomRTXHQmR VHMDDPpGLDPDVSRUDTXHODVTXHVmRPDLVDGHTXDGDVSDUDHVVDVVLWXDo}HV
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GLVWULEXLo}HVRXDWpPHVPRREWHUTXDQWLVVXSHULRUHVTXHVmR~WHLVSDUDGHILQLUUHJL}HVFUtWLFDVSDUDRV
WHVWHVGHKLSyWHVHVVREUHSDUkPHWURVSRSXODFLRQDLVGHLQWHUHVVH6HUiGHVFULWRRVSURFHGLPHQWRVEiVLFRV
GR 6LVYDU SDUD D REWHQomR GH SUREDELOLGDGHV GH LQWHUHVVH SDUD DV GLVWULEXLo}HV %LQRPLDO 3RLVVRQ
1RUPDO W GH 6WXGHQW 4XLTXDGUDGR H ) GH 6QHGHFRU ,QLFLDOPHQWH VH EXVFDUi SRU PHLR GH DOJXQV
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DQiOLVHV H HP VHJXLGD D RSomR FiOFXOR GH SUREDELOLGDGHV (VFROKHVH D GLVWULEXLomR GH LQWHUHVVH QR
VHJXLQWHIRUPXOiULR
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SDUkPHWURV GHVVD GLVWULEXLomR 3DUD R FDVR GR QDVFLPHQWR GH IrPHDV HP XPD OHLWHJDGD VDEHVH GD
JHQpWLFD TXH R SUREDELOLGDGH GR VXFHVVR HP XP ~QLFR QDVFLPHQWR GR VXtQR VHU IrPHD p GH RX
S 1HVVH FDVR SHUJXQWDVH TXDO p D SUREDELOLGDGH GH QR QDVFLPHQWR GH VXtQRV H[DWDPHQWH
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1RUIRON p QRUPDOHTXHDPpGLDpGHNJHRGHVYLRSDGUmRGHNJSHUJXQWDVHDTXDOD
SUREDELOLGDGHGHTXHXPFRHOKRVXSHUHRSHVRGHNJETXDOpRSHVRTXHGHL[DGHSHVRV
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SUREDELOLGDGHVGHVHMDGDVSDUDDREWHQomRGRYDORUHVSUHWHQGLGRV3DUDLOXVWUDUVXSRQGRTXHVHGHVHMD
FDOFXODU D D SUREDELOLGDGH GH XP YDORU GH W VXSHUDU R YDORU FDOFXODGR GH HP XPD DPRVWUD GH
WDPDQKRJUDXVGHOLEHUGDGHERYDORUGHWFXMDSUREDELOLGDGHGHVXSHUiORVHMDGHRX
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TXHGHL[DXPDSUREDELOLGDGHDFLPDGRPHVPRGHSDUDJUDXVGHOLEHUGDGHpGH
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