Process
The market engineering approach is structured by means of a process as depicted in Market Engineering Process diagram (c.f. Neumann 2004). Taking into account the objectives of the new electronic markets, the requirements of the new electronic market are deduced in the first stage. Subsequently, the new market is designed with simultaneous consideration of the transaction object, the market microstructure, the IT infrastructure, and the business model. In the third stage, the mechanism is tested on its technical, economic and business properties. If needed, there is an iteration loop between designing and evaluating the market in order to make sure that the requirements are met. In the fourth stage, the thoroughly evaluated design is realized and implemented as a software system. Finally, the market platform is introduced. At any stage of the market engineering process, there is a decision whether to proceed with the next step or to repeat an earlier one.
Read more about this topic: Market Engineering
Famous quotes containing the word process:
“The toddler’s wish to please ... is a powerful aid in helping the child to develop a social awareness and, eventually, a moral conscience. The child’s love for the parent is so strong that it causes him to change his behavior: to refrain from hitting and biting, to share toys with a peer, to become toilet trained. This wish for approval is the parent’s most reliable ally in the process of socializing the child.”
—Alicia F. Lieberman (20th century)
“I’m not suggesting that all men are beautiful, vulnerable boys, but we all started out that way. What happened to us? How did we become monsters of feminist nightmares? The answer, of course, is that we underwent a careful and deliberate process of gender training, sometimes brutal, always dehumanizing, cutting away large chunks of ourselves. Little girls went through something similarly crippling. If the gender training was successful, we each ended up being half a person.”
—Frank Pittman (20th century)
“A man had better starve at once than lose his innocence in the process of getting his bread.”
—Henry David Thoreau (1817–1862)