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:
“At last a vision has been vouchsafed to us of our life as a whole. We see the bad with the good.... With this vision we approach new affairs. Our duty is to cleanse, to reconsider, to restore, to correct the evil without impairing the good, to purify and humanize every process of our common life, without weakening or sentimentalizing it.”
—Woodrow Wilson (1856–1924)
“To exist as an advertisement of her husband’s income, or her father’s generosity, has become a second nature to many a woman who must have undergone, one would say, some long and subtle process of degradation before she sunk [sic] so low, or grovelled so serenely.”
—Elizabeth Stuart Phelps (1844–1911)
“... the history of the race, from infancy through its stages of barbarism, heathenism, civilization, and Christianity, is a process of suffering, as the lower principles of humanity are gradually subjected to the higher.”
—Catherine E. Beecher (1800–1878)