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.
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Famous quotes containing the word process:
“The process of discovery is very simple. An unwearied and systematic application of known laws to nature causes the unknown to reveal themselves.”
—Henry David Thoreau (1817–1862)
“Any balance we achieve between adult and parental identities, between children’s and our own needs, works only for a time—because, as one father says, “It’s a new ball game just about every week.” So we are always in the process of learning to be parents.”
—Joan Sheingold Ditzion, Dennie, and Palmer Wolf. Ourselves and Our Children, by Boston Women’s Health Book Collective, ch. 2 (1978)
“[Wellesley College] is about as meaningful to the educational process in America as a perfume factory is to the national economy.”
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