Short description
With global e-business and e-commerce initiatives, it has become important that all businesses carefully validate their business objectives, requirements, and strategies through a careful process of formal business modelling. This text negotiates the vast arena of research and practice.
Long description
Business modelling is a vast arena of research and practice, which is gaining increasing important in the rapid development of e-commerce, globalization, and in particular, the movement toward global e-business. The ability to utilize advanced computing technology to model, analyze and simulate various aspects of ever-changing businesses has made a significant impact on the way businesses are designed and run. With global e-business and e-commerce initiatives, it has become important that all businesses carefully validate their business objectives, requirements, and strategies through a careful process of formal business modelling. It is important for effective enterprise decision making to have clear, concise business models that allow the extraction of critical value from business processes and specify the rules to be globally enforced. Particularly in e-business specifications, the need to be unambiguous, accurate, and complete becomes even greater, because there may be no human mediator or agent to rely on in complex or unforeseen situations.