Modeling Business
The importance of business modeling in the supply chain has helped hugely in terms of minimizing cost and maximizing profit. Modeling the business requires both qualitative and quantitative analysis of raw data to analyze the business situation or the model itself. One important part before analyzing the data is identifying the problem of the given business model. Once the problem is defined correctly alternatives can be demarcated with the specific criteria. Likewise, alternatives needs to be evaluated carefully to achieve and come up to the ultimate alternative choice that can be the solution to the problem.
BUSINESS PROBLEM SOLVING PROCESS:
1. Define the Problem
2. Identify the Alternatives
3. Determine the Criteria
4. Evaluate the Alternatives
5. Choose an Alternative
6. Implement the Decision
7. Evaluate the Results
MODEL DEVELOPMENT:
To develop a model usually comes from an engineering imaginative point of view were by models are made only just for a given business framework. Models are a representation of real objects or situations and can be presented in various forms. To some engineering and logistical term it is called the iconic models or analog model. Thus, these analog and iconic models can be translated into a mathematical model for further study and analysis of the problem or the problem solving process stated above.
Given, if you are running a micro or macro business, does your “business models” relevant to the actual business problems or just transient conceptual ideas that will need remodeling in the later.
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