Name: Sohail Iqbal

Semester: MBA 2nd

Subject: Business Modeling
Assignment: 01
Submitted To : Madam Mariam Mohsin
Date : 06/16/2020
Chapter # 06 Getting the right Model
Review:
This chapter is full of art. The main focus of this chapter is to implement
the right model to to develop a business strategies, it discover the right model
without any doubt that why the author say that it is art. Established businesses need
a right model to take appropriate decisions in future. When a problem identified
there will be an appropriate solution or best alternate solution to resolve it and also
decision made by according problem solving. Every business need a right and
unique model then the competitor for achieving the goal for that particular
business. some common threads that the modeler needs to know apply to all
discovery situations, and it is with these that the chapter starts. When the modeler
have some idea of business situation. Then it need to map it in objective statement.
And make in mind that mapping turnout to be part of discovery process.
While defining the Interactive Exploration of the Territory the author say that to
approach the complex situation is never easy, and the business situation are always
complex. Then they focus on frame to access the problem, it also need a good
frame to resolve the problem . which also discussed in chapter 5. That every
businesses need a framework. And understanding that framework is compulsory
for solving the given or identified problem. Because all issues are address in that
framework. In fact, the situation is not terribly difficult. All people are equipped
for social interaction - this is part of our established capabilities. Interactively
exploring the area to be modeled does not require more than basic communication
skills, which are a bit sharper and focused on the needs of the modeler. But before
this important interaction begins, it is equally important to define players -
stakeholders - their needs and motivations.
The main focus of the author in this chapter is all about right model , there is
several step taken in this chapter for explorating the ideas of new business modeler
to convert his ideas in the situation which is need or require for a right model, there
is a tools used in exploration for getting the right model, also stakeholder show his
fashion to make it the right choice for the right model, also the basic skills is used
of stakeholder for the business model.
The business cases are define in this particular chapter that in what case we should
take what kind of decisions, and those decision are favourable for business model
are not, then the return on investment tools is used, when a shareholder invest in a
right model of a business they can receive a good and healthy return on his
investment , then the two tools is explained.
One-time investments: These are investments that need to be invested in the
completion of the project, but once completed, no additional investment will be
required. An example of a one-time investment would be the purchase of software,
training or resources (like this book!) Needed to complete the project. They are
also known as unusual expenses.
Ongoing investments: These are investments that will still be needed throughout
the life of the project, even when the model is applied. An example of ongoing
investments would be monitoring the model to ensure success, continuous training
of new users or additional and constantly needed funds for the implemented
project. They are also known as running costs.They also discussed the tangible and
intangible return on that particular investments. It is also called tangible benefit
and intangible benefit.
Finding the right model to fit a business situation is not simple or easy. It is a
difficult process that requires experience, insight and judgment. In this chapter,
many directions are given on the issues involved. If you find the problem, talk to
the right people (the stakeholders) in the right way (by asking open-ended
questions). Use an appropriate metaphor, which seems intuitive and relevant to the
modeler and stakeholders, and creates a cognitive map and perhaps a cognitive
model of the situation. Look for the most important relationships, perhaps using
cognitive model simulation as a tool to illuminate the situation. With the defined
problem, create a business case for the project that appeals to the business
executives whose support for any project is essential.
It is an appropriate process to discover the right model when using business
modeling and data mining as a tool to solve a problem, improve a business process
or support decision making in a corporate environment. Unfortunately, it does not
help if the business problem starts with data already collected. Then, the business
problem is finding an opportunity to successfully apply business modeling and data
mining in particular. Determining the initial problem that addresses the data
requires a close focus on the core P3TQ relationships and how the data represents
them, especially the relationships represented in the data, but not as deeply
investigated as the data suggests that this is not possible.
The guidelines in this chapter will allow any business modulator, or data insurer, to
successfully discover the right model. Before modeling begins, it's just as
important to make sure that the process used gets the model right .