Saturday, December 28, 2019

Cognitive Psychology And Human Cognition - 1499 Words

Cognitive neuroscience categorised as one of the many approaches to human cognition, focuses on the study of both the brain and behaviour in collaboration. Evidence from such approaches can be used to understand in depth, the mental processes forming cognition. Consequently, this contributes to our understanding of the mind. Despite vast development in this field, various challenges are posed as no single method can answer every question raised due to its limitations and therefore must be combined in order to produce a more reliable understanding. Cognitive psychology was the first to make progress in the understanding of these areas and accordingly it can be noticed that the tasks used by cognitive neuroscientists for brain-imaging†¦show more content†¦Brain-imaging techniques used by cognitive neuroscientist’s aid research into such field by analysing the different parts of the brain that become active when a certain task is performed. The main technique that can be discussed in the role of trying to understand the mind is Functional magnetic resonance imaging. This technique uses an MRI machine to measure brain activity by looking at changes in one’s blood flow. Stern et al, 1996 carried out research into the parts of the brain crucial for encoding and storage of information in the long-term memory store. Using fMRI, participants were monitored while performing a novel picture encoding task. Evidence was provided to show that the encoding of these pictures depends on how the ventral cortical regions and the hippocampal region interact. This highlights a link between the two which therefore creates a valid contribution to our understanding of the mind as it identifies the parts of the brain crucial for engaging in essential mental processes. On the other hand, although this link can be identified, the method used by cognitive neuroscientists cannot explain exactly how the hippocampal formation is crucial in the encoding of information i n long-term memory meaning that it cannot be explained as to why it is needed and what exactly would happen to the encoding process if damage to this formation was to occur. In terms of the technique itself, low temporal resolution and high expense can be noted as another

Friday, December 20, 2019

Personal Narrative My Daughters Birth - 966 Words

A new year had just arrived. I can still picture January in my mind, the mood was sullen and dark, I could feel the cold reaching my bones, but now I know that was the best feeling I‘d ever had. I had only a few weeks left to start college, which had been my dream since I can remember. My dad had already paid for my tuition, I was so exited I had promised to do my best. Then, I realized there was an obstacle in my way. I knew I needed to make a decision on whether or not keeping my pregnancy, it sounds rough, but it was definitive. I did not want to miss school, so I was definitely not taking this to the last term. I just could not think of myself being prostrated in bed for so long, as an impediment to start school. Never, nothing would†¦show more content†¦I did not feel any pain at all, nor could I move my body anymore. It felt more like I was numb from neck to feet; I guess I had epidural all over my body. Due to this numbness, whenever I had tried to push I did no t know if I was actually doing it. Somehow, after thirty more minutes of labor, I pushed as hard as I could and they finally were able to see the baby’s head. All of a sudden, this little baby girl was out in this new world, I figured the doctor had done some maneuvers to unwrap the umbilical cord, because I had just become a new mother. It was incredible! I was not sure exactly how a woman is supposed to feel after becoming a mother, but I was so overprotective, emotional and scared. I was so sensitive and started crying. I wanted everyone to go away and leave me alone, because I was afraid my life would change radically after this, and I was not prepared yet for them to see this change. After a few minutes, I realized I was so weak I could feel the cold reaching my bones, but that was also the best feeling I’d ever had. I was thinking I had only a few weeks left to start college, which had been my dream since I can remember. My dad had already paid for my tuition, I was so exited I had promised to do my best, but I’d just had my daughter, and I was so nervous about being a young mother in college. I tried to open my eyes to admire my baby’s beautiful face and thought I was so brave, because I hadShow MoreRelated`` Sweetness `` By Toni Morrison1826 Words   |  8 PagesAmerican novelist Toni Mo rrison is renowned for her publications illustrating how racial stigma can dent a character physically, mentally and emotionally. â€Å"Sweetness†, an excerpt from God Help the Child, one of Morrison’s more recent works, follows the narrative of a guilt-stricken mother who allowed society’s predetermined notions of race interfere with her parenting, as her daughter was undeniably black while she and her husband have negro roots but are lighter skinned or ‘high-yellow’. As the story developsRead More Autism in the Media Essay2151 Words   |  9 Pagestherapy that his mother organized after he was diagnosed with autism. During my thrice-weekly Connor-directed playtime visits, I entered his world instead of making him enter mine and encouraged eye contact to strengthen Connors connection with others.    I begin this critique of autism depiction in mass media relating my relationship with Connor because he informs my understanding of autism and colors my critique of media representations. For people who do not know autistic individualsRead MoreAnalysis Of The Song That I Selected2664 Words   |  11 PagesEven though Marshall was a high school dropout, he did however have a love for English, he has said I found that no matter how bad I was at school, like, and no matter how low my grades might have been at sometimes, I always was good at English ... I just felt like I wanna be able to have all of these words at my disposal, in my vocabulary at all times whenever I need to pull em out. You know, somewhere, they ll be stored, like, locked away. He soon found his talent for rap and started to enterRead More A Comparison of Women in Beowulf, Widsith and Icelandic Sagas4023 Words   |  17 PagesBeowulf, Widsith, The Saga of The Volsungs, and the Saga of King Hrolf Kraki are not alw ays stereotyped ones of passive homemaker and childbearer and peaceweaver, but sometimes ones giving freedom of choice, range of activity, and opportunity for personal growth and development.    Let us first of all consider the roles of women in the classic epic poem Beowulf. In Beowulf the hero makes reference to Ingeld and his wife and the coming Heathobard feud:      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Read MoreThe Lovely Bones Study Guide3680 Words   |  15 Pagesand the cancellation of her plans to go study in France, begins having an affair with Fenerman, a widower. Amidst all this, Abigails mother, Grandma Lynn, comes to stay with the Salmons for a while, providing much-needed support. She senses her daughters affair and tells her to stop it. Jack and Lindsey between them hatch a plan in which Lindsey will sneak into Mr. Harveys house during soccer practice and possibly find any evidence within that would link Mr. Harvey to the murder. She finds a drawingRead MoreRace Film : The Great And Only Essay10250 Words   |  41 Pagescategorize a well-known group of films about Black people that in most cases included the participation of White filmmakers. How do we define the term â€Å"race film†? Moreover, can these films be considered a â€Å"genre† or are they imitations of similar narratives produced by White filmmakers such as comedies, dramas, and musicals? Furthermore, were race films merely exploiting issues pertaining to skin color and class status? In this chapter I examine why the term â€Å"race film† is obscure while exploringRead MoreSymbolic Similarities in The Shunammite and The Metamorphosis2786 Words   |  12 PagesResearch Paper The definition of metamorphosis as told by the Merriam-Webster dictionary is as follows â€Å"a marked and more or less abrupt developmental change in the form or structure of an animal (as a butterfly or a frog) occurring subsequent to birth or hatching.† (1) Whereas the Shunammite is just a woman hailing from Shumen, although the name is more so known for the biblical story of the Shunammite in the Book of Kings. That story was about a Shunammite whom was made to lay with the old andRead MoreR.K.Narayan and Swami and Friends7399 Words   |  30 PagesREVIEW though the flavor of the SEASON is buzzing with Harry Potter Mania, still I am glued up reading R.K. Narayan’s First Novel â€Å"Swami and friends† (which was published in 1935) so enthusiastically Even my parents were not born at that time, but theINNOCENCE that I find in this book makes is itrefreshingly different from what we have nowadays. Yes, as I kid I too loved to read about magic, mystery, adventures, and detective stuff. There are plenty of books which can take u totallyRead MoreReflection on Observation Essay4612 Words   |  19 Pagescannot help but feel that you are somehow changing or influencing the class and the students that make it up. My observations took place in two settings, the first and my primary observation source, was at Children’s Garden Montessori School in El Cerrito, my daughter’s school, it is a private pre-school with children ages two to five. My second observation was the Fit Kids program at my local Berkeley YMCA, this program was created for children over the age of eight and combines educational videoRead More The Feminist Perspective of Buffy the Vampire Slayer Essay5032 Words   |  21 Pagesfeminist fashioning. This is not to deny Daughtey and Vints reading of the Slayer completely; a defining feature of Buffy the Vampire Slayer is the liminal position it occupies, at once advocating and refuting positivist feminist readings. However, it is my contention that women in the series are all portrayed in stereotypical ways which have been generated by patriarchy throughout the ages, and all of which serve to empty femininity, leaving the women as functional (fantasy) symbols only: the bluestocking

Thursday, December 12, 2019

Post Implementation Practices of ERP Systemsâ€MyAssignmenthelp.com

Question: Discuss about the Post Implementation Practices of ERP Systems. Answer: Introduction Strategic information planning is the most vital activity helping business to determine strategic application as well as to align the business strategy with effective information system to accomplish high profits and better performance (Clarke, 2012). The present report is based on the evaluation and analysis of the strategic information system in terms of profitably and performance. In order to evaluate the effectiveness of information system within the organization Ristorante Da Angelo restaurant organization is selected. Ristorante Da Angelo is offering Italian food to Hobart. Ristorante Da Angelo main objective is to improve organization performance and achieve better client satisfaction. Presently the organization is offering its services and goods to customers using its exiting shops and phone orders. It is the small family owned business with only one physical shop in Hobart. The organization offers its services such as pizza, spicy, intimate dining, Italian foods etc to customers and charges in cash payment. Therefore from the evaluation it has been said that the business implementing flat organization structure with no level of middle management between executives and staffs members. Therefore, in this structure the management of the organization is directly involved in the decision making procedures. In order to manage its functionality and budget system the organization using traditional accounting system that create data duplication problems and data redundancy problems. Presently the organization objective is to expand business market through online business and offering services and goods through website. Therefore in this time if the management of the organization using traditional accounting system then it creates high risks and also hampered the company performance effectively. Operational problems The organization is presently suffered from the services and quality problems. The organization also suffered clients satisfaction and performance problems. Moreover using the traditional budget system the organization not only suffered problems from the time consuming but also suffered from the profitability. As stated by the King, (2015) within the organization there are three dimensions such as information quality, better decision making process and system quality impact the client response to the information system. Operational problems associated with the organization are listed below; Reduce performance in terms of profitability Reduce the service quality and client satisfaction No clear direction and reponsiblteis to the entire staffs Not appropriate Communication with the workers Lack of customers services Most effective system acquisition methods As stated by the Galliers et al., (2014), each organization is technology era dependent on accurate and timely information to service in the industry or competitive market. Information management system works as the life line of the business, no decision is to be taken without data or information and therefore the Ristorante Da Angelo needs to implement the ERP system in its workplace for achieving better completive edge over competitive society. Use of the ERP i.e. enterprise resource planning software helps the organization to integrate all functions areas of the organization such as billing, sales, management, quality, production and services in one business wide system. According to the Arvidsson, Holmstrm, Lyytinen, (2014), ERP system servers as the data or information backbone of the organization process of business. The main befits associated with the ERP system is to reduce the operational costs with help of offering information benefits to the management of the organization in decision making procedures. As per the analysis and evaluation, it has been obtained that the organization want to expend its business and offering its services through online and making high profits with better customers satisfaction. Thus it has been said that use of the ERP system aids to enhance resources and time for decision making procedures system. As per the findings of the company present issues it has been seen that company faced data reduction and data duplication techniques, so that this can be easily solved using of the implementation of the ERP system (Romney Steinbart, 2012). This information system improves and offers better control system and introduce standardized manner to run organization functions. Ease of use and effective organization practices Effectively enterprise wide information and data sharing Enhance customers satisfaction and reduce data redundancy problems Decrease operating costs Therefore from the evaluation and analysis of above facts and figures it is recommended that Ristorante Da Angelo needs to implement ERP system in its workplace because the feature that is associated with enterprise resource planning is effectively solved the company present issues in better and effective manner. Flow chart of the company sales procedures The flow chart of the organization is shown in above figures. From the represented figure it has been seen that to firstly customers orders some foods in restaurant. The restaurant department inform about the foods and orders to the manager of the organization. After that the manager check food is available or not. If the food is available then the manager approved for foods and the customers take its foods and payment them. If for some reason food is not available then the manager request for the other items and customer is interested about the foods them they approved them. After accepting the approval at the end of the customers manager approve for food and the customers pick the order. If a customer is not interested about another food then they cancel the order. As per the above analysis and evaluation it has been seen that the organization kept information regarding selling of goods and products through traditional methods. This procedure is cerates the data duplication and redundancy problems. Moreover from the above figure it has been seen that organization to implement any information system in its workplace that create problems regarding generating the invoice of goods selling. Therefore in future for some reason management wants to see the transaction of selling goods then it required more time. Moreover uses of the traditional system also decrease the economic gains and material consumption in vital manner. If the natural calamities is occurred then all data and information easily destroys the company not is able to recover them properly. The flow charts shows that company has no centralized control system and this is the main reason the organization using manager to determine the availability of items and foods. If the company uses c entralized system then the organization need not required to manager and this would helps the company to achieve better performance and reduce the resources effectively (Ahmad Cuenca, 2013). Controlling the problems in most vital manner organization needs to implement an effective ERP system at workplace that lead the company in better manner and generating result in fast manner. This system also helps to reduce the waiting time of the customers and through them the company achieves better clients satisfaction. Use of the ERP system also helps the organization to generate result in fast manner and improve the security. Adoption and development of the accounting system software package Adoption and development of the new accounting system i.e. ERP system aids the restaurant industries to achieve better outcomes and profits. Development and adoption of the accounting software involves planning, designing, implementing and controlling the process. The planning process is based on the company business process i.e. how the company performing its functions and operations (Galy, Sauceda, 2014). In selected organization the functions associated with the business process are sales functions, accounting functions, purchasing functions as well as production functions. ERP system is mainly helps the company to see a sales performance functions such as setting prices, taking order, checking goods availability, arranging for delivering and billing the customers in vital and effective manner. In designing process, developer develops and designs the software as per the needs and wants. The implmentiaon of the ERP system within the organization involves several steps that are sho wn in given figure. Implementation of the ERP system is done in three ways i.e. Big Bang approach, location wise approach and module wise approach. In the first steps the organization uses the all modules and risks associated with this is high. In the process of the location wise procedures ERP system is implemented at the organization at a time (Kumar and Bakshi, 2009). The main profits is this process is that implementation of the project is less or shorter. In the process of module approach, developer develops the system module by module. This is the most common and widely used by developer to develop the system. Adaption procedure mainly focused on the effectiveness of the system as well as profits associated with the system. From the findings it has been seen that adoption of the ERP system effectively solved the organization problems. Therefore from the analysis it has been seen that organization need to implement module by approach process to develop the system. Market size of the food and restaurant organization in Australia in incensing day by day and helps the nation to increase its revenues in most vital and effective manner. As shown in the figure it is seen that approximately above than 18000 numbers of the fast foods outlet available in Australia and the daily transaction in this field is 1800000 respectably. The figures indicates that in the year of 2000 there is approximately 12000 food outlets available in same business but in the year of 2017 it is increases approximately 25% and this indicates that the demands of the restaurant in Australia is increased. Therefore the above figures show that the demand of the restaurant industry is increased effectively and helps the organization to achieve high profits in better manner. The below figures indicates that the turnover of the restaurant industries is in increasing orders. That indicates that the company is accomplishing higher profits in better manner Determine the leaders of the market McDonalds is the market leader in Australia market with 29.5% market share. As per the mcdonalds (2017), catering services, restaurant services as well as caf services are performing well in market with 4.6% increase from FY2012 to FY2013. In terms of the sate sales growth it has been seen that New South Wales accomplished growth approximately 15% from previous years. As per the company financial report it has been seen that the organization achieve about $4 billion in 2015. Moreover from the findings it has been seen that company profit margin also increased approximately 25% from the previous years. Therefore from the analysis and evaluation it has been said that use of better accounting software within the workplace helps the organization to achieve high profits and client satisfaction (mcdonalds, 2017). From the analysis and evaluation it has been seen that organization implements scale of point system, decision making system, management information system and hyperactive bob sys tem to manage the transaction in successful manner. Implementation of the hyperactive Bob system helps to monitor the traffic entering a restaurants picketing lots. Point of scales helps the organization to make sure that effective and accurate order because the system uses high processing speeds and computed massive amount of data in short time of period. Therefore, above analysis indicates that better and effective information system helps the organization to gain high profits in better manner. Determine present gap and challenges Gap analysis helps the organization to determine the issues associated with the accounting system. In addition to this it helps the organization to explain the different between the actual and required system. Developer mainly implements the functional gap analysis techniques and procedures that helps the organization to determine whether the system perform its operation as per the needs and wants or not. The Gap analysis begins with the determination of the gap in the accounting set. From the analysis of the organization system it has been seen that the organization main objective is to improve the performance in most vital manner but it has been seen that the system required most of the time to access and retrieve the data from the database (Romney, Steinbart, 2012). This creates major issues in front of the company because it not only hampered the organization performance but also decrease client satisfaction in vital manner. Moreover from the analysis it has been seen that the S earch engine optimization tools and techniques which organization implements is not performing well. Therefore from the analysis and findings it has been recommended that organization needs to implement better database management system and also implement better search engine optimization tools and algorithm. This would effectively help the organization to solve the problem in vital manner. Conclusion From the analysis and findings it has been concluded that performance of the organization not only dependent upon the management skills but also dependent on the information management system. Incorporation of the better information management system not only helps the company to expand its market but also achieve its set of objective in most successful and vital manner. References Clarke, S. (2012).Information Systems Strategic Management. 1st ed. Hoboken: Taylor and Francis. daangelo. (2017).daangelo. [online] Available at: https://daangelo.com/ristorante/ [Accessed 26 Apr. 2017]. Galliers, R., Leidner, D., Leidner, D. and Galliers, R. (2014).Strategic information management. 1st ed. London: Routledge, Taylor and Francis. Kumar, S. and Bakshi, S. (2009).Classical ERP implementation. 1st ed. Delhi: A.K. Publications. mcdonalds. (2017).mcdonalds. [online] Available at: https://corporate.mcdonalds.com/content/dam/AboutMcDonalds/Investors/2016%20Annual%20Report.pdf [Accessed 26 Apr. 2017]. Sheldon, D. (2014).Class A ERP Implementation. 1st ed. Boca Raton: J. Ross Publishing, Incorporated. King, W. R. (2015).Planning for information systems. Routledge. Arvidsson, V., Holmstrm, J., Lyytinen, K. (2014). Information systems use as strategy practice: A multi-dimensional view of strategic information system implementation and use.The Journal of Strategic Information Systems,23(1), 45-61. Romney, M. B., Steinbart, P. J. (2012).Accounting information systems. Boston: Pearson. Ahmad, M. M., Cuenca, R. P. (2013). Critical success factors for ERP implementation in SMEs.Robotics and Computer-Integrated Manufacturing,29(3), 104-111. Galy, E., Sauceda, M. J. (2014). Post-implementation practices of ERP systems and their relationship to financial performance.Information Management,51(3), 310-319.

Wednesday, December 4, 2019

Innovation and Business Dustainability Development Method

Question: Discuss about the Innovation and Business Dustainability Development Method. Answer: Introduction The business model provides direction to the organizations in order to generate profitability. The researchers use gross profit metrics to compare the effectiveness and efficiency of the business model of the organization. The business model is considered as a conceptual framework that supports the viability of the business which includes its goals, ongoing plans and its purpose for achieving them. A business model shows how a company can fulfill its objectives. The business model provides significant information such as customers of the company and their importance (Sen, 2008). The benefits of the business model include focusing on the corporate goals and objectives and reviewing the operational practices. The business model of a company can also be incorporated into the public relations and can be shared with partners and customers. A business model shows a clear picture of how a business works. The administration department ought to have the capacity to depict the business model in a couple of sentences. All organizations endeavor to offer some benefit to their customers. The more grounded this value proposition, especially when contrasted with that of the competitors, the more probable it is substantial number of clients will buy from the organization (Hutt, Speh, 2014). The business model is a method for making an interpretation of the value proposition into the potential for quick income growth and productivity. The business model portrays the techniques the organization will use to create income. This could offer items or administrations, charging membership expenses, offering administration contracts on items - any way to make income openings. The model likewise demonstrates the elements about the operation of the business that will empower it to be beneficial. The organization may have higher edges than competitors on account of its lower cost sources of supply. The business that benefits from informal suggestions from current customers to forthcoming customers can be more productive in light of the fact that this promoting is significantly more affordable than different means, for example, advertising. Business model as systems The players in the IoT advertise space like SalesForce and Google are driving new smart frameworks and Internet of Things stage models. These models all have in like manner is that they are not conventional item engaged product-focused approaches; they depend on cooperation, participative item advancement and smart administrations development, and are sorted out and utilized with a typical business and specialized stage (Knackstedt, 2012). Dissimilar to the B2C world, the M2M applications have advanced in a setting where applications, for example, remote checking and support for gear have been attached nearly to hardware benefit contracts. For most item OEMs today, remote administrations and M2M frameworks have to a great extent been centered around basic remote diagnostics and basic following/area administrations in substantial part due to specialized complexities and business model difficulties with associated item strategies. Existing innovation has demonstrated unwieldly and expensive to apply to many clashing conventions and inadequate part based arrangements. The difficulties of creating applications and incorporating different gadgets onto arranges in an interoperable way have been enormous adoption obstacles. The inability of today's mainstream endeavor IT systems to interoperate with disseminated heterogeneous gadget conditions is a hindrance that we are at long last overcoming. Existing technology from basic applications, while greatly significant, is restricted fundamentally to the maker's administration conveyance proficiency. In spite of what current market offerings portray, in any case, the estimation of availability does not need to end with simply straightforward applications concentrated on a solitary class of gadget or machine (McDonald, Mouncey, Maklan, 2014). Business model used to solve dynamic and static problems As technologies develop and open guidelines turn into the standard, applications in light of more profound shared communications between gadgets, frameworks, and individuals will drive more "compound" and element esteem streams. This opens up a new communitarian plan of action openings that can drive substantially more prominent incentive for the customer. The new business model opportunities are considerably nearer in many regards to the purchaser driven models depicted before and can give numerous lessons to the "isolated" gear producers in B2B fields. The business advantages of vast scale open cooperation in the B2B field are quite recently starting to be perceived. Moving from "Straightforward" to "Compound" applications includes numerous working together frameworks with huge associations between and among gadgets, frameworks and individuals. Never again is the attention exclusively on the item provider's capacity to convey bolster for their item productively. Or maybe, esteem is conveyed to the client through business handle automation, and advancement Examples include: Business Model Transformation offering results, results or execution not hardware; New Value-Added Services giving associate benchmarking, directed personalization administrations, prescient frameworks advancement given examination and demonstrating; Product Design and Engineering Insights gathering working machine history over a whole era of machines to decide needs for future outlines; Sales, Fulfillment and Supply Chain Services building up a superior comprehension of introduced base qualities and practices for prescient displaying of interest for channel accomplices and ecosystem participants; Ecosystem Orchestration creating business administrations for different, parallel merchants for organization of administrations around machines and frameworks; New User Experience Design planning more compelling machines and additionally frameworks in light of a more private understanding machine practices and how clients connect with the framework; and, Installed Base Support Services helping clients keep up introduced frameworks and gear on a group or systemic premise through cautious administration of designs, introduced items contracts administration and life cycle administration (Sen, 2008). Understanding the firms partners The value proposition primarily helps to provide a clear ad precise idea about the key merits and therefore helps to value the customer or a value partner which eventually help to gain the key facts and figures in the business model. The value proposition helps to identify the key stakeholders and their different activities in the organization: Customer: the customer is considered to be one of the major stakeholders in the company as it is also considered to be one of the major parts of stakeholder. A business model helps to provide a clear and precise idea about itself and the existing product through several key channels which help to develop and generate value creation to its potential customer. Value is considered to be an activity which is being created by providing or fulfilling the need and demand of the customer as per their preferences. With the determination and identification of the requirement of the customer what specially value the firm want to prepare or create the value proposition also help to implied what the firm does not provide to its potential customer Value partner: value partner in the business model consist of key value proposition for the key partner which are needed to accomplish the key value proposition to the customer. The value proposition to the partner is considered to be strong too motivate and clear the key participant in the business (Verstraete, Jouison-Laffitte, 2011). The value partner is considered to be the inseparable part of the stakeholder and the value creation of the product is goes hand to hand in value partner. The business model consists of the external value partners who help to create strong value along with the overall value chain which eventually helps to accomplish the value proposition. Potential value partner is considered to be supplier complement or customer and competitors. It is evident from the research that not all value partners actively takes part in the business model this type of value partner is called passive value partner. Understanding the innovation process The business model also plays a significant role in the innovation process. The model helps in the development of unique and new concepts that supports the financial viability of the organization. The primary objective of the model is determining and evaluate the new sources of revenue by increasing the product value and delivering the product efficiently to the customers. The advancement of technology has changed the way of carrying out the business operations. It has supported the development of the companies. The production of unique and innovative products leads to the development of the company. The strategies enable the companies to stay competitive in the market. The management team of the companies is responsible for carrying out all the tasks appropriately as well as providing quality services to the customers. The business model is an entrepreneurial and strategic management tool which allows the companies to design, describe, invent, challenge and pivot the business model. The business model enables the company to determine and analyze the key activities, key partners, key resources, customer relationships, value propositions, cost structure, revenue streams and customer segments. References Hutt, M., Speh, T. (2014).Business marketing management B2B(1st ed.). Andover: Cengage Learning EMEA. Knackstedt, M. (2012).The interior design business handbook. Hoboken: Wiley. McDonald, M., Mouncey, P., Maklan, S. (2014).Marketing value metrics. London: Kogan Page. Sen, M. (2008).Business management. Jaipur, India: Oxford Book Co. Verstraete, T., Jouison-Laffitte, E. (2011).A business model for entrepreneurship. Cheltenham, UK: Edward Elgar.