Class 8 - Class 8 Semantic Model- build your data in things...

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Class 8 Semantic Model- build your data in things that look like reality Economic resource- i.e.-goods, service rights Economic Event- at the end someone somewhere has more economic value Economic exchange- the goal is to exchange economic resources Very often, the commitments will be informal Mutual commitment- a single commitment from both sides Economic claim- (i.e. we had a commitment that if I ship goods you pay money. I shipped goods, so I have a claim on your money). This is settled by a requiting event in the economic exchange. Congruent Events- both events happen at the same time. i.e. cash sales at the point of purchase. Cinemas do not maintain accounts receivable Most important Slide is “REA modeling Steps” UML= unified modeling language UML is all about flexibility o Contains 13 diagrams- we will be studying 1 this year For UML REA o The core process is the economic exchange 3 diagram formats o Official format: add optionalities, card, and attributes (we will never follow this
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Class 8 - Class 8 Semantic Model- build your data in things...

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