11th International Workshop on Value Modeling and Business Ontologies

Special theme: value co-creation in the Big Data era

The Luxembourg Institute of Science and Technology (LIST) hosted the 11th International Workshop on Value Modeling and Business Ontologies (VMBO) from March 6th - 7th 2017.

The importance of modeling the essence of enterprises on a level that abstracts from operational details is increasingly recognized. Business ontology provides abstract descriptions of enterprises in their business context, focusing on what is needed to create and transfer value. Value modeling is a business modeling approach that focuses on the value objects exchanged in business networks. Business ontology and value modeling research is conducted using instruments such as Business Model Generation, the REA (Resources, Events, Agents) ontology, Enterprise Ontology and the e3-value tool set.


The goal of VMBO is to bring together researchers with an interest in value modeling and business ontology in order to present and discuss the current state of enterprise or business modeling and to identify key areas for further research. A special theme that we want to highlight this year is value co-creation, in particular value co-creation by the use of (big) data. Is data an economic resource that can be valued and that obeys the usual stock flow axioms?

Invited speakers

Prof. Dr. Robert Winter gave a presentation on 7 March 2017.

More info soon online.


Monday, March 6

9.00- 9.05Opening (Ivan/Hans)

Session 1 - Value Modeling

- Abdelilah Mounir, Nelly Condori-Fernandez and Jaap Gordijn: Towards Identifying Business Value Patterns

- Barbara Livieri, Paul Johannesson, Birger Andersson and Nicola Guarino: Value Ascription Ontology: short presentation and unaddressed issues
- Dina Elikan and Yves Pigneur: Brand modelling and ontology

10.45-11.15Coffee break

Session 2 - Accounting ontologies

- Christian Scheller and Pavel Hruby: Money as Debt in REA and POA
- Ivars Blums and Hans Weigand: The Unit of Account in Financial Reporting and AIS An ontological approach


Session 3  - Auditing

- Jonne Kocken and Joris Hulstijn: Providing Continuous Assurance

- Yuxin Wang, André Teixeira and Yao-Hua Tan: Fault Detection and Diagnosis in Manufacturing and Inventory Management regarding Customs Compliance - A Case Study for Automated Auditing
- Robert Nehmer, Mike Bennett and Aaron Loehrlein: Facets and Financial Risk

15.00-15.30Coffee break

Session 4 – Business Ontology

- Michael Verdonck and Frederik Gailly: Design of an empirical study to measure the comprehension of 3D and 4D ontology-driven conceptual model
- Nicola Guarino, Antonella Longo and Giancarlo Guizzardi: Services as Activities: Towards a Unified Definition for (Public) Services

18.30-22.30Social Event

Tuesday, March 7


Session 5 

Invited talk Prof. Dr. Robert Winter, University of St. Gallen: A Language for Value Co-Creation

10.15 – 10.45

Coffee break


Session 6 - Blockchain

- Graham Gal and William Mccarthy: Tokenization of Independent-View REA Components on the Blockchain
- Joost de Kruijff and Hans Weigand: Towards a Blockchain Ontology


Session 6A – general discussion on VMBO


Session 7 – Business Architecture

- Ben Roelens and Geert Poels: Towards the Design of a Business Architecture Simulation Technique
- Bernhard Wally, Christian Huemer and Alexandra Mazak: ISA-95 based Task Specification Layer for REA in Production Environments

14.55-15.15Coffee break

Session 8 – Languages and Ontologies

- Hans Weigand, Paul Johannesson and Birger Andersson: Towards a REA policy specification language
- Tiago Prince Sales, Nicola Guarino, Giancarlo Guizzardi and John Mylopoulos:Towards an Ontological Analysis of Value Propositions

16.25 -17.00General discussion, closing


Program Committee: Hans Weigand (chair), Paul Johannesson (chair), Adrian Paschke, Jaap Gordijn, Pavel Hruby, Nicola Guarino, Yao-Hua Tan, Maria Bergholtz, Christian Huemer, Bill McCarthy, Geert Poels, Erik Proper, Birger Andersson, Barbara Livieri, Faiza Buksh

Call for papers

Submit your paper

If you are interested in joining, please submit a short paper (maximum of five pages) describing your main ideas. We encourage you to focus on ideas in progress for which you would like to get feedback from other workshop participants.

Note that submitted papers will be only evaluated for their potential to enable substantive research discussions. The program committee will use the papers to put together a final program; the aim is to accommodate all relevant papers. If necessary, a selection will be made in such a way that an overall good balance is achieved.

Topics of interest include, but are not limited to :

  • Value modeling/Business ontology fundamentals
  • Value modeling/Business ontology applications and experiences
  • Enterprise Ontology – theory and practice
  • Semantic Service Modeling and the Service-Oriented Semantic Enterprise 
  • Role of business ontology in enterprise architecture
  • Ontology-driven enterprise system development
  • Business ontology / value models for planning, auditing and control
  • Business ontology / value models for strategy exploration
  • Value co-creation (VCC)
  • Data as a resource



Workshop co-chairs – Local organisation

Ivan Razo-Zapata (LIST)

Erik Proper (LIST)

Organised by

Sponsored by

AIS (American Accounting Association, section Strategic and Emerging Technologies)

SIKS (Research School for Information Systems and AI)

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    Practical Infos

    Dates: March 6th - 7th 2017

    Language: English

    Duration: 2 days

    Registration fee: 160 € VAT excl. (3% VAT), including participation to the 2 conference days, the lunchs, the refreshments, the conference dinner.

    Venue: Luxembourg Institute of Science and Technology, 41, rue du Brill, L-4422 Belvaux

    > Download the access map the access map - PDF file

    Hotel: A given number of rooms are blocked at the Ibis Belval.  The options are available until 12/02/2017.  This hotel is located at a walking distance of around 5 minutes from the conference location. 

    Please use this booking form in order to reserve your room.



    Jan 12, 2017       Paper submission deadline (extended)

    Jan 31, 2017     Notification of acceptance

    Feb 18, 2017      Registration deadline

    March 6-7, 2017      VMBO Workshop, Luxembourg