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In today's business environment of relentless change, the topic of how one should proceed with understanding the reasons for change and alternative strategic options, has received much attention by researchers and practitioners alike. This paper considers the relation between goal-oriented business process modeling and organizational change and addresses the question "how can we reason about organizational change using a goal-driven approach?" To this end, it describes a systematic way-of-working for modeling organizational change and presents empirical results and observations from applying this approach in a large industrial application in the domain of utility deregulation. The purpose of this paper is twofold. Firstly, to demonstrate and assess the applicability of the proposed methodology on a nontrivial application and secondly to illustrate a number of challenging issues that need to be addressed by goal-driven methodologies in order to effectively support the process of change.