A component-oriented development process model, shown in Figure 6, has been introduced by Stojanovic, focusing on
the component concept from business requirements to implementation. This process will be called by its owner’s
name. The phases of requirements, analysis, design and implementation in a traditional development process has been
substituted by service requirements, component identification, component specification, component assembly
and deployment. After the components of the system are fully specified, a decision can be made to build components, wrap
existing assets, buy COTS (Commercial Off-the-Shelf) components or invoke web services over the Internet