Continuous Evaluation in the process of Ontology Development

Due to complexity of existing methodologies for ontology development we propose facilitating ontology development with continuous evaluation of steps in the process of ontology development. The approach is called Rapid Ontology Development (ROD) and is based on completeness indicator that helps guiding developer by constant evaluation of ontology and producing recommendations to progress to next step and improve the quality of ontology. The applicability of the approach is demonstrated on Financial Instruments and Trading Strategies (FITS) ontology. The main contribution of the paper is the suggested approach for rapid development of ontologies which brings ontology modeling closer to business users as it does not require from users to know any formal syntax.