Within the information systems field, reference models have been known for many years. A reference model is a conceptual framework and may be used as a blueprint for information systems development. Despite the relevance of reference model quality, little research has been undertaken on their systematical analysis and evaluation. In this chapter, we describe how reference models can be analyzed from an ontological point of view. Such an analysis consists of four steps: 1) developing a transformation mapping, 2) identifying ontological modeling deficiencies, 3) transforming the reference model, and 4) assessing the results. The usefulness of our method will be demonstrated by analyzing Scheer’s reference model for production planning and control. Although our approach is based on sound theory, we argue that this approach is not inherently superior to other approaches of reference model analysis and evaluation.