  We use the COBE/DIRBE (1.2, 2.2, 60, 100, 140, and 240 $\mu$m) maps and the
COBE/FIRAS spectra (for the wavelength range 100 - 1000 $\mu$m) to constrain a
model for the spatial distribution of the dust, the stars, and the gas in the
Milky Way. By assuming exponential axisymmetric distributions for the dust and
the stars and by performing the corresponding radiative transfer calculations
we closely (given the simple geometry of the model) reproduce the FIR and NIR
maps of the Milky Way. Similar distributions for the atomic and molecular
hydrogen in the disk are used (with an inner cut-off radius for the atomic
hydrogen) to fit the gas data. The star formation rate as a function of the
Galactic radius is derived from the FIR emission and is well in agreement with
existing estimates from various star formation tracers. The gas surface density
is plotted against the star formation rate density and an ``intrinsic''
Galactic Schmidt law is derived with excellent agreement with the ``external''
Schmidt law found for spiral galaxies. The Milky Way is found to consume $\sim
1%$ and $\sim 10%$ of its gas in the outer and inner regions respectively (for
a period of 0.1 Gyr) to make stars. The dust-induced B-V color excess observed
in various directions and distances (up to $\sim 6.5$ kpc) with well-studied
Cepheid stars is compared with the model predictions showing a good agreement.
The simple assumption of exponential distributions of stars and dust in the
Galaxy is found to be quite instructive and adequate in modeling all the
available data sets from 0.45 $\mu$m (B-band) to 1000 $\mu$m.
