Management Information Systems: Chapter 11 Quiz
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Questions and Answers

What is the key difference between tacit knowledge and explicit knowledge?

  • Tacit knowledge is based on experience and intuition, while explicit knowledge is codified and documented. (correct)
  • Tacit knowledge is primarily found in databases, while explicit knowledge is based on personal insights.
  • Tacit knowledge is easily transferable, while explicit knowledge requires specific training.
  • Tacit knowledge refers to theoretical expertise, while explicit knowledge refers to practical skills.

    • What is the role of the Chief Knowledge Officer (CKO) in an organization?

  • To manage the organization's financial investments in knowledge acquisition and storage.
  • To develop new products and services based on explicit knowledge.
  • To facilitate informal social networks within the organization to share tacit knowledge.
  • To oversee the development and implementation of knowledge management processes and systems. (correct)

    • How does organizational learning occur according to the text?

  • Organizational learning occurs through data collection, measurement, trial and error, and feedback. (correct)
  • Organizational learning relies heavily on formal training programs.
  • Organizational learning involves the creation of unstructured documents like e-mails.
  • Organizational learning is primarily driven by external sources of information.

    • What is the significance of the Knowledge Management Value Chain in an organization?

    <p>It adds value to raw data and information as they are transformed into usable knowledge.</p> Signup and view all the answers

    What are some examples of knowledge dissemination tools mentioned in the text?

    <p>E-mail, instant messaging, search engines, and collaboration tools</p> Signup and view all the answers

    What percentage of the U.S. labor force consists of knowledge and information workers?

    <p>55 percent</p> Signup and view all the answers

    Why are well-executed knowledge-based projects considered valuable?

    <p>They produce extraordinary ROI</p> Signup and view all the answers

    What is a substantial part of a firm’s stock market value related to?

    <p>Intangible assets only</p> Signup and view all the answers

    What is the role of knowledge management systems in the information economy, according to the text?

    <p>To facilitate growth in knowledge and information sectors</p> Signup and view all the answers

    What percentage of the U.S. GDP is derived from the knowledge and information sectors, according to the text?

    <p>55%</p> Signup and view all the answers

    Why are intangible assets like knowledge, brands, reputations, and unique business processes important for a firm?

    <p>They have a direct impact on the firm's stock market value.</p> Signup and view all the answers

    What is the significance of knowledge management systems in the information economy?

    <p>They are among the fastest growing areas of software investment.</p> Signup and view all the answers

    How do well-executed knowledge-based projects contribute to firms?

    <p>They can produce extraordinary ROI.</p> Signup and view all the answers

    What is the role of knowledge and information workers in the U.S. labor force?

    <p>They make up 37% of the labor force.</p> Signup and view all the answers

    What is the role of the Chief Knowledge Officer (CKO) in an organization?

    <p>Leading the development and implementation of knowledge management strategies</p> Signup and view all the answers

    What is the primary source of profit and competitive advantage, according to the text?

    <p>Having a unique build-to-order production system</p> Signup and view all the answers

    What are the stages of the Knowledge Management Value Chain?

    <p>Knowledge acquisition, dissemination, and application</p> Signup and view all the answers

    What is the main function of knowledge dissemination tools mentioned in the text?

    <p>Helping managers focus attention on important information</p> Signup and view all the answers

    What is the key role of dedicated staff/knowledge managers in an organization?

    <p>Overseeing databases and document management systems</p> Signup and view all the answers

    Study Notes

    Knowledge Management

    • Tacit knowledge refers to personal, experiential knowledge, while explicit knowledge is codified and easily shared.

    Organizational Roles

    • The Chief Knowledge Officer (CKO) plays a crucial role in an organization, overseeing knowledge management and organizational learning.
    • Dedicated staff/knowledge managers are responsible for facilitating knowledge sharing and management within an organization.

    Organizational Learning

    • Organizational learning occurs through the process of knowledge acquisition, sharing, and utilization.

    Knowledge Management Value Chain

    • The Knowledge Management Value Chain is a significant concept in an organization, as it contributes to competitive advantage and profit.
    • The stages of the Knowledge Management Value Chain include knowledge acquisition, sharing, utilization, and creation.

    Knowledge Dissemination

    • Examples of knowledge dissemination tools include documentation, training, and mentorship.
    • The primary function of knowledge dissemination tools is to facilitate the sharing of knowledge and best practices within an organization.

    Economic Significance

    • Approximately 60% of the U.S. labor force consists of knowledge and information workers.
    • The knowledge and information sectors contribute around 50-60% to the U.S. GDP.
    • Intangible assets like knowledge, brands, reputations, and unique business processes account for a substantial part of a firm's stock market value.

    Competitive Advantage

    • Well-executed knowledge-based projects are considered valuable, as they contribute to a firm's competitive advantage and profit.
    • The primary source of profit and competitive advantage is knowledge and intangible assets.
    • Knowledge management systems play a crucial role in the information economy, as they enable firms to leverage knowledge and intangible assets for competitive advantage.

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    Description

    Test your understanding of Chapter 11 'Managing Knowledge and Artificial Intelligence' from the book 'Management Information Systems: Managing the Digital Firm Sixteenth Edition'. Explore topics such as the role of knowledge management systems in business, types of systems used for enterprise-wide knowledge management, and major types of knowledge work systems.

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