Podcast
Questions and Answers
Firms can create competitive advantage through the application of explicit knowledge.
Firms can create competitive advantage through the application of explicit knowledge.
False
Knowledge can be transferred easily across different locations and contexts.
Knowledge can be transferred easily across different locations and contexts.
False
Organizational learning involves the process of creating new business processes and changing management decision-making patterns.
Organizational learning involves the process of creating new business processes and changing management decision-making patterns.
True
Knowledge management involves only the creation of knowledge.
Knowledge management involves only the creation of knowledge.
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The knowledge management value chain adds value to raw data and information by transforming them into usable knowledge.
The knowledge management value chain adds value to raw data and information by transforming them into usable knowledge.
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Wisdom involves only individual experience of applying knowledge to solve problems.
Wisdom involves only individual experience of applying knowledge to solve problems.
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Intelligent techniques are used to distill knowledge.
Intelligent techniques are used to distill knowledge.
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Enterprise-Wide Knowledge Management Systems have two major types of knowledge.
Enterprise-Wide Knowledge Management Systems have two major types of knowledge.
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Knowledge work systems are built for managers.
Knowledge work systems are built for managers.
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Semistructured documents include videos.
Semistructured documents include videos.
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There are two major categories of knowledge management systems.
There are two major categories of knowledge management systems.
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Virtual reality systems are used to simulate real-life environments.
Virtual reality systems are used to simulate real-life environments.
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CAD is an example of investment workstations.
CAD is an example of investment workstations.
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VRML is a type of virtual reality system.
VRML is a type of virtual reality system.
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Augmented reality is useful for real estate shopping applications.
Augmented reality is useful for real estate shopping applications.
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Investment workstations are used to streamline the investment process and consolidate internal and external data for lawyers.
Investment workstations are used to streamline the investment process and consolidate internal and external data for lawyers.
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An inference engine works by randomly selecting rules from the knowledge base.
An inference engine works by randomly selecting rules from the knowledge base.
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Forward chaining begins with a hypothesis and asks the user questions until the hypothesis is confirmed or disproved.
Forward chaining begins with a hypothesis and asks the user questions until the hypothesis is confirmed or disproved.
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A knowledge base typically consists of a small set of rules.
A knowledge base typically consists of a small set of rules.
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An expert system is similar to a traditional software program with fewer IF statements.
An expert system is similar to a traditional software program with fewer IF statements.
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Backward chaining begins with information entered by the user and searches the knowledge base to arrive at a conclusion.
Backward chaining begins with information entered by the user and searches the knowledge base to arrive at a conclusion.
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An inference engine searches through the rules and fires those rules that are triggered by facts gathered and entered by the user.
An inference engine searches through the rules and fires those rules that are triggered by facts gathered and entered by the user.
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Fuzzy logic systems use IF-THEN rules to solve problems.
Fuzzy logic systems use IF-THEN rules to solve problems.
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Fuzzy logic is used in autofocus cameras.
Fuzzy logic is used in autofocus cameras.
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Membership functions in fuzzy logic translate numerical values into linguistic expressions.
Membership functions in fuzzy logic translate numerical values into linguistic expressions.
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Fuzzy logic systems are used to control room temperature.
Fuzzy logic systems are used to control room temperature.
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Fuzzy logic represents precise values rather than a range of values.
Fuzzy logic represents precise values rather than a range of values.
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Study Notes
GDP and Intangible Assets
- A significant portion of a firm's stock market value derives from intangible assets, including knowledge, brands, and unique business processes.
- Well-executed knowledge-based projects can yield extraordinary returns on investment (ROI).
Knowledge as an Asset
- Knowledge is considered a valuable asset within firms, categorized into intangible resources.
- The transformation of data and information into knowledge requires organizational resources and collaboration.
Forms of Knowledge
- Knowledge can be explicit (written) or tacit (personal insights).
- Different types of knowledge include:
- Know-how: Practical skills or abilities.
- Contextual knowledge: Understanding when and how to apply specific knowledge.
The Nature of Knowledge
- Knowledge exists within specific contexts and locations, making it "sticky" and often tied to an organization's culture.
- Conditional and contextual knowledge emphasize the appropriateness of applying knowledge in given situations.
Wisdom in Knowledge Management
- Wisdom encompasses the experience of applying knowledge effectively to solve problems.
- Unique approaches, such as a distinctive build-to-order production system, provide competitive advantages and profits.
Organizational Learning
- Organizational learning involves adapting behavior based on experience gained from data collection, measurement, and feedback.
- Successful learning may lead to new business processes and altered management decision-making patterns.
Knowledge Management
- Knowledge management comprises processes for creating, storing, transferring, and applying knowledge within an organization.
- A knowledge management value chain enhances raw data's transformation into useful knowledge.
Knowledge Work Systems (KWS)
- KWS are specialized systems designed for knowledge workers, such as engineers and scientists, to create and discover new knowledge.
- Examples include CAD systems for design and virtual reality systems for simulating environments.
Intelligent Techniques
- Intelligent techniques, including data mining, serve various goals in knowledge management, such as discovering knowledge and optimizing solutions.
Types of Knowledge Management Systems
- Three main categories of knowledge in enterprise systems:
- Structured documents: Reports and formal rules.
- Semi-structured documents: Emails and multimedia.
Expert Systems
- Expert systems utilize a knowledge base of rules and an inference engine to draw conclusions.
- Forward chaining starts from user-inputted data to derive conclusions.
- Backward chaining begins with a hypothesis, querying the user for validation.
Fuzzy Logic Systems
- Fuzzy logic represents imprecision in language and decision-making, utilizing flexible rules to solve complex problems.
- Applications of fuzzy logic include autofocus technology, fraud detection, and system control in transportation.
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Description
This quiz covers the importance of knowledge management in a firm, including intangible assets, knowledge creation, and its impact on a firm's stock market value.
