Knowledge Management Mid-Term PDF

Knowledge Management mid-term 1. Key Theoretical Concepts of Knowledge Management Tacit knowledge: knowledge that is personal, not easily transferred, specific such as insights, intuitions and experience Explicit knowledge: Knowledge that can be easily formalized, transferred, codified...

Knowledge Management mid-term 1. Key Theoretical Concepts of Knowledge Management Tacit knowledge: knowledge that is personal, not easily transferred, specific such as insights, intuitions and experience Explicit knowledge: Knowledge that can be easily formalized, transferred, codified and shared such as data, records, documents and manuals. *For an effective KM companies should be balancing these 2 knowledges to maximize organizational learning and innovation.* Knowledge lifecycle: Includes the creation, sharing, application and retention of knowledge. It’s such a big deal for companies for them to be able to use, preserve and utilize knowledge effectively. Social capital: The importance between relationships and networks within an organization. Enhances knowledge sharing and collaboration. Communities of practice (CoP): Group of people who share a concern or passion for something they do and learn how to do it better through regular interaction. It’s essential for fostering knowledge exchange and innovation. Knowledge as a resource: Knowledge is viewed as a valuable resource, like financial or physical assets. This perspective encourages organizations to invest in their knowledge base as a source of competitive advantage. 1. Reasons for Investment in Knowledge Management Systems Enhanced decision-making: KM systems provide timely access to relevant information, improving the quality and speed of decision-making processes. Increased efficiency and productivity: By streamlining access to knowledge, organizations can reduce redundancy, avoid reinventing the wheel, and optimize workflows. Innovation and competitive advantage: KM systems facilitate collaboration and creativity, leading to the development of new products, services, and processes that can distinguish an organization in the marketplace. Talent Retention and Development: Effective KM helps capture and share the expertise of employees, particularly crucial in knowledge-intensive industries. This can reduce the loss of critical knowledge when employees leave. Customer Satisfaction and Engagement: By leveraging knowledge about customer preferences and feedback, organizations can tailor their offerings, improving customer experiences and loyalty. UNIT 1 SUMMARY 1. What is knowledge? 2. Explicit and codified knowledge 3. Knowledge creation at the level of the individual, group and organization 4. Knowledge in the era of Artificial Intelligence 5. Current trends and implications in the management of knowledge 6. Knowing what knowledge to harness: business strategy in knowledge management 7. Assessing or measuring knowledge and its value, impact and importance 8. Engineers and Entrepreneurs in knowledge management Knowledge management systems: