Chapter 17 Question and answers 100% correct 2024 Chapter 11
Define knowledge management and explain its value to businesses. - correct answer KNOWLEDGE MANAGEMENT:
The set of processes developed in an organization to create, gather, store, maintain, and disseminate the firm's knowledge.
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Chapter 11
Define knowledge management and explain its value to businesses. - correct
answer ✔KNOWLEDGE MANAGEMENT:
The set of processes developed in an organization to create, gather, store,
maintain, and disseminate the firm's knowledge.
Knowledge management increases the ability of the organization to learn from
its environment and to incorporate knowledge into its business processes.
Describe the important dimensions of knowledge. - correct answer ✔-
KNOWLEDGE IS A FIRM ASSET
- KNOWLEDGE HAS DIFFERENT FORMS
- KNOWLEDGE HAS A LOCATION
- KNOWLEDGE IS SITUATIONAL
Distinguish between data, knowledge, and wisdom and between tacit
knowledge and explicit knowledge. - correct answer ✔DATA:
Flows of events or transactions captured by an organization's systems that
are useful for transacting but little else.
KNOWLEDGE:
Concepts, experience, and insight that provide a framework for creating,
evaluating, and using information.
, WISDOM:
The collective and individual experience of applying knowledge to the solution
of problems. Wisdom involves where, when, and how to apply knowledge.
TACIT KNOWLEDGE:
Knowledge residing in the minds of employees that have not been
documented.
EXPLICIT KNOWLEDGE:
The knowledge that has been documented.
Describe the stages in the knowledge management value chain. - correct
answer ✔1. KNOWLEDGE ACQUISITION
- business analytics
- data mining
2. KNOWLEDGE STORAGE
- content management systems
- knowledge databases
4. KNOWLEDGE APPLICATION
- decision support systems
- enterprise applications
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