Explain or define the concept knowledge management. Why knowledge management is important in an organisation?

Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
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Explain or define the concept knowledge management.

Why knowledge management is important in an organisation?

Expert Solution
Step 1: Define Management:

Management is the method involved with arranging, sorting out, planning, and controlling an association's assets and exercises to accomplish characterized targets proficiently and successfully. It includes deciding, defining objectives, and dispensing assets to achieve those objectives. Management encompasses different capabilities, including key preparation, arranging human and material assets, driving and coordinating workers, and checking and assessing execution to guarantee that an association's targets are met. Effective management  is fundamental for the smooth activity and progress of organizations, government organizations, non-profit associations, and different substances.

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