Chapter 11, Problem 1RQ

Explanation of Solution

Knowledge management:

• Knowledge management can be defined as the efficient handling of available information by organisations through a system of methods and procedures.
• The activities include creation, storage, distribution, or transfer of knowledge which are then utilised and applied to create awareness throughout the organisation...

Explanation of Solution

Important dimensions of knowledge:

The important dimensions of knowledge are as follows:

• Knowledge is a firm asset. It is an intangible asset and requires organisational resources to transform data into knowledge. It does not diminish over time, but instead increases as more people share it.
• Knowledge has different forms. It involves knowing procedures, certain craft, skills, where the information is codified or not, the time of happening, and so on...

Explanation of Solution

Difference between data, knowledge, and wisdom:

Data, Knowledge and Wisdom can be differentiated as follows:

• Data refers to raw and unstructured facts that needs to be processed to obtain useful information.
• Knowledge is the information that is processed and converted to identify patterns, rules. Algorithms are used to convert that information into knowledge.
• Wisdom is the utilisation of knowledge gained and applying them to solve a problem. It identifies how, where and when the knowledge needs to be used...

Explanation of Solution

Stages in knowledge management value chain:

The stages of knowledge management in value chain are mentioned below:

• Data and Information acquisition
• Knowledge acquiring
• Knowledge storage
• Knowledge dissemination
• Application of knowledge

Data and Information Acquisition:

It can be defined as the process of collecting data and processing them to convert into useful information.

Knowledge Acquiring:

• It is the process of gaining knowledge from an individual who is considered an expert to solve the problem.
• There are several ways to acquire knowledge.
• Patterns, rules, and algorithms are used to convert the information into knowledge.
• Examples include data mining, neural networks, and so on.

Knowledge Storage:

• It includes storage of documents, usage of patterns and rules to convert information to knowledge...