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business?
Define knowledge management and explain its value to businesses?
Distinguish between data, knowledge, and wisdom and between tacit knowledge and
explicit knowledge?
Data by itself has no meaning but is the first step in the creation of knowledge.
Knowledge includes concepts, experience and insight that provide a framework for
creating, evaluating, and using information.
Wisdom is the collective and individual experience of applying knowledge to the
solution of problems.
Explicit knowledge is knowledge that can be readily articulated, codified, accessed
and verbalized. It can be easily transmitted to others. Most forms of explicit
knowledge can be stored in certain media. The information contained in
encyclopaedias and textbooks are good examples of explicit knowledge. The most
common forms of explicit knowledge are manuals, documents, procedures, and howto videos. Knowledge also can be audio-visual. Works of art and product design can
be seen as other forms of explicit knowledge where human skills, motives and
knowledge are externalized.
Tacit knowledge is the expertise and experience of organizational members that has
not been formally documented. Tacit knowledge is the kind of knowledge that is
difficult to transfer to another person by means of writing it down or verbalizing it.
However, the ability to speak a language, play a musical instrument or design and use
complex equipment requires all sorts of knowledge that is not always known
explicitly, even by expert practitioners, and which is difficult or impossible to
explicitly transfer to other users. In the field of knowledge management, the concept
of tacit knowledge refers to a knowledge possessed only by an individual and
difficult to communicate to others via words and symbols. Therefore, an individual
can acquire tacit knowledge without language.
Knowledge Acquisition
Knowledge Storage
Knowledge Dissemination
Knowledge Application