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Chapter 11 Review Questions1 What Is

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1. What is the role of knowledge management and knowledge management programs in business?

Define knowledge management and explain its value to businesses. Knowledge management is the set of processes developed in an organization to create, gather, store, maintain, transfer, apply, and disseminate the firm’s knowledge. Knowledge management promotes organizational learning and incorporates knowledge into its business processes and decision making.

Describe the important dimensions of knowledge.
A. Knowledge has a location: It’s a cognitive event involving mental models and maps of individuals; has both a social and an individual basis of knowledge. B. Knowledge is situational: It’s conditional; it’s related to context C. Knowledge is a firm asset: An intangible asset; requires organizational resources. D. Knowledge has different forms: Can be either tacit or explicit; involves know-how, craft and skill.

Distinguish between data, knowledge, and wisdom and between tacit knowledge and explicit knowledge. A. Data by itself has no meaning but is the first step in the creation of knowledge. B. Knowledge includes concepts, experience, and insight that provide a framework for creating, evaluating, and using information. C. Wisdom is the collective and individual experience of applying knowledge to the solution of problems. D. Explicit knowledge is knowledge that has been documented

E. Tacit knowledge is the expertise and experience of organizational members that has not been formally documented

Describe the stages in the knowledge management value chain. A. Acquire: knowledge discovery, data mining, neural networks, genetic algorithms, knowledge workstations, expert knowledge networks B. Store: document management systems, knowledge databases, expert systems C. Disseminate: intranet portals, push e-mail reports, search engines, collaboration D. Apply: decision support systems, enterprise applications

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