![]() ![]() Measuring the value and importance of knowledge in accounting is a classic example. This adapted chart shows how a good knowledge system should be: for sharing purposes. Bonner (2000) and Lee (2000) added that Knowledge in most organizations is embedded and synthesized in people’s minds. Ambrosini and Bowman (2001) summed up that tacit knowledge can not be easily be articulated because it is subconsciously understood and applied, and it resides in people’s minds as intuitions, insights, beliefs, or values. Tacit knowledge is the ”know-how,” knowledge which is a result of the habitual practices and mental models of individuals ( Polanyi 1997 Nonaka and Takeuchi 1995). Knowledge is ”know-what,” which can be captured, codified, categorized, and stored and is transmittable (, Stenmark 2000). Knowledge is divided into explicit and tacit, Polanyi (1966). (Nonaka) (1994) Commented that knowledge consists of justified true belief, Starbuck (1992) defined knowledge as stock of expertise and Elliott and O’Dell (1999) as information in action. Therefore, Knowledge can be an appreciation of interconnected details that, in isolation, are of lesser value and Researchers use diverse expressions to define knowledge (argued Sandra Vera-Mun˜, Joanna and Chee 2006). ![]() What is Knowledge?įrom a dictionary, knowledge is the awareness and understanding of facts, truths, or information gained through reasoning in the form of experience or learning. Knowledge sharing among employees is an asset that gives the company sustainable competitive advantage, corporate value and economic growth (Sandra Vera-Mum˜, Joanna and Chee 2006), although the sharing of knowledge may be limited within organizations (Szulanski 2000, 1994 Nonaka and Takeuchi 1995 Von Hipper ,1994). Some knowledge management activities that have been implemented by business organizations have helped them to focus on acquiring, storing, and utilizing knowledge for such things as problem-solving, dynamic learning, strategic planning and decision making ( Graduate School of Business, the University of Texas at Austin,2000 and Blue Ridge Academic Health Group. Knowledge management focuses on two objectives that are enabling knowledge sharing within the organization and using knowledge to run communities and institutions. Therefore, knowledge management involves the process of converting personal knowledge, whether acquired in the learning process or obtained at any quarters, into knowledge for others through the organization of information in the firm. It involves organizing information, finding and investigating, selecting necessary information, filtering and presenting to groups, individuals or to entities with the aim of improving understanding of specific areas of business interest. Knowledge management is the implicit, explicit and systematic organization of important and shareable information within and with the external environment of an organization. ![]() Cost-benefit-a saving of cost in solving a problem due to the contribution of the Knowledge Management systemīefore I explore the benefits in detail, I have to look at what is knowledge management and related terms.Man-hour benefit-saving of person-hours in solving a problem due to the contribution of the Knowledge Management system.Time benefit-saving of time in solving a problem due to the contribution of the Knowledge Management system. ![]()
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