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Tacit Knowledge

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Knowledge residing in the minds of employees that has not been documented personal, context-specific, and hard to formalize and communicate, consists of experience, beliefs, and skills, entirely subjective

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Explicit Knowledge

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knowledge that has been documented knowledge that is easily collected, organized, and transferred through digital means

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Data

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Simple observations of states of the world Flow of events or transactions captured by an organization's systems that, by itself, is useful for transacting but little else To turn data into useful INFORMATION, a firm must expend resources to organize data into categories of understanding such as monthly, daily, regional, or store-based reports of total sales.

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Information

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data endowed with relevance and purpose

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Knowledge

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valuable information from the human mind; includes reflection, synthesis, context A firm must expend additional resources to discover patterns, rules, and contexts where knowledge works -not subject to the law of diminishing returns -more useful as more people share it -knowledge involves how to follow procedures

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Wisdom

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The collective and individual experience of applying knowledge to the solution of problems -where, when, how to apply knowledge

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Organizational learning

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creation of new standard operating procedures and business processes that reflect organizations' experience

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Knowledge Management

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The set of business processes developed in an organization to create, store, transfer, and apply knowledge. Knowledge management increases the ability of the organization to learn from its environment and to incorporate knowledge into its business processes

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Knowledge Management Value Chain

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each stage adds value to raw data and information: 1.) Knowledge Acquisition 2.) Knowledge Storage 3.) Knowledge Dissemination 4.) Knowledge Application *5.) Building Organizational and Management Capital

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Knowledge Management Life Cycle

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1.) Create knowledge 2.) Capture knowledge 3.) Refine knowledge 4.) Store knowledge 5.) Manage knowledge 6.) Disseminate knowledge

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Knowledge Acquisition

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documenting tacit and explicit knowledge, creating knowledge, tracking data

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Knowledge Storage

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databases, document management systems

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Knowledge Dissemination

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portals, wikis, e-mail, instant messaging, search engines, collaboration tools

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Knowledge Application

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to provide return on investment, organizational knowledge must become systematic part of management decision making and become situated in decision-support systems

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Communities of Practice (COPs)

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Informal social networks of professionals and employees within and outside the firm who have similar work-related activities and interests

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Three major types of knowledge management systems

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1.) Enterprise-wide content management systems 2.) Knowledge network systems 3.) Learning management systems *4.) Intelligent Techniques

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Enterprise-wide Knowledge Management Systems

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General purpose firm-wide efforts to collect, store, distribute, and apply digital content and knowledge EX: enterprise content management systems, collaboration tools, learning management systems, knowledge network systems

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Knowledge Work Systems (KWS)

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Specialized systems built for engineers, scientists, other knowledge workers chargers with discovering and creating new knowledge EX: (CAD), 3-D virtualization, virtual reality, investment worskstation

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Learning Management Systems (LMS)

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Provide tools for management, delivery, tracking, and assessment of various types of employee learning and training

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Intelligent Techniques

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Diverse group of techniques such as data mining used for various goals: discovering knowledge, distilling knowledge, discovering optimal solutions EX: data mining, neural networks, expert systems, Case-based reasoning, fuzzy logic, genetic algorithms, intelligent agents

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Structured knowledge

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is explicit knowledge that exists in formal documents, as well as in formal rules that organizations derive by observing experts and their decision-making behaviors

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Enterprise content management systems

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Help organizations manage both types of information. They have capabilities for knowledge capture, storage, retrieval, distribution, and preservation to help firms improve their business processes and decisions.

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Knowledge Workers

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Functions: Keeping organization current in knowledge, serving as internal consultants regarding their areas of expertise, acting as change agents, evaluating, initiating, and promoting change project

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Taxonomy

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appropriate classification scheme -organize information into meaningful categories so that it can be easily accessed

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Digital asset management systems

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help companies classify, store, and distribute these digital objects.

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CAD (computer-aided-design)

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Automates the creation and revision of designs, using computers and sophisticated graphics software -virtual reality systems for simulation and modeling -the designer need only make a physical prototype toward the end of the design process because the design can be easily tested and changed on the computer

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Virtual Reality Systems

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simulate real-life environments; have visualization, rendering, and simulation capabilities that go far beyond those of conventional CAD systems

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Investment Workstations

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streamline investment process and consolidate internal, external data for brokers, traders, portfolio managers -Bloomberg terminals -leverage the knowledge and time of its brokers, traders, and portfolio managers

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Expert Systems

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Capture knowledge of skilled employees as set of rules in software system that can be used by others in organization -intelligent technique for capturing tacit knowledge in a very specific and limited domain of human expertise -capturing human expertise in limited areas such as diagnosing a malfunctioning machine or determining whether to grant credit for a loan

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Forward Chaining

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inference engine begins with information entered by user and searches knowledge base to arrive at conclusion

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Backward Chaining

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Begins with hypothesis and asks user questions until hypothesis is confirmed or disproved

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Case-based Reasoning (CBR)

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Descriptions of past experiences of human specialists, represented as cases, are documented and stored in a database for later retrieval when the user encounters a new case with similar parameters -uses IF-THEN-ELSE rules extracted from human experts

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Fuzzy Logic Systems

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rule based technology that represents imprecision used in linguistics categories that represent range of values, describe a particular phenomenon or process linguistically and then represent that description in a small number of flexible rules

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Neural Networks

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Used for solving complex, poorly understood problems for which large amounts of data have been collected -find patterns and relationships in massive amounts of data that would be too complicated and difficult for a human being to analyze -neural networks that have been trained to distinguish between valid and fraudulent credit card purchases

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Intelligent Agents

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work without direct human intervention to carry out specific, repetitive, and predictable tasks for user, process, or application Ex: deleting junk mail, finding cheapest airline

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Massive open online courses (MOOCs)

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online course made available via the Web to a very large number of participants -offered by for example UVA's Darden School of Business

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Virtual Reality Modeling Language (VRML)

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set of specifications for interactive, 3-D modeling on the World Wide Web that can organize multiple media types, including animation, images, and audio to put users in a simulated real-world environment

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Knowledge discovery

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neural networks and data mining are known as this -can discover underlying patterns, categories, and behaviors in large data sets that could not be discovered by managers alone or simply through experience

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Knowledge base

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model human knowledge as a set of rules that collectively are called a knowledge base -rules are obtained by interviewing an expert

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Genetic algorithms

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useful for finding the optimal solution for a specific problem by examining a very large number of possible solutions for that problem -identify the right string representing the best possible solution -worst ones are discarded, best ones survive

MIS Ch. 11 – Managing Knowledge – Flashcards

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