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Knowledge Management: is this the next step in the evolution of management theory?

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Introduction

Topic: Knowledge Management: is this the next step in the evolution of management theory? Content 1) Introduction P.3 2) Knowledge Management P. 3) The Evolution of Knowledge Management P. 4) Conclusion P. 5) Bibliography P. 6) Reference P. Introduction We are now in the information age that knowledge is an indispensable tool. Knowledge gives every organization a sustainable competitive advantage. Knowing that knowledge or to manage knowledge is not an easy task, organizations are aware that it is necessary to manage knowledge in a more systematic and effective way. On the other hand,, the subject of management has been studied over the centuries. The roots of modern management lie in the 'machine age' of the nineteenth century, though the practice of management has far beyond historical antecedents. When we are into the twenty-first century, the machine age is fast being replaced by the 'information age'. The new era represents revolutionary challenges to the way managers manage. The more advance of the information age, the more questionable becomes the traditional practices and precepts of management. In order to have a fully comprehensive knowledge of modern management, the work of the machine age of management creators such as F. W. Taylor (1856-1917), H. ...read more.

Middle

(2) Quite simply, knowledge management is a process through which organizations develop, organize and share knowledge to achieve competitive advantage. (3) Intellectual Capital is a related concept, based on the view that the real market value of a commercial enterprise consists not only of its physical and financial assets (its 'book value') but also its intangible assets created through intellectual activities, ranging from acquiring new knowledge (learning) and inventions to creating valuable relationships. Intellectual assets thus include things such as patents, copyright and other forms of intellectual property, which are often estimated to be worth many times the book value. Leif Edvinsson, Director of Intellectual Capital at Skandia, the Swedish insurance company, defines intellectual capital as "the possession of knowledge, applied experience, organisational technology, customer relationships, and professional skills that provides Skandia AFS with a competitive edge in the market". Currently, knowledge management is a buzz-phrase that it starting to occur more frequently in many publications and conversations. It is a phrase that has been around for years. In the years leading up to 2002, knowledge management has been going through phases of maturity (Sveiby, 2001). ...read more.

Conclusion

If knowledge, skills and learning abilities are not renewed, the capacity of individuals and by extension, of communities or nations to adapt to a new environment will be considerably reduced, if not cut off entirely. Knowledge management is a survival issue, and is certainly the next step in the evolution of management theory. The future challenge in this area is to develop tools to enable tacit knowledge to be made explicit in an easy and effortless manner. One approach may be the development of multimedia technologies such as digital video that capture and store an individual's 'know how' for storage, indexing and future retrieval via a search engine. No doubt, the importance for persons to continue learning throughout their active working life, and even beyond, will increasingly move to the top of individual, national and international agendas in the future. To conclude, the knowledge and skills of management are just like a bag of golf clubs. When the situation demands, it is necessary to take the appropriate clubs whether a custom fitted golf club, a putter or a wedge and put to work. New knowledge and skills can occasionally be added to the managerial bag of management when, and if required. ...read more.

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