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Knowledge-based decision making model [1] Knowledge-Based Decision-Making (KBDM) in management is a decision-making process [2] that uses predetermined criteria to measure and ensure the optimal outcome for a specific topic. KBDM is used to make decisions by establishing a thought process and reasoning behind a decision. [3]
The knowledge-based theory of the firm, or knowledge-based view (KBV), considers knowledge as an essentially important, scarce, and valuable resource in a firm. [1] [2] According to the knowledge-based theory of the firm, the possession of knowledge-based resources, known as intellectual capital, is essential in dynamic business environments. [3]
Knowledge management (KM) is the set of procedures for producing, disseminating, utilizing, and overseeing an organization's knowledge and data.It alludes to a multidisciplinary strategy that maximizes knowledge utilization to accomplish organizational goals.
Davenport (1997) used an information ecology approach, in which he explored the use and abuse of information in the context of infighting, resource hoarding, and political battles as well as appropriate management in such a context. Simard (2000) [5] states that knowledge is inextricably linked to organizational mandates. Some providers strive ...
Knowledge management systems are technologies that serve as a repository, communication, or collaboration tool for transferring and retaining knowledge. [4] Embedding knowledge in technology can prevent organizational forgetting [ 91 ] and allow knowledge to transfer across barriers such as distance, organizational unit, and specialization.
The idea of a knowledge ecosystem is an approach to knowledge management which claims to foster the dynamic evolution of knowledge interactions between entities to improve decision-making and innovation through improved evolutionary networks of collaboration.
Knowledge management efforts are often employed to increase operational efficiency in attempts to gain a competitive advantage. [208] Key processes in the field of knowledge management are knowledge creation, knowledge storage, knowledge sharing, and knowledge application. Knowledge creation is the first step and involves the production of new ...
Because adaptive management is based on a learning process, it improves long-run management outcomes. The challenge in using the adaptive management approach lies in finding the correct balance between gaining knowledge to improve management in the future and achieving the best short-term outcome based on current knowledge. [2]