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The first wave was the Agricultural Age with wealth defined as ownership of land. In the second wave, the Industrial Age, wealth was based on ownership of Capital, i.e. factories. In the Knowledge Age, wealth is based upon the ownership of knowledge and the ability to use that knowledge to create or improve goods and services.
The knowledge economy, or knowledge-based economy, is an economic system in which the production of goods and services is based principally on knowledge-intensive activities that contribute to advancement in technical and scientific innovation. [1]
Knowledge industries are those industries which are based on their intensive use of technology and/or human capital. [1] While most industries are dependent in some way on knowledge as inputs, knowledge industries are particularly dependent on knowledge and technology to generate revenue.
The quaternary sector of the economy is based upon the economic activity that is associated with either the intellectual or knowledge-based economy. [1] This consists of information technology; media; research and development; information-based services such as information-generation and information-sharing; and knowledge-based services such as consultation, entertainment, broadcasting, mass ...
The Knowledge, Skills, and Abilities (KSA) framework, is a series of narrative statements that, along with résumés, determines who the best applicants are when several candidates qualify for a job. The knowledge, skills, and abilities (KSAs) necessary for the successful performance of a position are contained on each job vacancy announcement ...
Reasons behind KPO include an increase in specialized knowledge and expertise, [1] additional value creation, [3] the potential for cost reductions, and a shortage of skilled labor. [1] KPO is a continuation of business process outsourcing , yet with rather more of business complexity.
Knowledge management products adopted the term "knowledge-base" to describe their repositories but the meaning had a big difference. In the case of previous knowledge-based systems, the knowledge was primarily for the use of an automated system, to reason about and draw conclusions about the world.
This can have a profound effect on both the quality of the service delivered as well as the client's ultimate satisfaction with the knowledge-based service solution. By strategically managing client co-production, service providers can improve operational efficiency, develop more optimal solutions [ sic ], and generate a sustainable competitive ...