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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 production of knowledge before the Scientific Revolution had little economic impact and was practiced on a small scale. Since that time knowledge has become one of the largest and most important industrial sectors in world commerce. The emergence of knowledge as an industry has been essential in perpetuating the modern capitalist system.
Knowledge retention is part of knowledge management. It helps convert tacit form of knowledge into an explicit form. It is a complex process which aims to reduce the knowledge loss in the organization. [67] Knowledge retention is needed when expert knowledge workers leave the organization after a long career. [68]
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 ]
Knowledge engineers are involved with validation and verification.. Validation is the process of ensuring that something is correct or conforms to a certain standard. A knowledge engineer is required to carry out data collection and data entry, but they must use validation in order to ensure that the data they collect, and then enter into their systems, fall within the accepted boundaries of ...
Knowledge-intensive services can be described as activities that are based on knowledge and know-how resources and are service oriented. This is a more descriptive concept than a specific industry: the information creates value for different stakeholders.
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 ...
The final issue with using conventional methods to develop expert systems was the need for knowledge acquisition. Knowledge acquisition refers to the process of gathering expert knowledge and capturing it in the form of rules and ontologies. Knowledge acquisition has special requirements beyond the conventional specification process used to ...