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Information and Knowledge for Business Decision Making

In: Business and Management

Submitted By jcu3
Words 305
Pages 2
In the last chapter of the book it discusses Information and Knowledge for business decision making. Knowledge is a very important factor inside and outside of the business world. You need it to get through all aspects in life quickly and efficiently. Without knowledge many things that someone or even a business will try to do may not be a good decision for themselves or their business.
There are many benefits when knowledge is incorporated into daily decision making. You can solve problems better with knowledge than using a guess and check method. In a business stand point you can improve customer service, processes, product management, innovation, and intellectual capital.
The interesting fact of the chapter was the discussion on the Knowledge Management Process. This process consists of creation, capture, codification, storage, retrieval, transfer, and application. All these categories are very vital when gaining knowledge in any aspect. When these steps are executed in the correct manner, there should be no problem with managing the knowledge you’ve gained.
When gaining or creating knowledge, there are also steps you can take to do this accurately. You first need to socialize. Get to know people or things and interact with them to gain information. Externalize your opinions to get other input from peers or mentors. Then combine the input you have received with the social interactions. Finally, internalize it; take action upon what you’ve learned and put it to use.
With all of this information and knowledge for decision making comes some questions you should ask yourself while making the decisions. Is it consistent with the organizations policies? Is it acceptable under applicable laws? Does it conform to universal values? Lastly, does it satisfy your personal decision of what is good? These questions will help you make better and more ethical decisions for...

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