UNIT 5

CONTEMPORARY ISSUES IN MANAGEMENT

MANAGEMENT INFORMATION SYSTEM:

DEFINITION:
Management information systems (MIS) is the study of how people use technology
to manage information. It includes both the hardware and software used to store, process, and
retrieve information. Computer science is the study of how computers work. It includes the design
and implementation of computer systems.
What are the 5 main types of management information systems?
• Transaction Processing Systems (TPS)
• Decision Support Systems (DSS)
• Executive Information Systems (EIS)
• Knowledge Management Systems (KMS)
• Enterprise Resource Planning (ERP)
What is the importance of MIS?

An MIS is important in the workplace since it can process and interpret massive amounts of
data from multiple sources and generate detailed reports that companies can use to make
informed business decisions.
What are the two benefits of MIS?

Benefits of MIS

It saves time and increases work effectiveness considerably. Ensures improved data analysis and
decision-making. Maintains an accurate record of the system's inputs and outputs and tracks
employee performance.
What are characteristics of MIS?

Characteristics of MIS

The general characteristics of an MIS are: Use a variety of internal data sources. Provide reports
on the routine operations of an organization. Allow users to develop custom reports, such as
detailed reports. Provide a variety of different reports, both scheduled and on demand.

What is nature and scope of MIS?

Management Information Systems (MIS) can be simply referred to as a system or process that
facilitates the smooth working of the organisation. The nature of MIS is truly multifold because
it plays a bigger role in business decisions, from costs to employee management.
MATERIALS REQUIREMENT PLANNING (MRP):

What Is Material Requirements Planning (MRP)?

Material requirements planning (MRP) is a software-based integrated inventory and supply
management system designed for businesses.

Companies use MRP to estimate quantities of raw materials, maintain inventory levels, and
schedule production and deliveries.

History of MRP
Material requirements planning was the earliest of the integrated information technology (IT)
systems that aimed to improve productivity for businesses by using computers and software
technology.

The first MRP systems of inventory management evolved in the 1940s and 1950s, using mainframe
computers to extrapolate information from a bill of materials for a specific finished product into a
production and purchasing plan. MRP systems expanded to include information feedback loops so
that production managers could change and update the system inputs as needed.

The next generation of MRP, manufacturing resources planning (MRP II), also incorporated
marketing, finance, accounting, engineering, and human resources aspects into the planning
process. A concept that expands on MRP is enterprise resources planning (ERP), developed in the
1990s, which uses computer technology to link various functional areas across an entire business
enterprise.

Advantages and Disadvantages of MRP

Pros

• Materials and components are available when needed

• Minimized inventory levels and associated costs

• Reduced customer lead times

• Increased manufacturing efficiency

• Increased labor productivity

Cons
 • Heavy reliance on input data accuracy

• Expensive to implement

• Lack of flexibility in the production schedule

• Tendency to hold more inventory than needed

• Less capable than an overall ERP system

CRM (customer relationship management)

•
By

• Cameron Hashemi-Pour, Site Editor

• Wesley Chai

What is CRM (customer relationship management)?

CRM (customer relationship management) is the combination of practices, strategies and
technologies that companies use to manage and analyze customer interactions and data throughout
the customer lifecycle. The goal is to improve customer service relationships and assist with
customer retention and drive sales growth.
CRM systems compile customer data across different channels and points of contact between the
customer and the company. These can include the company's website, telephone, live chat, direct
mail, marketing materials and social networks. CRM systems can also give customer-facing staff
detailed data on customers' personal information, purchase history, buying preferences and
concerns.

Why CRM benefits businesses

The benefits of CRM systems apply to all types of organizations, ranging from small businesses to
large corporations. They include the following:

• Enhanced customer service. Having customer information, such as past purchases and
interaction history, easily accessible helps customer support representatives provide better
and faster customer service.
 • Trend spotting. Collection of and access to customer data let businesses identify trends and
insights about their customers through reporting and visualization features.
• Automation. CRM systems can automate menial, but necessary, sales pipeline and customer
support tasks.

Components of CRM
At the most basic level, CRM software consolidates customer information and documents it into a
single CRM database. This lets business users more easily access and manage that information.
Common components and capabilities of CRM systems include the following:

• Marketing automation. CRM tools with marketing automation capabilities automate

repetitive tasks to enhance marketing efforts at different touchpoints in the lifecycle for lead
generation. For example, as sales prospects come into the system, it might automatically
send email marketing content with the goal of turning a sales lead into a full-fledged
customer.
• Sales force automation. These tools track customer interactions and automate certain
business functions of the sales cycle. Sales force automation tools target sales functions
where it's necessary to follow leads, obtain new customers and build customer loyalty.
• Contact center automation. Designed to reduce tedious aspects of a contact center agent's
job, contact center automation includes prerecorded audio that assists in customer problem-
solving and information dissemination. Various software tools that integrate with the agent's
desktop tools can handle customer requests to cut down the length of calls and streamline
customer service processes. Automated contact center tools, such as chatbots, can improve
customer user experiences.
• Geolocation technology, or location-based services. Some CRM systems include
technology that creates geographic marketing campaigns based on customers' physical
locations, sometimes integrating with popular location-based Global Positioning System
(GPS) apps. Geolocation technology is also used as a networking or contact management
tool to find sales prospects based on a location.
• Workflow automation. CRM systems help companies optimize business processes by
streamlining mundane workloads, enabling employees to focus on high-level and creative
tasks that help them close deals.
• Lead management. Sales leads can be tracked through a CRM platform, enabling sales
teams to input, track and analyze data for leads in one place.
• Human resources (HR) management. CRM systems help track employee information,
such as contact information, performance reviews and benefits within a company. This
enables the HR department to more effectively manage the internal workforce.
• Analytics. CRM analytics examines user data to create targeted marketing campaigns that
can increase customer satisfaction rates.
• Artificial intelligence (AI). AI technologies, such as Salesforce Einstein, have been built
into CRM platforms to automate repetitive tasks, identify customer-buying patterns and
predict future customer behaviors.
• Project management. Some CRM systems include features to help users track client project
details, such as objectives, strategic alignment, processes, risk management and progress.
 • Integration with other software. Many systems integrate with other software, such as call
center and enterprise resource planning systems.

TOTAL QUALITY MANAGEMENT:

Total Quality Management (TQM) is a management framework based on the belief that an
organization can build long-term success by having all its members -- from low-level workers to its
highest-ranking executives -- focus on improving quality and, thus, delivering customer satisfaction.
What are the 4 pillars of TQM?
What is TQM and its function?

Total quality management (TQM) is the continual process of detecting and reducing or
eliminating errors in manufacturing. It streamlines supply chain management, improves the
customer experience, and ensures that employees are up to speed with training.
What are the objectives of TQM?

An objective of TQM is to create products and services correctly the first time. This means that
products ship with fewer defects, reducing product recalls, future customer support overhead and
product fixes. Satisfied customers. High-quality products that meet customers' needs result in higher
customer satisfaction.
What are the TQM tools?

Total quality management tools facilitate quality management or quality control, compliance
management, risk assessment, document control and any other component of total quality that
contributes to the control, quality and validity of a product and/or service.
What are the 8 principles of TQM?

The Eight Core Principles of TQM are Customer Focus, Leadership, Involvement of People,
Processes Approach, System Approach to Management, Continual Improvement, Factual Approach
to Decision-Making, and Mutual Beneficial Supplier Relationship.

SIX SIGMA CONCEPT:

What Is Six Sigma?
Six Sigma is a methodology for process improvement developed by a scientist at Motorola in the
1980s. Six Sigma practitioners use statistics, financial analysis, and project management to achieve
improved business functionality and better quality control by identifying and then correcting
mistakes or defects in existing processes. The five phases of the Six Sigma method, known as
DMAIC, are defining, measuring, analyzing, improving, and controlling.
What are Six Sigma concepts?

The Six Sigma Methodology

DMAIC is a data-driven method used to improve existing products or services for better customer
satisfaction. It is the acronym for the five phases: D – Define, M – Measure, A – Analyse, I –
Improve, C – Control. DMAIC is applied in the manufacturing of a product or delivery of a
service.
What is Six Sigma basic principle?

Six Sigma success is based on five key principles: Focusing on customer requirements. Using
extensive measurement and statistical analysis to understand how work gets done and to identify the
root cause of problems (variations) Being proactive in eliminating variation and continually
improving the process.
Is Six Sigma a tool?

Six Sigma tools are defined as the problem-solving tools used to support Six Sigma and other
process improvement efforts. The Six Sigma expert uses qualitative and quantitative techniques to
drive process improvement.
What are the benefits of Six Sigma?

Six Benefits of Six Sigma

• You will decrease waste. Six Sigma ideology is aimed to help you and your company
optimize processes to decrease your total waste. ...
• You will increase efficiency. ...
• You will reduce errors. ...
• You will reduce your company's legal risk. ...
• You can apply it to any industry. ...
• You will make more money.
SUPPLY CHAIN MANAGEMENT:

What Is Supply Chain Management (SCM)?

Supply chain management (SCM) is the process of managing the flow of goods and services to and
from a business, including every step involved in turning raw materials and components into final
products and getting them to the ultimate customer. Effective SCM can help streamline a company's
activities to eliminate waste, maximize customer value, and gain a competitive advantage in the
marketplace.

5 Phases of Supply Chain Management

A supply chain manager's job is not only about traditional logistics and purchasing but finding ways
to increase efficiency and keep costs down while also avoiding shortages and preparing for
unexpected contingencies. Typically, the SCM process consists of these five phases:

Planning
To get the best results from SCM, the process usually begins with planning to match supply with
customer and manufacturing demands. Companies must try to predict what their future needs will
be and act accordingly. This will take into account the raw materials or components needed during
each stage of manufacturing, equipment capacity and limitations, and staffing needs. Large
businesses often rely on enterprise resource planning (ERP) software to help coordinate the process.

Sourcing
Effective SCM processes rely very heavily on strong relationships with suppliers. Sourcing entails
working with vendors to supply the materials needed throughout the manufacturing process.
Different industries will have different sourcing requirements, but in general, SCM sourcing
involves ensuring that:

• The raw materials or components meet the manufacturing specifications needed for the
production of the goods.
• The prices paid the vendor are in line with market expectations.
• The vendor has the flexibility to deliver emergency materials due to unforeseen events.
• The vendor has a proven record of delivering goods on time and of good quality.

Supply chain management is especially critical when manufacturers are working with perishable
goods. When sourcing goods, companies should be mindful of lead times and how well equipped a
supplier is to meet their needs.

Manufacturing
This is the heart of the supply chain management process, where the company uses its machinery
and labor to transform the raw materials or components it has received from its suppliers into
something new. This final product is the ultimate goal of the manufacturing process, though it is not
the final stage of supply chain management.
The manufacturing process may be further divided into sub-tasks such as assembly, testing,
inspection, and packaging. During the manufacturing process, companies must be mindful of waste
or other factors that may cause deviations from their original plans. For example, if a company is
using more raw materials than planned and sourced for due to inadequate employee training, it must
rectify the issue or revisit the earlier stages in SCM.

Delivery
Once products are made and sales are finalized, a company must get those products into the hands
of its customers. A company with effective SCM will have robust logistic capabilities and delivery
channels to ensure timely, safe, and inexpensive delivery of its products.

This includes having a backup or diversified distribution methods should one method of
transportation temporarily be unusable. For example, how might a company's delivery process be
impacted by record snowfall in distribution center areas?

Returns
The supply chain management process concludes with support for the product and customer returns.
It's bad enough when a customer needs to return a product, but even worse if that's due to an error
on the company's part. This return process is often called reverse logistics, and the company must
ensure it has the capabilities to receive returned products and correctly assign refunds for them.
Whether a company is conducting a product recall or a customer is simply not satisfied with the
product, the transaction with the customer must be remedied.

Returns can also be a valuable form of feedback, helping the company to identify defective or
poorly designed products and to make whatever changes are necessary. But without addressing the
underlying cause of a customer return, the supply chain management process will have failed, and
future returns will likely persist.

Types of Supply Chain Models

Supply chain management does not look the same for all companies. Each business has its own
goals, constraints, and strengths that will shape its SCM process. These are some of the models a
company can adopt to guide its supply chain management efforts.

• Continuous flow model: One of the more traditional supply chain methods, this model is
often best for mature industries. The continuous flow model relies on a manufacturer
 producing the same good over and over and expecting customer demand will show little
variation.
• Agile model: This model is best for companies with unpredictable demand or custom-order
products. This model prioritizes flexibility, as a company may have a specific need at any
given moment and must be prepared to pivot accordingly.
• Fast model: This model emphasizes the quick turnover of a product with a short life cycle.
Using a fast chain model, a company strives to capitalize on a trend, quickly produce goods,
and ensure the product is fully sold before the trend ends.
• Flexible model: The flexible model works best for companies affected by seasonality. Some
companies may have much higher demand requirements during peak season and low volume
requirements in others. A flexible model of supply chain management ensures that
production can easily be ramped up or wound down.
• Efficient model: For companies competing in industries with very tight profit margins, a
company may strive to get an advantage by making its supply chain management process
the most efficient. This includes utilizing equipment and machinery in the most ideal ways
in addition to managing inventory and processing orders most efficiently.
• Custom model: If any model above doesn't suit a company's needs, it can always turn
toward a custom model. This is often the case for highly specialized industries with high
technical requirements, such as an automobile manufacturer.

What is ERP?
Enterprise resource planning (ERP) is a software system that helps you run your entire business,
supporting automation and processes in finance, human resources, manufacturing, supply chain,
services, procurement, and more.

Why is ERP important?

Sometimes described as “the central nervous system of an enterprise,” an ERP software system
provides the automation, integration, and intelligence that is essential to efficiently run all day-to-
day business operations. Most or all of an organisation’s data should reside in the ERP system to
provide a single source of truth across the business.

Six key benefits of ERP

1. Higher productivity: Streamline and automate your core business processes to help
everyone in your organisation do more with fewer resources.
2. Deeper insights: Eliminate information silos, gain a single source of truth, and get fast
answers to mission-critical business questions.
3. Accelerated reporting: Fast-track business and financial reporting and easily share results.
Act on insights and improve performance in real time.
4. Lower risk: Maximise business visibility and control, ensure compliance with regulatory
requirements, and predict and prevent risk.
5. Simpler IT: By using integrated ERP applications that share a database, you can simplify IT
and give everyone an easier way to work.
 6. Improved agility: With efficient operations and ready access to real-time data, you can
quickly identify and react to new opportunities.

Common ERP modules

The most widely used ERP modules include:

1. Finance: The finance and accounting module is the backbone of most ERP systems. In
addition to managing the general ledger and automating key financial tasks, it helps
businesses track accounts payable (AP) and receivable (AR), close the books efficiently,
generate financial reports, comply with revenue recognition standards, mitigate financial
risk, and more.
2. Human resources management: Most ERP systems include an HR module that provides
core capabilities such as time and attendance and payroll. Add-ons, or even entire human
capital management (HCM) suites, can connect to the ERP and deliver more robust HR
functionality – everything from workforce analytics to employee experience management.
3. Sourcing and procurement: The sourcing and procurement module helps businesses
procure the materials and services they need to manufacture their goods – or the items they
want to resell. The module centralises and automates purchasing, including requests for
quotes, contract creation, and approvals. It can minimise underbuying and overbuying,
improve supplier negotiations with AI-powered analytics, and even seamlessly connect with
buyer networks.
4. Sales: The sales module keeps track of communications with prospects and customers – and
helps reps use data-driven insights to increase sales and target leads with the right
promotions and upsell opportunities. It includes functionality for the order-to-cash process,
including order management, contracts, billing, sales performance management, and sales
force support.
5. Manufacturing: The manufacturing module is a key planning and execution component of
ERP software. It helps companies simplify complex manufacturing processes and ensure
production is in line with demand. This module typically includes functionality for material
requirements planning (MRP), production scheduling, manufacturing execution, quality
management, and more.
6. Logistics and supply chain management: Another key component of ERP systems, the
supply chain module tracks the movement of goods and supplies throughout an
organisation’s supply chain. The module provides tools for real-time inventory management,
warehousing operations, transportation, and logistics – and can help increase supply chain
visibility and resilience.
7. Service: In an ERP, the service module helps companies deliver the reliable, personalised
service customers have come to expect. The module can include tools for in-house repairs,
spare parts, field service management, and service-based revenue streams. It also provides
analytics to help service reps and technicians rapidly solve customer issues and improve
loyalty.
8. R&D and engineering: Feature-rich ERP systems include an R&D and engineering
module. This module provides tools for product design and development, product lifecycle
 management (PLM), product compliance, and more – so companies can quickly and cost-
effectively create new innovations.
9. Enterprise asset management: Robust ERP systems can include an EAM module – which
helps asset-intensive businesses minimise downtime and keep their machines and equipment
running at peak efficiency. This module includes functionality for predictive maintenance,
scheduling, asset operations and planning, environment, health and safety (EHS), and more.
PERFORMANCE MANAGEMET :
Performance Management - Definition Performance management is an ongoing process of
communication between a supervisor and an employee that occurs throughout the year, in
support of accomplishing the strategic objectives of the organization.
What are the 5 elements of performance management?

All five component processes (i.e., planning, monitoring, developing, rating, rewarding) work
together and support each other, resulting in natural, effective performance management. Effective
employee performance management encompasses the five key components presented above.
What are the 4 major processes of performance management?

We can break down the performance management cycle into four different stages. They include;
planning, monitoring, developing and reviewing, and rating and rewards. This article will
explore the various stages of the performance cycle in-depth, what a performance management
cycle is, and its importance.
What are the 3 P's of performance management?

Purpose, People and Process: The 3 P's of Effective Performance Management.

What are the three stages of performance?

Performance management offers three basic phases or stages for employee development: coaching,
corrective action, and termination. The first phase, coaching, involves the process of orienting,
training, and encouraging employees.
What is the PMS process?

More than just an annual performance review, performance management is the continuous process
of setting objectives, assessing progress and providing ongoing coaching and feedback to
ensure that employees are meeting their objectives and career goals.
What are the two types of performance management?
What are the five performance levels?

Overall performance ratings are given on a 5-point scale, observing employees with
performances that are:
 • 5 = Leading.
• 4 = Strong.
• 3 = Solid.
• 2 = Building.
• 1 = Not Meeting Expectations.
BPO:

Business Process Outsourcing (BPO)

Business process outsourcing (BPO) is the delegation of one or more IT-intensive business
processes to an external provider that, in turn, owns, administrates and manages the selected
processes based on defined and measurable performance metrics. BPO offerings are categorized in
two major categories: horizontal offerings (those that can be leveraged across specific industries)
and vertical-specific offerings (those that demand specific industry vertical process knowledge).
What are the three types of BPO?

There are three primary types of BPO companies. These are local outsourcing, offshore
outsourcing, and nearshore outsourcing.
What are the benefits of BPO?

The objective of BPO is to help companies save money and grow their business without having
to worry about the daily tasks that could consume much of their time. Some common business
process outsourcing examples include customer service, lead generation, call centers, billing,
telesales, and more.

What are five BPO services?

Key BPO Services:

• Accounting and financial services.

• Sourcing and procurement.
• Digital marketing.
• Supply chain management.
• Healthcare and insurance.
• Human resource management.
What are two BPO types?

Two types of BPO are front-office and back-office. Back-office BPO entails the internal aspects of
a business, such as payroll, inventory purchasing, and billing. Front-office BPO focuses on
activities external to the company, such as marketing and customer service.
What is the features of BPO?

The key features of BPO are flexibility, cost-effectiveness, speed, and availability of the BPO
workforce. Accenture, IBM, Infosys, Mphasis are among the top BPO companies providing their
services to innumerable global organizations. With this information, let us further study the
advantages and disadvantages of BPO.
What is benchmark process in business process reengineering?

Benchmarking assists businesses in identifying potential targets for improvement. I

t is the initial step a firm must undertake before planning and implementing reengineering methods
to achieve higher productivity.

What are the 4 steps of benchmarking?

These steps lay the foundation for a comprehensive and effective benchmarking strategy,
allowing you to unlock the full potential of your business.

• #1 Look for Benchmarking Resources.

• #2 Choose Your KPIs to Measure Success.
• #3 Diligently Track Your Data.
• #4 Use Your Benchmarks to Make Data-Driven Decisions.
What is business process benchmarking?

Process benchmarking constitutes comparing and analyzing your business processes with those
processes that are considered the best practices in the industry. When comparing, it is crucial
that the nature of the processes be similar so that comparing makes sense.

What are the 4 principle of BPR?

Principles of BPR

Organize around outcomes, not tasks. Identify all the processes in an organization and prioritize
them in a redesign urgency order. Integrate information processing work into the real work that
produces the information. Treat dispersed resources from various areas as though they were
centralized.
BALANCE SCORE CARD:
The balanced scorecard involves measuring four main aspects of a business: Learning and
growth, business processes, customers, and finance. BSCs allow companies to pool information
in a single report, to provide information into service and quality in addition to financial
performance, and to help improve efficiencies.
What are the 4 components of a balanced scorecard?

The four perspectives of a traditional balanced scorecard are Financial, Customer, Internal Process,
and Learning and Growth.
What are the benefits of the balanced scorecard?

10 Benefits of a Balanced Scorecard for Businesses

• Break strategy into things you can measure. ...

• See a balanced view of your organization. ...
• Improve strategic communication. ...
• Visualize strategic cause and effect. ...
• Improve organizational alignment. ...
• Drive accountability. ...
• Show employees see how they contribute. ...
• Support decision-making.

10 Benefits of a Balanced Scorecard for Businesses

Since the balanced scorecard takes such a comprehensive view of a organization’s health, it has
been widely implemented across industries and geographies to improve performance and help
companies maintain a competitive advantage. Organizations that use this management tool will find
numerous benefits, including:

1. Break strategy into things you can measure

When your strategic plans are backed by real data, you can track how you're doing over time and
identify areas for improvement. The BSC breaks each of your four perspectives into several smaller
objectives, and then creates measures for each of those objectives. By measuring real performance
in all four perspectives, your organization will have a better understanding of how to turn your
vague, high-level strategy into concrete measures you can improve.
2. See a balanced view of your organization
It’s in the name; the balanced scorecard approach gives you more accurate insights into the state of
your business by looking at your organization from four perspectives: financial, customer, internal
process, and learning and growth. Most companies are already tracking things in the financial
perspective like how much money they make and whether they're spending within their budgets.
These three additional perspectives help to provide a fuller and more long-term picture of the
organization.

3. Improve strategic communication

The BSC provides a tool to communicate your strategy — the strategy map. A strategy map is a
diagram that shows your organization's strategy on a single page. It’s like a dashboard that
visualizes your strategy, making it easier to share big-picture objectives with the whole organization
and ensure all team members are on the same page. It also facilitates better communication about
strategy to external stakeholders, such as board members for companies, donors for nonprofits, and
citizens for government.

4. Visualize strategic cause and effect

Order matters with the four balanced scorecard perspectives, and many strategy maps have arrows
between their objectives to show the cause and effect relationships. By following the arrows’ paths,
you can see how the objectives in the lower perspectives drive the success of the higher ones. These
causal relationships are central to the idea of the balanced scorecard.

5. Improve organizational alignment

It can be challenging to ensure that people in the different levels in your organization are all
working toward your big-picture goals. As the creators of your business strategy, your management
team will know these objectives well, but what about everyone else?
The balanced scorecard communicates your strategy so everyone knows where you want to go and
how they can help your organization get there. Strategic alignment means every department, team,
and even individual employee are all working towards common organizational performance goals.

6. Drive accountability
With the BSC methodology, every objective is owned by a single employee or team. When
something goes wrong, you'll know who to call. When something goes right, it's obvious who
should get credit. Because of this, balanced scorecards not only boost accountability but also
efficiency when addressing concerns.

7. Show employees see how they contribute

Every business unit in your organization is working on something different, and each employee has
their own daily tasks. It's natural for people to only focus on short-term objectives, and they may
not always understand how their duties relate to the overall organizational strategy.
The BSC addresses this problem by helping every person see how they affect your organization's
performance, and by encouraging them to align their goals with your big-picture strategy. When
employees can see how their efforts impact the broader organizational strategy, they clearly see the
vital role they play in your business.
8. Support decision-making
Every objective in a balanced scorecard has real measures and concrete goals. Rather than relying
on hunches or gut feelings, employees at every level of your organization can act decisively based
on objective facts. Decision-making becomes decentralized and scalable. Decision makers are able
to move forward with confidence.
Knowledge management I
the process by which an enterprise gathers, organizes, shares and analyzes its knowledge in a
way that is easily accessible to employees. This knowledge includes technical resources,
frequently asked questions, training documents and people skills.
What are the 3 types of knowledge management?

What are the three types of knowledge management systems?

• Enterprise-wide knowledge management systems. These systems are designed to suit

general-purpose knowledge management requirements and prioritize organizational
productivity. ...
• Knowledge work systems. ...
• Intelligent techniques.
What are the 4 components of knowledge management?

The best four components of knowledge management are people, process, content/IT, and
strategy. Regardless of the industry, size, or knowledge needs of your organization, you always
need people to lead, sponsor, and support knowledge sharing. You need defined processes to
manage and measure knowledge flows
What is the role of knowledge management?

The purpose of the Knowledge Management process is to share perspectives, ideas, experience and
information; to ensure that these are available in the right place at the right time to enable informed
decisions; and to improve efficiency by reducing the need to rediscover knowledge.
What are the two major types of knowledge?

Tacit and Explicit Knowledge

Explicit knowledge Tacit (implicit) knowledge
Easily documented Difficult to capture and codify
Easy to codify Difficult to share
Easy to share Has high value
Easily transferred/ taught/learned Hard to document

What are the six stages of knowledge management?

The knowledge management process includes the creation, maintenance, and renewal of
information. The process can be split into six stages: Prioritize, audit, capture, curate, deliver,
optimize.