Knowledge Management and Innovation Essay Example | Topics and Well Written Essays - 2000 words

Knowledge Management and Innovation - Essay Example 855). This piece of research work critically examines the knowledge sharing theoretical models developed by Nonaka and Takeuchi to elucidate how this model has been implemented in a typical industry to apply KM to the innovation of a product. This paper compares and contrasts knowledge transfer models based on relevant literatures and empirical evidences. Knowledge Management and Innovation In the contemporary business contexts where markets, products, competition, technology, laws and consumers are rapidly changing, continuous innovation and effective practice of KM to support innovation has become a major source of competitive advantage (Aramburu, Saenz and Rivera, 2006, p. 157). Nonaka and Takeuchi (2005, p. 1-5), both are widely renowned as KM gurus, argued that Japanese companies remained as enigma for most Western business experts and they gave a new explanation of what made Japanese companies highly successful. ... ased on this explanation, the three major components of KM are creating the knowledge, sharing it and using the created or shared knowledge for organizational purposes. Some literatures have considered more components such as knowledge identification, knowledge collection, knowledge organizing, knowledge dissemination, knowledge evaluation and knowledge adoption or implementation (Mehrabani and Shajari, 2012, p. 166). Forster (2005) described that knowledge management is a generic term that includes certain process by which employees’ experience, knowledge, skills etc are gathered, shared and utilized and then converted to a system of collective organizational learning so as to improve organizational performance. Nonaka and Takeuchi perceived knowledge as a profound instrument that has effectually increased organization’s capability to implement right action from the evidences of Japanese companies. Knowledge has been categorized in to two; tacit and explicit knowledge. Tacit knowledge is one that is embedded in a person through the forms of experience, knowledge, skill, talent, wisdom etc and this can be attained from imitation and practice. Explicit knowledge is information stored in documents or database (Lee, Leong, Hew and Ooi, 2013, p. 850). Literatures in the field of KM have clearly illustrated the profound impact of knowledge management on innovation. Most firms in contemporary business contexts find innovation as their grand strategy due to that consumers expect regular changes and advances in products (Pearce and Robinson, 2004, p. 207). Innovation is not merely an idea, but rather, it is the conversion of idea in to business functionality by establishing the idea in to reality (Endsley, 2010, p. 1). Many literatures including Boghani (2007), Lee et al

Risk Assessment for Art Library Construction Case Study

Risk Assessment for Art Library Construction - Case Study Example This essay declares that the part of risk assessment is a major constituent of the construction plan, aimed at depicting the effects of unexpected events on the relevant stakeholders. Unexpected events have major effects on the organization, the public, owners, and the constructor. Therefore, it is vital for any project to entail risk assessment, with the aim of minimizing the damage instituted by these unforeseen events. Before the commencement of activities on the planned site, there arises a dispute among the constructors. The dispute is in relation to the number of the workforce to be hired, their salary, and the expertise needed. The dispute has a varied effect on the project, which is fully negative. The implications on the deadline for completion of the order are major, causing a 17-day delay. This paper makes a conclusion that unexpected events have major implications for a project, precise construction of an art gallery. During the process, the company incurred various risks, which consequently amounted to major losses on the aspects of time and cost. However, with a well-laid risk management design, it is possible to eliminate the dangers enacted by occurrence of these events. It helps the organization cut on costs, and if we had applied it in our organization, we would be in a position to meet the deadline. It would eliminate any losses that have been incurred, bettering our relation with the client, and allowing us proceed to other activities.