Abstract:
Land, capital and machinery are no longer decisive in a world-wide market of products
and ideas. Individuals, companies and even nations have become more and more
dependent on the way they leverage their competencies and apply their knowledge in order
to realize their goals. Knowledge capital is the wayan organization derives wealth from its
information resource on a regular basis. Knowledge, like any other asset, needs to be
managed pro-actively. Today Knowledge Management (KM) is a newly emerging,
interdisciplinary business model that has knowledge within the framework of an
organization as its focus. KM is the process of capturing and making use of an
organization's knowledge assets any-where in the organization - on paper, in documents,
in databases (called explicit knowledge) or in people's heads (called tacit knowledge). KM
practices include knowledge creation, collection, storing, sharing, and application towards
organizational survival through which organizations generate value from their knowledge
based assets (Wig, 1996).
