Chapter 4 week 5 notes
Chapter 4 week 5 notes Management 490
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This 2 page Class Notes was uploaded by Briana Notetaker on Sunday March 6, 2016. The Class Notes belongs to Management 490 at Western Illinois University taught by Yin-Chi Liao in Winter 2016. Since its upload, it has received 40 views. For similar materials see Business Strategy in Business, management at Western Illinois University.
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Date Created: 03/06/16
MGT 490 Chapter 4 Recognizing a firms intellectual assets Knowledge economy: wealth created by effective management of knowledge workers instead of by the efficient control of physical and financial assets Knowledge based economy aspects: Intellectual capital Reputation and brand names Customer relationships Employee loyalty and commitment Human capital: individual capabilities, knowledge, skills and experiences of the employees and managers Attract those you want Recruit the right people Asses them correctly Develop them correctly Social capital: network of relationships that individuals have throughout the organization How to create new knowledge: Combination of existing knowledge with new knowledge Recombine existing knowledge in new way Types of Knowledge: Explicit: easy to transfer, document and its cheap Difficult to protect from rivals Easy to imitate Tacit: is in the minds of employees based on their backgrounds and experiences Difficult to articulate Requires practice Transfer is slow and costly Social Network: a social structure made of nodes that are connected together by ties Social Capital: resources (ideas, information, money, and trust) that you are able to access through your social network Why Social Capital matters? Because people who are well connected are rewarded with: Positive performance evaluations Managerial compensation Promotions Advantage of social capital: Access to information in a timely manner Social support and trust Transfer of needed resources and diverse skill sets Disadvantages of social capital: Lack of flexibility Groupthink, where individuals in an organization do not question shared beliefs Ways to balance diversity: Access diverse information and resources Hire individuals of different expertise, gender, and cultural backgrounds
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