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Explain Crucial and value-adding knowledge
The decision to invest in knowledge depends upon knowing what knowledge is relevant and crucial to the organisation and what knowledge adds value. Crucial knowledge includes the ever-changing dynamic knowledge necessary to operate within the industry at an acceptable level. It may be obtained through consultation with experts, their tacit knowledge that manifests as problem-solving behaviour. The continued availability, development, and retaining of experts in the organisation with such problem-solving proneness and capability is an important aspect of human resources management.
A large and well established retail company in Fiji has identified expansion to other Pacific countries as one of its key business strategies. The medium term plans of the company
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