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The Nature of Knowledge
It is indeed quite difficult to identify useful knowledge among the pool of knowledge in an organisation. Knowledge is a critical asset that needs strategic management. The dynamic changes in knowledge make it difficult to decide the most relevant form of knowledge. It is indeed true that knowledge needs to be updated -yesterday's knowledge should be adapted to accommodate new factors, new data, new inventions and also new problems in composite form to form today's and tomorrow's knowledge. The value of the knowledge and the need to create an intentional knowledge strategy are identified by the executives. Information technology has motivated the dreams of capturing all knowledge of an organisation into the databases which could be accessed by all employees easily. The companies have discovered that the useful knowledge is not something which can be managed like the other assets as a self-contained entity. Organisations have realised the challenge of knowledge and accordingly gear themselves in efficiently managing them through such communities of practice.
There are different types of audits performed to check discrepancies in various departments some of the types of audits are described. Economic audits or reviews.
A company manufactures and sells a single product. The variable cost of the product is Rs 2.50 per unit and all production each month is sold at a price of Rs 3.70 per unit. A pote
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