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Finite-Base Revision Supporting Knowledge Management and Decision Making
Abstract
Generation and most of all sustainability of organizational success rely heavily on proper decision making and on the application of knowledge management (KM) concepts, where knowledge-based structures are fundamental components. KM can also be viewed as a means to support enhanced decision making through effective control of organizational knowledge. One of the main goals of KM is to capture, codify, organize, and store relevant knowledge into repositories, knowledge bases (KB), for later retrieval and use by organizations. However, there is always the danger of accumulating knowledge in an increasingly vast way, such that it becomes impossible to process it when necessary. Therefore, appropriate technologies have to be identified to protect us from irrelevant information. As the study in Handzic (2004) shows, decision-makers need to pursue primarily one KM strategy in order to use knowledge effectively. Moreover, the codification KM strategy using procedural knowledge maps was proven to be quite appropriate for solving decision problems of a complex nature. It is commonly agreed that KM can bridge the existing information and communication gaps within organizations, consequently improving decision making (Dargam & Rollett, 2007).
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