Data and Databases
Data is a valuable resource. Therefore, data management has become an important administrative function. An effective data management plan should govern how to acquire, store, and secure organizational data. Remember, reliable data management plans depend on your ability to identify the value added to operational and strategic planning.
Read this chapter. Focus on the differences between data, information, and knowledge; why database technology for data resource management is important; and the role of database management systems. Answer the study questions at the end of the chapter. Why is data management valuable to the success of an organization? What are some common weaknesses in data resource management? How can they be mitigated?
Knowledge Management
We end the chapter with a discussion on the concept of knowledge management (KM). All companies accumulate knowledge over the course of their existence. Some of this knowledge is written down or saved, but not in an organized fashion. Much of this knowledge is not written down; instead, it is stored inside the heads of its employees. Knowledge management is the process of creating, formalizing the capture, indexing, storing, and sharing of the company's knowledge in order to benefit from the experiences and insights that the company has captured during its existence.