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Why do we need Knowledge management in organisations?

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STEPS OF THE STRATEGIC GOVERNANCE PROCESS
Step
Determinilg the
direction of the
organiz a tön
v Missön
Vision
Obj ectiv es
Step
En vironmen tal
analysis,
industrv and
internal analysis
Step
Formu lating a
stra
Step
Strategy
imp lementation and
control

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Strategic management is the management of an organization’s resources to achieve its goals and objectives. Strategic management involves  setting  objectives,  analysing  the competitive environment,  analysing  the internal organization,  evaluating  strategies, and  ensuring  that management rolls out the strategies across the organization. https:// www.investopedia.com /terms/s/strategic- management.asp

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Why do we need to study and be trained? Why companies should focus on learning and development of their employees?

Drucker 1995 “…more organizations shift from industrial-based workforce to knowledge-based workforce and nowadays companies need knowledgeable worker far more than knowledgeable worker needs them…” In fact, they can just become a freelancer and live their own life implementing their knowledge the why they consider

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Strengths, Weaknesses, Opportunities, and Threats (SWOT) are acronyms for Strengths, Weaknesses, Opportunities, and Threats.  Internal  organization strengths and weaknesses are aspects you have some influence over and can alter. Who is on your staff, your patents and intellectual property, and your position are all examples. External  opportunities and  threats  are those that occur outside of your business, in the wider market. You can seize opportunities and defend yourself from risks, but you can't change them. Competitors, raw material costs, and consumer shopping patterns are  some  examples. A SWOT analysis is a basic two-by-two grid that organizes the top strengths, weaknesses, opportunities, and threats into an ordered list.

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• The AQCD criteria are those criteria that are responsible for the quality, specificity and usefulness of factors in the SWOT analysis.  • A (Actionable) - indicates that this factor is effective, that is, in relation to this factor, the company can do something.  • Q (Quantitative) - this factor uses measurement numbers.  • C (Comparative) - this factor contains a sign of temporary comparison (year, month, etc.) • D (Divisional) - this factor shows comparisons by location (regions, etc.)

Threats / Opportunities / Weaknesses / Strengths A Q C D failure to meet targets for the fixed telephony segment. Specifically described information   no quantitative indicators ✘   no time indicators ✘ No divisional indicators ✘ failure to meet targets for the fixed broadband Internet segment. Specifically described information   no quantitative indicators ✘   no time indicators ✘ No divisional indicators ✘ Growth of overdue accounts receivable from customers. Specifically described information   no quantitative indicators ✘ no time indicators ✘   No divisional indicators ✘ The emergence of the Company's obligations under claims, orders and other requirements. Specifically described information   no quantitative indicators ✘   no time indicators ✘ No divisional indicators ✘

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illustrates how the external opportunities and threats can be matched with internal strengths and weaknesses to result in 4 possible strategic alternatives Provides a means to brainstorm alternative strategies Forces managers to create various kinds of growth and retrenchment strategies Used to generate corporate as well as business strategies

The TOWS Matrix looks like this:
Internal Strengths (S)
2.
3.
4.
Internal Weaknesses (W)
2.
3.
4.
External Opportunities (O)
2.
3.
4.
so
"Maxi-Maxi" Strategy
Strategies that use strengths
to maximize opportunities.
wo
"Mini-Maxi" Strategy
Strategies that minimize
weaknesses by taking
advantage of opportunities.
External Threats (T)
2.
3.
4.
ST
"Maxi-Mini" Strategy
Strategies that use strengths
to minimize threats.
"Mini-Mini" Strategy
Strategies that minimize
weaknesses
and
avoid
th reats.

Source:  https://warren2lynch.medium.com/from-swot-to-tows-analysis-55ac394064b7

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Clarify Your Vision Gather and Analyse Information Formulate a Strategy Implement Your Strategy Evaluate and Control

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Unclear communication No or insufficient communication Lack of commitment Insufficient or inadequate resources Isolated and fragmented actions Ambiguous or conflicting goals No or unclear strategy No clear priorities Ambiguous responsibilities Lack of performance information Silo behaviour and sub-optimization Wrong or ineffective culture Resistance to change Over-complexity Insufficient management capabilities Delay, plans are not met Budget is exceeded Lack of middle management support Strategy is not adapted to changes Poor leadership

https://www.forbes.com/sites/jeroenkraaijenbrink/2019/09/10/20-reasons-why-strategy-execution-fails/?sh=a43276a1ebeb

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Philip  Tetlock   https://www.amazon.com/Superforecasting-Science-Prediction-Philip-Tetlock/dp/0804136718 Carol Dweck – The Growth Mindset  https://www.amazon.com/Mindset-Psychology-Carol-S-Dweck/dp/0345472322 Grant Purdy – Deciding  https://www.amazon.com/dp/B086Q97WJ9 Nassim  Taleb  - Antifragile  https://www.goodreads.com/book/show/13530973-antifragile Sam Savage - The Flaw of Averages  https://www.amazon.com/Flaw-Averages-Underestimate-Risk-Uncertainty/dp/1118073754 Douglas Hubbard – How to Measure anything  https://hubbardresearch.com/my-account/ Carl  Spetzler  – Decision Quality       https://sdg.com/decision-quality-book/

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Decisions is are actions organizations, teams and people take to achieve their goals by enhancing the opportunities  First, we need to take action to utilize the opportunity,  Second, we need to increase the likelihood of the opportunity to be exploited, i.e. monitor (passive observations) and control (active involvement)

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Only qua n itative information can reduce the level of uncertainty, which will allow making a quality decision! Information is achieved by building effective communication with stakeholders and collective functional zoning! Quantitative analysis can show the most realistic picture for further discussion.

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https://www.vosesoftware.com/products/modelrisk/webinar.php

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Assumptions is a “commodity” for risk assessment (identification, analysis, and comparative assessment) Assumptions as expert opinion requires at least PERT / Triangular  distributions  (Pessimistic, Optimistic, Most probable) - a primitive method  but very useful methods from the Expert Judgement evaluations.  As many relevant assumptions as possible from competent experts in accordance with the input parameters Monte Carlo will run 10,000 simulations and….

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Survivor Bias - why Failure is more useful than Success...

CONSIDERING THE KNOWN BUT IGNORING THE UNKNOWN BUT STILL EXISTING  •In business: You select those who want to participate for discussion and decision making. This inclination of them to participate in decision-making correlates with the main topic, which means it will be a narrow, not random and not objective group of evaluators.  In most cases, self-selection will bias the data as the participants who choose to participate will not represent the entire target population well.  •In the army: Abraham Wald - mathematician  •In nature: Dolphins

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https://www.mckinsey.com/business-functions/organization/our-insights/a-case-study-in-combating-bias Y ou need to read the case in order to pass the quiz and g o  to the lecture

Lesson 2

 Source:  https://warren2lynch.medium.com/from-swot-to-tows-analysis-55ac394064b7

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 Philip  Tetlock   https://www.amazon.com/Superforecasting-Science-Prediction-Philip-Tetlock/dp/0804136718 Carol Dweck – The Growth Mindset  https://www.amazon.com/Mindset-Psychology-Carol-S-Dweck/dp/0345472322 Grant Purdy – Deciding  https://www.amazon.com/dp/B086Q97WJ9 Nassim  Taleb  - Antifragile  https://www.goodreads.com/book/show/13530973-antifragile Sam Savage - The Flaw of Averages  https://www.amazon.com/Flaw-Averages-Underestimate-Risk-Uncertainty/dp/1118073754 Douglas Hubbard – How to Measure anything  https://hubbardresearch.com/my-account/ Carl  Spetzler  – Decision Quality       https://sdg.com/decision-quality-book/  

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 https://www.vosesoftware.com/products/modelrisk/webinar.php

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 https://www.mckinsey.com/business-functions/organization/our-insights/a-case-study-in-combating-bias Y ou need to read the case in order to pass the quiz and g o  to the lecture

Lesson 2

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