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Related Flashcards
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Cards In This Set
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Knowledge Economy
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wealth is increasingly created by effective management of knowledge workers instead of by the efficient control of physical and financial assets.
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Intellectual Capital
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◦the difference between a firm’s market value and book value
◦a measure of the value of a firm’s intangible assets
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Human Capital
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◦individual capabilities, knowledge, skills, and experience of the company’s employees and managers
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Social Capital
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◦the network of relationships that individuals have throughout the organization
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Explicit Knowledge
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◦knowledge that is codified, documented, easily reproduced, and widely distributed.
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Closure
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◦the degree to which all members of a social network have relationships with other group members.
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Bridging Relationships
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◦relationships in a social network that connect otherwise disconnected people.
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}Private information
}Access to diverse skill sets
}Power
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Social networks deliver these three advantages:
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Electronic Teams
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◦team of individuals that completes tasks primarily through e-mail communication.
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Dynamic Capabilities
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◦a firm’s capacity to build and protect a competitive advantage, which rests on knowledge, assets, competencies, complementary assets, and technologies.
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Romantic View
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◦Leader is the key force in organization’s success
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External Control Perspective
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◦Focus is on external factors that may affect an organization’s success
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Intended Strategy
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◦Decisions are determined only by analysis
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Realized Strategy
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◦Decisions are determined by both analysis and unforeseen environmental developments, unanticipated resource constraints, and/or changes in managerial preferences
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Strategic Management
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◦Analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages
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