BUSI 2400 Chapter Notes - Chapter 3: Pareto Efficiency, Tacit Knowledge, Explicit Knowledge
10 Mar 2014
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Knowledge: explicit knowledge that is readily codified can be written down, inspected and analysed) such as the knowledge in a textbook, tacit knowledge gained through experience. These two types of knowledge are complementary halves of a lifelong knowledge creation process. Before discussing effective decision making, we need to agree on what a decision is. Often, rational decision making occurs as part of a larger problem-solving process. Structured: algorithmic, transactional purchases (hst on purchase) Unstructured: can only be accurately assessed after the fact. Semi-structured: elements of both investment decision. Consider: quality of data, info, and knowledge. The quality of the final output of this process (decision or solution) will be based on the quality of the inputs (the info you create and analysis you do) The purpose of decision making is either to solve a problem or to take advantage of an opportunity. All business info sys rely on the use and storage of data.
