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Department
Information Technology Management
Course
ITM 407
Professor
Candace Grant
Semester
Winter

Description
Describe the three types of intangible assets individual competence internal structures and external structuresIndividual Competence is peoples ability to act in various situations It includes skill education experience values and social skills Competence cannot be owned by anyone or anything but the person who possesses them because when all is said and done employees are voluntary members of the organization A case can however be made for including competence in the balance sheet because it is impossible to conceive of an organization without people People tend to be loyal if they are treated fairly and feel a sense of shared responsibility That is why companies are generally willing to pay some kind of compensation to those who retire or have to be laid offInternal Structures consists of patents concepts models and computer and administrative systems These are created by the employees and are thus generally owned by the organization and adhere to it Sometimes they can be acquired from elsewhere Decisions to develop or invest in such assets can be made with some degree of confidence because the work is done inhouse or bought from outside Also the culture or the spirit belongs to the internal structure The internal structure and the people together constitute what we generally call the organizationExternal Structures consists of relationships with customers and suppliers brand names trademarks and reputation or image Some of these can be c
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