COMMERCE 2KA3 Chapter Notes - Chapter 11: Inference Engine, Augmented Reality, World Wide Web

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Document Summary

Data: a flow of events or transactions captured by an organization"s systems that, by itself, is useful for transacting, but little else. To turn data into information, a firm must expand resources to organize data into categories of understanding, such as monthly, daily, regional, or store-based reports of total sales. To transform information into knowledge, a firm must expend additional resources to discover patterns, rules, and contexts where the knowledge works. Wisdom: the collective and individual experiences of applying knowledge to the solution of problems. Involves, where, when, and how to apply knowledge. Tacit knowledge: knowledge residing in the minds of employees that has not been documented. Explicit knowledge: knowledge that has been documented and that which is easy to share and teach. Organizational learning: organizations that learn adjust their behaviour to reflect that learning by creating new business processes and by changing patterns of management decision making.

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