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Chapter 4

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Department
Administrative Studies
Course
ADMS 4900
Professor
Kelly Thomson
Semester
Winter

Description
Jan.30/2014 Lecture 4 Chapter 4—Assessing the Intellectual Assets of the Firm The Central Role of Intellectual Capital in Today’s Economy - intellectual and information processes create most of the value for firms in large service industries - wealth created through effective management of intellectual assets and knowledge workers - intellectual capital is described difference between a firm’s market value and book value - intellectual capital intangible assets, such as human capital, social capital, intellectual property, brands and trademarks, which all contribute to a firm’s ability to create value through new knowledge and its useful application ~ managing intellectual capital entails life cycle of creation, codification, valuation, protection and leveraging such assets - human capital individual capabilities, knowledge, skills and experience of the company’s employees and managers - social capital the network of relationships that individuals have throughout the firm ~ also includes relationships with suppliers, customers and alliance partners - explicit knowledge codified, documented, easily reproduced and widely distributed - tacit knowledge in the minds of employees and is based on their experiences and backgrounds - intellectual propertyideas, innovations and creations contributing to sustain competitive advantage only when a firm is able to protect its exclusive right to extract value from them or a long period of time and prevent others from copying them for their own benefits - new knowledge is created when explicit and tacit knowledge interact - socially complex processes includes leadership, culture and trust ~ represents the ‘glue’ that holds firm together and helps create working environment where individuals are
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