Managing Know-How
- Topics:
- Knowledge Management
- Tags:
- Harvard College,
- Knowledge,
- Management,
- Strategy
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Overview: We use an economic model to study the optimal management of know-how, defined here as employee-generated information about the performance of specific solutions to problems that may or will recur in the future. We derive three main results. First, information about successes is typically more useful than information about failures, since successful methods can be replicated while failures can only be avoided. Second, recording mediocre know-how can actually be counter-productive, since such mediocre know-how may inefficiently reduce employees' incentives to experiment. Third, the firms that gain most from a formal knowledge system are also the ones that should be most selective when encoding information; namely, large firms that repeatedly face problems about which there is little general knowledge and that have high turnover among their employees.
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Format: PDF | Size: 697KB | Date: Dec 2006 | Pages: 22
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