What Is Knowledge Management

question 109

Multiple Choice

What is knowledge management?

• A) Refers to the wisdom of the crowd.
• B) Sources capital for a project by raising many small amounts from a large number of individuals, typically via the Internet.
• C) Collaborates and taps into the core knowledge of all employees, partners, and customers.
• D) Involves capturing, classifying, evaluating, retrieving, and sharing information assets in a way that provides context for effective decisions and actions.

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Definitions:

Short Run

A period in economics during which the quantities of at least one input or resource are fixed, limiting the ability of the economy or firm to adjust to changes in demand or supply.

Long Run

A period in which all factors of production and costs are variable, allowing for all possible adjustments in production and operations.

Break-Even

The point at which total cost and total revenue are equal, meaning the business or project is not making a loss nor profit.

Peak Efficiency

Peak Efficiency is the optimal state of operation where resources and processes produce maximum output with minimum waste or inefficiency.