Differentiate Between Explicit and Tacit Knowledge

question 4

Essay

Differentiate between explicit and tacit knowledge. Explain the role these play in the coordination of strategy implementation for global businesses.

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Definitions:

Current Assets

Current assets refer to the resources owned by a company that are expected to be converted into cash, sold, or consumed within a year or within the operating cycle of the business.

Profits

The financial gain realized when the revenue from business activities exceeds the expenses and costs.

Financial Ratios

Calculations that compare important financial aspects of a business.

Equity

The value of an ownership interest in a business, after subtracting liabilities from assets.