Knowledge Management & Business Assignment Example | Topics and Well Written Essays - 1250 words

Knowledge Management & Business - Assignment Example From this paper it is clear that the most common characteristics that indicate a firm has suffered a severe knowledge loss especially in a firm that manufactures musical instruments are the loss of people or customers especially if deadlines were not met loss of assets, loss of projects and loss of key work functions. Knowledge loss takes place in situations such as staff mobility, career moves and through retirement. Assets are also lost through transfer of assets and the lack of asset memory or historical data. Projects on the other hand are lost through insufficient experiences. To avoid knowledge loss certain tools are used that are able to effectively capture knowledge, transfer the knowledge and produce useful and accessible results.As the paper highlights  there are numerous challenges and barriers that affect the knowledge retaining and transfer process they include; lack of time, lack of knowledge retention tools, lack of funding, lack of time. For the managing director of Global Wannabe to solve the issue of knowledge loss systematically, he must understand that in this optimized and lean business world, time factor is the most valuable asset.  The managing director also has the task of ensuring that the staff is made aware of the advantages of retaining and transferring knowledge and the impact it has on the success of a business.  The implementation of the KRT or the Knowledge retention and transfer program would be the most effective strategy in reducing risks and knowledge loss.