The question of the nature of knowledge is extremely challenging. Although philosophers have been discussing the issue for several hundred years, the search for a formal definition of knowledge continues (Emery, 2003). The definitions appearing in the literature range from studying knowledge from a broad perspective to more sophisticated definitions. Knowledge can be defined as a combination of experience, values, contextual information and expert insight that help evaluate and incorporate new experience and information (Gammelgaard and Ritter, 2000). Knowledge not only exists in documents and repositories, but it becomes embedded in people’s minds overtime and it is demonstrated through their actions and behaviours. Iske and Boersma (2005) articulated that knowledge results from the interaction of someone’s insights (past experience, intuition and attitude), information and imagination (generating ideas and visualizing futures). Knowledge is the result of interpreting information based on one’s understanding, it is influenced by the personality of its holder since it is based on judgment and intuition; knowledge incorporates beliefs,
attitude and behaviour (Lee and Yang, 2000). While traditional economies used to rely on tangible assets such as land and capital, today’s economy has evolved to treat knowledge as the primary production factor on which competitive advantage rests (Beijerse, 1999).
The question of the nature of knowledge is extremely challenging. Although philosophers have been discussing the issue for several hundred years, the search for a formal definition of knowledge continues (Emery, 2003). The definitions appearing in the literature range from studying knowledge from a broad perspective to more sophisticated definitions. Knowledge can be defined as a combination of experience, values, contextual information and expert insight that help evaluate and incorporate new experience and information (Gammelgaard and Ritter, 2000). Knowledge not only exists in documents and repositories, but it becomes embedded in people’s minds overtime and it is demonstrated through their actions and behaviours. Iske and Boersma (2005) articulated that knowledge results from the interaction of someone’s insights (past experience, intuition and attitude), information and imagination (generating ideas and visualizing futures). Knowledge is the result of interpreting information based on one’s understanding, it is influenced by the personality of its holder since it is based on judgment and intuition; knowledge incorporates beliefs, attitude and behaviour (Lee and Yang, 2000). While traditional economies used to rely on tangible assets such as land and capital, today’s economy has evolved to treat knowledge as the primary production factor on which competitive advantage rests (Beijerse, 1999).
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