Provide a 7 pages analysis while answering the following question: Knowledge Management in an Engineering Consultancy. Prepare this assignment according to the guidelines found in the APA Style Guide.

Provide a 7 pages analysis while answering the following question: Knowledge Management in an Engineering Consultancy. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. KM can be described, based on the pioneering study of Nonaka and Takeuchi (1995), as the explicit and systematic management of vital knowledge and the associated processes of knowledge creation, organization, diffusion, use, and exploitation. Seemann et al (1999) defined KM as the deliberate design of processes, tools, structures, etc. with the intent to increase, renew, share, or improve the use of knowledge represented in any of the three elements of intellectual capital: structural, human and social.

A KM system, therefore, looks at how collective knowledge in a firm – history, culture, experiences, expertise, successes, and failures – can be engineered and managed for the business benefit of the firm (Schreiber et al, 2000).

Knowledge is “engineered” because it is produced or created, diffused, used, and exploited. Likewise, knowledge is “managed” because it inheres in people and there is always a more efficient and effective manner to maximize business and organizational returns. These returns depend on the biased viewpoint adopted by different persons within the organization: owners want higher financial returns. managers and employees whilst concerned with profitability also look at work satisfaction. clients want better services and value for money, to name just a few.

Higher profits, gainful employment, better but cheaper services, and improving the productivity and competitiveness of the firm are all within the ambit of a working KM system. Considering that a firm’s success results from the improved performance of its people and that knowledge lie in the minds of people, it follows that improving a firm’s KM practices could help enhance business performance and achievement.

Thus, most firms in a global economy where knowledge is considered the most important factor for competitive advantage are looking to devise or improve KM systems. Based on a review of KM literature, three key principles are involved.

First, a firm’s KM system must fit its organizational character, which determines the types of knowledge produced and deemed as important. Its choice from a variety of KM strategies would depend on how it engineers and manages its collective knowledge. In a survey of KM strategies, Haggie and Kingston (2003) noted that the major difference amongst various strategies is that each emphasizes a different aspect of KM: knowledge, business processes or areas, and results.