BSBINM601: Manage Knowledge and Information – Management Assessment Answer

Hello everyone. Hope you are doing well. This weblog will help you clear the concepts of BSBINM601: manage knowledge and information. Today's world is known for information overload and plenty of sources to gather knowledge. This makes it incumbent to know how to manage the overload of knowledge and information.

Let us first see the difference between knowledge management and information management. Knowledge management and information management have seen a lot of overlapping. This is evident from the fact that much of the techniques used in knowledge management have been borrowed from the field of information management. But knowledge and information are two different terms with their scope and limitations. The confusion related to knowledge management and information management comes because these two words have been used interchangeably. Despite being used interchangeably, these two concepts are tacitly different.

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Knowledge is based on understanding while information is based on data. Knowledge is the outcome of the interpretation of information. Information is a raw material from which knowledge is sought.

Difference Between Information Management And Knowledge Management

1. The focus of information management is on data and information while knowledge management is concerned with understanding, wisdom, and concept clarity.
2. Information can either be structured or unstructured and knowledge can either be codified and uncodified. Information management takes the unstructured data and transforms it into structured data while knowledge management takes uncodified knowledge and codifies it.
3. Information management focuses on technology as data management is mostly numerical while knowledge management is concerned with the people and processes.
4. Information management focuses on; what' while knowledge management focuses on, how' and why'.
5. Information management concerns itself with the retrieval and organization of the data while knowledge management concerns itself with the understanding and processing of the knowledge.

With so many differences in the way, information management and knowledge management operates, most students find it difficult to write a good BSBINM601 assessment answer.

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How To Write A Good BSBINM601 Case Study Assessment Answer?

A good BSBINM601 Manage knowledge and information - Management Assessment Answer will take care of the below-given things:

In case the information and knowledge relate to the business, the following steps will help you identify how to apply the knowledge and information management in the business area.

1. Identify a market place that you would like to study.
2. Make a classification of the market.
3. Make a critical analysis of the perspective of the market.
4. Compare the market share of the company you have chosen with other companies in the market.

Once you can understand the business market, you will be easily able to ascertain the problems and situations of markets and what data and knowledge of the said market need to be retrieved organized, and understood.

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How To Manage Risks In Business?

1. Firstly, identify the risks. You may be able to identify more than one but the best way to handle the risks is to categorize them and ascertain which ones are most impactful.
2. Then measure the extent of your project. Identify the scope and limitations of the project. This will help you determine how the project will be affected by the risk.
3. The next step is to ensure that you take such steps in realizing your project which is not only best for the project but also beats the competitors.
4. Come up with different strategies to work around the risks.

What other things you should keep in mind while working on a BSBINM601 assessment answer:

1. Management of information and knowledge is a means to make an informed decision in businesses.
2. It helps you organize the information on a matter that involves decision-making.
3. The management is mathematics-based knowledge. This helps in getting accurate information and understanding and just the right decision.

Types Of Questions Covered Under The University Assignment Of BSBINM601: Manage knowledge And Information

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