Answer to Question #53031 in Economics for Raze

Question

Justify recommendation for the improvement of information and knowledge needed for above decision making.

Answer 1

Knowledge based decision making in management is the process of using organizational knowledge management to support strategic decision making in gaining competitive advantages.
A knowledge-oriented view of decisions and decision making is introduced, as a complement to classical perspectives and as a contribution of understanding computer-based possibilities for relaxing strains on decision makers. This perspective includes a model of knowledge management activities performed by a decision maker and a taxonomy of knowledge types. It leads to a characterization of decision-support system purpose, traits, and potentials that offers a basis for new research into computer-based possibilities for knowledge management.