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– Knowledge is a firm asset.
• Intangible
• Creation of knowledge from data, information, requires organizational resources
• As it is shared, experiences network effects

– Knowledge has different forms.
• May be explicit (documented) or tacit (residing in minds) • Know-how, craft, skill
• How to follow procedure
• Knowing why things happen (causality)

– Knowledge has a location.
• Cognitive event
• Both social and individual
• “Sticky” (hard to move), situated (enmeshed in firm’s culture), contextual (works only in certain situations)

– Knowledge is situational.
• Conditional: Knowing when to apply procedure
• Contextual: Knowing circumstances to use certain tool