Management Theory Review: Cost Of Ignorance

June 7, 2018

Cost Of Ignorance - Knowledge Has Value

HOW REAL LEADERS MELT THE ICEBERG OF IGNORANCE WITH HUMILITY
May 26, 2018
https://corporate-rebels.com/iceberg-of-ignorance/

Ignorance - The Ultimate Expense

22 November 2016

James Morgan and Jeffrey K. Liker use this section heading in the book "Toyota Product Development System (page 213)", to highlight the need to develop deep knowledge in various persons working in an organization. In the absence of critical and advanced knowledge, brain storming is a suboptimal tool and solutions arrived will be suboptimal. Organizations need to have learning orientation and periodically they have to scan the environment to acquire new knowledge and include them in their mental as well as physical knowledge bases. The learning either explicit or tacit has to be converted into practice as appropriate to realize the benefits of learning or acquiring knowledge through explicit and tacit channels. Toyota gives explicit attention to learning, experimenting and practice to come out with quality products from the product development processes as well as manufacturing process.

10 July 2016

I saw a post in a Linkedin Community on Ignorance and wrote the comment that I developed the concept, Cost of Ignorance long back. The search of my blog posts took me to a post in 2008.

2013
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6 September 2008

Marketing and Marketing Concept
http://nrao-mgmt-smi-handbook.blogspot.in/2008/09/marketing-and-marketing-concept.html

I am writing articles on Google Knol platform with an intention to develop a management knowledge revision encyclopedia on the platform. I am calling it a revision encyclopedia as I want it to be useful to people who have studied the related texts and for the purpose of revising and refreshing their knowledge they read these articles. Knowledge workers have to make efforts to make sure that they bring all the appropriate principles into play when they are solving a problem or deciding an issue. Unless they make efforts to frequently revise the principles in various subjects related to management, managers cannot assure themselves or assure others that they are using all the relevant knowledge and taking right decisions.

Performing artists spend hours every day practicing their art and perform for three or four hours on a day. Many knowledge worker in contrast work a minimum of 8 hours per day. So they cannot study their knowledge material for an appreciable amount of time. But expecting them to spend at least half hour to sharpen their knowledge base in the brain is reasonable. Cost of ignorance is quite a large figure in the world. Knowledge workers also incur it and incur it for the organizations they are serving despite having certificates that attest that they have studied knowledge bases in a satisfactory manner. Knowledge base needs to be revised to make it useful when needed.

I specifically highlight the idea:

Cost of ignorance is quite a large figure in the world. Knowledge workers also incur it and incur it for the organizations they are serving despite having certificates that attest that they have studied knowledge bases in a satisfactory manner. Knowledge base needs to be revised to make it useful when needed.

The idea was again mentioned in

26 April 2009

Narayana Rao K.V.S.S.

http://nrao-knol.blogspot.com/2009/04/narayana-rao-kvss.html

My aim is to provide revision or review articles for graduates of industrial engineering and management so that they can refresh their knowledge periodically. My effort of writing articles in all the subjects of the curriculum is to demonstrate that by appropriate committed effort, we can retain our learning of multiple subjects over a long period of time.

Only when we retain a large number of principles in our brain, we take decisions properly when the occasion comes. According to me we are all incurring a huge amount of cost of ignorance.

My advocacy is the that knowledge workers have to make special efforts to retain, revise, refresh and update their knowledge.

I am happy to see that the idea has now captured the attention of many persons in the world

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