The importance of tacit knowledge in strategic deliberations and decisions

The importance of tacit knowledge in strategic deliberations and decisions Strategic decision making is a rather unstructured process with a wide variety of conflicting and equivocal considerations and inputs. Managers, usually working in top management teams, are asked to form an “interpretation” or working knowledge of the internal and external influences on the organization. This article suggests the real value of tacit knowledge and intuition to managers in the upper reaches of the organization. Tacit knowledge, based on the cumulative experiences of the manager, is equivalent to the intuitive feel and “softer” ways of knowing that all humans experience. It has been found to be quite valuable to upper‐level managers, but especially when intermingled with sound data analysis and more formal insight. When groups of managers can exchange and share the different types of knowledge, a complementary and synergistic learning process occurs. Managers are able to draw from a broader, more diverse set of possibilities and insights. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Management Decision Emerald Publishing

The importance of tacit knowledge in strategic deliberations and decisions

Management Decision, Volume 36 (9): 9 – Nov 1, 1998

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Publisher
Emerald Publishing
Copyright
Copyright © 1998 MCB UP Ltd. All rights reserved.
ISSN
0025-1747
D.O.I.
10.1108/00251749810239478
Publisher site
See Article on Publisher Site

Abstract

Strategic decision making is a rather unstructured process with a wide variety of conflicting and equivocal considerations and inputs. Managers, usually working in top management teams, are asked to form an “interpretation” or working knowledge of the internal and external influences on the organization. This article suggests the real value of tacit knowledge and intuition to managers in the upper reaches of the organization. Tacit knowledge, based on the cumulative experiences of the manager, is equivalent to the intuitive feel and “softer” ways of knowing that all humans experience. It has been found to be quite valuable to upper‐level managers, but especially when intermingled with sound data analysis and more formal insight. When groups of managers can exchange and share the different types of knowledge, a complementary and synergistic learning process occurs. Managers are able to draw from a broader, more diverse set of possibilities and insights.

Journal

Management DecisionEmerald Publishing

Published: Nov 1, 1998

Keywords: Decision making; Intuition; Management; Strategy

References

  • Performance and consensus
    Bourgeois, L.
  • Procedural rationality in the strategic decision‐making process
    Dean, J.; Sharfman, M.
  • Strategic decision models: integrating different perspectives
    Hitt, M.; Tyler, B.
  • Social foundations of cognition
    Levine, J.; Resnick, L.; Higgins, E.
  • Top management, strategy, and organizational knowledge structures
    Lyles, M.; Schwenk, C.
  • The dominant logic: a new linkage between diversity and performance
    Prahalad, C.; Bettis, R.
  • Strategic groups: a cognitive perspective
    Reger, R.; Huff, A.
  • Cognitive simplification processes in strategic decision making
    Schwenk, C.

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