The Advantages of Knowledge Management, Budget Estimation, and Performance Indicators - Essay Example

The paper “The Advantages of Knowledge Management, Budget Estimation, and Performance Indicators” is a breathtaking example of the essay on management. The dynamic nature of scientific research calls for the need to adopt a very ideal knowledge management plan. This is the only way forward to attaining excellent research across all benches of research and fostering innovation within our Biotechnology oriented Company. This would at the same time foster the scope of our business operation. Owing to the complexity of the related research, the adoption of an ideal knowledge management plan should be given precedence. This is more so owing to the high rate of turnover among employees within our company. This indicates that scientific knowledge is being lost. Explicit knowledge is highly needed to help in the daily management of research with tactic knowledge that would ensure that the nuances of ideal research management are learned within our company. The main purpose of this plan is to identify the right procedure to be followed in the formulation of policies, objectives, procedures, and methods so that existing and future employees can be able to understand the system with ease. The focus of the plan would thus be geared at identifying a research model that would be more sophisticated for our future researchers.

At the moment the position of the research director and the assistant director is temporary hire posts which are only but acting positions. A lot of vital knowledge is lost in the process of dissemination from the research director to the various researchers in a hierarchal fashion. Research knowledge is very vital to our company and we all spend a lot of time waiting for this knowledge to get to us as it comes in tiny bites. Knowledge sharing is very vital to our kind of research and we mostly share such knowledge verbally or through mails. Some times we do hold sessions in order that we may discuss the same knowledge. The plan may take a whole year to be completely implemented and it needs to be evaluated on an annual basis. I have also identified an action plan on how the plan would be implemented within this report. The effective implementation of this plan would cost $30,000 with a recurring cost of $ 100,000 for every annual evaluation.