Answer the following statement(s) true (T) or false (F)

1. Product life cycle management is used by organizations to enable individuals, teams, and entire organizations to collectively and systematically create, share, and apply knowledge in order to achieve their objectives.
2. A knowledge management system is an organized collection of people, procedures, software, databases, and devices that creates, captures, refines, stores, manages, and disseminates knowledge.
3. Employees facing new challenges can get help from coworkers in other parts of anorganization whom they have never met to avoid time-consuming “reinvention of the wheel.”
4. Zero-based budgeting develops models, tools, documents, processes, and terminology that represent the accumulated knowledge of a community.
5. Members of an informal community of practice meet on a regular basis with a well-planned agenda and identified speakers.

1.FALSE
Knowledge management (KM) comprises a range of practices concerned with increasing awareness, fostering learning, speeding collaboration and innovation, and exchanging insights. It is used by organizations to enable individuals, teams, and entire organizations to collectively and systematically create, share, and apply knowledge in order to achieve their objectives.
2.TRUE
Knowledge management comprises a range of practices concerned with increasing awareness, fostering learning, speeding collaboration and innovation, and exchanging insights. A knowledge management system is an organized collection of people, procedures, software, databases, and devices that creates, captures, refines, stores, manages, and disseminates knowledge.
3.TRUE
It is critical that an organization enable its employees to share and build on one another’s experience and expertise. Workers can share thoughts and experiences about what works well and what does not, thus preventing new employees from repeating some of the mistakes of others. Employees facing new challenges can get help from coworkers in other parts of the organization whom they have never even met to avoid a costly and time-consuming “reinvention of the wheel.”
4.FALSE
A community of practice (CoP) is a group whose members share a common set of goals and interests and regularly engage in sharing and learning as they strive to meet those goals. CoP develops models, tools, documents, processes, and terminology that represent the accumulated knowledge of a community.
5.FALSE
A community of practice (CoP) is a group whose members share a common set of goals and interests and regularly engage in sharing and learning as they strive to meet those goals. Members of an informal CoP meet with little advanced planning or formality to discuss problems of interest, share ideas, and provide advice and counsel to one another.