2) Prepare an indicative abstract of the below mentioned text in not more than 50 words.                                                                                                                  (5)

An Introduction to Knowledge Management

Tony Blair (former Prime Minister of the UK), while speaking at an e-summit in Nov. 2002, stated that: The fundamental challenge is to create a knowledge-driven economy that serves our long-term goals of first-class public services and economic prosperity for all. To do so we need to innovate. We need to use ideas and intelligence in new ways that create higher value-added products and better quality services … and we must extend the opportunities of the information age to all. (Cited in Hayes, 2004, p. 231)

The idea of knowledge management (KM) has been around since Plato, but the phrase “knowledge management” was formally used by Carl Wiig in 1986 at a Swiss conference sponsored by the United Nations—International Labor Organization. Over the past 30 years, there has been a great deal of new terminology added to this concept. The growth of the knowledge economy is being driven by business change and has put greater emphasis on the need for better management of organizational knowledge. Its fundsmental premise is that an enormous amount of knowledge about customers, processes, products, and services exists at all levels of an organization, and if this cumulative knowledge can be captured and communicated, it can help organizations become more productive, effective, and successful. Although the concept of KM emerged as a business trend in the corporate world in the 1990s, it is now being applied in public sector organizations, including academic institutions and their libraries. 

Tony Blair's 2002 statement on creating a knowledge-driven economy highlights the importance of knowledge management, which has been discussed since Plato but formalized by Carl Wiig in 1986. KM focuses on capturing and communicating organizational knowledge to increase productivity and ______ _______ _____ _____ ________ _________ ___ _____ ________ ____ ________ _______.
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