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1、UnitOneIntheinformationage,knowledge,ratherthanphysicalassetsorresources,isthekeytocompetitiveness.Thisisastruefortheknowledge-intensiveindustries,suchassoftwareorbiotechnology,asitisforindustrialagemanufacturingcompaniesorutilities.Fortheknowledge-intens
2、ivesectors,knowledgewhichfeedsthroughfromresearchanddevelopmenttoinnovativeproductsandprocessesisthecriticalelement.Butwithindustrialagemanufacturingcompaniesorutilities,usingknowledgeaboutcustomerstoimproveserviceiswhatcounts.Whatisnewaboutattitudestokno
3、wledgetodayistherecognitionoftheneedtoharness,manageanduseitlikeanyotherasset.Thisraisesissuesnotonlyofappropriateprocessesandsystems,butalsoofhowtoaccountforknowledgeinthebalancesheet.Infuture,thevalueofintellectualcapitalwillbemorewidelymeasuredandrepor
4、ted.Themeasurementandreportingofkeyperformanceindicatorsrelatedtointellectualcapitalwillbecomeamorewidespreadpracticeamongmajororganizations,completingthefinancialaccounts.UnitTwoManymanagersfeeluncomfortableifnotactivelyinvolvedinaccomplishingagivenjob.T
5、hisissaidtoresultfroma“lowtoleranceforambiguity”.Themanagerdesirestoknowwhatishappeningonamoment-by-momentbasis.Awisemanagershouldknowclearlywhatworkmustbedelegated,andtrainemployeestodoit.Ifaftertraining,anemployeeistrulyunabletoperformthework,thenreplac
6、ementshouldbeconsidered.Amanagershouldavoidreversedelegation.Thishappenswhenanemployeebringsadecisiontothemanagerthattheemployeeshouldmake.Anacceptanceofreversedelegationcanincreasethemanager’sworkloadandtheemployeeisencouragedtobecomemoredependentonthebo
7、ss.UnitThreeForallthesimilaritiesbetweenthe1929and1987stockmarketcrashes,thereareoneortwovitaldifferences.Themostimportantofthesewasthereactionofthefinancialauthorities.In1929,theUSFederalReservereactedtothecrashbyraisinginterestrates,effectivelyclampingd
8、ownoncredit.Thiscausedmanyotherwisehealthycompaniestofailsimplyduetocashflowproblems.Ifonecompanyfailedleavingdebts,manyothersdownthelinewouldmeetthesamefate.In1987,theauthoritieswerequicktolowerinterestratesandtoen