Doing things more cheaply,quickly,and efficiently through the routinization,standardization,and formalization of what is already known and done is referred to as ______.
A)imitation of knowledge
B)exploration of knowledge
C)exploitation of knowledge
D)formalization of knowledge

Question

Quizplus · Accepted Answer

Exploitation of knowledge refers to the process of using existing knowledge to enhance efficiency, speed, and cost-effectiveness in operations through routinization, standardization, and formalization. This contrasts with exploration of knowledge, which involves seeking new knowledge and innovation.

Doing Things More Cheaply,quickly,and Efficiently Through the Routinization,standardization,and Formalization of What