MODEL 8
TACIT KNOWLEDGE AND DECISION MAKING
Use this to remind you that 80 per cent of what you know about your job is held in the form of tacit knowledge.
Some managers take significant decisions on what appears to be minimal information. They appear to be operating on ‘gut instinct’. Yet time and again they are proved to be correct. But are they really operating without data?
In recent years there has been much interest in the concept of tacit knowledge. This is the product of a person’s experience and learning. People are not aware that they have this knowledge as it resides in the deep recesses of their subconscious, waiting until circumstances bring it to their conscious mind.
Friedrich von Hayek won the Nobel Prize for Economics (1974) ...
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