05/07: Knowledge Management
This summer I'm learning about Knowledge Management as part of my MBA coursework. So what does knowledge management (KM) have to do with running a cookie business?? Plenty, I've found out! Although KM is usually associated with larger organizations where lots of people have different skills and information must be properly recorded and stored so it can be shared, it's also important for small shops like Kudzu Cookies.
Recently in class we did an exercise where we used the Zack framework to analyze a knowledge problem using a personal example. I used the problem of determining how many cookies of each variety to bake in order to maximize profits. This is more complicated than it sounds because there are many factors that affect weekly sales at the market. Weather, competing events (think Old Town River Festival, Del Ray music festival, etc), holidays (for example, many people travel on 4th of July), and the economy all play a role. Unfortunately these events are outside of my control. What I can control is the quality of my products and the number that I bring of each kind. Using the Zack framework, I analyzed what I must know (how many cookies to prepare each week), what I must do (bake the appropriate number of each product), what I can do (diligently record each week's sales along with external circumstances such as weather etc, ensure quality products are delivered each week, survey customers for what they like, listen to customers' comments, etc), and what I already know (what are typically my best sellers). Using this framework, I've realized that even though it's not possible to accurately predict--with certainty--what will sell each week, there is a lot more that I can do, although it may be time consuming. I wonder what helpful things I'll learn from project management and negotiations in the fall!
Recently in class we did an exercise where we used the Zack framework to analyze a knowledge problem using a personal example. I used the problem of determining how many cookies of each variety to bake in order to maximize profits. This is more complicated than it sounds because there are many factors that affect weekly sales at the market. Weather, competing events (think Old Town River Festival, Del Ray music festival, etc), holidays (for example, many people travel on 4th of July), and the economy all play a role. Unfortunately these events are outside of my control. What I can control is the quality of my products and the number that I bring of each kind. Using the Zack framework, I analyzed what I must know (how many cookies to prepare each week), what I must do (bake the appropriate number of each product), what I can do (diligently record each week's sales along with external circumstances such as weather etc, ensure quality products are delivered each week, survey customers for what they like, listen to customers' comments, etc), and what I already know (what are typically my best sellers). Using this framework, I've realized that even though it's not possible to accurately predict--with certainty--what will sell each week, there is a lot more that I can do, although it may be time consuming. I wonder what helpful things I'll learn from project management and negotiations in the fall!
