Contemporary Issues Essay

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A critical reflection on the importance of knowledge exchange on contemporary issues for the events industry Knowledge is relational and humanistic with an active and subjective nature; and it is strongly linked to individual value systems and perceptions due to differing perspectives and interpretations (Nonaka & Teece, 2001). Mallen and Adams (2010) identify that over the last several decades, the value of knowledge has intensified and the success of the event industry depends upon the knowledge acquired, shared, created and applied. We are now living within a knowledge-based society due to free markets, increased competition and a global focus on innovation (Howlett, 2010), where knowledge acts as a competitive advantage for both the event management organisation and for the organiser (Bowdin et al, 2011). Nonaka and Teece (2001) highlight the traditional definition of knowledge as a “justified true belief” (Nonaka & Teece, 2011:14) however due to its degree of dynamism when put into the event management context (as without context, knowledge is nothing), many theorists have tried to re-define what knowledge management is and what it means to the event industry (Collins, 1993., Conner & Prahalad, 2002., Nonaka & Teece, 2001). According to Mallen and Adams (2010), event management knowledge is; “The synergy of common knowledge and advancement knowledge that leads to perspicacity (quick insights and understandings) for competence (in actions and ability) (Mallen & Adams, 2010:19). Synergy is key to knowledge management; it is the combination of knowledge from different perspectives or principles. The study of event management has been compared to unpeeling an onion (Getz, 2012), because the knowledge is formed from a foundation of different disciplines such as: tourism, hospitality, business management, geography, sociology, economics and human resources (to

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