Authors: Dr. Dhirendra Kumar Verma
Abstract: Modern age is an age of cut throat competition. It is very difficult to become a successful businessman in the modern age. We know very well that success in any business depends upon knowledge and the decision- making process. Knowledge is the main power. It is a valuable asset of any organisation or institution. In this research Paper we will discuss about tacit knowledge and how it boosts the decision making process. The decision making process is an intellectual Process which plays Vital role in development in any organisation. Tacit Knowledge is a hidden knowledge which can be acquired through experience, insight, Observation and meditation. Tacit knowledge was introduced by Michael Polanyi in the year 1958 in his book’ personal knowledge. Tacit Knowledge and decision making process is the main part of human resource Management. all managerial activity revolves around the decision Process. Tacit knowledge Is an intangible asset. It cannot be expressed easily. It can be passed on only by example. Tacit knowledge can be defined as skills, ideas and experiences. Tacit knowledge is accessible and how it plays an integral role in the context of strategic decision making. I hope that better decision making will occur when Tacit knowledge is applied at the time of decision making. Tacit knowledge is used in different areas as like health sector, education, business, industry or organisation strong Tacit knowledge sharing is vital for creating inviting solution. lastly, we can say that Tacit knowledge, can be applied in any sector and I hope that tremendous progress can be made certainly.
