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Outline and explain the three fundamental resources of a business organization.  Define
the role and purpose of a BIS professional within a business organization.

Answer

Three fundamental resources of business:

 Financial resources: Financing: The most important thing in the establishment is

financing. Even the most basic home-based businesses incur many start-up costs,
including mutual registration, securing company phone lines and printing business
cards. financial resources can be obtained from various sources, the easiest way is the
personal account of the founder of the company. Or you can grant loans or loan limits
from financial institutions, friends and relatives.
 Human Resources: Staff: The success of an organization depends heavily on the talent
and power of its employees. Hiring an experienced professional with a good track
record in your area of expertise can help your company's mission and goals be carried
out efficiently and competently.
 Teaching Materials: Industry Know-how: Probably the biggest thing an entrepreneur
can do when starting a new business, getting as much education as possible. By
understanding the competitors and gaining in-depth knowledge of the industry, she
can better prepare her to make smarter decisions in relation to the direction of the
company. Educational resources can be found in her industry at the Chamber of
Commerce and Industry in her area and the Professional Trade Association for the
Small and Medium Business Administration.

Role and purpose of BIS:

 BIS carries out various activities such as standard setting, product certification, hall
commemoration, laboratory service, educational service and so on. However, BIS's
most important and most recognized purpose is to develop and define product
standards for certification.
 The BIS is responsible for the harmonious development of product standardization,
marking and quality certification activities and related or ancillary issues.

Explain what is meant by knowledge management and explain the role of knowledge
management in business.

Answer

Definition of knowledge management: organizing, acquiring, using and analyzing the impact
of a group's collective knowledge. In the business world, the definition of knowledge
management also includes the maintenance of a knowledge base or portal in which certain
knowledge related to a company is stored. A business that can truly change the way an
organization operates is negligible, and knowledge management is one of them.

Role of knowledge management:

The purpose of the knowledge management process is to share perspectives, ideas,

experiences and information. Make it available in the right place in a timely manner to enable
informed decision making. Reduce the need for knowledge rediscovery and improve
efficiency.

Knowledge Management enhances the ability of an organization to learn in the environment

and integrate knowledge into business processes, facilitating organizational learning.