The paper discusses some definitions of knowledge as a potential source of competitive advantage. It reviews the literature pertaining to the assessment of knowledge assets. According to the resource-based view, which links the competitive advantage of organizations with resources and capabilities that are firm-specific, and difficult to imitate or substitute, a firm’s competitive advantage is built on a set of strategically relevant resources (Barney 1991; Grant 1991; Peteraf 1993). When firms have access to similar resources, it is those companies that are able to maximize the utilization of those resources that attain a competitive advantage. Among various strategic resources and capabilities that help determine the extent of competitive advantages, a pivotal role is often assigned to knowledge – as both a resource in itself and an integrating factor that makes other resources and capabilities effective – especially in complex and dynamic environments.
The book provides a very comprehensive and informative overview of crisis management and is a rich source of knowledge about crisis formation and management in the economic and corporate environment. It includes numerous case studies from Slovenia and abroad. The authors' extensive practical experience in the corporate world and crisis situations is reflected in vivid writing and explanations.
For the successful resolution of a crisis it is of key importance that the crisis is tackled by managers which along with a desirable knowledge of the company’s activities are familiarized with the special characteristics of the crisis management and general creative (intuitive) approach. For their work crisis management will require strategic, as well as fully operational formal and empirical knowledge, possessing at least the minimum amount of knowledge from every business field, including basic knowledge of economic psychology. Additionally, some special knowledge and skills are demanded. In view of the complexity of the management of a company undergoing serious difficulties, crisis management is therefore denoted as a “composite” discipline, because a multi-disciplinary approach to problem solving is required in order to achieve the objectives of managing a company undergoing a crisis.