Decision - Making, and Their Relation to The Knowledge Management, Use of Knowledge Management in Decision - Making

Abstract Our study focuses on two basic areas, firstly on knowledge management, describing its significance and benefits to enterprises, but our main focus is the decision-making, decision making procedures and their relation to the knowledge management. In our study we deal with use of knowledge managment in decision-making.As far as the products are changing, so do the technologies, markets and business conditions as well – same stands for enterprises in global market economy. Consequently, there is the need to change business strategies and management systems used by enterprises, because they are subject to changes as well. These changes have to help enterprises to adpat to global economy changes, so the frequency of these changes is growing. But what does it mean to succesfully adapt? Answer lies in responding to and satisfying customer needs, effectively answer to their requirements and innovate, change the business and its management systems as well. The knowledge management belongs to up-to-date management systems and more and more enterprises implement it. This is the reason why we focus our study to its use in decision making procedure as one of the key managerial process.