Focus on O&M: Pricing different kinds of knowledge

Power,  Aug 2007  

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Interliance's proprietary "Cost of knowledge" model avoids the temptation to look just at the training budget or retention policies and come up with a few quick figures. Instead, it provides an in-depth examination of five key areas of costs:

Obtaining knowledge--through recruiting programs and qualifying new hires.

Developing knowledge--via new-employee training programs and the creation of standards and procedures.

Retaining knowledge--capturing the knowledge of retiring employees, minimizing inefficiencies resulting from capturing the wrong knowledge, providing supplemental on-the-job training, and documenting procedures, practices, and lessons learned.

Losing knowledge--erosion of the organization's skill base through attrition. The model estimates the costs of rediscovering best practices and of increased error frequency due to lack of experience.

Missing knowledge--caused by inefficient processes, human error, and low productivity.

Copyright TradeFair Group Publications Ltd Aug 2007
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