Abstract

The knowledge life cycle comprises of knowledge capture, sharing and its reuse as its key factors. Product life cycle may be considered as a supplement of knowledge life cycle because new knowledge discovery is directly responsible for creating new products. In practice, value of a product is given primary importance whereas either the knowledge part is secured in terms of patents, copyrights or some coded form by the discoverer. Therefore, exact monetary value of discovered knowledge remains hidden throughout the product or even knowledge life cycle. Newly discovered knowledge undergoes its usual life cycle and is replaced by higher level of knowledge to develop innovative products, systems and processes. In the entire scenario, the monetary value of knowledge is seldom investigated. Present research proposes a new concept and phrase of Knowledge Value Life Cycle (KVLC) based on a number of parameters required to ascertain the value of knowledge at various stages.