DECA Business Administration Core Practice Exam 2025 – Your All-in-One Guide to Mastering Business Concepts!

The correct answer is Knowledge Management, which refers to the systematic process of creating, sharing, using, and managing the knowledge and information of an organization. This concept encompasses the practices and strategies that an organization employs to retain, distribute, and effectively utilize its knowledge assets to achieve its goals.

Knowledge Management involves fostering an environment where employees can access information, engage in collaborative practices, and utilize the collective expertise within the organization. By promoting responsible sharing and use of information, organizations can enhance decision-making, innovation, and overall performance. This approach not only optimizes the organization’s intellectual resources but also ensures that valuable knowledge is not lost, especially in cases of employee turnover or retirements.

In contrast, Information Management typically focuses on the management of data and ensures that the right information is delivered to the right people at the right time, but it doesn't emphasize the collective knowledge and learning aspect that Knowledge Management prioritizes. Data Management deals with the actual data lifecycle, including data storage, structuring, and protection, while Risk Management focuses on identifying, assessing, and mitigating risks within the organization, which does not specifically address knowledge and information sharing.