Project and Knowledge Management

Friday, November 1, 2013, 3:30pm


Benefits of Managing Knowledge in Projects

T. Kanti Srikantaiah, Michael E. D. Koenig, Suliman Hawamdeh, and Denise A. D. Bedford
 

Summary

Managing Knowledge in projects is gaining more and more importance because it is useful in carrying out the project efficiently, on time, on budget, and with quality deliverables to satisfy clients and to increase ROI. 

World Bank, in its World Development Report of 1998-1999, describes knowledge as light, weightless and intangible, and can easily travel the world, enlightening the levels of people everywhere. At the organization level, knowledge management is attributed to project assets. These assets may include databases, documents, policies and procedures, as well as previously not captured expertise in individual workers. By definition, knowledge management in projects is the systematic process of identifying, capturing, organizing, and disseminating /sharing explicit and tacit knowledge assets that add value to the project (s) and organizations. Knowledge management is a product of 1990’s and is a hot topic in organizations, with many practitioners drawn from different disciplines, such as business, engineering, education, epistemology, communication, information management, among others. This interdisciplinary background of experts has helped projects to treat knowledge as an entity dynamically embedded in networks, processes, repositories, and people. Project processes involved in managing knowledge include: store, transfer, modify, use, validate and reuse, resulting in billions of dollars investment world-wide . Every year hundreds and thousands of projects are done all over the world both in public sectors and in private sectors. All these projects have one thing in common: knowledge. In the project environment, knowledge economy has replaced the traditional economic models. In any project environment, knowledge is power—but only if it is readily accessible, organized, analyzed, and disseminated to meet the project needs. Every project will have the following knowledge areas: Integration, Scope, Time, Cost, Quality, Human Resources, Communications, Risk, and Procurement. Knowledge in projects should focus on the proper access and delivery methods for explicit knowledge on the desktop and also should concentrate on tacit knowledge unknown and unavailable to most people in projects. Recently, organizations are beginning to realize that capitalizing project knowledge is an effective way to meet organizational goals and objectives. 

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