Project knowledge management involves using existing knowledge and creating new knowledge to achieve project objectives and facilitate organizational learning. Processes are important in project management because prior organizational knowledge is used to achieve or improve project outcomes. The knowledge created by the project can be used to support organizational operations and future projects or phases. In addition, project knowledge management is implemented throughout the project lifecycle, from inception to completion.
There are two types of knowledge: explicit knowledge and tacit knowledge (PMI, 2017). Explicit knowledge can be conveyed in words, pictures and numbers. Tacit knowledge, on the other hand, is personal and difficult to express, such as beliefs, insights, experiences, and “know-how.” Therefore, knowledge management involves the management of both tacit and explicit knowledge. The purpose of knowledge management includes reusing existing knowledge and creating new knowledge through knowledge sharing and integration. Knowledge management in an organization ensures that the skills, experience, expertise and other stakeholders of the project team are utilized before, during and after the project.