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By developing a system and instituting a process for collecting and storing project knowledge, organizations can save--despite making significant initial investments in create knowledgebases--much money and time in the future. This article examines the significance of practicing knowledge management and the benefits of creating organizational knowledge systems. In doing so, it discusses how organizations can develop an approach to managing knowledge. It also lists four components of a knowledge management approach and several ways in which knowledge management supports project management. It then overviews the different methods that knowledge-management-oriented organizations commonly use to collect and disseminate project knowledge. Accompanying this article is a sidebar suggesting how organizations can effectively and efficiently collect vital information from their experienced knowledge-holders.
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