The Manage Project Knowledge process has primarily two purposes – reusing existing knowledge and creating new knowledge. Knowledge captured in the past is used to improve performance on the current project, and the knowledge created in the current project is made available for the future projects.
This process is performed throughout the project lifecycle.
Manage Project Knowledge is concerned with managing both explicit and tacit knowledge
You cannot force people to share everything that they know. Even the best knowledge management tools will not help unless people feel motivated to share their knowledge. Therefore, it is important to create an environment of collaboration, conversational knowledge cafe and trust so that people feel intrinsically motivated to share their knowledge with their colleagues.
There is a need for stakeholders at all levels of the organization to be able to locate, access, and use the preponderance of data available about projects, processes, and procedures, and information. The reason for the data’s findability, accessibility, and usability is for the stakeholders to make data-driven decisions based on trends the data bring to light. However, in many cases, data are located in portals that are cumbersome and difficult to navigate.
Consistency of information/standardization of processes
improve business process efficiency and effectiveness.
Retain knowledge as workers retire or leave the company.
Stop “re-inventing the wheel.” I make wheels to fly rather than reinventing them
Streamline and improve internal communications
Increase cost savings through reduction in redundancies
Increased globalization/standardization of business practices like in Edward Jones
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