An integrated, systematic approach to identifying, managing and sharing an organization's knowledge and enabling groups of people to create new knowledge collectively to help in achieving the organization's objectives. In the context of management systems, knowledge management helps an organization to gain insight and understanding from its own experience. Specific activities in knowledge management help the organization to better acquire, record, store and utilize knowledge. The term knowledge is often used to refer to bodies of facts and principles accumulated by humankind over the course of time. Explicit knowledge is knowledge that is contained in, for example, documents, drawings, calculations, designs, databases, procedures and manuals. Tacit knowledge is knowledge that is held in a person's mind and has typically not been captured or transferred in any form (if it were it would then become explicit knowledge). Knowledge is Distinct From Information: data yield information and knowledge is gained by the acquiring, understanding and interpreting of information. Knowledge and information eachconsist of true statements, but knowledge serves a purpose: knowledge confers a capacity for effective action. Knowledge for an organization is the acquiring, understanding and interpreting of information. Knowledge May Be Applied For Such Purposes As: problem solving and learning; forming judgements and opinions; decision making, forecasting and strategic planning; generating feasible options for action and taking actions to achieve desired results. Knowledge also protects intellectual assets from decay, augments intelligence and provides increased flexibility