Projects benefit by leveraging existing organizational knowledge and creating new knowledge in projects to improve project outcomes and future phases of projects. Knowledge is of two types:
Explicit knowledge – this can be documented (codified) easily in words, pictures, etc. But this cannot cover the knowledge for all contexts, for example – all scenarios of one process. For this, we require tacit knowledge.
Tacit knowledge – this is in the minds of experts who understand how to use knowledge for various contexts or situations. But this is difficult to codify as it depends on experience and beliefs, etc.
Knowledge sharing and integration from various areas are required when reusing existing knowledge or creating new knowledge. An environment of trust and safety is essential for knowledge sharing. Knowledge management is best-done face to face, for example by networking, discussion forums, workshops, work shadowing, knowledge cafes, interactive training, interest group or communities. Whereas information management requires the use of library services or lessons learned register, web searching and reading articles. Finally, knowledge must be kept up-to-date and should be used. Due to this, project managers have to demonstrate leadership.