Explain the Principle of Knowledge Management,and the Importance of Developing

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The Answer is Key concepts to be covered in the response could include,but are not limited to:
If a company does extensive project work and uses project management capability as an organizational strength,it is important to keep developing expertise in it. One way to develop and expand expertise is to capture and reuse the knowledge developed.
Knowledge can be defined as the insights derived from information and experience. Ironically,knowledge will remain dormant,and not very useful,until it is reflected in future actions.
To increase knowledge and the successful use and reapplication of it,organizations often create a lessons learned knowledge base. For this database to be useful,it is important to communicate project successes and failures from all aspects of the project process.
Captured throughout the life of the project,recommendations to improve future performance can be based on technical,managerial,and process aspects of the project. In addition,part of the project closeout process should include facilitating a lessons learned session for the entire project,especially on unsuccessful projects.

Explain the Principle of Knowledge Management,and the Importance of Developing

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