Knowledge management and project management are complimentary to each other. As Stephanie Simon explains in this post, project management is about completing projects in the best way possible and knowledge management is about using past successes and failures as guideposts to do the same thing. Project managers are bombarded, however, with information every day on the job, so how can they determine what bits of data are most useful in their efforts to successfully run a project? Simon lists a few key factors, including the blending of both practices together as much as possible. Bake in knowledge management best practices into the project closing processes (like documenting and storing lessons learned, best practice optimizations, or issues encountered and resolutions applied). Doing so not only promotes a learning organization, but can also give your department a strategic edge: Knowledge is increasingly being valued as a strategic asset essential to sustaining a competitive advantage. Knowledge management provides a way to capture knowledge from projects in as close to real time as possible, transfer the data and information, and apply those learnings to future projects. Applying knowledge management techniques to project management practices can result in enhanced communication and better project integration, improved decision-making, reduced risks, and continuous improvement in project performance. While knowledge management has been a topic of discussion for quite some time, the importance of it has increased as the availability and volume of data gathered has increased. Being able to identify, store, and rapidly disseminate information is a contributing factor in the success of an organization — so how much do you utilize knowledge management now in your project management practices?