Can you assign a price to knowledge? Maybe not, but you can determine how to manage knowledge more effectively in an organization. More often than not the idea of knowledge management is hard to invest in, as article author Steve Denning points out. There are a few reasons for this, depending on what sector one looks at. If looking at the private sector, Denning explains how knowledge management and R&D is easy to eliminate when looking at quarterly reports. After all, knowledge management's impact isn't easily seen–but the profit of cutting knowledge management is. In the public sector, the challenges are much the same, but perhaps a bit more visible and up for scrutiny. To help out, Denning lists ten things that executives should know about managing knowledge, such as this tip: “The most valuable knowledge increasingly lies outside of the organization”: Fifty years ago, all knowledge was inside the organization. Today the most valuable knowledge may be outside the organization. The fact that Apple was able to produce a mobile phone in 18 months from a standing start demonstrates how far knowledge in some fields has become a commodity. The locus [sic] of value creation has shifted closer to the ultimate customer and the resulting knowledge can diffuse rapidly. As John Hagel, John Seely Brown and Lang Davison point out in their book, The Power of Pull (2010), mastering knowledge flows is at least as important as funding in-house R&D. Another “must know” piece is recognizing that knowledge doesn't work just because you have it in the company– sometimes it takes what Denning calls deep expertise to access it. Making sure that you have people on-hand who know how to perform key processes within the company is just as important as the knowledge that allows for those processes to be optimized.