Individual Report on Knowledge Management

Executive summary

This chapter will critically analyse the ways by which the company can create, manage and reuse the knowledge within its projects, focusing on management dissertation help. It has stated that the transfer of informal knowledge and the reuse of knowledge play an important role in the management of the projects. The knowledge is termed as the critical assets in an organization and acquires an effective identification, storage, sharing, implementation, and acquisition so as to achieve a sustainable competitive advantage. This paper will analyses the knowledge management strategy as a driver of the organizational performance and also is known to be as vital tools for the survival of the organization to be competitive and to achieve profits. This essay will also help the other researchers to have an understanding regarding how the knowledge management integrates with the project management, particularly in contexts requiring management dissertation help.

Introduction

Organizations that are operating in the present world are facing enhanced global competition, knowledge-based economy and also technological advances. It is thus, important for organizations to regularly learn as well as transform their knowledge and capabilities into advanced and improved products and services. It had been analyzed that most of the projects fail but it is not because of time, scope or budget but due to the insufficient knowledge regarding the projects. The usage of the effective knowledge management strategy is known to be very essential for the management of the projects and proper usage of the knowledge gained through past projects is essential as it enhances the success rates of the upcoming projects (Handzic, Lagumdzija & Celjo, 2008). Effective knowledge management is considered as the key to prosperity and survival in the newer economy. This essay will critically evaluate the integration of knowledge management with the management of the projects. It will also analyze the knowledge of projects which is followed by the issues faced by the organization.

Critical Analysis

Yeong and Lim (2010) have defined knowledge as the combination of the information with that of context, experiences, reflection, intuition, creativity, and interpretation. The term knowledge and information is known to be the exchangeable terms as knowledge become information when transferred to others. It had been analyzed that Knowledge management is the state to have higher value information in actions where the values are being resolute by the organization and their beneficiary. On the contrary, a knowledge management system is analyzed as the information system which helps in accomplishing the organizational knowledge so as to enhance as well as support the application of the information systems in the accessibility of the organizational knowledge processes.

It had been analyzed that organization should possess the knowledge of the whole world so as to achieve success and to acquire an organizational goal. It is the requirement of the organization to learn and acquire knowledge in a pacer manner earlier than the competitors so as to achieve competitive advantages. It is the learning which helps an organization to make a response to the changes being available in the business environment. It had been stated by Kumar, Zadgaonkar, and Shukla (2013) that there are five important processes namely construction, embodiment, usage, management and dissemination which together manage the knowledge. The knowledge management is the knowledge acquisition which includes the creating, collecting, storing, distributing and also applying the knowledge. There are various IT based systems which are being developed so as to support as well as enhance the process of the organization by the creation of knowledge, transfer, and application. It had been further analyzed after reviewing the journal that knowledge needs to be created, shared and also reused. Learning is also given higher emphasis as it is termed as very essential for the project managers to deliver successful projects and enhance the right sorts of capabilities (Kumar, Zadgaonkar and Shukla, 2013). Projects have been found to have intra and inter-organizational relationship with the different sources of the organization.

It had been further stated by Handzic and Zhou (2005) that explicit, implicit and also tacit knowledge assists in ensuring the success of the project. The values of knowledge management are related directly with the effectiveness of the organization. The main objectives of the knowledge management are to execute the acts of the organization in an intelligent manner and in a viable manner. In addition to that, it is useful to acknowledge the important success factors as it helps the researchers as well as practitioners to achieve basic requirements for the successful building of the knowledge management system. It can thus be analyzed that determine the success factors of KMS could assist in defining the initial success factors of Knowledge management (Handzic and Zhou, 2005). The critical success factors are known to be as the limited number if the operational goals which are shared by the industry, manager, firms and also the environment. Leadership, informational technology, structure, measurement, and culture are some of the critical success factors of the knowledge management system. Kianto & et.al.(2014) have stated that knowledge which is gained at the time of the projects should be transferred to the memory of the organization so as to make the usage for other various projects. Far transfer, expert transfer, strategic transfer, serial transfer, and near transfer are the five types of the transfer of the knowledge. It had been evaluated by the different scholars that project completion is a very essential phase in the life cycle of the project and lesson learned gives detail information regarding the projects which can be utilized on various other projects. In this whole research, it had been reviewed that lesson could be learned in an effective manner if the lesson is well indexed as well as searchable for the easier achievement of the knowledge so that it can be used for the future reference (Kianto & et.al., 2014). The informal ways of capturing the knowledge being utilized in the organization are one of the major reasons for the failure of the reuse of the knowledge.

It had been analyzed that many of the organization make the usage of the various project management methodologies in order to manage the project in an effective manner. There are larger number of the project management methodologies which includes PRINCE2, Waterfall, XP, Scrumban, Scrum, Kanban, Agile, Lean, PMI PMBOK, etc. the project management methodology involved the evolutionary process which is further broken in three major stages namely the proposal stage, project state and also the finalization stage (Yeong and Lim, 2010.). The project’s progress is controlled on a monthly basis and applies different themes, principles, process, frameworks and also standards so as to assist the structure to deliver the effective projects.

It had been critical analyzed that when the knowledge of the one project is being reused in the other projects then there is the upgrading of the newer technical knowledge and also higher chances of success of the projects. Moreover, project team members are also found to be making the proper usage of the knowledge and are expected to reuse it so as to achieve success in an easier manner (McAdam and McCreedy, 1999). The reuse of the projects and lesson learned from the previous projects also helps in the planning stage as it provides experience and also ensures if there is no repetition of similar mistakes. However, there are various sponsors and stakeholders of the organization who doesn’t find the knowledge management system as effective and beneficial for the organization and thus, doesn’t show interest to invest in the organization. The informal knowledge, higher turnover of employees and ineffective organizational culture are also further challenges which are being faced by the organization which ultimately affects the operation and management of the project. However, it had been analyzed by McAdam and McCreedy (1999) that effective counseling, motivation, and encouragement of the employees and proper knowledge of the lesson could be fruitful for the organization to influence its stakeholders in an efficient manner.

Conclusion

It had thus been analyzed that organization is high making the usage of the projects so as to deliver the objectives of the business. Knowledge management which is considered to be one of the intangible assets is known to act as the competitive advantage for the success of the projects. This research has analyzed that managing of the tacit and explicit knowledge helps the projects team to evade the rework and also compress the required time so as to plan the project. It is that perspective of the author which decides to make the conduction of the research study on the challenges of the knowledge management in the management of the projects. Moreover, the lesser research which is done on the management of knowledge in the project environment was also equal to the contributing factors. The organizational culture also plays a major role in the reuse of the knowledge as the attributes of learning organization also become the part of the culture and thus, there is an occurrence of the knowledge reuse. Hence, it can be stated that a knowledge management system helps in the management of the project.

References

• Handzic M. and Zhou A.Z., 2005. Knowledge Management: An Integrative Approach. Chandos Publishing: Oxford, UK.
• Handzic M., Lagumdzija A. and Celjo A., 2008. Auditing Knowledge Management Practices: Model and Application, Knowledge Management Research & Practice, Vol. No.6, No. 1, pp. 90-99.
• Kianto, A., & et.al., 2014. The interaction of intellectual capital assets and knowledge management practices in organisational value creation. Journal of Intellectual Capital, Vol. No.15, No. 3, pp. 362 – 375.
• Kumar, N., Zadgaonkar, A.S. and Shukla, A., 2013. Evolving a New Software Development Life Cycle Model SDLC-2013 with Client Satisfaction. International Journal of Soft Computing and Engineering (IJSCE), Vol. No. 3, No. 1, pp. 2231-2307
• McAdam, R. and McCreedy, S., 1999. A Critical Review of Knowledge Management Models, The Learning Organization, Vol. No. 6, No. 3, pp. 91- 100
• Yeong A. and Lim T.T., 2010. Integrating knowledge management with project management for project success. Journal of Project, Program & Portfolio Management, Vol 1, No 2, pp. 8-19.