KM Defined
“Knowledge Management caters to the critical issues of organizational adaption, survival and competence in face of increasingly discontinuous environmental change.... Essentially, it embodies organizational processes that seek synergistic combination of data and information processing capacity of information technologies, and the creative and innovative capacity of human beings.” or “obsoleting what you know before others obsolete it and profit by creating the challenges and opportunities others haven't even thought about” (Yogesh Malhotra, Ph.D.)
“Knowledge management involves the identification and analysis of available and required knowledge assets and knowledge asset related processes, and the subsequent planning and control of actions to develop both the assets and the processes so as to fulfil organisational objectives” (http://www.aiai.ed.ac.uk/~alm/kamlnks.html)
“The systematic process of finding, selecting, organizing, distilling and presenting information in a way that improves an employee's comprehension in a specific area of interest. Knowledge management helps an organization to gain insight and understanding from its own experience. Specific knowledge management activities help focus the organization on acquiring, storing and utilizing knowledge for such things as problem solving, dynamic learning, strategic planning and decision making. It also protects intellectual assets from decay, adds to firm intelligence and provides increased flexibility.” (http://www.bus.utexas.edu/kman/answers.htm)