*Corresponding author. E-mail addresses: maheshwarkars@yahoo.co.in (M. Maheshwarkar) © 2014 Growing Science Ltd. All rights reserved. doi: 10.5267/j.msl.2014.11.012 Management Science Letters 4 (2014) 2457–2468 Contents lists available at GrowingScience Management Science Letters homepage: www.GrowingScience.com/msl A state-of-art review on basic issues on knowledge management Mohit Maheshwarkar a* and N. Sohani b a Research Scholar, Institute of Engineering & Technology, D.A.V.V, Indore (M.P), India b Associate Professor, Department of Mechanical Engineering, Institute of Engineering & Technology, D.A.V.V, Indore (M.P), India C H R O N I C L E A B S T R A C T Article history: Received March 18, 2014 Accepted 26 November 2014 Available online November 28 2014 For many centuries, knowledge has been acting as the backbone of the progress of mankind but very recently it has been supplemented with the concept of management. Yet, the term knowledge management (KM) is being coined very recently and it has gained very huge popularity. Today, organizations have recognized the importance of knowledge management and are continuously working with it. The research paper is dedicated to different aspects of knowledge management and focuses on different views of the researchers on knowledge, knowledge management, KM processes, objectives, benefits, myths and errors. Growing Science Ltd. All rights reserved. 4 © 201 Knowledge Knowledge Management KM process KM objectives KM benefits KM myths KM errors 1. Introduction In recent years, knowledge management has become a critical subject of discussion in the business literature. Both business and academic communities believe that by leveraging knowledge, an organization can sustain its long-term competitive advantages (Bhatt, 2001). KM implementation is one of the major attractions among the researchers and practitioners. The business organizations are more concerned about building the knowledge assets for their competiveness (Singh & Kant, 2008). Business and academic circles have been conducted on knowledge management for nearly three decades on the research of theory and practice (Tong, 2009). Large numbers of organizations are taking great interest on the idea of knowledge management and many are launching knowledge management initiatives and programs (Storey & Barnett, 2000). The area of KM is taking on renewed significance with the emergence and ascendancy of the knowledge worker (Maheshwarkar & Sohani, 2013). Investing in developing the knowledge and capabilities of a company's workforce is becoming a measure of the value of an organization because this investment is now seen as increasing the knowledge content and capability of an organization. At the same time, such an investment also helps to attract the best knowledge workers in a highly competitive knowledge worker market (Binney, 2001). According to Davenport et al. (1998) such knowledge management projects attempts to do something useful with knowledge to accomplish organizational objectives through the structuring of