Knowledge Management (KM) has become a pervasive topic in management practice. The proliferation of KM is the result of concentrated and deliberate efforts on the part of many organizations. Scores of books, articles, and conferences tout KM. There is widespread belief that KM can lead to competitive advantage. Some authors have attempted to show that competitive advantage based on knowledge is highly valued by stock markets (see, e.g., Sveiby, 1997). The purpose of this chapter is to present some definitions of KM and to raise issues that managers should consider. There is a discussion of categories of knowledge and their relevance for managers. We provide the elements that every organization should consider in assessing their readiness for KM. The components of knowledge harvesting are presented and organizational considerations are introduced. Reasons that KM efforts fail are provided as well.