Knowledge management (KM) is four things at the same time: it is a concept, a business discipline or theory that reflects the increasing importance of Knowledge as a corporate asset, a collection of technologies and a philosophy. Many of the varied definitions focus on one or more of these aspects. Users of the term don't always emphasize whether they are talking about the concept, the discipline, the tools and/or the philosophy. In some circumstances, KM is used interchangeably with knowledge sharing.Knowledge is part of the hierarchy made up of data, information, knowledge and wisdom defined as the following: Data are raw statistics and facts. information comprises the basic facts with context and perspective. Knowledge is information which provides guidance for action. Wisdom understands which knowledge to use for what purpose. As a philosophy, KM is strongly linked to the business discipline but it is taking it one step further. No longer based only on efficiency, it is about value for human beings for their own sake and for the knowledge in their heads. It is strongly related to the expected third wave/dominant strategy of knowledge management which will focus on social learning. The philosophy stands for non-hierarchical organizational structures, valuing the experience of others - and listening to them, ad more fundamental analysis of the nature of knowledge.Organizations have far more information and knowledge than they can make use of with existing practices and old technology. New technology?including computers and the Internet?make it possible and practical to share our valuable knowledge much more widely. We are able to do much more with the resources we have. That is the knowledge management revolution.Effective knowledge management maintains the knowledge assets of an organization by identifying and capturing useful information in a usable form, and by supporting refinement and reuse of that information in service of the organization's goals. A particularly important asset is the internal knowledge embodied in the experiences of task experts that may be lost with shifts in projects and personnel. concept mapping provides a framework for making this internal knowledge explicit in a visual form that can easily be examined and shared. However, it does not address how relevant concept maps can be retrieved or adapted to new problems. Case-based reasoning is playing an increasing role in knowledge retrieval and reuse for corporate memories, and its capabilities are appealing to augment the concept mapping process.