Effective knowledge management is neither panacea nor bromide, it is one of many components of good management. Sound planning, savvy marketing, high-quality products and services, attention to customers, the efficient structuring of work, and the thoughtful management of an organization's resources is not diminished in importance by the acknowledgement that knowledge is critical to success and needs to be managed. However, when a business faces competitors that perform well on those other dimensions, the difference between success and failure may well turn on how effectively it manages its knowledge (Davenport et al, 1998). Knowledge management success factors may be links to economic performance or industry value; a technical and organizational infrastructure; a standard, flexible knowledge structure; a knowledge-friendly culture; a clear purpose and language; a change in motivational practices; multiple channels for knowledge transfer and senior management support (Davenport et al., 1998).