What is Knowledge?

While searching for the answer to this question, I came across following useful definition of knowledge. Tom Davenport, who is considered to be the authority on Knowledge Management has defined Knowledge as "fluid mix of framed experience, values, contextual information, and expert insight that provides a framework for evaluating and incorporating new experiences and information". This definition tells us the following:

1. Nature of knowledge, which is fluid and sometimes causing some degree of difficulty to exactly identify its scope
2. Composition of knowledge, which are comprised of experiences, values, information, and insights
3. Purpose of knowledge, which are creating new knowledge and sharing/transferring existing knowledge

Taking it further, Knowledge Management (KM) can be defined as managing identification of knowledge, creation of knowledge, transfer of knowledge and sharing of knowledge. A Knowledge Management System (KMS) is the one that can facilitate these management activities. Needless to mention, KMS is necessary for effective KM but is no way sufficient for the same!