This paper provides a perspective on what knowledge is, why knowledge is important, and how we might encourage good knowledge behaviours. A knowledge management framework is described, and although the framework is project management-centric the basic principles are transferrable to other contexts. From a strategic perspective, knowledge can be considered an asset that has the potential to provide a competitive advantage provided that it has intrinsic value, it is not easily accessible by others and the value it realises is sustainable. These traits of knowledge are context-dependent, although it is fair to say that any ongoing enterprise has at the core of its competencies a knowledge base, even if the potential afforded by knowledge is not always immediately obvious.