Abstract
Every organization or individual has been traditionally managing the knowledge unconsciously. Now, the time has changed, as a result, a need is felt to manage knowledge consciously. Over the past one decade there has been an increasing recognition to knowledge management. More conscious and active management of knowledge can bring significant contribution and benefits to the organizations. Knowledge is an asset, which helps in achieving individual or organizational goal. The speed of changes generated by human knowledge is moving at a quantum leap, most of them are unexpected and some of them are uncontrolled, simply cannot turn back. We are living in an age of science and technology, knowledge and its varied application. The varied applications of knowledge will inevitably determine our future. In this paper an attempt has been made to highlight the knowledge, its source and forms, flow of knowledge management, knowledge creativity, functions of knowledge management and emergence of knowledge societies in general and its implications on business education in particular.