Knowledge management is widely acclaimed to be a source of considerable financial advantage for organisations. Various authors realise that project environments could also benefit from the creation and re-use of knowledge, including from the lessons learned that should be documented during project close-out. Projects face specific challenges (limited time spans, changing and dispersed teams) and the reduction of project risk, time and cost through knowledge management, may well prove worthwhile. <br>This paper reviews the literature on knowledge management, both in organisations in general and in project environments specifically. A framework for knowledge management is derived from literature. The paper also reports on an investigation of knowledge management practices in four cases within a single South African business environment. Knowledge management practices similar to ones reported abroad were found. <br>A model is proposed for the management of knowledge in project environments, both within a single project (intraproject) and between projects (inter-project) and. guidelines for knowledge management in project environments are provided. It is also suggested that, while the management of <i>explicit knowledge</i> is common in project management, more attention should be given to the sharing of <i>tacit</i> knowledge through human interaction.