Knowledge Management has become the most important asset in today?s competitive environment. Knowledge Management involves processes that embodies management and which helps organizations to imitate to changing environment Knowledge management is an approach in which an organization reinforces the collection, capture, assessment, sharing, and assimilation of its members experience and learning for the accomplishment of the organization\'s mission. It analyzes knowledge perspectives of organization and gives possibility to improve use of knowledge. The paper examines the components and dimensions of the knowledge management. The study also analyses the impact of knowledge management on organizations.