Abstract:  

Knowledge plays a central role in the decision making process, and it provides a better foundation for managers to make high quality decisions. On the other hand, having the right knowledge at the right time to make the right decision is becoming a competitive weapon utilized by organizations to achieve sustained competitive advantage and other strategic goals. Based on that, it is important for organizations to manage their knowledge (organization intellectual asset) in a more effective and efficient way in order to gain such benefits. This chapter explores knowledge management and decision-making processes and its general concepts, reviews several conceptual frameworks of knowledge management that affect the decision making process proposed in the literature, and demonstrates several knowledge-management practices in software development processes. Conclusions and proposed future work are stated at the end of the chapter.