Companies try to utilise Knowledge Management (KM) to gain more efficiency and effectiveness in business. The major problem is that most of these KM projects are not or rarely based on sustainable analyses or established theories about KM. Often there is a big gap between the expectations and the real outcome of such KM initiatives. So the research question to be answered is: What challenges arise in KM projects, which KM requirements can be derived from them and which recommendations support the goal of meeting the requirements for KM? As theoretical foundation a set of KM frameworks is examined. Subsequently KM challenges from literature are analysed and best practices from case studies are used to provide recommendations for action on this challenges. The main outcome of this thesis is a best practice guideline,which allows Chief Knowledge Officers (CKOs) and KM project managers to examine the challenges mentioned in this thesis closely, and to find a suitable method to master these challenge in an optimal way. This guideline shows that KM can be positively and negatively influenced in a variety of ways. Mastering Knowledge Management (KM) in a company is a big and far-reaching venture and that technology respectively Information Technology (IT) is only a part of the big picture.