The idea of knowledge management draws currently much attention, both among practitioners and scholars. This paper examines several possible conceptualizations of the idea of knowledge management. It is argued that knowledge is an ambiguous, unspecific and dynamic phenomenon, intrinsically related to meaning, understanding and process, and therefore difficult to manage. There is thus a contradiction between knowledge and management. It is suggested that knowledge management is as likely, if not more so, to operate as a practice of managing people or information than as a practice attuned towards facilitating knowledge creation.