| Summary: | The question of competitive advantage comes forward in today’s globalized markets. The managers are looking for the means of sustainable competitive advantage by implementing methods of managing knowledge in company. Several modern tools and approaches use knowledge as core of the company orientation as it has the potential for creating innovations in the innovative culture. This article is dedicated to identify and describe these methods, which can help the company to measure the impacts and effects of knowledge management. These include above all Balance Scorecard, Corporate Performance Management, Kaizen, Re-engineering, Knowledge Based Benchmarking and Goal Based Management. The authors illustrate the process leading to knowledge management effects measurement as well consisting of four basic steps: analysis of the environment, defining the responsibility for knowledge management, preparation, creation and implementation of knowledge strategy and finally monitoring of effects of knowledge management strategy deployment. Implementing this evaluation should promote the effort of the company to determine the extent of positive and negative changes which were influenced by applying knowledge management principles in the company.
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