In this chapter of the research work, the author tries to cover the literature review of KM and RM. The literature review will begin by classifying the basic concepts into its segments, which will be followed by the process of knowledge conversion. After that the concept of KM is highlighted, the domains techniques and categorization of KM will be discussed in depth. Also, the authors have carried out a thorough literature review regarding risk management (RM). This has been accomplished by the classification of different types of risks followed by the differentiation between risk and uncertainty. Finally, the last section describes sources of risks that affect the execution of IT projects.