This paper reports the results of an in-depth investigation of the knowledge management (KM) activities of an ERP implementation project within a dynamic business setting. Using a case study approach, this research examines the challenges faced by the ERP project team with respect to KM and the effectiveness of KM strategies. In addition to gaining insights into typical KM activities within the ERP project lifecycle, the research reveals that major barriers for effective KM are created by external business changes and the business process life cycle. These changes trigger a chain reaction resulting in the weak performance of key KM activities such as knowledge capture, sharing and retention. The need for a comprehensive array of KM initiatives that are capable of managing such changes by recognizing the dynamics of all three life cycles is highlighted.