The crux of knowledge management theory is to devise different strategies to capture the tacit knowledge of the people in the organization, to make it explicit and to share it throughout the organization. This paper draws from the literature in cognitive psychology and highlights the limitation of the human mind by observing that knowledge is lost out of memory over time. Judgment and gut feelings are usually associated with different forms of biases and heuristics that may influence decision making negatively by altering the context in which the knowledge has been constructed. The paper argues that the timing and context in which tacit knowledge has been shaped is of immense importance when attempting to capture it. It is suggested that, while striving to capture the tacit knowledge of the individuals, it is important to make sure that it is not under the influence of any bias and its context is accurately perceived and preserved. Biased and incomplete knowledge may do more harm than good and should be avoided.