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The main factors of knowledge management in organizations that implement capital projects, and their effect on the achievement of project goals, are analyzed in the paper. A conceptual model and three research hypotheses are proposed. The main objective of the paper is to test and validate the proposed model. The Structural Equation Modeling (SEM) approach is used. Testing involved a sample of 1892 respondents from 68 different types of organizations. The outcomes of empirical research validate the hypotheses and indicate that there is a positive correlation among them. The results are suitable for comparison with those of similar studies, conducted in both developed and transition economies.