Abstract
The creation of entirely new business value will be required in the era of knowledge society which will make a significant leap within one or two decades, accelerated by the rapid progress of the computer technology. It is a competition to find the future. The special feature of P2M program management is the process to create new knowledge byinspiring the organization members by exchanging the tacit and formal knowledge each other. The managers are required to have such capabilities in value creation. The essential role of the tacit knowledge in P2M and the meaning of the manager's capabilities putting much value on the experience are discussed comparing to the case of the top down program management. Finally the role of the community is discussed as the field of the value creation, contrasting the three different approaches of organizations, teams and communities, to handle groups of people effectively.
