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In this paper, we propose I-MIN model for knowledge discovery and knowledge management in evolving databases. The model splits the KDD process into three phases. The schema designed during the first phase, abstracts the generic mining requirements of the KDD process and provides a mapping between the generic KDD process and (user) specific KDD subprocesses. The generic process is executed periodically during the second phase and windows of condensed knowledge called knowledge concentrates are created. During the third phase, which corresponds to actual mining by the end users, specific KDD subprocesses are invoked to mine knowledge concentrates. The model provides a set of mining operators for the development of mining applications to discover and renew, preserve and reuse, and share knowledge for effective knowledge management. These operators can be invoked by either using a declarative query language or by writing applications.The architectural proposal emulates a DBMS like environment for the managers, administrators and end users in the organization. Knowledge management functions, like sharing and reuse of the discovered knowledge among the users and periodic updating of the discovered knowledge are supported. Complete documentation and control of all the KDD endeavors in an organization are facilitated by the I-MIN model. This helps in structuring and streamlining the KDD operations in an organization.