The paper works out the different strengths and weaknesses of the various approaches of anticipation, and outlines how they might be combined in a social system of knowledge management, which brings together the different actors as well as the different kinds and sources of knowledge. A systematic analysis of the main aspects of anticipation in Austria is used for illustration (Lassnigg/Markowitsch 2005; Lassnigg 2006). The focus is first on the observation and measurement of the relation between education/training and employment, and second on foresight as a strategy for anticipation of future needs, which is different from forecasting in applying other methodologies, and by bringing the actors and their informal knowledge and strategic plans into the system. The requirements for an anticipation system as a system of knowledge management include the following essential elements: - First, understanding of what is going on at present is essential, if we want to have an understanding of what might be possible futures. - Second, the supply of education and training, initial and continuing, has to be seen in a constructivist way, as not only responding to, but also structuring demand. - Third, the variables and categories of demand (occupations, skills, competences, etc.) must also be seen as an institutional reality which is constructed, not as a plain reality which is given.