That which was documented in the Musnad of Imam Ahmad and the Sunan of Ibn Majah, as authenticated by Al-Albani, may Allah have mercy on him, from the Statement of Umm Salamah (may Allah be pleased with her), who said that the Prophet (peace and blessings be upon him) used to say, whenever he prayed Fajr: ‘Oh Allah, I ask you beneficial knowledge, permissible provisions and accepted deeds’.
So, when a Muslim says this every morning, he is seeking help from his Sustainer during his morning and the beginning of his day. This way, Allah makes hardships easy and supports the servant in fulfilling his objectives.
Whoever ponders over this great supplication, will find that performing it after Fajr prayer is very suitable. This is because the morning is the beginning of one's day. Likewise, what has been mentioned in this Statement is exactly what Muslims hold to be important and honorable goals. That is, beneficial knowledge, permissible provisions and deeds accepted by Allah. It is as if, beginning his day by mentioning only these three things, he sets his goals and objectives for the day. No doubt, this helps one’s heart on focusing and sticking to one's course. This is the exact opposite of what happens with those who wake up without giving any consideration towards the goals they want to reach throughout the day. We find that those specializing in education, recommend specifying the goals in every action one wishes to accomplish. This should increase the likelihood of the fulfillment of these goals and brings more precision in reaching ones destination.
When a Muslim does this supplication in the beginning of the day, he is not only fixing his goals. Rather, he is also humbling himself to His Lord and seeking refuge with his Master. He hopes for the Mercy of Allah in fulfilling these noble objectives. That's because the Muslim knows that he has no strength and power, to attain benefit or prevent harm, except with the permission of Allah. Protection is with Allah alone, and so is support. And He is the one to depend upon.
Also, notice how the Prophet (peace and blessings be upon him) starts this supplication, by asking Allah for beneficial knowledge, before seeking permissible provisions and accepted deeds. This should point out the importance of starting off with beneficial knowledge; as Allah states: "Know, therefore, that there is no god but Allah, and ask forgiveness for your fault and for the men and women who believe".
Thus, He began with knowledge before speech and actions. The wisdom behind starting with beneficial knowledge is clear. Of course, it is by way of beneficial knowledge that a person can distinguish because righteous and evil deeds. By it he can also differ between permissible provisions and prohibited provisions. The one who doesn't have a firm knowledge may be confused. So he might do a deed considering it to be good, while in reality it isn't.