Let’s talk about
Data,
Information and
Knowledge and
Wisdom.
Data is something in the form of raw observation and measurements.
Information is created by analyzing relationships and connections between the data and also it provides the answer to ''who'', ''what'', ''where'' and ''when'' questions.
Knowledge is created by using the information for action and also answers the ''how'' question.
Understanding appreciation of ''Why''
Wisdom which evaluates understanding and deals with the future, as it takes implications and lagged effects into account.
Source: (http://www.systems-thinking.org/dikw/dikw.htm)
Data...is raw. Factual information (as measurement and statistics) used as basis of reasoning and discussion or calculation. It does not have meaning of itself. In computer parlance a spreadsheet generally starts out by holding data.
Information.. knowledge obtained from investigation, study, or instruction. In computer parlance, a relational database makes information from the data stored within it.
Knowledge.... is the range of ones information and also a deterministic process. When some one memorizes information then they have amassed knowledge. This knowledge has useful meaning to them, but it doesn’t provide for, in and of itself. For example we have presented in our class saying 'an elementary school children memorize, or amass knowledge of the time table. They can tell you 4*4=16 because they have amassed that knowledge(which is included in the time table).But when they are asked what is 343*343, they cannot answer correctly because that entry is not in their times table. Therefore, to answer it correctly one should have an analytical ability that is only encompassed in the next level.... understanding. According to Davenport Knowledge is valuable information from the human mind. One more example I would like to give regarding knowledge is that of a concerto pianist who has the ability to play infront of opera audience is able to appreciate. The pianist with his instrument would be able to express his knowledge equally well in some other location with a completely new audience. However, should the same pianist be stranded in the middle of Amazon jungle and picked up by some unknown Indian tribe, his/her knowledge cannot be manifested. Even if the piano is available the Indian would not appreciate a classic masterpiece. Therefore, the piano playing-knowledge of pianist requires context of knowledgeable audience. Thus, knowing how to play is meaningless in the wrong tradition or environment. Therefore, we can conclude that we have to express knowledge where relevant knowledge is appreciated. Source: (http://www.wikipedia.org)
Understanding... The difference between knowledge and understanding is the difference between ''learning" and "memorizing”. People who have understanding can undertake useful actions because they can synthesize new knowledge, or in some case, at least new information, from what is previously known and understood. In computer parlance, AI systems possess understanding in the sense that they are able to synthesize new knowledge from previously stored information and knowledge.
Wisdom:
Specific local definition accumulated philosophic or scientific learning: knowledge. Wise attitude or course of action.
According to these definitions, data is the basic unit of information, which in turn is the basic unit of knowledge, which itself is the basic unit of wisdom. So, there are four levels in the understanding and decision-making hierarchy. The whole purpose in collecting data, information, and knowledge is to be able to make wise decisions. However, if the data sources are flawed, then in most cases the resulting decisions will also be flawed.
Ref: This is an adaptation from Russell L. Ackoff, "From Data to Wisdom," Journal of Applied Systems Analysis
Other sources:
http://www.wikipedia.com/http://www.google.co.uk/
