Definition of Information
Data, Information, Knowledge and Wisdom
It is cool to know following facts since they are very often misinterpreted. Following text is translation form Lucija Perković master’s thesis download able here: http://www.skladistenje.com/download/LucijaPerkovic_MagistarskiRad.pdf.
Definition of Data and Information
Data and Information are very often mixed like it is same synonym. It is not. Data are set of facts describing objects and their relations in space and time. Data can have usage value or not. This is the basic difference between data and information. Data becomes information when it brings news to user and grows his knowledge. Data with usage value is information and data becomes information when data processing results with organizing and analyzing data.
Information is received and understood message. Information is data placed in context while data is out of context.
Definition of Information and Knowledge
Information becomes knowledge with: analysis, comparison, making relations and with cause effect connection. That’s why information need to be accurate, on time, valid and usable. It is not any more problem to gather information but it is problem to interpret them and convert them to knowledge. Knowledge is set of information with power to create new meanings and data, goal is to be useful. Knowledge tells how to use information.
Knowledge and Wisdom
While knowledge tells how to use data, wisdom tells when and why to use it.
Value for company is not in possessing data, especially not in generating more and more data from production systems. Value for company lies in quality data interpretation and in knowledge when to use proper set of information.
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