Different Levels of Knowing and Understanding

Definition of Knowledge

• Knowledge has different meanings for different people.
• In the Oxford Dictionary:
  • Defined as facts, information, and skills acquired through experience or education.
  • Theoretical or practical understanding of a subject.
• In business, we differentiate between data, information, and knowledge.

Levels of Knowledge

1. Data

• Described as the lowest form of knowledge.
• Refers to unstructured facts and figures.
• Lacks organization and context.

2. Information

• Represents organized and contextualized data.
• Data is transformed into information when it conveys specific meaning.
• Examples include:
  • Profit from last year or last quarter.
  • Comparison of product performance.
  • Cost-effectiveness of facilities.

3. Knowledge

• Represents a deeper level of understanding and know-how.
• Rooted in experience and context.
• Defined by Davenport and Prusak as:
  • A fluid mix of framed experience, values, contextual information, expert insight, and grounded intuition.
  • Provides a framework for evaluating new experiences and information.
• Examples of knowledge:
  • How to fix a machine.
  • Project organization.
  • Marketing strategies.
  • Wisdom embedded in procedures.
• Varying degrees of knowledge:
  • Someone may be skilled in marketing vs. a true marketing expert.
  • Newly graduated IT support worker vs. highly experienced professional.

Recap

• Data: Unstructured facts and figures.
• Information: Structured and organized data.
• Knowledge: Deeper understanding and know-how.

Conclusion

• Encouragement to like and subscribe for more videos on knowledge management (KM).
• Mention of the KMT website for further learning on KM.