Wk 2 Lec 1: Understanding Data, Information, and Knowledge

Data

• Data is raw, unprocessed, and meaningless on its own.
• Examples include text, numbers, and symbols.
• Data is everywhere, but not always managed effectively within organizations.

Information

• Information is derived from processed data within a specific context.
• It provides meaning and can be used to improve data's usefulness.
• Three main uses of information in business:
  • Communication: Sharing ideas, coordinating actions, and informing stakeholders.
  • Supporting business processes: Activities or sets of activities to achieve specific goals.
  • Decision-Making: Using processed information to make informed choices.

Knowledge

• Knowledge is the understanding of rules needed to interpret information.
• It involves comprehending the relationships between pieces of information and how to apply them.
• Knowledge allows for critical thinking and informed action.
• Examples include using market research data to adjust pricing strategies or analyzing student performance to understand individual needs.

Knowledge Workers

• Knowledge workers specialize in using their knowledge as their primary capital.
• Their work requires a combination of convergent, divergent, and creative thinking.
• Examples include healthcare professionals, engineers, scientists, managers, and academics.

Expert Systems

• Computer programs designed to mimic the expertise of human knowledge workers.
• Utilize probabilities and subject knowledge to provide insights and support.
• Common application in medicine, for instance, analyzing patient data to assist doctors in making diagnoses and treatment plans.

DIKAR Model

• A technological framework that illustrates the progression from data to action and results.
• Emphasizes the importance of each stage and how they build upon each other.

RAKID Model

• A business-focused perspective on the DIKAR Model.
• Highlights the process of obtaining data, defining information, acquiring knowledge, and using it to drive action and achieve results.

Rate of Motion towards Knowledge

• The speed at which we connect with information and its patterns to transform it into knowledge.
• This rate can be influenced by the order in which information is presented.
• Example highlighting the process: Understanding that a series of descriptions refers to a refrigerator.

Key Capital for Knowledge Workers

• Knowledge itself is the primary capital of knowledge workers.

Professions NOT Considered Knowledge Workers

• Manual laborers are typically not considered knowledge workers.

Expert Systems in Medicine

• Expert systems in medicine help doctors diagnose illnesses and recommend treatment plans.

Knowledge Worker Thinking NOT Mentioned

• Although the text discusses various thinking processes of knowledge workers, it does not mention intuitive thinking.

Abnormal Gas Bill Patterns

• Abnormal patterns in a customer's gas bills could indicate potential leaks, appliance malfunctions, or even unusual usage habits.

Data in its Raw Form

• Raw data is characterized by being unorganized, unstructured, and often meaningless without context or processing.

Importance of Data Management

• Proper data management in organizations ensures data accuracy, consistency, and accessibility, enabling better decision-making and strategic planning.

Data Transformation to Information

• Contextualization and interpretation are essential for data to become meaningful information.

Business Uses of Information (NOT)

• Although information serves various purposes in businesses, personal entertainment is not directly considered a business use.

Benefits of Data Combinations

• Combining different data sets (e.g., sales data with customer demographics) can uncover valuable insights and correlations, leading to better business strategies.

Data in Business Management

• Data in business management refers to raw facts and figures collected from various sources.

Information's Primary Function in Business Communication

• Information facilitates effective communication within and outside organizations, allowing for informed decision-making and collaboration.

Context's Role in Data Processing

• Context is crucial for interpreting data accurately and drawing relevant conclusions.

Knowledge's Enabling Power

• Knowledge empowers individuals to apply understanding and make informed decisions in various situations.

DIKAR Model's Focus

• The DIKAR model primarily emphasizes the hierarchy and interconnectedness between data, information, knowledge, action, and results.

'Action' in DIKAR & RAKID Models

• In both models, 'Action' represents the practical application of knowledge, leading to tangible results.

Knowledge Realization Metaphor

• The realization of knowledge is like finding the object hidden in a box. We need to open the box (gather information, apply context) to understand its true nature.

IT's Role in DIKAR

• Information Technology plays a vital role in the DIKAR model by facilitating data processing and dissemination, supporting the flow of information and knowledge.

'Technology' View in DIKAR

• The 'Technology' view in DIKAR primarily focuses on the role of IT tools and systems in enabling knowledge acquisition and utilization.

Requirement to Obtain Knowledge (RAKID)

• The RAKID model suggests active engagement and critical thinking are crucial for gaining knowledge from information and experience.

'Rate of Motion' Toward Knowledge

• The phrase implies learning is a continuous process involving consistent effort and progress towards acquiring knowledge.

'Junk' Metaphor in Knowledge Context

• The 'Junk' accumulating on top of the box represents irrelevant or misleading information that can hinder our understanding and prevent access to meaningful knowledge.

Explicit Knowledge Definition

• Explicit knowledge is knowledge that can be easily articulated, codified, and shared through formal channels.

Explicit Knowledge Characteristics

• Explicit knowledge is objective, easily transferred, commonly documented, and readily available to others.

Explicit Knowledge Storage & Access

• Explicit knowledge is primarily stored and accessed through documents, databases, and manuals.

Explicit Knowledge Example

• A company's employee handbook exemplifies explicit knowledge as it contains codified rules and procedures.

Explicit Knowledge Characteristic (NOT)

• Subjectivity is not a characteristic of explicit knowledge. Explicit knowledge is objective and factual.

Tacit Knowledge

• Tacit knowledge is intuitive knowledge and expertise acquired through experience, practice, and values.
• It is deeply rooted in context and is difficult to articulate or communicate explicitly.
• Resides within the mind of the individual.
• Transferred through social interactions, mentoring, and observational learning.