Week Two: Data, Information, Knowledge, and Wisdom PDF

11/12/2024, 16:28 OneNote Week two Sunday 8 December 2024 2:54 p.m. 📌 Data; are raw facts and figures that have no meaning in their own Data should be managed as a resource - s...

11/12/2024, 16:28 OneNote Week two Sunday 8 December 2024 2:54 p.m. 📌 Data; are raw facts and figures that have no meaning in their own Data should be managed as a resource - same way as finance/employees Data sets don’t have any meaning until they are given a context and processed into information/useable form 📌 Information; stats that has been processed within a context/into a form to give it meaning Processing There are 3 main uses of information; ⬇️ (Raw)Data -> context -> information 1. Communication Share ideas Co-ordinate actions Transmit info to inform shareholders 2. Support business processes 📌 business process; activity/set of activities required to achieve a specific goal or outcome 3. Decision-making Characteristics of good quality information; Accuracy Validity Timeliness Reliability Relevance Completeness 📌 Knowledge; the capacity of understanding of rules needed to interpret information Knowledge workers are workers who’s main capital is knowledge Anyone who’s required to ‘Think for a living’ ○ Knowledge types; Explicit; codified knowledge found in documents, databases etc Tacit; intuitive knowledge/ know-how that resides in the mind of the practitioner 📌 Wisdom; evaluated understanding- a mix of experience, values , contextual information and insight It’s the essence of philosophical probing ○ Questioning human morals ○ Discerning good/bad and right/wronh DIKAR model The ‘technology’ view Data ->process-> information -> interpret-> knowledge -> decisions-> action -> drive -> results RAKID model The ‘business’ view Data