Week Eleven - Building Knowledge - 16/10/2007

Lecture Summary

• The characteristics of data are that it is factual, non-judgmental, non-inferential, transient, has no intrinsic meaning or value.

• The characteristics of information are that it is summative, relational, permanent, has meaning and an uncertain value.

• The characteristic of knowledge are that it is inferential, experiential, judgemental, subjective and very valuable.

• The importance of data is that it is a collection of valid, unbiased data. Information must inform, relational (relate to the data) and it must be meaningful. Knowledge should be clear and a justification from the data and information.

• Examples of data are price, shares, weather and exchange rates. Examples of information are almanacs, tables of data, budgets and minutes of meetings. Examples of knowledge are white papers, press releases and marketing strategies.

• The relationship between data, information and knowledge is that data can be turned into information which in turn creates knowledge.