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Unit 1 Introduction To Data Information & Knowledge

1) Data comprises raw facts and numbers while information is processed data that has been organized and analyzed to give it context and meaning. 2) Knowledge is different from data and information in that it requires a justified true belief and understanding of relationships and involves directing information. 3) Knowledge management aims to organize and share important knowledge throughout an organization in order to make better and faster decisions in complex environments.

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Yashvi Maniar
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67 views

Unit 1 Introduction To Data Information & Knowledge

1) Data comprises raw facts and numbers while information is processed data that has been organized and analyzed to give it context and meaning. 2) Knowledge is different from data and information in that it requires a justified true belief and understanding of relationships and involves directing information. 3) Knowledge management aims to organize and share important knowledge throughout an organization in order to make better and faster decisions in complex environments.

Uploaded by

Yashvi Maniar
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© © All Rights Reserved
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Download as PPTX, PDF, TXT or read online on Scribd
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DATA, INFORMATION &

KNOWLEDGE
CHAPTER OBJECTIVES

• Understand the difference between knowledge, data, and information


• Explain the alternative views of knowledge
• Understand the different types of knowledge
• Recognize the various locations of knowledge
WHAT IS DATA?
• Data comprises facts, observations, or perceptions
• Data represents raw numbers or assertions

WHAT IS INFORMATION?
 Information is processed data
 Information is a subset of data, only including those data
that possess context, relevance and purpose
 Information involves manipulation of raw data
DATA AND INFORMATION
DATA AND INFORMATION
DATA VS INFORMATION
Data Information
• raw facts • data with context
• no context • processed data
• just numbers and text • value-added to data
– summarized
– organized
– analyzed
DATA & INFORMATION
Data vs. Information
Information
SIRIUS SATELLITE RADIO INC.

Data $7.20
• 6.34
$7.00
• 6.45
• 6.39 $6.80
Stock Price

• 6.62 $6.60
• 6.57 $6.40
• 6.64 $6.20
• 6.71
$6.00
• 6.82
$5.80
• 7.12
1 2 3 4 5 6 7 8 9 10
• 7.06
Last 10 Days
Data  Information  Knowledge

Data

Summarizing the data


Averaging the data
Selecting part of the data
Graphing the data
Adding context
Adding value

Information
Data  Information  Knowledge
Information

How is the info tied to outcomes?


Are there any patterns in the info?
What info is relevant to the problem?
How does this info effect the system?
What is the best way to use the info?
How can we add more value to the info?

Knowledge
Data Processing

• Recall that a basic system is composed of 5 components


– Input, Output, Processing, Feedback, Control
• Typically processing helps transform data into information.

Input Output

Processing
Raw Data Information
KNOWLEDGE
WHAT IS KNOWLEDGE?
• A justified true belief (Nonaka and Takeuchi)
• It is different from data & information
• Knowledge is at the highest level in a hierarchy with information at
the middle level, and data to be at the lowest level
• It is the richest, deepest & most valuable of the three
• Information with direction
Hierarchy of Knowledge
• “KM [Knowledge
Management] involves
blending a company’s
internal and external
information and turning it
into actionable knowledge
via a technology platform.”

Susan DiMattia and Norman


Oder in Library Journal,
September 15, 1997.
HEIRARCHY OF KNOWLEDGE &
DECISION MAKING
CONCLUSIONS
• Knowledge is different from data & information
• Knowledge in an area can be defined as justified beliefs about
relationships among concepts relevant to that particular area
• Knowledge can be of different types
• Knowledge has several characteristics
• Knowledge resides is several different places
WHAT IS KNOWLEDGE
MANAGEMENT?
• Knowledge management (KM) may simply be defined
as doing what is needed to get the most out of knowledge
resources.
• In general, KM focuses on organizing and making
available important knowledge, wherever and whenever
it is needed.
• KM is also related to the concept of intellectual capital.
FORCES DRIVING KNOWLEDGE
MANAGEMENT
1. Increasing Domain Complexity: Intricacy of internal and
external processes, increased competition, and the rapid
advancement of technology all contribute to increasing domain
complexity.
2. Accelerating Market Volatility: The pace of change, or volatility,
within each market domain has increased rapidly in the past
decade.
3. Intensified Speed of Responsiveness: The time required to take
action based upon subtle changes within and across domains is
decreasing.
4. Diminishing Individual Experience: High employee turnover
rates have resulted in individuals with decision-making authority
having less tenure within their organizations than ever before.
SO, WHAT DOES THIS MEAN?

• Faced with increased complexity, market volatility and


accelerated responsiveness, today’s younger manager feels
less adequate to make the difficult decisions faced each day.
• KM is important for organizations that continually face
downsizing or a high turnover percentage due to the nature of
the industry.
IS KNOWLEDGE MANAGEMENT
FOR EVERYBODY?
• KM is important for all organizations
• Today’s decision maker faces the pressure to make better and
faster decisions in an environment characterized by a high
domain complexity and market volatility, even in light of
– lack of experience typically from the decision-maker
– outcome of those decisions could have such a
considerable impact on the organization
KNOWLEDGE MANAGEMENT
SYSTEMS
• Information technology facilitates
sharing as well as accelerated
growth of knowledge.
Knowledge
• Information technology allows
the movement of information at
increasing speeds and
efficiencies. Information

Knowledge
Data Information
System
• “Today, knowledge is
accumulating at an ever Use of
increasing rate. It is estimated information
that knowledge is currently
doubling every 18 months and, of Decision
course, the pace is increasing...
Technology facilitates the speed
at which knowledge and ideas Events
proliferate” Bradley [1996]
KNOWLEDGE MANAGEMENT
SYSTEMS
•Knowledge management mechanisms are organizational or
structural means used to promote knowledge management.
•The use of leading-edge information technologies (e.g., Web-
based conferencing) to support KM mechanisms enables dramatic
improvement in KM.
•knowledge management systems (KMS): the synergy between
latest technologies and social/structural mechanisms
Data, Information & Knowledge
TYPES OF KNOWLEDGE
• Procedural and Declarative
• Tacit and Explicit
• General and Specific
• Technically and Contextually specific
PROCEDURAL AND DECLARATIVE
KNOWLEDGE
• Procedural knowledge focuses on beliefs relating sequences of steps
or actions to desired (or undesired) outcomes
– Decision Making Process
• Declarative knowledge (substantive knowledge) focuses on beliefs
about relationships among variables
– Price and Demand
– Price and Supply
– Income and Saving
– Sales and Advertisement
Explicit / Tacit Knowledge

• Tacit knowledge: That type


of knowledge which people
carry in their mind, and is,
therefore, difficult to access.

• Explicit knowledge: That


type of knowledge which has
been or can be articulated,
codified, and stored in certain
media.
Features
Explicit Knowledge Tacit Knowledge

Tangible Intangible
Physical objects, e.g. in Mental objects, i.e. it's in
documents or databases people's head's
Context independent Context affects meaning
Easily shared Sharing involves learning
Reproducible Not identically replicated
TACIT AND EXPLICIT KNOWLEDGE
• Tacit knowledge includes:
– Insights,
– Intuitions,
– Hunches

• Explicit
knowledge is knowledge that has
been articulated, codified,
and stored in certain media. It
can be readily transmitted to
others. The information
contained in encyclopedias and
textbooks are good examples of
explicit knowledge.

• Explicit knowledge refers to


knowledge that has been
expressed into words and
numbers
TACIT AND EXPLICIT
Explicit and Tacit
GENERAL AND SPECIFIC KNOWLEDGE

• General knowledge is possessed by a large number of


individuals and can be transferred easily across
individuals.
• Specific knowledge, or “idiosyncratic knowledge,” is
possessed by a very limited number of individuals, and
is expensive to transfer.
TECHNICALLY AND CONTEXTUALLY
SPECIFIC KNOWLEDGE
• Technically specific knowledge is deep knowledge about a specific
area
• Contextually specific knowledge knowledge refers to the
knowledge of particular circumstances of time and place in which
work is to be performed
Happy Conversion
of Data into Information !!
“Too much of analysis leads to Paralysis”

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