WEEK-1

DATA AND INFORMATION

Data...  data is raw. It simply exists and has no significance beyond its existence (in and of itself). It can exist in any form, usable or not. It does not have meaning of itself. In computer parlance, a spreadsheet generally starts out by holding data.

Information... information is data that has been given meaning by way of relational connection. This "meaning" can be useful, but does not have to be. In computer parlance, a relational database makes information from the data stored within it.

Knowledge... knowledge is the appropriate collection of information, such that it's intent is to be useful. Knowledge is a deterministic process. When someone "memorizes" information (as less-aspiring test-bound students often do), then they have amassed knowledge.

Understanding... understanding is an interpolate and probabilistic process. It is cognitive and analytical. It is the process by which I can take knowledge and synthesize new knowledge from the previously held knowledge.

Econo in Info

Wisdom... wisdom is an extrapolate and non-deterministic, non-probabilistic process. It calls upon all the previous levels of consciousness, and specifically upon special types of human programming (moral, ethical codes, etc.).

The Economics of Information...The growth of the information technology sector has changed the nature of economics and business practices by impacting the collection and analysis of data. This course explores the role of information technology in management today.

Information Mnanagement... Information management (IM) is the collection and management of information from one or more sources and the distribution of that information to one or more audiences. This sometimes involves those who have a stake in, or a right to that information. Management means the organization of and control over the structure, processing and delivery of information.