Itm301 Module 1 Case Assignment on Data, Information, and Knowledge

ITM301 Module 1 Case Assignment on Data, information, and knowledge

How data, information and knowledge are related to the concept of knowledge management (KM)? How are they different (please define each one: data, information, knowledge and KM)? What are the potential benefits of knowledge management projects? What strategies should companies follow to achieve positive results in KM projects?

KM is the set of procedures that tries to transform an organization's current practices of knowledge processing is known as Knowledge Management. It improves both the practice of knowledge processing and its outcomes in a significant manner.

The field of Knowledge Management is the examination of various organizational processes and their effect on knowledge and functional processing and results (Firestone & McElroy). The concept of Knowledge Management doesn't instantly direct, generate or incorporate most knowledge effects rather it just influence an organization’s knowledge processes that in turn affects its knowledge results.

The concept of knowledge management is related with aspects like data, information and knowledge as these are its essential elements. All these three aspects collectively result in the practice of knowledge management (Knowledge Management Concepts, Philosophy and Theory). This can also be understood in the following manner and process followed by these three aspects in the practice of knowledge management:

1. Data: It is raw information that exists in several forms without any context and can be functional or not. This can also be understood with the numbers mentioned in spread sheet. These numbers are data.

2. Information: Data that has been given some specific meaning is known as information. The numbers and set of data mentioned in a spread sheet can be used substantially for creating information like profits in a specific time period, sales increase or decrease and market trends etc.

3. Knowledge: The collected information over...