Question

How do you distinguish between data, knowledge, and wisdom? How do you distinguish between tacit knowledge and explicit knowledge? Provide some examples of how businesses use these concepts and how you have personally used these concepts.

Answer 1

1.

DATA

We can define data as a collection of values and facts that have been recorded and can be proven when necessary.

EXAMPLE: Data is used by a company I order to fuel their decision-making programmes as well as in evaluating a given function or process for effectiveness.

KNOWLEDGE

Knowledge is defined as the information or skills that we have acquired through the use of either education or personal experience.

EXAMPLE: Knowledge is utilized by an employee in order to complete their tasks with the maximum efficiency.

WISDOM

Wisdom can be defined as perception or having a sense of discernment of good judgment based on our past experience and knowledge in its capacity.

EXAMPLE: Wisdom is utilized by a leader in order to come up with the best possible solution to a given problem.

2.

TACIT KNOWLEDGE

Can be considered as the knowledge which one has which is considered to be embedded in our brain and which cannot be codified easily such as skills a person poses.

EXAMPLE: A company’s dream team, making use of their distinguished skills and knowledge in order to bring a better implementation to the company’s use can be considered to be the use of tacit knowledge.

EXPLICIT KNOWLEDGE

Can be determined as the knowledge which can be conveyed in the written format or communicated.

EXAMPLE:

A manager sharing their experience with their subordinates or with their employees.

Personally, i would use the above elements in order to comprehend a given situation, assess the best possible course of action as well as creating the required result through the studying of the data to understand the problem, using knowledge to describe the possible solutions as well as using wisdom to come up with a solution for it.

While I use tacit knowledge in my work life, I use explicit knowledge when I am asked to mentor a new employee in the working of the company.

I have used the concepts in the creation of a risk mitigation plan that I was required to create for the It department of the company. this included processes for business continuity as well as risk mitigation policies and strategy which made use of all the above elements.