Information - ExampleConsider the numbers indicating the daily sales ofburgers, vanilla milk-shakes, and other products ofarestaurant·Fortherestaurant manager. information - he can use such to make decisions concerningpricing and raw material purchases.FortheCEOoftherestaurantchaindata only-he needprocessingto consolidatesuch data ofallthe restaurants for his information.Formostcustomers.data-uninterestingthingsHow does these related to RM / ECM?RM/ECM<->KMDicksonChiu,2o1oFall
Information - Example Consider the numbers indicating the daily sales of burgers, vanilla milk-shakes, and other products of a restaurant For the restaurant manager information – he can use such to make decisions concerning pricing and raw material purchases. For the CEO of the restaurant chain data only – he need processing to consolidate such data of all the restaurants for his information. For most customers data – uninteresting things. How does these related to RM / ECM? RM / ECM <-> KM Dickson Chiu, 2010 Fall
Whatis Knowledge?A justified truebelief (Nonaka and Takeuchi)It is different from data & informationKnowledge is at the highest level in a hierarchywith information at the middle level, and data tobe at the lowest levelIt is the richest, deepest & most valuable of thethreeInformation with direction, i.e., leads toappropriateactionsHow does this related to RM / ECM?RM/ECM<->KMDicksonChiu,2o1oFall
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, i.e., leads to appropriate actions How does this related to RM / ECM? RM / ECM <-> KM Dickson Chiu, 2010 Fall
Valueof Data,Tnformation,&KnowledgeKnowledge(approximationonly)PH= nH/(nH+nt)EV=pμ Ru+ prRTCountingpT= n//(nμ+nt)hthttPH= 0.40HHHTHn=40PT=0.60*EV=-$0.80.* nT=60>RH=+$10TTTHTR= -$8DataInformationValueZeroLowHighMediumVery HighRM/ECM<->KM DicksonChiu,20o1oFall
Value of Data, Information, & Knowledge H T H T T H H H T H . T T T H T pH = 0.40 pT = 0.60 RH = +$10 RT = -$8 nH = 40 nT = 60 Data Information Zero Low Medium High Very High Value Knowledge (approximation only) EV = -$0.80 Counting pH = nH/(nH+nT ) pT = nT /(nH+nT ) EV=pH RH+ pT RT RM / ECM <-> KM Dickson Chiu, 2010 Fall
Beyond KnowledgeKnowledge - the know howactionable informationWisdome.g., Increasing theproductioncapacity before X'mas each year toKnowledgehandle the extra sales volume; Wisdom - the know whye.g., why there is increasing salesInformationvolume just before X'mas?inclination toadjustDataHow does this related to RM / ECM?RM/ECM<->KM DicksonChiu,2o1oFall
Beyond Knowledge Knowledge – the know how actionable information e.g., Increasing the production capacity before X’mas each year to handle the extra sales volume; Wisdom – the know why e.g., why there is increasing sales volume just before X’mas? inclination to adjust How does this related to RM / ECM? Data Information Knowledge Wisdom RM / ECM <-> KM Dickson Chiu, 2010 Fall
Relating Data,Information,Knowledgeto EventsKnowledgeInformationKnowledgeDataInformationSystemDecisionUseofSupportinformationSystemDecisionactionsEventsRM/ECM<->KM DicksonChiu,2o1oFall
Relating Data, Information, Knowledge to Events Knowledge Data Information Information System Decision Events Use of information Knowledge actions Decision Support System RM / ECM <-> KM Dickson Chiu, 2010 Fall