In other words, one needs a set of principles, models, templates or other abstractions. These abstractions are then re-usable for making new decisions with different information. My definition of Knowledge is it is a set of re-usable abstractions that assist understanding and are of value in making decisions. Some people confuse information with knowledge and search out more and more information in order to make a decision. Often what is really needed is more understanding , with perhaps less information.
Business decisions come in all shapes and sizes - small and large.
Operational decisions are typically many and small with sufficient prior data on which to build a knowledge base. This is the field of data-mining and neural networks. Knowledge based systems for tactical decision making can be automated taking human understanding out of the loop except at the boundaries e.g. credit scoring. Strategic decisions are typically infrequent, each of large value with little formal prior data of similar decisions to build understanding on. Making a business acquisition is an example.