It is sometimes vaguely equated with the notion of information, masking important distinctions between information and other types of knowledge. The purpose of this chapter has been to highlight a number of significant knowledge matters. We began with a characterization of basic knowledge flows related to the manufacture of decisions. This led to several insights about knowledge. There are various states of knowledge that result from acquisition and derivation.
Knowledge production involves stocks and flows of knowledge.
The flows are concerned with acquiring knowledge and deriving knowledge. Both are typically interspersed in a decision-making process and there can be tradeoffs between acquiring and deriving needed knowledge. The source of knowledge can influence its quality. Validity and utility are two major aspects of knowledge quality. Finally, we turned to the topic of knowledge management.