Knowledge pyramid to be used consists of the wisdom that should exist to help in making the judgment, understanding and the relevant in sights. Wisdom is the top priority. The second component is knowledge, it is about information and experience with the environment to make meaning and name understanding, then information will be needed in the form of data used and shared for my purpose. At the bottom of the pyramid is data which is about raw facts, events and observations. As seen from the pyramid, wisdom is the ability to use knowledge to expand and deepen the understanding in order to build the in sights and to make reflections. (Entrepreneurial management team, 2007, P:48) Although the knowledge pyramid is an effective tool, still it received critics from some authors who proposed medications to the pyramid because of some logical errors it makes, even some authors claimed that the pyramid should be abandoned because it leaves an intellectual and theoretical vacuum about the nature of data, information, knowledge and wisdom, and about their interrelationships (Fricke, M, 2007, P:1).
Also, critics claim that the information scientist does not want to collect data hoping that it might be promoted to information and the better methodology is more top-down and just-in-time (Ibid, P:6). Accoridng to Fricke (2009), many theoreticians in computer science, management information systems, see information in terms of data- information- knowledge- wisdom hierarchy, and the whole pyramid is built on the foundation of data which when processed gives some meaning, becomes information, this means that information is inferred from data. From this pyramid, information is seen as a product of data or as data that have been augmented or refined. Fricke (2009) agrees that (Data-information – knowledge – wisdom) information is a product of data, and information is a subset of data, and knowledge can be either know how or know that, when skill is applied to know how it yields intelligence which is more developed than knowledge, but intelligence is missing in the pyramid (Marfo, M, 2012). It is clear that information and knowledge represent power in the market so, information is needed for any step in order to decide the needed direction to head towards it to beable to estimate the needed costs and efforts. As a result, information asymmetries have great effects on the individuals behavior and how to make the appropriate decisions regarding the enterprise I’m seeking to pursue. But also, there is the fact that no one in the market is able to possess full and perfect information about the reality of the markets and transactions, since they are in continuous change and fluctuation, I will be aware that it is impossible to possess the same about and quality of information that others possess, so there will be a need for exchange knowledge and information with other parties for the benefit of my innovative idea.
Fricke, M. (2009). The knowledge pyramid : A critique of DIKW Hierarchy, Journal of information science, 35(2), P:131-142 Marfo, M. (2012).
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