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Week 1

1.1 Data, Information, and Knowledge

These three terms are often used interchangeably but have distinct meanings:

Term

Definition

Nigerian Example

Data

Raw, unprocessed facts and figures without context

'08023451234', '45000', 'Minna', '2024-01-15'

Information

Data processed and organised to provide meaning

'Customer Chukwuemeka in Minna transferred ₦45,000 on 15 January 2024'

Knowledge

Information interpreted and applied to make decisions

'Customers in Minna transfer more funds on weekdays, schedule more agents then'

 

The progression from data → information → knowledge is central to information management. Organisations like the Central Bank of Nigeria (CBN) collect millions of raw transaction data points and transform them into economic indicators and policy knowledge.