Knowledge Management Hierarchy:
About Data, Information and Knowledge (Adapted from AS 5037)
Data forms the basis of information which creates knowledge,
Information is Data in a context to which meaning has been attributed.
Knowledge is a body of understanding and skills that is constructed by people and increased through interaction with other people and with information. The literature is replete with many contested definitions of knowledge. There is no single agreed definition of knowledge or one unifying theory of knowledge management.
Knowledge has many facets:

It can be highly personal and subconsciously understood. Knowledge resides in a person’s mind and may include aspects of culture or ‘ways of doing things’ (often referred to as tacit knowledge).

It can be recorded as information in a document, image, film clip or some other medium.

It can be considered as a component of an organisation's asset base.