A tap, water, bucket, a person is data. The water comes from tap and fills the bucket is information. The phenomena that the person daily turns the water tap to fill the bucket is knowledge.
Then what is wisdom : The ability of the person to take a decision when to turn the tap on and when to turn it off, and most importantly why to turn it on or off is wisdom.
Wisdom is not just the application of knowledge. But it is the application at the right time, right place and in the right manner.
Humans are wise, per se. Every decision making process is an output of a wise choice.
Wisdom plays the role of the judge when the case of choosing between alternatives is presented in front of the court of brain.
Wisdom exists due to one sole fact of life : That life is a pattern of intertwined web of strings, each of which represent a set of "Cause And Effect". And that the brain needs to not just look at these strings but also the rationality and emotionality of the "Cause and Effect". Wisdom is the force that will act on the strings to create a perfect balance of strength and durability ( read "right and sustainable decision")
This brings out a very interesting topic : Is wisdom manageable.
Interestingly I came across few articles and websites, where a lot of discussion on the "Possibility of Wisdom management" is taking place. Quoting a few :
To end this thread here's a thought :
“If brain were like a planet, then data, information and knowledge would be like humans in varying levels of intelligence and wisdom would be like the culture that integrates all three to have a meaningful existence.”
(Thanks to Prof Arkalgud Ramaprasad, whose five day session on KM and the practical approach of using a wiki, has intrigued me to write this article. Hopefully more will come on knowledge management)