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The terms "data", "information" and "knowledge" are quite interchangeably used in Computer Science. Strictly speaking, they do carry a very different meaning. I want to know their precise meanings and their context and usage.

According to my limited experience, data is simply "raw fact and figures" whereas information is "meaningful data" and knowledge is information via which one can predict the unknown or infer something new. Please correct me if I am wrong.

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You're description is pretty accurate. There is no formal definition or precise meaning coming from a high level. There are only formal definitions in specific fields such as information theory for Information (bits) and knowledge such as in cognitive architectures. Data doesn't have a precise meaning either, haven't seen a formal model of that in any case.

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