The Knowledge reference article from the Simple Wikipedia on 24-Jul-2004
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Knowledge means the "things someone knows", such as information they've learned, etc. If you understand an idea or are aware of something then you have "knowledge" of it. When it makes sense to you this "knowledge" becomes "understanding". A "knowledgeable" person is someone who knows a lot, like a scientist. If you have "know-how" it means you can put your "knowledge" to work in doing or building something.

Knowledge comes from being in an environment, having some experience there, and then sharing what was learned - so that others do not have to be in that environment or have that experience to "know" what you know. When doing science it is necessary to set up a strict experiment so that the important elements of the environment and experience are repeatable and so that simple numbers or models can be shared afterward. This produces the most generally useful and long-lived knowledge.

However, one does not have to be so strict if the knowledge is for a more specific purpose or only has to apply for a short while. In business the field of knowledge sharing deals with the use of computers to record and share what employees know. The Wikipedia is a good example of this kind of sharing - the author is mostly trusted to know what he or she knows and not to write about what they don't know, and others correct it if they think it is wrong.