As far as I think projection of data unto subject mind is information for the subject whereas indentation or impressions accumulated owing to projection of data unto subject mind is knowledge for the subject. I want to know am I right? Or can someone provide a more rigorous answer!
To be a little sarcastic: Data are given, Information informs, and Knowledge is known. But the point is that their etymological roots are nouns made of verbs 'dare: to give', 'in/formare: into/to build', and "cnawan: to discern'.
To be given means that the data simply exists, and may not even be processed, but it is available in some form. The number on the side of an instrument or a 3000-page list of numbers that no one will ever read are still data.
To inform means that the information is being added, transmitted, acquired, etc. to form the mind. The 'in' is a direction, and information, therefore, has a dynamic quality. But in its modern sense, information does not have to go into a mind, it can go into a repository of data.
But knowledge is specific to the mind. It is etymologically related to recognition, not storage. It bears the sense of internal perception. To know something is to have the emotional impression of having it, and having impressions or perceptions cause recognition of it, bringing it out of some passive state so that it can be experienced as present in the mind.
I'll bite. This is how I understand it, and I think at least 3 distinctions are needed given the way the concept is used in various disciplines.
Data = Bits or other un-grounded symbols which denote the state of some system from the the set of all possible states in a 1:1 ratio with the degrees of freedom of the system. Describing a large circle requires more data than a small one. Ex: Bitmap graphics.
Information = Data which has been compressed. The 'minimum' set of data needed to fully describe a given state of the system. No extra bits. Circles of any size can be described with nearly the same information by generalizing the data from many circles into the common factors which make them all circles. Ex: Vector Graphics.
Knowledge = Information which has been given meaning by interrupting the symbols in relation to other, existing, information. Requires an agent and information external to the system in question. Deciding these bits represent a 'circle'. Ex: Human viewing image on monitor.