International Journal of Advanced Research in IT and Engineering ISSN: 2278-6244 Vol. 2 | No. 11 | November 2013 www.garph.co.uk IJARIE | 21 KNOWLEDGE REPRESENTATION AND INFORMATION PROCESSING IN A FRAMEWORK P. Lokesh Kumar Reddy* Dr. B. Rama Bhupal Reddy** Dr. S. Rama Krishna*** Abstract: The domain of knowledge is more encompassing than that of wealth and materials. For dealing with utility of knowledge, all factors (such as scarcity, total utility, marginal utility, specifically, diminishing marginal utility, utilitarian value, exchange value, etc.) influence that the evaluation need to be considered. From a communication perspective, knowledge can be traced backward and extrapolated forward, much like scientific parameter(s). From a structural perspective, we propose that the processing of knowledge based on the most basic and fewest truisms. These truisms are, in turn, based on reality and they permit the characterization of information and knowledge. To this extent, computational processing does not depend on the philosophic writings of earlier economists. However, the truisms are validated from a longer-term philosophic interpretation of how these truisms have survived, that they can be expanded and reused in scientific and computational environments. This approach permits machines to process knowledge based on the content of a particular piece of information and to enhance content, the presentation and the wealth of knowledge that the information communicates. Keywords: Knowledge Representation, Knowledge Functions, Knowledge and Information Processing. * Assistant Professor in Computer Science Department, Rama Raja Institute of Technology and Science, Tirupati, A.P., INDIA **Associate Professor in Mathematics Department, K.S.R.M. College of Engineering, Kadapa, A.P., INDIA ***Professor in Computer Science Department, S.V. University, Tirupati, A.P., INDIA