People represent the individuals or teams that use data to execute business processes.
Applications are either traditional end-user applications or integration solutions that move data through a process, between processes, or to/from people.
Processes are the business activities that leverage data to fulfill the operational objectives of the business.
Data is the cornerstone of the Information Portfolio. It is the stuff that moves through a process, between people and applications, to act as fuel in the execution of business services.
The Information Portfolio is a knowledge base or collection of metadata that links together these four concepts in meaningful ways that transform bare data, through context and meaning, into information that can be used in the delivery of business services. [Wisdom Hierarchy]
More on each of these components and how they relate to each other in the Information Portfolio as the month continues...