Wisdom is defined as the ability to discern or judge what is true, right, or lasting; insight; as common sense. Yet even this does not totally explain what true wisdom is. True wisdom is a process of thought. It is the deduction of the most plausible truth through the gathering of evidence on all possible aspects of an event, action or deed; then sorting through all the data at hand to find the threads of truth in each reality. Wisdom is a tool that is used in everyday life from judging events and people around us to how you use the lessons you have learned in education, even in the lessons of life.
Exercising wisdom in judging situations allows you to see things from outside of your own prejudices and through those of others eyes to see what lies beneath all the shades of reality making a fair judgment according to the relative facts. The hope in this case would be that all parties got what was justly theirs to receive. Many times judgments are passed out that are not fair simply because bias in the case over ruled wisdom to fin the actual facts and truths. But here I believe that if you integrity there will be no issue with a biased judgment.
In learning, wisdom becomes important to help you, the student, process through all the materials given to you so the difference between what is factual and what is not can be found. From there you can begin to truly learn what it is you are seeking, and take comfort that you have discerned truth about the subject through wisdom and perseverance. Learning is very seldom easy or fast. But what you gain from the process of learning will support you throughout your life.
Wisdom can also help you avoid dangerous, risky situations. Observation of events can reveal that you are truly watching the path that a course of events will take. With this knowledge you can side step events that would bring you harm or realize that there is nothing to be done but to allow things to unfold as they should. Along this same course, wisdom also should keep you from repeating the same mistake over and over again. By looking through the events of the past that lead you to a certain place or time, you can also use wisdom learned from that past to avoid repeating those actions and events in the future.
Over all I have always believed that wisdom is not something that always comes with age nor does it always come with time. Wisdom comes from the effort of observing, gathering information, learning to see beyond you personal biases and through the active processing of all the information at hand.