You will always face far more knowledge that you will be able to master. That is why prioritizing is critical for building quality knowledge in the long-term. The way you prioritize will affect the way your knowledge slots in. This will also affect the speed of learning (e.g. see: learn basics first). There are many stages at which prioritizing will take place; only few are relevant to knowledge representation, but all are important:

1. Prioritizing sources - there will always be a number of sources of your knowledge. If you are still at student years: these will most likely be books and notes pertaining to different subjects. Otherwise you will probably rely more on journals, Internet, TV, newspapers, encyclopedias, dictionaries, etc. It is always worth being aware what is the optimum proportion of time devoted to those varied sources. As you progress with learning, you will quickly develop a good sense of which learning slots bring better results and which might be extended at the cost of others
   
2. Extracting knowledge - unless you are about to pass an important exam, it nearly never makes sense to memorize whole books or whole articles. You will need to extract those parts that are most likely to impact the quality of your knowledge. You can do it by (1) marking paragraphs in a book or journal, (2) pasting relevant web pages to SuperMemo, (3) pasting relevant passages to SuperMemo, (4) typing facts and figures directly to SuperMemo notes, etc. You will need some experience before you can accurately measure how much knowledge you can indeed transfer to your brain and what degree of detail you can feasibly master. Your best way to prioritize the flow of knowledge into your memory is to use incremental reading tools