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An Ontology may take a variety of forms, but necessarily it will include a vocabulary of terms, and some specification of their meaning. This includes definitions and an indication of how concepts are inter-related which collectively impose a structure on the domain and constrain the possible interpretations of terms. It is the specification of conceptualisations, used to help programs and humans share knowledge.

Source: http://www.cs.man.ac.uk/~stevensr/onto/node3.html