The document discusses ontology from philosophical and computer science perspectives. In philosophy, ontology is the science of being and investigates categories of things that exist. In computer science, an ontology is an explicit specification of a conceptualization - the objects, relations, and other entities that are presumed to exist in some area of interest. It defines the types, properties, and interrelationships of the entities. The document contrasts ontologies with other concepts like conceptual schemas, knowledge bases, and classifications. It also discusses challenges in ontology engineering like balancing domain independence with application dependencies.