Wisdom is the practical application of our acquired knowledge for getting out of or preventing and avoiding difficult situations for ourselves or for others.
Observation and getting wise just makes it easy rather than experiencing everything oneself and then knowing it.
Study is a some systemic way of knowing something. Observation is a shortcut and indirect method.
Wisdom attainment is a very long process as we learn many things after repeated mistakes and failures. Wisdom is the nutshell result of lifetime experiences.
Knowledge is power.