Which term describes the act of making sense of an encoded message?

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Making sense of an encoded message involves reversing the coding to retrieve meaning. Encoding is when the sender converts information into a coded form for transmission. Decoding is the process the receiver uses to translate that coded form back into understandable content. Transmitting refers to sending the message, and the channel is the medium through which it travels. So decoding best fits the act of extracting meaning from encoded information.