The correct order in which knowledge objects/configurations are applied in Splunk is Field Extractions, Field Aliases, and then Lookups. Field Extractions are applied first to identify and extract data fields from raw event data. Field Aliases are applied next to provide alternate names for fields that might be known by different names in different contexts. Lookups are applied last to enrich the event data by adding information from external sources or datasets. This correct sequence ensures that the data is accurately extracted, properly named, and then enriched for further analysis.