Decoding & Word Recognition: What's the Difference?

When we are looking at Scarborough's Reading Rope, there are 3 strands in the Word Recognition zone that are separated from the Language Comprehension Strands.

The 3 strands of Word Recognition are Phonological Awareness, Decoding and Sight Recognition...which in a nutshell is essentially Phonics, but often there is confusion between the difference between Decoding and Sight Word Recognition, so this post is dedicated to explaining what they are and how they work together.