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Within the Corporate Information Factory, what data is used to understand transactions?
In the context of the Corporate Information Factory, understanding transactions involves integrating various types of data to get a comprehensive view. Master Data (core business entities), Reference Data (standardized information), and External Data (information sourced from outside the organization) are essential for providing context and enriching transactional data.
DAMA-DMBOK: Data Management Body of Knowledge (2nd Edition), Chapter 3: Data Architecture and Chapter 11: Reference and Master Data Management.
'Building the Data Warehouse' by W.H. Inmon, which introduces the Corporate Information Factory concept.
The most difficult MDM style to implement data governance is which of following-
The registry style is the most difficult MDM style to implement data governance due to its reliance on maintaining a central registry of master data without consolidating data physically. This method makes it challenging to ensure consistent governance across disparate systems since data remains distributed and only loosely connected via the registry.
DMBOK (Data Management Body of Knowledge), 2nd Edition, Chapter 11: Reference & Master Data Management.
Master Data Management: Creating a Single Source of Truth by David Loshin.
The MDM program's governance scope should include:
The governance scope of an MDM program should be comprehensive, encompassing all aspects and stakeholders involved in the management and usage of master data.
Internal Data Subscribers to the Master Data:
Internal users and systems that consume master data must be governed to ensure they have access to accurate and consistent data.
Master Data Authored in the MDM User Interface:
Governance should include the processes and controls around how master data is created and maintained through the MDM interface.
External Third Parties Using Master Data:
External parties that use or access master data must be governed to ensure data security, privacy, and compliance with regulations.
Data Sources of the Master Data:
The sources from which master data is derived must be governed to ensure data quality, integrity, and consistency.
DAMA-DMBOK (Data Management Body of Knowledge) Framework
CDMP (Certified Data Management Professional) Exam Study Materials
For MDMs. what is meant by a classification scheme?
In Master Data Management (MDM), a classification scheme refers to a structured way of organizing data by using codes that represent a controlled set of values. These codes help in categorizing and standardizing data, making it easier to manage, search, and analyze.
DAMA-DMBOK: Data Management Body of Knowledge (2nd Edition), Chapter 11: Reference and Master Data Management.
'Master Data Management and Data Governance' by Alex Berson and Larry Dubov.
An organization's master data can be acquired from an external third-party?
An organization's master data can indeed be acquired from external third parties. Here's how and why:
Third-Party Data Acquisition:
Enrichment: External data sources can be used to enrich an organization's master data, providing additional details and context.
Accuracy and Completeness: Acquiring data from reputable third-party sources can enhance the accuracy and completeness of master data.
Use Cases:
Market Data: Organizations may purchase market data to complement their internal customer or product data.
Reference Data: Common reference data, such as postal codes or industry classifications, are often obtained from external providers.
Integration:
Data Integration: Master data acquired from third parties needs to be integrated into the organization's MDM system, ensuring it aligns with existing data standards and governance policies.
Data Management Body of Knowledge (DMBOK), Chapter 7: Master Data Management
DAMA International, 'The DAMA Guide to the Data Management Body of Knowledge (DMBOK)'
