Master Data is data about the set of entities that provide context for business transactions

Define Reference Data

Data that is used solely to reference other data within an organization or to relate a database to an external data set.

Identify at least three business drivers of an MDM program

1) Meets organizational data requirements, 2) Reduces difficulty of data integrations, and 3) Reduces risk by simplifying data sharing architecture, 4) Optimizes data quality via consistent representations

What are 3 goals of MDM?

1) Ensure that data can be shared enterprise-wide 2) Ensure that different business areas can access data they need for critical functions 3) Reducing cost of integration

What are the 4 principles of MDM?

1) Data Sharing, 2) Data Quality, 3) Data Ownership, and 4) Controlled Change

Provide 3-4 examples of reference data

1) Country codes, 2) Customer segments, 3) Zip codes

What is entity resolution?

Entity resolution is the process of ensuring that each entity instance is CONSISTENT across multiple systems

What are at least 3 different data structures for Reference Data?

1) Lists (Code-value pairs), 2) Cross-reference tables (Tables that translate between code values across systems), 3) Taxonomies (Tables that capture data at different levels of specificity. Useful if you have a parent code and individual children codes),

What are the 4 steps in a Master Data Management processing plan?

1) Ensure an accurate data model, 2) Acquire/inventory all data, 3) Perform standardization and enrichment of data, 4) Perform entity resolution as needed

Define validation, standardization, and enrichment

Validation: Removing data that is likely incorrect, Standardization: Ensuring data conforms to Reference Value standards, Enrichment: Adding additional context to Master Data (e.g. market cap to a business)

What are 4 different MDM architecture implementation styles?

1) Registry: MD dwells in respective systems, but accessed via a pointing registry, 2) Transactional: Everything centralized, 3) Coexistence: Updates go back-and-forth btwn central and systems, 4) Consolidated: Apps w/dat + transact hub

What are some key metrics for data quality?

1) Consistency, 2) Accuracy, 3) Timeliness, 4) Completeness

What is a metric for Data Ingestion and Consumption?

Which systems produce the most data and which subscribe the most?

Identify three steps that come after modeling reference data sets when implementing a Reference Data Management solution

1) Define stewardship and maintenance, 2) Develop governance policies surrounding reference data (e.g. mandating its use), 3) Standardization and Harmonization

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Master Data/Ref Data

Question	Answer
Define Master Data	Master Data is data about the set of entities that provide context for business transactions
Define Reference Data	Data that is used solely to reference other data within an organization or to relate a database to an external data set.
Identify at least three business drivers of an MDM program	1) Meets organizational data requirements, 2) Reduces difficulty of data integrations, and 3) Reduces risk by simplifying data sharing architecture, 4) Optimizes data quality via consistent representations
What are 3 goals of MDM?	1) Ensure that data can be shared enterprise-wide 2) Ensure that different business areas can access data they need for critical functions 3) Reducing cost of integration
What are the 4 principles of MDM?	1) Data Sharing, 2) Data Quality, 3) Data Ownership, and 4) Controlled Change
Provide 3-4 examples of reference data	1) Country codes, 2) Customer segments, 3) Zip codes
What is entity resolution?	Entity resolution is the process of ensuring that each entity instance is CONSISTENT across multiple systems
What are at least 3 different data structures for Reference Data?	1) Lists (Code-value pairs), 2) Cross-reference tables (Tables that translate between code values across systems), 3) Taxonomies (Tables that capture data at different levels of specificity. Useful if you have a parent code and individual children codes),
What are the 4 steps in a Master Data Management processing plan?	1) Ensure an accurate data model, 2) Acquire/inventory all data, 3) Perform standardization and enrichment of data, 4) Perform entity resolution as needed
Define validation, standardization, and enrichment	Validation: Removing data that is likely incorrect, Standardization: Ensuring data conforms to Reference Value standards, Enrichment: Adding additional context to Master Data (e.g. market cap to a business)
What form of master data might an ERP manage?	Financial Master Data
What are 4 different MDM architecture implementation styles?	1) Registry: MD dwells in respective systems, but accessed via a pointing registry, 2) Transactional: Everything centralized, 3) Coexistence: Updates go back-and-forth btwn central and systems, 4) Consolidated: Apps w/dat + transact hub
What are some key metrics for data quality?	1) Consistency, 2) Accuracy, 3) Timeliness, 4) Completeness
What is a metric for Data Ingestion and Consumption?	Which systems produce the most data and which subscribe the most?
Identify three steps that come after modeling reference data sets when implementing a Reference Data Management solution	1) Define stewardship and maintenance, 2) Develop governance policies surrounding reference data (e.g. mandating its use), 3) Standardization and Harmonization

Created by: Pschultz91

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