CDMP-RMD Exam Dumps - Reference And Master Data Management Exam

Entity resolution is a critical step in the MDM process that identifies whether different data records refer to the same real-world entity. This ensures that each entity is uniquely represented within the master data repository.

Data Model Management:

Focuses on defining and maintaining data models that describe the structure, relationships, and constraints of the data.

Data Acquisition:

Involves gathering and bringing data into the MDM system but does not deal with resolving entities.

Entity Resolution:

This process involves matching and linking records from different sources that refer to the same entity. Techniques such as deterministic matching (based on exact matches) and probabilistic matching (based on similarity scores) are used.

Entity resolution helps in deduplication and ensuring a single, unified view of each entity within the MDM system.

Data Sharing & Stewardship:

Focuses on managing data access and ensuring that data is shared responsibly and accurately.

Data Validation, Standardization, and Enrichment:

Ensures data quality by validating, standardizing, and enriching data but does not directly address entity resolution.

Master Data, similar to a physical product, must meet certain requirements such as fitting consumers' needs, needing information about its characteristics, impacting business when unavailable, and having a useful lifespan. However, unlike physical products, Master Data does not deplete when pulled from inventory. Master Data remains available for use even after being accessed multiple times, as it is digital information that can be replicated and shared without loss.

References:

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.

Master and Reference Data are forms of Data Architecture. Here’s why:

Data Architecture Definition:

Structure and Design: Data architecture involves the structure and design of data systems, including how data is organized, stored, and accessed.

Components: Encompasses various components, including data models, data management processes, and data governance frameworks.

Role of Master and Reference Data:

Core Components: Master and Reference Data are integral components of an organization’s data architecture, providing foundational data elements used across multiple systems and processes.

Organization and Integration: They play a critical role in organizing and integrating data, ensuring consistency and accuracy.

References:

Data Management Body of Knowledge (DMBOK), Chapter 7: Master Data Management

DAMA International, "The DAMA Guide to the Data Management Body of Knowledge (DMBOK)"

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.

References:

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.

The Master Data hub environment that serves as the system of record for Master Data is:

Consolidated Hub:

Central Repository: Acts as a central repository where master data is stored and managed.

Data Quality and Integration: Ensures data quality by integrating data from various source systems and providing a single source of truth.

System of Record: Maintains the most accurate and up-to-date information about master data entities.

Other Hub Types:

SOA (Service-Oriented Architecture): Focuses on providing a flexible architecture for integrating services but not specifically a master data hub.

Two-Speed Hub: A hybrid approach, but not solely a system of record.

Source Hub: May refer to original source systems, not a consolidated system of record.

Registry: Primarily maintains references to data stored in other systems but not a comprehensive system of record.

References:

Data Management Body of Knowledge (DMBOK), Chapter 7: Master Data Management

DAMA International, "The DAMA Guide to the Data Management Body of Knowledge (DMBOK)"

Data Governance plays a pivotal role in the development of an enterprise-wide Master Data Management (MDM) strategy. Here's how:

Role of Data Governance:

Policy Development: Data Governance establishes policies and standards for data management to ensure data quality, security, and compliance.

Data Stewardship: Assigns roles and responsibilities to manage and oversee data assets across the organization.

MDM Strategy Support:

Conceptual Data Model:

Producing and managing an enterprise conceptual data model helps align the organization's data architecture with its business processes.

It provides a unified view of data entities, their relationships, and how data flows through various systems, ensuring consistency and accuracy.

Alignment with Business Goals: Ensures that MDM efforts support business objectives by providing a clear framework for data usage and governance.

References:

Data Management Body of Knowledge (DMBOK), Chapter 3: Data Governance

DAMA International, "The DAMA Guide to the Data Management Body of Knowledge (DMBOK)"