CDMP CDMP-RMD Dumps PDF

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.

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)"

The centralized style is the easiest MDM style to implement data governance because it consolidates all master data into a single central repository. This centralization simplifies the application of data governance controls, ensuring consistent data quality, standards, and policies are applied across the organization.

References:

DMBOK (Data Management Body of Knowledge), 2nd Edition, Chapter 11: Reference & Master Data Management.

Master Data Management and Data Governance by Alex Berson and Larry Dubov.

The ISO definition of Master Data quality focuses on the degree to which the data's characteristics meet the requirements of individual users. This implies that quality is subjective and depends on whether the data is suitable and adequate for its intended purpose, fulfilling the specific needs of its users.

References:

ISO 8000-8:2015 - Data quality — Part 8: Information and data quality: Concepts and measuring.

DAMA-DMBOK: Data Management Body of Knowledge (2nd Edition), Chapter 13: Data Quality Management.

Key processing steps for successful MDM typically include:

Data Acquisition: The process of gathering and importing data from various sources.

Data Sharing & Stewardship: Involves ensuring data is shared appropriately across the organization and that data stewards manage data quality and integrity.

Entity Resolution: Identifying and linking data records that refer to the same entity across different data sources.

Data Model Management: Creating and maintaining data models that define how data is structured and related within the MDM system.

Excluded Step - Data Indexing: While indexing is a critical database performance optimization technique, it is not a primary processing step specific to MDM. MDM focuses on consolidating, managing, and ensuring the quality of master data rather than indexing, which is more about search optimization within databases.

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)"