Master and Reference Data Management Quiz set

What are some reasons and potential issues that inevitably arise which propel organisations to adopt better Master and Reference data practices?

Multiple systems end up executing the similar functions as the organisation's technology infrastructure grows in silos
Everyone tends to assume shared data is relatively consistent across the organisation
More risk is undertaken and cost increases due to inconsistencies in data structures and systems across the organisation
Certain data such as geo codes, customer records, employee information need to be shared for both the customers and the organisation's benefit
All of the above

What is a common business driver for initiating a Master Data Management program?

Reducing cost and risk
Making sure people in the organisation can access datasets and trust that it is complete, consistent and up to date
Managing data inconsistencies and data quality issues
Managing data integration costs
All of the above

What is NOT a goal of a Master and Reference data management programme?

Lowering the cost and reducing the complexity of data usage and integration through standards, common data models, and integration patterns
Document and manage organisational knowledge of data-related business terminology in order to ensure people understand data content and can use data consistently
Enabling Master and Reference Data to be shared across enterprise functions and applications
Ensuring the organisation has complete, consistent, current, authoritative Master and Reference Data across organisational processes
None of the above

Which statement is NOT accurate about the differences between Master data and Reference data?

Reference Data sets are generally less complex and smaller than either Transactional or Master Data sets
Master data is an aggregation of Transaction data, Enterprise Structure data and Reference data
Reference data sets have fewer columns and fewer rows than Master data sets
The challenges of entity resolution are not part of Reference Data Management
Master data sets have fewer columns and fewer rows that Reference data sets

Master Data has been given many definitions to describe what it is. Which of these statements does NOT represent what master data is?

Master data are data that are being shared across the organisation and hence must be managed at an enterprise level
Master Data is data that provides the context for business activity data in the form of common and abstract concepts that relate to the activity
Master Data represents core business objects that matter most to an organisation
Master data and transactional data are used interchangeably and mean the same thing
Master data is an aggregation of Transaction data, Enterprise Structure data and Reference data

How are reference data usually structured?

Hashes, graphs, binary trees
Lists, cross references or taxonomies
Linear, array, tables
Trees, maps, columns
Roots, nodes and points

What is the key difference between Internal Reference data and Industry Reference data?

Internal Reference data is created by an organisation to support their own processes while Industry Reference data are data sets created and maintained by government bodies or industry associations
Internal Reference data can be updated while Industry Reference data cannot be changed
Industry Reference data is created by an organisation to support their own processes while internal Reference data are data sets created and maintained by government bodies or industry associations
Both Internal and Industry reference data are produced by bodies outside an organisation but Internal reference data is maintained by the organisations that use it
There is no difference between those 2 terms

Which of these is NOT a type of master data?

Party data
Product data
Transaction data
Location data
Financial structure data

Which of these is an authoritative system where data is created/captured, and/or maintained through a defined set of rules and expectations?

Single Customer View
Single Source of Truth
Golden Record
System of Record
System of Reference

Which of these are steps to take when planning for MDM?

Develop rules for accurately matching and merging entity instances
Establish an approach to identify and restore inappropriately matched and merged data
Establish an approach to distribute trusted data to systems across the enterprise
Identify candidate sources that will provide a comprehensive view of the Master Data entities
All of the above

After going through a cleansing process, an outlier customer record has a phone number that has the wrong format for the country code. This has now been updated to correct the country code format. This process is known as:

Validation
Clustering
Standardisation
Qualification
Deduplication

Entity resolution is the process of determining whether two references to real world objects refer to the same object or to different objects. What activities are involved in the process of entity resolution?

Reference resolution
Identity management
Reference extraction
Reference preparation
All of the above

Matching is the process of identifying how different records may relate to a single entity. One approach is to analyse the similarity between 2 records using defined rules and patterns to assign weights and scores that help determine the similarity. This is known as:

Deterministic approach
Probabilistic approach
Matching approach
Stochastic approach
Realistic approach

Which of these is NOT a challenge particular to managing business party Master Data?

The amount of data sources and their differences
The different channels of communication
How complex the roles and relationships of both individuals and organisations are
The focus on metadata
The challenges around unique identification

Which type of product Master Data solution is best if you need to focus on SKUs down to the inventory level?

Product Data Management (PDM)
Product Lifecycle Management (PLM)
Product data in Enterprise Resource Planning (ERP)
Product data in Manufacturing Execution Systems (MES)
Product data in a Customer Relationship Management (CRM)

Which approach to creating a Master Data hub has Master Data managed in local applications, which is then consolidated within a common repository and made available from a data-sharing hub?

Transaction
Consolidated
Registry
Operational
Federated

Which of these is NOT an activity for reference and master data management?

Develop Data Visualisation Tools
Evaluate and Assess Data Sources
Define Stewardship and Maintenance Processes
Define Architectural Approach
Establish Governance Policies

What should be done when evaluating and assessing data sources as part of a Master Data project?

Understand the needs of the data stewardship team
Understand the velocity, volume and variety of the data
Understand the scope and business drivers behind the Master Data Management project
Understand the structure and content of the data, as well as the processes by which it is collected or created
Understand the reporting requirements of the senior management team

Which of this is NOT a valid reason to define a proper stewardship process for Reference and Master data management?

Stewards can help to capture and maintain metadata about reference data
Stewardship helps to remediate and improve master records that are out of place
Stewardship helps free up the IT team from any obligation to respond to queries from other business units
Stewards can help facilitate discussions with various business units on their reference data to define common values in crosswalks
Stewards can improve the processes used by the business that cause records to fall out

What need NOT be taken into account when deciding the integration approach for master data management?

The number of distinct Systems Of Record
The organisational structure of the business
The Data Governance implementation
The number of systems and applications
The local privacy rules and regulations

Data is monitored as it flows within a Master or Reference data sharing environment so that we can:

Determine the validity of business rules and transformations executed
Show how data is shared and used across the organisation
Identify data lineage to and from systems and applications
Assist root cause analysis of issues
All of the above

Which body should be in charge of ensuring policies and procedures are implemented in order to handle changes to data within the Reference and Master Data environment?

Data Governance Council
Steering Committee
Executive board of directors
IT team
Respective DAMA chapter in the region

What is NOT a part of the process for reference data change management?

Identify the stakeholders involved
Identity the impact caused by the change
Receive the change request
Enact change as quickly as possible to limit its impact
Notify the stakeholders

Data Sharing Agreements are often used to enforce proper access and use of master and reference data shared across the organisation. Who should drive this effort?

Data Quality team
Data Governance programme
IT team
Data Analytics initiative
Data privacy team

Reference and Master Data require governance and stewardship. The Data Governance processes decide:

How data is represented to meet the needs of stakeholders
Which data sources should be integrated
What activities need to be monitored and how often are they monitored
What are the data quality rules that need to be enforced
All of the above

There are metrics that are often used to measure the quality of Master and Reference data to support MDM efforts. Which of these is NOT a suitable measurement?

Number of business terms defined
Data sharing volume and usage
Data ingestion and consumption
Data change activity
Data quality and compliance

Reference data:

Is more important than Master and Transaction data
Has limited value beyond the data team
Is always sourced from outside vendors
Is straightforward to understand
Is used to categorize and classify other data

Which of these is a valid definition of Reference Data?

Data that provides metadata about other data objects
Data used to classify or categorize other data
Data that defines the commonly used business objects
Data that is referencing a change request
Data that has a common and widely understood data definition

Plant Equipment is an example of:

Agricultural Data
Transaction Data
Reference Data
Metadata
Master Data

Reference Data:

Is freely available
Requires more data stewards than Master Data
Usually has fewer attributes than Master Data
Is also known as transactional data
Usually has more attributes than Master Data

Master Data Management:

Forces applications to define business entities as needed and manages the mappings between common data in a central location
Ensures common transaction values are always used
Controls the definition of business entities
Is identical to Reference Data Management
Has limited impact on data quality

Which of the following is NOT a primary Master Data Management area of focus?

Identifying duplicate records
Generating a golden record/best version of the truth
Restricting data access to authorised personnel
Producing clear data definitions for Master Data
Providing access to golden data records

A valid argument for pursuing a Reference Data and/or Master Data management program is:

It is a straightforward activity
By centralizing the management of Reference and Master data, the organization can conform critical data needed for analysis
There are MDM tools that can be implemented quickly
They are essential functions in the data management framework
Reference data is easily purchased so the project will be quick

How does Master data differ from Reference data?

Unlike Reference data, Master data is not usually limited to predefined domain values
Reference data must be held to a higher data quality standard than Master data
There is no difference, Master and Reference data are identical concepts
Reference data does not require business definitions
Reference data does not require a data steward

Which of these is a correct definition of Master Data?

Data that is stored in only one database
Data about the business entities that provide context for business transactions
Data that describes other data
Data that causes transactions and processes to fail when missing or inaccurate
Data that changes seldom, or never

Which of these is a driver to begin a Reference Data Management program?

It is quick and easy to manage codes and descriptions
We only need to do this once and then we can reuse the reference data
It is a useful thing for the data governance team to do
Reference data will help us adhere to GDPR and other privacy regulations
It will improve data quality and facilitate analysis across the organization

Metadata is also used to describe Master Data. Which statement is most correct about this metadata?

It only describes the technical attributes of Master Data
Secures the Master Data
Gives context on who, what and where of the Master Data content
Master Data takes priority over Metadata, so this statement is false
Metadata ensured the Business Data Steward is involved in Master Data programs

Why are value domains crucial for reference data but not as much for master data?

Value domains ensure that reference data is always up-to-date, while master data is inherently static
Value domains provide a set of permissible values for reference data, making it consistent and current across functions, whereas master data focuses more on unique identifiers
Value domains are only relevant for computational reference data, which is a subset of reference data, and have no bearing on master data
Value domains are essential for reference data because they help in data integration, while master data is already integrated
Value domains are used to encrypt reference data for security purposes, which is not a concern for master data

According to the DMBoK, which system holds the most reliable version of master data?

System of Record
Central Repository of Truth
Golden Record
Data Warehouse
Hub and Spoke Model

Do we need to use the Data Model when setting up Master Data Management?

Only if we need to trace the lineage of all data elements
No, as data can have varying representations within the same source
No, especially if the data model exists on multiple platforms
Yes, to establish uniform definitions across the enterprise
No, if the organisation's systems are too intricate with multiple data capture methods

Which of these causes the biggest challenge when implementing Master Data Management?

Navigating the complexities of data privacy regulations
Balancing the needs of real-time data access with system performance
Achieving consensus on data governance protocols
Managing the version control of master data across multiple platforms
The disparity between data sources

Ideally, what should Master Data Values represent?

The organisation's consensus on data taxonomy and hierarchies
The organisation's latest data analytics insights
The organisation's best understanding of what is accurate and current
The organisations categorisation of important taxonomies
The contents of the organisation's data platform

Which of the following statements is most accurate about data in organisations?

Every organisation has a formalised Master Data Management system in place
All organisations possess master data, even if it's not explicitly labelled as such
Master data is only relevant for large corporations, not small businesses
Master data is optional and not a necessity for most organisations
Master data is always managed by a dedicated department within an organisation

Which of the following statements accurately describes the relationship between Master Data Management (MDM) and an organisation’s overall strategy?

MDM is an independent entity and doesn't need to align with the organisation's strategy
MDM should be closely aligned with both corporate and business unit strategies
MDM is only relevant when the organisation has a data-centric business model
MDM is primarily concerned with data storage, not strategic alignment
MDM initiatives are usually driven by IT departments and don't require business strategy alignment

What are Reference and Master Data Management forms of?

Data Integration
Data Valuation
Data Architecture
Data Quality
Big Data

Which of the following statements is true regarding the management and governance of master and reference data?

Master and reference data are confined to specific departments
Data models are less relevant to the success of Master Data Management programs
Governance of master and reference data is optional and doesn't impact their effectiveness
Master and reference data are shared resources that require governance and stewardship
The primary goal of Reference Data Management is to increase the complexity of data

Master and Reference Data Management Quiz set

Quiz Summary

Information

Results

Results

Categories

1. Question

2. Question

3. Question

4. Question

5. Question

6. Question

7. Question

8. Question

9. Question

10. Question

11. Question

12. Question

13. Question

14. Question

15. Question

16. Question

17. Question

18. Question

19. Question

20. Question

21. Question

22. Question

23. Question

24. Question

25. Question

26. Question

27. Question

28. Question

29. Question

30. Question

31. Question

32. Question

33. Question

34. Question

35. Question

36. Question

37. Question

38. Question

39. Question

40. Question

41. Question

42. Question

43. Question

44. Question

45. Question

46. Question

Get CDMP certified, FAST. Click here for guaranteed results.

Would you like to get

FREE LESSONS?