Dama Exam CDMP-RMD Topic 1 Question 4 Discussion

All organizations possess master data, even if it is not explicitly labeled as such. Here's why:

Definition of Master Data:

Core Business Entities: Master data refers to the critical entities around which business transactions are conducted, such as customers, products, suppliers, and accounts.

Business Operations: Every organization maintains records of these entities to support business operations, decision-making, and reporting.

Implicit Existence:

Unlabeled Data: Organizations may not explicitly label this data as ''Master Data,'' but it exists within various systems, databases, and spreadsheets.

Examples: Customer lists, product catalogs, employee records, and financial accounts.

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

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