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Free CDMP-RMD Exam Braindumps (page: 5)

Page 4 of 26
PDF with 100 Questions

The ISO definition of Master Data quality is which of the following?

  1. Data meets the objective dimensions but not the subjective dimensions
  2. Data meets all common requirements of all data users
  3. Data is compliant to all international, country, and industry standards
  4. The degree to which the data's characteristics fulfill individual users' requirements
  5. Identifies the company that created and owns the Master Data

Answer(s): D

Explanation:

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.


Reference:

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.



Where is the most time/energy typically spent tor any MDM effort?

  1. Subscribing content from the MDM environment
  2. Designing the Enterprise Data Model
  3. Vetting of business entities and data attributes by Data Governance process
  4. Publishing content to the MDM environment
  5. Securing funding for the MDM effort

Answer(s): C

Explanation:

In any Master Data Management (MDM) effort, the most time and energy are typically spent on vetting business entities and data attributes through the Data Governance process. This step ensures that the data is accurate, consistent, and adheres to defined standards and policies. It involves significant collaboration and decision-making among stakeholders to validate and approve the data elements to be managed.


Reference:

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.



Can Reference data be used for financial trading?

  1. No because customer data is not considered reference data
  2. No. reference data is static, financial data trading is dynamic
  3. No. since financial trades change every second they cannot use reference data
  4. Yes. but only less than 1096 can be used
  5. Yes. an estimated 70% of data being used in financial transactions is reference data

Answer(s): E

Explanation:

Reference data plays a crucial role in financial trading. It includes data such as financial instrument identifiers, market data, currency codes, and regulatory classifications. Despite the dynamic nature of financial trades, reference data provides the necessary static information to execute and settle transactions. Industry estimates suggest that approximately 70% of the data used in financial transactions is reference data, underscoring its importance in the financial sector.


Reference:

DAMA-DMBOK: Data Management Body of Knowledge (2nd Edition), Chapter 11: Reference and Master Data Management.
"The Data Warehouse Toolkit: The Definitive Guide to Dimensional Modeling" by Ralph Kimball and Margy Ross.
Industry publications and whitepapers on reference data management in financial services.



ISO 8000 is a Master Data international standard tor what purpose?

  1. Provides a standard format for defining a model for a data dictionary
  2. Provide guidance only to the Buy side of the supply chain
  3. To replace the ISO 9000 standard
  4. Define and measure data quality
  5. Defines a format to exchange data between parties

Answer(s): D

Explanation:

ISO 8000 is an international standard focused on data quality and information exchange. Its primary purpose is to define and measure the quality of data, ensuring that it meets the requirements for completeness, accuracy, and consistency. The standard provides guidelines for data quality management, including requirements for data governance, data quality metrics, and procedures for improving data quality over time. ISO 8000 is not meant to replace ISO 9000, which is focused on quality management systems, but to complement it by addressing data quality specifically.


Reference:

ISO 8000: Overview and Benefits of ISO 8000, International Organization for Standardization (ISO) DAMA-DMBOK2 Guide: Chapter 12 ­ Data Quality Management






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