Reference data and master data are distinct in several key characteristics. Here's a detailed explanation:
* Reference Data Characteristics:
* Stability: Reference data is generally less volatile and changes less frequently compared to master data.
* Complexity: It is less complex, often consisting of simple lists or codes (e.g., country codes, currency codes).
* Size: Reference data sets are typically smaller in size than master data sets.
* Master Data Characteristics:
* Volatility: Master data can be more volatile, with frequent updates (e.g., customer addresses, product details).
* Complexity: More complex structures and relationships, involving multiple attributes and entities.
* Size: Larger in size due to the detailed information and numerous entities it encompasses.
* 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)"