CDMP-RMD Dumps With Exact Questions and Answers

Historical Perspective of Master Data:Maintaining historical data about master data objects is crucial for various reasons.

Reasons for Importance:

Provides an audit trail:Keeping historical data allows organizations to track changes and understand the evolution of data over time, which is essential for auditing purposes.

May be required in litigation cases:Historical data can serve as evidence in legal disputes, demonstrating the state of data at specific points in time.

Attributes about Master Data subjects evolve over time:As entities change, such as customers moving or changing names, maintaining historical data allows for accurate tracking of these changes.

Enables business analytics to determine the root cause of behavioral changes:Historical data can help in analyzing trends and identifying reasons for changes in business metrics or customer behavior.

Conclusion:All the provided reasons collectively highlight the importance of maintaining a historical perspective of master data.

References:

DMBOK Guide, sections on Master Data Management and Data Governance.

CDMP Examination Study Materials.

International Classification of Diseases (ICD) codes are a type of industry reference data.

ICD Codes:

Developed by the World Health Organization (WHO), ICD codes are used globally to classify and code all diagnoses, symptoms, and procedures recorded in conjunction with hospital care.

They are essential for health care management, epidemiology, and clinical purposes.

Industry Reference Data:

Industry reference data pertains to standardized data used within a particular industry to ensure consistency, accuracy, and interoperability.

ICD codes fall into this category as they are standardized across the healthcare industry, facilitating uniformity in data reporting and analysis.

Other Options:

Geographic Reference Data:Includes data like country codes, region codes, and GPS coordinates.

Computational Reference Data:Used in computational processes and algorithms.

Internal Reference Data:Data used internally within an organization that is not standardized across industries.

MDM (Master Data Management) is characterized by formal management with a high degree of diligence and collaboration. Here’s why:

Formal Management:

Structured Processes: MDM involves structured processes for managing master data, including data governance, data quality management, and data stewardship.

Policies and Standards: Establishes and enforces policies and standards to ensure data consistency, accuracy, and integrity.

Collaboration:

Cross-Functional Teams: Requires collaboration across different departments, including IT, business units, and data governance teams.

Stakeholder Involvement: Engages various stakeholders in the data management process, ensuring that master data meets the needs of the entire organization.

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)"