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What is Reference Data mean?
Reference data is data used to classify or categorize other data. Typically, they are static or slowly changing over time.
Examples of reference data include:
Units of measurementCountry codesCorporate codesFixed conversion rates e.g., weight, temperature, and lengthCalendar structure and constraintsReference data sets are sometimes alternatively referred to as a "controlled vocabulary" or "lookup" data.
Reference data should be distinguished from master data. While both provide context for business transactions, reference data is concerned with classification and categorisation, while master data is concerned with business entities. A further difference between reference data and master data is that a change to the reference data values may require an associated change in business process to support the change, while a change in master data will always be managed as part of existing business processes. For example, adding a new customer or sales product is part of the standard business process. However, adding a new product classification (e.g. "restricted sales item") or a new customer type (e.g. "gold level customer") will result in a modification to the business processes to manage those items.
referencePosted on 06 Nov 2024, this text provides information on Miscellaneous in Community related to Community. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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