For use in finance, see Reference data (financial markets).
Reference data is data used to classify or categorize other data.[1] Typically, they are static or slowly changing over time.
Examples of reference data include:
Units of measurement
Country codes
Corporate codes
Fixed conversion rates e.g., weight, temperature, and length
Calendar structure and constraints
Reference data sets are sometimes alternatively referred to as a "controlled vocabulary"[2] or "lookup" data.[3]
Reference data differs 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.[4] 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.
^DAMA-DMBOK: Data Management Body of Knowledge (2nd ed.). Data Management Association. 2017. ISBN 978-1634622349.
^"Multilingual reference data". EU Open Data Portal. European Commission. Retrieved 2020-06-07.
^"Using reference data for lookups in Stream Analytics". Microsoft. Microsoft. Retrieved 2020-06-07.
^DAMA-DMBOK: Data Management Body of Knowledge (2nd ed.). Data Management Association. 2017. ISBN 978-1634622349.
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