Which data classification involves detailed records of transactions?

Which data classification involves detailed records of transactions?

• A. Reference data
• B. Master data
• C. Event data
• D. Detailed transaction data

Answer: (D)

Detailed transaction data is characterized by its specificity and depth, recording individual transactions as they occur. This classification includes elements such as transaction IDs, timestamps, amounts, involved parties, and other granular details that provide a comprehensive view of the activities being recorded. In the context of data management, this type of data is crucial for operations as it allows organizations to capture and analyze every single transaction for purposes like auditing, forecasting, and operational analysis. The richness of detailed transaction data supports business intelligence initiatives by enabling accurate reporting and data-driven decision-making. Other classifications have different focuses: reference data typically includes static or slowly-changing information that categorizes other data, master data represents critical business entities, and event data captures specific occurrences or events associated with transactions in a summarized manner. Therefore, detailed transaction data stands out due to its depth and role in enhancing the understanding of business operations through thorough records of each transaction.

Detailed transaction data is characterized by its specificity and depth, recording individual transactions as they occur. This classification includes elements such as transaction IDs, timestamps, amounts, involved parties, and other granular details that provide a comprehensive view of the activities being recorded.

In the context of data management, this type of data is crucial for operations as it allows organizations to capture and analyze every single transaction for purposes like auditing, forecasting, and operational analysis. The richness of detailed transaction data supports business intelligence initiatives by enabling accurate reporting and data-driven decision-making.

Other classifications have different focuses: reference data typically includes static or slowly-changing information that categorizes other data, master data represents critical business entities, and event data captures specific occurrences or events associated with transactions in a summarized manner. Therefore, detailed transaction data stands out due to its depth and role in enhancing the understanding of business operations through thorough records of each transaction.