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{{For|use in finance|Reference data (financial markets)}}
'''Reference data''' is [[data]] used to classify or categorize other data.<ref>{{Cite book|title=DAMA-DMBOK: Data Management Body of Knowledge.|publisher=[[Data Management Association]]|year=2017|isbn=978-1634622349|edition=2nd}}</ref> Typically, they are static or slowly changing over time.

Examples of reference data include:
* [[Units of measurement]]
* [[Country code]]s
* Corporate codes
* [[conversion of units|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"<ref>{{cite web |title=Multilingual reference data |url=https://data.europa.eu/euodp/en/data/group/multilingual-assets |website=EU Open Data Portal |publisher=European Commission |access-date=2020-06-07}}</ref> or "lookup" data.<ref>{{cite web |title=Using reference data for lookups in Stream Analytics |url=https://docs.microsoft.com/en-us/azure/stream-analytics/stream-analytics-use-reference-data |website=Microsoft |publisher=Microsoft |access-date=2020-06-07}}</ref>

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.<ref>{{Cite book|title=DAMA-DMBOK: Data Management Body of Knowledge.|publisher=[[Data Management Association]]|year=2017|isbn=978-1634622349|edition=2nd}}</ref> 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.

== Externally-defined reference data ==
For most organisations, most or all reference data is defined and managed within that organisation.
Some reference data, however, may be externally defined and managed, for example by standards organizations.<ref>{{cite web |last1=Chisholm |first1=Malcolm |title=The Foundations of Successful Reference Data Management |url=https://archive.topquadrant.com/docs/whitepapers/TopBraid_ReferenceDataManagementWhitepaper-3-18-15.pdf |website=TopQuadrant |publisher=TopQuadrant |access-date=2020-06-07}}</ref> An example of externally-defined reference data is the set of country codes as defined in [[ISO 3166-1]].<ref>{{Cite web|title = IBM Redbooks {{!}} Reference Data Management|url = http://www.redbooks.ibm.com/abstracts/tips1016.html|website = www.redbooks.ibm.com|date = 2013-05-16|access-date = 2015-12-09|language = en}}</ref><ref>{{Cite web|title = Reference Data Management and Master Data: Are they Related ? (Oracle Master Data Management)|url = https://blogs.oracle.com/mdm/entry/reference_data_management_and_master|website = blogs.oracle.com|access-date = 2015-12-09|url-status = dead|archive-url = https://web.archive.org/web/20151011124443/https://blogs.oracle.com/mdm/entry/reference_data_management_and_master|archive-date = 2015-10-11}}</ref>

==Reference data management==
Curating and managing reference data is key to ensuring its quality and thus fitness for purpose. All aspects of an organisation, operational and analytical, are greatly dependent on the quality of an organization's reference data. Without consistency across business process or applications, for example, similar things may be described in quite different ways. Reference data gain in value when they are widely re-used and widely referenced.

Examples of good practice in reference data management include:

# Formalize the reference data management
# Use external reference data as much as possible
# Govern the reference data specific to your enterprise
# Manage reference data at enterprise level
# Version control your reference data<ref>{{Cite news|url=http://www.lightsondata.com/5-best-practices-for-managing-reference-data/|title=5 best practices for managing reference data - LightsOnData|date=2018-07-25|work=LightsOnData|access-date=2018-08-17|language=en-US}}</ref>

==See also==
* [[Master data]]
* [[Data modeling]]
* [[Master data management]]
* [[Enterprise bookmarking]]
* [[Data architecture]]
* [[Transaction data]]
* [[Code (metadata)]]

== References ==
{{Reflist}}

==Further reading==
* {{Cite book|title = Managing Reference Data in Enterprise Databases|last = Chisholm|first = Malcolm|publisher = Morgan Kaufmann Publishers|year = 2001|isbn = 1558606971}}

== External links ==
* [https://msdn.microsoft.com/en-us/library/hh213066.aspx Microsoft MSDN, Reference Data Services in DQS, 2012]

[[Category:Data management]]

Reference data - Revision history

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