Question
Why is metadata crucial in the management of
data?Solution
Metadata is essentially data about data —it provides information about the structure, origin, usage, and meaning of the data. This is crucial for understanding how data is organized, where it comes from, and how it should be interpreted. For example, metadata in a database may describe the type of data stored in a column, the relationships between tables, and the constraints or business rules that govern the data. In file systems, metadata includes information like file size, creation date, and file type, helping users and applications process and manage the data correctly. Option B (Metadata is only useful for storing data in databases) is incorrect because metadata is used in a variety of contexts, not just in databases. Option C (Metadata eliminates the need for data cleaning) is incorrect because metadata does not address data quality issues directly; it helps in understanding the data structure and context. Option D (Metadata directly affects the data analysis outcome) is incorrect because while metadata helps organize and understand the data, it does not directly affect the analysis outcome, which depends on the data itself. Option E (Metadata provides a means to visualize data more effectively) is incorrect because metadata helps organize data, but visualization depends on how the actual data is represented.
Ind AS 7 deals with which of the following:
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The certainty equivalent is _______.
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The preparation of a trial balance is for: