Which one of the following phrases most closely identifies the notion of Master Data?

The concept of Master Data pertains to the essential information that is crucial for operations and decision-making within an organization. This includes foundational data about key subjects such as customers, products, suppliers, and locations, which serves as a consistent and reliable source of core business information.

Choosing the phrase that identifies Master Data as "Key facts relating to the principal subject areas of interest to the business" accurately reflects this definition. It emphasizes that Master Data consists of the critical elements that provide context to everyday business processes and reporting, thereby enabling effective management and operational efficiency.

In contrast, other options focus on different aspects of data. For instance, transaction information pertains to day-to-day operations and can include records of sales, purchases, or service delivery, which do not encapsulate the broader concept of Master Data. Additionally, content of pictures, text, and video refers to unstructured data types that are not covered under the definition of Master Data. Lastly, consolidation of transaction data into useful management information is related to the processing of data, rather than defining what constitutes Master Data itself.

Thus, the selected phrase effectively captures the essence of Master Data as being essential, consistent, and related to core business interests.