What does lifecycle management in the context of MDG refer to?

Lifecycle management in the context of Master Data Governance (MDG) focuses on the comprehensive process that governs the stages of master data throughout its lifespan within an organization. This includes various critical phases such as the creation, maintenance, updating, and ultimately the deletion of master data.

By effectively managing these stages, organizations ensure that their master data remains accurate, consistent, and reliable across all systems and processes. This management is crucial for maintaining data integrity and supporting compliance with regulatory and organizational requirements. It also allows for better decision-making based on quality data.

In contrast, the other options deal with areas that fall outside the scope of master data lifecycle management. Managing the physical lifecycle of IT hardware pertains to the management of physical assets rather than data itself. Managing user licenses relates to software access and compliance, while managing external vendor relationships focuses on the interactions and agreements with external parties rather than the data lifecycle. Therefore, the focus of lifecycle management in MDG is specifically about the processes involving master data rather than any of these other aspects.