What is metadata in context of a Datawarehouse and how it is important?

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Meta data is the data about data; Business Analyst or data modeler usually capture information about data - the source (where and how the data is originated), nature of data (char, varchar, nullable, existance, valid values etc) and behavior of data (how it is modified / derived and the life cycle ) in data dictionary a.k.a metadata. Metadata is also presented at the Datamart level, subsets, fact and dimensions, ODS etc. For a DW user, metadata provides vital information for analysis / DSS.
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