1. A computer-implemented method of developing master data classifications for a master data management (MDM) environment, the method comprising: receiving a classification hierarchy defining one or more dimensions and one or more relations between a set of hierarchy levels, each of the hierarchy levels representing a collection of related objects in the MDM environment, and each of the dimensions representing a set of valid values for one or more nodes in the classification hierarchy; generating a dimensional level by associating at least one of the dimensions with a level of the set of hierarchy levels, the at least one dimension defining a set of valid values for nodes associated with the dimensional level; associating the dimensional level with one or more nodes; receiving first input designating a node in the classification hierarchy as a dimensional node; receiving selection input selecting two or more nodes to be associated with the dimensional node as dimensional combinations; based on the selected nodes, selecting valid dimension values for the dimensional node; and by a computer, generating master data classifications for the MDM environment based on the classification hierarchy and the associated nodes, the master data classifications including one or more objects assigned valid values based on the dimensional level and the associated nodes, the master data classifications including the valid dimension values for the dimensional node.