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A Materialized View is a structure that stores data from a SELECT statement. A normal View will always reflect current data, while a Materialized View needs to be "refreshed" every now and then to re-execute the SELECT statement that makes up the view and physically store a new resultset.
The Materialized View Editor enables you to create, alter and drop materialized views, check it's output and export the result.
There are 2 important tabs on this editor, the Materialized View tab that allows you to create the SQL statement that makes up the view (either by hand or by using the Visual Query Builder toolbar button) and the Options tab where you specify the other details of this Materialized View.
The Oracle Materialized View Editor
See also: Oracle Materialized View Options