1. Loading into shared pool - The SQL source code is loaded into RAM for parsing. (the "hard" parse step)
2. Syntax parse - Oracle parses the syntax to check for misspelled SQL keywords.
3. Semantic parse - Oracle verifies all table & column names from the dictionary and checks to see if you are authorized to see the data.
4. Query Transformation - If enabled (query_rewrite=true), Oracle will transform complex SQL into simpler, equivalent forms and replace aggregations with materialized views, as appropriate.
5. Optimization - Oracle then creates an execution plan, based on your schema statistics (or maybe with statistics from dynamic sampling in 10g).
6. Create executable - Oracle builds an executable file with native file calls to service the SQL query.
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