MDS is part of SQL 2008 R2 (10.50.1352).
Please note you would need Internet Information Services (IIS) installed.
Once you have installed MDS you would need to configure MDS. By default MDS Configuration Manager would start as soon as the installation is completed. You don't have to configure straight away. You can dot it any time using MDS Configuration Manager from Programs\Microsoft SQL Server 2008 R2 November CTP\Master Data Services\ Configuration Manager.
When you start Configuration Manager the initial screen should look something similar to the one below.

Configuring MDS

If you are doing this first time, you would need to Create Database by selecting “Create Database”. This will start a new wizard as shown below.

Click Next and configure your database server and Test the connection:



Once you have configured and tested the Database Server click next. In this screen you can specify the MDS database name. It can be anything, but recommended to use some meaningful name. I prefer to use MDM as shown below. In this screen you can set the collation. Default is set to SQL Server Default Collation.

You need to give Service Account and Administrator Account in the next two screens as shown below:


At this point summary information will be displayed for us to review. If we are not happy we can go back and change the above information.

If you are happy with the summary information click next to create the MDS database. This step could take some time.

If all created successfully, you should success messages as shown below.

Click Finish to complete the Database Creation wizard. At this point you can see a database called “MDM” in SQL Server Management Studio if you connect to the server you have specified.
When you click on Finish the screen below will appear. Here you can change the system settings to suit your own environement.

Main system setting you need to be aware is Master Data Services URL. You can configure database mail at this point.
Click on Web Configurations, which should bring screen below.

As we don’t have MDS Site created and configured at this point, click on “Create Site”, which will bring a screen below.

In the above screen you need to specify the Web Site Name, Protocol, IP & Port. You would also need to give a name for Application Pool with username and password. Once you specified the values and click OK. At this point it will create the website and application for MDS. When completed the screen should look something similar to this.

Please note Server and Database name is populated for you. If you do want web services to access MDS programmatically you would need to select “Enable Web Services for this Web Application".
Now we are done. Click Apply, which should bring screen below.


When the web application is launched it might ask you for login details. When you enter the username and password the “GettingStarted” page will appear as shown below.

Here you go. Now Enjoy MDS!!!
You can reconfigure MDS website at anytime by just deleting Site and Application Pools. These two can be deleted by using IIS Manager.
Thanks
Sutha