Solution : https://service.sap.com/sap/support/notes/1554577 (SAP Service marketplace login required)
Key words : 
1 installation - oracle db selection error     reason, installation master version released, latest installation master, oracle home directory, symptom                sap mdm 7, windows server machine, client installation exists, installer automatically detects, error message, oracle client
Related Notes : 
       
| 1553991 | SAP Release Note for MDM 7.1 SP06 Patch04 |