A management information system can be defined as a set of computerised database that equips various sets of financial information programmed in a way which produces operation reports for a unique level of management in an organisation. One of the prime reasons to use MIS within any company is to give feedback to employees and managers about their performance. Specific information displayed on MIS represents actual data over a set of planned results.
MIS assists in receiving specific information from the records of the company where the data is collected automatically from the counters which are linked from the computer placed at periodic intervals. Routine reports can be pre-programmed and run at specific intervals of time using built-in query languages which are then computed by MIS. Our online Business Management assignment help experts also use such systems to solve your queries.
MIS and Small Business
If MIS is based in aiding the management function, a typical small business that has even a single computer operates through a management information system. In a continuously technological changing world, MIS is typically used by a single doctor to bill customers, schedule appointments, and other purposes are directly linked to the accounting software. It can link to different inventory systems by handling accounting purposes which are serving the base of communications. Every business which incorporates with consulting, research, communications, marketing, sales, and other industries have a large system of computer networks at deploying substantial databases.
Let us take a look at how such systems work:
- The information system begins with the process of identifying a specific problem and then seeks a desirable solution.
- Solving such specific problems will surely become the starting point for introducing a new information system that touches a lot of different aspects of the business.
- The discovery of potential solutions will begin by describing the overall process which can then be deepened.
- Specifically buying a different software package for such problems and then linking such systems by using value-added reseller (VAR) and systems integrator.
- The corresponding solution is then adjusted to a small business with fewer employees.
- Then afterward, the systems are implemented in larger companies who want to explore all the options which are offered by various kinds of management service providers and application service providers.
Elements of Management Information System
Given below are some of the elements of the Management Information System (MIS):
- Planning – Planning consists of the following steps:
- Selecting a set of specific objectives.
- Identifying the related activities which are required to achieve the defined objectives.
- Describing all the necessary resources or skills, which are essential to perform the activities.
- Defining the duration of every activity to be taken into consideration.
- Determining the sequence of every activity involved.
- Controlling – Controlling is defined by:
- Establishing every standard of performance so as to reach the objective.
- Measuring every bit of actual performance against all the sets of operating standards.
- Correcting the necessary deviations to ensure all your actions remain on course.
- Decision Making – With the help of models, optimisation, and constraints, several methodologies considered with the levels of decision making that includes:
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