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    management

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    198 views8 pages

    Objectives of Management Information Systems

    Uploaded by

    prajotadsul
    management

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 8

    Objectives of Management Information Systems

    There are many objectives of Management Information Systems They are as follows:-

    Data Capturing: MIS capture data from various internal and external sources of organization. Data capturing may be manual or through computer terminals.

    Processing of Data: The captured data is processed to convert into required information. Processing of data is done by such activities as calculating, sorting, classifying, and summarizing.

    Storage of Information: MIS stores the processed or unprocessed data for future use. If any information is not immediately required, it is saved as an organization record, for later use.

    Retrieval of Information: MIS retrieves information from its stores as and when required by various users.

    Dissemination of Information: Information, which is a finished product of MIS, is disseminated to the users in the organization. It is periodic or online through computer terminal.

    Meaning of Management Information System

    An organized approach to the study of the information needs of an organization's management at every level in making operational, tactical, and strategic decisions. Its objective is to design and implement procedures, processes, and routines that provide suitably detailed reports in an

    accurate, consistent, and timely manner. In a management information system, modern, computerized systems continuously gather relevant data, both from inside and outside an organization. This data is then processed, integrated, and stored in a centralized database (or data warehouse) where it is constantly updated and made available to all who have the authority to access it, in a form that suits their purpose. MIS (management information systems) is a general term for the computer systems in an enterprise that provide information about its business operations. It's also used to refer to the people who manage these systems. Typically, in a large corporation, "MIS" or the "MIS department" refers to a central or centrally-coordinated system of computer expertise and management, often including mainframe systems but also including by extension the corporation's entire network of computer resources.

    In the beginning, business computers were used for the practical business of computing the payroll and keeping track of accounts

    payable and receivable. As applications were developed that provided managers with information about sales, inventories, and other data that would help in managing the enterprise, the term "MIS" arose to describe these kinds of applications. Today, the term is used broadly in a number of contexts and includes (but is not limited to): decision support systems, resource and people management applications, project management, and database retrieval applications. A management information system (MIS) is a system or process that provides A management information system (MIS) is a system or process that provides the information necessary to manage an organization effectively. MIS and the information it generates are generally considered essential components of prudent and reasonable business decisions. The importance of maintaining a consistent approach to the development, use, and review of MIS systems within the institution must be an ongoing concern of both bank management and OCC examiners. MIS should have a clearly defined framework of guidelines, policies or practices, standards, and procedures for the organization. These should be followed throughout the institution in the development, maintenance, and use of all MIS. MIS is viewed and used at many levels by management. It should be supportive of the institution's longer term strategic goals and objectives. To the other extreme it is also those everyday financial accounting systems that are used to ensure basic control is maintained over financial recordkeepingactivities.

    MIS is viewed and used at many levels by management. It should be supportive of the institution's longer term strategic goals and objectives. To the other extreme it is also those everyday financial accounting systems that are used to ensure basic control is maintained over financial recordkeeping activities.

    Goals of MIS
    MIS should be designed to achieve the following goals: Enhance communication among employees. Deliver complex material throughout the institution. Provide an objective system for recording and aggregating information Reduce expenses related to labor-intensive manual activities. Support the organization's strategic goals and direction. supplies decision makers with facts enhances job performance throughout an institution Policies or practices. Operational processes. Staff and management. Feedback devices. operational efficiency functional effectiveness quality customer service product certain and enhancement altering the basis of competition identifying and exploiting business opportunities client look in.

    Characteristics of MIS:
    To function effectively as an interacting, interrelated, and interdependent feedback tool for management and staff, MIS must be "useable." The five elements of a useable MIS system are: timeliness, accuracy, consistency, completeness, and relevance. The usefulness of MIS is hindered whenever one or more of these elements are compromised.

    Timeliness:
    To simplify prompt decision making, an institution's MIS should be capable of providing and distributing current information to appropriate users. Information systems should be designed to expedite reporting of information. The system should be able to quickly collect and edit data, summarize results, and be able to adjust and correct errors promptly.

    Accuracy:
    A sound system of automated and manual internal controls must exist throughout all information systems processing activities. Information should receive appropriate editing, balancing, and internal control checks. A comprehensive internal and external audit program should be employed to ensure the adequacy of internal controls.

    Consistency:
    To be reliable, data should be processed and compiled consistently and uniformly. Variations in how data is collected and reported can distort information and trend analysis. In addition, because data collection and reporting processes will change over time, management must establish sound procedures to allow for systems changes. These procedures should be well defined and documented, clearly communicated to appropriate employees, and should include an effective monitoring system.

    Completeness:
    Decision makers need complete and pertinent information in a summarized form. Reports should be designed to eliminate clutter and voluminous detail, thereby avoiding "information overload." Processing of Data: The captured data is processed to convert into required information. Processing of data is done by such activities as calculating, sorting, classifying, and summarizing.

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