Attempt each question. Each question carries 10 marks:
1. What is MIS? Define the characteristics of MIS? What are the basic Functions of MIS? Give some Disadvantage of MIS?
A management information system is a system that provides information needed to manage organizations effectively. MIS involve three primary resources: technology, information, and people. Management information systems are regarded as a subset of the overall internal controls procedures in a business, which cover the application of people, documents, technologies, and procedures used by management accountants to solve business problems such as costing a product, service or a business-wide strategy The characteristics of MIS are as follows:-
1. It supports transaction handling and record keeping.
2. It is also called as integrated database Management System which supports in major functional areas. 3. It provides operational, tactical, and strategic level managers with easy access to timely but, for the most, structured information. 4. It supports decision –making function which is a vital role of MIS. 5. It is flexible which is needed to adapt to the changing needs of the organization. 6. It promotes security system by providing only access to authorized users. 7. MIS not only provides statistical and data analysis but also works on the basis on MBO (management by objectives). MIS is successfully used for measuring performance and making necessary change in the organizational plans and procedures. It helps to build relevant and measurable objectives, monitor results, and send alerts. 8. Coordination: MIS provides integrated information so that all the departments are aware of the problem and requirements of the other departments. This helps in equal interaction of the different centers and connects decision centers of the organization. 9. Duplication of data is reduced since data is stored in the central part and same data can be used by all the related departments. 10. MIS eliminates redundant data.
11. It helps in maintaining consistency of data. It is divided into subsystems. Handlings with small systems are much easier than an entire system. This helps in giving easy access of data, accuracy and better information production. 12. MIS assembles, process, stores, Retrieves, evaluates and disseminates the information.
Function of MIS
The main functions of MIS are:
Data Processing: Gathering, storage, transmission, processing and getting output of the data. Making the data into information is a major task. Prediction: Prediction is based on the historical data by applying the prior knowledge methodology by using modern mathematics, statistics or simulation. Prior knowledge varies on the application and with different departments. Planning: Planning reports are produced based on the enterprise restriction on the companies and helps in planning each functional department to work reasonably. Control: MIS helps in monitoring the operations and inspects the plans. It consists of differences between operation and plan with respect to data belonging to different functional department. It controls the timely action of the plans and analyzes the reasons for the differences between the operations and plan. Thereby helps managers to accomplish their decision making task successfully. Assistance: It stores the related problems and frequently used information to apply them for relative economic benefits. Through this it can derive instant answers of the related problem. Database: This is the most important function of MIS. All the information is needs a storage space which can be accessed without causing any anomalies in the data. Integrated Database avoids the duplication of data and thereby reduces redundancy and hence consistency will be increased. The major function of MIS lies in application...