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Management Information System
Overview of Management Information System (MIS)
In this article, we are going to learn overview, definition, significance, nature and scope of Management Information System (M.I.S.).
Submitted by IncludeHelp, on March 21, 2018
MANAGEMENT INFORMATION SYSTEM: THE NEED OF ORGANIZATION TO TAKE NOTEWORTHY DECISIONS
Overview of M.I.S.
Management Information System (MIS) is a combination of principles, theories and practices of management, which play an important role in business organization in the planning and decision-making process. It provides information for the personnel at various levels of management for performing their respective jobs. The management information system can be compared with information technology (IT). IT can be considered as a sub-system of MIS.
Definition
MIS is defined as a system that consists of people, machines, procedures, data models and databases as the elements of the system. The system executes the followings:
- Collection of data from internal and external sources of company
- Processing of data
- Proper flow of processed data or management of information to the managers to assist them in the procedure of decision-making
Significance of MIS
MIS is defined as the field of management where timely and reliable information plays a very important role. This information is obtained through a logical and well-structured method of collecting information and processing of the collected information, which helps the decision-makers in carrying out the decisions. MIS is very significant these days because the term information is considered equally important to the three M have related to the business industry namely money, materials, men and machines.
The significance of a planned, analyzed, designed and maintained MIS is as follows:
- Helps in progress and growth of the business and management infrastructure in increasing business complexities by providing timely, useful and reliable information. This information is provided to the management for taking quick, rational and speedy decisions.
- Helps in globalization and liberalization of the organizations that need to compete not only locally but globally too.
MIS assists decision-makers in organizations by providing Management Information (MI) at various stages of decision-making. Whereas MIS if in case is not maintained properly may provide inaccurate or irrelevant information that may prove costly to the organization.
Nature and Scope of MIS
MIS is supposed to have borrowed the management concepts from various disciplines such as accounting, computing, organizations, management and operations, because of this interdisciplinary nature of MIS, it is considered both as an art and a science.
Reference: Dr. N P Singh, MIS, 2006