Define Management Information System and its scope.
MIS: Management Information System is defined as a formal way of making available to management the accurate and timely information essential to facilitate the decision making process and allow the organisation's planning, operational and control functions to be carried efficiently and effectively.
The purpose is to aid decision making and not to automate the Decision making process. Scope of management information system is:
- To give timely, relevant, accurate and all information.
- To give information to all functional managers as Production, Finance, Marketing and Personnel, R and D.
- To give information to all level of management as Top level, Middle level and Low level managers for making intelligent decisions.
- To give information for Strategic Planning, Management Control and Operational Planning.
The MIS gives information on the past, present and projected future and on associated events inside and outside the organisation. The MIS gives the management the following main services:
(i) Determination of Information requires.
(ii) Information Gathering.
(iii) Information Processing.
(iv) Information Utilisation.