MIS MODULE 1

• Management Information System (MIS)


  A computerized database of financial information organized and programmed to produce regular reports on operations for every level of management in a company
• Components of MIS


  • Information System (hardware, software, personnel, infrastructure)
  • Database Management System (storage and retrieval of data)
  • Intelligence System (processing and presenting data)
  • Research System (identifying management problems and alternative decisions)
• MIS is usually possible to obtain special reports from the system easily
• The main purpose of the MIS is to give managers feedback about their own performance; top management can monitor the company as a whole
• MIS helps managers make informed decisions by providing accurate and timely data.
• MIS provides information that supports management decisions, such as financial performance reports, sales forecasting models, and inventory control systems.
• The main purpose of the MIS is to support decision making.
• MIS provides an efficient way to collect, store, process, analyze, and disseminate large amounts of data quickly and accurately.
• MIS allows for easy access to historical data, which can be used to analyze trends and patterns over time.
• MIS allows managers to analyze past events and identify trends or patterns.
• MIS enables real-time monitoring of key performance indicators, allowing managers to quickly identify issues and take corrective action.
• MIS enables managers to compare actual results with planned outcomes and take corrective action if necessary.
• MIS allows managers to identify trends and patterns in business operations, enabling them to anticipate future needs and opportunities.
• MIS enables managers to compare actual results with planned outcomes, helping them to evaluate the effectiveness of their strategies and tactics.
• Ethics


  The study of morality - "right" and "wrong" - in the context of everyday life, organizational behaviors, and how society operates and is governed
• Morality


  Equivalent term to ethics
• People sometimes speak of morality as something personal but view ethics as having wider social implications
• Others see morality as the subject of a field of study, that field being ethics
• Ethics would be morality as applied to any number of subjects, including journalistic ethics, business ethics, or the ethics of professionals such as doctors, attorneys, and accountants
• Individuals and institutions can be viewed as ethical or unethical
• Law and ethics are different, and a good reputation can be more important than legal compliance
• Good


  A word that can embrace ethical or moral values but also non-ethical values
• It is far from easy for individuals to recognize an ethical problem, have a clear and usable decision-making process to deal with it, and then have the moral courage to do what's right
• It is even more difficult within a business organization, where corporate employees vary in their motivations, loyalties, commitments, and character
• There is no universally accepted way for developing an organization where employees feel valued, respected, and free to openly disagree; where the actions of top management are crystal clear; and where all the employees feel loyal and accountable to one another
• What is legal is not necessarily ethical, and what is ethical is not necessarily legal
• Individuals and organizations have reputations, and the goodwill of an organization is to a great extent based on the actions it takes and on whether the actions are favorably viewed
• Laws are meant to express some moral view, and understanding the varied moral perspectives and values in public policy debates is a clarifying benefit
• Good ethics is good business, as businesses that pay attention to ethics as well as law do better and are viewed more favorably by customers
• The market does respond to unethical behavior, as seen in the cases of Sears Auto Centers and Arthur Andersen
• Maximizing profits while being legally compliant is not a very inspiring goal for a business, as people in an organization need some quality or excellence to strive for
• MIS facilitates communication between different departments within an organization.
• MIS facilitates communication between different departments within an organization, ensuring everyone has access to the same information.
• MIS helps organizations make informed decisions by providing accurate and timely information.
• MIS enables real-time monitoring of key business metrics, allowing managers to respond promptly to changing circumstances.
• MIS allows users to access real-time data through various devices like smartphones or tablets.