Charactristics of Business Information

Information is a fact, datum, observation perception or any other thing that adds to knowledge. In the words of Gordon B. Davis “Information is data that has been processed into a form that is meaningful to the recipient and is of real or perceived value in current or prospective decisions”.

Information is obtained either by direct observation or by communication. Most of business information is obtained through communication. Even in the simplest responsibility center, the manager could not observe with his own senses everything that is going on, nor would he want to devote his time to doing so, even if it were possible.… Read the rest

Management Information and Control Systems (MICS) Installation

The decision to establish a formal Management Information and Control System (MICS) becomes almost inevitable in today’s business climate. The accelerating needs for uniform, concise and timely information by all levels of management dictates the establishment of such a system. The results can be better control of and greater profitability from the enterprise. Essentially the functioning of a MICS involves transmission of all pertinent data necessary to the conduct of a business to one or more management information centers, where it is maintained mid then disseminated in discrete form to all levels of management. This description provides no reference to computers or any other specific type of data processing equipment.… Read the rest

Introduction to E-Business

Due to Internet capabilities and web technology, traditional business organization definition has undergone a change where scope of the enterprise now includes other company locations, business partners, customers and vendors. It has no geographic boundaries as it can extend its operations where Internet works. All this is possible due to Internet and web moving traditional paper driven organization to information driven Internet enabled E-business enterprise. E-business enterprise is open twenty-four hours, and being independent, managers, vendors, customers transact business any time from anywhere. Internet capabilities have given E-business enterprise a cutting edge capability advantage to increase the business value. It has opened new channels of business as buying and selling can be done on Internet.… Read the rest

The necessity and importance of Systems Design in Management Information System (MIS)

The business application system demands designing of systems suitable to the application in project.

The major steps involved in the system design of Management Information Systems(MIS) are the following:

Input Design – Input design is defined as the input requirement specification as per a format required. Input design begins long before the data arrives at the device. The analyst will have to design source documents, input screens and methods and procedures for getting the data into the computer.

Output Design — The design of the output is based on the requirement of the user — manager, customer etc. The output formats have to very friendly to the user.… Read the rest

Introduction to Management Information Systems (MIS)

A management information system (MIS) can be defined as a system that:

  • Provides information to support managerial functions like planning, organizing, directing, controlling.
  • Collects information in a systematic and a routine manner which is in accordance with a well defined set of rules.
  • Includes files, hardware, software and operations research models of processing, storing, retrieving and transmitting information to the users.

A management information system (MIS) is a subset of the overall internal controls of a business covering the application of people, documents, technologies, and procedures by management accountants to solving business problems such as costing a product, service or a business-wide strategy.… Read the rest