Management Information Systems (MIS) are processes used by companies to provide management with the best information for decision making. While many MIS in business today are computerized, some manual processes like information evaluation and dissemination are still used.
- The first part of the MIS is to collect financial and operational data from each company division. This information is then stored and documented before being processed by the MIS.
- The second part of the MIS is to process all collected data and ensure it is relevant to the decision making process. The collected data should be timely, and relevant to company management.
- Management uses the information to make a decision regarding business operations, budget considerations or new business opportunities.
- Decision feedback is an important part of the MIS. After a decision is made and the changes implemented, requesting feedback and deciphering the results of the decision is an important aspect of determining the successfulness of the decision.
- MIS procedures must have an element of flexibility to ensure that changes can be made in any part of the MIS. This allows management to change the requirements of the MIS to reflect current business situations, making decisions more relevant to the company.
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