Skip to main content

MIS: A TOOL FOR IMPLEMENTATION OF MANAGEMENT PROCESSES


The process of management requires a lot of data and information for execution of the plan. This requirement arises on account of the fact that in each step of management, a variety of decisions are taken to correct the course of development. The decisions or actions are promoted due to the feedback given by the control system incorporated in the management system. The control of overall performance is made possible by way of budget summaries or reports.The exception report identify the weakness in the system of management.


If effective management system is to be assured, it has to rest on business information. The management performance improves if the business risks and uncertainties are handled effectively. The information support improves the lack of knowledge , enriches experience and improves analytical abilities leading to better business judgement.A good MIS must furnish information to the managers to expand their knowledge base. The MIS should provide the support to act and to act decisively. It should support management in terms of basic business information at the corporate level and meet the specific needs of information.

Comments

Popular posts from this blog

Advantages and Disadvantages of EIS Advantages of EIS Easy for upper-level executives to use, extensive computer experience is not required in operations Provides timely delivery of company summary information Information that is provided is better understood Filters data for management Improves to tracking information Offers efficiency to decision makers Disadvantages of EIS System dependent Limited functionality, by design Information overload for some managers Benefits hard to quantify High implementation costs System may become slow, large, and hard to manage Need good internal processes for data management May lead to less reliable and less secure data

Inter-Organizational Value Chain

The value chain of   a company is part of over all value chain. The over all competitive advantage of an organization is not just dependent on the quality and efficiency of the company and quality of products but also upon the that of its suppliers and wholesalers and retailers it may use. The analysis of overall supply chain is called the value system. Different parts of the value chain 1.  Supplier     2.  Firm       3.   Channel 4 .   Buyer

Big-M Method and Two-Phase Method

Big-M Method The Big-M method of handling instances with artificial  variables is the “commonsense approach”. Essentially, the notion is to make the artificial variables, through their coefficients in the objective function, so costly or unprofitable that any feasible solution to the real problem would be preferred, unless the original instance possessed no feasible solutions at all. But this means that we need to assign, in the objective function, coefficients to the artificial variables that are either very small (maximization problem) or very large (minimization problem); whatever this value,let us call it Big M . In fact, this notion is an old trick in optimization in general; we  simply associate a penalty value with variables that we do not want to be part of an ultimate solution(unless such an outcome is unavoidable). Indeed, the penalty is so costly that unless any of the  respective variables' inclusion is warranted algorithmically, such variables will ...