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According to Milind Gandhi MIS is set up by an organization with the prime objective to obtain management information to BE used by its managers in decision making. Thus, MIS must perform the following functions in order to meet its objectives. Data Capturing: MIS captures data from various internal and external sources of an organization. Data capturing may BE manual or through computer terminals. End users typically, record data about transactions on some physical medium, such as a paper form, or enter it directly into a computer system. · Processing of Data: The captured data is processed to convert it into the required management information. Processing of data is done by such activities as calculating, comparing, sorting, classifying and summarizing. These activities organize, analyze, and manipulate data using various statistical, mathematical, operations research and other business models. · Storage of Information: MIS stores processed or unprocessed dat

According to Milind Gandhi: A management information system has the following characteristics. · System Approach: The information system follows a System’s approach. The system’s approach implies a holistic approach to the study of system and its performance in the light for the objective for which it has been constituted. This approach is anti-piecemeal in nature . · Management Oriented: This is an important characteristic of MIS. For designing of MIS, top-down approach should BE followed. Top-down approach suggests that the system development starts from the determination of management needs and overall business objectives. The MIS development plan should BE derived from the overall business plan. Management oriented characteristic of MIS also implies that the management actively directs the system development efforts. · Need Based: MIS design and development should BE as per the information needs of managers at different levels, viz., strategic planning level, management contr

A MIS report is like a transport of information to those who need it. The essentials of a good management reporting or information system are the following: 1. System should yield information required for the evaluation of each manager’s area of responsibility in relation to the goals of the organisation. 2. There should be a proper flow of information. it should originate from the right place and should be transmitted to the proper level of authority where decisions are to be made. Complete and consistent information should flow in the systematic manner. 3. The information required for a decision should be anticipated so that all the relevant data are gathered and made available at the decision point. 4. Information should be communicated in proper form so that management may study it and use it in decision making without any difficulty. 5. The system should ensure furnishing of the information at the proper time, i.e., neither too late nor too late. 6

The process of MIS reporting essentially involves: 1. Contents : proper selection of financial and operating data and other relevant facts and figure which are to be communicated. 2. Form : Organisation of data to put the information in a proper form that can be readily understood and appreciated by the management. 3. Method : selecting the appropriate method of reporting.

Information is the basis for every decision taken in an organization. The efficiency of management depends upon the availability of regular and relevant information. Thus it is essential that an effective and efficient reporting system be developed as part of accounting system. The main object of management information is to obtain the required about the operating results of an organization regularly in order to use them for future planning and control. The old techniques like intuition, rule of thumb, personal whim and prestige, etc. are now considered useless in the process of decision taking. Modern management is constantly on look out for such quantitative and such information, which can help in analyzing the proposed alternative actions and choosing one as its decision. Thus, modern management functions are information-oriented more popularly known as “management by information” . And the system through which information is communicated to the management is known as “management i

Management information systems do not have to be computerized, but with today's large, multinational corporations, computerization is a must for a business to be successful. However, management information systems began with simple manual systems such as customer databases on index cards. As early as 1642, the French mathematician and philosopher Blaise Pascal invented the first mechanical adding machine so that figures could be added to provide information. Almost two hundred years later, Charles Babbage, a professor of mathematics at Cambridge University in England, wanted to make a machine that would compute mathematical tables. He attempted to build a computing machine during the 1880s. He failed because his ideas were beyond his technical capabilities, not because the idea was flawed. Babbage is often called the father of the computer. With the advent of the computer, management information systems became automated. In the late 1890s, because of the efforts of Herman Holleri

Dictionary: management information system n. ( Abbr. MIS ) A computer system designed to help managers plan and direct business and organizational operations. Accounting Dictionary: Management Information System (MIS) Computer-based or manual system that transforms data into information useful in the support of decision making. MIS can be classified as performing three functions: (1) To generate reports-for example, financial statements, inventory status reports, or performance reports needed for routine or non-routine purposes. (2) To answer what-if questions asked by management. For example, questions such as "What would happen to cash flow if the company changes its credit term for its customers?" can be answered by MIS. This type of MIS can be called Simulation . (3) To support decision making. This type of MIS is appropriately called Decision Support System (DSS) . DSS attempts to integrate the decision maker, the data base, and the quantit