...CONCEPT, ROLE AND IMPORTANCE OF MIS CONCEPT The MIS is an idea which is associated with man, machine, marketing and methods for collecting information’s from the internal and external source and processing this information for the purpose of facilitating the process of decision-making of the business. MIS is not new, only the computerization is new , before computers MIS techniques existed to supply managers with the information that would permit them to plan and control business operations. The computer has added on more dimensions such as speed, accuracy and increased volume of data that permit the consideration of more alternatives in decision-making process. The scope and purpose of MIS is better understood if each part of them is defined individually, thus 1. MANAGEMENT: Management has been define in process or activities that describe what managers do in the operation for their organization plan, organize, initiate and control operations. They plan by setting strategies and goals and selecting the best course of action to achieve the goals. They organize the necessary tasks for the operational plan, set these tasks up into homogenous groups and assign authority delegation; they control the performance standards and avoiding deviation from standard. The decision-making is a fundamental prerequisite of each of the foregoing process, the job of MIS is facilitating decisions necessary for planning, organizing and controlling the work and functions of the business...
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...Information Systems (MIS) 2/ MIS, Monitoring & Evaluation Introduction Monitoring and Evaluation Process points: Types and levels of monitoring and evaluation activities Some monitoring and evaluation definitions What are indicators? Methods and tools for monitoring and evaluation Steps in planning and conducting monitoring and evaluation ❐ Tools and techniques: How to write your evaluation report Tips for improving monitoring and evaluation of your project Management Information Systems (MIS) ❐ What is on MIS? ❐ Why is an MIS important? Sources for decision making, monitoring, and evaluation ❐ Targets Designing an MIS Using data to inform your MIS: conducting a baseline study Performance information Key questions in designing an MIS Institutionalizing an MIS in an organization MIS: step-by-step Using MIS outputs for decision-making How is information used in the organization? ❐ How does information flow in your organization? A word about reporting ❐ Tips and Tools: Report preparation checklist A final word about evaluation ❐ Process evaluation ❐ Output evaluation ❐ Effects evaluation ❐ Short-term impact evaluation Summary 1 2 4 5 5 7 8 9 10 1 1 1 1 13 1 2 1 3 1 5 16 1 7 19 20 2 1 22 25 26 27 Figures, Tables, and Exercises Figure 1: Exercise A: Table 1: Exercise B: Figure 2: Figure 3: Exercise C: Figure 4: Relation between program monitoring and evaluation and the MIS Comparing monitoring...
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...BRAC University Summer'2013 BEXIMCO Group MIS Application Of Henri Fayol's 14 Principles of Management BEXIMCO Group MIS- Application of Henri Fayol's 14 Principles of Management Submitted to: Afsana Akhtar Assistant Professor BRAC Business School BRAC University Date of Submission: 13th August, 2013 LETTER OF TRANSMITTAL 13th August, 2013 To, Afsana Akhtar Assistant Professor BRAC Business School BRAC University. Sub: Submission of term paper for completion of course. Dear Madam, With high reverence we want to state that we have finished our term paper on the application of Henri Fayol's 14 Principles of Management in Beximco Group MIS in Bangladesh. While working with the term paper we got the first hand experience to learn about the applied management techniques in an organization. It helped us in gaining a new point of view on the significance of management theory like Henri Fayol's 14 Principles plays a role in effective and efficient performance of organizations such as Beximco Group MIS. We did some elaborate research and interviews and came up with sufficient resources to compile our term paper in a comprehensive manner. This term paper is valuable and a necessity to complete our course MGT211. In this term paper, all the team members contributed equally with sheer hard work. We faced some challenges in working as a team but due to everyone's collective efforts we overcame them and tried to produce this paper for you...
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...M-MIS Comptroller of the Currency Administrator of National Banks Management Information Systems Comptroller’s Handbook May 1995 Management M Management Information Systems Introduction Background Risks Associated with MIS Assessing Vulnerability to MIS Risk Achieving Sound MIS MIS Reviews Examination Objectives Examination Procedures Internal Control Questionnaire Purpose MIS Policies or Practices MIS Development User Training and Instructions Communication Audit Conclusion Verification Procedures Table of Contents 1 1 3 4 5 6 9 10 17 17 17 18 19 20 20 21 22 Comptroller's Handbook i Management Information Systems Management Information Systems Background Introduction A management information system (MIS) is a system or process that provides the information necessary to manage an organization effectively. MIS and the information it generates are generally considered essential components of prudent and reasonable business decisions. The importance of maintaining a consistent approach to the development, use, and review of MIS systems within the institution must be an ongoing concern of both bank management and OCC examiners. MIS should have a clearly defined framework of guidelines, policies or practices, standards, and procedures for the organization. These should be followed throughout the institution in the development, maintenance, and use of all MIS. MIS is viewed and used at many levels by management. It should be supportive of the...
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...Management Information System (MIS) enables small business organization to focus on solving business problems and creating new opportunity with technology. In his article titled “The impact of Management Information System effectiveness on task productivity”, Trivellas explains that “management information system (MIS) is the basic tool to support planning and controlling functions of the managers in small business organization” (2013). He states that MIS touches almost all areas of business, such as manufacturing, accounting & finance, human resource and marketing. Trivellas conducted a survey to investigate the impact of MIS in small business sector such as banking. According to his survey, MIS provides necessary information for managers so that they can able to monitor the organization’s activities and make important decisions accordingly. On the other hand, many other authors state that while MIS provides several benefits to the organization, Trivellas fails to mention the issues and the challenges associated with implementing the MIS technology. The authors find that installing MIS can be expensive for small business organization. The organization should create a separate budget to ensure that the system is current. Trivellas ignore the fact that maintenance of the system is another issue that comes along with installing MIS. Companies should hire someone to keep the system operating effectively. This increases labor cost. Moreover, MIS sometimes become ineffective...
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...1 of 15 Assignm ent 2 Garment Industry Case Study MIS – Garment Industry Case Study 2 of 15 The Business Problem In common with the rest of the UK textile and garment industry, IGL faced problems of increasing competition from overseas suppliers, in particular relatively low-wage “Newly Industrialising Countries” like Hong Kong. In response to these competitive pressures, The Special Garment Group began searching for appropriate strategies to meet the challenge. In early 1983, they hired management consultants to study the future of their contract garments business. MIS – Garment Industry Case Study Organizational Structure CONGLOMERATE INTERNATIONAL GARMENTS LIMITED BOARD 3 of 15 PRODUCT GROUP 1 SPECIAL GARMENTS GROUP BOARD PRODUCT GROUP 3 CHIEF EXECUTIVE PROFIT CENTRE 1 PROFIT CENTRE n COMMERCIAL DIRECTOR FINANCE DIRECTOR DP MANAGER DP MANAGER MIS – Garment Industry Case Study 4 of 15 SADT Diagram Suppliers Retailers Business Objectives & Strategies Policies & Plans Investment Proposal Project Plan Concepts & Business Needs . Flexibility . Responsiveness Production Control MICS Development Project User Training Management Info Education & Training DP Staff (SDC & SGG) Hardware MICS Application Finance Technology MIS – Garment Industry Case Study 5 of 15 Investm ent Proposal 1. increase the proportion of high value-added merchandise 2. improve the speed of response...
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...Tasneem Shabbir 014101 Unit 6 Business Decision Making Project Report Table of Contents Information Processing Tools 3 Strategic, tactical and operational information 3 Examples of strategic, tactical and operational information relevant to a Banking sector 3 MIS and its relevance in an organization 4 Project plan for an activity and determine the critical path 5 Financial tools for decision making 5 Project Planning Steps 5 Bibliography 6 Information Processing Tools Strategic, tactical and operational information Strategic planning refers to the process through which an organization defines its strategy, allocate its resource and lead the direction that the company will follow to achieve its goals. Strategic Planning is the formal planning for the future and help the company to define: what we do? For whom we do it? How do we successes? Tactical Planning refers to the process of taking the strategic plan and divided into specific activities, short term actions and plans to achieve the planned objectives. Operational Planning refers to the action plan for the day-to-day functioning of an organization. It defines the short term methods to achieve the strategic objectives set while strategic planning is done. In other words, operation planning allows the company to determine how to do it. Examples of strategic, tactical and operational information relevant to a Banking sector Currently, organizations are in the race for enhancing their capability...
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...Management Information System for MFIs 1.0 Background A good Management Information System (MIS) is the heart of any organization and this is true for MFIs as well. For e.g. MFIs may have capable and motivated staff, but if they lack systematized information, they will be unable to perform up to their potential. A sound MIS is the key to achieve sustainability as it helps in providing the right type of information in achieving sustainability. It helps in reducing default, optimal rotation of portfolio, establishing sustainable interest rates, improving operational efficiency, generating reports at various levels for various stakeholders and review the progress. (Box 1). Common Shortcomings observed in the Information Management Practices: 1.) The basis formats are not comprehensive of them could be combined. 2) The flow and logistic aspects of transfer of information from Society to Federation to HQs and vice versa is not very efficient. 3) The reports produced by the MIS are not in line with the best practices information required. 4) There is no accurate aging analysis of all loans including the past due loans. At best, the aging analysis is approximate and there is no proper asset classification backed up by provisioning. 5) Clients are not classified as good, delinquent and defaulting borrowers based on (international best practices) criteria. 6) Credit history of the borrowers is not available. 7) Clear repayment schedules for borrowers at various levels do not exist...
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...MIS 535 Week 7 Homework Click below link for Answer http://workbank247.com/q/mis-535-week-7-homework/13272 http://workbank247.com/q/mis-535-week-7-homework/13272 1. Social media sites result in loss of personal information because (Points : 1) | sites lack appropriate tools to prevent security fraud. hackers spend more time working to penetrate the sites. users are not careful and share inappropriate business or personal information. Wikileaks is publishing social media site information. | Question 2.2. Information systems (Points : 1) | pose traditional ethical situations in new manners. raise new ethical questions. raise the same ethical questions created by the Industrial Revolution. raise ethical questions primarily related to information rights and obligations. | Question 3.3. The feature of social institutions that means mechanisms are in place to determine responsibility for an action is called (Points : 1) | due process. accountability. courts of appeal. the judicial system. | Question 4.4. The process in law-governed societies in which laws are known and understood and there is an ability to appeal to higher authorities to ensure that the laws are applied correctly is called (Points : 1) | liability. due process. courts of appeal. FOI appeals. | Question 5.5. Immanuel Kant's Categorical Imperative states...
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...have been several cases where the regulator has fined UK insurers for mis-selling insurance policies. Explain why such mis-selling has taken place. Will the new rule that insurers cannot pay commission on the sale of life insurance policies providing investment benefits mean that such policies will no longer be mis-sold?” For decades the insurance industry has had several issues regarding the mis-selling of insurance policies. “Mis-selling is the sale of unsuitable products resulting in customers being left in a disadvantageous position”(Wyman, 2011, P.4), and aptly stated by the Financial Conduct Authority (FCA) “financial services must be sold to you in a manner that is “fair, clear and not misleading” (www.moneyadviceservice.org.uk). There are numerous examples of mis-selling scandals such as endowment mortgages and Payment Protection Insurance (PPI) to name a select few, which shall be analysed throughout. Further to this, the reasons as to why mis-selling occurred in the first place will be discussed as well as whether, due to new legislation regarding the prohibition of commission payment, these policies will continue to be mis-sold. In the views of the economist Friedrich Hayek, due to complex taxes and the use of jargon that is alien to investors, there will always be asymmetric information and thus never a perfect market and thus resulting in the occurrence of mis-selling (Adams, 2005. P.207). Mis-selling has proved costly for UK insurers, brokers and banks, which has...
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...today's organizations run on information. Modern businesses have been leveraging management information systems (MIS) to manage order, organize and manipulate the gigabytes and masses of information generated for various purposes. MIS helps businesses optimize business processes, address information needs of employees and various stakeholders and take informed strategic decisions. However, budget allocation and monitoring issues can affect the efficacy of MIS. Management information system, or MIS, is a managerial decision-making tool. A company uses it in all of its business operations and processes. As the management is in complete know of everything transpiring in the company, it leverages on this advantageous position. Using it, a company is able to record and document all facts pertaining to its procedures and methodologies. The basic intent is to manage and control all of the company’s employees and material through MIS. Using an MIS, an organization is able to establish its hierarchical structure and work-flow charts. Every employee in the organization knows the employees he has authority over and to whom he is responsible for work. The work then progresses without glitches. The company’s operating and procedures are listed by an MIS. The preparation of audits also gets simplified. Businesses worldwide make extensive use of Management Information Systems (MIS). MIS designed by the top management of an organization is a tool for assembling and accumulating facts and figures...
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...products and services. Information tells us to move into new markets or to withdraw from other markets. Without information, the goods do not get made, the orders are not placed, the materials are not procured, the shipments are not delivered, the customers are not billed, and the business cannot survive. But information has far lesser impact when presented as raw data. In order to maximize the value of information, it must be captured, analyzed, quantified, compiled, manipulated, made accessible, and shared. In order to accomplish those tasks, an information system (IS) must be designed, developed, administered, and maintained. An information system is a computer system that provides management and other personnel within an organization with up-to-date information regarding the organization's performance; for example, current inventory and sales. It usually is linked to a computer network, which is created by joining different computers together in order to share data and resources. It is designed to capture, transmit, store, retrieve, manipulate, and or display information used in one or more business processes. These systems output...
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...Effectiveness of MIS at Big Bazaar Introduction Retail industry in India currently is at an all-time high. Over the last one decade, it has seen a steady growth in the market. From having a market size of $238 billion in 2004, it reached $518 billion in 2012 [IBEF, 2014]. With over 1.2 billion people in India, it has become one of the fast growing countries for retail markets to flourish in. Retailing has become one of the strong pillars of our economy as it accounts for 22 percent of India’s GDP and contributes to about 8 percent of total employment in our nation [FICCI]. Organized retail industry in India is bound to grow by leaps and bounds. This growth is driven by rapid changes in the sector, especially due to advanced technological improvements, consumers’ purchasing pattern and a market that supports healthy competition. What is MIS? Management Information Systems (MIS) is a system that utilizes the information that it gathered from both Internal and External sources of an organization. It then processes this data and supplies the information to the Management who assist them in decision making. These decisions could vary from replenishing the inventory to improving a particular product. MIS highlights the relationship between people, process, technology, and the organization. MIS plays a crucial role in the growth and development of retail industry. It assists by providing real-time and accurate information that is integrated across several...
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...process and organization of information through the usage of computers. These management information systems are mostly numerical based and include numbers and figures relating to areas such as sales. The information is presented from raw data into a form that is easily comprehended and understood by the users, making the data collected user friendly. The usage of an MIS is that it can help managers make vital decisions about the business and monitor the progress and flow of the business. They can help high up members of staff understand the ins and outs of the business without in depth knowledge of the numerical information involved. An MIS is vital in most modern companies, but the information provided to the system has to be accurate and up to data in order for it to become truly effective and efficient. The data in the system can be used to compare different sets of data from other companies and previous years, detecting trends and spotting niche areas. Data that has been previously entered can be analysed and used to anticipate future events, this is called forecasting or predictive modelling. However the uses of an MIS can be limited, typically they are less reliable when dealing with non numerical data and the quality, reliability and validity of the information produced by the system entirely dependent on the quality, reliability and validity of the information entered into the system in the first place. Information systems are designed to improve the overall day to day running...
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...ASHWINI SACHIN BACHHAV Mobile: 09922686848/ 09422293379 E-Mail: Ashwini.bachhav@birlasunlife.com [pic] In pursuit of opportunities in the field of Manager Sales Support Staff / Asst. Manager for Sales Support and MIS Manager. SUMMARY [pic] ← Associate from Insurance Institute of India with over 4 years of experience in managing the complete scope of Operations involving Customers Service, HR Initiatives, Admin, MIS Preparation, Internal Control, Liaison & Coordination and Team Supervision. ← Currently associated with Birla Sunlife Insurance Co. Ltd., Location: Nasik as Senior Branch Operation & Sales and Support + Group Leader in Sales Support Staff for Mumbai & Aurangabad Region.) ← Talent for proactively identifying & resolving problems, controlling costs, maximising productivity & delivering profit increases. ← Expertise in developing, recommending and implementing human resource strategies and policies in support of business objectives. ← Deft in overseeing change management and provision of business focus solutions in a fast moving environment. ← Possess a high degree of personal maturity and professional efficiency in addition to the basic functional knowledge inherent in the operation and HR function. ← KEY STRENGTHS ENTAIL: - The ability to build strong & enduring relationships - Strong communication skills - A strategic / business vision - Leadership qualities - Negotiating / influencing skills - Ability to balance strategic...
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