Test Your Knowledge on Management Information Systems

Management Information Systems: Collecting, Storing, and Analyzing Data for Organizations

• Management Information Systems (MIS) are used to collect, store, analyze, and present data for an organization.
• An efficient MIS can display the financial status of an organization, highlight areas of improvement, and generate sales forecasts based on current data.
• A bank can use an MIS to look at the number of customers that visit each branch, forecast takings based on historical data, profile customers, and identify customers who haven’t saved recently to target them for email.
• An MIS shares a large amount of data from multiple departments within an organization to produce accurate reports.
• An MIS can inform an organization's decision making by highlighting areas that need improvement within the company.
• An MIS uses large data sets to provide accurate data analysis that can be used in many different ways by an organization.
• Data can be stored centrally and backed up easily if a disaster occurs.
• An MIS is an expensive tool that needs to be professionally set up and requires technical knowledge to maintain.
• If any data is incorrect or out of date then the analysis will consequently be inaccurate.
• Employees will need to be trained to use the software accurately for maximum efficiency.
• Information can be collected in different ways, e.g. paper forms, surveys, stock taking and data capture forms in databases.
• Data must be stored securely to ensure it is protected against loss, accidental or via hacking/corruption.