ACC 307 Management Information System Notes PDF

MANAGEMENT INFORMATION SYSTEM COURSE CODE: ACC 307 COURSE TITLE: MANAGEMENT INFORMATION SYSTEM Sunday, December 8, 2024 1  DEPARTMENT OF ACCOUNTING...

MANAGEMENT INFORMATION SYSTEM COURSE CODE: ACC 307 COURSE TITLE: MANAGEMENT INFORMATION SYSTEM Sunday, December 8, 2024 1  DEPARTMENT OF ACCOUNTING ACC 307 LECTURE NOTE I TOPIC: DEFINITION OF CONCEPTS: MANAGEMENT; INFORMATION; SYSTEM MANAGEMENT -The act of getting things done by others -The process of coordinating and directing factors of production towards achieving organisational goals and objectives INFORMATION -Processed data useful for decision making. Data are raw facts, ideas which serve as input for subsequent processing into output (information). SYSTEM -a well organized set of elements that operate together to accomplish a purpose - A set of interrelated components or sub-systems working together to achieve a common goal - Examples are University system, Information system, e.t.c THE OPERATION OF A SYSTEM All resources that enters a system is known as INPUT. As part of the working of the system, input is worked upon through a PROCESS which produces an OUTPUT. A system is surrounded by a BOUNDARY which demarcates it from other systems external to it as well as defining the objectives of the system. Thus, outside the system, we have the ENVIRONMENT be it, economical, social, political, legal e.t.c. It should be noted that the system is not complete without A FEEDBACK- data about the performance of a system because feedback necessitates control. INFORMATION SYSTEM An information system (IS) refers to a functional collection of interconnected elements that are us ed for the purpose of acquiring, retaining, examining, and transmitting data as well as digital info rmation. Fundamentally, it encompasses a confluence of mechanical components, computer programmes, information sets, people, and methodologies that collaborate harmoniously to transform unproces sed input into meaningful and advantageous knowledge. The constituents of Information Systems include several elements, including computer hardware, computer software, telecommunications, databases and data storage facilities, as well as human resources and processes. MANAGEMENT INFORMATION SYSTEM  can be described as tools that help managers organize and make decisions from their data.  is a blend of principle, theories and practices of the Management, Information and System giving rise to single product known as Management Information System (MIS).  uses available resources to provide managers at all levels and in all functions with the information from all relevant sources to enable them make timely and effective decisions for planning, directing and controlling the operations for which they are responsible LEVELS OF MANAGEMENT The concept of levels of management pertains to the hierarchical division of managerial roles within an organisational structure. The quantity of management tiers expands in correlation with the growth of both firm size and workforce magnitude. The hierarchical structure of an organisation is determined by the level of management, which establishes a clear chain of command and delineates the extent of authority and prestige associated with each managerial position. The levels of management may be categorised into three overarching classifications: TOP/STRATEGIC LEVEL MANAGEMENT MIDDLE/TACTICAL LEVEL MANAGEMENT LOW/OPERATIONAL LEVEL MANAGEMENT Source: https://images.app.goo.gl/VPdeJWp47oTKDwPa8 Top Level Management The highest level of power in a business is the top management, which sets goals and enforces rules. It spends more time planning and coordinating how things work. This is a brief summary of what the top management does: The goals and general rules of the business are set by the top managers. It gives departments the directions they need to make budgets, methods, plans, and other things. It makes the company's strategy plans and policies. It picks the middle-level executives, who are in charge of different departments. It keeps an eye on and plans the work of all the offices. It is also in charge of staying in touch with the outside world. It gives you direction and help. The company's owners also hold the top management accountable for how well the business does. Middle Level Management The middle level is made up of office managers and division managers that are responsible to the top managers for how their area works. They spend more time on tasks that organise and guide things. There could be only one level of middle management or senior and junior middle management based on organizational size. Their role include: -They carry out the organization's plans according to the rules and instructions given by the top management. -They make plans for the different parts of the company. -They help hire and train people who will be lower-level managers. -They help lower-level managers understand and follow the rules set by higher-ups. -They are in charge of making sure that everything in the group or area runs smoothly. -It also sends important data and files to the top managers. -They judge how well junior managers are doing their jobs. -They are also in charge of motivating managers lower down to do a better job. LOW LEVEL MANAGEMENT The lower level of management is also called the supervising or operational level. It's made up of bosses, foremen, section officers, and the director, whose main job is to direct and keep an eye on the workers. Giving individuals work and responsibilities is one of their responsibilities. Workers are given instructions and guidance on how to go about their everyday tasks. They are accountable for both output and output quality. Additionally, they are accountable for maintaining positive connections inside the company. As well as informing employees of management's objectives and priorities, they relay feedback from staff members regarding issues, suggestions, and requests for recommendations. They often provide assistance to workers in need. They supervise and guide those under them. The workforce will be trained by these individuals. ASSIGNMENT Identify the information needs of the various levels of management and discuss how information system (IS) aid these levels of management in achieving their goals. TO BE SUBMITTED ON MONDAY, 4TH NOVEMBER, 2024.