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Software:- If talking about the Software part then it is the term which is used to
describe the instructions that tell the hardware how to perform a task. Without
software there is no concept of utilizing hardware and there is no use of any
hardware.
People:- By the name it is clear that an individual who operates the Computer
system, create and use the software applications, as well as people will face the
ethical issues and decisions regarding the use of information technology. In short
peoples are the most important component of Computer system
Procedures:- These are the descriptions of how things are done, and these are the
steps for accomplishing a result. Procedures for computer systems appear in
documentation manuals and it is also known as reference manuals and user guides
which contain instructions, rules and guidance to follow when using hardware and
software.
COMPONTES OF A COMPUTER
SYSTEM
Historically, a computer is any device that can store and process data. Today it usually refers to
an electronic device with circuits that allow for data to be manipulated in binary form. So the
main components are software (memory and programs to process data) and hardware (devices
used for the storing and processing of that data). And, lastly, an array of components for humans
to interact with the electronic data 'machine.'
Modern personal computers usually contain the following components:
Optical Devices - It has become common for a computer to contain CD-ROM, DVD-ROM,
BLU-RAY ROM or writing devices of the aforementioned types.
LAN CARD - Known officially as a Network Interface Card (NIC), these devices connect a
computer to a network, usually to a router or modem which establishes connectivity to the
Internet. These are usually PCI expansion cards or built into a motherboard and output in RJ-45
format. The cable tips (RJ-45) look similar to a phone cable (RJ-11), but are larger. They are
commonly called Ethernet Cables.
USB ports -
Printers -
Flash Drives -
SPREAD SHEET SOFTWARE
A spreadsheet is a grid that organizes data
into columns and rows. Spreadsheets make it
easy to display information, and people can
insert formulas to work with the data. For
example, there is a particular icon that has a
formula to sum up numbers that are given.
This icon is called auto sum. Information can
also be sorted and filtered.
People use spreadsheet programs to learn
about different kinds of things, and to make
decisions. Spreadsheets are based on
different varieties of subjects. This site will
highlight the use of spreadsheets in the
classroom. You will find ideas for every
subject. On this website, we will be using
Microsoft Excel.
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Applications of MIS
With computers being as ubiquitous as they are today, there's hardly any large business that
does not rely extensively on their IT systems. However, there are several specific fields in which
MIS has become invaluable.
* Strategy Support
While computers cannot create business strategies by
themselves they can assist management in understanding
the effects of their strategies, and help enable effective
decision-making.
MIS systems can be used to transform data into information
useful for decision making. Computers can provide financial
statements and performance reports to assist in the
planning, monitoring and implementation of strategy.
MIS systems provide a valuable function in that they can
collate into coherent reports unmanageable volumes of data
that would otherwise be broadly useless to decision makers. By studying these reports decision-
makers can identify patterns and trends that would have remained unseen if the raw data were
consulted manually.
MIS systems can also use these raw data to run simulations – hypothetical scenarios that answer
a range of ‘what if’ questions regarding alterations in strategy. For instance, MIS systems can
provide predictions about the effect on sales that an alteration in price would have on a product.
These Decision Support Systems (DSS) enable more informed decision making within an
enterprise than would be possible without MIS systems.
* Data Processing
Not only do MIS systems allow for the collation of vast amounts of business data, but they also
provide a valuable time saving benefit to the workforce. Where in the past business information
had to be manually processed for filing and analysis it can now be entered quickly and easily
onto a computer by a data processor, allowing for faster decision making and quicker reflexes for
the enterprise as a whole.
Management by Objectives
While MIS systems are extremely useful in generating statistical reports and data analysis they
can also be of use as a Management by Objectives (MBO) tool.
MBO is a management process by which managers and subordinates agree upon a series of
objectives for the subordinate to attempt to achieve within a set time frame. Objectives are set
using the SMART ratio: that is, objectives should be Specific, Measurable, Agreed, Realistic and
Time-Specific.
The aim of these objectives is to provide a set of key performance indicators by which an
enterprise can judge the performance of an employee or project. The success of any MBO
objective depends upon the continuous tracking of progress.
In tracking this performance it can be extremely useful to make use of an MIS system. Since all
SMART objectives are by definition measurable they can be tracked through the generation of
management reports to be analyzed by decision-makers.
Benefits of MIS
The field of MIS can deliver a great many benefits to enterprises in every industry. Expert
organizations such as the Institute of MIS along with peer reviewed journals such as MIS
Quarterly continue to find and report new ways to use MIS to achieve business objectives.
Core Competencies
Every market leading enterprise will have at least one core competency – that is, a function they
perform better than their competition. By building an exceptional management information
system into the enterprise it is possible to push out ahead of the competition. MIS systems
provide the tools necessary to gain a better understanding of the market as well as a better
understanding of the enterprise itself.
Quick Reflexes
General Ledger
Cash Management
•Cash flow management is an important use of MIS in Finance. Cash Management
refers to the control, monitoring and forecasting of cash for financing needs. Use of
MIS in Finance helps companies track the flow of cash through accounts receivable
and accounts payable accurately. Accurate records also help in monitoring cost of
goods sold. This can help pin point areas that eat up cash flow such as inventory
costs, high raw material costs or unreliable sales.
Budget Planning
Financial Reporting
Financial Modeling
•A financial model is a system that incorporates mathematics, logic and data in the
form of a large database. The model is used to manipulate the financial variables
that affect earnings thus enabling planners to view the implications of their planning
decisions. MIS in Finance enables organizations to store a large amount of data. This
helps managers develop accurate models of the external environment and thus
incorporate realistic "what if" scenarios into their long-range planning goals.
True database management and MIS systems were born and, although expensive, were
available to business, government and other entities.
The function of all MIS systems is identical: manage, massage and manipulate data (or
groups of data) in a fashion that enables good decision-making. In the first half of the 20th
century, businesses managed information on paper, with detailed filing systems and hand
calculated reports.Contemporary MIS systems involve one or more computers, working in
concert, to achieve the stated goals of an organization. The function is always the same, but the
desired results fluctuate with the specific goals and needs of individual organizations. Since the
universal language of commerce is numbers, using the incredible speed of computers, MIS
systems achieve their function amazingly well.
There are as many types (and subtypes) of management information systems as there are
business functions. Some of the most popular types of MIS are as follows:
Other types of MIS systems calculate projected tax revenue for governments; statistical
evaluations of all types for business, researchers and universities; scientific purposes in all
disciplines; and cost/benefit relationships for decision-making purposes.
--Generates competitive advantages: Businesses succeed or fail based on how they face
competitive challenges. MIS, if implemented properly, provides a wealth of information to allow
management to construct effective plans to meet, and beat, their competition.
--Fast reaction to market changes: The victory often goes to the quick, not necessarily the best.
MIS can deliver facts, data and trends to businesses with lightning speed. Having this
information allows companies to react quickly to market changes, regardless of the type
(positive or negative) of volatility.