Answer to Question #219507 in Macroeconomics for emy

Question

List and explain the different types of Management Information Systems and their relevance in different levels of management. Take any company you are familiar with and provide examples of management information systems with respect to the Levels of Management

Answer 1

Information Management (MIS)

The coordination and administration of tasks in order to accomplish a goal is what management is all about. Setting the organization's strategy and organizing employee efforts to achieve these goals via the use of existing resources are examples of such administrative tasks. The seniority structure of employees inside a company may also be referred to as management. A management information system (MIS) is a sophisticated system for managing the information systems of a business or organization. It's a computerized database that's organized and programmed to produce systematic reports for each level of a business. Management information systems come in a variety of forms, (O'brien & Marakas, 2006).

Process Control is one example. This system keeps track of commercial operations such as car assembly, petroleum processing, and metal manufacturing. The process control system constantly collects data before producing a report on the system's performance. In every industrial business, it is one of the most crucial kinds of management information systems.

Management Reporting System is an additional option. This system is intended to provide reports for all levels of management in a business about operations and finances. The management report system assists the company's manager in comparing the company's performance to that of the previous year and to that of the anticipated performance, (O'brien & Marakas, 2006).

Another category is accounting and finance. A company's investments and assets are tracked through accounting and finance systems. The information gathered from these reports is used to compile financial reports required by law for federal, payroll, and local tax, state, and pension funds.

Chase Bank, which employs management information systems, is one such business. Banks must compete by having increasingly diverse and complex offerings, which necessitates the use of IT systems.

Banks must become more agile in order to better comprehend market dynamics, anticipate consumer requirements, and develop, launch, or change goods and services in a timely way as the infrastructure expands. A few distinguishing items stand out when examining the components that make up banking systems: the client and his or her bills, accounts, currencies, limitations, banking goods, and transactions. The architecture of a system, which is made up of numerous applications, is determined by the combination and linkages of these items, (O'brien & Marakas, 2006). All information and connections are considered in the appropriate setup. The success of a company is determined on keeping this current and of good quality.

Reference

O'brien, J. A., & Marakas, G. M. (2006). Management information systems (Vol. 6). McGraw-Hill Irwin.