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Explain how management information system can be effectively used for various decision making purposes in a banking sector?
Wiki User
∙ 15y ago
Please give me the brief answer for " Explain hw management information systems can be effectively used fo various decision making purposes in a management concern?
Wiki User
∙ 15y ago
Wiki User
∙ 14y agoAny business that has no idea were its money is going will not be in business for very long. Banking is just another business as far as MIS is concerned
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What is nature of management information system?
The nature of management information system is that it can be used for purposes of decision making. This is a system which provides all the necessary information about an organization.
How does technology allow individual and business to effectively store retrieve and regularly review data for decision-making purposes?
There are programs that are designed to allow individuals and businesses to effectively store and retrieve data regularly for the decision making purposes.
What is SFMIS?
SFMIS stands for School Financial Management Information System. It is a software system used to manage and track financial information within educational institutions. SFMIS helps schools to monitor budgets, expenses, and payments, as well as generate financial reports for decision-making and compliance purposes.
Disadvantages of an integrated accounting system?
The main disadvantage of integrated accounts is that a single system is used to provide information both for external and internal reporting requirements. The need to provide information for statutory purposes may influence the quality of information which can be made available for management purposes. For example, it may be more useful for management purposes to have inventory valued on a LIFO basis. However, this would not be acceptable for external reporting purposes and the latter requirement may prevail to the detriment of management information
What will a class on introduction to communication disaster management provide?
A course on introduction to communication disaster management will give a general overview on communication during a disaster. Communication is essential for purposes of managing a disaster effectively.
What advantages can good quality information provide to an organisation?
decission making planning reference purposes management
What is the difference between information technology and information management?
Information technology refers to the tools, systems, and processes used to manage and process information. Information management, on the other hand, encompasses the strategies and practices for organizing, storing, and sharing information to support organizational goals and decision-making. In essence, information technology is the technical aspect, while information management is the strategic and organizational aspect of handling information.
Why is financial management important even if it is not in your line of work?
Financial Management deals with acquisition of funds for investment purposes and its wisely allocation of that funds. It is important to know Financial Management because we are involved in the process of making decision on Financial Planning,Control and Decision making in our firms as Managers.So we need to have knowledge of Financial Management for assisting us being best managers.
What is membership management software?
Membership management software is used by businesses and non-profit organizations for many purposes. The uses of this software includes tracking member information such as personal information and calculus functions.
What is the definiton of information?
Information is data that has been processed and organized to have meaning. It provides knowledge, facts, and details that can be used for decision-making, problem-solving, or communication purposes.
Is accounting information system a subsystem?
Yes, an accounting information system is a subsystem within an organization's overall information system. It specifically focuses on capturing, processing, storing, and reporting financial and accounting data for decision-making and financial management purposes. It interacts with other subsystems, such as inventory management or human resources, to ensure proper recording and reporting of financial transactions.
What is structure as in organization?
The word structure refers to a series of relationship and chain of command which is found in any given system in an organization.The structure can be from the top that is the Executives to Departmental Managers and Employees Structure is normally derived from three levels of management i.e a)The top management-The Executives. b)Middle management-The departmental managers. c)Lower management-Assistant managers and employees. From the analysis of the word structure,it is deduced that the lower management usually reports to the middle management,middle management reports to the top management who inturn use the information for decision making purposes.
