Information management

Question 1

Management information system

Answer 1

An MIS is used to collect, store, analyse and present data for an organisation. The system processes a large amount of data and organises it so it can be used for decision making and general data analysis. Specifically a bank can use an MIS to profile customers.

Question 2

Benefits of an MIS

Answer 2

Can be used for decision making
Provides accurate data analysis
Data can be stored centrally and backed up easily

Question 3

Weaknesses of an MIS

Answer 3

Very expensive
Requires accurate and up-to-date data
Employees need to be trained to use the software accurately

Question 4

Stages of data management

Answer 4

Data collection
Storage
Retrieval
Manipulating and processing
Analysis

Question 5

Data collection

Answer 5

Information can be collected in different ways such as paper forms and surveys

Question 6

Storage

Answer 6

Collected data must be stored in a secure and easily retrievable medium. Data is most conveniently stored in databases and sensitive data should be encrypted.

Question 7

Retrieval

Answer 7

Using a database to store information allows users to easily access data so that it can be updated or removed. Searches and queries can easily be performed.

Question 8

Manipulating and processing

Answer 8

Data must be processed before analysis and exported to other software, such as a database, so that it can be manipulated, sorted and visualised.

Question 9

Analysing

Answer 9

To analyse data is to see what can be learned from it, so important decisions can be made