Information management Flashcards
(6 cards)
1
Q
What is MIS? What does it do?
A
- Management information system.
- Used to COLLECT, STORE, ANALYSE and PRESENT DATA for an organisation.
- Processes a large amount of data and organises it so it can then be used for decision making and general data analysis.
- efficient MIS used to display financial status of organisation, highlight areas of improvement and generate sales forecasts based on current data.
2
Q
What may a bank use MIS for?
A
- Looking at number of customers that visit each branch.
- forecasting takings based on historical data.
- profiling customers.
- identifying customers who haven’t saved recently to target them for email.
3
Q
Benefits of MIS?
A
- Integrated system: MIS shares a large amount of data from multiple departments within an organisation to produce accurate reports. E.g. Financial data used to generate accurate pay slips.
- Decision making: MIS used to inform an organisation’s decision making by highlighting areas that need improvement within the company.
-Powerful analysis: MIS uses large data sets to provide accurate data analysis that can be used in many different ways within an organisation. Trends and patterns can be identified easily.
-Backup capabilities: Data can be stored centrally and backed up easily if a disaster occurs.
4
Q
Limitations of MIS?
A
- Cost and installation: MIS is an expensive tool that needs to be set up professionally and requires technical knowledge to maintain.
- Requires accurate data: If any data is incorrect or out of date then the analysis will be inaccurate too. Disastrous decisions could be made as a result of incorrect data.
- Training: Employees will need to be trained to use the software accurately for max efficiency.
5
Q
Data collection?
A
Info can be collected in paper forms, surveys, stock taking and data capture forms in databases. E.g. Tennis club create a form on website for users to apply for membership and fill in key data like name, address and telephone number.
6
Q
A
