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(a) Define MIS. Describe the functions that MIS supports in an organization.

Ans. A Management Information System is a computer system that stores and distributes information on how a business can successfully be managed in the most efficient way. There are three primary components by which Management Information Systems collect and analyze information, these are technology, people (or groups) and data. It is a way of using a complete selection of raw data to see how the business can be more productive, efficient, cost-effective, faster, etc. from a business point of view.

Process - Management Information Systems are about collecting as much raw data on the exact inner workings of a business as possible: how each level of management works, how its customers interact with the business, how internal processes are used and reviewed, what staff qualifications and skills are available, as well as standard measures like day-to-day running costs, product inventory, investment, expansion and other business expenses. Given the rise in business digitalization it is much easier to collect this information and display it in an informative way. It is still useful to speak with a Management Information System specialist to learn how to decipher the information and make maximum use of it as a business resource.

Analyzing Data - Collating and reviewing this information can yield insight into where the business is performing well, or not performing at all. This will help focus efforts on improving the business in every way. Understanding where manpower, money and resources are going in your business is how a business can see where waste occurs; learning about customers' shopping habits will generate new ways to entice them to invest more; and knowing who is doing what and why they are good at is always valuable information. Most importantly, managers and analysts can use this information as a basis for making large changes to the general running of a business. It can make...