Q2) Attempt any four of the following: [4 × 2 =8]i) Define MIS and state its one objective.ii) State the various tasks involved in information management.iii) State the different phases of CRM.iv) Write any two benefits of EIS.v) Define financial MIS.
Question
Q2) Attempt any four of the following: [4 × 2 =8]i) Define MIS and state its one objective.ii) State the various tasks involved in information management.iii) State the different phases of CRM.iv) Write any two benefits of EIS.v) Define financial MIS.
Solution
i) MIS, or Management Information System, is a computer-based system used for managing information and making decisions in organizations. It provides managers with the tools they need to organize, evaluate, and efficiently manage departments within an organization. One objective of MIS is to provide relevant information to managers in a timely and efficient manner, helping them make decisions regarding the operations of their organization.
ii) The various tasks involved in information management include:
- Collecting data from various sources.
- Processing the data to convert it into information.
- Storing and maintaining the information.
- Retrieving the information when it is needed.
- Ensuring the security of the information.
- Disposing of information that is no longer needed.
iii) The different phases of CRM (Customer Relationship Management) are:
- Acquisition: Attracting new customers.
- Retention: Keeping existing customers satisfied and loyal.
- Expansion: Increasing the value of existing customers by selling them more products or services.
iv) Two benefits of EIS (Executive Information System) are:
- It provides a user-friendly interface, making it easy for executives to access and understand information.
- It allows executives to make quick decisions based on real-time data.
v) Financial MIS (Management Information System) is a subcategory of MIS that focuses specifically on managing the financial aspects of the business. It provides managers with financial information, analysis, and tools to help them make decisions related to financial planning, budgeting, forecasting, cash flow management, and other financial responsibilities.
Similar Questions
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a) State any two characteristics of MIS.b) State the phases of decision making process.c) Define CRM.d) Define DSS.e) How service is distinct from product?
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WHICH OF THE FOLLOWING INFORMATION SYSTEMS ARE AIMED AT IMPROVING THE ROUTINE BUSINESS ACTIVITIES ON WHICH ALL ORGANIZATIONS DEPEND?Question 29Answera.Decision support systemb.Transaction processing systemc.Expert information systemd.management information system
Multiple Choice QuestionThe information and analysis that comes from managerial accounting is used to ______.Multiple choice question.prepare tax returns and financial statements required by the IRSaudit the firm's business activities and verify the accuracy of financial statementsprovide information to potential investors of the firmassist managers inside the organization with their decision making
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