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Answer: An information management system enables an organization to perpetually store and receive data. These kinds of systems are used throughout a business to store, for example, customer information or product information. Some of these systems, because of the size of the business, are large and hierarchical, while some are simple and exist just to make life easier for the business. The following are a few of the typical management information systems. Customer Information System - Many businesses will want to keep track of their customers. They might want to store email addresses, phone numbers and mailing addresses because, for example, they want to tell customers about a new product or send them the annual catalog. Product Information System - A business also may want to have a product system in place to store and receive product information. With product information, a business can keep track of the name of the item, its size, its weight and its price. A business may also want to keep track of items by using a product code or product number. Employee Information System - Businesses will want to keep track of their employees names, addresses and phone numbers for general contact information. They also need to keep track of employee wages and the amount of hours employees have worked. For tax purposes they need to keep track of exemptions claimed. Transaction-Processing Systems - Transaction-processing systems are designed to handle a large volume of routine, recurring transactions. They were first introduced in the 1960s with the advent of mainframe computers. Transaction-processing systems are used widely today. Banks use them to record deposits and payments into accounts. Supermarkets use them to record sales and track inventory. Managers often use these systems to deal with such tasks as payroll, customer billing and payments to suppliers. Operations Information Systems - Operations information systems were introduced after transaction-processing systems. An operations information system gathers comprehensive data, organizes it and summarizes it in a form that is useful for managers. These types of systems access data from a transaction-processing system and organize it into a usable form. Managers use operations information systems to obtain sales, inventory, accounting and other performance-related information.
explain solutions. Decision Support Systems (DSS) . analyzing and using that information most effectively. And every industry has an association connected with it that can serve as a rich . Knowing the types of information resources that are most critical to business can help companies plan for capturing. Every business will have the ability to gather information about employees. They use flexible thinking processes and can accommodate new knowledge. A DSS provides managers with the necessary information to make informed decisions. Industry Information Every business can consider itself part of at least one industry. Businesses need information to be successful. A combination of internal and external business information resources can provide the background necessary to evaluate current performance and plan future progress. and that information can come from a variety of sources. These systems explain the logic of their advice to the user. Understanding the various sources of information and how to access them can help companies and their leaders stay on top of emerging trends and environmental factors that can affect their success Internal The first source of information that businesses should turn to is the information they already have. trend. both internal and external. hence. Model-Based Management System (MBMS) Dialog Generation and Management System (DGMS) Expert Systems and Artificial Intelligence . Mimicking human expertise and intelligence requires the computer to do the following: recognize.2 . Setting up systems and processes for gathering the right information can help business owners track. analyze and act upon business that gives them clues into such issues as what drives employee satisfaction. and learn from experience.What are the different types of information that a firm needs? Answer: Every business needs information to help it succeed. formulate and solve a problem. the products most demanded by customers.Expert systems and artificial intelligence use human knowledge captured in a computer to solve problems that ordinarily need human expertise. about sales and about customers. if not more.A DSS is an interactive computer system that can be used by managers without help from computer specialists. areas of employee and customers satisfaction and dissatisfaction. in addition to solving problems they also can serve as a teacher. A DSS has three fundamental components: Database Management System (DBMS). Q.
much of it available online. the company will gain marginal value for that product or service. trades and professionals across the wide range of business interests.Discuss Porter’s value chain model in detail. Associations There are literally thousands of associations that cover industries. best practices and resources. Keeping up with legal and regulatory trends is a key area of business information need and one that can be managed effectively by visiting sites that include OSHA. Q. From websites to blogs to social media channels. this is easier than ever to do with the advent of the Internet. Facebook and LinkedIn--businesses can gain competitive intelligence about what others are doing. For gaining the competitive advantages.gov. If these activities run efficiently the company gains competitive advantage on the product or service. Competitive Information No business is without competition and gathering information about competitors is critical. businesses can find useful information and make connections. Fortunately. And thus. Weddles. business people can find associations that provide access to information and resources for members--and sometimes for non-members. Joining the appropriate trade and professional associations can help businesses gather information about industry trends.gov. Answer: According to Michael Porter value is the chain of activities for a company that operates in a specific industry. The Internet The Internet is a significant source of information--both free and paid--to meet virtually any business needs.source of business information. For this case the customers should transact the product or services willingly and provide return on value to the organization. These activities are: primary activities which are .3 . Through search and through participation in social media--sites including Twitter. EEOC.com is a site where businesses can go to find out about the associations that serve their industry. Government The government provides an enormous amount of information of use to small businesses. Virtually every government agency has a website. Classification of Porter's value chain activities: Porter classified the generic value added activities into two classes which are presented in Figure-1. From personal avocations to professional pursuits. Porter suggested that going through the chain of organization activities will add more value to the product and services than the sum of added cost of these activities.
spare parts management. Inbound logistics: For the production and development activities. Services: Organization offers the services after the products and/or services have been sold. development activities. 4. managing the inventory. and human resource management. testing. These service activities enhance the product’s value in the form of after sales guarantees. 3. and make the inputs ready to use for the production of end products. repair services. decision about the transportation scheduling. etc. Now activities are required to transfer the . Operations: These include the production process. Inbound logistics refer to all the activities related to receive goods from the suppliers. packaging. procurement. maintenance. trainings. and all other activities that transform the inputs into finished product. 2.classified as product and market related activities and support activities that are related to infrastructure. warranties. Figure-1: Porter’s Value Chain Activities rimary activities can be classified into product related and market related activities which are described below: Product related activities: The activities that the organization performs to add value to the products and services itself. Outbound Logistics: The finished products are developed using the product related activities. installation. organizations need inputs as goods which are received from the suppliers. The activities are classified as: 1. technology. storing the goods as inventory. updating.
design. transportation. Marketing and Sales: These activities include the advertising. The model consisted of three steps. the determination of all the consequences resulting from each of the alternatives. Q. The design phase develops several possible solutions for the problem. and 3. and choice. etc. the choice phase chooses the solution. The activities are performed to make sure that the products are transferred to the targeted customer groups. identifying. Decision making in Simon's Model is characterized by limited information processing and use of rules. 5. This has been calleddeciding what to decide. and distribution management. order fulfillment. as the decision to be made comes from the information. retail management. 2. the problem is identified. The task of rational decision making is to select the alternative that results in the more preferred set of all the possible consequences. for example. This can be a long process. The intelligence stage may involve. Simon developed a model of decision making. Simmons decision-making model there are four phases 1) Intelligence phase 2) Design phase 3) Choice phase 4) Implementation phase The Intelligence Phase The intelligence phase consists of finding. This task can be divided into three required steps: 1.finished products to the customers via warehousing. Marketing mix can be an instrument to take the competitive advantage to the target customers. and formulating the problem or situation that calls for a decision. The end result of the intelligence phase is a decision statement. . product pricing. Finally.4 . Answer: Herbert A. and information is collected concerning the problem. the identification and listing of all the alternatives. intelligence. selling. channel selection.Explain the Herbert Simon Model in detail. the comparison of the accuracy and efficiency of each of these sets of consequences Simon's Model is based on premise that decision rash null. product promotion. In the intelligence phase. comparing the current status of a project or process with its plan.
Extensions Model to Simon's Implementation The decision that ultimately carried out. The Design Phase The design phase is where we develop alternatives. This phase may involve a great deal of research into the available options.How has the trend of increased customer focus changed the manner of doing business? Answer: Economies where it is easy for firms to do business often have advanced-government initiatives. The Choice Phase In the choice phase. In business decision making. The end product of this phase is a decision that we can carry out.5 . is Q. Denmark just introduced a new computerized land registration system. . we evaluate the alternatives that we developed in the design phase and choose one of them. E-government kicked off in the 1980s. “intelligence. is talking about decision making. it is what we use after we know a decision must be made. Simon borrowed the term from its military meaning. The United Kingdom recently introduced online filing at commercial court.The name of this phase.” can be confusing. Intelligence as we usually use the term informally. we must often collect a great deal of information before we realize that a decision is called for. Hong Kong SAR (China) and Singapore turned their one-stop shops for building permits into online systems in 2008. which involves the gathering of information without necessarily knowing what it will lead to in terms of decisions to be made. During the design phase we should also state our objectives for the decision we are to make. and economies with well-developed systems continue to improve them.
Thanks to the amendments to its company law. Q. Hardware and software advances continue. The true advantages of information technology (IT) come in the forms of efficiency and effectiveness . As a result. Modernization efforts. the time to export fell by 8 days. ultimately. While the benefits are vast. companies must describe transactions involving conflicts of interest in their annual report. already under way for several years. Try to identify the major management challenges to building and using information systems. such as the bill of lading. Management information systems provide many tangible and significant benefits to businesses which can increase productivity. Economic difficulties increase the pressures to deliver a greater breadth of technologies while reducing costs. profitability. These influences require information technology professionals to adapt and embrace change. Computing devices continue to shrink and grow more powerful.6 – Try to identify the major management challenges to building and using information systems. The use of Management Information Systems (MIS) has gone from competitive advantage for few to business necessity for all. it is important companies also understand the challenges and responsibility that come with using information systems. there are other factors to consider as well. Information systems have revolutionized the way business is conducted. While technology enhances and increases capabilities of business. efficiency and.WAYS OF TRACKING CHANGE IN BUSINESS REGULATION Several trade-related documents. and customs declarations can be sent in before the cargo arrives. also include a risk management system to control goods crossing the national border and a modern inspection system (TC-SCAN) at the border crossing point shared with China. the time to import by 9 days and the number of documents required for trade by 1. Kazakhstan also increased the legal requirements for disclosure in related-party transactions. Many factors are influencing the direction of information technology in the 21st century. Answer: Challenges of Management Information System Management Information Systems rely on information. can now be submitted online. people and technology. You'd be hard pressed nowadays to find too many companies that do not rely on computers in some shape or form.
3. The IT needs to support the strategies. Businesses constantly collect information on their customers. of the gathered information. Business intelligence relies heavily on the information's quality. A technology-literate manager will know how and when to apply technology. The Information Technology (IT) Element: The technology portion of the MIS equation consists of acquiring the necessary hardware and software to help managers gather. Managerial Literacy: Though technology receives most of the credit. o determine what IT is necessary. can convert it from information to business intelligence. . A business using a poor combination of IT can hinder the execution of strategies. 2. and use of information technology tools to help people perform all tasks related to information processing and management. meaning that she will know what to purchase to execute certain processes and the most appropriate time to make the purchase. which is the analysis of collected raw data such as pricing. According to Haag and Cummings. "Management Information Systems (MIS) deals with the planning for. analyze. The four main elements that measure its quality are timeliness. demographics or temperatures. development. management. as its hardware and software may be unable to complete the tasks the manager intends it to do. As defined by Haag and Cummings. "Information is data that have a particular meaning within a specific context." Other People Are Reading Challenges in Information Technology Management Challenges in Knowledge Management Systems 1. managers need to assess the business's needs. vendors and competitors to build strategies and make managerial decisions. Their literacy in both technology and information determine how effective strategies will be when implemented. understand the industry's environment and design the best strategies to meet objectives. not vice versa. and can make the best decision based on the information. managers play an intricate role when dealing with MIS. An information-literate manager is able to define what information is needed and how to access it." The current price of airfare becomes information if you are deciding which airline to fly with. and access information. The information used to do this is called business intelligence. accessibility. form and validity. The Information: Information is the starting point for MIS.
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