APPLICATION OF INFORMATION

TECHNOLOGY AND INFORMATION

SYSTEM

Basic functions of MIS with application in Real Estate Firms

Submitted by: -
RP20018 – Nishant Pandit
Rp20057 – Kshitija Bhoir
RP20060 – Pooja Panicker
RP20047 - Saloni Nilesh Shah

Date of submission: - February 24, 2021

Submitted to: - Dr. Darshan Mahajan

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Group 6 ITIS-Term III
 Basic functions in MIS

MIS is set up by an organization with the prime objective to obtain management information
to be used by its managers in decision-making. Thus, MIS must perform the following
functions in order to meet its objectives.

1) Capturing and collection of Data: -

MIS captures data from various internal and external sources of an organization. Data capturing
may be manual or through computer terminals. End users, typically record data about
transactions on some physical medium such as paper form or enter it directly into
a computer system. Some examples of data collections are: -
1. Soil data for testing different samples
2. Site survey data
3. Biometric attendance

2) Processing of data: -
The captured data is processed to convert it into the required management information.
Processing of data is done by such activities as calculating, comparing, sorting, classifying and
summarizing. Some examples of data processing in real estate are: -
1. Lab testing of soil sample.
2. Ownership transfer process.
3. Tender analysis.

3) Report Generation: -
MIS Reports are reports required by the management to assess the performance of the
organization and allow for faster decision-making. A Management Information System, often
simply referred to as MIS, can be understood by looking at each of the words that make up the
name. Some examples of data processing in real estate are: -
1. Cheque requisition reports
2. Property tax reports
3. invoice and credit note run
4. Annual financial report
5. Monthly progress report

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Group 6 ITIS-Term III
 6. Quarterly reports

4) Effective decision making: -

Effective decision-making demand accurate, timely and relevant information.to provide
accurate and timely information necessary to facilitate the decision-making process and enable
the organization’s planning, control and operational function to be carried out effectively is
the main objective.
Depending upon the project report as the output, the information helps in making better and
efficient decision making. Some examples of data processing in real estate are: -
1. Decision making like expansion of business.
2. Involvement of labors and equipment at project site.
3. Investment in new real estate projects.

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Group 6 ITIS-Term III
 Application of Basic Functions of MIS in Real Estate Firms

Investment in a new Real Estate project by a real estate firm

In the process of any real estate firm, to invest in a project, initially, there are various
functions of MIS that make up a majority part of the decision-making process that are
mentioned above.
The real-life application of these basic functions in a real estate firm are as follows: -

1. Capturing & Collection of Data: -

The first step of this process is data collection. Collecting preliminary data in terms of
location, size of land and price of the land is necessary. Understanding the socio-
economic aspects of the neighborhoods, demographics, development plan provisions,
land use, and of the demand area and target population.

2. Processing of Data: -
Above collected interrelated data now needs to be processed. Based on the data collected
analysis is done in terms of market study of the collected data factors, understanding the
application of various applicable development policies, to come to a decision of
understanding the scope of the project and shortlist the various categories of the project
scope in terms of profitability.

3. Report Generation: -

After processing the captured data according to the needs of the related factors of the
firm, various related reports are generated to reach the final decisions regarding the
project. These reports include comparative analysis reports of various nearby properties,
market analysis report, financial reports and site investigation reports.

4. Effective Decision Making: -

Finally, based on these analysis reports final decisions regarding the investments in the
new project, scope of the project, and various specifications like target clients, typology
of the project, scale of project are taken in an efficient manner.

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Group 6 ITIS-Term III