Explain application of MIS use in Financial Management in brief with example. (Dec-2012)

Financial Management (FM) is perform a strategic task related to finance and control all the financial transactions.

Objective : Meet financial needs of the business from time to time, by way of providing working capital and long term capital to run the business with the goal of containing the cost of capital at the minimum.

Techniques for achieve Objectives :

1. Break even analysis
2. Capital budgeting and ROI analysis
3. Cost Analysis
4. Cash Flow Projections
5. Ratio analysis
6. Financial modelling
7. Management Accounting
8. Expense analysis,  auditing and control

Explain application of MIS use in Personnel Management in brief (with example and objectives)

Personnel management (PM) / Human resource management (HRM) is the strategic and approach to the management of an organization’s most valued asset and employees.

Objective of PM : Providing suitable manpower in number and with ability, skills and knowledge as per demand of business organization from time to time.

Goal of PM : control personnel cost through continuous increase in manpowerproductivity by resorting some techniques

List down Main functional Areas of Business(Main Pillar)

Main Functional areas of Business is

• Personnel Management
• Financial Management
• Production Management
• Raw-Material Management
• Marketing Management
• Corporate Business Management

Explain Information Processing Model. List all the Main objectives of System designer of MIS

Information Processing Model System means a system which is based on transaction processing. A typical Information Processing Model which is design by system designer is Online Transaction Processing (OLTP).

Main Objective of Information Processing Model :

1. Provides a Report which is based on accounting transactions based results.

2. Provides Query System for assessment of status on record, result or documents.

3. Provides System Analysis of processed data based on trends or results.

4. Provides Control Information as per business plan, progress in a set direction and achieved the goals.

What is Management Information System?

Management Information System (MIS) is system which helps management in performing its jobs, in making & implementing plans and controlling decisions. MIS refers to the study of how organizations use language and data processing to carry out daily operations, establish management control and plan for the future.

It is Computer based Information System.

It is Integrated System of man & machine.