Management Information System (MIS)
It is a control technique which provides information and support for effective managerial decision-making. Right decision can be taken at right time only when managers receive accurate and timely information.
MIS provides the required information to managers on time and systematically. MIS is a communication tool for managers.
By getting information on time managers can take timely actions if actual performance is different from standards. Advantages of MIS are:
- It provides accurate information to all the managers working at different levels.
- It helps in planning, controlling and decision-making.
- It provides cost effective management information.
- It improves quality of information with which a manager works.
- It reduces information overload i.e., only relevant information is provided to them.