It And Managerial Decision-Making Assessment Answer
Key Topics
Relate the connections between IT and managerial decision-making.
Most organizations are structured along functional lines or areas. Write a 1-2 page paper to communicate these functional aspects of a management information system. Explain what information is required and available to each functional area of an organization.
IT and Managerial Decision-Making
Most organizations are structured along functional lines or areas. There are certain specific functional aspects of a management information system (MIS). It is to be noted that most organizations are structural along functional lines of areas (Jain, n.d.). From an organizational chart, this functional structure is usually apparent. The organizational chart depicts a hierarchy in job roles of job positions (Jain, n.d.). It must be noted that “Some traditional functional areas include finance, manufacturing, marketing, human resources and other specialized information system. The MIS can also be divided along those functional lines to produce reports tailored to individual functions” (Jain, n.d.). It must also be noted that there are certain functional aspects of MIS. These aspects are financial MIS, manufacturing MIS, marketing MIS and human resource MIS. In this respect one must take into account the fact that through the financial MIS, financial information to all financial managers is provided (). Such information includes profit and loss, cost systems and auditing (“Lecture on Functional Aspects of MIS”, 2017). Manufacturing MIS, on the other hand, provide information on design and engineering, process control, quality control and testing (“Lecture on Functional Aspects of MIS”, 2017). Marketing MIS is responsible for providing marketing research and it is also responsible for providing information on product development, promotion and advertisement (“Lecture on Functional Aspects of MIS”, 2017). It also entails product pricing. Human resources MIS, on the other hand, is responsible for executing planning to meet the future needs of the organization and for the purpose of developing employee performance and to make employees realize their full potential (). Information system in financial management entails cash management, capital budgeting, investment anagement, and financial planning (“Lecture on Functional Aspects of MIS”, 2017). It is strongly related then to management and forecasting, determination of risk and returns on capital expenditure, short-term and long-term security and forecasting financial needs.
