What is Management Information System (MIS)

A management information system (MIS) is a structure of interrelated elements that collects, organizes, and communicates data to managers so they may plan, control, make decisions,  and  evaluate performance. A MIS  emphasizes  satisfying  internal demands for  information  rather  than  external  demands.  In most modern  organizations,  the MIS is computerized for ease of access to information, reliability of input and processing, and ability  to simulate outcomes of alternative situations.

The accounting personnel are charged with  the  task of providing  information  to  interested external parties  such as creditors,  the government  (for mandatory  reporting  to  the  Internal Revenue Service, Securities and Exchange Commission,  and other  regulatory bodies),  and  suppliers,  in  regard  to payments and purchases. External  intelligence  is also gathered  from  these parties as well as  from competitors. Managers use  internally and externally generated  information  to govern  their organizations.
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