Sameera:

Hello everyone This is Sameera And Rakshith from ECE dept and we’ll be doing our presentation on the topic ROLE OF MIS IN DECISION MAKING along with a few case studies.

SLIDE 2:

Let us go through some of the basics of decision making before we jump into the case studies. So first of all let us see what is a Business decision.

Business decision: It’s Decision taken during conduction of business to achieve an objective.

we all know To run a business, we have to take a lot of decisions from time to time, and making Managerial decisions is the focal point for any managerial activity like planning, organizing, staffing, direction, controlling & communicating.

So one has to be really careful while taking a decision and it involves several factors or steps, one has to follow cautiously. We’ll just briefly see what those are:

1. Define the problem : A problem should be explained as a question so that appropriate solution can be framed!
2. Analyzing the problem: This is nothing but the Systematic analysis of available data
   • and when to comes to this, there are 3 principles relating to analysis & classification:
     • Futurity of decision: what are the possible pros and cons of the decision
     • Impact of decision on other areas of business.
     • Qualitative considerations of the decision
3. Developing alternative solutions: where the Aim is to have the best alternative in case if it is needed. So for this we need to analyze the problem in hand thoroghly so that we are able to point out all the available solutions out there.
4. And the next step will be to Select the best type of alternative:
   1. Risk element involved v/s the gain factor
   2. We have to take the decision at the proper time
   3. taking into consideration all the resources that are available
5. Implementation of decision: for effective execution of the decision, we should consider some of the factors:
   1. Proper & effective communication of those decisions to subordinates and taking the decision at the right time.
   2. and the Acceptance of decision by subordinates is important
   3. and Sometimes decision leads to a change and people should be ready to accept it.
6. Follow up /monitoring system: Concerned with the process of checking the proper implementation of decision taken. It is ensuring of the achievement of the objectives in hand.

• and Feedback has a very imortant role in this, because it provides the means of determining the effectiveness and outcome of the implemented decision and provides us the sense as to how to improve upon it.

SLIDE 3

• Management information systems can help you make valid decisions by providing accurate and up-to-date information and performing analytic functions.
• Suitable management information systems can structure the basic data available from the company operations and it records into reports to present you with guidance for critical decisions.
• It plays a critical role in making realistic scenarios possible and MIS provides this feature by allowing a firm by showing how different variables and factors change when you make a decision through what-if scenarios.
• MIS have trend analysis built in and can provide information that lets you carry out analysis on decisions made and help the firm to realize the changes that would result as an outcome and helps to make modifications in business strategy.