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Mb0047 Solved Assignment 2011 Gmc

 

Q.1 Define MIS? What are the objectives and characteristics of MIS?Ans

.

 A

management information system

(

MIS

) is asystemor process whichprovides information needed to manage organizations effectively. Managementinformation systems are regarded to be a subset of the overallinternalcontrolsprocedures in a business, which cover the application of people,documents, technologies, and procedures bymanagement accountantsto solvebusiness problems such as costing a product, service or a business-widestrategy. Management information systems are distinct from regular informationsystems in that they are used to analyze other information systems applied inoperational activities in the organization. Academically, the term is commonlyused to refer to the group of information management methods tied to theautomation or support of human decision making, e.g.Decision SupportSystems,Expert systems, andExecutive information systems.

At the start, in businesses and other organizations, internal reporting was mademanually and only periodically, as a by-product of the accounting system and withsome additional statistics, and gave limited and delayed information on management performance. Previously, data had to be separated individually by the people as per the requirement and necessity of the organization. Later, data was distinguishedfrom information, and instead of the collection of mass of data, important, and to the point data that is needed by the organization was stored.Early on, business computers were mostly used for relatively simple operations suchas tracking sales or payroll data, often without much detail. Over time theseapplications became more complex and began to store increasing amounts of information while also interlinking with previously

separate

information systems.As more and more data was stored and linked man began to analyze this informationinto further detail, creating entire

management reports

from the raw, stored data.The term "MIS" arose to describe these kinds of applications, which were developedto provide managers with information about sales, inventories, and other data thatwould help in managing the enterprise. Today, the term is used broadly in a number of contexts and includes (but is not limited to):

decision supportsystems

,

resource

and

people management applications

,

ERP

,

SCM

,

CRM

, project management and database retrieval application.An 'MIS' is a planned system of the collecting, processing, storing anddisseminating data in the form of information needed to carry out the functions of management. In a way it is a documented report of the activities that were plannedand executed.According to

Philip Kotler 

"

A marketing information system consists of people,equipment, and procedures to gather, sort, analyze, evaluate, and distributeneeded, timely, and accurate information to marketing decision makers

."The terms

 MIS 

and

information system

are often confused. Information systemsinclude systems that are not intended for decision making. The area of study called

MB0047 : Explain with an example of your own the difference between data, information, knowledge and wisdom.
Answer : DATA, INFORMATION, KNOWLEDGE AND WISDOM

There is probably no segment of activity in the world attracting as much attention at present as that of knowledge management. This arena of activity  quickly found there didn’t seem to be a wealth of sources that seemed to make sense in terms of defining what knowledge actually was, and how was it differentiated from data, information, and wisdom. What follows is the current level of understanding piece together regarding data, information, knowledge, and wisdom.

According to Russell Ackoff, a systems theorist and professor of organizational change, the content of the human mind can be classified into five categories:

  • Data: symbols
  • Information: data that are processed to be useful; provides answers to “who”, “what”, “where”, and “when” questions
  • Knowledge: application of data and information; answers “how” questions
  • Understanding: appreciation of “why”
  • Wisdom: evaluated understanding.

Ackoff indicates that the first four categories relate to the past; they deal with what has been or what is known. Only the fifth category, wisdom, deals with the future because it incorporates vision and design. With wisdom, people can create the future rather than just grasp the present and past. But achieving wisdom isn’t easy; people must move successively through the other categories.

A further elaboration of Ackoff’s definitions follows:

Data… data is raw. It simply exists and has no significance beyond its existence (in and of itself). It can exist in any form, usable or not. It does not have meaning of itself. In computer parlance, a spreadsheet generally starts out by holding data.

Information… information is data that has been given meaning by way of relational connection. This “meaning” can be useful, but does not have to be. In computer parlance, a relational database makes information from the data stored within it.

Knowledge… knowledge is the appropriate collection of information, such that it’s intent is to be useful. Knowledge is a deterministic process. When someone “memorizes” information (as less-aspiring test-bound students often do), then they have amassed knowledge. This knowledge has useful meaning to them, but it does not provide for, in and of itself, an integration such as would infer further knowledge. For example, elementary school children memorize, or amass knowledge of, the “times table”. They can tell you that “2 x 2 = 4” because they have amassed that knowledge (it being included in the times table). But when asked what is “1267 x 300”, they can not respond correctly because that entry is not in their times table. To correctly answer such a question requires a true cognitive and analytical ability that is only encompassed in the next level… understanding. In computer parlance, most of the applications we use (modeling, simulation, etc.) exercise some type of stored knowledge.

Understanding… understanding is an interpolative and probabilistic process. It is cognitive and analytical. It is the process by which I can take knowledge and synthesize new knowledge from the previously held knowledge. The difference between understanding and knowledge is the difference between “learning” and “memorizing”. People who have understanding can undertake useful actions because they can synthesize new knowledge, or in some cases, at least new information, from what is previously known (and understood). That is, understanding can build upon currently held information, knowledge and understanding itself. In computer parlance, AI systems possess understanding in the sense that they are able to synthesize new knowledge from previously stored information and knowledge.

Wisdom… wisdom is an extrapolative and non-deterministic, non-probabilistic process. It calls upon all the previous levels of consciousness, and specifically upon special types of human programming (moral, ethical codes, etc.). It beckons to give us understanding about which there has previously been no understanding, and in doing so, goes far beyond understanding itself. It is the essence of philosophical probing. Unlike the previous four levels, it asks questions to which there is no (easily-achievable) answer, and in some cases, to which there can be no humanly-known answer period. Wisdom is therefore, the process by which we also discern, or judge, between right and wrong, good and bad. I personally believe that computers do not have, and will never have the ability to posses wisdom. Wisdom is a uniquely human state, or as I see it, wisdom requires one to have a soul, for it resides as much in the heart as in the mind. And a soul is something machines will never possess (or perhaps I should reword that to say, a soul is something that, in general, will never possess a machine).

The following diagram represents the transitions from data, to information, to knowledge, and finally to wisdom, and it is understanding that support the transition from each stage to the next. Understanding is not a separate level of its own.

  • Data represents a fact or statement of event without relation to other things. Ex: It is raining.
  • Information embodies the understanding of a relationship of some sort, possibly cause and effect. Ex: The temperature dropped 15 degrees and then it started raining.
  • Knowledge represents a pattern that connects and generally provides a high level of predictability as to what is described or what will happen next. Ex: If the humidity is very high and the temperature drops substantially the atmospheres is often unlikely to be able to hold the moisture so it rains.
  • Wisdom embodies more of an understanding of fundamental principles embodied within the knowledge that are essentially the basis for the knowledge being what it is. Wisdom is essentially systemic. Ex: It rains because it rains. And this encompasses an understanding of all the interactions that happen between raining, evaporation, air currents, temperature gradients, changes, and raining.

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Tags: Ackoff, Data, Information, Knowledge, Knowledge management, Russell Ackoff, Russell L. Ackoff, Wisdom