The process of management requires a lot of data and information for execution of the plan. This requirement arises on account of the fact that in each step of management, a variety of decisions are taken to correct the course of development. The decisions or actions are promoted due to the feedback given by the control system incorporated in the management system. The control of overall performance is made possible by way of budget summaries or reports.The exception report identify the weakness in the system of management.
If effective management system is to be assured, it has to rest on business information. The management performance improves if the business risks and uncertainties are handled effectively. The information support improves the lack of knowledge , enriches experience and improves analytical abilities leading to better business judgement.A good MIS must furnish information to the managers to expand their knowledge base. The MIS should provide the support to act and to act decisively. It should support management in terms of basic business information at the corporate level and meet the specific needs of information.
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