What are the elements of Management Information System (MIS)? Explain briefly.

MIS is a system that helps management in the process of decision making. MIS is an organized approach to study the information needs of an organization's management at every level in making operational, tactical, and strategic decisions. The three elements of MIS are Management, Information and System. It is necessary to understand these three components: Management It refers to a set of functions and processes designed to initiate and coordinate group efforts in an organized setting, directed towards promoting certain interests, preserving certain values and pursuing certain goals. It involves mobilization, combination, allocation and utilization of physical, human and other needed resources in a judicious manner by employing appropriate skills, approaches and techniques. Information It is a source of addition to the existing knowledge. In MIS, it is obtained by processing data in to a form meaningful to the users. It may relates to various aspects of working and can have different formats. System A system is a set of components that operate together to achieve a common objective or multiple objectives. These objectives are realized in the outputs of the system. An efficient system uses its inputs economically in producing its outputs. An effective system produces the outputs that best meet the objectives of the system. MIS can be thought of as a system (set of hardware, software, manpower, procedures, etc) to provide timely and accurate information to the management users in an organisation. The objective of the management information system is to provide formal informational support to the members of the organization.