Aalok

MANAGEMENT INFORMATION SYSTEM (MIS) CONCEPT The MIS is an idea which is associated with man, machine, marketing and methods for collecting information’s from the internal and external source and processing this information for the purpose of facilitating the process of decision-making of the business. MIS is not new, only the computerization is new , before computers MIS techniques existed to supply managers with the information that would permit them to plan and control business operations. The computer has added on more dimensions such as speed, accuracy and increased volume of data that permit the consideration of more alternatives in decision-making process.   The scope and purpose of MIS is better understood if each part of them is defined individually, thus 1.       MANAGEMENT : Management has been define in process or activities that describe what managers do in the operation for their organization plan, organize, initiate and control operations. They plan

Meaning of Demand Forecasting Demand forecasting is the activity of estimating the quantity of a product or service that consumers will purchase. Demand forecasting involves techniques including both informal methods, such as educated guesses, and quantitative methods, such as the use of historical sales data or current data from test markets. Demand forecasting may be used in making pricing decisions, in assessing future capacity requirements, or in making decisions on whether to enter a new market. Methods of Forecasting: Demand forecasting is a highly complicated process as it deals with the estimation of future demand. It requires the assistance and opinion of experts in the field of sales management. Demand forecasting, to become more realistic should consider the two aspects in a balanced manner. Application of commonsense is needed to follow a pragmatic approach in demand forecasting. Broadly speaking, there are two methods of demand forecasting. They are: 1) Survey