Computer-based or manual system that transforms data into information useful in the support of decision making. MIS can be classified as performing three functions:
1) To generate reports-for example, financial statements, inventory status reports, or performance reports needed for routine or nonroutine purposes.
2) To answer what-if questions asked by management. For example, questions such as "What would happen to cash flow if the company changes its credit term for its customers?" can be answered by MIS. This type of MIS can be called simulation .
3) To support decision making. This type of MIS is appropriately called Decision Support System (DSS) . DSS attempts to integrate the decision maker, the data base, and the quantitative models being used.
Source: http://www.allbusiness.com/glossaries/management-information-system-mis/4944371-1.html#ixzz1mJaHCRxH
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