Comparison between Management Information System (MIS) and Executive Information System (EIS) - Essay Example

In the banking industry, such systems find tremendous use as they are employed for various activities like financial reporting, analysis, capital investment decisions, investment risk analysis and cash flow analysis. All these activities require executive overview as well as managerial decisions at different levels, which require the use of either EIS or MIS as deemed necessary. Specifically speaking, the project will analyze the utilities of these systems for senior and middle management in the target industry, who use the services of these mediums for business planning, forecasting, monitoring and control.

Further, the significance of these systems amongst various departments within companies as well as their specific uses by employees for realizing various tasks will be studied thoroughly. As mentioned above, the primary purpose of the project is to provide a critical comparison between the use of Management Information Systems (MIS) and Executive Information Systems (EIS) in the investment banking and financial sector. For this purpose, an elaborate study will be undertaken to analyze such systems used in prominent investment banks in the United States like Bank of America, Citigroup, Morgan Stanley and Goldman Sachs.

In this study, a number of objectives have been outlined which will be evaluated to provide an extensive comparison amongst the two chosen categories. These objectives are listed below. As the name implies, Information systems serve the primary purpose of information gathering, processing and appropriate display. In doing so, the worthiness of both MIS and EIS will be evaluated for their efficiency in processing information without much processing and user involvement. This is especially essential for users in specific departments as relieving them from additional processing provides them the much needed time for elaborate decision making using the information provided by these systems. Two