Management Information System

Option: A
Explanation :Frames are also an extensive part of knowledge representation and reasoning schemes. Frames were originally derived from semantic networks and are therefore part of structure based knowledge representations. According to Russell and Norvig’s “Artificial Intelligence, A Modern Approach,” structural representations assemble “…facts about particular object and event types and arrange the types into a large taxonomic hierarchy analogous to a biological taxonomy.”
The frame contains information on how to use the frame, what to expect next, and what to do when these expectations are not met. Some information in the frame is generally unchanged while other information, stored in “terminals,” usually change. Terminals can be considered as variables. Top level frames carries information, that is always true about the problem in hand, however, terminals do not have to be true. Their value might change with the new information encountered. Different frames may share the same terminals.

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Option: C
Explanation :Information system, an integrated set of components for collecting, storing, and processing data and for providing information, knowledge, and digital products. Business firms and other organizations rely on information systems to carry out and manage their operations, interact with their customers and suppliers, and compete in the marketplace. Information systems are used to run inter organizational supply chains and electronic markets.
The first large-scale mechanical information system was Herman Hollerith’s census tabulator. Hollerith’s machine represented a major step in automation, as well as an inspiration to develop computerized information systems.
One of the first computers used for such information processing was the UNIVAC I, installed at the U.S. Bureau of the Census in 1951 for administrative use and at General Electric in 1954 for commercial use.

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Option: C
Explanation :The term fuzzy mean things which are not very clear or vague. In real life, we may come across a situation where we can’t decide whether the statement is true or false. At that time, fuzzy logic offers very valuable flexibility for reasoning. We can also consider the uncertainties of any situation.
Fuzzy logic algorithm helps to solve a problem after considering all available data. Then it takes the best possible decision for the given the input. The FL method imitates the way of decision making in a human which consider all the possibilities between digital values T and F.
The inventor of fuzzy logic, Lotfi Zadeh, observed that unlike computers, the human decision making includes a range of possibilities between YES and NO.

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Option: B
Explanation :Structured decisions are routine. They are Repetitive/Short term. They followed definite procedures. They are lay down norms. Situations are known. They are taken at lower or operating levels in the organization.

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Option: D
Explanation :Structured decisions are routine. They are Repetitive/Short term. They followed definite procedures. They are lay down norms. Situations are known. They are taken at lower or operating levels in the organization.

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Option: A
Explanation :A general ledger represents the record-keeping system for a company’s financial data with debit and credit account records validated by a trial balance. The general ledger provides a record of each financial transaction that takes place during the life of an operating company.
The general ledger holds account information that is needed to prepare the company’s financial statements, and transaction data is segregated by type into accounts for assets, liabilities, owners’ equity, revenues, and expenses.

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Option: D
Explanation :Knowledge Process Outsourcing (KPO) means information related business task or knowledge-based processes such as research, analysis, consultancy or any other high-level task are outsourced i.e. done by the workers of another company or allocated to the subsidiary of the same organization.

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Option: B
Explanation :Accounts payable is a current liability account in which a company records the amounts it owes to suppliers or vendors for goods or services that it received on credit.
Accounts receivable is a current asset account in which a company records the amounts it has a right to collect from customers who received goods or services on credit.

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Option: C
Explanation :The managment information system was designed to provide timely and effective information to support planning and control of managment. The MIS system is used to make decisions, solve problems, supervise activities, and track progress. Information requirements are predefined for structured decisions.
The management information system needs good planning. This system should deal with the management information not with data processing alone. It should provide support for the management planning, decision-making and action. It should provide support to the changing needs of business management.

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Option: C
Explanation :A lead time is the latency between the initiation and execution of a process. For example, the lead time between the placement of an order and delivery of a new car from a manufacturer may be anywhere from 2 weeks to 6 months. One Business Dictionary defines “manufacturing lead time” as the total time required to manufacture an item, including order preparation time, queue time, setup time, run time, move time, inspection time, and put-away time. For make-to-order products, it is the time taken from release of an order to production and shipment. For make-to-stock products, it is the time taken from the release of an order to production and receipt into finished goods inventory.

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