The senior /top management needs to know happenings in the company. However they should not be overburdened with too much operational and transactional data. The data should be processed into information i.e. analysis, summary, and exception reporting. The bottom line is that the information systems should enable them to implement, control, and monitor plans, strategies, tactics, new products, new business models or new business ventures. The reporting should be made periodically. They, should however be alerted immediately when significant events occur.
Management needs to get information for:
• Activity forecasting
• Monitoring Performance
• Customer satisfaction
• Setting revenue goals
• Market penetration
• Cost
The information aids in decision making:
o Setting earnings targets
o Making business continuity plans
o Compensation plans
o Performance measures
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