INTRODUCTION :
At present, a well selected, well defined information system could be one of the key differentiating factor amongst organizations. Whereas, some organization spend 80% of their time in assimilating the information and have only 20% time to analyze and report on it. While other, market leading organization’s information systems are structures to take care of the data assimilation in 20% time, leaving 80% time for information analysis and informed decision making. For example an organization may be using an excel based system to assimilate and report on the budgeting and forecasting. Such system may be cheap but not integrated to financial accounting system making it difficult to monitor on timely basis. A lot of time will be spent on updating it, if required. The other organization may be using a tailored and fully integrated budgeting and forecasting solutions like Cognos. The system may be expensive however, it allows full integration with main accounting system. Thus making it easier to monitor budget and make timely changes, if required, and hence allowing management to identify significant variance on timely basis and take corrective actions.
DATA AND INFORMATION AND THEIR FEATURES :
As to identify the features of data and information, we need to know the definition of data and information and then we will explain about the features of data and information.
DATA:
Data are the raw facts. The main advantage of data is that the data can be mould into any form of information, so that it can be understand easily and can mould accordingly to different kind of people.
INFORMATION:
The information is nothing but the way which we present the data in understandable form so that it is indeed useful for the managers to take decision according at the right time in right situation. This is used to avoid the risk in the organisation.

FEATURES OF DATA AND INFORMATION: a) Accessibility: - the data and information should be accessed whenever needed. So that it will be useful for the organisation b) Relevance: - the processed data always should be relevant to the subjectivity in other words it should be related with the subject of the content. c) Timeliness: -the data and information should be processed at the right time or with in the dead-end. d) Accuracy: - need to avoid the erroneous content.

THE BASIC CRITERIA USED TO SELECT THE DATA TO SUPPORT DECISION MAKING:

VALIDITY: - need to validate the data, but just updating the content.

COMPLETENESS: - the data should be in a complete form so that it will be easy for the manager to take the desire decision by analysing the details of completed data.

PRESENTATION:- the data should be presented in such a way that it should spoil the content and it also to note that it should be in understandable form.

INTELLIGENCE: - The manager needs to take the decision in such a manner need to solve the existing problem and to prevent from existence problem.

DESIGN: - An alternative solution ought to be there for any problem, the manager should design his/her decision in such a way to avoid problems.

CHOICE: - It is the important step in decision making because after designing process the manager needs to choose the perfect alternative which should not affect the decision and the organisation strategy.

IMPLEMENTATION: - This is the process of executing the decision making.

MANAGEMENT INFORMATION SYSTEM (MIS) AND THEIR IMPACT IN THE ORGANISATION :

During mid-1950s the common form of application area are payroll, high-volume billing and ledger accounting for finance information. These results are stored and it is obvious that the stored information are useful for the organisation in the near future. To make the information to be useful for the organisation the mining of information is to be done for the further process of the extracted information. MIS is the information in the form of hardware and software.(bis