The Psychology of Management Data and the Significance of Such Data for Enhanced Strategy and Planning

Abstract

Management information systems are the primary factor enabling and achieving effective decision-making in a business (MIS). This study examines the extent to which two specific financial institutions have implemented management information infrastructure to ensure prudent judgments. The study examined how various financial institutions utilized management data systems to guide tactical and strategic planning. Two hypotheses were investigated using a modification of the quantitative research method. At the selected organizations, 190 forms were given fairly to individuals who worked at various levels of management. The findings of the study indicated that both financial institutions predominantly adopted MIS to better strategic planning. The findings of the regression analysis revealed that, although strategic planning deliver a discernible impact on the improvement of decision making in companies, tactical planning seemed to have no discernible effect.