Fix It Or Trash It?

When things around the house break down, or are being held together with duct tape and chewing gum, a decision has to be made whether to incur the costs of fixing them or whether it is better to simply replace them. There are several criteria that must be considered when making the decision, including the age of the item, the cost of the repair, the likelihood that it will need to be repaired again in the near future, and the cost of a new one. In many cases, it makes financial sense to repair old items rather than spend money on new ones.
Sometimes though, pouring money into outdated, energy-inefficient assets is simply sending good money in after bad. Here are four common groups of personal and household items that will likely break down on you at some point in your life.

1. Vehicles
Whether to sell or junk your used car is one of the most difficult decisions you can make. New cars are expensive, but so are major repairs on old ones. There are times when the decision is easy, such as when it will cost $5,000 to put a new engine into a car that will only be worth $3,000 after the repair. Gas mileage is also an important consideration. If you are patching up an old that gets 15 miles to the gallon, it may make more financial sense to buy a new or slightly used car that gets 30 miles to the gallon. As long as your old car is reasonably fuel-efficient and the repairs are less than 25% of the value of the car, and as long as the mechanic feels it is otherwise sound, it is worth repairing rather than buying a new car.
2. Household Appliances
Appliances like refrigerators, air conditioners, and dishwashers always seem to break down right after the warranty ends. Warranty periods are shrinking and the increasing complexity of the construction of these appliances boosts the odds that you will have to make the repair/replace decision more often. One of the main determinants is the age of the appliance.
Older appliances suck much more energy than newer ones on average. This is especially true of old refrigerators and freezers. If they are more than 10 years old, it is almost always better to buy new than to try to fix old compressors. With dishwashers and washing machines, it's both energy-efficiency and water usage that will help you make the right choice. New washers can use less than one-quarter of the hot water as old ones, which saves on both the water bill and the energy bill. It may also be difficult to obtain parts for older machines, raising the cost of the repair. In general, if a household appliance is more than five years old, give serious consideration to replacing it.
3. Clothes
There was a time when clothes lasted a lot longer than they do now. Part of it was the fact that they were made to last, not made to be sold for a few dollars. Part of it was also that people mended, patched, and altered clothes until they were worn out. Today, people are more likely to throw out old clothes or send them off to charity. There is a financial benefit to buying high-quality clothes and fixing them when hems get dropped or tears appear. Low-end clothing is mass-produced and meant to be expendable at the end of the first season of wear. Good quality clothing can last years and are worth mending. Buy clothes that are simple and classic and can pair with many other pieces. This way, they won't go out of style long before they wear out. Clothing repairs and alterations at local seamstresses are often inexpensive ways to get another few years out of well-made piece of clothing.
4. Computers and Electronics
Computers break - frequently. So do the myriad of electronic devices we have around our homes, such as CD players, GPS units, televisions and alarm clocks. Electronic devices can be expensive to fix, and often, impossible to fix. As the price of most electronics continues to decrease while the features and capabilities increase, it is often not worth the cost to repair them. This applies doubly to computers.
As new programs and online applications grow in size and complexity, they take up more memory. Older computers often cannot keep up after three or four years. While new memory can be added and minor repairs and disc cleanups can be made, using a clunky four-year-old computer often takes more time than it is worth. If time equals money for you, buying a new computer is often the best choice if the existing one is more than a few years old.
The Bottom Line
Making the right decision about repairing or replacing your household goods can save you thousands of dollars over the years. Consider all of factors rather than just the cost of the repair before deciding if something is worth hanging on to.

former First Lady, Nana Konadu Agyeman Rawlings, picked up nomination forms

The former First Lady, Nana Konadu Agyeman Rawlings, picked up nomination forms on Tuesday May 3, amidst tight security at the party’s Headquarters at Kokomlemle, Accra, to contest her party’s presidential primaries in July.

Accompanied by her two daughters, Spokesperson of the Rawlingses Kofi Adams and MP for Lower Manya Michael Teye Nyaunu, Nana Konadu’s arrival at the party headquarters at 10:30 was heralded with drumming and dancing by her supporters from across the country, who wore T-shirts bearing her pictures and inscriptions such as “The Great Hope: Spirit of the Nation, and Be Bold: Our Last Chance”.

Conspicuously missing at the venue was her husband, former President Jerry John Rawlings.

Shielded by a heavy security detail, she hustled through the thick crowd and managed to pick her forms at the conference hall of the party’s headquarters after paying the filing fee of 10, 000 Ghana Cedis.

Mr. Johnson Asiedu Nketia, the party’s General Secretary received the forms on behalf of the party.

Mrs. Rawlings, in a brief message to the media said her picking of the form marked the beginning of her campaign which is scheduled to be launched at the National Theatre on Wednesday May 4. She has up to May 10 to file her nomination papers.

"My picking of nomination forms today marks the beginning to take Ghana to where it belongs" She said.

Her likeliest opponent, President John Evans Atta Mills is expected to pick his forms on Thursday May 5.

A group supporting her candidature, Friends of Nana Konadu Agyemang Rawlings (FONKAR), were there in their numbers. The media was also heavily represented, with a mad scramble to catch a glimpse of her and perhaps take a photograph or conduct an interview.

However, they were heckled and nearly beaten up by the party supporters.

The area around the party headquarters was awash with the former First Lady’s posters.

The wife of NDC founder Jerry John Rawlings resigned her position as NDC Vice Chairperson on April 13 “in response” to calls by her supporters to provide alternative leadership to the NDC.

The President of the 31st December Women’s Movement is expected to name members of her campaign team at a press conference at the International Conference Centre on Wednesday May 4, where she will be launching her campaign.

Sources say among the dignitaries expected to grace the occasion are her husband, former President Rawlings, Dr. Ekwow Spio Garbrah, a staunch Nana Konadu supporter, and the Member of Parliament for Lower Manya Krobo, Michael Teye Nyaunu, an avowed supporter of the Former First Family.

A group supporting Nana Konadu's candidature, Friends of Nana Konadu Agyemang Rawlings (FONKAR) is also expected to represent fully at the launch.

Source: citifmonline

THE ROLE OF MANAGEMENT INFORMATION SYSTEMS IN CONTEMPORARY BUSINESS/ORGANISATION CANNOT BE OVER EMPHASESES

Kobby Antwi Anyemedu

thekobby@yahoo.com

INTRODUCTION

Every aspect of management in modern ages relies heavily on information to thrive. Nothing moves without information and it’s generally believed that information is power and that he who has it has power. It is an important resource needed to develop other resources.

The development and use of management information systems (MIS) is a modern phenomenon concerned with the use of appropriate information that will lead to better planning, better decision making, and better results.

In discussing this topic certain fundamental concept need to be understood and appreciated. Some of these are the information management concept, the information systems and the management information systems. All these must be understood before the role of management information systems in contemporary organization can be appreciated.

Information Systems

Information Systems (IS) is a professional and academic discipline concerned with the strategic, managerial and operational activities involved in the gathering, processing, storing, distributing and use of information, and its associated technologies, in society and organizations.

Information systems are implemented within an organization for the purpose of improving the effectiveness and efficiency of that organization. Capabilities of the information system and characteristics of the organization, its work systems, its people, and its development and implementation methodologies together determine the extent to which that purpose is achieved

Management information system

Management information system (MIS) is a system or process that provides information needed to manage organizations effectively. Management information systems are regarded to be a subset of the overall internal controls procedures in a business, which cover the application of people, documents, technologies, and procedures used by management accountants to solve business problems such as costing a product, service or a business-wide strategy. Management information systems are distinct from regular information systems in that they are used to analyze other information systems applied in operational activities in the organization. Academically, the term is commonly used to refer to the group of information management methods tied to the automation or support of human decision making, e.g. Decision Support Systems, Expert systems, and Executive information systems.

An institution's MIS should be designed to achieve the following goals:

• Enhance communication among employees.

• Deliver complex material throughout the institution.

• Provide an objective system for recording and aggregating information.

• Reduce expenses related to labor-intensive manual activities.

• Support the organization's strategic goals and direction.

Because MIS supplies decision makers with facts, it supports and enhances the overall decision making process. MIS also enhances job performance throughout an institution

 

THE ROLE OF MANAGEMENT INFORMATION SYSTEMS IN AN ORGANIZATION

Today's organizations face challenging issues, such as how to market your websites as to be acquiring a higher percentage of the market share. There are various driving factors of management information system for example: Technological revolutions in all sectors make modern managers to need to have access to large amount of selective information for the complex tasks and decisions

A management information system (MIS) is a system or process that provides the information necessary to manage an organization effectively. MIS and the information it generates are generally considered essential components of prudent and reasonable business decisions.

Management information systems have changed the dynamics of running businesses efficiently. Decentralization is one of the biggest advantages; it allows monitoring of operations at low levels and frees up resources for departmental managers to devote time to strategic activities. Coordination of specialized projects and activities is much better and decision makers in the organization are aware of issues and problems in all departments. Another advantage of MIS is that it minimizes information overload, which can be quite common with conventional businesses in the modern era.

The importance of maintaining a consistent approach to the development, use, and review of MIS systems within the institution must be an ongoing concern of both bank management. MIS should have a clearly defined framework of guidelines, policies or practices, standards, and procedures for the organization. These should be followed throughout the institution in the development, maintenance, and use of all MIS.

MIS is viewed and used at many levels by management. It should be supportive of the institution's longer term strategic goals and objectives. To the other extreme it is also those everyday financial accounting systems that are used to ensure basic control is maintained over financial recordkeeping activities.

At the most senior levels, it provides the data and information to help the board and management make strategic decisions. At other levels, MIS provides the means through which the institution's activities are monitored and information is distributed to management, employees, and customers.

Effective MIS should ensure the appropriate presentation formats and time frames required by operations and senior management is met. MIS can be maintained and developed by either manual or automated systems or a combination of both. It should always be sufficient to meet an institution's unique business goals and objectives. The effective deliveries of an institution's products and services are supported by the MIS. These systems should be accessible and useable at all appropriate levels of the organization.

MIS is a critical component of the institution's overall risk management strategy. MIS supports management's ability to perform such reviews. MIS should be used to recognize, monitor, measure, limit, and manage risks. Risk management involves four main elements:

• Policies or practices.

• Operational processes.

• Staff and management.

• Feedback devices.

Frequently, operational processes and feedback devices are intertwined and cannot easily be viewed separately. The most efficient and useable MIS should be both operational and informational. As such, management can use MIS to measure performance, manage resources, and help an institution comply with regulatory requirements. One example of this would be the managing and reporting of loans to insiders. MIS can also be used by management to provide feedback on the effectiveness of risk controls.

Controls are developed to support the proper management of risk through the institution's policies or practices, operational processes, and the assignment of duties and responsibilities to staff and managers.

Management Information Systems Technology advances has increased both the availability and volume of information management and the directors have available for both planning and decision making. Correspondingly, technology also increases the potential for inaccurate reporting and flawed decision making. Because data can be extracted from many financial and transaction systems, appropriate control procedures must be set up to ensure that information is correct and relevant. In addition, since MIS often originates from multiple equipment platforms including mainframes, minicomputers, and microcomputers, controls must ensure that systems on smaller computers have processing controls that are as well defined and as effective as those commonly found on the traditionally larger mainframe systems.

All institutions must set up a framework of sound fundamental principles that identify risk, establish controls, and provide for effective MIS review and monitoring systems throughout the organization. Commonly, an organization may choose to establish and express these sound principles in writing.

WHY MANAGEMENT INFORMATION SYSTEM CANNOT BE OVER EMPHASISED

MIS cannot be over emphasized in an organization due to the following reason

• Design problems: Since MIS is a critical component of an organization's risk management strategy and allied systems, constant monitoring is necessary to ensure its effectiveness. Quality of inputs into MIS needs to be monitored; otherwise consistency in the quality of data and information generated gets effected
• Development of cost: Allocation of budgets for MIS upgrades, modifications and other revisions can be quite tricky at times. If budgets are not allocated uniformly or as per immediate requirements, key functionalities might get affected and benefits might not be realized consistently. 
• Lack of competent personnel: Change in management, exits or departures of department managers and other senior executives have a broad effect on the working and monitoring of certain organization practices including MIS systems.
• Data collection challenges: difficulty in data acquiring is a mojor problems.

These are some of the reasons why management information fails

CONCLUSION

In conclusion MIS cannot be overemphasized for the following reasons

Depending on organization deployment, usage and extraneous factors, some disadvantages related to Management Information Systems can come to the fore. Allocation of budgets for MIS upgrades, modifications and other revisions can be quite tricky at times. If budgets are not allocated uniformly or as per immediate requirements, key functionalities might get affected and benefits might not be realized consistently. Integration issues with legacy systems can affect the quality of output and vital business intelligence reports.

Since MIS is a critical component of an organization's risk management strategy and allied systems, constant monitoring is necessary to ensure its effectiveness. Quality of inputs into MIS needs to be monitored; otherwise consistency in the quality of data and information generated gets effected. Managers are not able to direct business, operational and decision-making activities with the requisite flexibility.

However MIS primarily serve the functions of planning, controlling, and decision making at the management level." MIS are one of a number of different types of information systems that can serve the needs of different levels in an organization.