Management Information Systems (MIS)
Contribution of MISs to business operations, decision-making, strategic advantages; case study of Chrysler Corp.
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The innovations in inventory control mark a dramatic departure from the more traditional FIFO (first in, first out) and LIFO (last in, first out) systems that some manufacturing industries used prior to the advent of the compact, affordable computer. Today, few manufacturing concerns of any size are without basic (And increasingly more and more complex) computerized inventory control mechanisms and systems. Many of these programs employs the basic techniques of PERT (Program Evaluation and Review Technique) and Critical Path Method (CPM) to track costs and outputs from beginning through to sale and distribution (Smykay, 1991). Though time-event networks such as PERT and CPM are more often associated with the planning and control of production itself rather than with inventory management and stocking profiles, they can be used in this arena as well. Even the warehousing and stacking of finished goods requires network planning if it is to be efficient.