Prepare a decision memo detailing the essentials of a management information system. Provide a strong rationale for your chosen essentials. One of the essentials must be the business cycle of life model.

The essentials of a management information system typically include financial data, human resources, project timelines, and major assets. All this information is needed for managers to make the best decisions about the company's future. Business life cycle models are not usually seen as an essential element of an MIS, but your case for including one will be stronger if the business has just started trading or if some major change is immanent.

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The point of a decision memorandum is to weigh the advantages and disadvantages of a particular course of action and conclude with a recommendation as to what the decision should be. The memorandum required here is a slight variation on this model, as you are being asked not whether to implement a Management Information System (MIS), but what the essential components of such a system should be. Presumably, therefore, the decision to implement some kind of system has already been taken, and you need not address this.

You should therefore list the main elements of an MIS, explaining why each one will help the management to make good decisions. These elements include financial data, human resources, timelines for major projects, and any major assets. In all these cases, the rationale is clear.

You have also been asked to include and justify a business life cycle model, which is often not included in an MIS. The rationale for this, therefore, requires more thought. One strong reason for including such a model might be that your business has only recently started trading and a model of the expected life cycle will assist with financial projections. Alternatively, you may have reached a point at which some major change is forthcoming, such as a public share offering or a management buyout.

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