The document discusses the components of an effective management information system including data, information, knowledge, hardware, software, databases, networks, procedures, and people. It emphasizes that a good information system provides accurate, relevant, reliable and up-to-date data to support decision making, gain competitive advantages, and improve quality of work life. The system is implemented through planning, development, monitoring, and evaluation to efficiently and effectively support decisions, executives, and machine-to-machine, human-to-human and human-to-machine interactions.