THE IMPACT OF BUDGETING PLANNING AND CONTROL ON PRODUCTIVITY IN NORTHERN CABLE PROCESSING MANUFACTURING COMPANY (NOCACO), KADUNA
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THE IMPACT OF BUDGETING PLANNING AND
CONTROL ON PRODUCTIVITY IN NORTHERN CABLE PROCESSING MANUFACTURING COMPANY
(NOCACO), KADUNA
ABSTRACT
This study
examined the impact of budgeting planning and control on productivity in
NOCACO. The objective of this study is to bring light to the need for effective
and efficient budget plans and control, and to find out how and to which the
extent budgeting serve as a means of planning and control to increase productivity.
The methods used for the study is survey method, method of data collection is
questionnaire and personal interview and the method of data analysis is likert
scale is used based on mean statistic. The findings based on the data presented
and analyzed, the researcher was able to identify that budgeting planning and
control techniques are used for increase productivity in the dynamic profit and
non profit making organization which is the study of this research work and its
also observed that good budgeting system will help any organization to increase
its productivity level. The researcher concludes that productivity must be
planned before it can be controlled. Operation has been determined and analyze
into expenditure cost so as to know how realistic would be contribution to
project goals to make budget without planning. Lastly, the researcher
recommended that the company should employ competent and intelligent staff
which a lot of experience to facilitate the planning which go a long way in
controlling productivity in the organization.
TABLE OF CONTENTS
Title
page i
Declaration ii
Approval
Page iii
Dedication iv
Acknowledgment v
Abstract vi
Table
of Contents vii
CHAPTER ONE: INTRODUCTION
1.1
Background of the Study 1
1.2
Statement of the Problem 3
1.3
Objective of the Study 4
1.4
Significance of the Study 5
1.5
Research Questions 5
1.6
Scope of the Study 6
1.7
Limitation of the Study
1.8
Definition of Terms 6
CHAPTER TWO: LITERATURE REVIEW
2.0 Introduction 9
2.1 Objectives of Budgeting 10
2.2 Requirements
of a Good Budgeting System 12
2.3 Stages
in Budget Preparation 18
2.4 Flexible
Budgeting 20
2.5 Zero
Base Budgeting (ZBB) 21
2.6 Planning
Programming Budgeting System (PPBS) 24
2.7 Summary
of the Literature Review 27
CHAPTER THREE: METHODOLOGY
3.1 Introduction 28
3.2 Research Design 28
3.3 Area of Study 29
3.4 Population of the Study 29
3.5 Sample Size and Sampling Technique 29
3.6 Instrument of Data Collection 30
3.7 Validation of the Instrument 30
3.8 Reliability of Instrument 31
3.9 Method of Data Collection 31
3.10 Method of Data Analysis 32
CHAPTER FOUR: DATA PRESENTATION
AND ANALYSIS
4.1 Introduction 34
4.2 Characteristics of Respondents 34
4.3 Data Analysis 36
4.4 Summary of Findings 44
4.5 Discussion of Findings 45
CHAPTER FIVE:
SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.0 Introduction 47
5.1 Summary 47
5.2 Conclusion 49
5.3 Recommendations 50
References 53
Appendix 54
CHAPTER ONE
INTRODUCTION
1.1
Background
of the Study
For
any organization to operate meaningfully there has to be clear direction of
where it is leading to or what it is aiming to achieve the standard of
objectives and a means of monitoring derivatives from standard requires. These
considerations can only be met through budgeting, planning as well as
controlling.
A
budget has been defined as a quantitative plan usually in monetary terms for
the forth coming accounting year of the ensuring period. Budgeting
planning/short term planning is the process of preparing detailed, short term
(usually 1 year) plans for the function, activities and departments of the
organization thus converting the long term co-operate plan into yearly action.
Budgeting services as a very important tool for planning and control increase
in productivity, in that budgeting aids planning for the future, if services as
a control function through management by exception which is the assessment of
performance for the purpose of controlling. It helps in co-coordinating of the
work management in order to coordinate the activities of the organization.
1.2
Statement
of Problem
Generally,
organization whether manufacturing or service, required good budgeting for increasing
productivity. Budgeting as a tool for planning and controlling does increase
productivity. This is the problem of qualified personnel that are required for
the purpose of preparation implementation and execution of budgeting, areas of
responsibility will be decided by management and also budgeting pressure is
another problem. The study will therefore be focused on whether budgeting
contribute towards increasing productivity in organization or not.
1.3
Objectives
of the Study
In
view of the glaring problems as mentioned above the researchers main purpose of
this study is to look carefully as the system of budgeting. This will enable
the researcher to discover and bring to light any loop hole and lapses that may
contribute on their little ways to aggregate private sector problem. Therefore,
the objectives of the study are as follows:
i.
To examine the system of budgeting,
planning and control in order to assess adequacy in productivity.
ii.
To find out the extent budgeting
serves in planning and increasing productivity.
iii.
To examine facts about the
organization and it mode of operation with regards to productivity.
iv.
To identify the fact about operation
and mode of operation.
1.4
Significance
of the Study
The
significance of this study is essential on its benefit and contribution to
individual and organization first and foremost. This study will serve as
important objectives reference to top executive of organization who wants to
achieve efficiency in production. It will also be significant to students who
want to carry out further research on the area of study secondly, the finding
of this study will be useful to both the organization and any other similar
organization as well as general public in the field as it depicts the nature of
problem associated with budgeting in this part of the country. Finally, this
study will also cover the public as an essential requirement for the award of
higher national diploma.
1.5
Research
Questions
The
following questions were formulated to serve as parameter for the measurement
of the objective earlier stated.
i.
How effective is budgeting, planning
and control system in order to assess adequacy in productivity?
ii.
What extent does budgeting serves in
planning and increasing productivity?
iii.
What are the fact about the operation
and it mode of operation in NOCACO with regard to productivity?
iv.
What are the facts about the
operation and it mode of operation?
1.6 Scope
of the Study
The
study is restricted to cover the private sector, and suggest solution and
recommendation on the topic of discussion which is budgeting as an effective
tool for planning, control for increasing productivity.
1.7 Limitation
of the Study
Like
any other project, this study is not without limitations, the study emphasis
being of the budgeting as an impact of budgeting planning and control on
productivity in Northern Cable processing manufacturing company, Kaduna
a)
Inability of the researcher to obtain
adequate and relevant data from the organization. Especially on sensitive
economic issues that organization are secretive about.
b)
Financial constraint is another
limitation, finance have bee inadequate such the researcher has been unable to
move around and get data and material required for the study.
c)
Material such as company documents
(official) which involves their operation and procedure of the organization
activities have been inadequate due to lack of proper record keeping and
equipped libraries.
d)
The uncompromising nature of most
respondents especially to questionnaires and verbal question.
e)
Lack of time to carryout out the
persona observation of the enterprise operations properly.
f)
Sometimes the statistical method used
for data analysis might not be best available.
1.8 Definition
of Terms
§ Budget:
A
budget has been defined as a quantitative plan usually in monetary terms of the
forthcoming accounting year or for the ensuing period.
§ Budgeting:
Budgeting planning is short term planning is the process of preparing detailed
short term (usually one year) plan for the function activities and department
for the organization, thus converting the long term corporate plan into yearly
action.
§ Zero
Base Budgeting (ZBB): Is formal defined by the
(Chartered Institute of Management and Accounting) CIMA thus a method of
budgeting whereby all activities is revaluated each time a budget is set.
§ Programme
Planning and Budgeting System (PPBS): Is a radical
approach to budgeting based programme which are grouping of activities with
common objectives.
§ Budget
Manual: The budgeting manual is an important
aid to communication and instructional information manual not a list of agreed
financial budget.
§ Flexible
Budgeting: A flexible budget is one which is
designed to dynast the budget cost level of suit the level of activities
actually attained.
§ Planning:
Planning can be defined as the establishment of activities and the formulation,
evaluation and election of the polities strategies tactics and action required
to achieve these objectives.
§ Strategic
Planning: The formulation, evaluation and
selection of strategies for the purpose of preparing a long term plan to attain
objectives.
§ Tactical
Planning: Is the process of preparing detailed
short term (usually one year) plans for the functions, activities and
department of the organization thus converting the log term corporation plan
into action.
§ Control:
Control is concern with the different use of resources to achieve a previously,
determine objective or set of objective within a plan productivity (total
factor basis).
§ Productivity:
Productivity can be expressed on a total factor basis or on a partial factor
basis productivity on a total factor basis.
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