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BUGETARY CONTROL IN THE
MARKETING AND MANUFACTURING ORGANIZATION
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF
STUDY
Whenever the
demand for factors of production is greater than the supply, some method of
apportioning them among different uses has to be employed and this brought the
need for budgeting and control. In a
perfect competition, they would be distributed among different employments
according to the demand for them, equilibrium being achieved when the marginal
productivity of each was the same in all occupations (J.L.Hanson, 1977).
Budgeting
being the single most important decision making process can therefore be
considered an important part of the classic management cycle of planning,
action and control or more specifically, as part of a total management system
that includes: -
- strategy formulation and
implementation
-
planning systems
-
budgeting systems
-
organization
-
production/marketing systems
-
control/reporting systems.
As long ago as 1931, the Macmillan Committee on Finance and
Industry recommended control of investment. To support his policy of full employment,
lord Beverage suggested that since investment was easier to control than
saving, the two should be brought into line by imposing control over
investment. Since investment cannot exist without budget and implementation,
there became the need for budgetary control rather than investment control
(Ifeanyi .A. Arji, 1997).
1.2
STATEMENT OF PROBLEM
A striking feature of large corporations is that the owners
(Stockholders) are usually not directly involved in making
business decision, particularly on a day to day basis. Instead, the company (corporation) employs mangers
to represent owner’s interests and make decision on their behalf. The financial
manager acts in the best interests of the shareholders by making decisions that
increase the value of the stock. The
appropriate goal for the financial manager, who is in charge of budget and
budgetary control of the corporation can therefore be stated easily; the goal
of the management or the manufacturer is to maximize the current value per
share of existing stock for profit making entities and for none profit making businesses,
to maximize the market values fo the owners equity.
Infact,
considering the above financial goals, one might come up with some of the ideas
for the following; survival, avoid financial distress and bankruptcy, beat
competition, maximize sales or market shares, minimize cost, maximize profit,
maintain steady earning growth. All or
each of these goals poses problems to the manager as he has the following
questions to answer: -
1. What
long-term investment should you take on? That is what lines of business will
you be in and what sorts or buildings, machineries ad equipment will you need?
2.
Where will you get the long-term financing to implement your budget?
Will you bring in other owners or wil you go a borrowing?
3. How
would you manage your everyday financial activities such as collecting from
customers and paying suppliers?
4. How
will government policy affect the cooperation such as bane of raw materials and
import duties as well as tare ad other tariffs?
5. What
control measures will you take to make sure of accurate execution of the
budgeted funds?
1.3 PURPOSE
OF STUDY
The purpose of this study is to find budgetary control
techniques adopted and applied by service industries which
aim at providing all ranks or management with enough information for recording
plans and measuring performance in objectives and various plans in order to
meet such objectives and budgetary is part of planning. Some organization go into liquidation or fold
up due to lack of planning as one commentator said, few business plan to fail
but many of the hazard execution and inadequate application of the control
techniques.
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