AN EXAMINATION OF THE EFFECTIVENESS OF COPORATE PLANNING IN MANAGEMENT PROCESS (A CASE STUDY OF DIAMOND BANK PLC)
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AN EXAMINATION OF THE
EFFECTIVENESS OF CORPORATE PLANNING IN MANAGEMENT PROCESS (A CASE STUDY OF
DIAMOND BANK PLC)
ABSTRACT
The Nigeria business is so volatile, to the extent that only
those who can scan it successfully forecast the possible charges in it and
thereafter marshal all available resources in accordance with the dictates and
demands of the environment can operate successfully in it.
This project work is to assess and examine the effectiveness
of corporate planning as the management process and also to evaluate its
contribution as a catalyst to the survival, growth and profitability of the
organization.
The study examined corporate plan formulation and
implementation in the organization. It highlighted how consultations,
deliberations and condition for effective planning were properly taken care of.
The project work also showed dependence of the management functions like
organizing, staffing, coordinating, reporting, leading and budgeting on
effective corporate planning.
The dynamic of planning in Diamond Bank was appraised. The
evolution, implementation, success and benefits of corporate planning in bank
were discussed. The findings showed that corporate planning process and
implementation in Diamond Bank is quite impressive. The workers embrace it,
contribute fully to its success and show loyalty and commitment to the plan.
Management in turns encourages them through motivation and effective
communication.
In conclusion planning is greatly helping the bank to
maintain its competitive edge in the country.
TABLE OF CONTENTS
CHAPTER ONE: INTRODUCTION
1.1 Background to
the Study
1.2 General
description of Area of Study
1.3 Statement of Problems
1.4 Purpose of the
study
1.5 Research
Question.
1.6 Statement of
Hypothesis
1.7 Definition of
Unfamiliar Terms and Concept
1.8 Scope of the
Study
1.9 Significant of
the Study
CHAPTER TWO: LITERATURE REVIEW
2.0 Historical
Background of Diamond Bank. PIc
2.1 Fundamental of
Cooperate Planning
2.2 Intuition and
Planning
2.3 Guides to
Planning
2.4 Climate
Planning
2.5 Responsibility
of Planning
2.6 Principles of Planning
2.7 Theories of
Planning
2.8 Method of
Planning
2.9 The Planning
Process
2.10 Approaches to
Formal Corporate Planning
2.11 Operational
Planning
2.12 Forecasting
Techniques for Planning
2.13 Medium Range
Programming
2.14 Advantages and
Disadvantages of Corporate Planning
2.15 Strategic
Planning
2.16 Planning and
Management
2.17 Concept of
Business Organization
2.18 Corporate
Planning Responding to Today's Need
2.19 The Need f6r
Corporate Planning
2.20 The Impact for
Comprehensive Planning on Financial Performance
2.21 The Process of
Strategic Planning in Banking
2.22 Planning in
Financial Institution: The Case for Awareness
2.23 Management by
Objective
2.24 Barriers to
Planning
2.25 Common Problems
in Strategic Planning
2.26 Problem of
Corporate Planning- in Nigeria
2.27 Obstacles to
Effective Implementation of Strategic Plan
2.28 Pitfalls .of
Strategic Planning
CHAPTER THREE: RESEARCH METHODOLOGY
3.0 Introduction
3.1 Restatement of
Research Questions and Hypotheses
3.2 Study of the
Population
3.3 Research Design
3.4 Data Collection
Instrument
3.5 Data Collection
Administration
3.6 Data Analysis Techniques
3.7 Limitation of
Methodology
CHAPTER FOUR:
DATA PRESENTATION, ANALYSIS &DISCUSSION
4. 1 Introduction
4.2 Rate of
Response
4.3 Subject
Description
4.4 Data on
Corporate Planning and Management Process
4.5 Involvement in
Planning and implementation
4.6 Goals and
Objectives Stated and Achieve
4.7 Effective of
Corporate Planning on Organizational Structure
4.8 Framework for
Decision Making and Resources
4.9 Effective Use
of Information System CTF
4.10 Effect of
Organization Politics
CHAPTER ONE
INTRODUCTION
1.1 Background to
the Study
Corporate planning is the process of selected objectives,
purpose or goals and deciding generally and specifically what should be done to
attain these objectives. It is done at corporate level which covers the entire
organization with due attention' to various departments, sections, division and
branches that up the organization. Corporate planning is also called strategic
planning as a tool to aid management in strategic decision-making. The purpose
of strategic planning thus to accomplish a sufficient process of innovation and
change in the firm. It is a process a corporation follows thinking through
beforehand what is to be accomplished and to large extent how to accomplish it.
This greatly simplifies the task of the manager and enables him to make most
effective use of time, manpower and equipment, facilities and money.
Corporate planning is a systematic study, which is designed
to help identify the strength and weakness of any organization. It is also a
determined effort to attain the desired target and needed effort to attain the
desired Target and examine the likely constraints as well as device of a plan
in which a set of objectives can be achieved. Corporate planning is done on a
long-term basis and it involves an integrated approach to all aspects of the
company's activities by treating the company as a corporate entity where all
the different branches, department and units, which make up tile organization
are collectively taken care of rather than a, collection of separate outfits.
Any activity that does not aid in the strategic decision making of the firm is
not corporate planning, even though it may seem to involve many of the
"right" elements of planning such as elaborate five years plan often
does not influence strategic decision making aids. Effective corporate planning
does not have to elaborated or complicated, but must be logical and focused on
the strategic decision that will be taken (Lorange, 1980).
A very important aspect of corporate planning is the study of
the environment in which the organization operates. This kind of study will
include the past, history, the present activities as well as the projection
into the future. The ultimate objective of the process is to Match Company’s
strength and 'weakness with environmental opportunities and threats, this is in
order to be able to complete favorably and efficiently in the environment and
consequently lead to accomplishment of organizations objectives and goals.
Corporate planning consists of two major components. They are operational and
strategic planning.
Operational planning deals with the day to day activities of
the business and done along the Functional area like production planning,
marketing planning, financial planning, manpower planning Etc. It also consist
of single use plans which are developed to achieve specific purpose and
dissolved when these have been accomplished for handling recurrent and
predictable situations. Strategic planning on the other hand is the process of
selecting an organization goal and also established the methods necessary to
ensure that the policies and programs are implemented. It is the formal process
of determining long run objectives and how to achieve them.
Corporate strategic planning in the pattern of decision in a
company that determines and reveals its objectives, purpose or goals produces
and the principal policies and plans for achieving these goals and define the
range 'of business the company is to pursue the kind of economic and human
organization, it is or it Intend to be and the nature of economic and non-economic
contributions. It intends to make to its shareholders, employees, customer and
communities. It is the type of plan that embodies time span and strategic
formulation. It is a long term planning that has a time horizon of at least
three years. It is also a clever device with the potential of evolving in the
long run creation of additional resources that will facilitate and hasten the
attainment of long-term objectives and enable the organization to gain some
relative advantages of current position and competitions.
Corporate strategic planning consists of nine steps as
follows, Steiner, (1979):
1.
Goal formulation and selection of missions and objectives.
2.
Identification of current objectives and strategies.
3. Environment analysis.
4.
Corporate appraisal or resource analysis.
5.
Identification of strategic opportunities and threat.
6.
Determination of the extent to which .the strategic change is required.
7.
Strategic, decision making.
8.
Strategic implementation.
9.
Strategic measurement and control process,
Therefore, it can be seen from the above that strategic
planning is the formalized long-range planning process used to define and
achieve organization goals. It actually provides consistent guidelines for the
organization activities and helps the managers to recognize risky and safe
opportunities and choose between them. It also minimizes the chance of mistakes
an unpleasant surprises as goals objectives and strategies are subject to
careful scrutiny and less likely to be faulty and unworkable. Thus in any
planning process there should be strategic planning that deals with long term
and basic nature of business and provides overall framework for the business.
It addresses the organization aims and defines the strategies and polices to
achieve them and also develops the detailed plans to ensure that the strategies
are implemented in order to achieve the end result. Strategic planning provides
the structure and operational planning translates all into current and day to
day activities and takes off from there. They both complement each other and
from the corporate planning process of the organization. By this, it would be
observed that corporate planning is essential and fundamental to the discharge
of management functions and crucial to the achievement of its goals and
objectives. It is often argued that management without planning is incomplete
and purposeless.
This is because it is through planning that management can
recognize and also appreciate its potentials, scan its environment and
judiciously employ resources.
Management function which include planning, organization,
coordinating, leading and directing, controlling, staffing, motivating and
budgeting are inter related regardless of the manager skills. It is therefore
particular revealing to note that these activities are 'step in corporate
planning. This is because before managers can organize, lead, coordinate and
motivate. They must make the plans that give purposes and directions to the
organization, deciding what needs to be done and how it should be done and who
is to do it. Therefore, manager must engage in corporate planning which defines
fundamental goals and objectives in specific terms, determine the means to
achieve them, provide a basic long range framework into which other forms of
planning can fit, and all these action based on some method, plan or logic,
rather than on bunch in order to strongly influence, the survival and growth of
an organization in the contemporary, frequently volatile environment. This
undoubtedly enables it to carry out the management functions of organizing,
staffing, directing, coordinating, controlling, effectively and efficiently.
1.2 General
Description of Area of Study
The Nigeria business is so volatile to the extent that only
those who can scan it successfully forecast the possible change in it and
thereafter all available resources in accordance with the dictates and demands
of the environment can operate successfully in it. The study examined corporate
plan and implementation in the organization. It highlighted how consultations,
deliberation and condition for effective planning were properly taken care. The
study also showed the dependence of management function like organizing,
staffing, coordinating, reporting, leading and budgeting on effective corporate
planning. The dynamic of planning in Diamond Bank was appraised. The
evaluation, Implementation, success and benefits of corporate panning in the
bank was discussed. The findings showed that corporate planning process
implementation in Diamond Bank is quite impressive. The workers embrace it
contributes fully to its success and show loyalty and commitment to plan.
Management in tum encouraging them through motivation and effective
communication.
1.3 Statement of
Problems
Corporate planning a formal, systematic managerial process,
organized by responsibility, time and information to ensure that operational
planning, project planning and strategic planning are carried out by management
to direct and control the future of the enterprise. The planning process also
involve decision making. This is the process of developing into, and selecting
a course of action to solve a specific problem. This is made at any point of
the planning. There is also a close relationship between planning and
controlling, control cannot take place unless a plan exists. Therefore control
compares actual information about what is really happening during a plan's
implementation with the budget.
In organizing and staffing corporate planning determines how
human and material resources are coordinated, the number of people to be
engage, the typed of equipment to be used, and the quality and quantity of
other resources that would be needed in order to attain organizational goals.
So having said this, one appreciates the rational for corporate planning and
expects a lot of organization to embark on it with utmost seriousness. The sad
thing is that the situation in Nigerian organization only gives the large
organizations and multinational companies to embark on corporate planning the
small and medium sized companies mostly do not [Adegbite, 1986].
This introduced cutthroat competition and most of the
organization faced uninterrupted decline in their sale and level of profit
[Bello and Iyanda, 1981]. These changes were mostly as a result of the
political, social-cultural, economic historical and technological setting of
the country. Many changes were created in the environment of the organizations
because many governments try to manage the activities of given' economies
through the introduction of the various fiscal and monetary policies.
This led to a situation where organizations that were unable
to participate and plan for these changes eventually collapsed. Therefore these
organizations started realizing the in dispensation of a corporate plan, which
will effectively take care of these changes. Most importantly the political
Instability in the country which had led to and is still leading to frequent
changes of regime from time to time make meaningful planning difficult task due
to unpredictability of the environments.
Closely associated with these are:
i. Lack of
management commitment to plan.
ii. Rapid
changes in the environment.
iii. Uncertainly
about government long term policies and legislation.
iv. Over dependence
on the budget, companies wait and are practically on stand still till the
budget is read.
v. The roller
coaster nature of the economy and excessive government interference in the
private sector.
vi. Lack of
cohesiveness in general policy and inconsistency policy implementation by
government. (OlukunleIyanda, 1988). All these have made planning in Nigeria a
very difficult task.
1.4 Purpose of
Study
The purpose of the study is to assess the effectiveness of
the corporate planning as the management process and also to evaluate its
contribution as a catalyst to the survival, growth and profitability of the
organization. The motive is basically to assess the following components of the
corporate planning which are:
1. Strategic
planning, process and implementation.
2. Operational
planning and its sub-components like, singles use plan and standing plans.
The study is to examine corporate plan formulation and
implementation in the organization.
It will highlight how the consultations deliberations and
condition for effective planning are properly taken care of it and will also
show how the dependence of the management functions like organization,
staffing, coordinating, reporting, leading and budgeting on effectiveness of
the discharge of these functions depend on the corporate planning. Thus the
pitfalls in Nigerian business environment will be highlighted and how the situation
can be improved.
The dynamic of planning in the chosen organization will be
'appraised. The evolution implementation, success and benefits of corporate
planning in the company shall be discussed. This will help to motivate and
encourage other companies who are yet to embrace the practice and convince them
that successful discharge of management function in order to accomplish that
set of goals, objectives and purpose depend on adoption and implementation of a
corporate plan.
1.5 Research Questions
1. Does corporate
planning lead to attainment of organizational goals and. objectives?
2. Does it provide
framework for decision making and resources allocation?
3. How can
corporate plan affect organization culture?
4. How can corporate
plan affect organization structure?
5. To what extent
are workers involved and motivated in the process?
6. To what extent
do information systems, organizational politics and Forecasting techniques
influence corporate planning?
7. Does corporate
planning make use of technical qualitative method techniques?
8. How can
corporate planning and budgeting be effectively integrated?
9. Are there
significant effects of corporate planning on management process?
1.6 Statement of
Hypotheses
1. Ho: Corporate
planning does not lead to attainment of organizational goals and objectives.
Hi: Corporate
planning leads to attainment of organizational goals and objectives.
2. Ho: It does not
provide framework, for decision- making and resources allocation.
Hi: It
provides framework for decision-making and resources allocation.
3. Ho:
Corporate planning cannot affect organizational culture
Hi: Corporate planning can affect organizational culture.
1.7 Definition of
Unfamiliar Terms/Concepts
CONTROLLING: - It consists of activities that are undertaken
and to ensure that the event do not deviate from the pre-arranged place it. Is
also about check and balance to understand the function and reason for control.
CO-ORDINA TING: - Is the delegating activities and authority
to carry out the co-ordinate in a cohesive manner.
CORPORA TE PLANNING: - Is the process of selected objectives,
purposes or goals and deciding generally and specifically what should be done
to attain these objectives.
DIRECTING: - It ensures that employees do the jobs assigned
to them. Also concerned with leadership, Communicating. Motivation and
Supervision to ensure that employees perform activities in order to achieve
their goals.
IMPLEMENTATION: - is a proof of the prodding and critical to
make the process meaningful. Also- is a tool in carrying out a project.
OPERATIONAL PLANNING: - Is a planning done at a lower levels,
and focuses on doing those things right. It provides the details of how the
strategic plans will be accomplished.
ORGANISING: - Is the directing or process of combining and
determine the work which individual or group have to perform with the
facilities necessary for it execution to reach the company goals.
ORGANISATIONAL STRUCTURE: - Is a plan of what the managers or
owners of the company want the- company to look like.
PLANNING: - Its refers to as forecasting planning that help
the organization to decide how to raise present and future oriented for
financing the organization.
STAFFING AND MOTIVATION: - Is the activities that concerned
management in ensuring the staff of the organization to do their job and
motivate them to grow on their job for the benefit of the company.
STRATEGIC PLANNING: - Is a tool to aid management in
decision-making. The purpose of strategic planning is to accomplish a
sufficient process of innovation and change in the firm.
1.8 Scope of the
Study
The study will examine corporate planning process and
implementation at Diamond Bank Plc. Apapa branch office. The study will cover
lower level employees and managerial employees, its effect and impact on the
performance of management functions and the extent of the integration of
forecasting, information systems, budgeting, organization politics, culture and
the use of TQM techniques and practices in the corporate planning process.
1.9 Significance of
the Study
The Nigeria business environment is highly dynamic and
turbulent changes take place every time these changes are in form of
technological, political, economical, educational and socio cultural.
Technology for instance, advances every day at a fast pace making previous ones
inefficient, obsolete and outdated. In the reel of politics, there is political
instability in Nigeria.
From independence in 1960 till date there have been twelve
governments with many coups and counter coups. This does not augur well with
planning. Another is the successive effort of government to activities of the
economy through fiscal and .monetary policies arid to dynamism and volatility
of the business environment.
Moreover, government intervention through the introduction of
decrees and acts, privatization and commercialization programmes, the various
national development plans rolling plans and actual feasibility of vision 2010
or 2020. Makes the business environment more complex and competitive.
Therefore, organization have to be conscious of these changes, prepare ahead
for them and strives to be proactive in the environment rather than reactive.
The environment is also volatile to the extent that only those who can scan it
successfully forecast the possible changes in it and thereafter marshal all
available resources in accordance with the dictates and demand of the
environment can operate successfully in it. Therefore the study is relevant,
because it highlight the significance of environment audit in the planning
process which will enable organization to compete favourably in the environment
and achieve it aims and objectives.
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