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THE IMPACT
OF BUDGETING PLANNING AND CONTROL ON PRODUCTIVITY
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.
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 THE 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. Some of the
difficulties encountered in carrying the study include:
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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