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EFFECTIVE BUDGETARY
CONTROL AS AN INSTRUMENT FOR ORGANIZATIONAL SURVIVAL
ABSTRACT
This study was undertaken to verify how much effective
budgetary control contributes organization survival. The objective are focused
on determining whether budgeting is an effective management tool in
organizations whether budgetary control has contributed to the success and
survival of organization as well as how organization handle their budgetary
process successful organization were used as reference point in all situation.
The choice of these organization was because they are primary constituencies
that have shown a consistent increase in profits over the years in most cases
for the past years hence used in this
study as reference point.
Careful and thorough analysis made revealed that:
vOrganization that are survival conscious use budgeting as a
management tool
vThis helped organization achieve their overall objectives
vIt was also discovered that there is need for effective
budgetary control measures in organization this aids organizational survival.
vIt was also found that here is need for well defined long
range objectives in organization as short term objective derive from these long
term objectives
vOur findings also showed that management principle i.e.
management my objectives and management by exception could be of immense
benefit when applied to budgetary control.
The study made the following key recommendations among
others.
vIt is imperative that various level of management understand
the process through which budget preparation go
vIt is also important to involve subordinates in preparing
divisional and departmental budgets as this ensure commitment
vOrganization that hitherto do not use budget as a standard
in their business operation are advice to make use of budget as this draws the
attention of the managers of a business more explicitly to the nature of the
problems they are facing and leads to more careful and critical thinking and
greater precision.
vIt was recommended that shorter budget review periods be
adopted by organization as this helps manger to detect problems and makes
corrections early before they become complex.
According to Jom
Odetola Odeleye “budgetary control is the means of determining the extent to
which planned goals and objective are attained”. Control ensures that action
are taken where necessary and possible, to bridge the gap between the budget
and actual performance. Budgetary control is therefore essential if the
budgetary targets or objectives are to be achieved.
Plans and
actions do not always match some plans are made to be executed in future
present and future condition are never the same a lot of forces i.e. economic,
social, political, etc.
Act between
the times a plan is made and the time it is to be executed to cause variances.
There is, then, the need for control mechanism to monitor the plans, detect
variances and initiate corrective action so that the objectives of the plans
are attained.
Budgetary
control mechanism aimed at keeping budgets on course so that the budget
objectives are achieved over a period of time.
TABLE OF CONTENTS
Title page
Approval
Dedication
Acknowledgement
Abstract
CHAPTER ONE
1.1
Introduction
1.2
Definition of the terms
1.3
Statement of the problem
1.4
Objectives of the study
1.5 Scope
and limitation of the study
CHAPTER TWO
Literature review
2.1
Introduction
2.2 The
definition and nature of budget
2.3 The
definition and nature of control
2.4 The
concept, nature and objective of budgetary control
2.5
Budgetary control and management
2.6
Corporate and long range planning
2.7
Management by objective
2.8
Management by exception
2.9
Establishing a budgetary control system
2.10 The budget
period
2.11 The budget
structure
2.12 The limiting
factor
2.13
Administration for budgetary control
2.14 The budget
committee
2.15 The budget manual
2.16 Budgeting
system
2.17 References
CHAPTER THREE
Findings, recommendation and conclusion
3.1 Findings
3.2
Recommendation
3.3
Recommendation
Bibliography
CHAPTER ONE
I.1 INTRODUCTION
Budgeting control is the process of ensuring the
accomplishment of budgetary plans by applying the needed corrective measures to
deviation i.e. moving away from the original plans it is also a process of
assigning responsibilities for the achievement of budget targets measuring
actual performance and comparing actual with planned performance budgetary
control is therefore as essential as the making of budget.
All survival
conscious organization both public and private have objectives or goals which
they try to attain with resources available to them.
These
objective or goals include survival in hostile and competitive business world.
Maximizing of
profit as well as attaining a certificate level of societal responsibility to community
in which they operate. Resources for the attainment of this objectives are
limited hence the need for planning.
Planning in form of budgeting a budget is plan of action
which an organization intends to execute within any given period it is not enough
to make which cannot be achieved. Therefore, the achievement budgetary plans
require control mechanism.
1.2
STATEMENT OF THE PROBLEM
The modern business world is characterized by intense
competition, new product development, use of advance technology,
diversification etc. all these are aimed at making success out of businesses.
But we know
that not all business are successful. Some have collapsed. Others liquidated
while others have been swallowed by stronger organization,
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