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Budget and Budgetary Control as a Managerial Tool in an Organization

Budget and Budgetary Control as a Managerial Tool in an Organization

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DEDICATION

This research material, titled “Budget and Budgetary Control as a Managerial Tool in an Organization” is dedicated to God for His boundless grace and guidance. It is also a tribute to all computer enthusiasts whose contributions made my research journey smoother and enriched my documentation process, making the experience truly fulfilling.




ACKNOWLEDGEMENT

I am profoundly grateful to everyone who contributed to the successful completion of this project. I am especially grateful to my Supervisor (Name), the Head of Department (Name), and the Lecturers in the Department of Business Administration and Management (BAM) for their invaluable guidance and support. I also acknowledge the contributions of authors and scholars whose works on Budget and Budgetary Control as a Managerial Tool in an Organization provided essential insights. Special thanks go to my study area (and any funding organizations, if applicable) for their financial assistance. I am equally thankful to stakeholders, including mentors, teachers, and colleagues, for their encouragement and support. Finally, I deeply appreciate my family and friends for their patience and unwavering support throughout this journey. Your contributions have been instrumental in making this research a reality.




PRELIMINARY PAGES


CHAPTER ONE

INTRODUCTION


    CHAPTER TWO

    LITERATURE REVIEW

    • 2.1 Introduction
    • 2.2 Conceptual Review
    • 2.3 Theoretical Framework
    • 2.4 Empirical Studies
    • 2.5 Research Gaps
    • 2.6 Summary of Literature Review

    CHAPTER THREE

    RESEARCH METHODOLOGY

    • 3.1 Introduction
    • 3.2 Research Design
    • 3.3 Population of Study
    • 3.4 Sampling and Sampling Technique
    • 3.5 Validation of Research Instrument
    • 3.6 Method of Data Collection
    • 3.7 Method of Data Analysis
    • 3.8 Questionnaire Administration
    • 3.9 Ethical Consideration
    • 3.10 Statistical Analysis

    CHAPTER FOUR

    DATA ANALYSIS, RESULT AND DISCUSSION

    • 4.1 Introduction
    • 4.2 Presentation and Analysis of Data
    • 4.3 Re-statement of Research Questions
    • 4.4 Test of Hypotheses
    • 4.5 Discussion of Findings

    CHAPTER FIVE

    SUMMARY, CONCLUSION AND RECOMMENDATION

    • 5.1 Introduction
    • 5.2 Summary of Findings
    • 5.3 Conclusion
    • 5.4 Recommendation
    • 5.5 Suggestion for Further Study

    REFERENCES

    APPENDIX A - “QUESTIONNAIRE”



    Budget and Budgetary Control as a Managerial Tool in an Organization



    Introduction

    1.1 Background Of The Study

    This chapter is devoted to the review of relevant literature and contributions of several authors and researchers to the area of budgeting. In this chapter, the historical perspective and the basic principles of budgeting will be discussed. Various definitions for a successful budget administration and budget preparation process will be looked into. Also, to be discussed in the principle budget factors, details of total periodic budget and budget review as well as advantages and difficulties of budget, plus definitions of key terms used in the study. Budgeting may be defined as “financial and or quantitative statement prepared and approved prior to a defined period of time, of the policy to be pursued during that period for the purpose of attaining a given objective. They may include income, expenditure and the employment of capital” (I.C.M.A – Terminology of the Institute of Cost and Management Accountant). “a budget has also been defined as comprehensive and co-ordinate plan, expressed in financial terms, for the operation and resources of an enterprise for some specific period in the future (Fregman, J.M. accounting for managerial analysis Home wood III, Richard Inc. 1973).

    The basic elements of a budget are: It is a comprehensive and co-ordinate plan It is expressed in financial terms It is a plan for the firms operation and research It is a future plan for a specific period It is a comprehensive plan in the sense that it’s activities and operations are considered when it is prepared. It is a budget of the enterprise as a whole. Budgets are indeed prepared for various segments of the enterprises as a whole. Budgets are indeed prepared for various segments of the enterprise, but they are master budget (Ibid Pp. 256-259). Budget is always quantified in financial terms. Initially the budget may be developed in terms varieties of quantities, but finally they must be expressed in money. The budget is primarily focused on attaining objectives and strategies. These can only be formulated within the overall policy of the company. This means that budgeting derives from corporate planning and should be regarded as a subject of corporate planning corporate planning itself in essence of setting objectives and defining and selecting strategies that will enable the company achieve those objectives. (The association of certified accountant: management accounting chart tutor limited (London 1981).


    CHAPTER TWO

    2.0 Literature Review

    2.1 Introduction

    This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the conceputal review, theoretical framework, the review of related literature …

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    Defense Procedure for Business Administration and Management Researchers


    In preparation for defending a project or seminar on Budget and Budgetary Control as a Managerial Tool in an Organization, it is imperative that as a nursing student, you demonstrate comprehensive knowledge of your research. The defense process is structured to include presenting your work, answering questions, and illustrating its pertinence. Initially, provide a succinct yet thorough introduction to your research topic, emphasizing its importance and the objectives, ensuring that both the audience and the External Examiner can understand the scope of your study.


    Prior to your defense, be thoroughly acquainted with your research abstract and the critical elements of Chapter One, including motivation for embarking on this research, problem statement, objectives, and significance. In Chapter Two, be ready to cite at least two references from the literature review. For Chapter Three, you should be equipped to discuss the methodologies, tools, and techniques utilized. In Chapter Four, defend your research by justifying the findings and linking them to your research objectives.


    Conclude your defense by succinctly summarizing the study and offering insightful, evidence-based recommendations. A professional dress code, such as wearing a suit and tie, is vital to create a favorable impression and elevate your presentation.


    During the question and answer segment, the External Examiner may pose questions pertaining to your research. If confronted with a challenging or irrelevant question, respond diplomatically with, “Sorry, Sir/Madam, the question asked is beyond the scope of my study.” Whenever possible, direct your answers back to your research findings to reinforce your expertise.


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