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Budgetary Planning and Control as a Tool for Effective Management of Resources A Case Study of Double Diamond Plastic Industry Limited Aba

Budgetary Planning and Control as a Tool for Effective Management of Resources

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Reference ID: PS-178-TM

DEDICATION

This research material titled “Budgetary Planning and Control as a Tool for Effective Management of Resources” is dedicated to God for his enabling grace, and to all computer enthusiasts who contributed to make life a pleasant experience during my research documentation.

ACKNOWLEDGEMENT

I extend my sincere gratitude to all those who contributed to the completion of this project. Special thanks to my Supervisor (Name of your Supervisor), the Head of Department (Name of your HOD), the Lecturers in the department of Accountancy / Accounting, Book Authors and Profound Scholars of existing or related project material on “Budgetary Planning and Control as a Tool for Effective Management of Resources” for their invaluable guidance, support, and expertise throughout the journey.

I am also grateful to your study area (mention any funding organizations, if applicable) for their financial assistance. This research would not have been possible without the encouragement and assistance of some stakeholders (mention any mentors, teachers, or colleagues). Additionally, I would like to acknowledge the understanding and patience of my family and friends during this endeavor. Your unwavering support has been a constant source of motivation. Thank you all for being part of this meaningful endeavor.


Budgetary Planning and Control as a Tool for Effective Management of Resources (A Case Study of Double Diamond Plastic Industry Limited, Aba)

TABLE OF CONTENTS

PRELIMINARY PAGES


CHAPTER ONE

  • 1.0 Introduction
  • 1.1 Background of the study
  • 1.2 Statement of problem
  • 1.3 Objective of the study
  • 1.4 Research questions
  • 1.5 Statement of hypothesis
  • 1.6 Significance of the study
  • 1.7 Scope of the study
  • 1.8 Limitation of the study
  • 1.9 Definition of terms

CHAPTER TWO

  • 2.0 Literature review
  • 2.1 Introduction
  • 2.2 Objective of budgeting
  • 2.3 The use/Advantages of budget
  • 2.4 Planning
  • 2.5 Stages of planning
  • 2.6 Budgetary planning
  • 2.7 Master budget
  • 2.8 Cash budget
  • 2.9 Sales budget
  • 2.10 Production budget
  • 2.11 Budgetary control
  • 2.12 Budget manual
  • 2.13 Budget control and standard costing
  • 2.14 Management role on budgetary control
  • 2.15 Need for budgetary planning and control
  • 2.16 The role of budgeting in the economy
  • 2.17 Types of budget
  • 2.18 Budgeting process

CHAPTER THREE

  • 3.0 Research design and methodology
  • 3.1 Introduction
  • 3.2 Research design
  • 3.3 Source/methods of data collection
  • 3.4 Population and sample size
  • 3.5 Sampling techniques
  • 3.6 Validity and reliability of measurement instrument
  • 3.7 Validity and Reliability of measuring Instrument
  • 3.8 Method of data analysis

CHAPTER FOUR

  • 4.0 Presentation and Analysis of data
  • 4.1 Introduction
  • 4.2 Presentation of data
  • 4.3 Analysis of data
  • 4.4 Test of Hypothesis
  • 4.5 Interpretation of Result.

CHAPTER FIVE

  • 5.0 Summary, conclusion and recommendation
  • 5.1 Introduction
  • 5.2 Summary of findings
  • 5.3 Conclusion
  • 5.4 Recommendations

REFERENCES

APPENDIX

ABSTRACT

It is often the view of my any good management to ensure effective management of human and materials resources using tools. Hence, Double Diamond plastic Industry, Aba is not an exception. This research consist of two (2) sections, section one (1) is primary section including the title page, acknowledgement, abstract and table of content, while section two (2) is the main body of the report which have five chapters.

This chapter one (1) cover the introduction, statement of problem, background of study, objective of study, research question, scope, significance of study, limitation and defi8nition of terms. Chapter two (2) deals with literature review. Other subsequent chapter reveals the research methodology and theoretical framework.

For the instrument used in the study, eight two (82) questionnaires were administered and distributed to the management and staff of Double Diamond Plastic Industry limited Aba. in the last chapter (5) which reveals or deals with summary, conclusions and recommendations of the study were made as to ensuring the effective management of resources using budgetary planning control as a tool.


Budgetary Planning and Control as a Tool for Effective Management of Resources (A Case Study of Double Diamond Plastic Industry Limited, Aba)

CHAPTER ONE

1.0 Introduction

An organization is referred as a group of individual who perform different functions with a view to accomplishing certain objectives. In management setting, it is assumed that an organization will continue to exist for an indefinite period of time. To ensure effective management of the resources of an organization, budgetary planning and control should play predominant roles. in the operating life cycle of an organization like Double Diamond Plastic Industry Ltd, Aba. Budgeting process is very important. It is connected to its complete administration ranging through planning to management control. Hence for a firm to be viable, it must be planned and controlled so as to ensure that certain objective are achieved.

Arison (2002, 1-20) stated that effective management and administrative structure through which performance of the approval budget will be executed in an organization are needed.

Planning is a means of achieving them. It has to do with deciding in advance what to do, how to do it, who should do it and when to do it. Without planning, actions must become merely random actively producing nothing (knous, 1999: 157) if an organization is to succeed, planning must be taken as a predominant tool.

The budgeting process is the tool through which planning process is made operational. An organization to run its affairs effectively, it must have income period. This avails the management as a long measure to obtain operational decisions of his firm in respect of the income and expenditure budget the management can ascertain how viable his organizational operations are.

In the same vein, if various budgets are properly executed, an indication will reflect showing the effective attainment of organization objective.

1.1 Background of the Study

The company, Double Diamond plastic Ltd, Aba started in 1989 as a private Limited company, the company manufacture various types of plastic containers, plastic hangers of different designs and size, sheeting.

Budgeting is essentially concerned with planning in every service oriented organization because any service oriented organization that does not plan and implement its budgeting is expected to encounter a lot of problems. These problems range from mismanagement of limited research to reckless management adopt to achieve it task of planning co-coordinating directing and control in an service oriented organization.

Planning is mainly concerned with the future and selection of policies, strategies, tactics and action required to achieve these objectives.

Planning was previously based on historical cost conventions. This process increase the emergency decision which top management had to make because historical cost conventions are aid future oriented they do not aid planning.

In order to reduce to management's emergency decision making process and planning variable manager want to know more than they have done currently in relation to cost period performance they also wants to know how they have done currently in relations to their current targeted performance.

Control on the other hand follows closely after actual performance is compared where by actual performance is compared with targeted/budgeted performance any deviation from his target are investigated for an in-depth or positive explanation given.

Budgetary control is the techniques used for this purpose and when it is combined with budgeting, it becomes part of reasonability accounting. This aim of budgetary control is to provide a formal basis for monitoring the progress of the service oriented organization as a whole and of its components part towards that achievement of the objective specified in the planning budgets.

Budgeting enjoy a wide application, they can be used in our private houses where a civil servant who earns a monthly income will map out his objectives and plans effectively with what he has to achieve those objectives.


1.2 Statement of the Problem

Budgeting is the formulation of plans, both long and short range for future activities that seeks to substitute carefully studies action of how to attain the desired goods and provide measure through deviation from planned achievement can be evaluated.

The process of budgeting lead to budgeting, which the institute of cost and management accountant defined it as a financial and quantitative statement prepared and approved period of time of the policy to be pursued during the period for the purpose of attaining a given objective. It may include income expenditure and the employment of capital.

Since the sole purpose of organization is profit maximization a properly concerned budgeting may or may not lead to a goals because of problems involved in budgeting and budgetary control. The variation between the actual performance and the budgetary result could be checked and corrective measure taken immediately.

This leads to the need to control the budget.

The institute of cost and management accountant defined budgets relating the responsibilities of executive to requirement of a policy and continuous. Comparison of actual with budgeted result either to secure by individual action. The objective of that policy is to provide a firm basis for it revision.


1.3 Objective of the Study

This study is to be carried out with the aim of discovering whether budgetary planning and control will really serve as guide of effective management to operate human and material resources in Double Diamond Plastic Industry Limited Aba.

Empirical evidence will also be used to prove that budgetary planning and control are widely used as management tools.


1.4 Research Questions

On view of the problem associated with this topic, the following research question, which is vital for the in-depth analysis of this topic are addressed by researcher.

  1. Does budgeting planning and control contribute to the improvement of management efficiency and high productivity?
  2. Is low level of revenue generation as a result of setting unrealistic target, there by demoralizing the workers?
  3. Are the appraisals of the management's performance based on the budget?
  4. Are the officer –in-charge of budgeting accountable for the objectives?
  5. Are variance built in to the incentives or disciplinary system of the institute or hospital?
  6. To what extent does the problem of implementation and inadequate coordination affect the industry?

1.5 Statement of Hypothesis

HO: There was no significant relationship between budgetary planning, control and resources management in Double Diamond plastic industry limited.

HI: There was significant relationship between budgetary planning, control and resources management in Double Diamond plastic industry limited.

Ho: There was no major deviation between budgetary planning and control and effect management of resources in Double Diamond in Nigeria.

HI: There was major deviation between budgetary planning and control and effect management of resources in Double Diamond industry limited.


1.6 Significance of the Study

It is assumed that the management of Double Diamond Plastic Industry Aba will corporate with research by completing the questionnaire and returning them on time to enable the researcher carry out the study.

Summary, it is also assumed that there will be enough related work in the library and facilitate easily completion of the study. The researcher will be good health throughout the period of conducting the study so as to complete it on time.


1.7 Scope of the Study

This is limited to Double Diamond Plastic Industry Limited Aba. The study will look into budgetary planning and control implementation for effective and efficient management of its resources profit management of its resources profit maximization predominant, the aim of the industry.

Their investigation will highlight on the result obtained from the management of Double Diamond Plastic Industry limited Aba.


1.8 Limitation of Study

The scope of the study is limited to the study of how the Double Diamond Plastic Industry Aba used budgetary planning and control to manage its resources effectively, inconsequent of this, therefore, data collection would be limited to the staff and management of Double Diamond Plastic Industry Limited Aba. They include the following:

  1. Time factor is a serious limitation of this work because the researcher has to combine manual academic work, writing of examination, writing of project and submitting it with the specific period.
  2. Financial constraint is the cause of most poor output of research work. This ugly trend hinders some more development in research.
  3. Poor infrastructure and inadequate academic material including lack of this research work.
  4. The researcher depends on primary data from the respondents mainly from the organization of my study implying that only factors the respondents are deduced.

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 …

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