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The Critical Appraisal of the Role of Planning and Forecasting in Business Organisation

The Critical Appraisal of the Role of Planning and Forecasting in Business Organisation

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DEDICATION

This research material, titled “The Critical Appraisal of the Role of Planning and Forecasting in Business Organisation” 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 The Critical Appraisal of the Role of Planning and Forecasting in Business Organisation 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.



TABLE OF CONTENTS

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”


    ABSTRACT

    The research was conducted mainly to examine the positive and negatives effects of not making good use of planning and forecasting in the business administration of an organization. For effective research on this topic THE ROLE OF PLANNING AND FORECASTING IN BUSINESS ORGANISATION both primary and secondary data were used to elicit information from sample studied, the primary source of data were response from the personal interviews, while secondary source from text-books on business management and administration and periodicals.

    Twenty-five persons were interviewed as the sample of the staff and management of EASTERN SHOP NIGERIA LTD. The data analysis was based on oral interview I had with the staff of EASTERN SHOP (twenty-five). The major findings are as follows:

    The planning and forecasting gules go ahead order to any individual, organization that is going into business to make judicious use of forecasting and planning and forecasting is aids to correct mismanagement in business organization.

    Poor forecasting attitude and in adequate planning poor integration of forecasting and planning in running of business organization.

    Problem of in-experience in running of organization as a result of making use of sentiment, instead of strategy planning.

    Problem of business is also noticed to be an issue of planning on daily basis instead of medium term and long term planning and forecasting basis.

    Problem arises because management “organization” believes that planning is not important, even if they believed that it is inborn and endowed from birth and inclination.


    The Critical Appraisal of the Role of Planning and Forecasting in Business Organisation

    CHAPTER ONE

    Introduction

    Andreas Faludi states that “Planning and Forecasting” is the “Queen” mother function of management (organization) and that if planning and forecasting fail, what/who will you direct, control, budget, staff, co-ordinate or organize rather than failure and shame”.

    Again he state that “Theories provide explanations, explanations are response to state of tension resulting from observing unexpected events (Tonlinin (1960). Planning and forecasting present efforts to reduce surprise caused by such events by giving practicable accounts of how they came about”.

    What is planning and forecasting?

    Forecasting:

    Forecasting is preparing of an organizations future objectives and its current material and personnel inventory, the general or departmental manager make an estimate of the current material and human resources that will be able to do in the future and how many more human and material resources the organization must line to meet its goods (Needle 1979 : 178). Any business organization without element of forecasting is like driving a car blind-folded and being directed by a man looking out through the lack-window.

    …

    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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