Reference code: c046
ABSTRACT
The purpose of this project was to examine the relationship between budgetary control and organizational performance of manufacturing companies in Nigeria. In order to achieve the purpose of the study, data was collected through the issue of 32 structured questionnaires to manufacturing companies operating in Port Harcourt. The collected data was analyzed using Spearman Rank Correlation. The findings of the research showed that: There is a positive correlation between budget committee and the effectiveness of an organization. The findings further show a positive correlation between budget committee and organizational efficiency. This finding indicates that improved budget committee performance boost the efficiency of the organization. The findings also show that there is positive and significant relationship between budget period and the effectiveness of an organization. Finally, the findings show that there is a positive relationship between budget period and the efficiency of an organization. Based on the findings, we conclude that: The activity of the budget committee is a very important determinant of the efficiency of the organization. We also conclude that the budget period is also a very important factor in the effectiveness of the organization. Setting time limits within which a budget must run and attaching goals/objectives which staff management must achieve within the set period acts as a stimulus for better performance. Given the findings and conclusions, we make the following recommendations. Considering the importance of the budget committee in enhancing the efficiency and effectiveness of manufacturing companies in Port Harcourt, we recommend that all manufacturing companies be encouraged through the dissemination of information to establish a well funded budget committee. Finally, we recommend that manufacturing companies impress on their staff the importance adhering strictly to established budget periods as this will help to boost effectiveness and efficiency.
Most firms use budgetary control as the primary means of corporate internal controls, it provides a comprehensive management platform for efficient and effective allocation of resources. Budgetary controls enable the management team to make plans for the future through implementing those plans and monitoring activities to see whether they conform to the plan.
Budgetary control is the process of developing a spending plan and periodically comparing actual expenditures against that plan to determine if the plan or the spending patterns need adjustment to stay on track. This process is necessary to control spending and meet various financial goals. Organizations rely heavily on budgetary control to manage their spending activities, and this technique is also used by the public and the private sector as well as private individuals, such as heads of household who want to make sure they live within their means (Dunk, 2009 as cited by Kimani, 2014). Management of organizations implements budgetary control to prevent losses resulting from theft, fraud and technological malfunction. These instructions also help management to ensure that expenses remain within budgetary limits.
The organizations have a role to play in the implementation and proper utilization of the allocated budget. The resources of an organization should be managed effectively and efficiently to achieve its purpose. This implies that the organization should be able to achieve its objectives by minimizing cost. Thus managing implies co-ordination and control of the efforts of the organization for achieving organizational objectives. ...............
INTRODUCTION
.............. Budgeting involves the establishment of predetermined goals, the reporting of actual performance results and evaluation of performance in terms of the predetermined goals. Budgetary control has been considered an essential tool for planning. The purpose of budgetary control is to provide a forecast of revenues and expenditures which is achieved through constructing a model of how our business might perform financially if certain strategies, events and plans are carried out (Churchill, 2001 as cited by Kimani, 2014).Most firms use budgetary control as the primary means of corporate internal controls, it provides a comprehensive management platform for efficient and effective allocation of resources. Budgetary controls enable the management team to make plans for the future through implementing those plans and monitoring activities to see whether they conform to the plan.
Budgetary control is the process of developing a spending plan and periodically comparing actual expenditures against that plan to determine if the plan or the spending patterns need adjustment to stay on track. This process is necessary to control spending and meet various financial goals. Organizations rely heavily on budgetary control to manage their spending activities, and this technique is also used by the public and the private sector as well as private individuals, such as heads of household who want to make sure they live within their means (Dunk, 2009 as cited by Kimani, 2014). Management of organizations implements budgetary control to prevent losses resulting from theft, fraud and technological malfunction. These instructions also help management to ensure that expenses remain within budgetary limits.
The organizations have a role to play in the implementation and proper utilization of the allocated budget. The resources of an organization should be managed effectively and efficiently to achieve its purpose. This implies that the organization should be able to achieve its objectives by minimizing cost. Thus managing implies co-ordination and control of the efforts of the organization for achieving organizational objectives. ...............
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INTRODUCTION
1.6 Background To The Study
1.7 Statement Of The Problem
1.8 Purpose of the Study
1.9 Research Questions
1.5 Research Hypotheses
1.10 Significance of the Study
1.7 Scope Of The Study
1.8 Limitations of the Study
1.9 Definition of Terms
1.10 Organization of the Study
References
CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.1 Introduction
2.2 Theoretical frame work of Budget
2.3 The concept of budget, budgeting and budgetary control
2.3.1 Types of budget
2.3.2 Approaches to budgeting
2.3.3 Importance of Budgeting in an Organization
2.3.4 Budgetary Control
2.4 Dimensions of Budgetary Control
2.5 Concept of Firm Performance
2.6 Measures of Firm Performance
2.6.1 Efficiency
2.6.2 Effectiveness
2.7.1 Budget Committee and Firm Performance
2.7.2 Budget Period and Firm Performance
References
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 Introduction
3.2 Research Design
3.3 Population Of The Study
3.4 Sample Size Determination And Sampling Procedure
3.5 Data Collection Methods
3.6 Data Analysis Techniques
3.7 Validity And Reliability Of The Study Instruments
3.8 Operational Measures Of Variables
3.9 Questionnaire Design
Reference
CHAPTER FOUR
DATA PRESENTATION ANALYSES AND HYPOTHESES TESTING
4.0 Introduction
4.2 Data Presentation
4.3 Data Analyses
Hypotheses Testing
CHAPTER FIVE
SUMMARY OF FINDINGS, CONCLUSIONS AND RECOMMENDATIONS
5.1 Summary Of Findings
5.2 Conclusions
5.3 Recommendations
APPENDIX ?
85 Pages
Reference code: c046
Reference code: c046
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