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The Project File Details
This study is to find out how budgeting control and planning help to increase productivity in Anamco Emene. To gain this project work, four (4) research question. Wee formulated. A review of literature was done to ensure solid conclusion for the study. A structured questionnaire was developed and administered by the researcher to sixty (60) staff made up of junior and senior staff of Anamco Emene Enugu.
Table analysis where data was decoded into mean and standard deviation was used for research questions.
Based on major findings of the research, conclusions wee drown and recommendation made to elicit the problems associated with the topic under study.
1.1 BACKGROUND OF THE STUDY
The growing complexity of the business environment and the ever-increasing competition among firms in the modern time, make planning/budgeting an invaluable tool for business success.
Successful management is no longer just a matter of flair, skill and determination, a conscious effort is needed to harness available resources towards the achievements of enterprise objectives. Therefore budgeting is one of the tools adopted by management for effective cost planning, control and increase productivity.
In this study, we are going to find out how budget and budgetary control enhance the management of a firm to increase productivity and reduce cost of production. Additionally, since budgeting is a formal expression of managerial plans n quantitative and financial terms encompassing different phases of assisting management in attaining the organizational objective, we are going to verify some limitations of problems associated with budget and budgetary control and how to tackle them and also how the management of Anamco Nigeria Ltd has utilize budget and budgetary control to achieve the organizational objective, increase productivity and reduce cost of production. In most case, some of the problems, which they encounter, includes that there is no efficient support and involvement of all level of management in decision-making. And also the organization is not able to develop meaningful forecast and plans especially the sales plan in making sales budget.
In addition to this they are unable to educate all individuals to be involved in the budgeting process and gaining their full participation. They cannot apply the budgeting system in a flexible manner, including that some organization cannot maintain effective follow up procedure and adapting the budgeting system when ever the circumstance changes. All the above mention facts are some problems to be discussed in this study and ways of solving them, it will also be discussed including suggestions for further researches in the same topic will also be highlighted.
1.2 STATEMENT OF PROBLEM
The study entitled budget and budgetary control a tool for increasing productivity attempt to determine the way by which some organization or firm especially Anamco Ltd Emene has utilize budget and budgetary control to increase their productivity.
Some of the problems, which they encounter, are as follows;
1.3 PURPOSE/OBJECTIVE OF THE STUDY
The purposes of this study are as follows:-
1.4 RESEARCH QUESTIONS
iii. How can budgetary control as management tools contribute to the improvement of management efficiency and high productivity?
1.5 HYPOTHESIS OF THE STUDY
1.H0: Budgeting and budgetary control does not affect the quantity of services delivery in Anamco LTD.
H1: Budgeting and budgetary control affect the quantity of services delivery in Anamco LTD.
1.6 SIGNIFICANCE OF THE STUDY
Budgeting and Budgetary control is a function that is very important and of great significant to any of organization. It is not peculiar to only the manufacturing organization but also necessary to service of the government.
The study will contribute towards enhancing profits of the organization, business or an individual. It will help to control one’s income. Budgeting is necessary to make matters simple and hence life easy to handle.
Budgeting guides people towards the allocation of money in different sectors, such as food, shelter, clothing, household expenses, medical care, utilities etc.
In case of an annual budget of a nation budgeting makes a blueprint of the overall funds that the concerned government will spend on various sectors, the kinds of tax that would be levied and how the prices of essential commodities would increase or decrease in the month ahead.
In summary, this study will be a guide to scholars, researchers or writers who may wish to carry further study on budget and its control apparatus.
1.7 SCOPE AND LIMITATION OF THE STUDY
This study is aimed at finding out the impact of budget and budgetary control in Enugu State Housing Development Corporation.
The limiting factors are that of availability of data which might be difficult to obtain following the trend of the attitude of Nigerians with regards to giving out information. Time constraints are also a limiting factor in undertaking this study. The availability time and short period of the study made it difficult for the researcher to carryout a wider and more through work on the issue, at the same time carryout academic activities.
Also literature on the topic as it relate to Anamco LTD is very few.
1.8 DEFINITION OF TERMS
The following are defined in the work:
BUDGET: Budget simply means estimate of income and expenditure, which are planned by the organization for a specific future. In Britain, it means the annual statement made to the house of commons by the chancellor of the exchequer, giving details of the government financial plans for the coming year.
BUDGETING CONTROL: This means a system of managing a business by making forecasts of the different activities and applying of financial value to each forecast. Actual performance is subsequently with the estimate.
THE BUDGETING PERIOD: The budget period coincides with accounting period. The period varies according to different organization.
THE MASTER BUDGET: This is a total budget package which effectively combines in one statement, the sells, expenses, production and cash budget of an organization.
VARIANCE: This is the difference between the estimates and actual result.
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