Budgeting As A Tool For Management Planning And Control (A Case Study Of ABC Transport)
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This project is dedicated to Almighty God for his infinite mercy and wonders towards me. Also to my parents for their parents care.
My profound gratitude goes to God Almighty for his protection and life giving to me throughout one day of my national diploma pursutit.
I appreciate the effort of my parent for their financial support and parental care. I also appreciate my beloved Aunty mrs. Jachunma Boc for her financial and moral support may the Almighty God reward her. I also appreciate my roommates for their support.
My special thanks goes to my project supervisor Dr. J. U Osubor for his advice. He guided me every stage of this study and painstaikingly read the manuscript and made useful corrections, suggestion and constitute critisms irrespective of numerous commitment.
I owe a large intellectual debt to all the staff of library department of federal polytechnic Nekede owerri for making available to me relevant text and material which contributed enormously to the writing of this project.
The topic “Budgeting as a tool for management ,planning and control” was chosen by the writer to ensure that research on the effectiveness and efficiency implementation of budgeting in management decision is earned out. The primary objective of this research is to identify the concept of budget, planning and controlling the budgetary procedures , functions of mangmetn and controlling the budgetary procedures functionsof management sectors in budget preparation with companies.
The method used for data collection are both primary and secondary sources. The responses received through the various sources of data were analysed. The writer intends to discover the limiting factors of the management decision and to under take an intensive investigation on the internal control system and suggest solutions. The writer recommends that budget centers or department should be established in the organization and each department should be involved fully in the budgetary process.
Table Of Content
- Title page
- Approval page
- Table of content
- 1.0 Introduction
- 1.1 General Background Of The Study
- 1.2 Statement Of Problem
- 1.3 Objective Of Study
- 1.4 Research Question
- 1.5 Significance Of The Study
- 1.6 Scope Of The Study
- 1.7 Limitation The Study
- 1.8 Definition Of Terms
- 2.0 Review Of Related Literature
- 2.1 Introduction
- 2.2 Nature Of Budgeting
- 2.3 Types Of Budget
- 2.4 Budgetary Control
- 2.5 History Of ABC Transport Plc
- 2.6 Function Of Budgeting And Budgetary Control In A Management Sector
- 2.7 Factors Influencing Budget Implementation And Plan Control
- 2.8 Some Challenges Facing Budgeting And Budgetary Control
- 3.0 Research Methodology
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Sources Of Data
- 3.4 Method Of Data Collection
- 3.5 Population Size
- 3.6 Techniques For Data Analysis
- 4.0 Data Presentation And Analysis
- 4.1 Introduction
- 4.2 Data Presentation
- 4.3 Analysis Of Data
- 4.4 Interpretation Of Result
- 5.0 Summary , Conclusion And Recommendation
- 5.1 Introduction
- 5.2 Summary Of Findings
- 5.3 Recommendation
Since the inception of organistion set up , budgeting has served as an essential tool for management , planning and control, it is not just only an accounting exercise but came as a result of growing complexity of the business environment and competition in the market place, which have made it an invaluabl management tool.
It is being said “ He who falls to plan, plans t falls “ budgeting is an integral part of planning and control. Again planning an controlling and virtually interchangeable because one can not control without planning. Therefore , planning and control is very important in a competitive profit in each years will be determined by the extent to which is establishes its objective. Develops and coordinate plan to achieve those objective and exercise control over all problems affective as activities 180 as to enable it reach or exceed those plans and take appropriate corrective action were there are variance between budgetary and actual results.
The entire process constitutes the budgeting , planning and control programme. Budget has saved as important tool to abc transport plc. It is a system of controlling costs and company performance. It includes the aspects of budgets preparation , coordinating the department and establishment of responsibilities comparing actual performance with the budget and acting upon result to achieve maximum profitability . this means , the development of a set of estimates of future cost and revenue in a forkm which will coordinate the activities of the company in accordance with selected objectives and will serve as a standard cost for lost of control.
1.1 General Background Of The Study
Budgeting as a tool of managerial , planning and control. Budget has served as an important tool to ABC transport PLC owerri. It is a system of controlling costs and company performance. It includes the aspects of budget preparation , coordinating the department aand establishment of responsibilities comparing actual performance with the budget and acting upon result to achieve maximum profitability.
1.2 Statement Of Problem
The study will work into the budgeting as a tool of managerial liason scheme, the effectiveness of internal control in budget preparation . also the usefulness of the budget as a monitor to the performace of their duty by workers. This study will also unveil budget as an instrument of planning and control in any establishment of organization .
1.3 Objective Of The Study
- To review and appreciate the meaning of budget
- To understand the procedure on budget preparation
- To appreciate the impact of budget in any organization
- To be able to identify the benfit and problem of budgeting
- To assess budget as a tool for management, planning and control.
- To vary vroius types of budget prepared by business companies and non profit making entities.
1.4 Research Questions:
Meanwhile , every researcher requires some imminent question that are channeled towards the achievement of successs in the test of hypothetical statement of the research.
The questions of the research may be as follows:
- What is budgetary
- What is planning and control
- What are the importance of budgetary in organization
- Is budgeting actually a tool for management , planning and control
- Does the management of the company use budget in the decision scheme?
- Does the internal control establish in the budge preparation make it effective.
1.5 Significance Of The Study
The significance of this research work to management in various significance is as follows.
- The research work will lay emphasis on the role of responsibility of management in the preparation and implementation.
- The study will also reveal budget as an invaluable management tool for planning and control
- It will show the essential and necessary process of budgetary process in an organization.
- As part of the overall management planning and control
- The essence of company budget with actual cost as well as budgeted revenue with actual will be revealed.
1.6 Scope Of The Study
The areas cover in this study includes , the background of framework of the budget planning and control . the functions of budget and responsibilities of management in budget. It will also review budgeting as a tool of planning and control with particular inference to ABC transport PLC. And factors influencing budgetary control .
1.7 Limitation Of The Study
Time is one of the constraint encountered in carrying out this study. Otherwise, more groands would have been covered.
This was also a major constraint faced in carrying out this study . witout no doubt, the above mention factors will either directly or indirectly affect the result of this project.
Due to the fear of competitors , management find it difficult to release information mostly required by the researcher.
1.8 Definition Of Terms
The total amount of money that need to be spent by business.
Is a plan quantified in monetary terms which is prepared and approved before the period of time it relates.
Is the process who are many actual target goals are achieved.
This is the power to make decisions about how organizations goals will be achieved.
This is the most difficult functional budget to prepare. The sale budgte is usually prepared in terms of quantities then evaluated at budgeted unit price.
This is to ensure that adequate cash is available at all times to meet the operating needs of the business.
Show the cash receipts and payment for a given paid usually monthly , quarterly and yearly .
Is usually based on a long term plan and used as a basic for development current budgets.
is established for us, over a short period of time, usually one year but some times fees and related to current condition.
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How to nail it on the head during your project / seminar defence
You are through with writing that project / seminar. Now what?
You have found yourself at that point where you have to defend what you have written. Of course you have to stand in front of your supervisor and other literary personalities to prove that you know what you wrote in your project paper. Unfortunately, the more you think about it, the more it looks like you are about to face a legion. It is not a war. But the emotion of dread welling up inside of you makes it look like one. So now you are asking yourself questions.
- How am I going to start?
- I hope I will do well enough to get an A.
You really want to nail it, but you need to come to terms with exactly how to get everything in perfect control. Especially your emotions of fear that seem to make a wreck of you every time you think about public speaking.
So here is the deal. I want to help you avoid that feeling that would ruin your precious moment if you dare to let it. And we are going to do it together.
I am going to highlight some very important tips to help you get in control for you to be comfortable enough to move from that feeling of DREAD to CONFIDENT; and making an awesome Impression for that great rating your supervisors should be giving to you so freely.
Consider these tips as you prepare for your defence. We will be taking them one after the other so here we go.
Watch Your Body Language And Keep It Confident:
Can you tell that a person is falling apart if they look confident? … If I can second guess you rightly, am sure you answered no to that question. Remind yourself that you need to come out that way. Now this might seem like a huge big deal when you are dealing with the foreboding. Maintaining a poise of confidence is very important. So find your most comfortable position, sitting or standing and draw up your body. You must exude confidence. It is something you need to do for yourself. People can only see what you allow your body language to show. So you must endeavour to put that out. Remember the story of David and Goliath? … At the end of your defence day, you want to be David.
Dress In Your Most Comfortable And Impressive:
Am sure this one is a no brainer. However I must highlight that you choose comfortable pieces. You don’t want to look so good and yet look like you were forced to wear something that does not belong to you. It’s great to ensure that as impressive as your clothes are on you, that they are also very comfortable.
Speak With Authority:
Going hand to hand with that aura of confidence is your most powerful asset:your words. If you look that confident, your words must not come out like whimpers. To be able to pull this off, you definitely need to speak as deliberately as possible in expressing yourself. Let them also hear what they see.
Use, Your Gestures:
I have often found this to come to my rescue in dealing with shyness and conveying my confidence. Usually it gives you an edge to also drive home your point. You must, however, ensure that you do not over use it. It doesn’t mean that your hands should be flying all over the place. That would be absolutely unnecessary. If you do this well, after a while you will realize that you are not as self-conscious as you used to be at the very start. For most situations, it would have completely disappeared altogether; leaving a really confident you talking.
Have A Good Opening And Closing Line:
Make sure you have perfected a good opening line. You should also be armed with a good closing line too. Try and rehearse it to a friend. If for the first time you presented it, your friend does not say “wow, that’s beautiful” or something like that; just know you need to keep refining it until you get the perfect line. Both opening and closing lines will go a long way in how impressed your panel gets to rate you high.
Make Sure You Know Your Work:
Certainly you should understand how important it is to know your own work from start to finish. Not having in-depth knowledge of your own work is tantamount to a suicide mission. Why should you kill yourself?
When all is said and done, this is what you came to defend in the first place. You should know your work from A to Z.
Prepare For The Questions:
Now this part is truly essential. You must be sure you do not floor all the good work you did on your presentation by not answering correctly. You must pay attention to the questions you are asked to be sure you will give the right answer. Many people get it wrong at this stage and spoil their good presentation. When you do not understand any question do endeavour to ask the person to expatiate what they mean before you answer.
These tips are by no means exhaustive, but applying these tips will give you some necessary advantage you need for a great outcome. Of course that outcome would mean that you eventually earn all your points on this project.
The structure of a good project work
Undergraduate projects in Nigeria is a prerequisite for graduation amongst Nigerian tertiary students who will which to obtain bachelors degree in their respective courses of study such as accounting, banking and finance, business administration and a host of others. Writing an undergraduate project in Nigeria for final year students entails a lot both financially and otherwise. Being able to develop any final year project depends on getting a researchable topic whether it is Accounting Undergraduate project topics, Banking and Finance research topics or banking and finance project topics and materials and it all requires diligent hard work of students who are willing to develop best undergraduate projects in Nigeria and graduate in flying colors.
A typical Undergraduate project in Nigerian tertiary institutions can be said to be divided into five or six chapters depending on the format of the school and course of study which are
The introduction of an undergraduate project states the main research problem and research argument. What precisely the study is all about and why it is important. It looks at the originality of the research work and how it will fill the gap in other studies. Justification for a research undergraduate topic should not be lengthy before it has been explicitly stated.
Below are the contents in chapter one of an undergraduate research project which includes;
- Background of the study,
- Statement of the problem,
- Objectives or aims of the study,
- The research questions,
- Research hypothesis,
- Significance of the study,
- Scope of the study,
- Limitations of the study and
- Operational definition of terms.
2. Literature review
Literature review of any undergraduate research work, be it business administration project topics or Economics project topics just to mention a few is very critical to securing a high grade in one’s project work. The literature review of a research process uncovers what other writers have written about the student’s topic. A student’s undergraduate research work should include a discussion or review of what is known about the subject and how that knowledge was acquired. The review could conclude with a brief summary of the literature and its implications. The contents of the literature review are the theoretical review, conceptual framework, empirical review and summary of literature review.
3. Research Methodology
This section includes a description of the research methods used in the undergraduate research work such as the sample size, data collection methods, measurement instruments, research data analysis procedures and the population from which the sample was selected. This section also describes the method used in selecting the sample or samples, validation and reliability of the instruments used in the research work. There are different research statistical techniques used in undergraduate research work such as SPSS, e-views etc.
4. Results & Discussion
This section presents and discusses the data analysis results used in an undergraduate research work, the results of each analysis is being summarized, tabulated, and then discussed for each research question. Then for each research hypothesis, the statistical test of significance selected and applied to the data is briefly described, followed by a statement indicating whether the hypothesis was supported or not supported. In presenting the result analyses/summary in an undergraduate project tables and figures and or graph are used to add clarity to the presentation.
5. Summary, Conclusions And Recommendations
This section summarizes the findings of the study in an easy to understand manner. It also explains the practical implications of those findings, and points to recommended directions for future research in that area.
This is where every source cited in the undergraduate research work is being included. Every undergraduate research work must be properly referenced for its authenticity.
Choosing A Good Project / Research Topic
Students in Nigerian universities these days wish to choose a very simple project topic/material. There is no issue choosing a simple project topic; the only problem is your ability to choose a good project or research topic that your supervisor will easily approve for you.
Most project supervisors really want to see how good his or her project student understands his or her surrounding through the kind of topic he or she chooses for their project work.
There are some project topic that are not reject-able; for instance in Nigeria of today; what do you think is the major issue on ground now?
If a project student can choose or craft a topic on the effect of dollar increment on the economy of Nigeria. Such project topic will be very interesting to write on.
Now what are the qualities of a good project topic?
- The materials for the project topic must be easily assessable.
- The project topic itself must be meaningful.
- The variables must be able to give a clear aim of the project topic.
What do I mean by variable?
Well I am deriving my point from the area of ; the variables here are those main words in the project topic.
Like the above project topic; the effect of dollar increment on the economy of Nigeria. You can see the main variables that really define this project topic are:dollar, increment and economy.
Before you present your topic to your project supervisor, first of all understand your project topic, and then secondly try to do some research for your topic to see if at least you can get up to 60% of what you need to write the complete project.
I said that above because you might have a very nice topic that the materials are not available online and there are no books as regard the topic; in this case the project topic becomes difficult for you even though the topic is catchy.
What do I mean by your topic being assessable?
Well what I mean is very simple and easy to understand. Simply pick your project topic, type it on google and see if you will have at least a good background for the topic you are writing on.
If you can have a good background for your project topic and you can understand the problem associated with the project topic, then I believe the aim of the project is not far-fetched.
Structure of a Seminar Paper
I feel like there is a lot of stress out there among grad students about writing seminar papers, especially when we’re told that our goal should be to make an original contribution to the field. That idea can be quite intimidating when we’re just starting out. It feels like you’ve asked us to jump off the deep end of the pool and we don’t know how to swim.
I think part of the problem is that we’re still working out how to structure seminar papers.** Each paper we write is another step closer to a successful, effective, and effective paper; however, we’re still flailing our arms (and other miscellaneous body parts) around because we’re uncertain of exactly how to go about it. I realize, of course, that there is no one right answer. However, below is my suggestion at sticking your toes in the water.
Section #1 — Introduction
Provide a little bit (or a lot) of motivation for the reader to read your entire paper. Failing that, your reader should know what the paper is going to be about by reading your introduction.
Paragraph #1 — Get some attention.
- Provide a context by citing a recent text in the field — the point that is cited may or may not be the main point of the text — it is what jumped out at you.
- Set-up broader context of what you’re going to do
Paragraph #2-?? — Define issue and the gap.
- Define issue and any key terms
- Limit scope as necessary
- Establish significance of issue
- State problem by defining the gap
- Explain how present research attempts to fill the gap
- Outline contributions (readers will see lit review for more detail.)
- End with thesis and preview organization of the rest of the paper
Section #2 — Literature Review
Give some credit where credit is due.
- Indicate the current state of the issue/problem/topic
- Define or qualify terms
- Engage sources in conversation with each other (don’t just copy in annotated bib)
Section #3 — Argument / Discussion
As stated in the Allyn & Bacon Guide to Writing:wallow in those complexities!!
- Examine issue
- Argue how issue can be mitigated, mediated, or mashed
- Provide evidence and support
- Make some lively commentary along the way
Section #4 — Conclusion
We’re almost done. Don’t quit now.
- Summarize research question
- Qualify argument/discussion if you need to
- Explain where we go now
- End well
Section #5 — Works Cited
Is everything listed on the works cited?
Tips: it’s ok to use sub-headings to keep yourself organized.
Tips On How To Know What Your Supervisor Is Looking Out For In Your Project
Apparently all schools/colleges ask their undergraduates especially the final students to write their final year project before they are certified to be graduates. These projects are mostly discovery activities geared towards problems solving or basically to make new discoveries or better still have a better understanding of a problem with the aim of proffering better solutions.
With this assigned task an undergraduate will need an advisor, a counselor or a supervisor to guide and direct this activity for a desired result and a successful ending and of course, in return the supervisor have factors to look out for in a student project, so that the aim of the project writing will not be defeated.
As a final year student planning to write your final year project, there are some factors you need to consider when trying to have a good working relationship with your supervisor and you must have the below tips at your fingertips to know what your supervisor look at for in your project.
Selecting the right topic or title:
The supervisor would want to know how knowledgeable one is, in a chosen topic and how far one can go with the topic by asking one diverse questions which could be simple or a bit tough. So one thing is to choose a right topic and another thing is to be knowledgeable about the said topic.
The relevancy of the project topic to the degree course:
This is one of the important things a supervisor looks out for in a project. A final year project must have a purpose and objectives and most importantly be problem solving and must be related to the course of study. So a project topic should be relevant and interesting.
The realistic plan for the project:
A project supervisor will always look at how realistic a project topic is. Will the project aims be achieved and at the specified time. If it will outlived the specified time such topic might be dropped and a new topic adopted to run the set time and fulfill its purpose.
Quality of research materials available:
Another factor a supervisor will consider in project writing by a student is the quality of the materials available for research on the chosen project topic, can materials and information be readily available and are those materials of high standard and convincing not just bogus and fictitious analysis but materials that research has be carried out by scholars related to course of study. So a source of materials used for a project is very important and most supervisors look out for this.
The funding channels:
Almost all project writing needs a good amount of funding to achieved the desired aim, A supervisor would always want to find out how the project will be funded, so as not to have hitches when the project is on. So to have a smooth working relationship with ones project supervisor, the funding of the project must be considered and revisited from time to time. Because a supervisor will look out for this aspect too.