The Impact Of Budgeting Planning And Control On Productivity Of An Organization

Project and Seminar Material for Business Administration and Management BAM

The Impact Of Budgeting Planning And Control On Productivity Of An Organization


Chapter One


Introduction

1.1 Background of the Study

For any organization to operate meaningfully there has to be clear direction of where it is leading to or what it is aiming to achieve the standard of objectives and a means of monitoring derivatives from standard requires. These considerations can only be met through budgeting, planning as well as controlling.

A budget has been defined as a quantitative plan usually in monetary terms for the forth coming accounting year of the ensuring period. Budgeting planning/short term planning is the process of preparing detailed, short term (usually 1 year) plans for the function, activities and departments of the organization thus converting the long term co-operate plan into yearly action. Budgeting services as a very important tool for planning and control increase in productivity, in that budgeting aids planning for the future, if services as a control function through management by exception which is the assessment of performance for the purpose of controlling. It helps in co-coordinating of the work management in order to coordinate the activities of the organization.


1.2 Statement of Problem

Generally, organization whether manufacturing or service, required good budgeting for increasing productivity. Budgeting as a tool for planning and controlling does increase productivity. This is the problem of qualified personnel that are required for the purpose of preparation implementation and execution of budgeting, areas of responsibility will be decided by management and also budgeting pressure is another problem. The study will therefore be focused on whether budgeting contribute towards increasing productivity in organization or not.


1.3 Objectives of the Study

In view of the glaring problems as mentioned above the researchers main purpose of this study is to look carefully as the system of budgeting. This will enable the researcher to discover and bring to light any loop hole and lapses that may contribute on their little ways to aggregate private sector problem. Therefore, the objectives of the study are as follows:

  1. To examine the system of budgeting, planning and control in order to assess adequacy in productivity.
  2. To find out the extent budgeting serves in planning and increasing productivity.
  3. To examine facts about the organization and it mode of operation with regards to productivity.
  4. To identify the fact about operation and mode of operation.

1.4 Significance of the Study

The significance of this study is essential on its benefit and contribution to individual and organization first and foremost. This study will serve as important objectives reference to top executive of organization who wants to achieve efficiency in production. It will also be significant to students who want to carry out further research on the area of study secondly, the finding of this study will be useful to both the organization and any other similar organization as well as general public in the field as it depicts the nature of problem associated with budgeting in this part of the country. Finally, this study will also cover the public as an essential requirement for the award of higher national diploma.


1.5 Research Questions

The following questions were formulated to serve as parameter for the measurement of the objective earlier stated.

  1. How effective is budgeting, planning and control system in order to assess adequacy in productivity?
  2. What extent does budgeting serves in planning and increasing productivity?
  3. What are the fact about the operation and it mode of operation in NOCACO with regard to productivity?
  4. What are the facts about the operation and it mode of operation?

1.6 Scope of the Study

The study is restricted to cover the private sector, and suggest solution and recommendation on the topic of discussion which is budgeting as an effective tool for planning, control for increasing productivity.


1.7 Limitation of the Study

Like any other project, this study is not without limitations, the study emphasis being of the budgeting as an impact of budgeting planning and control on productivity in Northern Cable processing manufacturing company, Kaduna. Some of the difficulties encountered in carrying the study include:

  1. Inability of the researcher to obtain adequate and relevant data from the organization. Especially on sensitive economic issues that organization are secretive about.
  2. Financial constraint is another limitation, finance have bee inadequate such the researcher has been unable to move around and get data and material required for the study.
  3. Material such as company documents (official) which involves their operation and procedure of the organization activities have been inadequate due to lack of proper record keeping and equipped libraries.
  4. The uncompromising nature of most respondents especially to questionnaires and verbal question.
  5. Lack of time to carryout out the persona observation of the enterprise operations properly.
  6. Sometimes the statistical method used for data analysis might not be best available.

1.8 Definition of Terms

Budget:

A budget has been defined as a quantitative plan usually in monetary terms of the forthcoming accounting year or for the ensuing period.

Budgeting:

Budgeting planning is short term planning is the process of preparing detailed short term (usually one year) plan for the function activities and department for the organization, thus converting the long term corporate plan into yearly action.

Zero Base Budgeting (ZBB):

Is formal defined by the (Chartered Institute of Management and Accounting) CIMA thus a method of budgeting whereby all activities is revaluated each time a budget is set.

Programme Planning and Budgeting System (PPBS):

Is a radical approach to budgeting based programme which are grouping of activities with common objectives.

Budget Manual:

The budgeting manual is an important aid to communication and instructional information manual not a list of agreed financial budget.

Flexible Budgeting:

A flexible budget is one which is designed to dynast the budget cost level of suit the level of activities actually attained.

Planning:

Planning can be defined as the establishment of activities and the formulation, evaluation and election of the polities strategies tactics and action required to achieve these objectives.

Strategic Planning:

The formulation, evaluation and selection of strategies for the purpose of preparing a long term plan to attain objectives.

Tactical Planning:

Is the process of preparing detailed short term (usually one year) plans for the functions, activities and department of the organization thus converting the log term corporation plan into action.

Control:

Control is concern with the different use of resources to achieve a previously, determine objective or set of objective within a plan productivity (total factor basis).

Productivity:

Productivity can be expressed on a total factor basis or on a partial factor basis productivity on a total factor basis.


The Impact Of Budgeting Planning And Control On Productivity Of An Organization


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The Impact Of Budgeting Planning And Control On Productivity Of An Organization


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Frequently Asked Questions


What is the importance of a budgeting system in an organization?

Budgeting system could assist the management in planning, co-ordinating, inter-relation activities and performance evaluation, planning as it is widely accepted in determination of objectives or setting targets, formulation of policies, strategies and alternative priorities.

What is budgeting control?

Budgeting control has been widely accepted as management techniques which are aimed at controlling the operations of an enterprise towards the realization of predetermined objectives.

What is the importance of planning and improving productivity?

Proper planning and improved productivity is highly desired in industrial settings to optimize the available resources when there is limited resources and to control excessive spending in time of surplus.

Is budgeting a good setting strategy?

Budgeting is a good setting strategy where conflicts, power differentials and uncertainty are inherent, the system influenced behaviour and action positively and negatively, unfortunately, when control breakdown rather than seeking solutions, some executives are lamed yet others indulge in disclaiming responsibilities (Oliver 1975:125).

What is the importance of Budget Control?

Importance of Budgetary Control. The importance of budgetary control is reflected from the fact that it helps the management to efficiently track the company’s performance. Such monitoring ensures that the deviation of the company’s actual performance from the budgeted one is always under the scanner and can be rectified before it is too late.

Who is responsible for budgetary control?

The person who is ultimately responsible for ensuring that the budget is followed is known as the Budget Holder. Budget holders are usually the managers and operational directors of companies who are tasked by the owners/shareholders or the board of directors to ensure that the company follows whatever budget is laid out for them.

What is a productivity plan and how to create one?

The definition of a productivity plan lies in the name itself. It is a plan to make yourself productive by focusing on the right tasks that matter to you and your goals. You cannot download a blueprint from a self-improvement guru, follow it to the dot and expect results.

What is the importance of productivity?

The Importance of Productivity in the Workplace Andy Core is an author and speaker on Work-Life Balance, Wellbeing, and Peak Human Performance. Any effective and successful business understands the importance of productivity in the workplace. Being productive can help the firm increase and utilize the capacity of the human resources it has.

Why is it important to plan your projects before starting?

In fact, the more time and effort you put into planning your projects before starting to take action, the more quickly, effectively and successfully you will execute your project. When you have a well thought out plan (I like to call it a productivity plan), you don’t need to spend time questioning each and every decision as you take action.

What is the purpose of performance planning?

The performance planning is all about exploration of what individuals need to do and know in order to improve their performance and develop their skills and competences. It is also about knowing how their managers can provide the support and guidance they need. The whole process requires competence mapping and potential development.

What is the best budgeting strategy?

The Top 5 Recommended Budgeting Strategies 1 Zero-based Budget. With a zero-based budget, every dollar is assigned to a budget category, such as transportation or retirement savings. 2 50/30/20 Budget. … 3 Envelope Budget. … 4 Values-based Budget. … 5 “Pay Yourself First” Budget. …

How to approach your budget?

Four options for approaching your budget: Communicate strategy and budgeting process clearly to departments. Compare previous budget to plans (not to continue previous budgeting process, but to check your assumptions). Consider creating a StratEx budget. This type of budget is cross-departmental and designates strategic project funding

Do you link budget to strategy?

No matter what approach you take to budgeting, you have an opportunity to link it to strategy to help people see the value in your budget development process. When you link budget to strategy, you can stop dreading the budget process and instead, get inspired by budgeting!

Is it worth it to set up a budget?

If you set up such a budget properly, you’ll have a great understanding of your usual money habits and can set realistic targets for cutting back in the more flexible areas of your life. However, it does take a lot of work and attention to get value out of this method, as you get out of it what you put into it. 

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