Impact Of Planning On Organizational Performance Of A Manufacturing Company
Impact Of Planning On Organizational Performance Of A Manufacturing Company
Abstract
Effective planning is crucial to management of business enterprise, because it begins with the determination of a business outfit to effectively plan, design, strategize and other tactical ways aimed at achieving set goals and objectives. This work is on the impact of planning on organizational performance of a manufacturing company. It aims are to examine the concept of planning in manufacturing industries as a means of improving productivity, to highlight the role of good plans to effective performance in an organization, to examine the impact of managerial planning in raising the firm’s standard of general work performance, and to improve the quality of production in the organization. The hypothesis formulated were tested with the Chi-square statistical method of analysis. The research findings reveals that effective planning is not achieved in some business organization because organizations do not have enough resources or raw material to exploit the opportunities. It was also there is a significant relationship between effective planning and production volume. Recommendation were made to include: Companies should pay specific attention to how it can overcome the problem of raw material by using local raw material in their environment.
Chapter One
Introduction
1.1 Background of the Study
Effective planning is crucial to management of business enterprise, because it begins with the determination of a business outfit to effectively plan, design, strategize and other tactical ways aimed at achieving set goals and objectives. Many industries are facing high failure rate due to enormous waste of funds, ineffective management plan and financial crises. This could be attributed to poor planning strategies. Consequently, many of these industries are finding it difficult to maintain the volume of input that will keep them in business. Cases abound of many industries which have folded up as a result of scarcity of major managerial and planning inputs needed or necessary for their survival. Many indigenous industries are often pre-occupied with results to be achieved that they set aside reflections on the future of their business or enterprise so those that have every narrow concept of their business, do not plan because they cannot control most of the variables. To this group of industries, planning is not a necessity but an activity that is undertaken when the daily pressure of doing business no longer exist. However, management of small and medium scale enterprises or industries have studied their business environment and are now aware of the need for planning. Planning is now essential in recent threshold of frightening business financial plights (economic meltdown). The evolution of an effective planning reduces the risk of business failure, enormous financial waste and uncertainty and may create employment due to determining course of action in years to come.
1.2 Statement of the Problem
In these prevailing harsh economic situation and downturn in Nigeria, most small and medium scale industries find it difficult to cope where some are breaking even. This is attributed to the inadequate or lack of planning on the part of these companies and that has placed them in a disadvantages position such that they cannot compete favourable with their competitors. Lack of planning has made them to be short sighted in their activities which have affected them negatively.
1.3 Purpose of the Study
The purposes of the research or study work are as follow:
- The study is aimed at examining the concept of managerial planning in manufacturing industries as a means of improving productivity, better work and profitability in manufacturing industries.
- To highlight the role or need in determining how to make good plans to effective performance.
- To examine the impact of managerial planning in raising the firm standard of general work performance.
- The research study will examine the appropriate and relevance of various planning skills, process and type as they affect the standard of performance in the industry.
- To help prepare for the future.
- To improve the quality of the product in the organization.
1.4 Research Hypotheses
Hypothesis I
- Ho: There is no significant relationship between planning and better performance in a manufacturing industry.
- Hi: There is a significant relationship between planning and better performance in a manufacturing industry.
Hypothesis II
- Ho: There is no significant relationship between planning and organizational growth.
- Hi: There is a significant relationship between planning and organizational growth.
1.5 Significance of the Study
The current economy has made it extremely important for every organization to minimize cost, risks and losses especially those generated with the organization in the normal course of operations. To minimize all possible losses, it is essential for management to have an effective planning system in all areas of operations in an organization. More so to provide direction and a sense of purpose for any organization and to reveal future opportunities, threats and provide a unifying framework for decision making in the organization. Planning is an essential feet, the need for planning in any company cannot be over-emphasized. Hence, this research work impact of planning will be of paramount significant to: 1. Management and captives of industries in terms of planning. It will be of help to them to know the impact of planning in an organizational performance in term of effectiveness and otherwise.2. The work will also be of significant to student in the field of business administration, i.e acquainting them with the knowledge on the subject of planning.3. The work will also serve as a guide to researchers in the subject matter under study
1.6 Scope and Limitation of the Study
The study set out to investigate the impact of planning on organizational performance of a manufacturing company, a case study of Bendel Flour Mill, Ewu. This study shall be restricted to the said case study but its findings could be generalized to cover the manufacturing industries in Nigeria. The researcher encounters some constrain which limited the scope of the study;
a) Availability of Research Material:
The research material available to the researcher is insufficient, thereby limiting the study
b) Time:
The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
c) Organizational Privacy:
Limited Access to the selected auditing firm makes it difficult to get all the necessary and required information concerning the activities.
1.7 Definition of the Terms
(i) Planning:
This refers to setting objectives, assessing the future and developing courses of actions to accomplish these objectives.
(ii) Development:
This refers to activities that increase the ability of employees to progress with the organization and to change its growth.
(iii) Efficiency:
The ability to minimize the use of resources in achieving organization objectives.
(iv) Performance:
Achievement in terms of profitability and output. (v) Evaluation: This is designed to compare job systematically with a view of accessing their relatives.
(vi) Goals:
The basis of direction of an organization, its purpose, mission and objectives.
(vii) Manufacturing:
It is the process of making and producing tangible goods on a large scale of machine or tools.
(viii) Profitability:
This is the difference between output and input in positive terms.
(ix) Production:
This refers to any activity carried out in the process of making goods and services.
(x) Risk:
This is the variability associated with expected revenue streams.
1.8 Organization of the Study
This research work is organized in five chapters, for easy understanding, as follows
- Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study.
- Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature.
- Chapter three deals on the research design and methodology adopted in the study.
- Chapter four concentrate on the data collection and analysis and presentation of finding.
- Chapter five gives summary, conclusion, and recommendations made of the study
Chapter Five
Summary, Conclusion and Recommendation
5.1 Introduction
It is important to ascertain that the objective of this study was to ascertain effective communication as a tool for determining employee’s job performance. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of planning on organizational performance of a manufacturing company
5.2 Summary
This study was on impact of planning on organizational performance of a manufacturing company. Five objectives were raised which included: The study is aimed at examining the concept of managerial planning in manufacturing industries as a means of improving productivity, better work and profitability in manufacturing industries, to highlight the role or need in determining how to make good plans to effective performance, to examine the impact of managerial planning in raising the firm standard of general work performance, the research study will examine the appropriate and relevance of various planning skills, process and type as they affect the standard of performance in the industry, to improve the quality of the product in the organization. In line with these objectives, two research hypotheses were formulated and two null hypotheses were posited. The total population for the study is 200 staff of Bendel Feed Flour Mill, Ewu, Edo state. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made production managers, marketing managers, senior staff and junior staff were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies
5.3 Conclusion
Strategic planning makes decision in response to predictable changes, identification of external threats and opportunities. The organization through speculation of future events may lead to influencing the future events influencing the future for the benefit of the organization growth and after considering all facts. Important decisions can be made hence avoiding crisis situations. It makes it easier for the coordination of divisions, subsidiaries and other component part of the organization hence act as a focal point for al operation in the organization, the organization can analyze its position through strategy formulation hence know its internal weakness and hence how to get a remedy. From findings, it was concluded that strategic planning if well implemented is effective. Strategic planning was appropriate, suitable, reasonable and accepted to the organization. It clearly indicated that strategic planning exist at KEMRI and helped the organization evaluate its business by identifying its long term goals, objectives, monitor performance and allocating its resources thus enhancing performance in terms of growth. The researcher therefore conclude that in order for a company to enhance its growth it should enable the organization to implement an effective strategic planning so that it can be able to increase its profits, revenue, number of customers, employees thus leading to its growth.
5.4 Recommendation
After careful analysis of the respondents in research survey, the following recommendations were made that the objectives set should be sound objectives. They should be both clear and attainable, should support one another, must be precise and measurable because the more precise the objective is, the more measurable goal it is and easier to achieve it, and should always remain valid. The objectives should convert the strategic vision into specific performance targets, results and outcomes the company management wants to achieve and then use these objectives as yardsticks for tracking the company’s progress and performance.
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