The Problems Of Management Of A Recessionary Economy
Table of content
- Title page
- Approval page
- Table of content
- 1.1 Background of the study
- 1.2 Statement of the problem
- 1.3 Objective of the study
- 1.4 Significance of the study
- 1.5 Scope and limitations
- 1.6 Definition of terms
2.0 Review of Related Literature
- 2.1 Sources of corporate finance
- 2.2 Finance as a problem of management
- 2.3 The need for cash holding in a period of economic recession
- 2.4 Objectives and forms of planning & control
- 2.4.1 Physical control
- 2.4.2 Accounting control
- 2.4.3 Budgery control
3.0 Research Design and Methodology
- 3.1 Design of the study
- 3.2 Sources of data
- 3.2.1 Secondary source
- 3.2.2 Location of data
- 3.3 Method of investigation
4.0 Research findings
5.0 Recommendations and Conclusion
- 5.1 Recommendation
- 5.2 Conclusion
1.1 Background Of The Study
In Nigeria, the first and prime objective of any business in the private sector is to make profit but the uncertainty interest today’s economic environment. Threatens the survival of every business and makes sound liquidity and cash retention the vocal point for the management rather than the achievement of maximum profitability in experience of past few years had shown that no business or industry larger or small in Nigeria Today could claim to enjoy immunity from the financial, the threats to economic survival that had development recession. Shrinking government revenue from domestic taxation and oil acute shortage of foreign exchange removal of petroleum subsidy and the creeping-devaluation of the Nigeria currency in view of above situation, management attention should therefore be focused on the management principles & techniques that can help the business to survive within the uncertain economic environment?
1.2 Background Of The Study
In recent years, the rate of business liquidates and winded up has increased tremendously. In Nigeria, the last ten years witnessed winding up of banks & other multipurpose firms. These recent change has be unfortunate development has created lack of trust on the side of the investors. Investors had lost millions of Naira in these liquidated businesses. Furthermore foreign investors have turned their back of Nigeria economy owing to fear of business Falian these led to acute unemployment low productivity & non payment of dividends to the share holders to this end a study towards solving this problems is indeed a welcome development.
1.3 Objective Of The Study
The purpose of this study is to carryout research on the problems in management of recessionary economy of Nigeria the study with three for be guided by the following objectives.
- To determine the problems of a recessed economy
- To determine how these problems effect the management of business in a recessed economy.
- To proffer a solution to solve the problems of management in a recessed economy.
1.4 Significance Of The Study
The significance of this research work is for its out come to throw more light on the management of a recessionary economy. The outcome will hope fully help to recommend solutions to those problems I also hope that this work will be of great relevance to other researchers of the same field.
1.5 Scope And Limitations
This study is limited to the problems of management in a recessed economy with emphasis on the private sector.
This study will only examine the sources and control of firms. Furthermore this work cannot study the Nigeria economy because of its sizable population among the limitation to this study are:
- Time constraint
- Largeness of the study area
1.6 Definition Of Terms
A given environment of business and other activities.
It is the are of doing things through and with people.
To on how money & other items should be bought & spent.
The process of showing how financial obligations were carried out.
5.0 Recommendations And Conclusion
Having analysed and presented in finding of this research work in the proceeding chapter, the researcher deemed it fit to make recommendation on this study the problem of a management of a recessionary economy. The researcher believes that if these recommendations are through implemented, it will go along way in improving the efficiency and effectiveness of the management. The researcher recommends a major part for the need to hold cash in a period of economic recession. At this stage, Keyness in stressed the need for holding cash. The transaction, motive, precautionary motive & the speculative motive. Based on the above stated needs, I hereby recommend the following:-
- Management has to be financed through debentures, which is a long term financing and which is not secured by mortgage on specific company properties or fixed assets.
- Loans should be obtained from banks long term loan with a minimized interest to help financing of businesses at the periods.
- Managers should be orientated from time to time through seminars, works cops and symposiums to enable them manage well during recession.
- A proper accountability technique should be adopted by firms & to ensure proper usage of funds during and after the period of recession.
In this study the researcher have tried to show that the management contribute in no small measure for the successful of any business and become indispensable for business operating in an uncertain and changing economic environment such as the one Nigeria is going through today. Thus the researcher also made it clear that no amount of the planning & control can guarantee the survival of business in a volatile economy, where people are not prepared to make sacrifice to subject themselves to discipline and be truly committed to the success of the establishment. Nevertheless, a sound the management remains hidden treasure the exact value of which the management may be unaware. What I am saying in effect is that the present abuse of the management both at the private and public sector has led to the collapse of the Nigeria economy. Analyst, all over the world have concluded that the problem with Nigeria business is not investment but the management of the shareholders interest in the business.
Finally, this work revealed that poor manpower training is a notorious factor, which has led to poor, the management of business in a recessionary economy point of emphasis. Therefore, is the top middle and lower managers should be trained and retrained from time to time, to enhance their ability to source, disburse and control firms financial resources, particularly in a recessionary economy.
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