Strategic Planning As A Tool For Achieving Organization Objectives
1.0 General Introduction
It is worthy to note that the world and in particular, the business environment, as well as the educational sector and mangers in business and administration make full use of planning to make important decision.
The technique by which data is collected, organized, interpreted, and implemented, help the manager to day business to present difficulty that may implicate their decision and the organization goals and objectives.
The introduction and study of planning into the business world has immensely help in solving managerial problem in its decision making process. Decision making is most vital role to be performed by managers as a result, they make use of planning technique in the process.
The organizational nation and function such as forecasting, planning, organizing, motivating and controlling as the tools for effective satisfying customer needs. However, the definition of organization as a group of people bound together to provide unity of action, for the achievement of a predetermined objective. It can also be seen as a process mined objective. It an also be seen as a process of coordinating individual effort to accomplish a common objective. In recent years, the development of planning in the field of organization has brought about a substantial change in the organization thinking and practice. The learning of planning is almost always a wide investment, especially for those who are planning to make a carrier in the field of management. Moreover, in solving managerial problem such organization then relied on the effort of panning department in designing or plotting a graph to correct the past, present and future problems.
The techniques developed by managers to asset in meeting business challenges and possibly over coming them is called “statistic analysis” which enable the manager to always draw necessary conclusion wherever, he is accessible to many raw material organization data.
1.1 Statement of the Problem
Over the years events have shown that banking industry has experienced a lot of changes and challenges, which has to the present banking reforms and strategies to strengthen the Nigerian financial institution.
In the past the banking industry in Nigeria fell short of it’s financial obligations to the public. This was majority due to the poor forecasting, planning and organization by most of the banking management more so, the lack of effort of planning department in designing of plotting a graph to correct past future problems laid to the liquidation of some banks in the country.
Furthermore, the problem of managerial decision making and techniques by which manager of this organization undertake lacks of the validity to withstand a long terms solution. There by leading to calamities and uncertainties for the future.
1.2 Objective of the Study
The aim issues as in this study centers on how planning helps in achieving the organization objective. The basic objectives of the study includes.
- To identify the effect of planning as tools in achieving organized objectives.
- To Examine the mode and manners in which planning is being applied in United bank for Africa (UBA) plc and how effective they are using planning achieving and to increase their organization goals.
- To determine what consideration and organization bears in mind when designing tools in achieving its managerial decision.
- To determine what the planning that are available to the organization in order to obtain the greatest capacity of workers.
- To identify and discuss the effect of planning techniques on corporate objective and also expose the rationale behind planning technique vis-à-vis corporate objective.
1.3 Significance of the Study
The first significance of the research study is to examine and educate planning as a tool for achieving organization objective.
Also, to focus attention on the application of planning in managerial function. It also centers on the extent at which planning plays an important role in correcting the past, present and future problems of an organization through statistical tools.
Furthermore, attempt would also be made to find out major problem facing organization in term of manipulation of decision. Also the potential manger in an organization will be able to anticipate, prepare for planning in advance, with various aspect of planning tools for achieving its managerial objectives.
Also to contribute to the existing knowledge of man in the field of planning tools and organization and as well as take off ground for future researcher to make references.
1.4 Scope and Limitation of the Study
The scope of this study is limited to united bank of Africa (PLC) Lagos and within the bank.
However, all categories staff were studies as questionnaire were administered across the entire organization range from a short floor worker, the supervisor and foreman, that is the middle organization team and top executives. The study also will cover areas like manger use planning technique to solve problems.
Also due to financial constraints, time and availability of some field workers of united bank of Africa (UBA) plc, difficulties were encountered in collecting necessary resources for the study.
1.5 Historical Background of United Bank for Africa
The united bank of Africa limited formally (British and French bank) affiliate of the bonque National poile commerce at id industry, a large French banking established come in 1949 to make the third expatiated bank which dominated early Nigeria commercial banking with Nigeria attainment until then had only a branch in Lagos later extend to other part of the country in a bid to modifying its structure in Nigeria.
Hither to, the united bank for Africa (UBA) was established in October 1961 with a network of ten branches operating in most important areas of the country. Now having about 400 branches throughout the federation.
The largest of the three major banks on the country with an asset in excess of 25 billion and total employee strength about 80,000. This growth of the bank resulted from its willingness to introduced innovations into the existing tradition banking services and contributing to greater and more meaningful economic development in Nigeria.
It is worthy to note that united bank for Africa (UBA) was the first among the internal bank operating in Nigeria to be registered under the Nigeria Law.
It was also the first bank introduce banking service in the country, and to establish a branch in a university campus namely the university of Lagos (UNILAG).
In fulfillment of its commitment to the economic development in Nigeria, UBA became in 1971, the first expatiate bank to sell shares to the Nigeria public, on the international scene it had been related as one of the top 300 banks as the world.
UBA has achieved in all aspects of trustee, shares, registration, corporate finance and composed service through a specialized division.
Aggressive banking promotion strategy coupled with willingness to innovate has earned the bank on enviable promotion in the banking industry. As a government corporate citizen, UBA is strongly committed to its exial responsibility and identities communities, in which its represented and is therefore able to give advice, and assistance on foreign business and transaction more effectively. Service improvement during the last final years include the computerization of foreign payment.
Eleven new branch were now opened as a result, it is now represented in Abuja, the new federal capital and several state capitals. The marina branch is the Nigeria external telecommunication house, in Lagos the first branc to be computerized from the date of inception.
The aim strategies employed by the UBA management are geared towards ensuring best service to customer like any other commercial bank in the country.
1.6 Definition of Terms
This is a logical or system of getting things done in an organization.
This is the fundamental function of management resolve for the attainment of organization aim and objectives that is the process of forecasting for advice achievement of the desired end.
This is the function of top-level management to design the logistics of attaining the organization goals, and transfer to the manager for the proper implementation
This is a way or machinery through which certain assignment can be carried out.
This is an establishment or an institution, which comprises of group of people to achieve specific purpose.
This is the record of even that related to particular subject under reference.
This is a race or information which has to collected for the subject under reference in order to have a reliable conclusion.
5.0 Summary of Findings, Conclusion and Recommendation
5.1 Summary of Finding
In the business world, business decision making almost involved in a strategic and the reasons for this is that life situation a rarely possible to effect the decision, and outcome even in taking business action. Hence it has been the objective of this project work to highlight now strategically statistics not have been essential in achieving management objectives. And therefore used as a basis for making positive decision.
However, the management of united bank of African Plc, Has explained with satisfaction on how they have efficiently and tremendously applied strategic and statistical planning in their managerial goals and objectives.
In the same vein, basic ways and sources of statistics tools and information have been discovered: observation, experimentation, questionnaire, etc. and this activity come under the shadow of mangemetn research on how statistics have help in achieving management objective and how strategically this stratify the management or board.
In the same fashion, united bank of Africa Plc, is a banking of financial organization throughout it life holiday, have been making use of statistic tool both in the service and it specially operation.
However, some of the statistical tools used by the company include the use of percentage, Linear programming sampling decision theory.
Also, as one of leading financial institution Nigeria today. Its success and achievement are solid management strategic and uses of statistical tools conclusively, in a dynamic and growing business world, there is very need for a management to want achieve success to change, or by dynamic as well statistic also become increasingly to united bank for African UBA because of the success and practices adopted by the management in making profit and satisfaction derived in the practice.
Conclusively, the researcher will advice that a company or organization should not try with drawing some, or any of the welfare and management rather they should improve on than. It is better not to add more facilitate you can afford at a later stage or to scrap of any of these that have been in existence as will generated feeling it bring about work worm attitude among the management and workers.
Obviously, it is highly recommended that in order to minimized statistical survey cost, management should try as much as possible to allocate some percentage of the budget expenditure on research and development.
However, it becomes very necessary to a firm to have its research and development unit or department well stated qualified specialist like statistician, marketers, psychologists, and researchers this will course a formed approach to eliminating the problem of the lack of good personnel and the time.
Furthermore, firms should also practice a continue us management research. This is a way of making up to date information available at all time achieving accuracy.
Beside, from the statistically point of view, it is very necessary to ensure a good outcome.
To crown it all, statistical approach should be used by the banking industries also as to improve their standard of operation to their customers. It’s very necessary for all the banking organization to design a statistical survey so as to ensure good outcome.
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