1.1 Background of the study
1.2 Statement of problem
1.3 Objective of the study
1.4 Research Hypotheses
1.5 Significance of the study
1.6 Scope and limitation of the study
1.7 Definition of terms
1.8 Organization of the study
2.0 LITERATURE REVIEW
3.0 Research methodology
3.1 sources of data collection
3.3 Population of the study
3.4 Sampling and sampling distribution
3.5 Validation of research instrument
3.6 Method of data analysis
DATA PRESENTATION AND ANALYSIS AND INTERPRETATION
4.2 Data analysis
The study examined the benefit of budgeting as a managerial tool in an organization, which focus on Nigeria Bottling Company Plc. The survey method was extensively used together data for the study and a simple through questionnaire and oral interview and discussion conduct with some of the study participants. The study establish the benefit of budgeting as a management tool in an organization so that it can contributes to the realization of organization goal and objectives. They should conclude with useful recommendations that can help the Nigeria Bottling Company Plc to improve in their budgeting in an organization.
- Background of the study
In Nigeria today, there is rapid growth experience in the area of industrialization. A lot of business has failed to recognize that budgeting as a management tool is effective enough to reposition the organization among their competitors. In the opinion of many authors budgeting is a check necessary in an organization, the planning policy put in place will be defective. The aim of managers is to effectively put up a budgeting policy as a means of making practical’s budgets in the organization. Business budgeting is a basic and essential process that allows businesses to attain many goals in one course of action. There are several goals that many businesses seek to achieve (or should be trying to work toward) when they create and implement a budget. These goals include control and evaluation, planning, communication, and motivation (Lucey, 2004). (Kariuki, 2010), suggests that budgeting is a process of planning the financial operations of a business. Budgeting as a management tool helps to organize and formulize management‟s planning of activities. Budgeting as a financial tool is useful for both evaluation and control of organizations for the planning of future activities. Application of these tools can greatly impact the performance of a company (Larson, 1999). Budgeting as a tool in financial management regularly prepares performance plans and budget requests that describe performance goals, measures of output and outcomes in various activities aimed at achieving performance goals. This helps in the sense that annual plans set forth in measurable terms form the levels of performance for each objectives in the budget period (Larson, 1999). For instance, it indicates how money is distributed by the management to the different departments and key areas to focus on. This helps the management in planning and forecasting in order to reduce costs and unnecessary spending and also to increase profits so that the company may fulfill its corporate vision and mission and also to enable the company to fulfill its debts if any and to ensure the company’s long term technical and financial viability. (Horngren, 1990).
- STATEMENT OF THE PROBLEM
Budgets are necessary to prudently manage scarce financial resources and at the same time serve as means of expenditure authorization, control and evaluation base. Profit making organizations consider budgets and budgetary controls important elements in their policy making. The success of their Organizations depends largely on good budget preparation and effective budgetary controls.
The aim of this research is to find solution to the following research problems.
- To examine the effect of budgeting policies as a tool in production level of the organization performance.
- To examine we their budgeting policies can cease a positive impact in production level of the organization.
- To examine if management monitor her budget to the point of implementation.
- OBJECTIVE OF THE STUDY
This study aims to achieve the following objectives to see the extent to which organization budget before embarking on their operations.
- To assist management in budgeting planning to effect a change bring in Nigeria bottling company
- To look at the problem that is associated with budget implantation mutation in Nigeria bottling company.
- To ascertain the effect of budgeting policies as a tool in production level of the organization performance
- RESEARCH HYPOTHEDES
For the successful completion of the study, the following research hypotheses were formulated by the researcher;
H0: there is no management in budgeting planning to effect a change bring in Nigeria bottling company
H1: there is management in budgeting planning to effect a change bring in Nigeria bottling company
H02: there is no problem associated with budget implantation mutation in Nigeria bottling company
H2: there is problem associated with budget implantation mutation in Nigeria bottling company
- SIGNIFICANCE OF THE STUDY
It is important to know that the pursuit of this project will enable the management of an organization to know that budgets are useful and form an important part of planning and control process budgets also indicates the expenditure , revenue and profit planned for a given future time span. They are usually in monetary terms, providing a common ground for a variety of organization activities management can use budget to provide a major means for control and co-operation. It also helps to detect deviation easily.
- SCOPE AND LIMITATION OF THE STUDY
This study is looking at budgeting generally, using the Nigeria bottling company Benin City, Edo State as a case study. It will enable us look at benefit of budgeting as a management tool in an organization. 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 TERMS
For easy in standing and use the following function had been defined as use. According to Adeniyi (2004)
CIRCULAR: It is a noticed issue from the finance department to inform other department in preparing their budget estimates.
BUDGET CENTRE: This is a unit inside the finance department which carry on involve all budget estimate from other department.
THE BUDGET HOLDER: This is the head of department in change of budget preparation.
BUDGET DURATION: According to Adeniyi (2004) this is the period in which the budget would be prepared and it should not be a tempt period.
BUDGET MANUAL: This is an information manual about the way budget operation in a particular organization one been prepared and the reason for budgeting.
THE BUDGET TIME TABLE: According to Adeniyi (2004) is a time of planning activities of a specifics time schedule established for initiating and completing certain phases for the budget planning process.
BUDGET COMMITTEES: It is a committee given a responsible for the task of developing a co-coordinating budget.
BUDGETING: This is the underlying activities tasks that must generally be carried out to attain maximum usefulness of a budget plan.
BUDGET PREPARATION: This is the preparation of all various sub-budgets that made up the master budget in the organization e.g. sales budget and sales forecasts etc.
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
This material content is developed to serve as a GUIDE for students to conduct academic research
BENEFIT OF BUDGETING AS A MANAGEMENT IN ORGANIZATION: A CASE STUDY OF BOTTLING COMPANY>
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