- The Complete Research Material is averagely 67 pages long and it is in Ms Word Format, it has 1-5 Chapters.
- Major Attributes are Abstract, All Chapters, Figures, Appendix, References.
- Study Level: BTech, BSc, BEng, BA, HND, ND or NCE.
- Full Access Fee: ₦6,000
Get the complete project »
CHAPTER ONE
1.1 INTRODUCTION
BACKGROUND OF THE STUDY
Traditional budgeting has been criticized for a long time now for its inadequacy as a means of management control. Criticisms concerning its inadequate practices in a changing business environment emerged as early as the mid 1980’s with Johnson and Kaplan (1987) seminal book relevance lost?
It called also note from the work of Allen (1998). Who stated that the rapid changes in today’s business environment renders a rigid approach to budgetary control obsolete. It is no longer helpful in his anything up to 15 months previously. He argues that amongst the requirements of a more appropriate system, would be the building in of accountability to explain the differences between actual and planned performance. This demands a more immediate time frame of information reporting. Thus, there is a need to integrate strategic management and budgeting. The works of C. Adams et al (200) called be pointed to this regard. These author, conceptualized that to be effective, budgets must aligned with the organization’s strategies, appropriate strategic planning, and performance management process introduced, and must involve processes that are value based, consequential and continuous.
The work of Tim Blumentritt (2006) called be viewed as further contributions to the above stand point as he recognizes the need for organizations to integrate strategic management and budgeting. What seems rather unfortunate according to Tim Blumetritt (2006) is the fact that most organizations still great the budgeting and strategic management processes separately and also, a significant portion of small and medium sized enterprises do not engage in strategic planning (Tim Blunetritt 2006, p 74).
Hence, the reason for this research work which is to investigate the question; “what is the budgeting practice in Nigerian manufacturing company?” The motivation for this study also comes from the work of Herath and Indrani (2007) who investigated on the “roles of Budgetary Control System (BCS) as a component of the Management Control System (MCS) in creating and sustaining competitive advantage” and came up with a positive conclusion. They concluded that though BCS called play a leading role in establishing an efficient MCS for creating a sustainable competitive advantage, budgeting will not function in isolation (P 79). “Instead, it can be used more effectively oriented knowledge enterprise” (Herath and Indrani; 2007, P179)
The choice of Power Holding Company of Nigeria (PHCN) is related to the fact that it is a manufacturing company in a very competitive industry and lots of challenges faces Nigerian manufacturing companies as they struggle with economic depression and high inflation resulting form IMF world bank led structural adjustment plan (SAP) implemented by the Nigerian government. These programs were initiated to promote the liberalization of the domestic economy, operations efficiency, productivity growth, privately owned enterprises development, economic growth, trade and investment. The economic liberalization policies have nurtured on upon economy and have minimized the hurdles that the manufacturing companies need to clear in order to obtain raw materials and inputs, and other resources for productive activities. However, it has created an unprecedented change in their business environment through increased competition both in the domestic market and from need to development and implement a well conceived strategic plan is order to be competitive in the business environment.
1.2 Statement of the Problem
Nomatter ho well a plan is organized, it cannot produce results on its own, thereby the need for control strategy through budgeting practices to check compliance and excesses in the manufacturing industry with particular reference to Power Holding Company of Nigeria (PHCN) . What is the budgeting practice in the Nigerian manufacturing companies?
1.3 Objectives of the Study
The aim of this study is to investigate the management control practice (budget being the tool for management control) in Power Holding Company of Nigeria (PHCN) . The objectives of this study include the following:
i. To examine the present system of budgeting being practiced in Power Holding Company of Nigeria (PHCN) .
ii. To examine how budgeting and control system effectively put to use in order to enhance the accomplishment of the organizational set goals and objectives.
iii. To highlight some of the problems that militates against better performance.
1.4 Research Questions
i. What is the present system of budgeting being practiced in Power Holding Company of Nigeria (PHCN) .
ii. How is budgeting and control system effectively used in order to enhance the accomplishment of organization goal and objectives.
iii. What are the problems that militate against better performance.
1.5 Significance of the Study
The target groups of this study are managers, business practionners and scholars in the field of business management. This will enhance a deeper knowledge about how better a management control would be if its essential tools are well integrated.
1.6 Scope and Limitation of the Study
The scope of this study is limited to the 2005 – 2010 budgeting periods of Power Holding Company of Nigeria (PHCN) Plc. The estimates of both revenue and expenditure of the above years will be examined. The process of budget preparation, control, management control, implementation and review will be covered by the study.
Limitation of the Study
The study is limited to Power Holding Company of Nigeria (PHCN) Plc. Uyo and if they are applying the concepts of budgeting in their operations and how well. As the organization under consideration is a manufacturing firm having to contend with competition, we cannot justify the credibility of all information to be used for the study.
You either get what you want or your money back. T&C Apply
You can find more project topics easily, just search
-
SIMILAR ACCOUNTING FINAL YEAR PROJECT RESEARCH TOPICS
-
1. HUMAN RESOURCE MANAGEMENT ACTIVITIES IN TOTAL NIGERIA PLCA CASE STUDY OF FOTAL NIGERIA PLC
» Abstract In the altering competitive environment, human resources are considered as one significant source for competitive advantage. The human resour...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
2. THE EXTENT OF USE OF INSTRUCTIONAL MATERIALS FOR EFFECTIVE TEACHING-LEARNING OF ENGLISH LANGUAGE IN JUNIOR SECONDARY SCHOOL (A CASE STUDY OF ENUGU SOU...
» ABSTRACT The objective of this research work was to find out the problems and prospects of teaching English Language in Secondary Schools in Enugu Sou...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
3. ROLE OF INTERNAL AUDIT IN FRAUD DETECTION AND PREVENTION IN GUARANTEE TRUST BANK PLC
» TABLE OF CONTENTS Title page i Declaration ii Certification iii Approval iv Dedication v Acknowledgements vi Table of contents viii Abstracts xii CHAP...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
4. IMPACT OF DEBT FINANCING ON THE GROWTH OF MANUFACTURING FIRMS IN NIGERIA
» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND TO THE STUDY Manufacturing firms are considered important in both developed and developing countries. They are...Continue Reading »Item Type & Format: Project Material - Ms Word | 79 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
5. THE EFFECT OF ACCOUNTABILITY AND TRANSPARENCY ON THE PERFORMANCE OF THE PUBLIC SECTOR ORGANIZATION
» ABSTRACT In this research work titled effect of accountability and transparency on the performance of the public sector organizations with particular ...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
6. EFFECTS OF INFORMATION TECHNOLOGY ON THE EFFICIENCY OF TAX ADMINISTRATION IN NIGERIA
» ABSTRACT This research study examines the Effect of Information Technology on the Efficiency of Tax Administration in Nigeria, a case Study of Enugu S...Continue Reading »Item Type & Format: Project Material - Ms Word | 58 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
7. THE IMPACT OF COST ACCOUNTING STATEMENT IN PRIVATE ORGANISATION (A CASE STUDY OF BETA GLASS COMPANY PLC, UGHELLI, DELTA STATE)
» CHAPTER ONE INTRODUCTION 1.1 Background of the Study The bedrock of accounting is an understanding of the underlying principles, and an appreciation o...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
8. THE IMPACT OF COLLECTIVE BARGAINING TOWARDS THE ACHIEVEMENT OF ORGANIZATIONAL GOALS (A CASE STUDY OF DELTA STEEL COMPANY, OVWIAN ALADJA, DELTA STATE)
» CHAPTER ONE INTRODUCTION 1.1. BACKGROUND OF THE STUDY Collective bargaining is regarded as the most important mechanism for reducing conflict. Here th...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
9. SIGNIFICANCE OF EXTERNAL AUDITOR’S ON THE EXAMINATION OF FINANCIAL STATEMENT
» ABSTRACT This study was to assess the significance external auditor‟s in the examination of financial statement of first Bank of Nigeria Plc., Enugu...Continue Reading »Item Type & Format: Project Material - Ms Word | 50 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
10. A SURVEY OF THE EFFECTS OF FRINGE BENEFITS ON EMPLOYEES PERFORMANCE IN THE HOSPITALITY INDUSTRY
» ABSTRACT The study is aimed at surveying the effects of fringe benefits on employee performance in the hospitality industry. Because of the reduction ...Continue Reading »Item Type & Format: Project Material - Ms Word | 50 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT