BUDGETING AS A TOOL FOR PLANNING AND CONTROL IN A MANUFACTURING INDUSTRY

(A CASE STUDY OF NIGERIAN BREWERIES PLC ENUGU)

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ABSTRACT

 

This research work was focused on investigation on the use of budgeting as a tool for planning and control in topical manufacturing industry like Nigerian breweries plc, Enugu.

The objective of the study is to show the important of budgeting as a tool for planning and control in operation of a manufacture industry which has profit maximization as its principal objective. The research also aims at identifying the procedures adopted in the formulation of annual budgets of Nigerian Breweries plc.

Based on this, the following hypothesis was formulated for the study. The hypothesis include:

• Managers use budgeting as a tool for planning and control in attaining the goals of the business.
• Decision-making is performed in a manufacturing industry using budgeting.
• Utilization of resource is achieved with the use of budgeting and budgetary control

Following the investigation and analysasion of the data, the following finding were made:

• The organization uses budgeting in achieving their goals and objectives.
• The main objective of the organization is maximization of profit.
• Efficiency and effectiveness of the organizations operation is enhanced through the use of budgeting etc.

From the finding, the conclusion were arrived that budgeting is a very essential and indispensable tool for planning and control. It helps management to be   well structure in sustaining the growth and expansion of the organization

 

 

 

 

 

 

 

 

 

TABLE OF CONTENTS

CHAPTER ONE INTRODUCTION:

• Statement of the problem
• Purpose Of The Study
• Research question
• Statement of hypothesis
• Scope and limitation of the study
• Significance of the study
• Definition

 

 

CHAPTER TWO: REVIEW OF RELATED LITERATION

2.1 Definition of budget

2.2 Features and functions of budget

2.3 Preparation of budget

2.4 Type and methods of budget

2.5 problems associated with budget

2.6 planning function in an organization

2.7controlling function in an organization

2.8 Budgetary control and analysis of variance

 

CHAPTER THREE: RESEACH METHODOLOGY

3.1 research design

3.2 Source of data

3.3 sampling and sample size

3.4 method of data analysis

3.5 problem of data collection.

 

 

CHAPTER FOUR: PRESENTATION, ANALYSIS AND INTERPRESENTATION OF DATA

4.1 Analysis of data

4.2 Hypothesis testing

 

CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSING AND RECOMMENDATION.

5.1 Summary of findings

5.2 Conclusion

5.3 Recommendation

BIBLIOGRAPHY:

APPENDIX: QUESTIONAIRES

 

CHAPTER ONE

 

INTRODUCTION

Business organizations need planning to achieve their aims and objective. It thorough planning in an organization cannot be done without involving the act of budgeting. The management has the purpose of providing a feed – foreword process.

The concept of feed-forward =process in to provide each manager with guideline for making operation decision on a day –to- day basic. Budgeting deals with plans and monitoring activities to ascertain whether they conform to the plans. This is the control and coordination aspect of budgeting.

Manufacturing industries can only achieve profit maximization by proper planned use of available resource. This is sustained when different activities are efficiently coordinated, and decisions taken in the organization are result oriented. Business organization requires the use of some techniques in the formula and adoption of planned and defined system and tools with a view to achiever set goals. Such tools and systems include budgetary variance analysis and budgetary control. The process of setting goals to be achieve in the future time and determining how these goals are to be reached is described as PLANING, while the process of translating this planning into financial target can be described as BUDGETING.

Reg, H. Garrison, in his opinion, defined budget, thus, a budget is a detailed plan showing how resources will be require and used over some specify time interval. It repented a plan for the future expressed in a formal qualitative terms. The act of preperating a budget is called budgeting. The use of budget to control a firms activities is known as budgeting control ‘’.

This project is organized in five chapters, which aimed at finding out the budget process used achieving the goals of a typical. Manufacturing, industry with profit maximization as its main objective with center focuses in Nigerian breweries plc Enugu.

Chapter one is an introduction to the study concerning such issues as:

• Statement of problem
• Purpose of the study
• Statement of hypothesis
• Reseach question
• Scope and limitation of the study
• Significant of the study
• Definition of terms

Chapter two present the literature review, which such issues as:

• Definition of budget
• Feature and function of budget
• Preparation of budget
• Types and methods of budget
• Problems associated with budget
• Planning function in an organization
• Controlled function in an origination
• Budget control and analysis of variance.

Chapter three presents the reseach design methodology.

The source of data collected for analysis, and treatment of some of the problems encountered during data collected were examined and analysis in detail to enable us draw conclusion there by making recommendation.

Chapter five contains the summary of the resaech, recommendation and conclusion.

 

STATEMENT OF THE PROBLEM

The management has his primary duty of achieving the objective of profit maximization of the company through budgeting .due to the state of our economy, and government policies, this goal is much hindered during the period of economic depression which features low capacity utilization, high interest rate shortage of foreign exchange to buy the needed, raw