Project Topic:

BUDGETING AS A TOOL FOR PLANNING AND CONTROL IN MANUFACTURING INDUSTRY

Project Information:

 Format: MS WORD ::   Chapters: 1 - 5 ::   Pages: 72 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   1,380 people found this useful

Project Department:

ACCOUNTING UNDERGRADUATE PROJECT TOPICS, RESEARCH WORKS AND MATERIALS

Project Body:

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

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 feed-forwarding process.

The concepts of feed-forward process into provide each manager with guidelines for making operation decision on a day-to-day basic.

Budgeting deals with plants and monitoring activities to ascertain whether they confirm to the plan.

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 achieve set goals. Such tools and system include budgeting variance analysis and budgetary control. The process of setting goals to be achieved in the future time and determining 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 required and used over some specific time interval. It repented a plan for the future expressed in a formal qualitative terms. The out of preparing a 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 maximized as its main objectives with centre focuses in Nigerian Breweries Plc, Enugu

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

  1. Statement of problem
  2. Purpose of the study
  3. Statement of hypothesis
  4. Research question
  5. Scope and limitation of the study
  6. Definition of terms

Chapter two present the literature review which such issues as:

  1. Definition of budget
  2. Feature and function of budget
  3. Preparation of budget
  4. Types and methods of budget
  5. Planning function in an organization
  6. Problems associated with budget
  7. Controlled function in an origination
  8. Budget control and analysis of variance.

Chapter three presents the research design methodology

The source of data collected for analysis and treatment of some of the problem encounter during data collected were examined and analysis in details to enable us draw conclusion there by making recommendation.

 

 

  1. STATEMENT OF PROBLEM

This 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 materials.

Management is filed with the problems of how to make use of available scarce resources your order to achieve the objective of profit maximization.

This research work will provide solution of the following problems.

  1. Inability of the manufacturing company objectives
  2. Insufficient appraisal of the company performance base on budgeting.
  3. Inability of officer in the cost centers to confirm to guide line and attain the standard set in the organization. This is application to all works.
  4. Inadequate monitory of compliance with and deviation from department and enter budgets.
  5. OBJECTCIVE OF THE STUDY

The purpose of this study includes the following:

  1. To show the importance of in getting as a tool for planning and controlling in the operations of a manufacturing industry which as the maximization of profit and its  principal objectives.
  2. To identify the procedures adopted in the formation and implementation of animal budget in Nigeria Breweries Plc, Enugu.
  3. To determine whether there is a correction between the type of budget implemented and their actually performance.
  4. The study will determine whether or not budgeting control as a management tool contributes to the improvement of managerial efficiency and high productivity.

 

  1. STATEMENT OF THE HYPOTHESIS

The following are the basic for research in this study:

HI: Managers are using budgeting planning and controlling the business resource.

HO: Managers are not using budgeting in planning and controlling the business resource.

HI: Budgeting is a tool for effective decision making in manufacturing industry.

HI: Utilizations of resource is achieved with the use of budgeting and budgetary control

HO: Utilization of resources is not achieved with the use of budgeting and budgetary control.

  1. RESEARCH QUESTION
  2. How does managers use budgeting in planning and control in author the goals of a business?
  3. How does decision making performed in a manufacturing industry using budgeting as a tools for planning and control?
  4. How has utilization of resources achieved with the use of budgeting and budgetary control.
  5. SIGNIFICANCE OF THE STUDY

In the business world the main objective is to maximize profit by providing goods and services of fair, comparative and affordable price no management can ignore profit maximization unless it will be stifled out of business.

Hence, this study is significant with the following reason?

  1. The study will determine whether budgeting as a tool for planning and control played and significant role towards ensuring portability and efficient rendering of goods and services.
  2. Ascertain the role play by the management in budgeting and whether they ensure to the budget.
  3. Ascertain the role of budget as a tool for effective and efficient utilization of scare resources.
  4. The study will help future researcher on budgeting and budgetary control with emphasis on manufacturing industry.
  5. SCOPE OF THE STUDY

The study of budgeting as a tool for planning and control in a manufacturing industry has its scope limited to Nigerian Breweries (NBL) Plc Enugu due to various constraints.

       Among the major constraints is the fear of job security by some staff of the company might be unsafe if they grant interviews.

Again, funds available to the researcher and cost of printing the questionnaire to and from the respondents.

       Moreover, there was retaining of time so as to come other course within the limited time.

  1. DEFINITION OF TERMS
  2. A BUDGET: The institution of cost and management accountant defines budget as a plan quantified in monetary terms, prepared and approved prior to a define period usually showing planning income to be generated and or expenditure to be incurred during that period and the capital to be employed to attain that objective.
  3. Budgetary control: This is the different between planned (budgeted and actual result cost). This may be favourable where actual cost is less than a standard (budget) cost. If it unfavourable where actual cost is greater than standard (budgeted) cost. Alternative terms are minus or plus variance respectively.
  4. Organization: This is all establishment whether government or private owned.

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