This research project “The Impact of Corporate Planning on Organizational Profit Performance” a case study of Okin Biscuit Nigerial Limited Offa Kwara State. It contains introduction of the study, literature review, research methodology that deals with research design, research sampling and research instrument, data that analysis and interpretation of result that deal with testing of hypothesis and observation, conclusion and recommendation which deals with closure and suggestion for further studies.
This project work makes us to understand hoe corporate planning is effective in an organization.
BACKGROUND OF THE STUDY
The management of an organization is the action of several people in designing and maintaining an environment in which individual working together in-group to accomplish selected missions and objectives. Planning is a primary task of management which concerns the future and relies upon information from both external and internal sources to the organization for it to be successful.
The performance of an organization can be determined by the corporate planning embarked upon in any given managerial decision at a particular time. For management of such organization to achieve its aims and objectives some planning strategies need to be laid down and followed in order to enhance the smooth running and overall success of the business organization in question. It is pertinent to know that, for any business organization to record any meaningful achievement certain function need to be performed and reckon with within the society among these functions are planning, controlling, coordination, motivating and staffing.
PLANNING:- This is the establishment of objectives and the formulation, evaluation and selection of polices strategies, tacties and action required to achievement these objectives. Planning comprises of short term or operational planning and long term or strategic planning the letter can be regarded as corporate planning for it covers a long range period. It sets out the organizational objectives how to do it? How bill do it? And where to do it? All these are the focus planning.
CONTROLLING:- Control is the process of compelling event to conform to a plan, therefore, controlling involves setting standards for the work to be performed, measuring performance against the set standard, taking corrective action where needed. All these are aimed at measuring the level of performance.
MOTIVATING: This means to energized or set in motion for effective performance. It is an activity which put the employees at the centre by meeting the social, physical and psychological needs of the work force as a way of achieving the overall objective of the organization.
STAFFING:- This comprises of effective recruitment, selection placement, appraisal and development of people to occupy the roles in the organization structure.
Hence, the performance of any given organization can be enhanced by the afore-mentioned managerial functions. More so, management of any given organization can be classified into these 3 categories they are:
Middle Management: These include head of department and also comprises of plant, manager, production manager, sales manager and other managers in the organization.
Top Management:- Who are regarded as the policy maker, goal-setters and decision makers of the whole organization and this initiate all major changes.
Lastly, the bottom level of Management:- These are the lower workers of the organization, these are directing involved with the day to day running of the business within the guidelines set by the top management.
Therefore, it could be summarily inserted that for the achievement of organizational objective and good performance all these functions must be well carried out.
STATEMENT OF PROBLEM
It has been undeniably observed that much business organization fails because of ineffective planning of the management, planning as one of the management functions must be given a serious attention and critical priority for the accomplishment of the organization set goals and objectives. For the management to solve this planning problem, the factors that affect the effective management planning need to establish the effective management planning need to establish the objective and formulate policies, strategies, tactics and action required to achieve these objective.
In order to enhance this study, the following hypothesis are going to be used.
Ho: That corporate planning cannot offset uncertainty and change.
Hi: That corporate planning offset uncertainty and change.
Ho: That corporate planning has no impact on organizational performance.
Hi: That corporate planning has impact on organizational performance.
Ho: That corporate planning is not important in an organization.
Hi: That corporate planning is important in an organization.
THE PURPOSE OF THE STUDY
This study is set out to examine the concept of corporate planning and this impact in an organization. To examine how corporate planning formulation can be use in planning of an organization.
To evolve the effect of failure to plan and why people fails in planning and lastly
To make recommendation with corporate planning options available to an organization.
SCOPE OF STUDY
Two study, impact of corporate planning on organizational performance is selected in order to know and evaluate the corporate planning process of Okin Biscuits Nigeria Limited, Offa, Kwara State which engages in production eatable items and transportation services.
The study shall also examine the meaning of corporate planning from different authors, nature, types importance, purpose and hierarchy of planning shall be discussed. Benefits accruing to the organization from the corporate planning and impacts if there is failure or the plan fails also not be left untouched.
Also covered, are the factors of corporate planning process in the organization, useful advice and recommendation.
LIMITATION OF THE STUDY
There are many factors which serves as the obstacles for the success of the study.
COST: This was a barrier to the fulfillment of the operation due to sources of finance and transportation for the researchers from their terrain to the field of data sources.
TIME: This was another hindrance to the study the time scheduled by the company was no convenient to the researchers.
ACCESSIBILITY TO MATERIALS:- The materials needed for the research work was not easily accessible to the researcher.
RESPONSE FROM THE RESPONDENTS:- Some of the response or given information was not correct and were untrue.
SIGNIFICANCE OF THE STUDY
The study will be of tremendous significance to the researcher that may want to make use of this project work for the following reasons:
- It will help to reveal and evaluate the corporate planning process.
- It will help to examine the meaning of corporate planning.
- It will reveal the purpose and hierarch of planning.
- It will help to see the benefits derivable from the concept of corporate Planning.
- Finally, the impact of corporate planning especially when it fails will also be revealed.
DEFINITION OF TERMS
These following terms shall be defined one after the other, organization performance, corporate and planning.
ORGANIZATION:- This is a social system of cooperation design to maximize accomplishment. That is, an organization can be defined as two or more people working co-operatively towards the achievements of a common goal through set aside objectives. It also means ways to administer both human resources and materials resources.
PERFORMANCE:- By performance we mean a way in which the organization carry on his duties faithfully or the way in which an organization is performing. Either to the business detriment or progress. Organizational performance depend largely on corporate planning stipulated by the organization and how well motivated the workers are, the organizational co-ordination and the organization management as a whole.
CORPORATE:- This can be refers to as a company organization of any institution of people who come together under stipulated act of government to transact a business. Therefore, the word corporate means business of enterprises.
1.9 HISTORICAL BACKGROUND OF OKIN BISCUIT NIGERIA LIMITED OFFA
The name of the organization understudy is Okin Biscuit Nigeria, Limited which is situated at Ijagbo Via Offa in Kwara State. Been a private limited liability company. It is owned bu Chief E.O. Adesoye who hails from Offa in Kwara State.
The company was corporate on December 21st 1979 and commenced production on June 2nd 1980. it engages in production of biscuits and transportation service. The company started production with 200 bags of flour as the main raw material. As at present, they use nothing less than 500 tones. It was made clear the level of production depend on thousand distribution. The present managing director with other principal staff are the ones paddling the canoe of company. The company has about eight departments namely public relation, purchasing, store administration, production and security.
Among the objectives of the company is to provide employment opportunity to the people in the operation to make the business a going concern. The main target is to reduce price and provide customers need profitably.
The pricing technique used in the company, are full most pricing method and acceptance pricing for both their manufacturing products and transportation service. It is the policy of the company to settle dispute and crisis by making dialogue or constitution ambudism in order to make workers to be satisfied with their job and also to make them have a sense of belonging.
OTHER SIMILAR MANAGEMENT PROJECTS AND MATERIALS