IMPACT OF BUDGET AND BUDGETARY CONTROL TECHNIQUES IN AN ORGANIZATION (A CASE STUDY OF MINISTRY OF FINANCE, UYO)

IMPACT OF BUDGET AND BUDGETARY CONTROL TECHNIQUES IN AN ORGANIZATION (A CASE STUDY OF MINISTRY OF FINANCE, UYO)

The Complete Project Research Material is averagely 65 pages long and is in Ms Word Format, it has 1-5 Chapters. Major Attributes are Abstract, All Chapters, Figures, Appendix, References Level : BTech/BSc/BA/HND/ND

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ABSTRACT

       The sole aim of this study is to investigate into the uses of budget and budgetary control techniques in Ministry of Finance, Uyo. This study is being descriptive, investigative and analytical in nature; make use of simple percentages and tables in deriving the reference of the study. The total population of 100 were used and a sample size of 80 respondents of the selected department of the ministry of finance, Uyo. In all, 80 questionnaires were prepared and sent out to the respondents, so questionnaire were correctly filled and returned. The findings from the study showed that lack of budgetary techniques effect, the Guinness of an organization and unskilled personnel and lack of budgetary tolls militate the Directors effective performance. As a result of the findings, the following recommendations are proffered that in the organization, budgetary techniques should be encouraged in order to enhance good performance. There should also be effective information and functional heads and subordinates so as to achieve their set objectives. If these recommendations are adhere, there should be hope for improving the standards of budgetary techniques in Ministry of Finance, Uyo.


CHAPTER ONE

INTRODUCTION

1.1  BACKGROUND OF THE STUDY

 Nseobong, (2011), described budgetary control as a managerial activity which involves the building of budgets that relate to responsibility centers of the individual managers and involves a periodic comparison of actual results with expectation of all the most important and therefore requires detailed attention.

The research work focuses on the concept of responsibility centers and the advantages and disadvantages of budget and budgetary control. It then goes on to deal on the detail of budget construction and the use to which budget can be put like all management tools, the researcher light the need for fair information. If the techniques is to be used to its fullest advantage, budget can take so many forms and served many functions, budget can provide the basis for detailed sales targets, staffing plans, inventory production, cash investment/ borrowing, capital expenditures (for plant assist etc) budget gives managers “pre- approval” for execution of the spending plans. Budgets allow managers to provide forward looking guidance to investors and other lenders to extend credit.

Budget control is the process of ascertaining several budgeted figures for the figures for the future of the business enterprise and then making comparison of these budget figures with the actual result from finding out discrepancies, if any. The comparison of budgeted and actual figures will allow the management to take curative at a proper time.

1.2  STATEMENT OF THE PROBLEM

In looking at autonomy of budget and budgetary control technique in business organization manager interacts with the subordinates by directly, teaching and supporting to achieve their individual objectives which lead to the organization. Poor overall organizational performance leads to negative expectation and inefficiency.

1.3  OBJECTIVES OF THE STUDY

1.          To find out the role of budgetary in ministry of finance, Uyo.

2.          The usefulness of budgetary techniques in an organization.

3.          The use of budget and budgetary control as a management tool by ministry of finance, Uyo.

4.          To examine reason for preparing budget.

5.          To highlight the benefit inherent in budget and budgetary control.

1.4  SIGNIFICANCE OF THE STUDY

 This research work will be useful to the staff of ministry of finance, Uyo in the achievement of their organizational objectives. It is also going to be a kind of ready- made material to those that are interested in doing a research in this nature and being valuable in educating organization and industries on the need for them to frequently apply budget and budgetary control to intensity their planning strategies of maintenance of public confidence and restoration of the less glory in business organization.

Also, it will be useful to the national union of Local Government Employees, state civil service commission and top executive in organized private sector.

1.5  RESEARCH QUESTIONS

Budgetary control as a techniques and tools for organizational performance some of the question that easily come to mind are:-

1.          Will the budget and budgetary control bring about efficiency and improvement in the working of the organization?

2.          Will budget and budgetary control serve as a means of evaluating the performance of managers?

3.          Does unskillful personnel and lack of budgetary tools militates the managers effective performance?

4.          Does lack of budgetary technique affect the business in an organization?

5.          Is a budgetary technique an instrument for planning, controlling and coordinating in an organization?

1.6  SCOPE OF THE STUDY

This study was centered in one ministry of finance, Uyo, Akwa Ibom State with special emphasis on the impact of budget and budgetary control techniques in an organization.

1.7  LIMITATIONS OF THE STUDY

One of the major limitations of this study is the scarcity of data in terms of secondary information; some of the respondents were reluctant to attend to the researcher on the oral interviews. Also we limited financial resources in terms of transportation, photocopying and as well as time constraint. Giving this reason, the researcher had to share the available time between the routine domestic work and other class work.

1.8  DEFINITION OF TERMS USED IN THE STUDY

Management:- Is a process of utilizing the resource of the organization to achieve the stipulate objective. (Nwachukwu, 2009)

Budget: - Is defined as a formal expression of plan by management in both quantitative and monetary terms covering various business activities toward the achievement of the organization objective. (Pius Okoye 1999)

Control:­- Can be defined as a process of taking action that implement the planning decision and providing feedback that will help the future decision making (Nseobong 2011)

Coordination: - Is the process of bringing something into a proper relation in order to function. (Oxford Dictionary 1995)

Budgetary Control: - Is defined as a means of achieving the financial control of an entity where by the actual results for defined period of time are compared with the budgeted result. (Pius Okeye 1999)

Objective: - Is what someone is trying to achieved

Goal: - Is known as what an individual is trying to accomplish through his or her behaviour and action

Organization: - Can be defined as a group of people that come together to produce unity of action for the achievement objective. (Nwachukwu 2009)

Planning: - It involves the establishment of objectives strategies to achieve the objective of a determine activity.

Manager: - Is a person who is in charge of running a business, a shop/ store or similar organization.

Subordinates:- Is a person who has a position with less authority and power than somebody else in an organization.

Enterprise: - According to oxford dictionary it is the bold undertaking, initiative of business activity.

1.9  ORGANIZATION OF THE STUDY

This research work comprises of five chapters, chapter one is all about background of the study, statement of the problem, objectives of the study, scope and limitation of the study, statement of hypothesis, significance and definition of the study. Chapter two dealt with the literature review. Chapter three talks about research methods and procedures, chapter four deals with data presentation, analysis and interpretation

Finally, chapter five consists of summary, conclusion and recommendations.





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