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BUDGETING AS A TOOL FOR PLANNING AND CONTROL IN MANUFACTURING INDUSTRY

(A CASE STUDY OF NIGERIA BREWERIES PLC ENUGU)

ABSTRACT

This research work has focused on investigation on the use of budgeting as a tool for planning and control in topical manufacturing industry like Nigeria breweries Plc, Enugu. The objective of the study is the show the important of budgeting as a tool for planning and control in operation of a manufacture industry which has profit maximisation as its principal objectives 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 is include:
1. Managers use budget as a tool for planning and controlling the good of the business or organization
2. Decision making is performed in a manufacturing industry using budget.
3. Utilisation of resources is achieved with the use of budget and budgetary control.
Following the investigation and analyzation of the data the following findings were made:
1. The organization uses budgeting in achieving their goals and objectives which can be with out
2. The main objective of the organisation is maximisation of profit which will be done through budget.
3. Efficiency and effectiveness of the organisations operation as enhanced through the use of budgeting e.t.c.
From the findings the conduction were arrived that budgeting is a very essential and indispensable tool for planning and control it helps management to be well structured in sustaining the growth and expansion of the organisation.

TABLE OF CONTENTS
Title Page i
Approval Page ii
Dedication iii
Acknowledgement iv
Abstract v
Table of content vi
List of table x
CHAPTER ONE: INTRODUCTION
1.1 Background of the study 1
1.2 Statement of the problem 5
1.3 Objective of the study 6
1.4 Hypothesis 7
1.5 Research question 8
1.6 Significance of the study 8
1.7 Scope of the study 9
1.8 Definition 10
CHAPTER TWO: REVIEW OF RELATED LITERATURE
2.1 Definition of budget 12
2.2 Features and functions of budget 14
2.3 Preparation of budget 19
2.4 Types and methods of budget 23
2.5 Planning function in an organization 33
2.6 controlling functions in an organization 37
2.7 Budgetary control and analysis of variance 40
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Research design 43
3.2 Area of the study 43
3.3 Population of the study 44
3.4 Sampling method 44
3.5 Research instrument 46
3.6 Validity and reliability of research instrument 47
3.7 Sources of data 48
3.8 Method of investigation 50
CHAPTER FOUR: PRESENTATION, ANALYSIS AND INTERPRESENTATION OF DATA
4.1 presentation and analysis of data 52
4.2 Testing of hypothesis 65
CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION
5.1 Summary of findings 73
5.2 Conclusion 77
5.3 Recommendation 78
References
Appendix
Questionnaires
LIST OF TABLE
Table 4.1.1: Employment of planning and control 53
Table 4.1.2: If the company uses budget 53
Table 4.1.3: Whether planning and control helps efficiency 54
Table 4.1.4: Ways budgeting has helped the organization55
Table 4.1.5: The effect of decision making in the organisation 56
Table 4.1.6: If the company has encountered any problem in organizational decision 56
Table 4.1.7: The problems encountered by the company 57
Table 4.1.8: Comparison between budget and Performance 58
Table 4 .1.10:Budget deviation 59
Table 4.1.11: Solutions to the problems 59
Table 4.1.12: Agreement with the performance 60
Table 4.1.13: If the departments are allowed to exercise control 61
Table 4.1.14: If utilization of resource achieved with budgeting control 62
Table 4.1.15: The effect of economic recession 63
Table 4.1.16: The area of effect 64

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Business organisations need planning to achieve their aims and objective.
It thorough planning in an organisation 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 maximisation by proper planned use of available resource.

This is sustained when different activities are efficiently coordinated and decisions taken in the organisation are result oriented.

Business organisation 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 organised in five chapters, which aimed at finding out the budget process used achieving the goals of a typical. Manufacturing, industry with profit maximised 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.

1.2 STATEMENT OF PROBLEM

This management has his primary duty of achieving the objective of profit maximisation 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 utilisation, 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 maximisation.

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