THE EVALUATION OF BUDGETING AND BUDGETARY CONTROL IN A MANUFACTURING ORGANIZATION (A CASE STUDY OF POLI WATER, A UNIT OF POLI VENTURES LIMITED, THE FEDERAL POLYTECHNIC, ADO-EKITI)

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ABSTRACT

The role of budgeting in every organization that desires progress cannot be over-emphasized. This study was directed at the Evaluation of Budgeting and Budgeting Controls in a Manufacturing Organization. The study aims at identifying the relationship between budgetary control and performance of the selected organization. The company selected as the sample for this study was the Poli Water, a unit of the Ado Poly Ventures Limited. The research design adopted in this research is the stratified sampling method using the simple random sampling technique. Pearson’s coefficient of correlation was used to establish the relationship between budgetary control and performance of the organization. Both primary and secondary sources of data were used to gather the relevant data; questionnaires were personally administered and interview conducted with the manager of the firm. Data gathered was analysed using the descriptive and inferential statistical methods. Findings from this study revealed that budgeting and budgetary control are powerful factors that influence the performance of organizations as they have a very strong mutual relationship because they give every organization the structural support to achieve its objectives, thereby maximizing performance through resource allocation and control.

TABLE OF CONTENTS

Title i

Abstract ii

Certification iii

Dedication iv

Acknowledgement v

Table of Contents viii

CHAPTER ONE

1.1Background of the study1

1.2Statement of the Problem4

1.3Objectives of the study4

1.4Research questions5

1.5Research hypothesis5

1.6Significance of the study5

1.7Scope of the study6

1.8Definition of terms7

CHAPTER TWO

LITERATURE REVIEW

Introduction

2.1 Budgeting9

2.1.1 Budgetary control10

2.1.2 Performance measurement10

2.2 Types of budget11

2.2.1 Methods for setting budgets11

2.2.2 Interrelationships of budgets 12

2.3 Organization management13

2.3.1 Budget organizational management13

2.3.2Characteristics of a budget15

2.3.3 Budgetary controls and responsibility centres15

2.4 Objectives of budgetary control16

2.5 Need for budgetary control17

2.6 Essentials of an effective budgetary system18

2.7 Limitations of budgetary control19

2.8 Organizational performance20

2.9 Budgetary control and performance22

CHAPTER THREE

RESEARCH METHODOLOGY

3.1 Area of study24

3.2 Population of study24

3.3 Sample25

3.4 Sampling technique25

3.5 Sampling size25

3.6 Sources of data26

3.7 Methods of data analysis26

CHAPTER FOUR

PRESENTATION AND ANALYSIS OF DATA

4.0 Analysis and interpretation of data27

CHAPTER FIVE

5.1 Summary of the study37

5.2 Conclusion39

5.3 Recommendations40

5.4 Suggestions for further research41

BIBLIOGRAPY42

APPENDIX43

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THE EVALUATION OF BUDGETING AND BUDGETARY CONTROL IN A MANUFACTURING ORGANIZATION (A CASE STUDY OF POLI WATER, A UNIT OF POLI VENTURES LIMITED, THE FEDERAL POLYTECHNIC, ADO-EKITI)

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