Full Project-BUDGETING: A SYSTEMATIC APPROACH TO PROFIT PLANNING AND CONTROL

Full Project-BUDGETING: A SYSTEMATIC APPROACH TO PROFIT PLANNING AND CONTROL

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BUDGETING: A SYSTEMATIC APPROACH TO PROFIT PLANNING AND CONTROL(A CASE STUDY OF MOBILE TELECOMMUNICATION NETWORK NIGERIA LIMITED’ (MTN), ENUGU STATE, NIGERIA)

ABSTRACT

Budgeting – A systematic approach to profit planning and control is a work centered on the use of budgeting as a tool for planning and control for profit maximization in a mobile telecommunication network Nigeria Limited Enugu as a case study. The objective of the study is to show the importance of budgeting as a tool for systematic profit planning and control in the mobile telecommunication network Nigeria limited which has profit maximization as its principal objective. The research is also aimed at identifying the steps adopted in the formulation of annual budget of MTN Nigeria. Consequent upon this, the following hypothetical question were used for the study.

1.  Managers use budgeting as a systematic approach to profit planning and control in attaining the goals of the business.

2.   Decision making is performed in mobile telecommunication using budgeting

3.   Utilization of resources is achieved with the use of budget and budgetary control

Following the investigation and analysis of data, the following findings were made

1.     The organization uses budgeting in achieving the goals and objectives

2.     The main objective of the organization is profit maximization

3.  Efficiency and effectiveness of the organization is achieved through the use of budgeting.

From the findings, the conclusions were arrived that budgeting is very essential and indispensable tool for profit planning and control.  It helps management to be well structured in sustaining the growth and expansion of the organization.

TABLE OF CONTENT

Title page                                                                                i

Approval                                                                                 ii

Dedication                                                                               iii

Acknowledgement                                                                             iv

Abstract                                                                                  v

Table of content                                                                      vi

CHAPTER ONE

1.0     Introduction                                                                            1

1.1     Historical Development of the Firm                              4

1.2     Background of mobile Telecommunication                    5

Network Nigeria Limited/Present state of Affairs

1.3     Statement of problem                                                    8

1.4     Objective of the study                                                    8

1.5     Research Question                                                                   9

1.6     Research Hypothesis                                                     10

1.7     Scope and limitation                                                      10

1.8     Significance of the study                                                         11

1.9     Definition of terms                                                                  12

CHAPTER TWO

2.0     Literature review                                                            14

2.1     Introduction                                                                            14

2.2     Definition of budget                                                       15

2.3     Types of Budget                                                            17

2.4     The Budget period                                                                   20

2.5     Administration of the Annual Budget                                     21

2.6     Stages in the Budget process                                         24

2.7     Appraisal of fixed, flexible and other budget                          43

2.8     Planning function                                                           45

2.9     Controlling function                                                      46

2.10   Budgeting control                                                          50

2.11   Variance analysis                                                           51

2.12       Additional Tool for Budgeting and Budgetary

control: Zero Base Budgeting (ZBB)                                       57

CHAPTER THREE

3.0     Research Design and methodology                                58

3.1     Research design                                                             58

3.2     sampling technique                                                        58

3.3     Sampling design and population size                                      58

3.4     Sources of data                                                              60

3.5     Interview questions                                                        60

3.6     Method of data analysis                                                60

CHAPTER FOUR

4.0     Presentation, Analysis and Interpretation of Data                  63

4.1     Analysis of questionnaires returned                              63

4.2     Hypothesis testing and proofing                                             71

CHAPTER FIVE

5.0     Summary of findings recommendations and conclusion         77

5.1     Summary of findings                                                     77

5.2     Recommendations                                                                   79

5.3    Conclusion                                                                     80

Bibliography                                                                  81

Appendix                                                                       83

CHAPTER ONE

1.0    INTRODUCTION

The growing complexity of the business environment and the ever increasing competition among firms in the modern time, make planning an invaluable tool for business success.  Successful management is no longer just a matter of flair, skill and determination, a conscious effort is needed to harness available resources towards the achievement of enterprise objectives.  Budgeting is one of the tools adopted by management for effective cost planning and control.

A budget is commonly understood  the forecast by a government, organization nor society of its expenditures and revenues for a specific period of time.  The  period covered  by a budget is usually a year known as financial year.  Budgeting is concerned with the utilization of financial resources to serve human needs.  Although a budget may be characterized by a series of goals with price tags attached.  It is mainly a mechanism for making choices among alternative expenditure.  When such are coordinated so as to achieve desired goals, the budget becomes a plan.  If there are specifications on how the goals are to be achieved, the budget becomes a psychological device to make administrators thin.  If however, the emphasis is placed on achieving the desired objective at the lowest possible cost, then the budget is an instrument for ensuring efficiency.

An enterprise which is effectively and efficiently managed produces good and rewarding result.  Management is efficient if it is able to accomplish the objectives with minimum efforts and costs.

Profit planning and control or budgeting is an integral part of management.  The financial manager has a particular interest in profits planning and control because he helps to regulate flows of funds which is his function.  The decision making process of management starts with planning.  ‘Planning is the design of a desired future and of effective ways of bringing it about.  In other words, planning involves the determination of the future course of action for accomplishing the objectives of the enterprise.  The basic purpose of planning is to provide guidelines for making decisions. It is a forward process to reducing uncertainty about the future.

Planning is a continuous process which would generally involve four fundamental steps.

1.                 Establishing the objectives

2.                 Determining the goals

3.                 Developing strategies

4.                 Formulating profits plans or budget.

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