Full Project-BUDGETING AS A CONTROL STRATEGY

Click here to Get this Complete Project Chapter 1-5

BUDGETING AS A CONTROL STRATEGY (A CASE STUDY OF UNION BANK OF NIGERIA PLC ENUGU OGUI ROAD)

CHAPTER ONE

INTRODUCTION

Background of the study

Union Bank of Nigeria plc is one of the first generation banks started to the colonial era. Formally known as Baraclays bank DCO (Dominion Colonial and Overseas) it was opened in1917. In compliance with the directive of the government in 1968, that all companies (Including Banks) must be incorporated  locally in Nigeria in1969 and its name was consequently changed to Baraclays Banks of Nigeria Limited with its registered Head office at 40 Marina Lagos.

As a result of Nigerian Enterprises promotion decree of 1972 and 1977, the federal government of Nigeria acquired 52% of the Bank shares Leaving 40% for Barclays Bank international ltd (Now Baraclays-Bank plc) while the remaining 8% was taken up by the Nigerian public Baraclays Bank plc sold 20% of its shares to Nigerian in 1979 and the remaining 2% in June 1989.  Thus, it became an indigenous bank wholly managed by Nigerians.  And the name was changed to Union Bank of Nigeria Limited.  In 1990 the name was further changed to Union Bank of Nigeria Plc.

The bank is one of the commercial bank that survives and strives during the nations economic unsteadiness.  Union bank of Nigeria plc currently has her corporate head office at 40 marina Lagos.  This Head office building “The STALLION PLAZA” is a 32 story edifice and is now the most magnificent and tallest building in Africa.

The bank now has 9 Area office branches, including full indigenous branch in LONDON and SOUTH AFRICA respectively.  It has 5 staff training centres with on LAGOS, IBADAN, PORT-HARCOURT, ZARIA JOS.  The bank which is regarded as the largest employer of labour in banking industry in Nigeria, now has a staff strength of 8 workers.  It has some group of company such as union merchant bank, union assistance and union Homes.

The bank is about 75% computerian and has an outstanding record in term of profitability.  As at Septembers 30th 1998 bank’s gross earnings total assets and deposit base stood at N13.8 billion N102.4 billion and N77 billion respectively. The principle and consent of budgeting centres around the optional allocation scarce resources.  Resources are limited but human wants are not only unlimited but also multifarious.  In order to make the best use of available resources, the principle of budgeting has to be adopted.

Every business organization, government, sole propertor and banks employs the principle of budgeting as a control strategy.  Even individuals like salary earners hardly know that they are adopting the principle of budgeting when at the end of the month,  they try to reconcile their monthly salaries with their expenses for the month.

The budgetary control strategy calls for the preparation of plane in the form of ideas and values for the future.  Budgeting cannot be performed in isolation.  This is one of the reasons that all managers should be financially aware because almost every decision taken will have financial implication and will therefore effect other department, even if this means they have less money available for their Own budget. Clearly, once a budget has been established it is necessary to set up  control and procedures which enables the  budget to be monitored.

Budgetary control is the establishment of budget relating the responsibilities of executives to the requirement of actual with budgeted results either to secure by individual action the objective of the policy or the provide basis for its revision. It should be pointed out that there is on significant difference between the principles of budgeting control in either the banks or public sectors, the statement implies that as budgets are established for various elements of the bank managers are given responsibility foe the management  of  budget resources in those.

Clearly, a strategy require information which has to be related to the delegate responsibilities within the bank, these should be related to the objectives of the  budget and then be monitored as  out turn figures  become available.  Overall, it was  felt that the budgetary control process and demand that it places on financial management skills represents the major challenges of change being faced by the bank.

The budget can be a powerful tools for motivating people to achieve the bank objectives or it can lead to either bad or good consequence according the way it applied in various type of organization. Budgeting is essentially concerned with establishing a t plan or target of performance which co-ordinates all the activities of the business and calculating differences or various and analysising the reason for them. One general purpose of budget in bank, sole proprietor and government is to enable them to plan their financial resources which will be consumed and generated during the course of the budget period. The period generally adopted for budgeting is one year and this usually coincides with the financial year of the bank.

Finally, in introducing an effective budgeting strategy, management has to make penetrating critical and uncompromising study of the business to determine its strength and weakness in relation to what it is trying to achieve.  Budgets should be capable of change when circumstances changes so that the yardstick is a realistic attainable one. The strategy should operate to assist motivation and not simply be used as a bigstick or a pressure device.

STATEMENT OF RESEARCH PROBLEM

It is generally agreed that every business organization, government and sole-proprietors should employ the principle and concept of budgeting control as a tool in achieving set goals. Consequently, for this research work, the following are the problems which this study hope to provide solution to:

1.  The inability of banks to property forecast expenditure matched to revenue given the instable economy and monetary policies generating therefrom

2.  Inability of the bank to state a detailed plan of action thereby reducing uncertainty.

3.  Inadequate policies formulated for budget implementation in union bank for budget Ogui road branch.

4.  Budgeting will lower moral and productivity if unrealistic targets are set and if it is use as a pressure tactic.

5.  The inability of the bank  to know fully which future cost it will incure in rending certain service to the public and also the rev to be received as a result of jobs carries in each department.

6.  Lack of well-oriented programs to felicitates the need to use budget as a control strategy.

Get the Complete Project

This is a premium project material and the complete research project plus questionnaires and references can be gotten at an affordable rate of N3,000 for Nigerian clients and $8 for International clients.

Click here to Get this Complete Project Chapter 1-5

You can also check other Research Project here:

1, Accounting Research Project

2. Adult Education
3. Agricultural Science
4. Banking & Finance
5. Biblical Theology & CRS
6. Biblical Theology and CRS
7. Biology Education
8. Business Administration
9. Computer Engineering Project
10. Computer Science 2
11. Criminology Research Project
12. Early Childhood Education
13. Economic Education
14. Education Research Project
15. Educational Administration and Planning Research Project
16. English
17. English Education
18. Entrepreneurship
19. Environmental Sciences Research Project
20. Guidance and Counselling Research Project
21. History Education
22. Human Kinetics and Health Education
23. Management
24. Maritime and Transportation
25. Marketing
26. Marketing Research Project 2
27. Mass Communication
28. Mathematics Education
29. Medical Biochemistry Project
30. Organizational Behaviour
31. Other Projects
32. Political Science
33. Psychology
34. Public Administration
35. Public Health Research Project
36. More Research Project
37. Transportation Management
38. Nursing

Need a Project Writer for a Different Topic

• MSC PROJECT WRITING SERVICES
• MBA RESEARCH PROJECT WRITING SERVICES
• Research Project Writing Services in Lagos Nigeria (Professional Writers) -Law, MSc, MBA,PhD, Dissertations, Thesis, Assignment, Speech
• Masters Research Project Writer in Lagos Nigeria
• MBA Research Project Writer in Lagos Nigeria
• LOOKING FOR A WRITING SERVICES FOR AN URGENT ASSIGNMENTS OR PROJECT WORK
• PROFESSIONAL WRITING SERVICES IN LAGOS NIGERIA (TERM PAPER, SPEECH WRITING, ASSIGNMENT, THESES, DISSERTATIONS, RESEARCH PROPOSAL, PROJECT WRITING SERVICES etc)
• BUSINESS ADMINISTRATION RESEARCH PROJECT WRITER IN LAGOS NIGERIA
• CONSULT A RESEARCH PROJECT WRITER IN LAGOS NIGERIA (PH.D, MBA, MSC, M.ED, BSC)
• MANAGEMENT RESEARCH PROJECT WRITER IN LAGOS NIGERIA
• Education Research Project Writer in Lagos Nigeria
• Environmental Sciences Research Project Writer in Lagos Nigeria
• Guidance and Counselling Research Project Writer in Lagos Nigeria
• Human Kinetics and Health Education Project Writer in Lagos Nigeria
• Early Childhood Education Research Project Writer in Lagos Nigeria
• Christian Religious Studies(CRS) Research Project Writer in Lagos Nigeria
• Educational Administration and Planning Research Project Writer in Lagos Nigeria
• Political Science Research Project Writer in Lagos Nigeria
• Accounting Research Project Writer in Lagos Nigeria
• Economics Research Project Writer in Lagos Nigeria
• Management Research Project Writer in Lagos Nigeria
• Marketing Research Project Writer in Lagos Nigeria
• Public Administration Research Project Writer in Lagos Nigeria
• MBA Research Project Analysts
• In Need of MBA Research Project Writer in Nigeria
• MBA Dissertation Research Project Writer
• MBA Project writer
• EDUCATION DEPARTMENT PROJECT WRITING SERVICES
• BACHELOR OF SCIENCE (BSC) DEGREE PROJECT WRITING SERVICES(B.ED,B.A,B.SC)
• MASTER OF BUSINESS ADMINISTRATION (MBA) RESEARCH PROJECT WRITING SERVICES
• MASTER OF SCIENCE (MSC) RESEARCH PROJECT WRITING SERVICES
• POST GRADUATE RESEARCH PROJECT WRITER
• POST GRADUATE DIPLOMA (PGD) RESEARCH PROJECT WRITER
• MASTER RESEARCH PROJECT WRITER
• MASTER DEGREE RESEARCH PROJECT WRITING SERVICES
• POSTGRADUATE RESEARCH PROJECT WRITING SERVICES
• MASTERS RESEARCH PROJECT WRITING SERVICES
• RESEARCH PROJECT WRITER
• EXPERT IN RESEARCH PROJECT/THESIS/DISSERTATION WRITING SERVICES IN LAGOS NIGERIA
• HIRE A PROFESSIONAL BSC/HND RESEARCH PROJECT WRITER
• HIRE A PROFESSIONAL MBA/MSC RESEARCH PROJECT WRITER
• HIRE A PROFESSIONAL THESIS WRITER IN LAGOS NIGERIA
• SC/M.SC/MBA/PGD RESEARCH PROJECT WRITER IN LAGOS NIGERIA
• Master Degree Research Project Specialist/Writer in Lagos, Nigeria
• Hire A Research Project Writer in Lagos Nigeria
• Research Project Specialist in Lagos, Nigeria

• Education