BUDGET AND BUDGETARY CONTROL AS A TOOL IN MANAGEMENT DECISION (A CASE STUDY OF NIGERIA EDUCATION RESEARCH AND DEVELOPMENT COUNCIL (NERDC)

BUDGET AND BUDGETARY CONTROL AS A TOOL IN MANAGEMENT DECISION (A CASE STUDY OF NIGERIA EDUCATION RESEARCH AND DEVELOPMENT COUNCIL (NERDC) 
ABSTRACT
          This
present day role of an organisation is to ensure that its resources are used in
an effective and efficient manner so as to derive its original set targets by
adhering to some specific guidelines. This study therefore focuses alteration
in the maintenance of budget and budgetary control relation to organisation
achievement. For easy identification of the underlying concept of this write up,
the project introduce the background of the study, which gives an insight into
what the research is all about. It also discussed how the budget information
could help the top executive of the organisation in the area of planning,
controlling and decision making which of constitutes their basic functions in
the running of the organisation. This provides the subordinates with clear view
of what objectives of the organisation are, there by Harmonizing the efforts,
of all forward achieving this. It further explains the characteristic of the
budget and the various approaches to budgeting so as to give befitting round
for peculiar circumstances.



TABLE OF CONTENTS
Title Page                                                                              
Certification                                                                            
Dedication                                                                             
Abstract                                                                                
Table Contents                                                                       
CHAPTER ONE
1.0     Introduction                                                                    
1.1     Background of the Study                                                       
1.2     Statements of the Problem                                            
1.3.    Objective of the Study                                                  
1.4     Significance of the Study                                                
1.5     Scope of the Study                                                        
1.6     Statement of Hypothesis                                             
1.7     Definition f Terms                                                        
References                                                                     
  CHAPTER TWO
2.0           
Introduction                                                                               
2.1     Definition of Budget and Budgetary Control                           
2.2           
Goals Achievement/ Management by Objective               
2.3           
Budget And Budgetary Control as a tool for Achievement
  
2.4     Aim and Objective of the Budget and
Budgetary Control     
2.5     Features of Budget and Budgetary Control                               
2.6     Types of Budget                                                             
2.7     Approaches to Budgeting                                                 
2.8     Budget Administration                                                
2.9           
Budget And Budgetary Control In Nigeria                             
Education
Research and Development Council              
References                                                                       
CHAPTER THREE
Research
Methodology                                                           
3.0     Introduction                                                                    
3.1     Sources of Data                                                              
3.2     Data Collection                                                               
3.3     Sampling Size                                                               
3.4     Sampling Techniques                                                    
3.5     Statistical Tool                                                                
References                                                                     
CHAPTER FOUR: Data Presentation and Analysis                      
4.0     Introduction                                                                  
4.1     Data Presentation Analysis                                          
4.2     Test of Hypothesis                                                       
CHAPTER FIVE
5.1     Summary                                                                        
5.2           
Conclusions                                                                            
5.3     Recommendations                                                                  
Reference                                                                        
Bibliography                                                                 
 

Questionnaire                                    

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CHAPTER ONE
1.0     INTRODUCTION
1.1     BACKGROUND
OF THE STUDY
          All forms
of modern organisation large and small, public and private undertake at least
in some informal manner, in order to ascertain their stated goal or corporate
objectives.
          Budget is the financial statement or
quantitative statement, prepared and approved prior to defined prior of time,
of the policy to be pursed during that period for the purpose of attaining a
given objective. According to (Trevoe motion page 101 of 1986), says budgets are
concerned with planning and control. Planning involved drawing up a
comprehensive and properly co – ordinate plan for the whole organization. Thus,
each department head or managers will be presented with a budget as a guide. By
checking actual performance and of is difference are emphasized, and it is this
very feature identifying the questions to be asked and fixing responsibility
for answering them is the essence of the budget and subsequent control.



1.2     STATEMENTS
OF THE PROBLEM
          In spite of the fact that budgets are
maintained by organisation year in year out, it’s featured by general feature,
though sometimes success is recorded. It therefore signifies defects or
problems. This research will enumerate the problems as follows:
i.        LACK
OF FLECIBILITY:
– The avenue for flexibility budget in order to meet up
with unexpected situation. Some budgets are prepared without adequate
flexibility to all unexpected situation which may arise during the recurrency
of the budget. They are fixed and tight that they become an end in themselves,
rather than a means to an end, there by running into unnecessary cost.
ii.       RESISTANCE
TO CONTROL:-
According to (Ibitoye Page 7 – 8 of 1985), have his opinion
that some managers regard budgeting control as unnecessary restrictive and an
indirect ways of curtailing their authority, rather than seeing budget as a
means of improving performance and achieving objectives. They regard budgeting
as a means of hunting exercise.
iii.      INABILITY
TO FORECAST RELIABLE ESTIMATES:-
Are those estimates being forecasted fairly
reliable?
(in the
book of Oshisomi and Dean, financial management in Nigeria public sector page
77 of 1984), asserted as the estimate committee was not equipped to handle the
job of budget examination because its members did not have in dept knowledge of
the programme under review as a result, the committee become requiring some
what obituary costs, and padding their budget in anticipation of such cost.
1.3.    OBJECTIVE
OF THE STUDY
          In
organization, most managers have well defined the thoughts about what they want
to accomplish and when they want to accomplish. Even though such organisation
may ascertain a certain degree of success without budgets, they attain the
bights and that could have been reach; an effectiveness of a control budget is
measured solely by the result its produces, not by any relation to data it
attempt to find from the filed, how effective a good or success of financial
plans or otherwise. In addition to this, and in pursuant of finding solution to
the problems raised in the preceding section 1.2, the researcher intends to co
– ordinate relevant variable in a concise comprehensive study which concluded
as “manager should have at their disposal, analysis that will allow reasonable
accurate prediction of the affect a change in any of these factors would have
an the profit picture, to control the performance where is profitable as they
should have been.
The
research will look into the area of budget in the organisation to bring to
height, the elements involved in the success of otherwise of it towards
enhancing efficiency in operations.
1.4              SIGNIFICANCE
OF THE STUDY
This
section of the research will highlights on areas of success and otherwise in
relations to maintenance of a formalized budgetary system aimed by improving
general performance. It will be base on three (3) prospective to the
organizations, the researchers and the general public.
i.        TO
THE ORGANISATION:-
In section 1.3 above, this avenue given the motive aims
to the organization, the effective planning charts the course of the
organisation towards its goal or objectives. Budget is a great reduction that
requires managers to give it priority among their duties more over budgeting
provides management with a vehicle for communicating their plans in an orderly
ways research will also highlight that control is to be considered as one
amongst many tools in an overall planning as observed by (Brion 1985page 104)
budgeting control should be just one of the techniques used by management in
planning all strategy control and development or organisation. “it is
significant for the organisation to consider this and therefore implore other
tools in addition to budgetary control.
ii        TO
THE RESEARCH:-
A study like this reveals to the researchers the degree of
importance needed to keep of budget of expenditure. It also provide with an
ample opportunity of first hand       
information on having budget by the organisation.
iii.      TO
THE GENERAL PUBLIC:-
  This serves to
the general public as a reference material on budgetary control.
1.5     SCOPE OF
THE STUDY
As pointed
out earlier, budgetary is undertaken by many organizations. It will rather
concentrate on budget and budgetary control as maintained by Nigeria educational research and
development council (NERDC) Suleja Abuja.
          The study will take place in the
budget revenue and the investment division of the finance and account
department of Nigeria Education research and development council, Suleja Abuja
will cover the selected staff of the said division.
1.6     STATEMENT
OF HYPOTHESIS  
          In order to
find solution to the problem stated 1.2 above, hypothesis have been formulated
based on the researcher observation.
          The hypothesis formulated is as
follows:
i.        Ho: Maintenance of budget does not lead
to a goal achievement
          Hi: Maintenance of budget leads to a
goal achievement
ii.       Ho:    Budgetary
policy has no effect on domestic organisation.
          Hi:     Budgetary
policy has effect on domestic organisation.
iii.      Ho:    Budget
is on more effective in promoting corporate
Organisation.
Hi:     Budget is more effective in promoting
corporate
organisation.
1.7     DEFINITION
OF TERMS
          To make this research work easy for
reader, the research has decided to define some of the terms that are contained
in the research topic.
PLANNING:- This is the act of making plans
for something.
FORECASTING:- Logical estimate  of the future based upon a time understanding
of pasts trends events.
VARIANCE:- This is the net different (Surplus
or difficult) between the budget estimate against the actual performance in the
control procedure.
EXPENDITURE:-  This the
amount of cash committed or expended.
BUDGET CENTRE:- A section can organization for
which separate budgets can be prepared, controlled and exercised.

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