FINANCIAL PLANING AND CONTROL: A KEY TO MANAGEMENT EFFICIENCY
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ABSTRACT
Planning and control have become part and parcel of our daily ;lives. We may no like it and we may even recent to when it is imposed but we have come to realize that is an essential factor in nation, business and private live. This project “financial planning and control – A key to management efficiency aims at finding how our financial planning ad control has helped management of large-scale organisation achieve their efficiency. Moreover, the project also delved into the consequences of the present economic recession in Nigeria on financial planning and control of many industries. Nigeria Breweries Plc vis-a vis other industries in Nigeria was discovered to be having problems like those of finance, raw materials , spare part, foreign exchange etc. The project also covered the prudence of financial manager under this economic to carry out their activities of financial planning and control.
PROJECT PROPOSAL
The topic is this project is “financial Planning and control – A key to management efficiency in large scale organisation. This project aims at finding out how financial planning and control has help management of large scale organisations achieve efficiency. We will see in this project the general introduction of what financial planning and control is all about, the purpose and significance of the study, the research problems and reasons for the limitation of the study to only organisation in Nigeria. We will also see in this project the review of related literature to the topic in question. It is divided into local and foreign literature and is made up of reviews of different text books, journals magazines and newspaper publication form which topics which provide as framework for planning the firms growth and the development of financial control for its efficiency were reviewed. We will also see the research methods used in obtaining data for this work. The presentation, analysis and interpretation of data collected form Nigerian Breweries Plc will be seen in this project. It relates the historical development of the organisation and also considers its budget system and decentralized operations through which the management controls and co-ordinates their activities. Finally, we will see the numerous conclusions drawn for the findings and recommendations will based on these conclusions.
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
“It s something of a truism that we are living in an era of planning and control. Whether it be the housewife with her house keeping allowance or the industrialist with his responsibilities to shareholders, planning and control are a part and parcel of our daily lives and it is an essential factor in national business and privet life”. In a competitive world where the key factors are costs, price turnover and profit planning and control enable every individual to have a sound appreciation of the financial implications of his plans and actions, financial planning and control can be used by any size of type of organisation and in degree varying form a complete system, covering decentralized departments to organisation with only a single procedure. As a tool of management, it can increase the efficiency of the organisation as a whole since all the departments are involved. Moreso, no business can prosper unless all functions accounting finance, marketing, personnel and so forth are fully staffed with competent individuals. The efficiency and effectiveness of any organisation therefore depends on a number of factors which may be categorized as clarity of purpose, management, planning, control and communications. There is need to have a knowledge of the objectives of the organisation otherwise it will not be possible to identify goals set targets for their achievement in form of planning control and management of it’s finance.
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