PROBLEMS OF BUDGETARY CONTROL AS MANAGEMENT TOOL FOR PLANNING AND CONTROL (A CASE STUDY OF FIRST BANK NIGERIA PLC ASABA BRANCH DELTA STATE) 2010 -2015

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PROBLEMS OF BUDGETARY CONTROL AS MANAGEMENT TOOL FOR PLANNING AND CONTROL (A CASE STUDY OF FIRST BANK NIGERIA PLC ASABA BRANCH DELTA STATE) 2010 -2015

CHAPTER ONE

1.0 INTRODUCTION

1.1 BACKGROUND OF THE STUDY:

Fundamentally, management is the coordination of human effort that is art of accomplishment of goods by utilizing the effort of other people. The management process may be varied as the total management effort operating in a particular endeavor that include decision making, the application of selected techniques and producers and the motivation of individual and groups to accomplish specified objective. One of the most important approaches that have been developed for facilitating effective performance of management process is budget and budgetary control. As consequence, the concept has found wide acceptance in recent years in the better managed companies / organizations. A budget, according to Horgen et al (2013:59), as a qualitative expression of a plan of action and, an aid to coordination and implementation.

Every organization has an implicit and explicit objective, it hopes to achieve in a given period of time such objective is translated into plan through the formulation of policies and selections of programmes in other to check derivation from it, hence most organization normally use budget as an action plan, a budget is therefore a parameter, which measures actual achievement, Budgetary control as sample used to institute control for the plan, this is because budgetary control takes target of desired performance as its standard than systematically collected information relating to actual performance and identifies variance between targets and actual performance. Budgetary control is more than an administrative technique which aims to ensure the managerial function are in fact carried out a well organized and coordinated fashion hence budgetary control apart from being a longer system which involves setting objectives concerning alternative programmes and incorporating them into the formulating authorization and implementation of budget, accounting per and reviewing of findings to check deviation from actual plan in order for corrective measures to be taken on time.

Budget which is required to achieve different aims within an organization starts with the setting out of the objective of the organization by the management for the budgeted year according to government fiscal and monetary policies, guidelines and the approval of the management centered in carrying out the plans which are contained in each budget.

In conclusion, for management to provide adequate control over the budget of an organization, it could coordinate all the collaborated responsible parties in achieving the actual result with the budget to establish the variance, hence budget is therefore a primary tools for planning while the process of budgetary control is both planning and control device.

1.2 STATEMENT OF THE PROBLEM

The main focus of the problem is based on problem of poor performance in an organization due to lack of effective and efficient budgets and budgetary control system.

Also problem of inadequate allocation of resources to meet organizational goals and maximize performance.

Further more studies on problem of reflecting data of the past and present and how to enable predictions and forecasts to be made out in the future.

The study also term to discover how banking industries in Nigeria can make use of prepared budget to achieve efficient result.

Also, looking into numerous pressures in the job may impose constrains upon managers which affect the qualities of information they collected in the organization.

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