Effective Budgetary Control as an Instrument for Organizational Survival

Effective Budgetary Control as an Instrument for Organizational Survival

Quick Navigation for Final Year Undergraduates, Masters (Thesis), and Ph.D. Dissertation Students Who Need Our Services on Their Research Works

DOWNLOAD FULL PDF WORK

Abstract on Effective Budgetary Control as an Instrument for Organizational Survival

 This study was undertaken to verify how much effective budgetary control contributes organization survival. The objective are focused on determining whether budgeting is an effective management tool in organizations whether budgetary control has contributed to the success and survival of organization as well as how organization handle their budgetary process successful organization were used as reference point in all situation. The choice of these organization was because they are primary constituencies that have shown a consistent increase in profits over the years in most cases for the past  years hence used in this study as reference point.

Careful and thorough analysis made revealed that:

v Organization that are survival conscious use budgeting as a management tool

v This helped organization achieve their overall objectives

v It was also discovered that there is need for effective budgetary control measures in organization this aids organizational survival.

v It was also found that here is need for well defined long range objectives in organization as short term objective derive from these long term objectives

v Our findings also showed that management principle i.e. management my objectives and management by exception could be of immense benefit when applied to budgetary control.

The study made the following key recommendations among others.

v It is imperative that various level of management understand the process through which budget preparation go

v It is also important to involve subordinates in preparing divisional and departmental budgets as this ensure commitment

v Organization that hitherto do not use budget as a standard in their business operation are advice to make use of budget as this draws the attention of the managers of a business more explicitly to the nature of the problems they are facing and leads to more careful and critical thinking and greater precision.

v It was recommended that shorter budget review periods be adopted by organization as this helps manger to detect problems and makes corrections early before they become complex.

According to Jom Odetola Odeleye “budgetary control is the means of determining the extent to which planned goals and objective are attained”. Control ensures that action are taken where necessary and possible, to bridge the gap between the budget and actual performance. Budgetary control is therefore essential if the budgetary targets or objectives are to be achieved.

Plans and actions do not always match some plans are made to be executed in future present and future condition are never the same a lot of forces i.e. economic, social, political, etc.

Act between the times a plan is made and the time it is to be executed to cause variances. There is, then, the need for control mechanism to monitor the plans, detect variances and initiate corrective action so that the objectives of the plans are attained.

Budgetary control mechanism aimed at keeping budgets on course so that the budget objectives are achieved over a period of time.

DOWNLOAD FULL PDF WORK

Disclaimer

This research material is intended for academic use only and should be used as a guide in constructing your research project and seminar presentation. You should never duplicate the content word for word (verbatim), as SCHOOLTHESIS.COM will not be held liable for anyone who does.

The purpose of publishing this material is to alleviate the stress of hopping from one school library to the next in search of research materials. This service is lawful because all educational institutions allow students to read past projects, papers, books, and articles while working on their own.

SCHOOL THESIS is merely giving this information as a research reference. Use the document as a reference or structure for your own research paper. This paper’s content should be able to assist you in coming up with new ideas and thoughts for your own study

Effective Budgetary Control as an Instrument for Organizational Survival research paper, should only be used as a guide.