BUDGETING AS TOOL FOR PLANNING AND CONTROL IN A MANUFACTURING FIRM (A CASE STUDY OF NIGERIAN BOTTLING COMPANY PLC, ENUGU)

BUDGETING AS TOOL FOR PLANNING AND CONTROL IN A MANUFACTURING FIRM (A CASE STUDY OF NIGERIAN BOTTLING COMPANY PLC, ENUGU)

 

ABSTRACT

The increased complexity of the society and high level of competition in the business world has made it imperative for business organization to do serious planning and control in order to survive volatile business climate. This research work studied budgeting as a tool for planning and control in a manufacturing firm with particular emphasis on Nigerian Bottling Company PLC, Enugu. The main objective of this study was to x-ray the relevance of budgeting as tool for planning and control in manufacturing firm. And also to ascertain the effect of non-existence of budget on the performance of business organization. The methodology adopted were simple percentage and chi-square statistical methods to deduce general statement about the effect of budgeting on planning and control is relevant for the survival of manufacturing companies. Also, budgeting is a tool for measuring efficiency and performance in manufacturing firm. The recommendations put forward was that management of every organization should prepare budgeting and adhere strictly to the provisions of the budget. There should also be a regular and periodic review of the budget in order to detect variations. The research work will serve as a template to managers, entrepreneurs, creditors, and employees on how to effectively allocate scarce resources judiciously through budgetary planning and control.