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                BUDGETING: A SYSTEMATIC APPROACH TO PROFIT PLANNING AND CONTROL

       (A CASE STUDY OF MOBILE TELECOMMUNICATION NETWORK LIMITED, MTN ZIKS AVENUE                                                                                 ENUGU STATE)

ABSTRACT

Budgeting – A systematic approach to profit planning and control is a work centered on the use of budgeting as a tool for planning and control for profit maximization in a mobile telecommunication network Nigeria limited Enugu as a case study. The objective of this study is to show the importance of budgeting as a tool for systematic profit planning and control in the mobile telecommunication network Nigeria limited which has profit maximization as its objective. The research work is also aimed at identifying the steps adopted in the formation of annual budget of MTN Nigeria.

 

TABLE OF CONTENTS

CHAPTER ONE

1.0  INTRODUCTION                                               1

1. Historical Development of the Firm                           4
2. Statement of the Problem                                 5
3. Objective of the Study                                      9
4. Research Questions                                          10
5. Scope of the Study                                          11
6. Limitation of the Study                                     11
7. Significance of the Study                                         13
8. Definition of Terms                                          14

CHAPTER TWO

2.0  LITERATURE REVIEW                                       16

1. Introduction                                                    16
2. Definition of Budgeting                                     17
3. Types of Budgeting                                                 20
4. Sources of Data                                               22
5. Stages of Budgeting Process                             22
6. Budget Review                                                27
7. Appraisal of Fixed, Flexible and Other Budget              28
8. Planning Function                                            29
9. Controlling Function                                                30
10. Budgeting Control                                            31

CHAPTER THREE

3.0  RESEARCH DESIGN AND METHODOLOGY            33

1. Research Design                                              33
2. Sampling Techniques                                        33  
3. Sampling Design and Population Size                  34
4. Sources of Secondary Data                               34
5. Interview Questions                                                35
6. Method of Data Analysis                                          35
7. Distribution of Chi-square Statistics                          36

CHAPTER FOUR

4.0  DATA PRESENTATION, ANALYSIS

AND INTERPRETATION                                     39

4.1  Analysis of Questionnaire Returned                           39

CHAPTER FIVE

5.0  SUMMARY OF FINDINGS, CONCLUSION

AND RECOMMENDATIONS                                 54

1. Summary of Findings                                       54
2. Conclusion                                                      56
3. Recommendations                                           57

Bibliography                                                    60

Appendix                                                        63

CHAPTER ONE

1.0  INTRODUCTION

The growing complexity of the business environment and the ever increasing competition among firms in the modern time, make planning and inavailable tool for business success.

Budgeting is one of the tools adopted by management for effective cost planning and control.

A budgeting commonly understood as the forecast of government, organization or society, of its expenditures and ventures for a specific period of time. The period covered by a budget is usually known as a financial year. Budgeting is concerned with the utilization of financial resources to serve human needs. Budgeting is mainly a mechanisms for making choices among alternative expenditure.

An enterprise which is effectively and efficiently managed produces good and rewarding results. Management is efficient if it is able to accomplish the objectives with minimum efforts and costs.

Profit planning and control or budgeting is an integral part of management. The decision making process of management sesits with planning. Planning is the design of a desired future and of effective ways of bringing it out. Planning involves the determination of the future course of action for accomplishing the objectives of the enterprise. The basic purpose of planning is the provide guidelines for making decisions. It is a forward process to reducing uncertainty about the future.

Planning is a continuous process which would generally involves four fundamentals steps:

1. Establishing the objectives
2. Determining the goals
3. Development strategies
4. Formulating profit plans/budgets

Objectives are the statement of boar and longterm desired state of position of the enterprise in the future. They are directional and motivational in nature. They are generally the qualitative expressions of the desired future state.

Goals represent the operational specifications of the broad objective with time and quantity dimensions. Goals are the quantified targets to for attained within a specific period.

Strategies specify the ways of achieving the goals operationally. For instance, use of retained earnings for expansion, keeping dept at a reasonable level, expending sales through price reduction and aggressive advertisement.

Finally, the formalization of objectives, goals and strategies for operational purpose is called the profit planning or budgeting. It is called the profit plan or budget because it explicitly states the goals in terms of time expectations and expected financial results for each major segment of the entity.

 

1.1  HISTORICAL DEVELOPMENT OF THE FIRM

It is important at this point to review briefly the history of the company Mobile Telecommunication Network Nigeria Limited (MTN). it was incorporated in Nigeria communications commission. On May, 2001 MTN emerged as the first to make calls on its GSM Network in the new dispensation. Thereafter, the company launched full commercial operations beginning with Lagos, Abuja and Port-Harcourt in the company new provides coverage to 85 cities and well over 5,000 communities and villages, spanning every geo-political zone and 31 of Nigeria’s 36 states.

It is the first to erect a country wide micro-wave radio transmission backbone, offering unnvalled value for money evidenced by a loyal customers base attracted by MTN’s convenience, mobility, roaming on 30 international networks and economic tariff.

MTN’s product and services are available at its friend scrip centres and a nationwide network of dealership, banks and convenience channels including entries, petron stations and neighbourhood stores.

 

1.2