Department of Management & Accounting

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Browsing Department of Management & Accounting by Subject "Budgetary control"

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    Budgeting Process and Organizational Effectivenessin The Polytechnic,Ibadan, Oyo State, Nigeria
    (Lead City University, 2023-12) Elizabeth Abosede WURAOLA
    Tertiary Institutions operates basically on budget. This study assessed organizational effectiveness of Budgeting Process in The Polytechnic, Ibadan, Oyo State, Nigeria. Expectations are that tertiary institutions provide educational services, however, there has been on several occasions the occurrence of industrial disharmony and unrest between the management, staff and students of the tertiary institutions which posed the question whether the management and the stakeholders are not efficient in their operations and does not see the practical necessity to ensure the acceptance of budgeting process as an efficient managerial tool vital to the planning, coordinating and controlling functions. The research tool employed in data gathering and collection was questionnaire while SPSS version 25 was adopted for descriptive and inferential statistics to analyze the data while agency theory was employed. The null hypothesis tested states that “there is no significant effect of budgeting process on organizational effectiveness in The Polytechnic, Ibadan, Oyo State, Nigeria”. Based on the findings from the study, it therefore concluded that “there is a statistically significant effect of budgeting process on organizational effectiveness of The Polytechnic, Ibadan, Oyo State, Nigeria” [R2=0.276, F(1,236)=90.053, P=0.0000] which aligned with agency theory as the theoretical bedrock for the study. However, it was found out that most of the key actors do not work with the budget due to lack of proper induction on their expected roles in the positions they occupied. Hence, the need for copy of budget manual to be sent to each departmental head after its approval by the government. The study recommended that management should intensify efforts in planning budget according to the organizational goals and objectives; provide adequate professionals who would prepare and plan the budget; keep budget implementation according to financial rules and regulations; embrace strong and effective internal auditing and budgetary control systems. Keywords: Budgetary control, budget implementation, budget planning, employee’s commitment, organizational effectiveness, service delivery, Word Count: 300 words