Budgeting As An Essential Practice In The Actualization Of Goals In A Business Organisation

INTRODUCTION  
1.1 Background of the study
The concept and practice of budgeting dated back to the modern organizational or business era. The period that was characterized by population explosion due to technological advancement, which has brought about the situation of scarcity of resources especially material and financial.
Regardless of the above trend, organisations and businesses are faced with the compulsory challenge of maximizing their profit and also meeting the ever-growing needs of the people/society, which can only be achieved through the avoidance of deficit which brings about scarcity of resources and surplus which brings about wastages. Thus, the introduction of budgeting mechanisms to take care of the two conditions mentioned above, with the aim of making use of the full resource capacity of the organisation/business venture without falling below or exceeding the production limits of the establishment

1.2 Statement of problem
The present research work presents the following research problems.
(i) The problems of implementation of the budgetary statements that has been initiated by business/organizational experts most times, is under-implemented.
(ii) The inability of organized wind/business managers to predict the possible economic changes in the nearest future before initiating budgetary policies.
(iii) The problem of inadequate knowledge of the present inflationary and deflationary rate in the market economy, before making budgets.
(iv) Also, the problem of in competent administrators who often initiate unfavourable budgetary policies due to personal reasons.
(v) Lastly, the problem of scarcity of resources which does not match budget policies with actions.

1.3 Purpose (objectives) of the study
The present research work serves the following purpose.
(i) To create awareness about the significant role of budgeting in human/organizational/business resources management.
(ii) To educate managers on economy assessment before they embark on budgetary policies and actions.
(iii) To provide the guideline for administrators to execute accurate budgetary policies.
(iv) To enlighten individuals on the need to make maximum use of their resources through personal budgeting.
(v) The research work also has the objective to promote business and organizational development through budgeting.
1. 4 Research Questions
During the course of this research work, the following questions were raised and deliberated upon.
Firstly, 1.0 what are the significance of budgeting to every section of an organisation or business?
Secondly, 2.0 To what extent has Emenite Nigeria Ltd and other organisations in the same class implemented budgeting?
Thirdly, 3.0 What are the roles of the administrators in ensuring the efficient and effective implantation?
Moreso, 4.0 what is the relationship between budgeting and organizational/business growth and development?
Finally, 5.0 To what extent has the standard organisation of Nigeria encouraged both small medium & large seek organisation?

1.5 HYPOTHESIS
The present research work is based on these hypothetical statements, which provides the frame work for the discussion of the research topic.
H1: Research has shown that Emenite Nigeria Ltd has put in place the necessary procedures, policies and programmes that enhances budgetary policies and implementation.
H2: It has also been proven that budgeting has helped Emenite Nigeria Ltd to attain profit maximization and sustainable practices.
1.6 Scope (Delimitation) of the study
The scope of this research work is budgeting in organisation an business establishments. The scope also includes the significance of budgeting in the actualization of the goals of the businesses and organisations, using Emenite Nigeria ltd, Enugu as a reference point.
Moreso, the research work also covers the concept of budgeting as a policy one as an action in organizational and business practice.

1.7 THE SIGNIFICANCE OF THE STUDY
The present research work has numerous importance, some of which are considered in this context.
(i) The research work has encouraged organisations and business establishment on the need to ensure that their administrators and managers adopts comprehensive budgetary practices.
(ii) It has the significance of promoting the implementation of household budgetary practices for sustainable family living.
(iii) It provides the basis for improved economic and business practices at individual, organizational, state and national level.
(iv) The research work has created the opportunity for prospective and present investors to be able to predict the possible future economic situations, for effective adaptation in the business environment.
(v) Finally, it has the significance of promoting maximum utilization of the resource potential of an organisation and business establishments for profit maximization and achievement of specified goals.

1.8 DEFINITION OF TERMS
During the course of the research work, the following relevant terms were identified and defined as follows: Budgeting, business, organisation, long-term, short-term, managerial, deficit, surplus, inflationary rate, deflationary rate and policies.
Budgeting: This is the process of making a financial plan that will take care of the business expenses of an organisation, with the aim of ensuring the maximum utilization of their financial resources, through the avoidance of deficit situation.
Business: This is the economic and commercial activities of an individual and organisation that is aimed at improving the welfare condition of the people and the generation of profit by the business operators.
Organisation: This is the perfect integration of work plan, procedures, equipments, human & material resources to achieve sets of pre-determined objectives.
Long-term: This is the budget duration that takes care of the future financial performances or operations of a business organisation.
Short-term: This is the budget duration that is aimed at taking care of the present financial operations of a business organisation.
Managerial: This is organizational or business functions that demand high level of administrative attention.
Deficit: This is the budget situation whereby the financial plan of an organisation is not adequate to take care of their expenditure after implement.
Surplus: This is the budget situation whereby the financial considerations of an organisation is more than expenditure after implementation.
Inflationary rate: This is the rate at which the value of the currency depreciates with respects to the budgetar policies and actions of fthe business organisation.
Deflationary rate: This is the rate at which the value of the currency appreciate with respect to the budgetary plans and implementations of the organisation.
Policies: This is the decision that guides the imitation of budgets and it’s execution in the business organisation.