Design And Implementation Of Computerized Economic Growth Monitoring System
(A Case Study Of Federal Ministry Of Finance)
A Computerized Economic Growth Monitoring System refers to a sophisticated technological framework designed to systematically observe, analyze, and track the progress and expansion of economic activities within a given context. This innovative system harnesses computational tools and data analytics to scrutinize various facets of economic development, including but not limited to GDP growth, employment rates, market trends, and industrial outputs. By leveraging advanced algorithms and real-time data feeds, this system provides stakeholders with valuable insights into the dynamic landscape of economic activities. It plays a crucial role in enhancing decision-making processes for policymakers, businesses, and investors, facilitating proactive interventions and strategic planning. Through continuous monitoring and analysis, the Computerized Economic Growth Monitoring System fosters adaptability and responsiveness to changing economic dynamics, contributing to sustainable economic advancement.
Federal Ministry of Finance has always monitoring how economic growth is moving in this Nation. After the granting of internal autonomy to regions in 1946, there have been subsequent fiscal commission, military decrees Actes of Parliaments that reviewed both dreamed earning structure for Government. In the cause of this research work”. Design and implementation of Computerized Economic growth monitoring system Federal Ministry of Finance”, economic growth as constituent of revenue allocation has been checked in relation to the Federal Ministry of Finance (F.M.F) of the sectors that contributes more percentage to the ministry economy.
Indeed, up to the time of work, the issue of economic growth increment or amendment in salary structure came to shape focus with little or no counter check consequences viz: wage and price and employment; And money multiphers. Both the tiers of Government and the various workers union have refused to be amenable to Nigeria Financial trends haven observed that in recent years, the petroleum sector has become the main stay of Nigeria economy, in the fiscal year, 1964/67. However, it’s found that computer economic.
Title page
Certification
Dedication
Acknowledge
Abstract
Table of content
CHAPTER ONE
INTRODUCTION
1.1 Background of the study
1.2 Statement of the problem
1.3 Purpose of study
1.4 Aims and objective of study
1.5 Scope of the problem
1.6 Limitation of the study
1.7 Assumption
1.8 Definition of term
CHAPTER TWO
LITERATURE REVIEW
CHAPTER THREE
DESCRIPTION AND ANALYSIS
3.1 General description of the existing system
3.2 Methods of data collection used
3.3 Objectives of the existing
3.4 Organization structure
3.5 Input, process and output analysis
3.6 Information flow diagram
3.7 Problem of the existing system
3.8 Justification for the new system
CHAPTER FOUR
DESIGN OF THE NEW SYSTEM
4.1 Output specification and design
4.2 Input specification and design
4.3 File design
4.4 Procedure chart
4.5 System flowchart
4.6 System requirements
CHAPTER FIVE
IMPLEMENTATION OF THE NEW SYSTEM
5.1 Program design
5.2 Program flowcharts
5.3 Pseudo codes
5.4 Source program listing
5.5 Test run
CHAPTER SIX
DOCUMENTATION
DOCUMENTATION
6.1 System description
6.2 Program description
6.3 User guide
CHAPTER SEVEN
CONCLUSION AND RECOMMENDATIONS
7.1 Conclusion
7.2 Recommendation
Bibliography
INTRODUCTION
1.1 BACKGROUND OF STUDY
The federal ministry of finance was established in 1958 by the finance (control and management) ordinance, to replace the finance department. The ordinance conferred on the ministry the responsibility for the control and management of the public finance of the federation. In the 1080, attempts were made to re-organize the finance ministry either by existing some of its departments or ceding others to it. For example, in 1980 Budget office became an extra Ministerial Department under the executive office of the president and headed by a special Adviser to the president on Budget matters from 1987, the Budget office functioned once again under the ministry of finance and was surprised by its own merged with the ministry of National planning to form the office of Budget and planning in the presidency under ministry of state. Then in 1991, the Budget office was excised again from the ministry of budget and planning and returned to the ministry of finance where it is to date.
In the case of the customs, it was a department in the ministry of finance until 1985 when it was transferred to the Ministry of Internal Affair where it was managed under the customs, immigration and prisons services board, however, in 1992, customs was returned to the jurisdiction of the ministry of finance.
The revenue department is made up of three division namely Revenue Division, Petroleum Division and Research and Statistic Division. Given this background, the function of the department include monitoring, analyzing and reporting of the revenue inflow as from oil and non-oil revenue source.
In addition, the federal ministry of finance carries out revision exercise on monthly and quarterly basis, in respect of revenue from the sources (customs and excise including levies, company income tas, federal government independent revenue earned by Ministry / Parastatal and operating surplus from major government parastatals.
1.2 STATEMENT OF THE PROBLEM
Every organization is comprised of individuals that are recruited to offer diverse kinds of services, the cost of acquiring this task is translated into the payment made for carrying out this services.
Economic Growth Monitoring is an important aspect of any developing country particularly Nigeria, specifically. The federal Ministy of finance which is in the position to monitor and forecast Economic Growth has for sometime now been running their office activities manually. Thus the Federal Ministry of Finance is associated with the following bottlenecks.
1. As identified in the case study, on proper attempt has been made to describe the Nigerian Economic Growth in relation to the nations development.
2. Quacks staffs carrying out the Economic Growth monitoring activities in the ministry: summarizing, analyzing and collection of raw data.
3. Poor record documentation
4. Non-computer literate staffs
5. Inaccuracy in Economic Growth Forecasting
1.3 PURPOSE OF THE STUDY
The purpose of carrying out this research in this topic is as stated below
(1) To demonstrate that computer can actually eradicate some abnormalities in Economic Growth Monitoring system in the Federal Ministry of Finance.
(2) To show the efficiency of computering Economic Growth Monitoring.
(3) Amongs all to computerize the Economic Growth Monitoring process in federal ministry of finance.
1.4 AIMS AND OBJECTIVE OF THE STUDY
Having identified some major problems in the Federal Ministry of Finance, the objective of this study is thus stated as follows:
1. Properly analyze the problem of the present system.
2. Design and develop a computer-based solution for Economic Growth Monitoring system that will help to forecast economic growth properly.
3. Develop a program that describes the economic growth in numerical terms; gross domestic, and inflation rate (increasing or decreasing) wage, price and employment.
1.5 SCOPE OF THE PROBLEM
This research is restricted to the federal ministry of finance in economic growth monitoring. Although it ought to cover the whole of the ministry in the federation, but due to time, finance and other logistics I had to limit myself to Enugu state branch.
In economic growth monitoring, several processes are adopted, depending on the need. Partitioning of organization in one of such.
1.6 LIMITATION OF THE STUDY
In views of the problems with the system, insufficient materials to carryout the research study were also a constraint. Poor attitude of the staffs in the ministry to give useful information was poor. Time and finance were also factors that militated against this research work.
1.7 DEFINITION OF TERMS.
Program: Sets of instruction that put the computer hardware component to function.
Database: Collection of related records that are stored for easy retrieval in a defined storage location.
System flowcharts: The logical flow of step wise procedures of solving a problem in computer programming.
Computerized Economic Growth Monitoring System:
A Computerized Economic Growth Monitoring System is a sophisticated software and data analysis system designed to track, analyze, and report on various economic indicators and factors to monitor the growth and performance of an economy. Such a system is valuable for governments, central banks, financial institutions, businesses, and policymakers as it provides real-time or periodic insights into economic trends, allowing for informed decision-making and policy adjustments.
Here are key components and features of a Computerized Economic Growth Monitoring System:
- Data Collection: The system collects data from various sources, including government agencies, financial institutions, businesses, and international organizations. This data can include GDP figures, employment rates, inflation rates, trade statistics, and more.
- Data Integration: It integrates data from different sources, ensuring that the information is standardized and compatible for analysis.
- Real-time Updates: Ideally, the system provides real-time or near-real-time updates on economic indicators, allowing for quick responses to emerging trends or crises.
- Data Analysis: The system uses statistical and analytical tools to process and analyze the data. This includes time series analysis, regression analysis, and other quantitative methods to identify patterns and trends.
- Visualization: It often includes data visualization tools to create charts, graphs, and dashboards that make complex economic data more understandable to a wide range of users.
- Scenario Analysis: Users can run different economic scenarios to assess how changes in various factors (e.g., interest rates, government spending, trade policies) might impact economic growth.
- Forecasting: Many systems incorporate economic forecasting models that predict future economic conditions based on historical data and current trends.
- Alerts and Notifications: The system can be configured to send alerts or notifications when certain economic indicators reach predefined thresholds or exhibit unusual behavior.
- Policy Analysis: Policymakers can use the system to assess the impact of different policy decisions on the economy, helping them make informed choices.
- Historical Data Repository: It maintains a historical data repository, allowing users to compare current economic conditions with past periods for trend analysis.
- Security and Access Control: Given the sensitivity of economic data, the system should have robust security measures in place to protect against unauthorized access and data breaches.
- User Customization: Users may be able to customize the system to focus on specific economic indicators or sectors relevant to their interests or responsibilities.
- Reporting: The system generates detailed reports summarizing economic performance and trends, which can be used for decision-making and reporting to stakeholders.
- Compliance and Regulatory Reporting: It may include features to assist in compliance with economic reporting regulations and standards.
- Support for Multiple Economies: Some systems are designed to monitor and analyze the economic performance of multiple regions or countries simultaneously.
- Machine Learning and AI: Advanced systems may employ machine learning and artificial intelligence techniques to enhance data analysis and prediction accuracy.
Implementing a Computerized Economic Growth Monitoring System requires significant data infrastructure, computational power, and expertise in economics and data analysis. However, it can provide valuable insights into economic performance, support better decision-making, and help mitigate economic risks