Effective Resource Budgeting as a Tool for Project Management (A Case Study of the Coca-Cola Company)
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Effective
Resource Budgeting as a Tool for Project Management (A Case Study of the
Coca-Cola Company)
CHAPTER ONE
INTRODUCTION
Background
of the study
Increasing
competition is continually pushing businesses towards more efficient processes,
and slimmer margins. Highly capitalized industries have to ensure that their
resources are used most effectively. Yet at the same time, businesses must
adjust to rapidly changing customer requirements and supply chain conditions.
The key to achieving operational excellence,
therefore, is in the effective and flexible management of resources, and
this means optimizing and scheduling people, processes, vehicles, equipment,
and materials so that utilization is maximized while business goals are met.
Rowden
(1995) define resources management as the process of using a company’s
resources in the most efficient way possible. These resources can include
tangible resources such as goods and equipment, financial resources, and labor
resources such as employees. Resource management can include ideas such as
making sure one has enough physical resources for one’s business, but not an
overabundance so that products won’t get used, or making sure that people are
assigned to tasks that will keep them busy and not have too much downtime.
The wealth
of any organization is to a very great extent determined by its human
resources. The place and value of human effort as a resource for any
organizational productivity, efficiency and effectiveness in operation cannot
be over emphasized. This capacity building developing and maintaining well
trained, skilled experienced and quality human resources that will carry out
the various task of the organization becomes an issue of importance.
One of the
major constraints to organizational development is lack of adequate and
effective managed human resources. It was not surprising therefore when the
third national Development Plan of the Osuji 1975 – 1981 as aptly documented by
Zahradeen (1980) echoed that successful implementation of a development plan
either at organizational level, or national Level depends not only on the
availability of financial and other capital input, but more importantly on the
adequacy of well trained, and managed human resource in various occupation.
Ugbana
(1986), most of the organizations both public and private are beginning to
realize the significance of material management. In most organizational balance
sheet, it would be seen that the materials carries the lion share of the total
expenditure representing about seventy percent (70%) of the organizational
resources while cash represent twenty percent (20%) and other forms of the
organizational expenses carried ten (10%). But amazingly it is found that most
organizations takes good care of cash by providing it with high security than
materials irrespective of its highest share of organizational resources.
This should
not be so; materials which have the lion share of the organizational resources
should be provided with adequate security and should be managed properly by
competent and efficient personnel (Ammer 1996). At the wake of 20th century
many organizations had recognized the role of materials and most material activities
were carried out by autonomous department such as purchasing, warehousing,
stock control, and distribution which at the same time was creating problems.
In Nigeria
there has been series of changes in the managerial capabilities and operations
towards financial management with the recent years, the noticeable changes are
complex. Eminent Nigerians of various caliber have dealt with the failure trend
to financial management of enterprises in Nigeria from different perspectives,
for example, the banking industry has experienced problem of various types such
as fraud, mismanagement of funds which leads to poor overall performance. There
and other problems formed the basis for inadequacies in financial management.
Some analyst has classified these causes in a member of ways as factors
militating against proper financial management and progress in privately owned
enterprises in Nigeria.
As
development proceeds and the structure and organization of the economy become
increasingly complex, the failure of financial management assures increased
complexity. As many factors have been identified it will enable the researcher
to ask how and why these causes have surfaced. What are the conditions for
proper financial management
It is
against this background that the researcher investigates the role of resources
management on organizational development.
1.2 Statement of the problem
The
challenge in most organizations has posed a threat on the realization of its
development and the achievement of its set objectives. This is as a result of
fundamental issues of inadequate and improper acquisition, utilization and
maintenance of resource.
The
underutilization of Resources in Coca-Cola Company has seriously led the
organization into a mess because resource is not properly managed.
Mismanagement is another serious problem facing our organization today and has
reduced it to nothing as people are no longer kin with their work nor ready to
own up to vital Resources in the organization.
Both public
and private organizations are usually faced with problems of managing their
material resources effectively starting from the point of procurement to stores,
issuance to user departments and finally the finished goods. These material
resources are scarce and should be utilized properly for proper assimilation.
The factors
that contributed or that are responsible for the failure of different companies
have different problems. Financial resource management is neglected and has
made most organizations to lose a substantial part of their fund through these
enterprises because of Fraudulent act, Indiscriminate financing, Poor
management, Lack of zealousness and experienced personnel and Inability to
utilized its financial potentials etc.
The poor
quality and low quantity of product have revealed that the quality of Human and
material resource put in place in organizations are not up to expectations and
has thereby reduced the company productivity.
1.3 Significance of the study
The
significance of the study brings out the need for an organization to constantly
develop means of budgeting resources for organizational development.
The
importance aspect of the study includes the following:
It will
assist managers to know the need for human resource training and development
and ensure that the right numbers of skilled/trained manpower are available for
employment at the right time for all levels in the organization.
The study,
will contribute positively at the rate at which, how resource can be
effectively utilized and how it can bring about high productivity in the
organization.
Students
aspiring to be a material executive in the future see this study as an opportunity
to fully investigate into the field of human, material and financial resource
management to see the challenges therein.
It also
hopes that the study will assist future researchers of resources management and
how it can leads to organizational development.
1.4 Objectives of the study
1. To
determine if there is a significant relationship between effective resource
budgeting and project management.
2. To
ascertain if effective resource budgeting is a tool for project management.
1.5 Research questions
1. Is there
a significant relationship between effective resource budgeting and project
management?
2. Does
effective resource budgeting serve as a tool for project management?
1.6 Research hypotheses
Ho: There is
no significant relationship between effective resource budgeting and project
management.
Hi: There is
a significant relationship between effective resource budgeting and project
management.
Ho:
Effective resource budgeting is not a tool for project management.
Hi:
Effective resource budgeting is a tool for project management.
1.7 Limitations of the study
The study
was limited by two major factors; financial constraint and time. Insufficient
fund and time tends to impede the efficiency of the researcher in sourcing for
the relevant materials. Inaccessibility to the management of Coca-Cola company
was also a challenge in the process of data collection.
1.8 Scope of the study
The study
focuses on effective resource budgeting as a tool for project management using
Coca-Cola bottling company as a case study.
1.9 Definition of terms
Effectiveness:
This refers to the degree to which something is successful in producing a
desired result.
Resource:This
is something that a country or an organization has and can use to increase its
wealth.
Budgeting:This
is an estimate, often itemized, of expected income and expense for a given
period in the future.
Project
Management:This is the application of processes, methods, knowledge, skills and
experience to achieve the project objectives.
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