THE ROLE OF PLANNING AND FORCASTING IN BUSINESS ORGANIZATION


THE ROLE OF PLANNING AND FORECASTING IN BUSINESS ORGANIZATION  

ABSTRACT

Planning and forecasting are two sides of a coin that an organization that wants to be successful must imbibe. There are needed in the achievement of an organizational goals and objectives.

Planning is the process that involves going through the current activities of an organization, checking lapses that occurred in the previous year and setting measures to avoid them in subsequent years.

This research project is thus a search for the role of planning and forecasting in business organization.

Chapter one of the study lays a theoretical framework for subsequent chapters.  Following the general introduction, the problem statement and the objective of the study which provided basis for the significance of the study and the hypothesis were stated. The limitation of this study was also highlighted.

In the literature review as contained in chapter two, works of various authors, international and local journals were reviewed to elicit views on the roles and relevance of the account in business and economic development.

Chapter three, research methodology, description of population and sampling procedure for data collection were discussed. Methods of questionnaire design, determination of sampling size and questionnaire distribution were also highlighted.

Chapter four was based on analysis of data collected. This chapter was sub-divided into data analysis, hypothesis testing and summary. Percentage table, figure and narration were carefully employed for proper understanding and testing of hypothesis.

Finally, chapter five was divided into summary of findings, recommendation and conclusion. 

CHAPTER ONE

INTRODUCTION

1.0 Background of the Study

Planning and forecasting are two sides of a coin that an organization that wants to be successful must imbibe. There are needed in the achievement of an organizational goals and objectives.

Planning is the process that involves going through the current activities of an organization, checking lapses that occurred in the previous year and setting measures to avoid them in subsequent years.It involves mapping out the goals an organization wants to achieve in a year, ways to achieve such goals and the necessary resources to achieve them. It is the first step a manager must take in deciding what to do and how to go about it.

Planning takes an organization to where it wants to be in the nearest future. In planning, the past and present state of an organization is considered in other to bounce back better and stronger. 

Forecasting involves looking into the future by noting the available resources, making an estimate of the resources required and considering if more hands will be needed in achieving the organization’s goals (Needle, 1999: p178). 

Forecasting is carried out when an organization wants to look into what the future would be like; in order to put necessary measures in place. An organization can be effective if it can predict its environment, identify problems and solve them (Steiner, 1979).

Planning and forecasting are vital tools needed in an organization for performing management functions and in decision making to ensure all departments of the organization functions well. Planning and forecasting walk hand in hand, as forecasting helps unify and coordinate plans.

1.1 Statement of the Problem

Organizations that fail to plan, plan to fail. Organizations that wait for rainy days are bound to crumble as this is evident in many organizations today.

Many organizations fail because of the notion that planning and forecasting should center on a part of an organization.

In addition, some business organizations crash due to poor timing of planning and forecasting. 

1.2 Objectives of the Study

The major objective of this research is to discover the role of planning and forecasting in business organization.

Other specific objectives include;

1. To determine if planning and forecasting should be the duty of just the managers.

2. To determine if planning and forecasting boosts business organizations.

3. To discover if a business organization can strive without planning and forecasting.

4. To determine if there is a relationship between planning/forecasting in business organizations and Gross Domestic Product.

1.3 Research Questions

1. Is planning and forecasting just the duty of the manager?

2. Does planning and forecasting boosts business organizations?

3. Can a business organization strive without planning and forecasting? 

4. Is there a relationship between planning/forecasting in business organizations and Gross Domestic Product?

1.4 Research Hypotheses

Ho: Business organizations cannot strive without planning and forecasting.

Hi:Business organizations can strive without planning and forecasting.

1.5 Significance of the Study/ Justification of the study

This study is meant to bring to the knowledge of the management of business organizations that planning and forecasting is needful in the overall success of an organization.

This study will be of immense benefit to other researchers who intend to know more on this topic and can also be used by non-researchers to build more on their work. This study contributes to knowledge and could serve as a bench mark or guide for other work or study.

1.6 Scope/Limitations of the Study

This studyisbroad since it is studying on the role of planning and forecasting in business organizations generally.

Limitations of study

1. Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

2. Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.

1.7 Definition of Terms

Plan:Isa detailed proposal for achieving something or a decision about what one is going to do.

Planning is the process of making plans for something.

Forecasting:Is the process of making predictions of the future based on past and present data and analysis of trends.

References

Steiner, George A.: Strategic Planning, Free Press, New York, 1979

.

THE ROLE OF PLANNING AND FORCASTING IN BUSINESS ORGANIZATION



TYPE IN YOUR TOPIC AND CLICK SEARCH.






RESEARCHWAP.ORG

Researchwap.org is an online repository for free project topics and research materials, articles and custom writing of research works. We’re an online resource centre that provides a vast database for students to access numerous research project topics and materials. Researchwap.org guides and assist Postgraduate, Undergraduate and Final Year Students with well researched and quality project topics, topic ideas, research guides and project materials. We’re reliable and trustworthy, and we really understand what is called “time factor”, that is why we’ve simplified the process so that students can get their research projects ready on time. Our platform provides more educational services, such as hiring a writer, research analysis, and software for computer science research and we also seriously adhere to a timely delivery.

TESTIMONIES FROM OUR CLIENTS


Please feel free to carefully review some written and captured responses from our satisfied clients.

  • "Exceptionally outstanding. Highly recommend for all who wish to have effective and excellent project defence. Easily Accessable, Affordable, Effective and effective."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "I saw this website on facebook page and I did not even bother since I was in a hurry to complete my project. But I am totally amazed that when I visited the website and saw the topic I was looking for and I decided to give a try and now I have received it within an hour after ordering the material. Am grateful guys!"

    Hilary Yusuf, United States International University Africa, Nairobi, Kenya.
  • "Researchwap.org is a website I recommend to all student and researchers within and outside the country. The web owners are doing great job and I appreciate them for that. Once again, thank you very much "researchwap.org" and God bless you and your business! ."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "Great User Experience, Nice flows and Superb functionalities.The app is indeed a great tech innovation for greasing the wheels of final year, research and other pedagogical related project works. A trial would definitely convince you."

    Lamilare Valentine, Kwame Nkrumah University, Kumasi, Ghana.
  • "I love what you guys are doing, your material guided me well through my research. Thank you for helping me achieve academic success."

    Sampson, University of Nigeria, Nsukka.
  • "researchwap.com is God-sent! I got good grades in my seminar and project with the help of your service, thank you soooooo much."

    Cynthia, Akwa Ibom State University .
  • "Sorry, it was in my spam folder all along, I should have looked it up properly first. Please keep up the good work, your team is quite commited. Am grateful...I will certainly refer my friends too."

    Elizabeth, Obafemi Awolowo University
  • "Am happy the defense went well, thanks to your articles. I may not be able to express how grateful I am for all your assistance, but on my honour, I owe you guys a good number of referrals. Thank you once again."

    Ali Olanrewaju, Lagos State University.
  • "My Dear Researchwap, initially I never believed one can actually do honest business transactions with Nigerians online until i stumbled into your website. You have broken a new legacy of record as far as am concerned. Keep up the good work!"

    Willie Ekereobong, University of Port Harcourt.
  • "WOW, SO IT'S TRUE??!! I can't believe I got this quality work for just 3k...I thought it was scam ooo. I wouldn't mind if it goes for over 5k, its worth it. Thank you!"

    Theressa, Igbinedion University.
  • "I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much researchwap.com, infact, I owe my graduating well today to you guys...."

    Joseph, Abia state Polytechnic.
  • "My friend told me about ResearchWap website, I doubted her until I saw her receive her full project in less than 15 miniutes, I tried mine too and got it same, right now, am telling everyone in my school about researchwap.com, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work"

    Christiana, Landmark University .
  • "I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!."

    Musa, Federal University of Technology Minna
  • "I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!."

    Ali Obafemi, Ibrahim Badamasi Babangida University, Niger State.
  • To contribute to our success story, send us a feedback or please kindly call 2348037664978.
    Then your comment and contact will be published here also with your consent.

    Thank you for choosing researchwap.com.