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THE ROLE OF PLANNING AND FORECASTING IN BUSINESS ORGANIZATION

(A CASE STUDY OF EASTERN SHOP NIGERIA LIMITED OGUI ENUGU, ENUGU STATE)

 

ABSTRACT

The role of planning and forecasting the business organization is a topic chosen from the business administration and management field.

The research was conducted mainly to examine the positive and negative effects of not making good use of planning and forecasting in the business administration of an organization. For effective research on this topic THE ROLE OF PLANNING AND FORECASTING IN BUSINESS ORGANIZATION, both primary and secondary data were used to elicit information from sample studied, the primary source of data were response from the personal interview, while secondary sources from text books on business management and administration periodicals.

Twenty- five persons were interviewed as the sample of the staff and management of EASTERN SHOP NIGERIA LTD.

The data analysis was based on oral interview we had with the staff of eastern shop (twenty-five). The major findings are as follows:

• The planning and forecasting  is aids to correct mismanagement in business organization.
• And the planning and forecasting gives go ahead order to any individual, organization that is going into business to make judicious use of forecasting and planning as a way of success in any business.
• Poor forecasting attitude and inadequate planning.
• Poor integration of forecasting and planning in running  of business.
• Problem of in- experience in running of organization, as a result of making use of sentiment, instead of strategy.
• Problem of business is also noticed to be an issue of planning on daily basis instead of medium term and long term planning and forecasting basis.
• Problem arises, because management “ organization believes that planning is not important, even if they believe that it is inborn and endowed from birth and indication.

This project has three chapters. Chapter one contains introduction, statement of problems, objectives of the study, significant of the study, definition and important terms and research questions.

Chapter two is the literature review. Here some related literatures were reviewed.

Chapter three deals with the finding, summary, recommendation and conclusion.

        In summary, recommendation state that he who fails to plan, plans to fail, and so human heart can not breath without air, so also business will not work without planning.

 

 

 

 

TABLE OF CONTENTS

chapter one
1.1 introduction
1.2 back ground of the subject matter
1.3 problem associated with the subject matter
1.4 the problem the study will be concerned with
1.5 the importance of study
1.6 definition of importance terms
1.7 references
chapter two
2.0 literature review
2.1 the origin of the subject matter
2.2 school of thought relevant of the subject matter
2.3 school of thought within the subject area
2.4 difference methods of studying the problem
2.5 summary
2.6 references
chapter three
3.0 conclusion
3.1 data presentation
3.2 analysis of data
3.3 recommendation
3.4 conclusion
3.5 references

 

 

CHAPTER ONE

1. INTRODUCTION

Andreas faludi states “ planning and forecasting is the queen mother function of management (organization) and that if planning and forecasting fail, what/who will you direct, control, budget, staff, co-ordinate or organize rather than failure and shame! Again he states that, “theories provide explanations, explanations are response to state of tension resulting from observing unexpected events. (Toulinin, 1960)

Planning and forecasting present efforts to reduce surprise caused by such event by giving practicable accounts of how they come about”

 

WHAT IS PLANNING AND FORECASTING

FORECASTING:

Forecasting is preparing of an organizations future objectives and its current materials and personnel inventory, the general or departmental managers makes an estimate of the current materials and human resources that will be able to do in the future and how many more human and materials resources the organization must hire to meet its goals. (Needle 1999; 178)

Any business organization without element of forecasting is like driving a car bind –folded and being directed by a man look out through the back-window. Further more, forecasting is prediction, it is an effort by enterprises to know what the future holds for it. Hennery Fayoi speaks of prevalence as the essence of management. According to Fayoi, “ this looking ahead includes both assessing the future and making provision for it.

        Modern business management has become a complex activity and so there is need for adequate forecasting. The need for adequate forecasting is apparent from the key role it plays in planning. Koonazetal stated that, “as influence in plans of the entire environment outside the enterprise has come to be insanely recognizes, forecasting of the environment has risen in importance”

The role of forecasting in business organization is so important that managers must adapt it. The making of forecasting and the review by manager complex thinking ahead looking to the future and providing for it. Also, the very act of forecasting may disclose area where necessary control is lacking.

 

PLANNING

Andreas Falodi states “man’s understanding of the world and his ability to act in it depends on his constructing and imaginary in his own mind. This applies equally were the planners understand of himself and his operation”

        Planning in its simplest meaning is the determination of anything in advance of action, planning is defined by Koontz O’Donnell as, “deciding I advance what to do, who is to do it, how to do it, what to do, who is to do it, how to do it, when to do it, and why it should be done”

Planning bridges the gap from where we are, to where we want to go. Planning can also be defined as “a predetermined cause of action that helps to provide purpose and direction for members of an enterprise.

Designing an environment for the effective performance of individual working together in groups, the most essentia task is to see purpose and objectives, and methods of attaining them are clearly understood. Planning is the first function of a manager, it is necessary if anything or activities is to reach to the denied goal. Through planning, a manager can approach pre-determined objective rationally. All the work of an executive, whether he knows it or not, is some way connected with the unfolding of a plan, in identifying the role of planning in business organization, Koonzetal states that, “ we are in a economic, technological, social and political era in which planning like other function of managers, has become requisite far enterprise survival”

Planning is unique in that it established the objectives necessary for all group efforts.

        Planning and forecasting are important tools of company management and decision making as they assist in the appraisal of investment project, in the analysis, measurement and improvement of current marketing strategy and manpower planning and in the identification and development of new products and new market, further they promote and facilitates the proper functioning of the many aspects of company’s activities.

Planning and forecasting are compliments in that for a good result both go together. They could be regarded as independent parts that make specified whole. Writing also in this concept, O’Donnell states that, “forecasting especially where participated throughout the organization, may help to unify and coordinate plans. By focusing attention on the future, it assists in bringing a singleness of purposes to planning”.

1. BACKGROUND OF THE SUBJECT MATTER

The popular super market called EASTERN SHOP was established in May 28, 1960. Almost five (5) months after independence of the country. This took place at Ogui Road, Enugu. Then Anambra sate now Enugu state, which is formerly known as the headquarters of the eastern shop Nigeria.

The supermarket is situated opposite Nnamdi Azikiwe Stadium and around it were other big shops like Bobbies, ABC Transport etc. the amazing thing that concerns this shop is that the manager or the sole proprietor is a family man, that had engage in other business and finally settle in opening a  big supermarket. He entered into the business with little or no experience in the field of supermarket business.

Originally, the name of managing director of the supermarket is Chief. M.O Okoli, Ozo Zulu Agulu I of Agulu in Aniocha local government of (old and new Anambra state) . he is one of the pioneer members of Enugu state association of supermarkets. This was to enable him to curb some of the problems that he is passing through, a as result of poor forecasting and planning in business. The supermarket has other branches in Lagos, and Onitsha. In the establishment, he employed general operation manager (Com) who sees to the running of the business. The company aso has shop manager who direct the affairs of cashier, store manager and restaurant departments and report of the AOM. East shop is made up of file (s) department/units

1. Accounting department
2. Cashier department
3. Store department
4. Restaurant department
5. Cold room department

Eastern shop deals mostly on consumer’s good like cosmetics, wears, earned, food, baby wears and toys.

        The problem of proper planning and forecasting is among the major problem that limits the more expansion of the business. These can be clearly seen from an adage that says, “ that business is full or risks” besides, the researchers were able to note that the sum of N500 naira was used as initial capital of the business and today the property of the business is on millions and it have more that twenty people as employees. This simply means that it is no longer small-scale business as the law required. But as a result ofinadequte application role, of good understanding in the techniques of forecasting an planning integration in business, he cannot make good pricing, quantity and quality of products.

        Since improper planning is as good as not planning at all, based on the above promising and manifesting problem, these calls for the researchers to investigate the project topic to help the present situation that is facing the business.

 

1.3   PROBLEMS OF ASSOCIATED WITH THE SUBJECT MATTER

        It has obviously been provide that “he who fails to plan plans to fail” and it is also believed that he who fails to put records and recognizance of the past event should not predict/forecast future. If any body that fails to envisage the future is bound to crash.

Planning and forecasting have been integrated to be wonderful tools for effective management. Since planning and forecasting are like touch light used in darkens. We also believed that business dwell in the world of dynamism and unsteady-setting, which called for effective use of planning and forecasting. It can also be seen as an eye of every business that wants to grow in a competitive environment.

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