A Study on Evaluation of Budgetary Control System

A Study on Evaluation of Budgetary Control System

Abstract

The purpose of this study was to address two fundamental issues: first, to determine if there is any relationship between budget, budgetary control, and performance evaluation; and second, to determine if there is any significant variation in the budget, budgetary control, and performance evaluation measures of Nigerian hospitality firms. The research used a descriptive approach, with primary data (questionnaires) serving as the main source of information. A questionnaire was sent to 600 workers from 10 chosen hospitality companies in Nigeria. The collected data was examined using both descriptive and inferential statistics. According to the findings, budgeting and budgetary management may be used to assess hospitality companies in Nigeria. Furthermore, there is a considerable difference in the budget, budgetary management, and performance assessment of hospitality companies in Nigeria. 

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Based on the results, it was suggested that hospitality companies in Nigeria conduct performance evaluations on every element of their budget and budgeting operations in order to ensure that budgeted outcomes are reached. Furthermore, budgetary expenses should be considered while selecting the best-fit performance assessment method for hospitality companies, since such performance evaluation systems may offer a variety of economic advantages to them.


Introduction

In economic theory, the basic premise is that human needs are many but the resources to fulfil them are insufficient, and there is every propensity for human factors involved in the creation of products and services to squander or under-utilize the insufficient resources. Organizations must produce at the lowest possible cost in order to maintain their production cycles and generate adequate money for stakeholders. This situation is unique to all sectors in Nigeria, particularly those in the hotel industry, where survival tactics are required. 

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The hospitality business is a wide category of service industries that includes accommodation, event organizing, theme parks, transportation, cruise lines, and so on. As a result, hospitality management need an effective tool that can assist them in forecasting the key developments that are likely to impact the company both now and in the future. Budgeting, as a tool for planning and management, has become essential for hospitality businesses in Nigeria and across the globe.


Conclusion

Performance assessment is essential to every profit-making company since it may be used to determine if an organization's budget/budgetary management methods accomplish the anticipated outcomes over a defined time period. As a result, performance assessment is a technique for assessing how effectively a company has done. As a result, this study was conducted with the goal of addressing two fundamental issues: first, determining whether there is any relationship between budget/budgetary control and performance evaluation of hospitality companies in Nigeria; and second, determining whether there is any significant variation in budget/budgetary control and performance evaluation measures among hospitality companies.

For More Details About a Study on Evaluation of Budgetary Control System Please Visit Our Website


Or call us +91 9481545735

The research used a descriptive design, and primary data (questionnaires) were the main source of data collection. The questionnaires were given to a total of 600 workers from ten (10) chosen hospitality businesses in Nigeria.

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