1. INTRODUCTIONWants are numerous while resources are limited in supply but there is every tendency to waste the limited resources by human factors involved on the production of goods and services by a manufacturing company. Due to competition with various companies in the same field, only a small number of such companies that are able to produce at least possible cost will survive the growing competition in the whole market. Therefore it is important for every serious business undertaken to produce at that possible minimum cost so as to remain in the business, to be competitive and to achieve the corporate objective of profitability, stability and better performance. As such there is every need to do a realistic planning of the activities …show more content…
This has aggravated the researcher’s need to analyse the impact of budgets and budgetary control on enhancing profitability of organisations. The study will be used as a pointer on where some companies in the manufacturing sector are getting it wrong as far as managing their budgets is concerned. Thus the study will be used as a guiding tool for how best companies should effectively manage their budgets for them to attain the goal of efficiency and to be profitable in today’s complex competitive and ever dynamic environment.1. To the researcherThe research will help the researcher to gain an in-depth understanding of budgets and budgetary control. It will also help the researcher to have the ability to collect and analyse data, a situation that will help to transform her into a better analyst and to improve the researcher’s knowledge as well as to obtain an Honour’s Degree in Accounting.
2. To the IndustryThe Research will assist the manufacturing company (COTTCO), to achieve their objective that have been drafted in order to enhance profitability and the need for budgets and budgetary control measures. The Research will also help any manufacturing company in Zimbabwe to eradicate any obstacles that are imposed
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The researcher is not going to use this research design.
Descriptive research designA descriptive research design will be used as it involves observing and describing the behaviour of a subject without influencing it in any way. In this study, descriptive research design will be used to measure the profitability of the company.
Sample sizeA sample size should be a representative of population being studied. In this research, the researcher will use a sample size of 100 people to gather information using questionnaires
SOURCES OF DATAIn this study, the researcher will use primary data and secondary data.
1. Secondary dataThe researcher will make use of secondary data from those people working in manufacturing companies. This will help the researcher to answer certain research questions such as those to which need to need to understand how the budgets and budgetary control can help the company to attain the goal of efficiency and
As a result of searching the existing literature, the researcher was able to obtain data that correlated exceptionally well with the research topic. Indeed, the researcher gathered pertinent information from secondary sources; however, the primary sources of data were needed to draw a logical conclusion of the research at hand. So, the next step was major section III, Research Methodology. Being
Deficit Spending Norman Harris American Military University 29 January 2017 Deficit Spending Deficit spending is based off the Keynesian ideology of macroeconomics which, in part, believes the government can be used to stimulate the economy. Deficit spending occurs when a government spends more money than what it takes in over a fiscal period, creating or increasing a government debt balance. Government deficits gets it money through the sale of public securities; an example of public securities are government bonds (Roots, nd). Deficit spending is an intentionally calculated plan included in the yearly fiscal budget of the President and Congress to help stimulate the economy (Amadeo, 2016).
Abstract The Wilkerson Company started facing declination in profits due to the price cutting on their pumps. On the contrary, while the price pumps were decreasing to record numbers, the flow controllers, which controlled the rate and direction flow of chemicals, could increase its prices without significant loss or any competitive response. Wilkerson, his controller, and manufacturing manager developed an activity-based cost model (ABC) to better comprehend the various demands that each product line makes on the organization 's indirect and support resources. Exhibit 1 showed us our operating results, Exhibit 2 showed us our product profitability analysis, Exhibit 3 displayed our product data, and Exhibit 4 was a compilation of the monthly
P., Tsay, B., & Olds, P. R. (2011). Fundamental managerial accounting concepts (6th ed.). New York, NY: McGraw-Hill Irwin. WILLSON, T. (2014). Finding Budget Flexibility - or Not: The Impact of Fixed and Variable Cost.
The three descriptive research methods that I will discuss are Naturalistic Observation, Survey, and Case Study. Naturalistic Observation is a research method in which people or animals are observed in their natural habitat without any controls or variables. This type of research method may be conducted if you want to see how people truly act without being watched. For example, this research method may be used to determine who are healthier shoppers, men or women? The researcher would go to a food store and take count throughout the day of how many men and women he finds in the fruit and vegetable isles, and how many he find in the snack isles.
Analysing the data: - Identifying patterns and trends Problems relating to marketing: - These incorporate what cost to change, how best to publicize the products and administrations, where to offer them from etc. Types of research: - There are two types of research that businesses’ use to gather the right information for the company the first research is called primary research and the second method is secondary research. Primary Research: - Experiments, investigations, or tests carried out to acquire data first-hand, rather than being gathered from published sources. Secondary Research: - Research based on secondary data.
2. TECHNOLOGY: Automation is led way to decrease in the cost of production. Techniques to optimize production means the suppliers will supply more at a lesser rate. Coca cola recently implemented the Siemens automation to increase the capacity of its bottling plants. This ensures that the capacity of the plants increased manifolds and thus lowering the cost of production.
1. Case: Crown, Cork and Seal in 1989 (a) Perform an industry analysis of the U.S metal can industry in 1989.Define the industry. Analyze the effect of buyer and supplier power, competition, barriers to entry, complements and substitute for the industry. Summarize your assessment of industry’s attractiveness. Is this an industry in which the average metal company can expect an attractive return over the long run?
II. Problems of the Case Study 1. Considering company’s budget is very limited, installation of the new technology might affect the financial position in the next year operation. 2.
Moreover, while planning and executing personnel budgeting, wages, bonuses, commissions and incentives apart from the employer-paid costs are deliberated by financial committee and managers to devise sound and comprehensive budgeting
SECONDARY RESEARCH Secondary research is also known as desk research and it consist the data which has already been produce it can be quantitative, qualitative or historical also it can be seen as internal data and as well as external data. Secondary research is the process which involves collecting data it may be originator or distributor of primary research, secondary sources include documents, letter, diaries, autobiographies and referencing other forms of research and quotes. KFC they are able to save money and time through having enough employees who are able to do most on the work which saves time as well as money because they will serve more customers in a short period of time. KFC are able to get information and access information
Introduction: Here in this assignment a management accounting report needs to be prepared for analyzing how management accounting can be useful in providing the managerial information for the purpose of decision making. The organization selected to make this analysis is Southwest Airline. It is a management accounting report in which starting from the background of the company, the management accounting system of the company has been analyzed and how its’ providing the information for the purpose of management decisions being evaluated. Background of the company: Southwest Airlines was shaped in 1978 with reason to serve voyaging service via air course. What's more, after consolidation southwest aircrafts persistently succeed regarding productivity, great worker and union connection and consumer loyalty.
The main success factors of budgeting process in Tesco are completely based on interpreting objective with the financial measures. However, another success factor is accessibility of resources, which is based on various resources like physical assets of human resources. However, another success factor is communication along with the cooperation of organisational levels related to budgetary process that control by informing the management about the approved budget (Brooks and Mukherjee,
Coordinate with customer relationship management to identify customer articulated needs 2. Select materials and suppliers in conjunction with procurement 3. Develop production technology in manufacturing flow to manufacture and integrate in to the best supply chain flow for the product/market combination G. Manufacturing Flow Management The manufacturing process produces and supplies products to the distribution channels based on past forecasts. The production process has to be flexible to respond to market changes and Mass Customization must absorb.
In terms of controlling, the management of Marks and Spencer has frequent reporting of expenditures with costs to provide a form of feedback. The reactions of managers to such type of data rely on the expectations or the formal budget or planned targets. The management believes in collecting and assigning cost data that is being shifted away from control. There is a recognition related to the repetitive exercise of planning and re-planning for creating a full time job for accountants. The assessment and evaluation of cost data in the aspects of launching new product by Marks and Spencer is about gaining insights and learning ways for achieving the goals of organisation in most effective manner.