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PLANNING AND MANAGEMENT EFFICIENCY IN THE PRIVATE SECTOR CASE STUDY OF CHAMPION BREWERIES
The main objective of this study is to discover planning and management efficiency in the private sector with particular reference to Champion Breweries.
The study adopted both the descriptive and survey approaches. Data were collected by primary and secondary sources with the population size of 340 and a sample size of 300 which questionnaires were distributed. Simple random sampling method was used throughout in the selection. The collected data was analyzed using Pearson product moment correlation analysis at significant level of 0.05. The overall hypothesis supports the topic of the study that Planning and management increases efficiency in the private sector. In conclusion, after carrying out the research and analysis of data being done it was discovered that the planning and management of Champion Breweries Plc has been strong and effective. The study further recommends that the company’s board members should be carefully selected to handle the firm effectively in the planning and management of resources of the organization.
1.1 Background of the Study
Planning provides the basic direction and rationale for determining the focus of an organization; and also provides the specification against which any organization may best decide what to do and how to do it. Simply put, it is a process for creating and describing a better future in measurable terms and the selection of the best means to achieve the results desired. It is important to note that not all planning is actually strategic even though they may be termed so. It is said that failure to plan leads to failure in planning . Dalton McFarland defines planning as the activity by which administrators analyze present condition to determine ways of reaching a desired future state (Dalton, 2009).
In an economy like Nigeria, administrators in the private sector have been faced with problems of providing efficient and effective management and planning in their organization. However, Planning and management efficiency are tools used to arrive at an efficient and productive selected mission, objectives and action in the private sector and to achieve well defined set goals. It also bridges the gap between where they are and where they want to go. Planning is also used for analyzing a situation to determine the goals that will be pursued in future or deciding in advance the actions that will be taken to achieve these goals (Nwachukwu, 1998).
Management efficiency emphasizes functions involved in monitoring the progress of the organization or the work unit towards goal achievement. Private administrators experience frustrations when they make their forecast because they do not move as proposed. The crucial thing in management is how far internal predictions are right or wrong in what plans they want to achieve. Usually, private business organizations differ in their planning and management processes but more significantly in the way these are woven into business (David, 2003).
The need for organizations to plan and monitor their activities in order to focus resources and efforts to ensure their future survival has spawned an industry of practitioners, consultants and educational programs. Planning and management is now a routine part of business or organizations with an accompanying set of beliefs and protocols that underpin the day-to-day practice as indicated in the works of Dyson (2003).
A management expert, Toffler (2003) writes that a company without a planning is like an airplane weaving through the skies, hurled up and down, slammed by winds and lost in the thunder heads. If lightning or crushing winds do not destroy it, it will simply run out of gas. Clearly, these statements emphasize the importance and the need for a comprehensive, systematic and dynamic planning for every company which seeks to survive competition in the ever changing global competitive business environment. This suggests an apparent correlation between planning and the ultimate performance of a company in terms of its growth, profits, attainment of objectives and sustained competitiveness (Strickland, 2004).
Though these assertions are largely true, exceptional situations also arise when some companies gain, not because they had in place any planning but because they just benefited from some sudden conditions in the external environment. Nonetheless, consistent with the need for evolving and constantly reviewing planning, it is important to note that having a sound planning in itself does not necessarily translate into desired performance goals if it is not properly managed to be implemented. Both planning and management must be good and timely to achieve positive results. As for a company driven by wrong planning, Malamud (2004) likens it to a train on a wrong track saying, every station it comes to is the wrong station.
These fundamental principles essentially hold true for all industries globally and as should be expected, management is subject no less to the dynamics of these tendencies. It is assumed that planning, like other management initiatives developed basically for business, can be adapted in spite of the differences between profit and not-for-profit organizations.
1.2 Statement of the Problem
Some private business organizations maintain poor performance due to poor planning and management, which affects the management efficiency and productivities of the organization. Poor planning and management are the key factors that limit the productivity rate and growth of an organization.
Most private organizations, especially in this part of the country do not last, especially in Akwa Ibom State. That does not mean they are not certified registered organization, all this happen because they were not able to plan and see a way to manage their business efficiently and effectively, that is why they are faced with problems such as bankruptcy.
Poor planning and management as a problem usually affect the smooth running and profit margins of organizations in that, some business units have no templates for proper projects analysis and coordination, rather, greater attention is being paid to non-productive projects than productive projects. In most cases, it is realized that some organizations offer many years of its effort trying to put their business in an efficient form, but still it collapse, even though they were properly financed, but the problem has variously been attributed to either lack of efficient planning or inadequate plans.
More so, in Nigeria, the level of unemployment has taken a consistent acceleration in the country. In Akwa Ibom state alone, not more than ten functional private companies exist. It is estimated that in Nigeria generally, there are up to 10.9 percent of unemployed citizens as at 2014 and within 2009 till now is ranging from 3.5 million to 11.549 million, currently and this contributes to the menace of unemployment.
This study will tend to fine out what the private sector, along side the government needs to do to limit this existing problem. It is observed that as a result of poverty and idleness, people have started indulging in all manner of immoral activities such as kidnapping, armed robbery attacks, child trafficking, drugs dealings, etc, that gives the country bad tags and records. The private sector would have been of great help to liberate the state of the nation if only they can improve on their efficiency, being that both the government organization and the civil service cannot accommodate everyone to be employed but a situation where the private sector is not efficient and reliable enough for the success and accommodation of the unemployed for the deflation of unemployed market, it then becomes a hand full of issues.
The above points does not indicate that there are no good private business organizations, rather, it can be concluded that poor management lack the ability to effect proper planning and management abilities in order to actualize business efficiency. Furthermore, in developed countries, it is recorded that 60 percent of the contributors of the economy come from the private sector, but in Nigeria, there is a poor relationship between the government and the private sector and this is hampering the proposed future of the nation’s economy. Assuming this private sector is efficient enough in Nigeria and Akwa Ibom state in particular, it would have contributed to salvaging the economy of the country even with the threat of recession. This study therefore, seeks to find solutions to these problems.
1.3 Research Questions
Answers to the questions below would lead to possible solutions to the problems.
- Do Private sector organizations perform better with the adoption of good planning measures?
- Is the profit making possibility of Champion breweries a function of their adoption of the right management principles?
- Is there a significant relationship between management by objective (MBO) and the management efficiency of champion breweries?
1.4 Objective of the Study
The main objective of this study is to discover the efficiency of planning and management in private sector with particular emphasis on Champion Breweries. The other objectives of the study are:
- To discover if Private sector organizations perform better with the adoption of good planning measures.
- To find out if the profit making possibility of Champion breweries is a function of their adoption of the right management principles.
- To analyze if there is a significant relationship between management by objective (MBO) and the management efficiency of champion breweries.
1.5 Research Hypotheses
The following hypotheses have been formulated to guide this study.
- Private sector organizations perform better with the adoption of good planning measures.
- The profit making possibility of Champion breweries is a function of their adoption of the right management principles.
- There is a significant relationship between management by objective (MBO) and the management efficiency of champion breweries.
- iv. Significance of the Study
Planning and management are very important tools for ensuring the efficiency and productivity of every business organization. A research in this area will help every business organizations, the society and the academia to know the very steps needed to make planning and management effective enough to guarantee growth in the private sector. This research work is to help administrators to appreciate the essence of planning and management of their limited resources to meet the objectives of the organization through efficiency, productivity and profitability. More so, it will educate administrators on how cost of production, price stability, increase in turnover and adequate profit remain the overall measure of management efficiency. In addition, this study will help the private sector in making relevant policy decisions to increase efficiency and effectiveness of firms. This will in turn help to create avenues for firms to achieve their optimum profitability which will be beneficial to the shareholder, employees, creditors and the society at large.
1.7 Scope and Limitation of the Study
This study focused on the efficiency of planning and management in an organization with specific reference to Champion Breweries Nigeria PLC located in Uyo, Akwa Ibom State.
The research work was limited by some factors such as: Time constraints as the researcher required quality time to source for research materials and collect data alongside other academic demands.
Financial constraints were experienced in the gathering of data and other logistics necessary to see this research to a success.
Other limitations included the reluctance by the respondents in updating the information on the questionnaire for quicker collection and analysis. Despite all these constraints, the researcher was able to carry out a fair and effective study on this topic.
1.8 Definition of Terms
Planning: This is defined as the process by which managers analyze present condition to determine ways of reaching a desired future state. Dalton (2009)
Management: it is the activity of setting the planning of an organization and coordinating the efforts of its employees or volunteers to accomplish its objectives through the application of available resources, such as financial, natural, technological, human resources. Toffler (2003)
Efficiency: It is the state or quality of being able to accomplish something with the least waste of time and effort. Ihesiudo (2002).
Private Sector: it is the part of the economy, sometimes referred to as the citizen sector, which is run by private individuals or groups, usually as a means of enterprise for profit, and is not managed by the state. Strickland (2004).
1.9 Organization of the Study
This project work is a study on planning and management efficiency in the private sector. The whole project work is organized into five (5) chapters, the framework of the study is set out in chapter one, which include the introduction and background of the study, statement of problem, objectives of the study, scope of the study, significance of the study, hypotheses, the limitation of study and the definition of terms.
Chapter two of the study is concerned with literature review, chapter three focuses on the methodology applied in carrying out the research work. Chapter four is mainly on data presentation, analysis, interpretation of data and hypotheses testing. Chapter five contains the summary of findings, recommendations and conclusions.