Full Project-AN EXAMINATION OF THE EFFECTIVENESS OF COPORATE PLANNING IN MANAGEMNET PROCESS (A CASE STUDY OF DIAMOND BANK)
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1.1 Background of Study
As the name implies, corporate planning involves planning for an organization as a whole. It is a systematic approach to strategic decision making. Corporate planning indicated a holistic approach for winning the goals of any organization.
In general, planning is a management system, a process of allocating, effective and efficient use of scarce resources of any organization to bring home its objectives and goals over a specific period of time. The principal motive of any business organization is to increase the value of the owners equity. The objective of any organization are achieved by effective and efficient use of its resources.
An organization has mainly two types of resources:- the human resources and the monetary resources. All the resources are monetary except the human resources. Corporate planning can boost an organization to maximize the utilization of its resources and fashion in a befitting manner to attain the enhancement of the shareholders wealth which is the basis of any corporate business. Corporate planning can yield many benefits for all types of business organization. It encouraged management to think ahead systematically, it forces the company to sharpen its objectives and policies, leads to coordination of organization’s effort and provides clear performance standards for control, sound planning helps the organization to anticipate and respond quickly to changes in the environment and take precautions for sudden changes and developments. For instance, banks adopt precautionary measures during global financial crisis.
Corporate planning involves the acceptance that the enterprise does not operate in a vacuum and that its activities are affected by what goes on in the world around it. It also questions – what can be done today to be ready for an uncertainty tomorrow. Thus the ability of the management to understand the environment, make good forecast and then choose a proper course of action that will enhance its existence as a corporate body. How well management have been or will be in doing this is the main thrust of this research.
1.2 STATEMENT OF THE PROBLEM
The future posed a serious problem to every business organization. All responsible managers see the continued existence of their organization as a major task of the management. Some of the problems an organization faces in achieving their goals are:-
a)Failure to plan which leads to planning of its failure.
b)Many organization today are not proactive rather reactive and focuses on the next quarter.
c)The day-to-day management system are not linked to strategy/plan so managers are not considering plan when they make decisions.
d)There are unforeseen external circumstances which the management can do nothing about.
1.3 OBJECTIVES OF THE STUDY
The objective of this study is to know:-
a)The extent to which organizations get involved in corporate planning.
b)Why corporate planning fails in some organizations.
c)The relationship between corporate planning and achievement of the goals and objectives of the organization.
d)The impact of corporate planning on the performance of the organization.
1.4 RESEARCH QUESTIONS
Some of the questions to which this research tends to provide answers to are:-
a)How does corporate Planning relate with achieving the objectives of the organization.
b)How does corporate planning affect the performance of the organization.
c)How does planning enhance managerial efficiency of the organization.
d)Why are there some deviations from planned courses of action.
1.5 RESEARCH HYPOTHESES
Ho: Corporate planning has no impact on the performance of the organization.
Hi: Corporate planning has impact on the performance of the organization.
Ho: Monitoring and controlling of organizational plan do not reduce deviations from planned courses of action and does not boost the performance of the organization.
Hi: Monitoring and controlling organizational plan reduces deviations from planned courses of action and boost the performance of the organization.
Ho: Corporate planning does not contribute to the achievement of the goals and objectives of the organization.
Hi: Corporate planning contributes to the achievement of the organizational goals and objectives.
1.6 SIGNIFICANT OF THE STUDY
This study is beneficial to corporate firms as a whole, management of organizations, and other researchers. a)Corporate Firms
This study is meant to underscore the importance of corporate planning on business organizations as it helps firms as a whole to work towards achieving their goals and objectives.
It will be of substantial help to the management of organization in predicting the future and knowing how to respond to changes in the environment.
It will also be of substantial help to students who are carrying out similar research as it will serve as a secondary source of data.
1.7 SCOPE OF THE STUDY
This study is on the impact of corporate planning on organizational performance. It covers the period from 2009 to 2011.
1.8 AREA OF THE STUDY
Due to time and financial constraints the study is focused only on Access Bank Plc Okpara Avenue Enugu. It serves as the case study.
1.9 LIMITATIONS OF THE STUDY
There are some major factors that affected these study and these are known as the constraints. They include:-
The time frame for this study is too short to carry out a rigorous research that would have given a better insight and elaboration on corporate planning and its impact on the performance of organization.
The nature of this topic made it to focus mainly on top management. This on its own proved to be a problem because it is always difficult to get some of the senior executives, and even some of them find it difficult to
release some vital information.
This constitute a problem to this research because of this uncompromising attitude of the top management to release some vital information, most of the information has to be sought through the internet.
However, the researcher was able to overcome this limitations by focusing the study on bank in Enugu Metropolis; Access Bank Plc Okpara Avenue in particular.
1.9.1 Definition of Relevant Terms
Decision Making: The Act of choosing between two or more possible courses of actions.
Efficiency: How well resources are utilized in pursuing various goals and performing various activities.
Goals: Long term aim of an organization or desirable future that an organization tends to accomplish.
Mission: What the organization as a whole wills to achieve and the time scale for achieving it.
Objectives: Specific concrete time bound, clear and quantifiable state of affairs which the organization is pursuing.
Strategies: The determination of the basic long-term objectives and the adaptation of courses of action and allocation of resources necessary for achieving these goals.
Vision: An achievable wish or dream that describes why the organization exists and remains constant for many years.
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