The Analysis of the Effectiveness of a Management Accounting Technique in an Organisational Setting- with Reference to Guinness Nigeria Plc.

Decision-making in the workforce is a process of responsibilities used by upper management to implement, enforce rules, regulations, and maintain a successful environment. Decision-making implemented more effectively by making a plan, thinking it through, accepting more than one opinion and determining what is best. However, decision-making often utilized more effectively by opening doors of opportunities for a suggestion, question, discussion, and feedback. Although, more involvement helps improve understanding, utilize behavior skills and present opportunities for better communication. Everyday life consists of decision-making, the right decision may not always be applied, but ensure room for improvement and opportunity. Individuals approached decision-making in many different ways. As stated by (Jones, Graham, & Bateman, 2006) decision making is a procedure used to recognize a problem, weigh the alternatives and evaluate a solution in which, certain situations will require different approaches to become effective.

Planning is a function that is employed by every organization in projecting the future outcome of the firm. Successful firms achieve their goals through the use of different types of budgets. These budgets include, production budget, sales budget, labor budget and expenses budget. These budgets also show the targets that should be achieved by the firm within the budgeted time plan.

Careful planning is required to guide all parts of the organization towards its strategic long-term and short-term objectives. Anthony & Govindarajan (2000) saw strategic planning as being focused on several years, contrasted to budgeting that focuses on a single year and so a budget is a one-year slice of the organization’s strategic plan. The budget prepared for planning purposes, as part of the strategic planning process, is the quantitative plan of management’s belief of what the business’s costs and revenues will be over a specific future period (Davies & Boczko, 2005). According to Atrill & McLaney (2002), a budget’s role is

Budgeting as a management tool entails meeting day-to-day tasks by following a financial plan of allotted funding for daily wages, having the right volunteers for needed areas, meeting monthly expenses, and creating a fundraising plan to increase capital for the

The primary purpose of planning, is to establish a set of directions in sufficient detail to tell the project team exactly what must be done, when it must be done, what resources will be required to produce the deliverables of the project, successfully, and when each resource will be needed (Jack R .Meredith & Samuel j. Mantel, 2009). Budgeting and cost estimating are important tools when doing a project plan. A budget is always needed in the plan. A budget is a plan for allocating resources. Thus, according to Jack R Meredith the act of budgeting is the allocation of scarce resources to the various endeavors of an organization. (Jack R .Meredith & Samuel j. Mantel, 2009)

Budgeting is an essential process within an organization, and budgeting is a plan of action that an organization takes at the time to secure its future. Budgeting provides managers with an overview of where they were, where they are, where they need to be, as well as financial goals for the future.

When developing a budget, the first step is having a written strategic plan. This help in budgeting towards the organizations vision. The budget provides the financial resources to achieve goals. The governing board or head of the organization should approve the budget and keep current with its performance. The budget should be reviewed monthly to monitor performance, be familiar with all expenditures, and safeguard against misappropriation of funds (Lotich, 2014). The budgeting process looks several years into the future to identify a variety of financial needs that may be growing while other are decreasing. Budgets need to show how the money is to be allocated and spent (McCrie, 2007).

There are thousands of people who budgets on a daily basis. A budget is a financial plan of revenues, expenses, and future costs for a given period. It allow individuals to set goals for themselves, so they can achieve them. The budget process is important in public and private sectors because it coordinates the organization’s activities. Budgeting involves positive effects which influence our decisions on a range of activities.

The company has to be able judge its spending performance. Does not matter what type of company it is, the ability to measure performance using budgets is an important process in any business organisation. Planning helps to understand where business is at present and where it is going to be in the future. Company’s planning process has to involve different developing objectives and prepare

Organizations should prepare budgets with budget control systems in place. The financial planning of the organizations targeted operation is considered budgeting. There are processes that are essential to protecting the financial well-being of the organization. There are challenges that may arise within the organization when implementing a budget and budgetary controls.

In this article we have tried to define and make good and comprehensive explanations of decision making process in different situation. because of decision making importance in business we have tried to take a deep look different subjects that are direct and indirectly related to decision making so as we know decision making is the process of selecting a logical choice from among the available options to do that we need to evaluate, analyze and determine which alternative will be suited for our case of actions.

Budgeting is crucial in the well-being of a company especially the financial health status of a company. In fact, no professionally managed firm would fail to budget, since the budget establishes what is authorized, how to plan for purchasing contracts and hiring, and indicates how much financing is needed to support planned activity. It is routine for a company to budget for its expenses. Expense budgets act as a guideline of how much revenue a company would require keeping the activities running. It is used to set the company’s targets for a certain period.

A budget is a short term, often one year, business plan, usually expressed in financial terms (Atrill, Mclaney, 2011, p.314). There are three broad functions of budgeting, these are: quantification of plans, help in financial planning, and monitoring and controlling scarce resources through performance measurements. Throughout this essay I shall be discussing these three

The decision is to select an action among a number of actions that solves a given problem, that prevents a problem from happening, or that forces to apply new ideas for development. The need for understanding decision making process is increasing because the complexity of modern organizations is increasing, and because the modern organizations' effectiveness depends on the decisions made by the managers. The question is how to select the most appropriate action to solve the problem satisfying all stakeholders.

Planning – Planning is concerned with the future impact of today's decisions. It is the fundamental function of management from which the other four stem. The need for planning is often apparent after the fact. However, planning is easy to postpone in the short-run. Postponement of planning especially plagues labor oriented, hands on managers. The organizing, staffing, leading and controlling functions stem from the planning function (Higgins, Figure 6.1.) Likewise, the leading function, influencing the behavior of people in the organization, depends on the goals to be achieved. Finally, in the controlling function, the determination of whether or not goals are being accomplished and standards met is based on the planning function. The planning function provides the goals and standards that drive the controlling function. Planning is important at all levels of management.