PLANNING AND FORCASTING

  The role of planning and forecasting in business organization is a topic chosen from the business administration and management field. The research was conducted mainly to examine the positive and negatives effect of not making good use of planning and forecasting in the  business administration of an organization. For effective research on this topic. The ROLE ORGANISATION PLANNING AND FORECASTING IN BUSINESS ORGANISATION both primary and secondary data were used to elicit  information from sample  studied, the primary source of data were responses from the personnel interview, while secondary source from text books on business management and administration periodicals.   Twenty –five persons were interviewed as the sample of the staff and management of EASTERN shop Nigeria Ltd.   The data analysis was based on oral interview we had with the staff of EASTERN SHOP (twenty five). The major finding are follows.   The planning and forecasting is aids to correct mismanagement in business organization. And the planning and forecasting gives go ahead order to any individual, organisation that is going into business to make judicious use of forecasting and planning as a way of success in any business.   Poor forecasting attitude and inadequate planning’s. Poor  integration of forecasting and planning in running of business. Problem of in-experience in running of  organisation, as a  result of making use of sentiment instead of strategy. Problem of business is also noticed to be an issue of planning on daily basis instead of medium term and long term planning and forecasting basis. Problem arises, because management “organisation believed that planning is not important, even if they believed that it is inborn endowed from birth and inclination. The project has three chapter, chapter one contains  introduction, statement of problem, objective of the study, significant of study, definition of important terms and research question. Chapter two is the literature review. Hence some related literature were reviewed. Chapter three deals with the finding, summary, recommendation and conclusion. In summary, recommendation state that he who fails to plan, plans to fail, and as human heart cannot breath without air, so also business will not work without planning. CHAPTER ONE 1.1      INTRODUCTION 1.2      BACKGROUND OF THE SUBJECT MATTER 1.3      PROBLEMS ASSOCIATION WITH THE SUBJECT 1.4      THE PROBLEMS THE STUDY WILL BE CONCERNED WITH 1.5      THE IMPORTANCE OF STUDY 1.6      DEFINITION OF IMPORTANT TERMS 1.7      REFERENCES   CHAPTER TWO 2.0      LITERATURE REVIEW 2.1   THE ORIGIN OF THE SUBJECT MATTER 2.2      SCHOOLS OF THOUGHT WITHIN SUBJECT AREA 2.3      THE SCHOOL OF THOUGH RELEVANT TO THE SUBJECT MATTER 2.4      DIFERENCE METHODS OF STUDYING THE PROBLEM 2.5      SUMMARY 2.6      REFERENCE   CHAPTER THREE 3.0      CONCLUSION 3.1   DATA PRESENTATION 3.2      ANALYSIS OF THE STUDY 3.3      RECOMMENDATION 3.4      CONCLUSION] 3.5      REFERNCES.                 CHAPTER ONE 1.1      Introduction                 Andrena Faludi state that “planning and Forecasting is the    Queen mother function of management (organistion) and that if planning and forecasting fail, what/who will you direct, control, budget staff, co-ordinate or organize rather than provide explanations, explanations are response to state of tension resulting from observing unexpected events. (Toulinin, 9660).         Planning and forecasting present efforts to reduce- surprise caused by such events by giving practicable accounts of how they come about’   WHAT IS PLANNING AND FORECASTING? FORECASTING:         Forecasting is preparing of an organistion’s future objectives and its current material and personnel inventory, the general or departmental managers makes resources that will be able to do in the future and how many more human and material resource the organisation must hire to meet its goals (Needle 1999: 178) Any business organization without element of forecasting is like driving a car blind- folded and being directed by a man looking out through the back window. Furthermore, forecasting is prediction. It is an effort by  enterprises to know what the future holds for it. Henry Fayol speaks of prevalence as the essence of management. According to Fayol  “this looking ahead include both assessing the future and making provision for it. Modern business management has become a complex activity and so there is the need for adequate forecasting. The need for adequate forecasting is apparent from the key role it plays in planning. Koontzat al stated that, as influence  in plans of the entire environment outside the enterprise has come to be increasingly recognizes, forecasting of the environment has risen in importance”   The role of forecasting in business organisation is so important that it must be adapted by  managers. The making of forecasting and their review by managers compel thinking ahead looking to the future and providing for it. Also the very act of forecasting may disclose areas where necessary control is lacking.   PLANNING Andreas Faludi state “man’s understanding of this world and his ability to act in it, depends on his constructing an imaginary in his own mind. This applied equally well to the planner’s understanding of himself and his operation” Planning in it simplest meaning is the determintion of anything in advance of action. Planning is defined by koontz O Donneil as , “ deciding in advance what to do, who is to do it, how to do it, how to do it , when to do it , and why it should be done” planning bridge the gap from where we are to wher we want to go.         Planning can also be defined as “a predetermined cause of action that helps to provide purpose and direction for members of an enterprise.         In designing an environment for the effective performance of individual working together in groups, the most essential tasks is to see that purpose and ibjective and mwthod of attaining them are clearly understood.         Planning is the first function of a manager, it is necessary if anything or activities is to reach the denial goal. Through planning, a manager, can approach pre-determined objective rationally. All the work of an executive, whether he knows it or not is some  way connective whether he knows it or not, is some way connected with the unfolding of a plan. In identifying the role of planning in business organisation, Koonzet al states that, “ we are in an economic, technological social and political era in which planning like other functions of managers has become requisite far enterprise survival.         Planning is unique in that it established the objective necessary for all group efforts.         Planning and forecasting are important tools of company management and decision making as they assist in the appraisal of investment of current marketing strategy and manpower planning and in the indentification and development of new products and new market, further they promote and facilitate the proper functioning of the many aspects of company’s activities         Planning and forecasting are compliments in that for a good result botjh go together. They could be regarded as  independent parts that make a specified whole writing also in this concept, Koontz O’ Donneil states that ‘ forecasting especially where participated throughout the organization, may help to unify and co-ordinae plans. By focusing attention ion the future, it assists in bringing a singleness of purpose to planning.   1.2   BACHGROUND OF THE SUBJECT MATTER the popular super market called EASTERNSHOP was established in may 28, 1960. about five (5) months after the independence of this country. This took place at Ogui Road, Ogui Road. Then Anambra state now Enugu state, which is formerly known as the headquarters of eastern Nigeria. The supermarket is situated opposite Nnamdi Azikiwe stadium and around it were other big shops like Boddie’s ABC Transport etc. the amazing thing that concerned this shop is that the manager or the sole proprietor is a family man, that had engaged in other business an finally settled in opening a big supermarket. He entered into the business with little or no experience in the field of supermarket business.         Originally, the name of the managing director of the supermarket is chief M. O. Okoli, Ozo Zuliu Agulu 1 of Agulu in Aniocha local Government Area of (old and New) Anambra stat he is one of the pioneer members of Enugu state association of supermarket. This was to enable him to curb some of the problems that he is passing though, as result of poor forcasting and planning in business. The supermarket has other branches in lagos, and onitsha. In the establishment, he employed general operation magager (GOM) who sees to the running of the who direct the affairs of cashier, store manager and restaurant departments and report to the Gom. Eastern shop is made up of five (s) departments/ units. Ø Accounting department Ø Cashier department Ø Store department Ø Restaurant department Ø Cold room department Easterm shop deals mostly on consumer’s goods like cosmetics, wears caned foods baby wears and toys. The problem of proper planning and forecasting is among the major problems that limits  the more clearly seen from an adage that says “ that business is full of risks.         Besides, the researches were able to note that the sum N500 naire was used as initial capital of the business and today the property of the business is on millions and it have more than twenty people as employees. This simply means that it is no longer small scale business at the low required. But as a result of inadequate applocation role, of good  understanding in the techniques of forecasting and planning integration in business, the cannot make good pricing quality and quantity of product scales.         Since improper planning is as good as not planning at all, based on the above promising and manifesting problem, there calls for the researchers to investigate the project topic to help the present situation that is facing the business. 1.2      PROBLEMS ASSOCIATED WITH THE SUBJECT MATTER         It has obviously been that “ he who fails to plan, plans to fail” and it is also believed that he who fails to put records and recognizance of past event should not predict/ forecast future if anybody that fails to envisage the future is bound to crash. Planning and forecasting have been integrated to be wonderful tools effective ,management since planning and forecasting have been integrated to be wonderful tools for effective management. Since touch used in darkness. We also believed that business dwell in the world of dynamism and unsteady – setting, which called for effective use of planning and forecasting. It can also be seen as an eye of every business that wants to grow in a competitive environment.   Even the Bible say’s, “ where  there is no vision, people perish” in this context vision, which is sight in modern business management, is planning and forecasting. Moreover Hosea 4: 6 said , “ my people perish for lack of knowledge of planning and  forecasting. It is because of inadequate knowledge of planning and forecasting. It is because of these present problems and eminent problems, which many business are encountering and also will encounter in future, that make the researcher to bring out the topic title “PLANNING AND FORECASTION IN BUSINESS ORGANISATION from the light of the above, it is approved that for a society to progress is to embrace planning and forecasting.      PETER DRUNNER said that “planning and forecasting is aspect of management is doing not knowing” therefore we should know that planning must be practicalized not nursing or desire in the hear. It is a thing of paramount importance to see that problems or courses of liquidation of problems or courses of result of lack of adequate planning and forecasting. Morever this project necessitate a result that new people and some organisation that recognized the roles of planning and forecasting . they do  it any how, with out knowing that planning ius QUEEN MOTHER of all the management and if it fails what / how then will you direct, organize, control, staff and budget it to and so on.         This issue of poor attitude and low understanding of the role or meaning and importance of twin brothers planning and forecasting makes business not to grow well,  talk more of progressing. And if any one will progress at all, without working or simply put just by chance or luck, but planning of business is a will program oriented profit venture or business.           In attempt to plan, as many thinks, they do a only half bake planning which is as good as not  planning at all, in which most of their planning is found wanting because it lacks the basic elements of planning as regard as follow. a,     Futuristic in out look, that is planning some future problems of business at to day’s door steps beside that future can never be predicted with  hundred percent efficiently. This is why provision has to be made to accommodate future uncertainties. Theory and practice says that it is done in six step process which shown in the diagram below.  Get the Complete Project Material Now!!!