Corporate Planning Problems and Benefits

Description

– Corporate Planning Problems and Benefits –

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Abstract

The research is on corporate planning; problems and benefits, A case study of Dangote of Company Lagos. The main objective of the research is to determine the problems managers encounter in corporate planning, and thus suggest possible solutions.

The researcher analyzed the data collected based on the responses from questionnaire. Chi-square was used to test to hypotheses formulated. The major findings of the research show that lack of reliable and adequate information, poor structural policy framework and lack of adequate managerial skills and technical in corporate planning.

Based on the above findings, the study concludes that corporate planning covers every aspects of the organization as it sets long term goals for the organization. It is vital for the growth of the organization.

On the basis of the above finding, the study recommend that there is the need for managers to always reassess the set goals in the light of the performance of the corporate plan over-time ascertain if their target is been achieved,

and thus set their goals in the light of the prevailing circumstances, which is the essence of emergent approach in corporate planning.  

Introduction

1.1 Background of the Study

The development of corporate planning is a post-world war II phenomenon. Before the period of the world war II, almost all business enterprises were carrying on their business affairs without stating any formal objectives or formal long-range business plans.

Usually business planning was confined to the lower organizational levels, mainly the functional or the departmental levels and they had only short-term plans which focused mainly on manufacturing product planning, materials ordering and receiving and hiring of labour.

Most companies used to have annual budgets or yearly financial plans to ensure their liquidity Imaga (2000:1). Since that period of world war II, higher level that is at the care body of the company level long-range, usually of 3 to 7 years period planning has assumed ever increasing importance.

The development of business planning been a revolutionary movement or as technological revolution or even the revolution in life-styles due to income demonstration effects from time to time.

According to Hberts, (1950), comprehensive business planning now covers long-range in the form of strategic planning involving the entire fabric of the organization and is the concern of the topmost management from where it descends to all.

The scope of corporate planning covers not only the whole organization but every functional aspects of the organization.

It takes into account the full environments in which the business operates and is a systematic assessment of a most comprehensive nature, leading to the realistic mapping out of long-term objectives, strategies and operational plans Akpala (1990). 

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