Budget planning, control and evaluation: an overview of its practices in manufacturing

The Malaysian economy expanded by 5.2% in 2003 and economic growth was broad based and balanced across all sectors, driven by strong domestic demand and augmented by a stronger export performance. The manufacturing sector grew at a rapid pace following the broad based recov...

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Bibliographic Details
Main Authors: Ahmad, Mohammed Fuad, Salleh, Abrari
Format: Book Section
Language:English
Published: Penerbit UTM Press 2009
Subjects:
Online Access:http://eprints.utm.my/id/eprint/14448/1/MohammedFuadAhmad2009_BudgetPlanning%2CControlandEvaluationanOverview.pdf
http://eprints.utm.my/id/eprint/14448/
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Summary:The Malaysian economy expanded by 5.2% in 2003 and economic growth was broad based and balanced across all sectors, driven by strong domestic demand and augmented by a stronger export performance. The manufacturing sector grew at a rapid pace following the broad based recovery in the global economy and strengthening domestic demand (bank Negara Malaysia, 2004). Profit planning is essential in any organization and manufacturing establishments are of no exception. This can be accomplished through the preparation of a number of budgets, which focus heavily on future rather than on the past (Garrison and Noreen, 1997). in relation to the above this study attempts to determine and find out the specific purposes of budgets, the implementation of budget in companies, the extent of managers’ participation in setting budget targets and the extent to which budget variance reports are used to measure performance and also other related issues.