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Prospects and Challenges of Budgeting in Project Management; An Explorative Review of CCEI Malawi

Author

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  • Mr Glyn Munthali

    (PHD Commerce Scholar-2021-2024, School of Commerce And Management Studies Dmi St Eugene University, Lusaka, Zambia, Box 384, Lilongwe, Malawi Central Africa)

  • Dr Logasakthi Kandasamy

    (Aassociate Professor- School of Business, Rv University, Benguluru, Karnataka)

Abstract

Budgeting is considered as the most important tools for decision making in the organization. Decision making include pricing education, costing information in Organization and these has been a widespread problem in applying this information in institution. Most organizations prepare their budgets at the beginning of their financial year as a guiding tool for the efficient and effective usage of limited resources. However, studies conducted to determine the prospects and challenges in Organization reveal that most organization face challenges in utilizing the budgets process as budgets fail to be consistent throughout the project. The study being reported here investigated the prospects and challenges of budgeting in Project Management in order to recommend appropriate interventions required to develop and improve the budgetary process in Organization. The study used questionnaires and face-to-face interviews to collect data from the respondents. The population for the study was 330 employees. The study adopted a sample size of 33 employees, representing 10 percent of the population. The sample size was considered reasonable and adequate for the research. Simple random sampling technique was adopted through testing every nth member of the population to ensure that employees had equal chance of being selected into the sample. A literature review was conducted regarding the budgeting in project management and revealed that no further has recently been conducted in this area. Empirical research was conducted on the target population within the indicated geographical area. The study confirmed that there are a number of prospects and challenges in budgeting in most Organization.

Suggested Citation

  • Mr Glyn Munthali & Dr Logasakthi Kandasamy, 2024. "Prospects and Challenges of Budgeting in Project Management; An Explorative Review of CCEI Malawi," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(7), pages 1888-1901, July.
    • Handle: RePEc:bcp:journl:v:8:y:2024:i:7:p:1888-1901
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    References listed on IDEAS

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    1. Mr. Jack Diamond, 2003. "Performance Budgeting: Managing the Reform Process," IMF Working Papers 2003/033, International Monetary Fund.
    2. Edward Freeman, R. & Phillips, Robert A., 2002. "Stakeholder Theory: A Libertarian Defense," Business Ethics Quarterly, Cambridge University Press, vol. 12(3), pages 331-349, July.
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