Improving Financial Resource Planning Within the News Papers in Education Program at Monitor Publications Ltd
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Date
2023
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Makerere University Business School
Abstract
Financial resources are paramount in facilitating implementation of almost all activities within a given project. Without finance, the project cannot efficiently meet day-to-day expenditures or sustain resources such as labor. It is important for projects to ensure effective financial resource planning throughout the lifetime of the project. However, the Newspapers in Education project (NiE) has been characterized with tendencies of dismal financial resource planning, and these have been mainly manifested in inadequate budgeting, forecasting and reporting practices. In some instances, the project has run without a clear budget while where it exists, it is not followed.
The study adopted a descriptive and cross sectional research design which allowed for the collection of quantitative data using self-administered questionnaire. The study population comprised of 200
employees in departments of Editorial, Marketing, sales & distribution, Finance and Commercial that are working under the NiE program. The Yamane (1973) formula was used to determine the sample size as 133 employees. The data was then entered into a computer using MS Excel which was later exported to Statistical Package for Social Scientists (SPSS) version 27 for analysis. The results revealed that there is uncertainty about Monitor Publications Ltd undertaking adequate budgetary planning. The results also
revealed that there is uncertainty about budget plans being updated as financial information comes in. It was also discovered that members of the governing body are involved in financial planning and planning.
The results revealed that respondents were uncertain about the shortage of budget allocation by other stakeholders (i.e., community participation, school internal income) and limitation of disseminating
financial reporting to concerned bodies on time. The results further revealed that there was uncertainty about absence of participation by concerned bodies in budget preparation.
The results revealed that Monitor Publications Ltd should have clear financial planning and there should be available set financial goals and objectives for the NIE programme to be successful. The results further revealed that there is need to review the project financial plan periodically after the implementation and analyzing the current and future plans of the project before making any financial decision.
The findings of the study revealed that much as management of Monitor Publication ltd has put in place policies to guide on the resource mobilization, finance resource planning and sponsorship policies for the Newspapers in Education program, there are still pertinent issues which need to be considered for the success of the program. It was established from the research that reports are provided to senior management, board of directors and funders at least on quarterly basis but there is still poor financial
budget report system by the NiE project according to time schedule, there is also lack of training for NiE project accountant personnel, auditors and other finance workers. Therefore, as long as there is still poor financial budget system and no training for NiE project personnel, NiE program will continue to struggle with funds and utilization.
The results further revealed that there is a problem of reporting and documenting financial activities of the NiE program as well having inappropriate control and follow up from Monitor Publications Management and finance office. Management needs to have a clear financial plan with well set goals and objectives for the NiE project to ensure a seamless process in the execution of the program.
Description
Research Dissertation Submitted to Makerere University Business School (Faculty of Graduate Studies and Research) in Partial Fulfilment of the Requirements for the Award of the Degree of Master of Business Administration of Makerere University. (Plan B).
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Citation
Ibrahim, k. (2023) Improving Financial Resource Planning Within the News Papers in Education Program at Monitor Publications Ltd. Unpublished Masters Dissertation Makerere University Business School. Kampala, Uganda.