THE ROLE OF BUDGETING IN STRATEGIC PLANNING
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- NGN 3000
THE ROLE OF BUDGETING IN STRATEGIC PLANNING
The objectives of this research are to: (1) investigate how budgeting integrates with strategic planning processes, (2) identify key budgeting elements that support strategic goals, and (3) assess the impact of budgeting on long-term strategic outcomes. A survey design was selected for its ability to collect diverse insights from strategic planners and financial managers. Using Taro Yamane's formula, a sample size of 385 participants from corporate organizations in Abuja was established, ensuring comprehensive representation. The corporate sector was chosen for its structured strategic planning processes. The reliability coefficient score of the survey was 0.87. Findings indicate that effective budgeting is crucial in strategic planning, aiding in resource allocation, setting financial targets, and ensuring alignment with strategic objectives. Recommendations include integrating budgeting processes with strategic planning cycles, fostering collaboration between finance and strategy teams, and utilizing advanced budgeting tools to support strategic decision-making.
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