Abstract
This study was carried out with the view to address two fundamental issues: first, to determine if there is any association between budget, budgetary control and performance evaluation; second, to ascertain if there is any significant variation in the budget, budgetary control and performance evaluation measures of hospitality firms in Nigeria. The study employed descriptive design and primary data (questionnaire) was the major source of data collection. Questionnaire was administered to a total of six hundred (600) employees of ten (10) selected hospitality firms in Nigeria. The data obtained were analyzed using both descriptive and inferential statistics. Findings indicated that budget and budgetary control could serve as an avenue through which hospitality firms in Nigeria can be evaluated. In addition, it was revealed that there is a significant variation in the budget, budgetary control and performance evaluation of hospitality firms in Nigeria. On the basis of the findings, it was recommended that hospitality firms in Nigeria should carry out performance evaluation on every aspect of their budget and budgetary activities as a way of ensuring that budgeted outcomes are met. Also, budgetary costs should be a basis of choosing the most-fit performance evaluation technique for hospitality firms since such
Highlights
In economic principle, there is the general assumption that human wants are numerous but the resources to satisfy them are inadequate and there is every tendency to waste or under-utilize the inadequate resources by human factor concerned in the production of goods and services
There is sufficient evidence (p = 0.001) to suggests that on the average, the sampled hospitality companies on the variation in the budgeting, budgetary control varies as regards to performance evaluation. This result is supported by the computed t-values which is significantly higher than the tabulated value (t-tab: 1.660). This led to the rejection of the null hypothesis and acceptance of the alternative hypothesis that there is a significant variation in the budget, budgetary control and the performance evaluation among of hospitality companies in Nigeria
This study was carried out with the view to address two fundamental issues: first, to determine if there is any association between budget/budgetary control and performance evaluation of hospitality companies in Nigeria; second, to ascertain if there is any significant variation in budget/budgetary control and performance evaluation measures among hospitality companies in Nigeria
Summary
There is the general assumption that human wants are numerous but the resources to satisfy them are inadequate and there is every tendency to waste or under-utilize the inadequate resources by human factor concerned in the production of goods and services. It is imperative for organizations to produce at a minimum cost so as to continue their production cycles and make sufficient revenues for stakeholders. This scenario is peculiar to all industries in Nigeria, especially those of the hospitality companies industry where strategies are needed in order to survive. The hospitality industry is a broad class of fields within the service industry that encompasses lodging, event planning, theme parks, transportation, cruise lines and so on. Budgeting, which is a tool of planning and control, becomes indispensable for the hospitality companies in Nigeria and the world over
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