Journal of Finance and Economics

Journal of Finance and Economics

ISSN: 2291-4951 (Print)    ISSN: 2291-496X (Online)

Volume 1 (2013), No. 3, Pages 39-50

DOI: 10.12735/jfe.v1i3p39

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Budget Target Setting and Effective Performance Measurement in Nigerian Hospitality Industry

Joshua Okpanachi1  Nma Ahmed Mohammed1 

1Department of Economics and Management Sciences, Faculty of Arts and Social Sciences, Nigerian Defence Academy, Kaduna, Nigeria

URL: http://dx.doi.org/10.12735/jfe.v1i3p39Citations: 4 (Details)

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Abstract

This paper assessed roles budget target setting plays in effective performance measurement in Nigerian hotel industry. The survey research method was adopted for this study. The study population consisted of all the managers, Accountants, Account and Finance, personnel and other hoteliers of hotels located in Kaduna state. The sample size consisted of fifty respondents drawn from ten selected hotels using convenient sampling method whereby only those hotels whose managements were willing to participate in the study were chosen. The primary method of data collection used for this study was the questionnaire administration. A total of fifty (50) sets of questionnaire were distributed to the respondents out of which only forty six (46) were completed and returned. The method of data analysis used was the simple percentages while the research hypotheses were tested using chi-square statistic. The paper found that the budget target setting procedure in the hotel industry in Kaduna state is not well articulated and focused whereas budget target setting is an effective tool for effective performance evaluation of individuals and units in the hospitality industry. It is, therefore, recommended that hotels management should make the necessary efforts to strengthen their budget formulation process viz- a- viz target setting to meet achievable set goals

JEL Classifications: H83

Keywords: budget, hospitality industry, management, performance measurement, target setting

To Cite this Article: Okpanachi, J., & Mohammed, N. A. (2013). Budget target setting and effective performance measurement in Nigerian hospitality industry. Journal of Finance and Economics, 1(3), 39-50. http://dx.doi.org/10.12735/jfe.v1i3p39

Copyright © Joshua Okpanachi & Nma Ahmed Mohammed

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This article is published under license to Science and Education Centre of North America. This is an Open Access article distributed under the terms of the Creative Commons Attribution 4.0 International License.

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Budget Target Setting and Effective Performance Measurement in Nigerian Hospitality Industry
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