ROLE OF PLANNING IN EFFECTIVE DECISION MAKING IN ORGANIZATIONS
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ROLE OF PLANNING IN EFFECTIVE DECISION MAKING IN ORGANIZATIONS
Time: The time allotted for this investigation was minimal and insufficient for a broader scope, hence the study focused on a single example. To be detailed and comprehensive, a natural work would require time and money. However, the limits did not have an impact on the work’s quality or effectiveness.
Research Questions
This study will seek to answer the following issues in order to propose solutions to the problems of lack of planning or poor and inadequate planning in organisations:
Is planning an important and required technique for making decisions?
Can planning be used to make more successful decisions?
Can organisations properly plan?
Hypothesis
The following hypothesis has been developed and will be evaluated to determine whether planning is an effective tool for decision making in organisations.
H0: Planning is not an effective instrument for organisational decision-making.
H1: Planning is a useful tool for making effective decisions in organisations.
H0: Planning is unnecessary in the day-to-day operations of corporate organisations.
H1: Business organisations need to plan their day-to-day activities.
H0: Organisational planning is ineffective.
H1: Organisational planning is effective.
Definition of Terms:
To help you comprehend, the following words are defined:
Planning is defined as “a blueprint of business growth and a road map that tells you and the world how you expect your company to achieve its stated objective” by Ezinne (2004).
The Oxford English Dictionary’s (2010) edition defines the word tool as:
A tool that you hold in your hand and use to make or repair things.
Things that assist you in performing your job or achieving your goals, such as research tools like questionnaires.
Decision Making: A decision making might be considered as a mental process that requires us to analyse the issue in order to master it, or expand our knowledge of the area in which the decision is to be made. C. C. Nwachukwu, 2009.
James Mooney defines organisation as any human association formed for the purpose of achieving a common goal.
A Brief Historical Information about Anchor Insurance Plc
Anchor Insurance Company Plc was licenced as a general business insurance company in October 1989 and began operations in November of same year, with its headquarters located at 7/13 Aka Road, Uyo, Akwa Ibom State.
The company’s purpose is to provide financial insurance services to the insuring public in the most efficient and effective way possible, ensuring client satisfaction and long-term corporate sustainability.
In January 1992, the company added life pension insurance to its portfolio, becoming a composite insurance company. The National Insurance Commission (NAICOM) registered Anchor Insurance Company Limited as a composite insurance company (RIC 072) in 1998.
The corporation was completely controlled by the Akwa Ibom State Government until it was privatised in early 2003. The current ownership structure is Ukartel Nigeria Limited (Core investors)
-55%, Akwa Ibom State Government -20%, and other private investors -25%. Currently, the firm runs with and has an authorised share capital of 600 million, with 584,000,000m completely paid up.
The business scope of the corporation includes:
General business insurance, including life and pension plans.
Conventional insurance products
Special dangers
The company’s branches are located in Port Harcourt, Calabar, Abuja, Lagos, and throughout Akwa Ibom state. This ensures that no matter where you are, you can follow the company’s regulations and report any disputes.
The company uses the units system, which divides the organisation into units consisting of underwriters and claims specialists to enable efficient and effective service delivery. In key matters, the company’s board of directors serves as the highest planning body.
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