The Concept of Cost Management in The Management of Public Funds (A Case Study of Enugu State Ministry of Finance and Economic Planning)

ABSTRACT

This study is aimed at x-raying the degree to which cost management contribute to the judicious handling of public fund.  This is a job, which is left in the hands of administrators, legislators, investors as well as the general public, precaution must therefore be taken to avoid wastage’s of public fund as a result of wrong planning and execution.  In conducting on this topic, this project work attempts to find out the concept of cost management in managing public funds.  What impact with the concept have on individual employee in an organisation, on the government sector, in generation to come how can it be used to ascertain the possible hindrance of achieving the virtue of public fund management in government quarters, how can it be used to examine the spending activities of the government including the current institutional framework in the government.  The validity and reliability of the instrument used in this project work are tired to the most suitable population of the study which include employees and the six division of the ministry which includes treasury, planning, budgeting, administration etc of the Ministry of finance and Economic Planning, there is no doubt that the sampling techniques are effective and the statistical tools such as chi-square rate of response percentage used give clear picture of the identified products and relevant but possible solution.  Findings shows that cost management has significant impact in the public sector.  Finally, cost management has significant impact on the government and individual employee. In conclusion therefore, the researcher will suggest that effective management of fund is achievable if a cost monitoring unit is established in the ministry and property is give to projects meant to improve public lives and reinforcement of the use of warrant in authorization of expense from the government treasury.

TABLE OF CONTENTS

Title                                                                                                             i

Approval                                                                                                    ii

Dedication                                                                                                 iii

Acknowledgement                                                                                     iv

Abstract                                                                                                     vi

Table of contents                                                                                      vii     

Chapter One - Introduction

1.1    Background of the study                                                                1

1.2    Statement of problem                                                                     3

1.3    Objective of the study                                                                     3

1.4    Research Question                                                                         4

1.5    Significance of the study                                                                 4

1.6    Scope of the Study                                                                          7

1.7    Limitation of the Study                                                                    7

1.8    Definition of Terms                                                                          9

Chapter Two - Literature review

2.1    Introduction                                                                                      9

2.2    Cost Management and Public Expenditure                                    9

2.3    Nature and Process Framework of Public Sector Accounting      12

2.4    Financial Control System in the Public Sector                              18

2.5    The Budget and Cost Control Compliance with

Budgetary Provision                                                                        20

2.6    The Use Control of Financial Warrant in Expenditure Control     23

2.7    The Role of Internal Audit Unit in the Management of Public Fund  24

Chapter Three - Research methodology

3.1    Introduction                                                                                     25

3.2    Research design                                                                              25

3.3    Population of the Study                                                                   25

3.4    Sampling Techniques and Sample Size                                        26

3.5    Research Instrument                                                                       27

3.6    Method of Data Collection                                                              28

3.7    Method of Data Analysis                                                                28

Chapter Four - Data Analysis and Interpretation

4.0    Introduction                                                                                     29

4.1    Presentation and Interpretation of Data                                         29

4.2    Test of Hypothesis                                                                          40

4.3    Statement of Hypothesis                                                                40

Chapter Five – Summary, Conclusion and Recommendations

5.0    Introduction                                                                                     44

5.1    Summary                                                                                          45

5.2    Conclusion                                                                                       46

5.3    Recommendation                                                                            47

References                                                                                      49

Appendix                                                                                          51    

Question                                                                                          52