Info: Zenodo’s user support line is staffed on regular business days between Dec 23 and Jan 5. Response times may be slightly longer than normal.

Published November 30, 2024 | Version CC-BY-NC-ND 4.0
Journal article Open

Evaluating the Influence of Financial Planning Approaches on Project Outcomes – Northern Diocese

Creators

  • 1. Department of Economics and Business Studies (DEBS), Mwenge Catholic University (MWECAU), Moshi (Tanzania), East Africa.

Contributors

Contact person:

  • 1. Department of Economics and Business Studies (DEBS), Mwenge Catholic University (MWECAU), Moshi (Tanzania), East Africa.

Description

Abstract: Financial planning encompasses a variety of practices aimed at helping individuals and businesses effectively manage their resources to achieve their goals. This study sought to determine how financial planning techniques affected the Evangelical Lutheran Church in Tanzania, Northern Diocese (ELCT ND) Projects' financial performance. The Printing Press, Umoja Hostel, and Uhuru Hotel were these endeavors. Data were collected using qualitative and quantitative methods in a concurrent research design. The study's population consisted of 85 employees directly involved in the projects. As a result, the survey included 31, 27, and 27 respondents for each of the three projects. Because the population was small, a census technique was used in the study to choose all 85 respondents from all the projects. Data were collected using a self-administered semi-structured questionnaire and a guide for key informant interviews. Test-retest reliability was employed to check for reliability, while face-to-face and content validity was utilized to confirm validity. Frequencies and other descriptive statistics were used to present the data results. Correlation and regression analyses were conducted to determine how financial planning practices affected the projects' performance. The study's conclusions indicate that working capital management, inventory management, budgeting, and cash planning strategies all significantly and favorably impact ELCT ND's financial performance. It is concluded that financial planning practices improve project performance. It is recommended that projects keep their liquidity to make sure they can pay their short-term debts.

Files

B259504021124.pdf

Files (550.5 kB)

Name Size Download all
md5:a8091ceee47b566976719756655b7620
550.5 kB Preview Download

Additional details

Identifiers

DOI
10.54105/ijef.B2595.04021124
EISSN
2582-9378

Dates

Accepted
2024-11-15
Manuscript received on 10 September 2024 | Revised Manuscript received on 24 September 2024 | Manuscript Accepted on 15 November 2024 | Manuscript published on 30 November 2024.

References

  • Achuora, J. O., & Robert, A. (2020). Lean Inventory Management Systems and Performance of Supermarkets in Nairobi County, Kenya. European Journal of Business and Management Research, 5(2). https://doi.org/10.24018/ejbmr.2020.5.2.280
  • Ado, A. B., Rashid, N., Mustapha, U. A., & Lateef, S. A. (2021). The Impact of Corporate Tax Planning on the Financial Performance of Listed Companies in Nigeria. International Journal of Economics, Management and Accounting, 273-297. https://journals.iium.edu.my/enmjournal/index.php/enmj/article/view/8 21/391
  • Alles, L., Jayathilaka, R., Kumari, N., Malalathunga, T., Obeyesekera, H., & Sharmila, S. (2021). An investigation of capital budgeting techniques by small and medium enterprises. Quality & Quantity, 55, 993-1006. https://doi.org/10.1007/s11135-020-01036-z
  • Arasa, R. M., & Achuora, J. O. (2020). Strategic inventory management practices and the performance of supermarkets in Nairobi County, Kenya. European Journal of Business and Management Research, 5(2). https://doi.org/10.24018/ejbmr.2020.5.2.108
  • Arnold, M., & Artz, M. (2019). The use of a single budget or separate budgets for planning and performance evaluation. Accounting, organizations and society, 73, 50-67. https://doi.org/10.1016/j.aos.2018.06.001
  • Askeland, M., Backe, S., & Lindberg, K. B. (2019). Zero energy at the neighborhood scale: Regulatory challenges regarding billing practices in Norway. In IOP Conference Series: Earth and Environmental Science (Vol. 352, No. 1, p. 012006). IOP Publishing. https://doi.org/10.1088/1755-1315/352/1/012006
  • Assaad, R., El-Adaway, I. H., & Abotaleb, I. S. (2020). Predicting project performance in the construction industry. Journal of Construction Engineering and Management, 146(5), 04020030. https://doi.org/10.1061/(ASCE)CO.1943-7862.0001797
  • Bleyen, P., Klimovský, D., Bouckaert, G., & Reichard, C. (2020). Are you linking budgeting to results? Evidence about performance budgets in European municipalities based on a comparative analytical model. In Public Budgeting in Search for an Identity (pp. 28-49). Routledge. https://doi.org/10.4324/9781003133575-3
  • Creswell, J. W., & Creswell, J. D. (2017). Research design: Qualitative, quantitative, and mixed methods approaches. Sage publications. Doi: https://doi.org/10.1007/s11135-023-01798-2
  • Dickson, R. K., & Isaiah, O. S. (2019). Knowledge management and performance of faith-based organizations in Bayelsa State Nigeria. Accounting and taxation review, 3(4), 60-69. https://www.researchgate.net/profile/Rachel-KonyefaDickson/publication/375501224_Knowledge_Management_and_Perfor mance_of_FaithBased_Organizations_in_Bayelsa_State_Nigeria/links/654ccffcce88b8 7031d89454/Knowledge-Management-and-Performance-of-FaithBased-Organizations-in-Bayelsa-State-Nigeria.pdf
  • Filex, E., Amos, A. A. L., & Mayala, N. M. (2022). Factors affecting working capital management on influencing financial performance of Tanzania coffee board. Asian Journal of Research in Social Sciences and Humanities, 12(10), 10-22. https://doi.org/10.5958/2249- 7315.2022.00395.1
  • Gaus, F. G. (2017). An interpretivism perspective of institutional practices on allied health program student retention at public community colleges in Texas. Doi: https://doi.org/http://hdl.handle.net/1969.6/3803
  • Glock, C. H., & Grosse, E. H. (2021). The impact of controllable production rates on the performance of inventory systems: A systematic review of the literature. European Journal of Operational Research, 288(3), 703-720. https://doi.org/10.1016/j.ejor.2020.05.033
  • Harlow, W. V., Brown, K. C., & Jenks, S. E. (2020). The use and value of financial advice for retirement planning. The Journal of Retirement, 7(3), 46-79. https://doi.org/10.3905/jor.2019.1.060
  • Hashmi, A., Amirah, N., Yusof, Y., & Zaliha, T. (2021). Mediation of inventory control practices in proficiency and organizational performance: State-funded hospital perspective. Uncertain Supply Chain Management, 9(1), 89-98. https://doi.org/10.5267/j.uscm.2020.11.006
  • Ingle, P. V., Mahesh, G., & MD, D. (2021). Identifying the performance areas affecting the project performance for Indian construction projects. Journal of Engineering, Design and Technology, 19(1), 1-20. https://doi.org/10.1108/JEDT-01-2020-0027
  • Lima, E. S., McMahon, P., & Costa, A. P. C. S. (2021). Establishing the relationship between asset management and business performance. International Journal of Production Economics, 232, 107937. https://doi.org/10.1016/j.ijpe.2020.107937 Mansour, F., Abdullah, A. N., & Zainol, Z. (2022). Exploring the Concept of Financial Planning from the Perspective of Maqāṣid alSharīʿah. TAFHIM: IKIM Journal of Islam and the Contemporary World, 15(2). https://doi.org/10.56389/tafhim.vol15no2.2
  • Mathuva, D. (2016). Revenue diversification and financial performance of savings and credit co-operatives in Kenya. Journal of Co-operative Organization and Management, 4(1), 1-12. https://doi.org/10.1016/j.jcom.2015.11.001
  • Mauro, S. G., Cinquini, L., & Grossi, G. (2020). Insights into performance-based budgeting in the public sector: a literature review and a research agenda. Public Budgeting in Search for an Identity, 7-27. https://doi.org/10.4324/9781003133575-2
  • Mayorova, T., Zabashtanskyi, M., Zhuk, O., Petrenko, I., Zveruk, L., & Babich, I. (2020). Mechanism of financial planning optimization in the corporations. International Journal of Management, 11(5). Doi: https://doi.org/10.34218/IJM.11.5.2020.077
  • Mohamad, A., Umar, H., & Agustina, H. (2019). Effect of growth opportunity, corporate tax, and profitability toward the firm's value through the capital structure (listed manufacturing companies of Indonesia). Финансы: теория и практика, 23(5), 18-29. https://doi.org/10.26794/2587-5671-2019-23-5-18-29
  • Mousa, M., Massoud, H. K., & Ayoubi, R. M. (2020). Gender, diversity management perceptions, workplace happiness, and organizational citizenship behavior. Employee Relations: The International Journal, 42(6), 1249-1269. https://doi.org/10.1108/ER-10-2019-0385
  • Mwimba, T. R., Mayala, N. M., & Africanus, A. (2021). ASSESSMENT OF FINANCIAL PRACTICES ON THE FINANCIAL STABILITY OF COMMUNITY PROJECTS IN THE CATHOLIC DIOCESE OF MOSHI. International Journal of Contemporary Applied Researches, 8(8), 100-116. https://www.ijcar.net/assets/pdf/Vol8-No8- August2021/7.-ASSESSMENT-OF-FINANCIAL-PRACTICES-ONTHE-FINANCIAL-STABILITY-OF-COMMUNITY-PROJECTS-INTHE-CATHOLIC-DIOCESE-OF-MOSHI.pdf
  • Nair, S., Osamah, A. A., & Salwa, A. (2020). The budgetary process and its effects on financial performance: A study of Small and Medium-Sized Enterprises in Yemen. International Journal of Innovation, Creativity and Change, 14(4), 816-834. https://www.ijicc.net/images/Vol_14/Iss_4/14453_Nair_2020_E_R.pdf
  • Nyakundi, T., Ombuki, C., Zablon, E., & Ariemba, J. M. (2016). Influence of working capital management practices on the financial performance of Small and Medium Enterprises in Machakos SubCounty, Kenya. https://gssrr.org/index.php/JournalOfBasicAndApplied/article/view/39 78/3177
  • Nyantika, R. B., Nyangau, A., & Onwong'a, M. (2022). Effect of working capital management practices on the financial performance of listed agricultural firms in Nairobi Securities Exchange. A moderating role of government policies. International Academic Journal of Economics and Finance, 3 (8), 1, 25, 2. https://iajournals.org/articles/iajef_v3_i8_1_25.pdf
  • Olaoye, A. A. (2021). Impact of Cash Control Practices on The Financial Performances of Plastics and Energy Companies in Nigeria. Global Management Review, 15(1). https://openurl.ebsco.com/results?sid=ebsco:ocu:record&bquery=AU+ OLAOYE,%20AYOOLA%20AZEEZ&link_origin=www.google.com
  • Polat, G., & Benligiray, S. (2022). The impact of family business professionalization on financial performance: a multidimensional approach. Journal of Small Business and Enterprise Development, 29(7), 1149-1175. https://doi.org/10.1108/JSBED-11-2021-0437
  • Raimo, N., Vitolla, F., Marrone, A., & Rubino, M. (2021). Do audit committee attributes influence integrated reporting quality? An agency theory viewpoint. Business Strategy and the Environment, 30(1), 522- 534. https://doi.org/10.1002/bse.2635
  • Rasiah, R., Turner, J. J., Kaur, H., Kelly, T. P. L., & Guptan, V. (2021). Financial stability or instability in their golden years: An analysis of the financial preparedness of Malaysians. In Ageing Asia and the Pacific in changing times: Implications forsustainable development (pp. 127-145). Singapore: Springer Nature Singapore. https://doi.org/10.1007/978-981- 16-6663-6_8
  • Salamin, P. P., & Hermawan, F. (2019). Financial Planning Model for Establishing a New Business: A Case Study on "Blue Ocean" Restaurant. Jurnal Manajemen Bisnis, 10(2), 246-255. https://doi.org/10.18196/mb.10182
  • Shardeo, V. (2015). Impact of inventory management on the financial performance of the firm. IOSR Journal of Business and Management, 17(4), 1-12. Doi: https://doi.org/10.9790/487X-17460112
  • Tarus, S., & Juma, D. (2017). Role of cash planning technique on financial performance in public hospitals in Kajiado North SubCounty. International Journal of Finance, 2(7), 1-12. https://doi.org/10.47941/ijf.166
  • Tobisova, A., Senova, A., & Rozenberg, R. (2022). Model for Sustainable Financial Planning and Investment Financing Using Monte Carlo Method. sustainability, 14(14), 8785. https://doi.org/10.3390/su14148785
  • Tomar, S., Baker, H. K., Kumar, S., & Hoffmann, A. O. (2021). Psychological determinants of retirement financial planning behavior. Journal of Business Research, 133, 432-449. https://doi.org/10.1016/j.jbusres.2021.05.007
  • Varadarajan, R. (2020). Customer information resources advantage, marketing strategy, and business performance: A market resourcesbased view. Industrial Marketing Management, 89, 89-97. https://doi.org/10.1016/j.indmarman.2020.03.003
  • S. Praveen Kumar, Magdalene Peter, Kavitha G, Financial Planning in Sims Hospital. (2019). In International Journal of Recent Technology and Engineering (Vol. 8, Issue 2S8, pp. 98–101). https://doi.org/10.35940/ijrte.b1324.0882s819
  • Priya, Ms. K., & Lal, Dr. P. (2024). Awareness and Competence in Financial Literacy and Planning: The Financial Journey of Working Women. In International Journal of Management and Humanities (Vol. 10, Issue 8, pp. 17–22). https://doi.org/10.35940/ijmh.h1700.10080424
  • Saremi, H., Mahmoudi, M., Soltaninezhad, M., & Hosseinpourh, M. (2021). The Impact of Innovation Strategy on the Financial, Social and Environmental Performance. In Indian Journal of Economics and Finance (pp. 33–39). https://doi.org/10.54105/ijef.a2501.051121