Time: Allocated for this study was limited and insufficient for wider scope hence the study concentrated on one case of study. One would need time and money for a work of nature to be exhaustive and encompassing. However, the limitations did not affect the quality and success of the work.
- Research Questions
This study would attempt to answer the following questions in order to provide solutions to the problems of lack of planning or poor and inadequate planning in organizations:
- Is planning a very important and necessary tool for decision making?
- Can planning be used for effective decision making?
- Can planning be effectively carried out by organizations?
- Hypothesis
The following hypothesis has been formulated and would be tested to be sure whether planning is really a good tool for decision making in organizations.
- H0: Planning is not a good tool for effective decision making in organizations.
H1: Planning is a good tool for effective decision making in organizations.
- H0: Planning is not necessary in the day to day operations of business organizations.
H1: Planning is necessary in the day to day operations of business organizations.
- H0: Planning cannot be effectively carried out in organizations.
H1: Planning can be effectively carried out in organizations.
- Definition of Terms
The following terms are defined for easy understanding:
Planning: Ezinne (2004) describe planning 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”.
Tool: The Oxford English Dictionary (2010), edition defines the word tool as:
- An instrument that you hold in your hand use for making things, repairing things, etc.
- Things that help you to do your job or to achieve, e.g. research tools like questionnaires.
Decision Making: A decision making could be seen as a mental process that forces us to analyze the situation in order to master it, or increase our knowledge on the area in which decision is to be made C. C. Nwachukwu (2009).
Organization: This refers to the form or every human association for attainment of a common purpose by James Mooney.
- A Brief Historical Information of Anchor Insurance Plc
Anchor Insurance Company Plc was licensed in October 1989 as a general business insurance outfit and started operation in November of the same year with the head office at 7/13 Aka Road, Uyo, Akwa Ibom State. The company’s mission is to provide financial insurance services to the insuring public in the most efficient and effective manner that ensures clients, satisfaction and continued corporate survival.
In January 1992, the company added life pension class of insurance to the business portfolio thereby attaining status of a composite insurance company. In 1998, Anchor Insurance Company Limited was registered by the National Insurance Commission (NAICOM) as a composite insurance company (RIC 072). The company was wholly owned by Akwa Ibom State Government until early in the year 2003 when it was privatized. The ownership structure is now Ukartel Nigeria Limited (Core investors) -55% Akwa Ibom State Government -20% other private investors -25%. Presently, the company operates with and has authorized share capital of six hundred million with 584,000,000m fully paid up.
The business scope of the company covers:
- General Business
- Life and pension assurance
- Conventional insurance products
- Special risks
Branches of the company are located at Port Harcourt, Calabar, Abuja, Lagos and all over Akwa Ibom State. This ensures that wherever you may be, you can take up the company’s policies and also report your claims.
The company operates the units system which involves the division of the company into unit composed of under write marketer and claims personnel which ensure efficient and effective service delivery. The highest planning body is the board of directors of the company on major matters.
