CHAPTER ONE
1.1
BACKGROUND
OF THE STUDY
The
good of most national economies of the world is to attain a level of full
utilization of factors of production to reach full production capacity, reduce
unemployment to it’s bearest minimum and amongst other stability in the
economy.
In
economics and finance, an index is a statistical measure of changes in a
representative group to individual data points. These data may be derived from
any number of sources, including company performance, price, productivity and
employment. Economic indices allow analysis of economic performance and
prediction of future performance.
Economic
indices (index phrasal) track economic health from different perspectives
economic performance can be evatiated with thee index and conclusion reached
which would affect the economy at large. Business firms have heirachy and
levels of management, which Ewurum and Unamka gave two broad categories.
Administrative and Executive, they also went ahead to divide them into Top
Management, Middle management and Operational management. These levels of
management are vested with different levels of decision making ranging from
policy formulation, planning, organizing, staffing, leading, directing,
communicating and controlling of activities in the organization including the
employees.
These
levels of management make decision which affects business as well as the
economy as a whole. The decisions therefore, are stimulated by data information
from economic indicators. Management hence makes decision that will affect both
their organization and the economy at large. These economic indices includes:
stock market index, consumer price index, producer price index, GDP deflator,
labour market index. Other measurement of economic performance may include,
unemployment level, inflation rate, level of industrialization among others.
Economic
indicators therefore is simply any economic statistic such as inflation,
unemployment rate, GDP etc which indicates how well the economy is doing and
how the economy is going to do in the future. It is this information at the
disposal of the managers decision makers of organization that aid in decision
making process in Nigerian business environment.
To
this end, all regulatory bodies should ensure that appropriate information are
passed across and that such information about these economic indices are timely
for decision making purposes which will in turn help in stabilizing the economy
and aid sustainable growth of the Nigerian economy. This background information
is the basis for analyzing the impact of economic indices on business decisions
in Nigeria.
1.2 STATEMENT
OF THE PROBLEM
The
recent occurrence in economic activities in Nigeria and the global economic
meltdown has rendered many companies hopeless to the next move or decision to
take concerning the production distribution and consumption of economic
commodities. Managers therefore, depend on the economic indices for decision
making resulting in the selection of a course of action among several
alternatives. In as much these indices help business decision, it has also
aided fraudsters in siphoning off profits from business into their personal
bank account.
Now,
could the impact of economic indices on business decision in Nigeria be
considered really positive in the fact of it’s few negatives side? It is very
necessary that the positive aspect of economic indices is harnessed properly to
ensure effectiveness and efficiency in the Nigeria business decision process
and also to minimize the efforts of it’s negative side. How often do Nigeria
business and organization update her knowledge of current economic indices?
Have these businesses fully maximize the advantages deriable from decision
making with the knowledge of movement of the country’s economic indices. Some
organizations are yet to incorporate economic indices into their information
system for decision purpose. This has led to inefficiency, therefore are the
numerous advantages economic indices has brought to the Nigeria business environment.
What is the role of government in ensuring that proper indies are made
available and that they are not misleading to the economy? Are the regulatory
bodies in Nigerian business environment vigilant enough to detect these
fraudsters and ensure a healthy business environment?
Most
small business are not concerned about economic indices and it’s effect on the
economy, what are the numerous advantages of economic indices on business
decision? And how can the awareness of it’s need be increased? It is important
to note that fraud and other inconsistent economic practices and also the cost
of ignorance in this age and century cannot be over emphasized.
1.3 OBJECTIVE
OF THE STUDY
In
view of the problems survey above, the objectives of this research project are:
a. To
highlight and analyze the overall impact and level of awareness of economic
indices on business decision in Nigeria.
b. To
highlight the urgent need for the knowledge of economic indices by business in
Nigeria by emphasizing on its numerous advantages.
c. To
analyze the actives of regulatory bodies in Nigerian in relation to ensure
proper decision making process and publication and making pubic the working and
movement of economic indices in Nigeria.
d. To
encourage the knowledge/literacy of economic indices among business decision
makers in Nigeria.
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