Evaluating the Influence of Financial Planning Approaches on Project Outcomes – Northern Diocese
Lucy G. Maleko1, Nyanjige Mbembela Mayala2, Ladis Komba3
1Ms. Lucy Maleko, Department of Economics and Business Studies (DEBS), Mwenge Catholic University (MWECAU), Moshi (Tanzania), East Africa.
2Dr. Nyanjige Mayala, Department of Economics and Business Studies (DEBS), Mwenge Catholic University (MWECAU), Moshi (Tanzania), East Africa.
3Dr. Ladis Komba, Department of Economics and Business Studies (DEBS), Mwenge Catholic University (MWECAU), Moshi (Tanzania), East Africa.
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 | PP: 51-60 | Volume-4 Issue-2, November 2024 | Retrieval Number: 100.1/ijef.B259504021124 | DOI: 10.54105/ijef.B2595.04021124
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© The Authors. Published by Lattice Science Publication (LSP). This is an open-access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
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.
Keywords: Financial Planning, Financial Practices, Financial Performance, Evangelical Lutheran Church, Projects.
Scope of the Article: Economics