FINANCIAL CONTROL AND EFFECTIVE PROJECT MANAGEMENT. A CASE OF WOMEN IN SPORT DONOR FUNDED PROJECT IN AKWOS RWANDA

Abstract

This study examined effect of financial control on effective project management using a case of Women in Sport Project in AKWOS Rwanda, Gasabo District.  Specifically, the study assessed effect of budgetary, financial statement audit, and internal control on effective management of Women in Sport Donor Funded Project in AKWOS Rwanda. The researcher carried out this study descriptively using a correlation research design to establish the association between variables. The researcher used a mixed approach for data with a target population of 1238 beneficiaries as well as nine 9 employees. In this regard, a representative group of 302 persons obtained randomly and purposively were chosen to provide their responses and opinions but only 286 filled properly and returned questionnaires. The research collected data using questionnaires, interview guides, and documentary analysis while data analysis was analyzed using statistical product and service solutions version 26.0. Descriptive statistics are used to generate frequency, percentages, mean and standard deviation. Inferential statistics are useful for obtaining correlation and regression results to link research variables in accordance with specific objectives. Findings demonstrated that budgetary control practices used include regular budget review (81.3%), and the meeting for budget control (71.8%). A positive association was found between meeting for budget control and financial performance (r=0.206; p-value=.000). Correlational results show significant correlation between the meeting for budget control and project financial performance (Pearson correlation was 0.206 and p-value was 0.000), meaning that a change in meeting for budget control has led to project effective financial performance. Therefore, ensuring effective financial statement audits, AKWOS recorded financial statements, it provides feedback mechanisms, explored the audited accounts and managerial accounts for effective financial control during the implementation of project. The correlational analysis for Correlation analysis for effect on feedback mechanisms on schedule, financial and beneficiary satisfaction, this research revealed that feedback mechanisms was positively associated with schedule performance (Pearson correlation was 0.122, p-value was 0.035), meaning that effective schedule performance. Results on managerial accounts asserted the existence of association between schedule performance (r=0.123*; p-value was 0.034).  Information evidenced that the adopted internal control system parameters include the regular internal audits, IT control system, recording financial statements, feedback mechanisms, audited accounts, managerial accounts, Furthermore, an IT control system was insignificant with the schedule performance (r=0.080, p-value=0.069), and IT control system was insignificantly correlated with beneficiary satisfaction (Pearson correlation was 0.013  and the p-value was 0.822). A positive association was found between information technology control system and financial success (Pearson correlation was 0.105 and p-value was 0.071). This study recommends that financial controller should financial statements such as the balance sheet, the income and loss account, the money account and functional expense statements to ensure effective project management of Women in sport donor funded project. Project beneficiaries and donors should to be part and parcel of project management while managers of the project would enhance budgetary controls in order to enhance project management in Women in sport donor funded.

Keyword: Effective management, Financial control, Project

CITATION: Rusingiza, W. B. (2024) & Kengere, O. (2024). Financial control and effective project management. A case of women in sport donor funded project in Akwos Rwanda . The Strategic Journal of Business & Change Management, 11 (2), 196 – 211. http://dx.doi.org/10.61426/sjbcm.v11i2.2903