Reference code: c004
ABSTRACT
This research work borders on the impact of cost control and reduction on the profitability of manufacturing companies in Nigeria. Data used for the work were collected from both primary and secondary sources. The relevant data collected were analyzed, using simple percentage and tested using chi-square. The result of the analysis revealed that there is a significant relationship between cost control and reduction; cost control and reduction have a positive impact on the quality of goods produced and services rendered by maintaining the quality of goods and services rendered; with the adoption of cost control and reduction, all forms of extra budgetary spending has been reduced and unnecessary expenses eliminated; adoption of cost control and reduction cant pose a threat to employees and there is a direct relationship between cost control, reduction and profit. The study concluded that adoption of cost control and reduction maintains the quality of goods and services and there is a direct relationship between cost control, reduction and profit finally the study recommends that Proper adoption of cost control and reduction should be ensured so that it will not lead to company failure in the future; there should be proper evaluation of cost control and reduction techniques and constant monitoring and check on the techniques adopted to ensure they suit the purpose in which it was adopted; that there should be effective communication, proper awareness and orientation of cost control and reduction should be put in place so that employees can be fully informed beforehand about the cost control and reduction process before embarking on cost control and reduction programs; also ensure that in the process of adopting cost control and reduction and proper documentation of cost control and reduction programs to ensure that the programs are effective.
INTRODUCTION
Cost is one of the three pillars supporting project success or failure, the other two being schedule and performance. Projects that go significantly “over budget” are often terminated without achieving the project goals because stakeholders simply run out of money or perceive additional expenditures as “throwing good money after bad.” Projects that stay within budget are the exception, not the rule. A project manager who can control costs while achieving profitability, goals and schedule goals should be viewed as somewhat of a hero, especially when we consider that cost, performance, and schedule are closely interrelated.
Cost reduction is a management activity which is aimed at minimizing the cost of production of their goods or rendering their service to customers while the quality standard does not fall or reduce. An organization which is able to practice this successfully, all things being equal, will experience an increase in profit and maximize the shareholder’s wealth. The importance of cost reduction within a company cannot be overstated. Companies that are losing money need to increase profits, or to become more competitive need to cut expenses in order to succeed.
Knowing how to implement effective cost reduction strategies can be the determining factor in the survival of a business. A good manager understands the importance of cost reduction to the health of a company that is bloated expense accounts can eat up profits quickly. A cost reduction plan is one that focuses on lowering costs in every business activity. The activities vary by type of business but the concept of cost reduction does not vary.
In today’s competitive world manufacturing companies and businesses are struggling to maintain profits and healthy bottom lines .Cost of production, fuel, raw material and human resources is rising each year. These developments have prompted people to look for cost reduction ideas and methods. Those who have opted for focused cost reduction strategies have survived those who could not managed have perished .In recent economic down turn it becomes more important to make cost reduction program a major initiative in industry. Companies are finding it difficult to retain people and are laying off people which is unprecedented in recent history of industrial recession .Companies have to develop its own cost reduction program for savings without cutting jobs.
Knowing how to implement effective cost reduction strategies can be the determining factor in the survival of a business. Cost reduction measures hence need to be exploded in right earnest, not restricted to half-hearted cost savings measure of economizing just on administrative costs of conveyance, staff welfare, stationery and telephone, but should be backed up with harsh cost saving measures in all major areas. ...............
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CHAPTER ONE- INTRODUCTION
1.1 Background of study
1.2 Statement of Research Problem
1.3 Purpose of the study
1.4 Statement of Research Question
1.5 Research Hypothesis
1.6 Significance of the study
1.7 Scope and limitation of study
1.8 Organization of study
1.9 Definition of terms
Reference
CHAPTER TWO- LITERATURE REVIEW
2.1 Introduction
2.2 Cost Control and Reduction Techniques
2.21 value Analysis
2.22 Value Analysis Chain
2.23 Benefits of Value Analysis
2.24 Work Study
2.30 New Trends in Cost Control and Reduction
2.31 Kaizen Costing
2.32 Target Costing
2.33 Activity Based Management
2.40 Analysis of Cost Savings Tools
2.41 Outsourcing
2.42 Bench marking
2.50 Problems of Cost Control ad Reduction
2.60 The impact of cost control and reduction
Reference
CHAPTER THREE – RESEARCH METHODOLOGY
3.1 Introduction
3.2 Population Description
3.3 Population and sample size
3.4 Research Design
3.5 Sources of Data
3.5.1 Primary source of Data
3.5.2 Secondary sources of Data
3.6 Collection of Data
3.7 Design and Administration of Questionnaire
3.71 Sampling Techniques
3.8 Operation measure of variables
3.9 Method of Data Presentation and Analysis
3.10 Validity and Reliability of Research Instrument
3.11 Pilot Study
3.12 Method of Data Organization
References
CHAPTER FOUR – DATA PRESENTATION AND ANALYSIS
4.1 Introduction
4.2 Data Presentation and Analysis and Interpretation
4.3 Test of Hypotheses
4.4 Discussion of Finding
4.5 References
CHAPTER FIVE – SUMMARY, CONCLUSION AND RECOMMENDATION
5.0 Introduction
5.1 Summary of Findings
5.2 Conclusion
5.3 Recommendations
Bibliography
Appendix
Reference code: c004
Reference code: c004
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85 Pages
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