ABSTRACT
This study is centered on impact of effective cost reduction and control on firms' performance. Cost control and reduction best practices outlines the latest techniques companies are using to control ·costs .and includes, practical tips and tactics from real managers. It uses case study (selected manufacturing firm) to illustrate the strategies that work across different areas and function within the organization. Its objective is to look into the mechanism by which. cost are reduced and controlled so as. to achieve desired profitability. The project was embarked on to know if actually cost control and reduction has any impact in firms' performance as most of the firms ignore cost control and reduction as. an integral part in attaining their goal. Data were presented in tables to show the degree of responses and correlation analysis, used to test hypothesis. Taro Yamani was used to get a sample size of 45, thus 45 questionnaires were distributed. 40 were returned as the remaining were either not answered or not returned. After the hypothesis was tested, 2 were rejected and 1 accepted. However, it is important· that cost reduction and control scheme should be very effective in any given firm, as it has a positive effect in the firm's profitability and also management should work hand in hand with the cost control department. The researcher found out that most firms do not know the importance of cost reduction and control. The researcher thus recommended that there should be an effective cost reduction and control in every firm as this helps them achieve their goal.
TABLE OF CONTENT
Title page
Project assessment
Declaration
Certification
Dedication
Acknowledgement
Table of content
List of table xii
Abstract -- xv
CHAPTER ONE
1.0Introduction
I. I Background of stu~y
1.1.2 Background information
1.2 Statement of problems
1.3 Objective of the study
1.4 Research questions
1.5 Research hypothesis
1.6 Significance of study
1. 7 Scope of study
1.8 Limitations of study 10
CHAPTER TWO
2.0 review of related literature 11
2.1 An overview of cost control and reduction practices in organizations 11
2.1.1 Control reports 13
2.1.2 Standards 14
2.2 Organizational concepts on cost reduction and control schemes 15
2.3 Cost control and cost reduction differentiated 18
2.3.1 Cost control 18
2.3 .2 Cost reduction 19
2.4 Planning for cost reduction and cost control 20
2.5 Techniques and methods involved in both measures
2.6 Processes of cost control and reduction measures implementation 24
2.6.1 Value analysis and value engineering as relative m.easures
2.6.2 What is different about value analysis?
2.6.3 Tools and techniques of cost reduction and control
2.7 Effects of cost control and reduction on organizational performance
2.8 Challenges of cost control and reduction implementation in organizations
2.9 Overall benefits of efficient cost control and cost reduction in firms 37
CHAPTER THREE
3.0 Research methodology 39
3 .1 Research design 39
3 .2 Area of the study 40
3 .3 Population of the study 40
3 .4 Sample and sampling technique 41
3 .5 Sources of data collection 42
3. 5 .1 Primary data collection 43.
3.5.2 Secondary data collection 43
3.6 Data collection instruments and procedures 43
3.6.1 Validity of the data 44
3 .6.2 Reliability of instruments 44
3. 7 Data analysis techniques 45
CHAPTER FOUR
4.0 Data presentation, analysis and discussion 47
4.1 Presentation of data 47
4.2 Analysis of data 48
42.1 Demographic profile of respondents 48
4.2.2 Analysis of research questions 51
4.3 Hypothesis testing 62
4.4 Discussion of results 64
CHAPTER FIVE
Summary of findings 66
Conclusion 67
Recommendation 67
References
NDUKWE, N (2020). Impact of cost reduction and control technique on firms' performance" (A case study of selected manufacturing firm). Repository.mouau.edu.ng: Retrieved Dec 23, 2024, from https://repository.mouau.edu.ng/work/view/impact-of-cost-reduction-and-control-technique-on-firms-performance-a-case-study-of-selected-manufacturing-firm
NDUKWE, NDUKWE. "Impact of cost reduction and control technique on firms' performance" (A case study of selected manufacturing firm)" Repository.mouau.edu.ng. Repository.mouau.edu.ng, 31 Mar. 2020, https://repository.mouau.edu.ng/work/view/impact-of-cost-reduction-and-control-technique-on-firms-performance-a-case-study-of-selected-manufacturing-firm. Accessed 23 Dec. 2024.
NDUKWE, NDUKWE. "Impact of cost reduction and control technique on firms' performance" (A case study of selected manufacturing firm)". Repository.mouau.edu.ng, Repository.mouau.edu.ng, 31 Mar. 2020. Web. 23 Dec. 2024. < https://repository.mouau.edu.ng/work/view/impact-of-cost-reduction-and-control-technique-on-firms-performance-a-case-study-of-selected-manufacturing-firm >.
NDUKWE, NDUKWE. "Impact of cost reduction and control technique on firms' performance" (A case study of selected manufacturing firm)" Repository.mouau.edu.ng (2020). Accessed 23 Dec. 2024. https://repository.mouau.edu.ng/work/view/impact-of-cost-reduction-and-control-technique-on-firms-performance-a-case-study-of-selected-manufacturing-firm