THE IMPACT OF COST MANAGEMENT STRATEGIES FOR MANUFACTURING INDUSTRIES
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Abstract: THE IMPACT OF COST MANAGEMENT STRATEGIES FOR MANUFACTURING INDUSTRIES
This research explores the impact of various cost management strategies on the performance of manufacturing industries in Port Harcourt. The study's objectives are to identify the most effective cost management strategies, assess their impact on financial performance, and evaluate the challenges in their implementation. A survey design was employed, with data collected from 300 manufacturing executives, calculated using Taro Yamane's formula. A case study of a major manufacturing company in Port Harcourt provided comprehensive insights. The reliability coefficient score was 0.87. Findings indicate that effective cost management strategies, such as lean manufacturing and total quality management, significantly enhance financial performance by reducing waste and improving efficiency. However, challenges such as resistance to change and high implementation costs were identified. Recommendations include providing more training and support for implementing cost management strategies and enhancing collaboration across departments to ensure successful adoption.
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