THE IMPACT OF COST-VOLUME-PROFIT ANALYSIS FOR DECISION-MAKING IN NIGERIA'S TEXTILE INDUSTRY
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- NGN 3000
Abstract: THE IMPACT OF COST-VOLUME-PROFIT ANALYSIS FOR DECISION-MAKING IN NIGERIA'S TEXTILE INDUSTRY
This research explores the impact of cost-volume-profit (CVP) analysis on decision-making in Nigeria's textile industry, focusing on Lagos. The objectives are to assess how CVP analysis influences strategic decisions, evaluate its impact on financial performance, and identify the challenges faced. A survey design was employed, with data collected from 250 financial managers and accountants in textile companies, derived using Taro Yamane's formula. A case study of a leading textile firm in Lagos provided comprehensive insights. The reliability coefficient score was 0.88. Findings reveal that CVP analysis significantly enhances decision-making by providing detailed insights into cost structures, pricing strategies, and profit margins. However, challenges such as data collection difficulties and compliance issues were identified. Recommendations include providing more training on CVP analysis, simplifying data collection processes, and ensuring regular reviews of strategic decisions based on CVP analysis.
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