AN EXAMINATION OF COST MANAGEMENT TECHNIQUES IN THE HOSPITALITY SECTOR
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Abstract: AN EXAMINATION OF COST MANAGEMENT TECHNIQUES IN THE HOSPITALITY SECTOR
This research examines various cost management techniques within the hospitality sector in Abuja. The study's objectives are to identify the most effective cost management techniques, assess their impact on financial performance, and evaluate the challenges faced during implementation. A survey design was employed, gathering data from 250 financial managers and cost accountants, derived using Taro Yamane's formula. A case study of a major hotel in Abuja provided detailed insights. The reliability coefficient score was 0.86. Findings indicate that effective cost management techniques, such as activity-based costing and lean management, significantly enhance financial performance by reducing waste and improving efficiency. However, challenges such as resistance to change and high implementation costs were noted. Recommendations include providing more training for financial managers, simplifying cost management processes, and integrating cost management techniques with overall business strategies to ensure comprehensive financial performance.
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