THE IMPACT OF COST ANALYSIS FOR PRODUCT LIFECYCLE MANAGEMENT
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- NGN 3000
Abstract: THE IMPACT OF COST ANALYSIS FOR PRODUCT LIFECYCLE MANAGEMENT
This research examines the impact of cost analysis on product lifecycle management (PLM) in the manufacturing sector in Lagos. The objectives are to assess how cost analysis supports PLM, evaluate its impact on financial performance, and identify the challenges faced. A survey design was employed, with data collected from 250 financial managers and product managers, derived using Taro Yamane's formula. A case study of a leading manufacturing company in Lagos provided detailed insights. The reliability coefficient score was 0.88. Findings indicate that cost analysis significantly enhances PLM by providing detailed cost information and facilitating better decision-making throughout the product lifecycle. However, challenges such as data collection difficulties and compliance issues were noted. Recommendations include providing more training on cost analysis for PLM, simplifying data collection processes, and integrating cost analysis with overall product management practices to enhance organizational performance.
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