THE IMPACT OF ZERO-BASED BUDGETING ON COST MANAGEMENT
The objectives of this research are to: (1) assess the effectiveness of zero-based budgeting (ZBB) in cost management, (2) identify the challenges and benefits of implementing ZBB, and (3) evaluate the impact of ZBB on organizational financial health. A survey design was chosen for its ability to capture detailed quantitative data from financial managers and budget analysts. Using Taro Yamane's formula, a sample size of 375 participants from technology firms in Enugu was determined, ensuring comprehensive insights. The technology sector was chosen for its frequent adoption of innovative budgeting practices. The reliability coefficient score of the survey was 0.87. Findings indicate that zero-based budgeting significantly improves cost management by ensuring all expenses are justified, leading to more efficient resource allocation and reduced unnecessary expenditures. Recommendations include providing extensive training on ZBB principles, integrating ZBB with overall financial planning processes, and continuously reviewing and adjusting budgets to maintain cost control.
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