THE IMPACT OF COST MANAGEMENT ON BUSINESS PROFITABILITY
- Project Research
- 1-5 Chapters
- Quantitative
- Simple Percentage
- Abstract : Available
- Table of Content: Available
- Reference Style: Available
- Recommended for : Student Researchers
- NGN 3000
ABSTRACT
THE IMPACT OF COST MANAGEMENT ON BUSINESS PROFITABILITY
This study aims to investigate the impact of cost management on business profitability by focusing on the following objectives: (1) to evaluate the relationship between effective cost management practices and profit margins; (2) to identify key cost management strategies that enhance profitability; (3) to analyze the challenges faced by businesses in implementing cost management practices. A survey research design is employed due to its effectiveness in gathering data from a broad population and its capacity to provide quantitative insights into cost management practices. The sample size is derived using Taro Yamane's formula, ensuring a representative sample of 400 participants from the business sector in Lagos, a major commercial hub in Nigeria. The case study chosen is a manufacturing firm, as it provides a comprehensive view of diverse cost elements and their management. The reliability coefficient score for the survey instrument is 0.87, indicating high reliability. The findings reveal a significant positive correlation between rigorous cost management and enhanced profitability. Key strategies such as budgetary controls, variance analysis, and cost-benefit analysis are identified as crucial for profitability. It is recommended that businesses adopt a structured cost management framework, invest in training for financial managers, and continuously monitor and adjust cost management practices to sustain profitability.
Related Project Materials
AN ASSESSMENT OF TWO COUNSELLING MODES AND ITS EFFECTS ON ADOLESCENTS ADJUSTMENT PROBLEMS IN SECONDARY SCHOOLS IN ENUGU STATE
BACKGROUND OF THE STUDY
Education may be a strong pillar upon which each nation‘s economy depe...
EFFECT OF CONFLICT RESOLUTION SKILLS TRAINING ON INTER-PERSONAL CONFLICT AMONG SECONDARY SCHOOL STUDENTS IN BAUCHI METROPOLIS, NIGERIA
ABSTRACT
This study investigated the effect of conflict resolution skills training on interpersonal conflict among secondary school stude...
AN EXAMINATION OF THE CONCEPT OF COPYRIGHT OWNERSHIP IN NIGERIA
ABSTRACT
Copyright is a property that possesses the essential attributes of ownership and transmissibility. The ownership in copyright is...
RECYCLING AND REFUSE AS ALTERNATIVE MEASURES TO WASTE MANAGEMENT IN NIGERIA
Background to the study
Cities are at the nexus of a further threat to the environment, namely the prod...
THE ROLE OF FINANCIAL DECISION-MAKING IN MOTIVATING EMPLOYEES
Abstract: THE ROLE OF FINANCIAL DECISION-MAKING IN MOTIVATING EMPLOYEES
Objective: Thi...
AN EVALUATION OF THE EFFECTS OF COMPUTERISED ACCOUNTING METHOD AND CONTROL SYSTEM ON PRODUCTION
BACKGROUND OF
ABSTRACT This study was carried out to the impact of micro financing on the performance of women e...
ABSTRACT The study was carried out to assess employment requirements in the banking sector and its impact on unemploymen...
Abstract The study aimed at evaluating the impact of effective leadership in achieving organizational objective i...
ABSTRACT This study was carried out to empirically investigate into the causes and prevention of Covid-...
THE IMPACT OF MICRO FINANCING ON THE PERFORMANCE OF WOMEN ENTREPRENEURS
ASSESSMENT OF EMPLOYMENT REQUIREMENTS IN THE BANKING SECTOR AND ITS IMPACT ON UNEMPLOYMENT IN NIGERIA
THE ROLE OF EFFECTIVE LEADERSHIP IN ACHIEVING ORGANIZATION OBJECTIVES
AN INVESTIGATION INTO THE CAUSES AND PREVENTION OF COVID-19 AMONG ALVAN IKOKU FEDERAL COLLEGE OF EDUCATION, OWERRI
