THE IMPACT OF COST MANAGEMENT ON BUSINESS PROFITABILITY
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- 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.
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