THE ROLE OF COST REDUCTION STRATEGIES IN BUSINESS OPERATIONS
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- NGN 3000
ABSTRACT
THE ROLE OF COST REDUCTION STRATEGIES IN BUSINESS OPERATIONS
This research explores the role of cost reduction strategies in business operations, focusing on: (1) the effectiveness of various cost reduction techniques; (2) the impact of cost reduction on operational efficiency; (3) the challenges associated with implementing cost reduction strategies. The survey design is utilized for its ability to capture quantitative data from a diverse population. Using Taro Yamane's formula, a sample size of 300 respondents from Port Harcourt is selected, representing businesses that range from small enterprises to large corporations. A service-oriented company is chosen as the case study due to its reliance on efficient cost management for operational success. The survey instrument's reliability coefficient is 0.83, ensuring consistent results. Findings indicate that cost reduction strategies such as lean management, outsourcing, and process re-engineering significantly improve operational efficiency. However, the implementation of these strategies often faces resistance due to organizational culture and the initial cost outlay. The study recommends that businesses develop a phased approach to cost reduction, engage employees in the process, and utilize technology to identify and eliminate inefficiencies.
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