THE IMPACT OF FIXED AND VARIABLE COSTS ON BUSINESS DECISION-MAKING
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- 1-5 Chapters
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- Recommended for : Student Researchers
- NGN 3000
ABSTRACT
THE IMPACT OF FIXED AND VARIABLE COSTS ON BUSINESS DECISION-MAKING
This research aims to examine the impact of fixed and variable costs on business decision-making with objectives: (1) to understand how fixed and variable costs influence strategic choices; (2) to assess the role of cost behavior in decision-making processes; (3) to identify best practices for managing fixed and variable costs. A survey design is justified for this study to gather broad, quantifiable data. Using Taro Yamane's formula, a sample size of 320 respondents from Owerri is selected, capturing diverse business perspectives. The case study focuses on a retail business, given the clear distinction between fixed and variable costs in such operations. The survey instrument has a reliability coefficient score of 0.86. Findings reveal that businesses that effectively manage fixed and variable costs are better positioned to make strategic decisions, such as pricing and expansion. It is observed that understanding cost behavior helps businesses in budgeting and forecasting. Recommendations include adopting flexible budgeting techniques, regularly reviewing cost structures, and incorporating cost behavior analysis into strategic planning.
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