THE INFLUENCE OF COST CONTROL ON ORGANIZATIONAL EFFICIENCY
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- NGN 3000
ABSTRACT
THE INFLUENCE OF COST CONTROL ON ORGANIZATIONAL EFFICIENCY
This research examines the influence of cost control on organizational efficiency, aiming to: (1) evaluate the impact of cost control measures on efficiency; (2) identify key cost control techniques; (3) understand the challenges in implementing cost control. A survey design is utilized to collect quantitative data from a broad population. Using Taro Yamane's formula, a sample size of 360 respondents from Abuja is selected, encompassing various sectors. A service industry company is chosen for the case study due to its dependence on efficient cost management. The reliability coefficient of the survey instrument is 0.84. Findings show that effective cost control measures significantly enhance organizational efficiency by reducing waste and optimizing resource use. Techniques such as budgetary control, variance analysis, and cost auditing are highlighted. It is recommended that organizations develop a robust cost control framework, invest in employee training, and continuously monitor and adjust their cost control measures to maintain efficiency.
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