THE IMPACT OF COST ESTIMATION ON BUSINESS PLANNING
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- NGN 5000
ABSTRACT
THE IMPACT OF COST ESTIMATION ON BUSINESS PLANNING
This study examines the impact of cost estimation on business planning, focusing on: (1) the role of accurate cost estimation in strategic planning; (2) the benefits of cost estimation for budgeting and forecasting; (3) the challenges in achieving accurate cost estimates. A survey research design is utilized to collect quantitative data from a large sample. Taro Yamane's formula is used to derive a sample size of 330 respondents from Kano, representing a mix of industries. A construction firm is selected as the case study due to the critical nature of cost estimation in project planning and execution. The reliability coefficient score for the survey instrument is 0.86. Findings indicate that accurate cost estimation is vital for effective business planning, providing reliable data for budgeting and forecasting. However, challenges include the complexity of estimating costs accurately and the impact of unforeseen variables. It is recommended that businesses adopt advanced cost estimation techniques, provide training for estimators, and use software tools to improve accuracy and reliability in cost estimation.
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