THE ROLE OF COST TRANSPARENCY IN BUSINESS OPERATIONS
- Project Research
- 1-5 Chapters
- Quantitative
- Simple Percentage
- Abstract : Available
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- Recommended for : Student Researchers
- NGN 3000
ABSTRACT
THE ROLE OF COST TRANSPARENCY IN BUSINESS OPERATIONS
This research investigates the role of cost transparency in business operations, focusing on: (1) the impact of cost transparency on operational efficiency; (2) the benefits of cost transparency for stakeholder trust and engagement; (3) the challenges in achieving and maintaining cost transparency. A survey design is employed to gather quantitative data. Using Taro Yamane's formula, a sample size of 290 respondents from Owerri is selected, representing businesses of various sizes and sectors. A service industry firm is chosen as the case study due to the significance of transparency in client relations and operational efficiency. The survey instrument has a reliability coefficient score of 0.85. Findings show that cost transparency enhances operational efficiency by fostering trust and engagement among stakeholders, including employees, customers, and investors. However, challenges include the risk of exposing sensitive information and the potential for misuse of transparent data. It is recommended that businesses develop clear policies on cost transparency, invest in secure data management systems, and regularly communicate cost-related information to relevant stakeholders to build trust and improve operational efficiency.
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