THE IMPACT OF COST MANAGEMENT ON BUSINESS SUSTAINABILITY
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- NGN 5000
ABSTRACT
THE IMPACT OF COST MANAGEMENT ON BUSINESS SUSTAINABILITY
This research explores the impact of cost management on business sustainability with objectives: (1) to assess the relationship between effective cost management and long-term sustainability; (2) to identify sustainable cost management practices; (3) to understand the challenges in balancing cost management with sustainability goals. A survey design is justified for this study to gather broad, quantitative data. Using Taro Yamane's formula, a sample size of 300 respondents from Enugu is selected, representing a range of industries committed to sustainable practices. A manufacturing firm is chosen as the case study due to the significant environmental and economic impacts of its operations. The survey instrument has a reliability coefficient score of 0.86. Findings show that effective cost management practices, such as waste reduction, energy efficiency, and sustainable sourcing, are crucial for business sustainability. However, challenges include the initial investment required and the complexity of integrating sustainability into cost management. It is recommended that businesses adopt a holistic approach to cost management, invest in sustainable technologies, and engage stakeholders in sustainability initiatives to ensure long-term viability and success.
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