THE ROLE OF COST ANALYSIS IN STRATEGIC DECISION-MAKING
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ABSTRACT
THE ROLE OF COST ANALYSIS IN STRATEGIC DECISION-MAKING
This study investigates the role of cost analysis in strategic decision-making by addressing: (1) the impact of cost analysis on strategic planning; (2) the benefits of cost analysis for resource allocation; (3) the challenges in conducting comprehensive cost analysis. A survey research design is employed to collect quantitative data. Taro Yamane's formula is used to derive a sample size of 320 respondents from Lagos, representing various business sectors. A financial services firm is selected as the case study due to the critical importance of cost analysis in financial decision-making. The reliability coefficient score for the survey instrument is 0.88. Findings indicate that cost analysis significantly influences strategic decision-making by providing detailed insights into cost structures and resource utilization. Techniques such as break-even analysis, variance analysis, and scenario planning are highlighted. It is recommended that businesses integrate cost analysis into their strategic planning processes, invest in analytical tools and training, and regularly review and update their cost analysis methods to support informed decision-making.
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