THE IMPACT OF COST MANAGEMENT ON FINANCIAL PERFORMANCE
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- NGN 3000
ABSTRACT
THE IMPACT OF COST MANAGEMENT ON FINANCIAL PERFORMANCE
This study examines the impact of cost management on financial performance with objectives: (1) to evaluate the effect of cost management on profitability; (2) to identify effective cost management practices that enhance financial performance; (3) to understand the challenges in implementing cost management strategies. A survey design is justified for this study to gather broad quantitative data. Using Taro Yamane's formula, a sample size of 320 respondents from Sokoto is selected, representing various business sectors. A manufacturing firm is chosen as the case study due to the significant impact of cost management on its financial performance. The survey instrument has a reliability coefficient score of 0.86. Findings indicate that effective cost management practices, such as budgetary controls, cost-benefit analysis, and variance analysis, significantly improve financial performance. However, challenges include the complexity of implementing these practices and resistance to change. It is recommended that businesses invest in cost management training, adopt advanced cost management tools, and continuously review and adjust their cost management strategies to enhance financial performance.
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