THE ROLE OF COST FORECASTING IN BUSINESS PLANNING
- Project Research
- 1-5 Chapters
- Quantitative
- Simple Percentage
- Abstract : Available
- Table of Content: Available
- Reference Style: Available
- Recommended for : Student Researchers
- NGN 5000
ABSTRACT
THE ROLE OF COST FORECASTING IN BUSINESS PLANNING
This study examines the role of cost forecasting in business planning, focusing on: (1) the impact of cost forecasting on strategic planning; (2) the benefits of accurate cost forecasting for budgeting and resource allocation; (3) the challenges in achieving reliable cost forecasts. A survey design is used to collect quantitative data. Taro Yamane's formula is applied to derive a sample size of 320 respondents from Lagos, representing various business sectors. A financial services firm is chosen as the case study due to the critical importance of cost forecasting in financial planning. The reliability coefficient score for the survey instrument is 0.88. Findings indicate that accurate cost forecasting significantly enhances strategic planning by providing reliable data for budgeting and resource allocation. However, challenges include the complexity of forecasting and the impact of unforeseen variables. It is recommended that businesses adopt advanced forecasting techniques, invest in analytical tools and training, and regularly review and update their cost forecasts to support effective business planning.
Related Project Materials
An examination of digital marketing strategy effectiveness on expanding customer base in banking: a case study of Access Bank Nigeria
Background of the Study
Digital marketing has transformed the banking industry by enabling financial institutions to reach...
The role of budgetary planning in enhancing operational efficiency: A case study of Nestlé Nigeria Plc
Background of the Study
Budgetary planning is a crucial component of corporate governance that involves the preparation...
Design and Implementation of a Secure Digital Examination Portal: A Case Study of Gombe State University, Gombe, Gombe LGA
Background of the Study
The secure and efficient administration of examinations is a cornerstone of academic integrity. At...
THE PREVALENCE OF MALARIA AMONG PREGNANT WOMEN ON ADDMISSION IN IMO STATE SPECIALIST HOSPITAL OWERRI
ABSTRACT
A study was made to determine the prevalence of malaria infection among pregnant women...
The Impact of Health Awareness Campaigns on Economic Well-Being in Nigeria
Background of the Study
Health awareness campaigns are critical for educating the public about preventive measures, health...
ATTITUDE OF NURSES TOWARDS RELAPSE PREVENTION AMONG PSYCHIATRIC PATIENTS
ABSTRACT
The problem of every hospital when the targeted objective is no...
An Evaluation of Financial Risk Management in Nigerian Logistics Companies: A Case Study of GIG Logistics
Background of the Study
Financial risk management is critical for the sustainability of logistics companies, which face...
The role of school sports clubs in fostering sportsmanship among secondary school students in Makurdi Local Government Area, Benue State
Background of the Study
School sports clubs have become a dynamic arena for instilling values of fairness, respect, and in...
A STUDY OF THE KNOWLEDGE AND PERCEPTIONS OF STUDENTS ON THE ISSUE OF THE MENACE OF BROWN ENVELOPE SYNDROME
ABSTRACT
The issue of brown envelope syndrome has become a serious ethical challenge posing threat to the image of journalism practice in...
An examination of female voter turnout and participation in Kebbi Local Government Area, Kebbi State
Background of the Study
Female voter turnout and political participation are key indicators of gender inclusivity in democr...
