ABSTRACT
This study is centered
on the analysis of business objective and their accomplishment through
effective cost control in lake concerted industry-limited Enugu. There are lots
of problem that face the industry, some of which are shortage of raw materials,
excessive demand, ineffective stock planning and inefficient stock management.
The study therefore
embarked on how the industry should form a strong stock management policy.
Thereby forming a stock management committee that will monitor the
implementation of the policy.
Also in this study, proper method of determining the maximum stock level was
worked out that is the use of probability and technique. In the same val-soft
were was procured to help in checking over-stocking and under stocking.
In this research work,
questionnaires were used as the research work, question. Data were also
collected through personal interview. The uses of chi-square and sample table
were used to know how effective and reliable are the observed facts. Based on
the objectives of this study, researcher come up with findings as it effects
the effective cost control in lake concrete industry limited Enugu. It found
out that there are low national factors and this made the workers to be
relevant to put in their best at work.
On this effect, the
researcher come to conclude that training and development will contribute
immensely to effective performance of the workers.
Therefore, the research
finally recommends that the management of the industry should endeavor of staff
to training and development to enhance proper technical know how of the job as
will give opportunity to workers to influence decision effecting them.
TABLE OF CONTENT
CHAPTER ONE:
Introduction
1.1
Background of the Study
1.2
Statement of the Study
1.3
Purpose of the Study
1.4
Scope of the Study
1.5
Research Question
1.6
Significance of the Study
1.7
Definition of Terms
Reference
CHAPTER TWO:
Review of Related
Literature
2.1
Overview of Business
2.2
The Objective of Business
2.3
Overview of Cost Control
2.4
The Role of Cost Control in Business
2.5
Relationship to the Study
Reference
CHAPTER THREE:
Research Design and Methodology
3.1
Research Design
3.2
Area of the Study
3.3
Population of the Study
3.4
Sample and Sampling Procedure
/Technique
3.5
Instrument for Data Collection
3.6
Validation of the Instrument
3.7
Reliability of the Instrument
3.8
Method of Data Collection
3.9
Method of Data Analysis
Reference
CHAPTER FOUR:
Presentation and
Analysis
4.1
Presentation of Data analysis of Data
4.2
Testing of
hypothesis
4.3
Summary of result
CHAPTER FIVE:
Discussion, Recommendation and Conclusions
5.1
Discussion, Results
/Finding
5.2
Conclusion
5.3
Implication of Research Findings
5.4
Recommendation
5.5
Limitation of the
study
5.6
Suggestion for the research
Bibliography
CHAPTER
ONE
INTRODUCTION
1.1 BACKGROUND
OF THE STUDY
The pursuit of an
objective and the accomplishment is the characterizes and every organization
and this objective and accomplishment exist in dimensions. Every business
organization whether sole trade (one man business) partnership, company or
comporting therefore most have objectives and expected accomplishment. The
primary objective of every business organization in a capitalist or mix-economy
is to make profit, and meet their accomplishment.
Profit is described as
the excess of total revenue over total cost during a specific period of time.
For firms (Mostly competitive) to make profit, they most have control over the
cost of their production and services.
In many business
organizations some supervisors, always from and query why accountants usually
scrutinize their expense and other cost they present for payments, when the
money does not come from the accountants pockets. Accountants scrutinize
claims, voucher etc in order to satisfy themselves that a particular item of
cost is reasonably necessary and wholly for the operations of the enterprise.
Just like any one of us as individuals, we try to satisfy all our necessary
requirements without throwing ourselves into financial mess before the inflow
of another income, the scammers why individual requirement applies to partners
in partnership, companies etc when an accountant queries cost incurred in ones
department or cost center, all he is trying to do is to ensure that reasonable
cost are being incurred for the level of the enterprises’ performance.
The researcher believe
that each one of us manages cost in our respective homes and by so doing we are
exercising the function of a financial manager through at domestic levels. If
one gives his wife a reasonable monthly allowance to run the home and two weeks
later, she asks for more money because she has finished the amount given to
her, certainly the husband would from at her for not controlling her spending
habits. The common excuse house wives give is that things are expensive, but
then a cost anxious husband before giving additional money would ask the wife
whether she has tried alterative market or alterative food stuffs. In the some
manner, Accountants Managers enterprise finds. While in the process they are
not unnecessarily rigid but ensure that limited overall objectives of the
organization are achieved.
Cost control can
therefore be described as the prevention of within the existing environment in
an organization. The main methods employed in controlling cost are budgetary
control, cost reduction technique and value analysis. It is the intention of
the project researcher to emphasize more on cost reduction. Although both
budgetary control and cost reduction go hand in hand because it is difficult to
demarcate where cost control? And budgetary control ends both terms are
concerned with improving efficiency and increased profitability. However, it is
pertinent to note that effective and reasonable cost reductions for present
output serves as standard for future production.
The researcher has
decided to use LAKE CONCRETE INDUSTRIES LIMITED ENUGU as a case study, the
establishment has been operating at loss for over five (5) years now which
means that the objective of setting up the business is been defected. The
researcher would then find out whether cost were substantially responsible for
the loss. This will entail the analysis of cost incurred in its products so as
to find out the area of weakness and hen suggest ways at improvement for the
purpose of internment of the enterprise objective and their accomplishment.
1.2
STATEMENT OF THE PROBLEMS
This project study titled “analysis of business objectives and their
accomplishment through effective cost control” intends to investigate the cause
of the persistent loss in business operations of lake concrete industries
limited.
The company has been experiencing high rate of labour turnover, since it could
not pay it workers regularly. There is also great number of debtors to the
company and the situation has resulted to shortage of operating capital, so the
researcher wants to find out the exact causes of the problems and patter
suggestion to them.
1.3 PURPOSE
OF THE STUDY
In simple and direct
terms this research work has purpose / objectives which are as follows
(a) To
have on in-depth study on business objective and their accomplishment through
cost control
(b) To investigate the
causes or under mining factors responsible for the persistent loss being
encountered by lake concrete industry Ltd Enugu.
(b) The
study aimed to emphasis through analysis the importance of effective cost
control in lake concrete industry ltd and all other manufacturing industries.
(c) To highlight how effective
cost control can help lake concrete industry in resizing and accomplishing her
set objective or goals.
(d) The study also aimed at
proposing some ways of enabling manufacturing industries, lake concrete
industry invasive to attain and achieve their gods do as to be in the business.
1.4
SCOPE OF THE STUDY
The scope of this study is apparently carried with lake concrete industry
limited Enugu.
The study dealt with the
ability of the company lake concrete limited to achieve the set objective
through effective cost control.
It covers area of profit
mating, cost and budgetary limited Enugu.
1.5 RESEARCH
QUESTIONS
In other to have a sound
basis for this research project, the researcher considers it imperative to
build up a hypothesis.
Lake concrete industries
limited which is a case study at the researcher has been incurring loss for
over three years now. The researcher is considering that there should be
relationship between cost control and loss, whether cost has been responsible
for the loss or not.
To this effect the
researcher has to design a research question which will be administered in form
of questionnaire to staff and management of lake concrete industries limited,
to ascertain if cost control is responsible for the industries’ loss over these
years.
These questions include
some of the following:
1.
What is the major problem facing the industry?
2.
Does the industry has specialist who does her purchase for her?
3. What strategy does the industry
adopt to the coerces of taxing the product to the market for sole?
4. Is the company presently achieving its
objectives?
5. How effective is the budget control of the firm?
6. Are the firms objectives clearly take to promote
to the workers?
7. What measure does the firm take to promote
staff’s morals and boast their productivity in the industry?
8. How often does the firm accomplish their
objectives?
9. Does the industry acidly engage in cost control
in their operation?
1.6 SIGNIFICANCE
OF THE STUDY
The study would help the
lake concrete industries limited in strengthening of its plan for it’s
achievement in particular and other organization in general.
The study will also may choose to go further in the study.
Under this study
emphasis is held towards the practical acquisition skills, knowledge and its
application there by complementing the theoretical aspect of the student’s work.
This work no doubt will lead to an increase in the subsequently since the
primary object is to make profit, their accomplishment of this gods will also
lead to expansion of any business enterprise and also the enhancement of the
employment base.
Government expensive which is the greatest in nation building is dependent on
government revenue. The project is invaluable to the government for the
taxation on the profit that can now be generated by lake concrete in particular.
1.7
DEFINITION OF
TERMS
BUDGETARY OF CONTROL: The establishment of budgets relating the
responsibilities of a policy and continues comparison of cuticle with budgeted
results, either to score by individual action the objective of that policy or
to provide a bases for its revision.
CARRYING COST: These cost that arises with large inventories
and the cost associated with it are the cost of capital tied up in inventory,
storage cost, insurance cost, property taxes and deprecation and obsolescence.
COST CENTER: A cost center is convenient intermediate point
usually physical or geographical entity to which cost can be charge.
DIRECT MATERIAL: Any used material that can be traced in
the economically feasible manner to a product or job is direct materials.
ECONOMIC ORDER
QUANTITY (EOQ) This is the
optional or minimum purchase size
FIXED COST: Fixed costs are those cost a relevant range of
at put, while to the cost per unit varies with output.
ORDERING COST: Those cost that decline with higher inventories
and are associated with placing an order. They include inter-office memo, long
distance telephone call.
PRECAST: Any concrete cost in a different place outside
the point of use.
RELEVANT RANGE: Various level of production in which contain
factory overhead cost tends to remain constant.
VARIABLE COSTS: These are cost in which the total cost tends to
change in direct proportion to changes in volume, or out- put, while the unit
cost remain constant.
Department | Business Administration and Management |
Project ID Code | BAM0224 |
Chapters | 5 Chapters |
No of Pages | 91 pages |
Reference | YES |
Format | Microsoft Word |
Price | ₦4000, $15 |
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Contact Us On | +2347043069458 |