ANALYSIS OF BUSINESS OBJECTIVE AND THEIR ACCOMPLISHMENT THROUGH EFFECTIVE COST CONTROL (A CASE STUDY OF LAKE CONCRETE INDUSTRIES LIMITED, ENUGUSTATE)
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ANALYSIS OF BUSINESS
OBJECTIVE AND THEIR ACCOMPLISHMENT THROUGH EFFECTIVE COST CONTROL (A CASE STUDY
OF LAKE CONCRETE INDUSTRIES LIMITED, ENUGUSTATE)
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
Title Page
ii
Approval Page
iii
Dedication
iv
Acknowledgement
v
Abstract vi
Table of Contents
viii
CHAPTER ONE:
Introduction
1
1.1
Background of the Study
1
1.2
Statement of the Study
4
1.3 Purpose
of the Study
4
1.4 Scope of
the Study
5
1.5 Research
Question 6
1.6
Significance of the Study
7
1.7
Definition of Terms
8
Reference 10
CHAPTER TWO:
Review of Related Literature
11
2.1
Overview of Business 11
2.2
The Objective of Business
12
2.3
Overview of Cost Control
16
2.4 The Role of Cost Control in
Business 33
2.5
Relationship to the Study
35
Reference
37
CHAPTER THREE:
Research Design and Methodology
39
3.1 Research
Design
39
3.2 Area of
the Study
39
3.3
Population of the Study
40
3.4 Sample
and Sampling Procedure /Technique 40
3.5
Instrument for Data Collection
42
3.6
Validation of the Instrument
43
3.7 Reliability of the Instrument
43
3.8 Method
of Data Collection
43
3.9 Method
of Data Analysis 45
Reference
46
CHAPTER FOUR:
Presentation and Analysis
47
4.1
Presentation of Data analysis of Data
47
4.2 Testing
of hypothesis
63
4.3 Summary
of result 73
CHAPTER FIVE:
Discussion, Recommendation and Conclusions 75
5.1
Discussion, Results /Finding
75
5.2
Conclusion
76
5.3
Implication of Research Findings 77
5.4
Recommendation
77
5.5
Limitation of the study
78
5.6
Suggestion for the research
79
Bibliography 80
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.
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