study is centered on the analysis of business objective and their
accomplishment through effective cost control in lake concerted
There are lots of problem that face the industry, some of which are shortage of
raw materials, excessive demand, ineffective stock planning and inefficient
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.
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.
this effect, the researcher come to conclude that training and development will
contribute immensely to effective performance of the workers.
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
Title Page ii
Approval Page iii
Table of Contents viii
Background of the Study 1
Statement of the Study 4
Purpose of the Study 4
Scope of the Study 5
Research Question 6
Significance of the Study 7
Definition of Terms 8
of Related Literature 11
Overview of Business 11
The Objective of Business 12
Overview of Cost Control 16
The Role of Cost Control in Business 33
Relationship to the Study 35
Research Design and Methodology 39
Research Design 39
Area of the Study 39
Population of the Study 40
Sample and Sampling Procedure /Technique 40
Instrument for Data Collection 42
Validation of the Instrument 43
Reliability of the Instrument 43
Method of Data Collection 43
Method of Data Analysis 45
and Analysis 47
Presentation of Data analysis of Data 47
Testing of hypothesis
Summary of result 73
Discussion, Recommendation and Conclusions 75
Discussion, Results /Finding 75
Implication of Research Findings 77
Limitation of the study 78
Suggestion for the research 79
BACKGROUND OF THE STUDY
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.
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.
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’
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.
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.
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.
PURPOSE OF THE STUDY
simple and direct terms this research work has purpose / objectives which are
(a) To have
on in-depth study on business objective and their accomplishment through cost
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.
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
1.4 SCOPE OF THE STUDY
scope of this study is apparently carried with lake concrete industry limited Enugu.
dealt with the ability of the company lake concrete limited to achieve the set
objective through effective cost control.
area of profit mating, cost and budgetary limited Enugu.
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.
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.
questions include some of the following:
What is the major problem facing the industry?
industry has specialist who does her purchase for her?
does the industry adopt to the coerces of taxing the product to the market for
Is the company presently achieving its objectives?
How effective is the budget control of the firm?
Are the firms objectives clearly take to promote to
What measure does the firm take to promote staff’s
morals and boast their productivity in the industry?
How often does the firm accomplish their objectives?
Does the industry acidly engage in cost control in
SIGNIFICANCE OF THE STUDY
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.
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
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.
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.
MATERIAL: Any used material that can be traced in the economically
feasible manner to a product or job is direct materials.
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.
COST: Those cost that decline with higher inventories and are
associated with placing an order. They include inter-office memo, long distance
concrete cost in a different place outside the point of use.
RANGE: Various level of production in which contain factory overhead
cost tends to remain constant.
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
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