ABSTRACT
The main objective of writing this project is to
evaluate on the standard cost analysis as an aids to management decision making
and the researcher is using a case study of coca-cola Bottling Company of
Nigeria plc Ilorin.
The evaluation on the standard costing analysis as
an aids to management Decision making can not be over look in an organization.
The first chapter consist of introduction, Aims and
objective of the study, statement of the
research problems, justification of the study, scope of the study, limitation
of the study, Definition of Related terms, plan of the study.
The second chapter: of the work concentrated on the
literature review, management pyramid, element of standard costing, standard
costing sheet, variance analysis, importance of standard costing to management
decision, limitation of standard costing, costing techniques, costing centre
and unit, method of costing significance of costing to management personnel.
The
third chapter: deals with the research methodology, source of data, sample
method, sample size, questionnaire design.
The fourth chapter: it will contain the Analysis,
researcher findings.
The
last chapter: it deals with the summary, conclusion, Recommendations and
References and Questionnaire.
TABLE OF
CONTENTS
Title
Page i
Certification ii
Dedication iii
Acknowledgement iv-vi
Table
of Content vii-i
Proposal ix
CHAPTER
ONE:
1.1
Introduction 1-4
1.2
Statement of
the Research Problems 4-5
1.3
Objectives of
the Study 5
1.4
Justification
of the Study 6
1.5
Scope of the
Study 6-7
1.6
Limitation of
the Study 7-8
1.7
Definition of
Related Terms 8
1.8
Plan of the Study 8-10
CHAPTER
TWO
2.0
Literature Review 10-17
2.1
Management Pyramid 17-19
2.2
Elements of Standard Costing 19
2.3 Standard Costing Sheet 20
2.4
Variance Analysis 21
2.5
Importance of Standard Costing To
Management 21-22
Decision
2.6 Limitation of Standard Costing 22-23
2.7
Costing Techniques 23--25
2.8
Method of Costing 25-27
2.9
Significance of Costing To
Management Personnel 28
CHAPTER
THREE
3.0
Research Methodology 29
3.1
Sources of Data 29-30
3.2
Sample Method 30
3.3
Sample Size 30
3.4
Questionnaire Design 2014 30-31
CHAPTER
FOUR: DATA PRESENTATION AND ANALYSIS
4.1
Analysis of Data 32
4.2
Data Presentation and Analysis 32-47
4.3
Testing of the Hypothesis 48
4.4
Research Findings 51-53
CHAPTER
FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION
5.1
Summary of Findings 54-55
5.2
Conclusion 55-56
5.3
Recommendation 56-58
References 59-60
Questionnaire 61-65
CHAPTER ONE
1.1
INTRODUCTION
The bottling industry is presently
undergoing a revolution worldwide due to the twin impacts of deregulation and
technological break through most company in Nigeria are quite relatively
operating on differentiated cartel because of the trend and competitive
environment. Under such conditions costing and management decision process
strategy suddenly become more vital tools to booster services, it should be
noted that such concepts of “Standard costing” and” management” all about?
Standard costing is a technique which uses standard for costs and revenues for
the purpose of control through variances analysis.
Management is an act that coordinates
all group effort. It does not only concerned with profit oriented enterprise
but an act of every human Endeavour’s be it product or service wise.
Managing is essential in all company as
well as in all levels of organization in attainment of the group goals.
The coca-cola Bottling Company of
Nigeria Plc can be traced briefly with that of united state of American which
came in to being in Nigeria in the year 1953. When Nigeria bottling company set
up it first plan in Lagos Precisely at Oyingbo but later move to Apapa, it has
an additional development to the existing companies in the area, a contributed
immersively to the socio- economic group of the country.
John Pembetion was the investor of
coca-cola in May 1883 being a book keeper, he designs the following script that
distinguishes the advertising and marketing activities, Robinson also had
excellent pen man ship. It was he who first script “coca-cola in the following
letters which has come the famous logo today. The soft drink was first sold to
the public of the soda fountain in Jacobs Pharmacy in Atlanta.
In 1887 another pharmacist, a business
man bought the formula for coca-cola from the investor and was one of the
America. Most popular fountain drinks how at the helm the coca-cola company
increased syrup sales by 4000% between 1890 and 1900. In April 23, 1985 the
trade secret “new coke” formular was released, today products of coca-cola
company are consumed at the rate of more than one billion drinks per day.
The success of coca-cola bottling
company of Nigeria place gave birth to opening of some branches like Port-Harcourt,
Kano, Ibadan, Enugu, Benin and Ilorin which is used as the case study. This success
also brought the development of some sister industries like delta Glass Company
which supplies million of bottles required to3 keep a large bottle company in
operation. Also it help in the receding of broken bottles in Ijebu Ode and Kano
state which manufactures as the Berum Plastic Company that makes the plastic
creates for carrying bottles.
The coca-cola Nigeria bottling company
produce drinks such as coke, crest, bitter lemon, Schweppes Fanta. Soda Water and
Eva table water. The Nigeria coca-cola bottling company of Ilorin unity plant
is sited along coca-cola at unity bus stop Ilorin Kwara State. The commission
of that plant was in 1944 while production actually stated in 1995.
1.2
STATEMENT OF THE RESEARCH PROBLEM.
The statements of the research problems
facing standard costing as a tool for effective management decision making
include the following;
i.
What do you
understand by the word statement costing?
ii.
Do you know the
type and element of standard?
iii.
What
relationship do standard costing and budgeting have?
iv.
Is there
anything you know about management decision making?
v.
What are the
limitations of standard costing?
vi.
Is there
anything called variance in standard costing?
1.3
OBJECTIVES OF THE STUDY
The success of business ventures depend
largely on a well defined and clearly stated management decision making because
a sense of directions and focus as well spelt out. The aim and objectives of
this study are:
i.
To highlight the
concept of standard costing.
ii.
To enumerate the
type and element of standard cost
iii.
To show the
extend of standard costing in budgeting
iv.
To know the
relationship between standard costing and variance analysis as a tool for
management of standard costing.
1.4
JUSTIFICATION OF THE STUDY.
The research work is undertaken in an
attempt to identify the major contribution of standard costing as an aid to
management decision making. The findings and suggestions of the write up will
attempt to find a lasting solution to problems facing industries and those who
are already engaged in business. It will hopefully go a long way in enabling
industries to improve in their effort toward making Nigeria an industrialized
area and development economics management of the country.
1.5
SCOPE OF THE STUDY
Most people don’t know the benefit
accruing from the activities of companies which may be due to ignorance as to
what services are afforded by management. It does appeal to us to carry the
coronaries through reasonable recommendations that will improve on the
performance of companies. Therefore the purpose of this research work shall
restrict the study to the concept of standard costing. Importance and
limitation of managerial decision
1.6
LIMITATION OF THE STUDY.
There are always two sides of a coin:
the head and the tail. Therefore there is no undertaking without a set back. In
the case if this research work, the researcher encountered some problems, the
critical problem encountered which may infringe the successful conduct of this
research work of his magnitude demand much time and effort on the part of the
subject matter of the study in order to come up with a viable and acceptable
exposition.
Another problem has to do with the
non-challant attitude of the people towards the questionnaire distributed. The
attitude in their port could be helping matters despite the promise by the researcher
that the information provides will
surely be used for academics purpose and not for other things, this much
information provided could be obtained.
1.7
DEFINITION OF RELATED TERMS
It ensures that the readers understand
the different terms in the work.
a.
Company – a legal entity.
b.
Capital – money
used to start business.
c.
Production
process of utilization into goods and services.
d. Prospects: - wealth.
e.
Cost : Estimated
amount
f.
Standard: measure
management: set of body that pay for the company.
1.8
PLAN OF THE STUDY
The study is divided into five chapters.
Chapter one which consist of the introduction, background of the study,
statement of the researcher problem aim and objectives of the study,
Justification of the study, scope of the study, limitation, definition or
related terms and plans of the study.
Chapter two contain literature review,
management pyramid elements standard and costing sheet, variances analysis,
importance and limitation of standard costing, costing techniques cost centre
and unit, method of costing and significance of costing to managerial personnel
Chapter three, discount the research methodology,
source of data, sample method, size and questionnaire design.
Chapter four expatiated more on data
presentation analysis and findings of research while chapter five talks about
the summary, conclusion and recommendations.
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