PRODUCTION COST CONTROL IN MANUFACTURING ORGANISATION
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PRODUCTION COST CONTROL IN MANUFACTURING ORGANISATION
PRODUCTION COST CONTROL IN A MANUFACTURING ORGANISATION
This study is based on production cost control in a manufacturing organisation.
The study was inspired by the desire to learn how to control costs in manufacturing businesses in order to meet the goal for which the industry was established.
The researchers used only secondary sources of data to answer the research problem because the rules for writing the ND research paper in banking and finance only allowed for secondary sources of data.
The research instruments employed to collect data included textbooks, journals, magazines, and newspapers, among others.
Furthermore, based on secondary source data collecting, it is fairly evident that I have discovered that in order for production cost control to be fully and efficiently carried out, there should be an efficient mix of man and material resources. Furthermore, the necessity for cost management is critical in the sense that it increases the profitability of a manufacturing organisation.
Finally, I discovered that many organisations overlook the issue of internal control systems in cost control, highlighting the need for quick deployment in our manufacturing business.
CHAPTER ONE
1. INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The primary goal of this research is to verify the indiscriminate increase in the prices of commodities produced in this region of the country by manufacturing organisations and businesses.
This steady rise in costs has piqued the interest of many residents, particularly those who are unaware of the negative impact on citizens and the country’s economy.
As a result, the purpose of this study article will be to provide a full account of cost control in the manufacturing industry, with a focus on the manufacturing organisation. Every organization’s characteristic is the pursuit of a purpose, which can take several forms.
It follows that any manufacturing organisation, whether sole proprietorship, partnership, corporation, or other, has a fundamental goal, which is profit maximisation. Other goals, such as social, are totally secondary and rely solely on profit.
Profit is defined as the surplus or excess of all income over total costs over a certain time period. As a result, before any organisation can profit, it must exercise control over its production and services.
Other ones are still in production, and the best ingredients are used in PRODA manufacture. Administration and personnel. Although the government Board is responsible for general administration under the Natural Science and Technology Act of 1980, the day-to-day operation of the institute is the responsibility of the direct or research.
The institute is divided into four divisions: science, engineering, ceramics, and administration.
Science, engineering, and ceramics are the active divisions in terms of research and development functions.
Each of these activity divisions is organised into research units in order to give equal focus to both their research and development work and their production work.
1.2 STATEMENT OF THE PROBLEM
Many organisations in our country today make every attempt to leverage their break even point in order to generate a profit, yet all of their efforts appear to be futile.
They cut their costs in order to maximise as they should, but why do so many organisations fail to break even, much alone profit, despite their attempts to control costs?
Does this imply that their cost-cutting measures are ineffective? In the next chapters, the researcher will respond to these questions.
1.3 PURPOSE/OBJECTIVE OF THE STUDY
Some of the goals of this research project are as follows:
i. Evaluate the effectiveness and efficiency of various production cost control approaches.
b. Recognise some of the importance and necessity of cost containment.
iii. Understand cost-cutting and reduction techniques in manufacturing originations.
Iv To understand how to apply a budgetary control system in a manufacturing organisation.
V Understand how to use a budgetary control system for cost control.
1.4 SIGNIFICANCE OF THE STUDY
This research effort, as conducted by the research on production cost control in manufacturing organisations, will be extremely beneficial to many manufacturing firms in the field of cost management in order to maximise profit. Individuals interested in starting a manufacturing business would also profit from this project.
1.5 LIMITATIONS OF THE STUDY
The researcher encountered the following difficulties, which hampered efforts to elaborate the researcher’s work.
Finance: The researcher is a student with no source of income and has been discouraged from travelling to all of Nigeria’s labour markets to collect data for this study. She has so chosen Enugu city due to its proximity and convenience of contracting to the workers.
Time: The project work has a semester time constraint. It would have been preferable to complete the topic and expand the coverage over a longer period of time, however this was not possible.
Academic Work Pressure: The student was overburdened with other academic tasks while also writing this research paper, which made it impossible to complete this research paper on time.
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