Impact of cost control and cost reduction system on the profitability of an organization in Nigeria

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Abstract

The theme of this study considered the impact of cost control and cost reduction on the profitability of an organization (a case of Atlantic Carpet Nig. Ibadan). In the management set- up, cost control is used as an indispensable tool, which aid the organization to attain their organization objectives of profit maximization. This study reveals the cost structure in manufacturing type, cost control adopted to minimize waste of resources. Critically, the opinions of those that occupy the key positions of the organization such as the chief accountant, the logistic manager, technical officers, etc were sorted and it was of immense help to this study. For the achievement of the objectives of this research, data were collected by the use of oral interviews and questionnaires. Data collected were subjected through analysis using simple percentage, frequency and histogram distribution while the stated hypothesis was tested using chi-square (X2) to ascertain its reliability and objectivity. The result of the research shows that the organizations adopt cost control measures and this control accords management the opportunity to achieve organizational performance and profitability. The management should emphasize more on the training of employees on the application and measures of cost control and enlighten them on the relationship, which exists between cost control and profitability. Finally, the organization should try an embrace the technological and economic trends in the society in order to have a vital edge over its profitability.
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Impact of cost control and cost reduction system on the profitability of an organization in Nigeria

3,000.003,200.00 (-6%)

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