THE IMPACT OF AN EFFECTIVE/EFFICIENT COSTING SYSTEM ON THE PERFORMANCE OF MANUFACTURING INDUSTRIES.
The contribution of costing on the performance of manufacturing industries cannot be over emphasized. Costing has contributed greatly in securing the business stability by management. It has also provided the measurement of the degree to which desired volume of production is attained.Although, not all manufacturers appreciated the fact that costing is of considerable value to their activities, it was helped many in achieving their objectives.This project is organized in three chapters; chapter one is the introduction, which presents the background of the study, objectives and statement of the problems and significance of study, objective, scope, limitation and delimitation. All these covers the importance of this project, the areas covered and the problem that was encountered while writing it.In chapter two, the existing literature of costing system in manufacturing industries was reviewed in manufacturing industries was reviewed as the view of different authors.In chapter three, the research design and methodology that is the sources of data and their locations used where explained.And finally, the possible recommendations such as solution to solve the existing problem and finally, conclusion.
TABLE OF CONTENTS
1.1 Background of study
1.2 Statement of problem
1.3 Objective of study
1.4 Significance of the study
2.0 Literature Review
2.1 Analysis of cost in manufacturing industries
2.2 Material cost control in manufacturing industries
2.3 Labour cost control in manufacturing industries
2.4 Overhead cost control in manufacturing industries
2.5 Co-ordination and decision making
3.0 Research design and methodology
3.1 Sources of data
3.2 Location of data
3.3 Method of investigation
1.1 BACKGROUND OF STUDY
It is my aim in writing this topic, “THE IMPACT OF AN EFFECTIVE/EFFICIENT COSTING SYSTEM ON THE PERFORMANCE OF MANUFACTURING INDUSTRIES” to delve into the conceptual insights of control system and to ascertain whether in practical solution those system in the literatures are operational.
In furtherance of this however, similarities and dissimilarities would be examined and observation made. The control of cost is very necessary to the successful operations of different business organisation. Attempts are made by various business concerns to bring cost to its barest minimum, and at the same time, achieve minimum result and the need for this cost consciousness has soon further amplified by high cost of raw materials and other production costs.
The federal government has been emphasizing on the need for our industries to depend more on local sources of raw material for their production process.
1.2 STATEMENT OF PROBLEMS
The control of cost is not an easy task. Efforts are made to limit cost to organization. Cost control therefore becomes the acid test of an efficient organization. In this regard, that I want to know if control system discussed in literature are practical.
1.3 OBJECTIVES OF STUDY
without objective, plans becomes useless, the purpose of this study is to determine what the writers has learnt as the theories is practically in real life situation relating to cost control in manufacturing industries.
This underlying objectives also competed the writer to see what extent the industry has applied those control systems. If applied marginally, the writer would suggest expansion and if applied incorrectly, he would criticize objectively and suggest method of improvement.
1.4 SIGNIFICANCE OF THE STUDY
It remains an uncontroversial fact that anything done for a specific purpose has it importance. This could be advantageous or disadvantageous. The significant of this researchers is the fact that the writer is now better armed to face such challenges regularly in future, should he find himself in an establishment that needs his service.
Moreover, this study has a significance that enabling any organisation that adheres to the control system to achieve effective control measures. It also serves any interested researchers into cost control measures of a good background for insight into his study.
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