ASSESSING THE CONTRIBUTION OF COST CONTROL AND COST REDUCTION IN THE FINANCIAL MARKET
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The success that any producer may record in selling his goods or services profitably is likely to depend upon his ability to control his cost and upon the extent to which he can keep them below the selling price imposed upon him by competition.
Therefore, cost control can simply be defined as the regulation, limitation or confinement of cost.and it can also be defined as the regulation by management action of the cost of operating an undertaking ,particularly where such action is guided by cost accounting.
It covers the control of materials usage and prices of wages cost separating the effect of efficiency from rates of pay, or maintenance and service cost, and all other items of indirect expenditures.
In an organization it is an act of making necessary adjustments after comparing the actual cost with a standard or targeted cost the control process include the steps of establishing standards and taking corrective measure.
Studies dealing with potential cost control and various adjustments to which may results in cost control are therefore very essential for improving the efficiency with which the conduct of any business is performed, such a resultant improvement can be of immence benefit to both the marketers and the altimate consumers of the products of the business.
Effective cost control consists of two aspects they are operational cost control consists which has to do with type of control,which exist in the very small firms where the sole owner could personally control cost through personal observation and direct supervision of operation.Accounting cost control on the other hand involves creating a sound system records keeping which will establish accountability for cost and the employment of current, pertinent and concrete accounting and statistical reports to reveal how people who are responsible for cost are discharging their responsibilities.
1.1 STATEMENT OF PROBLEM
This project is set out to examine the problem of the existing small scale industries, a case study of Okin Biscuits Limited Offa, Kwara state.
Smalls scale industries have common problems nationwide, but some of the major one that is being faced by Okin biscuit limited Offa will be discuss in this research.
Problem of marketing their problem products is one of the problems facing the organization. Because there are some other industries with the same products but better marketing strategies are been put in placed.
Lack of capital and low sales is another problem that is facing the organization.
Another problem is inadequate trained manpower since one of the major aims of a privately owned industries is to maximize profit, they find it difficult to engage in sufficient and adequate trained personnel. They tend to manage the few at hand, hence there is insufficient technical advice as there are inadequate technical training facilities for staff and these could lead to poor quality products in some cases.
- OBJECTIVE OF THE STUDY
- To find out the production process of the industry
- To find out the problem facing the industry and how to remedy them.
- To find out the occupational importance of the industry in forms of employment provision.
- To find out the benefit of the industry in terms of their production.
1.3 SIGNIFICANT OF THE STUDY
- The study will go a long way to help small scale industries to improve their profitability.
- This study will help the management to know the causes of increase or decrease in profit making
- The study will also be of tremendous importance to small scale industries to know cost control and cost reduction techniques.
- The study will help to indicate source of was wastages either of time, materials or the usage of machineries.
1.4 SCOPE OF THE STUDY
The study will focus on cost control and cost reduction techniques that is being used by the management to improve the level of profit with particular reference to Okin biscuits limited, offa.