The broad objective of this study was to evaluate costs reduction techniques in achieving profitability in an inflated economy with a special focus on Nigeria. This is imperative because firms are in business to make profit and achieve this by producing and selling some commodities. Essentially, every activities whether productive or not consumes resources. The scarcity of these productive resources made it imperative that there should be efficient use of these resources. In order to achieve the broad objective of the study, two hypotheses were raised for validation. The data for the analysis of the model were collected by the researcher through a self structure designed questionnaire. Correlation analysis technique was adopted for the analysis and the result of the estimation was facilitated using the statistical package for social and management sciences (SPSS). The result established that the effectiveness of cost reduction techniques used by small scale enterprises has a significant positive effect on cost reduction for the firms.The study also established that cost control measures of the firms have a significant positive impact on their profit level. Among others the study recommends that organizations should eliminate all the poor cost controls in place to let the organization achieve its goal for which is formed.
Keywords: Cost, Reduction, Techniques, Profitability, Evaluation
TABLE OF CONTENTS
CHAPTER ONE – INTRODUCTION
1.1 Background of the Study
1.2 Statement of the Problem
1.3 Objectives of the Study
1.4 Research Questions
1.5 Research Hypothesis
1.6 Scope of the Study
1.7 Justification of the Study
1.8 Operational Definition of Terms
CHAPTER TWO – LITERATURE REVIEW
2.1 Conceptual Review
2.1.1 The Concept of Costs and Costs Controls
2.1.2 Standard costing techniques
2.1.3 Profitability
2.1.4 Relationship between Cost Controls and Profitability.
2.1.5 Other factors affecting cost controls and profitability
2.2 Theoretical Review
2.2.1 Cost of Quality and QC Models
2.2.2 The PAF model
2.3 Empirical Review
CHAPTER THREE – RESEARCH METHODOLOGY
3.0 Introduction
3.1 Research Design
3.2 Study Population
3.3 Sample Size and Technique
3.4 Research Instruments
3.5 Data Analysis Method
3.6 Statistics of Methodology
CHAPTER FOUR-PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA
4.1 Introduction
4.2 Presentation of Result
4.3 Analysis of Result
4.3 Test of Hypotheses
4.4 Discussion of Findings
CHAPTER FIVE – SUMMARY, CONCLUSION, AND RECOMMENDATIONS
5.1 Summary
5.2 Conclusion
5.3 Recommendations
5.4 Suggestions for Further Studies
REFERENCES
APPENDIX
