Techniques Of Cost Control And Cost Reduction Pdf
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- Effect of Cost Control and Cost Reduction Techniques in Organizational Performance
- Cost Accounting - Cost Reduction
- The seven principles of effective cost management
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Effect of Cost Control and Cost Reduction Techniques in Organizational Performance
Your hot product once flew off the shelves, and your sales revenue was the envy of the competition. Now things have calmed down and you're looking for ways to improve profitability. Reducing the cost of manufacturing puts more of the sales dollar directly on your bottom line, while new sales trickle down a portion to earnings. Cost control complements sales and keeps your manufacturing business healthy. Analyze your company's performance, and you will find that your business costs fall into three categories: materials and labor also called cost of goods sold , and overhead. Each of these categories has its own opportunity for cost control, and the impact of changes in one area must be considered on the other two. Reducing your sales force may save costs in overhead, for example, though if that reduces product sales, then your material and labor levels are thrown out of balance.
Cost Accounting - Cost Reduction
Lawal Babatunde Akeem Ph. In any organization, the major objective is to maximize profit, but the main constraints facing them are the rise in cost of operation. Due to this, the cost of production increases and could lead to certain cost control and cost reduction which make it complex for many organizations to operate as well organized cost limit of knowledge. The study aims to critically examine and evaluate the application of cost control and cost reduction in organizational performance and also to review the budget as an effective tool of cost control and cost reduction. A descriptive survey research was adopted. A total number of 50 questionnaires were administered and used for the study. The analysis of data collected was undertaken by applying appropriate statistical tools.
These limits are usually stated as standard cost or target cost limits in a formal operation plan or budget. Cost control is the process of avoiding. Page 2. Effect of.
The seven principles of effective cost management
Cost control is simply the prevention of waste within the existing environment. This environment is made up of agreed operating methods for which standards have been developed. Business firms aim at producing the product at the minimum cost. It is necessary in order to achieve the goal of profit maximisation. The success of financial management is judged by the action of the business executives in controlling the cost.
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