Entrepreneurial Skills |
Compose Post | Website URL | Search Ad. | Post Advert |
![]() |
The Effect of Production Cost Control in Manufacturing IndustryProject / Seminar Material Reference ID: PS-13-TM |
This research work titled "The Effect of Production Cost Control in Manufacturing Industry (A Case Study of PZ Cussons Nigeria Limited)" is dedicated to God for his enabling grace and to all computer enthusiasts who help to make life a pleasant experience.
i
I owe my indebtedness to my Supervisor (Name of your Supervisor), the Head of Department (Name of your HOD), the Lecturers in the department of Accountancy / Accounting, Book Authors and Profound Scholars of existing/related research work for your moral support that facilitated the successful completion of my (Tertiary Institution level). I am grateful to God Almighty and my parent for their financial support in my career. I really appreciate you all for everything, Thank you very much.
ii
References
Appendix(ices)
iii
In the world today, the main motive or objective of all business organization among other aims must be to make profit. But profit can only exist under one condition. The condition being that income from the business activity or activities must exceed the expenditures. This is to say on the true view that there must be excess of revenue over cost and expenditure. Often times, profit can only be obtained when there is increase in selling price of a product or reduction in the production cost. Since excessive price increase in dreaded by public, it becomes very vital to achieve the business objective through an efficient and effective production cost control on each of the forms product. Based on the ground, the necessity of production cost control has brought this research which was undertaken to give actual background on his control measure the need to control cost, the effect of uncontrolled cost, and also in order to achieve this aim in a manufacturing organization employing PZ Cussons limited, Nigeria. By the study, one can come to an inevitable conclusion that cost can be controlled in material, labour and overhead in a firm and also uncontrolled production cost too can lead to skyrocketing price of goods or product of the firm and even their services as the case may be, which affect the growth of the firm, and the operating expense as well.
iv
It is paramount that the feature of every organization is the pursuit of a goal or objective and this target exists in different dimensions, but it is evident that every manufacturing organization whether sole proprietorship, partnership, corporations among others must have an objective and the primary objective of those organization is to maximize profit. Any other objective such as social services is purely secondary and generally dependent on profit. It must have control over the cost of production and services.
Manufacturing is the transformation of raw materials into finished goods through the use of labor and factory facilities. It is clear from this point of view that currently, the prices of materials are so exorbitant to the extent that manufacturing companies are in a serious profit squeeze. They are struggling to maintain satisfactory earnings in a situation where costs are rising but some industrialist contend that profit increase are becoming more difficult to obtain even at lest proportionate degree to cost foreign and domestic companies as well as government efforts to prevent further inflation put serious restraints on additional increase in a profit.
In addition to these the government (both state and federal levels} stabilization measure aimed at restructuring and improving the economy and their attendant cost effect. Some of these measures like the second tier foreign exchange market (SFEM) and structural adjustment programme have had the effect of not causing increasing price due to cost of input but have gone further to multiply in built imported inflation by incremental exchange ratio of the naira the convertible currencies use In importation. These governmental structural re-adjustment have contributed to a great extend in rendering most profit seeking long range plans of companies in effective.
Thus, most of these companies are compellent by the prevailing economic circumstances to be more interested in research and development for the expansion of profit margin of the already existing products.
This role as well helps them to event diversification, thus , this quest for increase profit margin the high of the near fixed nature of revenue implies that the achievement of some depends of product management of cost.
So to maintain the level of earning or to increase earning, following these situations, many companies taking drastic measure to control , if not reduce cost,do away with waste and increase productivity at all ebbs. The industrial revolution which brought about improvement and technological technics do help to control and reduce cost but are in most cases not adequate.
The purpose of this research work is examine the various cost control measures being used in manufacturing companies like PZ Cussons Nigeria Limited as a case study, the consequences of these reasons and to propose courses where and if necessary. The choice ids because PZ Cussons Nigeria Limited is involved in the manufacturing of a product faced with the indiscriminative rise in price of their products which is attribute to the cost of production.
This project which has its title as the effect of production cost control as a case study of PZ Cussons Nigeria Limited. PZ Cussons was founded in 1879, as a trading post in Sierra Leone by George Paterson and George Zochonis as Paterson Zochonis. The British owned company expanded its operations into nearby Nigeria before the end of the 19th Century. PZ Cussons Nigeria Limited is a major manufacturer of personal healthcare products and consumer goods. It operates worldwide, especially in Africa and commonwealth nations. Their products include imperial leather soaps, Shampoo, Gels, Milk, Olive oil, detergents, healthcare products, cosmetic products, Venus range of hair care products etc.
This topic The effect of production cost control is to find out (If there is any) effect of production cost control in the PZ Cussons Nigeria Limited. Based on this ground, the necessity of production cost control has brought about this research which was undertaken to give actual background on his control of cost also in order to achieve this aim in a manufacturing organization employing PZ Cussons Nigeria Limited. One can come to an inevitable conclusion that cost can be controlled in material, labour and overhead in a firm and also uncontrolled production cost too can lead to skyrocketing price in goods or products of the firm and even their services which affect the growth of the firm and operating expenses as well.
PZ Cussons Nigeria Limited is facing a lot of problem in their manufacturing industry. But here, I will mention few important problems that are falling on them that need to be looked into before it causes either break down of the company or mark the end of the company. The main problems are stated below:
The sole objectives of this study are:
The study of production cost control can be done using the formulated hypothesis below:
Ho: Production cost has no significant impact of the price of a product.
Hi: Production cost has a significant impact on the price of a product.
Ho - Uncontrolled production cost does not affect the growth of the organization.
Hi - Production cost affects the growth of the organization.
Ho - Uncontrolled production cost does not increase the operating expenses of the firm.
Hi - Uncontrolled production cost increases the operating expenses of the firm.
It is a fact that production cost constitutes the major proportion of operating cost is manufacturing organization. Therefore, for such manufacturing company to survive, grow and pay its shareholders by making reasonable profit, the effective and efficient control of such a cost by management become very vital.
The significance of studying the effect of production cost control in PZ Cussons Nigeria Limited is that the result will help other manufacturing companies to identify the exact problems affecting their production cost control. For students who would wish to research further on this topic, it will give them a due on what goes in the industry prepare their minds on some hardships to be encountered and also limit their research.
Although there are many manufacturing companies in existence in the country, but because it is not all possible for the researcher to cover and coupled with time and financial factors constraints.
This present study is designed to cover only one manufacturing company PZ Cussons Nigeria Limited. It is believed that what is detained in PZ Cussons Nigeria Limited will be applicable to other Manufacturing Companies.
The researcher, while trying to obtain information from respondents encountered certain drawbacks which hindered data collection. The reluctance of some officials to grant audience during the course of this study was a stumbling block in the way of a key officer to release all the information that required figures, which he took to be sensitively secret and confidential, posed a serious limitation to the study.
Cost Centre: A cost Centre is defined as a location, person, or item of equipment in respect of which cost may be ascertained or related to cost unit
Cost: The amount of expenditure (actual or notional) incurred on or attributed to specified thing or activity.
Cost Units: A quantitative unit of product or service in relation to which cost is re-ascertained.
Control: Control is the monitoring of activities to see that organizational goal and objective are achieved as planned. It is a measurement of the set out goal of a firm to achieve an aim or objective.
Manufacturing Organization: It is defined as the industry that turns primary product into finished goods.
Manufacturing: Manufacturing is the transformation of materials into finished goods through the use of labor and factory facilities.
Budgetary Control: This is the establishment of department budget relating the responsibilities of executives to the requirement of a policy and the continuous either to secure by individual action the objectives of the policy or to provide a firm basis for its revision.
Production: Is a process of combining various material inputs and material inputs (plans, know how) in order to make something for consumption.
Production Cost: This is cost incurred by a business when manufacturing a good or producing a service. Production costs combine raw material and labor. To figure out the costs of production per unit, the cost of production is divided by the number of units produced.
Product: This is anything that can be offered to a market that might satisfy a want or need. In manufacturing products are bought as raw materials and sold as finished goods.
This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the …
The Effect of Production Cost Control in Manufacturing Industry (A Case Study of PZ Cussons Nigeria Limited) Complete Material can be acquired by placing an order for the material which will be sent in Microsoft Word (MS-Word) Format and the cost of acquisition is ₦3,000.
For Mobile Money (MoMo) and Researchers Outside Nigeria, Kindly Request Complete Material via WhatsApp.
Request Complete Material
![]() | Click here to request the Complete Material via WhatsApp including;
|
Account Details - For USSD / POS Transfer
![]() |
Account Name: Sparklyn Services Account No: 1222599051 Account Type: Current Bank Name: Zenith Bank PLC |
After transaction, kindly inform Us with the contact details above.
Sparklyn Services, duly registered with the Corporate Affairs Commission (CAC) under the Federal Law with RC: 2994849 operates on Secure Sockets Layer (SSL), therefore all transactions on this site is secured and safe!
The Effect of Production Cost Control in Manufacturing Industry is a proposal topic for final year research work, which comprises the major and elective project proposal writing sections for The Effect of Production Cost Control in Manufacturing Industry (A Case Study of PZ Cussons Nigeria Limited) research work.
Motivation for Embarking on the Project
Brief Background of Study
Statement of Problems
Aim of the Study
Specific Objectives of the Study
Significance of the Study (Who benefits from the project and how?)
Relevant Research Questions
Relevant Research Hypotheses
Know your Project / Seminar Work (The Effect of Production Cost Control in Manufacturing Industry): Here are the key point to study if your work is cumbersome or not.
CHAPTER ONE
CHAPTER TWO
CHAPTER THREE
CHAPTER FOUR
CHAPTER FIVE
Dress Code: Your dress code should be cooperate wear for example; putting on suit and tie during project defense gives you an automatic mark without a word.
External Examiner / Supervisor Questioning & Student Answering: Questions will come from the research work, any difficult or unknown question, kindly say "Sorry Sir/Madam, the question is not within my scope of study".