The Impact Of Cost Control On Manufacturing Industries

The Impact Of Cost Control On Manufacturing Industries

CONCEPT OF COST CONTROL

The importance of cost control measure to business organizations cannot be over emphasized. The ultimate goal of an establishment is survival, which borders an selling and cost price. But selling price is affected by external forces, which are beyond the control of management. [Read more…]

Cost Control – A Means to Achieving Business Objective

Cost Control – A Means to Achieving Business Objective

Cost Control – One common definition of business states that a business is an organization dedicated to the god of profit maximization or producing the largest possible profit for its owners (Solomon 1978). This definition appears to be too narrow or restrictive in the sense that profit maximization id taken as the only god of the business. By implication, any venture that is operated without the intent to maximize with not quality to be a business. [Read more…]

Production Cost Control in Manufacturing Organization

Production Cost Control in Manufacturing Organization

PRODUCTION COST CONTROL DEFINITION – Production is the combination of man and material in an efficient manner with the aim of generating product.  In its broad since it is the concentration of man, material and machinery to produce goods.Production process can take the form of the following: [Read more…]