Analysis of business objective and their accomplishment through effective cost control(a case study of lake concrete industries limited, enugu state)

Project Abstract

This research project focuses on the analysis of business objectives and their accomplishment through effective cost control, using Lake Concrete Industries Limited in Enugu State as a case study. The study aims to provide insights into the relationship between cost control strategies and the achievement of business goals within the context of a specific company in the construction industry. The research methodology employed in this study includes a combination of qualitative and quantitative approaches. Data collection techniques such as interviews, surveys, and financial analysis will be used to gather relevant information on the cost control practices of Lake Concrete Industries Limited and their impact on the company's performance. The findings of this research are expected to contribute to the existing body of knowledge on cost control in the construction industry. By examining the specific case of Lake Concrete Industries Limited, the study will identify the key cost control measures implemented by the company and evaluate their effectiveness in achieving the company's business objectives. The significance of this study lies in its practical implications for businesses in the construction industry looking to improve their cost control practices. By understanding how a company like Lake Concrete Industries Limited has successfully used cost control to meet its business goals, other companies in the industry can learn valuable lessons and apply similar strategies to enhance their own performance. Overall, this research project seeks to shed light on the importance of effective cost control in achieving business objectives. By analyzing the case of Lake Concrete Industries Limited, the study will provide valuable insights into the strategies and practices that can help companies in the construction industry optimize their cost management processes and drive success in a competitive business environment.

Project Overview

<p> </p><p>INTRODUCTION</p><ol><li><strong>BACKGROUND OF THE STUDY</strong></li></ol><p>The pursuit of an objective and the accomplishment is the characterizes and every organization and this objective and accomplishment exist in dimensions. Every business organization whether sole trade (one man business) partnership, company or comporting therefore most have objectives and expected accomplishment. The primary objective of every business organization in a capitalist or mix-economy is to make profit, and meet their accomplishment.</p><p>Profit is described as the excess of total revenue over total cost during a specific period of time. For firms (Mostly competitive) to make profit, they most have control over the cost of their production and services.</p><p>In many business organizations some supervisors, always from and query why accountants usually scrutinize their expense and other cost they present for payments, when the money does not come from the accountants pockets. Accountants scrutinize claims, voucher etc in order to satisfy themselves that a particular item of cost is reasonably necessary and wholly for the operations of the enterprise. Just like any one of us as individuals, we try to satisfy all our necessary requirements without throwing ourselves into financial mess before the inflow of another income, the scammers why individual requirement applies to partners in partnership, companies etc when an accountant queries cost incurred in ones department or cost center, all he is trying to do is to ensure that reasonable cost are being incurred for the level of the enterprises’ performance.</p><p>The researcher believe that each one of us manages cost in our respective homes and by so doing we are exercising the function of a financial manager through at domestic levels. If one gives his wife a reasonable monthly allowance to run the home and two weeks later, she asks for more money because she has finished the amount given to her, certainly the husband would from at her for not controlling her spending habits. The common excuse house wives give is that things are expensive, but then a cost anxious husband before giving additional money would ask the wife whether she has tried alterative market or alterative food stuffs. In the some manner, Accountants Managers enterprise finds. While in the process they are not unnecessarily rigid but ensure that limited overall objectives of the organization are achieved.</p><p>Cost control can therefore be described as the prevention of within the existing environment in an organization. The main methods employed in controlling cost are budgetary control, cost reduction technique and value analysis. It is the intention of the project researcher to emphasize more on cost reduction. Although both budgetary control and cost reduction go hand in hand because it is difficult to demarcate where cost control? And budgetary control ends both terms are concerned with improving efficiency and increased profitability. However, it is pertinent to note that effective and reasonable cost reductions for present output serves as standard for future production.</p><p>The researcher has decided to use LAKE CONCRETE INDUSTRIES LIMITED ENUGU as a case study, the establishment has been operating at loss for over five (5) years now which means that the objective of setting up the business is been defected. The researcher would then find out whether cost were substantially responsible for the loss. This will entail the analysis of cost incurred in its products so as to find out the area of weakness and hen suggest ways at improvement for the purpose of internment of the enterprise objective and their accomplishment.</p><p><strong>1.2 &nbsp; &nbsp; &nbsp; STATEMENT OF THE PROBLEMS</strong></p><p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; This project study titled “analysis of business objectives and their accomplishment through effective cost control” intends to investigate the cause of the persistent loss in business operations of lake concrete industries limited.</p><p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; The company has been experiencing high rate of labour turnover, since it could not pay it workers regularly. There is also great number of debtors to the company and the situation has resulted to shortage of operating capital, so the researcher wants to find out the exact causes of the problems and patter suggestion to them.</p><p><strong>PURPOSE OF THE STUDY</strong></p><p>In simple and direct terms this research work has purpose / objectives which are as follows</p><p>(a) &nbsp; &nbsp; &nbsp; To have on in-depth study on business objective and their accomplishment through cost control</p><p>(b) To investigate the causes or under mining factors responsible for the persistent loss being encountered by lake concrete industry Ltd Enugu.</p><ol><li>&nbsp; &nbsp; The study aimed to emphasis through analysis the importance of effective cost control in lake concrete industry ltd and all other manufacturing industries.</li><li>To highlight how effective cost control can help lake concrete industry in resizing and accomplishing her set objective or goals.</li><li>The study also aimed at proposing some ways of enabling manufacturing industries, lake concrete industry invasive to attain and achieve their gods do as to be in the business.</li></ol> <br><p></p>