Cost Control and Reduction Techniques in a Public Sector (A Case Study of Kwara State Property Development Cooperation)

TABLE OF CONTENT

Title Page                                                                                              i

Certification                                                                                           ii

Dedication                                                                                             iii

Acknowledgement                                                                                 iv

Table of Content                                                                                    v

CHAPTER ONE: INTRODUCTION

1.1           Background of the Study                                                             1

1.2           Statement of the Problem                                                            3

1.3           Objective of the Study                                                                 3

1.4           Significance of the Study                                                             4

1.5           Research Question                                                                       5

1.6           Scope of the Study                                                                       6

1.7           Organization and Plan of the Study                                             6

1.8           Definition of the Key Terms                                                        7

CHAPTER TWO: LITERATURE REVIEW

2.1           Cost Control Techniques                                                             9

2.2           Cost reduction Techniques                                                          14

2.3           Effective Cost Control                                                                 16

2.4           Value Analysis and Engineering                                                  17

2.5           Appraisal of Literature Review                                                    18

CHAPTER THREE:

RESEARCH METHODOLOGY AND DATA ANALYSIS PROCEDURE                                                                                      20

3.1           Population and Sample Size                                                         28

3.2           Sampling Techniques                                                                  29

3.3           Method of Data Analysis                                                             29

3.4           Limitation of the Study                                                                30

CHAPTER FOUR:

DATA PRESENTATION AND DATA ANALYSIS                         31

4.1           Data Presentation                                                                         32

4.2           Data Analysis                                                                              33

4.3           Findings                                                                                      38

CHAPTER FIVE:

SUMMARY CONCLUSION AND RECOMMENDATION            40

5.1           Summary                                                                                     40

5.2           Conclusion                                                                                  42

5.3           Recommendation                                                                         43

Reference

CHAPTER ONE

1.1           BACKGROUND TO THE STUDY

One of the means of measuring the performance of an organization management is its efficiency. Efficiency relates to the optimum utilization of inputs to derive the best achievable output. An efficient manager executes his responsibilities with the last resources and maximum output to accomplish the organizational goals.

An important goal at a profit oriented organization is to operate at a profit. However, if now effort to generate maximum revenue is not cost efficient, it will only be more difficult to achieve the goal. As strategies are employed to maximum returns on one hand, it is of equal importance for the management to institute conscious and methodical programmes that would assist in controlling and reducing the resources input in order the revenue will not be totally consumed by astronomical expenses.

We thus discussed the two techniques that could assist management to maximize cost namely: Cost Control and reduction techniques for the purpose of this study. We shall call them Cost Management techniques (CMS). We viewed Cost Control to be an application of costing to enable management to compare the actual cost with planned cost and to take any necessary corrective action before it is too late. Before any control can be affected, the standard or target of performance must be set against with actual cost can be measured through this method inefficiency will be revealed.