Description
ABSTRACT
This research work investigated with a particular reference to unilever Nigeria plc, the existing an Assessment of cost reduction tools in operation. Their effectiveness as veritable cost reduction tools and above all, how much or less they have contributed to reduction of cost operation/production of the company. In carrying out a case study, three modes of gathering information were used which includes, questionnaire, personal discussions and interview and observations in the firm the data which were collected through questionnaire administered, were analyzed with the use of simple percentage method.
However, the study revealed that the company adopted and used the following cost reduction tools among others, staff training (to enhance efficiency and skill), good inventory management through economic order quantity (EOQ) model, maintenance of low labour turnover rate, strict supervision of activities, responsibility accounting system, turn around strategy, and periodic preparation of cost analysis and investigation of material variances. These strategies have not been without problems. It was found that staff members who have been denied some welfare facilities and fringe benefits as a result of cost reduction tools in vogue have developed a like ward altitude of work and a declining moral for productivity.
Based on these findings, it was concluded that these tools wopted by Unilever Nig. Plc are suitable for modern day operation/productions for a manufacturing company of its caliba. Also these tools have equally led to a significant difference in materials costs of the integration strategies, reviews of contract, establishment of a separate purchasing department and approving of overtime allowances for workers on essential duties are areas to be looked into within a view to enhancing preference of the workers areas recommended to be seriously encouraged including the accounting system in operation.
TABLE OF CONTENTS
Title page
Approval page
Dedication
Acknowledgement
Abstract
Table of contents
Chapter One
Introduction
1.1 Background of the study
1.2 Statement of the problem
1.3 Objectives of the study
1.4 Research questions
1.5 Hypothesis
1.6 Significance of the study
1.7 Scope of the study
1.8 Definition of terms
Chapter two
Review of related literature
2.0 Introduction
2.1 The concept of cost
2.2 The concept of cost reduction
2.3 The need for sot reduction tools
2.4 Steps in cost reduction
2.5 Implementation of cost reduction tools
2.6 Review of important of cost reduction tools
2.7 Value analysis
2.8 Value engineering
2.9 variety reduction
2.10 Work study
2.11 Causes of unnecessary cost
2.12 Purchasing and value analysis
2.13 Management support
Chapter three
Research methodology
3.0 Introduction
3.1 Research design
3.2 Questionnaire design
3.3 Population/sample selection
3.4 Sources of data
3.5 Primary source
3.6 Secondary source
3.7 Data collection techniques
3.8 Observation
3.9 Method of data analysis
Chapter Four
Data presentation and analysis
4.1 Data presentation
4.2 Analysis of data
4.3 Testing of hypothesis
4.4 Decision rules
4.5 Discussions on major findings of the study
Chapter Five
Summary, conclusion and recommendation
5.1 Summary
5.2 Conclusion
5.3 Recommendation
Bibliography
Appendix