COST MINIMIZEATION STRATEGIES IN MANUFACTURING COMPANIES. (A CASE STUDY OF LEVER BROTHER NIGERIA PLC)

ABSTRACT

This research work investigated with particular reference to lever Brother Nigeria Plc the existing cost minimization strategies in operation, their effectiveness as veritable cost minimization strategies; and above all, how much or less they have contributed to minimization of the cost of production of the company. They study revealed that the company adopted and used the following cost minimization strategies among others; staff training, good inventory management through economic order quality model; maintenance of low labour turnover rate; strict supervision of activities; responsibility accounting system, turnaround strategy and periodic preparation of cost analysis and investigation of material variance. The 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 to the cost minimization strategies in vogue gave developed a lukewarm attitude to work and a declining moral for productivity.

Base on these findings, it is concluded that these strategies adopted by lever Brother Nigeria Plc are suitable for modern day productions for a manufacturing company of its caliber. Also, these strategies have equally led to a significant difference in materials, labour and overheads cost of the company.

Finally, it is recommended that backward integration strategies, review of contract establishment of a separate purchasing department and approving of overtime allowance for workers on essential duties are areas to be looked into with a view to enhancing performance of the workers and improved work ability of the strategies in vogue. Other areas recommended to be seriously encouraged include, the accounting system in operation and the budgetary control and standard costing techniques in practice.

TABLE OF CONTENTS

TITLE PAGE i

APPROVAL PAGE ii

DEDICATION iii

ACKNOWLEDGMENT iv

ABSTRACT v

TABLE OF CONTENTS vi

CHAPTER ONE

1.0 GENERAL INTRODUCTION

1.1 Purpose of the Study

1.2 Significance of the Study

1.3 Scope of the Study

1.4 Limitation of the Study

1.5 Definition of Terms

CHAPTER TWO

2.0 Definition of cost Minimization Strategies

2.1 Functions and Concept of cost Minimization Strategies

2.2 Way of Regulation the Activities.

CHAPTER THREE

3.0 Summary of Findings, Conclusion and Recommendation.

3.1 Findings

3.2 Conclusion

3.3 Recommendation.

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APA

T0gOSTL5c0005cdc49c47.77861884, Q. (2018). COST MINIMIZEATION STRATEGIES IN MANUFACTURING COMPANIES. (A CASE STUDY OF LEVER BROTHER NIGERIA PLC). Afribary. Retrieved from https://beta.afribary.com/works/cost-minimizeation-strategies-in-manufacturing-companies-a-case-study-of-lever-brother-nigeria-plc-8926

MLA 8th

T0gOSTL5c0005cdc49c47.77861884, QQXlA1z5c0005cdbe9d75.44641593 "COST MINIMIZEATION STRATEGIES IN MANUFACTURING COMPANIES. (A CASE STUDY OF LEVER BROTHER NIGERIA PLC)" Afribary. Afribary, 29 Jan. 2018, https://beta.afribary.com/works/cost-minimizeation-strategies-in-manufacturing-companies-a-case-study-of-lever-brother-nigeria-plc-8926. Accessed 24 Apr. 2025.

MLA7

T0gOSTL5c0005cdc49c47.77861884, QQXlA1z5c0005cdbe9d75.44641593 . "COST MINIMIZEATION STRATEGIES IN MANUFACTURING COMPANIES. (A CASE STUDY OF LEVER BROTHER NIGERIA PLC)". Afribary, Afribary, 29 Jan. 2018. Web. 24 Apr. 2025. < https://beta.afribary.com/works/cost-minimizeation-strategies-in-manufacturing-companies-a-case-study-of-lever-brother-nigeria-plc-8926 >.

Chicago

T0gOSTL5c0005cdc49c47.77861884, QQXlA1z5c0005cdbe9d75.44641593 . "COST MINIMIZEATION STRATEGIES IN MANUFACTURING COMPANIES. (A CASE STUDY OF LEVER BROTHER NIGERIA PLC)" Afribary (2018). Accessed April 24, 2025. https://beta.afribary.com/works/cost-minimizeation-strategies-in-manufacturing-companies-a-case-study-of-lever-brother-nigeria-plc-8926

COST MINIMIZEATION STRATEGIES IN MANUFACTURING COMPANIES. (A CASE STUDY OF LEVER BROTHER NIGERIA PLC)

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