COST MANAGEMENT IN BUSINESS ORGANIZATIONS IN NIGERIA (A CASE STUDY OF REFLEX NIG LTD WARRI)

The topic “Cost Management in Business Organizations in Nigeria (A Case Study of Reflex Nig Ltd, Warri)” was conducted to look properly into the contribution of cost management in business organizations. The major aim of this study is to provide significant ways in which the amount of business failure can be reduced and also provide foresight in business activities. Another major aim of this study is to x-ray the relevance of cost management in business organizations. The method of data collection adopted for the purpose of this research is the secondary sources of data and data collection include the Questionnaire, Direct Interview, Observation and Inspection. The method of data analysis implies how collected data are analyzed. Data collected are placed in appropriate categories. Response to the key questions are tabulated and simple percentage are used to analyze them. The hypothesis were tested using Chi-Square. The findings of this research is that managements are interested in collating their operational performance problem. Another finding is that cost minimization action is being carried out through effective stock keeping and use of current cost which lead to the following recommendation. Industries should adopt retrenchments so as to reduce cost, and should be consistent in applying government policies which eliminate the trial and error approach.