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The Use Of Standard Costing In Management Decision Of An Organization
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1.4 JUSTIFICATION OF THE STUDY.
The research work is undertaken in an attempt to identify the major contribution of standard costing as an aid to management decision making. The findings and suggestions of the write up will attempt to find a lasting solution to problems facing industries and those who are already engaged in business. It will hopefully go a long way in enabling industries to improve in their effort toward making Nigeria an industrialized area and development economics management of the country.
1.5 SCOPE OF THE STUDY
Most people don’t know the benefit accruing from the activities of companies which may be due to ignorance as to what services are afford by management. It does appeal to us to carry the coronaries through reasonable recommendations that will improve on the performance of companies. Therefore the purpose of this research work shall restrict the study to the concept of standard costing . Importance and limitation of managerial decision
1.6 LIMITATION OF THE STUDY.
There are always two sides of a coin: the head and the tail. Therefore there is no undertaking without a set back. In the case if this research work, the researcher encountered some problems, the critical problem encountered which may infringe the successful conduct of this research work of his magnitude demand much time and effort on the part of the subject matter of the study in order to come up with a viable and acceptable exposition.
Another problem has to do with the non-challant attitude of the people towards the questionnaire distributed. The attitude in their port could be helping matters despite the promise by the researcher that the information provides will surely be used for academics purpose and not for other things, this much information provided could be obtained.
1.7 DEFINITION OF RELATED TERMS
It ensures that the readers understand the different terms in the work.
a. Company – a legal entity.
b. Capital – money used to start business.
c. Production process of utilization into goods and services.
d. Prospects: - wealth.
e. Cost : Estimated amount
f. Standard : measure management : set of body that piay for the company.
1.8 PLAN OF THE STUDY.
The study is divided into five chapters. Chapter one which consist of the introduction, background of the study, statement of the researcher problem aim and objectives of the study, Justification of the study, scope of the study, limitation, definition or related terms and plans of the study.
Chapter two contain literature review, management pyramid elements standard and costing sheet, variances analysis, importance and limitation of standard costing, costing techniques cost centre and unit, method of costing and significance of costing to managerial personnel
Chapter three, discount the research methodology, source of data, sample method, size and questionnaire design.
Chapter four expatiated more on data presentation analysis and findings of research while chapter five talks about the summary, conclusion and recommendations.
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