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Need For The Application Of Value Analysis And Value Engineering In Cost Reduction
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1.5 RESEARCH QUESTIONS
To achieve the objective of the study, the following research questions are necessary notable among them are:
1. Is value analysis an effective technique in respect to cost reduction programme.
2. Does value analysis lead to a drastic cost reduction in products and services in industries.
3. Does purchasing play a major role in value analysis programme.
4. Are those involved in product design, have enough time to critically examine possible alternatives materials and processes.
1.6 HYPOTHESIS
Based on the research questions above, the following hypothesis are formulated to be tested.
1. H0: Value analysis is not an effective technique in respect to cost reduction programme.
HI: Value analysis has been known as an effective technique in respect to cost reduction programme.
2. H0: Not every firm requires the application of value analysis.
HI: Every firm requires the application of value analysis.
1.7 SCOPE OF THE STUDY
This
study is supposed to cover notable bottling industries, but as a result
of the researcher being a student and due to time constraint this
research work will be focusing on the very departments in “Nigerian
Bottling Company Owerri†that will make impact on the subject matter and
these department are as follows: Purchasing, production, Quality and
Control, Accounting, Design and Engineering Departments.
1.8 LIMITATION OF THE STUDY
The research is handicapped by a number of factors notable among them are:
a. Time factor
b. Finance
c. Insufficient literature materials
d. Poor response
a.
Time: Time factor was one of the limiting factors that affected this
project work, that is to say, the time within which to complete this
work is relatively short and does not allow for a detailed investigation
of the facts needed by the researcher.
b. Finance: In a project like
this, there are bound to be some hindrances and obstacles posing a
threat to the progress of the project. As we all know, money is not easy
to come by as the researcher has to limit herself to the available
financial resources and has to structurally adjust the project.
c.
Insufficient Literature Materials: The greatest hindrance of this
project work is the invariability of insufficient literature material
for this work to be effectively carried out by the researcher.
d.
Poor Response: The response of people during interview was very poor and
there were some questions asked and their response could be that they
were incompetent to speak on such issues or they would tell you that it
is confidential as a result of this information was not let out easily.
There
was also the risk of running up and down to collect the necessary data
for the project, as they could not be collected once.
Also the
condition under which we are subjected to study is very poor and the
researcher had to attend her lectures, do her assignment together with
carrying out this project work. This did not affect the design of the
project itself, rather, some of the figures and facts inside are
accurate account based on the best of my knowledge.
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ABSRACT - [ Total Page(s): 1 ]This project work was chosen in order to determine the need for the application of value analysis and value Engineering in cost reduction. It will x-ray the gains, benefits and contributions of value analysis and value Engineering in Bottling industries with special reference to Nigerian Bottling Company Owerri. The topic in question will reveal the methods by which value analysis and value engineering techniques can be applied as well as the contribution of other functional departments in the a ... Continue reading---
