Abstract
This work was done to evaluate the Productivity and Cost Reduction Techniques in a Manufacturing Firm. As a case study, Cadbury Nigeria Plc. was used. The productivity of manufacturing firms is being evaluated by the researcher in terms of cost reduction strategies. Organizations encounter a wide range of difficulties. Some of these difficulties are unanticipated, while others are complicated problems that must be resolved at different points in the economic cycle. Whether the task is unexpected or expected, it will always have variables that call for original strategies for overcoming the difficulties.Businesses struggle to maintain healthy bottom lines and earnings in today’s competitive market. Each year, the price of production, gasoline, raw materials, and labor goes up. People are now searching for Cost Reduction Ideas & Methods as a result of these advancements. Others who chose targeted cost-cutting measures have survived, while those who were unable to do so have died. Making cost reduction programs a significant industrial priority is more crucial now than ever due to the recent economic downturn. Companies are having trouble keeping employees on board and are firing workers, which is unprecedented in the recent history of industrial decline. Companies must create their own cost-cutting plans if they want to save money without eliminating jobs.
The main goal of this study is to pinpoint efficiency and cost-cutting strategies for manufacturing companies. The investigation will also pinpoint elements that hinder inventory accuracy, which frequently leads to production shortfalls, expensive freight, and inventory modifications.
Inaccurate bills of materials, inaccurate cycle counts, unreported scrap, shipping, receiving, and production reporting errors are the main problems that reduce efficiency in a company.
Information on the topic was gathered through a thorough assessment of the literature by various experts and academics who have conducted related studies. The study used a survey research design as its methodology. There were three proposed hypothesis discrepancies.
From the pool of employees at Cadbury Nigeria Plc, a sample of fifty (50) respondents was randomly chosen, and they were given questionnaires from which data was gathered. In order to assess the three hypotheses, this data was analyzed. The data were presented in tables, the data were analyzed using basic percentages, and the hypotheses were tested using the chi-square method.
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