Evaluating the relevance (importance) of strategy in controlling business operation costs

E. A. Gyasi, Christen Chung

Research output: Contribution to journalArticle

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Abstract

Operations and project cost overrun is one of the many challenges faced by businesses in this current global market. The effects of cost overrun are numerous ranging from loss of profit, threat to business competitiveness and survival and many others. Therefore, the need a strategy that incorporates cost control cannot be over emphasized. This article discusses the different cost control techniques that can be employed when drawing a business strategy. Expert judgements from professionals in the oil and gas industry was gathered using a semi structured interview technique for the purposes of analysis for this structure. The findings revealed that one cost control method cannot be used to manage project cost overrun and hence integration of several cost control techniques relevant to a business is the way forward.
Original languageEnglish
Pages (from-to)66716-66719
Number of pages4
Journalinternational journal of current research
Volume10
Issue number03
Early online date19 Mar 2018
Publication statusPublished - 31 Mar 2018

Bibliographical note

Copyright © 2018, Dr. GYASI, Evans Akwasi and CHUNG, Kristen Ka Yee
License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Copyright © and Moral Rights are retained by the author(s) and/ or other copyright owners. A copy can be downloaded for personal non-commercial research or study, without prior permission or charge. This item cannot be reproduced or quoted extensively from without first obtaining permission in writing from the copyright holder(s). The content must not be changed in any way or sold commercially in any format or medium without the formal permission of the copyright holders.

Keywords

  • Cost control
  • Total cost management
  • Cost reduction analysis
  • Cost avoidance and target costing

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