Abstract
Cost Control: A Fundamental Tool towards Organisation Performance
Highlights
Background to the studyBefore the Industrial revolution in the 16th and 17th Century there was no need for cost control
The responses on this objective was as well positive as 98.4% of the respondents agreed that standard costing principles and techniques are being practiced in Mount Elgon Millers Limited which has enhanced their performance.84.4% of the respondents agreed that there are no arguments against standard costing in the organisation which makes its application sufficient. 95.3% of the respondents positively agreed that standard costing provides an avenue for the organisation to invest in profitable projects. 92.2% of the respondents agreed that standard costing increases the profitability of the organisation and the wealth base.95.4% of the respondents agreed that stock is being valued at standard cost in Mount Elgon Millers Limited an indicator of good inventory management practices to avoid wastage
The relationship between cost control and organisation performances was an area of study in this research. 90.6% of the respondents agreed that cost control application in Mount Elgon Millers Limited has increased its profitability. 79.7% of the respondents positively agreed that cost control provides an assurance of surplus revenue collection in the organisation. 67.2% of the respondents disagree on grounds that cost control measures has led to miss management of funds in the organizations since budgeting and standard costing which are parameters to cost control have a great influence on funds management. 92.2% had a positive perception that cost control measures have increased productivity in the company as a result of minimized costs
Summary
Background to the studyBefore the Industrial revolution in the 16th and 17th Century there was no need for cost control. In the building projects in Syria, cost control practices are low since 62.86% of the projects lack work break down structure (WBS) while determining the project budget, 62.86% of the projects do not use specialized programs to estimate and control costs, 55.71% do not apply resources’ change control and do not have reports of actual performance. This has led to increased organizational expenditure and lowered the performance levels, the need for proper cost control systems to minimize costs and promote performance [2]
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