IMPACT OF VALUE MANAGEMENT IN ENHANCING WORKERS’ PRODUCTIVITY OF SELECTED MANUFACTURING FIRMS IN SOUTH EAST, NIGERIA

Abstract

Many enterprises suffer low productivity because of poor management that lead to huge overhead cost and the resultant inability to take on new projects or products. This phenomenon has continued to send organizations to early liquidation. Without good cost and quality management organizations face the risk that operating expenses may exceed revenues such that they are unable to survive on the long-run and ultimately may be faced with failure.  The study focused on impact of value management in enhancing workers productivity of selected pharmaceutical firms in South East Nigeria. The specific objectives were to: Examine the impact of quality management on output of selected manufacturing firms in South East, Nigeria and evaluate the impact of cost management on the waste reduction of selected manufacturing. The total population for the study was seven thousand, one hundred and twenty two (7,122). The study used the survey approach. The primary source of data was the administration of questionnaire to the management and staff of the pharmaceutical firms in South East, Nigeria.   Out of a population of 7,122 staff, the sample size of 375 was chosen after applying the Freund and William’s formula for the determination of adequate sample size. Out of staff sample, 365 staff returned the questionnaire and accurately filled. Data was presented and analyzed by mean score (3.0 and above agreed while below 3.0 disagreed) and standard deviation using Sprint Likert Scale. The hypotheses were tested using tested descriptive statistics and Chi-Square, with the aid of Special Package for Statistical Software (SPSS). The result of the analysis indicated that quality management significantly impacts on the output and cost management significantly impacted on the waste reduction of selected manufacturing firms in South East, Nigeria. The study concluded that value management has a significant impact on enhancing productivity of selected manufacturing firms in South East, Nigeria. It was recommended among others that manufacturing firms should seek to gain and maintain competitive edge and articulate improvement programs, primarily through conformance to specifications and by defining quality in terms of value for price paid.