Relative Importance of Predictor Variable In Discriminating Cost Management Practices Among MSME's In Coimbatore District

Journal Name: 
Journal of Banking, Information Technology & Management
Vol. 13 - No. 2
Author Name Designation Organization
C. Samuel Joseph
Hanson Joy Samuel

Cost is universal and most highly visible performance metric for indicating project success, which are always prioritized by top management and control professionals. Cost management should be regarded as a process requiring the integration of separate discipline and involvement of the internal and external experts. Effective cost management requires the implementation of methodologies and steps that are repeatable and can be integrated with organization goals. For MSMEs to compete effectively in the global market, the cost of a product should be reduced by increasing productivity, by reducing manufacturing costs at the shop floor. The need is to see the cost management practices employed and the efficacies of such practices, which will enhance the opportunity to improve the decision-making process of the MSMEs. This paper infers the relative importance of variables in discriminating MSME's using Canonical Discriminant analysis to arrive at the inferences, scope for future research are also discussed.