Implementing Cost Management In Developing A Retail Franchising Chain Project

Health plays a vital role in the prosperity of a person and the economy.In developing countries,the pharmaceutical market has a significant influence on the healthcare system of the country.A retail pharmacy organization aspires to contribute in making medicinal products geographically and financially more accessible to the masses.The company wants to maximize its opportunities,as there are threats that pressure them from maintaining the business(e.g.more competitors).The conducted research utilized cost management,with the use of ABC method,for the business plan of the company to enter the franchising sector.The study used a case study approach,so that it can be tailor-suited to the needs of the organization.With this research,the researcher was able to lay out a detailed estimated and budgeted costing of each resource and show each activity to be used and conducted.This research gave importance in applying cost management throughout the whole process of the project,so that the company and other businesses,with the desire for a similar project,would be able to have a foresight,control their costs,and prevent themselves from having financial burden for their future development.This research further emphasizes the importance of cost management operations in other fields aside from construction and manufacturing;and in other kinds of businesses,small and medium,aside from large companies.