Author(s): Abheek Pramanick, Sumant Sharma and Anish Slath
Effective cost management is an essential foundation for achieving operational efficiency and financial success across industries, including the restaurant sector. The study analyzes the relationship between cost management practices and operational performance metrics, based on principles that are globally applicable to enterprises striving for sustainability and gaining a competitive edge. Utilizing a quantitative research design, data were collected through a structured questionnaire that captured key factors of cost management in restaurant operations, such as budgeting, inventory control, and waste reduction, alongside operational performance indicators like ingredient utilisation, profitability, and efficiency. The findings provide valuable insights for managers and policymakers worldwide, offering a framework to implement cost management strategies that enhance organizational performance in restaurants. The study demonstrates that cost management serves as a transformative, globally applicable instrument for adapting to the challenges of a dynamic and complex business environment.