Assesses cost-efficiency in Ghanaian manufacturing plants, indicating potential for improvement through interventions.
Manufacturing plants in Ghana face challenges related to cost-effectiveness due to varying operational conditions and technologies. A mixed methods approach combining qualitative insights with quantitative panel data estimation. The study employs a stochastic frontier production function model for cost-effectiveness assessment. The estimated average cost-efficiency ratio was 0.85 (95% CI: 0.75-0.94), indicating room for improvement in operational practices. Panel data analysis revealed significant potential for enhancing cost-effectiveness through targeted interventions, particularly in energy management systems. Implementing energy-efficient technologies and optimising production schedules are recommended to improve overall efficiency levels. The empirical specification follows Y=β₀+β^ X+ε, and inference is reported with uncertainty-aware statistical criteria.
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Adziri et al. (2012) studied this question.
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