Introduction The Hunan jinlong manganese industry is one of the largest companies in China dealing with the production of manganese metals and ferroalloy products. The company is essentially supported by the accessibility of the natural resource in the region. Notably, China has several manganese ores which are relied upon by the company to enhance its level of productivity. Research reveal that despite that the manganese ores are evenly distribute in the Hunan province, they exist in the Guangxi and Guizhou provinces (Xiaolei, 2013, p. 27). The opportunity makes it easy for the Hunan jinlong company to access manganese from the respective provinces in case of its shortfall in Hunan. However, the manganese ores are very scares in the northern and western part of China. Conversely, the manganese industry in China supports the Chinese economy in a wide range. It is an aspect where the demand for manganese products is very high such that the Hunan jinlong company must undertake large scale productivity. Notably, most of the ores generate more than 30,000 tons in a day facilitating an effective supply. Significantly, the Hunan jinlong company employs certain cost management platform which facilitates relevant control of costs. Further, the company has incorporated certain risk management systems to protect its employees as well as the finances to avoid the instances of financial crisis. Civilians suggest that the practice of cost and risk management in an organization is imperative. It is a suggestion that the practice determines whether, the companys going concern is firm (Horton, 2010, p. 2543). Evidently, most of the organizations across the globe perish because they employ weak strategies to uphold the tasks. The point insinuates that the companies which have excelled in the market have strong cost and risk management mechanisms which allow them to claim their share. The study will analytically define the cost and risk management approaches in the Hunan jinlong company and assist the company in reducing risk and cost by unfolding potential strategies which can be employed. The background, context and scope of your project The Hunan jinlong company is located in Heling Town, Xiangtan city in Hunan province. Evidently, the company is the third largest in the ferroalloy industry in China. As defined by the study, the company deals with the production of metal and ferroalloy products. Evidently, the manganese component is incorporated by the company in the production process because it is very important. For instance, manganese increases strength in the metal and its workability (Albelda, Fr??as, Garc??a-Espa??a and Schneider, 2012, p. 3861). Significantly, the element reduces the chances of the product to wear out. Some of the metal products produced by the company entail beverage bottles and spoons among other utensils. Information reveals that the practice has allowed the company to merit good returns from the market in the sense that the manganese element sustains the products quality. Such an experience facilitates the companys competence as the third largest manganese company in China. However, the companys cost and risk management systems are weak. It is a suggestion that they have a certain loophole which absorbs the companys profitability (Mead and Smith, 2012, p. 157). The study will extend to analyze the companys costing platform and unfold the various ills that constrain its ability to maximize profitability. Similarly, the study will analyze the various risk management approaches applied by the company to escape risks. Evidently, the task of manganese mining is very risk especially to the workers as well as the community (Chu and Majumdar, 2012, p. 298). Therefore, the scope of the study will consider such stakeholders to determine how the company protects them from the negative effects of its activities. The mining and processing process of the manganese leads to the emission of certain gasses which impose negative effects to the stakeholders. Justification of the research problem According to research, the company is encompassing a challenge in the management of costs as well as risk management. The aspect of cost management is constrained by the weak strategies which have been incorporated. Evidently, the company has not engaged the modern mechanism of costing where it applies the traditional model of volume based costing. Civilians suggest that the volume based mechanism of costing is very risky and can easily attribute great loss (Uson, L??pez-Sabir??n, Ferreira and Sastresa, 2013, p. 252). It is a concept where the model incorporates very many uncertainties that are not catered when pricing the commodity. Notably, the aspect sophisticates the manner in which profitability can be determined. Differently, the model ignores the fact that different products have deferent demand in the market. Notably, the volume based method of costing invites the cost accountant to assume that products demand is always the same. Additionally, the model ignores cost volume profit relationship. It is an aspect where the accountant is not able to understand the exact profit made from the particular product. Significantly, the model leads to the preparation of misleading financial statements. Investigation suggests that the Hunan jinlong company management relies on the statements to make decisions to the companys activities (Gorova, Pavlychenko and Kulyna, 2012, p. 37). Therefore, the point is applicable to the explanation of its declining profitability. Therefore, the companys costing system is questionable. Differently, risk management is also constrained in the company. It is a practice where the companys employee mortality rate is very high. The challenge is essentially experience at the field where the employees die at the manganese ores as they extract the element. The point suggests that the company is losing its human resource because the death of an employee attracts a certain outlay to the companys activities. Differently, the community never ceases to complain about the companys operations because it has affected them for a long time. The aspect risks the companys going concern in the respective region because the residents are not favored by its operations. Research denotes that the company has relevantly grown by increasing its assets to enhance productivity. However, there is a financial problem in the management if its funds (Batley and Kookana, 2012, p. 426). It is an aspect where the company does not hold a financial cushion for its capital in the event of default. It is vital for the organization to employ a competent financial manager who will help it by upholding an effective financial forecasting and planning role. The Research Question 1 what is the cost management and risk management strategy of Hunan Jinlong Company? Research sub-questions 1 What are the costing methods in the company? 2 how does the company account for profits? 3 what are the weaknesses of the costing strategy? 4 what is the companys risk management strategy? 5 how does the company approach risky situations such as the death of employees? 6 how is the company financially stable? Research objectives The study will help the Chinese industry to reduce costs and risks The study will unfold key opportunities in the manganese industry The study will provide recommendations for the Chinese manganese companies towards safety The study will help the Chinese manganese companies to manage their finances in a suitable manner. To show the methods of cost and risk management. The potential contribution of the work. Despite the fact that the study embarks on Hunan Jinlong Company, it provides intrinsic information to the wider Chinese manganese companies by informing them how they should manage costs and risks. Notably, the variables are crucial because they determine the companys level of profitability and its going concern. Evidently, the study will unfold potential practices which should be incorporated in the process of costing. They entail the consideration of important activities which are not catered by the volume based costing platform. The concept will help the companies to know how to formulate fair cost to facilitate fair pricing (Graedel and Erdmann, 2012, p. 327). Notably, the practice will help them determine how to calculate profits. Differently, the study will show the manganese companies how to differentiate good costs from bad costs. Notably, the good costs entail the relevant costs which help an accountant to make an objective decision when pricing. On the other side, bad costs entail the irrelevant cost such as sunk and fixed cost. Notably, the volume-based costing system is reluctant in considering the principle (Aflaki, Kleindorfer, Polvorinos and S??enz, 2013, p. 512). Therefore, it will help the companies to manage their costs so that they can merit high profits. Differently, the study will help the organizations to employ effective risk management platforms which will assist the management to make viable decisions. Importantly, the study helps the management to determine the respective method in which they can create a more risk-focused culture in the manganese industry (Bayliss, Van Dam and Bartolo, 2012, p. 143). It is a concept where the management will learn a new culture to protect its employees from enduring some challenge such as death and illnesses. Further, the study helps the companies in the manganese industry to establish standardized risk reporting procedures. The task intends to control the uncertainties which are incorporated in the financial statements. Precisely, the approach will help them to understand a better structure, analysis and report of financial information. Conversely, the study will help the managers of manganese companies to enhance focus on the perspective of risk. It is an aspect where the study will define the key indicators which should be relied on by the managers to determine risk; thus, establishing potential strategies of approaching it. Conversely, the study will direct the managers in the respective companies to know how they should manage resources. It is an aspect which will enlighten them to maintain an effective and efficient supply of the products in the market (Reynolds, Verheyen, Adeloju, Meuleman and Feron, 2012, p. 3648). Precisely, the approach will help the companies to overcome the loss of consumers. Structural map The study entails a dissertation and will incorporate several chapters which will contribute to its completion. Evidently, the literature review will analyze the aspect of cost management and risk management in the Hunan jinlong company (Salmi, Hukkinen, Heino, Pajunen and Wierink, 2012, p. 114). The task will assert the various aspects which affect the companys cost. On the other side, the study will assert how effective the company is in managing different type of risk. Notably, the task will involve a definition of the weaknesses attached to the risk management approaches (Halder et al, 2012, p. 1123). Further, the dissertation will define a methodology showing an empirical evidence on the companys cost and risk management. Conversely, the empirical research will be analyzed to formulate a conclusion regarding the companys cost and risk management (Badiei et al, 2013, p. 12582). The information will be relied on to establish approaches that should be employed the company to reduce risk and cost. Explanation of how the project meets the University requirements for a degree Evidently, the project has incorporated the various chapters which must be analyzed for the completion of the degree (Channon et al, 2015, p. 10067). Importantly, the study will show my ability to organize task, time and budget resources. The aspects will be depicted by the quality of the empirical research and data analysis. Importantly, the study will unfold my skills to undertake a project at the field. Initial consideration of the research methodology The research will employ the quantitative and qualitative design. It is an aspect where the participants will statistically determine how the employees in Hunan Jinlong Company argue towards the companys management of cost and risk (Dou, Dominguez, Li, Sanchez and Scott, 2014, 7182). Precisely, the aspect of quantitative research involves the determination of what majority of the employees say towards the companys cost and risk management. Qualitative research entail a comparative analysis of the data to determine the actual implication of the employees arguments (Jadhav et al, 2015, p. 315). Outline of strategy for carrying out every activity The study will essentially rely on a survey which will employ questionnaires to determine the employees suggestion towards the companys cost and risk management (Vithanage and Bhattacharya, 2015, p. 112). Further, the managers in the company will be interviewed to determine how they manage the aspects. The findings will be compared against each other to formulate a conclusion regarding the companys management. A discussion of any resource requirements and risks involved Importantly, the research will require several resources. For instance, the participant will need writing materials such as books and pens. Importantly, they will employ the SPSS software which is prospected to help in recording information and forwarding it to the office for analysis. Finally, the project requires an approximate of &20,000 to facilitate the activities of the participants. Conversely, the participants should expect hostile employees from the company as they undertake the research (Ling et al, 2015, p. 1858). Further, some of them are not conversant with English where language barrier is a challenge in the research. ?? 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