afm02 - Farm Management Chapter 2 Management and Decision...

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Farm Management Chapter 2 Management and Decision Making
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farm management chapter 2 2 Chapter Outline Functions of Management Strategic Farm Management Tactical Decision Making Characteristics of Decisions The Decision-Making Environment in Agriculture
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farm management chapter 2 3 Chapter Objectives 1. To understand the functions of management 2. To present the steps in developing a strategic management plan for a farm or ranch 3. To identify common goals of farm and ranch managers, and to explain the steps in the decision-making process 4. To explain the steps in decision making 5. To describe some unique characteristics of the decision-making environment for agriculture
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farm management chapter 2 4 Table 2-1 Comparison of Low- and High-Profit Farms in Iowa Item Highest Third Lowest Third (Average) (Average) Value of farm production $334,981 $241,861 Net farm income $90,800 $2,358 Return on assets 10.6% -1.6% Crop acres farmed 729 802 Machinery value $166,212 $196,490 Months of labor utilized 16.6 17.6 Source: 2001 Iowa Farm Costs and Returns
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farm management chapter 2 5 Functions of Management Planning Implementation Control
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farm management chapter 2 6 Planning Planning means choosing a course of action. To plan, a manager must establish goals, identify resources, and allocate the resources to competing uses.
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farm management chapter 2 7 Implementation Once a plan is developed, it must be implemented, or set in motion. To implement, the manager must
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This note was uploaded on 11/15/2011 for the course AGEC 7100 taught by Professor Duffy,p during the Fall '08 term at Auburn University.

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afm02 - Farm Management Chapter 2 Management and Decision...

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