fm6e-chapter02 - Farm Management Chapter 2 Management and...

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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. Understand the functions of management 2. Present the steps in developing a strategic management plan for a farm or ranch 3. Identify common goals of farm and ranch managers, and to explain the steps in the decision-making process 4. Explain the steps in decision making 5. 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 $584,618 $220,433 Net farm income $171,054 $24,519 Return on assets 13.9% 0.7% Crop acres farmed 537 365 Machinery value $148,212 $102,565 Months of labor utilized 18 11 Source: 2005 Iowa Farm Costs and Returns
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farm management chapter 2 5 Functions of Management Planning Implementation Control Adjustment
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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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7 Implementation Once a plan is developed, it must be implemented, or set in motion. To implement, the manager must acquire the resources needed for the plan and oversee the process. Coordinating, staffing, purchasing, and
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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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fm6e-chapter02 - Farm Management Chapter 2 Management and...

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