161x Filetype PPT File size 0.08 MB Source: agecon2.tamu.edu
Chapter Outline • Functions of Management • Strategic Farm Management • Tactical Decision Making • Characteristics of Decisions • The Decision-Making Environment in Agriculture farm management chapt 2 er 2 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 farm management chapt 3 er 2 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 farm management chapt 4 er 2 Functions of Management • Planning • Implementation • Control farm management chapt 5 er 2 Planning Planning means choosing a course of action. To plan, a manager must establish goals, identify resources, and allocate the resources to competing uses. farm management chapt 6 er 2
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