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MAST

MAST. Management, Analysis & Strategic Thinking. Kevin C. Dhuyvetter Terry L. Kastens Alicia Goheen Department of Agricultural Economics Kansas State University. What is MAST?. Innovative farm and risk management educational program combining face-to-face workshops with distance learning

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MAST

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  1. MAST Management, Analysis & Strategic Thinking Kevin C. Dhuyvetter Terry L. Kastens Alicia Goheen Department of Agricultural Economics Kansas State University

  2. What is MAST? • Innovative farm and risk management educational program combining face-to-face workshops with distance learning • Offers depth not available in typical one- to two-day programs • On-campus sessions and distance modules

  3. Development of MAST • Master of Agribusiness • Distance education degree for agribusiness professionals • MAST at Kansas State University • First cohort 2002 • Ninety-eight participants have finished program

  4. The MAST Target • Audience • Progressive farm managers • Agricultural professionals supporting agriculture • Lenders • Agricultural agents • Farm managers • Accountants

  5. The MAST Target • Participant needs • Geographically isolated • Desire for more information than traditional extension program • Peer interaction

  6. The MAST Target Principal occupation of MAST participants from 2002-2004

  7. How MAST Works • Eleven faculty members with various specialties • One program coordinator • Campus-wide support resources • Future-minded participants

  8. How MAST Works • Current cost: $850 (initially $750) • Partial to full scholarships available from FCS (Kansas Corn Commission first year) • Three hours undergraduate credit available

  9. How MAST Works • Components • On-campus sessions • Distance learning modules • PowerPoint presentations • Tegrity lectures • Chat sessions • Message boards • E-mails • Phone calls

  10. On-Campus Session One • Two-day introduction to the MAST program • Train in distance education technology • Introduce Excel spreadsheets • Business Planning • Goal Setting • Build relationships among participants

  11. Modules • More than 50 hours video teaching • Approximately 1350 content slides • Updated as necessary by faculty to reflect current trends and new research information

  12. Module One • Land Ownership and Leasing • Introduction • Land Values and Rent • Land Investment • Buying Land • Agricultural Land Leasing • Spreadsheets / Homework

  13. Module Two • Machinery Ownership and Leasing • Introduction • Projecting Machinery Costs • Evaluating Machinery Investments • Lease versus Purchase Decisions • Economies of Size • Machinery Cost Analysis • Spreadsheets / Homework

  14. Module Three • Financial Analysis • Enterprise Budgeting • Financial Statements • Financial Ratios • Financial Planning

  15. Module Four • Labor Economics and Management • Introduction • Hard Communication • Recruitment and Selection • Orientation and Training • Family Workforce Management • Understanding the Legal Environment

  16. Module Five • Tax Management and Policy • Current Farm Issues • Special Issues Affecting Farmers • Limited Liability Companies • US Ag Policy • Legal Issues in Leasing

  17. Module Six • Risk Management • Basic Risk Concepts • Measuring Risk • Risk-Return Concepts • Risk Analysis Tools • Financial Risk • Risk Transfer

  18. Module Seven • Marketing • Introduction • Futures and Options • Grain Marketing Drivers • Economics of Storage • Value Based Marketing • Alternative Products and Niche Marketing • Marketing Plans

  19. Optional Module • Analytical Tools • Overview and background for modeling • Fitting lines to data (linear vs. quadratic model) • Determining optimums (calculus vs. solver) • Binary variables and interaction terms • More regression examples • Modeling issues and wrap-up

  20. On Campus Session Two • Two-day, capstone event • Participants begin using the concepts taught • Envision and plan for the future • Content • Opportunity Scoping • Strategic Thinking • Business Plan Development

  21. MAST Evaluation • 98% participants recommend MAST to others • 100% participants believe MAST will have a positive effect on their bottom line

  22. Questions?

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