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AAEC 3304 Farm and Ranch Management

AAEC 3304 Farm and Ranch Management. AAEC 3304 Farm and Ranch Management. Jeff Johnson Room 209 Office hours 8:30 – 10:30 T Th or by appt Phone 742-2852 Text – Kay, Edwards, & Duffey, Farm Management , Fifth Edition, 2003. Purpose .

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AAEC 3304 Farm and Ranch Management

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  1. AAEC 3304Farm and Ranch Management

  2. AAEC 3304Farm and Ranch Management • Jeff Johnson • Room 209 • Office hours 8:30 – 10:30 T Th or by appt • Phone 742-2852 • Text – Kay, Edwards, & Duffey, Farm Management, Fifth Edition, 2003.

  3. Purpose • Use economic principles for strategic and tactical decision making • Develop strategic and tactical whole farm plans based on production plans, enterprise budgets, and resource constraints • Make timely and informed decisions using decision tools related to financial, human resource, investment, and production analysis.

  4. Learning Outcomes • Use appropriate decision rules to optimize profit • Use budgeting concepts and linear programming to develop whole farm budgets • Identify and assess alternative business organizations • Identify and assess sources of risk • Evaluate adequacy of machinery complement

  5. Method I Method II Exam I 20% 15% Exam II 20% 15% Exam III 20% 15% Project 15% 15% Lab & HW 15% 15% Attendance 10% 10% Final Exam 15% 100% 100% ATTENDANCE 0-3 100% 4 90% 5 80% 6 60% 7 40% 8 20% 9 or more 0% Grading Method

  6. Project • Individual • Enterprise Planning and Budget Development • Group • Whole Farm Planning

  7. Farm Management in the 21st Century

  8. Challenges for 21st Century Farm Management • Structure of farms and ranches • The Information Age • Financial management • Human resources • Producing to meet consumer needs • Environmental and health concerns • New technology

  9. Management Chapter 2

  10. Management • Management is concerned about the allocation of scarce resources • Functions of management • Planning • Implementing • Controlling

  11. Strategic Farm Management • Define the mission of the business • Formulate goals for the family & business Written/ Specific/ Measurable/ Time specific 3. Assess resources available to the business 4. Survey the world surrounding the business 5. Identify and select appropriate strategies 6. Implement & maintain selected strategies

  12. Tactical Decision-making Process • ID and define the problem • ID alternative solutions • Collect data and information • Analyze the alternatives and choose one • Implement the decision • Monitor and evaluate the decision • Accept responsibility for the decision

  13. Characteristics of Decisions • Importance • Frequency • Imminence • Revocability • Available resources

  14. Decision-making environment • Biological processes • Fixed supply of land • Small size • Perfect competition

  15. Summary • Functions of management • Strategic management • Tactical decision-making process • Characteristics of decisions • Decision-making environment

  16. Management Questions?

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