AGB 330 - Farm Business Management
Last Date of Approval: 2021
3 Credits
Total Lecture Hours: 45
Total Lab Hours: 0
Total Clinical Hours: 0
Total Work-Based Experience Hours: 0
Course Description:
This course focuses on business and economic principles applied to decision making and problem solving in the management of a farm business. Some of the topics include cash flow, partial, enterprise, and whole farm budgeting. Information systems will be used for farm accounting, analysis, and control. Obtaining and managing land, capital, and labor resources will also be covered in the course. Students will gain practical critical thinking skills, that incorporate personal and business skill sets necessary to be successful in Farm Management. Practical application of these can be vital to the future success of agricultural businesses.
Prerequisites/Corequisites: None
Mode(s) of Instruction: traditional/face-to-face
Credit for Prior Learning: There are no Credit for Prior Learning opportunities for this course.
Course Fees: None
Common Course Assessment(s): None
Student Learning Outcomes and Objectives:
Student Learning Outcomes:
1: Measure management performance based on management decisions.
2: Develop planning tools to improve decision making and information management.
3: Examine information and prepare necessary documents in order to improve management efficiencies
Course Objectives:
1- Management: - Learn about farm management in the 21st Century - Learn to acquire and organize management information - Be able to define depreciation - Learn the differences used to value farm and ranch assets - Learn about balance sheets and owner equity - Discuss the purpose and use of an income statement
2 - Basic Management Skills - Explain concept of marginalism - Illustrate the law of diminishing returns - Demonstrate how to compute a substitution ratio - Explain managerial decision making - Compute the different average costs - Learn about enterprise budgets - Learn about partial budgets - Demonstrate whole-farm planning - Understand the structure and components for a cash flow budget
3 - Improving Management Skills: - Explain the organization and characteristics of each form of business organization - Identify sources of risk and how they affect farmers and ranchers - Learn how to manage income taxes - Learn how to analyze investments - Demonstrate how to analyze farm business
4 - Resources for Management - Illustrate and Describe the importance of capital and the use of credit - Compare and Contrast the advantages and disadvantage of land control - Suggest ways to improve human resource management - Illustrate the importance of managing machinery
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