Description
This text is developed for the first course in Farm Management, typically taken by a junior/senior level student. Designed to introduce students to the key concepts on how to effectively manage a farm business, the eighth edition provides students with the basic information needed to measure management performance, financial progress, and the financial condition of the farm business.
Features
Part One begins with Chapter 1, which describes some of the forces and technology driving the changes seen in agriculture. Chapter 2 includes an explanation of the concept of management and the decision-making process with an increased emphasis on the importance of strategic decision-making.
Part Two presents the basic information needed to measure management performance, financial progress, and the financial condition of the farm business. Terminology and Guidelines in Part 2 are based on standards maintained by the Farm Financial Standards Council.
Part Three contains three chapters on basic microeconomic principles and four on budgeting and planning tools. The topics in this part provide the basic tools needed to make good management decisions.
Topics necessary to increase a manager's decision-making skills are included in Part Four. Farm business organization, analyzing investments, managing risk, income tax management, and whole farm business analysis are discussed.
Part Five discusses the management alternatives and decisions related to acquiring the resources needed on farms and ranches.
Chapter Objectives, Chapter Summaries, as well as Questions for Review are helpful learning tools for students.
Table of Contents Part 1 Management
1 Farm Management Now and In the Future
2 Management and Decision Making
Part 2 Measuring Management Performance
3 Acquiring and Organizing Management Information
4 The Balance Sheet and Its Analysis
5 The Income Statement and Its Analysis
6 Farm Business Analysis
Part 3 Applying Economic Principles
7 Economic Principles - Choosing Production Levels
8 Economic Principles - Choosing Input and Output Combinations
9 Cost Concepts in Economics
Part 4 Budgeting for Greater Profit
10 Enterprise Budgeting
11 Whole-Farm Planning
12 Partial Budgeting
13 Cash Flow Budgeting
Part 5 Improving Management Skills
14 Farm Business Organization and Transfer
15 Managing Risk and Uncertainty
16 Managing Income Taxes
17 Investment Analysis
18 Enterprise Analysis
Part 6 Acquiring Resources for Management
19 Capital and Credit
20 Land - Control and Use
21 Human Resource Management
22 Machinery Management