Course overview
This course provides a perspective and understanding of the key components of Agricultural Business management, with a focus on the management tools used to measure business performance. There will be an emphasis on evaluating farm businesses incorporating financial, marketing, production and human resource management tools, decision making techniques, technology adoption and management of risk.
Course learning outcomes
- Calculate and record financial aspects of a farm business using a complex spreadsheet
- Demonstrate their understanding of farm financial analysis, including the influence of physical, financial and human resources
- Discuss the key aspects of new products and enterprises possible for a farm business and how to choose a new enterprise, analyse its potential and integrate it into an existing business
- Understand the need for careful management of a business' human resources
- Understand the process of recruitment both from the applicant's and employer's point of view
- Discuss the key aspects of industrial relations laws and processes as they apply to a rural business
- Discuss the impact of planning, decision making and risk taking on a farm business
- Explain the imperatives of productivity, improvement, innovation, and superior business management performance by farm managers
- Discuss key principles of production economics theory, and its relevance to management decision making
- Explain the key concepts of risk management including forward contracts, futures and hedging options, and the application of futures and options to 'over the counter' risk management products