Farm management is that branch of agricultural economics which deals with the business principles end practices of farming with an object of obtaining the maximum possible return from the farm as a unit under a sound farming programme . Farm Management may be called a science of decision making.
What is the importance of farm management?
farm management, making and implementing of the decisions involved in organizing and operating a farm for maximum production and profit . Farm management draws on agricultural economics for information on prices, markets, agricultural policy, and economic institutions such as leasing and credit.
What is the role of farm management in agricultural business?
Farm management is essential for farmland owners to maximize annual ROI and long-term capital appreciation . Any farmland should increase in value and produce annual income to land owners, but with progressive farm management, landowners can expect much higher profitability.
What are the roles and functions of farm manager?
The farm manager’s responsibilities include monitoring staff, crops, and livestock, purchasing supplies, preparing budgets and reports, and ensuring maximum profit . You should be able to maintain professional networks and keep abreast of developments in agricultural science.
What are the principles of farm management?
- a. Principle of variable proportions or laws of returns.
- b. Cost principle.
- c. Principle of substitution between inputs.
- d. Equi-marginal returns principle or opportunity cost principle.
- e. Principle of substitution between products.
- f. Principle underlying decisions involving time and uncertainty.
What are the three common functions of farm management?
All decisions made by management are focused on the efficient allocation of the factors of production land, labor, capital and management. There are three major functions management performs throughout the business year: planning, implementation and control .
What is nature of farm management?
Farm is a firm: As in any business, some resources are used for production in the farm and maximize net revenue from the farm. ... Therefore farm management has to tackle both production and marketing risks . Maximize profit: Farming is the livelihood of farmers.
What are the 5 types of farming?
- Intensive subsistence farming:-
- Primitive subsistence farming:-
- Shifting cultivation:-
- Commercial grain farming:-
- Commercial mixed farming:-
- Commercial plantation farming:-
What are the qualities of a good farm manager?
- Command of Basic Facts. ...
- Relevant Professional Knowledge. ...
- Continuing Sensitivity to Events. ...
- Analytical, Problem-solving, and Decision/judgement making skills. ...
- Social Skills and Abilities.
- Emotional Resilience. ...
- Proactivity – Inclination to Respond Purposefully to Events.
What is the function of a farm?
A farm (also called an agricultural holding) is an area of land that is devoted primarily to agricultural processes with the primary objective of producing food and other crops ; it is the basic facility in food production.
What are the principles of farm animal management?
Farm animal management encompasses integrated and precise application of basic scientific principles of breeding, feeding, heeding and weeding in general as well as in times of specific need . Therefore, an attempt has been made in this book to cover all these basic and applied aspects of livestock management in detail.
What are the requirements for a successful management of crop farms?
- Organized and skilled in managing farm activities. A successful farmer always knows how many work hours were spent on each farm activity, field and farm season. ...
- Open-minded to new technologies. Technology is taking over agriculture. ...
- Data-driven manager.
What are the 5 method of classification of farm management decision?
Production, operational, strategic, administrative and marketing management decisions .
What are the 4 key functions of agribusiness management?
Introduction to agribusiness management principles and skills in the context of the four functions of management: planning, organizing, directing, and controlling .
What are the problems of farm management?
Problems of Farm Management
A manager is faced with various problems such as how much fertilizer and irrigation water to use , seed application rates, feeding levels, labour and machinery use, and determination of rates and levels for other inputs.
What are the factors affecting the size of farm?
affect farming. Climatic factors such as light, water and rainfall, temperature, air, relative humidity and wind also affect farming. Physical factors such as topography/relief, soil and climate affect farming. Technology affects farming.
