Week 1-2 - Farm Management Meaning, Nature, and Scope.pptx

Meaning and scope of farm management.

1. Meaning, Nature, and Scope of Farm Management AR-JAY A. AQUINO

2. Meaning of Farm Management Farm Management is a science, which deals with proper combination and operation of production factors including land, labor and capital.

3. Nature of Farm Management FM is both an art and a science FM is a unified process FM is participative

4. Important Terms Management – the act or skill of controlling and making decisions to realize goals

5. Important Terms Enterprise – a project or undertaking, especially a bold or complex one; a business or company

6. Important Terms Business – an activity that involves production, selling or trading products and services

7. BROAD SCOPE INCLUDES: 1. Planning 2. Organizing 3. Directing 4. Implementing 5. Control and Risk Management

8. It also involves: Study problems of production – goal is satisfaction of wants

9. It also involves: Distribution – transfer of goods from producer to consumer

10. It also involves: Consumption – satisfying wants via exchange system (payment for goods and services)

11. Other areas covered by FM FINANCIAL MANAGEMENT Keeping financial records Fund raising Careful use of funds Marketing Coordination of land, labor and capital STUDY OF HUMAN NATURE

12. Point to remember The ultimate goal of studying farm management is to maximize profit