The Economics of Farm Management: A Global Perspective (Routledge Textbooks) [Team-IRA]

"Future farm managers need a range of tools and knowledge to run successful businesses, and this accessible textbook provides the required foundations from economics and management, applied to the farm context. In today's world where farms are subject to ever-changing industrial, labor, demographic and technological factors, this textbook provides a clear focus and methodology for business stability and growth. It covers core microeconomic and macroeconomic principles, plus the full range of management topics, from accounting and marketing to operations management and human resource management. It also covers family succession planning and farming mega-trends. This second edition has been updated with the latest data and literature, and gives deeper attention to sustainability and conservation. It also offers a broader range of examples, showcasing the diversity of farm types and farm sizes across the US and globally. Instructor materials are available as digital supplements. This textbook will be a valuable resource for courses in farm management, ranch management, agribusiness and agricultural economics"-- Provided by publisher Cover Half Title Series Title Copyright Dedication Brief Table of Contents Table of Contents Preface Acknowledgments 1 Managing the Farm in an Integrated World Economy A Changed and Changing World Overview of the Book 2 Management The Farming Environment The Functions of Management Farmers as General Managers, Not Plant Managers Management Skills The Decision Process 3 Business Plans Sample Business Plan Outline An Example Executive Summary 4 Lessons from Microeconomics Basic Concepts and Terms Planning Production Farm Size Markets and Market Structure 5 Lessons from Macroeconomics Basic Concepts and Terms Domestic Issues International Issues 6 Government Policies Affecting Farming around the World Estimates of Government Support for Farmers Policies in Selected Countries 7 Strategic Management: Planning Strategic Management Strategic Planning 8 Strategic Management: External and Internal Analysis External Analysis Internal Analysis 9 Crafting Strategy Crafting Competitive Strategy Strategies for Specific Situations Tests for Evaluating Strategies Improving Strategic Planning Managing Strategic Risk Concluding Thoughts 10 Strategy Execution and Control Strategy Execution Strategic Control 11 Marketing Basics The Marketing Mix Marketing Plans for Farmers Historical Price Patterns General Price Forecasting Methods Marketing Control 12 Financial Statements The Balance Sheet Income Statement Statement of Owner Equity Statement of Cash Flows 13 Financial Analysis Measures of Financial Position and Performance Initial Analysis Diagnostic Analysis An Example Analysis Appendix: Checking Record Accuracy 14 Financial Management Sources and Uses of Capital The Time Value of Money Calculating Loan Payments Estimating the Cost of Credit Cash Flow Management Financial Control 15 Enterprise Budgets: Uses and Development Purpose of Enterprise Budgets Organization of an Enterprise Budget Enterprise Budget Development Estimating Annual Costs of Durable Assets 16 Partial Budgets Partial Budget Analysis Procedures Partial Budget Examples Limitations of Partial Budget Analysis 17 Whole-Farm Planning Whole-Farm Planning Pro Forma Financial Statements Measuring against the Balanced Scorecard 18 Operations Management for the Farm Process Mapping Improving the Current Process Scheduling Operations Project Scheduling Input Supply Management Lean Management 19 Quality Management and Control Quality Defined Costs of Quality Quality Management Process Control and Improvement Tools for Process Improvement Concluding Comments 20 Investment Analysis Investment Analysis (Capital Budgeting) Investment Examples Investment Analysis under Uncertainty 21 Land Ownership and Use Purchasing Land Leasing Land 22 Risk Management Sources of Risk Managing Risk Making Risky Decisions Scenarios for Management Planning Appendix: Estimating Subjective Probabilities 23 Production Contract Evaluation Types of Production Contracts Evaluating Production Contracts A Production Contract Checklist A Concluding Comment 24 Human Resource Management Human and Employee Needs Cultural Diversity Human Resource Management Concluding Comments 25 Business Organization Organizational Structure Board of Advisors Legal Forms of Business Organization 26 Farm Transfer and Succession Planning The Farm Business Life Cycle The Process of Farm Transfer and Succession Planning The Farm Transfer and Succession Plan 27 Farming in the Future Opportunities and Challenges Farmers’ Responses Concluding Comments Appendix Appendix Table A.1 Amount of 1 at compound interest Appendix Table A.2 Present value of 1 at compound interest Appendix Table A.3 Annuity factors Appendix Table A.4 Capital recovery or amortization factors Glossary Index