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AEA308Agricultural Sciences2 Unitsintermediate

PRINCIPLES OF FARM MANAGEMENT

This course introduces students to the fundamental principles of farm management, covering essential aspects of managing farm enterprises for profitability. It explores the nature, principles, and functions of farm management, along with common concepts and tools. The course delves into farm input resources, including land, labor, capital, and entrepreneurship, and examines various forms of business ownership, such as single proprietorship, partnership, cooperatives, and corporate businesses.

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48h

Study Time

13

Weeks

4h

Per Week

basic

Math Level

Course Keywords

Farm ManagementAgricultural EconomicsFarm ResourcesEntrepreneurshipBusiness Ownership

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level

Builds on foundational knowledge

65%

intermediate

➕

Math Level

Basic Math

📖

Learning Type

Theoretical Focus

Course Topics

Key areas covered in this course

1

Farm Management Principles

2

Economic Concepts in Farm Management

3

Farm Input Resources

4

Forms of Business Ownership

5

Risk and Uncertainty in Agriculture

6

Farm Decision-Making

Total Topics6 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

assignments

Comprehensive evaluation of course material understanding

Written Assessment

tutor-marked assessments

Comprehensive evaluation of course material understanding

Written Assessment

final examination

Comprehensive evaluation of course material understanding

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Farm Manager

Apply your skills in this growing field

Agricultural Consultant

Apply your skills in this growing field

Agribusiness Manager

Apply your skills in this growing field

Agricultural Extension Officer

Apply your skills in this growing field

Farm Business Owner

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

Crop ProductionLivestock ManagementAgribusinessAgricultural ConsultingFarm Operations

Study Schedule Beta

A structured 13-week journey through the course content

Week

1

Module 1: The Meaning, Principles and Functions of Farm Management

2h

Unit 1: Nature and Scope of Farm Management

2 study hours

•Read the definition of Farm Management.
•Understand the relationship between Agricultural Economics and Farm Management.
•Identify the Nature of Farm Management.
•Describe the Scope of Farm Management.

Week

2

Module 1: The Meaning, Principles and Functions of Farm Management

2h

Unit 2: Basic Principles of Farm Management

2 study hours

•Define Principle.
•List and explain ten (10) general Principle of Management.
•Identify and explain four (4) basic Principles of Farm Management.

Week

3

Module 1: The Meaning, Principles and Functions of Farm Management

2h

Unit 3: Special Characteristics of Agriculture that Affect Farm Management

2 study hours

•Define uncertainty.
•Differentiate between risk and uncertainty.
•Explain five (5) major types of risks in agriculture that affect management decisions.
•Identify and explain five (5) possible solutions to reduce the effect of risks on the farm.

Week

4

Module 1: The Meaning, Principles and Functions of Farm Management

2h

Unit 4: The Decision-Making Functions of Farm Management

2 study hours

•Explain the concept of decision making.
•Identify the essential steps in decision making process.
•Enumerate at least five decisions or problems confronting farmers on the farm.
•State at least five functions of farm manager.

Week

5

Module 2: The Common Concepts and Tools in Farm Management

2h

Unit 1: Economic Principles and Farm Management

2 study hours

•Explain the law of diminishing returns.
•Explain the principle of substitution.
•Explain opportunity cost.
•Explain diversification and specialization.

Week

6

Module 2: The Common Concepts and Tools in Farm Management

2h

Unit 2: Farm Cost

2 study hours

•Define cost.
•Explain the different type of cost.
•Calculate the average costs of farm expenses.
•Classify the different farm expenses into fixed and variable costs.
•Identify the implications of costs in Farm Management.

Week

7

Module 2: The Common Concepts and Tools in Farm Management

2h

Unit 3: Valuation and Depreciation of Farm Assets

2 study hours

•Define valuation.
•Identify the common methods of valuation.
•Define depreciation charges.
•Explain the three common methods of estimating depreciation.
•Calculate depreciation charges.

Week

8

Module 2: The Common Concepts and Tools in Farm Management

2h

Unit 4: Literate versus Illiterate Farmers in Farm Management

2 study hours

•State the meaning of illiterate farmer.
•Explain who is a literate farmer.
•List the characteristics of Nigerian agriculture.
•Discuss the implications of farmer's education on Farm Management functions.

Week

9

Module 3: Inputs of Farm Management

2h

Unit 1: Land

2 study hours

•Define land resources.
•List the characteristics of land.
•Describe land management practices.
•Explain why there is variability in land cost.

Week

10

Module 3: Inputs of Farm Management

2h

Unit 2: Capital

2 study hours

•Define capital resources.
•List the characteristics of capital.
•Describe the types of capital available on the farm.
•Identify the sources of capital available to farmers.
•Explain the importance of capital in Farm Management.

Week

11

Module 3: Inputs of Farm Management

2h

Unit 3: Labour

2 study hours

•Define labour resources.
•List the sources of labour supply.
•List the factors that affect the efficiency of labour.
•Explain how to measure the efficiency of labour.
•Describe division of labour.
•List the disadvantages of division of labour.

Week

12

Module 3: Inputs of Farm Management

2h

Unit 4: Entrepreneurship

2 study hours

•Define entrepreneur.
•Explain why entrepreneur is separated from labour.
•Describe the organizational structure of a typical farm business.

Week

13

Module 4: Forms of Business Ownership

4h

Unit 1: Single Proprietorship

2 study hours

•Explain the meaning of sole proprietorship.
•List the characteristics of sole proprietorship.
•List the advantages of sole proprietorship.
•List the disadvantages of sole proprietorship.

Unit 2: Partnership

2 study hours

•Explain the meaning of partnership.
•Describe the various types of partnership form of business ownership.
•List the characteristics of partnership.
•List the advantages of partnership.
•List the disadvantages of partnership business organisation.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Review the definitions and applications of key economic principles like diminishing returns, substitution, and opportunity cost (Units 1-2, Module 2).

2

Practice calculating depreciation charges using the straight-line, declining balance, and sum-of-the-years' digits methods (Unit 3, Module 2).

3

Create a table comparing the advantages and disadvantages of different forms of business ownership (Module 4).

4

Focus on understanding the factors that affect labor efficiency and how to measure it (Unit 3, Module 3).

5

Develop strategies for managing risks and uncertainties in agricultural production (Unit 3, Module 1).

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