PRINCIPLES OF FARM MANAGEMENT
- Agricultural Sciences
- 300 level
- 2 credit units
- 124 pages
- 16 units
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.
About this course
- Difficulty
- Intermediate
- Study hours
- 48 hours
- Maths
- Basic
- Content
- Theoretical, case study
- Practical work
- No
- Assignments
- Tutor marked assessments
- Final examination
What you'll read
The real module and unit structure of AEA308, taken from the course material NOUN publishes.
One paragraph, so you can see how it reads
AEA308 · Unit 1: Nature and Scope of Farm Management
Dear students I welcome you to Unit 1 of this Course AEA308 Principles of farm management. This a three hundred level course and as such you must be familiar with the word Agriculture which is the science of converting productive resources to produce livestock’s, crops and fisheries. The productive resources include: land, Labour, capital and entrepreneur.
What you should be able to do
- Define and explain the principles and functions of farm management.
- Apply economic concepts and tools to farm management decisions.
- Identify and manage farm input resources effectively.
- Compare and contrast different forms of business ownership in agriculture.
- Analyze and mitigate risks and uncertainties in farm operations.
What it prepares you for
- Farm Manager
- Agricultural Consultant
- Agribusiness Manager
- Agricultural Extension Officer
- Farm Business Owner
- Crop Production
- Livestock Management
- Agribusiness
- Agricultural Consulting
- Farm Operations
Where it gets hard
The units students slow down on, and what makes each one heavy.
- Module 2: The Common Concepts and Tools in Farm Management
Unit 3: Valuation and Depreciation of Farm Assets
Valuation of farm assets requires understanding of accounting principles and financial analysis techniques.
- Module 3: Inputs of Farm Management
Unit 3: Labour
Understanding the factors affecting labor efficiency requires knowledge of human resource management and agricultural practices.
A suggested way through it
13 weeks, about 28 hours in total. Yours will differ.
- Week 1Module 1: The Meaning, Principles and Functions of Farm Management
Unit 1: Nature and Scope of Farm Management · 2 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 2Module 1: The Meaning, Principles and Functions of Farm Management
Unit 2: Basic Principles of Farm Management · 2 hours
Define Principle.. List and explain ten (10) general Principle of Management.. Identify and explain four (4) basic Principles of Farm Management..
- Week 3Module 1: The Meaning, Principles and Functions of Farm Management
Unit 3: Special Characteristics of Agriculture that Affect Farm Management · 2 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 4Module 1: The Meaning, Principles and Functions of Farm Management
Unit 4: The Decision-Making Functions of Farm Management · 2 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 5Module 2: The Common Concepts and Tools in Farm Management
Unit 1: Economic Principles and Farm Management · 2 hours
Explain the law of diminishing returns.. Explain the principle of substitution.. Explain opportunity cost.. Explain diversification and specialization..
- Week 6Module 2: The Common Concepts and Tools in Farm Management
Unit 2: Farm Cost · 2 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 7Module 2: The Common Concepts and Tools in Farm Management
Unit 3: Valuation and Depreciation of Farm Assets · 2 hours
Define valuation.. Identify the common methods of valuation.. Define depreciation charges.. Explain the three common methods of estimating depreciation.. Calculate depreciation charges..
- Week 8Module 2: The Common Concepts and Tools in Farm Management
Unit 4: Literate versus Illiterate Farmers in Farm Management · 2 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 9Module 3: Inputs of Farm Management
Unit 1: Land · 2 hours
Define land resources.. List the characteristics of land.. Describe land management practices.. Explain why there is variability in land cost..
- Week 10Module 3: Inputs of Farm Management
Unit 2: Capital · 2 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 11Module 3: Inputs of Farm Management
Unit 3: Labour · 2 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 12Module 3: Inputs of Farm Management
Unit 4: Entrepreneurship · 2 hours
Define entrepreneur.. Explain why entrepreneur is separated from labour.. Describe the organizational structure of a typical farm business..
- Week 13Module 4: Forms of Business Ownership
Unit 1: Single Proprietorship · 2 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 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..
Preparing for the exam
- Review the definitions and applications of key economic principles like diminishing returns, substitution, and opportunity cost (Units 1-2, Module 2).
- Practice calculating depreciation charges using the straight-line, declining balance, and sum-of-the-years' digits methods (Unit 3, Module 2).
- Create a table comparing the advantages and disadvantages of different forms of business ownership (Module 4).
- Focus on understanding the factors that affect labor efficiency and how to measure it (Unit 3, Module 3).
- Develop strategies for managing risks and uncertainties in agricultural production (Unit 3, Module 1).
Questions students ask about this course
What is AEA308 about?
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.
How many units does AEA308 have?
AEA308, PRINCIPLES OF FARM MANAGEMENT, has 16 units across 4 modules, over 124 pages of course material. You can read it one unit at a time.
How many credit units is AEA308?
AEA308 carries 2 credit units, at 300 level in Agricultural Sciences.
Is AEA308 hard?
AEA308 is rated intermediate level, with basic mathematical content. It is mostly theoretical and case study work.
How long does AEA308 take to study?
About 48 hours of study, spread across its 16 units.
How is AEA308 assessed?
AEA308 is assessed by assignments, tutor marked assessments and final examination.
What can I do with AEA308?
Farm Manager, Agricultural Consultant, Agribusiness Manager, Agricultural Extension Officer and Farm Business Owner.