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AEA310Agricultural Sciences3 Unitsintermediate

Farm Business Organisation

This course provides an in-depth exploration of farm business organization, covering essential aspects of farm management techniques. It emphasizes record keeping, analysis, and the use of information for managerial decision-making. The course delves into the nature and scope of farm business, farm records and accounting, and the acquisition and utilization of farm resources. Additionally, it addresses the economic climate and business challenges in Nigeria, aiming to equip farmers and policymakers with effective management approaches.

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150h

Study Time

13

Weeks

12h

Per Week

basic

Math Level

Course Keywords

Farm ManagementAgribusinessFarm RecordsResource AllocationEconomic Climate

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

Hands-on Practice

Course Topics

Key areas covered in this course

1

Farm Management Principles

2

Farm Records and Accounting

3

Resource Allocation

4

Risk Management

5

Agribusiness Marketing

6

Economic Climate in Nigeria

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 Entrepreneur

Apply your skills in this growing field

Agricultural Policy Maker

Apply your skills in this growing field

Extension Officer

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

AgricultureAgribusinessGovernment AgenciesConsulting FirmsResearch Institutions

Study Schedule Beta

A structured 13-week journey through the course content

Week

1

Module 1: Nature and Scope of Farm Business Organization

2h

Unit 1: Definition and Scope of Farm Business Management

2 study hours

•Define farm management and its dimensions.
•Discuss the perspectives of extension workers and researchers on farm management.
•Explain the concepts of farm organization and operations.

Week

2

Module 1: Nature and Scope of Farm Business Organization

2h

Unit 2: Objectives of Farm Management

2 study hours

•Explain the farm as a production subsystem.
•Discuss resource scarcity in farm management.
•Outline the steps in decision making: choosing alternatives, taking action, evaluating consequences, and bearing responsibility.

Week

3

Module 1: Nature and Scope of Farm Business Organization

2h

Unit 3: Nature of Farm Management Decisions

2 study hours

•Identify the basic farm management decision-making questions.
•Explain the principles used in answering these questions.
•Discuss the dynamic nature of farm management decisions.

Week

4

Module 1: Nature and Scope of Farm Business Organization

2h

Unit 4: Organization of the Farm Set Up

2 study hours

•Describe the factors to consider in organizing a farm setup.
•Explain the principles for planning the layout of a farm.
•Discuss the selection and adjustment of enterprises.

Week

5

Module 1: Nature and Scope of Farm Business Organization

4h

Unit 5: Attributes and Functions of a Farm Manager

2 study hours

•Explain the attributes of a good farm manager.
•Discuss the functions of a farm manager: planning, organizing, directing, and controlling.
•Describe the steps in the problem-solving approach.

Unit 6: Application of Management Principles to Farm Organizations and Operations

2 study hours

•Explain farm planning and budgeting.
•Define gross margin and its application.
•Prepare a complete and partial budget.

Week

6

Module 2: Farm Records And Accounting

4h

Unit 1: Farm Business Analysis

2 study hours

•Explain the objects of farm business analysis.
•Discuss the stages of farm business analysis: recording, analysis, and presentation.
•Define farm accountancy and its importance.

Unit 2: Methods of Collecting Farm Management Information

2 study hours

•Explain the methods of collecting farm management information: positive and normative approaches.
•Describe the farm account books method, farm business survey, and cost route method.
•Discuss the model farm method and the experimental demonstration plot approach.

Week

7

Module 2: Farm Records And Accounting

2h

Unit 3: Farm Records

2 study hours

•Define farm records and accounting.
•Discuss the advantages of farm records and accounts.
•Explain the problems and difficulties in farm accounting.

Week

8

Module 2: Farm Records And Accounting

2h

Unit 4: Balance Sheet

2 study hours

•Explain the balance sheet statement.
•Classify assets: current, intermediate, and fixed assets.
•Classify liabilities: current, medium-term, and long-term.

Week

9

Module 2: Farm Records And Accounting

2h

Unit 5: Profit and Loss Account and the Cash Flow Statement

2 study hours

•Compute profit and loss account for a given farm.
•Explain the cash flow statement and its usefulness.
•Identify streams of income and expenditure in a farming enterprise.

Week

10

Module 2: Farm Records And Accounting

2h

Unit 6: Farm Business Analysis

2 study hours

•Explain liquidity, solvency, profitability, and efficiency.
•Use ratios and indicators to analyze farm business performance.
•Discuss the importance of record keeping for informed decision-making.

Week

11

Module 3: Acquisition and Use of Farm Resources – Land, Labour, Capital and Management

4h

Unit 1: Meaning and Scope of Farm Resources

2 study hours

•Explain the meaning and scope of farm resources: land, labour, capital, and management.
•State the rewards for using different farm resources: rent, wages, interest, and profit.
•Discuss the methods of acquiring farm resources: purchase, inheritance, hiring, borrowing, etc.

Unit 2: Method of Acquiring Farm Resources

2 study hours

•Discuss the various uses of land, labour, capital, and management.
•Explain how to allocate resources efficiently for optimal production.
•Describe the factors that influence resource use efficiency.

Week

12

Module 4: Economic Climate and Business Problems in Nigeria

4h

Unit 1: Business Environment in Nigeria

2 study hours

•Explain the business environment in Nigeria and its impact on farming.
•Discuss the challenges faced by farmers in Nigeria: high interest rates, input costs, infrastructure, etc.
•State the business objectives of a farm: profit maximization, cost minimization, utility maximization, etc.

Unit 2: Business objectives

2 study hours

•Define decision making and its importance in farm management.
•Explain the steps involved in decision making: problem identification, data collection, analysis, implementation, and review.
•Discuss the sources of risks and uncertainties in agriculture: natural, social, technological, and political.

Week

13

Module 5: Agribusinesses Marketing Management

4h

Unit 3: Decision-making

2 study hours

•Explain the types of risk: production, price, financial, institutional, and personal.
•Discuss measures for reducing risk: diversification, insurance, native safeguards, flexibility, and forward contracts.
•Describe practices for enhancing good farm management and minimizing risk.

Unit 4: Sources of Risks and Uncertainty in Agriculture

2 study hours

•Explain the agribusiness marketing system and its sub-systems.
•Discuss agribusiness marketing functions and approaches.
•Describe agribusiness marketing channels and channels of distribution.

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

Create detailed summaries of each unit, focusing on key definitions and concepts.

2

Develop case studies applying farm management principles to real-world scenarios.

3

Practice analyzing farm records and financial statements to identify areas for improvement.

4

Review government agricultural policies and their impact on farm businesses.

5

Form study groups to discuss challenging concepts and share insights.

6

Focus on understanding the relationships between different factors of production and their impact on profitability.

7

Practice solving numerical problems related to resource allocation and cost minimization.

8

Create concept maps linking Units 3-5 database concepts

9

Practice SQL queries from Units 7-9 weekly

10

Review all TMAs

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