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AEC308Agricultural Sciences2 Unitsintermediate

Principle Of Farm Management

This course introduces the principles of farm management, covering essential skills for farm business success. It explores the nature, scope, and functions of farm management, along with key economic concepts and tools. Topics include farm input resources, business ownership structures, and financial record-keeping. Students will learn to analyze farm costs, manage risks, and make informed decisions to maximize profits in agricultural enterprises.

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60h

Study Time

13

Weeks

5h

Per Week

basic

Math Level

Course Keywords

Farm ManagementAgricultural EconomicsFarm BusinessProfit MaximizationResource Allocation

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

Economic Concepts in Farm Management

3

Farm Input Resources

4

Farm Business Ownership

5

Farm Records and Accounting

6

Risk Management in Agriculture

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 Economist

Apply your skills in this growing field

Agribusiness Manager

Apply your skills in this growing field

Farm Consultant

Apply your skills in this growing field

Agricultural Loan Officer

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

AgricultureAgribusinessFarm ManagementAgricultural FinanceAgricultural Consulting

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

•Define farm management and its relationship to agricultural economics.
•Explain the nature and scope of farm management.
•Identify the importance of farm management in various agricultural enterprises.

Week

2

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

2h

Unit 2: Basic Principles of Farm Management

2 study hours

•Define the term 'Principle' and its application in management.
•List and explain the general principles of management as presented by Henri Fayol.
•Identify and explain the basic principles of farm management: planning, organization, coordination, and motivation.

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

•Differentiate between risk and uncertainty in agricultural production.
•Explain the major types of risks in agriculture that affect management decisions.
•Identify and explain possible solutions to reduce the effect of risks on the farm, such as flexibility and diversification.

Week

4

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

2h

Unit 4: The Decision Making Functions of Farm Manager

2 study hours

•Explain the concept of decision-making in farm management.
•Identify the essential steps in the decision-making process.
•Enumerate the decisions or problems confronting farmers on the farm and the functions of a 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 and its implications for resource allocation.
•Describe the principles of substitution and opportunity cost in farm management.
•Differentiate between diversification and specialization strategies.

Week

6

Module 2: The Common Concepts and Tools in Farm Management

2h

Unit 2: Farm Cost

2 study hours

•Define cost and explain the different types of costs in farm management.
•Calculate the average costs of farm expenses and classify them into fixed and variable costs.
•Identify the implications of costs in farm management decision-making.

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 and identify common methods of valuing farm assets.
•Explain depreciation charges and the three common methods of estimating depreciation.
•Calculate depreciation charges using the straight-line method, declining balance method, and sum-of-the-years' digits method.

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 and literate farmers.
•List the characteristics of Nigerian agriculture.
•Discuss the implications of a farmer's education level on farm management functions.

Week

9

Module 3: Farm Inputs Management

2h

Unit 1: Land

2 study hours

•Define land resources and list their characteristics.
•Describe land management practices and explain the variability in land costs.
•Discuss the factors that determine what can be produced from a particular plot of land.

Week

10

Module 3: Farm Inputs Management

2h

Unit 2: Capital

2 study hours

•Define capital resources and list their characteristics.
•Describe the types of capital available on the farm.
•Identify the sources of capital available to farmers and explain the importance of capital in farm management.

Week

11

Module 3: Farm Inputs Management

2h

Unit 3: Labour

2 study hours

•Define labor resources and list the sources of labor supply.
•List the factors that affect the efficiency of labor.
•Explain how to measure the efficiency of labor and describe division of labor.

Week

12

Module 3: Farm Inputs Management

2h

Unit 4: Entrepreneurship

2 study hours

•Define entrepreneur and explain why entrepreneurship is separated from labor.
•Describe the organizational structure of a typical farm business.
•Discuss the functions of an entrepreneur in farm management.

Week

13

Final Revision

4h

Final Revision

4 study hours

•Review all modules and units.
•Work on assignments and prepare for final examination.
•Focus on key concepts and tools in farm management.

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

Read the complete course material as provided by NOUN.

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Review and summarize key concepts from each unit, focusing on definitions and practical applications.

2

Practice calculating depreciation charges using all three methods (straight-line, declining balance, sum-of-the-years' digits).

3

Create a sample balance sheet and profit/loss account, identifying all components and their relationships.

4

Study the different types of farm business organizations (sole proprietorship, partnership, corporate, cooperative) and their advantages/disadvantages.

5

Focus on understanding the economic principles (diminishing returns, substitution, opportunity cost) and how they impact farm management decisions.

6

Review all Tutor-Marked Assignments (TMAs) and ensure you understand the solutions and underlying concepts.

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