AEC308

Principle Of Farm Management

Agricultural Sciences
300 level
2 credit units
154 pages
20 units

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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About this course

Difficulty: Intermediate
Study hours: 60 hours
Maths: Basic
Content: Theoretical, practical, case study
Practical work: Yes

How it is assessed

Assignments
Tutor marked assessments
Final examination

What you'll read

The real module and unit structure of AEC308, taken from the course material NOUN publishes.

Module 1

Module 2 · THE COMMON CONCEPTS AND TOOLS IN FARM MANAGEMENT

Module 3 · FARM INPUTS MANAGEMENT

Module 4 · FORMS OF BUSINESS OWNERSHIP

Module 5

One paragraph, so you can see how it reads

AEC308 · UNIT 1 NATURE AND SCOPE OF FARM MANAGEMENT

Module 4 which comprises of unit1; single proprietorship, unit 2: partnership, unit 3; corporate organization and unit4; cooperative societies, discussed the meaning, features, advantages and disadvantages of these forms of business ownership.

Start reading Get the original PDF, if you want it

What you should be able to do

Define farm management and explain its principles and functions.
Apply economic concepts and tools in farm management decision-making.
Identify and manage farm input resources effectively.
Analyze different types of farm business organizations.
Maintain accurate farm records and accounts.
Calculate financial ratios and interpret their implications for farm management.

What it prepares you for

Careers

Farm Manager
Agricultural Economist
Agribusiness Manager
Farm Consultant
Agricultural Loan Officer

Where it is applied

Agriculture
Agribusiness
Farm Management
Agricultural Finance
Agricultural Consulting

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
Calculating depreciation using the sum-of-the-years' digits method requires multiple steps and can be confusing without practice.
Module 5: Farm Records and Accounting
Unit 4: Financial Statements
Preparing a balance sheet requires a thorough understanding of assets, liabilities, and accounting principles.

A suggested way through it

Suggested

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
  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 2Module 1: The Meaning, Principles and Functions of Farm Management
- Unit 2: Basic Principles of Farm Management · 2 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 3Module 1: The Meaning, Principles and Functions of Farm Management
- Unit 3: Special Characteristics of Agriculture that Affect Farm Management · 2 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 4Module 1: The Meaning, Principles and Functions of Farm Management
- Unit 4: The Decision Making Functions of Farm Manager · 2 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 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 and its implications for resource allocation.. Describe the principles of substitution and opportunity cost in farm management.. Differentiate between diversification and specialization strategies..
Week 6Module 2: The Common Concepts and Tools in Farm Management
- Unit 2: Farm Cost · 2 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 7Module 2: The Common Concepts and Tools in Farm Management
- Unit 3: Valuation and Depreciation of Farm Assets · 2 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 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 and literate farmers.. List the characteristics of Nigerian agriculture.. Discuss the implications of a farmer's education level on farm management functions..
Week 9Module 3: Farm Inputs Management
- Unit 1: Land · 2 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 10Module 3: Farm Inputs Management
- Unit 2: Capital · 2 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 11Module 3: Farm Inputs Management
- Unit 3: Labour · 2 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 12Module 3: Farm Inputs Management
- Unit 4: Entrepreneurship · 2 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 13Final Revision
- Final Revision · 4 hours
  Review all modules and units.. Work on assignments and prepare for final examination.. Focus on key concepts and tools in farm management..

Preparing for the exam

What to do

Review and summarize key concepts from each unit, focusing on definitions and practical applications.
Practice calculating depreciation charges using all three methods (straight-line, declining balance, sum-of-the-years' digits).
Create a sample balance sheet and profit/loss account, identifying all components and their relationships.
Study the different types of farm business organizations (sole proprietorship, partnership, corporate, cooperative) and their advantages/disadvantages.
Focus on understanding the economic principles (diminishing returns, substitution, opportunity cost) and how they impact farm management decisions.
Review all Tutor-Marked Assignments (TMAs) and ensure you understand the solutions and underlying concepts.

Questions students ask about this course

What is AEC308 about?

How many units does AEC308 have?

AEC308, Principle Of Farm Management, has 20 units across 5 modules, over 154 pages of course material. You can read it one unit at a time.

How many credit units is AEC308?

AEC308 carries 2 credit units, at 300 level in Agricultural Sciences.

Is AEC308 hard?

AEC308 is rated intermediate level, with basic mathematical content. It is mostly theoretical, practical and case study work, and it has a practical component.

How long does AEC308 take to study?

About 60 hours of study, spread across its 20 units.

How is AEC308 assessed?

AEC308 is assessed by assignments, tutor marked assessments and final examination.

What can I do with AEC308?

Farm Manager, Agricultural Economist, Agribusiness Manager, Farm Consultant and Agricultural Loan Officer.