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Management and Decision Making

Management and Decision Making . Chapter 2. Functions of Management- Planning, Implementation, and Control. Planning- Choosing a course of action. You need to be able to identify goals, amounts of resources available, options or alternatives.

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Management and Decision Making

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  1. Management and Decision Making Chapter 2

  2. Functions of Management- Planning, Implementation, and Control • Planning- Choosing a course of action. You need to be able to identify goals, amounts of resources available, options or alternatives. • Implementation- Starts with procuring inputs of production, including labor. Coordinating, staffing, purchasing and supervising all come under implementation. • Control- Monitoring results and recording information and comparing to a standard • Adjustment- if not meeting manager’s objectives

  3. Functions of Management- Planning, Implementation, and Control How do farm managers differ from industry managers? Strategic Management versus Tactical Management- SM consists of charting the overall long-term course of the business. TM consists of taking short-run actions to keep the business moving along that course until that destination has been reached.

  4. Strategic Management • Strategic Management is an ongoing process, seeking to find out what the business should be doing, and its steps are: • Define the mission of the business • Formulate the goals of the business • Assess the resources of the business • Survey the business environment • Identify and select strategies • Implement and refine the selected strategies

  5. Tactical Decision Making • Identify and define the problem or opportunity • Identify alternative solutions • Collect data and information • Analyze the alternatives and make a decision • Implement the decision • Monitor and evaluate the results • Accept responsibility

  6. Characteristics of Decisions • Importance • Frequency • Imminence • Revocability • Number of Alternatives

  7. The Decision-Making Environment in Agriculture • Biological Process and Weather • Gestation Period for livestock • Makes product unpredictable

  8. The Decision-Making Environment in Agriculture • Fixed Supply of Land • Most valuable resource in Ag • Must increase in productivity or compete for rental land or land that goes up for sale

  9. The Decision-Making Environment in Agriculture • Small Size • 90% of farms in US are sole proprietorships • Small Scale operations dominate landscape

  10. The Decision-Making Environment in Agriculture • Perfect Competition • How are prices determined? • Collective action • Niche Marketing

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