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MAST: Innovative Agricultural Management Program

MAST is a comprehensive farm and risk management educational program offered by Kansas State University. Combining on-campus sessions and distance learning, MAST provides in-depth knowledge for progressive farm managers and agricultural professionals. The program covers various topics like financial analysis, risk management, marketing, and more. MAST has received positive feedback from participants and continues to support the success of agribusiness professionals.

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MAST: Innovative Agricultural Management Program

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  1. MAST Management, Analysis & Strategic Thinking Kevin C. Dhuyvetter Terry L. Kastens Alicia Goheen Department of Agricultural Economics Kansas State University

  2. What is MAST? • Innovative farm and risk management educational program combining face-to-face workshops with distance learning • Offers depth not available in typical one- to two-day programs • On-campus sessions and distance modules

  3. Development of MAST • Master of Agribusiness • Distance education degree for agribusiness professionals • MAST at Kansas State University • First cohort 2002 • Ninety-eight participants have finished program

  4. The MAST Target • Audience • Progressive farm managers • Agricultural professionals supporting agriculture • Lenders • Agricultural agents • Farm managers • Accountants

  5. The MAST Target • Participant needs • Geographically isolated • Desire for more information than traditional extension program • Peer interaction

  6. The MAST Target Principal occupation of MAST participants from 2002-2004

  7. How MAST Works • Eleven faculty members with various specialties • One program coordinator • Campus-wide support resources • Future-minded participants

  8. How MAST Works • Current cost: $850 (initially $750) • Partial to full scholarships available from FCS (Kansas Corn Commission first year) • Three hours undergraduate credit available

  9. How MAST Works • Components • On-campus sessions • Distance learning modules • PowerPoint presentations • Tegrity lectures • Chat sessions • Message boards • E-mails • Phone calls

  10. On-Campus Session One • Two-day introduction to the MAST program • Train in distance education technology • Introduce Excel spreadsheets • Business Planning • Goal Setting • Build relationships among participants

  11. Modules • More than 50 hours video teaching • Approximately 1350 content slides • Updated as necessary by faculty to reflect current trends and new research information

  12. Module One • Land Ownership and Leasing • Introduction • Land Values and Rent • Land Investment • Buying Land • Agricultural Land Leasing • Spreadsheets / Homework

  13. Module Two • Machinery Ownership and Leasing • Introduction • Projecting Machinery Costs • Evaluating Machinery Investments • Lease versus Purchase Decisions • Economies of Size • Machinery Cost Analysis • Spreadsheets / Homework

  14. Module Three • Financial Analysis • Enterprise Budgeting • Financial Statements • Financial Ratios • Financial Planning

  15. Module Four • Labor Economics and Management • Introduction • Hard Communication • Recruitment and Selection • Orientation and Training • Family Workforce Management • Understanding the Legal Environment

  16. Module Five • Tax Management and Policy • Current Farm Issues • Special Issues Affecting Farmers • Limited Liability Companies • US Ag Policy • Legal Issues in Leasing

  17. Module Six • Risk Management • Basic Risk Concepts • Measuring Risk • Risk-Return Concepts • Risk Analysis Tools • Financial Risk • Risk Transfer

  18. Module Seven • Marketing • Introduction • Futures and Options • Grain Marketing Drivers • Economics of Storage • Value Based Marketing • Alternative Products and Niche Marketing • Marketing Plans

  19. Optional Module • Analytical Tools • Overview and background for modeling • Fitting lines to data (linear vs. quadratic model) • Determining optimums (calculus vs. solver) • Binary variables and interaction terms • More regression examples • Modeling issues and wrap-up

  20. On Campus Session Two • Two-day, capstone event • Participants begin using the concepts taught • Envision and plan for the future • Content • Opportunity Scoping • Strategic Thinking • Business Plan Development

  21. MAST Evaluation • 98% participants recommend MAST to others • 100% participants believe MAST will have a positive effect on their bottom line

  22. Questions?

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