Introduction to Farm and Ranch
Business Management fully solved
What is farm and ranch business management? - correct answer ✔✔Farm and ranch business
management is the organization and operation of a farm business to meet goals of the owners.
What is the primary goal of farm and ranch business management? - correct answer ✔✔The
primary goal of farm and ranch business management is usually to achieve the maximization of
profits; however, the successful farm manager also must consider the goals and objectives of
the individuals who own the business.
What is essential for farmers, ranchers, and other agribusiness people to learn? - correct answer
✔✔It is essential for farmers, ranchers, and other agribusiness people to learn that to operate is
not the same as to manage.
What is the difference between operating a business and managing a business? - correct answer
✔✔Operating a business on a daily basis is essential for survival, but to manage a business is to
thrive and grow. Operation is a part of management. Management, however, includes finance,
marketing, and labor management, as well as operation management. Thus, farm management
is analyzing the farm business's resources and alternatives within the framework of resource
restrictions and personal goals.
What does the management process also include? - correct answer ✔✔Management is more
than merely making decisions. This process also includes planning, implementing, and
evaluating.
The functions of the farm and ranch business manager can be summarized as- - correct answer
✔✔1. planning
2. implementing
, 3. evaluating
What is the manager's responsibility? - correct answer ✔✔It is the managers responsibility to
use the resources of land, labor, and capital wisely for the business to provide the largest return
possible to the factors of production: land, labor, and capital.
Management includes the process of making and implementing decisions and taking
responsibility for those decisions. Decisions can be classified according so sever characteristics
such as- - correct answer ✔✔Importance, frequency, imminence, revocability, and available
alternatives.
How does the importance of a decision affect how the decision is made? - correct answer
✔✔The importance of decisions is relative to the goals of the manager (such as greater
returns). Those decisions that are of less importance, because of their effect on time or on
profit, are allocated lesser importance in terms of a classification.
How does the frequency of a decision affect how the decision is made? - correct answer
✔✔Some decisions are made over and over while others are made only once. Frequency refers
to how often the decisions are made. It becomes easier to make decisions that have a frequent
repetitive nature.
How does the imminence of a decision affect how the decision is made? - correct answer
✔✔Imminence refers to how soon the decision needs to be made. Often there can be severe
consequences to waiting too long to make a decision. Markets can go down, cattle can get too
fat, or fertilizer is applied too late.
How does the revocability of a decision affect how the decision is made? - correct answer
✔✔Revocability refers to whether or not a decision can be reversed and, if so, what is the cost
of reversing or changing the decision.
How to the avilable alternatives of a decision affect how the decision is made? - correct answer
✔✔Available alternatives create choices that often must be made in the decision process.
Business Management fully solved
What is farm and ranch business management? - correct answer ✔✔Farm and ranch business
management is the organization and operation of a farm business to meet goals of the owners.
What is the primary goal of farm and ranch business management? - correct answer ✔✔The
primary goal of farm and ranch business management is usually to achieve the maximization of
profits; however, the successful farm manager also must consider the goals and objectives of
the individuals who own the business.
What is essential for farmers, ranchers, and other agribusiness people to learn? - correct answer
✔✔It is essential for farmers, ranchers, and other agribusiness people to learn that to operate is
not the same as to manage.
What is the difference between operating a business and managing a business? - correct answer
✔✔Operating a business on a daily basis is essential for survival, but to manage a business is to
thrive and grow. Operation is a part of management. Management, however, includes finance,
marketing, and labor management, as well as operation management. Thus, farm management
is analyzing the farm business's resources and alternatives within the framework of resource
restrictions and personal goals.
What does the management process also include? - correct answer ✔✔Management is more
than merely making decisions. This process also includes planning, implementing, and
evaluating.
The functions of the farm and ranch business manager can be summarized as- - correct answer
✔✔1. planning
2. implementing
, 3. evaluating
What is the manager's responsibility? - correct answer ✔✔It is the managers responsibility to
use the resources of land, labor, and capital wisely for the business to provide the largest return
possible to the factors of production: land, labor, and capital.
Management includes the process of making and implementing decisions and taking
responsibility for those decisions. Decisions can be classified according so sever characteristics
such as- - correct answer ✔✔Importance, frequency, imminence, revocability, and available
alternatives.
How does the importance of a decision affect how the decision is made? - correct answer
✔✔The importance of decisions is relative to the goals of the manager (such as greater
returns). Those decisions that are of less importance, because of their effect on time or on
profit, are allocated lesser importance in terms of a classification.
How does the frequency of a decision affect how the decision is made? - correct answer
✔✔Some decisions are made over and over while others are made only once. Frequency refers
to how often the decisions are made. It becomes easier to make decisions that have a frequent
repetitive nature.
How does the imminence of a decision affect how the decision is made? - correct answer
✔✔Imminence refers to how soon the decision needs to be made. Often there can be severe
consequences to waiting too long to make a decision. Markets can go down, cattle can get too
fat, or fertilizer is applied too late.
How does the revocability of a decision affect how the decision is made? - correct answer
✔✔Revocability refers to whether or not a decision can be reversed and, if so, what is the cost
of reversing or changing the decision.
How to the avilable alternatives of a decision affect how the decision is made? - correct answer
✔✔Available alternatives create choices that often must be made in the decision process.
