Question

COURSE :AGRI-RECORDS AND MANAGEMENT

1. Management is first _____________, ____________ and ____________.

2. In farm business management, ‘what’ is to _______ and ‘how’ is to __________.

3. As performance is to ____________, competition is to ______________.

4. The steps in rational decision-making involve: _________, ____________, _______, _________, _________, ________ and ________.

5. Breakeven budget provides the manager with an indication of what will happen if _____ and ______ deviate from values in the original budget. It is useful for ______ and also to assess the ______ of a machine/equipment/farm business

Answer 1

1.- In farm business, management first is efficient; then, it is a universal process, and then, it involves numerous roles.

2.-In agribusiness management, "what" is to determine the item to be produced and "how" is to determine the best way to produce it

3.-As performance is for yield, competition is for improvement

4.- The Rational Decision Making Model comprises seven steps: i.- Problem definition.; ii.- Research and brainstorming to visualize possible solutions; iii.- Definition of possible situations of success and failure for each possible solution that arises.- iv.- Identification and description of the possible results of each solution; v.- Choice and testing of the best solution; vi.- Monitoring and analysis of the choice, and vii.- Decision to accept or reject solution based on test results

5.-The break-even budget provides the manager with an indication of what will happen if income and expenses deviate from the original budget values. It is useful for budgeting and also for evaluating the performance and devaluation of a machine/equipment/farming business