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  3. Applied Farm Economic Analysis

Applied Farm Economic Analysis (AGRI30039)

Undergraduate level 3Points: 12.5On Campus (Parkville)

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Year of offer2019
Subject levelUndergraduate Level 3
Subject codeAGRI30039
Availability(Quotas apply)
FeesSubject EFTSL, Level, Discipline & Census Date

This subject teaches applied methods of farm management economic analysis and draws on all the discipline areas studied in the B. Agriculture degree. The subject integrates biophysical science disciplines, management economics, and human elements. This subject will build on skills developed in AGRI30033 Farm Management Economics. The aim of the subject is to expose students to the best farmers and their businesses and to equip students with the skills they require to work professionally in advisory and consulting capacities in agricultural and farm economics. Students will use the core discipline of agricultural economics and methods of analysing whole farm systems under conditions of risk and uncertainty to integrate their knowledge of agricultural systems to understand and solve problems of changing farm businesses to increase productivity and profitability. Students will learn how to use the computer program @RISK

The subject is taught using case studies and learning by doing. Case study visits to farms will be supplemented by lectures and practicals about the theory and practice of practical farm management economic analysis. The subject is designed to enable students to work effectively with the owners and managers of crop and animal farm businesses in evaluating and bringing about change in their farming systems. Students will conduct real case study analyses of productivity-increasing changes in animal and crop farm businesses. The case study analyses will require students to identify the objectives of the operation of the system and analyse opportunities for increasing productivity and solving problems while considering risk and uncertainty. Students will prepare consulting reports of their findings for the 'clients'. Students will also be exposed to the principles of managerial extension and reporting back to clients.

Intended learning outcomes

Upon completion of this subject students should have 

  • The ability to integrate disciplines to understand whole agricultural systems and solve problems
  • The ability to apply principles and techniques of agricultural science and farm economics to analyse and interpret the operation of risky agricultural systems
  • The ability to use techniques of modelling to simulate the operation of components of volatile whole agricultural systems
  • The ability to use risky decision analysis methods to evaluate choices to do with agricultural systems
  • Experience in practical whole farm situation analysis and skills in problem solving, in 'real world' settings
  • Experience in using analytical modelling tools that are used in the work force
  • The opportunity to combine and apply knowledge gained earlier in their course to solve practical problems
  • Practice at extending information about findings of problem-solving analyses to farmers and professional clients

Last updated: 30 July 2019