For information about the University’s phased return to campus and in-person activity in Winter and Semester 2, please refer to the on-campus subjects page.
Pleaserefer to the LMS for up-to-date subject information, including assessment and participation requirements, for subjects being offered in 2020.
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The aim of this subject is for students of agricultural science and agricultural economics to understand the principles of management economics applied to the operation of agricultural business; to understand decision analysis under risk and uncertainty; to be able to model and analyse agricultural systems; to be able to analyse agricultural investment and evaluate the profitability and sources, and business risk and financial risk of alternative resource uses in agricultural businesses; evaluate business growth strategies; and understand agricultural price risk management strategies.
The content of the subject is as follows:
- The whole farm approach
- Farm business management
- Farm activity analysis
- Production economic and financial analysis
- Agricultural systems analysis
- Farm benefit cost analysis
- Risky decision analysis
- Agricultural risk management
A number of case studies will be completed based on real farm business situations.
Intended learning outcomes
Upon completion of this unit, students will be able to:
- Collect and interpret financial and economic agricultural systems data
- Demonstrate appropriate knowledge and ability to critically evaluate economic and financial information
- Demonstrate practical economic and risk management as well as decision making skills
- Undertake risk analysis for agricultural businesses and agricultural investments
- Interpret, analyse and evaluate the financial and economic performance of an agricultural business
- Identify appropriate strategies for agribusiness analysis by interpreting management objectives, resource implications, risk factors and applying optimisation techniques
- Analyse profitability, cash flows and business structures
- Use computer-based techniques and tools of farm management analysis and risk analysis
Successful completion of this subject will further develop the following skills:
- Problem-solving skills (especially through practicals and tutorial exercises and case studies) including engaging with agricultural systems and farm management problems, and identifying relevant strategies
- Communication skills in a business context
- Research, problem solving, critical thinking
- Documentation, preparation and presentation skills through assigned tasks and the case study exercise
- Commercial awareness
- Independent learning skills
Last updated: 29 April 2020