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Farm Management Economics (AGRI30033)
Undergraduate level 3Points: 12.5On Campus (Parkville)
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.
About this subject
- Overview
- Eligibility and requirements
- Assessment
- Dates and times
- Further information
- Timetable(opens in new window)
Contact information
Semester 1
Please refer to the LMS for up-to-date subject information, including assessment and participation requirements, for subjects being offered in 2020.
Overview
Availability | Semester 1 |
---|---|
Fees | Look up fees |
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
Generic skills
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: 31 January 2024
Eligibility and requirements
Prerequisites
Code | Name | Teaching period | Credit Points |
---|---|---|---|
AGRI20042 | Agricultural Economics | Semester 1 (On Campus - Parkville) |
12.5 |
Corequisites
None
Non-allowed subjects
None
Inherent requirements (core participation requirements)
The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.
Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home
Last updated: 31 January 2024
Assessment
Due to the impact of COVID-19, assessment may differ from that published in the Handbook. Students are reminded to check the subject assessment requirements published in the subject outline on the LMS
Description | Timing | Percentage |
---|---|---|
Case study
| Approximately Week 5 | 22.5% |
Case study
| Approximately Week 11 | 22.5% |
Examination
| End of semester | 55% |
Hurdle requirement: Students must attend 80% of scheduled workshops/practical classes, and all scheduled farm visits | N/A |
Last updated: 31 January 2024
Dates & times
- Semester 1
Coordinator Alex Sinnett Mode of delivery On Campus (Parkville) Contact hours 48 hours: 24 hours of lectures and 24 hours of tutorials (onsite and offsite) Total time commitment 170 hours Teaching period 2 March 2020 to 7 June 2020 Last self-enrol date 13 March 2020 Census date 30 April 2020 Last date to withdraw without fail 5 June 2020 Assessment period ends 3 July 2020 Semester 1 contact information
Time commitment details
170 hours
Last updated: 31 January 2024
Further information
- Texts
Prescribed texts
Malcolm, Bill, Makeham, Jack & Wright, Vic. (2005) The Farming Game: Agricultural Management and Marketing. Cambridge University Press.
- Related Handbook entries
This subject contributes to the following:
Type Name Major Agricultural Economics Major Production Animal Health Major Sustainable Production - Available through the Community Access Program
About the Community Access Program (CAP)
This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.
Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.
- Available to Study Abroad and/or Study Exchange Students
This subject is available to students studying at the University from eligible overseas institutions on exchange and study abroad. Students are required to satisfy any listed requirements, such as pre- and co-requisites, for enrolment in the subject.
Last updated: 31 January 2024