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Farm Management Economics (AGRI30033)
Undergraduate level 3Points: 12.5On Campus (Parkville)
About this subject
- Overview
- Eligibility and requirements
- Assessment
- Dates and times
- Further information
- Timetable (login required)(opens in new window)
Contact information
Semester 2
Overview
| Availability | Semester 2 |
|---|---|
| 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
| 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 2
Principal coordinator Alex Sinnett Mode of delivery On Campus (Parkville) Contact hours 1 x 3 hour workshop each week, excluding weeks where field trip occurs; 3 x one day field trips (7 hours per day), throughout the semester Total time commitment 170 hours Teaching period 22 July 2024 to 20 October 2024 Last self-enrol date 2 August 2024 Census date 2 September 2024 Last date to withdraw without fail 20 September 2024 Assessment period ends 15 November 2024 Semester 2 contact information
Time commitment details
One-day field trips will likely occur in weeks 3, 7 and 10 of the semester.
What do these dates mean
Visit this webpage to find out about these key dates, including how they impact on:
- Your tuition fees, academic transcript and statements.
- And for Commonwealth Supported students, your:
- Student Learning Entitlement. This applies to all students enrolled in a Commonwealth Supported Place (CSP).
Subjects withdrawn after the census date (including up to the ‘last day to withdraw without fail’) count toward the Student Learning Entitlement.
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 Sustainable Production Major Production Animal Health - 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