Meaning and scope of farm management.

1. Meaning, Nature, and Scope of
Farm Management
AR-JAY A. AQUINO

2. Meaning of Farm Management
Farm Management is a science,
which deals with proper
combination and operation of
production factors including land,
labor and capital.

3. Nature of Farm Management
• FM is both an art and a science
• FM is a unified process
• FM is participative

4. Important Terms
•Management – the act or
skill of controlling and
making decisions to realize
goals

5. Important Terms
• Enterprise – a project or
undertaking, especially a
bold or complex one; a
business or company

6. Important Terms
•Business – an activity that
involves production, selling
or trading products and
services

7. BROAD SCOPE INCLUDES:
1. Planning
2. Organizing
3. Directing
4. Implementing
5. Control and Risk Management

8. It also involves:
• Study problems of production
– goal is satisfaction of wants

9. It also involves:
•Distribution – transfer of
goods from producer to
consumer

10. It also involves:
•Consumption – satisfying
wants via exchange system
(payment for goods and
services)

11. Other areas covered by FM
• FINANCIAL MANAGEMENT
– Keeping financial records
– Fund raising
– Careful use of funds
– Marketing
– Coordination of land, labor and capital
• STUDY OF HUMAN NATURE

12. Point to remember
The ultimate goal of
studying farm management
is to maximize profit