I. General Information

1. Course Title:
Implementing the System Management Plan

2. Course Prefix & Number:
FBMT 1122

3. Course Credits and Contact Hours:

Credits: 4

4. Course Description:

This course continues to build on the foundation of farm business management. The student will complete a farm business financial and enterprise analysis. Sound financial record keeping is an integral component.

5. Placement Tests Required:

Accuplacer (specify test):

No placement tests required

Score:

6. Prerequisite Courses:

There are no prerequisites for this course.

9. Co-requisite Courses:

There are no corequisites for this course.

II. Transfer and Articulation

III. Course Purpose

1. Program-Applicable Courses – This course is required for the following program(s):

Essentials in Farm Business Management Certificate

 

IV. Learning Outcomes

1. College-Wide Outcomes

College-Wide Outcomes/Competencies	Students will be able to:
Analyze and follow a sequence of operations	Identify problem areas in selected enterprise budget
Utilize appropriate technology	Update computerized records to develop a business analysis.
Discuss/compare characteristics of diverse cultures and environments	Prepare/update and/or discuss items needed in an employee handbook

2. Course Specific Outcomes - Students will be able to achieve the following measurable goals upon completion of the course:

• Compare risk management tools and products;
• Compare available current agricultural technologies and their effect on different enterprises;
• Determine benefits of ownership vs. leasing of capital assests;
• Evaluate available credit options;
• Create standard operating procedures for labor and management resources;
• Examine enterprise analysis information;
• Compile income and expense data for year-end analysis and tax preparation;
• Revise enterprise budgets;
• Examine historical farm data;
• Identify marketing goals;
• Utilize the farm business financial ratio indicators to assess business health; and
• Identify marketing strategies.

V. Topical Outline

Listed below are major areas of content typically covered in this course.

1. Lecture Sessions

1. Compare risk management tools and products

• Students will demonstrate competence by doing the following:
  • Compare risk management products i.e. crop insurance
• Students will show understanding through the following:
  • Identify risk management products which reduces exposure to critical risk areas
  • Compare at least two different risk management products
  • Discuss with instructor the implications of risk assessment findings to your business

2. Compare available current agricultural technologies and their effect on different enterprises

• Students will demonstrate competence by doing the following:
  • Compare available technologies
• Students will show understanding through the following:
  • Identify a problem that technology can address
  • Explore technology options
  • Determine the pros/cons for each of the options

3. Determine benefits of ownership vs. leasing of capital assets

• Students will demonstrate competence by doing the following:
  • Determine benefits of ownership versus leasing of capital assets
• Students will show understanding through the following:
  • Identify the advantages of owning capital assets
  • Identify the disadvantages of owning capital assets
  • Identify the advantages of leasing capital assets
  • Identify the disadvantages of leasing capital assets

4. Evaluate available credit options

• Students will demonstrate competence by doing the following:
  • Evaluate credit options
• Students will show understanding through the following:
  • Explore local and regional credit sources
  • Identify government funded credit sources
  • Differentiate between current vs. term credit lines
  • Explain the impact of risk rating on business credit
  • List advantages and disadvantages of variable versus fixed rate credit

5. Create standard operating procedures for labor and management resources

• Students will demonstrate competence by doing the following:
  • Establish standard operating procedures for labor and management resources
• Students will show understanding through the following:
  • Review a comprehensive labor management handbook
  • Discuss with FBM instructor the advantages and disadvantages of creating a labor handbook/plan
  • Comply with federal and state labor laws

6. Examine enterprise analysis information

• Students will demonstrate competence by doing the following:
  • Examine enterprise analysis information
• Students will show understanding through the following:
  • Utilize enterprising in accounting
  • Complete a business enterprise analysis with assistance from the FBM Instructor
  • Discuss individual business implications of the analysis summary
  • Review the enterprise output and compare to benchmarks

7. Compile income and expense data for year-end analysis and tax preparation

• Students will demonstrate competence by doing the following:
  • Tabulate income and expense data for year-end analysis and tax preparation
• Students will show understanding through the following:
  • Complete the input of income and expense data in a personal accounting record system
  • Validate the accuracy of the accounting records
  • Generate output reports for year-end closeout and tax preparation

8. Revise enterprise budgets

• Students will demonstrate competence by doing the following:
  • Refine enterprise budgets
• Students will show understanding through the following:
  • Compare planned vs. actual
  • Modify the enterprise budget

9. Examine historical farm data

• Students will demonstrate competence by doing the following:
  • Examine historical farm data
• Students will show understanding through the following:
  • Discuss with instructor the value of farm historical data
  • Identify business ratio trends
  • Identify historical production trends

10. Identify marketing goals

• Students will demonstrate competence by doing the following:
  • Establish marketing goals and strategies
• Students will show understanding through the following:
  • Determine cash flow needs to operate the business
  • Identify potential market outlets
  • Review marketing tools available (contracts)
  • Discuss the advantages of a marketing plan

11. Utilize the farm business financial ratio indicators to assess business health

• Students will demonstrate competence by doing the following:
  • Relate financial ratio indicators to the farm business
• Students will show understanding through the following:
  • Identify business ratios
  • Explain the financial ratios and how they are calculated
  • Complete a financial ratio scorecard

12. Identify marketing strategies