I. General Information
1. Course Title:
Refining Farm System Management
2. Course Prefix & Number:
FBMT 2162
3. Course Credits and Contact Hours:
Credits: 4
4. Course Description:
This course is the culmination of activities designed to enable the student to develop and implement a comprehensive farm business strategic plan. The student will use the components of the Farm Business Management Program to develop and support a strategic plan.
5. Placement Tests Required:
Accuplacer (specify test): |
No placement tests required |
Score: |
|
6. Prerequisite Courses:
FBMT 2162 - Refining Farm System Management
There are no prerequisites for this course.
9. Co-requisite Courses:
FBMT 2162 - Refining Farm System Management
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):
Applications in Farm Business Management Certificate
IV. Learning Outcomes
1. College-Wide Outcomes
College-Wide Outcomes/Competencies |
Students will be able to: |
Utilize appropriate technology |
Student will critique a financial accounting system |
2. Course Specific Outcomes - Students will be able to achieve the following measurable goals upon completion of
the course:
- Evaluate strategic opportunities for current and new enterprises;
- Evaluate business structure and ownership opportunities;
- Create accurate enterprise budgets;
- Evaluate financial ratios;
- Prioritize strategies to improve enterprise trend direction;
- Formulate strategies to improve new and existing enterprise trend directions;
- Assess a farm business risk management plan;
- Evaluate emerging technologies;
- Inventory existing technologies utilized within the farm business;
- Prioritize future technology needs;
- Evaluate benchmark trends; and
- Develop a strategic farm business management plan.
V. Topical Outline
Listed below are major areas of content typically covered in this course.
1. Lecture Sessions
1. Evaluate strategic opportunities for current and new enterprises
- Students will demonstrate competence by doing the following:
- Identify business continuation opportunities
- Students will show understanding through the following:
- Create a list of most profitable enterprises
- Create a list of potential new enterprises
- Identify possible changes in business structure (i.e. LLC, partnership, S Corp)
- Identify possible changes in business ownership (i.e. new partners, transfer of ownership)
2. Evaluate business structure and ownership opportunities (i.e. LLC, Partnerships, S or C corp., including new partners or transfer to new potential owners)
- Students will demonstrate competence by doing the following:
- Defend the projected cash flow plan
- Students will show understanding through the following:
- Utilize past financial data to accurately project cash flow
- Utilize actual business data to defend the cash flow projection
3. Create accurate enterprise budgets
- Students will demonstrate competence by doing the following:
- Justify enterprise budgets
- Students will show understanding through the following:
- Utilize past financial data to accurately prepare enterprise budgets
- Evaluate current market volatility
- Utilize trend data to justify the enterprise budgets
4. Evaluate financial ratios
- Students will demonstrate competence by doing the following:
- Evaluate financial ratios
- Students will show understanding through the following:
- Compare financial ratio trends to benchmark information
- Summarize the effect of past decisions on current farm financial ratios
- Evaluate the strength of current financial ratios
- Explore opportunities for financial ratio improvement
5. Prioritize strategies to improve enterprise trend direction
- Students will demonstrate competence by doing the following:
- Prioritize selected strategies to improve enterprise trends
- Students will show understanding through the following:
- Compare the advantages and disadvantages of implementing the strategy
- Examine trend data to identify underperforming enterprises
- Create a list of prioritized strategies to improve underperforming enterprises
6. Formulate strategies to improve new and existing enterprise trend directions
- Students will demonstrate competence by doing the following:
- Evaluate historical farm trends
- Students will show understanding through the following:
- Summarize how past decisions have affected farm business performance and change
- Utilize historical data to predict the future direction of farm business performance
7. Assess a farm business risk management plan
- Students will demonstrate competence by doing the following:
- Complete a risk management plan assessment
- Students will show understanding through the following:
- Indicate the level of environmental risk
- Indicate the level of biological risk
- Indicate the level of production risk
- Indicate the level of social/labor/human resource risk
- Indicate the level of financial risk
- Indicate the level of marketing risk
8. Evaluate emerging technologies
- Students will demonstrate competence by doing the following:
- Evaluate available emerging technologies
- Students will show understanding through the following:
- Evaluate current technology system(s)
- Evaluate current technology needs
- Determine the compatibility of new technology with existing systems
9. Inventory existing technologies utilized within the farm business
10. Prioritize future technology needs
11. Evaluate benchmark trends
12. Develop a strategic farm business management plan