Lesson 2 Flashcards
1
Q
Management
A
integrating and operating mechanism underlying organized efforts
2
Q
Management refers to three distinct things
A
- As a group of managers
- As a process
- As a discipline
3
Q
Nature of Management
A
- an economic resource
- a process
- as a goal-orientation
- involves decision making
- a group activity
- dynamic and not static
- both a science and an art
4
Q
Scope of Management
A
- Financial Management
- Personnel Management
- Purchasing Management
- Production Management
- Maintenance Management
- Transport Management
- Distribution Management
- Office Management
- Development Management
5
Q
Henri Fayol’s POLC Framework
A
Planning
Organizing
Leading
Controlling
6
Q
Farm Management
A
science and process by which scarce resources are allocated and situations are manipulated by the farm manager
7
Q
Nature of Farm Management
A
- systematic knowledge based practice
- resources are limited and must be optimized
- requires active role of farm managers
- asymmetrical or imperfect information
- not always to maximize profit
8
Q
Functions of Farm Management
A
- Diagnosis
- Planning
- Implementation
- Monitoring
- Evaluation
9
Q
Categories of Farm Management
A
- Strategic Management
- Tactical Management
10
Q
Six Logical Steps in Strategic Management
A
- Define the vision and mission of the business
- Formulate the goals of the business
- Assess the resources of the business (internal scanning)
- Survey the business environment (external scanning, SWOT)
- Identify and select strategies that will reach the goals
- Implement and refine the selected goals
11
Q
Steps in Tactical Farm Decision Making Process
A
- Identify the problem and collect data information
- Identify and appraise alternative solutions
- Make the decision and adopt the best alternative
- Monitor the decision and evaluate the results
- Accept responsibility for the decision
