|Teaching method||Contact hours|
|Practical extensively supervised||30|
|Course coordinator(s)||ir. GWJ Giesen|
|Lecturer(s)||ir. GWJ Giesen|
|dr. G Emvalomatis|
|Examiner(s)||prof. dr. ir. AGJM Oude Lansink|
Language of instruction:
Assumed knowledge on:
BEC-21806 Introduction to Business Economics, Management and Marketing
BEC-30306 Advanced Agricultural Business Economics
This course deals with the economic aspects farm owners/managers face when managing the farm. On the one hand they need to control and evaluate their business on a regular basis. For this purpose they need reliable financial data and overviews based on well-defined accounting standards. On the other hand there is a need for continuously adapting their business in order to deal with current problems and to anticipate expected future possibilities.
Keywords: business organization, asset valuation, balance sheet, income statement, accounting, efficiency measures, budgeting, linear programming, risk management, financial planning, investment analysis, time value of money.
After the course, students will be able to:
- understand the basic underlying economic principles of farm evaluation and farm planning;
- read, create and use financial overviews for performing economic analyses;
- calculate optimal production plans, optimal levels of inputs and outputs;
- compare and select different investment options;
- assess the impact of risk;
- make optimal calculations for certain as well as for uncertain, risky production environments.
The course includes lectures, practicals and computer practicals.
Book: Kay, Edwards and Duffy: Farm Management (sixth edition, 2008) Mc Graw Hill ISBN 978-007-125953-8. Reader with practical exercises. Book and reader are for sale at WURshop.
|Compulsory for:||WUABM||BSc Minor Agricultural Business Management||2MO|
|Restricted Optional for:||WUINE||BSc Minor Innovation and Entrepreneurship||2MO|