Agricultural Management Economics: Activity Analysis and Decision MakingThis book on agricultural management and decision making differs from other texts which tend to describe production economics followed by the presentation of analytical approaches. Instead, the processes of agricultural production and their management are couched in terms of activity analysis, since this permits greater integration of theory with practical evaluations. Analytical tools developed in the book involve the construction of spreadsheet models, and readers are able to construct their own PC spreadsheets from the book's examples and case studies. Economic principles are presented that will assist in improving the design of agricultural processes and technologies, in guiding their appropriate combination in a business setting, and with the making of decisions through time and in recognition of noncertainty. Activity analysis models that allow the design and combination of agricultural activities to be optimized are also discussed. These include single versus multiple objective models, investment models, and approaches that allow decisions to be optimized under conditions of noncertainty |
Contents
A SPREADSHEET FRAMEWORK | 11 |
ECONOMIC PRINCIPLES FOR ACTIVITY DESIGN | 29 |
EVALUATION OF ACTIVITY COMBINATIONS 559 | 59 |
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Common terms and phrases
achieved activity activity analysis activity combination additional agricultural allow alternative annual approach assumed bean borrowing boundary BUDGET cabbage calculated capital cash balances cell Chapter coefficients column computed constraints consumption costs crop cumulative decision decision maker determined economic entered equal equation estimated evaluated event example expected expenditures farm fertiliser Figure flow function fund inputs further given goal harvester hectare illustrated included income increase indicates interest investment involves labour land latter less lettuce linear programming manager maximisation measure Note objective objective function obtained occur optimum outcomes output payoff period possible preference present probability probability distributions problem production profitable pumpkin quarter random variable received remain resource result risk rotation situation solution specified spreadsheet spreadsheet model stochastic programming stream supply Table tomato tonnes total gross margin tractor unit utility function various yield zero