AGRICULTURAL ECONOMICS 3303
FARM MANAGEMENT
Fall Semester 2003

Course Syllabus

 Course Description:  AGEC 3303 Farm Management (3), Prereq.: AGEC 2003 or equivalent. Fundamental economic and business principles applied to a farm business; comprehensive and integrated treatment of management concepts for successful operation of a farm business.

Class Schedule: This is a three hour credit course that will be taught primarily through modules over the internet. Because this is not a traditional lecture class, it will require individual motivation and discipline to be successful. One module will be assigned each week on Tuesday at the regularly scheduled class period (1:40-3:00 p.m. in room 248 Agricultural Administration Building). Scheduled examinations will be given on the specified Thursdays in the regular classroom as shown on the course schedule. No lectures will be given. Class will meet on Tuesdays to distribute the module for the week and answer questions about the assignment.

Instructors:     Dr. Kenneth W. Paxton                        Dr. Michael E. Salassi
                          Room 246, Agri. Adm. Bldg.                Room 229 Agr. Admin. Bldg.
                          Ph. 578-2763                                           Ph. 578-2713
                          e-mail Address: akpaxt@lsu.edu        e-mail Address: msalassi@agctr.lsu.edu

Office Hours:  Both Instructors will be available during the regularly scheduled class time
                          to answer questions about course material (1:40 – 3:00 p.m. TTH). Other times available
                          by appointment.

Text:                Farm Management, Kay, Ronald D., and William M. Edwards, Fifth Edition,
                         McGraw-Hill, Inc., 2003.

Course Objectives: The objective of this course is to teach basic principles of management and decision making useful to owning, managing, advising, and/or servicing farm firms and other businesses. Further, the course will provide an opportunity to develop skills in applying the learned principles to management situations. These principles are applied within an analytical framework of real-world problems. While the farm business is used throughout as a focal point, the principles and concepts discussed in this course are applicable to other types of businesses.

            Specific objectives include:
            1.         Explain the role and functions of management and its relation to the decision-making
                        process of a farm business.
            2.         Introduce basic economic principles and management techniques fundamental to the
                        operation of a farm business.
            3.         Introduce whole farm firm business planning with emphasis on resource   availability,
                        budgeting and cash flow.
            4.         Introduce methodologies which can be used to improve farm business performance,
                         including capital budgeting, income statements, and net worth statements.
            5.         To provide substantial exposure to the applications of computer hardware and software
                        (including extensive use of the Internet) as decision making aids.
           6.         To enhance students' written, verbal, and listening communication skills and their
                        abilities to work with others.
 

Philosophy: The instructors’ philosophy underlying the content of this course is that we learn best by doing and that practice is a positive and necessary experience. During this course you will have numerous opportunities to apply the various economic and management principles and other tools to realistic, although somewhat simplified, problems. Throughout the course the focus will be on interactive, participatory learning. The overwhelming majority of the material in the course will be presented in modules over the internet.

 General Course Design: This course is designed so that you learn the material at your own pace within the constraints outlined in this syllabus. Therefore, there are no regular lectures scheduled for the course. Some of the scheduled class times will be used for discussion sessions. During these sessions, you should ask questions regarding the assigned material for that week. One or both of the instructors will be in the assigned classroom at the assigned class time on Tuesdays for the discussion sessions. We will also generally be available in our offices on Thursdays during the regular class time. Both instructors have an open door policy and students are welcome to come by at any time. To ensure availability, you may schedule an appointment with the instructors.

 Most of the course material will be made available through the internet. To facilitate communications, a webpage for the course has been developed. To access the site, go to the departmental homepage (http://www.agecon.lsu). Click on the link for AGEC 3303 and this will take you to the course information. Semester Books will also be used to augment communications. This course is structured in a series of modules representing the major topics of the course. As a general rule, one module will be assigned each week. Associated with each module will be an exercise designed to utilize the concepts learned in the module to solve a “real-world” farm management problem. Problems will generally be distributed on Tuesday of each week and due by noon on Friday of that week. Completed problem sets will not be accepted after this time. Exercises will be graded and returned during the class period on Tuesday following the due date. A total of 11 problem sets (exercises) will be completed. Scores from 10 of these will be used in calculating the final grade. The schedule of module presentation is included with this syllabus.

 Class Attendance: Regular class attendance is optional except for the scheduled examinations. Attendance at regularly scheduled examinations, as shown elsewhere in the syllabus, is mandatory.

 Communications: We will be using email via Semester Books and the course website to facilitate communication of material and information. Announcements to the class will be posted on the course website and/or sent directly to you via email. It is your responsibility to check the class website regularly to ensure you are aware of the latest information. Class materials will be posted on the class website in a downloadable format. All email communications will be sent to your PAWS account. If you prefer to receive your messages at a different address, you need to have your PAWS e-mail forwarded to another account. If you need help in getting your mail forwarded, please contact the computer help desk. If you do not have a PAWS account, please give me an alternative e-mail address if one is available.

 Group Work: You are strongly encouraged to complete the weekly exercises independently. While we encourage study groups, or other cooperative efforts to understand the material, it is essential that each individual be able to successfully complete the weekly exercises. To assist you in assessing your understanding of the material, a sample quiz is available for each module on the course website.

Examinations:  There will be a total of three examinations including a final comprehensive examination. Each exam will be worth 100 points. Students are expected to take the exams when scheduled. Make-up exams will be given only to students who, for valid reasons and with prior approval from the instructors, cannot take an exam when scheduled. Make-up exams will cover the same material assigned for the regularly scheduled exam, but will consist of questions that are different from questions appearing on the scheduled exam. To assist you in studying for the exam

The final exam is scheduled for Thursday, December 11, 2003, from 10:00 a.m. to 12:00 p.m. All students must take the final examination as scheduled.

 Grading

            Item                                                                                           Grading Scale:

                                                                                                 Percent                  Letter Grade
            Weekly Exercises          --          25%                             90-100              =          A
            Exam 1                             --          25%                             80-89                =          B
            Exam 2                             --          25%                             70-79                =          C
            Final Examination          --          25%                             60-69                =          D
            Total                                           100%                            <60                   =          F

Code of Student Conduct: All students are expected to be familiar with the provisions of the Code of Student Conduct, especially those relating to academic misconduct. If you are not familiar with the Code, we encourage you to acquaint yourself with the provisions of the code. The official copy of the Code is available at: http://appl003.lsu.edu/slas/dos.nsf/$Content/Code+of+Conduct . Alternatively, you may go the LSU A-Z, and look under “C” to find the Code of Student Conduct. Please be aware that provisions of the code of student conduct (especially those regarding academic misconduct) will be strictly enforced in this class.

  Fall Semester 2003
  Tentative Schedule

 

Date	Module Title	Text References
Aug 26	I. Course Overview, Introduction, Acquiring &          Organizing Management Information	Chapters 1-3
September 2	II. Depreciation and Asset Valuation	Chapter 4 & pp 269-272
September 9	III. The Balance Sheet	Chapter 5
September 16	IV. The Income Statement	Chapter 6
September 25	TEST No. 1	Chapters 1-6
September 30	V. Choosing Production Levels	Chapter 7
October 7	VI. Choosing Input/Output Combinations	Chapter 8
October 14	VII. Cost Concepts in Economics	Chapter 9
October 23	TEST No. 2	Chapters 7-9
October 28	VIII. Enterprise Budgeting	Chapter 10
November 4	IX. Partial Budgeting	Chapter 11
November 11	X. Cash Flow Budgeting	Chapter 13
November 18	XI. Investment Analysis	Chapter 17
November 25	XII. Farm Business Analysis	Chapter 18
December 11	FINAL EXAMINATION	Chapters 10, 11, 13, 17, & 18