Full Title:Farm Business Management 3
Module Code:MGMT S6003
 
Credits: 7.5
Valid From:Semester 1 - 2013/14 ( September 2013 )
Module Delivered in 2 programme(s)
Module Description:The aims of this module are to provide the student with an understanding of the basic principles of family farm business management with emphasis on comparative analysis techniques for the whole farm and on an enterprise basis. The emphasis will be on the profit and loss account, and the balance sheet and the various methods of analysing these such as the eProfit Monitor
Learning Outcomes:
On successful completion of this module the learner should be able to
  1. Discuss the various components of family farm business management and the evolving environment in which farm businesses operate.
  2. Outline farm business objectives and summarise the manner in which the factors of production are utilised in farming.
  3. Analyse the performance of a farm using physical parameters.
  4. Carry out a systematic analysis of a profit and loss account and balance sheet (using benchmark data) with the application of appropriate financial ratios.
  5. Use the Teagasc profit monitor system to analyse a farm business on a comparative basis.
  6. Calculate the adjusted profit for tax purposes.
 

Module Content & Assessment

Indicative Content
Background to Business Planning
Intricacies of family farm business management; Activities in farm business planning; Goal setting – business, personal, family
Factors of production
Management of resources- farm business valuation, agricultural labour force, management of capital resources.
Analysis of Physical Performance of a Farm
KPIs for the different enterprises such as stocking rate, output per livestock unit and per hectare, and optimum input levels. Comparison of high input versus low input systems.
Comparative analysis of the performance of a range of farm enterprises
Analysis of Teagasc National Farm Survey data – Analysis of dairying, tillage, suckler beef production, drystock production and sheep production systems. Importance of Direct Payments (DPs) to the various systems - Ratio of DPs to profit margins.
Basic Concepts in Farm Accounts
Profit and Loss Account - gross output, gross margin, costs – variable, fixed, capital and common costs. Balance Sheet – structure, use in farm business analysis, net worth.
Systematic analysis of profit and loss account and balance sheet
Profitability ratios, liquidity and gearing ratios, return on investment, analysis of debt.
Teagasc eProfit Monitor system
Explanation of the concept, introduction to computer software and completion of a profit monitor for a given farm.
Farm Taxation system in Ireland
Types of taxation, credits and allowances, tax avoidance, making tax returns, calculation of income tax liability.
Assessment Breakdown%
Course Work50.00%
End of Module Formal Examination50.00%

Full Time

Course Work
Assessment Type Assessment Description Outcome addressed % of total Marks Out Of Pass Marks Assessment Date Duration
Project Students will complete a major Case Study on a farm business which they will visit. This will involve a detailed analysis of the physical and financial performance of the farm including a resource audit, SWOT analysis and ePM analysis. 3,5 40.00 0 0 Sem 1 End 0
Continuous Assessment Continuous Assessment based on coursework. 1,2,3,4 10.00 0 0 Week 5 0
No Project
No Practical
End of Module Formal Examination
Assessment Type Assessment Description Outcome addressed % of total Marks Out Of Pass Marks Assessment Date Duration
Formal Exam End-of-Semester Final Examination 1,2,3,4,5,6 50.00 0 0 End-of-Semester 0

DKIT reserves the right to alter the nature and timings of assessment

 

Module Workload & Resources

Workload: Full Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Including practical session using computers 4.00 Every Week 4.00
Independent Study n/a 2.00 Every Week 2.00
Directed Reading n/a 2.00 Every Week 2.00
Total Weekly Learner Workload 8.00
Total Weekly Contact Hours 4.00
This course has no Part Time workload.
Resources
Recommended Book Resources
  • Maher et al. 2009, Farm Planning Workbook, Teagasc
  • O' Dwyer, J. 2012, Farm Management, Teagasc
  • 2008, Management Data for Farm Planning, Teagasc
  • O Sullivan, M. 2012, The Farmers Handbook 2012, O Sullivan Consulting
Supplementary Book Resources
  • Turner, J. and Taylor, M. 1998, Applied Farm Management, Wiley-Blackwell
Recommended Article/Paper Resources
  • 2013 Agricultural Periodicals – Farming Press, Teagasc Digests.
Other Resources

Module Delivered in

Programme Code Programme Semester Delivery
DK_SAGRI_8 Bachelor of Science (Honours) in Agriculture 3 Mandatory
DK_SAGRI_C Higher Certificate in Science in Agriculture 3 Mandatory