The Farming Game 2nd edition by Bill Malcolm, Jack Makeham, Vic Wright ISBN 052153755X‎ 978-0521537551

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Product details:

ISBN 10: 052153755X
ISBN 13:‎ 978-0521537551
Author: Bill Malcolm, Jack Makeham, Vic Wright 

The Farming Game is the agricultural management text for the twenty-first century. The central theme underpinning this text is that the farm management context is most usefully and reliably managed by the application of economic ways of thinking. In this text, the practice of farm management is approached in an integrated way, leaving no significant issues about management uncovered. Finance, investment, decision analysis, management, economic thinking, growth, risk and marketing are critical and exciting domains of interest that are brought together to give the reader a thorough and comprehensive understanding of how the farming situation is best analysed and managed. The text is essential reading for those who seek to manage agricultural businesses well and for those with interest throughout agricultural supply chains who need to understand the character of farms as the core of agribusiness systems.

The Farming Game 2nd Table of contents:

1 Introduction

2 The business of farming

THE ‘WHOLE FARM’ BUSINESS SYSTEM

Introduction

Farm management analysis

The whole farm approach

Economics: The core discipline of farm management analysis

The human conditions: Goals, labour and management

Goals

Labour

Management

Labour management

Good management

The rules of the game

Technical systems

Animal production systems

Present feed conversion activities

Potential feed conversion activities

Constraints on feed conversion activities

Present feed supply

Constraints on feed supply

Cropping system

Present cropping activities

Potential cropping activities

Cropping constraints

Present machinery services

Machinery potential

Machinery constraints

Economic and financial conditions

Operating profit and return on total capital

Net profit and return on owner’s capital

Net cash flow

Growth

Growth of owner’s capital, equity or net worth

Gearing and growth

Business health: Return to capital, growth and debt servicing ability

Investment

Investing capital to improve whole farm profit

Investing in extra land for a wool-producing property

Investing to acquire machinery services

Risk and uncertainty

Tracking performance

Returns on investment in farm and non-farm businesses

THE ECONOMIC SYSTEM BEYOND THE FARM GATE

Firms and the economy

Farming and the economy

Agribusiness

CHAPTER SUMMARY

REVIEW QUESTIONS

FURTHER READING

3 Analysing a farm business

TECHNICAL BASIS OF ECONOMIC, FINANCIAL, GROWTH AND RISK ANALYSIS

Input–output in the current production period

Input combinations in the current production period

Product combinations in the current production period

ECONOMIC AND FINANCIAL CONDITIONS

Economic principles of using resources for agricultural production

Input–output in the current production period

Input combinations in the current production period

Product combinations in the current production period

Increasing farm profit in the current production period

Increasing profit in the medium and longer run by changing fixed costs

Increasing profit through focusing on marginal costs, not average costs

ANALYSING BUSINESS PROFIT, LIQUIDITY, GROWTH AND RISK

Balance sheet

Profit budgets

Farm activity analysis

Livestock trading schedule (to calculate trading profit/loss)

Prime lamb and beef activity gross margins

Crop activity gross margins

Using activity budgets in planning a change

Costs of machinery

Depreciation

Interest

Annual use

Whole farm cash budgets

Growth

Putting it all together: The links between profit, cash and growth

Gearing and growth and the principle of increasing risk

Loan repayments

Taxation

Returns after tax

Livestock and tax

Capital expenditures

Machinery

Interest

Growth

Capital gains tax

Taxation and leasing

Tax and budgets

Income tax minimisation

Business organisation

Analysing a business

CHAPTER SUMMARY

REVIEW QUESTIONS

FURTHER READING

4 Analysing innovation in the whole farm business

INTRODUCTION

ANALYSING INNOVATION

Start with the market

Human aspects

Technical knowledge

Measures of feed demand and supply for different livestock activities and feed supplies

Benefits and costs

Analysing a simple innovation: A budget of a single production period, steady state

A partial budget

Time effects and discounted cash flow budgeting

Internal rate of return

Decision rule

Discount rate

Reinvestment

Benefit-cost ratio

Life of project and salvage value

Inflation and the numbers

Risk

Investments involving different lengths of life

Investments involving different amounts of capital

Discounted cash flow analysis

Sound judgment and perspective

EVALUATING INVESTMENT IN FARMLAND

Purchasing a farm

Valuing farmland

What should be paid

What others pay: Market price

What could be paid

What the buyer is prepared to pay, all things considered

Farmland purchase case studies

A land price purchase appraisal model: Method and assumptions

Beef business land purchase

Cereal property purchase

Dairying property purchase

Mixed cropping–grazing property purchase

Conclusions from the land purchase case studies

Adjusting land price for financing by vendor

LEASING LAND

CHAPTER SUMMARY

REVIEW QUESTIONS

FURTHER READING

5 Managing risk and uncertainty

WHOLE FARM RISK MANAGEMENT

Objectives, risk and uncertainty

ANALYSING RISK

Sensitivity testing, breakdown analysis and scenario analysis

Simulation

Decision trees

MANAGING RISK

Coping with drought risk

Pasture development and cropping risk

Stocking risks

In sum

THE ROLE OF FUTURES MARKETS IN MANAGING EXPOSURE OF FARM BUSINESSES TO VOLATILE PRICES

Key terms

Relationship between cash and futures prices

Hedging and speculation

Influence of futures trading on cash prices

OPTIONS

THE ROLE OF FUTURES MARKET INSTRUMENTS IN FARM BUSINESS MANAGEMENT OF PRICE RISK

CHAPTER SUMMARY

REVIEW QUESTIONS

FURTHER READING

6 Marketing agricultural products

THE AGRIBUSINESS FIRM IN ITS MARKETING ENVIRONMENT

MARKETING DEFINED

APPLYING MARKETING

THE MARKETING MIX

Components of the marketing mix

Product

Promotion

Place

Price

Conclusion

Managing the marketing mix

DEFINING CUSTOMERS

Market level

Control over characteristics of components of the marketing mix

Premiums for better marketing mixes and who gets them

Outcome of analysing market level

STRATEGIC MARKETING

MARKETING MANAGEMENT IN AGRIBUSINESS SYSTEMS

Strategic marketing decisions

Agribusiness system marketing developments

CONCLUSION

CHAPTER SUMMARY

REVIEW QUESTIONS

FURTHER READING

7 Conclusion

CONCEPTS, IDEAS, PRINCIPLES, WAYS OF THINKING AND RULES THAT CAN HELP IN UNDERSTANDING THE FARMING B

THE POWER OF ECONOMIC THINKING

Appendix: Discounting procedures and tables

Compounding

Discounting

Annuities

FURTHER READING

References and further reading

Glossaries

FARM MANAGEMENT ECONOMICS

AGRIBUSINESS MARKETING

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Tags: Bill Malcolm, Jack Makeham, Vic Wright, The Farming Game