Management Skills-AGE 2520 (Tutorial)

Management is an explicit process. It can be taught, and it can be learned. It takes time, dedication, and self-discipline. Management is often the diff erence between success and failure. Th e enterprise analyses of Kentucky Farm Business Management participants illustrate this point. Each year participating farms are classifi ed into top-third and bottom-third categories based on net returns. For any given year, all farms face the same set of weather conditions, the same set of input prices, and the same set of market prices. Generally, the bottom third of livestock farms receives the same price as the top third for what they sell. Th e prices they pay for feed are often very similar for both groups. Given the same set of market and weather conditions, some farms make money, and some farms lose money. Th e diff erence between top and bottom farms is how they manage the resources they have.