|Agribusiness Operations Analysis|
|CLASS CODE:||AGBUS 420||CREDITS: 3||FEE: $20.00|
|DIVISION:||AGRICULTURAL AND LIFE SCIENCES|
|DEPARTMENT:||AGRICULTURE BUSINESS SCIENCE & TECHNOLOGY|
|GENERAL EDUCATION:||This course does not fulfill a General Education requirement.|
|DESCRIPTION:||Principles and procedures in the analysis and research of agricultural business operations.|
|CONTENT AND TOPICS:||Concepts and principles applied to the management function of decision making. Covers decision theory, mathematical programming, and introduction to econometrics and problem solving models. Production and financial data analysis, resource use optimization, and operation expansion or contraction.
* The two approaches to decision making: Scientific Decision theory and Managerial decision making.
* The different environments of decision making: Risk, and Uncertainty.
* Ability to analyze decisions with alternative methods of analysis such as: payoff tables, decision trees, computerized programs and statistical measurement.
* The process of developing analytical models used in the decision making process.
* Basic concepts of econometrics and it's application in agribusiness models.
* Develop and analyze different statistical models related to agribusiness such as production and demand.
* Mathematical programming models that will aid in determining: optimal production to maximize resource usage and profits. Optimal transportation routes to minimize costs.
|GOALS AND OBJECTIVES:||1. Become aquainted with the scientific and managerial decision making process of agribusiness firms.
2. Utilize previously learned concepts of economics, mathematics and statistics in practical analysis of agribusiness firms.
3. Understand the two approaches to decision making; scientific and magerial decision-making.
4. Understand the different environments of decision-making; risk and uncertainty.
5. Analyze decisions with alternative methods of analysis such as Payoff tables, decision trees, and computerized programs and statistical measurments.
6. Understand the process of developing analytical models used in the decision making process.
7. Understand the basic concepts of econometrics and it's application in agribusiness models.
8. Develop and analyze different statistical models related to agribusiness such as production and demand.
9. Understand mathematical programming models that will aid in determining optimal production to maximize resource usage and profits and optimal transportation routes to minimize costs.
|PREREQUISITES:||Senior standing, a statistics course, or consent of instructor.|
|EFFECTIVE DATE:||August 2003|