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Planning & Goal Setting
N/A
9
Finance
Undergraduate 4
04/09/2015
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Term
Planning Process
 Definition

1. goals

2. prepare past financial statements

3. price projections

4. marketing plan

5. optimal combination of inputs

6. optimal whole farm plan

7. projected whole farm budget

8. projected cash flow budget

9. assess borrowing requirements

10. project financial statements

11. analyze projected financial statements

12. revise marketing plan and other projections
Term
Goal Setting or Strategic Planning
 Definition

- study

- think

- plan

- utilize

 
Term
Goal
 Definition
- what you want to do
Term
Procedure
 Definition
-how you are going to achieve the goal
Term
Time Frame
 Definition
- when the goal will be achieved
Term
Production Plan
 Definition

- process of developing a plan for input use

- use production function information when possible

- experiment station results and information
Term
Enterprise Budget
 Definition

- combines production and marketing plans into a projecton of returns and costs for each enterprise

- budget should estimate gross margin and net economic returns

- fixed costs that should be included are depreciation, rent and possibly interest on investment
Term
Whole Farm Plan
 Definition
- should be developed using the goals developed in the beginning of the planning process
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