1
AGEC 340 Final Questions with Answers (100% Correct
Answers)
What does supply chain mgmt focuses on? Answer: focuses on quality,
lower costs, changes in the supply chain and general pressures to be
more efficient while providing the tools managers need to meet these
operation and logistical challenges.
What does operations magmt focuses on? Answer: focuses on the
direction and the control of the processes used to produce the goods
and services that we buy and use each day through strategic use and
movement of resources.
What does logistics mgmt involve? Answer: involves the set of
activities around storing and transporting goods and services.
• Shipping and inventory costs are HUGE; logistics management
focuses on new ways to lower these costs.
What is human resource management? and what is it about? Answer: -
managment is about PEOPLE
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,2
-Human resources management encompasses managing two areas: the
mechanics of the personnel administration, and the finer points of
motivating people to offer and contribute their maximum potential.
• Issues: how to organize the firm, where to find people, how to hire
them, how to compensate them, and how to evaluate them
What makes agriculture unique? Answer: Food is vital to the health
and survival of every individual.
Biological nature of agriculture product brings rise to unique
challenges.
Seasonality affects both supply and demand.
Weather uncertainty is a constant threat for most agribusinesses.
There is tremendous variety across the types of businesses in the food
and agribusiness sectors.
There is a wide range of market conditions and structures.Ties to small
towns and rural areasThe government has a fundamental role in food
and agribusiness.
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,3
Managment is both an _____ and a ____ of succesfully pursuing desire
results with the resources available to the organization Answer: Art
and Science
what does Managment requires? Answer: • Technical knowledge
about the organization's product
and/or function
-Good and effective communicators
-The ability to motivate people
-Proficient in technical skills, like accounting, finance, and
forecasting
-Strong understanding of biological and institutional factors
surrounding the production of food and fiber
What are the four key tasks of Agribusiness managers? Answer:
Planning
organizing
directing
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, 4
controlling
Definition of Planning Answer: Planning can be defined as forward-
thinking about courses of action based on a full understanding of all
factors involved and directed at specific goals and performance
objectives.
Definition of organizing? Answer: Organizing represents the
systematic classification and grouping of human and other resources
in a manner consistent with the firm's goals.
Definition of directing Answer: Directing is guiding the efforts of
others toward achieving a common goal.
Definition of Controlling Answer: Controlling represents the
monitoring and evaluation of activities.
-Controlling plays a crucial role in determining the success or failure of
the business and allows for earlier interventions if standards are not
being met and warrant investigation.
The study of economics involves Answer: Macroeconomics &
Microeconomics
© 2025 All rights reserved
AGEC 340 Final Questions with Answers (100% Correct
Answers)
What does supply chain mgmt focuses on? Answer: focuses on quality,
lower costs, changes in the supply chain and general pressures to be
more efficient while providing the tools managers need to meet these
operation and logistical challenges.
What does operations magmt focuses on? Answer: focuses on the
direction and the control of the processes used to produce the goods
and services that we buy and use each day through strategic use and
movement of resources.
What does logistics mgmt involve? Answer: involves the set of
activities around storing and transporting goods and services.
• Shipping and inventory costs are HUGE; logistics management
focuses on new ways to lower these costs.
What is human resource management? and what is it about? Answer: -
managment is about PEOPLE
© 2025 All rights reserved
,2
-Human resources management encompasses managing two areas: the
mechanics of the personnel administration, and the finer points of
motivating people to offer and contribute their maximum potential.
• Issues: how to organize the firm, where to find people, how to hire
them, how to compensate them, and how to evaluate them
What makes agriculture unique? Answer: Food is vital to the health
and survival of every individual.
Biological nature of agriculture product brings rise to unique
challenges.
Seasonality affects both supply and demand.
Weather uncertainty is a constant threat for most agribusinesses.
There is tremendous variety across the types of businesses in the food
and agribusiness sectors.
There is a wide range of market conditions and structures.Ties to small
towns and rural areasThe government has a fundamental role in food
and agribusiness.
© 2025 All rights reserved
,3
Managment is both an _____ and a ____ of succesfully pursuing desire
results with the resources available to the organization Answer: Art
and Science
what does Managment requires? Answer: • Technical knowledge
about the organization's product
and/or function
-Good and effective communicators
-The ability to motivate people
-Proficient in technical skills, like accounting, finance, and
forecasting
-Strong understanding of biological and institutional factors
surrounding the production of food and fiber
What are the four key tasks of Agribusiness managers? Answer:
Planning
organizing
directing
© 2025 All rights reserved
, 4
controlling
Definition of Planning Answer: Planning can be defined as forward-
thinking about courses of action based on a full understanding of all
factors involved and directed at specific goals and performance
objectives.
Definition of organizing? Answer: Organizing represents the
systematic classification and grouping of human and other resources
in a manner consistent with the firm's goals.
Definition of directing Answer: Directing is guiding the efforts of
others toward achieving a common goal.
Definition of Controlling Answer: Controlling represents the
monitoring and evaluation of activities.
-Controlling plays a crucial role in determining the success or failure of
the business and allows for earlier interventions if standards are not
being met and warrant investigation.
The study of economics involves Answer: Macroeconomics &
Microeconomics
© 2025 All rights reserved
