Farm and ranch management Exam 1 questions well answered

Farm and ranch management Exam 1
questions well answered


strategic decision making - correct answer ✔✔charting the overall long-term course of the
business



Tactical Decision Making - correct answer ✔✔taking short-run actions that keep the business
moving along that course until the destination is reached.



steps in the process - correct answer ✔✔Define the mission of the business, formulate the goals
for the farm and family, assess the resources available to the business, survey the world
surrounding the business, identify and select appropriate strategies, and implement and refine
the selected strategies.



SWOT analysis - correct answer ✔✔strengths, weaknesses, opportunities, threats



internal scan - correct answer ✔✔strengths, weaknesses



external scan - correct answer ✔✔opportunities, threats



External Scanning - correct answer ✔✔consumers traits/trends, expand internal markets,
changing technology, cost of inputs, new production practices, government programs. a change
may provide an opportunity or a threat.



ATC will decrease at first then increase as more and more output is produced - correct answer
✔✔true