WTAMU Dr. Vestal Farm and Ranch
Management exam 1 fully solved
High Volume = - correct answer ✔✔low Margin Producers
Low Volume = - correct answer ✔✔High Value Producers
Vertical Integration occurs when? - correct answer ✔✔Occurs if buyer supplies some of inputs
and management
Functions of Management - correct answer ✔✔Planning
Implementation
Control
Adjustment
Goals Should be? - correct answer ✔✔Written, specific, measurable, and have a timetable
External Scanning - correct answer ✔✔surveying the business environment
SWOT analysis - correct answer ✔✔strengths, weaknesses, opportunities, threats
Assessing Resources - correct answer ✔✔Land, buildings, fences, breeding livestock, machinery
ETC
, Human Resources - correct answer ✔✔Skills of the operator and other employees, likes and
dislikes of individuals
financial resources - correct answer ✔✔cash, other capital and available credit
More alternatives= - correct answer ✔✔increase in complexity of the managers decisions
Managers must formulate action steps to - correct answer ✔✔Implent the plan
Managers must decide whitch____________ to collect to evaluate the success or failure of the
plan. - correct answer ✔✔Information
Strategic management is an? - correct answer ✔✔Ongoing activity
Tactical Management - correct answer ✔✔Small decisions, such as what field to work on a given
day
Decision making - correct answer ✔✔1. Identify and define the problem or opportunity
2. identify alternative solutions
3. collect data and information
4. analyze the alternatives and choose one
5. Implant the decision
6.monitor and evaluate results
7. accept management for the decision
Characteristics of decisions - correct answer ✔✔Importance
Frequency
Management exam 1 fully solved
High Volume = - correct answer ✔✔low Margin Producers
Low Volume = - correct answer ✔✔High Value Producers
Vertical Integration occurs when? - correct answer ✔✔Occurs if buyer supplies some of inputs
and management
Functions of Management - correct answer ✔✔Planning
Implementation
Control
Adjustment
Goals Should be? - correct answer ✔✔Written, specific, measurable, and have a timetable
External Scanning - correct answer ✔✔surveying the business environment
SWOT analysis - correct answer ✔✔strengths, weaknesses, opportunities, threats
Assessing Resources - correct answer ✔✔Land, buildings, fences, breeding livestock, machinery
ETC
, Human Resources - correct answer ✔✔Skills of the operator and other employees, likes and
dislikes of individuals
financial resources - correct answer ✔✔cash, other capital and available credit
More alternatives= - correct answer ✔✔increase in complexity of the managers decisions
Managers must formulate action steps to - correct answer ✔✔Implent the plan
Managers must decide whitch____________ to collect to evaluate the success or failure of the
plan. - correct answer ✔✔Information
Strategic management is an? - correct answer ✔✔Ongoing activity
Tactical Management - correct answer ✔✔Small decisions, such as what field to work on a given
day
Decision making - correct answer ✔✔1. Identify and define the problem or opportunity
2. identify alternative solutions
3. collect data and information
4. analyze the alternatives and choose one
5. Implant the decision
6.monitor and evaluate results
7. accept management for the decision
Characteristics of decisions - correct answer ✔✔Importance
Frequency
