Management refers to the person or group of persons who co-ordinate, organize and control the use of other factors of production. In other words, the person(s) who combine other factors of production (land, labour and capital) to produce goods and services is called the entrepreneur or management. Management determines when to produce, what to produce, type of production, supervises work, recruits workers, determine what to sell in order to make profit. The profitability of the farm depends on the management.
Features of Management
(i) It involves the management skills of an individual or group of persons.
(ii) Management influences the organization of other production factors.
(iii) It 7co-ordinates and controls other factors of production.
(iv) It is involved in decision making.
(v) It determines the level of pay or wages.
(vi) Management reward is profit.
(vii) The quality of management influences the output.
(viii) The cost of management is determined by its quality.
In agriculture, the farm manager is usually regarded as the entrepreneur whose duties include the organization, administration, production and marketing of produce from the farm. The reward for management is profit.
Questions:
1.What is management?
2,List five features of management,
See also