Management refers to the person or group of persons who coordinate, organise 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, the type of production, supervises work, recruits workers, and determines what to sell to make a profit. The profitability of the farm depends on the management.
Features of Management
- It involves the management skills of an individual or a group of people.
- Management influences the organisation of other production factors.
- It 7co-ordinates and controls other factors of production.
- It is involved in decision-making.
- It determines the level of pay or wages.
- Management reward is profit.
- The quality of management influences the output.
- The cost of management is determined by its quality.
In agriculture, the farm manager is usually regarded as the entrepreneur whose duties include the organisation, 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