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Published online by Cambridge University Press: 10 May 2017
Modern farm management decisions deal with problems concerning the most profitable size and the best combination of enterprises for a given resource base. These decisions determine a farm's operational and/or organizational efficiency. In addition to selecting a new combination of enterprises, farm managers can make decisions on altering and changing their production practices. New methods allow the same products to be produced, but by a different technique. Situations may arise which also change a farm's resource base. A new method of production may enable a farm operator to continue at a desired output level, while decreasing a production input, thereby increasing efficiency of labor, land or capital.
The author is deeply indebted to Drs. G. Joachim Elterich, Raymond C. Smith and Gerald L. Cole for their help in reviewing this paper.