The Management Of Construction: A Project Life Cycle Approach 1st Edition F. Lawrence Bennett - Solutions

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Why is Frederick Taylor called “the father of scientific management”?
In your view, what are the most difficult operations management problems for the following types of firms: (a) a veterinary practice that serves both the farm and companion animal markets; (b) a large California dairy operation; and (c) a retail food store located in Minnesota?
List and describe some of the activities that an operations manager may be engaged in. How would you describe the agribusiness operations manager’s role? How does this role relate to the systems approach outlined in Figure 14.1?
Explain how trade credit can provide an interest-free loan that can be used to finance an agribusiness.
What are some of the benefits of preparing a pro forma balance sheet and income statement? Why would a lender be interested in receiving those statements?
A projected cash flow statement is usually completed for an entire year, but the time period projected can be on an annual, quarterly, or monthly basis. For an agribusiness that sells a product whose sales vary seasonally, why would it be more beneficial for both the agribusiness and the lender to
Assume the before-tax interest rate for a borrower is 4 percent and the marginal tax rate for that borrower is 25 percent. What is the after-tax interest rate? Explain why the after-tax interest rate is lower than the before-tax interest rate.
Assume you borrow $100,000 to purchase a house and the stated interest rate is 5 percent. The loan will be set up as an installment loan with quarterly payments. What is the annual percentage rate? Discuss why the annual percentage rate is different than the stated interest rate.
A compensating balance is a loan term that usually results in a higher effective interest rate than a simple interest rate. Is there ever a situation when requiring a compensating balance does not result in a higher effective interest rate than a simple interest rate?Explain your answer.
Throughout the course of a year an agribusiness may have temporary periods of excess cash. During those periods, management may be tempted to spend the excess cash to purchase a fixed asset. Explain why a firm usually should not finance a fixed asset, such as a truck, with excess cash or even an
For some agribusiness firms, the sale of some of their products is seasonal (i.e., fertilizer, seed, etc.). Discuss how that would impact the need for outside financial resources and the type of loan that should be used to meet any cash shortfalls.
What are the three general classes of loans? Give an example of an asset or type of capital acquisition that each type of loan would be used to finance.
Discuss the two main reasons for an agribusiness increasing financial resources and differences in the sources of those additional resources.
Discuss why graphing ratios rather than reporting those ratios in a table could be advantageous when presenting the financial condition and performance of an agribusiness to an outside group, such as potential investors or lenders.
Discuss why it is difficult to recommend a specific level for the leverage ratio (debt path)as it is related to the return on sales ratio (ROS) (operating path), asset turnover (asset efficiency path), and the return on investment ratio (ROI). If the amount of debt used in the firm increases, how
What is the desired relationship between return on assets (ROA) and return on equity(ROE)? How might this relationship affect the decision of a loan officer on whether or not to grant a loan request to purchase additional capital assets?
What specific ratios are used to calculate ROE when using the profitability analysis model? What are two ways the profitability analysis model can be used as an analysis tool by agribusiness managers?
Why might one firm use one set of financial ratios and another firm use a different set of financial ratios to evaluate financial condition and performance?
List some of the limitations of ratio analysis for a lender to an agribusiness. What key issues must the lender be aware of if he or she is going to use financial ratios effectively?
Discuss two reasons why an agribusiness firm might need to evaluate liquidity ratios throughout the year rather than at the end of the year.
What are the major categories of financial ratios? Discuss why all four categories need to be evaluated for a firm.
Describe what financial ratios the Chief Operations Officer (COO), the Chief Financial Officer (CFO), the bank loan officer for the firm, and a prospective investor might track in an agribusiness. Explain your reasoning.
Discuss the value of establishing benchmarks when performing financial analysis. What insights do these benchmarks provide?
Discuss the major value to a lender of evaluating the financial condition and performance of an agribusiness firm.
For the case study on Aggieland Landscaping Company, assume two new subdivisions are being planned in Ted’s trade territory. Ted now believes that instead of a net income after tax of $55,000 in the coming year, his business will generate a profit of $70,000, including $5,000 from the sale of
The statement of owner’s equity and the statement of cash flows are also used by managers and other users of financial information for an agribusiness firm. Why are these two statements important to understand the financial position and performance of an agribusiness firm?
Why is it important for the gross margin to exceed the operating expenses and interest expense?
Define the difference between revenue and a receipt from an accounting point of view.
Discuss the meaning of depreciation and describe how it is treated on the balance sheet and income statement. Discuss how it impacts the debt repayment capacity for a firm.
What is the difference between gross margin and gross profit? Why is it important to distinguish between these two measures?
Define the difference between current and fixed assets. Why is this distinction important?
Why do accountants usually value assets at cost and not market value?
What are current liabilities? Why is the management of current liabilities so important to food and agribusiness firms?
Why does a balance sheet have three major sections? Why does the balance sheet equation always balance?
Why are both a balance sheet and an income statement needed to report the financial position and performance of an agribusiness firm?
Why are financial data important to an agribusiness and an agribusiness manager?
Give some of the reasons why customer maps often show customers clustered in particular areas. What can be done about this situation?
What are focus group interviews? Can a small firm use this tool? Why or why not?What are some important limitations of the focus group interview?
What are the benefits of preparing a strengths and weaknesses analysis on competitors?
Your cooperative is evaluating a new package of precision agricultural services they may offer to patron-members. This package includes an extensive field-mapping program, linking soil fertility information with yield monitor information, crop scouting in the summer months, and personal
What is meant by derived demand? Explain why the demand for animal health products is a derived demand.
Why are sales forecasts particularly difficult to make in food and agribusiness firms?
What is the purpose of a marketing audit? Why is it important to have outsiders involved in marketing audits?
Some retail food stores offer a service where they sell products via the Internet. Here, using communications software, the customer accesses the firm’s inventory and price list through their website, chooses what they want, and the firm delivers the choices to the home at a time convenient to
What are the advantages of a manufacturer selling directly to a farmer rather than to a distributor? Why can a dealer sometimes do a better job marketing to farmers than a manufacturer can?
Compare and contrast the role of a salesperson for a large food or agricultural input manufacturer with that of a local salesperson for a dealer or retail organization. If possible, interview these two types of salespersons. Where do they spend their time—i.e., what types of activities make up
Based on your personal experiences and observations, how do salespeople vary from industry to industry? Why do we see these differences? Discuss some of these differences for:a. a salesperson at an electronics superstoreb. a field salesperson at an agricultural cooperativec. a car salespersond. a
You are the marketing manager for a large animal health company. Your firm has just developed a very effective anthelmintic (wormer) for cattle. Your target market is large feedlot operations in the western U.S. Develop a promotion plan for this new product.What market communications tools would
You are the marketing manager for a retail food company that has a new 16-ounce fruit juice product, packaged in a reusable squirt-type bottle. Who is your target market for this new product and why? Develop a promotion plan for this new product. What market communications tools would you use?
If you were introducing a new electronic dairy feeding system that could reduce feeding costs by 15–20 percent, what pricing policy would you suggest? Why? Would you stay with this policy indefinitely? Why?
Draw a product life-cycle curve for large four-wheel-drive farm tractors. Where would you estimate this product’s life cycle is currently? Why? What might manufacturers do to prolong its life?
Pick a food product or an agricultural input. Use the Total Product Concept to break the product down into the generic product, the expected product, the value-added product, and the potential product. In what other ways could the food business or agribusiness add value to the product you have
Many retail food stores also sell flowers. Why do you suppose they do this? What marketing decision does this illustrate? Besides food products and flowers, what other products or services do retail food stores offer? Why?
Using the food and agricultural trade press, or an online source, identify a firm communicating tangible value in its message and one communicating intangible value.Compare and contrast these messages and how the firms are actually communicating these two different messages.
Two types of competitive advantage are described in the chapter. Identify a food or agribusiness firm pursuing a differential advantage. Also, identify a food or agribusiness firm pursuing a cost advantage. Compare and contrast these two strategies. What is similar about the two firms? What is
Focusing on one of the target markets you identified for the local farm described in question 4, what position should the firm take in the market? Based on the key needs you identified for one of the market segments, write a positioning statement for the farm.What key themes will you stress in your
Select three different products: one marketed online, one in a newspaper, one from a farm magazine. Describe the market segment targeted for each product.
What is meant by a market segment? Farms serving local markets for fruits and vegetables appeal more to some market segments than to others. Identify and describe two market segments that you believe might be important to this type of agribusiness. What are the key needs of these two segments that
How can an agribusiness manager evaluate the strengths and weaknesses of their organization? Why is it important to understand what an agribusiness does well and to understand those areas where performance is not as strong?
A key part of the SWOT analysis is evaluating the impact of broad market factors such as government policies, international trade developments, and new technologies. For the agribusiness industry of your choice, identify five key trends in the industry marketplace and describe the opportunities and
Explain the differences among product-driven, sales-driven, and market-driven firms.Why are these differences important to an agribusiness manager?
Discuss some of the advantages and disadvantages of using a joint venture to enter a foreign market.
Exporting is one strategy that firms can use to enter foreign markets. Discuss the differences between indirect and direct exporting.
How can exchange rates affect trade?
How can cultural differences inhibit trade? Give an example.
What is “culture,” and why is the understanding of culture important?
One of the goals of the World Trade Organization (WTO) is to reduce tariffs. How does this improve world trade and how does increased world trade benefit society?
Define food security and discuss how and why it affects agribusiness.
Developed and developing countries have differing characteristics regarding the demand for food. Discuss these differences and some of their implications for agribusiness firms.
Discuss some of the opportunities for smaller agribusinesses in the international marketplace.
Discuss several of the benefits from doing business internationally.
Why would a firm consider entering into a strategic alliance?
How does a limited liability company (LLC) differ from a partnership and a corporation, and what advantages do these characteristics provide?
Cooperatives are “member-owned, member-controlled.” How does this unique structure differ from non-cooperative corporations and what advantages and/or disadvantages does this allow?
How does an agricultural cooperative benefit its member-owners (i.e., what is the economic basis of their advantage over other types of businesses)?
Discuss some of the advantages and disadvantages of the corporate form of business.
Outline the reasons why a corporation may be referred to as an “artificial person,” and discuss why corporations suffer from “double taxation” on their profits.
Discuss the differences between a general and a limited partnership.
Explain the concept of unlimited liability as it relates to sole proprietorships.
What are some of the characteristics of the sole proprietorship which make it an attractive form of business?
What are some of the questions that business managers/owners should consider when deciding on which form of business organization is best?
How might the marketing manager of an agribusiness firm use price elasticity of demand coefficients? Be specific.
Consider the demand for pork chops. What are three different developments that might shift the demand curve for pork chops? Be specific.
Consider the supply of pork. What are at least three different developments that might shift the supply curve for pork? Be specific.
What is your opportunity cost associated with attending college? Be specific.
Why should agribusiness managers be interested in macroeconomics? Give a specific example of one macroeconomic development and describe the impact of this development on the food and agribusiness industries.
Assume that Phoenix Fertilizer reported actual sales of 1,006 and 1,083 thousand tons for May and June of the current year. Using these data, add two months to the Phoenix management by exception graph. Interpret the deviations for these two months. What actions might be suggested by these results?
What are the advantages of using the management by exception approach to control programs?
What are the most important components of the agribusiness manager’s role as director?
Describe the steps in the planning process. Using these steps, develop a plan for obtaining a summer internship with a food or agribusiness firm.
How and why does planning change as one moves up the organizational ladder?
Pick any food or agribusiness firm. Compare this firm and the market it serves to the list of distinctive features of the food and agribusiness markets. Which of these features seem to be most important for the firm you have chosen?
Define management in your own words. What are the differences in the four tasks of management and the four functions of an agribusiness?
The U.S. agriculture sector is incredibly efficient. What are some of the reasons for this efficient and effective food production and marketing system? What social issues and implications of the issues do you see for firms working in this sector?
Larger and more specialized farming operations have evolved. What are the positive dimensions of this trend? What are the negative dimensions of this trend? How does this trend impact the food sector and the input supply sector?
One significant trend facing food retailers is the growing interest in local foods. Interpret this trend. Do you expect this trend to continue? Why or why not?
In 2017, American consumers spent almost $1.2 trillion on food for at-home and awayfrom-home consumption. While the marketing share percentage of the farm-food marketing bill has stayed relatively constant over the years, the dollar amount has increased from $441 billion to $999 billion from 1993
What are five reasons the agribusiness sector may be considered unique? How or why could agribusiness and firms outside the agribusiness sectors make different decisions in similar situations?
List and define the four functions of agribusiness management.
The text described a method for determining the final quantity of roadway embankment fill.Name three other work items that might be paid on a unit-price basis and the measurement method for each.

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