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Module 1: Plan for Success

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Introduction

Introduction

1 quiz
- Introductory survey – MMfS 1: Plan for Success
Plan for success

Establishing business objectives and plans
Developing a sound business purpose
Calculating cost of production
Benchmarking business performance
Managing production and business risk
Assessing enterprise changes and new technologies
Planning for the future

1 quiz
- Module 1 knowledge check
Summary

Conclusion

1 quiz
- Wrap up survey – MMfS 1: Plan for Success

quiz 2 of 3

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Module 1 knowledge check

MLA & AWI July 5, 2024

Module 1: Plan for Success Planning for the future Module 1 knowledge check

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Question 1 of 5

1. Question
What are the four key steps to creating a successful business plan?
- Analyse the current business situation, set the business goals, implement the plan, monitor progress
- Set the business goals, implement the plan, analyse the business progress, rewrite the plan annually
- Survey business team members for input, set business goals, implement the plan, analyse the outcome
- Analyse the current business situation, monitor progress for 12 months, revise business goals against progress, monitor for 12 months
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Question 2 of 5

2. Question
Which TWO of the following examples describe a personal value (as opposed to a business goal)?
- To generate sufficient profit to take a four-week annual holiday.
- To prioritise a work–life balance that supports my mental health.
- To increase feed conversion efficiencies by 5% during the next two years.
- To ensure livestock are handled in a way that optimises their health and wellbeing.
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Question 3 of 5

3. Question
Knowing a business’s cost of production (i.e. dollars spent to produce a kilogram of meat or wool) enables the business manager to do which of the following?
- Benchmark enterprise performance against other similar enterprises.
- Set profitable average target sales prices.
- Identify ways to boost profitability.
- All of the above
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Question 4 of 5

4. Question
Which of the following definitions best describes the concept of ‘indirect’ benchmarking?
- Sheep producers calculate their own performance indicators and compare them against published industry benchmarks.
- Sheep producers contribute their farm information into a service that generates the benchmarks for comparison with other sheep producers.
- Sheep producers gather financial data from other producers and identify where they can make productivity gains.
- Sheep producers contract an external service provider to develop key performance benchmarks for their business.
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Question 5 of 5

5. Question
Which of the following risks to a sheep enterprise can be influenced through management?
- Genetic selection
- Pasture agronomy
- Rainfall conservation
- All of the above
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