Book Review ‘Farm Economics & Management in Malaysia: Principles and Practices’ (Malay Version) Volume 1 - Issue 4

Uqbah Iqbal*

• School of History, Politics and Strategy, National University of Malaysia, Malaysia

Received: October 10, 2018;   Published: October 17, 2018

Corresponding author: Uqbah Iqbal, School of History, Politics and Strategy, National University of Malaysia, Malaysia

DOI: 10.32474/SJPBS.2018.01.000120

Abstract PDF

Written by Mohd. Ghazali Mohayidin and Habibah Rohany, the writing of this book focuses on the systematic use of plantation management systems, especially on matters relating to storing records such as balance sheets, income statements to facilitate those involved with farm management to make an analysis of the profits or efficiency of farm management that during this is ignored. Each reader of this book is either a student at a higher education center, an agricultural officer, an expansion agent, an estate manager or a farmer who owns small plantations individually or in groups is expected to benefit from this book. This book contains examples taken from local plantation practices and practices to facilitate readers understand the economic theories and management concepts that play an important role in the success of the plantation system in Malaysia. There are five divisions in this book. Part 1 introduces the function and role of plantation management in the plantation system. This section also explains several types of plantation systems practiced in Malaysia. Generally, the agricultural production system in Malaysia has three different sectors, namely the smallholding sector, the plantation sector organized by the government and the estate sector. These three sectors each need different management systems. Part 2 in Part I shows examples of the three sectors. Chapter 3 explains the need for research on plantation systems to enable plant and livestock systems to be repaired. This is important because technologies formed in a area may not be suitable for any other area. Part II outlines the fundamental economic principles and concepts of farm management. Knowledge of economic principles can facilitate decision-making, especially in terms of minimizing costs or maximizing profits. The methods and techniques of planning discussed in Part III of business sector budgeting, partial budgeting, planning and budgeting throughout the farm and cash flow budgeting are important techniques or techniques in managing the estate efficiently. These tools are also useful to help managers or farmers decide on their daily business dealings.

Part IV introduces useful tools and concepts to control and monitor farm business activities. Financial statements such as balance sheets and income statements are among the most important tools. The methods and measurements that determine farming performance such as ratio analysis, dependency analysis of all fields is also discussed in this Section. Farm records are described in Chapter 12. The function of the plantation system is described in the last section of Part V. This section contains chapters on capital and credit consumption, investment analysis, land management and management, labor and machinery management. The last chapter in this section discusses the rules of decision making in a state of risk and uncertainty. Management plays an important role in every aspect of everyday human life. A person acting as a farmer or farmer should manage his farm, while the trader should manage his business. Even as a human, he also needs to take care of his life and family matters. Every human being or human group has their own goals especially for those who are involved with any economic or social activity or others. The goal can be in formal form such as the goal of a large business company, or in informal form such as the goal of a social group. Nevertheless, in order to achieve these goals, those involved need to establish a program of planning, implementation and control of every activity to be undertaken. Some important issues faced by farmers or managers of agricultural entities will be identified before the discussion is shifted to the plantation decision-making process.