Purpose of Lecture
A strategic plan is useless if there is no way to see if it is
taking the business where the farm business manager wants
it to go. Evaluating performance is a necessary step to
keeping on track. This presentation identifies factors critical
to success, defines and compares standards of expected performance,
and assesses the need and type of adjustment.
Structure of Presentation
This presentation begins by introducing the principles
of monitoring and control, then shows how benchmarking can
be used to set comparisons. It ends with an illustration
of how monitoring and control can be applied to a business
using the DuPont Model of profitability analysis to link
strategies and actions. Three exercises are provided.