Database Research Summaries2018 Cost of Production Decision Tool
Research Focus
The focus of this project is to create a decision tool that is user friendly and will allow the user to identify and properly account for all the operating and ownership costs necessary to determine the unit cost of production for all commodities being considered or grown.
Objectives
- Develop a decision-aid program that allows the user to develop, track, and analyze
their own production costs for each production enterprise they engage in.
Results
- The project is still in process, with a no cost extension applied for. The decision tool has been redesigned. Rather than approaching the development of enterprise budgets from the list of inputs used, it will be approached by prompting producers to develop their list of operations, from which the inputs will flow. These inputs will then flow into a cash flow budget and will be tied to a marketing plan.
Importance
- The proposed decision tool that will be user-friendly will allow the user to identify
and properly account for all operating and ownership costs necessary to determine the unit cost of production for all commodities being considered or grown. - This program will also provide unique sensitivity and risk management analysis to aid in the decision-making process.
For more information about this research project, please visit the National Soybean Checkoff Research Database.
Funded in part by the soybean checkoff.
