MAST

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MAST

• Management, Analysis Strategic Thinking

Kevin C. Dhuyvetter Terry L. Kastens Alicia
Goheen Department of Agricultural
Economics Kansas State University
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What is MAST?

• Innovative farm and risk management educational
  program combining face-to-face workshops with
  distance learning
• Offers depth not available in typical one- to
  two-day programs
• On-campus sessions and distance modules

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Development of MAST

• Master of Agribusiness
• Distance education degree for agribusiness
  professionals
• MAST at Kansas State University
• First cohort 2002
• Ninety-eight participants have finished program

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The MAST Target

• Audience
• Progressive farm managers
• Agricultural professionals supporting agriculture
• Lenders
• Agricultural agents
• Farm managers
• Accountants

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The MAST Target

• Participant needs
• Geographically isolated
• Desire for more information than traditional
  extension program
• Peer interaction

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The MAST Target

• Participant Locations through Kansas
• Also included Indiana and Illinois

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The MAST Target

• Principal occupation of MAST participants from
  2002-2004

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The MAST Target

• Reasons for participation
• Better management skills
• Networking
• New tools
• Increased profits
• Strategic planning
• Generational transition planning
• Other

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How MAST Works

• Eleven faculty members with various specialties
• One program coordinator
• Campus-wide support resources
• Future-minded participants

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How MAST Works

• Current cost 850 (initially 750)
• Partial to full scholarships available from FCS
  (Kansas Corn Commission first year)
• Three hours undergraduate credit available

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How MAST Works

• Technology Tegrity Software
• Combining PowerPoint presentations with video and
  audio of instructor
• Uploaded to website and burned on CD

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How MAST Works

• Components
• On-campus sessions
• Distance learning modules
• PowerPoint presentations
• Tegrity lectures
• Chat sessions
• Message boards
• E-mails
• Phone calls

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On-Campus Session One

• Two-day introduction to the MAST program
• Train in distance education technology
• Introduce Excel spreadsheets
• Business Planning
• Goal Setting
• Build relationships among participants

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Building Relationships

• Wildcat Farms Case Study
• Team presentations
• Preview tools and decision-making skills to come
• Facilitates discussion between faculty and
  participants

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Modules

• More than 50 hours video teaching
• Approximately 1350 content slides
• Updated as necessary by faculty to reflect
  current trends and new research information

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Module One

• Land Ownership and Leasing
• Introduction
• Land Values and Rent
• Land Investment
• Buying Land
• Agricultural Land Leasing
• Spreadsheets / Homework

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Module Two

• Machinery Ownership and Leasing
• Introduction
• Projecting Machinery Costs
• Evaluating Machinery Investments
• Lease versus Purchase Decisions
• Economies of Size
• Machinery Cost Analysis
• Spreadsheets / Homework

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Module Three

• Financial Analysis
• Enterprise Budgeting
• Financial Statements
• Financial Ratios
• Financial Planning

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Module Four

• Labor Economics and Management
• Introduction
• Hard Communication
• Recruitment and Selection
• Orientation and Training
• Family Workforce Management
• Understanding the Legal Environment

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Module Five

• Tax Management and Policy
• Current Farm Issues
• Special Issues Affecting Farmers
• Limited Liability Companies
• US Ag Policy
• Legal Issues in Leasing

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Module Six

• Risk Management
• Basic Risk Concepts
• Measuring Risk
• Risk-Return Concepts
• Risk Analysis Tools
• Financial Risk
• Risk Transfer

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Module Seven

• Marketing
• Introduction
• Futures and Options
• Grain Marketing Drivers
• Economics of Storage
• Value Based Marketing
• Alternative Products and Niche Marketing
• Marketing Plans

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Optional Module

• Analytical Tools
• Overview and background for modeling
• Fitting lines to data (linear vs. quadratic
  model)
• Determining optimums (calculus vs. solver)
• Binary variables and interaction terms
• More regression examples
• Modeling issues and wrap-up

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On Campus Session Two

• Two-day, capstone event
• Participants begin using the concepts taught
• Envision and plan for the future
• Content
• Opportunity Scoping
• Strategic Thinking
• Business Plan Development

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MAST Evaluation

• 98 participants recommend MAST to others
• 100 participants believe MAST will have a
  positive effect on their bottom line

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MAST Evaluation

• Overall content 4.49
• Overall quality of program 4.54.
• Worth the time invested in program 4.53
• Worth the dollars invested in program 4.38 Helped
  to better understand competition 4.15
• Make more profitable decisions for business 4.44
• Make better risk management decisions 4.26

Scale 1- Strongly Disagree 3- Neutral 5-
Strongly Agree
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Participant Comments

• The importance of the distance learning format
  compared to an on-site class or local meeting
  cant be overstated. This style of learning for
  todays manager is convenient and timely. The
  real dividends will come in the future as I
  employ the tools I learned in the program and
  review the modules when needed.
• - Marvin Tischhauser
• Morris County, Kansas

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Participant Comments

• If youre interested in better positioning your
  business, this program is for you. All the
  modules offered information that has been
  valuable to me and my customers. I would not
  hesitate to recommend the MAST program for all
  those associated with agriculture.
• - Hamilton Bock
• Wabaunsee County, Kansas

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Participant Comments

• The ability to learn at my own pace in my own
  home, is a favorable environment, as well as
  being able to research and explore other
  information in relation to the modules easily.
  The message board and chat room sessions were
  also very valuable for information sharing and
  peer interaction.
• - Justin Miller
• New Paris, Indiana

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What Weve Learned

• Time commitment is an issue
• Technology challenges continue to exist
• Message board / chat room voyeurs
• No such things as a typical student
• Demand for college credit has been very low
• Distance education has been quite effective, but
  face-to-face interaction is also important

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Future of MAST

• Expand to broader geographical region
• Target other groups for cohorts (e.g., lenders)
• Offer more additional stand alone modules
  (e.g., livestock specific issues)
• Take the show on the road?

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Questions?