1. Introduction 2. Preparation of Farm Layout .3. Computation of Cost of Fencing of a Farm 4. Computation of Depreciation Cost .5. Determination of Most Profitable Level of Input use.6. Application of Law of Equi-marginal returns/Opportunity Cost Principle 7. Determination of Least Cost Combination of Inputs (Resource Substitution Principle) 8. Selection of Most Profitable Enterprise Combination .9. Application of Fixed and Variable Cost Principle 10. Preparation of Farm plan and Budget 11. Case Study.12. Application of Time Comparison Principle in Farm Management Decisions.