Farm management is considered to fall in the field of microeconomics. The subject matter of farm management covers selection, size and appraisal of farm, appraisal of farm resources, investment decision, enterprise relationships, planning of the different crop enterprises, farm labour and livestock, farm power machinery and equipment, cost and return of individual enterprises, complete budgeting, risk and uncertainty and marketing of farm products. It also includes farm management research, training and extension.

While considering the nature of farm management, we have to see whether the farm management is a science or an art. Before explaining it, we should have a clear idea of the meaning of science and art. A systematized body of knowledge is science and action or application of it is art. Farm management is both pure and applied science. Because, it deals with the collection, analysis, explanation of facts and the discovery of principles. It is an applied science because the ascertainment and solution of farm problems are within its scope. The study of fanning from the point of view of art would involve a careful examination of the process and skill used by farmers in farming. Thus, the farm management is both a science and art.

The objectives of farm management are as follows:

1.       To examine production pattern and resource use on the farm.

2.       To identify the factors responsible for the present production pattern and resource use on the farm.

3.       To determine the condition of optimality in the resource use and production pattern on the farm

4.       To analysis the extent of the optimal resource use on the farm and

5.       To suggest ways and means is getting the present use of resources to optimality on the farm.

So, as a whole the objectives of farm management is to maximize returns from the farm.

6.      

. To identify factors responsible for the present production pattern and resource use on the farm pattern on the farm.

 There are several functions of farm management in the farm operation. Such as:

1.       To operate the farm with a view to earn continuous profits.

2.       To select the crop and livestock enterprises on the farm.

3.       To determine the optimal quantity of inputs for application on the farm.

4.       To take risk and uncertainty of farming. .

5.       To minimize cost and to maximize profits of the farm enterprises. a

6.       To conduct research training and extension work.

7.       To appraise the farm size and farm resources and to solve the problems on the farms.

The limitations of farm management are as follows:

1. Small size of farm business

2. Inadequate capital on the farm operation

3. Slow adoption of new technology on the farm

4. Lack of efficient and educated labour

5. Managerial problems in the farm operation

6. Lack of other suitable facilities