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Kansas State University feed mill profitability workshops

Tuesday, January 14, 2003

The increasingly competitive feed industry necessitates that all managers and supervisors understand and apply principles that determine corporate profitability. To help train key feed mill employees, Kansas State University is teaming with the American Feed Industry Association and the National Grain and Feed Association to host a series of three Feed Mill Profitability Workshops in the spring and summer of 2003.
The workshops will be held at the KCI Expo Center, near Kansas City International Airport in Kansas City, Missouri, U.S.

This 3-part workshop series will equip participants to perform the following core competencies:
• Capital budgeting including preparation of detailed cash flow statements and assigning rate of return based on project risk;
• Interpret financial statements and assess feed mill competitiveness through the application of financial ratios and benchmarking;
• Perform detailed cost analysis by shift and feed ration;
• Analyze and manage variability using statistical techniques that improve feed quality, operating efficiency, and profitability; and
• Utilize planning techniques to examine growth strategies.
The workshop includes lectures, case examples, in-class problems sets, and take-home assignments to help participants learn these skills. Training in basic Excel functions, how to manage data using spreadsheets, and how to perform financial, statistical, and optimization analysis are included in the workshop.

These intensive 2-day workshops are designed for key personnel who desire to sharpen their
management skills. Likely participants who will benefit include everyone who must manage a budget or cost center including production, purchasing, quality assurance, sales, and delivery. Computer skills include familiarity in how to utilize a Windows operating system.

Instructors include Tim Herrman, Extension State Leader in the Department of Grain Science and Industry; Michael Langemeier, Professor in Agricultural Economics; and Arun Mandahar, Instructor and Systems Analyst in the College of Business.

The Feed Mill Profitability Workshops are designed to build upon one another. The total cost of all three workshops is $750. Enrollment in individual workshops is $295 per session. Tuition includes breaks, one lunch, dinner, training materials including a notebook and CD with take home assignments.
Participants are responsible for motels reservations; a list of is provided at ww.kciexpo.com.

The course begins at 1pm the first day and concludes at 3 pm the second day and includes an evening session.

Level 1: Management Techniques to Gain a Competitive Advantage - March 18-19
• Business Planning and Strategic Positioning • Excel Basics
• Capital Budgeting Introduction, Time Value of Money • Benchmarking
• Financial Statements and Financial Ratios • Records and Cost Control Introduction

Level 2: Managing Variability and Processing Efficiency to Improve Competitiveness "
May 20-21
• Excel - Statistical Functions • Statistical Process Control
• Capital Budgeting, Preparing Detailed Cash Flow Statements • Process Optimization
• Cost Control and Benchmarking Continued

Level 3: Managing Risk - July 22-23
• Adjusting Capital Budgeting Discount Rates for Risk • Using Diversification to Manage Risk
• Using Financial Planning to Examine Growth Strategies
• Cost Control and Benchmarking Continued
For more information on the Feed Mill Profitability Workshops, interested persons can call Herrman at 785-532-4082 or visit the K-State Grain Science and Industry Extension Website at http://www.oznet.ksu.edu/grsiext/.

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