The agricultural sector has undergone a significant transformation in recent years, with technological advancements playing a pivotal role in modernizing farming practices. Agricultural equipment, ranging from tractors to precision farming tools, has become indispensable for enhancing productivity and efficiency on the farm. This research paper aims to explore and propose a comprehensive Performance Management Framework tailored to address the unique challenges and opportunities associated with agricultural equipment in the context of modern farming. This research paper will delve into the existing literature surrounding performance management in agriculture, exploring the latest technological advancements, the impact of precision farming, and the challenges faced by farmers and stakeholders in effectively managing their equipment. Through a methodological exploration, surveys, and interviews, the paper will present a nuanced understanding of the current state of agricultural equipment management. Subsequently, it will introduce a holistic Performance Management Framework, encompassing data driven decision making, predictive maintenance, optimization of equipment utilization, and strategies for training and skill development.