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Applied Risk Management in Agriculture, Review of New Book and Web Site Resources

Duane Griffith

Summary

This presentation will provide an overview of a new book, Applied Risk Management in Agriculture, that outlines a ten-step process to risk management for agricultural operations. The risk management process, called Risk Navigator – SRM, is divided into three categories, Strategic, Tactical, and Operational. These categories are further divided into ten steps: 1) Determine Financial Health, 2) Determine Risk Preference, 3) Establish Goals, 4) Determine Risk Sources, 5) Identify Management Alternatives, 6) Estimate Likelihoods, 7) Rank Management Alternatives, 8) Implement Plans, 9) Monitor and Adjust, 10) Replan. A suite of tools was developed to help producers go through each of the ten steps. These tools are available on a web site maintained in conjunction with the publication of the book. www.risknavigatorsrm.com. The tools are designed for easy use by agricultural producers while providing educational information about the process and allowing users to enter information about their specific situations. In addition to the book and tools, a course curriculum was created for a full 45 credit hour college class and for a shorter, two day, workshop format. This curriculum helps instructors by providing examples, using a case farm, for each of the ten steps and each of the tools available. A set of PowerPoint slide presentations is available for the shorter workshop format.

Details

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