This presentation features the University of Maryland Extension’s effort of risk management through enterprise crop diversification. Farming involves many uncertainty factors hence the income variability is expected depending upon the growing season. Economists’ have validated that diversified firm or multi product firm is the rule than an exception. The story of farm enterprise is no different. This is the core foundation of this program. Adaptation of high-value crops to manage varying crop production risk could be very well suitable for farm enterprises that are situated in close proximity to metropolitan area populations. Adaptation of highly nutritive and high intensity crops could provide additional income while keeping the base crop acres intact. Several strategies have been developed to fit this model to the individual farming enterprise. Specific steps outlined in the Strategic Risk Management (SRM) process tactical level have been used as a platform to evaluate the decision making process. They include 1) Determine crop risk sources 2) Identify crop alternatives 3) Eliminate likelihoods and 4) Rank alternative crops. Initial response reports at the farm level are indicating a pathway to the success level of the enterprise from high-value crop diversification decision. However, long term success will be dependent upon the continued improvement of market driven crop production needs that will satisfy the consumer demands.
|Conference||2013 Extension Risk Management Education National Conference|
|Presentation Type||30-Minute Concurrent|