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Using I-Clicker Technology and Simulation Analysis to Engage Producers in Creating Budgets and Quantifying Risk

Dillon Feuz

Summary

It is often difficult to get producers to participate in a meeting where you are asking them to share information about their operation. For example, if you had 20 cattle producers at a meeting and you were asking them for information on their calf weaning weights, weaning percentage, feed and other costs to develop a representative cow-calf budget, you would likely have 2-3 producers who would speak out and give you data. The remaining producers would nod their heads or mumble agreement or sit there with a frown on their face, an indication that they don’t agree. The result may be a budget that is not very representative of the group and limited learning would take place if you then used that budget to illustrate some alternative risk management strategies.

However, using I-Clickers, or similar technology, producers can participate anonymously and do get engaged in providing valuable information. Producers know their own response to a question and see the distribution of responses immediately on the screen. This information can then be entered into a spreadsheet and simulation analysis performed based on their data. Current market quotes for futures/options and LRP Insurance can be obtained from the internet. The producers are engaged. They have ownership of the data, the results are meaningful and current to them and greater learning takes place.

This session will demonstrate the process that has been used effectively and the audience will take part in the presentation as I-Clickers will be used to obtain audience feedback.

Details

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