Conferences
Using RightRisk to Improve Your Risk Management Abilities
Jeffrey E. Tranel
Summary
RightRisk is an innovative risk research and education program to help farmers and ranchers understand and explore risk management decisions and evaluate the effects of those decisions. It uses real world farm/ranch settings and agricultural economics. There are data-based probabilities associated with actual risk events faced by agricultural producers over a two-year period.
RightRisk does not make decisions for players. Using RightRisk, people explore risk management strategies, build decision-making skills, and learn about their personal risk management style. Participants use real probabilities and see the results. With RightRisk, people can run a model as many times as they like to determine if they are doing well or poorly because of luck or bad strategy. Different scenarios make the game more applicable to individual situations.
Participants in this session will “play” RightRisk. They will work on teams to manage a farming or ranching operation over a two year time period. Participants will select various strategies to manage the risks faced by the teams. Furthermore, the presenters will facilitate discussions as to the various risk management strategies selected by the teams.
Presentation Materials
Details
| Conference | 2005 National Extension Risk Management Education Conference |
| Presentation Type | 120-Minute Concurrent |