Applied Risk Management in Agriculture

Abstract

Defining the fundamentals of building a risk management plan, Applied Risk Management in Agriculture uses strategic management to organize the process of risk management. A time-tested procedure inside and outside the business community, this technique provides an ideal platform for organizing risk. Making complex principles easily accessible to students without compromising the rigor needed to manage risks capably, this textbook presents 10 easy-to-follow steps and a strategic framework to organize and develop a relevant and practical risk management plan. These steps fall neatly into three. Managing risks and risky decisions / Dana Hoag -- A case study of EWS farms / Aaron Sprague, Catherine Keske -- The strategic risk management process / Dana Hoag, John P. Hewlett -- Step 1: Get a financial health checkup / Duane Griffith -- Step 2: Determine risk preferences / Dana Hoag, Catherine Keske -- Step 3: Establish risk goals / John P. Hewlett -- Step 4: Prioritize risks / Dana Hoag -- Step 5: Identify risk management alternatives / Jay Parsons, Dana Hoag -- Step 6: Determining the likelihood of outcomes / Catherine Keske, Dana Hoag, Eihab Fathelrahman -- Step 7: Choose the "best" risk management alternative / Dana Hoag, Eihab Fathelrahman, Jim Ascough -- Steps 8 through 10: Manage operational risks / John P. Hewlett -- Marketing and price risk / James Prichett -- Production risk / Jay Parsons -- Understanding your financial statements and ratios for risk management / Duane Griffith -- Human and Institutional risk / John P. Hewlett, Dana Hoag -- Ag survivor / Dana Hoag, Jay Parsons -- Building customized risk management plans / Dana Hoag, Duane Griffith.