Applied Risk Management in Agriculture

About this book

This book presents 10 easy-to-follow steps along with a strategic framework to organize and develop a relevant and practical risk management plan. These steps fall neatly into three traditional stages of strategic risk management, and the practical, formulaic framework accommodates a breadth of information. The text covers strategic, operational and tactical needs; decision-making processes; and the prediction and probability of outcomes.

It is supported by a website that is designed to help students learn and apply the 10 risk management steps. The site provides pedagogical tools for instructors and keeps the text up to date.

Contents

Introduction. Introduction. Managing Risks and Risky Decisions. A Case Study Of Ews Farms. The Strategic Risk Management Process. The Strategic Risk Management Process. Step 1: Get A Financial Health Checkup. Step 2: Determine Risk Preferences. Step 3: Establish Risk Goals. Step 4: Prioritize Risks. Step 5: Identify Risk Management Alternatives. Step 6: Determining the Likelihood of Outcomes. Step 7: Choose the "Best" Risk Management Alternative. Steps 8--10: Manage Operational Risks. Marketing and Price Risk. Production Risk. Understanding Your Financial Statements and Ratios for Risk Management. Human and Institutional Risk. Ag Survivor. Building Customized Risk Management Plans.

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Biography

Dana L. Hoag is a professor in the Department of Agriculture and Resource Economics at Colorado State University, Ft. Collins.