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New Risk Management Electronic Resource Available

October 13, 2009

[Source: Greta Lohman in Ag Woman & Risk, Issue 3, Fall 2009] 

 

Agricultural-based business owners seeking literature in risk management will fi nd refuge this fall in a new book titled, Applied Risk Management in Agriculture. Due to increasingly complex environmental and economic conditions, agricultural-based businesses face decisions that involve highdegrees of risk management. These decisions can ultimately determine the success or failure of a business therefore it is extremely  important to understand and to utilize management practices that may lower risk. 

 

 Applied Risk Management in Agriculture outlines a 10-step plan which includes the strategic, tactical, and operational aspects of developing a risk management plan. The book is authored and edited by Dr. Dana Hoag, a professor in Colorado State University’s Department of Agricultural and Resource Economics and faculty member of the Institute for Livestock and the Environment. Hoag’s book includes eight other authors who are experts in respective areas of risk and financial management. The text guides readers through determining the financial health and preferred risk of a business, identifying sources of risk as well as implementing and monitoring management plans. The final chapters provide examples of farms using such plans in addition to a section in which the reader can build their own risk management plan.

 

Hoag also designed a website to complement the book. The website contains a dynamic “toolbox” that contains more than 20 tools to  support the book’s content. Tools include a risk preference calculator, a resource flow plan, accounting spreadsheets, and financial planning tools. The website also facilitates the use of an award-winning risk simulation program called “AgSurvivor”. AgSurvivor presents different economic scenarios that enable users to make agricultural management decisions according to their preferences. Users can reflect upon  the financial outcomes from their choices, which are influenced by statistical probabilities of events such as weather. AgSurvivor users can then learn from the outcomes of their decisions without actually risking their personal investment. Applied Risk Management in  Agriculture will be available for purchase this month. Please visit www.risknavigatorsrm.com for more information on the book and website. 

Dana Hoag's new book, Applied Risk Management in Agriculture

Dana Hoag's new book, Applied Risk Management in Agriculture

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