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 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.
The editor and contributors also discuss a more traditional view of risk management, making this a complete system for managing risks that can be used to create realistic applications in an educational setting. With this information, students can build complex risk management plans using the innovative Risk Navigator SRM program, supplement this framework with traditional tools, and then move on to customizing complicated problems with advanced tools when ready.
Table of Contents
Introduction
Introduction, D. Hoag
Managing Risks and Risky Decisions, D. Hoag
A Case Study of EWS Farms, A. Sprague and C. Keske
The Strategic Risk Management Process, D. Hoag and J. Hewlett
The Strategic Risk Management Process
Step 1: Get a Financial Health Checkup, D. Griffith
Step 2: Determine Risk Preferences, D. Hoag and C. Keske
Step 3: Establish Risk Goals, J.P. Hewlett
Step 4: Prioritize Risks, D. Hoag
Step 5: Identify Risk Management Alternatives, J. Parsons and D. Hoag
Step 6: Determining the Likelihood of Outcomes, C. Keske, D. Hoag, and E. Fathelrahman
Step 7: Choose the "Best" Risk Management Alternative, D. Hoag, E. Fathelrahman, and J. Ascough
Steps 8 through 10: Manage Operational Risks, J.P. Hewlett
Advanced and Customized Risk Management Programming
Marketing and Price Risk, J. Prichett
Production Risk, J. Parsons
Understanding Your Financial Statements and Ratios for Risk Management, D. Griffith
Human and Institutional Risk, J. Hewlett and D. Hoag
Ag Survivor, D. Hoag and J. Parsons
Building Customized Risk Management Plans, D. Hoag and D. Griffith
Index
Dana L. Hoag, Department of Agriculture and Resource Economics, Colorado State University, Fort Collins, USA