#RightRisk #RiskInAg #AgRiskMgt
PRODUCTION agriculture is a rough business. Profit margins are razor thin for many commodities, input costs continue to climb, markets are unstable, and the potential for failure seems to be increasing.
To read more, point your browser to: RightRisk.org/News
CLICK HERE
to view the newsletter
Drafting a solid risk management plan to help manage risk exposure and account for uncertainty is imperative. Planning should include partial budgets for alternative strategies. Partial budgeting comes in many forms and is a method often used to evaluate potential changes to an enterprise. This change could include anything from a cropping change, keeping extra breeding livestock, or a capital purchase.
RightRisk.org has developed a Risk Scenario Planning (RSP) tool and companion RSP course to help identify sources of business risk and uncertainty, as well as learn how to use the RSP tool to manage the risk. The RSP course has three primary modules, including four case studies highlighting how the RSP tool can be used in the partial budgeting process . . .
