#RightRisk #RiskInAg #AgRiskMgt

Learn more via the APPLIED RISK ANALYTICS series, covering the application of RightRisk Analytics, available for download at: RightRisk.org/appliedriskanalytics.

RANCHERS ADAM AND JILL TOMZAK are considering their fertilizer needs for the coming year, specifically for their irrigated grass hay crop. They know they need to apply at least some fertilizer for growth/maintenance. The Tomzaks are concerned, however, about the high prices for nitrogen. They are worried that if they apply nitrogen at the normal rate, their yield response may not be sufficient to cover the cost of the fertilizer. Their analysis takes a closer look at what the optimum rate of fertilizer might be and the risk management implications of their decision. The How Much Fertilizer Can You Afford to Apply tool tool uses the concept of diminishing marginal returns: the benefits, in the form of additional yield, decline as the quantity of applied fertilizer increases. The tool can help producers discover the most economical level of fertilizer to apply for a variety of example crops, based on previous research.

#AgHelpWanted #RightRisk #AgLaborManagement

Work performance depends on both ability and motivation.

Learn more at: AgHelpWanted.org.

INCONSISTENCY between job requirements and individual abilities is a prime foundation for poor — as well as unsafe — performance. Work performance depends on ability and motivation, and neither is sufficient without the other. The most capable person still performs poorly if motivation is low. Likewise, the most eager worker cannot be very productive without ability.

#RightRisk #RiskInAg #AgRiskMgt

Learn more via the RISK CONCEPTS series, covering seven common forms of business ownership, including the Limited Liability Partnership. https://RightRisk.org/riskconcepts.

LIMITED LIABILITY PARTNERSHIPS (LLP) are a general partnership where all partners have limited liability as to other partner’s debts and liabilities due to misconduct. Except for a very few special provisions, it is subject to the same rules as a general partnership. There are four primary differences between LLPs and general partnerships: (1) they are formed in different ways; (2) they may have different requirements concerning insurance or financial responsibility; (3) specific steps may need to be taken in order to maintain LLP status; and (4) the liability of general partners is significantly different.