1st Edition

Applied Risk Management in Agriculture

Edited By Dana L. Hoag Copyright 2010
    424 Pages 145 B/W Illustrations
    by CRC Press

    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.

    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


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

    "...the text presents ten easy steps and a strategic framework to organize and develop relevant and practical risk management plans. These steps fall neatly into three traditional stages of strategic risk management, and the practical formulaic framework accommodates a breath of information. The book covers, strategic, operational, and tactical needs, decision-making processes, and the prediction and probability of results. It is supported by a Risk Navigator website that supplies tips and a user guide for the software and keeps information up to date."
    --Abstracts of Public Administration, Development, and Environment, 2010