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Introduction to Risk Management
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Risk can be defined as the chance of loss or an unfavorable outcome associated with an action. Uncertainty is not knowing what will happen in the future. The greater the uncertainty, the greater the risk. For an individual farm manager, risk management involves optimizing expected returns subject to the risks involved and risk tolerance.
Agricultural producers make decisions in a risky environment every day. The consequences of their decisions are generally not known when the decisions are made. Furthermore, the outcome may be better or worse than expected. The two situations that most concern agriculture producers are: 1) is there a high probability of adverse consequences, and 2) would those adverse consequences significantly disrupt the business?
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Management
English
1-44
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