AP - Training Commercial Farmers How To Analyse And Rank Risky Alternatives

James W. Richardson and Joe L. Outlaw

No 345470, 16th Congress, Cork, Ireland, July 15-20, 2007 from International Farm Management Association

Abstract: Risk management is a major challenge for farm managers. Monte Carlo simulation models can be used to teach commercial farmers how to manage risk. However, the decision tools for ranking risky alternatives have long been an impediment to learning the art of ranking risky alternatives. New risk ranking tools available in a Microsoft® Excel add-in, Simetar, take the art out of ranking risky alternatives. SERF and StopLight charts in Simetar are demonstrated by ranking risky alternative marketing, crop mixes and crop insurance strategies available to a representative crop farm.

Keywords: Risk and Uncertainty; Teaching/Communication/Extension/Profession (search for similar items in EconPapers)
Pages: 17
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:ags:ifma07:345470

DOI: 10.22004/ag.econ.345470

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