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Michael Boehlje

No 28632, Staff Papers from Purdue University, Department of Agricultural Economics

Abstract: The accelerating speed of change in the food and agribusiness industries is resulting in more risk and uncertainty - the future is becoming much less predictable. Not only is the future more uncertain, the drivers of that uncertainty are also changing - strategic risk which generally has a low probability of occurrence, but large consequences, is becoming an increasingly important component of the decision environment Managing these risks requires not only new assessment tools such as scorecarding and mapping, but also more systematic decision frameworks that can be best structured as decision trees. And managing time to redefine a strategic choice in an uncertain environment into a growth, divest, exit, pause or follow-on option that truncates the loss exposure and allows capture of the profit potential transforms strategy under uncertainty from a defensive posture of minimizing losses and protecting positions to an offensive posture of creating and capturing value

Keywords: Agribusiness; Risk and Uncertainty (search for similar items in EconPapers)
Date: 2003
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DOI: 10.22004/ag.econ.28632

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