How Ball Games Help Explain the Risks of Agriculture

Utah State University - E. Bruce Godfrey

Type: PDF
Knowledge level: Introductory

Farm Table says:

Rather than being a spectator who simply watches, protect yourself. Get a risk management game plan in place.

This fact sheet produced by Utah State University looks at how ball games help explain the risks of agriculture.

Juggling Your Roles – farmers and ranchers, like all business owners, face various risks. What makes agriculture unique is the wide variety of risks we face. To get a better handle on managing these risks, it’s easier to think of them as falling into one of five general areas, with each area represented by a ball:

  • Production – basketball
  • Marketing – football
  • Legal/Institutional – baseball
  • Human Relations – playground ball
  • Financial – soccer ball

The key sections are:

  • Production: Advanced Strategy Demands Specialized Skills
  • The Market: A Good Return, or Sacked for a Loss
  • Legal/Institutional Challenges: Playing Hardball
  • Human Relations: The Games People Play
  • Finances: Is It All Hands-Off?
  • First Things First: General Principles
  • A Winning Attitude: You Have to Love the Game

In conclusion, trying to successfully manage all FIVE areas of risk is like trying to juggle all five of these balls or to be a smashing success in five different sports. It’s next to impossible.

Get a risk management game plan in place.

 

 

 

United States - Utah State University - E. Bruce Godfrey
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