Farm decision making: The interaction of personality, farm business and risk to make more informed decisions

Grain and Graze

Type: PDF
Knowledge level: Introductory

Farm Table says:

This large, (128 pages) informative and readable guide is a collation of insights and experiences from the Grain and Graze program. Nice insights about unpacking "rule of thumbs". Really recommend reading this to better understand yourself, how you make decisions and the basics of farm business decision making.

This guide opens with the following statement:

Some things change, some things stay the same. Technology may have advanced, marketing options may have evolved and margins may be tighter than five decades ago, but the fundamentals of farm management remain. At its core is decision making, choosing a path that provides a farming business with an acceptable reward for acceptable effort at an acceptable amount of risk.

The booklet contains insights and experiences from the Grain and Graze program around four key concepts:

  • Risk
  • Human nature
  • Operating principles
  • Decision making

It covers:

  • Decisions: the head, the heart, and the gut, types of decisions, approach to decision making, characteristics of a good farm decision maker.
  • People: beliefs and values, emotions, managing change, stress, personality types, energy, organization
  • Farm business basics: bottom line, short-term credit facility, cash flow, profit and wealth management, gross margin, wealth
  • Risk: reward and risk, assigned risk, inflation, commodity prices and production.
2015 - Australia - Grain and Graze
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