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3. 2023 Extension Risk Management Education National Conference

A Risk Management Education Model for Beginning Urban Farmers derived from Risk Management Education Mini-grant.

Michael Elonge

Summary

Introduction:
This session demonstrates the use of a risk management education mini-grant to educate beginning urban farmers to understand and manage risk in agriculture. By attending this session, attendees would learn from a model that combines concepts on basic principles of economics and finance and extension risk management education to facilitate the understanding of risk management in urban agriculture. In addition, the attendees would learn from the incorporation of urban farm experience and rural farm visits to increase interest, knowledge gain, and understanding of risk management in agriculture. The session also discusses the program method, evaluation, result, and as well as the implication to urban farm stakeholders and educators.

Method:
25 participants attended a one-month hybrid class (2 days/week, 3 hours/day) on basic Principles of Economics and Finance (Scarcity, Choice, Opportunity cost, Demand, and Supply, Market, Price, Cost, Revenue, Loss, and Profit) to develop a background on small business operations.
After basic Principles of Economics and Finance classes, the same participants participated in another one-month hybrid class (2 days/week, 3 hours/day) in basic Extension Risk Management Education (Financial, Human, Legal, Marketing, and Production Risk) while working part-time in an urban farm. The farm provided an opportunity to examine potential risks and the application of risk management knowledge gained.
In addition, a field trip to a rural farm was organized (most urban farmers have no prior experience with rural farms) to acquire an understanding of the risk associated with rural farming (corn, pigs, and cattle farms) and to increase their agriculture knowledge.

Evaluation:
Before and after each class, pre and post-evaluation of the class was conducted. A retrospective evaluation tool from Extension Risk Management Education, Results Verification System was used to account for pre and post-teaching evaluation data from the program.

Result:
Prior to the training, the beginning farmers’ average understanding of Extension Risk Management Education (Financial, Human, Legal, Marketing, and Production Risk) was less than 20%, and after the training, the average understanding of Extension Risk Management Education was greater than 90%, indicating a significant knowledge again in Extension Risk Management.

Implication:
Beginning urban farmers increased their interest, knowledge gained, and understanding of agriculture risk management when exposed to both urban and rural farm operations. Risk management education is related to basic principles of economics and finance, and provides attractive potential options in farm occupations such as farm ownership, marketing specialist, and farm management. Also, risk management was considered by some participants as a litmus test for those interested in agriculture yet undecided about becoming a farmer. Interestingly, risk management education can be an appropriate introduction to the field of agriculture for high school students and beginning farmers.

Details

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