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Adapting RightRisk for Maryland Farms

Shannon Dill

Summary

RightRisk is an innovative risk research and education effort to help farmers understand and explore risk management decisions and evaluate the effects of those decisions. This program has been utilized in the west and was brought to Maryland in 2009. Farmers make decisions including crop insurance, grain marketing and crop rotations over a two year production cycle to assess risk strategies and evaluate their strategy’s success.

This is a hands-on learning experience where farmers receive a scenario, information and then make choices depending on their appetite for risk. It is a very easy computer program that helps make the decisions and at the end of the scenario it calculates levels of risk as well as potential profits and losses.

Participants report that the workshop was very helpful in learning about their personal risk preference and that it helped them learn about managing risks on the farm. A farmer reports “A great analytic device for making business decisions”.

Details

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