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Developing Personal Risk Management Plans

Laurence Crane, Dr. Albert Essel, Dr. Henry English, and Anthony Reed

Summary

The project goal was to teach Limited Resource and African American Producers of Specialty Crops and Underserved Commodities in Arkansas and Mississippi how to respond to risk. Individualized risk management responses were formulated in five risk areas (production, marketing, financial, legal, human resource). An applied education program consisting of three sequential workshops (18 hours) in each state and individualized tutoring (60 hours) was developed and conducted via a partnership of state specialists and local educators. Specific project objectives were to use a business planning approach to: (1) Review risk management principles, practices, and tools to familiarize producers with how they can be effectively applied in a holistic approach to their farm situation, (2) Assist producers in conducting an effective risk assessment of their own farm business, (3) Assist producers with formation and adoption of their own individualized risk response strategies, and (4) Review the financial implications and legal considerations of their chosen strategies.
The primary outcome was for participants to develop the skills and to understand their own operations well enough to develop personalized risk management strategies for each of the five risk emphasis areas. The extended duration and iterative nature of the program, with sequential workshops and individualized follow-up, provided participants with an opportunity to both develop and revise plans with their own data and have it professionally reviewed. This concentrated and hands-on approach to education typically leads to long-term behavioral change and is consistent with the philosophy that behavior changes are more likely with sustained personal support.

Details

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