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Farm Risk Planning

Published by:
Online Location
https://www.rma.usda.gov/en/Topics/Manage-Your-Farm-Risk
Publication date
03/07/2020
Language:
English
Type of Publication:
Guidelines & Learning resources
Focus Region:
North America
Focus Topic:
Agricultural Value Chains / Agri-Businesses
Knowledge Management
Market / Trade
Type of Risk:
Biological & environmental
Market-related
Type of Risk Managment Option:
Risk reduction/mitigation
Risk coping
Commodity:
Crops
Livestock
Other
Author
United States Department of Agriculture

USDA’s Risk Management Agency (RMA) launched an online resource to aid farmers and ranchers in focusing on how to protect against down-side risks, as well as how best to take advantage of up-side opportunities in the market. Producers are able to complete two exercises online which give them a look at their risk management situation. First is the Risk Management Checklist, a three-page list of questions to stimulate conversation among the family or leadership team of any farm or ranch operation. The second is a Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis, a commonly used planning exercise in the business world, recognizing that small- to medium-sized farms are serious businesses which must use the same tools as any other modern business.