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Risk Management Priorities and Assessment: A University of Nebraska Guide, Assignments of Agricultural engineering

Morgan Community CollegeAgricultural engineering

A risk management framework, including priority risks, assessing risk situation, and tools for risk management. Developed by h. Douglas jose and ram valluru at the university of nebraska.

Typology: Assignments

Pre 2010

Uploaded on 08/16/2009

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Table I Risk Priorities*
Risk Priority for Attention
(High, Medium, Low)
Production Risks
1.
2.
3.
Marketing Risks
1.
2.
3.
Financial Risks
1.
2.
3.
Legal Risks
1.
2.
3.
Human Risks
1.
2.
3.
* To help you get started here are a few ideas. Remember, your situation is unique.
Production risks: weather, disease, parts, technology, managing inputs.
Marketing risks: input prices, output prices, market access.
Financial risks: access to capital, interest rate risks, debt obligations, collateral and asset value.
Legal risks: -production, marketing and leasing contracts, business and personal liabilities, environmental
regulations.
Human Resources risks: -personnel relations, death, disability, divorce.
Developed by H. Douglas Jose
University of Nebraska
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Download Risk Management Priorities and Assessment: A University of Nebraska Guide and more Assignments Agricultural engineering in PDF only on Docsity!

Table I Risk Priorities*

Risk Priority for Attention (High, Medium, Low)

Production Risks

Marketing Risks

Financial Risks

Legal Risks

Human Risks

  • To help you get started here are a few ideas. Remember, your situation is unique. Production risks: weather, disease, parts, technology, managing inputs. Marketing risks: input prices, output prices, market access. Financial risks: access to capital, interest rate risks, debt obligations, collateral and asset value. Legal risks: -production, marketing and leasing contracts, business and personal liabilities, environmental regulations. Human Resources risks: -personnel relations, death, disability, divorce. Developed by H. Douglas Jose University of Nebraska

Plan of Action For Priority Risks

Risk Magnitude & Financial Impact:

Likelihood:

Possible Actions:

Cost & Time Feasibility:

Magnitude & Financial Impact:

Likelihood:

Possible Actions:

Cost & Time Feasibility:

Magnitude & Financial Impact:

Likelihood:

Possible Actions:

Cost & Time Feasibility:

Magnitude & Financial Impact:

Likelihood:

Possible Actions:

Cost & Time Feasibility:

Developed by H. Douglas Jose University of Nebraska

Assessing Your Risk Situation - Tools You Use

  1. When a new technology becomes available such as the global positioning system(GPS) or genetic engineered seed, do you analyze how it fits your situation?
    1. Seldom 2. Sometimes 3. Mostly 4. Always
  2. Have you identified and analyzed the potential new business opportunities like new crops and/or other farm enterprises that fit your situation?
    1. Seldom 2. Sometimes 3. Mostly 4. Always
  3. Do you calculate each year your total production costs and breakeven prices per unit of product produced?
    1. Seldom 2. Sometimes 3. Mostly 4. Always
  4. How many years in the past four did you include family budget and living expenses in your annual cash flow needs?
    1. None 2. Once 3. Twice 4. At least three times
  5. How many years in the past four were you able to meet your annual cash flow needs?
    1. None 2. Once 3. Twice 4. At least three times
  6. How many years in the past four did you complete an annual financial statement (net worth statement or balance sheet)?
    1. None 2. Once 3. Twice 4. At least three times
  7. How would you rate your understanding of various crop insurance products, coverage levels and their costs?
    1. Poor 2. Normal 3. Good 4. Excellent
  8. How would you rate your understanding of various marketing tools like futures and options?
    1. Poor 2. Normal 3. Good 4. Excellent
  9. How well do you understand your exposure to legal risks such as contract obligations and environmental liability?
    1. Poor 2. Normal 3. Good 4. Excellent
  10. How do you rate your people management skills in terms of job description, hiring, training, employer/employee relations and performance evaluation?
    1. Poor 2. Normal 3. Good 4. Excellent
  1. How do you rate your knowledge and skills in the usage of computers and Internet?
    1. Poor 2. Normal 3. Good 4. Excellent
  2. How do you compare your overall farm financial situation with other similar farmers?
    1. Below Average 2. Average 3. Above Average 4. Better than Average
  3. How well are your business and family goals defined?
    1. Not defined 2. Somewhat 3. Well 4. Very well
  4. Are your goals measurable and attainable?
    1. Not at all 2. Partially 3. Mostly 4. Completely
  5. When you discuss your business plans with professionals who provide services and consulting to you, do you discuss your goals and risk preferences?
    1. Seldom 2. Sometimes 3. Mostly 4. Always

Now add up your score.

Total Score - what it means

Between 50 and 60 - Excellent risk manager (Tip: You shouldn't have any surprises.) Between 40 and 50 - Good risk manager (Tip: You should be sleeping well at night.) Between 30 and 40 - Average risk manager (Tip: You might have some surprises.) Between 15 and 30 - Below average risk manager (Tip: You need to reconsider your strategies.)

H. Douglas Jose & Ram Valluru University of Nebraska Developed in cooperation with Nebraska Farm Bureau Federation, 1998