scholarly journals Risk Management Strategies to Cope Catastrophic Risks in Agriculture: The Case of Contract Farming, Diversification and Precautionary Savings

Agriculture ◽  
2020 ◽  
Vol 10 (8) ◽  
pp. 351
Author(s):  
K M Mehedi Adnan ◽  
Liu Ying ◽  
Zeraibi Ayoub ◽  
Swati Anindita Sarker ◽  
Rashid Menhas ◽  
...  
Keyword(s):  
Risk Management ◽  
Management Strategies ◽  
Probit Model ◽  
Management Tool ◽  
Precautionary Savings ◽  
Contract Farming ◽  
Research Results ◽  
Risk Management Strategies ◽  
Risk Sources ◽  
Catastrophic Risks

Risk management is an essential way for farmers to reduce uncertainty. In this research, a stratified random sampling method was used to survey 350 maize farmers in four different agro-ecological regions in Bangladesh. Using the multivariate probit model, this study explored the possible correlation between farmers’ perceptions of catastrophic risks and their attitudes towards risk sources—as well as the possible correlation between contract farming, diversification and precautionary savings as risk management strategies. The results confirm the relevance of risk management adoption decisions and reveal that the use of one risk management tool may simultaneously influence the use of another risk management tool. In addition, the research results also show that age, education level, extension experience, monthly household income, farming areas, land ownership and risk aversion nature are the most important factors that affect the adoption of risk management strategies. The research results provide further explanation and information and provide a platform for decision-makers to predict appropriate risk management strategies.

scholarly journals What Determines the Uptake of Multiple Tools to Mitigate Agricultural Risks among Hybrid Maize Growers in Pakistan? Findings from Field-Level Data

Agriculture ◽  
2021 ◽  
Vol 11 (7) ◽  
pp. 578
Author(s):  
Shoaib Akhtar ◽  
Azhar Abbas ◽  
Muhammad Amjed Iqbal ◽  
Muhammad Rizwan ◽  
Abdus Samie ◽  
...  
Keyword(s):  
Risk Management ◽  
Management Strategies ◽  
Management Tool ◽  
Easy Access ◽  
Farm Income ◽  
Contract Farming ◽  
Income Diversification ◽  
Risk Management Strategies ◽  
Farm Credit ◽  
Hybrid Maize

Arable farming is an intrinsically risky enterprise. Therefore, managing risks and uncertainties in agriculture is very important as it affects all sectors of the economy of a developing country like Pakistan. To do so, a whole suite of options is available to the farming community to safeguard against any type of risk. However, farmers’ behavior of the concurrent adoption of multiple risk management tools is largely ignored in previous studies and has formed the rationale for this research. Thus, the current study is intended to investigate farmers’ decisions of adopting risk management strategies (contract farming, off-farm income diversification, and farm credit use) and to examine the impacts of a variety of factors on farmers’ risk management decisions. The present study is carried out in four districts of Punjab province, Pakistan with a focus on hybrid maize growers. A multivariate probit model is used to evaluate the impacts of independent variables on growers’ choices of adopting contract farming, off-farm income diversification, and farm credit use to manage farm risks keeping in view the potential for the concurrent adoption of these risk management strategies. Results show that 78% of farmers are risk-averse and hence ready to manage risks. The top risk faced by farmers is price risk followed by biological, climatic, and financial risks. Contract farming is the most popular strategy (61% farmers) followed by off-farm income diversification (49% farmers), and the use of farm credit (42% farmers). The findings also reveal that the decisions of adopting risk management strategies are interlinked while the adoption of one risk management tool complements farmers’ decision to adopt other risk management strategies. In addition, the risk management strategies’ adoption choices are affected by the number of factors including socioeconomic characteristics, farmers’ risk perceptions about risk sources, and their attitude towards risk. The study recommends the provision of timely information (climatic, extension) along with easy access to farm credit and the streamlining of contractual arrangements.

Risk Analysis and Risk Management for Offshore Platforms: Lessons From the Piper Alpha Accident

1993 ◽  
Vol 115 (3) ◽  
pp. 179-190 ◽  
Author(s):  
M. E. Pate´-Cornell
Keyword(s):  
Risk Management ◽  
Risk Analysis ◽  
Failure Modes ◽  
Wide Spectrum ◽  
Management Strategies ◽  
Quantitative Information ◽  
Management Tool ◽  
Offshore Platforms ◽  
Safety Measures ◽  
Risk Management Strategies

A probabilistic risk analysis (PRA) framework is used to identify the accident sequence of the 1988 Piper Alpha accident. This framework is extended to include the human decisions and actions that have influenced the occurrences of these basic events, and their organizational roots. The results of this preliminary analysis allow identification of a wide spectrum of possible risk reduction measures, ranging from classical technical solutions such as addition of redundancies, to organizational improvements such as a change in the maintenance procedures. An explicit PRA model is then developed to assess the benefits of some of these safety measures based, first, on the original contribution to the overall risk of the failure modes that these measures are designed to avert, and second, on the degree to which they can reduce the probabilities of these failure modes. PRA can then be used as a management tool, allowing optimization of risk management strategies based both on the qualitative information about causalities provided by the accident, and on the quantitative information about failure probabilities updated in the light of new events. It is shown how PRA can be used to assess, for example, the cost-effectiveness of safety measures designed to decrease the probability of severe fire damage onboard platforms similar to Piper Alpha.

scholarly journals How does the WHO Surgical Safety Checklist fit with existing perioperative risk management strategies? An ethnographic study across surgical specialties in Norway

2020 ◽  
Author(s):  
Hilde Valen Wæhle ◽  
Arvid Steinar Haugen ◽  
Siri Wiig ◽  
Eirik Søfteland ◽  
Nick Sevdalis ◽  
...  
Keyword(s):  
Risk Management ◽  
Performance Indicator ◽  
Management Strategies ◽  
Ethnographic Study ◽  
World Health ◽  
Management Tool ◽  
Team Members ◽  
Surgical Safety Checklist ◽  
Surgical Safety ◽  
Risk Management Strategies

Abstract Background The World Health Organization (WHO) Surgical Safety Checklist (SSC) has demonstrated beneficial impacts on a range of patient- and team outcomes, though variation in SSC implementation and staffʼs perception of it remain challenging. Precisely how frontline personnel integrate the SSC with pre-existing perioperative clinical risk management remains underexplored – yet likely an impactful factor on how SSC is being used and its potential to improve clinical safety. This study aimed to explore how members of the multidisiplinary perioperative team integrate the SSC within their risk management strategies. Methods An ethnographic case study including observations (40h) in operating theatres and in-depth interviews of 17 perioperative team members was carried out at two hospitals in 2016. Data were analysed using content analysis. Results We identified three themes reflecting the integration of the SSC in daily surgical practice: 1) Perceived usefullness; implying an intuitive advantage assessment of the SSCʼs practical utility in relation to relevant work; 2) Modification of implementation; reflecting performance variability of SSC on confirmation of items due to precence of team members; barriers of performance; and definition of SSC as performance indicator, and 3) Communication outside of the checklist; including formal- and informal micro-team formations where detailed, specific risk communication unfolded. Conclusion When the SSC is not integrated within existing risk management strategies, but perceived as an “add on”, its fidelity is compromised, hence limiting its potential clinical effectiveness. Implementation strategies for the SSC should thus integrate it as a risk-management tool and include it as part of risk-management education and training. This can improve team learning around risk comunication, foster mutual understanding of safety perspectives and enhance SSC implementation.

scholarly journals Risk perception and risk management strategies on New Zealand dairy farms according to ownership structure and geographic location

2005 ◽  
pp. 97-102
Author(s):  
R. Pinochet-Chateau ◽  
N.M. Shadbolt ◽  
C.W. Holmes ◽  
N. Lopez-Villalobos
Keyword(s):  
Risk Management ◽  
New Zealand ◽  
Risk Perception ◽  
Ownership Structure ◽  
Management Strategies ◽  
Geographic Location ◽  
Perception Of Risk ◽  
Dairy Farmers ◽  
Risk Management Strategies ◽  
Risk Sources

New Zealand has had many changes in the dairy industry during the last twenty years. As NZ dairy farming has particular characteristics (e.g. differing ownership structures, geographic areas) risk perception and management strategies may differ significantly between them. No studies have been undertaken regarding the differences in perception of risk and risk management strategies used by different gr oups of dairy farmer s. A survey of 1000 NZ dairy farmers was conducted in 2004 and further analysed to address this need. In the survey the dairy farmers were asked to assess their perception of risk sources and the importance they attached to risk management strategies. Using a 1 to 5 scale, mean scores of both risk sources and management strategies were compared (Z-test) by ownership structure and geographic location. The differences in the perception of risk between sharemilkers and owner-operators were mainly in the sources categorised as "market" and "human". "Changes in land prices" was highly important for sharemilkers. Differences of risk management strategies were noted in the "financial" and "production" categories. The main sources of risk perceived differently by farmers in the North and South Islands were in the production side of the business. Although farmer s from both islands were similarly focused on controlling risk through production management strategies, those from the South Island were keener to use financial responses. In conclusion, sharemilkers were more concerned with the changes of prices of both inputs and outputs than owner-operators. Sharemilkers were more production-orientated to manage risk than farm owners, and they also were more focused on off-farm income and debt management. Differences in both the risk perception and the risk management strategies used in each island are related to differences in farm sizes and the developmental stage of the dairy sector in each island. Keywords: risk perception, risk management strategies, sharemilkers

scholarly journals How does the WHO Surgical Safety Checklist fit with existing perioperative risk management strategies? An ethnographic study across surgical specialities in Norway

2019 ◽  
Author(s):  
Hilde Valen Wæhle ◽  
Arvid Steinar Haugen ◽  
Siri Wiig ◽  
Eirik Søfteland ◽  
Nick Sevdalis ◽  
...  
Keyword(s):  
Risk Management ◽  
Performance Indicator ◽  
Management Strategies ◽  
Ethnographic Study ◽  
World Health ◽  
Management Tool ◽  
Team Members ◽  
Surgical Safety Checklist ◽  
Surgical Safety ◽  
Risk Management Strategies

Abstract Background The World Health Organization (WHO) Surgical Safety Checklist (SSC) has demonstrated beneficial impacts on a range of patient- and team outcomes, though variation in SSC implementation and staff`s perception of it remain challenging. Precisely how frontline personell integrate the SSC with pre-existing perioperative clinical risk management remains underexplored – yet likely an impactful factor on how SSC is being used and its potential to improve clinical safety. This study aimed to explore how members of the multidisiplinary perioperative team integrate the SSC within their risk management strategies. Methods An ethnographic case study including observations (40h) in operating theatres and in-depth interviews of 17 perioperative team members was carried out at two hospitals in 2016. Data were analysed using content analysis. Results We identified three themes reflecting the integration of the SSC in daily surgical practice: 1) Assessing utility; implying an intuitive advantage assessment of the SSC`s practical utility in relation to relevant work; 2) Customising implementation; reflecting performance variability of SSC on confirmation of items due to precence of team members; barriers of performance; and definition of SSC as performance indicator, and 3) Interactive micro-team communication; including formal- and informal micro-team formations where detailed, specific risk communication unfolded. Conclusion When the SSC is not integrated within existing risk management strategies, but perceived as an “add on”, its fidelity is compromised, hence limiting its potential clinical effectiveness. Implementation strategies for the SSC should thus integrate it as a risk-management tool and include it as part of risk-management education and training. This can improve team learning around risk comunication, foster mutual understanding of safety perspectives and enhance SSC implementation.

scholarly journals Kuru Kayısı Tarımında Risk Yönetim Stratejisi Tercihlerini Etkileyen Faktörlerin Multivariate Probit Analizi

2020 ◽  
Vol 8 (11) ◽  
pp. 2482-2490
Author(s):  
Orhan Gündüz ◽  
Ahmet Aslan ◽  
Vedat Ceyhan ◽  
Zeki Bayramoğlu
Keyword(s):  
Risk Management ◽  
Management Strategies ◽  
Probit Model ◽  
Study Data ◽  
Multivariate Probit ◽  
Risk Averse ◽  
Factors Affecting ◽  
Production Region ◽  
Risk Management Strategies ◽  
Major Factors

Dried apricot farms face many risks and uncertainties in Malatya, which is not only Turkey's but also the largest apricot production region in the world. Despite one of the major factors affecting farm efficiency, it was insufficient study on risk management in Malatya and even Turkey. The main purpose of the study was to measure the risk averse of dried apricot farms and to analyze of the factors affecting risk management strategies use of the dried apricot farms where an extensive production zone in Malatya. In the study, data collected from randomly selected 71 farms using questionnaires were used. The risk averse (attitude) coefficients of farmers were estimated by the “equally likely certainty equivalent” method. The factors affecting the risk management strategies choise were estimated using Multivariate Probit Model.

scholarly journals Perceptions of wheat producers towards risk and risk management strategies: A case study from Turkey

2019 ◽  
Vol 49 (12) ◽  
Author(s):  
Seyit Hayran
Keyword(s):  
Risk Management ◽  
Management Strategies ◽  
Policy Instruments ◽  
Data Set ◽  
Wheat Market ◽  
Risk Management Strategies ◽  
Risk Sources ◽  
The Government ◽  
The Impact

ABSTRACT: In this study, risk perception of wheat producers in Turkey was examined based on a case study conducted in Bitlis Province. The data set used in the study was obtained from 157 farmers randomly. Factor analysis was employed to classify risk sources and management strategies, and then multiple regression was used to investigate the relationship between farmers perceptions and some characteristic. Results of this study have shown that economic-based risks were perceived more strongly by farmers. Farmers’ also used more than one risk management strategy to minimize the impact of the risks they face. So, in order to ensure social and economic sustainability and predictability in wheat production and wheat market, the government should be considered preventive policy instruments and interventions to prevent fluctuations in input and output prices.

Sign in / Sign up

Export Citation Format

Share Document