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.

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 Risk Management Strategies to Reduce Net Income Variability for Farmers

1985 ◽  
Vol 17 (1) ◽  
pp. 117-130 ◽  
Author(s):  
Hamid Falatoonzadeh ◽  
J. Richard Conner ◽  
Rulon D. Pope
Keyword(s):  
Risk Management ◽  
Crop Production ◽  
Management Strategies ◽  
Farm Income ◽  
Net Income ◽  
Combination Strategy ◽  
Management Tools ◽  
Risk Management Strategies ◽  
Price Risks ◽  
The Many

AbstractThe most useful and practical strategy available for reducing variability of net farm income is ascertained. Of the many risk management tools presently available, five of the most commonly used are simultaneously incorporated in an empirically tested model. Quadratic programming provides the basis for decisionmaking in risk management wherein expected utility is assumed to be a function of the mean and variance of net income. Results demonstrate that farmers can reduce production and price risks when a combination strategy including a diversified crop production plan and participation in the futures market and the Federal Crop Insurance Program (FCIP) is implemented.

scholarly journals Risks and determinants of risk management strategies among rural cassava-based farmers in Imo State

2020 ◽  
Vol 17 (2) ◽  
pp. 100-115
Author(s):  
C.E. Ahaneku ◽  
S.U.O. Onyeagocha ◽  
C.C. Eze ◽  
N.M. Chidiebere-Mark ◽  
G.O. Ellah ◽  
...  
Keyword(s):  
Risk Management ◽  
Management Strategies ◽  
Sampling Technique ◽  
Farm Size ◽  
Farm Income ◽  
Imo State ◽  
Resistant Species ◽  
Risk Management Strategies ◽  
Multistage Sampling ◽  
Logit Regression Model

Cassava-based farmers are faced with a lot of risks and uncertainties and this results to low agricultural output and hinders the rural farmers from  pursuing their farming activities as an enterprise. The study assessed the risks and determinants of risk management strategies among rural cassava-based farmers in Imo State. A multistage sampling technique was used in the selection of respondents. Data were collected with the use of structured questionnaire administered to 180 respondents. Multinomial logit regression model was used to determine the factors influencing the choice of risk management strategies among rural cassava-based farmers in the study area. Results of the study showed that the farmers were of middle-age, fairly educated and have average farm size of one hectare. Majority of the farmers identified loss of crop due to disease (76.11%) and loss due to erosion (73.89%) as sources of risk farmers were exposed to. Also greater number of the respondents adopted practicing of mixed  cropping and planting of disease resistant species as risk management strategies. The result of the study also confirmed that age, gender, educational level and farm income were the major determinants of the farmers’ choice of risk management strategies. It was recommended that  government should make extension services functional and provide policies that will help boost the socio-economic welfare of farmers as this will significantly propel an increase in the choice effective risk management strategies in the area. Keywords: Risk management, risk management strategies, cassava based farmers.

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 Produce certification and income risk management strategies of cocoa farming households in South-West Nigeria

2015 ◽  
Vol 9 (3) ◽  
pp. 75-79
Author(s):  
A. B. Oreyemi ◽  
R. A. Sanusi ◽  
L. O. Okojie ◽  
A. O. Olaiya ◽  
D. Akerele
Keyword(s):  
Risk Management ◽  
Management Strategies ◽  
Farm Income ◽  
Income Risk ◽  
Chi Square ◽  
South West ◽  
Risk Management Strategies ◽  
Cocoa Production ◽  
Chi Square Analysis ◽  
Farming Households

Agricultural produce certification is synonymous to farm assurance of which cocoa certification is an example; dealing with issues of Good Agricultural, Environmental and Social Practices (GAP, GEP and GSP) in cocoa production. Essentially, GAP, GEP and GSP packages had in-built mechanism that can aid farmers mitigate factors that could lead to farm income risks in cocoa production. Consequently, this study examined the influence of cocoa certification on income risks of cocoa farming households in South-west Nigeria. A multistage sampling technique was used to select 180 cocoa farming households from whose heads data were obtained with interview schedule in Southwest Nigeria. Data were analyzed with Chi-square Statistic, Income Risk Management Diversification Index (IRD) and Mann-Whitney-U Test Statistic. Chi-square analysis shows that (52.3%) certified cocoa farming households employed more risk management strategies than (94.2%) uncertified cocoa farming households (p<0.01). The Mann-Whitney-U test revealed a significant difference (p>0.05) between the income risk management practices of certified and uncertified cocoa farming households. Therefore, produce certification has been helping cocoa farming households in mitigating farm income risk in cocoa production through the employment of diverse (risk) management strategies. Hence, stakeholders should intensify efforts in encouraging farming households to embrace (cocoa) produce certification.

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 Analysis of Price Risk Management Strategies in Dairy Farming Using Whole-Farm Simulations

2013 ◽  
Vol 45 (2) ◽  
pp. 313-327 ◽  
Author(s):  
James Neyhard ◽  
Loren Tauer ◽  
Brent Gloy
Keyword(s):  
Risk Management ◽  
Management Strategies ◽  
Farm Income ◽  
Reference Scenario ◽  
Net Income ◽  
Dairy Farmers ◽  
Risk Management Strategies ◽  
Marketing Procedure ◽  
Cash Basis ◽  
Price Risk Management

Combinations of futures and options contracts on milk and feed were simulated to determine their influence on a representative dairy farm's ability to meet cash flow requirements and reduce the variance of net income. Compared with the reference scenario of selling milk and procuring inputs on a monthly cash basis, the risk management activities did not result in a significant change in either the level or variance of net farm income. The results suggest that on average the current marketing procedure of monthly cash milk pricing and monthly feed purchases (and pricing) produces a strong built-in natural hedge for dairy farmers.

scholarly journals Perception and risk management strategies for ranchers and their determinants: a case study from Turkey

2021 ◽  
Vol 51 (6) ◽  
Author(s):  
Seyit Hayran ◽  
Murak Külekçi ◽  
Aykut Gül
Keyword(s):  
Risk Management ◽  
Management Strategies ◽  
Farm Income ◽  
Least Squares Regression ◽  
Data Set ◽  
Income Uncertainty ◽  
Perceptions Of Risk ◽  
Risk Management Strategies ◽  
Risk Sources ◽  
The Government

ABSTRACT: In this study, beef cattle farmers’ perceptions of risk and risk management strategies, and their determinants were analyzed using factor analysis and partial least squares regression analysis. The data set used in this study came from a survey conducted in Erzurum Province. The results demonstrated that variability in fodder price, insufficient farm income, uncertainty in government policies were perceived as the most important risks. Clean cattle shelter, off-farm income, monitoring and preventing livestock diseases were perceived as the most important risk management strategies. Results, also, demonstrated that some characteristics of farmers affected farmers’ perceptions. In this study, it was identified that the most important risk sources were economics-based. So, it was recommended that the government policy should be focused on preventing the fluctuations in input/output prices.

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