Welcome to the first podcast in this 5-part series all about helping farmers navigate on-farm risk and reward.
It’s been developed as part of a 5-year national project called RiskWi$e, funded by GRDC and led by CSIRO.
The whole point of this project is to understand and improve the risk and reward outcomes for Aussie grain growers by supporting on-farm decision-making, so throughout this series, we’re going chat to some experts who will help you do just that.
As individuals, we all have a different approach to managing risk, and our guests do too, so listen for the content that both resonates with you, and challenges you because ultimately, we want to help you get it more right, more often.
In today’s episode, we chat with farmer and consultant, Barry Mudge, about understanding the basics of on-farm risk and reward.
We define on-farm risk, before moving on to managing the uncertainty and variability in farming. We also talk about mind tricks, decision review, avoiding clangers and lots more.
Here are some handy resources:
BOOKS
Thinking in bets: making smarter decisions when you don't have all the facts, by Annie Duke
https://www.amazon.com.au/Thinking-Bets-Annie-Duke/dp/0735216371
How to decide: simple tools for making better choices, by Annie Duke
https://www.amazon.com.au/How-Decide-Simple-Making-Choices/dp/0593418484
Thinking, fast and slow, by Daniel Kahneman
https://www.amazon.com.au/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374533555
Noise: a flaw in human judgment, by Daniel Kahneman
https://www.amazon.com.au/Noise-Human-Judgment-Daniel-Kahneman/dp/0316451401
Principles for dealing with the changing world order, by Ray Dalio
BOOKLET (GRDC)
Farm decision making; the interaction of personality, farm business and risk to make more informed decisions
Authors: Cam Nicholson (Nicon Rural Services), Jeanette Long (Ag Consulting Co), Danielle England (Aginnovate), Bill Long (Ag Consulting Co), Zoe Creelman (Southern Farming Systems), Barry Mudge (Barry Mudge Consulting), David Cornish (Cornish Consulting)
https://grdc.com.au/__data/assets/pdf_file/0032/436847/FarmDecisionMaking_128pp_2006_lowres.pdf
YOUTUBE VIDEO (Murray Local Land Services)
Decision Making Frameworks with Cam Nicholson
https://www.youtube.com/watch?v=RVaW3lb1aOw
This podcast is brought to you by the Central SA Action Research Group arm of RiskWi$e; the Hart Field-Site Group (lead), Mid North High Rainfall Zone, Upper North Farming Systems, Northern Sustainable Soils and Murray Plains Farmers.
https://www.hartfieldsite.org.au/
https://www.facebook.com/NorthernSustainableSoils
https://murrayplainsfarmers.com.au/
Hosted by: Sandy Kimber; Hart Field-Site Group & Annabelle Homer; Voice It
Produced by: Annabelle Homer; Voice It
Artwork by: Sandy Kimber
The RiskWi$e project is ongoing and there is an amazing catalogue of resources available to farmers. Use these links:
