On-farm risk & reward - understanding the basics

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:BOOKSThinking in bets: making smarter decisions when you don't have all the facts, by Annie Dukehttps://www.amazon.com.au/Thinking-Bets-Annie-Duke/dp/0735216371How to decide: simple tools for making better choices, by Annie Dukehttps://www.amazon.com.au/How-Decide-Simple-Making-Choices/dp/0593418484Thinking, fast and slow, by Daniel Kahnemanhttps://www.amazon.com.au/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374533555Noise: a flaw in human judgment, by Daniel Kahnemanhttps://www.amazon.com.au/Noise-Human-Judgment-Daniel-Kahneman/dp/0316451401Principles for dealing with the changing world order, by Ray Daliohttps://www.principles.com/BOOKLET (GRDC)Farm decision making; the interaction of personality, farm business and risk to make more informed decisionsAuthors: 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.pdfYOUTUBE VIDEO (Murray Local Land Services)Decision Making Frameworks with Cam Nicholsonhttps://www.youtube.com/watch?v=RVaW3lb1aOwThis 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.mnhrz.com.au/https://unfs.com.au/https://www.facebook.com/NorthernSustainableSoilshttps://murrayplainsfarmers.com.au/Hosted by: Sandy Kimber; Hart Field-Site Group & Annabelle Homer; Voice Ithttps://voiceit.me/Produced by: Annabelle Homer; Voice Ithttps://voiceit.me/Artwork by: Sandy KimberThe RiskWi$e project is ongoing and there is an amazing catalogue of resources available to farmers. Use these links:https://research.csiro.au/riskwise/https://www.uwacaed.org/behaviouralscience