Navigating on-farm risk and reward

Welcome to the fifth and final episode 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 Rebekah Allen, who leads the Central SA ARG arm of the RiskWi$e project. She is also research & extension manager at the Hart Field-Site Group. This discussion is all about one of a grain grower’s most important risky decisions - nitrogen application.

In our discussion, Bek shares a bit about field trials associated with the RiskWi$e project, including some N-bank work. She’s done some research into how Mid North farmers currently make nitrogen decisions – no surprise there’s quite a range – and then explains how a profit by deciles approach has been applied at Hart in the last two years when making nitrogen decisions.

Here are some handy resources:

RISK MANAGEMENT TOOLS - CROPPING
Hart Beat newsletters
https://www.hartfieldsite.org.au/pages/resources/hart-beat-newsletters.php

In particular, Bek recommends you look at how we’ve used a real life nitrogen application decision making example in Hart Beat #66 (July 30, 2024). We’ve stepped out the process from page 4.
https://www.hartfieldsite.org.au/media/2024%20HART%20BEAT/HART_BEAT_66_-_July_30_2024.pdf.pdf

WEBSITES

Yield Prophet
https://yieldprophet.com.au/yp/Home.aspxhttps://www.yieldprophet.com.au/yplite/

Using a profit by deciles approach
https://research.csiro.au/riskwise/fast-graphs-for-slow-thinking/

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.mnhrz.com.au/

https://unfs.com.au/

https://www.facebook.com/NorthernSustainableSoils

https://murrayplainsfarmers.com.au/

Hosted by: Annabelle Homer; Voice it & Sandy Kimber; Hart Field-Site Group
https://voiceit.me/

Produced by: Annabelle Homer; Voice it
https://voiceit.me/

Artwork by: Sandy Kimber

The 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

Welcome to the fourth 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 bysupporting 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 climate scientist and associate professor at the University of Adelaide, Peter Hayman.

We talk with Peter about the differences between short and long-term forecasts and their accuracy or reliability. It’s a great way to start the conversation. We then move on to theuse of historical data, both temperature and rainfall, and its usefulness. We touch on climate change, and then chat about how farmers can use all this information to improve risky, on-farm decision making.

Here are some handy resources:

RISK MANAGEMENT TOOL - CROPPINGUsing a profit by deciles approach
https://research.csiro.au/riskwise/fast-graphs-for-slow-thinking/

WEBSITES

MyClimate Viewhttps://myclimateview.com.au/

BoM Climate Outlookshttp://www.bom.gov.au/climate/outlooks/#/overview/summary

Yield Prophethttps://yieldprophet.com.au/yp/Home.aspxhttps://www.yieldprophet.com.au/yplite/

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.mnhrz.com.au/

https://unfs.com.au/

https://www.facebook.com/NorthernSustainableSoils

https://murrayplainsfarmers.com.au/

Hosted by: Sandy Kimber; Hart Field-Site Group & Annabelle Homer; VoiceIthttps://voiceit.me/

Produced by: Annabelle Homer; VoiceIthttps://voiceit.me/

Artwork by: Sandy Kimber

The 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

Welcome to the third 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 bysupporting 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 farm business coach, HR consultant and farm business strategist, Danielle LanninEngland about smart strategies for big risky decisions.

Dani builds on some of the concepts we’ve discussed in the first two episode with Barry Mudge and Kate Burke. Shesteps out a process for making big decisions, helps define what we can and can’t control or have influence over, provides some handy rules of thumb, and has three really clear ‘top tips’ at the end.

Here are some handy resources:

BOOKLET (GRDC)

Farm decision making; the interactionof personality, farm business and risk to make more informed decisions
Authors: Cam Nicholson (Nicon Rural Services), Jeanette Long (Ag ConsultingCo), 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

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.mnhrz.com.au/

https://unfs.com.au/

https://www.facebook.com/NorthernSustainableSoils

https://murrayplainsfarmers.com.au/

Hosted by: Sandy Kimber; HartField-Site Group & Annabelle Homer; VoiceIt

https://voiceit.me/

Welcome to the second 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 agri strategist, educator, speaker and author, Dr Kate Burke, about the ‘personal’ side of managing risk.

We talk about decision making influences like stress, recency bias, comparison-itis, stage of life and so much more. She even talks about the joy of risk and lots more.

Here are some handy resources:

PODCAST

Re:Thinking with Adam Grant
Why aiming for the best isn’t always good for you, with Barry Schwartz and Coco Krumme

https://open.spotify.com/episode/1XSEi6zqM72wBe7HJ0ldfW

https://www.ted.com/podcasts/rethinking-with-adam-grant/why-aiming-for-the-best-isn-t-always-good-for-you-transcript

(Kate mentions this when talking about ‘sacrificing’.)

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.mnhrz.com.au/

https://unfs.com.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

https://voiceit.me/

Artwork by: Sandy Kimber

The 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

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

https://www.principles.com/

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.mnhrz.com.au/

https://unfs.com.au/

https://www.facebook.com/NorthernSustainableSoils

https://murrayplainsfarmers.com.au/

Hosted by: Sandy Kimber; Hart Field-Site Group & Annabelle Homer; Voice It

https://voiceit.me/

Produced by: Annabelle Homer; Voice It

https://voiceit.me/

Artwork by: Sandy Kimber

The 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

How do you manage risky decisions on your farm?

And how do you make sure you’re set up to capture therewards?

If you’re an Aussie grain grower this podcast is foryou.

We feature conversations with 5 experts who have yearsof experience in farming, farm consulting, climate science, applied research and risk management.

Some on-farm decision making can seem complex and evenoverwhelming with so many factors to consider, but our aim is this podcast is to keep it simple.

Our trailer features a snapshot from Barry Mudge, Dr Kate Burke, Danielle Lannin England, Peter Hayman and Rebekah Allen.

Hit the follow button to keep you up to date with all episode drops.

Navigating on-farm risk and reward – getting it more right, more often.

https://research.csiro.au/riskwise/

https://www.uwacaed.org/behaviouralscience