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Preparation
Read “How Ball Games
Help Explain the Risks of Agriculture.”
Purpose of Lecture
Risk may be an unavoidable for business operators due to
the very nature of being in business, which is a risk taking
activity. However, risk is manageable. Understanding risk
and making good choices will increase the likelihood of
having a good outcome
Structure of Presentation
This presentation first explores the business environment
and builds an understanding of its influence on risk. The
rest of the presentation focuses on assessing risk and managing
risk. Two mathematical tools are presented that can be used
to easily assess risk.
Other References
Peter Bernstein, Against the Gods: The Remarkable
Story of Risk. 1998. John Wiley & Sons, ISBN: 0471295639.
AgRisk ® software that examines crop insurance and marketing
decisions is available at www-agecon.ag.ohio-state.edu/programs/AgRisk/.
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