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RiskWi$e

Project

RiskWi$e (the National Risk Management Initiative), is a 5-year national initiative of approximately $30 million that will run from 2023 to 2028. It seeks to understand and improve the risk-reward outcomes for Australian grain growers by supporting grower on-farm decision-making.

To do this it will:

  • Involve grain growers in the identification of on-farm decisions that have unknown components of risk-reward that will be studied to elucidate new insights.
  • Develop an improved understanding of the risk-reward relationships for on-farm management decisions.
  • Inform growers and their advisers of new insights into optimising rewards and managing risk.
  • Challenge grower decision-making so future management decisions are evaluated in terms of the probability of upside returns offset against the associated downside risks.

Purpose

Grain growers face increasing levels of risk: The two main risks faced by grain growers that affect their business success are yield (impacted by weather changes) and price volatility – both are expected to become more unpredictable in the future.

Improved understanding of risks empowers growers: With a better knowledge of risks, grain growers will be able to make decisions about on-farm management that maximise the rewards and minimise the downside risk.

RiskWi$e is designed to help growers manage risk: RiskWi$e will use participatory action research that engages growers in the conception to implementation process to help build trust and understanding of new knowledge on risk-reward that better informs decision making on-farm

Project Investment

This project is supported by funding from Grains Research and Development Corporation.

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