Risk Management in Farming: An Overview of Sources, Decision-making and Reduction Strategies

The paper considers risk management and strategies for risk reduction in farming. Different sources of risk are presented that happen on farms. The paper reveals some approaches to farmer’s decision-making to reduce the risk. An algorithm is proposed which can be applied to risk management in farms. The cycle of decision-making in farms is visually presented. Graphical representation is also available for risk management strategies. The paper presents an overview of the risk management and risk management strategies in farms.