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Risk Management Programming: Is it Effective at Creating Change?

Risk Management Programming: Is it Effective at Creating Change?. Kynda Curtis Assistant Professor & State Specialist University of Nevada, Reno. Introduction. Risk management education spending Literature on education impact Nevada experience Knowledge gain

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Risk Management Programming: Is it Effective at Creating Change?

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  1. Risk Management Programming: Is it Effective at Creating Change? Kynda Curtis Assistant Professor & State Specialist University of Nevada, Reno

  2. Introduction • Risk management education spending • Literature on education impact • Nevada experience • Knowledge gain • Factors on near-term RM usage • Factors on longer-term RM usage • Conclusions

  3. Risk Management Education Spending 2002-2006 Is it working?

  4. Impact Literature • Producer attitudes toward risk & risk management topics of concern • Hall, Knight, Coble, Baquet, & Patrick (2003) • 1313 beef producers • Age, prior use, previous attendance, risk aversion • Draught & cattle pricing most important • Understocking pasture & hay storage • Eberspacher & Jose (2005) • Focus groups, NC RMEC • Labor issues, value-added, estate planning, farm transfer…

  5. Impact Literature • Covitt, Gomez-Schmidt & Zint (2005) • 11 risk related activities in school • Measure with pre-post testing • Improved understanding of risk, question in-depth knowledge gain? • Bastian, Nagler, Hewlett, & Weigel (2006) • 40 producers in 4 risk management sessions • Pre & post-testing, pre & post evaluations, 2 month follow-up evaluations • 75% had completed 8 of 20 evaluation options to reduce risk…

  6. Nevada Experience • Risk management programming 2004/2005 to 2006/2007 • 39 workshops • Topics • General risk management • Financials, water issues, futures/options, business planning, value-added & niche marketing… • Estate & farm transition planning • Human resource management • Niche livestock marketing • Livestock production • Animal ID, cattle handling, etc.

  7. Program Evaluation Methods • Pre-workshop test (content knowledge) • Post-workshop test • Post-workshop evaluation • Attitudes, usefulness, recommendation, speaker/content evaluations • Six-month follow-up evaluation • Attitudes, usefulness, recommendation, use/implementation of knowledge/skills

  8. Pre & Post Testing • General Risk Management Workshop Pre and Post-Test Scores, 2005 (2 day)

  9. Pre & Post Testing • Estate & Farm Transition Planning Seminar Pre and Post-Test Scores, 2006 (1 day) • Estate & Farm Transition Planning Seminar Pre and Post-Test Scores, 2007 (2 day)

  10. Pre & Post Testing • Human Resource Management Seminar Pre and Post-Test Scores, 2006 (1 day)

  11. Post-Seminar Evaluations 48.66% 80.67% 93.33%

  12. What influences the amount of material to be used in job/operation? Ordered Probit Model Probit Model* 150 observations

  13. Marginal Effects on Probit Model • A 1 unit increase in How Helpful leads to a 17.7% increase in potential usage • A 1 unit increase in Instructor Rating leads to a 27% increase in potential usage

  14. 6 Month Follow-Up Evaluations 18.55% 50.52% 70.10% 89.69%

  15. Financial Changes • 20% noted financial improvement by applying RM techniques learned in workshops • 10% on average increases in profits • Too soon to tell • Non-financial • Increased understanding of risk management factors & alternatives, marketing trends, communication needs….

  16. What influenced the amount of material used in job/operation? • Ordered Logit Model (97 observations)

  17. Probabilities of Use Normal Participant: Producer, use of RM techniques equals 62%, would attend future RM programs, rating of importance of RM in agriculture today is a 6 (of 7)

  18. Conclusions • Pre & post testing show short-term knowledge gain • Program length has little effect • Near term usage impact • Usefulness, instructor, content… • Longer-term usage impact • Attitudes toward risk management • Wish for further education • Program type/length not important • Improved financial & non-financial situation…

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