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