Making Better Farm Management Decisions
Traditionally, producer education efforts around farm management are directed at understanding the academic topics of business operations and management including, accounting, law, human resources, marketing, production, risk, finance, etc. The information, techniques and tools taught are often concrete and focus on measurement, analysis and data.
For instance, a traditional grain marketing education program would generally include topics in forward contracts, options, futures, hedge to arrive, basis contracts, storage and seasonality. While these programs can be quite powerful in developing quantitative skills and knowledge, they neglect a key element needed by all farm managers to make objectively clear decisions. This key is a recognition, understanding and maintaining control of their individual behaviors and natural filters that affect their decision-making processes.
This article by Matt Stockton with Cornhusker Economics reveals how producers can recognize and understand their own foibles and take measures to nullify potential bias and errors in their thinking process. This, in turn, can help them pursue knowledge and skills which will propel them to a higher level of decision-making performance and benefit both their business and personal endeavors.