EP Ag Chats

Welcome to another episode of EP Ag Chats. In early July, Dr. Kate Burke spoke at the AIR EP member morning events, addressing farmers on the crucial topic of decision making amidst uncertainty. These events were a part of the GRDC-funded RiskWi$e project, which aims to enhance growers' decision-making by balancing the probability of upsides against associated downside risks. The events were also supported by the SA Drought Hub.

Key Discussion Points:

1. Understanding Good Decision Making:

• Dr. Kate Burke, an independent consultant and author, emphasizes that good decision-makers in farming have an innate ability to gauge when to act or seek additional help. This often subconscious skill involves understanding the impact and investment of decisions and their broader business implications.

1. Self-Confidence and Intuition:

• Successful farmers possess the confidence to make decisions without undue concern for others' opinions. They act on opportunities promptly, such as applying fertilizer before a rain event, rather than waiting to see what others will do.

1. Impact on Profitability:

• Data shows that top-performing farmers often achieve double the profits of average farmers. The "farm effect" highlights that the unique combination of factors on each farm significantly influences profitability more than external elements like weather or soil type.

1. Changing Mindsets:

• Changing decision-making processes requires a desire to improve, trust in new methods, and practical tools to test decisions. Dr. Burke introduces concepts like impact vs. investment and control vs. uncontrollable factors to streamline decision-making.

1. Case Study:

• Dr. Burke shares her experience with share farmers in a variable rainfall area. By identifying climate patterns and providing data, she encouraged them to optimize nitrogen use, resulting in significantly higher yields and profits.

1. Community and Knowledge Sharing:

• The podcast highlights the importance of community support and diverse expertise in making informed decisions tailored to each farm's unique circumstances.

This episode showcases the importance of informed decision-making and managing risks in farming, providing practical insights and examples for farmers to enhance their operations.