In developing RD&E investments to deliver on its purpose, the GRDC undertakes assessment of the risks associated with technical failure and level of adoption. Likewise, growers adjust farming and business practices to account for production and business risks.
The variable nature of production and business risks makes it difficult to identify impact indicators that encompass all growers on a national scale. However, several activities are known to support grower management of risk. Support for growers to undertake business training enhances their capability to appropriately deal with risk. In addition, behavioural economics is a fertile field of study that provides insights into growers’ decision-making and attitude to risk.
Impact on managing risk will be measured in terms of:
- proportion of growers undertaking business training
- establishment of a behavioural economics initiative to research grower decision-making.