One of the most challenging aspects of owning and operating any farming operation is dealing with uncertainty. Uncertainty on the farm comes in many forms; livestock health, feed prices, fuel prices, market prices, and weather to name a few. Over the past decade, the prevalence and impact of drought on agriculture has dramatically increased, thus adding further uncertainty to farmers’ decision-making processes. Drought and the associated loss of productivity is a real risk scenario that all farmers must face. With this inherent risk, one must protect their farm and the environment it impacts through a sound decision-making process that factors in uncertainty and scarcity of critical resources.
Higgins, Stephen F.; Moser, Lee; and Schmidt, Kylie, "Drought Risk Management for Beef Cattle Farms" (2002). Agriculture and Natural Resources Publications. Paper 88.