First Class of Food and Agribusiness MBAs to Graduate in August
From Purdue News - While most of their communication with professors and each other has been via the Internet, all the members of the first agribusiness executive MBA class are scheduled to be on hand for Aug. 5 graduation ceremonies at Purdue University's West Lafayette campus.
In a crowded marketplace that’s only getting smarter, how do you set yourself apart? As a young professional, GW Fuhr had a passion for agriculture and aspirations of becoming a sales leader. Surrounded by other young professionals with the same level of education and experience, he was looking to broaden his skill set and knowledgebase to set himself apart.
Change is occurring at a fast rate. Shocking, right? No? Of course not. We are all well aware of how rapidly change is sweeping across the food and agribusiness industries, as well as across the world, as we continue to discover advancements and efficiencies daily.
Risk management is key for any business to successfully survive the various risks of their respective industry, whether they be market risks or natural phenomena. For agriculture, risk management is especially important due to the volatility of commodity prices and the systemic nature of risks such as drought or frost. While crop insurance may be the most popular risk management tool within the U.S., risk management practices go beyond financial instruments and extend to any allocation of resources to reduce the risk of some uncertain event. While the financial costs of purchasing insurance or a forward contract may be easy to see, the total impact of any given risk management tool on the bottom line may be obfuscated by the less obvious opportunity costs that affect total output.